西方石油 (OXY) 2026 Q3 法說會逐字稿

Good afternoon and welcome to Occidental’s Third Quarter 2026 Earnings Conference Call. (Operator Instructions) Please note today's event is being recorded.

下午好，歡迎參加 Occidental 2026 年第三季財報電話會議。（接線員指示）請注意，今天的活動將被錄音。

I'd now like to turn the conference over to Babatunde Cole, Vice President of Investor Relations. Please go ahead.

現在我想把會議交給投資人關係副總裁 Babatunde Cole。請開始。

Thank you, Rocco, and good afternoon, everyone, and thank you for participating in Occidental's third quarter 2026 earnings conference call. On the call with us today are Richard Jackson, President and Chief Executive Officer; Sunil Mathew, Senior Vice President and Chief Financial Officer; and Ken Dillon, Senior Vice President and President, International Oil and Gas Operations.

謝謝你，Rocco，各位下午好，也感謝各位參與 Occidental 2026 年第三季財報電話會議。今天與會的有總裁兼執行長 Richard Jackson；資深副總裁兼財務長 Sunil Mathew；以及資深副總裁兼國際油氣營運總裁 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，我們將參考公司網站「投資人」專區提供的簡報投影片。簡報第 2 頁包含一段警示性聲明，說明今天下午電話會議中將提及的前瞻性陳述。今天我們也會引用若干非 GAAP 財務衡量指標。與最接近之對應 GAAP 指標的調節表，可在我們的財報新聞稿附表及公司網站上查閱。

I will now turn the call over to Richard.

現在我把電話會議交給 Richard。

Thank you, Babatunde, and thank you all for joining our call today. This was another strong quarter for Oxy, and I would like to thank our teams for their continued focus on execution and consistent results.

謝謝你，Babatunde，也感謝各位今天加入我們的電話會議。這是 Oxy 又一個強勁的季度，我要感謝我們的團隊持續專注於執行並交出一致的成果。

This quarter, we exceeded the midpoint of guidance for total company production, delivered strong results in Midstream with over $300 million in adjusted pre-tax income, and continue to drive efficiencies across our operations. A key highlight in the third quarter was achieving our $10 billion principal debt milestone, which is an important step in strengthening our financial position and creating additional capacity to deliver value.

本季，我們的全公司總產量超越指引區間中點；中游業務表現強勁，調整後稅前收益超過 3 億美元；並持續在各項營運中推動效率提升。第三季的一項關鍵亮點，是我們達成 100 億美元本金債務里程碑，這是強化財務體質並創造更多價值交付能力的重要一步。

Last quarter, I shared our pathway to add more than $4 billion of annual sustainable cash flow by 2030, an approximate 95% increase compared to 2025. Importantly, this increase is driven by durable improvements across the business, including oil and gas cost efficiencies, lower decline rates, and lower debt interest. Looking ahead, we remain focused on executing this value improvement plan and on increasing and accelerating both the return on, and the return of, capital through the cycle. A key part of delivering this value improvement is our ability to unlock more from the subsurface through advanced resource recovery.

上一季我分享了我們的路徑：到 2030 年新增超過 40 億美元的年度可持續現金流，較 2025 年約增加 95%。重要的是，這項增長來自於全業務的長期性改善，包括油氣成本效率提升、遞減率降低，以及債務利息下降。展望未來，我們仍將專注於執行這項價值提升計畫，並在景氣循環中提高並加速資本報酬（return on capital）與資本回饋（return of capital）。交付這些價值提升的一個關鍵部分，是我們透過先進資源採收技術，從地下地層中釋放更多價值的能力。

We were recently able to share and post a more detailed disclosure to demonstrate these capabilities, including our Enhanced Oil Recovery operations. I would like to take a few minutes today to share these highlights before we get into third quarter results.

我們近期已能分享並發布更詳細的揭露內容，以展示這些能力，包括我們的提高採收率（EOR）營運。在進入第三季業績之前，我想先用幾分鐘分享這些重點。

Importantly, we apply our advanced recovery approach across the portfolio and at every stage of resource recovery, from exploration and subsurface characterization through field development and production. This has resulted in a track record of adding and improving our resources while consistently delivering more production. In U.S. Unconventional, our new well performance continues to deliver in both productivity and cost efficiency. Across U.S. Unconventional, our 2025 and 2026 wells have delivered top-tier performance in every basin, with at least 10% above the industry average on a six-month cumulative oil per lateral foot basis. That performance is driven by the detailed, customized subsurface work we do for every drill-spacing-unit and well. In the Delaware, for example, we've shown that in some areas, increasing the number of wells per bench can deliver the same individual well performance and up to 2.5x the recovery per DSU.

重要的是，我們在整個資產組合以及資源採收的每個階段都採用先進採收方法，從勘探與地下地層特性刻畫，到油田開發與生產。這使我們在持續提升與新增資源的同時，也能一貫地交付更高產量。在美國非常規業務方面，我們的新井表現持續在生產力與成本效率上交出成果。在美國非常規各盆地中，我們 2025 與 2026 年的井在每個盆地都展現頂尖表現，以每側向英尺六個月累計原油產量衡量，至少較產業平均高出 10%。這樣的表現來自我們針對每一個鑽井間距單元（DSU）與每一口井所做的細緻、客製化地下地層工作。以 Delaware 為例，我們已證明在某些區域，提高每個層段（bench）的井數，仍可維持相同的單井表現，並使每個 DSU 的採收量最高提升至 2.5 倍。

We also highlight how we apply the optimal approach for each DSU, whether that is multi-bench co-development or a phased bench development. The aim is to maximize value by aligning our subsurface approach with the right technology, infrastructure, and operating considerations.

我們也強調，會針對每個 DSU 採用最佳方法，無論是多層段協同開發，或是分階段的層段開發。目標是透過讓地下地層策略與適當的技術、基礎設施及營運考量相匹配，以最大化價值。

In conventional EOR, we have over 50 years experience and 2 billion BOE of resource. Most of this resource is across our 1.2 million acre position on the Permian Central Basin Platform, where we continue to expand EOR development, leveraging our extensive CO2 infrastructure.

在傳統 EOR 方面，我們擁有超過 50 年經驗與 20 億桶油當量（BOE）的資源。其中大部分資源位於我們在二疊紀中央盆地平台（Permian Central Basin Platform）120 萬英畝的持有區，我們持續擴大 EOR 開發，並運用我們廣泛的 CO2 基礎設施。

This year, our teams also found new ways to add resources and accelerate production through horizontal development in zones we have historically bypassed. Today, we are applying unconventional drilling and frac techniques to these zones and are seeing strong results. To date, in 2026, we have drilled eight conventional grassroots horizontal wells that are competitive in our portfolio with high oil cut production and lower decline.

今年，我們的團隊也透過在過去歷來略過的層位進行水平開發，找到新增資源並加速產量的新方法。目前我們正將非常規鑽井與壓裂技術應用於這些層位，並看到強勁成果。截至目前在 2026 年，我們已鑽成 8 口傳統新區（grassroots）水平井，在資產組合中具競爭力，具備較高含油率產量與較低遞減。

At the same time, we started an EOR sidetrack program to accelerate production in these same reservoirs by leveraging existing wellbores and infrastructure. After starting these side-tracks in late February, we now have drilled approximately 80 so far this year. This dual approach is both lower cost and efficient to further advance this resource opportunity while adding production this year.

同時，我們也啟動 EOR 側鑽（sidetrack）計畫，透過利用既有井筒與基礎設施，在相同油藏中加速產量。自 2 月底開始進行側鑽後，今年迄今我們已鑽成約 80 口。這種雙軌策略成本更低、效率更高，能在今年增加產量的同時，進一步推進這項資源機會。

We have already identified 500 more sidetrack candidates to continue to accelerate production. Additionally, our new conventional horizontal opportunities add more than 200 million BOE of development-ready resource with further upside through appraisal and CO2 EOR.

我們已另外辨識出 500 個側鑽候選井，以持續加速產量。此外，我們新的傳統水平井機會新增超過 2 億桶油當量（BOE）的可開發資源，並可透過評估鑽探與 CO2 EOR 帶來進一步上行空間。

In unconventional EOR, we have another 2 billion BOE of resources identified today. Our first three commercial projects are progressing towards injection by 2029, with more than 30 additional development-ready opportunities in the pipeline. Over the last 10 years, we piloted our approach across multiple basins and formations, demonstrating significant oil production uplift and economic miscible gas and CO2 utilization.

在非常規 EOR 方面，我們目前另已辨識出 20 億桶油當量（BOE）的資源。我們的前三個商業化專案正朝 2029 年注入作業推進，且管線中還有 30 多個可立即開發的機會。過去 10 年，我們在多個盆地與地層進行方法試點，證明可顯著提升原油產量，並實現具經濟性的混相氣體與 CO2 利用。

These pilots have demonstrated approximately 45% uplift with further upside from additional injection. In addition to CO2 EOR, we continue to advance a broader suite of technologies, where applied together, we see the potential to increase estimated ultimate recovery by 70% to 140% per well.

這些試點顯示約 45% 的增產效果，且透過增加注入仍有進一步上行空間。除 CO2 EOR 外，我們也持續推進更廣泛的一系列技術；當這些技術結合應用時，我們看到每口井的預估最終採收量（EUR）有潛力提升 70% 至 140%。

Additionally, in the Gulf of America, we are advancing waterfloods that give us another significant opportunity to recover more from existing fields and infrastructure. We have identified roughly 450 million BOE of waterflood resource at less than $40 breakeven, providing more than a decade of development runway today. Importantly, we also continue to outperform on base production.

