西方石油 (OXY) 2008 Q1 法說會逐字稿

Good morning. My name is Sandra. I will be your conference operator today. At this time, I would like to welcome everyone to the Occidental Petroleum first quarter 2008 earnings conference call. All lines have been placed on mute to prevent background noise. After the speakers' remarks there will be a question-and-answer period. (OPERATOR INSTRUCTIONS). Thank you.

早安.我的名字是桑德拉。今天我將擔任你們的會議操作員。現在，我歡迎大家參加西方石油公司2008年第一季財報電話會議。所有線路均已靜音，以防止背景噪音。演講者發言後將進入問答環節。 （操作員說明）。謝謝。

It is now my pleasure to turn the floor over to your host, Christopher Stavros. Sir, you may begin your conference.

現在我很高興將發言權交給主持人克里斯多福·斯塔夫羅斯。先生，您可以開始會議了。

Thank you Sandra. Good morning, everyone. Like to welcome you to Occidental's first quarter 2008 earnings conference call. Joining us on the call from Los Angeles this morning are Dr. Ray Irani, Oxy's Chairman and CEO, and Steve Chazen, our President and CFO. In a moment I'll turn over the call to Steve, who will review the details of our first quarter results to be followed by a question-and-answer session. Our earnings press release, investor relations supplemental schedules and the conference call presentation slides which refer to Steve's remarks can be downloaded off of our website, www.oxy.com. I will now pass the call over to Steve. Steve, please go ahead.

謝謝桑德拉。大家，早安。歡迎您參加西方石油公司 2008 年第一季財報電話會議。今天早上從洛杉磯參加我們電話會議的有 Oxy 董事長兼執行長 Ray Israel 博士以及我們的總裁兼財務長 Steve Chazen。稍後我會將電話轉給史蒂夫，他將審查我們第一季業績的詳細信息，然後進行問答環節。我們的收益新聞稿、投資者關係補充時間表和參考史蒂夫言論的電話會議演示幻燈片可以從我們的網站 www.oxy.com 下載。我現在將把電話轉給史蒂夫。史蒂夫，請繼續。

Thank you, Chris. Net income for the quarter was a record $1.846 billion, or $2.23 per diluted share, compared to $1.212 billion, or $1.43 per diluted share in the first quarter last year. Core results at the first quarter 2008 were $1.819 billion, or $2.20 per diluted share compared to $788 million or $0.93 per diluted share for the same period last year.

謝謝你，克里斯。本季淨利潤達到創紀錄的 18.46 億美元，即稀釋後每股收益 2.23 美元，而去年第一季淨利潤為 12.12 億美元，即稀釋後每股收益 1.43 美元。 2008 年第一季的核心表現為 18.19 億美元，即稀釋後每股 2.20 美元，而去年同期為 7.88 億美元，即稀釋後每股 0.93 美元。

Here's the breakdown for the first quarter. Oil and gas first quarter 2008 segment earnings were $2.888 billion compared to $1.883 billion for the first quarter 2007. Oil and gas core results for the first quarter of 2007, $1.362 billion after excluding a $412 million gain from the sale of our Russian joint venture and a $109 million gain for the resolution of certain legal disputes. The following accounted for the increase in oil and gas earnings between these quarters. Higher worldwide oil and gas price realizations resulted in an increase of $1.6 billion of earnings over the comparable period last year. Oxy's average realized crude oil price in the 2008 first quarter was $86.75 per barrel, an increase of $35.08 over the comparable period in 2007. Oxy's domestic average realized gas price for the quarter was $8.15 per mcf compared with $6.38 per mcf for the first quarter of 2007.

這是第一季的細分。 2008 年第一季為石油和天然氣業務盈利為 28.88 億美元，而2007 年第一季為18.83 億美元。2007 年第一季石油和天然氣業務核心業績為13.62 億美元，扣除出售我們的俄羅斯合資企業帶來的4.12 億美元收益後，用於解決某些法律糾紛的 1.09 億美元收益。以下因素解釋了這些季度之間石油和天然氣收入的成長。全球石油和天然氣價格上漲導致收入比去年同期增加 16 億美元。 Oxy 2008 年第一季的平均實現原油價格為每桶86.75 美元，比2007 年同期增長了35.08 美元。該季度Oxy 的國內平均實現天然氣價格為每千立方英尺8.15 美元，而2008 年第一季度的國內平均實現天然氣價格為每千立方英尺6.38 美元。2007 年。

Worldwide oil and gas production for the first quarter of 2008 averaged 607,000 barrels of oil equivalent per day, an increase of 8.4%, compared with the 560,000 BOE of production in the first quarter last year. The bulk of the production improvement was the result of 55,000 BOE a day from the dolphin project, which began production in the third quarter last year, partially offset by lower volumes from our production sharing contracts due to higher prices. Our guidance for the first quarter production was in the range of 600 to 615,000 BOE a day, based on $90 oil, and our results were in the middle of the range. Dolphin contributed $102 million to after-tax income during the first quarter, which was ahead of our guidance. The sales volumes were 55,000 BOE a day, slightly ahead of our guidance at 53,000 a day. Dolphin reached full operations in February, and is currently producing approximately 2 bcf a day of natural gas and 200,000 barrels a day of liquids. Exploration expense was $74 million in the quarter, which was in line with our guidance of 70 to $90 million.

2008年第一季全球石油和天然氣產量平均為每天607,000桶油當量，比去年第一季的560,000桶油當量增加8.4%。產量提高的主要原因是海豚計畫每天產量 55,000 桶油當量，該計畫於去年第三季開始生產，但部分被價格上漲導致的生產共享合約產量下降所抵消。我們對第一季產量的指導是每天 600 至 615,000 桶油當量（基於 90 美元的油價），我們的結果處於該範圍的中間。 Dolphin 第一季稅後收入為 1.02 億美元，超出了我們的預期。銷售量為每天 55,000 桶油當量，略高於我們每天 53,000 桶油當量的指引。 Dolphin 於 2 月全面投入運營，目前每天生產約 2 bcf 的天然氣和 20 萬桶液體。本季勘探費用為 7,400 萬美元，符合我們 7,000 至 9,000 萬美元的指引。

The first quarter 2008 production costs per barrel are approximately $0.39 less than the fourth quarter of last year. Oil and gas production costs of the first three months of 2008 were $12.94 a barrel compared to last year's cost of $12.36 for the whole year. These numbers were adjusted to remove the midstream costs. The increases year-over-year reflect higher production at [Alorem Paxis] and somewhat higher field operating costs. Chemical segment earnings for the first quarter of 2008 were $179 million, which was higher than our guidance of 100 to $125 million. Chemicals earned $137 million in last year's first quarter. The improvement in earnings was due to higher prices and margin of caustic soda along with higher PVC and VCM margins exported to non-U.S. dollar denominated economies.

