西方石油 (OXY) 2023 Q4 法說會逐字稿

Good afternoon, and welcome to the Occidental's Fourth Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加西方石油公司 2023 年第四季財報電話會議。 （操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Jordan Tanner, Vice President of Investor Relations. Please go ahead.

現在我想將會議交給投資者關係副總裁喬丹坦納 (Jordan Tanner)。請繼續。

Thank you, Gary. Good afternoon, everyone, and thank you for participating in Occidental's Fourth Quarter 2023 earnings conference call. On the call with us today are Vicki Hollub, President and Chief Executive Officer; Sunil Mathew, Senior Vice President and Chief Financial Officer; Richard Jackson, President, Operations, U.S. Onshore Resources and carbon management; and Ken Dillon, Senior Vice President and President, International Oil and Gas Operations.

謝謝你，加里。大家下午好，感謝您參加西方石油公司 2023 年第四季財報電話會議。今天與我們通話的是總裁兼執行長 Vicki Hollub； Sunil Mathew，資深副總裁兼財務長； Richard Jackson，美國陸上資源與碳管理營運總裁；肯‧狄龍 (Ken Dillon)，資深副總裁兼國際石油與天然氣業務總裁。

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.

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。

We'll also reference a few non-GAAP financial measures today. Reconciliations to the nearest corresponding GAAP measure can be found in the schedules for our earnings release and on our website.

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。

I'll now turn the call over to Vicki.

我現在將電話轉給 Vicki。

Thank you, Jordan, and good afternoon, everyone. 2023 was a great year for us, thanks to the performance of all of our teams in Oxy. I'm going to start by discussing our financial performance, operational excellence and our strategic advancements in 2023, then I'll review our capital plans for 2024. (inaudible) continue to position us to deliver sustainable and growing returns for our shareholders through our premier asset portfolio, advanced technology and robust commercial runway. First, I'll begin by reviewing our financial performance in 2023.

謝謝喬丹，大家下午好。 2023 年對我們來說是偉大的一年，這要歸功於 Oxy 所有團隊的表現。我將首先討論我們 2023 年的財務表現、卓越營運和策略進步，然後我將回顧我們 2024 年的資本計劃。（聽不清楚）繼續使我們能夠透過我們的一流的資產組合、先進的技術和強大的商業跑道。首先，我將回顧我們 2023 年的財務表現。

Last year, our talented and committed teams across the company applied advanced technical expertise, operating skills, leading-edge technologies and innovation to our exceptional portfolio, and they delivered results, $5.5 billion in free cash flow, which enabled us to pay $600 million of common dividend, repurchased $1.8 billion of common shares and redeemed $1.5 billion of preferred shares, while also investing $6.2 billion back into the business.

去年，我們全公司才華橫溢、忠誠的團隊將先進的技術專業知識、操作技能、領先的技術和創新應用到我們卓越的產品組合中，他們取得了成果，即55 億美元的自由現金流，這使我們能夠支付6 億美元的資金普通股股息，回購了 18 億美元的普通股並贖回了 15 億美元的優先股，同時也向業務投資了 62 億美元。

Next, I'll comment on our operational excellence in 2023. Last year, our production in our global oil and gas business exceeded the midpoint of our original full year production guidance by 43,000 BOE per day. This was driven by record new well productivity rates across our domestic assets in the Delaware, Midland and DJ Basins, and internationally by record production from Block 9 in Oman, and in addition, we safely completed the expansion of the Al Hosn plant in the UAE, which also delivered record annual production.

接下來，我將評論我們在 2023 年的卓越營運。去年，我們全球石油和天然氣業務的產量超出了原定全年產量指導中點每天 43,000 桶油當量。這是由於我們在特拉華州、米德蘭盆地和DJ 盆地的國內資產創下新的油井生產率，以及阿曼9 號區塊創紀錄的產量推動的，此外，我們安全地完成了阿聯酋Al Hosn 工廠的擴建，也創造了創紀錄的年產量。

Despite negative price revisions, well performance across our portfolio enabled us to achieve an all-in reserves replacement ratio of 137% in 2023, and a 3-year average ratio of 183%. Our track record from prior years of consistently replacing produced barrels continues and added F&D cost that is below our current DD&A rate. At these year-end 2023 worldwide proved reserves increased to 4.0 billion BOE from 3.8 billion BOE in 2022.

儘管價格出現負面調整，但我們投資組合的良好表現使我們能夠在 2023 年實現 137% 的總儲備替代率，以及 183% 的 3 年平均替代率。我們前幾年不斷更換生產桶的記錄仍在繼續，增加的 F&D 成本低於我們目前的 DD&A 費率。截至 2023 年底，全球探明儲量從 2022 年的 38 億桶油當量增加至 40 億桶油當量。

OxyChem performed exceptionally well in 2023. It exceeded guidance and achieved $1.5 billion in pretax income for the third time in its history, due largely to lower energy cost and an efficient planned turnaround at our Ingleside plant, even as product markets soften compared to 2022. In addition, construction on STRATOS, our first direct air capture facility, is progressing on schedule to be commercially operational in mid-2025.

OxyChem 在2023 年的表現異常出色。儘管產品市場與2022 年相比有所疲軟，但其歷史上第三次超出了預期，實現了15 億美元的稅前收入，這主要歸功於能源成本的降低和我們Ingleside 工廠的高效計劃週轉。此外，我們的第一個直接空氣捕獲設施 STRATOS 的建設正在按計劃進行，將於 2025 年中期投入商業運營。

The fourth quarter of 2023 was an exciting way to conclude a successful year. In oil and gas, we delivered our highest quarterly production in over 3 years, and outperformed the midpoint of our production guidance despite a third-party interruption in the Gulf of Mexico.

2023 年第四季以令人興奮的方式結束了成功的一年。在石油和天然氣領域，儘管墨西哥灣發生了第三方中斷，但我們仍實現了三年多來最高的季度產量，並且超出了生產指引的中位數。

Our Rockies business outperformed in the fourth quarter, that's consistent with its year-long trends. Innovative artificial lift technology continued to maximize base production. Well design optimization in the DJ Basin that we presented in our second quarter earnings call contributed to a 32% productivity improvement from 2022.

我們的落基山脈業務在第四季度表現出色，這與其全年趨勢一致。創新的人工舉陞技術持續最大限度地提高基地產量。我們在第二季財報電話會議上介紹的 DJ Basin 油井設計優化使 2022 年生產力提高了 32%。

We also continued to deliver robust well performance in the Permian Basin, where our Delaware teams drove results to the high end of the Permian's fourth quarter production guidance. Our top spot well, which we also discussed in our second quarter earnings call, continued its strong performance trajectory and delivered the highest 6-month cumulative production of any horizontal well ever in the New Mexico Delaware Basin. In fact, Oxy has drilled 8 of the top 10 horizontal wells of all time across the entire Delaware based on this production metric, and 3 of those wells came online last year.

我們也繼續在二疊紀盆地提供強勁的油井表現，我們的德拉瓦團隊將結果推向二疊紀第四季生產指引的高端。我們在第二季財報電話會議中也討論了我們的頭把交椅，它繼續保持強勁的業績軌跡，並實現了新墨西哥州特拉華盆地有史以來最高的 6 個月累積產量。事實上，根據這項產量指標，Oxy 在整個特拉華州鑽探了有史以來排名前 10 的水平井中的 8 口，其中 3 口於去年上線。

Since mid-2022, our teams outperformed the Delaware Basin industry average 12-month cumulative oil production by nearly 50%. Our team aims to extend our leadership in the New Mexico Delaware Basin this year.

自 2022 年中期以來，我們團隊的表現比特拉華盆地行業平均 12 個月累計石油產量高出近 50%。我們團隊的目標是今年擴大我們在新墨西哥州特拉華盆地的領導地位。

A significant portion of the 2024 Delaware program will develop the same horizon as the record top spot well. Further south in the Texas Delaware Basin, our teams continue to deliver success with a couple of notable appraisal wells in the 2nd Bone Spring and 3rd Bone Spring line. These wells drove incredibly early time volumes, and accordingly, we secured additional capital in our 2024 Delaware program. Our appraisal programs are positioning us for success by adding horizons in the Delaware Basin and moving Tier 2 and Tier 3 wells to Tier 1. But we're also improving our current Tier 1 intervals, for example, with our top spot well.

2024 年特拉華州計畫的很大一部分將與創紀錄的頭把交椅處於同一水平。在德州特拉華盆地的更南部，我們的團隊繼續在 2nd Bone Spring 和 3rd Bone Spring 生產線的幾口著名評價井中取得成功。這些油井在早期帶來了令人難以置信的產量，因此，我們在 2024 年特拉華州計劃中獲得了額外的資金。我們的評估計劃透過在特拉華盆地增加層位並將Tier 2 和Tier 3 井移至Tier 1 來為我們的成功做好準備。但我們也在改進目前的Tier 1 井段，例如我們的頭號井。

Outside the Delaware Basin, we're also making strides in some of the basins that we expect will begin to play a more consequential role. In the Midland Basin, technical excellence, including the basin-leading Barnett wells, drove a 1-year cumulative improvement in well productivity of over 30% compared to the prior year. In the Powder River Basin, Oxy set Wyoming state initial production and early cumulative production pad record of 1.5 million barrels of oil produced in only about 7 months.

在特拉華盆地之外，我們也在一些盆地取得了進展，我們預計這些盆地將開始發揮更重要的作用。在米德蘭盆地，卓越的技術（包括盆地領先的 Barnett 井）推動油井產能在一年內累積比前一年提高了 30% 以上。在粉紅河盆地，Oxy 在大約 7 個月內就創下了懷俄明州初始產量和早期累積產量記錄，即 150 萬桶石油。

As we highlighted, our unconventional technical teams continue to expand and improve inventory across all of U.S. onshore basins. While our subsurface modeling, innovative well designs and enhanced artificial lift technology have driven improvements in well recovery, new well designs have also resulted in record drilling times for both 2- and 3-mile Texas Delaware Basin laterals. Similarly, in the Powder River Basin, our teams drilled an average 1,650 feet per day, and we drilled a 10,000-foot well in only 11 days, both achieving Oxy basin records.

