埃克森美孚 (XOM) 2025 Q1 法說會逐字稿

Good morning, everyone. Welcome to Exxon Mobil's first-quarter 2025 earnings disclosure. I'm Jim Chapman, Vice President, Treasurer, and Investor Relations.

大家早安。歡迎閱讀埃克森美孚 2025 年第一季財報揭露。我是吉姆·查普曼 (Jim Chapman)，副總裁、財務主管和投資者關係。

This quarter's presentation and pre-recorded remarks are available on the Investors section of our website. They're meant to accompany the first-quarter earnings news release, which is posted in the same location. We also published a new company overview presentation, which is posted alongside our earnings materials. This document provides some new financial and other perspectives on Exxon Mobil.

本季的簡報和預先錄製的評論可在我們網站的「投資者」部分找到。它們旨在與發佈在同一位置的第一季收益新聞稿一起發布。我們也發布了一份新的公司概況介紹，與我們的收益資料一起發布。本文件提供了有關埃克森美孚的一些新的財務和其他觀點。

During today's presentation, we'll make forward-looking comments, including discussions of our long-term plans, 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，我們將發表前瞻性評論，包括討論我們的長期計劃，這些計劃會受到風險和不確定性的影響。請閱讀投影片 2 上的警告聲明。您可以在我們網站上的美國證券交易委員會 (SEC) 文件中找到有關任何前瞻性陳述的風險和不確定性的更多資訊。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。

Before diving into our first-quarter results, I want to say a few things about the current market environment and how Exxon Mobil is positioned within it. The headlines today are dominated by the uncertainty from tariffs, which is weighing on economic forecasts and causing market volatility. This economic uncertainty, combined with threats of potential increase in OPEC supply, has put pressure on prices and margins.

在深入探討我們的第一季業績之前，我想先談談當前的市場環境以及埃克森美孚在其中的定位。今天的頭條新聞主要集中在關稅的不確定性上，這給經濟預測帶來壓力並引發市場波動。這種經濟不確定性，加上歐佩克供應量可能增加的威脅，給價格和利潤帶來了壓力。

For us, these are not obstacles but are reminders that we built our business with the flexibility to thrive through market cycles. This flexibility makes us stronger now than ever before. Despite increased uncertainty, our strategy is unchanged, our position is strong, and our track record speaks for itself. We have built the business to excel in any market.

對我們來說，這些不是障礙，而是提醒我們，我們的業務建立在靈活性的基礎上，能夠在市場週期中蓬勃發展。這種靈活性使我們比以往任何時候都更強大。儘管不確定性增加，但我們的策略沒有改變，我們的地位仍然強大，我們的業績記錄不言而喻。我們已經建立了能夠在任何市場中脫穎而出的業務。

We stay focused on the things we can control, the things that make us stronger, by ensuring our assets are the most competitive in industry, which helps us to deliver leading value in any environment. One thing that sets us apart is our disciplined approach to capital allocation, which ensures we drive long-term growth by investing in advantaged opportunities across our portfolio and through commodity cycles.

我們專注於我們能夠控制的事情，那些讓我們更強大的事情，確保我們的資產在行業中最具競爭力，這有助於我們在任何環境中提供領先的價值。我們與眾不同之處在於我們對資本配置採取嚴謹的方法，這確保我們透過投資投資組合和商品週期中的優勢機會來推動長期成長。

We don't chase trends. We focus on the fundamentals, making well-informed choices about where and how to deploy capital. Then, we execute.

我們不追逐潮流。我們專注於基本面，對在何處以及如何部署資本做出明智的選擇。然後，我們執行。

Our unique advantages, technology, scale, integration, execution excellence and, of course, our people, have underpinned the transformation of our business. We've spent years cultivating these advantages, so it would be extremely difficult for other companies to replicate what we do. These unique competitive advantages, deployed towards our unmatched opportunity set, equip us to continue executing our proven strategy and enable us to reliably create leading shareholder value, again, in any market.

我們獨特的優勢、技術、規模、整合、卓越的執行力，當然還有我們的員工，為我們業務的轉型奠定了基礎。我們花了數年時間培育這些優勢，因此其他公司很難複製我們的成果。這些獨特的競爭優勢，針對我們無與倫比的機會集，使我們能夠繼續執行我們行之有效的策略，並使我們能夠在任何市場可靠地創造領先的股東價值。

You've heard us talk about our business transformation, from growing our portfolio of advantaged assets and improving the mix of products we produce and sell to structurally removing costs across our business. We've fundamentally transformed our company and, in turn, our underlying earnings power.

