埃克森美孚 (XOM) 2024 Q2 法說會逐字稿

So everyone, and welcome to this ExxonMobil Corporation Second Quarter 2024 earnings call.

歡迎大家參加埃克森美孚公司 2024 年第二季財報電話會議。

Today's call is being recorded.

今天的通話正在錄音。

At this time, I would like to turn the call over to the Vice President of Investor Relations, Ms. Jennifer Driscoll.

現在，我想將電話轉給投資者關係副總裁珍妮佛‧德里斯科爾女士。

Please go ahead, ma'am.

請繼續，女士。

Good morning, everyone.

大家，早安。

Welcome to ExxonMobil's Second Quarter 2024 earnings call.

歡迎參加埃克森美孚 2024 年第二季財報電話會議。

We appreciate your joining us on Jim Chapman, Vice President, Treasurer and Investor Relations.

我們感謝您加入我們的財務主管和投資者關係副總裁吉姆·查普曼 (Jim Chapman)。

I'm joined by Darren Woods, Chairman and CEO, and Kathy Mikells, Senior Vice President and CFO.

董事長兼執行長 Darren Woods 和高級副總裁兼首席財務長凱西·米克爾斯 (Kathy Mikells) 也出席了會議。

This presentation and prerecorded remarks are available on the Investors section of our website.

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。

They're meant to accompany the second quarter earnings news release, which is posted in the same location.

它們是與第二季度收益新聞稿一起發布的，該新聞稿發佈在同一位置。

During today's presentation will make forward looking comments, including discussions of our long-term plans and integration efforts, which are still being developed and which are subject to risks and uncertainties.

在今天的演講中，我們將做出前瞻性評論，包括討論我們的長期計劃和整合工作，這些計劃和整合工作仍在製定中，並且存在風險和不確定性。

Please read our cautionary statement on slide 2.

請閱讀投影片 2 上的警告聲明。

You can find more information on the risks and uncertainties that apply to any forward-looking statements in our SEC filings on our website.

您可以在我們網站上向 SEC 提交的文件中找到有關適用於任何前瞻性陳述的風險和不確定性的更多資訊。

Note that we also provided supplemental information at the end of our earnings slides, which are also posted on the website.

請注意，我們還在收益幻燈片的末尾提供了補充信息，這些信息也發佈在網站上。

And now I'll turn it over to Darren for opening remarks.

現在我將把它交給達倫致開幕詞。

Good morning, and thanks for joining us.

早安，感謝您加入我們。

ExxonMobil's performance remains strong.

埃克森美孚的業績依然強勁。

In the second quarter, we delivered earnings of $9.2 billion, our second-best second quarter results in the last 10 years.

第二季度，我們實現了 92 億美元的盈利，這是過去 10 年來第二好的第二季度業績。

Just as important, we continue to improve the fundamental earnings power of the company, as Kathy covers in her prepared remarks available on our website.

同樣重要的是，我們將繼續提高公司的基本盈利能力，正如凱西在我們網站上她準備好的演講中所述。

Overall market conditions were soft in the second quarter, while prices remained firm.

第二季整體市場狀況疲軟，但價格依然堅挺。

As a reminder, at Brent between $60 and $80 a barrel real and 10-year average refinery and chemical margins, we expect to generate between $80 million and $140 billion in cumulative surplus cash from 2024 to 2027.

需要提醒的是，以每桶 60 至 80 美元的布蘭特原油價格和 10 年平均煉油和化學利潤率計算，我們預計 2024 年至 2027 年將產生 8,000 萬至 1,400 億美元的累計盈餘現金。

The Pioneer acquisition increases that even further.

先鋒公司的收購進一步增強了這一點。

In the quarter, we once again set production records from our advantaged assets in Guyana in the Permian.

本季度，我們在二疊紀圭亞那的優勢資產再次創下產量紀錄。

Including Pioneer, our Permian production surged to 1.2 million barrels per day.

包括 Pioneer 在內，我們的二疊紀產量激增至每天 120 萬桶。

In Product Solutions, our sales of high-return performance products rose 5% sequentially to a new record.

在產品解決方案方面，我們的高回報績效產品銷售額較上季成長 5%，創下新紀錄。

Our strong performance in the quarter continues to support our capital allocation priorities, including the distribution of $9.5 billion to shareholders, of which $4.3 billion was in dividends.

我們本季的強勁表現繼續支持我們的資本配置優先事項，包括向股東分配 95 億美元，其中 43 億美元用於股息。

With the close of the Pioneer transaction, our shareholders now include the former owners of Pioneer stock, who've begun to benefit from the strength of our combined companies.

隨著先鋒交易的完成，我們的股東現在包括先鋒股票的前所有者，他們已經開始從我們合併後公司的實力中受益。

We welcome them to ExxonMobil, just as we do the talented people of Pioneer, who bring a strong, entrepreneurial mindset and deep expertise in unconventional resource development.

我們歡迎他們加入埃克森美孚，就像我們歡迎先鋒公司的人才一樣，他們在非常規資源開發方面擁有強大的創業思維和深厚的專業知識。

I also want to recognize the combined transaction team for their excellence in execution.

我還想表彰合併後的交易團隊在執行上的卓越表現。

The average time to complete this type of merger over the last several years has been more than 11 months.

過去幾年完成此類合併的平均時間超過 11 個月。

We closed Pioneer in 6, once again demonstrating the strength of our organization in effectively executing large, complicated projects, including large acquisitions.

我們在 6 月關閉了 Pioneer，再次展示了我們組織在有效執行大型複雜專案（包括大型收購）方面的實力。

It is challenging work, requiring deep thinking, a highly structured approach and disciplined action, areas where we excel.

這是一項具有挑戰性的工作，需要深入思考、高度結構化的方法和嚴格的行動，而這些都是我們擅長的領域。

Although it's still early days, the integration is exceeding our expectations, and I'm confident we'll deliver even more synergies than we've announced.

儘管現在還處於早期階段，但整合超出了我們的預期，我相信我們將帶來比我們宣布的更多的協同效應。

The team looks forward to sharing these details and all the other work we're doing to significantly grow value at our Corporate Plan update and Upstream Spotlight in December.

該團隊期待在 12 月的企業計劃更新和上游聚焦上分享這些細節以及我們正在做的所有其他工作，以顯著增加價值。

As we look ahead, we see opportunities to grow value not only through our Corporate Plan period, but long into the future.

展望未來，我們不僅看到了公司計劃期間的價值成長機會，而且還看到了長期的未來價值成長機會。

Later this month, we'll publish our global outlook, which projects global energy demand at 15% higher in 2050 than it is today.

本月晚些時候，我們將發布全球展望，預計 2050 年全球能源需求將比現在高出 15%。

We see oil demand holding steady at around 100 million barrels per day in 2050, while demand for renewables and natural gas grows considerably.

我們預計 2050 年石油需求將穩定在每天 1 億桶左右，而再生能源和天然氣的需求將大幅增加。

In energy abundant future driven by economic growth and rising levels of prosperity, creates opportunity for Exxon Mobil, no matter the speed or direction of the energy transition.

在經濟成長和繁榮程度不斷提高的推動下，能源豐富的未來將為埃克森美孚創造機會，無論能源轉型的速度或方向如何。

Over time, as it becomes more and more obvious that heavy industry commercial transportation will not be meaningfully powered by renewables, the world will come to rely more on technologies where we have an advantage, including hydrogen, biofuels and carbon capture and storage.

隨著時間的推移，越來越明顯的是，重工業商業運輸將無法有效地由再生能源提供動力，世界將更依賴我們擁有優勢的技術，包括氫、生物燃料以及碳捕獲和儲存。

A serious approach to the transition should focus on moving the world from high carbon to low carbon energy, not simply from oil and gas to wind and solar.

認真的轉型方法應專注於使世界從高碳能源轉向低碳能源，而不僅僅是從石油和天然氣轉向風能和太陽能。

The data, science and economics all support this as fundamentally necessary.

數據、科學和經濟學都支持這一點，認為這是根本必要的。

Our strategy reflects this reality.

我們的戰略反映了這個現實。

And since it relies on the same corporate capabilities and advantages under any scenario, it is extremely flexible, delivering strong profitability, irrespective of the path to society takes.

而且由於它在任何場景下都依賴相同的企業能力和優勢，因此無論走向社會的道路如何，它都非常靈活，能夠提供強大的盈利能力。

As a technology company that transforms molecules to meet society's needs were not defined by our existing product suite.

作為一家透過分子改造來滿足社會需求的科技公司，我們現有的產品套件並沒有定義這一點。

We began as a maker of kerosene for lamps.

我們最初是一家燈用煤油製造商。

Today, no one thinks of ExxonMobil as a kerosene company serving the lamp industry.

如今，沒有人認為埃克森美孚是一家為燈具產業服務的煤油公司。

In the future, ExxonMobil will be defined by the technologies and products it is producing to meet the world's future needs, as always, by drawing on our unique combination of competitive advantages.

未來，埃克森美孚將一如既往地利用我們獨特的競爭優勢組合，以其所生產的技術和產品來定義，以滿足世界未來的需求。

We shared with you a variety of technologies and products we're developing to more effectively meet existing needs, while helping the world achieve a lower carbon future.

我們與您分享了我們正在開發的各種技術和產品，以更有效地滿足現有需求，同時幫助世界實現低碳未來。

Two examples where I see significant new market potential are Proxxima and carbon materials.

我看到巨大的新市場潛力的兩個例子是 Proxxima 和碳材料。

With Proxxima, we transform lower-value gasoline molecules into a high-performance, high-value thermoset resin that can be used in coatings, light construction materials and advanced composites for cars and trucks, including battery boxes for electric vehicles.

