西方石油 (OXY) 2025 Q3 法說會逐字稿

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

下午好，歡迎參加西方石油公司2025年第三季財報電話會議。（操作說明）請注意，今天的活動正在錄製中。

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

現在我將把會議交給投資者關係副總裁喬丹·坦納先生。請繼續。

Thank you, Rocco. Good afternoon, everyone, and thank you for participating in Occidental's third 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, Senior Vice President and Chief Operating Officer; and Ken Dillon, Senior Vice President and President, International Oil and Gas Operations.

謝謝你，羅科。各位下午好，感謝各位參加西方石油公司2025年第三季財報電話會議。今天與我們一起參加電話會議的有：總裁兼執行長 Vicki Hollub；資深副總裁兼財務長 Sunil Mathew；資深副總裁兼營運長 Richard Jackson；以及資深副總裁兼國際油氣業務總裁 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.

今天下午，我們將參考我們網站投資者關係版塊上的幻燈片。簡報第 2 頁包含一份警示性聲明，指出今天下午電話會議上將作出一些前瞻性陳述。今天我們也會提到一些非GAAP財務指標。與最接近的相應 GAAP 指標的調整表可在我們的獲利報告附表中以及我們的網站上找到。

I'll now turn the call over to Vicki.

現在我將把電話交給維姬。

Thank you, Jordan, and good afternoon, everyone. I want to take a moment to recognize Veterans Day and express our deep gratitude to all veterans and their families for their service.

謝謝你，喬丹，大家下午好。我想藉此機會向退伍軍人節致敬，並向所有退伍軍人及其家屬表達我們深深的感激之情，感謝他們為國家所做的貢獻。

Today, I will address our recently announced sale of OxyChem, outline the strategic rationale, and highlight our third quarter performance. Richard will provide details on our oil and gas operations, and Sunil will review our third quarter financials, fourth quarter guidance, and considerations for the year ahead.

今天，我將談談我們最近宣布的出售 OxyChem 的事宜，概述其戰略理由，並重點介紹我們第三季度的業績。Richard 將詳細介紹我們的石油和天然氣業務，Sunil 將回顧我們第三季度的財務狀況、第四季度的業績指引以及對未來一年的考慮。

The sale of OxyChem is a pivotal step in our transformation. The decision was driven by the scale, quality and diversity of the oil and gas portfolio we have built over the last decade. Since 2015, we have more than doubled our total resource potential and our production going from a total resource of 8 billion barrels of oil equivalent to 16.5 billion barrels of oil equivalent and from production of 650,000 BOE per day to over 1.4 million BOE per day.

出售 OxyChem 是我們轉型過程中的關鍵一步。做出這項決定是基於我們在過去十年中建立的石油和天然氣資產組合的規模、品質和多樣性。自 2015 年以來，我們的總資源潛力和產量都增加了一倍多，從 80 億桶油當量總資源增加到 165 億桶油當量，從每天 65 萬桶油當量增加到每天超過 140 萬桶油當量。

We now have a higher quality portfolio with Oxy's lowest-ever geopolitical risk as we have shifted the percentage of our oil and gas production from 50% domestic to 83% domestic. And our portfolio has a development runway of 30+ years that includes high return, short cycle, higher decline unconventional assets complemented by a solid return, lower decline, mid-cycle development opportunities in our conventional oil and gas assets.

我們現在擁有更高品質的投資組合，地緣政治風險也降至 Oxy 有史以來的最低水平，因為我們已將石油和天然氣產量的國內佔比從 50% 提高到 83%。我們的投資組合擁有超過 30 年的發展空間，其中包括高回報、短週期、高衰減的非常規資產，以及我們常規油氣資產中穩健的回報、較低衰減、中週期的開發機會。

Our substantial oil and gas runway, along with our demonstrated expertise in maximizing resource recovery created the foundation for accelerating value to our shareholders through the divestiture of OxyChem. The proceeds will be used to immediately strengthen our balance sheet, allowing us to significantly deleverage and achieve our principal debt target of less than $15 billion. This will reinforce our financial resilience and agility to navigate changing market conditions.

我們雄厚的石油和天然氣儲備，以及我們在最大限度地提高資源回收率方面所展現的專業知識，為透過剝離 OxyChem 來加速為股東創造價值奠定了基礎。所得款項將用於立即加強我們的資產負債表，使我們能夠大幅降低槓桿率，並實現本金債務低於 150 億美元的目標。這將增強我們的財務韌性和應對不斷變化的市場環境的靈活性。

With greater financial flexibility, we can broaden our return of capital program and accelerate shareholder returns. This will enhance our approach to delivering value to our shareholders by increasing cash returns and continuing to rebalance enterprise value through net debt reduction. Our strengthened financial foundation will enable us to accelerate the development of our industry-leading oil and gas portfolio by focusing capital on our Permian unconventional assets, including unconventional CO2 floods, along with our Gulf of America waterfloods and in the future, our Baqiyah gas and condensate discovery in Oman.

有了更大的財務彈性，我們可以擴大資本回報計劃，加快股東回報。這將透過增加現金回報和持續減少淨債務來重新平衡企業價值，從而增強我們為股東創造價值的方式。我們增強的財務基礎將使我們能夠加快開發我們行業領先的油氣資產組合，將資本集中用於我們的二疊紀非常規資產（包括非常規二氧化碳驅油）、美洲灣注水油氣，以及未來在阿曼的巴基亞天然氣和凝析油發現。

We're excited about all the opportunities ahead to apply our subsurface expertise for greater resource recovery and the opportunities to advance our various low-decline enhanced oil recovery projects, particularly our CO2 EOR projects.

我們對未來所有運用我們的地下專業知識來提高資源回收率的機會感到興奮，也對推進我們各種低衰減強化採油項目，特別是我們的二氧化碳驅油項目的機會感到興奮。

Now turning to the third quarter. Our teams delivered another strong quarter of operational performance, generating $3.2 billion in operating cash flow and $1.5 billion of free cash flow before working capital. Notably, we exceeded last year's third quarter operating cash flow despite WTI prices that were more than $10 per barrel lower in the third quarter of this year.

現在進入第三節。我們的團隊又實現了強勁的季度營運業績，產生了 32 億美元的營運現金流和 15 億美元的營運資本前自由現金流。值得注意的是，儘管今年第三季 WTI 原油價格比去年同期低 10 美元以上，但我們第三季的經營現金流仍超過了去年同期。

Our team's continued focus on cost management and efficiency improvements also led to our lowest quarterly lease operating expense per barrel across our full Oil and Gas segment since 2021. This ongoing improvement in portfolio and operational performance underscores the quality of our resources and the exceptional caliber of our teams who continue to bring forward value by delivering more with less.

我們的團隊持續專注於成本管理和效率提升，也使得我們整個石油和天然氣部門的季度租賃營運費用（每桶）達到了自 2021 年以來的最低水準。投資組合和營運績效的持續改善凸顯了我們資源的品質和我們團隊的卓越素質，他們不斷以更少的資源創造更多價值。

In the third quarter, our Oil and Gas business produced approximately 1.47 million barrels of oil equivalent per day, exceeding the high end of our guidance range. The Permian Basin contributed 800,000 BOE per day, which is the highest quarterly Permian production in Oxy's history.

第三季度，我們的石油和天然氣業務日產量約為 147 萬桶油當量，超過了我們預期範圍的上限。二疊紀盆地每天貢獻 80 萬桶油當量，這是西方石油公司史上二疊紀盆地季度產量最高的一次。

The Rockies also posted outstanding results, thanks to strong new well performance and stable base operations. Additionally, our Gulf of America assets outperformed the high end of guidance, benefiting from favorable weather and achieving the highest uptime in our operating history.

由於新井表現強勁且基地運作穩定，落磯地區也取得了優異的業績。此外，我們在美洲灣的資產表現優於預期上限，受益於有利的天氣，實現了我們營運史上最高的正常運作時間。

Our Midstream & Marketing segment delivered another incredible quarter, generating positive adjusted earnings and surpassing the high end of guidance. Our team's expertly navigated market volatility to maximize margins through strategic gas marketing, helping to offset challenging gas price realizations.

中游和行銷部門又迎來了一個令人矚目的季度，實現了正的調整後收益，並超過了預期的上限。我們的團隊憑藉精湛的技藝應對市場波動，透過策略性的天然氣行銷實現利潤最大化，從而幫助抵消了天然氣價格上漲帶來的挑戰。

Higher sulfur prices in Al Hosn further contributed to the quarter's results. As shown in our third quarter results, we remain focused on generating free cash flow at lower oil prices and maintaining flexibility in our capital and development programs to support near- and long-term value creation.

Al Hosn地區硫磺價格上漲進一步推高了本季的業績。正如我們第三季業績所示，我們將繼續專注於在油價較低的情況下產生自由現金流，並在資本和發展計劃方面保持靈活性，以支持近期和長期價值創造。

Richard will now provide more details on our third quarter operational highlights and how we are positioned to generate stronger returns and higher free cash flow.

接下來，理查德將詳細介紹我們第三季的營運亮點，以及我們如何做好準備以獲得更強勁的回報和更高的自由現金流。

Thank you, Vicki. I appreciate the opportunity to share the progress we are making in our operations and how we're positioning our plans going into 2026. In all parts of our Oil and Gas business, we are making significant advancements through a focus on three key areas: resource improvement, cost efficiency, and operating ability to generate free cash flow across a range of oil price scenarios.

