西方石油 (OXY) 2020 Q1 法說會逐字稿

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

早上好，歡迎參加西方石油公司 2020 年第一季財報電話會議。

(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.

我現在想將會議交給投資者關係副總裁傑夫·阿爾瓦雷斯 (Jeff Alvarez)。

Please go ahead.

請繼續。

Thank you, Brandon.

謝謝你，布蘭登。

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

大家早安，感謝您參加西方石油公司 2020 年第一季電話會議。

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執行長 Vicki Hollub；以及資深副總裁兼財務長 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提供的幻燈片。

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

該簡報在投影片 2 上包含了關於今天上午電話會議中將做出的前瞻性陳述的警告性聲明。

I'll now turn the call over to Vicki.

我現在將電話轉給 Vicki。

Vicki, please go ahead.

維琪，請繼續。

Thank you, Jeff, and good morning, everyone.

謝謝你，傑夫，大家早安。

In the short period since our last earnings call, the actions taken by Saudi Arabia and Russia, as well as the worldwide spread of COVID-19, have pushed oil prices to the lowest level in recent memory and created significant uncertainty with the macro environment.

自上次財報電話會議以來的短時間內，沙烏地阿拉伯和俄羅斯採取的行動以及COVID-19 在全球範圍內的傳播，已將油價推至近期記憶中的最低水平，並給宏觀環境帶來了巨大的不確定性。

As Oxy adapts to this challenging and evolving market, our thoughts remain, first and foremost, with those who've been impacted by COVID-19, and we hope that this tragic situation passes quickly and that you and your families will be safe through this crisis.

隨著 Oxy 適應這個充滿挑戰和不斷變化的市場，我們首先關心的是那些受到 COVID-19 影響的人，我們希望這種悲慘的情況盡快過去，並且您和您的家人能夠安全渡過難關。 。

We are taking extra precautions to preserve the safety and health of our employees and contractors with minimal disruption to our operations.

我們正在採取額外的預防措施，以保護我們的員工和承包商的安全和健康，同時盡量減少對我們營運的干擾。

And before I go any further, I want to express my appreciation to all of the Oxy employees for your focused performance and delivered results despite the stress of the past couple of months.

在我進一步闡述之前，我想對所有 Oxy 員工表示感謝，感謝你們在過去幾個月的壓力下仍專注的表現和取得的成果。

I'll also thank you in advance for the success I know you will achieve as we realign our goals to maximize value through this recovery period.

我還要提前感謝您，我知道您將在我們重新調整目標以在恢復期最大化價值的過程中取得成功。

Since mid-March, we have taken a series of decisive financial and operational actions so that Oxy has the resiliency to weather this difficult period.

自 3 月中旬以來，我們採取了一系列果斷的財務和營運行動，使 Oxy 能夠有彈性地度過這段困難時期。

In addition to reducing our capital budget by more than half, we expect to deliver an additional $1.2 billion of overhead and operating expense reductions in 2020.

除了將資本預算削減一半以上外，我們預計 2020 年還將削減 12 億美元的管理費用和營運費用。

All of our long-term differentiators remain intact and we are well situated for success when market conditions improve.

我們所有的長期差異化優勢都保持不變，當市場狀況改善時，我們已經做好了成功的準備。

We have the best people in place to leverage our superior assets, and we will continue to deliver outstanding operational results, including our ability to safely and quickly reduce activity in this low price environment while preserving the integrity of our valuable assets.

我們擁有最優秀的人才來利用我們的優質資產，我們將繼續提供出色的營運業績，包括我們有能力在這種低價環境下安全、快速地減少活動，同時保持我們寶貴資產的完整性。

Before I highlight our first quarter results and our efforts to achieve cash flow neutrality in 2020, I would like to welcome Rob Peterson to the earnings call.

在我重點介紹我們第一季的業績以及我們為 2020 年實現現金流中性所做的努力之前，我想歡迎 Rob Peterson 參加財報電話會議。

Rob was named to the position of Senior Vice President and Chief Financial Officer.

羅布被任命為高級副總裁兼財務長。

Before becoming CFO, Rob served as Senior Vice President of Permian EOR.

在成為財務長之前，Rob 曾擔任 Permian EOR 的高級副總裁。

Since joining Oxy in 1996, Rob has held key leadership positions, including serving as the President of OxyChem.

自 1996 年加入 Oxy 以來，Rob 一直擔任重要的領導職務，包括擔任 OxyChem 總裁。

In a few minutes, Rob will cover our financial results, revised guidance and debt management options.

幾分鐘後，羅布將介紹我們的財務表現、修訂後的指導和債務管理選項。

Now moving to Slide 4. To survive in this environment, we must continuously deliver best-in-class operational results and be a low-cost operator.

現在轉到投影片 4。

In the first quarter, our core business did just that, delivering industry-leading results with lower capital spending and faster time-to-market.

在第一季度，我們的核心業務做到了這一點，以更低的資本支出和更快的上市時間提供了領先業界的業績。

Our Midland Basin team set a Permian Basin record by drilling over 7,300 feet in one day, and they did it twice in the quarter.

我們的米德蘭盆地團隊一天鑽探超過 7,300 英尺，創下了二疊紀盆地記錄，並且他們在本季度完成了兩次。

Our Texas Delaware team drilled a 10,000-foot horizontal well in the Silvertip area in 15 days, over four days faster than our previous record.

我們的德州特拉華州團隊在 15 天內在 Silvertip 地區鑽出了一口 10,000 英尺的水平井，比我們之前的記錄快了四天多。

In the DJ Basin, we drilled a 10,000-foot horizontal well in under four days and reached our lowest average cost per foot for all drilling during the quarter.

在 DJ 盆地，我們在四天內鑽出了一口 10,000 英尺的水平井，並達到了本季度所有鑽井的最低每英尺平均成本。

We also set a new record for both major frac providers in the Permian with 18 stages fracked in one day.

我們也為二疊紀兩大主要壓裂供應商創造了一天內壓裂 18 個階段的新紀錄。

These accomplishments completed by different teams demonstrate consistently high performance across all of our businesses.

這些由不同團隊完成的成就證明了我們所有業務始終如一的高效能。

Our Midstream business continued to provide flow assurance to deliver our products to market, a differentiator that has become more valuable in the second quarter as the industry faces storage restrictions around the globe.

我們的中游業務繼續提供流量保證，將我們的產品推向市場，隨著該行業面臨全球儲存限制，這一優勢在第二季度變得更加有價值。

While we are shutting in barrels that had become uneconomic at extremely low price realizations, which Rob will touch on in a few minutes, our Midstream business provides us with optionality in routing barrels to obtain more favorable realizations.

雖然我們正在以極低的價格實現關閉那些變得不經濟的桶（羅布將在幾分鐘內談到），但我們的中游業務為我們提供了路線桶的選擇，以獲得更有利的實現。

Turning to divestitures.

轉向資產剝離。

We did not disclose any additional material transactions in the first quarter as travel restrictions and the falling commodity prices have severely disrupted the market for asset sales.

由於旅行限制和大宗商品價格下跌嚴重擾亂了資產銷售市場，我們沒有揭露第一季的任何額外重大交易。

While we remain committed to closing divestitures over time, we will not sacrifice value to close transactions quickly.

雖然我們仍然致力於隨著時間的推移完成資產剝離，但我們不會犧牲價值來快速完成交易。

Given the market condition, we are no longer confident in raising sufficient funds from just divestitures to address all of our near-term debt maturities but have numerous options available, which Rob will highlight.

鑑於市場狀況，我們不再有信心透過資產剝離籌集足夠的資金來解決所有近期債務到期問題，但有許多可用的選擇，羅布將強調這一點。

Since acquiring Anadarko, we've been working towards the sale of our Africa assets and previously closed on the sale of Mozambique and South Africa.

自從收購阿納達科以來，我們一直致力於出售我們的非洲資產，此前還完成了莫三比克和南非資產的出售。

Over the past few months, Oxy has had several meetings with our partners in Algeria to discuss areas for mutual collaboration.

在過去的幾個月裡，Oxy 與阿爾及利亞的合作夥伴舉行了多次會議，討論相互合作的領域。

And in April, we decided to continue operating in the country.

四月份，我們決定繼續在該國開展業務。

The Algeria assets have high potential and generate free cash flow at low commodity prices.

阿爾及利亞的資產潛力巨大，能夠以較低的商品價格產生自由現金流。

At the current Brent strip, we expect to generate $100 million of annual free cash flow from Algeria while investing $30 million of capital in 2020.

在目前的布倫特地帶，我們預計 2020 年將投資 3,000 萬美元的資本，同時從阿爾及利亞產生 1 億美元的年度自由現金流。

We continue to discuss the sale of our Ghana asset but recognize that this transaction is at increased risk given the current environment.

我們繼續討論出售我們的加納資產，但認識到鑑於當前環境，此交易面臨更大的風險。

Now moving to Slide 5 and Slide 6. We are taking aggressive action to protect our long-term financial stability and the integrity of our assets.

現在轉到幻燈片 5 和幻燈片 6。

We are lowering cost and moderating activity to achieve cash flow neutrality while maximizing liquidity.

我們正在降低成本並調節活動，以實現現金流中性，同時最大限度地提高流動性。

Within four days of OPEC's failed Vienna meeting, we moved quickly to reduce cash outflows by reducing our SG&A and operating costs beyond our original synergy targets, and we cut our full year 2020 capital budget.

在 OPEC 維也納會議失敗後的四天內，我們迅速採取行動，透過將 SG&A 和營運成本降低到超出最初的協同目標來減少現金流出，並削減了 2020 年全年資本預算。

Our operating teams immediately launched initiatives to capture an additional $1.2 billion in SG&A and operating cost reductions.

我們的營運團隊立即啟動了多項舉措，以爭取額外 12 億美元的 SG&A 和營運成本削減。

This will get us to a $2.3 billion reduction from pro forma 2018, which is more than double our original synergy targets.

這將使我們比預計 2018 年減少 23 億美元，是我們最初協同目標的兩倍多。

This has lowered our quarterly overhead consisting of SG&A, other operating expenses and exploration overhead to approximately $400 million on a run rate basis and will reduce our operating expenses to $6.25 per BOE in the second quarter.

這使得我們的季度管理費用（包括 SG&A、其他營運費用和勘探費用）按運行率計算降低至約 4 億美元，並將在第二季度將我們的營運費用減少至每桶油當量 6.25 美元。

Our capital reductions will result in a full year budget of $2.4 billion to $2.6 billion.

