殼牌 (SHEL) 2024 Q3 法說會逐字稿

(Audio in-progress) The investment case through the energy transition.

（音頻進行中）能源轉型的投資案例。

We will now begin the question and answer session.

我們現在開始問答環節。

People dialed-in.

人們撥通了電話。

If you have a question, please press star one.

如果您有疑問，請按星號一。

If you wish to be removed from the queue.

如果您希望從佇列中刪除。

Phone callers are requested to mute the audio on their computer, the webcast and listen attentively to their telephone audio.

請打電話的人將電腦和網路廣播的音訊靜音，並仔細聆聽電話音訊。

As we begin to progress through the telephone questions, thank you for joining us today.

當我們開始解決電話問題時，感謝您今天加入我們。

We hope that after watching this presentation and how we are well positioned to remain resilient throughout the cycle.

我們希望在觀看本次演示以及我們如何在整個週期中保持彈性的情況下做好準備。

Let me start with a few updates.

讓我從一些更新開始。

As you might have seen already, Mero three in Brazil has started up, and we have just completed the divestment of Shell Pakistan, another important step and high-grading our existing world class portfolio today than I answering your questions.

正如您可能已經看到的，巴西的Mero 3 已經啟動，我們剛剛完成了殼牌巴基斯坦的撤資，這是比我回答您的問題又邁出的又一重要步驟，也是對我們現有的世界級投資組合的高度評價。

Now, please.

現在，請。

Could we have just wanted to question as each so that everyone has the opportunity?

我們是否可以只是想像每個人一樣提問，以便每個人都有機會？

And with that, could we have the first one, please?

那麼，我們可以要第一個嗎？

Look, our first caller is just Stone from UBS.

看，我們的第一個來電者是瑞銀的史東。

Hey, good afternoon.

嘿，下午好。

Taxonomy of up to questions, please.

請將最多問題分類。

Firstly, in your prepared remarks, you talked about shuttled playing through its strength through the energy transition.

首先，在您準備好的發言中，您談到了透過能量轉換發揮其力量的穿梭比賽。

And as I sort of listen to that readers, it's some sort of pick what that really made sense of what have I couldn't tell you that as business, which is going to keep investing on Luke carbon assets where it is not resolved.

當我傾聽讀者的聲音時，這是一個真正有意義的選擇，我無法告訴你，作為企業，它將繼續投資盧克碳資產，而這個問題尚未解決。

Just further.

更進一步。

On the other thing, I could also talk about shelf.

另一方面，我還可以談談貨架。

It sticks to what it does best.

它堅持做自己最擅長的事。

So if I look at these results, that would be integrated gas upstream, a more profitable route by route mobility business.

因此，如果我看看這些結果，那將是整合天然氣上游，這是一條更有利可圖的路線移動業務。

So you just clarify what I would like to show strength with me.

所以你只要明確我想跟我一起展現實力就好了。

And then secondly, on the cash flow, impressive result this quarter cash flow growth when you had a decline in commodity environments across the peer group.

其次，在現金流方面，當整個同業的商品環境下降時，本季現金流成長令人印象深刻。

If I look over history in the fourth quarter, normally when there's a weak cash requirements of the year to sort of the way costs are accrued, is there any reason Hi might be different from the line of is sort of cost savings you're seeing the business?

如果我回顧一下第四季度的歷史，通常當年度現金需求疲軟時，以某種方式累積成本，是否有任何原因可能與您所看到的成本節省的情況有所不同生意？

Thank you.

謝謝。

Josh, thank you for two good questions.

喬什，謝謝你提出兩個好問題。

To start off with.

首先。

I'll take the first one and then SG&A to cover the second one.

我將採用第一個，然後 SG&A 來涵蓋第二個。

On your first question, if I start maybe with just the belief that we have as a company that we fundamentally believe that this energy transition is going to be a multi-decade long journey.

關於你的第一個問題，如果我先相信我們作為一家公司，我們從根本上相信這種能源轉型將是一個長達數十年的漫長旅程。

We fundamentally believe that you're going to require multiple energy forms to be able to go the energy transition.

我們從根本上相信，您將需要多種能源形式才能實現能源轉型。

And we do see that the energy system will start to see more uncertainty and more volatility in the context of geopolitical changes, demand supply cycles and the like, of course, the intermittency of renewables as well.

我們確實看到，在地緣政治變化、需求供應週期等背景下，能源系統將開始出現更多的不確定性和更大的波動性，當然還有再生能源的間歇性。

And so we want to position ourselves for that set of beliefs.

因此，我們希望為自己定位一套信念。

What does that mean?

這意味著什麼？

It is much more to the latter interpretation that you had.

您的後一種解釋更為重要。

We start from the perspective of believing that oil and gas had in the energy transition for a long time to come.

我們從相信石油和天然氣在未來很長一段時間內參與能源轉型的角度出發。

I'd say gas in our view is a foundational part of the energy complex for at least the next few decades.

我想說，在我們看來，至少在未來幾十年裡，天然氣是能源綜合體的基礎部分。

And a lot leading advantage in LNG is one we want to continue to hone over the coming years.

我們希望在未來幾年繼續磨練液化天然氣領域的許多領先優勢。

And you see in the suite of announcements that we have had to be able to do that.

你在一系列公告中看到我們必須能夠做到這一點。

In addition, we continue to believe in the important role that low carbon low-carbon intensity oil have.

此外，我們仍然相信低碳低碳強度石油的重要作用。

And so we are very focused on how we can continue to be able to maintain production.

因此，我們非常關注如何繼續維持生產。

We can deliver that the crude either Tom or for that matter.

我們可以提供粗略的湯姆或就此而言。

And then I'd say some of the real strength we have our customers, understanding what they need to take the marine sector, understanding how that sector is evolving, to be able to allow us to meet the growing demand more and more moving into LNG with time into bio LNG and possibly one day into alternative ELNG. or for that matter, synthetic LNG.

然後我想說的是我們客戶的一些真正實力，了解他們需要什麼才能進入海洋領域，了解該領域如何發展，以便能夠讓我們滿足越來越多地進入液化天然氣領域不斷增長的需求隨著時間的推移，我們將進入生物液化天然氣領域，並且可能有一天會進入替代性液化天然氣領域。或者就此而言，合成液化天然氣。

I would also say that our trading capability is second to none.

我還想說，我們的交易能力是首屈一指的。

And so in a world where you require multiple energy forms and you need companies to stitch them across the entire value chain, I think we are uniquely positioned.

因此，在一個需要多種能源形式並且需要公司將它們整合到整個價值鏈的世界中，我認為我們處於獨特的地位。

So we are playing to those contracts that allow us to win in the future that I described.

因此，我們正在履行那些能讓我們在我所描述的未來獲勝的合約。

Gen-8.

第 8 代。

Thank you and taking us through indeed, your question is really around cash churn and thank you for pointing out very strong cash flow for the quarter.

謝謝您，確實讓我們了解了，您的問題實際上是關於現金流失的，感謝您指出本季度非常強勁的現金流。

As you're aware, in terms of Q4, you're talking and different uplift coming through.

如您所知，就第四季度而言，您正在談論並出現了不同的提升。

What I would say is what we're doing as part of the cultural change and chose to make sure that we're building a culture is very much focused around consistency and resiliency.

我想說的是，我們正在做的文化變革的一部分，並選擇確保我們正在建立的文化非常注重一致性和彈性。

So of course, that means that whatever happens, we will be able to weather is what we're doing on OpEx is driving that consistency through IT.

當然，這意味著無論發生什麼，我們都能夠安然度過，我們在 OpEx 上所做的就是透過 IT 推動一致性。

And you're seeing from the cost takeouts, I'm sure we will get to that later.

你從成本支出中看到，我相信我們稍後會討論這個問題。

In terms of the free cash flow and fourth quarter, a number of things will occur.

就自由現金流和第四季而言，將會發生很多事情。

Of course, we have power detail dime of the major turnaround, which will be $1 million of impact in that quarter.

當然，我們有重大轉變的電力細節，這將在該季度產生 100 萬美元的影響。

We also, of course, have normal tax season happens in Q4 and things like the German and mineral oil tax, I guess isolation usual that occur in the fourth quarter.

當然，我們也有正常的納稅季節發生在第四季度，德國和礦物油稅之類的事情，我想隔離通常發生在第四季度。

I think OpEx, you very much on top of and focusing on three at the organization.

我認為營運支出在組織中非常重要並專注於三個方面。

But all of those things do they worry me?

但這一切都讓我擔心嗎？

No, you know exactly where we are in terms of the resilience of this company and the balance sheet, which I'm sure we'll spend a lot of time talking about today.

不，你確切地知道我們公司的彈性和資產負債表處於什麼位置，我相信我們今天會花很多時間討論這一點。

Thank you.

謝謝。

Thank you for that G&A.

謝謝你的一般行政費用。

Josh, thank you for the question, Luke.

喬什，謝謝你的提問，盧克。

And we have the second question, please.

我們有第二個問題。

Our next caller is Ryan Todd from Piper Sandler.

我們的下一個來電者是 Piper Sandler 的 Ryan Todd。

Great.

偉大的。

Some.

一些。

Maybe a couple questions for me.

也許有幾個問題想問我。

First, on the capital side in Brazil, performance and driving capital goes down this year were 34 likely to come in below the low end of the range.

首先，在巴西的資本方面，今年的業績和驅動資本下降可能低於該範圍的低端。

Can you maybe walk through what are some of the biggest drivers of lower capital budget this year?

您能否介紹一下今年資本預算下降的一些最大驅動因素？

And as we look into 2025 over how we should think about what this implies for 2020, both CapEx and what other remote CFO further.

當我們展望 2025 年時，我們應該如何思考這對 2020 年意味著什麼，包括資本支出和其他遠距財務長。

And then maybe on the other second drug, you've gone over very soon, Sprint kind of turning things around, particularly in terms of capital allocation, driving down costs on some of which have been doing for lack of a better word stuff with your money as we look towards the coming years, I think there is data that will shift with that.

然後也許在另一種第二種藥物上，你很快就過去了，斯普林特（Sprint）扭轉了局面，特別是在資本配置方面，降低了其中一些項目的成本，因為缺乏更好的詞語來描述你的藥物當我們展望未來幾年時，我認為一些數據會隨之改變。

I may.