此外，在美洲灣（Gulf of America），我們正推進水驅（waterflood）專案，為我們從既有油田與基礎設施中回收更多資源提供另一個重大機會。我們已辨識約 4.5 億桶油當量（BOE）的水驅資源，損益兩平點低於 40 美元，為目前提供超過十年的開發跑道。重要的是，我們在基礎產量方面也持續優於預期。

In U.S. Onshore operations, we have averaged more than 13,000 BOE per day above our original annual plan in each of the last three years. A key driver of this outperformance is our continued advancement in application of technology and AI across our operations. To date, approximately 9,000 or 68% of our artificial lift wells are under AI surveillance with predictive intelligence, supporting up to 7% annual production uplift and reducing failure frequency by 22% compared to 2023.

在美國陸上營運方面，過去三年我們每一年平均日產量都比原先年度計畫高出超過 13,000 桶油當量（BOE）。推動這項超預期表現的一個關鍵因素，是我們持續在營運中推進技術與 AI 的應用。截至目前，我們約 9,000 口（或 68%）人工舉升井已納入具預測智慧的 AI 監測，可支援每年最高約 7% 的產量提升，並使故障頻率較 2023 年降低 22%。

Together, our advanced recovery technologies and approach help us add and improve resources while continuing to drive cost efficiencies. They also play a significant role in reducing Oxy's overall decline rate from approximately 25% to 20%, supporting our sustainable cash flow improvement plan by 2030.

綜合而言，我們的先進採收技術與方法，協助我們在持續推動成本效率的同時，新增並提升資源。它們也在將 Oxy 的整體遞減率由約 25% 降至 20% 方面扮演重要角色，支撐我們到 2030 年的可持續現金流改善計畫。

I'll now turn to a few specific third quarter operational highlights. Our teams delivered another strong quarter, building on the operational and financial performance we have seen throughout 2026. Our U.S. Onshore business outperformed the midpoint of guidance by 20,000 BOE a day. In New Mexico, we hit record gross operated production of 284,000 BOE per day, up about 23% since January.

接下來我將談幾項第三季具體的營運亮點。我們的團隊再度交出強勁的一季，延續 2026 年以來我們所見的營運與財務表現。我們的美國陸上業務日產量較指引區間中點高出 20,000 桶油當量（BOE）。在新墨西哥州，我們創下總營運毛產量日產 284,000 桶油當量（BOE）的紀錄，自 1 月以來約成長 23%。

In the Powder River Basin, we ramped up activity and brought a record 27 wells online in the third quarter, which is more than any prior year. This drove more than 70% production growth compared to the first quarter, with an average net production of 23,000 BOE per day in the third quarter.

在粉河盆地（Powder River Basin），我們提高了作業活動，並在第三季讓創紀錄的 27 口井投產，超過以往任何一年。這使得相較第一季產量成長超過 70%，第三季平均淨產量為每日 23,000 BOE。

In the Gulf of America, while third-quarter production was affected by a third-party gas pipeline constraint and maintenance, we continue to advance our water flood program. Our first project, the King Dumpflood, began first injection in July, supporting the broader water flood opportunity across our GOA portfolio.

在美洲灣（Gulf of America），儘管第三季產量受到第三方天然氣管線輸送受限與維護作業影響，我們仍持續推進注水驅（water flood）計畫。我們的第一個專案 King Dumpflood 已於 7 月開始首次注水，支持我們 GOA 資產組合更廣泛的注水驅機會。

In our EOR business, we continue to outperform and accelerate production. Our sidetrack program and conventional horizontals have added 10,000 BOE per day as of the end of the third quarter. This demonstrates how our teams were able to adjust this year as we reallocated capital and expense dollars to this fast-track opportunity. As we continue to expand our EOR opportunities, we are also making progress on securing low-cost CO2.

在我們的提高採收率（EOR）業務方面，我們持續超越預期並加速增產。截至第三季末，我們的側鑽（sidetrack）計畫與傳統水平井已新增每日 10,000 BOE。這顯示在我們重新配置資本與費用支出至此一快速推進機會時，團隊能夠於今年做出調整。隨著我們持續擴大 EOR 機會，我們也在取得低成本 CO2 方面取得進展。

We have signed offtake agreements with two project developers to deliver 2 million metric tons per year of anthropogenic CO2 captured from third-party gas processing plants for use in our Permian EOR operations, which represent about 15% of our 2026 purchase CO2.

我們已與兩家專案開發商簽署承購（offtake）協議，每年交付 200 萬公噸自第三方天然氣處理廠捕集的人為（anthropogenic）CO2，供我們二疊紀盆地（Permian）的 EOR 作業使用，約占我們 2026 年 CO2 採購量的 15%。

These projects remain subject to final investment decision, which is expected early next year, and represent tangible steps towards expanding access to low-cost CO2 to support our long-term EOR opportunity.

這些專案仍須經最終投資決策（FID），預計於明年初作出，並代表為擴大取得低成本 CO2、以支持我們長期 EOR 機會所採取的具體步驟。

Turning to STRATOS, we continue to make progress on the non-technology related repair, where we are adding structural supports to the calciner. We've also been making good progress commissioning unit operations.

談到 STRATOS，我們在非技術相關的修復工作上持續取得進展，目前正在為煅燒爐（calciner）加裝結構支撐。我們在各單元操作（unit operations）的試運轉（commissioning）方面也取得良好進展。

To date, we have captured over 2,000 metric tons of atmospheric CO2 as part of building our pellet inventory. We remain on track to begin full plant start-up around the end of the year as we transition to operations in 2027. This strong business performance strengthens our pathway towards adding more than $4 billion of annual sustainable cash flow by 2030 through improved capital efficiency, lower costs, and lower decline rates.

截至目前，作為建立顆粒（pellet）庫存的一部分，我們已捕集超過 2,000 公噸的大氣 CO2。我們仍按計畫在年底前後開始全廠啟動（start-up），並在 2027 年轉入營運。這項強勁的業務表現，透過提升資本效率、降低成本與降低遞減率，強化我們在 2030 年前新增超過 40 億美元年度永續現金流的路徑。

We are already seeing progress on these key milestones in our plan. This year we remain on track to deliver more than 7% improvement in new well costs and are tracking toward a 3% improvement in domestic LOE and transportation, despite higher prices for CO2, diesel and other categories impacted by commodity prices.

我們已在計畫中的這些關鍵里程碑上看到進展。今年我們仍按計畫實現新井成本改善超過 7%，並朝向國內租賃營運費用（LOE）與運輸成本改善 3% 的目標推進，儘管 CO2、柴油及其他受商品價格影響類別的價格上升。

These improvements, together with higher near-term oil prices, have allowed us to accelerate our balance sheet progress and debt interest savings. We have achieved our $10 billion principal debt milestone and are now establishing a new milestone of $6 billion.

這些改善，加上短期油價走高，使我們得以加速資產負債表改善與利息費用節省。我們已達成 100 億美元本金債務里程碑，並正建立新的 60 億美元里程碑。

As we look toward 2027, under mid-cycle price scenarios, we will have opportunity to make meaningful progress toward our new principal debt milestone and expand our financial capacity for the preferred redemption in August of 2029 and accelerate our broader return of capital opportunities.

展望 2027 年，在中循環（mid-cycle）價格情境下，我們將有機會在新的本金債務里程碑上取得實質進展，並擴大我們在 2029 年 8 月優先股贖回（preferred redemption）以及加速更廣泛資本回饋機會方面的財務能力。

At lower prices, our sustainable cash flow progress will focus on supporting principal debt reduction, and we will continue to make structural improvements across the business to grow a sustainable dividend at $50 WTI. In total, as we continue to execute our plan and improve our sustainable cash flow, we will be increasingly well positioned to deliver value and advance our cash flow priorities.

在較低價格下，我們的永續現金流進展將著重於支持本金債務削減；同時我們將持續在全公司推動結構性改善，以在 WTI 50 美元時成長永續股利。整體而言，隨著我們持續執行計畫並改善永續現金流，我們將更有利於創造價值並推進我們的現金流優先事項。

I will now turn the call over to Sunil to review the financials and to give more detail on these priorities.

接下來我將把電話會議交給 Sunil，由他回顧財務表現並就這些優先事項提供更多細節。

Thank you, Richard. In the third quarter, we generated adjusted earnings of $1.91 per diluted share and reported earnings of $1.61 per diluted share. The difference was largely driven by mark-to-market losses in marketing and crude hedges.

謝謝你，Richard。第三季，我們的調整後每股盈餘為每股稀釋後 1.91 美元，報告每股盈餘為每股稀釋後 1.61 美元。差異主要來自行銷與原油避險的按市價評價（mark-to-market）損失。

Continued operational execution and cost discipline, combined with higher commodity prices, enabled us to generate approximately $2.8 billion of free cash flow. During the quarter, we achieved our $10 billion principal debt milestone, marking another significant step in strengthening Oxy's financial position.

持續的營運執行與成本紀律，加上較高的商品價格，使我們產生約 28 億美元的自由現金流。本季我們達成 100 億美元本金債務里程碑，這是強化 Oxy 財務狀況的另一項重要進展。

We repaid $1.8 billion of principal debt, bringing total year-to-date repayments to $10.4 billion while ending the quarter with $3.9 billion of unrestricted cash. This progress gives us additional flexibility as we continue to strengthen our balance sheet and advance our cash flow priorities.

