西方石油 (OXY) 2020 Q3 法說會逐字稿

Good morning, and welcome to the Occidental Third Quarter 2020 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Neil Backhouse, Director of Investor Relations. Please go ahead.

早上好，歡迎參加西方 2020 年第三季度收益電話會議。 （操作員說明）請注意，此事件正在記錄中。我現在想將會議轉交給投資者關係總監 Neil Backhouse。請繼續。

Thank you, Grant. Good morning, everyone, and thank you for participating in Occidental's Third Quarter 2020 Conference Call. On the call with us today are Vicki Hollub, President and Chief Executive Officer; Rob Peterson, Senior Vice President and Chief Financial Officer; and Ken Dillon, President, International Oil and Gas Operations. This morning, we will refer to slides available on the Investors section of our website. The presentation includes a cautionary statement on Slide 2 regarding forward-looking statements that will be made on the call this morning.

謝謝你，格蘭特。大家早上好，感謝您參加西方石油公司 2020 年第三季度電話會議。今天與我們通話的是總裁兼首席執行官 Vicki Hollub； Rob Peterson，高級副總裁兼首席財務官；以及國際石油和天然氣業務總裁 Ken Dillon。今天早上，我們將參考我們網站投資者部分的幻燈片。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'll now turn the call over to Vicki. Vicki, please go ahead.

我現在將把電話轉給 Vicki。維姬，請繼續。

Thank you, Neil, and good morning, everyone. Our accomplishments in the third quarter, including our continued operational excellence, progress in executing divestitures, and successful extension of our debt maturities, have notably improved our financial position and provided us with the running room necessary to strengthen our balance sheet.

謝謝你，尼爾，大家早上好。我們在第三季度取得的成就，包括我們持續的卓越運營、執行資產剝離的進展以及成功延長我們的債務期限，顯著改善了我們的財務狀況，並為我們提供了加強資產負債表所需的運行空間。

The cost reduction measures we implemented earlier this year, combined with the early completion of our overhead and OpEx synergies, continue to bear fruit, as evidenced by the almost $1.4 billion of free cash flow generated in the third quarter. The synergies and savings we previously detailed are now embedded in our ongoing operations, and we expect to continue benefiting from our enhanced cost structure going forward. We are equipped to quickly adapt to any future potential commodity price dips while being positioned to leverage the benefits of future uplifts.

我們今年早些時候實施的成本削減措施，加上我們的間接費用和運營支出協同效應的提前完成，繼續取得成果，第三季度產生的近 14 億美元的自由現金流就是證明。我們之前詳述的協同效應和節省現在已嵌入我們正在進行的運營中，我們預計將繼續受益於我們未來增強的成本結構。我們有能力快速適應任何未來潛在的商品價格下跌，同時利用未來上漲的好處。

This morning, I'll provide updates on our divestiture progress as well as our plans for increased activity as we lay the groundwork to stabilize our production. Rob will cover our financial results and current guidance and the runway we have created for deleveraging.

今天早上，我將提供有關我們剝離進度的最新信息以及我們增加活動的計劃，因為我們為穩定生產奠定了基礎。 Rob 將介紹我們的財務業績和當前指導以及我們為去槓桿化創建的跑道。

Our third quarter free cash flow generation was driven by the strong performance of our businesses and diligent attention to margin preservation, continuing to reflect our focus on operational excellence. Our oil and gas operating cost of $6.04 per BOE and domestic operating cost of $5.38 per BOE demonstrate the lasting impact of our cost reduction measures as our domestic operating cost were significantly below our original expectations for this year.

我們第三季度的自由現金流的產生是由我們業務的強勁表現和對利潤率保持的勤奮關注推動的，這繼續反映了我們對卓越運營的關注。我們每 BOE 6.04 美元的石油和天然氣運營成本和每 BOE 5.38 美元的國內運營成本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。

All our businesses delivered strong operational performance in the third quarter. We exceeded our production guidance with lower-than-expected operating and capital costs for the quarter. Production from continuing operations of 1.24 million BOE per day exceeded the midpoint of guidance by 12,000 BOE per day despite an unusual number of named storms resulting in higher-than-expected production downtime in the Gulf of Mexico. Excluding the incremental impact from the storms, we would have achieved the high end of our production guidance.

我們所有的業務在第三季度都取得了強勁的運營業績。我們超出了我們的生產指導，本季度的運營和資本成本低於預期。儘管有異常數量的命名風暴導致墨西哥灣的生產停機時間高於預期，但持續運營的每日產量為每天 124 萬桶油當量，超出指導中點 12,000 桶當量。排除風暴帶來的增量影響，我們將達到生產指導的高端。

Our operational outperformance was primarily driven by strong well performance and continued improvements in operability in Permian Resources. While we ran a lower-than-normal development activity set in the third quarter, our teams have continued to advance their understanding of the subsurface and are constantly applying newly acquired knowledge to improve our well and completion designs.

我們的運營表現優異主要是由於強勁的油井表現和二疊紀資源可操作性的持續改善。雖然我們在第三季度進行了低於正常水平的開發活動，但我們的團隊繼續加深對地下的理解，並不斷應用新獲得的知識來改進我們的油井和完井設計。

In the Texas Delaware, our team broke another Oxy record by bringing our company's best Permian well online in the Silvertip area, which is a former Anadarko acreage. This is just one of the latest examples of how we are leveraging the combined strengths of our assets and abilities to better position ourselves for success as macro conditions improve.

在德克薩斯特拉華州，我們的團隊打破了另一項 Oxy 記錄，將我們公司最好的二疊紀井帶到了 Silvertip 地區，該地區是前阿納達科種植區。這只是我們如何利用資產和能力的綜合優勢在宏觀條件改善時更好地定位自己以取得成功的最新例子之一。

In a moment, I'll touch on our plans to ramp up activity but want to take this opportunity to reiterate that we will retain a high degree of flexibility with our capital plans, allowing us to adapt to a changing macro environment. This flexibility, combined with our best-in-class operational results and leadership as a low-cost operator, will continue to be a competitive advantage.

稍後，我將談到我們增加活動的計劃，但想藉此機會重申，我們將在資本計劃方面保持高度靈活性，使我們能夠適應不斷變化的宏觀環境。這種靈活性，加上我們一流的運營成果和作為低成本運營商的領導地位，將繼續成為競爭優勢。

With the closing of the mineral and surface acreage in Wyoming, Colorado, and Utah and reaching an agreement to sell our onshore assets in Colombia, we are on track to exceed the $2-plus billion target that we set for 2020. We have now closed or announced almost $8 billion of asset divestitures, net of taxes, since the close of the Anadarko acquisition.

隨著懷俄明州、科羅拉多州和猶他州礦產和地表面積的關閉，並就出售我們在哥倫比亞的陸上資產達成協議，我們有望超過我們為 2020 年設定的 2 多億美元的目標。我們現在已經關閉自收購阿納達科以來，或宣布了近 80 億美元的資產剝離（扣除稅項）。

At the time of the acquisition, we established a $10 billion to $15 billion asset divestiture target to be completed within 12 to 24 months after close of the acquisition. 15 months later, we are closing in on the lower end of our original target, despite 2020 possibly being the worst market for asset divestitures in the history of our industry.

在收購時，我們制定了 100 億至 150 億美元的資產剝離目標，將在收購完成後的 12 至 24 個月內完成。 15 個月後，儘管 2020 年可能是我們行業歷史上最糟糕的資產剝離市場，但我們正在接近最初目標的下限。

We are targeting an additional $2 billion to $3 billion of asset sales to be announced in 2020 or in the first half of 2021. With the completion of these additional divestitures, we will have met our divestiture target in less than 24 months from acquisition close.

我們的目標是在 2020 年或 2021 年上半年宣布額外 20 億至 30 億美元的資產出售。隨著這些額外剝離的完成，我們將在收購完成後不到 24 個月內實現剝離目標。

As we've said before, we will balance divestiture timing with value realization and will not sacrifice value to close transactions quickly. While we continuously review our portfolio to ensure we have the optimal mix of attributes, including free cash flow generation and capital efficiency and low decline, meeting our original divestiture target of at least $10 billion will mark the completion of asset sales on a large scale. The proceeds from our expected asset sales will continue to be applied towards debt reduction. These additional asset divestitures will be impactful in reducing debt and strengthening our balance sheet. We do recognize we must go further in reducing debt. Once our large-scale divestiture program is complete, debt reduction will be primarily driven by the utilization of free cash flow to meet debt maturities.

正如我們之前所說，我們將平衡剝離時間與價值實現，不會為了快速完成交易而犧牲價值。雖然我們不斷審查我們的投資組合以確保我們擁有最佳的屬性組合，包括自由現金流的產生和資本效率以及低跌幅，但實現我們最初至少 100 億美元的剝離目標將標誌著大規模資產出售的完成。我們預期資產出售的收益將繼續用於減債。這些額外的資產剝離將對減少債務和加強我們的資產負債表產生影響。我們確實認識到我們必須進一步減少債務。一旦我們的大規模資產剝離計劃完成，債務減少將主要通過利用自由現金流來滿足債務到期。

Our Permian Resources team delivered another record-setting quarter. As I mentioned, our Texas Delaware team broke an Oxy Permian record in the third quarter by bringing a Silvertip well on -- hitting peak 24-hour rate of over 9,000 BOE per day. In New Mexico, our team set a new completion pumping time record of over 20 hours per day for a 3-well pad, while our Midland Basin team set a new Permian-wide record by drilling over 7,500 feet in a single day. The wells in the Silvertip section, where the record well was completed, were brought online with an average total well cost that achieved our synergy target for Texas Delaware well cost reductions. These savings were achieved despite the wells being drilled before our full cost reductions were implemented. We expect to continue lowering costs based on our current drilling performance and future savings on hookups. Our other business units are also lowering D&C costs through design optimization, efficiency improvements, and collaboration with our vendors.

