殼牌 (SHEL) 2024 Q2 法說會逐字稿

Welcome, everyone, and thank you for joining us today. Before going into our second-quarter results for 2024, I'd like to update you on our Capital Markets Day progress, which, together with our recent Energy Transition Strategy update, shows how we intend to generate more value with less emissions.

歡迎大家，感謝您今天加入我們。在介紹 2024 年第二季業績之前，我想向您介紹我們資本市場日的最新進展，該進展以及我們最近的能源轉型策略更新，表明我們打算如何以更少的排放創造更多價值。

If I take you back to June of last year, we committed to our guiding principles of performance, discipline, and simplification. The aim was to drive a culture shift in our organization. And we are seeing the results play out.

如果我帶你回到去年六月，我們致力於執行績效、紀律和簡化的指導原則。目的是推動我們組織的文化轉變。我們正在看到結果。

We set four financial targets, and we're making solid progress against each and every single one of them. We also talked about the importance of establishing a track record of delivery. And today, I hope you can see this track record developing and gathering momentum. In short, we're turning our words into actions.

我們設定了四個財務目標，我們正在為每個目標取得紮實進展。我們也討論了建立交付追蹤記錄的重要性。今天，我希望您能看到這一業績記錄不斷發展並累積動力。簡而言之，我們正在將言語轉化為行動。

Now let me give you some examples. In our integrated gas business, we said we would continue to grow our LNG portfolio by increasing both our liquefaction and access to third-party volumes. And that is what we have done.

現在讓我舉一些例子。在我們的綜合天然氣業務中，我們表示將透過增加液化和第三方供應量來繼續擴大我們的液化天然氣產品組合。這就是我們所做的。

We've extended existing valued partnerships like in Oman and entered into new ones, such as the ADNOC Ruwais LNG project in Abu Dhabi. We've also invested in backfill such as in Manatee in Trinidad and Tobago, and we've agreed to acquire Pavilion Energy in Singapore to increase our portfolio length.

我們擴展了阿曼等現有的重要合作關係，並建立了新的合作夥伴關係，例如阿布達比的 ADNOC 魯維斯液化天然氣計畫。我們還投資了回填項目，例如特立尼達和多巴哥的 Manatee，並且我們同意收購新加坡的 Pavilion Energy，以增加我們的投資組合長度。

At the same time, we're working hard to achieve first production from our large LNG joint venture project in Canada by middle of next year. These investments add significant volumes and flexibility to our leading global LNG portfolio.

同時，我們正努力爭取在明年年中之前實現加拿大大型液化天然氣合資計畫的首次生產。這些投資為我們領先的全球液化天然氣投資組合增加了大量數量和靈活性。

We also saw operational performance improve across our integrated gas business. Prelude, for example, significantly increased its controllable availability since its turnaround last year. While Pearl GTL in Qatar continues to build on its impressive track record.

我們也看到綜合天然氣業務的營運績效有所改善。例如，自去年推出以來，Prelude 顯著提高了其可控可用性。而卡達的 Pearl GTL 則繼續保持其令人印象深刻的業績記錄。

Moving to upstream, where we want to ensure cash flow longevity. We said that by 2025, we would bring projects online with a total peak production of more than 500,000 barrels of oil equivalent a day, and we are making good progress.

轉向上游，我們希望確保現金流的長期存在。我們說，到2025年，我們將投產總高峰日產量超過50萬桶油當量的項目，目前進展良好。

We have successfully started up several projects like Vito and Rydberg in the Gulf of Mexico, Mero-2 in Brazil, Block 10 in Oman, and Timi and Jerun in Malaysia. And around the end of this year, we expect to see the start-up of Wale in the Gulf of Mexico, along with Brazil's Mero-3 and Penguins in the North Sea.

我們已經成功啟動了多個項目，例如墨西哥灣的Vito和Rydberg、巴西的Mero-2、阿曼的Block 10以及馬來西亞的Timi和Jerun。今年年底左右，我們預計將看到 Wale 在墨西哥灣啟動，巴西的 Mero-3 和 Penguins 在北海啟動。

Looking further ahead, we have taken final investment decisions on Atapu-2 in Brazil and Sparta in the Gulf of Mexico. These investments, along with others in the funnel, will help us maintain our liquids production at roughly 1.4 million barrels a day until the end of the decade, as we communicated at Capital Markets Day, allowing us to continue to provide the energy security that the world needs. And just like in our integrated gas business, upstream has also improved its operational performance, both in deepwater and conventional oil and gas.

展望未來，我們已經對巴西的 Atapu-2 和墨西哥灣的 Sparta 做出了最終投資決定。正如我們在資本市場日所傳達的那樣，這些投資以及漏斗中的其他投資將幫助我們將液體產量維持在每天約 140 萬桶，直到本世紀末，這使我們能夠繼續提供能源安全世界需求。就像我們的綜合天然氣業務一樣，上游也提高了深水和常規石油和天然氣的營運績效。

Now let's take a look at downstream and renewables and energy solutions, where we said we would high-grade the portfolio to support a profitable energy transition. In chemicals and products, we have agreed to sell our energy and chemicals park in Singapore and our shareholding in the PCK refinery in Germany. In mobility, with a focus on value, we continue to high grade our network and drive premium fuel growth, which is reflected in the improved V-Power margins.

現在讓我們來看看下游、再生能源和能源解決方案，我們表示我們將提升產品組合以支持有利可圖的能源轉型。在化學品和產品方面，我們已同意出售我們在新加坡的能源和化學品園區以及我們在德國 PCK 煉油廠的股權。在行動領域，我們注重價值，持續提升我們的網路並推動優質燃料的成長，這反映在 V-Power 利潤率的提高上。

Lubricants also saw higher margins and improved performance, helping marketing adjusted earnings to grow. We said that this management team is prepared to take some tough decisions. And with the backdrop of disappointing market conditions, we paused on-site construction at our biofuels plant in Rotterdam, where we will now seek to address project delivery and ensure future competitiveness.

潤滑油業務的利潤率也更高，業績也有所改善，有助於行銷調整後的收益成長。我們說過，這個管理團隊準備好做出一些艱難的決定。在市場狀況令人失望的背景下，我們暫停了鹿特丹生物燃料工廠的現場施工，現在我們將尋求解決專案交付問題並確保未來的競爭力。

We've also said that we will focus on areas where we have a competitive advantage. That's why in renewables and energy solutions, we exited the home energy business in Europe last year and continue to employ a disciplined and selective approach to power.

我們也說過，我們將專注於我們有競爭優勢的領域。這就是為什麼在再生能源和能源解決方案方面，我們去年退出了歐洲的家庭能源業務，並繼續採用嚴格和選擇性的電力方法。

But we are growing our downstream, renewables and energy solutions portfolio, where we see attractive returns, demonstrated by our final investment decision on Polaris CCS in Canada. We are staying true to what we said at Capital Markets Day. We are maintaining capital discipline, improving operational performance across the board, and we are becoming more predictable, delivering on our targets.

但我們正在擴大我們的下游、再生能源和能源解決方案組合，我們在這些領域看到了誘人的回報，我們對加拿大 Polaris CCS 的最終投資決定證明了這一點。我們恪守在資本市場日所說的話。我們正在維持資本紀律，全面提高營運績效，並且我們正在變得更加可預測，以實現我們的目標。

Take the structural OpEx reduction target, where we have already delivered $1.7 billion out of the $2 billion to $3 billion that we committed to deliver by the end of 2025. I'm proud of the efforts of our staff across every part of the organization and the progress that we are making. Our strong overall performance has given us the ability to continue to deliver enhanced shareholder returns. As a result, this quarter, we have again been able to exceed our distributions range of 30% to 40% of CFFO through the cycle.

以結構性營運支出削減目標為例，我們承諾到 2025 年底交付的 20 億至 30 億美元目標中，我們已經交付了 17 億美元。取得的進展。我們強勁的整體業績使我們有能力持續提高股東回報。因此，本季我們再次超出了整個週期 CFFO 30% 至 40% 的分配範圍。

Now let me tell you about our financial results in the quarter. We had a strong quarter driven by good operational performance. Our adjusted earnings were $6.3 billion, and we generated $13.5 billion of cash flow from operations. In integrated gas, once again, we achieved high-controllable availability from QGC in Australia, an asset that has been performing exceptionally well.

現在讓我向您介紹一下我們本季的財務表現。在良好的營運績效的推動下，我們的季度業績表現強勁。我們的調整後收益為 63 億美元，營運現金流為 135 億美元。在綜合天然氣方面，我們再次透過澳洲QGC實現了高度可控的可用性，而該資產的表現非常出色。

In our chemicals business, Shell Polymers Monaca had significantly higher utilization with all three polyethylene trains now fully operational. And in the products business, we also had strong operational performance and delivered another set of robust trading and optimization results.

在我們的化學品業務中，殼牌聚合物莫納卡的利用率顯著提高，所有三條聚乙烯生產線現已全面投入營運。在產品業務中，我們也擁有強勁的營運業績，並交付了另一組強勁的交易和優化結果。

Before moving on to our financial framework, I'd like to come back to the structural OpEx reduction that I mentioned earlier. In the first half of this year, we've delivered an additional $700 million reduction, on top of the $1 billion reduction from last year.

在繼續討論我們的財務框架之前，我想回顧一下我之前提到的結構性營運支出削減。今年上半年，我們在去年削減 10 億美元的基礎上，又削減了 7 億美元。

The majority of the contributions this year have been realized through performance initiatives across the organization, such as focusing on operational excellence and lowering overheads. The remainder was achieved through portfolio choices, and this does not yet include the impact of announced divestments like Singapore. We will continue to take cost out as we progress towards achieving the target that we have set at Capital Markets Day.

今年的大部分貢獻都是透過整個組織的績效舉措實現的，例如專注於卓越營運和降低管理費用。其餘部分是透過投資組合選擇實現的，這還不包括新加坡等宣布撤資的影響。隨著我們逐步實現我們在資本市場日設定的目標，我們將繼續降低成本。

Now moving on to our financial framework. Our cash CapEx outlook for the full year of 2024 remains unchanged. We continue to invest only in those projects that exceed our hurdle rates and meet our strategic intent.

現在轉向我們的財務框架。我們對 2024 年全年現金資本支出的展望保持不變。我們繼續只投資那些超出我們預期目標並符合我們策略意圖的項目。

Our balance sheet remains strong. And today, we have announced yet another $3.5 billion share buyback program, which we expect to complete in time for our Q3 results in October. This makes it the 11th consecutive quarter in which we have announced $3 billion or more in buybacks, showing that the strong performance of the business results in compelling returns to our shareholders.

我們的資產負債表仍然強勁。今天，我們宣布了另一項 35 億美元的股票回購計劃，我們預計該計劃將在 10 月發布第三季業績時及時完成。這使得我們連續第 11 個季度宣布進行 30 億美元或更多的回購，這表明業務的強勁表現為我們的股東帶來了令人矚目的回報。

To summarize, with us now a little over a year since Capital Markets Day, I'm incredibly proud of the progress that we are making against all of our financial targets, the focus that we are bringing to our investments, and the improvements across the company.

總而言之，距離資本市場日已經過去一年多了，我對我們在實現所有財務目標方面取得的進展、我們對投資的關注以及整個領域的改進感到無比自豪。

Today, we announced another strong set of results, making the first half of this year one of our best. And with so much untapped potential and so much more to achieve, we will continue to move forward, take bold steps and build a track record of delivery. Guided by our principles of performance, discipline and simplification, we aim to be the investment case through the energy transition, delivering more value with less emissions. Thank you.

今天，我們宣布了另一組強勁的業績，使今年上半年成為我們最好的業績之一。擁有如此多的未開發潛力和更多的目標，我們將繼續前進，採取大膽的步驟並建立交付記錄。在我們的績效、紀律和簡化原則的指導下，我們的目標是成為能源轉型的投資案例，以更少的排放創造更多的價值。謝謝。

(Operator Instructions)

（操作員說明）

Thank you very much for joining us today. We hope that after watching the presentation, you've seen how we delivered strong results and how we continue to focus on operational performance. Today, Sinead and I will be answering your questions. And now please, could we have just one or two questions each so that everyone has the opportunity.

