Murphy Oil Corp (MUR) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Murphy Oil Corporation third-quarter 2024 earnings conference call and webcast. (Operator Instructions)

早安，女士們、先生們，歡迎參加墨菲石油公司 2024 年第三季財報電話會議和網路廣播。（操作員說明）

I would now like to turn the conference over to Kelly Whitley, Vice President, Investor Relations and Communications. Please go ahead.

我現在想將會議交給投資者關係和傳播副總裁凱莉·惠特利 (Kelly Whitley)。請繼續。

Good morning, everyone, and thank you for joining us on our third-quarter earnings call today. With me are Roger Jenkins, chief executive officer; Eric Hambly, President and Chief Operating Officer and Tom Mireles, Executive Vice President and Chief Financial Officer. Please refer to the informational slides we placed on the investor relations section of our website as you follow along with our webcast today. Throughout today's call, production numbers, reserves, and financial amounts are adjusted to exclude our non-controlling interest in the Gulf of Mexico.

大家早安，感謝您參加今天的第三季財報電話會議。與我在一起的有執行長羅傑‧詹金斯 (Roger Jenkins)；埃里克·漢布利 (Eric Hambly) 擔任總裁兼首席營運官，湯姆·米雷萊斯 (Tom Mireles) 擔任執行副總裁兼首席財務官。當您關注我們今天的網路廣播時，請參閱我們在網站投資者關係部分放置的資訊幻燈片。在今天的電話會議中，產量數據、儲量和財務金額均經過調整，以排除我們在墨西哥灣的非控制權益。

Slide 2. Please keep in mind that some of the comments made during this call will be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. As such, no assurances can be given that these events will occur or that the projections will be attained. A variety of factors may exist that cause us the results to differ. For further discussion of risk factors, see Murphy's 2023 annual report on Form 10-K on file with the SEC. Murphy takes no duty to publicly update or revise any forward-looking statements.

幻燈片 2。請記住，本次電話會議期間發表的一些評論將被視為 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。因此，無法保證這些事件將會發生或預測將會實現。可能存在多種因素導致我們的結果有所不同。有關風險因素的進一步討論，請參閱 Murphy 向 SEC 歸檔的 2023 年年度報告 10-K 表。墨菲沒有義務公開更新或修改任何前瞻性聲明。

I will now turn the call over to Roger Jenkins. Roger?

我現在將把電話轉給羅傑詹金斯。羅傑？

Thank you, Kelly. Good morning, everyone, and thank you for listening in on our call today. As we turn to slide 3, I'd like to reiterate our corporate priorities of delever, execute, explore, and return. In the third quarter, we focused on executing our operations, advancing our exploration program, and progressing shareholder returns. Murphy produced 185,000 barrels of oil equivalent per day during the third quarter. We progressed our Gulf of Mexico well program and brought online Eagle Ford Shale wells as planned. I'm pleased to announce that early in fourth quarter, we initiated construction of the Loc Duvang production platform for our field development project in Vietnam.

謝謝你，凱利。大家早安，感謝您今天收聽我們的電話會議。當我們轉向投影片 3 時，我想重申我們的企業優先事項：去槓桿化、執行、探索和回報。第三季度，我們專注於執行營運、推動勘探計畫和提高股東回報。墨菲第三季每天生產 185,000 桶油當量。我們推進了墨西哥灣油井計劃，並按計劃上線了 Eagle Ford 頁岩井。我很高興地宣布，第四季初，我們開始為越南油田開發案建造 Loc Duvang 生產平台。

Also, in the third quarter, we began drilling the Hai Su Vang-1X exploration well, which initiated our two well exploration program in Vietnam. I'm pleased that the progress we've made at returning funds to shareholders in Murphy 3.0 while maintaining a leading balance sheet. During the third quarter, we repurchased $194 million of stock or 5.4 million shares. Year to date, Murphy has repurchased $300 million of stock or 8 million shares at an average price of $37.46 a share. Overall, we've reduced our share count by 16% since the year end of 2018.

此外，第三季度，我們開始鑽探 Hai Su Vang-1X 勘探井，啟動了我們在越南的兩口井勘探計畫。我很高興我們在向 Murphy 3.0 股東返還資金方面取得了進展，同時保持了領先的資產負債表。第三季度，我們回購了價值 1.94 億美元的股票或 540 萬股股票。今年迄今為止，墨菲已回購價值 3 億美元的股票，即 800 萬股，平均價格為每股 37.46 美元。總體而言，自 2018 年底以來，我們的股份數量減少了 16%。

On slide 4, last quarter, we announced a remove in the Murphy 3.0 of our disclosed capital allocation framework. As a result, we now target allocating a minimum, emphasis on minimum, of 50% of our adjusted free cash flow to shareholder returns primarily through buybacks. The highlight that this is a minimum return threshold, which allows us to buy more stock in times of price dislocation such as the past quarter and certainly now.

在上個季度的幻燈片 4 上，我們宣佈在 Murphy 3.0 中刪除已揭露的資本配置框架。因此，我們現在的目標是主要透過回購將調整後自由現金流的至少 50%（重點是最低）分配給股東回報。值得注意的是，這是一個最低迴報門檻，它允許我們在價格錯位的時候購買更多的股票，例如過去一個季度，當然還有現在。

Most significantly, year to date, we returned 110% of our adjusted free cash flow to shareholders as buybacks. A reminder, adjusted free cash flow from Murphy is after our extensive dividend that we pay. As described in our framework, the remaining adjusted free cash flow will be allocated to our balance sheet as we're committed to our $1.0 billion long-term debt goal.

最重要的是，今年迄今為止，我們已將 110% 的調整後自由現金流作為回購返還給股東。提醒一下，墨菲調整後的自由現金流是在我們支付的巨額股息之後計算的。正如我們的框架中所述，剩餘的調整後自由現金流將分配到我們的資產負債表中，因為我們致力於實現 10 億美元的長期債務目標。

I'm proud of what our team has accomplished in recent years with our balance sheet improvements, in particular since launching the capital allocation framework two years ago. Since that time, we've repurchased $450 million of shares, increased our dividend by 70%. As of November 5, we have approximately $650 million remaining under our approved $1.1 billion total share repurchase authorization.

我對我們的團隊近年來在資產負債表改善方面取得的成就感到自豪，特別是自兩年前推出資本配置框架以來。從那時起，我們回購了價值 4.5 億美元的股票，股息增加了 70%。截至 11 月 5 日，我們已批准的總額為 11 億美元的股票回購授權中還剩約 6.5 億美元。

On slide 5, Murphy produced an average of 185,000 barrels equivalent in the third quarter with 88,000 barrels of oil. As usual, we realized the premium to WTI with the realized oil price of nearly $76 per barrel. While I realized NGL price was nearly $22 and natural gas was a $1.47 per 1,000 cubic feet helped by price diversification and fixed price forward sale contracts in Canada. As a result, Murphy generated over $700 million of revenue in the quarter, excluding our non-controlling interest.

在投影片 5 上，墨菲第三季平均生產 185,000 桶當量，其中石油產量為 88,000 桶。像往常一樣，我們實現了對 WTI 的溢價，實際油價接近每桶 76 美元。雖然我意識到 NGL 價格接近 22 美元，而天然氣價格為每 1,000 立方英尺 1.47 美元，這得益於加拿大的價格多元化和固定價格遠期銷售合約。結果，墨菲在本季創造了超過 7 億美元的收入（不包括我們的非控制權益）。

I'm now going to turn the call over to our CFO, Tom Mireles, for an update on financial results. Tom?

我現在將把電話轉給我們的財務長 Tom Mireles，以了解最新的財務表現。湯姆？

Thank you, Roger. Good morning, everyone. Slide 6. Murphy reported net income of $139 million in the third quarter or $0.93 per diluted share and adjusted net income of $111 million or $0.74 per diluted share. Overall, we generated $397 million of adjusted EBITDA during the quarter with $211 million of accrued CapEx excluding non-controlling interest. As a result of the free cash flow generated during the quarter, we were able to repurchase nearly $200 million of stock at an average price of just over $36 per share. Year to date, we have repurchased $300 million of stock and reduced $50 million of long-term debt.

謝謝你，羅傑。大家早安。幻燈片 6。墨菲公佈第三季淨利為 1.39 億美元，即稀釋後每股收益 0.93 美元，調整後淨利為 1.11 億美元，即稀釋後每股收益 0.74 美元。總體而言，本季我們產生了 3.97 億美元的調整後 EBITDA，其中不包括非控股權益的應計資本支出為 2.11 億美元。由於本季產生的自由現金流，我們能夠以每股略高於 36 美元的平均價格回購近 2 億美元的股票。今年迄今為止，我們已回購了 3 億美元的股票，並減少了 5,000 萬美元的長期債務。

Slide 7. Murphy's priority to delever in recent years has led us to achieve a strengthened balance sheet that has positioned us to withstand commodity price volatility. I am pleased with the very successful capital markets transaction that Murphy executed early in the fourth quarter with extending our debt maturity profile through the issuance of senior notes due 2032 and the partial tender of notes due 2027, 2028, and 2029. We plan to call the remaining $79 million of senior notes in the fourth quarter so that the transactions are debt neutral.

幻燈片 7。墨菲近年來對去槓桿化的優先考慮使我們實現了強化的資產負債表，使我們能夠抵禦大宗商品價格波動。我對Murphy 在第四季度初執行的非常成功的資本市場交易感到高興，透過發行2032 年到期的高級票據以及部分投標2027 年、2028 年和2029 年到期的票據，延長了我們的債務期限。我們計劃在第四季贖回剩餘的 7,900 萬美元優先票據，以便交易維持債務中立。

Additionally, we entered into a new five-year $1.2 billion senior unsecured credit facility this quarter. This represents a 50% increase from our previous facility, highlighting the strength of our credit, and provides Murphy with an additional $400 million of liquidity.

此外，我們本季簽訂了一項新的五年期 12 億美元優先無擔保信貸額度。這比我們之前的融資增加了 50%，凸顯了我們的信用實力，並為 Murphy 提供了額外 4 億美元的流動性。

Slide 8. We have a robust sustainability report that details Murphy's ongoing environmental stewardship, strong governance oversight, and positive impacts on our community. Murphy remains focused on being a responsible company, and we look forward to achieving our emissions goals.

幻燈片 8。我們有一份強有力的永續發展報告，詳細介紹了墨菲持續的環境管理、強有力的治理監督以及對我們社區的正面影響。墨菲仍然致力於成為一家負責任的公司，我們期待實現我們的排放目標。

With that, I will turn it over to Eric Hambly, our president and chief operating officer, to discuss our operational updates.