我們的二疊紀資源團隊又創造了一個創紀錄的季度。正如我所提到的，我們的德克薩斯特拉華州團隊在第三季度打破了 Oxy Permian 的記錄，使 Silvertip 井井有條——達到每天超過 9,000 BOE 的 24 小時峰值。在新墨西哥州，我們的團隊為一個 3 井平台創造了每天超過 20 小時的完井抽水時間記錄，而我們的米德蘭盆地團隊在一天內鑽探超過 7,500 英尺，創下了二疊紀範圍的新記錄。 Silvertip 部分的油井完成了創紀錄的油井，這些油井以平均總油井成本上線，實現了我們在德州特拉華州油井成本降低的協同目標。儘管在我們全面降低成本之前已經鑽了井，但這些節省還是實現了。我們預計將根據我們當前的鑽井性能和未來節省的連接費用繼續降低成本。我們的其他業務部門也在通過優化設計、提高效率以及與供應商合作來降低 D&C 成本。

Operational excellence means more than just consistently delivering strong well results. Safely delivering superior well results, along with consistently improving operability while driving down operating costs, are the bedrock of our operating philosophy and are what we define as operational excellence. Our operating philosophy is instilled in our teams: continuously striving for improvement. This is evidenced by the impressive progress our DJ Basin team has made in reducing downtime by 78% from the third quarter of 2019 to the third quarter of 2020 and our Midland Basin team's commitment to continuously lower operating costs, which are now below $5 per BOE.

卓越運營不僅僅意味著始終如一地提供強勁的油井結果。安全地提供卓越的油井結果，以及在降低運營成本的同時不斷提高可操作性，是我們運營理念的基石，也是我們對卓越運營的定義。我們的經營理念灌輸到我們的團隊中：不斷努力改進。從 2019 年第三季度到 2020 年第三季度，我們的 DJ Basin 團隊在將停機時間減少了 78% 方面取得了令人矚目的進步，以及我們的 Midland Basin 團隊致力於不斷降低運營成本，現在每桶油當量低於 5 美元，這證明了這一點.

After a modest resumption of activity in the third quarter, we plan to increase activity more meaningfully in the fourth quarter and add two rigs in each of the Texas Delaware, New Mexico, and DJ basins. We restarted activity with our JV partner, Ecopetrol, in the Midland Basin by running two rigs in the third quarter. And in Gulf of Mexico, we returned a drillship to work in early October.

在第三季度適度恢復活動後，我們計劃在第四季度更有意義地增加活動，並在德克薩斯特拉華州、新墨西哥州和 DJ 盆地各增加兩台鑽井平台。我們通過在第三季度運行兩台鑽井平台，與我們的合資夥伴 Ecopetrol 在米德蘭盆地重新開展活動。在墨西哥灣，我們在 10 月初返回了一艘鑽井船工作。

The return to a more normalized activity set will be achieved within our full year 2020 capital budget of $2.4 billion to $2.6 billion. Although we drastically reduced activity earlier this year, our proven development expertise remains intact. As we increase activity, we will maximize operating efficiencies to sustain production and maintain our industry-leading capital intensity.

在我們 24 億至 26 億美元的 2020 年全年資本預算內，將實現更正常化的活動集的回歸。儘管今年早些時候我們大幅減少了活動，但我們經過驗證的開發專業知識仍然完好無損。隨著我們活動的增加，我們將最大限度地提高運營效率，以維持生產並保持我們行業領先的資本密集度。

I'll now hand the call over to Rob, who will walk you through our financial results and current guidance and runway to deleveraging.

我現在將電話轉給 Rob，他將向您介紹我們的財務業績和當前的指導以及去槓桿化的跑道。

Thanks, Vicki. Turning to Slide 8. In the third quarter, we announced an adjusted loss of $0.84 and a reported loss of $4.07 per diluted share. The difference between our adjusted and reported results is primarily due to $3.1 billion of after-tax losses accounting for the fair value decline in the unit price of WES compared to the book value and related to the carrying value of assets divested during the quarter. As mentioned on the last earnings call, our charges related to acquisition are now de minimis, and the third quarter cash payment of approximately $115 million is expected to be the last sizable acquisition-related payment.

謝謝，維姬。轉向幻燈片 8。在第三季度，我們宣布調整後虧損 0.84 美元，報告的攤薄後每股虧損 4.07 美元。我們調整後的結果與報告的結果之間的差異主要是由於 31 億美元的稅後虧損導致 WES 的單位價格相對於賬面價值的公允價值下降，並且與本季度剝離的資產的賬面價值有關。正如上次財報電話會議所述，我們與收購相關的費用現在微乎其微，預計第三季度約 1.15 億美元的現金支付將是最後一筆可觀的與收購相關的支付。

Our operational excellence, repositioned cost structure, and capital discipline enabled us to generate $1.4 billion of free cash flow before working capital and exit September with $1.9 billion of unrestricted cash on the balance sheet. This represents our highest level of free cash flow in a quarter since 2011 and reflects Oxy's cash-generating potential even in a lower commodity price environment.

我們的卓越運營、重新定位的成本結構和資本紀律使我們能夠在營運資本之前產生 14 億美元的自由現金流，並在資產負債表上以 19 億美元的非限制性現金退出 9 月。這代表了我們自 2011 年以來一個季度的最高自由現金流水平，反映了即使在商品價格較低的環境下 Oxy 的現金生成潛力。

Our overhead costs remained low and were approximately $400 million in the quarter. We continue to demonstrate our commitment to capital discipline, spending less than $250 million of CapEx in the third quarter, more than 35% below our guidance. As we return to more normalized development activity set, we do not expect capital levels to remain at this level going forward and are pleased with how dynamic and flexible we can be with our capital spending.

我們的管理費用仍然很低，本季度約為 4 億美元。我們繼續展示我們對資本紀律的承諾，第三季度的資本支出不到 2.5 億美元，比我們的指導低 35% 以上。隨著我們回到更加規範化的開發活動集，我們預計未來的資本水平不會保持在這個水平，並且對我們的資本支出的動態和靈活程度感到滿意。

Our enhanced liquidity position, ability to generate cash, and success in leveling our debt maturity profile have resulted in our improved financial position. As a result, our debt maturity profile had been de-risked to the point that we made a decision to pay the preferred dividend in cash on October 15. Our Board of Directors will continue to review the preferred dividend payment method on a quarterly basis.

我們增強的流動性狀況、產生現金的能力以及成功平衡我們的債務到期狀況使我們的財務狀況得到改善。因此，我們的債務到期狀況已降低風險，以至於我們決定在 10 月 15 日以現金支付優先股息。我們的董事會將繼續每季度審查優先股息支付方式。

As we continue to manage and review our liquidity and debt maturity profile, we view the non-cash payment options to preferred dividend as a lever we have the option of pulling, but only if necessary on a temporary basis. We want our shareholders to know that our preferred position is to pay preferred dividend in cash when possible to preserve the value of our shareholders' holdings.

隨著我們繼續管理和審查我們的流動性和債務到期狀況，我們將優先股股息的非現金支付選項視為我們可以選擇的槓桿，但僅在必要時臨時進行。我們希望我們的股東知道，我們的首選立場是在可能的情況下以現金支付優先股股息，以保持我們股東所持股份的價值。

To further de-risking our cash flow profile, we implemented a natural gas hedging program for 2021. Using a costless collar with the floor of $2.50, we hedged 530 million cubic feet per day, representing almost 40% of our domestic gas production. We continue to approach hedging on an opportunistic basis and may consider additional oil and gas hedges for future years.

為了進一步降低現金流風險，我們在 2021 年實施了天然氣對沖計劃。使用下限為 2.50 美元的無成本項圈，我們每天對沖 5.3 億立方英尺，占我們國內天然氣產量的近 40%。我們繼續在機會主義的基礎上進行對沖，並可能考慮在未來幾年進行額外的石油和天然氣對沖。

In setting our production guidance for the fourth quarter, we have excluded approximately 33,000 BOEs per day associated with Colombia and will report the assets as a continuing operation until the transaction closes, which we expect later this quarter.

在製定第四季度的生產指導時，我們已排除每天約 33,000 家與哥倫比亞相關的 BOE，並將報告這些資產作為持續運營，直到交易完成，我們預計在本季度晚些時候完成。

We expect fourth quarter production will be sequentially lower than the third quarter due to the combination of scheduled maintenance, additional weather impacts in the Gulf of Mexico, as well as declining wedge and base production across many of our assets, although the decline across our asset base has begun to level off.

我們預計第四季度的產量將連續低於第三季度，原因是定期維護、墨西哥灣的額外天氣影響以及我們許多資產的楔形和基礎產量下降，儘管我們的資產下降基地已經開始趨於平穩。

As we restore development activity, at a minimum, we intend to stabilize our 2021 average production at 2020 fourth quarter levels. This will require an increasing capital spending in the fourth quarter as we add rigs and frac crews across our highest return assets. Our current production base case assumption is that we will sustain 2021 production at our fourth quarter level of capital spending of approximately $2.9 billion, and we continue to evaluate our option considering the recent commodity price volatility.

隨著我們至少恢復開發活動，我們打算將 2021 年的平均產量穩定在 2020 年第四季度的水平。這將需要在第四季度增加資本支出，因為我們在我們最高回報的資產中增加了鑽機和壓裂人員。我們目前的生產基本情況假設是，我們將在第四季度約 29 億美元的資本支出水平上維持 2021 年的生產，考慮到最近的商品價格波動，我們將繼續評估我們的選擇。

We expect our overhead and operating costs will remain low in the fourth quarter. Domestic operating costs will marginally increase in support of our continued return to normal operating conditions. Our full year 2020 domestic operating costs are still expected to be more than 20% lower than our original 2020 guidance on a BOE basis.

我們預計第四季度的間接費用和運營成本將保持在較低水平。國內運營成本將小幅增加，以支持我們繼續恢復正常運營條件。以京東方為基礎，我們 2020 年全年的國內運營成本預計仍將比我們最初的 2020 年指引低 20% 以上。

The process we began in July to smooth out our debt maturity profile provides us with the running room necessary to maximize value from our divestiture program at a pace that reflects current market conditions. To date, we have extended $5 billion maturities due in 2021 to 2023 by 5 to 10 years.

