西方石油 (OXY) 2024 Q3 法說會逐字稿

Good afternoon, and welcome to Occidental's third-quarter 2024 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 2024 年第三季財報電話會議。 （操作員說明）請注意，正在記錄此事件。

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

我現在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, Drew. Good afternoon, everyone, and thank you for participating in Occidental's third quarter 2024 earnings conference call.

謝謝你，德魯。大家下午好，感謝大家參加西方石油公司 2024 年第三季財報電話會議。

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, US 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； 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 under 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中將做出的前瞻性聲明的警告聲明。

We'll also reference a few non-GAAP financial measures today. Reconciliations to the nearest corresponding GAAP measure can be found in the schedules to 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. Our teams delivered another quarter of exceptional performance across all of our business segments. Despite weather disruptions and commodity price volatility, resilient operational execution from our teams helped to deliver the highest operating cash flow so far this year.

謝謝喬丹，大家下午好。我們的團隊在所有業務領域中又取得了卓越的季度業績。儘管受到天氣幹擾和大宗商品價格波動的影響，我們團隊的彈性營運執行幫助實現了今年迄今為止最高的營運現金流。

Our strong financial results are a testament to the dedication and capabilities of our team as well as the premium quality of our assets. I'll begin today by reviewing our third-quarter performance and providing highlights from our oil and gas business, including the ongoing integration of CrownRock.

我們強勁的財務表現證明了我們團隊的奉獻精神和能力以及我們資產的優質品質。今天我將首先回顧我們第三季的業績，並介紹我們石油和天然氣業務的亮點，包括正在進行的 CrownRock 整合。

I'll also give an update on our direct air capture project and then share the progress on our near-term debt reduction program. Sunil will cover our financial results and fourth-quarter outlook, including increases in full-year guidance for each of our segments and will provide insight on how we're looking at our 2025 capital plans.

我還將介紹我們的直接空氣捕獲項目的最新情況，然後分享我們近期債務削減計劃的進度。 Sunil 將介紹我們的財務業績和第四季度展望，包括提高每個部門的全年指導，並將提供有關我們如何看待 2025 年資本計劃的見解。

In the third quarter, our team's commitment and delivery across each of our business units enabled us to generate $1.5 billion in free cash flow before working capital, exceeding guidance in all three segments. Our oil and gas segment exceeded the high end of our production guidance and set a new company record for the highest quarterly US production in our history.

第三季度，我們團隊在每個業務部門的承諾和交付使我們在營運資本前產生了 15 億美元的自由現金流，超過了所有三個部門的指導。我們的石油和天然氣部門超出了生產指導的上限，並創下了美國歷史上最高季度產量的公司新紀錄。

This was an outstanding achievement made even more impressive considering there were three hurricanes that impacted our operations across the Gulf of Mexico. This production outperformance was primarily driven by strong new well performance and higher uptime throughout the Permian Basin.

考慮到三場颶風影響了我們在墨西哥灣的業務，這項傑出成就更加令人印象深刻。這種生產優異表現主要是由於整個二疊紀盆地強勁的新井表現和更長的正常運作時間。

Our Midland Basin teams excelled, surpassing production guidance in our recently acquired CrownRock assets and delivering the highest quarterly production in over five years across our legacy Midland Basin assets. Optimum geologic targeting drove new well performance, supplemented by non-recurring OBO benefits.

我們的米德蘭盆地團隊表現出色，超過了我們最近收購的 CrownRock 資產的生產指導，並在我們傳統的米德蘭盆地資產中實現了五年多來最高的季度產量。最佳地質目標推動了新的油井性能，並輔以非經常性 OBO 效益。

The Delaware Basin continues to perform at an industry-leading level, with our New Mexico performance being instrumental in our third-quarter results. Most notably, a six-well Wolfcamp development project in our (inaudible) field in New Mexico produced an impressive 1.2 million barrels of oil in the first 90 days.

特拉華盆地繼續保持行業領先水平，新墨西哥盆地的表現對我們第三季度的業績發揮了重要作用。最值得注意的是，我們位於新墨西哥州（聽不清楚）油田的六井 Wolfcamp 開發案在前 90 天內生產了令人印象深刻的 120 萬桶石油。

In previous earnings calls, we highlighted that Oxy had 8 of the top 10 industry wells in the entire Delaware Basin from a six-month cumulative production standpoint. Today, I'm proud to announce that our Rockies team now claims 8 of the top 10 DJ Basin wells drilled since 2019, several of which came online in 2024.

在先前的財報電話會議中，我們強調，從六個月的累積產量來看，Oxy 擁有整個特拉華盆地排名前 10 的工業井中的 8 個。今天，我很自豪地宣布，我們的落基山脈團隊現已擁有 2019 年以來 DJ 盆地鑽探的前 10 口井中的 8 口，其中幾口於 2024 年上線。

Such remarkable industry achievements are only possible because our teams relentlessly pursue innovation and excellence. Not only is our onshore development exceeding expectations on well productivity, we're also executing in a more efficient manner.

如此卓越的產業成就離不開我們團隊不懈地追求創新和卓越。我們的陸上開發不僅超出了油井產能的預期，而且還以更有效率的方式執行。

For example, every new well drilled in the third quarter New Mexico development program is utilizing existing infrastructure. As discussed in the past, this significantly enhances project returns and, in many cases, enable secondary [bench] developments to deliver stronger returns than our primary benches.

例如，第三季新墨西哥州開發計畫中鑽出的每一口新井都在利用現有基礎設施。正如過去所討論的，這顯著提高了專案回報，並且在許多情況下，使二次[基準]開發能夠比我們的主要基準提供更高的回報。

We continue to advance our drilling efficiency, as evidenced by a 10% improvement in Permian unconventional drilling cycle times relative to last year. In the DJ Basin, we successfully drilled a 2-mile lateral in only 80 hours, and our teams reduced third-quarter well costs by 20% compared to the first half of last year.

我們持續提高鑽井效率，二疊紀非常規鑽井週期比去年縮短了 10%，就是證明。在DJ盆地，我們只花了80小時就成功完成了2英里的側向鑽探，我們的團隊第三季的井成本比去年上半年降低了20%。

More than just reducing well costs, these improvements also accelerate time to market, allowing us to turn capital dollars into production factor. Our teams continue to make well design and execution improvements with exceptional results. We expect to carry this momentum into 2025.

這些改進不僅降低了油井成本，還加快了產品上市時間，使我們能夠將資本轉化為生產要素。我們的團隊不斷進行良好的設計和執行改進，並取得了卓越的成果。我們預計將這一勢頭延續到 2025 年。

Another factor in our success, along with continued well performance leadership and capital efficiency and progression, is our team's persistent focus on driving down lease operating expenses across our assets, which ultimately enhances our cash margins. Over the last year, we have meaningfully reduced our domestic operating expenses on a per well basis.

我們成功的另一個因素，以及持續良好的業績領先地位和資本效率和進步，是我們的團隊堅持不懈地致力於降低我們資產的租賃營運費用，這最終提高了我們的現金利潤率。去年，我們大幅減少了國內每口井的營運費用。

Looking to the fourth quarter, we anticipate continued progress will result in a greater than 20% year-over-year reduction in quarterly owned fee [LLC] per barrel. These steady improvements are driven by several factors, including increased uptime; improved CO2 utilization; and more recently, the integration of low-cost, high-margin ground rock barrels in our portfolio. Our teams continue to deliver their operational and technical strengths to drive margin expansion from both sides, reducing costs while constructing industry-leading wells.

展望第四季度，我們預計持續的進展將導致每桶季度擁有費 [LLC] 年比減少 20% 以上。這些穩定的改進是由多個因素推動的，包括正常運行時間的增加；提高二氧化碳利用率；最近，我們將低成本、高利潤的地面岩石桶整合到我們的產品組合中。我們的團隊繼續發揮其營運和技術優勢，推動雙方利潤成長，降低成本，同時建造業界領先的油井。

Turning to our chemicals and midstream businesses. OxyChem outperformed in the third quarter, modestly exceeding guidance while overcoming disruptive Gulf weather. And our midstream segment also had another impressive quarter, with our marketing teams once again leveraging natural gas price dislocations between Oaxaca and the Gulf Coast to deliver value to the company.

轉向我們的化學品和中游業務。 OxyChem 第三季的表現優於預期，略高於預期，同時克服了海灣天氣的破壞性影響。我們的中游部門也有另一個令人印象深刻的季度，我們的行銷團隊再次利用瓦哈卡州和墨西哥灣沿岸之間的天然氣價格錯位為公司創造價值。

Our demonstrated leadership and midstream expertise allowed us to optimize transport strategies, effectively bringing both our products and third-party volumes to market even in adverse conditions. I'd like to now share more on the successful addition of CrownRock to our Oxy portfolio since the acquisition closed in early August.

我們所展現的領導力和中游專業知識使我們能夠優化運輸策略，即使在不利的條件下也能有效地將我們的產品和第三方產品推向市場。我現在想分享更多有關自 8 月初收購結束以來 CrownRock 成功加入我們的 Oxy 產品組合的資訊。

We're eternally pleased with the integration of assets and more importantly, people. We've been highly impressed with the legacy CrownRock culture as well as the stewardship exhibited in running day-to-day operations in a safe, profitable manner.

