西方石油 (OXY) 2025 Q4 法說會逐字稿

Good afternoon, and welcome to Occidental's Fourth Quarter 2025 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加西方石油公司2025年第四季財報電話會議。（操作說明）請注意，本次活動正在錄影。

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, Drew. Good afternoon, everyone, and thank you for participating in Occidental's fourth quarter 2025 earnings conference call. On the call with us today are Vicki Hollub, President and Chief Executive Officer; Sunil Matthew, Senior Vice President and Chief Financial Officer; Richard Jackson, Senior Vice President and Chief Operating Officer; and Ken Dillon, Senior Vice President and President, International Oil and Gas Operations.

謝謝你，德魯。各位下午好，感謝各位參加西方石油公司2025年第四季財報電話會議。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 Matthew；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. 2025 was an exceptional year for Oxy, made possible by the focus, discipline and commitment of our people. Our teams worked safely, executed consistently and delivered outstanding operational performance all while driving meaningful cost reductions and efficiency improvements and increasing our financial flexibility.

謝謝喬丹，大家下午好。 2025年對西方學院來說是非凡的一年，這得益於我們員工的專注、自律和奉獻。我們的團隊安全且有效率地開展工作，始終如一地執行任務，並取得了卓越的營運績效，同時實現了有意義的成本降低和效率提升，並提高了我們的財務靈活性。

We took decisive actions to strengthen the company and position Oxy for long-term value creation. The sale of OxyChem made possible by the quality of our portfolio was a deliberate step to strengthen our balance sheet and enable us to deliver greater value from our high-return oil and gas assets. As a result, the portfolio we have today is the strongest Oxy has ever had.

我們採取了果斷措施來加強公司實力，並使 Oxy 為長期價值創造做好準備。憑藉我們優質的資產組合，出售 OxyChem 成為可能，這是我們為加強資產負債表、使我們能夠從高回報的石油和天然氣資產中創造更大價值而採取的審慎舉措。因此，我們今天擁有的投資組合是西方證券有史以來最強大的。

Built around high margin, lower decline and long-lasting conventional assets, we developed a world-class unconventional portfolio and achieved the technical excellence to maximize and expand its value. Now with our operational excellence and our differentiated enhanced oil recovery expertise we are perfectly positioned to drive sustainable free cash flow growth and deliver long-term value to our shareholders for decades to come.

我們以高利潤、低跌幅和長期穩定的傳統資產為核心，建立了世界一流的非常規資產組合，並取得了卓越的技術成就，從而最大限度地提高和擴大了其價值。憑藉我們卓越的營運能力和差異化的提高石油採收率技術，我們完全有能力推動可持續的自由現金流成長，並在未來幾十年為股東創造長期價值。

This afternoon, I will walk through our 2025 financial and operational performance, the actions we took to strengthen Oxy and our priorities and capital plans for 2026. Richard will then cover our operations in more detail, and Sunil will review our fourth quarter results and outlook for the year ahead.

今天下午，我將詳細介紹我們 2025 年的財務和營運業績、我們為加強 Oxy 而採取的行動，以及我們 2026 年的優先事項和資本計劃。接下來，Richard 將更詳細地介紹我們的營運情況，Sunil 將回顧我們第四季度的業績以及對未來一年的展望。

Starting with our financial performance. 2025 demonstrated the resilience of our business. Even with oil prices down around 14% from 2024, we generated $4.3 billion in free cash flow before working capital. On a normalized basis and excluding OxyChem, we increased cash flow from operations by 27% year-over-year. This improvement came from exceptional execution in multiple areas, including reduced operating costs, increased capital efficiency and strong production performance.

首先來看我們的財務業績。 2025 年的業績展現了我們業務的韌性。即使油價從 2024 年起下跌約 14%，我們在扣除營運資本前仍產生了 43 億美元的自由現金流。經過調整並剔除 OxyChem 的影響後，我們的經營活動現金流年增 27%。這項進步源自於多個領域的出色執行，包括降低營運成本、提高資本效率和強勁的生產表現。

Debt reduction continued to remain a top priority in 2025. We repaid $4 billion in debt from multiple sources. And with the completion of OxyChem sale earlier this year, our principal debt now stands at $15 billion, about $3 billion lower than before the CrownRock acquisition.

2025年，減少債務仍是首要任務。我們償還了來自多個管道的40億美元債務。隨著今年稍早 OxyChem 出售的完成，我們的本金債務目前為 150 億美元，比收購 CrownRock 之前減少了約 30 億美元。

Just this morning, we announced a tender offer that is expected to further reduce principal debt to $14.3 billion, reaching that target we set when we announced the OxyChem transaction. This progress reflects disciplined capital allocation and a sustained focus on strengthening the balance sheet. It gives us the flexibility to invest in our best opportunities and continue delivering value to our shareholders.

就在今天早上，我們宣布了一項要約收購，預計將進一步減少本金債務至 143 億美元，達到我們在宣布收購 OxyChem 時設定的目標。這項進展反映了嚴格的資本配置和對加強資產負債表的持續關注。這使我們能夠靈活地投資於最佳機遇，並繼續為股東創造價值。

Now I'll discuss our operational achievements. Operational execution was a clear differentiator for us in 2025. We set a new annual production record of 1.4 million barrels of oil equivalent per day, exceeding the high end of our guidance while spending $300 million less in oil and gas capital than originally planned. We reduced annual operating expenses by $275 million and achieved our lowest lease operating expense per barrel of oil equivalent since 2021.

現在我將談談我們的營運成果。2025年，營運執行力是我們脫穎而出的關鍵因素。我們創下了新的年度產量紀錄，日產量達到 140 萬桶油當量，超過了我們預期的上限，同時在石油和天然氣資本方面的支出比原計劃減少了 3 億美元。我們減少了 2.75 億美元的年度營運支出，實現了自 2021 年以來每桶油當量最低的租賃營運支出。

Reserves to replacement remains critical to the sustainability of our business. Every year, we strive to add at least as many reserves as we produce. This is getting tougher across the industry, but once again, our teams delivered. In 2025, we achieved a 107% organic reserves replacement ratio and the 98% all their reserves replacement ratio at a finding and development cost below our DD&A rate. Including the 2.5 billion barrels of resource we shared last quarter, our total resource base now stands at 16.5 billion barrels of oil equivalent, providing more than 30 years of low-cost opportunity. Importantly, 84% of our total resource base breaks even below $50 per barrel.

儲備金對於我們業務的永續發展仍然至關重要。我們每年都力求增加至少與產量一樣多的儲量。整個產業面臨的挑戰越來越大，但我們的團隊再次出色地完成了任務。2025 年，我們實現了 107% 的有機儲量替代率和 98% 的所有儲量替代率，而勘探開發成本低於我們的 DD&A 率。加上上季我們分享的 25 億桶資源，我們的資源總量目前達到 165 億桶石油當量，可提供超過 30 年的低成本開採機會。重要的是，我們84%的總資源基礎在每桶50美元以下就無法達到收支平衡。

Our leadership in enhanced oil recovery and advanced recovery techniques continues to extend resource life and improved capital efficiency. Midstream also delivered strong results with adjusted pretax income, surpassing the midpoint of guidance by more than $500 million, driven by gas marketing optimization in the Permian and higher sulfur prices at Al Hosn. More importantly, our employees achieved record safety performance across our global operations in 2025.

我們在提高石油採收率和先進採油技術方面的領先地位，不斷延長資源壽命並提高資本效率。中游業務也取得了強勁的業績，調整後的稅前收入比預期中位數高出 5 億美元以上，這主要得益於二疊紀盆地天然氣行銷的優化以及 Al Hosn 硫磺價格的上漲。更重要的是，我們的員工在 2025 年實現了全球營運中創紀錄的安全績效。

In the fourth quarter, we launched our Remote Operations Command Center in the Gulf of America, which complements our Rockies and Permian remote operations command centers. These utilize advanced AI and remote monitoring and have further enhanced our safety, reliability and operational efficiency.

第四季度，我們在美洲灣啟用了遠程作戰指揮中心，與我們在落基山脈和二疊紀盆地的遠程作戰指揮中心形成互補。這些技術利用了先進的人工智慧和遠端監控，進一步提高了我們的安全性、可靠性和營運效率。

In 2025, our strategic actions improved our balance sheet and showcased our team's innovation and operational expertise. With the sale of OxyChem, our 10-year journey to build the best and most diverse oil and gas portfolio is complete, yielding a larger, higher-quality resource base, now at 16.5 billion BOE, up from $8 billion BOE in 2015, and increasing production from 668,000 BOE per day in 2015 to 1.43 million barrels of oil equivalent per day in this year.

2025年，我們的策略舉措改善了我們的資產負債表，並展現了我們團隊的創新能力和營運專長。隨著 OxyChem 的出售，我們歷經 10 年打造最佳、最多元化油氣資產組合的征程已經完成，從而擁有了更大、更高質量的資源基礎，目前已達 165 億桶油當量，高於 2015 年的 80 億桶油當量，並且日產量也從 2015 年的 66.8 萬桶當量。

US assets now provide 83% of our production compared to 50% in 2015, while our international assets remain high quality and high performing with upside potential. Our mix of conventional and unconventional assets provides a complementary balance that offers investment flexibility and downside production through the cycles.

美國資產目前占我們總產量的 83%，而 2015 年則為 50%。同時，我們的國際資產依然保持著高品質和高績效，並具有成長潛力。我們常規資產和非常規資產的組合提供了一種互補的平衡，從而在周期中提供投資靈活性和下行收益。

We no longer require transformative acquisitions. Instead, our teams are focused on what they do best and that is execution, including cost reduction, capital efficiency and well performance, resulting in higher production, better margins and greater financial flexibility. I'm confident that our teams will continue to innovate in all these areas into the future.

我們不再需要進行變革性收購。相反，我們的團隊專注於他們最擅長的領域——執行，包括降低成本、提高資本效率和提升油井性能，從而實現更高的產量、更好的利潤率和更大的財務靈活性。我相信我們的團隊未來會在所有這些領域繼續創新。

While we are pleased with this pivotal achievement, we are not yet satisfied there's still more work to be done. So looking ahead, our priorities for 2026 will build on the progress we made last year. First, we plan to maintain our production base through safe, reliable operations because safety and operational excellence are foundational to everything we do. Second, delivering a sustainable and growing dividend remains central to our strategy, including the 8% increase to our quarterly dividend announced yesterday. Third, we will continue to strengthen our financial position and remain opportunistic in terms of share repurchases and further net debt reductions.

