西方石油 (OXY) 2019 Q4 法說會逐字稿

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

早上好，歡迎參加西方石油公司 2019 年第四季度收益電話會議。

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

（操作員說明）請注意，正在記錄此事件。

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

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

Please go ahead.

請繼續。

Thank you, Alyssa.

謝謝你，艾莉莎。

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

大家早上好，感謝您參加西方石油公司 2019 年第四季度電話會議。

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; B.J. 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； B.J. Hebert，Oxychem 總裁；奧斯卡·布朗 (Oscar Brown)，戰略、業務開發和綜合供應部高級副總裁。

This morning, we will refer to slides available on the Investors section of our website.

今天早上，我們將參考我們網站投資者部分提供的幻燈片。

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

該演示文稿在幻燈片 2 上包含了關於今天上午電話會議中將做出的前瞻性陳述的警告性聲明。

I'll now turn the call over to Vicki.

我現在將電話轉給 Vicki。

Vicki, please go ahead.

維琪，請繼續。

Thank you, Jeff, and good morning, everyone.

謝謝你，傑夫，大家早上好。

The integration of our business into one cohesive Oxy is progressing extremely well.

我們的業務整合到一個有凝聚力的 Oxy 中進展非常順利。

We are ahead of schedule to fully capture value from our $2 billion synergy program.

我們提前從 20 億美元的協同計劃中充分獲取價值。

We have repaid approximately 1/3 of our debt related to the acquisition, and we have the best people in place to leverage our superior assets to deliver outstanding operational results.

我們已經償還了大約 1/3 與收購相關的債務，並且我們擁有最優秀的人才，可以利用我們的優勢資產來實現出色的運營業績。

As many of you may know, 2020 marks Oxy's 100-year anniversary.

眾所周知，2020 年是 Oxy 成立 100 週年。

Success over Oxy's first century was driven by technical expertise, the ability to adapt quickly and our ceaseless drive to lead our industry forward through innovative problem solving.

Oxy 第一個世紀的成功得益於技術專長、快速適應能力以及我們通過創新解決問題引領行業前進的不懈動力。

These same attributes, combined with our unique and defining approach to sustainability in a low-carbon world, will be integral to ensuring our leadership and success over the next 100 years.

這些相同的屬性，再加上我們在低碳世界中實現可持續發展的獨特且明確的方法，將成為確​​保我們在未來 100 年的領導地位和成功不可或缺的一部分。

Before I touch on the fourth quarter and value-capture progress, I'd like to thank our remarkable employees who continue to work hard and responsibly deliver excellent results, whether their focus is on drilling the best wells with industry-leading capital intensity, operating our chemical plants efficiently, maximizing product margins or delivering on our value capture and deleveraging targets.

在談到第四季度和價值獲取進展之前，我要感謝我們傑出的員工，他們繼續努力工作，負責任地交付出色的成果，無論他們的重點是以行業領先的資本強度鑽探最好的油井，還是運營我們的化工廠高效運轉，最大限度地提高產品利潤或實現我們的價值獲取和去槓桿化目標。

Our teams continue to lead with passion to drive positive results.

我們的團隊繼續充滿激情地領導，以取得積極的成果。

Every day, our people demonstrate that they are exceptional at what they do, while achieving the best safety performance in our history.

每一天，我們的員工都在證明自己在工作中表現出色，同時實現了我們歷史上最好的安全績效。

Moving to Slide 3. As an innovative and sustainable energy leader, we intend to be at the forefront of our industry.

轉到幻燈片 3。作為創新和可持續能源領導者，我們打算走在行業的最前沿。

The opportunity before us is immense, and our teams are energized and ready for the challenge.

我們面前的機遇是巨大的，我們的團隊充滿活力，準備迎接挑戰。

Our technical expertise, particularly in subsurface characterization is a competitive advantage that allows us to maximize the value of our assets.

我們的技術專長，特別是地下表徵方面的技術專長是一種競爭優勢，使我們能夠最大限度地發揮資產價值。

All of our core assets are free-cash-flow positive and maintain dominant positions in the prolific basins or markets in which we operate.

我們所有的核心資產均為正自由現金流，並在我們經營所在的多產盆地或市場中保持主導地位。

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

我們的重點投資組合包括數十年的高回報中短週期開發機會，以及一級、二級和三級回收選項。

The short cycle, high-return nature of our unconventional assets, combined with our low-decline conventional assets provide the flexibility to allocate capital to maximize cash margins, especially when taking into account our advantaged midstream position.

我們非常規資產的短週期、高回報性質，加上我們的低衰退傳統資產，提供了配置資本的靈活性，以最大限度地提高現金利潤，特別是考慮到我們的中游優勢地位。

Leading the industry as the low-cost operator has always been important to us as this metric will become progressively relevant in the years ahead.

作為低成本運營商，引領行業對我們來說一直很重要，因為這一指標將在未來幾年變得越來越重要。

As secondary and tertiary methods become more attractive in recovering additional barrels from basins currently and primary recovery, our advanced technical excellence and decades of industry leadership in CO2 enhanced oil recovery position us to be the lowest-cost operator across multiple basins.

隨著二級和三級方法在目前從盆地開採額外石油和初級採收方面變得越來越有吸引力，我們先進的技術卓越性和數十年在二氧化碳提高石油採收率方面的行業領先地位使我們成為多個盆地成本最低的運營商。

As the assets we acquired are developed, we will utilize our subsurface and operating expertise to improve productivity and reduce full-cycle cost.

隨著我們收購的資產得到開發，我們將利用我們的地下和運營專業知識來提高生產力並降低全週期成本。

Our diversified portfolio with decades of high-return inventory and our ability to produce high-margin barrels, enables us to generate sustainable free cash flow to return to our shareholders, foremost, in the form of our dividend, which is one of the defining characteristics of our company.

我們的多元化投資組合擁有數十年的高回報庫存以及生產高利潤桶的能力，使我們能夠產生可持續的自由現金流，以股息的形式回報股東，這是我們的決定性特徵之一我們公司的。

As an innovative and sustainable leader, Oxy must boldly drive improvement on all fronts, including reducing emissions.

作為創新和可持續發展的領導者，Oxy 必須大膽推動各方面的改進，包括減少排放。

Our commitment to sustainability is woven into the fabric of our organization.

我們對可持續發展的承諾融入了我們組織的結構之中。

I'm proud that we were the first U.S.-headquartered oil and gas company to endorse the World Bank's initiative to reduce routine flaring globally.

我感到自豪的是，我們是第一家總部位於美國的石油和天然氣公司，支持世界銀行減少全球常規火炬燃燒的倡議。

This important effort is fully aligned with our strategic commitments.

這項重要的努力完全符合我們的戰略承諾。

We plan for the future through the lens of being a best-in-class operator with an unmatched portfolio of assets and the goal of reducing our greenhouse emissions while executing our strategy to excel in a low-carbon world.

我們通過成為一流運營商、擁有無與倫比的資產組合和減少溫室氣體排放的目標來規劃未來，同時執行我們在低碳世界中脫穎而出的戰略。

Now moving to Slide 5. The fourth quarter was our first full quarter as a combined company, and we continued to demonstrate our position as a best-in-class operator.

現在轉到幻燈片 5。第四季度是我們作為合併後公司的第一個完整季度，我們繼續展示我們作為一流運營商的地位。

Our businesses outperformed across the board.

我們的業務全面領先。

Our production of 1.4 million BOE per day from continuing operations exceeded the midpoint of guidance by 78,000 BOE per day.

我們持續運營的日產量為 140 萬桶油當量，超出指導中值每天 78,000 桶油當量。

We accomplished this while spending $400 million less than our full year combined company capital budget of $8.6 billion.

我們在實現這一目標的同時，比公司全年合併資本預算 86 億美元少了 4 億美元。

This demonstrates that our long-standing commitment to capital discipline remains paramount.

這表明我們對資本紀律的長期承諾仍然至關重要。

Pro forma production for full year 2019 also exceeded guidance by 28,000 BOE per day.

2019 年全年預計產量也超出指導值 28,000 桶油當量/日。

And we expect to grow production by 2% in 2020 off this higher base, and we've lowered our already reduced 2020 capital budget by another $100 million.

我們預計 2020 年產量將在這一較高基數的基礎上增長 2%，並且我們已將已經減少的 2020 年資本預算再減少 1 億美元。

Spending less to produce more barrels demonstrates our industry-leading capital intensity and the value we will create for shareholders.

用更少的錢生產更多的桶，體現了我們行業領先的資本密集度以及我們將為股東創造的價值。

That said, as global commodity prices have declined sharply in recent days, we are prepared to reduce our spending if the current environment does not improve.

儘管如此，由於最近幾天全球大宗商品價格大幅下跌，如果當前環境沒有改善，我們準備減少支出。

We are monitoring the situation closely and retain the flexibility to adjust our budget if needed.

我們正在密切關注事態發展，並保留在需要時調整預算的靈活性。

We continue to execute on our divestiture program.

我們繼續執行我們的剝離計劃。

In January, we closed the sale of our South Africa block to Total for net proceeds of approximately $90 million.

一月份，我們完成了向道達爾出售南非區塊的交易，淨收益約為 9000 萬美元。

This follows the close of an aggregate of $1.5 billion in divestitures in the fourth quarter.

在此之前，第四季度完成了總計 15 億美元的資產剝離。

We applied the proceeds from these asset sales and $500 million of free cash flow to repay $2 billion of debt, and we recently announced our 182nd consecutive quarterly dividend, an outstanding record that few other companies can claim.

我們利用這些資產出售的收益和 5 億美元的自由現金流來償還 20 億美元的債務，並且我們最近宣布了連續第 182 次季度股息，這是很少有其他公司可以達到的出色記錄。

Returning cash to shareholders through our sector-leading dividend is an integral part of our philosophy.

通過行業領先的股息向股東返還現金是我們理念的一個組成部分。

In the fourth quarter, we returned approximately $710 million of cash, an amount we fully expect to continue to grow.

第四季度，我們返還了約 7.1 億美元的現金，我們完全預計這一金額將繼續增長。

Moving now to Slide 6. We continue to perform -- outperform expectations and capturing value through synergies.

現在轉到幻燈片 6。我們繼續表現——超越預期並通過協同效應獲取價值。

Since closing the acquisition and on a run-rate basis, we have completed 60% of our $2 billion synergy target since closing the acquisition, including $799 million of overhead synergies, $83 million of operating synergies and $323 million of capital synergies.

自完成收購以來，按運行率計算，我們已完成自收購完成以來 20 億美元協同效應目標的 60%，其中包括 7.99 億美元的管理費用協同效應、8300 萬美元的運營協同效應和 3.23 億美元的資本協同效應。

We expect that our success in lowering cost will enable us to fully achieve our $900 million overhead synergy target in 2020, a year earlier than originally promised.

我們預計，我們在降低成本方面的成功將使我們能夠在 2020 年全面實現 9 億美元的管理費用協同目標，比最初承諾的提前一年。

We also have announced divestitures totaling $10.2 billion net of taxes since closing the acquisition, demonstrating significant progress towards achieving our target of $15 billion.

