西方石油 (OXY) 2024 Q4 法說會逐字稿

Good afternoon, everyone, and welcome to Occidental's Fourth Quarter 2024 Earnings Conference Call.

大家下午好，歡迎參加西方石油 2024 年第四季財報電話會議。

(Operator Instructions) Please also note, today's event is being recorded.

（操作員指示）另請注意，今天的活動正在被記錄。

At this time, I'd like to turn the floor over to Jordan Tanner, Vice President of Investor Relations.

現在，我想把發言權交給投資人關係副總裁喬丹坦納 (Jordan Tanner)。

Please go ahead.

請繼續。

Thank you, Jamie.

謝謝你，傑米。

Good afternoon, everyone, and thank you for participating in Occidental's Fourth Quarter 2024 Earnings Conference Call.

大家下午好，感謝您參加西方石油 2024 年第四季財報電話會議。

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.

今天與我們通話的有總裁兼執行長 Vicki Hollub；蘇尼爾‧馬修 (Sunil Matthew)，資深副總裁兼財務長；理查傑克森 (Richard Jackson)，美國陸上資源與碳管理公司營運總裁；以及國際石油和天然氣業務資深副總裁兼總裁 Ken Dillon。

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.

簡報的第二張投影片中包含了有關今天下午電話會議上將要發表的前瞻性陳述的警告聲明。

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

今天我們也將參考一些非 GAAP 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報告附表中以及我們的網站上找到與最接近的相應 GAAP 指標的對帳表。

I'll now turn the call over to Vicki.

現在我將電話轉給 Vicki。

Thank you, Jordan, and good afternoon, everyone. 2024 was a year of strategic execution for Oxy.

謝謝你，喬丹，大家下午好。 2024年是Oxy戰略執行的一年。

We positioned the portfolio to maximize value by increasing our exposure to short-cycle, high-return assets while also advancing major projects aimed at delivering sustainable returns through the cycle.

我們透過增加對短週期、高回報資產的曝險來定位投資組合，以實現價值最大化，同時推進旨在在整個週期內提供可持續回報的重大專案。

Our team's relentless focus on performance and commitment to safe and reliable operations enabled us to progress our cash flow priorities, delivering on our near-term deleveraging targets while growing value for our shareholders.

我們團隊堅持不懈地專注於績效並致力於安全可靠的運營，這使我們能夠推進現金流優先事項，實現近期的去槓桿目標，同時為股東創造價值。

I'll begin today by covering our 2024 financial and operational achievements, as well as our strategic advancements that will position us for success in the years ahead.

今天，我將首先介紹我們 2024 年的財務和營運成就，以及將為我們未來幾年的成功奠定基礎的策略進步。

Then I'll discuss our priorities and capital plans for 2025.

然後我將討論我們的 2025 年優先事項和資本計劃。

Sunil will follow with a review of our fourth quarter performance and will provide guidance for the first quarter and the full year ahead.

Sunil 將對我們第四季度的業績進行回顧，並為第一季和全年業績提供指導。

Oxy outperformed across all three segments in 2024.

2024 年，Oxy 在所有三個領域都表現出色。

We generated $4.9 billion of free cash flow, enabling us to pay approximately $800 million of common dividends and to increase the quarterly dividend by more than 22%.

我們產生了 49 億美元的自由現金流，使我們能夠支付約 8 億美元的普通股股息，並將季度股息提高 22% 以上。

As we announced yesterday, we also made significant progress on our cash flow and shareholder return priorities.

正如我們昨天宣布的那樣，我們在現金流和股東回報重點方面也取得了重大進展。

Through a combination of asset sales and organic cash flow, we achieved our near-term debt repayment target of $4.5 billion seven months ahead of schedule.

透過資產出售和有機現金流相結合，我們提前七個月實現了 45 億美元的近期債務償還目標。

Our steadfast commitment to improving our balance sheet is coupled with our drive to invest in our future and generate long-term shareholder value.

我們堅定不移地致力於改善資產負債表，並致力於投資未來和創造長期股東價值。

Capital improvements and operational efficiencies, driven by our teams, resulted in a capital spend of $6.8 billion; which was the low-end of our guidance.

在我們的團隊推動下，資本改善和營運效率帶來 68 億美元的資本支出；這是我們預期的低端。

Our Midstream team also successfully revised key domestic crude transportation contracts to further enhance future cash flows.

我們的中游團隊也成功修改了主要的國內原油運輸合同，以進一步增強未來現金流。

Now moving to operational excellence.

現在轉向卓越營運。

The combination of execution efficiencies, along with strong new well deliverability and enhanced base production enabled us to achieve the highest annual US oil production, as well as record total company production, at 1.33 million BOE per day for Oxy in 2024.

執行效率、強大的新井產能和增強的基礎產量相結合，使我們在 2024 年實現了美國最高的年度石油產量，並創下了 Oxy 公司的總產量記錄，達到每天 133 萬桶油當量。

This exceeded the upper end of full-year guidance.

這超過了全年預期的上限。

The US record production was driven by continued well performance leadership across our operated US onshore positions in the Delaware, DJ, Midland, and Powder River Basins.

美國創紀錄的產量得益於我們在特拉華州、DJ、米德蘭和粉紅河盆地運營的美國陸上油井持續保持領先地位。

And Al Hosn contributed to the overall company record.

Al Hosn 也為公司的整體表現做出了貢獻。

In 2024, our teams reduced domestic lease operating expenses per barrel by approximately 9% and lowered well costs by roughly 12% across all unconventional basins.

2024 年，我們的團隊將國內每桶租賃營運費用降低了約 9%，並將所有非常規盆地的油井成本降低了約 12%。

A key differentiator for Oxy is our ability to replace reserves to fortify the long-term sustainability of our business.

Oxy 的一個關鍵優勢是我們有能力補充儲備，以鞏固我們業務的長期可持續性。

In 2024, we increased our year-end proved reserve balance to 4.6 billion BOE, which is the highest in Oxy's history.

2024年，我們的年末探明儲量餘額增加到46億桶油當量，這是Oxy史上最高水準的。

This represents an all-in reserves replacement ratio of 230% for 2024 and an organic reserves replacement ratio of 112%; extending our over 20-year track record of replacing reserves year after year, with the exceptions of the downturn in 2015 and the pandemic in 2020.

這意味著 2024 年全儲量替代率為 230%，有機儲量替代率為 112%；我們延續了 20 多年的記錄，每年都補充儲備，除了 2015 年的經濟低迷和 2020 年的疫情。

It's also notable that we have been replacing higher-cost production with a higher volume of lower-cost new reserves.

值得注意的是，我們一直在用大量低成本新儲量取代高成本生產。

Annually, our capital spend for oil and gas development is less than our annual DD&A cost.

每年，我們在石油和天然氣開發上的資本支出都低於每年的 DD&A 成本。

This is driving increased earnings per barrel and increased earnings per share.

這推動了每桶收益和每股收益的增加。

In addition, our US onshore inventory continues to get better, which is a testament to the portfolio's incredibly rich resources, and our team's dedication to continuous improvement.

此外，我們的美國在岸庫存持續好轉，這證明了該投資組合擁有極其豐富的資源，以及我們團隊致力於持續改進。

Even after accounting for wells drilled and divestitures, we increased our operated inventory of US unconventional well locations with sub-$60 breakevens.

即使考慮到鑽井和資產剝離，我們的美國非常規油井位置的營運庫存仍然增加了，損益平衡點低於 60 美元。

At the same time, we improved our average well breakeven by 6%.

同時，我們的平均損益平衡點提高了 6%。

Our OxyChem business also outperformed, exceeding the original guidance midpoint to achieve over $1.1 billion in pre-tax income in 2024.

我們的 OxyChem 業務也表現出色，超過了最初的指導中位數，在 2024 年實現超過 11 億美元的稅前收入。

And our Midstream segment also performed exceptionally well, with our gas marketing optimization efforts offsetting lower in-basin gas realizations in the Permian and contributing to meaningful outperformance against our original guidance.

我們的中游部門也表現優異，我們的天然氣行銷優化工作抵消了二疊紀盆地天然氣產量下降的影響，並顯著超出了我們最初的預期。

Looking back to 2024, we advanced our strategy across all of our businesses, and I want to highlight a few of them.

回顧 2024 年，我們推進了所有業務的策略，我想強調其中的幾點。

We closed on the CrownRock acquisition, adding Midland Basin scale and high-margin inventory, as well as increasing our access to high-quality unconventional oil assets in the US.

我們完成了對 CrownRock 的收購，增加了米德蘭盆地的規模和高利潤庫存，並增加了我們在美國取得優質非常規石油資產的管道。

This is an asset that continues to demonstrate value, with both our financial and production results exceeding expectations.

這是一項持續顯示價值的資產，我們的財務和生產結果都超出預期。

As construction in West Texas moved forward on STRATOS, our teams in Squamish, British Columbia focused on enhancing DAC technology.

隨著西德克薩斯州 STRATOS 建設的推進，我們位於不列顛哥倫比亞省斯闊米甚的團隊致力於增強 DAC 技術。

Some of their innovations are being implemented in STRATOS.

他們的一些創新正在 STRATOS 中實現。

We believe DAC will deliver long-term value, as well as help achieve US energy security by developing the carbon-neutral fuels the world needs.

我們相信 DAC 將帶來長期價值，並透過開發世界所需的碳中和燃料來幫助實現美國能源安全。

We have the flexibility to use DAC CO2 for both EOR and sequestration, and some customers are focused on securing carbon removal credits.

我們可以靈活地使用 DAC CO2 進行 EOR 和封存，而一些客戶則專注於確保碳去除信用額。

CDRs are important to help us prove up the technology and get the cost down.

CDR 對於幫助我們驗證技術並降低成本非常重要。

To advance those objectives, we signed several foundational CDR agreements last year.

為了實現這些目標，我們去年簽署了幾項基礎 CDR 協議。

We accelerated the pace of DAC R&D through the integration of our Carbon Engineering and Oxy teams, which has resulted in an open exchange of ideas that has expanded our culture of innovation.