接下來，我將把它交給我們的總裁兼營運長 Eric Hambly），討論我們的營運最新情況。

Thank you, Tom. slide 10. In the Eagle Ford Shale, Murphy produced an average 32,000 barrels of oil equivalent per day in the third quarter with 72% oil and 86% liquids volumes. We continued to execute our well delivery program during the quarter and brought online five Tilden wells as well as three gross non-operated Karnes wells and nine gross non-operated Tilden wells. Our program will continue in the fourth quarter with four planned to come online in Catarina as well as drilling eight Karnes wells to hold as DUCs in advance of 2025 completions.

謝謝你，湯姆。幻燈片 10。在 Eagle Ford 頁岩，墨菲第三季平均每天生產 32,000 桶油當量，其中 72% 為石油，86% 為液體。我們在本季度繼續執行油井交付計劃，並上線了 5 口 Tilden 井以及 3 口未運營的 Karnes 井和 9 口未運營的 Tilden 井。我們的計劃將在第四季度繼續進行，計劃在卡塔琳娜州上線 4 口井，並在 2025 年完工之前鑽探 8 口卡恩斯井作為 DUC。

Historically, Murphy had not maintained a high DUC inventory at year-end. However, we are shifting to a more consistent rig schedule onshore, so we will be well-positioned to increase our Eagle Ford Shale production in early 2025. I'm excited to see continued positive results from our optimized completion design, particularly achieving the lowest cost per completed lateral foot in Murphy history, with a 34% decrease since 2023. Our year-to-date 2024 program has also seen an 18% increase in completed lateral length and a 16% increase in pumping hours per day compared to 2023.

從歷史上看，Murphy 在年底並沒有維持較高的 DUC 庫存。然而，我們正在轉向更一致的陸上鑽機計劃，因此我們將做好準備，在 2025 年初增加 Eagle Ford 頁岩油產量。我很高興看到我們優化的完井設計持續取得正面成果，特別是實現墨菲歷史上每完成側腳的最低成本，自 2023 年以來降低了 34%。與 2023 年相比，我們今年迄今的 2024 年計畫的完成橫向長度增加了 18%，每天的泵送時間增加了 16%。

Slide 11. Murphy produced an average 429 million net cubic feet per day in the third quarter from our Tupper Montney asset, which exceeded guidance by approximately 11 million cubic feet per day as our wells continue to outperform expectations. We maintain a portfolio of fixed price forward sales contracts to mitigate AECO price risk. And in the third quarter, this accounted for nearly half of volume sold.

幻燈片 11。第三季度，Murphy 從我們的 Tupper Montney 資產中平均每天淨產出 4.29 億立方英尺，比指導值高出約 1,100 萬立方英尺每天，因為我們的油井繼續超出預期。我們維持固定價格遠期銷售合約組合，以降低 AECO 價格風險。在第三季度，這佔了銷量的近一半。

Murphy also sold significant volumes at diverse price points, including Malin, Ventura, Emerson, Chicago, and Dawn. As a result of this price diversification strategy, we achieved a realized price of $1.35 per 1,000 cubic feet compared to an AECO average of $0.50 per 1,000 cubic feet.

墨菲也以不同價位銷售了大量產品，包括 Malin、Ventura、Emerson、Chicago 和 Dawn。由於採取了這種價格多元化策略，我們實現了每 1,000 立方英尺 1.35 美元的實際價格，而 AECO 的平均價格為每 1,000 立方英尺 0.50 美元。

Slide 12. In the Gulf of Mexico, Murphy produced an average 67,000 barrels of oil equivalent per day with 79% oil in the third quarter. We brought online the operated Mormont number 3 well and spud Mormont number 4 as planned in the quarter. And I'm excited at the initial results from drilling this new well.

幻燈片 12。在墨西哥灣，墨菲第三季平均每天生產 67,000 桶石油當量，其中 79% 為石油。我們按計劃於本季將營運的莫爾蒙 3 號井上線，並開鑽莫爾蒙 4 號井。我對鑽這口新井的初步結果感到興奮。

Additionally, I'm pleased with the results of our two new wells at Khaleesi and Mormont, which are each producing over 15,000 barrels of oil per day on a gross basis. I'm also pleased to announce that our operating partner-initiated water injection at the Saint Malo Water Flood Project during the quarter. Recently, we started our first Murphy operated ocean bottom node seismic survey across the Khaleesi, Mormont, and Samurai fields, and the nearby prospects. This improved technology will provide us with enhanced imaging across our development and exploration opportunities. In offshore Canada, where we produced an average 8,000 barrels of oil equivalent per day with 100% oil in the third quarter, non-operated Terra Nova production was impacted by additional downtime.

此外，我對我們位於 Khaleesi 和 Mormont 的兩口新油井的成果感到滿意，每口油井的總產量每天超過 15,000 桶。我還很高興地宣布，我們的營運合作夥伴在本季度啟動了聖馬洛洪水專案注水。最近，我們開始了首次墨菲操作的海底節點地震勘測，橫跨 Khaleesi、Mormont 和 Samurai 油田以及附近的勘探區。這項改進的技術將為我們的開發和勘探機會提供增強的成像能力。在加拿大近海，第三季我們平均每天生產 8,000 桶石油當量，其中 100% 為石油，非營運的 Terra Nova 產量受到額外停機時間的影響。

As we previously announced, we brought online all planned workovers during the third quarter for $34 million total workover expenses. For the fourth quarter, we forecast $40 million of workover expenses at the operated Samurai number 3 and Marmalard number 3 wells. We recently developed a mechanical issue at the operated Samurai number 3 well and have planned a rig workover to return the well to production before year end.

正如我們之前宣布的，我們在第三季將所有計劃的修井工作上線，總修井費用為 3400 萬美元。對於第四季度，我們預計正在運營的 Samurai 3 號井和 Marmalard 3 號井的修井費用為 4000 萬美元。我們最近在營運的 Samurai 3 號井中出現了機械問題，並計劃進行鑽機修井，以便在年底前使該井恢復生產。

Slide 13. In Vietnam, we've been progressing our field development plan for Lac Da Hong We achieved a significant milestone early in the fourth quarter as we initiated platform construction.

幻燈片 13。在越南，我們一直在推進 Lac Da Hong 的油田開發計劃。

Roger and I recently visited the shipyard, and we were very impressed with the project team and the construction yard. We expect to award our remaining major contracts for the project by year end, and I look forward to beginning drilling our development wells in 2025. Overall, Murphy remains on schedule for achieving first oil in late 2026.

我和羅傑最近參觀了造船廠，專案團隊和施工場地給我們留下了深刻的印象。我們預計在年底前授予該項目剩餘的主要合同，我期待在 2025 年開始鑽探我們的開發井。總體而言，墨菲仍按計劃在 2026 年底首次開採石油。

Slide 15. During the quarter, we drilled the operated Sebastian number 1 exploration well. Non-commercial hydrocarbons were present, and we plugged and abandoned the well. As we close out the year, we're progressing plans with partners for our 2025 Gulf of Mexico exploration program with multiple opportunities across our 58 exploration blocks.

幻燈片 15。本季度，我們鑽探了已運作的塞巴斯蒂安 1 號探井。由於存在非商業碳氫化合物，我們堵塞並廢棄了該井。在年底之際，我們正在與合作夥伴一起推進 2025 年墨西哥灣勘探計劃，並在 58 個勘探區塊中提供多種機會。

Slide 16. I'm excited that we initiated our Vietnam exploration program as we spud the Hai Su Hong 1X exploration well in block 15 to 17 in the third quarter. After drilling this well, the rig will move to drill the Lac Da Hong 1X exploration well in block 15 105 in the fourth quarter. We forecast $30 million in total net drilling costs for the two wells. These opportunities provide the potential to create a sizable and meaningful business in Vietnam, and I look forward to seeing the results.

幻燈片 16。我很高興我們在第三季啟動了越南勘探計劃，因為我們在 15 至 17 區塊開鑽了 Hai Su Hong 1X 勘探井。鑽完該井後，該鑽機將在第四季鑽探15105區塊的Lac Da Hong 1X探勘井。我們預測這兩口井的總淨鑽井成本為 3000 萬美元。這些機會提供了在越南創建規模龐大且有意義的業務的潛力，我期待看到結果。

Slide 17. Murphy continues to progress seismic reprocessing for our position in Cote d'Ivoire, and we expect to receive the final data before the end of the year. We have several interesting opportunities across exploration play types and are pleased with the identified prospects as well as recent nearby discoveries announced by other operators. We will continue our evaluation of the data as it becomes available, and we'll likely begin planning an exploration program in late 2025 or 2026. Additionally, we remain on track for submitting a field development plan for the undeveloped pond discovery by year end 2025.

幻燈片 17。墨菲繼續對我們在科特迪瓦的位置進行地震後處理，我們預計在年底前收到最終數據。我們在勘探類型中擁有一些有趣的機會，並對已確定的前景以及其他運營商最近宣布的附近發現感到滿意。我們將在獲得數據後繼續對其進行評估，並且我們可能會在 2025 年末或 2026 年開始規劃勘探計劃。此外，我們仍有望在 2025 年底前提交未開發池塘發現的現場開發計畫。

Slide 19. For the fourth quarter, we forecast production of 181,500 barrels to 189,500 barrels of oil equivalent per day with 51% oil volumes and 56% liquid volumes. This range includes 1,500 barrels of oil equivalent per day of planned onshore downtime and 1,000 barrels of oil equivalent per day of planned downtime for maintenance at non-operated Terra Nova.

幻燈片 19。對於第四季度，我們預計日產量為 181,500 桶至 189,500 桶油當量，其中石油產量為 51%，液體產量為 56%。該範圍包括每天 1,500 桶油當量的計劃陸上停機時間和每天 1,000 桶油當量的非運營 Terra Nova 維護計劃停機時間。

Our fourth-quarter forecast also includes planned accrued CapEx of $203 million. For full-year 2024, we are tightening our guidance range to 180,000 to 182,000 barrels of oil equivalent per day with 50% oil volumes and 55% liquid volumes. As previously disclosed, production has been impacted by continued downtime at Terra Nova. We are maintaining our accrued CapEx range of $920 million to $1.02 billion excluding NCI.

我們的第四季預測還包括 2.03 億美元的計畫應計資本支出。對於 2024 年全年，我們將指導範圍收緊至每天 180,000 至 182,000 桶油當量，其中石油量為 50%，液體量為 55%。如同先前所揭露的，Terra Nova 的生產受到持續停機的影響。我們將應計資本支出維持在 9.2 億美元至 10.2 億美元之間（不包括 NCI）。

Slide 20. We share our multiyear plan each January. As we progress our budget for 2025, we are also evaluating our commodity price assumptions, spending, and production plans, and we will provide a full update with our fourth-quarter results in January. However, many aspects will remain constant. As we look toward the future, Murphy remains committed to our $1 billion long-term debt target. We'll achieve this while reinvesting approximately 50% of cash flow in high-returning offshore projects as well as deep onshore inventory that together supports future oil-weighted growth for many years.

