埃克森美孚 (XOM) 2024 Q3 法說會逐字稿

Good morning, everyone. Welcome to Exxon Mobil's third-quarter 2024 earnings call. Today's call is being recorded. We appreciate you joining us today. I'm Jim Chapman, Vice President, Treasurer and 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 年第三季財報電話會議。今天的通話正在錄音。我們感謝您今天加入我們。我是吉姆·查普曼，財務主管和投資者關係副總裁。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 quarter's presentation and prerecorded remarks are available on the Investors section of our website. They're meant to accompany the third-quarter earnings news release which is posted in the same location.

本季度的演示和預先錄製的評論可在我們網站的投資者部分獲得。它們旨在與發佈在同一位置的第三季收益新聞稿一起發布。

During today's presentation, we'll make forward-looking comments, including discussion of our long-term plans and integration efforts, which are still being developed and 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 also posted on the website.

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。請閱讀投影片 2 上的警示聲明。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 some opening remarks.

現在我將把它交給達倫做一些開場白。

Good morning, and thanks for joining us. Exxon Mobil announced earnings of $8.6 billion this morning, one of our best third quarters in the past decade. Even more importantly, this quarter's results continue to demonstrate how our enterprise-wide transformation is improving the earnings power of the company. Our energy products business provides a compelling proof point.

早安，感謝您加入我們。埃克森美孚今天上午宣布獲利 86 億美元，這是過去十年來業績最好的第三季之一。更重要的是，本季的業績繼續證明我們的企業範圍內的轉型正在如何提高公司的獲利能力。我們的能源產品業務提供了令人信服的證據。

In 2024, year-to-date earnings are roughly double what they were in the same period of 2019 on a constant margin basis. For all of our businesses, we've been focused on reduced cost, high-return investments, and selected divestments to improve profitability, particularly in bottom-of-cycle conditions. This work has fundamentally transformed our refining business. For instance, we've high-graded our portfolio by divesting less advanced sites.

2024 年，以固定利潤率計算，年初至今的利潤大約是 2019 年同期的兩倍。對於我們所有的業務，我們一直專注於降低成本、高回報投資和有選擇的撤資，以提高盈利能力，特別是在週期底部的情況下。這項工作從根本上改變了我們的煉油業務。例如，我們透過剝離不太先進的網站來提高我們的投資組合。

At the time of the Exxon Mobil merger, we had 45 refineries. In 2017, when I stepped into this job, we had 22. I expect to end this year with 15, bringing us very close to an entire portfolio advantaged by location and configuration. We've also significantly improved our product yield. By investing in assets such as the Rotterdam advanced hydrocracker and the Beaumont expansion, we've increased the yield of higher-value products from lower value feeds.

埃克森美孚合併時，我們擁有 45 家煉油廠。 2017 年，當我接手這份工作時，我們有 22 個。我們也顯著提高了產品產量。透過投資鹿特丹先進加氫裂解裝置和博蒙特擴建等資產，我們提高了從低價值原料生產高價值產品的產量。

Finally, we've achieved dramatic structural cost savings. In our overall product solutions business, we reduced cost by $5 billion versus 2019. In energy products specifically, to take one example, we completed our first-half 2024 turnarounds for $200 million less than the previous turnarounds on these assets, a 24% reduction.

最後，我們實現了結構性成本的大幅節省。在我們的整體產品解決方案業務中，我們的成本比2019 年減少了50 億美元。成本減少了2 億美元，減少了24% 。

Our results from the quarter also demonstrate the value of diversification by geography, resource, and product mix, providing natural hedges that increase the stability of earnings. In the third quarter, while liquid prices and refining margins were down, gas realizations, chemical margins, and specialty margins were all up.

我們本季的業績也證明了地理、資源和產品組合多元化的價值，提供了提高收益穩定性的自然對沖。第三季度，雖然液體價格和煉油利潤下降，但天然氣實現量、化學品利潤和特殊利潤都上升。

Underpinning our results is a relentless focus on execution excellence. We saw a good example of this in the quarter at our Joliet refinery in Illinois. In July, a tornado ripped through the site, cutting power, steam, instrument air, and potable water. We've never had a harder shutdown. With extensive damage to the transmission system that provides power to the site, we were cold for almost two weeks. This was an unprecedented event that severely impacted fuel supplies for the entire region. Our community, the City of Chicago, local, state and federal governments, we're all counting on a quick recovery.

我們成果的基礎是對卓越執行力的不懈關注。本季我們在伊利諾州喬利埃特煉油廠就看到了一個很好的例子。七月，一場龍捲風席捲了現場，切斷了電力、蒸汽、儀表空氣和飲用水。我們從未經歷過如此艱難的停工。由於為現場供電的傳輸系統遭到嚴重損壞，我們的寒冷持續了近兩週。這是前所未有的事件，嚴重影響了整個地區的燃料供應。我們的社區、芝加哥市、地方、州和聯邦政府，我們都指望迅速恢復。

I'm proud to say that the men and women of Joliet with a lot of support from across the corporation delivered. Thanks to the remarkable efforts, we beat an aggressive recovery schedule and we're supplying much needed fuel to market far faster than we thought possible, reducing the time to recover by third. I want to take this opportunity on behalf of all of our colleagues at Exxon Mobil and the communities that depend on them to thank everyone involved in the recovery for their hard work, commitment, and personal sacrifice. Thank you. You did us proud.

我很自豪地說，喬利埃特的男女員工在整個公司的大力支持下取得了成功。由於付出了巨大的努力，我們完成了積極的恢復計劃，並以比我們想像的更快的速度向市場供應急需的燃料，將恢復時間縮短了三分之一。我想藉此機會代表埃克森美孚的所有同事以及依賴他們的社區感謝所有參與恢復工作的人的辛勤工作、承諾和個人犧牲。謝謝。你讓我們感到驕傲。

As always, our success is our shareholder success. This morning, we announced a 4% increase to the quarterly dividend to $0.99 per share. We've now increased our annual dividend for 42 years in a row, putting us in an elite tier of the companies known as Dividend Aristocrats. Less than 4% of S&P 500 companies have paid higher dividends every year for more than 40 years. We've also sustained our position in the top five of all S&P 500 companies with the largest dividends paid.

一如既往，我們的成功就是股東的成功。今天早上，我們宣布將季度股息增加 4% 至每股 0.99 美元。現在，我們已連續 42 年增加年度股息，使我們躋身被稱為「股息貴族」的公司精英行列。 40 多年來，標準普爾 500 強公司中只有不到 4% 每年支付更高的股息。我們也維持了支付股息最多的標準普爾 500 強公司前五名的地位。

We know how important the dividend is to our investors, particularly our millions of retail shareholders. We remain committed to a sustainable, competitive and growing dividend, which is a key component of the attractive total shareholder return we are delivering. In the first 9 months of 2024, we've generated a TSR of 20%, leading all IOCs, just as we've done over the last 3, 5 and 10 years.

我們知道股息對我們的投資者，特別是對我們數百萬散戶股東來說有多重要。我們仍然致力於提供可持續、有競爭力和不斷增長的股息，這是我們提供有吸引力的股東總回報的關鍵組成部分。 2024 年前 9 個月，我們的股東總回報率為 20%，領先所有國際石油公司，就像我們在過去 3 年、5 年和 10 年所做的那樣。

Turning to our upstream business. The portfolio of advantaged assets we've built is the envy of the industry. In the third quarter, we grew production to 4.6 million oil equivalent barrels per day, a 24% increase versus the prior year quarter. To drive higher value, we continue to improve the profitability of the barrels we produce. Our progress has been exceptional.

轉向我們的上游業務。我們建立的優勢資產組合令業界羨慕。第三季度，我們的產量增加至每天 460 萬油當量桶，比去年同期成長 24%。為了推動更高的價值，我們不斷提高我們生產的桶的獲利能力。我們的進步非常出色。

On a constant price basis, our 2019 unit earnings were about $5 per oil equivalent barrel. Year-to-date in 2024, excluding Pioneer, we've doubled that to $10 per barrel. The third quarter was our first full quarter with Pioneer, which added 770,000 oil equivalent barrels per day of highly advantaged production. As we said when we announced the deal, combining our technology, Pioneer's contiguous acreage, and the capabilities of our two organizations is allowing us to recover more resource more efficiently with a lower environmental footprint. In the third quarter, we drilled the longest ever laterals on Pioneer acreage at 18,350 feet or nearly 3.5 miles.

以不變價格計算，我們 2019 年的單位收益約為每桶油當量 5 美元。 2024 年迄今，不包括先鋒石油公司，我們將這一價格翻倍至每桶 10 美元。第三季度是我們與先鋒公司合作的第一個完整季度，該公司的高度優勢產量每天增加 77 萬油當量桶。正如我們在宣布該交易時所說，將我們的技術、先鋒公司的連續種植面積以及我們兩個組織的能力相結合，使我們能夠更有效地回收更多資源，同時減少環境足跡。第三季度，我們在 Pioneer 區域鑽探了有史以來最長的支管，深度為 18,350 英尺（近 3.5 英里）。

We're scheduled to spud the first ever 20,000-foot laterals on Pioneer's acreage this quarter. The benefits of long laterals are significant: fewer wells, a smaller surface footprint, and greater capital efficiency. In Guyana, we completed tie-ins for the country's gas to energy project on budget and schedule, and we are back to full production. Once the government completes the associated power plant, the gas to energy project is expected to provide the people of Guyana with electricity that is significantly cheaper, cleaner, and more reliable. This will further spur the Guyanese economy, which was the fastest growing in the world in the first half of 2024, with GDP up 50%.

我們計劃本季在 Pioneer 的土地上進行有史以來第一條 20,000 英尺的支管施工。長支管的好處是顯著的：更少的井、更小的地面佔地面積和更高的資本效率。在圭亞那，我們按預算和時間表完成了該國天然氣發電項目的對接，並已恢復全面生產。一旦政府完成相關發電廠，天然氣發電計畫預計將為圭亞那人民提供更便宜、更清潔、更可靠的電力。這將進一步刺激圭亞那經濟，該國2024年上半年GDP成長50%，為全球成長最快的國家。

Our Payara project, which remained online during the tie-ins, continues to perform above investment basis. As has been the case with all the projects we've brought online in the world's premier deepwater development. We'll have much more to say about the upstream business during our spotlight next month. I promised Neil I wouldn't steal his thunder. So let me just say on the Pioneer synergies alone, which are considerably higher than expected, we think you'll find the story compelling.

