西方石油 (OXY) 2022 Q3 法說會逐字稿

Good afternoon, and welcome to Occidental's Third Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note, today's event is being recorded.

下午好，歡迎參加西方石油公司 2022 年第三季度收益電話會議。 （操作員說明）請注意，今天的活動正在錄製中。

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

我現在想將會議轉交給投資者關係副總裁 Jeff Alvarez。請繼續，先生。

Thank you, Rocco. Good afternoon, everyone, and thank you for participating in Occidental's Third Quarter 2022 Conference Call. On the call with us today are Vicki Hollub, President and Chief Executive Officer; Rob Peterson, Senior Vice President and Chief Financial Officer; and Richard Jackson, President, Operations, U.S. Onshore Resources and Carbon Management.

謝謝你，羅科。大家下午好，感謝您參加西方石油公司 2022 年第三季度電話會議。今天與我們通話的是總裁兼首席執行官 Vicki Hollub； Rob Peterson，高級副總裁兼首席財務官； Richard Jackson，美國陸上資源和碳管理運營總裁。

This afternoon, we will refer to slides available on the Investors section of our website. The presentation includes a cautionary statement on Slide 2 regarding forward-looking statements that will be made on the call this afternoon. We'll also reference a few non-GAAP financial measures today. Reconciliations to the nearest corresponding GAAP measure can be found in the schedules to our earnings release and on our website.

今天下午，我們將參考我們網站投資者部分的幻燈片。該演示文稿包括幻燈片 2 上關於將在今天下午的電話會議上做出的前瞻性陳述的警示性聲明。我們今天還將參考一些非公認會計原則的財務指標。可以在我們的收益發佈時間表和我們的網站上找到與最接近的相應 GAAP 衡量標準的對賬。

I'll now turn the call over to Vicki. Vicki, please go ahead.

我現在將把電話轉給 Vicki。維姬，請繼續。

Thank you, Jeff, and good afternoon, everyone. We delivered another strong quarter operationally and financially, enabling us to further advance our shareholder return framework as we made meaningfully -- meaningful progress toward completing our $3 billion share repurchase program. We achieved our goal of reducing the face value of our debt to the high teens and plan to continue repaying debt through the remainder of this year before allocating a higher percentage of cash flow to shareholder returns next year.

謝謝你，傑夫，大家下午好。我們在運營和財務方面又交付了一個強勁的季度，使我們能夠進一步推進我們的股東回報框架，因為我們取得了有意義的進展——在完成我們 30 億美元的股票回購計劃方面取得了有意義的進展。我們實現了將債務面值降低到十幾歲的目標，併計劃在今年剩餘時間內繼續償還債務，然後在明年將更高比例的現金流分配給股東回報。

The excellent operational performance of our businesses was a key driver of our strong financial results, including generating the cash flow required to advance our shareholder return framework and further strengthen our balance sheet. OxyChem delivered strong earnings following a record second quarter, while our Gulf of Mexico, International, Rockies and Permian teams set new operational records.

我們業務的出色運營業績是我們強勁財務業績的關鍵驅動力，包括產生推進股東回報框架和進一步加強資產負債表所需的現金流。在創紀錄的第二季度之後，OxyChem 實現了強勁的收益，而我們的墨西哥灣、國際、落基山脈和二疊紀團隊創造了新的運營記錄。

This afternoon, I will cover our third quarter operational performance and the exciting progress our Low Carbon business has made since our investor update in March. Rob will cover our financial results as well as our updated guidance, which includes an increase in full year guidance for all 3 of our business segments.

今天下午，我將介紹我們第三季度的運營業績以及自 3 月份投資者更新以來我們的低碳業務取得的令人振奮的進展。 Rob 將涵蓋我們的財務業績以及我們更新的指導，其中包括增加我們所有 3 個業務部門的全年指導。

Our businesses all performed well in the third quarter, enabling us to generate $3.6 billion of free cash flow before working capital, with total company-wide capital spend of approximately $1.1 billion. Our oil and gas business delivered production of nearly 1.2 million BOE per day, exceeding the midpoint of guidance by approximately 25,000 BOE per day. Outperformance from the Rockies and Gulf of Mexico were key drivers of our production exceeding third quarter guidance.

我們的業務在第三季度都表現良好，使我們能夠在營運資本之前產生 36 億美元的自由現金流，公司範圍內的總資本支出約為 11 億美元。我們的石油和天然氣業務實現了每天近 120 萬桶油當量的產量，超過了指導中點每天約 25,000 桶當量。落基山脈和墨西哥灣的出色表現是我們產量超過第三季度預期的關鍵驅動因素。

The Rockies' success was driven by better-than-expected base production and higher NGL recoveries. In the Gulf of Mexico, we benefited from unseasonably calm weather during most of the third quarter and better-than-expected performance from Horn Mountain West. Our ability to generate substantial free cash flow, even as oil prices declined compared to the previous quarter, positioned us to complete approximately $2.6 billion of our $3 billion share repurchase program through November 7.

Rockies 的成功得益於好於預期的基礎產量和較高的 NGL 回收率。在墨西哥灣，我們受益於第三季度大部分時間異常平靜的天氣以及 Horn Mountain West 好於預期的表現。即使油價較上一季度下跌，我們仍能產生大量自由現金流，這使我們能夠在 11 月 7 日之前完成 30 億美元的股票回購計劃中的約 26 億美元。

Over the last 12 months, we have returned approximately $3.21 per share to common shareholders moving us closer to potentially being able to begin redeeming the preferred equity in 2023. We also repaid approximately $1.5 billion of debt in the third quarter and in the period ending November 7. Providing commodity prices remain supportive, we intend to reduce the face value of our debt approximately $18 billion by the end of this year, meaning that we will have repaid over $10 billion of debt in 2022.

在過去的 12 個月中，我們向普通股股東返還了每股約 3.21 美元，使我們更接近可能在 2023 年開始贖回優先股。我們還在第三季度和截至 11 月的期間償還了約 15 億美元的債務7. 如果商品價格保持支撐，我們打算在今年年底前將債務面值減少約 180 億美元，這意味著我們將在 2022 年償還超過 100 億美元的債務。

As we enter 2023, we expect that our free cash flow allocation will shift significantly towards shareholder returns. We intend to reward shareholders with a sustainable dividend supported by an active repurchase program, continued rebalancing of our enterprise value in favor of common shareholders, and a reduction in our cost of capital as the preferred equity is partially redeemed.

隨著我們進入 2023 年，我們預計我們的自由現金流分配將顯著轉向股東回報。我們打算以積極的回購計劃支持的可持續股息獎勵股東，繼續重新平衡我們的企業價值以有利於普通股股東，以及隨著優先股被部分贖回而降低我們的資本成本。

Turning to OxyChem and Midstream. Both businesses benefited from supportive market conditions during the third quarter. OxyChem exceeded its guidance since chlor-alkali prices continued to strengthen and the expected softening in the PVC markets did not materialize to the extent that we had forecast.

轉向 OxyChem 和 Midstream。這兩項業務均受益於第三季度的有利市場條件。 OxyChem 超出了其指導，因為氯鹼價格繼續走強，而 PVC 市場的預期疲軟並未像我們預測的那樣實現。

We continue to be highly encouraged by well performance across our portfolio. In the Delaware Basin, we delivered our best quarter to date for early well performance with the 46 wells online averaging peak 30-day rates of over 3,600 BOE per day, demonstrating the superior quality of our inventory and subsurface expertise. And in the Texas Delaware, we recently brought online a new Silvertip well with the highest initial oil production of any horizontal well previously drilled in the lower 48.

我們繼續對我們投資組合的良好表現感到鼓舞。在特拉華盆地，我們提供了迄今為止最好的季度早期油井性能，46 口井在線平均 30 天峰值產量超過每天 3,600 BOE，證明了我們的庫存和地下專業知識的卓越品質。在德克薩斯特拉華州，我們最近上線了一口新的 Silvertip 井，該井的初始石油產量是之前在 48 號下游鑽探的任何水平井中最高的。

The Python 13H well posted a 3-stream IP of almost 20,000 BOE per day and averaged over 11,000 BOEs per day over its first 30 days online, which we believe to be the strongest performance ever for a Permian well. Overall, the Python development has outperformed expectations, and we're looking forward to developing the offsetting areas over the next few months.

Python 13H 井發布了每天近 20,000 BOE 的 3 流 IP，在上線的前 30 天平均每天超過 11,000 BOE，我們認為這是二疊紀井有史以來最強勁的表現。總體而言，Python 開發的表現超出預期，我們期待在未來幾個月內開發抵消區域。

We're beginning to see additional progress in Colorado's new permit approval process. In August, we received approval from the Colorado Oil & Gas Conservation Commission for the state's first comprehensive area plan under the recently implemented regulations. This plan has paved the way for us to complete more than 200 new wells in Wells County over the next few years. Also, several drilling permit applications that had been pending for a period of time were recently approved, allowing us to add back a rig in the DJ Basin after reallocating 1 earlier this year.

我們開始看到科羅拉多州新的許可證審批流程取得了更多進展。 8 月，根據最近實施的法規，我們獲得了科羅拉多州石油和天然氣保護委員會的批准，該州的第一個綜合區域計劃。該計劃為我們在未來幾年內完成威爾斯縣 200 多口新井鋪平了道路。此外，最近批准了幾項懸而未決的鑽井許可證申請，使我們能夠在今年早些時候重新分配 1 台後，在 DJ 盆地重新添加一台鑽機。

With the permits we have in hand and our expectations for future approvals, we have enhanced our flexibility as we formulate our activity for next year. Last quarter, we celebrated first oil from our new discovery field in the Gulf of Mexico, Horn Mountain West. While it's exciting to realize production from new discoveries, our existing fields have abundant potential that we continue to unlock with innovative technical solutions like subsea expansions.

憑藉我們手頭的許可證以及我們對未來批准的期望，我們在製定明年的活動時提高了靈活性。上個季度，我們慶祝了我們在墨西哥灣霍恩山西部新發現油田的第一批石油。雖然從新發現中實現生產令人興奮，但我們現有的油田具有巨大的潛力，我們將繼續通過海底擴張等創新技術解決方案來釋放這些潛力。

For example, our Caesar-Tonga field recently reached a production milestone of 150 barrels of cumulative oil production since the start-up 10 years ago. Caesar-Tonga is a subsea tieback to the Constitution spar and is one of the largest fields in the Outer Continental Shelf. This impressive achievement is the result of the collaboration and hard work across Oxy's Gulf of Mexico business unit including the asset development teams and offshore personnel, who focus on delivering safe and efficient barrels every day.