我可能會。

Can you maybe talk a little bit about what you view your portfolio of investment opportunities where you feel like you are particularly well positioned to strengthen further the Q and other investment opportunities, particularly on the upstream side?

您能否談談您對投資機會組合的看法，您認為自己特別有能力進一步加強 Q 和其他投資機會，特別是在上游方面？

Super.

極好的。

Thanks, Ryan.

謝謝，瑞安。

I'll touch on those and then invite you if you want to add as well.

我會談到這些，如果您也想添加的話，我會邀請您。

Let me let me start with capital allocation.

讓我從資本配置開始。

Where we see real strength at the moment is our ability to create incremental value from, in particular, our LNG and complex.

目前我們真正的優勢在於我們創造增量價值的能力，特別是我們的液化天然氣和綜合設施。

You've seen us lean into that, for example, with the Pavilion Asian just recently announced the asset mix?

例如，您已經看到我們傾向於這一點，亞洲館最近剛剛宣布了資產組合？

And how can we see that continuing to be a strength?

我們如何才能看到它繼續成為一種優勢？

Ecs, it is sort of wait LNG, LNG, Canada going forward, other LNG projects, Nigeria, we will continue to lean into that space.

ECs，這有點等待液化天然氣，液化天然氣，加拿大的未來，其他液化天然氣項目，尼日利亞，我們將繼續傾向於該領域。

On upstream.

在上游。

We have an established strengths in our deepwater business and in particular in the basins in which we are playing, you see that capital coming through in areas like the Gulf of Mexico.

我們在深水業務方面擁有既定的優勢，特別是在我們所在的盆地，你會看到資本來自墨西哥灣等地區。

We've got a final investment decision on the second phase of the veto project.

我們已經就否決專案第二階段做出了最終投資決定。

And we have also, of course, our Brazilian assets where again, we took an FID recently on at Apple to and I mentioned earlier, the Mero three startup expect more in the deepwater space, and we continue to mature the funnel of opportunities we had.

當然，我們還有巴西資產，我們最近在蘋果公司進行了最終投資決定，我之前提到過，Mero 3 新創公司期望在深水領域有更多的發展，我們將繼續完善我們擁有的機會漏斗。

And we've talked about 500,000 barrels per day that we one thing to fruition in this first Sprint.

我們已經討論過每天 50 萬桶，這是我們在第一個 Sprint 中要實現的目標。

We updated you last quarter to say we're just halfway through that.

我們在上個季度向您通報了最新情況，表示我們的工作剛完成一半。

So a lot more to come there.

所以還有很多事情要去那裡。

We are also being selective in investing in growth in our marketing business is not typically got a capital intensive, but you're right, we are in the just becoming much better, much more efficient in the way we generate value.

我們也有選擇性地投資於行銷業務的成長，這通常不是資本密集的，但你是對的，我們正在變得更好、更有效率地創造價值。

So that gives you a sense, take our marketing business for this quarter.

因此，以我們本季的行銷業務為例，您會有所了解。

The past three quarters year to date at roughly the same average crude.

今年迄今為止的過去三個季度的平均原油價格大致相同。

And we have incrementally generated 20% more earnings.

我們的收入逐漸增加了 20%。

That's just doing our work better.

這只是讓我們的工作做得更好。

And of course, that inherently allows us the opportunity to see more value to, for example, bolt on additional opportunities.

當然，這本質上讓我們有機會看到更多價值，例如抓住更多機會。

But we need to earn the right to do that.

但我們需要贏得這樣做的權利。

We need to continue to hold.

我們需要繼續堅持。

Indeed.

的確。

I mean, what we are seeing is a real focused on high bar for all capital allocation.

我的意思是，我們看到的是所有資本配置的真正重點是高標準。

And we've been very clear, our North Star is free cash flow per share growth short term and long term, right?

我們已經非常清楚，我們的北極星是短期和長期的每股自由現金流成長，對嗎？

So that starts with meant we are deploying today are going to earn us returns.

因此，這意味著我們今天的部署將為我們帶來回報。

You know our history, we've had some challenges in that space.

你知道我們的歷史，我們在這個領域遇到了一些挑戰。

This management team has said we are going to get on top of this and make this absolutely our focus and an area we want to improve.

該管理團隊表示，我們將解決這個問題，並將其作為我們的重點和我們想要改進的領域。

So that's what we're doing.

這就是我們正在做的事情。

Our organic spend in the US is coming down to below EUR22 billion.

我們在美國的有機支出將降至 220 億歐元以下。

That's what we want to be able to capture those growth opportunities as they come as we did recently with the 600 megawatt combined cycle gas turbine that you heard me talk about individual or for that matter as we did with pavilion.

這就是我們希望能夠抓住這些成長機會，就像我們最近對 600 兆瓦聯合循環燃氣渦輪機所做的那樣，你聽到我談論過這個項目，或者像我們對展館所做的那樣。

So we want to create the space while still staying income rule and continuing to manage for next year, the guidance hasn't changed.

因此，我們希望在保持收入規則並繼續管理明年的同時創造空間，指導方針沒有改變。

It's 22 to $25 billion as we continue to be really a purposeful and the way we are investing our organic capital and keeping the opportunities to create some option value for our shareholders.

這是 22 至 250 億美元，因為我們仍然是一個真正有目的的投資我們的有機資本的方式，並保留為股東創造一些選擇價值的機會。

I think the only thing I would add while is that this is what dynamic capital allocation that fact we're investing for value, whether it's to new opportunities or share buybacks.

我認為我唯一要補充的是，這就是動態資本配置，我們投資的目的是為了價值，無論是新機會還是股票回購。

Absolutely.

絕對地。

Thank you for that originate.

謝謝你的起源。

And Ryan, thank you for the question.

瑞安，謝謝你的提問。

Lou, can we go to the next one, please?

盧，我們可以轉到下一個嗎？

Our next caller is Lydia Rainforth from Barclays.

我們的下一個來電者是來自巴克萊銀行的莉迪亞·雷恩福斯 (Lydia Rainforth)。

Thank you had asked me by NICE taking the questions and to it and the first one.

感謝您透過 NICE 提出問題並回答第一個問題。

And this just maybe update us on the appeal on the ruling to cut Scope three emissions for sites.

這也許只是讓我們了解關於削減站點範圍三排放裁決的上訴的最新情況。

And when might we expect a decision from the closing to Shell's options in both the careful?

我們什麼時候可以預期殼牌在這兩個謹慎項目中做出關閉選擇的決定？

And then if you win as well?

那如果你也贏了呢？

And then secondly, on the LNG side, Integrated Gas is any less seasonality than we have seen before.

其次，在液化天然氣方面，綜合天然氣的季節性比我們以前看到的少。

Is your thinking is that something you think continues?

你的想法是否會持續下去？

And can you help us think about that LNG market into 20 that you thank you for those two questions.

您能否幫助我們思考一下 20 世紀的液化天然氣市場，謝謝您提出的這兩個問題。

Can I start maybe with using it on the second question, I'll take the first quarter certainly and indeed, Lydia, I think you're spot on.

我可以從在第二個問題上使用它開始嗎？

We are seeing less seasonality coming through remote staffing dampens what you would have seen that those changes between or would it be in summer and winter and a lot more volatility because of that, what you nicely as that volatility is high because those competencies just aren't and the same way.

我們看到遠端人員配置帶來的季節性減少會抑制您所看到的夏季和冬季之間的變化，並且因此波動性更大，您很好，因為波動性很高，因為這些能力只是不存在。

And we do think that probably going to play forward as well.

我們確實認為這也可能會持續下去。

That's what we see as well, that will play out, of course, in what you see across the market.

這也是我們所看到的，當然，這也會在你在整個市場上看到的情況中反映出來。

But you'll also see it in integrated gas result for us well for linked to a little bit talked about earlier as well, which was around just what I see for Q4, whether it's the power turnaround that will come through.

但你也會在我們的綜合天然氣結果中看到它，這也與之前談到的一點有關，這與我在第四季度看到的情況有關，無論是否會實現電力週轉。

So I'll suggest that movement of cargoes between this quarter and next video.

因此，我會建議本季和下一個影片之間的貨物移動。

On the MD. appeal.

在MD上。上訴。

Of course, the judgment comes out on November 12th sales.

當然，判斷是在11月12日銷售時出來的。

And we continue to be confident in the strength of our case and our conviction that to truly get the impact that hope for the energy transition on the en route to Net zero outcomes.

我們仍然對我們的案例充滿信心，也堅信我們能夠真正實現能源轉型在實現淨零結果的過程中所希望的影響。

As we all we all aspire to, and this is not a matter to be held by the courts.

正如我們所有人都渴望的那樣，這不是法院應該審理的問題。

It's best to be done by a government and looking at the entire ecosystem and very much trying trying to drive the demand side rather than trying to manage one company with supply side that the court will decide.

最好由政府來完成，並著眼於整個生態系統，並努力推動需求方，而不是試圖透過法院將決定的供應方來管理一家公司。

I think it's important to recognize November 12 is a waypoint because if I had to guess at the moment, I would say, irrespective of what the judgment is and one of the two sides is going to appeal and take it to the Supreme Court that could take years.

我認為重要的是要認識到 11 月 12 日是一個轉折點，因為如果我現在不得不猜測，我會說，無論判決是什麼，雙方之一都會上訴並將其提交給最高法院，這可能會導致需要幾年的時間。

And so where we are focused on delivering our enrollment in our strategy is unchanged.

因此，我們策略中重點關注的招生內容並沒有改變。

We talked about a bit less emissions.

我們討論了減少排放量的問題。

We are already moving at pace and with urgency.

我們已經在快速而緊迫地採取行動。

So we have all ready been able to reduce our methane emissions by 2016, our routine flaring 90% since then, auto volumes are most the most ambitious, not just in our sector, but arguably more broadly, have any sector with a 50% reduction aspired to by 2030 and were over 60% of the way there.

