西方石油 (OXY) 2020 Q4 法說會逐字稿

Good morning, and welcome to the Occidental's Fourth Quarter 2020 Earnings Conference Call.

早上好，歡迎參加西方石油公司 2020 年第四季度收益電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意正在記錄此事件。

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

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, Andrew.

謝謝你，安德魯。

Good morning everyone, and thank you for participating in Occidental's Fourth Quarter 2020 Conference Call.

大家早上好，感謝您參加西方石油公司 2020 年第四季度電話會議。

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

今天早上，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 morning.

該演示文稿包括幻燈片 2 上關於將在今天上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 morning, everyone.

謝謝杰夫，大家早上好。

2020 was a year of extreme volatility for our industry and the world.

對於我們的行業和世界來說，2020 年是劇烈波動的一年。

With the year now behind us, our operations have returned to a normalized activity level in support of stabilizing our full year production at our fourth quarter 2020 rate.

一年過去了，我們的運營已恢復到正常的活動水平，以支持將全年生產穩定在 2020 年第四季度的速度。

We entered 2021 with an improved financial position by taking the necessary steps to protect our asset base and de-risk our balance sheet.

通過採取必要措施保護我們的資產基礎並降低資產負債表的風險，我們進入了 2021 年，財務狀況有所改善。

I'm particularly proud of our teams who leveraged our technical expertise to mitigate production decline while relentlessly lowering costs.

我為我們的團隊感到特別自豪，他們利用我們的技術專長來緩解產量下降，同時不斷降低成本。

The capability of our outstanding employees to consistently deliver remarkable results safely was key to our ability to navigate the challenges of the last year as well as the challenges presented by the winter storm last week.

我們傑出的員工能夠持續安全地提供卓越成果的能力是我們應對去年挑戰以及上周冬季風暴帶來的挑戰的關鍵。

This morning, we'll provide the details of our full year 2021 plan.

今天上午，我們將提供 2021 年全年計劃的詳細信息。

This plan maintains our best-in-class capital intensity, even with the modest activity increase we started in the fourth quarter of 2020.

即使我們在 2020 年第四季度開始適度增加活動，該計劃也保持了我們一流的資本密集度。

We'll also provide an update on our divestiture and deleveraging progress as well as reviewing our financial results and guidance for the year ahead.

我們還將提供有關我們的資產剝離和去槓桿化進展的最新信息，並審查我們未來一年的財務業績和指導。

Throughout 2020, we focused on maintaining the integrity of our production and asset base as well as lowering overhead and operating costs.

整個 2020 年，我們專注於保持生產和資產基礎的完整性，以及降低管理費用和運營成本。

Our achievements have positioned us to build on our track record of operational excellence and efficiency gains as we stabilize production in 2021.

隨著我們在 2021 年穩定生產，我們的成就使我們能夠在卓越運營和效率提升的記錄基礎上再接再厲。

In the fourth quarter, our businesses continued to outperform and generate momentum for a strong start to this year.

第四季度，我們的業務繼續跑贏大盤，為今年的強勁開局創造了動力。

We exceeded our production guidance while continuing to deliver lower-than-expected operating costs for the quarter.

我們超出了我們的生產指導，同時繼續提供低於預期的本季度運營成本。

Our oil and gas operating cost of $6.80 per BOE and domestic operating costs of $6.05 per BOE continue to demonstrate the lasting impact of our cost reduction measures as our domestic operating costs were significantly below our original expectations for the year.

我們每 BOE 6.80 美元的石油和天然氣運營成本和每 BOE 6.05 美元的國內運營成本繼續證明了我們降低成本措施的持久影響，因為我們的國內運營成本大大低於我們今年的最初預期。

Although our activity slowed in the second and third quarters, our teams did not miss a step as we normalized activity in the fourth quarter.

儘管我們的活動在第二季度和第三季度有所放緩，但我們的團隊沒有錯過任何一步，因為我們在第四季度使活動正常化。

Our onshore domestic assets went from running 22 drilling rigs in the first quarter, down to 0 in the second quarter and then returning to 11 rigs by the end of the year.

我們的陸上國內資產從第一季度的 22 台鑽機下降到第二季度的 0 台，到年底又恢復到 11 台。

Operationally, we continue to outperform our expectations and deliver efficiency improvements with new drilling and completion records.

在運營方面，我們繼續超越我們的預期，並通過新的鑽井和完井記錄提高效率。

Our Texas Delaware and DJ Basin teams demonstrated our consistent drive for efficiency by exceeding our original well cost synergy targets in the quarter, an achievement we're very proud of.

我們的德克薩斯特拉華州和 DJ 盆地團隊在本季度超越了我們最初的井成本協同目標，展示了我們對效率的一貫追求，這是我們非常自豪的成就。

No matter how favorable or challenging the environment in which we operate, we never take our eye off safety.

無論我們所處的環境多麼有利或充滿挑戰，我們都不會忽視安全。

Many of our teams tied or set new safety records last year, while our company-wide performance was our best ever as we simultaneously work to minimize the risk from COVID.

去年，我們的許多團隊並列或創造了新的安全記錄，而我們全公司的表現是有史以來最好的，因為我們同時努力將 COVID 風險降至最低。

We transitioned into 2021 with an improved financial position, having achieved our divestiture target for 2020.

我們以改善的財務狀況過渡到 2021 年，實現了 2020 年的剝離目標。

We closed approximately $2.8 billion of asset sales, $2.4 billion of which closed in the fourth quarter.

我們完成了大約 28 億美元的資產出售，其中 24 億美元在第四季度完成。

In 2020, we utilized the divestiture proceeds to strengthen our balance sheet by reducing debt and liabilities by approximately $2.4 billion and $300 million, respectively.

2020 年，我們利用剝離收益來加強我們的資產負債表，分別減少約 24 億美元和 3 億美元的債務和負債。

We also completed a successful refinancing program, extending approximately $7 billion of debt maturities.

我們還成功完成了再融資計劃，延長了約 70 億美元的債務期限。

Together, these achievements place us in a strong position for the year ahead, so we can focus on reducing debt and improving our business while maximizing the value of our unmatched asset base.

總之，這些成就使我們在來年處於有利地位，因此我們可以專注於減少債務和改善我們的業務，同時最大限度地提高我們無與倫比的資產基礎的價值。

The progress we made last year in reducing operating costs will continue into 2021 as the synergies we delivered and the vast majority of our additional cost savings remain in place.

我們去年在降低運營成本方面取得的進展將持續到 2021 年，因為我們提供的協同效應和我們節省的大部分額外成本仍然存在。

These savings are now embedded in our ongoing operations.

這些節省現在嵌入到我們正在進行的運營中。

We expect to deliver overhead of $1.8 billion, which represents full retention of all synergies and a significant portion of our additional cost reductions.

我們預計將提供 18 億美元的間接費用，這代表了所有協同效應的全部保留以及我們額外成本削減的很大一部分。

We'll continuously seek new opportunities to lower costs and expand margins as we move forward.

隨著我們的前進，我們將不斷尋找新的機會來降低成本和擴大利潤。

We expect to spend $2.9 billion of capital in 2021 to sustain our production at our fourth quarter production rate.

我們預計在 2021 年將花費 29 億美元的資金來維持我們第四季度的生產速度。

Our plans are based on a $40 WTI price environment, and we are prepared to flex spending lower, if necessary.

我們的計劃基於 40 美元的 WTI 價格環境，如有必要，我們準備降低支出。

If oil prices continue to improve this year, we will not increase capital in support of production growth.

如果今年油價繼續上漲，我們不會增加資本來支持產量增長。

The flexibility and optionality that our scale and asset base provide are often underappreciated.

我們的規模和資產基礎所提供的靈活性和選擇性往往被低估了。

We are equipped to adjust to future potential commodity price dips or regulatory changes while being positioned to leverage the benefits of future price uplift.

我們有能力適應未來潛在的商品價格下跌或監管變化，同時能夠利用未來價格上漲的好處。

Likewise, our capital and spending plans retain a high degree of flexibility, allowing us to adapt to a changing macro environment.

同樣，我們的資本和支出計劃保持高度的靈活性，使我們能夠適應不斷變化的宏觀環境。

The level of capital spending required in 2021 to sustain our production demonstrates our ability to deliver best-in-class capital intensity even in a period where we are not growing production.

2021 年維持生產所需的資本支出水平表明，即使在生產不增長的時期，我們也有能力提供一流的資本密集度。

Leveraging our technical expertise, particularly in subsurface characterization, enables us to drill the best wells while we continue to pursue new ways to lower costs with the goal of spending less to produce more barrels.

利用我們的技術專長，特別是在地下表徵方面，使我們能夠鑽出最好的井，同時我們繼續尋求降低成本的新方法，以減少支出來生產更多的桶。

The efficiency of our capital development, coupled with our low base decline and our relentless pursuit of maximizing every barrel from our existing wells, allows us to hold our production flat with capital of $2.9 billion in 2021.

我們資本開發的效率，加上我們的低基數下降和我們不懈地追求最大限度地利用現有油井的每一桶油，使我們能夠在 2021 年以 29 億美元的資本保持產量持平。

We are pleased with the progress achieved to date in closing divestitures and reducing debt, especially given the challenging market in 2020.

我們對迄今為止在結束資產剝離和減少債務方面取得的進展感到高興，特別是考慮到 2020 年充滿挑戰的市場。

We exceeded our $2 billion divestiture target with the closing of the mineral and surface acreage in Wyoming, Colorado, and Utah as well as our onshore assets in Colombia.

隨著懷俄明州、科羅拉多州和猶他州的礦產和地表面積以及我們在哥倫比亞的陸上資產的關閉，我們超過了 20 億美元的剝離目標。

Post Colombia, we are targeting an additional $2 billion to $3 billion of asset sales to be announced by mid-2021.

在哥倫比亞之後，我們的目標是在 2021 年年中之前宣布額外 20 億至 30 億美元的資產出售。

We are making progress towards this new target and have already closed approximately $350 million of transactions.

我們正在朝著這個新目標取得進展，並且已經完成了大約 3.5 億美元的交易。

As we near the end of our large-scale divestiture program, we will continue to balance transaction timing with price realization.

隨著我們的大規模資產剝離計劃接近尾聲，我們將繼續平衡交易時間和價格實現。

We'll not sacrifice value to close transactions quickly.

我們不會為了快速完成交易而犧牲價值。

As commodity prices continue to strengthen, we expect the value that buyers place on assets to adjust accordingly.

