Murphy Oil Corp (MUR) 2024 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Murphy Oil Corporation Fourth Quarter 2024 Earnings Conference Call. (Operator Instructions) I would now like to turn the conference over to Ms. Kelly Whitley, Vice President, Investor Relations and Communications. Please go ahead.

女士們、先生們，早安，歡迎參加墨菲石油公司 2024 年第四季財報電話會議。 （操作員指示）現在，我想將會議交給投資者關係和傳播副總裁凱利·惠特利女士。請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining us on our fourth quarter earnings call today.

謝謝您，接線生。大家早安，感謝大家今天參加我們的第四季財報電話會議。

With me today are Eric Hambly, President and Executive Officer; Tom Mireles, Executive Vice President and Chief Financial Officer; and Chris Lorino , Senior Vice President, Operations.

今天與我在一起的有總裁兼執行長 Eric Hambly；湯姆‧米雷萊斯 (Tom Mireles)，執行副總裁兼財務長；以及營運資深副總裁 Chris Lorino。

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 noncontrolling interest in the Gulf of Mexico.

在關注我們今天的網路廣播時，請參閱我們放置在網站投資者關係部分的資訊幻燈片。在今天的電話會議中，生產數字、儲量和財務金額都進行了調整，以排除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 exist that may cause actual 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.

投影片 2。存在多種因素可能導致實際結果有所不同。有關風險因素的進一步討論，請參閱 Murphy 向美國證券交易委員會提交的 2023 年 10-K 表年度報告。墨菲不承擔公開更新或修改任何前瞻性聲明的義務。

I will now turn the call over to Eric Hambly.

現在我將電話轉給 Eric Hambly。

Thank you, Kelly. Good morning, everyone, and thank you for joining us on our call today, Slide 3. Before I get started today, I would like to thank our employees for all their hard work this past year and I'm looking forward to the exciting things we have ahead at Murphy.

謝謝你，凱利。大家早安，感謝您參加今天的電話會議，投影片 3。

As we turn to Slide 3, I'd like to start with an update on our priorities of delever, execute, explore and return, which we first announced 4 years ago. Roger, Tom and I work closely to develop these priorities with Murphy's Board, and I'm pleased to continue our strategy as Murphy's newest President and Chief Executive Officer.

當我們翻到投影片 3 時，我想先更新我們四年前首次宣布的去槓桿、執行、探索和回報的優先事項。羅傑、湯姆和我與墨菲董事會密切合作制定這些優先事項，我很高興能作為墨菲新任總裁兼執行長繼續我們的策略。

We continue to delever in 2024, with $50 million reduction in senior notes through open market repurchases. Since 2020, we've reduced our total debt by approximately 60% and reached our lowest net debt in more than a decade at approximately $850 million at year-end 2024. Importantly, Murphy remains committed to achieving our long-term debt goal of $1 billion.

我們將在 2024 年繼續去槓桿，透過公開市場回購減少 5,000 萬美元的優先票據。自 2020 年以來，我們已將總債務減少了約 60%，並在 2024 年底達到了十多年來的最低淨債務，約為 8.5 億美元。

In 2024, we produced 177,000 barrels of oil equivalent per day as we brought online 36 operated and 20 gross non-operated onshore wells and executed our offshore development plans. We also saw the nonoperated St. Malo waterflood initiate water injection concluding a significant multi-year project. Overall, across our assets, we maintained our 11-year reserve life with 713 million barrels of oil equivalent proved reserves at year-end 2024.

2024 年，我們上線了 36 口營運陸上油井和 20 口未營運陸上油井，並實施了海上開發計劃，日產量為 177,000 桶油當量。我們也看到未營運的聖馬洛水驅開始注水，結束了一個重要的多年計畫。整體而言，我們的資產儲備壽命為 11 年，截至 2024 年底已探明儲量為 7.13 億桶油當量。

I'm pleased at the exciting news we shared earlier this month that Murphy drilled an oil discovery at the Hai Su Vang-1X exploration well in Vietnam. We'll share further details in a few minutes. But for now, I'll say that our partner group is very excited about the results, and we're preparing to drill an appraisal well in the third quarter of this year. In the near term, we will soon spud the Lac Da Vang exploration well in Vietnam and our team is also actively preparing to drill 2 operated exploration wells in the Gulf of Mexico and initiating a 3-well exploration program in Côte d'Ivoire later this year.

我很高興我們本月稍早分享了令人興奮的消息，即墨菲在越南 Hai Su Vang-1X 勘探井發現了石油。我們將在幾分鐘內分享更多詳細資訊。但就目前而言，我想說的是，我們的合作夥伴團隊對結果感到非常興奮，我們正準備在今年第三季鑽探一口評估井。近期，我們很快就會在越南開鑽 Lac Da Vang 勘探井，我們的團隊也正在積極準備在今年稍後在墨西哥灣鑽探 2 口已運營的勘探井，並在科特迪瓦啟動 3 口井的勘探計劃。

Looking at our fourth priority of return, I'd like to remind everyone that in the third quarter of 2024, we entered Murphy 3.0 of our capital allocation framework, which increased returns to shareholders. Last year, we repurchased $300 million of stock or 8 million shares. Today, we also announced an 8% increase in our quarterly cash dividend with our new annualized rate increasing to $1.30 per share.

看看我們的第四個回報重點，我想提醒大家，在 2024 年第三季度，我們進入了資本配置框架的墨菲 3.0，這增加了股東的回報。去年，我們回購了價值 3 億美元的股票，即 800 萬股。今天，我們也宣布季度現金股利增加 8%，新的年化股息率增至每股 1.30 美元。

Slide 4. The capital allocation framework remains key to the Murphy team, and we look forward to executing a full year according to the parameters of Murphy 3.0 with a minimum of 50% of adjusted free cash flow allocated to share buybacks. In 2024, we allocated nearly 80% of adjusted free cash flow to share repurchases, and we had $650 million remaining under our share repurchase authorization as of January 28, 2025.

投影片 4. 資本配置框架對 Murphy 團隊來說仍然是關鍵，我們期待按照 Murphy 3.0 的參數執行全年計劃，並將至少 50% 的調整後自由現金流分配給股票回購。 2024 年，我們將近 80% 的調整後自由現金流分配給股票回購，截至 2025 年 1 月 28 日，我們的股票回購授權餘額為 6.5 億美元。

Slide 5. In fourth quarter 2024, we produced 175,000 barrels of oil equivalent per day with 85,000 barrels of oil per day. We saw nearly 11,000 barrels of oil equivalent per day of production impacts in the quarter across our operated and nonoperated assets with the largest components being nonoperated Gulf of Mexico downtime from a late season hurricane, lower performance due to a revised Eagle Ford shale completion design, a mechanical issue at an offshore well an offshore rig delay and a small production impact due to the time required to evaluate and complete additional pay found in the Gulf of Mexico development well.

投影片 5. 2024 年第四季度，我們每天生產 175,000 桶油當量，石油產量為 85,000 桶/天。本季度，我們營運和非營運資產的日產量受到近 11,000 桶油當量的影響，其中最大的影響因素是墨西哥灣非營運資產因季末颶風而停工、Eagle Ford 頁岩完井設計修改導致的業績下降、海上油井的機械問題導致的海上鑽井平台延誤，以及由於評估和完成墨西哥灣的成本

Our assets generated $629 million of revenue in the fourth quarter with an average realized oil price of $70 per barrel, natural gas liquids price of just over $23 per barrel and natural gas price of $1.84 per 1,000 cubic feet.

我們的資產在第四季度創造了 6.29 億美元的收入，平均實現油價為每桶 70 美元，天然氣液體價格略高於每桶 23 美元，天然氣價格為每 1,000 立方英尺 1.84 美元。

I will now turn the call over to our Chief Financial Officer, Tom Mireles, to share our financial results, marketing update and a preliminary year-end reserves.

現在，我將把電話轉給我們的財務長湯姆·米雷萊斯 (Tom Mireles)，分享我們的財務表現、行銷更新和初步年終儲備。

Thank you, Eric, and good morning. Slide 6.

謝謝你，艾瑞克，早安。幻燈片 6。

In the fourth quarter, Murphy recorded net income of $50 million or $0.34 per diluted share and adjusted net income of $51 million or $0.35 per diluted share.

第四季度，墨菲淨收入為 5,000 萬美元，即每股攤薄收益 0.34 美元，調整後淨收入為 5,100 萬美元，即每股攤薄收益 0.35 美元。

Overall, we generated adjusted EBITDA of $321 million with accrued CapEx of $186 million, excluding noncontrolling interest.

整體而言，我們的調整後 EBITDA 為 3.21 億美元，應計資本支出為 1.86 億美元（不含非控制權益）。

Other impacts in the quarter included $19 million of interest expense related to the early redemption of senior notes as well as a $28 million asset impairment for a field in the Gulf of Mexico.

本季的其他影響包括與提前贖回優先票據相關的 1,900 萬美元利息支出，以及墨西哥灣油田 2,800 萬美元的資產減損。

Slide 7.

幻燈片 7。

As we shared on our last call, Murphy executed a series of capital markets transactions in the fourth quarter, which ultimately extended our debt maturity profile and increased our unsecured credit facility by nearly 70%.

正如我們在上次電話會議上所分享的，墨菲在第四季度執行了一系列資本市場交易，最終延長了我們的債務期限，並將我們的無擔保信貸額度增加了近 70%。

Since year-end 2020, we have reduced total debt by approximately 60%, resulting in approximately 50% reduction in annualized interest expense.

自 2020 年底以來，我們已將總債務減少了約 60%，導致年化利息支出減少了約 50%。

We ended 2024 with $1.8 billion of liquidity, positioning Murphy well to achieve our strategic priorities in the coming years.

到 2024 年底，我們的流動資金為 18 億美元，這為 Murphy 在未來幾年實現我們的戰略重點做好了準備。

Slide 8.

幻燈片 8。

As our Tupper Montney natural gas production has increased in the past few years, we have equally enhanced our natural gas marketing strategy to mitigate our price exposure to AECO as well protect against volatility for our total natural gas volumes.

由於我們的 Tupper Montney 天然氣產量在過去幾年中不斷增加，我們也同樣加強了我們的天然氣行銷策略，以減輕我們對 AECO 的價格風險，並防止我們的天然氣總量波動。

Looking back at Murphy's 2024 total natural gas production, approximately 36% of our volumes were protected by AECO fixed price forward sales contracts in Canada.

回顧墨菲 2024 年的天然氣總產量，約有 36% 的產量受到加拿大 AECO 固定價格遠期銷售合約的保護。

Another 33% of volumes were sold at Henry Hub, U.S. Midwest and U.S. Gulf Coast sales points.

另外 33% 的銷售量在亨利港、美國中西部和美國墨西哥灣沿岸的銷售點銷售。

Overall, only 17% of our total natural gas volumes were sold in the open AECO market.

總體而言，我們僅有 17% 的天然氣在公開的 AECO 市場上銷售。

We believe this marketing strategy is a key differentiator for Murphy as the demand for natural gas in Canadian and Asian markets increases in future years and with multiple Canadian LNG export projects currently in progress.

我們相信，隨著未來幾年加拿大和亞洲市場對天然氣的需求不斷增加，且目前有多個加拿大液化天然氣出口項目正在進行中，這項行銷策略將成為 Murphy 的關鍵差異化因素。

Our Tupper Montney asset is strategically positioned with significant remaining locations to support this demand.

我們的 Tupper Montney 資產具有戰略性地位，並擁有大量剩餘資產來滿足這項需求。

Slide 9.

幻燈片 9。

Our preliminary proved reserves totaled 713 million barrels of oil equivalent at year-end 2024, representing an 83% reserve replacement ratio.

截至 2024 年底，我們的初步探明儲量總計 7.13 億桶油當量，儲量替代率為 83%。

Continuing to the -- contributing to the increase was approximately 12 million barrels of oil equivalent for the nonoperated St. Malo field primarily attributed to the waterflood project.

繼續—導致產量增加的主要是未營運的聖馬洛油田約 1,200 萬桶油當量，主要歸因於注水項目。

In 2024, total proved reserves were 59% proved developed and 42% liquids weighted, and we maintained our proved reserve life of 11 years.

2024 年，總探明儲量為 59% 的探明開發儲量和 42% 的液體加權儲量，我們的探明儲量壽命維持在 11 年。

And with that, I will turn the call back over to Eric.

