西方石油 (OXY) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to Occidental's second quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加西方石油 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

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

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

Thank you, Drew. Good afternoon, everyone, and thank you for participating in Occidental's second 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. This afternoon, we will refer to slides available on the Investors section of our website.

謝謝你，德魯。大家下午好，感謝大家參加西方石油公司 2025 年第二季財報電話會議。今天與我們通話的有總裁兼執行長 Vicki Hollub、資深副總裁兼財務長 Sunil Mathew、美國陸上資源與碳管理營運總裁 Richard Jackson 以及資深副總裁兼國際石油與天然氣營運總裁 Ken Dillon。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. 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.

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。

I'll now turn the call over to Vicki.

現在我將把電話轉給 Vicki。

Thank you, Jordan, and good afternoon, everyone. I'd like to first thank our teams for another quarter of strong performance, delivering $2.6 billion of operating cash flow in the second quarter. This helps to generate more operating cash flow in the first half of 2025 than we did in the first half of 2024, despite much lower oil prices in the first half of 2025. In fact, WTI averaged $11 per barrel lower in the first half of 2025. And for reference, those cash flows are talking about cash flows before working capital.

謝謝你，喬丹，大家下午好。首先，我要感謝我們的團隊又一個季度的強勁表現，在第二季度實現了 26 億美元的營運現金流。儘管 2025 年上半年的油價低得多，但這仍有助於我們在 2025 年上半年產生比 2024 年上半年更多的經營現金流。事實上，2025 年上半年 WTI 平均價格每桶下跌 11 美元。作為參考，這些現金流指的是營運資本之前的現金流。

Next, I'd like to congratulate our teams for their ability to optimize our portfolio in a way that strengthened our future development plans while creating divestment opportunities that along with cash flow made it possible for us to repay $7.5 billion of debt and less than a year from closing the CrownRock acquisition -- that's well ahead of target. This equates to almost a 70% reduction of the debt raised for the acquisition.

接下來，我要祝賀我們的團隊能夠優化我們的投資組合，從而加強我們未來的發展計劃，同時創造撤資機會，加上現金流，使我們能夠償還 75 億美元的債務，並且在完成 CrownRock 收購後不到一年的時間裡 - 這遠遠超出了目標。這相當於收購所產生的債務減少了近 70%。

Also, I'm pleased to report that STRATOS has achieved a significant milestone, and we're on track to start capturing CO2 this year. This timing is perfect as there is growing momentum behind direct air capture to generate meaningful value from CO2 enhanced oil recovery, or EOR, in carbon dioxide removal credits or CDRs.

此外，我很高興地報告，STRATOS 已經取得了一個重要的里程碑，我們預計今年開始捕獲二氧化碳。這個時機非常完美，因為直接空氣捕獲的勢頭越來越強勁，可以透過二氧化碳增強採油（EOR）在二氧化碳去除信用額（CDR）中產生有意義的價值。

Before I turn the call over to Sunil, I'll now provide a little more detail on operations, debt reduction, and STRATOS. In the second quarter, our oil and gas business produced 1.4 million BOE per day, exceeding the midpoint of our production guidance.

在我將電話轉給 Sunil 之前，我將提供有關營運、債務削減和 STRATOS 的更多細節。第二季度，我們的石油和天然氣業務日產量為 140 萬桶油當量，超過了我們產量預期的中位數。

This reflects both the operational strength of our teams and the caliber of our diverse portfolio, with outperformance in the Rockies and an uplift to our Oman volumes due to the Mukhaizna contract extension, more than offsetting production impacts primarily due to third-party constraints in the Gulf of America.

這不僅反映了我們團隊的營運實力，也反映了我們多元化投資組合的水平，其中，落基山脈地區的優異表現以及穆克海茲納合約延期導致的阿曼產量的提升，足以抵消主要由於美國灣第三方限製而對生產造成的影響。

Back to cash flow generation. Despite much lower oil prices, the teams achieved higher cash flow from operations this year versus the same period last year, due in part to the additional production from CrownRock as well as some production growth from legacy Oxy.

回到現金流的產生。儘管油價大幅下跌，但這些團隊今年的營運現金流仍比去年同期有所增加，部分原因是 CrownRock 的額外產量以及原有 Oxy 產量的一些增長。

But important to note is that our oil and gas teams were able to achieve enough operating cost reductions to offset the operating costs associated with the incremental 180,000 BOE per day of production.

但值得注意的是，我們的石油和天然氣團隊能夠實現足夠的營運成本降低，以抵消與每天增加 18 萬桶油當量的生產相關的營運成本。

In other words, despite oil production rates of 1.395 million BOE per day in the first half of this year versus 1.215 million barrels of oil equivalent per day in the first half of 2024 absolute operating cost in those two periods were essentially the same.

換句話說，儘管今年上半年的石油產量為每天139.5萬桶油當量，而2024年上半年的石油產量為每天121.5萬桶油當量，但這兩個時期的絕對運營成本基本上相同。

I'll highlight some of those activities that have contributed to reductions in our total cost structure. In our onshore US operations, we announced in our first quarter earnings call, $150 million in expected operating cost savings this year through significant cost reductions.

我將重點介紹一些有助於降低我們總成本結構的活動。在我們美國境內的業務中，我們在第一季財報電話會議上宣布，透過大幅削減成本，預計今年將節省 1.5 億美元的營運成本。

As I just highlighted, holding absolute cost level with increased production resulted in a meaningful reduction of per barrel cost to $8.55. By integrating automation, field sensors and artificial intelligence to prioritize lease operator routes, we have transitioned approximately 40% of our onshore production to routeless operations.

正如我剛才強調的，在保持絕對成本水準的同時提高產量，使每桶成本顯著降低至8.55美元。透過整合自動化、現場感測器和人工智慧，優先考慮租賃業者的作業路線，我們已將約40%的陸上生產轉變為無路線作業。

And in our EOR business, increased field interconnectivity has enabled us to optimize our use of recycled CO2 and advanced subsurface modeling has helped to improve the effectiveness of each molecule we inject thus enabling us to reduce our purchased CO2 volumes.

在我們的 EOR 業務中，現場互聯互通的增強使我們能夠優化回收二氧化碳的使用，而先進的地下建模有助於提高我們注入的每個分子的有效性，從而使我們能夠減少購買的二氧化碳量。

In our international operations, we have implemented similar efficiencies to reduce OpEx for the year by an estimated $50 million. We are confident in the sustainability of these cost reductions as the majority are structural in nature. Across the Permian, our teams have consistently driven down well costs through enhanced efficiencies, enabling us to reduce the midpoint of our capital guidance by an additional $100 million this quarter.

在我們的國際業務中，我們也實施了類似的效率措施，將今年的營運支出減少了約 5,000 萬美元。我們對這些成本削減的可持續性充滿信心，因為大多數成本削減本質上都是結構性的。在整個二疊紀盆地，我們的團隊透過提高效率不斷降低油井成本，使我們能夠在本季將資本指引中點再降低 1 億美元。

In the Delaware Basin, drilling times have improved by 20%, bringing well cost below our 2025 target. Meanwhile, in the Midland Basin, our best of the best workshops have facilitated the rapid sharing of valuable well design and operational insights across the organization, yielding impressive results.

在特拉華盆地，鑽井時間縮短了 20%，使鑽井成本低於我們 2025 年的目標。同時，在米德蘭盆地，我們最好的研討會促進了整個組織內寶貴的油井設計和營運見解的快速共享，取得了令人矚目的成果。

In the first half of this year, well costs for both our legacy Midland Basin assets and our CrownRock assets were lower than the expectations we set earlier this year. Collectively, these advancements have resulted in a 13% reduction in year-to-date Permian unconventional well costs compared to 2024. The capital efficiencies, along with continued improvements in recoveries have yielded robust economics from secondary benches and have helped to sustain year-on-year improvements in our capital intensity.

今年上半年，我們原有的米德蘭盆地資產和 CrownRock 資產的油井成本都低於我們今年早些時候設定的預期。總體而言，這些進步使得二疊紀非常規井成本與 2024 年相比降低了 13%。資本效率以及復甦的持續改善已從二級市場產生了強勁的經濟效益，並有助於維持我們資本密集度的逐年改善。

We also delivered strong well performance offshore. I'd like to highlight two recent standout wells in the Gulf of America with one of the best at Horn Mountain in 22 years and the best at Caesar Tonga in 13 years. Both are on production now and ramping up through the end of the year. This is due to the success of our subsurface engineering and the resource potential across our existing fields, which will be enhanced by future water flooding that will unlock significant value going forward. Our Midstream and Marketing segment had another impressive quarter, generating positive earnings on an adjusted basis and outperforming the high end of guidance. This was largely due to improved crude marketing margins, gas marketing optimization and higher sulfur pricing. We also benefited from new oil transportation contracts that began during the second quarter.

我們的海上油井業績也十分出色。我想重點介紹美國灣最近發現的兩口傑出油井，其中一口是 22 年來最好的霍恩山油井，另一口是 13 年來最好的凱撒湯加油井。兩款產品目前均已投入生產並將在今年底前實現量產。這是因為我們的地下工程的成功以及我們現有油田的資源潛力，而未來的注水將增強這些潛力，從而釋放出巨大的價值。我們的中游和行銷部門又度過了一個令人印象深刻的季度，在調整後的基礎上產生了正收益，並且超過了預期的最高值。這主要是由於原油行銷利潤率提高、天然氣行銷優化以及硫磺價格上漲。我們也受惠於第二季開始簽訂的新石油運輸合約。

Turning now to our Low Carbon Ventures business. In just two years since groundbreaking, STRATOS has achieved a significant milestone with Trains 1 and 2 now moving over to operations. We've commenced wet commissioning with water circulation and are on track to start capturing CO2 this year.