我們的資本削減將使全年預算減少 24 億至 26 億美元。

To achieve these cost savings, we have modified our operating processes, replaced a significant number of contractors with employees and reduced executive and employee compensation.

為了節省成本，我們修改了營運流程，用員工取代了大量承包商，並減少了高階主管和員工的薪資。

We are leveraging existing inventory to reduce orders for new and replacement equipment, and we're further consolidating vendors and we're utilizing creative solutions such as reverse auctions to source commodities and services.

我們正在利用現有庫存來減少新設備和更換設備的訂單，我們正在進一步整合供應商，並利用逆向拍賣等創意解決方案來採購商品和服務。

The speed and magnitude of our reaction demonstrates our recognition that the oversupply of crude must be addressed by all of us.

我們反應的速度和幅度表明我們認識到原油供應過剩問題必須由我們所有人來解決。

Within a few weeks, we dropped down to two domestic rigs and had substantially reduced activity in Oman and Colombia.

幾週之內，我們的國內鑽井平台數量減少到了兩台，並大幅減少了在阿曼和哥倫比亞的活動。

We are also currently minimizing well interventions by taking a disciplined approach to downhole maintenance that preserves the long-term integrity of our assets and reservoirs.

我們目前也透過採取嚴格的井下維護方法來最大限度地減少油井幹預，以保持我們的資產和油藏的長期完整性。

Despite these changes, our operability remains high, which we believe positions us strongly compared to other operators.

儘管發生了這些變化，我們的可操作性仍然很高，我們相信與其他營運商相比，我們處於強勢地位。

As this downturn will inevitably stress oil producers, an operator's base management proficiency will become increasingly important.

由於這種低迷將不可避免地給石油生產商帶來壓力，因此營運商的基礎管理能力將變得越來越重要。

Oxy is well positioned with a large asset base, and we have the reservoir management expertise established in our conventional EOR operations to recover more barrels from existing reservoirs without the need to build a growth wedge.

Oxy 擁有龐大的資產基礎，並且擁有在傳統 EOR 作業中建立的油藏管理專業知識，可以從現有油藏中開採更多石油，而無需建立成長楔。

Many of the same teams that established our capital intensity leadership and have innovatively applied our advanced subsurface modeling to the shale reservoirs are now applying their knowledge and skills to base management across our portfolio.

許多建立了我們資本密集度領先地位並創新地將我們先進的地下建模應用於頁岩油藏的團隊現在正在將他們的知識和技能應用於我們整個投資組合的基礎管理。

To preserve liquidity, one of the most difficult decisions the Board made was to announce its intention to reduce our common stock dividend.

為了保持流動性，董事會做出的最困難的決定之一是宣布打算減少我們的普通股股息。

Those who know Oxy understand that this was not a decision that we took lightly but one that we had to take to protect long-term value.

了解 Oxy 的人都知道，這不是我們輕易做出的決定，而是為了保護長期價值而必須做出的決定。

We also paid the April 15 preferred stock dividend and common stock to boost our liquidity position, which is an option our Board may consider each quarter.

我們還支付了 4 月 15 日的優先股股息和普通股，以提高我們的流動性狀況，這是我們董事會每季可能考慮的選項。

Going forward, our focus will remain on strengthening our balance sheet.

展望未來，我們的重點仍將是加強我們的資產負債表。

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

我現在將把電話轉給 Rob，他將向您介紹我們的財務表現、修訂後的指導和債務管理選項。

Thanks, Vicki.

謝謝，維基。

Turning to Slide 8. We are approaching the remainder of 2020 with a cautious outlook and have withdrawn our full year guidance and cash flow sensitivities.

轉向幻燈片 8。

To prepare for a prolonged low price environment, we are taking decisive action to reduce cash costs.

為了因應長期的低價環境，我們正在採取果斷行動降低現金成本。

The progress our teams have made in reducing activity in collaboration with our partners and service providers while minimizing adverse impact has been remarkable.

我們的團隊在減少與合作夥伴和服務提供者合作的活動、同時最大限度地減少不利影響方面取得了顯著的進展。

As Vicki mentioned, we have fully captured $1.1 billion of overhead and operating expense synergies and are repositioning our 2020 cost base with an additional $1.2 billion of overhead and operating expense reductions that we expect to be fully realized this year.

正如 Vicki 所提到的，我們已經完全實現了 11 億美元的管理費用和營運費用協同效應，並正在重新定位我們 2020 年的成本基礎，預計今年將完全實現 12 億美元的管理費用和營運費用削減。

We have also further reduced our full year capital budget to a range of $2.4 billion to $2.6 billion, which will lower our second quarter capital spending to approximately $500 million.

我們也進一步將全年資本預算削減至 24 億至 26 億美元，這將使我們第二季的資本支出降至約 5 億美元。

Looking towards our 2021 and 2022 debt maturities, we are taking significant steps to preserve liquidity, including the Board's announced intent to reduce our common stock dividend and the payment of the preferred dividend in common shares in lieu of cash in the second quarter.

展望 2021 年和 2022 年的債務到期日，我們正在採取重大措施來保持流動性，包括董事會宣布打算減少普通股股息，以及在第二季度以普通股代替現金支付優先股股息。

We are intent on raising as much cash as possible from divestitures and expect to raise over $2 billion in the near-term.

我們打算透過資產剝離籌集盡可能多的現金，預計短期內籌集超過 20 億美元。

It may take us longer to close divestitures in excess of this near-term estimate as we are not prepared to sacrifice value in today's challenging environment conditions.

我們可能需要更長的時間才能完成超過近期估計的資產剝離，因為我們不准備在當今充滿挑戰的環境條件下犧牲價值。

As we pursue divestitures across our portfolio, we are also actively reviewing and evaluating our capital structure and options available to manage our near-term debt maturities.

在我們對整個投資組合進行剝離的同時，我們也積極審查和評估我們的資本結構以及可用於管理近期債務到期的選項。

In this context, we continue to review our debt management options which could include the utilization of free cash flow, continued asset divestitures, utilization of liability management solutions, such as debt exchanges and extension of maturities, the refinancing of debt and accessing capital markets.

在此背景下，我們繼續審查我們的債務管理方案，其中可能包括利用自由現金流、持續資產剝離、利用債務管理解決方案，例如債務交換和延長期限、債務再融資和進入資本市場。

Additionally, we are monitoring the 2036 Zero coupon notes as they could be put to us in whole or in part this October based on where the security is currently trading.

此外，我們正在監控 2036 年零息票據，因為它們可能會根據證券當前的交易地點在今年 10 月全部或部分出售給我們。

We may be required to retire up to $992 million of debt depending on the number of Zero coupon holders that choose to exercise their redemption option.

我們可能需要償還高達 9.92 億美元的債務，具體取決於選擇行使贖回權的零息票持有人的數量。

At April 30, we had $6 billion of liquidity, including cash of approximately $1 billion and our unutilized $5 billion credit facility.

截至 4 月 30 日，我們擁有 60 億美元的流動資金，其中包括約 10 億美元的現金和未使用的 50 億美元信貸額度。

To date, we have provided financial assurance through a combination of cash, surety bonds and letters of credit made available to us on a bilateral basis and have not issued any letters of credit under our credit facility.

到目前為止，我們透過雙邊方式提供的現金、擔保債券和信用證相結合的方式提供了財務保證，並且尚未根據我們的信貸安排簽發任何信用證。

Moving to Slide 9. Turning to our financial results.

轉向幻燈片 9。

The first quarter of 2020 is the first quarter since the acquisition closed that we reported Oxy's financial results without consolidating WES.

2020 年第一季是自收購完成以來我們在未合併 WES 的情況下報告 Oxy 財務表現的第一個季度。

In the first quarter, we announced an adjusted loss of $0.52 per diluted share and a reported loss of $2.49 per diluted share.

在第一季度，我們宣布調整後每股攤薄虧損為 0.52 美元，報告每股攤薄虧損為 2.49 美元。

The difference between adjusted and reported results is mainly due to $1.8 billion of charges, including the impairment of goodwill related to WES and other oil and gas properties and $148 million of costs related to the acquisition, partially offset by a net positive mark-to-market gain on crude oil hedges.

調整後業績與報告業績之間的差異主要是由於18 億美元的費用，包括與WES 和其他石油和天然氣資產相關的商譽減值，以及與收購相關的1.48 億美元成本，部分被淨正市盈率所抵銷。

Through the first quarter, we have expensed approximately $1.8 billion in acquisition-related costs and anticipate expensing an additional $150 million in integration costs this year.

截至第一季度，我們已支出約 18 億美元的收購相關成本，並預計今年將額外支出 1.5 億美元的整合成本。

In the first quarter, we had cash outlays of approximately $800 million related to these expenses, bringing the total, including the amount paid in 2019, to $1.7 billion.

第一季度，我們與這些費用相關的現金支出約為 8 億美元，使總支出（包括 2019 年支付的金額）達到 17 億美元。

For the remainder of 2020, we expect to have acquisition-related cash costs of approximately $250 million.

在 2020 年剩餘時間內，我們預計與收購相關的現金成本約為 2.5 億美元。

Moving to Slide 10.

轉到投影片 10。

We have provided guidance for the second quarter of 2020 and expect to return to providing full year guidance and cash flow sensitivities once basin differentials and market conditions stabilize.

我們已經提供了 2020 年第二季度的指導，並預計一旦流域差異和市場狀況穩定，我們將恢復提供全年指導和現金流敏感性。

The production ranges we have provided for the second quarter are wider than the previous quarters as we are accounting for the uncertainty of potential shut-ins beyond our forecast.

我們為第二季提供的產量範圍比前幾季更寬，因為我們正在考慮超出我們預測的潛在停產的不確定性。

In the second quarter, we are forecasting shut-ins averaging 45,000 BOE per day, of which approximately 2/3 is voluntary due to individual well economics, with the remaining 1/3 due to OPEC+ restrictions.

我們預計第二季平均每天將關閉 45,000 桶油當量，其中約 2/3 是由於單井經濟效益而自願關閉，其餘 1/3 是由於 OPEC+ 的限制。

We expect shut-ins to peak in June around 75,000 BOE per day.

我們預計 6 月停產高峰將達到每天 75,000 桶油當量左右。

Our guidance does not account for potential involuntary shut-ins related to flow constraints.

我們的指南沒有考慮與流量限制相關的潛在非自願關閉。

All oil and gas guidance now includes Algeria as a continuing operation.

所有石油和天然氣指導現在都將阿爾及利亞納入持續經營業務。

I will now turn the call back over to Vicki.