隨著大宗商品價格繼續走強，我們預計買家對資產的價值會相應調整。

We will always prioritize obtaining value for our shareholders over meeting a deadline or divestiture target, which we've imposed upon ourselves.

我們將始終優先考慮為股東獲取價值，而不是滿足我們強加給自己的最後期限或剝離目標。

As Rob will speak to you in a moment, our debt reduction efforts, combined with our ability to refinance $7 billion of near-term maturities over the last year, places us in a favorable position.

正如 Rob 稍後將與您交談的那樣，我們的減債努力，加上我們去年為 70 億美元近期到期的再融資的能力，使我們處於有利地位。

We continuously review our portfolio to ensure we have the optimal mix of free cash flow generation, capital efficiency and low decline assets.

我們不斷審查我們的投資組合，以確保我們擁有自由現金流生成、資本效率和低跌幅資產的最佳組合。

We now have one of the best portfolios in Oxy's 100-year history, but this doesn't mean that we have stopped looking for opportunities to improve our asset base.

我們現在擁有 Oxy 100 年曆史上最好的投資組合之一，但這並不意味著我們已經停止尋找改善資產基礎的機會。

We frequently complete acreage trades to core up positions in operatorship, and on occasion, may pursue opportunities where we see outstanding value with the bolt-on acquisition.

我們經常完成種植面積交易以在運營商中佔據核心地位，有時，我們可能會通過補強收購尋求我們認為具有突出價值的機會。

For example, we recently exercised a preferential right to increase our working interest in the Lucius project, which we operate in the Gulf of Mexico.

例如，我們最近行使了一項優惠權利，以增加我們在墨西哥灣運營的 Lucius 項目的工作興趣。

We expect that our investment will pay back in slightly over a year in a $40 oil price environment.

我們預計，在 40 美元的油價環境下，我們的投資將在一年多的時間內收回。

Our oil and gas highlights slides includes just a few of the many achievements our business delivered in the fourth quarter.

我們的石油和天然氣亮點幻燈片僅包括我們的業務在第四季度取得的眾多成就中的一小部分。

Even during a period of increasing activity, we continue to improve uptime and reduce time to market by lowering drilling and completion times.

即使在活動增加的時期，我們也會通過降低鑽井和完井時間來繼續提高正常運行時間並縮短上市時間。

This includes our Gulf of Mexico operations, who beat their previous spud to first production record by 3 days.

這包括我們在墨西哥灣的業務，該業務以 3 天的時間打破了之前的馬鈴薯生產記錄。

Additionally, we'll continue to push the envelope on driving out cost and achieve our original capital synergies for well cost savings in the Texas Delaware and DJ Basin, almost 1 year ahead of schedule.

此外，我們將繼續推動降低成本的極限，實現我們的原始資本協同效應，以節省德克薩斯特拉華州和 DJ 盆地的油井成本，比計劃提前近 1 年。

And we are pleased to have been awarded a new concession, onshore Block 5 in Abu Dhabi, which is adjacent to onshore Block 3 where we've been conducting exploration work.

我們很高興獲得阿布扎比陸上 5 號區塊的新特許權，毗鄰我們一直在進行勘探工作的陸上 3 號區塊。

Following the award of Block 5, we made a multi-reservoir discovery in Block 3. We still have more exploration and appraisal work to complete, but are highly encouraged by the results to date.

繼 5 區塊獲得獎勵後，我們在 3 區塊發現了多儲層。我們還有更多的勘探和評價工作需要完成，但對迄今為止的成果感到非常鼓舞。

Last year, we communicated a revised framework for excess cash flow, which prioritizes maintaining our low-cost production base, reducing debt and strengthening our balance sheet.

去年，我們發布了針對過剩現金流的修訂框架，該框架優先考慮維持我們的低成本生產基地、減少債務和加強我們的資產負債表。

Our cash flow priorities remain unchanged as we do not anticipate growing production for at least this year.

我們的現金流優先級保持不變，因為我們預計至少今年產量不會增長。

Our immediate goal is to continue reducing debt and with the support of the strengthened balance sheet, return capital in a more meaningful way to our common shareholders.

我們的近期目標是繼續減少債務，並在加強資產負債表的支持下，以更有意義的方式向我們的普通股東返還資本。

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

我現在將電話轉給 Rob，他將向您介紹我們第一季度和全年的財務業績和指導。

Thank you, Vicki.

謝謝你，維姬。

In the fourth quarter, we announced an adjusted loss of $0.78 per share and a reported loss of $1.41 = per diluted share.

在第四季度，我們宣布調整後每股虧損 0.78 美元，報告虧損 1.41 美元 = 稀釋後每股。

The difference between our adjusted and reported results is primarily due to an approximate $850 million loss on sales related to the carrying value of assets divested during the quarter.

我們調整後的結果與報告的結果之間的差異主要是由於與本季度剝離資產的賬面價值相關的銷售損失約為 8.5 億美元。

As Vicki mentioned, our achievements last year contributed to the improved financial position that we have today.

正如 Vicki 所提到的，我們去年的成就有助於改善我們今天的財務狀況。

In reducing our debt by $2.4 billion and refinancing $7 billion of near-term maturities in 2020, we have significantly derisked our financial profile.

通過在 2020 年將我們的債務減少 24 億美元並為 70 億美元的近期到期再融資，我們大大降低了我們的財務狀況的風險。

This is especially relevant considering we are targeting an additional $2 billion to $3 billion of divestitures post Colombia.

考慮到我們的目標是在哥倫比亞之後再進行 20 億至 30 億美元的資產剝離，這一點尤其重要。

In 2020, we repaid or extended almost $6 billion of 2021 maturities, $2.7 billion in 2022 maturities and more than $260 million of 2023 maturity.

2020 年，我們償還或延長了 2021 年到期的近 60 億美元、2022 年到期的 27 億美元和 2023 年到期的超過 2.6 億美元。

This leaves us with less than $375 million of remaining 2021 maturity.

這使我們在 2021 年剩餘的到期日中還剩不到 3.75 億美元。

We repaid over $9 billion of debt over the last 18 months, lowered outstanding principal to approximately $35 billion.

我們在過去 18 個月償還了超過 90 億美元的債務，將未償本金降低至約 350 億美元。

While we were able to adequately manage this level of debt in a mid-cycle environment, our focus remains on debt reduction and strengthening the balance sheet to provide stability throughout the cycle.

雖然我們能夠在周期中期的環境中充分管理這一水平的債務，但我們的重點仍然是減少債務和加強資產負債表以在整個週期內保持穩定。

As we guided, our fourth quarter capital spending increase from the third quarter to support normalized activity levels ahead of 2021.

正如我們所指導的，我們第四季度的資本支出從第三季度開始增加，以支持 2021 年之前的正常活動水平。

Even as activity levels increased in the fourth quarter and we returned to paying deferred dividend and cash, we still generated approximately $800 million of free cash flow, driven by the strong operational performance of our businesses and our focus on improving margins.

即使第四季度的活動水平有所增加，並且我們恢復支付遞延股息和現金，在我們業務強勁的運營業績和我們對提高利潤率的關注的推動下，我們仍然產生了大約 8 億美元的自由現金流。

We entered 2021 with $2 billion of unrestricted cash on hand.

進入 2021 年，我們手頭有 20 億美元不受限制的現金。

We are pleased with our progress on increasing our share price since our last earnings call.

自上次財報電話會議以來，我們對提高股價的進展感到滿意。

Our shares have traded above the $22 strike price of the warrants we issued last year.

我們的股票交易價格高於我們去年發行的認股權證的 22 美元行使價。

When the shares trade above the warrant strike price, warrant holders gain the right, but not the obligation to exercise those warrants and purchase Oxy shares for $22.

當股票的交易價格高於認股權證行使價時，認股權證持有人有權但沒有義務行使這些認股權證並以 22 美元的價格購買 Oxy 股票。

As of January 31, approximately 12,000 warrants have been exercised, resulting in about 12,000 newly issued shares.

截至 1 月 31 日，約 12,000 份認股權證已行權，新發行股票約 12,000 股。

As additional warrants are exercised, we allocate the resulting cash proceeds to debt reduction.

隨著額外認股權證的行使，我們將由此產生的現金收益分配給債務減免。

We are beginning to benefit from the activity added in the fourth quarter.

我們開始從第四季度增加的活動中受益。

As there's often a lag between the change in activity and resulting impact on production, we expect our first quarter production to be slightly lower sequentially when compared to our fourth quarter of 2020.

由於活動變化與對生產產生的影響之間通常存在滯後，我們預計與 2020 年第四季度相比，我們第一季度的產量將比第四季度略低。

The expected production decline in the first quarter is due to the timing lag in adding activity as well as the impact of the recent storm on our operations and turnaround activity at Al Hoson and Dolphin.

第一季度的預期產量下降是由於增加活動的時間滯後以及最近的風暴對我們在 Al Hoson 和 Dolphin 的運營和周轉活動的影響。

Our first quarter Permian guidance includes a 25,000 BOE per day impact in the unprecedent weather event in Texas last week.

我們的第一季度二疊紀指導包括上周德克薩斯州前所未有的天氣事件對每天 25,000 BOE 的影響。

Although the storm had a meaningful impact on our Permian production, we expect the impact to be temporary as our operations recovered quickly.

儘管風暴對我們二疊紀的生產產生了重大影響，但隨著我們的業務迅速恢復，我們預計這種影響將是暫時的。

While our ultimate ability to recover barrels lost during the winter storm will determine if we were able to reach precisely our full year guidance, we anticipate the full year production will be essentially equivalent to our fourth quarter rate, excluding Colombia.

雖然我們恢復冬季風暴期間損失的桶的最終能力將決定我們是否能夠準確地達到我們的全年指導，但我們預計全年產量將基本上相當於我們第四季度的產量，不包括哥倫比亞。

Going forward, we have combined Permian Resources and EOR into single Permian entity as it relates to providing guidance and reporting results.

展望未來，我們將二疊紀資源和 EOR 合併為一個二疊紀實體，因為它與提供指導和報告結果有關。

As we further integrate our Permian operations and low-carbon strategy within oil and gas, we anticipate increased opportunities in sharing of resources.

隨著我們在石油和天然氣中進一步整合我們的二疊紀業務和低碳戰略，我們預計資源共享的機會會增加。

We are also guiding the Gulf of Mexico separately to provide additional clarity on seasonal production variances as we encounter by this asset.

