西方石油 (OXY) 2019 Q3 法說會逐字稿

Good morning, and welcome to the Occidental's Third Quarter 2019 Earnings Conference Call.

早上好，歡迎參加西方石油公司 2019 年第三季度收益電話會議。

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

（操作員說明）請注意，此事件正在記錄中。

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

我現在想將會議轉交給投資者關係副總裁 Jeff Alvarez。

Please go ahead.

請繼續。

Thank you, Brandon.

謝謝你，布蘭登。

Good morning, everyone, and thank you for participating in Occidental Petroleum's Third Quarter 2019 Conference Call.

大家早上好，感謝您參加西方石油公司 2019 年第三季度電話會議。

On the call with us today are Vicki Hollub, President and Chief Executive Officer; Cedric Burgher, Senior Vice President and Chief Financial Officer; Ken Dillon, President, International Oil and Gas Operations; BJ Hebert, President of OxyChem; and Oscar Brown, Senior Vice President, Strategy, Business Development and Integrated Supply.

今天與我們通話的是總裁兼首席執行官 Vicki Hollub； Cedric Burgher，高級副總裁兼首席財務官； Ken Dillon，國際石油和天然氣業務總裁； BJ Hebert，OxyChem 總裁； Oscar Brown，戰略、業務發展和綜合供應部高級副總裁。

In just a moment, I will turn the call over to Vicki.

稍後，我會將電話轉給 Vicki。

As a reminder, today's conference call contains certain projections and other forward-looking statements within the meaning of the federal securities laws.

提醒一下，今天的電話會議包含聯邦證券法含義內的某些預測和其他前瞻性陳述。

These statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in these statements or more fully described in our cautionary statement regarding forward-looking statements on Slide 2. Our earnings press release, the Investor Relations supplemental schedules and our non-GAAP to GAAP reconciliations and the conference call presentation slides can be downloaded off our website at www.oxy.com.

這些陳述受到風險和不確定性的影響，可能導致實際結果與這些陳述中明示或暗示的結果或我們在幻燈片 2 上關於前瞻性陳述的警示性聲明中更全面描述的結果存在重大差異。我們的收益新聞稿，投資者關係補充時間表和我們的非 GAAP 到 GAAP 對賬和電話會議演示幻燈片可以從我們的網站 www.oxy.com 下載。

I'll now turn the call over to Vicki.

我現在將把電話轉給 Vicki。

Vicki, please go ahead.

維姬，請繼續。

Thank you, Jeff, and good morning, everyone.

謝謝你，傑夫，大家早上好。

I'm pleased to welcome you to our first earnings call since closing the acquisition of Anadarko on August 8. I'd like to thank our employees who are hard at work updating our development and capital spending plans and implementing our team-based structure across the combined organization with an emphasis on safety, collaboration, creativity and results.

自 8 月 8 日完成對阿納達科的收購以來，我很高興歡迎您參加我們的第一次財報電話會議。我要感謝我們的員工，他們努力更新我們的發展和資本支出計劃，並實施我們基於團隊的結構合併後的組織，強調安全、協作、創造力和結果。

Our integration and value capture team is working with our business units to capture synergies at an early stage so we can deliver the full potential of this transaction for our shareholders.

我們的整合和價值捕獲團隊正在與我們的業務部門合作，以在早期階段獲得協同效應，以便我們能夠為我們的股東提供這項交易的全部潛力。

As we work through the integration process, we become more confident every day in our ability to fully realize annual capital, overhead and OpEx synergies of $2 billion, which I'll provide more detail on in a few minutes.

隨著我們完成整合過程，我們每天都對完全實現 20 億美元的年度資本、管理費用和運營支出協同效應的能力越來越有信心，我將在幾分鐘內提供更多詳細信息。

For those of you who know Oxy well, you'll see our third quarter financial statements include a number of changes due to the completion of the Anadarko acquisition mid-quarter.

對於那些非常了解 Oxy 的人，您會看到我們的第三季度財務報表包括由於季度中期完成對 Anadarko 的收購而發生的一些變化。

Our income and cash flow statements capture legacy Oxy results for a full quarter and include legacy Anadarko results as well as consolidated WES results for only 53 days.

我們的收入和現金流量表記錄了整個季度的傳統 Oxy 結果，包括傳統的 Anadarko 結果以及僅 53 天的綜合 WES 結果。

WES is now consolidated in our financial statements as a fourth operating segment, and our balance sheet reflects the consolidated company, including WES as of September 30.

WES 現在作為第四個運營部門併入我們的財務報表，我們的資產負債表反映了合併後的公司，包括截至 9 月 30 日的 WES。

For transparency for our shareholders, we have provided a schedule in our earnings release, breaking out key financial and operational information from Oxy and WES on a stand-alone basis.

為了我們股東的透明度，我們在收益發布中提供了一個時間表，單獨列出了 Oxy 和 WES 的關鍵財務和運營信息。

As our financial statements do not include a full quarter of legacy Anadarko and WES results, we understand that Street consensus was not able to reconcile all of the line items affected by the acquisition this quarter, for example, DD&A, tax and interest.

由於我們的財務報表不包括整個季度的傳統 Anadarko 和 WES 結果，我們理解 Street 共識無法協調本季度受收購影響的所有項目，例如 DD&A、稅收和利息。

Going to Slide 4. Oxy's complementary assets and the alignment of our upstream, chemical and midstream businesses, including our ability to compete in a low-carbon world, position us for full-cycle success.

轉到幻燈片 4。Oxy 的互補資產以及我們上游、化學和中游業務的一致性，包括我們在低碳世界中競爭的能力，使我們能夠在全週期取得成功。

Our leadership in each area where we operate, combined with our enhanced portfolio of high-return, short-cycle cash-flow-generating assets will facilitate profitable free cash flow growth, which we will utilize to reduce debt and also to return additional cash to shareholders.

我們在我們經營的每個領域的領導地位，加上我們增強的高回報、短週期現金流產生資產組合，將促進盈利的自由現金流增長，我們將利用它來減少債務，並將額外的現金返還給股東。

The substantial free cash flow we will generate in higher price environments, combined with our ability to pay a sector-leading dividend throughout lower commodity price environments, is unmatched.

我們將在價格較高的環境中產生的大量自由現金流，加上我們在商品價格較低的環境中支付行業領先股息的能力，是無與倫比的。

Post acquisition, Oxy's diversified portfolio provides numerous competitive advantages.

收購後，Oxy 的多元化產品組合提供了眾多競爭優勢。

Oxy is now the largest oil and gas leaseholder in the United States on a net acreage basis, providing us with ample opportunities in the Permian, DJ, Powder River and the Gulf of Mexico to selectively deploy capital in a way that optimizes capital intensity.

Oxy 現在是美國最大的石油和天然氣租賃商（按淨面積計算），這為我們在二疊紀、DJ、粉河和墨西哥灣提供了充足的機會，以優化資本密集度的方式選擇性地部署資本。

Oxy was the largest U.S. producer of oil and liquids on a combined company basis in the first half of 2019.

在 2019 年上半年，Oxy 是美國最大的石油和液體生產商。

This will allow us to maximize cash margins on a BOE basis, especially when taking our advantaged midstream position into account.

這將使我們能夠在京東方的基礎上最大限度地提高現金利潤率，特別是在考慮到我們有利的中游地位時。

Through the acquisition, we acquired approximately 450,000 square miles of modern 3D seismic data in our core domestic development areas.

通過此次收購，我們在國內核心開發區獲得了約 450,000 平方英里的現代 3D 地震數據。

This included a 40% increase in our already extensive Permian seismic inventory.

這包括我們已經廣泛的二疊紀地震庫存增加了 40%。

The advantages that Oxy's diversified portfolio provides, coupled with our unmatched subsurface characterization ability and the execution excellence that Oxy is known for, ensures that we are positioned for full-cycle success in the years ahead.

Oxy 的多元化產品組合所提供的優勢，加上我們無與倫比的地下表徵能力和 Oxy 聞名的卓越執行能力，確保我們在未來幾年內為全週期成功做好準備。

As we continue our integration efforts, we are aligning WES to work seamlessly with Oxy's upstream business.

隨著我們繼續我們的整合工作，我們正在使 WES 與 Oxy 的上游業務無縫合作。

We're standing WES up as a more independent operation and to improve operating performance to benefit both Oxy's upstream business and WES, inclusive of enabling WES to be more competitive for third-party business.

我們將 WES 作為一個更獨立的運營商站起來，並提高運營績效，以使 Oxy 的上游業務和 WES 受益，包括使 WES 在第三方業務中更具競爭力。

We're also evaluating alternatives that could result in the deconsolidation of WES in the future.

我們還在評估未來可能導致 WES 分拆的替代方案。

However, we expect to retain a significant economic interest in WES for the foreseeable future as we recognize their tremendous value that WES provides, and we plan to drive long-term value for both companies.

然而，由於我們認識到 WES 提供的巨大價值，我們預計在可預見的未來將保留對 WES 的重大經濟利益，並且我們計劃為兩家公司推動長期價值。

Before providing additional details on synergy capture, I want to turn to the excellent operational results that our businesses continue to deliver.

在提供有關協同捕獲的更多詳細信息之前，我想談談我們的業務繼續提供的出色運營成果。

Since completing the acquisition of Anadarko, we continue to make quick progress towards fully achieving our post-acquisition divestiture and deleveraging goals.

自完成對阿納達科的收購以來，我們繼續在全面實現收購後資產剝離和去槓桿目標方面取得快速進展。

During the third quarter, we divested our Plains interest for net proceeds of $650 million and closed the sale of our Mozambique LNG stake for $3.9 billion.

在第三季度，我們以 6.5 億美元的淨收益剝離了我們在平原的權益，並以 39 億美元的價格出售了我們的莫桑比克液化天然氣股份。

Upon completion of the divestitures contracted since May 2019, we will have essentially reached the lower end of our $10 billion to $15 billion divestiture goal net of taxes.

自 2019 年 5 月以來簽訂的資產剝離合同完成後，我們將基本達到 100 億美元至 150 億美元資產剝離目標的稅後下限。

We applied the proceeds from our closed divestitures toward reducing debt and have already eliminated our 2020 debt maturities.

我們將關閉資產剝離的收益用於減少債務，並且已經消除了 2020 年到期的債務。

I'm very proud of the progress our teams have made over the last few months.

我為我們的團隊在過去幾個月中取得的進步感到非常自豪。

We know that we have more to do on the deleveraging front, and I look forward to being able to make that additional announcement as we move forward towards the top end of our goal.

我們知道我們在去槓桿方面還有更多工作要做，我期待在我們朝著目標的高端邁進時能夠做出額外的宣布。

Our integration and value capture efforts are proceeding exceptionally well without shifting focus away from our core business, which is evident from our strong third quarter operational results.

我們的整合和價值獲取工作進展順利，沒有將重點從我們的核心業務轉移，這從我們強勁的第三季度運營業績中可以看出。

Oxy continues to deliver the best wells in the basin, having delivered 25 of the top 100 wells in the Delaware Basin while drilling less than 7% of the total wells.