說完這些，我會把電話轉回給艾瑞克。

Thank you, Tom.

謝謝你，湯姆。

Slide 11.

幻燈片 11。

As we previously announced, Murphy drilled an oil discovery at the Hai Su Vang-1X exploration well in Vietnam in the fourth quarter.

正如我們之前宣布的那樣，墨菲在第四季度在越南的 Hai Su Vang-1X 勘探井發現了石油。

The well was drilled to a total depth of 13,124 feet in 149 feet of water and accounted approximately 370 feet of net oil pay from two reservoirs.

該井總鑽深為 13,124 英尺，水深 149 英尺，來自兩個油藏的淨油層厚度約為 370 英尺。

Ultimately, it was in line with our pre-drill mean to upward gross resource potential of 170 million to 430 million barrels of oil equivalent.

最終，它與我們鑽探前的平均總資源潛力 1.7 億至 4.3 億桶油當量相符。

I'm very excited to share our flow test results today as we achieved a facility-constrained flow rate of 10,000 barrels of oil per day from one reservoir.

今天我很高興與大家分享我們的流量測試結果，因為我們從一個油藏實現了設施約束下的每天 10,000 桶石油的流量。

Additional testing showed high-quality 37-degree oil with a gas oil ratio of 1,100 standard cubic feet per barrel.

進一步的測試表明，37 度油品品質優良，氣油比為每桶 1,100 標準立方英尺。

We're continuing to review results and are planning to drill an appraisal well in the third quarter of 2025 to further establish the size of the resource.

我們正在繼續審查結果，並計劃在 2025 年第三季鑽探一口評估井，以進一步確定資源規模。

Slide 12.

幻燈片 12。

During the fourth quarter, we completed our seismic reprocessing project in Côte d'Ivoire and we are incorporating the final seismic data into our prospect assessments.

在第四季度，我們完成了科特迪瓦的地震再處理項目，並將最終的地震資料納入我們的前景評估中。

We're excited at the opportunities across various exploration types on our five blocks.

我們對五個區塊中各種類型的勘探機會感到非常興奮。

And we are preparing to begin a three-well exploration program late this year.

我們準備在今年稍後開始三口井的勘探計劃。

Murphy also remains on track to submit a field development plan for the PON discovery by year-end 2025.

墨菲也將繼續按計劃在 2025 年底前提交 PON 發現的油田開發計畫。

With that, I will now turn the call over to Chris Lorino, Senior Vice President, Operations.

說完這些，我現在將電話轉給營運資深副總裁 Chris Lorino。

Thanks, Eric.

謝謝，埃里克。

Good morning, everyone.

大家早安。

Slide 13.

幻燈片 13。

In Eagle Ford Shale, Murphy produced 30,000 barrels of oil equivalent per day in the fourth quarter with 85% of liquids.

在 Eagle Ford Shale，墨菲第四季每天生產 30,000 桶油當量，其中液體含量為 85%。

We brought online four operated wells in Catarina as planned and initiated drilling for our 2025 well delivery program with six operated wells and one non-operated well in Karnes.

我們按計劃在卡塔琳娜州上線了四口運營井，並啟動了 2025 年油井交付計劃的鑽探，其中在卡恩斯有六口運營井和一口未運營井。

As we continually optimize our completions methods, we tested a revised design on the Catarina pad that was less successful than anticipated, which unfortunately resulted in nearly 2,000 barrels of oil equivalent per day impact to production for the quarter.

隨著我們不斷優化完井方法，我們在 Catarina 平台測試了修改後的設計，但其成功率低於預期，不幸的是，這導致本季每天的產量損失近 2,000 桶油當量。

In Tupper Montney, we achieved fourth quarter production of 387 million cubic-feet per day and drilled two wells that will be completed and come online in 2025.

在塔珀蒙特尼，我們第四季的產量達到了 3.87 億立方英尺/天，並鑽了兩口井，將於 2025 年完工投產。

Our Kaybob Duvernay asset produced 4,000 barrels of oil equivalent per day with 71% liquids.

我們的 Kaybob Duvernay 資產每天生產 4,000 桶油當量，其中液體含量為 71%。

Slide 14.

幻燈片 14。

In the Gulf of Mexico, we produced 68,000 barrels of oil equivalent per day during the quarter.

在墨西哥灣，我們本季每天生產 68,000 桶石油當量。

We experienced operated production impacts of 1,800 barrels of oil equivalent per day due to a mechanical issue at a Khaleesi well, and 1,400 barrels of oil equivalent per day as a result of an offshore rig delay for the Samurai number three well workover.

由於 Khaleesi 油井出現機械故障，我們的營運產量受到影響，為每天 1,800 桶油當量；由於 Samurai 3 號井修井作業的海上鑽井平台延誤，我們的營運產量受到影響，為每天 1,400 桶油當量。

Additionally, our non-operated assets were impacted by late season hurricane causing 2,400 barrels of oil equivalent per day of weather downtime.

此外，我們非營運資產受到季末颶風的影響，造成每天 2,400 桶油當量的天氣停工。

On a positive note, we found additional pay when drilling operated Mormont number four well, which caused a small production impact due to the time required to evaluate and complete the additional pay.

積極的一面是，我們在鑽探莫爾蒙特四號井時發現了額外的產油區，由於評估和完成額外產油區需要時間，因此對生產的影響很小。

This well is now forecast to come online in first quarter 2025.

預計該井將於 2025 年第一季投產。

Our offshore Canada assets produced 7,000 barrels of oil equivalent per day in the fourth quarter as we closed the first year of the non-operated Terra Nova field resuming production following the life extension project.

隨著我們結束延長壽命項目後未運營的 Terra Nova 油田恢復生產的第一年，我們在加拿大近海的資產在第四季度日產油量達到 7,000 桶油當量。

Slide 16.

幻燈片 16。

Our 2025 CapEx is forecast to be in the range of $1.135 billion to $1.285 billion with approximately 60% of spending to occur in the first half of the year.

我們預計 2025 年的資本支出將在 11.35 億美元至 12.85 億美元之間，其中約 60% 的支出將發生在上半年。

Overall, approximately 85% of our capital plan is for development spending with the vast majority out -- majority allocated to Murphy operated assets, giving us control over timing.

總體而言，我們的資本計畫中約有 85% 用於開發支出，其中絕大部分分配給墨菲營運的資產，使我們能夠控制時間表。

Murphy is allocating nearly half of its capital plan to offshore assets with 30% directed towards the Eagle Ford Shale, consistent with previous years, approximately 12% or $145 million is dedicated to exploration spending for the year.

墨菲將其近一半的資本計劃分配給海上資產，其中 30% 用於 Eagle Ford Shale，與往年一致，約 12% 或 1.45 億美元用於年度勘探支出。

Additionally, it's more important to note that as part of our 2025 CapEx program, we are increasing spending in Vietnam as we advance our Lac Da Vang field development project.

此外，更重要的是要注意，作為我們 2025 年資本支出計劃的一部分，隨著我們推進 Lac Da Vang 油田開發項目，我們正在增加在越南的支出。

Slide 17.

幻燈片 17。

For first quarter 2025, we forecast production of 159,000 to 167,000 barrels of oil equivalent per day with 83,500 barrels of oil per day.

我們預測 2025 年第一季的石油產量為每天 159,000 至 167,000 桶油當量，即每天 83,500 桶石油。

This range is notably lower than the fourth quarter due to approximately 7,000 barrels of oil equivalent per day of natural production declines across our onshore assets.

這一範圍明顯低於第四季度，原因是我們的陸上資產的自然產量每天下降約 7,000 桶油當量。

As we have not brought wells online since last May in Canada and October in the Eagle Ford Shale.

因為自去年五月以來，加拿大的油井和去年十月以來，Eagle Ford Shale 的油井一直未投產。

Additionally, this range is impacted by 4,400 barrels of oil equivalent per day of planned operated onshore downtime and 2,900 barrels of oil equivalent per day of planned offshore downtime, primarily at non-operated assets.

此外，這一範圍還受到計劃運營陸上停工每天 4,400 桶油當量和計劃海上停工每天 2,900 桶油當量的影響，主要發生在非運營資產上。

With our planned capital program for 2025, Murphy forecasts full-year production of 174,500-to-182,500 barrels of oil equivalent per day with 91,000 barrels of oil per day.

根據我們 2025 年計劃的資本計劃，墨菲預測全年產量將達到每天 174,500 至 182,500 桶油當量，即每天 91,000 桶石油。

This represents 11% production growth or nearly 20,000 barrels of oil equivalent per day from the first quarter to the fourth quarter.

這意味著從第一季到第四季度，產量增加了11%，或每天增加了近20,000桶油當量。

Slide 18.

幻燈片 18。

In the Eagle Ford Shale, Murphy plans to spend $360 million in 2025 to bring online 35 operated and 28 gross non-operated wells with more than 50% of operated wells located in Karnes and nearly all wells scheduled to come online in the second and third quarters.

在鷹福特頁岩區，墨菲計劃在 2025 年投入 3.6 億美元，投產 35 口營運井和 28 口未營運井，其中 50% 以上的營運井位於卡恩斯，幾乎所有井都計劃在第二季和第三季投產。

We forecast production of 33,000 barrels of oil equivalent per day for the year as a result of these plans.

根據這些計劃，我們預測今年的石油日產量將達到 33,000 桶油當量。

Our team recently optimized Murphy's onshore development plans given ongoing results from improved completions designs, resulting in improved capital efficiencies.

我們的團隊最近根據完井設計的持續改進成果優化了墨菲的陸上開發計劃，從而提高了資本效率。

We are now employing an average 9% increase in laterals, which ultimately enables us to complete more rock more efficiently.

我們現在使用的水平井數量平均增加了 9%，這最終使我們能夠更有效率地完成更多的岩石作業。

Slide 19.

幻燈片 19。

Murphy plans to spend $85 million in Tupper Montney in 2025 to bring online 10 operated wells with production forecast at 375 million cubic feet per day for the year.

墨菲計劃於 2025 年在塔珀蒙特尼投資 8,500 萬美元，投產 10 口營運油井，預計全年產量為 3.75 億立方英尺/天。

Now that we have reached processing plant capacity, we are able to scale down future development as fewer wells are needed to offset natural production declines.

現在我們已經達到了加工廠的產能，我們能夠縮減未來的開發規模，因為需要更少的油井來抵消自然產量的下降。

Further, our optimized development plan reduces Murphy's capital investment requirement while achieving a 15% increase in single-well EUR and growing our undiscounted cash flow by nearly 20% for the life of the field.

此外，我們優化的開發計畫降低了墨菲的資本投資要求，同時實現了單井歐元成長 15%，並使油田整個壽命期間的未折現現金流成長近 20%。

As we continue monitoring the development of Canadian LNG projects in the area, we are encouraged by the recent news that the nearby Ksi Lisims LNG project has secured necessary funds for its facility and the related Prince Rupert Gas Transmission pipeline.

隨著我們繼續關注該地區加拿大液化天然氣項目的發展，我們很高興看到最近的消息：附近的 Ksi Lisims 液化天然氣項目已經為其設施和相關的魯珀特王子天然氣輸送管道獲得了必要的資金。

With 750 remaining locations in Tupper Montney, Murphy is well-positioned to support the capacity needs as the project comes online within the next decade.

由於塔珀蒙特尼還剩下 750 家門市，墨菲完全有能力滿足該專案在未來十年內上線時的產能需求。

Slide 20.

投影片 20。

Approximately $55 million has been allocated to Kaybob Duvernay in 2025, with four operated wells planned to come online in the third quarter.

2025 年 Kaybob Duvernay 獲得約 5,500 萬美元撥款，計劃第三季投產四口油井。

We forecast producing 5,000 barrels of oil equivalent per day in 2025.

我們預測 2025 年每天的石油產量將達到 5,000 桶。

Murphy also intends to drill two wells in the fourth quarter, which will be completed and brought online in 2026.

墨菲還計劃在第四季鑽兩口井，預計將於 2026 年完工並投入使用。

While we have maintained a small well program in this area the past few years, we have improved our future field development plans similar to the Eagle Ford Shale.

