西方石油 (OXY) 2021 Q3 法說會逐字稿

Good afternoon, and welcome to the Occidental's Third Quarter 2021 Conference Call.

下午好，歡迎參加西方石油公司 2021 年第三季度電話會議。

(Operator Instructions) I would now like to turn the conference over to Jeff Alvarez, Vice President of Investor Relations.

（操作員說明）我現在想將會議轉交給投資者關係副總裁 Jeff Alvarez。

Please go ahead.

請繼續。

Thank you, Eilee.

謝謝你，艾莉。

Good afternoon, everyone, and thank you for participating in Occidental's Third Quarter 2021 Conference Call.

大家下午好，感謝您參加西方石油公司 2021 年第三季度電話會議。

On the call with us today are Vicki Hollub, President and Chief Executive Officer; and Rob Peterson, Senior Vice President and Chief Financial Officer.

今天與我們通話的是總裁兼首席執行官 Vicki Hollub；以及高級副總裁兼首席財務官 Rob Peterson。

This afternoon, we will refer to slides available on the Investors section of our website.

今天下午，我們將參考我們網站投資者部分的幻燈片。

The presentation includes a cautionary statement on Slide 2 regarding forward-looking statements that will be made on the call this afternoon.

該演示文稿包括幻燈片 2 上關於將在今天下午的電話會議上做出的前瞻性陳述的警示性聲明。

I will now turn the call over to Vicki.

我現在將把電話轉給 Vicki。

Vicki, please go ahead.

維姬，請繼續。

Thank you, Jeff, and good afternoon, everyone.

謝謝你，傑夫，大家下午好。

Our strong operational and financial performance continued in the third quarter.

我們在第三季度繼續保持強勁的運營和財務業績。

Consistent with prior quarters this year, we generated a record level of free cash flow before working capital, which we applied towards reducing debt and strengthening our balance sheet.

與今年前幾個季度一致，我們在營運資本之前產生了創紀錄的自由現金流，我們將其用於減少債務和加強資產負債表。

Operationally, our business has excelled driving our robust financial performance.

在運營方面，我們的業務在推動我們強勁的財務業績方面表現出色。

OxyChem had its strongest quarter in over 30 years and our Permian, Rockies, Gulf of Mexico and Oman teams, set new operational records and efficiency benchmarks.

OxyChem 實現了 30 多年來最強勁的季度，我們的二疊紀、落基山脈、墨西哥灣和阿曼團隊創造了新的運營記錄和效率基準。

As was the case last quarter, our cost structure and capital intensity leadership served as catalysts for our strong financial results and provided a solid foundation for free cash flow generation.

與上一季度的情況一樣，我們的成本結構和資本密集度領先地位成為我們強勁財務業績的催化劑，並為自由現金流的產生奠定了堅實的基礎。

Our Gulf of Mexico and OxyChem operations were impacted during this quarter by Hurricane Ida.

我們的墨西哥灣和 OxyChem 業務在本季度受到艾達颶風的影響。

Our primary focus was the safety and well-being of our employees and contractors, and we were relieved to hear that our people remained safe during the storm.

我們的主要關注點是我們的員工和承包商的安全和福祉，聽到我們的員工在風暴期間保持安全，我們鬆了一口氣。

We are working closely with those that were impacted, and I could not have been more pleased with how our teams overcame the challenging events triggered by the storm.

我們正在與那些受到影響的人密切合作，我對我們的團隊如何克服風暴引發的具有挑戰性的事件感到非常滿意。

The Gulf of Mexico and OxyChem operations that were affected by Ida are back online with no lasting impacts.

受 Ida 影響的墨西哥灣和 OxyChem 業務重新上線，沒有任何持久影響。

I'd also like to pass along our best wishes to our coworkers in Oman's capital of Muscat, and to all the people of Oman, as they recover from the devastation recently caused by Cyclone Shaheen.

我還要向我們在阿曼首都馬斯喀特的同事以及所有阿曼人民轉達我們最良好的祝愿，因為他們正在從最近由颶風沙欣造成的破壞中恢復過來。

This morning, I'll cover our third quarter operational performance and divestiture progress, Rob will cover our financial results and balance sheet improvement as well as our fourth quarter guidance.

今天上午，我將介紹我們第三季度的運營業績和資產剝離進展，Rob 將介紹我們的財務業績和資產負債表改進以及第四季度的指導。

Our guidance for the fourth quarter and full year includes an increase in production and an improvement to earnings guidance for Midstream and OxyChem.

我們對第四季度和全年的指導包括增加產量以及改進 Midstream 和 OxyChem 的盈利指導。

The commodity price environment continued to be supportive in the third quarter as our focus remained on generating free cash flow and maximizing margins.

由於我們的重點仍然是產生自由現金流和最大化利潤率，第三季度商品價格環境繼續受到支持。

This is the third consecutive quarter that our operational success and capital intensity leadership have produced a record level of free cash flow.

這是我們的運營成功和資本密集度領先連續第三個季度產生創紀錄水平的自由現金流。

In fact, our third quarter free cash flow was the highest it's been since at least the turn of the century.

事實上，我們第三季度的自由現金流是至少自世紀之交以來的最高水平。

As you know, that time frame included several periods of significantly higher oil prices.

如您所知，該時間範圍包括油價顯著上漲的幾個時期。

Total production for the quarter reached the high end of our guidance, which is a noteworthy accomplishment considering the extended downtime in the Gulf of Mexico.

本季度的總產量達到了我們指導的高端，考慮到墨西哥灣的停機時間延長，這是一個值得注意的成就。

Hurricane Ida's impact on third quarter production and the costs associated with safely shutting in production, evacuating and then restarting the platforms and ongoing projects resulted in higher-than-expected domestic operating costs for the quarter.

颶風艾達對第三季度生產的影響以及與安全停產、撤離然後重新啟動平台和正在進行的項目相關的成本導致該季度國內運營成本高於預期。

Our fourth quarter domestic operating cost guidance reflects normalized conditions and is relatively in line with our previous expectations for the year.

我們的第四季度國內運營成本指引反映了正常情況，並且與我們之前對今年的預期相對一致。

On our last earnings call, we highlighted OxyChem's many strengths and consistent free cash flow generation.

在我們上次的財報電話會議上，我們強調了 OxyChem 的許多優勢和持續的自由現金流生成。

OxyChem's third quarter earnings were the strongest since 1990 and are a great example of what the business is capable of delivering.

OxyChem 的第三季度收益是自 1990 年以來最強勁的，並且是該業務能夠提供的一個很好的例子。

While Hurricane Ida disrupted third quarter operations, the impact to OxyChem's Louisiana-based facilities was temporary.

雖然颶風艾達擾亂了第三季度的運營，但對 OxyChem 位於路易斯安那州的設施的影響是暫時的。

The storm reduced production capacity in the period when market inventories were already fairly tight by historical standards.

在市場庫存以歷史標準衡量已經相當緊張的時期，風暴降低了產能。

OxyChem continued to benefit from supportive PVC and caustic pricing resulting in a stronger-than-anticipated earnings.

OxyChem 繼續受益於支持性 PVC 和腐蝕性定價，導致收益強於預期。

Our Midstream and marketing business benefited from the timing of export sales during a rising crude price environment and a healthy market for the sulfur produced at Al Hosn.

我們的中游和營銷業務受益於原油價格上漲環境下的出口銷售時機以及 Al Hosn 生產的硫磺的健康市場。

The marketing team was able to capitalize on natural gas price volatility during the quarter by directing gas towards transportation solutions, yielding the high spreads.

營銷團隊能夠通過將天然氣用於運輸解決方案來利用本季度的天然氣價格波動，從而產生高價差。

In summary, our team was once again able to utilize existing contracts and their expertise to maximize margins by delivering product to the markets that needed it the most.

總之，我們的團隊再次能夠利用現有合同和他們的專業知識，通過向最需要它的市場提供產品來最大化利潤。

We continue to make notable progress in reducing debt and strengthening our balance sheet.

我們在減少債務和加強資產負債表方面繼續取得顯著進展。

We exited the third quarter with approximately $2.1 billion of unrestricted cash following the repayment of $4.3 billion of debt and the settlement of $750 million of notional interest rate swaps.

在償還了 43 億美元的債務和結算了 7.5 億美元的名義利率掉期後，我們以約 21 億美元的非限制性現金退出了第三季度。

We are pleased to have delivered such a sizable reduction in debt in a single quarter.

我們很高興在一個季度內實現瞭如此可觀的債務減少。

In a healthy commodity price environment, we expect to continue reducing debt in future quarters as we delever and take the necessary steps to move towards returning additional capital to shareholders.

在健康的大宗商品價格環境下，隨著我們去槓桿化並採取必要措施向股東返還額外資本，我們預計將在未來幾個季度繼續減少債務。

Our oil and gas teams continued to demonstrate a consistent drive for efficiency as we never tire of setting new operational records or generating record levels of free cash flow.

我們的石油和天然氣團隊繼續表現出對效率的一貫追求，因為我們從不厭倦創造新的運營記錄或創造創紀錄的自由現金流水平。

I continue to be impressed by how our global teams are able to deliver outstanding results.

我繼續對我們的全球團隊如何能夠提供出色的成果印象深刻。

And I want to highlight several of the examples of operational excellence in the third quarter.

我想強調第三季度的幾個卓越運營的例子。

I'll start in the Permian, where we drilled our first 15,000-foot lateral wells in the Midland Basin and did so with impressive results.

我將從二疊紀開始，我們在米德蘭盆地鑽了第一口 15,000 英尺的側井，並取得了令人矚目的成果。

One of the first wells was delivered in less than 10 days from spud to rig release.