Oxy 繼續提供盆地中最好的井，在特拉華盆地的前 100 口井中提供了 25 口井，而鑽井量不到總井的 7%。

We accomplished this using less proppant than peers, which results in lower cost for us.

我們使用比同行更少的支撐劑來實現這一點，從而降低了我們的成本。

We also design our developments with a full cycle -- with a life cycle approach using appropriate well spacing that we expect to deliver optimal results now and in the future.

我們還設計了一個完整的開發週期——採用生命週期方法，使用適當的井距，我們希望在現在和將來提供最佳結果。

While we tend to highlight the Permian as it is a growth asset for us, all of our businesses continue to perform well.

雖然我們傾向於強調二疊紀，因為它是我們的增長資產，但我們所有的業務都繼續表現良好。

Since the close of the Anadarko acquisition, single day or monthly production records have been set in the Gulf of Mexico, DJ, Al Hosn and Permian Resources for both legacy Anadarko and Oxy assets.

自 Anadarko 收購結束以來，墨西哥灣、DJ、Al Hosn 和 Permian Resources 的傳統 Anadarko 和 Oxy 資產均創下單日或月產量記錄。

This demonstrates the quality and expertise of both the former Oxy and Anadarko employees as they stay laser-focused on delivering superior results even during this integration process.

這證明了前 Oxy 和 Anadarko 員工的質量和專業知識，因為即使在此集成過程中，他們也始終專注於提供卓越的結果。

As proud as I am of all of our teams for the operational excellence they have maintained during integration, I'm even more pleased with our outstanding safety record.

儘管我為我們所有團隊在整合過程中保持卓越運營感到自豪，但我對我們出色的安全記錄更加滿意。

Our teams are continuing to look for ways to further improve our safety performance as operating safely is and will continue to be a core value for us.

我們的團隊正在繼續尋找方法來進一步提高我們的安全績效，因為安全運營現在並將繼續是我們的核心價值。

Our consistent industry-leading operational results, combined with our ability to fully deliver on value capture, positions us for a full-cycle success and enhances our ability to generate increased excess free cash flow to reduce debt and to return cash to shareholders.

我們始終如一的行業領先運營業績，加上我們全面實現價值捕獲的能力，使我們能夠在整個週期內取得成功，並增強我們產生更多超額自由現金流以減少債務並向股東返還現金的能力。

Returning excess capital to our shareholders is a part of Oxy's DNA.

將多餘的資本返還給我們的股東是 Oxy DNA 的一部分。

In the third quarter, we returned approximately $600 million to shareholders.

第三季度，我們向股東返還了大約 6 億美元。

Going to Slide 7. I'm thankful to have had the opportunity to engage with many of our shareholders over the past few months to discuss the free cash flow potential of the new Oxy.

轉到幻燈片 7。我很高興在過去幾個月有機會與我們的許多股東接觸，討論新 Oxy 的自由現金流潛力。

Interest in our 2020 capital plan is high.

對我們 2020 年資本計劃的興趣很高。

While we typically do not release our full year capital budget until our fourth quarter earnings call, we're able to provide many details of our 2020 capital plan this morning.

雖然我們通常在第四季度財報電話會議之前不會發布全年資本預算，但今天早上我們能夠提供 2020 年資本計劃的許多細節。

Our 2020 capital budget of $5.3 billion to $5.5 billion will deliver expected annual total company production growth of 2%.

我們 2020 年 53 億至 55 億美元的資本預算將使公司的總產量預計每年增長 2%。

This represents an approximate reduction of $3.6 billion from Anadarko's and Oxy's combined 2019 capital budgets.

這意味著 Anadarko 和 Oxy 的 2019 年合併資本預算大約減少了 36 億美元。

When we communicated our annual synergy target of $2 billion, we also stated that capital spending would be reduced by $1.5 billion, lowering our company-wide annual production growth from approximately 10% to 5%.

當我們傳達 20 億美元的年度協同效應目標時，我們還表示資本支出將減少 15 億美元，將我們全公司的年產量增長率從大約 10% 降低到 5%。

We have gone further than this for 2020.

2020 年，我們走得更遠。

We anticipate that the combination of lower capital spending and production growth will generate greater free cash flow, enhanced by our industry-leading capital efficiency, which I'll touch on shortly.

我們預計，較低的資本支出和生產增長的結合將產生更大的自由現金流，這將通過我們行業領先的資本效率得到增強，我將在稍後談到。

2020 production growth on the company level will be driven by Permian Resources, while we expect production from other areas to be flat or grow at a reduced rate compared to 2019.

2020 年公司層面的產量增長將由二疊紀資源推動，而我們預計其他地區的產量與 2019 年相比將持平或增長放緩。

We expect Permian Resources production to grow by approximately 5% in 2020, operating 15 gross rigs and 8 net rigs.

我們預計二疊紀資源的產量將在 2020 年增長約 5%，運營 15 個總鑽機和 8 個淨鑽機。

The rough breakout for specific areas is 5 rigs in new Mexico; 6 to 7 in legacy Anadarko, Texas Delaware; and 3 to 4 in the Midland Basin JV.

特定區域的粗略突破是新墨西哥州的 5 個鑽井平台；德州特拉華州傳統阿納達科的 6 到 7 分；和 3 至 4 在米德蘭盆地合資企業。

In the DJ, our plan represents approximately 3 operated wells -- rigs.

在 DJ 中，我們的計劃代表大約 3 口已運營的油井——鑽井平台。

As Permian Resources shale production becomes a larger portion of our total oil and gas production, we expect our oil and gas base decline rate to increase to 25% in 2020.

隨著二疊紀資源頁岩產量在我們的油氣總產量中佔比越來越大，我們預計 2020 年我們的油氣基礎遞減率將增至 25%。

However, we do not expect our base decline rate to continue to increase in future years given our moderated growth rate.

然而，鑑於我們的增長率放緩，我們預計未來幾年我們的基本下降率不會繼續增加。

Similar to 2019, our 2020 capital program is dominated by short-cycle investments.

與 2019 年類似，我們 2020 年的資本計劃以短週期投資為主。

At approximately $35 WTI, our 2020 program would generate a double-digit rate of return.

WTI 價格約為 35 美元，我們的 2020 年計劃將產生兩位數的回報率。

Oxy remains flexible throughout the commodity cycle, and if necessary, in less than 6 months, we can reduce capital spending to sustaining levels.

Oxy 在整個商品週期中保持靈活性，如有必要，在不到 6 個月的時間內，我們可以將資本支出減少到維持水平。

Looking past 2020, we know that capital discipline will continue to be important to investors.

展望 2020 年，我們知道資本紀律對投資者將繼續很重要。

Our intent is to cap our annual production growth at an average of 5% as we balance the vast opportunities in our portfolio with growing free cash flow.

我們的目的是將我們的年產量增長限制在平均 5%，因為我們平衡了投資組合中的巨大機會和不斷增長的自由現金流。

Our planned activity in 2020 should enable us to grow production by 5% annually in 2021 with a capital budget of $6.6 billion.

我們計劃在 2020 年開展的活動將使我們能夠在 2021 年以 66 億美元的資本預算每年將產量增長 5%。

As for 2019, capital discipline, as always, is intact at Oxy as we remain on track to spend within our combined capital budget of $8.6 billion, excluding Africa.

至於 2019 年，Oxy 的資本紀律一如既往地完好無損，因為我們仍有望在不包括非洲的 86 億美元的合併資本預算內支出。

Since the acquisition closed, we've had the opportunity to take a deeper dive into the company that's combined, Oxy Anadarko, and are as excited today as we have been at any time during the last 2 years about the opportunities in front of us.

自收購完成以來，我們有機會更深入地了解合併後的公司 Oxy Anadarko，並且今天我們對我們面前的機會感到興奮，就像我們在過去 2 年中的任何時候一樣興奮。

Through the strength of our combined companies, we've identified approximately 150 specific capital synergy initiatives across our enhanced portfolio, which we plan to incorporate into our development plans.

通過我們合併後的公司的實力，我們在我們增強的投資組合中確定了大約 150 項具體的資本協同計劃，我們計劃將其納入我們的發展計劃。

Applying these initiatives will lower well costs by $3.1 million per well in Texas Delaware and by $600,000 per well in the DJ Basin.

應用這些舉措將使德克薩斯特拉華州的每口井成本降低 310 萬美元，DJ 盆地的每口井成本降低 600,000 美元。

In drilling and completions, we are implementing efficient development concepts utilizing Oxy drilling dynamics to improve the trajectory of the bid and wellbore, which reduces drill times and costs.

在鑽井和完井中，我們正在實施有效的開發概念，利用 Oxy 鑽井動力學來改善投標和井眼的軌跡，從而減少鑽井時間和成本。

For example, we expect to improve our drilling rates or footage drilled per day in the Texas Delaware about 35%.

例如，我們希望將德州特拉華州每天的鑽井速度或鑽井進尺提高約 35%。

The technical work completed by all of our teams to identify savings initiatives and to improve well productivity has been outstanding, and I'm extremely confident in our ability to execute and realize the full synergy targets.

我們所有團隊為確定節約舉措和提高油井生產率而完成的技術工作非常出色，我對我們執行和實現全部協同目標的能力非常有信心。

On Slide 10, we provide a bottom-up view of the $605 million of drilling and completion synergies based on expected savings per well and estimated 2021 net well counts to achieve annual production growth of 5% in 2021.

在幻燈片 10 中，我們根據每口井的預期節省和估計的 2021 年淨井數在 2021 年實現 5% 的年產量增長，提供了 6.05 億美元的鑽井和完井協同效應的自下而上視圖。

On Slide 11, in addition to realizing $900 million in capital synergies, Oxy's best-in-class capital intensity is expected to continue to improve.

在幻燈片 11 上，除了實現 9 億美元的資本協同效應外，Oxy 一流的資本密集度預計將繼續提高。

This often underappreciated measure of operational excellence and competitive advantage truly sets Oxy's capabilities in the Permian apart from other operators.

這種通常被低估的卓越運營和競爭優勢的衡量標準確實將 Oxy 在二疊紀的能力與其他運營商區分開來。

As a reminder, capital intensity is defined as the total net annual capital required for 1,000 net barrels per day of average annual wedge production.

提醒一下，資本密集度被定義為平均每年楔形生產 1,000 桶/天所需的總淨年度資本。

Fully capturing our capital synergies and improving our overall capital intensity through faster time to market and better well performance will contribute to driving efficient wedge growth, enabling Oxy to deliver expected production growth of 5% in 2021 with $6.6 billion in capital.

充分利用我們的資本協同效應並通過更快的上市時間和更好的油井性能提高我們的整體資本密集度，將有助於推動有效的楔形增長，使 Oxy 能夠在 2021 年以 66 億美元的資本實現預期的 5% 的產量增長。

We've been a top performer in capital intensity for multiple years, and we will substantially improve the capital efficiency of our newly combined Permian Resource portfolio.

多年來，我們在資本密集度方面一直名列前茅，我們將大幅提高新合併的二疊紀資源組合的資本效率。

We expect the largest improvement in intensity to originate from legacy Anadarko Delaware acreage, along with continued improvements from legacy Oxy acreage.

