西方石油 (OXY) 2024 Q2 法說會逐字稿

Good afternoon, and welcome to Occidental's second-quarter 2024 earnings conference call.

下午好，歡迎參加西方石油公司 2024 年第二季財報電話會議。

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

（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.

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

Please go ahead.

請繼續。

Thank you, Drew.

謝謝你，德魯。

Good afternoon, everyone, and thank you for participating in Occidental's second-quarter 2024 earnings conference call.

大家下午好，感謝大家參加西方石油公司 2024 年第二季財報電話會議。

On the call with us today are Vicki Hollub, President and Chief Executive Officer; Sunil Matthew, 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.

今天與我們通話的是總裁兼執行長 Vicki Hollub；蘇尼爾‧馬修，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.

今天下午，我們將參考我們網站投資者部分提供的幻燈片。

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

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性聲明。

We'll also reference a few non-GAAP financial measures today.

今天我們也將參考一些非公認會計準則財務指標。

Reconciliations to the nearest corresponding GAAP measure can be found in the schedules to our earnings release and on our website.

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 will now turn the call over to Vicki.

我現在將把電話轉給 Vicki。

Thank you, Jordan, and good afternoon, everyone.

謝謝喬丹，大家下午好。

I'll begin today by highlighting another quarter of exceptional execution across our business segments.

今天，我將首先強調我們業務部門又一個季度的出色執行力。

Our teams delivered strong operational performance during the second quarter.

我們的團隊在第二季取得了強勁的營運表現。

Our technical and operational excellence, paired with a high-quality asset portfolio continued to deliver value across our businesses.

我們卓越的技術和運營，再加上高品質的資產組合，繼續為我們的業務創造價值。

Last week, we further strengthened our portfolio through the addition of CrownRock's assets in the Midland Basin.

上週，我們透過增加 CrownRock 在米德蘭盆地的資產進一步加強了我們的投資組合。

We were also pleased to announce that our strategic divestiture program is progressing, and we have clear line-of-sight to meeting the debt reduction targets we set out when we announced the deal last December.

我們也很高興地宣布，我們的戰略剝離計劃正在取得進展，並且我們有明確的目標來實現去年 12 月宣布該交易時設定的債務削減目標。

This afternoon, I'll cover our second-quarter results and operational performance as well as our CrownRock integration plans.

今天下午，我將介紹我們的第二季業績和營運業績以及我們的 CrownRock 整合計畫。

Sunil will then review our financial results and guidance, including an increase in full-year guidance for our Midstream earnings.

然後，蘇尼爾將審查我們的財務業績和指導，包括提高中游收益的全年指導。

In the second quarter, we delivered Oxy's highest quarterly production in four years for both total company and U.S. Onshore.

第二季度，我們為 Oxy 公司和美國陸上公司提供了四年來最高的季度產量。

This exceeds the midpoint of total company production guidance generating $1.3 billion in free cash flow before working capital.

這超過了公司總生產指引的中點，產生了 13 億美元的不計營運資本的自由現金流。

This was driven by exceptional execution across our business segments with notably strong Permian new well performance and higher production uptime along with outperformance in the Gulf of Mexico.

這是由於我們各業務部門的卓越執行力所推動的，二疊紀新井表現尤其強勁，生產正常運作時間更長，而且墨西哥灣表現出色。

We're exceeding our production expectations for onshore new wells across all our basins and are continuing to achieve operational efficiencies as we execute our capital program.

我們所有盆地的陸上新井產量都超出了預期，並在執行資本計劃時繼續提高營運效率。

This year to date, we've seen approximately 10% improvement in our unconventional well costs compared to the first half of last year, putting us ahead of our planned well cost savings.

今年迄今為止，與去年上半年相比，我們的非常規油井成本降低了約 10%，超出了計畫的油井成本節約。

These savings have been achieved through lower non-productive time, increased frac utilization, operational efficiency gains and facilities optimization as part of our focused program to lower well cost, decrease time-to-market and increase free cash flow.

這些節省是透過減少非生產時間、提高壓裂利用率、提高營運效率和設施優化來實現的，這是我們降低油井成本、縮短上市時間和增加自由現金流的重點計畫的一部分。

We anticipate further acceleration in time-to-market in the second half of the year.

我們預計下半年上市時間將進一步加速。

Importantly, we continue to deliver industry-leading performance in secondary bench development, supporting long-term economics and inventory replenishment.

重要的是，我們繼續在二級試驗台開發方面提供領先業界的性能，支持長期經濟效益和庫存補充。

The momentum we are generating on development costs across many facets should translate to capital efficiency improvements as we look toward the end of the year and into 2025.

展望今年年底和 2025 年，我們在多方面開發成本方面所產生的動力應該會轉化為資本效率的提高。

In addition to improved capital efficiency and continued well performance leadership, our teams have driven down lease operating expenses across our domestic assets to enhance our cash margins.

除了提高資本效率和持續保持良好的業績領先地位外，我們的團隊還降低了國內資產的租賃營運費用，以提高我們的現金利潤率。

In the second quarter, our per BOE lease operating expenses decreased over $0.60 a barrel, a 6% improvement relative to the average of the prior three quarters.

第二季度，我們的每桶油當量租賃營運費用下降超過每桶 0.60 美元，較前三個季度的平均水準下降 6%。

We have several more optimization initiatives planned for the second half of the year, which should give us a favorable outlook toward year-end.

我們計劃在下半年推出更多優化舉措，這應該會為我們帶來良好的年底前景。

For example, in our Permian EOR business, we are finding ways to utilize CO2 more efficiently in our reservoirs.

例如，在我們的二疊紀 EOR 業務中，我們正在尋找在油藏中更有效利用二氧化碳的方法。

We're also optimizing our artificial lift, which has led to reduced failure rates and associated downhole maintenance costs.

我們也優化了人工舉升，從而降低了故障率和相關的井下維護成本。

In the Delaware Basin, we've decreased water disposal costs by doubling the volume of water recycled relative to the first half of last year.

在特拉華盆地，我們將回收水量比去年上半年增加了一倍，降低了水處理成本。

Water stewardship remains a key priority in our operations, and I'm pleased to highlight a recent milestone in which we recycled a cumulative 50 million barrels in our Midland South Curtis Ranch treatment facility.

水管理仍然是我們營運中的關鍵優先事項，我很高興地強調最近的一個里程碑，我們在米德蘭南柯蒂斯牧場處理設施中累積回收了 5000 萬桶。

In addition, we have now recycled over 150 million barrels in our New Mexico operations since 2019.

此外，自 2019 年以來，我們在新墨西哥州的業務已回收了超過 1.5 億桶。

Overall, we have built solid Oil & Gas segment momentum as we move into the second half of 2024.

總體而言，進入 2024 年下半年，我們已經在石油和天然氣領域建立了堅實的勢頭。

This gives us confidence to maintain our full year production guidance, excluding CrownRock, for our total company and Permian assets despite the expected divestiture of 15,000 BOE per day in the fourth quarter.

這讓我們有信心維持我們整個公司和二疊紀資產的全年產量指引（不包括 CrownRock），儘管預計第四季度每天將剝離 15,000 桶油當量。

Our Midstream business significantly outperformed in the second quarter with an adjusted pretax income more than $180 million higher than the guidance midpoint.

我們的中游業務第二季度的表現顯著優於預期，調整後的稅前收入比指導中點高出超過 1.8 億美元。

Our domestic gas marketing teams followed up on the success of their first quarter by utilizing their extensive market intelligence and transportation capability to benefit from regional pricing dislocations.

我們的國內天然氣行銷團隊在第一季的成功之後，利用其廣泛的市場情報和運輸能力，從區域定價錯置中受益。

Furthermore, as healthy storage levels and stable Permian output continued from earlier in the year, the second quarter presented abnormally high planned and unplanned maintenance on takeaway pipelines.

此外，由於今年稍早健康的儲存水準和穩定的二疊紀產量，第二季外輸管道的計畫內和計畫外維護量異常高。

Our teams capitalized on this opportunity, highlighting the value the diversity of our asset base provides.

我們的團隊利用了這個機會，強調了我們資產基礎的多樣性所提供的價值。

As we look ahead to the second half of the year, we anticipate fewer opportunities for optimization after the Matterhorn pipeline is placed in service, which is expected in the coming months.

展望今年下半年，我們預期馬特宏峰管線投入使用後優化的機會將會減少，預計在未來幾個月內投入使用。

However, our teams will be prepared to act if additional bottlenecks arise.

但是，如果出現其他瓶頸，我們的團隊將準備採取行動。

Looking now at our low-carbon businesses, we're excited by the advancements we are making.

現在看看我們的低碳業務，我們對所取得的進步感到興奮。

As construction of STRATOS, our first direct air capture facility, moves forward, our Low Carbon Ventures team continues to demonstrate that demand for carbon dioxide removal credits is growing.

隨著我們第一個直接空氣捕獲設施 STRATOS 建設的推進，我們的低碳風險投資團隊繼續證明，對二氧化碳清除積分的需求正在增長。

In July, we announced an agreement with Microsoft for the sale of 500,000 metric tons of CDR credits over six years from STRATOS.

7 月，我們宣布與 Microsoft 達成協議，在六年內從 STRATOS 出售 50 萬噸 CDR 積分。

The agreement is the largest single purchase of direct air capture CDR credits to date and highlight the increasing recognition of Carbon Engineering's technology as a solution to help organizations achieve their net-zero goals.

該協議是迄今為止直接空氣捕獲 CDR 積分的最大單筆購買，突顯了 Carbon Engineering 的技術作為幫助組織實現淨零目標的解決方案的日益認可。

I would now like to talk about how pleased we are to integrate CrownRock into the greater Oxy portfolio.

