西方石油 (OXY) 2023 Q3 法說會逐字稿

Good afternoon, and welcome to the Occidental's Third Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note this 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，歡迎參加西方石油公司 2023 年第三季財報電話會議。 （操作員說明）請注意此事件正在被記錄。我現在想將會議交給投資者關係副總裁尼爾·巴克豪斯 (Neil Backhouse)。請繼續。

Thank you, Anthony. Good afternoon, everyone, and thank you for participating in Occidental's Third Quarter 2023 Conference Call. On the call with us today are Vicki Hollub, President and Chief Executive Officer; Richard Jackson, President, Operations, U.S. Onshore Resources and Carbon Management; Rob Peterson, Executive Vice President, Essential Chemistry; Ken Dillon, Senior Vice President and President, International Oil and Gas Operations; and Mike Avery, President and General Manager of 1PointFive.

謝謝你，安東尼。大家下午好，感謝您參加西方石油公司 2023 年第三季電話會議。今天與我們通話的是總裁兼執行長 Vicki Hollub； Richard Jackson，美國陸上資源與碳管理營運總裁； Rob Peterson，基本化學執行副總裁； Ken Dillon，資深副總裁兼國際石油與天然氣業務總裁；以及 1PointFive 總裁兼總經理 Mike Avery。

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。該簡報在投影片 2 上包含了有關今天下午電話會議上將做出的前瞻性陳述的警告聲明。今天我們也將參考一些非公認會計準則財務指標。您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 衡量標準的調整表。我現在將電話轉給 Vicki。維琪，請繼續。

Thank you, Neil, and good afternoon, everyone. The team and I would like to discuss 2 key topics today. First, how our portfolio of assets managed by excellent teams once again drove record performance this quarter, which flowed to the bottom line.

謝謝尼爾，大家下午好。我和團隊今天想討論兩個關鍵主題。首先，我們由優秀團隊管理的資產組合如何在本季再次推動創紀錄的業績，最終影響利潤。

And second, as we promised an update on 1PointFive and Direct Air Capture, which we expect to play an increasingly important role in our portfolio over time. One important note before we begin, Rob Peterson, Executive VP of Essential Chemistry will cover our financial results and guidance today.

其次，正如我們承諾的 1PointFive 和 Direct Air Capture 的更新，我們預計隨著時間的推移，它們將在我們的產品組合中發揮越來越重要的作用。在我們開始之前，重要的一點是，Essential Chemistry 執行副總裁 Rob Peterson 將介紹我們今天的財務表現和指導。

Senior VP and Chief Financial Officer, Sunil Matthew, is unfortunately attending to a family emergency. We send our thoughts and prayers to Sunil and his family. I'll begin by reviewing our third quarter performance. Our teams again performed exceptionally well with our assets this quarter and delivered strongest earnings and cash flow from operations that we've had to date this year.

不幸的是，高級副總裁兼財務長蘇尼爾·馬修（Sunil Matthew）正在處理家庭緊急情況。我們向蘇尼爾和他的家人表達我們的思念和祈禱。我將首先回顧我們第三季的業績。本季我們的團隊再次在資產方面表現出色，並實現了今年迄今為止最強勁的營運收入和現金流。

This positioned us to further advance our shareholder return framework and established a strong trajectory for the fourth quarter. Let's follow the molecules from producing oil and gas to moving and marketing it to where it is most valued to our African team making the products that the world needs to improve lives.

這使我們能夠進一步推進股東回報框架，並為第四季度奠定了強勁的發展軌跡。讓我們追蹤分子，從生產石油和天然氣到將其運輸和行銷到對我們的非洲團隊最有價值的地方，生產世界改善生活所需的產品。

And finally, returning the molecules back underground as we capture emissions and sequester them forever. First, let's review the exceptional results in oil and gas. Strong third quarter operational performance in oil and gas production exceeded the midpoint of our guidance by 34,000 BOE per day, enabling us to increase full year production guidance by 11,000 BOE per day.

最後，當我們捕獲排放物並永久封存它們時，將分子返回地下。首先，讓我們回顧一下石油和天然氣領域的卓越成果。第三季石油和天然氣產量的強勁營運表現超出了我們指導的中點每天 34,000 桶油當量，使我們能夠將全年產量指引提高 11,000 桶油當量/天。

Our third production guidance increased this year. Production outperformance was driven by strong new well performance in the DJ and Delaware basins as well as higher uptime due to favorable operating conditions in the Gulf of Mexico.

今年我們的第三次生產指導增加了。 DJ 盆地和特拉華盆地的新井表現強勁，以及墨西哥灣有利的營運條件帶來的正常運作時間延長，推動了產量的優異表現。

In the Permian and Rockies, our high-quality inventory, combined with our team's subsurface expertise, continue to drive record cumulative well performance improvements. This exceptional well performance and our activity plans for the remainder of the year drove our full year production guidance increase.

在二疊紀和落基山脈，我們的高品質庫存與我們團隊的地下專業知識相結合，繼續推動創紀錄的累積油井性能改進。這種出色的油井表現和我們今年剩餘時間的活動計劃推動了我們全年產量指導的成長。

In the third quarter, our Delaware operations team set a record with a continuous pumping time of over 88 hours, doubling the previous and at that time, audacious record in the second quarter. Our teams are hyper-focused and diligent. Their advancements are continuing to drive high performance.

第三季度，我們的特拉華營運團隊創下了連續泵送超過 88 小時的記錄，是先前第二季度創下的大膽紀錄的兩倍。我們的團隊高度專注且勤奮。他們的進步正在繼續推動高性能。

Additionally, during the third quarter in the DJ Basin, we began deploying a new and innovative natural gas hybrid frac pump with Liberty Energy. We believe that deploying this forward-looking technology, which is an e-frac alternative will reduce completion costs over time as well as emissions.

此外，第三季度，我們開始與 Liberty Energy 一起在 DJ 盆地部署新型創新天然氣混合壓裂泵。我們相信，部署這種作為電子壓裂替代方案的前瞻性技術將隨著時間的推移降低完井成本以及排放量。

Our midstream business performed better than expected due to the timing of cargo sales amidst rising commodity prices. And finally, to OxyChem, which exceeded earnings guidance for the quarter, largely due to improved PVC and caustic soda export demand. I can't say it enough, OxyChem provides so much synergy and cash flow generation to our portfolio. And as you'll hear, plays a large role in our Direct Air Capture story.

由於大宗商品價格上漲期間的貨物銷售時機，我們的中游業務表現優於預期。最後是 OxyChem，該公司本季的獲利預期超出了預期，這主要是由於 PVC 和燒鹼出口需求的改善。我不能說太多，OxyChem 為我們的投資組合提供瞭如此多的協同效應和現金流生成。正如您將聽到的，它在我們的直接空中捕獲故事中發揮著重要作用。

During the third quarter, we repurchased $600 million of common shares and have now completed 60% of our $3 billion share repurchase program. Share repurchases and our dividend enabled additional redemptions of the preferred equity. We have now redeemed over 15% of the preferred equity outstanding.

第三季度，我們回購了 6 億美元的普通股，目前已完成 30 億美元的股票回購計畫的 60%。股票回購和股利使優先股得以額外贖回。我們現已贖回超過 15% 的已發行優先股。

Now I'd like to turn to the second big topic for our call, an update on the progress that our subsidiary, 1PointFive is experiencing with Director Air Capture or DAC. The DAC technology we are using leverages the skills and expertise of our chemicals business and our enhanced ore recovery business. Our team's achievements in DAC will drive benefits to Oxy in 3 ways.

現在我想談談我們電話會議的第二個重要主題，即我們的子公司 1PointFive 在 Director Air Capture 或 DAC 方面所取得的最新進展。我們使用的 DAC 技術充分利用了我們化學品業務和強化礦石回收業務的技能和專業知識。我們團隊在 DAC 所取得的成就將從三個面向為 Oxy 帶來效益。

First, we will advance DAC for commercial use. Second, it will increase Oxy's low resilience and generate solid returns to our shareholders over the long term. And third, it will broaden our pathway to carbon neutrality and help others to achieve the same. Some of the team's recent achievements include the agreement we announced last night with BlackRock as a partner in our first stack plant, STRATOS.

首先，推進DAC商用。其次，它將增加 Oxy 的低彈性，並為我們的股東帶來長期穩定的回報。第三，它將拓寬我們實現碳中和的道路，並幫助其他人實現相同的目標。團隊最近的一些成就包括我們昨晚宣布與貝萊德達成協議，作為我們第一個堆疊工廠 STRATOS 的合作夥伴。

This is a huge signal to the marketplace that we are attracting capital as well as customers to this exciting technology. We are very happy to have BlackRock as our partner. Our team also reached a memorandum of understanding with our long-standing partner ADNOC to explore opportunities with DAC and carbon dioxide sequestration hubs in the U.S. and the UAE.

這向市場發出了一個巨大的信號，表明我們正在吸引資本和客戶使用這項令人興奮的技術。我們很高興貝萊德成為我們的合作夥伴。我們的團隊也與我們的長期合作夥伴 ADNOC 達成了一份諒解備忘錄，以探索與美國和阿聯酋的 DAC 和二氧化碳封存中心合作的機會。

And in just 8 weeks, we announced our first initiative together, a preliminary engineering study with ADNOC for a magneto scale, DAC facility in the UAE. And shortly after the second quarter earnings call, the U.S. Department of Energy announced that it has selected 1PointFive to receive a grant for development of our South Texas DAC Hub.

在短短 8 週內，我們共同宣布了我們的第一個舉措，即與 ADNOC 一起對阿聯酋的磁電機規模 DAC 設施進行初步工程研究。第二季財報電話會議後不久，美國能源部宣布已選擇 1PointFive 獲得開發南德州 DAC 中心的撥款。

And just this morning, Oxy Oman announced an agreement with OQ Gas Networks, the sole transporter of natural gas in Oman to jointly study potential carbon capture utilization and sequestration projects in the ultimate. I'll now turn the call over to Richard who will delve deeper into the momentum and progression of the carbon dioxide removal market and our DAC development plans.