我們預計強度的最大改善來自傳統的 Anadarko Delaware 種植面積，以及傳統 Oxy 種植面積的持續改善。

Our unmatched Permian capital intensity reflects significant improvements in time-to-market through our efficient operations and SIMOPS planning, applying Oxy's advanced subsurface characterization to improve well results and limit inference to reduce infrastructure costs in our legacy acreage from the reuse of existing facilities and the high grading of inventory as well as implementing our Midland Basin joint venture with Ecopetrol.

我們無與倫比的二疊紀資本密集度反映了通過我們的高效運營和 SIMOPS 規劃顯著縮短了上市時間，應用 Oxy 先進的地下表徵來改善油井結果並限制推斷，以通過重複利用現有設施和減少我們遺留土地的基礎設施成本和高等級的庫存以及實施我們與 Ecopetrol 的米德蘭盆地合資企業。

In 2020, improvement in capital intensity is aided by the deceleration in capital spending.

2020 年，資本密集度的改善得益於資本支出的放緩。

Moving into 2021, we will maintain our intensity in the low 20s -- $20 million range, even when production grows from Permian Resources is increased to support annual company production growth of 5%.

進入 2021 年，即使二疊紀資源的產量增加以支持公司每年 5% 的產量增長，我們仍將保持在 20 多歲——2000 萬美元的範圍內的強度。

While this example applies to our Permian Resources business, we continue to make notable productivity and efficiency gains across all business segments.

雖然這個例子適用於我們的二疊紀資源業務，但我們繼續在所有業務領域取得顯著的生產力和效率提升。

We will highlight some of the exciting initiatives in our other areas in next quarter's earnings call.

我們將在下一季度的財報電話會議中重點介紹我們其他領域的一些令人興奮的舉措。

On Slide 12, overhead synergies will be derived from aligning our workforce to meet the current needs of our company and carving out costs related to assets that will be divested in reducing real estate and other costs.

在幻燈片 12 上，間接費用協同效應將來自於調整我們的員工隊伍以滿足我們公司當前的需求，並削減與資產相關的成本，這些資產將被剝離以減少房地產和其他成本。

In terms of reducing OpEx, Permian cash operating costs continue to be at the lowest they've been in a decade, driven by our long-term, high-return investments, including facilities and infrastructure.

在降低運營支出方面，二疊紀現金運營成本繼續處於十年來的最低水平，這得益於我們的長期、高回報投資，包括設施和基礎設施。

We expect this trend to continue, especially with our large footprint in the Permian.

我們預計這一趨勢將繼續下去，尤其是在我們在二疊紀的巨大足蹟的情況下。

On Slide 13, as I mentioned earlier, we have had many initiatives underway to fully capture the synergies promised.

正如我之前提到的，在幻燈片 13 上，我們已經採取了許多舉措來充分發揮所承諾的協同效應。

You can see on our energy tracker, we've already made progress in adding both overhead and capital synergies.

您可以在我們的能源跟踪器上看到，我們已經在增加間接費用和資本協同效應方面取得了進展。

While our progress in realizing synergies may not be linear, we will continue to provide updates so investors are able to clearly see our progress each quarter.

雖然我們在實現協同效應方面的進展可能不是線性的，但我們將繼續提供更新，以便投資者能夠清楚地看到我們每個季度的進展。

Turning to Permian Resources.

轉向二疊紀資源。

We again delivered the highest number of top wells in the Delaware Basin on a 6- and 12-month cumulative basis, and we continue to drive significant productivity improvements.

在 6 個月和 12 個月的累計基礎上，我們再次在特拉華盆地交付了最高數量的頂井，並且我們繼續推動顯著的生產力提高。

We also continued to reach new milestones, including a record 10,000-foot lateral drilled in only 10.7 days and a record 267 completion stages in 1 month completed by one frac team.

我們還繼續達到新的里程碑，包括僅用 10.7 天就完成了創紀錄的 10,000 英尺橫向鑽探，以及一支壓裂團隊在 1 個月內完成了創紀錄的 267 個完井階段。

This is a record for Oxy and also for our main frac provider in the Permian.

這是 Oxy 的記錄，也是我們二疊紀主要壓裂供應商的記錄。

Following my earlier comment on safety, I'd like to draw attention to our New Mexico completions team, which went in an entire year without a single OSHA recordable incident for employees and contractors.

在我之前關於安全的評論之後，我想提請注意我們的新墨西哥完井團隊，他們在整整一年中都沒有發生任何針對員工和承包商的 OSHA 可記錄事件。

That includes over 2 million work hours, conducting high-pressure frac operations without an incident.

其中包括超過 200 萬小時的工作時間，無事故地進行高壓壓裂作業。

This is a remarkable achievement.

這是一項了不起的成就。

The next slide reinforces our unique development approach and subsurface expertise, one of the key factors that continuously enables us to deliver the best wells while using less proppant than others, resulting in significant capital savings.

下一張幻燈片強化了我們獨特的開發方法和地下專業知識，這是使我們能夠持續提供最好的井，同時使用比其他人更少的支撐劑，從而顯著節省資金的關鍵因素之一。

Oxy's combined acreage portfolio supports nearly 1/3 of the top wells in the Delaware Basin, including Anadarko's 6 record wells.

Oxy 的總面積組合支持特拉華盆地近 1/3 的頂級油井，包括 Anadarko 的 6 口創紀錄的油井。

The subsurface potential in the acquired acreage is prolific, and we can't wait to unlock more top wells using our development expertise, combined with Anadarko's best practices.

收購面積的地下潛力是多產的，我們迫不及待地利用我們的開發專業知識和阿納達科的最佳實踐來開發更多的頂級油井。

I'll now hand the call over to Cedric, who will walk you through our financial results and updated guidance.

我現在將電話轉給 Cedric，他將向您介紹我們的財務業績和更新的指導。

Thanks, Vicki.

謝謝，維姬。

As we move forward as a combined company, our commitment to capital discipline and returning capital to shareholders remains unchanged.

隨著我們作為一家合併後的公司向前發展，我們對資本紀律和向股東返還資本的承諾保持不變。

We remain on track to spend within our full year pro-forma combined capital budget of $8.6 billion, excluding Africa.

我們仍有望在不包括非洲的 86 億美元全年備考合併資本預算內支出。

Furthermore, we have an established -- we have established a capital budget for 2020 that we expect will fully optimize free cash flow and position us to grow production in a capital-efficient manner while maintaining the safety of our dividend.

此外，我們已經制定了 2020 年的資本預算，我們預計該預算將充分優化自由現金流，並使我們能夠以資本效率的方式增加產量，同時保持股息的安全性。

In the third quarter, we returned $600 million of cash to shareholders through our dividend.

第三季度，我們通過股息向股東返還了 6 億美元現金。

Protecting our dividend is a top priority, and we look forward to continuing to return significant capital to our shareholders.

保護我們的股息是重中之重，我們期待繼續向股東返還大量資本。

Continuing with our third quarter results, taking into account the mid-quarter completion of the acquisition, we announced adjusted earnings of $0.11 per diluted share and reported a loss of $1.08 per diluted share.

繼續我們的第三季度業績，考慮到本季度中期的收購完成，我們宣布調整後每股攤薄收益為 0.11 美元，並報告每股攤薄收益虧損 1.08 美元。

The difference between adjusted and reported results is mainly due to the $969 million of one-time costs related to the Anadarko acquisition and $325 million of oil and gas impairment charges.

調整後結果與報告結果之間的差異主要是由於與收購 Anadarko 相關的一次性成本為 9.69 億美元，以及石油和天然氣減值費用為 3.25 億美元。

With respect to our segments, Oil and Gas adjusted income decreased in the third quarter compared to the prior quarter, mainly due to lower International production and lower realized oil prices.

就我們的部門而言，第三季度石油和天然氣調整後的收入與上一季度相比有所下降，主要是由於國際產量下降和實際油價下降。

Total third quarter reported production from continuing operations of 1.1 million BOEs per day included contributions from legacy Anadarko operations of 377,000 BOEs per day.

第三季度報告的持續運營每天 110 萬桶油當量的總產量包括來自阿納達科傳統業務的貢獻，每天 377,000 桶桶油。

As Vicki mentioned, all of our U.S. upstream businesses are performing exceptionally well, with several single day or monthly average production records having been set since completion of the acquisition.

正如 Vicki 所提到的，我們所有的美國上游業務都表現得非常好，自收購完成以來已經創下了數個單日或月平均產量記錄。

Oxy's legacy Permian Resources operations exceeded guidance with production of 300,000 BOEs per day due to best-in-class well results and execution.

由於一流的油井結果和執行力，Oxy 的傳統二疊紀資源運營超過了指導水平，每天生產 300,000 個 BOE。

Actual production of 655,000 BOEs per day for Anadarko's legacy U.S. businesses exceeded guidance of 585,000 to 630,000 BOEs per day due to improved operability in the DJ, Permian and Gulf of Mexico.

由於 DJ、二疊紀和墨西哥灣的可操作性提高，阿納達科在美國的傳統業務每天實際生產 655,000 BOE，超過了每天 585,000 至 630,000 BOE 的指導。

To assist investors with reconciling reported and pro-forma production for the third quarter, we have included a table in the appendix of this presentation, breaking down actual total company production of 1.4 million BOEs per day by operating area.

為了幫助投資者核對第三季度的報告和備考產量，我們在本報告的附錄中包含了一個表格，按運營區域劃分了公司每天 140 萬桶的實際總產量。

OxyChem surpassed guidance with income of $207 million for the third quarter despite vinyl margins coming under pressure from increased ethylene costs, which were driven higher by industry-wide ethylene cracker downtime.

OxyChem 第三季度的收入超過了預期，達到 2.07 億美元，儘管乙烯利潤受到乙烯成本增加的壓力，乙烯成本增加是由全行業的乙烯裂解裝置停機造成的。

Higher ethylene costs were offset by stronger sales and production across most product lines.

大多數產品線的銷售和生產強勁抵消了較高的乙烯成本。

Our Marketing and other Midstream business reported third quarter adjusted income of $155 million, excluding $111 million gain on the sale of our Plains interest driven by a Midland-to-MEH differential of approximately $5.30.

我們的營銷和其他中游業務報告第三季度調整後收入為 1.55 億美元，其中不包括因米德蘭與 MEH 之間約 5.30 美元的差異而出售我們平原權益的 1.11 億美元收益。

Compared to the second quarter, the decrease in earnings was largely driven by the narrowing of the Midland-to-MEH differential impacting Marketing margins.

與第二季度相比，收益下降主要是由於米德蘭與 MEH 差異縮小影響營銷利潤率。

As the differential compresses and impacts Marketing income, currently, 70% of the impact will be realized as an income benefit to the upstream business.

由於差價壓縮和影響營銷收入，目前，70%的影響將作為對上游業務的收入收益來實現。

For the fourth quarter, we have provided guidance on a combined company basis and expect Permian Resources growth to slow as we have begun moderating our capital spend going into 2020.

對於第四季度，我們在合併公司的基礎上提供了指導，並預計二疊紀資源的增長將放緩，因為我們已經開始緩和到 2020 年的資本支出。

Fourth quarter International guidance reflects the termination of the Idd El Shargi North and South Dome contracts in Qatar in early October.