我們透過整合碳工程和氧氣團隊，加快了 DAC 研發的步伐，從而實現了開放的思想交流，拓展了我們的創新文化。

We're looking forward to bringing these learnings to the development of DAC facilities at the South Texas DAC hub, which was awarded funding from the US Department of Energy.

我們期待將這些經驗帶到南德克薩斯州 DAC 中心的 DAC 設施開發中，該中心獲得了美國能源部的資助。

Now I'd like to share a few highlights from our fourth quarter which demonstrated continued strength in our financial and operational performance to close out a successful year.

現在，我想分享我們第四季度的一些亮點，這些亮點表明我們的財務和營運業績繼續保持強勁，為成功的一年畫下完美句點。

All three of our business segments also outperformed in the fourth quarter, delivering robust financial returns and generating $1.4 billion in free cash flow.

我們所有三個業務部門在第四季度均表現出色，實現了強勁的財務回報並產生了 14 億美元的自由現金流。

Our OxyChem business generated $280 million in adjusted income, benefiting from better realized prices and volumes in both the domestic and international markets.

我們的 OxyChem 業務創造了 2.8 億美元的調整後收入，受益於國內和國際市場更好的實際價格和銷售量。

And our Midstream business outperformed through continued gas marketing transportation optimization during the fourth quarter, and from higher sulfur pricing for Al Hosn production.

由於第四季天然氣行銷運輸持續優化，以及 Al Hosn 生產的硫磺價格上漲，我們的中游業務表現出色。

In our Oil & Gas segment, global production during the fourth quarter was 1.46 million BOE per day, outperforming the midpoint of guidance by 13,000 BOE per day, and setting a record for Oxy's highest-ever US quarterly production.

在我們的石油和天然氣部門，第四季度全球產量為每天 146 萬桶油當量，比預期中位數高出每天 13,000 桶油當量，創下了 Oxy 公司有史以來美國季度產量的最高紀錄。

Our teams ended 2024 with strong performance and momentum going into 2025.

我們的團隊在 2024 年結束時表現出色，並邁向 2025 年。

Looking to 2025, our strategic priorities reflect an extension of 2024.

展望 2025 年，我們的策略重點是 2024 年的延續。

We remain committed to delivering value to our shareholders and believe strengthening the balance sheet is paramount to achieving this.

我們仍然致力於為股東創造價值，並相信加強資產負債表對於實現這一目標至關重要。

Our first priority is to continue our deleveraging progress from last year and deliver sustainable dividend growth.

我們的首要任務是繼續去年的去槓桿進程並實現可持續的股息成長。

Our announced $1.2 billion of divestiture proceeds will be used for debt reduction.

我們宣布的12億美元資產剝離收益將用於減債。

The savings from the reduced interest payments will be allocated to the dividend, as this week, our Board of Directors authorized a 9% increase in our common dividend.

減少利息支付所節省的資金將分配給股息，因為本週，我們的董事會批准將普通股股息提高 9%。

We recognize the need to balance reducing debt and financial risk today while preserving tomorrow's development opportunities and associated cash flow.

我們認識到需要在減少當前的債務和金融風險與保留未來的發展機會和相關現金流之間取得平衡。

To accomplish this, our second priority is to advance our major projects safely and reliably, bringing STRATOS online this year and keeping the Battleground modernization and expansion project on track for completion next year.

為實現這一目標，我們的第二要務是安全可靠地推進我們的主要項目，今年讓 STRATOS 上線，並確保戰場現代化和擴建項目順利於明年完成。

STRATOS is progressing on schedule to be commercially operational this year.

STRATOS 的進展符合計劃，預計今年將投入商業營運。

We completed construction of trains 1 and 2 in December and have been thoroughly impressed by the work of our teams and our construction partner, Worley.

我們於 12 月完成了 1 號和 2 號列車的建設，我們團隊和建設合作夥伴 Worley 的工作給我們留下了深刻的印象。

Construction on the central processing facilities is expected to be completed in the second quarter, with commissioning on trains 1 and 2 in parallel.

中央處理設施的建設預計將於第二季完成，1號和2號生產線將同時投入使用。

We expect start-up operations to continue in the third quarter, with a ramp up of the initial capacity through year end.

我們預計啟動營運將在第三季繼續，初始產能將在年底前提升。

Our Battleground project is also advancing, with completion expected in mid-2026 and commercial operations to begin later that year.

我們的戰場項目也在推進中，預計將於 2026 年中期完工，並於當年稍後開始商業運營。

The project is expected to increase cash flow through improved margins and higher product volumes; generating a strong return while improving OxyChem's market position for key ingredients used in producing clean drinking water, medicine, and soaps.

該項目預計將透過提高利潤率和增加產品數量來增加現金流；產生豐厚回報，同時提升 OxyChem 在生產清潔飲用水、藥品和肥皂所用關鍵成分的市場地位。

Our third priority is to maintain our culture of innovation and commitment to operational excellence.

我們的第三個優先事項是維持我們的創新文化和對卓越營運的承諾。

Our team's relentless drive for improvement and focus on continuing learning have delivered great results to date, enabling us to outperform targets and deliver more with less.

我們團隊不懈地追求進步並專注於持續學習，迄今已取得了巨大的成果，使我們能夠超越目標並以更少的投入實現更多的成果。

This is most recently demonstrated across the CrownRock acreage, where in just a few months since close, we've identified numerous opportunities to deliver more production, lower well costs, and accelerate returns.

這最近在 CrownRock 油田得到了充分體現，自交易完成以來的短短幾個月內，我們已經發現了許多提高產量、降低油井成本和加快回報的機會。

This year, we expect a 10% improvement in time-to-market compared to last year, and we expect a 7% decrease in well cost, which represents a 15% improvement relative to 2023.

今年，我們預計產品上市時間將比去年縮短 10%，油井成本將下降 7%，與 2023 年相比縮短 15%。

The teams are continuing to share best practices and innovate through best-of-best workshops, which we expect will drive continued efficiency and performance improvements throughout the year.

各團隊正在透過最佳研討會繼續分享最佳實踐並進行創新，我們預計這將推動全年效率和效能的持續提升。

In addition, we see meaningful opportunities to leverage our competitive position, expanded scale, and enhanced capabilities across our full Midland Basin operations.

此外，我們看到了有意義的機會來充分利用我們的競爭地位、擴大規模和增強我們在整個米德蘭盆地業務的能力。

Through the integration, we have identified scale efficiencies and design improvements with the potential to lower well cost across our remaining Midland Basin program by more than $1 million per well through drilling and completion savings.

透過整合，我們確定了規模效率和設計改進，有可能透過節省鑽井和完井成本將我們剩餘的米德蘭盆地計畫的每口井成本降低 100 萬美元以上。

These reverse synergies were a key driver behind the extension of our Midland Basin JV with Ecopetrol; which will enable additional development of the basin.

這些反向協同效應是我們與 Ecopetrol 擴大米德蘭盆地合資企業的關鍵驅動因素；這將促進盆地的進一步開發。

The agreement further highlights the vital role investment in US oil, and most notably the Permian, plays in the global market.

該協議進一步凸顯了美國石油（尤其是二疊紀石油）投資在全球市場上扮演的重要角色。

Our teams are also leveraging innovative ideas to unlock greater resources, achieve cost savings, and improve recoveries.

我們的團隊也利用創新理念來釋放更多資源、節省成本並提高回收率。

Within our Permian operations, we are pushing the technical limits of well deliverability, deepening reservoir characterization and simulation efforts, and conducting field trials to further advance enhanced oil recovery in unconventional reservoirs.

在二疊紀作業中，我們正在突破油井產能的技術極限，深化油藏描述和模擬工作，並進行現場試驗，以進一步提高非常規油藏的採收率。

In our Gulf of America and international portfolio, we are utilizing advanced seismic to uncover new opportunities and provide a rich dataset for AI applications.

在我們的美國灣和國際投資組合中，我們正在利用先進的地震技術來發現新的機會並為人工智慧應用提供豐富的資料集。

In Algeria, we recently completed the country's largest seismic data acquisition, which was also the largest ever onshore acquisition for Oxy.

在阿爾及利亞，我們最近完成了全國最大的地震資料收集，這也是Oxy有史以來最大的陸上採集。

This will play a key role as we look to enhance value through future development opportunities.

當我們尋求透過未來的發展機會來提升價值時，這將發揮關鍵作用。

We also have an ambitious set of artificial intelligence initiatives ongoing to maximize value and improve margins.

我們還正在實施一系列雄心勃勃的人工智慧計劃，以最大化價值並提高利潤率。

Our Gulf of America operations are utilizing AI to improve supply chain management, asset integrity, and reservoir characterization.

我們在美國灣的業務正在利用人工智慧來改善供應鏈管理、資產完整性和油藏描述。

Additionally, we created an AI Center of Excellence to align all intercompany AI initiatives and accelerate business value.

此外，我們還創建了一個人工智慧卓越中心，以協調所有公司間人工智慧計畫並加速商業價值。

Within our LCV portfolio, we're also at the forefront of direct lithium extraction technology.

在我們的 LCV 產品組合中，我們仍處於直接鋰萃取技術的前沿。

Working with our JV partner, we are progressing from a pilot to demonstration plant to explore the commerciality of our subsidiary TerraLithium's patented DLE technology.

我們與合資夥伴攜手，從試點工廠進展到示範工廠，探索我們子公司 TerraLithium 的專利 DLE 技術的商業性。

Turning now to our 2025 capital plan, we aim to maximize cash flow by investing primarily in short-cycle, high-return assets while making measured investments to advance our mid-cycle projects to provide future cash flow resilience.

現在談到我們的 2025 年資本計劃，我們的目標是透過主要投資於短週期、高回報資產來最大化現金流，同時進行有節制的投資來推進我們的中期項目，以提供未來的現金流彈性。

This year, we plan to invest between $7 billion and $7.2 billion in our energy and chemicals business.