我們償還 18 億美元本金債務，使年初至今償還總額達 104 億美元，並在季末持有 39 億美元不受限制現金。這項進展讓我們在持續強化資產負債表並推進現金流優先事項時，擁有更大的彈性。

Total production averaged 1.43 million BOE per day, exceeding the midpoint of guidance by 7,000 BOE per day. Strong base and new well performance across our U.S. Onshore assets drove higher volumes, more than offsetting lower-than-expected production in the Gulf of America and International.

總產量平均為每日 143 萬 BOE，較指引中值高出每日 7,000 BOE。我們美國陸上資產的基礎產量與新井表現強勁，帶動產量增加，足以抵消美洲灣與國際業務產量低於預期的影響。

Gulf of America production declined during the quarter as maintenance activities and the third-party gas pipeline constraint required us to temporarily curtail production at certain facilities. Production was fully restored by late October. International volumes were marginally lower, primarily due to a change in gas processing mode to ethane rejection at Dolphin.

美洲灣產量於本季下滑，原因是維護作業以及第三方天然氣管線輸送受限，迫使我們在部分設施暫時限產。至 10 月下旬產量已完全恢復。國際產量略低，主要因 Dolphin 的天然氣處理模式改為乙烷剔除（ethane rejection）。

Continued operating efficiencies contributed to lower domestic lease operating expense of $8.54 per BOE, outperforming our guidance for the quarter. Midstream and Marketing also outperformed, driven by stronger-than-expected sulfur pricing and sales volumes at Al Hosn.

持續的營運效率提升，使國內租賃營運費用（LOE）降至每 BOE 8.54 美元，優於本季指引。中游與行銷業務亦優於預期，主要受 Al Hosn 硫磺價格與銷售量高於預期所帶動。

We also benefited from higher crude marketing margins due to timing impacts of cargo sales and commodity price movements, which are offset in mark-to-market. These factors contributed to adjusted pre-tax income of $309 million. Improved Permian gas realizations in the oil and gas segment largely offset the impact of narrower Waha-to-Gulf Coast spreads on Midstream earnings.

由於貨物銷售時點影響與商品價格波動，我們也受惠於較高的原油行銷毛利；此影響在按市價評價（mark-to-market）中會被抵銷。上述因素促成調整後稅前收益 3.09 億美元。油氣事業中二疊紀天然氣實現價格改善，基本上抵消了 Waha 至墨西哥灣沿岸價差收窄對中游獲利的影響。

Looking ahead to the fourth quarter, we expect total company production to range between 1.43 million and 1.47 million BOE per day. Our guidance reflects Gulf of America production curtailments related to the third-party gas pipeline constraint, which extended into the fourth quarter as well as the impact of the hurricane in early October.

展望第四季，我們預期公司總產量介於每日 143 萬至 147 萬 BOE。我們的指引反映美洲灣因第三方天然氣管線輸送受限而進行的限產延續至第四季，以及 10 月初颶風的影響。

Excluding temporary downtime impact in the Gulf of America, our full-year production guidance is slightly above the guidance we provided last quarter. Domestic lease operating expense is expected to increase in the fourth quarter due to higher CO2 costs and an increase in short-cycle, high-return workover opportunities.

若排除美洲灣暫時停機的影響，我們的全年產量指引略高於上季提供的指引。國內租賃營運費用（LOE）預期在第四季上升，原因是 CO2 成本提高，以及短週期、高報酬的修井（workover）機會增加。

In Midstream and Marketing, we expect lower gas marketing income as additional Permian gas takeaway capacity comes online in the fourth quarter, along with lower sulfur pricing at Al Hosn. Our strong third quarter results and improved fourth quarter guidance support full- year guidance of $2 billion in adjusted pre-tax income.

在中游與行銷方面，隨著第四季二疊紀新增天然氣外運（takeaway）能力上線，以及 Al Hosn 硫磺價格走低，我們預期天然氣行銷收益將下降。我們第三季強勁的結果與第四季指引改善，支持全年調整後稅前收益 20 億美元的指引。

We expect total company capital spending to be approximately $1.3 billion in the fourth quarter, keeping full-year 2026 capital spending within our original guidance range.

我們預期第四季公司總資本支出約為 13 億美元，使 2026 全年資本支出維持在原先指引範圍內。

As Richard shared, we continue to make significant progress strengthening the balance sheet and advancing our sustainable cash flow improvement plan. We achieved our $10 billion principal debt milestone ahead of expectations, accelerating interest expense savings. Consistent with what we have said previously, our focus is to further reduce net debt with our preference to continue lowering principal debt.

如 Richard 所分享，我們持續在強化資產負債表並推進永續現金流改善計畫方面取得重大進展。我們提前達成 100 億美元本金債務里程碑，加速利息費用節省。與我們先前所述一致，我們的重點是進一步降低淨負債，且我們偏好持續降低本金債務。

In line with this framework, we are establishing a new principal debt milestone of $6 billion. Beyond the $6 billion principal debt milestone, we will remain flexible in balancing further principal debt reduction with building cash ahead of the preferred equity redemption in August 2029. We plan to evaluate opportunistic share repurchases once we achieve a net-cash position.

依循此一架構，我們正建立新的 60 億美元本金債務里程碑。在達成 60 億美元本金債務里程碑之後，我們將在進一步降低本金債務與於 2029 年 8 月優先股贖回前建立現金之間，保持彈性以取得平衡。一旦我們達到淨現金部位，我們計畫評估機會性庫藏股回購。

A sustainable and growing dividend remains a foundational cash flow priority. Last quarter, we announced a second 8% increase to a quarterly dividend for 2026. Future increases will remain measured and disciplined, supported by a strong balance sheet and progress on annual sustainable cash flow improvement.

可持續且成長的股利仍是現金流的基礎性優先事項。上季，我們宣布將2026年的季度股利再提高8%。未來的增幅將維持審慎且有紀律，並由強健的資產負債表以及年度可持續現金流改善的進展所支撐。

At $6 billion principal debt, our go-forward interest expense run rate will be approximately $400 million or approximately $1 billion lower than our 2025 interest expense providing the opportunity for durable dividend increases through commodity cycles.

在本金負債為60億美元的情況下，我們未來的利息費用年化水準約為4億美元，較2025年的利息費用約低10億美元，這使我們有機會在商品循環中實現更具韌性的股利成長。

As we shared on previous calls, our starting point for 2027 capital spending remains approximately $5.9 billion. At that level of investment, we continue to expect relatively flat production compared to 2026. The program includes continued investment in mid-cycle projects that are expected to reduce our base decline and sustaining capital over time, including Gulf of America waterflood projects, Permian EOR, and select international opportunities. These investments are an important part of our plan to lower Oxy's total base decline from approximately 25% to 20% and reduce sustaining capital to approximately $4.5 billion by 2030.

如同我們在先前的電話會議中分享的，我們2027年的資本支出起點仍約為59億美元。在該投資水準下，我們仍預期相較於2026年產量大致持平。該計畫包含持續投資於中循環專案，預期可隨時間降低我們的基礎遞減率與維持性資本支出，包括美洲灣（Gulf of America）水驅專案、二疊紀（Permian）提高採收率（EOR），以及部分國際機會。這些投資是我們計畫的重要一環，目標是在2030年前將Oxy的總基礎遞減率由約25%降至20%，並將維持性資本支出降至約45億美元。

We also expect continued well cost and operating efficiencies across oil and gas to contribute to that progress and drive higher sustainable free cash flow. The 2027 program will advance our plan to deliver more than $4 billion of annual sustainable cash flow improvement by 2030 relative to 2025.

我們也預期油氣業務持續的鑽井成本與營運效率提升將有助於上述進展，並帶動更高的可持續自由現金流。2027年計畫將推進我們的目標：相較於2025年，到2030年實現每年超過40億美元的可持續現金流改善。

Based on the initiatives underway, we expect approximately $700 million to $800 million of sustainable cash flow improvement in 2027 relative to 2026, including lower interest expense, roll-off of STRATOS capital and additional oil and gas efficiencies.

基於目前進行中的各項措施，我們預期2027年相較於2026年可實現約7億至8億美元的可持續現金流改善，其中包括較低的利息費用、STRATOS資本支出的到期退出，以及額外的油氣效率提升。

Combined with the improvement expected in 2026, this would bring our annual sustainable cash flow improvement to approximately $2 billion by year-end 2027, nearly half of our 2030 objective.

加上2026年預期的改善，到2027年年底，我們每年的可持續現金流改善將達到約20億美元，接近我們2030年目標的一半。

As we finalize our 2027 plan, we will remain disciplined, flexible, and prepared for market volatility. We will share more on our 2027 capital plan on the fourth quarter call following board approval. I will now turn the call back to Richard for closing remarks.

在我們敲定2027年計畫之際，我們將保持紀律、彈性，並為市場波動做好準備。在董事會核准後，我們將於第四季電話會議上分享更多關於2027年資本計畫的內容。接下來我把電話交回Richard作結語。

Thank you, Sunil. We've made meaningful progress this year and our teams continue to execute and outperform as we track towards adding more than $4 billion of annual sustainable cash flow by 2030. Our operational performance, continued cost efficiencies and achievement of the $10 billion principal debt milestone demonstrate that progress.