雖然我們對這項關鍵性成就感到高興，但我們並不滿足，還有更多的工作要做。展望未來，我們 2026 年的工作重點將建立在去年的進展之上。首先，我們計劃透過安全可靠的營運來維持我們的生產基地，因為安全和卓越營運是我們一切工作的基礎。其次，提供可持續成長的股息仍然是我們策略的核心，包括昨天宣布的季度股息成長 8%。第三，我們將繼續加強財務狀況，並繼續抓住機會回購股票和進一步減少淨債務。

Our value proposition is rooted in investing in high-return oil and gas projects that generate strong cash flow today, while advancing mid-cycle projects to reduce sustaining capital requirements over time. We're also progressing integrated technologies in CO2, power and midstream to drive resource recovery and long-term value, bringing STRATOS online this year is an important step in this strategy.

我們的價值主張在於投資於能夠立即產生強勁現金流的高回報油氣項目，同時推進中期項目，以隨著時間的推移減少維持性資本需求。我們也正在推動二氧化碳、電力和中游領域的綜合技術，以推動資源回收和長期價值，今年將 STRATOS 投入營運是該策略的重要一步。

Turning to our capital plan. We're entering 2026 from a physician strength. We expect capital spending to range from $5.5 billion to $5.9 billion, representing a $550 million reduction from 2025, excluding OxyChem. This reflects a leaner, more efficient Oxy and continued capital discipline. Even with lower spend, we expect production to average approximately 1.45 million barrels of oil equivalent per day. Approximately 70% of our oil and gas capital will be directed to our US onshore portfolio, providing flexibility to respond to commodity price improvements, while maximizing near-term cash flow.

接下來談談我們的資本計畫。我們以強大的醫療實力邁入2026年。我們預計資本支出將在 55 億美元至 59 億美元之間，比 2025 年減少 5.5 億美元（不包括 OxyChem）。這體現了西方石油公司更加精簡高效，以及持續的資本紀律。即使支出減少，我們預計每日平均產量約為 145 萬桶油當量。我們將把約 70% 的石油和天然氣資本投入到我們的美國陸上資產組合中，從而靈活應對大宗商品價格的上漲，同時最大限度地提高近期現金流。

I'll now turn the call over to Richard to discuss operations in more detail.

現在我將把電話交給理查德，讓他更詳細地討論營運情況。

Okay. Thank you, Vicki. 2025 was a standout year for Oxy, and I'm proud to share the progress we've made across our operations.

好的。謝謝你，維姬。 2025年對西方石油來說是意義非凡的一年，我很自豪地與大家分享我們在各項營運中所取得的進展。

Last year, our focus on cost efficiency and well performance continue to deliver positive results. As Vicki noted, our teams delivered record annual production of 1.434 million BOE per day production while reducing total spending by $575 million, including a 7% beat in domestic operating expenses. In US onshore, our new well capital costs were down 15% compared to 2024 with Permian unconventional costs down 16% and the Rockies down 13%.

去年，我們對成本效益和油井性能的關注繼續取得了積極的成果。正如 Vicki 指出的那樣，我們的團隊實現了創紀錄的年產量，日產量達到 143.4 萬桶油當量，同時減少了 5.75 億美元的總支出，其中包括國內營運支出減少了 7%。在美國陸上，我們的新井資本成本比 2024 年下降了 15%，二疊紀非常規油氣成本下降了 16%，落磯山脈油氣成本下降了 13%。

These new well cost improvements are part of our ongoing track record of oil and gas cost efficiencies. Since 2023, we've achieved approximately $2 billion in annual oil and gas cost savings across our capital and operating expense categories.

這些新的油井成本改進是我們持續提高油氣成本效率的另一個成果。自 2023 年以來，我們在資本支出和營運支出類別中每年節省了約 20 億美元的石油和天然氣成本。

At the same time, last year across all US onshore basins, our new wells performed more than 10% better than the industry, measured on a six-month cumulative oil per foot basis. We also achieved record production from our Holston and record uptimes in Algeria, Gulf of America, Al Hosn and our US onshore EOR facilities, adding strong base production delivery to our production beat.

同時，去年在美國所有陸上盆地，我們的新井產量比產業平均高出 10% 以上（以每英尺六個月累積產油量衡量）。我們也實現了霍爾斯頓油田創紀錄的產量，以及阿爾及利亞、美洲灣、阿爾霍森油田和美國陸上EOR設施創紀錄的正常運行時間，從而為我們的生產目標增加了強勁的基礎產量。

I want to recognize our teams for the relentless drive to improve cost efficiency and performance while also delivering record safety results across our operations. As we look towards 2026, our operational priorities continue to center on three key focus areas: extending and improving our low-cost resource base, further driving cost efficiency, and generating resilient free cash flow at any price.

我要表揚我們的團隊，感謝他們不懈努力，在提高成本效益和績效的同時，也在我們的營運中取得了創紀錄的安全成績。展望 2026 年，我們的營運重點將繼續集中在三個關鍵領域：擴大和改善我們的低成本資源基礎，進一步提高成本效益，以及在任何價格下產生穩定的自由現金流。

Last quarter, we highlighted the significant resource opportunities ahead of us, including our 16.5 billion BOE and 30-plus years of low-cost development runway. This included our advanced recovery opportunities like unconventional EOR that position Oxy for the future.

上個季度，我們重點介紹了擺在我們面前的重大資源機遇，包括我們165億桶油當量和超過30年的低成本開發前景。這包括我們先進的採油機會，例如非常規的提高採收率（EOR），這為西方石油公司（Oxy）的未來發展奠定了基礎。

Today, I want to expand on our cost efficiency progress, which is central to our 2026 plan. The significant cost efficiencies and strong well performance we achieved in our oil and gas operations have positioned us to deliver another $500 million of cost savings in 2026 with $300 million from capital and $200 million from operating and transportation costs. This includes about 7% lower well costs, 5% less facility cost and a 4% reduction in domestic operating expenses. These structural savings are a result of a focused cross-functional effort from our teams over the last several years.

今天，我想詳細介紹我們在成本效益方面取得的進展，這對於我們的 2026 年計劃至關重要。我們在油氣業務中實現了顯著的成本效益和強勁的油井性能，這使我們能夠在 2026 年再節省 5 億美元的成本，其中 3 億美元來自資本支出，2 億美元來自營運和運輸成本。這包括油井成本降低約 7%，設施成本降低約 5%，以及國內營運費用降低約 4%。這些結構性節省是我們團隊在過去幾年中集中精力進行跨職能努力的結果。

Moving forward, we aim to deliver further efficiency gains with our ongoing focus on enhancing cash flow from operations and lowering sustaining capital. These efficiencies, combined with changes in our program allocation have enabled us to reduce our 2026 capital plan by $550 million compared to 2025 without chemicals. This includes $300 million capital reduction for oil and gas and a $250 million reduction in LCV as STRATOS construction winds down.

展望未來，我們將繼續專注於提高營運現金流量和降低維持性資本支出，以實現效率的進一步提升。這些效率的提高，加上我們專案分配的變化，使我們能夠將 2026 年的資本計劃比 2025 年（不包括化學品）減少 5.5 億美元。這包括石油和天然氣領域 3 億美元的資本削減，以及隨著 STRATOS 建設逐步結束，LCV 領域 2.5 億美元的削減。

On STRATOS, we've made great progress. Phase 1 is in the final stage of startup and is expected online in Q2. Phase 2, which incorporates the learnings from our R&D and Phase 1 construction activities will also begin commissioning in Q2, with operational ramp-up continuing through the rest of the year. Last quarter, we discussed the potential to reallocate up to $400 million of capital to US onshore operations as capital rolled off in other areas. However, further cost savings and higher productivity from both base and new wells eliminated the need for this reallocation. Ultimately, these efficiencies further enabled us to reduce US onshore capital by $400 million compared to 2025, while still delivering a 1% production growth.

在 STRATOS 專案上，我們取得了巨大進展。第一階段已進入啟動的最後階段，預計第二季上線。第二階段融合了我們從研發和第一階段建設活動中汲取的經驗，也將於第二季開始調試，營運產能將在今年剩餘時間內持續提升。上個季度，我們討論了將高達 4 億美元的資本重新分配給美國境內業務的可能性，因為其他領域的資本正在減少。然而，基礎井和新井的進一步成本節約和更高的生產率消除了重新分配的必要性。最終，這些效率的提高使我們能夠在 2025 年之前將美國陸上資本減少 4 億美元，同時仍能實現 1% 的產量成長。

This year, we plan to invest in key mid-cycle projects, including Gulf of America waterflood projects and unconventional EOR, where we've increased capital by $200 million from 2025. We view mid-cycle projects as an important part of our strategy to improve and extend resources lower total company decline rate and ultimately lower our sustaining capital.

今年，我們計劃投資關鍵的中期項目，包括美國灣注水項目和非常規提高採收率項目，從 2025 年起，我們將增加 2 億美元的投資。我們認為中期專案是我們策略的重要組成部分，旨在改善和擴展資源，降低公司整體衰退率，並最終降低我們的維持性資本。

In GOA, we are beginning our Horn Mountain waterflood project, which has potential to provide significant incremental recovery with initial uplift to begin in late 2027. We believe our pipeline of GOA waterflood projects, combined with our ongoing focus on production reliability can meaningfully lower our base decline rate and operating expenses.

在阿拉斯加州，我們即將啟動霍恩山注水項目，該項目有望帶來顯著的增量恢復，初步提升將於 2027 年底開始。我們相信，我們位於墨西哥灣的注水項目儲備，加上我們對生產可靠性的持續關注，可以顯著降低我們的基本遞減率和營運成本。

Importantly, our agile operations and 2026 plans provide flexibility to deliver resilient free cash flow even in a lower oil price environment. We have the ability to continue to adjust spend and activity across capital and operating expenses while delivering mid-cycle investments as needed to preserve near-term cash flow and position Oxy for reinvestment only when market fundamentals are clear.

