西方石油 (OXY) 2020 Q2 法說會逐字稿

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

早上好，歡迎參加西方石油公司 2020 年第二季度收益電話會議。

(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, Andrea.

謝謝你，安德里亞。

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

大家早上好，感謝您參加西方石油公司 2020 年第二季度電話會議。

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.

謝謝你，傑夫，大家早上好。

On our first quarter earnings call, we outlined the cost-reduction measures implemented across our company to adapt to the immediate crisis of the pandemic and to the ensuing market volatility.

在第一季度財報電話會議上，我們概述了整個公司為適應當前的大流行危機和隨之而來的市場波動而實施的降低成本的措施。

I'm pleased to be able to say that compared to a few months ago, our financial position has notably improved as we are currently free cash flow positive and expect to generate significant free cash flow over the remainder of this year, thanks to the relentless efforts of our teams as well as the moderate recovery in commodity prices.

我很高興能夠說，與幾個月前相比，我們的財務狀況已顯著改善，因為我們目前的自由現金流為正，並預計在今年剩餘時間內將產生大量的自由現金流，這要歸功於不懈的努力我們團隊的努力以及大宗商品價格的溫和回升。

We are determined to build upon this progress, ever mindful that COVID-19 remains a threat to the global economy, the demand for the products we produce and to the health and safety of our employees and their families.

我們決心在這一進展的基礎上再接再厲，始終銘記 COVID-19 仍然對全球經濟、對我們生產的產品的需求以及對我們員工及其家人的健康和安全的威脅。

We continue to manage our employees as carefully as possible through this health threat.

通過這種健康威脅，我們將繼續盡可能謹慎地管理我們的員工。

To ensure that we continue to be positioned for success through the cycle, we are permanently embedding many of the implemented cost reductions into our repositioned cost structure.

為了確保我們在整個週期中繼續保持成功，我們將許多已實施的成本削減永久嵌入到我們重新定位的成本結構中。

This morning, I will provide updates on our base management optimization progress, the pathway to and capital required to sustain our production, and our cash flow priorities.

今天上午，我將介紹我們的基礎管理優化進度、維持生產所需的途徑和資金，以及我們的現金流優先事項。

Rob will cover our financial results, current guidance and debt management progress.

Rob 將介紹我們的財務業績、當前指導和債務管理進展。

Turning to our second quarter results.

轉向我們的第二季度業績。

Our businesses outperformed expectations despite a slowdown in activity.

儘管活動放緩，我們的業務仍超出預期。

Production from continuing operations of 1.4 million BOE per day exceeded the midpoint of guidance by 36,000 BOE per day.

持續運營每天 140 萬桶油當量的產量超過指導中點每天 36,000 桶當量。

Our outperformance was primarily driven by our consistent focus on efficiency, increased uptime, and base management.

我們的優異表現主要是由於我們始終關注效率、增加正常運行時間和基礎管理。

Operability remains high across our oil and gas operations, and we've reduced downtime across the legacy Anadarko acreage faster than originally planned.

我們的石油和天然氣業務的可操作性仍然很高，並且我們比原計劃更快地減少了傳統阿納達科種植區的停機時間。

To maximize the economic benefit from our existing base production, we have increased production by debottlenecking surface infrastructure, mitigating decline, and reducing operating cost.

為了最大限度地從我們現有的基礎生產中獲得經濟效益，我們通過消除地面基礎設施的瓶頸、減少衰退和降低運營成本來增加產量。

We are employing remote surveillance processes, utilizing artificial intelligence to further enhance our predictive maintenance schedules, optimizing artificial lift systems, tying in additional wells to centralized gas lift and reducing backpressure throughout our gathering systems and facilities.

我們正在採用遠程監控流程，利用人工智能進一步加強我們的預測性維護計劃，優化人工舉升系統，將額外的井與集中式氣舉相連，並降低整個收集系統和設施的背壓。

In the Permian, we also continued to lower our waterhandling expenses by increasing utilization of the WES infrastructure.

在二疊紀，我們還通過提高 WES 基礎設施的利用率繼續降低我們的水處理費用。

Domestically, our midstream and marketing business has consistently and reliably delivered our products to market at times when other operators may have curtailed their production.

在國內，我們的中游和營銷業務在其他運營商可能削減其產量的時候始終如一且可靠地將我們的產品推向市場。

The close integration of our upstream and midstream businesses enabled us to shut-in less production than originally planned.

我們上游和中游業務的緊密整合使我們能夠關閉比原計劃更少的生產。

For the second quarter, shut-ins averaged about 29,000 BOE per day, of which approximately half were OPEC+ related.

第二季度，平均每天關閉約 29,000 BOE，其中約一半與 OPEC+ 有關。

Shut-ins peaked in May at approximately 47,000 BOE per day.

關閉在 5 月份達到峰值，每天約為 47,000 BOE。

We have now brought back online the majority of the domestic production that was shut-in for economic reasons with no detrimental impact to well performance across our portfolio.

我們現在已將因經濟原因關閉的大部分國內生產重新上線，而不會對我們投資組合的油井性能產生不利影響。

We accomplished this with total oil and gas operating cost of $5.27 per BOE and domestic operating cost of $4.69 per BOE, significantly exceeding our guidance of $6.25 per BOE.

我們以每 BOE 5.27 美元的石油和天然氣總運營成本和每 BOE 4.69 美元的國內運營成本實現了這一目標，大大超過了我們每 BOE 6.25 美元的指導。

Although a portion of the significant cost reduction relates to a deferral of activity, we expect our repositioned cost base to lower full year operating costs on a BOE basis by over 15% compared to our original 2020 guidance as we maintain low operating costs in the second half of the year, even with declining production.

儘管成本大幅降低的一部分與活動的推遲有關，但我們預計，與我們最初的 2020 年指導相比，我們重新定位的成本基礎將使京東方的全年運營成本降低 15% 以上，因為我們在第二年保持較低的運營成本半年，即使產量下降。

Our teams are continuing to deliver exceptional operational results as they deliver better-than-expected production at lower-than-expected costs.

我們的團隊繼續提供卓越的運營成果，因為他們以低於預期的成本提供了好於預期的產量。

This quarter, we achieved our combined overhead synergy and cost-reduction goal by decreasing our overhead cost to below $400 million.

本季度，我們通過將管理費用降至 4 億美元以下，實現了綜合管理費用協同效應和降低成本的目標。

On an annualized basis, we have fully realized $1.5 billion of total overhead savings versus our original synergies target of $900 million.

按年計算，我們已經完全實現了 15 億美元的總管理費用節省，而我們最初的協同效應目標是 9 億美元。

We exceeded our original cost synergy targets and delivered these savings in less than a year after the close of the acquisition, a full year ahead of our original 2-year plan.

我們超過了最初的成本協同目標，並在收購完成後不到一年的時間內實現了這些節省，比我們最初的 2 年計劃提前了整整一年。

We expect that more than 90% of the additional cost savings will remain permanent in future years.

我們預計超過 90% 的額外成本節約將在未來幾年保持永久性。

We also reduced our operating cost by $800 million, which is an additional $600 million more than our synergy target of $200 million.

我們還將運營成本降低了 8 億美元，比我們 2 億美元的協同目標增加了 6 億美元。

We expect more than 2/3 of the additional operating cost savings will be permanent even as we return to normalized activity levels.

即使我們恢復到正常的活動水平，我們預計超過 2/3 的額外運營成本節省將是永久性的。

Our capital spending was below $400 million in the quarter, demonstrating our agility in adapting to changing circumstances.

本季度我們的資本支出低於 4 億美元，這表明我們能夠靈活地適應不斷變化的環境。

We are committed to spending within our 2020 full year capital budget of $2.4 billion to $2.6 billion, and intend to moderately increase drilling and completion activities in the third and fourth quarters.

我們承諾在 24 億至 26 億美元的 2020 年全年資本預算內支出，並打算在第三和第四季度適度增加鑽井和完井活動。

We are restarting activity with our JV partner in the Midland Basin, and we'll be running 2 rigs there by the end of the third quarter.

我們正在與我們在米德蘭盆地的合資夥伴重新開始活動，到第三季度末我們將在那裡運行 2 台鑽井平台。

We are pleased to be continuing this development with EcoPetrol, who's an excellent partner for us.

我們很高興與 EcoPetrol 一起繼續這一發展，EcoPetrol 是我們的優秀合作夥伴。

In the DJ Basin, we will begin completing a select group of high-return, drilled-but-uncompleted wells.

在 DJ 盆地，我們將開始完成一組精選的高回報、已鑽但未完井的井。

We will also selectively resume activity across other assets, including completing key development sections in Permian Resources within Greater Sand Dunes and Silvertip during the fourth quarter.

我們還將選擇性地恢復其他資產的活動，包括在第四季度完成大沙丘和 Silvertip 內二疊紀資源的關鍵開發部分。

In the Gulf of Mexico, we are restarting our drillship that was idled earlier in the year.

在墨西哥灣，我們正在重啟今年早些時候閒置的鑽井船。

As all of our businesses continue to outperform, they have also stayed true to our core value of safety for all.

隨著我們所有的業務繼續表現出色，他們也忠於我們為所有人提供安全的核心價值。

This includes all of our people in our operations, our employees, our contractors and the public.

這包括我們運營中的所有人員、我們的員工、我們的承包商和公眾。

Recently, our OxyChem and Gulf of Mexico teams demonstrated their safety commitment by setting a new all-time safety record for their operations, joining others in our company who have also accomplished record-setting safety performances.

最近，我們的 OxyChem 和墨西哥灣團隊通過為他們的運營創造新的歷史安全記錄來證明他們的安全承諾，加入我們公司的其他人，他們也取得了創紀錄的安全績效。

We're proud of them all.

我們為他們所有人感到驕傲。

In the second quarter, we continued to execute on our divestiture program.

在第二季度，我們繼續執行我們的資產剝離計劃。

In June, we closed the sale of our Greater Natural Buttes asset in Utah.

6 月，我們完成了在猶他州的 Greater Natural Buttes 資產的出售。

Although the asset accounted for 33,000 BOE per day in the second quarter, the cash flow impact from the sale is immaterial as the asset did not generate cash or income with gas prices below $2.50 per Mcf.

儘管該資產在第二季度每天佔 33,000 BOE，但出售對現金流的影響並不重要，因為該資產沒有產生現金或收入，汽油價格低於每 Mcf 2.50 美元。

While our Rockies production will now be lower this year, the remaining barrels are higher margin.

雖然我們今年落基山脈的產量現在會降低，但剩餘的桶的利潤率更高。

We remain highly confident in closing over $2 billion of divestitures in 2020, and we'll close divestitures in excess of that amount over time.