今年，我們計劃向能源和化學品業務投資 70 億至 72 億美元。

The oil and gas capital program is roughly equivalent to 2024 when adjusting for a full year of CrownRock in our portfolio.

經過調整我們投資組合中的 CrownRock 全年資本後，石油和天然氣資本計畫大致相當於 2024 年。

We expect full-year production to average approximately 1.42 million BOE per day.

我們預計全年平均產量約為每天142萬桶油當量。

This represents relatively stable production from 2024 when accounting for a full year of CrownRock, though with modest oil growth.

這意味著，從 2024 年開始，如果考慮 CrownRock 全年產量，雖然石油產量成長溫和，但產量相對穩定。

Similar to years past, we anticipate production in the first quarter to reflect a low point for the year, with a significant uplift expected from the second half.

與過去幾年類似，我們預計第一季的產量將達到全年的低點，預計下半年將大幅上升。

Sunil will provide more detail on this in our 2025 guidance.

Sunil 將在我們的 2025 年指導中提供更多詳細資訊。

Investments in OxyChem are expected to increase to $900 million this year, with 2025 representing the peak year for construction at Battleground.

預計今年對 OxyChem 的投資將增加至 9 億美元，2025 年將成為 Battleground 建設的巔峰年。

Battleground spend is expected to decrease substantially as the project nears completion in 2026, with OxyChem's capital reverting to maintenance levels the following year.

隨著計畫在 2026 年接近完工，戰場支出預計將大幅減少，OxyChem 的資本將在隔年恢復到維持水準。

The increase in Battleground spend is largely offset by a decrease in our LCV spend in 2025, which will be set at approximately $450 million.

戰場支出的增加在很大程度上被我們 2025 年 LCV 支出的減少所抵消，後者將定為約 4.5 億美元。

The majority of this capital will be for the continued build out of STRATOS, with the remainder directed towards our South Texas DAC hub and Gulf Coast sequestration projects.

這筆資金的大部分將用於 STRATOS 的繼續建設，剩餘部分將用於我們的南德克薩斯州 DAC 樞紐和墨西哥灣沿岸封存項目。

We built our 2025 capital plan to focus on projects that we believe best position Oxy for long-term success.

我們制定了 2025 年資本計劃，重點關注我們認為最有利於 Oxy 長期成功的項目。

As in past years, we retain a high degree of flexibility, with more than 75% of our oil and gas capital allocated to our US onshore portfolio.

與過去幾年一樣，我們保持了高度的靈活性，超過 75% 的石油和天然氣資本分配給了我們美國陸上投資組合。

This allows us to adapt to commodity price fluctuations and efficiently respond to market conditions.

這使我們能夠適應商品價格波動並有效應對市場狀況。

In addition, our focus on short-cycle, high-return, unconventional development will help to facilitate our near-term debt reduction, supporting our cash flow priorities and commitment to enhanced shareholder returns.

此外，我們專注於短週期、高回報、非常規開發，這將有助於促進我們近期的債務削減，支持我們的現金流優先事項和提高股東回報的承諾。

Now, I'll turn the call over to Sunil.

現在，我將電話轉給蘇尼爾。

Thank you, Vicki.

謝謝你，維姬。

I will begin today by reviewing our fourth quarter results.

今天我將先回顧我們第四季的業績。

We announced an adjusted profit of $0.80 per diluted share and a reported loss of $0.32 per diluted share.

我們宣布調整後每股攤薄利潤為 0.80 美元，報告每股攤薄虧損為 0.32 美元。

The difference was primarily due to an increase in long-term environmental remediation liability based on a recent unfavorable Federal Court ruling.

差異主要是由於最近聯邦法院的不利裁決導致長期環境補救責任增加。

We have appealed the ruling and will seek cost recovery from all potentially responsible parties.

我們已經對該裁決提出上訴，並將向所有可能承擔責任的當事人尋求費用補償。

Annual remediation and potential cash outlays are not expected to materially increase over the next several years, and are expected to extend over multiple decades.

預計未來幾年年度補救措施和潛在現金支出不會大幅增加，而且預計將持續數十年。

Our fourth quarter financial and operational outperformance delivered a strong close to the year, with all three business segments exceeding guidance.

我們第四季的財務和營運表現為今年畫上了強勁的句號，所有三個業務部門都超乎預期。

We generated approximately $1.4 billion of free cash flow, benefiting from higher global production volumes despite lower realized oil prices.

儘管實際油價較低，但受益於全球產量增加，我們產生了約 14 億美元的自由現金流。

As Vicki mentioned, our US portfolio achieved record quarterly production, driven largely by high operability and improved well performance across the Delaware and Midland Basins.

正如 Vicki 所提到的，我們的美國投資組合實現了創紀錄的季度產量，這主要得益於特拉華盆地和米德蘭盆地的高操作性和油井性能的改善。

New well performance in our operated Rockies assets also exceeded expectations.

我們營運的落基山脈資產的新井表現也超出了預期。

Together, this more than offset lower production volumes from our domestic offshore and international assets due to respective weather events and PSC-related impacts.

總之，這足以抵消我們國內海上和國際資產因各自天氣事件和 PSC 相關影響而導致的產量下降。

Notably, our 2024 production was achieved with less capital, coming in at the low end of guidance.

值得注意的是，我們以較少的資本實現了 2024 年的產量，處於指導值的低端。

We had a positive working capital change in the quarter, primarily due to timing of interest payments, impacts from lower oil prices, and fewer barrels on the water at year end.

本季我們的營運資本發生了正變化，這主要歸因於利息支付時間、油價下跌的影響以及年底水上石油儲量減少。

This, together with our strong operational performance and disciplined capital program, enabled us to exit the quarter with over $2.1 billion of unrestricted cash after repaying $500 million of debt.

這項舉措，加上我們強勁的營運業績和嚴謹的資本計劃，使得我們在本季償還 5 億美元債務後，持有超過 21 億美元的無限現金。

Now turning to our business plan and guidance.

現在來談談我們的商業計劃和指導。

Total capital for the year is expected to be between $7.4 billion and $7.6 billion, with investment front-weighted to the first half of the year.

預計全年資本總額在 74 億美元至 76 億美元之間，投資將集中在上半年。

Our capital plan represents a strategic mix of investments, balancing short-cycle, high-return assets with investments in no-decline non-oil and gas projects to provide diversification and cash flow stability.

我們的資本計畫代表著一種策略性的投資組合，平衡短週期、高回報資產與無衰減非石油和天然氣項目的投資，以實現多樣化和現金流穩定性。

Our capital weighting towards a higher proportion of short-cycle US onshore assets will enable significant cash flow velocity that can be applied to debt reduction.

我們的資本權重向更高比例的短週期美國境內資產傾斜，這將帶來顯著的現金流速度，可用於減債。

It will also allow us to retain significant flexibility to respond to changing market conditions.

這也將使我們能夠保持相當大的靈活性來應對不斷變化的市場條件。

In 2025, we expect full year production to average approximately 1.42 million BOE per day, representing mid-single-digit growth from 2024.

我們預計 2025 年全年產量平均約為每天 142 萬桶油當量，較 2024 年實現中等個位數成長。

After adjusting for a full year of CrownRock, total production volumes are expected to remain relatively flat, though with a nearly 3% increase in oil volumes.

在 CrownRock 全年產量進行調整後，預計總產量將保持相對平穩，但石油產量將增加近 3%。

As was the case in 2024, our first quarter production is expected to decrease from the prior quarter due to reduced fourth quarter activity levels and a lower working interest in recently drilled Permian wells.

與 2024 年的情況一樣，由於第四季度活動水準下降以及最近鑽探的二疊紀油井的工作權益降低，我們第一季的產量預計將較上一季下降。

Severe winter weather in January also impacted Permian production.

一月份的嚴酷冬季天氣也影響了二疊紀的生產。

In addition, volumes will be impacted by planned maintenance and platform life-extension at Horn Mountain, as well as turnarounds at Al Hosn and Dolphin.

此外，Horn Mountain的計畫維護和平台壽命延長，以及Al Hosn和Dolphin的檢修都將對產量產生影響。

While we expect lower volumes during the first half of the year, production is expected to ramp up in the second half.

雖然我們預計上半年產量會較低，但預計下半年產量會增加。

Much of this increase is coming from the Permian, which is expected to grow by more than 15% in 2025 due to a full year of CrownRock and modest growth across our legacy positions.

大部分成長來自二疊紀盆地，由於 CrownRock 全年產量及我們原有部位的適度成長，預計 2025 年該盆地產量將成長 15% 以上。

As Vicki mentioned, our CrownRock assets continue to outperform, and expected to average over 170,000 BOE per day, representing more than 5% growth.

正如 Vicki 所提到的，我們的 CrownRock 資產繼續表現出色，預計平均每天超過 170,000 桶油當量，成長率超過 5%。

Our guidance for Rockies volumes is lower for 2025, driven by the decision to adjust our gas processing to ethane rejection in the DJ Basin.

由於決定調整我們的天然氣加工以適應 DJ 盆地的乙烷排斥，我們對 2025 年落基山脈產量的預期有所降低。

This is expected to increase revenues and improve margins, delivering greater value from our Rockies assets.

預計這將增加收入、提高利潤率，從而從我們的落基山脈資產中創造更大的價值。

Additionally, our announced divestiture of non-operated Rockies interests will lower full-year production from the region.

此外，我們宣布剝離未運營的落基山脈權益，這將降低該地區的全年產量。

When accounting for these items and reduced outside operated activity, our 2025 Rockies production is expected to be essentially flat from last year.

考慮到這些項目和減少的外部營運活動，我們預計 2025 年落基山脈的產量將與去年基本持平。

Despite heavier maintenance during the first quarter, full-year production in our US offshore portfolio is expected to increase relative to 2024.

儘管第一季維護工作量較大，但我們美國海上投資組合的全年產量預計仍將相對於 2024 年增加。

This, coupled with our growth out of the Permian, is expected to increase our total company oil cut to 52% in 2025.