我們的 Payara 專案在搭售期間保持在線，繼續表現高於投資基礎。正如我們在全球首屈一指的深水開發項目中上線的所有項目一樣。在下個月的聚光燈下，我們將更多地談論上游業務。我向尼爾保證我不會搶他的風頭。因此，我只想說，僅就先鋒公司的協同效應而言，該協同效應遠遠高於預期，我們認為您會發現這個故事引人入勝。

As I've said many times, we're a technology company, managing and transforming molecules to provide products that meet society's greatest needs and deliver attractive returns. In our low-carbon solutions business, we continue to lay the groundwork for the world's largest low-carbon hydrogen production facility at our integrated site in Baytown. Facility represents a new energy value chain and will produce 1 billion cubic feet per day of virtually carbon-free hydrogen with 98% of the CO2 emissions captured and stored.

正如我多次說過的，我們是一家科技公司，管理和改造分子，提供滿足社會最大需求並帶來有吸引力回報的產品。在我們的低碳解決方案業務中，我們繼續為位於貝敦綜合基地的世界上最大的低碳氫氣生產設施奠定基礎。該工廠代表了一條新的能源價值鏈，每天將生產 10 億立方英尺幾乎無碳的氫氣，其中 98% 的二氧化碳排放量將被捕獲和儲存。

In the third quarter, two new partners joined the project to accelerate market development for this new energy value chain. ADNOC has taken a 35% equity stake in the facility. We're pleased to add their proven experience and global market insights to this world-scale project. In addition, Mitsubishi signed an agreement for the potential offtake of low-carbon ammonia and equity participation in the project. The ammonia will be used to generate power and heat for industrial applications in Japan, helping to establish a new supply chain for low carbon energy. The agreement with Mitsubishi follows a similar agreement earlier this year with JERA, Japan's largest power generator.

第三季度，兩家新合作夥伴加入該項目，加速這條新能源價值鏈的市場開發。 ADNOC已持有該設施35%的股權。我們很高興將他們成熟的經驗和全球市場洞察力添加到這個世界規模的專案中。此外，三菱還簽署了一項關於低碳氨的潛在採購和參股該項目的協議。這些氨將用於為日本的工業應用發電和供熱，幫助建立新的低碳能源供應鏈。與三菱達成的協議是在今年稍早與日本最大的發電商 JERA 達成的類似協議之後達成的。

While we still have some hurdles to clear, we're encouraged by the growing market recognition of the significant value and advantages of this first-in-the-world low-carbon project. Of course, the highest hurdle, as we've said, is the translation of the IRAs technology-agnostic legislation into enabling regulations that maintain focus on the what carbon intensity and not the how. We are ready to move forward once the Biden administration publishes regulations consistent with the legislative intent. Assuming this happens, we plan to reach FID in 2025 with start-up in 2029.

儘管我們仍有一些障礙需要克服，但市場對此全球首個低碳項目的重要價值和優勢的認可度不斷提高，我們對此感到鼓舞。當然，正如我們所說，最大的障礙是將 IRA 與技術無關的立法轉化為關注碳強度而不是碳強度如何的授權法規。一旦拜登政府發布符合立法意圖的法規，我們就準備好向前邁進。假設這種情況發生，我們計劃在 2025 年達成最終投資決定，並於 2029 年啟動。

We've also made noteworthy progress on the CCS front. In October, we announced an agreement with our first natural gas processing customer to transport and store 1.2 million metric tons of CO2 per year. This is our fifth agreement overall and brings our total CO2 contracted for storage to 6.7 million metric tons per year, more than any other company. In addition, we secured the largest offshore CO2 storage site in the United States through an agreement with the Texas General Land Office. The 271,000 acre site further solidifies the US Gulf Coast as a leading market for carbon capture, transport, and storage.

我們在 CCS 方面也取得了顯著的進展。 10 月，我們宣布與第一個天然氣加工客戶達成協議，每年運輸和儲存 120 萬噸二氧化碳。這是我們的第五份協議，使我們每年合約儲存的二氧化碳總量達到 670 萬噸，超過任何其他公司。此外，我們也透過與德州土地總局達成的協議，獲得了美國最大的海上二氧化碳封存場地。該佔地 271,000 英畝的場地進一步鞏固了美國墨西哥灣沿岸作為碳捕獲、運輸和儲存的領先市場的地位。

In addition to LCS, we're advancing other technology-driven businesses that have huge potential. We've spoken before about our Proxxima thermoset resin, which is a revolutionary new material that is stronger, lighter, and more corrosion-resistant than conventional alternatives. We see a total addressable market in this space of 5 million tons per year and $30 billion by 2030.

除了瀕海戰鬥艦之外，我們還在推動其他具有巨大潛力的技術驅動型業務。我們之前已經談到過我們的 Proxxima 熱固性樹脂，這是一種革命性的新材料，比傳統替代品更堅固、更輕且更耐腐蝕。我們預計該領域的潛在市場總量將達到每年 500 萬噸，到 2030 年將達到 300 億美元。

One major application of Proxxima is rebar that is only one-fourth the weight, but twice as strong as steel. In the third quarter, we signed a licensing agreement with Neuvokas Corporation, a North American manufacturer rebar from Proxxima, that allows rebar to be produced anywhere in the world. Rebar is just one example of Proxxima's value and use. Others include high-performance coatings and a range of lightweighting applications for automobiles.

Proxxima 的一個主要應用是鋼筋，其重量僅為鋼材的四分之一，但強度是鋼材的兩倍。第三季度，我們與 Proxxima 的北美螺紋鋼製造商 Neuvokas Corporation 簽署了許可協議，允許在世界任何地方生產螺紋鋼。 Rebar 只是 Proxxima 價值和用途的一個例子。其他包括高性能塗料和一系列汽車輕量化應用。

In our carbon materials venture, we see a massive opportunity in the market for battery anode materials, which could grow at 25% per year and, like Proxxima, reach $30 billion by 2030. The primary material and battery anodes is graphite, and we've developed proprietary technology that allows us to produce feedstock for next-generation graphite at scale. This innovative material has the potential to improve EV battery range by 30% and enable faster charging. Exxon Mobil's history with transportation dates to the very beginning of the automotive age, and we provided fuel for Henry Ford's first automobiles.

在我們的碳材料企業中，我們看到了電池陽極材料市場的巨大機遇，該市場可能以每年25% 的速度成長，並且像Proxxima 一樣，到2030 年將達到300 億美元。石墨，我們'我們開發了專有技術，使我們能夠大規模生產下一代石墨的原料。這種創新材料有可能將電動車電池續航里程提高 30%，並實現更快的充電速度。埃克森美孚在運輸領域的歷史可以追溯到汽車時代的初期，我們為亨利福特的第一輛車提供了燃料。

Some might find ironic. But with the work we're doing in lithium for cathodes, graphite for anodes, Proxxima as a lightweight battery case, and the plastics, lubricants, and cooling fluids we already provide, we may become one of the most important players in a new automotive age of EVs. In our corporate plan update next month, we'll highlight how we're investing in technology-based high-return growth opportunities across all of our businesses from the upstream to product solutions to LCS to new growth areas.

有些人可能會覺得諷刺。但憑藉我們在陰極鋰、陽極石墨、Proxxima 作為輕型電池盒以及我們已經提供的塑料、潤滑劑和冷卻液方面所做的工作，我們可能會成為新型汽車中最重要的參與者之一電動汽車的時代。在下個月的公司計畫更新中，我們將重點介紹如何投資於我們所有業務中基於技術的高回報成長機會，從上游到產品解決方案，再到 LCS，再到新的成長領域。

What I would leave you with today is this, all our success are continuously improving profitability. Our execution excellence, our technological innovation, and our tremendous portfolio of growth opportunities flows from our strategy and focus on fully leveraging our core capabilities and competitive advantages, the most important being our people. We have the best team in this industry and, in my view, any industry. I look forward to sharing more of their work during the corporate plan update. Thank you.

今天我要告訴大家的是，我們所有的成功都在於不斷提高獲利能力。我們卓越的執行力、技術創新和巨大的成長機會組合源自於我們的策略，並專注於充分利用我們的核心能力和競爭優勢，其中最重要的是我們的員工。在我看來，我們擁有這個行業以及任何行業中最好的團隊。我期待在公司計劃更新期間分享更多他們的工作。謝謝。

Thank you, Darren. Now let's move to our Q&A session. (Event Instructions) And with that, operator, we'll ask you to please open the line for the first question.

謝謝你，達倫。現在讓我們進入問答環節。 （活動說明）接線員，我們會請您打開第一個問題的線路。

(Operator Instructions) Devin McDermott, Morgan Stanley.

（操作員說明）Devin McDermott，摩根士丹利。

So Darren, you had some helpful prepared remarks on the downstream business. So I actually wanted to start there. If we look at results in the quarter, they were strong and actually looks like they came in a bit ahead of what was implied by the 8-K earnings considerations even with that Joliet impact you discussed and softening crack spreads in the quarter. It looks like margin capture volume costs were all factors here.

達倫，您對下游業務準備了一些有用的評論。所以我實際上想從那裡開始。如果我們看一下本季度的業績，就會發現它們很強勁，而且實際上看起來比8-K 盈利考慮所暗示的要領先一些，即使考慮到您討論的喬利埃特影響以及本季​​度裂解價差的軟化。看起來利潤獲取量成本都是這裡的因素。

So I was wondering if you could just talk through some of the latest market trends you're seeing across your refining footprint. The drivers of that beat versus earnings considerations. And then specifically, how some of the strategic projects are impacting results relative to your expectations.

所以我想知道您是否可以談談您在煉油業務中看到的一些最新市場趨勢。推動此趨勢的因素與獲利因素有關。然後具體來說，一些戰略項目如何影響相對於您的期望的結果。

Yes. Sure, Devin, I'll start with that and then see if Kathy wants to add anything. I think you've got to kind of step back to the broader approach that we've established with the downstream business and its integration into the new company of product solutions, which is really looking at how you optimize the full value chain. That, I think, is a fundamentally different approach to how we were historically running a refining business and looking at all the value levers to pull from bringing crude into the refineries all the way out to marketing the products. And I think the results that we see in that business are reflective of a collection of those efforts across the whole.