我們仍然對在 2020 年完成超過 20 億美元的資產剝離充滿信心，並且隨著時間的推移，我們將關閉超過該數額的資產剝離。

As we've said before, we will balance divestiture timing with value realization, and we'll not sacrifice value just to close transactions quickly.

正如我們之前所說，我們將平衡資產剝離時間和價值實現，我們不會為了快速完成交易而犧牲價值。

During this downturn, base management proficiency has become increasingly important and may be the best described as multiple small actions compounding and having a sizable impact on the long-term decline rate.

在這種低迷時期，基礎管理能力變得越來越重要，最好將其描述為多個小動作複合並對長期下降率產生相當大的影響。

The actions we are taking today may not be highly visible within the quarter, but remain an effective way to mitigate our decline rate over time, expand margins, and minimize the growth wedge needed in future periods.

我們今天採取的行動在本季度可能不會很明顯，但仍然是一種有效的方式來減輕我們隨著時間的推移而下降的速度，擴大利潤率，並最大限度地減少未來時期所需的增長楔形。

As an example, we set new uptime records in New Mexico, the DJ Basin, and on the Lucius platform by automating more processes where possible.

例如，我們通過盡可能自動化更多流程，在新墨西哥州、DJ 盆地和 Lucius 平台上創造了新的正常運行時間記錄。

We are applying these learnings across all of our portfolio.

我們正在將這些經驗應用到我們所有的投資組合中。

Earlier this year, we swiftly and decisively maximized liquidity by lowering our capital budget and repositioning our cost base while maintaining the integrity of our assets.

今年早些時候，我們通過降低資本預算和重新定位成本基礎，同時保持資產的完整性，迅速果斷地最大限度地提高了流動性。

Some of the near-term actions we took were activity-based, which will cause our production to decline through the rest of the year.

我們採取的一些近期行動是基於活動的，這將導致我們的產量在今年剩餘時間內下降。

However, our asset base retains its full potential, which will enable us to stabilize our production through the allocation of capital through our highest-return barrels.

然而，我們的資產基礎仍保留其全部潛力，這將使我們能夠通過我們最高回報的桶分配資本來穩定我們的生產。

We expect approximately $2.9 billion of capital will be required to sustain production from our 2020 fourth quarter rate.

我們預計將需要大約 29 億美元的資金來維持 2020 年第四季度的生產。

At this capital spending level, we could keep production flat at approximately $40 WTI.

在這個資本支出水平上，我們可以將產量保持在大約 40 美元的 WTI 水平。

This is a significant reduction from the sustaining capital of $3.9 billion we previously communicated for 2021 and is a testament to the progress we've made in stripping costs out of the business.

這比我們之前為 2021 年傳達的 39 億美元的維持資本大幅減少，也證明了我們在削減業務成本方面取得的進展。

The optimized capital activity in the second half of 2020 will help serve as a bridge to build momentum into 2021 as we thoughtfully ramp up activity.

2020 年下半年優化的資本活動將有助於為 2021 年建立動力，因為我們深思熟慮地增加活動。

Our teams continue to optimize development plans to safely extract more value for less cost.

我們的團隊繼續優化開發計劃，以更低的成本安全地提取更多價值。

Our approach to stabilizing production will involve exercising capital discipline by spending within cash flow and selectively allocating capital.

我們穩定生產的方法將涉及通過在現金流範圍內支出和有選擇地分配資本來執行資本紀律。

We do not intend to grow production until we have significantly reduced debt and we view the long-term price of WTI to be sustainable at higher levels than where the current curve indicates.

在我們顯著減少債務之前，我們不打算增加產量，並且我們認為 WTI 的長期價格在高於當前曲線所顯示的水平上是可持續的。

In any eventual growth scenario, we expect that annual production growth will be less than the 5% per year that we had previously stated.

在任何最終的增長情景中，我們預計年產量增長將低於我們之前所說的每年 5%。

While our desire is to at least stabilize production next year, our 2021 capital budget will depend on what market conditions are indicating when we roll out the budget in the fourth quarter.

雖然我們希望至少在明年穩定生產，但我們 2021 年的資本預算將取決於我們在第四季度推出預算時的市場狀況。

We'll communicate our full 2021 capital budget in our future earnings calls.

我們將在未來的財報電話會議中傳達我們 2021 年的全部資本預算。

On our cash flow priority slide, we have updated the framework for how we will prioritize capital allocation and excess cash flow going forward.

在我們的現金流優先級幻燈片上，我們更新了我們將如何優先考慮未來資本分配和超額現金流的框架。

As we move towards 2021, our top priorities are to stabilize and maintain our low-cost base production and to further delever.

隨著我們邁向 2021 年，我們的首要任務是穩定和維持我們的低成本基礎生產並進一步去槓桿化。

We intend to return to a position where we have the ability to deliver solid returns and, again, distribute more capital to shareholders with the support of a strengthened balance sheet.

我們打算回到我們有能力提供可觀回報的位置，並再次在資產負債表得到加強的支持下向股東分配更多資本。

I will now hand the call over to Rob, who will walk you through our financial results, revised guidance and debt management progress.

我現在將電話轉給 Rob，他將向您介紹我們的財務業績、修訂後的指導和債務管理進展。

Thanks, Vicki.

謝謝，維姬。

Turning to Slide 9. In the second quarter, we announced an adjusted loss of $1.76 per diluted share and a reported loss of $9.12 per diluted share.

轉到幻燈片 9。在第二季度，我們宣布調整後的每股攤薄虧損為 1.76 美元，報告的攤薄每股虧損為 9.12 美元。

Difference between adjusted and reported results is primarily due to $6.6 billion of after-tax impairments related to decline in oil prices, which is at the lower end of the $6 billion to $9 billion estimate we communicated in June.

調整後結果與報告結果之間的差異主要是由於與油價下跌相關的 66 億美元稅後減值，這是我們在 6 月傳達的 60 億至 90 億美元估計值的下限。

Additionally, we have incurred approximately $100 million of debt charges, including $149 million in acquisition-related transaction costs, which was partially offset by a gain on pension curtailments.

此外，我們已經產生了大約 1 億美元的債務費用，其中包括 1.49 億美元的與收購相關的交易成本，這部分被削減養老金的收益所抵消。

Our commitment to capital discipline and liquidity preservation was evident as we exited June with approximately the same cash balance we reported for April 30.

我們對資本紀律和流動性保護的承諾在 6 月結束時顯而易見，現金餘額與 4 月 30 日報告的現金餘額大致相同。

We reduced our capital spending to $375 million, more than 20% below our second quarter guidance.

我們將資本支出減少至 3.75 億美元，比我們第二季度的指導低 20% 以上。

Our progress in reducing cost is equally impressive as we reduced overhead below $400 million in the second quarter and decreased our oil and gas Opex by more than 40% versus prior quarter.

我們在降低成本方面取得的進展同樣令人印象深刻，因為我們在第二季度將管理費用減少到 4 億美元以下，並且與上一季度相比，我們的石油和天然氣運營支出減少了 40% 以上。

Contributions and new ideas that our teams identified reduced costs, and quickly adapt to a low-commodity price environment is just one example of how dynamic and nimble our company is.

我們的團隊發現的貢獻和新想法降低了成本，並迅速適應了低商品價格環境，這只是我們公司充滿活力和敏捷性的一個例子。

Including the amount expensed in 2019, we have now expensed approximately $1.9 billion in total acquisition-related costs.

包括 2019 年支出的金額，我們現在已經支出了大約 19 億美元的總收購相關成本。

We do not anticipate incurring additional material acquisition-related expenses this year.

我們預計今年不會產生額外的重大收購相關費用。

In the second quarter, we had cash outlays of approximately $125 million related to these expenses, bringing the total, including the amount paid in 2019, to $1.8 billion.

在第二季度，我們與這些費用相關的現金支出約為 1.25 億美元，使包括 2019 年支付的金額在內的總額達到 18 億美元。

For the remainder of 2020, we expect to incur acquisition-related cash outflows of approximately $150 million.

在 2020 年剩餘時間內，我們預計將產生約 1.5 億美元的與收購相關的現金流出。

We restored our guidance and cash flow sensitivity for the second half of 2020, but we continue to have a cautious outlook as the macroeconomic environment remains uncertain.

我們恢復了對 2020 年下半年的指引和現金流敏感度，但由於宏觀經濟環境仍不確定，我們繼續對前景持謹慎態度。

In approaching our production guidance for the third quarter and full year 2020, we have taken into account a number of factors, including the loss of 33,000 BOE per day associated with the divested GNB asset.

在接近我們對 2020 年第三季度和全年的生產指導時，我們考慮了許多因素，包括與剝離的 GNB 資產相關的每天損失 33,000 BOE 的情況。

Third quarter production will also be lower due to a combination of scheduled maintenance and seasonal contingencies for weather in the Gulf of Mexico, the impact of higher prices on production sharing -- contracts, selective ethane rejection in DJ Basin, and declining wedge and base production across all our assets.

由於墨西哥灣天氣的定期維護和季節性突發事件、價格上漲對產量分成的影響——合同、DJ 盆地的選擇性乙烷排斥以及楔形和基礎產量下降，第三季度產量也將下降我們所有的資產。

We expect third and fourth quarter production shut-ins to average approximately 20,000 BOE per day due almost entirely to OPEC+ production restrictions.

我們預計第三和第四季度的停產量平均每天約為 20,000 BOE，這幾乎完全是由於 OPEC+ 的生產限制。

As a testament to the strength of our base management cost-reduction programs, our full year 2020 production guidance remains in line with the guidance midpoint we've communicated in our March 25 press release, while our capital budget is expected to be $300 million less, adjusting for Algeria and GNB.

作為我們基礎管理成本降低計劃實力的證明，我們的 2020 年全年生產指導與我們在 3 月 25 日新聞稿中傳達的指導中點保持一致，而我們的資本預算預計將減少 3 億美元，針對阿爾及利亞和 GNB 進行調整。

Our full year 2020 production guidance also reflects the outperformance of our business in the second quarter as higher-than-expected production essentially absorbed the OPEC+ restriction.

我們的 2020 年全年生產指導也反映了我們第二季度業務的出色表現，因為高於預期的產量基本上吸收了 OPEC+ 的限制。

A breakdown of our third and fourth quarter production guidance is available in the appendix of the earnings slides.

收益幻燈片的附錄中提供了我們第三和第四季度生產指導的細目。

We expect our production change from 2Q to our 3Q guidance will be greater than our base decline.