現在談談我們的低碳企業業務。自破土動工以來的短短兩年內，STRATOS 已經取得了重要的里程碑，1 號和 2 號列車現已投入運作。我們已經開始採用水循環進行濕式調試，並預計在今年開始捕獲二氧化碳。

We are immensely proud of the achievements to date and the exceptional record of safety performance as we advance towards commercial startup. As I've shared in the past, we see immense value from taking a phased approach to STRATOS’ development. Even though this is a first-of-its-kind facility at this scale, we're already benefiting from continuous evaluation and learnings along the way.

我們對迄今為止所取得的成就以及在邁向商業啟動的過程中所取得的卓越安全績效記錄感到無比自豪。正如我過去所分享的，我們看到了分階段開發 STRATOS 的巨大價值。儘管這是第一個此類規模的設施，但我們已經從持續的評估和學習中受益。

For example, we've been able to capture lessons from commissioning as we move into operations and are incorporating the latest R&D out of our Carbon Engineering Innovation Centre into Phase 2. Not only will this improve the project's economics when the full capacity is online, but it will accelerate the cost down curve for future DAC projects.

例如，我們在投入營運的過程中吸取了調試過程中的經驗教訓，並將碳工程創新中心的最新研發成果納入第二階段。這不僅會在滿載運作的情況下提高專案的經濟效益，還會加速未來 DAC 專案的成本下降曲線。

Since the first quarter, we signed two additional commercial agreements for carbon dioxide removal sales with JPMorgan and Palo Alto Networks. The majority of volumes through 2030 from STRATOS are now contracted, demonstrating the strength of the growing CDR market and increasing appetite for durable carbon removal technologies.

自第一季以來，我們與摩根大通和Palo Alto Networks簽署了另外兩份二氧化碳去除銷售商業協議。目前，STRATOS 到 2030 年的大部分合約都已簽訂，這表明 CDR 市場不斷增長的實力以及對耐用碳去除技術日益增長的需求。

We also announced an agreement to evaluate a potential joint venture to develop a DAC facility in South Texas with XRG, which is the UAE's investment company in gas, chemicals and low-carbon energy solutions. Agreements like this, along with the U.S. Department of Energy support, highlight Oxy's unique capabilities and signal confidence in DAC as an investable technology to provide both high-integrity carbon removal and support energy development through enhanced oil recovery in the United States.

我們還宣布了一項協議，將與阿聯酋在天然氣、化學品和低碳能源解決方案領域的投資公司 XRG 一起評估在南德克薩斯州開發 DAC 設施的潛在合資企業。此類協議以及美國能源部的支持凸顯了Oxy的獨特能力，並表明了對DAC的信心，認為DAC是一項可投資的技術，既可以提供高完整性的碳去除，又可以透過提高美國的石油採收率來支持能源開發。

The recently enacted One Big Beautiful Bill included a number of provisions that will help Oxy continue to deliver differential value to our shareholders. One of these is the extension and expansion of the 45Q credit driven by the recognition of the need to capture CO2 for use in EOR to support US energy security. The new law levels the playing field between carbon storage and utilization pathways like DAC-to-EOR. Both can and likely will play an important role across global energy supply chains and carbon management. We believe that carbon capture and DAC, in particular, will be instrumental in shaping the future energy landscape. First, captured CO2 can be used for enhanced oil recovery in conventional and shale reservoirs. We believe this proven technology could recover an additional 50 billion to 70 billion barrels of oil in the United States which could extend our energy independence by 10 years.

最近頒布的《一項偉大的美麗法案》包含多項條款，這些條款將幫助 Oxy 繼續為我們的股東提供差異化價值。其中之一是 45Q 信貸的延長和擴展，這是因為人們認識到需要捕獲二氧化碳用於 EOR 以支持美國的能源安全。新法為碳儲存和利用途徑（如DAC-to-EOR）提供了公平的競爭環境。兩者都能夠並且很可能在全球能源供應鏈和碳管理中發揮重要作用。我們相信，碳捕獲和 DAC 將在塑造未來能源格局方面發揮重要作用。首先，捕獲的二氧化碳可用於提高常規油藏和頁岩油藏的採油率。我們相信，這項成熟的技術可以在美國額外開採 500 億至 700 億桶石油，從而將我們的能源獨立延長 10 年。

Second, CO2 removed from the atmosphere via DAC can be used today to address emissions related to products or services. Specifically CDRs from DAC can be paired with any fuel or energy source to provide a low-cost, scalable solution for growing low carbon intensity fuel or energy markets.

其次，透過 DAC 從大氣中移除的二氧化碳現在可用於解決與產品或服務相關的排放。具體來說，DAC 的 CDR 可以與任何燃料或能源配對，為不斷增長的低碳強度燃料或能源市場提供低成本、可擴展的解決方案。

Oxy is uniquely positioned to deliver both through our leadership in DAC technology, sequestration, and EOR operations. We have over 50 years of experience in carbon management and nearly 3 billion barrels of Permian EOR conventional resources along with extensive CO2 infrastructure in the Permian. In addition, we have our expanded U.S. unconventional runway and our well-positioned sequestration hubs.

Oxy 憑藉其在 DAC 技術、封存和 EOR 營運方面的領導地位，擁有獨特的優勢來實現這兩項目標。我們在碳管理方面擁有超過 50 年的經驗，擁有近 30 億桶二疊紀 EOR 常規資源以及二疊紀廣泛的二氧化碳基礎設施。此外，我們擁有擴建的美國非常規跑道和位置優越的封存中心。

As the largest acreage holder in the Permian, we have the scale, along with the ability to add secondary benches and EOR to provide lower emission barrels and further support US energy security.

作為二疊紀盆地最大的油田持有者，我們擁有規模，同時也能夠增加二級開採和提高石油採收率 (EOR)，從而提供更低排放的原油，進一步支持美國的能源安全。

Before turning to Sunil, I'd like to highlight the recent success of our portfolio high-grading efforts. Since the end of the first quarter, we announced $950 million of additional divestitures, selling non-core largely non-operated assets in our US onshore business. This brings our total of announced divestitures to nearly $4 billion since January of 2024, enabling us to accelerate our debt repayments and improve our balance sheet. Through our high-grading efforts, we have strengthened our portfolio, divesting assets with limited near-term opportunities and growing our inventory of competitive high-margin opportunities. We have seen tremendous success so far across our CrownRock acreage, realizing significant improvements in well cost and efficiencies, and it keeps getting better. We expect value creation to expand as we continue to harness cross operational synergies throughout our Permian operations.

在轉向 Sunil 之前，我想強調一下我們投資組合高評級工作最近的成功。自第一季末以來，我們宣布了9.5億美元的額外資產剝離，出售了美國境內業務中非核心且基本未營運的資產。這使得我們自 2024 年 1 月以來宣布的資產剝離總額達到近 40 億美元，使我們能夠加快債務償還速度並改善資產負債表。透過我們的高評級努力，我們加強了我們的投資組合，剝離了短期機會有限的資產，並增加了具有競爭力的高利潤機會的庫存。到目前為止，我們在 CrownRock 油田取得了巨大的成功，油井成本和效率得到了顯著改善，並且還在不斷改善。我們預計，隨著我們繼續利用二疊紀作業中的跨營運協同效應，價值創造將會擴大。

I'll now hand the call over to Sunil to review our financial performance and discuss our second half guidance in more detail.

現在我將把電話交給 Sunil，讓他回顧我們的財務表現並更詳細地討論我們的下半年指引。

Thank you, Vicki. In the second quarter, we generated an adjusted profit of $0.39 per diluted share and a reported profit of $0.26 per diluted share. The difference was largely driven by an impairment in our equity investment income, partially offset by positive mark-to-market adjustments.

謝謝你，薇琪。第二季度，我們的調整後每股攤薄利潤為 0.39 美元，報告每股攤薄利潤為 0.26 美元。這一差異主要是由於我們的股權投資收益減損造成的，但被正向的市價調整部分抵消。

Strong operational performance and a continued focus on capital efficiencies, enabled us to generate approximately $700 million in free cash flow before working capital despite lower realized oil prices and high market volatility.

強勁的營運績效和對資本效率的持續關注，使我們在實際油價較低且市場波動較大的情況下，仍產生了約 7 億美元的營運資本前自由現金流。

We had a positive working capital change primarily driven by reductions in commodity prices, fewer barrel shipments on the water and lower interest payments, which is typical for the second and fourth quarters. These impacts were partially offset by a $110 million tax payment related to 2024.

我們的營運資本發生了積極變化，這主要得益於大宗商品價格下降、水上運輸桶數減少以及利息支付減少，這在第二季和第四季很常見。這些影響被 2024 年的 1.1 億美元稅款部分抵消。

After warrant proceeds and debt repayments, we exited the quarter with approximately $2.3 billion of unrestricted cash on the balance sheet. Our effective tax rate increased in the second quarter due to a shift in the jurisdictional mix of income driven by lower anticipated full-year oil prices compared to original expectations.