非常感謝您今天加入我們。我們希望在觀看演示後，您能夠了解我們如何取得強勁的業績以及我們如何繼續專注於營運績效。今天，我和西尼德將回答大家的問題。現在請我們每個人只問一兩個問題，以便每個人都有機會。

With that, could we have the first one, please, Luke?

那麼，盧克，我們可以吃第一個嗎？

Lydia Rainforth, Barclays.

莉迪亞·雷恩福斯，巴克萊銀行。

Thanks and good afternoon to you both. Obviously, a very nice set of results as we're coming through it. We are, as you talked about in the presentation, Wael, just over a year since the announcement of the first and it's rare that things go entirely according to plan, although I admit it looks like it might be.

謝謝你們，下午好。顯然，我們正在經歷一組非常好的結果。正如你在演講中談到的那樣，Wael，自宣布第一個項目以來僅過了一年多，事情完全按計劃進行的情況很少見，儘管我承認看起來可能如此。

So can you just talk about what's been better than you thought, what worked out, where you wanted to be and areas you think need more focus than originally planned? I think just at the end now, you talked about untapped performance. Is there any of chance you quantifying that for me?

那麼，您能否談談哪些方面比您想像的更好、取得了哪些成果、您想要達到的目標以及您認為需要比原計劃更多關注的領域？我想就在最後，您談到了未開發的性能。你有機會幫我量化嗎？

And then secondly, probably more for Sinead. Ex leases, the gearing level is now, I think, just about over 5%. The free cash flow generation is impressive. How do you think about the evolution of the balance sheet and how you use that free cash flow? Do you save it for [Sprint-2]? Or do you think about the additional shareholder returns at that point? Thanks.

其次，對西妮德來說可能更多。我認為，除租約外，目前的負債水準約為 5% 以上。自由現金流的產生令人印象深刻。您如何看待資產負債表的演變以及如何使用自由現金流？您是否將其儲存到[Sprint-2]？還是您考慮過當時的額外股東回報？謝謝。

Super. Thank you, Lydia. Let me take the first one, and then I'll hand over to Sinead for the second one. Look, it's been indeed, 12 months since the announcement in Capital Markets Day. And what I would say is we're very, very pleased with the momentum that we have been building.

極好的。謝謝你，莉迪亞。讓我來處理第一個，然後我將把第二個交給 Sinead。看看，距離資本市場日宣布這一消息已經過去 12 個月了。我想說的是，我們對我們一直在建立的勢頭感到非常非常滿意。

I mean at the time, just to sort of take us back, we said at the time that we wanted to really solidify the company to build a lean, very agile, very strong organization. And one that allows us to focus on a handful of things: deliver the operational performance improvement that you see starting to come through; continue to reduce costs, which you see, including today's structural cost reduction of $1.7 billion against the $2 billion to $3 billion target; the capital discipline that we're talking through; as well as the focus on making sure that we continue to enhance the portfolio. So all that is playing out.

我的意思是，當時，只是為了讓我們回到過去，我們當時說我們希望真正鞏固公司，建立一個精幹、非常敏捷、非常強大的組織。這使我們能夠專注於幾件事：實現您所看到的營運績效改善；繼續降低成本，正如您所看到的，包括今天相對於 20 億至 30 億美元的目標削減了 17 億美元的結構性成本；我們正在討論的資本紀律；並確保我們繼續增強產品組合的重點。所以這一切正在上演。

The biggest thing that I continue to focus on with my executive committee is the culture change because we want to make sure that this is not a one-off. This has to be a new way of life, and I'm particularly pleased to see that there is multiple green shoots that we are seeing in the organization. Prioritization is starting to kick in in a lot firmer way than maybe was there in the past.

我與執行委員會繼續關注的最重要的事情是文化變革，因為我們希望確保這不是一次性的。這必須是一種新的生活方式，我特別高興地看到我們在組織中看到了多個萌芽。優先順序開始以比過去更加堅定的方式發揮作用。

So for example, in our IT program, we've had to focus on a handful of key areas, and we've managed to release some 4,000 contractor staff on the back of that. So that's one step forward in the right direction with more to go.

例如，在我們的 IT 專案中，我們必須專注於少數關鍵領域，並在此基礎上成功釋放了約 4,000 名承包商員工。因此，這是朝著正確方向邁出的一步，而且還有更多的路要走。

In addition to that, I would say we are looking at how we can continue to de-bureaucratize the company, in areas like the standards that we have that can be a bit challenging for the organization to implement. So those are some of the things we're working. But I'd say there's a lot more to do, Lydia. And that's where the challenge is. To keep that drumbeat of focus with good results that are coming in, to make sure that we do not take our foot off the pedal.

除此之外，我想說，我們正在研究如何繼續使公司去官僚化，在我們現有的標準等領域，這些標準對於組織實施來說可能有點挑戰性。這些是我們正在努力的一些事情。但我想說，還有很多事情要做，莉迪亞。這就是挑戰所在。為了保持對即將到來的良好結果的關注，確保我們不會把腳從踏板上移開。

It's about the stamina that we have as a company and our ability to be able to really institutionalize these changes. That is what I would say is the biggest thing that I'm focused on with my leadership team over the coming months. Sinead?

這關係到我們作為一家公司所擁有的耐力以及我們能夠真正將這些變革製度化的能力。我想說的是，這是我的領導團隊在未來幾個月關注的最重要的事情。西妮德？

Yes, indeed. And thank you, Lydia. Indeed, our debt and our balance sheet, particularly the balance sheet is incredibly strong at this moment in time. And it's important to me in the sense that it enables both us to follow through on opportunities that come out for value, but also to provide resilience in case things change. It also allows us to be confident in terms of our shareholder distributions as you allude to.

確實是的。謝謝你，莉迪亞。事實上，我們的債務和資產負債表，尤其是資產負債表目前非常強勁。這對我來說很重要，因為它使我們不僅能夠抓住有價值的機會，而且還能在情況改變時提供彈性。正如您所提到的，這也讓我們對股東分配充滿信心。

With respect to those, for me, it's all about being consistent and predictable. And as you know, we tend to look through the quarter. And you've seen us do that a few times. You've seen us, of course, with Q4 with our debt levels rising as well. So you saw us go up $3 billion in Q4 and, of course, now you see us come down. And that will change over time. There will be volatility to our debt levels, and that will occur naturally.

就這些而言，對我來說，最重要的是保持一致和可預測。如您所知，我們傾向於回顧整個季度。您已經看到我們這樣做過幾次了。當然，您已經看到我們在第四季的債務水準也在上升。所以你看到我們在第四季增加了 30 億美元，當然，現在你看到我們下降了。這會隨著時間的推移而改變。我們的債務水平將會出現波動，這是自然發生的。

As an example, with LNG Canada as we move towards that being commissioned, we see the pipeline coming first of all. And with the pipeline coming in, that will occur and that will come on the balance sheet before the first LNG cargoes.

舉個例子，隨著加拿大液化天然氣公司的投產，我們首先看到的是管線。隨著管道的開通，這種情況將會發生，並將在第一批液化天然氣貨物運輸之前出現在資產負債表上。

So indeed, it allows us to have a track record of consistent delivery, and you'll see that continue, Lydia.

因此，事實上，它使我們能夠擁有一致交付的記錄，而且你會看到這種情況繼續下去，莉迪亞。

Thank you, Sinead. Thank you, Lydia. Luke, can we have the next question, please?

謝謝你，西妮德。謝謝你，莉迪亞。路克，我們可以問下一個問題嗎？

Biraj Borkhataria, RBC Capital Markets.

Biraj Borkhataria，加拿大皇家銀行資本市場。

Thanks for taking my question. The first one's just on CapEx guidance. So first half of the year looks to be running well light relative to the full-year guidance. And usually, you have some seasonality in there, but it does look like even with the ramp-up in the second half of the year, you'd be probably closer to the bottom end than the top end of the guidance. So could you just give a sense of where I'm wrong here? Is there any specific inorganic bullets that you expect to pay in the second half of the year?

感謝您提出我的問題。第一個只是關於資本支出指導。因此，與全年指導相比，今年上半年的情況似乎良好。通常，其中存在一些季節性因素，但看起來即使在下半年有所增長，您也可能更接近指導的底部而不是頂部。那你能告訴我我錯在哪裡嗎？您預計下半年有什麼具體的無機子彈嗎？

And then the second question is on Nature Energy. So you acquired a business a couple of years ago for $2 billion. At the time, you said that was going to be accretive to your earnings and the latest reports say it's not.

第二個問題是關於自然能源的。幾年前，您以 20 億美元收購了一家企業。當時，您說這會增加您的收入，但最新報告卻表明事實並非如此。

And I just want to understand as we think about CMD 2025 and you kind of rationalizing your portfolio and thinking about where you can be competitive, is biogas an area where you still think you can generate acceptable returns going forward? And what does that experience on that acquisition teach you and what have you learned going forward? Thank you.

我只是想了解，當我們考慮 CMD 2025 時，您會合理化您的投資組合併思考您可以在哪些方面具有競爭力，沼氣是您仍然認為未來可以產生可接受回報的領域嗎？那次收購的經驗給了你什麼啟發？謝謝。

Super. Thank you for that, Biraj. Let me start with the second question and maybe hand over to Sinead for the first one. And start by saying I'm a very, very firm believer in the future of biogas and biofuels by the way, more generally. As a drop in fuel without having to change out the capital stock, I do think something like biogas will have a massive role to play in the niche plays where it will apply.

極好的。謝謝你，比拉吉。讓我從第二個問題開始，第一個問題可能會交給 Sinead。首先要說的是，我非常非常堅信沼氣和生物燃料的未來，更廣泛地說。作為一種無需改變資本存量的燃料下降，我確實認為像沼氣這樣的東西將在其應用的利基市場中發揮巨大作用。

And in particular, biogas into bio-LNG, which we see as the most expedient and the most affordable way to start to decarbonize, for example, the marine sector as well as the trucking sector. So strong belief in that market.

特別是，將沼氣轉化為生物液化天然氣，我們認為這是開始脫碳的最方便、最經濟的方式，例如海洋部門和卡車運輸部門。對這個市場有如此強烈的信心。

Having said that, that is looking sort of a decade or two out. We see that is going to grow in a big way. And what we have done with Nature Energy is, in essence, taken a platform that allows us to win in that space. And the win is really the combination of being able to play on the production side, of course, our trading and then ultimately, our customer end.

話雖如此，這看起來還需要一兩年的時間。我們看到這將會大幅成長。從本質上講，我們對 Nature Energy 所做的事情是建立了一個平台，使我們能夠在該領域獲勝。勝利實際上是能夠在生產方面發揮作用的結合，當然，我們的交易，最後是我們的客戶端。

What's happened since we have acquired that platform? Now, of course, as you can see in the market, the prices aren't where they need to be. Natural gas prices have come down and feedstock prices have actually gone up. So it squeezed the margins in that business.

自從我們收購該平台以來發生了什麼事？當然，正如您在市場上看到的那樣，現在的價格並未達到應有的水平。天然氣價格下降，而原料價格實際上上漲。因此它擠壓了該業務的利潤。

We're also in a growth phase. We continue to invest to be able to bring more and more of these facilities online. We're not looking at this, Biraj, from a 6- to 12- to 18-month basis. I have to be looking at this in multiple years as we're building a platform really for the late 2020s into the 2030s. And that's what we continue to have conviction around that this is a great investment for that window.