2008 年第一季每桶生產成本比去年第四季低約 0.39 美元。 2008 年前三個月的石油和天然氣生產成本為每桶 12.94 美元，而去年全年的成本為每桶 12.36 美元。這些數字經過調整以消除中游成本。同比增長反映了 [Alorem Paxis] 產量的增加以及現場營運成本的提高。 2008 年第一季化學部門的獲利為 1.79 億美元，高於我們 1 億至 1.25 億美元的指導值。去年第一季度，化學品業務收入為 1.37 億美元。獲利的改善是由於燒鹼價格和利潤的上漲，以及出口到非美元計價經濟體的 PVC 和 VCM 利潤的增加。

We have reclassified our midstream assets out of the oil and gas segment. Our midstream assets are comprised of the following businesses. Marketing. Occidental's marketing group markets our equity production and manages third-party transactions. The primary driver of these earnings are marketing and trading margins in oil and gas, transportation and storage programs. This element is probably the largest portion of the total. Gas processing plants, our domestic wet gas production and third-party production is processed through 13 Permian and two other gas plants to extract NGLs to deliver dry gas to the pipelines. Primary drivers for margins and cash flow are a difference between inlet costs of natural gas and market prices for NGLs and inlet volumes processed.

我們已將中游資產從石油和天然氣領域重新分類。我們的中游資產由以下業務組成。行銷.西方石油公司的行銷團隊負責行銷我們的股權生產並管理第三方交易。這些收入的主要驅動力是石油和天然氣、運輸和儲存項目的營銷和交易利潤。該元素可能是總數中最大的部分。天然氣加工廠、我們的國內濕氣生產和第三方生產透過 13 個二疊紀和另外兩個天然氣工廠進行加工，提取 NGL，將乾氣輸送到管道。利潤和現金流的主要驅動因素是天然氣進口成本與液化天然氣市場價格和加工進口量之間的差異。

Pipelines. In the Permian Basin we own an oil gathering common carrier pipeline company, with approximately 2,750 miles of pipeline and storage systems, with five million barrels of active storage. The main margin and cash flow drivers are volume shift. We also own a 24.5% equity interest in Dolphin pipeline project, which carries gas to the United Arab Emirates.

管道。在二疊紀盆地，我們擁有一家集油公共運輸管道公司，擁有約 2,750 英里的管道和儲存系統，擁有 500 萬桶活躍儲存量。主要的利潤率和現金流驅動因素是銷量變動。我們也擁有Dolphin管線計畫24.5%的股權，該計畫向阿拉伯聯合大公國輸送天然氣。

Power generation. Oxy owns two cogeneration plants, one in Texas, one in Louisiana. An equity investment in the gas-fired power plant at our Elk Hills site. The three plants have a combined electricity capacity to produce 1,760 megawatts per hour. The final element is CO2 source fields and facilities. In the Permian Basin we processed and transferred CO2 for the use of the company's enhanced oil recovery program and the earnings represent the small volume sold to third parties. The net book value of the midstream properties was approximately $1.8 billion at the end of last year as we disclosed earlier we earned $123 million the first quarter 2008 from these assets. Midstream capital spending and property acquisition costs were approximately $430 million last year and are expected to be about same this year. These funds we spent enhancing our CO2 production of the Permian, expanding our pipeline capacity.

發電。 Oxy 擁有兩家熱電聯產廠，一家位於德克薩斯州，一家位於路易斯安那州。對我們埃爾克山工廠的燃氣發電廠進行股權投資。這三個工廠的總發電量為每小時 1,760 兆瓦。最後一個要素是二氧化碳源場和設施。在二疊紀盆地，我們加工和轉移二氧化碳以用於公司的提高石油採收率計劃，收入僅代表出售給第三方的少量二氧化碳。截至去年底，中游資產的帳面淨值約為 18 億美元，正如我們之前披露的那樣，2008 年第一季我們從這些資產中賺取了 1.23 億美元。去年中游資本支出和財產收購成本約為 4.3 億美元，預計今年大致相同。我們用這些資金增強了二疊紀的二氧化碳產量，擴大了我們的管道容量。

The worldwide effective tax rate was 42% for the first quarter of 2008 compared with our guidance of 43%. Capital spending was 868 million for the quarter. We currently expect total capital spending for 2008 to be about $4 billion. Increase from prior estimates as a result of capital from the Rockies, California, and midstream assets. Cash flow from operations for the three months was approximately $2.7 billion. We used $870 million of the company's cash flow to fund the capital expenditures. $1.6 billion for acquisitions, $210 million to pay for dividends. We spent $435 million to repurchase 6.3 million common shares at an average price of $69.68 a share. These and our other net cash outflows decreased our $2 billion cash balance at the end of last year by $500 million to about $1.5 billion at the end of the quarter.

2008 年第一季全球有效稅率為 42%，而我們的指導值為 43%。本季資本支出為 8.68 億美元。我們目前預計 2008 年的總資本支出約為 40 億美元。由於來自加州落基山脈和中游資產的資本，較先前的估計增加。這三個月的營運現金流量約為 27 億美元。我們使用公司現金流中的 8.7 億美元來資助資本支出。 16 億美元用於收購，2.1 億美元用於支付股息。我們花費 4.35 億美元以每股 69.68 美元的平均價格回購了 630 萬股普通股。這些和我們的其他淨現金流出使我們去年年底 20 億美元的現金餘額減少了 5 億美元，到本季末約為 15 億美元。

The first quarter U.S. income tax payments reflect true-ups of 2007 amounts, too. The second quarter payments will increase since two quarterly estimated payments will be due. That was $1.8 billion at the end of March, which was unchanged from the year-end numbers. The weighted average basic shares outstanding for the three months were 823.6 million shares, and the weighted average diluted shares outstanding were 828.2 million. At March 31st there were 821.5 million basic shares outstanding. Diluted share amount was approximately $126.1 million. Our annualized return on equity for the quarter was 32%, with annualized return on capital employed of 29%. As we look ahead to the current quarter, we expect oil and gas production to be in the range of 610,000 to 620,000 BOE a day during the second quarter at $100 oil prices.

美國第一季所得稅繳納額也反映了 2007 年的真實情況。由於兩個季度的預計付款將到期，因此第二季的付款將會增加。截至 3 月底，該數字為 18 億美元，與年末數字持平。三個月已發行加權平均基本股為8.236億股，加權平均稀釋已發行股為8.282億股。截至 3 月 31 日，已發行基本股為 8.215 億股。稀釋後的股份金額約為1.261億美元。本季年化股本報酬率為 32%，年化資本報酬率為 29%。展望本季度，我們預計第二季度石油和天然氣產量將在 61 萬至 62 萬桶油當量/日（油價為 100 美元）之間。

We expect second quarter production increases in Argentina, Columbia, the Rocky Mountains, Permian and Oman partially offset by decreases to high cost recovery levels in the first quarter. With regard to prices, a $1 change in oil price impacts oil and gas quarterly earnings before income taxes by about $39 million. This $39 million sensitivity includes the impact of Dolphin. Also included is a production sharing contract price impact of approximately 500 barrels a day per dollar. A swing of $0.50 per million BTUs in domestic gas prices has a $25 million impact on quarterly earnings before income taxes. Additionally, we expect exploration expenses to be about $80 to $100 million for seismic and drilling for our exploration programs. As we've shown you, it is difficult to predict chemical results in the current environment.

