西方石油 (OXY) 2025 Q1 法說會逐字稿

Hello, and welcome to Occidental's first quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Jordan Tanner, Vice President of Investor Relations. Please go ahead.

您好，歡迎參加西方石油 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給投資者關係副總裁喬丹坦納 (Jordan Tanner)。請繼續。

Thank you, MJ. Good afternoon, everyone, and thank you for participating in Occidental's first quarter 2025 earnings conference call. On the call with us today are Vicki Hollub, President and Chief Executive Officer; Sunil Mathew, Senior Vice President, and Chief Financial Officer; Richard Jackson, President Operations, U.S. Onshore Resources and Carbon Management; and Ken Dillon, Senior Vice President and President, International Oil and Gas Operations.

謝謝你，MJ。大家下午好，感謝大家參加西方石油公司 2025 年第一季財報電話會議。今天與我們通話的是總裁兼執行長 Vicki Hollub； Sunil Mathew，高級副總裁兼財務長；理查德·傑克遜 (Richard Jackson)，美國陸上資源與碳管理公司營運總裁；以及高級副總裁兼國際石油和天然氣業務總裁肯·狄龍 (Ken Dillon)。

This afternoon, we will refer to slides available on the Investors section of our website. The presentation includes a cautionary statement on slide 2 regarding forward-looking statements that will be made on the call this afternoon. We'll also reference a few non-GAAP financial measures today. Reconciliations to the nearest corresponding GAAP measure can be found in the schedules to our earnings release and on our website. I'll now turn the call over to Vicki.

今天下午，我們將參考我們網站投資者部分提供的幻燈片。簡報的第二張投影片中包含有關今天下午電話會議上將要發表的前瞻性陳述的警示性聲明。今天我們也將參考一些非公認會計準則財務指標。您可以在我們的收益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。現在我將把電話轉給 Vicki。

Thank you, Jordan, and good afternoon, everyone. I'll begin today by highlighting our first quarter performance in which all three segments delivered strong results. Then I'll detail some promising new developments taking shape in Oman, recent debt reduction progress, and how we are approaching activity levels in a macro environment with heightened volatility and uncertainty.

謝謝你，喬丹，大家下午好。今天，我首先要介紹我們第一季的業績，其中三個部門都取得了強勁的業績。然後，我將詳細介紹阿曼正在形成的一些有希望的新發展、最近的債務減免進展，以及我們如何在波動性和不確定性加劇的宏觀環境中達到活動水平。

Our teams once again delivered outstanding performance across the portfolio, generating $3 billion in operating cash flow before working capital in the first quarter while handling challenges from weather and seasonality.

我們的團隊再次在整個投資組合中表現出色，在第一季創造了 30 億美元的營運現金流（不包括營運資本），同時應對了天氣和季節性帶來的挑戰。

Our oil and gas business produced at just over 1.39 million BOE per day. That's at the midpoint of our production guidance. Our domestic oil and gas operating cost of $9.05 per BOE came in substantially below our initial expectations. These results reflect the team's relentless pursuit of efficiency, cost management, and safe operations.

我們的石油和天然氣業務日產量略高於139萬桶油當量。這是我們生產指導的中間點。我們的國內石油和天然氣營運成本為每桶油當量 9.05 美元，大大低於我們最初的預期。這些結果體現了團隊對效率、成本管理和安全營運的不懈追求。

Our 2025 development activities are progressing well alongside the operational excellence and innovation initiatives we discussed last quarter. Already, we are seeing meaningful advancements in one of our key focus areas, that's efficiency-driven well cost reductions.

我們的 2025 年發展活動與我們上個季度討論的卓越營運和創新計劃一起進展順利。我們已經看到我們重點關注領域之一取得了有意義的進步，那就是效率驅動的油井成本降低。

In the Permian, enhanced well designs and strong execution have resulted in a 15% improvement in drilling duration per well versus last year, with particularly notable performance in the Delaware Basin. These achievements, along with more efficient completions and pad utilization, have reduced our Permian unconventional well costs by more than 10% compared to last year, already surpassing the 5% to 7% target we outlined just a few months ago.

在二疊紀盆地，改進的井設計和強有力的執行使每口井的鑽井時間比去年提高了 15%，特拉華盆地的表現特別顯著。這些成就，加上更有效率的完井和平台利用率，使我們二疊紀非常規井成本較去年同期降低了 10% 以上，已經超過了我們幾個月前製定的 5% 至 7% 的目標。

The drilling efficiency gains give us the confidence to drop two drilling rigs from our Delaware Basin program this year. Thanks to accelerated cycle times and improved time-to-market, we expect to bring more wells online and with slightly increased production even with this reduced rig count.

鑽井效率的提高使我們有信心今年從特拉華盆地計畫中減少兩台鑽井平台。由於週期時間的縮短和產品上市時間的改善，我們預計即使鑽機數量減少，也會有更多油井上線，產量也會略有增加。

As outlined during our last call, we expect company-wide production to grow from the first quarter through to the second half of the year. Growth will primarily be driven by the completion of turnarounds in the Middle East as well as a variety of activities planned in the Gulf of America.

正如我們上次電話會議中所述，我們預計全公司產量將從第一季到下半年成長。成長主要得益於中東地區各項轉機作業的完成以及美國灣地區計畫所進行的各種活動。

Steady onshore development should also be a significant driver and will more than offset volumes associated with recent divestitures. Turning to Oman, I'm pleased to share that we are in advanced negotiations with the Oman government to extend the current Block 53 contract by 15 years to 2050. This agreement is aimed to deliver significant value to all stakeholders while closely supporting Oman's national objectives.

穩定的陸上開發也應是重要的驅動力，並將足以抵銷近期資產剝離帶來的影響。談到阿曼，我很高興地告訴大家，我們正在與阿曼政府進行深入談判，將目前的第 53 區塊合約延長 15 年至 2050 年。該協議旨在為所有利益相關者帶來重大價值，同時密切支持阿曼的國家目標。

Block 53 includes the Mukhaizna field, already recognized as a world-class steam flood. The proposed expansion would cover all reservoirs, including both low decline enhanced oil recovery and primary production across stacked-pay formations. We see the potential to unlock more than 800 million gross barrels of additional resources that offer competitive returns. While final negotiations and a formal agreement are still pending, we believe this extension will enhance Oxy's cash flow beginning in 2025.

第 53 區塊包括 Mukhaizna 油田，該油田已被公認為世界級蒸汽驅油田。擬議的擴建將涵蓋所有油藏，包括低遞減率提高採收率和跨疊層油層的初級生產。我們看到了釋放超過 8 億桶額外資源的潛力，這些資源將帶來有競爭力的回報。儘管最終談判和正式協議仍未達成，但我們相信此次延期將從 2025 年開始增強 Oxy 的現金流。

We're proud of the deep roots, strong relationships, and mutually beneficial partnerships we've built in Oman over the past several decades. These partnerships have been central to our shared success, including recent exploration achievements and that momentum continues to build.

我們為過去幾十年來在阿曼建立的深厚根基、牢固的關係和互惠互利的伙伴關係感到自豪。這些合作關係對於我們共同的成功至關重要，包括最近的勘探成果，而且這種勢頭還在不斷增強中。

In North Oman, we recently made a significant gas and condensate discovery with estimated resources in place exceeding 250 million barrels of oil equivalent. While it is still early days with appraisal and development plans under evaluation, the resource is advantageously located near existing infrastructure.

在北阿曼，我們最近發現了重要的天然氣和凝析油，估計資源量超過 2.5 億桶油當量。雖然評估和開發計劃仍處於早期階段，但該資源位於現有基礎設施附近的有利位置。

OxyChem's performance also exceeded expectations, delivering $215 million on an adjusted basis. The business overcame several operational challenges associated with winter weather, which impacted production and increased raw material cost for ethylene and power. Looking ahead, we expect OxyChem to continue extending its market leadership as a low-cost operator.

OxyChem 的業績也超出預期，調整後利潤為 2.15 億美元。該企業克服了冬季天氣帶來的若干營運挑戰，這些挑戰影響了生產並增加了乙烯和電力的原材料成本。展望未來，我們預計 OxyChem 將繼續擴大其作為低成本營運商的市場領導地位。

Our Midstream and Marketing business significantly outperformed the high end of our guidance range for the first quarter. Results were driven by strong gas marketing optimization in the Permian, where our teams captured value during a period in March of heightened third-party midstream maintenance and regional pricing disparities. In addition, the midstream business benefited from a healthy market for sulfur produced at Al Hosn – contributing further to our strong quarter.

我們的中游和行銷業務第一季的表現大大超出了我們預期範圍的高端。業績的取得得益於二疊紀盆地強勁的天然氣行銷優化，我們的團隊在三月份第三方中游維護和區域價格差異加劇的時期捕獲了價值。此外，中游業務受益於 Al Hosn 生產的硫磺市場的健康發展，進一步促進了我們本季的強勁表現。

While STRATOS continues to advance towards commissioning and start-up in West Texas, we are pleased to be making commercial advancements in other parts of our low-carbon portfolio. In April, 1PointFive signed a landmark 25-year carbon offtake agreement with CF Industries and its partners for their planned low-carbon ammonia facility in Louisiana. This agreement supports the transportation and geologic storage of approximately 2.3 million metric tons of carbon dioxide annually at our Pelican Hub.