您已經聽過我們談論我們的業務轉型，從擴大我們的優勢資產組合、改善我們生產和銷售的產品組合，到從結構上降低整個業務的成本。我們從根本上改變了公司，進而改變了我們的潛在獲利能力。

You'll recall, we've talked in recent disclosures about improving earnings power by about $3.5 billion quarterly since 2019 at constant prices and margins. This is driven by structural earnings improvements, which include our volume and mix improvements, as well as continued efforts to drive structural cost efficiencies.

您會記得，我們​​在最近的披露中談到，以不變價格和利潤率計算，自 2019 年以來，每季盈利能力提高約 35 億美元。這是由結構性獲利改善所推動的，其中包括我們的數量和組合改善，以及持續努力提高結構性成本效率。

On this slide, we're taking a different look at earnings power, calculating our earnings improvement versus 2019 using the prices we've seen recently in April. We've taken our 2025 first-quarter results and our first-quarter results from 2019 and adjusted them to this current price environment.

在這張投影片上，我們從不同的角度看待獲利能力，使用我們最近在 4 月看到的價格來計算與 2019 年相比的獲利成長。我們已經根據 2025 年第一季的業績和 2019 年第一季的業績對當前的價格環境進行了調整。

Since 2019, even in this weaker market environment, the strength of our strategy and our improvement in earnings power is significant. While our strategic acquisition of Pioneer, which closed a year ago, is certainly a contributor, even more so is the significant business transformation we've delivered over the past six years. In total, our structural earnings improvements have contributed around $4 billion to improving our earnings power, more than offsetting higher inflation and other costs.

自2019年以來，即使在市場環境較弱的情況下，我們的策略力度和獲利能力的提升仍然十分顯著。雖然我們一年前完成的對先鋒公司的策略性收購無疑起到了推動作用，但更重要的是我們在過去六年中實現的重大業務轉型。總體而言，我們的結構性獲利改善為提高我們的獲利能力貢獻了約 40 億美元，足以抵消更高的通貨膨脹和其他成本。

As with everything we do, we don't just promise results, we deliver them -- a proven strategy, relentless execution, and real measurable results. In the first quarter, our transformed business continued to outperform. We delivered $7.7 billion in earnings, highlighting the differentiated strengths of our portfolio and our improved earnings power. Underpinning our results were continued execution excellence, the strength of our advantaged portfolio, and continued cost discipline across our businesses.

正如我們所做的一切一樣，我們不只是承諾結果，我們還會實現結果——經過驗證的策略、堅持不懈的執行和真正可衡量的成果。第一季度，我們的轉型業務持續表現出色。我們實現了 77 億美元的收益，凸顯了我們產品組合的差異化優勢和獲利能力的提升。我們業績的支撐是持續卓越的執行力、優勢產品組合的實力以及對整個業務持續的成本管控。

The transformation we've executed over the past five years has clearly made us stronger. This is evident in this quarter's results, especially when compared with the same quarter a year ago. We remain laser focused on investing in competitively advantaged, low cost of supply, high return opportunities, on delivering execution excellence in everything we do, and on driving additional structural cost improvements. The importance of this is evident now more than ever.

我們在過去五年中實施的轉型顯然使我們變得更加強大。這在本季的業績中顯而易見，尤其是與去年同期相比。我們始終專注於投資具有競爭優勢、供應成本低、回報高的機會，在我們所做的每一件事中提供卓越的執行力，並推動額外的結構性成本改進。這一點的重要性現在比以往任何時候都更加明顯。

We're delivering on 10 key project startups in 2025 that are part of a rich pipeline of advantaged opportunities growing both our traditional and our new businesses. From Yellowtail, our fourth and largest FPSO in Guyana, which has arrived on location and is progressing hookup and commissioning activities, to our 25-Kta production capacity expansion of Proxxima resin, a product with the potential to capture a large share of growing, less cyclical markets. In a minute, I'll go into more detail about two of these 10 projects that have now commenced operations, our China chemical complex, and our second advanced recycling unit in Baytown. More broadly, the delivery of so many major projects in a single year is a testament to the capability of our global projects organization across a diverse range of project types, from upstream to downstream to low carbon, we are delivering.