例如，我們的 Caesar-Tonga 油田最近達到了自 10 年前啟動以來累計產油 150 桶的生產里程碑。 Caesar-Tonga 是憲法晶石的海底回接，是外大陸架最大的油田之一。這一令人印象深刻的成就是 Oxy 墨西哥灣業務部門包括資產開發團隊和海上人員在內的協作和辛勤工作的結果，他們每天都專注於提供安全高效的桶。

In the years ahead, we plan to continue maximizing production capacity through projects like this one. The Caesar-Tonga subsea expansion, which is scheduled for start-up in the first quarter of next year, will address facility bottlenecks and maximize production capacity from the field, while signaling a transition into the next phase of field development.

在未來幾年，我們計劃通過這樣的項目繼續最大限度地提高生產能力。 Caesar-Tonga 海底擴建計劃於明年第一季度啟動，將解決設施瓶頸並最大限度地提高油田的產能，同時標誌著向下一階段的油田開發過渡。

In the second quarter, I highlighted new production records at Al Hosn in the UAE and Block 9 in Oman. I'd like to congratulate our Al Hosn and Oman teams again this quarter for breaking those recently set records. We're beginning to benefit from incremental production from Al Hosn and are pleased the expansion project is on track for completion in the middle of 2023.

在第二季度，我重點介紹了阿聯酋 Al Hosn 和阿曼 Block 9 的新生產記錄。我想在本季度再次祝賀我們的 Al Hosn 和阿曼團隊打破了最近創下的記錄。我們開始從 Al Hosn 的增量生產中受益，並且很高興擴建項目有望在 2023 年年中完成。

Turning to our Low Carbon business, I'm pleased to share that we broke ground on the world's largest direct air capture plant in Ector County, Texas. The first stage of construction, which includes site preparation and road work began in September. Plant start-up is expected in late 2024.

談到我們的低碳業務，我很高興地與大家分享，我們在德克薩斯州埃克託縣的世界上最大的直接空氣捕集廠破土動工。包括場地準備和道路工程在內的第一階段建設於 9 月開始。工廠預計將於 2024 年底投產。

During our March LCV Investor Update, we provided an overview of the expected revenues and costs for both direct air capture and point source capture projects. Just then, we had experienced progress on legislative and commercial fronts. Congress passed the Inflation Reduction Act, which contains several enhancements to the 45Q tax credit that will incentivize the development of carbon capture projects. Additionally, strong interest from potential customers has provided us with a clearer picture of the market for carbon dioxide removal credits or CDRs, and net zero oil in addition to other products.

在我們 3 月的 LCV 投資者更新期間，我們概述了直接空氣捕獲和點源捕獲項目的預期收入和成本。就在那時，我們在立法和商業方面取得了進展。國會通過了《減少通貨膨脹法》，其中包含對 45Q 稅收抵免的多項改進，將激勵碳捕集項目的發展。此外，潛在客戶的強烈興趣使我們對二氧化碳去除信用或 CDR 以及除其他產品之外的淨零油市場有了更清晰的了解。

We believe our low carbon strategy, combined with the ability to leverage direct air capture or DAC, for the benefit of ourselves and others, uniquely positions us to lead the market in supplying CDRs to the thousands of businesses that have established net zero ambitions. We are encouraged by the passage of the IRA and previously highlighted the potential for the 45Q enhancements to accelerate our low carbon strategy. We expect the 45Q enhancements to jump start the voluntary market for CDRs, which gives us confidence to increase the number of DACs in our current development scenario from 70 online by 2035 to approximately 100.

我們相信，我們的低碳戰略，結合利用直接空氣捕獲或 DAC 的能力，造福於我們自己和他人，使我們在市場上處於領先地位，為數千家已建立淨零目標的企業提供 CDR。我們對愛爾蘭共和軍的通過感到鼓舞，並且之前強調了 45Q 增強的潛力，以加速我們的低碳戰略。我們預計 45 季度的改進將啟動 CDR 的自願市場，這使我們有信心在我們當前的開發方案中將 DAC 的數量從 2035 年的 70 個在線增加到大約 100 個。

Equally as important, we expect the accelerated development of direct air capture will enable us to reduce plant capital and operating costs at a faster pace. In March, we provided a capital cost for the first DAC plant of $800 million to $1 billion. Given the inflationary pressures felt across the economy, especially for construction materials and labor, we now expect the first plant to cost approximately $1.1 billion. The current inflationary environment will not last forever, and we will leverage our supply chain and major projects expertise wherever possible, to lower the cost of our first direct air capture as well as the ones to follow.

同樣重要的是，我們預計直接空氣捕獲技術的加速發展將使我們能夠以更快的速度降低工廠資本和運營成本。 3 月，我們為第一座 DAC 工廠提供了 8 億至 10 億美元的資本成本。考慮到整個經濟的通脹壓力，尤其是建築材料和勞動力，我們現在預計第一家工廠的成本約為 11 億美元。當前的通脹環境不會永遠持續下去，我們將盡可能利用我們的供應鍊和重大項目專業知識，以降低我們第一次直接空氣捕獲以及後續空氣捕獲的成本。

The U.S. has taken a leadership role in moving towards net zero making it more accessible for companies to meet their net zero commitments through the utilization of CDRs. Our long-term view on the potential of direct air capture has not changed, but to reach the net zero development scenario of 135 DACs described in our March update, the rest of the world will need to rise to the challenge in the form of global policy support. We're already seeing evidence of this, such as the PACE program recently announced in the UAE, which will catalyze $100 billion in financing and investment.

美國在邁向淨零排放方面發揮了領導作用，使公司更容易通過使用 CDR 來履行其淨零承諾。我們對直接空氣捕獲潛力的長期看法沒有改變，但要達到我們 3 月份更新中描述的 135 個 DAC 的淨零發展情景，世界其他地區將需要以全球的形式迎接挑戰政策支持。我們已經看到了這方面的證據，例如最近在阿聯酋宣布的 PACE 計劃，該計劃將促成 1000 億美元的融資和投資。

The Permian location of our first direct air capture will provide us multiple options to maximize the value of captured CO2. We have the ability to inject the CO2 into a saline reservoir producing CDRs or to utilize the captured CO2 to produce net zero oil from our enhanced oil recovery assets. Our conversations with many corporate partners and potential clients have highlighted the significant demand for CDRs generated through CO2 sequestration.

我們第一個直接空氣捕獲的二疊紀位置將為我們提供多種選擇，以最大限度地提高捕獲的二氧化碳的價值。我們有能力將二氧化碳注入生產 CDR 的鹽水儲層，或利用捕獲的二氧化碳從我們的強化採油資產中生產淨零油。我們與許多企業合作夥伴和潛在客戶的對話強調了對二氧化碳封存產生的 CDR 的巨大需求。

To meet this demand and advance our own net zero ambition, we plan to develop several hubs along the U.S. Gulf Coast, where we will have the option to develop direct air capture, provide point source capture and sequestration for industrial emissions or offer both solutions. To advance our ability to provide sequestration services and generate CDRs, we have filed applications for 2 Class VI sequestration permits and plan to file applications in the near future.

為了滿足這一需求並推進我們自己的淨零目標，我們計劃在美國墨西哥灣沿岸開發幾個中心，在那裡我們可以選擇開發直接空氣捕獲、為工業排放提供點源捕獲和封存或提供兩種解決方案。為了提高我們提供封存服務和生成 CDR 的能力，我們已經申請了 2 個 VI 類封存許可證，併計劃在不久的將來提交申請。

We recently secured 2 new locations for the large-scale development of sequestration hubs. The first location covers 65,000 acres in Southeast Texas with up to 1.3 billion tons of CO2 sequestration capacity that could support up to 20 DACs. We also reached a lease agreement with King Ranch, the largest privately held ranch in the U.S., to build up to 30 DACs and develop point source capture infrastructure.

我們最近獲得了 2 個新地點，用於大規模開發封存中心。第一個地點佔地 65,000 英畝，位於德克薩斯州東南部，擁有高達 13 億噸二氧化碳封存能力，可支持多達 20 個 DAC。我們還與美國最大的私人牧場 King Ranch 達成了租賃協議，以建立多達 30 個 DAC 並開發點源捕獲基礎設施。

Our agreement covers approximately 106,000 acres, which is about 166 square miles with the capability to safely and permanently sequester approximately 3 billion tons of CO2. We expect to develop our second DAC at King Ranch and plan to start the pre-feed before year-end. These 2 new locations are in addition to the 3 hubs focused on point source capture that we're also developing. We have secured almost 100,000 acres in Southeast Texas and Louisiana capable of safely and permanently sequestering approximately 1.9 billion tons of CO2.

我們的協議佔地約 106,000 英畝，即約 166 平方英里，能夠安全、永久地封存約 30 億噸二氧化碳。我們希望在 King Ranch 開發我們的第二個 DAC，併計劃在年底之前開始預餵。除了我們也在開發的 3 個專注於點源捕獲的中心之外，這 2 個新地點還包括在內。我們在德克薩斯州東南部和路易斯安那州獲得了近 100,000 英畝的土地，能夠安全、永久地封存約 19 億噸二氧化碳。

In total, we have secured over 260,000 acres capable of sequestering almost 6 billion tons of CO2 compared to the target we communicated in March of securing approximately 100,000 acres by the end of the year.

與我們在 3 月份傳達的到年底獲得約 100,000 英畝的目標相比，我們總共獲得了超過 260,000 英畝的土地，能夠隔離近 60 億噸二氧化碳。

NET Power recently announced a plan to develop and build the world's first utility-scale natural gas-fired power plant with near zero atmospheric emissions. The plant will be located close to Oxy's operations in the Permian and will supply our operations with clean, low-cost on-demand power. CO2 generated by the power plant will be used -- will be captured and permanently sequestered underground using our existing CO2 infrastructure. This plant will accelerate Oxy's plans to reduce carbon emissions to help us achieve our net zero ambitions.