因此，我們已經做好了一切準備，能夠在2016 年之前減少甲烷排放量，從那時起，我們的常規燃燒量減少了90%，汽車銷量是最雄心勃勃的，不僅在我們的行業，而且可以說在更廣泛的範圍內，有任何行業減少50%到 2030 年實現這一目標，目前已完成 60% 以上。

And we have set Scope three emissions reduction targets, which we are on track to meet both intensity and absolute.

我們已經制定了範圍三減排目標，我們有望實現強度和絕對減排目標。

So we are unwavering in our commitment to continue to drive that more value is less emissions and look forward to seeing what that way point of November 12 looks with the confidence that we have that we have a strong case.

因此，我們堅定不移地致力於繼續推動“更多價值就是更少排放”，並期待看到 11 月 12 日這一點的情況，並相信我們有充分的理由。

That question, please.

這個問題，請。

Our next caller is Biraj Borkhataria from Royal Bank of Canada.

我們的下一個來電者是來自加拿大皇家銀行的 Biraj Borkhataria。

I thanks for taking my questions.

我感謝您提出我的問題。

I just had a follow up on the CapEx guidance totaling ask this question that you mentioned you had a number of payments towards the end of this year, so that's why you kept the guidance.

我剛剛對資本支出指南進行了跟進，詢問了這個問題，您提到您在今年年底之前有過多次付款，所以這就是您保留指南的原因。

So could you just let us know whether the R&D reduction today is it just phasing into 2025 of the overall spend than down for that period?

那麼，您能否告訴我們，今天的研發削減是否只是分階段進入 2025 年，而非該時期的總體支出下降？

On the 24, 25.

24日、25日。

And then secondly, I think just on them capital framework that you have, one of the things that separates you from the period is house on strong balance sheet is analysis shows through in Slide 9.

其次，我認為就你所擁有的資本框架而言，將你與這段時期區分開來的因素之一是強大的資產負債表上的房子，這在幻燈片 9 中的分析中顯示出來。

Obviously, the environment has turned more negative relative to last couple of years and you have a substantial buyback program in place.

顯然，與過去幾年相比，環境變得更加負面，您已經制定了大規模的回購計劃。

So just wondering how you're thinking about where you on the balance sheet to be because the balance sheet, obviously, your 4G flexibility and optionality for the same time, your shares are cheap.

所以只是想知道你如何考慮你在資產負債表上的位置，因為資產負債表，顯然，你的 4G 靈活性和選擇性同時，你的股票很便宜。

So we may make sense to keep up the page to.

因此，我們保留該頁面可能是有意義的。

So just trying to get a sense of how you're thinking about those two competing factors.

因此，只是想了解您如何看待這兩個相互競爭的因素。

Thank you.

謝謝。

Thanks, Biraj.

謝謝，比拉傑。

You want to take both on the first one on capital Virage as an incentive for this quarter.

您希望將第一個資本 Virage 作為本季的激勵措施。

Finished the year, it is below 22 billion and other simply decisions that we have made, of course, we are payments that will still go live in Q4.

今年結束時，它低於 220 億美元，而且我們已經做出了其他簡單的決定，當然，我們的支付仍將在第四季度上線。

And those are there such as we just bought a power plant, Rhode Island, power plants, et cetera, we could have, Tony, it's complete, whether it's now and into next year will depend on the closing process branded.

那些都在那裡，例如我們剛買了一個發電廠，羅德島發電廠等等，我們可以擁有，托尼，它已經完成了，無論是現在還是明年都將取決於品牌的關閉過程。

And that's why we're keeping the the at 5 billion as well.

這就是為什麼我們也將這個數字保持在 50 億。

With respect to the balance sheet, you're right, we have an extremely strong balance sheet and I've been consciously strengthening their balance sheets in the company for exactly this to allow us to be able to perform and to be positioned in good times or bad times.

關於資產負債表，你是對的，我們擁有非常強大的資產負債表，我一直有意識地加強公司的資產負債表，正是為了讓我們能夠在良好的時期表現和定位或糟糕的時光。

And that's exactly where we're at 30 insurers.

這正是我們 30 家保險公司的情況。

Frankly, it doesn't matter whether we we don't even just need to look through the quarter in terms of cash flows for distributions were able to look through the quarter as well in terms of the macro Now for our balance sheet allows us and just means that are operating from a position of strength for the year-to-date.

坦白說，我們是否只需要從現金流量的角度來審視本季度的分配情況並不重要，我們也可以從宏觀角度來審視本季度，因為我們的資產負債表允許我們只是意味著今年迄今為止的營運處於強勢地位。

So it takes a lot of the previous quarters, which was of as I mean one of the previous question, which was about next quarter where we were at just what you see coming through.

因此，這需要前幾季的大量時間，這就是我之前的問題之一，即下個季度我們的情況正是您所看到的。

I have talked about the fact that we'll have a protein or I will have a normal payments that country and we discussed all of those as well.

我已經談到了這樣一個事實，即我們將擁有蛋白質，或者我將在該國獲得正常付款，我們也討論了所有這些。

The fact that we had actually, this quarter, we had some of the cargo from Q4 and integrate that into Q3 as well.

事實上，本季我們有一些來自第四季的貨物，並將其整合到第三季。

All of those things mean, I know what will come in Q4, including cash from this that we that LNG Canada, the pipeline in or not whether we get close enough for the leases like off as well.

所有這些意味著，我知道第四季度會發生什麼，包括我們加拿大液化天然氣公司的現金，無論我們是否足夠接近租賃，也無論是否關閉管道。

So yes, my that that might go up, but my balance sheet is so resilient for exactly what we've been working for.

所以，是的，我的資產負債表可能會上升，但我的資產負債表對於我們一直在努力的目標來說非常有彈性。

It means that we're operating from a position of confidence irrespective of the book.

這意味著無論書本如何，我們都是從充滿信心的立場來操作的。

Thanks, Biraj, for the question.

謝謝比拉傑的提問。

Thanks, Nate.

謝謝，內特。

And Lou, can we go to the next question, please?

盧，我們可以進入下一個問題嗎？

Our next caller is Alastair Syme from Citi.

我們的下一個來電者是花旗銀行的阿拉斯泰爾·賽姆 (Alastair Syme)。

So there is just really one question.

所以只有一個問題。

I mean, you still look to make space for the capital budget on you cannot really Pascal.

我的意思是，你仍然希望為資本預算騰出空間，因為你不能真正帕斯卡。

You see the landscape for asset prices across.

您可以看到資產價格的整體情況。

I mean normally, I guess the best deals are done on wouldn't sell us a little bit of stress.

我的意思是，通常情況下，我想最好的交易是在不會給我們帶來一點壓力的情況下完成的。

So are you seeing stress because the box system at any point?

那麼您是否在任何時候都因為盒子系統而感到壓力？

Thank you.

謝謝。

So thank you for that question.

謝謝你提出這個問題。

And I think the frame of your question is a good one because I think it's how we're thinking about this.

我認為你的問題框架很好，因為我認為這就是我們思考這個問題的方式。

We are trying to be as dynamic as we can be across these different parts of the energy system.

我們正在努力在能源系統的這些不同部分保持活力。

And we're trying to avoid a dogma in that sense that we have to sort of buy in that particular strategic segment because the volatility and the uncertainties and the reality is the various companies are experience, I think means that you will have opportunities and we just need to be able to move at pace to create value for opportunities.

我們正在努力避免教條，因為我們必須在特定的策略領域購買，因為波動性和不確定性以及現實是各個公司都有經驗，我認為這意味著你將有機會，我們只需要能夠快速行動，為機會創造價值。

We want to be value hunters.

我們想成為價值獵人。

And so we want to be patient and back to Steve's earlier point around building the balance sheet and the strength and changing our die to a lower organic capital diet affords us that that ops finality.

因此，我們希望保持耐心，回到史蒂夫之前關於建立資產負債表和實力的觀點，並將我們的模具改為較低的有機資本飲食，為我們提供了營運的最終結果。

So what do we see at the moment?

那我們現在看到了什麼？

I think undoubtedly that we have seen, in particular in the integrated gas space have been attractive and important through because we're finding that with the same portfolio, given trading and capabilities, we are simply able to generate more value than others.

我認為毫無疑問，我們已經看到，特別是在綜合天然氣領域，它具有吸引力且重要，因為我們發現，在相同的投資組合下，考慮到交易和能力，我們能夠比其他人產生更多的價值。

And that's that's giving us an alpha where we can actually find space with the potential seller and that it's attractive.

這給了我們一個阿爾法，我們可以真正找到與潛在賣家的空間，而且它很有吸引力。

And I suspect that plays longer-term upstream, I think we're at a more tactical price.

我懷疑這會在上游發揮更長期的作用，我認為我們的價格更具戰術性。

But but still every every asset or every seller is in a different that what is the right price transact at different realities.

但是，每種資產或每個賣家仍然處於不同的情況，即在不同的現實中進行正確的價格交易。

We don't want to simply by resource, we wanted to buy resource where we can unlock increment value and contribute to our free cash perspective until beyond 2030, we have a very good runway, great place to be able to deliver.

我們不想簡單地通過資源，我們想購買可以釋放增量價值並為我們的自由現金前景做出貢獻的資源，直到 2030 年之後，我們有一個非常好的跑道，能夠交付的好地方。

We're waiting to see what the right.

我們正在等待，看看什麼是正確的。

I think in the in the downstream and renewable space, it's fair to say that we've built and acquired some of the key platforms that need right.

我認為在下游和再生能源領域，可以公平地說，我們已經建立並獲得了一些需要正確的關鍵平台。

And it was a core part of a broader fit that we needed at our integrated gas value chain for the future and wanted to be able to look at decarbonized options for that.

這是我們未來綜合天然氣價值鏈所需的更廣泛契合的核心部分，並希望能夠為此尋找脫碳選項。

So we don't need to buy more.

所以我們不需要買更多。

We just need to be able to develop our current platform at the pace at the market allows.

我們只需要能夠以市場允許的速度開發我們目前的平台。

And then you see us just selectively investing in that space in the marketing space in general will put small investments to, for example, augment our position in India around lubricants as we did recently.

然後你會看到，我們只是有選擇地投資於行銷領域，一般來說，我們會進行少量投資，例如，像我們最近所做的那樣，增強我們在印度在潤滑油方面的地位。

And but we don't need to spend a lot of capital there.