謝謝你，Sunil。今年我們取得了實質進展，團隊持續執行並超越預期，正朝著在2030年前每年新增超過40億美元可持續現金流的目標邁進。我們的營運表現、持續的成本效率提升，以及達成100億美元本金負債里程碑，都證明了這些進展。

Reaching our next $6 billion milestone will be another important step towards expanding our financial capacity and accelerating the return of capital to shareholders. Ultimately, we're building a business that can perform through the cycles and create increasing and durable value for shareholders.

達成下一個60億美元里程碑，將是擴大我們財務能力並加速向股東回饋資本的另一個重要步驟。最終，我們正在打造一家能穿越景氣循環、並為股東創造持續且更高價值的企業。

With that, we would like to open it up for questions. As a reminder, Ken and Babatunde are also here with us today for Q&A.

接下來，我們想開放提問。提醒各位，Ken和Babatunde今天也在現場參與問答。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。(接線生指示)

Neil Mehta, Goldman Sachs.

Neil Mehta，高盛。

Good morning, Richard, Sunil and team. Thanks for taking the time. I guess the first question is the $6 billion debt target. How did you come up with that number? Why is that the right number? And when you look at the forward curve, when do you think you can hit that number? We were thinking maybe it's end of 2027. And at that point, should we assume that you're in a position to be returning capital by 2028?

早安，Richard、Sunil以及各位團隊成員。謝謝撥冗。我想第一個問題是關於60億美元的負債目標。你們是如何得出這個數字的？為什麼這是合適的數字？另外，從遠期曲線來看，你們認為何時能達到這個數字？我們在想也許是2027年底。到那時，我們是否可以假設你們在2028年就具備回饋資本的條件？

Great. Thanks, Neil. I'm going to start and then let Sunil go into some of the details on the playout of our priorities. I guess first, just in context of the $6 billion, first to say, very pleased with the progress of our plan. We've been able to continue to accelerate really most components.

很好。謝謝你，Neil。我先回答，接著讓Sunil補充我們優先事項落地的細節。先就60億美元的背景來說，我們對計畫進展非常滿意。我們得以持續加速推進幾乎所有組成部分。

I think one thing I'd like to say as we get into the priorities and where it fits, we want to remain very focused, clear, and consistent. And I think that has really been a part of the plan that we put together. Part of that is the ability to accelerate in terms of our cash flow priorities and accelerate return of capital. I think the $6 billion is building capacity really at any price. So we think about building capacity for the dividend at lower prices like $50, but at mid-cycle as we're talking about, we're able to accelerate a broader return of capital plan. I think the priorities for us stay the same. Internally, continue to improve the balance sheet, continue to improve resources, continue to improve cost efficiency and then follow our disciplined cash flow priorities. So, I think that $6 billion is an important step in terms of principal debt that demonstrates or really provides that capacity and clarity as we go into the steps of our cash flow priorities. But let Sunil walk through that and help on how we got there.

我想在談到優先事項及其定位時，有一點我想先說：我們希望保持高度聚焦、清晰且一致。我認為這一直是我們所制定計畫的一部分。其中一部分就是能夠在現金流優先事項上加速推進，並加速資本回饋。我認為60億美元是在任何價格環境下都能建立財務承載能力。因此，我們思考的是在較低油價（例如50美元）下也能為股利建立承載能力；而在我們所談的中循環環境下，則能加速推進更廣泛的資本回饋計畫。對我們而言，優先事項保持不變。在內部，持續改善資產負債表、持續提升資源、持續提高成本效率，然後遵循我們有紀律的現金流優先順序。因此，我認為60億美元這個本金負債水準，是一個重要步驟；它能展現、或說真正提供我們在推進現金流優先事項各步驟時所需的承載能力與清晰度。不過讓Sunil來說明並補充我們如何得出這個目標。

Hi, Neil. We’ve made significant progress on strengthening our balance sheet and the principal debt milestones that we set were based on achieving certain leverage metric. It was primarily debt to EBITDA. So at principal debt of $10 billion, the debt-to-EBITDA was approximately 1.0x at $60 WTI, and at principal debt of $6 billion, the debt-to-EBITDA is around 1.0x at $50 WTI, which is what we would like to maintain in the long-term.

嗨，Neil。我們在強化資產負債表方面取得了顯著進展，而我們設定的本金負債里程碑，是基於達成特定槓桿指標。主要是負債對EBITDA。因此，在本金負債為100億美元時，以WTI 60美元計算，負債對EBITDA約為1.0倍；而在本金負債為60億美元時，以WTI 50美元計算，負債對EBITDA約為1.0倍，這也是我們希望長期維持的水準。

Also at $6 billion principal debt, based on our debt-to-EBITDA metric and normalized for prices, our balance sheet will be the strongest that we have been in a decade. Once we achieved our $6 billion principal debt milestone, we will balance additional principal debt reduction and building cash, based on the macro and timing relative to the preferred redemption in August 2029.

此外，在本金負債為60億美元時，依據我們的負債對EBITDA指標並對價格常態化後，我們的資產負債表將是過去十年來最強健的。一旦達成60億美元本金負債里程碑，我們將在進一步降低本金負債與累積現金之間取得平衡，並視總體環境以及與2029年8月優先股贖回時點的相對關係而定。

And with respect to your question on 2027, as we look at 2027 at mid-cycle or even current strip prices, we will have opportunity to make meaningful progress towards our new $6 billion principal debt milestone, which expands our financial capacity for the preferred redemption and accelerates our broader return of capital opportunities. So once we get there, we plan to evaluate opportunistic share repurchases and especially once we get to a net-cash position. So we don't want to say when in '27 we would get there, but you can assume that we would definitely get there and potentially a net-cash position in 2027.

至於你關於2027年的問題，當我們以中循環或甚至目前期貨曲線（strip）價格來看2027年時，我們將有機會朝新的60億美元本金負債里程碑取得實質進展，這將擴大我們為優先股贖回所具備的財務能力，並加速我們更廣泛的資本回饋機會。因此，一旦達到該水準，我們計畫評估機會型的股票回購，特別是在我們達到淨現金部位之後。我們不想明確說在2027年的何時會達到，但你可以假設我們在2027年肯定會達到，並且可能在2027年達到淨現金部位。

And I would say in terms of dividend growth, as we look at total cash flow priorities, in terms of dividend growth, we will be measured ensuring that we can support it through the cycle through a combination of strong balance sheet and increasing sustainable cash flow. So the progress on both of these will determine how we think about dividend growth and accordingly recommend it to our Board.

另外，就股利成長而言，當我們看整體現金流優先事項時，在股利成長方面我們會保持審慎，確保能透過強健的資產負債表與不斷提升的可持續現金流之組合，在景氣循環中支撐股利。因此，這兩方面的進展將決定我們如何看待股利成長，並據此向董事會提出建議。

Thank you, Sunil. Richard and team, just your thoughts on the trajectory of GOA production. You produced 110 in the quarter because of some outages. You kind of guided to plus or minus 115 in Q4 for Mboed. We were thinking next year, maybe 125, but just your perspective on what '27 looks like, recognizing it's a transition year as you guys are working through the waterflood.

謝謝你，Sunil。Richard和團隊，想請教你們對GOA產量走勢的看法。本季因為一些停產事件，你們產量是11萬桶油當量/日（110）。你們對第四季的指引大約是11.5萬桶油當量/日（Mboed）上下浮動。我們原本在想明年可能是12.5萬，但也想聽聽你們對2027年的看法，考量到那一年是過渡期，你們正在推進水驅作業。

Yes, no, appreciate it. I'll start and then Ken can provide more detail. I think the one key point you mentioned, I just want to reiterate, I would say, we're moving into the capacity to make investments in things like the waterfloods, which are meaningful. We've had success in exploration. We continue development, but an important investment capability that we now have as we've improved the balance sheet are these mid-cycle GOA waterfloods. And so part of that is spending the bulk of our capital, especially going into next year around that project. It has a bit of a delay in terms of production, but we think it's really important as we think about this sustainable cash flow perspective that we're putting together.

是的，不是，謝謝，感謝。我先開始，然後 Ken 可以補充更多細節。我想你提到的一個關鍵點，我只想再強調一次：我會說，我們正進入有能力在像是水驅（waterflood）這類具有實質意義的項目上進行投資。我們在勘探方面已經取得成功。我們持續推進開發，但隨著資產負債表改善、我們現在具備的一項重要投資能力，就是這些週期中段的 GOA 水驅專案。因此其中一部分就是把我們大部分的資本支出投入在該專案上，尤其是進入明年。它在產量上會有一些延遲，但從我們正在建立的可持續現金流視角來看，我們認為這非常重要。

But let me turn it over to Ken to walk through some of the moving parts.

不過我先把時間交給 Ken，請他帶大家梳理一些變動因素。

Good afternoon. Looking ahead to '27, we're currently optimizing the drilling schedule versus the available rig time. And as you said, we're shifting capital to front-end load the water injection wells. And we're sequencing the others to match the prioritized inventory as well as looking at can we defer exploration and go into the following year in order to yield more development wells.

各位下午好。展望 2027 年，我們目前正在就可用鑽機時間來最佳化鑽井排程。而且如你所說，我們正在調整資本配置，將水注入井的投入前置。同時我們也在安排其他井的順序，以配合優先的庫存（inventory），並且評估我們是否可以延後勘探、改到下一年進行，以便產出更多開發井。

Horn-mounted water injection wells will take four months to drill and complete and cost around $100 million each, so that gives you an idea of what the front end of the year looks like. I think we have some opportunities, but overall I wouldn't disagree with your assessment.

