Murphy Oil Corp (MUR) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen. And welcome to the Murphy Oil Corporation first quarter 2025 earnings conference call and webcast. (Operator Instructions)

女士們、先生們，早安。歡迎參加墨菲石油公司 2025 年第一季財報電話會議及網路廣播。（操作員指示）

This call is being recorded on Thursday, May 8th of 2025. I'd now like to turn the conference over to Kelly Whitley, Vice President Investor Relations and Communications. Please go ahead.

該通話於 2025 年 5 月 8 日星期四錄製。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 (Kelly Whitley)。請繼續。

Thank you, operator. And good morning, everyone. And thank you for joining us on our first quarter earnings call today. With me are Eric Hambly, President and Chief Executive Officer; Tom Mireles, Executive Vice President and Chief Financial Officer; and Chris Larino, Senior Vice President, Operations.

謝謝您，接線生。大家早安。感謝您今天參加我們的第一季財報電話會議。與我一起的還有總裁兼執行長 Eric Hambly、執行副總裁兼財務長 Tom Mireles 和營運資深副總裁 Chris Larino。

Please refer to the informational slides we have 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 non-controlling interest in the Gulf of America.

在關注我們今天的網路廣播時，請參閱我們網站投資者關係部分中放置的資訊幻燈片。在今天的電話會議中，產量數字、儲量和財務金額都進行了調整，以排除美國灣的非控制權益。

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.

投影片 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會發生或預測會實現。存在多種因素，可能導致實際結果有所不同。

For further discussion of risk factors, see Murphy's 2024 annual report on Form 10-K on file with the SEC. Murphy takes no duty to publicly update or revise any forward-looking statements. I will now turn the call over to Eric Hambly. Eric?

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 2024 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。現在我將電話轉給 Eric Hambly。艾瑞克？

Thank you, Kelly. Good morning, everyone. And thank you for joining us on our call today. Looking back on the first quarter, I'd like to thank our employees for staying with it as we continue executing our plans. I believe we've turned a corner with our operations, and I'm pleased at our recent success.

謝謝你，凱利。大家早安。感謝您今天參加我們的電話會議。回顧第一季度，我要感謝我們的員工在我們繼續執行計劃時堅持不懈。我相信我們的營運已經走出了困境，我對我們最近的成功感到高興。

Turning to slide 3, Murphy remains focused on our operational excellence, multi-basin portfolio expansion, and capital returns to shareholders. Murphy drilled our longest laterals in company history in the Eagle Ford Shale and Tupper Montani as we advance our onshore program in the first quarter.

轉到投影片 3，墨菲仍然專注於我們的卓越營運、多盆地投資組合擴張以及股東資本回報。隨著我們第一季陸上計畫不斷推進，墨菲在 Eagle Ford Shale 和 Tupper Montani 鑽探了公司歷史上最長的水平井。

Keeping our team safe while we execute our operations is extremely important, and I'm excited that early in the second quarter we achieved 1 million work hours with no lost time injuries on the platform construction for our Lac Da Vang or Golden Camel field development project.

在我們執行作業時確保我們團隊的安全極為重要，我很高興在第二季度初，我們在 Lac Da Vang 或 Golden Camel 油田開發項目的平台建設中實現了 100 萬個工時，並且沒有發生任何工傷事故。

We also announced today further success in building our Vietnam business and expanding Murphy's multi-basin portfolio. During the first quarter, we drilled our second oil discovery in Vietnam at the Lac Da Hong-1X or Pink Camel exploration well, where we encountered 106 net feet of oil pay from one reservoir.

我們今天也宣佈在越南業務建設和墨菲多盆地產品組合拓展方面取得進一步成功。第一季度，我們在越南的 Lac Da Hong-1X 或 Pink Camel 勘探井發現了第二個石油，我們在一個油藏中發現了 106 淨英尺的油層。

The company also acquired the Pioneer floating production storage and offloading vessel in the Gulf of America for $104 million net purchase price. Murphy upholds our commitment of returning cash to our valuable shareholders, and in the first quarter, shareholder returns totaled $147 million through $100 million of share repurchases and $47 million of dividends.

該公司還以 1.04 億美元的淨購買價收購了美國灣的先鋒浮動生產儲卸船。墨菲堅持履行我們向寶貴股東返還現金的承諾，第一季度，透過 1 億美元的股票回購和 4,700 萬美元的股息，股東回報總額達到 1.47 億美元。

Murphy has an exciting year ahead and we'll execute our plans through the lens of our strategic priorities.

墨菲將迎來激動人心的一年，我們將根據戰略重點來執行我們的計劃。

Slide 4. Murphy has successfully achieved the core objectives of our capital allocation framework since we first announced it nearly three years ago. Looking ahead, we will continue to focus on rewarding shareholders for their support, and we remain committed to our strong balance sheet and discipline strategy.

幻燈片 4。自從我們三年前首次宣布資本配置框架以來，墨菲已成功實現了該框架的核心目標。展望未來，我們將繼續致力於回報股東的支持，並持續致力於強勁的資產負債表和紀律策略。

Murphy will continue to allocate a minimum of 50% of adjusted free cash flow to shareholder returns, primarily through buybacks. We will assess the appropriate shareholder return allocation, including dividend increases under this modified plan. And any remaining adjusted free cash flow will be allocated to the balance sheet as we continue to target a long-term debt goal of $1 billion.

墨菲將繼續將至少 50% 的調整後自由現金流分配給股東回報，主要透過回購的方式。我們將評估適當的股東回報分配，包括根據修改後的計劃增加股利。隨著我們繼續實現 10 億美元的長期債務目標，任何剩餘的調整後自由現金流都將分配到資產負債表中。

Murphy has a long history of returning cash to shareholders, and we look forward to continuing this with $550 million remaining under our share repurchase authorization, including our first quarter, 2025 buybacks. I'm pleased to share we have repurchased 22% of our total shares outstanding since 2013. During the same period, Murphy has returned more than $4 billion of cash to shareholders through buybacks and dividends.

墨菲長期以來一直致力於向股東返還現金，我們期待繼續這樣做，我們的股票回購授權中還剩下 5.5 億美元，包括 2025 年第一季的回購。我很高興地告訴大家，自 2013 年以來，我們已經回購了 22% 的流通股。同期，墨菲透過回購和分紅向股東返還了超過40億美元的現金。

Slide 5. Murphy produced 157,000 barrels of oil equivalent per day in the first quarter with 78,500 barrels of oil per day.

幻燈片 5。墨菲第一季的石油產量為每天 78,500 桶，相當於每天 157,000 桶油當量。

We experienced approximately 6,000 barrels of oil equivalent per day of production impacts in the quarter due to non-operated unplanned downtime in the Gulf of America, production curtailments in non-operated offshore Canada due to temporary logistics challenges and winter storm activity delaying first production at the new Mormont number 4 well and the Samurai 3 well workover.

由於美國灣非營運的計劃外停機、因臨時物流挑戰導致的加拿大非營運近海產量減少以及冬季風暴活動推遲了新的 Mormont 4 號井和 Samurai 3 井修井的首次生產，本季度我們的日產量受到了約 6,000 桶油當量的影響。

Overall, we generated $636 million of revenue for the quarter with an average realized oil price of $72 per barrel, natural gas liquids price of nearly $26 per barrel, and a natural gas price of $2.67 per thousand cubic feet. I will now turn the call over to our Chief Financial Officer, Tom Mireles, to share our financial highlights.

總體而言，本季我們創造了 6.36 億美元的收入，平均實現石油價格為每桶 72 美元，天然氣液體價格為每桶近 26 美元，天然氣價格為每千立方英尺 2.67 美元。現在，我將把電話轉給我們的財務長湯姆·米雷萊斯 (Tom Mireles)，分享我們的財務亮點。

Thank you, Eric. And good morning, everyone. Slide 6. Murphy has made tremendous strides in strengthening our balance sheet over the past four years, which allows us to maintain our capital program and our competitive durable dividend while investing through the cycle.

謝謝你，埃里克。大家早安。幻燈片 6。過去四年來，墨菲在加強我們的資產負債表方面取得了巨大進步，這使我們能夠在整個週期進行投資的同時維持我們的資本計劃和具有競爭力的持久股息。

Further, our financial strategy incorporates a diverse marketing plan that enables us to capture natural gas price locations while also realizing premium pricing from our oil-weighted portfolio. I'm pleased that we have strong liquidity to support our investments with $1.5 billion as of March 31, as well as no near-term debt maturities.

此外，我們的財務策略包含多樣化的行銷計劃，使我們能夠佔領天然氣價格位置，同時從我們的石油加權投資組合中實現溢價。我很高興我們擁有強大的流動性來支持我們的投資，截至 3 月 31 日為 15 億美元，並且沒有短期債務到期。

Our disciplined capital spending enables Murphy to prioritize adjusted free cash flow for share repurchases, potential dividend increases, and balance sheet purposes. Overall, Murphy maintains flexibility as we advance our strategic priorities.

我們嚴謹的資本支出使墨菲能夠優先考慮調整後的自由現金流，用於股票回購、潛在股利增加和資產負債表目的。總體而言，墨菲在我們推進戰略重點的同時保持了靈活性。

Slide 7. In the first quarter, Murphy acquired the Pioneer floating production storage and offloading vessel for a $104 million net purchase price, as well as executed a new five-year operating agreement. This transaction creates tremendous value for Murphy and reduces our annual net operating expenses by approximately $50 million thereby achieving a two-year payback.

幻燈片 7。第一季度，墨菲以 1.04 億美元的淨購買價收購了先鋒浮式生產儲卸船，並簽署了一份新的五年營運協議。這項交易為墨菲創造了巨大的價值，並減少了我們每年約 5,000 萬美元的淨營運費用，從而實現了兩年的回報。

Additional benefits will be unlocked through further development and exploration in the area. We look forward to drilling and bringing online our Chinook development well in 2026 in addition to any potential third-party tie back opportunities around the FPSO.

透過對該地區的進一步開發和探索，將會獲得更多利益。我們期待在 2026 年鑽探並投產 Chinook 開發井，此外還希望抓住 FPSO 週邊任何潛在的第三方回接機會。

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

現在，我將把電話轉給營運高級副總裁克里斯·拉里諾 (Chris Larino)。

Thank you, Tom. Good morning, everyone.