就在今天早上，Oxy Oman 宣布與阿曼唯一的天然氣運輸商 OQ Gas Networks 達成協議，共同研究潛在的碳捕獲利用和最終封存項目。現在我將把電話轉給 Richard，他將更深入地探討二氧化碳去除市場的勢頭和進展以及我們的 DAC 開發計劃。

Thank you, Vicki. Today, I'm glad to provide a business update focused on Direct Air Capture and the carbon dioxide removal credit market. I also want to reiterate Vicki's comments on how thankful we are to welcome BlackRock as our initial investment partner for STRATOS, our first DAC facility.

謝謝你，維基。今天，我很高興提供有關直接空氣捕獲和二氧化碳去除信用市場的業務更新。我還想重申 Vicki 的評論，我們非常感謝貝萊德成為我們第一個 DAC 設施 STRATOS 的初始投資合作夥伴。

This is the most recent milestone in our DAC development strategy and is aligned with our execution approach, which we will discuss today. Across the Oxy, we are determined to solve challenges to both improve our business and provide essential resources for the world. Our low carbon business is an expansion of that strategy, and it's positioned to be a key value differentiator for Oxy in emerging markets.

這是我們 DAC 開發策略的最新里程碑，與我們今天將討論的執行方法一致。在 Oxy 中，我們決心解決挑戰，以改善我們的業務並為世界提供必要的資源。我們的低碳業務是該策略的擴展，它被定位為 Oxy 在新興市場的關鍵價值差異化因素。

I will begin by highlighting several of our key DAC related accomplishments. As we advanced our low carbon business strategy, Direct Air Capture was recognized as both a necessary and valuable technology. Removing CO2 from the atmosphere provides a required solution for businesses across hard-to-abate emission sectors.

首先，我將重點介紹我們與 DAC 相關的幾項關鍵成就。隨著我們推進低碳業務策略，直接空氣捕獲被認為是必要且有價值的技術。從大氣中去除二氧化碳為難以減少排放的行業的企業提供了所需的解決方案。

Near term, we believe our DAC technology can provide carbon dioxide removal credits or CDRs at a lower cost and at larger scale than other product solutions, especially for businesses in the heavy-duty transportation sector that are working to hit decarbonization targets this decade.

短期內，我們相信我們的DAC 技術可以比其他產品解決方案以更低的成本和更大的規模提供二氧化碳去除信用額或CDR，特別是對於正在努力實現本十年脫碳目標的重型運輸行業的企業而言。

Longer term, cost-effective access to atmospheric CO2 to create innovative new fuels or other products can provide a pathway to lower carbon materials and commodities for many industries. From strategy to development, our team has been forward-thinking and deliberate with a road map to advance technology, partnerships and markets.

從長遠來看，以具有成本效益的方式獲取大氣中的二氧化碳來製造創新的新燃料或其他產品，可以為許多行業提供低碳材料和商品的途徑。從策略到開發，我們的團隊一直具有前瞻性思維，精心製定了推進技術、合作夥伴關係和市場的路線圖。

We continue to view technology to commercial product with the lens of capability, scale and systems thinking. In the case of DAC, we believe carbon engineering created a unique and innovative large-scale carbon removal process that has a strong fit to our OxyChem capabilities. This process uses equipment and materials that are ready to deploy at scale.

我們繼續從能力、規模和系統思維的角度來看技術到商業產品。就 DAC 而言，我們相信碳工程創造了一種獨特且創新的大規模除碳工藝，該工藝非常適合我們的 OxyChem 能力。此過程使用準備大規模部署的設備和材料。

Additionally, capturing large volumes of cost-effective CO2 improves Oxy's larger integrated oil and gas, CCUS and low-carbon businesses for today and tomorrow. Early team work with carbon engineering led to a more advanced innovation center at CE and U.S. development partnership with an exclusive license for Oxy.

此外，捕獲大量具有成本效益的二氧化碳可以改善 Oxy 現在和未來更大的綜合石油和天然氣、CCUS 和低碳業務。早期與碳工程的團隊合作在 CE 建立了更先進的創新中心，並與美國建立了開發合作夥伴關係，並獲得了 Oxy 的獨家許可。

The formation of 1PointFive followed to allow more partnerships focused on market development for CDRs. Carbon removals reached critical momentum, both their early voluntary market leaders like Airbus purchasing CDRs and through new policy support measures like the U.S. Infrastructure Investment and Jobs Act, strategic catalyze early commercial development for technologies, including DAC.

隨後 1PointFive 成立，以便建立更多專注於 CDR 市場開發的合作夥伴關係。碳清除達到了關鍵的勢頭，空中巴士等早期自願市場領導者購買了CDR，並透過美國基礎設施投資和就業法案等新的政策支持措施，策略性地促進了包括DAC 在內的技術的早期商業開發。

This progress was recognized worldwide and enabled new global development and CDR demand scenarios for 1PointFive to begin to take shape. Meanwhile, measurable project progress was being made with CE process innovations, the groundbreaking for STRATOS, our DAC 1 plant and with key 0 emission power and emissions measurement actions to support a durable and a well-defined CDR product.

這項進展得到了全世界的認可，並使 1PointFive 新的全球發展和 CDR 需求場景開始形成。同時，CE 製程創新、STRATOS、我們的 DAC 1 工廠的突破性進展以及關鍵的零排放功率和排放測量行動正在取得可衡量的項目進展，以支持耐用且定義明確的 CDR 產品。

Our DAC development took another step forward through the partnership with the King Ranch that enables a 30 megaton hub in South Texas, both to improve future DAC costs and to provide a more certain supply of CDRs for an increasing demand.

透過與King Ranch 的合作，我們的DAC 開發又向前邁進了一步，在德克薩斯州南部建立了一個30 兆噸的樞紐，既可以改善未來的DAC 成本，又可以為不斷增長的需求提供更確定的CDR 供應。

In 2022, the U.S. Department of Energy announced a $3.5 billion regional Direct Air Capture hubs program. In August of this year, we were notified that 1PointFive was selected by the DOE for a program grant to develop our second DAC in the South Texas Hub. This follows strong policy momentum over the last several years for CCUS through U.S. 45Q tax credit enhancements, including specific recognition for the role of carbon removals in the recent inflation Reduction Act.

2022 年，美國能源部宣布了一項耗資 35 億美元的區域直接空氣捕獲中心計畫。今年 8 月，我們獲悉 1PointFive 已被美國能源部選中作為一項計劃撥款，用於在德克薩斯州南部中心開發我們的第二個 DAC。在此之前的幾年中，透過美國第 45 季稅收抵免增強措施，CCUS 的政策勢頭強勁，包括在最近的通膨削減法案中具體承認碳清除的作用。

Recently, we've seen major project momentum with ADNOC support for the UAE DAC development and especially BlackRock's key investment in STRATOS, which bolsters our ability both to build and capitalize our plans. Further support comes from recent CDR purchase agreements with ANA, a key aviation partner with Amazon, which purchased 250,000 metric tons of carbon removals and with TD Bank Group with one of the largest purchases of CDRs by financial institution.

最近，我們看到了阿布達比國家石油公司對阿聯酋 DAC 開發的支持，特別是貝萊德對 STRATOS 的重大投資，這增強了我們制定和利用我們的計劃的能力。進一步的支持來自最近與全日空(ANA) 的CDR 購買協議，全日空(ANA) 是亞馬遜的主要航空合作夥伴，亞馬遜購買了250,000 噸碳清除量，而與道明銀行集團(TD Bank Group) 的CDR 購買量最大的金融機構之一。

These further showcase the growing appreciation for the necessity of CDRs from leaders in core industry sectors and the need to scale them in the near term. Finally, the acquisition of carbon engineering comes at a time where the need to accelerate DAC innovation is critical. We were excited to fully support CE as they advance DAC technology while also rapidly integrating next generation of innovations into our DAC plant builds.

這些進一步表明，核心產業領域的領導者越來越認識到 CDR 的必要性，以及在短期內擴大 CDR 規模的必要性。最後，對碳工程的收購正值加速 DAC 創新至關重要的時期。我們很高興能夠全力支援 CE，因為他們推進了 DAC 技術，同時也將下一代創新技術快速整合到我們的 DAC 工廠建設中。

This helps make sure we maximize value across our partnerships and supports our ability to meet this growing CDR demand. Our DAC strategy has been visionary and deliberate, aligning investment with advancements with technology, partnerships, policy and CDR markets. This approach has enabled Oxy to deploy capital responsibly, while establishing leadership in this critical technology and growing CDR market.

這有助於確保我們在合作夥伴關係中實現價值最大化，並支持我們滿足不斷增長的 CDR 需求的能力。我們的 DAC 策略富有遠見且經過深思熟慮，使投資與技術、合作夥伴關係、政策和 CDR 市場的進步保持一致。這種方法使 Oxy 能夠負責任地部署資本，同時在這項關鍵技術和不斷增長的 CDR 市場中建立領導地位。

Our accomplishments to date have positioned us as a DAC technology and market leader. The next phase of our DAC strategy is focused on growth through accelerating cost reduction and expanding partnerships. With full ownership of carbon engineering technology now in-house, we expect to supplement and support the highly talented carbon engineering team to accelerate the innovations that ultimately reduce the cost to capture years earlier than initially anticipated.

迄今為止，我們所取得的成就使我們成為 DAC 技術和市場的領導者。我們 DAC 策略的下一階段重點是透過加速降低成本和擴大合作夥伴關係來實現成長。現在，我們完全擁有碳工程技術，我們希望補充和支持才華橫溢的碳工程團隊，以加速創新，最終降低成本，比最初預期提前數年捕獲。

By pairing the strengths of carbon engineering, Oxy major projects and OxyChem, we will continue to reduce cost for the life of the plant. Early innovations that could reduce the cost of DAC include improvements to air contactor geometry, where we believe we can materially reduce the number of air contactors per facility. We are also designing air contactor fan motors that consume less power.

透過結合碳工程、Oxy 主要專案和 OxyChem 的優勢，我們將繼續降低工廠生命週期的成本。可以降低 DAC 成本的早期創新包括空氣接觸器幾何形狀的改進，我們相信我們可以大幅減少每個設施的空氣接觸器數量。我們也設計了功耗更低的空氣接觸器風扇馬達。

Additionally, our teams are leveraging OxyChem's electrochemical and chlor-alkali expertise to evaluate advanced sorbents and improvements to chemical reaction rates that could increase DAC efficiency. Oxy has a proven track record of innovation, improving operational efficiencies and large-scale project development. The application of these core competencies will be key in the successful deployment of large-scale debt.