再加上我們在二​​疊紀盆地的成長，預計到 2025 年，我們公司的總石油產量將增加到 52%。

Looking to the chemicals business, OxyChem ended 2024 with a strong operational performance, generating $280 million in adjusted pre-tax income in the fourth quarter and exceeding guidance by $50 million.

展望化學品業務，OxyChem 在 2024 年結束時表現出色，第四季度實現了 2.8 億美元的調整後稅前收入，超出預期 5000 萬美元。

This was driven by better-than-expected pricing in both the domestic and international markets, as global supply disruptions kept prices higher, and demand held strong through most of the fourth quarter.

這是由於國內和國際市場定價優於預期，因為全球供應中斷導致價格居高不下，且第四季大部分時間需求保持強勁。

OxyChem's first quarter income is expected to be lower than the prior quarter, primarily due to three short-term events.

OxyChem 第一季的營收預計低於上一季度，主要原因是三件短期事件。

Our operations were affected by the winter storm in January, which temporarily impacted production and restricted access to market.

我們的業務受到了一月份冬季風暴的影響，暫時影響了生產並限制了市場准入。

We also had an unplanned outage at our Ingleside facility that lasted approximately two weeks.

我們的英格爾賽德工廠也發生了一次計劃外停電，持續了大約兩週。

And we are seeing an increase in raw material costs following higher-than-expected ethylene plant outages during the first quarter.

由於第一季乙烯工廠停產幅度高於預期，我們看到原物料成本增加。

These temporary cost pressures should ease early in the second quarter once the ethylene suppliers are back online.

一旦乙烯供應商恢復生產，這些暫時的成本壓力將在第二季初得到緩解。

For the full year, we expect a slight decrease in OxyChem's earnings, and are guiding to a midpoint of $1 billion of pre-tax income.

就全年而言，我們預計 OxyChem 的獲利將略有下降，稅前收入預計中位數為 10 億美元。

This is driven in part by the events of the first quarter, forecasted higher natural gas prices, and expectations for a slightly oversupplied market for the first half of the year, following late 2024 domestic capacity additions.

部分原因是第一季的事件、預測的天然氣價格上漲，以及預計 2024 年底國內產能增加後，上半年市場將略微供過於求。

Rationalizations are expected to occur in the second half, which should help to rebalance the market and improve pricing.

預計下半年將出現合理化調整，這將有助於重新平衡市場並改善定價。

Our Midstream segment had a strong end to the year, with adjusted pre-tax income outperforming guidance by $104 million.

我們的中游部門在今年底表現強勁，調整後的稅前收入超出預期 1.04 億美元。

The bulk of this was due to gas marketing optimization in the Permian; with our teams once again expertly managing market volatility to maximize margins.

這主要歸功於二疊紀盆地的天然氣行銷優化；我們的團隊再次熟練地管理市場波動以最大化利潤。

Higher sulfur prices for Al Hosn also contributed to these earnings.

Al Hosn 的硫磺價格上漲也為這些收益做出了貢獻。

All in, our Midstream segment demonstrated exceptional performance throughout the year, with adjusted pre-tax income surpassing the midpoint of our original full-year guidance by approximately $600 million.

整體而言，我們的中游部門全年表現優異，調整後的稅前收入超過我們最初全年預期的中位數約 6 億美元。

We expect slightly lower Midstream earnings in 2025, as the opportunities for gas transportation optimization narrow with increased takeaway capacity now online.

我們預計 2025 年中游收益將略有下降，因為隨著目前上線的外送能力增加，天然氣運輸優化的機會變窄。

While we may see fewer pricing dislocations and opportunities to capitalize on market spreads, we expect our upstream businesses to benefit from improved realized prices in the Permian.

雖然我們可能會看到更少的價格錯位和利用市場價差的機會，但我們預計我們的上游業務將受益於二疊紀實際價格的提高。

Reduced opportunities to optimize gas marketing will be partially offset by improvements in our crude marketing out of the Permian.

優化天然氣行銷機會的減少將部分被二疊紀原油行銷的改善所抵消。

As we mentioned previously, we expect to benefit from the revision of two crude transportation contracts at lower rates this year.

正如我們之前提到的，我們預計今年兩份原油運輸合約的修訂將以較低的費率進行，從而受益。

One of these will be realized at the end of the first quarter, with the second coming into effect at the end of the third quarter.

其中一項將於第一季末實現，第二項將於第三季末生效。

Given the timing, we expect to see an approximate $200 million benefit this year, and expect approximately $400 million in annual savings in 2026.

考慮到時間安排，我們預計今年將獲得約 2 億美元的收益，並預計到 2026 年每年將節省約 4 億美元。

Turning to our LCV business, we are extremely excited about STRATOS' progress to date and our expected start-up of operations this year.

談到我們的 LCV 業務，我們對 STRATOS 迄今為止的進展以及今年預計開始的營運感到非常興奮。

Due to the timing and ramp-up period associated with bringing the first phase online, we are assuming a minimal contribution from STRATOS in our Midstream guidance.

由於第一階段上線的時間和加速期，我們假設 STRATOS 在我們的中游指導中的貢獻很小。

We expect a negative working capital change during the first quarter, which is typical for this time of year, driven by interest payments, property tax, and compensation plan payments.

我們預計第一季營運資本將出現負變化，這在每年的這個時候很常見，主要是由利息支付、財產稅和薪資計畫支付所致。

Additionally, there are two upcoming 2024 tax payments as part of the Federal Disaster Relief Program following Hurricane Beryl, which will further impact working capital in the first and second quarters of the year.

此外，颶風貝麗爾過後，作為聯邦災難救助計畫的一部分，2024 年還有兩筆稅款即將支付，這將進一步影響今年第一季和第二季的營運資金。

I would like to close today by reiterating our commitment to strengthening our balance sheet, which will position us to generate greater shareholder returns.

今天最後，我想重申我們致力於加強資產負債表的承諾，這將使我們能夠為股東創造更大的回報。

As Vicki shared at the start, we are pleased to announce that we successfully achieved our near-term debt reduction target by repaying $4.5 billion in 2024.

正如 Vicki 在開始時所分享的，我們很高興地宣布，我們成功實現了近期減債目標，在 2024 年償還了 45 億美元。

We are continuing this momentum into 2025, and announced $1.2 billion in divestitures in the first quarter.

我們將把這一勢頭延續到 2025 年，並​​在第一季宣布剝離 12 億美元資產。

Proceeds from these sales will be applied to our 2025 maturities, and excess cash flow after common dividends will be available to further reduce our 2026 and beyond debt maturities.

這些銷售所得將用於我們 2025 年到期的債務，普通股股息後的超額現金流量將用於進一步減少我們 2026 年及以後的債務到期金額。

By reducing the amount of cash committed to interest payments today, we will place Oxy in a stronger position to deliver an expanded return of capital program in the future.

透過減少目前用於支付利息的現金金額，我們將使Oxy公司在未來有更有利的地位實現擴大的資本回報計劃。

I will now turn the call back over to Vicki.

現在我將把電話轉回給 Vicki。

Thank you, Sunil.

謝謝你，蘇尼爾。

As I shared at the start, 2024 was a pivotal year for Oxy.

正如我在一開始所說的，2024 年對 Oxy 來說是一個關鍵的一年。

We strengthened our portfolio, delivered on our near-term deleveraging commitments, and advanced our major growth projects.

我們加強了投資組合，履行了近期去槓桿的承諾，並推進了主要成長項目。

While we delivered exceptional financial and operational results, what excites me the most is the way our teams propelled our business forward: with passion, industry leadership, and a continued focus on innovation and learning.

在我們取得了卓越的財務和營運績效的同時，最讓我興奮的是我們的團隊推動業務向前發展的方式：充滿熱情、行業領導力以及對創新和學習的持續關注。

And most importantly, a focus on safety underpinned it all.

最重要的是，安全是一切的基礎。

In 2024, our employees achieved our best year of safety performance ever in our history.

2024年，我們的員工取得了公司史上最好的安全表現。

That's across Oil & Gas, Midstream, and OxyChem.

這涉及石油和天然氣、中游和OxyChem領域。

The commitment of our people to safe and sustainable operations is embedded in Oxy's core values and helps enable our long-term success.

我們的員工對安全和永續營運的承諾已融入 Oxy 的核心價值並有助於我們取得長期成功。

This will be an exciting year for us.

對我們來說這將是激動人心的一年。

Our technical capabilities and portfolio of assets have never been better, and the combination of our three business segments uniquely positions us to capitalize on shared learnings and operational synergies.

我們的技術能力和資產組合從未如此出色，而我們三個業務部門的結合使我們能夠利用共享學習和營運協同效應。

Bringing STRATOS online will be a testament to this, and demonstrating the differentiated strategy and compelling value proposition that Oxy brings to the table.

STRATOS 的上線將證明這一點，並展示 Oxy 帶來的差異化策略和引人注目的價值主張。

With that, we'll now open the call for questions.

現在，我們可以開始提問了。

And as Jordan mentioned, Richard Jackson and Ken Dillon are here with us today for the Q&A.

正如喬丹所提到的，理查德傑克遜和肯狄龍今天也在這裡與我們一起進行問答。

(Operator Instructions) Arun Jayaram, J.P. Morgan.

(操作員指示) Arun Jayaram，摩根大通。

I wanted to see if you could shed some light on the Gulf of Mexico outlook for 2025, that you have perhaps some maintenance in 1Q?

我想看看您是否可以對 2025 年墨西哥灣的前景做出一些說明，您是否會在第一季做出一些維護？

And maybe help us think about how the quarterly trajectory could be in the Gulf, and maybe some of the projects that are contributing to a little bit of a year-over-year growth in '25 versus '24.

也許可以幫助我們思考墨西哥灣地區的季度走勢如何，也許一些項目有助於2025年與2024年相比實現同比增長。

Ken, you want to share our Gulf of America information?

肯，你想分享我們有關美國灣的資訊嗎？

Thanks, Arun.

謝謝，阿倫。

Yes.

是的。

Gulf of America has a busy year ahead.