謝謝你，湯姆。大家早安。

Slide 9, our Eagle Ford Shale asset produced 25,000 barrels of oil equivalent per day in the first quarter with 83% liquids and one gross non-operated well came online in cars. As a result of our recently enhanced development plan to further improve capital efficiency, Murphy drilled the longest Eagle Ford Shale lateral in company history at 13,976 ft in our Catarina acreage, representing an 8% increase from the previous record.

投影片 9，我們的 Eagle Ford Shale 資產在第一季每天生產 25,000 桶石油當量，其中 83% 為液體，並且有一口未運作的油井投入使用。由於我們最近加強了開發計劃以進一步提高資本效率，墨菲在 Catarina 油田鑽探了公司歷史上最長的 Eagle Ford Shale 水平井，深度為 13,976 英尺，比之前的記錄增加了 8%。

We're also testing two tight turn radius wells to capture additional volumes in the completion process and are excited to see the results later this year.

我們也正在測試兩個急轉彎半徑井，以便在完井過程中捕獲額外的產量，並很高興在今年稍後看到結果。

For the second quarter, 18 operated Karnes wells are now producing, and we anticipate three operated Catarina and 3 operated Tilden wells to come online later in the quarter, as well as 11 gross non-op Karnes wells.

第二季度，共有 18 口營運的 Karnes 油井投入生產，我們預計 3 口營運的 Catarina 油井和 3 口營運的 Tilden 油井將在本季度稍後投產，此外還有 11 口未投產的 Karnes 油井。

Slide 10. Murphy produced 340 million cubic feet per day from the Tupper Montney in the first quarter and brought online five wells as planned. The remaining five wells of our 2025 program came online early in the second quarter, which wraps up our well delivery schedule in the area for the year.

幻燈片 10。第一季度，墨菲公司從塔珀蒙特尼氣田每天生產了 3.4 億立方英尺天然氣，並按計劃投產了五口油井。我們的 2025 計畫的剩餘五口井已於第二季初投產，這結束了我們今年在該地區油井的交付計畫。

With our enhanced development plan, Murphy recently drilled our two longest lateral Tupper Montney wells in company history at more than 13,600 ft each, with the longest representing a nearly 4% increase from the previous record.

憑藉我們強化的開發計劃，墨菲最近鑽探了公司歷史上最長的兩口 Tupper Montney 水平井，每口井深度均超過 13,600 英尺，最長的井比之前的記錄增加了近 4%。

Murphy is always striving to improve our operations, and we tried a new completion style with enhanced profit loading in the Tupper Montney. We are pleased with the early results if we've seen more than 30% increase in initial production rates compared to our historical performance.

墨菲一直在努力改善我們的運營，我們在塔珀蒙特尼嘗試了一種新的完井方式，提高了利潤負荷。如果與歷史表現相比，初始生產力提高了 30% 以上，我們會對早期結果感到滿意。

I'd also like to highlight that with our new wells now online, we have reached our Tupper West plant capacity and are currently producing nearly 500 million cubic feet per day from our Tupper Montney asset.

我還想強調的是，隨著我們新油井的投入使用，我們已經達到了 Tupper West 工廠的產能，目前我們的 Tupper Montney 資產每天可生產近 5 億立方英尺。

Slide 11. Murphy produced 4,000 barrels of oil equivalent per day from the Kaybob Duvernay in the first quarter with 71% liquids. We are on track to bring four wells online in the third quarter, as well as drill two wells in the fourth quarter that will be completed in 2026.

幻燈片 11。第一季度，墨菲從凱博杜韋奈油田每天生產 4,000 桶石油當量，其中液體含量為 71%。我們預計在第三季投產四口井，並在第四季鑽探兩口井，預計於 2026 年完工。

Slide 12. In the first quarter, Murphy's offshore assets produced a combined 71,000 barrels of oil equivalent per day with 83% oil. We brought online the new Mormont Number 4 well in the Gulf of America during the first quarter and progressed the Samurai number 3 workover which returned production early in the second quarter.

幻燈片 12。第一季度，墨菲的海上資產日產量總計 71,000 桶油當量，其中石油占 83%。我們在第一季啟用了位於美國灣的新 Mormont 4 號井，並推進了 Samurai 3 號修井作業，並於第二季初恢復生產。

While our plans were impacted due to winter weather activity, we are advancing work on the remaining two workovers and are on track to wrap up in the third quarter.

雖然我們的計劃受到冬季天氣活動的影響，但我們正在推進剩餘的兩​​項修井工作，並預計在第三季完成。

Slide 13. Our Lac Da Vang Golden Camel field development project in Vietnam is progressing. And we're excited to have commenced construction on the floating storage and offloading vessel in the first quarter.

幻燈片 13。我們在越南的Lac Da Vang Golden Camel油田開發案正在取得進展。我們很高興在第一季開始建造浮動儲卸船。

The team also reached a significant milestone early in the second quarter as we achieved 1 million work hours with zero lost time injuries on the platform construction. Murphy recently signed a rig contract, and we will begin development drilling later this year ahead of first oil in the fourth quarter of 2026 with ongoing development through 2029. With that, I'll turn the call back to Eric.

該團隊還在第二季度初達到了一個重要的里程碑，我們在平台建設中實現了 100 萬個工時，並且零工傷損失。墨菲最近簽署了一份鑽井合同，我們將在今年晚些時候開始開發鑽探，預計在 2026 年第四季度產出第一批石油，並持續開發到 2029 年。說完這些，我就把電話轉回給 Eric。

Slide 15. Murphy maintains a focused and meaningful exploration strategy with a near field infrastructure led program in the Gulf of America and high impact growth opportunities targeted internationally. We've made purposeful investments in the data behind our portfolio, allowing us to mature our understanding of the basins and support future leasehold expansion.

幻燈片 15。墨菲堅持專注而有意義的勘探策略，在美國灣實施近場基礎設施​​主導計劃，並在國際上尋找具有高影響力的成長機會。我們對投資組合背後的數據進行了有目的的投資，使我們能夠更深入地了解盆地並支持未來的租賃擴張。

Our current international priorities in particular offer a unique combination of development and exploration opportunities in offshore Vietnam and Côte d'Ivoire, and we are excited to advance these projects in the coming years.

我們目前的國際重點特別是在越南和科特迪瓦近海提供了獨特的開發和勘探機會組合，我們很高興在未來幾年推進這些項目。

Slide16. Murphy plans to drill two operated exploration wells in the Gulf of America in the second half of this year for an estimated net cost of $18 million per well. We are targeting lower risk opportunities near existing infrastructure and highlight that the Cello number 1 and Banjo number 1 prospects are located near the Murphy-operated Delta House floating production system.

幻燈片16。墨菲計劃今年下半年在美國灣鑽探兩口勘探井，預計每口井的淨成本為 1800 萬美元。我們的目標是現有基礎設施附近的低風險機會，並強調 Cello 1 號和 Banjo 1 號前景位於墨菲運營的 Delta House 浮動生產系統附近。

Slide 17. We're excited to announce that in the first quarter we drilled an oil discovery at the Lac Da Hong-1X Pink Camel exploration well in Vietnam. The well was drilled to a total depth of 13,616 ft in 151 ft of water and encountered 106 ft of net oil pay from one reservoir.

幻燈片 17。我們很高興地宣布，第一季我們在越南的 Lac Da Hong-1X Pink Camel 勘探井發現了石油。該井總鑽深為 13,616 英尺，水深 151 英尺，從一個油藏中遇到了 106 英尺的淨油層。

Based on these results, we estimate a preliminary mean to upward gross resource potential of 30 to 60 million barrels of oil equivalent. Murphy also conducted a flow test and achieved a maximum flow rate of 2,500 barrels of oil per day.

根據這些結果，我們估計初步平均向上總資源潛力為 3,000 萬至 6,000 萬桶油當量。墨菲還進行了流量測試，最大流量達到每天 2,500 桶石油。

Additional testing showed high-quality oil with an API gravity of 38 degrees. We are continuing to review the results of this discovery and highlight that it enhances the value of Murphy's growing Vietnam business when coupled with our nearby Lac Da Vang golden camel development and recent Hai Su Vang Golden Sea Lion discovery.

進一步測試表明，原油品質優良，API 重力為 38 度。我們將繼續審查這項發現的結果，並強調，與我們附近的 Lac Da Vang 金駱駝開發項目和最近的 Hai Su Vang 金海獅發現相結合，這一發現將提升墨菲不斷增長的越南業務的價值。

Slide 18. Earlier this year, we announced a significant oil discovery at the Hai Su Vang Golden Sea Lion exploration well, where we encountered 370 ft of net oil pay from two reservoirs and achieved a facility constrained flow rate of 10,000 barrels of oil per day. I'm excited to drill the appraisal well in the third quarter to better understand the resource potential of Hai Su Vang field.

幻燈片 18。今年早些時候，我們宣佈在 Hai Su Vang Golden Sea Lion 勘探井發現了重大石油發現，我們在兩個油藏中發現了 370 英尺的淨油層，並實現了每天 10,000 桶石油的設施約束流量。我很高興在第三季鑽探評估井，以便更好地了解 Hai Su Vang 油田的資源潛力。

Slide 19. Another major component of our exciting exploration portfolio is our upcoming 3-well program in Côte d’Ivoire, beginning in the fourth quarter with the Civette well on Block CI-502. This well is targeting a mean to upward gross resource potential of 440 million to 1 billion barrels of oil equivalent, and it's an opportunity for us to target significant resource potential at a relatively low cost.

幻燈片 19。我們令人興奮的勘探組合的另一個主要組成部分是我們即將在科特迪瓦開展的 3 井計劃，該計劃將於第四季度從 CI-502 區塊的 Civette 井開始。該井的目標總資源潛力為 4.4 億至 10 億桶油當量，這是我們以相對較低的成本挖掘巨大資源潛力的機會。

Following Civette, Murphy plans to drill the Kobus and Caracal exploration wells in 2026, which will also target potentially sizable resources while allowing Murphy to test a variety of exploration play types near recent peer discoveries.