我現在將把電話轉回給 Vicki。

Despite our activity reduction, all of our long term core differentiators remain intact.

儘管我們的活動減少，但我們所有的長期核心差異化因素仍然完好無損。

Our leadership as a low-cost operator, track record of operational excellence and a portfolio of world-class assets are competitive advantages that better position us for success when market conditions improve.

我們作為低成本營運商的領導地位、卓越營運的記錄以及世界一流的資產組合都是競爭優勢，使我們能夠在市場狀況改善時更好地取得成功。

These attributes, combined with our differentiated low carbon strategy, are expected to drive our success and sustainability into the future.

這些屬性與我們差異化的低碳策略相結合，預計將推動我們未來的成功和永續發展。

We're now open for questions.

我們現在歡迎提問。

(Operator Instructions) Our first question comes from Paul Cheng with Scotiabank.

（操作員說明）我們的第一個問題來自豐業銀行的 Paul Cheng。

Vicki, I know maybe it's too premature and then you guys are just focusing on putting out the fire.

維姬，我知道現在可能還為時過早，然後你們就集中精力撲滅大火。

But with COVID-19, if we're looking at some point that it will pass on post COVID-19, how this event have changed your operating and financial parameter on a going-forward basis?

但對於 COVID-19，如果我們考慮到它會在 COVID-19 後傳播的某個時間點，那麼該事件如何改變了您未來的營運和財務參數？

I'm sorry.

對不起。

What was the last part of your question, Paul?

保羅，你問題的最後一部分是什麼？

That in the post COVID-19, if we're looking at over the longer haul, that how that may have changed your financial and operating parameter?

在 COVID-19 之後，如果我們從長遠來看，這可能會如何改變您的財務和營運參數？

Like before that, I think, after the merger, you have been talking about potentially a 5% long-term growth rate that you guys may be targeting and that maybe a debt-to-EBITDA ratio in the 1.5x.

就像之前一樣，我認為，合併後，你們一直在談論你們可能的目標是 5% 的長期成長率，債務與 EBITDA 的比率可能達到 1.5 倍。

With the event that we just passed through or went through, how that may have changed on those parameters?

對於我們剛剛經歷或經歷的事件，這些參數可能發生了什麼樣的變化？

So certainly, for us, what the COVID-19 situation crisis has done for us is it's caused a bit of a near-term focus for us to do differently than what we had set out.

因此，當然，對我們來說，COVID-19 疫情危機給我們帶來的影響是，它引起了我們近期的關注點，要求我們採取與我們所設定的不同的做法。

As you know and as you mentioned, we had a 5% growth plan going forward.

如您所知，正如您所提到的，我們未來有 5% 的成長計劃。

But what our near-term priority is, is to protect our cash flow, so preserve cash and generate then growth in our cash.

但我們近期的首要任務是保護我們的現金流，從而保留現金並實現現金成長。

But the way we'll do it, we have plans for the near term.

但我們的做法是，我們有近期的計劃。

We have plans for cash flow neutrality, breakeven and eventually a low-growth plan.

我們有現金流中性、損益平衡以及最終低成長計畫的計畫。

But for the next few months and into maybe the end of this year and through the recovery, our focus is going to be on base production management.

但在接下來的幾個月甚至今年年底以及整個復甦過程中，我們的重點將放在基礎生產管理上。

So we have not abandoned our long-term future growth plans.

因此，我們並沒有放棄未來的長期成長計劃。

But for now, what we're going to do is keep the capital as we've just said for 2020 and focus on mitigating our base decline.

但目前，我們要做的就是像我們剛才所說的那樣保留 2020 年的資本，並專注於緩解我們的基數下降。

As you know, as we've often said, our base decline right now is about 25%.

如您所知，正如我們常說的，我們目前的基數下降約為 25%。

So our near-term focus will be on optimizing the performance of our existing wells and existing reservoirs to ensure that we're getting all we can out of those and focusing on for incremental barrels that help to mitigate the decline.

因此，我們近期的重點將是優化現有油井和現有油藏的性能，以確保我們能夠充分利用這些資源，並專注於有助於緩解產量下降的增量桶。

We'll focus on developing behind pay pipe in the existing reservoirs.

我們將重點開發現有水庫的付費管道後面。

So there's going to be a lot more focus on our base production in our current assets rather than drilling new growth wedges in this near-term.

因此，我們將更專注於我們現有資產的基礎生產，而不是在短期內挖掘新的成長楔子。

So we're really excited about the fact that with this vast base of assets that we have, everywhere we are, we have stacked pay.

因此，我們非常興奮的是，憑藉我們擁有的龐大資產基礎，無論我們身在何處，我們都擁有豐厚的薪酬。

So that stacked pay enables us to, in the wells where we don't see opportunities to optimize existing production, to develop other intervals and bring those intervals on at much lower cost than it would cost to drill and develop new wells.

因此，疊加的報酬使我們能夠在那些看不到優化現有生產機會的油井中開發其他層段，並以比鑽探和開發新井的成本低得多的成本來開發這些層段。

So the near-term focus is just that, is to mitigate our base production decline, that's optimizing performance from existing wells and using that infrastructure to help to lower our cost on a per unit basis.

因此，近期的重點是緩解我們的基礎產量下降，即優化現有油井的性能，並利用該基礎設施來幫助降低單位成本。

Doing that probably through the rest of this year and into the recovery, depending on how long that lasts will be our focus.

我們的重點可能是在今年剩餘時間和經濟復甦期間這樣做，這取決於這種情況持續多久。

Ultimately, I'm sorry, go ahead, Paul.

最後，我很抱歉，繼續吧，保羅。

Vicki, I'm sorry.

維琪，對不起。

I fully understand near-term what you're trying to do.

我完全理解你近期想要做什麼。

But I'm trying to understand that on the longer-term basis, has the event changed the way how you look at the business model and have you changed what is the criteria or parameter that you're going to use?

但我試圖了解，從長遠來看，該事件是否改變了您看待商業模式的方式以及您是否改變了您將使用的標準或參數？

Are you going to use it at a lower growth rate going forward from the 5% and that even a more stringent target for the debt-to-EBITDA or that a lower leverage ratio or that you think you're still business as usual?

您是否打算以 5% 的較低成長率使用它，甚至採用更嚴格的債務除息稅折舊攤銷前利潤 (EBITDA) 目標，或者較低的槓桿率，或者您認為您的業務仍如常？

I think that is really is more of my question.

我認為這確實是我的問題。

Yes.

是的。

Our highest priority will be to lower the debt.

我們的首要任務是降低債務。

So rather than generate or have a growth target, our target is more to take free cash flow to lower debt.

因此，我們的目標不是產生或設定成長目標，而是利用自由現金流來降低債務。

And we'll structure our capital programs around ensuring that we can do that.

我們將圍繞確保我們能夠做到這一點來建立我們的資本計劃。

We believe that with the assets that we have, we can get to a scenario where our sustainability price is such that we can generate free cash flow in a lower price environment.

我們相信，憑藉我們所擁有的資產，我們可以達到這樣一種情況：我們的永續發展價格使我們能夠在較低的價格環境中產生自由現金流。

That free cash flow would then be used to lower debt.

然後，自由現金流將用於降低債務。

So debt will be the highest priority in the near-term.

因此，債務將是近期的重中之重。

And when I say near-term, I'm talking over the next couple of years.

當我說近期時，我指的是未來幾年。

Our next question comes from Pavel Molchanov with Raymond James.

我們的下一個問題來自帕維爾·莫爾恰諾夫和雷蒙德·詹姆斯。

This is Muhammed on behalf of Pavel.

這是穆罕默德代表帕維爾。

So can you guys provide an update about the status of discussions with the State of Wyoming regarding the sale of surface acreage there?

那麼，你們能否提供與懷俄明州有關出售該地面積的討論最新進展？

Yes.

是的。

We are running a process to sell the land grant.

我們正在運行出售土地贈款的程式。

And that process, we kicked off this year, early this year.

這個過程是我們今年年初啟動的。

We've just completed Round one of the bidding process for the land grant.

我們剛完成了第一輪土地出讓招標程序。

And we were pleased that we had 13 bidders for the land grant.

我們很高興有 13 名投標者競標土地出讓金。

So now we'll take that to Round two of the bid process.

現在我們將把它帶到投標過程的第二輪。

And that's really about all I can disclose about that, but we're excited about what we've seen thus far.

這就是我能透露的全部內容，但我們對迄今為止所看到的感到興奮。

We would expect to be able to close on that asset in probably late Q3 or early Q4.

我們預計能夠在第三季末或第四季初完成該資產。

Okay.

好的。

Understood.

明白了。

And so you guys have talked in the past about some of your carbon capture projects or investments in carbon capture technologies.

你們過去談論過一些碳捕集計畫或對碳捕集技術的投資。

Given that the 2020 budget has been cut so much, can you guys talk about how carbon capture fits into that program?

鑑於 2020 年預算被削減這麼多，你們能談談碳捕獲如何融入該計劃嗎？

Are any of the projects being postponed?

是否有任何項目被推遲？

The way we're structuring our development of the carbon capture was such that we were not going to have to put out a lot of Oxy capital because what Oxy is providing to potential partners in our Low Carbon Ventures projects going forward is the opportunity for others to come in and be a part of it.

我們建構碳捕集開發的方式是這樣的，我們不需要投入大量的 Oxy 資本，因為 Oxy 為我們未來低碳風險投資項目的潛在合作夥伴提供的是其他人的機會進來並成為其中的一部分。

We bring the reservoirs for the CO2 sequestration.

我們帶來了用於二氧化碳封存的水庫。

We bring the land to build the facilities.

我們帶來土地來建設設施。

And we bring the expertise to take the CO2 from those facilities and sequester in our reservoirs.

我們利用專業知識從這些設施中提取二氧化碳並封存在我們的水庫中。

So what we bring to the table is our experience in our existing assets.

因此，我們帶來的是我們現有資產的經驗。

What others could, as partners to us, bring to the table are the funds that will help us build those facilities.

作為我們的合作夥伴，其他人可以提供資金來幫助我們建造這些設施。

I'd like to add to that and also say that in the pursuit of the cash generation, lower cost basis, that this not only drives the cash flow neutrality, but there's also the opportunity to reduce our overall cost through it.

我想補充一點，並說，在追求現金產生、降低成本的基礎上，這不僅可以推動現金流中性，而且還有機會透過它降低我們的整體成本。

So it's still very much part of our portfolio or our cornerstone to future development.

因此，它仍然是我們產品組合的重要組成部分，或是我們未來發展的基石。

Yes.