雖然過去幾年我們在該地區維持了一個小井計劃，但我們已經改進了類似於 Eagle Ford Shale 的未來油田開發計劃。

Looking at our Kaybob Duvernay locations, we have increased lateral links and well spacing, which will enhance our capital efficiency by 20%.

縱觀我們的 Kaybob Duvernay 工廠，我們增加了橫向連接和井距，這將使我們的資本效率提高 20%。

Slide 21.

幻燈片 21。

Our offshore capital budget includes approximately $410 million allocated to the Gulf of Mexico for development drilling, drilling and field development, including long-lead spending on development wells coming online in 2026 and 2027.

我們的海上資本預算包括分配給墨西哥灣的約 4.1 億美元用於開發鑽井、鑽井和油田開發，包括 2026 年和 2027 年上線的開發井的長期支出。

We are also conducting an ocean bottom node seismic survey across our Khaleesi, Mormont and Samurai fields to better understand the reservoir and plan future development wells.

我們也在 Khaleesi、Mormont 和 Samurai 油田進行海底節點地震勘測，以便更好地了解油藏並規劃未來的開發井。

Murphy plans to spend approximately $110 million in Vietnam on the Lac Da Vang field development project in 2025 as well as approximately $5 million on the Paon field development activities in Côte d'Ivoire.

墨菲計劃於 2025 年在越南的 Lac Da Vang 油田開發案上投資約 1.1 億美元，並在科特迪瓦的 Paon 油田開發活動上投資約 500 萬美元。

The remaining $20 million of Murphy's 2025 offshore capital budget will be allocated to offshore Canada, primarily for non-operated Hibernia development drilling.

墨菲 2025 年海上資本預算的剩餘 2000 萬美元將分配給加拿大近海，主要用於未營運的 Hibernia 開發鑽探。

Overall, we forecast total offshore production of approximately 78,000 barrels of oil equivalent per day in 2025 with 68,000 barrels of oil equivalent per day from our Gulf of Mexico assets.

總體而言，我們預測 2025 年海上總產量約為每天 78,000 桶油當量，其中墨西哥灣資產每天產量為 68,000 桶油當量。

With that, I'll hand it back to Eric.

說完這些，我就交還給 Eric。

Thank you, Chris.

謝謝你，克里斯。

Slide 22.

投影片 22。

We're progressing our Lac Da Vang field development project in Vietnam, and I'm pleased that in the fourth quarter, we commenced construction of the LDV-A platform as well as executed the contract for the floating storage and offloading vessel.

我們正在推進越南 Lac Da Vang 油田開發項目，我很高興在第四季度我們開始建造 LDV-A 平台並執行浮式儲卸船的合約。

Our next steps will be to initiate construction of the FSO this quarter and begin development drilling in the second half of the year.

我們的下一步將是本季啟動 FSO 的建設，並在今年下半年開始開發鑽探。

Overall, we remain on track to achieve first oil in late 2026 with ongoing development through 2029.

總體而言，我們仍有望在 2026 年底獲得第一批石油，並在 2029 年之前持續開發。

Slide 23.

幻燈片 23。

Murphy plans to drill two operated exploration wells in the Gulf of Mexico this year called Cello number one and Banjo number one.

墨菲計劃今年在墨西哥灣鑽探兩口營運探勘井，分別名為「大提琴一號」和「班卓琴一號」。

We remain focused on lower risk opportunities near existing infrastructure and highlight that the -- that these next prospects are located near the Murphy operated Delta House floating production system.

我們仍然專注於現有基礎設施附近的低風險機會，並強調這些下一個前景位於墨菲營運的 Delta House 浮式生產系統附近。

Each well has an estimated net cost of $18 million and we are targeting to spud Cello number one in the second quarter with Banjo number one to follow in the third quarter.

每口井的淨成本估計為 1,800 萬美元，我們的目標是在第二季開鑽 Cello 一號井，然後在第三季開鑽 Banjo 一號井。

Slide 24.

幻燈片 24。

Following the success at Hai Su Vang in the fourth quarter and additional time needed for evaluation, the timing of our Lac Da Hong-1X exploration well in Vietnam shifted and we now plan to spud next month.

繼第四季度 Hai Su Vang 勘探井取得成功以及需要額外時間進行評估之後，我們在越南的 Lac Da Hong-1X 勘探井的開採時間發生了變化，我們目前計劃下個月開鑽。

Additionally, we're making preparations to drill an appraisal well at Hai Su Vang with a targeted spud date in the third quarter of 2025.

此外，我們正在準備在 Hai Su Vang 鑽探一口評估井，目標開鑽日期為 2025 年第三季。

We're looking forward to the results of this well as it will help determine the high-end of our resource estimate.

我們期待這口井的結果，因為它將有助於確定我們的資源估算的高端。

Slide 25.

投影片 25。

Our 2025 plans also include initiating a three-well exploration program in Côte d'Ivoire beginning in the fourth quarter with the (inaudible) well on Block CI-502.

我們的 2025 年計劃還包括從第四季度開始在科特迪瓦啟動三口井的勘探計劃，第一口井位於 CI-502 區塊。

This well is targeting a mean to upward gross resource potential of 440 million to 1 billion barrels of oil equivalent and is an opportunity for us to target significant resource potential at a relatively low cost.

該井的目標是平均或向上的總資源潛力為 4.4 億至 10 億桶油當量，這是我們以相對較低的成本獲得巨大資源潛力的機會。

Murphy plans to drill the next two exploration wells in 2026.

墨菲計劃在 2026 年鑽探接下來的兩口勘探井。

While the specific order is still being determined, we've identified the prospects as Hibou on Block CI-709 and Caracal on Block CI-102.

雖然具體順序仍在確定中，但我們已確定勘探前景為 CI-709 區塊的 Hibou 和 CI-102 區塊的 Caracal。

These exploration wells will also target potentially sizable resources and overall allow Murphy to test a variety of exploratory play types near recent peer discoveries.

這些勘探井還將瞄準潛在的大量資源，總體而言，墨菲可以在最近的同行發現附近測試各種勘探類型。

Slide 27.

幻燈片 27。

As we turn to Murphy's strategy over the next two years, I'd like to highlight that our plans remain essentially unchanged.

當我們談到墨菲未來兩年的策略時，我想強調的是，我們的計畫基本上保持不變。

The company will continue to deliver low single-digit production growth from its existing assets as we execute high-return oil-weighted offshore projects while maintaining Eagle Ford Shale and Tupper Montney production.

隨著我們執行高回報的石油加權海上項目，同時保持 Eagle Ford Shale 和 Tupper Montney 的產量，該公司將繼續利用其現有資產實現低個位數的產量成長。

We also look to achieve organic growth from Vietnam and potential development from Paon and Côte d'Ivoire.

我們也希望實現越南的有機成長以及帕昂和科特迪瓦的潛在發展。

Murphy's team will also be drilling several meaningful international exploration wells over the next 18 months that will test prospective unrisked resources that equal five times our current offshore approved reserves.

未來 18 個月，墨菲的團隊還將鑽探幾口有意義的國際勘探井，測試相當於我們目前海上核准儲量五倍的潛在無風險資源。

Overall, we remain committed to returning cash to shareholders through our capital allocation framework and achieving our $1 billion debt target.

總體而言，我們仍然致力於透過資本配置框架向股東返還現金並實現 10 億美元的債務目標。

Slide 28.

幻燈片 28。

The foundation of our existing business and what we plan to accomplish across our growth opportunities in the next couple of years creates a runway for long-term success.

我們現有業務的基礎以及我們計劃在未來幾年內透過成長機會實現的目標為長期成功奠定了基礎。

The optionality of our existing multi-basin portfolio allows us to achieve our overall goals of oil-weighted growth and excess cash flow generation for shareholder returns.

我們現有的多盆地投資組合的可選性使我們能夠實現石油加權成長和為股東回報產生超額現金流的總體目標。

We have multiple high-impact international projects on our horizon while we continue infrastructure-led Gulf of Mexico exploration and our own backyard.

我們即將開展多個具有重大影響力的國際項目，同時我們將繼續進行由基礎設施主導的墨西哥灣和我們自己的後院的勘探。

It is an exciting time at Murphy and exploration will remain a key differentiator and value creator for our company for years to come.

這是墨菲公司令人興奮的時刻，未來幾年，探索仍將是我們公司的關鍵差異化因素和價值創造者。

With that, I will now turn the call over to the operator for questions.

說完這些，我現在會把電話轉給接線生來回答問題。

(Operator Instructions)

（操作員指令）

Arun Jayaram from JPMorgan.

摩根大通的 Arun Jayaram。

Yes.

是的。

I wanted to maybe start with maybe slide 28.

我想從第 28 張投影片開始。

You've highlighted kind of the annual planned CapEx program of $1.1 billion to $1.3 billion to deliver the low single-digit production growth.

您強調了每年計劃 11 億至 13 億美元的資本支出計劃，以實現低個位數的生產成長。

I guess one of the buy-side questions is does that CapEx range kind of contemplate the plan of development at PON and obviously, some of the positive drill bit news at the HSV field.

我想買方的問題之一是，資本支出範圍是否考慮到了 PON 的發展計劃，顯然還有 HSV 油田的一些積極的鑽頭消息。

And just help us put that $1.1 billion to $1.3 billion into context, given those 2 potential development projects?

考慮到這兩個潛在的開發項目，您能幫我們把這 11 億到 13 億美元放在合適的背景下嗎？

Thanks, Arun.

謝謝，阿倫。

I think that's a really important question to help us clarify what's included here and what's not included.

我認為這是一個非常重要的問題，可以幫助我們明確這裡包含什麼和不包含什麼。

To be clear, our current long-range view that we're communicating involves developing our existing assets in line with what we're stating here on the slide of what we intend to do with our onshore assets.

需要明確的是，我們目前正在傳達的長期觀點涉及開發我們現有的資產，按照我們在幻燈片上所述的我們打算如何處理我們的陸上資產的方式進行。

It also includes the full development of the Lac Da Vang field.

它還包括對 Lac Da Vang 油田的全面開發。

It does not include any development costs related to PON in Cote d'Ivoire nor does it include costs related to developing Hai Su Vang in Vietnam, the recent discovery made, which hopefully, you spotted our tremendous flow rate from that well.

它不包括與科特迪瓦 PON 相關的任何開發成本，也不包括開發越南 Hai Su Vang 的相關成本，這是最近發現的，希望您能發現我們從該井中發現的巨大流量。

That's great.

那太棒了。

I just wanted to clarify that.

我只是想澄清這一點。

And just maybe the follow-up to that is, can you give us a sense for the PON development, I think you're submitting a plan of development to the government by year-end.

可能的後續問題是，您能否向我們介紹一下 PON 的發展情況，我認為您將在年底前向政府提交發展計畫。

And help us think about maybe the CapEx around that project, if you size that?

如果您能估算一下該專案的資本支出，請幫我們考慮一下？

And we've been thinking in Vietnam around F&D costs in that, call it, $10 to $15 range.

我們一直在考慮越南的金融與開發成本，大概在 10 到 15 美元的範圍內。

But I just wonder if you could maybe help us give us some initial thoughts on how CapEx could trend for those projects.

但我只是想知道您是否可以幫助我們提供一些關於這些項目的資本支出趨勢的初步想法。

Okay.

好的。

Thanks for that very much.

非常感謝。

I'll start with PON and then I'll touch on Vietnam.

我先從 PON 開始，然後再談越南。

The PON development is one that is an interesting field for us in Cote d'Ivoire.

PON 開發對我們科特迪瓦人來說是一個有趣的領域。

So we've gotten involved in our recent reposition in Cote d'Ivoire for exploration.

因此，我們最近重新定位了科特迪瓦的勘探工作。

We're exploring for oil.

我們正在勘探石油。

We have identified a number of really nice prospects that are quite sizable, and we can test them with pretty low, low cost.

我們已經確定了一些非常有前景、規模相當大且我們可以用相當低的成本對它們進行測試。

If you can test upwards of 400 million barrels for $40 million to $60 million gross well cost, that's a pretty exciting piece of business to be involved in.

如果您能以 4,000 萬到 6,000 萬美元的總井成本測試 4 億桶以上的石油，那麼這將是一項非常令人興奮的業務。

The PON discovery happened to be in one of the blocks and our work commitment for that production sharing contract is to develop a field development plan by the end of 2025, and we're well on track to accomplish that.