Horn-mounted 水注入井鑽完並完井需要四個月，每口成本約 1 億美元，所以這能讓你大概了解年初的樣貌。我認為我們有一些機會，但整體而言，我不會不同意你的評估。

Doug Leggate, Wolfe Research.

Doug Leggate，Wolfe Research。

Thanks very much. Thanks, Richard and team. I appreciate you having me on. Richard, I guess these are kind of addendums to Neil's questions, but my first one is on the $4 billion pre-cash flow improvement. I want to try and articulate this correctly.

非常感謝。謝謝 Richard 和團隊。感謝你們讓我參與。Richard，我想這些算是對 Neil 問題的補充，但我第一個問題是關於 40 億美元的預先現金流改善。我想試著把這個表述清楚。

A decent part of that is the reduction in the decline curve, the 25% to the 20%. What I'm trying to figure out is once you achieve that towards the end of the decade, does that reduced sustaining capital translate to a lower absolute spending number, or do you keep the CapEx at a level, for example, a pivot back to growth? That's kind of my first question.

其中相當一部分來自遞減曲線（decline curve）的下降，也就是從 25% 降到 20%。我想弄清楚的是：一旦你在本十年末達成這個目標後，較低的維持性資本（sustaining capital）是否會轉化為更低的絕對支出金額？還是你會把資本支出（CapEx）維持在某個水準，例如轉回成長？這是我的第一個問題。

My second question is on what you just said about the dividend, because we know you have a penalty on redeeming the prefs early. You also have a penalty on the threshold for buybacks. What you don't have a penalty on is your dividend. And I'm thinking back to the Steve Chazen school of dividend aristocracy. You've got the portfolio of a major basically, but you don't have the dividend of a major.

我的第二個問題是關於你剛才提到的股利，因為我們知道你們提前贖回優先股（prefs）會有罰則。你們在回購門檻上也有罰則。但你們在股利上沒有罰則。我想到 Steve Chazen 那套「股利貴族」的理念。你們的資產組合基本上像一家大型公司（major），但你們的股利卻不像一家大型公司。

The scale of the cost cutting, the interest charges of prefs and so on, I think back to Anadarko in 2021 with an 80% step change in the dividend. I'm wondering if that's the kind of thing that's on your mind about how you think about the disadvantages of post-cyclical buybacks, the preferred share redemption and ultimately the capacity for material step change in dividend.

考量到大幅度的成本削減、優先股利息費用等等，我想到 Anadarko 在 2021 年把股利提高 80% 的那種階躍式變化。我想知道，這是否是你們在思考的方向：也就是你們如何看待景氣循環後段回購的缺點、優先股贖回，以及最終在股利上進行實質階躍式上調的能力。

I hope that makes some kind of sense, but those are my two questions. Thank you.

希望這樣講得通，但以上是我的兩個問題。謝謝。

No, that's great, Doug. Yeah, I'll start with the $4 billion and kind of the pieces on sustaining capital.

不，這很好，Doug。是的，我先從 40 億美元以及維持性資本的幾個組成部分談起。

I think we really like the sustainable cash flow the way we put this together. And let me just break it down on a few moving parts. In terms of cash from operations, continuing to drive obviously expenses, but also higher margin production. And some of that's even oilier production as we look at things like GOA or Powder River Basin or even our EOR. And so both of those are improving even with flat capital and flat production.

我想我們很喜歡我們所建構的可持續現金流框架。我把幾個變動因素拆開說明一下。在營運現金流方面，我們持續推動費用控制，當然也包括更高毛利的產量。其中一部分甚至是更偏油的產量，像是我們看 GOA、Powder River Basin，甚至我們的 EOR。這兩者在資本持平、產量持平的情況下也都在改善。

So that's one component. The other component is sustaining capital, as you mentioned, and two parts to that. One is capital efficiency. So the new well and facility cost improvement that we continue to drive, we're able to deliver more with less. We're actually dropping three rigs at the end of this year adding 15 more wells online. We just continue to be able to drive that more productivity per dollar spent.

所以這是一個組成部分。另一個組成部分是你提到的維持性資本，這又分成兩部分。第一是資本效率。也就是我們持續推動的新井與設施成本改善，我們能用更少的投入交付更多成果。我們其實會在今年年底減少三座鑽機，但仍會多讓 15 口井上線。我們就是持續做到每花一美元帶來更高的產出。

And then the last piece, as you said and have helped us highlight is really this decline rate. And so the decline rate comes from projects like GOA waterfloods that we've been able to point out, but also these opportunities in EOR that really came about this year. So as we look kind of to your last part of that question is really growth. And so the way we think about growth is, one, we can improve the sustainable cash flow, cash from operations minus sustaining capital really without growth. So make that point. Two, growth for us will be -- we call it measured and efficiency-led. The returns are obviously important. We need to maintain cost efficiency, and then the free cash flow timing as we put all these pieces together is really important. So if growth is a part, one it is likely efficiency led, and if there's more capital that goes there, it will be very measured -- all the time making our sustaining cash flow better. So say that, let me jump to the dividend and buyback and then Sunil, if you've got anything you can add to that.

然後最後一塊，如你所說、也謝謝你幫我們凸顯的，就是遞減率（decline rate）。遞減率的改善來自像 GOA 水驅這類我們已經指出的專案，也來自今年才出現的 EOR 機會。所以回到你問題的最後一部分，也就是成長。我們對成長的看法是：第一，我們可以在不成長的情況下，提升可持續現金流——也就是營運現金流減去維持性資本。先把這點說清楚。第二，對我們而言，成長會是——我們稱之為「有節制、以效率驅動」。報酬率顯然很重要。我們需要維持成本效率，並且在把所有這些要素整合起來時，自由現金流的時點也非常重要。因此如果成長是其中一部分，第一它很可能是效率驅動；第二如果有更多資本投入到那裡，也會非常有節制——同時始終讓我們的維持性現金流變得更好。說到這裡，我接著談股利與回購；然後 Sunil，如果你有任何補充也請加入。

I think, again, back to key points of our cash flow priorities. One, the stronger balance sheet and as we just have improved our financial strength, it really provides opportunity for all of the above. Operational efficiency through the cycle, but a broader return of capital. You're right, dividend for us is really how we think about the fundamental starting point for return of capital in the business.

我想，再回到我們現金流優先順序的幾個重點。第一，更強的資產負債表；隨著我們提升財務實力，確實為「以上皆可」提供了機會。也就是穿越週期的營運效率，以及更廣泛的資本回饋。你說得對，對我們而言，股利是我們思考企業資本回饋的基本起點。

And it's back to what is your cash from operations and your sustaining capital at $50. And so that, today, with progress like our debt interest provides quite a bit of room for that. Buybacks -- as we reach a net-cash position, that becomes a part of our opportunity as well, as we see dislocation, as we see in our share price, if we see the right macro condition longer-term, we would like that to be sizable and more counter-cyclical, which is back to why we need such a strong balance sheet to accomplish that. So let me just make sure Sunil gets any final points there too.

而這又回到在 50 美元油價下，你的營運現金流與維持性資本是多少。所以以今天的情況來看，像是債務利息的改善，為此提供了相當大的空間。至於回購——當我們達到淨現金（net-cash）狀態時，這也會成為我們的機會之一；當我們看到錯位（dislocation），例如在股價上看到錯位，或如果我們看到長期而言合適的總體環境，我們希望回購能夠規模可觀、且更具逆週期性；這也回到為什麼我們需要如此強健的資產負債表來做到這點。所以我也確保 Sunil 能補充最後幾點。

Hi, Doug. Like I mentioned in my prepared remarks, at $6 billion principal debt, our interest expense savings alone will be approximately $1 billion lower than 2025. And if you look at our current annual dividend payout run rate, it is around $1.1 billion.

嗨，Doug。如同我在事先準備的發言中提到的，在 60 億美元的本金債務水準下，僅利息費用節省一項，相較 2025 年大約就會少 10 億美元。而如果你看我們目前年度股利支付的年化水準，大約是 11 億美元。

So our current annualized common dividend run rate compared to, say, the fourth quarter of last year is higher by around $175 million, and that is primarily related to the two dividend increases we announced this year. So I just think for that dividend increase, interest savings alone will be around $825 million lower than 2025, which provides the opportunity for a sustainable and growing dividend.

所以我們目前普通股年度股利的年化水準，相較於去年第四季大約增加了 1.75 億美元，這主要與我們今年宣布的兩次股利調升有關。因此我認為，就股利提升而言，僅利息節省一項，相較 2025 年大約就會少 8.25 億美元，這為可持續且成長的股利提供了機會。

And we have also, like Richard just walked through, we have also highlighted the operational efficiency improvements in our $4 billion cash flow plan, which is again going to further support a sustainable and growing dividend.

而且我們也如同 Richard 剛才所說明的，在我們 40 億美元現金流計畫中也特別強調了營運效率的提升，這將再次進一步支持可持續且成長的股利。

So like you've correctly summarized, we do have the depth and quality in our portfolio. We are building a very strong balance sheet. We have outlined our $4 billion annual sustainable cash flow improvement plan. Which all leads to a sustainable and growing dividend. So we are just being measured and disciplined, but that is something we are thinking through and at the right time, we will be announcing all the changes in the dividend.

所以如你正確總結的，我們的投資組合確實具備深度與品質。我們正在打造非常強健的資產負債表。我們已概述每年 40 億美元、可持續的現金流改善計畫。這一切都導向可持續且成長的股利。因此我們會保持審慎與紀律；但這確實是我們正在思考的事情，並且在適當的時點，我們會宣布股利的所有變更。

And the last thing I would say is, like Richard highlighted, a stronger balance sheet also provides the opportunity to do buybacks through the commodity cycles, which will be our preference after the redemption of the preferred and until then, we'll just be opportunistic in terms of share repurchase.