現在我想談談我們是多麼高興將 CrownRock 整合到更大的 Oxy 產品組合中。

We closed the acquisition on August 1, and we continue to be impressed with CrownRock's efficient operations and employee talent.

我們於 8 月 1 日完成了收購，CrownRock 的高效營運和員工才華仍然給我們留下了深刻的印象。

As we have discussed previously, this acquisition complements and enhances our premier Permian portfolio with the addition of high-margin production and low breakeven undeveloped inventory.

正如我們之前所討論的，此次收購補充並增強了我們主要的二疊紀投資組合，增加了高利潤生產和低盈虧平衡的未開發庫存。

We're excited about the subsurface and geologic potential of these assets and our technical teams are eager to apply their subsurface expertise and workflows to generate maximum value.

我們對這些資產的地下和地質潛力感到興奮，我們的技術團隊渴望應用他們的地下專業知識和工作流程來產生最大價值。

We're also looking forward to leveraging our newfound scale in the Midland Basin.

我們也期待利用我們在米德蘭盆地新發現的規模。

Over the years, we've seen how scale has driven significant technical advancements and operational efficiencies in our other basins.

多年來，我們已經看到規模如何推動其他盆地的重大技術進步和營運效率。

We are confident that as we integrate our Midland Basin assets, we'll unlock meaningful efficiencies through infrastructure sharing, resource utilization and by bringing together best practices from each of our organizations.

我們相信，當我們整合米德蘭盆地資產時，我們將透過基礎設施共享、資源利用以及匯集每個組織的最佳實踐來釋放有意義的效率。

Our combined teams have made great strides in the past several days getting to know each other and integrating CrownRock into Oxy's organization.

在過去的幾天裡，我們的聯合團隊取得了長足的進步，相互了解並將 CrownRock 整合到了 Oxy 的組織中。

On our next call, we're looking forward to telling you more about our post-CrownRock enhanced portfolio and how the integration is advancing.

在我們的下一次電話會議中，我們期待向您介紹更多有關我們後 CrownRock 增強型產品組合以及整合進度的資訊。

One of the many benefits of this acquisition was the opportunity to high-grade Oxy's existing portfolio of assets.

此次收購的眾多好處之一是有機會提升 Oxy 現有資產組合的品質。

In December, we laid out plans for our $4.5 billion to $6 billion divestiture program to be completed within 18 months of the acquisition's close.

12 月，我們制定了 45 億至 60 億美元資產剝離計劃，計劃在收購結束後 18 個月內完成。

Given the inventory depth of our onshore portfolio, we welcome the opportunity to monetize some of these assets at an attractive price.

鑑於我們在岸投資組合的庫存深度，我們歡迎有機會以有吸引力的價格將其中一些資產貨幣化。

And as we announced last week, the divestiture program is progressing well.

正如我們上周宣布的那樣，剝離計劃進展順利。

Since the start of the year, we have closed or announced approximately $1 billion of Permian Basin divestitures.

自今年年初以來，我們已經完成或宣布了價值約 10 億美元的二疊紀盆地資產剝離。

The proceeds from these sales will go directly towards debt reduction.

這些銷售的收益將直接用於減少債務。

This progress on divestitures, coupled with a robust organic cash flow underpinned by our steady focus on operational excellence has positioned us well to reduce our debt in the near-term.

剝離方面的進展，加上我們對卓越營運的堅定關注所支撐的強勁的有機現金流，使我們能夠在短期內減少債務。

Sunil will address this in more detail, but we're excited that we're on track to retire approximately $3 billion of debt during the third quarter, which speaks to both the quality of our assets and our future cash flow potential.

Sunil 將更詳細地解決這個問題，但我們很高興我們預計在第三季償還約 30 億美元的債務，這既體現了我們的資產質量，也體現了我們未來的現金流潛力。

Now, I'll hand the call over to Sunil to provide more details about our second-quarter financial results, our guidance, and progress on strategic financial action.

現在，我將把電話轉交給蘇尼爾，提供有關我們第二季度財務業績、我們的指導以及戰略財務行動進展的更多詳細資訊。

Thank you, Vicki.

謝謝你，維基。

We are excited with the recent progress we have made in executing the portfolio high-grading plan we outlined in December.

我們對最近在執行 12 月概述的投資組合高評級計劃方面取得的進展感到興奮。

Oxy has realized an immediate announcement of our U.S. Onshore portfolio with low breakeven inventory and expansion of free cash flow generation potential upon the closing of CrownRock last week.

上週 CrownRock 關閉後，Oxy 立即宣布我們的美國陸上投資組合具有較低的損益平衡庫存和擴大的自由現金流生成潛力。

The opportunity to build scale in the Midland Basin made this transaction a strategic fit for Oxy and the newly acquired assets will immediately compete for capital.

在米德蘭盆地擴大規模的機會使這筆交易成為 Oxy 的戰略契合點，新收購的資產將立即爭取資本。

In late July, we issued $5 billion of senior unsecured notes.

7 月底，我們發行了 50 億美元的優先無擔保票據。

We used the net proceeds of the offering and term loans to fund the cash consideration of the CrownRock acquisition.

我們使用此次發行和定期貸款的淨收益來支付 CrownRock 收購的現金對價。

Overall, we were highly pleased with the investor demand for the bond offering.

整體而言，我們對投資者對債券發行的需求感到非常滿意。

We placed notes maturing in five tranches at 3, 5, long 7, 10, and 30 years at a weighted average coupon rate of less than 5.5%, creating a manageable debt maturity profile given our deleveraging plans.

我們將票據分為五期，期限分別為3 年、5 年、長期7 年、10 年和30 年，加權平均票面利率低於5.5%，考慮到我們的去槓桿化計劃，形成了可控的債務到期狀況。

Our efforts to strengthen our balance sheet remain a top priority, and we are achieving early success in debt reduction.

我們加強資產負債表的努力仍然是首要任務，而且我們在債務削減方面正在取得早期成功。

In July, we retired $400 million of debt at maturity and our strong organic free cash flow is enabling further deleveraging progress in the coming weeks.

7 月份，我們償還了 4 億美元的到期債務，我們強勁的有機自由現金流將在未來幾週內推動去槓桿化進程的進一步進展。

By the end of August, between additional Oxy maturities and the early redemption of CrownRock's notes, we will have prepaid an additional $1.9 billion of debt, bringing the total to $2.3 billion.

到 8 月底，在 Oxy 到期和提前贖回 CrownRock 票據之間，​​我們將額外預付 19 億美元的債務，使債務總額達到 23 億美元。

Add to this the proceeds from the Barilla Draw divestiture, and we expect to have repaid over $3 billion in debt by the end of the third quarter, which is almost 70% of our near-term reduction commitment of $4.5 billion.

再加上 Barilla Draw 剝離的收益，我們預計到第三季末將償還超過 30 億美元的債務，這幾乎是我們近期削減承諾 45 億美元的 70%。

We will continue to prudently advance deleveraging via free cash flow and proceeds from our divestiture program.

我們將繼續透過自由現金流和剝離計劃收益審慎推進去槓桿化。

We were pleased last week to announce the agreement to sell certain Delaware Basin assets for approximately $818 million.

上週我們很高興地宣布達成協議，以約 8.18 億美元的價格出售特拉華盆地的某些資產。

The core of this divestiture centers around approximately 27,500 net acres in the Barilla Draw field of the Texas Delaware Basin.

此次剝離的核心區域位於德克薩斯州特拉華盆地的 Barilla Draw 油田，佔地約 27,500 英畝。

While these assets have been core to Oxy's southern Delaware position for over a decade, the remaining inventory is longer-dated in our current development plans.

雖然這些資產十多年來一直是 Oxy 在特拉華州南部的核心地位，但剩餘庫存在我們目前的開發計劃中是較長期的。

We anticipate closing the sale late in the third quarter and estimate a 15,000 BOE per day reduction in fourth-quarter Permian production.

我們預計在第三季末完成銷售，並估計第四季二疊紀產量每天減少 15,000 桶油當量。

Separate from this transaction, we also announced additional completed dispositions from earlier in the year, involving several smaller undeveloped acreage positions throughout the Permian, for approximately $152 million in total.

除了這項交易之外，我們還宣布了今年稍早完成的額外處置，涉及整個二疊紀地區幾個較小的未開發區塊，總價值約為 1.52 億美元。

This brings total year-to-date closed or announced divestments to $970 million.

這使得今年迄今已完成或宣布的撤資總額達到 9.7 億美元。

Consistent with our cash flow priorities, all net proceeds from these sales will be allocated to debt reduction.

與我們的現金流量優先事項一致，這些銷售的所有淨收益將分配用於減少債務。

We are satisfied with the progress of our divestiture program and the trajectory of debt reduction plans.

我們對剝離計劃的進度和債務削減計劃的進展感到滿意。

We are ahead of schedule on our near-term debt reduction commitments, and we will continue to focus on strengthening our balance sheet through a combination of divestitures and excess cash flow until we reach our principal debt target of $15 billion or less.

我們提前履行了近期債務削減承諾，並且我們將繼續致力於透過資產剝離和超額現金流來強化我們的資產負債表，直到我們達到 150 億美元或更少的本金債務目標。

In the second quarter, we generated both an adjusted and reported profit of $1.03 per diluted share and exited the second quarter with $1.8 billion of unrestricted cash.

第二季度，我們的調整後和報告利潤均為稀釋每股 1.03 美元，並在第二季結束時擁有 18 億美元的非限制性現金。

As Vicki highlighted earlier, we generated over $1.3 billion of free cash flow before working capital, driven by sustained success across our diversified business segments.

正如 Vicki 之前所強調的那樣，在我們多元化業務部門持續成功的推動下，我們產生了超過 13 億美元的不計營運資本的自由現金流。

More specifically, the second quarter was marked by strong production performance in the Permian and Gulf of Mexico, driving high oil volumes.

