西方石油 (OXY) 2022 Q4 法說會逐字稿

Good afternoon, and welcome to Occidental's Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note today's event is being recorded. I would now like to turn the conference over to Neil Backhouse, Vice President of Investor Relations. Please go ahead.

下午好，歡迎來到西方石油公司 2022 年第四季度收益電話會議。 （操作員說明）請注意今天的活動正在錄製中。我現在想將會議轉交給投資者關係副總裁 Neil Backhouse。請繼續。

Thank you, Rocco. Good afternoon, everyone, and thank you for participating in Occidental's Fourth 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 年第四季度電話會議。今天與我們通話的有總裁兼首席執行官 Vicki Hollub； Rob Peterson，高級副總裁兼首席財務官；理查德傑克遜，美國陸上資源和碳管理業務總裁。

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

今天下午，我們將參考我們網站“投資者”部分提供的幻燈片。該演示文稿在幻燈片 2 中包含關於將在今天下午的電話會議上作出的前瞻性陳述的警示性聲明。我們今天還將參考一些非 GAAP 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。我現在將電話轉給 Vicki。薇琪，請繼續。

Thank you, Neil, and good afternoon, everyone. On today's call, I'll begin with highlights of our 2022 achievements, including an oil and gas update followed by our fourth quarter performance. Next, I'll discuss our 2023 cash flow priorities, our enhanced shareholder return framework and our 2023 capital plan. Rob will then provide an update on the status and mechanics of Oxy's preferred equity redemption before reviewing our fourth quarter financial results and 2023 guidance.

謝謝你，尼爾，大家下午好。在今天的電話會議上，我將首先介紹我們 2022 年取得的成就，包括石油和天然氣更新以及我們第四季度的業績。接下來，我將討論我們 2023 年的現金流優先事項、我們增強的股東回報框架和我們的 2023 年資本計劃。然後，在審查我們的第四季度財務業績和 2023 年指引之前，Rob 將提供有關 Oxy 優先股贖回狀態和機制的最新信息。

In 2022, our record net income of $12.5 billion, generated a return on capital employed of 28%, which is the highest return we have achieved since before 2005. We also delivered record free cash flow before working capital of $13.6 billion, which enabled us to retire more than $10.5 billion of debt and to repurchase $3 billion of common shares. Our return on capital employed was enhanced by exceptional performance as our team set multiple operational and productivity records across our U.S. onshore, Gulf of Mexico and International businesses. OxyChem generated record earnings and our Midstream business approximated guidance.

2022 年，我們的淨收入達到創紀錄的 125 億美元，產生了 28% 的已動用資本回報率，這是我們自 2005 年以來取得的最高回報率。我們還實現了創紀錄的 136 億美元的營運資金前自由現金流，這使我們能夠償還超過 105 億美元的債務並回購 30 億美元的普通股。由於我們的團隊在美國陸上、墨西哥灣和國際業務中創造了多項運營和生產力記錄，我們的已動用資本回報率因出色的表現而得到提高。 OxyChem 產生了創紀錄的收益，我們的中游業務接近指導。

Also in 2022, our high-return Permian production grew by 90,000 BOE per day, propelled by outstanding well results. We delivered our best year ever in Delaware new well productivity, making 2022, the seventh year in a row that we were able to increase our average well productivity, as shown in our presentation's appendix on Slide 29. Our teams accomplished this by applying our proprietary service modeling and completion designs to our high-quality reservoirs.

同樣在 2022 年，在出色的油井成果的推動下，我們的高回報二疊紀產量每天增長 90,000 桶油當量。我們在特拉華州的新油井生產率達到了有史以來最好的一年，使 2022 年成為我們連續第七年能夠提高平均油井生產率，如幻燈片 29 上演示文稿的附錄所示。我們的團隊通過應用我們的專有技術實現了這一目標為我們的優質油藏服務建模和完井設計。

Well performance, along with our Oxy drilling dynamics and logistics efficiencies, enabled us to achieve reserves replacement ratio driven by our capital programs of over 140% at a cost of $6.50 per BOE, which was less than half of our current DD&A per barrel. With price revisions included, the total reserves replacement ratio was 172%, which increased our year-end 2022 reserves to approximately 3.8 billion BOE.

油井性能以及我們的 Oxy 鑽井動態和物流效率，使我們能夠以每桶油當量 6.50 美元的成本實現超過 140% 的資本計劃驅動的儲量替代率，這不到我們目前每桶 DD&A 的一半。計入價格修正後，總儲量替代率為 172%，這使我們 2022 年底的儲量增加至約 38 億桶油當量。

Except for the years of the price collapse in 2015 and the pandemic in 2020, we have replaced more than 100% of our production for at least the last 20 years. With the depth and quality of our shale well inventory and 2 billion barrels of remaining potential in our Permian enhanced oil recovery business, we have the scale to continue our history of reserves replacement.

除了 2015 年價格暴跌和 2020 年大流行的年份外，我們至少在過去 20 年中更換了 100% 以上的產品。憑藉我們頁岩井庫存的深度和質量，以及我們二疊紀提高石油採收率業務的 20 億桶剩餘潛力，我們有能力繼續我們的儲量置換歷史。

A deep inventory, along with our unique portfolio of short-cycle, high-return unconventional assets paired with low decline conventional assets, OxyChem and our Midstream businesses, we have the capability for long-term sustainability and the flexibility to allocate capital to maximize returns for our shareholders. In 2022, we also made significant progress in developing the capabilities and assets needed to secure a low-carbon future, which is the other key to our sustainability.

深厚的庫存，加上我們獨特的短週期、高回報非常規資產組合與低衰退傳統資產、OxyChem 和我們的中游業務相結合，我們有能力實現長期可持續發展，並能靈活地分配資本以實現回報最大化為我們的股東。 2022 年，我們在發展確保低碳未來所需的能力和資產方面也取得了重大進展，這是我們可持續發展的另一個關鍵。

We started site preparation on our first direct air capture plant and executed several exciting agreements to sell carbon dioxide removal credits to prospective purchasers in the industry -- diverse industry sectors. We also secured over quarter million acres of land or approximately 400 square miles to develop carbon sequestration hubs. The fourth quarter of 2022 was a fitting way to wrap up a year of continued operational and financial success. We generated over $2.6 billion of free cash flow, which supported nearly $1.6 billion of balance sheet improvements.

我們開始為我們的第一個直接空氣捕獲工廠進行場地準備，並執行了幾項激動人心的協議，向行業內的潛在買家出售二氧化碳去除額度——不同的行業部門。我們還獲得了超過 25 萬英畝的土地或大約 400 平方英里的土地來開發碳封存中心。 2022 年第四季度是結束一年持續運營和財務成功的合適方式。我們產生了超過 26 億美元的自由現金流，支持了近 16 億美元的資產負債表改善。

We also repurchased $562 million of common shares in the quarter, completing our 2022 share repurchase program. In our business segments, Oil & Gas approximated the midpoint of guidance, despite winter storm Elliott impact. Outperformance from the Gulf of Mexico and Al Hosn partially offset storm impacts experienced in the Permian and Rockies. OxyChem exceeded guidance, driven by stronger-than-expected market dynamics, while Midstream and marketing earnings were within guidance.

我們還在本季度回購了 5.62 億美元的普通股，完成了 2022 年的股票回購計劃。在我們的業務部門中，儘管受到冬季風暴 Elliott 的影響，石油和天然氣仍接近指導的中點。墨西哥灣和 Al Hosn 的出色表現部分抵消了二疊紀和落基山脈的風暴影響。在強於預期的市場動態的推動下，OxyChem 超出了指導，而中游和營銷收益在指導範圍內。

In December, Oxy participated in the recapitalization of NET Power. This is a technology that generates emission-free power generation and has the potential to accelerate emissions reduction efforts in our existing operations and to supply electricity to our direct air capture plants and sequestration hubs. Ultimately, NET Power could be an important emission-free power generator anywhere that has access to natural gas.

12月，Oxy參與了NET Power的資本重組。這是一種產生無排放發電的技術，有可能加快我們現有業務的減排工作，並為我們的直接空氣捕獲廠和封存中心供電。最終，NET Power 可以在任何可以使用天然氣的地方成為重要的無排放發電機。

Among the record set in 2022 were lateral lengths in the Delaware Basin, DJ Basin, Oman and most notably in the Midland Basin where our well Lulu 3641 DP exceeded 18,000 feet to become our longest lateral on record. Remarkably, this well was drilled in slightly over 12 days. Milestones like this showcase our team's focus on safely and efficiently expanding the boundaries of drilling technology. Our teams also achieved an Oxy Delaware Basin record for wedge productivity, averaging a 30-day initial production rate of over 3,000 BOE per day from all wells that came online in 2022.

2022 年創下的記錄包括特拉華盆地、DJ 盆地、阿曼以及米德蘭盆地的橫向長度，我們的 Lulu 3641 DP 井超過 18,000 英尺，成為我們有記錄以來最長的橫向長度。值得注意的是，這口井的鑽探時間略多於 12 天。像這樣的里程碑表明我們的團隊專注於安全有效地擴展鑽井技術的邊界。我們的團隊還創造了 Oxy Delaware Basin 的楔形生產力記錄，2022 年上線的所有油井的 30 天初始產量平均超過 3,000 桶油當量/天。

We believe that 2 of our wells in the First Bone Spring in New Mexico and 6 of our wells in the Barnett formation of the Midland Basin achieved initial 30-day production records amongst all operators in their respective formations. In addition, we are continuing to consolidate acreage via trade that enable more capital-efficient, longer laterals, which help to optimize the required infrastructure. The longer laterals, exceptional well productivity and optimized infrastructure, partially offset inflation impacts in 2022, and we expect similar benefits as we progress through 2023.

我們相信，我們在新墨西哥州 First Bone Spring 的 2 口井和在米德蘭盆地 Barnett 地層的 6 口井在各自地層的所有運營商中實現了最初的 30 天生產記錄。此外，我們將繼續通過貿易鞏固種植面積，從而實現更高的資本效率、更長的支管，這有助於優化所需的基礎設施。更長的水平井、出色的油井生產力和優化的基礎設施，部分抵消了 2022 年的通貨膨脹影響，我們預計到 2023 年我們會獲得類似的收益。

After highlighting 2 of our Gulf of Mexico assets, Horn Mountain and Caesar-Tonga on previous earnings calls, I'm pleased to announce another Oxy production record in our offshore operations. Our Lucius platform surpassed 150 million BOE of gross production in less than 8 years from first oil, becoming the fastest Oxy developed Gulf of Mexico platform to reach this milestone.