我們還單獨指導墨西哥灣，以進一步明確我們遇到的該資產的季節性生產差異。

Our focus continues to be improving items we can influence, such as growing our cash margin through operational improvement and lowering expenses.

我們的重點仍然是改進我們可以影響的項目，例如通過改進運營和降低費用來增加我們的現金利潤率。

We recognize there are certain noncash items that we have less influence over and forecasting an increase in non-cash expenses this year.

我們認識到我們對某些非現金項目的影響較小，並預測今年非現金支出會增加。

On a per barrel basis, we expect DD&A will rise due to higher depletion rates as reserve decreased during the year.

按每桶計算，我們預計 DD&A 將因年內儲量減少導致消耗率上升而上升。

When we issue our 10-K, we will disclose the lower reserves position, reflecting a significantly lower commodity price environment during 2020 and an activity level lower than we had forecasted at the end of 2019.

當我們發布 10-K 時，我們將披露較低的儲備頭寸，反映出 2020 年大宗商品價格環境顯著降低以及活動水平低於我們在 2019 年底的預測。

Our 2021 capital plan slide provides details by asset and investment.

我們的 2021 年資本計劃幻燈片按資產和投資提供詳細信息。

The production and capital guidance we provided for the first quarter and full year take into account the regulatory environment as we understand it today.

我們為第一季度和全年提供的生產和資本指導考慮了我們今天所了解的監管環境。

Our high-quality asset base provides us with the flexibility to adjust activity and capital allocation as the environment may change.

我們的優質資產基礎為我們提供了隨著環境變化調整活動和資本配置的靈活性。

If a significant change to the regulatory environment occurs, we will provide an update to our guidance as warranted.

如果監管環境發生重大變化，我們將根據需要對我們的指導進行更新。

For the full year, our capital plan includes running 6 rigs in Texas Delaware, 1 in New Mexico, 4 in the Midland Basin, and 2 in the Rockies.

全年，我們的資本計劃包括在德克薩斯特拉華州運行 6 座鑽井平台，在新墨西哥州運行 1 座，在米德蘭盆地運行 4 座，在落基山脈運行 2 座。

The drill ship that returned to the Gulf of Mexico late last year is expected to remain active throughout 2021.

去年年底返回墨西哥灣的鑽井船預計將在整個 2021 年保持活躍。

The flexibility imbedded in our capital plan, combined with the financial improvements made last year, have placed Occidental in a much stronger position for the years ahead.

我們資本計劃中的靈活性，加上去年取得的財務改善，使西方石油在未來幾年處於更有利的地位。

While we still have work to do to strengthen our balance sheet, we now have the necessary runway to continue optimizing the performance of our assets while improving our financial position.

雖然我們仍有工作要做以加強我們的資產負債表，但我們現在有必要的跑道來繼續優化我們的資產績效，同時改善我們的財務狀況。

I will now turn the call back over to Vicki.

我現在將把電話轉回給 Vicki。

Prior to the recent regulatory actions that the social costs of carbon and methane have become increasingly important for our industry, we have been active and engaged in being part of the solution.

在最近的監管行動表明碳和甲烷的社會成本對我們的行業變得越來越重要之前，我們一直積極並參與成為解決方案的一部分。

Our low carbon strategy enables Occidental to play a leading role in limiting methane emissions and removing CO2 from the atmosphere while amplifying our existing businesses and benefiting our shareholders.

我們的低碳戰略使西方石油能夠在限制甲烷排放和從大氣中去除二氧化碳方面發揮主導作用，同時擴大我們現有的業務並讓我們的股東受益。

We expect to improve the profitability of enhanced oil recovery in the Permian and in other regions as we reduce the carbon intensity of our own emissions and products.

隨著我們降低我們自己的排放和產品的碳強度，我們希望提高二疊紀和其他地區提高石油採收率的盈利能力。

As we implement our low carbon strategy, we expect to continue working cohesively with regulators under the new Administration while demonstrating our commitment to safety and the environment.

在我們實施低碳戰略時，我們希望在新政府的領導下繼續與監管機構密切合作，同時展示我們對安全和環境的承諾。

We expect our operations on federal land to continue and have more than 350 approved permits in New Mexico and approximately 175 in the Powder River Basin with many more pending.

我們預計我們在聯邦土地上的業務將繼續進行，並在新墨西哥州獲得 350 多個批准的許可證，在粉河流域擁有大約 175 個許可證，還有更多待批准。

In the Gulf of Mexico, we have not experienced any impact to our operations.

在墨西哥灣，我們的運營沒有受到任何影響。

Following our last earnings call, we released our 2020 climate report detailing our target of reaching zero emissions from our own operations by 2040, with an ambition to accomplish this by 2035, and an ambition to be net zero including the use of our products, by 2050.

在我們上次的財報電話會議之後，我們發布了 2020 年氣候報告，詳細說明了到 2040 年我們自己的業務實現零排放的目標，併計劃到 2035 年實現這一目標，並力爭實現包括使用我們的產品在內的淨零排放，到 2040 年2050 年。

As part of our low carbon strategy, we can provide a solution for partners in other industries as well, which is airlines and utilities.

作為我們低碳戰略的一部分，我們也可以為航空公司和公用事業等其他行業的合作夥伴提供解決方案。

Those industries may not have an alternative means to significantly lower their carbon footprint.

這些行業可能沒有替代方法來顯著降低其碳足跡。

As I've said before, the opportunity before us is immense, and we are ready for the challenge.

正如我之前所說，我們面前的機會是巨大的，我們已經準備好迎接挑戰。

Thanks to our incredible employees, we can plan through the lens of being a best-in-class, low-cost operator with an exceptional portfolio of assets, in tandem with a goal of reducing our greenhouse gas emissions and executing our strategy to lead in a low-carbon world.

感謝我們令人難以置信的員工，我們可以通過成為一流的低成本運營商的視角來規劃，擁有卓越的資產組合，同時減少溫室氣體排放並執行我們的戰略以領先一個低碳的世界。

We'll now open the call for your questions.

我們現在將打開您的問題的電話。

(Operator Instructions) The first question comes from Doug Leggate of Bank of America.

（操作員說明）第一個問題來自美國銀行的 Doug Leggate。

Maybe, Vicki, first one is for you.

也許，Vicki，第一個是給你的。

It's actually on midstream.

它實際上是在中游。

I think over the last couple of months, you talked about the possibility of maybe not quite a blend and extend, but some kind of a potential renegotiation of your midstream tariff.

我認為在過去的幾個月裡，您談到了可能不是完全融合和擴展的可能性，而是對您的中游關稅進行某種潛在的重新談判。

I wonder if you can walk us through where that stands today, and I've got a follow-up for Rob.

我想知道你能否帶我們了解一下今天的情況，我已經為 Rob 進行了跟進。

Yes, I'm going to start this out, and then I'll let Rob add some to this.

是的，我將從這個開始，然後我會讓 Rob 在其中添加一些內容。

But we have looked at alternatives and options.

但我們已經研究了替代方案和選擇。

We've had conversations with other companies and potential partners, and we have not come across a solution that was acceptable to us from a value standpoint.

我們與其他公司和潛在合作夥伴進行了對話，但從價值的角度來看，我們還沒有找到我們可以接受的解決方案。

We're still continuing to consider options that are being brought to us, but we're not willing to sacrifice value to do a deal that's going to negatively impact us in the future.

我們仍在繼續考慮提供給我們的選項，但我們不願意犧牲價值來達成一項將對我們未來產生負面影響的交易。

So we're still working the option around that.

所以我們仍在努力解決這個問題。

We believe that over time, there could be ways that we could adjust what we have today, but the strategy is just not in place for us to be able to execute on it now.

我們相信，隨著時間的推移，我們可能會通過一些方法來調整我們今天擁有的東西，但我們現在無法執行該策略。

Yes, I would second that, Vicki.

是的，我會贊成，維姬。

Those contracts will now roll off in 2025, as we've indicated before.

正如我們之前所指出的，這些合同現在將在 2025 年到期。

And to Vicki's point, simply finding a way to actually find a super economic value to --

就 Vicki 而言，只需找到一種方法來真正找到超級經濟價值來——

Get your voices drifting in from the echo somewhere.

讓你的聲音從某個地方的迴聲中飄進來。

So I don't know if someone else is tapped in here.

所以我不知道這裡有沒有其他人被竊聽。

But anyway, my follow-up is on the balance sheet and the disposal, I guess the disposal target Vicki had.

但不管怎樣，我的後續是關於資產負債表和處置的，我猜是Vicki的處置目標。

I realized that it looks to me anyway that you've pushed out the maturities even further and you continue to talk about line of sight from the disposals for this year.

我意識到無論如何，在我看來，您已經進一步推遲了到期日，並且您繼續談論今年處置的視線。

So I just wonder if you can walk us through your level of confidence in achieving that target and what lies behind that confidence.

所以我只是想知道你是否能告訴我們你對實現該目標的信心水平以及這種信心背後的原因。

And while I realize that gets you to the bottom end of your original target, I wonder in a higher oil price environment, if you would still look towards the upper end of that $10 billion to $15 billion range that you laid out a year or so.

雖然我意識到這會讓你達到最初目標的底端，但我想知道在油價上漲的環境下，你是否仍會關注你一年左右制定的 100 億至 150 億美元範圍的上限.

Well, as I stated in my script, the most important thing for us is the value proposition.

好吧，正如我在劇本中所說，對我們來說最重要的是價值主張。

And as we consider options, and I can tell you, we have incoming offers for various things.

當我們考慮選項時，我可以告訴你，我們收到了各種各樣的報價。

So if we wanted to simply achieve the $2 billion to $3 billion divestiture target, we could achieve that, but what we're weighing is the value proposition of the offers that are coming in.

因此，如果我們想簡單地實現 20 億至 30 億美元的剝離目標，我們可以實現這一目標，但我們正在權衡的是即將到來的報價的價值主張。

And so we're going to stay very committed to making sure that we get the best value for whatever we execute on, but I will say that I have some confidence that we'll get there because of the fact that we have multiple opportunities.

因此，我們將繼續非常致力於確保我們為我們所執行的任何事情獲得最佳價值，但我會說我有信心我們會到達那裡，因為我們有很多機會。

We're not depending on just 1 or 2 possible divestitures.

我們不僅僅依賴於 1 或 2 個可能的資產剝離。

We have in our portfolio, it's so large, so diverse, ee have multiple options to choose from.