在扣除認股權證收益和債務償還後，本季末我們的資產負債表仍有約 23 億美元的非限制性現金。由於預計全年油價低於最初預期，導致管轄收入結構發生變化，我們的有效稅率在第二季有所上升。

We are guiding to an adjusted effective tax rate of approximately 32% for the third quarter with our full-year effective tax rate in a similar range based on current commodity prices. Our strong operational and financial performance can largely be attributed to higher volumes across our U.S. onshore and international portfolio, offsetting lower-than-expected production out of the Gulf of America.

根據目前商品價格，我們預計第三季調整後有效稅率約為 32%，全年有效稅率也將處於類似範圍內。我們強勁的營運和財務表現很大程度上歸功於我們美國陸上和國際投資組合產量的增加，抵消了美國灣低於預期的產量。

New well and base production outperformance in the Rockies and the net production uplift in Oman from the Mukhaizna contract extension, enabled us to outperform the midpoint of guidance. Our domestic lease operating expense in the second quarter notably outperformed guidance at $8.55 per barrel.

落基山脈地區的新井和基礎產量表現出色，而穆克海茲納合約延期帶來的阿曼淨產量提升，使我們的業績超出了預期中點。我們第二季的國內租賃營運費用明顯超出預期，達到每桶 8.55 美元。

This outperformance was due in large part to early success in delivering U.S. onshore operating cost improvements plus timing impacts of offshore production engineering work shifting from the second to third quarter.

這種優異表現很大程度上歸功於美國陸上營運成本改善的早期成功，以及海上生產工程工作從第二季轉移到第三季的時間影響。

As Vicki shared, this reflects our commitment to achieving operational efficiencies and continuous improvement with notable savings realized in the Permian. Looking ahead, the outlook for the second half of the year remains strong. In the third quarter, we expect our total company production range to increase to 1.42 million to 1.46 million BOE per day as we sustain operational momentum and anticipate higher volumes in all of our main operating areas.

正如 Vicki 所說，這反映了我們致力於提高營運效率和持續改善的承諾，並在二疊紀盆地實現了顯著的節約。展望未來，下半年前景依然強勁。在第三季度，我們預計公司總產量將增加至每天 142 萬至 146 萬桶油當量，因為我們保持了營運勢頭，並且預計所有主要營運區域的產量都會增加。

Though we expect a quarter-on-quarter increase in produced volumes in the Gulf of America, the recent curtailments and the shift in program timing will have lingering effects prompting a reduction in our offshore second half production guidance.

儘管我們預計美國灣的產量將環比增加，但最近的減產和計劃時間的轉變將產生持續的影響，促使我們下調半年海上產量預期。

We are maintaining total company production guidance for the year as a stronger outlook on new well and base performance across our US onshore assets and increased production in Oman from our Mukhaizna contract extension are expected to offset lower volumes in the Gulf of America.

我們維持今年的公司總產量指導，因為我們美國陸上資產的新井和基礎表現前景更加強勁，而且由於 Mukhaizna 合約延期導致阿曼產量增加，預計這些將抵消美國灣產量的下降。

This modified production mix is expected to slightly reduce annual total company oil cuts. As Vicki shared, our Midstream and Marketing segment performed exceptionally well in the second quarter, generating positive earnings on an adjusted basis of approximately $206 million above the midpoint of guidance.

預計這種調整後的生產結構將略微減少該公司年度石油總減產量。正如 Vicki 所分享的，我們的中游和行銷部門在第二季度表現非常出色，調整後盈利為正，比預期中點高出約 2.06 億美元。

This was largely driven by enhanced crude marketing margins due to timing impacts of cargo sales and fluctuations in commodity prices. We also benefited from gas marketing optimization and higher sulfur prices at Al Hosn during the quarter.

這主要是由於貨物銷售的時間影響和商品價格波動導致原油行銷利潤率上升。本季度，我們也受益於 Al Hosn 的天然氣行銷優化和硫磺價格上漲。

Given the strong second quarter performance, we have raised full-year Midstream and Marketing guidance by $85 million. We anticipate a more muted third quarter, assuming the Waha to Gulf Coast natural gas spread continues to narrow, and we'll be prepared for any marketing optimization opportunities as they arise.

鑑於第二季的強勁表現，我們將全年中游和行銷指導金額提高了 8,500 萬美元。假設瓦哈至墨西哥灣沿岸的天然氣價差持續縮小，我們預計第三季的業績將更加平淡，並且我們將為出現的任何行銷優化機會做好準備。

Our second quarter OxyChem pre-tax income came in below guidance due to weaker than anticipated pricing for caustic and PVC. Demand held firm, but excess supply in both the global and domestic markets compressed margins.

由於苛性鹼和聚氯乙烯的價格低於預期，我們第二季的 OxyChem 稅前收入低於預期。需求保持堅挺，但全球和國內市場的供應過剩壓縮了利潤率。

While the domestic PVC demand is typically the strongest in the third quarter, it is not expected to be strong enough to offset the oversupply in the market. Based on these market conditions, we are lowering OxyChem's full year guidance range to $800 million to $900 million.

雖然國內 PVC 需求通常在第三季最為強勁，但預計不足以抵消市場供應過剩的問題。基於這些市場狀況，我們將 OxyChem 全年預期範圍下調至 8 億至 9 億美元。

Turning now to our capital program. We expect the remaining 2025 capital spend to be more weighted to the third quarter due to the timing of oil and gas activities and the construction schedule for the Battleground expansion.

現在談談我們的資本計畫。由於石油和天然氣活動的時間表以及戰場擴建的建設時間表，我們預計 2025 年剩餘的資本支出將更多地集中在第三季度。

Continued momentum in operational efficiencies across our Permian assets has enabled us to further reduce our 2025 capital guidance range by $100 million without impacting total company production. Together with the $50 million in operating cost reductions from our international assets and the cost reductions of $350 million announced in May, we now expect $500 million in total reductions relative to the original plan.

我們二疊紀資產營運效率的持續提升使我們能夠在不影響公司總產量的情況下將 2025 年資本指引範圍進一步降低 1 億美元。加上我們國際資產營運成本削減 5,000 萬美元和 5 月宣布的 3.5 億美元成本削減，我們現在預計相對於原計劃總共將削減 5 億美元。

In the first quarter earnings call, we highlighted several key non-oil and gas items contributing to incremental pre-tax free cash flow in 2026. Another impactful driver is the recent passing of the One Big Beautiful Bill. In addition to the benefits Vicki highlighted, from the preservation of 45Q credits and EOR parity, the bill will provide significant cash tax benefits to Oxy for the remainder of 2025 and 2026 relative to prior law.

在第一季財報電話會議上，我們重點介紹了幾項對 2026 年稅前自由現金流增量做出貢獻的關鍵非石油和天然氣項目。另一個具有影響力的驅動因素是最近通過的《一項偉大的美麗法案》。除了 Vicki 強調的保留 45Q 抵免和 EOR 平價的好處之外，該法案還將為 Oxy 在 2025 年剩餘時間和 2026 年提供相對於之前法律的大量現金稅收優惠。

Based on our preliminary assessment, we estimate a potential $700 million to $800 million reduction in cash taxes with roughly 35% expected to be realized in 2025 and the remainder in 2026. These benefits are primarily due to changes to bonus depreciation, R&D expensing, and limitations on interest deductibility.

根據我們的初步評估，我們估計現金稅可能減少 7 億至 8 億美元，其中約 35% 預計在 2025 年實現，其餘部分預計在 2026 年實現。這些好處主要歸因於獎金折舊、研發費用和利息扣除限制的變化。

Before I close, I would like to provide an update on our strengthening financial position. As Vicki shared, our portfolio high-grading efforts are progressing with the announcement of $950 million of additional divestitures since the end of the first quarter.

在結束之前，我想先介紹一下我們正在加強的財務狀況。正如 Vicki 所分享的，我們的投資組合高級化工作正在取得進展，自第一季末以來，我們宣布了 9.5 億美元的額外資產剝離。

Of this, $370 million has closed, and we expect the remaining $580 million to close in the third quarter. This brings the total of announced divestitures to nearly $4 billion since the first quarter of 2024. The success of our divestiture program to date, coupled with warrant proceeds and strong free cash flow have enabled us to be ahead of the schedule on the debt reduction targets outlined when we announced the CrownRock acquisition.

其中，3.7 億美元已經完成，我們預計剩餘的 5.8 億美元將在第三季完成。這使得自 2024 年第一季以來宣布的資產剝離總額達到近 40 億美元。迄今為止，我們的資產剝離計劃取得了成功，加上認股權證收益和強勁的自由現金流，使我們能夠提前實現宣布收購 CrownRock 時提出的債務削減目標。

In the last 13 months, we repaid approximately $7.5 billion of debt, far exceeding our near-term goal of paying down $4.5 billion of debt within 12 months of closing the CrownRock acquisition. This reduces annual interest expense by approximately $410 million and also results in a much more manageable debt maturity profile.

在過去的 13 個月中，我們償還了約 75 億美元的債務，遠遠超過了我們在完成 CrownRock 收購後的 12 個月內償還 45 億美元債務的近期目標。這使得年度利息支出減少約 4.1 億美元，同時也使債務到期狀況更加易於管理。

We are extremely pleased with the progress of our divestiture program and the trajectory of our debt reduction plans. Together with recent step changes in operational efficiency and key non-oil and gas catalysts, our continued focus on strengthening the balance sheet will support a stronger foundation for delivering long-term shareholder value.

我們對資產剝離計劃的進度和債務削減計劃的軌跡感到非常滿意。結合近期營運效率和關鍵非石油天然氣催化劑的逐步變化，我們將繼續致力於加強資產負債表，為實現長期股東價值奠定更堅實的基礎。

I will now turn the call back over to Vicki.

