Murphy Oil Corp (MUR) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Murphy Oil Corporation first-quarter 2026 earnings conference call and webcast. (Operator Instructions)

各位女士、各位先生，早安，歡迎參加墨菲石油公司（Murphy Oil Corporation）2026 年第一季財報電話會議與網路直播。(接線員指示)

I would now like to turn the conference over to Atif Riaz, Vice President, Investor Relations and Treasurer. Please go ahead.

現在我想把會議交給投資人關係與財務主管副總裁 Atif Riaz。請開始。

Thank you, Rebecca. Good morning, and welcome to our first-quarter 2026 earnings conference call. Joining me today are Eric Hambly, President and CEO; Tom Mireles, Executive Vice President and CFO; and Chris Lorino, Senior Vice President, Operations.

謝謝你，Rebecca。早安，歡迎參加我們 2026 年第一季財報電話會議。今天與我一同出席的有總裁暨執行長 Eric Hambly；執行副總裁暨財務長 Tom Mireles；以及營運資深副總裁 Chris Lorino。

Yesterday after market close, we issued our first quarter earnings release, a slide presentation and a stockholder update. These documents can be found on Murphy's website, and we will reference them today throughout our call.

昨天收盤後，我們發布了第一季財報新聞稿、簡報投影片以及股東更新。這些文件可在墨菲的網站上找到，我們今天在通話中將全程引用。

As a reminder, today's call contains forward-looking statements as defined under U.S. securities laws. 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, please refer to our most recent annual report filed with the SEC.

提醒各位，今天的通話包含依美國證券法所定義的前瞻性陳述。無法保證這些事件一定會發生，或預測一定能達成。存在多項因素可能導致實際結果出現差異。關於風險因素的進一步討論，請參閱我們最近向美國證券交易委員會（SEC）提交的年度報告。

Murphy takes no duty to publicly update or revise any forward-looking statements, except as required by law. Throughout today's call, production numbers, reserves and financial amounts are adjusted to exclude noncontrolling interest in the Gulf of America.

除法律要求外，墨菲不承擔公開更新或修訂任何前瞻性陳述的義務。在今天的通話中，產量數據、儲量與財務金額均已調整，以排除在美洲灣（Gulf of America）之非控股權益。

I will now turn the call over to Eric for opening remarks.

接下來我把電話交給 Eric 發表開場致詞。

Thank you, Atif, and thanks to everyone for joining us this morning. I hope you've had a chance to review our stockholder letter, which provides a detailed overview of our first quarter operational and financial performance.

謝謝你，Atif，也感謝各位今天早上加入我們。希望各位已經有機會閱讀我們的股東信，其中對第一季的營運與財務表現提供了詳盡概述。

Before turning to results, I want to touch on the broader context. Ongoing geopolitical developments, particularly in the Middle East, contributed to elevated volatility across energy markets during the quarter. While Murphy does not have direct exposure to the region, these global dynamics influenced realized pricing and reinforce the importance of operating with discipline and a long-term mindset. On today's call, I will briefly discuss this market environment, review our first quarter performance and provide an update on our exploration and appraisal program.

在進入業績之前，我想先談談更廣泛的背景。持續的地緣政治發展，特別是在中東地區，使本季能源市場波動性升高。雖然墨菲並未直接曝險於該地區，但這些全球動態影響了實現價格，也再次凸顯以紀律與長期思維營運的重要性。在今天的通話中，我將簡要說明此市場環境，回顧第一季表現，並更新我們的勘探與評估計畫。

Against the backdrop of significant commodity price volatility, Murphy delivered a strong quarter. Our oil-weighted unhedged portfolio allowed us to fully capture prices as they moved materially higher. We generated cash flow of $429 million and adjusted net income of $47 million, including $67 million of exploration expense related to 2 unsuccessful wells in Cote d'Ivoire.

在大宗商品價格劇烈波動的背景下，墨菲交出強勁的一季。我們以原油為主且未避險的投資組合，使我們能在價格大幅走高時完整掌握上行。我們創造了 4.29 億美元的現金流，以及 4,700 萬美元的調整後淨利，其中包含與象牙海岸（Cote d'Ivoire）兩口未成功井相關的 6,700 萬美元勘探費用。

Cash flow was supported by higher oil prices late in the quarter with realized prices exceeding $90 per barrel in March. It's worth noting that March prices were not representative of the full quarter as prices rose roughly 50% from January to March. Our average realized oil price for the full quarter was $72 per barrel.

現金流受惠於季末較高的油價，3 月的實現價格超過每桶 90 美元。值得注意的是，3 月價格並不代表整季水準，因為油價自 1 月到 3 月約上漲 50%。我們整季平均實現油價為每桶 72 美元。

Given the ongoing commodity price uncertainty, we view flexibility as a competitive advantage and have chosen to remain unhedged at this time. This reflects the strength of our balance sheet and our ability to manage through cycles without relying on market timing or hedging for financial stability.

鑑於大宗商品價格不確定性仍在，我們將彈性視為競爭優勢，並選擇目前維持未避險。這反映了我們資產負債表的強健，以及我們在不依賴市場時點或避險來維持財務穩定的情況下，仍能穿越景氣循環的能力。

On activity and capital, our approach continues to be driven by market fundamentals and our long-term strategy, not short-term price movements. Accordingly, we are maintaining our capital guidance range of $1.2 billion to $1.3 billion. Externally, as our non-operated partners evaluate how to respond to the current environment, we're seeing a range of approaches emerge. We're engaged with our partners on their plans, and we'll assess the merits of participating in any new activity on a case-by-case basis where it clearly creates shareholder value.

在活動與資本支出方面，我們的作法仍由市場基本面與長期策略所驅動，而非短期價格波動。因此，我們維持資本支出指引區間為 12 億至 13 億美元。對外部而言，當我們的非營運合作夥伴評估如何回應目前環境時，我們看到各種不同的作法正在浮現。我們正與合作夥伴就其計畫保持溝通，並將逐案評估是否參與任何新活動，前提是能明確創造股東價值。

Turning to operations. What stands out most this quarter is our execution, and that execution starts with our people. I want to recognize our teams for once again delivering robust, consistent execution across our portfolio. We delivered production above the high end of guidance, operated efficiently and advanced key projects across the globe in line with schedule and within budget.

接著談營運。本季最突出的，是我們的執行力，而執行力始於我們的員工。我要肯定我們的團隊，再次在整體投資組合中展現強勁且一致的執行表現。我們的產量高於指引上緣，營運效率良好，並按期且在預算內推進全球各地的關鍵專案。

Our production outperformance was driven roughly evenly by our onshore and offshore operations. Onshore, Eagle Ford exceeded expectations by nearly 3,000 barrels of oil equivalent per day, supported by strong performance from the 15 new wells brought online during the quarter. Longer laterals and continued innovation in drilling and completions are delivering strong wells efficiently, reinforcing the quality of this asset. Offshore, the Gulf of America also outperformed by about 3,000 barrels of oil equivalent per day, driven by high facility uptime and efficient execution of planned maintenance.

我們的產量超越預期，約由陸上與海上營運各貢獻一半。在陸上方面，Eagle Ford 的表現超出預期近每日 3,000 桶油當量，主要受惠於本季投產的 15 口新井之強勁表現。更長的水平段（laterals）以及鑽井與完井的持續創新，使我們能以高效率打造高品質井，進一步印證此資產的優異性。在海上方面，美洲灣（Gulf of America）同樣超出約每日 3,000 桶油當量，主要由高設備運轉率與計畫性維修的高效率執行所帶動。

Turning to exploration and appraisal. We are making meaningful progress across our program. In Cote d'Ivoire, drilling continues at the Bubale exploration well. We recognize the interest in this well and remain committed to disciplined, transparent communication. We will provide an update once operations are complete and the data have been fully evaluated.

接著談勘探與評估。我們在整體計畫上正取得實質進展。在象牙海岸（Cote d'Ivoire），Bubale 勘探井的鑽井作業仍在進行。我們理解市場對這口井的關注，並將持續以紀律且透明的方式溝通。待作業完成且數據充分評估後，我們將提供更新。

In Vietnam, at our Hai Su Vang, Golden Sea Line field, we are finishing operations on the HSV-3X appraisal well and we will move next to the HSV-4X well, the final well in the appraisal program. Together, these wells will help define the field's full potential and inform next steps on development. As we have previously communicated, we will provide results and an updated resource range at the conclusion of this appraisal program.