NET Power 最近宣布了一項計劃，以開發和建造世界上第一座近乎零大氣排放的公用事業規模的天然氣發電廠。該工廠將靠近 Oxy 在二疊紀的業務，並將為我們的業務提供清潔、低成本的按需電力。發電廠產生的二氧化碳將被使用——將被捕獲並使用我們現有的二氧化碳基礎設施永久隔離在地下。該工廠將加速 Oxy 減少碳排放的計劃，以幫助我們實現淨零目標。

This first utility scale plant will enable both Oxy and NET Power to develop best practices that use NET Power's technology to provide emission-free power for our Permian operations and future direct air capture sites.

第一個公用事業規模的工廠將使 Oxy 和 NET Power 能夠開發使用 NET Power 技術的最佳實踐，為我們的二疊紀運營和未來的直接空氣捕獲站點提供無排放電力。

I'll now turn the call over to Rob, who will walk you through our third quarter results and guidance.

我現在將把電話轉給 Rob，他將向您介紹我們的第三季度業績和指導。

Thank you, Vicki, and good afternoon. In the third quarter, our profitability remained strong as we posted an adjusted profit of $2.44 per diluted share and a reported profit of $2.52 per diluted share, even as commodity prices declined from the recent high set in the second quarter. The difference between adjusted and reported earnings was primarily driven by a gain on sale and a tax benefit related to foreign restructuring, partially offset by early debt extinguishment cost and mark-to-market adjustments.

謝謝你，維姬，下午好。在第三季度，我們的盈利能力保持強勁，因為我們公佈調整後的每股攤薄利潤為 2.44 美元，報告的每股攤薄利潤為 2.52 美元，儘管商品價格從第二季度創下的近期高點回落。調整後收益與報告收益之間的差異主要是由銷售收益和與外國重組相關的稅收優惠驅動的，部分被早期債務清償成本和盯市調整所抵消。

As Vicki mentioned, we made substantial progress towards completing our $3 billion share repurchase program in the third quarter. We have repurchased almost 42 million shares through November 7 for approximately $2.6 billion with a weighted average price below $62 per share. We intend to complete the share repurchase program by year-end and allocate any additional cash flow this year to reducing debt further.

正如 Vicki 所說，我們在第三季度完成 30 億美元的股票回購計劃方面取得了實質性進展。截至 11 月 7 日，我們以約 26 億美元的價格回購了近 4200 萬股股票，加權平均價格低於每股 62 美元。我們打算在年底前完成股票回購計劃，並將今年的任何額外現金流分配給進一步減少債務。

During the quarter, approximately 7.4 million publicly traded warrants were exercised, bringing the total number exercise as of September 30 to almost 12 million with approximately 104 million remaining outstanding. The warrants were a cash exercise instrument, meaning that Oxy received a cash payment from the warrant holder upon exercise, which provides them with an additional source of cash to purchase shares and reduce debt.

在本季度，約 740 萬份公開交易認股權證被行使，截至 9 月 30 日，行使總數接近 1200 萬份，其中約 1.04 億份未償還。認股權證是一種現金行使工具，這意味著 Oxy 在行使時從認股權證持有人那裡收到現金付款，這為他們提供了額外的現金來源來購買股票和減少債務。

We are very pleased to have completed our near-term debt reduction goal of lowering debt to the high teens. In addition to having repaid approximately $9.6 billion of debt year-to-date, we also retired $275 million of notional interest rate swaps in the third quarter for approximately $100 million in cash.

我們很高興完成了降低青少年債務的近期減債目標。除了今年迄今償還了約 96 億美元的債務外，我們還在第三季度以約 1 億美元的現金償還了 2.75 億美元的名義利率掉期。

We exited the third quarter with approximately $1.2 billion of unrestricted cash on the balance sheet and as of November 7 have reduced the face value of our debt below $19 billion. We have provided notice that the $340 million note due in February will be called on November 15, meaning that we will have less than $23 million of debt due next year. We also intend to retire the remaining $450 million of notional interest rate swaps this year, which we expect to require approximately $150 million in cash at the current interest rate curve.

我們在第三季度結束時資產負債表上約有 12 億美元的非限制性現金，截至 11 月 7 日，我們的債務面值已降至 190 億美元以下。我們已經通知，2 月份到期的 3.4 億美元票據將於 11 月 15 日被催繳，這意味著我們明年到期的債務將少於 2300 萬美元。我們還打算在今年退出剩餘的 4.5 億美元的名義利率掉期，我們預計在當前利率曲線上需要大約 1.5 億美元的現金。

As I mentioned on the previous call, we believe reducing the face value of our debt to high teens will accelerate our return to investment grade. We have made outstanding progress over the past 2 years to meet this objective, but understand that we cannot determine the timing of any potential ratings change. The combined impact of improving our balance sheet and reducing debt this year alone is estimated to result in a total annual interest and financing cost savings of over $350 million on a go-forward basis.

正如我在上次電話會議中提到的那樣，我們相信將我們債務的面值降低到青少年債務將加速我們回歸投資級別。在過去 2 年中，我們在實現這一目標方面取得了顯著進展，但請理解我們無法確定任何潛在評級變化的時間。據估計，僅今年一年，改善我們的資產負債表和減少債務的綜合影響將導致每年總共節省超過 3.5 億美元的利息和融資成本。

Debt reduction will remain a priority, but we intend to notably redirect our cash flow priorities next year from proactively reducing debt to returning additional excess cash flow to shareholders. Over time, we intend to reduce gross debt below $15 billion.

減債仍將是優先事項，但我們打算將明年的現金流優先事項從主動減債轉向向股東返還額外的超額現金流。隨著時間的推移，我們打算將總債務減少到 150 億美元以下。

As Vicki mentioned, we are raising our full year guidance across all 3 business segments due to outperformance in the third quarter and improved expectations for the remainder of the year. Starting with oil and gas, we have raised our full year production guidance by 5,000 BOE per day to 1.16 million BOE per day for 2022, while our full year capital guidance remains unchanged. But we continue to expect to finish the year on the high end of our capital range.

正如 Vicki 所提到的，由於第三季度的出色表現以及對今年剩餘時間的預期提高，我們正在提高所有 3 個業務部門的全年指導。從石油和天然氣開始，我們將 2022 年的全年產量指導提高了每天 5,000 桶油當量至每天 116 萬桶油當量，而我們的全年資本指導保持不變。但我們仍然期望在我們資本範圍的高端結束這一年。

Our production has increased steadily each quarter of this year, which has always been expected outcome of our 2022 plan, in part due to ramp up activity in scheduled turnarounds in the first quarter. We expect this trajectory will continue in the fourth quarter with production exceeding 1.2 million BOE per day.

今年每個季度我們的產量都在穩步增長，這一直是我們 2022 年計劃的預期結果，部分原因是第一季度計劃的周轉活動增加。我們預計這一軌跡將在第四季度繼續，日產量將超過 120 萬桶油當量。

Our Permian operations were impacted by higher-than-expected third-party downtime and lower OBO volumes during the quarter. Our strong well performance continues to exceed our expectations, but due to third-party issues in the quarter, our Permian production came at the low end of our guidance range.

我們的二疊紀業務受到本季度高於預期的第三方停機時間和較低的 OBO 交易量的影響。我們強勁的油井表現繼續超出我們的預期，但由於本季度的第三方問題，我們的二疊紀產量處於我們指導範圍的低端。

We have revised our fourth quarter Permian guidance down slightly from the implied guidance we provided last quarter, as our third quarter exit rate was lower than anticipated. We expect strong performance in the Gulf of Mexico and Rockies that more than offset the updated Permian projection.

由於我們第三季度的退出率低於預期，我們已將第四季度二疊紀指引從我們上季度提供的隱含指引略微下調。我們預計墨西哥灣和落基山脈的強勁表現足以抵消更新後的二疊紀預測。

As our 2022 plan anticipated an increase in activity throughout the year, our fourth quarter capital spend is expected to be higher than prior quarters this year. The activity that was added in the second half of this year will place us in a strong position for 2023 as our Permian production will grow by over 100,000 BOE per day in the first quarter. Our fourth quarter production is expected to grow approximately 18% from the fourth quarter of last year.

由於我們的 2022 年計劃預計全年活動會增加，因此我們第四季度的資本支出預計將高於今年前幾個季度。今年下半年增加的活動將使我們在 2023 年處於有利地位，因為我們的二疊紀產量將在第一季度每天增長超過 100,000 桶油當量。我們第四季度的產量預計將比去年第四季度增長約 18%。

OxyChem continues to perform well, and we've raised our full year guidance to reflect third quarter results as well as an improvement in our expectations for the fourth quarter. Fundamentals in the caustic soda market continue to be supportive, while softening in the PVC market has occurred at a slower pace than previously expected.

OxyChem 繼續表現良好，我們提高了全年指導以反映第三季度的業績以及我們對第四季度的預期的改善。燒鹼市場的基本面繼續提供支撐，而 PVC 市場的疲軟速度比之前預期的要慢。

We expect the fourth quarter to reflect seasonal trends that are typical for this business, but did not materialize in 2020 or 2021. The seasonal slowdown in construction activity towards the end of the year typically reduces demand for chlorovinyl products, which we have reflected in our guidance.

我們預計第四季度將反映該業務的典型季節性趨勢，但在 2020 年或 2021 年並未實現。年底建築活動的季節性放緩通常會減少對氯乙烯產品的需求，我們在我們的指導。

I will now turn the call back over to Vicki.

我現在將把電話轉回給 Vicki。

Thank you, Rob. As we said during our March investor update, achieving our net zero ambitions will require funding outside of Oxy's historical capital allocation program. As the construction phase and technology of our first stack project advances, we will continue to consider strategic capital partnerships and structures to address financing. While we are prepared to fund the first stack plant ourselves, if necessary, we are working to derisk the construction phase and commercialize the technology to attract financing structures that will retain the most value for our shareholders.

謝謝你，羅布。正如我們在 3 月份的投資者更新中所說，實現我們的淨零目標將需要 Oxy 歷史資本分配計劃之外的資金。隨著我們第一個堆棧項目的建設階段和技術的進步，我們將繼續考慮戰略資本合作夥伴關係和結構來解決融資問題。雖然我們準備自己為第一個堆棧工廠提供資金，但如有必要，我們正在努力降低建設階段的風險並將技術商業化，以吸引能夠為我們的股東保留最大價值的融資結構。

Finally, we understand that there's a high level of interest in our 2023 capital and activity plans, which we will communicate on our next call once our plans are finalized and approved by the Board. As we formulate our plans for 2023, we will focus on retaining a high degree of flexibility in our capital and spending plans, allowing us to adapt and maximize opportunities in a changing macro environment as we do each year.