自完成收購以來，我們還宣布了總計 102 億美元的資產剝離（稅後淨額），這表明我們在實現 150 億美元的目標方面取得了重大進展。

We repaid 32% of the debt raised for the Anadarko acquisition with proceeds from the divestitures closed to date, along with the $500 million in free cash flow that I referenced earlier.

我們用迄今為止完成的資產剝離所得款項以及我之前提到的 5 億美元自由現金流償還了 Anadarko 收購所籌集債務的 32%。

Our total balance sheet debt has decreased by approximately 30% since the close.

自收盤以來，我們的資產負債表債務總額減少了約 30%。

We repaid $7 billion of debt in the second half of 2019 and have a clear line of sight on closing the remaining transactions necessary to meet our divestiture target.

我們在 2019 年下半年償還了 70 億美元的債務，並明確了完成完成剝離目標所需的剩餘交易的目標。

Operationally, our achievements are as significant as our cost reductions with the potential to accomplish much more.

在運營方面，我們取得的成就與成本降低一樣重要，而且還有潛力取得更多成就。

Moving now to Slide 7. As an example, let's look at what we have accomplished on the legacy Anadarko, Texas Delaware acreage.

現在轉到幻燈片 7。作為示例，讓我們看看我們在德克薩斯州特拉華州阿納達科的遺留土地上所取得的成就。

We are recovering more barrels per section with fewer wells and are lowering cost by applying our unique subsurface capability and development approach.

我們通過應用我們獨特的地下能力和開發方法，每段以更少的井開採更多的桶，並降低成本。

Similar to the advancements we made on legacy Oxy Delaware acreage.

與我們在舊 Oxy Delaware 土地上取得的進步類似。

Already, we have drilled a record well in the Silvertip area, showcasing our ability as a premier operator in the Permian Basin.

我們已經在 Silvertip 地區鑽探了創紀錄的井，展示了我們作為二疊紀盆地首要運營商的能力。

We are enhancing our best-in-class Permian capital intensity by continuously improving time to market.

我們正在通過不斷縮短上市時間來提高我們一流的二疊紀資本強度。

We drilled our first five 10,000 foot wells in Silvertip, 18% faster than those drilled prior to closing the deal, and this is just the start.

我們在 Silvertip 鑽探了前五口 10,000 英尺的井，比交易完成前的鑽探速度快了 18%，而這僅僅是開始。

We have many more improvements to implement.

我們還有許多改進需要實施。

We are already saving $1.9 million per well completion by utilizing Oxy's advanced Atlas casing design.

通過利用 Oxy 先進的 Atlas 套管設計，我們已經為每口完井節省了 190 萬美元。

We're able to pump frac stages, particularly at the toe of the well at much higher rates with lower treating pressures.

我們能夠以更高的速率和更低的處理壓力泵送壓裂階段，特別是在井趾處。

Our completion design produces improved stimulation, faster pump times and uses significantly less water.

我們的完井設計可改善刺激、縮短泵送時間並顯著減少用水量。

Put simply, when including the optimized well count, we are spending 26% less in total capital to recover 7% more oil.

簡而言之，如果算上優化的井數，我們的總資本支出將減少 26%，而石油開採量將增加 7%。

Oxy's asset operability is unmatched and has greatly improved across the acquired assets by applying our base management expertise and best practices.

Oxy 的資產可操作性是無與倫比的，並且通過應用我們的基礎管理專業知識和最佳實踐，已大大提高了所收購的資產。

Our relentless drive for efficiency has reduced production downtime by 22% on the acquired Delaware Basin acreage.

我們對效率的不懈追求已將收購的特拉華盆地面積的生產停機時間減少了 22%。

We're also seeing downtime improvements across many of the other acquired assets, which is further improving cash flow and value.

我們還看到許多其他收購資產的停機時間有所改善，這進一步改善了現金流和價值。

Additionally, we are working diligently with our partners and leaseholders to significantly reduce obligation wells and short laterals, allowing us to maximize value by focusing near-term activity on long-term development in our core areas.

此外，我們正在與合作夥伴和承租人努力合作，大幅減少義務井和短支管，使我們能夠通過將近期活動重點放在核心領域的長期開發上來實現價值最大化。

As we had committed to do, Slide 8 shows the measures we'll update each quarter to track the success of our progress.

正如我們承諾的那樣，幻燈片 8 顯示了我們每季度更新的衡量標準，以跟踪我們的進展是否成功。

We have created a company with ample opportunities to efficiently allocate capital from a position of strength across the portfolio with sector-leading returns.

我們創建了一家擁有充足機會的公司，可以從整個投資組合中的優勢地位有效地配置資本，並獲得行業領先的回報。

We have made significant progress in divesting assets, reducing debt and capturing synergies.

我們在剝離資產、減少債務和發揮協同效應方面取得了重大進展。

As part of our commitment to creating long-term value for our shareholders, we will continue to reduce debt, strengthen our balance sheet and enhance our ability to return even more cash to shareholders.

作為我們為股東創造長期價值的承諾的一部分，我們將繼續減少債務，強化資產負債表，並增強向股東返還更多現金的能力。

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

我現在將把電話轉給塞德里克，他將向您介紹我們的財務業績和指導。

Thank you, Vicki.

謝謝你，維基。

I'm also very pleased with how well our integration is proceeding.

我也對我們的整合進展順利感到非常滿意。

Completing our value capture program ahead of schedule is well within hand.

提前完成我們的價值獲取計劃是輕而易舉的事情。

And as Vicki mentioned, our teams are delivering outstanding operational results.

正如 Vicki 提到的，我們的團隊正在取得出色的運營成果。

As our integration progresses, we remain steadfast in our commitment to capital discipline and returning capital to shareholders.

隨著整合的進展，我們仍然堅定地致力於資本紀律和向股東返還資本。

We demonstrated our ability to excel operationally in 2019, while spending $400 million less than our combined capital budget of $8.6 billion and lowered our operating costs on a BOE basis.

我們展示了 2019 年卓越運營的能力，同時比我們 86 億美元的合併資本預算少了 4 億美元，並降低了以 BOE 為基礎的運營成本。

Our capital intensity and value-capture advancements have enabled us to lower our 2020 capital budget by $100 million to $5.2 billion to $5.4 billion for the year.

我們的資本密集度和價值獲取進步使我們能夠將 2020 年資本預算降低 1 億美元，降至 52 億美元至 54 億美元。

Since closing the Anadarko acquisition, we have strengthened our balance sheet by repaying 32% of the new debt raised, and we will continue deleveraging as additional divestiture transactions are closed.

自完成阿納達科收購以來，我們通過償還 32% 的新債務增強了資產負債表，並且隨著更多剝離交易的完成，我們將繼續去槓桿化。

We have already achieved 60% of annual run-rate synergies, and I am confident that our 2020 financials will illustrate the progress we are making.

我們已經實現了 60% 的年度運行率協同效應，我相信我們 2020 年的財務狀況將說明我們正在取得的進展。

In 2020, we expect to fully capture $900 million of overhead savings, meeting our target a year earlier than originally stated.

到 2020 年，我們預計將充分節省 9 億美元的管理費用，比最初設定的目標提前一年實現。

Furthermore, we expect to capture more than 75% of our operating and capital synergies this year.

此外，我們預計今年將獲得超過 75% 的運營和資本協同效應。

In 2020, we remain focused on maintaining our dividend by optimizing free cash flow and operating in a capital-efficient manner.

2020年，我們仍然專注於通過優化自由現金流和以資本效率的方式運營來維持股息。

We have implemented a significant oil hedging program for 2020, encompassing 350,000 barrels per day, which represents over 45% of our oil production.

我們在 2020 年實施了一項重要的石油對沖計劃，涉及每天 35 萬桶，占我們石油產量的 45% 以上。

This will enhance cash flow in a low oil price environment.

這將在低油價環境下增強現金流。

As we have previously mentioned, it will be a transition period before our financial results fully reflect our rapidly improving operational performance and synergy realizations.

正如我們之前提到的，在我們的財務業績充分反映我們快速改善的運營績效和實現協同效應之前，這將是一個過渡期。

In the fourth quarter, we announced an adjusted loss of $0.30 per diluted share and reported a loss of $1.50 per diluted share.

在第四季度，我們宣布調整後每股攤薄每股虧損 0.30 美元，報告每股攤薄虧損 1.50 美元。

The difference between adjusted and reported results is mainly due to a $1 billion loss reflecting Occidental's equity investment in WES at fair value on December 31 as well as $656 million of costs related to the acquisition.

調整後業績與報告業績之間的差異主要是由於西方石油公司以 12 月 31 日公允價值對 WES 的股權投資造成的 10 億美元虧損以及與收購相關的 6.56 億美元成本。

Turning to our business segments.

轉向我們的業務部門。

Oil and gas adjusted fourth quarter income of $630 million represented an increase compared to the prior quarter, primarily due to a full quarter of production from the legacy Anadarko assets, and partially offset by lower international crude oil volumes as our contracts in Qatar terminated in early October.

石油和天然氣調整後第四季度收入較上一季度有所增長，主要是由於阿納達科遺留資產整個季度的產量，部分被我們在卡塔爾的合同提前終止而導致的國際原油產量下降所抵消。十月。

OxyChem surpassed guidance with fourth quarter income of $119 million despite scheduled plant outages and softer overall demand, which lowered production and sales volumes across many product lines.

儘管工廠計劃停產且總體需求疲軟，導致許多產品線的產量和銷量下降，但 OxyChem 第四季度收入仍超出預期，達到 1.19 億美元。

Marketing and Midstream's adjusted fourth quarter income of $200 million, which includes WES, decreased compared to the third quarter due to noncash mark-to-market losses, the tightening of the Midland to MEH differential and lower equity investment income due to the sale of our Plains units in the third quarter.

營銷和中游第四季度調整後收入為 2 億美元（其中包括 WES），與第三季度相比有所下降，原因是非現金按市價計價損失、米德蘭與 MEH 差異的收緊以及因出售我們的股權而導致的股權投資收入下降。第三季度平原單位。

For the fourth quarter of 2019, we reported a balance sheet without consolidating WES.

2019 年第四季度，我們報告了未合併 WES 的資產負債表。

Starting in the first quarter of 2020, we will present our full financial statements without consolidating WES.

從 2020 年第一季度開始，我們將在不合併 WES 的情況下提交完整的財務報表。

For the first quarter and full year 2020, we have provided guidance, which includes annual production growth of 2%.

對於2020年第一季度和全年，我們提供了指導，其中包括年產量增長2%。

First quarter production guidance reflects planned downturn -- planned turnarounds at Dolphin and Al Hosn as well as the timing effects of several large pad developments in the Permian Resources.

第一季度的產量指引反映了計劃中的低迷——Dolphin 和 Al Hosn 的計劃周轉以及二疊紀資源區幾個大型平台開發的時間效應。

As we continue to reduce debt in 2020 by applying asset divestiture proceeds and free cash flow, we will update the debt reduction tracker in our earnings presentation, so investors can see our progress towards our divestiture target of $15 billion net of taxes and in deleveraging.

