埃克森美孚 (XOM) 2024 Q1 法說會逐字稿

Good morning, everyone, and welcome to ExxonMobil Corporation's First Quarter 2024 Earnings Webcast. Today's call is being recorded.

大家早安，歡迎收看埃克森美孚公司 2024 年第一季財報網路廣播。今天的通話正在錄音。

I'll now turn it over to Ms. Marina Matselinskaya. Please go ahead.

現在我將把它交給瑪麗娜·馬瑟林斯卡婭女士。請繼續。

Good morning, everyone. Welcome to ExxonMobil's first quarter 2024 earnings call. We appreciate you joining the call today. I am Marina Matselinskaya, Director of 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 2024 年第一季財報電話會議。我們感謝您今天加入電話會議。我是投資者關係總監瑪麗娜·馬瑟林斯卡婭 (Marina Matselinskaya)。董事長兼執行長 Darren Woods 也出席了會議；以及資深副總裁兼財務長凱西‧米克爾斯 (Kathy Mikells)。

This presentation and prerecorded remarks are available on the Investors section of our website. They are meant to accompany the first quarter earnings news release, which is posted in the same location. Shortly, Darren will give you an overview of our performance. Then we'll take your questions.

本簡報和預先錄製的評論可在我們網站的投資者部分取得。它們旨在與發佈在同一位置的第一季收益新聞稿一起發布。很快，Darren 將為您概述我們的表現。然後我們將回答您的問題。

During today's presentation, we'll make forward-looking comments, which are subject to risks and uncertainties. Please read our cautionary statement on Slide 2. You can find more information on the risks and uncertainties that apply to any forward-looking statements in our SEC filings on our website. Note that we also provided supplemental information at the end of our earnings slides, which are posted on the website.

在今天的演講中，我們將做出前瞻性評論，這些評論有風險和不確定性。請閱讀我們在投影片 2 上的警告聲明。請注意，我們也在網站上發布的收益幻燈片末尾提供了補充資訊。

And now please turn to Slide 3 for Darren's remarks.

現在請翻到投影片 3，了解 Darren 的演講。

Thank for joining us. Our strategy and the way our people are executing created significant value in the first quarter. We delivered $8.2 billion of earnings and $14.7 billion of cash flow. Even more important, we continue to strengthen the underlying earnings power of the company.

感謝您加入我們。我們的策略和員工的執行方式在第一季創造了巨大的價值。我們實現了 82 億美元的利潤和 147 億美元的現金流。更重要的是，我們持續增強公司的潛在獲利能力。

An important driver of this improved earnings power is our ongoing focus on structural cost savings, which reached $10.1 billion in the quarter versus 2019, furthering our progress towards our goal of $15 billion by 2027.

獲利能力提高的一個重要驅動因素是我們持續關注結構性成本節約，與 2019 年相比，本季成本節約達到 101 億美元，進一步推動我們朝著 2027 年 150 億美元的目標邁進。

CapEx in the quarter was $5.8 billion as we continue to invest in advantaged growth projects that will drive future earnings and cash flow. At the same time, we further strengthened our balance sheet, bringing our net debt to capital down to 3%, the lowest in more than a decade.

本季的資本支出為 58 億美元，因為我們繼續投資於將推動未來收益和現金流的優勢成長項目。同時，我們進一步強化了資產負債表，將資本淨負債比率降至 3%，為十多年來的最低水準。

To reward our shareholders, we distributed $6.8 billion in cash, including $3.8 billion in dividends. For all of 2023, ExxonMobil was the third largest total dividend payer in the S&P 500. Only Microsoft and Apple paid more. We also repurchased about $3 billion of shares. Buybacks were temporarily paused until the shareholders of Pioneer voted on the combination of our companies, which they approved on February 7. Post close, we expect buybacks to ramp up to a pace of $20 billion a year.

為了回報股東，我們分配了 68 億美元現金，其中包括 38 億美元股利。 2023 年全年，埃克森美孚是標準普爾 500 指數成分股中第三大股息支付者。我們也回購了約 30 億美元的股票。回購暫時暫停，直到 Pioneer 股東對我們公司的合併進行投票，並於 2 月 7 日批准合併。

Our ongoing success this quarter reflects the intense focus we have had for the past 7 years on improving every aspect of our business. We developed a strategy tied more directly to our core competitive advantages; we reorganized the company to create a group of centralized organizations that fully utilize the significant synergies between our businesses; we set and met ambitious plans to improve the fundamental earnings power of the company; and we established a track record of excellence in execution that is second to none.

我們本季持續的成功反映了我們在過去 7 年裡對改善業務各個方面的高度關注。我們制定了與我們的核心競爭優勢更直接相關的策略；我們對公司進行了重組，創建了一組集中的組織，充分利用我們業務之間的顯著協同效應；我們制定並實現了雄心勃勃的計劃，以提高公司的基本盈利能力；我們在執行方面建立了首屈一指的卓越記錄。

Our focus on shareholder value extends beyond the work we're doing to drive profitable growth. I'll give you 3 examples from the quarter that demonstrates how we're working to ensure that the value we've created is not diminished through third-party actions.

我們對股東價值的關注超出了我們為推動獲利成長所做的工作。我將向您提供本季度的 3 個範例，展示我們如何努力確保我們創造的價值不會因第三方行為而減少。

First, we filed for arbitration to confirm our rights and establish the value that the Chevron-Hess transaction places on the Guyana asset. This will allow us to evaluate options to maximize the value for our shareholders. Any responsible management team would do the same.

首先，我們申請仲裁以確認我們的權利並確定雪佛龍-赫斯交易對圭亞那資產的價值。這將使我們能夠評估為股東實現價值最大化的選擇。任何負責任的管理團隊都會這麼做。

Second, we're continuing our lawsuit against 2 special interest activists masquerading as investors. We're asking the court to require the SEC's existing rules to be consistently applied in order to restore the integrity of the system. We believe the system will only work properly if the rules are clearly understood and clearly applied to all parties.

其次，我們將繼續對兩名冒充投資者的特殊利益活動人士提起訴訟。我們請求法院要求始終適用 SEC 的現有規則，以恢復系統的完整性。我們相信，只有清楚地理解規則並明確適用於所有各方，系統才能正常運作。

And third, we successfully defended the Pioneer merger against a frivolous lawsuit designed to abuse a legitimate legal process. These actions are so common they are often referred to as a "merger tax." In our case, however, the court ruled in our favor and sanctioned a lawyer for operating in bad faith. While the results of these efforts may not show up in any discrete quarterly result, they underpin long-term value and demonstrate our strong commitment to doing what's right.

第三，我們成功地為先鋒公司的合併辯護，反對一場旨在濫用合法法律程序的無聊訴訟。這些行為非常常見，因此通常被稱為「合併稅」。然而，在我們的案件中，法院做出了對我們有利的裁決，並制裁了一名惡意執業的律師。雖然這些努力的結果可能不會體現在任何獨立的季度業績中，但它們支撐著長期價值，並表明我們對做正確事情的堅定承諾。

I'll leave you with a few key takeaways. Our work to improve the fundamental earnings power of ExxonMobil is continuing apace. By executing with excellence on our strategy, we expect to grow our earnings potential by an additional $12 billion from 2023 to 2027 at constant prices and margins, a growth rate of more than 10% per year. A significant driver of this earnings growth will be our delivery of additional structural cost savings totaling $15 million by 2027.

我將給您留下一些關鍵要點。我們正在繼續努力提高埃克森美孚的基本獲利能力。透過卓越地執行我們的策略，我們預計從 2023 年到 2027 年，以固定價格和利潤率計算，我們的獲利潛力將額外增長 120 億美元，每年增長率超過 10%。到 2027 年，我們將節省總計 1,500 萬美元的額外結構性成本，這是獲利成長的一個重要推動力。

In the quarter, we continue to deliver unprecedented success in Guyana with growing production, creating additional value for our shareholders and the Guyanese people. Our strategic projects, which are another important driver of our planned earnings improvement helped deliver record first quarter refining throughput and strong performance chemicals volume growth, and there are more projects planned for start-up in 2025.

本季度，我們繼續在圭亞那取得前所未有的成功，產量不斷增長，為我們的股東和圭亞那人民創造了額外價值。我們的策略項目是我們計劃獲利改善的另一個重要驅動力，幫助實現了創紀錄的第一季煉油產量和強勁的高性能化學品產量成長，並且計劃在 2025 年啟動更多專案。

All of this is without the contribution of Pioneer. With Pioneer, we're positioned to drive earnings, cash flow and shareholder distributions even higher. We continue to work constructively with the FTC as they conduct a very thorough review and remain confident that no competition issues should hinder the transaction. We've been working diligently on our integration plans, and we're ready to begin executing day 1 on the significant synergies this combination will create.

這一切都離不開先鋒的貢獻。透過先鋒，我們將進一步推動獲利、現金流和股東分配。我們將繼續與聯邦貿易委員會進行建設性合作，他們將進行非常徹底的審查，並堅信任何競爭問題都不會阻礙交易。我們一直在努力製定我們的整合計劃，並且我們已準備好開始執行這項合併將產生的重大協同效應的第一天。

Looking beyond our planned period and into the future, we see attractive large-scale opportunities to leverage our core capabilities in our existing businesses and in brand-new markets with brand-new products, something our competitors can't do. The success of this company and our unique set of competitive advantages is built on our greatest strength and most important advantage, great people.