在越南，我們於 Hai Su Vang（Golden Sea Line）油田正完成 HSV-3X 評估井作業，接下來將轉往 HSV-4X 井，這是評估計畫中的最後一口井。這些井將共同協助界定該油田的完整潛力，並為後續開發步驟提供依據。如同我們先前所溝通的，我們將在此評估計畫結束時提供結果與更新後的資源量區間。

To close, this quarter was a real-world test of our strategy. In an environment defined by rapid price movement and elevated uncertainty, our focus remains unchanged. We executed with discipline, exceeded production expectations and delivered solid financial results while continuing to create long-term shareholder value. Looking ahead, our strong balance sheet positions us effectively across a range of outcomes, providing resilience in a weaker environment and full participation if prices remain strong.

最後總結，本季是對我們策略的一次實戰測試。在價格快速變動且不確定性升高的環境中，我們的重點始終不變。我們以紀律執行、產量超越預期，並在持續創造長期股東價值的同時交出穩健的財務成果。展望未來，我們強健的資產負債表使我們能有效因應各種可能結果：在較弱的環境中提供韌性，若價格維持強勢則可充分參與上行。

With that, we will open the call for your questions.

接下來，我們開放提問。

(Operator Instructions)

(接線員指示)

Arun Jayaram, JP Morgan.

JP Morgan 的 Arun Jayaram。

Good morning, Eric and team.

早安，Eric 與團隊各位。

Eric, totally understand how you're not yet at TD and Bubale. But I was wondering if you could maybe comment a little bit on just your overall geologic concept for that well. And we did note that it is taking a bit longer to reach TD. So I was just wondering if you could provide just a little bit more color on your geological concept, how drilling is going and just overall, how you'd characterize progress on that well?

Eric，我完全理解你們目前還沒到達 TD（總深度）以及 Bubale 的情況。但我想請你或許可以稍微談一下你們對那口井整體的地質概念。我們也注意到到達 TD 似乎花了更久一些。所以我想請你再多提供一些背景：你們的地質概念是什麼、鑽井進展如何，以及整體而言你會如何描述那口井的進度？

Yeah, thanks, Arun. Thanks for your question. We are actively drilling Bubale. We have -- the main objective of the well is the Cenomanian target. There is a secondary objective in the Turonian, which is shallower. We are currently drilling the well in the Turonian section. We have experienced slightly slower drilling progress than we had hoped for. So the well is taking a little longer to announce a result because we're still drilling it, and we've had a little bit slower rate of progress drilling. It's just a bit of hard rock to drill in part of that Turonian section. It's taking a little longer than I had hoped.

是的，謝謝你，Arun。謝謝你的提問。我們正在積極鑽探 Bubale。我們——該井的主要目標是白堊紀森諾曼階（Cenomanian）層位。在較淺的土侖階（Turonian）還有一個次要目標。我們目前正在土侖階段鑽進。我們的鑽進進度比原先希望的稍微慢一些。因此，這口井要公布結果會稍微久一點，因為我們仍在鑽進，而且鑽進速度略慢。主要是土侖階那一段有部分硬岩較難鑽。所以比我原本希望的花更久一些。

I can assure you, there's no one in the world who would like more than to be able to give an update on Bubale because I'm watching it very closely. I'm happy with our team's progress. We just don't have a definitive result to talk about as we're actively drilling it and have not yet reached the primary objective.

我可以向你保證，世界上沒有人比我更希望能更新 Bubale 的進展，因為我一直非常密切地關注。我對我們團隊的進度感到滿意。只是因為我們仍在鑽進，尚未到達主要目標，所以目前還沒有可以明確討論的結果。

I was wondering, as we look forward to your updates on the third and fourth well in Vietnam, and appreciate, obviously, the 3-part series that you held on exploration and the PSC, et cetera. But talk to us about some of the development options that you're thinking about in Vietnam for HSV, which obviously has a lot of promise at this point.

我想請教，展望你們在越南第三口與第四口井的更新，也很感謝你們先前就勘探與 PSC 等主題所做的三部系列分享。不過也請談談你們在越南針對 HSV 正在思考的一些開發選項；就目前來看，HSV 顯然很有潛力。

Yes. We talked a little bit about this on our webinar series. So for anyone who's listening, if you haven't listened to our webinar series, I'd recommend you do that. The concepts that we're currently evaluating for HSV, while it's still early days, are two primary opportunities. The first would be an FSO paired with a series of platforms that would be processing platforms and/or wellhead platforms. And the alternative to that would be an FPSO concept, either a new build FPSO or a potential redeployment of an existing FPSO.

是的。我們在網路研討會系列中有稍微談到。所以各位在聽的朋友，如果你還沒聽過我們的研討會系列，我建議你去聽。就 HSV 而言，雖然仍在早期階段，我們目前評估的概念主要有兩個方向。第一個是採用一艘 FSO，搭配一系列平台，作為處理平台和／或井口平台。另一個替代方案是 FPSO 概念，可能是新造 FPSO，或是將既有 FPSO 重新部署。

We don't yet know the ideal approach forward. But we're hoping after we collect the data from our appraisal program, we will use that information we collect to design a field development plan. We will seek an optimal development based on capital efficiency and timing. And we'll probably about a year from the conclusion of our appraisal program, we'll likely have clarity on our path forward. So FPSO or an FSO with some wellhead platforms and processing platforms.

我們目前還不確定哪一種方式最理想。但我們希望在取得評估計畫（appraisal program）的資料後，能用所蒐集的資訊來設計油田開發計畫。我們會以資本效率與時程為基礎，尋求最佳的開發方案。大概在評估計畫結束後約一年，我們應該就能更清楚未來的路徑。所以可能是 FPSO，或是 FSO 搭配一些井口平台與處理平台。

Great. Thank you, Eric.

很好。謝謝你，Eric。

Thank you.

謝謝。

Carlos Escalante, Wolfe Research.

Carlos Escalante，Wolfe Research。

Hey, good morning, team. Thank you for taking my question.

各位早安，團隊。謝謝讓我提問。

I'd like to ask first on your reinvestment rate framework moving into the end of the year into 2027. It looks like the collective aggregate of the estimates of my peers and I have you at around 185,000 barrels of oil equivalent per day for 2027. I know I'm being very specific here, and I'm not asking you for any type of guidance. But if I layer in Chinook first oil at LDV and then you recently sanctioned Banjo and Cello plus your incremental efficiencies in the Eagle Ford, it starts to look like a very conservative read into your 2027 number.

我想先問你們在今年底到 2027 年的再投資率（reinvestment rate）框架。看起來我和同業分析師的整體共識預估，2027 年你們大約是每日 18.5 萬桶油當量。我知道我問得很具體，我也不是要你們提供任何形式的指引。但如果把 LDV 的 Chinook 首油納入，再加上你們最近核准的 Banjo 與 Cello，以及你們在 Eagle Ford 的增量效率提升，這樣看起來你們的 2027 年數字就顯得非常保守。

So I would ask you to help us calibrate the production versus capital efficiency equation, particularly as nonproductive CapEx converts into producing assets that are free cash flow positive in 2027. So help us think about your reinvestment rate into 2027 relative to 2026.

因此我想請你們協助我們校準「產量」與「資本效率」之間的關係，特別是當非生產性資本支出（nonproductive CapEx）在 2027 年轉化為可產出、且自由現金流為正的資產時。請幫我們思考你們到 2027 年的再投資率，相對於 2026 年會是什麼樣子。

Yes. Obviously, Carlos, we don't have a budget for 2027 yet, but I'll give you a little color around what I think is going to be constructive for us as we head toward the end of this year and into next year. The volume addition from the Chinook 8 well that we expect to come online in the second half of this year will be significant. And Lac Da Vang Golden Camel field starting up in the fourth quarter of 2026 and ramping through 2027 will add to additional volumes in 2027.