在 STRATOS 繼續向西德克薩斯州的調試和啟動邁進的同時，我們很高興在低碳產品組合的其他部分取得了商業進步。今年 4 月，1PointFive 與 CF Industries 及其合作夥伴簽署了一項具有里程碑意義的 25 年碳承購協議，用於其計劃在路易斯安那州建造的低碳氨工廠。該協議支持我們鵜鶘樞紐每年運輸和地質儲存約 230 萬公噸二氧化碳。

Agreements like this highlight Oxy's unique capabilities and demonstrate the growing demand for large-scale carbon management solutions to support major investments in American manufacturing and creation of jobs. Importantly, this contract does not require near-term capital expenditures and fits squarely within our disciplined growth strategy in Low Carbon Ventures.

此類協議凸顯了 Oxy 的獨特能力，並表明對大規模碳管理解決方案的需求日益增長，以支持對美國製造業的重大投資和創造就業機會。重要的是，該合約不需要短期資本支出，並且完全符合我們在低碳企業中嚴謹的成長策略。

Our first quarter results continue to demonstrate how the quality of assets, the talent of our teams, and our culture of innovation, serve as catalysts for strong financial results and provide a solid foundation for free cash flow generation.

我們第一季的業績繼續證明，資產品質、團隊人才和創新文化如何成為強勁財務業績的催化劑，並為自由現金流的產生奠定堅實的基礎。

Turning now to our deleveraging progress. Our cash flow priorities aim to position the company for long-term success. Debt reduction remains a key focus, and we are committed to strengthening our financial position to support a more meaningful return of capital to common shareholders across the commodity cycles. In the meantime, we believe equity holders will benefit from the rebalancing of enterprise value into common equity through steady debt reduction. And we're making significant and steady progress.

現在來談談我們的去槓桿進展。我們的現金流重點旨在幫助公司長期成功。減少債務仍然是我們關注的重點，我們致力於加強我們的財務狀況，以支持在商品週期內向普通股股東提供更有意義的資本回報。同時，我們相信，透過穩定減少債務，企業價值重新平衡為普通股權益，股東將從中受益。我們正在取得重大而穩定的進展。

Year-to-date, we've retired $2.3 billion in debt with cash sourced from non-core oil and gas divestitures, common warrant proceeds, and organic cash flow. Over the past 10 months, we've repaid a total of $6.8 billion, reducing annual interest expense by $370 million. All 2025 maturities have been retired, providing us with a more comfortable runway over the next 14 months. As we evaluate options to further accelerate deleveraging, including potential divestitures, we will remain dedicated to disciplined execution and long-term value creation.

年初至今，我們已償還了 23 億美元的債務，現金來自非核心石油和天然氣資產剝離、普通認股權證收益和有機現金流。過去 10 個月，我們總共償還了 68 億美元，減少了年度利息支出 3.7 億美元。所有 2025 年到期的債券均已退市，為我們未來 14 個月提供了更舒適的運作環境。當我們評估進一步加速去槓桿的選項（包括潛在的資產剝離）時，我們將繼續致力於嚴格的執行和長期價值創造。

Now I'd like to briefly address the current market environment. Uncertainty around demand, policy, and supply is creating headwinds for the sector and increasing commodity price volatility. From trade and tariffs to the return of OPEC+ volumes, oil markets are under pressure from multiple fronts. As operators, we cannot control the macro, but we can control how we respond. We are taking proactive steps in response to the current environment to enhance this year's program.

現在我想簡單談談目前的市場環境。需求、政策和供應的不確定性給該行業帶來了阻力，並加劇了大宗商品價格的波動。從貿易和關稅到 OPEC+ 產量的恢復，石油市場面臨多方面的壓力。身為操作員，我們無法控制宏觀，但我們可以控制自己的反應。我們正在採取積極措施應對當前環境，加強今年的計畫。

The Permian rig reductions are complemented by project scope and timing optimizations across the portfolio, including the Gulf of America. Together, these actions have enabled us to lower capital guidance for the year by $200 million. We're also executing significant cost actions with $150 million in estimated 2025 opex savings. These steps will strengthen margins and enhance financial resilience with minimal impact on this year's production.

二疊紀鑽井平台數量的減少與包括美國灣在內的整個投資組合的專案範圍和時間優化相輔相成。這些措施使我們能夠將今年的資本指引降低 2 億美元。我們還將採取重大成本措施，預計到 2025 年將節省 1.5 億美元的營運支出。這些措施將提高利潤率並增強財務韌性，同時對今年的生產影響最小。

We are closely monitoring the evolving macro backdrop and remain ready to take additional action if needed. We believe the diversity of our portfolio and flexibility of our development programs position us well to respond quickly to changing conditions. If commodity prices weaken meaningfully, we are prepared to scale back activity and manage costs prudently, preserving value through the cycle, just as we did in 2020.

我們正在密切關注不斷變化的宏觀背景，並準備在必要時採取進一步行動。我們相信，我們產品組合的多樣性和開發計劃的靈活性使我們能夠快速應對不斷變化的條件。如果大宗商品價格大幅下跌，我們準備好縮減活動並謹慎管理成本，在整個週期中保持價值，就像我們在 2020 年所做的那樣。

We are measured in making large-scale adjustments to activity levels for two key reasons. First, our high-quality, low breakeven inventory in our current development programs; and second, the proven benefits of sustaining long-term operational efficiencies. Many of the significant capital efficiency gains achieved in recent years stemmed from maintaining steady development programs with consistent rig lines and frac crews. Disruptions to that continuity can take months and, in some cases, longer to fully recover.

我們之所以對活動水準進行大規模調整，主要有兩個原因。首先，我們目前開發案中的高品質、低盈虧平衡庫存；其次，維持長期營運效率的益處已得到證實。近年來取得的許多顯著的資本效率收益都源自於維持穩定的開發計畫、一致的鑽井線和壓裂團隊。這種連續性的中斷可能需要數月甚至更長時間才能完全恢復。

As I highlighted today, maintaining steady operations continues to drive material capital efficiency improvements, which remain the most durable and impactful form of capex reduction. Our focus is not solely on maximizing free cash flow in 2025, but on sustaining strong cash flow generation potential over the next several years and preserving value.

正如我今天所強調的那樣，維持穩定的營運將繼續推動物質資本效率的提高，這仍然是最持久和最有效的資本支出削減形式。我們的重點不僅是實現 2025 年自由現金流最大化，還在於未來幾年保持強勁的現金流產生潛力並保值。

At Oxy, we are approaching this environment with discernment and discipline. Our focus remains on protecting and compounding value across cycles, not overreacting to volatility, but positioning through it. I'll now hand the call over to Sunil to review our financial performance and discuss the enhanced guidance in more detail.

在 Oxy，我們以洞察力和紀律性來應對這種環境。我們的重點仍然是跨週期保護和複合價值，而不是對波動反應過度，而是透過波動進行定位。現在，我將把電話交給 Sunil，讓他回顧我們的財務業績，並更詳細地討論增強的指導。

Thank you, Vicki. In the first quarter of 2025, we generated an adjusted profit of $0.87 per diluted share and a reported profit of $0.77 per diluted share. The difference between adjusted and reported profit was largely driven by the mark-to-market impact of derivatives in our marketing business.

謝謝你，薇琪。2025 年第一季度，我們的調整後每股攤薄利潤為 0.87 美元，報告每股攤薄利潤為 0.77 美元。調整後利潤與報告利潤之間的差異主要是由於我們行銷業務中衍生性商品的市價影響所致。

During the first quarter, strong operational execution enabled us to generate approximately $1.2 billion of free cash flow before working capital, and we exited the first quarter with $2.6 billion of unrestricted cash. We had a negative working capital change, which is typical for the first quarter as a result of semi-annual interest payments on our debt, annual property tax payments, and payments under our compensation plans.

在第一季度，強勁的營運執行力使我們在營運資本前產生了約 12 億美元的自由現金流，並且我們在第一季結束時擁有 26 億美元的非限制性現金。我們的營運資本變動為負，這在第一季很常見，因為我們需要支付半年的債務利息、年度財產稅以及薪資計畫下的付款。

Additionally, the first quarter included $350 million of 2024 tax payment as part of the federal disaster relief program following Hurricane Beryl. Though we expect the working capital change to partially reverse over the remainder of this year, the second quarter will also include another $110 million tax payment associated with the same program.

此外，作為颶風貝麗爾過後聯邦救災計畫的一部分，第一季還包括支付 3.5 億美元的 2024 年稅款。雖然我們預計營運資本變動在今年剩餘時間內將部分逆轉，但第二季還將包括與同一計劃相關的另外 1.1 億美元的稅款。

As Vicki highlighted, all three segments delivered strong results and exceeded our original expectations. The outlook for the remainder of the year has a positive trajectory and the operational strength demonstrated this quarter provides a solid foundation for the improved corporate guidance, which I will turn to now.