是的。當然，德文，我會從這個開始，然後看看凱西是否想添加任何內容。我認為你必須退回到我們與下游業務建立的更廣泛的方法，並將其整合到新的產品解決方案公司中，這實際上是在考慮如何優化整個價值鏈。我認為，這與我們過去經營煉油業務的方式完全不同，我們著眼於從將原油引入煉油廠一直到行銷產品的所有價值槓桿。我認為我們在該業務中看到的結果反映了整個業務的努力的集合。

In addition to a lot of the cost cutting that we've been doing to reduce structural cost and the effectiveness and improvements that we're seeing by centralizing a lot of activities and bringing the best thinking of the corporation to bear on each part of the business that we're operating. A great example in the refining business has been the centralization of the maintenance approach that we're doing, not just in turnarounds but in our routine day-to-day maintenance. That has brought a huge amount of value and lower cost to our refineries operating around the globe by taking the best thinking across both our upstream and downstream and chemical businesses, consolidating that into a single approach and then effectively executing that at each of the sites is driving huge value.

除了我們為降低結構成本而進行的大量成本削減之外，我們還透過集中大量活動並將公司的最佳思維運用到業務的每個部分來看到效率和改進。煉油業務的一個很好的例子就是我們正在採取的維護方法的集中化，不僅在周轉中，而且在我們的日常維護中。透過對我們的上游、下游和化學業務進行最佳思考，將其整合為單一方法，然後在每個地點有效執行，為我們在全球運營的煉油廠帶來了巨大的價值和更低的成本。驅動巨大的價值。

I think, too, eliminating what was somewhat of an artificial barrier between our chemical businesses in our refining business in the facility and making sure that the organization thinks about the whole and optimizes the whole and the disposition of each stream as it flows through those facilities is having a big impact. It's just, I would say, the optimization of the facility and the molecules that flow through those facilities irrespective of whether it's a product that goes into the petroleum product space or whether it goes into the chemical product space, I think, has been a significant uplift.

我還認為，消除設施煉油業務中的化學業務之間的人為障礙，並確保組織考慮整體並優化整體以及流經這些設施時的每條物流的處置正在產生很大的影響。我想說的是，設施和流經這些設施的分子的優化，無論它是進入石油產品領域還是進入化學產品領域，我認為都是一個重要的因素。

And then on top of that, I would say the thinking about the channels to market and the value uplift we can get through those channels and bringing a trading organization along and thinking about them as a value channel to optimize across the value chain that our refineries participate is also bringing additional value and making sure that we're maximizing the value in the placement value of all the barrels that come out of the refinery and all the products that come out of refineries.

最重要的是，我想說的是對市場管道的思考以及我們可以透過這些管道實現的價值提升，並引入一個貿易組織，並將它們視為優化我們煉油廠整個價值鏈的價值管道。帶來了額外的價值，並確保我們最大限度地提高煉油廠生產的所有桶子和煉油廠產品的放置價值。

So there's a collection of things that have been changed over the years that are fundamentally different than how we've historically been running the business. And obviously, some of those -- and the benefits of those will move with the market environment and the available spreads in the market. But generally speaking, it's a combination of a lot of things that we've been working on to drive value in that business, along with the others.

因此，多年來發生了一系列變化，這些變化與我們歷史上經營業務的方式根本不同。顯然，其中一些以及其中的好處將隨著市場環境和市場上的可用利差而變化。但總的來說，這是我們一直在努力推動該業務以及其他業務價值的許多事情的結合。

Kathy, anything to add?

凱西，有什麼要補充的嗎？

The only thing that I'd add is we try pretty hard to demonstrate in the materials we provide you with earnings the underlying big movers that are improving the earnings power of the company. And so in this case, I'd say we put forward the year-to-date results more so than just the quarter because that's a bit easier then to see that coming through our results.

我唯一要補充的是，我們非常努力地在我們為您提供的收益材料中展示正在提高公司盈利能力的潛在大推動者。因此，在這種情況下，我想說，我們提出的年初至今的結果不僅僅是季度的結果，因為這樣更容易透過我們的結果看到這一點。

So if you look at our energy product business on a year-to-date basis, you'll see that we got about a $0.5 billion uplift from advantaged project growth as well as cost savings, right? And so that's coming from both the Beaumont expansion as well as Permian Crude ventures and all the structural cost savings that we're driving not just through the energy products business, but obviously, more broadly for the company.

因此，如果您回顧我們今年迄今為止的能源產品業務，您會發現我們從有利的專案成長和成本節約中獲得了約 5 億美元的成長，對嗎？因此，這來自博蒙特的擴張以及二疊紀原油合資企業，以及我們不僅透過能源產品業務，而且顯然更廣泛地為公司推動的所有結構性成本節約。

And then early on in the question you referenced, we came in a bit better than what the Street was expecting in this area. One of the reasons we came in better was the much faster start-up at Joliet. And so we had given some guidance on what we thought that impact was going to be. And the team just did a wonderful job in restarting that facility safely and more quickly than we had expected, and that also really accrued to our bottom line.

在您提到的問題的早期，我們在這一領域的表現比華爾街的預期要好一些。我們表現更好的原因之一是喬利埃特的啟動速度要快得多。因此，我們就我們認為的影響給了一些指引。團隊在安全、比我們預期更快地重新啟動該設施方面做得非常出色，這也確實增加了我們的利潤。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛。

I just wanted to spend some time talking about the start-ups of the key LNG projects and maybe you can talk about where we stand in terms of derisking Golden Pass and bringing that into service. And then we get less visibility on what's happening in Qatar, but it's going to be a big important project, North Field expansion. So to the extent you're able to, can you just share your perspective of how that's going on the ground?

我只是想花一些時間談論關鍵液化天然氣項目的啟動，也許你可以談談我們在消除黃金通道風險並將其投入使用方面的立場。然後我們對卡達正在發生的事情了解較少，但這將是一個重要的大型項目，北油田擴建。那麼，您能在力所能及的範圍內分享一下您對實際情況的看法嗎？

Yes. Thanks for the question. I'll just say, obviously, the Golden Pass venture is managing the project, and we're contributing as best we can. And obviously worked with the venture in response to the bankruptcy. And that team, I think, is making really good progress at reoptimizing the work in the schedule.

是的。謝謝你的提問。我只想說，顯然，Golden Pass 合資企業正在管理該項目，我們正在盡最大努力做出貢獻。顯然，並與該企業合作應對破產。我認為，該團隊在重新優化時間表中的工作方面取得了非常好的進展。

We anticipate today that that venture will basically be delayed by about six months. So we expect to see first LNG out of that train in the back end of 2025, potentially slipping over into the new year, but it will be in that time frame that we see. And then, of course, each training after that, we anticipate about six months separation between the trains coming on.

今天我們預計該項目將基本上推遲大約六個月。因此，我們預計將在 2025 年底看到第一批液化天然氣從該列車中運出，可能會推遲到新年，但我們會看到在這個時間範圍內。當然，之後的每次訓練，我們預計列車之間會有大約六個月的間隔。

So I think that venture has done a lot of really good work to overcome what was a pretty challenging set of circumstances, and we feel pretty good about the path that they're on. There's still more work to do, but I think a really good vector. And the fact that the existing contractors that were involved in that venture have stepped into fill the void and pick up the baton and keep running the race, I think, is a huge testament to those and their commitment to the success of this project, along with all the folks at the venture who are working this real hard. So we stay close to it, but the venture organization there really owns that and deserves the credit for the recovery there.

因此，我認為該公司做了很多非常好的工作來克服相當具有挑戰性的環境，我們對他們所走的道路感到非常滿意。還有更多工作要做，但我認為這是一個非常好的向量。我認為，參與該專案的現有承包商已經填補了空白，拿起接力棒並繼續參加比賽，這一事實充分證明了他們以及他們對這個專案成功的承諾。一起。所以我們離它很近，但那裡的創投組織確實擁有它，並且應該為那裡的復甦贏得讚譽。

I think on cutter same thing, I know we're a participant in there and cuter energy, obviously, is managing those projects but a better place for them to give the status of where the projects are, we feel pretty good about the collaboration and our ability to work hand in glove with cuter energy and frankly, feel really good about the competitiveness of those projects. And so are fairly engaged with those, and I think feel good about the work that's happening in that space. And then obviously, we're doing work in (inaudible) and looking to make sure we can come up with an attractive project there and looking at opportunities to advance the Mozambique project as well.

我認為在切割機上同樣的事情，我知道我們是那裡的參與者，顯然，更可愛的能量正在管理這些項目，但他們有一個更好的地方來提供項目的狀態，我們對合作感覺非常好，我們有能力以更可愛的精力攜手合作，坦白說，我們對這些項目的競爭力感到非常滿意。因此，我們對這些工作相當投入，我認為對該領域正在發生的工作感到滿意。顯然，我們正在（聽不清楚）開展工作，並希望確保我們能夠在那裡提出一個有吸引力的項目，並尋找推進莫三比克項目的機會。

So we've got a pretty good portfolio of LNG projects that we see going into the future and the market response that we're seeing on those -- the potential for those projects is very positive. So we see strong demand signals and frankly, a lot of customer interest. So I feel good about the LNG business as a whole. And then I think working really constructively through the projects that are in development or in construction and then making good progress on the concepts and the engineering for the for the LNG projects to come.

因此，我們擁有相當不錯的液化天然氣項目組合，我們看到這些項目的未來發展以及我們看到的市場反應——這些項目的潛力非常積極。因此，我們看到了強烈的需求訊號，坦白說，客戶對此很感興趣。所以我對整個液化天然氣業務感覺良好。然後我認為真正建設性地完成正在開發或建設中的項目，然後在未來液化天然氣項目的概念和工程方面取得良好進展。

Doug Leggate, Wolfe Research.