我們也正處於成長期。我們繼續投資，以便能夠將越來越多的此類設施上線。 Biraj，我們不會以 6 到 12 到 18 個月為基礎來考慮這個問題。我必須花很多年的時間來審視這個問題，因為我們正在為 2020 年代末到 2030 年代建立一個真正的平台。這就是我們繼續堅信的，這是對該窗口的一項巨大投資。

I think when it comes to CMD '25, we will, as a minimum, look to continue to echo our belief in the bio market. But it's a question of where do we deploy the capital now to make sure that we can achieve the returns we expect out of that market, in line with the hurdle rates that we shared in CMD '23, which was the 12% plus IRRs.

我認為，當談到 CMD '25 時，我們至少會繼續回應我們對生物市場的信念。但問題是我們現在將資本部署在哪裡，以確保我們能夠從該市場獲得我們預期的回報，與我們在 CMD '23 中分享的最低迴報率（即 12% 以上的 IRR）一致。

So continued confidence, but we need to be able to make sure that now we set up that platform for success. Sinead?

因此，我們需要繼續保持信心，但我們需要能夠確保我們現在已經建立了成功的平台。西妮德？

Thanks, Biraj. Fully understand the question. You are right; we are running low on CapEx numbers as to the middle of the year. However, that's actually very similar to what we saw last year as well. So we've got a number of payments that have to come through towards the end of the year.

謝謝，比拉傑。完全理解問題。你是對的;到今年年中，我們的資本支出數字已經很低。然而，這實際上也與我們去年看到的情況非常相似。因此，我們有許多付款必須在年底前完成。

And if you remember, actually, last year, we were sitting at Q3 on, roughly speaking, around $17 billion of CapEx but we actually ended up at $24 million, so well within the range. And we expect at this moment to be in that range.

如果你還記得的話，實際上去年第三季我們的資本支出大約為 170 億美元，但實際上我們最終的資本支出為 2,400 萬美元，完全在這個範圍內。我們目前預計會在這個範圍內。

So that still stands at $22 million to $24 million, just given the number of payments that are still to come, both in terms of just that things are ready out there and final payments on some of the projects that need to reach completion have been commissioned at the moment. Thank you.

因此，考慮到尚未付款的數量，無論是事情已經準備就緒，還是一些需要完成的項目的最終付款已經委託，這筆資金仍為 2200 萬至 2400 萬美元。謝謝。

Thank you, Sinead. Thank you, Biraj. Luke, can we have the next question, please?

謝謝你，西妮德。謝謝你，比拉吉。路克，我們可以問下一個問題嗎？

Paul Cheng, Scotiabank.

Paul Cheng，豐業銀行。

Wael, if we look at the global oil demand, seems like it's continued rising, at least through the remaining of the decade. So from that standpoint, you've been always saying that you guys are going to be dramatic. Should the company revisit whether that you should be targeting your liquid production to be flat or that further shift investments so that you can grow the production in line with the global oil demand growth? That's the first question.

韋爾，如果我們看看全球石油需求，它似乎在持續成長，至少在這十年的剩餘時間裡是如此。所以從這個角度來看，你一直說你們會很戲劇化。公司是否應該重新考慮是否應該將液體產量目標定為持平，還是進一步轉移投資，以便能夠根據全球石油需求的成長來增加產量？這是第一個問題。

The second question is that you continue to make good progress in your chemical operation. So that we have seen net income, so that's great. So when we look at Monaca, the chemical compact in Philadelphia, in terms of (inaudible), is that now that you're seeing a good operating state? Or that you actually see further improvement can be made from there? And if it is the latter case, where's that further improvement going to come from? Thank you.

第二個問題是，你們的化工業務持續取得良好進展。這樣我們就看到了淨利潤，這很好。因此，當我們看看費城的莫納卡化學工廠時（聽不清楚），現在您是否看到了良好的運作狀態？或者您實際上看到可以從那裡進行進一步的改進？如果是後一種情況，進一步的改進從何而來？謝謝。

Paul, thank you for those two questions. Let me take both of those. I think on your first question around liquids, what we have -- where we have deep conviction is that the energy system of the future will require liquids, oil- or bio-based liquids, as well as gas and potentially multiple other energy sources, electron based, of course, nuclear and so on and so forth. We also see that in order to be able to win, we need to be the players that have the highest margin and are at the lower end of the cost curve.

保羅，謝謝你提出這兩個問題。讓我把這兩個都拿走。我認為關於你關於液體的第一個問題，我們所擁有的——我們堅信未來的能源系統將需要液體、石油或生物基液體，以及天然氣和潛在的多種其他能源，基於電子，當然還有核等等。我們也看到，為了能夠獲勝，我們需要成為利潤率最高且處於成本曲線下端的玩家。

And so when we established our value-over-volume strategy, which is now a few years old, what we looked to do is to make sure we cut the tail of our portfolio and focus on high grading the portfolio. So we get off this treadmill of ever-growing need to be able to go acquire someone to keep our production going up, but actually, to be able to stabilize the production and continue to drive the competitiveness of that production and the margin of that production.

因此，當我們建立價值超過數量的策略時（該策略已經有幾年了），我們要做的就是確保我們削減投資組合的尾部並專注於高評級投資組合。因此，我們擺脫了不斷增長的需求的跑步機，能夠去聘請某人來保持我們的產量增長，但實際上，能夠穩定產量並繼續提高該生產的競爭力和該生產的利潤率。

So there is no intent to move away from that balanced sort of keeping our liquids flat through 2030. We'll decide what we do beyond 2030, but no change in that philosophy for now.

因此，我們無意放棄那種在 2030 年之前保持液體水平不變的平衡方式。

In addition to that, you asked the question around chemicals. Very pleased with where the team has progressed the chemicals, the Pennsylvania Chemicals business over the last few months. I had the opportunity to be there at what we call our Safety Day, which is an opportunity to reflect on safety across the company.

除此之外，您也提出了有關化學品的問題。對過去幾個月團隊在賓州化學業務化學品業務的進展感到非常滿意。我有機會參加我們所謂的安全日，這是一個反思整個公司安全的機會。

And what I took away is this is an asset now that has achieved stable production. So we are on all three polyethylene trains. We're within a very good operating window. Is there more opportunity for improvement? No question.

我得到的是，這是一項現在已經實現穩定生產的資產。所以我們在所有三列聚乙烯火車上。我們處於一個非常好的營運窗口內。還有更多改進的機會嗎？沒有問題。

And the improvement is going to come predominantly from a value basis. We continue to high grade the product slate that we have as we certify more and more of these chemical products that we are producing. We continue to challenge ourselves on our cost structure, not just within that facility, but the overhead cost structure that sits above it.

改進將主要來自價值基礎。隨著我們對我們生產的越來越多的化學產品進行認證，我們將繼續對我們擁有的產品進行高品質的升級。我們繼續在成本結構上挑戰自己，不僅是在該設施內，而且是位於其之上的管理費用結構。

So there are multiple opportunities that we are pursuing, which we deem as being no regret and very much in line with the Capital Markets Day, a promise we have made. I would say, and I take you back to Capital Markets Day, we still believe that the chemicals market is an attractive market for the future.

因此，我們正在尋求多種機會，我們認為這些機會並不後悔，並且非常符合我們在資本市場日所做的承諾。我想說的是，我帶你們回到資本市場日，我們仍然相信化學品市場是對未來有吸引力的市場。

We believe that some of the facilities that we have, which are going to be in the portfolio are very strong facilities. And at the same time, there are certain assets which we have chosen to pass on to a more natural owner such as, for example, the energy and chemical park in Singapore, which we have now sold or in the process of sort of completing the transaction to Chandra Asri as well.

我們相信，我們擁有的一些設施將在投資組合中非常強大。同時，我們選擇將某些資產轉移給更自然的所有者，例如新加坡的能源和化學園區，我們現在已經出售或正在完成該專案交易給 Chandra Asri 也是如此。

So there's a lot happening in that space as we continue to improve the bottom line in our Chemicals business in what continues to be a very difficult macro environment there.

因此，在仍然非常困難的宏觀環境下，隨著我們繼續提高化學品業務的利潤，該領域發生了很多事情。

Thank you, Paul. Luke, can we have the next question, please?

謝謝你，保羅。路克，我們可以問下一個問題嗎？

Giacomo Romeo, Jefferies.

賈科莫·羅密歐，傑弗里斯。

Yes. Good afternoon and thank you for taking my call. If we can say on chemicals, first of all, the -- what would have been the -- what's the impact of Singapore in your chemicals and refining earnings? Just trying to understand what sort of uplift we should expect once you complete the sale.

是的。下午好，感謝您接聽我的電話。如果我們可以說化學品，首先，新加坡對你們的化學品和煉油收入有何影響？只是想了解一旦您完成銷售，我們應該期待什麼樣的提升。

And second question on the good progress you are showing towards your $2 billion to $3 billion OpEx reduction target. I suspect that upon completion of the Singapore divestment, you should see a good contribution towards this. Are you able to quantify this at this stage?

第二個問題是關於您在實現 20 億至 30 億美元營運支出削減目標方面所取得的良好進展。我懷疑，新加坡撤資完成後，您應該會看到對此的良好貢獻。您現階段能夠對此進行量化嗎？

Thank you, Giacomo. Do you want to address those, Sinead?

謝謝你，賈科莫。你想解決這些問題嗎，西妮德？

I'm happy to take both of those. Giacomo, I apologize. I'm going to, unfortunately, be able to say very little, as you can imagine, we're going through a divestment at this moment in time. What I can say to you, of course, is that with respect to the Singapore divestment, it's one that doesn't fit our portfolio, but of course, fits the buyer's very well given the specialty and the focus in that area. It is not one that we are finding attractive to us at this moment in time.

我很樂意接受這兩個。賈科莫，我道歉。不幸的是，正如你想像的那樣，我只能說很少，我們此時此刻正在進行撤資。當然，我可以對你說的是，就新加坡撤資而言，它不適合我們的投資組合，但考慮到該領域的專業和重點，當然非常適合買家。目前我們還沒有發現它對我們有吸引力。

And remember, our chemicals portfolio overall is currently in a breakeven state for this quarter, roughly speaking. So you're correct that with the divestment, we will, of course, take OpEx out, and you will see that flow through in terms of that $2 billion to $3 billion. It's not in those numbers yet, of course.

請記住，粗略地說，本季我們的化學品投資組合目前總體處於盈虧平衡狀態。所以你說得對，隨著撤資，我們當然會去掉營運支出，你會看到 20 億到 30 億美元的流量。當然，它還沒有包含在這些數字中。

So what you've seen from us so far is hitting $1.7 billion in terms of that target towards $2 billion to $3 billion for OpEx. And of course, in that $1.7 billion, what we're seeing at the moment is more of a move towards the non-portfolio elements. But we will have Singapore flowing through when that deal completes.

到目前為止，您從我們看到的營運支出目標已達到 17 億美元，目標是 20 億至 30 億美元。當然，在這 17 億美元中，我們目前看到更多的是轉向非投資組合元素。但當交易完成時，我們將讓新加坡通過。

And we're expecting that deal to complete more or less at the end of the year into Q1. So you'll see that flow through then and we'll be able to give you more details at that point. Thank you.

我們預計該交易將在今年年底第一季完成。因此，您將看到整個流程，屆時我們將能夠為您提供更多詳細資訊。謝謝。

Thank you, Sinead. Thank you, Giacomo. Luke, we can take the next question, please.

謝謝你，西妮德。謝謝你，賈科莫。盧克，我們可以回答下一個問題。

Roger Read, Wells Fargo.

羅傑·里德，富國銀行。

Thank you. Good morning or good afternoon. I guess, kind of one big question I have balance sheet-wise, given the performance here, the cash balance, the net debt. And I know you like to keep a healthy cash balance, but seems like improvement is probably a little ahead of schedule. Just curious how you're thinking on what the right cash balance is as you look at the overall cash returns.

謝謝。早安或下午好。我想，考慮到這裡的表現、現金餘額和淨債務，我在資產負債表方面遇到了一個大問題。我知道您喜歡保持健康的現金餘額，但看起來改善可能有點提前了。只是好奇當您查看整體現金回報時，您如何考慮正確的現金餘額是多少。

And then the other question I had was on slide 8 where you lay out the growth projects here. Is there anything we should think about given performance to date and what's left to come online as an overall impact on any changes in the way you're thinking about volume performance, volume growth, or lack of volume shrinkage maybe?