繼 Civette 之後，墨菲計劃於 2026 年鑽探 Kobus 和 Caracal 勘探井，這些勘探井也將瞄準潛在的大量資源，同時允許墨菲在最近的同行發現附近測試各種勘探類型。

Slide 21. For the second quarter of 2025, we forecast production of 177,000 to 185,000 barrels of oil equivalent per day with 48% oil volumes, as well as a crude CapEx of $300 million.

幻燈片 21。對於 2025 年第二季度，我們預測日產量為 177,000 至 185,000 桶油當量，石油產量為 48%，原油資本支出為 3 億美元。

While this represents a 15% increase over first quarter production, we've brought online nearly 30 onshore wells in the past two months, as well as two key Gulf of America wells. And I'm pleased that we are today producing well over 180,000 barrels of oil equivalent per day.

雖然這比第一季的產量增加了 15%，但我們在過去兩個月中已投產近 30 口陸上油井以及兩口重要的美國灣油井。我很高興我們今天每天的石油產量遠遠超過18萬桶當量。

We are reaffirming our 2025 accrued CapEx range of $1.135 billion to $1.285 billion which includes net acquisition CapEx of $104 million for the FPSO and $1.4 million for non-operated working interests near the Zephyrus field in the Gulf of America.

我們重申 2025 年累計資本支出範圍為 11.35 億美元至 12.85 億美元，其中包括 FPSO 的 1.04 億美元淨收購資本支出和美國灣 Zephyrus 油田附近非營運工作權益的 140 萬美元淨收購資本支出。

Murphy maintains our full year production range of 174.5 thousand to 182.5 thousand barrels of oil equivalent per day with 50% oil volumes. Due to the first quarter impacts we experienced in the Gulf of America, we anticipate full-year production to be toward the lower end of this range.

墨菲維持全年產量範圍為每天 17.45 萬至 18.25 萬桶油當量，石油產量為 50%。由於第一季我們在美國灣遭遇的影響，我們預計全年產量將處於此範圍的低端。

Slide 22. I'd like to highlight that Murphy's strategy over the next two years is unchanged as we deliver low single digit production growth from our existing assets as we execute high returning oil weighted offshore projects while maintaining Eagle Ford Shale and Tupper Montney production.

投影片 22。我想強調的是，墨菲未來兩年的策略沒有改變，因為我們在執行高回報的石油加權海上項目的同時，保持 Eagle Ford Shale 和 Tupper Montney 的產量，從而通過現有資產實現低個位數的產量增長。

We will look to achieve organic growth from Vietnam as well as potential development at pawn in Cote d'Ivoire. Murphy's team will also continue our plan to drill several meaningful international exploration wells over the next 12 months, which will test prospective, un-risked resources that equal five times our current offshore approved reserves.

我們將尋求在越南實現有機成長以及在科特迪瓦典當業的潛在發展。墨菲的團隊也將繼續我們的計劃，在未來 12 個月內鑽探幾個有意義的國際勘探井，以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're committed to returning cash to shareholders through our capital allocation plan and achieving our $1 billion debt goal.

整體而言，我們致力於透過資本配置計畫向股東返還現金，並實現 10 億美元的債務目標。

Slide 22. Our existing business, coupled with what we plan to accomplish through our growth opportunities, creates a long runway of success for Murphy. Our multi-basin portfolio allows us to achieve our goals of oil weighted growth and excess cash flow generation for shareholder returns.

投影片 22。我們現有的業務，加上我們計劃透過成長機會實現的目標，為墨菲創造了長期的成功之路。我們的多盆地投資組合使我們能夠實現石油加權成長和超額現金流產生，從而為股東帶來回報的目標。

We also have multiple exciting high impact international projects ahead while we continue infrastructure-led Gulf of America exploration in our own backyard. Exploration will remain a key differentiator and value creator for Murphy for many years to come, and I'm excited for what is ahead. With that, I will now turn the call over to the operator for questions.

在我們繼續在自己的後院進行基礎設施主導的美國灣勘探的同時，我們也將面臨多個令人興奮且影響深遠的國際項目。在未來的許多年裡，探索仍將是墨菲的關鍵差異化因素和價值創造者，我對未來充滿期待。說完這些，我現在將電話轉給接線生來回答問題。

(Operator Instructions)

（操作員指示）

Arun Jayaram, JP Morgan.

摩根大通的阿倫·賈亞拉姆（Arun Jayaram）。

Yeah. Good morning, Eric and team.

是的。早上好，埃里克和團隊。

Eric, it appears that you're sticking with your capital allocation for 2025. But my question is for you and Tom, how do you think about your game plan in a lower oil price environment, call it if we if we if things settled out, call it in a mid-50s kind of environment?

艾瑞克，看來你堅持 2025 年的資本配置。但我的問題是，對於您和湯姆，您如何看待在低油價環境下的比賽計劃，如果我們稱之為如果事情安定下來，稱之為在 50 年代中期的環境中？

How do you think about your program, which has generally been citing $1.1 billion to $1.3 billion of CapEx as you move some of these development projects through the queue?

您如何看待您的計劃？當您將一些開發項目列入隊列時，該計劃的資本支出通常為 11 億美元至 13 億美元？

Yeah, thanks, Arun. Obviously, a very logical question considering where we are today.

是的，謝謝，阿倫。顯然，考慮到我們目前的狀況，這是一個非常合乎邏輯的問題。

At this time, as you can see from our release, we think it's appropriate to maintain our 2025 capital plan. We've made significant progress in delivering our balance sheet. And in general, we want to position ourselves to continue investing in high-returning exploration and development projects through near-term volatility and the position to capture upside the commodity prices in the future.

目前，正如您從我們的發布中看到的，我們認為維持 2025 年資本計劃是合適的。我們在提交資產負債表方面取得了重大進展。總的來說，我們希望透過近期的波動以及未來抓住大宗商品價格上漲的機會，繼續投資高回報的勘探和開發項目。

We think it's important that we balance the trade-offs between investing in our assets, returning value to our shareholders, and protecting our solid, really industry leading balance sheet. We will continue to monitor the situation carefully, monitor oil price environment, and as we've demonstrated in the past, we'll continue to act with financial discipline.

我們認為，在投資資產、回報股東價值以及保護我們穩固的、真正產業領先的資產負債表之間取得平衡非常重要。我們將繼續密切關注局勢，關注油價環境，並且正如我們過去所表明的那樣，我們將繼續遵守財務紀律。

So while we're not recommending or proposing a change in our '25 capital plan now, we're aware and we're watching. We have identified opportunities to significantly reduce spending in 2025, and we will be more likely to implement those changes if it looks like oil prices will be below $55 a barrel for the remainder of the year.

因此，雖然我們現在不建議或提議改變我們的 25 年資本計劃，但我們意識到這一點並且正在關注。我們已經發現了在 2025 年大幅削減支出的機會，如果預計今年剩餘時間內油價將低於每桶 55 美元，我們將更有可能實施這些變革。

At $55 a barrel at the end of the year, we see average price of around $60 a barrel, which is very comfortable for us with our dividend and our capital plan. But if we see lower prices and we think they're going to be longer, then we would be more likely to move on some of the things we've identified.

年底油價為每桶 55 美元，預計平均價格約為每桶 60 美元，這對我們的股息和資本計畫來說非常有利。但如果我們看到價格下降，我們認為這種情況會持續更長時間，那麼我們就更有可能採取我們已經確定的一些措施。

Some of the opportunities we've already identified to reduce spending in 2025 include not drilling Eagle Ford Shale wells in the third and fourth quarter, which are designed to come online in early 2026. We could delay those -- we could not complete our four well K-bob DuVernay pad that we're nearly done drilling.

我們已經確定的一些削減 2025 年支出的機會包括不在第三季和第四季鑽探 Eagle Ford Shale 井，這些井計劃於 2026 年初投產。我們可能會推遲這些——我們無法完成我們幾乎已經完成鑽探的四口井 K-bob DuVernay 平台。

We could not begin drilling in the Tupper Money and the Kaybob Duvernay in the fourth quarter, which is our plan for the year to get a head start on winter drilling season. We could also drop our planned development well activity in the Gulf of America and go to a very limited program of activity offshore in our operated business.

我們無法在第四季度開始在 Tupper Money 和 Kaybob Duvernay 進行鑽探，這是我們今年的計劃，以便在冬季鑽探季節搶佔先機。我們還可以放棄在美國灣計劃的開發井活動，並在我們運營的業務中轉向非常有限的海上活動計劃。

Those changes that I just ran through would have very limited impact to our 2025 production profile, but they would have a more significant impact to 2026. And so we're going to kind of watch the situation carefully and evaluate again, trying to have a balance and try to assess whether oil prices are short-lived or longer lived.

我剛剛介紹的這些變化對我們 2025 年的生產狀況的影響非常有限，但對 2026 年的影響卻更為顯著。因此，我們將密切關注情況並再次進行評估，試圖取得平衡並評估油價是短暫的還是長期的。

Now, having said all that, where we are not where we're not likely to make some change, I'll just highlight. We are unlikely to stop our development program in Vietnam on our Lac Da Vang development, the Golden Camel. We're likely to see that through, remember that first oil is expected there in the fourth quarter, the second half of 2026.

現在，說了這麼多，我只想強調一下，我們目前還無法做出什麼改變。我們不太可能停止在越南 Lac Da Vang 開發項目和金駱駝項目的開發計劃。我們可能會實現這一目標，請記住，預計第一批石油將在第四季度，即 2026 年下半年開採。

We're also, because we see the value creation potential of our Vietnam appraisal of the Hai Su Vang discovery and our code of law exploration program, we think that the value creation potential there is really significant, and we're unlikely to not do those. Those are things that we think are really worth doing considering the long-term, mid-term value accretion there.

我們也看到，由於我們看到了越南對 Hai Su Vang 發現的評估以及我們的法律探索計劃的價值創造潛力，我們認為那裡的價值創造潛力確實很大，我們不太可能不這樣做。考慮到長期和中期的價值增值，我們認為這些事情確實值得做。

When we think about 2026, if we expected average oil prices in 2026 to be below $55 a barrel, then we would likely come up with a capital plan in '26 that had a reduction of CapEx by say 20% to 40% from the $1.1 billion to $1.3 billion level that we've previously communicated to expect from us kind of on a long-term basis.