我們對資產的整合以及更重要的是人員的整合感到永遠滿意。 CrownRock 的傳統文化以及以安全、盈利的方式運營日常運營所表現出的管理精神給我們留下了深刻的印象。

Our focus these first months have been centered on safety, organizational integration, and retention of talent; and it's gone very well. There have been no significant safety incidents dating as far back as the December deal announcement, and that's a testament to the CrownRock team's proficiency and professionalism.

頭幾個月我們的重點是安全、組織整合和人才保留；一切進展順利。自 12 月交易宣布以來，尚未發生過重大安全事件，證明了 CrownRock 團隊的熟練程度和專業精神。

The combined teams are now sharing best practices and identifying opportunities to enhance field operations through our combined (inaudible) position, as well as constructing our 2025 development plan. As Sunil will cover later, we envision a consistent level of investment in this premier Permian asset next year.

合併後的團隊現在正在分享最佳實踐，並透過我們合併（聽不清楚）的立場尋找加強現場營運的機會，並製定我們的 2025 年發展計畫。正如蘇尼爾稍後將介紹的那樣，我們預計明年對這一首要二疊紀資產的投資水準將保持一致。

I want to highlight a few areas where our teams are identifying opportunities for operational improvements and cost efficiencies. The first one I'll mention is leveraging Oxy's supply chain expertise to reduce cost of materials and construction. We're also evaluating opportunities to leverage our broader Permian frac [cores] and overall resources to accelerate time to market and increase utilization rates.

我想強調我們的團隊正在尋找營運改善和成本效率機會的幾個領域。我要提到的第一個是利用 Oxy 的供應鏈專業知識來降低材料和施工成本。我們也正在評估利用更廣泛的二疊紀壓裂[岩心]和整體資源的機會，以加快上市時間並提高利用率。

We have spoken in the past about the ample water capacity and network associated with these new assets, how well they fit with our existing water assets, and how they can benefit our legacy business. Recently, we've identified nearly $10 million in expected savings for a singular development plan in the first quarter of 2025 made possible by water integration across assets. We think this opportunity is just the first of many as we leverage the shared infrastructure across our combined position.

我們過去曾談到與這些新資產相關的充足的水容量和網絡、它們與我們現有水資產的契合程度以及它們如何使我們的傳統業務受益。最近，我們確定了透過跨資產的水務整合，2025 年第一季的單一開發計畫預計可節省近 1,000 萬美元。我們認為這個機會只是眾多機會中的第一個，因為我們在我們的合併位置上利用共享基礎設施。

We also see opportunities to enhance the base production through improved operability and artificial (inaudible) already, we received incremental base production improvements into CrownRock assets. Because of this and stronger-than-anticipated UL performance, our third-quarter production volumes exceeded the expectations that we laid out in August. We're now projecting a 9,000 BOE per day increase to our fourth-quarter exit rate for these assets.

我們也看到了透過改進可操作性和人工（聽不清楚）來增強基礎生產的機會，我們已經對 CrownRock 資產進行了增量基礎生產改進。由於這一點以及強於預期的 UL 業績，我們第三季的產量超出了我們 8 月制定的預期。我們現在預計第四季度這些資產的退出率將每天增加 9,000 桶油當量。

We're still in the early stages of integration, but are very excited about the opportunities ahead. By bringing our teams together, we expect to unlock new value and achieve even greater success.

我們仍處於整合的早期階段，但對未來的機會感到非常興奮。透過將我們的團隊聚集在一起，我們期望釋放新的價值並取得更大的成功。

Turning now to our low-carbon businesses. I'd like to provide an update on our direct air capture project. Construction of STRATOS, which will be the largest direct air capture facility in the world, is progressing smoothly and to plan.

現在轉向我們的低碳業務。我想提供有關我們的直接空氣捕獲項目的最新資訊。 STRATOS 的建設將成為世界上最大的直接空氣捕獲設施，目前進展順利並按計劃進行。

As we have previously shared, we have faced the construction sequence of STRATOS to help integrate the latest advancements in our research and development efforts. We've been thoroughly impressed with the infusion of talent, passion, and performance coming from the carbon engineering team last year, driving an innovation cycle that's moving even faster than we anticipated.

正如我們之前所分享的，我們已經了解了 STRATOS 的建造順序，以幫助整合我們的研發工作中的最新進展。去年碳工程團隊注入的人才、熱情和表現給我們留下了深刻的印象，推動了創新週期的發展，速度比我們預期的還要快。

Collaboration within our technical teams across (inaudible) with insight from the CE Innovation Center has given rise to incredible technological breakthroughs and engineering design innovation, which we will integrate into the continued build-out STRATOS. The new design will feature fewer air contactors and fewer pellet reactors which should reduce operating expenses and increase reliability.

我們的技術團隊（聽不清楚）與 CE 創新中心的深入合作帶來了令人難以置信的技術突破和工程設計創新，我們將把它們整合到持續擴建的 STRATOS 中。新設計將採用更少的空氣接觸器和更少的顆粒反應器，這將減少營運費用並提高可靠性。

We expect to bring the initial 250,000 tonnes per annum of capacity online in mid-2025 with an additional 250,000 tons to phase in during the next year, incorporating those improvements. This disciplined approach not only generates value for STRATOS, but will benefit and derisk future DAC builds.

我們預計將在 2025 年中期投入最初的 25 萬噸/年產能，並在明年分階段投入額外的 25 萬噸產能，納入這些改進。這種嚴格的方法不僅為 STRATOS 創造價值，而且還將有益於未來的 DAC 建置並降低其風險。

We're also advancing our South Texas DAC project and recently achieved a significant milestone with the US Department of Energy awarding the project up to $500 million of the initial DAC facility of the site. This grant could potentially increase by $150 million from the development of an expanded regional carbon network in South Texas. The award is momentous in furthering commercial scale of DAC in the United States and validates our ability to accelerate the (inaudible) on the technology.

我們也正在推進南德克薩斯 DAC 項目，最近實現了一個重要的里程碑，美國能源部授予該項目高達 5 億美元的初始 DAC 設施資金。由於南德克薩斯州擴大區域碳網路的開發，這筆補助可能會增加 1.5 億美元。該獎項對於進一步擴大 DAC 在美國的商業規模具有重要意義，並驗證了我們加速（聽不清楚）該技術的能力。

A combination of factors will drive our continued progress in this market and technology, and you're seeing them work together now in this time. First, our innovative technical teams continue its investment in R&D (inaudible) real world projects.

多種因素的結合將推動我們在這個市場和技術上的持續進步，您現在將看到它們在此時一起工作。首先，我們的創新技術團隊持續投資研發（聽不清楚）現實世界專案。

Second, we are leveraging projects and operational markets from STRATOS and applying them to enhance future designs. Third, government support and third-party capital are serving as catalysts to accelerate investment in developing DAC technology at climate-relevant scale while also solidifying our leading position in the emerging markets.

其次，我們正在利用 STRATOS 的專案和營運市場，並將其應用於增強未來的設計。第三，政府支持與第三方資本正成為加速氣候相關規模開發DAC技術投資的催化劑，同時也鞏固了我們在新興市場的領先地位。

We're excited about the progress made to date in constructing STRATOS, improving the DAC technology, driving demand in the voluntary and compliance carbon credit markets. Through the development of STRATOS, Oxy is taking a leading role to demonstrate to the developing compliance markets that DAC plus geologic storage is a large-scale, highly durable, and economic tool in the world's approach to climate change.

我們對迄今為止在建立 STRATOS、改進 DAC 技術、推動自願和合規碳信用市場需求方面取得的進展感到興奮。透過 STRATOS 的開發，Oxy 正在發揮主導作用，向發展中的合規市場證明 DAC 加上地質封存是世界應對氣候變遷的大規模、高度耐用且經濟的工具。

We believe we can help hard-to-abate industries, like aviation and maritime, meet their net zero goals with DAC, which can also serve as complementary solutions with -- along with sustainable aviation and climate fuels.

我們相信，我們可以透過 DAC 幫助航空和海運等難以減排的產業實現淨零排放目標，DAC 還可以與永續航空和氣候燃料一起作為補充解決方案。

Equally as important, CO2 from our DAC can also enable us to produce net zero oil for EMR operations, providing resources the US needs for energy security and energy the world will continue to need for decades to come. We also recognize that we are in a pivotal moment for our power and utilities in our country, especially with the proliferation of data centers and AI increasing the need for reliable, low-cost coal emissions power.

同樣重要的是，我們的 DAC 產生的二氧化碳還可以使我們為 EMR 營運生產淨零石油，提供美國能源安全所需的資源以及世界未來幾十年將繼續需要的能源。我們也意識到，我們國家的電力和公用事業正處於關鍵時刻，特別是隨著資料中心和人工智慧的激增，增加了對可靠、低成本煤炭排放電力的需求。

Over the coming decades, we believe Oxy will be an uniquely positioned to contribute to the growing sectors of our equity investments in net power and our ability to provide DAC solutions at scale to meet the increased demand for carbon dioxide renewable credits for large-scale data centers and power generators.

在未來幾十年裡，我們相信Oxy 將具有獨特的優勢，為我們淨電力股權投資不斷增長的領域做出貢獻，並有能力大規模提供DAC 解決方案，以滿足大規模數據對二氧化碳可再生信用額度不斷增長的需求中心和發電機。

Finally, I want to share with you some of the recent progress we've made in debt reduction. In December, we made a commitment to repay over $4.5 billion of debt within 12 months of closing the Crown Rock application.