此外，我們的團隊正在利用 OxyChem 的電化學和氯鹼專業知識來評估先進的吸附劑和化學反應速率的改進，以提高 DAC 效率。 Oxy 在創新、提高營運效率和大型專案開發方面擁有良好的記錄。這些核心能力的應用將是成功部署大規模債務的關鍵。

Both the CDR demand and global development opportunities continue to increase. By accelerating the cost reduction of DAC, we aim to provide a low-cost, large-scale supply of CDRs that we believe we can provide a cost-effective solution to help businesses achieve their climate targets and improve the value proposition for DAC developers.

CDR需求和全球發展機會不斷增加。透過加速降低 DAC 的成本，我們的目標是提供低成本、大規模的 CDR 供應，我們相信我們可以提供具有成本效益的解決方案，幫助企業實現其氣候目標，並提高 DAC 開發商的價值主張。

We believe that DAC generated CDRs will play a significant role in corporate emissions reduction strategies and specifically for several hard-to-abate sectors like aviation and marine, and markets like low carbon fuels. Future regulatory and compliance frameworks that cap emissions growth are driving companies in certain sectors to purchase measurable and durable CVR credits like DAC CDRs.

我們相信，DAC 產生的 CDR 將在企業減排策略中發揮重要作用，特別是對於航空和航海等幾個難以減排的行業以及低碳燃料等市場。未來限制排放成長的監管和合規框架正在推動某些行業的公司購買可衡量且持久的 CVR 積分，例如 DAC CDR。

As we reduce the cost of DAC, we expect companies will increase the share of DAC CDRs in their portfolio of solutions. We have included 3 market demand scenarios in our earnings presentation to illustrate how the DAC CDR market may grow rapidly through the end of this decade as the cost of capture is reduced. Reducing costs will enable us to offer CDRs to an expanding market at lower price points.

隨著我們降低 DAC 的成本，我們預計公司將增加 DAC CDR 在其解決方案組合中的份額。我們在收益報告中納入了 3 個市場需求情景，以說明隨著捕獲成本的降低，DAC CDR 市場在本十年末可能如何快速增長。降低成本將使我們能夠以更低的價格向不斷擴大的市場提供 CDR。

In a scenario where the cost of capture remains at $450 per ton, we still expect the market for DAC generated CDRs to be significantly undersupplied. Demand for CDR credits from the aviation industry is expected to reach an inflection point in 2027 when the International Civil Aviation Organization begins requiring airlines to reduce or offset their annual emissions through the carbon offsetting and reduction scheme for international aviation, also known as CORSIA.

在捕獲成本保持在每噸 450 美元的情況下，我們仍然預計 DAC 產生的 CDR 市場供應將嚴重不足。航空業對 CDR 積分的需求預計將在 2027 年達到拐點，屆時國際民用航空組織開始要求航空公司透過國際航空碳抵銷和減排計畫（也稱為 CORSIA）減少或抵銷其年度排放量。

Operational improvements by airlines present limited opportunities for emissions reductions. We expect that emissions reductions from sustainable aviation fuel, or SAF, will also be constrained as SAF demand is anticipated to exceed supply once CORSIA and other SAF mandates come into effect.

航空公司的營運改善為減排提供了有限的機會。我們預計，一旦 CORSIA 和其他 SAF 指令生效，可持續航空燃料 (SAF) 的減排量也將受到限制，因為 SAF 的需求預計將超過供應。

While we recognize the importance of SAF and aviation's pathway to decarbonization, SAF remains a partial solution that is currently unable to reduce emissions to true net 0. Already DAC CDRs can be priced lower than SAF while also having the ability to scale, meet demand and deliver a true net zero solution.

雖然我們認識到SAF 和航空業脫碳途徑的重要性，但SAF 仍然是一個部分解決方案，目前無法將排放量減少到真正的淨零。DAC CDR 的定價已經低於SAF，同時還具有擴展能力、滿足需求並提供真正的淨零解決方案。

We expect DAC CDRs will be an essential cost-effective solution for several (inaudible) industries to achieve their targets within these compliance markets. The pace at which we will develop DAC facilities will be driven by market demand and our ability to reduce cost.

我們預計 DAC CDR 將成為多個（聽不清楚）產業在這些合規市場中實現其目標的重要的具有成本效益的解決方案。我們開發 DAC 設施的速度將取決於市場需求和我們降低成本的能力。

If the CDR market developed slower than expected, we will have the flexibility to refocus our efforts on R&D with the goal of bringing costs down faster. If the CDR market develops in line with the medium or high cases we've laid out, then we intend to continue executing on our cost down plan and to be positioned to secure development partners for capital.

如果CDR市場發展慢於預期，我們將可以靈活地將精力重新集中在研發上，以更快地降低成本。如果 CDR 市場的發展符合我們提出的中或高情況，那麼我們打算繼續執行我們的成本降低計劃，並做好準備以確保開發合作夥伴獲得資本。

This capital flexibility becomes the most valuable at the CDR market grows in line with our high demand forecast. A high demand for DAC CDRs would likely shift our focus towards licensing DAC technology with other developers to increase CDR supply more rapidly.

這種資本靈活性在 CDR 市場上變得最有價值，其成長與我們的高需求預測一致。對 DAC CDR 的高需求可能會將我們的重點轉向與其他開發商授權 DAC 技術，以更快地增加 CDR 供應。

The CE acquisition helps unlock this development optionality as we can integrate our learnings into a DAC technology license. Regional development partners can then support the build-out with local knowledge, technical and operational resources and capital, while Oxy can support through a technical heavy but capital-light development approach.

CE 收購有助於釋放這種開發選擇性，因為我們可以將我們的知識整合到 DAC 技術許可證中。然後，區域發展合作夥伴可以利用當地知識、技術和營運資源以及資本來支持擴建，而 Oxy 可以透過技術重但資本輕的開發方法提供支援。

Based on our current plan, we anticipate that the LCV program capital, excluding third-party funding, will be up to $600 million per year through 2026. Moving on to the DAC 1 and 2 developments. We are again excited to announce BlackRock will invest $550 million in STRATOS, our first DAC facility through a fund managed by its diversified infrastructure business.

根據我們目前的計劃，我們預計到 2026 年，LCV 計劃資本（不包括第三方資助）每年將高達 6 億美元。接下來是 DAC 1 和 2 的開發。我們再次興奮地宣布貝萊德將透過其多元化基礎設施業務管理的基金向 STRATOS 投資 5.5 億美元，這是我們的第一個 DAC 設施。

BlackRock's investment demonstrates that DAC is becoming an investable asset class for world-class financial institutions. STRATOS Construction is progressing well, and it's approximately 30% complete. Additionally, the ongoing work at the Carbon Engineering Innovation Center has already identified several promising opportunities to lower costs on future debt.

貝萊德的投資顯示DAC正在成為世界一流金融機構的可投資資產類別。 STRATOS 施工進展順利，已完成約 30%。此外，碳工程創新中心正在進行的工作已經發現了一些降低未來債務成本的有希望的機會。

We expect several of these ideas can be implemented into STRATOS to help demonstrate the improvements at scale and to be ready for future DAC builds. To accommodate these process improvements, we are optimizing the construction schedule for the 2 process trains. This ensures STRATOS remains on schedule to be commercially operational in mid 2025 while also ensuring we are implementing the latest technical advancements earlier than previously planned.

我們預計其中一些想法可以在 STRATOS 中實施，以幫助大規模展示改進並為未來的 DAC 建置做好準備。為了適應這些製程改進，我們正在優化 2 個製程系列的施工進度。這確保了 STRATOS 能夠按計劃在 2025 年中期投入商業運營，同時也確保我們比先前計劃更早實施最新的技術進步。

This may face some capacity into 2026, but optimize our development plan and future costs. Our South Texas DAC Hub has commenced front-end engineering design and stratigraphic well testing is in progress. We are very appreciative of our recent selection for a grant from the U.S. Department of Energy and the meaningful work we are doing through that process.

到 2026 年，這可能會面臨一些產能，但會優化我們的發展計劃和未來成本。我們的南德克薩斯 DAC 中心已開始前端工程設計，地層試井正在進行中。我們非常感謝最近獲得美國能源部的資助，以及我們在這過程中所做的有意義的工作。

Though the timing and the amount of the DOE grant are not yet known, we look forward to the final agreement and announcement of additional details. We have continued to work within a framework of DAC investment principles that will enable us to advance development while delivering returns for our shareholders and value to our customers and partners.

儘管能源部撥款的時間和金額尚不清楚，但我們期待最終協議和更多細節的公佈。我們繼續在 DAC 投資原則框架內開展工作，這將使我們能夠推動發展，同時為股東帶來回報，為客戶和合作夥伴帶來價值。

We are focused on accelerating reductions in the cost to capture, which is expected to increase market demand for CDRs and in turn, attract additional development partners. These factors will drive future development pace of DAC, including a final investment decision of DAC 2. We will also continue to advance collaboration with companies like BlackRock, ADNOC and Oman's OQ gas networks who share our long-term vision for Direct Air Capture and our broader low-carbon product ecosystem.

我們致力於加速降低捕獲成本，預計這將增加市場對 CDR 的需求，進而吸引更多的開發合作夥伴。這些因素將推動DAC 未來的發展步伐，包括DAC 2 的最終投資決策。我們也將繼續推進與BlackRock、ADNOC 和阿曼OQ 天然氣網路等公司的合作，這些公司與我們有著共同的直接空氣捕獲長期願景和我們的合作關係。更廣泛的低碳產品生態系統。

Across it all, we appreciate these partnerships that are enabling this business for Oxy, and we are focused on delivery of this solution that can supply essential lower carbon products for the world. I will now turn the call over to Rob for our financial discussion.

總而言之，我們感謝這些為 Oxy 實現這項業務的合作夥伴關係，我們專注於提供此解決方案，為世界提供必要的低碳產品。我現在將把電話轉給羅布，進行我們的財務討論。

Thank you, Richard. We posted an adjusted profit of $1.18 per diluted share and a reported profit of $1.20 per diluted share. The difference between adjusted and reported earnings was primarily driven by gains on sales of noncore affluent assets, partially offset by derivative losses in the premium paid on preferred equity redemptions. During the third quarter, strong operational execution enabled us to generate over $1.7 billion of free cash flow before working capital, and we concluded the third quarter with over $600 million of unrestricted cash.