展望未來，我們看到了有吸引力的大規模機會，可以利用我們現有業務的核心能力以及在全新市場中推出全新產品，這是我們的競爭對手無法做到的。該公司的成功和我們獨特的競爭優勢建立在我們最大的優勢和最重要的優勢——優秀的人才之上。

They are the best team in the business able to successfully overcome any challenge. Through their work at ExxonMobil, they are making a positive difference in the world, meeting people's essential needs for energy and products today and far into the future. I'm extremely proud to represent them and cannot thank them enough.

他們是業界最優秀的團隊，能夠成功克服任何挑戰。透過在埃克森美孚的工作，他們正在為世界帶來積極的改變，滿足人們今天和未來對能源和產品的基本需求。我非常自豪能夠代表他們，並且非常感謝他們。

Before we begin our Q&A session, I wanted to take this opportunity to introduce Jim Chapman, our new Vice President, Treasurer and Investor Relations. Jim brings a breadth of capital market and functional experience to this role and is looking forward to working with all of you. Thank you.

在我們開始問答環節之前，我想藉此機會介紹一下我們新任財務主管和投資者關係副總裁吉姆·查普曼 (Jim Chapman)。 Jim 為此職位帶來了廣泛的資本市場和職能經驗，並期待與大家合作。謝謝。

Thank you, Darren. Now let's move to our Q&A session. (Operator Instructions) With that, operator, please open the line for our first question.

謝謝你，達倫。現在讓我們進入問答環節。 （操作員指示） 那麼，操作員，請撥通我們的第一個問題。

(Operator Instructions) The first question comes from Devin McDermott of Morgan Stanley.

（操作員說明） 第一個問題來自摩根士丹利的 Devin McDermott。

And Jim, congrats on the new role if you're on the line. I wanted to start on Guyana and not on the arbitration process, although I appreciate some of the posted prepared remarks on that, but instead, just on the operations and growth potential.

吉姆，如果您在線的話，恭喜您獲得新職位。我想從圭亞那開始，而不是從仲裁程序開始，儘管我很欣賞一些已發布的準備好的評論，但只是從營運和成長潛力開始。

You had another really strong operational quarter, and you've now also taken FID on Whiptail, which is new since the last call and gives us now line of sight in all the planned development through the end of this 2027 guidance period. And if we step back as you bring these new FPSOs online, you also have a very active exploration and appraisal program.

你們又經歷了一個非常強勁的營運季度，現在也對 Whiptail 進行了 FID，這是自上次電話會議以來的新舉措，讓我們現在可以了解到 2027 年指導期結束時的所有計劃開發。如果我們退後一步，當您將這些新的 FPSO 上線時，您還會有一個非常活躍的勘探和評估計劃。

So I was wondering if you could talk a little bit about that exploration and appraisal strategy here, what you're focused on over the next few years, the additional opportunities you see and how that influences your view of longer-term growth potential post '27 in Guyana.

所以我想知道你是否可以在這裡談談探索和評估策略，你在未來幾年的重點是什麼，你看到的額外機會以及這如何影響你對長期成長潛力的看法。

Yes. Sure. Devin, I'll try to address the broader picture here for you. I'll start with just following up on the comment you made around the operations, the performance of the operations. I think while we build these projects and bring them on in record time under budget, the value that the organization then drives from them through the operational optimization and looking to debottleneck brings significant additional value.

是的。當然。 Devin，我將嘗試為您闡述更廣泛的情況。我將首先跟進您對營運和營運績效的評論。我認為，當我們建立這些項目並在預算範圍內以創紀錄的時間完成它們時，組織透過營運優化和消除瓶頸所帶來的價值會帶來顯著的附加價值。

And I continue to see opportunities for -- to do that as we bring these platforms on. So feel really good about the collective effort of the organization to drive value of the plans that we already have in place through 2027.

當我們推出這些平台時，我繼續看到這樣做的機會。因此，我們對組織為推動 2027 年之前已經制定的計劃的價值所付出的集體努力感到非常滿意。

As you say, we're doing more exploration. I think every time we drill, we're collecting information that allows us to better characterize that whole block and focus in on potential new areas of opportunity. And that's basically the work that our teams are very engaged in is continuing to collect information, continuing to do seismic, continuing to drill and, through that work, update our reservoir models, update our understanding of that block and then look for new opportunities, and that's going to be a continuous progress.

正如你所說，我們正在做更多的探索。我認為每次鑽探時，我們都會收集信息，使我們能夠更好地描述整個區塊的特徵，並專注於潛在的新機會領域。基本上，我們的團隊非常投入的工作是繼續收集信息，繼續進行地震，繼續鑽探，並透過這些工作更新我們的油藏模型，更新我們對該區塊的理解，然後尋找新的機會，這將是一個持續的進步。

So I feel that's what -- the work that we're doing. And as we develop that and learn more, we'll put together more longer-term plans. And once we have confidence that we've got a clear line of sight to how this plays itself out going forward in the future, we'll bring that to the community and share that with all of you.

所以我覺得這就是我們正在做的工作。隨著我們的發展和了解更多，我們將制定更多的長期計劃。一旦我們確信我們對未來如何發展有了清晰的認識，我們就會將其帶到社區並與大家分享。

Kathy, anything to add?

凱西，有什麼要補充的嗎？

I just mentioned we had planned kind of 4 of what I'll call wildcat wells this year. We did have one discovery, a new discovery, Bluefin. We haven't quantified what that is yet. But as you mentioned, Darren, most of the drilling that we're doing is more about supporting existing production and the next couple of projects that we have coming online.

我剛剛提到，今年我們計劃打 4 口我稱之為野貓井的井。我們確實有一個發現，一個新發現，藍鰭金槍魚。我們還沒有量化那是什麼。但正如您所提到的，達倫，我們正在進行的大部分鑽探更多的是為了支持現有生產以及我們即將上線的接下來的幾個項目。

The next question is from Neil Mehta of Goldman Sachs.

下一個問題來自高盛的尼爾·梅塔。

Just wanted to build on the comments on structural cost savings. So Slide 7 is helpful. It gives us a little bit more of a breakdown by each of the 4 segments of how you're thinking about cost savings to get to the $15 billion.

只是想以結構性成本節約的評論為基礎。所以投影片 7 很有幫助。它為我們提供了按 4 個部分中每一個部分的更多詳細信息，說明您如何考慮節省成本以達到 150 億美元。

But I was wondering if you could put a little bit more meat on the bone, so you can give us examples potentially by segment of things that you're doing, so we can bring that story to life.

但我想知道你是否可以在骨頭上多放點肉，這樣你就可以透過你正在做的事情的一部分給我們提供例子，這樣我們就可以把這個故事變成現實。

Yes. I'll talk maybe on the macro with respect to where the costs are coming from and how they break down, and then I'll let Kathy add any specifics that she wants to.

是的。我可能會在宏觀上談論成本從何而來以及它們如何分解，然後我會讓凱西添加她想要添加的任何細節。

I'd just say, Neil, if you look at what we've been doing here in the $10 billion of structural cost savings that we've achieved to date, it really has to do with the reorganizations that we started back in 2018 and the continued progress we make in centralizing activities, finding areas of synergies and focusing on how we drive the most value out of those synergies, eliminating areas of duplication, taking expertise and experience that we've had in the past scattered across the corporation in different silos, putting those into centralized organizations, getting the collective wisdom of that group and experience to focus on some of our toughest challenges.

我只想說，尼爾，如果你看看我們迄今為止已經實現的 100 億美元結構性成本節約，你會發現這確實與我們在 2018 年開始的重組有關，我們在集中活動、尋找協同效應領域以及專注於如何從這些協同效應中發揮最大價值、消除重複領域、利用我們過去分散在公司不同領域的專業知識和經驗方面取得的持續進展孤島，將它們放入集中的組織中，利用該群體的集體智慧和經驗來專注於我們最棘手的一些挑戰。

Part of that is making sure that we're the lowest cost supplier, and so reducing cost is a big challenge that the organization is looking at, and these experts are continuing to look for opportunities to optimize and to strike the balance of higher reliability, safer operations, while continuing to find efficiencies. And that's exactly what they've been doing.

其中一部分是確保我們是成本最低的供應商，因此降低成本是該組織正在考慮的一個巨大挑戰，這些專家正在繼續尋找優化的機會並實現更高可靠性的平衡，更安全的運營，同時繼續提高效率。這正是他們一直在做的事。

I think it's important to put the cost reductions in context that, as we've made these reductions, our reliability has improved. As we've made these reductions, our safety has improved, and we have less injuries on our facilities all around the world.

我認為，重要的是要將成本降低放在這樣的背景下：隨著我們進行這些降低，我們的可靠性也提高了。隨著我們進行這些減少，我們的安全性得到了改善，我們世界各地設施的傷害也減少了。

As we've made these reductions, our environmental performance has improved. And so it's a great example of how we can do both of these things with the right experience and capabilities. And so that's -- and I think we're -- we just are at the early stages of the last -- of quantifying the value and developing a clear line of sight to how we can take advantage of the most recent centralized organizations. We'll be going through a plan process this year.

隨著我們進行這些減排，我們的環境績效得到了改善。因此，這是一個很好的例子，說明我們如何利用正確的經驗和能力來完成這兩件事。因此，我認為我們正處於最後階段的早期階段，即量化價值並為我們如何利用最新的中心化組織制定清晰的視野。今年我們將經歷一個計劃過程。

Now that we've got those organizations in place and working with the rest of the businesses and the other centralized organizations to figure out what more can we bring to the table, but I'm extremely optimistic that not only will we hit the $15 billion certainly by 2027, but I suspect we'll find even more.