最後，我們了解到人們對我們的 2023 年資本和活動計劃非常感興趣，一旦我們的計劃最終確定並獲得董事會批准，我們將在下次電話會議上進行溝通。在製定 2023 年計劃時，我們將專注於在資本和支出計劃中保持高度靈活性，使我們能夠像每年一樣在不斷變化的宏觀環境中適應並最大限度地利用機會。

Before we go to our Q&A, I'd like to thank Jeff Alvarez for his leadership with our Investor Relations. I'm sure you would all agree, he's done a tremendous job to not only share our story and to help you all understand our strategy and results, he's also provided critical support to our leadership team. We appreciate what Jeff has done with Investor Relations and what he will do for us in his new role that he's recently accepted. That role is to become President and General Manager of [Sequest].

在我們進行問答之前，我要感謝 Jeff Alvarez 對我們投資者關係的領導。我相信你們都會同意，他做得非常出色，不僅分享了我們的故事並幫助大家了解我們的戰略和結果，他還為我們的領導團隊提供了重要的支持。我們感謝 Jeff 在投資者關係方面所做的工作，以及他最近接受的新職位將為我們做些什麼。該角色是成為[Sequest]的總裁兼總經理。

In this role, Jeff will lead the efforts to build our CO2 sequestration business. As you've heard in my script, this is a growing and important part of our low-carbon strategy. Jeff's 30 years of engineering and leadership experience working in domestic and Middle East operations and his proven track record of creating value will be needed for this emerging business.

在這個職位上，傑夫將領導我們建立二氧化碳封存業務的努力。正如您在我的劇本中所聽到的，這是我們低碳戰略中不斷發展的重要組成部分。這一新興業務將需要 Jeff 在國內和中東運營部門工作的 30 年工程和領導經驗，以及他在創造價值方面的可靠記錄。

I'm happy to announce that Neil Backhouse will replace Jeff as Vice President of Investor Relations, reporting to Rob. And you all know, Neil, in addition to Investor Relations, his diverse expertise includes experience in treasury, finance and banking. Prior to joining Oxy, Neil worked as a corporate banker focused on oil and gas clients for 2 high-profile international banks. He holds BS from Colorado State University, a post graduate degree of Financial Services and a master's degree in International Business, both from the University of Manchester.

我很高興地宣布 Neil Backhouse 將接替 Jeff 擔任投資者關係副總裁，向 Rob 匯報。你們都知道，尼爾，除了投資者關係，他的多元化專業知識還包括在資金、金融和銀行業務方面的經驗。在加入 Oxy 之前，Neil 曾擔任企業銀行家，專注於 2 家知名國際銀行的石油和天然氣客戶。他擁有科羅拉多州立大學的學士學位、曼徹斯特大學的金融服務研究生學位和國際商務碩士學位。

I give tremendous thanks to Jeff Alvarez for his highly favorable contributions he's made to the finance organization, and please join me in extending your support to Neil and wishing him success as he transitions to his new role.

我非常感謝 Jeff Alvarez 對財務組織所做的非常有利的貢獻，請與我一起向 Neil 提供支持，並祝愿他在過渡到新角色時取得成功。

We'll now open the call for your questions.

我們現在將打開您的問題的電話。

(Operator Instructions) Today's first question comes from Doug Leggate with Bank of America.

（操作員說明）今天的第一個問題來自美國銀行的 Doug Leggate。

I appreciate all the commentary. Vicki, I know you don't want to give too much away on the capital program for next year, but I wonder if you could help us with the starting point. We ask you often, I guess, maybe you get a little tired of the question, but on what your sustaining capital is for your upstream business. But obviously, there's a lot of moving parts, particularly inflation and then, of course, your higher productivity that you showed with the pipeline well this quarter. So as a starting point, where do you see your sustaining capital going as you look into 2023?

我很欣賞所有的評論。 Vicki，我知道你不想在明年的資本計劃上付出太多，但我想知道你是否可以幫助我們的起點。我想我們經常問你，也許你對這個問題有點厭倦了，但你的上游業務的持續資本是多少。但顯然，有很多活動部件，特別是通貨膨脹，當然還有你在本季度的管道中表現出的更高的生產力。因此，作為一個起點，在您展望 2023 年時，您認為您的持續資本將流向何方？

The challenge with that, Doug, is that we really don't know what 2023 is going to look like from an inflation standpoint. And we can talk a little bit later about what we expect the inflation to be if people are interested in that. But the way you should think about our capital, all we can tell you is kind of what we see from an activity standpoint.

道格，挑戰在於，從通貨膨脹的角度來看，我們真的不知道 2023 年會是什麼樣子。如果人們對此感興趣，我們可以稍後再談談我們對通貨膨脹的預期。但是你應該如何看待我們的資本，我們所能告訴你的只是我們從活動的角度所看到的。

And that would be and we've mentioned before that we're not going to try to grow our oil and gas production from 2022 to 2023. We're going to hold that flat. We've -- for the past couple of years, there have been a couple of business units where we weren't at their sustaining capital. So we're going to return to the sustaining capital of Permian EOR and the Gulf of Mexico.

這就是我們之前提到的，我們不會嘗試從 2022 年到 2023 年增加我們的石油和天然氣產量。我們將保持不變。我們 - 在過去的幾年裡，有幾個業務部門沒有我們的維持資本。因此，我們將返回二疊紀 EOR 和墨西哥灣的持續資本。

And I think you've heard that number for Gulf of Mexico before is around $500 million. And that means $500 million on an annual basis. And for EOR, it's $400 million on an annual basis at least, it could be closer to $450 million. So those are 2 assets that will need to increase more in 2023.

我想你以前聽說過墨西哥灣的這個數字大約是 5 億美元。這意味著每年 5 億美元。對於 EOR，每年至少需要 4 億美元，可能接近 4.5 億美元。因此，這兩項資產需要在 2023 年增加更多。

In addition, you will see higher than sustaining capital with a couple of projects that we find very interesting for next year, one being a membrane conversion project at the Battleground plant, because, as you know, we talked about it last quarter, it increases the capacity of Battleground by 80% and delivers about $250 million to $350 million incremental EBITDA, while generating a strong return, and we have the expansion of Al Hosn to 1.45 in 2023.

此外，您會看到一些我們認為明年非常有趣的項目比維持資本更高，其中一個是 Battleground 工廠的膜轉換項目，因為如您所知，我們在上個季度談到了它，它增加了Battleground 的容量增加了 80%，並提供了約 2.5 億至 3.5 億美元的 EBITDA 增量，同時產生了強勁的回報，我們將 Al Hosn 擴展到 2023 年的 1.45。

So adding those projects also will impact our sustaining capital to some degree on a go-forward basis. But both of those projects generate pretty good returns. But if you add the final thing, the inflation part of it, that's where for us, it gets very murky, because we're really not sure what inflation is going to be next year. And not knowing that, it's really hard to now give out what a sustaining capital would be until we get closer to that.

因此，添加這些項目也將在一定程度上影響我們的持續資本。但這兩個項目都產生了不錯的回報。但如果你加上最後一點，它的通貨膨脹部分，這對我們來說，它變得非常模糊，因為我們真的不確定明年的通貨膨脹會是什麼。並且不知道這一點，在我們接近這一點之前，現在很難給出維持資本是多少。

Okay. I understand it's a tough one, but thanks for framing it for us. My second -- my follow-up question is, and I guess it would appropriate to thank Jeff also for all the field trips we had over the years at Permian. But I do want to reference a couple of slides in your deck. One on Slide 23 and one Slide 25. And what I'm trying to understand is, I mean, it's a remarkable continued improvement in productivity of your well portfolio, but should we think of what we're seeing in Slide 23 as kind of the new normal that's consistent with the inventory depth on Slide 25? I'm just trying to reconcile those 2 on how to get there.

好的。我知道這是一個艱難的過程，但感謝您為我們制定了它。我的第二個問題——我的後續問題是，我想感謝 Jeff 也感謝我們多年來在二疊紀進行的所有實地考察。但我確實想參考您的套牌中的幾張幻燈片。一張在幻燈片 23 和一張幻燈片 25。我想了解的是，我的意思是，這是您油井投資組合生產力的顯著持續改進，但我們是否應該將我們在幻燈片 23 中看到的視為一種與幻燈片 25 上的庫存深度一致的新常態？我只是想調和這兩個關於如何到達那裡的問題。

Okay. I'll pass that to Richard.

好的。我會把它傳給理查德。

Thanks, Doug. This is Richard. I'll try to answer that and kind of start, like you said, with the well performance and then translate that into the inventory, which we wanted to bring back up. I think in total, this year has been a good year. I think we noted in prepared remarks, the growth trajectory of near 100,000 barrels a day from Q1 to Q4 and certainly, the second half of this year has been pronounced. But the best part of that has been the well performance.

謝謝，道格。這是理查德。我會試著回答這個問題，就像你說的那樣，從良好的表現開始，然後將其轉化為我們想要恢復的庫存。我認為總的來說，今年是個好年頭。我想我們在準備好的評論中註意到，從第一季度到第四季度每天近 10 萬桶的增長軌跡，當然，今年下半年已經很明顯了。但其中最好的部分是良好的表現。

And so both from a total year basis, that represents 200 wells in the Delaware that's really been drilled across our acreage from North Loving up into New Mexico into the multiple development areas there. And then even the third quarter results that we showed, that was across, I think, around 45 wells across Southeast New Mexico and Loving.

因此，從全年來看，這代表了特拉華州的 200 口油井，這些油井實際上是在我們的土地上鑽探的，從 North Loving 到新墨西哥州，一直到那裡的多個開發區。然後甚至我們展示的第三季度結果，我認為，橫跨新墨西哥州東南部和愛的大約 45 口井。

And so I say that -- really to say that the consistency we do believe is becoming the new normal as we continue to improve. And I think the Python well is exciting to disclose, but it's really, what's interesting about that is that entire North Loving development area has been consistently good. And even that DSU, where we had that record well, it had offset wells that had been drilled in a similar formation. And so being able to come back where we can develop a DSU with offsets that are child wells, if you like, and be able to have this sort of record performance, I think, is a real testament to the way we do our sort of subsurface development.