我們將在 2025 年啟動 10 個重點項目，這些項目是我們傳統業務和新業務發展的豐富優勢機會的一部分。從我們在圭亞那的第四個也是最大的FPSO Yellowtail（已經抵達現場並正在進行連接和調試活動）到我們25-Kta的Proxxima樹脂生產能力擴展，該產品有潛力佔據不斷增長的、週期性較弱的市場的很大份額。稍後，我將更詳細地介紹這 10 個項目中現已開始運作的兩個項目，即我們的中國化工綜合體和位於貝敦的第二個先進回收裝置。更廣泛地說，一年內交付如此多的重大專案證明了我們的全球專案組織在從上游到下游到低碳等各種專案類型方面的能力。

Beyond our traditional businesses, we've also continued our transformation by growing our new technology-driven businesses. For example, composites represent less than 2% of an average car's weight. Looking forward, we project that the new high-performance materials in automobiles could reach more than 20% by 2040, consistent with that industry's current lightweighting objectives.

除了傳統業務之外，我們還透過發展新技術驅動的業務繼續實現轉型。例如，複合材料佔一輛普通汽車重量的不到2%。展望未來，我們預計到2040年汽車中新型高性能材料的比例將達到20%以上，這與該產業目前的輕量化目標一致。

Our proprietary Proxxima resins are very well positioned to meet that growing demand. In March, Exxon Mobil showcased a revolutionary EV battery case prototype made from Proxxima products that simply can't be produced from existing composite materials. We're aiming to replace steel and aluminum battery cases with solutions that reduce overall vehicle weight and enable more efficient production, allowing Proxxima products to compete and win in this multi-billion-dollar addressable market, and that's just one application and just in the automobile industry.

我們的專有 Proxxima 樹脂能夠很好地滿足日益增長的需求。今年 3 月，埃克森美孚展示了一款革命性的電動車電池盒原型，由 Proxxima 產品製成，而現有的複合材料根本無法生產這種產品。我們的目標是用能夠減輕車輛整體重量並提高生產效率的解決方案取代鋼和鋁電池外殼，從而使 Proxxima 產品能夠在這個價值數十億美元的潛在市場中競爭並獲勝，而這只是汽車行業的一個應用。

And in another example, just last week, we announced our sixth large carbon capture and storage contract, in this case with Calpine, which operates a power plant near our Baytown facility in Texas. We will transport and permanently store 2 million metric tons per year of CO2, leveraging our Green Line CO2 transport network, the world's only end-to-end CCS system. That brings our total CO2 under contract for CCS with third-party customers to 8.7 Mta. Add the 7.5 Mta from our planned low-carbon hydrogen plant in Baytown, and we're more than halfway to our aim to permanently store 30 Mta of CO2 by 2030.

再舉一個例子，就在上週，我們宣布了第六份大型碳捕獲和儲存合同，合約對方是 Calpine，該公司在我們位於德克薩斯州貝敦的工廠附近運營著一家發電廠。我們將利用我們的綠線二氧化碳運輸網路（世界上唯一的端對端 CCS 系統）每年運輸和永久儲存 200 萬噸二氧化碳。這樣，我們與第三方客戶簽訂的 CCS 合約中的二氧化碳排放量就達到了 870 萬噸/年。加上我們計劃在貝敦建造的低碳氫化合物工廠的 7.5 Mta，我們已經完成了到 2030 年永久儲存 30 Mta 二氧化碳的目標的一半以上。

And finally, we continue to maintain industry-leading financial strength while delivering robust returns to our shareholders. We ended the first quarter with 7% net debt to capital after distributing more than $9 billion to shareholders via dividends and share buybacks more than any other IOC.

最後，我們持續保持業界領先的財務實力，同時為股東帶來豐厚的回報。我們透過股利和股票回購向股東派發了超過 90 億美元的資金，比任何其他國際奧委會都多，但第一季結束時，我們的淨債務與資本之比為 7%。

You can see every quarter that our strategy is succeeding. We're improving earnings by transforming our business to produce more profitable barrels and higher-value products while also lowering costs. In the Upstream, we're continuing to grow advantaged production. More than 60% of Upstream volume is expected to come from our advantaged assets in the Permian, Guyana, and LNG by 2030. Even at constant prices, this helps lift our Upstream profitability another $3 per barrel from $10 last year to $13 in 2030.

每個季度你都可以看到我們的策略正在取得成功。我們透過轉型生產利潤更高的桶子和更高價值的產品，同時降低成本，從而提高收益。在上游，我們正在繼續增加優勢產量。預計到 2030 年，60% 以上的上游產量將來自我們在二疊紀、圭亞那和液化天然氣領域的優勢資產。即使以不變價格計算，這也有助於將我們的上游獲利能力從去年的每桶 10 美元提高 3 美元至 2030 年的每桶 13 美元。

In Product Solutions, we're delivering advantaged projects and significantly growing our high-value products; both are key to driving earnings growth. Our advantaged projects delivered $2.1 billion of earnings in 2024, and we're expecting roughly $4 billion per year more from these and additional advantaged projects by the end of the decade.