透過 Proxxima，我們將低價值的汽油分子轉化為高性能、高價值的熱固性樹脂，可用於汽車和卡車的塗料、輕型建築材料和先進複合材料，包括電動車的電池盒。

Materials made with Proxxima are lighter, stronger, more durable and produce with significantly fewer GHG emissions than traditional alternatives.

與傳統替代品相比，使用 Proxxima 製成的材料更輕、更強、更耐用，且溫室氣體排放量顯著減少。

In March, we showcased the automotive uses of Proxxima at the world's leading international composite exhibition in Paris.

三月份，我們在巴黎舉行的世界領先的國際複合材料展覽會上展示了 Proxxima 在汽車領域的應用。

We're progressing projects in Texas, with start-ups planned in 2025 and that will significantly expand our production at Proxxima.

我們正在德克薩斯州推進項目，計劃於 2025 年啟動，這將顯著擴大我們在 Proxxima 的產量。

We see the total addressable market for Proxxima at 5 million tons and $30 billion by 2030, with demand growing faster than GDP and returns above 15%.

我們預計到 2030 年，Proxxima 的潛在市場總量將達到 500 萬噸和 300 億美元，需求成長速度超過 GDP，回報率超過 15%。

That's an exciting new business opportunity with significant profit potential, where we have unique and hard-to-replicate advantages, consistent with our strategy and core capabilities.

這是一個令人興奮的新商機，具有巨大的利潤潛力，我們擁有獨特且難以複製的優勢，與我們的策略和核心能力一致。

We also see a sizable opportunity in carbon materials, transforming the molecular structure of low-value, carbon-rich feeds from our refining processes in the high-value products for a range of applications.

我們也看到碳材料領域存在巨大的機會，可以將精煉過程中低價值、富碳原料的分子結構轉變為高價值產品，用於一系列應用。

We're targeting market segments with margins of several thousand dollars per ton and growth rates outpacing GDP.

我們的目標市場是每噸利潤數千美元且成長率超過 GDP 的細分市場。

These include carbon fiber, polymer additives and battery materials.

其中包括碳纖維、聚合物添加劑和電池材料。

Our competitive advantages of scale, technology and integration, combined with our North American manufacturing footprint, provides a foundation for building these compelling new margin businesses.

我們在規模、技術和整合方面的競爭優勢，加上我們在北美的製造足跡，為建立這些引人注目的新利潤業務奠定了基礎。

I've challenged the Product Solutions team to lean into those opportunities and develop plans to accelerate the growth of both of these profitable new businesses.

我要求產品解決方案團隊抓住這些機會並製定計劃，以加速這兩個有利可圖的新業務的成長。

I hope we can ramp up investments to make them a meaningful part of our overall portfolio sooner, that will help further diversify earnings and significantly grow shareholder value for decades to come.

我希望我們能夠加強投資力度，盡快使其成為我們整體投資組合中有意義的一部分，這將有助於進一步實現收益多元化，並在未來幾十年顯著提高股東價值。

ExxonMobil has a long history of successfully establishing new high-value use products for established and growing markets.

埃克森美孚在為成熟市場和不斷增長的市場成功開發新的高價值使用產品方面擁有悠久的歷史。

Consider Vista Max, which we launched to enhance the performance of everything from auto parts and construction materials, to personal care products and packaging.

以 Vista Max 為例，我們推出它是為了提高從汽車零件和建築材料到個人護理產品和包裝等各種產品的性能。

We've grown our Vista Max performance polymer from 5 grades to 20, and total annual production capacity of 700,000 metric tons per annum, with highly attractive returns and significantly more growth potential.

我們已將 Vista Max 高性能聚合物從 5 個等級發展到 20 個等級，年總產能達到 70 萬噸，具有極具吸引力的回報和顯著更大的成長潛力。

Of course, consistent with the track record we've established over the last 7 years, the hurdle for investing will be high.

當然，根據我們過去 7 年建立的業績記錄，投資的障礙將會很高。

Any investment will have to generate competitive returns possess clear competitive advantages and be resilient to the bottom of any commodity cycle.

任何投資都必須產生有競爭力的回報，擁有明顯的競爭優勢，並且能夠適應任何商品週期的底部。

As we've demonstrated, our capital allocation decisions have generated robust earnings, cash flow and shareholder returns.

正如我們所證明的，我們的資本配置決策產生了強勁的收益、現金流量和股東回報。

I look forward to sharing more about our growth opportunities in December.

我期待在 12 月分享更多有關我們成長機會的資訊。

In closing, we have a lot to feel good about.

最後，我們有很多值得感覺良好的地方。

Our performance is strong.

我們的表現很強。

Our merger with Pioneer is already creating tremendous value, with more to come.

我們與先鋒公司的合併已經創造了巨大的價值，並且也將創造更多的價值。

And we continue to develop products and build businesses that will enable us to grow profitably far into the future across a wide range of scenarios, including a rapid energy transition.

我們將繼續開發產品並建立業務，使我們能夠在未來的各種場景（包括快速能源轉型）中實現獲利成長。

With that, we'd be happy to take your questions.

因此，我們很樂意回答您的問題。

(Operator Instructions)

（操作員說明）

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛。

Good morning.

早安.

I want to build on your comments on Pioneer now that it's under your umbrella.

既然 Pioneer 已在您的保護下，我想以您對先鋒的評論為基礎。

Can you build on some of your comments around, one, how is the asset performing from a volume and type curve perspective relative to expectations?

您能否圍繞以下問題發表一些評論：第一，從數量和類型曲線的角度來看，該資產相對於預期的表現如何？

And two, you alluded to synergies tracking ahead of expectations.

第二，您提到了超出預期的協同效應。

Can you help delineate what those bots of outperformance are?

您能幫忙描述一下那些表現出色的機器人是什麼嗎？

Yes.

是的。

Neil, I'll start with a few comments and then let Kathy kind of add on top of that.

尼爾，我將首先發表一些評論，然後讓凱西補充。

I would say early days yet, 2 months in.

我想說還為時過早，兩個月後。

But the work of the team prior to the change in control and then what we've seen since then is extremely encouraging.

但在控制權變更之前團隊的工作以及此後我們所看到的情況非常令人鼓舞。

As we've stated, the Pioneer assets basically delivered a record performance in the second quarter.

正如我們所說，先鋒資產在第二季度基本上實現了創紀錄的業績。

And if you think about the context of doing that all the change that was going on with respect to the merger, I think a real testament to the quality of the people there and the work that they've been doing.

如果你考慮合併所發生的所有變化的背景，我認為這真正證明了那裡的人員的素質和他們一直在做的工作。

So I'd say vectors are all pointing up.

所以我想說向量都是指向上的。

I think probably better than what we had anticipated.

我認為可能比我們預期的還要好。

But I would also say it's early in the process.

但我也想說，現在還處於早期階段。

The teams today are working very well together, which has led to, frankly, identifying a lot more value opportunities than, frankly, I think either of us could see when we were on opposite sides of the fence.

今天的團隊合作得很好，坦白說，這導致我們發現了更多的價值機會，坦白說，我認為我們任何一個人在站在柵欄的另一邊時都能看到更多的價值機會。

And now that we're together working, we see essentially a lot of opportunities to transfer the best practices of ExxonMobil into Pioneer.

現在我們一起工作，我們看到了很多將埃克森美孚的最佳實踐轉移到先鋒的機會。

And likewise, to transfer a number of best practices from Pioneer into the ExxonMobil base, which when you think about our size has some tremendous leverage associated with it.

同樣，將先鋒公司的許多最佳實踐轉移到埃克森美孚基地，考慮到我們的規模，這具有與之相關的巨大影響力。

And so that's all being worked through in detail.

所以這一切都在詳細討論中。

As you know, when we commit to some of our objectives that are based by some very detailed plans that sit behind them, the organization today is working on those plans.

如您所知，當我們致力於實現一些基於其背後的非常詳細的計劃的目標時，今天的組織正在致力於這些計劃。

But we already see significant upside potential, not only in the magnitude, but in the pace at which we'll be able to deliver them.

但我們已經看到了巨大的上行潛力，不僅體現在規模上，也體現在我們能夠實現這些目標的速度。

So I think really a positive story there.

所以我認為這確實是一個積極的故事。

And I'll let Kathy maybe add some additional details.

我會讓凱西添加一些額外的細節。

Kathy?

凱西？

Sure.

當然。

I think one of the things we've been really pleased by is the number of learnings that we've already had from Pioneer.

我認為我們真正感到高興的事情之一是我們已經從先鋒公司學到了很多東西。

And so not only will we bring our technology and cube development to them, but they're bringing a bunch of learnings to us.

因此，我們不僅會為他們帶來我們的技術和立方體開發，而且他們也會為我們帶來很多知識。

So we're already utilizing their remote logistics center in our own drilling and completions operations in order to improve supply chain.

因此，我們已經在自己的​​鑽井和完井作業中利用他們的遠端物流中心，以改善供應鏈。

They've done some things on the procurement side, I'd say, that we think can help us to kind of leverage up our expertise.

我想說，他們在採購方面做了一些事情，我們認為這些事情可以幫助我們發揮我們的專業知識。

They've been really good over the years of blocking up their acreage.

多年來，他們在封鎖土地方面做得非常好。

So we think that's another thing that ultimately we can benefit from.

所以我們認為這是我們最終可以受益的另一件事。

And then as I think everyone knows, they've got a quite large water infrastructure in the Midland Basin, and we'll be looking to also leverage that.

我想每個人都知道，他們在米德蘭盆地擁有相當大的供水基礎設施，我們也將尋求利用它。

So we've been really pleased with what they bring to the table, and we're off to a really good start as we look at building an integration development plan with them, that fully utilizes the technology that we bring to the table.