我們預計我們從第二季度到第三季度指導的產量變化將大於我們的基數下降。

This is due to the timing of activity and bring wells online, which impacts the size of the wedge, especially over a period where activity changed significantly.

這是由於活動的時間安排和使油井上線，這會影響楔形的大小，尤其是在活動發生顯著變化的時期。

We are pleased that our annual base decline rate of only 25% remains intact despite significant reduction in our operating costs as a higher decline of our wedge production from newer wells naturally tapers off, overall corporate decline will level out as demonstrated by the difference between our third and fourth quarter production guidance.

我們很高興，儘管我們的運營成本顯著降低，但我們僅 25% 的年度基數下降率保持不變，因為我們從新井生產的楔形產量下降幅度自然逐漸減少，整體公司下降將趨於平穩，正如我們之間的差異所證明的那樣第三和第四季度的生產指導。

The $2 billion in notes issuance and tender offer we completed in July are a key part of our effort to address near-term debt maturities.

我們在 7 月完成的 20 億美元票據發行和要約收購是我們解決近期債務到期問題的關鍵部分。

Leveling our debt maturity profile will allow us to continue our divestiture program at a pace that reflects current market conditions without sacrificing value.

平衡我們的債務到期狀況將使我們能夠在不犧牲價值的情況下以反映當前市場狀況的速度繼續我們的資產剝離計劃。

We continue to focus on generating as much value and cash as possible from divestitures, and our expectation of raising over $2 billion in 2020 remains in place.

我們繼續專注於從資產剝離中創造盡可能多的價值和現金，我們對 2020 年籌集超過 20 億美元的預期仍然存在。

As we work towards closing these additional divestitures, we continue to take significant steps to preserve liquidity, for example, the payment of the preferred dividend in common shares in lieu of cash in the second quarter.

隨著我們努力完成這些額外的資產剝離，我們將繼續採取重要措施來保持流動性，例如，在第二季度以普通股支付優先股股息以代替現金。

As a result of our cash preservation efforts, our liquidity position remains robust.

由於我們的現金保全工作，我們的流動性狀況仍然強勁。

Today, our $5 billion credit facility remains undrawn with no letters of credit outstanding, and we have approximately $750 million of unrestricted cash available as of July 31.

今天，我們 50 億美元的信貸額度仍未提取，沒有未償信用證，截至 7 月 31 日，我們擁有約 7.5 億美元的無限制現金可用。

I will now turn the call back over to Vicki.

我現在將把電話轉回給 Vicki。

Thank you, Rob.

謝謝你，羅布。

Looking forward, I'm confident in Oxy's continued success.

展望未來，我對 Oxy 的持續成功充滿信心。

We have one of the highest-quality asset bases of any company in our industry, with a competitive advantage in the areas we operate due to our scale and unique operating and development expertise.

我們擁有業內任何公司中最優質的資產基礎之一，由於我們的規模和獨特的運營和開發專業知識，在我們經營的領域具有競爭優勢。

Applying this expertise to our diverse portfolio provided us the optionality to manage through this crisis.

將這些專業知識應用於我們多樣化的投資組合，為我們提供了應對這場危機的選擇權。

We will continue to optimize our cost and capital allocation across our portfolio of high-return short-cycle opportunities.

我們將繼續優化我們在高回報短週期機會組合中的成本和資本配置。

This will enable us to maneuver through the near-term volatility, facilitate profitable free cash flow growth in a normalized commodity price environment, enhance our ability to delever, and generate substantial free cash flow in a higher-priced environment.

這將使我們能夠應對近期的波動，在商品價格正常化的環境中促進盈利的自由現金流增長，增強我們的去槓桿能力，並在更高價格的環境中產生大量的自由現金流。

We have taken these steps to succeed during this transition period.

我們已採取這些步驟在此過渡期間取得成功。

And we expect our differentiators, combined with our low-carbon strategy, to drive our success and sustainability long into the future.

我們希望我們的差異化優勢與我們的低碳戰略相結合，能夠在未來很長一段時間內推動我們的成功和可持續發展。

I'll now open the call to your questions.

我現在將打開您的問題的電話。

(Operator Instructions) And our first question comes from Brian Singer of Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的布萊恩辛格。

I appreciate the greater color with regards to the maintenance scenario, and you talked about not wanting to really invest for growth until the balance sheet is sufficiently delevered.

我很欣賞維護方案的更大色彩，您談到在資產負債表充分去槓桿之前不想真正投資增長。

Can you add some greater color on what commodity environment and leverage would you deploy the maintenance scenario that you talked about here versus something more or something less?

您能否為您將部署您在此處討論的維護場景與更多或更少的東西相比，為什麼樣的商品環境和槓桿添加更多色彩？

Well, what we're looking at as we go forward is our debt reduction combined with our cash flow from operations.

好吧，我們在前進的過程中所關注的是我們的債務減少以及我們的運營現金流。

So the driver for us is to, first of all, ensure that we have the liquidity to go forward so we have the ability to meet our maturities.

因此，我們的驅動力首先是確保我們有流動性向前發展，以便我們有能力滿足我們的到期日。

And then the second is to ensure that as we're processing through our asset sales, that we're preserving the cash flow needed to enable us to do the things that we need to do, sustaining capital.

然後第二個是確保在我們通過資產出售進行處理時，我們保留了使我們能夠做我們需要做的事情所需的現金流，維持資本。

And ultimately, when we get to the point where we see that, that balance has turned for us, where we have a lower cost structure that enables us still to meet our maturities with cash flow from operations, that's the point at which we would start to consider the next level down on the cash flow priorities, which is growth after the dividend.

最終，當我們看到這一點時，我們的平衡已經轉變，我們擁有較低的成本結構，使我們仍然能夠通過運營現金流來滿足我們的到期日，這就是我們開始的點考慮下一個級別的現金流優先級，即股息後的增長。

So it'd be first, the maintenance, second, debt reduction, then sustainable dividend, and then growth.

因此，首先是維持，其次是減少債務，然後是可持續股息，然後是增長。

And is it fair to say that at current commodity prices, you would want to be in that maintenance mode?

公平地說，在當前的商品價格下，你會想要處於那種維護模式嗎？

Or would you be in sub-maintenance mode?

或者您會處於子維護模式嗎？

It really depends.

這真的取決於。

We intend to, if we're within cash flow, to sustain our production.

如果我們在現金流範圍內，我們打算維持我們的生產。

So that's the intent.

所以這就是意圖。

That's -- and in 2021, with such a low sustainability capital required, we do expect to be in that mode at least.

那是 - 到 2021 年，由於所需的可持續性資本如此之低，我們確實希望至少處於這種模式。

Great.

偉大的。

And then my follow-up is with regards to the asset sale targets.

然後我的後續行動是關於資產出售目標。

Can -- the Greater Natural Buttes sale brought in $69 million.

Can——Greater Natural Buttes 的銷售收入為 6900 萬美元。

Your goal is $2-plus billion.

你的目標是超過 2 億美元。

Can you just give us any color on how that's progressing?

你能告訴我們進展如何嗎？

And then if there's any broad range, when you talk about the $2-plus billion of the EBITDA or how much EBITDA you would expect to be to -- would be given up to achieve that target.

然後，如果有任何廣泛的範圍，當您談論 2 多億美元的 EBITDA 或您期望的 EBITDA 多少時，將放棄實現該目標。

Well, first of all, I will say we're on track with our asset divestitures.

好吧，首先，我要說的是，我們的資產剝離正在步入正軌。

It's going well.

進行得順利。

We reported in the last earnings call that we had just completed round 1 of the Land Grant process.

我們在上次財報電話會議上報告說，我們剛剛完成了第一輪土地授予程序。

And in that process, we got 13 bidders.

在這個過程中，我們得到了 13 個投標人。

We had commented that we expected that with the process, that we would be able to close on the Land Grant acquisition in the third quarter or fourth quarter.

我們曾評論說，我們預計通過這個過程，我們將能夠在第三季度或第四季度完成土地授予收購。

That'd be late third or early fourth quarter.

那是第三季度末或第四季度初。

We're still on schedule for that.

我們仍在按計劃進行。

And the update on the progress there is that after the first round, we went through and evaluated those bids, then we finished the second round in the second week of July.

最新進展是，在第一輪之後，我們通過並評估了這些投標，然後我們在 7 月的第二週完成了第二輪。

Now we have selected a bidder to proceed with, and we're working on due diligence and a purchase and sell agreement with the bidder that we selected.

現在我們已經選擇了一個投標人繼續進行，我們正在與我們選擇的投標人進行盡職調查和買賣協議。

So the longer time line for this divestiture is due to the meticulous work that really goes into a deal with so many different parts and of such size.

因此，此次剝離的較長時間線是由於真正涉及如此多不同部分和如此規模的交易的細緻工作。

But we're on progress there.

但我們正在那裡取得進展。

And I do expect that we'll get the $2-plus billion divested by the end of this year.

而且我確實預計我們將在今年年底前剝離 2 多億美元。

We also expect another $2 billion to $3 billion of divestitures in the first half of next year.

我們還預計明年上半年還有 20 億至 30 億美元的資產剝離。

And some of the things that's driving the timing there is that while we've had some companies that have tried to be opportunistic with us in terms of our divestitures and tried to get our assets at a discount, we've discarded those and moved to the more serious bidders.

推動時間安排的一些因素是，雖然我們有一些公司試圖在我們的資產剝離方面與我們投機取巧，並試圖以折扣價獲得我們的資產，但我們已經放棄了這些並轉向更認真的投標人。

And some of the more serious bidders are working diligently on our divestitures, but the problem they're having is putting their model in place and having been -- getting more comfortable with what the pricing environment will look like.

一些更認真的投標人正在努力處理我們的資產剝離，但他們遇到的問題是他們的模型已經到位並且已經 - 對定價環境的樣子更加滿意。

Fortunately, these more serious companies that we're dealing with now have a much stronger, longer-term view of oil prices.

幸運的是，我們現在正在與之打交道的這些更嚴肅的公司對油價有更強烈、更長遠的看法。

So we're confident about the additional asset sales and expect to more than achieve the lower-end of our target of $10 billion.

因此，我們對額外的資產出售充滿信心，並預計將超過我們 100 億美元目標的低端。

Brian, this is Jeff.

布賴恩，這是傑夫。

And just for clarity, on the GNB sale, we received $87 million in consideration; $67 million upfront with a $20 million contingent payment based on oil prices, just so there's no confusion there.

為了清楚起見，在 GNB 的出售中，我們收到了 8700 萬美元的對價； 6700 萬美元的預付款和 2000 萬美元的基於油價的或有付款，這樣就不會造成混淆。

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

我們的下一個問題來自美國銀行的 Doug Leggate。

Vicki, thanks for the walk-through on a lot of the progress you've made so far.

