Talos Energy Inc (TALO) 2022 Q4 法說會逐字稿

Good day, and welcome to the Talos Energy Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Sergio Maiworm, Vice President of Finance, Investor Relations and Treasurer. Please go ahead.

美好的一天，歡迎來到 Talos Energy 第四季度和 2022 年全年收益電話會議。 （操作員說明）請注意正在記錄此事件。我現在想將會議轉交給財務、投資者關係和財務主管 Sergio Maiworm 副總裁。請繼續。

Thank you, Operator. Good morning, everyone, and welcome to our Fourth Quarter and Full year 2022 Earnings Conference Call. Joining me today to discuss our results are Tim Duncan, President and Chief Executive Officer; Shannon Young, Executive Vice President and Chief Financial Officer; and Robin Fielder, Executive Vice President, Low Carbon Strategy and Chief Sustainability Officer.

謝謝你，運營商。大家早上好，歡迎來到我們的 2022 年第四季度和全年收益電話會議。今天和我一起討論我們的結果的是總裁兼首席執行官蒂姆鄧肯; Shannon Young，執行副總裁兼首席財務官； Robin Fielder，低碳戰略執行副總裁兼首席可持續發展官。

Before we get started, I'd like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in yesterday's press release and in our Form 10-K for the period ending December 31, 2022, filed with the SEC yesterday. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

在我們開始之前，我想藉此機會提醒您，我們今天的評論將包含前瞻性陳述。實際結果可能與這些前瞻性陳述中預期的結果存在重大差異。昨天的新聞稿和我們昨天向美國證券交易委員會提交的截至 2022 年 12 月 31 日期間的 10-K 表格列出了可能導致這些結果出現重大差異的因素。我們在此次電話會議上所做的任何前瞻性陳述均基於截至今天的假設，我們不承擔因新信息或未來事件而更新這些陳述的義務。

During this call, we may present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures was included in yesterday's press release, which was filed with the SEC and which is also available on our website at talosenergy.com. And now I'd like to turn the call over to Tim.

在此電話會議期間，我們可能會同時介紹 GAAP 和非 GAAP 財務指標。昨天的新聞稿中包含了 GAAP 與非 GAAP 措施的對賬，該新聞稿已提交給美國證券交易委員會，也可在我們的網站 talosenergy.com 上查閱。現在我想把電話轉給蒂姆。

Thank you, Sergio. Good morning, and thanks for joining our call. 2022 was another transformative year for Talos with key milestones across our Upstream and CCS businesses. Our achievements advance the catalysts to drive future value creation. These accomplishments have only been possible with our employees' hard work and focus. So thank you, first and foremost, to our Talos employees for a job well done over the past year.

謝謝你，塞爾吉奧。早上好，感謝您加入我們的電話會議。 2022 年是 Talos 的又一個變革年，在我們的上游和 CCS 業務中取得了重要的里程碑。我們的成就推動了推動未來價值創造的催化劑。這些成就離不開我們員工的辛勤工作和專注。因此，首先要感謝我們的 Talos 員工在過去一年中出色地完成了工作。

In 2022, we attained record-setting financial performance, completed a major M&A addition to our business with the EnVen acquisition and advanced our carbon capture and sequestration business from (inaudible) to one of the largest carbon storage portfolios in the United States. We meaningfully strengthened our credit statistics and liquidity profile throughout the year with free cash flow generation and today, our credit position is the best in our history.

2022 年，我們實現了創紀錄的財務業績，通過收購 EnVen 完成了對我們業務的重大併購，並將我們的碳捕獲和封存業務從（聽不清）發展為美國最大的碳儲存組合之一。我們通過產生自由現金流顯著加強了全年的信用統計和流動性狀況，今天，我們的信用狀況是歷史上最好的。

These strategic accomplishments were achieved while maintaining our high safety and environmental performance standards. Before addressing the fourth quarter and full year 2022 projects and results in detail, I want to take a moment to address 4 very important topics. First, the value of our year-end reserves. Second, our 2023 guidance and long-term outlook that Shannon will discuss in more detail later. Third, our capital allocation framework and how we intend to balance investments in our highly cash flow generative upstream business and our high-growth CCS business, while also providing a path towards returning capital to shareholders; and fourth, the solid results of our ongoing drilling program.

這些戰略成就是在保持我們的高安全和環境績效標準的同時取得的。在詳細介紹第四季度和 2022 年全年的項目和結果之前，我想花點時間談談 4 個非常重要的主題。首先，我們年終儲備的價值。其次，香農稍後將更詳細地討論我們的 2023 年指導和長期展望。第三，我們的資本配置框架，以及我們打算如何平衡對我們高現金流產生的上游業務和我們高增長的 CCS 業務的投資，同時也提供向股東返還資本的途徑；第四，我們正在進行的鑽探計劃取得了堅實的成果。

Starting with the value of our year-end reserves. On a pro forma basis for the EnVen transaction, we ended 2022 with a larger, more diverse and more liquids-weighted reserve base. Talos' proved reserves are 190 million barrels of oil equivalent, which is approximately 70% oil. The PV-10 of our pre reserves is approximately $7.2 billion at SEC prices, assuming a flat $75 per barrel price deck, which is more in line with today's prices, the PV-10 of our proved reserves is $4.8 billion.

從我們年終儲備金的價值開始。在 EnVen 交易的備考基礎上，我們在 2022 年結束時擁有更大、更多樣化和流動性加權的儲備基數。 Talos 的探明儲量為 1.9 億桶油當量，約佔石油的 70%。按 SEC 價格計算，我們預儲的 PV-10 約為 72 億美元，假設每桶價格固定為 75 美元，這更符合今天的價格，我們探明儲量的 PV-10 為 48 億美元。

The PV-10 of Talos' proved developed producing reserve base or PDP, is $3.5 billion, still at $75 per barrel. The PV-10 of our current production alone is approximately 5% greater than our current enterprise value and 45% higher than our current market capitalization. I bring that up because I believe investors are able to get extraordinary option value for all the investments we are making in the business outside our current production. This is also why we are extremely focused on bringing the value of key catalysts forward from our ongoing drilling program to reaching FID and Zama to continuing to be an active acquirer of assets in the Gulf of Mexico and substantially growing our CCS business. The runway for upside in our stock is tremendous.

Talos 已探明的已開發生產儲備基地或 PDP 的 PV-10 價值 35 億美元，仍為每桶 75 美元。僅我們目前生產的 PV-10 就比我們目前的企業價值高出約 5%，比我們目前的市值高出 45%。我提出這一點是因為我相信投資者能夠從我們在當前生產之外的業務中進行的所有投資中獲得非凡的期權價值。這也是為什麼我們非常專注於將關鍵催化劑的價值從我們正在進行的鑽探計劃推進到 FID 和 Zama，以繼續成為墨西哥灣資產的積極收購者並大幅發展我們的 CCS 業務。我們股票的上漲空間巨大。

Turning to our 2023 guidance we provided yesterday in the earnings release, Talos is estimating production between 72,000 and 76,000 barrels of oil equivalent per day for the year. That expectation is based on our very conscious decision that we've made to focus the business on 2023 free cash flow generation and long-term shareholder value creation. With that in mind, we decided to remove the gas-weighted Lisbon prospect from our 2023 drilling calendar despite its near-term potential gross production impact of approximately 8,000 to 10,000 barrels of oil equivalent per day.

談到我們昨天在收益發布中提供的 2023 年指引，Talos 估計全年產量在每天 72,000 至 76,000 桶石油當量之間。這一預期是基於我們做出的非常有意識的決定，即我們將業務重點放在 2023 年的自由現金流產生和長期股東價值創造上。考慮到這一點，我們決定從我們的 2023 年鑽探日曆中刪除天然氣加權里斯本前景，儘管它的近期潛在總產量影響約為每天 8,000 至 10,000 桶石油當量。

Instead, we will preserve Lisbon in inventory for a subsequent year when the economics of gas-weighted projects are more attractive. That decision was also made as we will incur additional success-based development capital in 2023 to accelerate our recent Venice Lime Rock discoveries to first production in early 2024. We knew this decision could cause some short-term volatility to our 2023 production, but we firmly believe this is the right decision to position Talos for long-term value creation for our shareholders.

相反，當天然氣加權項目的經濟性更具吸引力時，我們將保留 Lisbon 庫存以備下一年使用。還做出了該決定，因為我們將在 2023 年獲得額外的基於成功的開發資本，以加快我們最近發現的威尼斯石灰岩在 2024 年初的首次生產。我們知道這一決定可能會對我們 2023 年的生產造成一些短期波動，但我們堅信這是讓 Talos 為我們的股東創造長期價值的正確決定。

Longer term, Talos is healthier than it's ever been. Because of our recent successes in our development and exploitation drilling program, most of which will come online throughout 2023 and 2024, and our bullish outlook on several of the projects we're planning to drill this year. We expect our production will grow 20% to 25% between now and 2026. That's a compounded annual growth rate of approximately 6% to 8% per year.

從長遠來看，Talos 比以往任何時候都更健康。由於我們最近在開發和開採鑽探計劃中取得了成功，其中大部分將在 2023 年和 2024 年上線，而且我們對今年計劃鑽探的幾個項目持樂觀態度。我們預計從現在到 2026 年，我們的產量將增長 20% 至 25%。複合年增長率約為每年 6% 至 8%。

We also expect to generate cumulative free cash flow of $2 billion to $2.3 billion during the same period between 2023 and 2026 at a flat $75 per barrel price forecast. That is a very healthy business and one that we're really excited about. Concerning our capital allocation framework, our priority continues to be free cash flow generation and paying down debt. Over the last 2 years, we have paid back over $480 million in debt, bringing our leverage metric near its lowest level in our history.

我們還預計，在 2023 年至 2026 年的同一時期內，以每桶 75 美元的固定價格預測，將產生 20 億至 23 億美元的累計自由現金流。這是一項非常健康的業務，我們對此感到非常興奮。關於我們的資本配置框架，我們的首要任務仍然是產生自由現金流和償還債務。在過去的 2 年裡，我們已經償還了超過 4.8 億美元的債務，使我們的槓桿指標接近歷史最低水平。

In the last 12 months alone, we have transferred firm value to shareholders by repaying $4.77 per share worth of debt. But we think there's still a bit more we need to do. In addition to leverage metrics, we are also paying attention to the overall quantum of debt on our balance sheet. As a catalyst-rich company, we fundamentally believe in the equity growth projects that we have in our portfolio. We intend to continue to invest in those projects, whether it's in our oil and gas business or our CCS business because we believe they will create substantial value to our shareholders.