正如我們所強調的，我們的非常規技術團隊繼續擴大和改善美國所有陸上盆地的庫存。雖然我們的地下建模、創新的井設計和增強的人工舉陞技術推動了井採收率的提高，但新的井設計也使德克薩斯州特拉華盆地支管的2 英里和3 英里鑽井時間達到了創紀錄的水平。同樣，在 Powder River 盆地，我們的團隊平均每天鑽探 1,650 英尺，僅用 11 天就鑽出了一口 10,000 英尺的井，均創下了 Oxy 盆地記錄。

Our successes are not limited to our onshore U.S. portfolio. In the deepwater Gulf of Mexico, we are continuing to leverage technology to drive even stronger production results. In our subsea pumping system on the K2 field achieved first lift 4 months ahead of schedule. This is Oxy's first deployment of this technology in deepwater. We expect to unlock future production enhancement opportunities and longer distance subsea tiebacks.

我們的成功不僅限於我們在美國境內的投資組合。在墨西哥灣深水區，我們持續利用科技來推動更強勁的生產成果。我們的 K2 油田海底泵送系統提前 4 個月實現了首次提升。這是 Oxy 首次在深水中部署該技術。我們期望釋放未來的增產機會和更長距離的海底回接。

Next, I'll shift to discussing how we advanced our strategy last year. In 2023, we high-graded our oil and gas portfolio, launched the expansion of our OxyChem Battleground facility and announced strategic commercial transactions that we expect will deliver sustainable multiyear value to our shareholders. These steps strengthened our portfolio and make it unique in our industry. We have high-quality, short-cycle, high-return oil and gas shale development in the U.S. along with conventional lower decline oil and gas development in Permian EOR, [Nigam], Oman, Algeria and Abu Dhabi. These developments are complemented by our strong and stable cash flow from our chemicals business and the cash flow and carbon reduction we expect our low carbon ventures to provide in the future.

接下來，我將轉向討論去年我們如何推進我們的策略。 2023 年，我們對石油和天然氣投資組合進行了高評級，啟動了 OxyChem Battleground 設施的擴建，並宣布了戰略商業交易，我們預計這些交易將為我們的股東帶來可持續的多年價值。這些步驟增強了我們的產品組合，並使其在我們的行業中獨一無二。我們在美國擁有高品質、短週期、高回報的油氣頁岩開發，以及在二疊紀 EOR、[Nigam]、阿曼、阿爾及利亞和阿布達比的常規低遞減油氣開發。這些發展得到了我們化學品業務強大而穩定的現金流以及我們期望低碳企業未來提供的現金流量和碳減排的補充。

In addition to high grading our oil and gas portfolio through organic development and appraisal work last year, we also announced the strategic acquisition of CrownRock, which will add high-margin, low-breakeven inventory, while increasing free cash flow per diluted share. The incremental cash flow will support our cash flow priority of delivering a sustainable and growing dividend, along with deleveraging and share repurchases after reducing the principal debt to $15 billion.

除了去年透過有機開發和評估工作對我們的石油和天然氣投資組合進行高評級外，我們還宣布了對CrownRock的戰略收購，這將增加高利潤、低盈虧平衡的庫存，同時增加攤薄後每股自由現金流。增量現金流將支持我們的現金流優先事項，即提供可持續且不斷增長的股息，以及將本金債務減少至 150 億美元後的去槓桿化和股票回購。

We are working constructively with the FTC in its review of the transaction and expect to receive regulatory approval and close in the second half of this year. The capital plan we will review in a moment excludes CrownRock because we'll continue to operate as to 2 separate companies until we obtain regulatory approval and close the acquisition.

我們正在與聯邦貿易委員會建設性地合作審查該交易，預計將在今年下半年獲得監管部門的批准並完成。我們稍後將審查的資本計劃不包括 CrownRock，因為我們將繼續經營兩家獨立的公司，直到我們獲得監管部門批准並完成收購。

In our LCV business, we completed many pivotal transactions that provided technology advancement, third-party capital, revenue certainty and commercial optionality. We closed the acquisition of direct air capture technology innovative Carbon Engineering last quarter. This was a landmark achievement in our direct air capture development path. We're excited also about our STRATOS joint venture with BlackRock, which we believe demonstrates the DAC is becoming an investable asset for world-class financial institutions.

在我們的輕型商用車業務中，我們完成了許多關鍵交易，提供了技術進步、第三方資本、收入確定性和商業選擇性。上季度我們完成了對直接空氣捕捉技術創新 Carbon Engineering 的收購。這是我們直接空氣捕捉發展道路上的一個里程碑式的成就。我們也對與 BlackRock 成立 STRATOS 合資企業感到興奮，我們相信這表明 DAC 正在成為世界一流金融機構的可投資資產。

In addition, our teams signed on several more flagship carbon dioxide renewable credit customers.

此外，我們的團隊還簽約了更多旗艦二氧化碳可再生信貸客戶。

Now I'd like to reiterate our cash flow priorities and discuss our capital plans for 2024. On our December call, we discussed how we will focus on our cash flow and shareholder return priorities in 2024 on dividend growth, debt reduction and the capital allocation program that generates strong free cash flow throughout the commodity cycle. As we discussed regarding CrownRock, we intend to complete at least $4.5 billion in debt repayments for both pro forma cash flow and proceeds from the divestiture program. We intend to prioritize debt reduction until we achieve a principal debt balance of $15 billion or below, including repaying debt as it matures.

現在我想重申我們的現金流優先事項並討論我們2024 年的資本計劃。在12 月的電話會議上，我們討論了2024 年如何關注現金流和股東回報優先事項，包括股息增長、債務削減和資本配置該計劃在整個商品週期中產生強勁的自由現金流。正如我們討論的有關 CrownRock 的問題，我們打算為預計現金流和剝離計劃收益完成至少 45 億美元的債務償還。我們打算優先減少債務，直到本金債務餘額達到 150 億美元或以下，包括在債務到期時償還債務。

As a result of the acquisition, we expect to strengthen our balance sheet, improve our resilience and lower commodity price environments and free up cash from interest payments to support future sustainable dividend growth and share repurchases. Every year, we designed our capital plan to support our strategic initiatives via projects that maximize our returns and best position Oxy to deliver long-term and resilient returns to our shareholders.

透過此次收購，我們預計將加強我們的資產負債表，提高我們的彈性和較低的商品價格環境，並從利息支付中釋放現金，以支持未來可持續的股息成長和股票回購。每年，我們都會設計資本計劃，透過可實現最大回報的項目來支持我們的策略舉措，並使 Oxy 處於最佳位置，為我們的股東帶來長期和有彈性的回報。

Our 2024 capital plan continues a bifurcated investment approach that balances short-cycle, high-margin investments with measured longer-cycle cash flow growth investments.

我們的 2024 年資本計畫繼續採用分叉投資方法，平衡短週期、高利潤投資與可衡量的較長週期現金流成長投資。

In 2024, we plan to invest $5.8 billion to $6 billion in our energy and chemicals businesses, resulting in slightly less capital for our unconventional assets this year. However, we expect our unconventional assets to return more cash to the business, and we continue to expect year-over-year production growth and continued success across our premier unconventional portfolio, including some of the emerging horizons.

2024年，我們計劃在能源和化學業務上投資58億至60億美元，導致今年我們非常規資產的資本略有減少。然而，我們預計我們的非常規資產將為業務帶來更多現金回報，我們繼續預計我們主要的非常規投資組合（包括一些新興領域）的產量將同比增長並持續取得成功。

We intend to complement our unconventional exposure with increases to our mid-cycle investments, including lower decline conventional reservoirs, which are expected to drive longer cycle cash flow resiliency. Our 2024 mid-cycle capital investments will position us to continue the exciting projects that we started last year.

我們打算透過增加中周期投資來補充我們的非常規投資，包括下降幅度較小的常規油藏，預計這將推動更長週期的現金流彈性。我們的 2024 年中期資本投資將使我們能夠繼續去年啟動的令人興奮的項目。

Investments in OxyChem are expected to increase this year as progress continues on the battleground expansion and the plant enhancement project. We also added a second drillship in the Gulf of Mexico to support what we believe could become a future growth asset for Oxy. Lower decline oil production from our enhanced oil recovery, or EOR, is an important part of our long-term strategy. This year, we're investing in gas processing expansions for our Permian EOR business that supports longer-term growth in many of our core CO2 (inaudible).

隨著戰場擴張和工廠強化計畫的持續進展，預計今年 OxyChem 的投資將會增加。我們還在墨西哥灣增加了第二艘鑽井船，以支持我們認為可能成為 Oxy 未來成長資產的項目。透過提高石油採收率 (EOR) 來降低石油產量遞減是我們長期策略的重要組成部分。今年，我們正在投資二疊紀 EOR 業務的天然氣加工擴建，以支持我們許多核心二氧化碳的長期成長（聽不清楚）。

Our EOR business will continue to be a key part of our future oil and gas development as we believe that carbon dioxide captured by direct air capture facilities is a sustainable way to develop the 2 billion barrels of potentially recoverable oil remaining in our Permian EOR operations.

我們的EOR 業務將繼續成為我們未來石油和天然氣開發的關鍵部分，因為我們相信，透過直接空氣捕獲設施捕獲的二氧化碳是開發我們二疊紀EOR 作業中剩餘的20 億桶潛在可採石油的可持續方式。

In our emerging low-carbon businesses, much of Oxy's planned $600 million 2024 investment will be directed to STRATOS. We have also allocated capital to continue preparations for a second direct air capture and sequestration held in South Texas, along with subsurface and well permitting investments needed at our Gulf Coast sequestration hubs.