在之前的財報電話會議上重點介紹了我們墨西哥灣的兩項資產 Horn Mountain 和 Caesar-Tonga 之後，我很高興地宣布我們的海上業務中的另一個 Oxy 生產記錄。我們的 Lucius 平台在不到 8 年的時間裡就超過了 1.5 億桶油當量的總產量，成為 Oxy 開發的墨西哥灣最快達到這一里程碑的平台。

Internationally, we, along with our partner, ADNOC, achieved record quarterly production at Al Hosn with 85,500 BOE per day net to Oxy. The Al Hosn expansion project is progressing well and remains on track for mid-2023 completion. We expect Oxy's Al Hosn net production to ultimately reach approximately 94,000 BOE per day. We are pleased with the total value we've created for shareholders in 2022, including the debt reduction of $10.5 billion and the $3 billion of share repurchases, along with a successful capital program of $4.5 billion.

在國際上，我們與我們的合作夥伴 ADNOC 一起在 Al Hosn 實現了創紀錄的季度產量，每天向 Oxy 淨產 85,500 桶油當量。 Al Hosn 擴建項目進展順利，有望在 2023 年年中完工。我們預計 Oxy 的 Al Hosn 淨產量最終將達到每天約 94,000 桶油當量。我們對 2022 年為股東創造的總價值感到滿意，包括 105 億美元的債務削減和 30 億美元的股票回購，以及 45 億美元的成功資本計劃。

With our debt from outstanding bonds down to less than $18 billion and consistent with our shareholder framework, we will shift our focus to share repurchases, dividend growth and a capital program that further strengthens our sustainability. Over the long term, we intend to repay maturities and opportunistically retire debt to further reduce our cost structure and strengthen our balance sheet.

隨著我們未償還債券的債務降至不到 180 億美元，並與我們的股東框架保持一致，我們將把重點轉移到股票回購、股息增長和進一步加強我們可持續性的資本計劃上。從長遠來看，我們打算償還到期債務並伺機償還債務，以進一步降低我們的成本結構並加強我們的資產負債表。

In future years, we will seek to grow our cash flow and earnings to support increases of our dividend and the continuation of our share repurchase program. While we do intend to grow the absolute value of the company, as part of our value proposition, we also want to increase value per share for our shareholders through dividend growth and the reduction of outstanding shares.

未來幾年，我們將尋求增加現金流和收益，以支持增加股息和繼續實施股票回購計劃。雖然我們確實打算增加公司的絕對價值，但作為我們價值主張的一部分，我們還希望通過增加股息和減少流通股來增加股東的每股價值。

Accordingly, our Board of Directors authorized an over 38% increase in our common dividend and a new $3 billion share repurchase authorization, which will trigger a redemption of a portion of the preferred equity. Future cash and earnings growth opportunities could come from our shale and conventional oil & gas assets as well as our chemicals business and ultimately, our Low Carbon ventures business.

因此，我們的董事會授權將我們的普通股息增加 38% 以上，並授權新的 30 億美元股票回購，這將觸發部分優先股的贖回。未來的現金和收益增長機會可能來自我們的頁岩和常規油氣資產以及我們的化學品業務，最終來自我們的低碳風險投資業務。

Turning now to 2023. Our business plan is designed to maximize return on capital and return of capital to our shareholders while also strengthening our future sustainability by prioritizing asset-enhancing investments to support the resilience of Oxy's future cash flows. These investments include $500 million for low decline mid-cycle projects, including the previously announced modernization and expansion of OxyChem's Battleground chlor-alkali plant and a new OxyChem plant enhancement along with Permian EOR in the Gulf of Mexico.

現在轉到 2023 年。我們的業務計劃旨在最大限度地提高資本回報率和資本回報率，同時通過優先考慮資產增強投資來支持 Oxy 未來現金流的彈性，從而加強我們未來的可持續性。這些投資包括用於低遞減週期中期項目的 5 億美元，包括先前宣布的 OxyChem Battleground 氯鹼廠的現代化和擴建，以及墨西哥灣二疊紀 EOR 的新 OxyChem 工廠升級。

Of the $500 million that I just mentioned, we plan to spend $350 million on OxyChem projects, which upon completion, we expect will generate a combined annual EBITDA of $300 million to $400 million. We expect the Battleground project to be online in early 2026. The other OxyChem plant enhancement will deliver higher production volumes, enhanced operational efficiency and improved logistics costs. We look forward to providing more detail about this project on a future call.

在我剛才提到的 5 億美元中，我們計劃將 3.5 億美元用於 OxyChem 項目，這些項目完成後，我們預計將產生 3 億至 4 億美元的年度 EBITDA 總額。我們預計 Battleground 項目將於 2026 年初上線。另一個 OxyChem 工廠升級將帶來更高的產量、更高的運營效率和更低的物流成本。我們期待在未來的電話會議上提供有關該項目的更多詳細信息。

The remainder of the $500 million will be spent in EOR in the Gulf of Mexico. EOR remains a core component of Oxy's asset portfolio and will be essential for our future strategy, so we are glad to return to sustaining capital investment levels this year. In the Gulf of Mexico, infrastructure projects, including subsea pumping initiatives to increase the tieback radius and productivity of the existing platforms, will drive higher capital spending compared to recent years.

5 億美元中的剩餘部分將用於墨西哥灣的 EOR。 EOR 仍然是 Oxy 資產組合的核心組成部分，對我們未來的戰略至關重要，因此我們很高興今年能恢復到維持資本投資水平。在墨西哥灣，與近幾年相比，基礎設施項目，包括增加現有平台回接半徑和生產力的海底抽水計劃，將推動更高的資本支出。

We're also focused on our high-return short-cycle businesses. Our return to a 2-rig program in the DJ Basin late last year requires additional investment but should begin to moderate production decline by the middle of 2023. In our Permian unconventional business, we intend to run an activity program similar to the second half of last year. Our Permian unconventional assets are best placed to deliver production growth to offset marginal declines elsewhere in our portfolio.

我們還專注於高回報的短週期業務。我們去年年底在 DJ 盆地恢復 2 鑽井計劃需要額外投資，但到 2023 年年中應該會開始緩和產量下降。在我們的二疊紀非常規業務中，我們打算運行類似於下半年的活動計劃去年。我們的二疊紀非常規資產最適合實現產量增長，以抵消我們投資組合中其他地方的邊際下降。

Overall, 2023 Permian unconventional capital is expected to decline slightly from 2022 due to the initial capital inflow from the Delaware Basin JV. We anticipate that inflation will continue to be a challenge for our industry this year. In 2023, we expect approximately 15% inflation impact on our domestic Oil & Gas business compared to 2022. As always, we will continue our efforts to reduce and offset inflation by leveraging our supply chain competencies and focusing on continued capital efficiency.

總體而言，由於特拉華盆地合資企業的初始資本流入，預計 2023 年二疊紀非常規資本將比 2022 年略有下降。我們預計今年通貨膨脹將繼續成為我們行業的挑戰。與 2022 年相比，我們預計 2023 年通脹對我們國內石油和天然氣業務的影響約為 15%。我們將一如既往地通過利用我們的供應鏈能力和專注於持續的資本效率來繼續努力減少和抵消通脹。

Another important aspect of sustainability is the carbon intensity of our operations and what we're doing to address it. We focus on reducing emissions every day as we progress our pathway to net zero, and we've made significant progress over the past few years. Since 2020, our emissions reductions projects have focused on capturing methane and reducing venting and flaring. These projects resulted in a 33% decrease in our estimated company-wide methane emissions from 2020 to 2021 and a 24% decrease in methane emissions intensity of our marketed gas production.

可持續性的另一個重要方面是我們運營的碳強度以及我們為解決這個問題所做的工作。在我們邁向淨零的道路上，我們每天都專注於減少排放，並且我們在過去幾年中取得了重大進展。自 2020 年以來，我們的減排項目一直專注於捕獲甲烷以及減少排放和燃燒。這些項目使我們估計的 2020 年至 2021 年全公司甲烷排放量減少了 33%，並且我們銷售的天然氣生產的甲烷排放強度降低了 24%。

We were the first U.S. oil & gas company to endorse the World Bank's Zero Routine Flaring by 2030 initiative, and I'm pleased to announce that our U.S. Oil & Gas operations achieved Zero Routine Flaring 8 years ahead of that target. That was a major achievement. Our international operations have implemented projects to significantly reduce routine flaring, and we're on track to meet the World Bank's target well ahead of 2030.

我們是第一家認可世界銀行到 2030 年實現零常規燃燒計劃的美國石油和天然氣公司，我很高興地宣布，我們的美國石油和天然氣業務比該目標提前 8 年實現了零常規燃燒。這是一項重大成就。我們的國際業務已實施項目以顯著減少常規燃燒，我們有望在 2030 年之前提前實現世界銀行的目標。

In 2023, we also intend to invest in several unique and compelling Low Carbon business opportunities to advance our net zero pathway. Ongoing construction of our direct air capture facility in the Permian and the development of our large Gulf Coast sequestration hubs, including pore space certification, will be among our expected investments. We anticipate that our first direct air capture, or DAC, plant will complete commissioning and begin to capture carbon in late 2024 and be commercially operational in mid-2025.

2023 年，我們還打算投資幾個獨特且引人注目的低碳商業機會，以推進我們的淨零路徑。我們在二疊紀的直接空氣捕獲設施的持續建設和我們的大型墨西哥灣沿岸封存中心的開發，包括孔隙空間認證，將是我們預期的投資之一。我們預計我們的第一個直接空氣捕獲 (DAC) 工廠將在 2024 年底完成調試並開始捕獲碳，並在 2025 年年中投入商業運營。

This timing is a few months later than our original target as we navigate the current supply chain environment and focus on construction sequencing to support faster optimization and the application of new technologies and innovation. Our 2023 capital investment in these Low Carbon businesses is expected to total $200 million to $600 million, subject to third-party funding optionality for the DAC and the timing of projects.

這個時間比我們最初的目標晚了幾個月，因為我們在當前的供應鏈環境中導航並專注於施工順序以支持更快的優化以及新技術和創新的應用。我們 2023 年對這些低碳業務的資本投資預計總額為 2 億至 6 億美元，具體取決於 DAC 的第三方資金選擇權和項目時間安排。

We mentioned on our prior call that our net zero ambitions will require funding outside of Oxy's historical capital allocation program. However, we are prepared to fund our first stack ourselves if utilizing our capital preserves the most value for our shareholders. Our capital plan includes investments in our carbon sequestration business, both through the development of the Gulf Coast hubs we previously announced and through drilling appraisal wells.