謝謝你，理查。我們公佈的調整後每股攤薄利潤為 1.18 美元，報告利潤為每股攤薄利潤 1.20 美元。調整後收益與報告收益之間的差異主要是由非核心富裕資產銷售收益造成的，部分被優先股贖回溢價中的衍生性商品損失所抵銷。在第三季度，強大的營運執行力使我們能夠在營運資本之前產生超過 17 億美元的自由現金流，並且在第三季結束時我們擁有超過 6 億美元的非限制現金。

We experienced a modest negative working capital change during the period, partially driven by an increase in commodity prices. In October, we received $341 million in cash in the environmental remediation settlement we mentioned in the last earnings call. As Vicki highlighted, each of our domestic assets exceeded the midpoint of third quarter production guidance, including in the Gulf of Mexico, where favorable weather contributed to production exceeding the high end of guidance and a higher-than-expected company-wide oil cut.

在此期間，我們經歷了適度的營運資本負變化，部分原因是大宗商品價格上漲。 10 月份，我們在上次財報電話會議中提到的環境修復和解協議中收到了 3.41 億美元現金。正如Vicki 所強調的那樣，我們的每項國內資產都超過了第三季度產量指導值的中點，包括在墨西哥灣，有利的天氣導致產量超過了指導值的上限，並且全公司的石油減產幅度高於預期。

Oxy's outperformance, coupled with a portion of Gulf of Mexico planned maintenance moving into the fourth quarter, resulting in better-than-expected domestic operating expenses of $10.20 per BOE for the third quarter. Capital spending in the third quarter was approximately $1.6 billion, representing a slight decrease from the second quarter.

Oxy 的優異表現，加上墨西哥灣的部分計畫維護工作將進入第四季度，導致第三季度國內營運費用為每桶油當量 10.20 美元，好於預期。第三季資本支出約16億美元，較第二季略有下降。

We further advanced our shareholder return framework during the third quarter through the repurchase of $600 million of common shares, including $175 million, which settled at the start of the fourth quarter. Additionally, we have now redeemed over 15% of deferred equity with $342 million deferred equity redemptions triggered and redeemed during the third quarter.

我們在第三季透過回購 6 億美元的普通股（其中 1.75 億美元）進一步推進了我們的股東回報框架，該股票於第四季初結算。此外，我們現已贖回了超過 15% 的遞延股權，第三季觸發和贖回了 3.42 億美元的遞延股權贖回。

As of November 7, rolling 12-month common shareholder distributions totaled $3.12, falling below the $4 preferred equity reduction trigger. It is unlikely that cumulative distributions to common shareholders will be above the $4 per share trigger again this year, primarily due to the concentration of share repurchases in the second half of 2022. However, we remain committed to the per share earnings and cash flow accretion benefits derived from our share repurchase program, and we intend to continue repurchasing shares at a pace that is largely driven by commodity prices.

截至 11 月 7 日，滾動 12 個月普通股股東分配總額為 3.12 美元，低於 4 美元優先股削減觸發點。今年普通股股東的累積分配不太可能再次高於每股 4 美元的觸發點，這主要是由於股票回購集中在 2022 年下半年。不過，我們仍然致力於每股收益和現金流的增加我們的股票回購計畫帶來了好處，我們打算繼續以主要由大宗商品價格驅動的速度回購股票。

As Vicki mentioned, we are raising our full year production guidance through the outperformance in the third quarter. We are guiding to 1.226 million BOE per day in the fourth quarter, our highest quarterly production for the year despite hailstorms in Delaware Basin that caused power interruptions early in October. Property damage for these Permian storms and Gulf of Mexico maintenance are expected to result in fourth quarter domestic operating costs of approximately $10.50 per BOE.

正如 Vicki 所提到的，我們將透過第三季的優異表現來提高全年生產指引。儘管特拉華盆地10月初遭遇冰雹導致電力中斷，但我們預計第四季的日產量為122.6萬桶油當量，這是我們今年最高的季度產量。二疊紀風暴和墨西哥灣維護造成的財產損失預計將導致第四季度每桶油當量的國內營運成本約為 10.50 美元。

Fourth quarter OxyChem guidance reflects typical seasonality as well as the impact of a planned turnaround at our Ingleside (inaudible) and DCM plant. This turnaround was the first ever of the ethylene crakcer and the first total plant outage in the Ingleside complex in over a decade. We are beginning to see early indications that PVC and caustic soda prices may have bottomed. However, may not have full clarity on the fundamentals of the growth of the upcoming business cycle until early next year as challenges remain, including global macroeconomic uncertainty and demand impacts from rising interest rates.

第四季 OxyChem 指導反映了典型的季節性以及我們 Ingleside（聽不清楚）和 DCM 工廠計劃檢修的影響。此次檢修是乙烯裂解裝置首次檢修，也是十多年來 Ingleside 廠首次全面停電。我們開始看到 PVC 和燒鹼價格可能已經觸底的早期跡象。然而，由於挑戰依然存在，包括全球宏觀經濟不確定性和利率上升對需求的影響，可能要到明年初才能完全弄清楚即將到來的商業週期成長的基本面。

Our performance across our domestic businesses resulted in lower-than-anticipated corporate adjusted effective tax rate during the third quarter, which we expect a rebound of approximately 30% in the fourth quarter as a proportion of international to domestic income increases during the period.

我們國內業務的表現導致第三季企業調整後有效稅率低於預期，我們預計第四季將反彈約 30%，因為在此期間國際收入與國內收入的比例增加。

Moving on to capital. Third quarter Permian capital spending was elevated as a result of program mix and activity optimization. In certain areas, we developed higher working interest projects than originally planned as we sought to balance OBO or operated by other production. Company-wide capital spending to date and planned spending in the fourth quarter are likely to result in full year spending at the higher end of our guidance range.

轉向資本。由於計劃組合和活動優化，第三季二疊紀資本支出增加。在某些領域，我們開發了比原計劃更高的工作興趣項目，因為我們尋求平衡 OBO 或由其他生產運營。迄今為止全公司的資本支出和第四季度的計劃支出可能會導致全年支出處於我們指導範圍的高端。

Our teams are finalizing our 2024 capital plan, which we look forward to announcing in our next call following Board approval. Today, I would like to revisit several points from previous calls regarding our expected 2024 capital plan.

我們的團隊正在敲定 2024 年資本計劃，我們期待在董事會批准後在下次電話會議中宣布該計劃。今天，我想回顧一下先前電話會議中有關我們預期 2024 年資本計畫的幾點。

In the Upstream business, we expect similar domestic onshore activity levels to add on average to 2023. We all anticipate no material change in spending for our international assets. Additionally, we expect to run 2 drillships in the Gulf of Mexico next year as part of our mid-cycle investment program.

在上游業務中，我們預計到 2023 年，國內在岸活動水準平均將增加類似水準。我們都預期我們的國際資產支出不會發生重大變化。此外，作為我們中期投資計畫的一部分，我們預計明年將在墨西哥灣營運 2 艘鑽井船。

OxyChem commenced work on the modernization expansion of Battleground plant this year. As construction advances, we anticipate an incremental $100 million of capital spending starting in 2024 compared to 2023 guidance. Incremental spending in the battleground expect to continue through 2025.

OxyChem 今年開始對 Battleground 工廠進行現代化擴建工作。隨著建設的進展，我們預計 2024 年開始的資本支出將比 2023 年指引增加 1 億美元。戰場上的支出預計將持續到 2025 年。

To summarize, the third quarter of 2023 represented a strong operational and financial quarter for Oxy. As we are near the conclusion of this year, we are preparing for 2024 with a continued focus on operational excellence and delivering on our shareholder term framework. We are pleased with the progress of the framework to date and in addition to retiring the debt that matures in 2024, we intend to continue prioritizing share repurchases in our use of cash flow.

總而言之，2023 年第三季對 Oxy 來說是一個強勁的營運和財務季度。今年已接近尾聲，我們正在為 2024 年做準備，繼續專注於卓越營運並實現股東期限框架。我們對該框架迄今為止的進展感到滿意，除了償還 2024 年到期的債務外，我們還打算在現金流使用中繼續優先考慮股票回購。

The timing of when we may exceed the 4 of our preferred equity instant trigger again, will be determined by the pace of our share repurchase program, which were largely driven by the macro environment. I look forward to next quarter's call where we expect to report on completing another strong year for Oxy.

我們何時可能再次超過優先股即時觸發的 4 倍，將取決於我們的股票回購計畫的步伐，這在很大程度上是由宏觀環境推動的。我期待著下個季度的電話會議，我們預計將報告 Oxy 又一個強勁的一年。

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 Richard explained earlier, we expect DAC to play a more important role in our premier and diverse portfolio of assets. We believe tremendous additional potential exists there.

謝謝你，羅布。正如理查德之前所解釋的，我們預計 DAC 將在我們優質且多元化的資產組合中發揮更重要的作用。我們相信那裡存在著巨大的額外潛力。

Joining us today for the Q&A session, as Neil had mentioned earlier, will be Ken Dillon, who is Senior VP and President of International Oil and Gas operations but also manages our major projects part of the -- of our business -- the major projects group.

正如尼爾之前提到的，肯·狄龍(Ken Dillon) 將參加今天的問答環節，他是高級副總裁兼國際石油和天然氣業務總裁，但也管理我們的主要項目，這是我們業務的主要項目的一部分團體。

So he can answer questions with respect to the construction of the DAC. And Mike Avery, President, General Manager of 1PointFive, as was mentioned earlier. He will answer questions about the business aspects of how we're running and we'll run the DAC and some of the other projects surrounding 1PointFive.

所以他可以回答有關DAC建設的問題。如同前面提到的，Mike Avery，1PointFive 的總裁兼總經理。他將回答有關我們如何運作的業務方面的問題，我們將運行 DAC 以及圍繞 1PointFive 的其他一些項目。

So with that, I'll now turn the call over to the moderator for questions.