Vicki，感謝您對到目前為止所取得的許多進展的介紹。

I guess my first question might be for Rob.

我想我的第一個問題可能是針對 Rob。

And Rob, I'd like to just do a little math with you, if that's okay.

Rob，如果可以的話，我想和你一起做個小數學。

So I understand what you're trying to tell us this morning.

所以我明白你今天早上想告訴我們什麼。

So Vicki's basically said that you think you can sustain the maintenance capital level at $40 oil.

所以 Vicki 基本上說你認為你可以維持 40 美元石油的維護資本水平。

But then she also said that you expect to be able to deal with debt maturities from operating cash flow.

但隨後她也表示，您希望能夠通過經營現金流處理到期的債務。

So I want to take those 2 data points and look at Slide 11.

所以我想拿這兩個數據點來看看幻燈片 11。

So in 2021, it looks like you've got about $4.5 billion now outstanding.

因此，到 2021 年，您現在似乎有大約 45 億美元的未償還餘額。

You've got $2.9 billion of capital -- sustaining capital; $800 million of preference shares dividend, assuming that's paid in cash; and then you're seeing a little over $2 billion of disposals.

你有 29 億美元的資本——維持資本； 8億美元的優先股股息，假設以現金支付；然後你會看到超過 20 億美元的處置。

That would get me to a little over $6 billion of operating cash flow at $40 oil.

這將使我以 40 美元的油價獲得略高於 60 億美元的運營現金流。

Am I in the ballpark?

我在球場上嗎？

Well, Doug, we've updated our guidance, as you know, for second half of this year and total year to go along with what you've outlined.

好吧，道格，如你所知，我們已經更新了今年下半年和全年的指導，以配合你所概述的內容。

And so in the case of '21, we did provide the sustaining capital guidance of the $2.9 billion that Vicki reviewed -- holding the production flat in the fourth quarter.

因此，在 21 年的情況下，我們確實提供了 Vicki 審查的 29 億美元的持續資本指導——在第四季度保持產量持平。

And I think what's noteworthy on that is that the last time we provided sustaining guidance as a stand-alone company prior to the acquisition, it was $2.5 billion to hold 715,000 to 730,000 barrels a day of production.

我認為值得注意的是，我們上次在收購之前作為一家獨立公司提供持續指導時，每天保持 715,000 至 730,000 桶的產量需要 25 億美元。

That means our 2021 sustaining results is roughly 60% higher production for 2021, with only 15% more CapEx.

這意味著我們 2021 年的持續成果是 2021 年的產量大約增加 60%，而資本支出僅增加 15%。

And so with that said, breakevens going into 2021 are dependent upon more than just oil price, including the performance of our midstream and chemical business whether or not we do, as you said, pay the preferred dividend in cash versus common.

話雖如此，進入 2021 年的盈虧平衡不僅僅取決於油價，包括我們的中游和化工業務的表現，無論我們是否像你所說的那樣以現金支付優先股股息而不是普通股。

And so rolling that all together is part of that fulsome plan for 2021 that Vicki mentioned that we will put together as the year goes along.

因此，將所有這些整合在一起是 2021 年計劃的一部分，Vicki 提到我們將隨著時間的推移而整合在一起。

In the later part of the year, have that reviewed with our Board of Directors and, ultimately, make that available to the market on what we think our breakeven number is for 2021.

在今年下半年，與我們的董事會進行審查，並最終根據我們認為的 2021 年盈虧平衡數字向市場提供。

Okay.

好的。

I understand.

我明白。

Forgive the part B to my first question, but just to be clear, the last time you gave sustaining capital, Rob, was actually $3.9 billion for the combined company.

請原諒我的第一個問題的 B 部分，但為了清楚起見，你最後一次為 Rob 提供持續資金，實際上是為合併後的公司提供了 39 億美元。

And at that point, with a $2.8 billion dividend and an $800 million pref, the breakeven suggested to the market in the middle of last year was $40 oil.

到那時，28 億美元的股息和 8 億美元的優先股，去年年中向市場暗示的盈虧平衡點是 40 美元的石油。

And now, obviously, production declined a bit since then, but I'm just trying to basically get to the equivalent number that you gave us a year ago, which was $40 breakeven of oil with those dividend commitments and so on.

現在，顯然，從那以後產量有所下降，但我只是想基本上達到你一年前給我們的同等數字，即40美元的石油盈虧平衡，以及那些股息承諾等等。

So again, I'll try this one more time.

所以再一次，我會再試一次。

So ballpark, at $40 oil, what do you think your operating cash flow is?

所以，在油價 40 美元的情況下，您認為您的經營現金流量是多少？

We're not going to guide that today yet, Doug, until we have a whole plan for 2021.

道格，在我們制定 2021 年的整體計劃之前，我們今天還不會指導這一點。

But certainly, as Vicki indicated, the company's focus is to maintain a breakeven value that's going to be at or below that $40 level.

但可以肯定的是，正如 Vicki 所指出的，該公司的重點是維持盈虧平衡值，該值將等於或低於 40 美元的水平。

Our next question comes from Jeanine Wai of Barclays.

我們的下一個問題來自巴克萊的 Jeanine Wai。

So I would say just following up on some of the prior questions on the 2021 maintenance CapEx, can you provide just a little more color on what assumptions are factored into that?

所以我想說只是跟進一些關於 2021 年維護資本支出的先前問題，你能否提供更多關於哪些假設被考慮在內的顏色？

I know you mentioned whether you pay the pref in cash versus stock, for example.

例如，我知道您提到過是否以現金或股票形式支付首選項。

But also in the past, you've mentioned that there are start-up costs in year 1 of returning to maintenance mode, and you've realized improvements in your U.S.-based management.

但是在過去，您也提到過在返回維護模式的第一年會有啟動成本，並且您已經意識到您在美國的管理有所改進。

So we're just curious on what's embedded in your $2.9 billion estimate on both costs and base declines?

所以我們只是好奇你對成本和基數下降的 29 億美元的估計中包含了什麼？

Sure, Jeanine.

當然，珍妮。

This is Jeff.

這是傑夫。

I'll take the first stab at that, and Vicki and Rob can jump in if I miss anything.

我會先嘗試一下，如果我錯過任何事情，Vicki 和 Rob 可以加入。

So I think while we're not prepared to go through, business by business, what the sustaining capital is for each one of those, but we will give more color as we roll out the plan for next year, I can add a little bit of color to that.

因此，我認為，雖然我們還沒有準備好逐個業務地經歷，但每個業務的持續資本是多少，但隨著明年計劃的推出，我們會給出更多的顏色，我可以補充一點的顏色。

I think one of the important things to understand is while we call that to sustain production, there is between $400 million and $500 million of capital associated with our midstream and chems business.

我認為要理解的重要事情之一是，雖然我們稱之為維持生產，但我們的中游和化工業務有 4 億至 5 億美元的資本。

So first thing is you guys strip that out when you think about sustaining capital just to hold production flat.

因此，當您考慮維持資本以保持生產平穩時，首先要做的就是將其排除在外。

And the thing I'd say is what we've seen is pretty much across all of the businesses, we've seen improvements in sustaining capital, primarily driven by driving cost out of the business.

我想說的是，我們所看到的幾乎所有企業都看到了，我們已經看到維持資本方面的改進，主要是由於將成本排除在業務之外。

The developments get better and better.

發展越來越好。

I mean, I look at -- even though we've kind of taken this pause in activity, I've watched our development teams continue to learn from everything they've done and figure out optimal ways where I think all of them are confident we'll have better capital intensity when we restart the program than when we ended the program.

我的意思是，我看——儘管我們已經暫停了活動，但我看到我們的開發團隊繼續從他們所做的一切中學習，並找出我認為他們所有人都有信心的最佳方法當我們重新啟動該計劃時，我們將擁有比結束該計劃時更好的資本密集度。

Now previously, we have talked about some start-up costs.

現在之前，我們已經談到了一些啟動成本。

We do think there will be some start-up costs.

我們確實認為會有一些啟動成本。

When you bring rigs on, the learning curve will have to take effect.

當您啟用鑽機時，學習曲線必須生效。

They won't start day 1, where they'll be on day 100.

他們不會從第 1 天開始，而是從第 100 天開始。

There'll be some facility costs.

會有一些設施費用。

But what we're seeing is we'll see offsets to those, like, for example, areas where we had developments that we thought we're going to have to build more facilities, we're seeing decline come in.

但我們看到的是，我們將看到對這些方面的抵消，例如，我們認為我們將不得不建造更多設施的開發區域，我們正在看到下降。

So you're getting incremental capacity on some of those same facilities, and we'll be able to use some centralized infrastructure to take advantage of that.

因此，您在其中一些相同的設施上獲得了增量容量，我們將能夠使用一些集中式基礎設施來利用這一點。

So we largely think the start-up costs will be mitigated by some of these other benefits we've seen.

因此，我們在很大程度上認為，我們已經看到的其他一些好處將減輕啟動成本。

So I think when you look at it, I mean, the 25% decline we gave, given the year we're having just as a corporation with lower production than what we previously thought from a growth standpoint, you would expect to see that decline to come down a little bit.

所以我認為，當你看到它時，我的意思是，我們給出的 25% 的下降，鑑於我們作為一家公司的產量比我們之前從增長的角度認為的要低，你會期望看到下降下來一點。

So that will also help you.

所以這也會對你有所幫助。

So when you look at all those things, better capital intensity, slightly lower decline across our entire portfolio, we're pretty confident in the sustaining capital we gave.

因此，當你看到所有這些事情時，更好的資本密集度，我們整個投資組合的跌幅略低，我們對我們提供的維持資本非常有信心。

Okay.

好的。

Great.

偉大的。

That's a lot of nice detail there.

那裡有很多很好的細節。

My follow-up is just a quick clarification.

我的後續行動只是一個快速的澄清。

That $2.9 billion, that's the hold total BOEs flat?

那 29 億美元，這就是京東方持平？

Is the number to hold oil flat something similar?

保持油平的數字是否相似？

And if not, do you have a rough ballpark estimate for that?

如果沒有，你對此有一個粗略的估計嗎？

Yes.

是的。

I'd expect it to be very similar to that.

我希望它與此非常相似。

Our next question comes from Neal Dingmann of Truist Securities.

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

My first question kind of tag on what some of the guys have asked, just on asset sales.

我的第一個問題是關於一些人提出的問題，只是關於資產銷售。

I'm wondering, first, is there any official -- Vicki, I'm just wondering if there any official processes currently going on with any of the properties?