我們在之前的電話會議上提到，我們的淨零雄心將需要 Oxy 歷史資本分配計劃之外的資金。但是，如果利用我們的資本為我們的股東保留最大價值，我們準備自己為我們的第一個堆棧提供資金。我們的資本計劃包括通過開發我們之前宣布的墨西哥灣沿岸樞紐和鑽探評價井對我們的碳封存業務進行投資。

Investments in other projects that reduce Oxy Scope 1 and 2 emissions will also continue. As part of our strategy to develop Gulf Coast sequestration hubs, we're pleased to announce that we will be working with energy transfer low-carbon development to build a pipeline network from point source emitters in the Lake Charles area through our Magnolia sequestration site in Allen Parish, Louisiana. This pipeline will support our point source carbon capture and sequestration business, which we intend to develop, along with our DACs, to help meet medium- and long-term greenhouse gas emission reduction goals for Oxy and our customers.

對減少 Oxy Scope 1 和 2 排放的其他項目的投資也將繼續。作為我們開發墨西哥灣沿岸封存中心戰略的一部分，我們很高興地宣布，我們將與能源轉移低碳發展合作，通過我們位於路易斯安那州艾倫教區。這條管道將支持我們打算與我們的 DAC 一起開發的點源碳捕獲和封存業務，以幫助 Oxy 和我們的客戶實現中長期溫室氣體減排目標。

Before turning it over to Rob, I want to reiterate that our 2023 capital plan focuses on projects that best position Oxy for long-term success. As in past years, we retained a high degree of flexibility, which allows us to adapt to commodity price fluctuations and reduce spending if necessary. Now I'll turn the call over to Rob.

在將其交給 Rob 之前，我想重申，我們的 2023 年資本計劃側重於最能使 Oxy 取得長期成功的項目。與往年一樣，我們保持了高度的靈活性，這使我們能夠適應商品價格波動並在必要時減少支出。現在我將電話轉給 Rob。

Thank you, Vicki, and good afternoon, everyone. Last year, we repaid over $10.5 billion of debt and retired all remaining interest rate swaps breaking on our balance sheet and improving our credit metrics as we seek to regain investment-grade ratings. The completion of our $3 billion share repurchase program moved us closer to returning over $4 per share to our common shareholders, which will begin to trigger a redemption of the preferred equity.

謝謝 Vicki，大家下午好。去年，我們償還了超過 105 億美元的債務，並取消了資產負債表上所有剩餘的利率互換，並在我們尋求重新獲得投資級評級的過程中改善了我們的信用指標。我們 30 億美元的股票回購計劃的完成使我們更接近於向我們的普通股股東返還每股 4 美元以上，這將開始觸發優先股的贖回。

Our vastly improved financial position, even compared to 1 year ago, enables us to begin allocating a greater proportion of excess free cash flow to our shareholders in 2023. Today, I'll begin by explaining where we are in terms of partially redeeming preferred equity. I'll then detail our redemption mechanics in a scenario where the $4 trigger is met.

即使與一年前相比，我們的財務狀況也有了很大改善，這使我們能夠在 2023 年開始將更大比例的超額自由現金流分配給我們的股東。今天，我將首先解釋我們在部分贖回優先股方面的進展情況.然後，我將在滿足 4 美元觸發器的情況下詳細介紹我們的贖回機制。

The mandatory redemption of preferred equity is triggered with a rolling 12-month common shareholder distributions, which accumulate at $4 per share. This trigger is evaluated daily based on shares outstanding on the day capital is returned. As of today, we have distributed $3.70 per share, so additional $0.22 per share is required to reach the $4 trigger. In our presentation, we have included an illustrative example of a $100 million distribution to common shareholders after the $4 share trigger is reached.

優先股的強制贖回由滾動的 12 個月普通股股東分配觸發，累計每股 4 美元。該觸發器每天根據資本返還當天的流通股進行評估。截至今天，我們已經分配了每股 3.70 美元，因此每股需要額外 0.22 美元才能達到 4 美元的觸發點。在我們的演示文稿中，我們提供了一個說明性示例，即在達到 4 美元的股票觸發價後向普通股股東分配 1 億美元。

In conjunction with the common distribution, a $100 million mandatory matching distribution Berkshire Hathaway will be made, of which $91 million will redeem preferred equity principal with a $9 million or 10% premium. In this example, Oxy would incur a $200 million total cash outlay. This process of mandatory redemption repeats as long as the trailing -- per share trailing 12-month distribution to common shareholders is greater than $4. There is no limit to exceeding the $4 per share trigger through additional distribution to common shareholders.

與共同分配一起，伯克希爾哈撒韋將進行 1 億美元的強制匹配分配，其中 9100 萬美元將以 900 萬美元或 10% 的溢價贖回優先股本金。在這個例子中，Oxy 將產生 2 億美元的總現金支出。只要過去 12 個月向普通股股東分配的每股收益超過 4 美元，強制贖回過程就會重複。通過向普通股股東額外分配而超過每股 4 美元的觸發點沒有限制。

Consequently, even if the trailing 12-month distribution decline, additional distribution to common shareholders will still trigger partial preferred equity redemption. We expect our refreshed share repurchase program to combine with our $0.18 per share quarterly dividend to enable us to exceed the $4 per share trigger to begin redeeming the preferred equity. While the magnitude and pace of the partial preferred redemption and resulting enterprise value balancing will ultimately be driven by commodity prices, we expect our shareholders to benefit in a similar way to the value created in 2022 through debt reduction.

因此，即使過去 12 個月的分配下降，對普通股股東的額外分配仍將觸發部分優先股贖回。我們預計更新後的股票回購計劃將與每股 0.18 美元的季度股息相結合，使我們能夠超過每股 4 美元的觸發點，開始贖回優先股。雖然部分優先贖回的規模和速度以及由此產生的企業價值平衡最終將由大宗商品價格驅動，但我們預計我們的股東將以與 2022 年通過債務削減創造的價值類似的方式受益。

I'll now turn to our fourth quarter results. We posted an adjusted profit of $1.61 per diluted share and a reported profit of $1.74 per diluted share. Difference between adjusted and reported profit was already driven by a noncash tax benefit related to reorganization of legal entities. As Vicki mentioned, our Board recently authorized a new $3 billion share repurchase program following the repurchase of approximately 47.7 million shares last year for a weighted average cost of below $63 per share.

我現在將談談我們的第四季度業績。我們公佈的調整後每股攤薄利潤為 1.61 美元，報告的每股攤薄利潤為 1.74 美元。調整後利潤與報告利潤之間的差異已經受到與法律實體重組相關的非現金稅收優惠的推動。正如 Vicki 提到的那樣，繼去年以低於每股 63 美元的加權平均成本回購約 4770 萬股之後，我們的董事會最近批准了一項新的 30 億美元的股票回購計劃。

We exited the quarter with approximately $1 billion of unrestricted cash after paying $1.1 billion of debt and retiring $450 million in notional interest rate swaps. For the year, we completed over $10.5 billion of debt repayment, which eliminated 37% of outstanding principal and resulted in a sizable reduction in interest rate -- interest burden. We estimate that the balance sheet improvements executed in 2022 will reduce interest and financing costs by over $400 million per year.

在支付了 11 億美元的債務並收回 4.5 億美元的名義利率互換後，我們以大約 10 億美元的非限制性現金退出了本季度。這一年，我們完成了超過 105 億美元的債務償還，消除了 37% 的未償還本金，並導致利率——利息負擔大幅降低。我們估計，2022 年執行的資產負債表改進將使利息和融資成本每年減少超過 4 億美元。

Our proactive debt reduction efforts leveled the company's profile of future maturities, so that we now -- so we have less than $2 billion of debt maturing in any single year for the remainder of this decade. Going forward, we intend to repay debt as it matures and may also reduce debt opportunistically. We repaid approximately $22 million in January and do not have additional maturities until the third quarter of 2024, providing us with a clear runway to focus on returning cash to shareholders and partially redeeming the preferred.

我們積極的債務削減努力使公司對未來到期的情況持平，因此我們現在 - 所以我們在本十年剩餘時間內的任何一年到期的債務都不到 20 億美元。展望未來，我們打算在債務到期時償還債務，也可能會趁機減少債務。我們在 1 月份償還了大約 2200 萬美元，並且在 2024 年第三季度之前沒有額外的到期日，這為我們提供了一條清晰的跑道，可以專注於向股東返還現金並部分贖回優先股。

In the fourth quarter, we generated approximately $2.6 billion of free cash flow, even with inflation continuing to pressure costs and capital spending. Domestic operating expenses were higher than expected, primarily due to the impact of winter storm Elliott, equipment upgrades and platform life extension work in the Gulf of Mexico and inflation. Overhead increased as a result of higher accruals related to compensation and annual environmental remediation.

在第四季度，我們產生了大約 26 億美元的自由現金流，即使通貨膨脹繼續給成本和資本支出帶來壓力。國內運營費用高於預期，主要是受冬季風暴埃利奧特、墨西哥灣設備升級和平台延壽工作以及通貨膨脹的影響。由於與補償和年度環境整治相關的應計費用增加，管理費用增加。

Capital spending in the quarter was higher than expected due to inflationary impacts, investments in attractive OBO projects, scheduled changes leading to activity in higher working interest areas and rig starts for our Delaware JV. We further improved our liquidity position as (inaudible) Oxy became the first company ever to securitize offshore oil & gas receivables and an amendment that increased our accounts receivable facility by 50% to $600 million.

由於通貨膨脹的影響、對有吸引力的 OBO 項目的投資、導致更高工作興趣地區活動的計劃變更以及我們特拉華州合資企業的鑽井平台啟動，本季度的資本支出高於預期。我們進一步改善了我們的流動性狀況，因為（聽不清）Oxy 成為有史以來第一家將海上石油和天然氣應收賬款證券化的公司，以及一項將我們的應收賬款融資增加 50% 至 6 億美元的修正案。

In 2022, we paid U.S. federal cash taxes of approximately $940 million, in line with our previous estimate. As we move into 2023, we expect to be full U.S. federal cash taxpayer as we've utilized all our NOLs and U.S. general business carryforward credits. We expect our full year production to average 1.18 million BOE per day in 2023. As it was the case last year, production in the first quarter is expected to be lower than the preceding quarter due to scheduled maintenance turnarounds, primarily in our international operations.

2022 年，我們支付了約 9.4 億美元的美國聯邦現金稅，這與我們之前的估計一致。隨著我們進入 2023 年，我們預計將成為完全的美國聯邦現金納稅人，因為我們已經使用了所有 NOL 和美國一般業務結轉信貸。我們預計到 2023 年，我們的全年產量將達到平均每天 118 萬桶油當量。與去年一樣，由於定期維護周轉（主要是在我們的國際業務中），預計第一季度的產量將低於上一季度。

We'll have fewer wells come online in our U.S. onshore business in the fourth quarter, with only about 15% of our Permian wells and 6% of our Rocky wells for the year turning over to production. That said, our overall production trajectory is expected to be smoother in 2023 than in the prior year. Throughout 2022, we worked with Colorado regulators and local communities to successfully navigate the permitting process.