我們預計阿根廷、哥倫比亞、落基山脈、二疊紀和阿曼第二季產量成長將被第一季成本回收水準下降部分抵銷。就價格而言，油價每變動 1 美元，就會影響石油和天然氣季度所得稅前收入約 3,900 萬美元。這 3,900 萬美元的敏感性包括海豚的影響。還包括產量分成合約價格影響，每美元每天約 500 桶。國內天然氣價格每百萬英熱單位 0.50 美元的波動會對所得稅前季度收益產生 2,500 萬美元的影響。此外，我們預計勘探項目的地震和鑽探費用約為 8 億至 1 億美元。正如我們向您展示的，很難預測當前環境中的化學結果。

However, we reasonably expect chemical segment earnings to be in the range of 120 to $140 million compared to $179 million the first quarter. Higher feed stock costs are the primary driver of the reduced forecast. This outlook also is less than second quarter of 2007 earnings of $158 million, due to weakness in domestic construction which impacts demand although the continued weakness of the dollar is likely to push these numbers to the higher end. We expect our combined worldwide tax rate in the second quarter to remain about 42%. Copies of the release as Chris has pointed out are available on our website or the Edgar. Now I think we're ready to take your questions.

然而，我們合理預期化學部門的獲利將在 1.2 億至 1.4 億美元之間，而第一季為 1.79 億美元。原料成本上升是預測下調的主要原因。這一前景也低於 2007 年第二季 1.58 億美元的收益，因為國內建築業的疲軟影響了需求，儘管美元的持續疲軟可能會將這些數字推至較高端。我們預計第二季全球綜合稅率將維持在 42% 左右。正如克里斯所指出的，新聞稿的副本可以在我們的網站或埃德加網站上找到。現在我想我們已經準備好回答你的問題了。

Thank you. (OPERATOR INSTRUCTIONS). We'll pause for just a moment to compile the Q-and-A roster. Your first question is coming from Doug Terreson of Morgan Stanley. Doug, your line is live.

謝謝。 （操作員說明）。我們將暫停片刻來整理問答名單。你的第一個問題來自摩根士丹利的道格‧特雷森。道格，您的線路已上線。

Can you guys hear me?

你們聽得到我說話嗎？

We can hear you fine.

我們可以很好地聽到你的聲音。

Steve you talked about prices for crude oil and natural gas and the leverage that the company has and obviously if they remain anywhere near current levels, then free cash flow is going to be a lot greater than most envision, both for the current period and full-year 2008. And so in light of these circumstances, I wanted to see if we could get an update on the prioritization for such funds. That is if they do materialize, meaning how might such surplus capital be allocated between investments, acquisitions, dividends, repurchases? Which way are you leaning as relates to this outcome?

史蒂夫，您談到了原油和天然氣的價格以及公司擁有的槓桿率，顯然，如果它們保持在當前水平附近，那麼自由現金流將比大多數人的預期大得多，無論是當前時期還是整個時期-2008 年。因此，鑑於這些情況，我想看看我們是否可以獲得此類資金優先順序的最新資訊。也就是說，如果它們確實實現了，這意味著這些剩餘資本如何在投資、收購、股息、回購之間分配？對於這個結果，你傾向哪一種方式？

Well, of course, this is a slightly larger number than we were anticipating. So if we can't put the money to work at attractive returns, we'll return to the shareholders one way or another. Annually, the board reviews the dividend, the ongoing dividend policy, and given the current environment, I would expect that they would be favorable to an increase. Share repurchases, we purchased a little over 6 million shares in the first quarter. We would expect the share repurchase program to continue, depending on the exact product price, but if we look at it over the whole year there's plenty of volatility in the stock and plenty of opportunity to buy the shares that we view as attractive prices during the course of the year. So we'll just see where the stock price goes, but we're not going to build cash, if that's the question.

當然，這個數字比我們預期的要稍大。因此，如果我們不能將這些資金投入到具有吸引力的回報中，我們就會以某種方式回報股東。董事會每年都會審查股利、持續的股利政策，考慮到當前的環境，我預期它們將有利於增加。股票回購，第一季我們買了略多於 600 萬股的股票。我們預計股票回購計劃將繼續進行，具體取決於具體的產品價格，但如果我們縱觀全年，就會發現該股存在很大的波動性，並且有大量機會購買我們認為在這一年中具有吸引力的價格的股票一年的課程。因此，我們只會看看股價的走勢，但如果這是問題的話，我們不會累積現金。

I understand. Also, in the Middle East, obviously execution on the Dolphin project has been very positive. You mentioned earlier there was progress in Oman, too. I just wanted to get an update on Oman, and specifically whether that development is following your expectation, or is it really too early to know?

我明白。此外，在中東，海豚計畫的執行顯然非常積極。您之前提到阿曼也取得了進展。我只是想了解阿曼的最新情況，特別是該進展是否符合您的預期，還是現在知道還為時過早？

Our projects in Oman specifically are moving along okay. We expect to get a gas contract there. Timing is difficult to predict, especially as you approach the summer months.

我們在阿曼的專案進展順利。我們希望在那裡獲得一份天然氣合約。時間很難預測，尤其是在接近夏季的時候。

Sure.

當然。

But we're positive about that and other projects in the region.

但我們對此以及該地區的其他項目持積極態度。

Okay. Thanks a lot. I'm sorry, Ray.

好的。多謝。對不起，雷。

Thank you. Your next question is coming from Michael LaMotte of JPMorgan.

謝謝。您的下一個問題來自摩根大通的邁克爾·拉莫特。

Thanks, good morning. Steve, if I could follow up on the CapEx comment on California and the Rockies in particular, are we seeing actual number of planned wells this year going up, and maybe you could talk about the cost per well, and the mix of inflation, deflation versus volumes on that front?

謝謝，早安。史蒂夫，如果我能跟進對加州和落基山脈的資本支出評論，我們是否看到今年計劃的油井實際數量在增加，也許你可以談談每口油井的成本，以及通貨膨脹、通貨緊縮的綜合影響與這方面的數量相比？

We're talking about physical increases in the number of wells. We don't see much in the way of inflation. Remember that our operating costs, which are the easiest way to compare inflation, were flat on an absolute basis even with higher production, from the fourth to the first quarter.

我們談論的是井數量的實際增加。我們沒有看到太多的通貨膨脹。請記住，從第四季度到第一季度，我們的營運成本（這是比較通貨膨脹的最簡單方法）在絕對基礎上持平，即使產量較高。

Right.

正確的。

So, you know, that's sort of an immediate measure of oil field service inflation. So we don't see a lot of signs of inflation for the kind of things that we do. So we're talking about a physical increase in the activity, especially in the Rockies and California this year, and if we could get -- with a little luck, we might spend a little more than that, even.

所以，你知道，這是衡量油田服務通膨的直接指標。因此，我們所做的事情並沒有看到很多通貨膨脹的跡象。因此，我們正在談論活動的實際增加，特別是今年在落基山脈和加利福尼亞州，如果我們能做到——運氣好的話，我們甚至可能會花更多一點。

So domestic volumes should be a little higher than perhaps we were looking?