因此，我們對他們帶來的成果感到非常滿意，當我們考慮與他們一起制定整合開發計劃時，我們有了一個非常好的開始，該計劃充分利用了我們帶來的技術。

And so we're going to have a corporate plan update in December.

因此，我們將在 12 月更新公司計劃。

We're going to do a spotlight on the upstream, and we'll update where we're at with the synergies and how we're looking forward at that time.

我們將重點放在上游，我們將更新我們在協同效應方面的進展以及我們當時的展望。

Yes.

是的。

I just, I guess, to cap it off, Neil, with we said at the time when we announced the acquisition that we were going to produce more barrels at a lower cost in a more environmentally friendly way.

我想，我只是想結束這一點，尼爾，我們在宣布收購時說過，我們將以更環保的方式以更低的成本生產更多的桶。

That continues to be the case.

情況仍然如此。

That's obviously good for our company.

這顯然對我們公司有利。

But more importantly, as we said at the time, we continue to emphasize, it's good for the U.S. It's good for the U.S. economy.

但更重要的是，正如我們當時所說，我們繼續強調，這對美國有利，對美國經濟有利。

It's good for the people living in the U.S. It's good for U.S. businesses.

這對生活在美國的人有好處，對美國企業也有好處。

And critically, it's good for U.S. energy security.

至關重要的是，這有利於美國的能源安全。

So I think this is, as I said at the time, going to be a win-win proposition for all.

所以我認為，正如我當時所說，這對所有人來說都是一個雙贏的提議。

Betty Jiang with Barclays

蔣貝蒂 (Betty Jiang) 與巴克萊銀行

Since I just talked about Permian head on, the other region that's also hitting production.

因為我剛剛談到了二疊紀，所以另一個地區也在生產。

So far, the volumes continue to see expectations, and the FPSO just continue to produce well of capacity.

到目前為止，產量持續達到預期，FPSO 繼續產生良好的產能。

Would love to just get an understanding of, do you think this type of performance is likely to continue?

我很想了解一下，您認為這種類型的表演可能會持續下去嗎？

And is that translatable for what you would expect for the future projects that's yet to come?

這是否可以轉化為您對未來專案的期望？

Sure.

當然。

I'll take that, Betty.

我會接受的，貝蒂。

Thank you.

謝謝。

Good to hear from you again.

很高興再次收到你的來信。

I would say what you're seeing is the collective effort of organization focusing on what is a very high-value development and making sure that we are taking it to grow production.

我想說的是，您所看到的是組織的集體努力，專注於非常高價值的開發，並確保我們將其用於增加產量。

And as you commented, we're seeing some significant improvements with production rates well above what we had based the investment decision on, and that's continuing across all 3 of them.

正如您所評論的，我們看到一些顯著的改進，生產力遠高於我們投資決策所依據的水平，而且這在所有三個國家中都在持續。

We try to take that into account as we develop the next.

我們在開發下一個產品時嘗試考慮到這一點。

And so in theory, you would think we build that into the base and don't continue to see that.

因此，從理論上講，您可能會認為我們將其構建到基礎中，並且不會繼續看到這一點。

But frankly, our experience telling us otherwise, which is this organization, complemented by the work that we're doing with our technology organization, our global operations and sustainability organization, every element of the organization that we have now created and functionalized is very focused on maximizing value.

但坦白說，我們的經驗告訴我們事實並非如此，這個組織，加上我們正在與我們的技術組織、全球營運和永續發展組織所做的工作相輔相成，我們現在創建和運作的組織的每個要素都非常專注關於價值最大化。

And so with these new organizations and that focus, they continue to find additional opportunities.

因此，透過這些新的組織和重點，他們繼續尋找更多的機會。

So I would bet that we'll continue to see outperformance versus the basis on which we FID.

因此，我敢打賭，我們將繼續看到優於我們最終決定的基礎的表現。

But I would also tell you that every development is unique unto itself to get it up and running, and then let the teams get after it and find the opportunities to safely increase its capacity.

但我還要告訴你，每個開發專案都是獨一無二的，要啟動並運行它，然後讓團隊追隨它並找到安全增加其容量的機會。

But I would just tell you, I would bet on our people to find that.

但我只想告訴你，我打賭我們的人會找到這個。

That's we've got a long history of doing it, and it's clearly demonstrating itself with this unique and valuable opportunity here.

我們在這方面有著悠久的歷史，並且透過這個獨特而寶貴的機會清楚地展示了自己。

Doug Leggate with Wolf Research

道格萊蓋特 (Doug Leggate) 與 Wolf Research

Still getting used to the new moniker, Darren, but thanks for having me on.

仍在適應新的綽號，達倫，但謝謝你邀請我。

So I wonder if I could ask a question about portfolio now that you've got Pioneer in the door.

所以我想知道既然你已經有了先鋒公司，我是否可以問一個關於投資組合的問題。

You've had you've got a lot of things that are perhaps you could characterize as maybe noncore, a lot of tails in the portfolio.

你已經擁有了很多你可能可以將其描述為非核心的東西，投資組合中有很多尾部。

And I'm just curious, we haven't really heard much on the asset disposal front in a while.

我只是很好奇，我們已經有一段時間沒有真正聽到太多關於資產處置的消息了。

And I'm curious if now that you've got 2 very significant concentrated assets, to a certain extent, the Permian and Guyana, what it means for the portfolio in terms of high-grading opportunities going forward?

我很好奇，如果現在你有兩個非常重要的集中資產，在某種程度上，二疊紀和圭亞那，這對投資組合未來的高評級機會意味著什麼？

Yes, I'll start with that, and then I'll let Kathy add anything if she wants to.

是的，我會從這個開始，然後我會讓凱西添加任何她想要的內容。

But I would say actually, we've been fairly aggressively going after the tail.

但我想說的是，實際上，我們一直相當積極地追尋尾巴。

Remember, I think back in 2019, we had announced that we were going to divest about $15 billion over time.

請記住，我想早在 2019 年，我們就曾宣布，隨著時間的推移，我們將剝離約 150 億美元。

Of course, we got into the pandemic and we said we're not going to this is not a forced march.

當然，我們陷入了大流行，我們說過我們不會這樣做，這不是一次強行遊行。

We're going to basically divest when the market conditions ensure that we can realize the value that we think the assets that we our marketing can be realized.

當市場條件確保我們能夠實現我們認為我們的行銷資產可以實現的價值時，我們基本上將剝離。

And frankly, that's what we've been doing.

坦白說，這就是我們一直在做的事情。

So as you look at where we're at today, second quarter this year, think we've basically gotten to the $15 billion in the Upstream.

因此，當您看看我們今天（今年第二季）的情況時，您會認為我們的上游業務基本上已達到 150 億美元。

And then if you look at what we've been doing in the Downstream, there's another few billion dollars that we've added on top of that.

然後，如果您看看我們在下游所做的事情，您會發現我們在此基礎上還增加了數十億美元。

So frankly, from a cleaning up to tail standpoint, we've made significant progress.

坦白說，從清理到尾部的角度來看，我們已經取得了重大進展。

Obviously, there's a few more things that we're working on, and we'll continue to assess every one of the assets in the portfolio and make sure that they are competitively advantaged.

顯然，我們還有更多工作要做，我們將繼續評估投資組合中的每項資產，並確保它們具有競爭優勢。

And frankly, as we look at new investments, we force those investments to compete on an industry-wide basis and make sure that they're advantaged versus the industry, and therefore, can be supply product at low cost of supply.

坦白說，當我們考慮新投資時，我們迫使這些投資在全行業範圍內競爭，並確保它們相對於行業具有優勢，因此可以以低成本供應產品。

We also do that with all of our existing assets.

我們也利用所有現有資產來做到這一點。

And if they're not competitively positioned on an industry supply curve, then the organization has 2 options.

如果他們在行業供應曲線上沒有競爭地位，那麼該組織有兩個選擇。

Either we come up with an advantaged investment that makes them more competitive and moves them to the left on the cost of supply curve, or we look to divest.

要么我們提出一項有利的投資，使它們更具競爭力，並使它們在供應成本曲線上向左移動，要么我們尋求撤資。

And that process has been ongoing across all of our businesses.

我們所有的業務都在持續這個過程。

And then obviously, the timing of when we then take action is a function of realizing the value that we think those divestments should bring.

顯然，我們採取行動的時機取決於我們認為這些撤資應該帶來的價值的實現。

We're patient.

我們很有耐心。

We're not going to rush that process.

我們不會匆忙這個過程。

But I would just say, staying accurate.

但我只想說，保持準確。

Being very steady.

表現得非常穩重。

Waiting for the market to meet to be where it needs to be in order for us to revalue it has paid off significantly.

等待市場達到所需的水平以便我們重新評估它已經得到了顯著的回報。

And basically, we're delivering what we said we were going to do, and we'll continue to look at it.

基本上，我們正​​在實現我們所說的要做的事情，我們將繼續關注它。

But I wouldn't I don't see any big step changes here in the medium term.

但我不會在中期看到任何重大的變化。

And the only other thing I'd note, Neil, is you can see in our cash flow bridge

尼爾，我唯一要注意的另一件事是你可以在我們的現金流橋中看到

Doug.

道格.

Doug.

道格.

I'm sorry, Doug.

對不起，道格。

Sorry.

對不起。

But you can see in our cash flow bridges, we're pretty consistently, every quarter, bringing in more proceeds from the divestments that are occurring.

但你可以在我們的現金流橋樑中看到，我們每個季度都相當一致地從正在進行的撤資中獲得更多收益。

In the first half of the year, that was $1.6 billion.

今年上半年，這一數字為 16 億美元。

And then I would just note, we had a lot of activity in Upstream, and so that generated some positive earnings for us in the quarter.