美國灣未來一年將會十分忙碌。

As you know, we really want to carry out platform maintenance, life extension, and painting activities in good weather and away from hurricane season.

如您所知，我們確實希望在天氣良好、遠離颶風季節的情況下進行平台維護、延長壽命和噴漆活動。

So this quarter, we have two platforms going through turnaround.

本季度，我們有兩個平台正在經歷轉型。

When they come back on, that will add around 16,000 barrels a day.

一旦恢復生產，每天的產量將增加約 16,000 桶。

Our drilling activities this year involve six wells.

我們今年的鑽井活動涉及六口井。

This wedge should add between 18,000 to 22,000 barrels a day for the year.

這一數字將使今年的日均石油產量增加 18,000 至 22,000 桶。

Our production engineering activities, including stimulation along with OBO, should add another 4,000 to 7,000 BOEs per day, and we will carry out platform turnaround in Q4.

我們的生產工程活動，包括刺激和OBO，每天應該可以增加4,000到7,000桶油當量，我們將在第四季度進行平台週轉。

So racking these up, including some decline, gets us to a range of 141,000 to 150,000 barrels a day for the year.

因此，如果把這些產量加起來，包括一些下降產量，那麼全年的產量將在 141,000 至 150,000 桶/日之間。

Opportunistic work may move some things around a bit, but I hope this gives you a real feel for the year.

機會主義的工作可能會對某些事情產生一些影響，但我希望這能讓你真正感受到這一年。

Also, our equipment uptime is top-tier, to record levels.

此外，我們的設備正常運作時間也是一流的，達到了創紀錄的水平。

And then in addition to these activities, we are also commencing our Gulf of America 2.0 projects, which will add material quantities of low F&D cost barrels.

除了這些活動之外，我們還啟動了美國灣 2.0 項目，這將增加大量低成本的石油桶。

A lot of the capital early this year is focused on Horn Mountain 2.0, and that includes the start of our waterfloods there, artificial lift projects, which include ESPs and gas lift.

今年年初的大量資金都集中在 Horn Mountain 2.0 上，包括在那裡啟動注水項目以及人工舉升項目，其中包括 ESP 和氣舉。

So yes, a busy year ahead, but we've got great assets, and we've got a really great team there.

是的，未來的一年將會很忙碌，但是我們擁有優秀的資產，我們擁有一支非常優秀的團隊。

Great.

偉大的。

That's super helpful.

這非常有幫助。

Thanks for the detail.

謝謝你的詳細說明。

You mentioned that you've announced, I think, in early February, an extension to the Ecopetrol JV in the Midland Basin.

您提到，我想您已經在二月初宣布了擴大米德蘭盆地國家石油合資公司的計劃。

Can you just give us just some of the basic terms of the agreement, and just confirm that this is fully baked in your 2025 guide?

您能否向我們提供該協議的一些基本條款，並確認這些條款已完全納入您的 2025 年指南中？

Yeah, the terms are similar to what we had before.

是的，條款與我們以前的類似。

And this will be a project that is not huge, but it is an extension into next year, and we'll drill about 23 wells or so.

這個項目並不大，但它是明年的延伸，我們將鑽大約 23 口井。

And I'm looking forward to continuing to work with Ecopetrol to get that done.

我期待著繼續與 Ecopetrol 合作完成這一目標。

Great.

偉大的。

Thanks a lot.

多謝。

Betty Jiang, Barclays.

巴克萊銀行的 Betty Jiang。

I want to ask about -- start with the Rockies program in 2025, but also how you see that development evolving over the next few years.

我想問一下——從 2025 年的落基山計劃開始，以及您如何看待未來幾年的發展。

We did notice, based on the presentation, that the activity level is much lower, both from a gross and net basis year-on-year, and CapEx is flattish, so just, are there any non-productive capital in there?

根據報告，我們確實注意到，無論是從總額還是淨額來看，活動水平都低得多，而且資本支出持平，那麼，其中是否存在非生產性資本？

Does that impact 2026 and beyond?

這會影響 2026 年及以後嗎？

And how should we just be thinking about that program going forward?

我們該如何思考該計劃的下一步發展？

Yeah.

是的。

Great.

偉大的。

Thank you for the question.

感謝您的提問。

This is Richard.

這是理查德。

I'll walk through a few pieces of that.

我將逐一介紹其中的幾個部分。

As you noted, part of it is walking through some of the adjustments, especially if you're thinking about production as we step down with the ethane rejection in the first quarter and then working through our announced divestitures.

正如您所說，其中一部分是進行一些調整，特別是如果您考慮生產，因為我們在第一季減少了乙烷產量，然後完成了我們宣布的資產剝離。

From an activity standpoint, the Rockies is -- got some embedded efficiency, I'd say, the first place to start.

從活動的角度來看，落基山脈 - 具有一些內在的效率，我想說，是第一個開始的地方。

Across all of our assets, we put in the highlights, the improved not only drilling costs, but drilling efficiency, and that's true for the Rockies as well.

在我們所有的資產中，我們重點指出的是，不僅鑽井成本有所改善，鑽井效率也有所提高，這對落基山脈來說也是如此。

So they're close to $100 million down, looking at really just more efficiency across their drilling and completion activities.

因此，他們損失了近 1 億美元，實際上只是想提高鑽井和完井活動的效率。

That is offset by infrastructure.

這被基礎設施所抵消。

And that infrastructure for us is an important development in the DJ Basin.

對我們來說，這個基礎設施是 DJ 盆地的重要發展。

This is moving to a larger, more contiguous development area that we've talked about in the past called Bronco.

這將轉移到我們過去討論過的更大、更連續的開發區域，稱為 Bronco。

And for us, that gives us about 140 locations at less than $50 breakeven that we'll be able to prosecute over the next three years.

對我們來說，這意味著我們可以在未來三年內以不到 50 美元的損益平衡點在大約 140 個地點開展業務。

And so while we're trading a bit of that efficiency for the investment in infrastructure, the story plays out a bit in the Permian as well.

因此，當我們用一點效率來換取基礎設施的投資時，二疊紀盆地的情況也發生了一些變化。

We think that's really value-added spend for us this year.

我們認為這對我們今年來說確實是增值的支出。

From an activity standpoint, the Rockies, the only other thing I'll note, Powder River Basin had some really strong well results.

從活動的角度來看，落基山脈，我唯一要注意的另一件事，粉河流域有一些非常強勁的井結果。

I think we highlighted those over the last couple of quarters in terms of the productivity of those wells.

我認為我們在過去幾個季度中重點強調了這些油井的生產力。

We're continuing to monitor those in the first quarter.

我們將在第一季繼續監控這些情況。

And then we'll be set to resume activity in the Powder River Basin in the second half of this year into what we believe will be a very competitive program opportunity for us next year as we contemplate capital.

然後，我們將在今年下半年恢復 Powder River Basin 的活動，我們相信，在我們考慮資本的同時，這對我們明年來說將是一個非常有競爭力的項目機會。

That's helpful.

這很有幫助。

Thank you.

謝謝。

My follow-up is on the debt reduction.

我的後續工作是關於減債的問題。

You guys have made really strong headways on debt reduction in 2024, and latest in 1Q with the non-core asset sale.

你們在 2024 年的減債工作中取得了重大進展，並在第一季完成了非核心資產出售。

There's that $15 billion net debt target still out there.

150 億美元的淨債務目標仍然存在。

Do you still feel good about reaching that level by late '26 or early 2027?

您是否仍對到 2026 年底或 2027 年初達到這一水平感到滿意？

Obviously, commodity price is a factor, but just wanted to get your sense on that trajectory to that number.

顯然，商品價格是一個因素，但我只是想了解這個數字的軌跡。

We do still feel comfortable with that.

我們對此仍然感到滿意。

I would say that probably, it's going to be more like the first part of 2027, but we feel comfortable with where we are and still have opportunities to supplement our cash flow from operations to help accomplish that.

我想說，這可能更像 2027 年上半年，但我們對目前的狀況感到滿意，並且仍然有機會補充我們的營運現金流來幫助實現這一目標。

Neal Dingmann, Truist Securities.

Truist Securities 的 Neal Dingmann。

First, my first question, Vicki, is just maybe around your 2025 guide.

首先，Vicki，我的第一個問題可能與你的 2025 年指南有關。

Specifically, I think you're talking about 1.4 million BOE per day production and around, what, $7.5 million CapEx.

具體來說，我認為您談論的是每天 140 萬桶油當量的產量和大約 750 萬美元的資本支出。

I'm just wondering, around those two, what type of service cost are you all assuming in there?

我只是想知道，圍繞這兩項，你們都假設了什麼類型的服務成本？

And how much operational efficiencies, because you certainly have continued to see that both in your DJ and Permian.

以及營運效率有多高，因為您在 DJ 和 Permian 中肯定已經看到了這一點。

I'm just wondering if you’re expecting more?

我只是想知道您是否還期待更多？

We'll pass this to Richard, since he gets 75% of the capital.

我們會把這筆錢交給理查德，因為他獲得了 75% 的資本。

(laughter)

（笑聲）

Sounds good, but I'll maybe share the answer with Ken a little bit as we talk about service costs.

聽起來不錯，但在我們討論服務成本時，我可能會與肯分享一些答案。

So let me start with the performance.

那麼就讓我先從表演開始吧。

I've noted some of the Rockies improvements, but overall, last year was a very strong year from our drilling and completion teams.

我注意到落基山脈的一些改進，但總體而言，去年是我們鑽井和完井團隊表現非常強勁的一年。

We delivered about 12% improvement against 2023 in our drilling and completion costs.

與 2023 年相比，我們的鑽井和完井成本提高了約 12%。

That was about half what we call scope and performance, so that's really operational efficiencies, well designs, continuing to improve on those.

這大約是我們所說的範圍和性能的一半，所以這實際上就是營運效率，良好的設計，以及持續改進。

That was some of the benefit, especially in the Midland Basin that we saw with CrownRock as we came together as one team.

這就是一些好處，特別是在我們與 CrownRock 攜手合作在米德蘭盆地取得的成果，因為我們團結一心。

The other -- roughly half of that was market or sort of the deflationary factors across our services.