PON 的發現恰好位於其中一個區塊，而我們對該產品共享合約的工作承諾是在 2025 年底之前製定出油田開發計劃，我們正按計劃實現這一目標。

The field at PON is an oilfield with a relatively small oil column and a large gas cap for that reason, negotiating the terms of a gas sales agreement are quite important to whether or not that development moves forward.

PON 油田的油柱相對較小，但氣頂較大，因此，協商天然氣銷售協議的條款對於開發能否向前推進至關重要。

We're actively involved with various Ivorian government parties on negotiations around what that can be.

我們正積極與科特迪瓦政府各黨派就此議題進行談判​​。

And at this point, we're not 100% sure we'll have a project.

而目前，我們還不能 100％ 確定我們會有一個物品。

We think that there's an opportunity.

我們認為這是一個機會。

We believe that natural gas is needed in the country and there will be significant domestic demand in quota for the resource that PON can develop.

我們相信該國需要天然氣，而 PON 可開發的資源在國內將有相當大的配額需求。

Because we're in an active negotiation, and there's a lot of different moving parts around how we might develop the field, timing, all that, it's really a little premature to say how that might look.

因為我們正處於積極的談判中，而且關於如何開發該領域、時機等諸多方面都還有許多不同的活動部分，所以現在談論最終結果還為時過早。

I would tell you that I would not expect a near-term CapEx of significance for PON.

我想告訴你的是，我預計 PON 近期的資本支出不會太大。

The typical timing for something like that might be if you can negotiate agreements this year, you might have a sanction at the latest, very late in '25, more likely in '26.

類似事件的典型時間可能是，如果你能在今年談判達成協議，那麼最遲可能會在 2025 年末獲得批准，更有可能在 2026 年。

It's likely to be a multiyear project, like a 3-year type of timeframe, something on that scale.

這可能是多年期項目，例如 3 年的時間範圍，或是類似規模的項目。

So it may impact capital allocation in the later part of the decade, '27, '28, '29, it's a little premature to say that.

因此，它可能會影響 2027、28、29 年後期的資本配置，現在這麼說還為時過早。

In Vietnam, we're really excited about the progress that we have made on our Lac Da Vang development project.

在越南，我們對 Lac Da Vang 開發案的進展感到非常興奮。

We released today some details around timing key activities.

我們今天發布了一些關鍵活動時間表的細節。

We started our platform construction in the fourth quarter of 2024.

我們於2024年第四季開始平台建置。

It's moving along very nicely.

一切進展順利。

We'll start construction of the FSO in the first quarter and development drilling in the fourth quarter.

我們將在第一季開始建造FSO，並在第四季開始開發鑽探。

For the Hai Su Vang discovery that we made, obviously, we have a lot of work to do to figure out how large it is, our appraisal well rather that we'd plan for the third quarter is targeted to understanding the upside size of the resource.

對於我們所發現的 Hai Su Vang 金礦，顯然我們還有很多工作要做才能確定它的規模，我們的評估很好，而不是像我們在第三季度計劃的那樣，旨在了解該資源的上行規模。

As we highlighted today and earlier in the month, the results of the well are in line with our pre-drill range of 170 million to 430 million barrels.

正如我們今天和本月早些時候所強調的那樣，該油井的產量與我們鑽探前的 1.7 億至 4.3 億桶的產量範圍一致。

It's possibly a little larger.

它可能稍微大一些。

When we drilled the Hai Su Vang-1X, we drilled it near the crest of the structure, and we found oil in 2 zones.

當我們鑽探 Hai Su Vang-1X 時，我們將其鑽在構造頂部附近，並在 2 個區域發現了石油。

Most of the oil was in one zone.

大部分石油都集中在一個區域。

In that one zone, if we look at just what we found with the oil down to the lowest oil found in that well, that's what we say is consistent with our pre-drill estimate.

在那個區域，如果我們只看油藏的最低點，就會發現這與我們鑽探前的估計是一致的。

We did not encounter any water level.

我們沒有遇到任何水位。

So an appraisal well will be targeted to identify how much oil might there be below the well lower on the structure and the resource has significant upside potential.

因此，評估井將有針對性地確定結構下井下方可能有多少石油，以及該資源是否具有巨大的上行潛力。

So we think about how do we develop the field.

因此我們思考如何發展這個領域。

It's a little early to say what the total resource would be.

現在談論總資源量還為時過早。

Obviously, we're excited about the flow rate potential which we demonstrated with our drill sun test.

顯然，我們對透過鑽孔太陽測試展示的流量潛力感到非常興奮。

If I was trying to frame an early assessment of capital to develop the field, there still needs to be a pretty broad range.

如果我試圖對開發該領域的資本進行早期評估，那麼仍然需要相當廣泛的範圍。

I would think of $5 to $10 a barrel for development costs and probably $5 to $10 a barrel for operating cost.

我認為開發成本為每桶 5 至 10 美元，營運成本大概為每桶 5 至 10 美元。

I think if you look at those and consider them in the context of deepwater developments, then it looks really attractive the shallow water development with high flow rates is looking to be a very attractive project for us.

我認為，如果你看一下這些並將它們放在深水開發的背景下考慮，那麼它看起來真的很有吸引力，高流速的淺水開發對我們來說是一個非常有吸引力的項目。

I gave you a little bit longer than you asked for, but I think it helps frame sort of what we're looking for there.

我給你的時間比你要求的要長一點，但我認為它有助於概括我們正在尋找的東西。

Neil Mehta from Goldman Sachs.

高盛的 Neil Mehta。

Yes, good morning, Eric and team.

是的，早上好，艾瑞克和團隊。

Just a couple of quick questions.

只想問幾個簡單的問題。

First one is just clarifying on Q4, numbers become a little softer on production than I think where the Street was expecting and you called out some downtime onshore and offshore due to some mechanical issues and some delays.

首先我想澄清一下第四季度的情況，我認為生產數據比華爾街預期的要差一些，而且由於一些機械問題和延誤，你們指出了一些陸上和海上停工事件。

So could you just help us understand what happened in Q4 from a volume perspective and any lessons learned from that?

那麼您能否幫助我們從數量角度了解第四季度發生的情況以及從中學到的教訓？

Sure, Neil, and thanks for joining our call.

當然，尼爾，感謝您參加我們的電話會議。

We had a pretty rough fourth quarter.

我們的第四節過得相當艱難。

We really would prefer to execute quite a bit better.

我們確實希望執行得更好一些。

I would characterize quite a few of those things as short-lived and they should mostly be resolved as we get toward the end of the second quarter this year.

我認為其中許多問題都是短暫的，到今年第二季末時，它們應該大部分都會得到解決。

We had significant amount of downtime offshore for a few wells that are offline.

由於一些離線油井，我們在海上停工了很長時間。

We call out specifically the Samurai 3 workover, which we had -- we had been working on in the fourth quarter and expected to be able to return to production in the fourth quarter.

我們特別提到了 Samurai 3 修井，我們在第四季度一直在進行這項修井工作，預計能夠在第四季度恢復生產。

So it should have contributed more.

因此它應該做出更多貢獻。

We had some delays executing that work because of some downtime with a rig and some winter storm activity, which delayed the work.

由於鑽機停機和冬季風暴活動，我們在執行這項工作時遇到了一些延誤，這延誤了工作。

So that well is now scheduled to come online in the first quarter.

因此該油井預計於第一季投產。

It's a significant well, about 4,500 barrels net comes online in the first-quarter.

這是一口重要的油井，第一季淨產油量約 4,500 桶。

We had a well at Khaleesi that was offline for part of the fourth quarter because we were diagnosing what we think is a safety valve issue.

位於 Khaleesi 的一口油井在第四季度的部分時間處於離線狀態，因為我們正在診斷我們認為是安全閥存在的問題。

As we look now with more clarity heading into the year, we're going to need to put a rig on that well, do some work on it and that well should come online in the second quarter.

現在我們對今年的情況有了更清晰的認識，我們需要在那口井上安裝一台鑽機，做一些工作，那口井應該會在第二季度投產。

We also had a bit of downtime in our non-operated Gulf of Mexico business, primarily because of storms, we had a number of platform shut-ins for a late in the quarter, later than our typical storm season shut-ins and are primarily again in our non-operated Gulf of Mexico deepwater assets.

我們在非營運的墨西哥灣業務中也經歷了一些停工，主要是因為風暴，我們在本季度末關閉了一些平台，比我們典型的風暴季節關閉時間晚，而且主要是在我們非運營的墨西哥灣深水資產中。

That was a pretty significant impact for us.

這對我們來說影響相當大。

The other two -- couple of things we highlighted, which I'll just touch on briefly, we had our Eagle Ford Shale four well pad in Catarina that we tried a new completion style and it underperformed our expectations that will have a lingering effect into 2025, but pretty minimal because the wells declined relatively steeply the shale wells.

另外兩點——我們重點介紹了幾件事，我會簡單談一下，我們在 Catarina 的 Eagle Ford Shale 四井平台嘗試了一種新的完井方式，但其表現低於我們的預期，這種影響將持續到 2025 年，但影響很小，因為這些井的產量下降幅度相對較大，例如頁岩井。

So we have factored that into our guidance, of course.

因此我們當然已將這一點考慮在我們的指導中。

And then the last thing, which is really a positive for us is that the Mormont 4 well encountered significantly more pay than we expected and more zones and we ended-up having to complete more zones or having, I should say, the opportunity to complete more zones and it takes a little longer to complete more pay than, than less pay.

最後一件事，對我們來說確實是一件積極的事情，那就是 Mormont 4 井遇到的收益遠遠超出了我們的預期，而且區域也更多，我們最終不得不完成更多的區域，或者說，我有機會完成更多的區域，而且完成更多收益所需的時間比完成較少收益所需的時間要長。

And so the timing of that Mormont number four well drifted into the first quarter of this year.

因此，莫爾蒙第四號的發佈時間已經推遲到了今年第一季。

So I'll give you a lot of detail.

因此我會向你提供很多細節。

I'll step-back and sort of characterize.

我將退後一步並進行某種描述。

We don't expect storm downtime in the Gulf to repeat.

我們預計墨西哥灣地區的風暴停擺不會再發生。

The timing of well delivery again should be significantly resolved as we progress through the first and second quarters of 2025 and then we continue to deliver our production.

隨著我們進入 2025 年第一季和第二季並繼續生產，油井交付的時間問題應該會再次顯著解決。

I'll frame a little bit around production growth.

我將稍微討論一下產量成長。

Obviously, the guide for the first quarter is relatively low.

顯然，第一季的指引相對較低。

We highlighted why and if you think about the cadence for the rest of the year, the delivery of our new onshore wells is very heavy in the second and third quarters.

我們強調了原因，如果你考慮今年剩餘時間的節奏，你會發現第二季和第三季我們新的陸上油井的交付非常繁重。

So we'll see our production growth to be significantly over 180,000 barrels a day in the last three quarters of the year.

因此，今年最後三個季度的產量增幅將大幅超過 18 萬桶/日。

That was really helpful color.

那顏色確實很有幫助。

And then I want to stick on the Eagle Ford here, which is as we look at your '25 CapEx guide for onshore, big driver of the growth does seem like it is in the Eagle Ford.

然後我想繼續討論 Eagle Ford，當我們查看您的 25 年陸上資本支出指南時，成長的最大驅動力似乎確實在 Eagle Ford。

So can you talk about how do you define success this year?

那麼您能談談您如何定義今年的成功嗎？

What are you looking to accomplish and that revised completion design.

您希望實現什麼目標以及修改後的完成設計是什麼。

It sounds like it was something that you worked through and shouldn't affect your well performance here in '25.

聽起來你已經解決了這個問題，並且不會影響你在 25 年的良好表現。

Yes, that's a great question.

是的，這是一個很好的問題。

Let me give you some context around that.

讓我來跟你介紹一下相關背景。

In the Eagle Ford business, we've highlighted in the past that we sort of shifted our program to be a more steady well delivery.

在 Eagle Ford 業務中，我們過去曾強調過，我們已經改變了我們的計劃，以實現更穩定的油井交付。

So instead of running a very concentrated 2-rig program early in the year, last year, we ran a rig all year long, and it allowed us to set up for earlier in '25 completions than prior years.

因此，去年我們並沒有在年初運行非常集中的兩台鑽機計劃，而是全年運行一台鑽機，這使我們能夠比前幾年更早地為 25 年的完井做好準備。

We intend to kind of keep that steady operation going.