在我們新興的低碳業務中，Oxy 計劃在 2024 年投資 6 億美元，其中大部分將直接投向 STRATOS。我們還分配了資金，繼續為德克薩斯州南部舉行的第二次直接空氣捕獲和封存做準備，以及我們的墨西哥灣沿岸封存中心所需的地下和良好許可的投資。

Capital received from financial partners for our LCV businesses will add to our $600 million investment. This includes capital contributions from our joint venture partner, BlackRock, for STRATOS. BlackRock investment totaled $100 million in 2023, and we expect that figure will increase in 2024.

我們從金融合作夥伴處獲得的輕型商用車業務的資金將增加我們 6 億美元的投資。這包括我們的合資夥伴貝萊德 (BlackRock) 對 STRATOS 的出資。貝萊德 2023 年投資總額為 1 億美元，我們預計該數字將在 2024 年增加。

We're making great progress towards advancing our net zero pathway as we develop direct air capture and other exciting technologies. We see tremendous potential in LCV to increase Oxy's cash flow resilience and generate solid long-term returns for our shareholders.

隨著我們開發直接空氣捕獲和其他令人興奮的技術，我們在推動淨零排放途徑方面取得了巨大進展。我們看到 LCV 的巨大潛力，可以提高 Oxy 的現金流彈性，並為我們的股東帶來穩定的長期回報。

I'll now turn the call over to Sunil for a review of our fourth quarter financial results and 2021 guidance.

我現在將把電話轉給 Sunil，以審查我們第四季度的財務表現和 2021 年的指導。

Thank you, Vicki. I will begin today by reviewing our fourth quarter results. We announced an adjusted profit of $0.74 per diluted share, and a reported profit of $1.08 per diluted share, with the difference between adjusted and reported profit primarily driven by the after-tax fair value gain related to the acquisition of Carbon Engineering.

謝謝你，維基。我今天將首先回顧我們第四季的業績。我們宣布調整後每股攤薄利潤為 0.74 美元，報告利潤為每股攤薄利潤 1.08 美元，調整後利潤與報告利潤之間的差異主要是由收購 Carbon Engineering 相關的稅後公允價值收益造成的。

Our teams exceeded the midpoint of guidance across all 3 business segments during the fourth quarter, and we delivered outstanding operational performance. Higher-than-expected production in our domestic onshore and international assets enabled us to overcome production losses caused by an unplanned third-party outage in the Eastern Gulf of Mexico.

我們的團隊在第四季度超過了所有 3 個業務部門的指導中點，並且我們實現了出色的營運績效。我們的國內陸和國際資產的產量高於預期，使我們能夠克服墨西哥灣東部意外第三方停電造成的生產損失。

This outage led to a lower-than-expected company-wide oil cut and a higher-than-anticipated domestic operating cost per BOE. It is also expected to impact production into early next month and is reflected in the guidance that I will soon cover.

此次停電導致全公司石油減產低於預期，且每桶油當量的國內營運成本高於預期。預計這也會影響下個月初的生產，並反映在我即將介紹的指導中。

We had a positive working capital change, primarily due to receipt of the environmental remediation settlement, timing of semiannual interest payments on debt and decreases in commodity prices.

我們的營運資本發生了積極的變化，主要是由於收到環境整治協議、半年一次的債務利息支付時間以及大宗商品價格的下跌。

We exited the quarter with over $1.4 billion of unrestricted cash.

本季結束時，我們擁有超過 14 億美元的非限制性現金。

Turning now to guidance. Last month, Oxy and CrownRock each received a request from the FTC for additional information related to the acquisition. The FTC's request for additional information will impact the timing of closing, which we expect to occur in the second half of the year. Oxy will receive the benefit of CrownRock's activity between the January 1, 2024 transaction effective date and close, subject to customary purchase price adjustments.

現在轉向指導。上個月，Oxy 和 CrownRock 分別收到了 FTC 的請求，要求提供更多與收購相關的資訊。聯邦貿易委員會要求提供更多資訊將影響交割時間，我們預計交割時間將在今年下半年發生。 Oxy 將在 2024 年 1 月 1 日交易生效日至交易結束期間受益於 CrownRock 的活動，但需根據慣例購買價格進行調整。

Additionally, the issuance of senior unsecured notes, funding of the fully committed 4.7 billion term loans and termination of the existing bridge loan facility are expected to be aligned with the transactions closing.

此外，優先無抵押票據的發行、全額承諾的 47 億定期貸款的融資以及現有過橋貸款便利的終止預計將與交易完成保持一致。

In 2024, we expect full year production to average 1.25 million BOE per day, representing low single-digit growth from 2023, with the Rockies and Al Hosn driving production growth. As Vicki mentioned, well design and operational expertise drove production outperformance in the Rockies last year. We anticipate that these results will continue in 2024 with a steadier run rate of wells coming online compared to the first quarter of last year when we have recently ramped up rig activity.

2024 年，我們預計全年產量平均為每天 125 萬桶油當量，較 2023 年實現低個位數成長，落磯山脈和艾爾霍森將推動產量成長。正如 Vicki 所提到的，良好的設計和營運專業知識推動了落基山脈去年的生產表現。我們預計這些結果將在 2024 年繼續下去，與去年第一季相比，我們最近增加了鑽機活動，上線油井的運作率將更加穩定。

Permian production is expected to remain largely flat, with Permian unconventional capital decreasing by approximately 10% compared to the prior year. Internationally, we anticipate continued higher production at Al Hosn following last year's plant expansion.

預計二疊紀產量將基本持平，二疊紀非常規資本較前一年減少約 10%。在國際上，我們預計繼去年工廠擴建後，Al Hosn 的產量將持續提高。

Total company production guidance in the first quarter reflects a low point for 2024, with a significant step-up expected in the remainder of the year. The expected first quarter decrease in production is primarily driven by the relatively lower activity levels and working interest in the Permian Basin in last year's fourth quarter.

第一季公司總產量指引反映了 2024 年的低點，預計今年剩餘時間將大幅上升。預計第一季產量下降的主要原因是去年第四季二疊紀盆地的活動水平和工作興趣相對較低。

January winter storm impacts of approximately 8,000 BOE per day in our domestic onshore assets, annual plant maintenance at Dolphin and the Gulf of Mexico unplanned downtime event. Domestic operating costs on a BOE basis in 2024 are expected to decrease due to reduced maintenance in the Gulf of Mexico and improved lifting costs in the DJ Basin.

1 月冬季風暴對我們的國內陸資產、Dolphin 的年度工廠維護以及墨西哥灣計劃外停機事件造成每天約 8,000 BOE 的影響。由於墨西哥灣維護工作的減少以及 DJ 盆地提升成本的改善，預計 2024 年以 BOE 為基礎的國內營運成本將下降。

Moving on to chemicals. In 2023, OxyChem generated pretax income nearly matching its second highest year ever. This year, we are guiding to a midpoint of $1.1 billion of pretax income. This year's full year guidance is close to the fourth best year ever for the chemicals segment despite potential challenging market conditions. We expect that our first quarter OxyChem results will be largely flat from the prior quarter. Our guidance for Q1 reflects the combination of PVC price erosion, largely associated with contract adjustments in Q4. Typical seasonal subdued demand in both PVC and caustic and export pricing pressure on caustic from China. Our guidance assumes that in Q1, we have reached the bottom of the cycle with more stabilized prices.

轉向化學品。 2023 年，OxyChem 的稅前收入幾乎達到了有史以來第二高的年份。今年，我們的稅前收入中位數為 11 億美元。儘管市場條件可能充滿挑戰，但今年的全年指引接近化學品行業有史以來第四好的一年。我們預計第一季 OxyChem 業績將與上一季基本持平。我們對第一季的指導反映了 PVC 價格侵蝕的綜合影響，這在很大程度上與第四季度的合約調整有關。 PVC 和苛性鹼的典型季節性需求低迷，來自中國的苛性鹼出口定價面臨壓力。我們的指導假設在第一季度，我們已經達到週期的底部，價格更加穩定。

I would like to close today by looking beyond 2024 to highlight several catalysts that we expect will enhance our financial trajectory in the coming years. Our midstream business is well positioned to benefit from a reduction in crude oil and transportation rates from the Permian to the Gulf Coast by the end of the third quarter of 2025. We expect annualized savings from these rate reductions of $300 million to $400 million, with approximately 40% of the savings starting in 2025, and the full annual savings anticipated in 2026.

今天結束時，我想展望 2024 年之後，強調一些我們預計在未來幾年改善我們財務軌蹟的催化劑。到2025 年第三季末，我們的中游業務將受益於從二疊紀盆地到墨西哥灣沿岸的原油和運輸費率的下降。我們預計這些費率下降的年化成本將節省3 億至4 億美元，其中從 2025 年開始節省約 40%，並預計在 2026 年實現全部年度節省。

The OxyChem Battleground and plant enhancement projects are expected to generate incremental benefits to EBITDA of $300 million to $400 million per year once complete.

OxyChem Battleground 和工廠改造項目一旦完成，預計每年將為 EBITDA 帶來 3 億至 4 億美元的增量效益。

In combination, these improvements to midstream and chemicals are expected to deliver an incremental annualized run rate EBITDA of $600 million to $800 million. As Vicki discussed, we also expect the planned mid-cycle investments in our conventional Gulf of Mexico and Permian EOR assets to provide cash flow resiliency through lower decline conventional production.

綜合起來，這些對中游和化學品的改進預計將帶來 6 億至 8 億美元的年化 EBITDA 增量。正如 Vicki 所討論的，我們也預期對墨西哥灣和二疊紀常規 EOR 資產的計畫中周期投資將透過較低的常規產量下降提供現金流彈性。

As we continue to execute on high grading our premier portfolio, we are committed to meeting our deleveraging targets that I outlined in December. We believe that our strengthened balance sheet and Oxy's premium portfolio will enable future increases to our common dividend and rebalance enterprise value in favor of our common shareholders. Our teams are focused on extending Oxy's track record of operational excellence and solid execution on our path to delivering, growing and sustainable shareholder returns over the long term.