所以我這麼說 - 真的是說隨著我們不斷改進，我們相信的一致性正在成為新常態。我認為 Python 井的披露令人興奮，但真正有趣的是，整個 North Loving 開發區一直都很好。甚至那個 DSU，我們有記錄的井，它也有以類似地層鑽探的偏置井。因此，如果您願意，能夠回到我們可以開髮帶有子井偏移量的 DSU 的地方，並且能夠擁有這種創紀錄的表現，我認為，這是對我們做這種方式的真正證明地下開發。

From an inventory perspective, I mean, I think the slide speaks for itself, we've got a lot of inventory that we've accumulated across a good acreage position. The only thing I would add to that is, we continue to have strong, what we would consider, secondary bench. They're not really secondary, because some of these are performing as well as the primary.

從庫存的角度來看，我的意思是，我認為這張幻燈片不言自明，我們有很多庫存，我們在良好的種植面積上積累了很多。我唯一要補充的是，我們繼續擁有強大的，我們會考慮的，次要替補席。它們實際上並不是次要的，因為其中一些的性能與主要的一樣好。

So I'd point you to some Second Bone Spring in the Delaware Basin and then even the Barnett appraisal that we noted in the highlight. Both of those have moved themselves up to really top tier in our development plans. We have optionality in terms of when we develop that and co-develop it, but it's good to see those secondary benches add to that inventory.

所以我會向您指出特拉華盆地的一些第二骨泉，然後甚至是我們在重點中提到的巴內特評估。在我們的發展計劃中，這兩者都已經上升到真正的頂級水平。我們可以選擇何時開發和共同開發它，但很高興看到這些次要長凳添加到該庫存中。

And our next question today comes from Neil Mehta at Goldman Sachs.

我們今天的下一個問題來自高盛的 Neil Mehta。

I guess the first question is around the production profile. And as you talked about the plan for now as you think about '23 is to keep volumes on the oil side relatively flat. What would you look for in order to change that viewpoint and actually grow volumes? Is it price signal from the market? Or is it a view on where you want your balance sheet to be?

我想第一個問題是關於生產概況的。當你談到現在的計劃時，你認為 23 年是保持石油方面的交易量相對持平。為了改變這種觀點並實際增加銷量，您會尋找什麼？是來自市場的價格信號嗎？還是您希望資產負債表在哪裡？

It's mostly around creating shareholder value and doing it in a way that ensures that it's sustainable over time. And part of our value proposition is to provide a growing dividend, which we, as you know, had the impact, and we're trying to now resume.

它主要是圍繞創造股東價值並以確保它隨著時間的推移可持續發展的方式來做。我們價值主張的一部分是提供不斷增長的紅利，正如你所知，我們產生了影響，我們現在正試圖恢復。

So what we really want to do is make the best decisions around how to allocate capital. We don't feel like we necessarily need to grow cash flow at this point, because we have significant cash flow at almost all price ranges. We're breakeven below $40.

因此，我們真正想做的是圍繞如何分配資本做出最佳決策。我們認為此時我們不一定需要增加現金流，因為我們在幾乎所有價格範圍內都有大量現金流。我們的盈虧平衡點低於 40 美元。

So currently, the way that we see to increase shareholder value the most and in a sure way that's sustainable and it also enables us to grow the dividend is to buy back shares in addition to enabling us to grow the dividend over time, but we do believe that at this point, we're significantly undervalued. So that's the best value decision and the best use of our capital dollars there.

因此，目前，我們認為以最可持續的方式增加股東價值的方式是，除了使我們能夠隨著時間的推移增加股息之外，我們還可以回購股票，但我們確實這樣做了相信在這一點上，我們被嚴重低估了。所以這是最有價值的決定，也是我們資本資金的最佳利用。

And that's the follow-up, Vicki, which is just around the authorization. You guys did a great job in the third quarter and knocking off a decent part of that share buyback authorization. Do you need to come back into the market? And how should we think about timing and sizing there?

這就是後續行動，Vicki，就在授權範圍內。你們在第三季度做得很好，並且取消了相當一部分股票回購授權。你需要重新進入市場嗎？我們應該如何考慮那裡的時間和規模？

Well, we'll finish the $3 billion for this year and then any cash that's left available this year will go to further debt reduction. Starting next year is when we'll be significant -- have significantly more capital available to buy back shares. So essentially, any free cash flow that's available next year will be allocated mostly to share buybacks.

好吧，我們將完成今年的 30 億美元，然後今年剩餘的任何現金都將用於進一步減少債務。從明年開始，我們將發揮重要作用——擁有大量可用於回購股票的資本。因此，基本上，明年可用的任何自由現金流都將主要分配給股票回購。

And we really want people to understand that this is not something that we're doing on a temporary basis. We do believe that share buybacks where we are today and where our capital needs are and our cash flow potential, share buybacks is a part of our value proposition as is a growing dividend. And the two work so well together as a combined value proposition. So that's what we're essentially trying to do.

我們真的希望人們明白，這不是我們臨時做的事情。我們確實相信，在我們今天、我們的資本需求和我們的現金流潛力所在的地方進行股票回購，股票回購是我們價值主張的一部分，股息增長也是如此。兩者作為一個綜合價值主張很好地結合在一起。所以這就是我們本質上想要做的。

We will occasionally, in the near term, do some projects that are not oil and gas but do increase value. So we are increasing value in cash flow and earnings with the membrane development at Battleground and also with Al Hosn expansion. So when we see projects that are kind of opportunistic, we'll take advantage of that to increase cash flow, but we think the better value is to buy back shares and increase shareholder value that way.

我們偶爾會在短期內做一些不是石油和天然氣但確實增加價值的項目。因此，隨著 Battleground 的膜開發以及 Al Hosn 的擴張，我們正在增加現金流和收益的價值。因此，當我們看到某種機會主義的項目時，我們會利用它來增加現金流，但我們認為更好的價值是回購股票並以這種方式增加股東價值。

And our next question today comes from Paul Cheng at Scotiabank.

今天我們的下一個問題來自豐業銀行的 Paul Cheng。

Maybe this is for Rob. Rob, with the rising interest rate and potentially for the next several years it's going to be much higher than what we've seen in the past 10 years. How that change the LCV business model, if any, given the project financing, the economic return may not be as good as before?

也許這是給羅布的。 Rob，隨著利率的上升，未來幾年可能會比我們在過去 10 年看到的要高得多。如果有項目融資，那麼LCV商業模式如何改變，經濟回報可能不如以前？

And also in your chart, when you're showing from 2022 to '24, the revenue and cost seems to match. So does that means that currently, before we see further improvement that the EBITDA will be 0 for that business? That's the first question.

同樣在您的圖表中，當您從 2022 年到 24 年展示時，收入和成本似乎匹配。那麼這是否意味著目前，在我們看到該業務的 EBITDA 為 0 的進一步改善之前？這是第一個問題。

The second question is, can you tell us the mechanics of the preferred redemption, look like next year you will start to have parcel redemption. How that work? And also that the warrant related buffer, the preferred, how those is going to get exercised?

第二個問題是，你能告訴我們優先兌換的機制嗎，看起來明年你將開始進行包裹兌換。那是怎麼工作的？還有權證相關的緩衝，首選，這些將如何得到行使？

We'll start with the LCV question. And first, I'll just say that we really don't know yet what the inflationary environment is going to be. We don't expect or at least at this point expect that it would be a long-term inflationary period. We know the Federal Reserve is doing all they can to manage that. So what we'll do is we have to continue our business.

我們將從 LCV 問題開始。首先，我只想說，我們真的不知道通脹環境會怎樣。我們預計或至少在這一點上預計這將是一個長期的通脹期。我們知道美聯儲正在盡其所能來管理這一點。所以我們要做的是我們必須繼續我們的業務。

And on the first direct air capture, it's really important for us to build it and to operate it, before we can understand how to optimize it. And so as we go forward, we'll always keep in mind what our costs are with respect to what the potential returns are, and we'll make decisions on that.

在第一次直接空氣捕獲時，在我們了解如何優化它之前，建造和操作它對我們來說非常重要。因此，在我們前進的過程中，我們將始終牢記相對於潛在回報的成本是多少，我們將對此做出決定。

But based on what we think we can do with it, it's more prudent to continue to invest at this point, preferably with other people's dollars, but with ours if need be, to ensure that we can get the technology tested up and running and improved. You have more to add, Richard?

但基於我們認為我們可以用它做的事情，在這一點上繼續投資更為謹慎，最好是用其他人的錢，但如果需要的話，用我們的錢，以確保我們能夠讓技術得到測試、運行和改進.你還有更多要補充的嗎，理查德？

Yes, maybe just a few things. I kind of -- I think what Vicki says is exactly the way we're thinking about it, important to derisk what we can control, which is really innovation and cost. And so we have our innovation center that we continue to progress. Obviously, getting started on these projects, especially if we have line of sight to multiple projects, will help our costs down as we improve our engineering and/or construction. And so that will be important.

是的，也許只是幾件事。我有點 - 我認為 Vicki 所說的正是我們正在考慮的方式，重要的是要取消我們可以控制的風險，這實際上是創新和成本。所以我們有我們的創新中心，我們會繼續進步。顯然，開始這些項目，特別是如果我們能看到多個項目，將有助於我們在改進工程和/或施工時降低成本。所以這很重要。

The pace of development, very supported by the policy, really gives us an accelerate. I think we're well positioned for some DOE grants that we talked about, I think, with you in the past. So when you think about near-term capitalization, those are options.

發展的步伐，在政策的大力支持下，確實給了我們一個加速。我認為我們在過去與您討論過的一些 DOE 贈款方面處於有利地位。因此，當您考慮近期資本化時，這些都是選擇。

Longer term, we want to get the cost in the market in place to really support the sustainable business. And at that point, capitalization options are wide open. And so that's sort of how we have thought about that, but very focused on getting really the cost down. On this first plant, really advancing the innovation pathway that we see to really move this development forward.