正如 Vicki 所強調的，所有三個部門都取得了強勁的業績，超出了我們最初的預期。今年剩餘時間的前景呈現正面趨勢，本季展現的營運實力為改善公司指引奠定了堅實的基礎，我現在將談到這一點。

Looking ahead to the second quarter, the midpoint of total company production is expected to modestly increase compared to the first quarter annual low of 1.39 million BOE per day. The production increase is driven from several sources, including Permian activity levels, the completion of annual plant maintenance at Dolphin, and the return of Gulf of America production following seasonal maintenance projects.

展望第二季度，預計公司總產量中位數將較第一季年度低點每天 139 萬桶油當量小幅上升。產量成長有多種推動因素，包括二疊紀活動水準、海豚工廠年度維護的完成以及季節性維護專案後美國灣產量的恢復。

This growth more than offsets a turnaround in Al Hosn – currently planned in the second quarter, and the impact from first quarter divestitures, which included a reduction of over 15,000 BOE per day in the Rockies. Though we revised full year Gulf of America production guidance down due to some discretionary capital optimization, including deferring one development well into 2026, it is fully offset by Permian time-to-market driven acceleration from realized efficiencies.

這一增長不僅抵消了 Al Hosn 目前計劃在第二季度實現的扭虧為盈，還抵消了第一季資產剝離的影響，其中包括落基山脈地區每天減少超過 15,000 桶油當量。儘管我們由於一些可自由支配的資本優化（包括將一項開發推遲到 2026 年）而下調了美國灣全年產量預期，但這一下調被二疊紀盆地上市時間因實現的效率而加速所完全抵消。

We are maintaining our total company production guidance for the year, though the modified production mix is expected to slightly reduce annual total company oil cut. The shift in production mix resulting from the previously referenced divestitures, along with maintenance activities in the Gulf of America are key factors behind the elevated domestic operating expense per BOE guidance for the second quarter. That said, as Vicki noted earlier, we are reducing our full year operating cost guidance from $9.00 to $8.65 per BOE, reflecting our commitment to driving operational efficiency.

儘管調整後的生產結構預計會略微降低公司年度石油總產量，但我們仍維持今年的公司總產量指引值。先前提到的資產剝離導致的生產結構變化，以及美國灣的維護活動，是英國央行第二季度國內營運費用上升的關鍵因素。話雖如此，正如 Vicki 之前提到的，我們將全年營運成本指導價從每桶油當量 9.00 美元下調至 8.65 美元，這反映了我們致力於提高營運效率的承諾。

We had a strong start to 2025 in our chemical business and overcame some short-term operational impacts limited to the first quarter. While uncertainty remains around global trade, we anticipate modest domestic demand growth in the caustic and PVC markets through the second and third quarters. We also expect some rationalization of domestic capacity in the second half of the year that should help rebalance some of the recent supply growth in the domestic market.

我們的化學業務在 2025 年取得了良好的開端，並克服了僅限於第一季度的一些短期營運影響。儘管全球貿易仍存在不確定性，但我們預計第二季和第三季國內苛性鹼和聚氯乙烯市場需求將溫和成長。我們也預計，今年下半年國內產能將合理化，這將有助於重新平衡國內市場近期的部分供應成長。

As Vicki highlighted, our midstream teams are well positioned to capitalize on gas marketing opportunities. Strong execution and outperformance enabled us to raise Midstream’ s full year guidance range by $40 million. While we do not expect these market conditions to persist, the results underscore the strength and reliability of our capabilities during periods of volatility.

正如 Vicki 所強調的，我們的中游團隊已做好準備，充分利用天然氣行銷機會。強大的執行力和優異的表現使我們能夠將 Midstream 全年的指導範圍提高 4000 萬美元。雖然我們預期這些市場狀況不會持續下去，但結果凸顯了我們在波動時期的能力的強度和可靠性。

Looking ahead to the second quarter, we expect Midstream earnings to decrease as a result of declining commodity prices and the associated timing of delivery and cargo sales. However, this will be offset by mark-to-market adjustments, which is a byproduct of our strategy to preserve margins in oil marketing. In terms of capital spending, our first quarter results were in alignment with the 2025 business plan and a capital program that is weighted towards the first half of the year at approximately 55%. Driven by our confidence in maintaining realized efficiency gains, we elected to release our Delaware Basin rig in April and plan to release another in early Q3. Through continued optimization of infrastructure and operational spending across our domestic assets, we have reduced our capital guidance range by $200 million without impacting total company production. Combined with the $150 million in projected operating cost reductions, this is expected to deliver a positive cash impact of $350 million in 2025. Before I close, I would like to expand briefly on Vicki's comments regarding how we are positioning the company financially. Debt reduction remains a core priority as demonstrated by a consistent pace of repayments and the diversified sources of capital contributing to that progress. We were pleased with the results of our March program to temporarily reduce the common warrant exercise price, an initiative that allowed us to retire $900 million of debt in April.

展望第二季度，我們預期中游收益將因大宗商品價格下跌以及相關的交付和貨物銷售時間下降而下降。然而，這將透過按市價調整來抵消，這是我們維持石油行銷利潤率策略的副產品。在資本支出方面，我們的第一季業績與 2025 年業務計畫和資本計畫一致，其中資本計畫的權重約為上半年的 55%。由於對保持已實現的效率收益充滿信心，我們選擇在四月發布特拉華盆地鑽井平台，並計劃在第三季初發布另一個鑽井平台。透過持續優化國內資產的基礎設施和營運支出，我們將資本指引範圍減少了 2 億美元，而不會影響公司的總產量。加上預計減少的 1.5 億美元營運成本，預計到 2025 年將產生 3.5 億美元的正現金影響。在結束之前，我想簡要闡述一下 Vicki 對於我們如何在財務上定位公司的評論。減債仍然是一項核心優先事項，這從持續的還款速度和促成這項進展的多元化資本來源可以看出。我們對 3 月暫時降低普通股認股權證行使價計畫的結果感到滿意，這項舉措使我們能夠在 4 月償還 9 億美元的債務。

With all common warrants expiring in 2027, this modest acceleration meaningfully enhanced our deleveraging trajectory. As Vicki mentioned, we continue to actively evaluate divestiture opportunities that align with our strategic priorities and enhance long-term value while maintaining our disciplined approach to execution.

由於所有普通認股權證都將於 2027 年到期，這種適度加速顯著增強了我們的去槓桿軌跡。正如 Vicki 所提到的，我們將繼續積極評估符合我們策略重點並提升長期價值的資產剝離機會，同時保持嚴謹的執行方式。

We have successfully navigated through prior cycles of volatility, and we are prepared to do so again. All 2025 maturities have been retired, leaving us well positioned with minimal debt obligations over the next 14 months. Our short-cycle U.S. onshore portfolio gives us tremendous capital flexibility, and our detailed scenario planning will enable us to act decisively while preserving long-term value.

我們已經成功度過了先前的波動週期，我們準備好再次這樣做。所有 2025 年到期的債券均已償還，這讓我們在未來 14 個月內能夠以最低的債務負擔做好充分準備。我們的短週期美國境內投資組合為我們提供了巨大的資本彈性，而我們詳細的情境規劃將使我們能夠果斷採取行動，同時保持長期價值。

Importantly, we continue to be excited about the strong rate of change story unfolding across our midstream and chemicals segments, which are less exposed to commodity price risk. In Midstream, starting this quarter, we will begin to see the benefits of our revised crude transportation contracts at lower rates, which will deliver a pre-tax cash flow uplift of approximately $200 million in 2025 and $400 million annually beginning in 2026.

重要的是，我們繼續對中游和化學品部門的強勁變化率感到興奮，這些部門受大宗商品價格風險的影響較小。在中游，從本季開始，我們將開始看到修訂後的原油運輸合約以較低費率的好處，這將在 2025 年帶來約 2 億美元的稅前現金流增加，並從 2026 年開始每年帶來 4 億美元的稅前現金流增加。

In the chemical business, the Battleground modernization and expansion project will provide a significant uplift in earnings over the next several years. When combined with the anticipated roll-off of this capital investment, the completion of STRATOS, and the reduction in interest expense as we pay down debt, we are expecting approximately $1 billion in incremental pre-tax free cash flow from non-oil and gas sources in 2026, with even further expansion in 2027.

在化學業務方面，Battleground 現代化和擴建項目將在未來幾年顯著提升盈利。結合預期的資本投資滾動、STRATOS 的完工以及我們償還債務時利息支出的減少，我們預計 2026 年來自非石油和天然氣來源的增量稅前自由現金流將達到約 10 億美元，2027 年將進一步擴大。

As we have outlined on today's call, we are entering the remainder of the year with strong operational momentum, a strengthened financial position, and a flexible operating framework. These advantages give us confidence in our ability to deliver consistent results, preserve value through commodity cycles, and drive long-term shareholder returns. I will now turn the call back over to Vicki.