是的。

And the way we do that is that for our CO2 enhanced oil recovery operations, the two largest costs in that operation, in fact, 40% of the cost is associated with the cost of CO2 and the cost of the electricity that's required to inject that CO2.

我們這樣做的方式是，對於我們的二氧化碳強化石油採收作業來說，該作業中最大的兩個成本，事實上，40% 的成本與二氧化碳成本和注入二氧化碳所需的電力成本有關。

We're addressing both of those.

我們正在解決這兩個問題。

This Low Carbon Ventures is, it's a lot more about sequestration.

這個低碳企業更多的是關於封存。

It's just sequestration.

這只是隔離。

It's also about lowering our cost so that we can make our current CO2 business better, as Rob was saying.

正如羅布所說，這也是為了降低我們的成本，以便我們能夠更好地改善我們目前的二氧化碳業務。

But by making it better and less expensive, we can also expand that out into our shale play.

但透過讓它變得更好、更便宜，我們也可以將其擴展到我們的頁岩油領域。

So that gives us the option to grow that a lot more and over the expanse of all the shale play, not only in the Permian, but then taking that once we have that model built and working and applying it in Wyoming and Colorado as well.

因此，這使我們可以選擇在整個頁岩油區進行更多的開發，不僅是在二疊紀，而且一旦我們建立了該模型並在懷俄明州和科羅拉多州運行並應用它，就可以採用該模型。

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

我們的下一個問題來自美國銀行的 Douglas Leggate。

And Rob, welcome to a bit of a baptism of fire, I guess.

羅布，我想，歡迎來到火的洗禮。

I wonder if I could start, Rob, with you, your slides on the options for debt.

羅布，我想知道我是否可以從你關於債務選擇的幻燈片開始。

And I was just wondering if you could walk us through how realistic these options are.

我只是想知道您是否可以向我們介紹這些選項的現實程度。

What discussions have you had with banks on potentially exchanging refinancing?

您與銀行就潛在的再融資交換進行了哪些討論？

Is a convert a possibility?

皈依者有可能嗎？

And if you could clarify why it looks like you burned over $1 billion of cash in April?

您能否解釋一下為什麼您在 4 月似乎燒掉了超過 10 億美元的現金？

And I've got a follow-up, please.

我有一個後續行動，請。

Okay, Doug.

好吧，道格。

Let me hit the second question first.

我先來說第二個問題。

The primary reason of the cash was the payment of the dividend in April.

現金的主要原因是4月份股息的支付。

So that was the predominant use of cash in the month of April.

這就是四月現金的主要使用情況。

Normally, obviously, we don't provide an April cash on hand during the earnings call, but we thought it was important to put the most current information out in front.

通常情況下，顯然，我們不會在財報電話會議期間提供四月份的庫存現金，但我們認為將最新資訊放在前面很重要。

With regards to discussions we specifically had externally, I won't comment on those.

至於我們專門在外部進行的討論，我不會對此發表評論。

But we do believe we have adequate liquidity for the near future based on the cash flow from operations, the known asset divestitures and the cash savings with the associated operational expense reductions that we've talked about already today.

但我們確實相信，基於營運現金流、已知的資產剝離以及我們今天已經討論過的相關營運費用削減所節省的現金，我們在不久的將來擁有充足的流動性。

We're also well hedged for the balance of 2020, and we've taken that in combination with the steps to reduce our cash flow neutrality, which is going to help conserve the cash in a low price environment.

我們也對 2020 年剩餘時間進行了良好的對沖，並結合了降低現金流中性的措施，這將有助於在低價環境中保存現金。

We continue to look across the portfolio but recognize we may not be able to satisfy all those 2021 and '22 debt maturities without a significant market recovery.

我們繼續審視整個投資組合，但認識到，如果市場沒有顯著復甦，我們可能無法滿足所有 2021 年和 22 年的債務到期日。

But we do believe that at our disposal, certainly beyond what we currently have in place is, we do have the free cash flow, the asset divestiture proceeds, exchanging the debt and extending maturities and then refinancing in the capital markets.

但我們確實相信，我們確實擁有自由現金流、資產剝離收益、債務交換和延長期限，然後在資本市場上進行再融資，當然超出了我們目前所擁有的。

So I think we're taking those actions.

所以我認為我們正在採取這些行動。

I do think those are all opportunities for us to address those near-term maturities that are in front of us.

我確實認為這些都是我們解決擺在我們面前的近期到期問題的機會。

So to be clear, you think refinancing, the markets are open to you?

要先明確的是，您認為再融資、市場對您開放嗎？

Absolutely.

絕對地。

Okay.

好的。

My follow-up is on the underlying decline.

我的後續行動是關注潛在的下降。

Vicki, this one's probably for you.

維姬，這可能適合你。

You talked about 25%.

你說的是25%。

I assume that's unmitigated on the base business.

我認為這對於基礎業務來說是毫無緩解的。

But can you walk us through what that looks like as an exit rate, including what assumptions you have for asset sales?

但您能否向我們介紹退出率，包括您對資產出售的假設？

And obviously at the back of my mind is Ghana now that Algeria isn't going forward.

顯然，現在阿爾及利亞沒有前進，我的腦海中浮現的是加納。

So what does that exit rate look like?

那麼退出率是什麼樣的呢？

And if you could, what do you think the sustaining capital for that exit rate is if there's such a number going into 2021?

如果可以的話，如果 2021 年有這樣的數字，您認為維持該退出率的資本是多少？

I'll leave it there.

我會把它留在那裡。

Well, we've said our base decline is 25%.

嗯，我們說過我們的基數下降是 25%。

And the reason I'm hesitant to give you a number for what it's going to look like in Q4 is because of what we're doing now to refocus our teams.

我之所以猶豫是否要給出第四季的具體數字，是因為我們現在正在採取措施重新調整團隊的重點。

As I said in my script, we're going to take these incredibly talented people who have done a great job growing Permian Resources and we're going to supplement them into our base production management teams.

正如我在劇本中所說，我們將吸收這些非常有才華的人，他們在二疊紀資源的開發方面做得非常出色，我們將把他們補充到我們的基地生產管理團隊中。

And that's not to say we don't have also great people operating our base production management.

這並不是說我們沒有優秀的人才來管理我們的基地生產管理。

It's just that when you're in a high-growth mode, sometimes some of the base management doesn't get done as diligently as it should and can in an environment like this.

只是當你處於高成長模式時，有時有些基礎管理並沒有像在這樣的環境中應有的那樣勤勉地完成。

So we don't expect that our decline will stay at 25%.

所以我們預計降幅不會維持在 25%。

What we expect is that we're going to have teams that find ways to mitigate that decline by, again, by optimizing production from existing wells by virtue of changing artificial lift types, by reducing back pressure on the wells and/or by doing cleanups, just doing acid treatments on perforations and things like that.

我們期望的是，我們的團隊將找到緩解這種下降的方法，再次透過改變人工舉升類型來優化現有油井的產量，減少油井的背壓和/或進行清理，只是對穿孔之類的東西進行酸處理。

So there's optimization opportunities with the existing wells that are producing today.

因此，目前正在生產的現有油井存在優化機會。

The other thing that's there is, we've always had this inventory of zones above and below the existing producing intervals in our wells that have capability to produce.

另一件事是，我們一直擁有有能力生產的油井現有生產層段上方和下方區域的庫存。

It's just that those were not going to get us to the higher growth rates that we were executing over the last few years.

只是這些不會讓我們達到過去幾年所執行的更高成長率。

They're perfectly suited for mitigating a base decline but not for an intense growth program.

它們非常適合緩解基數下降，但不適用於密集的成長計劃。

So we expect that those will help to mitigate the decline, that 25%.

因此，我們預計這些將有助於緩解 25% 的下降。

So it's hard to tell you right now what a Q4 exit rate would be.

因此，現在很難告訴您第四季度的退出率是多少。

We haven't put together all of our plans.

我們還沒有把所有的計劃放在一起。

The teams are working them.

團隊正在努力解決這些問題。

But I am very confident that from Q3 to Q3, we're not going to have a 25% decline.

但我非常有信心，從第三季到第三季度，我們不會出現 25% 的下降。

We're going to have something much less than that.

我們將會得到比這少得多的東西。

Doug, and this is Jeff.

道格，這是傑夫。

I'll hit on your sustaining capital.

我會動用你的維持資本。

And like Vicki said, I think the important thing to remember, and you've covered us for a long time, if you go back before the unconventional boom when we really brought all that great inventory forward, we were a base management company.

就像維基說的那樣，我認為要記住的重要一點是，如果你回到非常規繁榮之前，當我們真正將所有大量庫存向前推進時，你已經報道了我們很長一段時間，我們是一家基礎管理公司。

You look at our EOR business and what we were doing in Oman and Colombia and Qatar, that is what we did.

你看看我們的 EOR 業務以及我們在阿曼、哥倫比亞和卡達所做的事情，這就是我們所做的。

So a lot of the parts of our business have been -- continue to stay focused on that.

因此，我們業務的許多部分都將繼續專注於此。

Now we'll bring that to the rest of the business even to a higher degree, and we have a whole new data set to do that.

現在，我們將把它帶到業務的其他部分，甚至更高的程度，我們有一個全新的資料集來做到這一點。

But on sustaining CapEx, I think what Vicki said, it's worth pointing out why we don't give a specific number.

但在維持資本支出方面，我認為 Vicki 所說的話值得指出為什麼我們不給出具體數字。

So let's talk about what we have disclosed.

那麼讓我們來談談我們所揭露的內容。

Previously we said, in 2021 at our previous plan, our sustaining capital would be $3.9 billion at $40 WTI.

先前我們曾說過，按照先前的計劃，到 2021 年，我們的維持資本將為 39 億美元（WTI 價格為 40 美元）。

And remember, that was growing into 2021.

請記住，這種情況一直持續到 2021 年。

So let's now talk about the building blocks and how we're doing against those.

現在讓我們來談談建置模組以及我們如何應對這些建置模組。

Vicki talked about the decline rate.

Vicki 談到了下降率。

We've mentioned that.

我們已經提到過這一點。

It's going to continue to get better.

它將繼續變得更好。

The other thing that helps that decline rate is we're not bringing on a bunch of unconventional barrels, high decline barrels this year.

有助於下降率的另一件事是，我們今年不會引進大量非常規桶、高下降桶。

So you'd expect that to be better than what we said before.

所以你會期望這比我們之前所說的更好。

Starting production level, it was going to be higher than what we previously or what we think now just because we're not growing into 2021 like we previously thought.