但我們不需要在那裡花費大量資金。

And so really, we're holding on to that capital and making sure the bar is high between putting it into buybacks or putting it into the right long-term opportunities for us.

事實上，我們正​​在保留這些資本，並確保將其用於回購或將其用於對我們來說合適的長期機會之間的門檻很高。

Thank you very much for the question.

非常感謝你的提問。

Alastair.

阿拉斯泰爾。

Let me go back to look if we can go to the next question, please.

讓我回去看看我們是否可以進入下一個問題。

Our next call as Roger Read from Wells Fargo.

我們的下一個電話是來自富國銀行的羅傑·里德。

Yes, thank you.

是的，謝謝。

Good morning or good afternoon to you.

祝你早安或下午好。

I guess I'd like to hit on two things.

我想我想談兩件事。

one is you think about the performance this quarter and the outlook in terms of cost controls or optimization, as was mentioned earlier, maybe a little more info on what you mean by optimization we've heard about for one.

一是您考慮本季的業績以及成本控製或優化方面的前景，正如前面提到的，也許更多關於我們聽說過的優化含義的信息。

And then the other question, is there anything else you can offer on the trading performance, given what was, you know, I are generally a relative volatility in terms of commodity prices, just maybe what drove the performance?

然後另一個問題是，考慮到大宗商品價格的相對波動性，您是否可以就交易表現提供任何其他信息，也許是什麼推動了表現？

Thank you.

謝謝。

Thank you for that.

謝謝你。

Roger, do you want to sort of the second one?

羅傑，你想要第二個嗎？

Sure.

當然。

Yes.

是的。

And thank you very much, Roger.

非常感謝你，羅傑。

And in terms of trading, indeed, it was a lower volatility than we've seen in previous quarters.

事實上，就交易而言，波動性比我們前幾季看到的要低。

What do we see it play out across our portfolio you normally see at between two area is largely through our Integrated Gas business and then largely in terms of the products trading, crude and products trading that off the integrated gas side, what we saw has pretty much the same as the previous quarter.

我們看到它在我們的投資組合中發揮什麼作用，你通常在兩個領域之間看到的主要是透過我們的綜合天然氣業務，然後主要是在產品交易、原油和綜合天然氣方面的產品交易方面，我們看到的情況相當好。

So we had a solid set of key to the basically our traders have the ability to have a bit more length because they had more volumes.

因此，我們有一套可靠的關鍵，基本上我們的交易者有能力擁有更長的長度，因為他們有更多的交易量。

Some of those volumes have come from Q4 into Q3, but they're able to trade around it and quite a healthy price environment.

其中一些交易量來自第四季度到第三季度，但他們能夠圍繞這一交易量和相當健康的價格環境進行交易。

And therefore, all data wasn't volatility with did have some legs.

因此，所有數據都不是波動性的，而且確實有一定的影響力。

And therefore, we were able to equalize in Tampa performance Q2 versus Q3.

因此，我們能夠在坦帕第二季和第三季的表現上持平。

And then if you look at crude and products are really the product side of things, of course, we didn't see that Tantan significantly.

然後，如果你看看原油和產品確實是產品方面，當然，我們沒有看到顯著的探探。

And of course, that's about the availability of what's out there at the moment.

當然，這與目前可用的內容有關。

But that showed in terms of our Chemicals and Products performance and you saw it coming diverse of Kittila.

但這體現在我們的化學品和產品性能方面，您會看到基蒂拉的情況多種多樣。

Thank you for your first question around cost optimization and the like.

感謝您提出有關成本優化等的第一個問題。

Let's start by saying, you know, we've talked about in the past, the transformation of this is a multiyear journey.

首先我們要說的是，我們過去已經討論過，這種轉變是一個多年的旅程。

This is not a few quarters, but I'm very pleased with the momentum we have.

這不是幾個季度的事，但我對我們所擁有的勢頭感到非常滿意。

We have built.

我們已經建造了。

And and while I can give you a long laundry list of the different elements of what's contributing to that, whether it's from portfolio activities, divestments, which, by the way, don't even include Pakistan, which we announced today, nor will come from Jurong in Singapore.

雖然我可以給你列出一份長長的清單，列出造成這種情況的不同因素，無論是投資組合活動還是撤資，順便說一句，其中甚至不包括巴基斯坦，我們今天宣布的巴基斯坦也不會出現來自新加坡裕廊。

All of those are yet to come in with, in particular contract count.

所有這些都還沒有落實，特別是合約數量。

But more importantly, it's the way we do work and you don't get to see happening in the organization.

但更重要的是，這是我們工作的方式，而你無法看到組織中發生的事情。

And what I can tell you is I have a very high confidence that we are able to sustain these improvements for some time to come because a lot of them will start to materialize in the coming quarters in the coming years.

我可以告訴你的是，我非常有信心我們能夠在未來一段時間內維持這些改進，因為其中許多改進將在未來幾年的未來幾季開始實現。

And so for me, that is where the that is, what truly a cultural changes and not trying to pull a couple of levers and hope changes, but working through just the standards.

所以對我來說，這就是真正的文化變革，而不是試圖拉動幾個槓桿並希望改變，而只是按照標準進行工作。

We use the bureaucracy sizing, simplifying the organization, getting a lot clearer on what we're trying to achieve and aligning the organization in pursuit of that.

我們利用官僚機構規模，簡化組織，更清楚地了解我們想要實現的目標，並調整組織以實現這一目標。

And that's why when people say why do you prevent preferentially allocate capital to buybacks because of what we see, we see that, that runway of continuous improvement ahead of us.

這就是為什麼當人們說為什麼你要阻止優先將資本分配給回購，因為我們看到了，我們看到了，我們前面有一條持續改進的跑道。

And that's what we are continuing to buy into.

這就是我們繼續買入的東西。

Thank you for that question, Roger.

謝謝你提出這個問題，羅傑。

Can we go to the next question, please?

我們可以進入下一個問題嗎？

Our next caller is McKellar Della Vigna from Goldman Sachs.

我們的下一個來電者是來自高盛的 McKellar Della Vigna。

Thank you and congratulations on this strong result.

謝謝並祝賀這項強勁成果。

two questions, if I may.

如果可以的話，有兩個問題。

The first one is on cost cutting.

第一個是關於削減成本。

You are now effectively wrapping up the 1st year, you made tremendous progress.

現在你已經有效地結束了第一年，你取得了巨大的進步。

You are starting play identifying more opportunities as you go into the next phase of your efficiency into the Gulf peak.

當您進入效率高峰的下一階段時，您將開始尋找更多機會。

Rich, I believe you shared didn.

里奇，我相信你分享了沒有。

TZ. probably has a very good understanding of that area.

太Z。可能對該領域有很好的了解。

After everything that you've learned.

在你學到了一切之後。

There was just wondering how you're thinking about that region, your opportunity for growth there towards the end of this decade or the beginning of next?

只是想知道您如何看待該地區以及您在本十年末或下一個十年初在那裡的增長機會？

And thank you.

謝謝你。

Yes.

是的。

Thanks, Matt.

謝謝，馬特。

Kelly, I'll go for this and then come back.

凱利，我會去做這個然後回來。

And if you want to add to the cost cutting discussion, I think mix-related in Libya, indeed, we are privileged in a new base and life that have so many players and the ability to be able to learn from other.

如果你想加入削減成本的討論，我認為與利比亞的混合相關，事實上，我們有幸擁有一個新的基地和生活，擁有如此多的球員，並且有能力向其他人學習。

So we're not having to de-risk it on our own dime.

因此，我們不必自掏腰包來降低風險。

We've already put quite a bit of capital for our own acreage.

我們已經為自己的土地投入了大量資金。

But of course, we continue to learn from others and to continue to look at opportunities there.

當然，我們會繼續向他人學習，並繼續尋找那裡的機會。

And I think what it is universally agreed is that there is a significant amount of resource there that goes without saying.

我認為人們普遍認為那裡有大量的資源，這是不言而喻的。

I think it would be fair.

我認為這是公平的。

I don't know if that's University, but it is my strong perspective.

我不知道這是否是大學，但這是我的強烈觀點。

It is very challenging acreage and in particular around around the move ability of the of the resource, the permeability and the like.

這是非常具有挑戰性的領域，特別是圍繞資源的移動能力、滲透性等。

And so a lot of our focus is on figuring out develop commercially investor both projects because as I said earlier, our bar is high for investments.

因此，我們的重點是為這兩個項目尋找商業投資者，因為正如我之前所說，我們的投資門檻很高。

And if it cannot pass water than we're not going to invest in it, and that's what we're focused on.

如果它不能通過水，那麼我們就不會對其進行投資，這就是我們關注的重點。

We're just really understanding and learning from everything happening around us before we have to make a decision on on the acreage.

在我們必須對面積做出決定之前，我們只是真正了解並從周圍發生的一切中學習。

And suffice it to say it at at this stage that we haven't yet reached a conclusion on that, and we hope to be able to do so in the coming months.

現階段我們還沒有就此下結論，我們希望能夠在未來幾個月內得出結論。

Shouldn't indeed and thank you.

確實不應該，謝謝。

And on the OpEx, I think, well, you answered quite I lost my predecessor did add to that and there's quite a lot, of course, has hit the headlines and Central today through yet.

在營運支出方面，我想，嗯，你的回答相當不錯，我失去了我的前任，確實補充了這一點，當然，還有很多內容已經成為今天的頭條新聞和中央新聞。

So in terms of high-cost towards for very much moving towards efficiencies, right?

因此，就高成本而言，很大程度上是為了提高效率，對嗎？

Folio has been the largest share in terms of and those numbers.

就這些數字而言，Folio 一直是最大的份額。

And we are we looking to achieve that and that basically on track to do so.

我們希望實現這一目標，並且基本上已經步入正軌。

I'll bring you back to Keith to and we talked about it in some detail and give an update if there are, of course, we'll give you an update at the end of the year.

我會帶你回到基思，我們詳細討論了它，並提供更新（如果有的話），當然，我們會在年底給你更新。

Of course, next steps will come after completion of the first front, but we are definitely on track.

當然，下一步將在第一條戰線完成後進行，但我們絕對走在正軌上。

Thank you.