更具體地說，第二季的特點是二疊紀和墨西哥灣的強勁生產表現，推動了高石油產量。

In the Midstream segment, substantial value capture was realized, particularly in gas marketing as evident through the greater than $180 million adjusted pretax income outperformance when compared to the midpoint of guidance.

在中游領域，實現了巨大的價值獲取，特別是在天然氣行銷領域，與指導中位數相比，調整後的稅前收入超過 1.8 億美元，這一點就顯而易見。

We are delighted with how operational excellence drove financial results in the second quarter and continue to benefit from a complementary asset base that positions us for success through a wide range of pricing environments.

我們對卓越營運如何推動第二季的財務表現感到高興，並繼續受益於互補的資產基礎，使我們能夠在廣泛的定價環境中取得成功。

Our second-quarter capital was largely in line with the first quarter, consistent with our business plan of a front-half heavy year in domestic oil and gas activity.

我們第二季的資本與第一季基本一致，這符合我們上半年國內石油和天然氣活動繁忙的業務計畫。

We reported a negative working capital change in the second quarter, primarily due to higher oil volumes and increased barrel shipments on the water at quarter end.

我們報告第二季營運資金出現負變化，主要是由於季度末石油產量增加和水上桶裝船量增加。

Rockies-related property tax payments, which are based on a two-year revenue lag and incorporates a period of higher oil and natural gas prices from 2022, also played a contributing factor.

與落基山脈相關的財產稅支付是基於兩年的收入滯後，並考慮了自 2022 年起石油和天然氣價格上漲的時期，這也是一個影響因素。

Now, looking ahead to the second half of 2024, we have provided pro forma guidance based upon the following assumptions.

現在，展望 2024 年下半年，我們根據以下假設提供了預期指引。

We included CrownRock in our guidance beginning August 1, and we excluded from guidance the 15,000 BOE per day of 4Q production associated with the Permian divestment as we expect the transaction to close late in the third quarter.

我們從8 月1 日開始將CrownRock 納入我們的指導意見中，並且我們將與二疊紀剝離相關的第四季度每天15,000 桶油當量的產量排除在指導意見之外，因為我們預計該交易將在第三季末完成。

Even after adjusting for this disposition, Oxy's total and Permian full-year production, excluding CrownRock, is expected to remain flat due to higher Permian outlook.

即使在對這一配置進行調整後，由於二疊紀前景較高，Oxy 的總產量和二疊紀全年產量（不包括 CrownRock）預計仍將持平。

Including CrownRock, the midpoint of our total company production and guidance has increased from 1.25 million to approximately 1.32 million BOE per day.

包括 CrownRock 在內，我們公司總產量和指導值的中位數已從每天 125 萬桶油當量增加到約 132 萬桶油當量。

Building on the operational momentum generated in the first and second quarters, we anticipate an improving production trajectory in the back half of the year in all our domestic assets.

基於第一季和第二季產生的營運勢頭，我們預計今年下半年我們所有國內資產的生產軌跡將有所改善。

This includes the Gulf of Mexico even after incorporating some downtime for potential disruptive tropical weather in our guidance.

即使在我們的指南中納入了因潛在破壞性熱帶天氣造成的一些停機時間，這也包括墨西哥灣。

Excluding CrownRock, the midpoint of our 3Q production guidance would represent a new record for the highest quarterly production in over four years.

如果不包括 CrownRock，我們第三季產量指引的中點將創下四年多來最高季產量的新紀錄。

In the appendix, we have summarized some of the key full-year guidance changes associated with consolidating CrownRock into our portfolio.

在附錄中，我們總結了與將 CrownRock 納入我們的投資組合相關的一些關鍵的全年指引變化。

Aside from the production benefits, we anticipate a notable improvement in domestic operating costs from adding these high-margin barrels.

除了生產效益外，我們預計增加這些高利潤桶將顯著改善國內營運成本。

Excluding CrownRock, we are also pleased with Oxy's improvement and favorable trajectory of operating costs and capital efficiency across our U.S. onshore assets, as highlighted by Vicki earlier.

除 CrownRock 外，我們還對 Oxy 的改善以及我們美國陸上資產運營成本和資本效率的良好軌跡感到滿意，正如 Vicki 早些時候所強調的那樣。

OxyChem's 2024 business is performing well. with results largely in line with the plan we laid out at the start of the year.

OxyChem 2024年業務表現良好。結果與我們年初制定的計劃基本一致。

However, challenging economic conditions in China, combined with the continued deferral of interest rate reductions have dampened OxyChem's trajectory for the year.

然而，中國經濟情勢充滿挑戰，加上降息的持續推遲，抑制了 OxyChem 今年的發展軌跡。

As a result, we are revising OxyChem's full-year guidance down to a range of $1 billion to $1.1 billion.

因此，我們將 OxyChem 的全年指引下調至 10 億至 11 億美元的範圍。

We continue to anticipate that 2024 will be another strong year for OxyChem by historical standards.

我們繼續預計，按照歷史標準，2024 年將是 OxyChem 又一個強勁的一年。

With Midstream and Marketing's strong second quarter, we have raised full-year guidance by $220 million.

隨著中游和行銷第二季度的強勁表現，我們將全年指導提高了 2.2 億美元。

We anticipate a more muted third quarter as additional Permian gas takeaway capacity is expected to come online, reducing gas marketing optimization opportunities.

我們預計第三季將更加平靜，因為預計將有額外的二疊紀天然氣外運能力上線，從而減少天然氣行銷優化機會。

We continued to execute our 2024 capital program as scheduled.

我們繼續按計劃執行 2024 年資本計劃。

While the legacy Oxy capital will decrease in the second half as a result of tapered domestic activity, maintaining CrownRock's five-rig program will reshape the investment profile as we increase the full-year total company net capital range to $6.8 billion to $7 billion.

雖然由於國內活動減少，下半年 Oxy 的遺留資本將減少，但隨著我們將全年公司總淨資本範圍提高到 68 億至 70 億美元，維持 CrownRock 的五台鑽機計畫將重塑投資狀況。

In closing, I want to discuss how Oxy is delivering on the financial milestones we laid out in December.

最後，我想討論一下 Oxy 如何實現我們在 12 月制定的財務里程碑。

A sustainable and growing dividend is the foundation of our shareholder return priorities.

可持續且不斷增長的股息是我們股東回報優先事項的基礎。

Earlier this year, we followed through on a commitment we made when we announced the CrownRock acquisition and raised our quarterly common dividend by over 22%.

今年早些時候，我們兌現了宣布收購 CrownRock 時所做的承諾，將季度普通股股息提高了 22% 以上。

The free cash flow accretion that we anticipate from CrownRock along with the expected improvements from our non-oil and gas segments of our portfolio provided us with the confidence to raise the dividend.

我們預計 CrownRock 的自由現金流增加以及投資組合中非石油和天然氣部門的預期改善使我們有信心提高股息。

Maintaining our investment-grade credit rating is a key priority.

維持我們的投資等級信用評等是首要任務。

In recent weeks, we received ratings affirmations from all three rating agencies, including our investment-grade credit ratings from Moody's and Fitch.

最近幾週，我們收到了所有三個評級機構的評級確認，包括穆迪和惠譽對我們的投資等級信用評級。

We are focused on our deleveraging strategy, and we remain on track to return at least $4.5 billion of debt well before next August.

我們專注於去槓桿化策略，並且預計在明年 8 月之前償還至少 45 億美元的債務。

We are off to a promising start with our divestiture program.

我們的剝離計劃有了一個好的開始。

We will continue to evaluate our high-quality asset portfolio for divestment opportunities and will apply those proceeds to further debt reduction, thereby strengthening our balance sheet.

我們將繼續評估我們的優質資產組合，尋找撤資機會，並將這些收益用於進一步削減債務，從而加強我們的資產負債表。

Oxy is methodically delivering on these key financial commitments.

Oxy 有條不紊地兌現這些關鍵的財務承諾。

The strategic and financial actions we have taken over recent quarters are converging to benefit our portfolio, increase cash flow generation capability, and ultimately accelerate shareholder value.

近幾季我們採取的策略和財務行動正在匯聚起來，使我們的投資組合受益，提高現金流產生能力，並最終加速股東價值。

I will now turn the call back over to Vicki.

我現在將把電話轉回給 Vicki。

Thank you, Sunil.

謝謝你，蘇尼爾。

Before we move on to the Q&A, I would like to close by focusing on a few of Oxy's differentiated value catalysts.

在我們進行問答之前，我想以 Oxy 的一些差異化價值催化劑作為結束語。

Our subsurface expertise, technical excellence, and operational strength allow us to continuously achieve basin-leading well performance while simultaneously driving efficiency and savings.

我們的地下專業知識、卓越的技術和營運實力使我們能夠持續實現盆地領先的油井性能，同時提高效率和節省。

The addition of CrownRock further enhances what I believe is Oxy's strongest portfolio in our century-long history, and it kicks off another phase of Oxy's cash flow growth with future upside through improved resource recovery and lower cost opportunities.

CrownRock 的加入進一步增強了我認為 Oxy 在我們百年歷史中最強大的投資組合，並且它開啟了 Oxy 現金流增長的另一個階段，透過改善資源回收和降低成本機會，未來將有上行空間。

I can't wait to see the value that the newly combined teams deliver, given the quality and depth of development opportunities coming with this new asset.

考慮到這項新資產帶來的開發機會的品質和深度，我迫不及待地想看到新合併的團隊所提供的價值。

Beyond oil and gas, we expect our OxyChem and Midstream businesses to continue to provide material cash flow durability in the years ahead.