另一半大約是市場或我們服務範圍內的通貨緊縮因素。

For 2025, we're looking at around a 7% drilling completion cost improvement.

到 2025 年，我們預計鑽井完井成本將降低 7% 左右。

Obviously, uncertainty a bit in terms of service cost, and Ken can help address some of that.

顯然，服務成本方面存在一些不確定性，而 Ken 可以幫助解決其中的一些問題。

But we're really focused on continuing to deliver the performance component of that 7%.

但我們真正關注的是繼續提供那 7% 的性能部分。

And so I can give more detail if we get into it, but really just efficiency across both our drilling and completion activities, lower NPT or non-productive time across those activities, a bit more improved pad design is leading to some better outcomes in terms of production for lower cost.

如果我們深入研究，我可以提供更多細節，但實際上只是我們鑽井和完井活動的效率，降低這些活動的 NPT 或非生產時間，稍微改進一下墊塊設計，就可以在降低成本的同時獲得更好的生產結果。

And so those two things, again, kind of roll into our 7% for the year on D&C cost.

所以，這兩項又算入了我們今年 D&C 成本的 7%。

Great details.

很棒的細節。

And then just a second quick one, just on M&A specifically.

然後還有第二個簡短的問題，具體關於併購。

Vicki, I'd love to hear your thoughts if you think most of the higher-quality domestic assets have now transacted.

Vicki，如果您認為現在大多數優質國內資產已經完成交易，我很想聽聽您的想法。

And if so, would that -- would you now consider maybe boosting international M&A?

如果是這樣，那麼您現在是否會考慮促進國際併購？

Or what's your thoughts around that?

或者您對此有何看法？

I think we like the international assets that we have today, and we intentionally chose these assets.

我認為我們喜歡我們今天擁有的國際資產，我們有意選擇了這些資產。

Algeria has incredible reservoirs, and we still have opportunities for not only expansion of the operations that we have today, but exploration as well.

阿爾及利亞擁有令人難以置信的油藏，我們不僅有機會擴大現有的業務，還可以進行勘探。

So we -- Algeria is definitely in our future for growth.

因此，阿爾及利亞肯定是我們未來的成長點。

Also, in Oman, we have opportunities with the continued development of oil.

此外，在阿曼，我們有繼續開發石油的機會。

But we also have some gas opportunities in Oman that could turn out to be a really good thing for us.

但我們在阿曼也有一些天然氣機會，這對我們來說可能是件好事。

We're doing a little bit of exploration in Abu Dhabi just to see how that will turn out.

我們正在阿布達比做一些探索，只是想看看結果會如何。

Those reservoirs there are very similar to what we've developed in Oman, so it was -- we were the right fit to take those blocks 3 and 5 there in Oman, and that's going well so far.

那裡的水庫與我們在阿曼開發的水庫非常相似，所以——我們非常適合接管阿曼的 3 號和 5 號區塊，而且到目前為止進展順利。

So we will start with not only growth in our international projects over the next probably three to five years, but also in the Gulf of America, where the AI is not only going to do the things that I described in my script, but also, we believe that we're going to be able to unlock some of the complexities in the Gulf, and that that will turn into not just having better success with exploration, but better field development too, and could also help with some of the waterflooding projects that Ken has planned.

因此，在未來三到五年內，我們不僅會開始發展我們的國際項目，而且還會在美國灣開展業務，在那裡，人工智慧不僅會做我在腳本中描述的事情，而且我們相信我們將能夠解決墨西哥灣的一些複雜問題，而這不僅會帶來更好的勘探成功，還會帶來更好的油田開發，還可以幫助肯計劃的一些注水項目。

So we like where we have, and we're just going to work on growing the positions that we're already in internationally.

我們對目前的狀況感到滿意，並將致力於擴大我們在國際上現有的地位。

Paul Cheng, Scotiabank.

加拿大豐業銀行的 Paul Cheng。

Vicki, did I get it right that in one of -- I don't think it's yours, or maybe it's Sunil's prepared remarks, that you expect the Permian oil cut is going to be higher in 2024 -- 2025?

維姬，我說得對嗎？

And if that is correct, what will drive up the oil cut over there?

如果這是正確的，那麼什麼將導致那裡的石油產量下降？

That's the first question.

這是第一個問題。

Hi, Paul, this is Richard.

你好，保羅，我是理查。

I'll take that one.

我要那個。

Just a couple of things to think about when we talk about oil cut in the Permian, and then I'll get into a bit of the numbers.

當我們談論二疊紀盆地的石油產量時，只需考慮幾件事，然後我會介紹一些數字。

First of all, it correlates very well with our unconventional growth, so whether it's year-on-year or quarter-on-quarter, you can see that oil cut will track that.

首先，它與我們的非常規成長密切相關，因此無論是同比還是環比，你都可以看到石油減產將追蹤這一點。

The other thing that's happened over the last year is really CrownRock coming in.

去年發生的另一件事是 CrownRock 的到來。

And so Midland Basin obviously has a bit different oil cut than the Delaware, and so that mix participates.

因此，米德蘭盆地的石油產量顯然與特拉華盆地略有不同，因此這種混合物也參與其中。

The other factor I'd like to talk about in the Permian is just our secondary benches, and that's been more prevalent in our Delaware position, where we've seen an increase with our secondary benches as a mix of our overall program, which, as we talked about, delivers better value, even with a bit lower cut.

我想在二疊紀談論的另一個因素是我們的二級台階，這在我們特拉華州的情況更為普遍，在那裡，我們的二級台階作為我們整體計劃的混合體，有所增加，正如我們所討論的那樣，即使產量略低，也能提供更好的價值。

So as we -- as you watch us sort of quarter-on-quarter, year-on-year, those are generally the variables that drive it.

因此，當您觀察我們的季度環比和年度環比表現時，您會發現這些通常是推動其發展的變數。

Now, to address your question, yes, we are seeing better oil cut, even as we go fourth quarter into first quarter.

現在，回答你的問題，是的，我們看到石油產量增加，即使我們已經進入第四季度，進入第一季。

And then total year '25, we're improving almost 1% as we look at full year versus '25.

然後，從 2025 年全年來看，與 2025 年相比，我們的成長了近 1%。

So again, that's growth that's really tracking our production in our unconventional business in the -- in our US Permian development.

所以，這種成長實際上追蹤了我們在美國二疊紀開發中的非常規業務的產量。

Paul, and just to -- sorry, just to clarify what I had mentioned in my prepared remarks was the growth from Permian, which Richard just outlined, along with the growth in Gulf of America, which Ken went through the details.

保羅，抱歉，我只是想澄清一下，我在準備好的發言中提到的是二疊紀盆地的增長，理查德剛才已經概述過，還有美國灣的增長，肯已經詳細介紹過。

So we said the total company oil cut is going to increase to 52% in 2025.

因此我們表示，到 2025 年，公司整體石油減產比例將增加至 52%。

Just wanted to clarify on that one.

只是想澄清一下這一點。

Yeah.

是的。

Thank you, Sunil.

謝謝你，蘇尼爾。

Rich, what percent of your 2025 program in the Permian is on the secondary branches versus the 2024?

Rich，相對於 2024 年的計劃，您在二疊紀 2025 年的計劃中有多少比例是用於二級分支的？

And you're saying that the secondary benches is better, so can you give us what is the oil cut in those secondary benches?

您說二級產油區比較好，那可以告訴我們二級產油區的石油產量是多少嗎？

Yes, perfect.

是的，完美。

For this year, total -- one thing to think about.

就今年而言，總的來說——有一件事值得思考。

Total Permian unconventional development, we talk about primary benches, are actually up year-on-year, and that's because of our CrownRock development are very derisked and provide a lot of primary benches.

我們談論的二疊紀非常規開發總體而言，主要台階數量實際上逐年增加，這是因為我們的 CrownRock 開發風險很低，並且提供了許多主要台階。

In the Delaware, this year, we're up about 30% in terms of secondary benches as a percentage of our total program, versus last year, it was around 25%.

在德拉瓦州，今年我們的二級法官席位占我們整個計畫的比例上升了約 30%，而去年這一比例約為 25%。

And what -- one of the details we provided in prior calls or have talked about is when we say better, those secondary benches are flowing into existing facilities.

我們在之前的電話會議中提供或討論過的一個細節是，當我們說更好時，那些二級工作台正在流入現有設施。

And so from a total cost per barrel for the year, you're coming out much more advantaged.

因此，從全年每桶石油的總成本來看，您的優勢要大得多。

You can double or even triple your return when you're looking at a development program with that sort of benefit coming from facilities.

當您查看設施帶來此類收益的開發計劃時，您的回報可以翻倍甚至三倍。

So this year, as we make these investments into these new areas, and I talked about the 140 wells in the Rockies that we're adding with that infrastructure investment, we'll see that same play out on total returns for the life of the program.

因此，今年，當我們在這些新領域進行投資時，正如我所提到的，我們透過基礎設施投資在落基山脈增加了 140 口油井，我們將看到該項目整個生命週期的總回報同樣發揮作用。

Roger Read, Wells Fargo.

富國銀行的羅傑‧里德 (Roger Read)。

Maybe just to quickly come back to the question on drilling and completion efficiencies on slide 13, you spelled out the well cost declines this year, 7%, and then there is expect to save $1 million per well across remaining program.

也許只是為了快速回到第 13 張幻燈片上關於鑽井和完井效率的問題，您詳細說明了今年油井成本下降了 7%，然後預計在剩餘的項目中每口油井可節省 100 萬美元。

What is the -- I'm assuming the $1 million's strung out over a longer period of time, but I just wanted to get a little clarity on maybe the two different lines of thinking.

什麼是——我假設 100 萬美元會在較長的一段時間內持續下去，但我只是想稍微弄清楚這兩種不同的思路。

That $1 million was specific to our Midland Basin activity.

這 100 萬美元專門用於我們的米德蘭盆地活動。

And that was exciting to us because that was really a benefit coming out of the joint CrownRock, now OxyRock team, with our legacy Midland Basin team.