第四季度國際指導反映了 10 月初在卡塔爾終止的 Idd El Shargi North 和 South Dome 合同。

The continuous improvements we are making are evident in our operational results and outlook.

我們正在進行的持續改進在我們的運營結果和前景中顯而易見。

Our revised fourth quarter production guidance represents an increase of 28,000 BOEs per day compared to the implied fourth quarter guidance provided in Oxy's second quarter earnings call and the updated guidance we released for legacy Anadarko operations in early August.

與 Oxy 第二季度財報電話會議中提供的隱含第四季度指導以及我們在 8 月初發布的遺留阿納達科業務的更新指導相比，我們修訂的第四季度生產指導意味著每天增加 28,000 個 BOE。

Pro-forma production guidance for full year 2019 is included in a table in the appendix to this presentation.

2019 年全年的備考生產指南包含在本演示文稿附錄的表格中。

As has been the case in previous years, fourth quarter guidance for OxyChem is not representative of our full year outlook as chloro-vinyls -- as the chloro-vinyls market is typically subject to seasonal factors in the fourth quarter each year.

與往年一樣，OxyChem 第四季度的指引並不代表我們對氯乙烯的全年展望——因為氯乙烯市場通常在每年第四季度受到季節性因素的影響。

In the third quarter, we applied the proceeds from our sale of Mozambique asset and Plains interest as well as free cash flow from Algeria and Ghana, to pay down $4.9 billion in debt.

第三季度，我們利用出售莫桑比克資產和平原權益的收益以及來自阿爾及利亞和加納的自由現金流來償還 49 億美元的債務。

We have now retired all of our debt maturities for 2020, and will apply proceeds from future sales to retire debt due in 2021 and beyond.

我們現在已將 2020 年到期的所有債務都退還，並將利用未來銷售的收益來償還 2021 年及以後到期的債務。

As we continue to apply asset divestiture proceeds and free cash flow to debt reduction, we will update the debt-reduction tracker shown on Slide 20 so that investors can see our progress in meeting our divestiture target of $10 billion to $15 billion net of taxes and in deleveraging.

隨著我們繼續將資產剝離收益和自由現金流用於減債，我們將更新幻燈片 20 中顯示的減債跟踪器，以便投資者可以看到我們在實現 100 億至 150 億美元的稅後剝離目標方面取得的進展，以及在去槓桿。

I look forward to continuing to provide updates on our progress on both of these fronts.

我期待繼續提供有關我們在這兩個方面的進展的最新信息。

I will now turn the call back over to Vicki.

我現在將把電話轉回給 Vicki。

Thank you, Cedric.

謝謝你，塞德里克。

As a leader in our industry, Oxy must drive improvement on all fronts, including reducing emissions.

作為我們行業的領導者，Oxy 必須推動所有方面的改進，包括減少排放。

In the coming quarters, we will provide updates on the progress our Low Carbon Ventures business is making and supplying anthropogenic or man-made CO2 to the Permian for the purpose of carbon utilization and sequestration.

在接下來的幾個季度中，我們將提供有關我們的低碳風險投資業務的最新進展，並為二疊紀提供人為或人造二氧化碳，以實現碳利用和封存。

While Low Carbon Ventures is leading our strategy to produce the lowest carbon barrel of oil, we are also reducing greenhouse gas emissions.

在低碳風險投資公司引領我們生產最低碳桶石油的戰略的同時，我們也在減少溫室氣體排放。

We are doing so by working to eliminate routine flaring, monitoring infrastructure for methane emissions and reducing miles driven by transporting supplies into the Permian via rail through our Aventine Logistics Hub.

為此，我們正在努力消除常規燃燒，監測基礎設施的甲烷排放，並減少通過我們的 Aventine 物流中心通過鐵路將物資運輸到二疊紀所行駛的里程。

On an annualized basis, we reduced 1.9 million truck miles per year, which is equivalent to 1,700 metric tons of CO2 reductions.

按年計算，我們每年減少了 190 萬英里的卡車行駛里程，相當於減少了 1,700 公噸的二氧化碳排放量。

Also in this quarter, in the Permian Basin, we brought online the largest solar facility in the state of Texas that directly supports oil and gas operations.

同樣在本季度，在二疊紀盆地，我們將德克薩斯州最大的太陽能設施上線，該設施直接支持石油和天然氣的運營。

The latest publicly available emissions data shows that on a like-for-like basis, Oxy is a leader in greenhouse gas emission intensity in the Permian.

最新的公開排放數據顯示，在同類基礎上，Oxy 在二疊紀溫室氣體排放強度方面處於領先地位。

While we are pleased to be ahead of peers on this metric, we are not satisfied with where we are, and we're committed to continue working on reducing emissions across all of our assets.

雖然我們很高興在這一指標上領先於同行，但我們對目前的情況並不滿意，我們致力於繼續致力於減少我們所有資產的排放。

Going to Slide 23.

轉到幻燈片 23。

To Oxy, being an innovative and sustainable energy leader means maintaining leadership in each area that we operate.

對於 Oxy，成為創新和可持續的能源領導者意味著在我們經營的每個領域保持領先地位。

Our teams are relentlessly focused on value creation through the application of advanced technical excellence, applied technology, breakthrough innovation and operations and capital execution, all of which helped to make us a lower-cost operator and will translate into higher-margin free cash flow growth.

我們的團隊堅持不懈地專注於通過應用先進技術、應用技術、突破性創新和運營以及資本執行來創造價值，所有這些都有助於使我們成為成本更低的運營商，並將轉化為更高利潤的自由現金流增長.

The cash will be used to delever the near term and to return more cash to shareholders through a balance of our dividend and share repurchases in the future.

現金將用於短期去槓桿化，並在未來通過我們的股息和股票回購餘額向股東返還更多現金。

Sustainability also means planning for the future, which we do through the lens of a best-in-class operator with an unmatched portfolio of world-class assets.

可持續發展還意味著規劃未來，我們通過擁有無與倫比的世界級資產組合的一流運營商的視角來進行規劃。

Our focused portfolio includes multiple decades of high-return, short-to-medium cycle development opportunities that will include primary, secondary and tertiary recovery options.

我們專注的投資組合包括數十年的高回報、中短週期開發機會，其中包括初級、二級和三級恢復選項。

The diversity of our enhanced portfolio strengthens our strategy to operate profitably in a low carbon world.

我們增強的產品組合的多樣性加強了我們在低碳世界中實現盈利的戰略。

The combination of technical and operations excellence applied over a vast set of diverse assets and a strategy to lower our carbon footprint sets us apart from other energy companies.

技術和運營卓越的結合應用於大量不同的資產以及降低碳足蹟的戰略，使我們與其他能源公司區分開來。

This will enable us to further strengthen our value proposition and ensure our success and sustainability long into the future.

這將使我們能夠進一步加強我們的價值主張，並確保我們在未來很長一段時間內取得成功和可持續發展。

In closing, I want to stress how much potential our newly combined company now has in terms of what we can achieve both financially and operationally.

最後，我想強調一下我們新合併的公司現在在財務和運營方面的潛力有多大。

There is much to look forward to for our shareholders and for Oxy.

我們的股東和 Oxy 有很多期待。

And now we'll open it up for questions, and while we're lining up the questions, I do want to give a shout-out to our DJ Basin team for also achieving record production.

現在我們將公開提問，在我們整理問題的同時，我確實想向我們的 DJ Basin 團隊大聲疾呼，因為他們也實現了唱片製作。

Our DJ Basin team achieved almost 301,000 barrels a day just here recently, so we're excited about what they're doing and the improvements they're making and the commitment they have to operational excellence.

我們的 DJ Basin 團隊最近就在這裡實現了近 301,000 桶的日產量，因此我們對他們正在做的事情、他們正在做出的改進以及他們對卓越運營的承諾感到興奮。

Now we'll move to the first question.

現在我們將轉到第一個問題。

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

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

So my first question is on the synergy targets, and it seems like you've made some really good progress so far post the integration.

所以我的第一個問題是關於協同目標，在整合之後，您似乎已經取得了一些非常好的進展。

I think the additional detail on the specific drivers of synergies is definitely helpful.

我認為關於協同作用的具體驅動因素的額外細節肯定是有幫助的。

It seems like you identified a lot of clear items that get you to the overall targets.

您似乎確定了許多明確的項目，可以幫助您實現總體目標。

My question is more on -- now that we're a few months into the deal post close, what you identified or what opportunities you've seen that might be incremental to or different than your expectations going into the deal, and specifically, if those might drive upside over time?

我的問題更多的是——現在我們在交易完成幾個月後，你發現了什麼或你看到的機會可能會增加或不同於你對交易的預期，特別是，如果那些可能會隨著時間的推移而上漲？

And as part of that, I was hoping you could address some of the difference in capital efficiency between some of the legacy Anadarko, Permian wells and Oxy.

作為其中的一部分，我希望你能解決一些遺留的阿納達科、二疊紀井和 Oxy 之間的資本效率差異。

And how much, if any, improvement in that productivity is baked into the synergy targets and also 2020 guidance?

協同目標和 2020 年指導中包含多少（如果有的話）生產力的提高？

Well, what we baked into our synergy targets were the things that we knew about, the things that we could see.

好吧，我們納入協同目標的是我們知道的事情，我們可以看到的事情。

And in the Permian Basin, we had the data there so we knew that we had the opportunity to significantly lower cost and to do that through a combination of our drilling expertise and our subsurface characterization.

在二疊紀盆地，我們擁有那裡的數據，因此我們知道我們有機會通過結合我們的鑽井專業知識和地下特徵來顯著降低成本。

So we've looked at that.

所以我們已經看過了。

Our teams have delved into that.

我們的團隊對此進行了深入研究。

That's why we're very, very confident of the Permian Resources synergies that we've outlined.

這就是為什麼我們對我們概述的二疊紀資源協同效應非常非常有信心。

We know that we can achieve those there.

我們知道我們可以在那裡實現這些目標。

In the DJ, not only based on what we knew with respect to our Oxy drilling dynamics, we've been incredibly impressed with what the team up there is doing from a drilling perspective.

在 DJ 中，不僅基於我們對 Oxy 鑽井動態的了解，而且從鑽井的角度來看，我們對那裡的團隊所做的工作印象深刻。

They're -- and also completions.

它們是——也是完成。

They have started to work their completions differently, and they are bringing some best practices that we believe are really advanced.

他們已經開始以不同的方式完成他們的工作，並且他們帶來了一些我們認為非常先進的最佳實踐。

We think that we can still improve that with the subsurface characterization that we've applied to the resources business.

我們認為我們仍然可以通過我們應用於資源業務的地下特徵來改善這一點。

But I would say on an operational perspective, from drilling and completing, those guys are doing a great job, and they're doing a great job operationally, which is how they achieved their record production of almost 301,000 barrels here in the last couple of weeks.

但我想說的是，從操作的角度來看，從鑽井和完井來看，這些傢伙做得很好，他們在操作上也做得很好，這就是他們在過去幾年裡實現了近 301,000 桶的創紀錄產量的原因。週。

So what we're really excited about is that now that we've had a chance to work together, the 2 teams, we're coming up with more synergies.