除了石油和天然氣之外，我們預計我們的 OxyChem 和 Midstream 業務將在未來幾年繼續提供實質現金流持久性。

And finally, LCV continues to develop practical decarbonization solutions that are solidifying our leadership in this important emerging market.

最後，LCV 持續開發實用的脫碳解決方案，以鞏固我們在這個重要新興市場的領導地位。

These businesses together position Oxy's common shareholders to benefit financially for decades to come.

這些業務共同使 Oxy 的普通股東能夠在未來幾十年內獲得經濟利益。

We will now open the call for questions.

我們現在開始提問。

As Jordan mentioned, Richard Jackson and Ken Dillon are on the call with us today for the Q&A session.

正如喬丹所提到的，理查傑克森和肯狄龍今天與我們通話參加問答環節。

(Operator Instructions) Neil Mehta, Goldman Sachs.

（操作員指示）Neil Mehta，高盛。

Good morning, Vicki and team, and good progress here on deleveraging.

早安，Vicki 和團隊，去槓桿化方面取得了良好進展。

That's kind of where I want to start.

這就是我想開始的地方。

I recognize the Barilla Draw announcement here a couple of days ago.

我幾天前在這裡看到了巴里勒抽獎公告。

What's the asset sale market look like?

資產出售市場是什麼樣的？

And can you talk about the opportunity set to continue to make progress on monetization?

您能否談談在貨幣化方面繼續取得進展的機會？

As you know, we have a deep inventory of assets, and our portfolio is very, very strong.

如您所知，我們擁有豐富的資產庫存，而且我們的投資組合非常非常強大。

And I certainly appreciate your interest in the details, but we feel like talking in detail about what the assets would be would compromise our ability to maximize the value of those divestitures.

我當然感謝您對細節的興趣，但我們認為詳細討論資產是什麼會損害我們最大化這些資產剝離價值的能力。

We've said previously that we get a lot of incoming offers, but it's clear that some think that this is a fire sale, and it is not.

我們之前說過，我們收到了很多報價，但很明顯，有些人認為這是一次甩賣，但事實並非如此。

This acquisition has actually enabled us to improve our inventory quality and scale, which provides us now the opportunity to bring forward value.

此次收購實際上使我們能夠提高庫存品質和規模，這為我們現在提供了創造價值的機會。

And that's what we did with this CrownRock acquisition.

這就是我們在收購 CrownRock 時所做的事情。

It's not that the assets that we just sold or, as Sunil said, a part of our core for 10 years.

這不是我們剛剛出售的資產，也不是像 Sunil 所說的那樣，是我們 10 年來核心資產的一部分。

It's that we knew that we needed to bring forward the value to our shareholders.

我們知道我們需要為股東帶來價值。

And we did it in a way that makes our inventory stronger, so it was the best possible way to do it.

我們這樣做的方式可以增強我們的庫存，所以這是最好的方法。

But in terms of talking about the other assets, I can just assure you that we have high confidence that we're going to be able to achieve our debt reduction targets.

但就其他資產而言，我可以向你們保證，我們對實現債務削減目標充滿信心。

And as you saw, and as you mentioned, definitely we're off to a good start, and we're excited about where we're headed with this and think that, certainly, the $15 billion that we are targeting to achieve is doable by the end of 2026 or first of 2027, as we've previously said.

正如您所看到的，正如您所提到的，我們肯定有了一個良好的開端，我們對我們的發展方向感到興奮，並認為我們目標實現的 150 億美元目標是可行的正如我們之前所說，到2026 年底或2027 年初。

Thanks, Vicki.

謝謝，維基。

And then just to follow up on the CrownRock acquisition, just building off slide 27, just your early thoughts, recognizing you're going to give us more next quarter on potential synergies and thoughts about the production profile.

然後只是為了跟進 CrownRock 收購，只是在幻燈片 27 的基礎上，只是您的早期想法，並認識到您將在下個季度向我們提供更多有關潛在協同效應和有關生產概況的想法。

I know you had talked about this being a 170,000 barrel a day asset and the guide is a little softer than that, but recognize that it's not a full year, and you haven't done your hands full on these assets.

我知道您曾談到這是一項每天 170,000 桶的資產，而指南比這要軟一些，但要認識到這不是一整年，而且您還沒有充分利用這些資產。

So just your perspective on the production profile and the synergies associated with that.

所以，這只是您對生產情況以及與之相關的協同效應的看法。

Now bearing in mind that with the SEC rules and regs, our teams have had the opportunity to get together and to talk, but not to dive into the details or their plans.

現在請記住，根據 SEC 的規則和規定，我們的團隊有機會聚在一起交談，但不能深入探討細節或他們的計劃。

And so, we've had now just a week for the team to start looking at what the situation is now with CrownRock.

因此，我們團隊現在只有一周的時間來開始研究 CrownRock 目前的情況。

And we're, again, incredibly excited about the assets.

我們再次對這些資產感到非常興奮。

But I think Richard's team, you have found some additional details that have differentiated what we were expecting versus what happened over the past couple of quarters.

但我認為理查德的團隊已經發現了一些額外的細節，這些細節將我們的預期與過去幾季發生的情況區分開來。

Yeah, that's great.

是的，那太好了。

Thanks, Vicki.

謝謝，維基。

And I'll try to answer this question in a couple of pieces.

我將嘗試分成幾個部分來回答這個問題。

I'll start with sort of where we're at today.

我將從我們今天所處的情況開始。

And like Vicki said, I guess, the first thing to say just very excited to work with our new team and was able to spend some time after close in the last week with them and everything that we thought they would be, they are and very excited about really the opportunity.

就像Vicki 說的，我想，首先要說的就是與我們的新團隊合作非常興奮，並且能夠在上週結束後與他們一起度過一些時間，以及我們認為他們會成為的一切，他們是而且非常真的對這個機會感到興奮。

So, the first part, I'll kind of address where we are, and then I'll go ahead and speak to some of the synergies and how we're thinking about that generally.

因此，第一部分，我將介紹我們的現狀，然後我將繼續討論一些協同效應以及我們總體上如何考慮這一點。

And then as I think we said in our prepared remarks, we'll have more updates, I think, as we go into the end of the year.

然後，正如我認為我們在準備好的發言中所說的那樣，我認為，隨著年底的到來，我們將會有更多的更新。

So, where we start again, this plan started with the rules that CrownRock really had a 2024 plan that they constructed.

所以，我們重新開始，這個計劃是從 CrownRock 確實制定了 2024 年計劃的規則開始的。

We didn't have a lot of insight to that.

我們對此沒有太多的見解。

So, we spent time kind of understanding where we are and lots of positives.

因此，我們花了一些時間來了解我們所處的位置以及許多積極的方面。

The upsides that we saw, not only in a one-year program, but longer-term, still see, but as we think about that 170 in our latest guidance, and we're able to talk to the team, a couple of things.

我們不僅在一年的計劃中看到了好處，而且從長遠來看，仍然看到了這一點，但當我們在最新的指導中考慮這 170 時，我們能夠與團隊交談，有幾件事。

One, like us had some downtime due to some weather events early in the year and just some other operational downtime that was a part of that.

首先，像我們一樣，由於今年年初的一些天氣事件，以及其他一些營運停機，這是其中的一部分。

I'd call it more singular events than ongoing.

我認為這更多的是單一事件而不是正在進行的事件。

And then the majority is really well mix.

然後大多數都是很好的混合。

I think due to their development plans and trying to optimize returns beyond just this year that they really focused on some shallower zones that were a bit tighter spaced and even a little less horizontal length.

我認為，由於他們的開發計劃並試圖在今年之後優化回報，他們真正關注的是一些較淺的區域，這些區域的間距更小，甚至水平長度也更短。

And so, there are different reasons they constructed the program today versus what we had originally had in our plan.

因此，他們今天構建該計劃與我們最初計劃中的計劃有不同的原因。

So, we're in the process of deconstructing that.

所以，我們正在解構它。

But again, we see that same upside as we roll this forward.

但當我們向前推進時，我們再次看到了同樣的好處。

I would say it was more delayed in terms of getting to the 170 as we anticipated, it certainly hasn't gone away.

我想說的是，正如我們預期的那樣，到達 170 的時間比我們預期的要晚一些，但它肯定還沒有消失。

A couple of good things to note.

有幾點要注意。

I'd say well cost, and again, this applied to Oxy as well, but encouraged by where not only their costs are today, but what they see is improvement opportunities.

我想說的是成本，再說一次，這也適用於 Oxy，但不僅受到他們今天的成本的鼓舞，而且他們看到了改進的機會。

And so, we'll be diving into that.

因此，我們將深入探討這一點。

And then looking at some of the opportunities going forward, I think, remain from a well performance perspective.

然後，我認為，從良好績效的角度來看待未來的一些機會。

I think the ability now to compare notes on things like well spacing and even the sequencing of how we develop these stack pay, we see opportunity.

我認為現在能夠就井間距等問題進行交換意見，甚至我們如何開發這些堆疊支付的順序，我們看到了機會。

And so that will be a big part of what we're working through for the rest of this year and next year.

因此，這將是我們今年剩餘時間和明年工作的重要組成部分。

And then just scale and efficiency.

然後就是規模和效率。

So we can quickly see opportunities as we think about a rig and frac core utilization and really that rolls into time-to-market improvements.

因此，當我們考慮鑽機和壓裂核心利用率時，我們可以很快看到機會，並真正實現上市時間的改善。

And so, as you are able to drive utilization of those resources up, we still see time-to-market.

因此，當您能夠提高這些資源的利用率時，我們仍然可以看到上市時間。

And then as Vicki mentioned, really the water management.

正如 Vicki 所提到的，真正的水管理。

We've been very proud of our water sort of management capabilities.

