使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主
Operator
Operator
Good day, everyone, and welcome to this Exxon Mobil Corporation Second Quarter 2022 Earnings Call. Today's call is being recorded.
大家好,歡迎參加埃克森美孚公司 2022 年第二季度財報電話會議。今天的電話正在錄音。
At this time, I'd like to turn the call over to the Vice President of Investor Relations, Mrs. Jennifer Driscoll. Please go ahead, ma'am.
在這個時候,我想把電話轉給投資者關係副總裁詹妮弗·德里斯科爾夫人。請繼續,女士。
Jennifer K. Driscoll - VP of IR
Jennifer K. Driscoll - VP of IR
Good morning, and good afternoon, everyone. Thank you for joining Exxon Mobil's Second Quarter 2022 Earnings Call. I'm Jennifer Driscoll, Vice President, Investor Relations. Here with me today are: Darren Woods, Chairman and Chief Executive Officer; and Kathy Mikells, Senior Vice President and Chief Financial Officer.
大家早上好,下午好。感謝您參加埃克森美孚 2022 年第二季度財報電話會議。我是投資者關係副總裁 Jennifer Driscoll。今天和我在一起的有:董事長兼首席執行官達倫·伍茲;和高級副總裁兼首席財務官 Kathy Mikells。
Our quarterly presentation with prerecorded remarks was posted earlier today on the Investors section of our website, along with the second quarter earnings news release. During our live 1-hour conference call, Darren will provide brief opening comments and reference a few slides from the earlier presentation before we move to the question-and-answer period.
今天早些時候,我們在我們網站的“投資者”部分發布了帶有預先錄製評論的季度報告,以及第二季度收益新聞稿。在我們為時 1 小時的實時電話會議中,在進入問答環節之前,Darren 將提供簡短的開場評論並參考之前演示文稿中的幾張幻燈片。
May I remind you that during this call, we may make forward-looking statements, which are subject to risks and uncertainties. We encourage you to read our cautionary statement on Slide 2. We also have provided supplemental information at the end of our earnings slides, including reconciliation.
我想提醒您,在本次電話會議期間,我們可能會做出前瞻性陳述,這些陳述會受到風險和不確定性的影響。我們鼓勵您閱讀我們關於幻燈片 2 的警告聲明。我們還在收益幻燈片末尾提供了補充信息,包括對賬。
Now please turn to Slide 3, and we'll turn the call over to Darren.
現在請轉到幻燈片 3,我們將把電話轉給 Darren。
Darren W. Woods - Chairman of the Board, President & CEO
Darren W. Woods - Chairman of the Board, President & CEO
Thank you, Jennifer. Good morning and good afternoon, everyone. Thanks for joining us today. Our second quarter operational and financial results were very strong. While the market has clearly been a factor, our results reflect our focus on the fundamentals as well as plans and investments we put in motion several years ago and stuck with through the depths of the pandemic.
謝謝你,詹妮弗。大家早上好,下午好。感謝您今天加入我們。我們第二季度的運營和財務業績非常強勁。雖然市場顯然是一個因素,但我們的結果反映了我們對基本面以及我們幾年前實施的計劃和投資的關注,並在大流行的最深處堅持了下來。
They also reflect the outstanding work of our teams across the world to operate our facility safely at high utilization levels, which drove needed production and throughput. We are proud of their commitment to supplying the energy and products the world needs and delivering on our strategic priorities.
它們還反映了我們在世界各地的團隊為以高利用率安全運營我們的設施所做的出色工作,從而推動了所需的生產和吞吐量。我們為他們致力於提供世界所需的能源和產品並實現我們的戰略重點而感到自豪。
Increased production, higher realizations and aggressive cost control generated strong earnings and cash flow. We also delivered excellent safety and operating performance. As global demand recovers, we continued to invest in our portfolio and grew our year-to-date production in the Permian by about 130,000 oil-equivalent barrels per day versus the first half of 2021.
增加的產量、更高的實現和積極的成本控制產生了強勁的收益和現金流。我們還提供了出色的安全和運營績效。隨著全球需求的複蘇,我們繼續投資於我們的投資組合,與 2021 年上半年相比,我們在二疊紀的年初至今日產量增加了約 130,000 桶石油當量。
For the full year, in the Permian, we expect to achieve 25% production growth for the second consecutive year. In Guyana, our total capacity is now more than 340,000 oil-equivalent barrels per day.
全年,在二疊紀,我們預計產量將連續第二年增長 25%。在圭亞那,我們的總產能現在每天超過 340,000 桶石油當量。
Our Liza Phase 1 development is producing above design capacity with excellent performance. Liza Phase 2 started production earlier this year and has recently reached the design capacity of 220,000 barrels per day. As demand has continued to recover, so as production from our industry-leading refining circuit. We increased throughput by 180,000 barrels per day in the first half of 2022 versus the first half of 2021.
我們的 Liza Phase 1 開發項目正在以卓越的性能生產超過設計容量。 Liza 二期於今年早些時候開始生產,最近已達到每天 220,000 桶的設計產能。隨著需求的持續復甦,我們行業領先的煉油迴路的產量也在持續復甦。與 2021 年上半年相比,我們在 2022 年上半年每天增加了 18 萬桶的吞吐量。
We continue to demonstrate our value as an essential partner during the quarter. For example, Exxon Mobil has recently been awarded an interest in Qatar's North Field East expansion. We have worked closely with the Qataris for decades. This attractive agreement further leverages our experience as a global leader in LNG, giving us the opportunity to help grow Qatar's LNG capacity by 30 million tons per annum by 2026.
我們在本季度繼續展示我們作為重要合作夥伴的價值。例如,埃克森美孚最近獲得了卡塔爾北油田東擴張的興趣。幾十年來,我們一直與卡塔爾人密切合作。這項有吸引力的協議進一步利用了我們作為全球液化天然氣領導者的經驗,使我們有機會到 2026 年幫助卡塔爾的液化天然氣產能增加 3000 萬噸/年。
Partnerships such as these are also an important part of unlocking future opportunities in our new businesses like carbon capture and storage. We recently signed multiple MOUs to explore the development of large-scale CCS projects in China, Australia, the Netherlands and Indonesia.
諸如此類的合作夥伴關係也是在我們的新業務(如碳捕獲和儲存)中釋放未來機會的重要組成部分。我們最近簽署了多個諒解備忘錄,探索在中國、澳大利亞、荷蘭和印度尼西亞開發大型 CCS 項目。
Lastly, we further strengthened our portfolio by advancing a significant refining capacity expansion on the U.S. Gulf Coast, discovering new resources in Guyana, progressing LNG production in Mozambique and addressing noncore assets with announced divestments totaling more than $3 billion.
最後,我們通過推進美國墨西哥灣沿岸的大規模煉油產能擴張、在圭亞那發現新資源、在莫桑比克推進液化天然氣生產以及通過宣布的總資產剝離總額超過 30 億美元來解決非核心資產,進一步加強了我們的投資組合。
We continue to invest through the pandemic with the understanding that demand would recover. With the Beaumont refinery expansion, we're on pace to increase our refining capacity on the U.S. Gulf Coast by more than 17% or 250,000 barrels per day in the first quarter of 2023.
我們繼續在大流行期間進行投資,並理解需求將會恢復。隨著博蒙特煉油廠的擴建,我們將在 2023 年第一季度將美國墨西哥灣沿岸的煉油能力提高 17% 以上,即每天 250,000 桶。
During the quarter, we also announced 2 discoveries in Guyana, adding to the estimated recoverable resource base, which is nearly 11 billion barrels. Natural gas began flowing at the Coral LNG project offshore Mozambique. The project remains on track to achieve the first LNG cargo later this year.
本季度,我們還宣布了圭亞那的 2 個發現,增加了近 110 億桶的估計可採資源基礎。天然氣開始在莫桑比克近海的珊瑚液化天然氣項目中流動。該項目仍有望在今年晚些時候交付第一批液化天然氣貨物。
Finally, we progressed our divestment program at an advantageous point in the cycle, announced asset sales include XTO Energy Canada, our Romanian upstream affiliate and our Barnett Shale gas assets. Barnett Shell divestment closed in the second quarter. The other 2 are anticipated to close later this year, subject to regulatory approvals.
最後,我們在周期的有利時機推進了我們的撤資計劃,宣佈出售資產包括 XTO Energy Canada、我們的羅馬尼亞上游子公司和我們的 Barnett 頁岩氣資產。 Barnett Shell 的撤資在第二季度結束。另外兩家預計將在今年晚些時候關閉,但需獲得監管部門的批准。
Overall, it was a very strong quarter in both financial results and in progressing our strategic priorities. The strong second quarter results reflect a tight global market environment where demand has recovered to near pre-pandemic levels and supply has attrited. The situation was made worse by the events in Ukraine, which have contributed to increases in prices for crude, natural gas and refined products.
總體而言,在財務業績和推進我們的戰略重點方面,這是一個非常強勁的季度。強勁的第二季度業績反映了全球市場環境緊張,需求已恢復至接近大流行前的水平,而供應已減少。烏克蘭的事件使情況變得更糟,這些事件導致原油、天然氣和精煉產品的價格上漲。
In the first quarter, average Brent crude prices rose by about $22 per barrel. In the second quarter, Brent crude prices moved up by another $12 per barrel, pushing the benchmark marginally above the 10-year range. Natural gas prices remain well above the 10-year historical ranges amid ongoing concerns about European supply.
第一季度,布倫特原油平均價格每桶上漲約 22 美元。在第二季度,布倫特原油價格又上漲了每桶 12 美元,將基準推高了 10 年的區間。由於對歐洲供應的持續擔憂,天然氣價格仍遠高於 10 年曆史範圍。
Refining margins are even more pronounced versus the 10-year range. They remain at very high levels, reflecting the significant impact on refining capacity resulting from the pandemic. In July, we saw some relief as margins moderated with improved supply and demand balances.
與 10 年範圍相比,煉油利潤率更加明顯。它們仍處於非常高的水平,反映出大流行對煉油能力的重大影響。 7 月,隨著供需平衡的改善,利潤率放緩,我們看到了一些緩解。
Global chemical margins in contrast remain near the bottom of the cycle. However, we did see a slight improvement in the quarter, mainly in Asia Pacific. Margins in North America tightened during the quarter as product prices continue to lag the steep increases in ethane feedstock cost, consistent with higher gas prices.
相比之下,全球化學品利潤率仍處於週期底部附近。然而,我們確實看到本季度略有改善,主要是在亞太地區。由於產品價格繼續落後於乙烷原料成本的急劇上漲,與天然氣價格上漲一致,北美的利潤率在本季度收緊。
Before recapping our financial results, let me touch on the market environment that underpins them. As I mentioned in my prerecorded remarks, large annual investments in oil and gas production are required to offset normal depletion, even more is required to grow net production. Prior to the pandemic, industry investments were below historical levels.