當我們考慮 2026 年時，如果我們預計 2026 年的平均油價將低於每桶 55 美元，那麼我們很可能會在 26 年制定一項資本計劃，將資本支出從 11 億美元減少到 13 億美元，減少幅度為 20% 到 40%，這是我們之前傳達的長期預期。

And the types of cuts that I've talked about for '25 would be the sort of thing that we would do in '26. We could have a very limited onshore program, for example. Hope that helps, Arun.

我談到的針對 25 年的削減類型將是我們在 26 年會做的事情。例如，我們可以有一個非常有限的在岸計劃。希望這對你有幫助，阿倫。

That's super helpful. Thanks for going through your thought process. It makes a lot of sense to us. Maybe a follow up.

這非常有幫助。感謝您的思考過程。這對我們來說很有意義。或許還有後續行動。

I wanted to get your thoughts, Eric, and how the recent discovery in Vietnam impacts the LDV development plan? I know you're setting a platform, the A platform in 2026 and then you're scheduled to do the B platform and call it the 2028-time frame. How does this discovery impact the development plan of the LDV?

艾瑞克，我想聽聽你的想法，以及最近在越南的發現對 LDV 發展計畫有何影響？我知道你正在設定一個平台，即 2026 年的 A 平台，然後你計劃做 B 平台，並將其稱為 2028 年時間框架。這項發現對LDV的研發計畫有何影響？

It's a great question. So we're really happy with this discovery. It's a nice size, 30 million to 60 million barrels, and just a few miles away from the Lac Da Hong development. And the way that this will likely unfold, of course, we still have work to do with fuel development planning.

這是一個很好的問題。所以我們對這項發現感到非常高興。它的規模很大，有 3000 萬到 6000 萬桶，距離 Lac Da Hong 開發區僅幾英里。至於事情可能會如何發展，當然，我們仍然需要進行燃料開發規劃的工作。

But the way this will likely unfold is we'll probably set a wellhead platform at our recent discovery Lac Da Hong and have wells drilled there and have production be processed from the Lac Da Hong A platform which we will bring online in 2026.

但事情可能會這樣發展：我們可能會在最近發現的 Lac Da Hong 設置一個井口平台，在那裡鑽井，並透過 Lac Da Hong A 平台進行生產，我們將於 2026 年將其投入使用。

So it's going to be a very capital efficient project with an ability to probably get online faster rather than slower. We're going to be moving rapidly to develop and get approved from partners and government, a field development plan to do that work.

因此，這將是一個資本效率極高的項目，並且能夠更快地上線，而不是更慢。我們將迅速採取行動，制定一項油田開發計劃，並獲得合作夥伴和政府的批准，以進行這項工作。

I'd hesitate to give you exact timing of when that would happen because we have a long way to go with the approval process. But I would imagine before the end of the decade, that that we have that online.

我不太願意告訴你這件事發生的具體時間，因為我們的審批過程還有很長的路要走。但我想，在十年結束之前，我們就能在網路上實現這一點。

Great. Thanks a lot, Eric.

偉大的。非常感謝，埃里克。

Thank you.

謝謝。

Greta, Goldman Sachs.

格雷塔，高盛。

Good morning and thank you for taking my questions. I was just wondering if you could speak a bit about how the Khaleesi number 2 and Marmalard number 3 workovers, currently underway are trending, what operational steps are remaining, and if there's any incremental call you could provide on their timing?

早上好，感謝您回答我的問題。我只是想知道您是否可以談談目前正在進行的 Khaleesi 2 號和 Marmalard 3 號修井的趨勢，還剩下哪些操作步驟，以及您是否可以就其時間安排提供一些增量資訊？

Yeah, I may have Chris Larino dive in there and give you some details on that. If you don't mind. Yes.

是的，我可能會讓克里斯·拉里諾深入研究這個問題並向你提供一些細節。如果你不介意的話。是的。

Yeah, I'll talk about the Khaleesi number 2 first. It's we've just got on the Khaleesi 2 and the Marmalade 3 workovers; we mentioned the kind of winter storms that pushed back Samurai 3. So we're kind of toward the beginning stages, but things are moving along like we had hoped.

是的，我先談談卡麗熙 2。我們剛剛談到了 Khaleesi 2 和 Marmalade 3 的修繕工作；我們提到了推遲 Samurai 3 的冬季風暴。因此，我們正處於起步階段，但事情正在按照我們所希望的方式進展。

And as far as our OpEx goes for our workovers, we did have some OpEx slide in from Q1 to Q2, but even with Marmalade 3 slipping into Q3, we're looking at getting back to our normal OpEx run rate around $10 to $12 per BOE for the back half of the year.

就我們的修井營運支出而言，從第一季到第二季度，我們的營運支出確實有所下滑，但即使 Marmalade 3 進入第三季度，我們也希望在下半年恢復正常的營運支出運行率，約為每桶油當量 10 至 12 美元。

Yeah, we feel comfortable about the Khaleesi 2 being done in the second quarter and the Marmalade 3 well being done in the third quarter and making good progress.

是的，我們對《卡麗熙 2》在第二季完成以及《Marmalade 3》在第三季完成並取得良好進展感到很放心。

Great, thank you. And then for my second question, I was wondering if you could comment on your OCTG exposure to current prices for the remainder of the year and into 2026? About how many months out do you procure your deal for your onshore operations and what sort of impact to all cost are you currently embedding in your outlook?

太好了，謝謝。然後，對於我的第二個問題，我想知道您是否可以評論今年剩餘時間和 2026 年油井管的當前價格走勢？您大約需要幾個月才能達成國內業務交易，而您目前對所有成本的展望是怎樣的？

I may get some high level comments and then maybe Tom can provide additional detail since he runs our supply chain organization and had done a fabulous job.

我可能會得到一些高層的評論，然後也許湯姆可以提供更多細節，因為他負責我們的供應鏈組織並且做得非常出色。

I would characterize in general, with all the pluses and minuses in our supply chain, we feel that our onshore wells are effectively have flat total costs for the year compared to prior year. We do see some pluses and some minuses.

總的來說，考慮到我們供應鏈中的所有優點和缺點，我們認為與去年相比，我們陸上油井今年的總成本實際上相當。我們確實看到了一些優點和一些缺點。

A rig rates in 2025 for Eagle Ford are lower than 2024. We do see a little bit of pressure on tubular goods maybe in the second half of 2025, but it's fairly limited. I think we're thinking of a 3% to 5% type of impact on potential exposure in Canada onshore.

2025 年 Eagle Ford 的鑽孔機費率低於 2024 年。我們確實看到管材在 2025 年下半年可能會面臨一些壓力，但這種壓力相當有限。我認為我們正在考慮對加拿大境內潛在風險的影響為 3% 到 5%。

Our program, of course, is nearly done, but we saw effectively flat cost year over year, so we don't see an issue there. And offshore, we're seeing a reduction in drill ship costs. We'll see a reduction in diesel costs, which is material, probably seeing slight pressure on OCTG.

當然，我們的專案已經接近完成，但我們發現成本逐年持平，因此我們認為不存在問題。在海上，我們看到鑽井船成本的下降。我們將看到柴油成本的下降，這是實質的，可能會對油井管造成輕微的壓力。

In general, I think our team has done a great job of securing the equipment that we need and most of the things that we need are already in country and not subjected to tear pressures this year. I don't know, Tom, if you want to add any more commentary on it.

總的來說，我認為我們的團隊在確保我們所需的設備方面做得很好，而且我們需要的大部分東西都已經在國內，今年沒有受到撕裂壓力。湯姆，我不知道你是否想對此發表更多評論。

Eric, I think you covered it. It's 2025, we're in really good shape, in particular with our onshore plans and even in 2026 offshore we have a long, a lot of long leads that we'd already locked in place. In 2025, I would say 70% of our spend is in the US. The remainder is outside of the US, which isn't really subject to tariffs. And in 2026, it might be similar or even a little bit more spending outside the US.

艾瑞克，我想你已經講清楚了。現在是 2025 年，我們的狀況非常好，特別是我們的陸上計劃，甚至到 2026 年的海上計劃，我們也已經鎖定了很長的領先優勢。到 2025 年，我想說我們的 70% 的支出將用於美國。其餘部分位於美國境外，實際上不受關稅影響。到 2026 年，美國以外的支出可能會類似，甚至略多一些。

Devin McDermott, Morgan Stanley.

摩根士丹利的戴文麥克德莫特。

Hey, good morning. Thanks for taking my questions.

嘿，早安。感謝您回答我的問題。

I wanted to ask about the production profile for this year. Look at 1Q, I think it was a mix of non-op operated activity in Canada impacting results, the full-year guide implies a step up in the back half oil production relative to the first half.

我想問一下今年的生產概況。看看第一季度，我認為是加拿大的非營運活動影響了業績，全年指南暗示下半年石油產量相對於上半年有所增加。

So I was hoping you could talk through some of the key drivers of that, the two key step up and then the incremental growth in the back half and just the confidence in achieving kind of the implied full-year oil guidance range.

所以我希望您能談談其中的一些關鍵驅動因素，兩個關鍵的提升，然後是下半年的增量增長，以及對實現隱含的全年石油指導範圍的信心。

Yeah, that's a great question, Devin. So one of the things that I'm really happy with is the bulk of our onshore program is online right now. Our Karnes wells, which are highly productive, are all flowing today, and they're performing really well.

是的，這是一個很好的問題，德文。因此，讓我真正高興的事情之一是，我們的大部分岸上專案目前都在線上。我們的卡恩斯油井產量很高，今天全部都在流水，而且性能非常好。

Our Tupper Montney 10-well program are all online and frankly exceeding our expectations. So I'm really feeling very confident that we've turned a corner operationally here and the production rates that we're already seeing in this quarter give me quite a bit of confidence in our ability to deliver our guide for the second quarter.

我們的 Tupper Montney 10 孔計劃全部在線，坦率地說超出了我們的預期。因此，我非常有信心，我們在營運方面已經取得了突破，而且我們在本季已經看到的生產力讓我對我們實現第二季目標的能力充滿信心。

If you move through the rest of the year, we'll bring on the remainder of our onshore wells, so that it'd be more operated and non-operated Eagle Ford wells in the third quarter, and also our Kaybob Duvernay 4 well pad.

