埃克森美孚 (XOM) 2023 Q2 法說會逐字稿

Good day, everyone, and welcome to this Exxon Mobil Corporation Second Quarter 2023 Earnings Call. Today's call is being recorded. 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.

大家好，歡迎參加埃克森美孚公司 2023 年第二季度財報電話會議。今天的通話正在錄音。現在，我想將電話轉給投資者關係副總裁詹妮弗·德里斯科爾女士。請繼續，女士。

Good morning, everyone. Welcome to Exxon Mobil's Second Quarter 2023 Earnings Call. I'm Jennifer Driscoll, Vice President, Investor Relations. I'm joined by Darren Woods, Chairman and CEO; and Kathy Mikells, Senior Vice President and CFO.

大家，早安。歡迎參加埃克森美孚 2023 年第二季度財報電話會議。我是投資者關係副總裁詹妮弗·德里斯科爾。董事長兼首席執行官達倫·伍茲 (Darren Woods) 也出席了會議；以及高級副總裁兼首席財務官凱西·米克爾斯 (Kathy Mikells)。

Our slides, script and earnings release are available in the Investors section of our website. In a moment, Darren will provide opening comments, then we'll take your questions. In conjunction with our recent announcement to acquire Denbury and related materials in this presentation, we've included additional information on Slide 2.

我們的幻燈片、腳本和收益發布可在我們網站的投資者部分獲取。稍後，達倫將發表開場評論，然後我們將回答您的問題。結合我們最近宣布收購 Denbury 和本演示文稿中的相關材料，我們在幻燈片 2 中提供了更多信息。

During the presentation, we'll make forward-looking comments. These are subject to risks and uncertainties. Please read our cautionary statement on Slide 3. You may find more information on the risks and uncertainties that apply to any forward-looking statements in our SEC filings on our website. Please note that we have supplemental information at the end of our slides.

在演示過程中，我們將做出前瞻性評論。這些都存在風險和不確定性。請閱讀我們在幻燈片 3 上的警告聲明。您可以在我們網站上的 SEC 文件中找到有關適用於任何前瞻性聲明的風險和不確定性的更多信息。請注意，我們在幻燈片末尾提供了補充信息。

Now let me turn it over to Darren.

現在讓我把它交給達倫。

Good morning. Thanks for joining us today. I'm pleased to be conducting our earnings call from our Houston campus. As of July 1, our corporate headquarters is now located at the campus alongside the senior managers of our businesses and centralized organizations. This is the first time in the company's history that the senior leadership team of the corporation is located on one site. It represents a critical step in continuing the transformation of our business, enabling us to improve collaboration and alignment and further leverage synergies across our integrated businesses.

早上好。感謝您今天加入我們。我很高興在我們的休斯頓園區主持我們的財報電話會議。截至 7 月 1 日，我們的公司總部現已設在園區內，旁邊還有我們業務和集中組織的高級管理人員。這是公司歷史上第一次公司高層領導團隊集中在一個地點。它是我們繼續業務轉型的關鍵一步，使我們能夠改善協作和協調，並進一步利用我們綜合業務的協同效應。

The ongoing efforts to structurally improve our company and drive sustained industry-leading performance was clearly demonstrated in our second quarter results. We delivered earnings of almost $8 billion, 2x higher than what we earned in the second quarter of 2018 under comparable industry commodity prices. That doubling of earnings reflects our work in the intervening years to reshape our portfolio of businesses, invest in advantaged projects and drive a higher level of efficiency and effectiveness in everything we do.

我們第二季度的業績清楚地表明了我們為結構性改進公司和推動持續行業領先的業績所做的持續努力。我們實現了近 80 億美元的盈利，是 2018 年第二季度在可比行業商品價格下盈利的兩倍。收益翻倍反映了我們在接下來的幾年裡重塑業務組合、投資優勢項目以及提高我們所做的一切工作的效率和效果的工作。

With these results, I'd like to take a moment to recognize our people, starting with all of those that made the move to Houston. I'm sure you know, moves like this are not easy and that many personal sacrifices are made. I'm very thankful for all who did this. Their willingness to disrupt their lives for the benefit of our company is a testament to the dedication of our people, whose commitment and hard work underpin all the improvements we are making. I hope our shareholders take comfort in this one small example of our people's commitment to the company and have confidence in their resolve to further strengthen our position as an industry leader in all that we do.

有了這些結果，我想花點時間來表彰我們的員工，首先是所有搬到休斯頓的員工。我相信你知道，這樣的舉動並不容易，並且需要做出許多個人犧牲。我非常感謝所有這樣做的人。他們願意為了我們公司的利益而改變自己的生活，這證明了我們員工的奉獻精神，他們的承諾和辛勤工作支撐著我們正在取得的所有進步。我希望我們的股東對我們員工對公司的承諾的這一小例子感到欣慰，並對他們進一步加強我們作為行業領導者的地位的決​​心充滿信心。

Our achievements this quarter also demonstrate the progress we're making in solving the "and" equation, meeting the world's needs for energy and essential products and reducing emissions, both our own and others.

我們本季度取得的成就也證明了我們在解決“與”方程、滿足世界對能源和必需產品的需求以及減少我們自己和其他國家的排放方面所取得的進展。

In the Permian, we set another production record. We remain on track for an overall growth in production of 10% this year. As I said last quarter, our growth won't be linear as we execute our development plans that balance and optimize capital efficiency, resource recovery and production rates. Our priority will remain on driving value, not volumes.

在二疊紀，我們創造了另一個產量記錄。今年我們的產量總體增長仍有望達到 10%。正如我上季度所說，當我們執行平衡和優化資本效率、資源回收和生產率的發展計劃時，我們的增長不會是線性的。我們的首要任務仍然是推動價值，而不是數量。

In Guyana, we achieved a record quarterly gross production rate of 380,000 barrels per day. Our team in Guyana continues to deliver excellent operating, environmental and safety results while optimizing and growing production. In fact, we see the potential to increase the combined gross capacity of these 2 FPSOs to above 400,000 barrels a day with further bottlenecking, which is nearly a 20% increase above the investment basis and a testament to the ingenuity of our people.

在圭亞那，我們實現了創紀錄的季度總產量 380,000 桶/日。我們在圭亞那的團隊在優化和提高產量的同時，繼續提供卓越的運營、環境和安全成果。事實上，我們看到了將這 2 艘 FPSO 的總產能增加到每天 40 萬桶以上的潛力，並進一步解決瓶頸問題，這比投資基礎增加了近 20%，這證明了我們員工的聰明才智。

In the Gulf Coast, we continue to profitably grow our business. In the second quarter, we achieved mechanical completion of the Baytown chemical expansion. The project grows volume improved mix with 750,000 tons per annum of additional performance chemical products. The Baytown expansion is the final Product Solutions component of the Growing the Gulf initiative announced in 2017.

在墨西哥灣沿岸，我們的業務持續盈利增長。第二季度，我們實現了貝敦化工擴建的機械完工。該項目每年增加 750,000 噸附加高性能化學品的產量。 Baytown 擴建項目是 2017 年宣布的海灣發展計劃的最後一個產品解決方案組成部分。

If you recall, the initiative committed to investments of $20 billion over 10 years to capitalize on the U.S.' advantaged resources, economic growth and strong regional support for our businesses and the jobs we create. 11 of the 13 projects are up and running. The Baytown expansion after product qualifications should begin contributing by the fourth quarter and Golden Pass, the last of our Growing the Gulf projects, should have its first train up at the back end of 2024. The Growing the Gulf initiative is another example of executing our strategy, investing in advantaged, high-value growth and delivering on our commitments.

如果您還記得的話，該倡議承諾在 10 年內投資 200 億美元，以充分利用美國的優勢。得天獨厚的資源、經濟增長以及對我們的企業和我們創造的就業機會的強有力的區域支持。 13個項目中有11個已啟動並運行。產品合格後的 Baytown 擴建應在第四季度開始做出貢獻，而 Golden Pass（我們的最後一個“Growing the Gulf”項目）應在 2024 年底推出第一列列車。“Growing the Gulf”計劃是執行我們的“Growing the Gulf”計劃的另一個例子戰略，投資於有利的高價值增長並兌現我們的承諾。

Improving the earnings power of our businesses also requires divestments. In the second quarter, we completed the divestment of the Billings refinery. Including this sale, cash proceeds from divestments of nonstrategic assets have totaled roughly $2 billion year-to-date. In advancing our efforts to better leverage corporate scale and integration, we established 3 new centralized organizations in the quarter, consolidating activities previously embedded in each of our businesses: Global Business Solutions, ExxonMobil Supply Chain and Global Trading. They are all off to a good start and have clear lines of sight to improve performance and lower cost.

提高我們業務的盈利能力也需要撤資。第二季度，我們完成了比林斯煉油廠的撤資。包括此次出售在內，今年迄今為止，非戰略資產剝離帶來的現金收益總計約 20 億美元。為了更好地利用企業規模和整合，我們在本季度建立了 3 個新的集中組織，整合了之前嵌入我們各項業務的活動：全球業務解決方案、埃克森美孚供應鍊和全球貿易。他們都有一個良好的開端，並且對於提高性能和降低成本有著清晰的視野。

Our Low Carbon Solutions business continues to make progress in building an advantaged, low-cost, high-return business in capturing, transporting and storing carbon. We announced the CO2 offtake agreement with Nucor, one of North America's largest steel producers. And we signed an agreement to acquire Denbury, which will provide ExxonMobil with the largest owned and operated network of CO2 pipelines in the United States.

我們的低碳解決方案業務不斷取得進展，在碳捕獲、運輸和儲存方面建立優勢、低成本、高回報的業務。我們宣布與北美最大的鋼鐵生產商之一紐柯鋼鐵公司簽訂二氧化碳承購協議。我們還簽署了收購 Denbury 的協議，這將為埃克森美孚提供美國擁有和運營的最大的二氧化碳管道網絡。

Combining Denbury's assets and experience with our capabilities will significantly accelerate and expand our ability to profitably help customers reduce their emissions and allow ExxonMobil to play an even greater role in a thoughtful energy transition. It significantly enhances our competitive position and offers a compelling customer proposition to economically reduce emissions in hard-to-decarbonize heavy industries, which today have limited practical options.