隨著我們繼續執行我們的優質投資組合的高評級，我們致力於實現我在 12 月概述的去槓桿化目標。我們相信，我們強化的資產負債表和 Oxy 的優質投資組合將使我們未來的普通股股息增加，並重新平衡企業價值，以有利於我們的普通股股東。我們的團隊致力於擴展 Oxy 的卓越營運記錄和紮實的執行力，以實現長期不斷增長和可持續的股東回報。

I will now turn the call back over to Vicki.

我現在將把電話轉回給 Vicki。

Thank you, Sunil. 2023 was a significant year for Oxy on both operational and commercial fronts. Our teams skillfully navigated through the dynamics, and I want to recognize our employee's ingenuity and hard work, their efforts generated the exciting achievements we covered today as well as the great progress that is underway to position us for a successful 2024.

謝謝你，蘇尼爾。 2023 年對 Oxy 來說在營運和商業方面都是重要的一年。我們的團隊巧妙地應對了這一動態，我想認可我們員工的聰明才智和辛勤工作，他們的努力創造了我們今天所報道的令人興奮的成就，以及為我們在2024 年取得成功而正在取得的巨大進展。

With that, we'd like to open the call for questions. Jordan mentioned earlier that Richard Jackson and Ken Dillon are also on the call, and they will participate in the Q&A session. We'll now take your calls.

至此，我們想開始提問。喬丹之前提到理查傑克森和肯狄龍也參加了電話會議，他們將參加問答環節。我們現在將接聽您的電話。

(Operator Instructions) The first question is from Neil Mehta with Goldman Sachs.

（操作員說明）第一個問題來自高盛的 Neil Mehta。

My question is just really around deleveraging. And so you talked about this in the opening comments, but just talk about the path to getting the balance sheet to where you want to be post the CrownRock acquisition, and how are you seeing the asset sale market playing out here and enabling you to get that debt lower?

我的問題實際上是關於去槓桿化。因此，您在開場白中談到了這一點，但僅談談在收購 CrownRock 後如何使資產負債表達到您想要的水平，以及您如何看待資產出售市場的發展以及如何使您能夠獲得那債務更低？

Well, as you noted, by virtue of all the M&A that's happening, there's a lot of appetite for companies to try to get into the Permian. And we do have properties in the Permian that are not core to us, but could be core to others, and some of it is where they're placed in the Permian geographically and how they're not as cored up as some of our key areas. So the divestitures, I believe, will go well. What we won't do though is we've decided not to make any divestitures until we close the CrownRock acquisition. And then we'll start a proactive process more aggressively at that point.

嗯，正如您所指出的，由於正在發生的所有併購，該公司對進入二疊紀盆地有很大的興趣。我們在二疊紀確實擁有一些資產，這些資產對我們來說不是核心，但可能是其他人的核心，其中一些是它們在二疊紀的地理位置，以及它們如何不像我們的一些關鍵資產那樣核心化。地區。因此，我相信資產剝離將會順利進行。但我們不會做的是，我們決定在完成對 CrownRock 的收購之前不進行任何資產剝離。然後我們將在那時更加積極地啟動主動流程。

That's great, Vicki. And then on the Gulf of Mexico, the Q1 guide of $107 million to $115 million, but the balance of the year, $133 million to $141 million. I'm guessing a lot of that's around the pipeline outage. Can you just give us a sense of what are the gating factors to get that asset back online, and how we should be thinking about the cadence of production over the course of the year?

太棒了，維基。然後在墨西哥灣，第一季指引為 1.07 億至 1.15 億美元，但全年餘額為 1.33 億至 1.41 億美元。我猜其中很大一部分是與管道中斷有關。您能否讓我們了解一下使該資產恢復上線的限制因素是什麼，以及我們應該如何考慮一年中的生產節奏？

Yes. We're leaving the updates on that to the operator. And so we're not making any comments on that because we're giving them room to get their business done. With respect to the rest of the year, we expect the rest of the year to continue on as normal. And we expect that when we're back up and running, we may get a little bit of flush production from that. And we'll have, hopefully, our target date for getting back up online is pretty close to what we've said. Do you have anything to add?

是的。我們將把相關更新留給營運商。所以我們不會對此發表任何評論，因為我們給他們空間來完成他們的業務。就今年剩餘時間而言，我們預計今年剩餘時間將繼續正常。我們預計，當我們恢復運行時，我們可能會從中獲得一些沖洗生產。希望我們恢復在線的目標日期與我們所說的非常接近。有什麼要補充的嗎？

It's Ken here. Maybe I can add a couple of things. So we feeling pretty good about the date. And for example, we're sending our specialist start-up crews offshore tomorrow to finish lining out the facilities for full operations. I think that gives you a feel for where we are in the process. The plants are in great shape. Our operations crews in parallel with the outage carried out our full 2024 turnarounds and also completed our enhancement projects for the year as well. So avoiding outages in 2024 gives us a really good shot. So we're looking forward to it.

這是肯。也許我可以添加一些內容。所以我們對這次約會感覺很好。例如，我們明天將派遣我們的專業啟動人員前往海外，完成全面營運所需的設施佈置。我認為這可以讓您了解我們在過程中的位置。這些植物的形狀都很好。我們的營運人員在停電的同時進行了 2024 年全面週轉，並完成了今年的增強項目。因此，避免 2024 年停電給了我們一個很好的機會。所以我們很期待。

Thank you. Appreciate it, Neil. That was timed very well spent. They made use of all the time that they had to do things that we needed to do.

謝謝。很欣賞它，尼爾。這時間花得很值得。他們利用所有必須做的事情來完成我們需要做的事情。

The next question is from Doug Leggate with Bank of America.

下一個問題來自美國銀行的 Doug Leggate。

I guess the number of Scotts are shrinking, Ken. It's great to hear you on the call after Conoco's latest retirement. So thanks, Vicki, for getting on as well. So I have a couple of questions, if I may. I guess the first one is, I hate to do it, but I want to come back on the disposal question. I realize you don't want to give a lot of detail, but I want to frame it like this. When you had bought Anadarko and you were trying to delever, I seem to recall you had about 25 different packages that were for sale. And of course, you ended up not having to do hardly any of those. I think it was about a dozen or something like that. So it seems to me that you've got a lot of things that you've already scrubbed. So my question is, can you give us some color as to whether there is significant cash flow that would come along with the range of $4.5 billion to $6 billion, without being specific on assets, what's the associated free cash flow number?

我猜斯科特的數量正在減少，肯。很高興在康菲公司最近一次退休後接到您的電話。所以，謝謝維琪，也謝謝你的參與。如果可以的話，我有幾個問題。我想第一個問題是，我討厭這樣做，但我想回到處置問題。我知道您不想提供太多細節，但我想這樣建造它。當您購買阿納達科並試圖去槓桿化時，我似乎記得您有大約 25 個不同的軟體包可供出售。當然，你最終幾乎不需要做這些事。我想大概有十幾個左右。所以在我看來，你已經擦掉了很多東西。所以我的問題是，您能否告訴我們 45 億至 60 億美元範圍內是否會產生大量現金流，在不具體說明資產的情況下，相關的自由現金流數字是多少？

Well, depending on what actually is divested, we can't really give you an estimate of what that is today. Some things are changing in terms of what we're looking at. So I think that it would be very difficult to put the number out there at this point.

好吧，根據實際剝離的內容，我們無法真正為您提供今天的估計。就我們所看到的而言，有些事情正在改變。所以我認為目前很難公佈這個數字。

Is it significant? Would you consider it material, Vicki?

重要嗎？你認為這很重要嗎，維基？

Anything that's material, we wouldn't likely do. We're trying to minimize the cash flow sold to ensure that we can maintain our cash flow. With that said, there will be some cash flow going because it's hard to sell any assets out here that we haven't already at least done appraisal work on to generate some cash flow.

任何物質性的事情，我們都不會做。我們正在努力最大程度地減少出售的現金流，以確保我們能夠維持現金流。話雖如此，將會有一些現金流，因為很難出售我們至少尚未完成評估工作以產生一些現金流的任何資產。

Okay. My follow-up is on sustaining capital. You've stepped up a little bit to $3.9 billion. But the way we -- what we're trying to figure out is this year's growth is about 2%. You're spending $6.5 billion, of which $1 billion is Battleground and DAC, which gets you to about $5.5 billion. So what I'm trying to figure out is the growth rate of 2% seems to correlate with growth spending of about $1.5 billion. It seems -- the ratio just seems a bit off. Can you help me understand how I should think about that?

好的。我的後續行動是維持資本。您已經增加了一點，達到 39 億美元。但我們試圖弄清楚今年的成長率約為 2%。你花了 65 億美元，其中 10 億美元用於《Battleground》和 DAC，這使你達到約 55 億美元。所以我想弄清楚的是，2% 的成長率似乎與約 15 億美元的成長支出有關。看起來——這個比例似乎有點不對勁。你能幫我理解我該如何思考這個問題嗎？

So if you look at our -- what we've said we'll spend in oil and gas is $4.8 billion to $5 billion in 2024. That -- part of that will be spent on, as we mentioned, some of the mid-cycle projects that generate oil production at a later date. That's for example, the Permian EOR, investing in that would generate the oil and gas production from that is about the third year after we started. So that will be a bit delayed. Gulf of Mexico, some of those are also preparing us for the future.

因此，如果你看看我們所說的，到 2024 年，我們將在石油和天然氣方面花費 48 億至 50 億美元。正如我們所提到的，其中一部分將用於一些中期項目。循環項目，以便稍後產生石油生產。例如，二疊紀 EOR，投資該項目將在我們開始後的第三年左右產生石油和天然氣產量。所以會有點延遲。墨西哥灣，其中一些也正在為我們的未來做好準備。

So the mid-cycle investments will not impact this year's production. Potentially 2.2% increase will be based on the spending of the [4.9] if you use the mid-cycle price, less that [480]. And then when you look at what's being spent in our oil and gas operations minus that amount, you still have some of that going forward facilities. So I think it speaks well to what the teams have done with respect to productivity and getting more out of the wells that we can actually spend what's really less than half that $1 billion that you mentioned on oil and gas activities and then some of that will be for facilities.