道格‧萊蓋特，沃爾夫研究中心。

Gosh, Darren, I'm trying hard not to get in front of December, but I would love to ask you a question on Guyana production capacity or rather production versus production capacity? And I guess my question goes like this. Alistair, I guess, has been quoted recently about the next wave of debottlenecking at Payara, recent field trip that we hosted with you guys down there led us to understand that you haven't even drilled all the development wells in the early phases like Liza 1. And then lastly, you've now got Hammerhead coming in on a converted FPSO, which typically seems to be a little quicker than the greenfield. So I guess my question is, how do you reconcile production versus production capacity? Because I guess is how you've always kind of tried to manage the expectations on the outlook for Guyana.

天哪，達倫，我正在努力避免在 12 月之前到來，但我很想問你一個關於圭亞那產能的問題，或者更確切地說是產量與產能的比較？我想我的問題是這樣的。我想，最近有人引用阿利斯泰爾關於 Payara 下一波消除瓶頸的言論，最近我們與你們在那裡主持的實地考察讓我們了解到，你們甚至沒有像 Liza 那樣在早期階段鑽完所有開發井1 . 最後，Hammerhead 號現在搭載改裝的FPSO，通常看起來比新建的要快一些。所以我想我的問題是，如何協調生產與產能？因為我想這就是你一直試圖管理對圭亞那前景的期望的方式。

Yes. I think there's a lot of -- as you know, having spent some time down there, Doug, a lot of variables at play. And oftentimes, those investments that we make are coming in were coming on stream at the back end of the year. And so part of the capacity versus production is just the timing of when we bring those projects on. Then obviously, there's the timing of, as we know all these resources over time deplete and the organization is working really hard at infill drilling and doing the other things they need to keep capacity utilization high.

是的。我認為，正如你所知，道格，在那裡度過了一段時間，有很多變數在起作用。通常，我們所做的投資會在年底投入使用。因此，產能與產量的一部分只是我們啟動這些專案的時間。顯然，正如我們所知，隨著時間的推移，所有這些資源都會耗盡，而該組織正在努力進行加密鑽井並做其他需要保持高產能利用率的事情。

And so that work and the timing of that scheduling of that work features into it. And so I think a lot of those things go into, we do our best to give all of you a good view of what we expect to be producing versus the capacity. And obviously, the organization is working really hard to do an even better job. And everyone, I think, that's work in that project. And as we've demonstrated over the years, is very focused on continuing to operate those facilities in a very environmentally responsible way.

因此，這項工作以及該工作的安排時間都包含在其中。因此，我認為很多事情都會涉及到，我們盡力讓大家清楚地了解我們期望生產的產品與產能。顯然，該組織正在非常努力地工作，以做得更好。我認為每個人都在該專案中工作。正如我們多年來所證明的那樣，我們非常注重繼續以對環境負責的方式運作這些設施。

We've been very pleased with the low level of flaring that they've managed to achieve the ability to bring those facilities on really in an outstanding fashion with very low levels of flaring as they start these things up and then continue to run with no routine flaring. And then at the same time, really push production to make sure that we're fully utilizing the capital that we put in the ground of doing that very safely. And we continue to surprise ourselves with the ability of those organizations to find ways to fill look that capital. And my expectation is they'll continue to do that. Really hard to forecast exactly how successful they are going forward, but we focus on the capacity and then the targets that we're providing you, and we'll give you updates, obviously, in our best interest as we sharpen our plans and get a better look at things that we'll bring that forward and share it with the rest of you.

我們對低水平的火炬燃燒感到非常滿意，他們成功地以出色的方式真正實現了這些設施的啟動，當他們啟動這些設備並繼續運行時，火炬水平非常低。同時，真正推動生產，以確保我們充分利用我們投入的資本來非常安全地做到這一點。我們繼續對這些組織找到填補資本的方法的能力感到驚訝。我的期望是他們會繼續這樣做。確實很難準確預測他們未來的成功程度，但我們關注的是能力，然後是我們為您提供的目標，顯然，我們會為您提供最新信息，因為我們會完善我們的計劃並獲得最佳利益更好地看待事情，我們將提出並與你們其他人分享。

And I do think when we get into December with the corporate plan review, I know that Neil is anxious to talk about his entire portfolio and the progress that we're making across not only Guyana but the Permian. So we'll give you some more color commentary then as well.

我確實認為，當我們進入 12 月進行公司計劃審查時，我知道尼爾渴望談論他的整個投資組合以及我們不僅在圭亞那而且在二疊紀地區取得的進展。那我們也會給你一些更多的色彩評論。

John Royall, JPMorgan.

約翰‧羅亞爾，摩根大通。

So my question is on your balance sheet. The 5% net debt to capital is very impressive, and you're continuing to live within your means on the cash flow side, even when the cycle is turning down off of peaks. So my question is, do you consider yourselves underlevered at the higher point in the cycle and expecting to get your leverage back to higher levels as you continue a steady capital return program at the low point in the cycle? Or does the fact that you've remained in the 5% or less type of range for almost two years now, maybe mean that you could get a little more aggressive on returning capital and go a little higher on the leverage side?

所以我的問題是關於你的資產負債表。 5% 的資本淨債務非常令人印象深刻，而且即使在周期從高峰迴落的情況下，您仍能在現金流方面繼續量入為出。所以我的問題是，您是否認為自己在周期的較高點槓桿率不足，並期望在周期的低點繼續實施穩定的資本回報計劃時將槓桿率恢復到較高水平？或者說，您近兩年來一直保持在 5% 或更低的範圍內，這是否意味著您可以在資本返還方面更加積極一點，並在槓桿方面提高一點？

Sure. I'm happy to take that. So look, what we're doing with our capital structure is pretty purposeful. And I think we've been straightforward about that. We obviously operate in an industry that has commodity cycles, and it's really important for us in a clear competitive advantage to have an incredibly strong balance sheet to manage through those cycles and to have flexibility, right?

當然。我很樂意接受。所以看，我們對資本結構所做的事情是非常有目的的。我認為我們對此一直很直截了當。顯然，我們所處的行業存在商品週期，擁有強大的資產負債表來管理這些週期並具有靈活性，對於我們獲得明顯的競爭優勢非常重要，對吧？

So you see us continuing to focus on a very strong approach in terms of capital allocation. And first and foremost, when we think about capital allocation, we think about making sure we have the flyer power to invest in what are great projects with great returns, growing things like the Permian and Guyana investing in strategic projects in our EPS business like China One, which will start up next year as well as continuing to invest in more capacity for things like advanced recycling and building our low carbon solutions business. We then really want to make sure that we keep that balance sheet strong. because we want flexibility when inevitably, the market gets softer.

所以你會看到我們在資本配置方面繼續關注非常強大的方法。首先也是最重要的是，當我們考慮資本配置時，我們會考慮確保我們有足夠的實力來投資那些回報豐厚的偉大項目，例如二疊紀和圭亞那等不斷增長的項目，投資於我們的EPS 業務的戰略項目，例如中國其中之一將於明年啟動，並將繼續投資更多產能，例如先進回收和建設我們的低碳解決方案業務。然後，我們確實希望確保保持強勁的資產負債表。因為當市場不可避免地變得疲軟時，我們需要靈活性。

And then clearly, we're looking to reward our shareholders with our success, and you would have seen that this quarter with the $0.04 quarterly dividend raise. And in Darren's comments, he mentioned it's the 42nd year in a row that our annual dividends have increased. That puts us in a quite small group of companies in the S&P 500. Only 4% of companies have that kind of longevity in terms of annual dividend growth on an ongoing basis. So it's important to us that we're conservative now with that balance sheet to give us all the flexibility that we need through the cycles that we have to manage through.

顯然，我們希望透過我們的成功來回報我們的股東，您會看到本季股息增加了 0.04 美元。在達倫的評論中，他提到這是我們的年度股息連續第 42 年增加。這使我們成為標準普爾 500 指數中的一小部分公司。因此，對我們來說重要的是，我們現在對資產負債表持保守態度，以便在我們必須管理的周期中為我們提供所需的所有靈活性。

Yes. And I would add to that, I think as we've talked about feels like every year I've been in the job. For us, the definition of disciplined capital spending is only investing in the things where you have an advantage where your projects will -- are robust to down cycles and where they deliver highly advantaged returns. And so that portfolio of investment opportunities, we're very keen on prosecuting kind of across the cycles. And I think that's what we're always mindful of is, ultimately, we know there's going to be business cycles commodity cycles, price cycles.

是的。我想補充一點，我認為正如我們所討論的，我每年都在從事這份工作。對我們來說，嚴格的資本支出的定義是只投資於那些你有優勢的事情，你的專案將——對下行週期具有穩健性，並且它們能帶來高度有利的回報。因此，我們非常熱衷於跨週期的投資機會組合。我認為我們始終要牢記的是，最終我們知道將會出現商業週期、商品週期、價格週期。

But ultimately, the demand for the products that we're trying to produce and the advantage of the projects that we're investing in to produce those products are going to be needed. And so having the constancy of purpose there and being able to continue to invest through the down cycles are really, really critical. And so that's, I think, fundamental to how we're thinking about this is we got good projects. We need to execute on those projects. And if we find additional opportunities as we move forward, we need to invest in those as well. That's going to drive kind of the approach that we take to the rest of the balance sheet and our capital allocation priorities.

但最終，我們將需要對我們試圖生產的產品的需求以及我們為生產這些產品而投資的項目的優勢。因此，保持堅定的目標並能夠在下行週期中繼續投資是非常非常重要的。因此，我認為，我們思考這個問題的根本是我們擁有好的專案。我們需要執行這些項目。如果我們在前進過程中發現更多機會，我們也需要對這些機會進行投資。這將推動我們對資產負債表的其餘部分和資本配置優先事項採取的方法。

Betty Jiang, Barclays.

蔣貝蒂，巴克萊銀行。

I want to ask about the Permian efficiencies and trends in general. I know we'll get a lot more in December. But if we could get some early flavor on what you're seeing in the field, specifically the 3.5 to 4-mile laterals seems really interesting. And is that part of the synergies that you have identified with Pioneer initially?

我想問二疊紀的整體效率和趨勢。我知道十二月我們會得到更多。但如果我們能對您在現場看到的情況有一些初步了解，特別是 3.5 至 4 英里的支線似乎真的很有趣。這是您最初與先鋒公司確定的協同效應的一部分嗎？

Sure. I'll start Betty and then I'll let Kathy add some perspective as well. I would say, just at a very high level, we could not be more thrilled by what we're finding with respect to bringing the two organizations together and the opportunity that's in front of us. I think we certainly saw a big opportunity for Exxon Mobil to bring some of its strengths to the Pioneer acreage and the work that they were doing. We anticipated the reverse happening where the organization Pioneer could bring a lot to what Exxon Mobil was doing, but frankly, very hard for us to estimate that prior to closing the acquisition and getting together and working together.