謝謝你，維姬。我很榮幸有機會與大家分享我們在營運方面取得的進展，以及我們為迎接 2026 年所做的計劃安排。在我們石油和天然氣業務的各個方面，我們正專注於三個關鍵領域取得重大進展：資源改進、成本效益以及在各種油價情況下產生自由現金流的營運能力。

Today, I will focus on our Permian operations where there have been several meaningful updates across these three areas. I look forward to sharing more from our other teams in future calls.

今天，我將重點介紹我們在二疊紀盆地的業務，這三個領域都取得了一些重要的進展。我期待在以後的電話會議中分享我們其他團隊的更多情況。

First, let me begin by highlighting our strong third quarter results. As Vicki noted, domestic production exceeded guidance with strong contributions from all business units in the Permian, Rockies, and Gulf of America. This strong performance and record results were achieved while sustaining our outlook for lower capital and improved operating costs for the year.

首先，請容許我重點介紹一下我們強勁的第三季業績。正如維姬所指出的，國內產量超出預期，二疊紀盆地、落基山脈和美洲灣的所有業務部門都做出了強勁貢獻。在維持全年資本成本降低和營運成本改善預期的同時，我們取得了強勁的業績和創紀錄的成果。

Compared to our original 2025 guidance, we have reduced capital expenditures by $300 million and operating costs by $170 million. We appreciate our team's continued efforts to exceed expectations.

與我們最初的 2025 年指導方針相比，我們減少了 3 億美元的資本支出和 1.7 億美元的營運成本。我們感謝團隊為超越預期所付出的持續努力。

Importantly, this performance is part of our continued track record of cost efficiency. We recently highlighted that since 2023, we have realized $2 billion in annualized cost savings across our US onshore operations driven by continuous operational improvements in drilling, completions, and operating expense categories as well as a value-focused supply chain management approach. We are seeing similar improvements across all of our operating teams and look forward to these efficiencies continuing into 2026.

重要的是，這項業績是我們持續保持成本效益的另一個體現。我們最近強調，自 2023 年以來，我們在美國陸上業務中實現了 20 億美元的年度成本節約，這得益於鑽井、完井和營運費用類別的持續營運改進，以及以價值為中心的供應鏈管理方法。我們看到所有營運團隊都出現了類似的改進，並期待這種效率提升能持續到 2026 年。

Building more on Vicki's introductory comments, we have made important progress in our organic oil and gas resource improvement across the portfolio. Today, I will focus on the Permian as it plays an essential role in our near- and long-term results. We have recently expanded our Permian resource base by 2.5 billion BOE, which now represents approximately 70% of Oxy's total resources of approximately 16.5 billion BOE.

在 Vicki 的開場白基礎上，我們在整個投資組合中有機油氣資源改善方面取得了重要進展。今天，我將重點放在二疊紀盆地，因為它對我們的近期和長期業績都起著至關重要的作用。我們最近將二疊紀盆地的資源基礎擴大了 25 億桶油當量，目前約佔西方石油公司總資源量（約 165 億桶油當量）的 70%。

We achieved this organic resource expansion through subsurface characterization and the application of advanced recovery and technologies. Our deep Permian resource is both low cost and provides operational flexibility to support free cash flow across a wide range of oil price scenarios. When combined with our ongoing cost efficiencies and technical recovery advancement, this places the Permian as a core value driver for Oxy's future.

我們透過地下特徵分析和應用先進的回收技術實現了有機資源的擴張。我們在二疊紀盆地的深層資源成本低，且具有營運靈活性，可在各種油價情況下支援自由現金流。結合我們持續的成本效率和技術回收進步，這使得二疊紀盆地成為西方石油公司未來發展的核心價值驅動力。

To start, in the Delaware Basin, we continue to be a leader in new well performance across both our primary and secondary benches. Importantly, our secondary bench wells outperformed the industry average by 10% when compared to all benches, primary and secondary in the basin. In addition to improving productivity, these secondary benches also enable us to efficiently utilize existing infrastructure that was built to support our primary development.

首先，在特拉華盆地，無論是在主要油田還是次要油田，我們在新井產量方面都繼續保持領先地位。重要的是，與盆地內所有一級和二級油井相比，我們的二級油井的性能比行業平均高出 10%。除了提高生產效率外，這些輔助工作台還能讓我們有效地利用為支援我們主要開發專案而建造的現有基礎設施。

As a result, we have extended our resources through increased secondary bench development while lowering our overall development costs, leading to a 16% lower capital intensity since 2022.

因此，我們透過增加二級平台開發來擴展資源，同時降低整體開發成本，自 2022 年以來資本密集度降低了 16%。

Additionally, over the last few years, we have significantly transformed our position and performance in the Midland Basin. Today, these development projects are incredibly competitive in our Oxy portfolio. This process began with a basin-wide subsurface characterization initiative and targeted development program to more fully understand the resource potential in the basin. We then strengthened our acreage position and achieved the scale needed for operational efficiencies through the CrownRock acquisition.

此外，在過去的幾年裡，我們在米德蘭盆地的地位和表現也發生了顯著變化。如今，這些開發案在我們西方石油公司的投資組合中極具競爭力。這個過程始於一項覆蓋整個盆地的地下特徵描述計劃和有針對性的開發計劃，旨在更全面地了解盆地的資源潛力。隨後，我們透過收購 CrownRock 鞏固了我們的土地面積，並達到了營運效率所需的規模。

Today, the combined Oxy and legacy CrownRock teams are delivering industry-leading well cost and performance, driven by both continued operational improvements and refined subsurface designs.

如今，Oxy 和原 CrownRock 團隊的合併，憑藉持續的營運改進和精細的地下設計，實現了業界領先的油井成本和性能。

Since 2023, our new wells have shown a 22% increase in six-month cumulative oil production per 1,000 feet, while the industry average has declined about 5% over the same period. We have also reduced well costs by 38% since 2023. These step changes have created an expanded deep bench opportunity, allowing us to organically add top-tier Barnett resources across 115,000 acres in our Midland and Central Basin Platform operating areas. Again, we highlight that our new well performance in the Barnett is outperforming the industry average by 18% since 2020.

自 2023 年以來，我們的新井每 1000 英尺六個月累計產油量增長了 22%，而同期行業平均水平下降了約 5%。自 2023 年以來，我們的油井成本也降低了 38%。這些階躍式變化創造了更廣闊的深層資源開發機會，使我們能夠在米德蘭和中央盆地平台作業區的 115,000 英畝土地上有機地增加一流的巴內特頁岩資源。再次強調，自 2020 年以來，我們在巴內特盆地的新油井表現比行業平均高出 18%。

Another resource opportunity and key differentiator for Oxy is the expansion of enhanced oil recovery into our unconventional shale. As a leader in conventional CO2 EOR, we are leveraging our decades-long investment and expertise into these assets. Since 2017, we have advanced unconventional EOR in our US Permian and Rockies business units, completing multiple demonstrations where we have achieved positive and consistent results.

Oxy 的另一個資源機會和關鍵差異化優勢在於將提高石油採收率技術擴展到我們的非常規頁岩油氣領域。作為傳統二氧化碳驅油領域的領導者，我們正在利用我們數十年來對這些資產的投資和專業知識。自 2017 年以來，我們在美國二疊紀盆地和落基山脈業務部門推進了非常規提高採收率技術，完成了多項示範項目，並取得了積極且持續的成果。

These projects have delivered over 45% oil uplift, but we believe with continued optimization, our commercial projects have the capability to deliver up to 100% production uplift. We are now moving into commercial development with three initial projects and a current pipeline of 30 more ready for development. These mid-cycle projects offer low-decline rates and competitive returns.

這些項目已實現了超過 45% 的石油增產，但我們相信，透過持續優化，我們的商業項目有能力實現高達 100% 的產量提升。我們現在正進入商業開發階段，目前有三個初始項目，還有 30 個項目正在籌備開發中。這些中期項目具有較低的貶值率和有競爭力的回報。

Our unique and sizable Permian Basin CO2 infrastructure gives us an advantage as we scale these developments over time. Today, this represents a resource opportunity of over 2 billion BOE. We also continue to advance our existing conventional EOR assets with approximately 2 billion BOEs of undeveloped resources with low development costs. These mid-cycle projects are also meaningful as part of our future resources.

我們獨特且規模龐大的二疊紀盆地二氧化碳基礎設施使我們在逐步擴大這些開發項目規模的過程中具有優勢。如今，這代表著超過 20 億桶油當量的資源機會。我們也將繼續推動現有的常規提高採收率資產，這些資產擁有約 20 億桶油當量未開發資源，開發成本較低。這些中期項目對於我們未來的資源也具有重要意義。

Recent improvements in cost structure, including $80 million of our 2025 domestic operating cost reductions continue to improve the returns and investment priority within our portfolio.

近期成本結構的改善，包括 2025 年國內營運成本削減 8,000 萬美元，持續改善我們投資組合的回報和投資優先順序。

Beyond CO2 EOR, we are progressing a suite of complementary recovery technologies, including infill drilling, precision well placement and spacing, next generation frac and other methods of EOR. We believe our ability to organically expand our low-cost resource base through subsurface characterization, continued cost efficiency and advanced recovery technologies give us a competitive advantage to deliver long-term value.