正如我們在今天的電話會議上所概述的那樣，我們將以強勁的營運勢頭、增強的財務狀況和靈活的營運框架進入今年剩餘時間。這些優勢使我們對自己提供持續成果、在商品週期中保持價值以及推動長期股東回報的能力充滿信心。現在我將把電話轉回給 Vicki。

Thank you, Sunil. As we move forward, we remain focused on strengthening the balance sheet, increasing returns to shareholders, and contributing our significant resource base to advancing U.S. energy leadership. Above all, we are building a high-performing, resilient business to deliver strong results across commodity cycles through disciplined capital allocation, operational excellence, and an unrelenting focus on value creation.

謝謝你，蘇尼爾。在我們前進的過程中，我們將繼續致力於加強資產負債表、增加股東回報，並為提升美國能源領導地位貢獻我們的重要資源基礎。最重要的是，我們正在建立一個高績效、有彈性的企業，透過嚴格的資本配置、卓越的營運和對價值創造的不懈關注，在整個商品週期中取得強勁的業績。

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

現在，我們開始回答問題。正如喬丹所提到的，理查傑克森和肯狄龍今天也來參加我們的問答環節。

(Operator Instructions) Devin McDermott, Morgan Stanley.

（操作員指示）摩根士丹利的 Devin McDermott。

I wanted to start on the capex and opex reductions for this year. It seems like a mix of efficiency gains and then some shuffling around of timelines. You did a good job describing the Permian rig cuts, but can you talk a little bit more about the other buckets, infrastructure, Gulf of America and then opex, I think, is in reference to enhanced oil recovery? And as part of that, are there any impacts on 2026 production or capital from these changes that we should be thinking about?

我想開始削減今年的資本支出和營運支出。這看起來像是效率的提高和時間軸的一些調整。您很好地描述了二疊紀鑽機削減的情況，但您能否再多談談其他方面，例如基礎設施、美國灣，以及營運支出，我認為，這是指提高石油採收率？作為其中的一部分，這些變化是否對 2026 年的生產或資本產生影響，我們應該考慮嗎？

Yes. There's a mix of both of those. And we'll start with you, Richard, for the Permian.

是的。兩者皆有。理查德，我們先從你開始討論二疊紀。

Yes. Great. Thanks, Devin. Appreciate the opportunity to talk through this. The teams have spent a lot of time and continue to do so really every year, thinking through our programs in the different scenarios, like Vicki said, focused on, of course, near-term free cash flow, but important to us is maintaining these cost efficiencies or these operational efficiencies for longer-term cash flow.

是的。偉大的。謝謝，德文。感謝有機會討論此事。團隊花費了大量的時間並且實際上每年都在繼續這樣做，思考我們在不同情況下的計劃，就像 Vicki 所說的那樣，當然重點關注短期自由現金流，但對我們來說重要的是保持這些成本效率或這些運營效率以實現長期現金流。

And so as we look through that, just kind of a decision framework from a U.S. onshore perspective that might be helpful, continue to add cost efficiency. I think we shared certainly at the end of last year and then now in the first quarter, continued year-on-year performance improvement across well cost and operating expense. We look at our cost structure opportunities with supply chain and continue to look for opportunities there. And I'm sure Ken and I can provide more color there if interested.

因此，當我們仔細研究這一點時，從美國本土的角度來看，這種決策框架可能會有所幫助，並繼續提高成本效率。我認為我們在去年年底和今年第一季都取得了不錯的成績，油井成本和營運費用的業績同比持續改善。我們研究供應鏈的成本結構機會，並繼續在那裡尋找機會。我相信如果有興趣的話，肯和我可以提供更多內容。

We look at infrastructure like you mentioned, in terms of capital facilities often. And as we think about the Permian in particular, we're able to optimize that. These are multi-year projects that support our development, and we can optimize that, but we've also been able to find synergies even in the Midland Basin with our OxyRock assets.

正如您所說，我們經常從資本設施的角度來看待基礎設施。當我們特別考慮二疊紀時，我們能夠對其進行最佳化。這些都是支持我們發展的多年期項目，我們可以對其進行優化，但我們甚至可以在米德蘭盆地利用我們的 OxyRock 資產找到協同效應。

And then we get the opex. And like you mentioned, opex for us, especially with our enhanced oil recovery business, provides a lever for us to continue to work with when we're looking at maximizing cash flow. So for us, from a opex perspective, we look at things like direct costs like CO2 volumes and price, and our teams do a great job of optimizing around that. And then downhole maintenance is a big one for us. It's really doing well service work.

然後我們得到營運支出。正如您所提到的，對於我們來說，營運支出，特別是對於提高石油採收率業務而言，為我們在尋求最大化現金流時繼續努力提供了一個槓桿。因此，對於我們來說，從營運支出的角度來看，我們會考慮二氧化碳量和價格等直接成本，而我們的團隊在這方面做了大量優化工作。井下維護對我們來說是一件大事。服務工作確實做得很好。

And it really starts from our operating teams having a great approach to really that operating production system. The thing we wanted to point out, we've had a great failure reduction, so when you think about beam pumps in our operations. If we go back to 2023, we've had a 20% reduction in the failure of beam pumps. Well, what that means is you don't have to deploy rigs and services to repair down wells. And so our downhole maintenance rigs, we dropped over 30 over the last two years.

這一切其實始於我們的營運團隊對營運生產系統採取了很好的方法。我們想要指出的是，我們已經大大減少了故障，所以當你想到我們操作中的梁泵時。如果我們回顧 2023 年，我們發現抽油機的故障率已經減少了 20%。嗯，這意味著您不必部署鑽孔機和服務來修復油井。因此，我們在過去兩年中減少了 30 多台井下維護鑽機。

And so as we think about both the capital and the opex, we do see these as sustainable as we go into next year, and it's just really great work over the last few years from our teams to help deliver that capability.

因此，當我們考慮資本和營運支出時，我們確實認為它們在進入明年時是可持續的，而且我們的團隊在過去幾年中確實做了出色的工作來幫助實現這一能力。

Okay. Great. And then sticking with free cash flow and capital, I like the updated guidance on the free cash flow inflection over the next few years. I was hoping you could break it apart a little bit further and talk about how much of that is coming from the incremental operating cash flow versus reductions in capital spending. Just trying to think through the evolution of non-oil and gas capital in both chemicals and low carbon embedded in those numbers.

好的。偉大的。然後堅持自由現金流和資本，我喜歡未來幾年自由現金流變化的最新指導。我希望您能進一步分析一下，看看其中有多少來自增量營運現金流，有多少來自資本支出的減少。只是試圖思考這些數字中所蘊含的化學品和低碳領域非石油和天然氣資本的演變。

Great. Before we go to Sunil to answer that, I forgot, Devin, to hand it over to Ken, who has some information you can share with you about the Gulf of America projects that we have.

偉大的。在我們去找蘇尼爾回答這個問題之前，德文，我忘了把它交給肯，他有一些關於我們擁有的美國灣計畫的資訊可以與你分享。

As Sunil mentioned, we rescheduled some of our activities associated with the medium-term projects spending $100 million less this year. No funds have been diverted from drilling and completion. So this gives us a chance to further optimize the design of the waterfloods and maybe also benefit from deflation that we're starting to see. Given it's a waterflood mainly, we have some potential to play catch up later without impacting the overall project. We also deferred a platform well from this year into next year. That will give us a chance to optimize the old platform program next year and also benefit from deflations too.

正如蘇尼爾所提到的，我們重新安排了一些與中期計畫相關的活動，今年的支出減少了 1 億美元。沒有資金被從鑽井和完井工程中挪用。因此，這使我們有機會進一步優化注水設計，並可能從我們開始看到的通貨緊縮中受益。鑑於這主要是注水，我們有可能在不影響整個專案的情況下進行追趕。我們也將平台從今年延後到明年。這將使我們有機會在明年優化舊平台程序，同時也能從通貨緊縮中受益。

Hi Devin. So regarding your question around the cash flow inflection. So if you refer to slide number 14, so I'll start with the Chemicals segment first. So as we have said, the peak spending for the Battleground project is 2025 – it's around $600 million. Next year, it's expected to come down to $300 million. So as you look at 2026, that is a $300 million saving on the capex side.

你好，德文。關於現金流拐點的問題。因此，如果您參考投影片 14，那麼我將首先從化學品部分開始。正如我們所說，戰場項目的支出高峰是 2025 年——約為 6 億美元。明年，這一數字預計將降至 3 億美元。因此，展望 2026 年，資本支出可節省 3 億美元。

And the project is expected to start up mid-next year. So it's an incremental operating cash flow of around $160 million once the project starts up. So that gets you to the $460 million.