我們打算維持這種穩定的運作。

The impact of that is about a 3,000 or 10% increase, 2,000 barrels a day or 10% increase in production year-over-year.

其影響是產量與去年同期相比增加約 3,000 桶或 10%，即每天增加 2,000 桶或 10%。

So we're pleased with how we're on track to deliver that. we're allocating a little bit more capital because we had that program and we're going to continue drilling towards the end of the year.

我們很高興能夠實現這一目標。由於我們有該計劃，因此我們將分配更多資金，並且我們將在年底前繼續鑽探。

So if you look at well cadence, 2024, we had 20 operated wells, 2025, we have 35 operating wells for only about $65 million more capital.

因此，如果你看一下油井節奏，2024 年，我們將有 20 口營運油井，2025 年，我們將有 35 口營運油井，但資本僅增加了約 6,500 萬美元。

So significantly better-looking program for us.

因此對我們來說這是一個非常好看的程式。

We have a fairly significant Karnes component to our '25 program, which is different than last year, which was fairly unique.

我們的'25計劃中有一個相當重要的Karnes組成部分，這與去年不同，相當獨特。

In terms of how we're trying to execute, we're always trying to improve our operations.

就我們的執行方式而言，我們一直在努力改善我們的營運。

Over the last few years, we've been very successful in both our onshore Canada and our Eagle Ford business in trialing and deploying new completion styles, new adjustments, new operational things.

在過去幾年裡，我們在加拿大陸上和 Eagle Ford 業務中試驗和部署了新的完井方式、新的調整和新的營運方式，並取得了巨大成功。

And we've done really well with improving our operations, not just through supply cost matters, but also through operational improvements.

我們在改善營運方面做得非常好，不僅是透過解決供應成本問題，而且還透過營運改善。

One of the things that the team worked on, which I think is really significant over the past year, which we're disclosing on our call here is we've also reworked our future development program, so we can take advantage of those operational improvements, but also design a full field development that's more efficient.

我認為團隊在過去一年中開展的工作非常重要，我們在電話會議上披露，我們也重新制定了未來的發展計劃，以便我們可以利用這些營運改進，同時設計出更有效的全方位油田開發計劃。

Specifically in our Eagle Ford, we have a future plan of development that has 10% less wells but those 10% fewer wells are completing 9% more rock.

具體來說，在 Eagle Ford，我們有一個未來開發計劃，其中井數將減少 10%，但這 10% 的減少將帶來 9% 的岩石完井量。

And so they're significantly more efficient from a capital leads to approximately 6% lower capital to develop the remaining resource.

因此，它們的資本效率顯著提高，從而可以減少約 6% 的資本來開發剩餘資源。

And we have a similar type of improvements in our other onshore assets.

我們的其他陸上資產也得到了類似的改進。

So we're really excited about how we can continue along with our peers to try to strive for better and better performance from our shale business.

因此，我們非常高興能夠繼續與同行一起努力，使我們的頁岩業務取得越來越好的業績。

Neal Dingmann from Truist Securities.

Truist Securities 的 Neal Dingmann。

Good morning, all.

大家早安。

My first question is on the Gulf of Mexico, Eric.

我的第一個問題是關於墨西哥灣的，艾瑞克。

Maybe specifically, could you speak to how you all have risked and maybe how active of workover program will be needed in the play and maybe along with that, how active a development program will be needed in order to keep production relatively flat as I don't know, I think you were indicating it sounds like workover activity will remain relatively high.

也許具體一點，您能否談談你們承擔的風險以及可能在劇中需要多積極的修井計劃，也許與此同時，需要多積極的開發計劃才能保持產量相對平穩，因為我不知道，我認為您的意思是修井活動聽起來會保持相對較高。

So I'm just kind of trying to get a sense of how we should think about workover maybe even development activity?

所以我只是想了解我們應該如何看待修井甚至開發活動？

Okay.

好的。

Yes, thanks, Neil.

是的，謝謝，尼爾。

I'll start with that and I may have Chris help me out with some of the details.

我將從那開始，然後我可能會讓克里斯幫我處理一些細節。

We have a fairly active first two quarters of workover activity.

我們的前兩個季度的修井活動相當活躍。

The Samurai 3 workover, which we expected initially to complete last quarter has drifted in to be completed in the first quarter.

我們最初預計上個季度完成的 Samurai 3 修井工程將推遲到第一季完成。

We have planned a Marmalard workover in a Delta house facility to drill a sidetrack and new completion of a well that's been offline for about a year.

我們計劃在 Delta 的室內設施內進行 Marmalard 修井，對一口已下線約一年的井進行側鑽和新完井。

And we have, as I just mentioned in the Khaleesi field, a safety valve issue with one well that will fix in the second quarter and that's really the bulk of our activity from a workover perspective.

正如我剛才提到的，在 Khaleesi 油田，我們有一口井的安全閥出現問題，將在第二季度修復，從修井角度來看，這實際上是我們工作的主要內容。

We highlighted in the past year that we've had an abnormally large amount of offshore workovers affecting significant wells, which has hurt our business.

我們在過去一年中強調，大量的海上修井作業影響了重要油井，這對我們的業務造成了損害。

And the way we think about it, we're near the end of that program and should expect it to be resolved by the end of the second quarter.

我們認為，該計劃已接近尾聲，預計第二季末將解決該問題。

Maybe Chris can provide just a few details on sort of the rates of those wells to help you think about the walkup of restoring the production from those.

也許克里斯可以提供一些關於這些油井的產量細節，以幫助您思考如何恢復產量。

Right.

正確的。

Right.

正確的。

Thanks, Eric.

謝謝，埃里克。

The -- for the Samurai well, first-off, we had some rig equip -- equipment issues that pushed us in Q4 into Q1.

對於武士來說，首先，我們遇到了一些鑽機裝備問題，導致我們在第四季度陷入了困境，並拖延至第一季。

That's all behind us.

這些都已成為過去。

We've got that fixed and moving forward.

我們已經解決了這個問題並且正在繼續前進。

So we're looking at Q1 online data as we mentioned with about 4,000 to 5,000 net barrels of BOE per day for us.

因此，正如我們所提到的，我們正在查看第一季的線上數據，其中我們的每日淨產量約為 4,000 至 5,000 桶石油當量。

And then we have the Marmalard 3 and the Khaleesi 2 that we've mentioned.

然後我們有了之前提到的 Marmalard 3 和 Khaleesi 2。

Marmalard 3 should be about 1,600 BOE nets in Q2 and Khaleesi 2 should be somewhere around 3,500 BOE net.

Marmalard 3 在第二季的淨產量應約為 1,600 桶油當量，而 Khaleesi 2 的淨產量應約為 3,500 桶油當量。

So one thing to note, it's been a frustrating run of bad luck, but there's nothing that connects to all these, all these issues.

因此需要注意的一點是，這是一連串令人沮喪的壞運氣，但與所有這些、所有這些問題都沒有任何關聯。

They're all kind of unique in their own way.

它們都有自己獨特的風格。

So it doesn't concern us long-term.

所以長遠來看這與我們無關。

And so it's -- at least here.

至少在這裡是這樣。

It doesn't bother us.

這不會困擾我們。

So -- and also we have nothing -- once we finish the Khaleesi 2 well, we're actually have no more planned for the second half of the year.

所以——而且我們也沒有其他計劃——一旦我們順利完成《卡麗熙 2》，我們實際上就不會再為下半年​​制定任何計劃了。

So we'll have those behind us come mid-year.

因此，我們將在年中完成這些工作。

Hopefully, that helps.

希望這能有所幫助。

That -- it does answers that.

那 — — 它確實回答了這個問題。

And then you touched on it sort of my second question is just on Vietnam.

然後你提到了這一點，我的第二個問題是關於越南的。

I just want to make sure I'm clear.

我只是想確保我說清楚了。

Can you give a sense of timing and the magnitude of capital spend around just want to make sure you've talked a bit about the development activity that's going to be coming there as well as the exploration.

您能否介紹一下時間和資本支出的規模，只是想確保您已經談論了一些即將進行的開發活動以及勘探活動。

And I'm just wondering, again, make sure I have a sense of or unclear with the timing and maybe magnitude of the -- of the spend?

我只是想知道，我是否清楚或不清楚這筆支出的時間表和規模？

Okay.

好的。

So for the Lac Da Vang development project, we're allocating $110 million of net capital execute that this year.

因此，對於 Lac Da Vang 開發項目，我們今年將分配 1.1 億美元的淨資本來執行。

We'll have more capital to get to first oil in 2026.

我們將擁有更多的資本來在 2026 年獲得第一批石油。

I believe 2026 capital is a little bit lower than 2025.

我相信 2026 年的資本會比 2025 年略低。

If you look at the exploration and appraisal activities, we have a $10 million net cost for the Lac Da Vang well, which we will execute in the first quarter.

如果你看一下勘探和評估活動，我們會發現 Lac Da Vang 油井的淨成本為 1000 萬美元，我們將在第一季執行。

And the appraisal well, we have a bit of work to do to define exactly what the cost of that will be, but I would ballpark it in the $20 million net cost range, something in that order.

並且對於評估，我們還需要做一些工作來確定其確切成本，但我會將其估算在 2000 萬美元的淨成本範圍內，大致如此。

Paul Cheng from Scotiabank.

來自豐業銀行的 Paul Cheng。

.

。

Eric, can you share with us that what is the workover expense going to look like in the first quarter and second quarter?

Eric，您能否與我們分享第一季與第二季的修井費用狀況？

And what it was in the fourth quarter.

以及第四季的情況。

Paul, that's a really good question.

保羅，這是一個非常好的問題。

And I don't know if I have that number handily in front of me.

我不知道我是否手邊就有這個號碼。

Do we have it?

我們有嗎？

I don't -- no.

我不無。

I can talk to you a little bit about operating expenses and the impact they have on that pretty handily, but exact dollars.

我可以和你稍微談一下營運費用以及它們對美元的影響，但具體金額是多少。

Give me a second, if you don't mind.

如果你不介意的話，請稍等片刻。

Sure.

當然。

Look, Paul instead to give you the exact dollars, let me frame in the context of operating expenses.

聽著，保羅，為了給你準確的金額，讓我在營運費用的背景下進行闡述。

So I expect the first quarter operating expenses for our company to be fairly elevated, maybe in the $15 to $16 per barrel range.

因此我預計我們公司第一季的營運費用將會相當高，可能在每桶 15 至 16 美元之間。

Because we wrap up a lot of that work in the second quarter, then we have -- we should expect operating expenses to be more normal for us probably in the $10 to $12 per barrel range.

因為我們在第二季完成了很多工作，所以我們預計營運費用將會更加正常，大概在每桶 10 至 12 美元的範圍內。

And how in the second quarter?

第二季的情況如何？

Again, the second through fourth quarter should be sort of in the $10 to $12 a barrel range.

同樣，第二季到第四季的價格應該會在每桶 10 到 12 美元的範圍內。

So even in the second quarter, because I thought you still have workover spill into the second quarter?

那麼即使在第二季度，因為我認為您仍然會在第二季度出現修井作業溢出？

We do, Paul, but we also have a significant increase in production across the company.

保羅，我們確實如此，但整個公司的產量也顯著增加了。

And so that's why you see that dollar per barrel operating expense come down to kind of a typical run rate for us in the $10 to $12 barrel range.

這就是為什麼你會看到每桶石油的營運費用下降到我們典型的每桶 10 到 12 美元的範圍內。

Okay.

好的。

In your presentation, you're saying that $1.1 billion to $1.3 billion annual CapEx that gives you the low-single digit.

在您的簡報中，您說每年 11 億到 13 億美元的資本支出會為您帶來低個位數的收益。

And if we do the math based on this year number, you don't really get to the 210, 220, which I think the company seriously has been targeting saying that by 2027, '26, '27, you get today.

如果我們根據今年的數字進行計算，你實際上並沒有達到 210、220 的目標，我認為公司認真設定的目標是到 2027 年、2026 年、2027 年，你就能達到這個目標。

So we -- those target is now off or that we misunderstand the communication here?

所以我們——這些目標現在已經偏離了，或者我們誤解了這裡的溝通？

No.