隨著我們在 2020 年繼續通過應用資產剝離收益和自由現金流來減少債務，我們將在收益報告中更新債務減少跟踪器，以便投資者可以看到我們在實現 150 億美元淨稅和去槓桿化剝離目標方面取得的進展。

I look forward to providing future updates on our progress.

我期待著提供有關我們進展的未來更新。

I'll now turn the call back over to Vicki.

我現在將把電話轉回給 Vicki。

As Cedric said, we will provide updates over the next few quarters as our continuing improvements and enhancements become increasingly evident.

正如塞德里克所說，隨著我們的持續改進和增強變得越來越明顯，我們將在接下來的幾個季度提供更新。

For decades, Oxy has proven its ability to innovatively recover more hydrocarbons from reservoirs.

幾十年來，Oxy 已經證明了其以創新方式從油藏中回收更多碳氫化合物的能力。

We have the technical expertise to operate and develop our unique portfolio of high-quality, short-to-medium cycle assets that are perfectly positioned to ensure we will maintain our leadership as a low-cost operator.

我們擁有技術專長來運營和開發我們獨特的高質量、中短週期資產組合，這些資產處於完美位置，可確保我們保持作為低成本運營商的領先地位。

This strengthens our ability to continue our long and steady track record of returning excess cash to shareholders.

這增強了我們繼續向股東返還多餘現金的長期穩定記錄的能力。

This, combined with our differentiated low-carbon strategy will ensure our success and sustainability into the future.

這與我們差異化的低碳戰略相結合，將確保我們未來的成功和可持續發展。

We'll now open the call for your questions.

我們現在將開始電話詢問您的問題。

(Operator Instructions)

（操作員說明）

The first question today comes from Doug Leggate of Bank of America.

今天的第一個問題來自美國銀行的Doug Leggate。

Vicki, I've got 2 questions, if I may.

Vicki，如果可以的話，我有兩個問題。

The first one is on disposal progress.

第一個是處置進展情況。

Obviously, there is a fairly significant macro change underway right now.

顯然，目前正在發生相當重大的宏觀變化。

I'm just wondering, your November 14 press release suggested line of sight to the upper end of your $15 billion target by the middle of this year.

我只是想知道，你們 11 月 14 日的新聞稿表明，你們的目標是到今年年中達到 150 億美元目標的上限。

So I'm just wondering if you can give us any color or confidence to reiterate that timeline and that target.

所以我只是想知道您是否可以給我們任何顏色或信心來重申該時間表和目標。

Any color on the associated assets?

相關資產有任何顏色嗎？

And specifically, an update on Algeria and Ghana, where there seems to be some mixed news on whether the buyer is still -- has the appetite for those assets.

具體來說，阿爾及利亞和加納的最新情況似乎有一些關於買家是否仍然對這些資產有興趣的好壞參半的消息。

Okay, Doug, I'll let Oscar actually give a full update on our divestitures.

好的，道格，我會讓奧斯卡詳細介紹我們資產剝離的最新情況。

Great.

偉大的。

Thanks, Vicki.

謝謝，維基。

Doug, so regarding -- we'll start with Africa.

道格，我們將從非洲開始。

Regarding Africa, of course, we continue to work with Total and the governments of Ghana and Algeria towards a positive resolution of the divestitures.

當然，在非洲方面，我們將繼續與道達爾以及加納和阿爾及利亞政府合作，積極解決資產剝離問題。

So there is an increased risk, as you point out, associated with both timing and closing certainty, so that's become clear.

因此，正如您所指出的，與時間安排和成交確定性相關的風險增加，這一點已經很清楚了。

We'll report more when we have something more substantial to talk about.

當我們有更實質性的事情要討論時，我們會報告更多內容。

And just to be clear, it's hard to comment beyond what's public already.

需要明確的是，除了已經公開的內容之外，很難發表評論。

In Africa, as again, we remain bound by our definitive agreement with Total around these assets, but we're also cognizant that these assets, to these countries are very important to them and their interest in retaining foreign investment is very sensitive in -- to all their constituents.

在非洲，我們仍然受到與道達爾就這些資產達成的最終協議的約束，但我們也認識到，這些資產對這些國家來說非常重要，他們保留外國投資的興趣在以下方面非常敏感——給他們的所有選民。

So we want to be careful with that.

所以我們要小心這一點。

But a couple of things I think I can say.

但我想我可以說幾件事。

As you probably know, the assets in Ghana and Algeria are very high quality, produce significant cash flow and we've used that to pay down debt as well.

您可能知道，加納和阿爾及利亞的資產質量非常高，產生大量現金流，我們也用它來償還債務。

In the case of Algeria, the -- I guess, the one thing I can observe, which is obvious, is that since our -- the announcement of our deal with Total, Algeria has voted in a new president, has brought in a new administration.

就阿爾及利亞而言，我想，我可以觀察到的一件事是顯而易見的，自從我們宣布與道達爾達成協議以來，阿爾及利亞投票選舉了一位新總統，引入了一位新總統。行政。

So that situation, in particular, is pretty fluid.

因此，這種情況尤其不穩定。

So as we -- if you look at all that, we continue to run numerous sales processes as our commitment to hit the $15 billion of asset sales hasn't changed, and that is something we'll hit with or without the remaining Africa divestitures.

因此，如果你看看這一切，我們將繼續運行大量的銷售流程，因為我們對實現 150 億美元資產銷售的承諾沒有改變，無論是否進行剩餘的非洲資產剝離，我們都會實現這一目標。

So a great example that's come up again, we really like to keep these processes private.

這是一個很好的例子，我們真的很喜歡將這些流程保密。

We found that's the best way to protect value, but another asset sale, as an example, to address your broader question that is in the press is the land grant.

我們發現這是保護價值的最佳方式，但另一種資產出售，例如，解決媒體上更廣泛的問題是土地授予。

So that asset is primarily in Wyoming.

因此該資產主要位於懷俄明州。

There's been some press on that.

有一些媒體對此進行了報導。

It has over 1 million surface acres and over 4 million mineral acres and includes revenues from producing royalties, primarily from trona, but also from oil and gas, coal, other hard minerals and surface use, such as wind farms and grazing and so forth.

它擁有超過 100 萬英畝的地表面積和超過 400 萬英畝的礦產資源，包括來自生產特許權使用費的收入，主要來自天然鹼，但也來自石油和天然氣、煤炭、其他硬礦物和地表使用，例如風電場和放牧等。

So while the state is clearly communicated a lot of interest in this asset.

因此，儘管政府明確表達了對這項資產的濃厚興趣。

It is a competitive process, and there's a large number of qualified participants in that.

這是一個競爭的過程，並且有大量合格的參與者。

And the winner of that asset will be one of the largest land and mineral owners in the United States.

該資產的贏家將是美國最大的土地和礦產所有者之一。

So that's an example, again.

這又是一個例子。

We don't want to list off a whole lot of other ideas and other things that we're actually pursuing.

我們不想列出一大堆其他想法和我們實際追求的其他事情。

But we do think -- we do -- we're going to get to our $15 billion.

但我們確實認為——我們確實如此——我們將達到 150 億美元。

And everything we do, it's really important, too.

我們所做的一切也非常重要。

As it relates to timing, we're focused on value.

由於它與時間相關，因此我們關注價值。

And we understand in this market environment, our timeline may need to be a little flexible to protect that value.

我們知道在這種市場環境下，我們的時間表可能需要稍微靈活才能保護該價值。

But we still stick by our original announcement, original schedule we committed back at the announcement of the Anadarko deal.

但我們仍然堅持我們最初的公告和我們在宣布阿納達科交易時承諾的最初時間表。

12 to 24 months to get these transactions done from closing.

完成這些交易需要 12 至 24 個月的時間。

We're about 8 months in since the acquisition, and I remain confident we'll get to the $15 billion within the original time frame.

收購已經過去大約 8 個月了，我仍然有信心我們將在原定時間範圍內達到 150 億美元。

So again, we're focused on value.

所以，我們再次強調價值。

We're focused on certainty of closing in terms of dealing with counterparts and all of our divestitures.

我們專注於與同行打交道以及所有資產剝離方面完成交易的確定性。

We're still confident because, look, we've got -- as we've mentioned, over $100 billion of assets in our portfolio.

我們仍然充滿信心，因為正如我們所提到的，我們的投資組合中擁有超過 1000 億美元的資產。

We've got a good team and a good track record of success.

我們擁有一支優秀的團隊和良好的成功記錄。

So hopefully, that helps give a little color.

希望這有助於給我們一點色彩。

That's very thorough.

這非常徹底。

My follow-up, Vicki, is really just on the synergy number.

我的後續行動，Vicki，實際上只是關於協同作用的數字。

And first of all, pretty rapid progress on getting the operational synergies done.

首先，在實現運營協同效應方面取得了相當快的進展。

I know it's only, I guess, Oscar said 8 months in.

我知道這只是，我猜，奧斯卡說八個月後。

But I can't help but ask, well, you're -- you've obviously done it quicker.

但我忍不住要問，嗯，你顯然做得更快了。

I'm wondering if you're seeing other things.

我想知道你是否還看到其他東西。

There's a potential to reset that synergy target at some point.

有可能在某個時候重置協同目標。

And if so, and what time?

如果是的話，什麼時間？

I'll leave it there.

我會把它留在那裡。

I think, certainly, we can reset the synergy target at some point.

我認為，我們當然可以在某個時候重新設定協同目標。

But now we're focused on making sure that we capture the synergies that we have that we've outlined as a goal.

但現在我們的重點是確保我們能夠實現我們所概述的目標的協同效應。

And I can tell you that progress has been actually amazing.

我可以告訴你，進展實際上是驚人的。

And I want to emphasize that part of the reason for that progress is that we got the structure done and completed pretty quickly.

我想強調的是，取得這一進展的部分原因是我們很快就完成了結構。

We -- as you know, we've been working on our own company, our own organization and our own approach to business and to shale versus EOR and all the other things that we do.

如您所知，我們一直致力於我們自己的公司、我們自己的組織和我們自己的業務方法，以及頁岩油與 EOR 以及我們所做的所有其他事情。

We've worked on and optimized those over the past few years.

在過去的幾年裡，我們一直致力於並優化這些內容。

So we had a business model that we felt was working well for us.

所以我們有一個我們認為對我們來說運作良好的商業模式。

So we brought the Anadarko assets into our structure and have now started working with their business units.

因此，我們將阿納達科的資產納入我們的結構中，現在已經開始與他們的業務部門合作。

We rolled the Gulf of Mexico up under Ken Dillon, who manages our international operations and major projects.

我們在肯·狄龍 (Ken Dillon) 的領導下管理了墨西哥灣，他負責管理我們的國際業務和重大項目。

He has the most offshore experience of any of our leadership team.

他是我們領導團隊中擁有最多離岸經驗的人。

So he's managing those, brought in some good Oxy people, but most importantly, we retained an incredibly good Gulf of Mexico team from Anadarko.