從長遠來看，我們希望降低市場成本以真正支持可持續發展的業務。在這一點上，資本化選擇是開放的。這就是我們的想法，但非常專注於真正降低成本。在這第一家工廠上，真正推進了我們看到的真正推動這一發展的創新途徑。

I'll take the other part of your questions. So the -- within the preferred redemption mechanics, so we cannot voluntarily redeem the preferred shares before August 29. After August 29, we can voluntarily redeem those preferred shares at a price of $1.05 for a 5% premium at par.

我會回答你問題的另一部分。因此，在優先贖回機制內，我們不能在 8 月 29 日之前自願贖回優先股。8 月 29 日之後，我們可以以 1.05 美元的價格自願贖回這些優先股，溢價 5%。

However, the agreement includes a mandatory redemption provision that obligates us to redeem deferred at a 10% premium or 110% on a dollar-for-dollar basis for every dollar we distribute to common shareholders above $4 on a trailing 12-month basis.

但是，該協議包括一項強制性贖回條款，該條款規定我們有義務在過去 12 個月內以 10% 的溢價或 110% 的價格贖回我們分配給普通股股東的每一美元高於 4 美元的遞延債券。

And so building off of Vicki's script today, if you -- at the end of the day, we would take all the cash spent on share repurchases, dividend, all distributed to shareholders from November 10 of last year through November 9 of this year, and add that up on a previous day's share count and get a total for that. And so as she mentioned in her opening remarks, that will be $3.21 today. If that number added up to over $4 and everything that we distribute to shareholders above that would go on a dollar per dollar basis to shareholders and equivalent would be redeemed on the preferred on a 50-50 basis.

因此，根據今天 Vicki 的劇本，如果你——在一天結束時，我們將把去年 11 月 10 日到今年 11 月 9 日期間用於股票回購、股息的所有現金全部分配給股東，並將其與前一天的股票數量相加，然後得出總數。正如她在開場白中提到的那樣，今天將是 3.21 美元。如果這個數字加起來超過 4 美元，那麼我們分配給股東的所有東西都將以每美元一美元的價格向股東支付，等價物將以 50-50 的比例在優先股的基礎上贖回。

So if it had been $4.10, we would take $0.10 on the current outstanding shares to the dollar amount and applied that towards the redemption of the preferred at 110%. And so we're going to continue that. Once you are above that, you continue with that every day, and if you distribute more value to shareholders, so if we buy more shares back or pay a dividend, an equivalent amount will be applied towards the Berkshire preferred as long as we're above that threshold. You fall below the threshold, you discontinue it until you come back above the threshold and you do it again. And that's the mechanics of how the Berkshire redemption would work.

因此，如果它是 4.10 美元，我們會將當前流通股的 0.10 美元換成美元金額，並將其用於以 110% 的比例贖回優先股。所以我們將繼續這樣做。一旦你超過了這一點，你每天都會繼續這樣做，如果你向股東分配更多價值，所以如果我們回購更多股票或支付股息，只要我們超過該閾值。你低於閾值，你停止它，直到你回到閾值之上，然後再做一次。這就是伯克希爾贖回如何運作的機制。

In the case of the warrants, so the warrants could be exercised at any time. And so when you get the warrants exercise to us, the warrant holder pays us $22 per share in exchange for a warrant or a stock being issued in their place. And so we'll take the cash in on that. Warrant holders do not participate in dividends. And so any dividend growth, as Vicki outlined in her earlier remarks and question discussion, they would be not included in that.

就認股權證而言，認股權證可以隨時行使。因此，當您將認股權證行使給我們時，認股權證持有人向我們支付每股 22 美元，以換取認股權證或代替他們發行的股票。所以我們會拿現金。認股權證持有人不參與分紅。因此，正如 Vicki 在她之前的評論和問題討論中概述的那樣，任何股息增長都不會包括在其中。

And so if that -- if the dividend were increased, et cetera, that could drive additional warrants to be exercised. As we mentioned, we've had about $12 million of the $116 million roughly exercised to us.

因此，如果那 - 如果股息增加等等，那可能會推動額外的認股權證被行使。正如我們所提到的，在大致行使給我們的 1.16 億美元中，我們已經獲得了大約 1200 萬美元。

And our next question today comes from Raphael DuBois from with Societe Generale.

我們今天的下一個問題來自法國興業銀行的 Raphael DuBois。

I have a couple of questions on OLCV. The first one is on the financing of the first stack. I understood that you might benefit from the Infrastructure Act. Could you maybe give us an update on whether we can expect you to benefit from those subsidies? And then I will have a follow-up question.

我有幾個關於 OLCV 的問題。第一個是關於第一個堆棧的融資。我知道您可能會從《基礎設施法》中受益。您能否向我們介紹一下我們是否可以期望您從這些補貼中受益？然後我會有一個後續問題。

So the plant will be operational in 2024 and then the ability to claim the CDRs would be available at that time.

因此，該工廠將於 2024 年投入運營，屆時將有能力申請 CDR。

And maybe I'll just add to that. I mean, in addition, obviously, 45Q in addition to the offtake with the carbon dioxide removals, which are sold to businesses that are looking to reduce their emissions, but also, as I mentioned briefly, well positioned for some potential grant for direct air capture that is available from that Infrastructure Act. So we want to put a competitive program together and show how those can really catalyze our business, which will allow us to reach commerciality quicker, and then we'll become self-sustaining as a business to go forward.

也許我會補充一點。我的意思是，除此之外，很明顯，45Q 除了二氧化碳清除量外，還出售給希望減少排放的企業，而且，正如我簡要提到的那樣，它還可以很好地獲得一些潛在的直接空氣贈款可從該基礎設施法案中獲得的捕獲。所以我們想把一個有競爭力的項目放在一起，展示這些項目如何真正催化我們的業務，這將使我們能夠更快地實現商業化，然後我們將成為一家能夠自我維持的企業。

And as a reminder, what we said in the past that we do have a contract for 100,000 tons per year of CDRs from that first plant.

提醒一下，我們過去說過，我們確實與第一家工廠簽訂了每年 100,000 噸 CDR 的合同。

And speaking about CDRs, it's a little bit opaque, the value of those CDRs. Can you maybe refer us to some transactions that would have been closed already at the sort of price levels that we can guess from what you show on your Slide #8?

談到 CDR，這些 CDR 的價值有點不透明。您能否向我們推荐一些已經以我們可以從您在幻燈片 #8 上顯示的價格水平猜出的價格水平完成的交易？

Yes. Perfect. I want to quickly just frame the market a little bit. I think what's happening as this market takes shape, carbon dioxide removals, which are uniquely capable to reduce atmospheric CO2, are becoming very appreciated. And so being able to have an engineered solution like direct air capture that monitors the capture of that atmospheric CO2 and then places it safely and securely underground, that's a unique part of this evolving carbon reduction market. And so I want to say that first.

是的。完美的。我想快速定位市場。我認為隨著這個市場的形成，正在發生的事情是，能夠獨特地減少大氣中二氧化碳的二氧化碳去除量正變得非常受歡迎。因此，能夠擁有像直接空氣捕獲這樣的工程解決方案來監控大氣中二氧化碳的捕獲，然後將其安全可靠地放置在地下，這是這個不斷發展的碳減排市場的獨特部分。所以我想先這麼說。

Our position in that is really to be large-scale and we think we can be competitive on cost. When you look at all the alternatives to reduce emissions, we think we could be quite competitive given those 2 things. And so while we're not in a position to disclose some of the contracts that we've been working around that, there are some that get publicized. Those are generally smaller volumes and higher costs than what we show on our revenue slide.

我們在這方面的地位確實是大規模的，我們認為我們可以在成本上具有競爭力。當您查看所有減少排放的替代方案時，我們認為考慮到這兩點，我們可能會很有競爭力。因此，雖然我們無法披露我們一直在處理的一些合同，但有一些已經公開。這些通常比我們在收入幻燈片上顯示的數量更小，成本更高。

But we think -- in the way this works from a revenue standpoint, in addition to the 45Q or a policy like that, that gives you support on revenue, we're able to then attach the environmental attribute, which is the carbon removal on top of that, which gives you a total revenue against the cost that we showed in that slide.

但我們認為 - 從收入的角度來看，除了 45Q 或類似的政策，它可以為您提供收入支持，我們可以附加環境屬性，即碳去除最重要的是，它為您提供了總收入與我們在該幻燈片中顯示的成本。

And so we're pleased with the market acceptance. We're working with some great partners that realize this is a very cost-effective way for many industries and many businesses to reduce their emissions as we look out over the next 10 to 20 years.

因此，我們對市場接受度感到滿意。我們正在與一些優秀的合作夥伴合作，他們意識到，在我們展望未來 10 到 20 年的情況下，對於許多行業和許多企業來說，這是一種非常經濟有效的減排方式。

And our next question today comes from Neal Dingmann with Truist Securities.

我們今天的下一個問題來自 Truist Securities 的尼爾丁曼。

First question is around your 23 traditional activity. I'm just wondering specifically, do you anticipate continuing to run, I don't know, I guess it's around 23, 25 rigs next year. Could we see maybe a bit of efficiencies allowing for less? And if that's around the number, do you anticipate those rigs running in kind of approximately the same area as this year?

第一個問題是關於你的 23 項傳統活動。我只是特別想知道，您是否預計會繼續運行，我不知道，我猜明年大約有 23 台、25 台鑽機。我們能否看到一些效率降低？如果這個數字差不多，您是否預計這些鑽機的運行區域與今年大致相同？

I can start, and then Vicki can add any context that she needs to. But I think that rough number is about right in terms of where our activity is. We made note of the rig that we picked up in the Rockies. I think the success that we've had with our permitting have given us a strong runway on those very competitive projects in our portfolio. We also have a rig that we picked up in the second half of this year and enhanced oil recovery, which is a great add to our business as we had low decline production to kind of add to the mix. So those are the 2 I would point to.