從生產水準開始，它將高於我們之前或我們現在的想法，因為我們不會像我們之前想像的那樣成長到 2021 年。

So that also gets factored in.

所以這也被考慮在內。

Capital intensity, as we've shown, best-in-class capital intensity on our growth areas, and we continue to get better.

正如我們所展示的，我們的成長領域的資本密集度是一流的，而且我們將繼續變得更好。

So when you look at the barrels we can add for every dollar spent, not only is it best-in-class, it also continues to get better.

因此，當您查看我們每花一美元可以增加的桶數時，您會發現它不僅是同類中最好的，而且還在變得更好。

So again, a helper on what the sustaining capital will be.

再說一次，它是維持資本的一個幫手。

Now what's going to work against that is obviously, as Rob said, spending $350 million a quarter in the last couple of quarters, that sustaining capital that we put out before was kind of on an ongoing basis to where you spent something similar the year before and you had an activity set.

現在，顯然，正如 Rob 所說，在過去幾個季度中每個季度花費 3.5 億美元，我們之前投入的維持資本是一種持續的基礎，就像你前一年花費的類似資金一樣。有一個活動集。

So when you start back up from the level we're at, we do expect to have some start-up capital, let's call it that.

因此，當你從我們現在的水平開始恢復時，我們確實希望擁有一些啟動資金，我們就這麼稱呼它吧。

It's things like just when I spend $1 today, I don't get production for a couple of months from that.

就像我今天花 1 美元一樣，接下來的幾個月我都沒有生產。

That will impact that period when you look at that first year of sustaining capital, the learning curve impacts, which always happen when you start back up on programs.

當你觀察維持資本的第一年時，這將影響學習曲線的影響，這在你開始備份專案時總是會發生。

But the great thing about that, if you look at the records Vicki talked about in the Midland Basin, that's an area we shut down and restarted.

但最棒的是，如果你看看維琪談到的米德蘭盆地的記錄，那是我們關閉並重新啟動的地區。

And within a few months, we're setting records from an execution standpoint across the business because they took learnings from other parts of the business and were able to immediately apply them.

在幾個月內，我們從整個企業的執行角度創造了記錄，因為他們從企業的其他部門中吸取了經驗教訓，並能夠立即應用它們。

So while we do expect in that first year you would see some of that start-up capital come through in that sustaining capital number, we don't think it will be huge, and then we'll quickly work through that.

因此，雖然我們確實預計在第一年你會看到一些啟動資金以維持資本的形式出現，但我們認為這不會很大，然後我們很快就會解決這個問題。

So again, as you think about that sustaining capital, you can take all those components in place and look at how the business is changing and what you would expect it to be, but we do continue to be able to believe we can drive that down.

因此，當你考慮維持資本時，你可以將所有這些組成部分落實到位，看看業務如何變化以及你期望它是什麼樣，但我們仍然相信我們可以降低這種情況。

I'll just use one more example.

我再舉一個例子。

Back in 2000 when Steve Chazen bought the Permian Basin Altura, the criticism of that was that he was buying harvest mode assets.

早在 2000 年，當 Steve Chazen 買下二疊紀盆地 Altura 時，人們就批評他買的是收穫模式資產。

And I can tell you, in Denver City now, all these years later, these decades later, we're still adding reserves to the Denver unit, still finding ways to increase the reserves and the production there.

我可以告訴你，現在在丹佛市，這麼多年過去了，幾十年過去了，我們仍在為丹佛單位增加儲量，仍在尋找增加那裡儲量和產量的方法。

That is our niche.

這就是我們的利基市場。

And we do it well.

我們做得很好。

And we just got to refocus on it.

我們只需重新關注它。

Our next question comes from Brian Singer with Goldman Sachs.

我們的下一個問題來自高盛的布萊恩辛格。

I wanted to first start with just a couple of clarification questions on a couple of points that you made.

我想先就您提出的幾點提出幾個澄清問題。

First, I think you said, Vicki, in your comments that you expect $2 billion of divestitures coming in the near-term.

首先，我想你在評論中說過，Vicki，你預計近期將進行 20 億美元的資產剝離。

Can you clarify whether that includes versus excludes Ghana and includes versus excludes the land grant?

您能否澄清這是否包括或不包括加納以及包括或不包括土地授予？

And then also, I think it was also mentioned that accessing capital markets was a possible solution on the financial side.

另外，我認為也有人提到，進入資本市場是金融方面的可能的解決方案。

Can you talk to whether that is or whether there is a consideration of equity common equity issuance?

您能否談談是否存在或是否有股權普通股發行的考量？

So I'll talk about the divestiture.

所以我要談剝離的事情。

The $2 billion does not include Ghana.

這20億美元不包括加納。

That's all I can say specifically on that.

這就是我能具體說的。

Rob?

搶？

Yes.

是的。

With regards to the issuance of common stock, it's not something that we're considering right now in light of the price of the stock.

關於普通股的發行，根據股票的價格，我們現在還沒有考慮。

Great.

偉大的。

And then my follow-up is more of a bigger picture.

然後我的後續行動更多的是更大的圖景。

You have a slide on the change in corporate governance on the back of today's presentation.

今天的簡報後面有一張關於公司治理變化的幻燈片。

And given some of the recent changes, both in the Board, parts of management, the dividend, can you broadly discuss in the conversations you've had with the Board any shifts in focus or priorities generally or specifically relating to the urgency and levels of delevering, M&A and the breadth versus concentration of assets within the company?

鑑於最近在董事會、部分管理層、股息方面的一些變化，您能否在與董事會的對話中廣泛討論重點或優先事項的任何變化，一般或具體與緊迫性和程度有關去槓桿、併購以及公司內部資產的廣度與集中度？

Well, I'll say one thing that from a personal perspective, I'm incredibly excited that Steve Chazen came back on to the Board and as Chairman of the Board because specifically we did need help with dealing with the debt situation in this environment.

好吧，我想說一件事，從個人角度來看，我對史蒂夫·查森（Steve Chazen）重返董事會並擔任董事會主席感到非常興奮，因為具體來說，我們確實需要幫助來處理這種環境下的債務情況。

And so from my perspective, what I see with the Board now is his ability to help lead us through what's a very, very challenging environment for every company in the world, but especially for us since we had these maturities coming up.

因此，從我的角度來看，我現在對董事會的看法是，他有能力幫助領導我們度過一個對世界上每家公司來說都非常非常具有挑戰性的環境，特別是對我們來說，因為我們的到期日即將到來。

I think the other experience that was brought on to the Board in Nick Graziano and Andrew Langham is also an ability and experience with debt exchanges and also with dealing with the debt situation.

我認為尼克·格拉齊亞諾（Nick Graziano）和安德魯·朗厄姆（Andrew Langham）為董事會帶來的其他經驗也是債務交換以及處理債務情況的能力和經驗。

The experiences of those three that we just brought on is going to help us through this environment and already helping us and creating value for us.

我們剛剛帶來的這三個人的經驗將幫助我們度過這個環境，並且已經幫助我們並為我們創造了價值。

So I think that we've strengthened our Board in the way that we definitely needed to do in this environment.

因此，我認為我們已經以在這種環境下確實需要做的方式加強了我們的董事會。

Our next question comes from Ryan Todd with Simmons.

我們的下一個問題來自瑞恩·托德和西蒙斯。

Great.

偉大的。

Maybe a couple of questions on the -- a question first, I guess, on the CapEx and OpEx cuts going forward, pretty impressive cost reductions in the near-term, in particular, the additional $600 million on the OpEx side.

也許有幾個問題——我想首先是一個問題，關於未來的資本支出和營運支出削減，近期成本削減相當可觀，特別是營運支出方面額外的 6 億美元。

Can you talk about how you view the sustainability of those cuts going forward, I guess, both on the CapEx and the operational side?

您能否談談您如何看待未來這些削減的可持續性，我想，無論是在資本支出還是營運方面？

Are those the kind of things that necessarily ramp back up as you start ramping back up activity levels or how much of those do you think you can kind of structurally capture?

當你開始增加活動量時，這些事情是否必然會增加，或者你認為你可以從結構上捕捉其中多少？

I think that certainly the full $600 million incremental in the OpEx is that full $600 million is not sustainable because one of the things that we did just to get us through this quarter because we expected Q2 to be the worst quarter, while some people are encouraged by prices where they are, we still have a concern about storage.

我認為，營運支出中6 億美元的增量肯定是不可持續的，因為我們所做的事情之一隻是為了讓我們度過本季度，因為我們預計第二季度將是最糟糕的季度，而有些人受到鼓勵從目前的價格來看，我們仍然擔心儲存問題。

So we expect the end of May, 1st of June to be particularly challenging for us.

因此，我們預計 5 月底和 6 月 1 日對我們來說尤其具有挑戰性。

So we wanted to make it through Q2 at the lowest possible cost structure.

因此，我們希望以盡可能最低的成本結構度過第二季。

So the $600 million in OpEx, probably about 60% to 65% of that is sustainable.

因此，6 億美元的營運支出中，大概有 60% 到 65% 是可持續的。

The part that's not is where we're going to need to bring back some of our well-service rigs because currently we're in a mode where since we need to reduce production anyway to help with the oversupply issue, as some of our wells fail right now, we're not putting those wells back online.

不是的部分是我們需要帶回一些服務良好的鑽機，因為目前我們處於一種模式，因為我們無論如何都需要減少產量以幫助解決供應過剩問題，因為我們的一些油井現在失敗了，我們不會讓這些井重新上線。

So as we get beyond this difficult period over the next month or 1.5 months and start into the recovery, that's when we'll start bringing some well-service rigs back at the point where we feel like it's necessary to start and we have the cash to be able to do that.

因此，當我們在下個月或 1.5 個月內度過這個困難時期並開始恢復時，我們將開始帶回一些服務良好的鑽機，我們認為有必要開始，並且我們有現金能夠做到這一點。

So that will increase our cost a little bit, but we drop those rigs significantly.

因此，這會稍微增加我們的成本，但我們會大幅減少這些設備。

There are some other minor things that we would do differently, but I believe that our teams may find as we're doing this other opportunities to offset some of the cost and the activity that we'll need to start back.

還有一些其他小事情我們會採取不同的做法，但我相信我們的團隊可能會在我們這樣做時找到其他機會來抵消一些成本和我們需要重新開始的活動。

And I'll just add to that, I mean, building on Vicki's point that.