是的。顯然，Carlos，我們還沒有 2027 年的預算，但我可以提供一些背景，說明我認為在今年底到明年，哪些因素會對我們有利。我們預期今年下半年投產的 Chinook 8 井，將帶來顯著的產量增量。而 Lac Da Vang 的 Golden Camel 油田在 2026 年第四季啟動、並在 2027 年逐步爬坡，也會在 2027 年帶來額外的產量。

What we haven't yet come up with is a detailed plan for exactly what to do with our onshore assets. I think we have a lot of thinking to do around how much we spend on exploring next year. We have a target-rich environment to explore in Vietnam and some exciting opportunities to test in the Gulf of America in 2027. So we have work to do before we form a 2027 budget around how much we spend on exploration in the Gulf and Vietnam versus deploying for investing in Eagle Ford, Tupper Montney, Kaybob Duvernay.

我們目前尚未制定一個非常細緻的計畫，來決定我們陸上資產到底要怎麼做。我認為我們還需要思考明年在勘探上要花多少。越南有很多目標可供勘探，而在 2027 年於美洲灣（Gulf of America）也有一些令人振奮、值得測試的機會。因此，在我們形成 2027 年預算之前，還有很多工作要做，包含要在美洲灣與越南的勘探支出，與在 Eagle Ford、Tupper Montney、Kaybob Duvernay 的投資部署之間做取捨。

So I don't have clarity yet on exactly what our forecast of production will look like for '27 because we have a lot of choices to make. I think we're fortunate to be in a mode where we can choose all those trade-offs. But just circling back, I think production additions are pretty significant from Chinook and then ramping up with the addition of Lac Da Vang field being online. And then Cello and Banjo is, we expect that will be a 4,000 barrel a day net contribution in 2028, not 2027 because we're expecting to bring it online late in 2027, just for clarity.

所以我目前還不清楚我們對 2027 年產量的預測會長什麼樣子，因為我們有很多選擇要做。我想我們很幸運，能處在可以做這些權衡取捨的狀態。但回到重點，我認為 Chinook 的產量增量相當可觀，接著 Lac Da Vang 油田上線並爬坡也會帶動增量。另外，Cello 和 Banjo 我們預期在 2028 年才會有每日 4,000 桶（淨額）的貢獻，而不是 2027 年，因為我們預計在 2027 年底才會投產；特此釐清。

That actually does help A lot. Thank you. Thank you for that. And then if I can come back to Cote d'Ivoire real quick. Following your development plan submitted to the Ivorian government in 2025 for Paon specifically, is that in your mind still -- well, first of all, can you give us a brief overview of what may be taking a bit longer than you expected? What's the sticking point perhaps you're having with conversations with the government?

這確實很有幫助。謝謝。謝謝你的說明。另外如果可以，我想很快再回到象牙海岸（Cote d'Ivoire）。在你們於 2025 年向象牙海岸政府提交針對 Paon 的開發計畫之後，你們心中目前是否仍然——首先，你能否簡要說明一下，哪些事情可能比你們預期花更久？你們與政府溝通時，可能卡住的點是什麼？

And then second, is that still progressing in your mind as a stand-alone development? And I know this is too much to ask because it's hypothetical, but in the event of a discovery at Bubale, would that underpin a joint development to add scale?

第二，這在你們看來是否仍以獨立開發（stand-alone development）的方式推進？我知道這個問題有點超出範圍，因為是假設性的，但如果 Bubale 有所發現，是否會支撐一個聯合開發，以擴大規模？

Yes. Great question, Carlos. So we did submit the field development plan as part of our work obligation. We -- in parallel with preparing and submitting that field development plan, we negotiated with various Ivorian parties to try to come up with a gas pricing arrangement that would allow that development to move forward.

是的。很好的問題，Carlos。因此，我們確實已依照工作義務提交了油田開發計畫。我們——在準備並提交該油田開發計畫的同時，也與象牙海岸的各方進行協商，試圖達成一個天然氣定價安排，使該開發得以推進。

The Paon field is an oil field with a relatively thin oil column and a large gas cap. So roughly two third of the BOEs produced from the field, based on our estimation, will be gas and the rest will be oil and gas liquids. So gas pricing is really critical for that project having economics that meet a threshold that we're willing to invest. We were so far unsuccessful in agreeing with the Ivorian government on a gas pricing structure that would inspire us to sanction the project.

Paon 油田是一個油柱相對較薄、且具有大型氣頂的油田。因此，根據我們的估算，該油田所生產的桶油當量（BOE）約有三分之二將是天然氣，其餘則為原油與天然氣液。所以，天然氣定價對於該專案能否具備達到我們願意投資門檻的經濟性至關重要。截至目前，我們未能與象牙海岸政府就一套能促使我們核准該專案的天然氣定價架構達成一致。

So while we know what we'd develop, how we would drill the wells and the facilities we would install, pipelines we would install, et cetera, we didn't get to a point where we were ready to move forward with the development. We're not obligated from our agreements with the Ivorians or the PSC to do the project, we are obligated to submit a development plan, which we've done. We're interested in doing the project if it can make money at a threshold we're willing to invest in.

因此，雖然我們知道要開發什麼、會如何鑽井，以及會安裝哪些設施、鋪設哪些管線等等，但我們尚未走到準備推進開發的階段。依據我們與象牙海岸方或 PSC 的協議，我們並沒有義務一定要做這個專案；我們的義務是提交一份開發計畫，而我們已經提交了。如果該專案能在我們願意投資的門檻下賺錢，我們有興趣去做。

Going back to your question in a bit more detail, any resource that is discovered near Paon could help add scale that could make the project commercial at a gas pricing structure that could be maybe lower price, which is in line with Ivorian desire and make the project move more economically. Resource density would help justify the cost of a gas pipeline from the field or fields to the shore to deliver gas for power generation in Cote d'Ivoire. So any discovery even by third parties nearby might also be helpful for bringing that project forward at some point.

回到你的問題並再多補充一些細節，在 Paon 附近發現的任何資源，都可能有助於增加規模，使該專案在某種（可能較低、符合象牙海岸方期待的）天然氣定價架構下具備商業性，並讓專案在經濟性上更可行地推進。資源密度將有助於合理化從該油田或多個油田鋪設天然氣管線至岸上、以供應象牙海岸發電用氣的成本。因此，即便是附近第三方的任何發現，也可能有助於在某個時間點推動該專案向前。

Okay, thank you. Sorry, just to clarify, so would -- does Paon lower the threshold of your consideration of commercial hydrocarbons at Bubale?

好的，謝謝。抱歉，我想再確認一下，所以 Paon 會不會——是否會降低你們在 Bubale 對商業性碳氫化合物的考量門檻？

It would, yes.

會的，會降低。

Got it. Thank you, too.

了解。也謝謝你。

Chris Baker, Evercore ISI.

Chris Baker，Evercore ISI。

Hey, good morning, guys. Eric, hoping you could just maybe help frame up the opportunity in Cameroon, what you guys are seeing there and what sort of next steps we should expect?

嘿，各位早安。Eric，希望你能協助我們梳理一下喀麥隆的機會：你們在那裡看到了什麼？以及我們接下來應該期待哪些下一步？

Yeah, thanks, Chris. We are interested in Cameroon for a few reasons. It has attractive geology and allows us to do what we are -- in communicating we're trying to do with frontier and emerging international exploration, which is get into opportunities that are at a relatively low cost of access and allow us to test prospects with relatively low-cost wells that target large resource. Cameroon is a bit interesting and unique in that it offers both shallow and deepwater exposure with a variety of play types, attractive geology, a proven source rock system and discoveries in the country, particularly in shallower water.

好的，謝謝你，Chris。我們對喀麥隆感興趣有幾個原因。它的地質條件具吸引力，也讓我們能做我們一直在溝通、希望在前緣與新興的國際勘探上所做的事：以相對較低的進入成本切入機會，並用相對低成本、以大型資源為目標的鑽井來測試勘探目標。喀麥隆有點有趣且獨特之處在於，它同時提供淺水與深水的布局，具備多種成藏類型、吸引人的地質條件、已被證實的烴源岩系統，以及該國內的發現，尤其是在較淺水域。

And it also -- we recently acquired and analyzed some newly reprocessed seismic data, which points to some prospectivity that was not obvious to us when we were previously in Cameroon about a decade -- over a decade ago. And so we see some opportunity that's attractive, and we get into the country relatively cheaply and can assess it. And at some point, if we decide to drill a well, we think we can test large opportunities with low well cost, which is what we're trying to accomplish. That's kind of the setup, Chris.