在回顧我們的財務業績之前,讓我先談談支撐它們的市場環境。正如我在預先錄製的評論中提到的那樣,需要每年對石油和天然氣生產進行大量投資來抵消正常的消耗,甚至需要更多的投資來增加淨產量。在大流行之前,行業投資低於歷史水平。
The economy-wide shutdowns during the pandemic exacerbated the problem. We are now experiencing tight markets across most of our businesses as supply lags demand recovery. We clearly see the tightness in supply in refining, where the closure rate during the pandemic was 3x the rate of the 2008 financial crisis.
大流行期間經濟範圍內的停工加劇了這一問題。由於供應滯後於需求復蘇,我們現在的大部分業務都面臨著緊張的市場。我們清楚地看到煉油供應緊張,大流行期間的關閉率是 2008 年金融危機的 3 倍。
Given the long investment cycle times, growing supply will not happen overnight. At ExxonMobil, throughout this period, we stayed focused on the fundamentals and let our IOC peers in oil and gas investment. We leaned in when others leaned out, including investments in U.S. refining capacity, notably with our Beaumont refinery expansion.
鑑於投資週期較長,供應量的增長不會在一夜之間發生。在埃克森美孚,在此期間,我們一直專注於基本面,讓我們的 IOC 同行參與石油和天然氣投資。當其他人退出時,我們也加入了進來,包括對美國煉油能力的投資,特別是我們的博蒙特煉油廠擴建。
Our investments over the last 5 years are paying off today and helping to meet the needs of families everywhere with greater supply than otherwise would be the case. While progressing investments in our traditional businesses, we are also advancing a portfolio of opportunities consistent with our core capabilities in low-carbon solutions. We expect that these two will pay off in the years ahead for our shareholders and for our environment.
我們在過去 5 年的投資如今正在獲得回報,並以比其他情況下更多的供應來幫助滿足世界各地家庭的需求。在推進對傳統業務的投資的同時,我們也在推進一系列與我們在低碳解決方案方面的核心能力相一致的機會。我們預計這兩項將在未來幾年為我們的股東和我們的環境帶來回報。
With that as a backdrop, let's turn to the second quarter financial results. Earnings totaled nearly $18 billion on increased production, higher liquids and natural gas realizations and strong refining margins. We continue to drive efficiencies with $6 billion in structural cost savings versus 2019. We remain on track to achieve more than $9 billion in savings by 2023.
以此為背景,讓我們轉向第二季度的財務業績。由於產量增加、液體和天然氣實現量增加以及煉油利潤率強勁,總收益接近 180 億美元。與 2019 年相比,我們將繼續提高效率,結構性成本節省 60 億美元。我們仍有望在 2023 年之前實現超過 90 億美元的節省。
CapEx was $4.6 billion in the quarter and $9.5 billion year-to-date. We remain on track for our full year CapEx guidance of $21 billion to $24 billion. Cash flow from operations was $20 billion, further strengthening our balance sheet. Our net debt-to-capital ratio declined to about 13%, while the growth ratio is now at 20%, the low end of our target range. We returned $7.6 billion to shareholders during the quarter in the form of dividends and share repurchases. The increase in distribution reflects the confidence we have in our strategy, performance we are seeing across our businesses and renewed strength of our balance sheet.
本季度資本支出為 46 億美元,年初至今為 95 億美元。我們仍按計劃實現 210 億至 240 億美元的全年資本支出指引。運營現金流為 200 億美元,進一步加強了我們的資產負債表。我們的淨債務與資本比率下降至約 13%,而增長率目前為 20%,是我們目標範圍的低端。我們在本季度以股息和股票回購的形式向股東返還了 76 億美元。分配的增加反映了我們對戰略的信心、我們在業務中看到的業績以及資產負債表的新實力。
I'll conclude with a few key takeaways. As I mentioned earlier, we are now experiencing tight markets across most of our businesses as supply lags demand recovery. Our strong performance reflects the sizable investments we've been making over the past several years and our focus on the fundamentals. Those two things put us in a great position to deliver increased production at a time when the world needs it most.
我將總結一些關鍵要點。正如我之前提到的,由於供應滯後於需求復蘇,我們現在的大部分業務都面臨著緊張的市場。我們的強勁表現反映了我們在過去幾年中進行的大量投資以及我們對基本面的關注。這兩件事使我們處於有利位置,可以在世界最需要的時候增加產量。
We're continuing to increase production of low-cost barrels in Guyana and the Permian. We're doing all of this while maximizing output of our existing facilities, including a new daily production record set by PNG LNG in July. Our new Corpus Christi complex was cash and earnings positive in the first half of the year with the world-scale steam cracker demonstrating design capacity.
我們將繼續增加圭亞那和二疊紀低成本桶的產量。我們正在做這一切的同時最大限度地提高現有設施的產量,包括 PNG LNG 在 7 月創下的新的每日產量記錄。我們新的科珀斯克里斯蒂綜合體在今年上半年實現了現金和盈利,世界級的蒸汽裂解裝置展示了設計能力。
Our U.S. Gulf Coast refining capacity is poised to increase by about 250,000 barrels per day with the start-up of the Beaumont refinery expansion project in the first quarter of 2023. Two new LNG projects are also advancing. Coral LNG in Mozambique is set to deliver its first cargo in the second half of this year. Our Golden Pass LNG project, which will provide 18 million tons per year of new LNG supplies, remains on schedule to start up in 2024. Once completed, Golden Pass will increase LNG from the Gulf Coast by 20%.
隨著 2023 年第一季度 Beaumont 煉油廠擴建項目的啟動,我們在美國墨西哥灣沿岸的煉油能力有望增加約 250,000 桶/日。兩個新的液化天然氣項目也在推進中。莫桑比克的 Coral LNG 將於今年下半年交付第一批貨物。我們的 Golden Pass LNG 項目每年將提供 1800 萬噸新的 LNG 供應,仍按計劃於 2024 年啟動。一旦完成,Golden Pass 將使墨西哥灣沿岸的 LNG 增加 20%。
In addition, we continue to divest nonstrategic assets at an opportune point in the cycle. We delivered strong safety and reliability, while controlling costs. These moves are improving our asset mix, lowering our breakevens and boosting our resiliency.
此外,我們繼續在周期的適當時機剝離非戰略性資產。我們提供了強大的安全性和可靠性,同時控制了成本。這些舉措正在改善我們的資產組合,降低我們的盈虧平衡並提高我們的彈性。
Our Low Carbon Solutions business continues to grow our portfolio of opportunities with the 4 newly announced carbon capture and storage opportunities in Australia, China, Indonesia and the Netherlands. I'm extremely proud of the work our people are doing. All of their efforts are consistent with our strategic priorities, which our shareholders are being rewarded for.
我們的低碳解決方案業務通過澳大利亞、中國、印度尼西亞和荷蘭新宣布的 4 個碳捕獲和封存機會繼續擴大我們的機會組合。我為我們的員工所做的工作感到非常自豪。他們的所有努力都符合我們的戰略重點,我們的股東也因此得到了回報。
Today, with an even stronger balance sheet, we are well positioned to continue to invest and to drive shareholder returns throughout the cycles. Our focus on the fundamentals is unchanged. We continue to leverage our core capabilities to advance our strategic priorities and to make the investments needed in this long-cycle business.
今天,憑藉更強大的資產負債表,我們處於有利地位,可以繼續投資並在整個週期內推動股東回報。我們對基本面的關注沒有改變。我們將繼續利用我們的核心能力來推進我們的戰略重點,並在這一長周期業務中進行所需的投資。
With our constancy of purpose and consistent approach, we will successfully address the dual challenge, providing energy and products modern societies need while lowering society's greenhouse gas emissions, leading industry in the energy transition.
憑藉我們始終如一的目標和始終如一的方法,我們將成功應對雙重挑戰,提供現代社會所需的能源和產品,同時降低社會溫室氣體排放,引領能源轉型。
Thank you.
謝謝你。
Jennifer K. Driscoll - VP of IR
Jennifer K. Driscoll - VP of IR
Thank you, Darren. (Operator Instructions) With that, Jennifer, could you open up the line for questions, please?
謝謝你,達倫。 (操作員說明)這樣,詹妮弗,你能打開電話提問嗎?
Operator
Operator
(Operator Instructions) We'll take our first question from Neil Mehta with Goldman Sachs.
(操作員說明)我們將從高盛的 Neil Mehta 那裡回答我們的第一個問題。
Neil Singhvi Mehta - VP and Integrated Oil & Refining Analyst
Neil Singhvi Mehta - VP and Integrated Oil & Refining Analyst
One macro question and then one micro question, Darren. I want to continue on this theme of energy security, and you're 1 of the largest energy providers in Europe. And so I would love your perspective on the European energy challenges that are being faced right now. How does the continent ultimately work its way through it? And what is Exxon Mobil's role in providing energy to the region?
一個宏觀問題,然後一個微觀問題,達倫。我想繼續討論能源安全這個主題,你們是歐洲最大的能源供應商之一。因此,我希望您對目前面臨的歐洲能源挑戰的看法。非洲大陸最終如何通過它?埃克森美孚在為該地區提供能源方面的作用是什麼?
Darren W. Woods - Chairman of the Board, President & CEO
Darren W. Woods - Chairman of the Board, President & CEO
Sure. Well, Neil, I think you're touching on what is a very challenging situation today. And that reflects, I think, the complexity associated with making a massive change to a system that's so critically important to people's lives. And so I think going forward and what we're seeing happening today is a, what I'd say, is a broader net being cast with respect to how we think about the transition and how that evolves. Making sure that we've got a diversified portfolio of energy and 1 -- and sources of energy that are not dependent on any 1 nation state, which is, I think, an important step that we're seeing being taken.
當然。好吧,尼爾,我認為你談到了今天非常具有挑戰性的情況。我認為,這反映了對一個對人們的生活至關重要的系統進行大規模改變所帶來的複雜性。因此,我認為向前發展以及我們今天看到的情況是,我想說的是,關於我們如何看待過渡以及過渡如何發展,這是一張更廣泛的網絡。確保我們擁有多元化的能源組合和不依賴於任何一個民族國家的能源,我認為這是我們看到的重要一步。
I think there'll be a drive over time to make sure that they're leveraging the resources available to them. And I'll just make, one example would be the potential that we see for fracking and unconventional gas in Germany. I think the industry has proven over the years that unconventional gas can be produced safely and you then have a secure source of supply and economically and reliable source of supply. And so I think there's an opportunity where certainly, Exxon Mobil could play a key role.
我認為隨著時間的推移,將有動力確保他們利用可用的資源。我只是舉一個例子,我們在德國看到的水力壓裂和非常規天然氣的潛力。我認為該行業多年來已經證明,非常規天然氣可以安全生產,然後您就有了安全的供應來源和經濟可靠的供應來源。因此,我認為埃克森美孚肯定有機會發揮關鍵作用。
We also have a fairly large refining footprint in Europe. We've been working hard to upgrade those facilities, make sure that we're driving their emissions footprints to 0 and developing plans to do that. And within this current crisis, have really stepped up the efforts to reduce our consumption of natural gas. In fact, if you look at our refining circuit, we reduced the use of natural gas by 65%. That's the equivalent gas use for about -- for powering about 2 million homes in Europe. And so there are some substantial steps that we can take with respect to optimizing our current operation.