因此，我現在將把電話轉給主持人提問。

(Operator Instructions) Our first question will come from Nitin Kumar with Mizuho.

（操作員說明）我們的第一個問題將來自 Mizuho 的 Nitin Kumar。

I want to start, Vicki, with the topic to your and the industry M&A. I know Oxy has a deep bench of inventory that you highlighted. But obviously, with some deals out there recently, there's been a focus on consolidation. So just wanted to get your thoughts on how you see Oxy fitting into that trend going forward.

Vicki，我想從您和業界併購的話題開始。我知道 Oxy 擁有您所強調的大量庫存。但顯然，最近出現的一些交易的重點是整合。所以只是想了解一下您對 Oxy 如何適應這一趨勢的看法。

Well, Nitin, I do want to reiterate that we were early consolidators in our industry with the Anadarko acquisition. And we did that because we saw significant synergies there. And those were obvious to us, and they were in the acreage was in an area that made it possible for us to understand the subsurface and to gain those synergies.

好吧，尼廷，我確實想重申，透過阿納達科的收購，我們是產業的早期整合者。我們這樣做是因為我們看到了顯著的協同效應。這些對我們來說是顯而易見的，它們所在的區域使我們能夠了解地下並獲得這些協同作用。

Now that we've done that, and we more than doubled our production with that acquisition. We've more than achieve the $2 billion of synergies that we had forecast. And now it's considerably strengthened where we are today. But the good thing is we don't have to do acquisitions. Therefore, while our BD group keeps up with and is aware of what's happening in our industry, we see -- we feel no need to have to do anything or be a part of it.

現在我們已經做到了這一點，而透過這次收購，我們的產量增加了一倍以上。我們已經實現了超過預期的 20 億美元協同效應。現在它已經大大加強了我們今天的處境。但好處是我們不必進行收購。因此，雖然我們的 BD 團隊緊跟並了解我們行業正在發生的事情，但我們認為 - 我們覺得沒有必要做任何事情或成為其中的一部分。

That's very helpful. Vicki, I want to go back. I know the focus is on LCV today, but last quarter, you talked about the strong performance in your Permian well productivity. There's been some talk around improving technology and really focusing on improving recovery rates in the basin, you do as much technical work as anybody else. So just curious if you have any technology if you are deploying or seeing being deployed that could lead to a step change in recovery factors?

這非常有幫助。維琪，我想回去。我知道今天的焦點是 LCV，但上個季度，您談到了二疊紀油井生產力的強勁表現。有一些關於改進技術的討論，並真正專注於提高盆地的採收率，你和其他人一樣做了很多技術工作。因此，我只是好奇，如果您正在部署或正在部署任何可能導致復原因素發生階躍變化的技術，那麼您是否有興趣？

I think I really feel like we've already had a step change in our recovery factors. And if you go back and look as far back as 2014 and '15, the improvements that we've seen have been dramatic but most of those improvements have been around understanding the subsurface better and being able to better design frac jobs and also our wellbore configuration so that we can not only get the most out of the subsurface from a modeling perspective for the design, but also from an operating standpoint.

我想我真的覺得我們的恢復因素已經發生了一步變化。如果您回顧 2014 年和 15 年，我們看到的改進是巨大的，但大多數改進都是圍繞更好地了解地下並能夠更好地設計壓裂作業以及我們的井眼配置，這樣我們不僅可以從設計的建模角度，而且從操作的角度，充分利用地下。

We have an operations team that is doing a lot on the surface and with artificial lift to take advantage of AI and other things to ensure that we get the most out of the wells from an operating perspective. And then we continue to access that by using artificial intelligence, lowering our bottom hole pressures and making sure that we're the best we can be on the subsurface with respect to efficiencies.

我們的營運團隊在地面和人工舉升方面做了大量工作，以利用人工智慧和其他技術，確保我們從營運角度充分利用油井。然後，我們繼續透過使用人工智慧來實現這一點，降低井底壓力，並確保我們在地下效率方面做到最好。

Now, Richard and others would chomp at the bit to be able to talk to you about all the technical work we're doing, but I consider that to be proprietary. And I really feel like we've disclosed a considerable amount in the past and that's enabled some others to follow some of what we're doing. So to be honest, I'd just rather keep the proprietary stuff to ourselves for now.

現在，理查德和其他人會迫不及待地想與您談論我們正在做的所有技術工作，但我認為這是專有的。我真的覺得我們過去已經披露了大量信息，這使得其他一些人能夠關注我們正在做的一些事情。所以說實話，我現在寧願把專有的東西留給我們自己。

And from a technology perspective, we have mentioned some things that we're doing internationally to recover more out of our wells in Oman. But I'll just leave it at that.

從技術角度來看，我們已經提到了我們在國際上所做的一些事情，以便從阿曼的油井中開採更多資源。但我就這樣吧。

Richard really want to do just a couple of minutes. And probably what you're going to say is you also have to be careful with the definition of recovery, right?

理查真的想做幾分鐘。您可能會說，您還必須謹慎對待恢復的定義，對吧？

Yes, that's right. I'll stay on point. The thing I wanted to highlight is just obviously, recovery factor is core to what we're doing. We're really proud of the slides that we keep in our appendix, which shows year-on-year the improving performance for our wells and not over a few days. We look at it on our 1-year (inaudible). And it's not only in the Permian, it's in the Rockies. And as Vicki alluded to, we were talking earlier, Ken had some great advancements in the Middle East as well.

恩，那就對了。我會保持原樣。我想強調的一點很明顯，恢復因素是我們正在做的事情的核心。我們對附錄中保存的幻燈片感到非常自豪，這些幻燈片顯示了我們油井的性能逐年改善，而且在幾天之內。我們用一年的時間來審視它（聽不清楚）。不只在二疊紀，在落基山脈也是如此。正如維基所提到的，我們之前談過，肯在中東也取得了一些巨大的進步。

The other thing I wanted to say was our appraisal success. So highlight this quarter on the Wolfcamp B well that came through the record well. The ability to go engineer and do those technical things for these new benches is core to what we believe is important as we go forward. And so really proud of that appraisal success. The appraisal wells that we drilled this year, we've already replenished the planned drill wells for this year. So and they're doing it at very low breakeven in terms of adding inventory.

我想說的另一件事是我們的評估成功。因此，請重點關注本季的 Wolfcamp B 井，該井打破了記錄。為這些新工作台進行工程師和技術工作的能力是我們認為在我們前進過程中重要的核心。我為這次評估的成功感到非常自豪。我們今年打的評價井，我們已經補充了今年計畫打的井。因此，他們在增加庫存方面的損益平衡非常低。

So I just wanted to add those 2 things to give recognition to our team and the progress they're making.

所以我只想添加這兩件事來認可我們的團隊以及他們所取得的進步。

I thought I was going to have to cut them off there for a second but he did good.

我以為我得暫時打斷他們，但他做得很好。

And I was just hoping that you wouldn't, Ricky, but great job, guys.

我只是希望你不會，瑞奇，但是幹得好，夥計們。

Our next question will come from Neil Mehta with Goldman Sachs.

我們的下一個問題將來自高盛的尼爾·梅塔。

Yes. It's really helpful update around LCV. I wanted to take you up Vicki, on that offer to talk about construction and how that DAC plant is building towards the mid-2025 start? What are the biggest gating items to get it to completion? And how do you feel about your ability to mitigate those risks?

是的。關於輕型商用車的更新確實很有幫助。我想請您來 Vicki 談談建設事宜，以及 DAC 工廠如何在 2025 年中期開始建設？完成它的最大控制項目是什麼？您對減輕這些風險的能力有何看法？

Okay. We'll pass that to Ken then.

好的。那麼我們會將其傳遞給 Ken。

So far, I'd say construction is going very well. While we are performing extremely well in engineering, procurement and construction phase of the project is basically -- we're moving through the (inaudible) phase where we've got around 550 people at site into the different trades and we'll move up to about 1,200 people at site by the end of Q1. So far, we've had no issues of paying labor on the field in terms of procurement. We're meeting construction needs at the moment, and we've committed around 90% of the material value that we need. So prices are locked in at the moment. So things are going very well.

到目前為止，我想說建設進展順利。雖然我們在工程、採購和施工階段表現非常出色，但我們正在進入（聽不清楚）階段，我們在現場有大約 550 名員工從事不同的行業，我們將晉升到第一季末，現場人數約為1,200 人。到目前為止，我們在採購方面不存在支付現場勞務的問題。目前我們正在滿足施工需求，我們已經承諾了所需材料價值的 90% 左右。所以目前價格已經鎖定。所以事情進展得很順利。

I think Worley's engineering capabilities are such that we saved quite a bit of money in construction and also, we designed the system so that we can replicate that based on the engineering that we're carrying out today. We're building a digital twin and we're using AI going forward.

我認為沃利的工程能力使我們在建設中節省了大量資金，而且我們設計了一個系統，以便我們可以根據我們今天正在進行的工程來複製系統。我們正在建立數位孿生，並且未來我們將使用人工智慧。

On supply chain, I'd like to highlight the visionary vendors. We talked about that early on. We're basically working with companies who have aligned CEOs who are truly supportive and that's made a huge difference for us. As you know, over the last couple of years, there's been huge pressure on electrical and instrumentation equipment. I'd like to highlight Siemens Industries in the U.S. have really helped us out. They've really been committed to this project. And what it means Technip Energies are also very supportive all the way to the CEO. And we've received many suggestions from the visionary vendors on how to reduce the cost of their packages going forward right down to very detailed specifications.

在供應鏈方面，我想重點介紹那些有遠見的供應商。我們很早就討論過這一點。我們基本上與那些擁有真正支持我們的執行長的公司合作，這對我們產生了巨大的影響。如您所知，在過去幾年中，電氣和儀表設備面臨著巨大的壓力。我想強調美國的西門子工業確實為我們提供了幫助。他們確實致力於這個項目。這意味著什麼 Technip Energies 也一直非常支持執行長。我們從有遠見的供應商那裡收到了許多關於如何降低其封裝成本的建議，甚至包括非常詳細的規格。

I don't know if I can give one example, but one vendor that we visited to assembly lines, one for bespoke equipment and one for standard equipment and they do our attention to, we change one thing in our specification, we could save an awful lot of money. The experience is you don't gain any extra reliability for doing that.