所以他正在管理這些，引進了一些優秀的 Oxy 人員，但最重要的是，我們保留了來自阿納達科的一支非常優秀的墨西哥灣團隊。

And then the Rockies business unit, we created the business unit there and just brought it under our domestic operations under Robert Palmer's leadership.

然後是落基山脈業務部門，我們在那裡創建了該業務部門，並將其納入我們的國內業務，由羅伯特·帕爾默領導。

And so the -- bringing the organization in was one thing that we did right off the bat.

因此，將組織引入是我們立即做的一件事。

But the second thing that we were able to do very quickly was to start to work the culture.

但我們能夠很快做的第二件事就是開始運作文化。

And fortunately, we found that culturally, the Anadarko employees that we brought with us and kept were -- had the same or similar culture to what we have.

幸運的是，我們發現在文化上，我們帶來並保留的阿納達科員工與我們擁有相同或相似的文化。

And I credit Jim Hackett for that.

我將這一點歸功於吉姆·哈克特。

It's just been really good to bring those guys in.

把這些人帶進來真是太好了。

And part of the thing that has driven the synergy capture so quickly for us, too.

這也是我們如此迅速地實現協同效應的部分原因。

It's not just the amazing and outstanding performance of Permian Resources, and they're certainly ahead of schedule there, thanks to Jeff Bennett and his leadership, but it's making sure that this was a process that we owned.

這不僅僅是二疊紀資源公司令人驚嘆和出色的表現，而且由於傑夫·貝內特和他的領導，他們肯定提前了計劃，但它確保了這是我們擁有的流程。

Some companies will bring in consultants and use them throughout the process.

有些公司會聘請顧問並在整個過程中使用他們。

We have an internal team working this and full of -- and then composed of ambassadors that are working throughout the organization, and they're the ones that go out and help to ensure that our business units and teams know where we are, know what the goals are, know the specific numbers, we're tracking them weekly.

我們有一個內部團隊負責這項工作，由在整個組織工作的大使組成，他們出去幫助確保我們的業務部門和團隊知道我們在哪裡，知道我們在做什麼目標是，了解具體數字，我們每週都會跟踪它們。

Our board is very engaged on those too.

我們的董事會也非常關注這些問題。

We actually have a board that's -- has an integration committee led by Dick Poladian, and Dick has done a great job to drive -- dive into the information and be a part of that team, driving progress very, very quickly.

我們實際上有一個董事會——有一個由迪克·波拉迪安（Dick Poladian）領導的整合委員會，迪克在推動方面做得很好——深入研究信息並成為該團隊的一部分，非常非常快地推動進展。

So culturally, organizationally, we're there.

所以在文化上、組織上，我們都在那裡。

The synergies are coming sooner, but other things are happening in our other business units.

協同效應即將到來，但我們的其他業務部門正在發生其他事情。

They may -- we may not call it a part of the synergies.

他們可能——我們可能不會稱其為協同效應的一部分。

But there are good things happening elsewhere where we're continuing to advance our technical capability, some of that in our own operations, and some of that in the Anadarko assets that we picked up.

但其他地方也發生了一些好事，我們正在繼續提高我們的技術能力，其中一些是在我們自己的運營中，還有一些是在我們收購的阿納達科資產中。

So I'd like to just kind of turn it to Ken Dillon for him to cover some of those.

所以我想請肯·狄龍（Ken Dillon）來報導其中的一些內容。

I think you'll find this as -- these are some of the things that will quantify over time and share with you, but these are the kinds of things that we're working on.

我想你會發現——這些是一些隨著時間的推移會量化並與你分享的事情，但這些都是我們正在努力的事情。

Thanks, Vicki.

謝謝，維基。

If we talk a little bit about Gulf of Mexico synergies with renegotiated contracts to date, we potentially see between an 8% and 15% reduction this year in the cost of the capital program.

如果我們談論一下墨西哥灣與迄今為止重新談判的合同的協同效應，我們可能會看到今年資本計劃的成本減少 8% 到 15%。

We've started to roll out Oxy Drilling Dynamics, and we're already making savings on the first wells with optimum sequencing.

我們已經開始推出 Oxy Drilling Dynamics，並且我們已經通過優化排序在第一口井上節省了成本。

We expect a reduction in shutdown durations of 20% this year.

我們預計今年停工時間將減少 20%。

The Oxy maintenance programs will lead to a further 20% improvement next year in uptime.

Oxy 維護計劃將使明年的正常運行時間進一步提高 20%。

And recently, we were delighted that members of the Oxy Board of Directors visited the Deepwater Horn Mountain spar to emphasize commitment to HSE per staff and our contractors offshore and this follows their visit to Safa in the desert in Oman last year.

最近，我們很高興 Oxy 董事會成員參觀了 Deepwater Horn Mountain spar，強調每位員工和海上承包商對 HSE 的承諾，這是繼去年訪問阿曼沙漠中的 Safa 後的又一舉措。

Moving to Oman.

搬到阿曼。

We saw records this year in block 62 of 29,000 BOE per day, and we've developed new tools in-house for something we call Oxy jetting.

今年，我們在 62 號區塊創下了每天 29,000 BOE 的記錄，並且我們為所謂的氧氣噴射技術內部開發了新工具。

It's a new completion technique, which we piloted on 15 wells.

這是一種新的完井技術，我們已在 15 口井上進行了試點。

So far, we've seen improvements of between 200% and 300% on IPs of new wells for an increase of 5% in the D&C costs.

到目前為止，我們已經看到新井的 IP 提高了 200% 到 300%，D&C 成本增加了 5%。

It's not fracing, and I'm looking forward to being able to talk more about it on future calls.

這不是壓裂，我期待能夠在未來的電話會議上更多地談論它。

We previously talked about the Oxy field optimizer in Mukhaizna.

我們之前討論過 Mukhaizna 中的氧場優化器。

So our high-speed reservoir models are now running in the cloud.

所以我們的高速水庫模型現在正在雲端運行。

And the system is making actual recommendations for steam allocation at Mukhaizna to the engineers.

該系統正在向工程師提供 Mukhaizna 蒸汽分配的實際建議。

In the pilot area, which covered 3% of the field.

在試點地區，其覆蓋面積為3%。

We saw increases in oil production of 31% with a decrease in steam of 14%, and we continue to increase the pilot area.

我們看到石油產量增加了 31%，蒸汽產量減少了 14%，並且我們繼續擴大試點面積。

In Colombia, we increased the production at Llanos by 17% year-on-year, and we kicked off the Teca continuous steam flood project.

在哥倫比亞，Llanos產量同比增長17%，Teca連續蒸汽驅項目啟動。

So far, we've drilled 16 wells, and we're optimizing the development plans with our good partner, Ecopetrol.

到目前為止，我們已經鑽探了 16 口井，我們正在與我們的好合作夥伴 Ecopetrol 一起優化開發計劃。

In exploration, our teams delivered 52 million barrels of resources at a finding cost of $3 a barrel in 2019.

在勘探方面，我們的團隊在 2019 年以每桶 3 美元的勘探成本交付了 5200 萬桶資源。

So if you look over the last 3 years, they've added 200 million barrels of resources to our portfolio.

因此，如果您回顧一下過去 3 年，您會發現他們已向我們的投資組合添加了 2 億桶資源。

Abu Dhabi, we saw a record production at Al Hosn of 86.6 MBOE per day as part of our winter plant trials.

在阿布扎比，作為冬季工廠試驗的一部分，我們在 Al Hosn 創下了每天 86.6 MBOE 的創紀錄產量。

And on schedule, we awarded the FEED this quarter to AMEC in the U.K., so we're on track for increasing capacity to 1.45.

按照計劃，我們本季度將 FEED 授予了英國的 AMEC，因此我們有望將產能提高到 1.45。

So overall, a good year with the HES performance, peak production and continue to innovate and break records.

總體而言，這是 HES 表現出色、產量達到頂峰並不斷創新和打破記錄的好一年。

And just one last thing on the divestitures.

關於資產剝離的最後一件事。

Remember, we're repaying 3% debt with proceeds and have no 2020 debt maturities.

請記住，我們將用收益償還 3% 的債務，並且沒有 2020 年債務到期日。

So while we share, certainly our investors' sense of urgency around lowering the debt.

因此，在我們分享的同時，我們的投資者當然也感受到了降低債務的緊迫感。

We do have flexibility as it pertains to retaining cash flow, for example, the Africa assets are generating right now around $700 million of annual cash flow at $60 Brent.

我們在保留現金流方面確實具有靈活性，例如，非洲資產目前以 60 美元的布倫特原油價格計算，每年產生約 7 億美元的現金流。

So we do have some flexibility with that.

所以我們確實有一定的靈活性。

The next question comes from Paul Sankey of Mizuho.

下一個問題來自瑞穗銀行的保羅·桑基。

Vicki, the investment case for oil is really very much about the dividend and no less at Oxy.

Vicki，石油的投資案例實際上非常關乎股息，在 Oxy 也不例外。

Can you reassure us that it really is your highest priority to keep paying the dividend that the environment being as difficult as it is?

您能否向我們保證，繼續支付環境如此困難的紅利確實是您的首要任務？

And would you actually be -- want to cut CapEx in order to keep paying it?

您是否真的想要削減資本支出以繼續支付費用？

Thanks, Paul.

謝謝，保羅。

Yes.

是的。

Our dividend policy is what it's been for the last probably 20 years are.

我們的股息政策是過去大概 20 年的政策。

And we approach it based on our cash flow priorities, which is, first, to maintain our operations.

我們根據現金流優先事項來處理它，首先是維持我們的運營。

And after maintaining our operations, certainly, it's the dividend and capital, share repurchases, those things come after that.

在維持我們的運營之後，當然，這是股息和資本、股票回購，這些事情都在這之後。

So we do have the flexibility to do other impacts to our cost structure that -- to continue to pay our dividend.

因此，我們確實可以靈活地對我們的成本結構產生其他影響——繼續支付股息。

Our intent is to balance our cash flows, but we -- again, with the flexibility of this enormous portfolio that we have today with the things that our teams are doing to drive efficiencies and improvements and cost reductions.

我們的目的是平衡我們的現金流，但我們再次強調，我們今天擁有的龐大投資組合的靈活性，以及​​我們團隊為提高效率、改進和降低成本所做的事情。

We're actually in a good scenario, I think, because we don't expect this situation to last, but we can last through this situation.

我認為，我們實際上處於一個良好的情況，因為我們不希望這種情況持續下去，但我們可以度過這種情況。

Understood.

明白了。

And just to be clear, could you talk a bit more about your flexibility to cut?

澄清一下，您能多談談您的削減靈活性嗎？

I mean, at the moment, you're growing, obviously, you could conceivably go growth flat or growth negative.

我的意思是，目前，你正在增長，顯然，你可以想像增長會持平或增長為負。

And if you could just talk about some of your flexibility because it is important for people.

如果您能談談您的一些靈活性，因為這對人們很重要。

Secondly and finally, could you just reiterate on the divestment program, because I think that's the other very important thing to people?

其次，也是最後，您能否重申一下撤資計劃，因為我認為這對人們來說是另一件非常重要的事情？

Obviously, you've gone through it line-by-line.