投影片 20。我們每年一月都會分享我們的多年計劃。在我們推進 2025 年預算的同時，我們也正在評估大宗商品價格假設、支出和生產計劃，並將於 1 月提供第四季度業績的完整更新。然而，許多方面將保持不變。展望未來，墨菲仍致力於實現 10 億美元的長期債務目標。我們將實現這一目標，同時將約 50% 的現金流再投資於高回報的海上項目以及豐富的陸上庫存，共同支持未來多年的石油加權成長。

We have exciting catalysts ahead with reaching first oil in Vietnam in 2026 and drilling high-impact exploration wells across the Gulf of Mexico, Vietnam, and Cote d'Ivoire. We also plan to continue rewarding our loyal shareholders with ongoing share repurchases and potential dividend increases, while achieving metrics that are consistent with an investment grade rating.

我們擁有令人興奮的催化劑，將於 2026 年在越南首次開採石油，並在墨西哥灣、越南和科特迪瓦鑽探高影響力的勘探井。我們還計劃繼續透過持續的股票回購和潛在的股利增加來獎勵我們忠實的股東，同時實現與投資等級評級一致的指標。

And with that, I will turn it back to Roger.

說到這裡，我會把它轉回給羅傑。

Thank you, Eric. As we get on slide 21, I'd like to reiterate that we had another solid quarter results with our onshore assets performing well and exceeding guidance and continued execution of our Gulf of Mexico program. We were able to deliver shareholder returns through buybacks as prescribed in our capital allocation framework. We also enhanced our balance sheet and liquidity through executing capital market transactions early in fourth quarter. Moreover, we're advancing our Vietnam development and exploration plans, and we look forward to expanding our portfolio with high-impact exploration opportunities.

謝謝你，埃里克。當我們看到幻燈片 21 時，我想重申，我們又取得了穩健的季度業績，我們的陸上資產表現良好，超出了指導，並繼續執行我們的墨西哥灣計劃。我們能夠按照資本配置框架的規定透過回購來為股東帶來回報。我們也透過在第四季初執行資本市場交易來增強資產負債表和流動性。此外，我們正在推動越南的開發和勘探計劃，並期待透過具有高影響力的勘探機會來擴大我們的投資組合。

Well, this is my last call today. I estimate this is my 48th call starting in August of 2012 as COO. I think I'm missing one along the way. I'd like to thank all our analysts that covered us all these years. Also like to personally thank Kelly Whitley for leading our IR efforts over the last nine years. Kelly, it does seem a lot longer, I must say.

好吧，這是我今天最後一通電話。我估計這是我自 2012 年 8 月擔任營運長以來的第 48 次電話諮詢。我想我一路上錯過了一個。我要感謝這些年來關注我們的所有分析師。我還要親自感謝 Kelly Whitley 在過去九年裡帶領我們的 IR 工作。凱利，我必須說，它看起來確實更長了。

And, she's one of the best there is. And our great IR team of Megan and Beth. I'd like to thank our dedicated employees for all their support. Also, I'd like to thank our shareholders for their support of my 11-year-plus, career as CEO. I wish Eric all the best. Along with Tom, we have an excellent executive team and a great plan. And I look forward to watch Murphy excel.

而且，她是最好的之一。還有我們偉大的 IR 團隊 Megan 和 Beth。我要感謝我們敬業的員工的所有支持。此外，我還要感謝我們的股東對我 11 年以上的執行長生涯的支持。我祝埃里克一切順利。與湯姆一起，我們擁有一支優秀的執行團隊和一個偉大的計劃。我期待看到墨菲表現出色。

Thank you all, and go Tigers. Big game this weekend. Thank you all.

謝謝大家，走吧老虎。這個週末有大比賽。謝謝大家。

Thank you, Roger. (Operator Instructions)

謝謝你，羅傑。（操作員說明）

Neal Dingmann, Truist Securities.

尼爾‧丁曼 (Neal Dingmann)，Truist 證券公司。

Good morning, guys. And first, Roger, I want to congratulate you on the retirement, Eric on appointment. Roger, it has been -- I really appreciate all your help along the way. But again, congratulations.

早安，夥計們。首先，羅傑，我要祝賀你退休，艾瑞克就任。羅傑，我真的很感謝你一路以來的所有幫助。但再次恭喜。

My first question today is on your '25 operations. Really what I'd say specifically, can you speak to next year's plan? There's a lot of volatility out there depending on what oil price is doing. I'm just wondering depending on a high or low oil price environment, would the offshore spend be the toggle or how different would the ‘25 plan be under a $60 versus $80 oil?

我今天的第一個問題是關於你們 25 年的營運情況。真的，我要具體說的是，你能談談明年的計畫嗎？根據油價走勢，存在著很大的波動性。我只是想知道，根據高油價或低油價環境，離岸支出是否會成為切換因素，或者在 60 美元與 80 美元的油價下，25 計劃有何不同？

Neal, this is Eric. I'll jump in to answer the question. The way we think about our program, we've communicated in the past that our aspiration for our company from '24 through '26 is to have oil-weighted low CAGR growth while spending approximately $1.1 billion of CapEx on average annual basis. We remain committed to that plan.

尼爾，這是埃里克。我會跳出來回答這個問題。根據我們對計畫的思考方式，我們過去曾表示，從 24 年到 26 年，我們對公司的期望是實現石油加權的低複合年增長率，同時平均每年支出約 11 億美元的資本支出。我們仍然致力於該計劃。

If you look to 2025, I would anticipate production in '25 to be similar to slightly higher than 2024 and with significantly higher oil production as we expect Eagle Ford Shale production to be quite a bit higher based on the timing of new well delivery. In terms of CapEx allocation in a low-price scenario, that's something that we'll be evaluating obviously as we head into finalizing our budget. And we'll look forward to updating you on that in our call in January.

如果展望 2025 年，我預計 25 年的產量將略高於 2024 年，並且石油產量將顯著提高，因為我們預計 Eagle Ford 頁岩油產量將根據新井交付時間而大幅提高。就低價場景下的資本支出分配而言，在我們最終確定預算時，我們將明顯評估這一點。我們期待在一月份的電話會議中向您通報最新情況。

Love the optionality. Thanks, Eric. And then just second question on Vietnam. I just wondered from my education, just wondering could you remind me of the cost and potential upside of these Vietnam wells versus maybe like a typical shallow Gulf of Mexico well? And just wondering, have you all spoken about plans in Vietnam beyond these first two exploration wells?

喜歡選擇性。謝謝，埃里克。接下來是關於越南的第二個問題。我只是想知道我所受的教育，只是想知道你能否提醒我這些越南油井與典型的墨西哥灣淺井相比的成本和潛在優勢？只是想知道，除了前兩口探井之外，你們都談過越南的計畫嗎？

Great question, Neal. We're really excited about our Vietnam progress here. We made a really nice discovery that we're developing in the Lac Da Hong field, which is a 100 million barrel project there on an equivalent basis gross. And, once we got moving on that development, we identified that we had a great opportunity in Vietnam with a long exploration running room on the two blocks that we have in the Cuu Long Basin.

好問題，尼爾。我們對越南的進展感到非常興奮。我們在 Lac Da Hong 油田開發了一個非常好的發現，這是一個以總量計算 1 億桶的專案。而且，一旦我們開始進行這項開發，我們就發現我們在越南有一個很好的機會，在九龍盆地的兩個區塊上有很長的勘探運行空間。

So we got to drilling starting late in third quarter on the first of two prospects. The Hai Su Hong prospect is targeting a mean to of 170 million barrel oil equivalent to upward of over 400 million barrels, which is a really nice sizable prospect. If you compare that to the 100 million barrel Lac Da Hong field, obviously, it's something that we're really excited about. It has the potential to be really material.

因此，我們從第三季末開始對兩個前景中的第一個進行鑽探。海蘇紅勘探區的目標目標是平均開採 1.7 億桶石油，相當於超過 4 億桶，這是一個非常好的、相當大的勘探區。如果將其與 1 億桶 Lac Da Hong 油田進行比較，顯然，這是我們真正感到興奮的事情。它有可能成為真正的物質。

After we drill the Hai Su Hong well, we'll move to the Lac Da Hong and that targets a 65 million barrel mean to 135 million barrel upside type of opportunity. So these two together have the potential to really allow us to develop a really meaningful material business in Vietnam, which might be able to produce, toward the end of the decade in the 30,000 to 50,000 barrel-a-day range. So really happy with the progress there. Really excited about, how we're executing so far and been able to talk about results likely early next year.

鑽完 Hai Su Hong 油井後，我們將轉向 Lac Da Hong 油井，目標是平均產量 6,500 萬桶至 1.35 億桶的上行機會。因此，這兩者加起來確實有潛力讓我們在越南發展真正有意義的材料業務，到本十年末，該業務的產量可能達到每天 30,000 至 50,000 桶。對那裡的進展非常滿意。我們對迄今為止的執行情況感到非常興奮，並且能夠在明年初討論結果。

Just a bit more color on that, Neal. I think it's really unique for a company to have a go to development while having a big exploration project next door, infrastructure advantages, a copy of what we did in Malaysian shallow water where we had a very significant business, both Tom and Eric ran that business before. We're doing the same thing in Cote D'ivoire, big exploration, highly sought after with a possible development at Pond. So we got exploration on both ends of the world with a possible development on one and the development on the other. Very unique, very changeable for our company, and a really good set of business that was put together here by our team.

尼爾，再多一點色彩。我認為對於一家公司來說，在隔壁有一個大型勘探項目、基礎設施優勢、我們在馬來西亞淺水區所做的事情的複製品，我們在馬來西亞淺水區所做的事情非常獨特，我們在那裡有一個非常重要的業務，湯姆和艾瑞克都經營這個計畫之前做生意。我們正在科特迪瓦做同樣的事情，進行大規模勘探，並在 Pond 進行可能的開發，受到高度追捧。因此，我們在世界的兩端進行了探索，一端有可能的發展，另一端也有可能的發展。對於我們公司來說非常獨特，變化很大，我們的團隊在這裡整合了一套非常好的業務。

Yeah. Just last comment for me, Neal, on in terms of follow on with success with these blocks, not only we're excited to develop them, but we have quite a large inventory of remaining prospects on both blocks. Obviously, some of the prospects would be impacted by the results from these wells. But even with prospects that have no dependency from what geology do we find, we have quite a few other opportunities that we'll be evaluating in future years.

是的。尼爾，我最後的評論是關於這些區塊的成功，我們不僅對開發它們感到興奮，而且我們在這兩個區塊上都有相當大的剩餘前景庫存。顯然，一些前景將受到這些井的結果的影響。但即使前景不依賴我們發現的地質情況，我們仍然有很多其他機會需要在未來幾年進行評估。

Carlos Escalante, Wolfe Research.