我們在歐洲也有相當大的煉油足跡。我們一直在努力升級這些設施,確保我們將它們的排放足跡降至 0,並為此制定計劃。在當前的危機中,我們確實加大了減少天然氣消耗的力度。事實上,如果你看看我們的煉油迴路,我們將天然氣的使用量減少了 65%。這相當於為歐洲大約 200 萬戶家庭供電的天然氣用量。因此,我們可以採取一些實質性步驟來優化我們當前的運營。
Longer term, we're opening up -- looking at projects to expand our LNG import facilities. And of course, we are bringing LNG projects online. We've got the Golden Pass project here in the U.S., which will allow us to export LNG from the U.S. into Europe. And so we've got Mozambique, and that's coming on the back end of this year. And of course, we've got work going on in PNG. And so bringing more LNG supplies to help offset some of the Russian gas going into Europe will be another really critical step forward and the diversification of supplies for Europe.
從長遠來看,我們正在開放——尋找擴大我們的液化天然氣進口設施的項目。當然,我們正在將液化天然氣項目上線。我們在美國有黃金通道項目,這將使我們能夠將液化天然氣從美國出口到歐洲。所以我們有莫桑比克,這將在今年年底到來。當然,我們已經在 PNG 中進行了工作。因此,增加液化天然氣供應以幫助抵消一些進入歐洲的俄羅斯天然氣將是向前邁出的又一個非常關鍵的一步,也是歐洲供應多樣化的關鍵。
Neil Singhvi Mehta - VP and Integrated Oil & Refining Analyst
Neil Singhvi Mehta - VP and Integrated Oil & Refining Analyst
And the follow-up is around capital returns. Just talk through how you're thinking about the dividend where there hasn't been a reset this year at least and whether it makes sense to return back to dividend growth and return of capital, a very strong buyback number in the quarter. How are you thinking about tracking towards the $30 billion that you outlined a couple of months ago?
後續是圍繞資本回報。只需談談您如何考慮至少今年沒有重置的股息,以及恢復股息增長和資本回報是否有意義,這是本季度非常強勁的回購數字。您如何看待幾個月前概述的 300 億美元?
Kathryn A. Mikells - Senior VP & CFO
Kathryn A. Mikells - Senior VP & CFO
Sure. I'm happy to take that. So look, as you know, our first priority is to continue to invest in the business. And we talked last quarter about the fact that we expect it to build our cash balance to between $20 billion to $30 billion, which gives us both a strong balance sheet and a strong cash balance, which we view as a competitive advantage that provides us flexibility through the cycle.
當然。我很樂意接受。因此,如您所知,我們的首要任務是繼續投資於業務。我們在上個季度談到了這樣一個事實,即我們預計它將把我們的現金餘額建立在 200 億至 300 億美元之間,這為我們提供了強大的資產負債表和強大的現金餘額,我們認為這是一種競爭優勢,為我們提供了靈活性通過循環。
We're trying to strike the right balance in terms of share repurchases and dividends. As you know, we raised our quarterly dividend by $0.01 in the fourth quarter of 2021. And last quarter, we tripled the size of our share repurchase plan, which is now up to $30 billion of share repurchases this year and next.
我們正試圖在股票回購和股息方面取得適當的平衡。如您所知,我們在 2021 年第四季度將季度股息提高了 0.01 美元。上個季度,我們將股票回購計劃的規模擴大了兩倍,現在今年和明年的股票回購規模高達 300 億美元。
So we're definitely focused on being efficient as we look to return capital to shareholders. And obviously, the share repurchase program has a secondary benefit of reducing the nominal size of our dividend. So I'd say we're trying to strike the right balance. Our Board reviews this pretty regularly, and we feel good about where we're at right now.
因此,我們絕對專注於提高效率,因為我們希望將資本返還給股東。顯然,股票回購計劃的第二個好處是減少了我們股息的名義規模。所以我想說我們正在努力取得適當的平衡。我們的董事會定期對此進行審查,我們對目前所處的位置感覺良好。
Jennifer K. Driscoll - VP of IR
Jennifer K. Driscoll - VP of IR
Thank you. And just a reminder, a single question per analyst, please. Jennifer?
謝謝你。只是提醒一下,請每位分析師提出一個問題。詹妮弗?
Operator
Operator
We'll go next to Doug Leggate with Bank of America.
我們將與美國銀行一起前往 Doug Leggate。
Douglas George Blyth Leggate - MD and Head of US Oil & Gas Equity Research
Douglas George Blyth Leggate - MD and Head of US Oil & Gas Equity Research
Darren, I wonder if I could ask first about natural gas in Europe. And specifically, your European gas production, obviously has come down a bit over the years, but it was some -- it was up sequentially in the second quarter where normally we see a seasonal downtrend for you guys in the summertime. Is this how we should think about your European gas production going forward that for obvious reasons, it's more of a flat line? And I wonder if you could address any specific issues around whether Groningen could be revisited by the Dutch government after given everything that's going on?
達倫,我想知道我是否可以先問一下歐洲的天然氣。具體來說,你們歐洲的天然氣產量多年來顯然有所下降,但它是一些 - 在第二季度連續上升,通常我們在夏季看到你們的季節性下降趨勢。這就是我們應該如何看待你們未來的歐洲天然氣生產,因為顯而易見的原因,它更像是一條平坦的線?我想知道您是否可以解決有關荷蘭政府是否可以在考慮到正在發生的一切之後重新訪問格羅寧根的任何具體問題?
Darren W. Woods - Chairman of the Board, President & CEO
Darren W. Woods - Chairman of the Board, President & CEO
Sure. Doug, it's good to hear you again. With respect to demand, you're right. If you go back in time, under more normal circumstances, we do see a seasonal decline in the second quarter with gas demand, and that's historically been in the numbers, and we tend to foreshadow that in the first quarter, typically. This year, obviously, circumstances in Europe are very different, and we actually foreshadowed the first quarter that we didn't expect to see the same kind of seasonal dip because of the shortages that we were seeing in Europe at the time.
當然。道格,很高興再次聽到你的聲音。關於需求,你是對的。如果你回到過去,在更正常的情況下,我們確實看到第二季度天然氣需求出現季節性下降,這在歷史上一直存在,我們通常傾向於在第一季度預示這一點。今年,顯然,歐洲的情況非常不同,我們實際上預示了第一季度,由於我們當時在歐洲看到的短缺,我們預計不會看到同樣的季節性下滑。
And so I think going forward, obviously, a big question mark will be how the whole landscape and supply picture shapes up in Europe. And also, obviously, a big factor in gas demand will be weather. And so I think I wouldn't take this quarter as the new norm. I think we've just got to stay attuned to how the landscape develops there, what supply looks like and then obviously keep an eye on the weather.
因此,我認為,顯然,一個很大的問號將是整個歐洲的格局和供應情況如何形成。而且,顯然,天然氣需求的一個重要因素將是天氣。因此,我認為我不會將本季度視為新常態。我認為我們只需要關注那裡的景觀如何發展,供應情況如何,然後顯然要密切關注天氣。
With respect to your question on Groningen, it's -- the capacity is there. It's something that the Dutch government obviously has control of and evaluates the circumstances and make decisions in terms of the production that they request our joint venture there, NAM, to produce. And so that will be a function of how the Dutch government kind of weighs off the demand for gas versus the supplies and the role that we're going to play. But the capacity is there.
關於你關於格羅寧根的問題,容量是存在的。荷蘭政府顯然可以控制和評估情況,並就他們要求我們在那裡的合資企業 NAM 生產的生產做出決定。因此,這將取決於荷蘭政府如何權衡對天然氣的需求與供應以及我們將扮演的角色。但是容量是有的。
Douglas George Blyth Leggate - MD and Head of US Oil & Gas Equity Research
Douglas George Blyth Leggate - MD and Head of US Oil & Gas Equity Research
Okay. Kathy, I wonder, a very quick follow-up on Neil's question. I wonder if I could just ask very specifically. When you joined, I seem to recall you expressing some concern of the absolute scale of the dividend burden. Now I realize there's a lot of operational cash flow growth in the future for Exxon. But when we think about the balances of buybacks, dividend policy and so on, is your objective to reduce that absolute dividend burden to help us kind of calibrate what that might look like going forward? And I'll leave it there.
好的。凱西,我想知道,是對尼爾問題的快速跟進。我想知道我是否可以問得很具體。當你加入時,我似乎記得你對股息負擔的絕對規模表達了一些擔憂。現在我意識到埃克森美孚未來的運營現金流量將大幅增長。但是,當我們考慮回購餘額、股息政策等時,您的目標是減少絕對股息負擔,以幫助我們調整未來的可能情況嗎?我會把它留在那裡。
Kathryn A. Mikells - Senior VP & CFO
Kathryn A. Mikells - Senior VP & CFO
Yes. So let me start with the Board, and we are very focused on ensuring that we take an efficient approach in terms of how we're returning capital to shareholders. And obviously, share repurchases are a very efficient way to do that. As we look at the dividend, I'd say there's a number of things that we continue to evaluate. I mean clearly, we think it's pretty critical that we have a competitive dividend. And today, we think we do have a competitive dividend.
是的。因此,讓我從董事會開始,我們非常專注於確保我們在如何向股東返還資本方面採取有效的方法。顯然,股票回購是一種非常有效的方式。當我們查看股息時,我想說我們會繼續評估許多事情。我的意思很清楚,我們認為擁有有競爭力的紅利非常關鍵。今天,我們認為我們確實擁有具有競爭力的紅利。
We do look at that nominal level of the dividend and share repurchases do have a secondary benefit of reducing that level. But I'd also tell you, importantly, all the actions we're taking in the business reduce our breakevens, right? We talked about that a lot at Investor Day. Our breakeven came down to $41 a barrel from $44 kind of last year. We have a trajectory as we looked at the plan that we presented at Investor Day and based on that price set to kind of bring our breakevens down farther to $35 a barrel.
我們確實著眼於股息的名義水平,股票回購確實具有降低該水平的第二個好處。但我還要告訴你,重要的是,我們在業務中採取的所有行動都會減少我們的盈虧平衡,對吧?我們在投資者日談了很多。我們的盈虧平衡點從去年的 44 美元降至每桶 41 美元。當我們查看我們在投資者日提出的計劃時,我們有一個軌跡,並根據該價格設定將我們的盈虧平衡點進一步降至每桶 35 美元。
So that just builds more resiliency in the business, which makes I'd say, the overall kind of dividend much easy for the company to both sustain and in the future to grow. So that is how we look at it and how we think about that. And as I said previously, we're trying to strike the right balance in terms of growing that dividend and doing buybacks, which have the secondary benefit of reducing that nominal dividend, and they also are a very efficient way for us to return capital to shareholders.