我的另一個問題是在第 8 張投影片上，您在這裡列出了成長項目。到目前為止，我們是否應該考慮給定的性能以及剩餘的上線內容，作為您考慮卷性能、卷增長或缺乏卷收縮的方式的任何變化的總體影響？

Thank you for those two questions. Let me start with the second one and then hand over to you, Sinead. Very little that has changed, Roger, from what we described in Capital Markets Day. At the time, what we said was we expected to bring online, at peak, around 500,000 barrels of oil equivalent per day. Today, we updated the fact that, indeed, that is 250,000 barrels of oil equivalent per day has already been brought online, and the rest to come through between now and 2025. So no major changes there.

謝謝你提出這兩個問題。讓我從第二個開始，然後交給你，Sinead。羅傑，這與我們在資本市場日所描述的情況相比幾乎沒有改變。當時，我們所說的是，我們預計在高峰時每天將生產約 50 萬桶石油當量。今天，我們更新了這樣一個事實：事實上，每天 250,000 桶石油當量已經上線，其餘的將在現在到 2025 年間完成。

And those are, by the way, good, high-margin barrels, in particular in our deepwater space that you see those coming through in the Gulf of Mexico as well as in Brazil and beyond, by the way, in places like Oman and the like.

順便說一句，這些都是優質的高利潤桶，特別是在我們的深水空間，您可以看到那些來自墨西哥灣以及巴西和其他地區的桶，順便說一句，在阿曼和阿曼等地。

And so very little to add to that. And we continue to focus very much on the opportunities, in particular in the basins where we see we have competitive advantage to look at opportunities for tiebacks, backfills.

對此幾乎沒有什麼可補充的。我們繼續非常關注機會，特別是在我們認為具有競爭優勢的盆地，以尋找回接、回填的機會。

Two recent, for example, announcements, Jerun, which is the Malaysian gas field, which was brought on stream just a couple of weeks ago. We've just recently taken a final investment decision on Atapu-2 and another FPSO in that block in Brazil, not to mention all the LNG opportunities that we've mapped out there from the Pavilion volumes we're bringing in, the Ruwais LNG in Abu Dhabi, the FID on the Manatee project in Trinidad and Tobago.

例如，最近的兩個公告，Jerun，即馬來西亞天然氣田，幾週前才投產。我們最近剛剛對巴西該區塊的 Atapu-2 和另一艘 FPSO 做出了最終投資決定，更不用說我們從我們正在引進的展館數量中規劃出的所有液化天然氣機會，魯韋斯液化天然氣在阿布達比，特立尼達和多巴哥海牛計畫的最終投資決定。

All of that is giving us that next wave of growth that we very much look forward to that takes us to the end of the decade, and continues that healthy balance on our liquids while looking to grow our LNG volumes by 20% to 30% by that date.

所有這些都為我們帶來了我們非常期待的下一波增長，這將帶我們到本世紀末，並繼續我們的液體的健康平衡，同時希望將我們的液化天然氣產量增長 20% 至 30%那個日期。

Do you want to talk about cash?

你想談談現金嗎？

Sure. No, thanks, Roger. And I think there's two elements to this. There's both the cash element to it and the overall balance sheet strength. So on the second part, on the balance sheet strength, as you know, we have an incredibly strong balance sheet.

當然。不，謝謝，羅傑。我認為這有兩個要素。其中既有現金因素，也有整體資產負債表的實力。因此，在第二部分，就資產負債表實力而言，如您所知，我們擁有非常強勁的資產負債表。

We're very comfortable with the levels of debt that we have at the moment and that varies. A little bit like I was saying to Lydia, it goes up and down from quarter to quarter. But given the levels, it's a very natural place to be.

我們對目前的債務水準感到非常滿意，而且債務水準各不相同。就像我對莉迪亞說的那樣，它每個季度都會上下波動。但考慮到水平，這是一個非常自然的地方。

What we will see, of course, is that leases will go up, as Pavilion comes on and LNG Canada comes on. But that allows us, given the strength of the balance sheet, to be able to look through it as we think about distributions.

當然，隨著Pavilion 和 LNG Canada 的上線，我們將看到租金將會上漲。但鑑於資產負債表的實力，這使我們能夠在考慮分配時對其進行審視。

One of the points you've raised was around cash specifically. And of course, indeed, we sit on a significant amount of cash, but the net -- that flows into the net debt number. Reason for sitting on that cash is pure and simple, that the debt levels that we have at the moment, they're very attractive rates, many of them hedged, et cetera. And it wouldn't make sense to buy that out at this point in time. So therefore, the net debt position sits with a gearing level of around 17%.

您提出的要點之一是專門針對現金的。當然，事實上，我們擁有大量現金，但淨現金流入淨債務數字。持有這些現金的原因很簡單，我們目前的債務水平非常有吸引力，其中許多是對沖的，等等。在這個時候買斷它是沒有意義的。因此，淨債務部位的負債水準約為 17%。

So I'm quite comfortable with where we are at the moment, recognizing it will go up and down a few billion quarter to quarter, Roger. Thank you for the question.

因此，我對我們目前的處境感到非常滿意，因為我認識到每個季度的收入都會上下幾十億美元，羅傑。感謝你的提問。

Thank you, Sinead. Thank you, Roger. Luke, let's go to the next question, please.

謝謝你，西妮德。謝謝你，羅傑。盧克，我們進入下一個問題。

Michele Della Vigna, Goldman Sachs.

米歇爾·德拉·維尼亞，高盛。

Thank you very much. And again, congratulations on the strong results. Two questions, if I may. The first one is about your buybacks. You are clearly highly free cash flow positive at the moment even after cash distribution. You've lowered net debt by $5 billion in the first half. I was wondering what would give you the confidence to potentially increase the buyback rate up from the $3.5 billion you're doing as at the moment?

非常感謝。再次恭喜我們取得的優異成績。如果可以的話，有兩個問題。第一個是關於你的回購。即使在現金分配之後，您目前顯然仍具有高度自由的現金流量。上半年淨債務減少了 50 億美元。我想知道什麼會讓您有信心將回購率從目前 35 億美元的水平上調高？

And then secondly, I was wondering, given the success you've had in exploration in Namibia, what are your next moves there? And when you -- and what you would need in order to move to an FID of a development there in the coming years? Thank you very much.

其次，我想知道，鑑於您在納米比亞勘探中取得的成功，您下一步在那裡採取什麼行動？當您——以及您需要什麼才能在未來幾年內對那裡的開發項目進行最終投資決定？非常感謝。

Thank you. Do you want to take buybacks question?

謝謝。您想回答回購問題嗎？

Certainly. Happy to. No, thanks Michele, for the question. Indeed, we have said time and time again that we will look through the quarter. And I think that's very, very key for us. When I'm looking through the quarter, I'm looking at, of course, the cash generation in the quarter, but also, of course, beyond that. It's very much about ensuring that we have the discipline to be able to execute quarter after quarter.

當然。高興。不，謝謝米歇爾提出的問題。事實上，我們已經一次又一次說過，我們將審視這個季度。我認為這對我們來說非常非常關鍵。當我回顧本季時，我當然會關注本季的現金產生情況，當然也會關注其他方面。這在很大程度上是為了確保我們有紀律，能夠逐季執行。

We're continuing to build that track record, as you know. We're seeing that predictability 11 quarters above $3 billion, of course, at this moment in time. And when we speak to our owners, to our investors, but specifically around this topic, what we see is they're very happy with those levels of distributions because they see that drumbeat coming through.

如您所知，我們正在繼續創造這項記錄。當然，此時此刻，我們看到 11 個季度的可預測性將超過 30 億美元。當我們與我們的所有者、我們的投資者交談時，特別是圍繞這個主題時，我們看到他們對這些分配水平非常滿意，因為他們看到了這種鼓聲。

Now five quarters into a 10 quarter sprint, and of course, there's a lot more running room. So what you will see, of course, is complete transparency. And making sure that when we move our share buyback number, it will be clear what has changed. The fundamentals will be there. Thank you.

現在，十個季度的衝刺已進入五個季度，當然，還有更多的運行空間。當然，您將看到的是完全透明。確保當我們調整股票回購數量時，人們會清楚發生了什麼變化。基本面將會在那裡。謝謝。

Thank you, Sinead. Michele, your question around Namibia, indeed, we have progressed well on both the exploration wells as well as the appraisal wells. We are, at the moment, evaluating. It's a complex subsurface, as I've said in the past. There is no shortage of volume.

謝謝你，西妮德。米歇爾，你關於納米比亞的問題，確實，我們在勘探井和評估井方面都取得了良好進展。目前，我們正在評估。正如我過去所說，這是一個複雜的地下區域。數量上並不缺乏。

The question is going to be the commercial producibility and the mobility of those molecules. What's very helpful is that there are a number of players in the region, all of whom are active in the spot. So we are all learning as we go to be able to really better understand the reservoir and the contours of the reservoir.

問題將是這些分子的商業生產能力和流動性。非常有幫助的是，該地區有很多玩家，他們都活躍在該領域。因此，我們都在不斷學習，以便能夠真正更好地了解水庫和水庫的輪廓。

What would be required? What we would need is line of sight towards the sort of returns that we would expect. This is, of course, relatively new area to invest in. And so you need quite a bit of infrastructure to be able to make it work. And we need to be able to assure ourselves that we have investable projects in the sort of returns ranges that we indicated in Capital Markets Day '23.

需要什麼？我們需要的是專注於我們所期望的回報。當然，這是一個相對較新的投資領域。我們需要能夠向自己保證，我們擁有的可投資項目的回報範圍符合我們在資本市場日 '23 中指出的範圍。

And so that's why we're taking our time, thinking through it, making sure that we have a good enough picture before we commit our shareholders' capital to that development. And time is our friend here as we learn from both our own analysis and the analysis of others and the activities of others as well. Thank you, Michele.

因此，我們要花時間仔細思考，確保在將股東資金投入該開發案之前，我們有足夠的了解。時間是我們的朋友，因為我們從自己的分析、他人的分析、他人的活動中學習。謝謝你，米歇爾。

Luke, let's go to the next question, please.

盧克，我們進入下一個問題。

Christopher Kuplent, Bank of America.

克里斯多福‧庫普倫特，美國銀行。

Hi. Thank you. Just two quick questions, please. Building on your growing cash balance, Sinead, but I think it's a question to you as well, Wael, how is -- can you give us an update how the mood is like internally? You said it's halfway through your 10 quarter sprint. Inertia initially in the company, has that turned into excitement? And how difficult is it to continue to tell your staff that they should tighten their belts when the cash balance keeps growing and growing?

你好。謝謝。請簡單問兩個問題。西尼德（Sinead），基於您不斷增長的現金餘額，但我認為這對您來說也是一個問題，瓦埃爾（Wael），您能給我們介紹一下內部情緒的最新情況嗎？你說你的 10 個季度衝刺已經過了一半。公司最初的惰性，現在變成興奮了嗎？當現金餘額不斷成長時，繼續告訴員工應該勒緊褲腰帶有多困難？

So maybe another way of tackling that question. But ultimately, I'd like to explore a little bit more where you see most potential still to come in your OpEx, particularly the nonportfolio-driven OpEx savings? And will there come a point, to be precise, when you can actually break down where these savings that you are calling out here on the slide come from, whether it's by project or at least by segment? Is that something you think is realistic as we look into the CMD next year? Thank you.

所以也許可以用另一種方​​式來解決這個問題。但最終，我想進一步探討您認為營運支出中最具潛力的地方，特別是非由投資組合驅動的營運支出節省？準確地說，是否會有一天，您可以真正分解您在幻燈片上提到的這些節省的來源，無論是按項目還是至少按細分市場？當我們明年研究 CMD 時，您認為這是現實的嗎？謝謝。

Let me kick off and then, Sinead, if there's areas you'd like to add to. Thank you for the question, Christopher. I mean it's -- let me start with the mood firstly. I think it's great to be on a winning team. And I do think that post Capital Markets Day '23, post Energy Transition Strategy 2024, we've now been able to build a holistic picture of where we want to go as a company, and staff see the momentum.