重要的是，我們靈活的營運和 2026 年計畫即使在油價較低的環境下也能提供穩定的自由現金流。我們有能力繼續調整資本支出和營運支出，同時根據需要進行中期投資，以保持近期現金流，並使西方石油公司僅在市場基本面明朗時才進行再投資。

In closing, our operational strength and financial progress in 2025 has positioned us for a strong year in 2026. We we've proven that our execution, relentless cost focus and operational agility can deliver outstanding results even in a dynamic market. Our teams have set new benchmarks in safety, efficiency, and well performance, and we're carrying that momentum into 2026. I'm confident that by maintaining our focus on improving resources and cost efficiency, we will continue to deliver durable results and enable a stronger, more resilient Oxy that will create lasting value.

總之，我們在 2025 年的營運實力和財務進展為我們 2026 年的強勁發展奠定了基礎。我們已經證明，即使在瞬息萬變的市場中，我們的執行力、對成本的不懈關注和營運靈活性也能取得卓越的成果。我們的團隊在安全、效率和油井性能方面樹立了新的標桿，我們將把這種勢頭延續到 2026 年。我相信，透過繼續專注於提高資源利用率和成本效益，我們將繼續取得持久的成果，並使 Oxy 變得更強大、更有韌性，從而創造持久的價值。

Thank you. Now I'll turn it over to Sunil.

謝謝。現在我把麥克風交給蘇尼爾。

Thank you, Richard. In the fourth quarter, we delivered strong operational and financial results. We generated an adjusted profit of $0.31 per diluted share and a reported loss of $0.07 per diluted share. The difference was largely driven by charges and transaction costs related to the sale of OxyChem. Our sustained focus on cost efficiencies and operational improvements enabled us to generate approximately $1 billion in free cash flow despite lower realized oil prices.

謝謝你，理查。第四季度，我們取得了強勁的營運和財務表現。我們調整後的每股攤薄收益為 0.31 美元，而報告的每股稀釋虧損為 0.07 美元。差異主要源自於與 OxyChem 出售相關的費用和交易成本。儘管實際油價較低，但我們透過持續專注於成本效益和營運改進，仍創造了約 10 億美元的自由現金流。

As Vicki and Richard shared, we had an excellent quarter operationally and strengthened our financial position. Production exceeded the midpoint of guidance by 21,000 BOE per day, driven by strong US onshore performance. We also achieved our lowest quarterly domestic operating expense since 2021 at $7.77 per BOE.

正如 Vicki 和 Richard 所說，我們本季的營運非常出色，財務狀況也得到了加強。受美國陸上石油強勁表現的推動，產量比預期中位數高出每天 21,000 桶油當量。我們也實現了自 2021 年以來最低的季度國內營運支出，每桶油當量為 7.77 美元。

Momentum across our oil and gas portfolio is accelerating, demonstrated by our exceptional operational performance throughout 2025. We remain highly confident in our ability to unlock further value for our shareholders, driven by our disciplined capital allocation and strong operational performance.

我們的油氣業務組合發展動能正在加速，2025 年我們卓越的營運表現證明了這一點。我們依然對自身能力充滿信心，相信憑藉嚴謹的資本配置和強勁的營運業績，能夠為股東創造更多價值。

Our Midstream segment delivered outstanding results with adjusted pretax income in the fourth quarter, exceeding guidance by $172 million. This was largely driven by our team success in optimizing transportation around unplanned maintenance on third-party pipelines out of the Permian as well as higher sulfur prices at Al Hosn.

我們的中游業務部門在第四季度取得了優異的業績，調整後的稅前收入超出預期 1.72 億美元。這主要得益於我們的團隊成功地優化了二疊紀盆地第三方管道計劃外維護期間的運輸，以及 Al Hosn 地區較高的硫磺價格。

As shared last quarter, OxyChem and legacy environmental liabilities are reported under discontinued operations. Our strategic actions and targeted focus on efficiencies further lowered our cost structure and enhanced our financial flexibility. The successful completion of the OxyChem sale at the start of the year accelerated our deleveraging, strengthened our balance sheet and enabled us to reduce principal debt to approximately $15 billion.

如同上個季度所揭露的，OxyChem 和遺留環境負債已在終止經營業務項下報告。我們的策略行動和對效率的重點關注進一步降低了我們的成本結構，增強了我們的財務靈活性。今年年初成功完成 OxyChem 的出售，加速了我們的去槓桿化進程，增強了我們的資產負債表，並使我們能夠將本金債務減少到約 150 億美元。

Over the last 20 months, we have repaid $13.9 billion in debt. As a result, our leverage metrics have improved significantly, and our near-term debt maturity profile is fairly minimal with approximately $450 million due over the next four years. In addition, this morning, we launched a $700 million debt tender offer that is expected to reduce principal debt to $14.3 billion, a reduction of over 40% since year-end 2024.

在過去20個月裡，我們償還了139億美元的債務。因此，我們的槓桿指標已顯著改善，近期債務到期情況也相當輕微，未來四年內到期的債務約為 4.5 億美元。此外，今天上午，我們啟動了一項 7 億美元的債務要約收購，預計將把本金債務減少到 143 億美元，比 2024 年底減少 40% 以上。

As a result of our disciplined execution and ongoing focus on cost efficiencies we have driven our sustaining capital requirement lower. We are taking purposeful steps to enhance our cost structure and financial resilience as demonstrated by the operational efficiency gains realized in 2025 and expected savings for 2026.

由於我們嚴謹的執行和對成本效益的持續關注，我們降低了維持營運所需的資本。我們正在採取有針對性的措施來改善我們的成本結構和財務韌性，這體現在 2025 年實現的營運效率提升和 2026 年的預期節省上。

We expect to improve free cash flow by more than $1.2 billion in 2026. This is largely driven by expected annual operational savings of $500 million in oil and gas and $400 million in midstreaming savings, partially driven by improved crude transportation costs. In addition, we expect to realize approximately $365 million in interest savings in 2026 compared to 2025. These initiatives will continue to strengthen our cost structure, supporting resilient free cash flow in a lower price environment.

我們預計到 2026 年，自由現金流將增加超過 12 億美元。這主要得益於石油和天然氣領域預計每年可節省 5 億美元的營運成本，以及中游領域預計可節省 4 億美元，部分原因是原油運輸成本的降低。此外，我們預計 2026 年將比 2025 年節省約 3.65 億美元的利息。這些措施將繼續加強我們的成本結構，在價格較低的環境下支持穩健的自由現金流。

Our improved financial strength, lower sustaining CapEx, and lower cost structure support our 8% dividend increase. Our cash flow priorities remain disciplined with a clear commitment to delivering long-term value for our shareholders.

我們財務實力的增強、維持性資本支出的降低以及成本結構的降低，都支持我們提高 8% 的股利。我們始終堅持嚴格的現金流管理原則，並明確致力於為股東創造長期價值。

As I shared before, as we build cash on our balance sheet, we will be opportunistic in terms of share repurchase and of further net debt reductions. We believe this balanced and opportunistic approach will serve us better as we prepare to resume redemption of the preferred equity in August 2029 when it becomes callable without a $4 per share return of capital trigger and at a lower reduction premium. As Vicki and Richard highlighted, our commitment to cost improvements and prudent capital allocation in 2026 allows us to further reduce costs while maintaining relatively flat production.

正如我之前分享的那樣，隨著我們資產負債表上現金的增加，我們將抓住機會回購股票並進一步減少淨債務。我們相信，這種平衡且機會主義的方法將更好地幫助我們，因為我們準備在 2029 年 8 月恢復贖回優先股，屆時優先股將無需每股 4 美元的資本返還觸發即可贖回，且贖回溢價也會降低。正如 Vicki 和 Richard 所強調的，我們致力於在 2026 年改進成本並進行審慎的資本配置，這使我們能夠在保持相對穩定的產量的同時進一步降低成本。

Total capital for the year is expected to range between $5.5 billion and $5.9 billion weighted to the first half. The midpoint represents an 8% reduction from 2025, excluding OxyChem, primarily driven by efficiency gains and optimization of activity levels. Our capital plan is structured to maintain flexibility and support long-term value creation, enabling us to adapt to oil price uncertainty.

預計全年總資本將在 55 億至 59 億美元之間，其中上半年佔比較高。中點值比 2025 年減少了 8%（不包括 OxyChem），主要原因是效率提高和活性水平優化。我們的資本計畫旨在保持靈活性並支持長期價值創造，使我們能夠適應油價的不確定性。

We continue to prioritize short-cycle, high-return assets to maximize near-term cash flow, while investing in mid-cycle projects to balance base decline. Approximately 70% of our capital program remains focused on US onshore assets, preserving significant flexibility to respond to market changes.

我們繼續優先投資週期短、回報高的資產，以最大限度地提高近期現金流，同時投資週期中期的項目，以平衡基數下降。我們約 70% 的資本計畫仍集中於美國境內資產，從而保持了應對市場變化的較大靈活性。

Related to 2025, spend in US onshore is expected to decrease by $400 million, reflecting ongoing efficiency gains and a reduction in Permian activity levels. We plan to increase investment in the Gulf of America, permit EOR and international by approximately $200 million, supporting our long-term base decline rates through mid-cycle investments. Investment in these projects will support future sustaining capital improvements.

預計到 2025 年，美國陸上石油支出將減少 4 億美元，這反映了效率的持續提高和二疊紀盆地石油活動水準的下降。我們計劃增加對美洲灣、授權 EOR 和國際的投資約 2 億美元，透過中期投資來支持我們的長期基本遞減率。對這些項目的投資將為未來的持續性資本改善提供支持。

We have reduced our exploration budget by approximately $100 million, with lower spend in the Gulf of America. Investment in low carbon ventures will be approximately $250 million lower year-over-year with STRATOS anticipated completion of both phases this year. As Richard mentioned, we expect 2026 production to grow approximately 1%, averaging 1.45 million BOE per day, even at lower capital levels.