除了 CO2 EOR 之外，我們還在推進一系列互補的採油技術，包括加密鑽井、精確的井位和井距、下一代壓裂以及其他 EOR 方法。我們相信，透過地下特徵分析、持續提高成本效益和採用先進的回收技術，我們能夠有機地擴大低成本資源基礎，從而獲得競爭優勢，創造長期價值。

As we look ahead to 2026, we continue to actively manage our operational scenarios for a disciplined approach for resilient free cash flow, even if in a challenging oil price environment. Our approach begins with a focus on operational and cost efficiency over activity reductions, to preserve future free cash flow and to maintain optimized activity across our assets. A key part of this approach is working closely with our service company partners to capture supply chain savings, improving value for both parties.

展望 2026 年，我們將繼續積極管理我們的營運方案，以嚴謹的方式實現穩健的自由現金流，即使在充滿挑戰的油價環境下也是如此。我們的方法首先是注重營運和成本效率，而不是減少活動，以維持未來的自由現金流，並維持我們所有資產的最佳營運。這種方法的關鍵在於與我們的服務公司合作夥伴緊密合作，以節省供應鏈成本，從而提高雙方的價值。

Beyond that, we selectively defer multi-year facilities and construction projects, allowing us to invest opportunistically in these projects when conditions are more favorable. We also regularly review and optimize our operating expense activities to enable us to scale and time activities for maximum free cash flow.

除此之外，我們也會選擇性地推遲多年期的設施和建設項目，以便在條件更加有利時抓住機會對這些項目進行投資。我們也定期審查和優化營運支出活動，以便能夠擴大規模和安排活動時間，從而實現最大的自由現金流。

Finally, we evaluate capital and development activity adjustments, always with a focus on achieving the most efficient capital to cash flow outcome. At much lower oil prices, capital flexibility becomes critical, and we remain committed to investing wisely, preserving optionality and delivering value through efficient execution. As we enter 2026, we are targeting a $55 to $60 WTI plan, with flexibility to adapt to market conditions, while continuing to improve cost efficiency to deliver our free cash flow needs without impacting operational performance.

最後，我們評估資本和開發活動的調整，始終以實現最有效的資本現金流結果為重點。在油價大幅下跌的情況下，資本靈活性變得至關重要，我們將繼續致力於明智的投資，保持選擇權，並透過高效的執行創造價值。進入 2026 年，我們的目標是 WTI 原油價格達到每桶 55 至 60 美元，並可根據市場情況靈活調整，同時不斷提高成本效益，以滿足​​我們的自由現金流需求，而不影響營運績效。

Looking ahead, we have a deep portfolio of short-cycle, high-return and mid-cycle, low-decline assets that can deliver strong cash flow. We are focused on sustaining momentum by driving cost efficiency, advancing recovery technologies, and optimizing our operations.

展望未來，我們擁有豐富的短期高報酬資產和中期低跌幅資產組合，能夠帶來強勁的現金流。我們致力於透過提高成本效益、推進回收技術和優化營運來保持發展勢頭。

Lastly, I'd like to thank all of our teams for their continued performance and especially safety as we look to end the year strong. I also look forward to working closer with many of you for the first time or again in my new role. Thank you for your time today, and I'll now turn the call over to Sunil for the financial discussion.

最後，我要感謝我們所有團隊的持續出色表現，尤其是在安全方面，我們希望能夠以強勁的勢頭結束這一年。我也期待在新崗位上與你們中的許多人進行更緊密的合作，無論是第一次還是再次合作。感謝您今天抽出時間，現在我將把電話交給 Sunil，讓他來討論財務問題。

Thank you, Richard. In the third quarter, we generated a reported profit of $0.65 per diluted share. Strong operational performance and a continued focus on capital efficiency enabled us to generate approximately $1.5 billion in free cash flow before working capital. We had a negative working capital change, primarily driven by the timing of semi-annual interest payments on our debt and payments within our Oil and Gas segment.

謝謝你，理查。第三季度，我們公佈的每股攤薄收益為 0.65 美元。強勁的營運業績和對資本效率的持續關注，使我們在扣除營運資本之前產生了約 15 億美元的自由現金流。我們的營運資本發生了負變化，主要原因是債務的半年利息支付以及石油和天然氣部門的付款時間表。

During the quarter, we repaid $1.3 billion of debt, bringing our total year-to-date debt repayment to $3.6 billion and reducing Occidental's principal debt balance to $20.8 billion. Our strong financial performance can largely be attributed to higher volumes across our US portfolio, which more than offset slightly lower than expected production from our international assets.

本季度，我們償還了 13 億美元的債務，使我們今年迄今的債務償還總額達到 36 億美元，並將西方石油公司的本金債務餘額減少至 208 億美元。我們強勁的財務表現主要歸功於美國業務組合的產量增加，足以彌補國際資產產量略低於預期的情況。

New well and base production outperformance in the Permian and Rockies as well as higher uptime and favorable weather in the Gulf of America enabled us to exceed the high end of guidance across all of our domestic oil and gas assets. This production outperformance and a continued focus on delivering operational cost efficiencies led to lower domestic lease operating expenses in the quarter, notably outperforming guidance at $8.11 per BOE. Part of the outperformance also reflected the timing of certain offshore production engineering activities, which shifted into the fourth quarter.

二疊紀盆地和落基山脈的新井和基礎產量表現出色，加上美洲灣更高的正常運行時間和有利的天氣，使我們所有國內油氣資產的表現都超過了預期上限。此次生產業績超出預期，並持續專注於提高營運成本效率，導致本季度國內租賃營運費用降低，尤其超過了預期，達到每桶油當量 8.11 美元。部分優異表現也反映了某些海上生產工程活動的時機，這些活動轉移到了第四季。

In the Midstream and Marketing segment, we continue to capture value through optimizing our gas marketing positions out of the Permian Basin and higher sulfur pricing in Al Hosn. Both were significant catalysts in the segment, generating positive earnings on an adjusted basis of $153 million, above the midpoint of guidance.

在中游和行銷領域，我們透過優化我們在二疊紀盆地的天然氣行銷地位以及阿爾霍斯恩地區更高的硫磺價格，繼續創造價值。這兩家公司都是該業務板塊的重要催化劑，經調整後獲利為 1.53 億美元，高於預期中位數。

Looking ahead, we are increasing our full year guidance for our Oil and Gas and Midstream and Marketing segments as a result of our strong third quarter outperformance and improved expectations for the fourth quarter. In Oil and Gas, we are raising our fourth quarter total company production guidance from last quarter's implied guidance to a midpoint of 1.46 million BOE per day. This is driven by the expectation for continued strong performance across all three domestic assets, which should more than offset impacts from a scheduled turnaround at Al Hosn also in the fourth quarter.

展望未來，由於第三季業績強勁超出預期，以及對第四季度的預期有所提高，我們提高了石油天然氣、中游和行銷部門的全年業績預期。在石油和天然氣領域，我們將第四季公司總產量預期從上一季的隱含預期上調至每日 146 萬桶油當量（BOE）。這主要得益於對所有三項國內資產持續強勁表現的預期，這應該足以抵消 Al Hosn 在第四季度計劃檢修的影響。

Other Midstream and Marketing pre-tax income guidance assumes that our teams will capture gas marketing optimization benefits from the wider Permian to Gulf Coast spread observed already in the fourth quarter. We expect full year pre-tax income from the segment to come in approximately $400 million above our original guidance, largely due to those gas marketing opportunities and stronger-than-anticipated sulfur pricing from Al Hosn.

其他中游和行銷稅前收入預期假設我們的團隊將從第四​​季度已經觀察到的從二疊紀盆地到墨西哥灣沿岸地區更廣泛的價差中獲得天然氣行銷優化收益。我們預計該業務板塊全年稅前收入將比我們最初的預期高出約 4 億美元，這主要得益於天然氣銷售機會以及 Al Hosn 硫磺價格高於預期。

Due to continued softness in the global chloro-vinyl market, our third quarter OxyChem pre-tax income came in below guidance at $197 million. We are guiding to $140 million for the next full quarter. Beginning in the fourth quarter, OxyChem will be classified as discontinued operations. We are in the process of evaluating the potential impact of OxyChem's classification on our fourth quarter adjusted effective tax rate, and we will provide a further update early next year.

由於全球氯乙烯市場持續疲軟，我們第三季 OxyChem 稅前收入低於預期，為 1.97 億美元。我們預計下一季營收將達到 1.4 億美元。從第四季開始，OxyChem 將被歸類為終止經營業務。我們正在評估 OxyChem 的分類對我們第四季度調整後實際稅率的潛在影響，並將於明年初提供進一步的更新。

Total company capital spend net of non-controlling interest of approximately $1.7 billion was in line with our expectations for the third quarter, and we expect to remain within our previously guided range for 2025 capital. As Vicki shared, the OxyChem transaction marks a significant milestone for our company as it will strengthen our financial position and enhance our ability to return capital to our shareholders.

扣除少數股東權益後，公司總資本支出約為 17 億美元，符合我們對第三季的預期，我們預計 2025 年的資本支出將維持在先前指引的範圍內。正如 Vicki 所說，OxyChem 的交易對我們公司而言是一個重要的里程碑，因為它將增強我們的財務狀況，並提高我們向股東返還資本的能力。

The all-cash nature of this transaction will enable us to accelerate our debt reduction efforts and achieve our post-CrownRock principal debt target of less than $15 billion. Of the roughly $8 billion in transaction net proceeds, we plan to use approximately $6.5 billion to reduce debt. Our initial focus is on the $4 billion of debt maturing in the next three years. This includes $1.3 billion of term loans maturing in 2026, which we can call at par, and for the remaining $2.7 billion, we may largely use make-whole provisions to ensure certainty.