僅在過去 12 個月裡，我們就通過償還每股價值 4.77 美元的債務向股東轉移了公司價值。但我們認為我們還需要做更多的事情。除了槓桿指標外，我們還關注資產負債表上的債務總量。作為一家催化劑豐富的公司，我們從根本上相信我們投資組合中的股權增長項目。我們打算繼續投資這些項目，無論是我們的石油和天然氣業務還是我們的 CCS 業務，因為我們相信它們將為我們的股東創造可觀的價值。

After we prioritize continued debt reduction and continue to appropriately reinvest in our business, we are also prepared to return incremental free cash flow generation to our shareholders, primarily through opportunistic share repurchases, subject to further approvals of our Board of Directors. We expect to be in a position to accelerate this return of capital once we meet our debt reduction goals. In addition, Talos will consider participating in share repurchases in connection with any potential private equity shareholder monetization event that could occur over the next several years, subject to approval by our Board. We believe this could help alleviate the technical overhang in our stock and significantly benefit Talos' broader shareholder base.

在我們優先考慮繼續減少債務並繼續適當地再投資於我們的業務之後，我們還準備主要通過機會性股票回購向我們的股東返還產生的增量自由現金流，但須經董事會進一步批准。一旦我們實現了我們的債務削減目標，我們希望能夠加速這種資本回報。此外，Talos 將考慮參與與未來幾年可能發生的任何潛在私募股權股東貨幣化事件相關的股票回購，但須經董事會批准。我們相信這可能有助於緩解我們股票的技術過剩，並顯著有利於 Talos 更廣泛的股東基礎。

Finally, looking at our ongoing drilling program and on a pro forma basis, including the recently acquired EnVen assets, we have drilled 6 successful development and exploitation wells. We look forward to the positive impact those wells will provide throughout 2023 and into 2024. In Puma West, we commenced drilling of our appraisal well in late 2022, which we subsequently followed up with a sidetrack of the appraisal wellbore. The project has had mixed results to date as the appraisal wells did encounter hydrocarbons in multiple sands.

最後，看看我們正在進行的鑽探計劃和備考，包括最近收購的 EnVen 資產，我們已經鑽探了 6 口成功的開發和開採井。我們期待這些井將在整個 2023 年和 2024 年產生積極影響。在 Puma West，我們於 2022 年底開始鑽探評估井，隨後我們對評估井進行了側鑽。迄今為止，該項目的結果喜憂參半，因為評估井確實在多個砂層中遇到了碳氫化合物。

However, our preliminary analysis suggests that additional hydrocarbons from a subsequent well or a sidetrack well would be necessary to move forward with a full-scale development. With that said, we have temporally suspended to current wellbore, which provides us the flexibility to drill a future sidetrack. We are actively working to incorporate the data from the appraisal wells to determine the best path forward. Our teams are studying the data now, and we'll continue to provide important updates as available.

然而，我們的初步分析表明，需要從後續井或側鑽井中提取更多的碳氫化合物才能推進全面開發。話雖如此，我們暫時暫停了當前的井筒，這為我們提供了鑽探未來側鑽的靈活性。我們正在積極努力整合評估井的數據，以確定最佳的前進道路。我們的團隊現在正在研究數據，我們將繼續提供可用的重要更新。

For the remainder of my prepared remarks, I'll quickly address our financial results for the full year, highlight our drilling program, comment on our value-accretive invent transaction, discuss our advancements in CCS and conclude with a few remarks about our safety and environmental performance. For the full year of 2022, our production was approximately $59,500 BOE per day, weighted at 67% oil and 75% liquids. We achieved adjusted EBITDA of more than $840 million.

對於我準備好的發言的其餘部分，我將快速討論我們全年的財務業績，重點介紹我們的鑽探計劃，評論我們的增值發明交易，討論我們在 CCS 方面的進步，並以關於我們的安全和環保性能。 2022 年全年，我們的產量約為每天 59,500 美元桶當量，重量為 67% 的石油和 75% 的液體。我們實現了超過 8.4 億美元的調整後 EBITDA。

We generated a record $261 million of adjusted free cash flow, which allowed us to end the year with the highest liquidity and near the lowest leverage in our company's history. Shannon will provide more details on this shortly. Regarding our previously mentioned drilling successes, the second half of 2022 and early 2023 have been very busy with drilling projects across the Gulf. I'm very proud of our team for our successes thus far, totaling 6 successful projects to date.

我們產生了創紀錄的 2.61 億美元的調整後自由現金流，這使我們能夠以公司歷史上最高的流動性和接近最低的槓桿率結束這一年。 Shannon 將很快提供更多詳細信息。關於我們之前提到的鑽探成功，2022 年下半年和 2023 年初一直非常忙於整個海灣的鑽探項目。我為我們團隊迄今為止的成功感到非常自豪，迄今為止共有 6 個成功的項目。

Our previously announced Lime Rock and Venice discoveries located near Talos' 100% owned and operated Ram Powell platform in Mississippi Canyon were both successful. Those projects could deliver a combined 15,000 to 20,000 barrels of oil equivalent per day gross once they come online in the first quarter of 2024, contributing to the highest gross production rate achieved in the Ram Powell facility in over 15 years, which is exactly what our strategy of infrastructure-led drilling is expected to achieve.

我們之前宣布的位於密西西比峽谷 Talos 100% 擁有和經營的 Ram Powell 平台附近的 Lime Rock 和 Venice 發現均取得成功。這些項目一旦在 2024 年第一季度上線，每天總計可提供 15,000 至 20,000 桶石油當量，這有助於 Ram Powell 設施實現 15 年來的最高總產量，這正是我們的目標以基礎設施為主導的鑽探戰略有望實現。

The existing infrastructure grants us the ability to flow our newly discovered barrels in a subsea environment, which has a much lower emissions footprint than other oil-producing basins. This highlights why the deepwater Gulf of Mexico continues to be a leader in low emissions barrels. The Talos operated Mount Hunter prospect in the Pompano field was successful, and we expect this project to deliver gross production rates of 2,000 to 4,000 barrels of oil equivalent per day, with first production expected by the second quarter of 2023.

現有的基礎設施使我們能夠在海底環境中流動我們新發現的桶，其排放足跡比其他產油盆地低得多。這突出了為什麼墨西哥灣深水區繼續成為低排放桶的領導者。 Talos 在 Pompano 油田經營的 Mount Hunter 勘探區取得了成功，我們預計該項目的總產量將達到每天 2,000 至 4,000 桶油當量，預計將於 2023 年第二季度首次投產。

EnVen Lobster platform rig program also generated solid results toward the end of last year, discovering pay in multiple field horizons and achieving fresh production in the first quarter of this year. Our nonoperated projects are also achieving a high degree of success with recent discoveries from the Gunflint #1 sidetrack and the Spruance West wells. The rig on our Open Water program has moved to a recompletion project at our bullet discovery. After that, the rig will move to the rigless prospect, our third exploitation target in the open water rig program. If successful, rigless would flow via subsea tieback to Talos' Pompano platform.

EnVen Lobster 平台鑽機項目在去年底也取得了可觀的成果，在多個油田地平線發現了油氣，並在今年第一季度實現了新的生產。我們的非運營項目也取得了很大的成功，最近在 Gunflint #1 側鑽井和 Spruance West 井中發現了新發現。我們的開放水域項目中的鑽井平台已轉移到我們發現子彈時的重新完工項目。之後，鑽井平台將轉向無鑽井遠景區，這是我們在開放水域鑽井平台計劃中的第三個開採目標。如果成功，無鑽機將通過海底回接流向 Talos 的 Pompano 平台。

We can see gross production rates of about 8,000 to 12,000 barrels of oil equivalent per day at Rigolets first oil reached by the second half of 2024. Talos owns a 60% working interest in this project. Following Rigolets, we plan to drill the Sun Spear prospect. This is a great prospect from the EnVen portfolio, and we are excited to drill it in the second half of the year. If successful, we expect to tie it back to the Prince platform that we acquired in the nVent transaction.

我們可以看到，到 2024 年下半年，Rigolets 首批石油的總產量將達到每天約 8,000 至 12,000 桶油當量。Talos 擁有該項目 60% 的工作權益。在 Rigolets 之後，我們計劃鑽探 Sun Spear 前景。這是 EnVen 產品組合的一個很好的前景，我們很高興在今年下半年進行鑽探。如果成功，我們希望將其與我們在 nVent 交易中收購的 Prince 平台聯繫起來。

Gross production rates are expected to be between 8,000 to 10,000 barrels of oil equivalent per day. We own a 48% working interest in this project. Another project we are very excited about is (inaudible) is a high-impact project we own with Oxy. Following the completion of a 46,000 acre continuous track, we were able to combine with them.

預計總產量將在每天 8,000 至 10,000 桶石油當量之間。我們擁有該項目 48% 的工作權益。我們非常興奮的另一個項目是（聽不清）是我們與 Oxy 共同擁有的一個影響很大的項目。在完成 46,000 英畝的連續軌道後，我們能夠與他們合併。

Oxy is the operator of the project, and we expect to spud the well in the first half of 2023. Talos owns a 30% working interest. Overall, we are excited about the potential material production growth and cash flow in 2024 and beyond that these discoveries in our drill campaign will add. We pride ourselves on utilizing our core technical and operational skills to optimize projects across our portfolio while leveraging infrastructure we own or acquire through active business development. That strategy has led to successes at Lime Rock, Venice and Mount Hunter just in the last quarter with Rigolets, Sunspear and others on the immediate horizon.

Oxy 是該項目的運營商，我們預計將在 2023 年上半年開井。Talos 擁有 30% 的工作權益。總體而言，我們對 2024 年及以後的潛在材料生產增長和現金流感到興奮，我們鑽探活動中的這些發現將增加這些增長。我們以利用我們的核心技術和運營技能來優化我們投資組合中的項目，同時利用我們通過積極的業務發展擁有或獲得的基礎設施而感到自豪。該策略已在上個季度在 Lime Rock、Venice 和 Mount Hunter 取得了成功，而 Rigolets、Sunspear 和其他公司也在近期取得了成功。

This is a strategy that is generating solid results, which leads me to our EnVen acquisition. As previously announced, we closed the EnVen transaction in mid-February. The transaction expands our Gulf of Mexico operations with high-margin oil-weighted assets and ample infrastructure is accretive to Talos' shareholders and further improves our outstanding credit position. With the acquisition, Talos is better positioned to accelerate organic value-creating activities through both our upstream and CCS businesses as well as any subsequent M&A and business development activities.