讓我開始吧，然後，Sinead，如果您想補充一些內容。謝謝你的提問，克里斯多福。我的意思是──讓我先從心情開始。我認為加入一支獲勝的球隊真是太好了。我確實認為，在 23 年資本市場日之後，在 2024 年能源轉型策略之後，我們現在已經能夠全面了解我們作為一家公司的發展方向，員工也看到了這一勢頭。

Our Board sees the momentum that we are on. But no one is complacent because we also recognize that we have a lot more to do to be able to achieve the full potential of the company.

我們的董事會看到了我們目前的勢頭。但沒有人會自滿，因為我們也意識到，要充分發揮公司的潛力，我們還有很多工作要做。

Cost is an outcome in my mind. What we are trying to do is to prepare ourselves to transform the culture of the company to one that is able to outcompete in the coming years. And the competition is changing, right? This is not just in the oil and gas space. But within oil and gas, we are having to add digital capabilities, AI capabilities.

成本是我心目中的一個結果。我們正在努力做的是做好準備，將公司文化轉變為能夠在未來幾年中脫穎而出的文化。競爭正在發生變化，對嗎？這不僅發生在石油和天然氣領域。但在石油和天然氣領域，我們必須添加數位功能、人工智慧功能。

We're looking to leverage knowledge in a different way than we have in the past. For example, today, some 40% of our staff globally, 30% to 40% are staff in what we call Shell business operations in places like in Kraków, in India, in Kuala Lumpur.

我們希望以與過去不同的方式利用知識。例如，今天，我們在全球約 40% 的員工，其中 30% 到 40% 是在克拉科夫、印度、吉隆坡等地我們所謂的殼牌業務部門工作的員工。

We're learning how to be able to actually use some of the emerging technology in ways that we wouldn't have imagined before. And that's allowing us to be much more productive, enhance reliability, and of course, also reduce costs.

我們正在學習如何能夠以我們以前無法想像的方式實際使用一些新興技術。這使我們能夠提高生產力、增強可靠性，當然還可以降低成本。

Beyond that, what are the areas that we're seeing sort of playing up? And that also plays to the staff mood. This is about competitiveness, right? First and foremost, this is about competitiveness, and we want to be able to be a competitive company. It's not good enough to just generate cash and be a third quartile player. We want to win and this is what this company can do and has line of sight towards.

除此之外，我們還看到哪些領域正在發揮作用？這也符合員工的情緒。這關乎競爭力，對吧？首先也是最重要的，這是關於競爭力，我們希望能夠成為一家有競爭力的公司。僅僅產生現金並成為第三個四分位玩家是不夠的。我們想要獲勝，這就是這家公司能夠做到的，也是我們所追求的。

What does competitiveness look like? It means that we cannot simply get everything that we want as a company. So we're being much more conscious of the pots we can spend. For example, in IT, you have to make choices. In some of the standards that we have, we've had to simplify those, sometimes cutting 60% to 70% of the standards, which liberates parts of the organization to be able to really sort of flourish.

競爭力是什麼樣的？這意味著我們不能簡單地獲得作為一家公司想要的一切。所以我們更加關注我們可以花的錢。例如，在IT產業，你必須做出選擇。在我們現有的一些標準中，我們必須進行簡化，有時會削減 60% 到 70% 的標準，從而解放組織的某些部分，使其能夠真正蓬勃發展。

We're trying to simplify the way the organization works. So one of the things we are looking to do is to be able to consolidate roles at management level, expand next line roles so that people cover more than one market, sometimes two to three markets, and for frontline staff, allowing multiskilling rather than going through the individual silos that create interfaces that sometimes slow down the work and actually don't reward people in their jobs.

我們正在努力簡化組織的運作方式。因此，我們希望做的一件事就是能夠鞏固管理層的角色，擴大下線角色，以便人們覆蓋多個市場，有時是兩到三個市場，對於一線員工來說，允許掌握多種技能，而不是去透過創建介面的各個孤島，有時會減慢工作速度，並且實際上不會獎勵人們的工作。

So this is a high-level story that I'm sharing with you. But at the heart of it is the culture change that we are driving. And there are multiple examples from the very, very basic one around travel, where today, we are still at 60% of the 2019 travel spend.

這是我與大家分享的一個高層次的故事。但其核心是我們正在推動的文化變革。關於旅行的非常非常基本的例子有很多，時至今日，我們的旅行支出仍佔 2019 年旅行支出的 60%。

That's small in the bigger scheme of things, but that's a couple of hundred million dollars, and that's an important part, an important indicator of discipline, all the way through to the way we're thinking about capital projects and how we think about spending the feasibility expenses on it, really being clear. We need to get projects through the funnel quicker if we believe in them and stop them earlier if we don't and not put entire teams on them if we don't see the fundamentals work.

從更大的計劃來看，這很小，但這是幾億美元，這是一個重要的部分，一個重要的紀律指標，一直到我們考慮資本項目和支出的方式其可行性費用非常清楚。如果我們相信項目，我們需要更快地完成專案；如果我們不相信專案，我們需要儘早停止專案；如果我們看不到基本原理，就不要讓整個團隊參與其中。

So hopefully, that gives you a flavor of some of the things. I think the mood continues to be a robust one. But at the same time, there's a lot of organizational change. I'm also conscious of the load that, that puts on people because change is never great. And so we're trying to move as quickly as we can on that front, while at the same time, give the clarity that our people need as we move into the next phase of this journey.

希望這能讓您體驗到其中的一些東西。我認為人們的情緒仍然很強烈。但同時，組織上也發生了許多變化。我也意識到這帶給人們的負擔，因為改變從來都不是偉大的。因此，我們正在努力在這方面盡快採取行動，同時，在我們進入這趟旅程的下一階段時，向我們的員工提供所需的明確資訊。

What did you want to add, Sinead, to it?

西妮德，你想在其中添加什麼？

I think you said it very comprehensively. The only one-line sentence I would say, it's exciting, and there's so much more to go.

我覺得你說的很全面。我唯一想說的一句話就是，這很令人興奮，而且還有很多事情要做。

Thank you, Sinead. Christopher, thank you for the question. Luke, can we go to the next question, please?

謝謝你，西妮德。克里斯多福，謝謝你的提問。路克，我們可以進入下一個問題嗎？

Matt Lofting, JPMorgan.

馬特‧洛夫廷，摩根大通。

Hi. Thanks for taking the question. Two quick ones, please. First, it struck me looking at the numbers this morning that if we combine the key integrated gas and upstream businesses, in aggregate, that they've beaten consensus now for four straight quarters, average about 10% over that period.

你好。感謝您提出問題。請快點來兩份。首先，令我震驚的是，今天早上看到的數據顯示，如果我們將主要的綜合天然氣和上游業務合併起來，那麼它們現在已經連續四個季度超出了共識，在此期間平均增長約 10%。

So I wondered if you could talk about the sources of that and the extent to which you think that, that reflects the enhanced delivery and operational performance that you've talked about driving through the company? And then secondly, specifically on LNG. I think you showed in the slide deck that Shell's now filled the prior gap that existed into '25, '26 on purchases versus sales. Part of that is the Pavilion transaction. Could you talk about what made that an attractive asset for Shell and particularly perhaps linking into the flexibility point that, Wael, you mentioned during your opening comments?

因此，我想知道您是否可以談談其來源以及您認為這在多大程度上反映了您所談論的透過公司推動的交付和營運績效的提高？其次，特別是液化天然氣。我認為您在幻燈片中展示了殼牌現在填補了 25 年、26 年採購與銷售方面存在的空白。其中一部分是Pavilion 交易。您能否談談是什麼讓這項資產對殼牌來說具有吸引力，特別是可能與您在開場白中提到的靈活性點有關？

Matt, thank you for that. Which one do you want to take, Sinead?

馬特，謝謝你。西妮德，你想選哪一個？

I'm happy to take the second one.

我很高興接受第二次。

All right. Let me start then with the first one around IG, integrated gas, and upstream and the strong delivery over the last four quarters. I put first and foremost, down to a lot of hard work, a lot of focus. And this performance culture that we have spoken about, Matt, starts with a fundamentally different cadence, a different performance cadence that Zoe, as the Head of the integrated gas Upstream Division, is really driving with her team. Really just getting back to what they call the brilliant basics.

好的。讓我從第一個圍繞 IG、綜合天然氣和上游以及過去四個季度的強勁交付開始。我首先強調的是大量的努力、大量的關注。馬特，我們談到的這種績效文化始於一種根本不同的節奏，佐伊作為綜合天然氣上游部門的負責人，正在與她的團隊真正推動這種不同的績效節奏。真的只是回到他們所說的出色的基礎知識。

Getting back to what we need to be able to do to drive the fundamentals right: how do we maintain our assets; are we doing the right walks around the facilities to be able to -- to make sure that we pick up any issues before they happen; how do we leverage proactive technical monitoring; and so on and so forth. So really good work in that space.

回到我們需要做些什麼來推動基本面的正確發展：我們如何維護我們的資產；我們是否在設施周圍進行了正確的巡查，以確保我們在問題發生之前發現問題；我們如何利用主動技術監控；等等等等。在這個領域的工作非常出色。

In addition to that, what I would say is really focusing on the big assets that were potentially weakening us in the past. Prelude, you've seen from the charts we provided to you, is now running at the IG average utilization and availability levels, which is great news.

除此之外，我想說的是真正專注於過去可能削弱我們的大資產。您從我們提供給您的圖表中看到，Prelude 現在正在以 IG 平均利用率和可用性水平運行，這是個好消息。

Queensland Gas Company, outstanding performance there. Pearl GTL continues very, very strong performance. Deepwater is running well. Conventional Oil and Gas is running well. So across the patch, what you are seeing is more and more consistent delivery, something we talked about 12 months ago and something that I think is coming through in the results quarter after quarter.

昆士蘭天然氣公司的表現也很出色。 Pearl GTL 持續保持非常非常強勁的表現。深水運作良好。常規石油和天然氣運作良好。因此，在整個補丁中，您看到的是越來越一致的交付，這是我們 12 個月前討論過的事情，我認為這將在每個季度的結果中得到體現。

The only other thing I'd add is continued focus on the costs that we talked about earlier. As we drive competitiveness, that team is really looking at how do we hone in on the costs that actually add value and really sharpening their focus on that, and you're again seeing the results of that come through.

我要補充的唯一一件事是繼續關注我們之前討論過的成本。當我們提高競爭力時，團隊正在真正研究如何磨練真正增加價值的成本，並真正加強他們對此的關注，你會再次看到結果。

What you're seeing on that slide really is us showing the -- there was a number of things on there. There was first and foremost that gap basically to 2025. And the Pavilion acquisition basically adds 6.4 MTPA of additional supply that helps deliver against the 15% to 25% growth we talk about in there, about purchased volumes. So we've got that aspect of it.

你在這張投影片上看到的其實是我們展示的——那裡有很多東西。首先也是最重要的是，到2025 年，這一差距基本上存在。 。所以我們已經掌握了這方面的內容。

But we also, of course, have the Ruwais LNG project, which also, our share is 1 MTPA, which will help to deliver against future growth that will come as well.

當然，我們也有魯韋斯液化天然氣項目，我們的份額也是 1 MTPA，這將有助於應對未來的成長。

So you'll see roughly speaking between now and 2025, about 2 MTPA coming in. That's helpful, of course, because we have reduced length as you're aware, coming into sort of the end of this year and into next year, which helps us just build as go longer term. But of course, that's always helpful as those opportunities are given more and more to us.