該計畫預計將於明年年中啟動。因此，一旦專案啟動，增量營運現金流將達到約 1.6 億美元。這樣你的金額就達到 4.6 億美元了。

And on the Midstream side, like we said, there are two oil transportation contracts at lower rates that are expiring this year. So one happens in end of Q1. The next one is end of Q3. So for this year, we get a benefit of around $200 million, and we get the full benefit of $400 million next year. And then with the roll-off of STRATOS spending, that's another $250 million. So next year, within the Midstream segment, you're looking at $450 million of cash flow improvement.

而在中游方面，正如我們所說，有兩份費率較低的石油運輸合約將於今年到期。所以第一季末就會發生一件事。下一個是第三季末。因此，今年我們獲得約 2 億美元的收益，明年我們將獲得 4 億美元的全部收益。然後隨著 STRATOS 支出的增加，這又需要 2.5 億美元。因此，明年，在中游領域，您將看到 4.5 億美元的現金流改善。

And the last one is on the interest reductions as we pay down debt. So what we have assumed is all debt that is maturing in '26 and '27 – we just paid down as it matures. Now that was just the assumption that we used to come up with this estimate. That is not the plan, but that's how we came up with the $135 million improvement in cash flow from interest expenses. So that gets you to the $1 billion.

最後一個是關於償還債務時減少利息。因此，我們假設所有債務將在 2026 年和 2027 年到期，我們將在到期時償還。這只是我們用來得出這個估計的假設。這不是計劃，但這就是我們透過利息支出實現 1.35 億美元現金流改善的方法。這樣你的金額就達到 10 億美元了。

And for 2027, you get the benefit of the full $600 million capex reduction from the Battleground project. You get the uplift on operating cash flow once the project is fully online. And you have the interest payment reductions for both '26 and '27.

到 2027 年，您將享受 Battleground 專案帶來的 6 億美元資本支出削減。一旦專案全面上線，您就會獲得營運現金流的提升。而且 26 年和 27 年的利息支付都減少了。

Doug Leggett, Wolfe Research.

道格‧萊格特（Doug Leggett），沃爾夫研究公司。

Vicki, I wanted to come back on my first question on one of the comments you made, and I want to make sure I'm not misquoting here, but you said we're going to accelerate deleveraging and look at all the options, including potential disposals. You obviously, your debt maturity profile, as Sunil has pointed out, is relatively shallow now over the next couple of years.

維姬，我想回到我的第一個問題，關於你提出的一條評論，我想確保我沒有錯誤引用，但你說我們將加速去槓桿，並研究所有的選擇，包括潛在的處置。顯然，正如 Sunil 指出的那樣，未來幾年您的債務到期狀況相對較淺。

So the implication is that you would put cash on the balance sheet, which obviously reduces net debt. I'm just curious if you can elaborate on what you're thinking in terms of disposals and whether - with the midstream ramp-up of WES might make it onto that list?

所以這意味著你會把現金放在資產負債表上，這顯然會減少淨債務。我只是好奇您是否可以詳細說明您在處置方面的想法，以及隨著 WES 中游業務的增長，您是否可以將其列入該名單？

Well, we can't really say exactly what we're going to do, but we can say with confidence that we will achieve the debt reduction that we have maturing in 2026. We would like to get that at least partially paid off this year, but we know we can achieve that certainly by the maturity. And as we've done with all the other debt that we've paid off thus far, accelerating it would be better for us in our view.

嗯，我們無法確切地說我們將要做什麼，但我們可以自信地說，我們將實現 2026 年到期的債務減免。我們希望今年至少能償還部分債務，但我們知道到時候肯定能實現這一目標。正如我們迄今為止償還的所有其他債務一樣，我們認為加速償還對我們來說會更好。

But we still -- we do want to keep a healthy balance of cash on the balance sheet, but pay the maturities as we can. So growing cash on the balance sheet isn't in the near-term plan, but after we pay off 2026 maturity, that could be a possibility.

但我們仍然——我們確實希望在資產負債表上保持健康的現金餘額，但盡可能支付到期債務。因此，增加資產負債表上的現金不在近期計劃中，但在我們償還 2026 年到期的債務後，這可能是可能的。

That's really helpful. My follow-up is, again, related to free cash flow, but it really kicks off with the level of spending you have currently, a lot of the projects, as Sunil pointed out, particularly Battleground, but also DAC is rolling down next year. And I guess my question is, would you anticipate replacing that capital with other projects, such as Mukhaizna, for example? Or do you envisage the absolute level of spending moving to a lower normalized level once these major projects are done?

這真的很有幫助。我的後續問題再次與自由現金流有關，但它實際上始於您目前的支出水平，正如 Sunil 指出的那樣，很多項目，特別是 Battleground，而且 DAC 明年都會減少。我的問題是，您是否打算用其他項目（例如 Mukhaizna）來取代這些資本？或者您認為這些重大項目完成後，絕對支出水準會降至較低的正常水準？

Yes. We expect that the capital will be lower next year. At what level, we haven't determined that yet, but we wouldn't replace the cost of those projects that we're completing with additional capital.

是的。我們預計明年資本將會更低。我們還沒有確定具體水平，但我們不會用額外資本來取代正在完成的專案的成本。

Arun Jayaram, JPMorgan.

摩根大通的阿倫‧賈亞拉姆 (Arun Jayaram)。

I wanted to get your thoughts, maybe a follow-up to Doug's question on divestitures. Vicki, at this point in the cycle, do you think it would be a better time to sell, call it, short-cycle assets in this type of environment? Or would you lean towards thinking about more long-cycle assets within the portfolio? Just trying to get a sense of how you'd evaluate divestitures at this point in the cycle?

我想聽聽您的想法，也許可以跟進 Doug 關於資產剝離的問題。維姬，在目前的周期階段，您認為在這種環境下，出售所謂的短週期資產是否是更好的時機？或者您傾向於考慮投資組合中更多的長週期資產？只是想了解您如何評估當前週期階段的資產剝離？

Well, the good thing is we have several options. And so we always -- it's always value-based for us. There are still companies wanting to get into the Permian no matter what the cycle because most of us have a long-term view that oil prices over time are going to recover, probably not at the level we want this year or next year, but there's going to come a time when prices, especially given the lack of exploration success around the world and the fact that the largest 20 reservoirs in the world were discovered before 2000.

嗯，好消息是我們有幾個選擇。因此，我們始終－始終以價值為基礎。無論週期如何，仍然有公司希望進入二疊紀盆地，因為我們大多數人都有長期觀點，認為隨著時間的推移，油價將會回升，可能不會達到我們今年或明年想要的水平，但總有一天價格會回升，特別是考慮到世界各地勘探缺乏成功，以及世界上最大的 20 個油藏是在 2000 年之前發現的。

So we think that there's going to come a time when oil resources are not going to be easily found or replaced. And so with that in mind, we do believe that companies realize that. And so whether it's oil assets or otherwise, we'll get the best value that we can and make the decision on that basis.

因此我們認為，將來有一天，石油資源將不再那麼容易被找到或取代。考慮到這一點，我們確實相信公司已經意識到了這一點。因此，無論是石油資產或其他資產，我們都會盡可能地獲得最佳價值，並在此基礎上做出決定。

Great. And maybe just a follow-up, shifting gears, you highlighted some new value enhancement opportunities in Oman. Maybe you could kind of unpack kind of the opportunity set in Block 53 and your North Oman discovery you announced?

偉大的。也許只是後續，換個話題，您強調了阿曼的一些新的增值機會。也許您可以解釋一下 53 區塊中蘊藏的機會以及您宣布的北阿曼發現？

Yes, I'd say we're very excited about that. And Ken was you or Sunil, who's going to take that. Sunil is going to take that. Good deal.

是的，我想說我們對此感到非常興奮。肯是你還是蘇尼爾，誰來承擔這個責任。蘇尼爾 (Sunil) 將接受這一點。好交易。

Yes. So maybe I'll stop and then hand it over to Ken. No, definitely, we are very excited about these opportunities. And Vicki did mention about cash flow improvement. Now at this point, although we cannot provide any guidance on any specific operational or financial metrics. I mean, all we can say is that we expect uplift in cash flow compared to where we are today, while also being resilient at lower oil price being a PSC. So we are excited about that.

是的。所以也許我會停下來然後把它交給肯。不，當然，我們對這些機會感到非常興奮。Vicki 確實提到了現金流的改善。現在，儘管我們無法就任何具體的營運或財務指標提供任何指導。我的意思是，我們只能說，與現在相比，我們預計現金流將有所提升，同時作為 PSC，在油價較低的情況下也能保持韌性。因此我們對此感到興奮。

And the other thing is, we disclosed the production by country and on total international operating costs. So you should see flow through once we sign the contract in terms of what the uplift is. So definitely very excited about the extension, the Block 53 extension, and the Oman North gas discovery. So now I'll let Ken talk about why we are so excited about this.