這是一種正在產生可靠結果的策略，這使我對 EnVen 進行了收購。正如之前宣布的那樣，我們在 2 月中旬結束了 EnVen 交易。該交易通過高利潤的石油加權資產擴大了我們在墨西哥灣的業務，充足的基礎設施為 Talos 的股東帶來了增值，並進一步改善了我們的優秀信用狀況。通過此次收購，Talos 能夠更好地通過我們的上游和 CCS 業務以及任何後續的併購和業務發展活動來加速有機價值創造活動。

The integration of our companies is on track, and we will work to realize the valuable synergies that we expect to generate for the combination. We will continue to update the market on this integration and our synergy realizations later this year. Turning to our CCS business. I want to first reiterate the incredible progress the team made in 2022. This included securing multiple major sequestration sites, bringing in key partners across the portfolio and building out a team that will drive those projects and more to maturation. I'm incredibly proud of our early leadership position and our advancements in the business along the U.S. Gulf Coast.

我們公司的整合正在進行中，我們將努力實現我們期望為合併產生的寶貴協同效應。我們將在今年晚些時候繼續向市場更新這種整合和我們協同效應的實現。轉向我們的 CCS 業務。我想首先重申團隊在 2022 年取得的令人難以置信的進展。這包括確保多個主要封存地點的安全，在整個投資組合中引入關鍵合作夥伴，以及建立一個團隊來推動這些項目和更多項目走向成熟。我為我們早期的領導地位和我們在美國墨西哥灣沿岸業務的進步感到無比自豪。

There is an extraordinary level of enthusiasm about the promise of what CCS can become after the expansion of the 45Q tax incentive structure in 2022. We have often said that if CCS is going to work anywhere in the world, it has to work in the Gulf Coast of the United States. Here, we have the combination of the right economic incentives, a large concentrated industrial emissions market, existing midstream infrastructure and the superb geology required to permanently sequester and monitor the injected CO2.

在 2022 年擴大 45Q 稅收激勵結構後，人們對 CCS 的前景充滿熱情。我們經常說，如果 CCS 要在世界任何地方發揮作用，它就必須在海灣地區發揮作用美國海岸。在這裡，我們擁有正確的經濟激勵措施、集中的大型工業排放市場、現有的中游基礎設施以及永久封存和監測注入的二氧化碳所需的絕佳地質條件。

Having the right geology that can store large amounts of CO2 in close proximity to the emissions is going to be critical to the success of this business. That will allow us to be competitive from a price standpoint and to continue to complement our already strong acreage position across our portfolio. Yesterday, we announced that Talos elected to participate alongside Chevron in an onshore CO2 sequestration leasehold in Southeast Texas that, combined with our Beaumont CCS project, will give us a gross storage capacity of more than 1 billion tons of CO2 in this project alone. That will allow us to be very competitive for emissions in the Houston Ship Channel as well as the Beaumont Port Arthur industrial corridor.

擁有能夠在靠近排放物的地方儲存大量二氧化碳的合適地質條件對於這項業務的成功至關重要。這將使我們能夠從價格的角度來看具有競爭力，並繼續補充我們在我們的投資組合中已經強大的種植面積地位。昨天，我們宣布 Talos 選擇與雪佛龍一起參與德克薩斯州東南部的陸上 CO2 封存租賃，結合我們的 Beaumont CCS 項目，僅在這個項目中，我們的 CO2 封存總量就超過 10 億噸。這將使我們在休斯頓航道和博蒙特亞瑟港工業走廊的排放方面具有很強的競爭力。

Additionally, earlier this month, our Coastal Bend carbon management partnership, which includes Talos, Howard Energy Partners, the Port of Corpus Christi Authority and the Texas NM University system was selected for a $9 million grant from the U.S. Department of Energy's carbon storage Assurance facility Enterprise, also known as Carbon Safe. Under the terms of the award, grant funding will directly reimburse a majority of the upcoming technical and economic feasibility costs, including a stratigraphic evaluation well, FEED studies and other key project work streams. The grand award is subject to final negotiation with the Department of Energy.

此外，本月早些時候，我們的 Coastal Bend 碳管理合作夥伴關係（包括 Talos、Howard Energy Partners、科珀斯克里斯蒂港管理局和德克薩斯 NM 大學系統）被美國能源部的碳儲存保證機構選中獲得 900 萬美元的贈款企業，也稱為碳安全。根據獎勵條款，贈款資金將直接償還大部分即將到來的技術和經濟可行性成本，包括地層評估井、FEED 研究和其他關鍵項目工作流程。大獎有待與能源部進行最終談判。

Additionally, Talos and the Howard teams finalized in February definitive documents for the 13,000 acre lease with the Port of Corpus Christi team, securing the poor space for that regional project with additional potential opportunities to expand in the future. For TLCS, our 2023 goals are straightforward. Grow our existing portfolio and increase storage capacity in existing project areas, expand partnerships in existing project areas, progress the permitting and front-end engineering design work streams, advance and execute commercial contracts and develop additional point source projects. We look forward to providing more exciting updates throughout the year as we continue to grow the business.

此外，Talos 和 Howard 團隊在 2 月與 Corpus Christi 港團隊一起敲定了 13,000 英畝租約的最終文件，為該區域項目確保了貧瘠的空間，並在未來提供了額外的潛在擴展機會。對於 TLCS，我們的 2023 年目標很簡單。擴大我們現有的產品組合併增加現有項目區域的存儲容量，擴大現有項目區域的合作夥伴關係，推進許可和前端工程設計工作流程，推進和執行商業合同並開發更多的點源項目。隨著我們繼續發展業務，我們期待在全年提供更多令人興奮的更新。

Our record-setting trend continued in the categories of safety and environmental responsibility. 2022 was another historic year for reducing our lost time incident rates and greenhouse gas emissions intensity. Over the years, Talos' proactive and continuous evolving approach to HSE management has improved our incident rates, resulting in a 25% reduction from our previous year's TRIR.

我們創紀錄的趨勢在安全和環境責任類別中繼續。 2022 年是我們減少誤工事故率和溫室氣體排放強度的又一個歷史性年份。多年來，Talos 對 HSE 管理採取的主動和持續發展的方法提高了我們的事故率，使我們的事故率比上一年的 TRIR 降低了 25%。

In 2022, we reduced our Scope 1 GHG emissions intensity by 30% from the company's 2018 baseline year, achieving the company's initial goal 3 years sooner on a pro forma basis, including the EnVen assets. With that, I'll turn the call over to Shannon address our financial details for the fourth quarter and the full year as well as an overview of our 2023 operational and financial guidance.

2022 年，我們將範圍 1 溫室氣體排放強度比公司 2018 年基準年降低了 30%，預估提前 3 年實現了公司的初始目標，包括 EnVen 資產。有了這個，我將把電話轉給香農，解決我們第四季度和全年的財務細節，以及我們 2023 年運營和財務指導的概述。

Thank you, Tim, and good morning, everyone. Today, I will focus my remarks on 4 key areas: First, the highlights of our financial performance for the fourth quarter and full year 2022. Next, the strength of our pro forma balance sheet. Third, I will cover our 2023 guidance. Finally, I will discuss our capital allocation priorities for our adjusted free cash flow and summarize our financial goals before turning the call back to Tim for his closing remarks.

謝謝蒂姆，大家早上好。今天，我將重點關注 4 個關鍵領域：首先，我們 2022 年第四季度和全年財務業績的亮點。其次，我們備考資產負債表的實力。第三，我將介紹我們的 2023 年指南。最後，我將討論我們調整後的自由現金流的資本配置優先事項，並總結我們的財務目標，然後再將電話轉回蒂姆的結束語。

During the fourth quarter of 2022, our production volumes averaged 56,600 barrels equivalent per day and were highly liquid weighted at 76%. This production volume was just above the midpoint of our fourth quarter guidance and was inclusive of the previously announced impact of downtime associated with loop currents in October and other maintenance and timing updates.

2022 年第四季度，我們的產量平均為每天 56,600 桶當量，高流動性權重為 76%。這一產量剛好高於我們第四季度指導的中點，並且包括之前宣布的與 10 月份迴路電流相關的停機時間以及其他維護和時間更新的影響。

Realized prices before hedging during the fourth quarter were $80.87 per barrel of oil, NGLs were at 30% of our realized oil price and $6.10 per 1,000 cubic feet of natural gas. This resulted in revenues of $342 million for the quarter. Net income for the fourth quarter was $2.8 million or $0.03 per diluted share. Adjusted net income was approximately $17 million or $0.20 per diluted share.

第四季度對沖前的實際價格為每桶石油 80.87 美元，NGL 為我們實際石油價格的 30%，每 1,000 立方英尺天然氣為 6.10 美元。這導致本季度的收入為 3.42 億美元。第四季度淨收入為 280 萬美元或每股攤薄收益 0.03 美元。調整後的淨收入約為 1700 萬美元或每股攤薄收益 0.20 美元。

We generated adjusted EBITDA of $185 million during the quarter. On a per barrel of oil equivalent basis, this translated to an adjusted EBITDA margin of about $36. Adjusted EBITDA, excluding realized hedge losses, was $242 million and a margin of approximately $47 per barrel of oil equivalent. This represents 65% and 71% margins, respectively.

本季度我們產生了 1.85 億美元的調整後 EBITDA。按每桶石油當量計算，這轉化為調整後的 EBITDA 利潤率約為 36 美元。調整後的 EBITDA（不包括已實現的對沖損失）為 2.42 億美元，每桶石油當量的利潤率約為 47 美元。這分別代表 65% 和 71% 的利潤率。

Capital expenditures and plugging and abandonment were approximately $156 million for the quarter and were below our previously provided guidance range. This is a result of timing shifts in our capital program from the fourth quarter into the 2023 program. Turning to full year 2022. Talos generated production of 59,500 barrels equivalent per day and again, was highly liquid weighted at 75%.