我們在我們的產品組合中，它是如此之大，如此多樣化，EE 有多種選擇可供選擇。

So I do believe that we could get to the upper end, but that's more likely that we would target the lower end, and the timing of the lower end really depends on how quickly we can get the offers to where we need them to be.

所以我確實相信我們可以到達高端市場，但我們更有可能瞄準低端市場，而低端市場的時機實際上取決於我們能多快將報價送到我們需要的地方。

And again, we have a couple of processes in place right now and then some things on hold.

再說一次，我們現在有幾個流程到位，然後有些事情被擱置了。

So it's all about value for us and getting to that number.

所以這對我們來說都是價值並達到這個數字。

And regardless of oil price, if the value is there, we still want to make the execution to get the divestitures to our $2 billion target, and we believe we can do that.

無論油價如何，如果價值存在，我們仍然希望執行資產剝離以達到我們 20 億美元的目標，我們相信我們可以做到。

The next question comes from Brian Singer of Goldman Sachs.

下一個問題來自高盛的布萊恩辛格。

My first question is with regards to the low carbon ventures and the tie-in to enhance the oil recovery, and it might be a couple-parter.

我的第一個問題是關於低碳企業和提高石油採收率的合作，它可能是一對合作夥伴。

First, with regards to enhanced oil recovery.

首先，關於提高石油採收率。

Can you talk about your ability and need and remind us of that your ability and need to expand investments and production of EOR to meet your net zero goals and how that factors into your capital budget in 2021?

您能否談談您的能力和需求，並提醒我們您擴大 EOR 投資和生產以實現您的淨零目標的能力和需求，以及這些因素如何影響您在 2021 年的資本預算？

And then the second part is, on Slide 38, focuses very much, I think, largely from a low-carbon pathway on the upstream side, arguably maybe with a more U.S. onshore bench.

然後第二部分，在幻燈片 38 上，我認為非常關注上游側的低碳路徑，可以說可能有更多的美國陸上長凳。

And I wondered if you could talk about the opportunities you see in petrochemicals and international to aid your decarbonization goals.

我想知道您是否可以談談您在石化和國際領域看到的機會，以幫助您實現脫碳目標。

Well, our enhanced oil recovery projects in the Permian are -- they're one of the anchors that we have for our low Carbon Ventures strategy.

好吧，我們在二疊紀的強化石油採收項目是——它們是我們低碳風險投資戰略的支柱之一。

I would say it's not -- the way we're doing our strategy is not a necessity that we do it in association with our CO2 enhanced oil recovery projects in the Permian, but we believe that's the best way to do it and the best value proposition for our shareholders.

我想說這不是——我們制定戰略的方式不是我們在二疊紀二氧化碳強化採油項目中的必要條件，但我們相信這是最好的方式和最佳的價值為我們的股東提出的建議。

So that's what we focused on initially.

這就是我們最初關注的內容。

And if I could just point you to -- as I talk about the production cycle, point you to the time-line, where it shows how this idea was originally brought up.

如果我可以向您指出——當我談到生產週期時，請向您指出時間線，它顯示了最初是如何提出這個想法的。

It was our CO2 enhanced oil recovery projects in the Permian.

這是我們在二疊紀的二氧化碳強化採油項目。

They were the reason that we started this vision, and we started the vision more than 10 years ago.

他們是我們開始這個願景的原因，我們在 10 多年前就開始了這個願景。

We started the vision well before 2008, where you see on the time-line that the original 45Q tax credit was established.

我們早在 2008 年之前就開始了這個願景，您可以在時間線上看到最初的 45Q 稅收抵免已經建立。

We were a part -- or our government group was a part of helping to get 45Q tax credit approved and put in place.

我們參與其中——或者我們的政府小組參與了幫助批准和落實 45Q 稅收抵免的工作。

And so back then, what we started looking at was how to maximize the vast resources that we had already in conventional reservoirs that were conducive to CO2 enhanced oil recovery.

所以那時候，我們開始研究的是如何最大限度地利用我們在常規油藏中已有的大量資源，這些資源有利於二氧化碳提高石油採收率。

So that started the process back then.

所以這開始了當時的過程。

What we wanted to do is we wanted to come up with a way to have a lower cost, long term, no decline supply of CO2, and that's why we came up with the anthropogenic CO2 option.

我們想做的是想出一種方法來降低成本、長期、不減少二氧化碳供應，這就是我們提出人為二氧化碳選項的原因。

So you see in 2010, it's when our CO2 Plant came on, and it's capturing and CO2 delivering it to our Denver Unit in West Texas.

所以你看，在 2010 年，我們的二氧化碳工廠開始運作，它正在捕獲二氧化碳並將其輸送到我們位於德克薩斯州西部的丹佛工廠。

And the Denver Unit MRV plan, you can see we got approved in 2015.

丹佛單位 MRV 計劃，你可以看到我們在 2015 年獲得批准。

The Denver unit is one of our largest CO2 projects.

丹佛裝置是我們最大的二氧化碳項目之一。

We are continuing to add reserves to it even today.

即使在今天，我們仍在繼續增加儲備。

It's massive.

這是巨大的。

And so that and in addition to the Hobbs MRV plan that we got in 2017, it's important to note that we were the company that got the first 2 permits ever issued by the EPA for the sequestration and capture of CO2 in the reservoir.

因此，除了我們在 2017 年獲得的 Hobbs MRV 計劃之外，重要的是要注意，我們是獲得 EPA 頒發的前 2 個許可證的公司，用於在水庫中封存和捕獲二氧化碳。

And the MRV is, it means monitoring, reporting, and verification.

MRV 是，它意味著監控、報告和驗證。

It's just a plan that ensures that you -- when you put the CO2 on the ground, you have properly sequestered it.

這只是一個計劃，可確保您 - 當您將二氧化碳排放到地面上時，您已經正確隔離了它。

So we got the first 2 of those.

所以我們得到了前兩個。

And that whole process, as we started getting that done, was to try to take advantage of the more than a billion barrels of resources that we have left to develop in our current holdings and conventional reservoirs in the Permian.

當我們開始完成這項工作時，整個過程就是試圖利用我們在二疊紀現有儲量和常規儲層中剩餘的超過 10 億桶資源進行開發。

And as you know, the Permian is so vast, we have lots of ability to expand way beyond that.

如你所知，二疊紀是如此廣闊，我們有很多能力超越它。

And I know you didn't ask the rest of this question, but I do want to talk about what started as a vision to improve our cost structure and extend our ability to develop even more resources in the EOR business.

我知道你沒有問這個問題的其餘部分，但我確實想談談最初的願景是改善我們的成本結構並擴大我們在 EOR 業務中開發更多資源的能力。

It's now turned into more than that.

它現在變成了更多。

It's turned into an ability for us to create a new business, a new business that not only will add additional value for our shareholders over time, but reduces emissions in the world.

它變成了我們創建新業務的能力，新業務不僅會隨著時間的推移為我們的股東增加額外的價值，而且會減少世界上的排放。

And it helps -- we'll be the leaders in helping to test technology, the direct air capture technology, put it in place, make it operational and commercial, and that will be -- will provide an opportunity for others to expand it in the world.

它會有所幫助——我們將成為幫助測試技術、直接空氣捕獲技術、將其部署到位、使其可操作和商業化的領導者，這將為其他人提供擴展它的機會世界。

And so moving to what that does beyond our enhanced oil recovery in the Permian, you have to look at some of the things that are a part of what we're doing.

因此，除了我們在二疊紀提高石油採收率之外，您還必須看看我們正在做的一些事情。

In 2018, another thing that was critical for us was when 45Q was expanded.

2018 年，對我們來說至關重要的另一件事是 45Q 的擴展。

And when it was expanded and approved by Congress, it enabled us to make this commercial, the first direct air capture and carbon capture from industry commercial.

當它被國會擴展和批准時，它使我們能夠將這個商業化，第一個直接的空氣捕獲和工業商業化的碳捕獲。

So that was an important step.

所以這是重要的一步。

Then we established our low carbon ventures group.

然後我們成立了我們的低碳企業集團。

We joined the Oil and Gas Climate Initiative.

我們加入了石油和天然氣氣候倡議。

We teamed up with White Energy to capture CO2 from their project.

我們與 White Energy 合作，從他們的項目中捕獲二氧化碳。

We did some other things around emissions, too.

我們也圍繞排放做了一些其他事情。

We announced our Goldsmith solar project, and 2 other things that we did is we invested in Net Power in 2018.

我們宣布了我們的 Goldsmith 太陽能項目，我們做的另外兩件事是我們在 2018 年投資了 Net Power。

Net Power is a technology that will generate electricity at a lower cost than a typical power plant and with the opportunity to capture the CO2 as a part of the process so that we can a sequester it in our oil reservoirs.

Net Power 是一種以比典型發電廠更低的成本發電的技術，並且有機會捕獲二氧化碳作為過程的一部分，以便我們可以將其隔離在我們的油藏中。

And then the start of 2019, we invested in Carbon Engineering, and Carbon Engineering has the technology that we will use as a part of our direct air capture process to pull CO2 from the air into -- but then sequestered in our oil reservoirs.

然後在 2019 年初，我們投資了 Carbon Engineering，Carbon Engineering 擁有的技術將用作我們直接空氣捕獲過程的一部分，將二氧化碳從空氣中吸收到 - 但隨後被隔離在我們的油藏中。

And you can see through there, there are other things that we continue to do over time that's led us to where we are today.

你可以從那裡看到，隨著時間的推移，我們還會繼續做一些其他的事情，這讓我們走到了今天。

There is -- won't go through and read all of those, but there's a lot that's been done.

有——不會閱讀所有這些內容，但已經完成了很多工作。

And the foundation has been very meticulously planned and staged, and now the foundation is set for us to finish some of the processes that we have and discussions that we have in place today to get to a point where this really becomes a business that has 3 ways of benefiting us and benefits the world.

基金會已經非常精心地計劃和上演，現在我們已經奠定了基礎，以完成我們今天已經進行的一些流程和討論，以達到真正成為一個擁有 3造福我們和造福世界的方式。

And so without going through and reading the rest of that, I'll go ahead and stop here and let you answer or ask your follow-up.

因此，無需閱讀其餘部分，我將繼續並停在這裡，讓您回答或詢問您的後續行動。

Great.