現在我將把電話轉回給 Vicki。

Thank you, Sunil. To close, I'd like to reiterate the strength of our upstream portfolio. I believe we have built Oxy's best-ever portfolio of high-quality, complementary assets. These are a diversified mix of short-cycle, high-return unconventional assets, along with lower decline, solid return conventional reservoirs.

謝謝你，蘇尼爾。最後，我想重申我們上游產品組合的實力。我相信我們已經建立了 Oxy 有史以來最好的高品質互補資產組合。這些是短週期、高回報的非常規資產與較低遞減率、穩定回報的常規油藏的多樣化組合。

And we have the best talent and capabilities in our history, and with our team's continued focus on performance and innovation enabling us to deliver outstanding results and to position us for the future. We have an incredible runway in front of us with over 14 billion barrels in total resources, much of which is well suited for EOR application.

我們擁有歷史上最優秀的人才和能力，我們的團隊持續專注於績效和創新，這使我們能夠取得出色的成果並為未來做好準備。我們面前有著令人難以置信的發展空間，總資源量超過 140 億桶，其中大部分非常適合 EOR 應用。

Our industry-leading experience in carbon management and EOR operations is a key differentiator for Oxy and will enable us to unlock additional resources and deliver long-term value for our shareholders.

我們在碳管理和 EOR 營運方面擁有領先業界的經驗，這是 Oxy 的關鍵差異化因素，將使我們能夠釋放更多資源並為股東創造長期價值。

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)

（操作員指示）

Arun Jayaram, JP Morgan.

摩根大通的阿倫·賈亞拉姆（Arun Jayaram）。

Yeah, good afternoon. Sunil, I wanted to just follow up on the cash tax rate or your expectations of tailwinds from the One Big Beautiful Bill. You mentioned $700 million to $800 million of tailwinds. I think you said 35% in '25 and the balance in '26. Is that correct? And maybe help us think about what that would translate into a cash tax rate perhaps in '26?

是的，下午好。蘇尼爾，我只是想跟進一下現金稅率，或者你對“一項美麗大法案”帶來的順風的預期。您提到了 7 億到 8 億美元的順風。我認為您說的是 25 年為 35%，26 年為餘額。對嗎？也許可以幫助我們思考一下，在 26 年這會轉化為什麼現金稅率？

Hi, Arun, firstly, that is correct. 35% of the $700 million to $800 million benefit will be in '25 and the balance is going to be in 2026. So the way to look at it is the adjusted income effective tax rate will not be impacted by the cash tax benefit but what you're going to see is an increased deferred tax expense primarily driven by the acceleration of depreciation and R&D expenses for cash tax purpose.

你好，阿倫，首先，這是正確的。 7 億至 8 億美元的收益中的 35% 將在 2025 年到賬，餘額將在 2026 年到賬。因此，看待這個問題的方式是，調整後的有效所得稅率不會受到現金稅收優惠的影響，但您將看到的是遞延稅項費用的增加，這主要是由於現金稅收目的的折舊和研發費用的加速所致。

So you can go based on the guidance in terms of the book tax rate, but what you're going to see the difference is on the deferred tax expense increasing due to this benefit.

因此，您可以根據帳面稅率的指示進行操作，但您會看到差異是由於這項福利而增加的遞延稅務費用。

Doug Leggate, Wolfe Research.

道格‧萊格特（Doug Leggate），沃爾夫研究公司。

Thank you for taking my question, guys. Vicki, it's a long time since we heard much about Mukhaizna. I seem to remember when Ray had that contract signed, gosh, about 20 years ago now. The press has you spending committing $30 billion over through 2050.

謝謝你們回答我的問題。維姬，我們已經很久沒有聽到穆哈伊茲納的消息了。天哪，我似乎記得雷簽那份合約的時候，大約 20 年前了。根據媒體報道，到 2050 年，你們將投入 300 億美元。

And I recall that there are significant cost recovery benefits from stepping back up the spending. So I just wonder if you can walk us through what the free cash implications are. We obviously saw the initial step up in production in Q2.

我記得，減少支出可以帶來顯著的成本回收效益。所以我只是想知道您是否可以向我們介紹自由現金的影響。我們顯然看到第二季產量有了初步成長。

Yeah. I'd say, Doug, that was an incredible agreement that we made with Oman because it benefits both Oxy and Oman, and allows us the flexibility and possibility to invest over there because now the economics will be comparable. And Ken, did you have anything to --

是的。我想說，道格，我們與阿曼達成的這項協議非常棒，因為它對 Oxy 和阿曼都有利，並且讓我們擁有在那裡投資的靈活性和可能性，因為現在兩國的經濟狀況將具有可比性。Ken，你有什麼要說的嗎？--

Yeah. Doug, it's Ken. I can't really comment on specific numbers around the contract. But if you think of that number being both capital and expense perhaps, and then you look at our equity in the block, which is less than 50%.

是的。道格，我是肯。我無法真正評論合約的具體數字。但如果您認為這個數字既是資本又是費用，那麼您看看我們在該區塊的股權，該股權不到 50%。

And you start looking at that capital between now and 2050, you get into the sort of numbers you would expect for us. The other thing I would say as you look back to the days that you mentioned since then, we've produced 640 million barrels to date.

如果你開始專注於從現在到 2050 年的資本，你就會得到我們所期望的數字。我想說的另一件事是，回顧您提到的這些日子，我們迄今為止已經生產了 6.4 億桶石油。

And originally, it was very focused on the steam floods. With all the work we've done there, what we see is multiple stack pays across a very large block. And in the North, we've been producing the Thuleilat wells for some time now, which are totally different and don't need any steam.

最初，它非常關注蒸汽洪水。透過我們在那裡所做的所有工作，我們看到的是跨越非常大的區塊的多個堆疊支付。在北方，我們已經生產圖萊拉特井一段時間了，這些井完全不同，不需要任何蒸汽。

So we see the extension is a win-win for Oxy and the government and sustainable. And as Sunil said on the last call, you'll see the numbers roll through the books over time.

因此，我們認為此次延期對於 Oxy 和政府而言是雙贏的，而且是可持續的。正如蘇尼爾在上次通話中所說，隨著時間的推移，你會看到這些數字在帳簿上滾動。

And you'll know, Doug, that we much prefer those areas that have stacked pay and gives you multiple options and lower cost on infrastructure ultimately.

道格，你會知道，我們更喜歡那些有累積薪資、能給你多種選擇、最終能降低基礎建設成本的地區。

Will be limited to one? Or can I have a follow-up?

會被限制為一個嗎？或者我可以跟進一下嗎？

You can have a follow-up.

您可以進行跟進。

Okay, thanks. So my follow-up, Vicki, is the $1 billion of noncore asset sales kind of came out of nowhere, especially the sale to Enterprise. So I wonder if you could take a kind of five year forward look or however long you would like to put on it and say, well, we actually have another x billion dollars of non-core asset sales that can augment the free cash flow in terms of deleveraging, what would the scale of that non-core asset bucket look like for potential sales over that period of time? Thanks.

好的，謝謝。維姬，我的後續問題是，10 億美元的非核心資產出售有點突然，尤其是出售給 Enterprise 的交易。所以我想知道您是否可以展望一下五年或更長的時間，然後說，好吧，我們實際上還有另外 x 億美元的非核心資產銷售，可以通過去槓桿來增加自由現金流，那麼在這段時間內，該非核心資產的潛在銷售規模會是怎樣的呢？謝謝。

Well, another thing that we have is we have scattered acreage that goes all the way from here through the Rockies and into even the Virginia’s. So we have a lot of acreage because of the acquisitions that have been made over time to create what we have today.

嗯，我們的另一項業務是，我們的土地分散，從這裡一直延伸到落基山脈，甚至維吉尼亞州。因此，我們擁有大量的土地，這是透過長期的收購才創造出來的。

A lot of that has not a lot of value, but needs to be cleaned up, accumulated and sold. And so at some point, we'll sell that. Those would not be big dollars. So -- and so currently, I think the team is working on rounding that up and getting that ready for sale.

其中很多並沒有太大的價值，但需要清理、累積和出售。所以在某個時候，我們會賣掉它。這些錢不算多。所以 — — 目前，我認為團隊正在努力將其整理好並準備好出售。

And I apologize, I have Arun Jayaram, for his follow-up. Please go ahead. His line is disconnected. We'll go to the next person.

我很抱歉，請 Arun Jayaram 跟進。請繼續。他的電話線斷了。我們將去找下一個人。

Betty Jiang, Barclays.

巴克萊銀行的 Betty Jiang。

Hi, good afternoon. Thank you for taking my question. Vicki, just given your comment about OBB's benefit on 45Q and the carbon business, I was wondering if that changes your strategic focus around the carbon business towards potentially more point-source opportunities for EOR purposes? Just given that you are -- the utilization parity you mentioned?

嗨，下午好。感謝您回答我的問題。Vicki，鑑於您剛才評論了 OBB 對 45Q 和碳業務的好處，我想知道這是否會改變您在碳業務方面的戰略重點，轉向潛在的更多 EOR 點源機會？只是考慮到您——您提到的利用率平價？

Yeah. We've always been interested in point-source capture. In fact, we -- that's what kicked off our desire to get and to make the technology of direct air capture better because since 2008, from about 2008 to about -- until we found direct air capture, we were trying to get point-source capture.