這項交易全部以現金支付，這將使我們能夠加快債務削減步伐，並實現收購 CrownRock 後本金債務低於 150 億美元的目標。在約 80 億美元的交易淨收益中，我們計劃用約 65 億美元來減少債務。我們最初的重點是未來三年內到期的40億美元債務。這其中包括 2026 年到期的 13 億美元定期貸款，我們可以按面值贖回；對於剩餘的 27 億美元，我們可能會主要使用補償準備金來確保確定性。

Beyond that, we will be opportunistic taking into consideration redemption prices and the impact on our maturity profile. This will meaningfully improve our credit metrics and is expected to lower our annual interest expense by more than $350 million, while providing a very manageable near-term debt maturity schedule. The remaining $1.5 billion in net proceeds will go to cash on the balance sheet. By significantly lowering our debt burden and building cash on hand, we will create a stronger, more resilient balance sheet.

除此之外，我們也會根據贖回價格和對我們到期情況的影響，採取機會主義策略。這將顯著改善我們的信用指標，預計每年可減少超過 3.5 億美元的利息支出，同時提供非常可控的近期債務到期計劃。剩餘的 15 億美元淨收益將計入資產負債表上的現金。透過大幅降低債務負擔並增加現金儲備，我們將打造更強大、更具韌性的資產負債表。

With the achievement of our post-CrownRock principal debt target, Oxy will be positioned to broaden our return of capital program and adopt a more flexible framework for delivering value to our shareholders. We will be opportunistic with the share repurchase program. Our decisions and priorities will be driven by a range of factors, including the macro conditions, commodity prices, market valuations relative to Oxy's intrinsic value, cash on the balance sheet and the timeline to August 2029.

隨著我們實現收購 CrownRock 後的本金債務目標，Oxy 將能夠擴大我們的資本回報計劃，並採用更靈活的框架為股東創造價值。我們將根據市場情況靈活運用股票回購計畫。我們的決策和優先事項將受多種因素驅動，包括宏觀經濟狀況、大宗商品價格、相對於西方石油公司內在價值的市場估值、資產負債表上的現金以及到 2029 年 8 月的時間表。

We plan to resume the redemption of the preferred in August 2029, when the preferred equity becomes callable with a lower redemption premium and does not have the $4 per share return of capital trigger.

我們計劃於 2029 年 8 月恢復優先股的贖回，屆時優先股的贖回溢價將降低，且不再有每股 4 美元的資本返還觸發條件。

Now I would like to share how we're approaching our capital program for 2026. Last quarter, we discussed the potential to allocate capital to mid-cycle conventional oil assets. We are planning to increase investment in the Gulf of America waterflood projects and in Oman, given both projects high-oil weighting and favorable base decline rates, combined with the enhanced economics in Oman, following our Mukhaizna contract extension. Approximately an additional $250 million could be allocated to these areas as capital rolls off in our LCV portfolio. Considering the recent commodity price volatility and oil market outlook, we are evaluating multiple capital scenarios across our US onshore portfolio. With the OxyChem sale, our US onshore capital will comprise an even greater proportion of the total company investment program, which provides flexibility should the macro environment deteriorate.

現在我想跟大家分享一下我們2026年的資本計畫。上個季度，我們討論了將資金分配給週期中期常規石油資產的可能性。鑑於美洲灣注水項目和阿曼項目均具有較高的石油產量和有利的基礎遞減率，再加上我們在穆哈伊茲納項目合約延期後阿曼項目的經濟效益有所提高，我們計劃增加對這兩個項目的投資。隨著我們輕型商用車投資組合中的資金逐步退出，大約可以向這些領域額外分配 2.5 億美元。考慮到近期大宗商品價格波動和石油市場前景，我們正在評估美國陸上資產組合的多種資本方案。隨著 OxyChem 的出售，我們在美國的本土資本將在公司整體投資計畫中佔比更大，這為宏觀環境惡化時提供了靈活性。

As Richard mentioned, we have an incredible runway of high-quality oil and gas opportunities and sustained momentum in delivering value through greater capital efficiency. We plan to reallocate up to $400 million to these short-cycle high-return projects, primarily in the Permian. Any additional allocation of capital next year will be undertaken in a thoughtful manner with an eye to the oil market given oversupply concerns.

正如理查德所提到的，我們擁有大量高品質的油氣機會，並且透過提高資本效率來創造價值的勢頭強勁。我們計劃將高達 4 億美元的資金重新分配給這些週期短、回報高的項目，主要集中在二疊紀盆地。鑑於石油市場供應過剩的擔憂，明年任何額外的資本分配都將經過深思熟慮，並密切關注石油市場。

The quantum of that reallocation will depend on the macroeconomic environment, and we plan to share more on our 2026 capital budget during our fourth quarter call pending board approval.

重新分配的資金規模將取決於宏觀經濟環境，我們計劃在第四季度電話會議上分享更多關於 2026 年資本預算的信息，但需獲得董事會批准。

I will now turn the call over to Vicki for closing remarks.

現在我將把電話交給維姬，請她作總結發言。

Thank you, Sunil. As we highlighted, the OxyChem sale represents more than just a business decision and marks the final major milestone in the strategic transformation that we've been pursuing for years. With this step, we are accelerating opportunities to extend our advantaged low-cost resource position and leveraging integrated technologies to deliver differentiated recovery and superior value. We are confident that these actions will further strengthen our competitive position.

謝謝你，蘇尼爾。正如我們所強調的，OxyChem 的出售不僅僅是一項商業決策，它標誌著我們多年來一直在追求的策略轉型的最後一個重大里程碑。透過這項舉措，我們正在加速拓展我們低成本資源優勢地位的機會，並利用綜合技術實現差異化回收和卓越價值。我們相信這些措施將進一步鞏固我們的競爭地位。

With that, we'll now open the call for questions. And as Jordan mentioned, Ken Dillon is joining us today for the Q&A session.

接下來，我們將開始接受提問。正如喬丹所提到的，肯狄龍今天將和我們一起參加問答環節。

(Operator Instructions)

（操作說明）

Doug Leggate, Wolfe Research.

道格‧萊格特，沃爾夫研究公司。

Vicki, maybe the first question is for Sunil actually is on the capital guidance that you just talked about there, the soft outlook. If I'm doing the math correctly, so you dropped about $300 million from the beginning of this year, so it was $7.2 billion. But $900 million was chemicals, as I understand it, for next year, and I believe this year it was $450 million on DAC. So that's about $1.35 billion.

Vicki，或許第一個問題應該問 Sunil，關於你剛才提到的資本指引，也就是疲軟的前景。如果我計算沒錯的話，你們從今年年初到現在損失了大約 3 億美元，所以總共損失了 72 億美元。但據我了解，明年9億美元的資金用於化學品，而我相信今年用於直接空氣污染的資金是4.5億美元。所以大約是13.5億美元。

I'm trying to kind of get to the range for next year. So if you add back the $650 million you talked about, are we in the ballpark to think that spending next year should be down about $700 million based on your remarks, Sunil?

我正在努力為明年的比賽做準備。那麼，如果你把你提到的 6.5 億美元加回去，根據你的說法，我們是否可以大致認為明年的支出應該會減少 7 億美元左右，蘇尼爾？

Yes. So Doug, you're right on the way you're approaching it. Like you said, midpoint for CapEx guidance for this year, $7.2 billion. Chemicals is $900 million. So back out of that, you're at $6.3 billion. Like I mentioned, we are going to increase CapEx in the Gulf of America waterflood projects and Oman, which is around $250 million, which will be largely offset by the roll-off of capital in our low carbon venture portfolio. So you're back to the $6.3 billion.

是的。所以道格，你的方法是對的。正如你所說，今年資本支出預期中位數為 72 億美元。化學品業務規模為9億美元。所以，撇開這些不談，你現在的資產是 63 億美元。正如我之前提到的，我們將增加在美洲灣注水項目和阿曼的資本支出，約為 2.5 億美元，這將主要被我們低碳風險投資組合中的資本到期抵消。所以，最終還是回到了63億美元。

And with respect to US onshore, like I mentioned in my prepared remarks, we are looking at potentially investing up to $400 million. So you start with $6.3 billion and it could be somewhere between $6.3 billion to $6.7 billion, depending on the macro environment.

至於美國本土市場，正如我在準備好的演講稿中提到的，我們正在考慮可能投資高達 4 億美元。所以，最初的金額是 63 億美元，最終金額可能在 63 億美元到 67 億美元之間，具體取決於宏觀環境。

And the other thing I would highlight is, like I said, with this increased spending in US onshore, a proportion of US onshore CapEx as a percentage of the total CapEx will increase. What that means is a lot more flexibility if the macro is going to become more unfavorable. And so that is one important thing.

我還要強調一點，正如我所說，隨著美國境內支出的增加，美國境內資本支出佔總資本支出的比例也會增加。這意味著，如果宏觀經濟情勢變得更加不利，我們將擁有更大的彈性。所以，這是很重要的一點。

And I think like Richard said in his prepared remarks, the way we think about capital allocation for US onshore, if you were to adjust our capital program. I mean first, we look at our efficiency, both operating efficiency and what we are seeing in the market; second is potentially how we can defer some of our facility spending.

我認為就像理查德在他準備好的演講稿中所說的那樣，如果我們要調整我們的資本計劃，我們對美國境內資本配置的看法就會有所不同。我的意思是，首先，我們要考慮我們的效率，包括營運效率和我們在市場上看到的狀況；其次，我們要考慮如何推遲一些設施支出。

And the last thing would be in terms of activity. So I think from a capital point of view, we are looking at somewhere between $6.3 billion to $6.7 billion, with a larger proportion of US onshore CapEx where we have a lot more flexibility.