我可以開始，然後 Vicki 可以添加她需要的任何上下文。但我認為，就我們的活動所在而言，這個粗略的數字是正確的。我們記下了我們在落基山脈撿到的鑽機。我認為，我們在獲得許可方面取得的成功為我們在我們投資組合中那些極具競爭力的項目上提供了強大的動力。我們還有一個鑽井平台，我們在今年下半年購買並提高了石油採收率，這對我們的業務來說是一個很好的補充，因為我們的產量下降幅度很小，可以添加到組合中。所以這些是我要指出的 2 個。

We do have flexibility in the program. We have staggered terms in terms of contracts, so we can adjust to the macro where Oxy needs us to. We can adjust with flexibility. And then the final 2 variables I'd give you is obviously working interest. We fluctuate between 90% to even 50%, 60% in terms of working interest in a business like the Delaware. And so where we have rigs and frac core, sometimes that can look a little lumpy from a capital perspective, but it's simply working interest. And the same could be said really for OBO.

我們在計劃中確實具有靈活性。我們在合同方面有交錯條款，因此我們可以根據 Oxy 需要我們的宏觀情況進行調整。我們可以靈活調整。然後我要給你的最後兩個變量顯然是工作興趣。就特拉華州這樣的企業的工作興趣而言，我們在 90% 到 50% 到 60% 之間波動。因此，在我們擁有鑽井平台和壓裂岩心的地方，有時從資本的角度來看可能看起來有點混亂，但這只是工作興趣。 OBO 也是如此。

And maybe the last thing to note is just our JV. So we're able to extend our EcoPetrol JV into the Delaware, which is a great opportunity for us to accelerate this high-quality inventory, brings a great partner along with us. And so that is another lever that will not be transparent when you're just trying to look at activity versus capital.

也許最後要注意的是我們的合資企業。因此，我們能夠將我們的 EcoPetrol 合資企業擴展到特拉華州，這對我們來說是一個加速這種高質量庫存的絕佳機會，並帶來了一個偉大的合作夥伴。因此，當您只是試圖查看活動與資本時，這是另一個不透明的槓桿。

Got it. And then just a second question, maybe, Richard, just staying with you is around that strong pipeline well. Just wondering, could you comment as to magnitude of future locations you all see in that area and any plans near term or maybe even next year to obviously, given the success there, maybe boost activity in that area?

知道了。然後是第二個問題，也許，理查德，只是和你在一起就是圍繞著那個強大的管道。只是想知道，你能否評論一下你們在該地區看到的未來地點的規模以及近期甚至明年的任何計劃，顯然，鑑於那裡的成功，可能會促進該地區的活動？

Yes. What's great about them is they're certainly in a very rich geologic area for us, but that area in total is North Loving. And for those of you who know that our position in sort of the Texas Delaware, that's quite a large acreage position. And so near some of the Silvertip wells, which had some of the records in the past, but in the near term, we have 2 or 3 DSUs that will be coming online over the next couple of quarters.

是的。它們的優點在於它們肯定位於我們非常豐富的地質區域，但該區域總體上是北愛。對於那些知道我們在德克薩斯州特拉華州的位置的人來說，這是一個相當大的種植面積。在一些 Silvertip 井附近，過去有一些記錄，但在短期內，我們有 2 或 3 個 DSU 將在接下來的幾個季度上線。

But in total, that's a large acreage position that we've picked up, and just excited about prosecuting that. Again, not to challenge our team too hard, but we do continue to find ways to improve. And so whether it's the primary benches like the Wolfcamp Y, which as well was in our secondary in the Bone Spring, I'm looking forward to seeing what our teams can do.

但總的來說，這是我們已經獲得的一個大面積職位，並且對起訴它感到很興奮。再說一次，不要太努力地挑戰我們的團隊，但我們確實會繼續尋找改進的方法。因此，無論是像 Wolfcamp Y 這樣的主要板凳，在 Bone Spring 中也是我們的次要板凳，我期待看到我們的團隊能做些什麼。

And ladies and gentlemen, our next question today will come from John Royall with JPMorgan.

女士們，先生們，我們今天的下一個問題將來自摩根大通的 John Royall。

On Chemicals, can you talk a little more about the drivers of the better-than-expected results in both 3Q and I think, 4Q? And how does 2023 set up relative to the run rate in 2H? I know the housing market is likely to become kind of more and more challenged with rates where they are, but that business does seem to continue to do well.

關於化學品，您能否多談一談導致第三季度和第四季度業績好於預期的驅動因素？ 2023 年相對於 2H 的運行率如何設置？我知道房地產市場可能會越來越受到當前利率的挑戰，但該業務似乎確實繼續表現良好。

Sure, John. I would say that as we kind of described in the opening comments and we've talked about before is, the macroeconomic conditions continue to drive the demand in our vinyls business. And so interest rates, housing starts are trending unfavorably. So at the end of the fourth quarter, what we're seeing is continued softness in the PVC domestic market. Due to the housing sector slowdown, PVC buyers are also adjusting inventories due to pricing changes. And we're also seeing a fair amount of imports from Asia now into the market due to continued COVID lockdowns in China. So you're seeing a displacement regionally of where PVC typically is.

當然，約翰。我想說，正如我們在開場評論中所描述的那樣，我們之前也談到過，宏觀經濟狀況繼續推動我們乙烯基業務的需求。因此，利率、新屋開工趨勢不利。所以在第四季度末，我們看到的是國內 PVC 市場持續疲軟。由於房地產行業放緩，PVC 買家也在因價格變化調整庫存。由於中國持續封鎖新冠病毒，我們還看到相當多的來自亞洲的進口產品現在進入市場。因此，您會看到 PVC 通常在區域內的位置發生變化。

But what's slowing that pace of decline is partially responsible for the beat in Q3 and our improved guidance for the fourth quarter is, first of all, there's still a tremendous cost advantage for U.S.-based chemical production versus Europe and certainly Asia. So the export business that has ramped up, we have a much better competing position from the U.S. And if you look at U.S. exports, they're actually up 28% year-to-date (inaudible) to September versus prior year.

但是，減緩這種下降速度的部分原因是第三季度的節拍，我們對第四季度的改進指導首先是，美國的化學品生產與歐洲，當然還有亞洲相比，仍然具有巨大的成本優勢。因此，出口業務已經增長，我們在美國的競爭地位要好得多。如果你看看美國的出口，與去年相比，今年迄今為止（聽不清），它們實際上增長了 28%（聽不清）。

In addition, I would say also despite the headwinds from interest rates, there still is a pretty significant pent-up demand on construction overall in the U.S. It's still pulling through a fair amount.

此外，我還要說，儘管受到利率的不利影響，但美國整體建築業仍存在相當大的被壓抑的需求。它仍在相當大的程度上拉動。

The other key factor I would say is that we're slowing demand in PVC, we'll see the flip side, and we've seen this many times historically is, is when the chlorine side of the molecule slows down to the PVC chain, it naturally makes caustic soda availability much more difficult to come by and tightened up the marketplace. So we've seen steadily increases in caustic soda values, much greater value than we originally anticipated. And so those 2 collectively are the 2 main drivers of our improved performance in the third quarter and our higher guidance for the fourth quarter.

我要說的另一個關鍵因素是我們正在放緩對 PVC 的需求，我們會看到另一面，我們在歷史上已經多次看到這種情況，就是當分子的氯端減速到 PVC 鏈時，它自然使燒鹼的供應變得更加困難，並收緊了市場。因此，我們看到燒鹼的價值穩步上升，比我們最初預期的要高得多。因此，這兩個共同是我們第三季度業績改善和第四季度更高指引的兩個主要驅動力。

Certainly, when we factor in the macro conditions and then look at the fact that we're in a seasonally slow period, that's the reason why you see fourth quarter sequentially down versus the third quarter. We really don't have a window yet to 2023 yet. I mean the very key factors are going to drive that, it would be the length of the impact of housing starts, from interest rates, to how long is COVID shutdowns in China going to persist, because once China reopens similar to the oil and gas market, it's going to draw a lot of that demand that we're seeing or competition we're seeing from Asian produced products to go right back into China as it has historically.

當然，當我們考慮宏觀條件，然後看看我們處於季節性緩慢時期的事實時，這就是為什麼你看到第四季度比第三季度環比下降的原因。我們真的還沒有到 2023 年的窗口。我的意思是非常關鍵的因素將推動這一點，這將是房屋開工影響的持續時間，從利率到中國的 COVID 關閉將持續多長時間，因為一旦中國像石油和天然氣一樣重新開放市場，它將吸引我們看到的大量需求或我們從亞洲生產的產品中看到的競爭，像歷史一樣直接回到中國。

And then just this period of time typically is a low demand period, as once we go through winter. So really, we don't have a really good viewpoint on what's going to happen in chemicals until that February-March time frame when we start looking at the construction season. So not a lot of guidance on '24 -- on '23 at this point, but that's certainly, those are going to be the key drivers of what's going to really impact us in '23 and beyond is going to be sort of that PVC demand, construction sector, general kind of durables and construction, coupled with also what happens in China in terms of when they reopen their economy.

然後這段時間通常是一個低需求期，就像我們經歷了冬天一樣。所以說真的，直到 2 月至 3 月我們開始關注建築季節時，我們才對化學品會發生什麼有一個很好的看法。因此，目前在 24 年和 23 年沒有太多指導，但可以肯定的是，這些將成為 23 年及以後真正影響我們的關鍵驅動因素，這將是那種 PVC需求、建築業、一般耐用品和建築業，以及中國何時重新開放經濟。

Okay. That's really helpful. And then on the King Ranch deal, obviously, it's a very large amount of facility that you can put on top of it. Can you just talk to the pros and cons of building units on that site versus where you're developing DAC 1 in the Permian and maybe some of the other acreage you've secured? And then is there an incremental spend number we should be thinking about over the next couple of years to develop these sites?

好的。這真的很有幫助。然後在 King Ranch 的交易中，很明顯，這是一個非常大量的設施，你可以放在它上面。您能否談談該站點上的建築單元與您在二疊紀開發 DAC 1 的地方以及您已獲得的其他一些土地的利弊？那麼在接下來的幾年裡，我們是否應該考慮增加支出來開發這些網站？

Yes. Let me start. Really excited about the King Ranch and thanks to the King Ranch for working with us on really a different way of looking at a great asset. Really, the unique things for us in that position, it's obviously a very large contiguous acreage position.

是的。讓我開始吧。對 King Ranch 感到非常興奮，感謝 King Ranch 與我們合作，以真正不同的方式看待一項偉大的資產。真的，在那個位置對我們來說是獨一無二的，這顯然是一個非常大的連續種植面積。

So that's -- like oil and gas, that contiguous position allows us to be very smart with the way that we develop, but really, the uniqueness, great geology in South Texas, lots of pore space per acreage position, access to water being on the Gulf Coast with our aqueous fluid design for direct air capture, the ability to grow zero emission power to support this larger build-out of direct air capture. And then proximity to point source emissions.