本季度的資本支出以及堵塞和放棄約為 1.56 億美元，低於我們之前提供的指導範圍。這是我們的資本計劃從第四季度到 2023 年計劃的時間轉移的結果。轉向 2022 年全年。Talos 每天產生 59,500 桶當量的產量，並且流動性很高，權重為 75%。

Realized prices for our production during the year were $93.75 per barrel of oil, NGLs averaged 35% of our realized oil price and $7.06 per 1,000 cubic feet of natural gas. This resulted in full year revenues of approximately $1.7 billion. Net income for the full year was about $382 million or $4.56 per diluted share. Adjusted net income was approximately $244 million or $2.92 per diluted share.

我們年內生產的實際價格為每桶石油 93.75 美元，NGL 平均為我們實際石油價格的 35% 和每 1,000 立方英尺天然氣 7.06 美元。這導致全年收入約為 17 億美元。全年淨收入約為 3.82 億美元或每股攤薄收益 4.56 美元。調整後的淨收入約為 2.44 億美元或每股攤薄收益 2.92 美元。

We generated corporate adjusted EBITDA of approximately $842 million for the full year, inclusive of approximately $13 million and $5 million of expenses associated with our investments in CCS and unallocated overhead, respectively, which means Talo's upstream business generated approximately $860 million of adjusted EBITDA in 2022. You will note that in our 10-K filed last night, we have begun to break out selected items, including adjusted EBITDA by reportable segment.

我們全年產生的企業調整後 EBITDA 約為 8.42 億美元，其中分別包括與我們在 CCS 投資相關的約 1300 萬美元和 500 萬美元費用以及未分配的間接費用，這意味著 Talo 的上游業務在 2022 年產生了約 8.6 億美元的調整後 EBITDA . 你會注意到，在我們昨晚提交的 10-K 中，我們已經開始細分選定的項目，包括按可報告部門調整的 EBITDA。

These strong results were supported by the team's continued vigorous focus on cost controls throughout the year as both LOE and G&A expenses finished the year within our original 2022 guidance. Capital expenditures of approximately $456 million for the year were at the low end of our guidance range and equated to a 54% reinvestment rate for the year. As a result, Talos generated adjusted free cash flow of $261 million before changes in working capital.

這些強勁的業績得到了團隊全年持續大力關注成本控制的支持，因為 LOE 和 G&A 費用在我們最初的 2022 年指導下完成了這一年。本年度資本支出約為 4.56 億美元，處於我們指導範圍的低端，相當於本年度 54% 的再投資率。因此，Talos 在營運資本變動前產生了 2.61 億美元的調整後自由現金流。

In 2022, we used our adjusted free cash flow to repay borrowings under the company's credit facility as well as the repurchase of a portion of our second lien notes for a total debt reduction of $393 million or approximately $4.77 per share in total debt reduction for the year.

2022 年，我們使用調整後的自由現金流償還公司信貸額度下的借款以及回購我們的部分第二留置權票據，總債務減少 3.93 億美元或每股債務減少約 4.77 美元年。

Turning to our balance sheet. As of December 31, 2022, total debt stood at approximately $639 million, and there were no outstanding borrowings on our RBL. Our liquidity of $847 million was our highest ever, while leverage was near our lowest in the company's history. Upon closing the EnVen acquisition on February 13, our borrowing base under our RBL increased by 36% to $1.5 billion, and our bank commitments increased by 20% to $965 million.

轉向我們的資產負債表。截至 2022 年 12 月 31 日，總債務約為 6.39 億美元，我們的 RBL 沒有未償還的借款。我們 8.47 億美元的流動資金是有史以來最高的，而槓桿率接近公司歷史上的最低水平。在 2 月 13 日完成對 EnVen 的收購後，我們 RBL 下的借款基礎增加了 36% 至 15 億美元，我們的銀行承諾增加了 20% 至 9.65 億美元。

In addition, the maturity date of the credit facility was extended to March 2027 from November 2024, among other favorable changes. Maintaining low leverage and high liquidity has been a long-standing core financial principle for Talos. With the close of the EnVen transaction, we assumed $258 million of their notes and used a $130 million draw on our RBL along with cash at EnVen to fund the cash consideration and other closing costs. We intend to continue to focus on deleveraging and repayment of outstanding debt in 2023, which we'll discuss in more detail as part of our capital allocation guidance.

此外，信貸額度的到期日從 2024 年 11 月延長至 2027 年 3 月，還有其他一些有利的變化。保持低杠桿率和高流動性一直是 Talos 長期以來的核心財務原則。隨著 EnVen 交易的結束，我們承擔了他們 2.58 億美元的票據，並使用我們 RBL 的 1.3 億美元提款以及 EnVen 的現金來為現金對價和其他交易成本提供資金。我們打算在 2023 年繼續關注去槓桿化和償還未償債務，我們將在資本配置指南中對此進行更詳細的討論。

Additionally, as of April 15, both sets of notes will be callable, and we will monitor the attractiveness of market conditions over the balance of 2023 as we consider potential refinancing opportunities for one or both of the notes. Now let's turn to our operational and financial guidance for 2023. Starting with production. We expect the full year to average between 72,000 and 76,000 barrels of oil equivalent per day, of which approximately 80% will be liquids. And this represents an increase of approximately 21% to 28% from our 2022 production levels. This is inclusive of the impact of approximately 10.5 months of the production from the EnVen acquisition.

此外，從 4 月 15 日起，這兩套票據都可以贖回，我們將在 2023 年餘下時間監控市場狀況的吸引力，同時考慮其中一張或兩張票據的潛在再融資機會。現在讓我們轉向 2023 年的運營和財務指南。從生產開始。我們預計全年平均每天 72,000 至 76,000 桶油當量，其中約 80% 為液體。這比我們 2022 年的生產水平增加了大約 21% 到 28%。這包括 EnVen 收購產生的大約 10.5 個月的生產影響。

Also factored into our production expectations and capital allocation plans for the year is the deferral of our gas-weighted Lisbon project originally planned to be drilled and online in mid-2023, with an expected average daily rate contribution of 8,000 to 10,000 barrels of oil equivalent per day gross. We will instead keep this opportunity in our inventory until natural gas prices are more favorable.

考慮到我們今年的生產預期和資本分配計劃的另一個因素是推遲原計劃於 2023 年年中鑽探和上線的天然氣加權里斯本項目，預計平均日產量貢獻 8,000 至 10,000 桶石油當量每天毛額。相反，我們將把這個機會保留在我們的庫存中，直到天然氣價格更加有利。

However, tabling this prospect gives us increased flexibility to generate meaningful 2023 adjusted free cash flow while continuing to focus capital on our most value-accretive opportunities in the portfolio. For instance, this would include capital spending to complete and tie back the Lime Rock and Venice discoveries as well as continuing to invest in our higher impact drilling projects such as rigless and our nonoperated (inaudible) that would both start production beyond 2023.

然而，提出這一前景使我們能夠更加靈活地產生有意義的 2023 年調整後自由現金流，同時繼續將資本集中在我們投資組合中最具價值增值的機會上。例如，這將包括資本支出以完成和追回 Lime Rock 和 Venice 的發現，以及繼續投資於我們影響更大的鑽井項目，例如無鑽機和我們的非運營（聽不清）項目，它們都將在 2023 年以後開始生產。

For the year, we expect the first quarter to be the lightest production quarter with a 50% contribution from the EnVen assets. The second quarter is expected to be relatively clean with the third and fourth quarters, reflecting weather-related risking, planned maintenance and the removal of the platform rig at our Pompano facility. We expect our cash operating costs and general and administrative expenses for the full year of 2023 to be between $410 million to $430 million and between $90 million and $95 million, respectively, as we reflect a partial year capture of anticipated synergy realizations from the EnVen acquisition.

對於今年，我們預計第一季度將是產量最輕的季度，EnVen 資產貢獻了 50%。與第三和第四季度相比，第二季度預計將相對乾淨，這反映了與天氣相關的風險、計劃中的維護以及拆除我們 Pompano 工廠的平台鑽井平台。我們預計 2023 年全年的現金運營成本和一般及行政費用分別在 4.1 億美元至 4.3 億美元和 9000 萬至 9500 萬美元之間，因為我們反映了部分年度捕獲 EnVen 收購的預期協同效應實現.

However, we do anticipate hitting a full initial synergy realization run rate in late 2023. Interest expense is expected to be between $155 million to $165 million, including cash interest expense on our 2 second lien notes in our RBL, the interest component of the HP-1 finance lease as well as noncash financing expenses and surety bond premiums. Upstream capital expenditures for the year are expected to be $650 million to $675 million, while plugging and abandonment expenses are expected to be $75 million to $85 million.

但是，我們確實預計在 2023 年底達到完整的初始協同實現運行率。利息支出預計在 1.55 億美元至 1.65 億美元之間，包括我們 RBL 中的 2 個第二留置權票據的現金利息支出，HP 的利息部分-1 融資租賃以及非現金融資費用和擔保債券保費。全年上游資本支出預計為 6.5 億至 6.75 億美元，而封堵和廢棄費用預計為 7500 萬至 8500 萬美元。

Total CCS investments are expected to be an additional $70 million to $90 million and will be a mix of capital, G&A and other income statement expenses. For the year, we anticipate the first quarter will be the heaviest capital quarter with the balance of the capital spread relatively evenly over the final 3 quarters. This year's capital program is an exciting one for Talos and we -- as we continue our successful open water rig program from 2022 into 2023.

CCS 總投資預計將增加 7,000 萬至 9,000 萬美元，包括資本、G&A 和其他損益表費用。對於今年，我們預計第一季度將是資本最重的一個季度，資本餘額在最後三個季度分佈相對均勻。今年的資本計劃對 Talos 和我們來說都是一個激動人心的計劃——因為我們將從 2022 年到 2023 年繼續我們成功的開放水域鑽井平台計劃。

Tim briefly addressed this earlier in his remarks. But in yesterday's earnings press release, we outlined some key measures of how this 2023 guidance unfolds in 2024 and beyond. We expect to maintain our long-standing 3% to 5% organic growth rate, but we expect this rate to increase to 6% to 8% from 2023 through 2026, while simultaneously reducing our capital reinvestment rate from implied 2023 guidance levels.

蒂姆在早些時候的發言中簡要地談到了這一點。但在昨天的收益新聞稿中，我們概述了 2023 年指引在 2024 年及以後如何展開的一些關鍵措施。我們預計將保持我們長期保持的 3% 至 5% 的有機增長率，但我們預計這一增長率將從 2023 年到 2026 年增加到 6% 至 8%，同時將我們的資本再投資率從隱含的 2023 年指導水平降低。

From 2023 through 2026, we anticipate adjusted free cash flows before working capital and cash taxes of between $1.7 billion to $2 billion at the current stream or $2 billion to $2.5 billion at $75 and $3.50 flat price decks. Those figures amount over 2x our total debt post EnVen closing and anywhere from 75% to 110% of Talos' current market capitalization.