第四季度，我們在美國陸上業務中上線的油井將減少，今年只有約 15% 的二疊紀油井和 6% 的岩石油井轉向生產。也就是說，我們預計 2023 年的整體生產軌跡將比上一年更加順暢。在整個 2022 年，我們與科羅拉多州監管機構和當地社區合作，成功完成了許可流程。

Our work positioned us to add back 2 rigs in the DJ by the end of 2022. Given the reduced activity levels over the last few years, our Rockies production is likely to be lower in 2023 than last year. Production is expected to stabilize in the second half of 2023 once the benefits from the additional rig picked up in the fourth quarter of last year fully materialize.

我們的工作使我們能夠在 2022 年底之前在 DJ 增加 2 台鑽機。鑑於過去幾年活動水平下降，我們的落基山脈產量在 2023 年可能會低於去年。一旦去年第四季度增加的鑽井平台所帶來的好處完全實現，預計產量將在 2023 年下半年穩定下來。

Setback rules in Colorado typically lead to a pad development approach with a linear time-to-market cycle as compared to simultaneous operations in other shale plays. This operating environment creates negligible additional costs for our development, but this year is expected to have a noticeable impact on time-to-market as our activity ramps up. The DJ Basin remains an exceptionally high return asset for Oxy, and we welcome the return of sustaining capital levels to that business, which was predicated by the regulatory certainty and permitting efficiency we are now experiencing in Colorado.

與其他頁岩油區的同時運營相比，科羅拉多州的挫折規則通常會導致採用線性上市時間週期的墊開發方法。這種運營環境為我們的開發創造了微不足道的額外成本，但隨著我們活動的增加，預計今年將對上市時間產生顯著影響。 DJ 盆地對 Oxy 來說仍然是一項異常高回報的資產，我們歡迎該業務的持續資本水平回歸，這是由我們現在在科羅拉多州經歷的監管確定性和許可效率所決定的。

The production sharing contract we announced last year with Algeria is expected to take effect in March. Once the agreement is in place, net barrels to Oxy will decrease by approximately 15,000 BOE per day, which is reflected in our 2023 guidance. We do not expect a material change in operating cash flow because the tax rates were also reset under the new PSC. Operating costs across our Oil & Gas business are expected to approximate the second half of 2022 as inflationary pressures remain in our lower-cost DJ Basin production declines.

我們去年與阿爾及利亞宣布的產品分成合同預計將於三月份生效。一旦協議到位，Oxy 的淨桶數每天將減少約 15,000 桶油當量，這反映在我們的 2023 年指引中。我們預計經營現金流不會發生重大變化，因為稅率也根據新的 PSC 進行了重新設置。由於成本較低的 DJ 盆地產量下降，通脹壓力依然存在，我們石油和天然氣業務的運營成本預計將接近 2022 年下半年。

In the Gulf of Mexico, maintenance work to further reduce plan time -- planned downtime and extend platform lives will impact operating costs. We are also increasing EOR downhole maintenance work and CO2 purchases. On a BOE basis, operating costs may increase internationally due to lower reported barrels of the new Algeria contract. 2022 was an exceptional year for OxyChem as the business exceeded $2.5 billion in income. We expect 2023 to be another strong year by historical standards, that was unlikely to match 2022.

在墨西哥灣，進一步減少計劃時間的維護工作——計劃停機時間和延長平台壽命將影響運營成本。我們還在增加 EOR 井下維護工作和 CO2 採購。在英國央行基礎上，由於新阿爾及利亞合約的報告桶數減少，國際運營成本可能會增加。 2022 年對於 OxyChem 來說是不平凡的一年，因為該業務的收入超過了 25 億美元。我們預計 2023 年將是另一個以歷史標準衡量的強勁年份，這不太可能與 2022 年相提並論。

Caustic soda prices reached all-time highs in the fourth quarter of 2022, but we are now making downward pricing pressures as the macroeconomic environment remains uncertain. PVC pricing fell sharply in the second half of 2022, but has begun to stabilize. As I've mentioned before, OxyChem's integration across multiple chlorine derivatives enables us to optimize our production mix to what the market demands. We remain optimistic about the business, and our capital investments will further strengthen our margins and competitive position.

燒鹼價格在 2022 年第四季度創下歷史新高，但由於宏觀經濟環境仍不明朗，我們現在正在下調定價壓力。 2022年下半年PVC價格大幅下跌，但已開始企穩。正如我之前提到的，OxyChem 對多種氯衍生物的整合使我們能夠根據市場需求優化我們的生產組合。我們對業務保持樂觀，我們的資本投資將進一步加強我們的利潤率和競爭地位。

Looking forward to the rest of 2023 and beyond, we remain dedicated to extending the success of 2022 and advancing our enhanced shareholder return framework. I will now turn the call back over to Vicki.

展望 2023 年剩餘時間及以後，我們將繼續致力於延續 2022 年的成功並推進我們增強的股東回報框架。我現在將把電話轉回給 Vicki。

We're now ready to take your questions.

我們現在準備好回答您的問題了。

(Operator Instructions) And today's first question comes from Raphaël DuBois with Societe General.

（操作員說明）今天的第一個問題來自法國興業銀行的 Raphaël DuBois。

The first one is about the DAC 1 timing, which seems to have slipped a little bit with operating status now to be reached mid-2025 instead of end 2024. And I was wondering if we should consider that it's -- it means that other DACs, the ones that follow could also be delayed. That will be my first question, please.

第一個是關於 DAC 1 的時間，現在運行狀態似乎有所下滑，現在是在 2025 年年中而不是 2024 年底。我想知道我們是否應該考慮它——這意味著其他 DAC ，後面的也可能會延遲。這將是我的第一個問題，請。

No, we don't expect delays in the other DACs. The delay came because of the supply chain situation that we're experiencing today. We expect that since those are further out, we'll have more time to prepare and to address some of the supply chain challenges that we have today. So we don't expect the schedule to change.

不，我們預計其他 DAC 不會出現延遲。延遲是因為我們今天遇到的供應鏈情況。我們預計，由於這些時間更遠，我們將有更多時間準備和解決我們今天面臨的一些供應鏈挑戰。所以我們預計時間表不會改變。

Great. And my follow-up is on the $200 million to $600 million CapEx for the Low Carbon. Can you maybe help us better understand why it's dedicated for that one? And what is left for other projects?

偉大的。我的後續行動是 2 億至 6 億美元的低碳資本支出。你能不能幫助我們更好地理解為什麼它專門用於那個？其他項目還剩下什麼？

We haven't broken out the -- that $200 million to $600 million at this point. Richard, do you have anything?

我們還沒有打破 - 在這一點上是 2 億到 6 億美元。理查德，你有什麼事嗎？

Yes. I was just going to add, I mean, to kind of help give you some color on the program. I mean, certainly, some of that is allocated as we started construction for DAC 1 this year and obviously continue on the next couple of years with our construction pace. We do continue to develop our CCUS hubs around the Gulf Coast that we've previously disclosed and we announced with the Midstream partnership today.

是的。我只是想補充一點，我的意思是，有點幫助給你一些關於程序的顏色。我的意思是，當然，其中一些是在我們今年開始建設 DAC 1 時分配的，顯然在接下來的幾年裡會繼續我們的建設步伐。我們確實繼續在我們之前披露的墨西哥灣沿岸開發我們的 CCUS 中心，我們今天宣布與 Midstream 合作夥伴關係。

And then the other piece, and I think it partially answers your first question is continuing to look at our DAC Pre-FEED and FEED work as we go into the South Texas Hub. We think that's meaningful. And so while we're progressing and optimizing the schedule for DAC 1, in parallel, we're working with the same innovations and learnings and applying that to our South Texas Hub, which we think we'll be able to keep us on pace for that development as well.

然後是另一部分，我認為它部分回答了您的第一個問題，即在我們進入南德克薩斯中心時繼續查看我們的 DAC 預饋電和饋電工作。我們認為這是有意義的。因此，在我們推進和優化 DAC 1 的時間表的同時，我們正在使用相同的創新和學習並將其應用到我們的南德克薩斯中心，我們認為我們將能夠跟上我們的步伐也是為了那個發展。

And ladies and gentlemen, our next question today comes from David Deckelbaum with Cowen.

女士們，先生們，我們今天的下一個問題來自 David Deckelbaum 和 Cowen。

I wanted to dig in a little bit more. You talked a bit about reaching this $4 per share return on capital threshold and now looking at the preferreds has this trigger as a priority. How do we think about your view on the returns of capital on retiring preferred versus, say, supplementing that with asset sales as we work through the year, especially as you get beyond the second quarter of '23 and that trailing 12 months $4 a share benefit kind of rolls off, especially from that notable lump in the second quarter of '22?

我想再深入一點。你談到了達到每股 4 美元的資本回報率門檻，現在看優先股將這個觸發點作為優先事項。我們如何看待您對退休優先股的資本回報率的看法，例如，在我們全年工作時通過資產出售來補充資本回報率，尤其是當您超過 23 年第二季度和過去 12 個月每股 4 美元時收益有點下降，尤其是從 22 年第二季度那個顯著的腫塊中？

How do you think about navigating that? And should we expect you to kind of pull forward other sources of cash to try to stay above that threshold?

你如何看待導航？我們是否應該期望您能夠提供其他現金來源以試圖保持在該門檻之上？

Hitting the threshold has been really not a target, but an outcome of a plan that we wanted to execute anyway. Share repurchases is such a critical part of our value proposition that this is the way it has evolved. We're not really sure what the macro is going to do towards the end of this year. So in terms of what, if any, asset sales we would do to keep the pace, that really is dependent on the value -- what value we see in doing that and what we have available.

達到門檻實際上不是目標，而是我們無論如何都想執行的計劃的結果。股票回購是我們價值主張的重要組成部分，以至於這就是它的發展方式。我們不太確定宏觀將在今年年底做什麼。因此，就我們將採取哪些資產出售（如果有的話）來跟上步伐而言，這實際上取決於價值——我們在這樣做時看到的價值以及我們擁有的價值。

But I would say right now, we don't have anything on the list to sell. Of course, anything we have is for sale if it's for the right price. But there's nothing that we're actively marketing right now. And we believe that the second half of the year could potentially bring a macro environment that allows us to continue without engaging in any additional asset sales.