此外——我們最近取得並分析了一些新近重新處理的地震資料，顯示出一些在我們先前於喀麥隆（大約十年——超過十年前）時並不明顯的勘探潛力。因此我們看到一些具吸引力的機會，而且我們可以以相對低的成本進入該國並加以評估。在某個時間點，如果我們決定鑽一口井，我們認為可以用較低的單井成本去測試大型機會，這正是我們想達成的。大致就是這樣的背景，Chris。

That's great. Thank you. Just as a follow-up, the macro has obviously changed quite dramatically here. It sounds like for the most part, the '26 program has been seeing some early wins and remains largely on track. I guess one of the big themes you've seen from some of your peers this quarter is a focus on flexibility when it comes to cash returns.

很棒。謝謝。再追問一下，宏觀環境顯然已經出現相當劇烈的變化。聽起來 2026 年的計畫大致上已經看到一些早期成果，且整體仍大致按軌道推進。我想你們本季從一些同業那裡看到的一個重要主題，是在現金回饋方面更強調彈性。

I'm just curious, as you guys look out for the rest of the year, under a strip scenario, there's obviously quite a bit of excess cash. And I saw in the release, obviously, remain committed to the 50%. Can you just help frame up some of the flexibility and how you're kind of thinking about share buybacks from here and how that fits into the story for the rest of the year?

我只是好奇，當你們展望今年剩餘時間，在期貨曲線（strip）情境下，顯然會有相當多的超額現金。而且我在新聞稿中看到，你們顯然仍承諾維持 50%。你能否協助說明一下彈性空間，以及你們接下來如何思考股票回購、以及這在今年剩餘時間的整體敘事中如何定位？

Yeah, that's a great question. We are committed to delivering a competitive dividend to our shareholders as we've done since 1961. And we also have a desire to be a somewhat consistent repurchaser of our stock so that we can concentrate wealth in our existing shareholders. Having said that, we are not attempting to be very rigorous around a target of share buyback per quarter. We will likely approach share buyback with a bit of a more opportunistic assessment. And if we think that our share price is really cheap, then we'll probably move more quickly. If we think our share price is a little higher in the range, we may be a little more patient. So we'll sort of watch where we think that's heading.

是的，這是個很好的問題。我們致力於向股東提供具競爭力的股利，正如我們自 1961 年以來一直所做的。我們也希望能以某種程度的穩定性回購自家股票，讓既有股東的財富更集中。話雖如此，我們並不打算對每季回購金額設定非常嚴格的目標。我們很可能會以更具機會性的評估方式來進行回購。如果我們認為股價真的很便宜，那我們可能會更快採取行動。如果我們認為股價處於區間較高的位置，我們可能會更有耐心一些。所以我們會觀察我們認為走勢會往哪裡發展。

If you look at Murphy's share price trading performance over the last several years, even maybe longer, we tend to trade in a very tight correlation with oil price. I think that most prognosticators would guess that oil price will likely come down after resolution of the conflict in the Middle East. And so we're going to kind of watch that and see, does it make sense to move quickly or does it make sense to wait because I anticipate it's likely oil price falls significantly that our share price may come down with it. And so it maybe makes sense. So we're going to be a bit careful and disciplined around that, and we'll act if it makes sense, and we'll wait until a better opportunity if we think that is coming in the future.

如果你看 Murphy 過去幾年、甚至更長時間的股價交易表現，我們的股價往往與油價高度緊密連動。我想多數預測者會猜測，在中東衝突解決之後，油價很可能會回落。因此我們會觀察這點，看看是應該快速行動，還是應該等待，因為我預期若油價大幅下跌，我們的股價也可能隨之下來。因此那樣或許更有意義。所以我們會在這方面保持謹慎與紀律；如果有意義我們就會行動；若我們認為未來會出現更好的機會，我們就會等待到那個更好的時點。

Great. Thank you.

很好。謝謝。

Greta Drefke, Goldman Sachs.

Greta Drefke，高盛。

Good morning, team, and thank you for taking my questions. My first, I'm just wondering is if Murphy has any exposure to the Gulf specific crude pricing that has seen an outsized positive move in recent weeks and months? And if so, what's the lag on earnings impact to realized pricing that we should be mindful of?

各位早安，團隊，謝謝你們回答我的問題。第一個問題，我想了解 Murphy 是否有任何與海灣地區（Gulf）特定原油定價相關的曝險；該定價在最近幾週與幾個月出現了相對更大的正向變動。如果有的話，我們需要留意已實現價格對獲利影響的落後期（lag）是多久？

So we don't have any direct exposure to crude in the Middle East. We benefited from higher oil prices, and we've seen a little bit around pricing differentials move a little bit.

所以我們沒有任何直接曝險於中東的原油。我們受惠於較高的油價，而我們也看到價差（differentials）在定價上有些微變動。

I may let Tom, our CFO, who also oversees our marketing team, just give a little more color around differentials and part of our production from the US.

我可能會請我們的財務長 Tom（他也負責監督我們的行銷團隊）再就價差以及我們部分美國產量的情況補充一些說明。

Yeah. We are definitely seeing some more constructive pricing in the U.S. Gulf. Some of our crudes that benchmark to WTI, but the differentials are starting to show more strength than where we were a few months ago. So those lag by about a month. Usually with WTI, our benchmarks, we see those average prices as we market our crude. But the diffs -- the differentials are set. There's a bit of a lag on those. So through April, going forward, we'll start benefiting from those more constructive diffs in our crudes.

是的。我們確實看到美國墨西哥灣沿岸的定價更具建設性。我們部分原油以 WTI 為基準，但價差（differentials）開始比幾個月前更強勢。因此這些通常會落後大約一個月。一般就 WTI 而言，作為我們的基準，我們在銷售原油時會看到那些平均價格。但價差——也就是 differential——是已經設定好的。這部分會有一些滯後。所以從 4 月起、往後看，我們將開始從我們原油更具建設性的價差中受益。

Great. Thank you. I appreciate that color.

很好。謝謝。感謝你提供的補充說明。

Sure.

當然。

And just my second question is just if you can speak to how the exploration blocks that Murphy was awarded for the new federal lease sales compete for capital relative to other prospective areas in your existing Gulf of America position.

我第二個問題是，想請你談談 Murphy 在新的聯邦租賃拍賣中取得的勘探區塊，與你們在既有「美洲灣」（Gulf of America）布局中的其他潛在區域相比，在資本配置上是如何競爭的。

Yeah. The blocks that we picked up in the most recent lease sale from December of last year are a combination of blocks near our existing infrastructure where we'll target what are likely high chance of success, but not very large opportunities that allow us to put additional future volumes over facilities that we own and operate today. And the other part of the blocks we picked up are a little more sort of emerging part of the basin. And we are going to assess and evaluate the optionality we have there and think about an exploration program in '27, '28 that balances near field versus a little more emerging part of the Gulf.

是的。我們在去年 12 月最近一次租賃拍賣中取得的區塊，部分位於我們既有基礎設施附近；我們會鎖定成功機率較高、但規模不會非常大的機會，讓我們能把未來新增產量導入我們目前自有並營運的設施。另外一部分我們取得的區塊，則更偏向盆地中較新興的區域。我們將評估與檢視在那裡所擁有的選擇權（optionality），並思考在 2027、2028 年規劃一個兼顧近場（near field）與較新興墨西哥灣區域的勘探計畫。

Great. Thank you.

很好。謝謝。

Lel Mariani, Roth Capital.

Lel Mariani，Roth Capital。

Hey, guys. I wanted to just follow up a little bit on Bubale. I think, obviously, the well is taking longer than expected. You did mention there was some kind of harder rock in Turonian. Was that kind of the primary driver around the well taking longer? Is it just slower drilling? Or was there any other kind of like mechanical snafu or did it get started late? Anything like that?

嗨，各位。我想再追問一下 Bubale。我想很明顯，這口井花的時間比預期更久。你們確實提到在土侖階（Turonian）有比較硬的岩層。那是不是導致這口井耗時較長的主要原因？是單純鑽進速度較慢嗎？還是有其他像是機械故障之類的狀況，或是開鑽時間延後？有任何類似情況嗎？

And then I also wanted to ask, it sounds like you're drilling through the Turonian, have you seen any shows in that zone at this point? And do you have kind of an updated estimate in terms of when you think the well is done? Are we just a couple of weeks away? Is it relatively imminent? Just any more color would be great.