現在我們已經讓這些組織就位，並與其他企業和其他中心化組織合作，弄清楚我們還能帶來什麼，但我非常樂觀，我們不僅會達到 150 億美元當然到2027 年，但我懷疑我們會發現更多。

And then with respect to, I'd say, a macro breakdown, I think the way to think about it is roughly split evenly today between our Upstream and our Product Solutions business.

然後，關於宏觀細分，我認為今天我們的上游業務和產品解決方案業務大致平分秋色。

Kathy, any specifics you want to add?

凱西，您有什麼要補充的細節嗎？

Yes, I guess, a little bit more color I'll add. If I just talk about, Neil, what went on in the period, we saw most of the year-over-year incremental savings coming through Upstream and coming through Energy Products.

是的，我想，我會添加更多的顏色。尼爾，如果我只是談談這段時期發生的事情，我們看到大部分同比增量節省來自上游和能源產品。

In Upstream, that was driven largely by operational efficiencies and in the information that we would have pushed earlier this morning in terms of the more thorough discussion of the Investor Relations slides that we published on our website. I talked about an example at Kearl, where we've basically automated kind of all of our heavy trucking there and how that drives both, as Darren mentioned, an improvement overall from a safety perspective, but also operating efficiency with the logistics and just efficiency of that trucking operation.

在上游，這主要是由營運效率以及我們今天早上早些時候通過對我們在網站上發布的投資者關係幻燈片進行更徹底的討論而推送的信息所推動的。我談到了Kearl 的一個例子，在那裡我們基本上實現了所有重型卡車運輸的自動化，正如達倫所提到的那樣，這如何推動了從安全角度的整體改進，而且還提高了物流的運作效率和效率該卡車運輸業務。

If I then contrast that with Energy Products, we had a really heavy slate of maintenance in this past quarter. And those turnarounds were actually done more efficiently than the same turnaround the last time the company would have had to have executed them. And so that drove structural cost savings for us.

如果我將其與能源產品進行對比，我們在上個季度進行了大量的維護工作。這些週轉實際上比公司上次必須執行的周轉效率更高。這為我們節省了結構性成本。

If I then try and look forward, what do we anticipate between now and 2027? Part of what I mentioned is some of the centralized organizations are really responsible for driving savings across the company. And so we have our global operations and sustainability organization. That organization is using statistical maintenance analysis across our entire footprint in order to drive better efficiency and effectiveness in our planned maintenance activity. And again, as Darren mentioned, that should drive improvement in safety and, importantly, improvement in reliability as well.

如果我嘗試展望未來，從現在到 2027 年我們預計會發生什麼？我提到的部分內容是，一些中心化組織真正負責推動整個公司的節約。因此，我們擁有全球營運和永續發展組織。組織正在我們的整個足跡中使用統計維護分析，以提高我們計劃的維護活動的效率和有效性。正如達倫所提到的，這將推動安全性的提高，更重要的是，可靠性的提高。

We have stood up last year a global business solutions organization, and they're really responsible for standardizing some of these big end-to-end processes that we have, procure to pay, record to report as well as our planning activities. And as we standardize those, we can implement more technology in order to improve the automation of many of those activities. When we benchmark ourselves, we know that we're too heavy on manual activities relative to what we would consider best-in-class. And so that should drive incremental savings.

我們去年成立了一個全球業務解決方案組織，他們真正負責標準化我們擁有的一些大型端到端流程，從採購到付款、記錄到報告以及我們的規劃活動。隨著我們對這些活動進行標準化，我們可以實施更多技術來提高其中許多活動的自動化程度。當我們對自己進行基準測試時，我們知道相對於我們認為的同類最佳的活動，我們對手動活動的負擔太大。因此，這應該會推動增量節約。

And then I'll just mention supply chain, again, another central organization we stood up last year, really trying to now leverage the scale of the entire company. And so that's all about logistics, right, and how can we leverage our scale to drive more efficient logistics, how can we leverage our scale to drive more effective supply chain, including utilizing more effective procurement. And it's also about then driving down kind of materials and broader inventory as we just get more efficient. So as we look forward, we have big savings expected kind of coming out of those areas.

然後我會再次提到供應鏈，這是我們去年成立的另一個中央組織，現在確實試圖利用整個公司的規模。這就是物流的全部內容，對吧，我們如何利用我們的規模來推動更有效率的物流，我們如何利用我們的規模來推動更有效的供應鏈，包括利用更有效的採購。隨著我們提高效率，這也將減少材料種類和更廣泛的庫存。因此，展望未來，我們預計這些領域將節省大量資金。

The next question is from Roger Read of Wells Fargo.

下一個問題來自富國銀行的羅傑·里德。

I'd like to come back to one of the things addressed in the opening comments on the Pioneer transaction and the expectation of the Q2 close.

我想回到關於先鋒交易的開場評論中提到的一件事以及對第二季結束的預期。

Can you just give us an idea of what your -- what final hurdles we're actually waiting for here? I know there's various rules with the FTC and so forth in terms of days. Just curious what gives you the confidence on the Q2 close here.

您能否讓我們了解一下我們實際上在這裡等待的最後障礙是什麼？我知道聯邦貿易委員會有各種關於天數的規則。只是好奇是什麼讓您對即將到來的第二季充滿信心。

Roger, I'll give you just kind of a high-level perspective. I'm not going to obviously comment on the specifics of the discussion and the work that we've been doing with FTC other than to say it has been a constructive engagement there.

羅傑，我會給你一個高層次的視角。我不會明顯評論討論的具體內容以及我們與聯邦貿易委員會所做的工作，只是說這是一次建設性的接觸。

We're working with them cooperatively. We've supplied enormous somehow a material documents, contracts, line items on productions and sales. And so I think a very thorough review of this transaction. As we've said all along, we're very confident that there are no antitrust issues. And I would just say we're very optimistic that we'll continue -- we'll meet the objective that we set very early to close in the second quarter.

我們正在與他們合作。我們以某種方式提供了大量的材料文件、合約、生產和銷售的項目。所以我認為對這筆交易進行非常徹底的審查。正如我們一直以來所說的，我們非常有信心不存在反壟斷問題。我只想說，我們非常樂觀地認為我們將繼續下去——我們將實現我們很早就設定的在第二季度完成的目標。

The next question is from Betty Jiang with Barclays.

下一個問題來自巴克萊銀行的 Betty Jiang。

Maybe bringing the question earlier about the cost savings, bringing that in the context of the $12 billion of earnings growth potential you see between 2023 and 2027. Really appreciate the additional color given on the key drivers between upstream, downstream and structural savings.

也許可以更早提出有關成本節約的問題，並將其置於2023 年至2027 年間您看到的120 億美元盈利增長潛力的背景下。驅動因素的額外色彩。

But I want to ask about the cadence of that earning growth profile, whether that's expected to be ratable through the period. And what do you see as the upside and downside risks to that outlook?

但我想問一下獲利成長情況的節奏，是否預計會在整個期間進行評估。您認為這前景的上行和下行風險是什麼？

Sure. I'm happy to answer that question. And so if you look at, overall, we've said $15 billion in cost savings from 2019 to 2027, we've achieved kind of on a year-to-date basis about 10%. That means we have about 5% to go. You wouldn't expect that cost savings or other drivers of improvement are necessarily ratable. I mean, we see different initiatives kind of come quarter-to-quarter. So I'd say I don't expect it to be ratable, but I expect us to put up meaningful cost savings every year.

當然。我很高興回答這個問題。因此，如果你看一下，總體而言，我們說過從 2019 年到 2027 年將節省 150 億美元的成本，今年迄今為止我們已經實現了約 10% 的成本節省。這意味著我們還有大約 5% 的時間。您不會期望成本節約或其他改進驅動因素一定是值得評估的。我的意思是，我們每季都會看到不同的舉措。所以我想說，我不希望它能夠被評估，但我希望我們每年都能節省有意義的成本。

If you then look at some of the other drivers of that earnings growth, I think it's really important as you think about the E&PS business that, that growth really goes hand-in-hand with execution of strategic projects, which also drives our high-value products growth. We expect to about double the volume of high-value products from '19 to 2027. And in 2027, we expect those products will comprise about 40% of our total earnings at a kind of constant margin.

如果你再看看獲利成長的其他一些驅動因素，我認為當你考慮 E&PS 業務時，這一點非常重要，這種成長確實與策略專案的執行密切相關，這也推動了我們的高...價值產品的成長。我們預計從 19 年到 2027 年，高價值產品的數量將增加一倍左右。

This year, we're relatively light on strategic projects in E&PS. Next year in 2025, we will be really heavy in. So we'll have the Strathcona renewable diesel coming online, we'll be executing the resid upgrade project in Singapore, and we'll have China 1 coming on, amongst other things, including increasing our capacity for advanced recycling at certain locations. So we have a lot of activity that will then start to bring incremental earnings power in 2025 and beyond.

今年，我們在 E&PS 方面的策略項目相對較少。明年，即 2025 年，我們將投入大量資金。高級回收能力。因此，我們有許多活動將開始在 2025 年及以後帶來增量獲利能力。

And then I'd say if you look over at what's happening in the Upstream business, we're continuing to get growth, obviously, out of Guyana in the Permian. That growth in advantaged assets is a real key driver in terms of overall growth in Upstream. One of the things you would have seen in our presentation is that on a year-to-date basis, now 44% of our production volumes in Upstream are from these advantaged assets, which are a key driver of earnings growth.