所以我們真正感到興奮的是，現在我們有機會一起工作，這兩個團隊，我們正在想出更多的協同作用。

The ones that we identified in my script and the ones that we had counted on initially to deliver what we expected are -- we already had a little bit more than those because we wanted a little bit of cushion to ensure that we did deliver what we said we would.

我們在我的劇本中確定的那些，以及我們最初指望交付我們期望的那些——我們已經比那些多一點，因為我們想要一點緩衝來確保我們確實交付了我們所期望的。說我們會的。

But now I'm really excited about what Anadarko's expertise is bringing to the table for us.

但現在我對阿納達科的專業知識為我們帶來的東西感到非常興奮。

And I believe that, that's going to be exciting news when we could roll it out.

我相信，當我們能夠推出它時，這將是一個令人興奮的消息。

What we need to do first is quantify the value that it's going to add, but we know that they have some best practices that are really important to us.

我們首先需要做的是量化它將增加的價值，但我們知道他們有一些對我們非常重要的最佳實踐。

One, I can tell you that's not even related to the shale is their seismic interpretation.

一，我可以告訴你，甚至與頁岩無關的是他們的地震解釋。

Some of the things they're doing there are very, very impressive, and we're going to be applying that to some of our international operations.

他們在那裡所做的一些事情非常非常令人印象深刻，我們將把它應用到我們的一些國際業務中。

Got it.

知道了。

Great.

偉大的。

And just to clarify on the Permian operation.

只是為了澄清二疊紀的操作。

So as we think about the 2020 plan, how quickly can you implement some of the Oxy best practices, subsurface characterization, drilling techniques into the Anadarko development program?

因此，當我們考慮 2020 年計劃時，您能多快將一些 Oxy 最佳實踐、地下表徵、鑽井技術實施到阿納達科開發計劃中？

When might we see some of those productivity improvements show up as we move through 2020 and beyond?

隨著我們進入 2020 年及以後，我們何時才能看到其中的一些生產力改進？

Well, what we have found is that the subsurface work, that's going to be pretty immediate because those guys are starting to work that now.

好吧，我們發現地下工作，這將是非常直接的，因為那些人現在開始工作了。

So from a completion cost perspective, that will start happening right away.

因此，從完成成本的角度來看，這將立即開始。

Now the results of that, the improved recovery per well, you'll see that have a bigger impact from a production standpoint next year, but we'll see the efficiency improvements in using less proppant to still manage to frac and complete more effectively.

現在的結果是，每口井的採收率提高，你會看到明年從生產的角度來看會產生更大的影響，但我們會看到使用更少的支撐劑來提高效率，從而更有效地壓裂和完井。

That will start happening as we start drilling on the Anadarko acreage in a big way.

當我們開始在阿納達科大面積鑽探時，這將開始發生。

The Oxy drilling dynamics, everywhere we've rolled it out, even internally, it takes a little while to get the teams used to it so that they can start to make it happen and work for them.

Oxy 鑽井動力學，無論我們在哪裡推出，甚至在內部推出，都需要一段時間讓團隊習慣它，以便他們可以開始實現它並為他們工作。

There's always a little bit of a learning curve with that, but we do expect that we will achieve that process by the first quarter of 2020 for it to start taking hold.

總有一點學習曲線，但我們確實希望我們將在 2020 年第一季度實現這一過程，以便它開始站穩腳跟。

And so by the mid to later part of 2020, you'll start seeing, I believe, some improved drilling in the Permian, along with the efficiencies of the completions by midyear.

因此，到 2020 年中後期，我相信你會開始看到二疊紀的鑽探有所改善，以及到年中完井的效率。

So that by the end of the year, I'm quite confident that, that drilling and completion program will be much improved.

因此，到今年年底，我非常有信心，鑽完井計劃將得到很大改善。

Excellent.

優秀的。

I look forward to seeing the progress there.

我期待看到那裡的進展。

And I have one more on a separate topic, and that's just on some of the asset sale and leverage reduction targets.

我還有一個關於單獨主題的內容，這只是關於一些資產出售和降低杠桿目標。

So I mean, you've achieved the lower end of the $10 billion to $15 billion target so far.

所以我的意思是，到目前為止，你已經實現了 100 億至 150 億美元目標的下限。

I was wondering if you could comment just on the overall market or backdrop for these additional divestitures, what your thinking is on the opportunities there.

我想知道您是否可以僅就這些額外資產剝離的整體市場或背景發表評論，您對那裡的機會有何看法。

And then I understand it might be hard to comment, but any additional color on how you see that deconsolidation of WES potentially playing out with the intention of, as you mentioned, containing or retaining a large economic ownership but deconsolidating some of the debt and overall financials there.

然後我知道這可能很難發表評論，但是任何關於你如何看待 WES 的分拆可能會發揮作用的額外色彩，如你所提到的那樣，包含或保留大量經濟所有權，但分拆一些債務和整體那裡的財務。

Okay.

好的。

I'll just say that one thing that we really want people to understand is that we are very focused.

我只想說，我們真正希望人們理解的一件事是我們非常專注。

We're very intense on ensuring that we get the asset sales done because we believe we must get our debt down.

我們非常重視確保完成資產出售，因為我們相信我們必須降低債務。

That's an internal target.

那是一個內部目標。

We talk about it every day.

我們每天都在談論它。

We're getting help throughout the entire organization because I don't think there are very many of our employees that you wouldn't walk up to and that they wouldn't be able to tell you that the highest priority we have as a company is to save every dollar that we can save and to become as efficient as we can be, as quickly as we can be, because making sure that we have the dollars either from cash flow or asset sales to lower the debt is critically important for us.

我們在整個組織中都得到了幫助，因為我認為我們的員工中沒有很多是你不會走近他們的，他們也無法告訴你我們作為一家公司的最高優先級是節省我們可以節省的每一美元，並儘可能快地提高效率，因為確保我們有來自現金流或資產出售的美元來降低債務對我們來說至關重要.

And just as when we first rolled out our plan to achieve cash flow neutrality at $40, we had a plan to do that in 2 years, and we made that promise to the shareholders.

正如我們第一次推出以 40 美元實現現金流中性的計劃一樣，我們計劃在 2 年內做到這一點，我們向股東做出了這個承諾。

As you all know, we achieved that 6 months ahead of schedule, and we did that because our teams are incredibly focused and determined to deliver results and to deliver what we say we'll deliver.

眾所周知，我們提前 6 個月實現了這一目標，我們這樣做是因為我們的團隊非常專注並決心交付成果並交付我們所說的我們將交付的內容。

We're taking that same intensity to this debt reduction.

我們對減債採取同樣的力度。

So we are approaching asset sales very aggressively and intently.

因此，我們正在非常積極和專注地進行資產出售。

But with that said, one of the things that we're not doing is we're not compromising on the value that we can get from those assets, and so we're balancing both of those.

但話雖如此，我們沒有做的一件事是我們不會損害我們可以從這些資產中獲得的價值，因此我們正在平衡這兩者。

And I feel confident that with, not only the intensity that we're approaching it, but the creativity that I hope we've shown you all in the way that we've approached the asset divestitures thus far.

而且我相信，不僅我們正在處理它的強度，而且我希望我們以迄今為止我們處理資產剝離的方式向大家展示的創造力。

So we will -- there will be some creativity.

所以我們會——會有一些創造力。

There will be some things that you might not expect, but none of those we can talk about or we compromise our ability to make it happen.

會有一些你可能不會想到的事情，但我們不能談論這些事情，或者我們會損害我們實現它的能力。

So I appreciate you recognizing that.

所以我很感激你認識到這一點。

With respect to WES, I'm going to hand it over to Oscar to tell you a little bit more about how we're thinking about that.

關於WES，我將把它交給Oscar 來告訴你更多關於我們是如何考慮的。

Sure.

當然。

And as Vicki made earlier comments, obviously, we're focused on the integration right now and helping WES improve operations and really become more competitive, not only with the supporter of Oxy's upstream operations, but with third-party operations.

正如 Vicki 之前所說的那樣，顯然，我們現在專注於整合，幫助 WES 改善運營並真正變得更具競爭力，不僅與 Oxy 上游運營的支持者，而且與第三方運營。

So all that's ongoing.

所以這一切都在進行中。

We've been working with our auditors to focus on the accounting deconsolidation of WES.

我們一直在與我們的審計師合作，專注於 WES 的會計分拆。

So there's some work to do, but we think we can do that pretty quickly and really not changed too much our ownership interest in WES.

所以還有一些工作要做，但我們認為我們可以很快地做到這一點，而且我們對 WES 的所有權利益並沒有太大的改變。

And so as Vicki said, we have the option to retain a substantial stake in WES economically both in terms of ownership, but also, obviously, we're tied together as their largest customer going forward.

正如 Vicki 所說，我們可以選擇在經濟上保留 WES 的大量股份，無論是在所有權方面，而且，顯然，我們作為他們未來最大的客戶被捆綁在一起。

So all that's progressing just fine, and we hope to have some news on that in the near future.

所以一切進展順利，我們希望在不久的將來有一些關於這方面的消息。

I will add to that.

我會補充一點。

I'm really excited about the new management team at WES.

我對 WES 的新管理團隊感到非常興奮。

They're very operationally focused, and they're working on -- that's why I said the part about picking up third-party volumes, they're really focused on improving operations and efficiencies and being a really strong competitor to other midstream businesses in the Permian.

他們非常注重運營，他們正在努力——這就是為什麼我說關於增加第三方交易量的部分，他們真正專注於提高運營和效率，並成為其他中游企業的強大競爭對手二疊紀。

Our next question comes from Ryan Todd with Simmons Energy.

我們的下一個問題來自 Simmons Energy 的 Ryan Todd。

Great.

偉大的。

Maybe to follow-up.

也許要跟進。

At a high level, is it fair to characterize the large cuts to the 2020 program as an effort to demonstrate your priorities in terms of deleveraging in dividend and the 2021 plus outlook as a normalization of the business?

在較高的層面上，將 2020 年計劃的大幅削減描述為努力展示您在股息去槓桿方面的優先事項以及將 2021 年加前景作為業務正常化的努力是否公平？

And if that's the case, what sort of checkpoints would you have to see to normalize things again versus staying in belt-tightening mode?

如果是這樣的話，你必須看到什麼樣的檢查點才能再次使事情正常化，而不是保持緊縮狀態？

Is commodity price, hitting certain checkpoint on debt metrics?

商品價格是否達到債務指標的某個檢查點？

What would you have to see to kind of renormalize in 2021?

在 2021 年，你必須看到什麼才能重新規範化？

Or not?

或不？

Todd, thank you.

托德，謝謝。

You just answered the question for me.

你剛剛為我回答了這個問題。

So thank you for that, but it really goes more beyond just trying to get back to normal.

所以謝謝你，但它真的不僅僅是試圖恢復正常。

What we really would need to look at and evaluate when we get closer to 2021 is how oil prices look, what we've achieved on the debt reduction and what we've achieved with respect to the synergies and also how well our teams are performing from an efficiency standpoint.