將 Denbury 的資產和經驗與我們的能力相結合，將顯著加速和擴大我們幫助客戶減少排放並實現盈利的能力，並使埃克森美孚在深思熟慮的能源轉型中發揮更大的作用。它顯著增強了我們的競爭地位，並提供了令人信服的客戶主張，以經濟地減少難以脫碳的重工業的排放，而目前這些工業的實際選擇有限。

Of Denbury's 1,300 miles of CO2 pipeline, roughly 70% are in the Gulf Coast states of Louisiana, Texas and Mississippi, one of the largest U.S. markets for CO2 reduction and home to some of ExxonMobil's largest integrated refining and chemical sites. And 9 of the 10 strategically located CO2 storage sites are also in this region.

在 Denbury 1,300 英里的二氧化碳管道中，大約 70% 位於墨西哥灣沿岸的路易斯安那州、德克薩斯州和密西西比州，這些州是美國最大的二氧化碳減排市場之一，也是埃克森美孚一些最大的綜合煉油和化工工廠的所在地。 10 個具有戰略意義的二氧化碳封存地點中有 9 個也位於該地區。

We believe the transaction synergies will drive strong growth and returns. A cost-efficient transportation and storage system accelerates CCS deployment for both ExxonMobil and our third-party customers. It supports multiple low carbon value chains, including CCS, hydrogen, ammonia and biofuels.

我們相信交易協同效應將推動強勁的增長和回報。經濟高效的運輸和存儲系統可加速埃克森美孚和我們的第三方客戶的 CCS 部署。它支持多個低碳價值鏈，包括CCS、氫氣、氨和生物燃料。

Ultimately, we see an opportunity to create a CCS business with the capacity to reduce emissions across the Gulf Coast up to 100 million tons per year. This transaction will help us do that at a lower cost and faster pace. In fact, we see the potential for 1/3 of the opportunity being actionable in the near term, which takes us to our customers.

最終，我們看到了創建 CCS 業務的機會，該業務能夠將墨西哥灣沿岸的排放量每年減少多達 1 億噸。這項交易將幫助我們以更低的成本和更快的速度實現這一目標。事實上，我們認為 1/3 的機會有可能在短期內付諸實施，從而將我們帶到客戶身邊。

Our latest offtake agreement extends our CCS customer base beyond industrial gas and fertilizers in this deal. This project will tie into the same CO2 transportation and storage infrastructure we use to serve CF Industries located just 10 miles from Nucor. Focusing on our efforts and investments in areas with concentrated sources of emissions allows us to capture the benefits of scale, reduce our spend per ton of CO2 captured and improve returns. Our work with Nucor supports Louisiana's goal of reaching net zero greenhouse gas emissions by 2050. And it increases the total amount of CO2 we've agreed to transport and store for customers to 5 million metric tons per year, equivalent to replacing 2 million cars with EVs, roughly the same number of electric vehicles on the road in the United States today.

在本次交易中，我們最新的承購協議將我們的 CCS 客戶群擴展到工業氣體和化肥之外。該項目將與我們為距紐柯僅 10 英里的 CF Industries 提供服務的二氧化碳運輸和儲存基礎設施相結合。專注於排放源集中地區的努力和投資使我們能夠獲得規模效益，減少捕獲每噸二氧化碳的支出並提高回報。我們與紐柯公司的合作支持路易斯安那州到 2050 年實現溫室氣體淨零排放的目標。這將我們同意為客戶運輸和儲存的二氧化碳總量增加到每年 500 萬公噸，相當於用汽車替代 200 萬輛汽車電動汽車，與當今美國道路上的電動汽車數量大致相同。

With the planned Denbury acquisition, potential reduction could be up to 20x that. As demonstrated by these new developments, we're continuing to make significant progress in our plans to lead industry and helping society reduce emissions.

通過計劃中的 Denbury 收購，潛在的減少量可能高達 20 倍。正如這些新發展所表明的那樣，我們在引領行業和幫助社會減少排放的計劃方面繼續取得重大進展。

A major component of our improved earnings is the structural cost savings that we've achieved, currently at $8.3 billion. We remain on track to reach our target of $9 billion in savings by the end of this year. As we develop plans for future years, we're committed to finding additional savings.

我們收入提高的一個主要因素是我們實現了結構性成本節約，目前節省了 83 億美元。我們仍有望在今年年底前實現節省 90 億美元的目標。當我們制定未來幾年的計劃時，我們致力於尋求額外的節省。

Cash flow from operations totaled $9.4 billion in the quarter or $13 billion excluding the change in working capital. Our year-to-date production of 3.7 million oil equivalent barrels per day is on track with the full year guidance we shared last year as part of our corporate plan review.

本季度運營現金流總計 94 億美元，若不計營運資本變化，則為 130 億美元。我們今年迄今的日產量為 370 萬油當量桶，符合我們去年作為公司計劃審查的一部分分享的全年指導方針。

CapEx investments totaled $12.5 billion year-to-date, also in line with our full year guidance. And consistent with our capital allocation philosophy, we continue to share our success with shareholders, distributing $8 billion in cash during the quarter, including $4.3 billion in share repurchases and $3.7 billion in dividends.

今年迄今為止的資本支出投資總額為 125 億美元，也符合我們的全年指引。與我們的資本配置理念相一致，我們繼續與股東分享我們的成功，在本季度分配了 80 億美元現金，其中包括 43 億美元的股票回購和 37 億美元的股息。

Before we go to Q&A, I'll leave you with a few key takeaways from the quarter. First, our work to structurally improve earnings power is paying off, demonstrated this quarter as we doubled earnings versus a comparable price environment in the second quarter of 2018.

在我們進行問答之前，我將向您介紹本季度的一些關鍵要點。首先，我們在結構性提高盈利能力方面所做的工作正在取得成效，這一點在本季度得到了證明，與 2018 年第二季度的可比價格環境相比，我們的盈利翻了一番。

Our reorganizations, aggressive investments in advantaged projects and significant reductions in costs are driving value and improving our competitive position. We've made great progress and have a clear line of sight to much more.

我們的重組、對優勢項目的積極投資以及成本的大幅降低正在推動價值增長並提高我們的競爭地位。我們已經取得了巨大的進步，並且對更多的事情有了清晰的認識。

In the back half of this year alone, we expect to bring on 2 advantaged projects, Baytown Performance Chemicals and the Payara FPSO in Guyana, further growing our capacity to generate industry-leading earnings. The company's ongoing business transformation is giving the organization a better view of end-to-end value creation and focusing us on the highest value opportunities.

僅今年下半年，我們預計將引進兩個優勢項目：Baytown Performance Chemicals 和圭亞那 Payara FPSO，進一步增強我們創造行業領先盈利的能力。公司正在進行的業務轉型使組織能夠更好地了解端到端價值創造，並使我們專注於最高價值的機會。

Today, we are better positioned than ever to realize the value of our scale and the synergies from improving the integration of our businesses. For the first time in our history, we have a corporate technology, projects, trading, supply chain and business solutions organization, allowing us to apply the best solutions and talent to our biggest opportunities.

今天，我們比以往任何時候都更有能力實現我們的規模價值以及改善業務整合所產生的協同效應。我們歷史上第一次擁有企業技術、項目、貿易、供應鍊和業務解決方案組織，使我們能夠將最好的解決方案和人才應用於我們最大的機會。

And importantly, we're developing the most talented people in the industry, providing unrivaled opportunities to meet some of society's greatest challenges. The work is delivering exceptional results, driving industry-leading returns on investments and growth in earnings and cash flow.

重要的是，我們正在培養業內最有才華的人才，提供無與倫比的機會來應對社會一些最大的挑戰。這項工作正在帶來卓越的成果，推動行業領先的投資回報以及收益和現金流的增長。

This, in turn, allows us to distribute cash to shareholders through share repurchases and a sustained competitive and growing dividend while maintaining investments in industry-advantaged projects, including investments in our Low Carbon Solutions business. By leveraging the advantages developed in our traditional businesses, we are laying the foundation for a world-scale competitively advantaged low carbon business with industry-leading returns. Planned acquisition of Denbury is a step in that direction, improving our decarbonization proposition for customers while generating attractive returns.

反過來，這使我們能夠通過股票回購和持續競爭且不斷增長的股息向股東分配現金，同時保持對行業優勢項目的投資，包括對我們的低碳解決方案業務的投資。通過發揮傳統業務優勢，我們正在為打造具有世界規模競爭優勢、回報率行業領先的低碳業務奠定基礎。計劃收購 Denbury 是朝這個方向邁出的一步，改善我們為客戶提供的脫碳主張，同時產生有吸引力的回報。

In summary, we're pleased with the quarter, the progress it represents and the improved earnings power of the company. We're confident that we have the right strategy with the right leadership and best people to effectively execute it, delivering sustained growth and shareholder value.

總之，我們對本季度及其所代表的進展以及公司盈利能力的提高感到滿意。我們相信，我們擁有正確的戰略、正確的領導層和最優秀的人才來有效執行該戰略，從而實現持續增長和股東價值。

With that, let me turn it back to Jennifer.

說到這裡，讓我把話題轉回到詹妮弗身上。

Thank you, Darren. We'll now begin our Q&A session. (Operator Instructions) And with that, operator, please open the line for our first question.

謝謝你，達倫。我們現在開始問答環節。 （操作員說明）那麼，操作員，請接通我們的第一個問題的線路。

(Operator Instructions) And we'll go first to Doug Leggate with Bank of America.

（操作員指示）我們將首先前往美國銀行的 Doug Leggate。

Darren, I wonder if I could pick up on the cost saving target. And I guess my question is post Denbury and given that we're already halfway through 2023, where does that $9 billion cost saving target go through the end of the plan period through 2027?

達倫，我想知道我是否能實現成本節約目標。我想我的問題是在登伯里之後，考慮到 2023 年已經過半，到 2027 年的計劃期結束時，90 億美元的成本節約目標將如何實現？

It goes up, Doug, in short. I think as you know and we've been talking about the reorganizations that we've been executing over the years with some of them just recently executed puts us in a position to really capture a lot of efficiencies across the whole of the enterprise.