然後我想指出的是，我們在上游有很多活動，因此本季為我們帶來了一些積極的收益。

And so if you look at my prepared remarks that we published earlier this morning, I talked about sort of $380 million in the Upstream being kind of these other one-off items, and that was a lot of earnings coming in from divestments, only partially offset by the one-off costs associated with Pioneer.

因此，如果你看看我今天早上早些時候發表的準備好的言論，我談到了上游的 3.8 億美元屬於這些其他一次性項目，其中很大一部分收益來自撤資，但只有部分收益與先鋒相關的一次性成本所抵銷。

Terrific.

了不起。

It would have been worse if you called me, Jennifer, Kathy.

如果你叫我珍妮佛、凱西，情況會更糟。

But thanks so much.

但非常感謝。

I appreciate it.

我很感激。

Yes.

是的。

Good.

好的。

Appreciate that.

感謝。

Sorry about that, Doug.

很抱歉，道格。

Devin McDermott with Morgan Stanley.

摩根士丹利的德文·麥克德莫特。

So Darren, you had a lot of good updates in your prepared remarks on some of the low carbon initiatives.

達倫，您在準備好的關於一些低碳舉措的評論中提供了很多很好的更新。

There's been a lot of progress there, it seems, over the past few months and quarters, which is great to see.

在過去的幾個月和幾個季度裡，這方面似乎取得了巨大進展，這是令人高興的。

And I think back to the corporate plan you laid out late last year, this is a growing wedge of your overall capital spending in each of the next few years.

我回想一下你們去年年底制定的企業計劃，這將是你們未來幾年總體資本支出的一個不斷增長的楔子。

So I was wondering, for some of these investment opportunities, more about what miles you're focused on to actually start locking more capital to these areas.

因此，我想知道，對於其中一些投資機會，請更多地了解您將重點關注哪些里程，以實際開始將更多資本鎖定到這些領域。

So what's needed to make final investment decision on those (technical difficulty) or move forward with carbon materials or build the scale you talked about in lithium production.

那麼，需要什麼來對這些（技術難度）做出最終投資決定，或推進碳材料或建立您談到的鋰生產規模。

Is it more commercial in an offtake, technology development, regulatory clarity, something else?

在承購、技術開發、監管清晰度等方面是否更商業化？

Sure.

當然。

Yes.

是的。

You broke up just a little bit on that, Devin, but I think I got to gist of your question.

德文，你在這個問題上稍微分手了一點，但我想我已經明白了你問題的要點。

If I don't hit the mark, then please steer in a slightly different direction.

如果我沒有達到目標，那麼請轉向稍微不同的方向。

I think your question around what's required to kind of continue to move along in our investments in the low carbon solution across the portfolio of products that we've been talking about.

我認為你的問題是關於我們一直在談論的產品組合中繼續推進低碳解決方案投資需要什麼。

I would just say, fundamentally, we expect in the low carbon businesses and in fact, some of these new products that while they contribute to a lower carbon future, they also bring significant value in use in today's application, they have to compete in the portfolio, they have to be advantaged versus what's out there today and they have to basically generate good returns across the commodity cycles.

我只想說，從根本上說，我們期望在低碳業務中，事實上，其中一些新產品雖然有助於低碳未來，但它們也在當今的應用中帶來了巨大的使用價值，它們必須在投資組合中，它們必須比當今的投資組合更具優勢，並且必須在整個商品週期中基本上產生良好的回報。

And so the fundamental philosophy that we've been applying in the base business also is required in these the new businesses that we're trying to generate.

因此，我們一直在基礎業務中應用的基本理念也適用於我們試圖創建的這些新業務。

So that's foundational what each of and Dan Ammann, in particular, but then the stuff that's coming out of the Product Solutions organization has also got to meet that initial hurdle.

因此，這是每個人，特別是 Dan Ammann 的基本要求，但產品解決方案組織的產品也必須克服最初的障礙。

And then as you look across each of them, the hurdles to clear to deliver on that expectation vary little bit.

然後，當你審視每一個目標時，會發現實現這項期望所需克服的障礙略有不同。

I would say in Dan's business with the carbon capture and storage, he and his team are building a brand-new business.

我想說，在丹的碳捕獲和儲存業務中，他和他的團隊正在建立一項全新的業務。

And so there are very few, I think, examples of where the company is not only developing the technology and the infrastructure and logistics system, but also developing the capacity to supply while developing the demand and developing the market in general, and advocating on, what I would say, are the initial policies needed to get things kick started.

因此，我認為，很少有公司不僅開發技術、基礎設施和物流系統，而且在發展需求和整體市場的同時發展供應能力，並倡導：我想說的是，啟動行動所需的初始政策。

So there are a lot of moving parts.

所以有很多活動部件。

I would say the broader industry and business community, frankly, haven't gotten far enough along this to truly appreciate just how complicated it is.

坦白說，我想說的是，更廣泛的行業和商業界還沒有走得足夠遠，無法真正意識到它有多複雜。

But I would say leveraging the capacity and capability that we've built over the decades doing this in other parts of our company, particularly in the Upstream, that we're leveraging those capabilities and making really good progress there.

但我想說的是，利用我們幾十年來在公司其他部門（特別是上游）建立的能力和能力，我們正在利用這些能力並在那裡取得了非常好的進展。

On the blue hydrogen project, as we've worked through the engineering and we've got a really good line of sight to what that project can deliver.

在藍色氫專案上，隨著我們完成了工程設計，我們對該專案可以提供的成果有了非常好的了解。

Obviously, a critical element of that is getting the IRA legislation translated into final regulations, and that's a process that's been ongoing.

顯然，其中的一個關鍵因素是將 IRA 立法轉化為最終法規，這是一個一直在進行的過程。

We're optimistic that the regulations will reflect the intent of the legislation.

我們樂觀地認為這些法規將反映立法的意圖。

And if it does, I think we'll have a very attractive project that we can then FID here once those regulations are finalized.

如果確實如此，我認為我們將擁有一個非常有吸引力的項目，一旦這些法規最終確定，我們就可以在這裡進行最終投資決定。

So I'm optimistic in that space.

所以我對這個領域持樂觀態度。

And as you may have seen, we've just added another 500,000 tons of carbon capture and storage into Dan's portfolio.

正如您可能已經看到的，我們剛剛在 Dan 的投資組合中增加了 50 萬噸碳捕獲和封存。

And there's a pipeline that the team continues to work.

團隊有一個持續工作的管道。

So we see continued opportunity and growth with good returns in the carbon capture side of the equation.

因此，我們在碳捕獲方面看到了持續的機會和成長以及良好的回報。

On the lithium thing, while lithium is an established market, it's fairly small with respect to what its ultimate potential is.

在鋰方面，雖然鋰是一個成熟的市場，但就其最終潛力而言，它的規模相當小。

And of course, we're bringing on a new production method with some new technology.

當然，我們正在採用一些新技術來引入新的生產方法。

And so again, doing the work to understand what the investments required there are and to establish and ensure that we've got a real advantage versus what else is out there and what else needs to come on to meet the growing demand in lithium.

因此，我們要再次努力了解所需的投資，並建立並確保我們相對於其他產品擁有真正的優勢，以及需要採取哪些措施來滿足不斷增長的鋰需求。

But again, I feel good about that.

但我再次對此感覺良好。

We've told the team, don't we're not looking to rush this through and get something, get money spent.

我們已經告訴團隊，我們不是不想倉促完成這件事，得到一些東西，花點錢。

We're looking to make sure that we build a very strong long-term foundation.

我們希望確保建立一個非常強大的長期基礎。

So none of the work that we're doing in these new businesses is schedule-driven.

因此，我們在這些新業務中所做的所有工作都不是按計劃驅動的。

It's all about establishing successful long-term foundations.

這一切都是為了建立成功的長期基礎。

And then maybe just briefly touch on Proxxima and the carbon ventures, which that's a broader effort that we've been on for quite some time, which is to say, leverage our technical capabilities to transform molecules and apply that to markets that exist with unmet needs.

然後也許只是簡單地談談 Proxxima 和碳企業，這是我們相當長一段時間以來所做的更廣泛的努力，也就是說，利用我們的技術能力來改造分子並將其應用於未滿足的市場需要。

And I think we're making really good progress with Proxxima.

我認為我們在 Proxxima 方面取得了非常好的進展。

We've got some, I think, very high barriers to entry and competitive advantages there.

我認為，我們在那裡有一些非常高的進入障礙和競爭優勢。

And so I'm anxious to kind of prosecute that business and establish it as quickly as we can because we see real potential there.

因此，我渴望盡快開展該業務並建立它，因為我們看到了那裡的真正潛力。

And same with Carbon Ventures, again, leveraging our ability to transform the molecule, shape the molecules and get some structures that improve performance.

與 Carbon Ventures 一樣，再次利用我們轉化分子、塑造分子並獲得一些可提高性能的結構的能力。

I think there's a big opportunity there.

我認為那裡有很大的機會。

So but that's I would say Carbon Ventures is still early in the technology cycle, but I think we've gone far enough along to see some real opportunity there.

所以，我想說的是，Carbon Ventures 仍處於技術週期的早期，但我認為我們已經走得足夠遠，可以看到一些真正的機會。

And as I said in my prepared remarks, the challenge I've given the Product Solutions organization is what's a realistic business plan look like and what would be the investment required to establish that.

正如我在準備好的演講中所說，我給產品解決方案組織的挑戰是，現實的業務計劃是什麼樣的，以及建立該計劃所需的投資是多少。

And that's good because it grows value today, but it also positions us well.

這很好，因為它現在的價值不斷增長，也為我們奠定了良好的地位。

As those molecules become less demanded in their traditional applications, it becomes a much lower feedstock to these new applications.