因此，中期投資不會影響今年的生產。如果使用中期價格，則可能會增加 2.2%，基於 [4.9] 的支出，減去 [480]。然後，當你看看我們的石油和天然氣業務的支出減去這個數字時，你仍然擁有一些未來的設施。因此，我認為這很好地說明了團隊在生產力和從油井中獲得更多方面所做的工作，我們實際上可以在石油和天然氣活動上花費不到您提到的10 億美元的一半，然後其中一些將是為了設施。

So we're actually getting a 2% growth rate from some of what we've developed in 2023 flowing over to 2024 and then the high productivity that we're getting out of our developments.

因此，我們實際上從 2023 年開發的一些產品到 2024 年獲得了 2% 的成長率，然後我們從我們的開發中獲得了高生產力。

It's a great answer, Vicki, still the most capital efficient portfolio by miles.

這是一個很好的答案，Vicki，仍然是資本效率最高的投資組合。

I know it's really exciting what the teams have done, and thank you for the question.

我知道團隊所做的事情確實令人興奮，謝謝你的提問。

Next question is from John Royall with JPMorgan.

下一個問題來自摩根大通的約翰·羅亞爾。

So my first question is on midstream. I think one area that surprised us a bit was the full year midstream guide, you gave some good color on the slides kind of bridging from 4Q to 1Q. But just thinking about bridging the full year. How would you characterize the moving pieces from full year '23 to full year '24? And then maybe what do you think the midstream business can do structurally kind of under mid-cycle conditions, excess $300 million to $400 million savings you've spoken about?

所以我的第一個問題是關於中流的。我認為讓我們有點驚訝的一個領域是全年中游指南，您在投影片上提供了一些很好的色彩，從第四季到第一季的橋樑。但只是想彌補全年的不足。您如何描述從 23 全年到 24 全年的變化？然後，也許您認為中游業務在中期週期條件下可以在結構上做什麼，您所說的超額節省 3 億至 4 億美元？

Yes. So one of the main drivers for the relatively lower guidance for this year is an assumption on the spread for the gas transportation contracts. So last year, we captured several gas transportation capacity optimization opportunities. For example, when the cold weather event occurred in the West Coast in the first quarter. So obviously, we cannot predict this event. So our guidance assumes compressed gas transportation spreads. But when the market does present itself, we are well positioned to capture these opportunities. So that is one of the main factors.

是的。因此，今年指導值相對較低的主要驅動因素之一是對天然氣運輸合約價差的假設。所以去年我們抓住了幾個天然氣運輸能力優化的機會。例如，第一季西海岸出現寒冷天氣事件時。顯然，我們無法預測這事件。因此，我們的指導假設壓縮氣體運輸會擴散。但當市場真正出現時，我們就處於有利地位以抓住這些機會。所以這是主要因素之一。

The other one is in Al Hosn. We have assumed a lower sulfur pricing for '24 compared to last year. Now sulfur prices are at a near-term low of around $70 per tonne, and that is primarily due to weak Asian fertilizer demand and also sale of built-up sulfur inventories by major regional producers. But based on the market trends, we think -- we see a potential improvement in prices during the second half from demand pickup and also unwinding of the sulfur inventory.

另一處位於胡森 (Al Hosn)。我們假設 24 年硫磺價格將低於去年。目前，硫磺價格處於每噸 70 美元左右的近期低位，這主要是由於亞洲化肥需求疲軟以及主要地區生產商出售累積的硫磺庫存。但根據市場趨勢，我們認為，由於需求回升和硫磺庫存的減少，下半年價格可能會有所改善。

And the last thing I would say is, we think this is sort of the low point in terms of the midstream income. We have assumed a narrow spread for the gas transportation for this year. And starting next year, we are also going to start getting the benefit of the 2 crude transportation contracts expiring, like I mentioned in my prepared remarks. So looking forward, the next 3 or 4 years, you should see a significant uplift in our midstream income.

我要說的最後一件事是，我們認為這是中游收入的低點。我們假設今年天然氣運輸價差較小。從明年開始，我們也將開始受益於兩份即將到期的原油運輸合同，正如我在準備好的演講中提到的那樣。因此，展望未來三、四年，您應該會看到我們的中游收入大幅成長。

Great. And then maybe just hoping for a little bit of detail on the 700 million BOE of additions to reserves. It's a pretty big number, especially when considering you're adding an acquisition this year. So maybe just some color on the sources of those additions and where they're coming from?

偉大的。然後也許只是希望了解 7 億桶油當量新增儲備的一些細節。這是一個相當大的數字，尤其是考慮到您今年要增加收購。那麼也許只是對這些添加物的來源以及它們來自哪裡進行一些說明？

I think the bulk of the addition is from our Permian Resources business, I think the -- I think just essentially most of it was. We had some revisions from productivity improvements in other areas, but the bulk was from Permian EOR, where I think, Richard, if you look at your reserve replacement ratio, just for onshore, that was pretty significant.

我認為新增的大部分來自我們的二疊紀資源業務，我認為基本上是大部分。我們對其他領域的生產力改進進行了一些修改，但大部分來自二疊紀EOR，我認為，理查德，如果你看看你的儲量替代率，僅就陸上而言，這是相當重要的。

Yes. I mean just to add to that. I mean, obviously, the focus, while near term, some of these highlights that we're putting in on the primary benches that we've been developing driving the outperformance on production. But some of the highlights we've been trying to put in the call or some of these secondary benches that are becoming more prevalent in our program. If you look at some of those highlights at a 2nd Bone Spring or the Bone Spring line, you look at that Delaware chart that we've got on (inaudible) production, highlighting the year-on-year performance in the Delaware, those secondary benches are outperforming our 2023 average. And so those -- as we delineate and develop more of those, that's really driving that reserves in the unconventional.

是的。我的意思只是補充一下。我的意思是，顯然，短期內我們將重點放在我們一直在開發的主要工作台上，以推動生產的出色表現。但我們一直試圖在電話會議中提出一些亮點，或者在我們的計劃中變得越來越普遍的一些輔助替補席。如果您查看第二個Bone Spring 或Bone Spring 系列中的一些亮點，您會看到我們在（聽不清楚）生產中獲得的特拉華州圖表，突出顯示了特拉華州的同比表現，這些次要的長凳的表現優於我們 2023 年的平均值。因此，當我們描繪和開發更多這樣的項目時，這確實推動了非常規儲備的發展。

EOR continues to do well. Talk in more detail if there's interest, but some of the projects they have going on there to increase capacity in some of our gas processing facilities like in the Seminole, which I think we highlighted, these are also giving us near-term, we call it, operability or it's really the reliability of that production.

EOR 繼續表現良好。如果有興趣，請更詳細地討論，但是他們在那裡進行的一些項目是為了提高我們的一些天然氣處理設施的產能，例如塞米諾爾，我認為我們強調了這一點，這些也為我們提供了近期的機會，我們稱之為它是可操作性，或者說是產品的可靠性。

So some of that incremental investment this year is driving, say, a couple of thousand barrels a day of improved base production, but that's also providing capacity to develop some of those low development cost barrels that Vicki noted as we're able to bring on the CO2 for the future. So that's sort of how we're thinking about the reserve story, and it plays out in near-term outperformance, but the long term is picking it up on reserves as well.

因此，今年的一些增量投資正在推動基礎產量每天提高數千桶，但這也提供了開發一些低開發成本桶的能力，Vicki 指出，因為我們能夠實現這一點未來的二氧化碳。這就是我們對儲備金故事的看法，它在短期內表現出色，但從長期來看，儲備金的表現也會有所改善。

And I would add the other place where we did add significant reserves is Algeria as a result of the team's work to get all the 18 contracts merged into 1 and then extended. So that was great work done by the Algeria team to add reserves there. But the thing I'm most proud of is, while the bulk of the reserves came from those 2 sources of the Permian and Algeria, and a little bit from the DJ, every business unit we have increased reserves except for Al Hosn where we had already booked quite a bit of reserves because of the modeling (inaudible) to get that estimate more refined.

我想補充一下，我們確實增加了大量儲備的另一個地方是阿爾及利亞，因為團隊努力將所有 18 份合約合併為 1 份，然後延期。因此，阿爾及利亞團隊在增加儲備方面所做的工作非常出色。但最令我自豪的是，雖然大部分儲備來自二疊紀和阿爾及利亞這兩個來源，還有一點來自 DJ，但除了 Al Hosn 以外，我們每個業務部門都增加了儲備。由於建模（聽不清楚），為了使估計更加精確，已經預訂了相當多的儲備。

The next question is from David Deckelbaum with TD Cowen.

下一個問題是 David Deckelbaum 和 TD Cowen 提出的。

I just wanted to follow up a little just on the prior conversation around EOR. I guess this is being built out in conjunction with some of the anticipated volumes coming from STRATOS. Can you give us a sense what sort of capacity in terms of production relative to where you're at today, you're intending to build out? Or I guess, thought another way, how large do you anticipate the growth rate to be out of the EOR production base over the next 5 to 10 years?

我只是想對之前​​有關 EOR 的談話進行一些跟進。我猜這是與 STRATOS 的一些預期數量一起建立的。您能否告訴我們，相對於您目前的情況，您打算建立什麼樣的生產能力？或者換個角度想，您預期未來 5 到 10 年 EOR 生產基地的成長率有多大？

I would tell you that, over the next 5 to 10 years, it's going to be a significant part of our portfolio development. We have 2 billion barrels of resources remaining to be developed. And we believe that as a result of our direct air capture facilities that we ultimately will build to get CO2 out of the atmosphere, it's going to be the most sustainable barrels in the world. It's going to be a resource that the world needs to get -- to leave 30% or 40% of oil in conventional reservoirs and 90% of oil and shale reservoirs is just not acceptable.