這讓我們非常興奮，因為這確實是 CrownRock（現為 OxyRock 車隊）與我們原有的 Midland Basin 團隊聯合帶來的好處。

And so that $1 million was really delivered in the fourth quarter, so when we look at our fourth quarter drilling and completion costs, it was $1 million better than our total year '24.

因此，這 100 萬美元實際上是在第四季度交付的，所以當我們查看第四季度的鑽井和完井成本時，它比 24 年全年高出 100 萬美元。

We expect that to continue now into 2025, and so quite a few really strong things that were identified, from well design into operational sequencing, that came out of that exercise.

我們預計這種情況將持續到 2025 年，因此，從井設計到營運排序，我們在這次演習中發現了不少真正強有力的成果。

So we talk about the benefits and cash flow delivery from our OxyRock assets and team, but it's also helping our overall Midland team as well.

因此，我們談論的是 OxyRock 資產和團隊帶來的收益和現金流，但這也有助於我們的整個 Midland 團隊。

Okay.

好的。

Got you.

明白了。

So just sort of built into the things we've seen and will see, but not a separate goal going forward.

因此，這只是某種程度上融入了我們已經看到和將會看到的事物之中，但並不是一個單獨的前進目標。

No.

不。

Just built in, correct.

剛剛內置，正確。

Okay.

好的。

And then to change pace just a little bit here with the STRATOS start-up, given this is a very, I don't want to say brand-new technology, but it's a brand-new-at-scale commercial system.

然後隨著 STRATOS 的啟動，這裡的節奏稍微改變一下，鑑於這是一項非常，我不想說是全新的技術，但它是一個全新的規模商業系統。

What are the main, I don't know if you want to call them hurdles or milestones or whatever, we should be watching as you turn this thing on, ramp it up, commission it this year?

什麼是主要的，我不知道你是否想稱之為障礙或里程碑或其他什麼，我們應該關注你在今年啟動、加速和委託這件事嗎？

I understand -- not to build any real profitability in, but what are you looking at as key challenges that will make you feel more comfortable as you go through the commissioning process?

我明白——不是為了建立任何實際盈利能力，但是您認為哪些關鍵挑戰會讓您在調試過程中感到更舒適？

It's Ken.

是肯。

Just to go through where we are and then talk through the next step, so I think we're all really excited here.

只是了解我們現在的情況然後討論下一步，所以我想我們都非常興奮。

STRATOS Phase 1 is at 94% complete overall and 98% complete on construction.

STRATOS 第一階段整體完成度為 94%，施工完成度為 98%。

Last piping spills are being hydrotested, instrumentation and electrical equipment checks are ongoing, so getting very close.

最後的管道洩漏正在進行水壓試驗，儀器和電氣設備的檢查正在進行中，因此結果非常接近。

And as Vicki said, Worley has done incredibly well on the project.

正如維姬所說，沃利在這個項目上表現非常出色。

In terms of -- so once we've got the mechanical completion for the process area and the calciner, we're then moving into the start-up phase.

就而言－一旦我們完成了製程區和煅燒爐的機械安裝，我們就會進入啟動階段。

In terms of start-up, the OxyChem teams who have been handling these chemicals for decades are preparing the subsystems and the process systems.

在啟動方面，幾十年來一直處理這些化學品的 OxyChem 團隊正在準備子系統和製程系統。

And essentially, the sequence is as follows.

本質上，順序如下。

We'll start pumping water around the system and start running the fans.

我們將開始向系統周圍泵水並開始運行風扇。

We've already had a fan running, which was a really good day at site.

我們已讓風扇運轉起來，這對現場來說真是美好的一天。

Then we'll start injecting water into one bay and then mixing as potassium hydroxide and the lime.

然後，我們開始將水注入一個艙室，然後混合氫氧化鉀和石灰。

And then we'll start making pellets.

然後我們開始製作顆粒。

Once we start making the pellets, we filter those pellets, we dry them, and then we start moving them through the mechanical handling system to the calciner, start up the calciner and then start capturing CO2, which is a really big day at site.

一旦我們開始製造顆粒，我們就會過濾這些顆粒，對其進行乾燥，然後我們開始透過機械處理系統將它們移動到煅燒爐，啟動煅燒爐，然後開始捕獲二氧化碳，這是現場真正重要的一天。

It will be very small volumes, but it's a really big day.

雖然數量會很少，但這確實是個重要的日子。

Once we've got one bay moving, then we start other bays, and then we start compression and start injections.

一旦我們讓一個艙室開始運轉，我們就會啟動其他艙室，然後開始壓縮並開始注射。

So those are really the sequences.

所以這些確實都是序列。

OxyChem are very experienced in handling these materials.

OxyChem 在處理這些材料方面經驗豐富。

So we have milestones associated with each of these.

因此，我們為每一個都設定了里程碑。

And Roger, maybe I'll just add a couple of -- kind of as we think about the business outcome, as Sunil mentioned, we've been conservative this year as we think about the start-up and timing of our ramp-up to full capacity.

羅傑，也許我只想補充幾點——當我們考慮業務成果時，正如蘇尼爾所提到的那樣，我們今年在考慮啟動和達到滿載產能的時間時一直很保守。

And that's really -- as we expect to learn a lot through this commissioning and start-up, like we do all of our projects, we're looking for opportunities to reduce operating expense, we're looking for opportunities to increase capacity.

這是真的——因為我們希望透過這次調試和啟動學到很多東西，就像我們所有的項目一樣，我們正在尋找降低營運費用的機會，我們正在尋找增加產能的機會。

And so we want to be really thoughtful over the next six months to try to learn as much as we can, because the goal is really maximizing both of those outcomes over the next several years.

因此，我們希望在接下來的六個月裡認真考慮，盡可能多地學習，因為我們的目標是在接下來的幾年裡最大限度地實現這兩種成果。

So just wanted to make that tie when you think about the rest of the year for us.

所以當你考慮我們今年剩餘的時間時，只是想把這場比賽打成平手。

Appreciate that.

非常感謝。

It will be exciting to watch.

看起來會很令人興奮。

Thanks.

謝謝。

Neil Mehta, Goldman Sachs.

高盛的尼爾梅塔 (Neil Mehta)。

Just a couple of Midstream questions.

僅有幾個關於中游的問題。

Just would love your perspective on the key drivers of that business, looking at the guide here for '25.

我很想聽聽您對該業務關鍵驅動因素的看法，請查看此處的 '25 指南。

Q1 looks a little bit weaker, and then I guess it builds through the year as closer to breakeven, so just your perspective on the variables that are going into that?

Q1 看起來稍微弱一些，然後我猜它會在全年逐漸接近盈虧平衡，那麼您對影響這一因素的變數有何看法？

And then I have a follow-up on this.

然後我對此進行跟進。

Yeah, Neil, so if you look at our guidance for 2025 compared to '24, there are multiple moving pieces.

是的，尼爾，如果你將我們對 2025 年的指導與 2024 年的指導進行比較，你會發現有很多變化。

So firstly, on the crude marketing side, we're going to get a lower transportation cost.

首先，在原油行銷方面，我們將獲得更低的運輸成本。

Like I mentioned in my prepared remarks, there are two transportation contracts that are expiring this year.

正如我在準備好的發言中提到的，今年有兩份運輸合約即將到期。

Between those, one is in Q1 and the other one is Q3.

其中，一個在 Q1，另一個在 Q3。

So this year, we're going to get a benefit of around $200 million.

所以今年我們將獲得約2億美元的收益。

Next year, it's going to be $400 million.

明年，這一數字將達到 4 億美元。

But some of that is partially offset by the annual FERC escalation of around 3%.

但其中一部分被聯邦能源管理委員會每年約 3% 的漲幅所抵消。

So that's on the crude marketing side.

這是從粗略的營銷角度來看的。

And on the gas marketing side, with the additional takeaway capacity now coming online from Permian, we're assuming lower differentials between Permian and Gulf Coast.

在天然氣行銷方面，隨著二疊紀盆地額外的輸送能力上線，我們預期二疊紀盆地和墨西哥灣沿岸之間的價差將會降低。

Then on the Al Hosn side, we are seeing higher sulfur price, which again should be an improvement compared to last year.

在 Al Hosn 方面，我們看到硫磺價格上漲，與去年相比又有所改善。

And then on WES, we sold 19.5 million units last year, so that is going to impact our income.

然後就 WES 而言，我們去年銷售了 1950 萬台，所以這將影響我們的收入。

We still will have lower distribution and lower income compared to last year.

與去年相比，我們的分配和收入仍將下降。

And the last thing on LCV, Richard just talked about the start-up and the ramp-up in STRATOS, which will also have a small negative impact on the income compared to last year.

關於 LCV 的最後一件事，理查德剛才談到了 STRATOS 的啟動和提升，與去年相比，這也會對收入產生輕微的負面影響。

But what I would say is our Midstream team is overall very well positioned to capture value when the market does present itself.

但我想說的是，當市場確實出現時，我們的中游團隊整體上處於非常有利的位置來獲取價值。

And again, last year, they demonstrated by beating the original guidance by around $600 million.

去年，他們再次以超出最初預期約 6 億美元的表現證明了這一點。

Yeah, really good numbers, Sunil.

是的，蘇尼爾，數字確實不錯。

Thank you.

謝謝。

As a follow-up is, just the framework around WES monetization, recognizing there are a lot of moving pieces, but how are you thinking about the pluses and minuses as we think about the deleveraging targets?

接下來的問題是，僅圍繞 WES 貨幣化的框架，認識到有很多活動的部分，但是當我們考慮去槓桿目標時，您如何看待其利弊？

How should we think about the tax component that goes into that equation as well?

我們該如何考慮這個等式中的稅收成分？

Well, for us, we continually look at opportunities and evaluate the opportunities.

嗯，對我們來說，我們不斷地尋找機會並評估機會。

And it all comes down to the value proposition, and so you're right that the tax impact would be a part of that value proposition when we're looking at selling and divesting of things that provide significant cash flow as WES does.