如果在今年剩餘時間裡，我們將繼續使用剩餘的陸上油井，這樣第三季將有更多營運和未營運的 Eagle Ford 油井，以及我們的 Kaybob Duvernay 4 井場。

And you see production in the third quarter increase a bit from the first. And then the fourth quarter probably start to see a little bit of a decline from the high of the year, which would be in the third quarter.

您會發現第三季的產量比第一季略有增加。然後，第四季可能會開始出現從今年最高點（即第三季）略有下降的情況。

Got it. It's really helpful and you provided a lot of great detail in response to one of the earlier questions on just capital allocation and thoughts about where you could trim capital in a lower oil price environment.

知道了。這真的很有幫助，您在回答之前關於資本配置的一個問題時提供了非常詳細的信息，並談到了在低油價環境下可以在哪裡削減資本的想法。

In a world where oil softens, but natural gas prices stay strong or improve further, you have a tremendous amount of gas resource in Canada. But what milestones or what benchmarks we need to see in order for that to become more competitive for further growth?

在石油價格走軟但天然氣價格維持堅挺或進一步上漲的背景下，加拿大擁有豐富的天然氣資源。但是，為了進一步發展，我們需要看到哪些里程碑或基準才能更具競爭力？

I understand there's capacity constraints on the processing plant right now, but are there environments where that would actually compete for capital more and not be an area where you trim when you look out over the next few years?

我理解目前加工廠的產能受到限制，但是否存在這樣的環境，可以真正地競爭更多的資本，而不是在未來幾年內削減產能的領域？

Yeah, I think what you mentioned is really important. We do have a plant capacity issue that we are currently have a plant full at Tupper West, which is where the bulk of our Tupper production comes from.

是的，我認為你提到的非常重要。我們的工廠確實有產能問題，目前 Tupper West 的工廠已滿，而我們的 Tupper 產品大部分都產自這裡。

So the ability to add more there in the really short run is limited, although, and I've mentioned this in the past calls, I think we could see a commodity price signal there that would cause us to have more investment in wells.

因此，在短期內增加更多產能的能力是有限的，儘管我在過去的電話會議中提到過這一點，但我認為我們可以看到那裡的商品價格訊號，這將促使我們在油井上進行更多投資。

So we maintained the plant full for a longer part of the year. Our typical plan over the last few years has been to build the plant. And the plants stay full for a while and then after a lot of many months of no new wells, we decline from the peaks.

因此，我們在一年中的大部分時間都保持工廠滿載運轉。我們過去幾年的典型計劃就是建造工廠。植物在一段時間內保持旺盛的產量，然後在許多個月沒有新井之後，產量就開始從高峰下降。

So we could potentially have another pad of wells, another five wells or three wells that could allow us to maintain our plant at a higher -- that's something we could do on a fairly short cycle. That's something that we think about, we model, we evaluate.

因此，我們可能會有另一組井，另外五口井或三口井，這可以讓我們的工廠維持在更高的水平 - 這是我們可以在相當短的周期內完成的事情。這是我們思考、建模和評估的事情。

We'll be watching that as we think Canadian gas prices may improve materially in the second half '25 with LNG Canada finally taking some volumes to the west. And so it's something we'll watch and monitor. The capital efficiency of our Tupper wells is tremendous.

我們將密切關注這一情況，因為我們認為，隨著加拿大液化天然氣公司最終將部分天然氣運往西部，加拿大天然氣價格可能在 2025 年下半年大幅上漲。所以這是我們會觀察和監控的事情。我們的 Tupper 油井的資本效率非常高。

And we're getting wells this year that are producing early days at 17 million to 25 million cubic feet per day. These wells cost us about $5 million and $5.5 million and so it's pretty easy to spend that highly capital efficient to bring on gas if we saw a high enough gas price.

我們今年的油井初期產量為每天 1700 萬至 2500 萬立方英尺。這些油井花費了我們大約 500 萬美元到 550 萬美元，因此，如果我們看到足夠高的天然氣價格，那麼我們很容易就能花這些高效率的資本來開採天然氣。

The concern I have and that we've been fairly careful about is historically with a high price signal, every single player in Western Canada has pretty significant capital efficiency. And they spend money to bring on new wells and gas price is negatively affected. So it's something that we're going to be watching carefully.

我所擔心的以及我們一直相當謹慎的問題是，從歷史上看，當價格訊號較高時，加拿大西部的每位參與者都具有相當顯著的資本效率。他們花費資金開採新油井，導致天然氣價格受到負面影響。所以我們會密切關注此事。

If we think there's a durable, higher price, then we have a great opportunity to short cycle invest into that, but we're going to be watching the larger macro issues pretty carefully before we make that decision.

如果我們認為價格會持續上漲，那麼我們就有很好的機會進行短期投資，但在做出決定之前，我們會非常仔細地關注更大的宏觀問題。

Makes a lot of sense, thank you. Thank you.

非常有道理，謝謝。謝謝。

Paul Cheng, Scotiabank.

加拿大豐業銀行的 Paul Cheng。

Hey guys, good morning. For Eric, and I don't know whether this is a fair question.

大家好，早安。對 Eric 來說，我不知道這是否是一個公平的問題。

Looking at in the first quarter, your free cash flow negative and you spend $100 million buyback. Just curious that, I mean how we contemplate or that the board is thinking about the buyback is that we need such a quick idea, especially given the uncertainties that we are seeing to buy back stock and borrowing money which you draw down on your credit facility and obviously that with the uncertainty it could also come with opportunities.

從第一季來看，您的自由現金流為負，您花了 1 億美元回購。只是好奇，我的意思是我們如何考慮或董事會正在考慮回購，我們需要這樣一個快速的想法，特別是考慮到我們看到的回購股票和借款的不確定性，你可以從你的信貸額度中提取資金，顯然，不確定性也可能帶來機會。

So should we try to have a stronger balances so in the event that the opportunities that come up that you can strike? I mean, given Murphy actually have a very good track record in terms of acquisition, that's the first question.

那麼，我們是否應該嘗試建立更強大的平衡，以便在出現機會時能夠抓住它？我的意思是，鑑於墨菲在收購方面確實有著非常好的記錄，這是第一個問題。

Well, that's a great question. The draw on our revolving credit facility, primarily driven by a $100 million share repurchase and the capital weighting of our first quarter capital weighting of our program, including the purchase of the FPSO.

嗯，這是一個很好的問題。我們的循環信貸額度的提取，主要由 1 億美元的股票回購和我們第一季計劃的資本加權（包括購買 FPSO）的資本加權推動。

I think we did a really good deal with that FPSO, it's an oil price independent about two-year payout and it really helps us unlock an opportunity there, so pleased with that. When we purchased $100 million of our stock in the first quarter and we had pretty significant oil prices in the first quarter and a view at the time that they were going to remain to be fairly significant.

我認為我們與那艘 FPSO 達成了一筆非常好的交易，這是一筆與油價無關的、為期兩年的付款，它確實幫助我們在那裡打開了機會，對此我感到很高興。當我們在第一季購買了價值 1 億美元的股票時，我們當時的油價相當高，而且當時人們認為油價將保持在相當高的水平。

So we felt where our shares were trading at the time represented a significant disconnect in intrinsic value, and it made sense to do that. Obviously, commodity prices have softened since, and it's something that we're watching carefully.

因此，我們認為，我們股票當時的交易情況與內在價值有顯著脫節，這樣做是合理的。顯然，大宗商品價格自此之後已經走軟，我們正在密切關注這一情況。

We do in general want to be very disciplined around protecting our balance sheet, so we're not likely to spend at a point where we would take on significant debt. We're going to be very careful about that. But we will also potentially be opportunistic if we see a very large disconnect between our share price and what we think it's worth.

總體而言，我們希望非常嚴格地保護我們的資產負債表，因此我們不太可能在承擔巨額債務的程度上進行支出。我們會非常小心地處理此事。但如果我們發現股價與我們認為的價值之間存在很大差距，我們也可能會抓住機會。

So I don't want to get in front of a board decision around what we might do about further share repurchase. Obviously, there'd be limited adjusted for cash flow, which is remember, after our dividend with oil prices in the low 50s. So taking on debt to buy back our stock is something that we would consider, but it's probably not likely.

因此，我不想在董事會做出有關如何進一步回購股票的決策之前介入。顯然，調整後的現金流將是有限的，記住，在我們支付股息之後，油價將跌至 50 美元出頭。因此，我們會考慮透過舉債來回購股票，但這種可能性不大。

Okay. Second question that the BW Pioneer, at least that looked to us that is a great deal, I mean two-year payback, but a lot of pushback that we heard from Tom is that normally that no one will sign a deal that to from a seller standpoint that to do a two-year buyback.

好的。第二個問題是，BW Pioneer，至少在我們看來，這是一筆很棒的交易，我的意思是兩年的回報，但我們從湯姆那裡聽到的很多反對意見是，通常沒有人會從賣方的角度簽署一份為期兩年的回購協議。

So is there any kind of colors additional need that you can go on? What incentivize the seller to sell at this price?

那麼，您是否還需要其他任何顏色呢？是什麼因素促使賣家以這個價格出售？

Yeah, so the seller was looking for two things, certainty and what to expect from potential ability to make money there and also to raise cash for other issues in the rest of their business. It's the only FPSO operating for them in the Gulf of America and at some point, they decided it wasn't something they wanted to keep on owning.

是的，所以賣家在尋找兩件事：確定性、對潛在賺錢能力的期望以及為其他業務籌集現金的能力。這是他們在美國灣運營的唯一一艘 FPSO，在某個時候，他們決定不再繼續擁有它。

And we were happy to do a deal there that we think was a good deal and we are -- we did award a contract to the seller to continue to operate.

我們很高興在那裡達成了一筆我們認為很好的交易，而且我們確實將合約授予了賣方以繼續運營。

They're very good operator for us on the assets, so we are paying them to operate on our behalf. And they're making a little money doing that and they're happy with that, the certainty that that cash flow provides for them and they were able to address other corporate needs for cash and I think it was a win-win deal for both parties and we're pretty pleased with it.