最後一點是關於活動方面。因此，我認為從資本角度來看，我們預計需要投入 63 億美元到 67 億美元，其中美國本土資本支出佔比更大，因為我們在這方面擁有更大的靈活性。

Understood. The Street is obviously very smart, Sunil, because it's sitting at $6.5 billion right now. So that's really helpful. My follow-up, if I may, is for Richard, I'll take advantage and also wish him congratulations for your new role, Richard. I'm thinking a Permian field trip might be in the offering. But we'll take that one offline.

明白了。蘇尼爾，華爾街顯然非常精明，因為目前的市值已經達到了 65 億美元。這真的很有幫助。如果可以的話，我想對理查德說幾句，我也想藉此機會祝賀他履新。我正在考慮是否可以安排二疊紀地質考察之旅。但我們會把那個話題下線。

My question is, you did say you've added 2.5 billion barrels of resource, mostly in the Permian. You've obviously got, it looks like sector-leading drilling per lateral foot cost now and clearly, the breakevens in the Barnett are coming down. So my question is, you haven't given us a drilling backlog or a breakeven for those sustaining capital for the portfolio.

我的問題是，您說過您新增了 25 億桶資源，主要位於二疊紀盆地。顯然，你們現在擁有行業領先的每英尺水平鑽井成本，而且很明顯，巴內特地區的損益平衡點正在下降。所以我的問題是，你們還沒有提供我們鑽井訂單積壓情況，也沒有提供維持投資組合資本的損益平衡點。

So I wonder if you could address those. Where does this leave your drilling inventory? And what would you say is the sustaining capital breakeven at this point for the portfolio?

所以我想知道您是否可以回答這些問題。那麼你們的鑽井庫存還剩下多少呢？那麼，您認為目前該投資組合的維持資本損益平衡點是多少？

Doug, this is Richard. Great to hear from you and appreciate that for sure. I always enjoy our Permian visits. Let me start just sort of addressing generally why resources. I think for a long time, we've been trying to characterize our strong unconventional resource base. And the way to do that was to talk about drilling inventory and think about breakevens against that.

道格，我是理查。很高興收到你的來信，非常感謝。我一直都很享受我們去二疊紀盆地的旅行。讓我先簡單談談為什麼需要資源。我認為，長期以來，我們一直在努力描述我們強大的非常規資源基礎。而實現這一目標的方法就是討論鑽井庫存，並考慮損益平衡點。

I think as we look forward, as we're explaining today, we're so much more than that. We have our big opportunities on our conventional assets and just felt like moving to more of a resource explanation was a better representation of what we are and the value that we have.

我認為，展望未來，正如我們今天所解釋的那樣，我們遠不止於此。我們在傳統資產方面擁有巨大的機遇，我們覺得轉向資源解釋更能反映我們的實力和價值。

If we sort of break down that 2.5 billion barrel Permian add, most of that -- much of that is coming from continued unconventional shale improvements. And in our view, this is technology. This is using our subsurface characterization to continue to fine-tune our designs, especially around the secondary benches, which we felt like was important to point out in this highlight.

如果我們仔細分析二疊紀盆地新增的 25 億桶石油產量，就會發現其中大部分——很大一部分——都來自非常規頁岩油氣技術的持續改進。在我們看來，這就是科技。這是利用我們的地下特徵來繼續微調我們的設計，尤其是在次級台階周圍，我們認為這一點在本次重點介紹中非常重要。

It includes things like the Barnett, where we had an existing position. Much of that Barnett resource runs into our Central Basin Platform where we've operated in our Enhanced Oil Recovery business unit for a long time. And so much of that continues, and that would be a direct translation to the drilling inventory that we've disclosed previously.

其中包括像巴內特這樣的機構，我們在那裡已經有一個職位。巴內特油田的大部分資源都流經我們的中央盆地平台，我們長期以來一直在那裡開展提高石油採收率業務。而且這種情況還在繼續，這將直接反映在我們先前揭露的鑽井庫存中。

But the other piece is the EOR. And we highlight the unconventional EOR today, but also across our conventional position. And so, in total, we just felt like that was the right way to think about it.

但另一部分是提高採收率（EOR）。今天我們重點介紹非常規的提高採收率方法，同時也關注我們傳統的採收率方法。所以，總的來說，我們覺得這是正確的思考方式。

In terms of the Barnett, obviously, a big piece of that becoming competitive in our portfolio is the drilling cost improvement and just very pleased with the progress by the teams in the Midland Basin for what they've been able to do. But we're seeing that across all of our basins. I think we highlight in one of the slides about a 14% total reduction in well cost across all of our unconventional drilling, same in the Rockies.

就巴內特頁岩氣而言，顯然，它在我們投資組合中具有競爭力的一個重要因素是鑽井成本的降低，我對米德蘭盆地團隊所取得的進展感到非常滿意。但我們在所有流域都看到了這種情況。我認為我們在其中一張幻燈片中重點提到，我們所有非常規鑽井的總成本降低了 14%，落基山脈的情況也是如此。

So in general, that's improving our resource base. And so I think going forward to the breakeven, we'll continue to characterize that resource base with a breakeven. I think we've talked about our projects for the year, our annual program are all less than $40 breakeven. And so on a project basis, we expect that to continue. And like we've shown in the past, it's always improving the resource, expanding it, yes, but improving is the most important component of it and cost is a big part of that.

總的來說，這有助於改善我們的資源基礎。因此，我認為展望未來，在達到損益平衡點之前，我們將繼續以損益平衡點來描述該資源基礎。我想我們已經討論過今年的項目了，我們年度計劃的盈虧平衡點都在 40 美元以下。因此，我們預計這種情況會以專案為單位繼續下去。正如我們過去所展示的那樣，它總是在不斷改進資源、擴大資源規模，沒錯，但改進是其中最重要的組成部分，而成本是其中的重要因素。

Arun Jayaram, JPMorgan.

Arun Jayaram，摩根大通。

Yes. My first question is maybe on slide 16, perhaps for Richard. I just wondered if you could maybe give us more details on the demonstration pilot. It looks like in this example, you're highlighting CO2 injection around three years after initial production from the well. But I was wondering if you could just talk about the applicability of this on older wells that may have been completed six-, seven years ago? And maybe just a little bit about the math around the 2 billion BOE resource opportunity, that would be helpful.

是的。我的第一個問題可能在第 16 張投影片上，或許是問 Richard 的。我想問您能否提供更多關於示範試點計畫的細節。在這個例子中，你似乎重點介紹了油井首次投產後大約三年註入二氧化碳的情況。但我很想知道，您能否談談這種方法對六、七年前完工的老井的適用性？或許可以稍微談談20億桶油當量資源機會的相關數學計算，會很有幫助。

Yes. Great. I appreciate that question a lot. The example we're highlighting on that slide in the Midland Basin, it was with CO2. These wells were originally online in about mid-2015. So your question is perfect. While they apply to historic wells like we're showing here, they also apply to more recent vintage as well, and I'll walk through that math in a second.

是的。偉大的。我很感謝你提出這個問題。我們在投影片上重點介紹的米德蘭盆地的例子，就是二氧化碳的例子。這些油井最初於 2015 年年中左右投入使用。所以你的問題問得非常好。雖然這些規律適用於我們這裡展示的這類歷史悠久的油井，但也適用於較新的油井，我稍後會詳細講解一下其中的計算方法。

But just a little bit on that pilot. Again, that's about a 45% uplift. We had five injection cycles that were completed over those three years. We stopped and saw this 45% uplift. If we modeled out continued cycles of CO2 injection, this is where we get to the 60% and even 100% production uplift. And so that's where that comes from.

但關於那部試播集，就簡單說幾句吧。這相當於提升了約 45%。在那三年裡，我們完成了五個注射週期。我們停下來查看，發現提升了 45%。如果我們模擬持續循環注入二氧化碳的情況，就能達到 60% 甚至 100% 的產量提升。這就是它的由來。

If we look at the 2 billion barrel, if you think about recovery factors in the 8% to 12% with unconventional, if you look at this 45% to 100% uplift, now you're talking about reaching recovery factors in the 15% to 20%. So that is likely a little bit more for the oil and perhaps a little bit less for the gas in an oil reservoir. But if you look across the derisked unconventional acreage where we have this opportunity, that's how we began to account for the 2 billion barrels of unconventional EOR.

如果我們看看這 20 億桶的儲量，考慮到非常規油氣的回收率在 8% 到 12% 之間，考慮到這 45% 到 100% 的增幅，那麼現在我們談論的是達到 15% 到 20% 的回收率。所以，石油儲量可能會略多一些，而天然氣儲量可能會略少一些。但如果你放眼那些風險降低的非常規油氣田，看看我們有哪些機會，你會發現我們就是這樣開始計算出 20 億桶非常規提高採收率油氣的。

As I mentioned, we've got three projects that we'll be working into commercial development over the next couple of years. Those are really spread between New Mexico, Texas, Delaware and the Midland Basin. So again, it's sort of an approach that can be applied to multiple areas. And then based on this technical work, we have another 30 development-ready projects across these basins that will be ready to develop.

正如我之前提到的，未來幾年我們將推動三個專案的商業開發。這些地區實際上分佈在新墨西哥州、德克薩斯州、德拉瓦州和米德蘭盆地。所以，這又是一種可以應用在多個領域的方法。然後，基於這項技術工作，我們在這些流域還有另外 30 個具備開發條件的專案可以著手開發。

And so again, as we think about the role of mid-cycle, low-decline cash flow in our outlook, we believe these can be very meaningful as we look forward into future years.