從開鑽到鑽機釋放不到 10 天就交付了第一口井中的一口。

In the Delaware Basin, year-to-date, we're drilling 16% faster than we were just a year ago.

在特拉華盆地，年初至今，我們的鑽探速度比一年前快了 16%。

The efficiency gains that our teams are recording extend well beyond the Permian.

我們團隊記錄的效率提升遠遠超出了二疊紀。

Our Rockies teams set a new Oxy daily drilling record in the DJ Basin with over 9,700 feet drilled in 24 hours.

我們的 Rockies 團隊在 DJ 盆地創造了新的 Oxy 每日鑽探記錄，24 小時內鑽探了超過 9,700 英尺。

In the Gulf of Mexico, we set a new cycle time drilling record, and our Holstein platform achieved its highest production in 10 years.

在墨西哥灣，我們創造了新的循環時間鑽井記錄，我們的荷斯坦平台實現了 10 年來的最高產量。

In Oman, we set new multiple drilling records and completions efficiency records as our teams continued to leverage new technologies and drilling techniques to improve performance.

在阿曼，我們創造了新的多次鑽井記錄和完井效率記錄，因為我們的團隊繼續利用新技術和鑽井技術來提高績效。

Another significant milestone reached by our international business was Dolphin, delivering its 10th TCF of natural gas in the third quarter.

我們國際業務達到的另一個重要里程碑是 Dolphin，在第三季度交付了其第 10 個 TCF 天然氣。

The impressive efficiency gains we have highlighted on the last few earnings calls are translating into tangible financial results.

我們在最近幾次財報電話會議上強調的令人印象深刻的效率提升正在轉化為切實的財務業績。

Our innovative approach to drilling and completion techniques, coupled with supply chain optimization, will enable us to deliver higher production than initially planned this year.

我們創新的鑽井和完井技術方法，加上供應鏈優化，將使我們能夠提供比今年最初計劃更高的產量。

And I want to point out, we're accomplishing this all while maintaining our commitment to capital discipline.

我想指出，我們在保持對資本紀律的承諾的同時完成了這一切。

We continuously seek new ways to work with our partners to lower cost in a socially and environmentally responsible way, and we're pleased to have been able to do that in the third quarter.

我們不斷尋求新的方式與我們的合作夥伴合作，以對社會和環境負責的方式降低成本，我們很高興能夠在第三季度做到這一點。

Through our partnership with a leading midstream company, we increased by about 30% the capacity of the water recycling plant that supports our Midland Basin South Curtis Ranch development.

通過與一家領先的中游公司合作，我們將支持米德蘭盆地南柯蒂斯牧場開發的水回收廠的產能提高了約 30%。

This expansion has enabled us to recycle and utilize higher volumes of water from the plant.

這種擴展使我們能夠從工廠回收和利用更多的水。

In addition to lowering costs, we have not disposed of any water at the South Curtis Ranch development since August.

除了降低成本外，自 8 月以來，我們還沒有在 South Curtis Ranch 開發項目中處理過任何水。

Across our U.S. onshore assets, our transition to using dual fuel frac fleets and drilling rigs has saved over 6 million gallons of diesel year-to-date, lowering cost and reducing emissions.

在我們的美國陸上資產中，我們向使用雙燃料壓裂船隊和鑽井平台的過渡今年迄今已節省了超過 600 萬加侖的柴油，降低了成本並減少了排放。

When Colorado's new permitting process became effective at the beginning of this year, we worked closely with regulators to adapt to the new process and requirements.

當科羅拉多州的新許可程序在今年年初生效時，我們與監管機構密切合作以適應新的程序和要求。

As members of the communities where we operate, our goal is to serve as a resource and educate stakeholders on Oxy's approach to responsible development.

作為我們經營所在社區的成員，我們的目標是充當資源並向利益相關者宣傳 Oxy 負責任發展的方法。

Our inclusive approach has been helpful in securing DJ permits.

我們的包容性方法有助於獲得 DJ 許可證。

In September, we were pleased to see the process move forward for Oxy with the approval of additional permits in Weld County.

9 月，我們很高興看到 Oxy 的流程在 Weld 縣獲得額外許可的情況下取得進展。

Our engagement with and support from communities remains strong, as does our commitment to responsible development as we work to secure additional permits.

我們與社區的接觸和支持仍然很強大，我們在努力獲得更多許可時對負責任發展的承諾也是如此。

The momentum that our oil and gas business has generated throughout 2021 has helped position us for a strong start in 2022.

我們的石油和天然氣業務在整個 2021 年產生的勢頭幫助我們在 2022 年取得了良好的開端。

We recently completed our large-scale divestiture program with the sale of our Ghana assets for $750 million.

我們最近完成了大規模的資產剝離計劃，以 7.5 億美元的價格出售了我們的加納資產。

As many of you know, we have been working closely with our partners in Ghana to complete this divestiture and have successfully closed the transactions with both buyers.

眾所周知，我們一直在與我們在加納的合作夥伴密切合作，以完成此次資產剝離，並成功完成了與雙方買家的交易。

For the Ghana divestiture, we have completed our goal of divesting $2 billion to $3 billion post-Colombia, marking the end of our large-scale ongoing divestiture program.

對於加納的資產剝離，我們已經完成了在哥倫比亞後剝離 20 億至 30 億美元的目標，標誌著我們正在進行的大規模資產剝離計劃的結束。

We have now divested approximately $10 billion of assets since August of 2019, and including the debt that was repaid in the third quarter, we have repaid approximately $14 billion of debt.

自 2019 年 8 月以來，我們現在已經剝離了大約 100 億美元的資產，包括在第三季度償還的債務，我們已經償還了大約 140 億美元的債務。

As we maintain our focus on shareholder value, we'll continue to seek opportunities to optimize our portfolio.

在我們繼續關注股東價值的同時，我們將繼續尋找機會優化我們的投資組合。

We will continue to complete acreage trades or bolt-on acquisitions if they create value for our shareholders.

如果它們為我們的股東創造價值，我們將繼續完成土地交易或補強收購。

I'll now hand the call over to Rob, who will walk you through our financial results for the third quarter and guidance for the fourth quarter.

我現在將電話轉給 Rob，他將向您介紹我們第三季度的財務業績和第四季度的指導。

Thank you, Vicki.

謝謝你，維姬。

In the third quarter, we generated a record level of free cash flow as commodity prices remained healthy and our businesses performed well.

在第三季度，由於商品價格保持健康且我們的業務表現良好，我們創造了創紀錄的自由現金流。

We exited the third quarter with approximately $2.1 billion of unrestricted cash on the balance sheet after repaying $4.3 billion of debt in the quarter.

在本季度償還了 43 億美元的債務後，我們在資產負債表上以約 21 億美元的非限制性現金退出了第三季度。

Through September 30, we have repaid $4.5 billion of debt and retired $750 million of notional interest rate swaps.

截至 9 月 30 日，我們已經償還了 45 億美元的債務，並收回了 7.5 億美元的名義利率掉期。

We estimate this will reduce interest and financing costs by $170 million per year going forward.

我們估計這將在未來每年減少 1.7 億美元的利息和融資成本。

Our consistently strong operational results, in combination with current commodity price environment, are driving improved profitability on top of our already robust free cash flow generation.

我們一貫強勁的經營業績，結合當前的商品價格環境，在我們已經強勁的自由現金流產生的基礎上推動盈利能力的提高。

In the third quarter, we announced an adjusted profit of $0.87 and a reported profit of $0.65 per diluted share, following our return to profitability on an adjusted basis in the second quarter.

第三季度，我們宣布調整後利潤為 0.87 美元，報告的攤薄後利潤為 0.65 美元，這是在第二季度調整後的基礎上恢復盈利之後。

Similar to previous quarters this year, our reported results were less than our adjusted results primarily due to the mark-to-market impact of derivatives.

與今年前幾個季度類似，我們報告的業績低於調整後的業績，主要是由於衍生品的盯市影響。

As commodity prices improved throughout the third quarter, we made payments of $14.2 million on the remaining oil hedge position and $24.1 million under our gas hedges.

隨著第三季度商品價格的上漲，我們為剩餘的石油對沖頭寸支付了 1420 萬美元，在我們的天然氣對沖中支付了 2410 萬美元。

We recognize that shareholders appreciate our leverage to oil prices and the recent uplift in natural gas prices.

我們認識到，股東讚賞我們對油價的影響以及近期天然氣價格的上漲。

Our current oil and gas hedges will expire by the end of this year, and we have not added any new hedges for future periods.

我們目前的石油和天然氣對沖將於今年年底到期，我們沒有為未來期間增加任何新的對沖。

As Vicki mentioned, the sale of our Ghana assets marks the completion of our large-scale divestiture program.

正如 Vicki 所說，出售我們的加納資產標誌著我們大規模資產剝離計劃的完成。

These assets were classified as discontinued operations in our financial statements, so there will be no impact on ongoing production.

這些資產在我們的財務報表中被歸類為終止經營，因此不會對正在進行的生產產生影響。

We will apply the cash from this divestiture and any cash generated from future portfolio optimization towards our cash flow priorities, which are currently focused on reducing debt.

我們將把資產剝離產生的現金以及未來投資組合優化產生的任何現金用於我們目前專注於減少債務的現金流優先事項。

We have raised our full year production guidance to 1.155 million BOE per day for 2021, while our full year capital guidance of $2.9 billion remains unchanged.

我們已將 2021 年的全年生產指導提高至每天 115.5 萬桶油當量，而我們 29 億美元的全年資本指導保持不變。

Last quarter, we raised our full year production guidance shortly before Hurricane Ida temporarily disrupted our Gulf of Mexico production.