我不知道我是否可以舉一個例子，但是我們拜訪了一家裝配線供應商，一家是定制設備，一家是標準設備，他們引起了我們的注意，我們改變了規範中的一件事，我們可以節省一個非常多的錢。經驗是你這樣做不會獲得任何額外的可靠性。

Safety performance has been exceptional, so. We're now through 1.2 million man-hours.

因此，安全性能非常出色。我們現在已經完成了 120 萬工時。

So overall, things are going as well as expected and in terms of materials that are out with the required on-site dates, we don't really have any. So generally working well together with vendors, broadly fabricators, we have built materials of sites. We built piping racks. We did this as a pilot to reduce fabrication, labor at site. That's worked very well. We'll definitely do that on future decks and that takes you into the mode of, can you get the point where you build a dactyere or you can generate piping materials, air contactor frames without doing all the work at site.

總的來說，事情進展順利，就按要求現場日期提供的材料而言，我們實際上沒有任何材料。因此，通常與供應商（廣泛的製造商）合作良好，我們已經建立了站點材料。我們建造了管道架。我們這樣做是為了減少現場製造和勞動力的試點。這非常有效。我們肯定會在未來的甲板上這樣做，這將帶你進入這樣的模式，你能得到建造一個dactyere的點，或者你可以生成管道材料、空氣接觸器框架，而無需在現場完成所有工作。

So overall, project doing well and getting a lot of help from vendors.

總的來說，專案進展順利，並得到了供應商的大量幫助。

I'd just like to build on what Ken was saying about the visionary vendors. What's been very helpful for us is that as we went through and interviewed the various vendors selected those that we felt like were more visionary. We also found that these more visionary companies also were very committed to making this work because what they realize and what's important to them is to do something that benefits the world. And if you look at the CO2 going into the atmosphere today, it's about 35 gigatons and of that 35 gigatons going into the atmosphere, 8 from stroam and that's 23% comes from transportation and that's what Richard was getting at earlier.

我只是想以肯關於有遠見的供應商的說法為基礎。對我們非常有幫助的是，當我們瀏覽和採訪各個供應商時，我們選擇了那些我們認為更有遠見的供應商。我們也發現，這些更有遠見的公司也非常致力於實現這項工作，因為他們意識到，對他們來說重要的是做一些造福世界的事情。如果你看看今天進入大氣中的二氧化碳，大約有 35 吉噸，其中 35 吉噸進入大氣中，其中 8 是來自河流，其中 23% 來自運輸，這就是理查德之前所說的。

It's really hard to do anything to decarbonize transportation unless it's a sustainable aviation fluids, SAF, like you mentioned, which is not completely emission-free or using our carbon reduction credits. And when you look at 8 gigatons, that means thousands of these Direct Air Capture facilities must be built and no matter what model you look at, that's credible around the globe with respect to climate transition and climate change.

除非是可持續航空油，SAF，就像您提到的那樣，否則很難採取任何措施來使運輸脫碳，它並不是完全零排放或使用我們的碳減排信用。當你看到 8 億噸時，這意味著必須建造數千個直接空氣捕獲設施，無論你看什麼模型，這在全球氣候轉變和氣候變遷方面都是可信的。

There's no model that would show that you can cap global warming to 1.5 or 2 degrees without dealing with getting more CO2 out of the atmosphere, both for transport and just because there's too much in the atmosphere today. So that makes us a necessary technology and one that's important, as I said, for the world.

沒有任何模型可以表明，如果不從大氣中獲取更多的二氧化碳，就可以將全球暖化限制在 1.5 或 2 度，無論是為了交通還是因為今天大氣中的二氧化碳含量太多。因此，正如我所說，這使我們成為一項必要的技術，並且對世界來說很重要。

And it's important to distinguish between the CO2 that goes into the atmosphere from power generation. Power generation can be addressed by wind and solar to some degree and ultimately, fully if we can -- if a battery or some sort of industrial battery can be design and build to aid it. But this Direct Air Capture is not a replacement for wind or solar. That's for a totally different type of CO2 emission.

區分經由發電進入大氣的二氧化碳也很重要。如果我們可以的話，風能和太陽能可以在某種程度上並最終完全解決發電問題——如果可以設計和建造電池或某種工業電池來輔助發電。但這種直接空氣捕獲並不能取代風能或太陽能。這是一種完全不同類型的二氧化碳排放。

So with that, just now Neil, move to your second question?

那麼，尼爾，現在轉向你的第二個問題？

That was great, Vicki. And the follow-up is just around '24 capital considerations. I won't get it on the fourth quarter call, I recognize, but can you just talk about the range from '23 to '24 and last quarter, you annualized it looks like a $6.4 billion of CapEx. Is it crazy to say that's a good starting point? And any thoughts on that would be great.

太棒了，維基。而後續剛好是24年左右的資金考量。我承認，我不會在第四季度的電話會議上得到它，但你能談談從23 年到24 年的範圍嗎？上個季度，你將其年化後看起來有64 億美元的資本支出。說這是一個好的起點是不是很瘋狂？對此的任何想法都會很棒。

No, it wouldn't be crazy to say that. I'll go back to what Rob said in his script, and that is that our upstream oil and gas, especially in the U.S. will have the same activity level next year that it's had this year. In addition to that, we'll have $100 million for incremental for Battleground in 2024, and we'll run those 2 drillships in the Gulf of Mexico. So I think that gets you to work to that or above as you go in total all of that. And we'll have more guidance on that, hopefully, the first part of next year.

不，這麼說並不瘋狂。我將回到羅佈在他的劇本中所說的，那就是我們的上游石油和天然氣，特別是在美國，明年的活動水準將與今年相同。除此之外，我們還將在 2024 年為 Battleground 提供 1 億美元的增量資金，並且我們將在墨西哥灣運營這兩艘鑽探船。所以我認為這會讓你在完成所有這些工作時達到或超過這個目標。希望明年上半年我們會就此提供更多指引。

Next question will come from Paul Cheng with Scotiabank.

下一個問題將由豐業銀行的 Paul Cheng 提出。

Two questions on -- maybe this is for Richard. Have you seen any meaningful inflation rate in the construction side? And also, does the higher interest rate impact your growth plan and the business model? That's the first question.

有兩個問題——也許這是問理查德的。您是否看到建築業出現有意義的通膨率？另外，較高的利率是否會影響您的成長計畫和商業模式？這是第一個問題。

Sure. I'm going to start -- I'm assuming the inflation is oil and gas. But if I -- we need to go more broadly we can help with that.

當然。我要開始—我假設通貨膨脹是石油和天然氣。但如果我們需要更廣泛地開展工作，我們可以提供協助。

We -- I'd say a few things, and maybe this goes back a little bit to the prior question as well. As we sort of hit the end of this year, a couple of things that we've been doing and seeing success is really optimizing our resources specifically rigs and frac if you'll kind of follow our trajectory over the last 2 quarters, we're down 2 rigs and 2 to 3Q and then down another 2. And that's really allowed us to optimize with our contractors, the right rigs, the right crews and seeing some early returns for that with quite a bit better foot per day in both the Rockies and the Delaware.

我們——我想說一些事情，也許這也可以追溯到之前的問題。當我們接近今年年底時，我們一直在做的幾件事並取得了成功，這些事情實際上是優化我們的資源，特別是鑽機和壓裂，如果您在過去兩個季度遵循我們的軌跡，我們'重新關閉2 台鑽機，從2 台到3Q，然後再降低2 台。這確實使我們能夠與承包商、合適的鑽機、合適的工作人員進行優化，並看到一些早期回報，每天在這兩個方面都有更好的表現落基山脈和特拉華州。

I think as we hit the kind of the fourth quarter, we're not ready to project anything into next year. But we are seeing some areas of improvement, I'd say, across our rigs, also things like oil country tubular goods, sand, fuel these things are leading to a little bit of softening, which we hope can play forward. But our focus really has been on that optimization on efficiency.

我認為，當我們進入第四季時，我們還沒有準備好對明年進行任何預測。但我想說的是，我們看到了一些方面的改進，在我們的鑽井平台上，還有石油管材、沙子、燃料等，這些都導致​​了一些軟化，我們希望這種情況能持續下去。但我們的重點其實是效率的最佳化。

So -- maybe I'll stop there and make sure you we answer that question.

所以——也許我會停在這裡並確保我們回答了這個問題。

Yes. And can we also expand not just on the oil and gas, but also to the low carbon business that are we seeing the inflation rate very different and is actually hitting up that does look like a lot of people is moving in that direction.

是的。我們不僅可以擴大石油和天然氣業務，還可以擴大低碳業務嗎？我們看到通貨膨脹率非常不同，而且實際上正在上升，看起來確實有很多人正在朝這個方向發展。

And also that the high inflation also want to look at is on the low carbon ventures and how that impact on that business model? And that may as well ask my second question, which is you have signed some deals with financial institute that bind the CDR, can an you share that what kind of term is it offtake and you say fixed price and even it is fixed price, what kind of pricing that we may be referring to right now?

此外，高通膨還需要關注低碳企業，以及這對商業模式有何影響？那不妨問我的第二個問題，那就是你們已經與金融機構簽署了一些約束CDR的協議，您能否分享一下它的承購是什麼樣的條款，您說固定價格，甚至是固定價格，什麼？我們現在可能指的是哪一種定價？

Great. I'm going to -- I think the way we'll do this, maybe you can start a little bit on inflation as it relates to DAC and then certainly, I want to have Mike talk about the market and what we're seeing with offtake. I think that's an important part of our message.

偉大的。我想——我認為我們這樣做的方式，也許你可以從與 DAC 相關的通貨膨脹開始，然後當然，我想讓 Mike 談談市場和我們所看到的情況與承購。我認為這是我們資訊的重要組成部分。

It's Ken. Yes, we did see increases in the STRATOS cost estimate, mainly related to general industry inflation, so not specifically because of the back but we also increased cost as a result of incorporating learnings from the CEIC. And I would say it was probably 50-50 in terms of impact of moderate inflation on DAC and it's just general industry inflation, steel prices, materials, et cetera.