因此,這只會在業務中建立更多的彈性,這讓我想說,整體股息對於公司來說很容易維持並在未來增長。這就是我們如何看待它以及我們如何思考它。正如我之前所說,我們正試圖在增加股息和進行回購方面取得適當的平衡,這具有減少名義股息的次要好處,它們也是我們將資本返還給股東。
And then I'd say, importantly, we want to make sure we're taking an approach as it relates to our cash balance and our overall balance sheet that enables us to sustain both investments and shareholder returns through the cycle. That is how we generate the highest value for shareholders. And so we're very focused on doing that.
然後我想說,重要的是,我們要確保我們正在採取一種與我們的現金餘額和整體資產負債表相關的方法,使我們能夠在整個週期內維持投資和股東回報。這就是我們為股東創造最高價值的方式。所以我們非常專注於這樣做。
Douglas George Blyth Leggate - MD and Head of US Oil & Gas Equity Research
Douglas George Blyth Leggate - MD and Head of US Oil & Gas Equity Research
Our breakeven point is very resilient.
我們的盈虧平衡點非常有彈性。
Operator
Operator
We'll go next to Devin McDermott with Morgan Stanley.
我們將與摩根士丹利一起去德文麥克德莫特旁邊。
Devin J. McDermott - VP, Commodity Strategist for Power Markets & Equity Analyst of Power and Utilities Research Team
Devin J. McDermott - VP, Commodity Strategist for Power Markets & Equity Analyst of Power and Utilities Research Team
I wanted to ask about the Permian business specifically, and you continue to post strong results there. And there were some comments in the posted prepared remarks, I think a bit of an acceleration or increase in activity broadly in short cycle in the back half of the year, and I think that's referencing the Permian specifically. So I just wondering if you could comment if that reference refers to an acceleration activity versus your prior plans?
我想具體詢問二疊紀業務,您繼續在那裡發布強勁的結果。在發布的準備好的評論中有一些評論,我認為在今年下半年的短週期內,活動總體上會有所加速或增加,我認為這具體是指二疊紀。所以我只是想知道您是否可以評論該參考是否指的是加速活動而不是您先前的計劃?
And then also, as you think about the outlook over the next several years, can you talk a little bit about some of the inflationary trends that you're seeing in the shale business and then also the ability to offset that with efficiency gains?
然後,當您考慮未來幾年的前景時,您能否談談您在頁岩氣業務中看到的一些通脹趨勢,以及通過提高效率來抵消這一趨勢的能力?
Darren W. Woods - Chairman of the Board, President & CEO
Darren W. Woods - Chairman of the Board, President & CEO
Yes. Devin, I'll touch on that and then see if Kathy has anything to add. With respect to Permian, the plan that we laid out some time ago, and we're currently executing is -- hasn't changed, and we had a very slight ramp-up as we head through the year, but nothing significantly different than what we have been doing. The plans that we have in place should deliver, and our current production is in line with that 25% growth versus last year, which, as you know, was on top of 25% growth the year before.
是的。德文,我會談到這一點,然後看看凱西是否有什麼要補充的。關於二疊紀,我們前段時間制定的計劃,我們目前正在執行的是 - 沒有改變,我們在這一年中略有增加,但沒有什麼明顯不同我們一直在做什麼。我們制定的計劃應該能夠實現,我們目前的產量與去年相比增長了 25%,如您所知,去年的增長超過了 25%。
And as we saw on the package, if you look at our tight oil production in the U.S. versus 2017, we expect to end 2022 at 3x the level of production. So I would say the strategy remains in place, the plans that we're executing remain in place. We're looking for opportunities within the construct that we define to extend and expand the activities. But frankly, given the tightness in the market, the availability of rigs, there's not a whole lot of opportunity to move there. And maybe I'll ask Kathy to cover the inflationary topic.
正如我們在包裝上看到的那樣,如果你看看我們在美國的緻密油產量與 2017 年相比,我們預計到 2022 年底產量將是產量水平的 3 倍。所以我會說戰略仍然存在,我們正在執行的計劃仍然存在。我們正在我們定義的結構中尋找擴展和擴展活動的機會。但坦率地說,鑑於市場緊張,鑽井平台的可用性,並沒有很多機會搬到那裡。也許我會請凱西談談通貨膨脹的話題。
Kathryn A. Mikells - Senior VP & CFO
Kathryn A. Mikells - Senior VP & CFO
Yes. So overall, I'd say we feel really good about how we're managing inflation to date. Our overall structural cost savings kind of plan and program is very much on track. As of this quarter, we're now at $6 billion in overall savings kind of relative to 2019. So we're feeling pretty good about that. As we look at our kind of cost on a year-over-year basis, we obviously had a kind of seasonal increase in costs sequentially as we had a little bit more planned maintenance activity, but we feel very good that we're executing consistent with our plans and that we remain on track.
是的。所以總的來說,我想說我們對迄今為止我們如何管理通貨膨脹感覺非常好。我們的整體結構性成本節約計劃和計劃非常順利。截至本季度,與 2019 年相比,我們現在的總體儲蓄為 60 億美元。所以我們對此感覺很好。當我們逐年查看我們的成本時,我們顯然有一種季節性的成本環比增長,因為我們有更多的計劃維護活動,但我們感覺很好,我們正在執行一致與我們的計劃,我們保持在軌道上。
We're obviously not immune to inflation. We did a great job certainly during the pandemic, especially when you think about our kind of longer projects that our global project group was executing in terms of ensuring that we were at that point in time when we were in a deflationary environment, really working hard with our service providers to extend contracts and looking to revised schedules associated with some of our projects but still moving the engineering forward on those things so that we could spool them up as the market environment improves.
我們顯然不能免受通貨膨脹的影響。在大流行期間,我們確實做得很好,尤其是當您考慮到我們的全球項目組正在執行的那種較長的項目時,以確保我們在通縮環境中的那個時間點上真的很努力與我們的服務提供商延長合同,並尋求與我們的一些項目相關的修訂時間表,但仍在推進這些事情的工程,以便我們可以隨著市場環境的改善而將它們整合起來。
So we feel good about where we're at with our CapEx programs overall, and we feel good about the cost savings that we've -- that we're driving. I'd also say it isn't always going to look exactly the same kind of quarter-to-quarter. We obviously just made some significant changes in our organizational structure that were put in place in April. Those will, over time, also drive additional efficiencies for us. And we are working at constant, I'd say, pipeline in this area to ensure that we're both driving greater efficiency across the business, but also effectiveness, which is equally important. So I'd say we feel really good about where we're at.
因此,我們對我們的資本支出計劃的整體狀況感到滿意,我們對我們正在推動的成本節約感到滿意。我還要說它並不總是看起來完全一樣的季度到季度。顯然,我們剛剛對 4 月份實施的組織結構進行了一些重大改變。隨著時間的推移,這些也將為我們帶來額外的效率。我想說,我們在這個領域一直在努力,以確保我們既能提高整個業務的效率,又能提高效率,這同樣重要。所以我想說我們對我們所處的位置感覺非常好。
Operator
Operator
We'll go next to Stephen Richardson with Evercore ISI.
我們將與 Evercore ISI 一起前往 Stephen Richardson 旁邊。
Stephen I. Richardson - Senior MD and Head of Oil and Gas & Exploration and Production Research
Stephen I. Richardson - Senior MD and Head of Oil and Gas & Exploration and Production Research
Great. Darren, I was wondering if you could talk a little bit about the refining outlook. It's probably a more volatile environment than we've seen in a long time, certainly with less Asian exports are certainly out of China and what's going on in Europe. So I was wondering if you could maybe just talk about that and based on your background, some insights there would be helpful.
偉大的。達倫,我想知道你能否談談提煉前景。這可能是一個比我們長期以來所看到的更加動蕩的環境,當然,亞洲出口減少肯定是來自中國和歐洲正在發生的事情。所以我想知道你是否可以談談這個,並根據你的背景,那裡的一些見解會有所幫助。
Darren W. Woods - Chairman of the Board, President & CEO
Darren W. Woods - Chairman of the Board, President & CEO
Sure. Happy to do that, Stephen. Thanks for calling in. Yes, you say it's a volatile area. I think the thing that's really changed in the refining landscape, which has impacted -- we're seeing that impact across a lot of industries and parts of our business is the pandemic. If you go back since 2020 and as we've mentioned in our prepared presentation, 3 million barrels a day of refining capacity has come out of the circuit since the pandemic.
當然。很高興這樣做,斯蒂芬。感謝您的來電。是的,您說這是一個動蕩的地區。我認為在煉油領域中真正發生了變化的事情已經產生了影響——我們看到對許多行業和部分業務的影響是大流行。如果您從 2020 年開始回顧,並且正如我們在準備好的演講中提到的那樣,自大流行以來,每天 300 萬桶的煉油能力已經出現。
And what has typically happened, which is 3x the rate of historical levels. And typically, historical levels have been offset by new builds coming in. And of course, a lot of those new builds got pushed out because of the pandemic and the lack of revenue in the extremely negative and poor refining margins. And so we've created this hole with a lot more capacity coming offline without a whole lot of new capacity, typically out and developing in parts of the world in Asia and the Middle East. That capacity is not coming on. So we've got this gap, demand recovers, and we don't have the capacity to meet that, which has led to a record high refining margins.
通常發生的情況是歷史水平的 3 倍。通常情況下,歷史水平已被新建造的產品抵消。當然,由於大流行以及極負和糟糕的煉油利潤率缺乏收入,其中許多新建造被推出。所以我們創造了這個洞,在沒有大量新產能的情況下,更多的產能下線,通常在亞洲和中東的世界部分地區推出和發展。這種能力沒有發揮作用。所以我們有這個差距,需求復蘇,我們沒有能力滿足這個差距,這導致了創紀錄的煉油利潤率。
So I think the solution there is with time for additional capacity to come on. We're pleased that we had justified a fairly large expansion in our Beaumont refinery. Essentially, based on transportation differentials that generated a reasonable return with potential upsides in times of tight markets, which obviously we're going to be seeing as we bring this refinery expansion on. It's the biggest expansion over a decade in the U.S. And it's one that takes advantage of the utilities and the units that we already have and the connection that we have with the Permian. So a very advantaged project coming onto the market at a really good time.
所以我認為解決方案需要時間來增加容量。我們很高興我們證明了在博蒙特煉油廠進行相當大的擴張是合理的。從本質上講,基於在市場緊張時期產生合理回報和潛在上行空間的運輸差異,顯然我們將在我們進行煉油廠擴建時看到這一點。這是美國十多年來最大的一次擴張,它利用了我們已經擁有的公用事業和單位以及我們與二疊紀的聯繫。因此,一個非常有利的項目在一個非常好的時機上市。
Outside of that, I don't see a whole lot of additional expansions here in the U.S. And then as we mentioned in the presentation, over the next 2 years, probably 1 million barrels a day of capacity, including the 250,000 barrels at our site coming on in the marketplace, which is still fairly short of the capacity that came off. And so our view is we're going to see what I say, the tighter supply and demand balance.