上個季度，在颶風艾達暫時中斷我們墨西哥灣的生產之前不久，我們提高了全年生產指導。

Even taking into account the impact of this sizable storm, we met the high end of our company-wide production guidance for the third quarter.

即使考慮到這場大規模風暴的影響，我們在第三季度達到了公司範圍內生產指導的高端。

Our fourth quarter capital spend is expected to be higher than prior quarters this year primarily due to the timing of maintenance activities in all 3 of our business segments.

我們第四季度的資本支出預計將高於今年前幾個季度，這主要是由於我們所有三個業務部門的維護活動的時間安排。

In oil and gas, for example, a portion of the capital spending in the Gulf of Mexico was moved from the third to the fourth quarter due to Hurricane Ida, and we plan to accelerate the start of 2 rigs in the Permian, which I'll touch on shortly.

例如，在石油和天然氣領域，由於颶風艾達，墨西哥灣的部分資本支出從第三季度轉移到了第四季度，我們計劃加速在二疊紀開工 2 座鑽井平台，我稍後會談到。

Company-wide fourth quarter production is expected to be 1.14 million BOE per day, which represents a 5,000 BOE per day increase from the guidance provided on our last call.

公司範圍內的第四季度產量預計為每天 114 萬桶油當量，比我們上次電話會議提供的指導每天增加 5,000 桶當量。

Our fourth quarter guidance, which is slightly lower than our third quarter results, takes into account production sharing contract price sensitivities, planned maintenance, and our activity schedules.

我們的第四季度指引略低於我們的第三季度業績，其中考慮了生產共享合同價格敏感性、計劃維護和我們的活動時間表。

We expect to exit 2021 with approximately the same average quarter production as we exit 2020 with.

我們預計 2021 年退出時的平均季度產量與 2020 年退出時大致相同。

We have updated our activity slide to include 2 additional Permian rigs that were originally scheduled to start early next year and will now begin operating in the fourth quarter in the Texas Delaware and New Mexico.

我們更新了我們的活動幻燈片，其中包括 2 個額外的二疊紀鑽井平台，這些鑽井平台原定於明年初開始，現在將在德克薩斯州特拉華州和新墨西哥州的第四季度開始運營。

Similar to the activity change we announced last quarter, this adjustment will be fully funded through cost savings and optimization of capital projects gained through efficiency improvements and will not increase our 2021 capital budget.

與我們上個季度宣布的活動變化類似，此次調整將通過節省成本和優化通過提高效率獲得的資本項目獲得全部資金，並且不會增加我們 2021 年的資本預算。

Texas Delaware and New Mexico are 2 of our highest return assets, and introducing activity in the fourth quarter will place us in a stronger position for 2022.

德克薩斯特拉華州和新墨西哥州是我們回報率最高的兩個資產，在第四季度推出活動將使我們在 2022 年處於更有利的地位。

We expect that the market dynamics, which drove Midstream and Marketing's performance in the third quarter, will continue in the fourth quarter.

我們預計，推動 Midstream 和 Marketing 在第三季度表現的市場動態將在第四季度繼續。

We have increased forward guidance to reflect improved differentials benefiting the gas marketing business and robust sulfur pricing at Al Hosn.

我們增加了前瞻性指引，以反映有利於天然氣營銷業務的差異改善和 Al Hosn 強勁的硫定價。

We have increased earnings guidance for OxyChem for the third time this year, reflecting year-to-date performance and continued strong product demand.

我們今年第三次上調了 OxyChem 的盈利指引，以反映年初至今的業績和持續強勁的產品需求。

Not only do we expect 2021 to be a record year for OxyChem, we also anticipate the fourth quarter will be even stronger than the record third quarter.

我們不僅預計 2021 年將成為 OxyChem 創紀錄的一年，我們還預計第四季度將比創紀錄的第三季度更加強勁。

We believe that the market recognizes and appreciates the value being delivered to shareholders through debt reduction and balance sheet improvement.

我們相信，市場認可並讚賞通過減少債務和改善資產負債表為股東帶來的價值。

As we work to repay additional debt, we expect that shareholders will continue to benefit in several key ways.

在我們努力償還額外債務時，我們預計股東將繼續以多種關鍵方式受益。

First, we expect that the additional debt reduction will translate into share price appreciation.

首先，我們預計額外的債務削減將轉化為股價上漲。

We acknowledge that healthy commodity prices have played a role in the improvement of Oxy's enterprise value over the last 18 months.

我們承認，在過去 18 個月中，健康的商品價格在提高 Oxy 的企業價值方面發揮了作用。

Assuming the enterprise value our company remains stable or improves, equity will become a larger portion of enterprise value over time as debt is reduced.

假設我們公司的企業價值保持穩定或提高，隨著時間的推移，隨著債務的減少，股權將成為企業價值的更大一部分。

The interest and financing costs saved on a go-forward basis lowers our cash flow breakeven.

在前進的基礎上節省的利息和融資成本降低了我們的現金流盈虧平衡。

We expected a lower cash flow breakeven will result in additional discretionary cash being available to allocate towards our future cash flow priorities, including returning capital to shareholders.

我們預計較低的現金流盈虧平衡將導致額外的可自由支配現金可用於我們未來的現金流優先事項，包括向股東返還資本。

As we stated previously, we want to ensure that returning additional capital to shareholders, including any increase in the dividend, is sustainable and ratable throughout the cycle.

正如我們之前所說，我們希望確保向股東返還額外資本，包括股息的任何增加，在整個週期內是可持續的和可評估的。

Reducing the amount of cash committed to interest payments today places us in a stronger position for the sustainable return of capital in the future.

減少今天用於支付利息的現金金額使我們在未來的可持續資本回報方面處於更有利的地位。

Finally, lowering fixed costs in the form of interest or interest rate swap payments improves our flexible and optionality through any point in the commodity cycle.

最後，以利率或利率掉期支付的形式降低固定成本，提高了我們在商品週期任何階段的靈活性和選擇性。

Our balance sheet improvement efforts have placed us with a clear runway for the next few years, and we are taking a thoughtful approach to repaying additional debt in a manner that is opportunistic for Oxy.

我們的資產負債表改善工作為我們在未來幾年開闢了一條清晰的跑道，我們正在採取深思熟慮的方法以對 Oxy 來說是機會主義的方式償還額外債務。

Executing additional tenders or exercising attractive make-whole provisions are just 2 of the solutions we are considering.

執行額外的招標或執行有吸引力的整體條款只是我們正在考慮的解決方案中的兩個。

We may also choose to retire the remaining interest rate swaps, which have an uncollateralized value of approximately $400 million and could be another opportunity to improve cash flow by approximately $45 million per year at the current interest rate curve.

我們還可以選擇退出剩餘的利率掉期，這些利率掉期的無抵押價值約為 4 億美元，並且可能是在當前利率曲線下每年將現金流量提高約 4500 萬美元的另一個機會。

As we advance our cash flow priorities, we expect Oxy's financial position to strengthen, aided by our deleveraging efforts and our strong liquidity position.

隨著我們推進現金流優先事項，我們預計 Oxy 的財務狀況將在我們的去槓桿化努力和強大的流動性狀況的幫助下得到加強。

As we near the end of 2021, we are preparing for the year ahead with an unrelenting focus on safe, responsible operations and financial discipline, which we believe will create value for our shareholders.

臨近 2021 年底，我們正在為來年做準備，將不懈地關注安全、負責任的運營和財務紀律，我們相信這將為我們的股東創造價值。

I will now turn the call back over to Vicki.

我現在將把電話轉回給 Vicki。

Thank you, Rob.

謝謝你，羅布。

We understand that there's a high level of interest in our 2022 plan, which we'll announce in our next call.

我們知道大家對我們的 2022 年計劃很感興趣，我們將在下次電話會議中宣布。

But now we'd be happy to take your calls for this segment of the call.

但現在我們很樂意接聽您的這部分電話。

(Operator Instructions) Our first question today comes from Jeanine Wai with Barclays.

（操作員說明）我們今天的第一個問題來自巴克萊的 Jeanine Wai。

Our first question is perhaps on the balance sheet and growth.

我們的第一個問題可能是關於資產負債表和增長。

When do you see Oxy getting to the net debt of about $25 billion for that marker?

您什麼時候看到 Oxy 為該標記獲得約 250 億美元的淨債務？

Depending on oil prices, our model suggests you can achieve that by about year-end.

根據油價，我們的模型建議您可以在年底左右實現這一目標。

And if that's the case, is it just a matter of waiting for the macro to give you the all-clear sign in order to begin layering some growth capital?

如果是這樣的話，是否只是等待宏觀給你一個明確的信號，以便開始分層一些增長資本？

Certainly, we are achieving a line of sight towards getting to that net debt target of $25 billion.

當然，我們正在朝著實現 250 億美元的淨債務目標邁進。

So we're going to get there sooner than we expected.

所以我們會比我們預期的更快到達那裡。

But in terms of what we would do with the cash flow after that, we'll follow our commitment to our cash flow priorities, and the next in line would be to start to increase our fixed dividend.

但就在那之後我們將如何處理現金流而言，我們將遵循我們對現金流優先事項的承諾，接下來將開始增加我們的固定股息。

So that would be in terms of orders of priority, our next target.

所以這將是我們的下一個目標的優先順序。

We really don't feel like we need to provide growth at this time from the standpoint of where we are today with respect to our cash flow generating capability.

從我們今天的現金流產生能力的角度來看，我們真的不覺得我們現在需要提供增長。

So future growth for us really is -- would be in support of growing a dividend, not growth for growth's sake.