是的。我們一直對點源捕獲很感興趣。事實上，這就是我們想要獲得並改進直接空氣捕獲技術的願望的開始，因為自 2008 年以來，從大約 2008 年到大約——直到我們發現直接空氣捕獲，我們一直在嘗試進行點源捕獲。

But back then, the carbon credits for that kind of capture were so low that we couldn't convince any industry to do it. And so now with the parity for CO2 enhanced oil recovery, we've never given up on that effort. So we've continued that. And so we'll continue looking for point-source.

但當時，這種捕獲的碳信用額非常低，我們無法說服任何產業這樣做。因此，現在隨著二氧化碳強化石油採收率的提高，我們從未放棄這項努力。所以我們繼續這樣做。因此我們將繼續尋找點源。

And there's quite a bit of emissions that are within pipelines that could get the CO2 to the Permian. So we'll still be working that. And now what I'm hoping this will do is it will make the industrial sources of CO2 more willing to work out an arrangement with us.

且有相當一部分排放物存在於輸送二氧化碳至二疊紀盆地的管道內。所以我們仍將繼續努力。現在我希望這會讓二氧化碳的工業排放源更願意與我們達成協議。

Betty, just one quick one, this is Richard, to add. I would say one sort of tailwind that's helping is natural gas to power generation, especially in places like the Permian. And so for us, we see that link not only for the power supply, but from a CO2 source as well as we're able to incorporate carbon capture into some of those installations.

貝蒂，我只想補充一點，我是理查。我想說，一種有幫助的順風是天然氣發電，特別是在二疊紀地區。因此，對我們來說，我們看到的連結不僅在於電力供應，還在於二氧化碳來源，而且我們能夠將碳捕獲納入其中一些裝置中。

Got it. That makes sense. It's very impactful for the EOR business for sure. My follow-up actually back to cash taxes. What will be the cash tax saving potential beyond 2027? Do you go back to where it was before? Or you continue to expect savings?

知道了。這很有道理。這對 EOR 業務來說無疑影響巨大。我的後續問題實際上又回到了現金稅。2027 年以後現金節稅潛力有多大？你要回到之前的地方嗎？還是您繼續期望節省開支？

Beyond '26, it will depend on the capital trajectory and on the proportion of domestic spending. So today, if you look at our capital, around 90% of it is domestic and we don't expect any significant change in that mix. And the reason we highlighted the '26 estimate is because we have the battleground expansion project that is expected to come online next year. And so we're expecting more 100% bonus depreciation qualifying assets in '26 compared to '25.

26年後，這將取決於資本軌跡和國內支出的比例。所以今天，如果你看看我們的資本，其中約 90% 是國內的，我們預計這種結構不會有任何重大變化。我們之所以強調 26 年的估計，是因為我們有一個戰場擴建項目，預計明年上線。因此，我們預計 26 年符合 100% 獎金折舊條件的資產將比 25 年多。

Thank you for that color.

謝謝你的那個顏色。

Arun, JP Morgan.

阿倫，摩根大通。

Yeah, thanks for that. Apologies about that. I forgot how to use a phone. A quick question on the Gulf of America. I wanted to get your thoughts on how you think about the production capacity in the Gulf of Mexico trending over a multi-year basis as you implement some of your Gulf of America 2.0 projects and I think this year also was impacted by a higher degree of turnarounds and maintenance.

是的，謝謝。對此我深表歉意。我忘瞭如何使用電話。關於美國灣的一個快速問題。我想了解一下，當您實施一些美國灣 2.0 專案時，您對墨西哥灣的生產能力在多年基礎上的趨勢有何看法，我認為今年也受到了更高程度的周轉和維護的影響。

Yeah. I think looking forward, the first layer that builds in is the water floods, which we've talked about briefly before. Having those projects online will reduce the average decline rate for our fields and lead to flat, low-cost, steady barrels. We have a large number of projects lined up for most of our facilities. If you look in the East, some of the modifications we made recently, offshore increases the capacity from our eastern facilities.

是的。我認為展望未來，第一層威脅是洪水，我們之前已經簡要地討論過這一點。這些項目的上線將降低我們油田的平均產量下降率，並帶來平穩、低成本、穩定的產量。我們的大部分設施都已準備好大量項目。如果你看看東部，我們最近在海上所做的某些改造增加了我們東部設施的產能。

I think in the central GoA area as Vicki mentioned at the start of this, we're seeing wells that are coming in with very large EUR’s. One of them could potentially end up as one of the best Gulf wells we have ever drilled.

我認為，正如 Vicki 在開始時提到的那樣，在阿富汗中部地區，我們看到了含有大量 EUR 的油井。其中一口井有可能成為我們迄今為止鑽探過的最好的墨西哥灣油井之一。

So I think the combination of the subsurface engineering that's being carried out along with the geoscience, I think layered on to what we've done over the last three years in terms of getting equipment reliability and availability up means that we're positioned incredibly well going forward for the production ramp-up.

因此，我認為正在進行的地下工程與地球科學相結合，加上我們過去三年在提高設備可靠性和可用性方面所做的工作，意味著我們在未來的產量提升方面處於非常有利的位置。

Nitin Kumar, Mizuho.

瑞穗的尼廷‧庫馬爾 (Nitin Kumar)。

Great. Good afternoon, everyone, and thanks for taking my questions. I want to start off on the pretty impressive cost savings you highlighted both in the Delaware and the Midland. CapEx for the year was only down about $100 million. So I know you won't give me a budget for next year, but as I think about rolling those savings, could you talk about how lower 48 spending might trend in 2026, given the efficiencies you're seeing?

偉大的。大家下午好，謝謝你們回答我的問題。首先我想談談您在特拉華州和米德蘭地區所強調的相當可觀的成本節約。全年資本支出僅下降約 1 億美元。所以我知道您不會給我明年的預算，但是當我考慮使用這些節省的資金時，考慮到您所看到的效率，您能否談談 2026 年 48 項支出的下降趨勢如何？

Yeah. I would say that you're right. Next year, we will have a reduction in our OxyChem spend by about $300 million, reduction in LCV by $250 million. That along with the efficiencies that the onshore team is building and achieving – that could create some opportunities for our capital. You want to comment some on that, Richard?

是的。我想說你是對的。明年，我們將減少 OxyChem 支出約 3 億美元，減少 LCV 支出 2.5 億美元。這與境內團隊正在建立和實現的效率一起，可以為我們的資本創造一些機會。理查德，你想對此發表一些評論嗎？

Sure. No, I appreciate the opportunity. The team has done an outstanding job across capital and operating expense. But speaking to the capital, again, like you said, another incremental $100 million down this quarter. This is on top of the $100 million in the first quarter.

當然。不，我很感激有這個機會。該團隊在資本和營運支出方面表現出色。但談到資本，就像你說的，本季又增加了 1 億美元。這是在第一季 1 億美元的基礎上的。

So $200 million below our original plan. For us, we do see opportunities going forward to not only sustain that but continue to improve it. We are having good success really when drilling efficiency, whether that's non-productive time reduction or larger pads, we're moving from sort of two to three well pads in the first half of the year to four to six. Our completion frac teams continue to deliver efficiency results. So as we couple that together, we expect to continue to see that.

因此比我們原計劃少了 2 億美元。對我們來說，我們確實看到了未來的機會，不僅可以維持這種狀況，而且可以繼續改善它。我們在鑽井效率方面確實取得了良好的成功，無論是非生產時間的減少還是更大的井場，我們都從上半年的兩到三個井場增加到四到六個井。我們的完井壓裂團隊持續提供高效率的成果。因此，當我們將這些結合在一起時，我們期望繼續看到這種情況。

As we think about 2026, though, I think we're at a point we're really working to optimize activity levels for efficiency. And so while we're not targeting growth, it's really the outcome of what do we need to do to maintain these efficiencies.

然而，當我們展望 2026 年時，我認為我們正處於真正努力優化活動水準以提高效率的階段。因此，雖然我們的目標不是成長，但這實際上是我們需要做些什麼來維持這些效率的結果。

And so I think today, we're largely near optimized activity level. And so we'll watch it over the next several months to see as things -- efficiencies may move activity continue to the left. On our schedule, we'll anticipate that to make sure we have the right bridge into that 2026 activity.

所以我認為今天我們的活動水平基本上已經接近優化。因此，我們將在接下來的幾個月中觀察這一情況，看看效率是否會推動活動繼續向左發展。在我們的日程安排中，我們將預期這一點，以確保我們為 2026 年的活動建立正確的橋樑。

And I'd say the other place that we could shift some capital would be to the lower decline, low F&D, high-margin, waterflood projects that Ken has genned--up for the Gulf of America.

我想說的是，我們可以將部分資本轉移到另一個地方，那就是肯在美國灣建立的、下降幅度較低、F&D 較低、利潤率較高的注水項目。

That's a perfect segue to my next question. So I appreciate you teeing me up, but I just want to follow up on Arun's question. As you put behind the Horn Mountain pipeline issues that have dogged Gulf of America this year, what would be a good, steady sort of run rate for the Gulf of America, let's say, in '26 and '27 from a production standpoint? And could you help us bridge the gap from where we are today between new developments, these water floods, et cetera, base declines, and also a return or sort of curtailed constrained production right now?