不。

So what are we trying to do with our longer-range view is sort of guide that we are allocating a certain amount of capital, and that represents a certain reinvestment rate.

因此，從長遠角度來看，我們試圖做的是，分配一定數量的資本，這代表著一定的再投資率。

When we do that in our plan in the '26 through 2030 timeframe, we do get to a production level in excess of 200,000 barrels a day and oil weighted.

當我們在 2026 年至 2030 年的時間範圍內按照我們的計劃做到這一點時，我們的石油加權產量確實達到了超過 200,000 桶/天的水平。

And we do have some years that are maybe slightly higher than really low single digit, a little higher growth numbers.

有些年份，我們的成長率可能略高於個位數，略高一些。

But the plan that we have previously communicated that has us getting into the 200,000 barrel a day range and higher is consistent with our current view.

但我們之前傳達的計劃是將產量達到每天 20 萬桶甚至更高，這與我們目前的觀點一致。

It's the same as what we're communicating in the past couple of years.

這和我們過去幾年所傳達的是一樣的。

And so maybe that you can help us where is that growth going to come from?

所以也許您可以幫助我們，這種成長將從何而來？

I mean, in the offshore business that I think you are probably targeting, excluding Vietnam.

我的意思是，我認為你可能瞄準的是離岸業務，但越南除外。

You are targeting about flat.

您的目標是平坦。

And Vietnam is adding about 10 to 15, but it's probably not going to come onstream and ramp up to full until 2029.

越南將新增約 10 至 15 個產能，但可能要到 2029 年才能投產並達到滿載水準。

And Eagle Ford doesn't seem like you're increasing the production and Duvernay, doesn't look like you in increasing the production.

而 Eagle Ford 似乎並沒有增加產量，而 Duvernay 似乎也沒有增加產量。

So how we get to from 180 million up to, say, the 210 and 220?

那麼，我們要如何從 1.8 億增加到 2.1 億和 2.2 億呢？

Okay.

好的。

Yes.

是的。

So in 2026, we'll bring online a high rate well in our Samurai field and early in the year, and we're planning an activity at a very high rate, high ownership field in the Gulf of Mexico, which we'll disclose later that helps us significantly increase our Gulf of Mexico production.

因此，在 2026 年，我們將在 Samurai 油田投產一口高產井，並在年初，我們計劃在墨西哥灣以非常高的產油率、高所有權的油田開展活動，我們稍後將披露，這將幫助我們大幅提高墨西哥灣的產量。

And then along with that, we have an execution through the end of this decade of our long list of Gulf of Mexico development projects that we were steadily executing within that capital allocation of $1.1 billion to $1.3 billion.

同時，到本世紀末，我們將實施一系列墨西哥灣開發項目，並在 11 億至 13 億美元的資本配置範圍內穩步執行。

And then Lac Da Vang production begins late in '26.

然後，Lac Da Vang 的建設於 1926 年底開始。

And as we head through '27 and '28 ramps up to plateau, which we maintained through 2029 with ongoing development.

隨著我們度過 27 年和 28 年，我們將進入平台期，並透過持續發展保持這一平台期到 2029 年。

So if you look at significant high rate wells with high ownership in our Gulf of Mexico business, our long list of projects that are high return, Gulf of Mexico subsea tieback type of work and our Lac Da Vang development, we get to be over 200,000 barrels a day in the last handful of years of the decade.

因此，如果您看看我們墨西哥灣業務中擁有大量所有權的高產量油井、我們的一長串高回報項目、墨西哥灣海底回接類型的工作以及我們的 Lac Da Vang 開發項目，我們在過去十年的最後幾年裡每天的產量超過 200,000 桶。

Leo Mariani from ROTH Capital.

來自 ROTH Capital 的 Leo Mariani。

I wanted to touch base a little bit on your offshore Canadian production.

我想要稍微介紹一下你們在加拿大的海上生產情況。

Looking at your guidance for first quarter in 2025, your offshore oil steps up a decent amount.

從您對 2025 年第一季的預期來看，您的海上石油產量將大幅增加。

Can you just kind of speak to that?

能簡單談一下這個嗎？

I mean, obviously, I think the Terra Nova fields had significant downtime a while?

我的意思是，顯然，我認為 Terra Nova 油田有一段時間出現過嚴重停工？

Have there been some operational changes made where you guys are expecting that to kind of have a better run time going forward?

你們是否已經做出了一些營運上的改變，以便在未來獲得更好的運行時間？

Maybe you can just describe that a little bit.

也許您可以稍微描述一下。

Thanks, Leo.

謝謝，Leo。

I'm very happy to say that Suncor has made significant improvement in the operation of Terra Nova as they exited last year.

我很高興地說，Suncor 在去年退出 Terra Nova 時，在營運方面取得了顯著的進步。

They worked with a lot more internal resource and some third parties to enhance their operational reliability and they're doing quite well right now.

他們利用更多的內部資源和一些第三方來提高營運的可靠性，目前他們的表現相當不錯。

And so for the first quarter of 2025, we're expecting that trend to continue, and that's helping us have more confidence in Canadian total production offshore and also Terra Nova.

因此，對於 2025 年第一季度，我們預計這一趨勢將持續下去，這有助於我們對加拿大海上總產量以及 Terra Nova 更有信心。

So pretty pleased with the turn they've made toward the latter part of last year with their operational reliability.

所以，我對他們在去年下半年在營運可靠性方面取得的進展感到非常滿意。

Okay.

好的。

And then just jumping over to the Eagle Ford here.

然後就跳到這裡 Eagle Ford。

So you guys described kind of a completion design sort of SNAFU on 4 wells that cost you around 1,900 BOE per day.

所以你們描述了 4 口井的完井設計，這種設計有點混亂，每天的成本約為 1,900 桶油當量。

I mean that 1,900 seems pretty significant for a change in a completion design.

我的意思是，對於完井設計的改變來說，1,900 似乎相當重要。

I mean, were those wells just incredibly poor performers at the end of the day where maybe the rates were kind of a fraction of whatever your standard completion design is -- just seem to have -- a little unusual at this point in the shale kind of evolution to sort of hear that?

我的意思是，這些油井的表現是否最終都非常糟糕，可能產量只是標準完井設計的一小部分——似乎——在頁岩氣發展的這個階段，聽到這種說法有點不尋常？

And then, I guess, just also I just want to confirm, I think you guys sort of alluded to this, but you're obviously seeing Eagle Ford growth here in 2025.

然後，我想，我也只是想確認一下，我想你們似乎提到了這一點，但你們顯然看到了 2025 年 Eagle Ford 的成長。

That 33,000 barrels a day.

每天 33,000 桶。

And just to be clear on that, is that kind of more just somewhat of an anomaly on the growth this year and that's more like the type of number we could see in the out years as we get into '26, '27?

需要明確的是，這是否只是今年成長的異常現象，而更像是我們在 26、27 年可能看到的數字類型？

Okay.

好的。

Great questions.

很好的問題。

Unfortunately, that 4-well pad that we tried a new completion style, it significantly underperformed.

不幸的是，我們嘗試了新的完井方式的 4 井平台表現明顯不佳。

The exact underperformance is material.

確切的表現不佳是實質的。

I mean it's something like 50% to 60% of the rate we expected from the wells, which is unfortunate.

我的意思是，這個產量大約是我們預期油井產量的 50% 到 60%，這很​​不幸。

We'll learn from it.

我們將從中吸取教訓。

We'll continue to try and improve.

我們將繼續努力並不斷改進。

It is isolated to something we tried on one 4-well pad.

它與我們在一個 4 孔墊上嘗試過的東西是隔離的。

So it's not something that we're overly concerned about, but it is it is a disappointing impact to our fourth quarter.

因此，這並不是我們過度擔心的事情，但它對我們的第四季產生了令人失望的影響。

Because we're planning to run a steadier program in Eagle Ford over the next few years, you could expect to see our production probably in the higher end of our 30,000 to 35,000 barrel a day range.

由於我們計劃在未來幾年內在 Eagle Ford 運行一個更穩定的項目，您可以預期我們的產量可能會達到每天 30,000 到 35,000 桶的較高水平。

If you go back and look at 2024 was around 30%, but the few years before that were in the 33% to 35% range.

如果回顧一下，2024 年的比例約為 30%，但之前幾年的比例在 33% 到 35% 之間。

So we are heading more back to a little bit higher in the range we've been guiding.

因此，我們正回到我們一直指導的略高一點的範圍內。

Charles Meade from Johnson Rice.

約翰遜賴斯公司的查爾斯·米德。

You guys have to have touched a lot of this Gulf of Mexico stuff.

你們肯定接觸過很多關於墨西哥灣的事情。

And I think Chris offered kind of a summary on this, but I just want to go back and make sure I'm understanding and kind of synthesizing it right.

我認為克里斯對此做出了總結，但我只是想回頭確保我理解並正確地綜合了它。

So it looks like a lot of the CapEx surprise, the higher capital spending in 1Q is Gulf of Mexico, but even kind of one step more than that, it really looks associated with the King's Quay field there.

因此，許多資本支出看起來都令人意外，第一季資本支出較高的是墨西哥灣，但甚至更進一步，它看起來確實與那裡的 King's Quay 油田有關。

And I'm wondering if -- I think you guys have made the case that it's going to be transient.

我想知道——我認為你們已經證實這只是暫時的。

But you look at things in this case, it seems like a positive with Mormont that you found another pay there.

但從這個案例來看，你在那裡找到了另一份報酬，這對莫爾蒙來說似乎是一件好事。

And so I'm curious, is your view of that set of field changing?

所以我很好奇，您對該領域的看法是否改變了？

Or are we on some kind of sort of different CapEx but also volume trajectory there?

還是我們處於某種不同的資本支出和產量軌跡？

Or is this -- just kind of elaborate if that's the right understanding or what's changed for the Gulf of Mexico in that set of field specifically?

或者這是 — — 只是詳細說明這是否是正確的理解或者墨西哥灣在該領域具體發生了哪些變化？

Thanks, Charles.

謝謝，查爾斯。

We are overall very happy with the performance of King's Quay.

總體而言，我們對 King's Quay 的表現非常滿意。

We have continued to find more and more pay to develop.

我們不斷發現更多有待發展的回報。

We -- as a course of that, we've developed more wells, including the Mormont 4.

在此過程中，我們開發了更多油井，包括 Mormont 4 油井。

The Khaleesi and Mormont fields in particular, have done tremendously well.

尤其是卡麗熙和莫爾蒙兩個領域的表現尤其出色。

We are completing now ocean bottom node seismic survey over the Khaleesi, Mormont, Samurai field and surrounding area, which we think will help us identify even further future development opportunities there, infill drilling zones that are not obviously imaged with our current seismic that we can develop.

我們目前正在完成對 Khaleesi、Mormont、Samurai 油田及其周邊地區的海底節點地震勘測，我們認為這將有助於我們在那裡發現未來的進一步發展機會，以及我們可以開發的、在目前的地震成像中沒有明顯顯示的鑽井區。

Very happy with those.

對這些我非常滿意。

Khaleesi well with what looks like a safety valve problem is a very temporary thing.

卡麗熙井似乎出現了安全閥問題，但這只是暫時現象。

We'll fix that and we'll get it back online in the second quarter.

我們會修復這個問題，並在第二季恢復正常。

These are very high rate, high-performing wells.

這些都是產量非常高、性能卓越的油井。

We have high ownership.

我們擁有很高的主人翁精神。

And when they're offline for a period, it is unfortunately fairly painful.

而當他們離線一段時間時，不幸的是這相當痛苦。

In the Samurai field, we've highlighted in the past that one of the wells we had previously been producing from 2 zones, we shifted to produce from one zone at a time.

在武士油田，我們過去曾強調過，我們之前從兩個區域生產的其中一口井，現在改為一次從一個區域生產。

All of the resource that we expected originally is there.

我們原本期待的所有資源都在那裡。

We'll get it.

我們會得到它。

We'll just get it a little bit lower rate because we'll produce one zone and then the other.

我們只會以稍微低一點的速度生產，因為我們會先生產一個區域，然後再生產另一個區域。

And as we talked about this morning, the Samurai 3 is quite a high rate well that's offline for a suspected tubing leak and we're working through that and should have the well online in the first quarter.