另一件事是，我們揭露了按國家劃分的產量以及國際營運總成本。因此，一旦我們簽署了合同，你就應該看到提升的具體情況。因此，我對此次擴建、第 53 區塊擴建以及阿曼北部天然氣的發現感到非常興奮。現在我讓肯來談談我們為什麼對此如此興奮。

So thanks, Sunil. As you can see, we're having a great year in Oman. The vision of the Minister of Energy is to unshackle the resources of the country, and we're delighted to play our part in this vision. Block 53 has very large inventory potential, as you can see from the slide, and we know it well. To date, we produced over 640 million barrels and currently operate 3,500 wells in the block with an incredibly strong operational team.

所以謝謝你，Sunil。如您所見，我們在阿曼度過了美好的一年。能源部長的願景是釋放國家資源，我們很高興為這個願景發揮自己的作用。正如您從幻燈片中看到的，53 區塊具有非常大的庫存潛力，我們對此非常了解。迄今為止，我們已生產了超過 6.4 億桶石油，目前擁有一支非常強大的營運團隊，在該區域營運 3,500 口油井。

As Vicki said, we see opportunities in all aspects, low decline EOR projects as well as conventional and exploration. These are projects that are competitive with any other Oxy investment. Like Richard said, we're focused on improving efficiency and in Oman that's no exception.

正如 Vicki 所說，我們在各個方面都看到了機遇，包括低遞減率 EOR 項目以及常規和勘探項目。這些項目與其他 Oxy 投資項目都具有競爭力。正如理查德所說，我們專注於提高效率，阿曼也不例外。

We've had reductions in drilling cost per foot in Block 53 by 50% over the last three years. On expense the same story as resources, our artificial lift performance has improved so significantly that our work over rig cost per barrel is reduced by 50% over the same period. Again, we'd like to thank the government of Oman, the Energy Minister, and his team for all their efforts in making this happen.

在過去三年裡，53區塊每英尺鑽井成本降低了50%。與資源成本一樣，我們的人工舉升效能也得到了顯著改善，使得同期每桶鑽機作業成本降低了 50%。再次，我們要感謝阿曼政府、能源部長及其團隊為實現這一目標所做的一切努力。

On Baqiyah, it's really great news. Our exploration team as well as being really skillful – they're also very persistent and they've been rewarded with success here. Vicki described the discovery. We're now exporting and selling and getting early reservoir data.

對巴基亞來說，這真是個好消息。我們的勘探團隊不僅技術高超，而且非常堅持不懈，並在這裡獲得了成功。維姬描述了這項發現。我們現在正在出口、銷售和取得早期油藏數據。

Exploration also had another small discovery on the same block, which is also on stream and being assessed. Both were brought online in less than 13 weeks. In Block 9, where we had record production last year after 40 years, we continue with our CO2 EOR pilot. We're getting very encouraging results with no breakthrough. So we continue to be very positive about the project. So overall, a great quarter for Oman.

勘探人員在同一區塊還發現了另一個小礦藏，目前該礦藏也已投入生產並正在評估中。兩個項目均在不到 13 週的時間內上線。在第 9 區塊，我們去年創下了 40 年來的最高產量記錄，我們繼續進行二氧化碳 EOR 試點。儘管沒有突破，但我們取得了非常令人鼓舞的結果。因此，我們繼續對該項目持非常積極的態度。總體而言，對於阿曼來說，這是一個偉大的季度。

Yes. So Oman is a country that keeps giving.

是的。所以阿曼是一個不斷奉獻的國家。

Neil Mehta, Goldman Sachs.

高盛的尼爾·梅塔。

Just wanted to get your perspective on the Low Carbon Ventures business. You got some important milestones coming up as it relates to STRATOS here. And just so just help us unpack how you're thinking about derisking those, and how the changing policy environment could affect the potential returns associated with at least Phase 1 of the project?

只是想了解您對低碳企業業務的看法。這裡有一些與 STRATOS 相關的重要的里程碑。那麼，請幫我們解讀您是如何考慮降低這些風險的，以及不斷變化的政策環境將如何影響該專案至少第一階段的潛在回報？

Yes. I think it's very exciting. And Richard can give more detail with respect to the policy. There's such a strong voluntary compliance market and so many corporations that have committed to become carbon neutral that, in the interim, as we're building our DAC business toward a business that will use CO2 for enhanced oil recovery to get more oil out of the existing reservoirs that we have here in the United States to help extend our energy independence here.

是的。我認為這非常令人興奮。理查德可以就該政策提供更多細節。自願遵守市場如此強大，許多公司都致力於實現碳中和，在此期間，我們正在將 DAC 業務打造為一項利用二氧化碳來提高石油採收率的業務，以便從美國現有的油藏中開採出更多的石油，幫助延長我們的能源獨立性。

As we're building towards that, the voluntary compliance market for carbon reduction credits will continue, I believe, to help us build a bridge between now and making the EOR realizations happen over time. And Richard, you have more detail?

我相信，在我們朝著這個目標邁進的過程中，碳減排自願遵守市場將繼續幫助我們在現在和實現 EOR 之間架起一座橋樑。理查德，您有更多細節嗎？

Yes. Just maybe a couple of points to add to Vicki's. I mean I think sort of trajectory, a couple of things that we are excited about. One is our R&D progress. So I think specific with direct air capture, we continue to see accelerated just exciting cost down vision coming out of our team from Carbon Engineering.

是的。也許我只想補充幾點 Vicki 的觀點。我的意思是，我認為有某種軌跡，有幾件事讓我們感到興奮。一是我們的研發進展。因此，我認為，具體到直接空氣捕獲，我們繼續看到碳工程團隊加速實現令人興奮的成本降低願景。

So when we look at that, we disclosed as we went from Phase I to Phase II, some of the changes and the reduction of process components and the savings associated with that – that continues. So we're excited about that piece of it.

因此，當我們審視這一點時，我們揭露了從第一階段到第二階段的一些變化以及流程組件的減少以及與此相關的節省——這種情況仍在繼續。因此我們對這部分內容感到很興奮。

The other component, as we think about schedules – is the returns have to be competitive. So we've looked at that and how to do that derisking through R&D is one important component of that. But the operations with STRATOS coming online in the second half of this year and then the market support that Vicki described are all important decision criteria for us to FID going forward.

當我們考慮時間表時，另一個因素是回報必須具有競爭力。因此，我們研究了這個問題，並研究瞭如何透過研發來降低風險，這是其中一個重要組成部分。但是，STRATOS 將於今年下半年上線運營，以及 Vicki 所描述的市場支持，都是我們未來做出 FID 的重要決策標準。

I would say partnerships is the other piece of that. And so we look forward to, as we create the market and the cost-down and the development opportunity to have those development partners with us. So that really goes across all of our low-carbon efforts.

我想說的是合作關係是其中的另一個部分。因此，我們期待著，隨著我們創造市場、降低成本和發展機會，能夠有這些發展夥伴與我們一起。所以這確實涵蓋了我們所有的低碳努力。

And the final thing I would say, we just, as Vicki mentioned, with EOR continue to see all of these technology choices were to fit our integrated value. And so we see it not just in the tech development but also our cost as a core part of our Oxy business.

最後我想說的是，正如 Vicki 所提到的，我們繼續看到 EOR 所有這些技術選擇都符合我們的綜合價值。因此，我們不僅將其視為技術開發，還將成本視為 Oxy 業務的核心部分。

And then the follow-up is, I always value your thoughts on the oil macro and you're always willing to talk about how you think about moving pieces, including U.S. oil supply. So just get your latest thoughts. A couple of years ago, I know you guys were pretty constructive on the long-term for oil because of the underinvestment in exploration. But obviously, a lot of moving pieces here now as we think about this year. So near-term, long-term, and thoughts on U.S. supply?

接下來的問題是，我一直很重視您對石油宏觀的看法，而且您也總是願意談論您對包括美國石油供應在內的各種因素的看法。所以只需了解一下你的最新想法即可。幾年前，我知道你們對石油的長期前景非常看好，因為當時勘探投資不足。但顯然，當我們回顧今年時，這裡有很多令人變動的事情。那麼短期、長期以及對美國供應的看法是什麼？

Yes. As you know that most of the shale basins now have either plateaued or starting to decline, except for the Permian. And the Permian was really making up for the decline of the other basins. But the Permian, I believe, is, if companies continue to talk about dropping activity levels, I think the Permian could plateau sooner than we expected - and we had expected the Permian to continue growth through 2027.

是的。眾所周知，除二疊紀盆地外，大多數頁岩盆地現在要么已經達到穩定狀態，要么開始衰退。二疊紀盆地確實彌補了其他盆地的衰落。但我相信，如果各公司繼續談論降低活動水平，那麼二疊紀盆地可能會比我們預期的更快達到穩定狀態——我們曾預期二疊紀盆地將持續成長到 2027 年。

And we had expected that U.S. production overall would peak between 2027 and 2030. It's looking like with the current headwinds or at least volatility and uncertainty around pricing and the economy and recessions and all of that - it's looking like that peak could come sooner. So I'm thinking right now the Permian is, if it grows at all through the rest of the year, it's going to be very little.