當我們接近 2021 年時，我們真正需要關注和評估的是油價的走勢、我們在減債方面取得的成就、我們在協同效應方面取得的成就以及我們的團隊表現如何從效率的角度來看。

All of those factors will be considered as we go and move toward 2021 because the reality is that we don't have to be at the 5% right away.

在我們邁向 2021 年時，所有這些因素都將被考慮在內，因為現實情況是我們不必馬上達到 5%。

What we wanted people to know is that, over time, the 5% is what we believe is the right growth percentage to enable us to, not only start to grow our dividend more meaningfully again, but to also be able to, at the same time, return cash to our shareholders through buybacks.

我們想讓人們知道的是，隨著時間的推移，我們認為 5% 是正確的增長百分比，使我們不僅能夠再次開始更有意義地增加股息，而且能夠同時時間，通過回購將現金返還給我們的股東。

Okay.

好的。

And on the leverage side, is there anything that you're looking at to say kind of until we get to this place, we'll probably keep things tight.

在槓桿方面，在我們到達這個地方之前，你有什麼想說的嗎？我們可能會保持緊張。

I would say that we have aggressive internal targets, and if we haven't met those, then that would play a big role in what we do in 2021.

我想說我們有積極的內部目標，如果我們沒有實現這些目標，那麼這將在我們 2021 年的工作中發揮重要作用。

Okay.

好的。

And maybe a follow-up on the 2020 plan.

也許是 2020 年計劃的後續行動。

I mean, should we think about everything outside of the Permian Resources as being held roughly flat from a production point of view with all the growth coming from the Permian Resources?

我的意思是，我們是否應該將二疊紀資源以外的所有事物都視為從生產的角度來看大致持平，而所有增長都來自二疊紀資源？

And if that's the case, under a normalization to $6.6 billion in 2021, do some of these other assets, Rockies, EOR, et cetera, kind of return to growth?

如果是這樣的話，在 2021 年正常化到 66 億美元的情況下，其他一些資產（落基山脈、EOR 等）會恢復增長嗎？

Or does the majority of that incremental capital will just go back to Permian?

還是大部分增量資本會回到二疊紀？

I guess on a multi-year view, should we think of ex Permian Resources as being largely held flat?

我想從多年的角度來看，我們是否應該認為前二疊紀資源基本持平？

Or will we see growth outside of the Permian?

或者我們會看到二疊紀以外的增長嗎？

What we like to do with our teams internally is let them compete for capital, and they have to compete for capital by submitting projects that can beat the Permian.

我們喜歡在內部對我們的團隊做的是讓他們競爭資金，他們必須通過提交可以擊敗二疊紀的項目來競爭資金。

And actually, we have -- we believe that some of those projects, both in Oman, Abu Dhabi, Colombia, the DJ and probably in about 2 to 3 years, the Powder River, we believe -- and Gulf of Mexico.

實際上，我們有 - 我們相信其中一些項目，無論是在阿曼、阿布扎比、哥倫比亞、DJ 並且可能在大約 2 到 3 年內，我們相信粉河 - 和墨西哥灣。

Looking at the data that we see now and the performance that we see, the margins and the returns, our returns from almost -- from everything that we have the opportunity to invest dollars in is double digits at $40 or above.

看看我們現在看到的數據和我們看到的表現，利潤率和回報，我們的回報幾乎——來自我們有機會投資美元的所有東西，都是 40 美元或以上的兩位數。

And so we have -- this is what -- this is the value of this tremendous portfolio we have today.

所以我們 - 這就是 - 這就是我們今天擁有的這個巨大投資組合的價值。

We have lots of options.

我們有很多選擇。

We have lots of flexibility.

我們有很大的靈活性。

And what the teams have to do is they just have to make their projects competitive enough to get the dollars.

團隊所要做的就是讓他們的項目有足夠的競爭力來獲得資金。

And ultimately, the way I see it now, in a $6.6 billion environment and by 2021, essentially, we would be potentially growing all of our areas, except Gulf of Mexico and maybe Powder River.

最終，按照我現在的看法，在 66 億美元的環境中，到 2021 年，基本上，除了墨西哥灣和波德河之外，我們所有的地區都有可能發展。

But certainly, all the other areas would have the opportunity to grow because of the projects that they have in their inventory today.

但可以肯定的是，由於他們今天的庫存項目，所有其他領域都有機會增長。

Our next question comes from Paul Cheng with Scotiabank.

我們的下一個問題來自豐業銀行的 Paul Cheng。

Vicki, you -- earlier, you said that -- from your standpoint, 5% is the wide growth rate.

Vicki，你 - 早些時候，你說過 - 從你的角度來看，5% 是廣泛的增長率。

Can you elaborate why 5%?

你能詳細說明為什麼是5%嗎？

I mean, given the size of the company, today and long-term or demand growth looks like it's going to be 1% or below.

我的意思是，鑑於公司的規模，今天和長期或需求增長看起來將是 1% 或更低。

I think the market is actually will be more happy if you grow at 3% instead of 5%.

我認為如果你以 3% 而不是 5% 的速度增長，市場實際上會更快樂。

It would be -- commodity prices always come into play when we're deciding what our growth rate would be.

它將是——當我們決定我們的增長率時，商品價格總是會發揮作用。

And what I -- a better way for me to say it is that we're going to average a 5% growth rate on the average over time.

而我——對我來說更好的說法是，隨著時間的推移，我們將平均保持 5% 的增長率。

So in those times when commodity prices because of weaker demand, we would grow at a lower rate.

因此，在商品價格因需求疲軟而上漲的時候，我們將以較低的速度增長。

So we're going to adjust.

所以我們要進行調整。

And I think at one time, we showed a chart that showed that we would potentially grow from a certain oil price to a different oil price above which that our growth would be capped.

而且我認為有一次，我們展示了一張圖表，該圖表顯示我們可能會從某個油價增長到另一個油價，高於該油價我們的增長將受到限制。

We'll have that same scenario going forward.

我們將有同樣的情況繼續前進。

And as we delever and get back to the scenario where we'll start taking into account the opportunities to grow at that 5% cap, then we'll start looking at those metrics and providing those to you again.

隨著我們去槓桿化並回到我們將開始考慮以 5% 的上限增長的機會的場景，然後我們將開始查看這些指標並再次向您提供這些指標。

But it really depends on commodity prices, efficiencies, where we are from a leverage standpoint.

但這實際上取決於大宗商品價格、效率，以及從槓桿的角度來看我們所處的位置。

And I guess, what I'm really trying to say is that once we put all the variables in our model and we run the various scenarios, it's -- at the end of the day, it's a value calculation.

我想，我真正想說的是，一旦我們將所有變量放入模型中並運行各種場景，它就是 - 歸根結底，這是一個價值計算。

And whatever creates the most value is -- and then delivers the most return to the shareholders is what we'll do.

創造最大價值的東西是——然後為股東帶來最大的回報是我們要做的。

But just my two cents is that given the increasing number of the journalists, there's a concern about the long-term oil demand outlook and correspondingly, that the longer-term commodity prices.

但我的兩分錢是，鑑於記者人數的增加，人們對長期石油需求前景感到擔憂，相應地，對長期大宗商品價格也感到擔憂。

The notion saying that we grow at 5%, I think the easy way to look at it is that most investors today probably want one bird in hand and 2 birds in the bushes.

說我們以 5% 的速度增長的概念，我認為簡單的看法是，今天大多數投資者可能想要一隻手在手，兩隻鳥在灌木叢中。

The second question, quick one on Permian, how much is your percent of your land position, just in the federal land?

第二個問題，關於二疊紀的快速問題，在聯邦土地上，你的土地佔有率是多少？

And how much of your production today is in the federal land?

你今天有多少作品是在聯邦土地上生產的？

So in the Permian Resources business, we have a very low percentage of what is total federal lands.

因此，在二疊紀資源業務中，我們在聯邦總土地中所佔的比例非常低。

I can't remember overall.

整體記不太清了。

I think our overall percentage is about 2%.

我認為我們的總體百分比約為 2%。

Let me hand this to Jeff.

讓我把這個交給傑夫。

He's got those numbers.

他有這些數字。

Yes.

是的。

So domestically, of our 14 million acres, 2 million of that is federal, but half of that is offshore.

所以在國內，在我們的 1400 萬英畝土地中，有 200 萬英畝是聯邦的，但其中一半是離岸的。

So if you think of onshore, about 1 million acres is federal.

因此，如果您考慮陸上，大約 100 萬英畝是聯邦的。

And if you go to the Permian, about 270,000 acres across the Permian.

而如果去二疊紀，橫跨二疊紀大約有27萬英畝。

And then if you continue to narrow that down into the Delaware Basin, that's where people want to talk about the most, approximately 20% of our acreage in the Delaware Basin is on federal land.

然後，如果您繼續將範圍縮小到特拉華盆地，那是人們最想談論的地方，我們在特拉華盆地的大約 20% 的土地位於聯邦土地上。

And if you look at the DJ, it's less than 1%.

如果你看看 DJ，它不到 1%。

It's very, very small there.

那裡非常非常小。

Our next question is from Pavel Molchanov with Raymond James.

我們的下一個問題來自雷蒙德詹姆斯的帕維爾莫爾查諾夫。

On the low-carbon initiatives, as I look at the slide breaking out your 2020 CapEx, if it's there, it seems awfully small so I thought I would just ask.

關於低碳計劃，當我查看您的 2020 年資本支出的幻燈片時，如果它在那裡，它似乎非常小，所以我想我只是問一下。

What level of funding you're planning to allocate to the low-carbon effort this coming year?

您計劃在來年為低碳工作分配多少資金？

Our strategy for Low Carbon Ventures is more around a target and goal of the activities and what we need to accomplish.

我們的低碳風險投資戰略更多地圍繞活動的目標和目標以及我們需要完成的工作。

And how we accomplish that with respect to a capital standpoint is a part of the Low Carbon Ventures team.

從資本的角度來看，我們如何實現這一目標是低碳風險投資團隊的一部分。

Strategic initiatives is to look at the best way to fund those.

戰略舉措是尋找為這些舉措提供資金的最佳方式。

I -- ultimately, I'm so excited about this business because this is a win-win-win business in that we are going to be able to lower emissions both in the United States and in the other areas that we operate while also taking the anthropogenic CO2 and using it to increase oil production, thereby creating value for royalty owners, for the states and for the country in which we operate, wherever it is.

我——最終，我對這項業務感到非常興奮，因為這是一項雙贏的業務，因為我們將能夠在美國和我們經營的其他地區降低排放量，同時採取人為的二氧化碳，並利用它來增加石油產量，從而為特許權所有者、州和我們經營所在的國家創造價值，無論它在哪裡。

And in addition to that, we're going to be able to ultimately, in my view, make -- and our team's view, make a business of this in that we will be able to build this into a business that generates cash flow and earnings for our shareholders.

除此之外，在我看來，我們最終將能夠——以及我們團隊的觀點，將其打造為一項業務，因為我們將能夠將其打造成為一項能夠產生現金流和為我們的股東帶來收益。

So the way we intend to do that is a bit -- at this point, something that's proprietary in terms of how we want to -- how we think about it and how we're building that to happen.