隨著這些分子在傳統應用中的需求減少，它成為這些新應用的原料。

And so there's a lot of opportunity to diversify the slate and protect the business or diversify the business as we move through the transition.

因此，在我們經歷轉型過程中，有很多機會實現業務多元化並保護業務或實現業務多元化。

So long answer, a lot of variables at play here, but frankly, all variables that we feel very comfortable managing.

答案很長，這裡有很多變量，但坦白說，我們覺得管理所有變數都很舒服。

And I think the progress we're making there demonstrates our capability to manage those things.

我認為我們在那裡取得的進展證明了我們管理這些事情的能力。

Great.

偉大的。

Thanks there, and appreciate all the detail.

謝謝你，並感謝所有的細節。

John Royall with JPMorgan

約翰‧羅亞爾 (John Royall) 與摩根大通 (JPMorgan)

So my question is on the CapEx guidance update.

所以我的問題是關於資本支出指導更新。

We see that you moved to the legacy CapEx up to the top end of the prior range.

我們看到您已轉向舊資本支出，直至達到先前範圍的上限。

And then obviously, you layered in Pioneer as well.

顯然，您也加入了先鋒。

But can you talk about the drivers of the legacy CapEx bumping up to $25 billion for the year?

但您能談談今年傳統資本支出飆升至 250 億美元的驅動因素嗎？

Yes.

是的。

John, I'll start with that and then let Kathy finish up.

約翰，我先說這個，然後讓凱西說完。

But so the way the reason we put a range out on the CapEx as we build these plans in the previous year, starting around this time in the summertime and then kind of lock and load them in October.

但是，我們在去年制定這些計劃時對資本支出設定了一個範圍，從夏季的這個時候開始，然後在 10 月鎖定並加載它們。

And obviously, there's a lot of things that develop and evolve from the middle of the previous year to as go into this year.

顯然，從去年年中到今年，有很多事情正在發展和演變。

That range is not meant to have you guys slice it down the middle and fix on a number.

這個範圍並不意味著讓你們把它從中間切下來並確定一個數字。

The range is to say, we've got optionality here.

範圍是說，我們在這裡有選擇性。

And as things evolve, we may reduce some of the spending.

隨著事情的發展，我們可能會減少一些支出。

Or if we find that the opportunities are panning out the way we expect, we may be on the other end.

或者，如果我們發現機會正按照我們預期的方式發展，我們可能就處於另一端了。

So that range is truly where we expect to be somewhere in how things evolve and what the opportunity set looks like.

因此，這個範圍確實是我們期望事物發展和機會集的樣子的地方。

I mean the key focus here is to make sure that we are investing in highly advantaged, highly profitable projects.

我的意思是，這裡的重點是確保我們投資於具有高度優勢、高利潤的專案。

And basically, as we worked our way from October of last year into this year, we see a lot of attractive opportunities that we continue to invest in which puts us at the top end of that, consistent with what we understood the opportunity set could look like as we went into the plan process last year.

基本上，從去年 10 月到今年，我們看到了許多有吸引力的機會，我們繼續投資，這使我們處於最高端，這與我們對機會集的理解一致就像我們去年進入計劃流程一樣。

That's why we're coming in at 25%.

這就是為什麼我們的比例為 25%。

And then of course, we're using the Pioneer number to add on top of that.

當然，我們也使用先鋒號碼來新增。

But Kathy, anything to add to that?

但是凱西，還有什麼要補充的嗎？

No, I would just say, obviously, we have a lot of projects coming online in 2025 and the exact pace of all of those.

不，我只想說，顯然，我們有很多項目將在 2025 年上線，以及所有這些項目的確切進度。

And therefore, making sure that we provided sort of enough room, I would say, in the initial guidance supporting of all of those projects that are coming online in 2025.

因此，我想說，確保我們在支持 2025 年上線的所有項目的初步指導中提供足夠的空間。

We can't pinpoint, predict all of that as we put our plans together for the year.

當我們制定今年的計劃時，我們無法精確定位、預測所有這些。

And so just as an example, China 1 is a huge project.

舉個例子，中國1是一個巨大的計畫。

It's going to be coming online early next year as an example.

例如，它將於明年初上線。

So there's always a little bit of give and take, which is why we give the range to start with.

因此，總是會有一些讓步，這就是我們給出起始範圍的原因。

Jason Gabelman with Cowen.

傑森·加貝爾曼和考恩。

I actually wanted to follow up on the 25 projects that you just mentioned, and thanks for a little bit more detail on the China chemicals complex.

我實際上想跟進您剛才提到的 25 個項目，並感謝您提供有關中國化學品聯合體的更多詳細資訊。

But as to the other products coming online, I think the largest earnings contributors,include the Permian crude pipeline and then, in the upstream, Golden Pass and then the next kind of Guyana boat.

但至於其他上線產品，我認為最大的獲利貢獻者包括二疊紀原油管道，然後是上游的黃金通道，然後是下一種圭亞那船。

So I was just wondering if you could provide a little more color on those projects in terms of how they're progressing and kind of phasing through the year?

所以我只是想知道您是否可以就這些專案的進展以及今年的分階段情況提供更多資訊？

So I would say consistent with the plans that we put out, the projects are all, with obviously the exception of Golden Pass, moving consistent with the planned development and the announced dates that we talked about.

因此，我想說的是，與我們提出的計劃一致，除了 Golden Pass 之外，所有項目都與我們討論的計劃開發和宣布的日期一致。

All of them, I think we feel really good about in terms of the work that we're doing.

我認為我們對所有這些人所做的工作感覺非常好。

And the case for the contributions, the returns the earnings that we expect to get out of those projects, I think we continue to feel good about.

對於我們期望從這些項目中獲得的貢獻、回報和收益，我認為我們仍然感覺良好。

Underpinning all the projects is we'd never try to take a position on where we're going to be in the market cycle, but instead make sure that these projects, when they come on, can compete in any of the areas of the cycle.

所有項目的基礎是，我們永遠不會試圖對我們將在市場週期中所處的位置採取立場，而是確保這些項目在出現時能夠在周期的任何領域進行競爭。

And we've actually found that, if you look at the investments we've made since 2018 brought online, if you look at the aggregate return of that portfolio, it's exceeding the basis in which we FID-ed those projects.

事實上，我們發現，如果你看看我們自 2018 年以來進行的線上投資，如果你看看該投資組合的總回報，你會發現它超出了我們對這些項目進行 FID 的基礎。

Even as we've been, say in the Chemical business, at bottom-of-cycle conditions.

即使我們一直處於週期底部的狀況，例如在化學工業。

So I think we continue to demonstrate to ourselves the time we spend to make sure these projects are advantaged in the best case is paying off.

因此，我認為我們將繼續向自己展示我們所花費的時間，以確保這些項目在最好的情況下獲得回報。

And then, of course, our global project organization is really continuing to drive very effective execution of the portfolio with keeping our cost well within the FID basis and generally delivering it faster and, therefore, bringing more value sooner.

當然，我們的全球專案組織確實在繼續推動投資組合的非常有效的執行，將我們的成本保持在最終投資決定的基礎之內，並且通常更快地交付，從而更快地帶來更多價值。

Kathy

凱西

--

--

Yes.

是的。

And I would just note, and especially a big year for our E&PS business.

我想指出的是，對於我們的 E&PS 業務來說尤其是重要的一年。

So I already hit China One. You noted a couple of projects.

所以我已經打了「中國一號」了。您注意到了幾個項目。

I mean, the Singapore resid upgrade project is a pretty big project.

我的意思是，新加坡渣油升級項目是一個相當大的項目。

We have an upgrade project at Vale in order to bring on ultra-low sulfur diesel.

我們在淡水河谷有一個升級項目，旨在生產超低硫柴油。

We've got the Strathcona project for renewable diesel coming online in 2025.

我們的 Strathcona 再生柴油計畫將於 2025 年上線。

So a really big year for the E&PS business in terms of the number of projects we have coming online.

就我們上線的專案數量而言，對於 E&PS 業務來說，這是非常重要的一年。

And then we're going to continue to expand our advanced recycling.

然後我們將繼續擴大我們的先進回收範圍。

So we'll be adding more capacity as well next year.

因此，明年我們也將增加更多產能。

So we noted, again, if you look at our IR slides, we talk about projects being a big driver of underlying earnings growth in the E&PS business, and you see that supported by everything coming on in 2025.

因此，我們再次指出，如果您查看我們的 IR 投影片，我們會說專案是 E&PS 業務潛在收益成長的一大推動力，您會看到 2025 年發生的一切都支持這一點。

Biraj Borkhataria with RBC.

Biraj Borkhataria 與 RBC。

Just wanted to follow up on Jason's question, and more specifically on Golden Pass.

只是想跟進傑森的問題，更具體地說是關於黃金通行證。

So I guess, at this point, are you able to confirm, update the scheduled guidance for the start-up?

所以我想，此時您是否能夠確認並更新啟動計畫的指導？

And then the second question is just going to some of your prepared remarks.

第二個問題是關於你準備好的一些發言。

If I think about your Upstream portfolio, a lot of your growth is liquids or liquid linked to LNG.

如果我考慮一下您的上游投資組合，您的大部分增長都是液體或與液化天然氣相關的液體。

I think you say 80% of your Upstream is now linked to liquid business.

我認為您說您 80% 的上游業務現在與流動性業務相關。

So I was thinking, as you're building out your LNG portfolio and your trading function, is there any desire to diversify that sales mix more?

所以我在想，當您建立液化天然氣投資組合和交易功能時，是否希望使銷售組合更加多樣化？

Or is this intentional on where you want to be?

或者這是有意為之？

Yes.

是的。

Sure.

當然。

I'll start with the last part of the question, which is it is a conscious decision to get weighted on liquid prices.