然後我想說，如果你看看上游業務正在發生的事情，我們顯然會在二疊紀圭亞那繼續成長。優勢資產的成長是上游整體成長的真正關鍵驅動力。您在我們的演示中會看到的一件事是，今年迄今為止，我們上游產量的 44% 來自這些優勢資產，它們是獲利成長的關鍵驅動力。

And then I'd say the other thing to think about in Upstream is we will start to get production growth, so actual volume growth improvement, but that tends to come more strongly in the beyond 2025 period. So hopefully, that gives you a good feel for some of the big drivers and when we would be anticipating them starting to get reflected in our underlying earnings.

然後我想說，上游需要考慮的另一件事是，我們將開始實現產量成長，因此實際產量成長有所改善，但這種情況在 2025 年以後往往會更加強勁。因此，希望這能讓您對一些主要驅動因素有一個良好的感覺，以及我們預計它們何時開始反映在我們的基本收益中。

Yes. And I'll just add to Kathy's comments. If you look at cost reductions, which Kathy talked about, the value of those contributing to our earnings growth, I think there's not a lot of downside there. I think with the structural changes that we've made and have yet to realize the benefits of, we've got a pretty good track record now here over the last 7 years of actually seeing those what were initially concepts translate into bottom line savings. And so we've got a very high degree of confidence.

是的。我將補充凱西的評論。如果你看看凱西談到的成本削減，以及那些對我們獲利成長做出貢獻的價值，我認為那裡沒有太多負面影響。我認為，隨著我們已經做出的結構性變革，但尚未實現其好處，我們在過去 7 年裡取得了相當好的業績記錄，實際上看到了那些最初的概念轉化為底線節省。所以我們有非常高的信心。

And that, frankly, our challenge in reducing cost or driving improvements in the business is not a lack of ideas or opportunities. It's how we prioritize and execute the highest value of those. So we've got a great opportunity set for improving our own business. And it's just a question of pacing that in a way that maintains the other objectives that we have in the business in terms of delivery day in and day out.

坦白說，我們在降低成本或推動業務改進方面面臨的挑戰並不是缺乏想法或機會。這就是我們如何確定優先順序並實現其中最高價值的方式。因此，我們有一個很好的機會來改善我們自己的業務。這只是一個調整節奏的問題，以維持我們在日復一日的交付方面的業務其他目標。

On the revenue side of the equation, and to Kathy's point, the strategic projects are kind of at the heart of growing the revenue and the value side on the top line. And I would say we recognized going back in time that critical to doing that was advantaged projects and then an organization that had the capability to effectively deliver those advantaged projects and then, finally, an organization that was capable of starting those up seamlessly and getting them online quickly.

在收入方面，就凱西的觀點而言，策略項目是增加收入和價值的核心。我想說的是，我們認識到，回到過去，做到這一點的關鍵是優勢項目，然後是一個有能力有效交付這些優勢項目的組織，最後是一個能夠無縫啟動這些項目並獲得它們的組織。

And I think if you look at the big projects that we brought on to date, all this portfolio of projects we developed back in 2018, we're continuing to execute that. The ones we brought online, we've been very pleased with the one -- with the project execution, the technologies organizations' contribution to that and then how we've started up and run those.

我認為，如果你看看我們迄今為止推出的大型項目，以及我們在 2018 年開發的所有項目組合，我們將繼續執行這些項目。我們對上線的專案非常滿意——專案執行、技術組織對此的貢獻以及我們如何啟動和運行這些專案。

And so I think that gives me a lot of confidence going forward that the model that we put together, the focus that we've put in each of our businesses to contribute, their area of expertise to overall corporate success is demonstrating a lot of success.

因此，我認為這給了我很大的信心，我們建立的模型、我們對每個業務做出貢獻的重點、他們對企業整體成功的專業領域正在展示巨大的成功。

And so I've got a lot of confidence going forward that we'll deliver that -- continue to deliver that portfolio that's demonstrated its value to what we've done to date. And so I think we feel pretty confident about delivering through 2027 and, frankly, beyond.

因此，我對未來充滿信心，相信我們將實現這一目標——繼續提供已經證明了我們迄今為止所做工作的價值的投資組合。因此，我認為我們對 2027 年乃至更遠的時間實現目標非常有信心。

The next question is from Bob Brackett of Bernstein Research.

下一個問題來自伯恩斯坦研究公司的鮑伯‧布拉克特。

I had a question around on the use of the phrase carbon materials. It seems fairly new. It feels fairly new, deals again pursuing some things in the battery chain. Could you give us a little more flavor on what you're contemplating there?

我對碳材料一詞的使用有疑問。看起來相當新。感覺相當新，交易再次追求電池鏈中的一些東西。您能為我們多介紹一下您正在考慮的事情嗎？

Sure. Bob, I think one of the points we're trying to make is this company has a very broad suite of capabilities that's anchored, frankly, in technology -- in a technology that's focused on transforming hydrogen and carbon molecules. And a lot of what we've done to date and the value that the company has generated over the last many decades has been a function of energy and the consumption of those molecules to meet the growing demands for energy.

當然。鮑勃，我認為我們想要表達的一點是，這家公司擁有非常廣泛的能力，坦白說，這些能力植根於技術——專注於轉化氫和碳分子的技術。到目前為止，我們所做的很多事情以及公司在過去幾十年中創造的價值都是能源和這些分子消耗的函數，以滿足不斷增長的能源需求。

But we also have a very broad portfolio of other products that we make through that molecule transformation expertise into the chemical business as well as lubricants and fluids and things that we do out of our refineries. So there's a much broader set of capabilities and products than I think, frankly, what people give us credit for.

但我們也擁有非常廣泛的其他產品組合，這些產品是我們透過化學業務的分子轉化專業知識生產的，以及潤滑劑和液體以及我們在煉油廠生產的產品。因此，坦白說，我們的能力和產品比人們所認為的要廣泛得多。

I would just point to Proxima as a great example of some time back, we recognize that the demand for gasoline would -- particularly in developed countries. And the question we challenged our technology organization with was how can we use these molecules to make other products that are required to meet other needs in society.

我只想指出 Proxima 作為一段時間以來的一個很好的例子，我們認識到對汽油的需求將會 - 特別是在發達國家。我們向技術組織提出的問題是如何使用這些分子來製造其他滿足社會需求所需的產品。

And Proxima, I think, while it's early in its development, it's going to demonstrate that we can take that expertise, apply it to a feedstock that will become more and more advantaged with time and make other products that are needed for -- to -- for the world, and that will bring a lot of significant benefits in those applications.

我認為，Proxima 雖然還處於開發早期，但它將證明我們可以利用這些專業知識，將其應用於原料，隨著時間的推移，這種原料將變得越來越有優勢，並生產其他所需的產品—— - 對於世界來說，這將為這些應用程式帶來許多顯著的好處。

The carbon ventures and the carbon materials is a very similar initiative. It's just a little earlier in its construct. If you look at the world's efforts to decarbonize, it's clear to us that carbon, over time, will become more and more advantaged feedstock. And so the challenge we've given our organization is what can we do with carbon molecules, how can we meet growing needs in large markets, and they have to be large markets because we're going to do -- if we're going to do something that moves the needle for the corporation, we have to do it at scale.

碳企業和碳材料是非常相似的舉措。它的建造時間稍早一些。如果你看看世界各地為脫碳所做的努力，我們會清楚地看到，隨著時間的推移，碳將成為越來越有優勢的原料。因此，我們為我們的組織帶來的挑戰是我們能用碳分子做什麼，我們如何滿足大市場不斷增長的需求，它們必須是大市場，因為我們要做——如果我們要為了做一些能夠推動公司發展的事情，我們必須大規模地去做。

And so what we're looking at there is how do we use the capabilities we have in molecule transformation applied to carbon to meet -- these batteries are just one example. Carbon fibers are another. There's a number of things today. We have their applications for, but there's either a performance dimension that needs to be improved or a cost dimension that needs to be improved. And we think we have a line of sight for how we can do that, how we can improve the performance aspects using our technology capabilities and, at the same time, find ways to reduce the cost of production.

因此，我們正在研究如何利用我們在碳分子轉化方面所擁有的能力來滿足這一要求——這些電池只是一個例子。碳纖維是另一種。今天有很多事情。我們有他們的應用程序，但要么是性能方面需要改進，要么是成本方面需要改進。我們認為我們已經知道如何做到這一點，如何利用我們的技術能力來提高性能，同時找到降低生產成本的方法。

So it's early days, I would say. We put it out there in this call to make sure people are beginning to think more broadly about what this company is capable of and how our future could evolve in a very different direction than where we've come from. And the beauty of how we're positioning ourselves is we have -- we're using the same core capabilities and advantages.

所以我想說，現在還為時過早。我們在這次電話會議中提出這一點，是為了確保人們開始更廣泛地思考這家公司的能力，以及我們的未來如何朝著與我們原來截然不同的方向發展。我們對自己的定位的美妙之處在於我們擁有相同的核心能力和優勢。

And so it gives us a lot of optionality and flexibility. And to the extent these other new markets work out and demand picks up, and we see great opportunities, we can shift more resources into that space. If it takes us longer there or say the transition takes longer, we've got our base business and continue to invest in products that the world needs today.

因此它為我們提供了很多選擇性和靈活性。只要這些其他新市場發揮作用並且需求回升，並且我們看到了巨大的機會，我們就可以將更多資源轉移到該領域。如果我們需要更長的時間或過渡需要更長的時間，我們已經擁有了我們的基礎業務，並繼續投資於當今世界所需的產品。

And so we've got the ability to adjust, depending on how things evolve and depending on what direction the world goes. So I think it's just a great example of, again, anchoring back on some very core capabilities that have very broad application. And we're excited by what we see as some potentially very high-value new markets, with some very high-value unique products that we can supply to meet those needs.