謝謝。

Thanks, Renee McKenzie.

謝謝，蕾妮·麥肯齊。

Thank you for the question.

謝謝你的提問。

Let's go to the next question, please.

請讓我們進入下一個問題。

Our next caller is Irene Himona from Bernstein.

我們的下一個來電者是來自伯恩斯坦的艾琳希莫納。

Thank you and congratulations on another quarter of that is my first question.

謝謝你，恭喜你又問了四分之一，這是我的第一個問題。

You distributed 43% of CFFO.

您分配了 43% 的 CFFO。

In the past year.

在過去的一年裡。

Your official range is 30 to 40, and you had the strongest balance sheet, as you mentioned, since the BG deal, plus the stock remains undervalued.

你的官方範圍是 30 到 40，正如你所提到的，自 BG 交易以來，你擁有最強勁的資產負債表，而且股票仍然被低估。

So we think of this is to have permanently moving to Bob, your official range for the payout.

所以我們認為這是永久轉移到鮑勃，你的官方支付範圍。

And then secondly, if you can perhaps share your views on the 2025 outlook for European beer and for your global LNG earnings there, the second one, and then give should have the opportunity to reference the first 20 arena.

其次，如果您可以分享您對 2025 年歐洲啤酒前景和全球液化天然氣收入的看法，那麼第二個，然後應該有機會參考前 20 個領域。

Thank you for the question.

謝謝你的提問。

I don't have a crystal ball.

我沒有水晶球。

I mean what we do see is continued uncertainty and volatility mixed markets.

我的意思是，我們確實看到的是持續的不確定性和波動性混合市場。

It's fair to say that the prompt are looking tighter than maybe some envisaged, in particular because of the slippage of some of the major LNG developments that were due to come up in the in the U.S. and new some good buying this year at different points in the cycle, in particular, China and India and European partner.

公平地說，需求似乎比一些人想像的要緊，特別是因為美國原定的一些主要液化天然氣開發項目的下滑，以及今年在不同時間點的新的一些良好購買。以及歐洲夥伴。

Industrial demand continues to be soft, but we are also seeing new buyers of LNG.

工業需求持續疲軟，但我們也看到了液化天然氣的新買家。

Brazil.

巴西。

For example, demand has grown because of challenges with the hydro complex there.

例如，由於那裡的水利綜合體面臨挑戰，需求增加。

Egypt is importing So and 2025, difficult to call, in particular, given the volatility and the geo political comps.

埃及正在進口 So 和 2025，特別是考慮到波動性和地緣政治因素，很難預測。

Fair to say that that's been used to show balance at least through the next year on a physical basis.

公平地說，這至少在明年的身體基礎上被用來顯示平衡。

Having said that, I'll just reiterate a couple of points that Gen-8 has made.

話雖如此，我只想重申 Gen-8 提出的幾點。

What we also see that the nature of the seasonality that we have been used to in the past.

我們也看到了我們過去已經習慣的季節性的本質。

We don't see as much going forward.

我們認為未來不會有太多進展。

It's also fair to say that the volatility that we have seen since 2022 is in there, we're more in sort of the pre 2022 price normalized space.

公平地說，我們自 2022 年以來看到的波動就在那裡，我們更多地處於 2022 年之前的價格正常化空間。

And so it's a different.

所以這是不同的。

It's a different context, and we need to be able to adapt to back to pre 2022 realities as a company unit.

這是一個不同的背景，我們作為一個公司單位需要能夠適應 2022 年之前的現實。

Thanks, Irina.

謝謝，伊琳娜。

Indeed, I'll keep it to a and more of the way we're thinking about it too, and processes by being able to do CapEx, both organic and inorganic and distribute about the range exactly, as you said, and strengthened the balance sheet, which is a wonderful place to be for these.

事實上，我也會將其保持在我們思考的方式上，並通過能夠進行有機和無機資本支出並按照您所說的精確分配範圍來進行處理，並加強平衡Sheet，對於這些人來說這是一個很棒的地方。

Yes, we have and continue to distribute and above the range at the moment, that's 30% to 40%, which was through the cycle.

是的，我們已經並將繼續在目前的範圍之上進行分配，即 30% 到 40%，這是整個週期的一部分。

As you say, we are 12 quarters of distance above EUR3 billion.

正如您所說，距離 30 億歐元還差 12 個季度。

And of course, you can look at what we've done in the past.

當然，您可以看看我們過去所做的事情。

So you asked me why we're going to generate future.

所以你問我為什麼我們要創造未來。

I'll not go to the feature.

我不會去專題。

I'll ask you to look at our actions.

我請你看看我們的行為。

What are we done?

我們做了什麼？

We've done 12 quarters now about 3 billion beyond that.

我們已經完成了 12 個季度，超過了這個數字約 30 億美元。

What we've also done is in time for we've had lower cash flow as you can go back to Q4 last year.

我們所做的也是及時的，因為我們的現金流量較低，你可以追溯到去年第四季。

And of course, our net debt went up and still we did EUR3.5 billion of and buybacks at the time is clear.

當然，我們的淨債務增加了，但我們仍然負債了 35 億歐元，而且當時的回購是明確的。

We are preferentially allocating to share buybacks, have a look at what we've done in the past and use that as well.

我們優先分配股票回購，看看我們過去做了什麼，並利用它。

Thank you.

謝謝。

Great.

偉大的。

Thank you, Shannon, and thank you very much, Luc.

謝謝你，香農，非常感謝你，呂克。

Let's go to the next question, please.

請讓我們進入下一個問題。

Our next caller is Giacomo Romeo from Jefferies.

我們的下一個來電者是傑富瑞集團 (Jefferies) 的賈科莫·羅密歐 (Giacomo Romeo)。

Thank you.

謝謝。

First when the zoom on the LNG market, you mentioned the contract you signed with the bolt-ons in Turkey.

首先，當談到液化天然氣市場時，您提到了您與土耳其的螺栓公司簽訂的合約。

There have been some headlines suggesting that the term pricing is coming down, particularly related to this agreement.

有一些頭條新聞表明術語定價正在下降，特別是與該協議相關的。

Are you are you seeing more challenging market in the market?

您是否看到市場上更具挑戰性？

Second question I wanted to ask is the can you remind us where we stand in terms of the key hurdles to taking FID on the second phase of LNG Canada?

我想問的第二個問題是，您能否提醒我們，在加拿大液化天然氣第二階段進行最終投資決定的主要障礙方面，我們的立場是什麼？

And are you happy with the acreage we have around those assets or you would you be looking to add more acreage in the area?

您對我們在這些資產周圍擁有的面積感到滿意嗎？

Giacomo?

賈科莫？

Thank you for that.

謝謝你。

I'll touch on both.

我會談到兩者。

I think on the LNG markets, you'd appreciate I won't be able to sort of disclose specific term prices that what I would say is there is nothing that we're seeing at the moment that is different than previous cycles where you see sometimes the pendulum swings towards buyers, sometimes towards others and where we have always positioned ourselves on both sides where we are a significant off-taker volumes.

我認為在液化天然氣市場上，您會感激我無法透露具體的期限價格，我想說的是，我們目前看到的情況與您所看到的之前週期沒有什麼不同有時鐘擺向買家擺動，有時向其他人擺動，而我們總是將自己定位在我們是重要承購者的雙方。

We are a buyer and of course, we are a significant seller being one of the largest players in the market.

我們是買家，當然，我們也是重要的賣家，也是市場上最大的參與者之一。

And so what we tried to do as a company is not to worry about what we can control, which is where the market fundamentals are.

因此，作為一家公司，我們試圖做的不是擔心我們能控制什麼，這就是市場基本面所在。

We can't control that what we have control over, and that's where we want to focus on our ability to be able to have options to create value through what will inevitably be cycles.

我們無法控制我們能控制的東西，這就是我們想要關注的地方，我們能夠透過不可避免的循環來選擇創造價值。

And that's what we're positioning for.

這就是我們的定位。

And that's what we are trying to secure because it is one of the largest, of course, importers in Europe and gives us another delivery point for our growing portfolio of LNG projects.

這就是我們正在努力確保的，因為它當然是歐洲最大的進口商之一，並為我們不斷增長的液化天然氣項目組合提供了另一個交付點。

On thing before I get into Phase two, we need to be able to sort of continued momentum on Phase one and that we're seeing we're over 95% complete there.

在進入第二階段之前，我們需要能夠在第一階段保持持續的勢頭，並且我們看到我們已經完成了 95% 以上。

We have gas from the Coastal GasLink pipeline coming through to help with the commissioning of the systems.

我們從 Coastal GasLink 管道輸送天然氣來幫助系統調試。

And we hope so too, by middle of next year to be able to see first cargoes and the start of what will be an exciting project for us for the future.

我們也希望在明年年中能夠看到第一批貨物，並開始啟動一個對我們來說令人興奮的未來項目。

Lng Canada, Phase two of the joint venture, which is an independent joint venture that will have to present their proposal to that.

加拿大液化天然氣公司是該合資企業的第二階段，該合資企業是獨立的合資企業，必須向該合資企業提交提案。

Our shareholders, of course, that has to be an investable opportunity.

當然，我們的股東這必須是一個可投資的機會。

They are developing that.

他們正在開發這個。

And in due course, they'll be able to put it forwards to be able to reflect along with the other shareholders doing the same in terms of acreage, we're very pleased with the position we have, which really gives us the option, not the obligation the option to be able to either produce out of our existing acreage to pull from a third party suppliers and echo that is the beauty of the position we have there.

在適當的時候，他們將能夠提出來，以便能夠與其他股東一起反映在面積方面做同樣的事情，我們對我們所擁有的地位感到非常滿意，這確實給了我們選擇，不是義務，而是選擇能夠從我們現有的面積中生產，從第三方供應商處獲取，並呼應這就是我們在那裡的地位的美妙之處。

And that's one where we will continue to be able to look forward as we bring LNG Canada up to be able to optimize and to create value out of our next caller is Lucas Herrmann from BNP very much.

我們將繼續期待這一點，因為我們讓加拿大液化天然氣公司能夠優化並創造價值，我們的下一位來電者是來自法國巴黎銀行的盧卡斯·赫爾曼（Lucas Herrmann）。

And as with the others, I'm sure it's very encouraging suite performance from coupled with.