另外我也想問，聽起來你們正在鑽穿土侖階（Turonian），目前在那個層段有看到任何油氣顯示（shows）嗎？以及你們對於完井時間是否有更新的估計？我們是只差幾週嗎？是否相對即將完成？任何更多補充說明都很有幫助。

Sure, Leo. Unfortunately, the issue is we've had slower drilling than we'd hoped for. It's not shocking because there are offset wells drilled by other people that have also seen some slow drilling in the section. It is a little slower than we were hoping for. And as I said before, we don't have any definitive conclusive results to talk about, and I don't want to speculate as we're still drilling through and have not even seen the primary objective. So we'll wait until the well is done, and we'll give you an update.

當然，Leo。不幸的是，問題在於我們的鑽進速度比希望的更慢。這並不令人意外，因為其他公司鑽的鄰井（offset wells）在這一段也出現過鑽進偏慢的情況。只是確實比我們原先希望的還要慢一些。而且如我先前所說，我們目前沒有任何明確、具結論性的結果可以談，我也不想在仍在鑽進、甚至還沒到達主要目標層的情況下做推測。所以我們會等到這口井完成後，再向各位更新。

Got it. Okay. And then just sticking with exploration. Obviously, you announced Cameroon. It seems like it wasn't too long ago where you guys talked about Morocco as well. So it definitely seems like the company is kind of stacking up some opportunities internationally. Clearly, you've had success in Vietnam, which looks very promising. Should we really be thinking about just Murphy kind of continuing to, maybe I'll just say, move some of these exploration priorities come up in the stack.

了解。好。那再回到勘探。你們顯然宣布了喀麥隆。而且不久前你們也談到摩洛哥。所以看起來公司正在國際上累積一些機會。你們在越南顯然有成功案例，看起來也很有前景。我們是否應該把 Murphy 視為會持續推進、也許可以說，讓部分勘探優先順序在機會堆疊（stack）中往前移？

I know you're drilling with more exploration dollars this year. And obviously, that will depend on the oil price environment, but should people just generally think that perhaps over time, Murphy will continue to spend a little bit more on exploration than maybe it has in past years?

我知道你們今年投入更多勘探資金。而且這顯然也取決於油價環境，但大家是否可以大致認為，隨著時間推進，Murphy 會持續在勘探上的支出比過去幾年略多一些？

Yeah. I think this year, we're spending a little more than typical because we were quite excited about the prospectivity in Cote d'Ivoire, and we felt it made sense to drill those prospects at 100%. So our spend this year is a little higher percentage of our overall capital. And then if you pair that with our Vietnam appraisal program, which is quite active, it's just a bit of a heavier year than normal.

是的。我想今年我們的支出會比典型年度高一些，因為我們對象牙海岸（Cote d'Ivoire）的前景潛力非常興奮，並且認為以 100% 權益去鑽這些標的很合理。因此今年我們的支出占整體資本的比例會稍微高一些。再加上我們在越南的評估（appraisal）計畫相當活躍，所以今年確實比正常年度更「重」一些。

I think if you look longer then we're likely to spend probably 10% to 15% of our capital program on exploration, and that would be all forms of spending, that would be on our people, our seismic data and our drilling wells. So that could change if we had a compelling reason in the future, but I think that's a pretty good way of modeling us.

我想如果拉長時間來看，我們大概會把資本計畫的 10% 到 15% 用於勘探；這會包含各種形式的支出，包括人員、地震資料以及鑽井。未來如果有很有說服力的理由，這個比例可能會改變，但我認為用這個方式來建模我們是相當合理的。

We're trying to keep opportunities in front of us. So where we find attractive entry points, where we can do what I said before, which is get in relatively inexpensively and test prospects that have large resource with relatively low-cost wells, we want to set up a stack of opportunities that can do that for us. And these things take time to progress and mature. So we want to have a program where every other year or so, we have a new thing we're testing because we think the world needs ongoing exploration and exploration success to supply demand growth that's expected in crude oil. So that's what we're trying to do.

我們希望讓機會持續在我們面前。因此當我們找到有吸引力的切入點，能做到我先前說的——也就是以相對低成本進入，並用相對低成本的井去測試具大型資源潛力的標的——我們就希望建立一個能為我們帶來這些機會的「機會堆疊」。而這些事情需要時間推進與成熟。所以我們希望有一個計畫，大約每隔一兩年就有一個新的項目可以測試，因為我們認為世界需要持續的勘探與勘探成功，才能供應原油需求預期成長。這就是我們想做的事。

Maybe just last one for me here, Eric. So obviously, Murphy had a bit of a rigorous capital return framework that was laid out a handful of years ago. You commented on this on the call. It sounds like you're kind of moving a bit away from that when maybe that framework made sense when oil was a little bit more range bound. Now that oil has seen just tremendous volatility, should we kind of assume that the rigorous framework is somewhat abandoned here and you guys are just going to be kind of opportunistic and not necessarily give 50% of adjusted free cash flow back?

Eric，我這邊最後一個問題。很明顯，Murphy 幾年前提出了一套相當嚴謹的資本回饋框架。你在這次電話會議上也有評論。聽起來你們有點在淡化那套框架；也許在油價較為區間震盪時那套框架比較適用。現在油價波動非常劇烈，我們是否可以假設那套嚴謹框架在某種程度上已被放棄，而你們會更偏向機會式操作，不一定會把調整後自由現金流的 50% 回饋給股東？

Yeah, Leo. I think I wouldn't characterize our framework as still fully in place. The only thing that I think we'll try to do is be a little more opportunistic around timing of execution of our framework. We still want to buy back our stock. We still want to occasionally increase our dividend. We still want to use part of our cash flow to target to our balance sheet.

是的，Leo。我想我不會把我們的框架描述為已不再完全適用。我認為我們會嘗試做的，是在執行框架的時點上更具機會性。我們仍然想回購股票。我們仍然想在適當時候提高股利。我們仍然想把部分現金流用於強化資產負債表。

Obviously, with our debt towers now, it's very difficult for us to remove -- reduce long-term debt, but we can build cash on the balance sheet to affect net debt. Those are all things we want to do. There's no change to our framework, although I think that we are in the face of what I would characterize as extreme commodity price volatility, we'll probably be a little more opportunistic around timing of executing what we desire to do.

顯然，以我們目前的債務規模來看，要我們移除——也就是降低長期負債——是非常困難的，但我們可以在資產負債表上累積現金，以影響淨負債。這些都是我們想做的事情。我們的框架沒有改變，儘管我認為，面對我會形容為極端的大宗商品價格波動，我們在執行我們想做的事情的時點上，可能會更具機會主義一些。

Philip Jungwirth, BMO Capital Markets.

Philip Jungwirth，BMO 資本市場。

Thanks. I had a couple of questions on the Eagle Ford, where well performance continues to be really strong. First, can you just talk about what's changed in the program over the last year to drive the better results? Would it make sense to kind of revisit the 30,000 to 35,000 a day plateau for this asset given the inventory? And then just lastly, I wanted to ask if the planned Catarina wells later this year are mostly Lower Eagle Ford? Or does this also again include the Upper and Austin Chalk?

謝謝。我有幾個關於 Eagle Ford 的問題，那裡的井表現持續非常強勁。首先，你能談談過去一年在該計畫中有哪些改變，促成更好的結果嗎？考量到庫存（inventory），是否有必要重新檢視這項資產每日 30,000 到 35,000 桶的平台期？最後我想問一下，今年稍晚規劃的 Catarina 井主要是 Lower Eagle Ford 嗎？還是也同樣包含 Upper 以及 Austin Chalk？

Yes. I'll give you my high-level thoughts around how we're allocating capital, and then I'll let Chris Lorino provide more context on what's driving well performance. So we have guided kind of a midterm perspective of Eagle Ford in the 30,000 to 35,000 barrel a day range net to us. Last year, we exceeded that on the back of really strong new well performance.

是的。我先從高層次談談我們如何配置資本，接著我會請 Chris Lorino 補充更多關於推動井表現的背景。我們給出的 Eagle Ford 中期展望，大致是淨歸屬於我們每日 30,000 到 35,000 桶的區間。去年在新井表現非常強勁的帶動下，我們超過了這個水準。

This year, our guide is also higher than 35,000 barrels a day, around 38,000 barrels a day because we're kind of carrying that performance in from last year. We did allocate less capital to Eagle Ford in '26 than prior because we saw strength of performance, and we've seen some early strong performance from our Eagle Ford program this year. So really happy with how that's going.