我們對我們的水管理能力感到非常自豪。

But when we combine with a very strong position and frankly, more scale with what the CrownRock team has put together, I think that's going to deliver cost synergies as well as operational synergies.

但當我們將非常強大的地位和坦白說，與 CrownRock 團隊的規模更大結合時，我認為這將帶來成本協同效應和營運協同效應。

So to sum it all up, again, excited to be with the team.

總而言之，再次，很高興能與團隊在一起。

Same opportunity, same upside and just we're rolling it forward from where we start today, and we're looking forward to providing more details as we go into the end of the year.

同樣的機會，同樣的優勢，只是我們從今天開始向前推進，我們期待在年底時提供更多細節。

Betty Jiang, Barclays.

蔣貝蒂，巴克萊銀行。

Hi.

你好。

Good afternoon.

午安.

Maybe I want to switch gear a bit.

也許我想稍微換一下裝備。

I want to ask about the STRATOS project.

我想問一下 STRATOS 專案的情況。

Really, congratulations on signing the agreement with Microsoft this quarter.

真的，恭喜本季與微軟簽署協議。

And I wanted to get an update on where that project is today, the start-up timing on that and any goal on what percentage of the carbon credits that you want to sell ahead of time?

我想了解該項目目前進度、啟動時間以及您希望提前出售的碳信用額的目標？

And yeah, maybe start from there.

是的，也許從那裡開始。

Great.

偉大的。

No, thanks for the question.

不，謝謝你的提問。

We're excited certainly with the STRATOS project and the progress, and I'll flip it to Ken after a few remarks, kind of give you more detail on that.

我們對 STRATOS 專案和進展當然感到興奮，我會在幾句話後將其轉交給 Ken，並為您提供更多詳細資訊。

I'd say generally, continue to see great progress in the business.

我想說的是，總的來說，業務繼續取得巨大進展。

Obviously, the sales with Microsoft not only be the largest CDR kind of block sale to date, but really, that counterparty meant a lot to us.

顯然，與微軟的銷售不僅是迄今為止最大的 CDR 類型的大宗銷售，而且實際上，該交易對手對我們意義重大。

We know they're very diligent in the way they think about what the product of a CDR can mean to the business and it's just great constructive dialogue that ultimately rolls into the future market and what that product can deliver.

我們知道他們非常勤奮地思考 CDR 產品對業務的意義，這只是偉大的建設性對話，最終會進入未來市場以及該產品可以提供什麼。

So beyond just the monetary aspect of that very pleased with that outcome.

因此，除了金錢方面之外，我們對這一結果感到非常滿意。

I'd say the other thing I'd like to highlight, and I think again, as we roll into STRATOS next year and then think about the future, continue to see great progress out of our Carbon Engineering R&D team.

我想說的是我想強調的另一件事，我再次想到，當我們明年進入 STRATOS 時，然後思考未來，繼續看到我們的碳工程研發團隊取得巨大進步。

And so as we think about the core elements of that process, being able to process air, capture CO2 in our liquid sorbent, and then how do you efficiently release that and either sequester or use it.

因此，當我們思考該過程的核心要素時，能夠處理空氣，在我們的液體吸附劑中捕獲二氧化碳，然後如何有效地釋放它，並隔離或使用它。

We're seeing some very innovative things that we can see direct line-of-sight to cost down, which is ultimately what we're trying to do as we get into the development.

我們看到了一些非常創新的東西，我們可以直接看到降低成本的方法，這也是我們在進入開發階段時最終想要做的事情。

And so, those are sort of the catalysts we're paying closely to, intentionally.

因此，這些都是我們有意密切關注的催化劑。

I would say, to your point, we'll continue to monitor CDR sales.

我想說的是，就您的觀點而言，我們將繼續監控 CDR 銷售。

We remain very optimistic on the outlook of that market.

我們對該市場的前景仍然非常樂觀。

We hadn't set any specific parameters in terms of what that target is going forward, but it will be a major component of our FID criteria for DAC 2 for certain.

我們沒有就該目標的未來發展設定任何具體參數，但它肯定會成為我們 DAC 2 FID 標準的主要組成部分。

And so, I think as we get closer to that, over the next period of time here that we'll be able to give more disclosure of how we think about that from a commercial project to FID.

因此，我認為，隨著我們越來越接近這一目標，在接下來的一段時間內，我們將能夠更多地揭露我們對從商業項目到最終投資決定的看法。

So maybe with that, I'll turn it over to Ken.

所以也許我會把它交給肯。

Good afternoon, Betty.

下午好，貝蒂。

Overall, we remain on track for start of next summer.

總體而言，我們仍有望在明年夏天開始。

We currently have around 1,200 people at site, which is our peak, will start rolling off soon.

目前，我們的現場人數約為 1,200 人，這是我們的高峰期，很快就會開始減少。

We've been able to staff all trades as necessary, and Worley continues to do an excellent job.

我們已經能夠根據需要為所有行業配備人員，沃利繼續出色地工作。

The efficiency of each of the trades is at or above where we expected them to be.

每筆交易的效率都達到或高於我們的預期。

We're now moving away from bulk fill, by that, I mean putting in the large piping, cable, et cetera, into completing the systems one by one.

我們現在正在放棄散裝填充，我的意思是放入大型管道、電纜等，一一完成系統。

So, we're at that stage now, so that we can commission in the right sequence.

所以，我們現在正處於這個階段，以便我們可以按正確的順序進行調試。

We get power live this month, which then means we can start getting the control room up and running and testing all of the instrumentation throughout the plan.

我們本月通電，這意味著我們可以開始啟動控制室並運行並測試整個計劃中的所有儀器。

So, we're going really well at the moment.

所以，我們目前進展順利。

Also, as Richard highlighted, learning constantly during construction and also from the CEIC.

此外，正如理查德所強調的那樣，在施工過程中以及向 CEIC 不斷學習。

We are seeing really great potential for performance improvements and cost-down improvements, and we're looking at how to incorporate these learnings as quickly as possible.

我們看到了性能改進和成本降低的巨大潛力，並且我們正在研究如何盡快整合這些知識。

Companies like Technip Energies are also focused on how to achieve cost down for their equipment, and that's driven from the top of the company.

像 Technip Energies 這樣的公司也專注於如何降低其設備的成本，這是由公司高層推動的。

So we're getting great support from our visionary vendors who have bought into long-term DAC future.

因此，我們得到了富有遠見的供應商的大力支持，他們對 DAC 的長期未來充滿信心。

So, I hope that answers your question.

所以，我希望這能回答你的問題。

Yes, it does.

是的，確實如此。

Thank you very much for that color.

非常感謝你的那種顏色。

Maybe shifting back to upstream, a follow-up on the Rockies.

也許會轉移回上游，作為落基山脈的後續行動。

Just after several quarters of very strong performance, do you think that the third-quarter guidance is also, again, seeing sequential growth, but as activity is expected to slow down in the second half, would love to get some color on how you think about the production activity trajectory going forward.

在經歷了幾個季度非常強勁的表現之後，您是否認為第三季度的指導也再次出現環比增長，但由於預計下半年的活動將放緩，希望了解您的想法關於未來生產活動軌跡。

Yeah.

是的。

No, I appreciate that question.

不，我很欣賞這個問題。

The Rockies has been a significant part of our outperformance really over the last couple of years.

落基山脈是我們過去幾年表現出色的重要組成部分。

So, a couple of things going on there.

所以，那裡發生了一些事情。

I think, continue to do well in the DJ and the Powder River Basin.

我認為，繼續在DJ和粉紅河流域表現出色。

So, as we highlighted, I think, in the slide, each of those are seeing sequential well performance improvement even in the DJ, where we've been more mature in terms of operation.

因此，正如我們在幻燈片中所強調的那樣，我認為，即使在 DJ 中，每個油井性能也都在連續改善，而我們在操作方面已經更加成熟。

And so very, very pleased with that.

對此非常非常滿意。

From an activity standpoint, we really have done work in the early part of this year in the Powder River Basin, where again, the well performance has been very good, not only against the industry, which we note, but also against our internal expectations.

從活動的角度來看，我們今年早些時候確實在保德河流域開展了工作，那裡的油井表現非常好，不僅與我們注意到的行業相比，而且與我們的內部預期相比。

And so what we're planning to do there is will be lower activity in the second half of the year while we pause and really rework our development plans.

因此，我們計劃在下半年減少活動，同時暫停並重新制定我們的開發計劃。

And so similar to what we kind of laid out generally in our highlights slide, we're really looking at how do you take primary and secondary benches with the Turner and Nio and even the Mowry and think about that longer term as we build out our infrastructure.

與我們在亮點幻燈片中一般佈局的內容類似，我們真正在研究如何使用特納和尼奧甚至莫里的主要和次要長凳，並在我們構建我們的產品時考慮更長期的問題。設施。

And so, what we're expecting is to be in position at the end of this year to be able to put together a development plan and then have that compete with capital as we go into 2025.

因此，我們期望在今年年底能夠制定一份發展計劃，然後在進入 2025 年時與資本競爭。

So, I think, again, just very pleased with that, but I would call it steady activity in the DJ with a couple of rigs and then really putting a competitive case forward for Powder River Basin in 2025.

所以，我想，我對此非常滿意，但我會稱其為 DJ 的穩定活動，擁有幾台設備，然後在 2025 年為粉河盆地真正提出了一個有競爭力的案例。

Paul Cheng, Scotiabank.

Paul Cheng，豐業銀行。

Thank you.

謝謝。

Good morning.

早安.

I think the first one is maybe for Sunil.

我認為第一個可能是給蘇尼爾的。

I think you guys have said you have discussed with Ecopetrol for them to purchase 30% on divided interest in the CrownRock and then that fell apart.

我想你們已經說過，你們已經與 Ecopetrol 討論過讓他們購買 CrownRock 30% 的分割權益，然後就破裂了。

So, from that standpoint, what is the sticky point on that?