除此之外,我看不到美國這裡有很多額外的擴張。然後正如我們在演講中提到的那樣,在接下來的 2 年中,可能每天 100 萬桶的產能,包括我們工廠的 250,000 桶進入市場,這仍然相當缺乏容量。所以我們的觀點是,我們將看到我所說的,供需平衡更加緊張。
One of the real question marks out there is, what happens with demand. I would tell you, even at 2019 levels, the market is relatively tight. And so I expect a tighter market and maybe elevated margins versus what the historical norm is. But I would expect much lower than what we've experienced here in the second quarter.
真正的問號之一是需求會發生什麼。我會告訴你,即使在 2019 年的水平,市場也相對緊張。因此,我預計市場會更加緊張,並且利潤率可能會高於歷史標準。但我預計比我們在第二季度所經歷的要低得多。
But -- and then with time, we'll see that capacity come back on out in Asia and the Middle East. And the world market is very efficient, and those barrels will flow to the demand centers and balance things off. And so I think this will be a few year price environment, and we'll get back to what I think is a more typical refining industry structure.
但是——然後隨著時間的推移,我們將看到這種能力在亞洲和中東重新出現。世界市場非常有效,這些桶將流向需求中心並平衡一切。所以我認為這將是幾年的價格環境,我們將回到我認為更典型的煉油行業結構。
Operator
Operator
We'll go next to Jeanine Wai with Barclays.
我們會和巴克萊一起去Jeanine Wai 旁邊。
Jeanine Wai - Research Analyst
Jeanine Wai - Research Analyst
Our question maybe just moving to the asset side of things on Guyana. Exxon has had really tremendous success there, and not only just from a resource perspective. Are we at the point where we should be maybe adjusting our thinking on what timelines are just given the really good execution that you've had so far? I guess, where we're going at is each phase has come on faster, capacity is creeping up in the meantime and infill opportunities, they continue to look really promising. So at what point should we kind of be compressing timelines?
我們的問題可能只是轉移到圭亞那的資產方面。埃克森美孚在那裡取得了巨大的成功,而不僅僅是從資源的角度來看。我們是否應該調整我們對什麼時間線的想法,因為你到目前為止已經有了非常好的執行?我想,我們要去的地方是每個階段都來得更快,同時容量正在逐漸增加並填補機會,它們看起來仍然很有希望。那麼我們應該在什麼時候壓縮時間線呢?
Darren W. Woods - Chairman of the Board, President & CEO
Darren W. Woods - Chairman of the Board, President & CEO
Thank you, Jeanine. Well, you're right, we have seen really good progress in what's happening on Guyana. I think it illustrates one of the advantages of a consistency of approach and just moving from one development to the other. We started off with Liza 1 with a smaller concept to get started and recognize that we would build on that and extend on the design that we had. So we had a concept of design one, build many.
謝謝你,珍妮。嗯,你是對的,我們已經看到圭亞那正在發生的事情取得了很好的進展。我認為它說明了方法一致性的優點之一,並且只是從一種開發轉移到另一種開發。我們從 Liza 1 的一個較小的概念開始,並認識到我們將在此基礎上構建並擴展我們擁有的設計。所以我們有一個設計一個,建造很多的概念。
Obviously, as our discoveries mature and we get a better understanding of the reservoir and the development opportunities there, we will adjust those designs. So I think it's a function of really the development plans that we put in place and the right project to most efficiently deliver -- to develop those resources, and that will change as we move around that block and with the different structures and resources.
顯然,隨著我們的發現成熟,我們對油藏和那裡的開發機會有了更好的了解,我們將調整這些設計。所以我認為這實際上是我們制定的發展計劃和最有效地交付的正確項目的一個功能 - 開發這些資源,隨著我們在那個街區移動並使用不同的結構和資源,這將改變。
So I wouldn't say, I think stay tuned as our plans mature and we get a better line of sight to it. We'll give you updates and let you know how we see that coming. I think with Payara, we did bring that 1 forward and announced that recently given the progress we're making. And as we continue to progress the other ones, we'll update you and the rest of the market on how we see those things coming together. But I'm very encouraged and feel good about the progress we're making and hope to see continued advancement in bringing those projects forward faster.
所以我不會說,我認為隨著我們的計劃成熟並且我們對它有更好的了解,請繼續關注。我們會為您提供更新,並讓您知道我們如何看待它。我認為與 Payara 一起,我們確實將 1 向前推進,並宣布最近考慮到我們正在取得的進展。隨著我們繼續推進其他項目,我們將向您和市場上的其他人更新我們如何看待這些事情的結合。但我對我們正在取得的進展感到非常鼓舞和感覺良好,並希望看到繼續推進這些項目更快地推進。
Operator
Operator
We'll go next to Sam Margolin with Wolfe Research.
我們將與 Wolfe Research 一起前往 Sam Margolin。
Sam Jeffrey Margolin - MD of Equity Research & Senior Analyst
Sam Jeffrey Margolin - MD of Equity Research & Senior Analyst
My question is on the low carbon side. The earnings release had a nice reminder of the list of projects you've announced and what you're involved in. Earlier this week, we had a bill drafted in Senate that addressed the key categories in low carbon for you, which are carbon capture, hydrogen and biofuels. And so now that you've said as you scope the low carbon business, you're not interested in sort of reacting to policy, you want to be ahead of things, and you want to try to anticipate some of the incentives that come down. So I wonder if this bill is aligned with what you had anticipated. If assuming it passes, if you think we're in the zone where your efforts here are really going to be supported or if you think there's more work to do or other regions where there might be better opportunities in the U.S.?
我的問題是關於低碳方面的。收益發布很好地提醒了您已宣布的項目清單以及您參與的項目。本週早些時候,我們在參議院起草了一項法案,為您解決了低碳的關鍵類別,即碳捕獲、氫和生物燃料。所以現在你已經說過,當你確定低碳業務的範圍時,你對對政策做出反應不感興趣,你想領先一步,你想嘗試預測一些即將到來的激勵措施.所以我想知道這個法案是否與你的預期一致。如果假設它通過了,如果您認為我們處於您在這裡的努力將真正得到支持的區域,或者您認為還有更多工作要做,或者在美國可能有更好機會的其他地區?
Darren W. Woods - Chairman of the Board, President & CEO
Darren W. Woods - Chairman of the Board, President & CEO
Sure. No, thanks for your question. I think it's very timely and relevant. What I would say is, and what we've been talking about is we're pleased with the broader recognition that a more comprehensive set of solutions are going to be needed to address the challenges of an energy transition. And so the discussion evolving from just wind and solar and EVs to carbon capture, storage and biofuels and hydrogen is really important.
當然。不,謝謝你的問題。我認為這是非常及時和相關的。我想說的是,我們一直在談論的是,我們對更廣泛的認識感到高興,即需要一套更全面的解決方案來應對能源轉型的挑戰。因此,從風能、太陽能和電動汽車發展到碳捕獲、儲存、生物燃料和氫的討論非常重要。
And the recognition globally and with governments, particularly our government, that those are important technologies that need to be developed. And importantly, the markets need to be catalyzed and early investments incentivized, we think, is a really important development. And so while we -- I'm not real familiar with what's in the legislation since it's just come out. I think it is encouraging to see the recognition and the desire to try to catalyze investments in this space because as we've said, we think they're going to be absolutely critical for society to achieve its longer-term ambitions and to make significant reductions in emissions. And so it's a step in the right direction.
全球和各國政府,特別是我們的政府,都認識到這些是需要開發的重要技術。重要的是,我們認為,需要催化市場和激勵早期投資,這是一個非常重要的發展。因此,雖然我們——我並不真正熟悉立法中的內容,因為它剛剛出來。我認為看到人們對這一領域的認可和嘗試促進投資的願望是令人鼓舞的,因為正如我們所說,我們認為它們對於社會實現其長期抱負和做出重大貢獻將是絕對關鍵的。減少排放。所以這是朝著正確方向邁出的一步。
Our portfolio, we're trying to develop a diversified approach. We've got many of the projects within the portfolio that reduce our own emissions and do it economically. The total returns at about 10% on that portfolio. And of course, Dan running low carbon solution, is working hard to improve upon that.
我們的投資組合,我們正在嘗試開發一種多元化的方法。我們的投資組合中有許多項目可以減少我們自己的排放並以經濟的方式進行。該投資組合的總回報率約為 10%。當然,運行低碳解決方案的 Dan 正在努力改進這一點。
And then we've got other large projects that where we anticipate incentives coming in either through the market or through policy that we started the planning and development on so that as that policy develops, we'll have a project ready and moving into execution. Blue hydrogen is 1 where that will be beneficial if those incentives come to pass, given the concept that we have there.
然後我們還有其他大型項目,我們預計通過市場或通過我們開始規劃和開發的政策來獲得激勵,以便隨著政策的發展,我們將準備好一個項目並開始執行。鑑於我們在那裡的概念,如果這些激勵措施通過,藍色氫是1,這將是有益的。
So I'd say generally a step in the right direction. I would also tell you, moving beyond the U.S. and more broadly looking around the world, a much more significant and serious effort in terms of looking for opportunities in the carbon capture, hydrogen, ammonia space and the biofuel space. And I've been pleased at the interest for governments all around the world and partners all around the world to engage with Exxon Mobil and to leverage the capabilities that we can bring to the space to help develop large-scale projects that make significant reductions in emissions. So I'd say really positive vectors in this space, and we feel good about how we're positioned.
所以我會說通常是朝著正確方向邁出的一步。我還要告訴你,走出美國,放眼全球,在碳捕獲、氫氣、氨氣領域和生物燃料領域尋找機會方面,這是一項更加重要和認真的努力。我很高興世界各地的政府和世界各地的合作夥伴有興趣與埃克森美孚合作,並利用我們可以為太空帶來的能力來幫助開發大型項目,從而顯著減少排放。所以我想說的是這個領域的積極向量,我們對自己的定位感覺很好。
Operator
Operator
We'll go next to Jason Gabelman with Cowen.
我們將和 Cowen 一起去 Jason Gabelman 旁邊。
Jason Daniel Gabelman - Director & Analyst
Jason Daniel Gabelman - Director & Analyst
I wanted to ask about the current investment environment just given what's going on geopolitically in Russia. And I think there's 2 schools of thought out there, 1 that this is kind of accelerating a push to invest in new lower carbon energy because the current energy system has all these geopolitical risks. And another 1 that, in fact, we need to invest in more hydrocarbons because the world is clearly short that. So I'm just hoping you could kind of frame broadly where you think the industry, government, how the conversations have gone and if you think the crisis that we're currently in is accelerating the push towards greener energy or hydrocarbons?
鑑於俄羅斯的地緣政治形勢,我想問一下當前的投資環境。我認為有兩種思想流派,一種是加速推動投資新的低碳能源,因為當前的能源系統存在所有這些地緣政治風險。還有一個,事實上,我們需要投資更多的碳氫化合物,因為世界顯然缺乏這個。所以我只是希望你能廣泛地描述你認為行業、政府、對話的進展情況,以及你是否認為我們目前所處的危機正在加速推動綠色能源或碳氫化合物的發展?