我將從問題的最後一部分開始，即對流動性價格進行加權是一個有意識的決定。

And frankly, if you look at the LNG market.

坦白說，如果你看看液化天然氣市場。

And when you're building large LNG projects, you tend to sell those out and sign contracts in advance of the investments, which the market today is linked to oil.

當您建造大型液化天然氣項目時，您往往會在投資之前將其出售並簽署合同，而當今的市場與石油掛鉤。

And so we continue to have a desire to lock in a significant portion of those developments, so we've got surety on the sales side of the equation as we bring those projects up.

因此，我們仍然希望鎖定這些開發項目的很大一部分，因此，當我們提出這些項目時，我們對銷售方面有了確定性。

So my expectation is we'll continue to be weighted on that, and we're very comfortable with that.

所以我的期望是我們將繼續重視這一點，我們對此感到非常滿意。

In fact, there's been a huge drive since I've been in this job and brought Neil into the Upstream to basically shift the portfolio and get a little heavier weighting in the oil side.

事實上，自從我擔任這份工作並將尼爾帶入上游以來，一直有巨大的動力從根本上改變投資組合併在石油方面增加一點權重。

And as I mentioned,this morning on CNBC, if you look at the oil that we're producing today, we're producing more oil than at any time since the merger of Exxon and Mobil.

正如我今天早上在 CNBC 上提到的，如果你看看我們今天生產的石油，我們生產的石油比埃克森和美孚合併以來的任何時候都多。

So that strategy is beginning to manifest itself.

因此，這一策略開始顯現出來。

On your Golden Pass project, so we've just gotten through the venture just reached a settlement with Zachry.

在你們的黃金通行證計畫上，我們剛剛完成了風險投資，剛剛與扎克里達成了和解。

And so that venture is in the process of kind of restaffing and getting started back up again.

因此，該企業正處於人員重組和重新啟動的過程中。

Obviously, we're in the very early days of that.

顯然，我們還處於早期階段。

So there's still more work to be done.

因此，還有更多工作要做。

And of course, the teams are very focused on getting back to work, effectively executing and bringing that project in as quickly as they can and as close to the original schedule as they can.

當然，團隊非常專注於重返工作崗位、有效執行並儘可能快地完成專案並儘可能接近原始時間表。

Right now, our estimate is we're going to see about a 6-month slippage.

目前，我們的估計是我們將看到大約 6 個月的下滑。

So we had anticipated kind of first LNG in the middle of next year.

因此，我們預計第一批液化天然氣將在明年年中出現。

We now are looking at probably the back end of 2025 for first LNG.

我們現在預計第一批液化天然氣可能會在 2025 年底出現。

And that's kind of where the current schedule is.

這就是目前的日程安排。

But I would just condition that with the teams are just getting back up and running, and they have a clear mandate to try to bring that in as effectively as they can.

但我只想說，團隊剛恢復正常運行，他們有明確的任務，要盡可能有效地實現這一點。

And my again, my expectation is it will do better than we currently think, but we've got work to do.

再說一次，我的期望是它會比我們目前想像的更好，但我們還有很多工作要做。

Understood.

明白了。

Thank you very much.

非常感謝。

Stephen Richardson with Evercore

史蒂芬理查森與 Evercore

I was wondering if you could circle back.

我想知道你是否可以繞回來。

I appreciate all the conversations about projects and project execution and how you've got a number of really important and interesting projects coming on in the Downstream in short order.

我很欣賞所有關於專案和專案執行的對話，以及你們如何在短時間內在下游開展一些非常重要和有趣的專案。

Just wondering, you've added seemingly quite a bit of length to your Upstream portfolio over the last number of years.

只是想知道，在過去的幾年裡，您似乎為您的上游投資組合增加了相當多的長度。

And as you think out beyond '26, '27, Darren, are the teams continuing to bring you new and interesting projects in E&PS?

Darren，當您思考 26、27 年後，團隊是否會繼續為您帶來 E&PS 領域新的、有趣的項目？

And do you think continuing that kind of pace of integration out in the plan horizon is still interesting.

您認為在計劃範圍內繼續這種整合步伐仍然有趣嗎？

Maybe you could just talk about that in terms of the investment mix and the opportunities and maybe address E&PS and chemicals as well.

也許您可以只討論投資組合和機遇，也可以討論 E&PS 和化學品。

Sure.

當然。

No, I appreciate the question, Steve, because I think you touched on a really important point.

不，我很欣賞這個問題，史蒂夫，因為我認為你觸及了非常重要的一點。

I think one of the advantages of the restructuring that we've done is we no longer identify our business with the products that we're making.

我認為我們進行的重組的優點之一是我們不再將我們的業務與我們正在生產的產品聯繫起來。

So if you go back in time, the functional organizations that we established, every refining organization that was producing refining products, and we had a fuels marketing organization that we marketing fuels, and we had a chemical company that's marketing chemicals.

因此，如果你回到過去，我們建立的職能組織，每個生產煉油產品的煉油組織，我們都有一個行銷燃料的燃料行銷組織，我們有一家行銷化學品的化學公司。

We've now combined all that into a Product Solutions organization, which is supported by a technology organization, which, again, is not organized around any of our heritage businesses or heritage products, but instead is organized around core capabilities, core technical capabilities to deliver value to the businesses that they support.

我們現在將所有這些合併到一個產品解決方案組織中，該組織由一個技術組織提供支持，該組織並不是圍繞我們的任何傳統業務或傳統產品組織的，而是圍繞核心能力、核心技術能力組織的為他們所支持的企業創造價值。

So while it may not be intuitively obvious, that change in structure and the way we think about and talk about the business has also opened up a lot of white space in terms of the challenge here is how do we take our core advantages, core capabilities.

因此，雖然直觀上可能並不明顯，但結構以及我們思考和談論業務的方式的變化也開闢了許多空白，這裡的挑戰是我們如何利用我們的核心優勢、核心能力。

Some of it includes our existing footprint, but a lot of it includes our ability to upsell and to identify value and use applications, and combine that with a technology organization that's very focused on applying core technology capabilities to business challenges and business opportunities, which is starting to unlock applications that, frankly, in the past wouldn't have been identified because they didn't fit in the context of the organizations that we had in place.

其中一些包括我們現有的足跡，但許多包括我們追加銷售、識別價值和使用應用程式的能力，並將其與非常專注於將核心技術能力應用於業務挑戰和商機的技術組織相結合，這是坦白說，我們開始解鎖過去不會被識別的應用程序，因為它們不適合我們現有的組織環境。

But today, the aperture is much broader and the playing field is much bigger.

但今天，視野更加廣闊，競爭環境也更加廣闊。

And so we see that with Proxxima and Carbon Ventures.

我們在 Proxxima 和 Carbon Ventures 身上看到了這一點。

My expectation is, as we go forward, we'll continue to talk about those markets, and we'll talk about the applications that we're developing.

我的期望是，隨著我們的前進，我們將繼續談論這些市場，我們將談論我們正在開發的應用程式。

And the technology organization is continuing to look at how else can we use our capabilities and manipulating the molecules, and particularly hydrogen carbon molecules, to make products that society needs and at the same time, reduce emissions.

該技術組織正在繼續研究我們如何利用我們的能力並操縱分子，特別是氫碳分子，來製造社會需要的產品，同時減少排放。

So I think that organization has been given a license, a hunting license go out and find how we can lean into and create more value out there and grow earnings.

因此，我認為該組織已經獲得了許可證，狩獵許可證，走出去尋找我們如何能夠利用並創造更多價值並增加收入。

So my expectation is as we go forward well beyond the 2027 time frame, we're going to continue to bring in opportunity sets as we unlock them through the work of both our Product Solutions organization but also our technology organization.

因此，我的期望是，當我們在 2027 年的時間框架之外前進時，我們將繼續引入機會集，透過我們的產品解決方案組織和技術組織的工作來釋放它們。

And then of course, we can take advantage of our Product Solutions organization, and then go off and build these things at scale and do it at a lower cost than anybody else.

當然，我們可以利用我們的產品解決方案組織，然後大規模地建立這些東西，並以比其他人更低的成本完成。

So I think there's a really powerful combination there.

所以我認為這是一個非常強大的組合。

And our horizon extends well beyond the 2027 in terms of thinking through the pipeline and making sure that we're positioned to be successful well into the future.

在思考整個管道並確保我們能夠在未來取得成功方面，我們的視野遠遠超出了 2027 年。

And I would just quickly add then and that's true for Product Solutions which has got the chemical portfolio, our specialty portfolio.

我想快速補充一下，這對於產品解決方案來說是正確的，它擁有化學品產品組合，我們的專業產品組合。

And then what I would say are the energy portfolio, but more specifically, the molecules that go into energy, that we expect to become feedstocks of the future like they are today for Carbon Ventures and tghe Proxxima ventures.

然後我要說的是能源組合，更具體地說，是進入能源的分子，我們期望它們成為未來的原料，就像今天的 Carbon Ventures 和 tghe Proxxima Ventures 一樣。

On the Upstream side, we've got a lot of, obviously, growth potential through the back end of this decade.

在上游方面，顯然，我們在本世紀末有很大的成長潛力。

But we this is a depletion business, we recognize that.

但我們認識到這是一個枯竭的行業。

And so that organization continues to look well beyond the 2027, 2030 time horizon, making sure that we have got a good understanding of what it's going to take to keep that pipeline full.

因此，該組織將繼續著眼於 2027 年、2030 年之後的時間範圍，確保我們充分了解如何保持管道滿載。

So I feel really good about that.

所以我對此感覺很好。

I think the way we've organized the businesses and the central organizations that we've put in place to serve those businesses is going to have huge payoffs here in this space.