這與我的下一個問題完美銜接。我很感謝你為我解答，但我只是想跟進阿倫的問題。如果您拋開今年困擾美國灣的霍恩山輸油管問題不談，那麼從生產角度來看，26 年和 27 年美國灣的良好、穩定的運行率應該是多少呢？您能否幫助我們彌合目前新開發、水災等、基礎衰退以及目前的恢復或某種程度的限制生產之間的差距？

Hi, good afternoon. Thanks for the question. I think if we maybe do in reverse order, operationally, we experienced a mix of things, including pipeline constraints. But as Vicki highlighted, we've also seen incredibly positive results in our wells this year. We modified our pumps in Eastern GOA to handle the constraints. This work was done successfully in Q2, so really great work by our teams, both onshore and offshore.

嗨，下午好。謝謝你的提問。我認為，如果我們按相反的順序進行，從操作上講，我們會遇到各種各樣的事情，包括管道限制。但正如維姬所強調的，今年我們的油井也取得了令人難以置信的正面成果。我們對位於果阿東部的泵浦進行了改造，以應對這些限制。這項工作已於第二季度成功完成，這要歸功於我們陸上和海上團隊的出色工作。

Going forward this year, we were hurt by the late arrival of a stimulation vessel, which had been doing work for another operator. But these elements have all been built into our ramp-up plan, and we expect a very strong exit rate as you can see from the numbers.

今年，我們因一艘為另一家運營商作業的增產作業船的遲到而受到了影響。但這些因素都已納入我們的提升計劃，正如您從數據中看到的那樣，我們預計退出率會非常高。

In terms of next year's guidance, with the Gulf, it's all about optimization and planning. Over the last few years, as you know, we've really improved the availability and planned uptime. The next phase of our OpEx optimization is to move to turnarounds every two years.

就明年的指導而言，對於海灣地區來說，一切都與優化和規劃有關。如您所知，在過去幾年中，我們確實提高了可用性和計劃正常運行時間。我們的營運支出優化的下一階段是每兩年進行一次週轉。

And that multi-year schedule is being poured at the moment, including mapping resources internally, externally and ties to vendors that can service us through the long-term. So we're considering starting that next year. So more information to come on the ‘26 plan later this year.

目前正在製定多年計劃，包括內部和外部資源的規劃以及與可以長期為我們提供服務的供應商的聯繫。因此我們考慮明年開始。有關‘26’計劃的更多資訊將於今年稍後公佈。

Neil Mehta, Goldman Sachs.

高盛的尼爾·梅塔。

Yeah. Thanks so much. Looking at slide 34, you talk about advanced subsurface characterization and technological improvements. And I think a lot of investors are just wondering what inning are we in terms of digital application in the oil fields and how are you employing it? And do you think it's going to fundamentally change the industry and our ability to drive volumes?

是的。非常感謝。看第 34 張投影片，您談到了先進的地下表徵和技術改進。我認為很多投資者只是想知道我們在油田數位化應用方面處於什麼階段以及如何運用它？您認為這會從根本上改變這個行業以及我們推動銷售的能力嗎？

We are so excited about what we've been able to do internally within Oxy to start building our AI capabilities. And I think we've talked on this on the calls previously about our AI effort in the Gulf of America. That subsurface is so incredibly complex that we do believe that we can make a big difference with the project that we're working right now.

我們對在 Oxy 內部進行的 AI 能力建構工作感到非常興奮。我認為我們在之前的電話會議上討論過我們在美國灣的人工智慧努力。地下結構極其複雜，我們相信，我們可以透過目前正在進行的項目帶來巨大的改變。

And we expect that maybe by the end of this year, we'll be prepared to start having the team look at actually executing some things in the year to two years following. So Gulf of America, that's going to be an area that where AI is really going to be applicable.

我們預計，也許到今年年底，我們將準備好讓團隊開始考慮在接下來的一到兩年內實際執行一些事情。因此，美國灣將成為人工智慧真正可以應用的領域。

It's already helping us with the subsurface in the Permian and in the other onshore areas in the US. It's also helping with not just the subsurface, it's helping with operational efficiencies. So we have really put a big effort into making sure that we have actually focused teams.

它已經幫助我們開發二疊紀地下資源以及美國其他陸上地區。它不僅有助於地下作業，還有助於提高營運效率。因此，我們確實付出了巨大的努力來確保我們擁有真正專注的團隊。

These are teams that are focused on specific areas. One, is right now working operations. The other is working in the Gulf of America. Then we have a group that's working with the broader challenges of logistics and supply chain and things like that. So we put a big effort forth on it, and I do believe it's going to deliver significant results.

這些團隊專注於特定領域。一是目前正在進行的工作運作。另一家在美國灣工作。然後，我們有一個團隊致力於解決物流和供應鏈等更廣泛的挑戰。因此，我們為此付出了巨大的努力，我相信它會帶來顯著的成果。

Vicki, maybe tie that into your perspective on US oil production and how you see that evolving as we apply these technologies, we've got to contrast that with maturity in a number of these key basins and limited exploration success on the oil side at least. And so just how do you see the US production profile evolving over the next five years?

維姬，也許可以將其與您對美國石油生產的看法以及您如何看待我們應用這些技術時石油生產的發展聯繫起來，我們必須將其與這些主要盆地的成熟度以及至少在石油方面有限的勘探成功率進行對比。那麼您認為未來五年美國的生產狀況將如何發展？

Well, we've been talking about this a lot. We believe that the US could hit peak production between 2027 and 2030. And we've modeled that based on Hubbert curves and the current data that we have. We've taken the model down to look at conventional separate from unconventional and also to look at EOR.

嗯，我們已經討論過很多次了。我們認為美國的產量可能在2027年至2030年之間達到高峰。我們根據哈伯特曲線和我們擁有的當前數據建立了模型。我們已經採用了這個模型來研究常規油氣與非常規油氣的區別，同時也研究了 EOR。

So we believe that right now, there's going to be significant potential and maybe the extension of our US energy independence by about 10 years with the development of 50 billion to 70 billion barrels of oil developed by and through CO2 EOR.

因此，我們認為，現在透過二氧化碳 EOR 開發 500 億至 700 億桶石油將具有巨大的潛力，也許可以將美國的能源獨立延長約 10 年。

So it's, to us, incredibly important because energy independence for the United States really impacts our ability to keep maintaining our leverage in the world. So we believe this is critically important. And for us, it's always been a strategy to use CO2 for enhanced oil recovery.

因此，對我們來說，這非常重要，因為美國的能源獨立確實影響著我們保持在世界上的影響力的能力。因此我們認為這一點至關重要。對我們來說，利用二氧化碳來提高石油採收率一直是個策略。

We're a company that's always been known for getting the most barrels out of any reservoir that we work. And CO2 is in our experience, over the 50 years that we've been doing it, it's been able to get more than any other technique that we've tried beyond primary production and water flooding.

我們公司一直以從其作業的油藏中開採出最多石油而聞名。根據我們的經驗，在過去的 50 年裡，二氧化碳的利用率比我們嘗試過的任何其他技術都要高，除了初級生產和注水之外。

So we do believe that out of the estimated 1.5 trillion barrels of oil that the United States has in terms of total resource in the ground. Currently, only 22% will be recovered unless we can apply CO2 EOR. And CO2 EOR will get us double-digit increases from that amount, we believe.

因此，我們確實相信，就地下總資源而言，美國擁有約 1.5 兆桶石油。目前，除非我們能夠應用二氧化碳 EOR，否則只能回收 22%。我們相信，二氧化碳 EOR 將使我們的產量在此基礎上實現兩位數的成長。

And again, the 50 billion to 70 billion barrels. So, we're working on that. That's our strategy. We're working the technology to get the CO2 because the other challenge is that there's not enough naturally occurring CO2 in the United States to support the development of that kind of volume.

再次，500億至700億桶。所以，我們正在努力。這就是我們的策略。我們正在研究獲取二氧化碳的技術，因為另一個挑戰是美國自然產生的二氧化碳不足以支持這種數量的開發。

Thanks, Vicki. Appreciate it.

謝謝，薇琪。非常感謝。

Thanks.

謝謝。

Paul Cheng, Scotiabank.

加拿大豐業銀行的 Paul Cheng。

Thank you. Good morning, Vicki, or good afternoon to you guys. Vicki, on Oman, the terms sounds fantastic, and you guys know what to do, and there's a lot of opportunity. Is the activity level, right now it's being constrained by your capital or is there any other thing that's constraining the activity level so that you can't do or go a bit faster?

謝謝。早安，Vicki，或大家下午好。維姬，關於阿曼，條件聽起來很棒，你們知道該怎麼做，而且有很多機會。目前，活動水平是否受到資本的限制，或者是否有其他因素限制了活動水平，以致您無法加快速度？

Well, what's happened with this contract is certainly going to make that project a lot more competitive. So there's no restrictions with respect to what we can consider there, but the main restriction for us in terms of capital and for the industry itself is right now, we have an oversupplied market.

那麼，這份合約的進度肯定會使該專案更具競爭力。因此，對於我們可以考慮的事情沒有任何限制，但就資本和產業本身而言，我們目前面臨的主要限制是市場供過於求。

And so there's, in our view, no reason for companies to get too aggressive with growth right now. You're just making the problem worse if we do that. And for us, we are absolutely determined to get our debt down sooner rather than later.

因此，我們認為，公司現在沒有理由過於激進地追求成長。如果我們這樣做，只會讓問題變得更糟。對我們來說，我們絕對有決心盡快減少債務。

So we are now running at a level where our activity level is designed to ensure that we can maintain our production and that we generate the projects at the pace that we need to. So we're not looking for growth. As Richard had said, we're looking for the activities that can help us continue to optimize, reduce our costs and lower our cost structure.