所以這 - 就像石油和天然氣一樣，這個毗鄰的位置使我們能夠非常聰明地開發我們的開發方式，但實際上，德克薩斯州南部的獨特性、良好的地質條件、每英畝土地上的大量孔隙空間、水源充足墨西哥灣沿岸採用我們用於直接空氣捕獲的水性流體設計，能夠增加零排放功率以支持這種更大規模的直接空氣捕獲。然後接近點源排放。

One of the things we talk about, while this is a great place to capture and build direct air capture, proximity to the Gulf Coast to be able to also think about point source submissions and bring that gives us some economies of scale to share that cost. So advantages versus the Permian, they're just different. I think Permian has the proximity to our CO2 infrastructure, has the ability to both do sequestration and net zero oil to enhanced oil recovery process. And so depending on where the customer's preferences are for sequestration or net zero oil, we have the ability to do both.

我們談論的一件事，雖然這是一個捕捉和建立直接空氣捕捉的好地方，但靠近墨西哥灣沿岸，能夠考慮點源提交並帶來一些規模經濟來分擔成本.因此，與二疊紀相比，它們的優勢是不同的。我認為二疊紀靠近我們的二氧化碳基礎設施，有能力進行封存和淨零石油以提高石油採收率。因此，根據客戶對封存或淨零油的偏好，我們有能力同時做到這兩點。

And I think on that point, we get asked a lot, how do we think about that? And I think our ability is they both reduce emissions. As you think about net zero oil or CDRs, you're lowering the atmospheric CO2 and so start there. But the other thing is the ability to grow a market for both allows us to deploy more of this technology and bring the cost down, making it very competitive when you look at other cost -- of cost abatement for emissions.

我認為在這一點上，我們被問了很多，我們如何看待這個問題？我認為我們的能力是它們都可以減少排放。當您考慮淨零油或 CDR 時，您正在降低大氣中的二氧化碳，因此從那裡開始。但另一件事是為兩者發展市場的能力使我們能夠部署更多這種技術並降低成本，當你考慮其他成本時，它非常具有競爭力——減排成本。

So that's how we think about it. I think, again, pace, I would point you back in terms of how we should think about incremental capital. That will be a function of getting our costs down and improving innovation, how fast the CDR market grows and we anticipate it will and actually value will over the next 10 years. And then in the early time, support from something like the DOE grant could really help catalyze and allow us to move more in parallel. And then again, once we get a sustainable commercial business, capitalization options are wide open.

所以我們就是這麼想的。我想，再一次，我會向你指出我們應該如何考慮增量資本。這將是降低我們的成本和改進創新的一個功能，CDR 市場的增長速度以及我們預計它將在未來 10 年內實現實際價值。然後在早期，來自美國能源部撥款之類的支持真的可以幫助催化並讓我們更多地並行發展。再說一次，一旦我們獲得了可持續的商業業務，資本化選擇就大有可為。

And I would just add to that, that we have quite a bit of interest in partnerships and even people investing in the project itself or directly in our Low Carbon business. So there's no lack of interest. There's -- for us, it's a matter of choosing the right partners as we begin this process. And really, it's just about, as Richard said, starting the process, making the technology better and less expensive over time, improving it up, that's when we'll have even more options about how to finance.

我想補充一點，我們對合作夥伴甚至投資項目本身或直接投資於我們的低碳業務的人都非常感興趣。所以不乏興趣。對我們來說，在我們開始這個過程時選擇合適的合作夥伴是一個問題。真的，正如理查德所說，它只是開始這個過程，隨著時間的推移使技術變得更好，更便宜，改進它，那時我們將有更多關於如何融資的選擇。

And our next question today comes from David Deckelbaum with Cowen.

我們今天的下一個問題來自 Cowen 的 David Deckelbaum。

I wanted to follow up a bit on just the direct air capture plan and some of the incentives around the IRA. Just given the increase are between sequestering CO2 versus utilizing it, has this changed the way that you think about the amount of debt that would be used for EOR or just the EOR business in general? And I guess when we think about the acceleration, I presume that this would all be towards sequestration oriented projects?

我想跟進一下直接空氣捕獲計劃和 IRA 周圍的一些激勵措施。考慮到二氧化碳封存與利用二氧化碳之間的增加，這是否改變了您對用於 EOR 或僅用於一般 EOR 業務的債務金額的看法？而且我想當我們考慮加速時，我認為這一切都將針對以隔離為導向的項目？

I think I can start. I think the markets are evolving. Again, I think our view is that both products, whether that be net zero oil or sequestration or valuable products of the future. And so when you look at that orb it's hard to determine exactly where that's going to land. The good news is we think it's commercial for both. And certainly, when you take into account our ability to produce a low decline, now very low carbon barrel of oil, that's a tremendous potential market for the future.

我想我可以開始了。我認為市場正在發展。同樣，我認為我們的觀點是這兩種產品，無論是淨零石油還是未來的封存或有價值的產品。所以當你看著那個球體時，很難確定它到底會降落在哪裡。好消息是我們認為這對兩者都是商業的。當然，當你考慮到我們生產低降幅、現在非常低碳的每桶石油的能力時，這對未來來說是一個巨大的潛在市場。

And so I think we'll let the markets determine where we go. The good news is we've got options for both. And again, the challenge is we want to deploy this technology to get the cost down. And so were commerciality is supported, this will allow us to do it across both products.

所以我認為我們會讓市場決定我們的去向。好消息是我們有兩種選擇。同樣，挑戰是我們希望部署這項技術以降低成本。因此，如果支持商業性，這將使我們能夠在這兩種產品中做到這一點。

And I would add that my view is that the world cannot afford a climate transition without -- by cutting out completely oil and gas production. Oil production is going to be needed from decades -- for decades to come and using CO2 in enhanced oil recovery is a way to produce a net zero emission oil. And to have that as the fuel source, it's low cost, lower cost than other options, it would help with the transition, it would help to fund the transition. So I think that oil is needed for us, for our company, in particular, we have 2 billion barrels of resources available for further development in our enhanced oil recovery assets.

我還要補充一點，我的觀點是，如果沒有完全切斷石油和天然氣生產，世界就無法承受氣候轉變。幾十年後將需要石油生產——未來幾十年，使用二氧化碳提高石油採收率是生產淨零排放石油的一種方式。並且將其作為燃料來源，它成本低，成本低於其他選擇，這將有助於過渡，有助於為過渡提供資金。因此，我認為我們需要石油，尤其是我們公司，我們有 20 億桶資源可用於進一步開發我們的提高石油採收率資產。

And we'd like to use either anthropogenic or atmospheric CO2 for the -- to develop those resources. In addition, we do know that we can technically use CO2 in the shale reservoir, so we can increase the 10% recovery that we have today to something much higher than that.

我們想使用人為或大氣中的二氧化碳來開發這些資源。此外，我們確實知道從技術上講，我們可以在頁岩油藏中使用二氧化碳，因此我們可以將今天 10% 的採收率提高到遠高於此水平的水平。

So it's -- there is a use for CO2 in enhanced oil recovery. It's not as well recognized yet. But when the world realizes how much the transition will cost, I do believe that this will become the preferred option to ensure that we can continue the production of low-carbon fuel for those that need it.

所以它是 - 二氧化碳在提高石油採收率方面有用途。它還沒有得到很好的認可。但是，當世界意識到轉型將付出多少代價時，我相信這將成為確保我們能夠繼續為那些需要它的人生產低碳燃料的首選方案。

And our next question today comes from Leo Mariani with MKM Partners.

我們今天的下一個問題來自 MKM Partners 的 Leo Mariani。

I wanted to follow up a little bit on the thought around production here. You guys talked about not really trying to grow the oil and gas production next year. I certainly appreciate that. But I just wanted to kind of clarify on that point. You obviously have pretty significant growth on oil and gas production during the course of the year in '22. So as you think about potential growth in '23, are you more talking kind of exit to exit, so sort of fourth quarter '22 to fourth quarter '23 where there won't be much growth? Because obviously, if you were flat year-over-year, I guess, that would imply your volumes would start dropping here in '23?

我想在這裡跟進一點關於生產的想法。你們談到了明年並沒有真正嘗試增加石油和天然氣產量。我當然很感激。但我只是想澄清這一點。在 22 年的一年中，您的石油和天然氣產量顯然有相當大的增長。因此，當您考慮 23 年的潛在增長時，您是否更多地談論退出退出，所以 22 年第四季度到 23 年第四季度不會有太多增長？因為很明顯，如果你同比持平，我猜，這意味著你的銷量將在 23 年開始下降？

No, we were thinking that probably it would be year-over-year. And I'm not saying that there wouldn't be some growth. We don't intend to grow it. If growth is an outcome, and it would probably be somewhere in the neighborhood of 1% or less. So it's not our intention to grow it. But if we have more wells like Richard just talked about, there will be growth from our assets, but it's not our desire to grow it in 3% to 5%. It's not -- the growth is not the target. It's to develop the best wells in the best possible ways. And if that delivers growth than that's good.

不，我們在想可能會是年復一年。我並不是說不會有一些增長。我們不打算種植它。如果增長是一個結果，它可能會在 1% 或更低的某個地方。所以我們不打算發展它。但是，如果我們有更多像理查德剛才所說的油井，我們的資產將會增長，但我們並不希望將其增長 3% 到 5%。不是——增長不是目標。以最好的方式開發最好的井。如果這能帶來增長，那就太好了。

And ladies and gentlemen, in the interest of time, this concludes our question-and-answer session. I would like to turn the conference back over to Vicki Hollub for any closing remarks.

女士們，先生們，由於時間關係，我們的問答環節到此結束。我想把會議轉回給 Vicki Hollub 做閉幕詞。

I would just like to thank you all for your participation today, and thanks again to Jeff as he makes this his final call. So thank you.

我只想感謝大家今天的參與，並再次感謝 Jeff，因為他做出了最後的決定。所以謝謝。

Thank you, ma'am. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝你，女士。今天的電話會議到此結束。我們感謝大家出席今天的演講。您現在可以斷開線路，度過美好的一天。