最後，我想跟大家分享一下近期我們在減債方面取得的一些進展。 12 月，我們承諾在 Crown Rock 申請結束後 12 個月內償還超過 45 億美元的債務。

Progress in our divestiture program, including the closing of (inaudible) the sale of a portion of our West Holdings in the third quarter, combined with our continuing strong organic cash flow, has put us well ahead of schedule. In fact, during the third quarter, we repaid $4 billion, which is nearly 90% of our year-term commitment, and that's within just two months of the CrownRock closing. We remain fully committed to achieving our medium-term principal debt target of $15 billion.

我們的剝離計劃取得了進展，包括在第三季度完成（聽不清楚）出售部分 West Holdings 的股份，再加上我們持續強勁的有機現金流，使我們遠遠領先於計劃。事實上，在第三季度，我們償還了 40 億美元，幾乎是我們年度承諾的 90%，而這距離 CrownRock 交割僅兩個月之內。我們仍完全致力於實現 150 億美元的中期本金債務目標。

I'll now hand the call over to Sunil to provide more details about our third-quarter financial results, guidance, and capital plan.

我現在將把電話轉交給蘇尼爾，以提供有關我們第三季度財務業績、指導和資本計劃的更多詳細資訊。

Thank you, Vicki. In the third quarter, we generated an adjusted profit of $1 per diluted share and a reported profit of $0.98 per diluted share. The difference between adjusted and reported profit was primarily driven by a loss on the sale of [downpoured], non-operated US offshore acreage, largely offset by a gain on the sale of common units representing limited partner interest investor in (inaudible)

謝謝你，維基。第三季度，我們調整後每股攤薄利潤為 1 美元，報告利潤為每股攤薄利潤 0.98 美元。調整後利潤和報告利潤之間的差異主要是由於出售[傾盆大雨]、非營運的美國近海面積的損失造成的，這在很大程度上被代表有限合夥人利益投資者的普通單位出售的收益所抵消（聽不清楚）

As a result of strong operational performance across all business segments, in the third quarter, we generated $1.5 billion of free cash flow for working capital. And we finished the quarter with $1.8 billion of unrestricted cash. The strong free cash flow this quarter reflects our team's ability to translate high quality assets into impressive financial results despite adverse weather conditions and commodity price volatility.

由於所有業務部門都表現強勁，第三季我們為營運資金創造了 15 億美元的自由現金流。本季結束時，我們擁有 18 億美元的非限制性現金。本季強勁的自由現金流反映出我們的團隊有能力將優質資產轉化為令人印象深刻的財務業績，儘管天氣條件惡劣且商品價格波動較大。

As Vicki mentioned, the success in the third quarter can largely be attributed with new wells and base production outperformance, the Permian Basin, inclusive of our newly acquired CrownRock asset. While the majority of our performance was associated with company rated activities, the Permian saw a 6,000 BOE per day uplift associated with non-recurring off-site operated volumes due to prior period factors.

正如 Vicki 所提到的，第三季的成功很大程度上歸功於二疊紀盆地的新井和基地生產表現出色，包括我們新收購的 CrownRock 資產。雖然我們的大部分業績與公司額定活動相關，但由於前期因素，二疊紀盆地每天的產量增加了 6,000 BOE，與非經常性場外作業量相關。

In the Gulf of Mexico, production came in below our third-quarter guidance range largely due to unplanned downtime for hurricane-related activity and well work orders. Despite these impacts, our domestic lease operating expenses at $8.68 on a per barrel basis notably outperformed third-quarter guidance and are the lowest since the first quarter of 2022. This demonstrates our operational spend and focus on delivery and higher-margin barrels over time, as illustrated on slide 8.

在墨西哥灣，產量低於我們第三季的指導範圍，這主要是由於颶風相關活動和油井工作訂單的計劃外停機。儘管存在這些影響，我們的國內租賃營運費用為每桶8.68 美元，明顯優於第三季度指導，是2022 年第一季以來的最低水平。和更高利潤桶的關注，如幻燈片 8 所示。

In the midstream and marketing segment, we continue to capture value through optimizing our gas marketing positions out of the Permian Basin. This was a significant catalyst in the segment generating positive earnings on an adjusted basis, approximately $145 million, above the midpoint of guidance.

在中游和行銷領域，我們繼續透過優化二疊紀盆地以外的天然氣行銷地位來獲取價值。這是該部門的重要催化劑，調整後產生正收益，約 1.45 億美元，高於指導中位數。

As Vicki highlighted, we are raising our full-year guidance of each of our business segments as a result of third-quarter outperformance and improved expectations in the fourth quarter. In oil and gas, we are raising our fourth-quarter total company production guidance from last quarter's implied guidance to a midpoint of 1.45 million BOE per day, driven by sustained well performance and operational momentum, coupled with an improved outlook in the Permian.

正如 Vicki 所強調的那樣，由於第三季的優異表現和第四季度的預期改善，我們正在提高每個業務部門的全年指導。在石油和天然氣領域，在持續的油井表現和營運勢頭以及二疊紀盆地前景改善的推動下，我們將第四季度公司總產量指引從上季度的隱含指引上調至每天145 萬桶油當量的中點。

Supporting this, we have increased our full-year production guidance for the Permian based on our outperformance from both our legacy and conventional business and the CrownRock assets. This rate includes an additional 12,000 BOE per day in the fourth quarter, 9,000 of which are coming from our CrownRock assets.

為了支持這一點，我們根據我們的傳統業務和傳統業務以及 CrownRock 資產的優異表現，提高了二疊紀的全年生產指導。該比率包括第四季度每天額外的 12,000 BOE，其中 9,000 來自我們的 CrownRock 資產。

We are excited to build on the year-to-date success across our domestic portfolio and expect these positive production trends in the Permian should more than offset the fourth-quarter production impact related to the Gulf of Mexico's ongoing well workovers and disruption from Hurricane Rafael.

我們很高興能夠在國內投資組合今年迄今取得的成功的基礎上再接再厲，並預計二疊紀盆地的這些積極的生產趨勢將足以抵消與墨西哥灣正在進行的油井修井和颶風拉斐爾造成的破壞有關的第四季生產影響。

Even with an active hurricane season, our OxyChem team was able to overcome the rate disruption and outperformed third-quarter guidance [worth impact] income of $304 million. Fourth-quarter guidance reflects an expected uptake in caustic soda pricing due to European satellite disruptions and represents an increased full-year guidance for the segment despite seasonal declines in volumes for both EDC and caustic soda.

即使在颶風季節活躍的情況下，我們的 OxyChem 團隊也能夠克服速率中斷，並超越第三季指引 [價值影響] 收入 3.04 億美元。第四季度指引反映了由於歐洲衛星中斷而導致燒鹼定價的預期上升，儘管 EDC 和燒鹼銷量季節性下降，但該部門的全年指導有所增加。

We are also raising full-year guidance for our midstream and marketing segment as a result of a strong third-quarter performance. Our guidance has used that our marketing teams will capture some natural gas transportation optimization benefits for the fourth quarter, though to a lesser extent than the prior two quarters, as Permian gas take away constraints.

由於第三季的強勁業績，我們也提高了中游和行銷部門的全年指導。我們的指導意見表明，我們的行銷團隊將在第四季度獲得一些天然氣運輸優化效益，但由於二疊紀天然氣消除了限制，程度較前兩季要小。

Additionally, our guidance has been adjusted to account for Oxy's current ownership in west after our state of a portion of our LP units during the third quarter. Capital spend, net of noncontrolling interest, in third quarter of approximately $1.6 million was in line with our expectations, and we renewed within our previously guided range for 2024 capital.

此外，在第三季度我們對部分有限合夥單位進行了狀態之後，我們的指導意見也進行了調整，以考慮到 Oxy 目前在西部的所有權。扣除非控股權益後，第三季的資本支出約為 160 萬美元，符合我們的預期，並且我們在先前 2024 年的資本指導範圍內進行了更新。

In closing, I want to share an update on how we are approaching our capital program for next year. 2025 will be a pivotal year for our low-carbon ventures and OxyChem businesses as we advance construction of two major projects that are expected to generate cash flow growth and enhance long-term shareholder value.

最後，我想分享我們如何實施明年資本計畫的最新情況。 2025年將是我們低碳企業和OxyChem業務的關鍵一年，我們將推進兩個主要項目的建設，預計將產生現金流成長並提高長期股東價值。

As Vicki shared, we are well underway with the construction of STRATOS, a first-of-its-kind DAC business. We expect our 2025 low-carbon ventures capital budget, net of noncontrolling interest contribution, to be approximately $450 million. This represents a $150 million decrease from our 2024 guidance of $600 million.

正如 Vicki 所分享的，我們正在順利建立 STRATOS，這是首個此類 DAC 業務。我們預計 2025 年低碳企業資本預算（扣除非控制權益貢獻）約為 4.5 億美元。這比我們 2024 年指導的 6 億美元減少了 1.5 億美元。

Our OxyChem battleground expansion and modernization is also progressing well and is expected to reach peak construction activity next year. We anticipate our chemicals capital budget to be approximately $900 million in 2025, an increase of $200 million from this year due to the increase in project activity. The expansion remains on track for completion in mid-2027.

我們的 OxyChem 戰場擴建和現代化建設也進展順利，預計明年將達到建設活動高峰。我們預計 2025 年我們的化學品資本預算約為 9 億美元，由於專案活動的增加，比今年增加了 2 億美元。擴建預計將於 2027 年中期完成。

In our oil and gas business, we anticipate activity levels to be broadly similar to the this year. Across our CrownRock acreage, we plan to maintain a five-rig program as the assets have benefited from stable activity levels in the last few years. Next year's development program, which feature targeted adjustments to well spacing, along with accelerated production delivery through time-to-market improvements. Overall, we expect annual production growth in the mid-single digits from these assets.