卡洛斯·埃斯卡蘭特，沃爾夫研究中心。

First of all, Roger, congratulations. Eric, congratulations on the role as well. Roger, I think Alabama might win this weekend. So, hate to spoil your retirement party.

首先，羅傑，恭喜你。艾瑞克，也祝賀你獲得這個角色。羅傑，我認為阿拉巴馬州可能會在本週末獲勝。所以，不要破壞你的退休聚會。

I thought you're way too smart for that, honestly.

老實說，我認為你太聰明了。

Oh boy. All right. I'll get there. So let me start with just picking up on the previous question. Obviously, there's only a handful of exploration plays out there. And given that there's inevitable volatility on share prices and given that strategy. So how do you see your options for consolidation moving forward in order to mitigate some of what's going on and what's happened over the course of the quarter?

噢，孩子。好的。我會到達那裡。讓我先回答上一個問題。顯然，目前的探索活動屈指可數。考慮到股價不可避免的波動以及這項策略。那麼，您如何看待未來的整合選擇，以緩解本季正在發生的一些情況和發生的情況？

Obviously, this is shortsighted, but just would like to get your perspective on how you see the space now, and entering to 2025, especially as the balance of the year and the geopolitical and political context is falling into its place?

顯然，這是短視的，但只是想了解一下您對現在以及進入 2025 年的空間有何看法，尤其是在今年的平衡以及地緣政治和政治背景正在就位的情況下？

I'll let Eric answer most of that. But really, Murphy with our balance sheet and our setup and our international experience, we're prepared to move and do whatever is necessary for the highest return, really have budgeting focused on really free cash flow maximization, so we can execute our capital location framework.

我會讓埃里克回答大部分問題。但事實上，墨菲憑藉我們的資產負債表、我們的設置和我們的國際經驗，我們已經準備好採取行動並採取一切必要措施以獲得最高回報，真正將預算重點放在真正自由現金流最大化上，這樣我們就可以執行我們的資本定位框架。

Political ins and outs will be positives or negatives on either side. We never really focused on that. We just focus on executing our business. And one thing about Murphy's, we have -- we never caught up with one kind of vendor, one kind of pipe, and one kind of regulator.

政治上的進出對雙方來說都是正面或負面的。我們從來沒有真正關注過這一點。我們只專注於執行我們的業務。關於墨菲的一件事，我們有──我們從來沒有趕上一種供應商、一種管道和一種調節器。

We work in Canada. We work in the Gulf. We work in West Africa. We work in Vietnam, and elsewhere. And we have the ability to work anywhere in the world. We have an executive team that's worked and lived internationally.

我們在加拿大工作。我們在海灣工作。我們在西非工作。我們在越南和其他地方工作。我們有能力在世界任何地方工作。我們擁有一支在國際上工作和生活的管理團隊。

So really a different kind of animal as regulatory outcomes of singular elections. We pride ourselves on that. And I will say that in both Cote D'ivoire and Vietnam, we're incredibly welcome there. But these governments, they're very happy to have a company like Murphy with super major execution ability, which we all worked in super majors. That's what we built here at Murphy.

因此，作為單一選舉的監管結果，確實是一種不同的動物。我們為此感到自豪。我要說的是，在科特迪瓦和越南，我們都非常受歡迎。但這些政府，他們很高興有像墨菲這樣具有超級專業執行能力的公司，我們都在超級專業工作過。這就是我們在墨菲建立的。

So we're really advantaged in any kind of thing with this particular outcome from the election this weekend. Of course, have less regulatory for us involving Gulf of Mexico. Probably advantage as to offshore leasing, corporate taxes, and different things. But all those things have to come to bear, and we're just moving forward.

因此，從本週末選舉的這一特定結果來看，我們在任何事情上都確實處於優勢。當然，對我們涉及墨西哥灣的監管較少。可能在離岸租賃、公司稅和其他方面有優勢。但所有這些事情都必須發生，我們只是向前邁進。

Eric, if you'd like to add to that.

艾瑞克，如果你想補充的話。

Yeah. Just a couple of points like to make. We have in the past referenced the fact that within our existing portfolio investment opportunities, we have an ability to grow and then maintain our offshore scale from what the investment opportunities we have in our discovered fields and the fields that are producing now. We have a deep bench of investment opportunities with very low break evens, most of them below $35 a barrel.

是的。只是想提出幾點。我們過去曾提到過這樣一個事實，即在我們現有的投資組合投資機會中，我們有能力根據我們在已發現油田和正在生產的油田中擁有的投資機會來增長並維持我們的離岸規模。我們擁有大量損益平衡點非常低的投資機會，其中大多數低於每桶 35 美元。

In our onshore, we have an extensive shale oil inventory of locations, 1,200 locations in Eagle Ford, nearly 500 locations in the Kaybob Duvernay that allow us for many decades to be able to invest there and maintain the oiliness and the scale of our business for multiple decades without ever making another discovery and without making an acquisition. So we feel we're very well positioned to execute a nice single CAGR growth, oil weighted, high returning cash to shareholders type of business for the next several decades.

在我們的陸上，我們擁有廣泛的頁岩油庫存，在Eagle Ford 有1,200 個地點，在Kaybob Duvernay 有近500 個地點，這使我們能夠在數十年裡在那裡投資並維持油性和我們的業務規模。因此，我們認為我們處於非常有利的位置，可以在未來幾十年內執行良好的單一複合年增長率成長、石油加權、向股東提供高現金回報的業務類型。

I think that's fairly unique. It's also fairly unique that for a company that can do all that, we also have material exploration opportunities that we're progressing in the near term. We're really excited about the Vietnam opportunities, and we're getting very excited about our Cote d'Ivoire potential exploration program kicking off in late 2025.

我認為這是相當獨特的。對於一家能夠做到這一切的公司來說，這也是相當獨特的，我們還擁有近期正在取得進展的物質勘探機會。我們對越南的機會感到非常興奮，對 2025 年底啟動的科特迪瓦潛在勘探計畫感到非常興奮。

So we feel really well positioned with our portfolio, both our investments to make and the exploration that we're doing, and happy with how we're heading forward. You did ask a question about consolidation, and I wasn't quite sure how you frame that. And maybe you could reask that. I can help answer that question for you.

因此，我們對我們的投資組合、我們的投資和我們正在進行的探索感到非常滿意，並對我們的前進方式感到滿意。你確實問了一個關於整合的問題，我不太確定你是如何提出這個問題的。也許你可以再問一下。我可以幫你回答這個問題。

Sure. Well, I guess my question was more on the opportunities that you have both onshore and offshore or the optionality that you have onshore and offshore provide you with the ability to create consolidation opportunities in both spaces. So how do you see that, and how do you think of that in terms of mitigating the current risk in terms of share price volatility?

當然。好吧，我想我的問題更多是關於您在岸上和離岸上擁有的機會，或者您在岸上和離岸上擁有的選擇性為您提供了在這兩個領域創造整合機會的能力。那麼您如何看待這一點？

And that was my point about there's only a handful of exploration plays. And it seems like over the past quarter, they were hit harder for that same reason. So wondering how you think about expanding that inorganically as opposed to what you've been doing which is exploration led.

這就是我的觀點，探索遊戲的數量屈指可數。似乎在過去的一個季度，他們因同樣的原因受到了更嚴重的打擊。所以想知道你如何看待無機擴展，而不是你一直在做的以探索為主導的事情。

Okay. Yeah. Thanks for the clarifying. So I guess let me frame that, and, Roger, feel free to jump in. We are really happy with the exploration portfolio that we have. We do consistently evaluate opportunities for M&A across the space, primarily in the offshore where we think we have a competitive advantage. We have proven over the last decade to be a very active with successful M&A, made really nice divestiture in Malaysia in 2019, made great acquisitions in 2018 and '19 in the Gulf of Mexico, built a very nice Deepwater Gulf of Mexico position partly through successful exploration and partly through M&A. And we look at all those opportunities to maintain and grow our business.

好的。是的。感謝您的澄清。所以我想讓我來框架一下，羅傑，請隨意加入。我們對我們擁有的勘探組合非常滿意。我們始終如一地評估整個領域的併購機會，主要是在我們認為擁有競爭優勢的離岸領域。我們在過去十年中已經證明，我們是一家非常活躍的成功併購公司，2019 年在馬來西亞進行了非常好的資產剝離，2018 年和19 年在墨西哥灣進行了大規模收購，部分通過在墨西哥灣建立了非常好的深水地位成功的探索，部分是透過併購。我們會專注於所有這些機會來維持和發展我們的業務。

We're very much interested in growing our exploration portfolio. It's common when we make an acquisition that those assets come with production something to be developed and a portfolio of exploration blocks, which we've been exploiting and happy to do that. I don't imagine we're very likely to spend a lot of money to enter into a block that someone just made a discovery on to beef up our portfolio like some people have been doing in Namibia. We chase low-cost entry, underexplored basins, have the potential to deliver large prospects with relatively low well cost.

我們對擴大勘探投資組合非常感興趣。當我們進行收購時，這些資產通常會附帶生產、待開發的東西以及勘探區塊的組合，我們一直在開發這些資產，並且很樂意這樣做。我不認為我們很可能會花很多錢進入一個有人剛剛發現的區塊，以加強我們的投資組合，就像納米比亞的一些人所做的那樣。我們追逐低成本進入、勘探不足的盆地，這些盆地有潛力以相對較低的井成本提供大的前景。

That's kind of what our focus is. A little more of an organic bent, but we're always watching to see what we can find that may be advantaged to us from an inorganic perspective.

這就是我們的重點。更多的是有機的傾向，但我們總是在觀察我們能找到什麼，從無機的角度來看可能對我們有利。

Sure. Okay. Thank you. And then just a quick follow-up, which was my second question. On Terra Nova, it has had plenty of downtime and you quote this quarter around additional downtime that has impacted production. Now there has been some chatter about the operating party potentially disposing of it. So I wonder if this would be an asset that you would ever consider on operating. Obviously, I know you don't speculate on rumors, but what are your thoughts and how do you see it falling into your greater portfolio in terms of priority?

當然。好的。謝謝。然後快速跟進，這是我的第二個問題。在 Terra Nova 上，它有大量的停機時間，您在本季度引用了影響生產的額外停機時間。現在有一些關於運營方可能會處置它的傳言。所以我想知道這是否是您在營運時會考慮的資產。顯然，我知道您不會猜測謠言，但您的想法是什麼？

Yeah. So, we're at 18% working interest owner in Terra Nova. We've been extremely disappointed with the performance of the asset from a runtime perspective. If you contrast how we do in our operated assets, for example, in Kings Key, we produced that asset with a 98% uptime. Terra Nova has been averaging about a 55% uptime. We expected that they would do 75% to 80%. So our historical guidance has reflected that we thought they could achieve a 75% to 80% uptime.