是肯.是的，我們確實看到了 STRATOS 成本估算的增加，主要與一般行業通膨有關，所以並不是特別因為後面的原因，但我們也由於吸收了 CEIC 的經驗而增加了成本。我想說，就溫和通膨對 DAC 的影響而言，可能是 50-50，這只是一般產業通膨、鋼鐵價格、材料等。

We're now at the point of the project where we basically locked in pricing. So we feel pretty good and the optimizations were designed to give us improved efficiency for the DAC long term, included heat recovery systems, solid handling upgrades, filtration systems upgrades and electrical upgrades also.

我們現在正處於專案階段，我們基本上鎖定了定價。因此，我們感覺非常好，優化旨在提高 DAC 的長期效率，包括熱回收系統、固體處理升級、過濾系統升級和電氣升級。

so a number of things of not only inflation, I would say, and not -- definitely not specific to DAC.

因此，我想說，許多事情不僅與通貨膨脹有關，而且絕對不是 DAC 所特有的。

Paul, this is Mike Avery here. So I'll give an update on the sales process and progress that we've made for STRATOS. And so what we're getting here is a lot of momentum building in the market with a strong sort of pipeline of buyers that are growing now.

保羅，我是麥克艾弗里。因此，我將介紹 STRATOS 的銷售流程和進展的最新情況。因此，我們看到市場正在形成強大的動力，目前正在不斷成長的強大買家管道。

We attribute this to the market beginning to realize the importance of how Direct Air Capture is going to fit within their portfolios. I think there's also a growing recognition that Direct Air Capture is not sitting out in the future. It's a technology that's ready to go now at commercial scale. And that is actually more affordable than people think when placed next to some of the other alternatives out there.

我們將此歸因於市場開始意識到直接空氣捕獲如何適應其產品組合的重要性。我認為人們也越來越認識到直接空中捕獲技術在未來不會被淘汰。這項技術現已準備好投入商業規模。當與其他一些替代品放在一起時，這實際上比人們想像的更實惠。

I think the market has also been moving towards these higher integrity solutions as the carbon markets have been maturing. And so to date, we've announced deals with Airbus, Amazon, ANA, TD Bank, NextGen, the Houston Astros and the Texans. There's a range of terms on the CDR sales. They range from 1 year to 10 years. They are fixed price agreements.

我認為隨著碳市場的成熟，市場也一直在朝著這些更高完整性的解決方案發展。到目前為止，我們已經宣布與空中巴士、亞馬遜、全日空、道明銀行、NextGen、休士頓太空人隊和德州人隊達成交易。 CDR 銷售有一系列條款。期限從 1 年到 10 年不等。它們是固定價格協議。

And so if we look at the deals that we've announced to date, and we couple that together with the mature negotiations where we have got price volume and term agreed, STRATOS net capacity is sold out to about 65% to 70% to 2030. And then there's a strong pipeline behind that of earlier stage negotiations that's also growing that takes us up to about 85% net capacity sold out to 2030.

因此，如果我們看看迄今為止宣布的交易，再加上我們已就價格量和條款達成一致的成熟談判，那麼到 2030 年，STRATOS 淨產能將售出約 65% 至 70% .然後，早期談判背後有一個強大的管道，而且管道也在不斷增長，到2030 年，我們的淨產能將達到約85%。

Our next question will come from Doug Leggate with Bank of America.

我們的下一個問題將來自美國銀行的 Doug Leggate。

Vicki, I wonder if I could ask you about the business plan or the strategy for that going forward. Clearly, you've given up some working interest now, which I think you'd signaled before. But I think -- I don't want to misquote Richard here, but I think you said our first partner in STRATOS, where do you see your working interest? How do you see it in DAC 2? And where does license revenue fit into the capital efficiency of the DAC strategy? And I've got a follow-up, please.

Vicki，我想知道是否可以向您詢問未來的商業計劃或策略。顯然，你現在已經放棄了一些工作興趣，我想你之前已經表示過這一點。但我想——我不想在這裡錯誤引用理查德，但我想你說的是我們在 STRATOS 的第一個合作夥伴，你認為你的工作興趣在哪裡？您如何看待 DAC 2 中的這一點？授權收入與 DAC 策略的資本效率有何關係？我有一個後續行動，請。

Well, we have a lot of confidence in this technology and a lot of confidence that it fits very well with our strategy on a go-forward basis. Not only are we going to benefit from the sale of carbon reduction credits as a part of this technology and our strategy. Ultimately, we also -- while we're continuing to provide sequestration and sailing reservoirs for our customers. We also want to provide CO2 as a product to customers to convert to sustainable aviation fluids. So that's another part of the revenue -- potential revenue stream.

嗯，我們對這項技術充滿信心，並且非常有信心它非常適合我們的未來策略。作為這項技術和我們策略的一部分，我們不僅將從銷售碳減排信用中受益。最終，我們在繼續為客戶提供封存和航行水庫的同時。我們也希望向客戶提供二氧化碳作為產品，將其轉化為可持續的航空油。這就是收入的另一部分——潛在的收入流。

And the other thing that we want to do with the CO2 that we extract out of the air is used it in our enhanced oil recovery reservoirs because that's the truest form of emission-free on a net basis oil that can then deliver the fuels that maritime and aviation need. Sustainable aviation fluids, as Richard said, is a necessary thing that we have to develop, the world needs it, and we're going to support developing it by providing products and then potentially doing it through one of our investments that we've made. So that's important.

我們想要利用從空氣中提取的二氧化碳所做的另一件事是，將其用於我們的強化石油採收率儲層，因為這是淨基礎上零排放石油的最真實形式，然後可以將燃料輸送到海上。和航空需要。正如理查德所說，可持續航空流體是我們必須開發的必要事物，世界需要它，我們將透過提供產品來支持它的開發，然後可能透過我們所做的一項投資來實現它。所以這很重要。

But it's really the thing that's going to change the whole cost curve or the climate transition is for people to ultimately understand that you can use CO2 to generate net zero oil. The way that happens is you inject more CO2 into the reservoir than the incremental oil created or produced by that CO2 will limit when use. That's critically important because that generates a net zero oil that then can be converted to jet fuel and maritime fuels.

但這確實會改變整個成本曲線或氣候轉型，讓人們最終明白可以使用二氧化碳來產生淨零石油。發生這種情況的方式是，您向油藏注入的二氧化碳量超過了使用時二氧化碳產生或產生的石油增量。這一點至關重要，因為這會產生淨零石油，然後可以將其轉化為噴射燃料和船用燃料。

The thing that's so important about that is not only is it emission negative or on a net basis or emission equal. What it does is that of itself is a lower impact also on the supply chain perspective because you're getting more oil out of reservoirs that exist today. So you're using existing infrastructure, which also reduces the emissions that are associated with the upstream part of the supply chain.

重要的是，它不僅是負排放、淨排放或排放相等。它本身對供應鏈的影響也較小，因為你可以從現有的​​油藏中獲得更多的石油。因此，您使用現有的基礎設施，這也減少了與供應鏈上游部分相關的排放。

Then the other part of that is that -- and using existing infrastructure, that's a lower cost. So that's -- it's what the world needs to use the highest intensity fuel at the lowest cost and the lowest emission level is the way that the world ultimately will need to solve this climate transition. Otherwise, the world cannot afford to cap global warming at 1.5 or 2 degrees. So this is very much needed.

另一方面是－使用現有的基礎設施，成本較低。這就是世界需要以最低的成本使用最高強度的燃料，而最低的排放量是世界最終需要解決氣候轉型的方式。否則，世界無法承受將全球暖化控制在 1.5 或 2 度之內。所以這是非常需要的。

So when you look at all of those options, we can -- the revenue streams that we will be bringing into our business will come from all of those options. So having partners in the beginning is critically important for us to move further down the road faster to get this technology to a point where we are comfortable that not only we could build it, but we could license the building to others as well. And once we get to that point, then we're these -- instead of expecting to build 100 of these then we can start to get into the hundreds of them and potentially the thousands that are going to be needed to be built.

因此，當你考慮所有這些選項時，我們可以——我們將帶入我們業務的收入流將來自所有這些選項。因此，一開始就擁有合作夥伴對於我們更快地走得更遠至關重要，使這項技術達到我們感到滿意的地步，我們不僅可以建造它，而且還可以將建築許可給其他人。一旦我們達到這一點，我們就可以開始建造數百個，甚至可能需要建造數千個，而不是期望建造 100 個。

But we would benefit from all of that. And it's -- sometimes we get criticized for the fact that we're building a business. But without making this commercial, it's not sustainable. And if it's not sustainable, then the world has no other better solution. And again, the world cannot afford the plans as they've been laid out by the UN and others right now. And so we think we have the best solution to move forward, the best kind of business model to make it happen and it will create significant value for our shareholders. We're just going to build the partnerships to make this happen at a pace that's much faster than what we could do just ourselves.

但我們將從這一切中受益。有時我們會因為我們正在建立一家企業而受到批評。但如果不進行商業化，它是不可持續的。如果它不可持續，那麼世界就沒有其他更好的解決方案。再說一次，世界無力承擔聯合國和其他機構目前所製定的計畫。因此，我們認為我們擁有前進的最佳解決方案，實現這一目標的最佳商業模式，它將為我們的股東創造巨大的價值。我們將建立合作關係，以比我們自己更快的速度實現這一目標。

Yes. Vicki, just to clarify, so these obviously very ambitious growth plans going forward. It doesn't require that it's Oxy capital, I guess, was my point. Am I right in thinking that outsourcing the capital once the technology is proven has potential to be a revenue stream as a -- like a license revenue. That's what I was really getting at?

是的。 Vicki，我想澄清一下，這些顯然是非常雄心勃勃的成長計劃。我想，它並不要求它是氧氣資本，這就是我的觀點。我的想法是否正確，一旦技術得到證實，外包資本就有可能成為收入來源——就像許可證收入一樣。這才是我真正想表達的意思？

Yes. That's incredibly important to us. There's absolutely no way that we would have the capability to provide all of the capital. We can't do it. We're going to continue to be an oil and gas business because oil and gas is also important for the world. We'll continue our investments in oil and gas and grow our oil over time because our oil will be carbon neutral or carbon negative ultimately. And so that's to me the last barrel of oil produced in the world should come from an enhanced oil recovery reservoir using CO2 from the atmosphere. So we will be doing that.