顯然，您已經逐行瀏覽了它。

But to be clear, you're reiterating that by midyear, you will have done the $15 billion.

但需要明確的是，您重申，到年中，您將完成 150 億美元。

Is that what I've read or already said, sorry, then seen re-reported online?

這是我讀過或已經說過的，對不起，然後在網上看到重新報導？

I'll address the dividend first, and you're right.

我將首先討論股息，你是對的。

We have built a scenario around currently -- certainly, the environment we're in.

我們已經圍繞當前——當然，我們所處的環境——構建了一個場景。

We don't know how long the -- this coronavirus impact will last.

我們不知道這種冠狀病毒的影響會持續多久。

So what we've done is we've actually initiated our business continuity plans.

所以我們所做的是我們實際上啟動了我們的業務連續性計劃。

And we started to look at various scenarios and what we would do in a situation where this looks to be lower for longer.

我們開始研究各種情況，以及在這種情況看起來會持續較低的情況下我們會做什麼。

So we have the flexibility to first lower our growth to no growth.

因此，我們可以靈活地首先將增長降低至零增長。

Beyond that, we have the flexibility to go even lower than that and still maintain our production.

除此之外，我們還可以靈活地降低價格並仍然維持我們的生產。

So -- and beyond that, we -- I think we've said in the past that because of the high-growth assets that we have, we could actually allow our production to decline a little bit.

因此，除此之外，我想我們過去曾說過，由於我們擁有高增長的資產，我們實際上可以允許我們的產量略有下降。

If we're in a scenario where the lower prices are being driven by an event, and this is that case.

如果我們處於這樣一種情況，即價格較低是由事件驅動的，就是這種情況。

Because remember now, prices were $55 or above before the coronavirus hit.

因為現在請記住，在冠狀病毒爆發之前，價格為 55 美元或以上。

So we believe that this is not a scenario that's going to last for so long that it would put us in a scenario that we can't deal with it -- with the situation that we have.

因此，我們相信，這種情況不會持續太久，不會讓我們陷入無法應對的情況——就我們目前的情況而言。

So we've got those scenarios built in, and we've got timelines on when we would make decisions and pull triggers.

因此，我們已經內置了這些場景，並且我們已經制定了何時做出決策並觸發的時間表。

So we're well prepared to address this.

因此，我們已做好充分準備來解決這個問題。

And with respect to the divestitures, we're very confident that we will achieve the $15 billion.

對於資產剝離，我們非常有信心能夠實現 150 億美元的目標。

But given the scenario we're in today, I think every company is now looking at what their plans are.

但考慮到我們今天所處的情況，我認為每家公司現在都在考慮他們的計劃。

And trying to decide what do you do in this scenario?

並嘗試決定在這種情況下你會做什麼？

And what are the things that will -- that you should start to adjust?

哪些事情是你應該開始調整的？

We believe that we will achieve the synergies but I'm going to pass it Oscar.

我們相信我們將實現協同效應，但我將把它傳遞給奧斯卡獎。

But I believe that some of the situations that we're in right now, our timeline could be impacted by just the fact that some of the interested parties can't travel.

但我相信，我們現在所處的一些情況，我們的時間表可能會因為一些感興趣的各方無法旅行而受到影響。

They can't leave their countries.

他們不能離開自己的國家。

And so there are some travel impacts that could have -- could delay some of what our interaction with counterparties would be.

因此，旅行可能會受到一些影響，可能會延遲我們與交易對手的一些互動。

Oscar do you have more on that?

奧斯卡，你還有更多相關內容嗎？

Yes.

是的。

I think that's totally fair, Vicki, and you summed it up pretty well.

我認為這是完全公平的，Vicki，你總結得很好。

So we've got -- what I'd say is we've got line of sight to midyear and the processes we have going, but we've got to be cognizant of this environment whether it's travel, the volatility of the commodity, all of that.

因此，我想說的是，我們已經看到了年中的情況以及我們正在進行的流程，但我們必須認識到這種環境，無論是旅行、商品的波動性，所有的。

I think, again, we're focused on value.

我認為，我們再次關注價值。

So the timing needs to slip a little bit to protect that.

因此，為了保護這一點，時機需要稍微推遲一些。

I think it's understandable if we look for that flexibility, I think you'd agree.

我認為如果我們尋求這種靈活性，這是可以理解的，我想你會同意的。

But I would say that if we believe that we still -- we'll still work the process with Algeria and Ghana, but we do have a plan B, as Oscar alluded to, we can go to plan B and replace the proceeds we would have gotten from Algeria with other asset sales that essentially have about the same cash flow impact.

但我想說，如果我們相信我們仍然 - 我們仍然會與阿爾及利亞和加納合作，但我們確實有一個 B 計劃，正如奧斯卡提到的那樣，我們可以採取 B 計劃並替換我們將要獲得的收益從阿爾及利亞獲得的其他資產出售基本上具有相同的現金流影響。

The next question comes from Devin McDermott of Morgan Stanley.

下一個問題來自摩根士丹利的德文·麥克德莫特。

So I wanted to build on some of the questions that were already asked around synergies, specifically.

因此，我想特別圍繞協同效應提出一些問題。

And I was hoping if you could comment on, given the reduction in capital spend that you've already made here for 2020 versus the original plan and the fact that you are on track to you -- achieve your synergies ahead of the original schedule, how that impacts the kind of capital budget ranges for 2021?

我希望您能發表評論，考慮到您已經在 2020 年減少了資本支出（與原計劃相比），而且您正在按計劃實現目標——提前實現協同效應，這對 2021 年的資本預算範圍有何影響？

I understand it's far out to give preliminary guidance there, but you previously talked about $6.6 billion of spend for 5% growth.

我知道現在給出初步指導還很遙遠，但您之前談到了 66 億美元的支出以實現 5% 的增長。

And then also talked about a maintenance CapEx scenario there.

然後還討論了維護資本支出場景。

How have those ranges?

這些範圍如何？

Or how has that range changed based on what you been to achieve so far in terms of synergy realization?

或者，根據您迄今為止在協同效應實現方面取得的成就，該範圍有何變化？

Well, the $6.6 billion that we said with a 5% growth was based on the synergies that we expected to capture in that timeline.

那麼，我們所說的 66 億美元增長 5% 是基於我們預計在該時間表中實現的協同效應。

And as you just said, the timeline has been accelerated.

正如你剛才所說，時間線已經加快了。

So we have not laid out what the scenario would look like yet, and we're working that.

因此，我們還沒有製定出具體的場景，我們正在努力解決這個問題。

But we -- we're certain that, obviously, that we get the 5% at $6.6 billion, but we do believe that there's the opportunity that we could get to 5% with -- certainly, with a lower capital.

但我們——我們確信，顯然，我們會以 66 億美元的價格獲得 5% 的份額，但我們確實相信，我們有機會獲得 5% 的份額——當然，以較低的資本。

We just haven't calculated that number.

我們只是還沒有計算出這個數字。

What we'd like to see is how some of these other ideas and opportunities play out.

我們希望看到的是其他一些想法和機會如何發揮作用。

So we're -- I would just say that now, I'm pretty excited about 2021 and about what we can do based on what we're seeing today.

所以我們——我現在只想說，我對 2021 年以及基於我們今天所看到的我們可以做的事情感到非常興奮。

Got it.

知道了。

Great.

偉大的。

That makes sense.

這就說得通了。

And I wanted to ask as my second question, a bit of a longer-term one, and it relates to some of what you're doing on the Low Carbon Ventures front.

我想問第二個問題，一個有點長期的問題，它與你們在低碳風險投資方面所做的一些事情有關。

And I think Oxy is in somewhat of a unique position, given the large CO2 enhanced oil recovery business you have.

我認為，鑑於您擁有龐大的二氧化碳強化採油業務，Oxy 處於某種獨特的地位。

And I like the proactive approach with the Low Carbon Ventures and work to use anthropogenic CO2 in that business.

我喜歡低碳企業的積極主動的做法，並致力於在該業務中使用人為二氧化碳。

But I was wondering if you could talk specifically to the opportunity set that you see there, kind of the return profile of some of those investments, and how you're thinking about that fitting into the business in a more meaningful way longer term.

但我想知道您是否可以具體談談您在那裡看到的機會集，其中一些投資的回報概況，以及您如何考慮以更有意義的長期方式融入業務。

Longer term, we actually think that, that's going to be a business that will generate significant cash flow and earnings for us over time.

從長遠來看，我們實際上認為，隨著時間的推移，這將是一項將為我們帶來大量現金流和收入的業務。

With what our team is seeing today, there's a lot of interest in partnerships with companies that don't have the capability to otherwise lower their carbon footprint.

根據我們團隊今天所看到的情況，人們對與那些沒有能力降低碳足蹟的公司建立合作夥伴關係非常感興趣。

So there are a lot of situations out there where that exists.

所以有很多情況都存在這種情況。

For competitive reasons, I can't talk specifics here.

出於競爭原因，我不能在這裡談論具體細節。

But I will say that, that there is now so much interest in -- by all types of companies that this is going to be a scenario where we have partners that come in and invest and/or we can sell ultimately CO2 offsets.

但我要說的是，現在所有類型的公司都對此非常感興趣，這將是我們有合作夥伴進來投資和/或我們最終可以出售二氧化碳補償的情況。

And we can generate our own electricity cheaper to also provide CO2 for our operations or we can provide electricity to others through the technology that we've invested in today.

我們可以更便宜地自己發電，同時為我們的運營提供二氧化碳，或者我們可以通過我們今天投資的技術為其他人提供電力。

So with the combination of anthropogenic from industry with net power generating lower cost electricity for our CO2 operations, while also providing the CO2 for our operations.

因此，通過將工業的人為發電與淨發電相結合，為我們的二氧化碳業務生產成本更低的電力，同時也為我們的業務提供二氧化碳。

And then the -- the direct air capture, which is a process that we're doing a FEED study on now, and we'll ultimately start construction, we believe, late 2021 or 2022.

然後是直接空氣捕獲，這是我們現在正在進行 FEED 研究的一個過程，我們相信，我們最終將在 2021 年末或 2022 年開始建設。

With all of those, plus the interest and others to come in and invest and/or buy offsets, it's -- there's lots of opportunity for us to start making that a business line.

有了所有這些，再加上興趣和其他人進來投資和/或購買抵消，我們有很多機會開始將其作為一項業務。

And at this point, I really can't say more than that.

在這一點上，我真的不能說更多。

But we will -- as we can, we will share much more information.

但我們將盡我們所能，分享更多信息。

And I think by the end of the year, we'll have a lot of exciting things to tell.

我認為到今年年底，我們將有很多令人興奮的事情要講述。

The next question comes from Ryan Todd of Simmons Energy.

下一個問題來自西蒙斯能源公司的瑞安·托德。

Maybe a couple of follow-ups here.

也許這裡有一些後續行動。

I mean, you've talked a lot about divestiture program and about, I guess, maintaining the dividend there in this period.