是的。因此，我們擁有 Terra Nova 18% 的營運權益。從運行時的角度來看，我們對該資產的表現感到非常失望。如果比較我們在營運資產中的表現，例如在 Kings Key，我們生產的該資產的正常運作時間為 98%。Terra Nova 的平均正常運作時間約為 55%。我們預計他們會做到 75% 到 80%。因此，我們的歷史指導反映了我們認為他們可以實現 75% 至 80% 的正常運行時間。

They've actually been doing about 55%. It's been frustrating and disappointing. We are working with our partner group to try to help improve operations where we can. As a non-operated 18% owner, it's very challenging to do that, but we're doing what we can. Our fourth-quarter guidance reflects a lower production level than we might have historically thought about because of the ongoing downtime that they're experiencing.

他們實際上已經完成了大約 55%。這令人沮喪和失望。我們正在與合作夥伴團隊合作，盡力協助改善營運。作為非經營性 18% 所有者，做到這一點非常具有挑戰性，但我們正在盡力而為。我們第四季度的指導反映了生產水平低於我們歷史上的預期，因為他們正在經歷持續的停機。

In terms of future change in operatorship, that's really something that the operator would have to think about. We're extremely unlikely to make any type of effort to operate at 18% working interest, just really not something that will happen. And there's no language in the operating agreement where that would come to bear. So we will sort of watch and see and try to help. And if the operator has a strategic alternative for the asset, we'll monitor that as well.

對於未來營運方式的變化，這確實是營運商必須考慮的問題。我們極不可能做出任何類型的努力來以 18% 的工作權益進行運營，這確實不會發生。營運協議中也沒有任何文字說明這一點。所以我們會觀察並盡力提供協助。如果營運商對該資產有策略替代方案，我們也會對其進行監控。

Leo Mariani, ROTH Capital.

裡奧·馬裡亞尼，羅斯資本。

Just wanted to follow-up a little bit about some of the comments you all made here. I guess it looks like that you're drilling in your onshore areas in the Eagle Ford in the fourth quarter. I think you're also drilling maybe some Montney and Duvernay wells. If I heard you right in the call, you're expecting Eagle Ford production to start growing early next year, a little bit different sort of plan than you kind of had in the past. Sounds like you're getting a bit of a head start there.

只是想對你們在這裡發表的一些評論進行一些跟進。我猜你們第四季將在鷹灘的陸上區域鑽探。我認為您可能還在鑽探一些 Montney 和 Duvernay 井。如果我在電話中沒聽錯的話，您預計伊格爾福特的產量將在明年初開始成長，這與您過去的計劃有點不同。聽起來你已經取得了一些領先優勢。

Do you see a similar trajectory? Do you expect to start growing Montney early next year as well as Duvernay as well from some of the fourth quarter drilling and just get after the onshore in general a little bit earlier in the year to smooth it out?

你看到類似的軌跡嗎？您是否預計明年初開始種植 Montney 和 Duvernay，以及從第四季度的一些鑽探中開始種植，並在今年早些時候完成陸上種植以使其順利進行？

What we've been trying to do with our Eagle Ford business this year is to have a more consistent drilling profile, which will have allow us to have earlier average online timing of new wells in 2025. We intend to maintain that type of a profile going forward. So with relatively similar level of CapEx, we expect to be able to deliver a little bit higher annual average with bringing our wells slightly sooner. We are drilling wells in the fourth quarter in our Karnes area and those will come online relatively early in 2025.

我們今年一直在 Eagle Ford 業務上努力做的是擁有更一致的鑽井剖面，這將使我們能夠在 2025 年獲得更早的新井平均上線時間。我們打算繼續保持這種類型的形象。因此，在資本支出水準相對相似的情況下，我們預計能夠稍微早一些地提供更高的年平均產量。我們將於第四季在卡恩斯地區鑽探井，這些井將於 2025 年相對較早上線。

I think once we establish that, you'll see that we were able to maintain slightly higher average production. So Eagle Ford production may grow 3,000 or 4,000 barrels a day on an annual average basis in '25 compared to 2024.

我認為一旦我們確定了這一點，您就會發現我們能夠保持略高的平均產量。因此，與 2024 年相比，25 年伊格爾福特的年平均產量可能會增加 3,000 或 4,000 桶。

For onshore Canada and specifically in our Tupper asset, we expect to get to work drilling their first pad in the last month of the year. That has been sort of normal for us over the last few years. We have a very limited program required in that Tupper asset to keep our plant capacity full. And so I expect when we finalize our budget, we'll have a limited number of wells that will be done drilling early in 2025 and completing soon after. And that's pretty consistent with how we've operated the asset for the past few years.

對於加拿大陸上地區，特別是我們的 Tupper 資產，我們預計將在今年最後一個月開始鑽探他們的第一個鑽井平台。在過去的幾年裡，這對我們來說是很正常的。我們對該 Tupper 資產所需的計劃非常有限，以保持我們工廠的產能滿載。因此，我預計當我們最終確定預算時，我們將在 2025 年初完成鑽探並很快完成數量有限的井。這與我們過去幾年經營該資產的方式非常一致。

And at least in the near term, we plan to keep Tupper right at plant capacity with the delivery of our new well program and throughout the rest of the year have a little bit of decline. So we're not always at plant capacity, but we'll be touching it with the delivery of our new wells.

至少在短期內，我們計劃透過新油井計畫的交付使 Tupper 保持在工廠產能，並且在今年剩餘時間內略有下降。因此，我們並不總是達到工廠產能，但我們將透過交付新井來達到這一目標。

Hope that helped frame what we're trying to do with our on-shore assets for you.

希望這有助於幫助您了解我們正在嘗試如何利用我們的岸上資產。

Yeah, that's helpful for sure. And just wanted to touch a little bit on a workover expenses. Looks like you're going to be up a little bit in 4Q versus 3Q. And I think you detailed some of that in your prepared comments for the, I guess, the well that kind of went down, you're going to have to get out there and remediate a little bit.

是的，這肯定有幫助。只是想談談修井費用。看起來第四季與第三季相比會有所上升。我認為您在準備好的評論中詳細介紹了其中的一些內容，我猜，這種井已經塌陷，您將必須走出去並進行一些補救措施。

But just in general, I mean, it seems like your workover costs have been running maybe a little bit higher this year versus last. What's your expectation on that? I mean, do you think that that can start to drop a fair bit as we get into 2025? Or perhaps just some of the wells, they tend to get a little bit older from time to time and kind of require a little bit more TLC. Can you just provide a little bit more perspective around that?

但總的來說，我的意思是，今年你們的修井成本可能比去年高。您對此有何期待？我的意思是，您認為隨著 2025 年的到來，這一數字會開始大幅下降嗎？或者也許只是一些井，它們往往會不時變得有點舊，需要更多的薄層色譜。您能否就此提供更多觀點？

Yeah. Thanks, Leo. What I would say is this year our workover expense was quite a bit higher than we've seen or would we normally expect on a typical year. In the third quarter, we were able to complete the workovers that we anticipated at the time primarily toward the early part of third quarter. So, workover expense was a little bit lower. As we're heading into the fourth quarter, we're planning to work on the Samurai Number 3 well, which is up 50% working interest, so a little higher ownership than sort of our average offshore opportunity.

是的。謝謝，利奧。我想說的是，今年我們的修井費用比我們所看到的或我們通常預期的典型年份要高得多。在第三季度，我們能夠完成當時預計的修井工作，主要是在第三季初。因此，修井費用要低一些。當我們進入第四季度時，我們計劃對 Samurai 3 號井進行工作，該井的工作權益增加了 50%，因此所有權比我們的平均離岸機會略高。

And then also the Marmalard well will start this quarter and then finish it up next quarter. And after that, I don't anticipate any workovers of significance. It's not something that we build into our plans unless we're aware of a specific well opportunity, to return a well to production. It's not routine in our business to have this type of thing happen. It's quite unusual. And unfortunately, 2024 has been a bit of an outlier for us, and we're happy to see the end of it approaching soon.

Marmalard 井也將在本季開始，然後在下個季度完成。此後，我預計不會有任何重要的修井工作。除非我們意識到特定的油井機會，使油井恢復生產，否則我們不會將其納入我們的計劃中。在我們的行業中，發生這種事情並不常見。這很不尋常。不幸的是，2024 年對我們來說有點異常，我們很高興看到它即將結束。

Greta Drefke, Goldman Sachs.

格蕾塔·德雷克，高盛。

I was just wondering if you could talk a bit more about the role you expect the Canadian onshore position to play in your portfolio over time and then more broadly your view on the benefits of asset diversification.

我只是想知道您是否可以更多地談談您期望加拿大在岸頭寸隨著時間的推移在您的投資組合中發揮的作用，然後更廣泛地談談您對資產多元化好處的看法。

I'll let Eric answer that question, but first I have to frame that we've been in Canada for probably almost 70 years. We're very known operator there. We have a very unique position in the Montney we built from scratch through leasing. We've never issued equity or anything to acquire all of the long-term onshore assets that we have. Tupper, no different.

我會讓艾瑞克回答這個問題，但首先我必須說明我們已經在加拿大待了將近 70 年了。我們是那裡非常有名的營運商。我們在蒙特尼擁有非常獨特的地位，我們是透過租賃從頭開始建造的。我們從未發行股權或任何東西來收購我們擁有的所有長期境內資產。特珀，沒什麼不同。

We feel at a macro level that with our relationships to all the partners of LNG Canada, we're uniquely represented there, and we see that LNG coming off the West Coast is going to be a key. We see that expanding from a macro perspective, differentiated situation as to our forward sales.

我們認為，從宏觀層面來看，憑藉我們與加拿大液化天然氣公司所有合作夥伴的關係，我們在那裡具有獨特的代表性，我們認為來自西海岸的液化天然氣將成為關鍵。我們看到，從宏觀角度來看，我們的遠期銷售存在差異化的情況。

We're also very happy about the limited forward sales we've done so far, which shows there's a market for higher gas out there. And then we see a lot of action in the Duvernay Shale today, a lot of M&A, big significant sale by Chevron. These assets are very valuable, very sought after over the long haul, and it gives us that peak in the LNG globally coming off the West Coast of Canada one day with a large position.

我們也對迄今為止所做的有限遠期銷售感到非常高興，這表明存在更高天然氣的市場。今天我們在杜韋內頁岩看到了很多行動，雪佛龍進行了大量併購和重大出售。這些資產非常有價值，從長遠來看非常受追捧，它讓我們在加拿大西海岸的全球液化天然氣產量達到頂峰的那一天擁有大量頭寸。

But both Eric and Tom and I lived and worked in Malaysia. We're the only player there with international experience that are known by all the partners of LNG Canada uniquely well and a visit to Southeast Asia recently where we get all the meetings there. So we're different up there, and I believe that should frame it for you unless you need more detail from Eric, which he would be glad to provide.