所以對我們來說，未來的增長確實是——支持增加股息，而不是為了增長而增長。

Yes.

是的。

And Jeanine, I'll add to Vicki's comments on that.

珍妮，我將補充 Vicki 對此的評論。

Just as we get to that, we've discussed feathering in the dividend at $25 billion.

就在我們談到這一點時，我們已經討論了將股息提高到 250 億美元。

We're not going to stop our debt reduction at that point.

屆時我們不會停止減債。

We're continuing to put cash flow into our debt reduction priorities beyond our other top priority of maintenance capital.

我們將繼續將現金流投入到我們的減債優先事項中，而不是我們的其他首要任務維護資本。

Okay.

好的。

And then maybe we can pivot to a different kind of growth.

然後也許我們可以轉向另一種增長方式。

The role of carbon capture, it's going to be absolutely tremendous in the energy transition.

碳捕獲的作用，在能源轉型中絕對是巨大的。

And Oxy clearly has core competency in this area.

而 Oxy 顯然在這一領域具有核心競爭力。

And Vicki, in the past, I think you've sized the potential of Oxy's carbon capture business as rivaling that maybe of your other businesses over time.

Vicki，在過去，我認為您已經將 Oxy 的碳捕獲業務的潛力估計為隨著時間的推移可能與您的其他業務相媲美。

So if you have any comments or update on that, that would be great.

因此，如果您對此有任何意見或更新，那就太好了。

And if overall, you can just discuss your updated view on Oxy's future as a carbon management company?

如果總體而言，您可以討論您對 Oxy 作為碳管理公司的未來的最新看法嗎？

We still believe and are moving toward becoming a carbon management company.

我們仍然相信並正在朝著成為一家碳管理公司的方向前進。

We think that's going to be needed for the energy transition.

我們認為這將是能源轉型所需要的。

And we're actually filling a gap with what we're doing, as you know, with respect to what others are doing.

正如你所知，我們實際上正在填補我們正在做的事情，相對於其他人正在做的事情。

Every -- there's a lot that really needs to happen in this energy transition for us to be successful to cap global warming at 1.5 degrees.

每一次——在這種能源轉型中確實需要發生很多事情，我們才能成功地將全球變暖控制在 1.5 度。

So there are some companies in the oil and gas industry that are moving more towards renewables, and that's very much needed.

因此，石油和天然氣行業的一些公司正在更多地轉向可再生能源，這是非常需要的。

And there's -- there are others that are working very hard to mitigate all of their emissions from current operations.

還有 - 還有其他人正在努力減少當前運營的所有排放。

We're working on both of those but not the renewables.

我們正在研究這兩個方面，但不是可再生能源。

We're working on reducing our current emissions from ongoing operations but we're also, as you know, taking advantage of the core competence we have with CO2 and the handling of CO2 will enhance oil recovery.

我們正在努力減少當前運營中的排放，但如您所知，我們也在利用我們在二氧化碳和二氧化碳處理方面的核心競爭力將提高石油採收率。

So we believe that that's a gap that nobody else is filling.

所以我們相信這是一個沒有其他人能夠填補的空白。

And the reason that gap is necessary is for several reasons.

之所以需要差距，有幾個原因。

First of all, there has to be CO2 removed from the atmosphere.

首先，必須從大氣中去除二氧化碳。

There's nobody in the world that disputes that.

世界上沒有人對此提出異議。

So direct air capture is going to be critical for that to happen.

因此，直接空氣捕獲對於實現這一目標至關重要。

So with direct air capture, not only can we remove CO2 from the atmosphere, but also that helps us to develop and produce oil that's either net zero or net negative carbon.

因此，通過直接空氣捕獲，我們不僅可以從大氣中去除二氧化碳，還可以幫助我們開發和生產淨零碳或淨負碳的石油。

So that enables us to provide the hard to decarbonize industry, such as aviation or maritime with fuels that are net zero carbon.

因此，這使我們能夠為航空或海運等難以脫碳的行業提供淨零碳燃料。

So there are 2 reasons to build direct air capture, first of all, for the removal from the atmosphere, the provision for providing those net zero carbon fuels.

因此，建立直接空氣捕獲有兩個原因，首先，從大氣中去除，提供那些淨零碳燃料。

And the things that makes it very versatile is you can build it anywhere.

使它非常通用的事情是您可以在任何地方構建它。

So we think that because of the magnitude of that impact around the world and the need for thousands of these to be built, it provides us the opportunity to be a big part of that and to actually be a leader in developing the technology.

因此，我們認為，由於這種影響在世界範圍內的巨大影響以及需要建造數千個這樣的設備，它為我們提供了成為其中重要一員並真正成為開發技術的領導者的機會。

So we think we will transition, the transition will take some time.

所以我們認為我們會轉型，轉型需要一些時間。

But over the next 10 to 15 years, I think we'll make a lot of progress towards becoming that carbon management company and a go-to company for those that need the CO2 offsets.

但在接下來的 10 到 15 年裡，我認為我們將在成為碳管理公司和那些需要二氧化碳補償的公司的首選公司方面取得很大進展。

Our next question comes from Doug Leggate with Bank of America.

我們的下一個問題來自美國銀行的 Doug Leggate。

Welcome to the end of earnings week, Vicki, thanks for closing us out, I guess.

歡迎來到收益週結束，Vicki，我猜，感謝您關閉我們。

I've got a couple of questions, specifically around the return of cash comments.

我有幾個問題，特別是關於現金評論的回報。

And if you don't -- if you can indulge me for a minute, I'd like to kind of lay out my thinking here.

如果你不 - 如果你能放過我一分鐘，我想在這裡闡述一下我的想法。

Your share price is lagging pretty badly today despite extraordinary free cash flow yield in our numbers and a clear line of sight to deleveraging.

儘管我們的數據中有非凡的自由現金流收益率以及去槓桿化的清晰視野，但你的股價今天仍然嚴重滯後。

So there's something the market is not acknowledging, obviously.

所以市場顯然沒有承認一些事情。

And our feedback, I guess, is that you're the only company not giving meaningful cash returns back to investors.

我猜，我們的反饋是，您是唯一一家沒有向投資者提供有意義的現金回報的公司。

So my question is, how do you think about the right level or the appropriate mechanism to return cash when your stock has such a high free cash flow yield.

所以我的問題是，當你的股票具有如此高的自由現金流收益率時，你如何考慮正確的水平或適當的現金返還機制。

Let's assume that persists.

讓我們假設這種情況持續存在。

That's my first question.

這是我的第一個問題。

And my second question is Pioneer and EOG, one has practically no net debt, the other is targeting no net debt.

我的第二個問題是 Pioneer 和 EOG，一個幾乎沒有淨債務，另一個目標是沒有淨債務。

Where do you think the right level of debt is once you surpass your $25 billion target?

一旦超過 250 億美元的目標，您認為合適的債務水平在哪裡？

Where do you want it to be?

你希望它在哪裡？

So first question, the mechanism for cash returns.

所以第一個問題，現金返還機制。

Second question, the long-term mid-cycle appropriate level of your balance sheet.

第二個問題，你的資產負債表的中長期適當水平。

Well, as you know, to get to around $25 billion net debt was our target.

好吧，如你所知，達到約 250 億美元的淨債務是我們的目標。

And as Rob mentioned earlier, now that target is in line of sight and, again, much sooner than we expected.

正如 Rob 之前提到的，現在目標在視線範圍內，而且比我們預期的要早得多。

So once we have actually achieved that, then we'll begin to layer in some of the other things that we can do with our cash, most notably and primarily would be to grow a fixed dividend.

因此，一旦我們真正實現了這一點，那麼我們將開始增加我們可以用現金做的其他一些事情，最值得注意的是，主要是增加固定股息。

And then beyond that, again, I don't see capital growth until we've gotten to a point where we need to make that happen.

然後再一次，在我們達到需要實現這一點的地步之前，我看不到資本增長。

I think we've talked about it over the last couple of years that we feel like it's very important to keep our breakeven around $40.

我認為我們在過去幾年中已經討論過，我們認為將盈虧平衡保持在 40 美元左右非常重要。

So as we establish a fixed dividend and move forward, we would grow our cash flow to match the growth in the dividend rate.

因此，當我們建立固定股息並繼續前進時，我們將增加現金流以匹配股息率的增長。

So that it will happen, and it will happen over time.

這樣它就會發生，它會隨著時間的推移而發生。

With respect to other considerations for the use of cash, it will really depend on the circumstances that we're in when we actually have reestablished or actually grown the existing fixed dividend that we have.

關於使用現金的其他考慮因素，這實際上取決於我們在實際重新建立或實際增加我們現有的固定股息時所處的環境。

Doug, I guess a piece I'd add to that is what we've done is consistent of what we've been messaging ever since we got into this deleveraging process.

道格，我想我要補充一點的是，我們所做的與我們進入去槓桿化過程以來一直在傳遞的信息是一致的。

We indicated to the market, as Vicki said, that we were going to get into that net $25 billion debt range before we considered raising -- increasing value return to shareholders.

正如 Vicki 所說，我們向市場表明，在我們考慮籌集資金之前，我們將進入淨 250 億美元的債務範圍——增加股東的價值回報。

And so we do have line of sight.

所以我們確實有視線。

It's obviously here a lot closer than we anticipated it would be because of the combination of all the work we did to strip out cash, but certainly commodity prices are much stronger than we anticipated.

它顯然比我們預期的要近得多，因為我們為剝離現金所做的所有工作的結合，但商品價格肯定比我們預期的要強得多。

And if it continues that way, it's not that far away that we'll reach that target.