因此，當我們思考週期中期、低下降幅度的現金流在我們展望未來時，我們認為這些現金流對於我們展望未來幾年來說可能意義重大。

Great. That's helpful. My follow-up is, Sunil mentioned that you could redirect $250 million of capital from the reduction in LCV capital back into the Gulf of America for waterfloods and in Oman. I was wondering if you could provide some thoughts on what you believe these waterflood projects can do to your productive capacity in the Gulf of America? Maybe just thoughts on Gulf output as we think about 2026.

偉大的。那很有幫助。我的後續問題是，Sunil 提到，您可以將 LCV 資本減少的 2.5 億美元資金重新投入美洲灣的注水開發和阿曼的開發中。我想請您談談您認為這些注水項目會對你們在美洲灣的生產能力產生什麼影響？或許我們可以就2026年海灣地區的產量談談一些看法。

Good afternoon. We now have two water flood projects FID'd in GoA. These will result in improved recoveries of nearly 150 million BOE and significant reductions in decline rates over time. Potentially, these could lead to GoA declines going from 20% today to 10% in 2030 and 7% by 2035. So a significant impact on the base.

午安.目前我們在阿薩姆邦已有兩個水利工程項目完成了最終投資決策。這將使石油回收量提高近 1.5 億桶油當量，並隨著時間的推移顯著降低石油產量下降率。這些因素可能導致 GoA 的降幅從目前的 20% 降至 2030 年的 10%，再降至 2035 年的 7%。因此，這對基地造成了重大影響。

First up is at the King Field, which is a tieback to Marlin. There will be a dump flood, which requires very limited facilities that will be on stream in Q2 next year. This will lead to a potential extension in field life of around 10 years.

首先是在國王球場，它與馬林魚隊有聯繫。明年第二季將會出現傾倒洪水，所需的設施非常有限，這些設施將無法投入使用。這將使田間使用壽命延長約 10 年。

At Horn Mountain, we've used the latest OBN seismic with our in-house developed tools to place the first injector. Two will be drilled in Q1 2027. And in parallel, facilities will be installed in Horn Mountain, leading to a target injection date of Q2 2027 and an expected response date during late summer 2027. We've been ready to go for some time and all the long-lead items have now been placed. Returns expected to be in the 40% to 50% range for these projects.

在霍恩山，我們使用最新的 OBN 地震勘探技術和我們自主研發的工具來放置第一個注水井。其中兩處井將於 2027 年第一季鑽探。同時，將在霍恩山安裝相關設施，預計注入日期為 2027 年第二季度，預計回應日期為 2027 年夏末。我們早已做好準備，所有需要較長交貨週期的物料都已到位。預計這些項目的回報率將在 40% 到 50% 之間。

So overall, last time I talked about improving well performance, this time talking about lower decline. And as you can see, we've had improved reliability, both on the rotating equipment and general facilities. We were aided by weather a bit, including, I would say, being able to get through a lot of fabric maintenance work in this time period.

總的來說，上次我談到了提高油井性能，這次我談到了降低油井衰減。正如你所看到的，無論是旋轉設備還是一般設施，我們的可靠性都提高了。天氣也幫了我們一些忙，可以說，這讓我們能夠在這段時間內完成大量的織物維護工作。

So overall, still working on next year's plan. Part of that is tying the construction activities for the waterfloods to the planned maintenance required offshore so that we only take the platforms down once and don't have multiple staggered turnarounds.

所以總的來說，我們仍在製定明年的計劃。其中一部分工作是將注水作業的建設活動與海上所需的計劃維護聯繫起來，這樣我們只需將平台拆卸一次，而無需進行多次錯開的檢修。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛集團。

Yes. This is an important time for STRATOS as you guys are ramping this project up and so as the rubber hits the road, I just wanted to understand what the gating items are and early thoughts around start-up activities?

是的。對於 STRATOS 來說，這是一個重要的時期，因為你們正在加速推進這個項目，所以當真正進入關鍵階段時，我只是想了解一下有哪些關鍵事項以及關於啟動活動的初步想法？

Yes. Overall, the STRATOS Phase 1 start-up is proceeding well. Since we last talked, we've commissioned the central processing unit with water. Another major milestone was achieved, that was starting up the process compression facilities, which are required for CO2 injection. Siemens Energy team, I have to say, including the CEO and the execs have been incredibly supportive of the project. This is a large complex machine, which basically started up first time.

是的。整體而言，STRATOS 第一期啟動進展順利。自上次談話以來，我們已經用水調試了中央處理器。另一個重要的里程碑已經實現，那就是啟動了二氧化碳注入所需的製程壓縮設施。我必須說，西門子能源團隊，包括執行長和高階主管們，都對這個計畫給予了極大的支持。這是一台大型複雜機器，基本上一次就啟動成功了。

We've now started loading the first fills of pellets and chemicals and continue to start up the other unit operations. So next up are the centrifuges. And then after that, it's the calciner and these are the two remaining unit operations before we export the CO2.

我們現在已經開始裝載第一批顆粒和化學品，並繼續啟動其他單元操作。接下來是離心機。然後，接下來就是煅燒爐，這是我們出口二氧化碳之前剩下的兩個單元操作。

We continue to optimize each of the units during startup as we always do. And while that does cost us some time now, it will pay tremendous dividends going forward. Priorities are to learn for long-term capture efficiency and uptime. So overall, we expect to be circulating KOH this quarter and injecting CO2 in Q1.

我們將一如既往地在啟動過程中持續優化每個單元。雖然這現在會花費我們一些時間，但從長遠來看，這將帶來巨大的回報。首要任務是學習如何提高長期捕獲效率和正常運作時間。因此，總體而言，我們預計本季將循環使用氫氧化鉀，並在第一季注入二氧化碳。

Okay. And I had a couple of questions around just return of capital as the follow-up. And so I think following the OxyChem sale, while I think investors definitely recognize the value in improving the balance sheet, some of the concerns that we heard was about the legacy liabilities. So I guess this will be the first time you'll have an opportunity to maybe address that and help people get comfortable around that?

好的。作為後續問題，我還有幾個關於資本返還的問題。因此，我認為在 OxyChem 出售之後，雖然投資者肯定認識到改善資產負債表的價值，但我們聽到的一些擔憂是關於遺留負債。所以我想這將是你第一次有機會解決這個問題，並幫助人們對此感到自在？

And then -- while I know that you can't knock out the preferreds until August 2029. Is there an opportunity to opportunistically repurchase shares before then to help alleviate some of those concerns? I just want to give you an opportunity to address both of those.

而且—雖然我知道在 2029 年 8 月之前你無法淘汰優先股。在此之前，是否有機會進行股票回購以緩解這些擔憂？我只是想給你一個機會來回答這兩個問題。

Okay. With respect to the return of capital, we definitely want to take out all that we can, the $6.5 billion of debt first. And then beyond that, we are going to opportunistically buy back shares, and it has to make sense. It's a value calculation for us to determine whether to do that or whether it's best to take down some more debt or put more into the business.

好的。關於資本返還，我們當然希望盡可能地收回所有資金，首先是償還65億美元的債務。此外，我們也會擇機回購股票，但這必須是合理的。我們需要進行價值評估，以決定是否應該這樣做，或者最好是承擔更多債務或向企業投入更多資金。

But one thing with respect to the use of cash, I want to make very clear to everybody, and that is that that we're not going to aggressively put lots of extra barrels into an oversupplied market. So when we're talking about the possibilities here on the call, I want you to understand that we definitely have plans to be very flexible in that. And I think Richard may have an opportunity later to share more on what that's going to look like.

但關於現金的使用，我想向大家明確一點，那就是我們不會大舉地向供應過剩的市場投放大量額外的原油。所以，當我們在電話會議上討論各種可能性時，我希望你們明白，我們肯定會在這方面保持非常靈活的計劃。我認為理查德之後可能有機會詳細介紹一下具體情況。

But we are going to stay within our means in terms of using the cash that we have but not taking down too much cash off the balance sheet. We'll try to maintain about $3 billion to $4 billion on the balance sheet as we go forward.

但是，我們會量入為出，合理使用現有現金，不會從資產負債表上減少太多現金。我們將努力把資產負債表上的資金維持在30億至40億美元左右。

And the legacy liabilities with respect to OxyChem, the bulk of those liabilities are outside the operating areas that were purchased. And there's very little cash being spent or any necessary activities beyond what's already happening within those operating assets ever bought; everything else is outside.

至於 OxyChem 的遺留負債，其中大部分負債位於被收購的營運區域之外。而且，除了已購入的營運資產之外，幾乎沒有現金支出或任何必要的活動；其他一切都在外部進行。

It made no sense for those liabilities to go. And what they're costing us right now is somewhere in the neighborhood of $20 million or so on an annual basis. The liability that's the largest, of course, is the Passaic. But that Passaic is going to be spread over 20- to 30 years. So this is going to take a lot of time to develop that and to work that. And so this really has minimal impact on us to maintain these. It's really not material to what we do. And the repo -- the Berkshire, you want to talk about the Berkshire, Sunil?