但艾瑞克、湯姆和我都在馬來西亞生活和工作。我們是那裡唯一擁有國際經驗的參與者，加拿大液化天然氣公司的所有合作夥伴都非常了解我們，並且最近訪問了東南亞，在那裡我們參加了所有會議。所以我們在那裡是不同的，我相信這應該為你建造它，除非你需要埃里克的更多細節，他會很樂意提供。

Yeah. Thanks. Roger, I'll just make a couple more observations. What we've done with our Tupper Montney asset over the last five or six years is really turn it into one of the most capital efficient North America dry gas assets in terms of our ability to develop resource at a low cost. We've done a tremendous job with our well cost and our well performance. We have some of the leading wells in Western Canada from an IP30 perspective.

是的。謝謝。羅傑，我再做一些觀察。過去五、六年來，我們對 Tupper Montney 資產所做的努力實際上是將其轉變為北美資本效率最高的干氣資產之一，因為我們有能力以低成本開發資源。我們在油井成本和油井性能方面做得非常出色。從 IP30 的角度來看，我們在加拿大西部擁有一些領先的油井。

So, we're controlling what we can, which is the capital efficiency of our opportunities there. And unfortunately, the current AECO price is quite low, which we think will improve over time. If you look long term, we believe gas and natural gas in Western Canada and LNG will continue to be a really pivotal part of energy future. And we feel well positioned on that from a geography perspective, as Roger pointed out, and also a cost perspective. We'll be the go to gas because we have the most capital efficiency.

因此，我們正在盡我們所能進行控制，這就是我們在那裡的機會的資本效率。不幸的是，目前的 AECO 價格相當低，我們認為隨著時間的推移，價格會有所改善。從長遠來看，我們相信加拿大西部的天然氣和液化天然氣將繼續成為能源未來的關鍵部分。正如羅傑所指出的那樣，從地理角度以及成本角度來看，我們在這方面處於有利位置。我們將成為天然氣的首選，因為我們擁有最高的資本效率。

One other comment I'll make around our Canada portfolio is in our Kaybob Duvernay, which we entered in 2016, we have proven that we have quite a nice asset there with nearly 500 locations to invest in. It's a very oily position in the Kaybob. We really have well performing, top industry performing on an oil rate basis wells in Kaybob.

我要圍繞我們的加拿大投資組合發表的另一條評論是我們於 2016 年進入的 Kaybob Duvernay，我們已經證明我們在那裡擁有相當不錯的資產，有近 500 個地點可供投資。這是 Kaybob 中非常油膩的位置。我們在凱博布確實擁有性能良好、處於行業領先水平的油井。

It allowed us to invest there when ultimately our Eagle Ford locations start to move past their top tier, we'll be able to pivot our investment into the Kaybob. And that will allow us with the assets in our portfolio now to maintain a high oil weighting, high cash flow generating shale business for multiple decades.

它使我們能夠在那裡投資，當我們的伊格爾福特工廠最終開始超越其頂級水平時，我們將能夠將投資轉向 Kaybob。這將使我們現在投資組合中的資產能夠在幾十年內保持高石油權重、高現金流產生的頁岩業務。

And I just have a quick follow-up on the outlook for incremental efficiencies from here. Kind of recognizing the progress thus far that you've highlighted so far in the call and then on the Eagle Ford, for example, on slide 10, what are the additional untapped levers that you think can further drive efficiencies over time?

我只是從這裡快速跟進增量效率的前景。您在電話會議中強調的到目前為止所取得的進展，以及在 Eagle Ford 上，例如在幻燈片 10 上，您認為還有哪些尚未開發的槓桿可以隨著時間的推移進一步提高效率？

That's a great question. So one of the things I wanted to highlight and one of the reasons why we prepared the slide like we did for our earnings call was you commonly have fluctuation in service costs, which, of course, we're anticipating a little bit of a reduction in pressure pumping and rig costs next year compared to this year for our Eagle Ford business. But that's really not what's driving our performance here.

這是一個很好的問題。因此，我想強調的一件事以及我們像在財報電話會議上所做的那樣準備幻燈片的原因之一是，服務成本通常會出現波動，當然，我們預計會有所減少與今年相比，我們的Eagle Ford 業務明年的壓力泵和鑽機成本有所下降。但這確實不是推動我們表現的原因。

Our performance is driven by the fact that we're able to improve consistently our operations, how we set up on location, how we pump our fracs, how we design and drill our wells, and, how we optimize our completions in real time. That's allowing us to get more efficient from a pumping hours perspective so we bring online wells slightly cheaper and sooner, which is critical and also, recognizing the lowest cost or lateral foot we've achieved in our Eagle Ford business in the history of the play, which I think is a great accomplishment by my team, and I'm extremely proud of that.

我們的績效源於以下事實：我們能夠持續改進我們的營運、我們如何進行現場設置、我們如何泵送壓裂、我們如何設計和鑽井以及我們如何即時優化完井。這使我們能夠從抽油時間的角度提高效率，因此我們可以稍微便宜一點、更快地上線井，這一點至關重要，而且還認識到我們在Eagle Ford 業務中實現了歷史上最低的成本或橫向英尺，我認為這是我的團隊取得的一項偉大成就，我對此感到非常自豪。

We consistently look for more opportunities. It's hard for me to know exactly what the next thing my team will come up with in terms to of improving efficiency. But we've demonstrated a strong track record of continuing to improve operations for many years, and I anticipate they'll keep looking for the same.

我們不斷尋找更多機會。我很難確切地知道我的團隊在提高效率方面下一步會採取什麼措施。但多年來，我們在持續改善營運方面表現出了良好的記錄，我預計他們將繼續追求同樣的目標。

(Operator Instructions)

（操作員說明）

Paul Cheng, Scotia Bank.

Paul Cheng，豐業銀行。

Roger, just want to say congratulations for the retirement and thank you for all the help and insight. And also, sorry, sometimes not very intelligent question. So we appreciate, and Eric, congratulation for the promotion and look forward to working with you.

羅傑，只想祝賀你退休，並感謝你的所有幫助和見解。而且，抱歉，有時問題不是很聰明。因此，我們非常感謝，埃里克，祝賀您的晉升，並期待與您合作。

Oh, they were good questions. I just didn't like them all, but they were not unintelligent questions that I recall.

哦，這些問題問得好。我只是不喜歡所有這些問題，但我記得這些問題並不是不明智的。

Two questions. I think the first one maybe either to one of you gentlemen. Third quarter and year to date, your buyback certainly has been great and significantly above the 50% adjusted free cash flow rate. And so in a sense, understandable given the stock where you are. If we're looking at over the next, say, several quarter given the uncertainty in the oil market, how should we look at your buyback rate?

兩個問題。我認為第一個可能是你們中的一位先生。第三季和今年迄今為止，您的回購無疑是巨大的，並且明顯高於 50% 調整後的自由現金流。因此，從某種意義上說，考慮到你目前的股票水平，這是可以理解的。如果我們考慮接下來的幾個季度，例如考慮到石油市場的不確定性，我們該如何看待你的回購率？

Is it going to be closer to the 50% adjusted free cash flow as you state in your Murphy's 3.0? Or that is going to be significantly above yet closer to what we have seen year to date? That's the first question.

它會更接近您在墨菲 3.0 中所說的 50% 調整後自由現金流嗎？或者說這將大大高於但更接近我們今年迄今為止所看到的情況？這是第一個問題。

Paul, it's hard to predict that plus we have a Board of Directors that we keep informed. We're closely working with our Board and our Finance Committee on our financial outcomes. Tom and his team, Lester and Treasury does a lot of detail around where the free cash flow will go and what will happen.

保羅，很難預測這一點，而且我們有一個隨時了解情況的董事會。我們正在與董事會和財務委員會就我們的財務成果密切合作。湯姆和他的團隊、萊斯特和財政部就自由現金流將流向何處以及將發生什麼做了許多細節。

I will say that from a debt perspective, we didn't I didn't personally feel that we're getting paid for all the debt reduction. I think it has greatly helped the company a lot. And we also think when we have little bit more than $1 billion right now, we had incredible outgo of our bonds. I mean, we were so oversubscribed for our bonds, it was incredible. So then our new revolving credit facility, a 50% increase in our revolving credit facility unsecured on a non-investment grade company. So our balance sheet is greatly regarded.

我想說的是，從債務的角度來看，我們沒有，我個人認為我們沒有因為所有債務削減而得到回報。我認為這對公司有很大幫助。我們也認為，當我們現在擁有略高於 10 億美元的資金時，我們的債券支出令人難以置信。我的意思是，我們的債券被超額認購，這令人難以置信。那麼我們新的循環信貸額度，我們對一家非投資級公司的無擔保循環信貸額度增加了 50%。所以我們的資產負債表受到高度重視。

And when you're in the low 30s like this, you got to be thinking more than the minimum 50%. And we're so undervalued as to oil price today, long-term low oil price that until the stock gets up into the 40s, you got to be thinking more than 50 on the other way. But Eric and Tom will work that and manage that and so our Board and our finance committee. And we, of course, want to pay down a little bit of debt at the end of the year as per our agreement on these notes. But got to be thinking more than 50 if the equity stays at this level, quite honestly, Paul.

當你像這樣處於 30 多歲的時候，你的思考必須超過最低的 50%。我們今天的油價被低估了，長期的低油價，直到股價漲到 40 多美元之前，你必須從另一個角度考慮超過 50 多美元。但埃里克和湯姆將負責這項工作並進行管理，我們的董事會和財務委員會也是如此。當然，我們希望根據我們在這些票據上達成的協議，在年底償還一些債務。但老實說，如果權益保持在這個水平，我必須考慮超過 50，保羅。

Yeah. Because, I mean, you can actually paying out more than 100%. So is that a reasonable level that we could assume, over the next --

是的。因為，我的意思是，你實際上可以支付超過 100% 的錢。那麼，這是我們可以假設的合理水平嗎？--

I don't think -- I don't think Tom likes to go more than 100. He likes to use some cash available, but they are dislocation situations where we would, put on balance sheet if we start hanging around these low 30s because it's just too undervalued.

我不認為——我不認為湯姆喜歡超過 100。他喜歡使用一些可用現金，但如果我們開始在 30 多美元左右徘徊，那麼我們就會將其列入資產負債表，因為它被低估了，這是一種錯位的情況。

But that's getting ahead of it. We have a lot of different risk factors in the business. One was clipped off this week, still have unrest in the Middle East and what will happen with the Fed. So several things we have to monitor and evaluate, as Eric says, but can't go over 100 forever, Paul. So we got to be looking at the 50 plus right now. But we shall see, as you know.