我的意思是，您已經談論了很多關於剝離計劃的問題，我想，關於在此期間維持股息的問題。

I mean, what do you see as the trade-offs or the downsides of just -- I was just targeting maintenance CapEx until debt is reduced to a certain level on a multiyear basis.

我的意思是，您認為權衡或缺點是什麼——我只是將維持資本支出作為目標，直到債務在多年的基礎上減少到一定水平。

How do you view the trade-offs between modest growth you're targeting over the medium-term versus the potential to pull forward debt reduction?

您如何看待中期適度增長目標與推進債務削減潛力之間的權衡？

And maybe the trade-offs of the benefits of targeting a larger -- the larger divestiture program to get the debt down faster and be in a position where you can start to talk about distribution growth?

也許是為了更快地減少債務並處於可以開始談論分配增長的位置而瞄準更大的剝離計劃的好處的權衡？

Well, I think Oscar could say a little bit more about going beyond the $15 billion here in a minute.

好吧，我認為奧斯卡可以在一分鐘內就超越 150 億美元的問題多說一點。

But to start with, I would say that our -- we do want to get our debt down.

但首先，我想說的是，我們確實希望減少債務。

We want to get our debt down to -- at a $60 WTI to be about 1.5 ratio, but in doing that, remember now, our investment in organic growth delivers incredibly good returns.

我們希望將債務比率降至 60 美元的 WTI 左右，約為 1.5，但現在請記住，在這樣做的過程中，我們對有機增長的投資會帶來令人難以置信的良好回報。

So what we're trying to balance is delivering returns to our shareholders while repairing the balance sheet.

因此，我們正在努力平衡的是在修復資產負債表的同時為股東提供回報。

We think we can do both.

我們認為我們可以兩者兼得。

And so we're working to do both over time, and the divestitures are really what we are targeting to help to lower that debt a lot faster and with what we have in the portfolio, we believe we can do that.

因此，隨著時間的推移，我們正在努力做到這兩點，而剝離確實是我們的目標，以幫助更快地降低債務，並且憑藉我們在投資組合中的現有資源，我們相信我們可以做到這一點。

Oscar, if you want to make a comment or two?

奧斯卡，你想發表一兩句話嗎？

Yes.

是的。

I guess, just simple math.

我想，只是簡單的數學。

So we said, clearly, we've got processes ongoing or prepared to launch well in excess of $15 billion, whether or not we close on Africa.

因此，我們明確表示，無論我們是否關閉非洲，我們都正在進行或準備啟動超過 150 億美元的資金。

So to be clear, we do have -- we've kind of done what you're suggesting, right?

需要明確的是，我們確實已經做了您建議的事情，對吧？

We've got a lot more in the market than we need under really any scenario just for this purpose to be competitive across assets, be able to pull deals that we don't like, to sell things we do like.

我們在市場上擁有的東西比我們在任何情況下實際需要的都多得多，只是為了在資產方面具有競爭力，能夠達成我們不喜歡的交易，出售我們喜歡的東西。

The land grant is an interesting one, where it's relatively immune from volatility in the oil and gas price, its value is elsewhere.

土地贈款是一件有趣的事情，它相對不受石油和天然氣價格波動的影響，其價值在其他地方。

And so these are kind of things we'll try to accelerate.

因此，我們將努力加速這些事情。

So clearly, where we can protect value moving forward, we're moving them forward.

很明顯，只要我們能夠保護價值，我們就能推動它們向前發展。

And where this volatility, if it slows down a couple of them, it slows down a few of them.

如果這種波動性減慢了其中一些，那麼它就會減慢其中一些。

So it's a portfolio approach, and it's a big effort.

所以這是一種組合方法，而且是一項巨大的努力。

Okay.

好的。

And maybe one, you have a slide in the presentation where you run through the kind of the multiyear timing outlook on a number of your conventional assets around the world.

也許其中之一是，您在演示文稿中放了一張幻燈片，其中介紹了對全球許多傳統資產的多年時間展望。

What sort of timing requirements do you have on the various conventional assets globally?

您對全球各種傳統資產有什麼樣的時間要求？

I mean, is there a limit to how far you can defer activity in places like Oman, Abu Dhabi and Colombia?

我的意思是，在阿曼、阿布扎比和哥倫比亞等地，您可以推遲活動多久有限制嗎？

We are currently meeting all of our commitments on all of our international conventional assets.

目前，我們正在履行對所有國際常規資產的所有承諾。

So I think we're doing a very good job of that.

所以我認為我們在這方面做得非常好。

We work very closely with the governments and our partner companies in those areas to make sure that we're delivering what we said we would do, and we optimize where we can, and some of the activity that Ken talked about in Oman, in particular, is delivering better results with less capital than we had originally anticipated.

我們與這些領域的政府和合作夥伴公司密切合作，以確保我們兌現了我們所說的承諾，並儘可能優化，特別是肯在阿曼談到的一些活動，正在以比我們最初預期更少的資本提供更好的結果。

So I think that we're doing well with all of our conventional asset commitments.

所以我認為我們所有的傳統資產承諾都做得很好。

Yes, it's Ken here.

是的，這是肯。

I think I walked through quite a few of the ones on the sheet earlier.

我想我之前已經瀏覽過表格上的很多內容。

I think we're on track for 2019, 2020, 2021.

我認為我們將在 2019 年、2020 年、2021 年步入正軌。

And we spudded the well in Abu Dhabi.

我們在阿布扎比打了井。

Things are going well there, Shah expansion, our Al Hosn expansion is going well.

那裡的事情進展順利，Shah 擴張，我們的 Al Hosn 擴張也進展順利。

White Energy project is moving ahead, target 40 million mcfs per day.

White Energy項目正在推進，目標是每天4000萬立方英尺。

It's in design with a company we like working with.

它是與我們喜歡合作的公司一起設計的。

We've got plenty of places to put the CO2, which takes you through the 2020-2021 timeframe.

我們有很多地方可以存放二氧化碳，這將帶您度過 2020-2021 年的時間範圍。

In Oman, seismic has gone well.

在阿曼，地震進展順利。

We're interpreting the 3D seismic we captured last year on the main blocks.

我們正在解釋去年在主要區塊上捕獲的 3D 地震。

Exploration wells.

探井。

We've got a 75% technical success rate there, just under 50% commercial success rate and our finding costs are about $3, barrels.

我們在那裡的技術成功率為 75%，商業成功率略低於 50%，而且我們的勘探成本約為 3 美元/桶。

That's going well.

進展順利。

So overall, I think for all of the items listed, Colombia, we kicked off Teca.

總的來說，我認為對於列出的所有項目，哥倫比亞，我們啟動了 Teca。

First 16 wells, drilling costs coming down facilities, well mapped out, moving ahead.

前 16 口井的鑽井成本下降，設施規劃良好，正在向前推進。

I'd say, completions, we're working jointly with Ecopetrol.

我想說的是，我們正在與 Ecopetrol 合作。

And then we're getting ready for the Teca ramp up.

然後我們就為 Teca 的升級做好準備。

So I would say generally meeting everything on that Slide 21 in terms of dates, which is the on-time, on-budget is one of our mantras.

因此，我想說的是，總體上滿足幻燈片 21 上的所有日期要求，即按時、按預算是我們的口頭禪之一。

The next question today comes from Paul Cheng of Scotiabank.

今天的下一個問題來自豐業銀行的 Paul Cheng。

Vicki, just curious that, once that you get your debt under control.

維基，只是好奇，一旦你控制住了你的債務。

Is there a target ratio of how much is the cash flow you want to reinvest, and how much is going to return to the shareholder?

您想要再投資的現金流量以及將回報給股東的現金流量是否有一個目標比率？

I'm not talking about the next month or 2 years, obviously, the way the debt repayment is going to be the priority, that may change it.

我不是在談論下個月或兩年，顯然，債務償還的方式將成為優先事項，這可能會改變它。

But in the longer term, how should we look at the business model?

但從長遠來看，我們應該如何看待商業模式？

How you're going to use on the cash flow?

您將如何使用現金流？

Is there a ratio that you are targeting?

您有目標比例嗎？

Well, under the scenario that we're working today, you can model it that.

嗯，在我們今天工作的場景下，您可以對其進行建模。

We were assuming that a 5% growth is the cap of where we really feel like we need to be over time.

我們假設 5% 的增長是我們認為隨著時間的推移我們真正需要達到的上限。

So the -- no matter what the oil price is, whether it's $70 or $80, we don't think that we need to have more than a 5% growth.

因此，無論油價是多少，是 70 美元還是 80 美元，我們認為增長都不需要超過 5%。

So the excess cash beyond what we need to invest organically to deliver that growth would go to generally the share repurchases or other investments like that.

因此，超出我們實現增長所需的有機投資的多餘現金通常將用於股票回購或類似的其他投資。

But from a capital standpoint, growth standpoint, we think 5% is sufficient.

但從資本的角度、增長的角度來看，我們認為5%就足夠了。

So I don't know what our ratio, it will change over time, actually.

所以我不知道我們的比例是多少，實際上它會隨著時間的推移而改變。

Okay.

好的。

And then under, say, call it, $55, $60 Brent price, what will be the target growth rate for you guys then?

然後，比如說，55 美元、60 美元的布倫特原油價格，你們的目標增長率是多少？

$55 to $60 is still the 5%.

55 美元到 60 美元仍然是 5%。

We're not going to adjust and run our capital -- our organic capital investment up as oil prices go up.

我們不會隨著油價上漲而調整和運營我們的資本——我們的有機資本投資。

We're really going to manage the business at an optimum investment rate.

我們確實將以最佳投資率來管理業務。

And that investment rate generally will deliver that 5% growth.

這個投資率通常會帶來 5% 的增長。

And so we don't want to get ahead of ourselves with respect to maximizing net present value of our developments.

因此，我們不想在最大化開發項目的淨現值方面超前。

The next question comes from Pavel Molchanov of Raymond James.

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

When you said a few months ago that you will reduce your stake in Western Midstream to less than 50%, the yield on Western Midstream units was maybe 10% or so.

幾個月前，當您表示將把西中游的股份減少到 50% 以下時，西中游單位的收益率可能為 10% 左右。

To date, it's almost 20%.

迄今為止，這一比例已接近 20%。

Given how distressed those units are trading, does it make sense to divest any of them under current conditions?

考慮到這些單位的交易情況有多糟糕，在目前的情況下剝離其中任何一個單位是否有意義？

It's Oscar.

這是奧斯卡。

I'll take that one.

我會接受那個。

No.

不。

Generally, no.

一般來說，不會。

But -- that's a short answer.

但是——這是一個簡短的答案。

But clearly, we've got a commitment in terms of what we've done and then standing WES up independently and deconsolidation and all of that, where we do need to get below 50%.

但顯然，我們已經對我們所做的事情做出了承諾，然後獨立站立 WES 並進行拆分以及所有這些，我們確實需要低於 50%。

But we do have timing flexibility on that as well.

但我們在這方面也有時間靈活性。

It's not something that necessarily needs to be done right away.

這不一定需要立即完成。

But we agree, we're the largest shareholder.

但我們同意，我們是最大的股東。

We hate the price as much as anybody more so probably, so some patience around that is clearly something that would make sense.