當然。我將從 Betty 開始，然後讓 Kathy 補充一些觀點。我想說，在很高的層面上，我們對將兩個組織結合在一起所發現的一切以及擺在我們面前的機會感到非常興奮。我認為我們確實看到了埃克森美孚的一個巨大機會，可以將其一些優勢帶到先鋒公司的土地和他們正在做的工作中。我們預計會發生相反的情況，先鋒組織可以為埃克森美孚正在做的事情帶來很多好處，但坦白說，在完成收購並聚集在一起並共同努力之前，我們很難估計這一點。

And I think what we're finding through that process is there's a real big opportunity to bring a lot of what Pioneer is doing into our operations. There's a couple of examples. They've got a kind of a world-class water infrastructure network that we're now leveraging to serve the combined assets at a much lower cost. They've got a remote logistic operations center to help on their supply chain, and we're taking full advantage of that. just achieved an all-time Pioneer record for drilling performance in terms of lateral feet drilled per day.

我認為，透過這個過程，我們發現了一個真正的巨大機會，可以將先鋒公司的許多工作帶入我們的營運中。有幾個例子。他們擁有世界一流的水基礎設施網絡，我們現在正在利用該網絡以更低的成本為合併後的資產提供服務。他們有一個遠端物流營運中心來幫助他們的供應鏈，我們正在充分利用這一點。剛剛創造了先鋒公司在每天鑽進的側腳方面的鑽探性能記錄。

We're leveraging the cube design that we had and applying it to good effect in the Pioneer acreage. We're harmonizing a lot of the specifications that we have on materials and services to try to take advantage of the scale and to simplify the procurement and supply chain and drive cost efficiencies. And then I would just say, because everyone talks about there's a lot of art to this drilling and completions improvements and getting the best thinking of both organizations and actually in combination, developing thoughts and approaches that neither the organization came up with independently, I think, is all manifesting itself and additional synergies. And we're bringing those synergies to the bottom line faster than we had anticipated, and they're larger than we had anticipated. So it's a really I think, good news story and one that we're going to spend quite a bit of time talking to you about on December 11.

我們正在利用我們擁有的立方體設計，並將其應用到先鋒地區並取得良好效果。我們正在協調我們在材料和服務方面的許多規範，以試圖利用規模優勢，簡化採購和供應鏈並提高成本效率。然後我只想說，因為每個人都在談論鑽探和完井改進有很多藝術，並得到兩個組織的最佳思考，實際上結合起來，發展兩個組織都沒有獨立提出的想法和方法，我認為，都體現了自身和額外的綜效。我們將這些協同效應轉化為利潤的速度比我們預期的要快，而且規模也比我們預期的還要大。所以我認為這確實是一個好消息，我們將在 12 月 11 日花相當多的時間與大家討論這個故事。

And I know Neil and his team are really keen to share some more of the specifics to help kind of take what has been some high-level indication of value and translate that down into a lot more detail so that all of you can get a much more better feel in terms of what's happening there. Anything else to add, Kathy?

我知道尼爾和他的團隊非常熱衷於分享更多細節，以幫助理解一些高層次的價值指標，並將其轉化為更多細節，以便所有人都能獲得更多資訊。有更好的感覺。凱西，還有什麼要補充的嗎？

No. I mean we initially talked about an average of $2 billion in synergies over the next decade. Obviously, that would start smaller and build, and we're clearly seeing more synergies than we initially anticipated. And as Darren said, Neil will definitely enjoy the opportunity in December to give an update on that and quantify it more specifically.

不，我的意思是我們最初討論的是未來十年平均 20 億美元的協同效應。顯然，這將從較小的規模開始並不斷擴大，我們顯然看到比我們最初預期的更多的協同效應。正如達倫所說，尼爾肯定會在 12 月有機會提供最新資訊並更具體地量化它。

I would just say that the focus of that team is NPV and maximizing MVP. I think the drive -- like we've always said, it's not a volume game here. It's a value game here and the great news is, we're seeing a lot of value.

我只想說，該團隊的重點是 NPV 和最大化 MVP。我認為驅動力——就像我們一直說的那樣，這不是一個數量遊戲。這是一場價值遊戲，好消息是，我們看到了很多價值。

Bob Brackett, Bernstein Research.

鮑勃‧布拉克特，伯恩斯坦研究公司。

I'd like to talk a little bit about Proxxima rebar and your comments around the addressable market. If I think about steel, steel is almost 2 billion tons a year, half of this construction is infrastructure ish, rebar, it's $400, $500 a ton and so the rebar market is something like, say, a $400-ish billion market you're talking about $30 billion. How do you think -- it's almost heartened back to value versus volume. When you think about putting this product, which again, as you said, is lighter and stronger into the market, do you go for value and pricing? Or do you go for market share? And is the $30 billion reflecting that? Or is that just a preliminary sort of estimate?

我想談談 Proxxima 螺紋鋼以及您對潛在市場的評論。如果我考慮一下鋼鐵，鋼鐵每年幾乎 20 億噸，其中一半是基礎設施建設，螺紋鋼，每噸 400、500 美元，所以螺紋鋼市場就像是一個 4000 億美元左右的市場。億美元。你覺得怎麼樣——它幾乎令人振奮地回歸到價值與數量的關係上。當您考慮將這款產品（正如您所說的那樣，更輕、更強）推向市場時，您會考慮價值和定價嗎？還是追求市佔率？ 300 億美元是否反映了這一點？或者這只是初步的估計？

Thanks, Bob. Thanks for the question. So I would say we're going to have targeted areas of rebar applications that we'll look at for Proxxima, so it's not -- we're not trying to address the entire market for rebar but for the rebar markets where we think the value and use for what we're doing is strongest and therefore, generates the most opportunity for earnings growth.

謝謝，鮑伯。謝謝你的提問。所以我想說，我們將針對 Proxxima 尋找螺紋鋼應用的目標領域，所以它不是——我們並不是試圖解決整個螺紋鋼市場的問題，而是針對我們認為我們所做的事情的價值和用途是最強的，因此，創造了最大的獲利成長機會。

And so it's a segment of the rebar market that we're starting with, recognizing that we're pretty early into. I think what we're fining though, through that infrastructure market is -- as we said at the beginning, when we're looking for opportunities is they've got to be big markets with big value and use in order for it to be a material effort at some point in the future.

因此，我們認識到我們進入的時間還很早，因此我們開始涉足螺紋鋼市場的一部分。我認為我們正在透過基礎設施市場進行的改進是——正如我們一開始所說的那樣，當我們尋找機會時，它們必須成為具有巨大價值和用途的大市場，才能使其成為可能。時刻的物質努力。

It's got to be material with respect to Exxon Mobil. And so they've got to be big markets, and so we're focused on that. Rebar actually in the infrastructure market is not the biggest one that where we see an opportunity. There's also a lot of advantages just using this thermoset resin as an epoxy. And there are many, many applications into a number of different industrial uses that -- where there's great huge value and use from the epoxy and good margins good growth opportunities.

對埃克森美孚來說，這一定是重要的。所以它們必須是大市場，所以我們關注這一點。實際上，基礎設施市場中的螺紋鋼並不是我們看到機會的最大市場。使用這種熱固性樹脂作為環氧樹脂還有許多優點。環氧樹脂在許多不同的工業用途中有很多很多的應用，其中有巨大的價值和用途，以及良好的利潤率和良好的成長機會。

Also, a lot of applications in the automotive sector, you -- particularly, as you think about EVs and lightweighting, this is an incredibly strong, incredibly versatile product that lends itself to a lot of applications in the automotive industry. And so longer term, we see opportunities there. And so what we've really been focused on approximately is making sure that we've got a good understanding of the value and use that we're working with customers so that they can see the demonstrated value in use and make sure that we're testing out the value proposition.

此外，在汽車行業的許多應用中，尤其是當您考慮電動車和輕量化時，這是一種非常強大、用途廣泛的產品，適合汽車行業的許多應用。因此從長遠來看，我們看到了那裡的機會。因此，我們真正關注的是確保我們充分了解我們與客戶合作的價值和用途，以便他們能夠看到使用中所展示的價值，並確保我們「重新測試價值主張。

We've challenged the organization to put together a very aggressive plan in terms of growing Proxxima and then have established what I would say are milestones in our development of that to continue to assess are we seeing this potential being realized and therefore, earning our way to the continued emphasis on the growth and investment. In these early days, things look really, really positive.

我們向該組織提出了挑戰，要求他們在發展Proxxima 方面製定一個非常積極的計劃，然後建立我認為是我們發展過程中的里程碑，以繼續評估我們是否看到了這種潛力的實現，從而贏得了我們的道路繼續強調成長和投資。在早期，事情看起來非常非常積極。

But this is a new-to-the-world technology, new world processes that we're building into the plan process. And as you can tell from the way we're talking about this, we see huge opportunity here. It's very, very consistent with kind of the history we have in our historical chemical business in terms of taking molecules, developing unique applications with unique performance parameters and then selling those into large market applications. And this fits right into our wheelhouse with respect to that. So it's early days. Rebar is one of the first out the gate, but I would say there's a lot more to come in this space and feeling really, really excited about this opportunity.

但這是一項全新的技術，我們正在將其納入計劃流程中。從我們談論這個問題的方式中你可以看出，我們在這裡看到了巨大的機會。這與我們在化學業務中的歷史非常非常一致，即採用分子、開發具有獨特性能參數的獨特應用，然後將其銷售到大型市場應用。在這方面，這正好適合我們的駕駛室。所以現在還為時過早。 Rebar 是最早推出的產品之一，但我想說這個領域還會有更多的產品出現，我對這個機會感到非常非常興奮。

Jean Ann Salisbury, Bank of America.

讓安·索爾茲伯里，美國銀行。

With China One startup drawing closer. What is your view on the medium-term Asia chemicals market. China One does mostly high-performance chemicals. Do we need to see a return all the way to mid-cycle chems margins for that project to meet your projections?