從 2023 年到 2026 年，我們預計調整後的營運資本和現金稅前的自由現金流量在 17 億美元至 20 億美元之間，按 75 美元和 3.50 美元的固定價格計算為 20 億美元至 25 億美元。這些數字超過 EnVen 關閉後我們總債務的 2 倍，佔 Talos 當前市值的 75% 到 110%。

Our 2023 plan is an important step in achieving those long-term results as we invest in bringing new resources to production while exposing Talos to additional prospects that contribute to that growth rate despite not providing 2023 production volumes. Importantly, yesterday, we also outlined a capital allocation framework that we intend to deploy beginning in 2023.

我們的 2023 年計劃是實現這些長期成果的重要一步，因為我們投資於將新資源投入生產，同時讓 Talos 接觸到有助於實現該增長率的額外前景，儘管沒有提供 2023 年的產量。重要的是，昨天，我們還概述了我們打算從 2023 年開始部署的資本配置框架。

First, we intend to focus on reducing leverage by at least $100 million this year, most likely through a paydown of our RBL. Having taken on the EnVen notes and drawing approximately $130 million as part of the EnVen closing, we are prioritizing debt reduction with initial adjusted free cash flow. Second, we intend to be opportunistic with our CCS business, and we'll deploy capital accordingly to best position Talos low-carbon solutions for long-term success in line with project milestones and accretive expansion opportunities.

首先，我們打算在今年集中精力減少至少 1 億美元的槓桿率，很可能是通過償還我們的 RBL。作為 EnVen 關閉的一部分，我們接受了 EnVen 票據並提取了大約 1.3 億美元，我們正在優先考慮通過初始調整後的自由現金流來減少債務。其次，我們打算對我們的 CCS 業務採取機會主義態度，我們將相應地部署資本，以根據項目里程碑和增值擴張機會，為 Talos 低碳解決方案提供最佳定位，以實現長期成功。

Finally, incremental adjusted free cash flow beyond these projects will be allocated towards a blend of debt reduction and shareholder returns. We'll further define this blend at the appropriate time. Separate from this framework and subject to Board approval at the time, we may look to mitigate outsized selling impacts and capitalize on the strong long-term value proposition in our shares through participating in potential secondary offerings by private equity shareholders.

最後，這些項目之外的增量調整後自由現金流將用於減少債務和股東回報。我們將在適當的時候進一步定義這種混合。獨立於該框架並在當時獲得董事會批准的情況下，我們可能希望通過參與私募股權股東的潛在二次發行來減輕超額拋售的影響，並利用我們股票的強大長期價值主張。

In closing, we fundamentally believe that Talos' opportunity sets are unique among U.S. energy companies in many ways. To advance our differentiated position and our key catalysts, our capital objectives for 2023 are clear: remain focused on adjusted free cash flow generation, invest in growing our resource base and production footprint, invest in our growing Gulf Coast leading CCS portfolio and continue to strengthen our healthy credit position. With that, I'll now hand the call back over to Tim.

最後，我們從根本上認為，Talos 的機會集在許多方面在美國能源公司中是獨一無二的。為了提升我們的差異化地位和關鍵催化劑，我們 2023 年的資本目標很明確：繼續專注於調整後的自由現金流產生，投資於擴大我們的資源基礎和生產足跡，投資於我們不斷增長的墨西哥灣沿岸領先的 CCS 投資組合，並繼續加強我們健康的信用狀況。有了這個，我現在將電話轉回給蒂姆。

Thanks, Shannon. 2022 was a highly successful and busy year. 2023 is going to be a foundational year for our future growth plans across both upstream and CCS businesses, and we believe we're well positioned to capitalize on our rich portfolio of opportunities. With that, Operator, we'll open the line for Q&A.

謝謝，香農。 2022 年是非常成功和忙碌的一年。 2023 年將是我們上游和 CCS 業務未來增長計劃的基礎年，我們相信我們已做好充分準備，可以利用我們豐富的機會組合。有了這個，接線員，我們將打開問答熱線。

(Operator Instructions) Our first question comes from Nate Pendleton with Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 Nate Pendleton。

My first question, now that the EnVen acquisition is closed, do you expect a change in your M&A strategy going forward? And can you characterize the M&A market in the GOM?

我的第一個問題是，既然 EnVen 的收購已經結束，您是否預計未來的併購戰略會發生變化？您能描述一下 GOM 的併購市場嗎？

Yes. Nate, thanks for the question. I don't think it changes. I mean we're always in the market. We're always trying to find the right deals to hit the right characteristics. Do we understand the assets? Does it overlay with what we're trying to do from a technical and operational standpoint? Do we see the upside potential? Ultimately, does it make us a more sustainable business and accretive to our shareholders. Sometimes that can happen relatively quickly in between the ILX deal and the EnVen deal, we had a period of over 2 years. And so I don't think it changes who we are and what we're trying to do, which is be the logical aggregator for the right assets in the Gulf of Mexico. But you always have bid-ask spreads. You always have sources and uses questions. And so we just have to be thoughtful on how we approach the market.

是的。內特，謝謝你的提問。我不認為它會改變。我的意思是我們總是在市場上。我們一直在努力尋找合適的交易來達到合適的特徵。我們了解資產嗎？從技術和運營的角度來看，它是否與我們正在嘗試做的事情重疊？我們看到上漲潛力了嗎？最終，它是否使我們成為一個更具可持續性的企業並為我們的股東帶來收益。有時，在 ILX 交易和 EnVen 交易之間，這種情況可能會相對較快地發生，我們有超過 2 年的時間。因此，我認為這不會改變我們是誰以及我們正在努力做什麼，這是墨西哥灣正確資產的合乎邏輯的聚合器。但是你總是有買賣價差。你總是有來源和使用問題。所以我們只需要考慮我們如何進入市場。

Look, I think the major -- some assets were starting to come to the market, whether that gets accelerated this year, it's hard to tell. Obviously, these owners of assets can wait another year, put those in the markets. So we just have to be active. We have to be disciplined and we have to just keep checking the right boxes.

看，我認為主要的 - 一些資產開始進入市場，今年是否會加速，很難說。顯然，這些資產所有者可以再等一年，將其投放市場。所以我們只需要活躍起來。我們必須遵守紀律，我們必須不斷勾選正確的方框。

And regarding the addition of storage capacity in Southeast Texas near Babin, can you speak to your views on how important high-quality port space will be in the future and the competition you're seeing in the market today?

關於在巴賓附近的德克薩斯州東南部增加存儲容量，您能否談談您對未來高質量港口空間的重要性以及您在當今市場上看到的競爭的看法？

Yes. Look I'll start, and then Robin can add a couple of comments. I mean, I think our general premise in this entire thing that I did talk about in my prepared remarks, was for this to work you just have to have that combination of an emitting market in to an industrial market where those industrial partners are focused on reducing their emissions in the transportation segment and then the right storage infrastructure that has the right geology that can really be attractive ultimately to that customer. That's the basis and Robin can talk about some of the highlights of what we're trying to do in that portfolio.

是的。我先開始了，然後 Robin 可以添加一些評論。我的意思是，我認為我在準備好的發言中談到的整個事情的一般前提是，要做到這一點，你只需要將排放市場與那些工業合作夥伴專注於的工業市場結合起來減少他們在運輸領域的排放量，然後是具有正確地質條件的正確存儲基礎設施，最終對客戶真正具有吸引力。這是基礎，羅賓可以談談我們在該投資組合中嘗試做的一些亮點。

Yes. We're excited over the last couple of years. We've been building out this leasehold position. Since middle of last year, we basically nearly doubled the amount of CO2 storage. We're approaching 1.6 billion metric tons across our Texas and Louisiana and Gulf Coast portfolio. And as Tim said, it's exciting for us because it's really -- we've got some of the best geology in the world next to these industrial corridors. We've got some strategic partners that are going to help us advance these projects with key footprints or skill sets in this space. And so now it's really talking with those industrial partners and helping and collaborating with them on their sustainability goals and getting these underlying emissions into our storage sites.

是的。在過去的幾年裡，我們很興奮。我們一直在建立這個租賃位置。從去年年中開始，我們基本上將二氧化碳封存量翻了一番。我們在德克薩斯州、路易斯安那州和墨西哥灣沿岸的投資組合接近 16 億公噸。正如蒂姆所說，這讓我們感到興奮，因為它真的 - 我們在這些工業走廊旁邊擁有世界上最好的地質。我們有一些戰略合作夥伴，他們將幫助我們推進這些項目，在這個領域擁有關鍵足跡或技能。所以現在它真的是在與那些工業合作夥伴交談，幫助他們並與他們合作實現他們的可持續發展目標，並將這些潛在的排放物轉移到我們的儲存地點。

Nate what we talked about in the release with respect to Chevron and participating in their acreage expansion, I think that also underscores. Again, what we bring to the table, we think, is a depth of understanding around the geology. Obviously, Chevron has that as well. But we also then get to pair that with their own ambition. And I think that's meaningful for us. And it speaks to, I think, what we've done as a team to build out the right portfolio. So we're just super excited where that's going in just those 2023 priorities of continuing to find the right storage infrastructure in our core areas and continuing to enhance these partnerships is only going to deliver the long-term value of what we're trying to build here.

請注意我們在新聞稿中談到的關於雪佛龍和參與他們的種植面積擴張的內容，我認為這也強調了這一點。同樣，我們認為，我們帶來的是對地質學的深入理解。顯然，雪佛龍也有。但我們也可以將其與他們自己的野心相結合。我認為這對我們很有意義。我認為，它說明了我們作為一個團隊為構建正確的投資組合所做的工作。因此，我們非常興奮繼續在我們的核心領域尋找合適的存儲基礎設施並繼續加強這些合作夥伴關係的 2023 年優先事項只會帶來我們正在努力實現的長期價值在這裡建造。

And if I could sneak in one quick follow-up. Regarding the CCS investment guidance for 2023. Can you speak to how much of that is related to poor space acquisitions and how you expect that overall CCS investment to trend beyond 2023?