我們已將勘探預算削減了約 1 億美元，其中在美洲灣的支出有所減少。由於 STRATOS 計畫預計今年完成兩個階段，對低碳企業的投資將比前一年減少約 2.5 億美元。正如理查德所提到的，我們預計 2026 年產量將成長約 1%，平均每天 145 萬桶油當量，即使在較低的資本水準下也是如此。

First quarter volumes will be lower, reflecting reduced fourth quarter activity and working interest in US onshore, the impact of winter storm firm and planned turnarounds that will impact Gulf of America production in the first half of the year. Production is expected to increase in the second quarter, driven by stronger Permian volumes positioning us for strong full year performance.

第一季產量將下降，反映出第四季美國陸上油田活動和工作興趣的減少，冬季風暴的影響以及計畫中的停產檢修將影響美國灣上半年的產量。受二疊紀盆地產量增加的推動，預計第二季產量將有所成長，這將使我們全年業績表現強勁。

In Midstream, we anticipate slightly lower earnings in 2026 as gas transportation optimization opportunities narrow with increased Permian gas takeaway capacity and in the back half of the year. However, improvements in crude marketing out of the Permian, including the benefit from revised transportation contracts at lower rates are expected to partially offset this impact.

在中游領域，我們預計 2026 年的收益將略有下降，因為隨著二疊紀盆地天然氣外運能力的提高，天然氣運輸優化機會減少，而且這種情況將在下半年出現。然而，二疊紀盆地原油銷售的改善，包括因運輸合約價格降低而帶來的益處，預計將部分抵消這種影響。

We expect a higher working capital used during the first quarter, which is typical for this time of the year, driven by property tax, compensation plan payments and higher interest payments. In summary, our disciplined capital allocation, strong asset base and operational performance continue to drive resilient performance and enhance capital efficiency.

我們預計第一季營運資金使用量將較高，這在每年的這個時候都很常見，主要原因是房產稅、薪資計畫支付和利息支出增加。總而言之，我們嚴謹的資本配置、強大的資產基礎和良好的營運績效持續推動績效穩健成長並提高資本效率。

The advancement of our key portfolio initiatives and sustained cost efficiencies have reinforced Oxy's flexibility and financial resilience. As we continue to strengthen our financial position, we are confident in our ability to create long-term value for our shareholders as we move forward in 2026 and beyond.

關鍵投資組合計劃的推進和持續的成本效益增強了西方石油公司的靈活性和財務韌性。隨著我們財務狀況的不斷增強，我們有信心在 2026 年及以後為股東創造長期價值。

I will now turn the call back over to Vicki.

現在我將把通話轉回給維姬。

Thank you, Sunil. In closing, 2025 was a year of strong execution and disciplined decision-making. We delivered lasting efficiency gains and higher productivity, reinforcing the capabilities and talent of our workforce. And we strengthened our balance sheet and enhanced our financial flexibility, setting the stage for strong shareholder return in the years ahead.

謝謝你，蘇尼爾。總之，2025 年是執行力強、決策嚴謹的一年。我們實現了持久的效率提升和更高的生產力，增強了員工的能力和才能。我們加強了資產負債表，提高了財務靈活性，為未來幾年股東獲得強勁回報奠定了基礎。

Before we move to Q&A, I'd like to share that Jordan Tanner, who has led our Investor Relations team for the past three years, will be taking on a leadership role in the Gulf of America, helping to advance our portfolio of exciting development opportunities. Jordan has done an outstanding job sharing our story, helping communicate our strategy and results and supporting our leadership team. We've also gotten a lot of positive feedback from many of you about Jordan and his ability to tell our story. We greatly appreciate Jordan's contributions and look forward to his continued impact in his new leadership role.

在進入問答環節之前，我想宣布，過去三年一直領導我們投資者關係團隊的喬丹·坦納將在美國灣地區擔任領導職務，幫助推進我們一系列令人興奮的開發機會。Jordan 在分享我們的故事、幫助傳達我們的策略和成果以及支持我們的領導團隊方面做得非常出色。我們也收到了許多人對喬丹及其講述我們故事能力的正面回饋。我們非常感謝喬丹所做的貢獻，並期待他在新的領導職位上繼續發揮重要作用。

I'm also pleased to announce that Babatunde Cole will become Vice President of Investor Relations, reporting to Sunil. Babatunde brings deep operational and leadership experience, most recently as President and General Manager of our Delaware Basin business unit. In that role, he was instrumental in driving operational excellence and accelerating the growth of our unconventional development in the basin. Babatunde has 20 years of industry experience working in reservoir engineering and production operations. Please join me in thanking Jordan and welcoming Babatunde.

我很高興地宣布，Babatunde Cole 將出任投資者關係副總裁，向 Sunil 報告工作。Babatunde 擁有豐富的營運和領導經驗，最近擔任我們特拉華盆地業務部門的總裁兼總經理。在該職位上，他為推動卓越營運和加速盆地內非常規油氣開發的成長發揮了重要作用。Babatunde擁有20年的油藏工程和生產營運產業經驗。請和我一起感謝喬丹，並歡迎巴巴通德。

We'll now open the call for your questions.

現在開始接受大家的提問。

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

（操作說明）Arun Jayaram，摩根大通。

Vicki, I was wondering if you could maybe walk through some of the moving pieces of the much lower CapEx guide relative to the soft guide that you provided on the third quarter call, you did come out about $800 million lower than that -- a soft guide that you provided last quarter.

Vicki，我想請你解釋一下，與你在第三季度電話會議上提供的軟性指導相比，目前的資本支出指導大幅降低，其中有哪些因素在起作用？你最終給出的指導金額比上個季度你提供的軟性指引低了大約 8 億美元。

And maybe you could just walk through kind of the moving pieces. Richard mentioned about $300 million of savings from efficiency gains plus you're reducing exploration CapEx by $100 million. So that's about half of the delta. But maybe just walk through the other changes and perhaps what's happening with activity under the revised program.

或許你可以慢慢了解這些不斷變化的部分。Richard提到，透過提高效率可以節省約3億美元，此外，勘探資本支出還可以減少1億美元。所以這大約是差額的一半。但或許可以先了解其他變化，以及在修訂後的計畫下各項活動正在發生什麼變化。

Yes. I want to point out, Arun, that we always start our capital planning in around June of each year. So we go through about three processes before we get to the point where we actually make a recommendation to the Board. And part of what happened is our teams are just getting better. Our teams came up with these ideas on what we should do and what were the best projects, but as they continue to optimize those projects, it was pretty amazing to see the cost that they were able to cut out, the efficiencies that they were able to find. So a lot of it is just the teams doing exceptional work.

是的。阿倫，我想指出的是，我們每年大約在六月開始進行資本規劃。因此，在最終向董事會提出建議之前，我們需要經歷大約三個流程。部分原因是我們的團隊變得越來越好。我們的團隊提出了這些關於我們應該做什麼以及哪些項目最好的想法，但隨著他們不斷優化這些項目，看到他們能夠削減的成本和能夠找到的效率，真是令人驚嘆。所以很大程度是因為各個團隊都做得非常好。

And again, I have to say that we've gotten to the point where the process that Richard and the team in the US and that, Ken, the offshore team and the international groups they're incredibly innovative, and they have processes that they've put together ways to look at things that differentiates us from others. I like to call it the saving process for oil and gas, it works. And it's working for our teams. And Richard, you can -- you -- I think both of you can share a little bit of the details about the specifics around what did change.

我再次強調，我們已經發展到這樣一個階段：理查德和他的美國團隊，肯和他的海外團隊以及國際團隊，他們都非常具有創新精神，他們制定了一些流程，這些流程讓我們能夠以不同的方式看待事物，這使我們與其他公司區分開來。我喜歡稱之為石油和天然氣的節約過程，它確實有效。而且這對我們的團隊很有效。理查德，你可以——你——我想你們倆可以分享一下具體發生了哪些變化。

Yes, perfect. Thanks, Vicki. Thanks, Arun. I'll try to walk through a few of the pieces and fit the Vicki's good description there. We're certainly excited about the 2026 plan. It really is a continuation of strong performance from '25.

是的，完美。謝謝你，維姬。謝謝你，阿倫。我會試著分析其中的一些部分，並使其符合 Vicki 的描述。我們對2026年的計畫感到非常興奮。這確實是延續了2025年的強勁表現。

So let me just walk through a few of the pieces. As you look at oil and gas, a few moving parts that I'll walk through, but about $300 million of reduced oil and gas, and that's really mostly structural cost savings and a bit of reallocation, and I'll walk through that and then get into the structural piece. And then as we look at total Oxy that $250 million lower LCV, so that was kind of the big picture.

那麼，讓我簡單介紹一下其中的幾個部分。談到石油和天然氣，其中涉及一些動態因素，我會逐一介紹。石油和天然氣成本減少了約 3 億美元，這主要得益於結構性成本節約和一些資源重新分配。我會先介紹這部分，然後再深入探討結構性因素。然後，當我們縱觀整個 Oxy 公司，其 LCV 降低了 2.5 億美元，這就是大致情況。

But diving into the oil and gas within that $300 million, the key driver of the program is really a negative or minus $400 million of US unconventional capital. And that's against last year's capital. As I mentioned in the prepared remarks, we had kind of worked through this in total and had worked ourselves out of the reallocation, but it really was those efficiencies that drove another $400 million. And then we are down $100 million year-on-year on exploration as we continue to optimize that program.

但深入研究這 3 億美元中的石油和天然氣部分，該計畫的關鍵驅動因素實際上是美國非常規資本的負 4 億美元。這是與去年資本相比的情況。正如我在準備好的演講稿中提到的，我們已經徹底解決了這個問題，並擺脫了重新分配的困境，但正是這些效率的提高又帶來了 4 億美元的收益。此外，由於我們仍在不斷優化勘探計劃，我們的勘探支出比去年同期減少了 1 億美元。

And then going up in our mid-cycle $200 million, and that's really focused on Gulf of America and the waterflood project, and our -- a bit in our international and our unconventional EOR. So then just let me spend the last minute on introducing this structural cost savings. So in our US unconventional, about 70% of that $400 million reduction is a continuation of well cost. So we talked about and certainly highlight the $2 billion the team achieved from '23 to '25. This is an additional 7% of well cost, an additional 5% on facilities and construction.