那麼國內銷量應該比我們預期的高一點？

I think as we go forward in the year domestic volumes, I think, if I were looking for a surprise, praying for one, that would be where I would hope and pray.

我想，當我們在今年的國內卷中前進時，我想，如果我正在尋找一個驚喜，祈禱一個驚喜，那將是我希望和祈禱的地方。

Okay. Quickly on Argentina, the exit rate in December was 40,000 barrels a day. Actually Latin-American volumes overall ended up a little lower than what I was looking for in the quarter. What's the latest there? I know there's some strikes in October, November.

好的。阿根廷方面，12 月的出口量很快就達到了每天 4 萬桶。實際上，拉丁美洲的整體銷量最終略低於我在本季的預期。那裡最新的情況是什麼？我知道十月、十一月會有一些罷工。

It's exited 40,000. Produced about 40,000 in Argentina in the first quarter. We expect to see more improvement in the second quarter in volumes. Columbia, some of the issues were in Columbia, I think, also, but we expect to see improvement for that. We shouldn't spend too much time looking at small changes there. The trend for Argentina especially will be up sharply all year.

已經退出40,000了。第一季阿根廷產量約4萬輛。我們預計第二季銷量將有更多改善。哥倫比亞，我認為哥倫比亞也存在一些問題，但我們希望看到這一點的改善。我們不應該花太多時間關注那裡的微小變化。尤其是阿根廷的趨勢全年都會急劇上升。

Okay. Even with winter season encroaching, that doesn't --

好的。即使冬季來臨，這也不會——

Yeah.

是的。

The sensitivity on PSA impact last quarter, you said it was for every $5 change in oil, 4,000 barrels a day. As oil prices go higher, does that ratio change?

上個季度對 PSA 影響的敏感性，您說石油價格每變化 5 美元，每天 4,000 桶。隨著油價走高，該比率會改變嗎？

I think we're 500 barrels a day per dollar now.

我認為現在 1 美元兌換 500 桶石油。

Okay.

好的。

The contracts weren't exactly designed for this environment.

這些合約並不是專門為這種環境設計的。

Clearly. Okay.

清楚地。好的。

So I wouldn't extend any of those numbers too far. And that's really the problem when you try to do this, that, you know, it works just fine for $5 change maybe, but when you have $10 and $15 changes, our ability to figure out what's exactly going to happen is difficult. Again, the contracts really weren't designed for this environment.

所以我不會將這些數字延伸得太遠。當你嘗試這樣做時，這確實是個問題，你知道，對於5 美元的零錢來說，它可能工作得很好，但是當你有10 美元和15 美元的零錢時，我們很難弄清楚到底會發生什麼。再說一遍，這些合約確實不是為這種環境設計的。

Okay. Then on the PVC exports, what's the mix between domestic and export sales? That was clearly a positive surprise here in the quarter.

好的。那麼PVC出口方面，國內銷售和出口銷售的比例如何？這顯然是本季的一個正面的驚喜。

Oh, well, we don't really break out the mix like that but clearly what's happening, if you want to think about it intellectually is that we're buying -- the main feedstock is electricity, which is really natural gas. We're buying gas with U.S. dollars and exporting product into countries that have stronger currencies. And so we're able to move a lot of our chlorine that way, and some other people don't have that flexibility. Costs a lot to build that flexibility, but in environments like this, it's probably worth it. And so we're able to export a lot of our chlorine, and caustic prices have been extraordinarily strong for awhile and continue to be strong. So it's hard to predict the number for any one quarter, and I wouldn't take my number as -- that I gave for the next quarter as anything but the best guess we have now. We weren't very good last quarter. We missed it by 50%. By the right way, but we still missed it.

哦，好吧，我們並沒有真正分解這樣的混合，但如果你想理智地思考的話，很明顯正在發生什麼，我們正在購買——主要原料是電力，這實際上是天然氣。我們用美元購買天然氣並將產品出口到貨幣堅挺的國家。因此，我們能夠透過這種方式轉移大量的氯，而其他一些人則沒有這種靈活性。建構這種靈活性需要花費大量成本，但在這樣的環境中，這可能是值得的。因此，我們能夠出口大量氯，且苛性鹼價格在一段時間內一直異常堅挺，並將繼續堅挺。因此，很難預測任何一個季度的數字，而且我不會將我給出的下一季的數字視為我們現在擁有的最佳猜測。上個季度我們表現不太好。我們錯過了 50%。按正確的方式，但我們還是錯過了。

Sure. If I think about it, just in terms of PVC being construction oriented, and feedstock being natural gas, we were looking for a much worse Q1, but there's definitely an outlet.

當然。如果我考慮一下，就PVC以建築為導向、原料為天然氣而言，我們正在尋找一個更糟糕的第一季度，但肯定有一個出路。

That's what changed. We didn't anticipate how strong the outlet would be when we gave the last quarter's guidance. The outlet is still very strong into South America and Asia and so there's other factors, too, competitors might have a down time in their plant. There's a lot of other things that affect it, but right now it's -- given how weak the U.S. construction business is, we're doing very well.

這就是改變的原因。當我們給出上個季度的指導時，我們並沒有預料到該管道會有多強大。該出口在南美洲和亞洲仍然非常強大，因此還有其他因素，競爭對手的工廠可能會出現停工。還有很多其他因素會影響它，但目前考慮到美國建築業的疲軟，我們做得很好。

Okay. That's helpful, Steve. Thanks. My last one can be for Dr. Irani. It seems that maybe a follow-on to Doug's question, it seems like oil ministers in the Gulf today are spending more time talking about spiraling E & C costs than they are about product identification or sanctioning. How dependent is your outlook on project sanction not yet disclosed to the Street? Are you concerned by the slowdown in sanctioning?

好的。這很有幫助，史蒂夫。謝謝。我的最後一篇是給伊拉尼博士的。看來，也許是道格問題的後續，今天海灣地區的石油部長們似乎花更多的時間談論不斷上升的 E & C 成本，而不是產品識別或製裁。您對尚未向華爾街披露的專案製裁的看法有多大程度的依賴？您對制裁放緩感到擔憂嗎？

Not really. It is a competitive world indeed with $100 oil, oil exporting countries are looking more about how to spend their money than for new sources of energy, clear enough, but we're coming along fine. As you know, we had the Mukhaizna project which is coming along extremely well, and we're look at a Bahrain project with the decision on who to select among three companies. We are one of them. By the end of the summer. And we have other programs. So we're moving along fine.

並不真地。這確實是一個競爭激烈的世界，石油價格為 100 美元，石油出口國考慮如何花錢，而不是尋找新能源，這一點很明顯，但我們進展順利。如您所知，我們的 Mukhaizna 項目進展非常順利，我們正在考慮巴林項目，並決定在三家公司中選擇誰。我們就是其中之一。到了夏天結束的時候。我們還有其他計劃。所以我們進展順利。

Is there --

有沒有 -

Our outlook that we give you doesn't depend on those projects. We haven't baked those in.