正如我們今天早上所討論的，Samurai 3 是一口產量相當高的油井，由於懷疑存在油管洩漏而處於離線狀態，我們正在努力解決這個問題，應該會在第一季度讓油井恢復在線。

And then we're adding a Samurai well that will come online early in 2026.

然後，我們將添加一口武士井，將於 2026 年初投產。

And so Samurai, while in '25 has some issues, by '26, which should be back in line with kind of our expectations for the field.

因此，雖然 Samurai 在 25 年遇到了一些問題，但到 26 年應該會恢復到我們對該領域的預期。

And just kind of emphasize the reservoirs are performing as expected.

這只是強調水庫的運作符合預期。

Mechanical issues have impacted our rate at times, and we've also had extremely high rates in the past with really significant outperformance.

機械問題有時會影響我們的費率，過去我們的費率也非常高，業績表現非常出色。

Got it.

知道了。

And then if I could go to Vietnam, I was wondering if you guys could just kind of give us the narrative of that flow test you had.

如果我可以去越南，我想知道你們是否可以跟我們講一下你們進行的流量測試。

And I imagine that once you hit the facility constrained rate of 10,000 barrels a day, which is great.

我想，一旦達到該設施每天 10,000 桶的限制產量，那就太好了。

Your attention starts to go to some other metrics, whether it be pressures or flowing pressures or pressure transient.

您的注意力開始轉向其他指標，無論是壓力、流動壓力或壓力瞬變。

And so I wonder if you could just -- given the narrative of that flow rate or rather that flow test and your reaction to it and how that's informing your decision with the appraisal well, how far to step out and go down depth.

所以我想知道您是否可以——給出該流量或流量測試的敘述以及您對它的反應，以及它如何為您在評估井上的決策提供信息，確定要走多遠並深入多深。

Great question.

好問題。

So we are really excited about the result.

所以我們對結果感到非常興奮。

When you have a well at 13,000 feet that can flow 10,000 barrels a day in shallow water, that's a really strong -- it's really indicative of a high-quality reservoir.

如果一口井位於 13,000 英尺深處，並且在淺水中每天可以流出 10,000 桶石油，那麼這確實是一個高品質的油藏的有力證明。

We're excited about it. the well potential is a little bit higher than that, obviously.

我們對此感到很興奮。顯然，井潛力要比這稍微高一點。

We are continuing to evaluate all of the well test that we did there and understand the implications of it.

我們正在繼續評估在那裡進行的所有井測試並了解其影響。

What I can say preliminarily is everything from the test is positive, and we have more work to do to figure out what the total resource is.

我可以初步說的是，測試的所有結果都是正面的，我們還需要做更多的工作來確定總資源量是多少。

And that's why we plan an appraisal well for the third quarter of 2025.

這就是我們計劃在 2025 年第三季進行評估的原因。

And your next question comes from the line of Carlos Escalante from Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Carlos Escalante。

I guess I'd like to shift gears real quick to your Canada asset.

我想很快轉到您的加拿大資產。

You mentioned during your opening remarks that Satter LNG has made some recent progress on securing prefinancing and whatnot.

您在開幕詞中提到，Satter LNG 在獲得預融資等方面取得了一些進展。

And we know that LNG Canada 1 is due to start up soon and Phase 2 is a possibility in the near-term future.

我們知道，LNG Canada 1 號計畫即將啟動，而 2 號計畫也有可能在不久的將來啟動。

Now that as well with the U.S. context in which we've had a very cold winter so far in which we hit actually 9 Bcf per day of Canada imports to the U.S. I wonder if your strategy changes at all with your Montney asset and then how you see it moving forward.

現在，考慮到美國的情況，到目前為止，我們經歷了一個非常寒冷的冬天，實際上每天從加拿大向美國進口的天然氣達到 90 億立方英尺。

Thanks, Carlos.

謝謝，卡洛斯。

So one of the things I think is important to understand about our Tupper Montney asset is with our well delivery program in 2024, we reached the plant capacity that we have and a plant capacity expansion project is a multiyear thing probably on the order of 3 years.

因此，我認為了解我們的 Tupper Montney 資產的重要一點是，透過 2024 年的井交付計劃，我們達到了現有的工廠產能，而工廠產能擴建項目是一項多年的工作，大概需要 3 年時間。

We do have and are considering and evaluating currently the possibility of putting more capital to work to have deliverability of wells in excess of plant capacity that would allow us to have a higher total throughput for the year because as our plan is now with our 10-well program, we'll return to plant capacity, but then in parts of the year, with production decline, we dripped below capacity.

我們確實已經並且正在考慮和評估投入更多資本的可能性，以使油井的產能超過工廠的產能，這將使我們全年的總產量更高，因為按照我們現在的計劃，我們將恢復到工廠的產能，但在一年中的部分時間，隨著產量下降，我們的產量會低於產能。

So near term, something we're thinking about and evaluating.

所以短期內，我們正在思考和評估一些事情。

We would need to see a durable commodity price signal there that would cause us to push capital allocation to be able to accomplish that, something we're thinking about and evaluating.

我們需要看到持久的商品價格訊號，這將促使我們推動資本配置以實現這一目標，這是我們正在思考和評估的事情。

I'm not there yet, but it is something that's on our horizon.

我還沒有到達那一步，但這是我們即將實現的目標。

Any more significant expansion would be, again, a multiyear project from permitting, engineering, construction, commissioning, all that.

任何更重要的擴建都將是一個從許可、工程、建設、調試等各個方面的多年項目。

Got you.

明白了。

I appreciate the color there.

我很欣賞那裡的色彩。

Now going back to Vietnam and not to beat the dead horse, but on the latest HSV story.

現在回到越南，我們不再談論舊問題，而是討論最新的 HSV 故事。

So it is my understanding that one of the reservoirs that you hit is -- one of the sandstones the you hit is a fluvial kind of geological characteristics.

所以，我的理解是，您遇到的其中一個儲層是——您遇到的其中一個砂岩具有河流類型的地質特徵。

And that, to me, at least, it means that there may be a chance or a high probability that you may hit good quantities of oil, but that they may not necessarily be interconnected.

對我來說，至少這意味著可能有機會或有很大機率會發現大量石油，但它們不一定相互連通。

The concern, obviously, would be that you need to have a given amount of wells that would probably be higher than you need if the reservoir was more connected or the reservoirs rather will be more connected to each other.

顯然，令人擔心的是，如果油藏連通性更強或油藏彼此連通性更強，那麼您需要的井數量可能會高於您的需要。

So all that to say and ask, how do you think about the development of the HSV reservoir if you do find that they're not necessarily connected in the way that maybe or perhaps your LDV would be under the fracture granite reservoirs that you have?

所以，總之，要說的是，問的是，如果您發現它們不一定以某種方式相連，或者您的 LDV 可能位於您所擁有的裂縫花崗岩儲層之下，那麼您如何看待 HSV 儲層的開發？

Okay.

好的。

That's a great question.

這是一個很好的問題。

The Hai Su Vang well found pay in 2 zones, most of the pay was in one deeper zone, which is the zone we flow tested.

Hai Su Vang 井在 2 個區域發現了產油層，其中大部分產油層位於較深的區域，也就是我們進行流量測試的區域。

That zone is expected to be laterally very extensive, and that's what we're testing with our appraisal well.

預計該區域的橫向範圍將非常廣泛，這就是我們正在使用評估井進行測試的內容。

The other zone that we found nice-looking high-quality net pay-in is expected to be less laterally extensive and would be in volumes on top of the range we've already communicated.

我們發現的另一個區域看起來品質很高，預計其橫向延伸程度會較小，而且其產量將超過我們已經傳達的範圍。

So we have work to do to appraise and assess those over time, those fields, those reservoirs likely all get developed.

因此，我們需要對隨著時間的推移這些油田、這些水庫可能開發的情況進行評估和評估。

But the core development would be the larger zone with more significant amount of pay we've demonstrated and have flow tested.

但核心開發將是更大的區域，具有我們已經展示並進行過流量測試的更多付費內容。

Geoff Jay, Daniel Energy Partners

傑夫·傑伊（Geoff Jay），丹尼爾能源合作夥伴

Just one quick one for me.

對我來說只需快速完成一件事。

Just -- can you provide any details on what did work with the new Eagle Ford completion design?

只是——您能否提供有關新 Eagle Ford 完井設計的具體細節？

And I guess, what's the path forward?

我想問，前進的路是什麼？

Is it just going back to the old design?

難道只是回到舊設計嗎？

Or did you learn some things that may lead you to a different conclusion.

或者你是否了解了一些可能使你得出不同結論的事情。

Jeff, I think I'm going to let Chris handle some of that detail.

傑夫，我想我會讓克里斯處理一些細節。

Okay.

好的。

Yes.

是的。

Thanks for the question.

謝謝你的提問。

We -- it really was just down to the sand intensity in the water as what we tinkered with.

我們 — — 這實際上只是取決於水中的沙子強度，就像我們所調整的那樣。

So those were the main components that got us, you can say we kind of found the point of diminishing returns, which for us, we've got a lot of running room in Catarina.

因此，這些就是讓我們成功的主要因素，你可以說我們找到了收益遞減點，對我們來說，在卡塔琳娜州我們還有很大的發展空間。

We got a lot of inventory.

我們有很多庫存。

So on the positive side, it helps us kind of moving forward to be more capital efficient in Catarina.

因此，從積極的一面來看，它有助於我們在卡塔琳娜州提高資本效率。

(Operator Instructions) Your next question comes from the line of Betty Jiang from Barclays.

(操作員指示) 您的下一個問題來自巴克萊銀行的 Betty Jiang。

So I want to ask about the offshore development opportunities that you guys have that slide, it's Slide 41.

所以我想問一下你們在投影片 41 上所擁有的離岸開發機會。

It seems like you guys have done a rework of the portfolio.

看起來你們已經重新製作了投資組合。

So would love to hear about what has changed, what got added, what got removed.

所以很想聽聽發生了什麼變化、增加了什麼、刪除了什麼。

Did notice that the resource number has gone up but the CapEx has also gone up from $380 million to $450 million.

確實注意到資源數量增加了，但資本支出也從 3.8 億美元增加到了 4.5 億美元。

So what's driving that?

那麼，是什麼原因導致的呢？

Is that cost inflation, project mix?

這是成本膨脹還是專案組合？

Anything along that, that will be helpful.

任何相關的事情都會有幫助。

Okay.

好的。

Thanks, Betty.

謝謝，貝蒂。

We have -- as we always continue to assess the remaining opportunities and our portfolio team works all year.

我們已經—因為我們始終在繼續評估剩餘的機會，而且我們的投資組合團隊全年都在工作。

The way that we typically release these slides is we will work at the end of the year, beginning of the year, and then we kind of lock them in for the year.

我們通常發布這些幻燈片的方式是在年底或年初，然後我們將這些幻燈片鎖定在全年。

So the -- we talk about them all year long, but they're really driven by our annual process of identifying all the opportunities in our assets and our long-range planning process.

所以——我們全年都在談論它們，但它們實際上是由我們每年識別資產中的所有機會的過程和我們的長期規劃過程所驅動的。

And so I would characterize it as probably slightly more opportunities that we've identified, but not dramatically different.

因此，我認為它可能比我們發現的機會稍微多一些，但不會有太大的不同。

With our long-range planning process that as we've highlighted in the past, we we have built into our plan that if we don't have offshore opportunities to fund, we pivot longer term to our onshore business.

正如我們過去所強調的那樣，透過我們的長期規劃流程，我們已經將以下計劃融入我們的計劃中：如果我們沒有海外融資機會，那麼從長遠來看，我們將轉向在岸業務。

So as we identify more offshore opportunities, we pivot our longer-term allocation of CapEx to the offshore opportunities and not to the onshore.

因此，當我們發現更多的海上機會時，我們會將資本支出的長期分配轉向海上機會而不是在岸機會。

So if you look at the total capital for the company, our -- the guide of how that is deployed over the long range is a similar number.

因此，如果你看一下公司的總資本，我們關於如何長期部署該資本的指南是一個類似的數字。

But as we've identified more opportunities offshore, we plan to put more capital to work there.

但隨著我們在海外發現了更多的機遇，我們計劃在那裡投入更多的資本。

And we have the optionality to not invest as much in the outer years onshore because those onshore opportunities will be there when we want them beyond the end of this decade and the offshore opportunities, most of them have a use it or lose it type of component to them where the infrastructure or other issues related to the development of them won't be waiting around for us in the later 2030s.