因此，我們現在的活動水平旨在確保我們能夠維持生產，並以我們需要的速度完成專案。所以我們並不尋求成長。正如理查德所說，我們正在尋找可以幫助我們繼續優化、降低成本和降低成本結構的活動。

And I can tell you that every one of our asset teams, including Midstream and Chemicals works every day to find ways to lower our cost because we believe at the end of the day, it's going to be the lower-cost company that really is profitable through all the cycles and the one that has the sustainability over time. With the portfolio we have, we have the chance to do that.

我可以告訴你們，我們的每一個資產團隊，包括中游和化學團隊，每天都在努力尋找降低成本的方法，因為我們相信，最終成本較低的公司才是真正在所有周期中都能盈利的公司，也是能夠長期可持續發展的公司。憑藉我們現有的投資組合，我們有機會做到這一點。

And we're doing it now. We'll continue doing it. But the next step is to get our DAC costs down to the point where the CO2 cost enables us to generate maximum returns from those CO2 floods. And with respect to Oman in particular, it's ultimately going to be a place where there will be incremental capital. We'll just have to figure out when that's going to be. What do you think, Ken?

我們現在正在這麼做。我們會繼續這樣做。但下一步是將我們的 DAC 成本降低到使我們能夠從二氧化碳洪水中獲得最大回報的水平。特別是對於阿曼來說，它最終將成為一個擁有增量資本的地方。我們只是需要弄清楚那將在什麼時候發生。肯，您覺得怎麼樣？

Yeah. Just one thing to build on what Vicki said, in the same way that US onshore is improving both in terms of capital efficiency and operational efficiency. In Block 53, our drilling rigs are now running at their lowest cost per foot and their highest feet per day rates ever.

是的。基於 Vicki 所說，還有一件事，就像美國在岸金融在資本效率和營運效率方面都在提高一樣。在 53 區塊，我們的鑽井平台目前正以有史以來最低的每英尺成本和最高的每天英尺費率運行。

And OpEx efficiency or artificial lift equipment is running at its highest reliability ever, and our workover rigs are performing at their best level ever. All done with the best safety performance with great help from our teams in the center also using AI.

並且，人工舉升設備的營運成本效率正處於有史以來最高的可靠性水平，我們的修井機的性能也處於有史以來的最佳水平。在我們中心團隊使用人工智慧的大力幫助下，所有工作都以最佳的安全性能完成。

So we're doing more -- just doing it much smarter. And it's a combination of the engineering-related activities, but it's also through supply chain also. We're working on supply chain around the world, and we're seeing the effects roll through onshore, effects rolling through offshore and rolling through in our assets around the world, and we see more opportunities to come. So a lot more with less also.

因此，我們做得更多 — — 只是做得更聰明。它是工程相關活動的結合，但也是透過供應鏈實現的。我們正在努力建立全球的供應鏈，我們看到其影響正在向國內蔓延，向海外蔓延，並蔓延到我們在世界各地的資產中，我們看到了更多未來的機會。因此，用更少的錢就能獲得更多的利益。

Can I just continue on this subject because let's assume, say, several years down the road, you guys already restored your balance sheet and that that's a [call] on oil. And so the oil is needed. At that point, I'm trying to understand that how big is the scale of the Oman business can get to? And what is the constraining factor at that moment?

我可以繼續討論這個話題嗎？因為我們假設，比如說，幾年後，你們已經恢復了資產負債表，而這是對石油的呼籲。因此需要石油。此時，我想了解阿曼的業務規模能達到多大？那麼此時的限制因素是什麼？

The constraint for us would be our value proposition because it's not just about growth for us. Our value proposition is that we want to deliver a growing dividend, but at a moderate pace. We want to, in the near term, lower our debt.

對我們來說，制約因素是我們的價值主張，因為這不僅僅關乎我們的成長。我們的價值主張是，我們希望以適度的速度提供不斷成長的股利。我們希望在短期內降低我們的債務。

But over time, we want to add share repurchases to our program in addition to investing appropriately in our organic assets. So we will, over time, need to increase our production, but it would be at the appropriate time.

但隨著時間的推移，除了適當投資於我們的有機資產外，我們還想在我們的計劃中增加股票回購。因此，隨著時間的推移，我們需要增加產量，但這需要在適當的時候進行。

And when that happens, we'll allocate capital based on not just what the returns are, but how it fits within our long-term plan because as we've said, our portfolio is diverse. We have the high-return shale, but high-decline. We have the low-return assets like Oman and where Oman comes in is providing us those lower decline and lower capital cost projects.

當這種情況發生時，我們不僅會根據回報情況來分配資本，還會根據其如何符合我們的長期計劃來分配資本，因為正如我們所說，我們的投資組合是多樣化的。我們的頁岩油收益較高，但產量下降幅度也較大。我們擁有像阿曼這樣的低報酬資產，而阿曼的角色在於為我們提供那些遞減率較低、資本成本較低的項目。

Just maybe I could add something to that. If you look at the portfolio in Oman, what we have is a number of blocks where we already have partners. If you look at the south, it's predominantly heavy oil, but with some lighter oil. In the Northwest, it's light oil. And then in the East, it's gas, and we mentioned our Baqiyah discovery recently.

或許我可以補充一些內容。如果你看一下我們在阿曼的投資組合，你會發現我們有許多區塊已經擁有合作夥伴。如果你看看南部，那裡主要是重油，但也有一些輕油。在西北地區，是輕質油。東部是天然氣，我們最近提到了我們在巴基亞的發現。

Some of these blocks, we do not have partners. So we have opportunities to use partnerships as a way of funding projects also to accelerate things, but without digging into our own capital going forward. So we have a huge range of options with very low option-cost at the moment as we work through things.

其中一些區塊我們沒有合作夥伴。因此，我們有機會利用合作夥伴關係為專案提供資金，以加速專案進程，但無需動用我們自己的資本。因此，在處理問題的過程中，我們目前擁有大量選擇，而且選擇成本非常低。

Kevin MacCurdy, Pickering Energy Partners.

麥柯迪（Kevin MacCurdy），皮克林能源合夥公司（Pickering Energy Partners）。

Hey, good morning. Thanks for taking my question. I wanted to ask on the trajectory of OxyChem income. Do you view the PVC oversupply and price decrease is temporary? And how is that factored into your outlook for a big free cash flow uplift in Chem's next year? And just one for me. Thank you.

嘿，早安。感謝您回答我的問題。我想問一下 OxyChem 的收入走勢。您認為 PVC 供應過剩和價格下跌是暫時的嗎？您對明年 Chem 公司自由現金流大幅提升的預測中，有何考量？對我來說只有一個。謝謝。

So in terms of the '26 market, it's going to a large extent, depend on the timing of the supply-demand balance. And so currently, the global supply demand for PVC and caustic is being burdened by additional Chinese capacity, which, again, is burdening the export prices and ultimately burdening the domestic prices. So if you look at the Chinese exports on the PVC side, it's growing from almost nothing in 2020 to almost 30% currently. And the same with caustic. It's been increasing and it's still growing.

因此，就 26 年市場而言，它在很大程度上取決於供需平衡的時機。因此，目前全球對聚氯乙烯和苛性鹼的供應需求正受到中國新增產能的負擔，加重了出口價格的負擔，並最終加重了國內價格的負擔。因此，如果你看一下中國 PVC 出口情況，你會發現它的成長率已從 2020 年的幾乎為零上升至目前的近 30%。腐蝕性也是如此。它一直在增加，並且仍在增長。

So some of the announced capacity rationalization in Europe and US will potentially mitigate some of those capacity additions, but we don't see a meaningful impact of that in 2026. Also, we believe that the integrated margins between PVC and caustic are close to variable cost of many international producers, including China. So we don't anticipate further sustained declines in margins but as far as '26 goes, we believe it is more likely to be what we saw in 2025.

因此，歐洲和美國宣布的一些產能合理化措施可能會緩解部分產能增加，但我們認為這在 2026 年不會產生重大影響。此外，我們認為，PVC和苛性鹼的綜合利潤率接近包括中國在內的許多國際生產商的變動成本。因此，我們預計利潤率不會進一步持續下降，但就 2026 年而言，我們認為更有可能出現 2025 年的情況。

Thank you.

謝謝。

Matt Portillo, TPH.

馬特·波蒂略，TPH。

Good afternoon. Just a question on the Permian. I'm curious, as you guys think about the production in the basin. We've seen a little bit of a downtick in the oil cut and a rise in your gas and NGL recoveries. I was curious if that is a function of the secondary zones being developed or if you're having just better recoveries overall in the gas and NGL side? And then as you look into the back half of this year, especially given the high TIL count in Q2, do you expect that oil cut to stabilize or even improve a bit into the second half of 2025?

午安.我只想問一下關於二疊紀的問題。我很好奇，你們對於盆地的生產有何看法。我們看到石油產量略有下降，而天然氣和液化天然氣回收量上升。我很好奇，這是由於正在開發的次級區域所致，還是由於天然氣和 NGL 方面的整體回收率更高？然後，當您展望今年下半年時，特別是考慮到第二季的 TIL 數量很高，您是否預計到 2025 年下半年石油減產將會穩定甚至略有改善？

Yeah. Great. Appreciate the question. Let me walk through a few pieces of that. I would say overall, US onshore -- so if you're looking at Permian plus Rockies, as we think about not only '25 versus '24 but also second half versus first half, we expect that to go up a bit.