最後我想說的是，如 Richard 所強調，更強健的資產負債表也提供了在商品循環中進行庫藏股回購的機會；在贖回優先股之後，這將是我們的偏好；在此之前，我們會在股份回購方面把握機會、視情況而定。

Betty Jiang, Barclays.

Betty Jiang，巴克萊。

Hi. Thank you for taking my question. I want to go to the Delaware CO2 offtake contract. Seems like that's opening a new chapter for your EOR business. So just want to understand how you're thinking about incorporating those volumes into your EOR portfolio once they come online. Are you more thinking about that as a lower cost replacement for the CO2 that you're already buying? Or does that let you do more EOR and expand the opportunities potentially in the unconventional space?

嗨，謝謝讓我提問。我想談談 Delaware 的 CO2 承購（offtake）合約。看起來這為你們的 EOR 業務開啟了新篇章。所以我想了解，一旦這些量開始上線，你們會如何把這些量納入你們的 EOR 投資組合。你們比較傾向把它視為替代你們目前正在購買的 CO2、且成本更低的來源嗎？還是說這能讓你們做更多 EOR，並可能在非常規領域擴大機會？

And longer-term, like just given the size of the gas processing footprint in the Permian, how big could that CO2 supply become? And does that materially change the economics of your EOR projects?

再從更長期來看，考量二疊紀（Permian）龐大的天然氣處理版圖，那個 CO2 供應量可能會變得多大？而這是否會實質改變你們 EOR 專案的經濟性？

Hey Betty, thank you very much. Yeah, we're excited about this step here. I think just to frame a few of those points. Today, these deals we're talking about are 2 million tons a year that we're able to capture the CO2. Today, Oxy purchases about 12 million tons a year, and so it's a meaningful step. And I'll get through kind of the market and the opportunities in a moment.

嗨 Betty，非常感謝。是的，我們對這一步感到很興奮。我想先把幾個重點框架一下。目前我們談的這些交易，是每年可捕集 200 萬噸 CO2。現在 Oxy 每年大約購買 1,200 萬噸，所以這是相當有意義的一步。我稍後也會談到市場與機會。

One thing to say is that it's meaningful reduction in cost as we're able to put these pieces together between the developers, obviously the gas processor, and then our ability to pay for the offtake. And so about 30% of the cost of an EOR barrel is power and CO2. So when you're talking to move 15% or possibly even higher, that's a pretty meaningful step change in sort of the total spend per barrel as we look at these EOR opportunities.

有一點要說的是，當我們把開發商、顯然還有天然氣處理商，以及我們支付承購費用的能力整合在一起時，成本會有顯著下降。而 EOR 每桶成本中大約 30% 來自電力與 CO2。因此當你談到降低 15% 或甚至更高時，從我們看這些 EOR 機會的角度，這會對每桶總支出帶來相當顯著的結構性變化。

The size of the prize, our team has kind of put together a look and estimate about 50 million tons per year of CO2 from sources like this. The two most meaningful are gas processing , and the other I would highlight that we remain optimistic about is natural gas power generation. So we see about 10 million tons a year of gas processing and over 15 million tons a year of natural gas power generation. Obviously, there's been a lot of talk about that in the Permian.

就潛在規模而言，我們團隊做了一些盤點與估算，認為像這類來源的 CO2 每年大約可達 5,000 萬噸。其中最重要的兩項是天然氣處理；另外一個我想特別強調、我們仍保持樂觀的是天然氣發電。因此我們看到天然氣處理約每年 1,000 萬噸，以及天然氣發電超過每年 1,500 萬噸。顯然在二疊紀，這方面已經有很多討論。

Five, just for reference, five gigawatts of power generation basically replaces our CO2 purchases today. And so, again, pretty meaningful. I would say in terms of where we go with the volumes, I think optionality is the word I would tell you. I think being in the Delaware Basin, obviously, it's great proximity to our unconventional opportunities, but because of our CO2 infrastructure that we have, it's also near pipelines and ability to get it to our Central Basin Platform.

作為參考，5 吉瓦的發電量基本上就能取代我們目前的 CO2 購買量。所以同樣地，這相當有意義。至於這些量要如何運用，我想我會用「選擇性（optionalitiy）」這個詞來回答你。我認為位於 Delaware 盆地，顯然與我們的非常規機會距離很近；但由於我們既有的 CO2 基礎設施，它也靠近管線，並具備把 CO2 輸送到我們中央盆地平台（Central Basin Platform）的能力。

So we're very excited about this. The developers that we're partnering with, we're happy with that. They're able to fund and build these and so it really is a type of partnership capital-light approach that we really have intended for our CO2 sourcing. So appreciate the opportunity to talk through all that.

所以我們對此非常興奮。我們合作的開發商，我們也很滿意。他們能夠出資並建設這些設施，因此這確實是一種合作、輕資本（capital-light）的方式，這也是我們在 CO2 來源策略上一直希望採取的方向。也謝謝你讓我們有機會把這些內容說清楚。

Thank you for the color. That seems like a big opportunity long-term. And then for my follow-up, if I can go back to just 2027 and hoping to get more color on the oil trajectory into next year. There has been quite a bit of noise in the back half of the year because of the GOA outages. And in the early part of the year, you have the EOR divestiture and there's also activity shift between the PRB and the DJ in the Rockies. So can you just help us think through like the oil trajectory into next year. And just high-level, like should we expect oil volumes to grow on the average on a year-to-year basis?

謝謝補充說明。這看起來是長期很大的機會。接著我的追問，如果可以的話，我想回到 2027 年，並希望更了解明年原油產量走勢。由於 GOA 的停產事件，今年下半年有不少雜音。而在年初，你們有 EOR 資產處分，另外在落磯山脈地區，PRB 與 DJ 之間也有作業活動的轉移。所以你們能否協助我們理解明年原油產量的走勢？以及從高層次來看，我們是否應預期原油量在年對年平均基礎上會成長？

Hi, Betty. Sunil here. So like I mentioned again in my prepared remarks, with the $5.9 billion, we expect relatively flat production on a BOE basis. But on an oil basis, at a high level, we expect production to be flat to slight increase. And if you look at some of the contribution from the different business units, Permian production is expected to grow modestly both on a BOE and oil basis.

嗨，Betty。我是 Sunil。如我在事先準備的發言中再次提到的，以 59 億美元的資本支出，我們預期以 BOE 口徑來看產量大致持平。但以原油口徑、從高層次來看，我們預期產量持平到小幅增加。如果看各事業單位的貢獻，二疊紀產量預期在 BOE 與原油口徑都會溫和成長。

So it is basically building on the results and learnings from our 2026 program. And we are high-grading our '27 plan towards higher return opportunities and positioning us for modest production growth with strong capital efficiency. So like Richard said earlier, it is about doing more with less.

這基本上是建立在我們 2026 年計畫的成果與學習之上。而我們也在 2027 年計畫中把資本配置往更高報酬的機會傾斜（high-grading），讓我們在具備強勁資本效率的同時，實現溫和的產量成長。所以如 Richard 先前所說，重點是用更少做到更多。

In terms of Rockies production, we expect it to be flat on a BOE basis, but we expect growth in the oilier Powder Basin offsetting the decline in DJ. We already talked about Gulf of America, the teams are still optimizing the drilling program between development and exploration.

至於落磯山脈地區的產量，我們預期以 BOE 口徑持平，但我們預期含油比更高的 Powder Basin 成長將抵消 DJ 的下滑。我們也已談到美洲灣（Gulf of America），團隊仍在開發與探勘之間持續優化鑽井計畫。

And like Ken mentioned, the two injectors are going to be front-end loaded in our drilling program. So there could be some reduction in the Gulf of America production due to the timing of these injectors compared to this year, the production could be lower.

另外如 Ken 所提到，兩口注入井會在我們的鑽井計畫中前置安排（front-end loaded）。因此相較於今年，因這些注入井的時程因素，美洲灣（Gulf of America）的產量可能會有所下降、產量可能較低。

And with respect to International, the PSC impacts would largely impact the oil production in Oman and Algeria. So overall, I would say the range is going to be largely driven by GOA and International.

至於國際業務，PSC（產品分成合約）的影響將主要影響阿曼與阿爾及利亞的原油產量。所以整體而言，我會說區間主要將由 GOA 與國際業務所驅動。

Nitin Kumar, Mizuho.

Nitin Kumar，瑞穗（Mizuho）。

Hi, good afternoon, Richard and Sunil. Thanks for the update on the advanced recovery. I'm going to actually go back to primary recovery for a minute. One of your peers has talked about the Barnett formation and you highlight well costs that are quite a bit below what they are seeing today.

嗨，午安，Richard 和 Sunil。謝謝你們更新先進採收（advanced recovery）的進展。我想先回到一次採收（primary recovery）談一下。你們的一位同業談到 Barnett 地層，而你們提到的井成本明顯低於他們目前看到的水準。

Just curious, what do you see as the opportunity in the Barnett and how does that fit into your overall development program?

我只是好奇，你們認為 Barnett 的機會在哪裡？以及它如何融入你們整體的開發計畫？

Yes, thanks for the question. We've been really pleased with the Barnett progress. As we started several years ago, really as part of our Ecopetrol JV, we were able to learn and appraise and advance that opportunity. So we've had several years at it, which I think has helped us. I think we've got still about 30% of all the online wells or wells that have been drilled in the Barnett have been Oxy's.