Darren W. Woods - Chairman of the Board, President & CEO
Darren W. Woods - Chairman of the Board, President & CEO
You bet, Jason. I think the short answer is yes. It's incentivizing, I think, both of those. And I think that's appropriate to look where there's an opportunity to take advantage of what I'll call the natural endowments in terms of sun and wind to deploy those technologies and renewable technologies to generate power. But at the same time, I think there's a recognition that there are deficiencies in those technologies. And while they offer an important solution and are necessary, they're not sufficient. And so I think at the same time, a recognition that we need to do more, particularly with gas given its cleaner footprint.
你打賭,傑森。我認為簡短的回答是肯定的。我認為,這兩者都具有激勵作用。我認為,看看哪裡有機會利用我稱之為太陽能和風能方面的自然禀賦來部署這些技術和可再生技術來發電是合適的。但與此同時,我認為人們認識到這些技術存在缺陷。儘管它們提供了重要的解決方案並且是必要的,但它們還不夠。所以我認為與此同時,我們需要做更多的事情,尤其是天然氣,因為它的足跡更清潔。
And I think a recognition as it was just speaking with Sam about that, the challenge here is emissions. Not oil and gas itself, it's the combustion of oil and gas and the emissions associated with that. And so dealing with emissions through carbon capture and storage is another opportunity to address the problem at a much lower cost and in a much quicker time frame.
我認為這是一種認可,因為它只是與 Sam 談論這一點,這裡的挑戰是排放。不是石油和天然氣本身,而是石油和天然氣的燃燒以及與之相關的排放。因此,通過碳捕獲和儲存來處理排放是另一個以更低的成本和更快的時間解決問題的機會。
And so my sense in the conversations I'm having with governments around the world is a recognition of this broader approach, a basket of technologies are going to be needed and emphasis should be put on all the ones for the right reasons at the right time and consciously and explicitly recognizing the deficiencies and making sure that we're mitigating those deficiencies.
因此,在我與世界各國政府的對話中,我的感覺是承認這種更廣泛的方法,需要一籃子技術,並且應該在正確的時間出於正確的原因將重點放在所有技術上並有意識地、明確地認識到缺陷並確保我們正在減輕這些缺陷。
It was just in Europe and having a conversation with some of the government leaders there and clearly recognize the challenge associated with renewables, wind and solar and the intermittency issue and a recognition that gas and gas fired power gen will be an important backstop to address that intermittency. So I think there's a much more holistic approach being taken and a more thoughtful one. And I think that's encouraging.
只是在歐洲,與那裡的一些政府領導人進行了對話,並清楚地認識到與可再生能源、風能和太陽能相關的挑戰以及間歇性問題,並認識到燃氣和燃氣發電將成為解決該問題的重要支持間歇性。所以我認為正在採取一種更全面、更周到的方法。我認為這是令人鼓舞的。
Operator
Operator
We'll take our next question from Biraj Borkhataria with Royal Bank of Canada.
我們將向加拿大皇家銀行的 Biraj Borkhataria 提出下一個問題。
Biraj Borkhataria - Director, Co-Head of European Energy Research Team & Lead Analyst
Biraj Borkhataria - Director, Co-Head of European Energy Research Team & Lead Analyst
Just one quick follow-up and then one question. So the follow-up is on Groningen again. I understand it's a government decision, but you talked about the technical capacity to increase volumes there. Are you able to quantify what is the capacity because in the past, that field has produced sort of up to 50 Bcm historically, many, many years ago.
只需快速跟進,然後提出一個問題。因此,後續行動再次出現在格羅寧根。我知道這是政府的決定,但您談到了增加產量的技術能力。您是否能夠量化容量是多少,因為在過去,該領域在歷史上已經產生了高達 50 Bcm 的歷史,很多很多年前。
And then the question I had is on your comments on Liza. You mentioned the first phase was producing above design capacity. I asked a few quarters ago about Papua New Guinea, which is also producing above capacity, and you have quite a good track record there of increasing the nameplate capacity more than once. So could you talk about the opportunity at Liza? And potentially quantify how far above capacity you could go for the additional units? Because presumably, your targets are based on design capacity only. But it'd be good to get some color on that.
然後我的問題是關於你對 Liza 的評論。你提到第一階段是生產高於設計能力的。幾個季度前,我詢問了巴布亞新幾內亞的情況,該國的產能也超過了產能,你們在不止一次增加銘牌產能方面有著良好的記錄。那麼你能談談在 Liza 的機會嗎?並可能量化您可以為額外的單位提供多遠的容量?因為據推測,您的目標僅基於設計容量。但最好在上面塗上一些顏色。
Darren W. Woods - Chairman of the Board, President & CEO
Darren W. Woods - Chairman of the Board, President & CEO
Yes. You bet, Biraj. What I would say is on Groningen, there's significant capacity there. Obviously, there's a balance that has to be struck and I know the Dutch government is very focused on responsible production there as are we. And so I think it won't be a limit of the capacity. It will more be a limit as to what the government thinks is necessary to produce given the circumstances there. So I don't know that there's a -- I wouldn't think of it as a capacity limit with respect to the facilities that we have there, but more of what do we want to do to try to balance the risk and the rewards associated with production out of that field.
是的。你打賭,比拉傑。我想說的是在格羅寧根,那裡有很大的容量。顯然,必須達成平衡,我知道荷蘭政府和我們一樣非常關注負責任的生產。所以我認為這不會是容量的限制。鑑於那裡的情況,政府認為有必要生產什麼將是一個限制。所以我不知道有一個 - 我不認為這是對我們那裡的設施的容量限制,但我們想要做更多的事情來平衡風險和回報與該領域以外的生產有關。
On the expansion and going above design capacity, I would tell you, been very, very pleased and frankly, proud of the organization and the work they've done really across the entire portfolio. You mentioned Liza and PNG, which are both really good examples and the ones that we've highlighted. But I would tell you, almost all the new projects that we're bringing on, as we line those out and get them up and running, the teams get very quickly focused on debottlenecking and optimizing and taking it above production capacity.
關於擴展和超越設計能力,我會告訴你,非常非常高興和坦率地說,為組織和他們在整個投資組合中所做的工作感到自豪。你提到了 Liza 和 PNG,它們都是很好的例子,也是我們強調的例子。但我會告訴你,幾乎所有我們正在進行的新項目,當我們將它們排好並讓它們啟動並運行時,團隊很快就會專注於消除瓶頸和優化並將其提升到產能之上。
And so I think we've got a long history of that. And I think the way we have organized our technology and engineering organization now where we can leverage the learnings and capabilities and competencies every part of the organization on to any one particular asset is a huge, huge competitive leverage. And in fact, that's part of the improvements that we're seeing.
所以我認為我們在這方面有著悠久的歷史。我認為,我們現在組織技術和工程組織的方式,我們可以利用組織的每個部分的學習、能力和能力來處理任何一項特定資產,這是一種巨大的競爭槓桿。事實上,這是我們看到的改進的一部分。
In fact, at PNG, we brought downstream -- historical downstream optimization technology into that upstream -- traditionally upstream facility, and that's making a big difference, and we're seeing that across a number of different platforms. So I don't have a new number to give you in terms of how to think about these. I would just tell you that you should feel comfortable that the organization would continue to push and strive for getting the most -- the kit that we build and the projects that we bring online. And we'll give you updates as we're moving through here on the organization successful with that to let you know how we're doing and growing that production.
事實上,在巴布亞新幾內亞,我們將下游——歷史性的下游優化技術引入了上游——傳統的上游設施,這產生了很大的不同,我們在許多不同的平台上都看到了這一點。所以我沒有新的數字可以告訴你如何思考這些問題。我只想告訴你,你應該感到放心,該組織將繼續推動並努力獲得最大的收益——我們構建的工具包和我們上線的項目。我們將向您提供最新信息,因為我們正在這裡取得成功的組織,讓您知道我們是如何做和發展該生產的。
Biraj Borkhataria - Director, Co-Head of European Energy Research Team & Lead Analyst
Biraj Borkhataria - Director, Co-Head of European Energy Research Team & Lead Analyst
Could you say how far about capacity Liza 1 is producing?
你能說一下 Liza 1 的產能有多遠嗎?
Kathryn A. Mikells - Senior VP & CFO
Kathryn A. Mikells - Senior VP & CFO
10% above.
10% 以上。
Operator
Operator
We'll go next to Roger Read with Wells Fargo.
我們將與富國銀行一起去 Roger Read 旁邊。
Roger David Read - MD & Senior Equity Research Analyst
Roger David Read - MD & Senior Equity Research Analyst
Yes. Maybe coming back to a couple of the policy questions that have been asked. You have a Slide 5 in the presentation, right, shows investment maybe where it should be versus where it is and where it's projected. And then I'm just curious, as we think about some of the policy you talked about maybe checking the box of all of the above as you're meeting with various governments.
是的。也許回到已經提出的幾個政策問題。您在演示文稿中有一張幻燈片 5,對,顯示投資可能應該在哪裡,在哪里以及在哪裡進行預測。然後我很好奇,當我們考慮你談到的一些政策時,可能會在你與各國政府會面時勾選上述所有內容。
Would that allow the global investment to get back on the track necessary as we look out over several years? And if not, wouldn't that indicate that we're going to be looking at multiple years of above normal or above, let's call it, mid-cycle commodity prices? Because when I think about a $41 breakeven, maybe a $60, $65 mid-cycle, but an underinvestment situation that says oil prices are likely to exceed that. Doesn't that set up Exxon very well to, I think, one of the questions asked earlier, be more aggressive on the cash returns front. Just curious how you think about that sliding together.
這會讓全球投資回到我們未來幾年所需要的軌道上嗎?如果不是這樣,這是否表明我們將看到多年高於正常水平或高於正常水平的商品價格,讓我們稱之為周期中期商品價格?因為當我想到 41 美元的盈虧平衡點時,可能是 60 美元、65 美元的周期中期,但投資不足的情況表明油價可能會超過這一點。我認為,埃克森美孚不是很好地設置了之前提出的問題之一,在現金回報方面更加積極。只是好奇你如何看待這種滑動。
Darren W. Woods - Chairman of the Board, President & CEO
Darren W. Woods - Chairman of the Board, President & CEO
Yes. Well, I think, Roger, it's a complicated space you're asking about, but a good one. I do think if over time, policymakers focus on what I think the real challenge with the energy transition is, which is dealing with emissions and the broader door opens for, say, carbon capture and storage or hydrogen and specifically blue hydrogen that, that opens up the door for additional oil and gas and the receptiveness of oil and gas coming on the marketplace, which I think frankly, is important just given the costs associated with the transition.
是的。好吧,我想,羅傑,你問的是一個複雜的空間,但是一個很好的空間。我確實認為,如果隨著時間的推移,政策制定者會關注我認為能源轉型的真正挑戰是什麼,那就是解決排放問題,並且為碳捕獲和儲存或氫,特別是藍色氫打開更廣闊的大門。為額外的石油和天然氣以及市場對石油和天然氣的接受度敞開大門,坦率地說,考慮到與過渡相關的成本,這一點很重要。
If you can find ways to use existing infrastructure and don't have to rewire your entire industrial processes and power generation systems, that's going to be a win for society as we bring down emissions. And so that may open the door. I think that will just -- time will tell. And if that does, obviously, the demand changes. And maybe that incentivizes more investment and get you back into the range that's shown on the chart.