如果我能偷偷進行一次快速跟進。關於 2023 年的 CCS 投資指導。您能說說其中有多少與糟糕的空間獲取有關，以及您如何預計 2023 年以後的 CCS 整體投資趨勢？

I mean the leasehold acquisition and even some of our annual renewals is a portion of that, but we are planning to be drilling some of these strat wells. So this year, we will be collecting data, including some addition of some seismic data, drilling the stratigraphic test wells, where we'll collect both logging and core data. All of this is to supplement what we want to hope to be a very robust EPA classic permit application. We'll also be engaging in some pre-FEED and front engineering design that Tim mentioned in his prepared remarks. So it's really all these activities that help advance the projects, help develop the storage sites, get a set up for these permits that gives our customer base the comfort that these projects are going to make it and that they're going to be highly successful in these regions.

我的意思是租賃收購，甚至我們的一些年度續約都是其中的一部分，但我們計劃鑽探其中一些分層井。所以今年，我們將收集數據，包括一些地震數據，鑽探地層測試井，在那裡我們將收集測井和岩心數據。所有這些都是為了補充我們希望成為一個非常強大的 EPA 經典許可證申請。我們還將參與 Tim 在準備好的發言中提到的一些預 FEED 和前端工程設計。因此，實際上所有這些活動都有助於推進項目，幫助開發存儲站點，獲得這些許可的設置，讓我們的客戶群放心，這些項目將會成功，並且會非常成功在這些地區。

Our next question comes from Subhasish Chandra with Benchmark Company.

我們的下一個問題來自 Benchmark Company 的 Subhasish Chandra。

Maybe just a follow-up first on CCS. Broadly speaking, how would you handicap 2023, if you had to sort of favor one project versus another or amide contracts that you might see that progress? And then secondly, I guess, on Chevron specifically, is there a midstream partner in the works there? Do you need one there? And then I have a follow-up.

也許只是 CCS 的後續行動。從廣義上講，如果你不得不偏愛一個項目而不是另一個項目，或者你可能會看到這種進展的合同，你會如何阻礙 2023 年？其次，我想，特別是在雪佛龍公司，那裡有中游合作夥伴嗎？你那裡需要一個嗎？然後我有一個後續行動。

I'll jump on that, Subash. Thanks for the question. Broadly, I'll say that we're actively participating in RFPs with industrial partners across our portfolio, also in some one-off negotiations on some term sheets on, I'll say, both brownfield emissions and potential greenfield new investments. So that's very exciting for us.

我會跳上那個，Subash。謝謝你的問題。從廣義上講，我會說我們正在積極參與與我們投資組合中的工業合作夥伴的 RFP，也在就一些條款清單進行一次性談判，我會說，這包括棕地排放和潛在的綠地新投資。所以這對我們來說非常令人興奮。

I think as you just kind of look at these industrial regions, one of the reasons we're so excited about this additional leasehold in East Texas is its ability to address 2 industrial corridors and not only the Beaumont Port Arthur region, but now also the Eastern Houston Ship Channel. So we think there's going to be a lot of good progress made across this portfolio. And so that's why we're excited about that. I'm sure with Chevron they certainly have capabilities all across the value chain. They've got Chevron pipeline and tower one of my predecessor companies, Noble Midstream partners got folded into that entity. So we haven't decided yet. They certainly can take that on. We can work with third-party midstream companies that are all thinking about how they're going to position themselves to move CO2 for the future.

我想當你只是看一下這些工業區時，我們對東德克薩斯州的這個額外租賃地如此興奮的原因之一是它能夠解決 2 條工業走廊，不僅是博蒙特亞瑟港地區，而且現在還有東休斯頓航道。因此，我們認為整個投資組合將取得很多良好進展。這就是我們對此感到興奮的原因。我相信雪佛龍公司肯定擁有整個價值鏈的能力。他們擁有雪佛龍管道和塔樓，我的前身公司之一，Noble Midstream 合作夥伴被併入該實體。所以我們還沒有決定。他們當然可以接受。我們可以與第三方中游公司合作，這些公司都在考慮如何定位自己以在未來移動二氧化碳。

Yes. One way to think about this, Subash, at least as I think about it, is you look at the core areas that we've been focusing on, the Corpus Christi area, the Southeast Texas, which is kind of the Ship Channel in Beaumont, Port Arthur and then around the river in Louisiana. And you have to ask yourself, look, is there an inevitability that this market can make? Is there an emission source? Is there a will? And then from there, you asked the questions, where are they going to put it and who you're going to partner with? And we've tried to first show that inevitability by making sure people understand the breadth of these markets.

是的。至少在我看來，考慮這個問題的一種方法是，你看看我們一直關注的核心區域，德克薩斯州東南部的科珀斯克里斯蒂地區，這是博蒙特的船舶航道，亞瑟港然後繞過路易斯安那河。而且你要問問自己，你看，這個市場能做的有沒有必然性？有排放源嗎？有遺囑嗎？然後從那裡，你問了問題，他們要把它放在哪裡，你要和誰合作？我們試圖首先通過確保人們了解這些市場的廣度來證明這種必然性。

And then now you look at the accumulation of storage infrastructure. And so your question is a good one on the midstream. Certainly, we're trying to take that off the table with the different partnerships we have in different areas. And then, of course, Chevron just themselves can play a part. So we're checking the boxes where you can kind of look out 3 years from now, 5 years from now, say, look, I can see how this works. And so we're proud of that. And we just got to keep pushing and keep advancing and Robin's team is doing that.

然後現在你看看存儲基礎設施的積累。所以你的問題在中游是一個很好的問題。當然，我們正試圖通過我們在不同領域的不同合作夥伴關係來解決這個問題。然後，當然，雪佛龍自己也可以發揮作用。因此，我們選中了您可以從現在開始 3 年、5 年後查看的框，比如說，看，我可以看到它是如何工作的。因此，我們為此感到自豪。我們只需要繼續努力，繼續前進，而 Robin 的團隊正在這樣做。

And then the second is on Puma West, I guess. What do you think now of timing of the determination or proceed? And when you talk of full development or -- is there a distinction here between a tieback or stand-alone or are we still sort of -- do we drill more or don't we?

然後第二個是 Puma West，我猜。您現在如何看待確定或進行的時間？當你談到全面開發時，或者——回接或獨立開發之間是否存在區別，或者我們仍然有點——我們是鑽更多還是不鑽更多？

Yes. No, I think it's making sure you have everything you need to make that kind of commercial decision. I mean if you think about the Mad Dog field, it's just an enormous resource. And what we're always trying to do in Puma West was take the characteristics of that field and see if they were present to the West. And the characteristics you're looking for is, does it have the right geology, does it have those sands, those middle mycin sandstones, are they present to the west? Do you have source and charge? Is that present? And do you have the full connectivity that you think you have to have to go ahead and make a commercial decision.

是的。不，我認為這是確保您擁有做出此類商業決策所需的一切。我的意思是，如果你想想 Mad Dog 領域，它就是一個巨大的資源。我們一直在 Puma West 嘗試做的是了解該領域的特徵，看看它們是否出現在西方。你正在尋找的特徵是，它是否具有正確的地質條件，它是否有那些沙子，那些中部 mycin 砂岩，它們是否存在於西方？有貨源和費用嗎？那個存在嗎？您是否擁有您認為必須繼續進行並做出商業決策所需的完整連接？

I think we checked a couple of those boxes, but not all the boxes. And we have sandstone we wouldn't talk about multiple pays. Obviously, there's a charge and we wouldn't say they were hydrocarbons. But we want to see the connectivity and the things you need to make that commercial decision. And look, I think the view of the partnership is it probably needs another wellbore to really understand that. And so it's not full development. This was never intended to be something where people were trying to spend $1.5 billion into a full development. There's ample infrastructure in the area. But these are still very expensive projects and you want to make sure you get them right, and it's going to require another well to do that.

我想我們選中了其中幾個框，但不是所有框。我們有砂岩，我們不會談論多重支付。顯然，有電荷，我們不會說它們是碳氫化合物。但我們希望看到連通性和做出商業決策所需的東西。看，我認為合作夥伴關係的觀點是它可能需要另一個井眼才能真正理解這一點。所以這不是全面發展。這絕不是人們試圖花費 15 億美元進行全面開發的地方。該地區有充足的基礎設施。但這些仍然是非常昂貴的項目，你想確保你把它們做對了，這將需要另一口井來做到這一點。

We have time to make that decision. You have another year, anytime you drill a well like we did to kind of think about your next steps, and I think the partnership is going to absorb the data and think about what the right next moves are.

我們有時間做出那個決定。你還有一年的時間，任何時候你像我們一樣鑽井來考慮你的下一步，我認為合作夥伴關係將吸收數據並思考下一步的正確行動是什麼。

Got it. So for clarity there, I think so there's nothing here in the next 3 or 6 months that you would think that's probably more about the study than maybe a 24 event.

知道了。因此，為了清楚起見，我認為在接下來的 3 或 6 個月內，您不會認為這可能更多地與研究有關，而不是 24 小時的事件。

Yes, that's exactly.

是的，正是這樣。

Our next question comes from Jeff Robertson with Water Tower Research.

我們的下一個問題來自 Water Tower Research 的 Jeff Robertson。

Tim. On the heels of the EnVen acquisition and the amount of free cash flow that you all laid out between now and 2026, does that change at all how you think about allocating capital in assessing risk across the upstream portfolio in the Gulf?

蒂姆。在收購 EnVen 之後，以及你們從現在到 2026 年所規劃的自由現金流量，這是否完全改變了你們在評估海灣上游投資組合風險時分配資本的想法？

Well, I'll start there, and Shannon to get into some other comments. One thing to keep in mind that maybe not fully understood in what we're talking about in our prepared remarks is we did have 6 straight exploitation and development well successes. And what happens there if you can think about Limerock and Venice and what we talked about earlier, you don't assume all those are going to work, maybe assume 2 out of 3 of those are going to work. When you have 6 in a row, you have to unrisk a lot of capital.

好吧，我將從這裡開始，Shannon 發表一些其他評論。要記住的一件事可能沒有完全理解我們在準備好的評論中談論的內容是我們確實有 6 個直接的開發和開發成功。如果你能想到 Limerock 和 Venice 以及我們之前談到的內容，那裡會發生什麼，你不會假設所有這些都會起作用，也許會假設其中 3 個中的 2 個會起作用。當您連續 6 個時，您必須承擔大量資金的風險。

And so we have capital in the system that on a risk basis, you may not anticipate that then delivers those unrisked results in the second half of this year and going into 2024. The point being, we're taking some risk off knowing that production is coming. And so I think that's very positive. That's why we're very bullish about 2024 and '25 and '26. It's also why we don't have to add another project, specifically in 2023 that was gas weighted, put that later into our portfolio when the market is more constructive.