簡而言之，道格，它在上升。我認為，正如您所知，我們一直在談論多年來我們一直在執行的重組，其中一些重組是最近才執行的，這使我們能夠真正提高整個企業的效率。

This year, as we develop our corporate plans, obviously, one of the objectives of these new organizations is to take stock of what they've got in their portfolio and identify the opportunities to further capture the benefits of scale and the synergies that exist between the integrated business and what, for the first time, represents an opportunity to actually manage processes across these integrated businesses.

今年，當我們制定我們的企業計劃時，顯然，這些新組織的目標之一是盤點他們在其投資組合中所擁有的內容，並確定進一步捕捉規模效益和之間存在的協同效應的機會。集成業務，以及第一次代表了實際管理這些集成業務流程的機會。

So I think we've got an opportunity set to drive that cost reduction even further as we head out further than the planned horizon. And my expectation is when we come back at the end of the year after we've developed the plans, reviewed them with the Board and then share them with all of you, we'll provide some perspective on what that opportunity looks like going forward.

因此，我認為我們有機會進一步推動成本降低，因為我們的目標比計劃的範圍更遠。我的期望是，當我們在年底制定計劃、與董事會一起審查並與大家分享之後，我們將提供一些關於未來機會的看法。

Would you care to offer an order of magnitude, Darren?

達倫，你願意提供一個數量級嗎？

Doug, I'd tell you to go back to the Investor Day materials from March of 2022. We had some bridges in it where kind of laid out earnings and how much structural cost savings were driving earnings improvement relative to volume and mix. And I think if you just look at the size of those bars, you'll get a rough order of magnitude.

道格，我想告訴你回顧一下 2022 年 3 月的投資者日材料。我們在其中有一些橋樑，其中列出了收益的類型以及結構性成本節省的多少正在推動相對於銷量和組合的收益改善。我認為如果你只看這些條形的大小，你就會得到一個粗略的數量級。

We'll go next to Neil Mehta with Goldman Sachs.

接下來我們將討論高盛的尼爾·梅塔。

Darren, you've been clear that you think that there is value to be had potentially in M&A in both Low Carbon and the Permian and Denbury [pretty] well into the former of those 2. I'd be curious on your perspective on whether -- on the M&A markets right now and how are you thinking about approaching opportunistic value creation to that?

達倫（Darren），您已經明確表示，您認為低碳和二疊紀盆地的併購具有潛在的價值，而登伯里（相當）深入到前兩者。我很好奇您是否對此有何看法——關於目前的併購市場，您如何考慮實現機會主義價值創造？

I would say that our perspective on that whole space, and I know it's one that's of great interest and we've talked about it seems like for a number of successive quarters hasn't really changed, quite frankly. I think what we are holding ourselves to and evaluating opportunities in that space is the ability to create unique value, unique shareholder value.

我想說的是，我們對整個領域的看法，我知道這是一個非常有趣的觀點，坦率地說，我們已經連續幾個季度討論過這個問題，似乎並沒有真正改變。我認為我們堅持並評估該領域的機會是創造獨特價值、獨特股東價值的能力。

And so the opportunities have to be bigger than what ExxonMobil or any potential acquisition could do independent of one another. So I think you've heard us say that 1 plus 1 has to equal 3 here. And that's what we are -- how we're thinking about that space.

因此，機會必須大於埃克森美孚或任何潛在收購彼此獨立所能做的事情。所以我想你已經聽我們說過 1 加 1 必須等於 3。這就是我們——我們如何思考這個空間。

Obviously, from the very beginning back in 2018 when we started talking about better leveraging our key competitive advantages, one of the drives to do that is to open up value opportunities that basically others can't achieve. And as I've made -- tried to make clear in this quarter's prepared remarks and in previous quarters, we're making great progress on better leveraging those competitive advantages, bringing them to bear on the business, delivering bottom line results.

顯然，從 2018 年一開始，當我們開始談論更好地利用我們的關鍵競爭優勢時，實現這一目標的動力之一就是開闢其他人基本上無法實現的價值機會。正如我在本季度準備好的講話中以及前幾個季度中試圖明確表示的那樣，我們在更好地利用這些競爭優勢、將其應用於業務、提供底線結果方面取得了巨大進展。

The more we do that, the more we advance our technology portfolio, the bigger the opportunity to identify unique value opportunities with other companies. And so we're continuing to look for that, but we're not going to compromise our expectation of generating returns and growing value for the shareholders. So I think Kathy has said many times in the past, we're pretty picky acquirers. I don't see us changing that position.

我們做得越多，我們的技術組合就越先進，與其他公司合作識別獨特價值機會的機會就越大。因此，我們將繼續尋求這一點，但我們不會妥協為股東創造回報和增加價值的期望。所以我認為凱西過去曾多次說過，我們是非常挑剔的收購者。我不認為我們會改變這一立場。

We'll go next to Devin McDermott with Morgan Stanley.

接下來我們將採訪摩根士丹利的德文·麥克德莫特。

So I wanted to ask about the Permian. You've had strong results so far this year. And in the slides, you had some interesting charts and some of the advantages you see versus peers and how you develop the asset. I was wondering if we could dive into a little bit more detail on that.

所以我想問一下二疊紀。今年到目前為止，你們已經取得了不錯的成績。在幻燈片中，您有一些有趣的圖表以及您看到的與同行相比的一些優勢以及您如何開發資產。我想知道我們是否可以更詳細地討論這一點。

When we think about some of the specific drivers that allow you to get such better NPV versus other cube development in the basin, what are those in your view? And as part of that, could you address the resource recovery trends you're seeing and the improvement there? And any room for further upside on that?

當我們考慮一些特定的驅動因素，使您能夠獲得比盆地其他立方體開發更好的 NPV 時，您認為這些驅動因素是什麼？作為其中的一部分，您能否談談您所看到的資源回收趨勢以及那裡的改進？這方面還有進一步上漲的空間嗎？

Yes, sure. I guess -- maybe start by going back to the approach we outlined 2018, 2019 timeframe, where we said ExxonMobil can bring a different game to the unconventional space and really bring to bear and leverage the capabilities that we have versus many others who are competing in that space.

是的，當然。我想——也許首先要回到我們概述的 2018 年、2019 年時間表，我們說埃克森美孚可以為非常規領域帶來不同的遊戲，並真正發揮和利用我們與許多其他競爭者相比所擁有的能力在那個空間裡。

And key amongst those was taking advantage of our scale and balance sheet to develop this asset at scale. And so you may recall we talked about the cube development, which was really focusing on how you maximize overall recovery and not near-term production.

其中關鍵是利用我們的規模和資產負債表來大規模開發這項資產。所以你可能還記得我們討論過立方體的開發，它真正關注的是如何最大化整體恢復而不是近期生產。

That wasn't a particularly well-received approach back in 2018, '19 timeframe. But I think with time, it's demonstrated its value. And it's actually manifesting itself in the results that you see today, which is we're focused on making sure that as we develop the resources and all the benches in that resources, particularly the ones that are connected, that we do that in an optimum way that develops and maximizes the recovery versus initial production rates. And so that's really important.

在 2018 年、19 年的時間範圍內，這並不是一種特別受歡迎的方法。但我認為隨著時間的推移，它已經證明了它的價值。它實際上體現在您今天看到的結果中，即我們專注於確保在我們開發資源和該資源中的所有工作台時，特別是那些相互連接的工作台，我們以最佳方式做到這一點相對於初始生產率開發並最大化回收率的方式。所以這非常重要。

That cube development, we continue to evolve that. I think we've gotten to a stage now where we feel really good about how we're executing that development.

那個立方體的發展，我們繼續發展。我認為我們現在已經到了一個階段，我們對如何執行開發感到非常滿意。

We focused on capital efficiency. And I would tell you today, we are setting records for the length of our lateral wells, which again lowers the cost associated with accessing the resource. And importantly, as you draw longer well -- drill longer wells, it's critical that the productivity of each foot of that well remains constant.

我們專注於資本效率。今天我想告訴大家，我們正在創造側井長度的記錄，這再次降低了與獲取資源相關的成本。重要的是，當您打更長的井時 - 鑽更長的井，該井每英尺的生產力保持恆定至關重要。

And so we've done a lot of work to make sure that the productivity of each foot is consistent as we drill longer and longer. So that's driving capital costs down pretty significantly.

因此，我們做了很多工作，以確保隨著鑽探時間越來越長，每隻腳的生產力保持一致。因此，這大大降低了資本成本。

And then I would say we've got a lot of technologies that we're trialing, ones that I won't go into specific detail on, to try to maximize recovery. And we got those technologies deployed in the field. We've got some early results that are quite encouraging, but they aren't at the scale today to manifest themselves completely in our results.

然後我想說，我們正在試驗很多技術，我不會詳細介紹這些技術，以盡量提高恢復率。我們將這些技術部署到了現場。我們已經得到了一些非常令人鼓舞的早期結果，但它們的規模還沒有達到今天在我們的結果中完全體現出來的程度。

So I think all those things together continue to give us a lot of confidence that not only have we moved to the front of the pack and demonstrated industry leadership with what we got today that we see a lot of upside to that as we move forward and I don't think we've reached the end of the optimization process yet.

因此，我認為所有這些事情加在一起繼續給我們很大的信心，我們不僅已經走到了前列，並以我們今天所取得的成績展示了行業領導地位，而且隨著我們的前進，我們看到了很多積極的一面，我認為我們還沒有達到優化過程的終點。

We'll go next to Sam Margolin with Wolfe Research.

接下來我們將與沃爾夫研究中心的薩姆·馬戈林進行對話。

This question is about EOR. Hopefully, you don't find it too far afield, but because EOR (inaudible) on CO2 then...

這個問題是關於EOR的。希望您不會發現它太遠，但因為二氧化碳的 EOR（聽不清）然後......

Sam, you're kind of breaking up on us.

山姆，你有點想和我們分手了。

Sam, are you available? Operator, let's try another question and come back to Sam.

薩姆，你有空嗎？接線員，讓我們嘗試另一個問題，然後回到 Sam。

Okay. We'll go next to John Royall with JPMorgan.