如果它繼續這樣下去，我們就不會那麼遠達到那個目標。

But we aren't there yet, and that's the reason why we're not increasing value returned to shareholders because we're sticking to our messaging and the plan we've set out in front of our shareholders.

但我們還沒有到那一步，這就是為什麼我們沒有增加回報給股東的價值的原因，因為我們堅持我們的信息和我們在股東面前製定的計劃。

And so for us to prematurely deviate from that plan, bringing inconsistency to that message, we certainly don't want to bring to the marketplace.

因此，如果我們過早地偏離那個計劃，給這個信息帶來不一致，我們當然不想把它帶到市場上。

Okay.

好的。

This is a quick follow-up, and I'll jump off.

這是一個快速跟進，我會跳下去。

I'm looking at the Apache example.

我正在查看 Apache 示例。

We've come out basically given a framework where they are saying essentially, like you guys, the free cash flow yield is extraordinary.

我們基本上給出了一個框架，他們基本上說，就像你們一樣，自由現金流收益率是非凡的。

And so we're going to buy back a bunch of stock.

所以我們要回購一堆股票。

That's really what I'm driving at here.

這就是我在這裡開車的目的。

Your capacity for potential buybacks is pretty material.

你的潛在回購能力非常重要。

Can you offer any kind of thoughts as to why that might not be the case and what the limitations are around the preference shares as it relates to whether share buybacks would be practical.

您能否提供任何想法，說明為什麼情況可能並非如此，以及優先股的限制是什麼，因為它與股票回購是否可行有關。

I'll leave it there.

我會把它留在那裡。

I would say, Doug, we're not at the net debt of $25 billion yet, and we want to see what the macro conditions are and what's happening with our stock at that point.

我想說，道格，我們還沒有達到 250 億美元的淨債務，我們想看看宏觀條件是什麼，以及那時我們的股票會發生什麼。

So since we're not there, it's really hard to provide any direction right now on what we would do.

因此，由於我們不在那裡，現在很難就我們將要做什麼提供任何方向。

The one thing we can tell you is that we will follow our cash flow priorities, which is the fixed dividend first, before we would do and consider anything else.

我們可以告訴您的一件事是，我們將遵循我們的現金流優先級，即首先是固定股息，然後我們才會考慮其他任何事情。

The share repurchases are a longer-term possibility for us but not the nearest term.

股票回購對我們來說是一種較長期的可能性，但不是最近的期限。

The nearest term would be the growing the dividend.

最接近的術語是股息的增長。

Our next question comes from Neil Mehta with Goldman Sachs.

我們的下一個問題來自高盛的 Neil Mehta。

Vicki, the first question is just around sustaining capital, recognizing you're going to provide a little bit more clarity on '22 here in the coming months.

Vicki，第一個問題是關於維持資本，認識到你將在未來幾個月內提供更多關於 '22 的清晰度。

But can you just talk about how you see that trending as we move into '22?

但是你能談談你如何看待我們進入 22 世紀的趨勢嗎？

And what are the tools that you have in place to mitigate the natural cost inflation that should arise as oil prices stay at elevated levels?

隨著油價保持在高位，您有哪些工具可以緩解自然成本通脹？

I'll take the second one first.

我先拿第二個。

Our teams have worked hard to try to establish the right kind of contracts and business situations with service providers and material providers to mitigate inflation.

我們的團隊努力嘗試與服務提供商和材料提供商建立正確的合同和業務情況，以減輕通貨膨脹。

We don't think necessarily we would mitigate all of it.

我們認為我們不一定會減輕所有這些問題。

We're just not sure right now what inflation will be.

我們現在只是不確定通貨膨脹會是什麼。

But we know that our efficiencies and our established relationships and business situations will help to mitigate some of it.

但我們知道，我們的效率以及我們已建立的關係和業務情況將有助於減輕其中的一些影響。

We're hoping to continue also to further improve our efficiency so that we can mitigate more than what we would see today.

我們還希望繼續進一步提高我們的效率，以便我們可以減輕比我們今天看到的更多的影響。

But that's -- there's a lot of work going on around that and especially with respect to how we manage our supply chain and the strength of our position not only in the U.S. but around the world.

但這就是 - 圍繞這一點有很多工作正在進行，特別是關於我們如何管理我們的供應鏈以及我們不僅在美國而且在世界各地的地位優勢。

So we're leveraging that as well.

所以我們也在利用這一點。

With respect to the sustainability capital, I will say that inflation, whatever amount we can't mitigate would be certainly on top of what we have today.

關於可持續性資本，我會說通貨膨脹，無論我們無法減輕多少，肯定會超過我們今天所擁有的。

And the only thing that I could really point to in terms of what we've said before about this is, in 2022, we won't have as many DUCs to complete as we did in 2021.

就我們之前所說的而言，我唯一能真正指出的是，到 2022 年，我們將不會像 2021 年那樣完成那麼多的 DUC。

So there's a difference there.

所以那裡有區別。

We completed about 100 DUCs this year.

今年我們完成了大約 100 個 DUC。

In addition to that, we're going to have some capital investment that we'll need to make in 2 other areas, both of which we mentioned before.

除此之外，我們將需要在其他兩個領域進行一些資本投資，這兩個領域我們之前都提到過。

Al Hosn, we'll begin the expansion of that in 2022.

Al Hosn，我們將在 2022 年開始擴展它。

So we'll have that cost.

所以我們會有這個成本。

We'll also have some incremental cost in the Gulf of Mexico.

我們還將在墨西哥灣增加一些成本。

So it will be higher than the $300 million we had this year because the Gulf is a little bit lumpy in terms of capital investments.

因此，它將高於我們今年的 3 億美元，因為海灣地區在資本投資方面有點不穩定。

So we'll have those things to consider when we are putting together our final plan for 2022.

因此，當我們制定 2022 年的最終計劃時，我們將考慮這些事情。

That's helpful.

這很有幫助。

And just the follow-up is the composition of the portfolio.

只是後續的是投資組合的組成。

As you evaluate the different upstream buckets, the Permian, Rockies, Gulf of Mexico, Middle East, how do you see that evolving over time?

當您評估不同的上游水桶時，二疊紀、落基山脈、墨西哥灣、中東，您如何看待隨著時間的推移而演變？

Is there an area where you see is going to represent a disproportionate amount of the incremental capital beyond what you've already laid out?

有沒有一個領域，你看到的增量資本超出了你已經佈局的數額？

The Permian will always see a bigger portion of the growth capital or even the maintenance capital than anywhere else.

二疊紀總是會看到比其他任何地方更大的增長資本甚至維護資本。

As we're starting to -- are continuing to offset declines, there may be some of our areas that do decline.

當我們開始 - 繼續抵消下降時，我們的某些領域可能會下降。

That would be made up usually by the Permian Basin.

這通常由二疊紀盆地組成。

But all of our areas play a role in what we're doing.

但是我們所有的領域都在我們正在做的事情中發揮作用。

In fact, the -- for example, the Middle East, that's a -- that area for us is very helpful to continue development there because the contracts provide us some protection in a down market the PSCs do.

事實上，例如中東，這對我們來說是一個非常有助於繼續在那裡發展的地區，因為這些合同在 PSC 所做的低迷市場中為我們提供了一些保護。

So Oman is important to us from that respect.

因此，從這方面來看，阿曼對我們很重要。

And we do have a low cost of development there, and we get our cash back fairly quickly.

而且我們在那裡的開發成本確實很低，而且我們很快就能收回現金。

So that's the good part of Oman.

這就是阿曼的優點。

It delivers good returns.

它提供了良好的回報。

And Al Hosn is a low decline asset for us.

而 Al Hosn 對我們來說是一種低跌幅資產。

So it plays that role.

所以它扮演了這個角色。

We want to continue building on our low-decline assets, but that will be -- a lot of the growth for that will be going back to EOR at some point to start building there as we get this anthropogenic CO2.

我們希望繼續建設我們的低下降資產，但這將是——隨著我們得到這種人為的二氧化碳，很多增長將在某個時候回到 EOR 開始在那裡建設。

So EOR in the Permian will play a bigger role in the future.

因此二疊紀 EOR 將在未來發揮更大的作用。

But low decline assets are important to us, but the bulk of our dollars beyond sustainability ultimately would go to the Permian.

但低跌幅資產對我們很重要，但我們的大部分資金最終會流向二疊紀。

Our next question comes from Raphaël DuBois with Societe Generale.

我們的下一個問題來自法國興業銀行的 Raphaël DuBois。

The first one is a follow-up on the shareholder return.

第一個是股東回報的後續行動。

Can you please remind us why you think it is more appropriate to start by increasing the dividend instead of starting shareholder return by a large buyback program considering you -- I think we all agree that you are somewhat undervalued?

您能否提醒我們為什麼您認為從增加股息開始而不是通過考慮您的大型回購計劃開始股東回報更合適 - 我認為我們都同意您被低估了？

So wouldn't it make more sense to start by the last buyback program?

那麼從最後一個回購計劃開始不是更有意義嗎？

The reality is that there are multiple things that we could do with our cash.

現實情況是，我們可以用我們的現金做很多事情。

We believe that restoring the dividend as the -- and not restoring it to the prior level but continuing to increase it over time is a better and more predictable value creator for our shareholders.

我們認為，將股息恢復為 - 而不是將其恢復到之前的水平，而是隨著時間的推移繼續增加股息，這對我們的股東來說是一個更好、更可預測的價值創造者。

We have always been a dividend-paying company.

我們一直是一家支付股息的公司。

It's important for us to get back to that and make it a more -- get it to a level where it's more meaningful to our shareholders, but we always want to evaluate buybacks.