然後，我們在中期週期中增加了 2 億美元，這主要集中在美國灣和注水項目，以及我們的一些國際和非常規提高採收率項目。那麼，就讓我用最後一分鐘來介紹一下這項結構性成本節約措施吧。因此，在美國非常規油氣領域，這 4 億美元的減幅中約有 70% 是油井成本的延續。所以我們討論並重點介紹了該團隊在 2023 年至 2025 年間取得的 20 億美元的成就。這相當於油井成本增加 7%，設施和建造成本增加 5%。

And these are really -- at a high level, we can get in through the call, but these are really development efficiencies. These are more wells per pad, a bit longer laterals, but from an activity standpoint, we're actually able to achieve this with lower activity. So we have 2.5 lower rigs to frac cores. And that's all being done through operations efficiency, but the other really important part is the production improvement. And so base production had a significant beat in the fourth quarter that rolls into 2026.

從宏觀層面來說，我們可以透過電話了解這些，但實際上，這些是提高開發效率的關鍵。雖然每個井場的井數更多，水平井段也更長一些，但從作業量的角度來看，我們實際上可以用較低的作業量來實現這一點。所以我們有 2.5 台下鑽機用來壓裂岩心。這一切都是透過提高營運效率來實現的，但另一個非常重要的部分是生產改進。因此，到 2026 年第四季度，基礎產量大幅超出預期。

And then our new wells continue to deliver not only the primary benches but the secondary benches, and I know we have a slide highlighting that continued improvement. So I just wanted to walk through that at a high level, but certainly want to spend time on these structural cost savings because we think that they're important for this year, but we'll be able to expand those as we go into the future.

然後，我們的新井不僅持續產出主要油層，還持續產出次要油層，我知道我們有一張幻燈片重點展示了這種持續的改進。所以我只想從宏觀層面概括一下，但當然也想花時間討論這些結構性成本節約，因為我們認為它們對今年很重要，而且隨著我們向前發展，我們將能夠擴大這些節約。

And then similarly for International, we have many examples of sustainable savings. For example, our drilling performance has improved so much in Algeria. We dropped a rig from our plan this year and we can still achieve the year's program as originally planned. And GOA and the Horn Mountain waterfloods that Richard alluded to, facilities team really did a great job of reducing capital by leveraging to the maximum of the existing systems top sites and then only augmenting the existing sea water system with new filters and pumps, while doing that, we're able to keep the original injection date, so a really good team performance.

同樣，在國際領域，我們也有許多永續節約的例子。例如，我們在阿爾及利亞的鑽井作業效率已經大大提高。今年我們從計劃中取消了一個鑽井平台，但我們仍然可以按原計劃完成今年的專案。理查德提到的GOA和霍恩山注水項目，設施團隊確實做得很好，他們最大限度地利用了現有系統的頂部站點，只用新的過濾器和泵來補充現有的海水系統，從而減少了資本投入。同時，我們還能維持原有的注水日期，所以這是一個非常好的團隊表現。

Great. My follow-up is just on the Horn Mountain waterflood project. We expect the initial rate next year, do you think that a project like this should be able to support kind of a sustaining production profile for the Gulf as we look out the next several years in that low 130 MBOE per day kind of range?

偉大的。我的後續工作僅針對霍恩山水力發電計畫。我們預計明年將達到初始產量，您認為像這樣的項目能否在未來幾年內，在每天 130 MBOE 左右的低產量範圍內，為墨西哥灣提供某種程度的持續生產模式？

Yes. Great question. I think the way I'd put it is we're really entering a new year in GOA, one with lower declines due to the water flood. So this water flood, the King dump flood, the future water floods are also improving reliability due to our ongoing initiatives and then lower OpEx per barrel long term. And we have a large inventory of development wells and additional wedge layers, including some really interesting opportunities.

是的。問得好。我認為，我們真的進入了GOA的新一年，由於洪水災害，跌幅減少。因此，這次注水、金礦注水、未來的注水，也透過我們正在採取的措施提高了可靠性，並從長遠來看降低了每桶的營運成本。我們擁有大量的開發井和額外的楔形層，其中包括一些非常有趣的機會。

So it feels like we're entering GOA 2.0. In terms of declines in walk-down, thank Horn Mountain as part of it. So it will move from a 20% to sub-10% decline by 2030 and improving to below 5% in subsequent years. King will be down to low single-digit decline. And I think our portfolio level go average decline is projected to decrease to 12% with the potential to get below 7% as the additional water floods are bid online. And these are substantial reserves associated with them in very low F&D. So I think long term, we have a really good runway and can sustain production for a very, very long time.

感覺我們好像進入了GOA 2.0時代。就下山的路段而言，這要感謝霍恩山。因此，到 2030 年，降幅將從 20% 降至 10% 以下，並在隨後的幾年進一步改善至 5% 以下。金的跌幅將降至個位數。我認為，隨著更多注水項目在線上競標，我們投資組合的平均跌幅預計將降至 12%，甚至有可能降至 7% 以下。而且這些儲量相當可觀，但勘探開發成本非常低。所以我認為從長遠來看，我們有非常充足的資金儲備，可以維持非常非常長的生產。

Nitin Kumar, Mizuho.

Nitin Kumar，瑞穗銀行。

I want to start off on slide 24. You mentioned the 16.5 million BOE and the $38 breakeven what catches my eye is the sub-30 bucket, how much of that is unconventional because we hear a lot about shale inventory depth and exhaustion, you're showing a big piece is quite economic. So what's driving that?

我想從第24張投影片開始。你提到了 1650 萬桶油當量和 38 美元的損益平衡點，最吸引我的是低於 30 美元的油桶，其中有多少是非常規油氣？因為我們經常聽到關於頁岩油氣儲量深度和枯竭的說法，而你卻表明很大一部分油氣具有相當高的經濟效益。那麼，是什麼原因導致了這種情況呢？

Let me begin again, yes, so what's happening there is in the US unconventional is the continued improvement of the inventory, starting with primary -- the primary intervals, which were amazing. The secondary benches are providing now as much value as their primary benches did. And then all the things that Richard's mentioned has lowered costs for the resource business to down to the less than 50. And this is specifically talking about the Resources business, not the entire portfolio, but the rest of the portfolio is pretty competitive with US unconventional.

讓我重新開始，是的，美國正在發生的事情是不同尋常的，那就是庫存的持續改善，從主要庫存開始——主要庫存間隔，這令人驚嘆。備用長椅現在提供的價值與主長椅一樣高。理查德提到的所有因素都降低了資源業務的成本，使其降至 50 以下。這裡特別指資源業務，而不是整個投資組合，但投資組合的其他部分與美國非常規油氣業務相比也相當有競爭力。

And you can see that the US unconventional is pretty much almost half of the total. So in GOA and in the other areas, we are doing things that are lower -- continuing to lower those costs as well. So it's -- the whole resource is the average resource is about at a $38 per barrel breakeven.

你可以看到，美國非常規武器的使用量幾乎佔總量的一半。所以在果阿邦和其他地區，我們正在採取成本更低的措施——並繼續降低這些成本。所以，整個資源的平均損益平衡點大約是每桶 38 美元。

Great. Sorry about the delayed -- I wasn't sure if it was on my end or not. As my follow-up, Sunil, maybe for you, you mentioned the opportunistic approach to buybacks. A lot of your peers have provided formula or percentages and things like that. Could you help us understand why the reluctance to go down that path, you have a lot of room on the cash return side?

偉大的。很抱歉回覆晚了——我不確定問題是不是出在我這邊。Sunil，我的後續問題是，也許對你來說，你提到了機會主義的股票回購方法。很多同行都提供了公式、百分比之類的東西。您能否幫助我們理解一下，為什麼您不願意走這條路？畢竟，您在現金回報方面還有很大的提升空間。

Hi, Nitin. So first, let me start with the progress we have made on deleveraging, just to put things in context. So when we announced the OxyChem transaction last year, we said that we'll be using $6.5 billion of the proceeds to pay down debt, and our near-term principal debt target was $14.3 billion. We also said that we'll be initially focused on paying down the debt maturing in the next three to four years. So where are we today with respect to debt.

你好，Nitin。首先，讓我先從我們在去槓桿化方面取得的進展說起，以便更好地理解情況。因此，去年我們宣布收購 OxyChem 時，我們表示將用 65 億美元的收益來償還債務，而我們近期的本金債務目標是 143 億美元。我們也表示，初期我們將集中精力償還未來三到四年內到期的債務。那麼，就目前的債務狀況而言，我們處於什麼階段？

Our principal debt is currently at $15 billion and on track to get to the $14.3 billion with the $700 million tender that we announced this morning. So we have $450 million of debt maturing between $26 million and $29 million, and that was $5.5 billion for the same period at the end of Q3 2025.

我們目前的本金債務為 150 億美元，加上今天早上宣布的 7 億美元收購要約，預計將降至 143 億美元。因此，我們有 4.5 億美元的債務將於 2,600 萬美元至 2,900 萬美元之間到期，到 2025 年第三季末，這一數字將達到 55 億美元。

So I just want to highlight that first, we have delivered on the deleveraging goals that we outlined late last year. So how do we -- looking forward, we would like to first get our principal debt to $10 billion, but we're not setting a time frame to get to this target as we want to have some flexibility. And we expect to have a better view of the macro in the second half of this year. And at that point, I think we will be better positioned to make the appropriate decisions on how we balance between cash build and our return of capital opportunities for 2026 and beyond.

所以，我首先要強調的是，我們已經達成了去年底訂定的去槓桿化目標。那麼，展望未來，我們希望首先將本金債務降至 100 億美元，但我們沒有設定實現這一目標的時間表，因為我們希望有一定的靈活性。我們預計今年下半年將對宏觀經濟情勢有更清晰的了解。我認為，到那時，我們將能夠更好地做出適當的決定，以平衡 2026 年及以後的現金累積和資本回報機會。

The other thing I want to highlight, which Vicki had mentioned in our prepared remarks, our foundational or top return of capital priority is to have a sustainable and growing dividend. So consistent with that, we increased our quarterly dividend by 8%. And we expect to continue making progress with lowering our sustaining capital through operational efficiency and also investing in the mid-cycle projects like Gulf of America and Permian EOR. Now this should also help with a sustainable and growing dividend.