取消這些債務毫無意義。而它們現在每年要花我們大約 2000 萬美元。當然，最大的負債是帕塞克河。但帕塞克的開發將持續20到30年。所以，開發和實施這個專案需要花費大量時間。因此，這對我們維護這些設施來說實際上影響甚微。這和我們實際的工作關係不大。還有，波克夏海瑟威公司，你想談談波克夏海瑟威公司嗎，蘇尼爾？

Sure. So Neil, like again, I mentioned in my prepared remarks, now that we've got our debt target below our goal of less than $15 billion and as Vicki outlined, we're going to be opportunistic with respect to share repurchase. It's going to be driven by the macro conditions, where our stock price is trading, cash and balance sheet because our ultimate goal is to start or resume the redemption of the preferred once we get to August 2029.

當然。所以尼爾，就像我在準備好的演講稿中提到的那樣，既然我們的債務目標已經低於150億美元的目標，而且正如維姬概述的那樣，我們將在股票回購方面採取機會主義策略。這將取決於宏觀經濟狀況，包括我們的股價、現金和資產負債表，因為我們的最終目標是在 2029 年 8 月開始或恢復優先股的贖回。

So what you're likely to see is as we get towards August of 2029, we're going to start building up cash on our balance sheet. So there is no formula as such in terms of share repurchase, but we're just going to be opportunistic considering or keeping in mind that by August 2029, we want to build cash on balance sheet.

因此，您可能會看到的是，隨著我們接近 2029 年 8 月，我們將開始在資產負債表上累積現金。因此，在股票回購方面並沒有固定的公式，但我們會抓住機會，考慮到 2029 年 8 月，我們希望在資產負債表上累積現金。

Paul Cheng, Scotia Bank.

Paul Cheng，加拿大豐業銀行。

Sunil, can I just clarify that in your 2026 CapEx, you're saying that you're going to redirect, say, $250 million from the LCV into the Gulf of America and Oman? So does that mean that LCV, we're not going to spend any money at all? And also that I think for Richard, can you talk about the $400 million that on the quick payback onshore project, what kind of production contribution we should expect for 2026?

Sunil，我可以確認一下，您在 2026 年資本支出計劃中提到，要將 LCV 項目的 2.5 億美元轉移到美洲灣和阿曼嗎？所以這是否意味著，在輕型商用車（LCV）方面，我們一分錢都不會花？另外，我想問理查德，關於投資 4 億美元、投資快速收回成本的陸上項目，我們預計到 2026 年該項目將帶來怎樣的產量貢獻？

The second question is exploration. With your resource slide, you're finding more ways to get resource from the onshore market. So does that mean that exploration will remain sort of like not the most important aspect for your program over the next several years?

第二個問題是探索。透過資源幻燈片，您可以找到更多從境內市場獲取資源的方法。那麼，這是否意味著在未來幾年裡，探索將不再是你們計畫中最重要的方面？

So, Paul, with respect to LCV CapEx for next year, we think it's going to be around $100 million as we roll off capital with the completion of STRATOS.

所以，保羅，關於明年的輕型商用車資本支出，我們認為隨著 STRATOS 計畫的完成，我們將收回部分資本，支出將達到 1 億美元左右。

Yes. I'll pick up a bit of the scenarios with a potential $400 million that Sunil talked about. I mentioned in my remarks a sort of a target initial plan of $55 to $60. And what that means is really, if you think about continuing activity this year, that would be up to that $400 million that Sunil talked about, so actually flat in terms of resources that we would go from this year into next year.

是的。我會稍微談談蘇尼爾提到的那些可能涉及 4 億美元的情況。我在發言中提到一個初步的目標計劃，金額為 55 至 60 美元。這意味著，如果你考慮今年繼續開展活動，那將達到 Sunil 所說的 4 億美元，所以實際上，就資源而言，我們將從今年到明年持平。

In terms of what that makeup for next year might look like for EOR, it’s actually-- it's light. It's about $100 million between EOR and unconventional EOR. And so, it's fairly light next year. And it's actually pretty capital efficient as we look in the out years because we're not drilling wells, we're using CO2 in terms of the recovery. But I also want to highlight, we work scenarios below the $55 plan.

至於明年 EOR 的妝容會是什麼樣子，實際上——會比較淡。常規提高採收率 (EOR) 和非常規提高採收率 (UOR) 之間的差額約為 1 億美元。所以，明年氣溫會比較低。從長遠來看，這實際上非常節省資本，因為我們不用鑽井，而是利用二氧化碳進行回收。但我還想強調一點，我們也會處理低於 55 美元套餐的各種情況。

And that's one of the advantages of the allocation of capital into the US onshore. We have plans that go below $50 to be able to adjust, to really carry Oxy in total in terms of cash flow to meet a breakeven and obviously cover our uses of cash.

這就是將資本配置到美國境內的優勢之一。我們有低於 50 美元的計劃，以便能夠進行調整，真正地讓 Oxy 的現金流達到盈虧平衡點，並顯然能夠覆蓋我們的現金用途。

So we have that mapped out. We've done it in the past. That's why we wanted to go into some detail on the thought process of how we react to lower oil prices. Obviously, we like to work through efficiency first. But we do have that activity, flexibility in our operations, especially in the US to adjust in lower oil price scenarios.

我們已經把計劃制定好了。我們以前做過這件事。這就是為什麼我們想詳細闡述我們應對油價下跌的思考過程。顯然，我們會先考慮提高效率。但我們確實具備這種彈性，尤其是在美國，能夠在油價走低的情況下進行調整。

And then, following up then in GoA, we've already started deferring some exploration from next year into the following years. And in Oman, these are not really big exploration. These are step-out wells, very close to our existing facilities, which can be brought online incredibly quickly.

然後，在GoA，我們已經開始將一些原本計劃在明年進行的勘探活動推遲到未來幾年。而在阿曼，這些並不算是真正的大型探險活動。這些是距離我們現有設施非常近的延伸井，可以非常迅速地投入使用。

James West, Melius Research.

James West，Melius Research。

So Vicki, maybe a bigger picture question for you. A lot of moving parts the last several years with Oxy. Lots of changes in the portfolio. You've been busy is the key here. With the OxyChem sale, are we going into now a quieter period, maybe a harvesting type of a period?

所以維姬，或許你可以問我一個更宏觀的問題。過去幾年，Oxy公司有許多方面發生了變化。投資組合發生了很多變化。關鍵在於你一直很忙。隨著 OxyChem 的出售，我們現在是否即將進入一個相對平靜的時期，或許是一個類似收割的時期？

Absolutely. And I'm thankful to be at this point, finally. Yes, we've gone through -- there was a lot, as you said, going on, but this is where we wanted to be, and this is where we needed to be. So we've done everything that we set out to do with respect to being mostly a US company and with very high-quality, high-margin assets and assets that can sustain over the long term.

絕對地。我很感激終於走到這一步了。是的，我們經歷了很多——正如你所說，發生了很多事，但這是我們想來的地方，也是我們需要來的地方。因此，我們已經實現了我們設定的所有目標，成為一家主要在美國運營的公司，擁有高品質、高利潤率的資產，以及能夠長期持續發展的資產。

And we think that our portfolio is so much differentiated from anybody else because we not only have the high-return, but high-decline shale is complemented and will be complemented in the future by the conventional assets and conventional EOR, along with unconventional EOR.

我們認為我們的投資組合與其他任何投資組合都截然不同，因為我們不僅擁有高回報的頁岩油氣資源，而且高衰減頁岩油氣資源也得到了傳統資產和傳統提高采收率技術以及非常規提高采收率技術的補充，未來還將得到補充。

And when we look at where our portfolio stands today, our production, our total development, 45% conventional and 55% is unconventional. Going into the future, we have a ratio of -- it looks like about the total 16.5 billion that we have and in resource, about 65% is unconventional, 35% conventional.

當我們審視我們目前的投資組合、產量和總開發量時，其中 45% 為常規能源，55% 為非常規能源。展望未來，我們擁有的資源總量約為 165 億美元，其中約 65% 為非常規資源，35% 為常規資源。

But the beauty of the unconventional is what Richard talked about, and that is the fact that in the unconventional, we're going to be able to use CO2 for enhanced oil recovery in the unconventional. It's going to recover, we believe up to the same amount as primary production. So we'll get a 100% of what we got before. So we're doubling our total recovery from the unconventional.

但理查德所說的，非常規油氣的魅力就在於，在非常規油氣領域，我們將能夠利用二氧化碳來提高石油採收率。我們相信它會恢復，而且會恢復到與初級生產相同的水平。所以我們會得到之前所得的100%。因此，我們將非常規能源的總回收量翻了一番。

So that will be actually a low-decline as well over time. So we think that versus a pure shale player or versus those that have assets that are difficult to manage internationally and in foreign countries, we think that we're much better positioned with this portfolio. So yes, we're done with anything that's any big acquisitions or anything like that.

所以隨著時間的推移，實際下降幅度也會很小。因此，我們認為，與純粹的頁岩油生產商或那些在國際上和國外擁有難以管理的資產的生產商相比，我們認為，憑藉這一投資組合，我們處於更有利的地位。所以，是的，我們已經完成了所有大型收購之類的計劃。

Matt Portillo, TPH.

Matt Portillo，TPH。

Maybe just a question to start out on the DJ. You highlighted in Q3, strong well performance drove upside to your production figures. I was curious if you could just maybe comment on in the Rockies – If you've changed anything on the completion or spacing design? Or what's really driving the outperformance there?