但這已經超前了。我們的業務有很多不同的風險因素。本週，中東仍然存在動盪，美聯儲將會發生什麼，這一點被剪掉了。正如艾瑞克所說，我們必須監控和評估一些事情，但不能永遠超過 100 件，保羅。所以我們現在必須關注 50 多個。但正如你所知，我們將會看到。

But we're focused on shareholders here. One of the things I'm really proud of my career is a lot of money paid for dividends, long history of paying dividend, looking to put our Board approval hopefully to increase our dividend next year, continue to buy back stock, and execute and work forward with big potential in both Cote D'ivoire and Vietnam.

但我們在這裡關注的是股東。我為自己的職業生涯感到自豪的一件事是為股息支付了大量資金，支付股息的歷史悠久，希望獲得董事會批准，希望明年增加股息，繼續回購股票，並執行和執行科特迪瓦和越南的潛力巨大。

And we've got a lot of things heading our way. There'll be little quarterly things here and there, but over the long haul, looking really good shape as to rewarding shareholders here at Murphy Oil.

我們還有很多事情要做。每季都會有一些小事情，但從長遠來看，墨菲石油公司在回報股東方面看起來確實很好。

Thank you. The same question I think is for Eric. Eric, I mean, this year Gulf of Mexico have far higher than usual workover. At the beginning of the year, we already know that it's the case. But look like, yes, even heavier than what we would have expected. Like, for example, fourth quarter the two well going to be in workover. Typically, I don't think it's on the schedule. So is it just purely unlucky or that something is happening and need to be maybe adjusted in your process?

謝謝。我認為埃里克也有同樣的問題。艾瑞克，我的意思是，今年墨西哥灣的修井工作遠高於平常。今年年初，我們就已經知道是這樣的。但看起來，是的，甚至比我們預期的還要重。例如，第四季兩口油井將進行修井。通常情況下，我認為這不在日程表上。那麼這純粹是運氣不好還是正在發生一些事情並且需要在您的流程中進行調整？

Great question. It is purely unlucky, and I really wish my luck was better because it has been a challenging year for us with lost revenue and additional workover expenses. As I mentioned earlier on responses to the call, it's not common that we have this type of thing happen with a well or wells. And it has been a challenging year with a bit of not very lucky. And as you pointed out at the beginning of the year, we didn't have these fourth quarter workovers on our horizon. So yeah, happy to see the back of it in early 2025 when we finish these two workovers.

很好的問題。這純粹是不走運，我真的希望我的運氣更好，因為這對我們來說是充滿挑戰的一年，收入損失和額外的修井費用。正如我之前在響應電話時提到的那樣，在一口或多口井中發生此類事件並不常見。這是充滿挑戰的一年，但也有些不太幸運。正如您在年初所指出的，我們並沒有進行第四季的修井工作。所以，是的，很高興在 2025 年初我們完成這兩次修井工作時看到它的背面。

Tim Rezvan, KeyBanc.

雷茲萬 (Tim Rezvan)，KeyBanc。

Good morning, folks. Good morning. Thanks for taking my questions, and congratulations, folks, on the, retirement and promotion.

早安，夥計們。早安.感謝您提出我的問題，並祝賀各位退休和晉升。

I was hoping to dig back into the Eagle Ford a little bit. I'm trying to understand your comments about a more consistent onshore rig schedule. Does that imply a full-time rig year-round? I know you've been intermittent in the past. So what does kind of more consistent need? So we're just trying to understand if this is just accelerated TILs in 2025 or a real sort of structural change in how you view developing the asset?

我希望能稍微深入一下鷹灘。我正在嘗試了解您對更一致的陸上鑽機計劃的評論。這是否意味著全年都有全職裝備？我知道你過去一直斷斷續續。那麼什麼樣的更一致需求呢？因此，我們只是想了解這是否只是 2025 年 TIL 的加速，還是您對開發資產的看法的真正結構性變化？

Yeah, Tim. Thanks for that. That gives me an opportunity to clarify. In 2021 through 2023, we typically ran a two-rig program for the first half of the year. So we delivered -- drilled almost all of our wells in the first half of the year and then delivered them. We pivoted in '24 to have one rig running consistently all year long and anticipate doing that going forward. It should smooth out our well delivery cadence a little bit. We'll be a little less peaky throughout the year. Hopefully, we'll make people like you a little happier with our consistency.

是的，提姆。謝謝你。這給了我一個澄清的機會。2021 年至 2023 年，我們通常在上半年運行兩台鑽機專案。所以我們交付了——在今年上半年鑽了幾乎所有的油井，然後交付了它們。我們在 24 年進行了調整，讓一台鑽機全年持續運行，並預計未來會這樣做。它應該會讓我們的交付節奏變得更加平穩。我們全年的高峰期將會有所緩解。希望我們的一致性能讓像您這樣的人更滿意。

Okay. I appreciate the clarification. Happier.

好的。我很感謝您的澄清。更快樂。

Yeah. And then as a follow-up, just touching back on the LNG Canada, the macro story up there. The comments on that plant coming online on schedule have been generally positive. So what would you need to see from LNG Canada, and when would you need to see that to start really thinking hard about it expanding your plan in the Montney and growing production there?

是的。然後作為後續行動，回顧一下加拿大液化天然氣公司的宏觀故事。對於該工廠如期上線的評論普遍是正面的。那麼，您需要從加拿大液化天然氣公司看到什麼？

I'll let Eric answer that because I won't be here for that.

我會讓艾瑞克回答這個問題，因為我不會在這裡回答這個問題。

Yeah. Okay. Well, it gives me a chance to frame it a little bit. So the first phase of development for LNG Canada, the gas as we understand it, that'll feed that has been provided from predominantly from people who own an interest in the plant. So, they're sourcing their own gas. The opportunity that we see is more likely to participate in a Phase 2, which we think is likely probably get approved sometime in the next three or four years. And, that would that would be another approximately 2 BCF a day of takeaway of gas out of Western Canada. So just the fact that that second phase moves forward will be, I think, quite good for the overall AECO market.

是的。好的。嗯，這給了我一個機會來稍微構想一下。因此，加拿大液化天然氣公司開發的第一階段，即我們所理解的天然氣，將主要由擁有該工廠權益的人提供。所以，他們正在採購自己的天然氣。我們看到的機會更有可能參與第二階段，我們認為該階段很可能在未來三、四年的某個時候獲得批准。而且，這將是每天從加拿大西部運出約 2 BCF 的天然氣。因此，我認為，第二階段的進展對整個 AECO 市場來說是相當有利的。

We also, as Roger was attempting to highlight, we have likely an opportunity to work with these people that we know and operate with in Asia who may decide that some of the gas for the Phase 2 could come from our asset, Tupper Montney, instead of gas they would develop themselves. And so that's an opportunity that we will monitor. We'll consider, if the type of deal that we think would be accretive is available, then we may pursue it as part of a diversification strategy. So going back and looking at our overall Montney diversification, we've done fixed forward sales. We've done diverse sales into the US markets. We would then consider some of our gas being sold in LNG Canada as part of a diversification strategy.

正如羅傑試圖強調的那樣，我們也可能有機會與我們在亞洲認識並合作過的人合作，他們可能會決定第二階段的部分天然氣可能來自我們的資產 Tupper Montney，而不是他們自己開發天然氣。因此，這是我們將監控的機會。我們會考慮，如果我們認為會帶來增值的交易類型可行，那麼我們可能會將其作為多元化策略的一部分。因此，回顧一下我們的整體蒙尼多元化，我們已經進行了固定遠期銷售。我們在美國市場進行了多樣化的銷售。然後，我們將考慮將部分天然氣在加拿大液化天然氣公司出售，作為多元化策略的一部分。

LNG prices globally can swing around quite a bit, and they're not immune to price fluctuations. So we wouldn't want to dedicate all of our gas to an LNG, especially one LNG plant. So it's part of the overall strategy there. That's how we think about it.

全球液化天然氣價格可能會大幅波動，且無法免於價格波動的影響。因此，我們不想將所有天然氣專用於液化天然氣，尤其是一座液化天然氣工廠。所以這是整體戰略的一部分。我們就是這麼想的。

And just a little more color on longer term. If we decided to expand the plant capacity beyond its current 500 million cubic feet per day, it would be an approximately three-year process from an engineering and permitting approval perspective. In construction, it's about a three-year process.

從長遠來看，顏色要多一點。如果我們決定將工廠產能擴大到目前 5 億立方英尺/天以上，從工程和許可審批的角度來看，這將需要大約三年的時間。在建設過程中，大約需要三年的時間。

So if we were to do that, we would definitely signal well in advance we would be doing that. You would know about it for several years before we were able to materially deliver more gas from our asset.

因此，如果我們要這樣做，我們肯定會提前發出信號，表示我們會這樣做。在我們能夠從我們的資產中實質地輸送更多天然氣之前，您可能已經知道了好幾年了。

Arun Jayaram.

阿倫·賈亞拉姆。

Roger, I wanted to wish you the best as you head off into the sunset. Hopefully, you'll be at Tiger Stadium this weekend as well.

羅傑，當你走向夕陽時，我想祝你一切順利。希望您這個週末也能來到老虎球場。

I'll be there with a 104,000 other friends.

我將和其他 104,000 位朋友一起參加。

Good luck this weekend. I will also be in Austin for playing the Gators. But anyways, I probably shouldn't talk too much about college football here, although I could spend a lot of time talking about it. Well, anyways, best to you and Eric. Good luck filling Roger's large shoes as you take over as CEO early next year.

祝這個週末好運。我也將在奧斯汀與鱷魚隊比賽。但無論如何，我可能不應該在這裡過多地談論大學橄欖球，儘管我可以花很多時間談論它。好吧，無論如何，祝你和埃里克一切順利。祝您明年初接任執行長時好運，接任羅傑的職務。

Quick question, Roger, on the regulatory environment in the Gulf of Mexico. Obviously, the market is a little bit worried around the buy up and that process and I think that has been punted a little bit. But just maybe you or Eric could comment on your thoughts on the regulatory environment in Gulf of Mexico, obviously, with the new administration and thoughts around just your ability to execute your program from a permit procurement perspective?

羅傑，關於墨西哥灣監管環境的快速問題。顯然，市場對收購和這個過程有點擔心，我認為這已經受到了一些打擊。但也許您或艾瑞克可以評論您對墨西哥灣監管環境的想法，顯然，新政府以及您從許可證採購角度執行計劃的能力的想法？

I'll just take a quick stab. Obviously, we've had a lot -- we've had change in the Gulf of Mexico regulatory in two phases. One, post Macondo, a lot of BOP regulatory, a lot of different change in welds on, a lot more interaction. One thing people may not realize, the Gulf of Mexico has been heavily regulated my entire 40-plus year career. A lot of information, a lot of monitoring, a lot of inspection. So, the federal government through the Department of Interior has monitored Gulf of Mexico, federal leases in an incredible detailed way for my entire career.