我們在 7 月開始的平滑債務到期狀況的過程為我們提供了必要的運行空間，以反映當前市場狀況的速度從我們的剝離計劃中實現價值最大化。迄今為止，我們已將 2021 年至 2023 年到期的 50 億美元期限延長了 5 至 10 年。

We have also resumed our deleveraging efforts, starting with the exchange of a percentage of our WES LP units in return for the retirement of a $260 million note. In early October, we called the August 21 floating rate note and repaid more than $1 billion from the term loan.

我們還恢復了去槓桿化的努力，首先是用我們一定比例的 WES LP 單位交換以換取 2.6 億美元票據的退市。 10 月初，我們調用了 8 月 21 日的浮動利率票據，並從定期貸款中償還了超過 10 億美元。

In summary, including the term loan repayment, we have moved out $5.2 billion of 2021 maturities, $721 million of 2022 maturities, and $52 million of 2023 maturities. This leaves us with $1.1 billion remaining 2021 maturities, of which only $350 million will remain non-callable by early next year as we allocate proceeds from asset sales to retiring debt. Accounting for debt repayments subsequent to September 30, our debt balance is approximately $1.3 billion lower than it was at the end of the third quarter, and we still expect to receive the proceeds from Colombia transaction during the fourth quarter.

總而言之，包括定期貸款償還在內，我們已經移出了 2021 年到期的 52 億美元、2022 年到期的 7.21 億美元和 2023 年到期的 5200 萬美元。這使我們在 2021 年到期的剩餘 11 億美元，其中只有 3.5 億美元將在明年初仍然不可贖回，因為我們將資產出售的收益分配給到期債務。考慮到 9 月 30 日之後的債務償還，我們的債務餘額比第三季度末低約 13 億美元，我們仍預計在第四季度收到哥倫比亞交易的收益。

Our liquidity position remains robust, and our financial position profile continues to improve. We recently entered into a new receivable securitization facility that will provide us with approximately $375 million of additional liquidity. Our $5 billion credit facility remains undrawn with no letters of credit outstanding, and we had approximately $1.9 billion unrestricted cash available on September 30.

我們的流動性狀況依然強勁，我們的財務狀況繼續改善。我們最近簽訂了一項新的應收賬款證券化工具，將為我們提供大約 3.75 億美元的額外流動性。我們 50 億美元的信貸額度仍未動用，沒有未兌現的信用證，截至 9 月 30 日，我們有大約 19 億美元的無限制現金可用。

I am confident we have taken the steps to succeed in this current environment. And I expect our differentiators, combined with our low-carbon strategy, will drive success and sustainability long into of the future.

我相信我們已經採取措施在當前環境中取得成功。我希望我們的差異化優勢與我們的低碳戰略相結合，將在未來很長一段時間內推動成功和可持續發展。

I will now turn the call back over to Vicki.

我現在將把電話轉回給 Vicki。

While much has changed during this pandemic for our company and our industry, the quality of our asset base and the skills of our teams will support our success as we move into 2021 and beyond. We'll continue to apply and build our knowledge and continuously improve our track record of operational excellence.

儘管在這場大流行期間我們公司和我們的行業發生了很大變化，但我們資產基礎的質量和我們團隊的技能將支持我們在進入 2021 年及以後取得成功。我們將繼續應用和建立我們的知識，並不斷提高我們卓越運營的記錄。

While our development activity has slowed down in recent months, our teams have worked diligently to further advance our development technologies and technical operations to ensure we emerge from this challenge stronger than before. We still have work to do, but the foundation has been laid for us to further improve our balance sheet as we exploit our portfolio of world-class assets. The innovation and ingenuity of our workforce, combined with our differentiated low-carbon strategy, will drive our success and sustainability long into the future.

儘管最近幾個月我們的開發活動有所放緩，但我們的團隊一直在努力工作，以進一步推進我們的開發技術和技術運營，以確保我們比以往更強大地應對這一挑戰。我們仍有工作要做，但隨著我們利用我們的世界級資產組合，我們已經為進一步改善資產負債表奠定了基礎。我們員工的創新和獨創性，加上我們差異化的低碳戰略，將推動我們在未來長期取得成功和可持續發展。

Before we turn to the Q&A section of our call, I'd like to announce that we have set a target to reach net-zero emissions associated with our operations before 2040 and an ambition to achieve net-zero emissions associated with the use of our products by 2050. Through the work of -- Oxy Low Carbon Ventures, we expect our leadership in developing innovative technologies and services for carbon capture and sequestration will also help others achieve their net-zero goals, extending our impact well beyond our own emissions footprint. More detailed information will be available on our climate report, which we intend to release by the end of the month.

在我們轉到電話的問答部分之前，我想宣布，我們已經設定了一個目標，即在 2040 年之前實現與我們的運營相關的淨零排放，以及實現與使用我們的使用相關的淨零排放的雄心。到 2050 年的產品。通過 -- Oxy Low Carbon Ventures 的工作，我們希望我們在開髮用於碳捕獲和封存的創新技術和服務方面的領導地位也將幫助其他人實現他們的淨零目標，將我們的影響擴展到我們自己的排放足蹟之外.更多詳細信息將在我們打算在月底發布的氣候報告中獲得。

I'll now open the call for your questions.

我現在打開電話詢問您的問題。

(Operator Instructions) Our first question will come from Devin McDermott with Morgan Stanley.

（操作員說明）我們的第一個問題將來自摩根士丹利的 Devin McDermott。

So the first one I wanted to ask is on some of the near-term strength -- or strength in the quarter, I should say, in your U.S. onshore production, particularly in Permian Resources. And you called out some of the increased uptime within the portfolio is one of the drivers there. I know that's an opportunity that you all talked about really since the closing of the Anadarko transaction. And I guess the question is, can you talk about where you are more specifically in terms of uptime across the U.S. onshore portfolio? What the difference is between legacy Oxy versus legacy Anadarko? And then how we should think about the size of the opportunity here for further improvement in your base production from improved uptime?

所以我想問的第一個問題是近期的一些實力——或者說本季度的實力，我應該說，在你的美國陸上生產中，特別是在二疊紀資源中。您指出投資組合中增加的正常運行時間是其中的驅動因素之一。我知道自從阿納達科交易完成以來，你們都在談論這個機會。我想問題是，您能否更具體地談談您在美國境內投資組合的正常運行時間方面的具體情況？舊版 Oxy 與舊版 Anadarko 有什麼區別？然後我們應該如何考慮通過提高正常運行時間進一步改善基礎生產的機會的大小？

Okay. Our -- on our onshore operations, part of the opportunity for us to further increase our uptime was associated with some of the WES infrastructure, where we have done some things to improve working with the WES organization. We've done some things to improve the operability, one of which was to just start working the electrical system so that when storms do occur as they occur frequently in the Permian Basin and in particular that the electrical infrastructure was such that we could easily identify issues as they occur and address them and ultimately start to isolate them so that we could, number one, lower the number of wells that -- and volume of production that's impacted in any given issue or scenario and then to also try to ensure that besides isolation of issues that we could get to the wells and get them up sooner. So that's been one thing. It's just working the facilities to have more reliability around the infrastructure.

好的。我們的 - 在我們的陸上運營中，我們進一步增加正常運行時間的部分機會與一些 WES 基礎設施相關，我們在這些基礎設施中做了一些事情來改善與 WES 組織的合作。我們已經做了一些事情來提高可操作性，其中之一就是開始運行電力系統，以便當風暴確實發生時，因為它們在二疊紀盆地經常發生，特別是電力基礎設施是這樣的，我們可以很容易地識別當它們出現並解決它們並最終開始隔離它們，以便我們可以，第一，減少在任何給定問題或場景中受到影響的油井數量和產量，然後還嘗試確保除此之外隔離問題，我們可以盡快解決問題。所以這是一回事。它只是使設施工作以提高基礎設施的可靠性。

And secondly, it's the operability in terms of making sure that our prioritization and reaction to wells down and facilities down was optimized and that we were focusing on the things that really matter the most. And the third thing was ensuring that when we're out getting the wells on, that we're doing it in the most efficient way possible.

其次，這是確保我們對井下和設施關閉的優先級和反應進行優化以及我們專注於真正最重要的事情方面的可操作性。第三件事是確保當我們出去打井時，我們以最有效的方式進行。

So I think that onshore, we made significant progress, and we called out the DJ Basin, where they've made tremendous progress. And progress has also been made in the legacy Anadarko areas within the Permian, too. The -- on the Oxy side, we didn't have a high downtime. It was -- so the downtime that we've worked has been mostly associated with legacy Anadarko, and the teams have done a great job to address it.

所以我認為在陸上，我們取得了重大進展，我們在 DJ 盆地取得了巨大進展。二疊紀內遺留的阿納達科地區也取得了進展。 - 在 Oxy 方面，我們沒有很長的停機時間。是的——所以我們工作的停機時間主要與遺留的阿納達科有關，團隊在解決這個問題方面做得很好。

I don't know that we have a lot more upside, but every time I say that, I get kind of fooled on that. Our team responds. But I think the uptime in the areas that we focused on has increased significantly, and the remaining is in those areas where we've had to do some more work that's just we're scheduling out over time to ensure that we can get the hardening, like for the electrical system done and done in the right way. So there will be a little bit more, but I think we've probably seen the bulk of that.

我不知道我們有更多的上升空間，但每次我這麼說，我都會被愚弄。我們的團隊做出回應。但我認為我們關注的領域的正常運行時間已經顯著增加，剩下的是在那些我們必須做更多工作的領域，我們只是隨著時間的推移安排時間來確保我們能夠得到強化，就像以正確的方式完成和完成的電氣系統一樣。所以會有更多，但我認為我們可能已經看到了大部分。

Got it. Great. That makes sense. And my second question is on the low carbon strategy and really building on some of your closing remarks, Vicki. Oxy has been a leader on this front within the U.S. industry, I think, for a while now. And it's good to see that even through this downturn, you've been able to advance some of the low carbon goals. And in the slide deck, you have some additional detail on the direct air capture plant that you're planning in the Permian Basin. And I was wondering if you could talk in a little bit more detail about the return profile for these types of investments, given you're able to offset some of the CO2 that you need within your enhanced oil recovery business, there's cost savings there, the amount of capital spend and then I guess, importantly as well, the scalability of this over time that you see within your business.