好的。接下來我們將討論摩根大通的約翰·羅亞爾 (John Royall)。

So I'm just looking at your bridge for energy products, and you have over $2 billion of negative margin. It's right in line with the number out of your 8-K so no surprises there. But definitely a bigger decline on a relative basis than we're seeing from your couple of peers that have reported so far.

因此，我只是關注你們的能源產品橋樑，你們的負利潤率超過 20 億美元。它與你的 8-K 中的數字完全一致，所以沒有什麼奇怪的。但相對而言，降幅肯定比我們從你們的幾個同行迄今為止報告的情況看到的要大。

So just looking for any additional color on the drivers of that margin decline. Maybe there's something to call out around regional mix or crude slates that are a bit more unique to Exxon?

因此，只需尋找導致利潤率下降的任何其他因素。也許埃克森美孚的區域組合或原油板岩有一些值得關注的地方？

Yes. I wouldn't say there's anything unique. I mean, this is a straight flow through of just what the industry refining margin reduction is kind of flowing through. We would see a much bigger reduction coming out of where we have a bigger footprint.

是的。我不會說有什麼獨特之處。我的意思是，這是行業煉油利潤減少的直接流程。我們會看到我們擁有更大足蹟的地方會出現更大的減少。

So I would say even though the U.S. tends to have better margins than the rest of the world, we obviously have a very big footprint in the U.S. And so just that footprint drives a bigger absolute number, an absolute decline. But it's just a straight flow through from the change in industry margin.

因此，我想說，儘管美國的利潤率往往比世界其他地區更高，但我們顯然在美國有很大的足跡，因此，正是這種足跡推動了更大的絕對數字，即絕對下降。但這只是行業利潤率變化帶來的直接影響。

Yes. Our -- the size of our refining business is much, much larger than our peers. So the impacts associated with the changes in those margins have a bigger impact on us than you'd see with our peers.

是的。我們的煉油業務規模比同行大得多。因此，與這些利潤變化相關的影響對我們的影響比你在同行中看到的更大。

Sure. I was just looking at it's kind of like a 50% cut to the 1Q number on the margin side. But yes, appreciate it.

當然。我只是看到第一季度的利潤率下降了 50%。但是，是的，欣賞它。

We'll go next to Roger Read with Wells Fargo.

我們將與富國銀行一起去羅傑·里德旁邊。

Yes. I'd like to follow up on the Chemicals margin. You made the comment on the opening about -- or excuse me, pricing where it was in '18, but margins much better. That said, Chemicals isn't quite back to the 2021 high point. So anything else you can offer on how the Chemical outlook is getting any better?

是的。我想跟進化學品利潤。你在開場時發表了這樣的評論——或者抱歉，定價與 18 年相同，但利潤率要好得多。也就是說，化學品尚未完全回到 2021 年的高點。關於化學前景如何變得更好，您還有什麼可以提供的嗎？

And one of the reasons I'll ask that question is when we look at the softness in NGL prices in the U.S. and this expectation of much higher exports, we hear talk about increase in China Chemical capacity. So how should we kind of juxtapose what looks like an improving market for you, certainly better margins versus potentially a lot of new capacity into that area.

我問這個問題的原因之一是，當我們看到美國液化天然氣價格的疲軟以及出口量大幅增加的預期時，我們聽到有關中國化工產能增加的討論。那麼，我們應該如何將看起來正在改善的市場、當然更好的利潤與該領域潛在的大量新產能並列起來。

Yes. Sure. I'll give you a couple of perspectives on that and then see if Kathy has anything to add. I think, first of all, what I'd say is the work that we've done over the years to make sure that we've got a well-diversified feed slate for our Chemicals business continues to pay off as particularly in these markets as things are shifting around and price spreads are moving, our organization's pretty adept at responding to those price signals and change in feed.

是的。當然。我將向您提供一些對此的看法，然後看看凱西是否有任何補充。我認為，首先，我想說的是我們多年來所做的工作，以確保我們的化學品業務擁有多元化的原料板，繼續獲得回報，特別是在這些市場隨著情況的變化和價差的變化，我們的組織非常善於應對這些價格信號和飼料的變化。

So that continues to make its way to the bottom line and position us better than many of our peers with that flexibility and the feed optionality that we have. I think as you look around the world, early on, there was -- with China being in a COVID lockdown and recognizing the role that it has in chemicals demand, that was kind of back half of last year and the impact and as we come into this year, I think a lot of expectations for China to pick up. And with that growth and demand in Chemicals, we are seeing that starting to happen.

因此，這將繼續影響利潤，並憑藉我們所擁有的靈活性和飼料選擇性，使我們比許多同行處於更好的位置。我認為，當你環顧世界時，早期，中國正處於新冠疫情封鎖狀態，並認識到它在化學品需求中的作用，這是去年下半年的情況，以及影響，當我們來的時候進入今年，我認為很多人對中國的期望有所回升。隨著化學品的增長和需求，我們看到這種情況開始發生。

In fact, if you look at the -- our sales in chemicals, the second quarter was stronger than the first quarter. So we are seeing that. The demand looks pretty reasonable, I would say. I mean, the challenge is, and you've referenced it, is the amount of supply that's come on.

事實上，如果你看看我們的化學品銷售，第二季度比第一季度強勁。所以我們正在看到這一點。我想說，這個需求看起來相當合理。我的意思是，正如您所提到的，挑戰是供應量。

And that's where I think our feedstock advantages and our footprint and the integration that we have with a number of refineries around the world actually positions us better. But it will take some time, it is my expectation for demand to kind of take us out of the supply -- the excess supply that we've got on the marketplace.

我認為這就是我們的原料優勢、我們的足跡以及我們與世界各地許多煉油廠的整合實際上使我們處於更好的位置。但這需要一些時間，我期望需求能夠讓我們擺脫供應——市場上的供應過剩。

But I would just add that we've made a lot of investment in Chemicals over the last 5 years, fairly significant investments. And one of the things that, frankly, I'm quite pleased with is if you look at all those chemical investments that we've brought online, even in the depths of what is a pretty low bottom-of-cycle condition for our Chemical business, all of those brand-new projects are earnings positive and cash positive, which I think really bodes well for when the market comes back up, and we're at top of cycle.

但我想補充一點，過去 5 年我們在化學品領域進行了大量投資，相當大的投資。坦率地說，我非常滿意的一件事是，如果你看看我們在網上進行的所有這些化學品投資，即使是在我們的化學品處於相當低的循環底部條件的深處業務方面，所有這些全新項目的盈利和現金均為正值，我認為這對於市場回升時確實是個好兆頭，而且我們正處於週期的頂部。

So I feel good about how we position the business. And frankly, we're doing exactly what we had hoped for, which is when you get into tough conditions that our business continues to outperform competition. And so it puts us in a good position that as markets tighten back up again and margins improve, we'll be in an even better position. Kathy...

所以我對我們如何定位業務感到滿意。坦率地說，我們正在做的正是我們所希望的，那就是當你遇到艱難的條件時，我們的業務繼續超越競爭對手。因此，這使我們處於有利的位置，隨著市場再次收緊和利潤率的提高，我們將處於更好的位置。凱西...

And I'd just add a couple of quick stats to that. So relative to competition, again, our geographic footprint is pretty advantaged. And so we're about 35% larger in North America than, I'll call it, rest of industry.

我只想添加一些快速統計數據。因此，相對於競爭，我們的地理足跡再次具有相當的優勢。因此，我們在北美的規模大約比（我稱之為）行業其他行業大 35%。

And then the other thing I'd point out that gets to what Darren just said about some of the projects we've been implementing, those projects help to support an improvement in our overall mix. And so this quarter, we saw a 6% increase in Performance Chemicals products, and those carry a higher margin. So those are some of the more systemic things that help to drive improvement relative to competitors.

然後我要指出的另一件事是達倫剛才所說的我們一直在實施的一些項目，這些項目有助於支持我們整體組合的改進。因此，本季度，我們看到高性能化學品產品增長了 6%，而且這些產品的利潤率更高。因此，這些是一些更系統的事情，有助於推動相對於競爭對手的改進。

Great. Follow-up question on the carbon capture side of the business. If we look, we've got global coal demand hitting a record in '23. Global oil demand is going to hit a record in '23, if it hasn't already.

偉大的。關於業務碳捕獲方面的後續問題。如果我們觀察的話，我們會發現全球煤炭需求在 23 年創下了歷史新高。全球石油需求將在 20 年創下歷史新高（如果還沒有的話）。

Just curious, Darren, is there -- when you were -- you've already laid out your strategy. All that makes sense. The Denbury acquisition certainly fits well in that. Just curious if you're getting any additional sort of outside pressure to maybe accelerate something on this, given that if you think about it from an energy transition standpoint, 2 or 3 years ago, everybody was saying, we would have already had peak demand for this, peak demand for that. Clearly not happening. If we're going to have a lot more carbon emissions, are you getting any additional pressure to accelerate carbon capture?

只是好奇，達倫，當你在的時候，你是否已經制定了你的策略。這一切都是有道理的。收購 Denbury 無疑非常適合這一點。只是好奇你是否會受到任何額外的外部壓力來加速這方面的進展，因為如果你從能源轉型的角度考慮這一點，那麼在兩三年前，每個人都在說，我們已經達到了峰值需求為此，高峰需求。顯然沒有發生。如果我們的碳排放量將會增加，您是否會面臨加速碳捕獲的額外壓力？

Yes, I think what you're seeing today is a reflection of the challenge that the world faces and frankly, an incomplete solution set. And I think, unfortunately, the focus, if you go back several years, and I would say the exclusive focus on wind, solar and EVs and the fact that other alternatives and other solutions that, frankly, at the time we were advocating for and, in fact, trying to develop internally weren't considered or actually weren't actually accepted has slowed society's progress in its emissions reductions and capturing.

是的，我認為您今天看到的反映了世界面臨的挑戰，坦率地說，這是一個不完整的解決方案。不幸的是，我認為，如果你回到幾年前，我會說，重點是風能、太陽能和電動汽車，以及其他替代方案和其他解決方案，坦率地說，當時我們提倡和事實上，嘗試內部開發沒有被考慮或實際上沒有被接受已經減緩了社會在減排和捕獲方面的進展。

I think today, there's this recognition that we need more solutions and that, frankly, the industry can bring those solutions to bear. And at this stage of what is going to be a very complicated and expensive transition, we need as many solutions on the table as possible, not eliminating any of them and staying focused on emissions reductions.