我想知道，首先，是否有任何官方 - Vicki，我只是想知道目前是否有任何官方流程正在處理任何屬性？

And secondly, for '21, will potential asset sale success, will that dictate sort of what you spend, maybe high end, low end CapEx?

其次，對於 21 年，潛在的資產出售是否會成功，這會決定你的支出，也許是高端、低端的資本支出？

Or are they sort of exclusive to a degree?

或者它們在某種程度上是排他的？

So we do have other processes going on.

所以我們確實有其他流程正在進行。

And I think the only other one that's probably more public is the process around Ghana.

我認為唯一可能更公開的另一個是加納周圍的進程。

And so it's still up for sale.

所以它仍然在出售。

And we've had a very good conversation with the Finance Minister in Ghana about that.

我們與加納的財政部長就此進行了很好的交談。

So that's the one that's more public, but we do have others right now in progress.

所以這是一個更公開的，但我們現在確實有其他的正在進行中。

I will say that, though, let me -- I would like to clarify one thing.

不過，我要說的是——我想澄清一件事。

The one that's in Africa that's not up for sale is Algeria.

在非洲不出售的是阿爾及利亞。

And as I mentioned on our last earnings call, we've taken the strategic direction to make Algeria a core asset for our company.

正如我在上次財報電話會議上提到的那樣，我們已採取戰略方向，使阿爾及利亞成為我們公司的核心資產。

Our teams continue to dive deeper into the data for Algeria.

我們的團隊繼續深入研究阿爾及利亞的數據。

And the more we learn, the more excited we get about our future there.

我們學得越多，我們對那裡的未來就越興奮。

We see upside not only in the areas we currently operate, but also in expansion areas.

我們不僅在我們目前經營的領域看到了上升空間，而且在擴展領域也看到了上升空間。

Our initial focus will be to maximize the value of the assets we currently have.

我們最初的重點是最大化我們目前擁有的資產的價值。

And to jump-start that process, we've utilized some of our experts from Oman and Houston to support extensive subsurface reviews.

為了啟動這一過程，我們聘請了來自阿曼和休斯頓的一些專家來支持廣泛的地下審查。

And at the same time, we're taking steps to strengthen our operational capabilities in our joint venture operator -- operations with Sonatrach.

與此同時，我們正在採取措施加強我們在合資運營商中的運營能力——與 Sonatrach 的運營。

Of particular importance, I want to highlight that our relationship with the government is excellent, and we continue to engage to ensure alignment for the future.

特別重要的是，我想強調我們與政府的關係非常好，我們將繼續參與以確保未來的一致性。

To support that, we're also having very productive meetings and working sessions with Sonatrach, along with our other partners.

為了支持這一點，我們還與 Sonatrach 以及我們的其他合作夥伴舉行了非常富有成效的會議和工作會議。

We're looking forward to seeing the value we can create for Algeria and our other shareholders.

我們期待看到我們可以為阿爾及利亞和其他股東創造的價值。

So Algeria is not for sale.

所以阿爾及利亞不賣。

I wanted to clarify that from the first quarter earnings call.

我想在第一季度財報電話會議上澄清這一點。

Okay.

好的。

And that sort of leads me to my second question, just on the growth for next year.

這讓我想到了第二個問題，關於明年的增長。

To your point, Vicki, on Algeria and some of these international properties, if prices do continue to rally as they've been, how do you foresee sort of domestic growth or domestic sort of targeting CapEx and growth versus the international?

就你的觀點而言，Vicki，關於阿爾及利亞和其中一些國際物業，如果價格確實像以前那樣繼續上漲，你如何預見國內增長或國內某種針對資本支出和增長與國際相比？

Are they going to be pretty similar as far as you could see both?

就你所見，它們會非常相似嗎？

Or will it be much more domestically?

還是會更加國內化？

I don't really see us growing next year.

我真的不認為我們明年會增長。

I see us optimizing or -- and following our cash flow priorities, which is really the maintenance first.

我看到我們優化或 - 並遵循我們的現金流優先級，這實際上是首先進行維護。

And so I expect that, should we get approval from the Board, that we would spend the $2.9 billion in maintenance capital to keep our production flat for next year as we continue to use all available cash to retire debt, to address our maturities.

因此，我預計，如果我們得到董事會的批准，我們將花費 29 億美元的維護資金來保持明年的生產平穩，因為我們將繼續使用所有可用現金來償還債務，以解決我們的到期問題。

So that's the highest priority for next year.

所以這是明年的首要任務。

Now we do have a, as we go forward, a general pathway to more cash flow, more earnings to start generating a return and to get to a competitive total shareholder return.

現在，隨著我們的前進，我們確實有一條通向更多現金流、更多收益以開始產生回報並獲得具有競爭力的總股東回報的一般途徑。

So we do have things planned beyond next year that will help to increase cash flow without significant additional capital.

因此，我們確實計劃了明年以後的事情，這將有助於在沒有大量額外資本的情況下增加現金流。

Part of what we really needed to do to maximize the cash flow that we get out of our operations was, first, to capture the synergies.

我們真正需要做的部分工作是最大限度地提高我們從運營中獲得的現金流量，首先是捕捉協同效應。

And as we've outlined in this presentation today, the OpEx and SG&A cost reductions that we've achieved are more than double our synergy targets, and we achieved them in less than a year after the close of the acquisition.

正如我們在今天的演講中所概述的那樣，我們已經實現的運營支出和 SG&A 成本降低是我們協同目標的兩倍多，而且我們在收購完成後不到一年的時間內就實現了這些目標。

The second part, as I've been talking about here, is to divest of the appropriate assets.

第二部分，正如我在這裡所說的，是剝離適當的資產。

We're trying to make sure that we balance the divestitures with our cash flow.

我們正在努力確保我們在資產剝離與現金流之間取得平衡。

And so we want to make sure that we're divesting the appropriate things as we go and that we're preserving all the cash flow that we're going to need for the future.

因此，我們希望確保我們在進行過程中剝離適當的東西，並確保我們保留未來所需的所有現金流。

So thus far, we've divested, as you know, of close to $6 billion of assets.

如您所知，到目前為止，我們已經剝離了近 60 億美元的資產。

And our divestiture process almost took like a 3-month pause in March, April and May when everybody was really dealing with the crisis.

我們的資產剝離過程在 3 月、4 月和 5 月幾乎暫停了 3 個月，當時每個人都在真正應對危機。

And now we're back on track to -- as I said earlier, to achieve the low end of our divestiture range.

現在我們回到了正軌——正如我之前所說，實現我們剝離範圍的低端。

So first, capture synergies; second, divest of the appropriate assets; and third is to delever.

首先，捕捉協同效應；二是剝離相應資產；三是去槓桿。

So using the divestitures and any cash flow that's in excess from cash flow from operations, while maintaining just a capital spend of the sustaining capital limit, we'll continue to delever with proceeds from divestitures and cash flow.

因此，使用資產剝離和任何超過運營現金流的現金流，同時維持維持資本限制的資本支出，我們將繼續利用資產剝離和現金流的收益去槓桿化。

And then Rob has been very involved in liquidity management here over the past few months.

在過去的幾個月裡，Rob 一直非常參與這裡的流動性管理。

The funds we raised from the bonds helped us to move out some of the maturities, all but about a little over $500 million in early 2021.

我們從債券中籌集的資金幫助我們轉移了一些到期債券，到 2021 年初幾乎只有 5 億多美元。

So that's really given us some room to make sure that we optimize the timing of our divestitures.

所以這確實給了我們一些空間來確保我們優化剝離的時間。

Again, as I said in my script, not to sacrifice value for timing, so we've got some room to make the right decisions around our divestitures.

同樣，正如我在劇本中所說，不要為了時間而犧牲價值，所以我們有一些空間來圍繞我們的資產剝離做出正確的決定。

And the third thing that I think that we haven't really talked a lot about, but it's something that is really important to us, is the restoration of our cash flow.

第三件事我認為我們還沒有真正談論過，但這對我們來說非常重要，那就是恢復我們的現金流。

And we've started the first huge step to do that, and that's through increased margin from our significant cost reductions.

我們已經開始了第一個巨大的步驟來做到這一點，那就是通過我們大幅降低成本來增加利潤。

The second way that we'll continue to restore our cash flow is to increase our oil production volumes.

我們將繼續恢復現金流的第二種方式是增加我們的石油產量。

But when you talk about growth and ask about growth, the way we need to do that is not necessarily increasing our capital spend, but taking on partners to form JVs, just like the one that we did in the Midland Basin with EcoPetrol, where we're getting carried for a portion of the capital.

但是，當您談論增長並詢問增長時，我們需要這樣做的方式不一定是增加我們的資本支出，而是與合作夥伴建立合資企業，就像我們在米德蘭盆地與 EcoPetrol 所做的那樣，我們在那裡'正在獲得一部分資本。

That's the way we're going to continue to restore cash flow for ourselves without exceeding in the near-term, our capital maintenance.

這就是我們將繼續為自己恢復現金流的方式，而不會在短期內超出我們的資本維護。

So the JVs that we'll be looking at -- and first, we wanted to do the divestitures first.

所以我們將要關注的合資企業——首先，我們想先進行資產剝離。

That was our highest priority.

這是我們的首要任務。

So now we'll be looking at, as we go along, JVs in our core areas.

因此，隨著我們的進展，現在我們將著眼於我們核心領域的合資企業。

We're divesting of things that would -- that are not core or don't -- won't fit within our core in the future.

我們正在剝離那些在未來將不適合我們核心的東西——那些不是核心或不屬於核心的東西。

But JVs on our core acreage, and that's in areas that are way further out in terms of development, our longer-term inventory.

但是在我們的核心土地上的合資企業，在我們的長期庫存方面，在發展方面還遠遠不夠的領域。

So the JVs will enable us to bring on another wedge of cash flow that will get us to where we need to be able to get back to a stronger balance sheet, get back to growth probably sooner than most people are modeling at this point.

因此，合資企業將使我們能夠帶來另一個現金流楔子，這將使我們能夠回到我們需要能夠恢復更強大的資產負債表的地方，可能比大多數人目前所建模的更快地恢復增長。

So in all of this is to -- all the things that we're doing, every step we may take and every decision we make is around ensuring that, ultimately, we get back to a stronger balance sheet and that we're at breakeven at less than $40.

因此，所有這一切都是為了——我們正在做的所有事情、我們可能採取的每一步以及我們做出的每一個決定都是圍繞著確保最終我們回到更強大的資產負債表並且我們處於盈虧平衡狀態不到 40 美元。

Our next question comes from Pavel Molchanov of Raymond James.