但我現在要說的是，我們在清單上沒有任何東西可以出售。當然，只要價格合適，我們所有的東西都可以出售。但是我們現在沒有積極營銷的東西。而且我們相信，今年下半年可能會帶來一個宏觀環境，使我們能夠在不進行任何額外資產出售的情況下繼續前進。

That's helpful. Maybe if I could switch just to the second quickly around Low Carbon ventures and DAC. There's obviously some funding that's been made available under the Bipartisan Infrastructure Law. It seemed like you alluded to some flexibility in the budgeting around DAC for potentially other sources of funding.

這很有幫助。也許我可以圍繞低碳企業和 DAC 快速切換到第二個。顯然，根據兩黨基礎設施法，已經提供了一些資金。您似乎提到在圍繞 DAC 的預算編制中為潛在的其他資金來源提供一些靈活性。

Can you walk us through maybe the application process and the timeline for how we might think about any potential loans that would be coming through or when we might have some more information around other sources of funding?

您能否向我們介紹一下申請流程和時間表，以了解我們如何考慮可能獲得的任何潛在貸款，或者我們何時可能獲得有關其他資金來源的更多信息？

David, this is Richard. I'll try to answer a piece of that. Really, two pieces, as you described. I mean we continue to have good discussions with capital partners, not only for DAC 1, but as we look at capitalization over the life of our development plan. And so that's an important part that we want to stay fresh with.

大衛，這是理查德。我將嘗試回答其中的一部分。真的，就像你描述的那樣，兩件。我的意思是，我們將繼續與資本合作夥伴進行良好的討論，不僅針對 DAC 1，而且在我們審視開發計劃生命週期的資本化時。因此，這是我們希望保持新鮮感的重要部分。

The second part is, as you mentioned, some of the grant programs that are directly associated with CCUS and DAC specifically. We're not in a position to talk in detail on that today, but we are -- and have communicated before, we think our projects fit very well the intent of that program. We think the -- really the advanced design and really state that we're in as we go into DAC 1 and then into the South Texas Hub puts us in a really good position for that type of program.

正如您提到的，第二部分是一些與 CCUS 和 DAC 直接相關的資助計劃。我們今天無法詳細討論這個問題，但我們 - 並且之前已經溝通過，我們認為我們的項目非常符合該計劃的意圖。我們認為，當我們進入 DAC 1 然後進入南德克薩斯中心時，我們所處的真正先進的設計和真正的狀態使我們在此類項目中處於非常有利的位置。

I think the South Texas Hub, as you look at that, in particular, is just a unique opportunity to look at sort of the large-scale build-out when we've contemplated the 30 DACs for that area. So to directly answer your question on updates, I think we'll have more as we go this year, but we'll leave it at that for now.

我認為南德克薩斯樞紐，正如你所看到的那樣，特別是當我們考慮了該地區的 30 個 DAC 時，它只是一個獨特的機會來觀察某種大規模的擴建。因此，為了直接回答您關於更新的問題，我認為我們今年會有更多更新，但我們暫時將其保留下來。

And our next question today comes from Jeanine Wai with Barclays.

我們今天的下一個問題來自巴克萊銀行的 Jeanine Wai。

I have two questions, I guess, around the Permian, if we could. The first one, maybe on inventory. The second one on sustaining CapEx. On inventory, we compared your updated slide versus the prior version. And after adjusting for wells to sales in '22, it looks like the location count for the wells that break even for under $60. It really isn't all that different, which implies about a 16-year inventory at the current pace.

我想，如果可以的話，我有兩個關於二疊紀的問題。第一個，可能在庫存中。第二個關於維持資本支出。在庫存方面，我們將更新後的幻燈片與之前的版本進行了比較。在根據 22 年的銷售額調整油井之後，看起來收支平衡的油井的位置數低於 60 美元。實際上並沒有什麼不同，這意味著按照目前的速度大約有 16 年的庫存。

So just wondering if you can talk about any of the differences in assumptions between the old and the new inventory calculations, whether it's on cost or on development strategy? For example, we saw in the footnote there that your updated inventory uses the '22 budgeted well cost. And how different would that look if you used current costs?

所以只是想知道您是否可以談談舊庫存計算和新庫存計算之間假設的任何差異，無論是成本還是發展戰略？例如，我們在腳註中看到您更新後的庫存使用 '22 預算井成本。如果您使用當前成本，那看起來會有什麼不同？

Great. Jeanine, this is Richard. I'll try to help answer a few of those. I mean very proud of our inventory, obviously good acreage position that we have and have accumulated, but very pleased with the team's ability to continue to advance that. So as you noted, especially in Permian resources, strong less than $60 breakeven with long activity. I'd say some of the changes that have occurred, we tried to highlight one even in that slide is really thinking about longer laterals. So able to continue to core up acreage where we're at, be patient in development areas to allow that to happen and really sequence our developments to accomplish the longer laterals.

偉大的。珍妮，這是理查德。我會盡力幫助回答其中的一些問題。我的意思是對我們的庫存感到非常自豪，顯然我們已經積累了良好的種植面積，但對團隊繼續推進這一點的能力感到非常滿意。因此，正如您所指出的，尤其是在二疊紀資源中，長期活動的盈虧平衡點不到 60 美元。我想說的是已經發生的一些變化，我們試圖強調一個甚至在那張幻燈片中真的在考慮更長的橫向。因此，能夠繼續在我們所在的地方擴大種植面積，在開發區域耐心等待，讓這種情況發生，並真正對我們的開發進行排序，以完成更長的橫向。

So as we were able to do that, obviously, that may go down one, but we've made a much more valuable single well inventory. The other thing I would say is just really the environment over the last couple of years. As we restated capital or began to put capital back into the program since 2020, that's allowed us to really develop some new areas and zones.

因此，當我們能夠做到這一點時，很明顯，這可能會下降一個，但我們已經製作了一個更有價值的單井庫存。我要說的另一件事是過去幾年的環境。自 2020 年以來，隨著我們重申資本或開始將資本重新投入該計劃，這使我們能夠真正開發一些新的地區和區域。

So for example, the First Bone Springs wells that we noted, very proud of those. What happened during that underinvestment cycle, we continue to work the technology and the development plans to really advance those zones. And so those type advancements in areas and zones like that also are adding to our inventory. But that restoration in capital, we believe this year especially will allow us to further advance our inventory.

因此，例如，我們注意到的 First Bone Springs 井，對此感到非常自豪。在那個投資不足的周期中發生了什麼，我們繼續研究技術和開發計劃，以真正推進這些區域。因此，像這樣的領域和地區的那些類型的進步也增加了我們的庫存。但資本的恢復，我們相信今年尤其將使我們能夠進一步增加庫存。

For example, we have 40 target wells in 2023 that we believe will fully replenish the wells we drill this year. And so we're pretty thoughtful in terms of how we're expanding that and approaching that inventory. And so hopefully, as we go, that will continue to grow in the Permian. But even in areas like the Powder River Basin, we're resuming some activity this year.

例如，我們在 2023 年有 40 口目標井，我們相信這些井將完全補充我們今年鑽探的井。因此，我們在如何擴展和處理庫存方面非常周到。因此，希望隨著我們的發展，它將在二疊紀繼續增長。但即使在像粉河流域這樣的地區，我們今年也會恢復一些活動。

Okay. Great. Moving to the sustaining CapEx. In the $3.5 billion sustaining CapEx estimate, how much of that is allocated to the Permian? And does that keep Permian production flat versus '23 levels? We know Oxy has got a ton of different operating areas, and there's a lot of different ways to keep production flat there?

好的。偉大的。轉向維持資本支出。在 35 億美元的持續資本支出估計中，有多少分配給了二疊紀？這是否會使二疊紀的產量與 23 年的水平持平？我們知道 Oxy 有很多不同的運營區域，並且有很多不同的方法可以保持那裡的生產平穩？

Yes. When we think about sustaining capital levels, it's really how do we maximize the return on capital employed for each of the assets that we have, while ensuring that we could do that for -- on a multiyear basis. And for example, when you talk about the Permian, there's the resources part of the business and the EOR part. The EOR part, the way we've been able to maximize return on capital employed for it is to actually keep the facilities fully loaded all of the time.

是的。當我們考慮維持資本水平時，實際上是我們如何最大限度地提高我們擁有的每項資產所使用的資本回報，同時確保我們能夠在多年的基礎上做到這一點。例如，當你談論二疊紀時，有業務的資源部分和 EOR 部分。 EOR 部分，我們能夠最大限度地提高所用資本回報率的方式實際上是始終保持設施滿載。

So we're not -- we don't have unused capacity and keeping those facilities fully loaded requires a certain level of capital. We certainly have the potential to continue to grow the EOR business beyond that. But up to this point, that's what we've been able to do to get the most value out of it. The Resources business, combined with the EOR business, would require about $1.8 billion for sustaining capital. And this year, we did increase the EOR and that's part of the reason to do that is that the lower decline of our EOR business, the lower decline of the chemicals business and our gas flow assets in the Middle East, those are critically important to us.

所以我們不是——我們沒有未使用的容量，保持這些設施滿載需要一定水平的資本。我們當然有潛力繼續發展 EOR 業務。但到目前為止，這就是我們能夠從中獲得最大價值的方法。資源業務與 EOR 業務相結合，將需要約 18 億美元來維持資本。今年，我們確實提高了 EOR，部分原因是我們的 EOR 業務下降幅度較小，化學品業務和我們在中東的天然氣流動資產下降幅度較小，這些對我們來說至關重要我們。

And as you know, we're expanding Al Hosn, which will not very -- not by very much will that increase the sustaining capital there, but will provide us additional low decline cash flow from that asset as well. And that's what we most like about our portfolio is that this diversity of having the lower decline assets combined with the higher decline, but higher cash flow generating assets at least initially is very complementary. So we have the best of all worlds, I think, in the diverse portfolio that we have.

正如你所知，我們正在擴大 Al Hosn，這不會非常 - 不會增加那裡的持續資本，但也會為我們提供來自該資產的額外低遞減現金流量。這就是我們最喜歡我們的投資組合的地方，即這種具有較低跌幅資產與較高跌幅相結合的多樣性，但至少在最初階段產生的現金流量較高的資產是非常互補的。因此，我認為，在我們擁有的多樣化產品組合中，我們擁有世界上最好的產品。

And our next question today comes from Matt Portillo with TPH.

我們今天的下一個問題來自 TPH 的 Matt Portillo。

Just maybe to start out, I was hoping to see if you could give us an update maybe how things have progressed since the LCV Day on the point source business, maybe some of the conversations you're having with the IRA Bill coming out? And any color that we may be able to look through on when the first project might start up and how you guys are thinking about kind of the total volumes you've secured so far for sequestration on point source.

也許只是開始，我希望看看您是否可以向我們提供最新情況，也許自 LCV 日以來點源業務的進展如何，也許您與 IRA 法案的一些對話即將公佈？我們可以看到第一個項目何時啟動的任何顏色，以及你們如何考慮迄今為止你們為點源封存而獲得的總數量。

Okay. Thank you for the question. I'll pass that to Richard. .