我們曾預期美國整體產量將在 2027 年至 2030 年之間達到高峰。看起來，考慮到當前的不利因素，或至少是價格、經濟和衰退等方面的波動性和不確定性，高峰可能會更快到來。所以我現在想，如果二疊紀盆地在今年剩餘時間內有所成長，那麼成長幅度將會非常小。

Jean Ann Salisbury, Bank of America.

美國銀行的 Jean Ann Salisbury。

Thank you for the walk through on the free cash flow inflection in response to an earlier question. Can you just clarify if there's been any additional midstream re-contracting or chemical project benefits added? Or if it was more of a reframing of the overall picture, but those specific components are unchanged?

感謝您在回答先前的問題時對自由現金流變化的解釋。您能否澄清一下是否增加了任何額外的中游重新承包或化學項目福利？或者它更像是對整體畫面的重新構建，但那些具體的組成部分卻沒有改變？

That's right. Nothing has changed. These were the two oil transportation contracts that were expiring in Q1 and Q3, which we had outlined earlier and the other benefit was on the Battleground expansion project. So there's nothing new.

這是正確的。一切都沒有改變。這是我們之前概述過的兩份分別在第一季度和第三季度到期的石油運輸合同，另一項福利來自戰場擴建項目。所以沒有什麼新鮮事。

Okay. Great. And then I believe you kind of talked about one component of the lower operating costs coming from EOR. Can you give any more color around how you expect this to change the relative mix of EOR in the portfolio going forward, if at all?

好的。偉大的。然後我相信您談到了 EOR 降低營運成本的一個因素。您能否進一步說明一下，您預計這將如何改變未來投資組合中 EOR 的相對結構？

Yes. Perfect. Yes, again, these sort of efficiencies we expect to really carry through more from a cost structure basis. Again, we didn't change production as part of this. And so it's things like continuing to work on operations efficiency, really optimizing CO2 through our reservoirs and how we do that. And so, if anything, it's expanding margins and continuing to improve the competitiveness of EOR in our portfolio.

是的。完美的。是的，我們再次期望從成本結構的角度真正實現這些效率。再次強調，我們並沒有因此改變生產方式。因此，我們需要繼續努力提高營運效率，真正透過我們的水庫優化二氧化碳，以及我們如何做到這一點。因此，如果有的話，它將擴大利潤率並繼續提高我們產品組合中 EOR 的競爭力。

Paul Cheng, Scotiabank.

加拿大豐業銀行的 Paul Cheng。

Vicki, just curious that if we're looking out into 2026 and '27, on your momentum of this year cost saving, what's the potential that we could expect for those two years? And how big of the opportunity set that we may be talking with that you see the most opportunity set?

Vicki，我很好奇，如果我們展望 2026 年和 2027 年，根據您今年的成本節約勢頭，我們可以預期這兩年的成本節約潛力有多大？我們所談論的機會集有多大？您認為最多的機會集是多少？

The second question is that, I mean, maybe with your comment earlier, talking about you think the U.S. could see production maybe pick up, say, somewhere between 2027 to 2030 or maybe even a bit earlier if people continue to cut back. From a portfolio standpoint, should we assume that Oxy at some point over the next several years would like to substantially increase your activity level outside the U.S. then? And if that's the case, where do you see the most opportunities?

第二個問題是，我的意思是，也許正如您先前的評論，您認為美國的產量可能會在 2027 年至 2030 年之間回升，如果人們繼續削減產量，甚至可能更早一些。從投資組合的角度來看，我們是否應該假設 Oxy 在未來幾年的某個時候會大幅增加您在美國以外的活動量？如果是這樣的話，您認為最多的機會在哪裡？

Okay. I'll answer the second question first. And that is that I just want to go back and share with you some of what we've done to get our portfolio to where it is today. Going way back in time about 10 years ago, we were only producing about 650,000 BOE per day. Now our production is 1.39 million barrels per day.

好的。我先回答第二個問題。這就是說，我只是想回顧一下並與大家分享我們為使我們的投資組合達到今天的水平所做的一些事情。回溯到大約 10 年前，我們每天的產量僅為 65 萬桶油當量。現在我們的產量是每天139萬桶。

In 2015, 50% of our production was from international locations. Today, 83% is in the United States. We exited several countries but stayed only in the countries that are business focused and where we can see significant upside. In 2015, our oil and gas resources totaled 8 billion, with 2.2 billion of that in proved. But today, we have 14 billion of total resources, oil resources with 4.6 billion in proved reserves.

2015年，我們50%的產量來自國際地區。如今，83% 在美國。我們退出了幾個國家，但只留在了那些以商業為中心、並且我們能夠看到顯著上升空間的國家。2015年，我國油氣資源量為80億噸，其中已探明資源量為22億噸。但今天，我們的總資源量為140億，石油資源已探明儲量為46億。

And in 2015, only 16% of our proved reserves and 25% of our total resources were shale, the rest was conventional. And today, 60% of our proved reserves and 55% of our total resources are shale. So what we've done over the past 10 years is we've taken our portfolio and expanded significantly in the shale, so that we have more than a decade, maybe up to 15 years of development in the shale.

2015年，我們已探明儲量中只有16%是頁岩油，總資源中只有25%是頁岩油，其餘都是常規油。目前，我們已探明儲量的60%和總資源的55%都是頁岩油。因此，我們在過去 10 年裡所做的就是擴大我們的投資組合，並在頁岩領域進行大規模擴張，這樣我們在頁岩領域就有十多年，甚至可能長達 15 年的發展時間。

But what people don't usually get is that we also have -- in addition to the shale, we have about 6 billion identified today of resources and conventional areas around our country -- I mean, our company. So right now that -- and I believe that 6 billion of additional resources is light when you consider the fact that we're doing AI work in the Gulf of America.

但人們通常不知道的是，除了頁岩之外，我們還有目前已確定的約 60 億噸的資源和常規區域，我們國家——我的意思是，我們的公司。所以現在——我相信，當你考慮到我們在美國灣開展人工智慧工作時，60 億美元的額外資源是微不足道的。

We're also doing some work around waterflooding, doing additional enhanced oil recovery there, production optimizations. So the Gulf of America is going to add to the 6 billion of conventional that we have. Also in Algeria, having just obtained the largest onshore 3D seismic survey, we expect that we'll get out of that upside that we can continue to add to the 6 billion.

我們也在註水方面進行一些工作，進一步提高石油採收率，優化生產。因此，美國灣的石油儲量將增加到現有的 60 億美元。此外，在阿爾及利亞，我們剛剛獲得了最大的陸上三維地震勘測數據，我們預計我們將從中獲益，並繼續將收入增加到 60 億美元。

And then in Oman, as Ken mentioned, where he was talking about the gas block and what we've discovered there, that could be bigger. There could be -- where you find gas and you see structures around it, that means those other structures could have gas, same with the oil discovery. And we're continuing to make progress in the Block 9 and 27 where we have previously been working.

然後，正如肯所提到的，在阿曼，他談到了天然氣阻塞以及我們在那裡發現的東西，情況可能會更大。可能存在——當你發現天然氣並看到周圍的結構時，這意味著其他結構中也可能存在天然氣，與石油發現的情況相同。我們之前工作的第 9 區和第 27 區正在繼續取得進展。

So we have growth there. So when you look at those three areas and the growth potential that we could have, we just haven't done the appraisal work yet that we need to do, but we are almost going to be equivalent from a conventional resource perspective as we are from a shale perspective.

所以我們在那裡取得了成長。因此，當你審視這三個領域以及我們可能擁有的成長潛力時，我們只是還沒有完成我們需要做的評估工作，但從傳統資源的角度來看，我們幾乎與從頁岩的角度來看是相當的。

And so that's going to extend our development potential well beyond the 15 years because you layer on top of that the fact that this direct air capture technology that we're developing is going to help us extract CO2 that could then enable us to do enhanced oil recovery and not only the reservoirs in the U.S., but the reservoirs in Oman, Algeria, and potentially in Abu Dhabi as well.

因此，這將使我們的發展潛力遠遠超出 15 年，因為除此之外，我們正在開發的直接空氣捕獲技術將幫助我們提取二氧化碳，這可以讓我們提高石油採收率，不僅是美國的油藏，還有阿曼、阿爾及利亞，甚至阿布達比的油藏。

So we have -- as you were alluding to, we do have a lot of additional resources. So we've made the transformation from an asset standpoint, and we're getting close to rounding the quarter with our debt reduction. I believe that is going to unlock a lot more value for our shareholders than most people have anticipated. So we're pretty excited about that, and ready to keep going with it.

所以，正如您所暗示的，我們確實有很多額外的資源。因此，我們從資產的角度進行了轉型，並且我們即將透過減少債務來結束本季。我相信這將為我們的股東帶來比大多數人預期更多的價值。因此我們對此感到非常興奮，並準備繼續努力。

Leo Mariani, Roth.

裡奧·馬裡亞尼，羅斯。

Just wanted to follow up on some of the capex and opex reductions here in '25. So I know you guys are dropping a couple of rigs and it sounds like cutting some EOR capex in the Permian, totally understand there's not really a near-term production impact, but if you look out over the next year or two, do you see some modest production impact from some of those cuts at this point? Or do you think you can kind of make that up with further efficiencies over time?