我們為您提供的前景並不取決於這些項目。我們還沒有把它們烤進去。

Clearly we see in the press the big headlines ones like Shaw but there's enough activity perhaps in the smaller end of the spectrum.

顯然，我們在媒體上看到了像肖這樣的大頭條新聞，但在較小的範圍內也許也有足夠的活動。

Yes.

是的。

Is that fair to say?

這麼說公平嗎？

Yes.

是的。

Okay, thank you.

好的謝謝。

Thank you. Your next question is coming from Ben Dell of Bernstein.

謝謝。您的下一個問題來自伯恩斯坦的本·戴爾。

Question on Dolphin. Obviously -- submitted plans to build a nuke in the U A E. Does that change the supply/demand outlook for the UAE, and if so does that put an expansion of Dolphin further back in the queue?

關於海豚的問題。顯然——提交了在阿聯酋建造核武器的計劃。這是否會改變阿聯酋的供需前景？如果是這樣，這是否會使海豚的擴張進一步推遲？

The demand for energy is enormous, and I wouldn't think so. I wouldn't think that would have anything to do with it at all.

對能源的需求是巨大的，我不這麼認為。我不認為這與它有任何關係。

We are sold out on Dolphin, and it's currently producing above capacity. Tremendous demand.

我們的 Dolphin 已售罄，目前其產能已超過產能。巨大的需求。

So another bcf a day of production would be gobbled up.

因此，一天中的另一個 bcf 產量將被吞噬。

There's been comments, I understand, from the Qataris that the price they're selling the gas at is lower than they would like in today's world. Do you have a feel for what price they would look at to do an expansion?

據我所知，卡達人曾評論說，他們出售天然氣的價格低於他們在當今世界所希望的價格。您是否知道他們會考慮以什麼價格進行擴張？

I think depending on they negotiations, all I can tell sue our Dolphin project is doing extremely well. In the first quarter we made $102 million after tax, plus what we made in the pipeline, investment over a $1 billion, expansion in Dolphin possible, but to predict timing is difficult. The exact conditions depend on negotiations among us and to sovereign states. So I really can't predict what happened.

我認為根據他們的談判，我只能告訴起訴我們的海豚計畫做得非常好。第一季我們的稅後收入為 1.02 億美元，加上我們正在籌措的資金，投資超過 10 億美元，Dolphin 的擴張是可能的，但預測時機很困難。確切的條件取決於我們之間以及與主權國家的談判。所以我真的無法預測會發生什麼。

One last very quick question. Can you tell us what SG&A was in the quarter?

最後一個非常簡短的問題。您能告訴我們本季的 SG&A 是多少嗎？

SG&A for what? For the whole company?

SG&A 是為了什麼？為了整個公司？

For the whole company, then the split between upstream and chem.

對於整個公司來說，然後是上游和化學之間的分裂。

SG&A for the oil and gas division is down, because we said that in earlier meetings that we were cutting SG&A in the oil and gas division. Steve is looking at numbers right now.

石油和天然氣部門的SG&A 有所下降，因為我們在先前的會議上表示，我們正在削減石油和天然氣部門的SG&A。史蒂夫現在正在研究數字。

I'll figure it out here when I don't normally.

當我平常不這樣做時，我會在這裡解決這個問題。

If you can get back to me off-line, that's probably easier.

如果您可以離線回覆我，那可能會更容易。

it's nothing for you to worry about. SG&A is under excellent control.

你不用擔心。 SG&A 受到良好的控制。

The G&A is for the oil company is -- looks like about -- it's down from the fourth quarter. That's the -- I don't have the exact number here.

該石油公司的一般管理費用——看起來大約——比第四季有所下降。這就是——我這裡沒有確切的數字。

Okay. Not to worry.

好的。不用擔心。

Next question, please.

請下一個問題。

Thank you. Your next question is coming from Nicole Decker of Bear Stearns.

謝謝。您的下一個問題來自貝爾斯登的妮可·德克爾。

Good morning. Steve, you recently made a comment regarding consolidation opportunities in Argentina. Would you talk about how you see the investment environment there and whether you'd be comfortable increasing activity there in the near term?

早安.史蒂夫，您最近對阿根廷的整合機會發表了評論。您能否談談您如何看待那裡的投資環境以及您是否願意在短期內增加那裡的活動？

Actually, I think what I said was that we wouldn't want to be the largest producer in Argentina under any circumstances and there might be some smaller opportunities, but I don't think we want to raise our profile enormously there. Argentina, there's been a slight increase in the realized oil price, and we're hopeful that with time there will be more increases. About a $10 a barrel finding cost and about $10 lifting costs, so we're in the high 30s on our oil price. So we're still a little below would we'd like to have but progress is being made and production is coming up. Production will solve a lot of the problems.

實際上，我認為我所說的是，我們在任何情況下都不想成為阿根廷最大的生產商，可能會有一些較小的機會，但我不認為我們想在那裡大幅提升我們的形象。阿根廷，實際石油價格略有上漲，我們希望隨著時間的推移會有更多上漲。每桶開採成本約為 10 美元，提升成本約為 10 美元，因此我們的油價處於 30 美元以上的高點。因此，我們仍然低於我們希望的水平，但正在取得進展並且產量正在增加。生產會解決很多問題。

The Latin America realization, the liquid realization, was below where we expected. What was behind that?

拉丁美洲的變現，即流動變現，低於我們的預期。這背後到底是什麼？

Probably just a differential change in Colombia.

可能只是哥倫比亞的差異變化。

Okay.

好的。

I think that's right. Differential change in Colombia.

我認為這是對的。哥倫比亞的差異變化。

Okay. Just on another topic, I appreciate the segregation of the midstream unit. I'm just curious as to how we should read into this. Is this a unit that might see some growth?

好的。就另一個話題而言，我很欣賞中游單位的隔離。我只是好奇我們應該如何解讀這一點。這是一個可能會出現成長的單位嗎？

The unit might see some growth, for sure. We're putting a lot of capital into it, to expand the CO2 capability into the Permian, and to bring the pipelines to more efficient standards. We didn't want to bury that in oil and gas capital, and when we were looking at our cost structure last year, some of the so-called lifting costs was really purchased gas for the gas plants.

當然，該部門可能會出現一些增長。我們正在投入大量資金，將二氧化碳產能擴展到二疊紀，並使管道達到更有效率的標準。我們不想將其埋藏在石油和天然氣資本中，當我們去年審視我們的成本結構時，一些所謂的提升成本實際上是為天然氣廠購買的天然氣。

Right.

正確的。

And so that's really -- it adds a lot of clarity to both the lifting costs and our future capital plans.

因此，這確實使提升成本和我們未來的資本計劃變得更加清晰。

It does.

確實如此。

But I hope you noticed also that the return on the portion is excellent, as Steve mentioned, for the first quarter, profits were over $100 million.

但我希望您也注意到這部分的回報非常好，正如史蒂夫所提到的，第一季的利潤超過 1 億美元。

Sure.

當然。

I think about 123. And assets were $1.8 billion. So if you annualize it, and we don't expect much change for the remainder of the year in midstream. So it's good part of our business. New investments, we expect to make excellent returns, as we have said repeatedly in the past.