我想告訴你，在未來 5 到 10 年裡，它將成為我們產品組合開發的重要組成部分。我們還有 20 億桶資源有待開發。我們相信，由於我們最終將建造直接空氣捕獲設施來去除大氣中的二氧化碳，因此它將成為世界上最永續的桶子。這將成為世界需要獲得的資源——將 30% 或 40% 的石油留在常規油藏中，而將 90% 的石油和頁岩油藏中留下是不可接受的。

And for the United States, to continue our energy independence, EOR is going to have to be a part of the equation ultimately. We're getting way ahead of the game here to be sure that we're ready because we do believe that the climate transition would not be affordable for the world without EOR being able to produce net zero carbon barrels of oil.

對美國來說，為了繼續我們的能源獨立，提高採收率最終必須成為方程式的一部分。我們在這場遊戲中遙遙領先，以確保我們已做好準備，因為我們確實相信，如果 EOR 無法生產淨零碳桶石油，世界將無法承受氣候轉型。

So this is a huge part of our strategy and important, not only to our shareholders. It will add value, but to the U.S. and ultimately to other parts of the world. And for the near term, a forecast on what we can do. Richard has some data on that.

因此，這是我們策略的重要組成部分，不僅對我們的股東而言也很重要。它將增加價值，但會增加美國的價值，並最終增加世界其他地區的價值。對於近期我們能做什麼的預測。理查德有一些這方面的數據。

Yes, perfect. I'll tie that. I mean one of the attributes we really like around the EOR production that we talk about a lot is the lower decline. And so as we came through the last several years with -- especially to the downturn with lower commodity prices, being able to have that flat, flatter decline, less than 5%, was able to help us maintain a lot of free cash flow. We really started restoration of some of that development last year.

是的，完美。我會把它綁起來。我的意思是，我們真正喜歡的 EOR 生產的屬性之一是我們經常談論的遞減率較低。因此，當我們經歷過去幾年時，尤其是大宗商品價格較低的低迷時期，能夠實現低於 5% 的平穩下降，能夠幫助我們維持大量的自由現金流。去年我們確實開始恢復部分開發。

And this year, as we go forward, we'll have about 60 wells that we'll bring online, which will add about 4,000 barrels a day of new well production. But the benefit of this EOR and when we talk about mid-cycle, that double next year and triples in the third year. So you really hit your peak production of around 12,000 barrels a day based on that investment today 3 years from now.

今年，隨著我們的推進，我們將有大約 60 口油井上線，這將使每天的新油井產量增加約 4,000 桶。但是，當我們談論週期中期時，這種 EOR 的好處在明年翻一番，在第三年翻三倍。因此，根據今天的投資，三年後您確實達到了每天約 12,000 桶的峰值產量。

The other thing I mentioned shortly, but just provide a little more color, the Seminole gas plant expansion, that's about 85 million a day that will add in terms of capacity for about $40 million Again, this year, we'll expect a couple of thousand barrels a day that we'll add in our base production. So if you think about kind of a cash investment intensity, or capital intensity, that's a competitive business we've got in the portfolio. But what it does, to Vicki's point, is we're able to bring on our CO2, anthropogenic CO2 for the future, these are very good return projects. They'll be very competitive in our portfolio, especially given the lower decline.

我很快提到的另一件事，但只是提供更多色彩，塞米諾爾天然氣工廠擴建，每天約 8500 萬，將增加約 4000 萬美元的產能。同樣，今年，我們預計會有一些我們將在基礎產量中添加每天1000 桶的產量。因此，如果您考慮現金投資強度或資本強度，那麼我們的投資組合中就有一項具有競爭力的業務。但在 Vicki 看來，它的作用是我們能夠為未來帶來二氧化碳，人為二氧化碳，這些都是非常好的回報項目。他們在我們的投資組合中將非常有競爭力，特別是考慮到跌幅較小。

And so when we look at just that Seminole, as we look '24 to '28, that's, say, another 15,000 to 20,000 barrels a day type opportunity for minimal capital. And so within sort of the range of capital that we're spending this year in EOR, we're building those sort of wedges with great opportunity to do more as we bring on more CO2. So hopefully, that helps tie the short and long.

因此，當我們關注塞米諾爾油田時，當我們關注「24 至 28」時，也就是說，每天還有一個以最低資本生產 15,000 至 20,000 桶的機會。因此，在我們今年在 EOR 上花費的資本範圍內，我們正在建造這些楔子，隨著我們排放更多的二氧化碳，我們有很好的機會做更多的事情。希望這有助於將短期和長期聯繫起來。

I appreciate the details, Richard. Maybe just sticking with the theme as a follow-up, just -- I think you talked a little bit about some spending is in the budget this year for the second DAC facility, I guess, in Kleberg. Is any part of that sort of progression still contingent on conversations with the DOE? And is -- are you expecting a resolution around finality of funding and grants this year?

我很欣賞細節，理查德。也許只是堅持主題作為後續行動，只是——我想你談到了今年第二個 DAC 設施的預算中的一些支出，我想是在克勒伯格。這種進展的任何部分仍然取決於與能源部的對話嗎？您是否期待今年就資金和贈款的最終確定達成解決方案？

The discussions with the DOE are continuing and going quite well that where we -- the timing of the start of the front-end engineering and design will be dependent on the completion of some of those discussions. And then the discussions will continue beyond that on getting prepared for the start of construction, but there is a time line there that we're working through.

與能源部的討論仍在繼續，並且進展順利，我們前端工程和設計的開始時間將取決於其中一些討論的完成情況。然後，討論將繼續超出為開工做好準備的範圍，但我們正在製定一個時間表。

Maybe just a couple of details I'll add since you asked the question on that. A lot of that spend is continuing to build out the subsurface capability for that CO2. Obviously, direct air capture is an anchor for the King Ranch area, but we continue to work on our other Gulf Coast hubs. We've submitted 8 Class 6 and are expected to submit another 10 this year. So just kind of giving you scale of what those -- that type of work has been going there. So going really well. I'm really pleased with the development work on that end and then obviously Carbon Engineering, we've been getting to work more and more with and really happy with the progress that is going through R&D to project work with Ken that will fulfill that development work.

自從您提出這個問題以來，我可能會添加一些細節。其中很大一部分支出用於繼續建立二氧化碳的地下能力。顯然，直接空中捕獲是國王牧場地區的支柱，但我們繼續在其他墨西哥灣沿岸樞紐開展工作。我們已經提交了 8 個 6 級項目，預計今年將再提交 10 個。所以只是給你一些規模——那種類型的工作一直在那裡進行。所以進展順利。我對這方面的開發工作感到非常滿意，顯然碳工程，我們已經開始越來越多地合作，並且對與 Ken 一起進行研發和專案工作所取得的進展感到非常高興，這將實現這一發展工作。

The next question is from Roger Read with Wells Fargo Securities.

下一個問題來自富國銀行證券公司的羅傑·里德（Roger Read）。

I'd like to come back 2 things, please, Vicki. First one on the CrownRock, if there's anything you can kind of offer us on what the FTC is asking you for a second request. And I'll just sort of preface with I understand were some of the more integrated companies, the concern of concentration. I'm a little more surprised in a more upstream-oriented company. So anything you can help us with there?

我想回來兩件事，拜託，Vicki。第一個是關於 CrownRock 的，如果您可以向我們提供有關 FTC 要求您提出第二個請求的任何資訊。我將只是作為序言，據我了解，對於一些更加一體化的公司，對集中度的擔憂。我對一家更面向上游的公司感到更驚訝。那麼您能幫我們什麼忙嗎？

Well, some of our teams felt like they'd asked for everything. But I can tell you, our teams are working diligently to work with the team at the FTC to get them all the answers that they need. So it's -- we're progressing and hope to, as we said, be able to close in the second half of this year.

嗯，我們的一些團隊覺得他們已經要求了一切。但我可以告訴你，我們的團隊正在努力與聯邦貿易委員會的團隊合作，為他們提供所需的所有答案。所以，我們正在取得進展，並希望，正如我們所說，能夠在今年下半年完成。

So they ask for the moon and everything else?

那麼他們想要月亮和其他一切嗎？

I did -- well, I didn't see the moon on there, but we're not done yet.

我做到了——好吧，我沒有看到那裡的月亮，但我們還沒有完成。

Fair enough. All right. The other question I had in terms of the capital efficiencies are obviously coming through in the Permian. The regular, let's call it, still modest growth there, but you're increasing the growth rate during 2024 for the Rockies and other part of it. When we had the follow-up calls yesterday, you said part of it was built in some mid-cycle businesses, maybe somewhat lower decline businesses. I was just wondering from a corporate structure, how you make the decision on where to allocate the growth capital here? Like why lean more into the Rockies and the EOR rather than the Permian when we're -- kind of all conditions to thinking of the Permian is among the best returns in the business and, obviously, the performance you've been delivering at the wellhead kind of says, well, why not more capital in the Permian rather than these other opportunities?

很公平。好的。我在資本效率方面提出的另一個問題顯然是在二疊紀出現的。我們稱之為常規成長，那裡仍然溫和成長，但 2024 年落基山脈和其他地區的成長率將會提高。當我們昨天接到後續電話時，您說其中一部分是在一些週期中期的業務中建立的，也許是衰退程度較低的業務。我只是想知道從公司結構來看，您如何決定將成長資本分配到哪裡？就像為什麼更傾向於落基山脈和 EOR 而不是二疊紀，當我們認為二疊紀是業內最好的回報之一時，顯然，你在井口說，好吧，為什麼不在二疊紀更多的資本而不是這些其他機會呢？

So when you look at it on a corporate level, what we're really trying to do is balance our investments over time so that we can have a sustainable growing dividend. And it -- and we've got this unique balance that I think makes it for us, different than many other companies, and we want to take full advantage of it. And I want to let Richard and Sunil chime in on their views on it because this is a critical part of what differentiates us.