我們可以選擇不在遠期陸上投資太多，因為這些陸上機會在本世紀末之後只要我們需要，它們就會存在，而對於海上機會，它們中的大多數都有一個用過就會失去的類型，基礎設施或其他與它們開發有關的問題不會在 2030 年代後期等著我們。

Got it.

知道了。

So should I interpret this increase in the offshore CapEx, the longer-ranged offshore CapEx, a function of just more projects in the backlog and as the

那麼，我是否應該將海上資本支出的增加，即長期海上資本支出，解釋為積壓項目增多，以及

--

--

Exactly.

確切地。

Exactly.

確切地。

Okay.

好的。

Got it.

知道了。

Okay.

好的。

And then are those projects also seeing a higher breakeven price because the breakeven price has also moved up a bit?

那麼這些項目的損益平衡價格是否也更高了，因為損益平衡價格也略有上漲？

We've assessed the costs and the development of all of them and the economics from time to time move around.

我們評估了所有這些項目的成本和發展情況，並且經濟狀況會不時發生變化。

The costs are probably up a little bit.

成本可能會稍微上漲一點。

One thing I'll highlight in terms of cost structure, major components for our offshore, particularly our subsea type of work, which dominates this driven by rig rates, which have been pretty stable.

在成本結構方面，我要強調的一點是，我們海上作業的主要組成部分，特別是海底作業，這主要受到鑽井平台費率的推動，而鑽井平台費率一直相當穩定。

We have seen some cost escalation in subsea trees, subsea tieback installation type of work and we update our economics to reflect that and it probably pushed the breakevens up, I don't know, $2 a barrel.

我們看到海底採油樹、海底回接安裝等工作的成本有所上升，我們更新了我們的經濟數據來反映這一點，這可能會將盈虧平衡點推高，我不知道，每桶 2 美元。

Got it.

知道了。

No, that's really helpful.

不，這確實很有幫助。

Thank you.

謝謝。

My follow-up is on the HSV capital.

我的後續關注點是 HSV 資本。

And appreciate the color you -- the numbers, the bookend the $5 to $10 that you mentioned earlier this call.

感謝您提供的顏色 — — 這些數字，以及您在此次通話中之前提到的 5 到 10 美元的數字。

But would love your thoughts on how you think about your long-term corporate CapEx over time, that if this is a significant discovery, which it looks like it might be, we're looking at potentially this $1 billion-to-$1.5 billion type of capital just based on that range.

但是，我很想聽聽您對長期企業資本支出的看法，如果這是一個重大發現，而且看起來確實如此，那麼我們可能會根據這個範圍來考慮 10 億到 15 億美元的資本。

How do you see that getting folded into the corporate spending level?

您如何看待其被納入企業支出水準？

Do you see that as an incremental, but certainly will still get high-return on that project?

您是否認為這是一個漸進的，但肯定仍會從該專案中獲得高回報？

Or do you want to maintain the capital that's similar to current but back-out spending somewhere else?

或者您想保留與當前類似的資本但在其他地方進行支出？

Yes, it's a great question.

是的，這是一個很好的問題。

I think we're fortunate with the timing of our current Vietnam project and the typical timeframe it takes to develop something new that as about the time we're ramping down our spending at Lac Da Vang, we could continue on with development of Hai Su Vang.

我認為我們很幸運，我們目前的越南項目時機合適，並且開發新項目所需的時間也恰到好處，當我們減少在 Lac Da Vang 的支出時，我們可以繼續開發 Hai Su Vang。

And so if you just think about typical timeframe for appraisal and field development planning, field development plan approval and execution of something like Hai Su Vang, you're looking at a four-year to five-year type of timeframe.

因此，如果您只考慮評估和油田開發規劃、油田開發計劃批准以及 Hai Su Vang 等專案的執行的典型時間框架，您將看到四年到五年的時間框架。

And so about the same time, we'd be pulling down capital allocation to Lac Da Vang, we could be ramping-up in Hai Su Vang.

因此，大約在同一時間，我們將減少對 Lac Da Vang 的資本配置，並增加對 Hai Su Vang 的資本配置。

It's all manageable within our program.

這一切都在我們的程式內可管理。

And as I highlighted a few minutes ago, the -- we have an ability to flex our onshore spending at the later part of the decade.

正如我幾分鐘前強調的那樣，我們有能力在本世紀後期靈活調整我們的在岸支出。

In our long-range plan, we typically don't plan -- we don't include any exploration success.

在我們的長期計劃中，我們通常不計劃——我們不包括任何探索成功。

So when we have exploration success, it can take the place of the onshore ramp-up that we model long-range.

因此，當我們的勘探成功時，它可以取代我們長期模擬的陸上擴張。

We just delayed the ramp-up of our onshore business.

我們只是推遲了國內業務的成長。

So we're comfortable with the guide.

所以我們對於這個指南很滿意。

I will caveat that with if we made a major discovery in Côte d'Ivoire, it would be likely beyond the CapEx that we're showing in this guide.

我要提醒的是，如果我們在科特迪瓦有重大發現，那麼其費用可能會超出我們在本指南中顯示的資本支出。

Chris Baker from Evercore ISI.

Evercore ISI 的 Chris Baker。

Eric, I appreciate you facing a lot of these unexpected issues head on.

艾瑞克，我很感激你勇敢面對這些意想不到的問題。

I'm just curious, as you reflect on last year and put together this year's plan, is there -- should we think about any additional sort of conservatism baked in to the guide beyond the typical GOM weather items?

我只是好奇，當您回顧去年並製定今年的計劃時，除了典型的 GOM 天氣項目之外，我們是否應該考慮在指南中添加任何其他類型的保守主義？

I think that we're pretty happy with the way we typically guide weather.

我認為我們對通常的天氣預報方式非常滿意。

Obviously, we faced in the fourth quarter a later-than-normal storm impact.

顯然，我們在第四季面臨著比正常情況晚的風暴影響。

I would characterize that as quiet abnormal.

我認為這是非常不正常的。

We have, over the last several years, we've conducted multiple analyses of the impact that weather may have on us.

在過去幾年裡，我們對天氣可能對我們造成的影響進行了多次分析。

We feel that the methodology that we have for accounting for storm activity in the Gulf of Mexico represents sort of a typical year.

我們認為，我們用於解釋墨西哥灣風暴活動的方法代表了一個典型的年份。

We've had some years with no storm activity.

我們已經好幾年沒有遭遇過風暴活動了。

We've had some years with significant storm activity.

我們經歷過一些年嚴重的風暴活動。

And we typically, in our guide will use something that aims for the kind of mean expectation.

通常，在我們的指南中，我們會使用一些旨在實現平均期望的東西。

For this year, that's about 1,700 barrels annual average of the storm activities typically in the third and fourth quarter and about 80% of it we allocate to the third quarter and the rest of the fourth quarter.

就今年而言，風暴活動通常發生在第三季和第四季度，年平均排放量約為 1,700 桶，其中約 80% 分配給第三季和第四季的剩餘時間。

Unknown Analyst

未知分析師

And I guess -- sorry, just to put a finer point on it, given some of the more unexpected items, both weather side, just wondering if that impacts how you're thinking about getting the rest of the portfolio outside of GOM weather?

而且我想——抱歉，只是為了更準確地說，考慮到一些比較出乎意料的項目，包括天氣方面，我只是想知道這是否會影響您考慮如何在 GOM 天氣之外獲得其餘投資組合？

Yes.

是的。

So we did, as we've talked about previously and also this morning, had a significant amount of workover activity for mechanical issues with wells in the Gulf of Mexico.

正如我們之前和今天上午談到的，我們確實對墨西哥灣油井的機械問題進行了大量修井活動。

We've included what we know we need to do here in our '25 plans, and we talked about them now this morning.

我們已經把我們知道需要做的事情納入了我們的25年計劃中，我們今天早上就討論了這些事情。

It's not common to have this.

這種情況並不常見。

So we don't think it makes sense to forecast ongoing workover activity every year in our business because quite a few of these wells have been producing for years.

因此，我們認為每年預測我們業務中正在進行的修井活動是沒有意義的，因為其中相當一部分油井已經生產多年了。

Some of them decades without any issues.

有些甚至幾十年都沒有出現任何問題。

And so it's not something that we think is systemic or requires an allocation or an assumption of ongoing workover downtime or costs.

因此，我們認為這不是系統性的問題，也不是需要分配或假設持續的修井停工時間或成本的問題。

Great.

偉大的。

And then I appreciate you squeezing me in here.

我很感謝你擠出時間讓我來這裡。

Last year, obviously significantly exceeded the cash return minimum that you guys have set.

去年，顯然大大超出了你們設定的現金回饋最低限額。

Maybe just any color in terms of how to think about the potential to see you guys exceed again this year?

也許只是任何顏色，就如何看待你們今年再次超越的潛力而言？

And just sort of how to think about that, I guess, almost 80% cash return last year, how that was -- how you guys came to that being the right sort of cash return outcome for the year?

我想，您怎麼看待去年的現金回報率接近 80% 這一事實呢？

Yes, thanks.

是的，謝謝。

Let me just make a few comments, and then I'll have Tom jump in and provide a little more color.

請允許我發表幾點評論，然後我會讓湯姆加入並提供更多詳細資訊。

I think if you characterize what we've done with our business over the last few years, we're really happy with our performance.

我想，如果描述我們過去幾年的業務表現，我們對我們的表現感到非常滿意。

We reduced our long-term debt significantly from $3 billion under $1.3 billion.

我們將長期債務從 30 億美元大幅削減至 13 億美元以下。

We've materially increased our dividend to now up to $1.30 a share, really happy with how it's going.

我們已大幅提高股息至每股 1.30 美元，對於目前的狀況我們感到非常滿意。

And over the last couple of years have picked up the pace of our share repurchase program.

過去幾年來，我們加快了股票回購計畫的腳步。

And I think that's quite admirable.

我認為這是非常令人欽佩的。

And we've made a really great progress and happy with that.

我們取得了巨大的進步，並對此感到高興。

We're really happy to be in the Murphy 3.0, which gives us quite a bit of flexibility.

我們非常高興能夠加入 Murphy 3.0，它為我們提供了相當大的靈活性。

And I'll let Tom kind of talk through how we think about the impact of that and how we think about timing of that.

我會讓湯姆談談我們如何看待這件事的影響，以及我們如何看待這件事的時間。

I appreciate the question, Chris.

我很感謝你提出這個問題，克里斯。

Yes, last year, we leaned pretty heavily into share repurchase.

是的，去年我們非常依賴股票回購。

We thought it was the right thing to do under Murphy 3.0 given where our share price was trading at the time.

考慮到當時我們的股價情況，我們認為在 Murphy 3.0 下這是一件正確的事。

That's something we'll continue to watch this year as well.

今年我們也會繼續關注這一點。

We'll go in with the base minimum plan for share repurchase with our adjusted free cash flow, but maintain that flexibility throughout the year.

我們將採用調整後的自由現金流進行最低限度的股票回購計劃，但全年保持這種靈活性。

Making that call when we feel like there's a significant dislocation in our share price.

當我們感覺到股價出現重大波動時，就會做出這樣的決定。

Now keep in mind, our CapEx is a little bit more heavily loaded to the front half of the year.

請記住，我們的資本支出在上半年的負擔會更重一些。

So we take our targets as an annual basis rather than quarter-by-quarter.

因此，我們以年度為單位而非按季度設定目標。

So that may help you think through maybe the timing of when we might do something around our framework.

這可能有助於您思考我們何時可以圍繞我們的框架採取行動。

There are no further questions from our phone lines.

我們的電話線裡沒有其他問題。

I would now like to turn the call back over to Mr. Eric Hambly for any closing remarks.

現在我想將發言權交還給 Eric Hambly 先生，請他做最後發言。

Thank you for listening to our call today.

感謝您今天收聽我們的電話。

Should you have any additional questions, please follow-up with our outstanding IR team.

如果您還有其他問題，請聯絡我們優秀的 IR 團隊。

Have a good day, everyone.

祝大家有美好的一天。

Ladies and gentlemen, this concludes your conference call for today.

女士們、先生們，今天的電話會議到此結束。

We thank you for participating, and we ask that you disconnect your lines.

感謝您的參與，並請您斷開您的線路。