我們的下一個問題來自 Raymond James 的 Pavel Molchanov。

Is it fair to say that you've essentially given up on trying to sell Algeria?

可以說您基本上放棄了出售阿爾及利亞的想法嗎？

Or is there some chance that, that will be revived further down the road?

還是有一些機會，這將在未來進一步復興？

We -- it's not that we gave up on selling Algeria.

我們——並不是我們放棄出售阿爾及利亞。

There's a lot of interest in Algeria.

人們對阿爾及利亞很感興趣。

It's that as we learned more about Algeria, took that deep dive into it, we believe that those assets there are of such high quality, they're going to be very competitive with our domestic assets.

正是因為我們更多地了解阿爾及利亞，深入了解它，我們相信那裡的資產質量如此之高，它們將與我們的國內資產具有很強的競爭力。

We want to be in Algeria.

我們想在阿爾及利亞。

The more we've met with Sonatrach and the more we get to know the government in Algeria, the better we learn the assets, the depositional environment, the operations, we're very committed to Algeria.

我們與 Sonatrach 會面的次數越多，我們對阿爾及利亞政府的了解越多，我們對資產、沉積環境和運營的了解就越好，我們非常致力於阿爾及利亞。

We've had interest there, but we're committed.

我們對那裡有興趣，但我們承諾。

Algeria's now a core area for Oxy.

阿爾及利亞現在是 Oxy 的核心地區。

So it -- Algeria will not be up for sale.

所以它 - 阿爾及利亞不會出售。

Okay.

好的。

From the chart showing the breakdown of your 2020 budget, it's pretty clear that low carbon is a de minimis portion of the program.

從顯示 2020 年預算細目的圖表中，很明顯低碳是該計劃的最低限度的一部分。

Thinking ahead to next year and the $2.9 billion kind of base number you've mentioned, what would be the role of low carbon in that level of budget?

考慮到明年以及您提到的 29 億美元的基數，低碳在該預算水平中的作用是什麼？

I'd say that low carbon, just because you don't see the capital on the chart, it doesn't mean it's not a huge part of our business.

我會說低碳，只是因為你在圖表上看不到資本，並不意味著它不是我們業務的重要組成部分。

We believe that our Low Carbon Ventures strategy is going to be -- is certainly going to differentiate us from others, and we're very committed to it.

我們相信我們的低碳風險投資戰略將會——肯定會使我們與其他人區分開來，我們非常致力於它。

There are 2 things that -- or 3 things probably that the Low Carbon Ventures will do for us.

Low Carbon Ventures 將為我們做兩件事——或者說三件事。

The first and foremost thing, the reason we actually formed it, and this has been 10 years in the making, but the reason we formed it is that we needed a way to reduce our cost in our EOR operations.

首先也是最重要的，我們實際形成它的原因，這已經有 10 年的時間了，但我們形成它的原因是我們需要一種方法來降低 EOR 操作的成本。

And even in our conventional EOR operations, the biggest driver -- or 1 of the 2 largest drivers of our cost there is CO2 and the cost that it takes to -- electrically, to inject our CO2.

即使在我們傳統的 EOR 操作中，最大的驅動因素 - 或我們成本的 2 個最大驅動因素中的 1 個是 CO2 以及通過電力注入我們的 CO2 所需的成本。

So electrical costs and CO2 are the 2 highest cost.

所以電費和二氧化碳是第二高的成本。

For us to further increase our margins, as we've been trying really hard to do over the past few years and making a lot of headway there, we're now attacking the EOR business because what we've realized is that our EOR business is going to be critically important for us for the future.

為了進一步增加我們的利潤，因為我們在過去幾年一直在努力做到這一點並在那裡取得了很大進展，我們現在正在攻擊 EOR 業務，因為我們已經意識到我們的 EOR 業務對我們未來至關重要。

It got us up to -- it was the foundation of our company as we got up to the shale development, and it's going to continue to be the foundation of our company because not only can we do enhanced oil recovery through CO2 processing in conventional reservoirs, we've now done 4 pilots in the shale play.

它讓我們奮起直追——它是我們公司的基礎，因為我們開始進行頁岩開發，而且它將繼續成為我們公司的基礎，因為我們不僅可以通過在常規油藏中處理二氧化碳來提高石油採收率，我們現在已經在頁岩區進行了 4 次試點。

And we know it's going to be as successful in the shale as it was in the -- as it has been in our conventional reservoirs.

而且我們知道它在頁岩中的成功將與在傳統油藏中一樣成功。

But what we need to do to ensure that we maximize the margins and get the most value that we can out of it is we need to lower the cost.

但我們需要做的是確保我們最大限度地提高利潤並從中獲得最大的價值，我們需要降低成本。

So the Low Carbon Ventures team has put together a strategy, that you're going to hear more about in the coming quarters.

因此，Low Carbon Ventures 團隊制定了一項戰略，您將在未來幾個季度聽到更多有關該戰略的信息。

But for now, I'll just summarize to say, they have worked out a business model that's going to enable us to get CO2 at either very low cost or no cost.

但就目前而言，我只想總結說，他們已經制定了一種商業模式，使我們能夠以非常低的成本或免費獲得二氧化碳。

And so when you start looking at an EOR project and you can get CO2 for essentially no cost, that's going to dramatically improve the margins of our EOR business in conventional.

因此，當您開始關注 EOR 項目時，您基本上可以免費獲得 CO2，這將顯著提高我們傳統 EOR 業務的利潤率。

And we have about 2 billion barrels of resources available in the conventional that we can exploit.

我們有大約 20 億桶可用於常規開采的資源。

And when you take that and you expand it into the shale, that's another probably 2 billion that we can exploit in that as well.

當你把它擴展到頁岩中時，我們也可以在其中開發另外 20 億個。

So the massive recovery that we can get just by lowering the cost of our CO2 is, in and of itself, a reason to continue our Low Carbon Ventures strategy in a very strong way.

因此，僅通過降低二氧化碳成本就可以實現大規模復甦，這本身就是以非常強大的方式繼續我們的低碳風險投資戰略的理由。

The second thing about our Low Carbon Ventures strategy is that there's a lot of interest in the world now, and thankfully, to lower our CO2 in the atmosphere to reduce the impact on global warming that CO2 has.

關於我們的低碳風險投資戰略的第二件事是，現在全世界都對降低大氣中的二氧化碳以減少二氧化碳對全球變暖的影響有很大的興趣。

And if you look at the models that were put together by Stanford, by Columbia, by IEA and others, there's no way to significantly mitigate climate change without further reduction of CO2 from the atmosphere.

如果你看看斯坦福大學、哥倫比亞大學、國際能源署和其他機構建立的模型，如果不進一步減少大氣中的二氧化碳，就無法顯著緩解氣候變化。

So the second thing that our LCV business model will do is help to do that.

所以我們的 LCV 商業模式要做的第二件事就是幫助做到這一點。

It will lower CO2 emissions.

它將降低二氧化碳排放量。

And that's important for the climate.

這對氣候很重要。

And we started long ago feeling like that is the right thing to do for the environment.

我們很久以前就開始覺得這對環境來說是正確的事情。

We wanted the lower-cost CO2.

我們想要成本更低的二氧化碳。

That was the primary thing.

那是首要的事情。

And secondly, it's good to lower the CO2 in the atmosphere to address the climate change.

其次，降低大氣中的二氧化碳含量以應對氣候變化是件好事。

And now the third thing is that we have -- there are a lot of investors in the world that are interested in not only helping to invest in things that improve the world versus things that don't.

現在第三件事是我們擁有——世界上有很多投資者不僅有興趣幫助投資於改善世界的事物而不是那些不能改善世界的事物。

So now these investors who are interested in also helping to do these kind of things, realize that with the low carbon fuel standard in California, and with 45Q that was passed just a few years ago, we are now able to provide revenue from this business model that we're creating.

所以現在這些有興趣幫助做這些事情的投資者意識到，有了加利福尼亞的低碳燃料標準，以及幾年前通過的 45Q，我們現在能夠從這項業務中提供收入我們正在創建的模型。

So it turns into a very safe, low-risk, steady stream of revenue for investors.

因此，對於投資者來說，它變成了一個非常安全、低風險、穩定的收入來源。

And so this checks 3 boxes for us and is so critically important that we view this to be 1 day, we'll certainly generate, we believe, significant cash flow for our company as well.

因此，這為我們檢查了 3 個框，並且非常重要，以至於我們認為這是 1 天，我們相信，我們肯定也會為我們的公司產生可觀的現金流。

So we're not only improving the economics of our EOR in conventional, and ultimately, shale.

因此，我們不僅在提高傳統 EOR 的經濟性，最終還改善了頁岩油。

We're doing the right thing that will help the world.

我們正在做正確的事情，這將有助於世界。

And we're going to get a revenue and cash flow stream from it.

我們將從中獲得收入和現金流。

I think, Pavel, I would add to that, too, is related to -- you asked a question also about the capital and the budget, is that -- I don't want you just to think about the things that Vicki just described, which are really game changers for the company as Oxy's contribution solely being cash in those projects.

我認為，Pavel，我還要補充一點，這與--你還問了一個關於資本和預算的問題，是--我不想讓你只考慮 Vicki 剛剛描述的事情，這確實是公司的遊戲規則改變者，因為 Oxy 的貢獻僅僅是在這些項目中的現金。

So 40-years-plus of expertise we have in the EOR business, coupled with having certified pore space capable for this EOR-type sequestration is a commodity in itself that is valued and the company can contribute relative to cash and still maintain a high equity percentage of these projects.

因此，我們在 EOR 業務中擁有 40 多年的專業知識，再加上經過認證的孔隙空間能夠進行這種 EOR 型封存，這本身就是一種有價值的商品，公司可以相對於現金做出貢獻，並且仍然保持高股權這些項目的百分比。

Our next question comes from Paul Cheng of Scotiabank.

我們的下一個問題來自豐業銀行的 Paul Cheng。

Vicki, you mentioned about -- currently, you already received revenue in the carbon sequencing.

Vicki，你提到過——目前，你已經在碳測序中獲得了收入。

Can you share with us that how big is that number right now?

你能和我們分享一下這個數字現在有多大嗎？

And my second question is that I'm trying to get a little bit better understanding, how, from the second to third quarter the drop, as you mentioned, that it's bigger than your underlying decline and saying that this is the timing of the well.

我的第二個問題是，我試圖更好地理解，從第二季度到第三季度，正如你所說，下降幅度大於你的潛在下降幅度，並說這是井的時機.