如果您能找到使用現有基礎設施的方法,而不必重新連接整個工業流程和發電系統,那麼隨著我們減少排放,這將是社會的勝利。所以這可能會打開大門。我認為這只是 - 時間會證明一切。如果確實如此,顯然,需求會發生變化。也許這會激勵更多的投資,讓你回到圖表上顯示的範圍內。
From our perspective, what will change our investment is finding these advantaged opportunities. I think our view has been and continues to be that we're going to look for the opportunities where we can leverage the capabilities and competitive advantage of the corporation and generate above-industry average returns.
從我們的角度來看,將改變我們的投資的是尋找這些有利的機會。我認為我們的觀點一直是並將繼續是,我們將尋找可以利用公司的能力和競爭優勢並產生高於行業平均回報的機會。
The portfolio we've been advancing does that. We've got others that we're working on potential opportunities in the pipeline that we think will do that. And so as we are successful at securing those opportunities or developing them, you'll see those come into the portfolio.
我們一直在推進的投資組合就是這樣做的。我們還有其他人正在研究我們認為可以做到這一點的潛在機會。因此,當我們成功地獲得或開發這些機會時,您會看到這些機會進入投資組合。
And frankly, the size of that investment will be a function of kind of how big those -- or the number of those projects that we find that are advantaged are. And so that's kind of the -- how I would summarize it.
坦率地說,這項投資的規模將取決於這些項目的規模——或者我們發現有優勢的項目的數量。這就是——我將如何總結它。
Roger David Read - MD & Senior Equity Research Analyst
Roger David Read - MD & Senior Equity Research Analyst
Can I just ask one kind of clarification on that. If you think about -- and I understand you're doing a lot of things in a lot of different places. But if you think about your investment relative to those various lines, right, what's projected, what's necessary and where Exxon is today, where do you feel Exxon hits on that curve?
我能否就此提出一種澄清。如果你想——我知道你在很多不同的地方做很多事情。但是,如果您考慮相對於這些不同線的投資,對,預計什麼,什麼是必要的以及埃克森今天在哪裡,您覺得埃克森在這條曲線上的位置是什麼?
Darren W. Woods - Chairman of the Board, President & CEO
Darren W. Woods - Chairman of the Board, President & CEO
Well, I would say, Roger, you've got to put what we're doing today and what we've got plan going forward in the context of what we've been doing over the last 5 years. You will recall back in 2018, we talked about aggressively investing in these opportunities and doing it countercyclically. While others were pulling back, we were leaning in. And that meant that we spent -- and you will recall this, I got a lot of pressure on this and criticism is spending that money upfront out of the cycle, which I think is paying off today. And I think that was the right strategy is not to ramp up spending in the heat of the moment or the heat of the market.
好吧,我想說,羅傑,你必須把我們今天正在做的事情以及我們已經制定的計劃放在過去 5 年裡我們一直在做的事情的背景下。你會記得在 2018 年,我們談到積極投資這些機會並逆週期進行。當其他人在撤退時,我們正在靠攏。這意味著我們花了 - 你會記得這一點,我在這方面承受了很大的壓力,批評是在周期外預先花掉這筆錢,我認為這是在支付今天休息。而且我認為正確的策略是不要在當下或市場火熱的情況下增加支出。
And so that strategy is paying off. You've got to look across that time cycle and I would say, aggregate the investments that we've been making. My expectation is we'll see -- we'll continue to see cycles in this industry, and we're going to continue to look for the opportunities, particularly in the down cycle to bring advantaged investments forward. And that's the way we're going to be thinking about and looking at it.
因此,這一策略正在取得成效。您必須查看那個時間週期,我想說,匯總我們一直在進行的投資。我的期望是我們會看到——我們將繼續看到這個行業的周期,我們將繼續尋找機會,特別是在下行週期中,以推動有利的投資向前發展。這就是我們要思考和看待它的方式。
Operator
Operator
We'll go next to Neal Dingmann with Truist.
我們將和Truist一起去Neal Dingmann旁邊。
Neal David Dingmann - MD
Neal David Dingmann - MD
Darren, my question is, again, on shareholder returns. Specifically, given the massive amount of cash, you don't have in the book post the nice quarterly cash flow, would you all consider externally ramping up some more of the shorter cycle return assets like your Permian position given based on our number, what looks like to be notable discounts that many of the independent producers are trading at versus the spread?
達倫,我的問題再次是關於股東回報。具體來說,考慮到大量現金,你在書中沒有很好的季度現金流,你們是否都考慮在外部增加一些較短的周期回報資產,比如根據我們的數字給出的二疊紀頭寸,什麼?看起來許多獨立生產商的交易價格與價差相比有顯著折扣?
Darren W. Woods - Chairman of the Board, President & CEO
Darren W. Woods - Chairman of the Board, President & CEO
Yes. So in terms of our organic opportunities in the Permian, it will -- we're not going to step outside of the strategy that we developed in terms of driving capital-efficient production in the Permian. You'll recall we've talked about the corridor approach that we're pursuing in the Delaware. The fact that we've pre-invested in facilities there. We've got a very aggressive technology program that we've been working on for some time now. That's being built and brought into our production and drilling there. And one of the reasons why we're seeing some of the advances and cost and efficiency is driven by a lot of that work we've been doing in the technology space.
是的。因此,就我們在二疊紀的有機機會而言,它將——我們不會超出我們在推動二疊紀資本效率生產方面製定的戰略。你會記得我們已經討論過我們在特拉華州推行的走廊方法。事實上,我們已經預先投資了那裡的設施。我們有一個非常激進的技術計劃,我們已經研究了一段時間。那裡正在建造並帶入我們的生產和鑽探中。我們看到一些進步以及成本和效率的原因之一是我們在技術領域所做的許多工作。
We've got more technology that we're looking to bring into that. And so that's helping the development and the productivity of that development. We don't want to get too far ahead of that. So there are a lot of parameters that we're keeping an eye on to make sure that we deliver on our commitments to produce there at very low cost, have very low breakevens and high cash flow. That's the way we're thinking about it.
我們有更多的技術,我們希望將其引入其中。因此,這有助於開發和開發的生產力。我們不想在這之前走得太遠。因此,我們正在密切關注許多參數,以確保我們兌現承諾,以非常低的成本在那裡生產,擁有非常低的盈虧平衡點和高現金流。這就是我們正在考慮的方式。
Neal David Dingmann - MD
Neal David Dingmann - MD
But no thoughts like we did in '17 rate. I do think '17 buying -- externally buying other assets in the Permian outside of the largest position you already have?
但是沒有像我們在 17 年利率中所做的那樣的想法。我確實認為 17 年的購買——在你已經擁有的最大頭寸之外從外部購買二疊紀的其他資產?
Darren W. Woods - Chairman of the Board, President & CEO
Darren W. Woods - Chairman of the Board, President & CEO
I think we are always looking for acquisition opportunities. That has been -- that's always on the radar. And as you know, the key secret or the key advantage there you got to find is assets that fit with your advantages that you can bring additional value and improve value through an acquisition. So absolutely, that remains on the radar. I think as we work these technologies, as we advance our processes and techniques, that opens up additional advantage, which we can then look at and apply to other potential opportunities. So that's kind of the formula that we have there, and we're keeping our eyes open.
我認為我們一直在尋找收購機會。這一直是 - 這總是在雷達上。如您所知,您在那裡找到的關鍵秘密或關鍵優勢是與您的優勢相匹配的資產,您可以通過收購帶來額外價值並提高價值。所以絕對,這仍然在雷達上。我認為,當我們使用這些技術時,隨著我們推進我們的流程和技術,這會帶來額外的優勢,然後我們可以研究這些優勢並將其應用於其他潛在的機會。所以這就是我們那裡的公式,我們一直在睜大眼睛。
Operator
Operator
We'll go next to Manav Gupta with Crédit Suisse.
我們將與瑞士信貸一起前往 Manav Gupta。
Manav Gupta - Research Analyst
Manav Gupta - Research Analyst
My quick question here is, we are hearing some worries on -- we have a debate if U.S. is in a recession or not in a recession. Globally, also the same debate. I'm just trying to understand whether it's your refining business or your Chemicals business? Are you seeing any early signs of recessionary demand kicking in or demand destruction whether it relates to the refining business or maybe your commodity chemical business? If you could help us understand how demand is trending in somewhat of a challenging GDP or global economic data.
我的快速問題是,我們聽到了一些擔憂——我們正在辯論美國是否處於衰退中。在全球範圍內,也有同樣的爭論。我只是想了解是您的煉油業務還是您的化工業務?您是否看到任何與煉油業務或您的商品化學品業務有關的衰退需求或需求破壞的早期跡象?如果您能幫助我們了解在具有挑戰性的 GDP 或全球經濟數據中的需求趨勢。
Darren W. Woods - Chairman of the Board, President & CEO
Darren W. Woods - Chairman of the Board, President & CEO
Sure, Manav. I'll take a crack at that and then see if Kathy has anything to add. I think certainly, the dialogue that I've heard externally in this space is, it's a complex picture to try to dissect to understand. And of course, the debate are we in a recession, not a recession, I think, is important factor of this complicated landscape that we're looking at.
當然,馬納夫。我會嘗試一下,然後看看凱西是否有什麼要補充的。我想當然,我在這個空間聽到的外部對話是,這是一個試圖剖析理解的複雜畫面。當然,辯論是我們處於衰退中,而不是衰退,我認為,這是我們正在研究的這個複雜格局的重要因素。
I would say within our industry, it's no less complicated when you think about a lot of the supply constraints, some logistics challenges that we're facing. So it's difficult to get a really clear read on what's driving variation demand quarter-on-quarter, month-on-month given some of those logistics challenges that we're seeing, inventory withdrawals and builds. And so a complicated space. I think bottom line is I wouldn't tell you that we're seeing something that would say we are in a recession or a near recession. But I would also say that it's a complex picture, frankly.
我想說的是,在我們的行業中,當您考慮到很多供應限制以及我們面臨的一些物流挑戰時,情況同樣複雜。因此,鑑於我們所看到的一些物流挑戰、庫存提取和構建,很難真正清楚地了解是什麼推動了環比、環比需求的變化。所以一個複雜的空間。我認為底線是我不會告訴你我們看到的情況會表明我們正處於衰退或接近衰退。但坦率地說,我還要說這是一幅複雜的畫面。
The demand destruction question that you asked, I wouldn't tie and what we have seen is, obviously, earlier this year as prices really spiked up. There is a level of discretionary demand, and we saw some of that demand come off with very high prices. As prices have come back down again, you're seeing some of that recover. And so I would say that's just the normal price response that you see with respect to demand and not tied to, say, a more macroeconomic picture.