對我們來說，重要的是要回到這一點並讓它變得更加 - 讓它達到對我們的股東更有意義的水平，但我們總是想評估回購。

And so I'm not saying that we would never do it or never consider it.

所以我並不是說我們永遠不會這樣做或永遠不會考慮它。

We're just not at the point now where we have all the data to be able to make that assessment.

我們現在還沒有掌握所有數據來進行評估。

For example, today, we're not at $25 billion net debt.

例如，今天，我們的淨債務不是 250 億美元。

Now when we get there, we will take a look at all the things that are available to us to do.

現在，當我們到達那裡時，我們將看看我們可以做的所有事情。

But starting to grow the dividend we have today is a high priority because of the fact that we did have to reduce it significantly, we want to start restoring it.

但是開始增加我們今天擁有的紅利是當務之急，因為我們確實必須大幅減少它，我們希望開始恢復它。

But any time we look at cash, we would have cash beyond that available.

但任何時候我們看現金，我們都會有超出可用現金的現金。

And then we would just do the value calculations to determine whether it makes sense given the other opportunities for us to buy back shares.

然後我們只需進行價值計算，以確定考慮到我們回購股票的其他機會是否有意義。

It's always a consideration.

這始終是一個考慮因素。

Great.

偉大的。

One extra question on OxyChem, the results in Q3 were excellent, and your guidance in Q4 is nothing short of amazing considering there is always seasonality in this business.

關於 OxyChem 的一個額外問題，第三季度的結果非常好，考慮到該業務總是存在季節性，您在第四季度的指導簡直令人驚嘆。

And usually, Q4 is not as strong as Q3.

通常，第四季度不如第三季度強勁。

So can you maybe tell us a bit more about the market dynamics in terms of supply and demand?

那麼，您能否告訴我們更多關於供需方面的市場動態？

When do you think we should expect some sort of normalization of your chemical business?

您認為我們應該在什麼時候期待您的化工業務實現某種正常化？

Yes.

是的。

Sure, happy to discuss it, Raphaël.

當然，很高興討論它，拉斐爾。

So I would say what we see today in the chemical business is still very strong conditions in our vinyl business and steady improvements in the caustic business.

所以我想說，我們今天在化工業務中看到的情況仍然是我們的乙烯基業務狀況非常強勁，而苛性鹼業務也在穩步改善。

And you're correct.

你是對的。

Typically, we're normally entering into a seasonally slower period of time.

通常，我們通常會進入一個季節性較慢的時期。

But we're just not seeing that thus far because if you step back and look at the year, the industry, which already was pretty tight on supply to begin the year, lost almost 2 months of production because of the freeze we had in the Gulf states in February and then the impact of Ida that we had in the third quarter.

但到目前為止，我們還沒有看到這一點，因為如果你退後一步看看這一年，該行業在年初就已經非常緊張，由於我們在二月份的海灣國家，然後是我們在第三季度受到的 Ida 的影響。

So the combination of those 2 has kept, coupled with the demand being as strong as of all our products, has kept the supply-demand balance much tighter than anticipated or typically historically at that time of the year.

因此，這兩者的結合，再加上與我們所有產品一樣強勁的需求，使得供需平衡比預期或通常在一年中那個時候的歷史記錄要緊得多。

Those are the 2 main drivers.

這是兩個主要驅動力。

On Slide 31 of the deck, we included.

在甲板的第 31 張幻燈片上，我們包括在內。

Obviously, the main profit drivers for the business and the earnings are going to come from both the PVC business and the caustic soda business.

顯然，該業務和盈利的主要利潤驅動力將來自 PVC 業務和燒鹼業務。

The operating rates year-to-date are over 80% in the PVC business despite the impacts of the 2 storms and the lost months of production.

儘管受到兩次風暴的影響和幾個月的生產損失，PVC 業務今年迄今的開工率超過 80%。

And domestic demand is up over 13% versus this time year-to-date last year.

與去年同期相比，國內需求增長了 13% 以上。

And that's even when we started picking up the demand post COVID last year.

甚至當我們去年開始接受 COVID 後的需求時也是如此。

The other thing I would say is that the construction sector, much like it is with other building products remains very strong with inventory levels still very low.

我要說的另一件事是，與其他建築產品一樣，建築行業仍然非常強勁，庫存水平仍然非常低。

And you can tell that inventories are very tight because exports are really soft still compared to historical levels.

你可以看出庫存非常緊張，因為與歷史水平相比，出口仍然非常疲軟。

And what you have is with exports being down over 1/3 versus prior year, even prior being a COVID year, that's because the discretionary resin is just not available.

你所擁有的是與去年相比出口下降了 1/3 以上，即使是在 COVID 年之前，那是因為可自由支配的樹脂只是不可用。

And so what you only exported PVC resin is really destined for long-term contractual sales from U.S.-based producers that have relationships overseas.

因此，您僅出口的 PVC 樹脂實際上註定要與在海外有關係的美國生產商進行長期合同銷售。

And you're not seeing that spot resin flow into the market, which means people are still just trying to get enough resin for the domestic market, which is going to keep prices elevated and margins elevated through that period of time.

而且您沒有看到現貨樹脂流入市場，這意味著人們仍在努力為國內市場獲得足夠的樹脂，這將在這段時間內保持價格上漲和利潤率上升。

And so that's kind of atypical for this time of the year, but we do see it continuing through the balance of the year.

所以這在一年中的這個時候有點不典型，但我們確實看到它在今年餘下的時間裡繼續存在。

Does it continue all into the winter?

它會一直持續到冬天嗎？

Construction necessarily has to slow during the winter, but we don't have a flavor for is how much are people going to want to restock inventories to be ready for what looks like another strong spring construction, which will return pretty early in the year next year.

冬季的建設必然要放緩，但我們不知道人們要補充多少庫存，為看起來像另一個強勁的春季建設做好準備，明年年初就會恢復年。

On the chlor-alkali side, I'd say chlorine is extremely tight as producers are still trying to seek the highest value for the outlet.

在氯鹼方面，我想說氯非常緊，因為生產商仍在努力為出口尋求最高價值。

This is where OxyChem's vast portfolio of derivatives gives us so much strength versus many others because we're not just making PVC, we're making all 3 parts of the Vinyl's chain.

這就是 OxyChem 龐大的衍生產品組合為我們提供了與許多其他產品相比如此強大的地方，因為我們不僅生產 PVC，而且還生產 Vinyl 鏈的所有 3 個部分。

We're also selling into a domestic market that gives us exposure to the polyurethane markets, the TiO2 markets, et cetera, and water -- beyond just water treatment and others that traditionally think of and our own chloromethanes business.

我們還向國內市場銷售產品，這使我們能夠接觸到聚氨酯市場、二氧化鈦市場等和水——不僅僅是水處理和傳統上認為的其他產品以及我們自己的氯甲烷業務。

And so all those we're seeing strong demand and supply/demand balances are very tight.

因此，我們看到的所有需求強勁和供需平衡都非常緊張。

And we will see more than likely in the backside of another difficult operating year in the industry a continued effort to rebuild inventories, not only in supply chain, but there's also -- we're seeing a lot of pent-up demand still coming back as things somewhat return to normal on the backside of the pandemic.

在行業又一個艱難的運營年之後，我們很可能會繼續努力重建庫存，不僅在供應鏈中，而且還有——我們看到許多被壓抑的需求仍在回歸在大流行的背後，事情在某種程度上恢復了正常。

Particularly, caustic soda demand globally will continue to improve as manufacturing activity is restored in both South America and Asia and Europe.

特別是，隨著南美、亞洲和歐洲製造業活動的恢復，全球燒鹼需求將繼續改善。

And so what we're seeing on the caustic side is, again, steady improvements where we're not seeing record prices on caustic soda yet like we are on PVC, but some of the prices in Asia have risen to levels that haven't been seen before.

因此，我們在苛性鹼方面再次看到的是穩步改善，我們還沒有看到像 PVC 那樣創紀錄的苛性蘇打價格，但亞洲的一些價格已經上漲到從未有過的水平以前見過。

And so both businesses are very strong right now.

因此，這兩家公司現在都非常強大。

We will see a seasonal slowdown in caustic domestically because you're no longer able to transport caustic up the Mississippi River for the winter, but we don't see it really impacting the industry enough just because inventories are so tight.

我們將看到國內苛性鹼的季節性放緩，因為您不再能夠在冬季將苛性鹼運輸到密西西比河，但我們認為它對行業的影響還不夠，因為庫存如此緊張。

And so I still think January, February will continue to be slower months for the industry but it's going to be such a narrow period with the tight inventories.

因此，我仍然認為 1 月、2 月對於該行業來說將繼續是較慢的月份，但由於庫存緊張，這將是一個如此狹窄的時期。

We'll probably hit the ground running pretty quick in this spring again.

我們可能會在今年春天再次快速上手。

Our next question comes from Neal Dingmann with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Neal Dingmann。

Vicki, can you just share maybe just broadly how you're currently thinking about sort of just on the strategy growth versus capital discipline today in light of -- I know Rob's just had some minor comments on just adding some Permian rigs, but just maybe if you could share your thoughts on where you sit with that today.

Vicki，你能不能簡單地分享一下你目前是如何考慮今天的戰略增長與資本紀律的——我知道 Rob 只是對添加一些二疊紀鑽井平台有一些小評論，但也許如果你能分享你對今天坐在哪裡的想法。

Yes.

是的。

I would say that, for us, growth -- production growth is not a priority for us right now because if you look at our cash flow generating capabilities and with our strategy around that going forward, is to basically when we get to our net debt target of $25 billion, that's not where we'll end.