好的。感謝你的提問。我會把它轉給理查德。 .

Yes. Great. Matt, I think things for many of us in CCUS and certainly in the U.S. are progressing well post IRA. I think lots of work going on with emitters to transport to sequestration. Our focus really has been sort of similar to oil & gas, really working to secure the best sequestration sites and develop those in a way to be both large scale, so we can get the economies of scale, but also be able to provide that certainty as these deals are putting together.

是的。偉大的。馬特，我認為我們許多人在 CCUS 中，當然在美國，在 IRA 之後進展順利。我認為發射器正在進行大量工作以傳輸到封存。我們的重點確實有點類似於石油和天然氣，真正致力於確保最好的封存地點並以既大規模的方式開發這些地點，這樣我們就可以獲得規模經濟，但也能夠提供這種確定性因為這些交易放在一起。

So we have really 5 hubs that we're working that we've talked about. We've got several Class VI wells in progress as well as characterization of these sites. The Midstream providers are very important. And so being able to secure those partnerships early, I think, aligns really the downstream from the capture site to be able to do that.

因此，我們實際上有 5 個我們正在討論的中心。我們有幾口 VI 級井正在進行中，並對這些地點進行了表徵。中游供應商非常重要。因此，我認為，能夠儘早確保這些合作夥伴關係，確實使捕獲站點的下游能夠做到這一點。

So as we think about sort of how this plays out over the next couple of years, we're hopeful that as we go this year more projects will be able to combine that capture to transport the sequestration and really hit FID and then begin construction over the next couple of years. I think our work even going back to some of the work that we've done in the Permian over the last several years around some of the capture projects there really helped inform us, hopefully, as a good partner about how do you manage that kind of across the value chain.

因此，當我們考慮未來幾年這將如何發揮作用時，我們希望隨著今年的進展，更多的項目將能夠結合這種捕獲來運輸封存並真正達到 FID，然後開始建設接下來的幾年。我認為我們的工作甚至可以追溯到過去幾年我們在二疊紀圍繞那裡的一些捕獲項目所做的一些工作，這確實有助於告知我們，希望作為一個很好的合作夥伴，你如何管理這種情況整個價值鏈。

And so our focus is, again, really on that sequestration. That really puts us in a good position to take together the synergies with DAC as we develop that. And so we're playing that role and having good conversations towards those projects. And again, expect this year to have more updates.

因此，我們的重點再次真正放在封存上。這確實使我們處於有利地位，可以在我們開發它時與 DAC 一起發揮協同作用。因此，我們正在扮演這個角色，並就這些項目進行良好的對話。再說一次，預計今年會有更多更新。

Great. And then as my follow-up, just around OxyChem, a strong start to the year with the Q1 guide. Just curious how you all are feeling about the outlook for caustic and PVC and maybe what's baked into the guidance expectations as we progress through 2023?

偉大的。然後作為我的後續行動，就在 OxyChem 周圍，Q1 指南為今年開了個好頭。只是好奇你們對苛性鹼和 PVC 的前景有何看法，以及隨著我們到 2023 年的進展，指導預期中包含了什麼？

Yes, sure, Matt. So we -- and the theme for the year was domestic PVC demand was actually down about 6.8% in '22 relative to '21. But what we did was we saw as an industry that export demand ended up being about 46% higher, so the total PVC demand actually grew about almost 7% year-over-year in '22. And so when looking into what's going on and what's in our guidance is we saw that softness in PVC through the fourth quarter, but it appears that bottomed out late 2022, early 2023.

是的，當然，馬特。所以我們——今年的主題是國內 PVC 需求在 22 年相對於 21 年實際下降了約 6.8%。但我們所做的是，作為一個行業，我們看到出口需求最終高出約 46%，因此 PVC 總需求實際上在 22 年同比增長了近 7%。因此，在研究正在發生的事情以及我們的指導意見時，我們看到 PVC 在第四季度表現疲軟，但似乎在 2022 年底、2023 年初觸底。

So all PVC buyer adjustments we believe were largely completed as prices were falling. And we believe, as we sit here today, that many buyers inventories are low as we enter the construction season. We've also seen PVC export prices not only bottomed but are actually starting to trend upward most recently. And in the domestic market, all the producers have independently announced price increases in the domestic market for PVC.

因此，我們認為所有 PVC 買家的調整都已基本完成，因為價格正在下跌。我們相信，當我們今天坐在這裡時，隨著我們進入施工季節，許多買家的庫存很低。我們還看到 PVC 出口價格不僅觸底，而且實際上最近開始呈上升趨勢。而在國內市場，各生產商均自主宣布國內PVC市場漲價。

So thinking about the guidance in PVC, it reflects the uncertainty of the trajectory of the domestic and global economy that's going to drive that business. And so while there's still this huge pent-up demand we see in construction and the low inventories, there's still headwinds from the impact of the higher interest rates, which now may not peak as early or begin to subside as quickly as anticipated. And of course, the pace of economic activity increases in China is just going to continue to be an impact to the PVC business globally impacting trade flows for PVC.

因此，考慮到 PVC 的指導，它反映了將推動該業務發展的國內和全球經濟軌蹟的不確定性。因此，儘管我們在建築業和低庫存中看到的巨大被壓抑需求仍然存在，但利率上升的影響仍然存在不利因素，現在利率可能不會像預期的那樣早見頂或開始消退。當然，中國經濟活動的增長步伐將繼續對全球 PVC 業務產生影響，從而影響 PVC 的貿易流量。

So that's what's factored into this kind of murky outlook for PVC. The caustic soda business, we saw export prices, I discussed in my early comments in export are declining, not just from the impact of the global economy from the China taking, again, longer to restart, but also European markets stocked up significantly on caustic soda as we went into winter. That certainly has started to loosen now. We've gone from tight market conditions to looser market conditions with operating costs come down dramatically in Europe as energy prices have fallen.

這就是造成 PVC 前景黯淡的原因。燒鹼業務，我們看到了出口價格，我在早期的評論中討論過出口正在下降，這不僅僅是來自中國對全球經濟的影響，再次需要更長的時間重啟，而且歐洲市場對燒鹼的庫存也大幅增加我們進入冬天時喝蘇打水。現在肯定已經開始放鬆了。隨著能源價格下跌，歐洲的運營成本大幅下降，我們已經從緊張的市場條件轉向寬鬆的市場條件。

Our guidance on the caustic side of the business, this assumes it's going to take time for this unwinding of European inventories and a gradual opening of the Chinese economy. So -- but again, I would say, as we've talked in the past, our chemical business is so heavy weighted in domestic construction and global GDP. We're going to know a lot more about the total trajectory of the year than we do and -- sitting here in February than we will, maybe in May or June at that time. We've got a couple more months to look at it.

我們對業務苛刻方面的指導，假設歐洲庫存的減少和中國經濟的逐步開放需要時間。所以——但我要說的是，正如我們過去所說的那樣，我們的化工業務在國內建設和全球 GDP 中所佔的比重如此之大。我們將比我們更了解今年的總體軌跡，並且 - 在 2 月坐在這裡比我們可能在 5 月或 6 月坐在這裡。我們還有幾個月的時間來研究它。

So Overall, that guidance for the year just reflects that uncertainty around both sides of the business at this point.

所以總的來說，今年的指導意見只是反映了此時企業雙方的不確定性。

And our next question today comes from Doug Leggate with Bank of America.

我們今天的下一個問題來自美國銀行的 Doug Leggate。

First of all, apologies. I was a little late getting on, so I hope my questions haven't been asked already, but a lot going on today. Vicki, I want to ask you about the Gulf of Mexico trajectory and the cash operating cost. It seems to me at least that this is an area where we've always had a little bit of -- it's been a bit murky to understand just what the decline in the development backlog looks like from the legacy Anadarko portfolio.

首先，道歉。我來晚了一點，所以我希望我的問題還沒有被問到，但今天發生了很多事情。 Vicki，我想問你有關墨西哥灣軌跡和現金運營成本的問題。至少在我看來，這是一個我們一直有一點點的領域——從遺留的 Anadarko 投資組合中了解開發積壓的下降情況有點模糊。

But it seems that you are doing a lot better on the production guide and the trade-off maybe is a little bit higher OpEx. Can you give us your latest thoughts on what you see as the trajectory longer term for the Gulf?

但看起來你在生產指南上做得更好，權衡可能會稍微高一點的運營成本。你能告訴我們你對海灣地區長期發展軌蹟的最新看法嗎？

Our plan for the Gulf of Mexico is to continue to keep it at around the production rate that it's at right now. It's, as you know, a significant cash flow generator for us. So we have the inventory, and we have the plan laid out to ensure that we can -- we have the development ready to maintain the current level of production where it is. We don't intend to significantly grow production. That could be part of the outcome of what some of the exploration and development will lead to.

我們對墨西哥灣的計劃是繼續將其保持在目前的生產率附近。如您所知，它對我們來說是一個重要的現金流產生器。因此，我們有庫存，我們制定了計劃以確保我們能夠——我們已經準備好開發以維持當前的生產水平。我們不打算大幅增加產量。這可能是某些勘探和開發將導致的結果的一部分。

But it's our intent and it will be lumpy. As we've said before, capital there will depend on our exploration successes, how those go and timing. But on the average, our production level should be about where it is today.

但這是我們的意圖，它會是塊狀的。正如我們之前所說，那裡的資本將取決於我們的勘探成功、進展情況和時機。但平均而言，我們的生產水平應該是今天的水平。

For what period?

什麼時期？

I would say that we just picked up some leases, as you know. We're now doing the preliminary work on those leases. I would say that our trajectory is certainly between -- somewhere between 5 and 10 years of potential inventory to maintain what we have today.

如您所知，我會說我們剛剛獲得了一些租約。我們現在正在對這些租約進行初步工作。我要說的是，我們的軌跡肯定介於 - 5 到 10 年的潛在庫存之間，以維持我們今天擁有的庫存。

That's helpful. My follow-up is a favorite question mine though I hate to be predictable. But I want to ask you about your breakeven, but new onset a little bit. Obviously, we've had some inflation, your breakeven capital. What you've recognized today? And I guess, what I'm really trying to understand is how you think about dividend capacity as part of that breakeven, let's say, it's $40. Has that become like a ceiling for your dividend thoughts? And I guess the clarification point, if I may, Vicki, there's been a lot of questions today about DAC, obviously. When you think about that breakeven, are you including the capital or sustaining capital for the DAC business as well?