知道了。偉大的。這就說得通了。我的第二個問題是關於低碳戰略，並真正建立在你的一些結束語的基礎上，Vicki。我認為，Oxy 在美國行業內一直是這方面的領導者，有一段時間了。很高興看到即使經歷了這次低迷，你們也能夠推進一些低碳目標。在幻燈片中，您可以了解您計劃在二疊紀盆地中的直接空氣捕獲裝置的一些額外細節。我想知道你是否可以更詳細地談談這些類型的投資的回報情況，因為你能夠抵消你在提高石油採收率業務中所需的一些二氧化碳，那裡可以節省成本，資本支出的數量，然後我想，同樣重要的是，隨著時間的推移，您在業務中看到的可擴展性。

Thanks for the question, Devin. As you mentioned, we have been a leader in this. We're very committed to this and excited about it because this, for us, is a win, win, win. This not only helps us to help the world by reducing CO2 out of the atmosphere, it will help our shareholders too by lowering our cost of enhanced oil recovery in the Permian and in other places as we advance this out. And thirdly, this helps others because we're going to be able to expand beyond our own operations to give opportunities to those industries that can't otherwise lower their carbon footprint, they can partner with us to do it.

謝謝你的問題，德文。正如你所提到的，我們一直是這方面的領導者。我們對此非常投入並為此感到興奮，因為這對我們來說是一場胜利、勝利、勝利。這不僅有助於我們通過減少大氣中的二氧化碳來幫助世界，它還將通過降低我們在二疊紀和其他地方提高石油採收率的成本來幫助我們的股東。第三，這有助於其他人，因為我們將能夠擴展到我們自己的業務之外，為那些無法降低碳足蹟的行業提供機會，他們可以與我們合作來做到這一點。

So what we've done is we formed a subsidiary called 1PointFive, and 1PointFive is a partnership and company formed between Oxy Low Carbon Ventures and Rusheen Capital. And we formed that to ensure that we have the best possible way to deploy large-scale direct air capture using carbon engineering technology but to do it in a way that provided others the opportunity to invest and minimizes the actual dollars that we spend because of what we've invested thus far. And what we bring to the table for this kind of project is the pore space. We bring the pore space that's going to be required for the ultimate sequestration of the CO2, and we bring the infrastructure. Nobody has an infrastructure the size of the infrastructure that we have in the Permian. So it's extensive, and it's going to be key to helping us develop this and to do it at a cost that delivers returns for Oxy, Rusheen, and the other investors who want to come in and be a part of this. So we're very, very excited about it.

所以我們所做的是我們成立了一家名為 1PointFive 的子公司，而 1PointFive 是 Oxy Low Carbon Ventures 和 Rusheen Capital 之間的合夥企業。我們形成了這一點，以確保我們擁有使用碳工程技術部署大規模直接空氣捕獲的最佳方式，但這樣做的方式是為其他人提供投資機會並最大限度地減少我們花費的實際資金，因為到目前為止，我們已經進行了投資。我們為這類項目帶來的是孔隙空間。我們帶來了最終封存二氧化碳所需的孔隙空間，我們帶來了基礎設施。沒有人擁有像我們在二疊紀擁有的基礎設施那樣規模的基礎設施。所以它是廣泛的，它將是幫助我們發展這一點的關鍵，並以能夠為 Oxy、Rusheen 和其他想要參與其中並參與其中的投資者帶來回報的成本來做到這一點。所以我們對此非常非常興奮。

I'll point out that we're beginning this in the Permian, where we'll build the largest direct air capture facility that's currently anywhere in the world. But our use of this, we expect to go beyond the Permian. We expect to go from the Permian, the Powder River, DJ and ultimately internationally. So it's something that is going to become a, we believe, a significant business for Oxy over the next few years. And in 10 to 15 years, we expect that the cash flow and earnings from a business of this type could be similar or more than what we get from the chemicals business.

我要指出的是，我們從二疊紀開始，我們將在那裡建造目前世界上最大的直接空氣捕獲設施。但是我們使用這個，我們期望超越二疊紀。我們希望從二疊紀、粉河、DJ 開始，最終走向國際。因此，我們相信，在接下來的幾年裡，這將成為 Oxy 的一項重要業務。在 10 到 15 年內，我們預計此類業務的現金流和收益可能與我們從化學品業務中獲得的相似或更多。

This is something that the world needs without us pushing it. And without others doing this. There's no way that the world could achieve a cap on global warming of 1.5 or 2 degrees. So it's something that has to happen, needs to happen. But unless you can make it a business, unless you can make it profitable, it's likely not to happen. So our teams have been very strategic with this and innovative in the way they've approached it. And certainly, the passage of 45Q was a big step for us to be able to make this happen in a way that will enable us to, over time, improve the technology, lower the cost and operating efficiency so that this becomes ultimately profitable without tax incentives, and so just like solar and wind has done in the past.

這是世界需要的東西，無需我們推動。並且沒有其他人這樣做。世界不可能將全球變暖的上限控制在 1.5 或 2 度。所以這是必鬚髮生的事情，需要發生。但除非你能把它做成生意，除非你能讓它盈利，否則它很可能不會發生。因此，我們的團隊對此非常具有戰略意義，並且在處理它的方式上具有創新性。當然，45Q 的通過對我們來說是一大步，使我們能夠以某種方式實現這一目標，使我們能夠隨著時間的推移改進技術、降低成本和運營效率，從而最終實現免稅盈利激勵措施，就像過去的太陽能和風能一樣。

So we are excited about it and expect it to take off. And so for us, the 2021 investment in terms of capital from Oxy would be minimal.

所以我們對此感到興奮，並期待它起飛。所以對我們來說，2021 年 Oxy 的資本投資將是最小的。

Our next question comes from Jeanine Wai with Barclays.

我們的下一個問題來自巴克萊的 Jeanine Wai。

This is Jeanine Wai. My first question is for Rob on working capital, and my second question is on the Permian. So Rob, on the working capital front, we noticed that there is a meaningful draw of about $829 million during the quarter. Can you walk us through some of the moving pieces of that? And how you see the working capital trending in 4Q?

這是Jeanine Wai。我的第一個問題是關於營運資金的 Rob，我的第二個問題是關於二疊紀的。所以 Rob，在營運資金方面，我們注意到本季度有大約 8.29 億美元的有意義的抽水。你能告訴我們其中的一些動人的部分嗎？您如何看待第四季度的營運資金趨勢？

Sure, Jeanine. Thanks for the question. There's really 3 big pieces that drove the significant working capital draw in the quarter. Number one is a combination of cash interest payments. The majority of our cash interest payments come due in the first and the third quarters. So that was a big piece of it. Another piece was acquisition-related payments that were processed and then finally was just the timing of international crude sales in our marketing business.

當然，珍妮。謝謝你的問題。確實有 3 大因素推動了本季度顯著的營運資金抽水。第一個是現金利息支付的組合。我們的大部分現金利息支付在第一季度和第三季度到期。所以這是其中很大一部分。另一部分是處理與收購相關的付款，最後是我們營銷業務中國際原油銷售的時機。

So as we move forward, we do expect the marketing to improve as we reduce inventories towards the end of the year. Certainly there'd be a lower amount of the cash interest payments associated in the fourth quarter, and we won't have the associated acquisition-related payments that drove a big piece that will happen in Q3. Directionally, we would expect a significant change in direction on working capital in Q4.

因此，隨著我們向前邁進，我們確實預計隨著我們在年底前減少庫存，市場營銷會有所改善。當然，第四季度相關的現金利息支付金額會減少，而且我們不會有相關的與收購相關的支付來推動第三季度發生的重大事件。從方向上看，我們預計第四季度營運資金的方向將發生重大變化。

Okay. Great. That's very helpful. My follow-up or my second question on the Permian. In the prepared remarks, you mentioned retaining flexibility to respond to the macro environment, and you're getting a nice head start on activity in the Permian and the DJ heading into year-end. So can you just comment on how you see the production trajectory throughout 2021? Given the time lag, I guess, between complete drilling and completions and getting things online, could the Permian flatten out in Q1 and then return to growth as early as Q2?

好的。偉大的。這很有幫助。我的後續行動或關於二疊紀的第二個問題。在準備好的評論中，您提到保持對宏觀環境做出反應的靈活性，並且您在二疊紀的活動和 DJ 進入年底的活動中獲得了良好的開端。那麼您能否評論一下您如何看待整個 2021 年的生產軌跡？我猜，考慮到完成鑽探和完井與上線之間的時間差，二疊紀能否在第一季度趨於平緩，然後最早在第二季度恢復增長？

It's really hard to tell at this point because our teams are continuing to improve deliverability from the wells. So a lot of it will depend on when we can actually get the wells on. We've got some frac crews already working with us now. So -- and we were setting records actually. So I'd say currently, it's going better than expected, but whether we'll be flat or up in Q1, I think, is a little too early for us to tell right now as we resume higher activity levels.

在這一點上真的很難說，因為我們的團隊正在繼續提高油井的可交付性。因此，這在很大程度上取決於我們何時可以真正開井。我們現在已經有一些壓裂人員與我們合作。所以——我們實際上是在創造記錄。所以我想說，目前情況比預期的要好，但我認為，隨著我們恢復更高的活動水平，我們現在判斷是持平還是上升還為時過早。

Our next question will come from Paul Cheng with Scotiabank.

我們的下一個問題將來自豐業銀行的 Paul Cheng。

Vicki, just curious that you're talking about sustaining CapEx, $2.9 billion, and actual CapEx is going to be different based on the market conditions. Can you frame it for us that, say, if the oil prices is at a much higher level, what is the maximum ceiling of CapEx is going to look like and that, I guess, the minimum that if the oil price is really bad? And whether that the oil price is the only -- or that the strip price is the only factor that you look at or there are other fact that you're going to take that into consideration?