因此，粗略地說，從現在到 2025 年，大約會增加 2 MTPA。 。當然，這總是有幫助的，因為我們得到的機會越來越多。

So an attractive acquisition to us as we come through, particularly as we see price normalizing in terms of really back towards pre-war levels, so back to the 2022 levels. And of course, we're also seeing with that a little bit of the seasonality less pronounced. So we're seeing less volatility as a result, and therefore, less trading optimization opportunities. That combined with reduced length means that the portfolio has been a little bit more balanced over the next couple of quarters. That's what we would expect potentially to see.

因此，當我們經歷這個過程時，這對我們來說是一項有吸引力的收購，特別是當我們看到價格正常化，真正回到戰前水平，回到 2022 年的水平。當然，我們也看到季節性因素不太明顯。因此，我們看到波動性較小，因此交易優化機會也較少。再加上長度的縮短意味著投資組合在接下來的幾季會更加平衡。這就是我們期望看到的。

But it depends on the opportunities that come through and how quickly we get Pavilion in. But clearly, from our perspective, if we look through the quarters, that's how we manage the company, it's a long-term look, and you can see that as well in how we actually deliver on the distributions as well. Thank you.

但這取決於出現的機會以及我們進入Pavilion的速度。我們如何實際交付發行版。謝謝。

Thank you, Sinead. Matt, thank you for those questions. And can we go to the next question, Luke?

謝謝你，西妮德。馬特，謝謝你提出這些問題。我們可以進入下一個問題嗎，盧克？

Lucas Herrmann, BNP.

盧卡斯·赫爾曼，法國巴黎銀行。

Thanks very much and congratulations on consistent delivery. I want to touch on the res business because, I guess, personally, I've probably tended to ignore it. It's been very steady or it had been very steady. This is the first quarter where we've actually seen a relatively sizable loss. And sitting at this desk, it's incredibly difficult to get a sense of what the number would look like.

非常感謝並祝賀一致的交付。我想談談資源業務，因為我想，就我個人而言，我可能傾向於忽略它。一直很穩定，或者說一直很穩定。這是我們實際上看到相對較大虧損的第一季。坐在這張桌子前，很難了解這個數字是什麼樣的。

So I wonder whether you could give us any help in terms of how we should think about numbers, profit/loss, whatever, going forward and also help us or help me better understand what comprises the $17 billion, $18 billion or so of capital that's tied in in that business?

因此，我想知道您是否可以為我們提供任何幫助，幫助我們更好地理解 170 億美元、180 億美元左右的資本是由什麼組成的從事那項業務？

And another slightly abstract question, but I'm sure you're conscious or you've seen Eni look to divest a part of its mobility business over the course of the last several weeks as I'd say, at pretty attractive multiple. It obviously highlights the inherent value in your business, not least the marketing business, of which I know you're aware.

還有另一個稍微抽象的問題，但我相信您是有意識的，或者您已經看到埃尼在過去幾週內尋求以相當有吸引力的倍數剝離其部分移動業務。它顯然凸顯了您業務的內在價值，尤其是行銷業務，我知道您已經意識到這一點。

Where does it lead you in terms of thinking of ways of perhaps more rapidly or more aggressively realizing the potential of the marketing assets, which obviously, our stock markets trade at substantially higher multiples than the parent does? Thanks very much.

它會引導您去思考如何更快或更積極地實現行銷資產的潛力（顯然，我們的股票市場的交易倍數比母公司高得多）？非常感謝。

Lucas, thank you for those two questions. Did you want to take the res question first, Sinead?

盧卡斯，謝謝你提出這兩個問題。 Sinead，你想先回答 res 問題嗎？

Sure. Very happy to. So with respect to the res portfolio, there's two elements to your question. So first of all, on the result, Lucas, there as well, so you're right in the sense that this quarter, what you saw was numbers which were much more around this sort of medium-term expected range per previous guidance, but actually, these last couple of quarters, we've just seen exceptional volatility. And we've seen, as a result, quite high results coming through.

當然。非常高興。因此，關於資源組合，您的問題有兩個要素。首先，就結果而言，盧卡斯（Lucas）也在那裡，所以你是對的，本季度你看到的數字更接近之前指導的中期預期範圍，但是實際上，在過去的幾個季度中，我們剛剛看到了異常的波動。結果，我們看到了相當高的結果。

This quarter, we saw basically from a range of different things, Europe having plenty of being long some of the gas, not much volatility playing out, lower generation, et cetera. All of it played into very little T&O, or trading optimization opportunities, and that's where it occurred.

本季度，我們基本上從一系列不同的方面看到，歐洲有足夠的天然氣做多，波動性不大，發電量較低等等。所有這些都幾乎沒有發揮 T&O（交易優化機會）的作用，而這就是它發生的地方。

The second part of your question was off your first part, was around the capital employed and how much is sitting there. Of course, there's a combination of things in there. There's both the assets that we've invested in, whether those are the wind farms or the solar aspects in there, but there's also a healthy amount of working capital that tends to sit in there.

你問題的第二部分與第一部分不同，是關於所使用的資本以及現有的資本有多少。當然，裡面有一些東西的組合。其中既有我們投資的資產，無論是風電場或太陽能發電場，而且還有大量的營運資金。

That's what causes the volatility as you go through because the volatility is, of course, linked -- or sorry, the working capital is linked to the volatility around the T&O business that we have there. So you'll see that vary and that's why you've seen the numbers come in and out quarter on quarter.

這就是波動的原因，因為波動當然是相關的——或者抱歉，營運資金與我們在那裡的 T&O 業務的波動相關。因此，您會看到情況有所不同，這就是為什麼您會看到數字逐季進出的原因。

Just to get a sense of, look, how do I think about the base level of profitability in that business then going forward? Is Q3's level something I should be thinking, okay, broadly 3, 4x that is what you're going to be doing for the time being?

只是為了了解一下，我如何看待該業務未來的基本獲利水準？ Q3 的水平是我應該考慮的嗎？

So what I would say is --

所以我想說的是——

Give me a steer, please.

請給我指引。

Yes. So Lucas, what you've seen in the last couple of quarters have been high. So I would go for -- Q2 is basically close to zero or slightly negative. That's what we would expect to see on average without volatility into the market.

是的。盧卡斯，你在過去幾季所看到的情況一直很高。所以我會認為——第二季基本上接近零或略為負值。這就是我們期望在市場沒有波動的情況下平均看到的情況。

Thank you for that, Sinead. Lucas, to your second question on mobility in general. As you know, what we have said in this first sprint is, first and foremost, we want to change the culture of the company, reduce costs, get tighter on capital. And we want to rebuild the confidence in some of the underperforming parts of our business, one of which at the time we felt was marketing, including the mobility, and that's why we have spent a lot of time, and we've talked about this as well, on how we can enhance that. So we're doing a few things in the mobility business, which in my mind are no regret.

謝謝你，西妮德。盧卡斯，關於你關於一般流動性的第二個問題。如您所知，我們在第一個衝刺中所說的首先是，我們希望改變公司文化，降低成本，並收緊資本。我們希望重建對我們業務中一些表現不佳的部分的信心，其中一個當時我們認為是行銷，包括行動性，這就是為什麼我們花了很多時間，我們已經討論過這個以及我們如何加強這一點。因此，我們在行動旅遊業務上做了一些事情，在我看來，這並不後悔。

That's a business that today is a ROACE that's under 10% and is a business that should be looking at a ROACE that's closer to double-digit mid-teens. And so what we're trying to do there, and you, by the way, start to see some of that coming through in the second-quarter results, is really focus on a value-over-volume strategy, and you've seen that with enhanced margins.

該企業目前的 ROACE 低於 10%，並且應該關注接近兩位數的 ROACE。因此，我們正在嘗試在那裡做的事情，順便說一句，您開始看到第二季度業績中出現的一些結果，實際上是專注於價值超過數量的策略，您已經看到了利潤率提高的情況。

We're looking at premiumization, so selling more of the premium products that we can. We've taken costs out of that business of late, and that's helping us start to really improve the bottom line. And we are indeed also divesting tail assets that no longer have a place in our portfolio. We've announced Pakistan as an example, South Africa, Mexico, and others.

我們正在尋求高端化，因此我們可以銷售更多的優質產品。我們最近已經降低了該業務的成本，這有助於我們開始真正提高利潤。我們確實也在剝離那些不再在我們的投資組合中佔有一席之地的尾部資產。我們已經宣布了巴基斯坦、南非、墨西哥等國家為例。

So what we're doing in this sprint is really getting these businesses to their full potential. That, of course, does not exclude, which we will always be looking at, how do we continue to create maximum value and unlock the full value for our shareholders from holding some of these assets or not. And that's something for a future date to discuss. But at this stage, it's all about how do we turn around that business to its full potential.

因此，我們在本次衝刺中所做的實際上是讓這些企業充分發揮潛力。當然，這並不排除我們將始終關注的問題：我們如何繼續創造最大價值，並透過持有或不持有其中一些資產為我們的股東釋放全部價值。這是將來要討論的事情。但在現階段，關鍵在於我們如何充分發揮這項業務的潛力。

Thank you very much, Lucas. Luke, can we get the next question, please?

非常感謝你，盧卡斯。路克，我們可以回答下一個問題嗎？

Irene Himona, Societe Generale.

艾琳希莫納，法國興業銀行。

Thank you very much. Good afternoon both. My first question is on the German biofuels plant cancellation. Clearly, one of those capital projects that did not offer you the returns required. I just wanted to understand. What was the role behind that decision, the role of the technology chosen initially that's been a problem versus the apparent oversupplied European biofuels market? And also how you see that market evolving in the next few years?

非常感謝。兩位下午好。我的第一個問題是關於德國生物燃料工廠的取消。顯然，這些資本項目之一沒有為您提供所需的回報。我只是想了解一下。該決定背後的作用是什麼？ 最初選擇的技術在明顯供過於求的歐洲生物燃料市場中扮演了一個問題？您如何看待未來幾年該市場的發展？

My second question, clearly, you're very successfully moving to deliver the 20% to 30% LNG growth, which you targeted last year. Of course, globally, the LNG markets will have something like 45% of new capacity in the next two or three years. Can you share your thoughts around the impact that you see on integrated gas from what may well be material weakness in spot gas prices for a couple of years? Thank you.

我的第二個問題，顯然，你們非常成功地實現了去年設定的 20% 至 30% 液化天然氣成長目標。當然，在全球範圍內，未來兩三年內液化天然氣市場將擁有約 45% 的新增產能。您能否分享一下您對綜合天然氣的影響的看法，因為現貨天然氣價格可能會在幾年內出現實質疲軟？謝謝。

Thank you, Irene. Let me take both of those. I think starting with the biofuels one. I'd start off by once again sort of just emphasizing the fundamental conviction we have in this biofuels business overall. And this is already today, by the way, a very profitable business for us.

謝謝你，艾琳。讓我把這兩個都拿走。我認為從生物燃料開始。首先，我再次強調我們對整個生物燃料業務的基本信念。順便說一下，今天這對我們來說已經是一項非常有利可圖的業務。

Last year alone, we sold some 9.7 billion liters of -- or we blended it with many of the products that we are selling our customers in our worldwide networks, a third of which, by the way, came from Raízen, which is our joint venture with Cosan. So we still very much like the business.

光是去年，我們就售出了約 97 億公升——或者我們將其與我們在全球網路中向客戶銷售的許多產品混合在一起，其中三分之一來自 Raízen，這是我們的聯合公司與科桑一起冒險。所以我們還是非常喜歡這個行業的。

I don't think we could separate the complexity of the plant, the engineering and the like from where the market conditions are. We have a value tracking system as part of this sort of cultural evolution that we've referred to as we aim to be superior allocators of capital. We have implemented this system.

我認為我們無法將工廠、工程等的複雜性與市場條件分開。我們有一個價值追蹤系統，作為這種文化演變的一部分，我們稱之為「我們的目標是成為優秀的資本配置者」。我們已經實施了這個系統。

And what that has shown us is given market conditions and given some of the challenges we were seeing in the facility itself, including engineering and execution, that it was time to pause, not to stop but to pause, to really just reflect on for that incremental dollar of capital that we want to spend, is this the best place to spend it? Or in a market where many of these asset prices have come down, we could look at other options and be able to source the molecules we need in different ways.