所以我們打算這樣做的方式有點 - 在這一點上，就我們想要的方式而言，這是專有的 - 我們如何思考它以及我們如何構建它來實現。

But it's a win-win-win, and it's a great -- the team is doing just a great job in making this happen.

但這是雙贏的，而且很棒——團隊在實現這一目標方面做得很好。

And we've made some investments in some new technologies.

我們已經對一些新技術進行了一些投資。

Those have been direct investments.

這些都是直接投資。

We have a -- one of those was Net Power, which generates a lower cost of electricity and still provides a CO2 stream, almost pure CO2 stream for use in enhanced oil recovery.

我們有一個——其中之一是淨電力，它產生的電力成本較低，並且仍然提供二氧化碳流，幾乎是純二氧化碳流，用於提高石油採收率。

And the other thing we've invested in, and we've even announced that we will build, we're evaluating building one of the largest or the largest direct air capture unit in the world in the Permian.

我們投資的另一件事，我們甚至宣布我們將建造，我們正在評估在二疊紀建造世界上最大或最大的直接空氣捕獲裝置之一。

And what that will do is take CO2 from the atmosphere, and we can then use that in our enhanced oil recovery projects.

這將做的是從大氣中吸收二氧化碳，然後我們可以將其用於我們的提高石油採收率項目。

And the reason all of this is so important to use in enhanced oil recovery rather than sequestration is that using it in an oil reservoir still sequesters about 40% of what you're cycling every time you cycle through the reservoir, so you get the sequestration part of it.

所有這些對於提高石油採收率而不是封存來說如此重要的原因是，在油藏中使用它仍然可以封存大約 40% 的你每次循環通過油藏時循環的東西，所以你得到了封存一部分。

But what you also do is by using that, you're able to generate a lower-carbon intensity barrel of oil.

但是，您還可以通過使用它來生產低碳強度的每桶石油。

And so the -- I believe that for the world, the last barrel of oil produced in the world, whenever that happens, should come from a CO2-enhanced oil recovery reservoir because then it will be a net lower emission barrel.

所以——我相信，對於世界而言，無論何時發生，世界上生產的最後一桶石油都應該來自二氧化碳增強的石油採收率儲層，因為那樣它將是一個淨排放量較低的桶。

And our teams are working toward that, and they've got some very creative commercial ways to deal with it.

我們的團隊正在朝著這個方向努力，他們有一些非常有創意的商業方法來處理它。

That's helpful.

這很有幫助。

And then lastly, on the Board changes or the changes in the charter that you outlined at the very end of your slides today.

最後，關於董事會變更或您在今天幻燈片末尾概述的章程變更。

Do these proposals that will be voted on next year potentially settle the disagreement with Icahn?

這些將在明年投票的提案是否有可能解決與伊坎的分歧？

I'll say that when Mr. Icahn brought up the concerns he had, these were a part of his concerns.

我會說，當伊坎先生提出他的擔憂時，這些是他擔憂的一部分。

And that's one of the things that is -- a result of him bringing up is the reason we looked at it.

這就是其中一件事 - 他提出的結果是我們關注它的原因。

We're not out to settle anything with this.

我們不打算解決這個問題。

What we're out to do is just to do the right thing for our shareholders, and we felt like he brought up an issue that we needed to address, and the Board did that.

我們要做的只是為我們的股東做正確的事，我們覺得他提出了一個我們需要解決的問題，而董事會做到了。

And the Board has actually gone further than that.

董事會實際上走得更遠。

We -- I'm -- not only are we responding to shareholder feedback on the 2 proposals to lower the percentage required for a special meeting, but also the procedure lowering the requirement for the written consent vote as well.

我們 - 我是 - 我們不僅回應了股東對降低特別會議所需百分比的 2 項提案的反饋，而且還回應了降低書面同意投票要求的程序。

But what I'm even more excited about is what the Board has done with respect to the creation of a committee now that specifically addresses ESG, and specifically addresses it in a way that engages the Board more with the shareholders.

但更令我興奮的是，董事會在創建一個專門處理 ESG 的委員會方面所做的工作，並以一種使董事會與股東更多地接觸的方式專門解決它。

So what's sometimes missed in what that proposal was is it's yet to -- they're going to focus on the ESG things that fall sort of in between the Health, Environmental and Safety Committee and the Governance Committee.

因此，有時在該提案中遺漏的是尚未實現的內容——他們將專注於介於健康、環境和安全委員會和治理委員會之間的 ESG 事務。

So there are some things that we were struggling with, where do we include that, who takes the ownership of that.

所以有些事情我們一直在努力解決，我們在哪裡包括它，誰擁有它。

So creating this committee clearly has a committee on our Board focused on our specific ESG initiatives that are not really so much safety- or environmental-related, and those that are not specifically governance-related puts them in this committee.

因此，創建這個委員會顯然在我們的董事會中有一個委員會，專注於我們的具體 ESG 舉措，這些舉措與安全或環境無關，而那些與治理無關的舉措則將它們置於該委員會中。

So this committee is going to be focused on that.

所以這個委員會將專注於此。

But the other things that our Chairman wants this committee to do is be a lot more engaged with the shareholders, both on the ESG side and on the portfolio management side to ensure that they are more engaged to know how our shareholders think, what are the topics that are top of mind for them.

但我們的主席希望這個委員會做的其他事情是在 ESG 方面和投資組合管理方面與股東進行更多的接觸，以確保他們更多地參與了解我們的股東的想法，什麼是他們最關心的話題。

And if there are issues that we need to address, they're getting that feedback now directly.

如果有我們需要解決的問題，他們現在可以直接獲得反饋。

And so I think that's been a huge change for us, and I think it's going to be a positive thing for all of our shareholders going forward.

所以我認為這對我們來說是一個巨大的變化，我認為這對我們所有的股東來說都是一件好事。

Our next question comes from Brian Singer with Goldman Sachs.

我們的下一個問題來自高盛的 Brian Singer。

With regards to the Permian, you talked about the rig split earlier.

關於二疊紀，您之前談到了鑽機拆分。

But can you talk a little bit more with regards to how you view the Anadarko Permian properties competing relative to the legacy Oxy Permian properties?

但是，您能否多談談您如何看待阿納達科二疊紀資產與傳統的氧二疊紀資產競爭？

And to the degree that you were to ramp back post 2020 to deliver a 5% growth rate, would that ramp-up occur more from Anadarko side versus the Oxy side?

如果您要在 2020 年後恢復以實現 5% 的增長率，那麼這種增長會更多地發生在 Anadarko 方面而不是 Oxy 方面嗎？

I think our Southeast New Mexico area still remains, I believe, the top and the best that we have.

我認為我們的新墨西哥州東南部地區仍然是我們擁有的頂級和最好的地區。

And I believe the legacy Anadarko acreage is going to be very close in line, not even a second, maybe a 1B in terms of the priority.

而且我相信傳統的阿納達科種植面積將非常接近，甚至不到一秒，就優先級而言可能是 1B。

The acreage is really, really good.

種植面積真的很好。

Subsurface is excellent.

次表面非常好。

So I would say that our Texas Barilla Draw area would be probably second.

所以我想說我們的德州巴里拉抽獎區可能是第二個。

And so behind 1A in Southeast New Mexico, 1B in legacy Anadarko acreage.

因此，位於新墨西哥州東南部的 1A 和 Anadarko 傳統種植區的 1B 之後。

Great.

偉大的。

And then to follow-up on the earlier question with regards to WES, I think in the past, Oxy said that the process to improve performance operationally could be done by early 2020.

然後跟進前面關於 WES 的問題，我認為過去，Oxy 表示，提高運營績效的過程可以在 2020 年初完成。

Is that still the case?

還是這樣嗎？

Or what do you see -- and what do you see as the scope of the improvement and how you would measure success?

或者你看到了什麼——你認為改進的範圍是什麼以及你將如何衡量成功？

And then one additional one on that thread is I think you commented on the potential for deconsolidation, but retention of economic interest.

然後在該線程上的另一個問題是，我認為您評論了分拆的潛力，但保留了經濟利益。

Does that mean that you would divest a portion, but not all of your interest in cede control?

這是否意味著您將放棄一部分，但不是您對放棄控制權的全部興趣？

Sorry, I know there were a lot of questions in there.

抱歉，我知道裡面有很多問題。

I would say I'll address the operations one and throw it to Oscar for the structural one.

我會說我將解決操作問題並將其交給 Oscar 用於結構問題。

But from an operations standpoint, what has been, I think, a huge change is the collaboration between the field upstream operations and the facilities guys and the WES team.

但從運營的角度來看，我認為一個巨大的變化是現場上游運營與設施人員和 WES 團隊之間的協作。

I think that what they did early on is they decided to have a team approach, how we're doing business today, how WES is doing their business, how we're interacting and where -- how we connect with them, and to look at ways to (inaudible) and improve efficiencies.

我認為他們早期所做的是他們決定採用團隊方法，我們今天如何開展業務，WES 如何開展業務，我們如何互動以及在哪裡 - 我們如何與他們聯繫，以及（聽不清）和提高效率的方法。

They've already outlined some specific things that they're addressing.

他們已經概述了他們正在解決的一些具體問題。

One of the deals was that we were a bit surprised by the downtime that WES had, and it's just kind of unacceptable to us to have that level of downtime.

其中一項交易是，我們對 WES 的停機時間感到有些驚訝，而且我們無法接受這樣的停機時間。

And so combining the current management team's perspective with their designee, working with the Oxy side of it, these teams now have come up with ways to specifically address the downtime and get the downtime much lower.

因此，將當前管理團隊的觀點與他們的指定人員結合起來，與 Oxy 方面合作，這些團隊現在已經想出了專門解決停機時間並大大縮短停機時間的方法。

And that's -- those are inexpensive barrels of just making sure that your uptime is the best that it can be.

那就是 - 這些都是便宜的桶，只是確保您的正常運行時間是最好的。

That's the quickest and easiest way to get barrels, and I think we'll start seeing -- we have to change some infrastructure first to make that happen.

這是獲得桶的最快和最簡單的方法，我想我們會開始看到 - 我們必須首先改變一些基礎設施才能實現這一目標。

So I think you'll start to see that happening in Q1 of 2020.

所以我認為你會在 2020 年第一季度開始看到這種情況。

And Oscar?

奧斯卡呢？

Sure.

當然。

It's Oscar.

是奧斯卡。

So on the deconsolidation front, one of the key things is the business -- WES has matured greatly over the years.

因此，在分拆方面，業務是關鍵之一——WES 多年來已經非常成熟。

And then everything that Vicki is talking about to improve operations and, most importantly, set up this company to really be aggressive in its ability to win third-party business, I think all those things are aligned with a company that can stand on its own, and being an independent company, and ultimately, a convenience for us is the deconsolidation on the accounting front.

然後 Vicki 談論的一切都是為了改善運營，最重要的是，建立這家公司以真正積極地贏得第三方業務的能力，我認為所有這些都與一家可以獨立存在的公司保持一致，作為一家獨立的公司，最終對我們來說方便的是會計方面的分拆。

So all those things align.