好的，謝謝你的問題。我們對 Barnett 的進展感到非常滿意。我們在幾年前開始推進，確實是作為我們與 Ecopetrol 合資（JV）的一部分，使我們能夠學習、評估並推進那個機會。因此我們已投入好幾年，我認為這對我們很有幫助。我想目前在 Barnett 已上線的井或已鑽的井中，仍大約有 30% 是 Oxy 的。

I would say a few pieces how we look at it, starting with the drilling costs where you went. I think we've been able to achieve more 10,000 foot laterals and that's really helped bring our drilling costs down. We've been really less than $750 a foot for drilling, completion, and equip. We like to include that hookup component as well in our numbers, which has been very good and certainly quite a bit of improvement since 2025.

我會說，我們看待這件事有幾個面向，先從你提到的鑽井成本談起。我認為我們已經能做到更多 10,000 英尺的水平段，這確實有助於把鑽井成本降下來。我們在鑽井、完井與設備方面的成本一直低於每英尺 750 美元。我們也喜歡把接管（hookup）這個部分納入我們的數字裡，而這方面表現非常好，且自 2025 年以來確實改善了不少。

But as importantly is the well performance are even more important. And I think when we look at our six-month oil per foot, we've been over 12.5 there, which has been quite a bit better than industry, I think we've got more than 10 of the top 15 wells on that metric. So that well performance, we've been very focused on.

但同樣重要、甚至更重要的是井的表現。我想當我們看每英尺六個月的產油量時，我們一直在 12.5 以上，這比產業水準好很多；我認為在這個指標上，我們在前 15 名的井裡占了超過 10 口。因此，我們一直非常專注在井的表現上。

I would say the one thing we did this year is be able to do a bit more appraisal. So we've gone on sort of delineate some of the areas for us that means really on the eastern side of our position. And so we've been able to learn that.

我會說我們今年做的一件事，是能夠進行更多的評估鑽探（appraisal）。所以我們去做了一些區域的界定（delineate）；對我們而言，主要是在我們區塊的東側。因此我們也從中學到不少。

We'll be coming back into the core for the remaining wells this year and into next year. So we expect this top performance to continue to improve. But overall, very pleased with that. It's a big part of the Midland Basin and excited about our Barnett opportunities.

今年剩下的井以及明年，我們會回到核心區。所以我們預期這種頂尖表現會持續改善。但整體而言，我們對此非常滿意。這是米德蘭盆地（Midland Basin）很重要的一部分，我們也對 Barnett 的機會感到興奮。

Great. Thanks for the color, Richard. I want to maybe touch on STRATOS, we haven't talked about it yet, but you mentioned in the slides that there was a little bit of an incremental cost for some repairs, but you expect that project to be starting up at the end of the year.

很好。謝謝你提供的補充說明，Richard。我想也許談一下 STRATOS，我們還沒談到，但你在投影片裡提到因為一些維修有一點增量成本，不過你預期該專案會在年底啟動。

Given how the market for carbon credits has shifted, just if you could maybe give us a reminder of what is the -- I know the CapEx rolls off next year, but what is the EBITDA opportunity or do you see that as sort of this new CO2 offtake that you signed.

考量到碳權市場的變化，如果可以的話，請你提醒我們一下——我知道明年資本支出（CapEx）會下降，但 EBITDA 的機會是什麼？或者你是否把它視為你們剛簽的新 CO2 承購（offtake）？

Good afternoon. It's Ken here. As you said, we have had cost increases during the life of the project. Around 60% came from technology and operational improvements and phasing. The remainder is made up mainly of inflation productivity and QA/QC during the life of the project. Spend next year will be minimal.

下午好。我是 Ken。如你所說，我們在專案生命週期中確實出現成本上升。約 60% 來自技術與營運改善以及分期（phasing）。其餘主要由通膨、生產力，以及專案生命週期中的 QA/QC（品質保證/品質管制）所構成。明年的支出將會很少。

In terms of the impact on the levelized cost of capture, it's about 10% because of the leverage difference between CapEx and OpEx on the project. We can see potential ways to offset some of those OpEx elements following start-up and we have some operational milestones to track those.

就對捕集平準化成本（levelized cost of capture）的影響而言，大約是 10%，原因在於該專案中資本支出（CapEx）與營運支出（OpEx）的槓桿差異。我們看到在啟動後有一些方式可以抵消部分 OpEx 項目，並且我們也有一些營運里程碑來追蹤這些。

And I'll just add, as we think about economics and maybe the market and even how it compares to these CO2 supply agreements we just had with the gas processing, I think start where Ken did. I think two key drivers, one starting clearly: OpEx. And so as we look at the opportunity for OpEx, we feel like that's far in our capability to think about a 10-plus percent improvement in OpEx, which will drive more than the capital that we've seen. And honestly, it's just important for the technology longer-term is to drive that component of it.

我再補充一下，當我們思考經濟性、也許還有市場，以及它與我們剛在天然氣處理端簽的這些 CO2 供應協議相比時，我想先從 Ken 的切入點開始。我認為兩個關鍵驅動因素，其中第一個很明確：OpEx。當我們看 OpEx 的改善機會時，我們覺得這完全在我們能力範圍內，可以思考 OpEx 改善 10% 以上，這帶來的效益會超過我們看到的資本面變化。坦白說，從長期技術發展來看，推動這個部分也很重要。

So we'll be very focused on OpEx. I think the outlook for EBITDA remains the same. Obviously, that OpEx will help improve that. So next year will be a ramp-up and then we pointed to project EBITDA in 2028 of $90 million to $130 million. So we remain on track for that. And the third part is how to further improve that would be the market. And I think unique for direct air capture is really that market component where you're atmospheric CO2 is at a premium. And so we think about access to things like sustainable aviation fuel markets, where this is quite a bit lower cost, both from a CDR credit and Oxy, we really see that enhanced oil recovery would fit in that sustainable aviation fuel basket. And so both of those would support a premium for direct air capture.

所以我們會非常專注在 OpEx。我認為 EBITDA 的展望維持不變。當然，OpEx 的改善會有助於提升。因此明年會是爬坡期（ramp-up），然後我們指出 2028 年專案 EBITDA 為 9,000 萬至 1.3 億美元。所以我們仍在軌道上。第三個部分是如何進一步改善，那就是市場。我認為直接空氣捕集（direct air capture）的獨特之處就在於市場面：大氣中的 CO2 具有溢價。因此我們會思考像永續航空燃料（SAF）市場的可及性；在那裡，無論是從 CDR 信用額度（CDR credit）或 Oxy 的角度，成本都低很多。我們也確實認為提高採收率（EOR）可以納入永續航空燃料的範疇。因此，這兩者都會支撐直接空氣捕集的溢價。

What we can control is bring the cost down and we still see tremendous improvement. And as we get this operational, we hope to point to more where we can drive significantly the cost of this down to get to really the CO2 price that can fit into EOR as we gain more access into those premium markets. So hopefully that helps tie the pieces together, but the first step is coming online and really delivering against the customer base that we have today to deliver that EBITDA.

我們能控制的是把成本降下來，而我們仍然看到巨大的改善空間。當這套系統開始營運後，我們希望能更具體指出我們可以在哪些地方大幅降低成本，讓 CO2 價格真正能符合 EOR 的需求，同時也能在取得更多高溢價市場的機會下受益。希望這能把各個環節串起來；但第一步是上線，並且真正對我們目前的客戶群交付成果，以實現那個 EBITDA。

James West, Melius Research.

James West，Melius Research。

Hey, guys. I wanted to touch on the dividend again. And just curious if you have some type of framework in place. I know you don't want to get ahead of your skis, you don't want to grow it too fast, you want it to be durable, but is there some way we can think about what to expect as you transition into the dividend growth story?

嗨，各位。我想再談一下股利。想請教你們是否有某種框架。我知道你們不想操之過急，不想成長太快，希望它具有持續性，但我們是否有什麼方式可以理解，當你們轉型成股利成長故事時，我們可以期待什麼？

Yeah, I appreciate the question to walk through that because that is a really important foundation for how we're trying to build the business. So we think about this sustainable cash flow at $50. And so we look at our cash from operations, we look at our sustaining capital at $50, and we believe that cash flow is what we point to for dividend capability.

是的，我很感謝這個問題，因為把這點說清楚非常重要，這也是我們打造業務方式的一個很重要的基礎。所以我們以每桶 50 美元的可持續現金流來思考。因此我們看營運現金流（cash from operations），看在 50 美元情境下的維持性資本支出（sustaining capital），我們相信這個現金流就是我們用來衡量股利能力的依據。

I would say in the near-term, we've been working on balance sheet, which we feel like, again, longer-term does things for operational continuity and broader return of capital, things like share repurchases. But ultimately, we will always point to that $50 sustainable cash flow for how we think about a dividend.

我會說在短期內，我們一直在處理資產負債表；我們認為這在長期上有助於營運的連續性，以及更廣泛的資本回饋，例如庫藏股/股票回購。但最終，我們在思考股利時，永遠都會回到那個每桶 50 美元的可持續現金流。

And for us in the business and especially in operations, these are very clear drivers for our operational teams to capital efficiency, base decline, lower LOE, and all of those as we mark progress will be direct correlation to what we can do with the dividend. And obviously, debt interest is a big part of it this year.