在我們的石油和天然氣業務中，我們預計活動水準與今年大致相似。在我們的 CrownRock 區域，我們計劃維持五台鑽機計劃，因為這些資產受益於過去幾年穩定的活動水平。明年的開發計畫將有針對性地調整井距，並透過改進上市時間來加速生產交付。整體而言，我們預計這些資產的年產量成長將達到中個位數。

Considering the recent commodity price volatility, we are evaluating multiple 2025 activity scenarios across the rest of our US onshore portfolio. As a result of our higher proportion of short cycle US onshore activity, we have retained considerable capital flexibility within these assets.

考慮到最近的大宗商品價格波動，我們正在評估美國其他在岸投資組合的多種 2025 年活動情境。由於我們在美國境內的短週期活動比例較高，因此我們在這些資產中保留了相當大的資本彈性。

We look forward to sharing our (inaudible) plan at the next quarterly earnings call. As Vicki emphasized in our update on our debt reduction progress, we remain dedicated to our four financial priorities. We believe the early success of our deleveraging program brings us in a great position heading into 2025.

我們期待在下一個季度的收益電話會議上分享我們的（聽不清楚）計劃。正如維基在我們關於減債進展的最新情況中所強調的那樣，我們仍然致力於我們的四個財務優先事項。我們相信，去槓桿化計畫的早期成功將使我們在進入 2025 年時處於有利地位。

We have no remaining 2024 debt maturities, and our current unrestricted cash balance is sufficient to cover the remaining $1.5 million of 2025 debt maturities, the majority of which are not due until the second half of the year. We are comfortable with our debt maturity profile, and capital investments we persecute in 2025 will be strategically guided by a commitment to further deleveraging and strengthening our financial position.

我們沒有剩餘的 2024 年債務到期日，我們目前的不受限制的現金餘額足以支付 2025 年債務到期的剩餘 150 萬美元，其中大部分要到今年下半年才到期。我們對我們的債務到期狀況感到滿意，我們在 2025 年追求的資本投資將以進一步去槓桿化和加強我們的財務狀況的承諾為戰略指導。

I'll now turn the call back over to Vicki.

我現在將把電話轉回給 Vicki。

Thank you, Sunil. Before we move to the Q&A, I'd like to close by recognizing the exceptional performance of our team, delivering value through operational excellence, world-class execution, and through driving down costs in a safe and reliable manner.

謝謝你，蘇尼爾。在進入問答環節之前，我想以表彰我們團隊的卓越表現、透過卓越運營、世界一流的執行以及以安全可靠的方式降低成本來創造價值來結束發言。

We continue to demonstrate industry-leading performance across our US onshore assets, setting new records for our operations and well performance. Now with the integration of the CrownRock assets bolstering our Permian footprint, our combined teams are enthusiastically unlocking operational efficiencies to enhance our margins.

我們繼續在美國陸上資產中展示行業領先的業績，為我們的營運和油井業績創造新記錄。現在，隨著 CrownRock 資產的整合增強了我們在二疊紀的足跡，我們的合併團隊正在熱情地提高營運效率，以提高我們的利潤。

Our diversified portfolio across oil and gas, midstream, and chemicals continues to deliver strong returns. And I'm proud of the achievements made across our low-carbon business. Oxy has demonstrated leadership and proven capability in carbon management through our EOR operations, and we are making great progress delivering our STRATOS project, pioneering DAC at scale.

我們在石油和天然氣、中游和化學品領域的多元化投資組合持續帶來強勁的回報。我為我們低碳業務的成就感到自豪。 Oxy 透過我們的 EOR 營運在碳管理方面展現了領導力和久經考驗的能力，我們在 STRATOS 專案的交付方面取得了巨大進展，開創了大規模 DAC 的先河。

With that, we'll now open the call for questions. And as Jordan mentioned, Richard Jackson and Ken Dillon are with us today for the Q&A session.

至此，我們現在開始提問。正如喬丹所提到的，理查傑克森和肯狄龍今天與我們一起參加問答環節。

(Operator Instructions) Doug Leggate, Wolfe Research.

（操作員說明）Doug Leggate，Wolfe Research。

Thank you. Vicki, I hope you can hear me okay. The line is a little choppy today, but hopefully, you can understand my question.

謝謝。維基，我希望你能聽到我的聲音。今天的線路有點不穩定，但希望您能理解我的問題。

The operational performance is quite extraordinary, and I think you never really laid out synergies with CrownRock. Obviously, they seem to be showing up. But I guess my question is, there seems to be a nervousness certainly in the market around the commodity outlook. And you guys, I guess, have some big decisions, as Sunil laid out, whether you accept the growth or whether you slow down the program, which obviously has got capital implications.

營運表現非常出色，我認為你們從未真正與CrownRock 建立協同效應。顯然，他們似乎正在出現。但我想我的問題是，市場上似乎確實對大宗商品前景感到緊張。我想，正如蘇尼爾所指出的那樣，你們有一些重大決定，無論是接受成長還是放慢該計劃，這顯然會產生資本影響。

So I'm wondering, first of all, if you could -- I know you don't want to give us numbers today, but just give us your thoughts on the macro in a world that clearly does not need any more oil. That's my first question. My follow-up, I may -- if I may, is on disposals.

所以我想知道，首先，您是否可以——我知道您今天不想給我們提供數字，但請告訴我們您對一個顯然不再需要更多石油的世界的宏觀看法。這是我的第一個問題。如果可以的話，我的後續行動是處置。

You obviously have a lot of options, and you also have laid out this $1.35 billion of chemicals and low carbon spend next year. So I guess my question is, we're trying to understand what the deleveraging capacity of the portfolio is.

顯然，您有很多選擇，而且您還安排了明年 13.5 億美元的化學品和低碳支出。所以我想我的問題是，我們試著去了解投資組合的去槓桿化能力是什麼。

You own NET Power, 48%. You obviously own WES. And you've got the roll-off, I assume, of that capital after 2025. So just give us your thoughts on what the pace of deleveraging could look like and what the options are to achieve that as we go into perhaps a softer commodity backdrop.

您擁有 NET Power，48%。顯然您擁有 WES。我認為，這些資本在 2025 年之後就會減少。

Thank you, Doug. I'll begin with the macro. We, meaning our leadership team -- we review the macro on a weekly basis. We look at all the fundamentals like the activity levels, supply-demand numbers, inventory, external factors. Anything that could impact prices and impact our operations, we look at.

謝謝你，道格。我將從巨集開始。我們，指的是我們的領導團隊——我們每週都會審查宏觀情況。我們關注所有基本面，如活動水準、供需資料、庫存、外部因素。我們會關注任何可能影響價格和我們營運的因素。

And so we, too, see the downside risk to prices in 2025, and it's hard to predict prices, though. I would say that over the past few years, very few people have accurately predicted prices in this incredibly volatile situation that we have today, where there's more volatility in oil prices than I think I have ever seen.

因此，我們也看到了 2025 年價格的下行風險，但很難預測價格。我想說，在過去的幾年裡，很少有人能夠在當今這種極其波動的情況下準確預測價格，油價的波動比我想像的還要大。

But we do believe that 2026 will be better than '25, and it's because much of the surplus in the market today has come from growth in the US, Guyana, Brazil and Canada. But there's declining growth rates, we believe, for the US and Brazil. And if you take that along with a couple of other non-OPEC countries that are helping to mitigate the current excess with declining production, then that leaves just the wildcards right now are Iran in Russia.

但我們確實相信 2026 年會比 25 年更好，這是因為當今市場的大部分盈餘都來自美國、圭亞那、巴西和加拿大的成長。但我們認為，美國和巴西的成長率正在下降。如果你把它與其他幾個非歐佩克國家一起考慮，這些國家正在幫助緩解當前產量下降的過剩情況，那麼現在只剩下伊朗和俄羅斯了。

With that being said, we believe it's very prudent for us to be prepared for that situation and to be very much leaning forward and not caught on the -- flatfooted or on our heels like what happened to us in past decades. So what we've done is -- our current thought is to recommend to our Board the plan that Sunil described, which we feel is conservative.

話雖如此，我們認為，我們應該非常謹慎地為這種情況做好準備，並非常積極地向前傾斜，而不是像過去幾十年發生在我們身上的那樣，措手不及或跟不上。所以我們所做的是——我們目前的想法是向董事會推薦蘇尼爾所描述的計劃，我們認為該計劃是保守的。

What that is doing is keeping activity levels in the CrownRock area as they are today and then lowering slightly the capital in some of the other oil and gas areas. So we wouldn't be growing the rest of the oil and gas portfolio. CrownRock will grow as a results of just maintain those -- that rig activity and trying to maintain those efficiencies. Because it's always easier to ramp down than it is to ramp up.

這樣做的目的是保持 CrownRock 地區目前的活動水平，然後稍微降低其他一些石油和天然氣地區的資本。因此，我們不會增加其餘的石油和天然氣投資組合。 CrownRock 將透過維持這些鑽機活動並努力維持這些效率而實現成長。因為下降總是比上升容易。

But I would assure you that our teams have prepared plans, the next steps, for multiple product scenarios along with the plan of when to pull the trigger, how to pull the trigger, how to execute a decrease in activity should it be needed. I will say that should prices go up, which we don't exactly expect, we would not increase our capital beyond what we're talking about right now.