Vicki，只是好奇你在談論維持資本支出，29 億美元，實際資本支出將根據市場條件而有所不同。您能否為我們制定一個框架，例如，如果油價處於更高的水平，資本支出的最高上限是多少，我猜，如果油價真的很糟糕，最低限度是多少？以及是否石油價格是唯一的 - 或者帶鋼價格是您關注的唯一因素，或者還有其他事實您將考慮到這一點？

And for Rob, along that line, your capital accrue is over $700 million in this year, the use of cash. How that is going to trend in the fourth quarter and more importantly, in 2021? In other words, the net investment, is that going to be much lower than what is your capital budget?

對於 Rob，沿著這條線，您今年的資本積累超過 7 億美元，使用現金。第四季度，更重要的是，到 2021 年，這將如何發展？換句話說，淨投資會比你的資本預算低很多嗎？

Yes. Paul, with respect to your question on the capital, we would view $2.9 billion, our sustaining capital, to be a maximum capital for 2021 even if prices are higher than we expect. And we take more into account than just strip oil prices. We look at what's driving the oil prices and what is the sustainability. For example, there's while some may have thought a quarter or so ago that prices by the -- by this time would be higher than -- much higher than $40, I heard people talking about that, we never believe that because we were looking very closely at the fundamentals and what's happening around the world with inventories and demand and things like that. So we're very cautious about just basing our program on strip prices and/or what some might say they believe about near-term prices.

是的。保羅，關於你關於資本的問題，我們認為 29 億美元（我們的維持資本）是 2021 年的最高資本，即使價格高於我們的預期。我們考慮的不僅僅是剝離油價。我們看看是什麼推動了油價，什麼是可持續性。例如，雖然有些人可能在一個季度左右之前認為價格 - 到這個時候會高於 - 遠高於 40 美元，我聽到人們談論這個，我們從不相信，因為我們看起來非常密切關注基本面以及世界各地正在發生的庫存和需求等情況。因此，對於僅將我們的計劃基於帶鋼價格和/或某些人可能會說他們對近期價格的看法，我們非常謹慎。

So we'll go into 2021 conservatively. We'll recommend to the Board a capital that would allow us to balance cash flows coming in. And so if that ends up resulting in a scenario where we can recommend sustaining capital to the Board, we'll do that. If not, if we're going to be in a scenario where we need to be lower than that, then that's something that we'll discuss with the Board. But certainly, you can view the $2.9 billion as a cap. And our flexibility that we were talking about was to flex down, if necessary, just as we did in 2020. And you saw the magnitude of flexing -- of how we can flex down, and it's always easier to decrease activity than to do a last-minute increase in activity.

因此，我們將保守地進入 2021 年。我們將向董事會推荐一種資本，使我們能夠平衡流入的現金流。因此，如果最終導致我們可以向董事會建議維持資本的情況，我們會這樣做。如果不是，如果我們需要低於此值，那麼我們將與董事會討論這一點。但可以肯定的是，您可以將 29 億美元視為上限。我們談論的靈活性是在必要時向下彎曲，就像我們在 2020 年所做的那樣。你看到了彎曲的幅度——我們如何向下彎曲，減少活動總是比做最後一分鐘的活動增加。

And one of the things that's important to us is to allow the teams to ramp up activity in a safe, efficient way. And doing it in a planned way, as we have been, gives our teams the chance to be successful as they have been. They've brought rigs on and achieve the same efficiencies that we had when we ramped down. And it's a credit to them and the way they plan and the way they work and the way they try to ensure that as they're bringing activity back up, if they, first and foremost, do it safely; and secondly, don't lose efficiency in the process. And that's almost unheard of in our industry, to have a major shutdown and then to start bringing rigs back online and having this kind of efficiency that we're seeing from our teams now. So we're really, really happy with that. But the reality is that we'll spend within our $2.4 billion to $2.6 billion budget this year with an increased activity, and then we'll see if we can reach the cap of $2.9 billion in 2021.

對我們來說重要的一件事是讓團隊以安全、有效的方式增加活動。像我們一樣，以有計劃的方式進行，讓我們的團隊有機會像他們一樣取得成功。他們啟用了鑽機並達到了與我們減速時相同的效率。這是他們的功勞，他們的計劃方式和工作方式，以及他們努力確保恢復活動的方式，如果他們首先安全地做到這一點；其次，不要在過程中失去效率。這在我們的行業中幾乎是聞所未聞的，主要是關閉，然後開始讓鑽機重新上線，並擁有我們現在從我們的團隊看到的這種效率。所以我們真的，真的很高興。但現實情況是，今年我們將在 24 億至 26 億美元的預算範圍內支出增加活動，然後我們將看看我們能否在 2021 年達到 29 億美元的上限。

Vicki, can I just follow-up on that? Some of your competitors that because of the natural gas outlook have decided to shift the CapEx more to the gas well from the oil. Is that something that you will consider? Or that you think that it's still Permian is your best asset?

Vicki，我可以跟進嗎？您的一些競爭對手由於天然氣前景已決定將資本支出更多地從石油轉移到氣井。這是你會考慮的事情嗎？或者你認為它仍然是二疊紀是你最好的資產？

Oh, Permian is still our best asset and our other oil assets around the world. We don't have any intention at this point to do any gas investment -- pure gas investment in the U.S. And our gas assets that we very much value, Al Hosn and Dolphin in the Middle East are important to us. But we wouldn't do -- there's nothing new investments that we need to make in those at this point. So certainly, our investment dollars will go to oil.

哦，二疊紀仍然是我們最好的資產，也是我們在世界各地的其他石油資產。我們目前無意進行任何天然氣投資——在美國的純天然氣投資以及我們非常重視的天然氣資產，中東的 Al Hosn 和 Dolphin 對我們很重要。但我們不會這樣做——目前我們不需要在這些方面進行新的投資。因此，當然，我們的投資資金將用於石油。

And Paul, just to close out on your capital accrual question. Your intuition, I think, in your question is spot on as -- and so you can actually see in the capital accrual in the third quarter, which is slightly positive. As activity levels pick up, the capital accrual will reverse itself from what it did when we sharply reduced activity coming out of the first quarter. So your intuition is correct on that.

和保羅，只是為了結束你的資本應計問題。我認為，您的直覺在您的問題中是正確的，因此您實際上可以在第三季度的資本應計中看到，這是略微積極的。隨著活動水平的回升，資本應計將與我們在第一季度大幅減少活動時的情況相反。所以你的直覺是正確的。

Our next question will come from Doug Leggate with Bank of America.

我們的下一個問題將來自美國銀行的 Doug Leggate。

I guess, Vicki, as a follow-up to Paul's question, so there's a lot of feedback or questions coming in about the fact that your capital is $600 million at midpoint in Q4, and you're still obviously facing a very significant year-over-year decline. And my guess is it's a momentum issue, it's a timing issue of when that capital is big spent. But can you just give the market some confidence that the $2.9 billion is viable for your level of production? Because it does leave you with the most capital-efficient portfolio in the industry by some margin. I just want to get some understanding as to how you -- what your confidence level is in that.

我想，Vicki，作為 Paul 問題的後續，所以有很多反饋或問題是關於你的資本在第四季度中點是 6 億美元，而且你顯然仍然面臨著非常重要的一年——同比下降。我的猜測是，這是一個動量問題，這是一個資金何時花大的時間問題。但是，您能否讓市場相信 29 億美元對於您的生產水平是可行的？因為它確實讓您在一定程度上擁有業內最具資本效率的投資組合。我只是想了解一下您的方式-您對此的信心水平。

We have high confidence that we'll achieve that because we're looking at the efficiencies that our teams are achieving on the capital efficiency side and also the well deliverability. So at this point, we do have high confidence that we'll meet our sustaining production with the $2.9 billion.

我們對實現這一目標充滿信心，因為我們正在關注我們的團隊在資本效率方面實現的效率以及油井可交付性。所以在這一點上，我們非常有信心用 29 億美元來滿足我們的持續生產。

So just for clarification, you've got some downtime from the Gulf of Mexico in Q4. So what is the sustaining oil number that goes along with that?

因此，為了澄清起見，您在第四季度從墨西哥灣獲得了一些停機時間。那麼隨之而來的持續石油數量是多少？

So the production volume that we average for Q4 is going to be the number that we try to sustain into 2021. We've taken into account the downtime for maintenance.

因此，我們第四季度的平均產量將是我們試圖維持到 2021 年的數量。我們已經考慮了維護的停機時間。

Right. So what is that number?

正確的。那麼這個數字是多少？

So are we guiding to that number?

那麼我們是否正在指導這個數字？

No.

不。

No.

不。

Okay. It's worth a try. Last one for me then. What is the sustaining capital breakeven oil price? It used to be $40 with a $2.8 billion, $2.9 billion dividend. When you net all the synergies and so on together, what do you think your breakeven oil price is today in sustaining capital? And I'll leave it there.

好的。這值得一試。那就給我最後一個。維持資本盈虧平衡的油價是多少？它曾經是 40 美元，有 28 億美元，29 億美元的股息。當你把所有的協同效應等加在一起時，你認為你今天的盈虧平衡油價在維持資本方面是多少？我會把它留在那裡。

Well, today, we're well below $40 in our sustaining -- or in our breakeven capital, but it's well below $40. When you talk about breakeven capital, if you're looking at it on a quarterly basis, the well below $40 is because of our current level of CapEx, which is below sustaining. So going into 2021, we would expect to be in the high 30s in terms of breakeven price before the payment of the preferred.

好吧，今天，我們的維持或盈虧平衡資本遠低於 40 美元，但遠低於 40 美元。當您談論盈虧平衡資本時，如果您按季度查看，遠低於 40 美元是因為我們目前的資本支出水平低於維持水平。因此，進入 2021 年，我們預計在支付優先股之前的盈虧平衡價格將處於 30 年代的高位。

Our next question will come from...

我們的下一個問題將來自...