我想是 123。資產是 18 億美元。因此，如果將其按年計算，我們預計今年剩餘時間不會有太大變化。所以這是我們業務的重要組成部分。正如我們過去反​​覆說過的那樣，新的投資，我們期望獲得豐厚的回報。

Do you have figures on expenditures in the unit historically and what you might be expecting to spend this year?

您是否有該單位歷史上的支出數據以及您今年的預期支出？

We spent a little over $400 million last year, and we expect to spend about $400 million this year. So it's fairly capital intensive.

去年我們花了 4 億多美元，預計今年將花費約 4 億美元。所以它是相當資本密集的。

Sure.

當然。

I think some of it was distorting some of our capital numbers.

我認為其中一些扭曲了我們的一些資本數字。

Okay. Just a final one specifically on DD&A. The number was lower than we had expected. I guess we were basing our number on the full-year guidance that you gave. Just wanted to make sure that the full-year guidance remained around $2.7 billion for the year.

好的。這是專門針對 DD&A 的最後一篇。這個數字低於我們的預期。我想我們的數字是基於您提供的全年指導。只是想確保全年指引保持在 27 億美元左右。

Looks that way.

看起來是這樣。

Great.

偉大的。

Obviously if we -- it could vary $100 million.

顯然，如果我們——它可能會相差 1 億美元。

Thank you.

謝謝。

Thank you. Your next question comes from Doug Leggate of Citigroup.

謝謝。你的下一個問題來自花旗集團的 Doug Leggate。

Good morning, gentlemen. Couple questions. First a quick one on Libya. Steve is the Libya contract effected yet?

早安，先生們。幾個問題。首先簡單介紹一下利比亞。史蒂夫的利比亞合約生效了嗎？

I expect to be in Libya on the 11th of May. To sign it.

我預計 5 月 11 日抵達利比亞。簽署它。

Production dropped off a bit. Is there any other reason why that might have been the case, just the lifting?

產量略有下降。難道除了提升之外還有其他原因嗎？

That's the lifting. Our actual production was slightly above the -- we report sales, not production actually. And so the production for the company was slightly above the sales number.

這就是舉升。我們的實際產量略高於—我們報告的是銷售額，而不是實際產量。因此，該公司的產量略高於銷售量。

Okay. So assuming that contract gets enacted sometime this quarter, would you take the incremental earnings backdated to December 1st in the second quarter?

好的。因此，假設合約在本季某個時候頒布，您是否會將 12 月 1 日起的增量收入納入第二季？

You can't backdate earnings. Basically it's an adjustment to the bonus or something like that.

您無法回溯收入。基本上是對獎金或類似內容的調整。

Right. Okay. So it wouldn't flow through the P&L?

正確的。好的。那麼它不會流經損益表嗎？

No, it wouldn't flow through. You can't do that.

不，它不會流過。你不能那樣做。

Great.

偉大的。

You are not allowed to -- big opportunity for management if you were allowed to do that.

你不被允許這樣做——如果你被允許這樣做的話，這對管理層來說是一個巨大的機會。

Okay. But the cash flow will be realized, though.

好的。但現金流將會實現。

Yeah, we'll spend less.

是的，我們會花更少的錢。

Okay, great. The only other one I have is kind of, I guess, backing into Nicki's question on the midstream. You've mentioned that you've stripped this thing out, you're not sure how this thing is going to perhaps grow over the longer term. How does that dovetail with your plans to perhaps tap into south Texas CO2 and maybe if you could give us some idea as to what we could expect in terms of both the cost impact and likely production impact longer term out of your Permian assets if you're able to make that happen.

好的，太好了。我想，我唯一的另一個問題是在中流支持尼基的問題。你提到你已經把這個東西剝離了，你不確定這個東西從長遠來看會如何發展。這與您可能利用德克薩斯州南部二氧化碳的計劃是否吻合？也許您能給我們一些想法，告訴我們我們對二疊紀資產的成本影響和可能的長期生產影響有何預期，如果您'我們能夠實現這一目標。

Well, we've built in a notion of the south Texas into the capital plan that we -- the $400 million that we talked about. So we would expect to spend a fair amount of money taking high CO2 methane and stripping out the CO2 over the next couple of years. A good reservoir will run maybe 7mcf of CO2 to produce a barrel of oil. So if you assume that that we put any excess into, not the premier reservoirs, but the less premier ones, we've got lots of those. You're talking 10 or 12 maybe mcf to produce, a barrel of oil. We ought to be able to get 500 million a day at least, maybe 600 million a day of more CO2 in the next few years. So you could divide by 10, 12, whatever you want, to get some idea of the production increases over the next few years.

嗯，我們已經將德州南部的概念納入了我們談到的 4 億美元的資本計畫中。因此，我們預計在未來幾年內將花費相當多的資金來獲取高二氧化碳甲烷並去除二氧化碳。一個好的儲層可能會排放 7 mcf 的二氧化碳來生產一桶石油。因此，如果你假設我們將多餘的資金投入到不太重要的水庫中，而不是主要的水庫中，那麼我們已經有很多這樣的水庫了。你說的是 10 或 12 mcf 才能生產一桶石油。在接下來的幾年裡，我們每天應該至少能夠吸收 5 億，也許每天 6 億的二氧化碳。因此，您可以除以 10、12，無論您想要什麼，都可以了解未來幾年的產量成長。

Great. These are already -- CO2 assets that you have ownership of?

偉大的。這些已經是您擁有的二氧化碳資產了嗎？

Yes. If you're able to look at our long-term backlog, we flood with the available CO2 obviously the best reservoirs. There are other reservoirs that are smaller, that if we had cheap CO2 or a lot of it or a surplus, we could flood those and produce more oil. Right now, CO2 is tight in the basin. Right now if we can loosen up that tightness with a project, where we can get some more CO2, we can boost our oil production, continue to boost our oil production in the Permian nicely.

是的。如果你能看看我們長期積壓的訂單，我們會用可用的二氧化碳淹沒，這顯然是最好的水庫。還有其他較小的水庫，如果我們有廉價的二氧化碳或大量的二氧化碳或盈餘，我們可以淹沒這些水庫並生產更多的石油。目前，盆地內二氧化碳含量緊張。現在，如果我們能夠透過一個專案來放鬆這種緊張，我們可以獲得更多的二氧化碳，我們可以提高我們的石油產量，繼續很好地提高我們在二疊紀的石油產量。

One final one, if the's not too much detail. What size of reserves do you have CO2 in the south Texas area?

最後一張，如果沒有太多細節的話。德州南部地區的二氧化碳儲量有多少？

I don't really know. We don't think of CO2 as reserves. I don't know what you want to call it. It's hard to burn. It's a sizable number, but this 500, 600 million a day as a deliverability is probably a good guess.

我真的不知道。我們不認為二氧化碳是儲量。我不知道你想叫它什麼。很難燃燒。這是一個相當大的數字，但每天 500、6 億的交付量可能是一個不錯的猜測。

Thanks very much.

非常感謝。

Your next question is coming from Paul Sankey of Deutsche Bank.