和其他的一樣，我確信它的組合性能非常令人鼓舞。

I might I just wanted to we're into the fourth quarter.

我可能只是想我們已經進入第四季了。

It's that time of year when we'll start speculation around dividend is very frustrating.

每年這個時候我們都會開始圍繞股息進行投機，這非常令人沮喪。

The share prices, the same level as it was a year ago.

股價與一年前持平。

A year ago, you were very clear preference is very much for buybacks as you will, the 4% growth in dividend.

一年前，您非常明確地偏好回購，股息成長 4%。

Would it be sensible to assume?

這樣的假設是否合理？

And I know it's a Board decision, but I guess a practical approach this time as well.

我知道這是董事會的決定，但我想這次也是實用的方法。

So question one is really around dividend, not thinking whether there's any change.

因此，第一個問題實際上是圍繞股息，而不是考慮是否有任何變化。

Second, sorry, it's a little bit to you again in part around LNG his mind.

其次，抱歉，這又對你有點影響，部分是圍繞液化天然氣他的想法。

Where are we with venture and the volumes actually starting to flow to add to your businesses.

我們的風險投資在哪裡，並且實際開始流入您的業務。

This is kind of leaving aside the litigation, is it one-time, but is there a point at which actually the 2 million that you would you should notice?

這是一種將訴訟放在一邊的情況，是一次性的嗎？

We start?

我們開始？

I know you bought I'll say that because the weather, respectively, a hard deadline and sorry, just staying with volumes for 1 billion, the expectation is still that the trade will complete by the end of the.

我知道你買了，我會說，因為天氣、嚴格的截止日期和抱歉，只是保持 10 億的交易量，預計交易仍然會在年底前完成。

Thank you.

謝謝。

Super, thanks to this.

超級好，謝謝這個。

Do you want to start with the first point?

您想從第一點開始嗎？

I can take the second one.

我可以拿第二個。

Yes, we did on and dividends.

是的，我們確實進行了分紅。

I think it's interesting reflection of a Board decision, et cetera, and Lucas.

我認為這很有趣地反映了董事會的決定等，以及盧卡斯。

And you knew exactly what I was going to go into are now on the position.

你清楚知道我現在要做什麼。

We're in a very clear.

我們的情況非常清楚。

We have a amazing balance sheet, which has been key consciously put in place to allow us to weather what comes assets, whether it's performance or whether you are and which gives us a differentiating factor with validate.

我們擁有令人驚嘆的資產負債表，這是有意識地建立起來的關鍵，使我們能夠經受住資產的考驗，無論是績效還是您的資產，這為我們提供了一個與眾不同的驗證因素。

So then I can until how do we distribute around that.

那麼我就可以直到我們如何圍繞這個問題進行分配。

And as you said, we look to value.

正如您所說，我們注重價值。

It's investor value doesn't matter whether we're doing it towards.

投資者的價值並不重要，無論我們是否這樣做。

And yes, new capital investments or whether it's in Hamzah buybacks are highly distributed to shareholders today.

是的，新的資本投資或無論是 Hamzah 回購，如今都高度分配給股東。

So where are we got share price, which has not reacted?

那我們從哪裡得到尚未做出反應的股價呢？

Yes, sir, in terms of the share price is still undervalued as far as we are concerned and therefore great confidence in terms of share buybacks and you can look to what we've done before.

是的，先生，就我們而言，股價仍然被低估，因此對股票回購充滿信心，您可以看看我們之前所做的事情。

Thanks.

謝謝。

Thanks, René.

謝謝，雷內。

That look as to your other two points very quickly Pavilion going through the approval expected next year, we've only really sort of take some time to ramp up into our portfolio.

看起來你的另外兩點很快就會通過預計明年的批准，我們只是需要一些時間來增加我們的投資組合。

Really only think about it through incremental value creation in the second half of next year is the way we think about it on Venture Global.

事實上，我們在 Venture Global 上的想法就是透過明年下半年的增量價值創造來思考。

I've talked about it enough times.

我已經談過足夠多次了。

I wish I had something new to say on it other than it routinely, we have got no volumes were up against our term agreement term agreement, of course, which underpinned with financing for that project.

我希望除了例行公事之外，我還有一些新的東西要說，當然，我們的條款協議沒有任何數量違反我們的條款協議，當然，這是該專案融資的基礎。

And we're going to go through the arbitration hearings this quarter from what I recall and then see where we go through focused.

根據我的記憶，我們將在本季度進行仲裁聽證會，然後看看我們將重點放在哪裡。

Thank you for those.

謝謝你。

That's what it says, Thailand, which is getting a notification.

這就是它所說的，泰國正在收到通知。

We had a sense of feed issues coming through and the videos or apologies for that.

我們感覺到提要問題正在發生，影片或對此表示歉意。

The team are working on it.

團隊正在努力解決這個問題。

But hopefully the audio is working very, very well.

但希望音訊工作得非常非常好。

Thanks.

謝謝。

So no, thank you very much.

所以不，非常感謝。

Financial, Fluke.

金融，福祿克。

Let's go to the next question with the hope that it is all coming through.

讓我們繼續討論下一個問題，希望一切都能順利解決。

Hi.

你好。

Thanks for taking the questions and congratulations on the other robust update, absolute and relative to them.

感謝您提出問題，並祝賀其他強大的更新，無論是絕對的還是相對的。

It strikes me looking at that number further again, this quarter, if we combine the Upstream and Integrated Gas business, is the aggregated numbers or the beat consensus expectations.

令我震驚的是，本季度，如果我們將上游和綜合天然氣業務合併起來，再次進一步審視這個數字，是匯總數字還是超出共識預期。

Expectations have been several quarters in a row that has been the case now.

連續幾季的預期都是如此。

So could you just have our Sprint related to ongoing benefits and Delta's within those businesses is where you think you're creating the value that they should sustain 2025 plus then chassis and the KitchenAid opening remarks, you mentioned the early studies that show still in on the journey that that is on.

因此，您是否可以讓我們的 Sprint 與持續效益相關，而達美航空在這些業務中您認為您正在創造價值，他們應該維持 2025 年加上底盤和 KitchenAid 開場白，您提到了早期研究表明仍然存在正在進行的旅程。

Clearly, we could interpret that in a multi-year and possibly even multi-decade contact in time.

顯然，我們可以透過多年甚至可能數十年的接觸來及時解釋這一點。

Terms of the next six to 18 months, what are the sort of the big ticket milestones that you're looking in an operational fiscal sense?

未來 6 到 18 個月內，從營運財務角度來看，您正在尋找哪些重大里程碑？

Thanks.

謝謝。

Do you want to take this into a, please feel free to add?

您想將其納入其中，請隨時添加嗎？

So indeed, just looking at the and content, you're setting Caremark.

事實上，只要查看 和 內容，您就可以設定 Caremark。

So indeed, we have beaten consensus intensive Upstream and Integrated Gas.

事實上，我們已經擊敗了共識密集的上游和綜合天然氣。

I would say there's a number of things there.

我想說那裡有很多東西。

S and foremost, it's about in terms of versus consensus.

最重要的是，這是關於共識與共識的。

We saw more figure has come in from Nigeria and in our Integrated Gas business, I alluded to it earlier as well that some cargoes often moved from Q4 into Q3.

我們看到更多的數據來自尼日利亞，在我們的綜合天然氣業務中，我之前也提到過，一些貨物經常從第四季度轉移到第三季。

So that gave us a little bit of a lift in terms of IG.

所以這給我們的 IG 帶來了一點提升。

And in terms of upstream, actually versus consensus, what we saw with, of course, production was up.

就上游而言，實際上與共識相比，我們看到的當然是產量增加了。

Was that up to that because of two things, one was getting up and running after hurricane season.

這樣做是因為兩件事，一是颶風季結束後啟動並運行。

So it is so going on, but it was less than we were expecting.

所以事情就這樣發生了，但比我們預期的少。

And we were able to get the assets up and running mark from the team along the way.

一路上，我們能夠讓團隊啟動並運行資產。

Also, interestingly, our maintenance, I think up to the fascinating when the maintenance, what we're seeing is the business, particularly in the Gulf of Mexico, being able in terms of maintenance to be able to reduce the time.

另外，有趣的是，我們的維護，我認為在維護時令人著迷，我們看到的是業務，特別是在墨西哥灣，能夠在維護方面能夠減少時間。

And this isn't cutting work.

這並不是削減工作量。

This is about efficiency and focus.

這關乎效率和專注。

And I missed your second question.

我錯過了你的第二個問題。

So when we can get assets up and running 10 a shorter than they would have been in a previous maintenance run as an amazing amount of barrels that you go back and be able to hit your bottom line.

因此，當我們的資產啟動和運行時間比之前的維護運行時間短 10 美元時，您將獲得驚人的桶數，從而能夠達到您的底線。

So what we're seeing is that sort of cultural change coming through with our accountability were each and every person knows exactly what they do for the bottom line is flowing through to the bottom line and bottom line results.

因此，我們看到的是，我們的責任感帶來了文化變革，每個人都確切地知道他們為底線所做的事情正在流向底線和底線結果。

So in terms of early stages, what does that mean?

那麼就早期階段而言，這意味著什麼？

What am I saying there?

我在那裡說什麼？

We started this journey.

我們開始了這段旅程。

We are continuing to push it down at all levels of the organization, and it's coming bottoms up as well.

我們將繼續在組織的各個層面上推動它，並且它也會自下而上。

We're seeing people get excited about this.

我們看到人們對此感到興奮。

We're seeing them understand what they can do and bring ideas to the four.

我們看到他們了解自己能做什麼，並向四人帶來想法。

So do I see that continuing?

那麼我認為這種情況會持續下去嗎？

Absolutely.

絕對地。

I think continuing to ramp up as we go through and we'll continue to Diageo.

我認為隨著我們的經歷繼續增加，我們將繼續帝亞吉歐。

But first and foremost, let us deliver on Sprint one.

但首先也是最重要的是，讓我們實現 Sprint 目標。

I'll give you an update on that, too.

我也會提供您最新情況。

Great.

偉大的。

Thank you very much, and thank you, Matt.