我的意思是，我會在 Vicki 的觀點的基礎上補充這一點。

One of the unintended benefits of the slowdown is it allowed us to really step back and take a very deep look at the way we do things and how we pursue the business and give us time to really impart this passion for cost reduction, margin generation and make that equal our passion for the growth we've had in the past so that we can really internalize into our culture that this is the way we do business and hold on to that as things turn the other direction eventually on the recovery.

經濟放緩帶來的意想不到的好處之一是，它讓我們真正退後一步，深入審視我們做事的方式以及我們如何追求業務，並讓我們有時間真正傳遞對降低成本、創造利潤和提高利潤的熱情。

One of the challenges if it's such a short shock to the system, it's really difficult to move the culture of the business.

其中一個挑戰是，如果對系統的衝擊如此短暫，那麼就很難改變企業文化。

But the things that we've done and the inspiration within our people to really get passionate about cost reductions and margin generation, to hold on to that moving forward will pay dividends for the company.

但我們所做的事情以及我們員工真正熱衷於降低成本和創造利潤並堅持下去的靈感將為公司帶來紅利。

I think the quality -- I'm sorry, just to finish that.

我認為品質——對不起，只是為了完成這個。

I think it speaks to the quality of our employee base that they are motivated, that they found these things so quickly and that they're excited about the challenge that we have and ready to address it and achieve it.

我認為這說明了我們員工基礎的質量，他們充滿動力，他們如此迅速地發現了這些事情，他們對我們面臨的挑戰感到興奮，並準備好應對並實現它。

And your next question is?

你的下一個問題是？

Ryan, can I add one thing?

瑞安，我可以補充一件事嗎？

Because I think it's a pretty remarkable thing with what Rob and Vicki said.

因為我認為 Rob 和 Vicki 所說的非常了不起。

If you look at our SG&A, where we'll be on overhead, we'll be at a level lower than we were as Oxy stand-alone in 2018.

如果你看看我們的 SG&A，我們的管理費用，我們的水平將低於 2018 年 Oxy 獨立時的水平。

So the costs that have been driven out of the business by the teams is remarkable and we basically doubled the size of the company and we're back to the same overhead before we did that.

因此，團隊從業務中剔除的成本是顯著的，我們基本上將公司規模擴大了一倍，並且我們又回到了之前相同的管理費用。

That's impressive.

這很讓人佩服。

I appreciate all the clarity there.

我很欣賞那裡的所有清晰度。

Maybe a follow-up on the Permian.

也許是二疊紀的後續行動。

I mean, it gets lost in everything else that's going on right now, but well performance year-to-date in the Permian is again showing pretty significant year-on-year improvement.

我的意思是，它在目前正在發生的其他事情中迷失了，但二疊紀盆地今年迄今為止的良好表現再次顯示出相當顯著的同比改善。

Maybe any comments on talks about the drivers of this?

也許對有關此驅動因素的討論有何評論？

Is this high-grading from lower activity levels or is that something that's more sustainable as activity eventually re-ramps in the basin?

這是較低活動水準帶來的高等級，還是隨著流域活動最終重新加劇而變得更加永續？

Yes, definitely sustainable.

是的，絕對可持續。

It's basically a continuation of everything we are doing and applying those things on the new assets and combining the learnings from both.

這基本上是我們正在做的一切的延續，並將這些事情應用到新資產上，並將兩者的經驗教訓結合起來。

So taking some of the learnings from the legacy Anadarko acreage and applying that in New Mexico on things like regional sand or landing points and development philosophy on the APC acreage.

因此，我們要從阿納達科遺留土地中汲取一些經驗，並將其應用於新墨西哥州的區域沙地或著陸點以及 APC 土地的開發概念等方面。

I mean, we showed you that Silvertip slide.

我的意思是，我們向您展示了 Silvertip 幻燈片。

You can see the level of improvements that are being made.

您可以看到正在進行的改進程度。

I mean, that's probably the most disappointing thing for me in the whole thing that's going on is all of that momentum that the teams have built up and those improvements that we expect to be sustainable are now going to kind of be put on the back burner, but we strongly believe we'll get it back quickly.

我的意思是，這對我來說可能是整個事情中最令人失望的事情，即團隊已經建立的所有動力以及我們期望可持續的改進現在將被擱置一旁，但我們堅信我們會很快收回它。

The other thing I'll point out on the slide you're looking at, Ryan, is that now includes wells on the former APC acreage that has the new design that we've talked about, that Atlas design.

Ryan，我要在您正在看的幻燈片上指出的另一件事是，現在包括前 APC 土地上的油井，該油井採用了我們討論過的新設計，即 Atlas 設計。

Those are in there.

那些都在裡面。

And they're driving that performance improvement as well.

他們也在推動性能改進。

Again, I'll just build on that, too.

再說一次，我也將以此為基礎。

One of the investment thesis still remained.

其中一項投資論點仍然存在。

And if anything, coming out of this because we have such a vast portfolio, we can high-grade even further than we would have been able to as stand-alone Oxy.

如果有什麼不同的話，那就是因為我們擁有如此龐大的產品組合，我們可以比獨立的 Oxy 更進一步提高產品品質。

Our ability to come out with lower cost, lower capital intensity wells and choosing those is much greater than would have been without the original Oxy assets.

與沒有原始 Oxy 資產的情況相比，我們有能力開發成本更低、資本密集度更低的油井並選擇這些油井。

And I can't let this conversation end without also adding the DJ Basin.

如果不增加 DJ 盆，我就不能讓這次談話結束。

The performance there has that team, that drilling team has been incredible.

那個團隊、那個鑽井團隊的表現令人難以置信。

So we have to give a shout-out to them.

所以我們必須向他們大聲喊叫。

They continue to improve their performance.

他們不斷提升自己的表現。

Our next question comes from Paul Sankey with Mizuho.

我們的下一個問題來自瑞穗的保羅桑基。

In trying to forecast your volumes, can you give us a bit more detail on the base decline rates and talk about the various regions and the various mitigations so that we can try and get towards a number that is obviously less, as you imply, than the 25% decline, but exactly where we should come out on that?

在嘗試預測您的數量時，您能否向我們提供有關基本下降率的更多詳細信息，並討論各個地區和各種緩解措施，以便我們可以嘗試獲得一個明顯低於您所暗示的數字下降了25%，但我們到底該採取什麼措施呢？

My question essentially is, can you talk through the decline rates from the various components of your portfolio and how you're going to mitigate them?

我的問題本質上是，你能談談你的投資組合各個組成部分的下降率以及你將如何減輕它們嗎？

Well, I think that it's important to note what Jeff has said earlier, is that when you -- as you know, the highest decline for the shale play is right in the first year, first 1.5 years, two years.

嗯，我認為重要的是要注意 Jeff 之前所說的，即當你——如你所知，頁岩氣開採的最高跌幅正好出現在第一年、前 1.5 年、兩年。

So as we're slowing down, the decline of our shale production is going to start to mitigate itself just by virtue of the fact that we won't be drilling as many new wells, in fact, very few new wells.

因此，隨著我們放緩，頁岩油產量的下降將開始緩解，因為我們不會鑽那麼多新井，事實上，很少有新井。

So that decline is going to be less than it traditionally is.

因此，下降幅度將低於傳統水準。

The EOR business, we've said in the past, is normally a 4% to 5% decline, and that's when we're fully using our CO2.

我們過去曾說過，EOR 業務通常會下降 4% 到 5%，而那時我們正在充分利用二氧化碳。

We have shut some of our CO2 wells in.

我們已經關閉了一些二氧化碳井。

So that decline now could be actually a little bit mitigated, but it's going to be versus a slightly lower volume, not a lot of production to shut in there.

因此，現在的下降實際上可能會有所緩解，但這將是相對於產量略有下降，而不是大量生產來關閉的。

So the Middle East, the conventional reservoirs are lower decline.

所以中東常規油藏遞減率較低。

But overall, it's hard to go through and look at each of those as we're modifying what we do everywhere.

但總體而言，當我們正在修改我們在各地所做的事情時，很難逐一瀏覽和查看。

So it's really hard to give you a number that you could then roll up into a single number.

因此，很難給你一個數字，然後你可以將其匯總為一個數字。

Just know that we're working on the decline everywhere.

只要知道我們正在努力應對各地的衰退。

The shale decline will be less.

頁岩產量下降幅度將會較小。

EOR will be less with the production that's on.

隨著生產的進行，EOR 將會減少。

So lower than that, 5%, probably down to 4% with what's producing today.

所以低於這個數字，5%，按照今天的產量，可能會下降到 4%。

And I guess the other piece of that, too, is that unlike typical or historical quarters when we've been executing a development growth plan.

我想另一件事也與我們執行發展成長計畫時的典型或歷史季度不同。

We're building a significant backlog of existing wells that won't need to be redrilled or anything to bring that production back online.

我們正在大量積壓現有油井，無需重新鑽探或採取任何措施即可恢復生產。

It's really the activity set that Vicki mentioned around downhole maintenance, et cetera, that will bring barrels back online in a way different than we've seen in prior year quarters, which is really difficult to measure in light of not knowing where prices or the recovery trajectory right now.

這實際上是維姬提到的圍繞井下維護等的活動，這將以一種與我們在前一年季度看到的不同的方式使桶重新上線，鑑於不知道價格或價格，這真的很難衡量。

And then the second and final, this was an awkward quarter to calculate the cash flows because of the mix of oil price.

然後是第二個也是最後一個，由於油價的混合，這是一個計算現金流的尷尬季度。

Can you talk about what sort of cash flows we can expect from you at the current price environment?

您能談談在當前的價格環境下我們可以期望從您那裡得到什麼樣的現金流嗎？

And let's say, for example, the sensitivity, if we believe the strip, which is currently about $25 a barrel for next year -- actually, excuse me, $32 a barrel is the April next year strip.

舉個例子，如果我們相信明年的地帶，目前約為每桶 25 美元，那麼敏感性——實際上，對不起，明年 4 月的地帶是每桶 32 美元。

Could you give us a sense for how much cash flow would be generated in those two environments, current and future?

您能否讓我們了解一下在當前和未來這兩種環境下會產生多少現金流？

Paul, I can tell you, this is not going to help you at all.

保羅，我可以告訴你，這根本不會幫助你。

I was trying to think of a way to help you with your model here, but pretty much where we -- once we get past Q2, we'll be able to balance our cash inflows with our outflows.

我試著想出一個方法來幫助你建立你的模型，但是一旦我們度過了第二季度，我們將能夠平衡我們的現金流入和流出。

So we'll be neutral in Q3 and Q4, but I don't think we've given you our price assumptions either.