但我可以向您保證，我們的團隊已經為多個產品場景準備了計劃、後續步驟，以及何時扣動扳機、如何扣動扳機、如何在需要時減少活動的計劃。我想說的是，如果價格上漲（這是我們沒有預料到的），我們不會增加我們的資本超出我們現在談論的範圍。

We would only trigger some reaction if prices look like they're going down, that trend is strongly downwards. So with that, they have the opportunities -- we have the opportunity to make changes. And as you saw, what we did during the pandemic, we reacted quickly and strongly to that situation. So we have the same capabilities to do that now.

只有當價格看起來正在下跌時，我們才會引發一些反應，而這個趨勢是強烈下跌的。因此，他們有機會——我們有機會做出改變。正如你所看到的，我們在大流行期間所做的事情，我們對這種情況做出了迅速而強烈的反應。所以我們現在有同樣的能力來做到這一點。

But I would say there's no better time to allocate capital to our capital system now as we're doing at Battleground. That project finished in 2026 will provide $255 million of additional cash flow. And it's times like this that we feel like with the high volatility in oil prices that our oxygen or gas projects in the Middle East, along with our production sharing contracts. those do not get -- they're not as appreciated in other challenges as they are now, looking through having that steady cash flow through the cycles.

但我想說，現在正是向我們的資本系統分配資本的最佳時機，就像我們在戰場上所做的那樣。該項目將於 2026 年完成，將提供 2.55 億美元的額外現金流。在這樣的時刻，我們感覺石油價格波動很大，我們在中東的氧氣或天然氣項目以及我們的生產共享合約。那些人沒有得到——他們在其他挑戰中不像現在那樣受到重視，在整個週期中擁有穩定的現金流。

So that's where we are with the macro. That's where we are with what we're thinking about capital spend. And again, we have the capability to ramp down and a methodical approach to first working with our cost structure should be. So we've got details on that.

這就是我們現在的宏。這就是我們對資本支出的思考。再說一次，我們有能力降低成本，並且應該先採取有條不紊的方法來處理我們的成本結構。我們已經掌握了相關詳細資訊。

With respect to the synergies in CrownRock, those synergies have been pretty strong that we're starting to see now. So we will -- I'll let Richard take a stab at. But before he does, I just want to get to your deleveraging question. As you mentioned, we have lots of opportunities.

就 CrownRock 的協同效應而言，我們現在開始看到這些協同效應非常強大。所以我們——我會讓理查德嘗試一下。但在他這樣做之前，我只想回答你去槓桿化的問題。正如您所提到的，我們有很多機會。

We have one of the largest portfolios in the Permian as any company. We also have the other things that you mentioned. We have some things that they are marketing now. And as we go into the future, we have a lot of levers to pull.

我們是二疊紀地區擁有最大投資組合的公司之一。我們還有你提到的其他東西。我們現在有一些他們正在行銷的東西。當我們走向未來時，我們有很多槓桿可以拉動。

And we'll -- we always have everything on the table. We look at everything. And depending on what the macro is, I can assure you that we have a plan for any scenario and the opportunity to execute on (inaudible)

我們將會－我們總是把一切都擺在桌面上。我們專注於一切。根據巨集的內容，我可以向您保證，我們有針對任何場景的計劃以及執行的機會（聽不清楚）

Hey, Doug. This is Richard. Yeah, I'd be glad to talk through some of the most recent updates on our CrownRock integration. I know that we've gotten several questions on that, so I appreciate you bringing that up.

嘿，道格。這是理查德.是的，我很高興談論有關 CrownRock 整合的一些最新更新。我知道我們收到了幾個關於此問題的問題，所以我很感謝您提出這個問題。

Obviously, going really well from the start of close. And really, that's -- means a lot from the team that's been operating it over the last year. So they really brought in some strong operational performance that led to the beat in the third quarter and the fourth quarter. So very appreciative of that.

顯然，從一開始就進展順利。事實上，這對去年營運該系統的團隊來說意義重大。因此，他們確實帶來了一些強勁的營運業績，從而導致了第三季和第四季的成長。非常感謝這一點。

But really, been able to -- as Vicki Hollub said, the teams dive into some of the potential synergies, and a few just to highlight. As you know, we always start with our subsurface. And -- as we look into next year, we think we have a very strong program for those five rigs focused on some of the horizons that we well understand,.

但實際上，正如 Vicki Hollub 所說，團隊深入研究了一些潛在的協同效應，其中一些只是為了強調。如您所知，我們總是從地下開始。而且，當我們展望明年時，我們認為我們為這五台鑽機制定了非常強大的計劃，重點是我們非常了解的一些領域。

But we are moving to some despacing. And so I think we'll be able to talk about that more as we get to the next call, but looking to the space and improve our recovery per dollar spent.

但我們正在採取一些縮減措施。因此，我認為，當我們進行下一次電話會議時，我們將能夠更多地討論這個問題，但我們會尋找空間並提高每美元支出的回收率。

Supply chain is another area we've been very focused because they've helped bring a lot to the table, but looking with this more balanced operational portfolio between the Delaware and the Midland Basin, where we're seeing some opportunities. And so one of the examples that they've highlighted is really our frac board utilization as we're able to take advantage of what we call white space, the time between being complete with the well ready for frac until mobilizing that unit to frac the well. They're targeting quite a bit of improvement next year, north of 20% improvement in that white space.

供應鏈是我們非常關注的另一個領域，因為它們幫助帶來了很多東西，但透過特拉華州和米德蘭盆地之間更平衡的營運組合，我們看到了一些機會。因此，他們強調的例子之一實際上是我們的壓裂板利用率，因為我們能夠利用我們所說的空白空間，即從完成壓裂準備工作到動員該裝置進行壓裂之間的時間出色地。他們的目標是明年有相當大的改進，超過 20% 的改進。

So what that does, as you're carrying a normal [DUC] level due to operations, that may go from something like 22 DUCs at any one time down to 15, and that adds barrels on the year for really no cost. So pleased with that.

那麼這樣做的作用是，當您因操作而持有正常的[DUC] 水平時，可能會從每次22 個DUC 下降到15 個，這會在一年中增加桶數，而實際上不需要任何成本。對此非常滿意。

The water example that Vicki talked about, that's a South Curtis Ranch development that we're able to use in the nearby (inaudible) Ranch facility that CrownRock had for water, and so that $10 million that they're able to deliver there.

Vicki 談到的水的例子是南柯蒂斯牧場的開發項目，我們可以在附近的（聽不清）牧場設施中使用 CrownRock 的水，這樣他們就可以在那裡交付 1000 萬美元。

And then the final thing I would say is we're just now really getting into these, what we call, best of the best workshops. And so it's not just what Oxy brings, it's certainly valuing what CrownRock or the Oxy Rock team brings now to our overall operations.

我要說的最後一件事是，我們現在才真正進入這些我們所說的最好的研討會。因此，這不僅僅是 Oxy 帶來的東西，它肯定也重視 CrownRock 或 Oxy Rock 團隊現在為我們的整體營運帶來的東西。

So the Midland Basin team, as they look at next year, they're out looking better than 10% cost improvement across the Midland Basin operations due to these best of the best synergies between the teams. So we think that's pretty meaningful and outpace certainly what we'd be able to do alone.

因此，米德蘭盆地團隊預計明年，由於團隊之間的最佳協同效應，整個米德蘭盆地營運的成本將改善超過 10%。所以我們認為這非常有意義，而且肯定超出了我們單獨完成的事情。

Roger Read, Wells Fargo.

羅傑·里德，富國銀行。

One thing we noticed in the results last night, it was a discussion on the sell-side call, was the oil mix in the Permian here. And I know there's been a lot of moving parts, right, CrownRock comes in, some things go out.

我們在昨晚的結果中註意到一件事，這是對賣方電話會議的討論，是這裡二疊紀的石油混合物。我知道有很多變動的部分，對吧，CrownRock 進來了，有些東西消失了。

But as you think about the go-forward drilling program, what is the right way for us to think about that? Q3 a bit of a -- a blip to the downside and then back up where you were or are we seeing a -- I don't know if the right term is structural change, but maybe a change in the resource base that you have there?

但是，當您考慮推進鑽探計劃時，我們思考這個問題的正確方法是什麼？第三季有點 - 下降的一個短暫現象，然後回到你原來的位置，或者我們看到 - 我不知道正確的術語是否是結構性變化，但也許是你擁有的資源基礎的變化那裡？

Hi, Roger. YOU cut out over the last couple of sentences. Sorry about that. Would you mind repeating it?

嗨，羅傑。你刪掉了最後幾句話。對此感到抱歉。您介意重複一遍嗎？

Yeah. Sorry about that. I just said last night with the results and then on the sell-side call, there were discussions and questions about the percentage of oil produced out of the Permian. And I was just trying to understand, we had a lot of moving parts this quarter with the addition of CrownRock and then some assets sold as well.

是的。對此感到抱歉。我昨晚剛說過結果，然後在賣方電話會議上，就二疊紀盆地生產的石油百分比進行了討論和問題。我只是想了解一下，本季我們有很多變動的部分，增加了 CrownRock，然後也出售了一些資產。

And as you look at the go forward, how should we think about that oil mix? It was 58%, 59% this quarter, 55%. Just -- it's not a huge difference, but we're all watching those small changes and trying to figure out what they mean.