我認為今天，人們認識到我們需要更多的解決方案，坦率地說，該行業可以應用這些解決方案。在這個非常複雜和昂貴的過渡階段，我們需要盡可能多的解決方案，而不是消除其中任何一個，並繼續專注於減排。

I think that's starting to resonate. And so I don't -- the challenge here is this is a very nascent -- the areas that we're focused on, which are the molecule-oriented parts of the business that are very consistent with our capabilities and expertise and advantages, that's a -- we're in the very early stages. Frankly, we're in the lead in that space.

我認為這開始引起共鳴。所以我不——這裡的挑戰是這是一個非常新生的——我們關注的領域，這些領域是業務中以分子為導向的部分，與我們的能力、專業知識和優勢非常一致，那是——我們正處於非常早期的階段。坦率地說，我們在這個領域處於領先地位。

There aren't any other companies that have secured the kind of third-party emission reduction opportunities that we have that -- there aren't any parties out there that have got the scale of the investments that we're progressing. And so I think generally, people recognize that we're delivering on our ambition to lead the industry and more than anything else, we're supportive.

沒有任何其他公司獲得了我們所擁有的那種第三方減排機會——沒有任何一方獲得了我們正在進行的投資規模。因此，我認為總的來說，人們認識到我們正在實現引領行業的雄心，而且最重要的是，我們表示支持。

Obviously, there's a desire to make things go faster. And frankly, that's a function of the opportunity set. And if you think about the IRA and the role that it plays, that legislation hasn't even been translated into regulations yet. And that's going to be a critical step.

顯然，人們希望事情進展得更快。坦率地說，這是機會集的函數。如果你考慮一下愛爾蘭共和軍及其所扮演的角色，該立法甚至還沒有轉化為法規。這將是關鍵的一步。

And I think there are many governments around the world who are working on appropriate legislation to incentivize and create a carbon -- market for carbon. That hasn't come to be yet. So there, we're very early in this process, and there are a number of players in here who have a role to deliver. We feel like we're delivering on our part, but there are other elements that have to come together for this to be successful.

我認為世界上有許多政府正在製定適當的立法來激勵和創建碳市場。那還沒有到來。所以，我們在這個過程中還處於早期階段，這裡有很多參與者可以發揮作用。我們覺得我們正在儘自己的一份力量，但還必須結合其他因素才能取得成功。

And then ultimately, we're going to need advances in technology to keep driving that cost down so that we can get to more and more dilute streams of CO2. And we're doing a lot of work in that space. And frankly, again, I think our pipeline of opportunities, our technology pipeline, I feel pretty good about it. And I hope to, in the next several years, to hopefully commercialize some technologies that further reduce the cost of emissions reduction.

最終，我們將需要技術進步來不斷降低成本，以便我們能夠獲得越來越多的稀二氧化碳流。我們在這個領域做了很多工作。坦率地說，我再次認為我們的機會渠道、我們的技術渠道，我對此感覺非常好。我希望在未來幾年內能夠將一些進一步降低減排成本的技術商業化。

So I think early, a lot of work going on. I think we're making a lot of good progress, and we feel good about the role that we're playing and the leadership position that we have.

所以我認為早期有很多工作正在進行。我認為我們正在取得很多良好的進展，我們對我們所扮演的角色和我們所擁有的領導地位感到滿意。

We'll go next to Sam Margolin with Wolfe Research.

接下來我們將與沃爾夫研究中心的薩姆·馬戈林進行對話。

Is that better? Sound-wise?

那個更好嗎？聲音方面？

That is better. That's better, Sam. Welcome back.

那更好。這樣更好，薩姆。歡迎回來。

I'm okay. So the question is about EOR as it pertains to Denbury. I think there's some optimism that EOR barrels might be credited with carbon attributes because it buries more CO2 than the associated emissions of the oil. And so maybe that's option value, but I was just wondering where you stand on that topic. And if it was at all a factor as you look at different asset classes and saw that EOR was available.

我很好。所以問題是關於丹伯里的 EOR。我認為，人們樂觀地認為 EOR 桶可能具有碳屬性，因為它埋藏的二氧化碳比石油相關的排放量還要多。所以也許這就是期權價值，但我只是想知道你在這個話題上的立場。當您查看不同的資產類別並發現 EOR 可用時，這是否是一個因素。

Yes. So I would say, obviously, that's the core business today of Denbury and had facilitated the infrastructure that they have in place. That, frankly, for us was not a key driver, strategic driver of the opportunity.

是的。所以我想說，顯然，這是登伯里今天的核心業務，並促進了他們現有的基礎設施。坦率地說，這對我們來說並不是機會的關鍵驅動因素、戰略驅動因素。

I think EOR, certainly in the short term, can play a role. But if you think about the broader opportunity, it's really around carbon capture storage, sequestration and keeping the carbon under the ground. So that's the longer-term play for us.

我認為 EOR 當然在短期內可以發揮作用。但如果你考慮更廣泛的機會，它實際上是圍繞碳捕獲、儲存、封存和將碳保留在地下。所以這對我們來說是更長期的策略。

I mean, as I just commented here about the challenges with the regulation and the translation of IRA into regulation, we've got a Class 6 well in Permian that's going to be required for sequestration. That's a fairly slow progress to date.

我的意思是，正如我剛剛在這裡評論監管所面臨的挑戰以及將 IRA 轉化為監管所面臨的挑戰一樣，我們在二疊紀有一口 6 級井，需要它來封存。迄今為止，這是一個相當緩慢的進展。

So there's a lot of work that has to go in to putting these pieces together so that we're successful. I see EOR as providing a lot of optionality in the short term that as we're bringing on carbon capture facilities, working with third parties and we start capturing the CO2, if we don't have everything lined up on the sequestration side, the EOR gives us an opportunity to progress these things and not lose schedule. So I think right now, that's the way I would think about it. It's certainly not a strategic thrust for us as a company.

因此，需要做很多工作才能將這些部分組合在一起，這樣我們才能取得成功。我認為 EOR 在短期內提供了很多選擇，當我們引進碳捕獲設施、與第三方合作並開始捕獲二氧化碳時，如果我們沒有在封存方面做好一切準備， EOR 讓我們有機會在不耽誤進度的情況下取得進展。所以我想現在，這就是我思考的方式。對於我們公司來說，這當然不是一個戰略推動力。

We'll go next to Stephen Richardson with Evercore ISI.

接下來我們將介紹 Evercore ISI 的 Stephen Richardson。

I was wondering if we could dig in a little bit on the debottlenecking opportunity you talked about in Guyana early -- 20% above nameplate is or above design is pretty significant. Darren, could you drill in a little bit on what you're seeing here that changes to -- in the subsurface? Is it changes in the kit? Is it up time? Kind of scale that for us.

我想知道我們是否可以深入探討您早期在圭亞那談到的消除瓶頸的機會——銘牌以上 20% 或設計以上是相當重要的。達倫，你能稍微深入了解一下你在這裡看到的——在地下的變化嗎？套件有變化嗎？到時間了嗎？對我們來說是這樣的規模。

And maybe just -- I mean, there's really significant benefits if you roll it forward on a couple of the other projects that you have in the queue. So maybe just talk about how it's changing your view of the future opportunities.

也許只是 - 我的意思是，如果您將其推進到隊列中的其他幾個項目上，那麼確實會有很大的好處。所以也許只是談談它如何改變你對未來機會的看法。

Yes, sure. And thanks for the questions. That's something that, frankly, the organization has spent decades kind of working. I'll start by just -- I'd bucket it in 3 distinct buckets.

是的，當然。感謝您提出的問題。坦率地說，這是該組織花費了數十年時間進行的工作。我首先將它分為 3 個不同的桶。

The first it starts with the design and build out of the project itself. And so having a projects organization with the capability that we've built and strengthened here over the last several years, we end up with facilities that have the right design and are built the right way so that we've got a really good platform to optimize and a good opportunity to squeeze to find opportunities to maximize and optimize the production coming out of the facilities without compromising any of the design specification, staying well within safe operating envelopes.

首先，它從項目本身的設計和構建開始。因此，擁有一個具有我們在過去幾年中建立和加強的能力的項目組織，我們最終會擁有具有正確設計和以正確方式建造的設施，以便我們擁有一個非常好的平台優化和擠壓的好機會，以找到最大化和優化設施生產的機會，而不影響任何設計規範，並保持在安全操作範圍內。

And we've done that over the years, at a lot of our facilities. And I think this project organization even extends that capability with the skills that they bring to the project development and the buildout.

多年來，我們在許多工廠都這樣做了。我認為這個項目組織甚至通過他們為項目開發和擴建帶來的技能來擴展這種能力。

And then I'd say the second bucket is our operations organization and the focus that they put on maximizing utilization and production. And I think the mindset in the company is once you got steel on the ground, you've got this capital, the operations job is to run it reliably, run it safely, run it in an environmentally responsible way, but at the same time, maximize the value of that steel in the ground. And they've done a tremendous job of that.

然後我想說第二個方面是我們的運營組織以及他們對最大化利用率和生產的關注。我認為公司的心態是，一旦你有了鋼鐵，你就擁有了資金，運營工作就是可靠地運行它，安全地運行它，以對環境負責的方式運行它，但同時，最大化地下鋼材的價值。他們在這方面做得非常出色。

And it's not one big thing. It's a lot of little things that, that organization stays focused on and pushes. And again, we've seen that not only in Guyana but really, all the capital projects that we've been bringing on the organization has done a great job of making sure that we're maximizing the value of the capital that we've invested.

這不是什麼大事。該組織持續關注並推動很多小事情。再說一遍，我們不僅在圭亞那看到，實際上，我們為該組織帶來的所有資本項目都做得很好，確保我們最大限度地發揮我們所擁有的資本的價值。投資。

And then the third bucket, I would say, is our technology organization. And again, we've taken the step to consolidate all of our technology organizations and move from what was a business-oriented construct to a capabilities construct.