So can you give us some -- a little bit better understanding and color that -- by month, that the number of well that is going to come on stream, so that we can do our model better?

所以你能給我們一些 - 更好的理解和顏色 - 按月，將要投產的井的數量，以便我們可以更好地製作我們的模型？

I'm sorry, was your question was the source of the revenue?

對不起，你的問題是收入的來源嗎？

I didn't hear.

我沒聽見。

No.

不。

How much is the revenue?

收入是多少？

How much you are generating now on those carbon sequencing?

你現在在這些碳測序上產生了多少？

And what's the projection on that.

對此的預測是什麼。

Yes.

是的。

We haven't talked about externally, but we are, today, sequestering about, I think, about 20 million tons a year.

我們還沒有對外談過，但今天我們每年封存大約 2000 萬噸。

So we are sequestering today.

所以我們今天隔離。

I don't know off the top of my head what our revenue is for that.

我不知道我們的收入是多少。

But we do -- we just now worked with the IRS to get the process in place to start to claim those credits.

但我們確實這樣做了——我們剛剛與美國國稅局合作，制定了開始申請這些信用的流程。

So probably in the next -- in the coming quarters, we'll be able to provide you a better estimate of that.

因此，可能在接下來的幾個季度中，我們將能夠為您提供更好的估計。

And Paul, this is Jeff.

保羅，這是傑夫。

If I understood your second question, it's cadence of wells coming online for the remainder of the year?

如果我理解了你的第二個問題，那麼今年剩餘時間裡，井的節奏是什麼？

Is that what you're looking for?

那是你要找的嗎？

That's correct, because I don't get to how -- why that the production will jump up so much based on the activity level that you're mentioning.

這是正確的，因為我不明白如何——為什麼根據你提到的活動水平，產量會大幅上升。

Okay.

好的。

So yes.

所以是的。

So I guess, 2 questions.

所以我猜，2個問題。

Why production dropped from Q2 to Q3.

為什麼產量從第二季度下降到第三季度。

I can talk through that.

我可以通過那個來談談。

And then the cadence of activity, I'll hit that.

然後是活動的節奏，我會打的。

So if you look at Q2 to Q3 -- I mean, I can walk you through some of the big things that take you from 1,406 to our current guide.

因此，如果您查看第二季度到第三季度——我的意思是，我可以帶您了解一些將您從 1,406 帶到我們當前指南的重要事項。

So the first thing is to take 33 off the top.

所以第一件事是從頂部取下 33。

That's GNB sale.

那是GNB銷售。

That's pretty easy.

這很容易。

The 25% base decline, we've said that still looks where we're at.

25% 的基數下降，我們已經說過，這看起來仍然是我們所處的位置。

So if you back out from the number before that, you back out the wedge, you take 25%, that's about 75,000 barrels.

所以如果你從之前的數字中退出，你退出楔形，你會拿走 25%，大約是 75,000 桶。

GOM maintenance weather is about 20.

GOM維護天氣20點左右。

PSC impacts and additional OPEC is another 15.

PSC 影響和額外的 OPEC 是另外 15 個。

And then the decline in wedge we outlined is about 30.

然後我們概述的楔形下降大約是 30。

And then you take some other things with ethane rejection, and you give another 10, that pretty much gets you to the Q2 number in a relatively straightforward way.

然後你拿一些其他的東西來拒絕乙烷，然後再給你 10 個，這幾乎可以讓你以相對簡單的方式達到第二季度的數字。

So when you look at cadence of wells coming online, on Slide 16, we put out what the activity looks like for the second half of the year for both Permian Resources and Rockies.

因此，當您查看上線井的節奏時，在幻燈片 16 上，我們列出了二疊紀資源和落基山脈的下半年活動情況。

Permian Resources, the well count, our wells online went up about 10 to 15 from what we previously guided.

二疊紀資源，井數，我們的在線井比我們之前的指導增加了大約 10 到 15 口。

Today, I think we have 1 frac core and 1 drilling rig in Permian Resources, so the activity has started there.

今天，我認為我們在二疊紀資源有 1 個壓裂岩芯和 1 個鑽機，所以活動已經從那裡開始了。

If you look at the DJ, that's gone up about 40 wells from our last guidance for wells online.

如果你看一下 DJ，那比我們上次的在線鑽井指南增加了大約 40 口井。

That activity really won't start in earnest probably until September or so.

這項活動可能要到 9 月左右才真正開始。

So most of those will come on late in the year.

因此，其中大多數將在今年晚些時候出現。

But that is -- you get some mitigation in Q4, but the majority of the impact is in 2021.

但這就是——你在第四季度得到了一些緩解，但大部分影響發生在 2021 年。

Jeff in Permian, those well coming on stream in the second half will be pretty variable?

傑夫在二疊紀，那些在下半年投產的人會很不穩定嗎？

Or that is going to be second half or the more in the fourth quarter?

或者這將是下半年或第四季度更多？

It's probably more heavy to the fourth quarter, for sure.

當然，到第四季度可能會更加沉重。

Our next question comes from Phil Gresh of JPMorgan.

我們的下一個問題來自摩根大通的 Phil Gresh。

First question would just be if you go back at the time of the Anadarko acquisition, you laid out a specific leverage target.

第一個問題是，如果你回到收購 Anadarko 的時候，你制定了一個具體的槓桿目標。

I believe it was 2x at $60 oil.

我相信 60 美元的油價是 2 倍。

If you think about where we are now and everything that's happened since then, do you have an updated view of what you'd like the leverage target to be and at what price?

如果您考慮一下我們現在所處的位置以及從那時起發生的一切，您是否對您希望的槓桿目標和價格有最新的看法？

Yes, Phil, we've indicated that we -- that our intent is to get back to an investment grade.

是的，菲爾，我們已經表明我們 - 我們的意圖是回到投資級別。

To move back from the high yield to investment grade.

從高收益回到投資級別。

And we know that conversation doesn't start until we get below a leverage of 3. And so right now, obviously, between all the things that Vicki's detailed with regards to divestitures and positioning the business to benefit from all the cost reductions that we've done, and coupling that with an improving overall macro commodity environment to allow the business itself to generate free cash flow to retire and reduce, moving both the numerator and the denominator at the same time in that process.

而且我們知道，只有在槓桿率低於 3 時，對話才會開始。所以現在，顯然，在 Vicki 詳細介紹的資產剝離和定位業務以從我們所有的成本降低中受益的所有事情之間。已經做到了，並將其與改善的整體宏觀商品環境相結合，以允許企業本身產生自由現金流以退休和減少，在此過程中同時移動分子和分母。

That's our current goal, is to get below 3 to have that conversation on being investment grade again, and then move from there.

這是我們目前的目標，是低於 3 以再次進行關於投資級別的對話，然後從那裡移動。

And do you have a price deck where you think you could accomplish that based on all the things you've been outlining today?

您是否有一個價格平台，您認為可以根據您今天概述的所有內容來實現這一目標？

We haven't -- as far as looking at a price that we'd accompany, obviously, the trajectory of that price is going to impact the timing of that.

我們還沒有 - 就我們將伴隨的價格而言，顯然，該價格的軌跡將影響其時間。

And so that's the one part of the equation we can't control is the trajectory of the price.

所以這就是我們無法控制的方程式的一部分是價格的軌跡。

And so we realize that if it's obviously a sharper increase, then the timeline to accomplish that is shorter.

因此我們意識到，如果增長明顯更快，那麼實現這一目標的時間線就會更短。

And if it continues on a more moderate pace, it's going to take longer to get there than otherwise.

如果它繼續以更溫和的速度發展，那麼到達那裡將需要更長的時間。

Okay.

好的。

My follow-up question would just be, I guess, just sort of getting at what Doug Leggate was asking about with the outlined $2 billion to $3 billion of asset sales for the first half of 2021 and the free cash flow generation with the sustaining CapEx and implied free cash flow generation you've outlined.

我想，我的後續問題只是有點明白道格·萊格特（Doug Leggate）提出的問題，即概述了 2021 年上半年 20 億至 30 億美元的資產銷售以及持續資本支出產生的自由現金流以及您概述的隱含的自由現金流生成。

Do you believe that those things are sufficient to address the 2022 maturities as well on top of the actions you've already taken for the 2021 maturities?

除了您已經為 2021 年到期採取的行動之外，您是否認為這些事情足以應對 2022 年到期？

Or just any additional color to help us think through not just '21, but also '22 maturities?

或者只是任何其他顏色來幫助我們思考不僅是 21 年，還有 22 年到期？

Yes.

是的。

And so I think it's -- as Vicki outlined, one of the key things to manage our divestitures is doing them on a timeline that allows us to get the greatest value for those and not being sort of in a fire-sale position.

所以我認為它是 - 正如 Vicki 所概述的那樣，管理我們的資產剝離的關鍵之一是在一個時間表上進行，這使得我們能夠為這些資產獲得最大的價值，而不是處於拋售的位置。

Actually highlighted when you're running this many processes, you do have instances where there are people that were willing to close on a more rapid timetable.

實際上，當您運行這麼多進程時，您確實有一些人願意在更快速的時間表上關閉的情況。

But it's an expense of our company and ultimately, our shareholders in closing those, and we're not going to do that.

但這是我們公司的費用，最終也是我們的股東關閉這些費用的費用，我們不會這樣做。

And so we're not going to create arbitrary deadlines on ourselves for that.

因此，我們不會為此為自己設定任意的最後期限。

So one way we manage that is not just from the free cash flow business, but also the capital markets.

因此，我們管理的一種方式不僅來自自由現金流業務，還來自資本市場。

And so the recent transaction we did was meaningful in several ways because our prior earnings call was only a few weeks removed from negative price environment in April.

因此，我們最近進行的交易在幾個方面都具有重要意義，因為我們之前的財報電話會議距離 4 月份的負價格環境只有幾週的時間。

We discussed the company was looking at every possible form of liability management at our disposal.

我們討論了公司正在研究我們可以使用的每一種可能的責任管理形式。

And so -- but the continued improvement allowed us, ultimately, with the improvement in demand and commodity prices, to approach the market despite getting probably the 2 worst days in the month of June, to do it with an unsecured debt offering and raising -- tended to be $1.5 billion to $2 billion of unsecured debt on our existing maturities.

所以——但持續的改善最終使我們能夠在需求和商品價格的改善下接近市場，儘管可能是 6 月份最糟糕的兩個日子，通過無擔保債務發行和籌集來做到這一點—— - 我們現有到期的無擔保債務往往為 15 億至 20 億美元。

And as we sit here today, those bonds themselves, in a short period of time, have rallied to the point to where at close yesterday, the 5s were at 110, the 7s were over 112, and the 10s were over 115, and is indicative of the strength of those bonds and our ability to probably return to the market when they're open at our discretion at -- and to achieve similar results at a lower price.