這一切都歸結為價值主張，因此您說得對，當我們考慮出售和剝離能夠提供大量現金流的東西（如 WES 所做的那樣）時，稅收影響將成為價值主張的一部分。

So that would be -- have to be a part of what we consider.

所以這必須是我們考慮的一部分。

John Abbott, Wolfe Research.

約翰‧阿博特（John Abbott），沃爾夫研究公司。

This is John Abbott, on for Doug Leggate.

這是約翰‧阿博特 (John Abbott)，代替道格‧萊格特 (Doug Leggate)。

Thank you for taking our questions.

感謝您回答我們的問題。

Our first question is on the Gulf of America.

我們的第一個問題是關於美國灣的。

I mean you spoke about 2025, but can you talk about visibility beyond 2025 and how you see sustainable production?

我的意思是您談到了 2025 年，但您能談談 2025 年以後的前景以及您如何看待永續生產嗎？

Sure.

當然。

Ken here.

肯在這裡。

I think we intend to have a goal of staying flat long-term.

我認為我們的目標是長期保持穩定。

If you look at the projects that we're working on at the moment, yes, we have the primary development drilling programs.

如果你看看我們目前正在進行的項目，是的，我們有主要的開發鑽探計劃。

We also have exploration, so this year, we're involved in two exploration wells, one basically underneath one of our facilities, which is two targets, the Miocene and the Wilcox target.

我們也在進行勘探，所以今年我們參與了兩個勘探井，一個基本上位於我們的一個設施下方，這是兩個目標，中新世和威爾科克斯目標。

And then the next wave is the EOR and Gulf of America 2.0 projects, which the waterfloods carried very low F&D, very low decline, very long-term.

下一波是 EOR 和美國灣 2.0 項目，其中註水開採的 F&D 非常低，衰減率非常低，持續時間很長。

So again, each of these projects is accretive to lower cost, long-term developments.

因此，再次強調，每個專案都有利於降低成本並實現長期發展。

And they're not really pattern waterfloods, they're basically pressure maintenance projects.

它們其實並不是模式註水，而是基本的壓力維持項目。

It's not huge drilling overheads on these existing facilities.

這些現有設施的鑽井開銷並不大。

We have unconventional opportunities.

我們擁有非同尋常的機會。

We have fracking opportunities.

我們有水力壓裂機會。

So the scale of the opportunity in GOM is hundreds of millions of barrels we see potentially there and have mapped out all of these Gulf of America 2.0 projects, and we're just working our way through them.

因此，我們認為美國灣的潛在石油儲量規模達數億桶，並且我們已經規劃了所有這些美國灣 2.0 項目，我們正在努力完成它們。

So hopefully, that covers your question.

希望這能解答你的問題。

I have to say that I share Ken's enthusiasm about the Gulf of America.

我必須說，我和肯恩一樣對美國灣充滿熱情。

It's really going to be, for us, in the out years, three to five years, it's going to be an important part of our growth story.

對我們來說，在未來的三到五年裡，它確實會成為我們成長歷程中的一個重要部分。

Appreciate it.

非常感謝。

And then the next question that we had was on your EOR business.

我們的下一個問題是關於您的 EOR 業務。

Do you no longer break out your production in your financials?

你們在財務報表中不再單獨列出產量了嗎？

Could you provide an update where production stands?

您能否提供生產的最新情況？

And is it still around 140,000 barrels per day, which was your run rate a couple of years ago?

現在的日產量還是約 14 萬桶嗎？

Yeah, thanks for the question for our enhanced oil recovery.

是的，感謝您提出有關提高石油採收率的問題。

We remain excited about that business, too, as we look into the future.

展望未來，我們仍然對這項業務感到興奮。

From a production level, it's similar.

從生產層面來看，情況也類似。

We've had some slight decline over the last, really, three years.

事實上，在過去三年裡，我們確實出現了輕微的下滑。

I think you can see from our capital investment, it's been a bit lower the last several years.

我想您可以從我們的資本投資中看出，過去幾年我們的資本投資略有下降。

But what that business has delivered is really great efficiency on cost.

但該業務確實實現了極高的成本效率。

So when we talk about a lot of our operating expense reductions, they have led the way.

因此，當我們談到大量營運費用削減時，他們已經發揮了領導作用。

They're leveraged more to OpEx than they are capital, and so they can really help deliver good cash margin to our business or improving cash margin to our business with those improvements.

它們對營運支出的槓桿作用大於對資本的槓桿作用，因此它們確實可以幫助為我們的業務帶來良好的現金利潤，或透過這些改進來提高我們業務的現金利潤率。

In the future, this is part of our strategy with CO2 and carbon capture.

未來，這是我們二氧化碳和碳捕獲策略的一部分。

And so as we get the ability to have lower-cost CO2, we're excited about what that business can become.

因此，當我們有能力以更低成本生產二氧化碳時，我們對這項業務的未來充滿期待。

Very low -- similar to what Ken talked about in the Gulf of America, very low F&D cost barrels at very low decline.

非常低——類似於肯在美國灣談到的情況，F&D 成本非常低，且下降幅度非常低。

And so when we bring that production on, it's going to provide nice cash flow attributes to complement the rest of our business.

因此，當我們開始生產時，它將提供良好的現金流屬性來補充我們其餘的業務。

Leo Mariani, Roth.

裡奧·馬裡亞尼、羅斯。

I wanted to ask just a general question around the Low Carbon Ventures business here.

我只想問一個有關低碳企業業務的一般性問題。

Obviously, we've had a significant change in the administration here in the US.

顯然，美國的政府已經發生了重大變化。

Just wanted to try to get a sense if you all are thinking about that business differently over the next four years as you kind of proceed to prosecute things here.

只是想了解一下，在未來四年你們繼續在這裡起訴事情的時候，你們是否會以不同的方式看待這項業務。

Not really.

並不真地。

I mean, we are aware of the situation and certainly, there's more uncertainty around the IRA and the Infrastructure Bill.

我的意思是，我們知道這種情況，當然，圍繞愛爾蘭共和軍和基礎設施法案存在更多不確定性。

But the way we view this is that CO2 is going to be much needed for the US for our extended energy independence.

但我們認為，美國非常需要二氧化碳來延長其能源獨立性。

The reality is that that the shale revolution was an amazing thing that happened here in the United States.

事實是，頁岩革命是美國發生的一件了不起的事。

We believe the next round of technology that's going to add significant barrels, 50 billion to 70 billion barrels of reserves, will be production that comes from the use of CO2 in enhanced oil recovery.

我們相信，下一輪將增加大量石油儲備（500 億至 700 億桶）的技術將是利用二氧化碳來提高石油採收率。

So 45Q is important for the development of the technology to get the CO2.

因此45Q對於獲取二氧化碳的技術發展具有重要意義。

There's not enough organic CO2 in the country to be able to flood all the things that we're going to need to flood to get that 50 billion to 70 billion barrels.

該國沒有足夠的有機二氧化碳來淹沒我們需要獲取的 500 億至 700 億桶石油所需的一切。

And that 50 billion to 70 billion barrels would extend our energy independence by more than 10 years.

這500億至700億桶石油將使我們的能源獨立延長10年以上。

It's critically important.

這至關重要。

And so taking CO2 out of the atmosphere is a technology that needs to work for the United States.

因此，去除大氣中的二氧化碳是一項需要美國努力的技術。

And President Trump knows the business case for this.

川普總統知道這一做法的商業案例。

I've had several conversations with him.

我和他談過幾次。

People around him understand the need for at least some initial subsidies to help advance this technology, just as -- there hasn't been really many transformational technologies that have been developed that didn't have some sort of assistance at the beginning of it.

他周圍的人都明白，至少在初期需要一些補貼來幫助推動這項技術的發展，就像沒有某種形式的援助，許多變革性技術在發展初期都很難發展。

And so we know that we have the capability to get the cost down on these direct air capture facilities.

因此我們知道我們有能力降低這些直接空氣捕獲設施的成本。

We've been so impressed with the combination of the Oxy and Carbon Engineering team.

Oxy 和 Carbon 工程團隊的合作給我們留下了深刻的印象。

The innovation that they're developing so quickly is very, very helpful, but to get to where we need to be, we really need to have 45Q.

他們如此快速開發的創新非常非常有用，但要達到我們需要的目標，我們真正需要的是 45Q。

And so we've been talking with members of Congress and senators, and we've met with many of the new Cabinet members.

因此，我們一直在與國會議員和參議員進行交談，並會見了許多新內閣成員。

We're getting the story out that the next technology that must work and is very much needed is direct air capture to get the CO2 for these reservoirs.

我們正在傳播這樣一個訊息：下一個必須起作用並且非常需要的技術是直接捕獲空氣來為這些水庫獲取二氧化碳。

So we're optimistic that everyone once we get around to everybody, will understand the business case for this.

因此，我們樂觀地認為，一旦我們接觸到每個人，每個人都會理解這個商業案例。

But even if the business case is not completely what we expect from the government, I do believe that we have the capability to get this down faster than we originally thought we would.

但即使商業案例並不完全符合我們對政府的期望，我相信我們有能力比原先想像的更快地完成這一目標。

And so that's where we're headed with it.

這就是我們接下來要做的事。

It hasn't changed our strategy in terms of what we're doing with STRATOS and the King Ranch DAC facility.

就我們與 STRATOS 和 King Ranch DAC 設施合作而言，這並沒有改變我們的策略。

And ladies and gentlemen, in the interest of time, this will conclude today's question-and-answer session.

女士們、先生們，由於時間關係，今天的問答環節就到此結束。

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

現在，我想將電話會議交還給 Vicki，請她做最後發言。

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

我只想對大家的提問和參加電話會議表示感謝，並祝大家今天剩餘的時間過得很愉快。

Thank you.

謝謝。

The conference has now concluded.

會議現已結束。

We do thank you for attending today's presentation.

我們非常感謝您參加今天的演講。

You may now disconnect your lines.

現在您可以斷開線路了。