當你展望未來時，我們該如何考慮石油結構？本季是 58%、59%、55%。只是——這並不是一個巨大的差異，但我們都在觀察這些微小的變化並試圖弄清楚它們的意義。

Yeah. Hey, Roger, I'll try to hit that a little bit. I think to start the question, I think moving forward, we're going to try to do what we can to help guide to that and help you understand what that means.

是的。嘿，羅傑，我會盡力做到這一點。我想在開始這個問題時，我認為展望未來，我們將盡力幫助指導並幫助您理解這意味著什麼。

A couple of things I would point to. One is increased secondary benches, especially in the Delaware. We moved year on year, '23 to '24, I think we went from about 20%, secondary benches to 40%. But like Vicki mentioned in our script and we highlighted in the slides, that's adding a lot of value for us, even though there are a little more NGLs associated with that.

我想指出一些事情。一是增加二級替補席，尤其是在德拉瓦州。我們逐年變化，從23年到24年，我認為我們從大約20%的二級替補席增加到了40%。但就像 Vicki 在我們的腳本中提到的以及我們在幻燈片中強調的那樣，這為我們增加了很多價值，儘管與之相關的 NGL 有點多。

The value being able to take those two existing facilities is quite accretive on a return basis. And so we're doing more of that blend between our primary and secondary benches, taking advantage of that existing infrastructure.

能夠利用這兩個現有設施的價值在回報的基礎上是相當增值的。因此，我們利用現有基礎設施，在主要和次要工作台之間進行更多的混合。

So from a go forward, one, we'll try to help. But two, I think what you're seeing in the second half leveling off, and you can see it in the third quarter and fourth quarter implied percentage on that. So hopefully, that helps, and we'll do what we can to show that.

因此，從一開始，我們將盡力提供協助。但第二，我認為你在下半年看到的情況趨於平穩，你可以在第三季和第四季看到隱含的百分比。希望這能有所幫助，我們將盡我們所能證明這一點。

Probably the one other point I want to mention on that, we did, from a pure volume basis on oil -- I just wanted to reiterate the strong performance of the team, that was a beat on oil. So that's a plus 5% from the Permian on overall oil volume. So I understand the percentages but also want to give kudos to the team in terms of the delivery on that.

也許我想提到的另一點是，我們確實是從石油的純交易量來看——我只是想重申團隊的強勁表現，這是對石油的擊敗。因此，二疊紀石油總儲量增加了 5%。所以我理解這些百分比，但也想在交付方面向團隊表示敬意。

Yeah. And I didn't mean to imply a bad total production. It was more just trying to understand the moving components in there.

是的。我並不是想暗示總產量很差。更多的是試圖了解其中的移動部件。

The other question I have -- and I think this has been addressed. But in terms of the goals on debt reduction now -- and let's leave aside what the oil price is going to be because obviously, that will change what CapEx and all that is. But if we just took the forward curve and we think where you're going to be in 12 to 18 months, how do you see the balance sheet? Like what would be defined as success from your standpoint?

我的另一個問題——我認為這個問題已經解決。但就現在的債務削減目標而言，我們先把油價放在一邊，因為顯然，這將改變資本支出和其他一切。但如果我們只考慮遠期曲線，並考慮 12 到 18 個月後的情況，您如何看待資產負債表？從您的角度來看，成功的定義是什麼？

We think we've already had some significant success over the $4 billion. But we do believe that even in a lower price environment, we're going to have some cash flow. We're still going to have some divestitures.

我們認為我們已經在 40 億美元的規模上取得了一些重大成功。但我們確實相信，即使在較低的價格環境下，我們也會有一些現金流。我們仍然會進行一些資產剝離。

We'll still make progress in 2025 regardless of where prices will be, and that's our target. Our target is to continue our debt reduction through the year, regardless of what it takes to do that.

無論價格如何，到 2025 年我們仍將取得進展，這就是我們的目標。我們的目標是全年持續削減債務，無論需要付出什麼代價。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛。

Yeah. Vicki, I had a macro question for you. I just -- I think you've talked a lot about how over the next couple of years, you expect shale to get more mature and -- maybe not decline, but resource tapers out and we're going to need to then pull on exploration. But one of the things that's emerged from this earnings season is very consistent beats productivity and oil volumes not just from you guys but from the industry broadly.

是的。 Vicki，我有一個宏觀問題想問你。我只是——我想你已經談論了很多關於在接下來的幾年裡，你預計頁岩氣將變得更加成熟——也許不會下降，但資源逐漸減少，我們需要繼續努力勘探。但本財報季出現的一件事是非常一致地擊敗了生產力和石油產量，不僅來自你們，而且來自整個產業。

And I just love your perspective, has that evolved the way that you're thinking about the macro, the continued resiliency of supply in the face of a declining US rig count? Your macro perspective would be great.

我只是喜歡你的觀點，這是否改變了你思考宏觀的方式，即面對美國鑽機數量下降的情況下供應的持續彈性？你的宏觀視角會很棒。

I do believe that we're going to continue to increase efficiency in the Permian Basin. And I think the Permian is a basin that will continue to deliver, where we'll see volumes declining and ultimately achieving a plateau for the Permian with -- for the US within the next three to five years will be because of declines from the other basins.

我確實相信我們將繼續提高二疊紀盆地的效率。我認為二疊紀是一個將繼續交付的盆地，我們將看到二疊紀盆地的產量下降，並最終實現二疊紀盆地的穩定狀態——對於美國來說，在未來三到五年內將是因為其他盆地的產量下降盆地。

These secondary benches that we have, second and third and fourth benches that we can develop in the Permian in the Delaware and the Midland Basin, those will continue to contribute to growth for the Permian. Since the growth from the Permian, that's going to offset the decline from the other basis in the near term and ultimately help us to achieve, I think, a larger, higher peak than where we are today. That's when we'll start to plateau.

我們擁有的這些二級長凳，我們可以在特拉華州和米德蘭盆地的二疊紀開發第二、第三和第四長凳，這些將繼續為二疊紀的增長做出貢獻。自二疊紀以來的增長，這將在短期內抵消其他基礎的下降，並最終幫助我們實現，我認為，比今天更大、更高的峰值。那時我們將開始進入平台期。

So that would be, in our view, three to five years out. Because as we said, we're still continuing to get more out of these reservoirs. And there's a lot of productivity (inaudible) remaining a lot of wells still to be completed. And as always, we're seeing that increase, and I think that it's going to continue.

因此，我們認為這需要三到五年的時間。因為正如我們所說，我們仍在繼續從這些水庫中獲取更多資源。還有大量的產能（聽不清楚）還有很多油井有待完成。像往常一樣，我們看到這種增長，而且我認為這種增長將會持續下去。

I expect in the near term with weaker prices that what we used to think as a peak is, say, in three years, moves further out because with weaker prices, I think there's going to be less growth Permian in 2026 than what we saw or -- in 2025 than what was seen in 2026.

我預計，在短期內，隨著價格走軟，我們過去認為的峰值，比如說三年後，會進一步移動，因為隨著價格走軟，我認為2026 年二疊紀的增長將低於我們所看到的或— 2025 年的數字將高於 2026 年的數字。

So it's going to push that peak a further out. But still productivity in the Permian as you have Mentioned And indicated. It's something a to continue to increase. It's the basin that we'll keep on giving for sure.

因此，它將把這個峰值推得更遠。但正如您所提到和指出的那樣，二疊紀仍然具有生產力。這是一個繼續增加的事情。這是我們肯定會繼續提供的盆子。

Thanks, Vicki. That's great color. And then just going back to the DAC and as you think about bringing on Unit 1 by the middle of next year, what are the gating items, the critical path items, to get it into service? And what are you really focused on around the start-up from an engineering standpoint?

謝謝，維基。那顏色真棒。然後回到 DAC，當您考慮在明年年中之前啟用 1 號機組時，要使其投入使用的控制項、關鍵路徑項目是什麼？從工程的角度來看，您在新創公司中真正關注的是什麼？

And then in light of the election, has anything changed about the way you think about the economics of this business? Or is your view on this independent of the subsidy environment?

那麼，鑑於這次選舉，您對這個行業的經濟學的看法有什麼改變嗎？或者您對此的看法與補貼環境無關嗎？

I'm going to take that first one first, and then Kenneth is going to go through the milestones and what he's looking at with respect to construction. But I will say that in weaker prices and in the scenario we see today, I think the DAC is going to be one of those businesses for us that this is same category as our chemicals business and our gas business in the Middle East.

我將首先討論第一個，然後肯尼斯將介紹里程碑以及他對構建的看法。但我要說的是，在價格疲軟和我們今天看到的情況下，我認為 DAC 將成為我們的業務之一，這與我們在中東的化學品業務和天然氣業務屬於同一類別。

I think that is going to be a value creator and a cash flow generator for us for a long time. We have work to do in the near term. But in the long term, what we -- what's happening with respect to support for DAC is pretty amazing and taking advantage of that.

我認為這將在很長一段時間內成為我們的價值創造者和現金流產生器。短期內我們還有工作要做。但從長遠來看，我們在支援 DAC 方面所發生的事情是相當驚人的，並且正在利用這一點。

But because of what we're able to do here, apply innovations even as we're building the first stacks very encouraging from a commercial standpoint. So we're already working down on the cost curve. We're already looking at opportunities for improvements in DAC, too.