隨著中國一號的啟動越來越近。您對亞洲中期化學品市場有何看法？中國一主要生產高性能化學品。我們是否需要看到該專案的化學利潤率一直回到中期才能滿足您的預測？

Yes. I'll start with that and then hand it over to Kathy to comment on it. But I would say, when we went into the China One project, we recognized I'd say the macro challenges with the chemical industry, particularly in China. And so one of the things that underpin that investment and the thinking behind it was making sure that as you point out, that it's going to be high performance but also low cost and therefore, competitive and bottom-of-cycle conditions and generating returns and making money in tough environments. And so, we kind of went into that with our eyes wide open.

是的。我將從這一點開始，然後將其交給凱西來評論。但我想說，當我們進入「中國一號」計畫時，我們認識到化學工業面臨的宏觀挑戰，特別是在中國。因此，支撐這項投資及其背後的想法的一件事是，確保正如您所指出的，它將具有高性能，但成本也較低，因此具有競爭性和週期底部條件，並產生回報和在在艱苦的環境中賺錢。因此，我們睜大了眼睛進入了這個主題。

And actually, as we've progressed the project, we feel really good about where we've ended up with the project. So my expectation is it will be a valuable part of the portfolio even as the market remains challenged. And that challenge will exist for some time. We continue to see good demand growth, but there's just a lot of supply that the industry has to work through and it will take time for the rationalizations to occur, but we'll be in a good position as we've demonstrated to date that our portfolio is built for these tough conditions. And therefore, our view is once the market clears, we'll see a lot more upside than we've experienced here over the last couple of years.

事實上，隨著專案的進展，我們對專案的最終結果感到非常滿意。因此，我的期望是，即使市場仍然面臨挑戰，它將成為投資組合中有價值的一部分。這項挑戰將存在一段時間。我們繼續看到良好的需求成長，但該行業必須解決大量供應問題，而且合理化需要時間，但正如我們迄今為止所證明的那樣，我們將處於有利地位我們的產品組合是為這些艱難的條件而設計的。因此，我們的觀點是，一旦市場出清，我們將看到比過去幾年經歷的更多的上漲空間。

Anything to add, Kathy?

有什麼要補充的嗎，凱西？

Yes. The only thing I'd add is, for us, China is going to be one of the biggest drivers of chem growth longer term, right, as they continue to have their population kind of moving up to the middle class. And longer-term chem growth is usually a bit above GDP. And so the fact that we were able to strategically place this big project in China moves us from what was a 100% importation model. to now having our own production there on the ground, that's very low cost.

是的。我唯一要補充的是，對我們來說，中國將成為長期化學成長的最大推動力之一，對吧，因為他們的人口繼續向中產階級邁進。長期化學品成長通常略高於 GDP。因此，我們能夠策略性地將這個大項目放在中國，這一事實使我們擺脫了 100% 進口的模式。現在我們已經在當地擁有自己的生產，成本非常低。

So we would expect, even though Asia continues to be in bottom-of-cycle conditions because of the low cost of this facility. We should get to positive cash results reasonably quickly, and it will be a very resilient asset for us long term. .

因此，我們預計，儘管亞洲由於該設施的成本較低而繼續處於週期底部。我們應該很快就能獲得正面的現金業績，從長遠來看，這對我們來說將是一項非常有彈性的資產。 。

Biraj Borkhataria, RBC.

比拉傑‧博哈塔里亞 (Biraj Borkhataria)，加拿大皇家銀行。

It's Biraj from RBC. Just wanted to ask around some recent reports in September that you withdrawing from a farm down process in Namibia. Is there anything you can say about what you saw that, that was a lot of interest. Obviously, there's a -- seems to be a lot of resources over there, but varying views on commerciality of the reservoirs. So any thoughts there would be appreciated as well as how you're thinking more broadly about bringing inorganic opportunities into what already feels like a full upstream hopper?

我是加拿大皇家銀行的比拉傑。只是想詢問九月份最近的一些報道，稱您退出了納米比亞的農場進程。對於你所看到的，你有什麼可以說的嗎？顯然，那裡似乎有很多資源，但對水庫的商業性有不同的看法。因此，任何想法都會受到讚賞，以及您如何更廣泛地考慮將無機機會帶入已經感覺像是一個完整的上游料斗？

Yes, sure. Thanks for the question, Biraj. I would just say maybe a little more generally than the specific question on what we're seeing. One of the changes that we've made in the organization is through this value chain concept is making sure that as we're evaluating resources and potential resources and discoveries that we are thinking about the whole end-to-end process and making sure there's a commercial and economic opportunity set there that justifies the investment.

是的，當然。謝謝你的提問，比拉吉。我只想說，也許比我們所看到的具體問題更籠統一些。我們在組織中所做的改變之一是透過價值鏈概念，確保當我們評估資源和潛在資源以及發現時，我們正在考慮整個端到端流程並確保那裡的商業和經濟機會證明了投資的合理性。

So we know it is an integrated approach to make sure that as we are doing the work to understand the resources and what would be required to develop resources that at the same time, we're looking at that in the context of the cost of developing those resources and then the economics of that cost and the returns that we could generate and how even the quality of the resource to make sure that it would be competitive on the market.

因此，我們知道這是一種綜合方法，確保當我們正在努力了解資源以及開發資源所需的條件時，我們會在開發成本的背景下進行研究。可以產生的回報，以及資源的品質如何確保其在市場上具有競爭力。

So all that now today is built into the early decision-making. And at the same time, the size of the opportunity has to be large enough to give us to scale advantages. So a big difference to how we think about opportunities today versus maybe 10 years ago is -- if it doesn't work across that entire value chain, we don't see the full value proposition, then we're not going to be interested in it. So I would say that's just generally the macro approach without addressing specifically any one particular area, which I'm going to refrain from doing.

因此，今天的一切都已納入早期決策中。同時，機會的規模必須夠大，才能為我們帶來規模優勢。因此，我們今天對機會的看法與 10 年前的一個很大的不同是——如果它不能在整個價值鏈中發揮作用，我們看不到完整的價值主張，那麼我們就不會感興趣在其中。所以我想說，這只是一般性的宏觀方法，沒有專門針對任何特定領域，我將避免這樣做。

I think then to the second part of your question, with respect to inorganic opportunities. I would say, look, we all know this is a depletion business. And so I don't think you can sit at any point in time and get comfortable that you don't need to be doing anything at some point for the future because of the recognition that every barrel you produce is a barrel that's gone and you've got to keep thinking and have in your mind that you're on this treadmill and finding new opportunities as you go.

我想談談你問題的第二部分，關於無機機會。我想說，看，我們都知道這是一個耗盡的行業。因此，我不認為你可以在任何時候坐下來，因為你認識到你生產的每一個桶都是一個已經消失的桶，所以你不需要在未來的某個時候做任何事情而感到舒服。不斷思考，並牢記自己正在跑步機上，並在前進的過程中尋找新的機會。

And so I would say the organization is very active across what are the three key levers for making sure that we keep a very full portfolio production opportunities, which is continuing to focus on technology and making sure for the things that we have today, we're maximizing the recovery of those things, continuing to look for new resources through the exploration lens and finding opportunities in that space, organic opportunities.

因此，我想說，該組織在三個關鍵槓桿上非常積極，以確保我們保持非常完整的產品組合生產機會，這將繼續關注技術並確保我們今天擁有的東西，我們'最大限度地回收這些東西，繼續透過探索鏡頭尋找新資源，並在該空間中尋找機會，有機機會。

And then the inorganic opportunities, looking for opportunities where we can bring a value proposition to enhance what somebody else is already doing in this space. And I'd come back to the formula that we've always talked about, which is anything that is inorganic that we're going to acquire. We have to bring and we have to see an ability to offer some unique value. So the one plus one equal three has to be part of the equation. And if we can't convince ourselves that, that proposition is there, it's very difficult to justify making the investments.

然後是無機機會，尋找我們可以帶來價值主張的機會，以增強其他人已經在這個領域所做的事情。我會回到我們一直在談論的公式，即我們將獲得的任何無機物。我們必須帶來並且必須看到提供一些獨特價值的能力。所以一加一等於三必須是等式的一部分。如果我們不能說服自己，這個主張是存在的，那麼就很難證明投資的合理性。

And so that's a high hurdle to clear. And so it's one that where we got to work real hard and continue to look for the opportunities where that that opportunity is available. And I would say the emphasis that we're putting on the technology side of the equation helps with that, which is what we saw with the Pioneer acquisition. As we drive the technology to improve what we're getting out of our base business that lends itself to opening up deal space on acquisition opportunities. That's how we think about it.

所以這是一個需要清除的很高的障礙。因此，我們必須真正努力工作，並繼續尋找有機會的機會。我想說的是，我們對技術方面的重視有助於做到這一點，而這就是我們在收購先鋒公司中看到的。當我們推動技術改善我們從基礎業務中獲得的成果時，這有助於為收購機會開闢交易空間。我們就是這麼想的。

Ryan Todd, Piper Sandler.

瑞恩·托德，派珀·桑德勒。

Maybe if I could ask them as we think about -- maybe this is front running, but as we think about CapEx in the 2025, is the post Pioneer kind of normalized run rate on quarterly or annualized CapEx the right way to think about the starting point for next year? Or are there any material moving pieces, whether it's incremental project timing or maybe even more specifically potential for cost deflation and efficiency gains in the Lower 48 part of the upstream that could push CapEx in one direction or the other?

也許我可以問他們，正如我們所想的那樣——也許這是搶先交易，但當我們考慮2025 年的資本支出時，後先鋒類型的季度或年度資本支出的標準化運行率是考慮起始的正確方法嗎？或者是否存在任何實質的變化因素，無論是增量專案時間安排，還是更具體地說，上游48 州下游地區成本緊縮和效率提升的潛力，可能會推動資本支出朝一個方向或另一個方向發展？

Yes, I'll start, and then I'll let Kathy fill in a lot of the details. I think the one thing which you'll hear on December 11 is what Neil and the team did is it's not -- this is not a bolt-on where we're kind of adding what the two organizations were doing and then going forward with that. This was kind of going back to the fundamentals, clean sheets of paper and developing up what we view as the optimum development plan across that portfolio. And so the optimization of our efforts across the broad portfolio means that the plan going forward is different than what the individual plans of both Pioneer and Exxon Mobil were prior to the acquisition. And so it's a new mix.