因此，我們有能力根據事物的發展以及世界的發展方向進行調整。因此，我認為這只是一個很好的例子，再次強調了一些具有廣泛應用的核心功能。我們對一些潛在的非常高價值的新市場感到興奮，我們可以提供一些非常高價值的獨特產品來滿足這些需求。

Very clear. A question would be the materiality threshold. Should we think about runways to $1 billion businesses or $10 million businesses? Or how -- is that too simplistic?

非常清楚。一個問題是重要性閾值。我們應該考慮通往 10 億美元企業還是 1000 萬美元企業的跑道？或者說——這太簡單了？

No. I think it's a good measure to think about. It's got to be over $1 billion if it's going to be material. And so we're looking at very large markets into the billions.

不，我認為這是一個值得考慮的好措施。如果它是實質性的，它必須超過 10 億美元。因此，我們正在尋找數十億的龐大市場。

The next question is from Jason Gabelman of TD Cowen.

下一個問題來自 TD Cowen 的 Jason Gabelman。

I had a question about uses of cash and the balance sheet. I think this quarter, we're seeing Exxon's net debt to cap move down. Some of your peers are starting to move up as commodities come off a bit, and that's seemingly a bit of a differentiator between you and peers.

我有一個關於現金使用和資產負債表的問題。我認為本季度，我們會看到埃克森美孚的淨債務下降。隨著大宗商品價格略有下跌，您的一些同行開始上漲，這似乎是您和同行之間的區別。

So I thought it would just be a good opportunity if you could remind us how you think about utilizing that balance sheet capacity moving forward given you're still operating from a position of strength, whether it be deploying for future M&A, increasing buybacks or other opportunities.

因此，我認為，如果您能提醒我們如何考慮利用資產負債表能力向前推進，那麼這將是一個很好的機會，因為您仍然處於優勢地位，無論是為未來的併購、增加回購還是其他方面進行部署。

So I'm happy to talk about that. As you correctly referenced, our net debt to cap has come down. It's about 3% now. Our approach in terms of capital allocation has not changed. It continues to be very consistent.

所以我很高興談論這個。正如您正確提到的那樣，我們的淨債務上限已經下降。現在大約是3%。我們在資本配置方面的做法並沒有改變。它仍然非常一致。

First and foremost, we want to make sure that we're making investments in this business that ultimately drive the long-term earnings and cash flow growth, that creates a virtual cycle of us then being able to enhance shareholder returns and return cash to shareholders via dividends as well as a more consistent share repurchase program. So that's job #1.

首先也是最重要的是，我們希望確保我們對這項業務的投資最終推動長期收益和現金流增長，從而創建一個虛擬循環，然後我們能夠提高股東回報並向股東返還現金通過股息以及更一致的股票回購計劃。這就是工作#1。

I would mention that CapEx is not ratable. I've seen many people comment on a light CapEx number that we had in the first quarter. We are very much on our plan. Many times, our CapEx is influenced by milestone payments, just as an example. And so it is not ratable over the course of the year. We have guided to $23 billion to $25 billion in CapEx, and that guidance remains. We're very much on plan.

我要提到的是，資本支出是不可評估的。我看到很多人對我們第一季的資本支出較少發表評論。我們正在全力推進我們的計劃。舉個例子，很多時候，我們的資本支出會受到里程碑付款的影響。因此，它不能在一年內進行評級。我們指導資本支出為 230 億至 250 億美元，而這項指引仍然存在。我們正在按計劃進行。

When we think about investing in our business, obviously, we're very focused on the advantaged slate of investments that we have organically in front of us. But obviously, M&A is another type of investment that we make. Again, where we see we can make 1 and 1 equal more than 2, largely by adding synergies to some type of acquisition. And obviously, getting ready to close the Pioneer acquisition would be a terrific example of that.

顯然，當我們考慮投資我們的業務時，我們非常關注我們有機地擁有的優勢投資。但顯然，併購是我們進行的另一種投資。同樣，我們可以讓 1 和 1 大於 2，這主要是透過為某種類型的收購增加協同效應。顯然，準備完成對先鋒的收購將是一個很好的例子。

We know a strong balance sheet is a competitive advantage. And so we have continued to really maintain and strengthen that balance sheet. This quarter, we paid down a little over $1 billion in debt. That's part of the reason why you see our net debt to cap ratio coming down. That gives us a lot of flexibility to ensure that we're consistently investing in the business through the cycle, and it just gives us optionality, understanding that we operate in a very cyclical business.

我們知道強大的資產負債表是一種競爭優勢。因此，我們繼續真正維持和強化資產負債表。本季度，我們償還了略高於 10 億美元的債務。這就是我們的淨債務與上限比率下降的部分原因。這給了我們很大的靈活性，以確保我們在整個週期中持續投資於業務，而且它只是給了我們選擇權，讓我們了解我們正在一個非常週期性的業務中運作。

And then, clearly, we're looking to reward our shareholders. I think you see that with our very consistent approach to the dividend. It needs to be sustainable. It needs to be competitive. It needs to be growing. We obviously raised the quarterly dividend in the fourth quarter by $0.04 and continue to review that over time.

然後，很明顯，我們希望回報我們的股東。我認為您可以從我們非常一致的股息分配方式中看到這一點。它需要是可持續的。它需要具有競爭力。它需要不斷成長。我們顯然將第四季度的季度股息提高了 0.04 美元，並隨著時間的推移繼續進行審查。

I would mention one thing with regard to share repurchases. We did have the Pioneer vote this quarter. And so we were out of the market for a period of time. We did about $3 billion in share repurchases. A run rate to hit the $17.5 billion, which is what we've kind of guided to this year, would be more like $4.4 billion, right?

關於股票回購，我想提一件事。本季我們確實進行了先鋒投票。所以我們退出市場一段時間了。我們回購了約 30 億美元的股票。運行率達到 175 億美元（這是我們今年的指導目標），更像是 44 億美元，對吧？

So our program will naturally dial up our execution, so that we're on track to complete the $17.5 billion share repurchase program on a stand-alone basis. And then I would remind you that we've said we anticipate taking that program pace up to $20 billion annually after we close the Pioneer acquisition. So we feel really good about where our balance sheet is at and our consistent capital allocation strategy, and that will drive long-term returns for shareholders.

因此，我們的計劃自然會提高我們的執行力，這樣我們就有望單獨完成 175 億美元的股票回購計畫。然後我想提醒大家，我們已經說過，在完成對先鋒的收購後，我們預計該計劃的進度將達到每年 200 億美元。因此，我們對我們的資產負債表狀況和一致的資本配置策略感到非常滿意，這將為股東帶來長期回報。

And I would just add to Kathy's points that -- and just to remind everybody, if you look at where we stand today, and Jason made the point that we're deviating from our peers in terms of continuing to generate cash and drive down net debt, that's anchored in the strategy that we put in place in 2018, which is find advantaged projects and invest in those to grow the earnings power of the business, and that's now beginning to manifest itself.

我想補充一下凱西的觀點——只是提醒大家，如果你看看我們今天的處境，傑森指出，我們在繼續產生現金和壓低淨值方面與同行有所不同債務，這是我們在2018 年制定的策略的基礎，該策略是尋找優勢項目並投資於這些項目以提高企業的盈利能力，而這一點現在已經開始顯現出來。

And so I think you got to have a long-term view on this, having a robust balance sheet to make sure that we're positioned when the opportunities come along. And we see clear advantages to invest, and we have the capability to do that. Thanks for the question.

因此，我認為你必須對此有長遠的看法，並擁有穩健的資產負債表，以確保我們在機會出現時處於有利位置。我們看到了明顯的投資優勢，而且我們有能力做到這一點。謝謝你的提問。

The next question is from Ryan Todd of Piper Sandler.

下一個問題來自 Piper Sandler 的 Ryan Todd。

And maybe one on Chemicals. In your Chemicals businesses, the 2 segments continue to show kind of modestly better-than-expected recovery along the bottom or off the bottom here. Is this more of a feedstock tailwind that we're seeing in the near term?

也許還有一個關於化學物質的問題。在您的化學品業務中，這兩個細分市場繼續顯示出略好於預期的底部或底部復甦。這是否更像是我們近期看到的原料順風？

Are you seeing any improvements that are noticeable in terms of demand and overall global supply demand? And I guess, in the meantime, while things are weak, what are you managing to do with your product mix or operations to drive relative performance there in Chemicals?

您是否看到需求和全球整體供應需求有任何明顯的改善？我想，與此同時，雖然情況疲軟，但您正在設法對產品組合或營運採取哪些措施來推動化學品領域的相對績效？

Yes. Sure, Ryan. I'll take that. The first thing I would say is if you look at the Chemical business and kind of the margin indicators that we use to judge the health of the Chemical business, we are at a historic kind of bottom of cycle number. And so I think it's a very challenging chemical markets today, as I know many of you know.

是的。當然，瑞安。我會接受的。我要說的第一件事是，如果你看看化工業務以及我們用來判斷化學業務健康狀況的利潤指標，我們正處於週期數的歷史底部。因此，我認為當今的化學品市場非常具有挑戰性，正如我知道你們很多人都知道的那樣。

But even in that very challenged market, we are continuing to deliver very good results. And I think if you compare similar markets that were even close to these bottom of cycle conditions, we are in a very different place in the past with respect to earnings than we find ourselves today, where we delivered close to $800 million of earnings this quarter, despite the very difficult market conditions.