是的。這對我們來說非常重要。我們絕對沒有能力提供所有的資金。我們做不到。我們將繼續從事石油和天然氣業務，因為石油和天然氣對世界也很重要。我們將繼續對石油和天然氣進行投資，並隨著時間的推移種植我們的石油，因為我們的石油最終將是碳中和碳負的。所以對我來說，世界上生產的最後一桶石油應該是來自使用大氣中二氧化碳的強化採油油藏。所以我們將會這樣做。

But you're right, Doug, in that we will be licensing a lot of this out. And we've talked about regional concepts, having partners around the world that can manage and drive their own construction of these facilities as we go. And what would come back to us would be those licensing fees.

但道格，你是對的，我們將授權其中的許多內容。我們討論了區域概念，讓世界各地的合作夥伴可以在我們進行的過程中管理和推動他們自己的這些設施的建設。我們最終得到的將是這些許可費。

Our next question will come from Neal Dingmann with Truist Securities.

我們的下一個問題將來自 Truist Securities 的 Neal Dingmann。

My first question is on your Permian plan, specifically. Just wondering, will you all turn to more co-development in the Dell or maybe just discuss your future broader completion plans there?

我的第一個問題是關於你的二疊紀計劃。只是想知道，你們會轉向在戴爾進行更多的共同開發，還是只是在那裡討論你們未來更廣泛的完成計劃？

(inaudible)?

（聽不清楚）？

Yes. I'd answer that a couple of ways, I think. I think one that's been really important to us, and we've tried to highlight is again back to some of the secondary benches in the way we think about those developments. We've been pretty precise in terms of how we put together our DSUs with those in mind. I would say this year, we have increased our -- I'll generalize completion intensity, but it's really frac intensity. And some of that was some of the capital that we put back into the Permian that delivered increasing cash flow for us this year. So I'd say a good portion of that capital increase was due to our increased completion intensity.

是的。我想我會用幾種方式來回答這個問題。我認為對我們來說非常重要的一點是，我們試圖強調的是，以我們思考這些發展的方式再次回到一些輔助席位。我們在如何將 DSU 與這些考慮到的組合在一起方面非常精確。我想說，今年，我們增加了——我將概括完井強度，但這實際上是壓裂強度。其中一些是我們投入二疊紀盆地的一些資本，這些資本今年為我們帶來了不斷增加的現金流。所以我想說，資本增加的很大一部分是因為我們增加的完成強度。

So as we think about playing it forward, I think over the next several years, we're going to continue to be methodical in the way we develop those secondary benches. They'll ultimately become a bigger part of our portfolio. But we've seen with these positive surprises, the ability to optimize really the next kind of 3- to 5-year type programs some of the success, I would say, even in the Midland Basin that we've seen in the secondary benches, as we looked into this year, I think we changed about half of our development plan due to improvements in our appraisal activity there last year.

因此，當我們考慮向前邁進時，我認為在接下來的幾年裡，我們將繼續有條不紊地開發這些輔助替補席。它們最終將成為我們產品組合中更重要的一部分。但我們已經看到了這些積極的驚喜，優化真正的下一種 3 至 5 年類型計劃的能力，我想說，即使是在我們在二級板凳上看到的米德蘭盆地，當我們回顧今年時，我認為由於去年評估活動的改進，我們改變了大約一半的發展計劃。

So I think we'll continue to do what we do, which is really focused on the subsurface. We want to make through our recovery is outstanding, and we want to really DSU across multiple benches to be fit for purpose for the geology for that area.

所以我認為我們將繼續做我們所做的事情，並真正專注於地下。我們希望透過我們的恢復是出色的，我們希望真正跨多個工作台的 DSU 適合該地區的地質目的。

And then second also on the Permian. The second largest earthquake in the Perm was reported this morning. I'm just wonder is probably too early to know if you had any direct impact? I'm just wondering, could you all discuss the continued disposal process and if that has changed in recent years?

其次也是在二疊紀。據報道，彼爾姆今天早上發生了第二大地震。我只是想知道現在判斷您是否有任何直接影響可能還為時過早？我只是想知道，你們能討論一下持續的處置過程嗎？近年來這種情況是否改變了？

I'm sorry, Neal, I didn't get that -- the first part of that question.

很抱歉，尼爾，我沒聽懂──這個問題的第一部分。

This morning, there was announced the second largest earthquake. Hit the -- it looks like it hit the...

今天早上，宣布發生第二大地震。擊中——看起來擊中了…

Earthquake.

地震。

And I'm just wondering -- I'm not asking for the impact too early there, but just wondering maybe if you could discuss -- I know you had changed some disposal process and things in the past. If you could maybe just hit that quickly.

我只是想知道 - 我並不是過早地詢問影響，只是想知道你是否可以討論 - 我知道你過去改變了一些處置流程和事情。如果你可以的話，也許就快點打吧。

Yes. Our plans continue to leverage really the work we've done around water recycling, just in general, I'd say, independent of any of the hazards. We just believe that responsible use of water is a big part of what we should do. we actually had a trip here recently to the Permian, got to revisit the large recycling facility that we put together with our partner there in the Midland Basin.

是的。我想說，我們的計劃繼續充分利用我們在水回收方面所做的工作，總體而言，與任何危險無關。我們只是相信，負責任地用水是我們應該做的事情的重要部分。事實上，我們最近去了二疊紀盆地，重新參觀了我們與合作夥伴在米德蘭盆地建立的大型回收設施。

And that continues to be helpful not only for Oxy but actually some of our offset peers. So we're expanding that into the Delaware. It's actually a very nice link as you think about other carbon capture projects that we have. Responsible use of industrial water is a technology that we really think is important for the future. So aware of some of what -- you're asking about in some of the hazards that's been identified. But again, we're trying to get out in front of that just in general and recycle more water in all areas of our operations.

這不僅對 Oxy 有幫助，實際上對我們的一些抵消同行也有幫助。所以我們正在將其擴展到特拉華州。當你想到我們擁有的其他碳捕獲項目時，這實際上是一個非常好的連結。我們認為，負責任地使用工業用水是一項對未來非常重要的技術。因此，請注意您所詢問的一些已發現的危險。但同樣，我們正在努力解決這個問題，並在我們營運的所有領域回收更多的水。

Our next question will come from Matt Portillo with TPH.

我們的下一個問題將來自 TPH 的 Matt Portillo。

I wanted to start out on the Gulf of Mexico. You mentioned you'll be running 2 drillships there next year. Just curious if you could just give an idea of key projects you're progressing in 2024? And maybe expand a little bit on the depth of the tie-in opportunities and potential, I think, Vicki, you commented last quarter for possible growth out of the asset in the second half of the decade.

我想從墨西哥灣開始。您提到明年您將在那裡運營兩艘鑽井船。只是好奇您是否可以介紹一下您在 2024 年正在進行的關鍵項目？也許可以稍微擴展一下搭配機會和潛力的深度，我想，Vicki，您在上個季度評論了該資產在本世紀後半段可能出現的增長。

Yes. I would just reiterate, we're really excited about not just what we're doing from a capital perspective and the new development, but also what we're doing with the development that we have and Ken has some really good things to share with you about that.

是的。我想重申一下，我們不僅對從資本角度和新開發項目所做的事情感到非常興奮，而且對我們現有的開發項目所做的事情感到非常興奮，肯有一些非常好的東西可以與大家分享你關於那件事。

If I start off with the first part of your question, as part of the development initiatives, we plan to drill and complete 5 wells includes proximity to our facilities tied back to existing subsea manifolds with available capacity. We also do test on 2 promising exploration opportunities in the Eastern (inaudible) probably have a working interest of around 40%, that aligns to our sort of approach of more shots on goal through partnering.

如果我從你問題的第一部分開始，作為開發計劃的一部分，我們計劃鑽探並完成 5 口井，包括靠近我們的設施，這些設施與現有的具有可用能力的海底管匯相連。我們也對東部地區 2 個有希望的勘探機會（聽不清楚）進行了測試，這些機會的工作興趣可能約為 40%，這符合我們透過合作實現更多射門的方法。

If I can maybe give some context to Vicki's comments on the last call, we basically see gone through 3 portfolio lenses. One is primary production with base optimization and drilling, including horizontals and stimulation; second aspect is secondary recovery, which is one of Oxy's strengths as a company worldwide with water flooding and artificial lift, including subsea pumping and ESPs.

如果我可以為 Vicki 在上次電話會議上的評論提供一些背景信息，我們基本上會看到 3 個投資組合鏡頭。一是初級生產，包括基礎優化和鑽井，包括水平井和增產；第二個方面是二次回收，這是 Oxy 作為全球性公司的優勢之一，該公司提供水驅和人工舉升（包括海底泵送和 ESP）。

On these assets, very little has been done on water flooding in the past for our reservoirs, and we see significant upside including reservoirs that already have direct analogs nearby. And that's been part of the success of some of the majors in Gulf of Mexico in terms of adding long-term low decline production and reserves to the base.

在這些資產上，我們的水庫過去在註水方面做得很少，我們看到了巨大的優勢，包括附近已經有直接類似的水庫。這是墨西哥灣一些主要石油公司在增加長期低遞減產量和儲量方面取得成功的一部分。

And an exploration, we've now built a new portfolio with a significant new partner base, as you saw in the recent announcement that came from (inaudible) that looks like a successful approach going forward, and that could be easily tied back quickly to Lucius.

經過探索，我們現在已經建立了一個具有重要新合作夥伴基礎的新投資組合，正如您在最近發布的公告中看到的那樣（聽不清），這看起來是一種成功的前進方法，並且可以輕鬆快速地與盧修斯。

So we see this as a way of moving capital between these 3 legs of the stool going forward and we see tremendous upside on the secondary recovery option.

因此，我們認為這是未來在這三條腿之間轉移資本的一種方式，我們看到二次復甦選項的巨大優勢。

And that concludes our question-and-answer session. I would like to turn the conference back over to Vicki Hollub for any closing remarks.

我們的問答環節到此結束。我想將會議轉回 Vicki Hollub 進行閉幕致詞。

Thank you all for your questions and for joining our call today. Very much appreciate it. Have a great day.

感謝大家提出問題並參加我們今天的電話會議。非常感謝。祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。