今年，我們的指引也高於每日 35,000 桶，約每日 38,000 桶，因為我們某種程度上把去年的表現延續到今年。我們在 '26 年分配給 Eagle Ford 的資本比以前少，因為我們看到了表現的強勁，而且今年我們的 Eagle Ford 計畫也看到一些早期的強勁表現。所以對目前的進展非常滿意。

We haven't decided yet if we're going to allow that asset to decline back down to a 30,000 to 35,000 range in future years or if we'll try to keep it at 38,000 barrels a day or close. I have a guess that we're likely to try to keep it a bit higher, but that's something that we have choices to make on as we formulate a budget for next year.

我們尚未決定，未來幾年是否會讓這項資產回落到每日 30,000 到 35,000 桶的區間，或是嘗試把它維持在每日 38,000 桶或接近的水準。我猜我們很可能會試著把它維持得稍微高一些，但這是我們在制定明年預算時需要做出的選擇。

And so that's kind of how we're thinking about the asset. It's not quite clear to us yet the best use of capital. It will compete for capital with other opportunities we have across our portfolio. So we have to think about that as we formulate a budget for next year.

這就是我們對這項資產的思考方式。對我們而言，最佳的資本用途目前還不完全明確。它將與我們投資組合中其他機會競爭資本。因此在制定明年預算時，我們必須把這點納入考量。

And I'll let Chris Lorino give a little context on what's driving well performance and maybe the well mix that's left the rest of the year.

我讓 Chris Lorino 補充一些背景，談談是什麼在推動井的表現，以及可能是今年剩餘時間的井型組合。

Hey, Phillip, yes, the performance has been a pretty simple story. It's been a lot around the capital efficiency improvements that we've made, a lot about longer laterals and taking advantage of the additional footage and driving down our cost per foot. So -- and also, we continue to tailor each location to specifics around the rock and all the things that go into what's nearby and what adds up to those locations. So that's -- we've really got down to where we've got it down to a science in each location and continue to see surprises to the upside.

嗨，Phillip，是的，這個表現其實是個相當簡單的故事。主要在於我們做出的資本效率改善，很多是透過更長的水平段（laterals），利用增加的延伸尺數，並降低我們每英尺成本。另外，我們也持續依據岩性等各項特性，針對每個井位做客製化設計，並考量周邊情況以及所有會影響該井位的因素。所以——我們真的已經把每個井位的做法做到像科學一樣精準，並且持續看到超出預期的驚喜。

And if you look on the earnings deck, you can see some of the Catarina performance, a really great shallow decline that we're seeing there. So we've got a lot of running room in Catarina and continue to have some running room for longer laterals as well to take advantage of these capital efficiency stories.

如果你看一下財報簡報（earnings deck），你可以看到一些 Catarina 的表現，我們在那裡看到非常好的淺衰退（shallow decline）。因此我們在 Catarina 還有很大的發揮空間，也同樣還有一些空間可以做更長的水平段，來延續這些資本效率的故事。

Great, thanks. And then I also wanted to ask about the Gulf of America lease sale, but more specific to those Alaminos Canyon blocks that you kind of referenced there. I know it's early, but I was wondering if you could at least be able to talk about what drew you to this part of the basin as far as seismic or anything else just because it is a newer area.

很好，謝謝。另外我也想問一下美洲灣（Gulf of America）的租約拍賣，但更具體是你剛剛提到的那些 Alaminos Canyon 區塊。我知道現在還早，但我想請問你是否至少能談談，是什麼吸引你們到盆地的這個區域——例如地震資料或其他因素——因為這是一個較新的區域。

Yeah. We acquired some seismic data in advance of the lease sale that pointed us to some opportunities that we thought were compelling enough that we should target those blocks. And we're excited about the potential. We have more work to do to work through our exploration prospect assurance process and get comfortable that we've done everything we can to make a decision around drilling what looks like an interesting prospect or 2, and that work is ongoing. And I think there's a good chance that we may have a well out there in Alaminos Canyon in our '27 or '28 exploration programs.

是的。我們在租約拍賣前先取得了一些地震資料，這些資料指向一些機會，我們認為具備足夠吸引力，因此應該鎖定那些區塊。我們對其潛力感到興奮。我們還有更多工作要做，去完成我們的勘探前景保證（exploration prospect assurance）流程，並確認我們已盡一切所能，來就鑽探看起來有趣的一到兩個前景做出決策；這項工作仍在進行中。我認為很有可能在 '27 或 '28 年的勘探計畫中，我們會在 Alaminos Canyon 那邊打一口井。

Great. Thanks.

很好。謝謝。

Tim Rezvan, KeyBanc Capital Markets.

Tim Rezvan，KeyBanc 資本市場。

Good morning, folks. Thank you for taking our questions. I want to ask first on expected oil prices in Vietnam. Eric, when I last saw you and the team in Houston in March, you mentioned a $12 premium to Brent you were seeing for oil in Vietnam. And you sort of suggested this wasn't sort of a one-off issue with like refinery demand. So I know volatility is really high across the globe. But can you kind of give some context on what you're seeing on oil pricing in Vietnam and maybe how you think that could look by the time you get first production there? Thanks.

各位早安。謝謝你們回答我們的問題。我想先問越南的預期油價。Eric，上次我在三月於休士頓見到你和團隊時，你提到你們看到越南的油價相對布蘭特（Brent）有 12 美元的溢價。而且你也暗示這並不是像煉油需求那樣的一次性因素。我知道全球波動非常大。但你能否提供一些背景，談談你們在越南看到的油價定價情況，以及你認為到首次投產時可能會是什麼樣子？謝謝。

Yeah. I really wish I knew what oil prices would do in the future. What we expect from Vietnam on a long-run basis is based on location and crude quality, we would expect Brent plus maybe $2 or $3. Right now, there is a significant disruption to oil flows to Asia and physical deliveries of crude in the region have been seeing elevated differentials to Brent. So Brent $12-plus was what was on the market in March, which obviously, that's a fairly -- we expect that to be a short-run thing.

是的。我真的希望我知道未來油價會怎麼走。我們對越南長期的預期，是基於地理位置與原油品質，我們預期會是布蘭特加大約 2 到 3 美元。目前，亞洲的原油流向出現顯著干擾，該區域的實體原油交付相對布蘭特呈現較高的價差。所以三月市場上看到的是布蘭特加 12 美元以上；顯然，這是相當——我們預期這會是短期現象。

I don't know what Brent pricing will be when we come on stream in the fourth quarter. And I don't know how limited physical cargoes will be in Asia in the fourth quarter of this year when we come online. But I do think that we expect to see Brent plus something. I don't know if that will be Brent plus $2 or $3 or Brent plus $12. I think we are fortunate to have a growing business in Vietnam, where there's strong demand for crude. And I think the world is likely to price in crude deliveries to Asia with a little more geopolitical risk premium than maybe they were before the conflict. So I think that sets us up for some success.

我不知道我們在第四季投產時布蘭特會是多少。我也不知道今年第四季我們上線時，亞洲的實體貨船（cargoes）會有多受限。但我確實認為，我們預期會看到布蘭特加上某個幅度。我不知道會是布蘭特加 2 到 3 美元，還是布蘭特加 12 美元。我認為我們很幸運在越南有一個成長中的業務，那裡對原油需求強勁。而且我認為，全球可能會在對亞洲原油交付的定價中，納入比衝突前更高一些的地緣政治風險溢價。因此我認為這讓我們更有機會取得一些成功。

Okay. I appreciate the context there. And then as my follow-up, I just want to ask on the CapEx cadence for the year. It's very front-end loaded. It looks like about 68% of the spend in the first half, those of us with gray hair are used to seeing companies really struggle to hold the line on spending when they have such a heavy front-loaded skew. So can you talk about your confidence that you can stick to that budget? And perhaps I know you talked about non-op opportunities, like what may cause you to deviate if Brent does hold at such a high price? Thank you.