但由於我們在這裡能夠做的事情，即使我們正在建立第一個堆棧，從商業角度來看也非常鼓舞人心。所以我們已經在研究成本曲線。我們也已經在尋找改進 DAC 的機會。

So we do believe that the commerciality is still there for these units and the borrowing is getting stronger all the time. So we're still excited and encouraged about where we are with respect to commerciality.

因此，我們確實相信這些單位的商業性仍然存在，而且借貸一直在增強。因此，我們仍然對我們在商業方面的進展感到興奮和鼓舞。

Got it. The DAC project is doing very well. First phase is nearly 90% completion now, and this includes the first two capture trends, which should be mechanically complete by the end of the year, as well as the central processing areas. So all the major equipment there, good checks have been done, ongoing at the moment.

知道了。 DAC 計畫進展順利。第一階段現已完成近 90%，其中包括前兩個捕獲趨勢（應在今年年底前機械完成）以及中央處理區域。那裡的所有主要設備都已經完成了良好的檢查，目前正在進行中。

Central processing size for 500,000 tons which will support the additional two capture trains when they come online between '25 and '26. So overall, if you take both together, the project is about 70% complete towards full capacity.

中央處理規模為 50 萬噸，將支援 25 至 26 年間上線的另外兩套捕獲列車。總的來說，如果將兩者結合起來，該專案大約已完成 70%，達到滿載運行。

Since the CE purchase, our engineers have been working closer than ever. There are many cost-down ideas that we continue to work Richard asked if we could see what the project team had recently incorporated into STRATOS.

自從購買 CE 以來，我們的工程師比以往任何時候都更密切地工作。我們正在繼續研究許多降低成本的想法。

On this slide, you've seen physical changes that Vicki mentioned earlier resulted in fewer (inaudible) reactors and also smaller air contractors with a 30% production. What you can see, which was to your point, is all the savings in the piping, the number of valves, the instruments that have all been eliminated.

在這張投影片上，您已經看到了 Vicki 之前提到的物理變化，導致反應爐數量減少（聽不清楚），以及產量減少了 30% 的小型航空承包商。您可以看到，這正是您的觀點，管道、閥門數量和儀器的所有節省都已被淘汰。

This also makes it much simpler to build, and there's also a massive improvement in the air contactor construction lane going forward by using modules, which will have to build time for air contractors.

這也使得建造變得更加簡單，並且透過使用模組，空氣接觸器施工通道也得到了巨大的改進，這將需要為空氣承包商建造時間。

Future of the accident plan will see 10% to 15% savings from these modifications, and you could see additional improvements to take it past 20% also with reduced OpEx, maintenance, improved safety. The team at Worley has been key to being able to adapt on the fly in engineering and procurement and, in fact, Chris Ashton, the Worley CEO, was at the site to meet with his team recently show support for the project. So overall, the teams are working incredibly well together and the project that's on schedule.

未來的事故計劃將透過這些修改節省 10% 到 15%，您還可以看到額外的改進，透過減少營運支出、維護和提高安全性，將其節省超過 20%。 Worley 的團隊對於能夠在工程和採購方面進行動態調整至關重要，事實上，Worley 執行長 Chris Ashton 最近在現場與他的團隊會面，並表達了對該專案的支持。總的來說，團隊合作得非常好，專案也按計劃進行。

And then I'll just follow up to your question about the election results' impact that will have. I think the election to become our next President is going to be very positive for our industry, especially for this -- our director at Captured.

然後我將跟進你關於選舉結果將會產生的影響的問題。我認為當選我們下一任總裁將對我們的產業產生非常正面的影響，尤其是對我們 Captured 的總監而言。

The reality is that, I believe, he understands better than anybody our need for energy independence here in the United States. He understands the industry. He understands how it plays in the geopolitical policies. He knows what we're trying to accomplish and what we're doing.

我相信，現實是，他比任何人都更了解美國對能源獨立的需求。他了解這個行業。他了解它在地緣政治政策中的作用。他知道我們正在努力實現什麼目標以及正在做什麼。

And he also understands the part that our director (inaudible) and helping with that energy independence here in US. So I believe that the funding from the infrastructure investment and Jobs Act that the DOE has already awarded will be dispersed as per the agreement, such as for our DAC 2 could be built on (inaudible) ranch.

他也了解我們的主管（聽不清楚）的部分以及幫助美國實現能源獨立的部分。因此，我相信能源部已經授予的基礎設施投資和就業法案的資金將根據協議進行分配，例如我們的 DAC 2 可以建在（聽不清楚）牧場上。

We do expect to get the $500 million with potential $650 million. We also believe that 45Q will continue to have bipartisan support because it will benefit, first of all, helping companies to decarbonize (inaudible) carbon reduction credit from us, but also the recovery of additional reserves from our domestic reservoir.

我們確實預計將獲得 5 億美元，並可能獲得 6.5 億美元。我們也相信，45Q 將繼續得到兩黨的支持，因為它首先將有利於幫助企業從我們那裡獲得脫碳（聽不清楚）的碳減排信用，而且還有利於從我們國內水庫中回收額外的儲備。

President Trump clearly supports that as well. And he, again, understands that that's something that's necessary. Getting oil out of the reservoirs you already have is the best possible way to provide affordable gasoline to our customer.

川普總統也明確支持這一點。他再次明白這是必要的。從現有油藏中提取石油是為我們的客戶提供負擔得起的汽油的最佳方式。

It's impossible to be a superpower without ample supply of liquid fuels. The use of CO2 for natural recovery, as I mentioned, is a good part of what makes that so important for the country. And some people don't understand that process.

沒有充足的液體燃料供應，就不可能成為超級大國。正如我所提到的，使用二氧化碳進行自然恢復是該國如此重要的一個重要原因。有些人不理解這個過程。

I won't take the time to go into how it works, but just helping people to understand -- again, President Trump knows that that CO2 -- it takes more CO2 injected in the reservoirs than the incremental oil that generates will end up being used. But we just don't have enough CO2 to use in the reservoirs here. We don't have enough organic CO2.

我不會花時間討論它是如何運作的，只是幫助人們理解——再說一次，川普總統知道，二氧化碳——注入儲層的二氧化碳量比最終產生的增量石油要多。但我們這裡的水庫沒有足夠的二氧化碳來使用。我們沒有足夠的有機二氧化碳。

So that is necessary to achieve the incremental CO2 that we need. And then going from DAC to NET Power, Doug had mentioned the 40% ownership of NET Power to make our DAC emission-free. We'll initially and probably throughout use some amount of solar, but we'll also need to build NET Power, which is an emission-free way to generate electricity by combusting hydrocarbon gases with oxygen (inaudible)

因此，這對於實現我們所需的二氧化碳增量是必要的。然後從 DAC 到 NET Power，Doug 提到了 NET Power 40% 的所有權，以使我們的 DAC 零排放。我們最初並可能在整個過程中使用一定量的太陽能，但我們還需要建立NET Power，這是一種透過用氧氣燃燒碳氫化合物氣體來發電的無排放方式（聽不清楚）

That creates a water and CO2. CO2 drives the turbine to create the electricity, but it also captures CO2 as a part of the process. That incremental CO2 from NET Power can also be used to -- in oil reservoirs to enhance oil recovery or to make products.

這會產生水和二氧化碳。二氧化碳驅動渦輪機發電，但作為過程的一部分，它也捕獲二氧化碳。 NET Power 產生的二氧化碳增量也可用於油藏中，以提高石油採收率或生產產品。

So we're developing what I believe are two of the technologies that the world really needs to address not only the companies that want to decarbonize, to help them, but to get incremental oil and extend our country's energy.

因此，我們正在開發我認為世界真正需要的兩項技術，不僅可以幫助那些想要脫碳的公司，幫助他們，而且可以增加石油產量並擴展我們國家的能源。

So that's where we stand on this. We're pretty confident about where we are and how that's going to play out with this election.

這就是我們的立場。我們對我們的現狀以及這次選舉的結果非常有信心。

Paul Cheng, Scotiabank.

Paul Cheng，豐業銀行。

I think the first one is for Sunil. Sunil, you probably already addressed it, but trying to make sure I understand this year based on the fourth quarter CapEx. So your full year CapEx is about, say, $7.1 billion or that about $200 million higher than your previous midpoint guidance. And is that all in the CrownRock because you are doing -- or is that only in Permian because you are doing better?

我認為第一個是給蘇尼爾的。蘇尼爾，您可能已經解決了這個問題，但試圖確保我根據第四季度的資本支出了解今年的情況。因此，您的全年資本支出約為 71 億美元，比您先前的中點指引高出約 2 億美元。這一切都是在 CrownRock 發生的，因為你們正在做——還是只是在 Permian 發生，因為你們做得更好？

If I'm looking at next year, this CrownRock CapEx is still looking for $900 million. So I think previously, it's assuming that this is a $500 million incremental. So now that -- I mean, how much is the incremental CapEx from CrownRock for next year? This is the first question.

如果我考慮明年，CrownRock 的資本支出仍為 9 億美元。所以我認為之前假設這是 5 億美元的增量。那麼現在——我的意思是，CrownRock 明年的增量資本支出是多少？這是第一個問題。

And the second question, if we look at the -- I just want to go back into the gas oil ratio. If we look at the third quarter versus the second quarter, you dropped by about 2% in Permian. Is that something one-off that triggered it or is all driven by CrownRock?