我想說，第三個桶是我們的技術組織。我們再次採取措施整合我們所有的技術組織，並從面向業務的結構轉向能力結構。

And so we've got our best people brought together, working on our biggest opportunities. It's really driving innovation and creativity. And this close partnership that technology now has with the business and the shared commitment to drive value leads to more technology getting out in the field and assisting the operations group in (inaudible).

因此，我們聚集了最優秀的人才，致力於抓住最大的機遇。它確實推動了創新和創造力。技術現在與業務的這種密切合作夥伴關係以及推動價值的共同承諾導致更多技術進入該領域並協助運營團隊（聽不清）。

So I'd say all of those are coming together. My expectation is, as I mentioned in my prepared remarks, that we're going to see the first 2 FPSOs get above 400,000 barrels a day as we continue to optimize. And we'll do that in a very safe and environmentally responsible way.

所以我想說所有這些都在一起了。正如我在準備好的發言中提到的，我的期望是，隨著我們繼續優化，我們將看到前 2 艘 FPSO 每天的產量超過 400,000 桶。我們將以非常安全且對環境負責的方式做到這一點。

My expectation is when the third boat comes on with Payara, we'll see similar levels of improvement there. And frankly, the expectation that we have for ourselves is that as we build -- go forward and continue to build these projects, we'll continue to find the same kind of benefits and optimization opportunities with the projects. And it comes back to this inherent capability that we've built into our businesses.

我的期望是，當第三艘船與 Payara 一起上岸時，我們會看到類似水平的改進。坦率地說，我們對自己的期望是，當我們繼續建設這些項目時，我們將繼續在這些項目中找到同樣的好處和優化機會。這又回到了我們在業務中建立的這種固有能力。

We'll go next to Ryan Todd with Piper Sandler.

接下來我們將與派珀·桑德勒 (Piper Sandler) 一起前往瑞安·托德 (Ryan Todd)。

A question maybe back on the Upstream. I mean, even given pricing environment, Upstream performance that we've seen for the quarter, not just for you, but for other peers that reported this week have been a little weaker than expected with much of that seemingly driven by the global gas environment.

也許回到上游有一個問題。我的意思是，即使考慮到定價環境，我們在本季度看到的上游業績（不僅對您而言，而且對本週報告的其他同行而言）也比預期稍弱，其中大部分似乎是由全球天然氣環境推動的。

Can you talk about drivers or headwinds that you maybe saw during the quarter on pricing relative to headline markers, maybe headwinds in trading or any other potential drivers there and how those might evolve over the remainder of this year?

您能否談談您在本季度可能看到的相對於標題指標的定價的驅動因素或不利因素，可能是交易中的不利因素或任何其他潛在的驅動因素，以及這些因素在今年剩餘時間內可能會如何演變？

I'll let Kathy maybe dive into a little more detail. I would just say with respect to pricing and the impact on the business, actually our quarter came in pretty much in line with what we had expected if you looked at the 8-K that we put out and our best attempt to model the impact just from the market environment. We are pretty rigorous in making sure that when we put an 8-K out that it's really focused on discrete planned events, but much more importantly, on what the market impact has been to the business quarter-on-quarter.

我會讓凱西更詳細地介紹一下。我只想說，就定價和對業務的影響而言，實際上，如果您查看我們推出的 8-K 以及我們對影響進行建模的最佳嘗試，那麼實際上我們的季度表現與我們的預期非常一致。從市場環境來看。我們非常嚴格地確保，當我們推出 8-K 時，它確實專注於離散的計劃事件，但更重要的是，關注市場對業務的季度影響。

And so I think that kind of laid out pretty consistently with what we expected. Obviously, gas prices were down, but -- I think refining margins are down a bit but still in very healthy territory. And if you look at the fundamentals, quite frankly, as we head into the back half of the year, I think as demand picks up, we're going to see the limits that we have on additional supply and then come back into the mix and see the supply-demand tighten up a bit.

所以我認為這種佈局與我們的預期非常一致。顯然，天然氣價格下降了，但是——我認為煉油利潤率有所下降，但仍處於非常健康的水平。如果你看看基本面，坦率地說，當我們進入今年下半年時，我認為隨著需求的回升，我們將看到額外供應的限制，然後回到混合中並看到供需略有收緊。

So my expectation is the back half of the year, we'll see some upward pressure just given demand changes in the limited options we have to significantly increase supply. Kathy, anything to add to that?

因此，我的預期是，今年下半年，鑑於我們必須大幅增加供應的有限選擇的需求變化，我們將看到一些上行壓力。凱西，還有什麼要補充的嗎？

Yes. I'll mention a couple of other things to you. As a result of some of the divestments we've done over the past year, if you look at our gas portfolio, we're now about 45% LNG, so a little bit more tipped to LNG.

是的。我會向你提到一些其他的事情。由於我們在過去一年中進行了一些撤資，如果你看看我們的天然氣投資組合，我們現在大約有 45% 是液化天然氣，所以更傾向於液化天然氣。

If you just look at kind of impact of pricing across our gas portfolio and results, I mean, Henry Hub was down about 40%. TTF was down almost 50%. And the last thing I'd say is we always talk about the fact that on LNG, a lot of our contracts are tied to lagged oil prices. And so if you just look at where oil prices were in the fourth quarter kind of relative to where they are more currently, I'm going to call them down roughly $10 a barrel. And so that pricing impact would have flowed through as well.

如果你只看定價對我們天然氣投資組合和結果的影響，我的意思是，亨利中心下跌了約 40%。 TTF 下降了近 50%。我要說的最後一件事是，我們總是談論這樣一個事實：在液化天然氣方面，我們的許多合同都與滯後的油價掛鉤。因此，如果你只看一下第四季度的油價相對於目前的油價，我會認為油價下跌了大約每桶 10 美元。因此，定價影響也會隨之影響。

And then the last thing that I will mention associated with our trading results is if you exclude mark-to-market, so if you look in Upstream, mark-to-market was a positive for us in the quarter. But if you exclude it mark-to-market, I would have then said our gas trading results were a little bit lighter this quarter. So kind of all of that packaged together, I think, gives you a pretty good understanding of our gas results.

然後，我要提到的與我們的交易結果相關的最後一件事是，如果您排除按市價計價，那麼如果您看看上游，按市價計價對我們本季度來說是積極的。但如果你排除按市值計價的話，我會說本季度我們的天然氣交易結果有點清淡。我認為，將所有這些打包在一起可以讓您很好地了解我們的氣體結果。

We'll go next to Jason Gabelman with TD Cowen.

接下來我們將與 TD Cowen 一起討論 Jason Gabelman。

I wanted to ask about another energy transition area that's been receiving some attention in the media in terms of Exxon's activity, which is lithium drilling and then refining. And it seems like you're waiting a bit more into the space.

我想問一下埃克森美孚的另一個能源轉型領域，該領域一直受到媒體的關注，即鋰鑽探和精煉。看來你還需要再等一會兒。

I'm wondering how you view that opportunity, given your expertise in drilling and refining of materials in the ground. And if that -- development in that space was contemplated at all in that $17 billion energy transition budget that you previously laid out?

我想知道，考慮到您在地下鑽探和提煉材料方面的專業知識，您如何看待這個機會。如果您之前製定的 170 億美元能源轉型預算中考慮了該領域的發展？

Sure. Yes. Maybe I'll just come back to kind of the fundamentals of how we think about ExxonMobil's participation in the transition space. And it comes back to the focus on leveraging the advantages that we have as a corporation where we believe we can add unique value.

當然。是的。也許我會回到我們如何看待埃克森美孚參與轉型領域的基本原理。這又回到了對利用我們作為一家公司所擁有的優勢的關注，我們相信我們可以增加獨特的價值。

That's why we have, since the very beginning, stayed focused on what I'd say is the molecule side of the equation in carbon capture and hydrogen and biofuels. But we're looking at, frankly, all the areas that we believe we have an expertise and a unique capability in, seeing if there's a fit for products or solutions that can help society decarbonize.

這就是為什麼我們從一開始就一直關注碳捕獲、氫和生物燃料等式的分子方面。但坦率地說，我們正在研究我們認為擁有專業知識和獨特能力的所有領域，看看是否有合適的產品或解決方案可以幫助社會脫碳。

Lithium and production of lithium from brine water is if you think about what's required to do that is really an extension of a lot of the current capabilities that we have in our Upstream. It requires a good understanding of the subsurface, requires a good understanding of reservoir management, requires drilling and injections.

如果您考慮一下需要做什麼，那麼鋰和從鹽水中生產鋰實際上是我們上游現有許多能力的延伸。它需要對地下有很好的了解，需要對油藏管理有很好的了解，需要鑽井和注入。

And so I think the below-surface things are very much in line with the skills and capabilities that we've built out over the decades in our Upstream business. The processing of the brine and extracting the lithium is very consistent with a lot of the things that we do in our refineries and chemical plants and in fact, in some of our Upstream operations. So that piece of the equation is, again, not new to the company.

因此，我認為地下的事情與我們幾十年來在上游業務中建立的技能和能力非常一致。鹽水的加工和鋰的提取與我們在煉油廠和化工廠以及實際上在我們的一些上游業務中所做的許多事情非常一致。因此，這個等式對於該公司來說並不新鮮。

So as you look at all that, I think the capability skill set that we have, the operating experience that we have all lend themselves to that. And then, of course, there's the question of how does the market fundamentals look and supply and demand? And do we see a role for what we're doing there? And frankly, we've been looking at that for quite some time. I'd say we're still early in evaluating the opportunity, but we believe that by, again, applying our advantages in this space that we can bring on a much needed resource, lithium, one that's predicted to go short, we can bring it on at a much lower cost. And I think importantly, with much less environmental impact versus, say, the open mining that they're doing in other parts of the world.

因此，當你看到這一切時，我認為我們擁有的能力技能、我們擁有的運營經驗都有助於實現這一點。當然，還有一個問題是市場基本面和供需情況如何？我們是否看到了我們在那裡所做的事情的作用？坦率地說，我們已經研究這個問題有一段時間了。我想說，我們對這個機會的評估還處於早期階段，但我們相信，通過再次利用我們在這個領域的優勢，我們可以帶來急需的資源——鋰，而這種資源預計會短缺，我們可以帶來它的成本要低得多。我認為重要的是，與他們在世界其他地區進行的露天採礦相比，對環境的影響要小得多。

So this, to us, feels like a potential win-win-win opportunity, a win using our capabilities, a win from an environmental impact standpoint and a win in terms of supplying markets with a crucial component to electrification and EV. So I think that's kind of how we're thinking about it. And we're I'd say actively exploring that opportunity set and like what we're seeing so far.