偉大的。

My follow-up is actually a similar line as it relates to the 2 of the technologies that you talked about, the emission-free power and direct air capture.

我的後續行動實際上是一條類似的路線，因為它與您談到的兩項技術有關，即無排放電力和直接空氣捕獲。

What milestones are you looking for in 2021?

您在 2021 年尋找哪些里程碑？

Do you have full confidence that these 2 technologies can get to scale?

您是否完全有信心這兩種技術能夠實現規模化？

I show that the FEED study is out for at least half of maybe or the first train or half of where you kind of want to get capacity to for direct air capture.

我表明 FEED 研究至少有一半可能或第一列火車或一半你想要獲得直接空氣捕獲能力的地方。

And I wondered if you can just kind of talk about your confidence in the technology, what the milestones are that they're going to meet whatever cost thresholds you are looking for to get scaled on.

我想知道你是否可以談談你對技術的信心，里程碑是什麼，它們將滿足你想要擴大規模的任何成本門檻。

Well, the first real milestone for us was announced yesterday, and that was the -- or maybe today, and that was the selection of our engineering and construction company, and that's Worley.

嗯，對我們來說，第一個真正的里程碑是昨天宣布的，那是 - 或者可能是今天，那是我們工程和建築公司的選擇，那就是 Worley。

Worley is they're an incredible company.

沃利是他們是一家不可思議的公司。

They're -- they have also a passion around carbon capture and around doing the things that they need to do to also become carbon neutral.

他們——他們也對碳捕獲和做他們需要做的事情來實現碳中和充滿熱情。

And I want to point out in all the partnerships that we've developed so far, all the partnerships have been with people who share our vision and our commitment that this is -- has to create value for our shareholders, but it's also the right thing to do for our operations and for the world.

我想指出，在我們迄今為止建立的所有合作夥伴關係中，所有的合作夥伴關係都是與我們的願景和承諾相同的人 - 必須為我們的股東創造價值，但這也是正確的為我們的運營和世界做的事情。

All of these guys share the same thing.

所有這些人都有相同的東西。

United Airlines, who is partnering with us, too, to build this direct air capture, they all share the same vision that we do.

聯合航空公司也與我們合作，建立這種直接空中捕獲，他們都與我們有著相同的願景。

They're committed to become carbon-neutral.

他們致力於實現碳中和。

So selecting Worley and having them on board with the commitment that they have and to get the FEED study done, that's going to be a significant milestone for us.

因此，選擇 Worley 並讓他們帶著他們的承諾加入並完成 FEED 研究，這對我們來說將是一個重要的里程碑。

And we're hoping to get that done by 2022.

我們希望在 2022 年之前完成這項工作。

And then the construction beyond that would take about 18 months to 2 years, but we're very confident in the -- that the technology will work because every part of the direct air capture is being used in some way somewhere.

之後的建設將需要大約 18 個月到 2 年的時間，但我們非常有信心 - 該技術將發揮作用，因為直接空氣捕獲的每個部分都在某處以某種方式使用。

And as I think I said on the last earnings call, one of the key things that's needed in there as a part of it is potassium hydroxide, which we use a lot of anyway.

正如我想我在上次財報電話會議上所說的那樣，其中需要的關鍵東西之一是氫氧化鉀，無論如何我們都使用了很多。

And so we're familiar with what we need to use.

所以我們熟悉我們需要使用的東西。

We're familiar with the pieces and parts, and I have confidence that our team in working with Worley to work out the details.

我們對零件和零件都很熟悉，我相信我們的團隊會與 Worley 一起制定細節。

We'll do the same thing that we've been able to do in Al Hosn where that was a very complex facility that we built there.

我們將做與我們在 Al Hosn 能夠做的事情相同的事情，那是我們在那裡建造的一個非常複雜的設施。

And I know I belabored this probably too much, but that was incredibly impressive to build a facility out in the middle of the dessert that huge, and the sulfur recovery units that are a part of Al Hosn were very, very unique and different.

而且我知道我可能對這件事太過分了，但是在如此巨大的甜點中間建造一個設施真是令人印象深刻，而且作為 Al Hosn 一部分的硫回收裝置非常非常獨特和不同。

And I don't think there are any that are that large anywhere else in the world.

而且我認為世界上其他任何地方都沒有這麼大的。

But we working with our partners, ADNOC, we're able to make that work right off the bat without any kind of glitch.

但是我們與我們的合作夥伴 ADNOC 合作，我們能夠立即完成這項工作，而不會出現任何故障。

And not only made it work, so we were able to expand it by 30% with just an incremental $10 million off of the $10 billion that it took to build it.

不僅讓它發揮作用，我們還能夠將它擴大 30%，而在建造它所需的 100 億美元中只增加了 1000 萬美元。

So our major projects team knows how to build things.

所以我們的主要項目團隊知道如何構建東西。

Worley is very, very experienced and knowledgeable.

沃利非常非常有經驗和知識淵博。

I think between the 2 of us, our team and them, I think we have a great chance to build with this first one.

我認為在我們兩個人、我們的團隊和他們之間，我認為我們有很大的機會利用第一個來構建。

And the first one is always more costly than the next ones to come because we -- you learn a lot from it.

第一個總是比下一個更昂貴，因為我們——你從中學到了很多。

But I believe we'll learn a lot from building this first one and making it as efficient as we can be.

但我相信我們將從構建第一個並使其盡可能高效中學到很多東西。

And then learning as we get it online, how to make it even more efficient.

然後在我們上網時學習如何讓它更有效率。

Yes.

是的。

And Brian, I would just add for order of magnitude, that first DAC train, I think you described would capture 1 million tons annually, which is about 5% of what we sequester annually in the EOR business today.

布賴恩，我想增加一個數量級，我認為你描述的第一輛 DAC 火車每年將捕獲 100 萬噸，這大約是我們今天在 EOR 業務中每年隔離的 5%。

The next question comes from Paul Cheng of Scotiabank.

下一個問題來自豐業銀行的 Paul Cheng。

Two questions.

兩個問題。

First, I think, is for Rob.

首先，我想，是給羅布的。

Rob, when I'm looking at your presentation, in terms of the cash flow priority, I'm actually surprised that you put retiring the preferred equity at the bottom, given it's actually pretty high coupon 8%.

Rob，當我查看您的演示文稿時，就現金流優先級而言，我實際上很驚訝您將優先股退還放在底部，因為它實際上是相當高的 8% 息票。

So just wondering that why that would not be a higher priority for you to retire such a high coupon debt to some degree.

所以只是想知道為什麼在一定程度上償還如此高的息票債務對你來說不是一個更高的優先事項。

I mean, even though you start deferred equity from our standpoint, it's no different than the debt.

我的意思是，即使你從我們的角度開始遞延股權，它與債務沒有什麼不同。

So maybe that you can elaborate a little bit of the thinking.

所以也許你可以詳細說明一下這個想法。

Secondly, back on your Page 15, I think you gave some data about the Permian, 11 rigs that you're going to run and the number of wells.

其次，回到你的第 15 頁，我想你提供了一些關於二疊紀的數據，你將要運行的 11 台鑽井平台以及井的數量。

And since that that's including the yield out now, so can you break it down, the number of rigs that is related to the unconventional and the number of wells that you're going to come on stream?

既然這包括現在的產量，那麼你能把它分解一下，與非常規相關的鑽機數量以及你將要投產的油井數量嗎？

And in terms of the trajectory, is that a pretty steady program ratable throughout the year?

就軌跡而言，這是一個全年都可以評價的相當穩定的計劃嗎？

Or that is more heavy bottom?

還是說底部更重？

Or that is early heavy or that is bottom heavy in terms of the program?

或者就程序而言，這是早期沉重還是底部沉重？

Paul, this is Jeff.

保羅，這是傑夫。

I'll answer your second one first because I think that one is probably a little more straightforward.

我會先回答你的第二個，因為我認為那個可能更簡單一點。

So to answer your question, it does conceptually include Permian EOR now that we're guiding those 2 businesses together.

因此，要回答您的問題，它在概念上確實包括二疊紀 EOR，因為我們正在共同指導這兩個業務。

But I can tell you, there aren't any drilling rigs in Permian EOR planned for this year.

但我可以告訴你，今年二疊紀 EOR 沒有任何鑽機計劃。

And as for trajectory, it's -- I would say it's relatively flat except -- Q1's got a few -- it's not a huge difference, but a little bit fewer wells coming on than you do in Q2, 3 and 4, and that's just because of the ramp-up trajectory.

至於軌跡，它是 - 我會說它相對平坦，除了 - Q1 有一些 - 這不是一個巨大的差異，但比你在 Q2、3 和 4 中的井要少一點，這只是因為上升軌跡。

So if you look back, we averaged 2 rigs in the third quarter of '20, 5 rigs in the fourth quarter of '20, and then now we're going to average about 12 rigs in Q1.

因此，如果您回顧一下，我們在 20 年第三季度平均有 2 台鑽機，在 20 年第四季度平均有 5 台鑽機，現在我們將在第一季度平均約 12 台鑽機。

So when you just think about that trajectory and how the wells online lag that, it makes sense for Q1 to be a little bit lighter, but it's -- there's not a huge difference between those.

因此，當您僅考慮該軌跡以及在線油井如何滯後時，第一季度的重量輕一點是有道理的，但是-兩者之間並沒有太大的區別。

And I'll let Rob take your first one.

我會讓 Rob 拿走你的第一個。

Paul, so yes, so looking at the slides, you do see that the preferred equity is at the bottom of the slide.

保羅，所以是的，所以看看幻燈片，你確實看到優先股在幻燈片的底部。

Frankly, obviously, we're focused on the top 2 pieces of the project list right now.

坦率地說，顯然，我們現在專注於項目列表的前 2 個部分。

As it relates to the Berkshire, so the way the agreement works is that in order to retire principal, we would have to have at least a $4 per share common distribution over a 12-month period to open up paying on a one-for-one basis down on the Berkshire preferred principle.

由於它與伯克希爾哈撒韋有關，因此協議的運作方式是，為了讓本金退休，我們必須在 12 個月內至少獲得每股 4 美元的普通分配，才能開啟以一換一換的方式支付 -以伯克希爾優先原則為基礎。

And so certainly, we don't foresee that type of distribution on the common in the near-term future to open it up.

因此，當然，我們預計短期內不會在公地上進行這種類型的分配來開放它。

To do anything outside of that would require an agreement with Berkshire in order to make a reduction in the actual principle in the near term.