所以所有這些事情都是一致的。

In terms of the specifics on how much control Oxy would need to give up and is there a related need to sell down some interest -- economic interest in the company, we're still working that with our auditors.

關於 Oxy 需要放棄多少控制權的具體細節，以及是否有相關的需要出售一些利益——公司的經濟利益，我們仍在與審計師合作。

But the key is that the company can -- is getting the company to a place that has its own employees that can stand-alone its own officers, great operations, it's a complement to our businesses.

但關鍵是公司能夠——讓公司擁有自己的員工，可以獨立管理自己的官員，運營良好，這是對我們業務的補充。

And then again, the real growth upside, the next stage for WES, beyond what we can do and we'll continue to do with Oxy to support WES is the third-party business, which is one of the great opportunities there.

再說一次，真正的增長優勢，WES 的下一個階段，超出我們所能做的，我們將繼續與 Oxy 合作以支持 WES 是第三方業務，這是那裡的巨大機會之一。

So again, more to come on that, but that's where we stand today.

再說一次，還有更多的事情要做，但這就是我們今天的立場。

Our next question comes from Michael Hall with Heikkinen Energy Advisors.

我們的下一個問題來自 Heikkinen Energy Advisors 的 Michael Hall。

I just wanted to, I guess, review a little bit on the capital efficiency or intensity disclosures you provided on the Permian Resources business.

我想，我只是想回顧一下您在二疊紀資源業務中提供的資本效率或強度披露。

I'm just curious how you think about the ability to maintain that level of capital intensity, the 2020 level, as you think about kind of reentering more of a normalized or growth-type scenario in 2021.

我只是好奇你如何看待維持這種資本密集度水平的能力，即 2020 年的水平，因為你考慮在 2021 年重新進入更多的正常化或增長型情景。

Is that a kind of a sustainable level?

這是一種可持續的水平嗎？

Or is that being kind of dragged down by the slowdown in 2020?

還是因為 2020 年的經濟放緩而有所拖累？

Well, that was one of the things that we took into account, is that -- and when we decided to lower our capital, how it would impact 2021 was a factor that we thought about and considered.

嗯，這是我們考慮的一件事，那就是——當我們決定降低資本時，它將如何影響 2021 年是我們考慮和考慮的一個因素。

And so we do have a plan to on-board rigs, should we go back up in 2021.

因此，如果我們在 2021 年復工，我們確實有一個安裝鑽井平台的計劃。

We would make that decision at a point where it would give our teams the time to make that happen.

我們會在一個能讓我們的團隊有時間做到這一點的時候做出這個決定。

Because every time you shut down a rig and you release crews, you have the issue of bringing those crews back, getting them back to the efficiency level that they were when they shut down.

因為每次關閉鑽機並釋放工作人員時，都會遇到讓這些工作人員回來的問題，使他們恢復到關閉時的效率水平。

Obviously, you recognize that, and that's what your question is centered around.

顯然，您認識到這一點，這就是您的問題的中心。

We have a more robust process around doing that because it's always irritated us that even though we know it happens, that it always happens.

我們有一個更強大的過程來做這件事，因為它總是讓我們惱火，即使我們知道它會發生，但它總是會發生。

And so we try to -- we're trying to figure out now and have some people that are involved in trying to make that -- the reboot and the start-up, again, of a rig that's been idled to make that more efficient.

所以我們試圖——我們現在正試圖弄清楚，並讓一些人參與其中——重新啟動和啟動一個已經閒置的鑽機，以提高效率.

And so as we go toward 2021 and see how that's looking, we'll take the steps to try to get the -- that rig, whatever rigs that we bring on, up and running and without too much loss of efficiency initially.

因此，當我們邁向 2021 年並看看情況如何時，我們將採取措施嘗試獲得 - 那個鑽機，無論我們帶來什麼鑽機，啟動並運行，並且最初不會有太多的效率損失。

Did you have anything to add on that, Ken -- Jeff?

你有什麼要補充的嗎，肯——傑夫？

Yes.

是的。

So to add, Michael, I mean to your point, and Vicki commented in our script, we do expect 2021 plus the capital intensity to be in the low 20s.

所以補充一下，邁克爾，我的意思是你的意思，維姬在我們的劇本中評論說，我們確實預計 2021 年加上資本密集度將在 20 年代低點。

So as synergies flow through and all that, we expect that to be in that level as we go forward.

因此，隨著協同效應的流逝以及所有這些，我們希望在我們前進的過程中達到那個水平。

And if you spend time -- I know going through with our Permian Resources leadership, they've got very, very definitive goals to drive it down from there.

如果你花時間 - 我知道我們的二疊紀資源領導層，他們有非常非常明確的目標來推動它。

So I do think that is our new normal.

所以我確實認為這是我們的新常態。

That's helpful.

這很有幫助。

And then I guess, continuing on this thread.

然後我想，繼續這個線程。

What's the base decline on the Permian Resources business, I guess, exiting 2019 pro forma, the combined businesses?

我猜二疊紀資源業務的基數下降是多少，退出 2019 年的備考，合併後的業務？

And then how that looks coming out of 2020 as you look at it in these capital intensity figures?

然後，當您從這些資本密集度數據中看到 2020 年的情況時，情況如何？

Yes.

是的。

So without doing decline curve analysis on how it applies at cap intensity, I'll give you a couple of quick numbers.

因此，在不對其在上限強度下的應用進行下降曲線分析的情況下，我會給你幾個快速的數字。

So the base decline exit-to-exit for Permian Resources is in the mid- to high 30s.

因此，Permian Resources 退出到退出的基礎下降幅度在 30 年代中期至較高水平。

So say, about 37%.

所以說，大約37%。

But as you know, that's an exit-to-exit number.

但如您所知，這是一個出口到出口的數字。

And when we do the capital intensity calculation, we use the real decline, which is exponential.

當我們進行資本密集度計算時，我們使用的是實際下降，這是指數級的。

So it's not straight.

所以不是直的。

It's kind of concave.

有點凹啊

So just for easy math, if you think about the wedge we're adding in Permian Resources next year, there's about 105,000 barrels a day.

所以為了簡單的計算，如果你考慮一下我們明年在二疊紀資源中添加的楔子，每天大約有 105,000 桶。

So if you take the 2.2 billion, 105,000, that's what gets you to the $21 million capital intensity number.

所以如果你拿 22 億，105,000，這就是你得到 2100 萬美元的資本密集度數字。

Is that answer what you're looking for, Michael?

這就是你要找的答案嗎，邁克爾？

Yes.

是的。

And I guess I was also trying to understand like how that changes as you exit 2020 into 2021.

我想我也想了解當你從 2020 年退出到 2021 年時，情況會如何變化。

It seems that, that would be a tailwind to the...

看來，這將是順風車...

Actually, it improved.

實際上，它有所改善。

Yes, that's kind of what I was getting at.

是的，這就是我的意思。

I'm just trying to understand how...

我只是想了解如何...

Yes.

是的。

So that's the point.

這就是重點。

As the base gets bigger and that you have less of those new high-decline barrels coming on, that base decline actually improves as you head into 2020.

隨著基數越來越大，並且新的高跌幅桶越來越少，隨著您進入 2020 年，基數下降實際上會有所改善。

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

由於時間關係，這將結束我們的問答環節。

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

我想把會議轉回給 Vicki Hollub 做閉幕詞。

Yes, there's another couple of things we'd like to address before we go.

是的，在我們走之前，我們還有幾件事要解決。

But first, I wanted to pass it to Ken to -- there've been some questions offline about Gulf of Mexico.

但首先，我想把它傳遞給 Ken —— 有一些關於墨西哥灣的離線問題。

I'd like for him to share some info on that.

我想讓他分享一些這方面的信息。

Good morning.

早上好。

Thanks, Vicki.

謝謝，維姬。

So far, we're really excited about both the people and the assets.

到目前為止，我們對人員和資產都感到非常興奮。

The subsurface characterization opportunities, we believe, can lead to being able to extend the plateau with modest cost over a long period.

我們相信，地下表徵的機會可以導致能夠以適度的成本長期延長高原。

Our latest K2 well came in with really good logs, and it'll be on stream in Q1.

我們最新的 K2 井帶有非常好的原木，它將在第一季度投入使用。

Next year, we plan to spend $100 million on near-field exploration and also drill development wells from platforms.

明年，我們計劃斥資 1 億美元進行近場勘探，並從平台鑽探開發井。

Artificial lift synergies are something we didn't build into our thoughts, and it's something we're working on together as a team here, and we see that as real potential upside to come.

人工升降協同效應是我們沒有在我們的想法中建立的，這是我們在這裡作為一個團隊一起努力的事情，我們認為這是真正潛在的上升空間。

We see Gulf of Mexico as a long-term steady cash flow business that has great significance, and everything we've seen so far supports that.

我們將墨西哥灣視為一項具有重要意義的長期穩定現金流業務，到目前為止我們所看到的一切都支持這一點。

Okay.

好的。

Then lastly, I'd like to say that in closing, that we are really positioning Oxy for long-term success.

最後，我想說的是，最後，我們確實將 Oxy 定位為長期成功。

The acquisition of Anadarko has positioned us to more effectively address what I think are the 3 most critical issues facing our industry today.

收購 Anadarko 使我們能夠更有效地解決我認為當今行業面臨的 3 個最關鍵問題。

Those are climate change, geopolitical volatility and the regulatory environment in the U.S. So with the position that we have now, building on the fact that we're the largest handler of CO2 for enhanced oil recovery in the world, we intend to utilize now our position as the largest acreage holder in the United States, and with a vast amount of that being shale play to execute CO2 enhanced oil recovery in the shale.

這些是美國的氣候變化、地緣政治動盪和監管環境。因此，鑑於我們現在擁有的地位，基於我們是世界上最大的二氧化碳處理商以提高石油採收率這一事實，我們打算現在利用我們的作為美國最大的種植面積持有者，其中很大一部分是頁岩油，用於在頁岩中執行 CO2 提高石油採收率。

That will fit perfectly into our Low Carbon Ventures strategy and enables us to continue to grow and get the most out of the shale than anyone else over time.

這將完全符合我們的低碳風險投資戰略，並使我們能夠隨著時間的推移繼續發展並從頁岩中獲得最大收益。

And we think these -- that these assets sit perfectly, and they're perfectly compatible with the conventional assets that we'll be developing in Oman and the UAE over time.

我們認為這些 - 這些資產完美地放置，並且它們與我們將隨著時間的推移在阿曼和阿聯酋開發的傳統資產完美兼容。

So I think I'm really excited about our portfolio.

所以我認為我對我們的投資組合感到非常興奮。

We have an opportunity to continue to go into the future with the portfolio, the structure, the people and the sustainability to withstand oil price cycles while also maintaining a social license to operate globally in a low-carbon world.

我們有機會繼續通過投資組合、結構、人員和可持續性進入未來，以抵禦油價週期，同時保持在低碳世界中全球運營的社會許可。

So thank you all for your questions and for joining our call.

因此，感謝大家提出問題並加入我們的電話會議。

Have a good day.

祝你有美好的一天。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連接。