是的，我會開始，然後我會讓凱西填寫很多細節。我認為 12 月 11 日你會聽到的一件事是 Neil 和團隊所做的事情，這不是一個補充，我們只是添加兩個組織正在做的事情，然後繼續推進那。這有點回到基本面，從頭開始，制定我們認為的整個投資組合的最佳發展計劃。因此，我們在廣泛的投資組合中的努力的優化意味著未來的計劃與先鋒和埃克森美孚在收購之前的單獨計劃不同。所以這是一個新的組合。

It's a new development plan that we'll share a level of detail on December 11. And again, what I would tell you is it's really looking at what do we see as the capability of the organization and the value opportunity and our ability to deliver on that that's going to set the CapEx plan. But I'll let Kathy provide some additional detail.

這是一個新的開發計劃，我們將在 12 月 11 日分享一定程度的細節。上訂資本支出計畫。但我會讓凱西提供一些額外的細節。

Yes. Otherwise, I would have said, look, the starting point was look at Pioneer's S/4 as the starting point, they would have been projecting their own CapEx before we put Exxon Mobil and Pioneer together at, I'll call it, beginning at $4.5 billion and sort of building to the $5 billion level over time. So that's a starting point. But we are going to be looking at the Permian holistically. And we're going to be putting our collective dollars kind of into an overall production plan and program that we think is going to drive the highest levels of efficiencies in the highest returns, as Darren already mentioned.

是的。否則，我會說，看，起點是以先鋒公司的 S/4 為起點，在我們將埃克森美孚和先鋒公司放在一起之前，他們會預測自己的資本支出，我稱之為，從45億美元，隨著時間的推移，將達到50 億美元的水平。這是一個起點。但我們將從整體上看待二疊紀。正如達倫已經提到的那樣，我們將把我們的集體資金投入到整體生產計劃和計劃中，我們認為這將推動最高水準的效率和最高的回報。

So the one other thing I just want to take the opportunity to mention is we have been guiding to CapEx and exploration expense. We had said for this year that's going to be $28 billion. That's what we still think it's going to be. That's $25 billion for Exxon Mobil and about $3 billion for Pioneer. We're going to move to cash CapEx for our guidance going forward, and we'll talk about that more during the corporate plan. That's a metric that is consistent with what other IOCs kind of guide to and it will make it easier for you to translate that information kind of into the cash flow that we provide when we report our results. .

因此，我想藉此機會提及的另一件事是，我們一直在指導資本支出和勘探費用。我們曾說過今年的投資額將達到 280 億美元。我們仍然認為事情會是這樣。埃克森美孚的估值為 250 億美元，先鋒公司的估值約為 30 億美元。我們將轉向現金資本支出作為我們未來的指導，我們將在公司計劃中更多地討論這一點。該指標與其他國際奧委會的指導方針一致，並且可以讓您更輕鬆地將這些資訊轉化為我們在報告結果時提供的現金流。 。

Paul Cheng, Scotiabank.

Paul Cheng，豐業銀行。

Darren, I'm -- I'm (inaudible), your comment about the (inaudible). Is this a long-term over the next 10 years or that this is like over the next five years, become a potentially that a very sizable business for the company. And when I say sizable, I mean, what is your capability to ramp up the production volume within the next five years if the market is there to accept it. I mean trying to understand that how big are we talking about this one? And what sort of time line we're really talking about?

達倫，我－我（聽不清楚），你對（聽不清楚）的評論。這是未來 10 年的長期業務，還是未來 5 年的業務，有可能成為公司規模非常大的業務。當我說相當大時，我的意思是，如果市場接受的話，你在未來五年內提高產量的能力有多大。我的意思是試圖理解我們談論的這個有多大？我們真正在談論的是什麼樣的時間線？

So yes, thanks, Paul. I think I would talk about Proxxima and our carbon materials venture maybe collectively there because there are two examples of basically looking at our portfolio today, looking for where we saw some advantaged feedstock where we've got access to low-cost feedstock and then looking at our technology and capability to take that feedstock and build a product that meets an existing need out there with additional advantage and value to customers.

所以，是的，謝謝，保羅。我想我會談論 Proxxima 和我們的碳材料企業，因為有兩個例子基本上看看我們今天的投資組合，尋找我們在哪裡看到一些優勢原料，在那裡我們可以獲得低成本原料，然後尋找我們的技術和能力能夠利用該原料並生產滿足現有需求的產品，為客戶帶來額外的優勢和價值。

And that's kind of the approach we've taken across both of those. I think Proxxima, as I said earlier, we challenged the organization for both of those new opportunities to put together an aggressive schedule what it could look like and how quickly we could ramp it. And those businesses have the potential to get fairly large moving forward in the next, call it, 5 to 10 years, and multiple billions of dollars.

這就是我們在這兩個方面採取的方法。我認為 Proxxima，正如我之前所說，我們向組織提出了挑戰，要求獲得這兩個新機會，以製定一個積極的時間表，它可能會是什麼樣子，以及我們可以多快地提高它。這些企業有潛力在未來 5 到 10 年裡獲得相當大的發展，並獲得數十億美元的收入。

That's the potential that we see in terms of our ability to ramp up production and sell into that marketplace, assuming that the technology scales up and commercialize successfully and that we get the kind of customer acceptance that we're looking for. So that's, I think, aggressively, we could make that happen, and we have -- we've set ourselves kind of a plan that allows us to achieve that, but recognizing these are new products, new technologies, just beginning to scale these things.

這就是我們在提高產量和向該市場銷售的能力方面所看到的潛力，假設該技術成功擴大規模並商業化，並且我們得到了我們所尋求的客戶認可。所以，我認為，積極地，我們可以實現這一目標，我們已經為自己制定了一個計劃，使我們能夠實現這一目標，但認識到這些是新產品、新技術，才剛開始擴展這些產品、新技術。

We've got a number of steps as we move towards that broader ambition to demonstrate to ourselves that we will be successful because we're not going to rush and spend a lot of money until we convince ourselves that what we're seeing today at a much smaller scale, we're seeing as we ramp this up and implement these technologies. So the plan today has investments that grow both of those businesses in the early stage to demonstrate the value proposition that we believe is there.

在朝著更廣泛的目標邁進的過程中，我們採取了許多步驟，向自己證明我們將會成功，因為我們不會匆忙並花費大量資金，直到我們說服自己相信我們今天所看到的情況當我們當我們加大力度並實施這些技術時，我們會看到規模要小得多。因此，今天的計劃在早期階段進行了投資，以發展這兩項業務，以展示我們認為存在的價值主張。

And assuming as we go through the next few years that we see what we expect to see there, then we will ramp up the spending and build those into the plans to build on that, the early successes that we're seeing. So I kind of think of it as milestones along what could be a very rapid growth plan, but we're not locking in the rapid growth or locking in the capital investments until we've demonstrated the success that we believe is going to be there.

假設在接下來的幾年裡，我們看到了我們期望看到的情況，那麼我們將增加支出並將其納入計劃中，以取得我們所看到的早期成功。因此，我認為這是一個非常快速成長計畫的里程碑，但在我們證明我們相信將會取得成功之前，我們不會鎖定快速成長或鎖定資本投資。

Yes. The only other thing I'd add to that and something our E&PS business is really good at. We have to qualify all these new products for their skin use in any company, right? And that takes a lot of time and effort on our part. Again, it's something that our E&PS business is quite skilled at doing.

是的。我唯一要補充的是，我們的 E&PS 業務非常擅長。我們必須對所有這些新產品在任何公司的皮膚使用進行資格認證，對吧？這需要我們花費大量的時間和精力。同樣，我們的 E&PS 業務非常擅長做這件事。

We do that today as we bring new products to market. But that also creates, as you do that, a bit higher kind of barriers to entry, right? And again, that's something we bring a lot of skill to. So while it will take us time to build these different ventures up and the product qualifications for different applications. As we do that, we'll build growth and momentum, and it will be hard for others to come in.

今天，當我們將新產品推向市場時，我們就這樣做了。但當你這樣做時，這也會造成更高的進入壁壘，對嗎？再說一次，我們為此投入了大量的技能。因此，雖然我們需要時間來建立這些不同的企業以及針對不同應用的產品資格。當我們這樣做時，我們將建立成長和動力，其他人將很難加入。

Jason Gabelman, Cowen.

賈森·加貝爾曼，考恩。

I wanted to ask about the advantaged asset earnings in the quarter, which were lower quarter over quarter, and I'm just trying to understand the underlying drivers of that decline. If I think about Guyana, production was down 30,000 barrels a day oil production from Pioneer maybe added 100,000 barrels of oil. So it kind of implies that the Guyana earnings per unit or about three times what you're getting from the pioneer assets. And I wonder if that math is reasonable, there were other factors that were contributing to that advantage asset volume earnings impact on the quarter?

我想詢問本季的優勢資產收益，該收益逐季下降，我只是想了解這種下降的根本驅動因素。如果我想想圭亞那，產量每天減少 30,000 桶，而先鋒公司的石油產量可能會增加 10 萬桶石油。因此，這意味著圭亞那的每單位收益大約是您從先鋒資產中獲得的收益的三倍。我想知道這個數學是否合理，還有其他因素導致了優勢資產數量對本季收益的影響嗎？

So the biggest thing that impacted that, as you already mentioned, was the tie-ins for Liza 1 and 2 to the gas to energy project and that, that impacted our Guyana overall volumes. And so that impact was only partially offset by getting the additional month of Pioneer kind of volumes on the other side of that. So those were the two biggest movers.

因此，正如您已經提到的，影響最大的是 Liza 1 和 2 與天然氣能源專案的結合，這影響了我們圭亞那的整體產量。因此，這種影響只能透過在另一邊增加一個月的先鋒類銷量來部分抵消。所以這是兩個最大的推動者。

If you take a step back from that, though, and look at where we're at, on a year-to-date basis, I mean, you really see the power of the Pioneer acquisition and Guyana volumes increasing year over year. So on a year-to-date basis, our advantaged volume growth in upstream gave us almost $3 billion of incremental earnings, and that's the engine that we're counting on long term.