只是想跟進 25 年的一些資本支出和營運支出削減情況。所以我知道你們正在放棄一些鑽機，這聽起來像是在削減二疊紀的一些 EOR 資本支出，完全理解這實際上不會對短期生產產生影響，但如果你展望未來一兩年，你是否認為這些削減會對生產產生適度的影響？或者您認為隨著時間的推移，您可以透過進一步提高效率來彌補這一缺陷？

Yes. We made the decisions that we made because we absolutely did not want to sacrifice production in the outer years, '26 and '27, basically because that's cash flow that could be used to create additional value. So we're looking for high-return cash flow. And so those decisions that were made can support that. And so we can, first -- don't let me get off track here, but let me get to Richard on some of the opex specifics.

是的。我們做出這樣的決定是因為我們絕對不想犧牲未來幾年（26 年和 27 年）的生產，因為那是可以用來創造額外價值的現金流。因此，我們尋求高回報的現金流。因此，所做的那些決定可以支持這一點。因此，我們可以，首先——不要讓我偏離主題，但讓我向理查德介紹一些營運支出的具體細節。

And then I want to go to Ken after that with supply chain who could address some of the cost reductions that certainly are going to help us without any impact on production.

然後我想和供應鏈部門的肯談談，他可以解決一些成本削減問題，這肯定會對我們有幫助，而且不會對生產產生任何影響。

Thanks, Vicki. Yes, I'll just add quickly. I mean, again, both -- I mentioned more on the opex, but on capital, again, efficiency related. This two-rig drop was really an acceleration. So if you think about our program during the year, we were able to compress that drilling efficiencies.

謝謝，薇琪。是的，我會快速補充。我的意思是，再次強調，兩者——我更多地提到了營運支出，但就資本而言，再次強調，與效率有關。這兩台鑽孔機的下降確實是一種加速。因此，如果您考慮我們全年的計劃，我們就能壓縮鑽井效率。

We noted, I think, in the highlights slide, that added 15 net wells online for the year and over 30-rig releases. And so that enabled us to do more with less. We're able to drop the rigs. The part of the capex was really this facilities and infrastructure. Again, optimizing that over multi-year, the way we have scale and our operations provides that capability.

我認為，我們在重點幻燈片中指出，今年新增了 15 口淨井和 30 多個鑽機下線。這使我們能夠用更少的資源做更多的事情。我們能夠放下鑽孔機。資本支出的部分實際上是這些設施和基礎設施。再次，經過多年的優化，我們的規模和營運方式提供了這種能力。

And then the one tidbit on that – great opportunity came out of the CrownRock in our legacy Midland development where we were able to utilize one of their existing central facilities without building a new one for that operation. So that was several million dollars. So it's all things like that are really optimizing without that production or cash flow degradation, but definitely -- the other important piece of this is supply chain. So I want to let Ken discuss that.

然後，關於這一點的一個小趣聞是，我們遺留的米德蘭開發項目中的 CrownRock 帶來了巨大的機遇，我們可以利用他們現有的中央設施之一，而無需為該業務建造新的設施。那是幾百萬美元。因此，所有這些都是在不影響生產或現金流的情況下進行最佳化的，但毫無疑問，另一個重要部分是供應鏈。所以我想讓肯討論一下這個問題。

Thanks, Richard. We've been through the cycles many times over the years. We understand the process. In terms of supply chain, it's about continuing to get best-in-class performance while trying to accelerate deflation of goods and services on both the capex and the expense side. We're working with our Tier-1 relationship companies who have scale and who also understand the market.

謝謝，理查。多年來，我們已經經歷過多次這樣的循環。我們了解這個過程。在供應鏈方面，就是要繼續獲得一流的績效，同時試圖加速資本支出和費用方面的商品和服務的通貨緊縮。我們正在與具有規模且了解市場的一級關係公司合作。

15 companies make up 40% of our spend domestically. At the same time as we're doing that, we're also receiving offers of reductions from viable vendors, both domestically and internationally. And something we've not heard for quite a few years as a lot of people are talking about market share rather than margin in this environment and the benefits of it. So we see benefits going forward into next year related to deflation and managing services going forward.

15 家公司占我們國內支出的 40%。在我們這樣做的同時，我們也收到了國內外可行供應商的折扣優惠。這是我們好幾年都沒有聽過的消息，因為在這種環境下，很多人都在談論市場份額而不是利潤率及其帶來的好處。因此，我們預計明年通貨緊縮和未來服務管理將帶來好處。

Appreciate that. Wanted to switch gears to the Chemicals business a bit here. Just kind of looking at your first half outlook for '25, you guys are expecting around $435 million or so of operating income there. Your full year guide is $900 million to $1 billion. Just wanted to kind of square the circle there.

非常感謝。想在這裡稍微轉換一下化學品業務。看看你們對 25 年上半年的展望，你們預計營業收入約為 4.35 億美元。您的全年指導價是 9 億至 10 億美元。我只是想解決這個問題。

Should we be thinking that maybe Chems is going to be a little bit towards the lower end kind of based on where we are in some of the economic uncertainty at this point? And maybe you can just provide a little bit more kind of color on how you're thinking about Chemicals and the outlook going forward?

我們是否應該認為，基於我們目前所處的經濟不確定性，化學製品的價格可能會稍微偏向低端？也許您可以更詳細地介紹一下您對化學品和未來前景的看法？

So maybe I'll first start with the market dynamics and then get to your questions. So in terms of demand, starting with PVC, we expect the domestic PVC demand to grow by around 4% to 5%. Internationally, economic conditions in China is still challenging, and the oversupply in China is weighing on the export market.

因此，我可能會先從市場動態開始，然後再回答您的問題。因此，就需求而言，從 PVC 開始，我們預計國內 PVC 需求將成長約 4% 至 5%。從國際來看，中國經濟情勢依然嚴峻，國內供應過剩對出口市場帶來壓力。

And if you look at China's PVC exports, it has grown significantly over the last few years. The export market share has grown from almost 0 in 2020 to around 30% in 2024. So these lower export prices also put downward pressure on domestic prices.

如果你看一下中國的聚氯乙烯出口，你會發現過去幾年它已經大幅成長。出口市佔率從2020年的幾乎是0成長到2024年的30%左右。因此，出口價格下降也給國內價格帶來了下行壓力。

And now shifting to the caustic side, domestic demand is expected to be quite similar to last year. And on the pricing side, the recent Gulf Coast expansions that came online in late 2024 is expected to maintain the pricing pressure. But the rationalization of domestic capacity, which is targeted for the second half, should help rebalance the market and improve pricing.

現在轉向苛性鹼方面，預計國內需求將與去年相當。在定價方面，預計 2024 年底上線的墨西哥灣沿岸擴建工程將維持定價壓力。但下半年國內產能合理化應該有助於重新平衡市場並改善定價。

So if this rationalization happens earlier than what we have forecasted or the Chinese economy does better than market expectations, that will definitely help with the pricing. Now coming to your question around second half versus first half. In Q1, we were impacted by several short-term events, the winter storm, unplanned outage at our Ingleside facility and also increased raw material cost – mainly ethylene and natural gas.

因此，如果這種合理化比我們預測的更早發生，或者中國經濟表現優於市場預期，肯定有助於定價。現在來回答你關於下半場和上半場的問題。在第一季度，我們受到了幾項短期事件的影響，包括冬季風暴、英格爾賽德工廠的計劃外停工以及原材料成本上漲——主要是乙烯和天然氣。

So in later part of Q2 and as we move into Q3, we expect to see improvements in demand and pricing as domestic and foreign producers continue to rationalize supply. Also, the recent drop in ethylene and natural gas price should also help with the earnings in the second half. So there is still quite a bit of uncertainty around how the demand and pricing will play out for the rest of the year, but there's also potential tailwinds from lower cost.

因此，在第二季後期以及進入第三季時，隨著國內外生產商繼續合理化供應，我們預計需求和定價將有所改善。此外，近期乙烯和天然氣價格的下跌也將有助於下半年的獲利。因此，今年剩餘時間內的需求和定價將如何變化仍然存在相當大的不確定性，但成本降低也可能為市場帶來利多。

So currently, we expect the full year income to be within the guidance range, but we should have more clarity after the second quarter. So we decided to wait for another quarter before making any adjustments to the full year guidance.

因此，目前我們預計全年收入將在指導範圍內，但第二季之後我們應該會有更清晰的認識。因此，我們決定等待另一個季度再對全年指引做出任何調整。

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

為了節省時間，我們的問答環節到此結束。現在，我想將會議交還給 Vicki Hollub 做結束語。

Thank you all for your questions and for joining our call today. Have a great rest of your day. Thanks. Bye.

感謝大家的提問以及今天參加我們的電話會議。祝您今天剩餘的時間過得愉快。謝謝。再見。

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

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路了。