那麼，從這個角度來看，這件事的癥結是什麼？

And perhaps more importantly, the reason why you purchased CrownRock must be you think that it is better or at least better than the average of your portfolio.

也許更重要的是，您購買 CrownRock 的原因一定是您認為它更好或至少比您的投資組合的平均水平更好。

So why that will be one of the first asset that you're trying to sell down.

那麼為什麼這將是您嘗試出售的第一個資產之一。

So, trying to get some understanding of the logic behind when you're initially talking to Ecopetrol for the deal?

那麼，當您最初與 Ecopetrol 就這筆交易進行談判時，是否想了解背後的邏輯？

Second question is that I know it is a little bit early for 2025 for CapEx and production.

第二個問題是，我知道 2025 年的資本支出和生產還為時過早。

But can you give us some idea that maybe the moving part plus and minuses for next year on both the CapEx and the production number?

但是您能否給我們一些想法，也許明年的資本支出和產量方面的變化部分是正負？

Paul, thank you for the question.

保羅，謝謝你的提問。

I'll take the first question you had.

我來回答你的第一個問題。

And I can tell you, we absolutely believe that the CrownRock asset as a combined asset is it is one of the best we've seen.

我可以告訴你，我們絕對相信 CrownRock 資產作為一項合併資產是我們見過的最好的資產之一。

Tim Dunn did a great job of putting together the portfolio of assets that CrownRock had, and they did a great job of developing it.

Tim Dunn 出色地整合了 CrownRock 擁有的資產組合，並且他們在開發資產組合方面也做得非常出色。

And there's a lot of really good possibilities in there for continued expansion.

那裡有很多非常好的持續擴張的可能性。

And as you know, the inventory came in mostly in our Tier 1 inventory.

如您所知，庫存大部分來自我們的一級庫存。

So, the way that worked is that we wanted to buy 100% of CrownRock.

所以，有效的方法是我們想買 CrownRock 100% 的股票。

And I actually informed Ecopetrol on numerous occasions that our preference was to purchase 100% of CrownRock.

事實上，我曾多次告知 Ecopetrol，我們更願意購買 CrownRock 100% 的股份。

But as a part of the Rodeo JV, we had an agreement with Ecopetrol within that JV agreement that they had the right to purchase 49% of anything that we purchased within a certain area.

但作為 Rodeo 合資企業的一部分，我們與 Ecopetrol 在該合資企業協議中達成協議，他們有權購買我們在特定區域內購買的任何商品的 49%。

And vice versa.

反之亦然。

If they were to purchase something, we would have had the right to buy 49% of what they had purchased within a given area within the Midland Basin.

如果他們要購買某些東西，我們將有權購買他們在米德蘭盆地特定區域內購買的商品的 49%。

So, we wanted it at all, but they also wanted to be a part of it.

所以，我們想要它，但他們也想成為其中的一部分。

They saw the assets.

他們看到了資產。

They know they were high-quality assets.

他們知道自己是優質資產。

They wanted to be a part of it.

他們想成為其中的一部分。

So, since they are a value partner to us, we've been in partnerships with them for decades, and we have a great relationship with them.

因此，由於他們是我們的價值合作夥伴，我們已經與他們合作了數十年，並且我們與他們有著良好的關係。

So, we negotiated to a 30% working interest that we felt like would be fair and beneficial to both of us.

因此，我們協商獲得了 30% 的工作權益，我們認為這對我們雙方都是公平且有利的。

And we worked on that deal from March to just last week, and we thought we were done, but President Petro of Colombia didn't approve of it.

我們從三月到上週一直致力於這項交易，我們認為我們已經完成了，但哥倫比亞總統佩特羅並不批准它。

He's made it very clear to the world that he's anti-oil and gas, anti-fracking, and anti-U.S..

他向世界明確表示，他反對石油和天然氣、反水力壓裂、反美國。

And with those three strikes, he pretty much dealt the Ecopetrol out of the deal.

透過這三擊，他幾乎將 Ecopetrol 排除在交易之外。

And that's all according to news reports.

這就是新聞報導的全部內容。

But certainly, we wanted it all, they wanted a part of it.

但當然，我們想要這一切，他們想要其中的一部分。

Unfortunately, there are others in the world like Petro and there are some actually, in the United States like Petro, who believe that oil and gas should go away and believe that we shouldn't be an industry anymore.

不幸的是，世界上還有其他人像 Petro 一樣，事實上，在美國也有一些人像 Petro 一樣，認為石油和天然氣應該消失，並認為我們不應該再成為一個產業。

And that renewable energy will be all that's needed to go forward and to help with the climate transition.

再生能源將是前進和幫助氣候轉型所需的全部。

But the reality is that, as you know, oil and gas is going to be needed for many decades to come.

但現實是，如您所知，未來幾十年仍將需要石油和天然氣。

And so, the other part of what Ecopetrol had some interest in was our strategy.

因此，Ecopetrol 感興趣的另一部分是我們的策略。

And our strategy in the Midland Basin with respect to CO2 and in enhanced oil recovery, and our strategy is very important to the world and that we're going to be taking CO2 out of the atmosphere and putting it in the assets that we have in the Midland Basin, including CrownRock to get more oil out of the ground.

我們在米德蘭盆地關於二氧化碳和提高石油採收率的策略，我們的策略對世界非常重要，我們將把二氧化碳從大氣中去除，並將其放入我們擁有的資產中米德蘭盆地，包括CrownRock，以從地下開採更多石油。

And so they were very excited about that and wanted to be a part of it.

因此，他們對此感到非常興奮，並希望成為其中的一部分。

Doug Leggate, Wolfe Research.

道格‧萊蓋特，沃爾夫研究中心。

This is John Abbott on for Doug Leggate.

我是 Doug Leggate 的約翰阿博特 (John Abbott)。

Just sticking with Ecopetrol shale joint venture, how much production is associated with that JV.

只要關注 Ecopetrol 頁岩合資企業，就有多少產量與該合資企業相關。

And just out of curiosity, if they did not want to continue in the Midland for some reason, would you be potentially interested in that asset?

出於好奇，如果他們出於某種原因不想繼續留在米德蘭，您是否會對這項資產感興趣？

So the way that would work is that if we continued on beyond the ending of the potential ending of the JV, the interest would just be divided 49% for Ecopetrol, 51% for Oxy.

因此，可行的方法是，如果我們在合資企業可能結束的時間結束後繼續經營，則 Ecopetrol 的權益將分成 49%，Oxy 的權益將分成 51%。

So a discontinuation of the JV would just result in a couple of scenarios.

因此，合資企業的終止只會導致幾種情況。

One being, if we just broke it off, didn't go forward at all with the JV, we would each just have just like a normal operating situation where it's 51% us, 49% them.

其一，如果我們只是中斷合作，根本不與合資企業合作，我們每個人都會像正常的營運情況一樣，其中 51% 是我們，49% 是他們。

Did that answer your question?

這回答了你的問題嗎？

Yes.

是的。

I was just sort of curious if you would be interested in that asset and just sort of curious as to how much production may be associated with that joint venture currently.

我只是有點好奇您是否對該資產感興趣，並且有點好奇目前該合資企業可能有多少產量。

I believe that's around 40,000 barrels a day.

我相信每天大約有 40,000 桶。

Yes, that's right.

是的，沒錯。

Yes, it's around 40,000.

是的，大約有40,000。

That's very helpful.

這非常有幫助。

And then for the second question, very quickly, what was the run rate spending at CrownRock?

接下來是第二個問題，很快，CrownRock 的營運費用支出是多少？

Was it 900?

是900嗎？

Yes.

是的。

It's been very steady.

一直很穩定。

I mean I think we gave the guidance midpoint around 950, and it's been very steady with their five rigs.

我的意思是，我認為我們給出的指導中點約為 950，並且他們的五個鑽孔機非常穩定。

So, we looked at that, and I think that's part of their success.

所以，我們對此進行了研究，我認為這是他們成功的一部分。

They've been able to be very flat, which turns into a great production profile as well.

它們已經變得非常平坦，這也變成了一個很好的生產輪廓。

So, you can think about it very steady.

所以，你可以想得很穩。

Yes, I just wanted to clarify on the Midland production, the 40,000 are net production.

是的，我只是想澄清米德蘭的產量，40,000 是淨產量。

John Royall, JPMorgan.

約翰‧羅亞爾，摩根大通。

So my first question is on the asset sale program.

我的第一個問題是關於資產出售計劃。

To date, you've sold or agreed to sell about $1 billion worth of assets.

迄今為止，您已出售或同意出售價值約 10 億美元的資產。

Is there anything you can offer on the lost cash flow you expect from these assets.

對於您期望從這些資產中損失的現金流，您有什麼可以提供的嗎？

We know the production impact from Barilla Draw, but I was just wondering on the cash flow side, if there's anything you can give us there.

我們知道 Barilla Draw 對生產的影響，但我只是想知道現金流方面，您是否可以為我們提供任何幫助。

We can't yet because we really haven't made decisions on what the next set of divestitures would be.

我們還不能，因為我們還沒有就下一組資產剝離的內容做出決定。

We're still under evaluation of that.

我們仍在對此進行評估。

Okay.

好的。

Yes, I was just referring to the $1 billion that you've already announced.

是的，我只是指您已經宣布的 10 億美元。

But okay.

但好吧。

So, my follow-up is just on the DAC program.

所以，我的後續行動只是關於 DAC 計劃。

Maybe you can talk about how it's developing kind of looking past STRATOS.

也許你可以談談它是如何發展的，超越了 STRATOS。

Are you in serious or advanced discussions with potential partners and/or licensee's for future DACs?