這很有幫助。我的後續行動是我最喜歡的問題，儘管我討厭被預測。但我想問你關於你的收支平衡，但新的開始一點點。顯然，我們有一些通貨膨脹，你的盈虧平衡資本。你今天認出了什麼？我想，我真正想了解的是你如何看待股息能力作為盈虧平衡的一部分，比方說，它是 40 美元。這是否已成為您股息想法的上限？我想澄清點，如果可以的話，Vicki，很明顯，今天有很多關於 DAC 的問題。當您考慮收支平衡時，您是否也包括 DAC 業務的資本或維持資本？

Well, certainly, I would say that we are not including the capital for the DAC as a part of our breakeven or sustaining capital. If we were in a scenario where we were down in a $40 environment, unless we had significant capital inflow from somewhere else, we would significantly cut back our development on the DACs unless that development was supported by others.

嗯，當然，我會說我們不包括 DAC 的資本作為我們盈虧平衡或維持資本的一部分。如果我們在 40 美元的環境中下跌，除非我們從其他地方有大量資本流入，否則我們將大幅削減 DAC 的開發，除非該開發得到其他人的支持。

So I would say that when you think about the breakeven for us and I kind of wish we had never brought that term up because it's so misleading to people. We -- I would say the difference in where we are today and where maybe we've been in prior times is that we keep a model of what it's going to take to support our dividend at various oil price levels. And what we've said is still true that we want to ensure that we're close to a $40 breakeven or less so that if we're in that environment that we can still sustain the dividend.

所以我想說的是，當你為我們考慮盈虧平衡時，我有點希望我們從未提出這個詞，因為它對人們來說太誤導了。我們——我想說的是，我們今天所處的位置與我們以前可能去過的地方的不同之處在於，我們保留了一個模型，說明在不同的油價水平下支持我們的股息需要什麼。我們所說的仍然是正確的，我們希望確保我們接近 40 美元或更少的盈虧平衡點，這樣如果我們處於那種環境中，我們仍然可以維持紅利。

I never want to go through a scenario where we would have to cut it again. But what that breakeven really is, is what would the price and the world look like at $40. So you can't take our numbers right now and back in to what it would be and expect it to be $40. We've obviously elevated our capital investment higher than what it would be, what the calculation would show the breakeven is today.

我永遠不想經歷我們不得不再次削減它的場景。但真正的盈虧平衡是 40 美元時的價格和世界會是什麼樣子。因此，您不能立即將我們的數字恢復到原來的水平，並期望它是 40 美元。我們顯然已經將我們的資本投資提高到比現在更高的水平，計算結果顯示今天的盈虧平衡點。

So breakeven for us means that if you're in a $40 environment, then the supply chain, the services and materials, all of those things would be adjusted to that kind of environment, to that cost. And in that environment, our cost would then be less than it is today on OpEx and even labor cost, services materials. So in that environment, we look at what would it take to ensure that we could sustain our dividend growth.

所以對我們來說，盈虧平衡意味著如果你處於 40 美元的環境中，那麼供應鏈、服務和材料，所有這些都會根據這種環境和成本進行調整。在那種環境下，我們的成本將低於現在的運營支出，甚至勞動力成本、服務材料。因此，在那種環境下，我們會研究如何確保我們能夠維持股息增長。

And that's how we would calculate that. So -- and that -- and sustaining capital is different. As I explained earlier, sustaining capital is where you have every asset with the investment level at the point where you're generating the best returns that you can generate from the infrastructure and facilities that you have and the resources that you have. So with what we're doing today, as we continue to reduce our cost structure, as we continue to lower our interest from our debt reduction, and we've -- as we will buy back some of the preferred, we'll lower that cost as well.

這就是我們計算的方式。所以 - 那 - 和維持資本是不同的。正如我之前解釋的那樣，維持資本是指您擁有的每項資產都具有投資水平，可以從您擁有的基礎設施和設施以及您擁有的資源中產生最佳回報。因此，就我們今天所做的事情而言，隨著我們繼續降低成本結構，隨著我們繼續降低債務減免的利息，我們已經——因為我們將回購一些優先股，我們將降低那成本也是如此。

We use those two measures as the primary way we can calculate how much we can grow our dividend. So as we're continuing to reduce interest, as we're continuing to reduce the preferred dividend, that will be the capacity available for the growth of the dividend. And to further get it to increase it on a per share basis, our share repurchase program is intended to help with that as well. So it's an absolute number cap that we have as well as a share repurchase program that allows that dividend per share to continue to increase over time.

我們使用這兩項措施作為計算我們可以增加多少紅利的主要方式。因此，隨著我們繼續降低利息，隨著我們繼續減少優先股息，這將是股息增長的可用能力。為了進一步讓它以每股為基礎增加它，我們的股票回購計劃也旨在幫助實現這一目標。因此，這是我們擁有的絕對數量上限以及允許每股股息隨著時間的推移繼續增加的股票回購計劃。

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

我們今天的下一個問題來自豐業銀行的 Paul Cheng。

Two questions, please. If -- I have to apologize. I want to go back into the inventory. That number, how that will change for those that is -- for less than $50 WTI and we changed the Henry Hub gas price to 2 50 and the internal way of return to, say, 15%, 20% and also for the cost, I mean how that is going to get changed? That's the first question.

請教兩個問題。如果——我必須道歉。我想回到庫存。這個數字，對於那些低於 50 美元 WTI 的人來說將如何改變，我們將 Henry Hub 天然氣價格更改為 2 50，並將內部回報方式更改為 15%、20% 以及成本，我的意思是這將如何改變？這是第一個問題。

And the second question that I think a lot of your peers that -- or at least some of them have signed the LNG supply agreement and one of your largest peers actually make an investment -- equity investment in the LNG plan. Want to see if Oxy think that, that will be a suitable investment for you? And what is the game plan there?

第二個問題，我認為你們的很多同行——或者至少其中一些已經簽署了液化天然氣供應協議，並且你們最大的同行之一實際上進行了投資——對液化天然氣計劃的股權投資。想看看 Oxy 是否認為那將是適合您的投資？那裡的遊戲計劃是什麼？

I'll take the LNG question first as Richard is pondering the other question. The LNG question, one of the things that we've always tried to do is make sure that we do things that are within our core competence. And so our core competence is getting the most out of oil & gas reservoirs and handling CO2. So LNG is not something that we would want to be a builder of. And if it's something that we don't want to be a builder of or use as a part of our strategy in our oil & gas development and our Low Carbon, if it's not a part of that, that's not something that we would put our investment dollars in. We're not going to go too far from what we know how to do the best.

我將首先回答液化天然氣問題，因為理查德正在考慮另一個問題。 LNG 問題，我們一直試圖做的事情之一就是確保我們做的事情在我們的核心競爭力範圍內。因此，我們的核心競爭力是充分利用油氣藏和處理二氧化碳。所以液化天然氣不是我們想要成為其建造者的東西。如果我們不想成為我們石油和天然氣開發和低碳戰略的建設者或將其用作我們戰略的一部分，如果它不是其中的一部分，那我們就不會把它放在我們的戰略中。投資美元。我們不會偏離我們所知道的如何做到最好。

Paul, this is Richard. I can try to answer your question on the inventory. I mean, as you think about sort of a discount rate against that inventory, obviously, if it's higher, that would change the numbers a bit, but we are still very strong in that inventory. For example, in the DJ, as we think about that program and we look at gas price fluctuations, we look at plus 50% type program returns even at a lower gas price than what we show there. So it will impact things.

保羅，這是理查德。我可以試著回答你關於庫存的問題。我的意思是，當你考慮針對該庫存的某種貼現率時，顯然，如果它更高，那會稍微改變數字，但我們在該庫存方面仍然非常強大。例如，在 DJ 中，當我們考慮該程序並查看 gas 價格波動時，我們會查看 +50% 類型的程序回報，即使 gas 價格低於我們在那裡顯示的價格。所以它會影響事情。

But I think in terms of the strong returns that we have well exceed sort of our expectations on return on capital. And we continue to manage that inventory to drive really what we develop into those lower breakeven categories. Probably the other thing to say on that, basically, the inventory this year with the wells that we drill are all less than $40 breakeven.

但我認為，就強勁回報而言，我們已經遠遠超出了我們對資本回報率的預期。我們將繼續管理該庫存，以真正推動我們開發的產品進入那些收支平衡較低的類別。可能還有另一件事要說，基本上，今年我們鑽探的油井的庫存都低於 40 美元的盈虧平衡點。

So we've been able to high grade ahead of time to make sure that we have sustainability of those returns. And as I mentioned earlier, the wells that we targeted to replenish 100% of our drilled wells this year, we'll expect to carry that same result.

因此，我們已經能夠提前進行高評級，以確保我們具有這些回報的可持續性。正如我之前提到的，我們今年的目標是補充 100% 的鑽井，我們預計會取得同樣的結果。

And our next question today comes from Roger Read with Wells Fargo.

我們今天的下一個問題來自富國銀行的 Roger Read。

I'd like to follow up really, I guess, on the Gulf of Mexico, maybe secondarily, on the EOR side. Relative capital discipline or maybe even aggressive capital discipline over the last couple of years for the obvious reasons. Just wonder how you're comfortable in terms of the outlook for the Gulf and also for EOR, just that whatever your base declines are now, any sort of catch-up capital maybe to maintenance or anything like that, but that sets you up for flat in the Gulf and maybe flat-to-growing in the EOR over the next couple of years. Just what you did to get comfortable with that outlook?

我想我真的很想跟進墨西哥灣，也許其次是在 EOR 方面。由於顯而易見的原因，過去幾年相對資本紀律甚至激進的資本紀律。只是想知道您對海灣地區和 EOR 的前景如何感到滿意，只是無論您現在的基礎下降是多少，任何類型的追趕資本可能用於維護或類似的東西，但這讓您為海灣地區持平，未來幾年 EOR 可能持平或增長。你做了什麼來適應這種前景？

I think just starting to restore the capital to both of those assets has been helpful. And it was basically all that we needed to do. One of the things that we never stopped doing was investing and making each of those operations better. And that's why a little bit of the increase in OpEx is making in the EOR business getting some of the wells that had gone down during the pandemic, putting those wells back online, which increased our well maintenance budget, but those are very inexpensive and high-return barrels.

我認為剛剛開始恢復這兩項資產的資本是有幫助的。這基本上就是我們需要做的所有事情。我們從未停止過的其中一件事就是投資並改善每項業務。這就是為什麼在 EOR 業務中 OpEx 的一點點增加讓一些在大流行期間已經下降的油井重新上線，這增加了我們的油井維護預算，但這些非常便宜且高- 返回桶。

So starting to do that. And we didn't shut down any kind of maintenance around the infrastructure, and no kind of decreases in capital around the maintenance of our equipment. So really, it was more from the standpoint of just getting wells back online for EOR. And in the Gulf of Mexico, we've taken the opportunity to work on the -- not only the surface to ensure that we could increase our run time there with reduced capital and not being as aggressive with drilling wells out there, we were still improving productivity by spending dollars on improving run time and also putting in subsurface pumping equipment to expand the radius of our spars and to also increase productivity and extend our reserve lives out there.