對我們的業務、尤其是營運端而言，這些對營運團隊來說是非常清楚的驅動因素：資本效率、基礎遞減率（base decline）、降低 LOE（租賃營運費用）等；而我們在這些方面的進展，會與我們能在股利上做什麼直接相關。而且很明顯，今年債務利息也是其中很大的一部分。

Okay. That's really clear, Richard. And then maybe just a quick follow-up. You mentioned you've got AI on, I think, 68% or so of the wells watching the recoveries. And I'm curious if you could drive a little more deeper or give us a little more detail there on are you running some autonomous operations? Is it acting as just a data context for your engineers? How is -- how are you using that AI?

好的。這非常清楚，Richard。那再快速追問一下。你提到你們在大約 68% 左右的井上使用 AI 來監看採收率。我想請你再深入一點或提供更多細節：你們是在做一些自主化營運嗎？還是它只是為工程師提供資料脈絡？你們是如何使用這個 AI 的？

Yes. Excited about that. It's moved quick for us in a good way, especially around our production operations. So a couple of pieces beyond what I was able to say in the prepared remarks. So you're right, 9,000 wells are under AI surveillance today. It does two things. One, helps engineers -- AI can work at night. And so it helps accelerate really the engineers’ access to what could be the dysfunctions, whether that's downhole or even on surface with things like compression to optimize. The subset of that that's autonomous is about 50%.

是的。我們對此很興奮。對我們來說推進得很快，而且是以好的方式，特別是在我們的生產營運方面。有幾個重點，超出我在事先準備的講稿中能提到的內容。你說得對，目前有 9,000 口井在 AI 監控之下。它做兩件事。第一，協助工程師——AI 可以在夜間運作。因此它能加速工程師掌握可能的異常狀況，不論是在井下，或是在地面端，例如壓縮設備等需要最佳化的部分。其中具備自主化（autonomous）的子集合約占 50%。

So meaningfully, we have quite a bit of production, especially in the Delaware Basin that operates autonomously. I think about 450,000 barrels a day. And what that's doing is as we, again, see dysfunctions or opportunities and things like our gas lift system, you're able to reroute or optimize gas downhole across a larger network. So these are quite a few wells that are tied into an individual network that you're able to optimize.

因此，從實質意義上來說，我們有相當可觀的產量，尤其是在德拉瓦盆地（Delaware Basin），其運作相當自主化。我想大約是每日 45 萬桶。而這帶來的效果是，當我們再次看到一些失靈狀況或機會點，例如我們的氣舉系統時，你就能在更大的網路範圍內，將氣體在井下重新導流或進行最佳化配置。因此，這裡有相當多口井連結到同一個網路，你可以對其進行最佳化。

Longer-term, I think we're drilling completion, square and scope. I think we'll continue to drive up both the surveillance and the autonomous nature of our system. And then maybe on the front-end is seismic. In the Gulf of America, I think this may be interesting or unique to Oxy. We're not only using wells to improve our seismic, a sub-salt seismic, we've been able to use over 3,000 wells to help better generally characterize the subsurface and that can help on things like waterfloods.

從更長期來看，我認為我們在鑽井與完井方面，會把方方面面與範疇都做到位。我想我們會持續提升系統的監測能力與自主化程度。另外在前端可能是地震資料。在美洲灣（Gulf of America），我認為這可能是 Oxy 有趣或獨特之處：我們不僅利用井來改善我們的地震成像、尤其是鹽下地震（sub-salt seismic），我們也已能利用超過 3,000 口井來協助更全面地刻畫地下地層特性，這也能在像是水驅（waterflood）等方面提供幫助。

So really optimizing placement and management of the waterflood. So lots of opportunity with AI. Ken's been pretty focused on that as well. So I'll make sure if he has anything else to add.

也就是說，真正把水驅的佈置與管理做到最佳化。因此 AI 有很多機會。Ken 也一直相當專注在這方面。所以我會確認他是否還有其他補充。

Just building on what Richard said on the subsurface side in Oman, for example, we inject 600,000 barrels a day of steam. All of that is now optimized. Injection in every well, every location by every pattern. So we see significant benefits there. In terms of operations, the teams here have done an amazing job of reducing failure frequency on every type of artificial lift. We're now at our lowest failure rates in our history.

我就接著 Richard 在地下層面所說的再補充一下。以阿曼為例，我們每天注入 60 萬桶的蒸汽。現在這些都已經完成最佳化。每一口井、每一個位置、每一個井網（pattern）的注入量都已最佳化。因此我們在那裡看到顯著效益。在營運方面，這裡的團隊在降低各類人工舉升（artificial lift）的故障頻率上做得非常出色。我們目前的故障率已降到公司歷史最低。

And then the last thing is maintenance analysis. If you look at GOA, we've got 155 large rotating equipment elements offshore. 55% of our unplanned failures relate to seawater lift pumps. That analysis was done in about an hour. So we fix one bearing, we then reduced our unplanned failures by 55%. It is shocking the speed that this is flowing through each department.

最後一點是維護分析。如果你看美洲灣（GOA），我們在海上有 155 個大型旋轉設備元件。我們 55% 的非計畫性故障與海水提升泵（seawater lift pumps）有關。那個分析大約一小時就完成了。所以我們修正一個軸承後，非計畫性故障就降低了 55%。這種推進到各部門的速度之快，令人震驚。

Arun Jayaram, JP Morgan Securities.

Arun Jayaram，摩根大通證券（JP Morgan Securities）。

Yes, good afternoon. I wanted to get your thoughts on how you're thinking about the exploration portfolio. We noted that you guys have contracted a rig to do some work in Peru maybe a couple of wells. I'd love to hear broadly how you're thinking about exploration as we think about 2027?

是的，下午好。我想請教你們對勘探投資組合的思考。我們注意到你們已簽約一座鑽機，可能會在秘魯進行一些作業、也許鑽幾口井。我很想更廣泛地聽聽你們在展望 2027 年時，對勘探的整體思路是什麼？

Yes. If you look at the offshore exploration, you mentioned with our partnerships, we have three modest investment exploration opportunities included in our capital plans. These provide exposure to mean net unrisked target volumes of greater than 2 billion BOE, which if successful would be in the post-2030 development time frame with partners, which we could adjust then, that includes Trinidad and Tobago with Exxon, the Trujillo Basin, which is trending in Peru, as you mentioned. And then Komodo in Colombia, where we've made some permitting progress recently and where we've operated before.

好的。如果你看離岸勘探，如你提到的，透過我們的合作夥伴關係，我們的資本計畫中包含三個投資規模適中的勘探機會。這些項目讓我們得以接觸到平均淨額、未風險化（unrisked）的目標資源量超過 20 億桶油當量（BOE）。若勘探成功，將會在 2030 年之後、與合作夥伴共同進入開發時程；屆時我們也可再做調整。這些項目包括與 Exxon 在千里達及托巴哥（Trinidad and Tobago）的合作、如你所提到在秘魯呈現趨勢的特魯希略盆地（Trujillo Basin），以及哥倫比亞的科莫多（Komodo），我們近期在許可方面取得一些進展，而且我們過去也曾在那裡營運。

Maybe I'll just add one piece on that. I think the team has done a great job between exploration to development, not just thinking about the finding cost and sort of the timing, I think we've been smart thinking longer-term about finding and development costs, making sure it all fits our sustainable cash flow plan. And then as we think about 2030, making sure it all fits to improve. But we've got a great pipeline. Teams have done a great job. So it will be exciting as we're able to pursue those in our future.

我可能再補充一點。我認為團隊在從勘探到開發的銜接上做得非常好，不只是思考發現成本（finding cost）以及時程安排；我想我們也很聰明地以更長期的角度來看發現與開發成本，確保一切都符合我們可持續的現金流計畫。另外在展望 2030 年時，也確保整體配置能帶來改善。不過我們有很好的項目管線。團隊做得非常出色。因此，當我們未來能推進這些項目時，會令人期待。

Great. Thank you for that. I just had one follow-up on the cash flow statement maybe for Sunil. Sunil, in the discontinued ops line, you had some outflows, I think, related to OxyChem and taxes. Can you just elaborate on that? It was about $450 million in the quarter and about $1.4 billion year-to-date.

很好。謝謝你的說明。我還有一個關於現金流量表的追問，可能是問 Sunil。Sunil，在終止營運（discontinued ops）那一行，你們有一些現金流出，我想是與 OxyChem 和稅務相關。你能否再詳細說明一下？本季大約是 4.5 億美元，年初至今大約是 14 億美元。

Hi, Arun. So with respect to the Q3 $455 million, around $415 million is related to tax and the balance of $40 million or $45 million is related to the environmental and transaction costs. And on a year-to-date basis of the $1.4 billion, around $1.2 billion is related to tax and the remaining is a combination again of environmental and transaction costs.

嗨，Arun。就第三季的 4.55 億美元而言，其中約 4.15 億美元與稅務相關，其餘約 4,000 萬或 4,500 萬美元與環境及交易成本相關。而以年初至今的 14 億美元來看，其中約 12 億美元與稅務相關，其餘部分同樣是環境與交易成本的組合。

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

謝謝。以上為我們的問答環節。我想把電話會議交回給 Richard Jackson，請他做結語。

Okay. Thank you again, everyone. We really appreciate the questions and your time today. Please have a good day.

好的。再次謝謝各位。我們非常感謝大家今天的提問與撥冗參與。祝大家有美好的一天。

Thank you. The 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。本次電話會議到此結束，感謝各位出席今天的簡報。各位現在可以掛線，祝大家有美好的一天。