除此以外的任何事情都需要與伯克希爾達成協議，以便在短期內減少實際原則。

It's not that we're not aware of the fact that our ability to source capital is well below the coupon rate today, but we don't have the ability to force that upon the situation as we sit today.

並不是說我們不知道我們獲取資金的能力遠低於今天的票面利率，而是我們沒有能力在我們今天所處的情況下強加這一點。

The next question comes from Dan Boyd of Mizuho Securities.

下一個問題來自瑞穗證券的丹·博伊德。

So I just want to follow up with a few questions on the emission targets and the carbon capture business.

所以我只想跟進一些關於排放目標和碳捕獲業務的問題。

So just first, can you maybe give us an update or a review of your existing pipeline infrastructure and your ability to capture revenue from just the 45Q tax credits and sequestering carbon?

因此，首先，您能否向我們介紹一下您現有的管道基礎設施以及您僅從 45Q 稅收抵免和碳封存中獲取收入的能力？

And sort of as we think about it, I think you've made comments, Vicki, about revenue from your carbon business matching your oil business in a couple of decades from now.

正如我們所想的那樣，我認為你已經發表了評論，Vicki，關於你的碳業務收入與你的石油業務相匹配的幾十年後的石油業務。

How big does -- how big of a role is directly our capture versus using your existing infrastructure?

與使用您現有的基礎設施相比，我們直接捕獲的角色有多大？

Our plan is to use both.

我們的計劃是兩者都使用。

As you may know, we have the largest infrastructure of any CO2 enhanced oil recovery in the world in the Permian.

如您所知，我們在二疊紀擁有世界上最大的二氧化碳強化石油採收基礎設施。

We have the pipelines that we need to move the CO2 around to wherever we need it to go in -- for our own fields.

我們擁有將二氧化碳轉移到我們需要進入的任何地方的管道——用於我們自己的領域。

We also have the gas processing plants and the supporting infrastructure for those plants and the pipelines.

我們還擁有天然氣加工廠以及這些工廠和管道的配套基礎設施。

So that's why when we think about how to maximize and continue to develop the EOR reserves, that's our preference.

這就是為什麼當我們考慮如何最大化並繼續開發 EOR 儲備時，這是我們的偏好。

And as I've mentioned in -- when I was going through the time line, the deal that we made with White Energy, they're an ethanol company.

正如我在中提到的 - 當我通過時間線時，我們與 White Energy 達成的交易，他們是一家乙醇公司。

So they have 2 plants in the Permian Basin, and they're -- not in the Permian Basin, I'm sorry.

所以他們在二疊紀盆地有 2 家工廠，但他們——不在二疊紀盆地，對不起。

They have 2 plants in Texas, and their plants are not too far from a pipeline that will get that CO2 to our infrastructure in the Permian.

他們在得克薩斯州有 2 家工廠，他們的工廠離將二氧化碳輸送到我們二疊紀基礎設施的管道不遠。

So that's why we did the deal with them.

所以這就是我們與他們進行交易的原因。

We've also teamed up with a cement plant in Colorado to do the same thing, and that plant there will tie into a pipeline that we have coming from Southern Colorado all the way down to the Permian.

我們還與科羅拉多州的一家水泥廠合作做同樣的事情，那裡的工廠將與我們從南科羅拉多州一直到二疊紀的管道相連。

So we'll be getting CO2 from that plant into the pipeline and to our EOR operations in the Permian.

因此，我們將從該工廠獲取二氧化碳進入管道和我們在二疊紀的 EOR 操作。

So it's that infrastructure that we're trying to definitely take advantage of.

因此，我們正在嘗試絕對利用的基礎設施。

But the really good thing about the direct air capture and the thing that some people have missed is you can put direct air capture anywhere because you don't need to put it where the pollution is because the winds balance the concentration of CO2 around the world.

但是直接空氣捕獲的真正好處以及一些人錯過的事情是，您可以將直接空氣捕獲放置在任何地方，因為您無需將其放置在污染所在的地方，因為風平衡了世界各地的二氧化碳濃度.

So what we can do with the direct air capture, put it right close to the facility or the reservoir that we want to put it into.

所以我們可以對直接空氣捕獲做些什麼，把它放在我們想要放入的設施或水庫附近。

That's why it makes us possible to have direct air capture in the Permian and the DJ, the Powder River, Oman and ultimately -- and hopefully, in Algeria, too.

這就是為什麼它使我們能夠在二疊紀和 DJ、粉河、阿曼以及最終——希望在阿爾及利亞也能直接捕獲空氣。

So we can put it anywhere we want.

所以我們可以把它放在我們想要的任何地方。

And this creates opportunities way beyond the Permian.

這創造了超越二疊紀的機會。

We wanted to prove it up in the Permian because that is the best place for -- almost in the world for enhanced oil recovery.

我們想在二疊紀證明這一點，因為那裡幾乎是世界上提高石油採收率的最佳地點。

The utilization of the CO2 is best there.

那裡的二氧化碳利用最好。

And so we've got a good option, good opportunity to maximize our infrastructure.

所以我們有一個很好的選擇，很好的機會來最大化我們的基礎設施。

Nobody else has the scale that we do and the size that we do and the opportunity that we have.

沒有其他人擁有我們所做的規模、我們所做的規模和我們擁有的機會。

So we're very, very excited about it.

所以我們對此非常非常興奮。

And we do believe that over the next 5 to 10 years that the benefits of our low carbon business will equal our chemical business.

我們確實相信，在未來 5 到 10 年內，我們的低碳業務的收益將與我們的化工業務相媲美。

And then as you said, ultimately, it's going to be as profitable and deliver as much as our oil and gas business does.

然後正如你所說，最終，它將像我們的石油和天然氣業務一樣盈利和交付。

Okay.

好的。

That's very helpful.

這很有幫助。

My follow-up would be, as we look at your goal of being carbon neutral, can you talk about how much of that reduction comes from direct air capture?

我的後續行動是，當我們看到您實現碳中和的目標時，您能否談談其中有多少來自直接空氣捕獲？

And how that ties in with getting companies like United to come in as a partner?

這與讓曼聯這樣的公司成為合作夥伴有什麼關係？

And presumably, you're talking to companies such as Amazon and the like of those that want to lower their carbon footprint.

據推測，您正在與亞馬遜等希望降低碳足蹟的公司交談。

How do you share those carbon credits as you get others to come in and fund the facility cost?

當您讓其他人進來並為設施成本提供資金時，您如何分享這些碳信用額？

Yes.

是的。

I think it's -- the direct air capture is going to be a huge part of our future to do this.

我認為是——直接空氣捕獲將成為我們未來實現這一目標的重要組成部分。

We're going to continue the other partnerships that we consider, the services agreements with others to help them have a place to send their carbon from their facilities, from their plants or industry.

我們將繼續我們考慮的其他合作夥伴關係，與其他人的服務協議，以幫助他們有一個地方從他們的設施、工廠或工業中發送他們的碳。

But we're -- I'm most excited about the direct air capture because of where we can put it, and the maritime industry, the airline industry, the tech industry.

但我們——我對直接空中捕獲最興奮，因為我們可以把它放在哪裡，以及海運業、航空業、科技行業。

We're having conversations with companies from all of those industries.

我們正在與所有這些行業的公司進行對話。

And the thing that we really need to have in place and what we're working on, too, is to ensure that we have -- that there is a way and a certified process to track the CO2 molecule from the reservoir to its end use.

我們真正需要具備的以及我們正在努力的事情是確保我們擁有 - 有一種方法和經過認證的流程來跟踪二氧化碳分子從水庫到最終用途.

And as that matures, then we're going to be able to ensure that as we build these partnerships that the partners we have will be able to take full credit for what their investment should provide them while we do the same.

隨著它的成熟，我們將能夠確保在我們建立這些夥伴關係時，我們擁有的合作夥伴將能夠充分信任他們的投資應該為他們提供的東西，而我們也這樣做。

But it's all going to be associated with either anthropogenic from industry or direct air capture.

但這一切都將與工業中的人為或直接空氣捕獲有關。

And I believe, over time, direct air capture will be a bigger percentage of what we do.

而且我相信，隨著時間的推移，直接空氣捕獲將在我們所做的工作中佔更大比例。

Yes.

是的。

I hate to be greedy on my first conference call with you.

我討厭在與你的第一次電話會議上貪婪。

But just my last one is just on the cost competitiveness and the cost curve of direct air capture, recognizing it's still early days.

但我的最後一個只是關於直接空氣捕獲的成本競爭力和成本曲線，認識到它還處於早期階段。

But I get a lot of pushback on just the cost of -- and the need for very high tax credits to make this economic.

但我對成本以及需要非常高的稅收抵免以使這種經濟產生的成本有很多反對意見。

But can you talk about where you think the cost curve can be 3 to 5 years from now as you start to build these facilities?

但是，您能否談談您認為從現在開始建造這些設施時 3 到 5 年的成本曲線在哪裡？

I think it's not going to take very long for us to get this to the point where the tax credits aren't going to be necessary.

我認為我們不需要很長時間就能達到不需要稅收抵免的程度。

It's just like solar and wind.

這就像太陽能和風能。

I can tell you that I hear the most negative comments from those who have a reason to say that solar and wind are profitable today, a direct air capture never will be.

我可以告訴你，我從那些有理由說太陽能和風能今天有利可圖的人那裡聽到了最負面的評論，直接空氣捕獲永遠不會。

Reality is there's never been a commercial plant built that -- where you can optimize the process like we're going to do.

現實情況是，從未建造過這樣的商業工廠——您可以像我們將要做的那樣優化流程。

We do expect -- and as I said earlier, the first plant will be the most expensive, but I don't believe it's going to take very many plants for us to build to get it to the point where it is economical and does not need the credits.

我們確實期望 - 正如我之前所說，第一座工廠將是最昂貴的，但我不相信我們需要建造很多工廠才能使其達到經濟且不需要學分。

Initially, we do need the credit, but we're very close to being in a position to -- for the credits to go away, we believe, because of the fact that we're -- if you couple a direct air capture with an oil reservoir and you don't have to build a pipeline to take it very far, you've already there optimized the cost of the initial build and the ability to get it in place and make it operate.

最初，我們確實需要功勞，但我們非常接近能夠——讓功勞消失，我們相信，因為我們——如果你將直接空中捕獲與一個油藏，你不必建造一條管道就能把它走得很遠，你已經在那裡優化了初始建造的成本以及將其安裝到位並使其運行的能力。

And every component in the direct air capture is working somewhere, so it's a matter of just putting the components together and getting them to be more efficient.