這向我們展示的是，鑑於市場條件以及我們在設施本身中看到的一些挑戰，包括工程和執行，是時候暫停了，不是停止而是暫停，真正反思一下這一點我們想要花費的增量資本，這是花費它的最佳地方嗎？或者，在許多此類資產價格已經下降的市場中，我們可以考慮其他選擇，並且能夠以不同的方式購買我們需要的分子。

Remember, today, we are somewhere around 10 times -- selling 10 times what we actually produce. And so I wouldn't separate it Irene, between the two as clearly as that; it wasn't this or that. It was the sum total of the value proposition that we saw.

請記住，今天我們的銷售額是我們實際生產量的 10 倍左右。所以我不會把艾琳分開，就這麼明顯地把兩者分開；不是這個或那個。這是我們看到的價值主張的總和。

To your question around where the market goes, big question mark in my mind. At the heart of this market is mandates. And so with the softening mandates that we have seen or the retrenchment in certain mandates plus the oversupply, it's clear that steel or biorefining is not where you're going to make a lot of money right now.

對於你關於市場走向的問題，我心中有一個很大的問號。這個市場的核心是授權。因此，隨著我們看到的軟化指令或某些指令的緊縮加上供應過剩，很明顯鋼鐵或生物精煉不是你現在能賺很多錢的地方。

But you can still create value through the entire value chain. And we are looking to strategically position ourselves in parts of the value chain where we think we can create longer-term value and to make sure that, that capital is deployed in the best way possible.

但您仍然可以透過整個價值鏈創造價值。我們希望在價值鏈的某些部分進行策略定位，我們認為我們可以創造長期價值，並確保以盡可能最好的方式部署資本。

On the LNG side, I don't have the luxury in my role, Irene, to look at sort of just the next three, four years. In all honestly, I start from the perspective of, is this energy vector a very interesting one for us to play in and with a 50% growth trajectory between now and 2040. With this being really the only serious credible solution that gives you both energy security as well as decarbonizing the energy system in the particular sectors in which it works, I continue to be very bullish about the role of LNG.

在液化天然氣方面，艾琳，我的角色沒有餘力去展望未來三、四年的情況。老實說，我從以下角度出發：這個能量向量對我們來說是一個非常有趣的向量嗎？您提供能量安全以及能源系統在其運作的特定領域的脫碳，我仍然非常看好液化天然氣的作用。

And we will go through cycles. We will undoubtedly go through cycles and cycles are a good thing for us because we are both on the length and on the short. We have a number of supply points. We have a number of demand points and this allows us to be able to in the lows of the cycle, pick up well-priced supply, and in the highs of the cycle, sell to our customers and be able to build the portfolio that you have seen create so much value for us and makes us the leading LNG player in the world.

我們將經歷循環。毫無疑問，我們將經歷週期，週期對我們來說是一件好事，因為我們既處於長線又處於短線。我們有許多供應點。我們有許多需求點，這使我們能夠在周期的低點，獲得價格合理的供應，並在周期的高點，向我們的客戶銷售，並能夠建立您需要的投資組合。多的價值，使我們成為世界領先的液化天然氣生產商。

And so I do think when I look through individual periods of time, this is a very, very strong business. And we continue to make sure that we are well balanced in the way we do this. We have, for example, Henry Hub-linked offtakes into Brent markets. We look at locking in long-term agreements so that we do not have the volatility of the market in the short term while still having some exposure to spot and so on and so forth.

因此，我確實認為，當我回顧各個時期時，這是一項非常非常強大的業務。我們將繼續確保我們這樣做的方式保持良好平衡。例如，我們有與亨利中心相關的布蘭特原油市場承購。我們考慮鎖定長期協議，這樣我們就不會在短期內出現市場波動，同時仍然擁有一定的現貨等敞口。

And so I do think this is one for us where we can create opportunities where many others can't. And that plays, I think, to one of the reasons why we were successful with the Pavilion Energy deal as well. Thank you very much for the question, Irene.

因此，我確實認為這對我們來說是一個可以創造許多其他人無法創造的機會的機會。我認為，這也是我們在 Pavilion Energy 交易中取得成功的原因之一。非常感謝你的提問，艾琳。

Luke, can we get the next question, please?

路克，我們可以回答下一個問題嗎？

Peter Low, Redburn Atlantic.

彼得洛，雷德伯恩大西洋公司。

Hi, thanks. The first was on marketing. At the time of the 2Q update note, you expected earnings to be in line with 1Q. What ended up coming in better than you had expected, which led to the strong result?

你好謝謝。第一個是關於行銷。在發布第二季更新說明時，您預計收益將與第一季保持一致。是什麼最終比您預期的更好，從而帶來了強勁的結果？

And then perhaps just quickly on the dividend, you've kind of committed to the 4% per annum growth but the share count is annualizing 6% lower, thanks to the buyback. Will that be a consideration when the Board considers the next increase? And is it too simplistic to simply think of it as one of those numbers plus the other? Thanks.

然後，也許在股息方面，你很快就承諾了每年 4% 的成長，但由於回購，股票數量年化下降了 6%。當董事會考慮下一次加薪時，這會是個考慮因素嗎？簡單地將其視為其中一個數字加上另一個數字是否太簡單了？謝謝。

Thank you for that, Peter. Do you want to take those two, Sinead?

謝謝你，彼得。你想帶走那兩個嗎，西妮德？

In terms of the marketing side of things, Peter, yes, really pleased with how the results showed up. As you saw, just premium volumes coming through and coming through really strongly towards the end of the quarter.

就行銷方面而言，彼得對結果非常滿意。正如您所看到的，只有溢價銷售出現，並且在本季末的時候表現非常強勁。

Difference between what we said in the quarterly update note and what actually you saw coming through, it was higher, definitely the right way to go. And just in the same way as with other segments, you also have moves as you close the books.

我們在季度更新說明中所說的內容與您實際看到的內容之間存在差異，它更高，絕對是正確的方法。與其他細分市場一樣，當你合上書本時，你也會採取行動。

For example, in our chemicals and products business, of course, you saw that some of the trading managing the flows between those segments moves between them. That's really what occurs, and we see it between res, our renewables business, our C&P business and Marketing. So when we go out to you, of course, we give our expectations of where it's going to be, but we haven't closed the books and we haven't allocated across this.

例如，在我們的化學品和產品業務中，您當然會看到一些管理這些部門之間流動的交易在它們之間移動。這確實發生了，我們在資源、再生能源業務、C&P 業務和行銷之間看到了這一點。因此，當我們向您提供資訊時，當然，我們會給出對其未來發展的期望，但我們還沒有結案，也沒有對此進行分配。

What you typically see at the top level at the Shell, is at the right number and there's just trading gets allocated across it. So yes, marketing was a bit higher. But overall, really, really pleased with those results, not only the premium volumes, but as Wael was talking to earlier, but just the moves that that business are making in terms of high-grading the portfolio, but also ensuring they go after OpEx really, really firmly.

您通常在殼牌的頂層看到的是正確的數字，並且只有交易在其中分配。所以是的，行銷有點高。但總的來說，我對這些結果真的非常滿意，不僅是溢價量，而且正如 Wael 之前所說，而且是該業務在高評級投資組合方面採取的舉措，而且確保他們追求運營支出真的，真的很堅定。

The second question, you talk about the share buybacks leading to an increase over time, et cetera, on that. And can you link the two? No, you can't is the answer. So what you see with us, of course, is we've been very open and honest about the fact that we have a 4% dividend, aggressive dividend that comes through on that. And with the share buybacks, what we're looking at is basically about allocation of value.

第二個問題，您談到了股票回購導致隨著時間的推移而增加等等。你能把兩者連結起來嗎？不，你不能，這就是答案。當然，你在我們身上看到的是，我們一直非常公開和誠實地對待我們有 4% 股息、激進股息的事實。透過股票回購，我們關注的基本上是價值分配。

This is" where do we put capital to the most value-accretive area? So what you see us doing, of course, is really trying to do that drumbeat, that consistency. You're seeing, of course, this is the 11th quarter of over $3 billion of share buybacks and actually, since Q3 of last year, we're doing $3.5 billion of buybacks as well. So we continue to do that and allocate accordingly.

這就是「我們將資本投入到最具增值價值的領域的哪裡？所以你看到我們所做的，當然，實際上是在努力做到那種鼓點，那種一致性。當然，你看到的是，這是第11 季超過 30 億美元的股票回購，實際上，自去年第三季以來，我們也進行了 35 億美元的回購，因此我們將繼續這樣做並進行相應的分配。

And of course, what you also see is there's nothing particularly unusual about it, if we have to borrow and we see through a quarter, which we did in Q4, you see that coming through as well. So whilst the share price is where it is, you'll see us continue to go after the share buybacks. Thank you.

當然，你也會看到，這並沒有什麼特別不尋常的地方，如果我們必須借錢並且我們能熬過一個季度，就像我們在第四季度所做的那樣，你也會看到這一點。因此，儘管股價處於當前水平，但您會看到我們繼續進行股票回購。謝謝。

Thank you, Sinead. Luke, let's go to the next question, please.

謝謝你，西妮德。盧克，我們進入下一個問題。

Josh Stone, UBS.

喬許‧斯通，瑞銀集團。

Two questions, please. First, I just wanted to ask about liquids trading and your products division. It was another good quarter for Shell and liquids trading. Can you just talk about what some of the drivers for that were? You appear to have outperformed some of your peers at least. Is this driven more by products or crude? And anything to think about for the outlook on that part of the business?

請教兩個問題。首先，我只是想問一下液體交易和你們的產品部門。對於殼牌和液體貿易來說，這是另一個好的季度。您能談談其中的一些驅動因素嗎？看來你至少比一些同齡人表現得更好。這更多是由產品還是原油驅動的？對於這部分業務的前景有什麼需要考慮的嗎？

Second, I did want to follow up on CapEx. Clearly, you have been reducing some investments inside the organization, and I appreciate there's some seasonality as well. But how comfortable would you say Shell is at this rate of spending? Do you think this level of activity is enough to sustain cash flow? Thanks.

其次，我確實想跟進資本支出。顯然，您已經減少了組織內部的一些投資，而且我也意識到存在一些季節性。但您認為殼牌對這樣的支出速度感到滿意嗎？您認為這種活動水準足以維持現金流嗎？謝謝。

Thank you very much. Do you want to take those?

非常感謝。你想拿走那些嗎？

Yes. Happy to. I'll start with the second one with respect to CapEx. And actually, just linked to that, so in terms of the spend level, it is not a linear spend level. So that was the discussion that we had earlier. So I wouldn't take the first half of the year as being indicative as to just doubling it and where we will end up. That is not the case.

是的。高興。我將從關於資本支出的第二個問題開始。實際上，與此相關，因此就支出水平而言，它不是線性支出水平。這就是我們之前的討論。因此，我不會認為今年上半年只是翻倍以及我們最終的結果。事實並非如此。

So as you say, we will have -- and you rightly point out that we'll have different payments as we come through. Are we comfortable with where we are? Absolutely. We have a very healthy range of $22 billion to $25 billion.

正如你所說，我們將會——而且你正確地指出，我們將在經歷過程中得到不同的付款。我們對自己所處的位置感到滿意嗎？絕對地。我們的投資範圍非常健康，為 220 億至 250 億美元。

And as you can see, this isn't about underinvesting. We're making very significant moves as we go through, whether that's Ruwais, which you just saw coming through on the LNG side, whether it's Pavilion as a transaction, whether it's the FIDs that we've taken numerous ones of them such as Refine-2, which, of course, is the hydrogen plant in Germany, whether you also see it come through as Polaris in terms of CCUS in Canada as well.