你們的下一個問題來自德意志銀行的保羅‧桑基。

Hi, Steve and Dr. Irani. The outlook for volumes this year, Steve, you said 620 to 630 I think is the existing guidance. Should we still work on the 630 to 620?

嗨，史蒂夫和伊拉尼博士。今年的銷售展望，史蒂夫，你說 620 到 630，我認為這是現有的指導。我們還應該繼續開發 630 到 620 嗎？

You've got to adjust for the price, that's all.

你必鬚根據價格進行調整，僅此而已。

But that's basically the right range to think about?

但這基本上是值得考慮的正確範圍嗎？

Yes.

是的。

And for '09 --

09 年——

'09?

'09？

Yeah, I mean, you've talk about the long-term -- what's so funny about '09? You've talked about a long-term aspiration of 5 to 8%. Would we expect to see a relatively flat year given that you're above that rate of growth for '08 to '09, or do you think you'll still be in the 5 to 8% growth rate, and to the extent that you can't can you outlook where the growth will come from?

是的，我的意思是，你談到了長期的問題——09 年有什麼好笑的？您談到了 5% 到 8% 的長期目標。鑑於您高於 08 年至 09 年的成長率，我們是否預計會看到相對平穩的一年，或者您認為您仍將保持 5% 至 8% 的成長率？難道你不能展望成長將從何而來嗎？

I think we'll have a good year next year. Exact number, I just don't know. If you looked at the projects there to do it, we ought to exit Argentina at 50,000, and obviously going to average that this year. Mukhaizna will be much higher next year. Permian ought to be a little higher. California ought to be higher. So, I can't tell you exactly what the number is, but it's certainly not going to be flat.

我想明年我們會度過美好的一年。確切的數字，我只是不知道。如果你看看那裡的項目，我們應該以 50,000 人的價格退出阿根廷，顯然今年的平均水平是這樣的。明年的 Mukhaizna 將會高很多。二疊紀應該要更高一點。加州應該更高。所以，我不能告訴你確切的數字是多少，但它肯定不會持平。

Yeah, I guess the point I was making was whether or not, the above range growth this year would lead you to have a kind of flat spot next year, but you're telling me that's not the case.

是的，我想我想說的是，今年上述範圍的成長是否會導致明年持平，但你告訴我事實並非如此。

That's not the case.

事實並非如此。

Is it's not going to be flat, it will be up next year.

是不是不會持平，明年就會上漲。

Our ability to predict isn't all that great. But we do know it will be up, but I can't tell you whether it's going to be up 4% or 8%.

我們的預測能力並不是那麼出色。但我們確實知道它會上漲，但我不能告訴你它會上漲 4% 還是 8%。

Great, that's helpful.

太好了，很有幫助。

Thank you. Your next question is coming from [Eric Milke of Merrill Lynch. ]

謝謝。你的下一個問題來自[美林證券的埃里克·米爾克(Eric Milke)。 ]

I have a follow-on, on the midstream segment. Whether you see opportunities in the Middle East or if you're being asked to do projects in the Middle East, and if that will be part of the mess going forward, so if those projects would meet your return requirements on a stand-alone basis or should be seen as part of a broader opportune cross midstream approach for the Middle East.

我有一個後續，在中游部分。無論您在中東看到機會，還是被要​​求在中東做項目，這是否會成為未來混亂的一部分，這些項目是否能夠單獨滿足您的回報要求或應該被視為中東更廣泛的跨中流策略的一部分。

The answer is yes and yes. We see the projects, and they'll meet our hurdle rates on a stand-alone basis.

答案是肯定的。我們看到這些項目，它們將單獨滿足我們的最低門檻。

Is that an additional reason for having straight out the midstream?

這是直接中游的另一個原因嗎？

Yeah, it's a growth area, and we didn't want to obscure it, bury it in the oil and gas numbers. And so we think over a five year period, you'll see some nice earnings growth there, cash flow growth, and we just didn't want to bury it in the numbers.

是的，這是一個成長領域，我們不想掩蓋它，把它埋在石油和天然氣數據中。因此，我們認為在五年內，你會看到一些不錯的獲利成長、現金流成長，但我們只是不想將其埋藏在數字中。

And we still bring additional management attention to the segment and to focus the oil and gas E & P people on producing more oil and gas at attractive costs, is to get management attention across our projects and product lines.

我們仍然為該領域帶來額外的管理層關注，並讓石油和天然氣勘探與生產人員集中精力以有吸引力的成本生產更多石油和天然氣，以吸引管理層對我們的項目和產品線的關注。

Okay, thanks. Additional question for you on acquisition of assets or asset deals in the North American market. Given where prices have moved in the last three to four months and your general intention to make small add-on deals, if the impact of the strong commodity price environment is that causing people to ask for unrealistic prices, or are you still able to do the small add-on deals that are an important part of your strategy thus far?

好的謝謝。關於北美市場資產收購或資產交易的其他問題。考慮到過去三到四個月的價格走勢以及您進行小額附加交易的總體意圖，如果強勁的大宗商品價格環境的影響導致人們要求不切實際的價格，或者您是否仍然能夠做迄今為止，哪些小型附加交易是您策略的重要組成部分？

We haven't seen any increase in acquisition costs. So the product prices have not flowed through into the acquisition costs, but things we're looking at, remember it's a very narrow scope, just two areas, maybe three. So we really haven't seen that yet. If it gets out of hand, we can stop.

我們沒有看到採購成本有任何增加。因此，產品價格尚未流入採購成本，但我們正在關注的事情，請記住，這是一個非常狹窄的範圍，只有兩個領域，也許三個領域。所以我們真的還沒看到這一點。如果事情失控，我們可以停下來。

Okay.

好的。

Remember, the credit crunch goes the other way.

請記住，信貸緊縮的結果恰恰相反。

Right. Okay.

正確的。好的。

Competitors for buying the smaller properties have to borrow the money, so the continued Wall Street Great Depression is probably helpful. I think I've mentioned earlier the people view as a change in tax law in a couple of years or a year, whatever it is, is motivating buyers -- sellers, I mean.

購買較小房產的競爭對手必須借錢，因此持續的華爾街大蕭條可能會有所幫助。我想我之前已經提到過，人們認為幾年或一年內稅法的變化，無論是什麼，都會激勵買家——我的意思是賣家。

Thank you. (OPERATOR INSTRUCTIONS). Your next question comes from Bernie Picchi of Wall Street Access.

謝謝。 （操作員說明）。您的下一個問題來自 Wall Street Access 的 Bernie Picchi。

Good morning. Steve, in your discussion of the investment opportunities in the midstream you didn't discuss CO2 opportunities at Elk Hills. I'm just wondering if that's part of your longer range investment opportunity set that you see within this midstream sector. And am I right also in surmising from your comments that the CO2 source fields and facilities is your big growth area?

早安.史蒂夫，在您討論中游投資機會時，您沒有討論麋鹿山的二氧化碳機會。我只是想知道這是否是您在這個中游產業看到的長期投資機會集的一部分。我從您的評論中推測二氧化碳源領域和設施是您的大成長領域，這也對嗎？

Well, it's a big growth area because we can make a lot more oil and gas. So we're not going additional volume CO2 to be a marketer, major marketer of CO2. We do buy and sell CO2. However, it can give us additional growth in both the Permian and potentially in Elk Hills.