你問的需求破壞問題,我不同意,我們所看到的顯然是今年早些時候價格真的飆升。有一定程度的可自由支配需求,我們看到其中一些需求以非常高的價格下降。隨著價格再次回落,您會看到其中的一些回升。所以我想說這只是你看到的關於需求的正常價格反應,而不是與更宏觀的經濟形勢聯繫在一起。
Kathy, if you have anything to add?
凱西,你有什麼要補充的嗎?
Kathryn A. Mikells - Senior VP & CFO
Kathryn A. Mikells - Senior VP & CFO
Yes. The only other thing I would add to that is, overall, when you look at demand recovering from the lows of the pandemic, one of the laggards has been jet, obviously. And so jet continues to lag, but is obviously starting to pick up now as people are starting to travel and obviously, international travel restrictions have reduced, which means people are also starting to travel a bit more internationally.
是的。我要補充的唯一另一件事是,總體而言,當您看到需求從大流行的低點復甦時,顯然其中一個落後者是噴氣式飛機。因此,噴氣式飛機繼續滯後,但隨著人們開始旅行,顯然現在開始回升,顯然,國際旅行限制已經減少,這意味著人們也開始更多地國際旅行。
But we continue to also see some effects of COVID. The fact that China was in lockdowns in the second quarter, certainly kind of impacted our Chemicals business a little bit, right? And so we saw a bit of our volumes coming off there, specifically in Asia, responding to that. So there's going to continue to be these impacts, both the ongoing recovery from the pandemic. And then obviously, some COVID impacts and now kind of intersecting with a bit more uncertainty associated with just the overall macro environment.
但我們繼續看到 COVID 的一些影響。中國在第二季度處於封鎖狀態這一事實肯定對我們的化工業務產生了一些影響,對吧?所以我們看到我們的一些銷量在那裡,特別是在亞洲,對此做出了回應。因此,這些影響將繼續存在,無論是從大流行中持續復甦。然後很明顯,一些 COVID 影響現在有點與與整體宏觀環境相關的更多不確定性相交。
The last thing I'd say is we tend to be an organization that prepares for the worst and hopes for the best. So I'd tell you, we're certainly preparing for every eventuality.
我要說的最後一件事是,我們往往是一個為最壞的情況做準備並抱最好的希望的組織。所以我要告訴你,我們當然在為每一種可能發生的情況做準備。
Operator
Operator
We'll take our next question from John Royall with JPMorgan.
我們將向摩根大通的約翰·羅亞爾提出下一個問題。
John Macalister Royall - Analyst
John Macalister Royall - Analyst
My question is on the Chemicals business. I know you've had some headwinds in 2Q from both a margin and a volume perspective. You had called out China lockdown specifically, and that piece might be a little tough to forecast. But can you speak to your outlook there for the second half in both the U.S. and globally in the Chemicals business?
我的問題是關於化學品業務的。我知道從利潤率和數量的角度來看,您在第二季度遇到了一些不利因素。你已經特別呼籲中國封鎖,那可能有點難以預測。但是你能談談你對下半年美國和全球化學品業務的展望嗎?
Darren W. Woods - Chairman of the Board, President & CEO
Darren W. Woods - Chairman of the Board, President & CEO
Sure. I'll start off on that and then see if Kathy wants to add anything. I would tell you, what we're seeing here in the second quarter, and we made reference to is while the ethane advantage that we have in the U.S., North America still is an advantage versus the rest of the world as gas prices go up and crude prices moderate and more naphthas out there. That advantage weakens, and we saw that with respect to the margin. But still reasonably healthy demand and good demand growth year-on-year.
當然。我將從這個開始,然後看看 Kathy 是否想添加任何內容。我會告訴你,我們在第二季度看到的情況,我們提到的是,雖然我們在美國擁有的乙烷優勢,但隨著天然氣價格上漲,北美與世界其他地區相比仍然是優勢原油價格溫和,石腦油更多。這種優勢減弱了,我們在利潤率方面看到了這一點。但需求仍相當健康,需求同比增長良好。
China obviously is an important market. And so as we move in and out of lockdowns there, that will have an impact on our Chemicals demand. And the automotive market is an important market. And with some of the challenges they've had there with chips and production issues that has had in the short-term impacts, and we'll have to see how those get resolved.
中國顯然是一個重要的市場。因此,當我們進出那裡的封鎖時,這將對我們的化學品需求產生影響。而汽車市場是一個重要的市場。他們在芯片和生產問題上遇到了一些挑戰,這些問題在短期內產生了影響,我們將不得不看看這些問題是如何解決的。
My expectation is as that gets resolved in automotive production, that was to pick up, we'd see that again, recover within our portfolio. So that's kind of the landscape that we see today and really be a function of where does China end up going with respect to its response to COVID.
我的期望是,隨著汽車生產的解決,那就是回升,我們會再次看到,在我們的投資組合中恢復。所以這就是我們今天看到的情況,實際上是中國在應對 COVID 方面最終走向何方的函數。
Kathy, anything to add?
凱西,有什麼要補充的嗎?
Kathryn A. Mikells - Senior VP & CFO
Kathryn A. Mikells - Senior VP & CFO
Yes. The only thing I would add is, as we look forward, there are more supply coming on in chemicals specifically. And so we can see projects. Most of them are targeted in China, and China is obviously long term, 1 of the fastest-growing markets for Chemicals, but we're also seeing some additional supply that's going to come on in North America. And this is obviously part of the cyclicality in the business. Supply tends to come on in large chunks, and it takes a little while for overall supply and demand to then come back in balance. So that's the only other thing that I would add.
是的。我唯一要補充的是,正如我們所期待的那樣,特別是化學品方面的供應會更多。所以我們可以看到項目。它們中的大多數都針對中國,而中國顯然是長期的,是化學品增長最快的市場之一,但我們也看到北美將會出現一些額外的供應。這顯然是業務週期性的一部分。供應往往大量出現,整體供需需要一段時間才能恢復平衡。所以這是我唯一要補充的。
Jennifer K. Driscoll - VP of IR
Jennifer K. Driscoll - VP of IR
Thanks. I think we have time for one more question, Jennifer.
謝謝。我想我們還有時間再問一個問題,詹妮弗。
Operator
Operator
Looks like we have time for 1 more question. Our last question will be from Ryan Todd from Piper Sandler.
看起來我們還有時間再回答 1 個問題。我們的最後一個問題來自 Piper Sandler 的 Ryan Todd。
Ryan M. Todd - MD & Senior Research Analyst
Ryan M. Todd - MD & Senior Research Analyst
Yes. Maybe just one follow-up on some of the earlier comments on the low carbon businesses. On the carbon capture front, you called out a number of projects in the release, you're progressing in a number of those different projects around the world. As you look at these -- I mean, how would you describe the commonalities in these projects? What is and isn't working on carbon capture? Are there technical similarities that are driving progress in these locations or specific progress or projects, political or fiscal support? And what are some of the key things that you need to see either technically or regulatory-wise to kind of -- to grow this business further, I'd say?
是的。也許只是對早期關於低碳業務的一些評論的跟進。在碳捕獲方面,您在新聞稿中提出了許多項目,您正在世界各地的許多不同項目中取得進展。當你看到這些——我的意思是,你會如何描述這些項目的共性?什麼是碳捕獲,什麼沒有?是否存在推動這些地點或具體進展或項目、政治或財政支持取得進展的技術相似性?我想說的是,為了進一步發展這項業務,您需要在技術上或監管方面看到哪些關鍵事項?
Darren W. Woods - Chairman of the Board, President & CEO
Darren W. Woods - Chairman of the Board, President & CEO
Sure. Yes. Thanks, Ryan. I think if you look at today's technology, it has applicability. It's economic for more concentrated streams of CO2. As you move down the seriatum of emissions, so to speak, and the CO2 concentration becomes more and more dilute, that existing technology becomes more and more expensive. And I think that's one of the key challenges. And so one of the areas that we're working with our technology organizations is developments in technology that allow more economic capture of more diluted CO2 streams. And so I would say that's one constraint that's going to require technical advances to make it more affordable going forward.
當然。是的。謝謝,瑞恩。我認為如果你看看今天的技術,它具有適用性。更集中的二氧化碳流是經濟的。當你降低排放量時,可以說,二氧化碳濃度變得越來越稀薄,現有技術變得越來越昂貴。我認為這是關鍵挑戰之一。因此,我們與我們的技術組織合作的領域之一是技術開發,可以更經濟地捕獲更多稀釋的二氧化碳流。所以我會說這是一個限制,需要技術進步才能使其在未來變得更實惠。
But outside that, within the streams that have the necessary concentration to make existing technology work, key variables will be storage and access to storage. And access to storage that's geographically close, logistically close because another key point will be the transportation cost. And so kind of requires concentrated streams of CO2, good logistics systems and storage -- abundant storage that's close by.
但除此之外,在需要集中精力使現有技術發揮作用的流中,關鍵變量將是存儲和對存儲的訪問。並且可以使用地理位置接近、物流接近的存儲,因為另一個關鍵點是運輸成本。因此需要集中的二氧化碳流、良好的物流系統和儲存——充足的儲存就在附近。
You put those things together, you've got an equation that you can make these projects work with relatively modest incentive schemes. And in fact, that's what you're seeing with the Houston Hub carbon capture projects that we've tabled a very large source of somewhat concentrated CO2 streams that's logistically close to a good storage in the Gulf of Mexico. So all those equations come together. That require additional incentives, but something that would be reasonably inexpensive compared to the cost societies currently bearing to remove CO2.
你把這些東西放在一起,你就有了一個等式,你可以讓這些項目在相對適度的激勵計劃下工作。事實上,這就是你在休斯頓樞紐碳捕獲項目中看到的情況,我們已經列出了一個非常大的、有些集中的二氧化碳流來源,在物流上靠近墨西哥灣的良好儲存。所以所有這些方程式都在一起。這需要額外的激勵措施,但與目前消除二氧化碳的成本社會相比,這將是相當便宜的。
And as you move around the world, the projects that we're looking at have similar constructs to make that -- those projects viable. And then obviously, the governments are looking at what kind of policy would be required to help support those projects.
當你在世界各地移動時,我們正在研究的項目具有相似的結構來實現這一點——這些項目是可行的。然後很明顯,政府正在研究需要什麼樣的政策來幫助支持這些項目。
Jennifer K. Driscoll - VP of IR
Jennifer K. Driscoll - VP of IR
Thank you, Ryan. Thank you, Darren. I think we're out of time. I appreciate everybody's questions today. We will post the transcript of the Q&A session on our investor website early next week. Have a nice weekend, everybody, and I'll turn it back to our operator to conclude our call. Jennifer?
謝謝你,瑞安。謝謝你,達倫。我想我們沒時間了。今天感謝大家的提問。我們將在下周初在我們的投資者網站上發布問答環節的記錄。祝大家週末愉快,我將把它轉回給我們的接線員以結束我們的通話。詹妮弗?
Darren W. Woods - Chairman of the Board, President & CEO
Darren W. Woods - Chairman of the Board, President & CEO
Thanks.
謝謝。
Operator
Operator
This concludes today's call. We thank everyone again for their participation.
今天的電話會議到此結束。我們再次感謝大家的參與。