但即使在這個充滿挑戰的市場中，我們仍繼續取得非常好的業績。我認為，如果你比較甚至接近週期底部的類似市場，我們過去的盈利狀況與今天的情況截然不同，本季度我們實現了接近 8 億美元的盈利，儘管市場條件非常困難。

Those market conditions are driven more by supply than demand, frankly. We're continuing to see growth in demand, not as high as we've seen historically, but continued good growth. And frankly, the first quarter saw some of that pick up.

坦白說，這些市場狀況更多是由供應而非需求驅動的。我們繼續看到需求成長，雖然不像歷史上看到的那麼高，但持續良好的成長。坦白說，第一季的情況有所改善。

The challenge has been the supply that's come on to meet that growth. And so that is depressing overall industry margins. As you know, the investments that we make and the way we run our business is to make sure that we're advantaged versus the average chemical player. And so even in these markets that are set by other capacity, the work that we've done to position ourselves in a more advantaged position than competition continues to deliver value.

挑戰在於滿足這種成長的供應。因此，這壓低了整個產業的利潤率。如您所知，我們所做的投資和我們經營業務的方式是為了確保我們相對於普通化學企業具有優勢。因此，即使在這些由其他能力決定的市場中，我們為使自己處於比競爭更有利的地位而所做的工作仍在繼續創造價值。

You can see that with the growth not only in the high-value products, which are coming on with our projects. And frankly, that growth is in line with what we had expected. So we're continuing to see the demand for the high-value products that we've invested in. But we're also seeing it in our base volume value in those with respect to how we positioned ourselves.

您可以看到，成長不僅體現在高價值產品上，也體現在我們的專案中。坦白說，這種成長符合我們的預期。因此，我們繼續看到對我們投資的高價值產品的需求。

And so it's -- and we're seeing advantages in the structural cost reduction. So I would tell you, every part of what we've been doing to improve the earnings power of the organization is manifesting itself in our Chemical business and showing up in differentiating earnings.

因此，我們看到了結構性成本降低的優點。因此，我想告訴您，我們為提高組織盈利能力所做的每一部分都體現在我們的化學業務中，並體現在差異化收益中。

And FEED, to your point, FEED advantages play an important role in there. So that's yet again another advantage that we have versus the typical industry player. But that is reflective of the broader strategy that we have.

就您而言，FEED 的優勢在其中發揮著重要作用。因此，這又是我們相對於典型產業參與者的另一個優勢。但這反映了我們擁有的更廣泛的策略。

So I think we feel good about where we're at in a very difficult market. Our view is that market -- those market conditions are going to be with us for a little while here going forward, but we also feel like we're well positioned to be successful there. And as that shakes out and some of the less able competitors have no success in this space, we'll see growth continue to move. And eventually, we'll see margins pick back up, and we'll be very well positioned.

所以我認為我們對自己在一個非常困難的市場中所處的位置感覺良好。我們的觀點是，這些市場狀況將在未來一段時間內伴隨我們，但我們也認為我們已經在該領域做好了成功的準備。隨著這種情況的發生，一些能力較弱的競爭對手在這個領域沒有取得成功，我們將看到成長繼續前進。最終，我們將看到利潤率回升，我們將處於有利地位。

And just the other thing I'd add to that is I think if you look at our Chemical businesses' performance and compare that to peers and other players, you see the differentiation and the excellent execution really coming through. We're in clearly bottom-of-cycle conditions right now, and yet we're still generating pretty good earnings and cash flow in our Chemical business.

我要補充的另一件事是，我認為如果您查看我們的化學業務的表現並將其與同行和其他參與者進行比較，您會看到真正的差異化和出色的執行力。我們目前顯然處於週期底部，但我們的化學業務仍然產生了相當不錯的收益和現金流。

And then I would just mention that, as Darren noted, our footprint tends to be North American weighted. And so if you just look at our PE and PP footprint, we're heavily North American weighted and relatively lightly weighted to Asia compared to rest of industry. And Asia is especially at very, very bottom-of-cycle conditions.

然後我只想提一下，正如達倫指出的那樣，我們的足跡往往以北美為重點。因此，如果你只看一下我們的 PE 和 PP 足跡，與其他行業相比，我們在北美的權重很大，而在亞洲的權重相對較小。亞洲尤其處於非常非常底部的周期狀況。

The next question is from Stephen Richardson of Evercore ISI.

下一個問題來自 Evercore ISI 的 Stephen Richardson。

Darren, I was wondering if you could talk a little bit about the Baytown projects and maybe just if you could give us a little bit more on what your view of adequate incentives there would be. If the PTC on green hydrogen was extended to blue, would that be sufficient to sanction the project?

達倫，我想知道您是否可以談談貝敦項目，也許您可以向我們提供更多關於您對充分激勵措施的看法。如果綠色氫的 PTC 擴展到藍色氫，是否足以批准該專案？

And then sorry, just as a follow-on to that, as you talk about a level playing field across -- and technology neutrality, is your view that a new gray hydrogen ATR should get some sort of incentive? Maybe you could just give us the context of how you're thinking about that project and what it needs to move forward.

然後抱歉，正如您談論公平競爭環境和技術中立性一樣，您是否認為新的灰氫 ATR 應該獲得某種激勵？也許您可以向我們介紹您如何看待該專案以及推進專案需要什麼。

Yes, sure. I'm happy to do that, Steve. The -- what I would say is it's a -- that work we're doing to develop it is, I think, demonstrating the difficulty of starting brand-new businesses and value chains where none exist, in that we're kind of simultaneously trying to build demand, trying to build supply and then trying to, in the early days of this market, establish financial incentives to do that.

是的，當然。我很高興這麼做，史蒂夫。我想說的是，我認為，我們為開發它所做的工作展示了在不存在的情況下啟動全新業務和價值鏈的難度，因為我們同時處於嘗試建立需求，嘗試建立供應，然後嘗試在這個市場的早期建立財政激勵措施來做到這一點。

And so 3 core key variables to a successful business, all kind of basically being generated for the first time in this space along this value chain. So I just put that out there as it's a challenging construct, but frankly, one that plays to our strengths and the ability to look along the entire value chain, and we are uniquely situated to manage each piece of that.

因此，成功企業的 3 個核心關鍵變數基本上都是沿著這個價值鏈在這個空間中首次產生的。所以我只是把它放在那裡，因為這是一個具有挑戰性的結構，但坦白說，它發揮了我們的優勢和縱觀整個價值鏈的能力，而且我們處於獨特的位置來管理其中的每一部分。

There are very few, if any, companies out there that have a portfolio and capabilities that extend end-to-end on this value chain. So I feel good about what we're doing there and the work that we've put in place. And frankly, it looks to me like a very viable project. We are continuing to progress that. But it will require that -- the necessary incentives are in place.

擁有在該價值鏈上端到端延伸的產品組合和能力的公司（如果有的話）也很少。因此，我對我們在那裡所做的事情以及我們所做的工作感到滿意。坦白說，在我看來，這是一個非常可行的項目。我們正在繼續推進這項工作。但這需要——必要的激勵措施到位。

And with respect to what's required with incentives, I would say the IRA and the incentives that were developed as part of the IRA are enough to do that. The challenge is taking the IRA, which I believe rightly focused on carbon intensity and incentivizing carbon intensity, translating that legislation into regulation.

至於激勵措施的要求，我想說 IRA 和作為 IRA 一部分制定的激勵措施足以做到這一點。挑戰在於如何將 IRA 的立法轉化為監管，我認為 IRA 正確地關注碳強度和激勵碳強度。

And if the regulation reflects the intent of that legislation and writes the rules focused on carbon intensity, that will be enough to justify and to incentivize and give us a return on this investment.

如果該法規反映了該立法的意圖並製定了側重於碳強度的規則，那麼這將足以證明並激勵我們這項投資並為我們帶來回報。

That's -- we don't focus so much on the green, the blue and color schemes. We instead focus on how can we meet what is ultimately the objective here, which is to reduce the CO2 associated with the production of these products. And we think all the work we've been doing in our facilities, in our feedstock and decarbonizing those contributes to that.

也就是說，我們不太關注綠色、藍色和配色。相反，我們關注的是如何實現最終目標，即減少與這些產品生產相關的二氧化碳排放。我們認為我們在設施、原料和脫碳方面所做的所有工作都有助於實現這一目標。

So we feel like we're well positioned with the existing set of incentives as long as those incentives are fairly reflected in the regulations. And the level playing field, what I mean by that is staying focused on carbon intensity and ignoring colors.

因此，我們認為只要這些激勵措施在法規中得到公平反映，我們就可以善用現有的激勵措施。公平競爭環境，我的意思是專注於碳強度而忽略顏色。

The next question is from John Royall of JPMorgan.

下一個問題來自摩根大通的約翰·羅亞爾。

So I just had a question about the refinery sale in France. I know you have a very ambitious program for growth in the Downstream business, but you have been trimming and high-grading a bit with some asset sales.

我只是有一個關於法國煉油廠銷售的問題。我知道您對下游業務的成長有一個非常雄心勃勃的計劃，但您一直在透過一些資產出售進行調整和高評級。

Other majors are also reducing their European footprint in refining. Can you just speak to how strategic the remaining European portfolio is? And could we see some more assets shake out in European Downstream?