他們是我們的資產運營專家，所以我們付錢給他們，讓他們代表我們進行營運。他們透過這樣做賺了一些錢，他們對此感到滿意，現金流為他們提供了確定性，他們能夠滿足其他公司的現金需求，我認為這對雙方來說是一筆雙贏的交易，我們對此非常滿意。

All right, will do. Thank you.

好的，我會的。謝謝。

Thank you.

謝謝。

Charles Meade, Johnson Rice.

查爾斯·米德、約翰遜·賴斯。

Yes, good morning, Eric, Tom, Chris, and the whole Murphy team there. I wanted to go back to the -- to what's happening in the Gulf of Mexico because if I'm understanding things correctly, It's your activity, including your planned activity in -- with these workovers that's really the big variables about how the '25 production will play out.

是的，早安，艾瑞克、湯姆、克里斯，以及整個墨菲團隊。我想回顧一下墨西哥灣的情況，因為如果我理解正確的話，這些修井活動，包括計劃中的活動，才是 25 年產量如何發揮的真正重大變數。

So, can you talk a little bit more about what those two workovers are at Khaleesi Marmalard and I'm thinking along the lines of are these relatively simple zone changes moving up the hole? Or are they more complex things where you're trying to remediate sand or water production or something like that?

那麼，您能否再多談談 Khaleesi Marmalard 的兩次修井作業是什麼？我認為這些相對簡單的區域變化是否會隨著井眼向上移動？或者它們是更複雜的事情，您正在嘗試修復沙子或水生產或類似的東西？

Okay, yeah, let me tell you what we're doing there and then I'll go back and talk about the production impact of the year.

好的，是的，讓我告訴你我們在那裡做什麼，然後我會回去談談今年的生產影響。

The Khaleesi 2 well is investigating what we believe is a failed safety valve. That's a fairly simple thing to fix. We pull tubing out of the well and rerun tubing with a new safety valve in the well. So something that is routine, it's frustrating and disappointing that we have to do that. Obviously, that's not something we expect, especially from a relatively new well, but it's a pretty quick fix.

我們正在對 Khaleesi 2 號油井進行調查，我們認為這是一個安全閥故障。這是一個相當容易解決的問題。我們將油管從井中拉出，然後將裝有新安全閥的油管重新放入井中。因此，對於例行事務，我們不得不這麼做，這令人沮喪和失望。顯然，這不是我們所期望的，特別是對於一個相對較新的油井來說，但這是一個非常快速的修復。

The Marmalade 3 is to do a sidetrack and new completion of an existing well. That's a slightly more involved activity, and that's why it'll take a little more time and we'll wrap it up in the third quarter.

Marmalade 3 將對現有井進行側鑽和新完井。這是一項稍微複雜的活動，這就是為什麼它會花費更多時間，我們將在第三季完成它。

The production impacts for the year, we highlighted some of the downtime we had in the Gulf from non-operated assets and also from offshore Canada, that's driving obviously a first quarter impact.

對於今年的生產影響，我們強調了墨西哥灣地區非營運資產以及加拿大近海的一些停工時間，這顯然對第一季產生了影響。

The other issue which maybe is a little more nuanced is the rigs that we had doing work at Mormont 4 and Samurai 3 that are now online. We were a little slower in conducting the work that we had been doing on those because we had winter storm activity that made periods of time where we couldn't be productive with the use of the rig.

另一個問題可能更加微妙，那就是我們在 Mormont 4 和 Samurai 3 中工作的鑽孔機現在已經上線。我們進行這些工作的速度有點慢，因為冬季風暴活動使得我們在某些​​時候無法使用鑽孔機進行生產。

So we had we had nonproductive time which delayed them coming online. Now, the Marmalard and the Khaleesi well activities are using the same two rigs. So the rig got to the Khaleesi 2 and Marmalard 3 later than we originally expected for the year. And then, we just have to execute those and they're going well now. And but it's hard to go back and make the rigs show up earlier. It happened already. I hope that helps.

因此，我們有一些非生產時間，從而延遲了它們的上線。現在，Marmalard 和 Khaleesi 油井活動使用相同的兩台鑽孔機。因此，鑽孔機到達 Khaleesi 2 號和 Marmalard 3 號的時間比我們原先預計的要晚。然後，我們只需要執行這些，現在一切都很順利。但要回到過去並讓鑽孔機早點出現卻很困難。這已經發生了。我希望這能有所幫助。

No, that does help and that that's the kind of thing that that wouldn't necessarily be obvious if you just looked at the presentation. So I appreciate that.

不，這確實有幫助，而且如果你只是看一下演示文稿，這種事情並不一定會很明顯。我很感激。

I want to ask a question on my follow up on Vietnam. And so this most recent discovery, look, I think it's obviously going to be a good piece of business in shallow water nearby in existing development.

我想問一個有關越南後續行動的問題。所以，我認為，最近的這項發現顯然會為現有開發區附近的淺水區帶來一筆好生意。

But I wanted to ask you, it looks like it came in a little smaller than your pre-drill. And I wondered if you could tell if there's any -- what the relationship, if any, is between what you found in this zone and what you found in your two zones you found in your earlier Vietnam discovery? And if anything you saw in this most recent one is going to affect on form, how you design your appraisal well on that earlier or larger discovery?

但我想問你，它看起來比你預先鑽的要小一點。我想知道您是否可以說出是否存在任何關係——如果有的話，您在這個區域發現的東西與您之前在越南發現的兩個區域發現的東西之間有什麼關係？如果您在最近的研究中發現的任何事物都會對形式產生影響，那麼您如何根據早期或更大的發現設計良好的評估？

That's a great question, Charles. We did have a post drill result that we believe is a bit lower than the pre-drill. We expected that we pre-drill, we expected that we would encounter oil in multiple pay sands. We ended up encountering what's a nice discovery in one pay sand. That pay sand is the same age reservoir as our Hai Su Vang or Golden Sea Lion discovery.

查爾斯，這個問題問得真好。我們確實得到了鑽探後的結果，我們認為該結果比鑽探前的結果略低。我們預計，在預先鑽探後，我們會在多個產油砂層中發現石油。我們最後在一片富饒的沙地上發現了一件令人欣喜的事。此產油砂層與我們發現的 Hai Su Vang 或金海獅油藏屬於同一年齡。

What is significant about the relationship between the two is that the Lac Da Hong, the most recent discovery, Pink Camel, was drilled at a depth that is now deeper than Hai Su Vang discovery at the same -- in the same pay sand.

兩者之間關係的重要意義在於，最近發現的 Lac Da Hong 油田（即 Pink Camel 油田）的鑽探深度比 Hai Su Vang 油田的鑽探深度更深——在同一產油砂層中。

They are separated, structurally separated from each other, but encountering oil deep in the overall system and demonstrating that the Lac Da Hong recent discovery was able to flow at commercial rates is very encouraging for us. So distribution of sand, depth of oil, productivity of the well, reservoir quality, all those things are encouraging for further appraisal at Hai Su Vang.

它們是分開的，在結構上彼此分離，但在整個系統深處遇到石油，並證明最近發現的 Lac Da Hong 能夠以商業速度流動，這對我們來說非常令人鼓舞。因此，沙子的分佈、石油的深度、油井的生產力、儲層品質等都有利於對 Hai Su Vang 進行進一步評估。

Got it, thank you. Thank you.

知道了，謝謝。謝謝。

Carlos Escalante, Wolfe Researcher.

卡洛斯·埃斯卡蘭特，沃爾夫研究員。

Hey, good morning. Good morning American team.

嘿，早安。早安，美國隊。

Look, I guess I'd like to ask about Vietnam as well, resonating one of my colleagues, our comments, the results are certainly -- they're certainly encouraging and I think that it continues to risk a development at scale.

瞧，我想我也想問一下關於越南的問題，這與我的一位同事的觀點相呼應，我們的評論，結果肯定是 - 它們肯定是令人鼓舞的，我認為它繼續面臨大規模發展的風險。

But just along those same lines of what you just said, Eric, the reservoir quality. If you compare and contrast both HSV versus LDH, I think on your opening remarks, you mentioned that the flow rates for this latest well came at 2,500 at max flow rate capacity, whereas if I compare it to your HSV comments where you mentioned that the 10,000 barrels of oil per day were facility constrained.

但正如你剛才所說的，艾瑞克，水庫的品質也是如此。如果您將 HSV 與 LDH 進行比較和對比，我想您在開場白中提到，這口最新油井的流量在最大流量容量下達到了 2,500，而如果我將其與您的 HSV 評論進行比較，您提到每天 10,000 桶石油受到設施限制。

Not sure if we're reading too much into this, but was hoping that you guys can perhaps elaborate a little bit on what you're seeing in terms of in apples-to-apples comparison of the flow rates and, also qualify for how long did this wealth flow at such rates because that matters as much as the size of the flow rate?

不確定我們是否對此過度解讀，但我希望你們可以詳細說明一下你們在同類流量比較方面所看到的情況，並確定這些財富以這樣的速度流動了多長時間，因為這與流量的大小同樣重要？

Carlos, I appreciate that. When we do these flow tests, the wells will flow for days. We conduct flow tests at a variety of production rates and we do pressure build-up testing to learn as much as we can about the reservoirs.

卡洛斯，我很感激。當我們進行這些流量測試時，水井會連續流動數天。我們以各種生產率進行流動測試，並進行壓力累積測試，以盡可能多地了解油藏。

Typically, toward the end of one of these tests we do flow the wells at a maximum rate just to get a sense for the total deliverability that's possible. So over the well flow for days, but the highest production periods are hours long. They're not minutes long; they're hours long and they're not days long.

通常，在某項測試即將結束時，我們會以最大速率輸送原油，以便了解可能的總產能。因此，井內水流可持續數天，但最高產量期則長達數小時。它們不是幾分鐘那麼長；而是幾小時那麼長，也不是幾天那麼長。

So we're pretty comfortable that they tell us quite a bit about the ability of the reservoirs to produce. I'll note that the pay thickness of the recent discovery Lac Da Hong Pink Camel is about 1/3 of the thickness in the main pay sand that we tested, flow tested at the Hai Su Vang discovery.