因此，我們將在第三季和第四季保持中立，但我認為我們也沒有向您提供我們的價格假設。

So I'm not sure that helps you at all.

所以我不確定這對你有幫助。

But the sensitivities, I would say that as our production declines a bit, the sensitivities have gone down a bit.

但是敏感性，我想說，隨著我們的產量下降一點，敏感度也下降了一點。

They're not at the $1 change in oil prices equal to 250.

他們不認為油價變動 1 美元就相當於 250 美元。

So they're not quite there yet.

所以他們還沒有完全做到這一點。

They've declined a little bit.

他們已經下降了一點點。

Again, what that ends up, that sensitivity ends up being depends on how much we can mitigate the decline as we go.

再說一次，最終的結果是什麼，敏感度最終取決於我們能夠在多大程度上緩解這種下降。

Our next question comes from Jeffrey Campbell with Tuohy Brothers Investment Research.

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

We've kind of beat on the debt drum quite a bit, so I thought I'd ask a couple of different questions.

我們已經敲響了相當多的債務鼓，所以我想我會問幾個不同的問題。

One is looking forward, is Oxy continuing to test technical solutions to reduce headcount and improve performance?

令人期待的是，Oxy是否會繼續測試技術解決方案以減少員工數量並提高績效？

And to give an example of what I'm thinking about, automated directional drilling seems to be gaining some increasing traction.

舉一個我正在考慮的例子，自動定向鑽井似乎越來越受到人們的關注。

Yes.

是的。

We're going to push the envelope on everything now, and that's part of the reason we've been able to reduce our SG&A significantly as our teams are leveraging technology and automation as much as we can.

我們現在將在所有事情上挑戰極限，這也是我們能夠大幅減少銷售管理費用的部分原因，因為我們的團隊正在盡可能地利用技術和自動化。

We probably have one of the most automated areas in our Permian EOR business.

我們可能擁有二疊紀 EOR 業務中自動化程度最高的區域之一。

With respect to the drilling, yes, we're pushing the envelope there, too, because you've seen the improvements in how we're drilling our wells.

就鑽井而言，是的，我們也在挑戰極限，因為您已經看到了我們鑽井方式的改進。

So as much automation as we can install, we are.

因此，我們能夠安裝盡可能多的自動化設備。

And part of that automation has gotten us beyond where in the drilling area where we need the typical tool pusher on the drilling rig or the driller to manage the process, we actually build models by which the computer can basically do the drilling of the well.

這種自動化的一部分使我們超越了在鑽井領域需要鑽機或司鑽上典型的工具推動器或司鑽來管理流程的範圍，我們實際上建立了模型，電腦基本上可以透過這些模型來進行鑽井。

But it takes an engineer to help to build those models.

但需要工程師來幫忙建立這些模型。

But once they're automated, then it's a process of just then tweaking to get better.

但一旦它們實現自動化，那就是一個不斷調整以變得更好的過程。

That's on the drilling side.

那是在鑽井方面。

On the field operations side, our CO2 operations are very highly automated.

在現場操作方面，我們的二氧化碳操作高度自動化。

We can actually manage those from a central control room.

我們實際上可以從中央控制室管理這些。

So we're managing that.

所以我們正在處理這個問題。

As we've improved and started to better rely on our artificial intelligence with respect to well productivity and those sorts of things and what wells should be doing versus what they are, that's part of what I was talking about when I said we're modifying our production processes.

隨著我們已經改進並開始更好地依賴我們的人工智慧來提高油井生產率和諸如此類的事情以及油井應該做什麼與它們是什麼，這就是我說我們正在修改時所談論的內容的一部分我們的生產流程。

We'll depend more on letting those tools help us manage which wells really need any kind of physical or visual on-site versus being able to completely manage from a control room.

我們將更依賴讓這些工具幫助我們管理哪些井真正需要任何類型的現場物理或視覺，而不是能夠從控制室完全管理。

So there's a lot of automation that we've installed that's going to help us move toward a lower, much lower SG&A environment.

因此，我們安裝了許多自動化設備，這將幫助我們邁向更低、更低的 SG&A 環境。

Yes.

是的。

And the thing I'll add on that too is also, we're doing a vast look at our portfolio, too.

我還要補充的是，我們也在對我們的產品組合進行廣泛的檢視。

When you have a portfolio as large as Oxy's, you can't apply the same sort of techniques and approaches to every bit of the portfolio.

當您擁有像 Oxy 這樣大的投資組合時，您無法對投資組合的每個部分應用相同的技術和方法。

And so this is allowing us time and again to reprioritize and bucket our portfolio in areas where, in some cases, we may be very quick to bring a well back to production or in other cases, we may leave wells down for an extended period of time or not use the same type of approach to actually how we're going to maintain the well or how we're going to automate the well.

因此，這使我們能夠一次又一次地重新調整我們的投資組合的優先順序，並在某些領域進行分類，在某些情況下，我們可能會很快使油井恢復生產，或者在其他情況下，我們可能會將油井長時間停產。

And this sort of not a one-size-fits-all approach is also bringing a lot of savings.

這種並非一刀切的方法也帶來了大量的節省。

And not only that, but also the number of people required to continue to operate the fields we operate in.

不僅如此，還包括繼續經營我們經營的領域所需的人員數量。

I appreciate the detailed color.

我很欣賞詳細的顏色。

And just to quickly get back to something that you mentioned in the prepared remarks regarding Algeria.

我想快速回到您在準備好的有關阿爾及利亞的評論中提到的事情。

I just want to make sure I understand this.

我只是想確保我理解這一點。

Is it your intention to operate there now until price recovery or have you decided that it is a core asset going forward, notwithstanding receiving an offer to buy that can't be refused?

您是否打算現在就在那裡運營直至價格回升，還是您已決定將其作為未來的核心資產，儘管收到了無法拒絕的收購要約？

It's a core asset going forward.

這是未來的核心資產。

And if we got an incoming offer for Algeria that was something that we couldn't refuse, we would certainly need to coordinate that with Sonatrach and with the Ministry of Oil because we do have partners.

如果我們收到了阿爾及利亞的報價，這是我們無法拒絕的，我們肯定需要與國家石油公司和石油部協調，因為我們確實有合作夥伴。

And that's the way it is working internationally.

這就是它在國際上運作的方式。

Sometimes the decisions need to be coordinated and we need to be committed there.

有時需要協調決策，我們需要對此做出承諾。

We're committed to be there and to do our best to increase value and enhance the operations, and we believe we have the opportunity to do that.

我們致力於在那裡並盡最大努力增加價值並加強運營，我們相信我們有機會做到這一點。

It's a great asset.

這是一筆巨大的財富。

It's one of the best assets that's in that region.

它是該地區最好的資產之一。

So we're excited about it, and we're going to stay.

所以我們對此感到興奮，並且會留下來。

Again, if someone came in and made an offer that we couldn't refuse, I'm sure the ministry would be interested in that as well.

再說一次，如果有人進來提出我們無法拒絕的提議，我相信該部也會對此感興趣。

Our next question comes from Leo Mariani with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Leo Mariani。

Just wanted to ask a couple of housekeeping items on some of the guidance here into the second quarter.

只是想詢問一些有關第二季度指導的一些內務事項。

You guys talked about 45,000 BOE per day of shut-ins.

你們談到每天停產 45,000 桶油當量。

I was hoping to get a little bit more detail around kind of what regions that's kind of split up to.

我希望能更詳細地了解這些區域的劃分情況。

And also on your Midstream guidance, I think you guys are saying negative $310 million and minus $350 million, I guess, pretax income.

另外，關於你們的中游指導，我想你們說的是負 3.1 億美元和負 3.5 億美元，我猜是稅前收入。

Significant change versus first quarter.

與第一季相比發生重大變化。

I was just hoping you could kind of elaborate on some of the reasons and the big change on the Midstream.

我只是希望你能詳細說明一些原因以及中游的巨大變化。

Leo, this is Jeff.

利奧，這是傑夫。

I'll start with those and then Vicki and Rob can jump in.

我將從這些開始，然後 Vicki 和 Rob 可以加入。

So as you mentioned, for second quarter, we're estimating 45,000 barrels of shut-in production.

正如您所提到的，我們預計第二季的停產產量為 45,000 桶。

1/3 of that, as Rob said, is OPEC+ related.

正如羅布所說，其中 1/3 與 OPEC+ 有關。

So you can realistically assume that's from Oman and Algeria.

所以你可以現實地假設那是來自阿曼和阿爾及利亞。

The remainder is domestic and that's economically driven.

其餘的是國內的，並且是經濟驅動的。

And the best way to think about that, half of that, the domestic part is from the Permian, which is the EOR and Resources.

最好的思考方式是，其中一半來自二疊紀，即 EOR 和資源。

And then the other half is in the Rockies.

另一半在洛磯山脈。

And just to give you a little color, so that 45,000 barrels, about 3% production compared to our guide.

只是給大家一點顏色，45,000 桶，與我們的指南相比，產量大約是 3%。

The number of wells we're shutting in is about 9% of our well count with that.

我們關閉的油井數量約佔油井數量的 9%。

So as you would expect, you've got a proportionate -- a lot more wells being shut in because you're on the low end of that economic curve, and you do production being shut in.

因此，正如您所期望的，您已經有相當多的油井被關閉，因為您處於經濟曲線的低端，並且您的生產已關閉。

That first 1% of production we shut in is about 5% of our wells.

我們關閉的前 1% 產量約佔油井產量的 5%。

So that just gives you some perspective and color.

所以這只是給你一些視角和色彩。

And when people talk about shutting in wells, they use all kinds of descriptors, whether they're temporarily abandoned with a bridge plug or just turning off the artificial lift or things like that.

當人們談論關閉油井時，他們會使用各種描述詞，無論是用橋塞暫時廢棄還是只是關閉人工舉升或類似的東西。

And we're definitely doing this in a way that ensures we protect the reservoir and the well integrity and also that we can start back up at the lowest possible cost.

我們這樣做的方式肯定會確保保護油藏和井的完整性，並且我們可以以盡可能低的成本啟動備份。

So your question about Midstream, we can go through this offline in a lot more detail because, as you know, that business has a lot of moving pieces.

所以你關於中游的問題，我們可以在線下更詳細地討論這個問題，因為正如你所知，該業務有很多變化的部分。

But the primary difference in the Q2 earnings estimate versus what we saw in Q1 is almost entirely timing-driven.

但第二季獲利預測與第一季的主要差異幾乎完全是時間驅動的。

We recognized a large mark-to-market gain related to our hedge position.