因此，對我們來說，這感覺像是一個潛在的雙贏機會，是利用我們能力的勝利，從環境影響的角度來看的勝利，以及為市場提供電氣化和電動汽車關鍵組件的勝利。所以我認為這就是我們的想法。我想說，我們正在積極探索這一機會，並且喜歡我們迄今為止所看到的情況。

We'll go next to Josh Silverstein with UBS.

接下來我們將討論瑞銀集團的喬什·西爾弗斯坦 (Josh Silverstein)。

The cash balance is still around $30 billion for about 4 quarters now. And Kathy, last quarter, you mentioned that you were comfortable holding the larger balance because of the net positive spread in interest rates versus your debt cost. The spread is still there, so you're probably not in a rush to do anything, but just wondering if this is still the best use of cash versus deploying it into higher rate of return projects or buybacks. And if the forward curve holds the current kind of strip right now, can you foresee Exxon going into a net cash position next year?

目前現金餘額仍保持在 300 億美元左右，已經持續了 4 個季度左右。凱西，上個季度，您提到您願意持有較大的餘額，因為利率與債務成本之間存在淨正利差。價差仍然存在，因此您可能並不急於做任何事情，只是想知道這是否仍然是現金的最佳用途，而不是將其部署到回報率更高的項目或回購中。如果遠期曲線目前保持當前的水平，您能否預見埃克森美孚明年將進入淨現金頭寸？

Sure. And so we're pretty happy with our overall balance sheet position right now. And I've stated for a couple of quarters now that we expect our cash balance is going to ebb and flow a little bit just based on how the commodity price environment and margin environment ebbs and flows. So we think it's pretty critical to hang on to a really strong balance sheet because it gives us the flexibility that we need through the cycles.

當然。因此，我們對目前的整體資產負債表狀況非常滿意。我已經在幾個季度中表示，我們預計我們的現金餘額將根據大宗商品價格環境和利潤環境的波動而略有波動。因此，我們認為保持真正強勁的資產負債表非常重要，因為它為我們提供了整個週期所需的靈活性。

If you look overall at what we're doing from an investment perspective, I would say we're never trying to constrain the organization in terms of deploying good capital investments. And that's across our entire business. It includes our LCS business. Obviously, the acquisition of Denbury will enable us to accelerate the growth of our carbon capture and sequestration business within LCS. And we're excited about that opportunity and profitably growing that part of our business.

如果你從投資的角度整體審視我們正在做的事情，我會說我們從來沒有試圖限制組織部署良好的資本投資。這貫穿我們的整個業務。其中包括我們的瀕海戰鬥艦業務。顯然，收購 Denbury 將使我們能夠加速 LCS 內碳捕獲和封存業務的增長。我們對這個機會感到興奮，並且對我們這部分業務的盈利增長感到興奮。

So I think it's really important when we talk about capital deployment that we are not trying to constrain the company from new capital projects that can drive good returns for our shareholders. And that's how we create, I'd say, the virtuous cycle of how we can then support competitive growing dividends that are sustainable over the long term and a more consistent share repurchase program.

因此，我認為，當我們談論資本部署時，我們不會試圖限制公司進行可以為股東帶來良好回報的新資本項目，這一點非常重要。我想說，這就是我們如何創造良性循環，從而支持長期可持續的、有競爭力的不斷增長的股息以及更一致的股票回購計劃。

So I'd say we're really happy with our balance sheet. We intend to hang on to a higher cash balance than the company has done historically just to give us more flexibility as we think about how we manage the company over the long term and through the cycles.

所以我想說我們對我們的資產負債表非常滿意。我們打算保持比公司歷史上更高的現金餘額，只是為了讓我們在考慮如何長期和整個週期管理公司時擁有更大的靈活性。

And just maybe to emphasize the point a third time that Kathy made, the mandate to the businesses is find advantaged projects that position us ahead of competition and deliver high returns, high value. And that's the mandate they've been given. And we will fund those opportunities as they come forward.

也許只是為了強調凱西第三次提出的觀點，企業的任務是找到優勢項目，使我們在競爭中處於領先地位並提供高回報和高價值。這就是他們被賦予的使命。當這些機會出現時，我們將為它們提供資金。

I think what you see in terms of the -- what limits the investment is the ability, those opportunities -- to manifest those opportunities. And I think it's the challenge that we give our organization to only fund the things that we feel confident are robust to a very low price environment, are well ahead of other companies and tap into what I would say are the fundamental -- long-term fundamentals of the market.

我認為你所看到的限制投資的是體現這些機會的能力和機會。我認為，我們給我們的組織帶來的挑戰是，只資助那些我們有信心在非常低的價格環境下保持穩健、遠遠領先於其他公司的項目，並利用我所說的根本性的長期目標。市場基本面。

I think as we find those things and the organization is very focused on developing those opportunity set, we'll fund them because that's how you generate long-term value for the corporation and our shareholders.

我認為，當我們發現這些事情並且組織非常專注於開發這些機會集時，我們將為它們提供資金，因為這就是為公司和股東創造長期價值的方式。

We'll go next to Neal Dingmann with Truist Securities.

接下來我們將討論 Truist 證券公司的尼爾·丁曼 (Neal Dingmann)。

My question is on OFS costs, just your thoughts, both domestically and internationally for the remainder of the year and into '24, how you're thinking about either inflation or deflation?

我的問題是關於 OFS 成本，請談談您對今年剩餘時間和 24 年國內和國際國內和國際的看法，您如何看待通貨膨脹或通貨緊縮？

Yes. I mean, the way that we're thinking about inflation and whether it's oilfield services costs or other costs across the business, I'd say we've gotten to a point where we're actually starting to see inflation come off in certain cost categories. If you think about some of the chemicals that we would use and unconventional, things like sand, what we would call tubular goods, which would include piping and valves and those types of things, we're starting to see some deflationary pressure now.

是的。我的意思是，我們考慮通貨膨脹的方式，無論是油田服務成本還是整個企業的其他成本，我想說我們已經到了這樣一個地步：我們實際上開始看到通貨膨脹在某些成本方面有所下降類別。如果你考慮一下我們將使用的一些非常規化學品，例如沙子，我們所說的管狀貨物，其中包括管道和閥門以及這些類型的東西，我們現在開始看到一些通貨緊縮壓力。

As it relates to things where labor is a high component of the cost, I would say we're not yet necessarily seeing that deflationary pressure coming through yet. But overall, I'd say it's probably too early to see much of that come through the second half of the year. But as we're looking forward into 2024, I'd say we fundamentally feel like inflation is going come off as we're looking forward because we're starting to see those signs across multiple categories now throughout the business.

由於它涉及到勞動力佔成本的較高部分，我想說，我們還不一定會看到通貨緊縮壓力的到來。但總體而言，我想說，現在看到其中大部分在今年下半年實現可能還為時過早。但當我們展望 2024 年時，我想說，我們從根本上感覺通脹正在下降，因為我們現在開始在整個行業的多個類別中看到這些跡象。

We'll go next to Paul Cheng with Scotiabank.

接下來我們將與豐業銀行聯繫 Paul Cheng。

You previously that -- had set a [strong] target to spend $17 billion in the low carbon business through 2027. Denbury sale -- the acquisition is about 30%. And you're also saying that you're seeing a lot more opportunities. So should we interpret that your $17 billion, that number, will need to -- will increase perhaps quite substantially?

您之前設定了一個[強勁]目標，到 2027 年在低碳業務上花費 170 億美元。登伯里出售——收購約佔 30%。您還說您看到了更多的機會。那麼我們是否應該解釋說，您的 170 億美元這個數字將需要——也許會大幅增加？

Yes. Thanks, Paul. I think as you rightly point out, the Denbury acquisition was not part of the $17 billion. But maybe just a little bit of perspective on that. We -- given the -- we're just starting that business up, as you can imagine, very early in the opportunity set and progressing the opportunity set. I think Dan and his team in the Low Carbon Solutions business have made tremendous progress in bringing those opportunities to bear and manifesting contracts with customers as we've talked about with the 3 big customers that we now have and demonstrating that we can decarbonize some of these hard-to-decarbonize industries that don't have a lot of good alternatives.

是的。謝謝，保羅。我認為正如您正確指出的那樣，對 Denbury 的收購併不屬於 170 億美元的一部分。但也許只是對此有一點看法。正如你可以想像的那樣，我們剛剛開始這項業務，在機會集的早期階段並正在推進機會集。我認為 Dan 和他的低碳解決方案業務團隊在帶來這些機會和與客戶簽訂合同方面取得了巨大進展，正如我們與我們現在擁有的 3 個大客戶討論的那樣，並證明我們可以使一些產品脫碳。這些難以脫碳的行業沒有很多好的替代方案。

We've also got a very significant investment opportunity in Baytown to bring on the world's largest hydrogen plant. And then we've got opportunities for low carbon ammonia associated with that.

我們還在貝敦獲得了一個非常重要的投資機會，可以建設世界上最大的氫工廠。然後我們就有了與之相關的低碳氨的機會。

So I think a pretty robust portfolio. And with the announcements of the deals that we've got to date, the commercial deals that we struck with the announcement of Denbury, I think a lot of recognition and interest by outside potential customers that there's a real opportunity here and that ExxonMobil provides a real solution. So that's the context.

所以我認為這是一個相當穩健的投資組合。隨著我們迄今為止達成的交易的宣布，以及我們與 Denbury 的宣布達成的商業交易，我認為外部潛在客戶對這裡存在真正的機會以及埃克森美孚提供了很多認可和興趣。真正的解決方案。這就是背景。

I would say the $17 billion as we -- that was looking at a portfolio of opportunities and then trying to assess how those -- how quickly those opportunities would manifest themselves and the capital that would be required to do that, we're continuing that work. There's a lot -- and so as we continue to develop and make progress on these projects, some of the capital becomes more discrete, and we can see it a lot clearer, other deals move out.