我們可能和其他人一樣討厭這個價格，所以對此保持一定的耐心顯然是有意義的。

Okay.

好的。

One more on the decarbonization aspect of the story.

再談一談脫碳方面的故事。

Most other companies that have put out a net 0 target have given a timetable, 2050 or something else.

大多數其他提出淨零目標的公司都給出了時間表，2050 年或其他。

Realistically, when do you anticipate being ready to give a timetable for your net 0 status.

實際上，您預計什麼時候準備好為您的 net 0 狀態提供時間表。

Our teams have already worked out a fairly detailed strategy around getting there.

我們的團隊已經制定了一個相當詳細的策略來實現這一目標。

In fact, this strategy that they worked is not an aspirational goal.

事實上，他們實施的這一策略並不是一個理想的目標。

It's the outcome of a defined program, where we actually have on a timeline milestones for the development of direct air capture, anthropogenic CO2, and the installation of net power over time.

這是一個既定計劃的結果，我們實際上為直接空氣捕獲、人為二氧化碳的發展以及隨著時間的推移淨電力的安裝製定了時間表里程碑。

So the last I saw that -- and we're not saying this is a target, but the last I saw of what that would deliver, would look like in the 2040 to 2045 timeframe, we would be carbon neutral.

所以我最後一次看到的——我們並不是說這是一個目標，但我最後一次看到的目標是，在 2040 年至 2045 年的時間範圍內，我們將實現碳中和。

The next question today comes from Brian Singer of Goldman Sachs.

今天的下一個問題來自高盛的布萊恩·辛格。

I wanted to start with a couple of follow-ups on questions from earlier.

我想首先對之前提出的問題進行一些後續跟進。

First, with regards to a lower commodity environment, given the low-cost of debt from your financing round last summer.

首先，考慮到去年夏天融資輪的債務成本較低，大宗商品環境較低。

How would you weigh going to no growth going to decline versus taking on additional debt to keep the dividend sustained?

您如何權衡不讓增長下降與承擔額外債務以保持股息持續？

And then separately, since you brought up the land grant, can you characterize where you see free cash flow coming from there right now?

然後，既然您提出了土地贈款，您能否描述一下您現在看到的自由現金流來自哪裡？

I would say that we will not take on debt.

我想說我們不會承擔債務。

We don't feel the need to do that.

我們覺得沒有必要這樣做。

We think that with the flexibility that we have in almost any scenario, especially given the fact that we've hedged 350,000 barrels a day.

我們認為，我們在幾乎任何情況下都具有靈活性，特別是考慮到我們每天對沖 350,000 桶石油。

That, along with the fact that $40 oil is just not sustainable for our industry over time.

再加上 40 美元的石油價格對於我們的行業來說是不可持續的。

So we have the time to work through this, and we would actually allow our production to decline a little bit because now with the Permian Resources business with the DJ Basin, and even ultimately, the -- Powder River, those are very fast production cash flow recovery engines.

因此，我們有時間解決這個問題，實際上我們會允許我們的產量略有下降，因為現在有了二疊紀資源業務與 DJ 盆地，甚至最終，粉河，這些都是非常快的生產現金流量恢復發動機。

And so we would have the ability to recover from allowing our production to decline.

因此，我們將有能力從產量下降中恢復過來。

Remember now, back when we just had conventional assets, that were -- that had a much lower growth profile over time.

現在請記住，當我們只有傳統資產時，隨著時間的推移，它們的增長速度要低得多。

That would not have been possible.

那是不可能的。

But today, we have that flexibility.

但今天，我們擁有了這種靈活性。

So we would not take on debt to pay the dividend.

因此，我們不會承擔債務來支付股息。

We would -- what we'd do is allow our capital investments, organic capital investments to decline.

我們要做的就是讓我們的資本投資、有機資本投資下降。

Real quick, it's Oscar.

真快，奧斯卡來了。

On the land grant, we haven't disclosed the cash flow associated with it.

關於土地出讓，我們尚未披露與之相關的現金流。

But the way I think about it is like this, the value inherent in the assets.

但我的想法是這樣的，資產固有的價值。

So again, a lot of surface and a lot of minerals and minerals of all kinds, hard and liquid and so forth, that -- at least as much value is in the optionality and the future development of the -- of that surface in the minerals and just the value of it there as to the value of the current cash flows today.

再說一次，大量的表面和大量的礦物和各種礦物，硬的和液體的等等，至少同樣重要的價值在於該表面的選擇性和未來的發展。礦產及其價值與當前現金流量的價值有關。

So we do like the potential value of this asset in terms -- while it will have some impact on cash flow, because it has cash flow, we expect the multiple of the asset value to be higher than you'd expect with more traditional asset sales.

因此，我們確實喜歡這種資產的潛在價值——雖然它會對現金流產生一些影響，因為它有現金流，但我們預計資產價值的倍數將高於您對更傳統資產的預期銷售量。

Great.

偉大的。

And then my follow-up is with regards to 2 plays within the E&P portfolio, the Permian and the Powder River Basin.

然後我的後續行動是關於勘探與生產組合中的兩個區塊：二疊紀盆地和粉河盆地。

On the Permian on Slide 28, you highlight the significant increase each year in well performance and wondered what your outlook is for 2020 and the extent to which longer laterals will drive well performance versus other measures?

在幻燈片 28 的二疊紀，您強調了油井性能每年的顯著增長，並想知道您對 2020 年的展望以及與其他措施相比，較長的支管將在多大程度上推動油井性能？

And then just any milestones that you expect in the Powder River Basin this year and now you see that play developing within the portfolio?

然後，您預計今年保德河盆地會出現什麼里程碑，現在您看到該項目在投資組合中不斷發展？

I'd say on the Permian Resources business, I was really surprised.

我想說，關於二疊紀資源業務，我真的很驚訝。

Well I had forecasted the 2019 from 2018 improvement to be in the 5% to 10% range.

我曾預測 2019 年較 2018 年的改善將在 5% 至 10% 的範圍內。

And you can see they clearly beat that.

你可以看到他們明顯擊敗了這一點。

With some of the things that our team is talking about today, differences in the way we do, not just our -- where we've put our laterals, but the way we pump our frac jobs.

我們團隊今天討論的一些事情是，我們工作方式的差異，不僅僅是我們放置支管的位置，還有我們進行壓裂作業的方式。

Going back to the improvements I've made previously.

回到我之前所做的改進。

I believe there's still room to further stimulate the near wellbore along the full lateral and to recover more near wellbore reserves.

我相信，沿整個側向，仍有進一步增產近井筒並回收更多近井筒儲量的空間。

And I think that they can work on some things to do that over time.

我認為隨著時間的推移，他們可以做一些事情來做到這一點。

So I think that -- I'd hate to give a number, but I do expect us to improve.

所以我認為——我不想給出一個數字，但我確實希望我們能夠改進。

I don't think we'll plateau from 2019 to 2020.

我認為 2019 年到 2020 年我們不會停滯不前。

I think we'll see improvement this year and improvement going into next year as well.

我認為今年我們會看到進步，明年也會有進步。

With respect to the Powder River, that's an exciting area.

就保德河而言，這是一個令人興奮的地區。

We've done some appraisal work.

我們做了一些評估工作。

The team that's working Powder Rivers, all legacy Anadarko, they're incredibly good.

在 Powder Rivers 工作的團隊都是阿納達科的傳統團隊，他們非常優秀。

They've looked at the offset operators, looked at what they're doing.

他們研究了偏移操作符，研究了他們在做什麼。

They're now -- they've shared information with our internal people on the Permian Resources, we're learning things both ways.

他們現在——他們已經與我們的內部人員分享了有關二疊紀資源的信息，我們正在雙向學習。

That team is going to -- that team will make some significant noise in the Powder River, I believe.

我相信，那支球隊將會——那支球隊將在保德河製造出一些巨大的噪音。

Once they get started, we won't be very aggressive there this year.

一旦他們開始，我們今年就不會太激進了。

We'll pick up activity, probably the -- toward the middle to the latter part of next year.

我們可能會在明年中後期開始開展活動。

The next question today comes from Jeanine Wai of Barclays.

今天的下一個問題來自巴克萊銀行的 Jeanine Wai。

This is Jeanine.

這是珍妮。

My first question is on Permian maintenance CapEx.

我的第一個問題是關於二疊紀維護資本支出。

We've had a lot of discussion on that play so far.

到目前為止，我們已經就該劇進行了很多討論。

Can you discuss or maybe quantify how Permian maintenance CapEx trends over the next couple of years?

您能否討論或量化未來幾年二疊紀維護資本支出的趨勢？

So I mean, we're thinking depending on the growth rate, the decline rates could moderate and potentially facilities-related spending could also decline, and both of those would be tailwinds.

所以我的意思是，我們認為，根據增長率，下降率可能會放緩，潛在的設施相關支出也可能會下降，而這兩者都將是有利因素。

The way we look at that really is from a capital-intensity standpoint, and we see that our capital intensity right now is down in the low 20s.

我們實際上是從資本密集度的角度來看待這個問題的，我們發現我們現在的資本密集度已降至 20 左右。

And so we believe that with the efforts that we can make around optimizing our base production.

因此，我們相信，通過努力優化我們的基地生產。

And designing our fracs so that they are recovering more ultimate reserves from essentially the same sort of designs, I think that the maintenance capital shouldn't significantly increase over time.

並設計我們的壓裂，以便它們從本質上相同類型的設計中回收更多的最終儲量，我認為維護資本不應該隨著時間的推移而顯著增加。

Jeff, do you have any numbers around that?

傑夫，你有這方面的數字嗎？

Yes.

是的。

I mean, what Vicki said, and Jeanine, I think is what you're getting at is, the maintenance capital, obviously, as your base gets bigger, that drives maintenance higher.

我的意思是，維姬和珍妮所說的，我認為你所得到的是，維護資本，顯然，隨著你的基礎變得更大，維護成本會更高。

But what's going on is, with the lower growth rate, you get a lower decline.

但實際情況是，隨著增長率較低，下降幅度也較小。

And then with what Vicki said, with the capital intensity continuing to improve, we wouldn't expect maintenance capital for Permian Resources to go up significantly even on a much larger base, which normally you would expect that to happen.

然後，正如 Vicki 所說，隨著資本密集度持續改善，我們預計二疊紀資源公司的維護資本即使在更大的基礎上也不會顯著增加，而通常情況下您會期望這種情況發生。

We shouldn't see that because of the improvements in performance, lower decline, and as you mentioned, we will get lower facility costs with time because you're not opening up new areas or new fronts, you're able to leverage the facilities that are already in place.

我們不應該看到，由於性能的改進，下降的減少，正如您所提到的，隨著時間的推移，我們將獲得更低的設施成本，因為您沒有開闢新的領域或新的戰線，您可以利用這些設施這些已經就位了。

So that business will continue to get better on that front.

因此，該業務將在這方面繼續變得更好。

Okay, great.

好的，太好了。

That's really interesting.

這真的很有趣。

My second question is just on activity, and Vicki, following up on your prior comments about willingness to respond to a potentially lower-for-longer scenario.