我想說，對我們來說，增長——生產增長現在不是我們的首要任務，因為如果你看看我們的現金流產生能力以及我們圍繞這一點的戰略，基本上就是當我們達到淨債務時250億美元的目標，這不是我們要結束的地方。

As Rob mentioned, we want to continue working to reduce our debt beyond that.

正如 Rob 所說，我們希望繼續努力減少我們的債務。

But the need to do so at a bigger level is just not there.

但在更大的層面上這樣做的需要並不存在。

We get to the $25 billion.

我們達到了 250 億美元。

We'll share more information as we get there about what our next target would be with respect to debt reduction.

當我們到達那裡時，我們將分享更多信息，以了解我們的下一個目標是減少債務。

And then again, it's to start growing our dividend again.

再說一次，它是再次開始增加我們的股息。

And the only point at which we would really need to start growing our production would be down the road, where we want to continue growing the dividend.

我們真正需要開始增加產量的唯一一點是在路上，我們希望繼續增加股息。

We don't need additional growth from production right now to be able to increase the dividend over the next couple of years because, again, with what we expect the macro to be and the level of increase in our dividend, we believe that we can do that without any production growth over the next at least couple of years.

我們現在不需要額外的生產增長來增加未來幾年的股息，因為同樣，隨著我們對宏觀經濟的預期和股息的增加水平，我們相信我們可以在接下來的至少幾年裡，在沒有任何產量增長的情況下做到這一點。

So it would be continuing to maintain our operations, our production level.

因此，它將繼續維持我們的運營和生產水平。

And then these occasional projects that are beyond the sustainability capital, like the GoM, Al Hosn could be those over the next couple of years.

然後這些超出可持續發展資本的偶爾項目，如 GoM、Al Hosn 可能是未來幾年的項目。

But other than that, it's then going to the dividend and further debt reduction.

但除此之外，它還會用於股息和進一步減少債務。

And I assume your low decline helps with all that.

我認為你的低跌幅對這一切都有幫助。

Pardon me?

對不起？

Yes.

是的。

And that's why it's important to have these low decline projects that enables us to execute on this strategy.

這就是為什麼擁有這些使我們能夠執行這一戰略的低衰退項目很重要的原因。

Absolutely.

絕對地。

And then one last one, if I could.

然後最後一個，如果可以的話。

You've mentioned, I think maybe even on the last call or maybe the prior in the past about maybe having hopes to get more than just a Q45 tax credit can maybe help you and others potentially expedite some of your plans in that low carbon area.

您已經提到，我認為甚至可能在最後一次電話會議上，或者在過去的上一次電話會議上，也許希望獲得的不僅僅是 Q45 稅收抵免，這可能會幫助您和其他人加速您在該低碳領域的一些計劃.

I'm just wondering, is this still something you think is needed to help you and others expedite clients with low carbon and if you did end up expediting this, would that come at the expense of cash going towards the upstream business?

我只是想知道，您認為這是否仍然需要幫助您和其他人加快低碳客戶的速度，如果您最終加快了速度，是否會以犧牲流入上游業務的現金為代價？

I would say that the world absolutely has to have acceleration of direct air capture, not just our DAC facilities, the carbon capture and retrofitting industry.

我想說，世界絕對必須加速直接空氣捕獲，而不僅僅是我們的 DAC 設施、碳捕獲和改造行業。

It has to happen.

它必鬚髮生。

So the only way that it can happen and at the pace that's needed for the world is for the U.S. to get on board with supporting it, and the U.S. has the strength and the capability to do that.

因此，它能夠以世界所需的速度發生的唯一方法是美國支持它，而美國有實力和能力做到這一點。

And the best way to do it is through 45Q and direct pay 45Q.

最好的方法是通過 45Q 並直接支付 45Q。

So you're right on that, that's incredibly important to us.

所以你是對的，這對我們來說非常重要。

Otherwise, the U.S. will not achieve the targets that we've set with even the prior Paris accord, much less what's happening in Glasgow right now.

否則，即使是之前的巴黎協定，美國也無法實現我們設定的目標，更不用說現在在格拉斯哥發生的事情了。

So 45Q has to happen and really needs to be direct pay.

所以 45Q 必鬚髮生並且真的需要直接支付。

Otherwise, we're going to struggle to be successful.

否則，我們將努力取得成功。

But with respect to what we're doing, there is going to be a price for carbon because there's a lot of commitment from corporations now to get to net neutral.

但就我們正在做的事情而言，碳是要付出代價的，因為現在企業有很多承諾要實現網絡中立。

Everybody, I think, realizes at some point that if we don't achieve our goals through the incentives like 45Q, and there's going to have to be some price mechanism on carbon to make it happen.

我認為，每個人都會在某個時候意識到，如果我們不能通過像 45Q 這樣的激勵措施來實現我們的目標，那麼就必須有一些碳價格機制來實現它。

And so what we're seeing is a lot of corporations are trying to get ahead of that.

所以我們看到的是很多公司都在努力超越這一點。

A lot of corporations are starting to feel, just that there's a social license to operate in that -- to have that, there has -- they have to proactively start seeking CO2 credit offsets to become net neutral.

許多公司開始感覺到，只是有一個社會許可可以在其中運營——擁有它，有——他們必須主動開始尋求二氧化碳信用抵消，以實現網絡中性。

United has been one, as you know, that we've announced that wants to do that, and they're proactively committing dollars to the building of the direct air capture plus, the purchase of the oil that would be the net zero oil.

如您所知，聯合航空一直是我們宣布想要這樣做的公司之一，他們正在積極投入資金建設直接空氣捕獲系統以及購買石油，這將是淨零石油。

Other corporations are calling us.

其他公司正在打電話給我們。

We're getting a lot of incoming interest in the direct air capture because of that.

因此，我們對直接空氣捕獲產生了很大的興趣。

So I do believe that there's going to be sufficient growth and commitment to make what we're doing here in the next -- in the initial phases work.

因此，我確實相信會有足夠的增長和承諾來使我們在接下來所做的事情——在初始階段發揮作用。

But beyond that, again, what it's going to require is a much more acceleration than that.

但除此之外，它需要的是比這更多的加速。

Our next question comes from Phil Gresh with JP Morgan.

我們的下一個問題來自摩根大通的 Phil Gresh。

One follow-up question just around the dividend situation.

一個關於股息情況的後續問題。

You talked about wanting to have a $40 WTI breakeven.

你談到想要擁有 40 美元的 WTI 盈虧平衡點。

And I just wanted to get some clarification of how you would calculate where we are today.

我只是想澄清一下你將如何計算我們今天的位置。

And then it sounds like you would want to grow the dividend multiple years up to the $40 WTI breakeven as opposed to call it once.

然後聽起來您希望將股息多年增加到 40 美元的 WTI 盈虧平衡點，而不是一次。

So just a clarification around that, please.

因此，請對此進行澄清。

Yes.

是的。

The clarification is, right now, we're in the probably upper 30s on a breakeven, but that's not -- that's assuming that's without the preferred.

澄清一下，現在，我們可能處於盈虧平衡的 30 多歲，但事實並非如此——這是假設沒有首選。

So we're really close to where we want to be and where we want to stay.

所以我們真的很接近我們想去的地方和想呆的地方。

So as we grow -- as we restore the dividend at a moderate level, we'll do it in a way that enables us to grow it over time but probably not at the pace that we've done in the past.

因此，隨著我們的成長——當我們將紅利恢復到適度水平時，我們將以一種能夠讓我們隨著時間的推移而增長的方式來做到這一點，但可能不會以我們過去的速度增長。

So it will be a moderate growth, but it will be a material dividend as we've always tried to maintain.

所以這將是一個溫和的增長，但它將是我們一直試圖維持的物質紅利。

Okay.

好的。

So are you willing to go above the $40 WTI breakeven for the dividend?

那麼你是否願意為股息超過 40 美元的 WTI 盈虧平衡點？

Or you want to keep the dividend within that, just to be clear?

或者您想將股息保持在其中，只是為了清楚起見？

Ultimately, we want to keep it within that.

最終，我們希望將其保留在其中。

Now there's going to be some discussion and some evaluation of how do we start out that dividend growth, but we'll determine that when we get to the $25 billion net debt.

現在將對我們如何開始股息增長進行一些討論和評估，但我們將確定當我們達到 250 億美元的淨債務時。

We'll see, again, what will be supported by mid-cycle, what would be supported by a $40 breakeven.

我們將再次看到週期中期將支持什麼，40 美元的盈虧平衡將支持什麼。

Got it.

知道了。

And then just one follow-up for Rob.

然後只是 Rob 的一項後續行動。

Do you have a sense that you can share with us around U.S. cash taxes, what your situation is there when you become a full U.S. cash taxpayer?

關於美國的現金稅，您是否有一種可以與我們分享的感覺，當您成為美國現金納稅人時，您的情況如何？

Yes.

是的。

I think, Phil, from the standpoint, certainly, of this year where you don't anticipate any material cash taxes.

我認為，菲爾，從今年的角度來看，你預計不會有任何實質性的現金稅。

Based on our viewpoint of 2022, we don't see that happening again also.

根據我們對 2022 年的看法，我們認為這種情況也不會再次發生。

We see ourselves, depending upon certainly the macro conditions, becoming a U.S. cash taxpayer in a meaningful way in 2023.

我們看到自己，當然取決於宏觀條件，在 2023 年以有意義的方式成為美國現金納稅人。

Our next question comes from Paul Cheng with Scotiabank.

我們的下一個問題來自豐業銀行的 Paul Cheng。

Vicki, 2 questions, please.