其他主要石油公司也正在減少在歐洲的煉油業務。您能談談剩餘的歐洲投資組合的戰略意義嗎？我們是否會看到歐洲下游有更多資產被淘汰？

Yes, sure. And I would tell you what you're seeing with the sale in France is really the latest in what's been a fairly long trend with us focused on high-grading refineries to -- refineries that are -- that have the capability to be -- to address a broad suite of products and high-value products. And so integrated facilities that make not only petroleum products, but also make chemicals and lubricants and basically a broad array of high-value products. And so we've been, over time, focused on that.

是的，當然。我想告訴你，你在法國看到的銷售確實是一個相當長的趨勢的最新進展，我們專注於高品位煉油廠，這些煉油廠有能力——解決廣泛的產品和高價值產品的問題。因此，綜合設施不僅生產石油產品，還生產化學品和潤滑油，基本上也生產一系列高價值產品。因此，隨著時間的推移，我們一直專注於此。

They need to be advantaged sites. They need to be -- we have a cost of supply curve, I think you all have heard me talk about this many times across all of our businesses. But we look around the world and make sure that our facilities are on the low cost of supply, so that as the margins move up and down, that we never become the marginal supplier.

它們需要成為優勢站點。他們需要——我們有供應成本曲線，我想你們都聽我在我們所有的業務中多次談論過這一點。但我們環顧世界，確保我們的設施供應成本較低，這樣，隨著利潤的上下波動，我們永遠不會成為邊際供應商。

And having an integrated facility helps with that, but it also acts as a hedge to make sure that we're not dependent on any one sector for the success of one of our manufacturing facilities. The reorganizations that we put in place have helped greatly with this.

擁有綜合設施有助於做到這一點，但它也可以作為一種對沖，確保我們的製造設施的成功不依賴任何一個部門。我們實施的重組對此有很大幫助。

And if you think about these integrated facilities, we used to have them split up amongst different parts of the organizations, different businesses running them and, in fact, even different manufacturing organization running them.

如果你考慮這些整合設施，我們過去常常將它們分散到組織的不同部分、運行它們的不同企業，甚至實際上運行它們的不同製造組織。

Today, that's not the case. Today, they're being run by a single business with a single leadership team. And so I feel like -- I feel very good about that. But it is this continuing high grade. We were doing it all the way back when I was President of the refining company. So it's been a long-term strategy.

今天，情況並非如此。如今，它們由一家擁有單一領導團隊的企業經營。所以我感覺——我對此感覺非常好。但正是這種持續的高品味。當我擔任煉油公司總裁時，我們就一直這樣做。所以這是一個長期戰略。

We're not in a hurry. We're taking our time to make sure that we find the right buyer that has the right value proposition, one that exceed our own internal values. And if we can find that, we will then transact if we can. We'll continue to optimize and improve those refineries to the best of our abilities.

我們不著急。我們正在花時間確保找到具有正確價值主張的合適買家，這一價值主張超出了我們自己的內部價值。如果我們能找到這一點，我們就會盡可能進行交易。我們將繼續盡最大努力優化和改進這些煉油廠。

But I would say we worked our way down the portfolio, so we feel pretty good about the position that we're in today, that the refineries that we have in the portfolio are advantaged to have a mix of either FEED advantages or product advantages or both. And frankly, our focus has been on making sure they're running reliably, running safely, running efficiently.

但我想說的是，我們一直在投資組合中努力，所以我們對我們今天所處的位置感覺非常好，我們投資組合中的煉油廠有優勢，可以同時擁有飼料優勢或產品優勢，或者兩個都。坦白說，我們的重點是確保它們可靠、安全、有效率地運作。

And these centralized organizations and our global operations and sustainability organization have been a huge enabler to help in each of these facilities and our chemical plants, our refineries, lubricant facilities all improve their performance, run better, run more profitably, run safer, run more reliably.

這些集中組織以及我們的全球營運和永續發展組織一直是一個巨大的推動者，幫助每個設施以及我們的化工廠、煉油廠、潤滑油設施都提高其性能，運作得更好，運作更有利可圖，運行更安全，運行更多可靠。

So we feel really good about the position that we're in. And we'll continue to look at our portfolio. It's always been the case that we're looking to make sure that the value we see in those facilities exceed the values that others might and feel good about how we're positioned there.

因此，我們對自己所處的位置感到非常滿意。我們一直希望確保我們在這些設施中看到的價值超過其他人可能獲得的價值，並對我們在那裡的定位感到滿意。

And just the other thing I'd add to that is the investment environment is certainly a bit more difficult in Europe. If you go back and look at the end of 2022, the additional taxes that were levied on to the energy sector, if you look at expanded disclosure requirements that Europe is looking for or if you look at regulation around reducing carbon footprint and not necessarily implementing regulation that's technology-agnostic and focused on just reducing carbon intensity, that all makes Europe a much tougher investment proposition. So that's certainly one of the things that we look at in any place across the globe, as we look to make future investment decisions.

我要補充的另一件事是，歐洲的投資環境絕對困難一些。如果你回顧一下 2022 年底，對能源產業徵收的額外稅，如果你看看歐洲正在尋求的擴大揭露要求，或者如果你看看有關減少碳足跡的監管，但不一定要實施與技術無關且只專注於降低碳強度的監管，這一切都使歐洲成為一個更艱難的投資主張。因此，當我們希望做出未來的投資決策時，這無疑是我們在全球任何地方都會考慮的事情之一。

Next question is from Biraj Borkhataria of RBC.

下一個問題來自 RBC 的 Biraj Borkhataria。

Quite fitting today, the next question from an analyst sitting in London. But I just have one question. You have a lot of LNG coming into your portfolio in the coming years, Golden Pass, Qatar, et cetera. You have quite a high oil weighting in the current sales mix.

今天，倫敦一位分析師提出的下一個問題非常合適。但我只有一個問題。未來幾年，您的投資組合中將會有大量液化天然氣，例如 Golden Pass、卡達等。在目前的銷售組合中，石油的比重相當高。

Are you looking to diversify over time? Or would you like to maintain that kind of 80% to 90% oil-linked exposure in your contract base over time?

您是否希望隨著時間的推移實現多元化？或者您希望隨著時間的推移在您的合約基礎中保持 80% 到 90% 的與石油相關的風險敞口？

Thank you. I would tell you, we're not as focused on an absolute mix number as much as the advantaged investment opportunities that we can find in those businesses. We see long-term demand for oil continuing, albeit with a much lower emissions footprint as we continue to find ways to decarbonize. We also see long-term demand for natural gas.

謝謝。我想告訴你，我們並不像關注絕對的混合數字那樣關注我們可以在這些企業中找到的有利投資機會。我們看到石油的長期需求仍在持續，儘管隨著我們繼續尋找脫碳方法，排放足跡要低得多。我們也看到對天然氣的長期需求。

And so I think as we look at both of those, both the liquids and the gas side of the equation, we see a long-term future there and an opportunity for this company to participate if we have advantaged projects that position us on a low cost of supply. And so that's how we think about that.

因此，我認為，當我們考慮這兩個方面時，無論是液體還是氣體方面，我們都看到了長期的未來，並且如果我們擁有使我們處於較低水平的優勢項目，那麼該公司就有機會參與。這就是我們的想法。

And that advantaged position, which manifests itself in cost of supply, as you know, obviously manifests itself in above-industry average returns, which is the objectives that we set for ourselves. And so that's how we're thinking about it.

如您所知，這種優勢地位體現在供應成本上，顯然也體現在高於行業平均的回報上，這是我們為自己設定的目標。這就是我們的想法。

And frankly, we'll let the opportunities that we find in these advantaged investments set the proportion of the portfolio that those represent. We will not invest in a project that I'm not convinced doesn't, one, leverage our core competitive advantages; that two, then results in a project which is advantaged versus other; and that, three, then is on the low cost of supplies.

坦白說，我們將讓我們在這些優勢投資中發現的機會決定這些機會所代表的投資組合的比例。我們不會投資一個我認為不能利用我們核心競爭優勢的專案；這兩個項目將產生一個比其他項目更有優勢的項目；第三，供應成本低廉。

Because as good as the market may look today at the window, we know there are cycles. We don't think the cycles are going away. And so we remain very focused on making sure that we take advantage of the upswings, but we're prepared for the downswings, and we'll be very successful.

因為儘管今天的市場可能看起來不錯，但我們知道週期是存在的。我們認為週期不會消失。因此，我們仍然非常專注於確保我們能夠利用上行趨勢，但我們也為下行趨勢做好了準備，我們將取得非常成功。

And as we just talked about in the Chemical business, a great example of being in the very bottom of a downswing and continuing to generate cash and make good solid earnings, and that's the ambition we have for all of our businesses.

正如我們剛才談到的化學業務，這是一個很好的例子，處於衰退的最底部，並繼續產生現金並獲得良好的穩定收益，這就是我們對所有業務的雄心壯志。

Understood. And just as a follow-up to that. There's obviously been an ongoing security challenges in Mozambique. And what is your view at this point of if you'd be interested in doing a second floating facility? Because obviously, monetizing the onshore part has become very challenging.

明白了。作為後續行動。莫三比克顯然面臨持續的安全挑戰。如果您有興趣建造第二個浮動設施，目前有何看法？因為顯然，將在岸部分貨幣化變得非常具有挑戰性。

Yes. I think, obviously, you rightly pointed out there are security challenges there. I think there's been a lot of good progress made with respect to that. I think Mozambique -- the country of Mozambique, the government of Mozambique recognizes the importance not only for the project but, frankly, for the people of Mozambique that needs to be addressed and effectively managed. I think they've made good progress in doing that.