我的第二個問題只是關於活動，Vicki，跟進您之前關於是否願意應對可能較低且更長的情況的評論。

You said that you could go ex-growth or maybe even decline a little bit, depending on the environment.

你說你可能會失去增長，甚至可能會下降一點，這取決於環境。

Does that imply that there really isn't any non-D&C CapEx could be pushed off and that reducing CapEx for the year with just all be on D&C activity.

這是否意味著確實沒有任何非 D&C 資本支出可以被推遲，並且減少了今年的資本支出，而所有的資本支出都集中在 D&C 活動上。

So we noticed that in the oil and gas CapEx budget, facilities and exploration between the 2 of those, it's about 24%.

我們注意到，在石油和天然氣資本支出預算、設施和勘探方面，兩者之間的比例約為 24%。

So maybe there's potentially a scenario that you could push some of that off and still kind of keep the machine going.

因此，也許存在一種可能的情況，你可以推遲其中的一些，但仍然可以讓機器繼續運轉。

Yes.

是的。

And that would be the first to go.

那將是第一個離開的。

We've tiered our capital so that as we go through this, and we start having to having lower capital, the less productive capital goes first.

我們對資本進行了分層，這樣當我們經歷這個過程時，我們開始不得不擁有較低的資本，生產力較低的資本首先進入。

Now that would mean that there could be a point in the future where our facilities CapEx could be a higher percentage.

現在，這意味著在未來某個時刻，我們的設施資本支出可能會達到更高的百分比。

But given where we are in optimizing our developments in this kind of scenario, that's exactly what we would do.

但考慮到我們在這種情況下優化開發的情況，這正是我們要做的。

The final question will come from Roger Read of Wells Fargo.

最後一個問題將由富國銀行的羅傑·里德提出。

I guess, one thing I'd like to touch on, if possible, on the Gulf of Mexico on the chart or Slide 21, you mentioned the Eastern Gulf of Mexico exploration discovery, and then obviously, targeting additional exploration in the out-years.

我想，如果可能的話，我想在圖表或幻燈片 21 上的墨西哥灣談一件事，您提到了墨西哥灣東部的勘探發現，然後顯然，目標是在未來幾年進行更多勘探。

As we think about the sensitivity of CapEx in a, call it, lower-for-longer period here with oil prices, where does the exploration need in the Gulf fit in with the general idea that you were going to keep production relatively stable there in the Gulf, sort of that question that's been asked about the Permian and maybe overall in the company?

當我們考慮資本支出在油價長期較低時期的敏感性時，海灣地區的勘探需求與您將在該地區保持產量相對穩定的總體想法相符嗎？海灣地區，類似於二疊紀盆地以及公司整體的問題？

How do you manage constraints on one end with goals on the other and keeping that business on a sound footing?

您如何管理一方面的限制，另一方面的目標，並使業務保持良好的基礎？

It's Ken.

是肯.

I'll take that one.

我會接受那個。

Essentially, it's not only keeping production flat.

從本質上講，這不僅僅是保持生產平穩。

It's -- the Gulf of Mexico generates a large amount of net free cash flow.

墨西哥灣產生了大量的淨自由現金流。

So our goal is really to have a 10-year plan, which focuses on keeping the net free cash flow relatively constant over that time frame.

因此，我們的目標實際上是製定一個十年計劃，重點是在這段時間內保持淨自由現金流相對穩定。

As I mentioned on a previous call, we love Horn Mountain.

正如我在之前的電話中提到的，我們喜歡霍恩山。

That was one of our assets originally continues to look better and better.

這是我們最初的資產之一，現在看起來越來越好。

Central GoM looks really interesting also.

中央政府看起來也很有趣。

So we see really good opportunities for near-field tiebacks.

因此，我們看到了近場回接的絕佳機會。

And we're also participating in ongoing activities where we can consolidate around those areas.

我們還參與正在進行的活動，我們可以圍繞這些領域進行整合。

So that's -- the goal is maintain long-term steady net free cash flow from barrels, which are really, really high-margin barrels that can compete with everything in the portfolio.

所以，我們的目標是保持石油桶的長期穩定的淨自由現金流，這些石油桶是真正非常高利潤的石油桶，可以與投資組合中的所有產品競爭。

And we have great teams, long history, going all the way back to the Oxy in past years ago.

我們擁有偉大的團隊，悠久的歷史，可以追溯到過去幾年前的 Oxy。

Okay, great.

好的，太好了。

And then a follow-up question.

然後是後續問題。

You mentioned, obviously, the change in the Board structure that's gone on, some of the other things in terms of accessibility for shareholder initiatives and all that.

顯然，您提到了董事會結構的變化，以及股東倡議的可及性等方面的其他一些事情。

Since the next time you have an earnings call, we'll probably be deep into the proxy season.

由於下次召開財報電話會議時，我們可能會深入代理季節。

I was just curious, has there been any change on that front you'd want to comment on?

我只是好奇，您想評論一下這方面有什麼變化嗎？

Sure.

當然。

Recently, we announced that Andrew Gould would join our board, that's going to be effective March 1. And we think that adding Andrew complements the addition to Bob Shearer to the board in July of last year.

最近，我們宣布 Andrew Gould 將加入我們的董事會，該任命將於 3 月 1 日生效。我們認為 Andrew 的加入是對去年 7 月 Bob Shearer 加入董事會的補充。

Andrew's decades of operational and financial execution leadership in the industry will further strengthen our Board of Directors.

安德魯數十年在行業內的運營和財務執行領導力將進一步加強我們的董事會。

So those 2 adds were part of a process that we feel like we're really excited about that's brought some new and different experience to our Board.

因此，這兩項新增是我們感到非常興奮的流程的一部分，它為我們的董事會帶來了一些新的、不同的經驗。

And also as a part of the independent chair succession plan, the board approved last year, Gene Batchelder will step down as chair after this year's annual meeting, and he'll be succeeded by Jack Moore, who is our Vice Chair this year.

作為董事會去年批准的獨立主席繼任計劃的一部分，吉恩·巴切爾德 (Gene Batchelder) 將在今年的年會後辭去主席職務，由今年的副主席傑克·摩爾 (Jack Moore) 接任。

Accordingly, Gene has indicated that he will not seek reelection to the Board.

因此，吉恩表示他不會尋求連任董事會成員。

But I do appreciate Gene and Jack, as they've gone through this process, this has probably been the first formal succession to the chair role that Oxy has ever had.

但我確實很欣賞吉恩和傑克，因為他們經歷了這個過程，這可能是 Oxy 有史以來第一次正式繼承主席職位。

So that process has worked well this year.

所以今年這個過程運作良好。

Additionally, Spencer Abraham has served us for a while now, has indicated to the board that he has decided not to stand for reelection.

此外，斯賓塞·亞伯拉罕已經為我們服務了一段時間，他已向董事會表示，他決定不再競選連任。

So we're grateful for both Mr. Batchelder and Mr. Abraham for their contributions and their service to the board.

因此，我們感謝巴徹爾德先生和亞伯拉罕先生對董事會的貢獻和服務。

And then the other thing I wanted to highlight is, I already mentioned that the 2 new committees this year I mentioned that Dick Poladian was leading the integration committee.

然後我想強調的另一件事是，我已經提到了今年的兩個新委員會，我提到迪克·波拉迪安（Dick Poladian）正在領導整合委員會。

He's also our audit chair.

他也是我們的審計主席。

So he's been a big part of helping us structure the metrics and follow the integration and make that as successful as it's been.

因此，他在幫助我們構建指標、跟踪整合併使整合取得成功方面發揮了重要作用。

But -- also, I want to highlight that Peggy Foran has been appointed Chair of the Sustainability and Shareholder Engagement Committee.

但是，我還想強調佩吉·福蘭 (Peggy Foran) 已被任命為可持續發展和股東參與委員會主席。

Peggy's proactive shareholder outreach and thought leadership on key governance issues has earned her, really, the global recognition as a leader in corporate governance, and we appreciate the leadership and expertise that she brings to this committee and to our Board.

佩吉在關鍵治理問題上積極主動的股東外展和思想領導力為她贏得了全球公認的公司治理領導者的地位，我們感謝她為該委員會和董事會帶來的領導力和專業知識。

That committee, we want that committee to help us be much more engaged and further proactive around shareholder concerns and engagement.

我們希望該委員會能夠幫助我們更加積極主動地解決股東關心的問題和參與。

So with that, what I'd like to do is one last information is to, again, reiterate that, that I'm very, very pleased with the acceleration of our synergies.

因此，我想做的最後一個信息是再次重申，我對我們協同效應的加速感到非常非常高興。

And those -- that acceleration of synergies was only made possible by the fact that we accelerated the integration of our 2 businesses.

而那些——協同效應的加速只有通過我們加速了兩項業務的整合才成為可能。

I wanted to pass it to Cedric to talk a little bit about the one-time charges that have occurred and what you can expect in the first quarter, both fourth quarter that you just saw and first quarter coming up.

我想將其傳遞給塞德里克，談談已經發生的一次性費用以及第一季度的預期，包括您剛剛看到的第四季度和即將到來的第一季度。

Yes, great.

對，很好。

So there's been a number of questions logically so around the timing and magnitude of the one-time costs and also some confusion, we're going to try to clear up here with respect to when the costs are expensed and when they actually are paid out in cash because the timing will be different.

因此，在邏輯上存在許多關於一次性成本的時間和規模的問題，以及一些混亂，我們將嘗試在此處澄清有關成本何時費用化以及何時實際支付的問題現金，因為時間會有所不同。

So through the fourth quarter, we incurred approximately $1.6 billion in integrated related costs, and that is an expense item.

因此，整個第四季度，我們產生了大約 16 億美元的綜合相關成本，這是一個支出項目。

And this year, we expect to incur an additional $400 million to $500 million in integration cost.

今年，我們預計將額外產生 4 億至 5 億美元的集成成本。

So through the fourth quarter, $868 million was paid out in cash and the remainder of that total balance will be paid out -- expected to be paid out this year in 2020.

因此，截至第四季度，8.68 億美元以現金支付，總餘額的其餘部分將支付——預計將於 2020 年支付。

So as we looked at it, the paybacks are phenomenally good with these moves.

因此，正如我們所看到的，這些舉措的回報非常好。

They're very good paybacks.

他們的回報非常好。

And so incurring these costs earlier in the process will enable the benefits to flow to our bottom line sooner than it originally expected.

因此，在此過程中儘早承擔這些成本將使收益比最初預期更早地流入我們的底線。

So as Vicki mentioned, we are significantly ahead of plan and schedule.

正如 Vicki 提到的，我們遠遠超出了計劃和時間表。

Very excited about that.

對此非常興奮。

And we think that the financials are going to reflect that beginning this year.

我們認為，從今年開始，財務數據將反映出這一點。

Okay.

好的。

I'll close with another thanks to our employees and to all of the -- all of you who participated on our call today.

最後，我要再次感謝我們的員工以及今天參加我們電話會議的所有人。

Thanks again, and have a good day.

再次感謝，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。