或許可以先問一個關於DJ的問題。您在第三季重點提到，強勁的油井表現推動了產量數據的成長。我想問一下，您能否就落基山脈的情況發表一下看法？您是否對完工或間距設計做了任何更改？或者說，真正推動其優異表現的因素是什麼？

Yes. Thanks. A big part of that beat really the last couple of quarters has been our base production. And so a lot of work we've talked about in the past, we've been doing around artificial lift, even using some analytics to improve our efficiency on that. So that was the biggest part of it.

是的。謝謝。過去幾季業績超出預期，很大程度上要歸功於我們的基礎產量。因此，我們過去討論過的許多工作，都是圍繞著人工舉升進行的，甚至還利用一些分析來提高這方面的效率。這就是其中最重要的部分。

We have had better new well performance as well. I wouldn't call it major changes. We just continue to tweak sort of our subsurface designs and flow back. The production operations that support the base also help our new well production. And so a lot of that new well beat is just better uptime on some of our processing facilities.

我們新井的性能也有所提升。我不會稱之為重大變化。我們只是不斷地調整我們的地下設計和回流方式。為該基地提供支援的生產作業也有助於我們新油井的生產。因此，許多新的油井提升只是提高了我們一些加工設施的正常運作時間。

Great. And then maybe just a follow-up on the inventory. I was wondering if you might be able to comment on your views around your DJ inventory and how you might be able to flex capital in kind of a lower commodity price environment. Just thinking through kind of the remaining locations left and obviously, some of the upside that you've highlighted here in the Permian, how you can flex capital between those two basins?

偉大的。然後或許還需要跟進一下庫存狀況。我想請您談談您對 DJ 設備庫存的看法，以及在商品價格相對較低的環境下，您如何靈活運用資金。仔細考慮剩下的地點，以及您在這裡強調的二疊紀盆地的一些優勢，如何在這兩個盆地之間靈活調配資金？

Yes, that's great. Yes. We've been largely working in the DJ around an optimized activity set. We've added a couple of rigs and one frac core. And so that's been a big piece of it. Continuing to show efficiencies like I said on well cost earlier.

是的，那太好了。是的。我們主要圍繞優化的活動集在 DJ 領域開展工作。我們增加了幾台鑽孔機和一個壓裂岩芯。所以，這算是其中很重要的一環。正如我之前所說，在降低成本方面，我們將繼續展現效率優勢。

I think in the Rockies, as we look to the future, excited about the Powder River Basin. We continue to make progress there. We sort of have been working similar to the way I described the Midland Basin where we -- first, we're sort of proving out the productivity of the wells, really in the '23, '24 timeframe. And then in '25, we've had a partial rig year where we flex the rig up to the Powder River Basin. We've had really drilling record after drilling record up there.

我認為，在落基山脈，當我們展望未來時，對粉紅河流感到興奮。我們在這方面持續取得進展。我們一直以來的工作方式與我之前描述的米德蘭盆地的工作方式類似，首先，我們正在驗證油井的產能，實際上是在 2023 年、2024 年的時間範圍內。然後在 2025 年，我們進行了部分鑽井作業，將鑽井平台擴展到了粉紅河盆地。我們在那裡的鑽井作業不斷刷新紀錄。

We've improved about more than 25% versus last year in terms of drilling performance. So that was a big part of it. And so now really as we look to '26 and beyond, we have that opportunity to flex from the Rockies to the Powder River Basin. And so again, I don't really see an increase in capital, just more optimization in terms of that portfolio for the Rockies with that.

與去年相比，我們的鑽井性能提高了25%以上。所以這是其中一個重要原因。所以現在，當我們展望 2026 年及以後時，我們有機會從落基山脈擴展到粉紅河盆地。所以，我並沒有看到資本的增加，只是對落基山脈的投資組合進行了更多的最佳化。

Neal Dingmann, William Blair.

尼爾丁曼，威廉布萊爾。

I think my question is just on the low Permian well cost that you all showed, maybe for Richard. Is the larger projects contributing to that? Or what was the main driver of that exceptionally low cost?

我想問的只是你們展示的二疊紀盆地油井的低成本，也許對理查德來說是這樣。大型專案是否對此有所貢獻？或者說，是什麼因素導致如此低的成本？

Yes. Great question. We've been on this mission in the last couple of years to really relook at both the operational efficiency of our operations and working, like I mentioned earlier around our contracts and service contracts. And so it's really been a bit of both.

是的。問得好。在過去的幾年裡，我們一直致力於重新審視我們營運的效率，以及我們圍繞合約和服務合約開展的工作，就像我之前提到的那樣。所以，其實兩者兼而有之。

I'd say the scale in the Midland Basin certainly helped. We were able to combine really the best of best from Oxy and our legacy CrownRock team and really just worked on that piece of it, but the scale certainly helps. So I do agree with that.

我認為米德蘭盆地的規模肯定起到了幫助作用。我們能夠將 Oxy 和我們原始 CrownRock 團隊中最優秀的人才結合起來，並真正專注於這部分工作，但規模當然很有幫助。我同意這一點。

But from an efficiency –from a contract standpoint, I think we were also entering a period where we made sure we were getting the right contracts for the right type of work. And so we've done a lot of work on that. We're fairly short right now in terms of contract term. And so we're working hard with our partners there to kind of think about how it looks going into 2026 and making sure we got those two pieces put together correctly.

但從效率和合約的角度來看，我認為我們也進入了一個時期，在這個時期，我們確保為合適的工作類型獲得合適的合約。因此，我們在這方面做了很多工作。目前我們的合約期限還比較短。因此，我們正在與那裡的合作夥伴努力思考 2026 年的發展前景，並確保我們將這兩部分正確地結合起來。

Good point. And then just a follow-up, Richard. You talked a lot on the unconventional EOR today and the amount of possible recoveries there. I'm curious, what type of returns? I assume the returns around some of that incremental upside would be very positive, I would think, correct?

說得對。理查德，我還有一個後續問題。今天你談了很多關於非常規提高採收率以及可能實現的採收量。我很好奇，是什麼樣的回報？我認為，這些增量收益中的一些回報會非常可觀，對嗎？

Yes. We highlighted a 25% to 35% kind of where we're at today. And so if we're able to increase the uplift like we're talking about, those are only going to get better. So the goal, obviously, is to be competitive in our portfolio. And so the teams will be working on that. And that-- again, that's the beauty of the portfolio that we have. It's not so much the expansion, but it's the competition to make sure that we're putting capital we're best placed with the returns that we want.

是的。我們重點指出，我們目前所處的階段大約佔 25% 到 35%。所以，如果我們能夠像我們所說的那樣提高提升幅度，情況只會越來越好。所以，很顯然，我們的目標就是在投資組合中保持競爭力。因此，各團隊將著手解決這個問題。而這——再次強調，這就是我們投資組合的魅力所在。重要的不是擴張，而是競爭，以確保我們將資本投入最合適的地方，並獲得我們想要的回報。

Leo Mariani, ROTH.

Leo Mariani，ROTH。

Really appreciate all the details on '26. You certainly talked about the range of capital, $6.3 billion, $6.7 billion, very helpful. Could you give us just some high-level indications of what would you kind of expect production to do in that range? Is that kind of a maintenance range for production, maybe at the lower end and maybe you see a modest amount of growth at the high end? What can you kind of tell us about kind of associated production?

非常感謝您提供的關於“26”的所有細節。您確實提到了資金範圍，63億美元，67億美元，這非常有幫助。您能否大致說明一下，您預期該範圍內的產量會有怎樣的變化？這是否屬於生產維持範圍？或許在低端市場會有一定程度的成長，而在高端市場則可能會有適度的成長？您能跟我們說說相關的生產情況嗎？

So in terms of production, you would be looking something close to flat to potentially up to 2% growth.

因此，就生產而言，預計產量將接近持平，或最多成長 2%。

Okay. That's very helpful. And I guess, any specific areas that largely kind of unconventional that kind of provides the growth for next year? Is that kind of the flex piece is really that $400 million, which I guess is mostly unconventional Permian?

好的。那很有幫助。那麼，我想問的是，有哪些比較非傳統的特定領域能夠為明年的成長提供動力呢？那塊所謂的彈性部分真的就是那4億美元嗎？我猜大部分都是非常規的二疊紀盆地油氣？

That's right. So the growth will be largely driven by unconventional Permian.

這是正確的。因此，成長將主要由非常規的二疊紀盆地油氣開發所驅動。

Right. And as I mentioned, the flex down, we'll go after efficiency first to maintain activity, but in position to be able to cut activity as required based on the macro.

正確的。正如我之前提到的，在靈活調整方面，我們將首先追求效率以維持運營，但同時也要做好根據宏觀形勢需要削減運營的準備。

Thank you. And that concludes our question-and-answer session. I'd like to turn the conference back over to Vicki Hollub for any closing remarks.

謝謝。我們的問答環節到此結束。我謹將會議交還給維姬·霍盧布，請她作總結發言。

Before we close, I want to express sincere appreciation to the entire OxyChem team for their steadfast commitment to safety and operational excellence. Their achievements have contributed significant value over the years, and we're confident that OxyChem will continue to thrive under new ownership. So thank you all for your questions and for joining our call today.

在結束之前，我要向 OxyChem 的全體員工表達誠摯的感謝，感謝他們對安全和卓越營運的堅定承諾。多年來，他們的成就創造了巨大的價值，我們相信 OxyChem 在新的所有權下將繼續蓬勃發展。感謝各位提出問題，也感謝大家今天參加我們的電話會議。

Thank you. Today's conference has now concluded, and we thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

謝謝。今天的會議已經結束，感謝各位蒞臨今天的報告會。現在您可以斷開線路了，祝您有美好的一天。