非常感謝你，也謝謝你，馬特。

Can we go to the next question, please?

我們可以進入下一個問題嗎？

Look.

看。

Our next caller is delegate from Wolfe Research.

我們的下一個來電者是沃爾夫研究中心的代表。

Thanks for having me on on while I wonder, I know you're going to do the Capital Markets Day next year and gave us an update post for strength.

感謝您在我想知道的時候接受我的採訪，我知道您將參加明年的資本市場日，並向我們提供了有關實力的最新消息。

And I wonder if I could just press a little bit on the capital flexibility below 22 billion this year are clearly very impressive, but it seems that as a result of selected decision on largely of pivoting away from new renewables and energy solutions, why should we expect that to continue?

我想知道我是否可以稍微強調今年低於220 億美元的資本靈活性顯然非常令人印象深刻，但似乎由於我們選擇了很大程度上放棄新的可再生能源和能源解決方案的決定，我們為什麼要這樣做預計這種情況會持續下去嗎？

Or maybe to ask the question slightly differently, is it possible to 22 to 25 billion stays in place, but the relative allocation of capital pivot back to some of the other businesses?

或者也許可以稍微不同地問這個問題，是否有可能 220 至 250 億美元保持不變，但資本的相對分配又回到其他一些業務？

We obviously have plenty of opportunities.

顯然我們有很多機會。

Doug, thank you very much for that.

道格，非常感謝你。

Limited, of course, without without sort of getting into C and D 25, I think, are ready with what we said.

當然，在沒有進入 C 和 D 25 的情況下，我認為，我們已經準備好了我們所說的話。

And c and d 23.

還有c和d 23。

We can hopefully use that as a foundation for for your question.

我們希望可以用它作為您問題的基礎。

So we've been spending around the $20 billion mark organically.

因此，我們的有機支出一直在 200 億美元左右。

And so it's not fundamentally changing the risk than what we're doing is we're trying to get more out of the capital that we are deploying and to some of the examples that you gave earlier this, this concept of just get, I think that brilliant basics, leveraging the capabilities in the organization to focus on more capital efficiency, being choiceful around what projects we go after and then just allowing the ones that don't work to stop.

因此，與我們正在做的事情相比，這並沒有從根本上改變風險，我們正在努力從我們正在部署的資本中獲得更多收益，對於您之前給出的一些例子，我認為這個概念只是得到優秀的基礎知識，利用組織的能力來專注於提高資本效率，選擇我們要從事的項目，然後讓那些不起作用的項目停止。

Right.

正確的。

If I if I then reflect your characterization, I would characterize things that as a company, we are committed to the energy transition.

如果我反映你的描述，我會描述作為一家公司，我們致力於能源轉型。

We have also said we will play to our competitive strengths.

我們也表示，我們將發揮我們的競爭優勢。

So what you're accurate in certain areas like renewable generation, which we have now publicly said, and CMBS three were very clear on, we do not see ourselves as being advantage in renewable generation to create material returns over others.

因此，您在某些領域（例如再生能源發電）的準確性，我們現在已經公開表示，並且CMBS 三個非常明確，我們不認為自己在可再生能源發電方面具有比其他公司創造物質回報的優勢。

Do you see us stepping back from those areas where we have identified and we have learned, if I'm honest with you that we do not have those advantages front.

如果我誠實地告訴你，我們沒有這些優勢，你是否看到我們從我們已經確定並學到的領域後退了。

This idea that capital should be a proxy to our commitment to the energy transition, I think, is flawed.

我認為，資本應該成為我們對能源轉型承諾的代理的想法是有缺陷的。

We have invested $2 billion in Nature energy.

我們已在自然能源領域投資了 20 億美元。

I do not plan to invest many more billions of dollars into biogas because we've acquired the platform now.

我不打算在沼氣領域投資更多數十億美元，因為我們現在已經收購了這個平台。

We need to make sure that we deliver value add to that platform before we earned the right invest in anything more in the basin businesses, platforms like that.

我們需要確保在我們為流域業務、類似平台的任何其他業務獲得正確的投資之前，為該平台提供附加價值。

The investments we are making in Hazen, which is one of the biggest players in the world in biofuels, the investments we are making in EV, yes, albeit in the focus markets where we see pathways towards profitability.

我們對 Hazen 的投資是世界上生物燃料領域最大的參與者之一，我們對電動車的投資是的，儘管是在我們看到盈利途徑的重點市場。

So this is about really making sure that our energy transition, which indeed is going to be multi-decade, is one that is planted on very solid foundations.

因此，這實際上是為了確保我們的能源轉型（實際上將持續數十年）是建立在非常堅實的基礎上的。

And our job is to make sure that we can demonstrate those returns consistently and move at the pace and hopefully slightly ahead of what the transition happens.

我們的工作是確保我們能夠始終如一地展示這些回報，並按照節奏前進，並希望稍微領先於轉型發生的情況。

But it will require the right governance policies.

但這需要正確的治理政策。

It will require customers leaning into this.

這需要客戶對此有所了解。

And of course, it will require us to continue to drive down the cost of that delivered lower cost energy or lower carbon energy.

當然，這將要求我們繼續降低提供低成本能源或低碳能源的成本。

I hope that gives you a sense, the flexibility, of course, we will retain that as we as we really tight and on the organization and make sure that we are putting a high bar on value realization and being able to demonstrate proof points that link all by the way in the context of having to and compare that the option of a buyback, which, as you've heard us say, in that time and time again is a very attractive option.

我希望這能讓您感覺到靈活性，當然，我們將保留這一點，因為我們對組織非常嚴格，並確保我們在價值實現上設定了很高的標準，並能夠證明鏈接的證據點順便說一句，在必須比較回購選擇的情況下，正如您聽到我們所說的那樣，這次又一次是一個非常有吸引力的選擇。

So we need to be able to make sure that we're looking at both and not become myopic and looking at just one.

因此，我們需要能夠確保我們同時專注於兩者，而不是目光短淺，只專注於其中一個。

Thank you very much, Doug.

非常感謝你，道格。

Our next caller is Kim Fustier from HSBC.

我們的下一個來電者是來自匯豐銀行的 Kim Fustier。

Hi, good afternoon.

嗨，下午好。

Thanks for taking my questions.

感謝您回答我的問題。

I wanted to ask about Nigeria.

我想問一下尼日利亞的情況。

Since the sale of the onshore assets has been rejected by the authorities, how much due diligence do you feel you've done on the buyer?

由於境內資產出售已被當局拒絕，您認為您對買方做了多少盡職調查？

And would you think the next steps are in the process?

您認為接下來的步驟正在進行中嗎？

My second question is on on a power utilities, digital plans in the US this quarter, how much gas-fired capacity do you believe you ultimately need to underpin to take the first one and then hand over to you should need on on Nigeria.

我的第二個問題是關於美國本季的電力公用事業數位化計劃，您認為最終需要支援多少燃氣容量才能獲得第一個容量，然後移交給尼日利亞應該需要的容量。

As you're aware, we've done a lot of work on this transaction, working with the authorities to, in essence be able to create a venture that outlive the current owner Renaissance.

如您所知，我們在這筆交易上做了很多工作，與當局合作，實質上能夠創建一家比當前所有者文藝復興更長壽的企業。

The acquiring consortium will take the capabilities that we have developed and honed over decades to be able to do that.

收購財團將利用我們幾十年來開發和磨練的能力來做到這一點。

And we have worked very clearly to be able to establish a transaction structure that allows us to leave with the confidence that what we expect to happen happens.

我們已經非常明確地工作，以便能夠建立一個交易結構，使我們能夠滿懷信心地離開，我們期望發生的事情會發生。

Now, the application, of course, is with the regulator.

當然，現在的申請是由監管機構進行的。

It's not time-bound.

它沒有時間限制。

The regulator can take time.

監管機構可能需要時間。

We are continuing to address the regulators questions.

我們正在繼續解決監管機構的問題。

I comment further than that, other than to say that we continue to have confidence in our ability to be able to complete this transaction as we demonstrate to the regulator that we have.

我除此之外還進一步發表評論，只是說我們仍然對完成這項交易的能力充滿信心，因為我們向監管機構證明了這一點。

We have complied with all their expectations.

我們滿足了他們的所有期望。

And thank you, Kim.

謝謝你，金。

And did you refer back to the Rhode Island and CCGT which we purchased this quarter?

您是否回顧過我們本季購買的羅德島號和 CCGT？

And by the way, that is Atlanta, we already had offtake from fits very naturally linked with when we think about this and whilst already talked about the fact that we don't see renewable generation has been a differentiating capability.

順便說一句，那就是亞特蘭大，當我們考慮這一點時，我們已經很自然地將承購與適應聯繫在一起，同時我們已經談到了我們不認為可再生能源發電是一種差異化能力的事實。

We do see that on our side, of course, differentiation, we have two operating capabilities from when looking at deploying capital.

我們確實看到，在我們這邊，當然，差異化，從部署資本的角度來看，我們有兩種營運能力。

The high bar that we've talked about before, it really is that what we're looking at, the volume that we need, and that will depend on which market we want to be.

我們之前討論過的高標準，實際上就是我們所關注的，我們需要的數量，這將取決於我們想要進入哪個市場。

And so it's very much dependent on where it will be in to see it in the U.S. Of course, and you'll see it in a few other locations you see in Australia.

因此，這在很大程度上取決於在美國的什麼地方可以看到它。

And as many more, this is more about the offtake gas and sometimes helpful for us to have the underlying assets and therefore be able to control the dispatch such that in many cases, different simple that third party that we purchase.

與其他更多一樣，這更多的是關於廢氣，有時有助於我們擁有基礎資產，因此能夠控制調度，這樣在許多情況下，與我們購買的第三方不同。

And of course, given the weighting of our balance sheet, we're a very attractive customer and supplier to others as well.

當然，考慮到我們資產負債表的權重，我們對其他人來說也是一個非常有吸引力的客戶和供應商。

So this is about the Lincoln synergy between I asset and fundamentally the trading capability, which is high.

所以這是關於我的資產和交易能力之間的林肯協同效應，這是很高的。

We have differentiation topics.

我們有差異化主題。

Thank, thank you.