所以開始這樣做。而且我們沒有停止任何形式的基礎設施維護，也沒有減少設備維護方面的資本。所以實際上，更多的是從讓油井重新上線以進行 EOR 的角度來看。在墨西哥灣，我們抓住機會在地面上工作——不僅是為了確保我們可以在減少資本的情況下增加我們在那裡的運行時間，而且不那麼積極地在那裡鑽井，我們仍然通過花錢改善運行時間並安裝地下泵送設備以擴大我們的翼梁半徑並提高生產率並延長我們在那裡的儲備壽命來提高生產率。

So the work that we've done in the Gulf of Mexico has really kept us prepared to get back to sustaining levels, both in the Gulf and EOR, without any sort of issues beyond the next year or 2.

因此，我們在墨西哥灣所做的工作確實讓我們準備好在海灣和 EOR 中恢復到維持水平，在明年或兩年後不會出現任何問題。

Okay. And just as a quick follow-up. Any issues with permitting anywhere on federal lands or in federal waters?

好的。就像快速跟進一樣。允許在聯邦土地或聯邦水域的任何地方有任何問題嗎？

I'm sorry, what was that? Permitting...

對不起，那是什麼？允許...

Yes, permitting since you're not so much federal onshore, but federal offshore.

是的，允許，因為你不是聯邦在岸，而是聯邦離岸。

Federal offshore, we've had -- not had issues permitting thus far. Even when the permitting moratorium came out, we were able to still get things done and get things approved. And so I don't see the permitting point to be an issue for us offshore at this point.

聯邦離岸，我們已經 - 到目前為止還沒有允許的問題。即使暫停許可出台，我們仍然能夠完成工作並獲得批准。因此，我認為此時許可點對我們來說不是一個問題。

And our next question today comes from John Royall with JPMorgan.

我們今天的下一個問題來自摩根大通的 John Royall。

So just looking at your guidance for domestic OpEx per barrel in 2023. It looks like it's up about 6.5% from last year. And more in line with the 2H of '22, which I think Rob said in the prepared comments. Just comparing that with the 15% inflation on the capital side, can you talk about the gap there on why the OpEx inflation rate is so much better than the CapEx inflation rate?

所以只要看看你對 2023 年每桶國內運營支出的指導。它看起來比去年增長了約 6.5%。更符合 22 年的 2H，我認為 Rob 在準備好的評論中說過。僅將其與資本方面的 15% 通貨膨脹率進行比較，您能否談談為什麼 OpEx 通貨膨脹率比 CapEx 通貨膨脹率好得多？

Yes. I'll just reiterate the comments I made about the GoM and then Richard's got some information on onshore. But for the Gulf of Mexico, as I was saying, some of the work that we did was just to prove up our ability to increase our run time there. And that in and of itself is going to increase your OpEx a little bit this year and a little bit for next year, but it's delivering in terms of barrels because, as you've seen, the Gulf of Mexico has helped to offset some of the declines from other areas and some of the storms. So we're better prepared offshore now for higher productivity. Richard, do you have some on the permits?

是的。我只是重申我對 GoM 所做的評論，然後理查德在陸上獲得了一些信息。但對於墨西哥灣，正如我所說，我們所做的一些工作只是為了證明我們有能力增加在那裡的運行時間。這本身會增加今年和明年的運營支出，但它是以桶為單位交付的，因為正如你所見，墨西哥灣幫助抵消了一些其他地區的下降和一些風暴。因此，我們現在為提高生產率做好了更好的離岸準備。理查德，你有許可證嗎？

Yes. Maybe just a little bit on onshore OpEx. I mean, one major difference when you look at capital and that 15% and then kind of what we're seeing in OpEx is OCTG. While we have some exposure to that in our kind of maintenance activities, it's far less pronounced, and that was the single biggest category really last year for us.

是的。也許只是一點點在岸 OpEx。我的意思是，當您查看資本和那 15%，然後我們在 OpEx 中看到的那種情況時，一個主要區別是 OCTG。雖然我們在我們的維護活動中有一些接觸，但它遠沒有那麼明顯，而且這是去年對我們來說真正最大的一個類別。

So really, OpEx, it's been a couple of things. We break it down into inflation and then scope. And scope would be some of the maintenance activities like Vicki's describing for the GoM. So really 2022 from an OpEx perspective, U.S. onshore, most of it was really WTI or kind of price indexed inflation, things like power, CO2 price ruts which were a little unique there, gas processing, things like that.

所以真的，OpEx，這是兩件事。我們將其分解為通貨膨脹，然後是范圍。範圍將是一些維護活動，如 Vicki 對 GoM 的描述。所以從 OpEx 的角度來看，美國在岸實際上是 2022 年，其中大部分實際上是 WTI 或某種價格指數通脹，比如電力、那裡有點獨特的二氧化碳價格車轍、天然氣加工等。

And really scope was pretty well managed. We -- our maintenance activities picked up a bit at the end of the year, mainly downhole maintenance and EOR. As Vicki said, as you go into 2023, it's much more balanced. If you see the increase, there is a little bit of kind of inflation carryover in terms of processing and CO2 volumes are up a bit this year for EOR as we've resumed activity there, but it's a lot more scope.

範圍確實得到了很好的管理。我們 - 我們的維護活動在年底有所回升，主要是井下維護和 EOR。正如 Vicki 所說，當你進入 2023 年時，它會更加平衡。如果你看到增長，那麼在加工方面會有一點通貨膨脹結轉，今年 EOR 的二氧化碳排放量有所增加，因為我們在那裡恢復了活動，但范圍要大得多。

So as we begin to resume production activities, water management, compression, these type of things show up. But by and large, we've been able to hold that cost structure for OpEx pretty well. We go back really to kind of first quarter '20 and look at those type of run rates, and we've been very good holding our cost structure since that. Probably the last thing I'd say kind of to the maintenance activity similar to the GoM, for us, in U.S. onshore, it's a lot about uptime improvement.

因此，當我們開始恢復生產活動、水管理、壓縮時，這些類型的事情就會出現。但總的來說，我們已經能夠很好地保持 OpEx 的成本結構。我們真的回到了 20 年第一季度，看看那些類型的運行率，從那以後我們一直很好地保持我們的成本結構。可能我要說的最後一件事是類似於 GoM 的維護活動，對我們來說，在美國陸上，這在很大程度上是關於正常運行時間的改進。

So continuing to work with a third-party gathering and processing companies and then within our fields to be able to be resilient through weather and just sort of manage this production in a good way. So adding that uptime adds significant value to the year. And so some of our OpEx-related activities have been focused there as well.

因此，繼續與第三方採集和加工公司合作，然後在我們的領域內，能夠在天氣中保持彈性，並以良好的方式管理這種生產。因此，增加正常運行時間可以為這一年增加重要價值。因此，我們的一些與運營支出相關的活動也集中在那裡。

Great. And then next one is just on the quarterly progression of production. And apologies if I missed something here, but I see that the midpoint of production guidance stays the same in 1Q versus the full year. But you do have the Permian ramping and you have the Al Hosn project starting later in the year. So what are some of the moving pieces there that are kind of pulling things the other way? And then how do you expect production to progress throughout the year?

偉大的。然後下一個是關於生產的季度進展。如果我在這裡遺漏了什麼，我深表歉意，但我發現第一季度生產指導的中點與全年保持不變。但是你確實有二疊紀斜坡，你有今年晚些時候開始的 Al Hosn 項目。那麼，那裡有哪些活動的部分正在以另一種方式拉動事物呢？那麼您預計全年的生產進展如何？

Maybe I'll start just kind of a U.S. onshore perspective. Permian being able to ramp up to the end of last year and really secure the resources by the end of the year puts us in a much better position for sort of steady-state growth. However, the first quarter, as we noted, is a little lumpy. We had about 40% less wells online versus kind of other quarters in the year or even against fourth quarter. It's a little lumpy on the Permian.

也許我會從美國在岸的角度開始。二疊紀能夠在去年年底前增加並在年底前真正獲得資源，這使我們處於穩態增長的更有利位置。然而，正如我們所指出的，第一季度有點起伏不定。與今年其他季度甚至第四季度相比，我們的在線油井數量減少了約 40%。在二疊紀上它有點凹凸不平。

And then really the moving part is the Rockies. We've been underinvested from sustaining capital over the last several years. And so as we talk, we're resuming some activity there. We have about fourth quarter '22 to first quarter '23 about a 15,000 barrel a day decline and that sort of steadies out into the second quarter. And then we actually start growing in the Rockies in the second half of the year. And so that, from an onshore perspective, is a big part of that moving part. And then the other one is really our GoM weather assumption. So I think that's the other piece to consider when you look at the trajectory on total.

然後真正移動的部分是落基山脈。在過去的幾年裡，我們一直因維持資本而投資不足。因此，在我們談話的同時，我們正在恢復那裡的一些活動。我們從 22 年第四季度到 23 年第一季度大約每天下降 15,000 桶，這種情況會穩定到第二季度。然後我們實際上在今年下半年開始在落基山脈種植。因此，從陸上的角度來看，這是移動部分的重要組成部分。然後另一個是我們的 GoM 天氣假設。因此，我認為這是您查看總體軌跡時要考慮的另一部分。

Yes. In total, as Richard mentioned, GoM will be down a little bit, international up a little bit as Al Hosn comes on and comes on stronger towards the end of the year.

是的。總的來說，正如理查德所提到的，隨著 Al Hosn 的上場並在年底變得更強大，GoM 會有所下降，國際會有所上升。

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

女士們先生們，為了節省時間，我們的問答環節到此結束。我想將會議轉回給 Vicki Hollub 作任何閉幕詞。 .

Thank you. I'll first by expressing my gratitude to our amazing teams for their diligent focus and pioneering work that contributed to so many advancements in our core cash generating and emerging Low Carbon businesses . So much appreciate all that you do and for always going above and beyond. Thank you all to the rest of you for joining our call today and for your questions. Have a good afternoon.

謝謝。首先，我要感謝我們出色的團隊，感謝他們的勤奮專注和開創性工作，為我們的核心現金產生和新興低碳業務取得如此多的進步做出了貢獻。非常感謝您所做的一切，感謝您始終超越自我。感謝大家今天加入我們的電話會議並提出問題。祝你下午好。

Thank you. 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。今天的電話會議到此結束。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。