我想說的是，我們正在尋找 170 億美元的機會組合，然後嘗試評估這些機會如何、以多快的速度顯現出來，以及做到這一點所需的資本，我們正在繼續這樣做工作。有很多——因此，隨著我們繼續開發這些項目並取得進展，一些資本變得更加離散，我們可以更清楚地看到，其他交易會退出。

And so I'd say right now, it's a portfolio approach. We're not changing the $17 billion to date. Frankly, the Denbury acquisition, if that goes through, will allow us to pull back on some of the grassroots investments that we were making in logistics and substitute that with the assets that we brought in from Denbury.

所以我現在想說，這是一種投資組合方法。迄今為止，我們不會改變 170 億美元。坦率地說，如果收購登伯里成功，我們將能夠撤回在物流方面進行的一些基層投資，並用我們從登伯里引進的資產來替代。

So it's, I'd say, kind of an evolving space. I think the thing to stay focused on, we're not going to compromise on our return criteria or the advantaged criteria that we're insisting on for the projects that we bring to bear. We have to be low-cost suppliers in this space. We have to be leveraging the advantages the corporation has, and we have to be generating good competitive returns.

所以我想說，這是一個不斷發展的空間。我認為要重點關注的是，我們不會在我們的回報標准或我們所堅持的項目的優勢標准上妥協。我們必須成為這個領域的低成本供應商。我們必須利用公司的優勢，創造良好的競爭性回報。

That's going to dictate the pace of the -- how quickly that CapEx manifests itself and frankly, the size of it. And as we go through this year's plan, I know Dan and his team is very focused on based on a year -- having a year under their belt of continuing to execute and drive this business. We'll develop more detailed plans and update that number. I don't know, Kathy, do you have anything you want to add for Paul?

這將決定資本支出顯現出來的速度以及坦率地說，它的規模。當我們制定今年的計劃時，我知道丹和他的團隊非常專注於這一年——他們將在這一年裡繼續執行和推動這項業務。我們將製定更詳細的計劃並更新該數字。我不知道，凱西，你有什麼想對保羅說的嗎？

Yes. Just the other thing I want to mention is, especially as it relates to the CCS business, what you're going to see over time is that we're building a backlog. And that backlog is what's going to support the future of growing CapEx kind of over the longer term and the profitable growth of that business.

是的。我想提的另一件事是，特別是當它與 CCS 業務相關時，隨著時間的推移，您將看到我們正在積壓訂單。從長遠來看，這些積壓的訂單將支持未來資本支出的增長以及該業務的盈利增長。

So today, I would describe ExxonMobil's backlog is 5 million tons annually, supported by 3 very large industrial customers, one in the industrial gas sector, one in the steel sector, one that makes ammonia that's used for fertilizer, right? And if you just think about what that does for society, those 5 million tons annually, that translates into the conversion of about 2 million cars from gas-powered vehicles to electric vehicles. That's about all the cars that are on the road in the United States today.

所以今天，我會描述埃克森美孚的積壓訂單每年為 500 萬噸，由 3 個非常大的工業客戶支持，一個在工業氣體行業，一個在鋼鐵行業，一個生產用於化肥的氨，對嗎？如果你想一想這對社會的影響，每年 500 萬噸，相當於將約 200 萬輛汽車從汽油動力汽車轉換為電動汽車。這就是當今美國道路上的所有汽車。

And when we talk about the overall CCS opportunity across the Gulf Coast, we talk about 100 million tons annually. That's 20x that number. But I'm going to go back to the fact that it will be supported by customer backlog that supports a growing profitable business. So that's how you should think about it.

當我們談論墨西哥灣沿岸的整體 CCS 機會時，我們談論的是每年 1 億噸。這是這個數字的 20 倍。但我要回到一個事實，即它將得到客戶積壓的支持，從而支持不斷增長的盈利業務。所以這就是你應該如何思考的。

Great. Can I sneak in a real quick question?

偉大的。我可以偷偷地問一個真正的快速問題嗎？

Of course.

當然。

Yes. Real quick. Darren, do you have a number you can share what is the production for Permian this quarter -- in the second quarter?

是的。真快。達倫（Darren），您是否有一個數字可以分享一下二疊紀盆地本季度（第二季度）的產量是多少？

620 Koebd.

第620章

Our last question comes from Paul Sankey with Sankey Research.

我們的最後一個問題來自桑基研究中心的保羅·桑基。

Just a follow-up, actually, just looking at your volumes Upstream. First of all, you mentioned that there was turnarounds and stuff, but I wondered if you could talk about the recovery, especially in the light of the stronger Guyana volumes, the fact that your Upstream volumes are down quite hard here. Is that going to be a rapid recovery in Q3 and back towards what kind of levels should we expect for the rest of the year?

實際上，這只是一個後續行動，只是查看您的上游卷。首先，您提到出現了扭虧為盈之類的情況，但我想知道您是否可以談談復甦，特別是考慮到圭亞那的銷量強勁，而您的上游銷量在這里大幅下降。第三季度是否會迅速復蘇，並在今年剩餘時間內恢復到我們預期的水平？

Yes. Sure, Paul, I'll take that. If you think about the first quarter, we were up pretty significantly second quarter we're down from that first quarter, but essentially on plan with respect to the full year production levels that we talked about at the back end of last year when we put our plan forward.

是的。當然，保羅，我會接受的。如果你考慮一下第一季度，我們會發現第二季度我們的增長相當顯著，我們比第一季度有所下降，但基本上就我們在去年年底討論的全年生產水平而言，是按計劃進行的。我們的計劃向前推進。

And I would tell you that there's nothing that we're seeing today that changes that guidance that we gave last year of 3.7 million barrels a day of production. So I'd say we're on track with that. We're not seeing anything that makes us change our mind.

我想告訴你們，我們今天看到的情況並沒有改變我們去年給出的日產量 370 萬桶的指導。所以我想說我們正在步入正軌。我們沒有看到任何讓我們改變主意的事情。

And obviously, we're working real hard to do better than that. But I would say right now, we feel like we're on track to meet the plan and meet the numbers that we shared earlier last year.

顯然，我們正在非常努力地做得更好。但我現在想說的是，我們感覺我們正在實現計劃並達到我們去年早些時候分享的數字。

Can you say more about the downtimes that you had in Q2?

您能詳細介紹一下第二季度的停機情況嗎？

Yes. I'll just mention, we had given a bit of guidance to divestment and scheduled downtime. And that guidance was that we thought we'd see a reduction of about 110 Koebd, if I said what the actuals were across both of those items. It was actually 120, and that's a sequential number. So we were down sequentially 120 Koebd as a result of divestments and the scheduled downtime.

是的。我只想提一下，我們已經就撤資和計劃停機提供了一些指導。該指導意見是，如果我說出這兩個項目的實際情況，我們認為我們會看到大約 110 Koebd 的減少。實際上是 120，這是一個連續的數字。因此，由於撤資和計劃停工，我們連續下降了 120 Koebd。

If you then just look at why was our overall production down a little bit more than that, it was really driven by 2 things. So we've seen curtailments and obviously, OPEC is cutting production, and so we have an impact coming from that.

如果你看看為什麼我們的整體產量下降得比這個多一點，它實際上是由兩件事驅動的。因此，我們已經看到了減產，顯然，歐佩克正在減產，因此我們受到了影響。

And then in terms of unscheduled downtime, we had a short strike in Nigeria that tipped up our unscheduled downtime. But again, I would go back to what Darren said, we had guided for the full year at about 3.7 million oil equivalent barrels a day. And if you looked at our year-to-date numbers, we're up about 15,000 on a year-to-date basis year-over-year.

然後就計劃外停機而言，我們在尼日利亞發生了一次短暫的罷工，這導致了我們的計劃外停機。但我還是要回到達倫所說的，我們全年的指導產量約為每天 370 萬油當量桶。如果您查看我們今年迄今的數字，您會發現我們今年迄今的人數同比增加了約 15,000 人。

That's super helpful. And then if I -- just a follow up, if I look at your energy product sales, those are up just about as much, if not more, positively. Obviously, that's mostly Beaumont, I guess. But is there anything else to add there, to the strength?

這非常有幫助。然後，如果我——只是一個後續行動，如果我看看你們的能源產品銷售，這些增長了同樣多，甚至更多，積極。顯然，我猜這主要是博蒙特。但是還有什麼可以補充的嗎？

Yes. No, Beaumont is the main thing. And then we obviously had a bit less maintenance kind of going on, which helped our volumes as well. I'd mention that Beaumont was running at 90% utilization. So again, a really nice, I think, proof point and just the operational excellence across the company.

是的。不，博蒙特才是最重要的。然後我們顯然減少了維護工作，這也有助於我們的銷量。我要提到的是，Beaumont 的利用率為 90%。再說一遍，我認為這是一個非常好的證明點，而且是整個公司的卓越運營。

Thanks, everybody, for your questions today. We will post a transcript of our Q&A session on our Investors section of our website as soon as it's available early next week.

謝謝大家今天提出的問題。下周初，我們將在網站的投資者部分發布問答環節的文字記錄。

Before we conclude, I have one important announcement to share with you. Please mark your calendars for the ExxonMobil Product Solutions Spotlight. It's going to be on Wednesday, September 20 at 1:00 Central Time. Jack Williams, Senior Vice President, who oversees Product Solutions, will be joined by Karen McKee, President of Product Solutions and several other leaders from ExxonMobil to talk about this new group formed in April 2022.

在我們結束之前，我有一個重要的公告要與大家分享。請在您的日曆上標記埃克森美孚產品解決方案聚焦。時間為 9 月 20 日星期三中部時間 1:00。負責監督產品解決方案的高級副總裁 Jack Williams 將與產品解決方案總裁 Karen McKee 以及埃克森美孚的其他幾位領導一起討論 2022 年 4 月成立的這個新團隊。

For additional information about this upcoming event, watch the Investors section of our website. With that, have a nice weekend, everyone, and I'll turn it back to the operator to close it off.

有關即將舉行的活動的更多信息，請觀看我們網站的投資者部分。就這樣，祝大家週末愉快，我會將其轉回給操作員以將其關閉。

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。