我還要強調一點，Vicki 在我們準備好的發言稿中也提到過，我們資本回報的根本或首要目標是實現可持續成長的股利。因此，我們據此將季度股息提高了 8%。我們期望繼續透過提高營運效率來降低維持性資本支出，並投資於中期項目，例如美國灣和二疊紀盆地提高採收率項目。這也有助於實現可持續成長的股息。

So I just want to conclude by saying, as I mentioned in my prepared remarks, we believe that this balanced and opportunistic approach will serve us better as we prepare to resume redemption of the preferred equity in August 2029. And we always get the question, what is special about August 2029, it is, at that point, it is callable without the $4 per share return of capital trigger and at a lower redemption premium.

最後，我想說，正如我在準備好的演講稿中提到的，我們相信，這種平衡且機會主義的方法將對我們更有利，因為我們準備在 2029 年 8 月恢復贖回優先股。我們總是被問到，2029 年 8 月有什麼特別之處，答案是，屆時無需支付每股 4 美元的資本返還觸發費即可贖回，而且贖回溢價也較低。

Betty Jiang, Barclays.

Betty Jiang，巴克萊銀行。

Congrats on the efficiencies, cost savings that you're being able to achieve in 2025 and reflecting 2026 guidance. A big question that we're guiding just what does it mean for 2027. I know I'm not asking for '27 outlook, but how much of the saving is sustainable to '27? Is there anything getting deferred from '26 into 2027?

恭喜你們在 2025 年實現了效率提升和成本節約，並符合 2026 年的指導方針。我們正在探討的一個重要問題是，這對 2027 年意味著什麼。我知道我並不是問 2027 年的展望，但有多少節省的資金能夠持續到 2027 年？2026年有哪些項目會延期到2027年？

Sunil, I think you mentioned that CapEx will be far and weighted, but perhaps like activity is back-end weighted. So we're just trying to figure out if production will be growing 4Q to 4Q and really just how that all flows into 2027.

Sunil，我想你提到過資本支出將會很大且權重較高，但或許像業務活動一樣，後端也具有權重。所以我們只是想弄清楚產量是否會在第四季到第四季之間成長，以及這一切將如何影響 2027 年。

Okay. So let me start first with the 2027 capital. Again, this is too early to provide any soft guidance, but I just want to give you some thoughts on how we are thinking about the next year's capital. So if you start with US onshore, you can assume this year's capital as sustaining capital. But like Richard said, as we have demonstrated over the last few years, we've been able to reduce the sustaining capital through cost efficiency and strong well performance. So we expect to maintain this momentum into next year. So we could see a modest growth with this year's capital depending on the efficiency and new well performance.

好的。那麼，就讓我先從2027年的資本開始說起吧。再次強調，現在提供任何具體的指導意見還為時過早，但我只想和大家分享我們對明年資本的一些想法。因此，如果您從美國境內投資開始，您可以將今年的資本視為維持資本。但正如理查德所說，正如我們在過去幾年中所證明的那樣，我們透過成本效益和強勁的油井性能，已經能夠減少維持性資本。因此，我們預計明年將保持這一發展勢頭。因此，根據效率和新油井的性能，我們今年的資本可能會出現小幅成長。

In Gulf of America, there will be an increase related to the waterflood project because both the injection wells for the unmounted project will be drilled next year. International, you can assume it to be flat compared to this year. And on exploration, for the last few years, on an average, we have been spending around $200 million per year. This year is lower because we don't have a new program starting in Gulf of America. And LCV, with the completion of STRATOS this year, capital should be coming in lower into 2027.

在美洲灣，由於注水項目的兩口注水井將於明年鑽探，因此與注水項目相關的產量將會增加。國際方面，可以認為與今年相比持平。在勘探方面，過去幾年，我們平均每年花費約 2 億美元。今年的產量較低，因為我們在美洲灣沒有啟動新的計畫。隨著 STRATOS 專案今年竣工，到 2027 年，LCV 的資本流入應該會減少。

So what I would say is, overall, this year's capital range will be a good starting point as sustaining capital and depending on the exploration capital and potentially some reallocation between the assets. And the last thing I would say is if we do have a modest production growth with sustaining capital, it is primarily due to a combination of savings, not just limited to CapEx, but other categories too and well productivity and capital reallocation that will be driving this modest production growth. And now I'll let Richard talk about the -- particularly in production.

因此，我認為，總體而言，今年的資本範圍將是一個很好的起點，因為維持資本取決於勘探資本，並且可能需要在資產之間進行一些重新分配。最後我想說的是，如果我們在維持資本的同時實現適度的產量增長，這主要是由於多種因素共同作用的結果，不僅限於資本支出，還包括其他方面的節約，以及油井生產率和資本重新配置，這些因素將推動產量的適度增長。現在我讓理查德來談談——尤其是在生產方面。

Yes, great. Yes, two things I'd like to take the opportunity to just walk through. One is the structural savings to just think about how that rolls into 2027. Again, it's largely structural, anything sort of year-on-year beyond that has really been optimization of our mid-cycle projects, but let me walk through that and then the production.

是的，太好了。是的，我想藉此機會詳細介紹這兩件事。一是結構性節省，想想這會如何影響到 2027 年。再說一遍，這主要是結構性的，除此之外的任何年度變化實際上都是對我們中期項目的優化，但讓我來詳細解釋一下，然後再談談生產方面。

So from a structural standpoint, again, going back to 2023 to '25, significant improvement over 28% well cost in our US onshore. I'd characterize that as -- and as you followed our story, very focused on specific operational activities, drilling, completion, facilities. And so we had a lot, highlights over that period of time. For example, we're drilling more wells per rig per year. So twice the number of wells per rig. And so you could see that in our gross and net rig activity that we've been able to do.

因此，從結構角度來看，再次回到 2023 年至 2025 年，我們美國陸上油井的成本將顯著降低 28%。我會這樣描述──正如你一直關注我們的故事一樣，我們非常專注於具體的營運活動，鑽井、完井、設施。所以在那段時間裡，我們有許多精彩時刻。例如，我們每台鑽孔機每年鑽的井數更多了。因此，每個鑽機的油井數量翻了一番。因此，您可以從我們已完成的總鑽井活動和淨鑽井活動中看到這一點。

So as we go forward, it's a lot more development -- what I call development efficiency. So a few highlights. Wells per pad across our US position has gone from 3 to 4, to 4 to 6. Our lateral length is improving 10%. And then a big part on the completion side, we've been able to really scale simul-frac. And so with these larger wells, on a pad, we've gone from 10% to near 40% across our US position going in simul-frac. So again, just give some kind of underpin the structural piece of that.

所以，隨著我們不斷前進，我們將迎來更多的發展——我稱之為發展效率。以下是一些亮點。我們在美國的每個井場的油井數量已經從 3 口增加到 4 口，再增加到 4 口增加到 6 口。我們的橫向長度提高了10%。在完井方面，我們已經能夠真正擴大同步壓裂的規模。因此，隨著這些更大的油井在井場上開採，我們在美國採用同步壓裂技術的比例已從 10% 增加到接近 40%。所以，再次強調，就是給這個結構部分某種支撐。

From an optimization standpoint on our mid-cycle projects, as we went year-on-year exploration is a piece of that. We continue to look at how do we optimize that program and make sure it fits on a multiyear perspective.

從最佳化角度來看，對於我們的中期專案而言，逐年探索是其中的一部分。我們將繼續研究如何優化該計劃，並確保其符合多年規劃。

But the Horn Mountain project, waterflood project that Ken described, the team continued to work through that through the last several months and optimize the schedule and the cost profile. And so that was a big piece of things. So it wasn't a deferral. The injection begins. We expect the uplift in late 2027. And that would be the same for our EOR projects. We've got an uptick in capital there, both unconventional and opportunities in our conventional EOR. So I just wanted to reemphasize the point of it being optimization, not deferrals.

但對於肯所描述的霍恩山計畫（注水計畫），團隊在過去的幾個月裡繼續努力，優化進度和成本結構。所以，這就是事情的關鍵。所以這不是延期。注射開始。我們預計價格將在 2027 年底上漲。對於我們的提高採收率項目來說，情況也是如此。我們在那裡的資本有所增加，包括非常規資本和常規提高採收率（EOR）方面的機會。所以我只是想再次強調，重點在於優化，而不是拖延。

Lastly, on production, just a couple of things to point to. Permian does grow, as you mentioned, it's about 4% year-on-year. And so there is a profile during the year to continue to grow there. And then in Rockies, while down year-on-year, it's really a transition year as we go into Powder River Basin. And so what you'll see is actually pretty stable wells online through the year. There was a bit of an opportunity in the DJ. We're moving to a greenfield project we call Bronco that has more wells per pad. We're actually deploying simul-frac in our Rockies operations. So this will kind of provide a steady outlook, but you're transitioning the Powder River Basin. And so that production from the beginning of the year to the end, has a pretty good growth trajectory. So it's almost double from first quarter to fourth quarter. So those are some of the moving parts as you look at our activity slide and try to put the pieces together. So hopefully, that helps.

最後，關於生產方面，有幾點需要指出。正如您所提到的，二疊紀盆地確實在增長，每年增長約 4%。因此，在這一年中，需要保持一定的知名度，以便繼續發展壯大。然後，在落基山脈，雖然同比有所下降，但隨著我們進入粉河盆地，今年實際上是一個過渡年。因此，你會看到全年都有相當穩定的油井在線上運行。DJ這個職位有點機會。我們正在轉向一個名為 Bronco 的全新項目，該項目每個井場擁有更多的油井。實際上，我們正​​在落磯山脈的作業中部署同步壓裂技術。所以這將提供一個穩定的前景，但你們正在經歷粉河盆地的轉型。因此，從年初到年末，產量呈現相當不錯的成長趨勢。所以，從第一季到第四季度，幾乎翻了一番。所以，當你查看我們的活動幻燈片並嘗試將各個部分組合在一起時，這些就是其中的一些組成部分。希望這能有所幫助。

Really helpful. Follow-up on the Rockies. I think the program just really stood out this year with a fairly flattish capital, actually, the D&C is lower as a percentage. But [wells pills] are up quite a bit, almost 45%. So maybe going forward, there's a lot of moving pieces. And as you said, going into PRB, will it be a good baseline to think about going forward, will the PRB typically higher costs as well. So maybe just unpack the dynamics there?