我認為我們組織企業的方式以及我們為服務這些企業而建立的中央組織將在這個領域帶來巨大的回報。

Roger Read with Wells Fargo.

富國銀行的羅傑·里德。

Since you all have probably the most geographically diverse set of operations of anyone we cover, I was just curious, the most recent news this morning, shows maybe a few cracks in the economy.

由於你們所有人的業務可能是我們涵蓋的所有人中地理上最多樣化的，我只是很好奇，今天早上的最新消息可能顯示了經濟中的一些裂縫。

If you could kind of give us an idea as you look across the products in the chemical side, thinking that's where we really see the demand parts, what you're seeing kind of, let's say, China back around to our side of the globe?

當您查看化學方面的產品時，如果您能給我們一個想法，認為這就是我們真正看到需求部分的地方，您所看到的，比方說，中國回到了地球的一側？

Sure.

當然。

Roger, I think the key message I would leave you with across our business is when you look at kind of pricing margins is there's 2 pieces, 2 halves to the equation, there's the demand side and there's the supply side.

羅傑，我認為我要在我們的業務中向您傳達的關鍵訊息是，當您考慮定價利潤時，方程式分為兩部分，即需求方和供應方。

On the demand side, frankly, to start with chemicals, we see the demand basically returning to the kind of growth that we've seen prior to the pandemic.

在需求方面，坦白說，從化學品開始，我們看到需求基本上恢復到了疫情大流行之前的成長水準。

So basically growing at 1% to 2% above GDP.

所以基本上成長速度比GDP高1%到2%。

And so that's back on track from a growth standpoint.

因此，從成長的角度來看，這又回到了正軌。

Certainly, that's what we're seeing in the first half of this year.

當然，這就是我們今年上半年看到的情況。

The challenge in that business with the margins has been, frankly, from the supply side of the equation.

坦白說，這項利潤豐厚的業務面臨的挑戰來自供應方面。

We've got a lot of capacity coming on and a queue of capacity yet to come on.

我們有大量的產能即將投入使用，還有大量的產能尚未投入使用。

So that's moral of the story in chemicals, less of a demand and growth story and more of a supply story and a lot of supply coming on in the short term.

這就是化學品故事的寓意，不再是需求和成長的故事，而是供應的故事，短期內會出現大量供應。

And like the past, the challenge in the chemical business, given the large chunks of capacity to come on in discrete times, that you've got to grow your got to grow through that capacity to get your margins back up again.

與過去一樣，化學工業面臨的挑戰是，考慮到大量產能會在不連續的時間內出現，你必須透過產能來實現成長，才能再次恢復利潤。

One of the reasons why we stay so very focused on low cost of supply, feed advantage and, importantly, performance products is to make sure that we've got advantages above and beyond the commodity cycle.

我們如此專注於低成本供應、飼料優勢以及重要的是高性能產品的原因之一是為了確保我們擁有超越商品週期的優勢。

And you see that playing out on our chemical business with earnings that, frankly, are well above what would be expected given the challenging market conditions that we see margin environment.

坦白說，考慮到我們看到的利潤環境充滿挑戰的市場條件，您會發現我們的化學業務的收益遠高於預期。

China is growing despite maybe some of the it's not growing at the rates that we've seen historically the very high rates, but still growing at a healthy clip.

中國正在成長，儘管可能有些成長速度沒有我們歷史上看到的非常高的速度，但仍然以健康的速度成長。

And as you come around to the U.S., we're seeing kind of reasonable economic conditions and growth in the U.S. as well.

當你來到美國時，我們也看到了美國合理的經濟狀況和成長。

Europe, I think, is probably the most challenged area of the globe.

我認為，歐洲可能是全球最具挑戰性的地區。

And frankly, with some of the policies we see Europe implementing, my expectation is becoming more challenging, quite frankly and unfortunately, particularly unfortunate for the folks living in Europe given the, I think, the drag that the policy they're putting in place is going to put on their economy.

坦白說，隨著我們看到歐洲實施的一些政策，我的期望變得更具挑戰性，坦白說，不幸的是，對於生活在歐洲的人們來說尤其不幸，因為我認為，考慮到他們正在實施的政策的阻力將會增加他們的經濟。

So I think China is looking reasonable.

所以我認為中國看起來很合理。

India is growing and it looks very, very healthy.

印度正在成長，而且看起來非常非常健康。

The U.S. is looking reasonable with good growth.

美國經濟看起來合理，成長良好。

Demand for on the energy side of the equation with petroleum products,continues to be very high.

對石油產品等能源方面的需求仍然非常高。

Record levels of demand around the world.

世界各地的需求水準創歷史新高。

And again, I think very good supply coming into the equation there, which is keeping has brought margins from those very high levels that we've seen in the first quarter and then back into last year.

再說一遍，我認為那裡的供應量非常好，這使得利潤率從我們在第一季看到的非常高的水平，然後又回到了去年。

We're now getting back down into more typical ranges.

我們現在回到更典型的範圍。

And frankly, all of our plans anticipated that.

坦白說，我們所有的計劃都預料到了這一點。

It's always difficult to call the timing of it, but we certainly knew that the elevated margins that we were seeing in the refining business would ultimately come back into normal ranges.

總是很難確定它的時機，但我們當然知道，我們在煉油業務中看到的利潤率上升最終將回到正常範圍。

My expectation going forward then is we'll continue to see what I would say is historical volatility levels in that.

我對未來的期望是，我們將繼續看到我所說的歷史波動程度。

We'll see times when the margins spike and we'll see times and the margins are challenging.

我們會看到利潤飆升的時候，我們會看到利潤充滿挑戰的時候。

But again, we've built our refining business to be robust to those.

但我們再次強調，我們的煉油業務對這些業務來說是穩健的。

And if you look at the work we've been doing to high-grade that portfolio.

如果你看看我們為提高該產品組合所做的工作。

We've taken out a lot of the low-margin, less-advantaged refineries and are now focused on the integrated refineries that have a mix of high-value products that we're producing and are advantaged from a size and scale and cost standpoint.

我們已經淘汰了許多低利潤、劣勢的煉油廠，現在專注於綜合煉油廠，這些煉油廠擁有我們正在生產的高價值產品，並且從規模、規模和成本的角度來看具有優勢。

And then on the gas side of the equation, in the oil side of the equation, oil demand continues to be at record levels.

然後在等式的天然氣方面，在等式的石油方面，石油需求繼續處於創紀錄的水平。

Last year was a record.

去年創下了紀錄。

We anticipate this year will be a record, and then next year will be a record.

我們預計今年將創紀錄，明年也將創紀錄。

So demand continues to be fairly healthy from an oil standpoint.

因此，從石油的角度來看，需求仍然相當健康。

It's just a question of working through the supply that's coming on.

這只是一個如何解決即將到來的供應的問題。

Most of that led by what's happening in the Americas.

其中大部分是由美洲發生的事情引起的。

And then on gas, that's going to continue to grow in demand, and it's another again, a function of the capacity is coming on.

然後在天然氣方面，需求將繼續增長，這又是另一回事，容量的函數正在出現。

So I think good news is that we're seeing the industry be very responsive to the demand.

所以我認為好消息是我們看到該行業對需求的反應非常積極。

And frankly, it's very consistent with the foundation of the strategy that we put together, which is you got to be low cost, you got to be on the left-hand side of the cost of supply curve.

坦白說，這與我們制定的策略的基礎非常一致，那就是你必須保持低成本，你必須位於供應曲線成本的左側。

Josh Silverstein with UBS.

瑞銀集團 (UBS) 的喬許‧西爾弗斯坦 (Josh Silverstein)。

You continue to make good progress on the cost savings front.

您在節省成本方面繼續取得良好進展。

It looks like there was an uptick of about $600 million sequentially.

看起來環比增加了約 6 億美元。

It looks like you've called out kind of a $200 million turnaround savings in energy products.

看起來您已經呼籲能源產品節省 2 億美元。

Just wanted to see if you can provide some more examples of what's driving the improvement and how you take the current kind of $10.7 billion to the $15 billion over the next few years.

只是想看看您是否可以提供更多範例來說明推動改進的因素以及如何在未來幾年內將當前的 107 億美元提高到 150 億美元。

Great.

偉大的。

Thanks very much for the question.

非常感謝您的提問。

And so, you're right.

所以，你是對的。

If we look on an after-tax basis, we had about $600 million overall on a pre basis for the year-to-date, where our structural cost savings is about $1 billion.

如果我們從稅後的角度來看，今年迄今為止我們的預付帳款總額約為 6 億美元，其中結構性成本節省約為 10 億美元。

So making really good progress.

所以取得了很好的進步。

Continuing to optimize maintenance is a big driver of overall savings.

持續優化維護是整體節省的重要動力。

We gave a number of $200 million in energy products in terms of my prepared remarks.

根據我準備好的發言，我們提供了價值 2 億美元的能源產品。

And that was just noting that, in the half, we had a particularly heavy turnaround slate.

這只是注意到，在上半場，我們有一個特別沉重的扭轉局面。

And if we looked back at that same turnaround slate the last time we did it, we did it much more quickly, and we did it at lower cost.

如果我們回顧上次我們所做的同樣的周轉計劃，我們做得更快，而且成本更低。

Hence, the $200 million savings number that you mentioned.

因此，您提到了 2 億美元的節省金額。

We're also obviously driving savings in terms of supply chain and looking to get more efficient there.

顯然，我們也正在供應鏈方面推動節約，並尋求提高供應鏈效率。

And all of our centralized organizations, which we've kind of stood up over the last couple of years, are really responsible for driving savings into the business.