好的。感謝你提供這些背景。接著我想追問一下今年資本支出（CapEx）的節奏。它非常偏向前期投入。看起來大約有 68% 的支出在上半年；我們這些頭髮花白的人，過去常看到公司在支出如此前置的情況下，很難真正守住支出上限。所以你能談談你們有多大信心可以遵守這個預算嗎？另外我知道你提到一些非作業（non-op）的機會，例如如果布蘭特油價維持在這麼高的水準，什麼情況可能會讓你們偏離預算？謝謝。

Sure. I'm very confident in our ability to deliver a capital program that's in line with our guided range. I think if you look at our performance over the last few years, we've been pretty good at coming in really close to the range. Last year, we actually underdelivered on the range. We came in a little lower on CapEx.

當然。我對我們交付符合指引區間的資本計畫非常有信心。我想如果你看我們過去幾年的表現，我們在落在區間內、而且非常接近區間方面做得相當不錯。去年我們其實低於區間。我們的資本支出略低一些。

Our program is front-loaded a bit for 2 reasons, we have a heavy onshore program that's weighted to the first half of the year in terms of drilling and completing wells. And our exploration and appraisal program in Vietnam and Cote d'Ivoire is heavily weighted to the first half of the year. So I feel good about the things that are in our control allowing us to deliver capital within the range.

我們的計畫之所以有點前置，主要有兩個原因：我們有一個較重的陸上計畫，在鑽井與完井方面的工作量偏向上半年。另外，我們在越南與象牙海岸的勘探與評估計畫也大幅集中在上半年。因此我對於在我們可控的事項之下，能把資本支出控制在區間內感到樂觀。

We do think it's possible there may be non-operated opportunities in our Eagle Ford business that come up that may be something that makes sense for us to participate in. I think those things would not be very significant. And I think today, when I look at what may develop, I feel good that our range covers what is likely to happen.

我們確實認為，在我們的 Eagle Ford 業務中，可能會出現一些非作業（non-operated）的機會，對我們而言參與其中可能是合理的。我認為這些事情不會非常重大。而且以我今天對可能發展的判斷，我覺得我們的區間已涵蓋最可能發生的情況。

I will caveat that with one thing, if we are fortunate enough to have a success at Bubale, we are likely to drill an appraisal well at Bubale immediately. We have a rig available and equipment available to do that. We've signaled that in the past investor engagements that that's something we would likely do if we were fortunate to have success. I don't know what we have yet, so I don't know if that will happen. But another well at Bubale this year is not in our capital range, and it would push us either to the high end or maybe perhaps beyond the high end of that range (inaudible) a great problem to ask.

但我也要補充一點：如果我們很幸運在 Bubale 取得成功，我們很可能會立刻在 Bubale 再鑽一口評估井。我們有可用的鑽機與設備可以這麼做。我們過去在投資人溝通中也已表明，如果很幸運成功，這是我們很可能會做的事。我現在還不知道結果，所以也不知道是否會發生。但今年在 Bubale 再打一口井並不在我們的資本支出區間內，這會把我們推到區間上緣，甚至可能超過上緣（聽不清），但那會是個很好的問題。

Okay, I appreciate it. Thanks.

好的，明白了。謝謝。

Josh Silverstein, UBS.

Josh Silverstein，瑞銀（UBS）。

Good morning, guys. In Vietnam, I wanted to see if you could talk a little bit about the LDT exploration prospects there. I think you guys are set to spud in the back half of the year. Maybe just some similarities and potentially if a discovery, a quick tieback opportunity to LDV.

各位早安。在越南方面，我想請你們談談那邊 LDT 的勘探前景。我想你們預計在今年下半年開鑽（spud）。也許可以談談一些相似之處，以及如果有發現，是否有機會快速回接（tieback）到 LDV。

Yeah. The LDT North prospect is White Camel North. That prospect is targeting the same age reservoir as the Lac Da Trang or White Camel discovery that we made in 2019. It's a different compartment, but the same age reservoir. We are expecting it to have a mean to upside gross recoverable resource range of 40 million to 80 million barrels oil equivalent. Again, our expectation in this basin is it's quite oily.

是的。LDT North 的目標是 White Camel North。該前景鎖定的儲層年代，與我們在 2019 年發現的 Lac Da Trang（白駱駝）或 White Camel 發現屬於同一年代的儲層。它是不同的圈閉/隔間（compartment），但儲層年代相同。我們預期其總可採資源量（gross recoverable）平均到上緣的區間為 4,000 萬到 8,000 萬桶油當量。同樣地，我們對這個盆地的預期是含油性相當高。

With success there, it would likely be a tieback to the infrastructure that we're developing for Lac Da Vang or Golden Camel. If it happened to be extremely on the large end, it could anchor an additional hub. But I think the most likely outcome is that it will be tied back to the FSO that we're using to develop the Lac Da Vang field, which will be installed later this year.

如果成功，它很可能會回接到我們正在為 Lac Da Vang（Golden Camel）開發的基礎設施。如果規模剛好非常大、接近上緣，它可能會成為另一個樞紐（hub）的支撐。但我認為最可能的結果是回接到我們用來開發 Lac Da Vang 油田的 FSO（浮式儲卸油船），該 FSO 將在今年稍晚安裝。

And then just maybe on the new country entry front, Cameroon this quarter, Morocco earlier this year. Can you just talk about kind of broadly the strategies for entering these new countries and areas versus, say, doing a bit more in the Gulf versus, say, Alaska or other parts of Africa that have kind of established basins there? And maybe along the same lines, how would you kind of think about the risking of these prospects versus, say, what you were doing in Cote d'Ivoire?

另外在新國家進入方面，本季是喀麥隆、今年稍早是摩洛哥。你能否更廣泛地談談，與其在墨西哥灣多做一些，或是在阿拉斯加、或非洲其他已有成熟盆地的地區加碼相比，你們進入這些新國家與新區域的策略是什麼？同樣延伸來看，你們會如何看待這些前景的風險（risking），相較於你們在象牙海岸所做的事情？

That's great. What we're trying to do is use regional study to guide entry into opportunities that we like. So instead of saying, hey, there's a prospect in one block in one country, let's go get it. We're actively assessing opportunities over a large geography, doing detailed regional study and identifying opportunities where we think we can assess -- cheaply assess and test large opportunities. Those are going to be mostly in what we would characterize as emerging basins. So there's a working petroleum system identified by either past discoveries or other exploration wells that allow us an opportunity to test large resource with low well cost. That's what we're trying to do.

這個問題很好。我們想做的是用區域研究來引導我們進入我們喜歡的機會。也就是說，不是看到某個國家某個區塊的一個前景就去拿下它。我們正在一個很大的地理範圍內主動評估機會，做細緻的區域研究，並找出我們認為可以以較低成本評估並測試的大型機會。這些多半會在我們所稱的「新興盆地」。也就是已經由過去的發現或其他勘探井確認存在可運作的石油系統，讓我們有機會用較低的單井成本去測試大型資源。這就是我們要做的。

If I characterize our portfolio today, I would say that we have a limited ability in the Gulf of America to identify large opportunities. The well costs in the Gulf are expensive because of the complexities of drilling, either the depth or the sub-salt, et cetera, and the resource ranges are becoming smaller and smaller in the Gulf as a trend. We do have some compelling larger prospects in our portfolio.

如果要我描述我們目前的投資組合，我會說我們在美洲墨西哥灣辨識大型機會的能力有限。墨西哥灣的井成本很高，因為鑽井的複雜性，不論是水深、或鹽下（sub-salt）等因素；而且從趨勢來看，墨西哥灣的資源規模區間正變得越來越小。不過我們的組合中確實也有一些很有吸引力、規模較大的前景。

Most of our opportunity set in the Gulf is going to be smaller opportunities near infrastructure, whereas internationally in Vietnam, and Cote d'Ivoire, in Cameroon and Morocco, we have an ability to test larger things with cheaper wells, which is kind of what we're trying to do. I think we're fortunate to have a capability that we've maintained to be an international explorer and we execute generally quite efficiently in our well programs.