I would say -- yes. And before, Brian, could I hold you just a second? The other thing I should have told Doug, I know I'll get a chance to talk to him again on Thursday, is that, that also depends on your assumptions for Midstream and OxyChem, and those are critical to be considered when we're talking about what our breakevens will be. Okay. Brian?

我會說——是的。之前，布賴恩，我可以抱你一會兒嗎？我應該告訴 Doug 的另一件事，我知道我將有機會在星期四再次與他交談，那就是，這也取決於您對 Midstream 和 OxyChem 的假設，當我們在談論我們的盈虧平衡點。好的。布賴恩？

Our next question will come from Brian Singer with Goldman Sachs.

我們的下一個問題將來自高盛的布萊恩辛格。

I wanted to further follow-up on the maintenance capital, the $2.9 billion. Is that a maintenance capital solely to keep 2021 production flat at fourth quarter '20 levels? Or do you see that as a sustainable maintenance capital? And do you expect that this will fully replace reserves, i.e., production replacement would be 100%? Or would your reserve life be coming down even as your production stays flat?

我想進一步跟進維護資金，即 29 億美元。這是否僅僅是為了使 2021 年的產量保持在 20 年第四季度的水平而進行的維護資本？還是您將其視為可持續的維護資本？您是否預計這將完全替代儲備，即生產替代將是 100%？或者即使您的產量保持平穩，您的儲備壽命也會下降？

The sustaining capital, this is a sustaining capital for 2021. We'll have to look at 2022 when we get there. But 2022 will be dependent on the efficiencies that we build in 2021 and the deliverability of the program that we're developing. And so we'll look at that more starting in the midpoint of 2021. So we'll be able to provide you something more on that as we get closer to the 2022 program.

維持資本，這是 2021 年的維持資本。當我們到達那裡時，我們將不得不看看 2022 年。但是 2022 年將取決於我們在 2021 年建立的效率以及我們正在開發的項目的可交付性。因此，我們將從 2021 年中開始更多地關注這一點。因此，隨著我們接近 2022 年計劃，我們將能夠為您提供更多相關信息。

What's happening to us now and what's both exciting but creates a little bit of an uncertainty is the more we learn about the Anadarko assets, the -- for example, the Silvertip area is really delivering incredible results for us. And then the record-setting well there was a record. It broke Oxy's record for the Permian Basin, and so now that is our record. And so as we continue to improve well deliverability, we'll just have to look at what it means for our sustaining capital going forward.

現在發生在我們身上的事情既令人興奮又帶來了一點不確定性，那就是我們對阿納達科資產的了解越多，例如，Silvertip 地區就真的為我們帶來了令人難以置信的成果。然後創紀錄的井有一個記錄。它打破了 Oxy 在二疊紀盆地的記錄，所以現在這就是我們的記錄。因此，隨著我們繼續提高井的可交付性，我們只需要看看這對我們未來的持續資本意味著什麼。

Great. And then my follow-up is about a 3-part question with regards to the new carbon ventures. The first is -- and I think you compared in -- earlier in the call the potential contribution to what the petrochemical business is delivering now, and I wondered whether that makes the petrochemical business less strategic or a greater candidate for asset sale.

偉大的。然後我的後續行動是關於新碳風險投資的一個由三部分組成的問題。第一個是 - 我認為你在電話會議的早些時候進行了比較 - 對石化業務現在交付的潛在貢獻，我想知道這是否會降低石化業務的戰略性或資產出售的更大候選者。

You mentioned the direct air capture. Is that the main technology that you were looking to deploy? Or are you considering others?

你提到了直接空氣捕獲。這是您希望部署的主要技術嗎？還是你在考慮其他人？

And then what is the extent of further cost reduction, scale, and the timing for when you think that a plant like the one that you're planning here to start investing in 2022 can be returns-enhancing in the absence of government incentives, which makes sense that, that's a key goal?

然後，進一步降低成本的程度、規模以及您認為像您計劃在 2022 年開始投資的工廠這樣的工廠在沒有政府激勵措施的情況下可以提高回報的時機是什麼？有道理，這是一個關鍵目標？

Okay. I'll begin with the comment about OxyChem. No, this would not replace OxyChem. It wouldn't make OxyChem something that we would want to divest because our OxyChem business really is very synergistic with what we're trying to do in Oxy Low Carbon Ventures. And in fact, some of the OxyChem employees are associated with the development of this direct air capture. Because 1 of the 2 things about the direct share capture facility is that: one, it uses a lot of PVC, which OxyChem makes or uses the -- provides the products to make. Second thing is that potassium hydroxide is a chemical that's used in the direct air capture process, and we're the...

好的。我將從關於 OxyChem 的評論開始。不，這不會取代 OxyChem。它不會使 OxyChem 成為我們想要剝離的東西，因為我們的 OxyChem 業務確實與我們在 Oxy Low Carbon Ventures 中嘗試做的事情非常協同。事實上，一些 OxyChem 員工與這種直接空氣捕獲的開發有關。因為直接共享捕獲設施的兩件事之一是：第一，它使用大量 PVC，OxyChem 製造或使用 - 提供產品製造。第二件事是氫氧化鉀是一種用於直接空氣捕獲過程的化學物質，我們是...

The largest in the country.

全國最大。

The largest in the country.

全國最大。

Second largest in the world.

世界第二大。

Second largest in the world with respect to the potassium hydroxide. So there's a lot of synergies. And we've known this all along, and we want to capitalize on this, we believe there will be even more synergies into the future for OxyChem with us on that. So that's important.

就氫氧化鉀而言，世界第二大。所以有很多協同作用。我們一直都知道這一點，我們希望利用這一點，我們相信 OxyChem 與我們在未來會有更多的協同作用。所以這很重要。

The second question was on -- so there was a second and third question. The third question was with respect to lowering costs even further. The second question was -- oh, the third was the -- is it, are the technologies feasible? How quickly can we get them to the point where they can make money without government subsidies? I'll say that what I'm seeing from the strength of the teams here is we're combining Oxy oil and gas people with OxyChem people to work this facility.

第二個問題開始了——所以有第二個和第三個問題。第三個問題是關於進一步降低成本。第二個問題是——哦，第三個是——是嗎，這些技術是否可行？我們能多快讓他們在沒有政府補貼的情況下賺錢？我想說的是，我從這裡團隊的實力中看到的是，我們正在將 Oxy 石油和天然氣人員與 OxyChem 人員結合起來工作這個設施。

And remember now, Ken is running our major projects team. That team partnered with ADNOC to build the largest ultra-sour gas processing plant in the world in the middle of a desert, where wewere at the peak of construction. We had to build a city to house the 40,000 people that had to be on site to build that plant. We built it to have a capacity of 1 billion -- 1 Bcf a day, and now they've expanded that plan.

現在請記住，Ken 正在管理我們的主要項目團隊。該團隊與 ADNOC 合作，在沙漠中部建造了世界上最大的超酸性氣體加工廠，當時我們正處於建設高峰期。我們必須建造一座城市來容納必須在現場建造工廠的 40,000 人。我們把它建成了 10 億的容量——每天 1 Bcf，現在他們已經擴大了這個計劃。

We firstly put it on without any glitches whatsoever. And it came on at capacity, no glitches, no safety incidents. And we've now expanded the capacity by 30% with only about a $10 million investment, and that's incredibly impressive. So combined that skill, again, expanding it by 30% an ultra-sour largest gas plant in the world, then combine that expertise with our OxyChem expertise who understand this process very, very well and are experts at it. And so that, along with the innovation of carbon engineering, and while we don't know yet exactly what the first plant will cost, but I guarantee that the first plant will -- from that plant, we will continue to optimize. And I think the curve and the pace of improvement for the direct air capture facility would be faster than what we've seen in solar and wind. I expect that. And Ken, you had something to add?

我們首先把它放在沒有任何故障的地方。它滿負荷運行，沒有故障，沒有安全事故。現在，我們只用了大約 1000 萬美元的投資就將產能擴大了 30%，這令人難以置信。因此，再次結合這項技能，將世界上最大的超酸天然氣工廠擴大 30%，然後將這種專業知識與我們的 OxyChem 專業知識相結合，他們非常非常了解這一過程並且是這方面的專家。因此，隨著碳工程的創新，雖然我們還不知道第一家工廠的確切成本，但我保證第一家工廠將——從那家工廠開始，我們將繼續優化。而且我認為直接空氣捕獲設施的曲線和改進速度將比我們在太陽能和風能中看到的更快。我希望如此。肯，你有什麼要補充的嗎？

Yes. One observation is these are -- the DACs consist of 4 existing technologies bolted together, where we are world leaders in terms of the chemical.

是的。一個觀察結果是——DAC 由 4 種現有技術組成，我們在化學方面處於世界領先地位。

In terms of the scale-up opportunities and the process and densification, we already see massive opportunities in process and densification simply based on the value engineering work the teams have done so far. So we are incredibly optimistic that, not only can we get the process and densification results required, but scale-up opportunities also. And one thing to remember is these can go anywhere, but that's one of the beauties of them.

就擴大規模以及工藝和緻密化而言，僅基於團隊迄今為止所做的價值工程工作，我們已經看到了工藝和緻密化的巨大機會。因此，我們非常樂觀地認為，我們不僅可以獲得所需的工藝和緻密化結果，還可以獲得擴大規模的機會。要記住的一件事是這些可以去任何地方，但這是它們的美麗之一。

I think that, that portability of the DACs value is that, as you can imagine, the transportation and compression of the CO2 molecule is not inexpensive infrastructure. So now you can move the infrastructure to the reservoir and collect it from the air.

我認為，DAC 的可移植性價值在於，正如您可以想像的那樣，二氧化碳分子的運輸和壓縮並不是廉價的基礎設施。因此，現在您可以將基礎設施移至水庫並從空中收集。

And I think underlying it, why we believe it will be commercially viable long term is because in order to achieve the 1.5-degree goal, it can't simply be done through emission reduction. We firmly believe it has to be done through the capture and sequestration or capturing usage of CO2 to make that goal a reality. And I think what differentiates Oxy's approach to this is we also believe that fossil fuels have a role in the energy portfolio of the world long term. And this is a way to take the carbon footprint of those fossil fuels, keep them part of the portfolio and still generate a low neutral, even negative carbon fossil fuel molecule.