謝謝，謝謝。

And I think you can move that goes.

我認為你可以移動它。

Next question, please.

請下一個問題。

Our next caller is Christopher Kuplent, Bank of America.

我們的下一個來電者是美國銀行的 Christopher Kuplent。

Thank you very much.

非常感謝。

And I'll keep a very short just checking and Singapore held for sale.

我會保持一個非常簡短的狀態，只是檢查一下新加坡待售的情況。

And can you comment a little bit around the tailwinds you expect now that you've put through impairments on all those lovely items like depreciation and underlying OpEx, et cetera?

既然您已經對所有這些可愛的項目（如折舊和基本營運支出等）進行了減值，您能否對您預期的順風發表一些評論？

And let's face it what is an underperforming division given the macro environment that we're in, right?

讓我們面對現實吧，考慮到我們所處的宏觀環境，什麼是表現不佳的部門，對吧？

So just wondering whether you could comment a little bit and perhaps talk us through some of the other assets that you've mentioned are always on, let's say, the test blocks where you see more exciting tailwinds, some underperformance, particularly thinking about your and your downstream positions.

因此，我想知道您是否可以發表一點評論，也許可以向我們介紹一下您提到的其他一些資​​產，這些資產始終處於運行狀態，比方說，在測試區塊中您會看到更令人興奮的順風，有些表現不佳，特別是考慮到您和您的下游位置。

Thank you.

謝謝。

Thanks.

謝謝。

Christopher Johnen, haptic.

克里斯多福·約翰恩，觸覺。

So a couple of things in there and Chris as well.

裡面有幾件事，還有克里斯。

So Singapore, as you say, is held for sale, were in the middle of a turnaround at the moment.

所以，正如你所說，新加坡正在等待出售，目前正處於轉變之中。

So teams very much focused on getting that over the line, of course, looking to be able to come back and say it's completed likely into the new year, but very much focused on that taking chemicals and products, which is really what you're referring to because it talks about marketing and then very strong performance that we're seeing there.

因此，團隊非常專注於完成這項任務，當然，希望能夠回來並說它很可能在新的一年裡完成，但非常專注於化學品和產品的獲取，這才是真正的目標之所以提到這個，是因為它討論了行銷以及我們在那裡看到的非常強勁的表現。

With that, I will just simply say great earnings this quarter in terms of over EUR1 billion for our marketing business.

說到這裡，我只想簡單地說一下我們的行銷業務本季的獲利超過 10 億歐元。

But let's talk about and chemical from product for though that.

但我們還是來談談產品中的化學成分吧。

So refining margins, of course, we're done not surprising as you can license and maintenance season, as you know.

因此，當然，提高利潤率並不奇怪，因為您可以在許可和維護季節進行，如您所知。

So that is challenging, the 8% higher versus the previous quarter and tightened a bit of lower demand on the chemical side, of course, it is and a depressed market in terms of the margins and what do we actually looking out there that ICM is in the lower bond of 150, which is what we said at CMT for that for the lower end of this for me to remember that sort, of course, Singapore will leave, and that will change that and that number as well.

因此，這是具有挑戰性的，與上一季相比增長了8%，並且收緊了化學品方面較低的需求，當然，就利潤率而言，這是一個低迷的市場，我們實際上在ICM 中看到了什麼在 150 的較低債券中，這就是我們在 CMT 上所說的，對於這一較低端，我要記住，新加坡當然會離開，這也會改變這個數字。

So in terms of the year portfolios, we've got the extra for the macro in terms of lower bond.

因此，就年度投資組合而言，我們在較低的債券方面獲得了額外的宏觀收益。

We've got a portfolio of intensive Singapore, but also what we're doing in Europe, where we're looking to do economic optimization, specific units.

我們在新加坡有一個密集的投資組合，但也有我們在歐洲所做的事情，我們希望在那裡進行經濟優化，具體單位。

So we're doing self-help.

所以我們正在做自助。

We're making sure that we run things when it makes sense.

我們確保在有意義的時候進行營運。

And intensive Monaco, what are you seeing?

還有密集的摩納哥，你看到了什麼？

There is a key one basically being all about getting it up and running Q2 about making sure it was operational.

有一個關鍵點基本上是啟動並運行第二季以確保其正常運作。

And we could actually say that Q3 being by making sure it's predictable and we're getting more products coming through and that's what will go up and getting those up and running.

我們實際上可以說，第三季是透過確保它是可預測的，我們將獲得更多產品，這就是將要上升並讓這些產品啟動和運行的原因。

So you'll see that started start to flow through the numbers as well.

所以你會看到這也開始在數字中流動。

So that's really the chemical from product side.

所以這確實是產品方面的化學品。

You can see we're really focused in on improving the relapse changes in our case, nickel from products business, of course, marketing exactly the same thing.

你可以看到我們真的專注於改善我們案例中的複發變化，鎳來自產品業務，當然，營銷完全相同的東西。

We're making sure that we get delivery insights.

我們確保獲得交付見解。

We've seen some of the tail coming off and while referenced earlier, Pakistan, et cetera.

我們已經看到一些尾巴脫落，雖然之前提到過，巴基斯坦等。

So that's some 400 sites have left the portfolio, which were never actually in our portfolio.

大約有 400 個網站離開了我們的投資組合，而這些網站實際上從未在我們的投資組合中。

We're also very focused on cost and making sure we drive the business to deliver.

我們也非常關注成本並確保推動業務交付。

That's exactly what they should be doing from a competitive perspective by just the capital they've already employed non-ferrous side, of course, renewables, we've talked about generation, I think, well set up very well about our renewable generation capacity and moving away from that, more towards where we had really strong capabilities linked to trading, which will mean less capital light and that as well.

從競爭的角度來看，這正是他們應該做的，僅靠他們已經使用的有色金屬方面的資本，當然，可再生能源，我們已經討論過發電，我認為，我們的可再生能源發電能力已經建立得很好遠離這一點，更多地轉向我們擁有與交易相關的真正強大能力的地方，這也意味著更少的資本需求。

So that gives you a bit of a better feel for if Chris.

所以這會讓你對克里斯有更好的感覺。

Thanks, Shannon.

謝謝，香農。

And thank you for the question, Christopher, as as you know, we're literally just passing the midway point of our Sprint.

謝謝你的提問，Christopher，如你所知，我們實際上剛剛經過 Sprint 的中點。

So still some way to go to be able to get to where we need to get there.

因此，要到達我們需要到達的地方，還有一段路要走。

Our final goal today is Martijn Rats from Morgan Stanley.

我們今天的最終目標是來自摩根士丹利的 Martijn Rats。

Well, I look and the most of the important question have been asked, but there's one less as it I'm somewhat into each of our strategic global development with And I noticed it and refinery throughput was down about 100,000 barrels a day or so the current quarter and also the guidance for that line item for the fourth quarter doesn't imply much of a rebound to suggested that refinery utilization could sort of continue to tail off a little bit.

好吧，我看，最重要的問題已經被問到了，但是少了一個，因為我對我們的每一項全球戰略發展都有所了解，我注意到煉油廠的吞吐量每天下降了大約100,000 桶左右本季以及第四季該專案的指導並不意味著大幅反彈，表明煉油廠利用率可能會繼續略有下降。

And I think many of us are trying to figure out sort of where exactly we are in terms of refining margins versus the level that would trigger Aecon Amazon cuts.

我認為我們中的許多人都在試圖弄清楚我們在煉油利潤方面到底處於什麼位置，與引發 Aecon Amazon 削減的水平相比。

So I was wondering in in that 100,000 barrel-a-day production in refinery throughput, is there an element of economic run cuts in their maintenance and operational issues?

所以我想知道，在煉油廠每天生產 10 萬桶的產量中，維護和營運問題是否有經濟運作削減的因素？

I'm happy to take that very quickly.

我很高興能很快接受。

So I think what you see my time in the third quarter is a combination of things.

所以我認為你在第三季看到的情況是多種因素的結合。

The start of the quarter had softer than than hoped for a premier, particularly unplanned downtime than the latter part of it had quite a bit of maintenance.

本季初的情況比首季的預期要溫和，尤其是計畫外停機，而後半部則進行了大量維護。

Actually what you're seeing going into Q4.

實際上你在第四季看到的情況。

There is some big turnarounds, Pernis, for example, standing out as the biggest one, which was essentially flowed through the entire quarter.

有一些重大的轉變，例如佩尼斯，是最大的轉變，基本上貫穿了整個季度。

Q4.

Q4。

So you are not seeing material run cuts as part of that before.

因此，您之前沒有看到材料運行削減是其中的一部分。

All of that as part of that refining guidance, it's much more of the choices of when we want to be able to run our our maintenance and turnarounds.

所有這些作為改進指南的一部分，更多的是我們希望何時能夠進行維護和周轉的選擇。

And I'm sure, Martin, if you look at it as sort of long list of where the other maintenance activities and turnaround activities are over the coming months in in our refining footprint, including, for example, Bookham itself is going through one Sarnia Rhineland in Germany, Norco in the US.

我敢肯定，馬丁，如果你把它看作是未來幾個月我們煉油足跡中其他維護活動和周轉活動的一長串清單，包括，例如，布克漢姆本身正在經歷一個薩尼亞德國萊茵蘭、美國諾科。

So there's quite a bit of activity going as we speak.

所以就在我們說話的時候，有相當多的活動正在進行中。

Thank you very much for the question, Martin?

非常感謝你提出這個問題，馬丁？

Thank you.

謝謝。

Look, for helping me navigate the our and thank you to all of you for your questions and for joining the call.

謝謝你們幫我導航，謝謝你們所有人的提問和加入電話會議。

As you've heard, we've delivered a strong quarter.

正如您所聽說的，我們的季度業績表現強勁。

We announced another 3.5 billion of share buybacks, which makes us 12 quarters in a row with another buybacks of at least $3 billion as we are building a track record of delivery and aiming to be the investment case through the energy transition.

我們宣布了另外 35 億股股票回購，這使我們連續 12 個季度回購至少 30 億美元，因為我們正在建立交付記錄並致力於成為能源轉型的投資案例。

Wishing you all a very pleasant ended a week.

祝大家有個愉快的一周。

Thank you for joining us.

感謝您加入我們。