您是否正在與潛在合作夥伴和/或被授權者就未來的 DAC 進行認真或深入的討論？

Or do you expect that those discussions would ramp once you have sort of a proof of concept out there with STRATOS being operational?

或者您是否預計，一旦您有了 STRATOS 投入運行的概念驗證，這些討論就會升溫？

Just trying to understand how you expect the program to evolve post STRATOS?

只是想了解您期望該程式在 STRATOS 之後如何發展？

Yes.

是的。

Maybe answer that kind of yes to both.

也許兩者都回答是。

I think one thing we've done is with the King Ranch sequestration hub, we continue to develop that.

我認為我們所做的一件事是建立國王牧場封存中心，我們將繼續開發它。

We're pursuing really across all of our sequestration hubs in the Gulf Coast or stratigraphic wells that prove the subsurface storage capability.

我們正在墨西哥灣沿岸的所有封存中心或證明地下儲存能力的地層井中進行真正的探索。

We're going through permitting for class VI wells.

我們正在辦理 VI 級井的許可。

And so, we've really put that sort of front-end work together to be able to accommodate both direct air capture and our point source.

因此，我們確實將這種前端工作放在一起，以便能夠適應直接空氣捕獲和點源。

And that continues to go well.

而且這種情況持續進展順利。

King Ranch is really what we've targeted for the next kind of development beyond the Permian.

King Ranch 確實是我們二疊紀以外的下一個開發目標。

And it really has a lot of scale advantages that we've talked about in the past, both with the subsurface and as we think about it, the balance of plant, you think about key power inputs, emission-free power inputs, water, or other advantages.

它確實具有我們過去討論過的許多規模優勢，無論是地下還是我們所考慮的工廠的平衡，你會想到關鍵的電力輸入、無排放電力輸入、水、或其他優點。

And so that sort of engineering work we continue to do for South Texas as it relates to the subsurface and DAC.

因此，我們繼續為南德克薩斯州進行此類與地下和 DAC 相關的工程工作。

But yes, to your first part of the question, which is we do think it's really important to see STRATOS as we continue to show this great line-of-sight on cost down, both in STRATOS and the construction and then as it turns into operations next year and also how we think about the Carbon Engineering Innovation Center and the R&D improvements that Ken and I talked about earlier roll in.

但是，是的，對於你問題的第一部分，我們確實認為看到 STRATOS 非常重要，因為我們繼續在 STRATOS 和建設中展示這種降低成本的偉大視野，然後隨著它變成明年的運營情況，以及我們如何看待碳工程創新中心以及肯和我之前談到的研發改進。

So, we do feel like from a milestone going into next year, getting this plant online, we're able to incorporate some of these learnings already into that process as we begin ramping up that capacity next year.

因此，我們確實覺得，從明年的一個里程碑開始，讓這家工廠上線，我們能夠將其中一些已經學到的知識融入這個過程中，因為我們明年開始提高產能。

We think that's a really important thing to factor into that South Texas FID in addition to the continued CDR sales that I mentioned earlier.

我們認為，除了我之前提到的持續的 CDR 銷售之外，這是南德克薩斯 FID 中需要考慮的一個非常重要的因素。

And the last thing to say, the exciting part about that King Ranch development, that's really a 30-million-ton per-year hub.

最後要說的是，King Ranch 開發案令人興奮的部分是，它確實是一個每年 3,000 萬噸的樞紐。

And so you get these tremendous economies of scale that we really think add to the R&D improvements in terms of a cost down.

因此，您將獲得巨大的規模經濟，我們確實認為這會在降低成本方面增加研發改進。

And so, that's really how we see that play out if you go back to our early sort of presentations on the development plan into the next decade.

因此，如果你回顧我們早期關於未來十年發展計畫的演示，我們就會看到這一點。

That's a big part of that ramp-up.

這是成長的重要組成部分。

So let me stop there, and hopefully, that answered some of the intent of your question.

所以讓我就此打住，希望這能回答你問題的一些意圖。

Roger Read, Wells Fargo.

羅傑·里德，富國銀行。

Thank you and good afternoon.

謝謝你，下午好。

I guess I'd kind of like to come at the question on the cash returns.

我想我想回答有關現金返還的問題。

Comments were made in the presentation on the catch-up calls yesterday, get the debt paid down and then get back to buying back shares potentially even go after retiring the preferred.

昨天的演講中評論了追趕電話，償還債務，然後重新回購股票，甚至可能在優先股退休後繼續回購股票。

And I'm just curious kind of how you're looking at that in terms of what you would want to do once the balance sheet is where you want it?

我只是好奇，一旦資產負債表達到你想要的水平，你會如何看待這個問題？

Meaning, do you want to get all the way back to buying back the preferred again?

意思是，你想再回購首選股票嗎？

Or does it make sense to be a little more steady with the share repos, raise the dividend and then leave yourself the flexibility for acquisitions.

或者，讓股票回購更加穩定、提高股息，然後為自己留下收購的彈性是否有意義。

It really depends on the macro because what we're doing today with this accretive acquisition to me is it actually delivers better value than buying back shares.

這實際上取決於宏觀經濟，因為我們今天透過這次增值收購所做的事情對我來說實際上比回購股票帶來了更好的價值。

So that's why we did the deal we did.

這就是我們達成這筆交易的原因。

But share repurchases still is a part of our value proposition and especially given the fact that our share price is so much lower than we believe where it should be.

但股票回購仍然是我們價值主張的一部分，特別是考慮到我們的股價遠低於我們認為的應有水準。

So, as we get through this period and we get our debt down, back down to $15 billion, we will then resume share repurchases.

因此，當我們度過這段時期並將債務減少到 150 億美元時，我們將恢復股票回購。

And then it really depends on the macro at that point.

然後這實際上取決於當時的宏觀情況。

If we are in a scenario where we can buy enough shares back to trigger the $4 per share, then we would start also buying back the preferred.

如果我們可以回購足夠的股票以觸發每股 4 美元，那麼我們也將開始回購優先股。

That would be a part of what we do.

這將是我們工作的一部分。

We can't ever rule out what the situation would be if we were in a prolonged high price environment, because I think that although the Berkshire preferred becomes available to us at a 5% rather than 10% premium starting in 2029.

我們不能排除如果我們處於長期高價環境中會出現什麼情況，因為我認為儘管從 2029 年開始我們可以以 5% 而不是 10% 的溢價購買伯克希爾優先股。

So if we haven't bought it back by then, we would definitely launch a campaign at that point to buy the preferred.

因此，如果我們到那時還沒有買回來，我們肯定會在那時發起一項活動來購買首選。

Yeah, the 10-year kind of change.

是的，十年的變化。

Okay.

好的。

And then as an unrelated follow-up, just your guidance on the Midstream business and the gas trading.

然後作為不相關的後續行動，只是您對中游業務和天然氣交易的指導。

What is the expectation that you have on Matterhorn in terms of start-up that's built into your expectations?

您對馬特宏峰新創企業的期望是什麼？

Is that middle of the quarter, end of the quarter?

那是季度中期、季度末嗎？

I'm just trying to understand like maybe upside, downside to the guidance.

我只是想了解指導的好處和壞處。

That would probably happen mid-to-late quarter as the last update that we've had.

這可能會發生在我們最後一次更新的季度中後期。

Neal Dingmann, Truist Securities.

尼爾‧丁曼 (Neal Dingmann)，Truist 證券公司。

Hi, good afternoon.

嗨，下午好。

Thanks for taking my question.

感謝您提出我的問題。

My first question, Vicki, is just on the Gulf of Mexico.

我的第一個問題，維基，是關於墨西哥灣的。

Specifically, could you give some color as how active you might be with tiebacks through the remainder of the year?

具體來說，您能否透露一下您在今年剩餘時間裡對繫帶的活躍程度？

I think you've got a lot of opportunities there and then maybe even I look at all the exploration opportunities.

我認為那裡有很多機會，也許我也會考慮所有的探索機會。

I'm just - given all these opportunities you have, do you anticipate a bit more start-ups there on the exploration side starting next year?

我只是 - 考慮到您擁有的所有這些機會，您是否預計從明年開始會有更多的新創公司涉足勘探領域？

The exploration, it won't be as aggressive as it's been in the past because of the fact that we've launched an evaluation using data analytics and AI.

探索不會像過去那樣積極，因為我們已經使用數據分析和人工智慧啟動了評估。

And what we want to do is give our teams the tools that we believe will help even further understand what's happening in the subsurface of the very complex deepwater prospects within the Gulf of Mexico.

我們想要做的是為我們的團隊提供我們相信將有助於進一步了解墨西哥灣非常複雜的深水前景地下正在發生的情況的工具。

But the exciting thing is we have numerous other things that we can do in the Gulf of Mexico that Ken can describe.

但令人興奮的是，肯可以描述我們在墨西哥灣還可以做許多其他事情。

Thanks, Vicki.

謝謝，維基。

I think overall, the teams are performing really well on all fronts.

我認為總的來說，球隊在各方面都表現得非常好。

The base, including primary, exploration and the waterflood designs.

基地，包括主要、勘探和注水設計。

On the base, for example, as a result of recent OBN seismic data, we moved further northwest at one of our fields and brought on a 15,000 barrel a day well, which came on in early May.

例如，在基地，根據最近的 OBN 地震數據，我們在一個油田進一步向西北移動，並在 5 月初投入了一口日產 15,000 桶的油井。

From further analysis of the OBN data that we're seeing more potential in that area than others.

透過對 OBN 數據的進一步分析，我們發現該領域比其他領域更具潛力。

In exploration, we're currently involved in two recent discoveries in GOM, Ocotillo and Tiberius.

在勘探中，我們目前參與了 GOM 的兩項最新發現：Ocotillo 和 Tiberius。

Ocotillo can tie back to Marlin, Tiberius to Lucius.