因此，當你從公司層面來看時，我們真正想做的是隨著時間的推移平衡我們的投資，以便我們能夠獲得可持續成長的股息。我認為我們擁有這種獨特的平衡，與許多其他公司不同，我們希望充分利用它。我想讓理查德和蘇尼爾談談他們對此的看法，因為這是我們與眾不同的關鍵部分。

Yes. No, Roger, I appreciate the opportunity. I mean, obviously, we're putting together short term with long term in mind, and the CrownRock acquisition provides a lot of growth, and we've talked about the positive attributes of that being a more mature unconventional development with high margin, 35% decline. It immediately adds, you can think about it from a growth standpoint, a really nice growth wedge this year, both from a free cash flow basis, but also a decline basis.

是的。不，羅傑，我很珍惜這個機會。我的意思是，顯然，我們正在將短期與長期放在一起，而 CrownRock 收購提供了很大的增長，我們已經討論過其積極屬性，即更成熟的非常規開發項目，利潤率高，35 ％衰退。它立即補充道，你可以從成長的角度來考慮，今年的成長楔形非常好，無論是從自由現金流的基礎上，還是從下降的基礎上。

The Rockies, I'll just pick on 1 point there. About 40% of that capital on the Rockies this year has to do with drilled uncompleted wells that carried in from last year. The sort of the cadence of that activity levels we had resumed activity last year, got ahead on the drilling. And then this year really beginning to complete a lot of those wells. So from a capital intensity standpoint, that's very, very low when you look at what we're spending for the amount of production that we're able to add there.

洛磯山脈，我只挑那裡的 1 分。今年洛磯山脈約 40% 的資金來自去年鑽探的未完工油井。我們去年恢復活動的那種活動水準的節奏，在鑽探中取得了進展。然後今年才真正開始完成很多這樣的井。因此，從資本密集度的角度來看，當你看到我們為我們能夠增加的產量所花費的錢時，這是非常非常低的。

Obviously, that's -- we have high margins in the Rockies. We have royalties. There's other things that drive very competitive returns there. And so that DAC count, just as a data point, we'll kind of go from say, mid-60s kind of the fourth quarter last year to more like mid-30s as we balance, and that's allowing us to then actually pull back about half of a net rig in the Rockies to more of a sustainable activity level.

顯然，我們在落基山脈的利潤率很高。我們有版稅。還有其他因素可以帶來非常有競爭力的回報。因此，DAC 計數，就像一個數據點一樣，我們會從去年第四季度的 60 年代中期，到我們平衡時的 30 年代中期，這讓我們能夠真正回撤落基山脈約一半的淨鑽機達到了可持續活動水平。

So just a little color on the Rockies, so we don't read too much into just 1 year. But maybe Sunil can then pick that up and talk kind of across the company.

所以只是對落基山脈有一點點色彩，所以我們不會對短短一年進行太多解讀。但也許蘇尼爾可以接受這一點並在整個公司範圍內進行討論。

Yes. So when we think about capital allocation in the oil and gas segment, what you're trying to do is we're trying to balance between margin, base decline and capital flexibility. So if you start with cash margin, we start with the U.S. unconventional with high margin, high returns. And based on everything you've heard so far, it's getting better each year.

是的。因此，當我們考慮石油和天然氣領域的資本配置時，我們要做的是在利潤率、基數下降和資本靈活性之間取得平衡。因此，如果你從現金保證金開始，我們會從美國非傳統的高保證金、高回報開始。根據您迄今為止所聽到的一切，情況每年都在變得更好。

And then you have Gulf of Mexico, which has one of the highest cash margin in our portfolio. And if you look on an incremental basis, it's even higher because a large part of the operating cost is fixed. And then you have international assets, which are mostly production share (inaudible) where we get a higher share of production at lower prices, and this helps mitigate some of the commodity price risk and protect the overall cash margin.

然後是墨西哥灣，它是我們投資組合中現金利潤率最高的地區之一。如果你從增量的角度來看，它甚至更高，因為很大一部分的營運成本是固定。然後你擁有國際資產，其中大部分是生產份額（聽不清楚），我們以較低的價格獲得更高的生產份額，這有助於減輕一些商品價格風險並保護整體現金利潤。

So that is from a margin point of view. I mean when you think about base decline, so today, our production, approximately 60% of our production is unconventional. And with Crown Rock, it's going to get to around 65%. So what we are trying to do is balance between the short cycle, high-end decline unconventional, and then the mid-cycle shallower decline conventional investments.

這是從邊際角度來看的。我的意思是，當你考慮基數下降時，今天我們的產量中，大約 60% 是非常規的。對於 Crown Rock，這一比例將達到 65% 左右。因此，我們要做的是在短週期、高端跌幅非常規投資和中周期跌幅較窄的常規投資之間取得平衡。

And Permian EOR, like Richard said, is one of the lowest base decline in our portfolio. So if you look at a typical Permian EOR project, we get to the peak production by the third year, and the peak production is almost 3x the first year of production. And then after that, it is a shallow decline. So what this does is it helps manage our overall corporate decline, which helps with the sustaining capital, and which ultimately helps with the breakeven.

正如理查所說，二疊紀 EOR 是我們投資組合中基數下降最低的之一。因此，如果你看一下典型的二疊紀 EOR 項目，我們會在第三年達到峰值產量，並且峰值產量幾乎是第一年產量的 3 倍。在那之後，這是一個輕微的下降。因此，這樣做的作用是幫助我們管理公司整體下滑，有助於維持資本，最終有助於實現收支平衡。

And the third part of it is capital flexibility. So if you look at our CapEx even for this year, around 75% of upstream CapEx is U.S. onshore, where we have flexibility to change activity depending on the macro conditions. So like if you look back in 2020, in U.S. onshore, we had around 30% of the rigs that we plan to operate this year. So we were able to ramp up quickly and efficiently, and we can do this if the macro demands that. So these are the 3 attributes that we look at when we look at oil and gas capital allocation.

第三部分是資本靈活性。因此，如果你看看我們今年的資本支出，你會發現大約 75% 的上游資本支出是美國在岸，我們可以根據宏觀條件靈活地改變活動。回顧 2020 年，我們今年計畫營運的美國陸上鑽井平台約有 30%。因此，我們能夠快速有效地提高產量，如果宏觀需要的話，我們就可以做到這一點。這是我們在考慮石油和天然氣資本配置時要考慮的三個屬性。

So to summarize what I would say is we have a diverse portfolio of both conventional and unconventional assets that helps manage our base decline, while also maximizing our returns and also providing the flexibility to respond to different macro conditions.

總結一下，我想說的是，我們擁有傳統和非常規資產的多元化投資組合，有助於管理我們的基數下降，同時最大化我們的回報，並提供應對不同宏觀條件的靈活性。

The next question is from Neal Dingmann with Truist Securities.

下一個問題來自 Truist Securities 的 Neal Dingmann。

My first question, Vicki, is on the DJ. I'm just wondering, could you remind me where you all sit, I think, in good shape. I'm just wondering where you all sit on total permits pertaining to your DJ D&C plan? And then while early, are you all concerned about the -- I saw some latest potential proponents Colorado bills?

Vicki，我的第一個問題是關於 DJ 的。我只是想知道，你能提醒我你們都坐在哪裡嗎？我認為，狀態良好。我只是想知道你們 DJ D&C 計劃的總許可證都在哪裡？然後，在早些時候，你們都擔心——我看到了一些最新的潛在支持者科羅拉多州法案嗎？

Yes. I'll pass that to Richard.

是的。我會把它轉給理查。

Yes. I think just from a permit standpoint, it's been very productive over the last couple of years. So we stand today about a little over a rig year -- or 1.5x kind of our current activity. But in the last 6 months, we've gotten [155] through. In the next 12 months, we expect another [169]. So there are some big ones that we've been working through kind of from a larger package standpoint that have gone really well.

是的。我認為僅從許可的角度來看，過去幾年的工作非常有成效。因此，我們今天的活動大約是鑽機年多一點，或者說是我們目前活動的 1.5 倍。但在過去 6 個月裡，我們已經[155]通過了。在接下來的 12 個月裡，我們預計還會有另一個 [169]。因此，從更大的一攬子計劃的角度來看，我們一直在努力解決一些重大問題，而且進展非常順利。

That team there -- and I hope this helps kind of the second part of your question. We continue to drop things that are important to the communities and the state around emissions. Our safety programs are very good. We've worked on consolidating facilities and doing things around transportation to make it easier. And so a lot of those things have been really the positive things we've been able to add into these permit or development plans around the permits that we've received very positive comments on.

那裡的團隊——我希望這對你問題的第二部分有所幫助。我們繼續放棄對社區和國家在排放方面重要的事情。我們的安全計劃非常好。我們致力於整合設施並圍繞交通開展工作，以使其變得更加容易。因此，其中許多事情確實是積極的事情，我們已經能夠將其添加到這些許可證或圍繞許可證的開發計劃中，我們已經收到了非常積極的評論。

So we're continuing on. Again, we're sort of hitting more stable, sustainable activity up there, and we feel like we're in as good a position as we have been in a long time in terms of permit outlook.

所以我們繼續。再說一遍，我們正在那裡實現更穩定、可持續的活動，而且我們感覺在許可前景方面我們處於長期以來的良好位置。

Very helpful, Richard. And then just a follow-up on shareholder return on M&A. I'm just wondering, I assume (inaudible) the preferred redemptions would now not incur until late '25. So is it fair to assume that when you were looking at the CrownRock acquisition that the fact you factored in that any -- the CrownRock incremental production or free cash flow would more than offset any mitigated payments now for another year or so?