因此，我們在系統中擁有以風險為基礎的資本，您可能無法預料到今年下半年和進入 2024 年會交付那些無風險的結果。關鍵是，我們正在承擔一些風險，因為我們知道生產來了。所以我認為這是非常積極的。這就是為什麼我們非常看好 2024 年、25 年和 26 年。這也是為什麼我們不必添加另一個項目，特別是在 2023 年的天然氣加權項目，然後在市場更具建設性時將其放入我們的投資組合。

I still think, though, we want to continue to have a portion of our capital allocated towards things that can be really high impact, which is what Pompano West can be, which is what Pantera can be. We don't want to overweight our capital program with that, but it always makes sense when you're an operator in the Gulf of Mexico to expose yourself to those opportunities. So very bullish about the successes we had and the impact they're going to have. Still want to always make sure we have a blended portfolio of the things we're doing going forward.

不過，我仍然認為，我們希望繼續將部分資金分配給真正具有重大影響的事情，這就是 Pompano West 和 Pantera 所能做到的。我們不想因此而超重我們的資本計劃，但當您是墨西哥灣的運營商時，讓自己接觸這些機會總是有意義的。非常看好我們取得的成功以及它們將產生的影響。仍然希望始終確保我們擁有我們正在做的事情的混合組合。

Yes, Jeff, and I would just say, I think the advantage of that and having sort of the size and scale and the ability to deploy a capital program that's diverse and has different risk characteristics is we're trying to develop a bit of a conveyor belt. So as we get to the end of this year, beginning of next year, we've got a Lime Rock, we've got Venice coming online that's going to add fresh production to the mix. We're drilling a rig lead some panso this year. That would, hopefully, to the extent we have success begin to come on kind of in the next stage beyond that. I think each and every year, we'd like to be in a position to expose the shareholders of that kind of opportunity.

是的，傑夫，我只想說，我認為這樣做的優勢，以及具有一定規模和規模的優勢，以及部署多樣化且具有不同風險特徵的資本計劃的能力，是我們正在嘗試開發一些輸送帶。所以當我們到今年年底，明年年初，我們有一個 Lime Rock，我們有 Venice 上線，這將為組合添加新鮮的產品。今年我們正在鑽一個鑽機鉛一些 panso。希望在某種程度上，我們在下一階段開始取得成功。我認為每一年，我們都希望能夠向股東展示這種機會。

And I think what Shane just brought up to is we always have to understand this is our cycle times are different than what you see sometimes in the onshore and conventionals. What might take 3, 4 months to bring a well online, and the onshore can take 12 to 18 to 24 months. And so that's why we wanted to make sure we were reiterating a broader compounded annual growth rate on the production side, even if, again, some years, you're taking a step back to move forward. It's just the nature of the cycles of how we bring on subsea wells.

而且我認為 Shane 剛才提到的是我們始終必須了解這是我們的周期時間與您有時在陸上和常規中看到的不同。一口井上線可能需要 3、4 個月，而陸上可能需要 12 到 18 到 24 個月。因此，這就是為什麼我們要確保我們在生產方面重申更廣泛的複合年增長率，即使再過幾年，你會退後一步向前邁進。這只是我們如何開發海底油井的循環性質。

Along those lines, Tim, the EnVen assets also added a lot of infrastructure that has a lot of unused or currently unused capacity.

按照這些思路，蒂姆，EnVen 資產還增加了許多基礎設施，這些基礎設施有很多未使用或當前未使用的容量。

Right.

正確的。

How do you assess the opportunities to either add third-party volumes through those if there's third-party activity in the area? And as you all know look at those assets and start to try to define or develop prospects, is that more of a top 2024, 25, 26 event?

如果該地區有第三方活動，您如何評估通過這些增加第三方數量的機會？眾所周知，看看這些資產並開始嘗試定義或開發前景，這是否更像是 2024、25、26 年的頂級賽事？

No, actually, I don't think so. I would tell you just from a business development standpoint, I think the pace has picked up as other operators in the area know that we're controlling those assets, and we're looking at other opportunities. And so we hit very hard as soon as we closed, for example, do we launch some additional reprocessing projects around those platforms, which is exactly what we did around Ram Powell that led to the Venice and Lime Rock discovery.

不，實際上，我不這麼認為。我想從業務發展的角度告訴你，我認為步伐已經加快，因為該地區的其他運營商知道我們正在控制這些資產，並且我們正在尋找其他機會。因此，我們一關閉就受到重創，例如，我們是否圍繞這些平台啟動了一些額外的後處理項目，這正是我們圍繞 Ram Powell 所做的，這導致了 Venice 和 Lime Rock 的發現。

So the approach we took to the strategy of our infrastructure in the past is exactly the approach we'll take to these. And look, they had some inventory going in that we're trying to firm up as well. So we're extremely bullish on it. And again, it's consistent with the strategy and what we talked about. The -- it creates a lower carbon emitting barrel. You're using the infrastructure. We're focused on subsea tiebacks. I would expect Prince, lobster, you're going to see, hopefully, Brutus Lider you're going to see these assets be a part of the discussion on where we're drilling locations in the next 2 to 3 years. I'm fully confident on that.

因此，我們過去對基礎設施戰略採取的方法正是我們將對這些戰略採取的方法。看，他們有一些庫存，我們也在努力鞏固。所以我們非常看好它。再一次，它與戰略和我們談論的內容一致。 - 它創造了一個碳排放量較低的桶。您正在使用基礎設施。我們專注於海底回接。我希望 Prince，龍蝦，你會看到，希望 Brutus Lider 你會看到這些資產成為我們在未來 2 到 3 年內鑽探位置的討論的一部分。我對此充滿信心。

And one question, if I can, on CCS. Does the acreage expansion at Beaumont, Port Arthur in this 1 billion tons of storage capacity. Is that an important aspect, both in terms of cost and being able to show potential emitters that you've got the sync to take their CO2? Does that help advance some of those discussions with submitters either Tim or Robin.

如果可以的話，還有一個關於 CCS 的問題。在這10億噸的存儲容量中，是否在亞瑟港博蒙特擴建面積。這是否是一個重要的方面，無論是在成本方面還是在能夠向潛在排放者展示您已經同步獲取他們的 CO2 方面？這是否有助於推進與提交者蒂姆或羅賓的一些討論。

Absolutely. It's great to have built in backup storage sites. That is an ask from our customer base to show that we've got multiple places in our portfolio where we can take the CO2. And certainly, having it situated close to those 2 markets is very important. It's the low-cost nature that we're trying to be competitive here.

絕對地。內置備份存儲站點真是太好了。這是我們客戶群的一個要求，表明我們在我們的產品組合中有多個地方可以吸收二氧化碳。當然，靠近這兩個市場非常重要。這是我們試圖在這裡具有競爭力的低成本性質。

Yes. I think Robin has talked about in the past, operational Assurance is a criteria for the customer base. And so when you can show you have redundancy when you can show you have multiple options, that turns -- that takes some risk off the table for the emitter as well. And so yes, it's important that we have a leadership position both in the strength of our partnership and the size and capacity of our storage asset when we're talking to the broader marketplace in these big hub areas.

是的。我認為羅賓過去曾談到，運營保證是客戶群的一個標準。因此，當你可以證明你有冗餘時，當你可以證明你有多個選擇時，這反過來 - 這也為發射器帶來了一些風險。因此，是的，當我們在這些大型樞紐地區與更廣闊的市場進行對話時，重要的是我們在合作夥伴關係的實力以及存儲資產的規模和容量方面都處於領先地位。

Our next question comes from Leo Mariani with MKM Partners.

我們的下一個問題來自 Leo Mariani 和 MKM Partners。

I was hoping to see if we could get a little bit more of a fulsome update in Zama, I guess, in a handful of weeks, you guys are kind of approaching the deadline for FID here. I know you guys have been talking about potential joint operatorship of that project for a while. Does that seem like it's going to come to fruition here?

我希望看看我們是否可以在 Zama 中獲得更多的更新，我想，在幾週內，你們有點接近這裡的 FID 的最後期限。我知道你們一直在談論該項目的潛在聯合運營商。這看起來像是要在這裡實現嗎？

Yes, it's getting closer. I mean, look, there's probably more collaboration than we've seen in a long time, which we think is great for the partnership. It took some time to get (inaudible) fully caught up in what we were doing when we were the operator and look, we're supporting them in every way we can to get them prepared to put in the final development plan. So just to kind of a little point there, Leo, just to make sure we have it accurately, the deadline is for the partnership through Pemex to put in the final development plan. Then it goes through the regulatory and CNH approvals. And then after that, you can reach FID.

是的，越來越近了。我的意思是，看，合作可能比我們很長時間以來看到的更多，我們認為這對合作夥伴關係來說非常好。當我們還是運營商時，花了一些時間（聽不清）完全了解我們正在做的事情，我們正在盡我們所能地支持他們，讓他們準備好投入最終的開發計劃。因此，Leo，為了確保我們準確地掌握了一點點，最後期限是通過 Pemex 建立合作夥伴關係以製定最終開發計劃。然後通過監管和 CNH 批准。之後，您就可以到達 FID。

So this step, which is a huge step is to get everything in front of the government. And then yes, we've been focused on integrated project teams. And I think as we can get everything put in place and get everything rolled out, we can talk to the market about ultimately what it all looks like. But I think the level of collaboration is fairly strong. And again, all of that is positive for the project.

所以這一步，這是一個巨大的步驟，就是把一切都擺在政府面前。然後是的，我們一直專注於集成項目團隊。而且我認為，由於我們可以將一切就位並推出一切，我們可以與市場討論最終的情況。但我認為合作水平相當強。再一次，所有這些都對該項目有利。

Okay. That's good to hear. Can we get a little bit more information on Pancharon? Do you guys have any type of pre-drill estimate in terms of how big that can be? I know it's 30% interest for you all, which is, I think, pretty close to what your target is on these exploration type prospects. But just trying to get a sense, is this something that could be a couple of hundred barrel and barrel type of growth project here? And I'm assuming this is oil as well.