直接空氣捕獲中的每個組件都在某個地方工作，因此只需將組件組合在一起並提高它們的效率即可。

I believe, like any new technology, that the cost definitely will come down.

我相信，就像任何新技術一樣，成本肯定會下降。

How quickly it will come down, I think, is going to be driven by the expertise, experience, commitment and drive of those working on it.

我認為，它會以多快的速度下降，這將取決於相關人員的專業知識、經驗、承諾和動力。

I can tell you our team and Worley, the reason we selected them is because they clearly have a vision on how to make this work, and they're committed to it as our team.

我可以告訴你我們的團隊和 Worley，我們之所以選擇他們，是因為他們對如何完成這項工作有明確的願景，並且他們作為我們的團隊致力於此。

And so I have high confidence that over time, and not too long a time but then second or third unit, we're going to have it down to the level where credits are not going to be needed.

所以我很有信心，隨著時間的推移，不是太長的時間，而是第二或第三單元，我們將把它降低到不需要學分的水平。

That's why we're very confident that we can expand this to other areas internationally.

這就是為什麼我們非常有信心將其擴展到國際其他領域。

The next question comes from Jeanine Wai of Barclays.

下一個問題來自巴克萊的 Jeanine Wai。

Our first plan -- our first question is on the 2021 plan and kind of what that might mean for an early peak for '22.

我們的第一個計劃——我們的第一個問題是關於 2021 年的計劃，以及這對於 22 年的早期高峰可能意味著什麼。

Leverage improvement is pretty significant this year and on the '21 completions trajectory in the amount that you have, does it include a ramp into year-end to get ready for maybe modest corporate or corporate oil growth in 2022, if prices weren't?

今年的槓桿率提高非常顯著，在 21 年的完成量軌跡上，它是否包括進入年底，為 2022 年可能適度的企業或企業石油增長做好準備，如果價格沒有？

Or is the plan next year to instead get back to a more meaningful base event or is able just to do both?

或者明年的計劃是回到更有意義的基礎賽事，還是兩者都可以？

I think in Paul's question, you might have said the Permian TILs or maybe a little bit ratable 2Q to 4Q, but we're just trying to figure out if there's any kind of completion CapEx in there to get ready for '22.

我認為在保羅的問題中，您可能會說二疊紀 TIL 或者可能有點可評價的 2Q 到 4Q，但我們只是想弄清楚那裡是否有任何類型的完成資本支出為 22 年做好準備。

Let me start, Jeanine, and then Rob and Vicki can jump in on the back end.

讓我開始吧，Jeanine，然後 Rob 和 Vicki 可以跳到後端。

So obviously, Q1 production is lower than the average for the year.

很明顯，第一季度的產量低於全年平均水平。

So there is -- the 2, 3, 4 is going to be higher than Q1 partly because of the storm and then partly just because of how we started up our development program late in the year and how that flows through.

所以有 - 2、3、4 將高於第一季度，部分原因是風暴，部分原因是我們如何在今年晚些時候啟動我們的開發計劃以及它是如何通過的。

But I wouldn't think of it as some continually increasing trajectory heading into 2022.

但我不認為這是進入 2022 年的一些持續增長的軌跡。

It doesn't necessarily look like that.

它不一定看起來像那樣。

It's -- every quarter, it will be a little different.

這是 - 每個季度都會有所不同。

But definitely, the back 3 quarters are higher than the first one.

但可以肯定的是，後三節比第一節高。

I think as Vicki said, we're not driving towards growth for 2022.

我認為正如 Vicki 所說，我們不會推動 2022 年的增長。

Our cash flow priorities remain intact.

我們的現金流優先事項保持不變。

We're very focused on deleveraging -- generating free cash flow from the business that we can use to continue that pace and move that forward as fast as we can.

我們非常專注於去槓桿化——從業務中產生自由現金流，我們可以用它來繼續這一步伐並儘可能快地向前推進。

Okay.

好的。

Great.

偉大的。

That's very helpful.

這很有幫助。

For the Permian on sustaining CapEx, how do you anticipate that the area mix will change over the next few years?

對於維持資本支出的二疊紀，您預計未來幾年區域組合將如何變化？

And can that $1.2 billion in CapEx, can that hold the Permian flat over, say, like a 3- to 5-year time period as the Midland JV carry runs out?

那 12 億美元的資本支出能否讓二疊紀保持平穩，比如說，在米德蘭合資企業用完的 3 到 5 年時間段內？

I know there's some gross net issues with some of the TIL guidance this year, but how do you anticipate that $1.2 billion being sustainable?

我知道今年 TIL 的一些指導存在一些總的淨問題，但你如何預計這 12 億美元是可持續的？

Yes.

是的。

I mean, you mentioned a couple of points there, and let me hit on them.

我的意思是，你在那裡提到了幾點，讓我談談它們。

So like the Midland Basin JV, it's very helpful from a capital intensity standpoint.

因此，就像米德蘭盆地合資企業一樣，從資本密集度的角度來看，它非常有幫助。

If you look at that, where the 750 carry, we're through, we've still got a little more than 600 left on that.

如果你看一下，在 750 攜帶的地方，我們已經完成了，我們還剩下 600 多一點。

So that will get us through at least another couple of years from a capital efficiency standpoint.

因此，從資本效率的角度來看，這將使我們至少再過幾年。

If you asked us to guess where we're going to be, it's difficult to do that because I wouldn't have expected would be as low as where we are today 3 years ago when we were doing this business as the teams continue to get better.

如果您讓我們猜測我們將在哪裡，這很難做到，因為我沒想到會像 3 年前我們做這項業務時的今天一樣低，因為團隊繼續獲得更好的。

And just as an example, our capital intensity in the Resources business will be half this year of what it was 2 years ago.

舉個例子，今年我們在資源業務的資本密集度將是兩年前的一半。

And that's in a year where we're ramping up capital, so usually that works the opposite way.

那是在我們增加資本的一年，所以通常情況相反。

So our teams continue to get better and better.

因此，我們的團隊繼續變得越來越好。

So while I would hate to guess on what that's going to be, it wouldn't surprise me to see it be a little bit higher than a $1.2 billion, 3 or 4 years from now, but I wouldn't expect a meaningful change from that number to hold our Permian Basin flat.

因此，雖然我不願猜測這將是什麼，但在 3 或 4 年後看到它比 12 億美元略高一點也不會令我感到驚訝，但我不希望從現在起有意義的變化這個數字使我們的二疊紀盆地持平。

I think you'll get puts and takes.

我想你會得到看跌期權。

Our decline continues to come down, as you saw the corporate decline going from 25% to 22%.

我們的跌幅繼續下降，因為您看到企業的跌幅從 25% 下降到 22%。

That's largely driven by our improvements in our unconventional businesses, both in Permian resources going from 37 to 33.

這主要是由於我們在非常規業務方面的改進，二疊紀資源從 37 增加到 33。

Also in the Rockies, that's coming down to about 33.

同樣在落基山脈，這個數字下降到大約 33 個。

So I continue to expect that to improve a bit.

所以我繼續期待這會有所改善。

And as the teams get better and better, that should also help with that capital intensity going forward.

隨著團隊變得越來越好，這也應該有助於未來的資本密集度。

So I guess the short answer is, it could go up a little bit, but I wouldn't expect a huge change over the next few years.

所以我想簡短的回答是，它可能會上升一點，但我預計未來幾年不會發生巨大變化。

The next question comes from Raphaël DuBois of Societe Generale.

下一個問題來自法國興業銀行的 Raphaël DuBois。

The first one is about your hedging for crude oil.

第一個是關於你對原油的套期保值。

I was a bit surprised not to see a new slide on this in your presentation package.

在您的演示文稿包中沒有看到關於此的新幻燈片，我有點驚訝。

Could you please remind us what is your position on the hedging?

您能否提醒我們您對對沖的立場是什麼？

And can you confirm that you didn't take further positions in Q4?

您能否確認您在第四季度沒有進一步擔任職位？

Thanks, Raphaël.

謝謝，拉斐爾。

So just historically, the company is not one that's regularly engaged in hedging, preferring to realize the prices over the cycle, that delivers the most value for shareholders.

因此，從歷史上看，該公司並不是一家經常進行對沖的公司，而是更願意在周期內實現價格，從而為股東帶來最大的價值。

But we did, to your point, with our increased leverage, take on an oil hedge in 2020 that had a collar in 2020, but then it also had a call provision in 2021.

但是，就你的觀點而言，我們確實通過增加槓桿率在 2020 年進行了石油對沖，該對沖在 2020 年有一個項圈，但它在 2021 年也有一個看漲期權。

So the only thing remaining from that oil hedge is the call provision in 2021.

因此，石油對沖中唯一剩下的就是 2021 年的贖回條款。

We have put in place, as the slide deck shows, Slide 20, natural gas hedges for 530 million standard cubic per day as of 12.31 with a value between 2.50 and 3.64 on a costless basis, similar to a cost of basis we had on the hedge oil last year.

如幻燈片所示，幻燈片 20，截至 12.31，我們已經實施了 5.3 億標準立方/天的天然氣對沖，價值在 2.50 到 3.64 之間，無成本，類似於我們在去年對沖石油。

There's no extending call option though on the gas side.

儘管在天然氣方面沒有延長看漲期權。

We continue to evaluate additional hedges, particularly on the oil side on a regular basis.

我們將繼續評估額外的對沖，特別是定期在石油方面。

We evaluate the cost of doing so versus not doing so.

我們評估這樣做與不這樣做的成本。

As you can imagine, doing a pure put is still fairly expensive despite the improvement in price.

可以想像，儘管價格有所提高，但做純看跌期權仍然相當昂貴。

And a costless type collar hedge is going to require both the cap in the current year in addition to the one we have hanging over us today last year's hedge, extending one into 2022.

除了我們今天掛在我們去年的對沖之外，一個無成本類型的領套對沖將需要本年度的上限，並將一個延長到 2022 年。

And so we look at the -- we moved the debt maturities down quite a bit in the near term, which is somewhat of a hedge against downturns in the business in the near term.

所以我們看一下 - 我們在短期內將債務期限降低了很多，這在某種程度上是對短期內業務低迷的對沖。

We also know that shareholders appreciate our heavy exposure, leverage to oil price.