是的。偉大的。感謝你的提問。讓我來詳細闡述其中的幾個部分。我想說，總體而言，如果你關註二疊紀盆地加上落基山脈，我們不僅考慮 25 年與 24 年的對比，還考慮下半年與上半年的對比，我們預計這一數字會略有上升。

With respect to the Permian, we do expect an increase in the second half of the year from where we have been in the first half. And you got it exactly right. We have much more secondary benches as a part of our portfolio. The good news is, I think you know as part of our strategy, it's really reusing the infrastructure and so being able to refill existing production processing equipment can deliver exceptional returns.

就二疊紀盆地而言，我們確實預計下半年產量將比上半年增加。你說得完全正確。我們的投資組合中還有更多的二級工作台。好消息是，我想您知道，作為我們策略的一部分，它實際上正在重複利用基礎設施，因此能夠補充現有的生產加工設備可以帶來卓越的回報。

And so that is a big part of it. Really, the oil cut is an outcome of that well mix. It's drilling completion efficiencies as we move production to the left that can change some of our outlooks. And so those are really the variables that change it. But as you say, we do expect it to stabilize and actually increase in the second half of the year.

這是其中很重要的一部分。事實上，石油產量就是該井混合物的結果。當我們將生產向左移動時，鑽井完井效率可能會改變我們的一些前景。所以這些才是真正改變它的變數。但正如您所說，我們確實預計它會在今年下半年穩定下來，甚至會成長。

Great. And then as a follow-up in the Permian, there's been a lot of industry discussion around water handling and disposal in the basin as you're a very large player. I'm just curious how you guys are looking at that business?

偉大的。然後，作為二疊紀盆地的後續行動，由於您是一個非常大的參與者，因此業界對盆地的水處理和處置進行了大量討論。我只是好奇你們如何看待這項業務？

Any constraints that might be on the horizon? And any opportunities that you may see to further reduce your cost on the water-front, especially as you develop these secondary zones, which I think, in some cases, tend to carry a higher water cut?

可能存在哪些限制？您是否認為有進一步降低水岸成本的機會，特別是在開發這些次要區域時？我認為，在某些情況下，這些區域的含水量往往會更高。

Right. No, great question. A couple of aspects to that. I want to start with where you sit on the secondary benches. I would say one key thing that I think we've done really well, and this is with respect to our well performance, which has continued to outpace really the industry is thinking about well placement to optimize the oil, not the water.

正確的。不，這個問題問得好。有幾個方面。我想先從您在次要長凳上坐的位置開始。我想說的一件關鍵事情是我們做得非常好，這就是我們的油井性能，我們的性能一直領先於整個行業，我們正在考慮油井佈局以優化石油，而不是水。

And so I think we've had great success just from that standpoint, starting in the subsurface. As you think about -- as it comes to surface, obviously, having the partnerships, having the long sort of connection with Western Midstream and others thinking about that takeaway, we've tried to be proactive for the last several years looking at that.

因此我認為，僅從這個角度來看，從地下開始，我們就取得了巨大的成功。正如您所想的那樣——顯然，與 Western Midstream 和其他正在考慮這一問題的公司建立了合作夥伴關係、長期聯繫，我們在過去幾年中一直試圖積極主動地關注這一點。

And then the final thing I would note is just the technology. I think we continue to highlight our technology advancements and recycling and others, and we do think that's going to be a meaningful part of this solution going forward.

最後我要注意的就是技術。我認為我們會繼續強調我們的技術進步和回收等，我們確實認為這將是未來解決方案的重要組成部分。

And so Midland Basin has been a big thing we've highlighted, but we actually did quite a bit in the Delaware Basin as well. It's another synergy that CrownRock brought into our portfolio as well. So you're exactly right. It's a very important thing to watch. I think we're well positioned to maintain our cost structure and really be smart about that water as we go into the future.

因此，米德蘭盆地是我們重點關注的重點，但實際上我們在特拉華盆地也做了不少工作。這也是 CrownRock 為我們的投資組合帶來的另一種協同效應。所以你說得完全正確。這是一件值得關注的重要事情。我認為我們完全有能力維持我們的成本結構，並在未來真正明智地利用水資源。

Matt -- excuse me, Scott Gruber, Citigroup.

馬特——不好意思，我是花旗集團的史考特·格魯伯。

Yes, good afternoon. I want to dig into the EOR opportunity a bit more. You have a lot of EOR experience in conventional oil, but shale EOR has been in the, call it, a valuation phase for a number of years. Is shale EOR economically viable now at current crude prices and with the 45Q enhancement? Is it really just a CO2 availability constraint that needs to be addressed? And if it is economically viable, just some thoughts on potential timing of a commercial shale EOR project? Thank you.

是的，下午好。我想更深入地探討一下 EOR 機會。您在常規石油 EOR 方面擁有豐富的經驗，但頁岩 EOR 多年來一直處於評估階段。在目前的原油價格和 45Q 增強措施下，頁岩 EOR 是否具有經濟可行性？這真的只是一個需要解決的二氧化碳可用性限制嗎？如果經濟上可行，您對商業頁岩 EOR 專案的潛在時機有何看法？謝謝。

For us, it's really more about the availability of the CO2. That's why DAC is so important for us. And that's why going and looking at point-source capture to get it to the Permian is important, and we're doing that work and trying to get prepared for it.

對我們來說，更重要的是二氧化碳的可用性。這就是為什麼 DAC 對我們如此重要。這就是為什麼研究點源捕獲並將其帶到二疊紀盆地很重要，我們正在做這項工作並為此做好準備。

But we have right now the conventional CO2 floods are taking as much -- almost as much CO2 as we can get right now reasonably for the life of the floods. So it's going to take a little while for us to make the shale CO2 happen. But it is going to be economical and our teams are getting prepared for a project in the Delaware Basin.

但是，我們現在採用的常規二氧化碳洪水已經吸收了盡可能多的二氧化碳，幾乎是洪水生命週期內我們能夠合理吸收的二氧化碳量。因此，我們還需要一段時間才能實現頁岩二氧化碳的產生。但它將是經濟的，我們的團隊正在為特拉華盆地的一個項目做準備。

And so we'll be putting that on within the next probably year to two years. So we have modeled it enough. We've done four pilots. We've done the modeling, the pilots were better than the model. So we've recalibrated.

因此，我們大概會在未來一到兩年內實現這一目標。所以我們已經對其進行了足夠的建模。我們已經進行了四次試點。我們已經完成了建模，飛行員的表現比模型更好。因此我們重新進行了校準。

So we know that it will work. It's just a matter of getting the incremental CO2. And in Oman, we've also tested some reservoirs in North Oman and CO2 enhanced oil recovery did well there too. So that's going to be another place where we'll apply hopefully, DAC and or Net Power.

所以我們知道它會起作用。這只是一個取得增量二氧化碳的問題。在阿曼，我們也對北部的一些油藏進行了測試，二氧化碳強化採油也取得了良好的效果。因此，我們希望能夠應用 DAC 和/或淨功率的另一個地方。

Net Power, as you know, it not only generates electricity to run the equipment, but it creates CO2 as a side stream -- pure CO2 that can be used in EOR. So we'd like to apply that in Oman as well as in the Permian.

淨功率，如您所知，它不僅可以發電來運行設備，還可以產生二氧化碳作為側流——可用於 EOR 的純二氧化碳。因此，我們希望將其應用於阿曼和二疊紀。

That’s interesting. It's good to hear. And then turning to a second potential DAC facility in South Texas, does the potential JV and contribution from XRG tilt you towards sanctioning that project, if you can work through the details or would you look to forward sell a certain percentage of the volumes? Just some thoughts on the factors that could impact your decision to sanction a second facility?

這很有趣。聽到這個消息真好。然後轉向南德克薩斯州的第二個潛在 DAC 設施，如果您可以解決細節問題，那麼潛在的合資企業和 XRG 的貢獻是否會讓您傾向於批准該項目，或者您是否希望提前出售一定比例的產量？您對於可能影響您批准第二家工廠的決定的因素有什麼看法？

Well, we intend to go with the second facility. We have a DOE grant for that as well. So that's going to be helpful. But we do intend to FID. The timing is not set yet, but we will FID it. We're going to take advantage of some of the innovations that's being developed right now on carbon engineering to make sure that we get that in the second facility, just like we're getting in Phase 2 of the current facility.

嗯，我們打算去第二個設施。我們也獲得了能源部 (DOE) 的資助。這將會很有幫助。但我們確實打算做出最終決定。時間尚未確定，但我們會確定。我們將利用目前正在開發的碳工程方面的一些創新技術，以確保我們在第二家工廠實現這一目標，就像我們在目前工廠的第二階段實現的目標一樣。

But we will FID. We've got a lot of interest in others that want to be a part of that and a lot of interest in the sales. And we presold the credits for STRATOS and so we'll pre-sell for that one, too, but probably not sign contracts until we've done the FID.

但我們將會做出最終決定。我們對其他想要參與其中的人很感興趣，並且對銷售也很感興趣。我們已經預售了《STRATOS》的片頭，因此我們也會預售這部電影，但可能要等到完成 FID 之後才會簽約。

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

為了節省時間，我們的問答環節到此結束。我想將會議交還給 Vicki Hollub 做最後發言。

I just want to thank you all for joining our call and for your questions, and have a great day. Bye.

我只想感謝大家參加我們的電話會議並提出問題，祝大家有個愉快的一天。再見。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。