真的很有幫助。後續通報落磯山脈的情況。我認為今年的節目真的非常出色，資本支出相當平穩，實際上，支出和成本佔比更低。但[Wells藥丸]銷量大幅上漲，幾乎達45%。所以，展望未來，可能會有很多變數。正如您所說，進入 PRB 階段，是否會成為一個值得未來考慮的良好基準？ PRB 通常也會有更高的成本嗎？所以或許應該好好分析一下其中的動態？

Yes. Just a couple of points to that. I think, again, you'll see sort of the DJ trajectory trending down just a bit year-on-year. Now one thing to point out, if you look year-on-year, we had a non-op divestment last year. So that was a portion of the year-on-year change. But even just trajectory, DJ, declines a bit but stabilizes at the end of the year, PRB goes up. Again, I would look at the wells online and even if you go into DUC counts, those stayed very steady through the year. It just transitions.

是的。關於這一點，我還有幾點要補充。我認為，DJ 的發展軌跡可能會逐年略有下降。現在需要指出一點，如果你看一下往年的數據，我們去年進行了一項非營運資產剝離。這是同比變化的一部分。但即使僅從軌跡來看，DJ 指數略有下降，但在年底趨於穩定，PRB 指數則上升。我再次查看了網路上的油井數據，即使查看未成熟水稻（DUC）的數量，這些數量在一年中也保持非常穩定。它只是在過渡階段。

The dynamic I'd point you to is oil cut and Powder River Basin is higher. And so on a BOE basis, that may change a bit, but that oil cut is going to pick up in the Powder River Basin. We've seen tremendous well performance. We talk about the secondary benches in the Permian, but both the Nio and Turner have had, for us, record production over the last year. That's really given us that confidence.

我想指出的動態因素是石油減產，而粉紅河流域的石油減產幅度較高。因此，以油氣當量計算，情況可能會略有變化，但粉紅河流域的石油減產將會加劇。我們已經看到了非常出色的油井性能。我們談論的是二疊紀盆地的次要層，但對我們來說，尼奧盆地和特納盆地在過去一年中都取得了創紀錄的產量。這確實給了我們信心。

And to back up, it's just very similar to the way we work Delaware and Midland Basin. We like that scale across the basins to really optimize operations, but they do balance themselves between gas and the oil production. So we'll continue to help with that is that (technical difficulty) we're excited about that PRB program going forward.

補充說明一下，這和我們在德拉瓦州和米德蘭盆地的工作方式非常相似。我們喜歡這種跨盆地的規模，以便真正優化運營，但它們確實在天然氣和石油生產之間實現了平衡。所以我們會繼續提供幫助，解決這個（技術難題），我們對PRB計畫的未來發展感到興奮。

Doug Leggate, Wolfe Research.

道格‧萊格特，沃爾夫研究公司。

I wonder if I could ask a couple of questions. First one is on the sustaining capital updated guidance of $4.1 billion, that's obviously at $40 oil. Obviously, we're early from that, what would that number look like, however you want to define it, let's say, I don't know, today's price or $70, how would we answer that?

我想問幾個問題。首先是關於維持資本的最新指導意見，為 41 億美元，這顯然是在油價為 40 美元的情況下。顯然，我們離那個目標還很遠，無論你怎麼定義它，比如說，我不知道，今天的價格或 70 美元，那個數字會是什麼樣子，我們該如何回答這個問題？

And then my follow-up is, obviously, LCV has still got some residual capital this year. Does that go away in 2027? And can you give us some idea whether or not we are we're starting to think about removing the drag on the midstream business. Does that -- is that thing now at least contributing to cash flow? And I'll leave it there.

然後我的後續問題是，很顯然，LCV 今年還有一些剩餘資金。這種情況會在2027年消失嗎？您能否透露一下，我們是否已經開始考慮消除中游業務的阻力？那件事──那件事現在至少能帶來現金流嗎？我就說到這裡吧。

Hi, Doug, Sunil here. So let me first start with the sustaining capital. So if you look at the midpoint of our CapEx guidance for this year, it's $5.7 billion. And the way we define sustaining capital is to keep production flat, like you said, in a $40 environment and excludes multiyear projects and mid-cycle projects that does not support production in the near term. So from $5.7 billion, you back out LCV and exploration of $300 million, you're at $5.4 billion.

嗨，Doug，我是Sunil。那麼，首先讓我從維持性資本說起。所以，如果你看一下我們今年資本支出指引的中點，那就是 57 億美元。我們對維持性資本的定義是，正如你所說，在40美元的環境下保持產量不變，並且不包括多年期專案和短期內不支持生產的中期專案。所以，從 57 億美元中減去 LCV 和勘探的 3 億美元，就剩下 54 億美元了。

And then if you backed out the $200 million of mid-cycle project, you are at $5.2 billion and going from $5.2 billion to $4.1 billion at $40, that is primarily deflation around 20% deflation. That is what we assume going from $55 to $40.

然後，如果你剔除中期項目的 2 億美元，你的資產就剩下 52 億美元，而以 40 美元計算，資產將從 52 億美元縮水到 41 億美元，這主要是通貨緊縮，通貨緊縮幅度約為 20%。這是我們假設價格從 55 美元降至 40 美元的情況。

And another thing which I would like to highlight is, in 2025, our sustaining capital was $4.5 billion. That was to support 1.42 million BOE per day. And so if you adjust that for OxyChem, it's around $4.2 billion.

還有一點我想強調的是，到 2025 年，我們的維持資本將達到 45 億美元。那是為了支持每天 142 萬桶油當量 (BOE)。因此，如果將 OxyChem 的損失也考慮在內，損失約為 42 億美元。

And for 2026, what we're seeing is sustaining capital is $4.1 billion, but it's also supporting an additional production of 35,000. So what that tells you is that with the increased production, the sustaining capital should have been higher, but all the operational efficiency that the teams have been able to focus on, and what like Vicki and Richard highlighted, that is what has helped us reduce our sustaining capital down to $4.1 billion. And like I mentioned earlier, our top priority in terms of return of capital is to have a sustainable and growing dividend and lowering our sustaining capital is key to have a sustainable and growing dividend.

到 2026 年，我們看到維持資本為 41 億美元，但同時也支持額外 35,000 台的產量。這說明，隨著產量的增加，維持資本本應更高，但團隊能夠專注於提高營運效率，正如 Vicki 和 Richard 所強調的那樣，正是這一點幫助我們將維持資本減少到 41 億美元。正如我之前提到的，我們在資本回報方面的首要任務是實現可持續成長的股息，而降低維持資本是實現永續成長股息的關鍵。

So now I'll let Richard talk about LCV.

現在就讓理查德來談談輕型商用車吧。

Yes. I'll start that. I appreciate the question, Doug. STRATOS a couple of things that kind of pin yourself. STRATOS ramps up this year as we've discussed. So we'll begin to roll off capital for sure. So as we look into next year, that's about another $100 million of capital that will roll off.

是的。我來開始。感謝你的提問，道格。STRATOS 有幾件事會讓你陷入困境。正如我們之前討論過的，STRATOS 今年將加大投入。所以我們一定會開始逐步撤資。展望明年，大約還有 1 億美元的資金將流失。

One thing to think about in terms of that business, is as we think about the future opportunities, both for DAC and even success we've had in our sequestration hubs, as those have been put together, we really think partnership helps move that forward. So if you're thinking about it from a capital perspective, we anticipate being able to bring in partners because of the economics and the derisking that's occurring across both of those opportunities today. And so I just wanted to mention that because I think that's one aspect that we need to think about as we go forward.

就這項業務而言，有一點需要考慮，那就是當我們思考未來的機會時，無論是對於 DAC 還是對於我們在預算削減中心取得的成功，隨著這些機會的整合，我們真的認為夥伴關係有助於推動這一切向前發展。因此，如果您從資本角度考慮，我們預計能夠引入合作夥伴，因為目前這兩個機會都出現了經濟效益和風險降低的情況。所以我想提一下這一點，因為我認為這是我們在前進的過程中需要考慮的一個面向。

From a STRATOS standpoint, again, we'll ramp up this year. There'll be injection, really going into next year, and we'll hit more steady operations, which will then lead to more steady revenue in the mid- to later part of next year, and we think we can really start to point to a levelized EBITDA.

從 STRATOS 的角度來看，我們今年將再次加大投入。明年將會有資金注入，我們的營運將會更加穩定，這將在明年中後期帶來更加穩定的收入，我們認為我們真的可以開始實現平穩的 EBITDA 了。

We told, and Sunil can help me, make any other connections. But I think we've talked about a $90 million to $130 million range kind of level-izing as we get into late 2028. Now I'll tell you from an operational perspective, Ken and I are both optimistic that we're going to continue to find opportunities do like we do another project like Al Hosn debottleneck and add capacity. And so while that's a good run rate that we've used and communicated operationally, we're working on how do you reduce cost and add capacity. And -- so anyway, that's sort of the milestones that we're looking at in that program going forward.

我們已經告訴 Sunil，他可以幫我建立其他聯繫。但我認為我們已經討論過，到 2028 年底，這個數字可能會穩定在 9,000 萬美元到 1.3 億美元之間。現在，從營運角度來看，我和肯都樂觀地認為，我們將繼續尋找機會，像我們之前做的其他項目（例如 Al Hosn 項目）一樣，消除瓶頸並增加產能。因此，雖然這是我們一直在營運中使用和宣傳的良好運行率，但我們正在研究如何降低成本並增加產能。總之，這就是我們未來在這個計畫中要關注的幾個里程碑。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛集團。

Congratulations to everyone on the new roles and Jordan, great job in the time you were in the seat. I guess the first question actually is for you, Richard, as -- have you stepped into the CRO's seat late last year, but just some initial observations of things that you think Oxy has been doing really well from an operations standpoint? And where do you think there is room for improvement just because you have some fresh eyes in the new seat.

祝賀各位履新，也祝賀 Jordan 在任期間表現出色。我想第一個問題其實是問你的，理查德，因為你去年年底才接任首席營收長一職，但從營運的角度來看，你認為西方公司有哪些方面做得非常好？你認為僅僅因為新職位帶來了新鮮血液，哪些方面還有改進的空間？

Yes, appreciate the question. But lucky to work for Oxy for some time. So some of these I've got to observe for a while or be a part of. But I will say the new perspective in the job a couple of things. One, the resource base that we have today is outstanding. That's been continued to improve really over the last 10 or 15 years, both as we've narrowed our focus, but also through organic efforts. And that's why we're excited to talk about all the subsurface work that we've done and the well performance, how it's played out. And so that part has been reinforced as I look across the portfolio.