不過，如果你退後一步，看看我們今年迄今為止的處境，我的意思是，你真的會看到先鋒收購和圭亞那銷量逐年增長的力量。因此，今年迄今為止，我們在上游的優勢銷售成長為我們帶來了近 30 億美元的增量收益，這是我們長期依賴的引擎。

Okay. Was there anything that was unique to Pioneer your contribution in the quarter that would have depressed is versus where it was last quarter?

好的。與上個季度相比，先鋒公司本季的貢獻是否有什麼獨特之處會導致你的業績下降？

Nothing unique. I mean Pioneer's overall contribution in the quarter, just in terms of the volumes they produce, where I would have said pretty steady. I mean, down marginally quarter over quarter. But again, we only took two months of the quarter from last quarter relative to three months this quarter. And in any quarter in the Permian, we're seeing growth, obviously, year-on-year.

沒什麼獨特的。我的意思是先鋒公司在本季的整體貢獻，僅就其產量而言，我會說相當穩定。我的意思是，季度比季度略有下降。但同樣，我們只花了上季的兩個月時間，而本季的三個月。在二疊紀的任何一個季度，我們都明顯看到了同比增長。

But on quarter-to-quarter, those results might look a little bit different. But we're really pleased overall with what we're seeing in production. I mean we had a third quarter production record in the Permian of over 1.4 million oil equivalent barrels. So both the Exxon Mobil operation and the Pioneer operation in the Permian is going really well.

但從季度來看，這些結果可能看起來有點不同。但總體而言，我們對生產中所看到的情況感到非常滿意。我的意思是，我們在二疊紀盆地第三季的產量創下了超過 140 萬油當量桶的紀錄。因此，埃克森美孚在二疊紀盆地的作業和先鋒作業都進展順利。

And obviously, Darren talked a lot about the efficiencies that we're seeing as we move to the, I'd say, deeper technology that Exxon Mobil is bringing in its cube development and getting the best of both in terms of drilling and in terms of completion experience from both companies and applying that across all the acreage in the Permian.

顯然，達倫談到了我們在轉向更深入的技術時所看到的效率，我想說的是，埃克森美孚正在其立方體開發中引入更深層次的技術，並在鑽井和技術方面都取得了最好的效果。

And I'll just add on the earnings basis with the step-up you've seen increased depreciation with bringing Pioneer into the portfolio.

我將在收益基礎上加上您所看到的隨著將先鋒納入投資組合而導致的折舊增加。

Yes. The last thing is I'd say, if you looked at Pioneer on a cash flow basis, I mean, we're already cash flow accretive, which is what we expected to see. And obviously, that neutralizes for the incremental depreciation that we took on through the purchase accounting last quarter.

是的。我想說的最後一件事是，如果你以現金流為基礎來看待先鋒，我的意思是，我們已經在增加現金流，這正是我們所期望看到的。顯然，這抵消了我們上季度透過採購會計所承擔的增量折舊。

Roger Read, Wells Fargo.

羅傑·里德，富國銀行。

To stay away from the December questions, let me throw one at you here on the overall op cost savings, the $15 billion total by '27, obviously, about three-fourths of that in. I was just curious, you mentioned earlier, Darren, a technology company. Is any part of that cost savings up to the $15 billion related to any sort of AI effort internally? Or is it strictly the logistics as you've talked before? And if so, is there something beyond the $15 billion as you think about kind of a technology change over time?

為了避免12 月的問題，讓我在這裡向您拋出一個關於整體營運成本節省的問題，到27 年，總計150 億美元，顯然，大約是其中的四分之三。提到過，Darren ，一家科技公司。高達 150 億美元的成本節省中有一部分與內部人工智慧工作有關嗎？還是像您之前所說的那樣，嚴格來說是物流？如果是這樣，當您考慮隨著時間的推移而發生的技術變革時，是否還有超出 150 億美元的資金？

Yes. Thanks, Roger. I'll start with the end of your question, which is my expectation is there's more to come in this space. And I'll talk to AI more specifically, but I would just context it more broadly in that. If you look at the transformational change that we've been making across the entire enterprise, we're very early into that process.

是的。謝謝，羅傑。我將從你問題的結尾開始，我的期望是這個領域還會有更多內容。我將更具體地談論人工智慧，但我只會更廣泛地討論它。如果你看看我們在整個企業中所做的轉型變革，你會發現我們很早就進入了這個過程。

This year, the plan that we're developing that we'll talk to you about on December 11 with the new organizations that we put in place, the GBS, the supply chain, even the trading organization. They were kind of the first had some time to run and develop a full-blown plan this year. And so with a lot more experience under the belt. And we continue to see a lot of opportunity out there that will take us time to capture. And so I would see that there's going to be a continuum there and continued progress that we're going to make based on the centralized approach and the organization getting more and more efficient, but more importantly, more effective at executing on the core task of driving value in the company.

今年，我們正在製定計劃，我們將在 12 月 11 日與您討論我們建立的新組織、GBS、供應鏈，甚至是貿易組織。他們是今年第一批有時間運行和製定全面計劃的人。因此，我們擁有更多的經驗。我們繼續看到很多機會，需要我們花時間去捕捉。因此，我認為這將是一個連續體，我們將在集中式方法的基礎上取得持續的進展，組織變得越來越高效，但更重要的是，在執行核心任務方面更加有效推動公司價值。

So my view that we're going to deliver on the $15 billion. And then as we look going forward, there will be more to come as that organization continues to become more effective and more efficient. The technology side of the equation, I think, is another area that will take longer to manifest itself, but I have a lot of optimism that the work that they're doing will ultimately drive, not only, I'd say the revenue side of the equation and basically higher value on that side, but also drive cost down. And so we'll get kind of that double effect of higher revenues and lower cost to improve profitability.

所以我認為我們將交付 150 億美元。然後，當我們展望未來時，隨著該組織繼續變得更加有效和高效，將會有更多的事情發生。我認為，等式的技術方面是另一個需要更長的時間才能體現出來的領域，但我非常樂觀地認為，他們正在做的工作最終將推動，而不僅僅是收入方面等式的基本價值更高，但也降低了成本。因此，我們將獲得更高收入和更低成本的雙重效應，從而提高獲利能力。

There's a good portfolio of things that, that organization is working on. And because we've now centralized that and organized our sales on capabilities, we can now take the best capabilities and put them to the hardest problems, the most valuable problems, which I think are going to end up delivering a lot of good value. And AI is part of the equation. So there is a concerted effort to make sure that we're really working hard to apply that new technology to the opportunity set within the company to drive effectiveness and efficiency. So that's certainly part of it.

該組織正在研究一系列很好的事情。因為我們現在已經將其集中化，並根據能力來組織我們的銷售，所以我們現在可以利用最好的能力，並將其用於解決最困難的問題、最有價值的問題，我認為這最終將帶來很多好的價值。人工智慧是其中的一部分。因此，我們要齊心協力，確保我們真正努力將新技術應用到公司內部的機會中，以提高有效性和效率。所以這肯定是其中的一部分。

Well, like everything that we're doing, it's a thoughtful approach. It's one where we're going to make sure that we can get the value that we anticipate. We don't like jumping on van wagons and kind of talking in aspirational terms. But I would tell you, we do see a good potential there, particularly in a lot of the data-rich areas of the business, and the team is working on how best to take advantage of AI as a tool to help drive value there.

嗯，就像我們所做的一切一樣，這是一種深思熟慮的方法。這是我們要確保能夠獲得預期價值的地方。我們不喜歡跳上貨車並用充滿抱負的術語談論。但我想告訴你，我們確實看到了那裡的巨大潛力，特別是在許多數據豐富的業務領域，團隊正在研究如何最好地利用人工智慧作為工具來幫助推動價值。

And I'd certainly say if I take one step up from AI and just talk about technology more broadly and especially information technology that's a space where we continue to have a lot of opportunity. We grew up with very siloed businesses, which resulted in our processes not being very standardized or conforming across the company that made it more difficult, I'd say, to apply single type technology applications across the company, but that's something that we're getting at today.

我當然會說，如果我從人工智慧更進一步，更廣泛地談論技術，尤其是資訊技術，我們將繼續擁有很多機會。我們是在非常孤立的業務中成長的，這導致我們的流程在整個公司範圍內不是非常標準化或一致，這使得在整個公司範圍內應用單一類型的技術應用程序變得更加困難，但這就是我們正在做的事情今天。

And so we'll be continuing to automate much of what we do today manually, and that's going to drive, importantly, improved effectiveness as well as improved efficiency and a way better experience for our people and our customers and our vendors because we're not always the easiest company to do business with when it comes to information technology and self-service and those types of things.

因此，我們將繼續自動化我們今天手動完成的大部分工作，重要的是，這將推動提高有效性和效率，並為我們的員工、客戶和供應商提供更好的體驗，因為我們在資訊技術和自助服務等方面，並非總是最容易與之開展業務的公司。

So that has a big role to play as we look forward. We have a pretty complicated kind of IT environment as we sit today, and we're in the process of simplifying that, which is going to drive a much higher degree of automation into the business and give us, importantly, way better and more timely information that will be used to make faster, better business decisions to drive better results kind of in the business more generally.

因此，在我們展望未來時，這將發揮重要作用。今天我們面臨著一個相當複雜的 IT 環境，我們正在簡化它，這將推動業務實現更高程度的自動化，重要的是，我們將變得更好、更及時這些資訊將用於做出更快、更好的業務決策，從而在更廣泛的業務中推動更好的結果。

All right. Thanks, Roger, and thanks, everybody, for joining the call and for the questions. As usual, we're going to post the transcript of this call to the Investors section of our website. early next week. But before we wrap up, I want to again remind everyone, we've mentioned it a few times this morning of our corporate plan update and upstream spotlight, which will be held next month, December 11, and we will look forward to connecting with everyone again then. So with that, have a good weekend, and I'll turn it back to the operator to conclude.

好的。謝謝羅傑，也謝謝大家加入電話會議並提出問題。像往常一樣，我們將把這次電話會議的記錄發佈到我們網站的投資者部分。下周初。但在結束之前，我想再次提醒大家，今天早上我們已經多次提到我們的公司計劃更新和遊覽聚光燈，將於下個月 12 月 11 日舉行，我們期待與大家再來。那麼，祝您週末愉快，我會將其轉回給操作員來結束。

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。