而且我認為在其背後，為什麼我們認為它在商業上是長期可行的，是因為要實現 1.5 度的目標，不能簡單地通過減排來實現。我們堅信，必須通過捕獲和封存或捕獲二氧化碳的使用來實現這一目標。我認為 Oxy 的方法與眾不同之處在於，我們還相信化石燃料在世界能源組合中長期發揮作用。這是一種獲取這些化石燃料碳足蹟的方法，使它們成為投資組合的一部分，並且仍然產生低中性甚至負碳化石燃料分子。

Exactly. And Rob, that's what differentiates us from others because if you look at what the Europeans are doing to lower their carbon intensity, their carbon footprint, they're getting into alternatives into renewables. And so we are doing a contrarian approach in that we believe that in using our core competence of CO2-enhanced oil recovery expertise is the best way to go rather than trying to go learn a new business.

確切地。 Rob，這就是我們與其他人的不同之處，因為如果你看看歐洲人正在做些什麼來降低他們的碳強度和碳足跡，他們正在尋找可再生能源的替代品。因此，我們採取了一種逆向方法，因為我們相信，利用我們在二氧化碳增強石油採收率方面的核心競爭力是最好的方法，而不是嘗試學習新業務。

And in fact, to Rob's point about how much this is needed in the world and why it's going to be a huge industry going forward is that right now, in the -- globally, there's only 40 million metric tons of CO2 per year that's sequestered or used. And if you look at what the IEA model says about what's going to be needed, what's going to be needed is anywhere from 5.6 billion metric tons to 10.4 billion metric tons. So that's up to -- that's going to be more than 250x what we're doing today is going to be needed in the future, and so that's going to make this business incredibly important.

事實上，對於 Rob 的觀點，關於世界需要多少以及為什麼它將成為一個巨大的行業，現在，在全球範圍內，每年只有 4000 萬公噸的二氧化碳被封存或使用。如果你看一下 IEA 模型所說的需要什麼，需要什麼從 56 億公噸到 104 億公噸不等。所以這取決於 - 這將是我們今天所做的事情的 250 倍以上，這將是未來需要的，所以這將使這項業務變得非常重要。

The IEA model is not the only one that's calling for this level of carbon capture and sequestration for us to be able to cap global warming at 1.5 to 2 degrees. In fact, I have not seen a model that didn't say that significant carbon capture was going to be required.

國際能源署模型並不是唯一一個要求這種水平的碳捕獲和封存，以便我們能夠將全球變暖控制在 1.5 到 2 度。事實上，我還沒有看到沒有說需要大量碳捕獲的模型。

The other thing about this carbon capture, too, is that when you look at it, it does the same thing. The equipment does the same thing as trees, but it requires -- it's a much smaller footprint on the planet Earth, much smaller. So while I love trees and we need trees, carbon capture is important. And I think Rob's point is huge in that we can put this anywhere.

這種碳捕獲的另一件事也是，當你看它時，它會做同樣的事情。該設備與樹木做同樣的事情，但它需要——它在地球上的足跡要小得多，小得多。因此，雖然我喜歡樹木並且我們需要樹木，但碳捕獲很重要。我認為 Rob 的觀點很重要，因為我們可以把它放在任何地方。

And what was kind of holding us up previously is that we -- our first -- when we first started thinking about this 10 years ago, we thought we'd have to put carbon capture facilities on industrial sites. And getting the CO2 that's captured from the industrial site to the Permian was a challenge. And so we were trying to figure out how do we build the pipeline or how do we do that. And we're going to do some of that. Some of that will happen because the industries along the Gulf Coast and other hubs, where there's a lot of CO2 emissions, they need to put either direct air capture there or somewhere or capture on their facilities.

以前阻礙我們的是，我們——我們的第一個——當我們 10 年前第一次開始考慮這個問題時，我們認為我們必須在工業場地上安裝碳捕獲設施。將工業現場捕獲的二氧化碳輸送到二疊紀是一項挑戰。所以我們試圖弄清楚我們如何構建管道或者我們如何做到這一點。我們將做一些。其中一些將會發生，因為墨西哥灣沿岸和其他樞紐的工業有大量的二氧化碳排放，他們需要在那里或某處直接進行空氣捕獲，或者在他們的設施上進行捕獲。

So with respect to what other technologies are we thinking about, we had already signed an agreement with White Energy to do carbon capture on an ethanol plant. So that's one thing that we will be doing to help them.

因此，關於我們正在考慮的其他技術，我們已經與 White Energy 簽署了一項協議，在乙醇工廠進行碳捕獲。所以這是我們將為幫助他們而做的一件事。

But if you put direct air capture in the Permian, it's still going to help the emissions in the Gulf Coast because generally, the emissions around the world balance out over time. So as Rob said, we can put it when we're done with the initial installations in the Permian, the DJ and the Powder. We can put it in Oman. We can put it in Abu Dhabi. We can put it in Algeria. So we can do it anywhere we are and/or at partners' facilities.

但如果你在二疊紀直接捕獲空氣，它仍然會幫助墨西哥灣沿岸的排放，因為一般來說，世界各地的排放會隨著時間的推移而平衡。所以正如 Rob 所說，當我們在 Permian、DJ 和 Powder 中完成初始安裝時，我們就可以說出來了。我們可以把它放在阿曼。我們可以把它放在阿布扎比。我們可以把它放在阿爾及利亞。因此，我們可以在任何地方和/或合作夥伴的設施中進行。

Yes, Brian, I don't think we caught the last part of your question. I just want to make sure that we address it and the answer there.

是的，布賴恩，我認為我們沒有抓住你問題的最後一部分。我只是想確保我們解決它並在那裡找到答案。

I don't know that. Can you still hear me?

我不知道。你還能聽到我的聲音嗎？

Yes.

是的。

Okay. Great. I think you did when you just mentioned that you were considering some other technologies like ethanol or putting CO2 in ethanol. It was whether you were pursuing other opportunities beyond direct air capture.

好的。偉大的。我想你剛才提到你正在考慮一些其他技術，比如乙醇或將二氧化碳放入乙醇中時你做到了。這是您是否在尋求直接空中捕獲之外的其他機會。

Yes. We obviously have the White Energy project, which is an ethanol capture in Texas, we're doing already that we'll capture from the CO2 emissions from the White Energy's ethanol facilities, and we'll take those into the Permian for use in EOR.

是的。我們顯然有 White Energy 項目，這是德克薩斯州的一個乙醇捕獲項目，我們已經在做，我們將從 White Energy 乙醇設施的二氧化碳排放中捕獲，我們將把它們帶入二疊紀用於 EOR .

Our next question will come from Phil Gresh with JPMorgan.

我們的下一個問題將來自摩根大通的 Phil Gresh。

First question, just, Vicki, you had mentioned not having additional major asset sales beyond the $2 billion to $3 billion that you're talking about looking out to early 2021. I guess we should presume then that something like chemicals probably would be off the table at this point in time. And just more broadly, once you achieve those asset sales and with the cash flow that you expect to generate in the fourth quarter in 2021, where do you think your leverage will be relative to where you want to ultimately get it to?

第一個問題，Vicki，你剛才提到，除了你所說的 20 億美元到 30 億美元之外，到 2021 年初，不會有額外的重大資產出售。我想我們應該假設像化學品這樣的東西可能會被淘汰此時的表。更廣泛地說，一旦您實現了這些資產銷售以及您預計在 2021 年第四季度產生的現金流，您認為您的槓桿率將與您最終想要達到的位置相關嗎？

I think that it's going to take more than what we've said with respect to the divestitures that's happening now and next year and more than cash flow from Q4 of 2021 to get us to where we need to be. I do believe prices will be much healthier in 2022, and that's where we'll start to balance our cash flow with respect to using it for -- to meet our maturities and to advance maturity -- pay off early maturities where we can.

我認為，對於現在和明年發生的資產剝離，以及從 2021 年第四季度開始的現金流量，我們需要達到我們需要達到的目標，這需要比我們所說的更多。我確實相信 2022 年的價格會更加健康，這就是我們將開始平衡我們的現金流以將其用於——以滿足我們的到期和提前到期——在我們可能的情況下償還早期到期的。

We intend to ensure that our focus is on getting our leverage down. And we'll have -- we'll just have to see where prices are at that time, where cash flow is at that time. But it's still well into early 2022, at least, our cash flow priorities will remain the same, where, first, the priority is to maintain our production and our base facilities; second is debt reduction. So debt reduction will be the second priority for a good while now, I think.

我們打算確保我們的重點是降低我們的槓桿率。而且我們將 - 我們只需要看看當時的價格在哪裡，當時的現金流在哪裡。但至少到 2022 年初，我們的現金流優先級仍將保持不變，首先，優先級是維持我們的生產和基礎設施；二是減債。因此，我認為，在很長一段時間內，減債將是第二要務。

Okay. And then second question, maybe I'll just glue 2 together real quick. One was a clarification on your high-30s WTI breakeven to cover sustaining CapEx. You made a comment about midstream and chemicals. Is it fair to assume that perhaps you're using fourth quarter run rate for both of those businesses as the assumption there?

好的。然後是第二個問題，也許我會很快將兩個粘在一起。一個是澄清您的 30 年代 WTI 盈虧平衡點，以涵蓋維持資本支出。您對中游和化學品發表了評論。假設您可能使用這兩項業務的第四季度運行率作為假設是否公平？

And then my second actual question would be just your production mix in the quarter, and the Permian or DJ was a bit gassier here, lower oil mix in general. So anything that you could provide there as to the driver of that and how you expect that to play out?

然後我的第二個實際問題將只是您在本季度的生產組合，而二疊紀或 DJ 在這裡有點氣，總體上是較低的石油組合。那麼，您可以在那裡提供有關驅動因素以及您期望它如何發揮作用的任何信息？

I'd expect that the gas oil ratio with the continuing development program would be more stable. This decline, this increase -- the slight increase in gas is partly due to the fact that we weren't adding new production. During this time, our wedge production was so much lower than what it would normally be. So we don't expect that this is going to be an ongoing issue for us.