是的，感謝提問。但很幸運能在Oxy工作一段時間。所以，有些事情我需要觀察一段時間，或是參與其中。但我想說，這份工作的新視野有幾點值得關注。第一，我們今天擁有的資源基礎非常出色。在過去的 10 到 15 年裡，這種情況一直在持續改善，這既得益於我們縮小了關注範圍，也得益於自身的努力。所以，我們很高興能和大家聊聊我們所做的所有地下工作以及油井的性能，以及最終的結果。因此，當我審視整個投資組合時，這一點得到了進一步的印證。

I would say projects like the Gulf of America waterfloods. When we think about the opportunity of EOR in Gulf of America and the contribution they can have to reduce our cost structure, lower decline, add to that sustaining capital very exciting part of the portfolio. We're just now in a position to really take advantage of. Things like the Gulf of America working on production reliability has been impressive. So I think from a resource perspective, good from operational efficiency, I love our teams, that's where I grew up with it. And so I just have a lot of confidence in not only what we're doing today but going forward.

我會說像美國灣注水工程這樣的專案。當我們思考美洲灣提高採收率的機會，以及它們可以為我們降低成本結構、減少產量下降、增加永續資本所做的貢獻時，這無疑是投資組合中非常令人興奮的部分。我們現在才真正處於能夠充分利用這優勢的位置。例如，美國海灣石油公司在提高生產可靠性方面所做的努力令人印象深刻。所以我覺得從資源角度來看，營運效率也很好，我熱愛我們的團隊，我就是在團隊裡成長的。因此，我對我們今天所做的事情以及未來的發展都充滿信心。

I'd say the last thing I would note that I think we're starting to see some momentum on and Vicki mentioned it in our prepared remarks, is really coming together on some of the technology. And so we talk about technology around CO2, power and water. But the other one is things like the digital technology or AI. I can tell you in the Rockies, through this last winter storm, we have been able to deploy this remote operations center.

最後我想指出的是，我們開始看到一些進展，Vicki 在我們的演講稿中也提到了這一點，那就是一些技術正在真正融合。因此，我們討論了與二氧化碳、電力和水相關的技術。但另一方面，還有像是數位技術或人工智慧之類的東西。我可以告訴大家，在洛磯山脈，我們成功部署了這個遠程作戰中心，度過了上一次冬季風暴。

So in the US -- let me just back up, in the US, about 40% of our production, we call rootless meaning that it's covered under a remote center where we resolve or understand issues before we send a person to go check it. And so in the Rockies during this winter storm, we were able to resolve about 300 issues a day remotely. And so that's not only more efficient for cost and production, but it's also safer. And so like many of us talk today, but I think we're seeing it especially in the ranks of our operations, the ability to use this technology, things like AI to deploy our people in a more effective way are really exciting. So on top of all the drilling completion things I get excited talking about, I really do believe that's going to be a good part of our future.

所以在美國——讓我先回顧一下，在美國，我們大約 40% 的生產，我們稱之為無根生產，這意味著它由遠端中心負責，我們在派人去檢查之前，會在那裡解決或了解問題。因此，在落基山脈的這場冬季風暴期間，我們每天能夠遠端解決大約 300 個問題。因此，這不僅在成本和生產方面效率更高，而且更安全。所以就像我們今天很多人談論的那樣，但我認為我們特別在營運層面上看到了這一點，利用人工智慧等技術以更有效的方式部署我們的人員的能力真的令人興奮。所以，除了所有讓我興奮不已的鑽井完工相關事宜之外，我真的相信這將是我們未來發展的重要組成部分。

And then the follow-up for you, Vicki, is your perspective on the macro, you always have great color on how you see the world, be curious on how you're thinking about the setup for 2026 for oil this year where many of us came into the year a little bit more cautious. And obviously, geopolitical volatility is creating some upside risk here in the near term. So your perspective on that? And do you think the industry is going to respond to potentially higher prices in the near term are folks watching the back end of the curve, and where there's been less movement. So your perspective would be great.

接下來我想問的是維姬，你對宏觀經濟的看法。你總是能以獨特的視角看待世界，我很想知道你對2026年石油市場格局的看法。今年年初，我們很多人對此都比較謹慎。顯然，地緣政治動盪在短期內會造成一些上行風險。你對此有何看法？你認為產業會在短期內對可能上漲的價格做出反應嗎？人們都在關注曲線的後端，以及波動較小的部分。所以，您的見解將非常寶貴。

I think that we're still a little bit cautious about 2026 because we feel strongly that you have to look at the fundamentals. And there are going to be these scenarios where prices get driven up by things that are happening geopolitically. We don't believe those are sustainable, and we believe that could be resolved within days or it could go on for months. We don't know, but we're prepared to assume that the fundamentals don't support where prices are right now. But we do believe that toward the end of the year and into next year that the fundamentals will start to shift a bit because when you look at what's happening in our industry, and this -- we're a big believer in trying to make sure that every year, we replace the production that we produce, so our reserves replacement ratio is important to us.

我認為我們對 2026 年仍然有些謹慎，因為我們強烈認為必須著眼於基本面。在某些情況下，地緣政治事件會推高價格。我們認為這些做法不可持續，我們認為這個問題可能幾天內就能解決，也可能持續數月。我們不知道，但我們準備假設基本面不支援目前的價格水準。但我們相信，到今年年底和明年，基本面會開始發生一些變化，因為當你觀察我們行業正在發生的事情時，你會發現——我們非常相信要努力確保每年都能補充我們生產的儲量，所以我們的儲量補充率對我們來說很重要。

But if you look at the industry, the industries around the world worldwide, the industry reserve replacement ratio right now is about less than 25%. So I think that means that the macro has got to become better for oil sooner rather than later. The -- when you look at the exploration that's happening along the western side of Africa, the eastern side of South America. While those reservoirs are good, and they're going to be -- they're going to add value to the shareholders of the companies that are developing those.

但如果你放眼整個產業，放眼全球各行各業，你會發現目前的產業儲備替代率大約不到 25%。所以我認為這意味著宏觀經濟情勢必須盡快對石油有利。當你觀察非洲西部和南美洲東部正在進行的勘探活動時，你會發現這一點。雖然這些油氣藏很好，而且將來也會很好——它們將為開發這些油氣藏的公司的股東增加價值。

And by the way, we do have a blocking guy on that ultimately we hope to develop too, is that those reservoirs are great for the company and for the shareholders, but they're not even hardly a blip on the radar for world supply. For example, if you have like a Guyana, the original forecast, I don't know what it is now, but it was for 12 billion barrels of oil to be recovered, that barely replaces a third of what the world demands for use today. So the world uses $30 billion. And so these reservoirs, while good individually for companies they're not going to be what we need for world supply going forward. So our view of the macro is that ultimately, we believe by 2027, we're going to get much closer to being in balance with respect to supply and demand.

順便說一句，我們確實有一個阻礙因素，我們最終也希望開發這些油藏，因為這些油藏對公司和股東來說固然很好，但它們在世界供應中幾乎微不足道。例如，以圭亞那為例，最初的預測是開採 120 億桶石油，我不知道現在是多少，但這只相當於當今世界石油需求的三分之一。所以全世界一共使用了300億美元。因此，這些儲量雖然對單一公司來說很好，但它們並不能滿足我們未來世界供應的需求。因此，我們對宏觀經濟的看法是，最終我們相信到 2027 年，我們將更接近供需平衡。

And I would say the other thing that's happening is a lot of companies have declining resources. And there are very few oil and gas companies today that can consistently maintain a better than 100% reserve replacement ratio. And those companies have to become a shrinking business, or they have to figure out what do they do about that. Some are going international when they've never been. Some are going to need to do M&A. We're doing all of that. We've done our M&A. So we're done with M&A.

而且我認為，另一個正在發生的現像是，很多公司的資源都在減少。如今，能夠持續維持100%以上儲量補充率的石油和天然氣公司寥寥無幾。這些公司要嘛必須縮減業務規模，要嘛就得想辦法解決這個問題。有些人從未出過國，現在卻要走向國際。有些公司需要進行併購。我們正在做所有這些事情。我們已經完成了併購。併購部分到此結束。

We've -- we're already international, and we have experience there, and we're in three of the best countries that you can be in internationally with respect to the government and our partners. And then the third thing that needs to happen is we need to get more oil out of the reservoirs that the world has today. And we're the best at doing that.

我們已經是一家國際公司，並且擁有國際經驗，而且我們在三個與政府和合作夥伴關係密切的國際最佳國家都設有分支機構。第三件需要做的事情是，我們需要從世界現有的油藏中開採更多的石油。我們在這方面做得最好。

I believe we have the CO2 enhanced oil recovery expertise. So we are the company that can get the most out of the reservoirs we have here and internationally. So it's really important to recognize that what we've built here is something very unique and very important for our industry and for the energy independence of the United States as we start to apply our enhanced oil recovery in a bigger way for us in the Permian and then in other basins, to help extend the energy independence of the US. So this is significant what the teams have accomplished here at Oxy, and we're proud of it. And we know we've got work to do, and we'll be doing that, and we'll get better every year because that's just -- that's just what our teams do. That's what they're committed to do.

我相信我們擁有二氧化碳強化採油的專業技術。因此，我們是能夠最大限度地利用國內外現有資源的公司。因此，我們非常有必要認識到，我們在這裡所建立的東西非常獨特，對我們的產業和美國的能源獨立都非常重要，因為我們開始在二疊紀盆地以及其他盆地更大規模地應用提高石油採收率技術，以幫助擴大美國的能源獨立性。所以，Oxy團隊的成就意義重大，我們為此感到自豪。我們知道我們還有很多工作要做，我們會努力去做，而且我們會逐年進步，因為這就是——這就是我們團隊的行事方式。這是他們承諾要做的事。

So with that, we're over time, and I'll let you all go. And thank you for participating in our call today.

好了，時間到了，我就讓大家走了。感謝您今天參加我們的電話會議。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。