我們也知道股東欣賞我們的高風險敞口和對油價的影響。

And so we have not put something in place as of now, but we're going to continue to evaluate them and see if they're going to be constructive in the future.

因此，到目前為止，我們還沒有採取任何措施，但我們將繼續評估它們，看看它們是否會在未來具有建設性。

That's very helpful.

這很有幫助。

My second question is, have you quantified if any one-off cost for restarting your wells in Texas after the cold wave?

我的第二個問題是，在寒潮過後，您是否量化了在德克薩斯州重新啟動油井的一次性成本？

And same question about your chemical division.

關於你的化學部門的同樣問題。

Did you quantify any financial implications of the cold wave for this division?

您是否量化了寒潮對該部門的任何財務影響？

We have not yet quantified the cost of either one, the oil and gas restart or the chemicals.

我們尚未量化石油和天然氣重啟或化學品中的任何一項的成本。

We're still in the -- as I think we put out.

我們仍然在 - 正如我認為我們推出的那樣。

We've got 90% of our production back on, the chemicals in the oil and gas.

我們已經恢復了 90% 的生產，即石油和天然氣中的化學物質。

The chemicals business is still starting up some of their facilities, but it's going to take us a little while to get to the end of this to quantify the cost.

化學品業務仍在啟動他們的一些設施，但我們需要一段時間才能完成量化成本。

But the good thing is we see no permanent damage with anything, and the wells are starting back and looking very good.

但好消息是我們沒有看到任何永久性損壞，並且水井正在恢復並且看起來非常好。

And the last questioner today will be Phil Gresh with JP Morgan.

今天的最後一位提問者將是摩根大通的菲爾·格雷什。

First one here just on the capital budget for this year.

第一個只是今年的資本預算。

I think in the past, Jeff, you've talked about for every $10 a barrel, there could be potentially 10% inflation risk.

傑夫，我認為過去你曾談到每桶 10 美元，可能存在 10% 的通脹風險。

And I know that the CapEx guidance uses the $40 WTI price.

而且我知道資本支出指南使用 40 美元的 WTI 價格。

So I'm curious, what are you seeing on inflation?

所以我很好奇，你對通貨膨脹有什麼看法？

And if something were to pick up later in the year, is the priority to maintain the production if it requires raising the CapEx a bit for the inflation?

如果今年晚些時候情況有所好轉，如果需要提高資本支出以應對通貨膨脹，是否優先考慮維持生產？

Or would you be more inclined to stick hard to the 2.9 budget?

還是你會更傾向於堅持 2.9 的預算？

Yes.

是的。

I mean the point you raise, Phil, is true.

我的意思是你提出的觀點，菲爾，是真的。

I mean we've seen that both flexing up and down generally as a pretty good guide for us with that $10 change in commodity price.

我的意思是，我們已經看到，隨著商品價格的 10 美元變化，上下波動對我們來說都是一個很好的指導。

We see that type of inflation-deflation.

我們看到了這種通貨膨脹-通貨緊縮。

It's a little different this time, and you guys are looking at it really closely.

這次有點不同，你們正在仔細觀察。

Most of the time in the past, changes in oil price correlated with changes in activity.

在過去的大部分時間裡，石油價格的變化與活動的變化相關。

And so this time, as you know, we've seen a pretty strong run-up in commodity price slightly.

所以這一次，如你所知，我們看到商品價格略微強勁上漲。

We haven't seen the correlative activity change that we historically see with that.

我們還沒有看到我們在歷史上看到的相關活動變化。

And so really, when you kind of layer down where a lot of the inflationary pressures come from, it's from changes in activity and the need for resources and so on.

所以說真的，當你把很多通脹壓力的來源分層時，它來自活動的變化和對資源的需求等等。

So this time, looks a little bit different.

所以這一次，看起來有點不同。

We're not seeing huge inflationary pressures yet.

我們還沒有看到巨大的通脹壓力。

Of course, there's parts of the market that are driven by housing starts, more than they are, a number of frac crews running and things like that.

當然，市場的某些部分是由房屋開工驅動的，更多的是，一些壓裂人員正在運行，諸如此類。

And so you get little puts and takes.

所以你得到很少的看跌期權。

And what we do know and what we see, we have built into the budget.

我們所知道的和我們所看到的，我們已經納入預算。

So it wasn't absent of any of that, but it was largely poured on a lower price environment.

所以它並非沒有任何這些，但它主要是在價格較低的環境中出現的。

But we don't expect with what we see at least right now, that number to have to change materially for inflationary reasons.

但至少我們現在看到的情況下，我們預計這個數字不會因為通脹原因而發生重大變化。

A little early in the year.

年初一點。

But at least with what we see right now, we don't expect that to change.

但至少就我們現在看到的情況而言，我們不希望這種情況發生改變。

Okay.

好的。

Got it.

知道了。

And my follow-up was just along the line to Jeanine's question.

我的後續行動與珍妮的問題相符。

You touched upon the Permian.

你觸及了二疊紀。

But I was curious because some of the other areas, Gulf of Mexico, DJ also, the implication of what sustaining CapEx for those businesses are is quite low relative to history.

但我很好奇，因為其他一些地區，墨西哥灣，DJ 也是，這些企業維持資本支出的意義相對於歷史而言相當低。

So I was just curious if you had any additional color on those other lines of business in what the implication would be for go forward sustaining capital beyond '21.

所以我只是好奇你是否對那些其他業務線有任何額外的色彩，這對在 21 年之後繼續維持資本意味著什麼。

I know on past calls, you haven't really wanted to comment too much beyond 2021 yet, but just anything else you could share there would be interesting.

我知道，在過去的電話會議中，您真的不想在 2021 年之後發表太多評論，但是您可以在那里分享的任何其他內容都會很有趣。

Yes.

是的。

I mean, I'd say the same thing.

我的意思是，我會說同樣的話。

So I mean, the GoM is interesting.

所以我的意思是，GoM 很有趣。

And so let me hit on that one first.

所以讓我先說一下。

I mean you see what its capital is this year.

我的意思是你看看它今年的資本是多少。

I think if we looked at that over a long period of time, as you know, its capital tends to be a little more lumpy.

我認為，如果我們在很長一段時間內觀察它，如您所知，它的資本往往會更加粗糙。

It comes in bigger chunks than it does in the Permian or DJ because one well doesn't just cost a few million dollars.

它的數量比二疊紀或 DJ 更大，因為一口井不僅要花費幾百萬美元。

There's much more that goes with that, and there's tieback costs and things like that.

還有更多的東西，還有回接成本和類似的東西。

So if I was going to characterize the GoM.

因此，如果我要描述 GoM 的特徵。

I mean as you know, our strategy is generally around high-return tiebacks.

我的意思是如你所知，我們的策略通常是圍繞高回報的回接。

The teams have been super successful with what they've been doing.

這些團隊在他們一直在做的事情上取得了巨大的成功。

And I think Vicki hit on the first 2 wells that they drilled, the Oxy Drilling Dynamics are coming in at cost 35% less than where they were in 2019.

而且我認為 Vicki 在他們鑽探的前 2 口井中成功了，Oxy Drilling Dynamics 的成本比 2019 年低 35%。

So that's really going to help when you look at sustaining capital, and we're having good success delineating new reservoirs around our platforms.

因此，當您考慮維持資本時，這確實會有所幫助，並且我們在圍繞我們的平台劃定新的水庫方面取得了巨大成功。

So a lot of good things happening there.

所以那裡發生了很多好事。

But to explicitly answer your question, if you looked over a 5-year period, I would expect the sustaining capital to be higher than the number that we have this year.

但是要明確回答您的問題，如果您查看 5 年的時間，我預計維持資本將高於我們今年的數字。

It may be a couple of hundred million in a given year higher than what we have this year.

在某一年，它可能比我們今年的水平高出幾億。

But it's -- again, not a huge difference from where we are this year, but probably a bit higher over a 5-year period.

但這與我們今年的情況並沒有太大的不同，但在 5 年內可能會更高一些。

When you look at the DJ, it's probably similar to what we said on the Permian.

當你看 DJ 時，它可能與我們在二疊紀所說的相似。

Again, the performance improvements are making.

再次，性能改進正在取得。

I know we talk about this a lot, but I am astonished at all our businesses and what they're doing.

我知道我們經常談論這個問題，但我對我們所有的業務以及他們正在做的事情感到驚訝。

And let's look at the Rockies, you look at their rig release-to-rig release time in the fourth quarter.

讓我們看看落基山脈，你看看他們在第四季度的鑽機發佈時間。

For the 2 rigs they ran, it was 4.3 days.

他們運行的 2 台鑽機是 4.3 天。

That was 27% better than what it was in 2019, and that's in a restart period.

這比 2019 年好 27%，而且處於重啟期。

So again, they're doing really, really well.

再說一次，他們做得非常非常好。

Same thing on our EOR business, one we don't talk a lot about.

我們的 EOR 業務也是如此，我們很少談論它。

They pulled over $350 million out of their OpEx last year, and that largely is sustainable this year.

去年，他們從運營支出中提取了超過 3.5 億美元，這在今年基本上是可持續的。

So you look at those things and all of those kind of benefits are going to flow through to the sustaining capital as we look a few years out.

所以你看看這些東西，所有這些好處都將流向維持資本，因為我們展望了幾年。

So for DJ, I'd give a very similar answer, and it could be a little bit higher than what we're seeing this year just because of the number of DUCs we brought in this year, but it's not going to be a huge material change.

所以對於 DJ，我會給出一個非常相似的答案，它可能會比我們今年看到的要高一點，只是因為我們今年帶來了 DUC 的數量，但不會很大材料變更。

So we feel pretty confident with our 2.9, maybe a little bit higher if you're in a much higher commodity price world for a longer period of time, but we don't see a change in 30%, 40%, that kind of thing.

所以我們對我們的 2.9 很有信心，如果你在更長的時間內處於更高的商品價格世界中，可能會更高一點，但我們看不到 30%、40% 的變化事物。

We feel pretty confident about that for the next few years.

在接下來的幾年裡，我們對此充滿信心。

In the interest of time, this concludes our question-and-answer session.

由於時間關係，我們的問答環節到此結束。

I would like to turn the conference back over to Vicki Hollub for any closing remarks.

我想把會議轉回給 Vicki Hollub 做閉幕詞。

I'd just like to say thank you all for your questions and for joining our call.

我只想對大家提出問題和加入我們的電話表示感謝。

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。