因此，我們很高興他們能告訴我們很多關於油藏生產能力的資訊。我要指出的是，最近發現的 Lac Da Hong Pink Camel 的產油厚度約為我們在 Hai Su Vang 發現中測試的主要產油砂層厚度的 1/3。

So because we found a thinner pay, we would expect it to produce at a lower rate. So if you adjust for pay thickness, they're similar. The Lac Da Hong may be a slightly less productive per foot than Hai Su Vang, but we're really happy with it. It's clearly commercial, typical production rates in this basin are 1,000 to 1,500 barrels per day per well.

因此，由於我們發現薪酬較低，我們預期其生產力也會較低。因此，如果根據薪酬厚度進行調整，它們是相似的。Lac Da Hong 每英尺的產量可能比 Hai Su Vang 略低，但我們對此非常滿意。這顯然是具有商業價值的，該盆地的典型產量為每口井每天 1,000 至 1,500 桶。

We're really pleased, obviously with the strong flow rate from Hai Su Vang and they're really quite a compelling flow rate from Lac Da Hong.

我們真的很高興，顯然 Hai Su Vang 的流量非常強勁，而且 Lac Da Hong 的流量也相當引人注目。

Okay, so just to clarify, both were both flow rates are at facility constraint levels, correct?

好的，只是為了澄清一下，兩者的流量都處於設施約束水平，對嗎？

No, that the Hai Su Vang that we announced the result earlier in the year was at a facility constrained level 10,000 barrels a day. Lac Da Hong produced what the well could deliver. It was less of a production rate, primarily because it's three times thinner. So you would expect the thickness driving partly the production rate potential.

不，我們在今年稍早宣布的結果顯示，Hai Su Vang 的產量限制在每天 10,000 桶的水平。Lac Da Hong 的產量相當於該井的產量。它的生產率較低，主要是因為它的厚度減少了三倍。因此，您可以預期厚度會在一定程度上決定生產率的潛力。

Got you. All right, makes sense. And then for my second question, uncut [the void] if we can talk about that for a minute.

明白了。好吧，有道理。然後是我的第二個問題，我們可以就未刪減的[空隙]討論一下嗎？

What are you looking for on those three-exploration success and knowing that there's been some adjacent success in the recent times with other companies. What are you looking for there, and how do you benchmark that, and plan for 2026 and 2027 in the event of a successful campaign up there?

您對這三次勘探成功有何期待？您是否知道最近其他公司也取得了一些類似的成功？您在那裡尋找什麼，您如何以此為基準，並規劃 2026 年和 2027 年的活動是否成功？

Carlos, we provide on our slides quite a bit of detail around expected resource ranges for the three prospects that we expect to test. We provide details on those. The Civette, the mean is 440 million barrels with the potential up to a billion.

卡洛斯，我們在幻燈片上提供了有關我們預計測試的三個前景的預期資源範圍的大量細節。我們提供有關這些內容的詳細資訊。Civette 的平均儲量為 4.4 億桶，潛在儲量高達 10 億桶。

The Kobus is expected to be fairly similar with a higher and a bit higher, but maybe over 1.2 billion. The Caracal prospect, which is a Baleine lookalike. It is probably 150 million barrels up to 360 million barrels.

Kobus 的數量預計與此相當，但會更高或略高一些，但可能超過 12 億。Caracal 的前景與 Baleine 很相似。大概是1.5億桶到3.6億桶。

So these are really sizable opportunities for us. We still have to award a rig there, do the work and finalize our well costs, but we're talking about wells that are around $50 million to $60 million apiece.

所以這對我們來說確實是個巨大的機會。我們仍然需要在那裡授予鑽井設備，完成工作並確定我們的油井成本，但我們談論的是每口油井大約 5000 萬至 6000 萬美元。

And to test these type of volumes with that kind of well cost is really compelling for us. The fiscal terms, well, I can't give you all the details, they are very strong fiscal regime and code of law has metrics, financial metrics that are not very different from the United States, which is the best fiscal regime in the world.

以這樣的成本來測試這種產量對我們來說確實很有吸引力。財政方面，嗯，我無法向你提供所有細節，但他們的財政制度非常強大，法律法規有指標，財務指標與美國沒有太大區別，而美國是世界上最好的財政制度。

So we're really happy with the potential here to find significant resource tested with low well cost and with success can be very profitable for us. The Civette prospect, which is likely to be our first well, which we'll drill later this year, is geologically very similar to Eni's Murene 1X or Calau discovery that was announced in March of '24.

因此，我們真的很高興能在這裡找到大量資源，而這些資源測試成本低，如果成功，我們將獲得豐厚的利潤。Civette 油田很可能是我們的第一口油井，我們將於今年稍後進行鑽探，其地質特徵與 Eni 公司於 2024 年 3 月宣布發現的 Murene 1X 或 Calau 油田非常相似。

And the Caracal prospect is very similar to the Baleine-producing field, which obviously gives us quite a bit of confidence that we have some nice looking prospects here. The [Covi's] prospect is more frontier, testing two different play types in one well, and we're really excited that the potential there is material.

Caracal 礦區的前景與 Baleine 礦區的前景非常相似，這顯然給了我們很大的信心，相信我們在這裡擁有一些不錯的前景。[Covi] 的前景更加前沿，在一口井中測試兩種不同的遊戲類型，我們對那裡的潛力感到非常興奮。

The other thing I'll point out is with success here, there's significant running room on other prospects on these blocks, so potentially, this could be really exciting for us if we have success in any of these prospects.

我要指出的另一件事是，如果在這裡取得成功，那麼這些街區的其他前景就有很大的發展空間，因此，如果我們在任何一個前景上取得成功，這對我們來說都可能真的令人興奮。

Tim Rezvan, KeyBanc Capital Market.

Tim Rezvan，KeyBanc 資本市場。

Good morning, folks. And thank you for taking my questions. I just wanted to kind of close the loop on repurchases, obviously following a pretty heavy first quarter.

大家早安。感謝您回答我的問題。我只是想完成回購的循環，顯然這是在第一季相當繁忙之後。

Just to clarify, is it safe to say you are still in the market, but you're obviously, keeping an eye on negative free cash flow for the year? Just trying to understand, I know you won't talk about amounts and timing, but is it safe to say that you're still going to remain active to some extent, going forward?

只是為了澄清一下，可以肯定地說您仍在市場上，但您顯然在關註今年的負自由現金流嗎？只是想了解一下，我知道您不會談論數量和時間，但是可以肯定地說，您今後仍會在某種程度上保持活躍嗎？

The way I would characterize it is we will not preclude being opportunistic, but we are very attentive to paying careful attention to our balance sheet. We like our industry leading balance sheet. We're going to protect our industry leading balance sheet.

我對此的定義是，我們不會排除機會主義，但我們會非常注意密切關注我們的資產負債表。我們喜歡我們領先業界的資產負債表。我們將保護我們行業領先的資產負債表。

We think we have a good dividend policy. We're happy with the share repurchase we've done in the past. We won't preclude doing it, but we're probably not leaning into it too heavily.

我們認為我們的股利政策很好。我們對過去進行的股票回購感到滿意。我們不會排除這樣做，但我們可能不會過度傾向於這樣做。

Okay. That's a perfect answer. Thank you. And then just again one more on Vietnam. As the platform construction continues, I know it's easy for me here, in the US to say this, but why wouldn't you kind of incorporate this exploratory success from LDH, given it's three miles away?

好的。這是一個完美的答案。謝謝。然後再談越南問題。隨著平台建設的繼續，我知道我在美國說這話很容易，但既然 LDH 距離我們只有三英里，為什麼不把它的探索性成功融入其中呢？

Are you sort of set in stone with the process you have in place and why wouldn't you kind of pull that value forward if it's just a three-mile tie back to that facility? I guess the bigger question is sort of how we should think about gross flow rates at that facility from startup in 4Q '26. Just trying to kind of get a little more context on that? Thank you.

您是否已經確定了現有的流程？如果只是與該設施建立三英里的連接，為什麼不將這一價值提前呢？我想更大的問題是我們應該如何看待該設施從 2026 年第四季啟動以來的總流量。只是想了解更多相關背景資訊？謝謝。

Yeah. Great question, Tim. So the recent discovery, Lac Da Hong or Pink Camel, like I said earlier, we expect that that'll probably be developed with a wellhead platform, tied into the production facility at Lac Da Hong A, which is the first platform that will come online.

是的。好問題，提姆。因此，正如我之前所說，我們預計最近發現的 Lac Da Hong 或 Pink Camel 可能會透過井口平台進行開發，並與 Lac Da Hong A 的生產設施相連，這是第一個上線的平台。

We will need another platform to be able to drill wells that we can produce. So we don't expect we'll be able to drill wells from Lac Da Hong A platform to develop the Lac Da Hong discovery. So a fairly simple well hub platform which we can see that the basis of the location of the drilling wells is likely the development concept there.

我們需要另一個平台來鑽探我們可以生產的油井。因此，我們並不期望能夠從 Lac Da Hong A 平台鑽井來開發 Lac Da Hong 油田。因此，我們可以看到一個相當簡單的井樞紐平台，鑽井位置的基礎很可能就是那裡的開發概念。

Now, we can incorporate that into the production platform and the FSO that are already part of the lang development, which should allow us to speed up the development. If it was a stand-alone with its own processing platform and own oil storage, then it would be a slower development.

現在，我們可以將其納入到已經成為語言開發一部分的生產平台和 FSO 中，這應該可以讓我們加快開發速度。如果它是一個獨立的、擁有自己的加工平台和自己的儲油設施，那麼它的發展就會比較慢。

So in a sense, what we're saying is we believe the forward plan will be an accelerated version of a development, and that's why I think it's possible that we could be producing there before the end of this decade. Total capacity of the facility is probably 30,000 barrels a day gross.

因此從某種意義上說，我們所說的是，我們相信未來計劃將是發展的加速版本，這就是為什麼我認為我們有可能在本世紀末之前在那裡生產。該設施的總產能大概是每天30,000桶。

Leo Mariani, Roth.

裡奧·馬裡亞尼，羅斯。

Hi, guys. I wanted to follow up a little bit on activity levels. So I appreciate all the commentary around looking to cut activity if oil's below $55 a barrel, sustainably talked about a potential rather substantial cut of 20% to 40%, next year.