第二個問題，如果我們看一下——我只想回到汽油比率。如果我們在比較第三季和第二季度，二疊紀盆地的產量下降了約 2%。這是一次性事件觸發的還是完全由 CrownRock 驅動的？

And it does look like, fourth quarter, that the gas oil ratio is relatively close to the third quarter. So I suppose that maybe that this is all driven by CrownRock. I just want to clarify and make sure that we understand correctly.

看起來第四季的汽油比率確實與第三季相對接近。所以我想也許這一切都是由 CrownRock 推動的。我只是想澄清並確保我們理解正確。

Okay. So Paul, if I understand correctly your question, your first question was, what was the driver for the increase in the full year guidance for 2024? Is that correct? Or is that --

好的。所以保羅，如果我正確理解你的問題，你的第一個問題是，2024 年全年指導成長的驅動因素是什麼？這是正確的嗎？或者是——

And also correspondingly that from '24 to '25 CrownRock, what is the incremental CapEx that we should assume?

相應地，從 24 年到 25 年 CrownRock，我們應該假設增量資本支出是多少？

Okay. So with respect to your first question, yes, all the incremental CapEx for the full year 2024 is related to CrownRock. So what we had disclosed in the last earnings call was it's going to be around $400 million, and that is for the five months that we are operating from.

好的。因此，關於你的第一個問題，是的，2024 年全年所有增量資本支出都與 CrownRock 有關。因此，我們在上次財報電話會議中披露的金額約為 4 億美元，這是我們營運後五個月的費用。

So with respect to what the capital would be for next year, like I mentioned in my prepared remarks, we are planning a five-year program for next year. And we are still working the details around what the capital would be, but we expect it somewhere in the $900 million to $950 million range.

因此，關於明年的資金，就像我在準備好的發言中提到的那樣，我們正在規劃明年的五年計畫。我們仍在研究資本的細節，但我們預計資本金額在 9 億至 9.5 億美元之間。

And so with respect to your second question, that was on the GOR for Permian, correct?

關於你的第二個問題，這是關於二疊紀的 GOR，對嗎？

Is there anything one-off in the third quarter that related to that because it's a drop of 2%? That is a pretty substantial drop comparing to the second quarter oil cut in the Permian.

第三季是否有任何與此相關的一次性事件，因為它下降了 2%？與二疊紀盆地第二季的石油減產相比，這是一個相當大的下降。

Yeah, I can start, and Sunil can help on any other macro. Yeah, it really is, I mean, one, Permian growing unconventional. So we had growth in the Rockies and Permian. And so that significant jump in production with a lower oil cut mix was one piece of it.

是的，我可以開始，Sunil 可以幫助解決任何其他巨集。是的，我的意思是，二疊紀確實正在變得非常規。因此，我們在落基山脈和二疊紀地區取得了成長。因此，使用較低的含油混合物來大幅提高產量就是其中之一。

Two, a bigger part of that is our secondary benches that I mentioned earlier. Our first year oil cut is significantly less for our secondary benches, but the value is better. And so we want to continue to reinforce that.

第二，其中很大一部分是我之前提到的我們的二級替補席。我們的二級工作台第一年的石油削減量明顯減少，但價值更高。因此我們希望繼續加強這一點。

So I think to your point, the growth in CrownRock as a part of that growth in unconventional, that is really driving that oil percent. But we see that percentage in the back half of this year extending into next year. And as we develop different areas that may drive that change over a period of time, we're going to -- we'll try to help guide to that so that you can understand and follow that. Hopefully, that helps.

因此，我認為就您的觀點而言，CrownRock 的成長作為非常規能源成長的一部分，確實推動了石油百分比的成長。但我們看到今年下半年的這個百分比會延續到明年。當我們開發可能在一段時間內推動這種變化的不同領域時，我們將盡力幫助指導，以便您能夠理解並遵循。希望這會有所幫助。

Scott Gruber, Citi.

史考特‧格魯伯，花旗銀行。

A couple of questions here. Just back on the Permian, you mentioned raising the percentage of secondary zone development in the Delaware from 20% to 40%, if I heard correctly. Where does that figure go in '25?

這裡有幾個問題。剛才回到二疊紀，如果我沒聽錯的話，您提到將特拉華州二級開發區的比例從 20% 提高到 40%。 25 年這個數字去哪了？

And then as you look at the Midland side of the basin with the CrownRock assets, could you step up the percentage? Where is that percentage currently? And can you step it up in '25 as well?

然後，當您查看擁有 CrownRock 資產的盆地米德蘭一側時，您能否提高百分比？目前這個比例在哪裡？你能在 25 年加大力度嗎？

Yeah. Thank you. So I think a similar percentage on the overall Permian in terms of primary and secondary benches, I think we did a level set utilizing these existing infrastructure facilities for that. So I don't expect that to largely change at least with activity levels that we're currently operating.

是的。謝謝。因此，我認為在主要和次要長凳方面，整個二疊紀的百分比相似，我認為我們利用這些現有的基礎設施進行了水平設置。因此，我預計這種情況至少不會因我們目前的活動水平而發生很大變化。

Obviously, we adjust down or up, depending on what our final program is. That could change a bit, but I think that will be very similar. From a CrownRock perspective, our base plan for those five rigs next year is really what we call 85% primary benches.

顯然，我們會根據我們的最終計劃進行向下或向上調整。這可能會有所改變，但我認為這將非常相似。從 CrownRock 的角度來看，我們明年對這五台鑽孔機的基本計劃實際上是我們所說的 85% 主要工作台。

And so while we see some opportunities in secondary benches, the program that's been put together is very de-risked. And we did that really to be able to perform operationally. So we tried to get out in front of those operational plans.

因此，雖然我們在二級替補席上看到了一些機會，但所製定的計劃風險非常低。我們這樣做確實是為了能夠正常運作。因此，我們試圖超越這些營運計劃。

So the Sprayberry, Dean, Wolfcamp A and B, those are the primary zones that we're looking at next year. If we see opportunity to improve on that, we obviously would change. But that's the going-in plan for next year.

Sprayberry、Dean、Wolfcamp A 和 B 區是我們明年關注的主要區域。如果我們看到改進的機會，我們顯然會改變。但這是明年的計劃。

Arun Jayaram, JPMorgan Securities.

阿倫‧賈亞拉姆，摩根大通證券。

I wanted to see if you could discuss your thoughts on what you view as a more normalized CapEx in chems. You mentioned that you'll spend about $900 million next year given some projects. And what you think about more normalized CapEx? And what does the growth CapEx you're spending next year? What does that do to the earnings power of that segment?

我想看看您是否可以討論一下您對化學領域更加標準化的資本支出的看法。您提到明年您將在一些項目上花費約 9 億美元。您對更標準化的資本支出有何看法？您明年的成長資本支出是多少？這對該細分市場的獲利能力有何影響？

So with OxyChem, pre the special projects, we were running about $300 million. And so that's what we expect to be able to get back down to post Battleground and a couple of pipeline projects we just had.

因此，對於 OxyChem，在特殊項目之前，我們花費了大約 3 億美元。這就是我們期望能夠回到《戰場》和我們剛完成的幾個管道項目中的內容。

And with respect to the earnings part, as Vicki mentioned in prepared remarks and later, we expect around $325 million uplift once we complete the project, and the project is expected to be completed in 2026. And that is primarily driven by the expansion in capacity of around 80%. And this assumes around the mid cycle of 40%.

至於收益部分，正如 Vicki 在準備好的演講中和稍後提到的那樣，一旦項目完成，我們預計將增加約 3.25 億美元，該項目預計將於 2026 年完工。約80%。這是假設週期中期 40% 左右的情況。

All right. That's helpful. And just one question on the Rockies. It looks like from your disclosure that you have sold some properties in the Rockies. It looks like the (inaudible) River Basin. Just give us a sense of future thoughts on the powder and what exactly you've divested there?

好的。這很有幫助。還有一個關於落基山脈的問題。從您的披露來看，您似乎已經出售了落基山脈的一些房產。它看起來像（聽不清楚）河流盆地。請告訴我們對粉末的未來想法以及您到底在那裡剝離了什麼？

So in the (inaudible) River, we've got the whole thing, obviously, as a part of the (inaudible) acquisition. But we saw early on that there was a -- the southern part of (inaudible) River Basin looks, by far, the most contiguous and the card that we felt like we could -- we can get less value out of. So that's why we sold.

因此，在（聽不清楚）River 中，我們顯然已經得到了整個事情，作為（聽不清楚）收購的一部分。但我們很早就看到，到目前為止，（聽不清楚）河流盆地的南部地區看起來是最連續的，我們覺得我們可以從中獲得更少的價值。這就是我們出售的原因。

And we wanted to always be focused and always have continuous acreage where possible and always looking at subsurface where we think we can optimize and create value. So we sold the park that's north of that local part of the southern part of the basin.

我們希望始終保持專注，盡可能擁有連續的面積，並始終關注我們認為可以優化和創造價值的地下區域。所以我們賣掉了盆地南部當地地區以北的公園。

We sold that (inaudible) because it's in a better area for them to be able to develop. And so for -- I think we did a win-win situation there and now have the focus on the area that I think is going to create a lot of value for us in the future.

我們賣掉了它（聽不清楚），因為它位於一個更適合他們發展的區域。因此，我認為我們在那裡實現了雙贏，現在重點關注我認為未來將為我們創造大量價值的領域。

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。

I want to thank you all for your questions and for joining our call today. Have a great rest of your day. Thank you.

我要感謝大家提出問題並參加我們今天的電話會議。祝您有個愉快的一天。謝謝。

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。