我預計隨著持續開發計劃的瓦斯油比會更加穩定。這種下降，這種增加——天然氣的小幅增加部分是由於我們沒有增加新的產量。在此期間，我們的挖起桿產量遠低於正常水平。因此，我們不認為這對我們來說將是一個持續存在的問題。

With respect to the assumption of what OxyChem and Midstream will be, we haven't guided to that, but we're optimistic about how the chemicals business is going to look next year depending on the COVID situation. And so we're not guiding anything right now, but we do believe that there's going to be progress made. We just don't know what the timing will be. And when that happens, we believe the chemicals business is going to snap back pretty well from this.

關於 OxyChem 和 Midstream 的假設，我們尚未對此做出指導，但我們對化學品業務明年的前景持樂觀態度，具體取決於 COVID 情況。所以我們現在沒有指導任何事情，但我們確實相信會取得進展。我們只是不知道時機是什麼。當這種情況發生時，我們相信化學品業務將從中恢復得很好。

Our next question will come from Roger Read with Wells Fargo.

我們的下一個問題將來自富國銀行的 Roger Read。

I guess I kind of wanted to follow-up on Phil's question there on thinking about the deleveraging and specifically the chart on Page 15. And you've done a good job so far of taking the dates out, extending maturities and so forth. And I was just curious, as you look at the '22 debt that's there, should we expect you to start attacking that in '21 in terms of some opportunities to extend the maturities there and not simply face a $4 billion wall of debt on top of some of the smaller maturities left in '21?

我想我有點想跟進菲爾關於去槓桿化的問題，特別是第 15 頁上的圖表。到目前為止，您在取消日期、延長到期日等方面做得很好。我只是好奇，當你看到 22 年的債務時，我們是否應該期望你在 21 年開始攻擊它，以延長到期日的一些機會，而不是簡單地面對 40 億美元的債務牆21 年剩下的一些較小的到期日？

Yes, Roger, good question. And absolutely, I think we'll continue to take a very thoughtful approach towards the management of debt between timing of divestitures and proceeds from the balance sheet and attacking those. And so it certainly wouldn't be surprising for us to access the market again at some point and start moving those out in a similar way that we did in the third quarter with the $5 billion in raises that we did. We're trying to be very thoughtful about those access to market when it's opportunistic for the company to do so and then also looking at -- continuing -- creating that runway for us so that we can get the best value for our divestitures. And we've done a good job now to make sure that as we approach the divestitures, we're not in a position where we have to do them under a specific time frame. And we'll continue to give the company that leeway and so that we can get the best value for the divestitures as they occur. So absolutely, we'll be not waiting until the last moment to address the '22 maturities.

是的，羅傑，好問題。絕對地，我認為我們將繼續採取一種非常周到的方法來管理資產剝離時間和資產負債表收益之間的債務，以及對這些債務進行攻擊。因此，我們在某個時候再次進入市場並開始以與我們在第三季度進行的 50 億美元融資類似的方式將其轉移出去，這當然不會令人驚訝。當公司有機會這樣做時，我們正在努力考慮那些進入市場的機會，然後還考慮 - 繼續 - 為我們創造這條跑道，以便我們能夠為我們的資產剝離獲得最佳價值。我們現在做得很好，以確保在我們進行資產剝離時，我們不必在特定的時間範圍內進行。我們將繼續為公司留出餘地，以便我們能夠在資產剝離發生時獲得最佳價值。因此，絕對不會等到最後一刻才解決 '22 到期問題。

Okay. Appreciate that. Follow-up question. Gulf of Mexico, since that's, I think, your largest federal holdings exposure. I know you're not in the exploration mode out there. I don't think hardly anyone is. But I was just curious, as you look at drilling permits in hand, how a potential change in administration, like what's your visibility for drilling wells in '21 and, say, '22 relative to permit availability?

好的。感謝。後續問題。墨西哥灣，因為那是，我認為，你最大的聯邦控股敞口。我知道你不在外面的探索模式中。我認為幾乎沒有人是。但我只是好奇，當您查看手中的鑽井許可證時，管理方面的潛在變化如何，例如您在 21 年和 22 年鑽井相對於許可證可用性的能見度如何？

So Roger, our belief around what's happening or what will happen with respect to the regulatory environment is, first of all, we don't think that it's going to be the highest priority of the administration as they take over and start executing their plans. I believe that there's going to be other things that are much more urgent for soon-to-be President Biden to take on. So I don't -- we don't expect any near-term impact on either Gulf of Mexico permitting or anything onshore. We believe this gives us time to start working with his staff.

因此，羅傑，我們對正在發生的事情或監管環境將發生的事情的信念是，首先，我們認為這不會成為政府接管並開始執行計劃時的最高優先事項。我相信，對於即將上任的拜登總統來說，還有其他更緊迫的事情要做。所以我不 - 我們預計墨西哥灣許可或陸上任何東西都不會受到任何近期影響。我們相信這讓我們有時間開始與他的員工一起工作。

And we've always stayed engaged with the EPA and the BLM, and we have great relationships with them. And so what we want to do is we want to be a part of the solution to what they're going to need to do to meet the needs of their constituency. And that is -- I know they're going to want more regulations. I know they're going to want a deeper focus on permitting and where the permits are, what's happening, what is the safety of what's happening and what's the impact on the environment. And I think this is an opportunity for us to be collaborative like we always are. I think our company has developed this as a core competence that because of some of the areas that we've operated in around the world, if you look back -- I hate to mention country names so I'll avoid it, but we had previously worked in some very, very challenging countries where collaboration, lots of patience, but persistence is really required to help get to the point that's reasonable for both the company and wherever we're operating.

我們一直與 EPA 和 BLM 保持聯繫，我們與他們保持著良好的關係。因此，我們想要做的是，我們希望成為解決方案的一部分，以解決他們需要做的事情來滿足他們選區的需求。那就是 - 我知道他們會想要更多的法規。我知道他們將希望更深入地關注許可以及許可在哪裡、正在發生的事情、正在發生的事情的安全性以及對環境的影響。我認為這是我們像往常一樣合作的機會。我認為我們公司已經將其發展為一項核心競爭力，因為我們在世界各地開展業務的一些領域，如果你回顧一下——我討厭提及國家名稱，所以我會避免它，但我們有以前在一些非常非常具有挑戰性的國家工作過，在這些國家需要合作、有很多耐心，但確實需要堅持才能幫助達到對公司和我們經營的任何地方都合理的地步。

And here, we'll use the same thing. We know that the BLM has a lot of great people, and they've been very helpful as we've gone through our developments, both offshore and onshore U.S. And so we know the competency of the people there, and that part of it won't change. We'll just be aggressive in the way we address it.

在這裡，我們將使用相同的東西。我們知道 BLM 有很多優秀的人，他們對我們在美國境內和海上的發展非常有幫助，所以我們知道那裡的人的能力，其中一部分贏得了不改變。我們只會在處理它的方式上積極進取。

And I think also on that, too, what I would add is in addition to the relationships that we've built over in the history of working 100 years as a company with the federal -- different administrations is from a pure holding standpoint, we're in very good shape even with a different approach. We're the largest leaseholder in the Gulf of Mexico.

我還認為，關於這一點，我要補充的是，除了我們作為一家公司與聯邦政府合作 100 年的歷史中所建立的關係之外——不同的政府是從純粹控股的角度來看的，我們'即使採用不同的方法，狀態也非常好。我們是墨西哥灣最大的租賃商。

With respect to the onshore, which is since we have 1.6 million acres that are on federal land, half onshore, half in the Gulf. Within the APC Delaware stuff, none of that is on federal lands that we purchased. From the biggest onshore exposures in the Powder River Basin, where we have very little activity. And in the case of New Mexico, we have well over 200 permits already in hand and a couple of hundred permits in the works, and so we have a significant drilling inventory in New Mexico already.

至於陸上，因為我們有 160 萬英畝的土地在聯邦土地上，一半在陸上，一半在海灣。在 APC 特拉華州的東西中，這些都不在我們購買的聯邦土地上。從粉河流域最大的陸上暴露，我們幾乎沒有活動。就新墨西哥州而言，我們已經擁有 200 多個許可證，還有幾百個許可證在進行中，因此我們已經在新墨西哥州擁有大量鑽井庫存。

One thing I'd like to add is operational excellence really helps when you're seeking permits, so you want to have discussions with the government in any country in the world. And this year, our GoM operations teams really carried out exceptional work in the most active storm season on record. We've improved safety results while managing COVID and demanning and remanning the platforms multiple times. And again, like Vicki said earlier, domestically, the process engineers have managed to improve uptime in one installation by 12%, and that should lead to about $40 million worth of cash flow next year, having spent almost nothing to do it. So a really top-class achievement. And the last thing I'd like to mention is the supply chain teams, which have helped to significantly reduce spread rates using alliances, which we think are win-wins for us and the contractors going forward.

我想補充的一件事是，當您尋求許可時，卓越運營確實很有幫助，因此您希望與世界上任何國家的政府進行討論。今年，我們的 GoM 運營團隊在有記錄以來最活躍的風暴季節確實開展了出色的工作。我們在管理 COVID 以及多次減少和重新配置平台的同時改進了安全結果。再說一次，就像 Vicki 之前所說，在國內，工藝工程師已經設法將一個裝置的正常運行時間提高了 12%，這應該會在明年帶來大約 4000 萬美元的現金流，而幾乎沒有花任何錢。所以真的是一流的成就。最後我要提到的是供應鏈團隊，他們通過聯盟幫助顯著降低了傳播率，我們認為這對我們和承包商來說是雙贏的。

This will conclude our question-and-answer session in the interest of time. I would like to turn the conference back over to Vicki Hollub for any closing remarks.

由於時間關係，這將結束我們的問答環節。我想把會議轉回給 Vicki Hollub 做閉幕詞。

Just want to say thanks to all of you for joining our call today. We appreciate it, and have a great day.

只想對大家今天加入我們的電話表示感謝。我們很感激，祝您有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。