嗨，大家好。我想稍微跟進一下活動量。因此，我很欣賞所有關於如果油價低於每桶 55 美元就削減產量的評論，並持續談論明年可能大幅削減 20% 至 40%。

But just wanted to kind of investigate, potentially a middle ground scenario, I mean, what if oil is closer to $60? Do you guys kind of hold firm on sort of that capital spending range of the 11% to 13%? Or is there kind of somewhere in the middle where maybe there's some more modest cuts as we look forward here?

但只是想調查一下，可能存在一種中間情況，我的意思是，如果油價接近 60 美元會怎樣？你們是否堅持 11% 至 13% 的資本支出範圍？或者是否存在某種中間值，也許在我們期待這裡出現一些更溫和的削減？

Leo, that's a great question. We really feel comfortable with the kind of capital level that we've been guiding the $1.1 billion, $1.3 billion at oil prices that are anywhere from the high-50s to low-60s barrel WTI. So that that's a good question.

Leo，這個問題問得非常好。我們對目前的資本水準感到非常滿意，在油價從每桶 50 多美元到 60 多美元之間波動的情況下，我們一直引導著 11 億美元、13 億美元的資金。這是個好問題。

So I think that if we thought we would have sustained, 2026 oil prices that would be $60 to $58 something like that, we would probably have a more significant capital program closer to what we've been guiding long term.

因此，我認為，如果我們認為能夠維持 2026 年油價在 60 美元至 58 美元左右的水平，我們可能會有一個更重要的資本計劃，更接近我們長期指導的目標。

With that type of oil price, we're able to easily manage our dividend and the capital program at that level. We would likely not have material free cash flow beyond that for debt reduction, but that we'd be happy with that.

在這種油價水平下，我們能夠輕鬆地管理我們的股息和資本計劃。除了用於減債的資金之外，我們可能不會有實質的自由現金流，但我們對此感到滿意。

And I think considering that quite a bit of our capital investment is middle or longer cycle and if you think that oil prices to the later half of the decade are going up because of exhaustion of top tier shale, then we think it would make sense to kind of invest through the cycle, especially with oil kind of in the low 60s, high 50s range.

我認為，考慮到我們的相當一部分資本投資是處於中期或長期週期的，並且如果你認為由於頂級頁岩油的枯竭，到下個十年油價將上漲，那麼我們認為按照這個週期進行投資是有意義的，特別是在油價處於 60 多美元到 50 多美元的範圍內。

Okay, that's helpful. And I guess just on offshore Canada, obviously you guys had a bit of a hiccup there in the second, in the first quarter where you lost some volume. It seems like it's kind of been an ongoing problem for a while where volumes don't have been what you guys wanted them to be.

好的，這很有幫助。我想，僅在加拿大近海，顯然你們在第二季度，也就是第一季遇到了一些小問題，損失了一些交易量。這似乎是一個持續存在的問題，一段時間以來，交易量一直沒有達到你們想要的效果。

Can you just give a little bit more kind of color and sort of a little bit more detailed update on kind of what you see happening there? And also, just on LOE, you guys talked about LOE coming down in the second half of the year, you expect it to still be elevated kind of in the second quarter.

您能否更詳細地介紹一下那裡發生的情況？另外，就 LOE 而言，你們談到 LOE 將在下半年下降，但你們預計它在第二季度仍會處於上升趨勢。

Great question. So in Canada offshore, what happened has really nothing to do with the assets themselves, the Hibernia Terra Nova. The issue was an oil shuttle tanker had a collision with the port and it became unavailable, and the operators there had to come up with alternative methods, alternative tankers to deliver the oil from the facility to the tankers.

好問題。因此，在加拿大近海，發生的事情實際上與資產本身（Hibernia Terra Nova）無關。問題是一艘穿梭油輪與港口相撞，導致港口無法通行，港口營運商必須想出替代方法，使用替代油輪將石油從設施運送到油輪。

So really, it had nothing to do with the operators or the assets themselves. It was a short-lived issue. It did impact us unfortunately. It impacted everybody producing offshore Canada. We're happy with the performance of the assets other than that. And it's an unfortunate incident that affected us a bit, but it's not something that is expected to be ongoing. It's very unusual and it was fairly short-lived.

所以實際上，這與運營商或資產本身無關。這是一個短暫的問題。不幸的是，它確實對我們產生了影響。它影響了所有在加拿大近海進行生產的人員。除此之外，我們對資產的表現感到滿意。這是一起不幸的事件，對我們造成了一些影響，但預計不會持續下去。這是非常不尋常的，而且持續時間相當短暫。

If you look at operating expenses for the second quarter because of the ongoing work overactivity, I think that you'll see operating expenses continue to be elevated above sort of our long run level. I think you'll see something in the $14 range for the second quarter. And I think you'll see that drop in the $10 to $11 range for the last two quarters of the year.

如果您看第二季的營運費用，由於持續的工作過度活躍，我認為您會發現營運費用繼續高於我們的長期水平。我認為第二季的價格會在 14 美元左右。我認為，今年最後兩個季度，這一數字將下降 10 至 11 美元。

(Operator Instructions)

（操作員指示）

Josh Silverstein, UBS.

瑞銀集團的喬希·西爾弗斯坦（Josh Silverstein）。

Yeah, thanks. Good morning, everybody. Yeah, everybody's trying to talk about some kind of added flexibility to their programs. I'm curious how you kind of think about your Eagle Ford program. It's clearly kind of weighted the two quarters from a turn on line standpoint as you go forward, is that the most efficient way to operate this asset? Or do you think there could be a little bit more of a balanced approach across the year?

是的，謝謝。大家早安。是的，每個人都在嘗試談論為他們的程式增加某種靈活性。我很好奇您對 Eagle Ford 計劃有何看法。從線上轉的角度來看，這顯然是對兩個季度進行加權，這是營運該資產的最有效方式嗎？或者您認為全年可以採取更平衡的方法嗎？

Josh, thanks for that. The way that we've been managing our Eagle Ford business, if you go back to say 2021 through 2023, we were running a program that was very heavily weighted to the first two quarters.

喬希，謝謝你。我們管理 Eagle Ford 業務的方式是，如果回顧 2021 年至 2023 年，我們運行的計劃非常側重於前兩個季度。

In '24, we shifted our program to have steady drilling operations throughout the whole year and we're repeating that in 2025. It turns out just based on the amount of activity of drilling in the fourth quarter and the later half of the third quarter we have planned that we won't get to completing those wells that we drill late '25 until early '26.

2024 年，我們改變了計劃，全年進行穩定的鑽探作業，2025 年我們將重複這項計劃。事實證明，僅根據我們計劃的第四季和第三季後半段的鑽井活動量，我們將無法完成 25 年末到 26 年初鑽探的那些井。

So the cadence of long lines is still a little bit more weighted to the first three quarters, but our rig activity is constant through the year. So at the capital level, we're investing. We really can't do more to smooth it out than that.

因此，長線作業的節奏在前三個季度仍然略佔優勢，但我們的鑽井活動全年保持穩定。因此，在資本層面，我們正在進行投資。我們確實無法採取更多措施來解決這個問題。

Got it, understood. And then, as you guys are starting to contract out the offshore rigs for exploration and development programs, kind of later on this year and into next year, what's the current availability look like and how are the discussions on pricing relative to maybe what you saw three to six months ago?

明白了，了解了。然後，當你們開始將海上鑽井平台外包用於勘探和開發專案時，大概是在今年稍後和明年，目前的可用性如何？與三到六個月前相比，定價討論情況如何？

So for our code of law plans, we are close to awarding a rigged contract there. I'd rather not describe exactly what the rig rates are because we haven't awarded the contract, but we're comfortable that you'll be happy, I think with the rate there. It won't be particularly high.

因此，對於我們的法律法規計劃，我們幾乎授予了一份被操縱的合約。我不想準確描述鑽機費率，因為我們還沒有授予合同，但我們相信您會對那裡的費率感到滿意。不會特別高。

The rig availability is significant. I think we had over 10 rigs participate in our tender process, so quite a bit of rig activity is possible in Africa. And when we get to the point of being able to award a contract, we'll probably be able to say more there. In Vietnam, the appraisal program that we have coming up, we have a rig contract that is nearly ready to be signed, and the rig rate is quite low.

鑽機可用性非常重要。我認為我們有超過 10 個鑽井平台參與了我們的招標過程，因此在非洲可能有相當多的鑽井活動。當我們能夠授予合約時，我們可能會說更多。在越南，我們即將進行的評估計劃，我們有一份即將簽署的鑽機合同，而且鑽機費率相當低。

The -- it's significantly lower than the rig rate we had during the exploration program. So again, when we have those contracts awarded, I'd rather be able to talk about it later, but we're seeing some softening and rig rates both in jack up and in drill ships. So I'm pretty happy with that development as it relates to our ability to efficiently execute our exploration programs.

這比我們在勘探計劃期間的鑽機率低得多。因此，當我們獲得這些合約時，我寧願稍後再談論它，但我們看到自升式鑽井船和鑽井船的鑽井費率有所下降。因此，我對這一發展感到非常高興，因為它與我們有效執行探索計劃的能力有關。

Brian Velie, Capital One Security.

Brian Velie，Capital One Security 的負責人。

Hey, good morning, everybody. I thought that I had jumped out of the queue or at least I tried to. Leo kind of beat me to the punch with this [LOE] cadence question. So thank you for those comments.

嘿，大家早安。我以為我已經跳出了隊列，或者至少我嘗試這麼做了。Leo 搶先一步提出了這個 [LOE] 節奏問題。非常感謝您的評論。

Happy to hear from you, Brian. Thanks.

很高興收到你的來信，布萊恩。謝謝。

There are no further questions from our phone lines. I would now let you turn the call back over to Eric Hambly for any closing remarks.

我們的電話線裡沒有其他問題。現在，請您將電話轉回給 Eric Hambly，請他做最後發言。

Thank you for listening to our call today. If you have any additional questions, please follow up with our outstanding IR team. Have a good day, everyone.

感謝您今天收聽我們的電話。如果您有任何其他問題，請聯絡我們優秀的 IR 團隊。祝大家有愉快的一天。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and we may 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，我們可能會要求您斷開線路。