當我們今天坐在這裡時，這些債券本身在很短的時間內已經反彈到昨天收盤時的點，5s 為 110，7s 超過 112，10s 超過 115，並且是表明這些債券的實力以及我們在我們自行決定開盤時可能重返市場的能力——並以更低的價格實現類似的結果。

And so I think the one way we would look at that to manage both the '22s and beyond, and even potentially the '21s, to some extent, to give us some time for the divestitures on our timeline is returning to the capital markets.

因此，我認為我們會考慮管理 22 年代及以後，甚至可能是 21 年代，在某種程度上給我們一些時間進行資產剝離的一種方法是重返資本市場。

And that gives us the time -- with even looking at '21 itself, but we just did the $2 billion of divestitures that we have outlined for 2020, couple that with a similar-sized transaction we did July, that cleared us runway essentially going all the way to '22 by itself.

這給了我們時間——甚至看看 21 年本身，但我們剛剛完成了我們為 2020 年概述的 20 億美元的資產剝離，再加上我們在 7 月份進行的類似規模的交易，這讓我們的跑道基本上走開了一直到'22'。

It allows us the time for the free cash flow generation of the business, allows the impact of those cost reductions we've done, and really goes back to that combination of our underlying thesis from the acquisition that we've now taken the world-class portfolio we have today and coupling it with the operational excellence we have so that, that allows us to make the acquisition work.

它讓我們有時間產生業務的自由現金流，允許我們已經完成的那些成本降低的影響，並且真正回到我們現在已經佔領世界的收購的基本論點的組合 -我們今天擁有的一流產品組合，並將其與我們擁有的卓越運營相結合，從而使我們能夠進行收購。

Our next question comes from Jeffrey Campbell of Tuohy Brothers.

我們的下一個問題來自 Tuohy Brothers 的 Jeffrey Campbell。

My first question, I wondered if you could update us on your federal land position permits in place, percentage of current anticipated Delaware Basin spend that might be directed to the federal acreage, assuming no change in government policy?

我的第一個問題是，如果政府政策沒有變化，我想知道您是否可以向我們更新您的聯邦土地許可，目前預期的特拉華盆地支出中可能用於聯邦土地的百分比？

Just sort of what's going on there, assuming things stay the same.

假設事情保持不變，那就是那裡發生的事情。

Sure.

當然。

So this is Jeff.

這就是傑夫。

So I'll take the first run at that.

因此，我將在此進行第一次運行。

So one thing we did on -- you'll see on Slide 29, we updated the footnotes with what our federal acreage position is because it came down with the sale of GNB and a couple of other things.

所以我們做了一件事——你會在幻燈片 29 上看到，我們更新了腳註，說明我們的聯邦種植面積是什麼，因為它隨著 GNB 的出售和其他一些事情而下降。

So we have approximately 1.7 million net acres of federal land, 800,000 onshore, 900,000 offshore.

因此，我們擁有大約 170 萬英畝的聯邦土地，其中 800,000 英畝在陸上，900,000 英畝在海上。

And so if you look at our key development areas, Permian has about 280,000 acres of federal land, the vast majority of that's in New Mexico.

因此，如果您查看我們的主要開發區，二疊紀有大約 280,000 英畝的聯邦土地，其中絕大多數位於新墨西哥州。

None of the former APC development area is on federal land.

前 APC 開發區沒有一個位於聯邦土地上。

So pretty clean running room there.

那裡很乾淨的跑步室。

And the DJ, it's minuscule.

而DJ，它是微不足道的。

You'll see it's like 4,000 acres.

你會看到它有 4,000 英畝。

So there's very little in the DJ on federal land as well.

所以聯邦土地上的 DJ 也很少。

So from a permitting standpoint, both in New Mexico and GoM, which would be the most exposed to federal land given the question you asked, we've got permits approved that give us running room for the foreseeable future.

因此，從許可的角度來看，考慮到您提出的問題，新墨西哥州和 GoM 將是最容易受到聯邦土地影響的地方，我們已經獲得了批准的許可，這為我們在可預見的未來提供了運行空間。

I mean, at activity rates even at a much higher activity than where we were prior to COVID, we would have plenty of running room of permits that are already approved in both of those areas.

我的意思是，即使活動率比我們在 COVID 之前的活動率高得多，我們也會有足夠的運行空間，這些許可證已經在這兩個領域獲得批准。

Was there another part of your question, or did that hit at all?

您的問題是否還有其他部分，或者根本沒有影響？

No.

不。

That's fine.

沒關係。

I guess the only other thing I'd that might still be of interest is just if you can disclose at what percentage of current CapEx or the anticipated CapEx in 2021 might be directed to those federal positions?

我想我唯一可能仍然感興趣的另一件事是，您是否可以披露當前資本支出或 2021 年預期資本支出的百分比可能用於這些聯邦職位？

Yes.

是的。

I mean, since we haven't given a CapEx for 2021, wouldn't for current CapEx, you could pretty easily take the GoM number that we disclosed.

我的意思是，由於我們沒有給出 2021 年的資本支出，也沒有給出當前的資本支出，所以你可以很容易地獲取我們披露的 GoM 數字。

And then of the remaining Permian part, which is only a couple of hundred million for the rest of the year, I mean, assume that's 1/4 of that for New Mexico.

然後是剩下的二疊紀部分，今年剩下的時間只有幾億，我的意思是，假設這是新墨西哥州的 1/4。

So it's a pretty small number.

所以這是一個很小的數字。

Our final question will come from Leo Mariani of KeyBanc.

我們的最後一個問題將來自 KeyBanc 的 Leo Mariani。

I was hoping you could talk a little bit on kind of leading-edge well costs in terms of what you're seeing.

我希望你能就你所看到的內容談談領先的油井成本。

Obviously, there's been significant cost reductions in the business here that you guys have been able to implement.

顯然，你們已經能夠實施的業務成本顯著降低。

Could you give us maybe a little bit more color on what you're seeing in terms of kind of completion and drilling and kind of facilities costs kind of all in on a per-well basis in the Permian and the DJ, kind of where they are today versus kind of where they were maybe to start the year on like a per-foot basis or something?

您能否就您所看到的關於完井和鑽井的類型以及設施成本的類型，在二疊紀和 DJ 的每口井基礎上，給我們更多的顏色，有點像他們在哪裡今天與他們可能以每英尺或其他方式開始新一年的地方相比？

Leo, we haven't updated that since our last disclosure on the last call.

獅子座，自從我們上次在最後一次電話會議上披露以來，我們還沒有更新過。

The thing I'd tell you is, like I mentioned earlier on the call, I do fully expect that capital intensity costplus the benefits will be better once we start back up.

我要告訴你的是，就像我之前在電話會議上提到的那樣，我完全希望一旦我們重新開始，資本密集度成本加上收益會更好。

So I do expect those to come down.

所以我確實希望那些會下降。

But the data set's been so small that it'd almost be misleading to say this went from X to Y just because it's -- we've drilled and completed so few wells.

但是數據集是如此之小，以至於說這是從 X 到 Y 幾乎是一種誤導，因為它是——我們已經鑽探和完成了這麼少的井。

But I do fully expect -- I mean, they're continuing to make great progress on the operational designs and seeing that.

但我完全期待——我的意思是，他們在運營設計上繼續取得巨大進展，並看到了這一點。

The other thing I've mentioned is we previously talked about how much of the capital synergy we captured.

我提到的另一件事是我們之前談到了我們獲得了多少資本協同效應。

I think we said 70% because, again, we only measure capture if we've actually done it.

我認為我們說的是 70%，因為，我們只在實際完成捕獲時才測量捕獲。

And so with a small activity set it's hard to improve that number, but it went up to 80% when we look this quarter.

因此，對於一個小活動集，很難提高這個數字，但當我們看這個季度時，它上升到了 80%。

So they do continue to make progress on the small activity set that we're doing.

因此，他們確實在我們正在進行的小型活動集上繼續取得進展。

And I'll just add to that, that our team, the New Mexico team, is working on some really exciting things and driven by Thaimar Ramirez, who's working hard on trying to further reduce well cost, and there's a lot of collaboration going on there to make that happen.

我還要補充一點，我們的團隊，新墨西哥團隊，正在做一些非常令人興奮的事情，並由正在努力進一步降低油井成本的 Thaimar Ramirez 推動，並且正在進行很多合作在那裡實現這一目標。

And so I think with the subsurface team's support and all that's going on there, I think we're in for exciting news for next year when we do pick up another rig or 2 maybe.

因此，我認為在地下團隊的支持以及那裡正在發生的一切情況下，我認為明年我們將獲得令人振奮的消息，屆時我們可能會拿起另一台或 2 台鑽機。

Okay.

好的。

That's helpful.

這很有幫助。

And I guess just want to follow-up a little bit on the debt-reduction initiatives.

而且我想只是想對減債計劃進行一些跟進。

You guys obviously did a good job kind of talking about sort of what's underway on the asset sales side.

顯然，你們在談論資產銷售方面正在進行的事情方面做得很好。

You guys also, of course, are free cash flow positive.

當然，你們的自由現金流也是積極的。

And then lastly, you talked about refinancing some of the nearer-term maturities.

最後，您談到了為一些近期到期的債券再融資。

Are there any other levers that you guys might consider to kind of accelerate debt pay down, not necessarily maybe today, but as you look forward into next year?

有沒有其他的槓桿可以讓你們考慮加速償還債務，不一定是今天，但你們期待明年嗎？

Any other things that you think you might pull out of the toolbox to try to cut that a little faster here?

您認為您可能會從工具箱中抽出其他任何東西來嘗試在這裡更快地減少它嗎？

Leo, obviously, the other ones that aren't in that category right now be issuing equity or something like that.

Leo，顯然，其他不屬於該類別的人現在正在發行股票或類似的東西。

We did do the warrants.

我們確實做了認股權證。

I don't see us pulling that lever, as we discussed last time.

正如我們上次討論的那樣，我沒有看到我們拉動那個槓桿。

So I think the combination of the liability management tools that we have from the -- accessing the capital markets, the divestitures and the free cash flow.

所以我認為我們擁有的負債管理工具的組合——進入資本市場、資產剝離和自由現金流。

Right now, we feel like is going to give us a pathway that allows the business model to work.

現在，我們覺得這將為我們提供一條讓商業模式發揮作用的途徑。

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, and you may now disconnect.

感謝您參加今天的演示，您現在可以斷開連接。