奧科蒂洛可以與馬林聯繫，提比略可以與盧修斯聯繫。

These are like 3.5-mile to 8-mile tiebacks.

這些就像 3.5 英里到 8 英里的回接。

Both projects are going through our process to FID at the moment, and we can discuss more after sanction.

目前，這兩個項目都在進行最終投資決定（FID），我們可以在批准後進行更多討論。

We're continuing our waterflood project designs.

我們正在繼續我們的注水項目設計。

We'll be capable of commencing execution next year.

我們明年就能開始執行。

These have the potential to add substantial low-cost reserves in these projects in our wheelhouse as a company where waterflood is one of our strengths.

作為一家以水驅為優勢之一的公司，這些項目有可能為我們的這些項目增加大量低成本儲備。

And operationally, we've safely completed all our major turnarounds for the year.

在營運方面，我們已經安全地完成了今年所有的主要周轉工作。

So very positive overall in GoM as we lean into the AI pilots that Vicki highlighted earlier.

當我們傾向於 Vicki 之前強調的人工智慧試點時，GoM 整體非常積極。

Great update.

很棒的更新。

And then just a second on OFS services.

接下來介紹一下 OFS 服務。

I'm just wondering are you seeing any, given sort of the recent volatility or maybe downturn a little bit downturn in oil, have you seen any recent softness and just wondered how different OFS prices might be trending onshore versus offshore?

我只是想知道，考慮到最近的波動或石油的低迷，您是否看到了最近的疲軟，並且想知道在岸與離岸的 OFS 價格趨勢可能有何不同？

Let me just start and then Ken can provide some better detail.

讓我開始吧，然後肯可以提供一些更好的細節。

I just wanted to make mention certainly see an improvement in overall capital efficiency or well cost facilities.

我只是想提一下整體資本效率或成本設施的改善。

And we wanted to highlight that in the slide, mainly because the teams have really been engaged this year, upfront, improving operations, but also engaging with our service contractors to find how do we drive utilization up and how do we create the sustained kind of program.

And we wanted to highlight that in the slide, mainly because the teams have really been engaged this year, upfront, improving operations, but also engaging with our service contractors to find how do we drive utilization up and how do we create the sustained kind of程式.

So, we highlighted the 10% year-to-date on well cost, which we think is a tremendous value-add as you roll that into 2025 in addition to the OpEx improvements that Vicki highlighted.

因此，我們強調了今年迄今為止 10% 的油井成本，我們認為，除了 Vicki 強調的營運支出改進之外，當您將其延續到 2025 年時，這將是一個巨大的增值。

But let me stop there.

但讓我就此打住。

I just want to say thank you to the teams and turn it over to Ken.

我只想向團隊表示感謝，並將其交給肯。

Yeah.

是的。

Same as Richard, Onshore U.S., from a supply chain perspective, we see deflation continuing between, say, last summer and the end of this year, we see north of 10% rolling through in our drilling and completion basket.

與理查德一樣，美國陸上公司從供應鏈的角度來看，我們看到通貨緊縮持續存在，比如說從去年夏天到今年年底，我們看到我們的鑽井和完井籃子裡的通縮率超過10%。

We also see OCTG significantly higher than that in terms of deflation, which also benefits all the other functions.

我們也看到 OCTG 在通貨緊縮方面明顯高於該水平，這也有利於所有其他功能。

We see continued focus by the contractors to improve efficiency and technologies of e-fleets, auto frac.

我們看到承包商繼續專注於提高電子車隊、汽車壓裂的效率和技術。

They're really pushing the technology aspects and they're working with us on utilization.

他們確實在推動技術方面的發展，並與我們合作利用率。

And it's not only the efficiency that comes with utilization, but because of the planning that Richard's teams are doing, it releases those contractors to use that equipment in the spaces we're not so they can maximize their margins also.

這不僅帶來了利用率帶來的效率，而且由於理查德團隊正在進行的規劃，它讓那些承包商可以在我們不使用的空間中使用該設備，這樣他們也可以最大限度地提高利潤。

Having mass matters.

有品質很重要。

So CrownRock will enable more value in that space in the Midland Basin.

因此，CrownRock 將為米德蘭盆地的該空間創造更多價值。

So, it's definitely accretive.

所以，這絕對是有增值作用的。

Hope that answers your question.

希望能回答您的問題。

David Deckelbaum, TD Cowen.

大衛·德克爾鮑姆，TD·考恩。

Afternoon, Vicky and team.

下午，Vicky 和團隊。

Thanks for taking my questions.

感謝您回答我的問題。

I was curious if I could ask a little bit more just on the CrownRock progression into next year.

我很好奇是否可以多問一些有關明年 CrownRock 進展的問題。

I think you all still are standing by getting towards that 170,000 a day target and then perhaps growing it from there.

我認為你們仍然堅持實現每天 17 萬人的目標，然後可能會在此基礎上繼續成長。

So when we think about CapEx for next year, given that this was a high-graded transaction, do you see the CrownRock assets sort of feeding some capital from some areas that you were spending money on in '24 as we think about that program?

因此，當我們考慮明年的資本支出時，考慮到這是一項高級別交易，當我們考慮該計劃時，您是否認為 CrownRock 資產會從您在 24 年花錢的某些領域提供一些資本？

And I guess in part of that, is there some savings on the CapEx side associated with selling Barilla Draw?

我想其中一部分原因是，與出售 Barilla Draw 相關的資本支出方面是否有一些節省？

I would say that we would keep the same activity level with CrownRock going into next year.

我想說，明年我們將保持與 CrownRock 相同的活動水平。

They've had this, as Richard said earlier, this same activity level for quite a while, it's worked well for them.

正如理查德之前所說，他們已經進行了相當長一段時間的相同活動水平，這對他們來說效果很好。

And we think with the capability of our teams working together that we'll actually be able to maybe do more with less.

我們認為，憑藉我們團隊的共同努力，我們實際上能夠用更少的資源做更多的事情。

And so, we think that's going to be a good news story.

因此，我們認為這將是一個好消息。

So likely no increase in activity in CrownRock.

因此 CrownRock 的活動很可能不會增加。

In the Barilla Draw, part of the reason that we divested in Barilla Draw because we weren't investing capital there because we had development going on in other areas that was taking the capital away from Barilla Draw.

在 Barilla Draw 中，我們剝離 Barilla Draw 的部分原因是我們沒有在那裡投資資本，因為我們在其他領域正在進行開發，從而奪走了 Barilla Draw 的資本。

And so, our philosophy has always been, if we have an asset that doesn't compete for capital and/or would have competed under different circumstances, but we're not going to get to it for 5 to 10 years.

因此，我們的理念一直是，如果我們擁有一項不與資本競爭和/或在不同情況下競爭的資產，但我們不會在 5 到 10 年內獲得它。

Then that's why we divest of it.

這就是我們放棄它的原因。

I appreciate the color there.

我很欣賞那裡的顏色。

And then maybe my second question, just on direct air capture, just following STRATOS.

然後也許是我的第二個問題，只是關於直接空中捕獲，就在 STRATOS 之後。

I know there was some enthusiasm, especially last year around ADNOC and their interest in direct air capture.

我知道人們有一些熱情，特別是去年阿布達比國家石油公司（ADNOC）以及他們對直接空中捕獲的興趣。

Would you characterize most of your conversations with most parties at this point as sort of being in a wait-and-see mode around STRATOS and how some of these first projects perform?

您是否認為您目前與大多數各方的大部分對話都處於圍繞 STRATOS 以及其中一些首批專案表現的觀望模式？

I would say there's a lot of interest in STRATOS.

我想說，人們對 STRATOS 很感興趣。

And it's now, I think about every conference around the world and companies around the world are all talking about STRATOS.

現在，我想到世界各地的每一次會議和世界各地的公司都在談論 STRATOS。

In fact, we had a major operator, an international operator come and visit our site because there's a lot of interest in it.

事實上，我們有一個主要的運營商，一個國際運營商來訪問我們的網站，因為人們對此很感興趣。

But as Richard said, first of all, we want to get it up and running.

但正如理查德所說，首先，我們希望讓它啟動並運行。

And because we believe that as we prove it up, as we make it better, that it's going to be much more valuable than what people realize today.

因為我們相信，當我們證明它，當我們讓它變得更好時，它會比人們今天意識到的更有價值。

Richard, did you have something to add?

理查德，你還有什麼要補充的嗎？

No, I just think that's right.

不，我只是認為這是對的。

I mean I think we continue to talk our ambitious plans.

我的意思是，我認為我們會繼續談論我們雄心勃勃的計劃。

We think that there's a lot of scale in terms of development.

我們認為在發展方面有很大的規模。

You've seen some of our development plans.

您已經看到了我們的一些發展計劃。

And so, as we prove it, as we give line-of-sight to cost down, we're very confident that both strategic and capital partners are going to have an investable development that will be able to help us.

因此，正如我們所證明的那樣，當我們著眼於降低成本時，我們非常有信心策略和資本合作夥伴都將擁有能夠幫助我們的可投資開發項目。

So that is our strategy, but I mean we're doing a lot of engagement on multiple fronts, both from offtake and future capital partnership.

這就是我們的策略，但我的意思是我們在多個方面進行了大量的參與，包括承購和未來的資本合作。

So, I appreciate that question.

所以，我很欣賞這個問題。

In the interest of time, this concludes our question-and-answer session.

由於時間關係，我們的問答環節到此結束。

I would like to turn the conference back over to Vicki Hollub for any closing remarks.

我想將會議轉回 Vicki Hollub 進行閉幕致詞。

I'd just like to say thank you all for your questions and have a great rest of your day.

我只想對大家提出的問題表示感謝，並祝您有個愉快的一天。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。