嗯，這是一個很大的成長領域，因為我們可以生產更多的石油和天然氣。因此，我們不會為了成為二氧化碳的營銷商、主要營銷商而增加二氧化碳排放量。我們確實買賣二氧化碳。然而，它可以讓我們在二疊紀和潛在的麋鹿山中獲得額外的增長。

The segment -- in the segment the CO2 plants are focused on the third-party business, not the -- not our own, so what you're seeing is the third-party piece. The segment itself is currently constructed as a small amount of CO2 relatively in it, and has large amounts of gas storage activities and natural gas liquids plants. So the CO2 in the Permian will grow because there's probably some more third-party business there. But Elk Hills would not be a third-party business. We would use all the CO2 ourselves.

這個細分市場——二氧化碳工廠專注於第三方業務，而不是——不是我們自己的業務，所以你看到的是第三方業務。目前，該部門本身的建設相對較少，並擁有大量的天然氣儲存活動和液化天然氣工廠。因此，二疊紀盆地的二氧化碳排放量將會增加，因為那裡可能有更多的第三方業務。但麋鹿山不會是第三方企業。我們將自己使用所有二氧化碳。

So that would remain within the E&P segment.

因此，這仍將屬於勘探與生產領域。

If the CO2 is dedicated to our facilities, it stays in the E&P segment, and this is the part that's related to what we sell to other people. For example, if we operate a field we have a 50% interest, we may sell gas to the other 50% so that they have it. Right, exactly. And so that's sort of the nature of it, but if it's embedded as part of our production, our own production, it's remained in the segment.

如果二氧化碳專用於我們的設施，它將留在勘探與生產領域，這是與我們向其他人出售的產品相關的部分。例如，如果我們經營一個油田，我們擁有 50% 的權益，我們可能會將天然氣出售給其他 50% 的人，以便他們可以擁有。對，完全正確。這就是它的本質，但如果它作為我們的生產、我們自己的生產的一部分嵌入，它就會保留在這個細分市場中。

Merchant sales.

商家銷售。

That's right, merchant sales and parts of plants. Fairly traditional at this point midstream business with natural gas liquids and gas storage activities.

沒錯，就是商人銷售和植物零件。目前相當傳統的中游業務包括液化天然氣和天然氣儲存活動。

Steve, just another question. On the fourth quarter you made a passing comment about your emphasis on cost reductions, particularly from your contractors, and it looks as if we're beginning to see that here in the first quarter results. Can you talk about what we might expect to see in the way of benefits from that cost reduction program for the repapered of the year?

史蒂夫，還有一個問題。在第四季度，您對削減成本（尤其是承包商的成本）的重視發表了簡短的評論，看起來我們在第一季度的業績中開始看到這一點。您能否談談我們可能期望從今年重報的成本削減計劃中看到的好處？

It's hard to lay it out exactly as to quarter to quarter. But we are seeing some real effects. We're focusing the organization on costs, so we would expect over the year to exit a sort of a $300 million cost run rate savings, but whether you'll see it -- what exactly you'll see in the second or third quarter, hard to say. Also cured by some other things that go on. So I can't tell you exactly what his quarter. But as Ray pointed out earlier, we're focusing the -- increasing margins, even in this incredible environment.

很難準確地按季度列出。但我們正在看到一些實際效果。我們將組織的重點放在成本上，因此我們預計今年將節省 3 億美元的成本運行率，但無論您是否會看到這一點 - 您在第二季度或第三季度到底會看到什麼， 很難說。還可以透過其他一些事情來治癒。所以我不能準確地告訴你他的季度。但正如雷早些時候指出的那樣，即使在這種令人難以置信的環境下，我們也將重點放在增加利潤上。

And we had manpower reduction both due to improved efficiency and reduced G&A.

由於效率提高和管理費用減少，我們減少了人力。

I think we're focused on that. Our G&A per barrel has declined this quarter in the oil segment, so I think we're doing the right things here, and you'll see more progress but it's probably lumpy.

我認為我們正在關注這一點。本季我們在石油領域的每桶管理費用有所下降，因此我認為我們正在做正確的事情，您會看到更多進展，但可能是不穩定的。

Thank you, Steve and Ray, thanks very much.

謝謝你們，史蒂夫和雷，非常感謝。

Thank you. Your next question comes from Pavel Molchanov of Raymond James.

謝謝。您的下一個問題來自 Raymond James 的 Pavel Molchanov。

Good morning, guys. I apologize if you've mentioned this before but how many wells will you be drilling in Libya this year?

早上好傢伙。如果您之前提到過這一點，我很抱歉，但今年您將在利比亞鑽多少口井？

Exploration wells? Is that the question?

探井？這是問題嗎？

That's right.

這是正確的。

I don't actually know. It's some where in the range of half a dozen.

我其實不知道。大約有六個。

And do you have any sense for the prospect sizes that you're targeting?

您對您所瞄準的潛在客戶規模有任何了解嗎？

They're 100 million to 150 million barrel prospects.

他們的前景為 1 億至 1.5 億桶。

Got it. And of the half a dozen you mentioned, do you know roughly the split between offshore and onshore?

知道了。在您提到的六個中，您是否大致了解海上和陸上之間的差異？

No offshore.

沒有離岸。

But we're drilling additional wells in Libya for production increases.

但我們正在利比亞鑽探更多油井以增加產量。

is that on your legacy assets?

這是你的遺留資產嗎？

Yes.

是的。

Okay. Great. And then just a separate topic. Would you, in addition to boosting the dividend, which, as you mentioned, the board should be supportive of, would you consider a special dividend under this commodity environment?

好的。偉大的。然後只是一個單獨的主題。正如您所提到的，董事會應該支持提高股息，您是否會考慮在這種大宗商品環境下發放特別股息？

It just depends on the stock price. It depends on our view of the stock price. If the stock price we view as buying in the shares is better for the long-term investors, we would do that. If the stock ever got to fair value, that's when a special dividend would be considered.

這僅取決於股票價格。這取決於我們對股價的看法。如果我們認為買入股票的股價對長期投資者來說會更好，我們就會這樣做。如果股票達到公允價值，就會考慮派發特別股利。

Okay. Got it. Thanks very much.

好的。知道了。非常感謝。

Thank you. There appear to be no further questions at this time. I'd like to turn the floor back to Christopher Stavros for any closing comments.

謝謝。目前似乎沒有其他問題了。我想請克里斯多福·斯塔夫羅斯（Christopher Stavros）發表最後評論。

thank you everyone for joining us on the call and please if you have any follow-up questions, call us here in New York. Thank you very much. Have a good day.

感謝大家參加我們的電話會議，如果您有任何後續問題，請在紐約致電我們。非常感謝。祝你有美好的一天。

Thank you.

謝謝。

This does conclude today's conference call. You may now disconnect your lines at this time and have a wonderful day.

今天的電話會議到此結束。您現在可以斷開線路並度過美好的一天。