我會快速刺一下。顯然，我們已經做了很多事——我們分兩個階段對墨西哥灣的監管進行了改變。第一，馬孔多之後，有許多 BOP 監管，焊接處有很多不同的變化，有更多的互動。人們可能沒有意識到一件事，在我 40 多年的職業生涯中，墨西哥灣一直受到嚴格監管。很多資訊，很多監控，很多檢查。因此，在我的整個職業生涯中，聯邦政府透過內政部以令人難以置信的詳細方式監控了墨西哥灣和聯邦租約。

Macondo kicked it on up a notch, and then this administration we have in office today did an all-out effort to eliminate and try to stop lease sales in the Gulf of Mexico, also more scrutiny around awarding the blocks. I anticipate that to change and change extremely quickly. This time because of the Republican Senate that will allow the changes in department tier that's needed to help the industry thrive. Again, I always personally thought the buy up is a big old joke thing. It's another example of nothing at all, never you mind thing, too big to fail thing.

馬孔多將其提升了一個檔次，然後我們今天就任的這屆政府全力以赴消除並試圖阻止墨西哥灣的租賃銷售，並對授予區塊進行了更嚴格的審查。我預計這種情況會發生變化，而且變化得非常快。這次是因為共和黨參議院將允許對部門層級進行調整，以幫助該行業蓬勃發展。再說一次，我個人一直認為買進是一個很大的老笑話。這是另一個什麼都沒有的例子，別介意，太大而不能倒的事情。

It's extended into May, which is positive, but then we'll have to redo a day that while I'm from fisheries. We'll have to redo this. I anticipate this to move forward without any issue in any way. I have no concern about it as a shareholder of Murphy in any way. And those type of things will calm down with the new administration, and we look forward to moving forward with that because it probably helps us a good bit in the US Department of Interior regulated Gulf of Mexico with this administration change.

它被延長到五月，這是積極的，但隨後我們將不得不重做一天，而我來自漁業。我們必須重做這個。我預計這一切都會順利推進，不會有任何問題。身為墨菲的股東，我對此毫不擔心。隨著新政府的上任，這類事情將會平靜下來，我們期待繼續推進這項工作，因為這可能會對我們在美國內政部監管的墨西哥灣的這次政府更迭有所幫助。

So if Eric wants to add some color to how to set it up for you as buy up, not a thing, Eric, so you can disagree.

因此，如果艾瑞克（Eric）想為如何為您設定購買添加一些色彩，那麼艾瑞克（Eric）不是一件事，所以您可以不同意。

I totally agree. We have been communicating consistently that we did not expect to snip an issue from this or really an issue at all. We were very happy to see the recent ruling, which pushed out the biologic opinion, the data which should be vacated into May, as Roger pointed out. We expected that. And, but I wanted to make another point in which is even if that had not happened or if there's some delay in that being in place in May or some type of related issue to the biological being in question, we do not believe it will impact our operations.

我完全同意。我們一直在溝通，我們並不希望從中解決任何問題，或根本不希望成為一個問題。我們很高興看到最近的裁決，該裁決推翻了生物學觀點，正如羅傑所指出的那樣，這些數據應該留到五月。我們預料到了。而且，但我想指出另一點，即使這沒有發生，或者如果五月的實施有一些延遲，或者與相關生物存在某種類型的相關問題，我們也不認為這會影響我們的運作。

Our current operations and production are not impacted by this at all. We also -- the way we view the permitting process and understand how the biological opinion works, industry agencies would still be able to approve permits for our proposed operations. It might just take a little bit longer.

我們目前的營運和生產完全不受此影響。我們也—根據我們看待許可流程和了解生物學觀點如何運作的方式，行業機構仍然能夠批准我們擬議的營運許可。可能只是需要更長的時間。

The biological opinion allows for that seem to have a streamlined process because they didn't have to consider the impact that every single proposed operation may have on endangered species. So it's sort of a blanket approval. They -- without the [biop] in place, they would still be able to approve permits and allow our operations to proceed. It might just take a little longer because they would have to review every permit that's applied for on the basis of how it impacted endangered species.

生物學觀點認為這似乎有一個簡化的過程，因為他們不必考慮每項建議的行動可能對瀕危物種的影響。所以這是一種全面批准。他們——如果沒有[biop]，他們仍然能夠批准許可證並允許我們的行動繼續進行。這可能需要更長的時間，因為他們必須根據申請的每一份許可證對瀕危物種的影響進行審查。

So they may not like it, but they can do that, and that's how we expect that. And just reiterating, we don't expect any issue in the near term or next year on our current operations at all.

所以他們可能不喜歡它，但他們可以這樣做，這就是我們所期望的。重申一下，我們預計近期或明年我們目前的營運不會出現任何問題。

My follow-up, Roger and Eric, I moonlight as JPMorgan's oilfield service analyst as well. Unfortunately, I don't get paid by the hour.

我的繼任者羅傑和艾瑞克也兼職擔任摩根大通的油田服務分析師。不幸的是，我不按小時付費。

We see that. We love reading that.

我們看到了這一點。我們喜歡讀這個。

Okay. Unfortunately, Roger, I don't get paid by the hour. But one thing I did note is I follow TechnipFMC. And interestingly, they put the Murphy pay-on project on their subsea opportunity list. And so just wanted to get if you can maybe describe maybe where that project's at. I assume that Doug and his team wouldn't put that on the list unless they thought that there's a good chance that this would occur. So thought that was kind of an interesting data point from the TechnipFMC slide deck.

好的。不幸的是，羅傑，我不按小時計酬。但我確實注意到的一件事是我關注 TechnipFMC。有趣的是，他們將墨菲付費項目列入了海底機會清單。所以只是想知道您是否可以描述該項目的位置。我認為道格和他的團隊不會將其列入清單，除非他們認為這種情況很有可能發生。所以我認為這是來自 TechnipFMC 幻燈片的一個有趣的數據點。

I know Doug extremely well. We're the same age. We've been worked together for over 40 years. Really appreciate him doing that. I'll have to text him about that. Great guy, by the way.

我非常了解道格。我們同齡。我們已經合作了 40 多年。真的很感謝他這麼做。我得傳簡訊給他說這件事。順便說一句，很棒的傢伙。

I'll let -- Eric's really close to PON, and we're working on it, obviously, as per our required field development plan, but I'll let him move forward on that.

我會讓——埃里克（Eric）非常接近 PON，顯然，我們正在按照我們所需的現場開發計劃進行研究，但我會讓他在這方面繼續前進。

Yeah. Thanks. We are making rapid progress on our preparation of a field development plan for that PON discovered resource. The commitment we have under our block is to submit a field development plan by the end of 2025. Well, we're on track to do that by the end of 2024. So as we've been progressing our evaluation there, we're doing several things.

是的。謝謝。我們正在為該 PON 發現資源製定現場開發計劃，並取得快速進展。我們的承諾是在 2025 年底前提交油田開發計畫。嗯，我們預計在 2024 年底之前實現這一目標。因此，當我們在那裡進行評估時，我們正在做幾件事。

In parallel, addressing the subsurface to make sure we understand the resource completely, going out and doing engineering studies around how we would develop the field with an FPSO and the subsea infrastructure that technique FMC highlighted. And also negotiating with various Ivorian parties around the, the price that we would sell gas or the structure around how we would sell gas in the country. All of which are critical for the project moving forward.

同時，解決地下問題以確保我們完全了解資源，並圍繞如何使用 FPSO 和 FMC 技術強調的海底基礎設施開發該領域進行工程研究。我們也與科特迪瓦各方就我們銷售天然氣的價格或如何在該國銷售天然氣的結構進行談判。所有這些對於專案的推進都至關重要。

We've been aggressive in moving this forward because we think it's an opportunity that would be very material and nice for us. And also, the country of Cote d'Ivoire really needs the gas to feed the power plants that they have with a declining domestic gas supply. We think PON has an opportunity to provide that and really help the country and be a mutually beneficial project for us service providers and also the Ivorians. So, we're moving all of that.

我們一直在積極推動這一進程，因為我們認為這是一個對我們來說非常重要且美好的機會。此外，科特迪瓦國家確實需要天然氣來為國內天然氣供應不斷下降的發電廠供電。我們認為 PON 有機會提供這一點，真正幫助國家，成為我們服務提供者和科特迪瓦人互惠互利的計畫。所以，我們正在移動所有這些。

We have not awarded any contracts to do for fabrication or installation of any facilities. We have not sanctioned the project. But there are a limited number of subsea providers. And as you can imagine, we're in conversation with a limited number of providers that would do that type of work. And so it's not unreasonable to think if we did move the project forward with a future sanction date that they might be in play.

我們尚未授予任何製造或安裝任何設施的合約。我們尚未批准該項目。但海底供應商的數量有限。正如您可以想像的那樣，我們正在與數量有限的能夠從事此類工作的提供者進行對話。因此，如果我們確實在未來的製裁日期推動該項目，那麼他們可能會發揮作用，這並不是沒有道理的。

Got it, got it. And just maybe a follow-up on that, Eric. Would that project be included in your medium-term CapEx guide of $1.1 billion or would that be kind of a project that would be discrete and on top of that?

明白了，明白了。埃里克，也許只是後續行動。該專案是否會包含在您 11 億美元的中期資本支出指南中，還是會是一個獨立的專案？

It's not included in our $1.1 billion three-year average CapEx. It'd be something on top of that.

它不包含在我們 11 億美元的三年平均資本支出中。這將是最重要的事情。

Okay. That's helpful.

好的。這很有幫助。

I would not anticipate material spend in that three-year period related to PON. There'd be minimal spend related to engineering and some long lead commitments if we were to sanction the project, say, as early as next year.

我預計這三年期間不會有與 PON 相關的材料支出。如果我們最早在明年批准該項目，那麼與工程相關的支出就會很少，並且會有一些長期的承諾。

There are no further questions from our phone lines. I would now like to turn the call back over to Roger Jenkins for any closing remarks.

我們的電話線路沒有進一步的問題。我現在想將電話轉回給羅傑·詹金斯，讓其發表結束語。

No closing remarks. Had a great call today, and, appreciate everyone calling in. A lot of good questions today, and next call will be in late January, and Eric will be sitting in this chair. I wish him all the best.

沒有結束語。今天打了一個很棒的電話，感謝大家打電話。今天有很多好問題，下次電話會議將在一月底舉行，埃里克將坐在這張椅子上。我祝他一切順利。

And we'll move on from there. We appreciate it. Thank you all.

我們將從那裡繼續前進。我們很感激。謝謝大家。

Thank you.

謝謝。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and we ask that you disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並要求您斷開線路。