是的。我認為，顯然，您正確地指出了那裡存在的安全挑戰。我認為在這方面已經取得了很多良好的進展。我認為莫三比克——莫三比克國家，莫三比克政府不僅認識到該計畫的重要性，而且坦白說，也認識到需要解決和有效管理的莫三比克人民的重要性。我認為他們在這方面已經取得了很好的進展。

My view is with time, we've seen this in other places around the world, that will get addressed and it will result in an opportunity to invest onshore.

我的觀點是，隨著時間的推移，我們在世界其他地方也看到了這個問題，這個問題將會得到解決，並將帶來在岸投資的機會。

With respect to onshore-offshore, we frankly comes back to the point I made at the beginning of your question, which is it depends on the returns that we can generate with respect to investment opportunities and how competitive those supply points are. If we can do that offshore, we obviously will. If it takes going onshore to do that, then we'll focus on onshore, but it will be a function of the returns of the projects.

關於在岸-離岸，我們坦率地回到我在問題開始時提出的觀點，即這取決於我們在投資機會方面能夠產生的回報以及這些供應點的競爭力。如果我們能在海外做到這一點，我們顯然會的。如果需要在陸上做到這一點，那麼我們將專注於陸上，但這將取決於專案的回報。

The next question is from Josh Silverstein of UBS.

下一個問題來自瑞銀集團的喬許·西爾弗斯坦。

Just wanted to see if I can get an update on the timing of the gas-to-power project in Guyana and what benefit this may have to your cost in operations in the country and if there are any other projects like this that you guys may be looking at over time.

只是想看看我是否可以獲得圭亞那天然氣發電項目的最新時間安排，以及這對您在該國的運營成本有何好處，以及您是否還有其他類似的項目隨著時間的推移會觀察。

Yes, sure. I think this is something that we've been engaged with the government arm for quite some time. I think as we look at going into some of these -- some of the countries that are on a growth path, on a developing path, we look for opportunities of how our footprint and presence in those countries and markets can help the people in the community.

是的，當然。我認為我們已經與政府部門進行了相當長的一段時間的合作。我認為，當我們考慮進入其中一些國家——一些處於成長道路、發展道路上的國家時，我們會尋找機會，讓我們在這些國家和市場的足跡和存在能夠如何幫助這些國家和市場的人民。社區。

And this is a great example of that, of getting the gas that's produced offshore onshore, so they can replace what is a relatively inefficient high-emissions power generation system that's fairly unreliable with something that's cleaner, lower emissions and much more reliable and should be more -- much more cost effective. And so think it's kind of a win-win proposition, particularly for the people of Guyana.

這是一個很好的例子，將海上生產的天然氣轉移到陸上，這樣他們就可以用更清潔、排放更低、更可靠的系統來取代效率相對低下、相當不可靠的高排放發電系統。多——更具成本效益。因此，我認為這是一個雙贏的提議，特別是對於圭亞那人民而言。

So we're working on bringing that gas to shore. Our expectation is we'll have that brought up sometime end of 2024. Obviously, the government is working on the receiving end of that gas and responsible for putting in the power station. That's an independent project that's developing. They're also working on the distribution system. And so it's really -- I think the impact of that will come when we get both pieces together and get that linked up and effectively delivering power to the market.

所以我們正在努力將這些天然氣帶到岸上。我們的期望是在 2024 年底的某個時候提出這個問題。這是一個正在開發的獨立專案。他們還在研究分配系統。所以，我認為，當我們將這兩部分整合在一起並將其聯繫起來並有效地向市場提供動力時，就會產生影響。

The next question is from Paul Cheng of Scotiabank.

下一個問題來自豐業銀行的 Paul Cheng。

Darren, in the presentation, you talked about the direct air capture. Can you give us some idea there? And you're saying that you aim to reduce the cost by half, and that won't be sufficient. So what will be needed in order -- how much is the actual cost reduction from the current level in order for that to be competitive or that to be a real business for you?

達倫，在演講中，您談到了直接空氣捕獲。你能給我們一些想法嗎？你說你的目標是把成本降低一半，但這還不夠。那麼，需要做什麼——從當前水平實際成本降低多少才能使其具有競爭力或成為您的真正業務？

And also that can you talk about that, how your approach or technology is different than what currently in the market? Especially, one of your competitors in the U.S., they already have -- they said that they have a commercial operation ready to -- and it's going to come on stream very soon.

您能否談談您的方法或技術與目前市場上的方法或技術有何不同？特別是，你在美國的競爭對手之一，他們已經準備好了——他們說他們已經準備好了商業營運——而且很快就會投入營運。

Yes. Sure, Paul. Yes, what I would say with -- may I start with the last point of your comment, which is, yes, there are alternatives out there today versus what we're working on. The issue is the cost associated with them. And we're not looking at what we can commercialize in the short term based on what I would say is a very narrow market of limited customers who are willing to pay a very high price to demonstrate a level of decarbonization. We're focused on how we can make this technology broadly applicable at a cost that society can afford.

是的。當然，保羅。是的，我想說的是——我可以從你評論的最後一點開始，那就是，是的，今天有替代方案，而不是我們正在研究的方案。問題是與它們相關的成本。我們並沒有考慮短期內可以將什麼商業化，因為我想說的是，市場非常狹窄，客戶數量有限，他們願意支付非常高的價格來展示一定程度的脫碳。我們專注於如何以社會可以負擔的成本使這項技術廣泛應用。

So that's -- we are very focused on the long term, not the short term. And our view is the available technologies today don't meet the cost requirements. And that's somewhere between the $600,000 per ton of CO2 removed. And our view is if you try to apply that across the emissions challenge the planet has, the world won't be able to pay for that.

所以，我們非常關注長期，而不是短期。我們的觀點是，當今可用的技術無法滿足成本要求。這大約是每噸二氧化碳減量 60 萬美元之間。我們的觀點是，如果你試圖將其應用於應對地球面臨的排放挑戰，世界將無法為此付出代價。

So we've got to find a reduction. Our cost -- we've set an initial target of cutting the cost in half just because that is a significant step change recognizing it won't be enough. But if we can get the technology -- if we can develop the technology to a point that we're successful there, that gets us on this path and demonstrates the value of the concepts that we're developing to keep on going and drive further down.

所以我們必須找到減少的方法。我們的成本——我們設定了將成本削減一半的初始目標，因為這是一個重大的步驟改變，我們認識到這還不夠。但是，如果我們能夠獲得技術——如果我們能夠將技術發展到我們在那裡取得成功的程度，那麼我們就會走上這條道路，並展示我們正在開發的概念的價值，以繼續前進並進一步推動向下。

With respect to the technology and how it compares to what's commercially available out there, I would say part of the reason why this is proprietary technology is, today, it's proprietary. And so I'm going to keep it that way.

關於該技術以及它與現有商業技術的比較，我想說，這是專有技術的部分原因是，今天，它是專有的。所以我會保持這種狀態。

I would say it is a brand-new approach. There are others who are out there working on new approaches as well, which, frankly, we're happy about. This is a tough challenge to break. And I'm not pretending like we're going to be the ones to solve it. But I am confident that we will give it all -- give it our all applying our capabilities. Others are doing that.

我想說這是一種全新的方法。還有其他人也在研究新方法，坦白說，我們對此感到高興。這是一個很難克服的挑戰。我並不是假裝我們將成為解決這個問題的人。但我相信我們會全力以赴——運用我們的能力全力以赴。其他人也在這樣做。

As I said in my prepared remarks that we posted, if there's a breakthrough, it doesn't so much matter who has the breakthrough. I think we're going to have a role to play because once we have a technology that gets to the right cost level, you're going to need global deployment at scale. And my suspect that the technology that will be required for the future, lower cost direct air capture, will be different than what we've got today and will require some of the technical capabilities that we have.

正如我在我們發布的準備好的發言中所說，如果有突破，那麼誰取得突破並不那麼重要。我認為我們將發揮作用，因為一旦我們擁有達到正確成本水平的技術，您將需要大規模的全球部署。我懷疑未來所需的技術，即成本較低的直接空氣捕獲，將與我們今天所擁有的不同，並且需要我們擁有的一些技術能力。

So I see a role for us in the future if this nut gets cracked. We feel good about what we've seen so far, but we're very early into it. And we're hopeful that we'll make the progress that we're aspiring to and continue to drive the cost down.

因此，如果這個堅果被破解，我認為我們在未來可以發揮作用。我們對迄今為止所看到的情況感到滿意，但我們還處於起步階段。我們希望能夠取得我們期望的進展，並繼續降低成本。

To your last point you asked, I think to me, if you're going to be -- if the world -- if it's going to be affordable, you've got to get into the $100-ish a ton of CO2 to start talking about broad deployment around the world. I think that's ultimately where we need to get to.

對於你問的最後一點，我認為對我來說，如果你要——如果世界——如果它是負擔得起的，你必須投入每噸 100 美元左右的二氧化碳才能開始談論在世界各地的廣泛部署。我認為這就是我們最終需要達到的目標。

Thank you, everybody, for joining the call and for your questions today. We will post the transcript of our Q&A session on our Investor website next week.

感謝大家今天加入電話會議並提出問題。下週我們將在投資者網站上發布問答環節的文字記錄。

Additionally, we look forward to connecting again on May 29 for our Annual Shareholders Meeting. Now let me turn it back to the operator to close the call.

此外，我們期待在 5 月 29 日再次召開年度股東大會。現在讓我將其轉回給接線員以結束通話。

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。