好的。聽起來還不錯。我們能得到更多關於 Pancharon 的信息嗎？你們有沒有任何類型的預鑽估計可以有多大？我知道你們所有人都有 30% 的興趣，我認為這非常接近你們對這些勘探類型前景的目標。但只是想了解一下，這可能是幾百個桶和桶類型的增長項目嗎？我假設這也是石油。

Yes, that's the case. I mean, look, you're in a fair way where there's -- Oxy has a large position here Oxy has a lot of large working interest. We have to work with the partners on what we kind of feel like or I think it's appropriate to disclose before we drill it. And in this case, I think what I would tell you is it's certainly high impact. It's got large geological structures. It's underneath salt. And so you can kind of imagine what type of project that would look like to be of interest, certainly Oxy and as well.

是的，是這樣的。我的意思是，看，你在公平的地方——Oxy 在這裡有很大的地位 Oxy 有很多很大的工作興趣。我們必須與合作夥伴就我們的感受進行合作，或者我認為在我們鑽探之前披露是合適的。在這種情況下，我想我要告訴你的是，它的影響肯定很大。它有很大的地質結構。它在鹽下面。所以你可以想像一下什麼樣的項目看起來很有趣，當然還有 Oxy。

There's ample infrastructure in the area, Heidelberg, for example, is in the area. So what makes us interesting is you're in a large geological fairway, sub-salt oil-weighted around near facilities in a big acreage position. So again, not every project is something that we we'll guide out specifically what that range will be. Obviously, we have one internally. But I think we put this one on the kind of the high-impact ledger, if it works.

該地區有充足的基礎設施，例如海德堡就在該地區。所以讓我們感興趣的是你在一個大的地質航道上，在一個大面積位置的設施附近的鹽下石油加重。同樣，並非每個項目都是我們將具體指導的範圍。顯然，我們內部有一個。但我認為，如果它有效的話，我們會把它放在那種影響很大的分類賬上。

That's helpful. And then just turning to CCS here. You guys spoke about this a little bit in terms of your prepared remarks, but I think you guys had always kind of said, hey, if things work out, potentially we might secure a deal when the emitter kind of around year-end '22. I guess we're a couple of months into '23 at this point in time. Can you maybe just kind of talk about confidence levels and getting a couple of deals with emitters this year? Is that generally what we should expect? Do you think those are more likely to be first half, 23 events? Obviously, you've got the bigger facility now, which provides a redundancy. But just hoping we could get a little more detail around how some of these conversations with emitters are going.

這很有幫助。然後在這裡轉向 CCS。你們在準備好的發言中談到了這一點，但我想你們總是說，嘿，如果事情順利的話，我們可能會在 22 年年底左右達成協議.我想此時我們已經進入 23 年幾個月了。你能不能談談今年的信心水平和與排放者的幾筆交易？這通常是我們應該期待的嗎？你認為那些更有可能是上半場，23 場比賽嗎？顯然，您現在擁有更大的設施，這提供了冗餘。但只是希望我們能更詳細地了解這些與發射器的對話是如何進行的。

Yes. No, I think the discussions are moving along quite well. Recall that the inflation reduction at was signed last August. And so those who were thinking about it really jumped into feasibility studies on the capture for their various facilities. And so some of those are even moving into pre-feed now. And so while that works ongoing, we're starting to see some more of these -- like I said, the planned request for proposal processes. But even having some more discussions on some of these greenfield investments where folks are thinking about investing here along the Texas Louisiana Gulf Coast to develop their blue product, whether it be a fuel or other product and some of those kind of discussions are underway, too.

是的。不，我認為討論進展順利。回想一下去年 8 月簽署的通貨膨脹削減協議。因此，那些正在考慮它的人真的跳入了關於為他們的各種設施捕獲的可行性研究。因此，其中一些現在甚至進入了預餵食階段。因此，儘管這項工作正在進行中，但我們開始看到更多這樣的內容——就像我說的，計劃中的提案流程請求。但即使對其中一些綠地投資進行更多討論，人們正在考慮在德克薩斯州路易斯安那州墨西哥灣沿岸投資，以開發他們的藍色產品，無論是燃料還是其他產品，其中一些討論也在進行中.

So I think it's -- there's a lot of new energy in this whole space right now after the inflation Reduction Act. We are seeing a lot of peers come in, wanting to also participate in different projects, but it really puts the focus back on the U.S. versus some of these other international opportunities. So it's been -- it's heated up the dialogue, and I think it's just giving people some more data to look through as far as doing some -- completing some of these feed studies and understanding their cost of capture.

所以我認為這是——在通貨膨脹減少法案之後，整個領域現在有很多新的能量。我們看到很多同行加入進來，也想參與不同的項目，但這確實將重點重新放在了美國，而不是其他一些國際機會上。因此，它已經 - 它使對話升溫，我認為它只是給人們更多的數據來查看一些 - 完成其中一些飼料研究並了解它們的捕獲成本。

And look, some of the industrial emitters are running more fulsome processes as well, which is totally understandable. I think the good news for us relative to where we were 6 months ago is the incentive structure, I think, is working. It's opened up a bigger market and we've got a bigger asset. We absolutely kind of -- the next step obviously is to pull in and announce those contracts. But we're confident they're coming. We're confident in who we're partners with, and we're confident in the asset set. Did you have something else, Robin?

看，一些工業排放者也在運行更繁瑣的過程，這是完全可以理解的。我認為，與 6 個月前相比，對我們來說，好消息是激勵結構正在發揮作用。它開闢了更大的市場，我們擁有了更大的資產。我們絕對有點 - 下一步顯然是加入並宣布這些合同。但我們相信他們會來。我們對我們的合作夥伴充滿信心，我們對資產組合也充滿信心。你還有別的事嗎，羅賓？

Yes. As I mentioned, some of those customers, there are several that are seeking some funding or loans from the Department of Energy. So they're engaged in some of those processes. Tim mentioned, and we put in our press release that we participated in a DOE project with the Port of Corpus Christi.

是的。正如我所提到的，其中一些客戶，有幾個正在尋求能源部的資金或貸款。所以他們參與了其中一些流程。蒂姆提到，我們在新聞稿中提到我們參與了科珀斯克里斯蒂港的 DOE 項目。

We will be receiving a grant there to do a feasibility study on our storage location to start off a CCS solution for that region, which is really right for additional investment and export out of the port itself. So again, we're putting everything in the right order, getting the right steps made to make sure that we've got the transport and storage solutions ready to go as the customer base starts to make their call...

我們將在那裡獲得一筆撥款，用於對我們的存儲位置進行可行性研究，以啟動該地區的 CCS 解決方案，這對於額外投資和港口本身的出口來說確實是正確的。因此，我們再次將一切按正確的順序排列，採取正確的步驟以確保我們已經準備好運輸和存儲解決方案，因為客戶群開始打電話......

Yes. Okay. That's helpful for sure. And I guess just on your new CCS project in Southeast Texas, I guess that's fairly contiguous with Beaumont. I think you guys have a 25% interest in Beaumont. Is it kind of the same interest in kind of this new sort of much larger add-on piece here?

是的。好的。這肯定有幫助。我想就您在德克薩斯州東南部的新 CCS 項目而言，我想這與博蒙特相當接近。我想你們對 Beaumont 有 25% 的興趣。對這種新型更大的附加件是否有同樣的興趣？

So this is all onshore. So we're talking about East Texas onshore. So it's separate from Beaumont, but we like the opportunity there to be able to move volumes to different areas. I mean that's going to be a key feature of many of these storage locations in our portfolio, whereby we can have agreements to move volumes to different stores.

所以這一切都在岸上。所以我們談論的是東德克薩斯陸上。所以它與 Beaumont 是分開的，但我們喜歡那裡有機會能夠將捲轉移到不同的區域。我的意思是，這將成為我們產品組合中許多這些存儲位置的一個關鍵特徵，據此我們可以達成協議將捲轉移到不同的商店。

Again, it's about that operational assurance that our customer base is looking for that we can keep those CO2 volumes moving. So again, great that it's -- we can address 2 industrial regions, both Beaumont (inaudible) and Houston Ship Channel. And so really ideally situated there in the Southeast Texas onshore space.

同樣，這是關於我們的客戶群正在尋找我們可以保持這些二氧化碳排放量的運營保證。再說一次，太棒了——我們可以解決 2 個工業區，博蒙特（聽不清）和休斯頓航道。因此非常理想地位於德克薩斯州東南部的陸上空間。

Yes. And look, there's some tightening on the final agreements that -- specific to your question on working interest, it should be no less than what we're doing by Beaumont but let us wrap that up, and we'll come back to the group and come back to the market and finalize all that. I think Chevron talked about it yesterday in your Analyst Day, I think there's a quick slide out there on the acreage set, but it's an exciting development, and I think it's an exciting partnership, and it's a leadership position. So it checks all the boxes. And then as everything gets tied up, we'll come back to the market.

是的。看，最終協議有一些收緊——具體到你關於工作利益的問題，它應該不亞於我們在 Beaumont 所做的，但讓我們總結一下，我們會回到小組然後回到市場並完成所有這些。我想雪佛龍昨天在你的分析師日談到了它，我認為種植面積有一個快速下滑，但這是一個令人興奮的發展，我認為這是一個令人興奮的合作夥伴關係，它是一個領導地位。所以它檢查所有的框。然後當一切都被捆綁起來時，我們將回到市場。

This concludes our question-and-answer session. I would like to turn the conference over to Tim Duncan, President and CEO, for any closing remarks.

我們的問答環節到此結束。我想將會議轉交給總裁兼首席執行官 Tim Duncan 作閉幕詞。

Okay. Thanks for joining the call. It's going to be a very busy 2023. I think it's a long call, there's a lot going on, both in recent successes in our drilling program and exciting opportunities and what we're doing in the capital program and the wells we're trying to bring online and the impact we'll have on 2024 and the rapid growth of the CCS business. A lot to do. The team is hyper focused on it. Super appreciate everyone's support, and we look forward to coming back with updates.

好的。感謝您加入電話會議。這將是一個非常繁忙的 2023 年。我認為這是一個漫長的電話，有很多事情正在發生，無論是我們鑽井計劃最近的成功和令人興奮的機會，還是我們在資本計劃和我們正在嘗試的油井中所做的事情帶來在線以及我們將對 2024 年產生的影響以及 CCS 業務的快速增長。好多事情需要完成。該團隊非常專注於此。超級感謝大家的支持，我們期待著回來更新。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。