我們過去幾年建立的所有集中式組織都真正負責為業務節省成本。

So whether that's global business solutions or whether that's supply chain, or our global operating and sustainability group who works on our maintenance activities, we're really starting to see the uptick from the benefit that those organizations can bring by simplifying things and standardizing things, and bringing better data to optimize our overall organization.

因此，無論是全球業務解決方案還是供應鏈，還是負責維護活動的全球營運和永續發展團隊，我們確實開始看到這些組織透過簡化事物和標準化事物所帶來的好處增加，並帶來更好的數據來優化我們的整體組織。

So that's what you're going to continue to see on a go-forward basis.

因此，這就是您將繼續看到的情況。

And then I would say, longer term, as those centralized organizations start to standardize processes for the company, which are quite disparate as we sit here today, we'll be able to apply more technology to get, I would say, even more automated in the things that we do, which will drive further efficiencies for us long term.

然後我想說，從長遠來看，隨著這些中心化組織開始標準化公司的流程，而我們今天坐在這裡的流程是完全不同的，我們將能夠應用更多的技術來獲得，我想說，甚至更加自動化在我們所做的事情中，這將從長遠來看進一步提高我們的效率。

So whether it's getting more efficient on logistics or getting more efficient because we're standardizing now between ourselves and Pioneer, standardizing all the materials and things that we're buying, those are the things that will continue to drive savings.

因此，無論是提高物流效率，還是提高效率，因為我們現在正在與先鋒之間實現標準化，標準化我們購買的所有材料和物品，這些都將繼續推動節省。

And I think we have both the largest program, by far, in the industry and now a very proven track record that we feel quite good about typically hovering on the initial plans that we developed.

我認為我們擁有迄今為止業界最大的計劃，並且現在擁有非常可靠的業績記錄，我們對通常在我們制定的最初計劃上徘徊感到非常滿意。

So we're feeling good about the progress we're making, and that overall target to get to $15 billion in savings between 2019 and 2027.

因此，我們對所取得的進展以及 2019 年至 2027 年間節省 150 億美元的總體目標感到滿意。

Yes.

是的。

And I would just I guess one other way to think about it, Josh, is for the first time in the history of our corporation, we've organized ourselves to take to focus on every aspect of delivering the business irrespective of what that business is, look at where the synergies exist, and are now taking the experience, the collect experience of the corporation and the expertise in each of those areas and focusing it on an opportunity set.

我只是想用另一種方​​式來思考這個問題，喬什，這是我們公司歷史上的第一次，我們組織起來專注於交付業務的各個方面，無論業務是什麼，看看哪裡存在協同效應，現在正在利用經驗，收集公司的經驗以及每個領域的專業知識，並將其重點放在機會集上。

So the size of our business, it gives us a huge advantage here.

因此，我們的業務規模為我們帶來了巨大的優勢。

And so a lot of these things you're seeing are accruing by basically taking the best thinking that had occurred in the around the organization around the world, and then applying that uniformly everywhere it's relevant.

因此，您所看到的許多事情都是透過基本上採用世界各地組織中出現的最佳思維，然後將其統一應用到相關的任何地方來累積的。

And that's happening time and time and time again.

這種情況一次又一次地發生。

And so I think a very unique capability and capacity that, frankly, others can't match.

所以我認為這是一種非常獨特的能力和能力，坦白說，其他人無法比擬。

And the benefits are showing up in these structural cost savings for sure.

其好處肯定體現在這些結構性成本節約。

Also, showing up on the revenue side of the equation with respect to better marketing, better ability to sell into value.

此外，在更好的行銷、更好的銷售價值能力方面，也反映在收入方面。

So there's, I think, a huge benefit to the changes we've been making.

因此，我認為我們所做的改變有巨大的好處。

Bob Brackett with Bernstein Research.

伯恩斯坦研究公司的鮑勃·布拉克特。

I'd like to paraphrase a comment Darren made, that lithium complexity is misunderstood by industry.

我想解釋一下達倫的評論，即鋰的複雜性被業界誤解了。

And I'm intrigued, is that a comment around the marketing and the relative use of the Downstream side?

我很好奇，這是關於行銷和下游方面的相對使用的評論嗎？

Or is it a comment around maybe the Upstream and the complexity of processing?

還是對上游和處理複雜性的評論？

Yes, that comment I meant to imply for, more broadly, the whole low-carbon solutions business that, where, as you look at each of those businesses, they've got their unique set of complexities.

是的，我的意思是更廣泛地針對整個低碳解決方案業務，當你查看每一項業務時，它們都有其獨特的複雜性。

For lithium, in particular, you're taking what is essentially a brand-new technology, marrying that with some established technologies for subsurface, some established technologies above surface, consistent with our processing experiences in refining.

特別是對於鋰，您採用的是一種本質上是全新的技術，將其與一些成熟的地下技術和一些成熟的地表技術相結合，這與我們的精煉加工經驗一致。

And kind of so putting those things together in a new business to make a product.

將這些東西整合到一個新業務中來製造產品。

I wouldn't say has complexities that people can't comprehend.

我不會說它具有人們無法理解的複雜性。

I would just say there and there haven't been very many people who have worked way through that.

我只想說，沒有多少人能夠解決這個問題。

Where some really unique challenges are is building brand new value chains.

一些真正獨特的挑戰是建立全新的價值鏈。

And the carbon capture market, as an example, where there's just there's not an existing market today that pays for carbon removal that's being incentivized with government policy.

以碳捕獲市場為例，目前還沒有一個現有市場可以支付政府政策激勵的碳清除費用。

Government policy is forming, while at the same time, you're trying to build the infrastructure to support that market, the logistics, the supply, and then at the same time, develop a customer base.

政府政策正在形成，同時，你正在努力建立基礎設施來支持該市場、物流、供應，然後同時發展客戶群。

And so the complexity that I see in the low-carbon space, that's a particularly challenging one because of all the moving parts and all the work that has to be done to try to piece those things together to come up with, frankly, a business and business model that, one, is sustainable for the long term. and two, that generates that are competitive in the portfolio.

因此，我在低碳領域看到的複雜性，這是一個特別具有挑戰性的領域，因為坦率地說，由於所有的活動部件以及必須完成的所有工作來嘗試將這些東西拼湊在一起以提出一項業務其一是長期可持續的商業模式。第二，這會產生在投資組合中具有競爭力的產品。

But I have to say we're geared to do that kind of work.

但我不得不說，我們已經準備好做這樣的工作。

Our experience lends itself to that.

我們的經驗適合這一點。

And frankly, what Dan and the team is accomplishing, leaning on a lot of the core capabilities of the organization, and we're tackling those challenges and making really good progress.

坦白說，丹和團隊正在取得的成就，依賴組織的許多核心能力，我們正在應對這些挑戰並取得了非常好的進展。

I think on the hydrogen side of the equation, there's not a real vibrant market or a strongly economic market for low, virtually carbon-free hydrogen.

我認為在氫方面，對於低碳、幾乎無碳的氫來說，並沒有真正充滿活力的市場或強勁的經濟市場。

So that's being developed.

所以這個正在開發中。

Obviously, the government incentives are reporting that in the short term.

顯然，政府的激勵措施正在短期內報告這一點。

But we've got to work our way to a market-driven forces so that we are competing in an open market and not relying on government subsidies.

但我們必須努力利用市場驅動的力量，以便我們在開放的市場中競爭，而不是依賴政府補貼。

So that's, I think, one of the challenges in that space.

我認為，這是該領域面臨的挑戰之一。

But I think my comment was more generally that there's a lot of optimism around the low carbon solution low-carbon businesses in general.

但我認為我的評論更普遍的是，人們對低碳解決方案和低碳企業普遍持樂觀態度。

But if you think about where progress has been made to date, most of that's been in the wind and solar and EV areas.

但如果你考慮迄今為止所取得的進展，其中大部分是在風能、太陽能和電動車領域。

And all of those are playing into well-established markets.

所有這些都在進入成熟的市場。

The power generation market is very well established.

發電市場已經非常成熟。

The automotive industry is very well established.

汽車工業非常成熟。

Now they're bringing in new technologies that have some of their own unique challenges, but they're not building brand-new markets.

現在他們引入了新技術，這些技術面臨一些獨特的挑戰，但他們並沒有建立全新的市場。

In our case, and some of the businesses, we're building brand-new markets.

就我們而言，以及一些企業，我們正在建立一個全新的市場。

Thank you, Bob.

謝謝你，鮑伯。

And thanks, everybody, for joining the call and for your questions.

感謝大家加入電話會議並提出問題。

We're going to post the transcript of this call to the Investors section of our website by early next week.

我們將在下週初之前將本次電話會議的記錄發佈到我們網站的投資者部分。

But before we wrap, I want to draw your attention to a couple of topics.

但在結束之前，我想提請您注意幾個主題。

First, a reminder.

首先，提醒一下。

Later this month, we will be issuing our Annual Global Outlook, which includes our latest views on energy demand and supply through 2050, and which forms the basis for our business planning.

本月晚些時候，我們將發布年度全球展望，其中包括我們對 2050 年能源需求和供應的最新看法，這構成了我們業務規劃的基礎。

And second, please mark your calendars for our Corporate Plan Update and Upstream Spotlight, which is going to be a Wednesday, December 11.

其次，請在您的日曆上標記我們的企業計劃更新和遊覽聚焦，這將是 12 月 11 日星期三。

And for more information on that, again, please see the Investors section of our website.

如需了解更多信息，請再次參閱我們網站的投資者部分。

So with that, have a nice weekend, and I'll turn it back to the operator to conclude.

就這樣，祝您週末愉快，我會將其轉回給接線員以得出結論。

Thank you.

謝謝。

This concludes today's call.

今天的電話會議到此結束。

We thank everyone again for their participation.

我們再次感謝大家的參與。

You may disconnect at this time.

此時您可以斷開連線。