非常有幫助，理查德。然後是併購股東回報的後續行動。我只是想知道，我假設（聽不清楚）首選贖回現在要到 25 年末才會發生。那麼，當您在考慮 CrownRock 收購時，您考慮到的事實是否公平：CrownRock 增量生產或自由現金流將足以抵消現在一年左右的任何減免付款？

Yes. That's what we (inaudible) on that. But the CrownRock does -- that acquisition, once we get our debt back down to $15 billion, that's going to be a key part of helping us then to start the resumption of a more robust share repurchase program of both the common and ultimately, the preferred.

是的。這就是我們（聽不清楚）的意思。但 CrownRock 做到了——一旦我們的債務回落到 150 億美元，那次收購將成為幫助我們開始恢復更強有力的股票回購計劃的關鍵部分，無論是普通股還是最終，首選。

The next question is from Josh Silverstein with UBS.

下一個問題來自瑞銀集團 (UBS) 的喬許‧西爾弗斯坦 (Josh Silverstein)。

I was going to ask on kind of similar topic there now that the asset sales are pushed out, and you don't have the term loan coming into just yet. Is the shareholder return profile, just the base dividend this year and that kind of supports you get into that $15 billion debt number a bit faster?

我本來想問類似的話題，因為資產出售已經被推遲，而且還沒有定期貸款。股東回報率只是今年的基本股息嗎？這會支持你更快償還 150 億美元的債務嗎？

No, actually, we would -- we're going to accumulate cash flow as we continue to work toward closing the CrownRock deal because part of cash flow will be used to help pay down both the term loan and our debt maturities that are coming. So cash flow would not be used for share repurchases until we get to the point where we've achieved those goals.

不，實際上，我們會——隨著我們繼續努力完成 CrownRock 交易，我們將累積現金流，因為部分現金流將用於幫助償還定期貸款和即將到期的債務。因此，在我們實現這些目標之前，現金流不會用於股票回購。

Got it. And then I saw that the Battleground project was pushed out to 2026. If you could just go through any sort of the drivers of the extra time that was needed and what the status of the other plant enhancement projects look like? And maybe what the split of that $350 million EBITDA uplift was like kind of between Battleground and the other projects?

知道了。然後我看到戰場項目被推遲到 2026 年。您是否可以了解所需額外時間的任何驅動因素以及其他工廠增強項目的狀況如何？也許 Battleground 專案和其他專案之間 3.5 億美元的 EBITDA 成長是如何分配的？

I think there's -- the projects there were pushed out a bit just like many other things because of supply chain issues and also dealing a little bit with inflation. But those projects, we started those and those are in progress and going well at this point. So I'd like to say that though the importance of when those cash flows come on from the plant enhancement projects, we're already starting to see cash flow from those projects. The actual cash flow that we'll see from the Battleground expansion won't be until the second half of 2026.

我認為，由於供應鏈問題以及通貨膨脹問題，那裡的項目與許多其他項目一樣被推遲。但這些項目，我們已經啟動了，並且正在進行中，目前進展順利。因此，我想說，雖然工廠改造項目帶來的現金流很重要，但我們已經開始看到這些項目的現金流。我們要到 2026 年下半年才能從《戰場》資料片中看到實際的現金流。

But the exciting thing about all of this is that, when you add the OxyChem projects, which will deliver the $300 billion to $400 billion the full uplift by the second half of '26, that's both the plant enhancement projects and the expansion, so we've got that, and you combine that with what Sunil had talked about earlier, where we have a $400 million reduction in our mid-cycle contract prices in 2025, we'll see the full uplift of that in 2026 as well.

但這一切令人興奮的是，當你加上 OxyChem 項目時，到 26 年下半年，這將帶來 3000 億至 4000 億美元的全面提升，這既是工廠增強項目，也是擴建項目，所以我們已經明白了，你將其與Sunil 之前談到的結合起來，即我們在2025 年將中期合約價格降低了4 億美元，我們也將在2026 年看到這一價格的全面上漲。

And so when you combine those along with the $1 billion that we expect, assuming in a WTI price of $70, that puts us in 2026 with $1.7 billion incremental cash at least and potentially more than that. So to be able to get to a point where in just a little over 2 years, where we have -- through these projects and cost reduction, we are $1.7 billion better in terms of cash flow, that's pretty significant for us and something that we're really looking forward to and excited about.

因此，如果將這些與我們預期的 10 億美元結合起來，假設 WTI 價格為 70 美元，那麼我們到 2026 年將至少擁有 17 億美元的增量現金，甚至可能更多。因此，能夠在短短 2 年多一點的時間裡，透過這些項目和成本削減，我們的現金流量增加了 17 億美元，這對我們來說非常重要，也是我們需要做的事情。真的很期待也很興奮。

The next question is from Michael Scialla with Stephens.

下一個問題是麥可·夏拉和史蒂芬斯提出的。

I appreciate all the detail you gave on the decision to direct more capital this year to mid-cycle investments. I wanted to ask specifically about the Gulf of Mexico, which is part of that. Back in December, you were planning on just the 2 drill ships. So wanted to see what changed your thinking there to add a third drillship, and especially given that services there seem to be tighter than they are onshore, was it just part of this whole mid-cycle investment thesis? Or is there something else? And can you talk about specifically what you're seeing there that third drillship will be targeting?

我感謝您就今年將更多資金用於中期投資的決定提供的所有細節。我想具體詢問墨西哥灣，墨西哥灣是其中的一部分。早在 12 月，您就計劃只建造 2 艘鑽探船。所以想看看是什麼改變了您在那裡增加第三艘鑽井船的想法，特別是考慮到那裡的服務似乎比陸上的服務更緊張，這是否只是整個中期投資論文的一部分？或是還有別的什麼嗎？您能否具體談談您所看到的第三艘鑽探船的目標是什麼？

And in terms of drillships, we're only planning on 2 drillships this year. In terms of GoM overall, (inaudible) plays into the portfolio, last time I mentioned our GoM 2.0 project. Based on that, we're counting out detailed (inaudible) characterization work we can see significant upside potential in the GoM assets. I mentioned waterflood, stimulation, horizontals, artificial lift and subsea pumping, which is already operational for us.

在鑽井船方面，我們今年只計劃建造 2 艘鑽井船。就 GoM 整體而言，（聽不清楚）參與了投資組合，上次我提到了我們的 GoM 2.0 項目。基於此，我們計算出詳細的（聽不清楚）特徵分析工作，我們可以看到 GoM 資產的巨大上行潛力。我提到了注水、增產、水平開採、人工舉升和海底泵送，這些都已經為我們投入使用。

If I talk a little bit about water injection, when you already operate fields with original oil in place numbers of billions of barrels, adding water injection is a really economical way of increasing recovery factors on high-margin, low-development cost barrels. Typical improvements in recovery in appropriate reservoirs can be between 10% and 16%, while also significantly reducing decline. So it plays into the things that Richard was talking about in EOR.

如果我談一下注水，當您已經經營擁有數十億桶原油儲量的油田時，添加註水是提高高利潤、低開發成本桶的採收率的一種非常經濟的方式。適當油藏的採收率通常可提高 10% 至 16%，同時也可大幅減少遞減。因此，它與理查德在 EOR 中談論的事情有關。

Scale of these developments and the very low development costs lead to good returns. Analogs have been highly successful in GoM. As you know, we're world leaders in these technologies. We do them in every country that we operate in, and domestic is the foundation of who we are. I'd also like to highlight the OBN seismic activity that we've done since 2020. That's really helped define these targets, scale up them and it's assisting in the well planning and well locations that we're working on at the moment.

這些開發規模和極低的開發成本帶來了良好的回報。類似物在 GoM 取得了巨大成功。如您所知，我們在這些技術方面處於世界領先地位。我們在我們開展業務的每個國家都這樣做，而國內是我們的基礎。我還想強調我們自 2020 年以來所做的 OBN 地震活動。這確實有助於確定這些目標，擴大它們的規模，並有助於我們目前正在進行的井規劃和井位。

I think we see GoM as a portfolio with great optionality to grow using the existing infrastructure that we have in place, but also the technology skills that we have across the entire company. I hope that answers your question.

我認為我們將 GoM 視為一個具有巨大選擇性的投資組合，可以利用我們現有的基礎設施以及我們整個公司擁有的技術技能來實現成長。我希望這能回答你的問題。

Yes, it does. Appreciate that, Ken. And on the -- on your CrownRock acquisition call. You mentioned -- I think Richard mentioned your pilot that you've been working on the Midland Basin for a couple of years. I just wonder if there's any plans to expand EOR in the Midland in the near term? And did that have any bearing on your decision with the CrownRock acquisition?

是的，它確實。很欣賞這一點，肯。在你們的 CrownRock 收購電話會議上。你提到——我想理查德提到你的飛行員，你已經在米德蘭盆地工作了幾年。我只是想知道近期是否有計劃在米德蘭擴大 EOR？這對您收購 CrownRock 的決定有影響嗎？

The Crown Rock acquisition stood on its own in terms of quality and how it fit within our portfolio in the Midland Basin and made that asset stronger. But the 4 pilots that we conducted in the Midland Basin were on the South Curtis Ranch, which is not too far from some of those asset. So we do believe that the Midland Basin is going to be one of the areas that we would target in a big way with an enhanced oil recovery development that's using anthropogenic or atmospheric. But we're also doing the same thing in the Delaware Basin now. We have a pilot going on there. That will help us to potentially look at that as another place to develop ultimately. So we have both options.

Crown Rock 的收購在品質以及如何融入我們米德蘭盆地的投資組合方面具有獨立性，並使該資產更加強大。但我們在米德蘭盆地進行的 4 個試點是在南柯蒂斯牧場，距離其中一些資產不太遠。因此，我們確實相信，米德蘭盆地將成為我們大力利用人為或大氣提高石油採收率開發的目標地區之一。但我們現在也在特拉華盆地做同樣的事情。我們有一名飛行員在那裡進行。這將有助於我們將其視為另一個最終發展的地方。所以我們有兩種選擇。

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

由於時間關係，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。

Just like to say thank you all for participating in our call today. Have a good day.

感謝大家今天參加我們的電話會議。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。