正如您所看到的，這與投資不足無關。我們在經歷過程中正在採取非常重大的舉措，無論是魯維斯（你剛剛在液化天然氣方面看到的），無論是Pavilion作為一項交易，還是我們已經採取的眾多最終投資決定（例如Refine） -2，當然是德國的氫工廠，無論您是否也將其視為加拿大CCUS 中的北極星。

So there's considerable investment going into this company, and are we comfortable with the cash flows? Absolutely. You saw us, of course, through CMD give you a number of targets. Actually, we only give you four financial targets at the end of the day. But two of those were linked to free cash flow.

那麼這家公司有大量投資，我們對現金流感到滿意嗎？絕對地。當然你看到我們透過CMD給你提供了一些目標。實際上，我們最終只給您四個財務目標。但其中兩項與自由現金流有關。

And, of course, that's what we're managing overall. So that's the second one. And of course, we will continue to give you updates as we go through, sorry, on that first one in terms of how we're meeting those targets but great progress so far.

當然，這就是我們整體管理的內容。這是第二個。當然，我們將繼續向您提供最新情況，抱歉，關於我們如何實現這些目標的第一個目標，但到目前為止取得了巨大進展。

Your second question was around liquids trading. And overall -- and that flows through really in our chemicals and products segment. In Q2, it was very strong. It was driven by a combination of both crude and products there.

你的第二個問題是關於流動性交易的。總的來說，這確實貫穿我們的化學品和產品領域。在第二季度，它非常強勁。它是由原油和產品共同推動的。

What I would say, of course, is that products were slightly less than crude, and that's just due to less volatility because we're seeing those tensions from both the Middle East and Red Sea in last quarter were a little bit more dampened than they had been the quarter before. We'll see how it plays out in the future. I certainly won't predict around that one.

當然，我想說的是，產品價格略低於原油價格，這只是由於波動性較小，因為我們看到上個季度來自中東和紅海的緊張局勢比原油價格有所緩解。了。我們將看看未來它將如何發揮作用。我當然不會預測那個。

Thank you, Sinead. And Josh, thank you for the question. Luke, let's go to the next question, please.

謝謝你，西妮德。喬什，謝謝你的提問。盧克，我們進入下一個問題。

Kim Fustier, HSBC.

金‧福斯蒂爾，匯豐銀行。

Hi. Good afternoon and thanks for taking my question. I've got two, please, on low carbon businesses. Firstly, on hydrogen, you've FID-ed a hydrogen electrolyzer in Germany. Is this investment purely driven or mostly driven by the RMB [deal] legislation, i.e., essentially, it's about avoiding cost rather than generating revenue. And also curious, while you're producing your own green hydrogen rather than procuring it via tender as one of your peers is doing.

你好。下午好，感謝您提出我的問題。我有兩篇關於低碳企業的文章。首先，在氫氣方面，您已經在德國完成了氫電解槽的 FID 改造。這項投資是純粹由人民幣[交易]立法驅動還是主要由人民幣[交易]立法驅動，即本質上是為了避免成本而不是創造收入。而且也很好奇，當你自己生產綠氫而不是像你的同行之一那樣透過招標採購它時。

Secondly, you've sanctioned the Polaris CCS product in Canada. Could you talk about the business model and the rationale for this investment? And just from, I guess, a bigger picture perspective, where does CCS sit in the context of you scaling back in renewable power and pausing in biofuels?

其次，你們已經在加拿大批准了 Polaris CCS 產品。能談談這項投資的商業模式和理由嗎？我想，從更宏觀的角度來看，在縮減再生能源並暫停生物燃料的背景下，CCS 處於什麼位置？

Thank you very much, Kim. Let me take the second question and then come to you for the final word, Sinead, on Refine-2.

非常感謝你，金。讓我回答第二個問題，然後請 Sinead 對 Refine-2 做最後的發言。

Where does CCS can fit into our broader strategy? And maybe just to unpack a bit your broader question around the different low-carbon strands. Firstly to say, we have talked about $10 billion to $15 billion of investment between 2023 and 2025 in the low-carbon space.

CCS 可以在哪些方面融入我們更廣泛的策略？也許只是為了解開有關不同低碳鏈的更廣泛的問題。首先要說的是，我們已經討論了2023年至2025年間在低碳領域的100億至150億美元的投資。

We have also said that these are nascent businesses. So spending that amount of money, we have to really be conscious of the business cases that we are driving. And critically, I would say, we are doing this for shareholder value creation. So we have to really be clear that we have line of sight to be able to actually get accretive value as a result of this.

我們也說過，這些都是新興業務。因此，花費這麼多錢，我們必須真正意識到我們正在推動的業務案例。更重要的是，我想說，我們這樣做是為了創造股東價值。因此，我們必須真正清楚，我們的視野能夠真正因此而獲得增值。

Now we are learning through the process. I will admit to you that there are certain things which we have gotten into, where we said, no, let's pause, come out of, such as, for example, our power home business, at one point, we got out of it, hydrogen into mobility. We've gotten out of it. So we're really trying to make sure that we lean in, we learn, and then we focus.

現在我們正在透過這個過程來學習。我承認，我們已經涉足了某些事情，我們說，不，讓我們暫停一下，走出去，例如，我們的電力家庭業務，在某一時刻，我們擺脫了它，氫轉化為流動性。我們已經擺脫了困境。因此，我們確實在努力確保我們精益求精，學習，然後集中註意力。

What do we see that creates the most opportunities right now? Biofuels, as I've talked about earlier, my convictions, including, by the way, renewable natural gas such as our Nature Energy platform. Green hydrogen has to come in within the right context of regulatory support. I'll leave Sinead to unpack that a bit more.

我們認為現在能創造最多機會的是什麼？正如我之前談到的，生物燃料是我的信念，順便說一句，包括再生天然氣，例如我們的自然能源平台。綠氫必須在適當的監管支持背景下出現。我將讓 Sinead 來進一步解開這個問題。

We do like the nexus of power trading, including with flex generation, so battery storage, combined cycle gas turbines, et cetera. Those are areas where we are continuing to lean in because we are now seeing that we can create value out of them.

我們確實喜歡電力交易的聯繫，包括靈活發電、電池儲存、聯合循環燃氣渦輪機等。這些是我們繼續關注的領域，因為我們現在看到我們可以從中創造價值。

Where does CCS fit into that? CCS, we think in the -- for the coming years, is a critical part of our own decarbonization journey to get to the 50% reduction in Scope 1 and 2. The Polaris one, which was in Canada, is linked to our Scotford asset, where we expect to capture some 650,000 tonnes per year from that facility.

CCS 在哪裡適合這個？我們認為，在未來幾年，CCS 是我們自己的脫碳之旅的重要組成部分，以實現範圍 1 和範圍 2 減少 50% 的目標。從該設施捕獲約65 萬噸。

And the reason we like that is we've done it in Canada before. We've done it with Quest. We've done it for that facility. So it's derisked. We know what we're doing in that space. And the business model is one where the credits in Canada allow us to be able to create value from that investment.

我們喜歡這樣的原因是我們以前在加拿大做過這樣的事情。我們已經透過 Quest 做到了這一點。我們已經為該設施做到了這一點。所以它被消除了風險。我們知道我們在那個空間裡做什麼。加拿大的信貸使我們能夠從投資中創造價值，這是一種商業模式。

So it's very much the ability to be able to monetize some of those opportunities and to sell the products, the low-carbon products to our customers at a premium is what we go after. Did you want to touch on the --

因此，我們所追求的就是能夠利用其中一些機會並以高價向我們的客戶銷售產品、低碳產品的能力。你想接觸一下——

Absolutely. I think it's a great one to end on, Kim. So Refine-2, it's actually -- and the 2 is important. We've already done Refine-1 in Germany. So this is back to, as Wael said, playing where we have differentiated capabilities, where we understand this technology, where we know what we need to do.

絕對地。我認為這是一個很好的結局，金。所以Refine-2，它實際上是——而且2 很重要。我們已經在德國完成了Refine-1。因此，正如韋爾所說，這又回到了我們擁有差異化能力、了解這項技術、知道我們需要做什麼的地方。

And in Germany, of course, you've got the best of all worlds. You have a country which has set itself up with respect to green hydrogen in terms of incentivizing and people to do so. So we've got two options here. As you say, one, to sell directly towards revenue to customers, and that will be something longer term that we hope to get to.

當然，在德國，您可以享受世界上最好的一切。你有一個國家在激勵和人們這樣做方面已經在綠氫方面建立了自己的體系。所以我們這裡有兩個選擇。正如你所說，第一，直接向客戶銷售產品以獲得收入，這將是我們希望實現的長期目標。

But at the moment, what we're doing is actually generating the green hydrogen for our own facilities, for our own petrochemical production. And this is roughly speaking, about 10% of actually our own need for hydrogen. Of course, by putting green hydrogen in, you're correct, we manage to avoid some cost there, but we also lower the carbon footprint of the products that we actually produce, which makes them more attractive to customers and allows us to sell them for higher numbers.

但目前，我們正在做的實際上是為我們自己的設施、我們自己的石化生產生產綠色氫氣。粗略地說，這大約相當於我們自己對氫氣的實際需求的 10% 左右。當然，透過加入綠氫，你是對的，我們設法避免了一些成本，但我們也降低了我們實際生產的產品的碳足跡，這使它們對客戶更具吸引力，並允許我們銷售它們對於更高的數字。

So it fits from the perspective of government incentives, a country that is very much stable and has regulations that allow you to do that, a capability that we already have with proven technology because we've actually done it before as well. This is bigger than we have done before, but at least it's something we've done.

因此，從政府激勵的角度來看，它是適合的，這是一個非常穩定的國家，並且有允許你這樣做的法規，我們已經透過成熟的技術擁有了這種能力，因為我們以前也實際上做到了這一點。這比我們以前做過的要大，但至少是我們做過的事情。

And then it links to our own needs and our own capabilities, allowing us to ensure that we're actually creating value and delivering above the hurdle rates that we want. Thank you.

然後它與我們自己的需求和我們自己的能力聯繫起來，使我們能夠確保我們真正創造價值並交付高於我們想要的門檻率。謝謝。

Thank you. And then to the point around why don't we buy it? I mean, I think the opportunity to continue to develop. I mean, we are the biggest player in LNG. One day, these low-carbon gases will actually backfill the needs of our customers there. And so what a fantastic opportunity to use our own demand to be able to develop that capability in a way that actually is accretive from a returns perspective.

謝謝。然後我們為什麼不買它呢？我的意思是，我認為有機會繼續發展。我的意思是，我們是液化天然氣領域最大的參與者。有一天，這些低碳氣體將真正滿足我們那裡客戶的需求。因此，這是一個多麼好的機會，可以利用我們自己的需求來發展這種能力，從回報的角度來看，這種能力實際上是增值的。

So Kim, thank you for that question. And let me thank you all for your questions and for joining the call. In conclusion, we have delivered yet another strong quarter. We announced another $3.5 billion of share buybacks, which makes this 11 quarters in a row with announced buybacks at least $3 billion.

金，謝謝你提出這個問題。讓我感謝大家提出的問題和參加這次電話會議。總之，我們又交付了一個強勁的季度。我們又宣布了 35 億美元的股票回購，這使得我們連續 11 個季度宣布的回購金額至少達到 30 億美元。

We're building a track record of delivery and are progressing well in our first sprint to deliver more value with less emissions. And we are aiming to be the investment case through the energy transition.

我們正在建立交付追蹤記錄，並且在我們的第一個衝刺中進展順利，以更少的排放提供更多的價值。我們的目標是成為能源轉型的投資案例。

We have a lot more to do and look forward to engaging with you in future sessions like this. Wishing you all a happy end of the week. And for those taking summer break, be safe, be well, and hopefully, we'll see you after the summer. Thank you, everyone.

我們還有很多工作要做，並期待在未來的此類會議中與您互動。祝大家週末愉快。對於那些正在放暑假的人來說，請注意安全、身體健康，希望我們能在暑假後見到你們。謝謝大家。