Vicki，請回答 2 個問題。

Shell had just sold their Permian asset to Conoco.

殼牌剛剛將他們的二疊紀資產出售給了康菲石油公司。

Just want to see if you see that as a maybe additional opportunity for you guys to work with different partners and seeing either asset swap or other opportunity associated with that.

只是想看看你是否認為這可能是你們與不同合作夥伴合作的額外機會，並看到資產交換或與之相關的其他機會。

Or do you think that this is just business as usual given that you are the operator and that doesn't really change anything.

或者您是否認為這只是照常營業，因為您是運營商並且並沒有真正改變任何事情。

That's the first question.

這是第一個問題。

On the second question, I think the focus has been everyone knows, nothing new about when you're going to increase your CapEx in the oil and gas sector, and you made it very clear not in any time soon.

關於第二個問題，我認為重點是每個人都知道，關於何時增加石油和天然氣行業的資本支出並不是什麼新鮮事，而且你很快就明確表示了這一點。

But how about in the chemical?

但是在化學方面呢？

And in the chemical, you guys have a very unique position.

在化學領域，你們有著非常獨特的地位。

You are not in the typical olefin chain.

你不在典型的烯烴鏈中。

And that, with the housing sector, has been very strong, and that really has been doing quite well or much better than before.

而且，房地產行業一直非常強勁，而且確實比以前做得相當好或好得多。

So do you have any intention to expand and grow that business?

那麼，您是否打算擴大和發展該業務？

And that may also be good in terms of energy transition.

就能源轉型而言，這也可能是件好事。

So I want to see that what is your overview in terms of from a growth prospect standpoint for that.

因此，我想從增長前景的角度來看您的概述是什麼。

Okay.

好的。

I'll start with the Shell assets.

我將從殼牌資產開始。

And we're always looking for opportunities to core up while we operate.

我們一直在尋找機會在我們運營的同時進行核心化。

And so asset swaps have been a big part of helping us to increase our working interest in the areas that we already operate over the last few years, and that's been very successful.

因此，資產互換在幫助我們提高我們在過去幾年已經運營的領域的工作興趣方面發揮了重要作用，而且非常成功。

And we will continue to try to do that.

我們將繼續努力做到這一點。

And we'll be working with Conoco and any other partners that are in our current operations and or nearby what we have to make swaps that work because those are always better for each company.

我們將與康菲石油公司和我們當前業務中的任何其他合作夥伴合作，或與我們必須進行的交換工作附近的任何其他合作夥伴合作，因為這些對每家公司來說總是更好。

Those are win-win scenarios.

這些都是雙贏的局面。

So those are something that's really important for us to do.

所以這些對我們來說非常重要。

We'll continue that.

我們將繼續這樣做。

The second part of the question is OxyChem...

問題的第二部分是 OxyChem ...

Actually, before that, have you already reached out or that Conoco already reached out and talked to you between you and them on that?

其實，在那之前，你是不是已經伸出手了，或者康菲已經伸出手和你談過了？

Or that this is something that you guys are going to do?

或者這是你們要做的事情？

Well, we had been in conversation with Shell for a long time, and we certainly have had conversations.

好吧，我們已經與殼牌進行了很長時間的交談，我們當然也進行過交談。

Our teams worked with Conoco on other things.

我們的團隊在其他事情上與康菲合作。

And so we have had contact about potential swaps.

因此，我們就潛在的互換進行了聯繫。

We think it would be best for both of us to be open to that and pursue that.

我們認為最好是我們雙方都對此持開放態度並追求它。

So just as we have done with Shell, we're doing the same with Conoco.

因此，正如我們對殼牌所做的那樣，我們也在對康菲做同樣的事情。

So with respect to the OxyChem business, Rob knows this better than I do, but OxyChem has been very opportunistic in the past to ensure that they mitigated market risk by working out with partners opportunities to build and to grow but, again, without taking market risk.

因此，關於 OxyChem 業務，Rob 比我更清楚這一點，但 OxyChem 過去一直非常投機取巧，通過與合作夥伴一起尋找建立和發展的機會來確保他們降低市場風險，但同樣沒有佔領市場風險。

You have more to add?

你還有更多要補充的嗎？

Yes.

是的。

I would just add to that, yes, Paul, that if you look back to the history of projects, whether it was the chlor-alkali plant adjacent to the CO2 plant, or the cracker that we built at Ingleside the venture together or any of the relationships that we have, what we've been able to do is build long-term partnerships with our downstream customers that gives us sort of a pseudo integration into markets that otherwise, we don't want to build into like CIO2 or polyurethanes or et cetera and partner with the leaders in those industries.

我想補充一點，是的，保羅，如果你回顧一下項目的歷史，無論是與二氧化碳工廠相鄰的氯鹼工廠，還是我們在 Ingleside 合資企業共同建造的裂解裝置，或者任何一個我們擁有的關係，我們能夠做的是與我們的下游客戶建立長期的合作夥伴關係，這使我們能夠假裝融入市場，否則，我們不想像 CIO2 或聚氨酯或等等，並與這些行業的領導者合作。

And so we're always evaluating that.

所以我們一直在評估這一點。

But to Vicki's point, it's going to be something we're going to structure around where we're guaranteed a return on and of the capital necessary to continue to fund the cash from that towards the rest of the remainder of the business as a cash flow source.

但就 Vicki 而言，這將是我們將圍繞我們保證回報和必要的資本來構建的東西，以繼續將現金從該現金用於現金的其餘部分。流源。

And so I think we're constantly evaluating that.

所以我認為我們一直在評估這一點。

Like anything else, there's probably a dozen projects that end up on the drawing board to get one good one that works out.

像其他任何事情一樣，可能有十幾個項目最終會在繪圖板上得到一個好的項目。

But you're right that, there's a lot of growth in the chlorovinyl sector as a building product, and the advantage the United States has versus the rest of the world, the feedstocks is pretty significant.

但你是對的，作為建築產品的氯乙烯部門有很大的增長，美國相對於世界其他地區的優勢是，原料非常重要。

So we'll continue to evaluate those.

因此，我們將繼續評估這些。

And if something comes together, we'll be happy to share it with the market.

如果有什麼東西走到一起，我們很樂意與市場分享。

And you're right, Paul, that it is really an important part of our transition story.

保羅，你說得對，這確實是我們過渡故事的重要組成部分。

OxyChem will be a key player in that, and certainly, we're open to opportunities from any of our existing partners and new partners to help with that.

OxyChem 將在這方面發揮關鍵作用，當然，我們願意接受任何現有合作夥伴和新合作夥伴提供的機會來提供幫助。

Vicki and Rob do you guys foresee growth capital into the OxyChem over the next 1 or 2 years or a little bit longer term?

Vicki 和 Rob，你們是否預見到 OxyChem 在未來 1 年或 2 年或更長時間內會出現增長資本？

Yeah, it's hard to say, Paul.

是的，很難說，保羅。

I mean, I think it depends on timing of investments and what the opportunities are out there.

我的意思是，我認為這取決於投資的時機以及存在的機會。

And so we're constantly evaluating that and would integrate it in our portfolio if it made sense.

因此，我們不斷評估這一點，如果有意義的話，會將其整合到我們的投資組合中。

But I would be purely speculating to give timing on when we might make the next significant investment in OxyChem.

但我純粹是在猜測我們何時可能對 OxyChem 進行下一次重大投資。

Our final question today comes from Leo Mariani with KeyBanc.

我們今天的最後一個問題來自 KeyBanc 的 Leo Mariani。

Wanted to follow up a little bit on one of the prepared comments that you guys made.

想對你們所做的準備好的評論之一進行一些跟進。

I think you commented there could be some bolt-ons in the future.

我想你評論說將來可能會有一些補充。

Just wanted to get a sense in general of what Oxy's appetite might be for doing those type of things, just given that you've had a pretty prolific asset sale program for the last couple of years.

只是想大致了解一下 Oxy 對做這類事情的興趣，只是考慮到你在過去幾年裡有一個相當多產的資產出售計劃。

Yes, we would only do it if it was very strategic and something that fills a gap that we currently have.

是的，我們只會在它非常具有戰略意義並且填補我們目前擁有的空白的情況下才會這樣做。

And there are situations where picking up some acreage would enable us to drill longer laterals.

在某些情況下，增加一些面積將使我們能夠鑽更長的支路。

There are situations where we have the opportunity to increase working interest in something that we already own.

在某些情況下，我們有機會增加對我們已經擁有的東西的工作興趣。

And so those are situations that when they do come along, you almost need to do it.

因此，當它們出現時，您幾乎需要這樣做。

Otherwise, you may not get the chance to do it again.

否則，您可能沒有機會再做一次。

Okay.

好的。

That makes sense.

這就說得通了。

And I just also wanted to ask you guys, is there any update that you might have on the funding situation for your direct air capture projects?

我還想問你們，你們是否有關於直接空氣捕獲項目的資金狀況的最新信息？

I think you guys were seeking kind of external off-balance sheet financing for that.

我認為你們正在為此尋求某種外部表外融資。

We don't have an update currently, but our plan is still to hold an LCV day or event in the first quarter of next year.

我們目前沒有更新，但我們仍計劃在明年第一季度舉辦 LCV 日或活動。

By then, a lot of what we're working on right now, we hope to be able to talk about publicly.

到那時，我們現在正在做的很多事情，我們希望能夠公開談論。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I'd like to turn the call back over to Vicki Hollub for any closing remarks.

我想將電話轉回給 Vicki Hollub 以獲取任何結束語。

Thank you all for your questions and for joining our call.

感謝大家提出問題並加入我們的電話會議。

Have a great day.

祝你有美好的一天。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連接。