我們認識到與我們的對沖頭寸相關的按市值計算的巨大收益。

And as prices fell at the end of Q1, that impacts Q2.

隨著第一季末價格下跌，這會影響第二季。

So in Q2, the same low prices are impacting the revenue we'll realize on our physical barrels when they're delivered.

因此，在第二季度，同樣的低價正在影響我們在交付實體桶時所實現的收入。

We can talk through that more offline, but that's the primary driver of that change.

我們可以在線下討論這個問題，但這是這項變化的主要驅動力。

Okay.

好的。

No, that's helpful for sure.

不，這肯定有幫助。

And I guess just second question here in terms of philosophy.

我想這只是哲學的第二個問題。

I was just trying to make sure I'm sort of reading it correctly in terms of what Oxy's plan is for the next couple of years.

我只是想確保我正確地理解了 Oxy 未來幾年的計劃。

It sounded to me as though, just given the pending '21 and '22 maturities, that the company is going to continue to focus on just mitigating declines until there is much better line of sight for taking care of a lot of those maturities or for actually taking care of them with refis or exchanges or whatever.

在我看來，鑑於「21」和「22」的到期日尚未確定，該公司將繼續專注於減輕下滑，直到有更好的視野來處理許多這些到期日或實際上透過重新修改或交換或其他方式來照顧它們。

Just wanted to make sure I'm sort of understanding that correctly, if that's the message you guys are trying to deliver today.

只是想確保我是否正確理解了這一點，如果這就是你們今天想要傳達的訊息。

It depends on the price environment, but primarily this year, it will be a decline mitigation.

這取決於價格環境，但今年主要是下降幅度有所緩解。

Going into 2021.

進入2021年。

It depends on how strong the recovery is and what prices we see in 2021.

這取決於復甦的力度以及我們在 2021 年看到的價格。

There's the potential that we could add a few more rigs back.

我們有可能再增加一些鑽孔機。

But it would still be a scenario where we need to generate some free cash flow as well.

但這仍然是我們需要產生一些自由現金流的情況。

So we would balance what were the activity level with achieving some free cash flow generation after capital.

因此，我們將平衡活動水準與資本後實現一些自由現金流的產生。

Our next question comes from Josh Silverstein with Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的喬許‧西爾弗斯坦。

As part of the debt paydown strategy, and I'm sorry if you touched on this before, but would you consider equity as part of this as well?

作為債務償還策略的一部分，如果您之前提到過這一點，我很抱歉，但您是否也會考慮將股本視為其中的一部分？

It looks like at least the base plan right now is to pay the preferred with $200 million in shares each quarter.

看起來至少現在的基本計劃是每季向優先股支付 2 億美元的股票。

So why not just do a larger equity deal to help de-risk the balance sheet right now?

那麼，為什麼不立即進行更大規模的股權交易來幫助降低資產負債表風險呢？

No.

不。

We did touch on that a little earlier.

我們之前確實談到過這一點。

And the share prices, we don't have an intention on issuing any additional equity to pay down debt.

就股價而言，我們無意發行任何額外股本來償還債務。

Got it.

知道了。

Okay.

好的。

Sorry about that.

對於那個很抱歉。

And then you mentioned the $5 billion credit facility that you have available right now.

然後您提到您現在擁有 50 億美元的信貸額度。

How much of that can you use to pay down debt right now?

現在您可以用其中的多少來償還債務？

And then secondly, you had an asset sale target before that was used to pay down debt.

其次，在用於償還債務之前，您有一個資產出售目標。

You guys now have an absolute debt reduction target of where you wanted to get to?

你們現在有一個想要達到的絕對債務削減目標嗎？

So we can draw on the credit facility at any point in time.

因此我們可以隨時利用信用額度。

We're not drawing on it because we don't feel like there's any risk of drawing on it at any point in time that we need it.

我們不會利用它，因為我們覺得在我們需要它的任何時間點上利用它都不存在任何風險。

In terms of a debt structure, a total debt number to get to, the goal is ultimately over time to get back to an investment-grade type rating.

就債務結構（要達到的債務總額）而言，目標最終是隨著時間的推移恢復到投資等級類型的評級。

That's what our current path is.

這就是我們目前的道路。

Our next question comes from Jeanine Wai with Barclays.

我們的下一個問題來自巴克萊銀行的 Jeanine Wai。

I just wanted to follow up quickly on Josh's question right now.

我現在只想快速跟進喬希的問題。

In terms of debt management and the revolver, right now, I believe it's unsecured, and I don't think there's a trigger on it just because you're going from IG to high-yield status.

就債務管理和左輪手槍而言，目前，我認為它是無擔保的，而且我認為不會僅僅因為你從 IG 狀態轉向高收益狀態就觸發它。

But do I have that correct?

但我說的對嗎？

And do you anticipate that sometime down the road that you might need to move to an RBL facility that might have a leverage covenant as opposed to a current debt-to-cap covenant?

您是否預計，在未來的某個時候，您可能需要轉移到可能具有槓桿契約而不是當前債務上限契約的 RBL 設施？

Jeanine, you do have that correct on the current RCF facility, and we don't see a need to go an RBL type facility.

Jeanine，您對目前 RCF 設施的看法確實正確，我們認為沒有必要採用 RBL 類型設施。

Our next question comes from Richard Tullis with Capital One Securities.

我們的下一個問題來自第一資本證券公司的理查德·圖利斯。

Going back to the Midstream quickly.

很快就回到了中流。

I know you guided pretax losses the first half of the year, partly driven by the timing issues that Jeff just discussed.

我知道你在今年上半年指導了稅前虧損，部分原因是傑夫剛才討論的時機問題。

What do you see as a more normalized yearly pretax income run rate for that business going forward?

您認為該業務未來更正常化的年度稅前收入運作率是多少？

Richard, this is Jeff.

理查德，這是傑夫。

I'd put that in the category of, we didn't guide full year.

我把它歸類為我們沒有指導全年的類別。

So I mean that, there's just so much volatility in all of those markets that we didn't feel comfortable providing guidance beyond the quarter until we see more clarity on how things play out from a recovery differential standpoint and all of that.

所以我的意思是，所有這些市場的波動性如此之大，以至於我們不願意在本季度之後提供指導，直到我們從復甦差異的角度更清楚地看到事情的發展以及所有這些。

So we'll defer that.

所以我們會推遲。

I would tell you, I mean, you understand the building blocks of the business or assets that go into that in the Middle East and Cogen and some of the other things, those are still there and still good assets.

我想告訴你，我的意思是，你了解中東和科根以及其他一些事物的業務或資產的組成部分，這些仍然存在並且仍然是良好的資產。

So they're there.

所以他們就在那裡。

It's just the volatility around all the other aspects on the marketing side.

這只是行銷方面所有其他方面的波動。

Sure.

當然。

Fair enough.

很公平。

And as a follow-up, if Total does not move forward with the Ghana acquisition, do you see almost immediately putting the asset right back on the marketing sale block or maybe you're doing that now?

作為後續行動，如果道達爾不繼續進行加納收購，您是否會立即將資產重新放回行銷銷售區域，或者您現在就這樣做？

And then secondly, are there other assets that maybe you weren't looking at divesting at the time of the Anadarko acquisition announcement that maybe you look at now in a better commodity environment just given the difficulties closing the Algeria deal, et cetera?

其次，考慮到完成阿爾及利亞交易的困難等等，在宣布阿納達科收購時，您是否可能沒有考慮剝離其他資產，而您現在可能會在更好的大宗商品環境中考慮剝離這些資產？

I would say yes to that.

我對此表示同意。

Ghana is an asset that we still consider to be up for sale.

加納是我們仍然認為可以出售的資產。

Whether Total buys it or not, it would still be up for sale.

無論道達爾是否購買它，它仍然會被出售。

And there has been some interest in it.

人們對此產生了一些興趣。

So that's something that we would still pursue divesting.

因此，我們仍然會尋求剝離這一項目。

I think I said earlier, but let me reiterate that.

我想我之前已經說過了，但讓我重申一下。

At the early beginning of the year, when we looked at Algeria and Ghana as divestiture targets, we wanted to have an alternative.

今年年初，當我們將阿爾及利亞和加納視為剝離目標時，我們希望有一個替代方案。

And the alternative that we came up with would deliver similar proceeds with a similar reduction in cash flow.

我們提出的替代方案將帶來類似的收益，但現金流也會有類似的減少。

So we started marketing in early this year an alternative to the sale of Algeria and Ghana.

因此，我們在今年年初開始行銷阿爾及利亞和加納的替代銷售。

We started that process.

我們開始了這個過程。

And as we got into the process, all the travel restrictions were applied.

當我們進入這個過程時，所有的旅行限制都被應用了。

And this is one of those things where we need people to come in and we need to do management presentations.

這是我們需要人們參與並進行管理演示的事情之一。

We need to dive into details with the technical team that's assessing the value of that asset.

我們需要與評估該資產價值的技術團隊深入了解細節。

So it's one that requires a little more interaction.

因此，這需要更多的互動。

So we have put that on hold right now as we wait for travel restrictions to be lifted and for the environment to get better.

因此，我們現在暫時擱置了這項計劃，等待旅行限制的取消和環境的改善。

But we do have other assets to sell.

但我們確實還有其他資產要出售。

The alternative that I'm talking about is just one.

我所說的替代方案只是其中之一。

There are other things that we can do with some of the acreage in the Permian and potentially even in the DJ with respect to, even if it's not outright sales, it's JVs where we could generate some cash upfront and then a potential carry.

我們還可以利用二疊紀盆地甚至 DJ 地區的一些土地做其他事情，即使不是直接銷售，我們也可以透過合資企業提前產生一些現金，然後產生潛在的套利。

There are lots of other options, but what we don't want to do is do it in this environment.

還有很多其他選擇，但我們不想在這種環境下這樣做。

It really depends on when the recovery occurs, how strong it is as to the timing of those.

這實際上取決於復甦何時發生以及復甦的時機有多強。

And that's why we're not going to put ourselves in a situation where we get closer to debt maturities and then where we found we can't execute the divestitures before the maturities occur.

這就是為什麼我們不會讓自己陷入這樣的境地：我們越來越接近債務到期日，然後我們發現我們無法在到期前執行資產剝離。

We've still got asset sales that we can do and we'll do as they make sense to do, but we're going to make sure that we can get maximum value for those.

我們仍然可以進行資產出售，我們會做有意義的事情，但我們將確保我們能夠獲得這些資產的最大價值。

In the interest of time, this concludes our question-and-answer session as well as today's conference.

由於時間關係，我們的問答環節和今天的會議到此結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。