我們在墨西哥灣的大多數機會，會是靠近既有基礎設施的較小型機會；而在國際上，例如越南、象牙海岸、喀麥隆與摩洛哥，我們有能力用成本較低的井去測試更大型的標的，這正是我們想做的。我認為我們很幸運能維持作為國際勘探者的能力，而且我們在井計畫的執行上通常相當有效率。

If you look at the risk profile across our business, the near infrastructure prospects in the Gulf of America are our highest chance of finding hydrocarbons. The opportunities we're drilling in Cote d'Ivoire and the kind of things we'll test in Cameroon are likely to be kind of the next up on the risk profile. I would characterize the Morocco opportunity as frontier and the highest risk profile in our portfolio now. We are planning to do some seismic reprocessing in Morocco, which may help us derisk that prospect. And that's kind of the setup for how we're going to move through assessing the portfolio we have to explore in West Africa and in the US.

如果你看我們整體業務的風險輪廓，在美洲墨西哥灣靠近基礎設施的前景，是我們發現油氣機率最高的。我們在象牙海岸鑽探的機會，以及我們將在喀麥隆測試的類似標的，可能會是風險輪廓中下一個層級。我會把摩洛哥的機會形容為前緣（frontier），也是我們目前投資組合中風險最高的。我們計畫在摩洛哥進行一些地震資料再處理（seismic reprocessing），這可能有助於降低該前景的風險。這大致就是我們在評估西非與美國勘探投資組合時的推進方式。

Charles Meade, Johnson Rice.

Charles Meade，Johnson Rice。

Good morning, Eric, to you and your team. Forgive me if I'm -- I missed the few minutes of your call, I don't know hard time getting on, but -- so forgive me if I'm asking something you already covered. But I wanted to ask you to speak kind of at a high level about Chinook because it's going to be at that 15 MBOE a day gross, that's going to be a big increment to your Gulf production.

早安，Eric，也向你和你的團隊問好。如果我——我錯過了你們電話會議的前幾分鐘，請見諒；我不太確定，登入時遇到一些困難，但——所以如果我問到你已經涵蓋的內容，還請見諒。不過我想請你從較高層次談談 Chinook，因為它將達到每日總產量 15 MBOE，這會為你們的墨西哥灣產量帶來很大的增量。

And I think an earlier caller was asking about that. But can you give us the big setup here? I mean, this field has been producing over a decade. It used to produce a lot more. This looks like it's going to be a big new producer. Can you just give us a reminder, what is the setting of this -- of your reservoir here? Are there follow-up opportunities that are contingent on how this number eight well performs? And how much capacity is there available at the Pioneer FPSO?

我想先前也有來電者問到這點。但你能否為我們說明一下整體背景？我的意思是，這個油田已經生產超過十年。它過去的產量要高得多。而現在看起來它將成為一個重要的新產量來源。你能否提醒我們一下，你們這個儲層的地質／開發背景是什麼？是否存在後續機會，取決於第八口井的表現？以及 Pioneer FPSO 還有多少可用處理能力？

Yes. So the well is targeting the Wilcox, 2 Wilcox sands that are currently producing in another well in the field in the same fault compartment, the same reservoir section. There was a well that had produced back in 2019, and that well had a mechanical issue, and we have not produced that well since. And we believe that the well is something that we cannot effectively produce going forward. So we planned a development well to go develop the reservoir. I would characterize the reservoir as having a large in-place volume and a low current recovery factor. It is underdeveloped and needed additional wells to produce the field.

是的。這口井的目標是 Wilcox 層系，鎖定兩個 Wilcox 砂層；這兩個砂層目前在同一油田的另一口井中、同一斷層區塊（fault compartment）、同一儲層層段正在生產。2019 年曾有一口井在生產，但該井出現機械問題，自那之後我們就沒有再讓那口井生產。我們認為那口井未來無法有效地持續生產。因此我們規劃了一口開發井來開發該儲層。我會將該儲層描述為：原始地層含量（in-place volume）很大，但目前採收率偏低。它開發不足，需要更多井來開採整個油田。

We have identified this opportunity many years ago, but we didn't want to act on it for a couple of reasons. First was we were leasing the FPSO that is used to produce the field. And we identified that the terms were not that great after we took on the assets from our Petrobras joint venture deal, MP GOM. When we got it into our operatorship, we realized it wasn't a great lease agreement, and we worked to purchase the FPSO, which we did last year, which allows us to have improved economics on any future activity in the field.

我們多年前就已辨識到這個機會，但基於幾個原因當時不想採取行動。第一，我們當時是以租賃方式使用用於該油田生產的 FPSO。在我們透過與 Petrobras 的合資交易（MP GOM）承接這些資產之後，我們發現租賃條款並不理想。當我們接手成為營運方後，意識到那不是一份好的租賃協議，因此我們著手購買該 FPSO；我們去年已完成購買，這使我們未來在該油田的任何活動都能有更好的經濟性。

We also have a very expensive well that takes a long time to drill and complete. And while we were on a debt reduction journey to get close to our ultimate debt target, we didn't want to allocate capital to this just because it was a singular very large thing, and we wanted to wait until we had the FPSO purchased. So we've really done a great job, I think, of setting up this field to have a good financial outcome.

此外，這是一口成本非常高、鑽井與完井都需要很長時間的井。在我們致力於降低負債、以接近最終目標負債水準的過程中，我們不想把資本配置到這個項目上，因為它是一個單一且非常大的投資；而且我們也想等到完成 FPSO 的購買之後再做。因此我認為我們在為這個油田打造良好的財務成果方面，確實做得很到位。

Again, it's a development well in an existing reservoir. It will add additional production from the same reservoir that's already producing. So we don't really have a contingency plan. It's just an additional development well, kind of effectively replacing a well that had previously been producing in the field, but in a more optimal location.

再說一次，這是一口在既有儲層中的開發井。它將在同一個已在生產的儲層上增加額外產量。所以我們其實沒有什麼備援／應變計畫。它就是一口額外的開發井，某種程度上等於有效替代了先前在該油田生產、但現在已停產的那口井，只是位置更為理想。

There's probably additional opportunities in this field, both exploring untested fault blocks and maybe an additional production well that we are currently evaluating and the results from this well will also help inform whether or not we think an additional well will be necessary.

這個油田可能還有其他機會，包括勘探尚未測試的斷層區塊，以及我們目前正在評估的另一口生產井；而這口井的結果也將有助於我們判斷是否需要再打一口井。

Got it. That is great color. And then just as a quick follow-up. I think it was a couple of years ago, we were wondering what was going to happen with the Petrobras assets, your NCI volumes. And that just kind of seemed like it fizzled out. Is there still any process underway or any chance for you guys to acquire that? Or would you have a pref on that if someone else announced a deal for it?

了解。這些說明非常有幫助。接著快速追問一下。我記得幾年前，我們曾在想 Petrobras 的那些資產、也就是你們的 NCI 產量（非控股權益產量）會怎麼處理。但後來似乎就不了了之。目前是否仍有任何程序在進行，或你們是否仍有機會收購那部分？或者如果其他人宣布了相關交易，你們對此是否有優先購買權？

Yes. We would love to acquire it at the right price. Today, I don't believe that Petrobras is actively marketing their ownership in the joint venture. We do have a pref right if such a deal was struck. So at the right price, it would be great.

是的。如果價格合適，我們很樂意收購。就目前而言，我不認為 Petrobras 正在積極對外出售其在合資企業中的持股。若真的達成此類交易，我們確實擁有優先購買權（pref right）。因此在合適的價格下，這會是很好的機會。

Great. Thanks for the detail, Eric.

很好。謝謝你提供這些細節，Eric。

Thank you.

謝謝。

I will now turn the call back over to Eric Hambly for closing remarks.

我現在把電話會議交回給 Eric Hambly 作結語。

Thank you all for another engaging Q&A session. Paul Cheng, if you're listening, we had expected you to pop up with a question on this call. Paul covered Murphy as an analyst for over 30 years and just retired from Scotiabank in March. We always appreciate his thoughtful questions, and I'm sure the incoming team will be happy to carry the baton. Thank you all for tuning in, and thank you to our shareholders for their ongoing trust. This concludes our call.

感謝各位再次參與這場內容充實的問答。Paul Cheng，如果你正在收聽，我們原本以為你會在這通電話會議中跳出來提問。Paul 以分析師身分追蹤 Murphy 超過 30 年，並於 3 月自豐業銀行（Scotiabank）退休。我們一向很感謝他深思熟慮的提問，我也相信接手的團隊會很樂意接棒。感謝各位收聽，也感謝股東們持續的信任。本次電話會議到此結束。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。