在產品解決方案方面，我們提供優勢項目並大幅增加我們的高價值產品；這兩者都是推動獲利成長的關鍵。我們的優勢項目在 2024 年創造了 21 億美元的收益，我們預計到 2020 年，這些項目和其他優勢項目每年將創造約 40 億美元的收益。

Nearly all of the advantaged projects coming online in 2025 through 2030 increase high-value product volumes. Through the first quarter, we've produced roughly 3.5 million tons of performance chemicals, lubricants, and lower-emission fuels, more than the same period last year, and we're on track to achieve 25 million tons of high-value product sales in 2030.

2025 年至 2030 年間上線的幾乎所有優勢項目都會增加高價值產品的產量。今年第一季度，我們生產了約 350 萬噸高性能化學品、潤滑油和低排放燃料，比去年同期有所成長，我們預計在 2030 年實現 2,500 萬噸高價值產品銷售。

We also remain committed to taking costs out of the business and to keeping them out. We're not just nibbling around the edges here. While others who seem to be adopting our playbook are just getting started, we've already removed costs at a monumental scale. For the past five years, we have consistently saved about $2.5 billion annually, more per year than some companies aspire to achieve over multi-year periods.

我們也將繼續致力於從業務中消除成本並保持成本不下降。我們並不是只在邊緣上做文章。儘管其他人似乎才剛開始採用我們的策略，但我們已經大幅降低了成本。在過去的五年裡，我們每年節省了大約 25 億美元，比一些公司希望在多年內實現的節省金額還要多。

While others set small, safe goals, we've been challenging our organization to aim higher with bigger, bolder targets that redefine what's possible. And as a result, we've fundamentally transformed the cost base of our company by delivering $12.7 billion of structural cost savings since 2019. This far exceeds anyone else in the industry. In fact, it's more than all other IOCs' reported cost savings combined, and we are not done yet. We have plans to achieve $18 billion in structural savings by 2030.

當其他人設定小而安全的目標時，我們一直在挑戰我們的組織，以更大、更大膽的目標來重新定義什麼是可能的。因此，自 2019 年以來，我們已節省了 127 億美元的結構性成本，從根本上改變了公司的成本基礎。這遠遠超過業內任何其他人。事實上，這比所有其他國際石油公司報告的成本節約總額還要多，而且我們還沒有完成。我們計劃在 2030 年實現 180 億美元的結構性節約。

Our first two major project startups of 2025 are the China chemical complex and our second advanced recycling unit in Baytown. Both are operational and are ramping production. Our ability to successfully deliver large and attractive advantaged projects at or below cost and often ahead of schedule positions us well, especially in challenging market conditions.

我們在 2025 年啟動的首批兩個主要項目是中國化工複合體和位於貝敦的第二個先進回收裝置。兩家公司均已投入營運並正在提高產量。我們能夠以成本價或低於成本價成功交付大型且具有吸引力的有利項目，並且通常提前交付，這使我們處於有利地位，尤其是在充滿挑戰的市場條件下。

Our industry-leading global projects organization delivered our China chemical complex, an enormous project, ahead of schedule and at industry-leading pace and at a significant cost advantage. At present, we've produced on-spec olefins, polyethylene, and polypropylene. When fully operational, the project will have the capacity to produce nearly 1.7 Mta of polyethylene and nearly 900 Kta of polypropylene. Importantly, over 75% of the complex's capacity will have the capability to produce high-value, differentiated performance chemicals.

我們行業領先的全球專案組織提前、以行業領先的速度和顯著的成本優勢交付了龐大的中國化工綜合體專案。目前，我們已經生產出符合規格的烯烴、聚乙烯和聚丙烯。工程全面投產後，聚乙烯年產量將達近170萬噸，聚丙烯年產量將達近90萬噸。重要的是，該綜合體 75% 以上的產能將能夠生產高價值、差異化的性能化學品。

This greenfield project will not only be competitive, but will also be protected from tariff impacts. It will supply China's growing domestic market, the largest in the world, with high-value chemical products that have historically seen demand grow by about 7% a year. That's double the pace of commodity chemical growth.

這個綠地計畫不僅具有競爭力，而且還將免受關稅的影響。它將向中國不斷成長的國內市場（全球最大的市場）提供高價值化工產品，而中國國內市場的歷史需求成長率約為每年 7%。這是大宗化學品成長速度的兩倍。

In advanced recycling, we started up our first unit in 2022. Since then, we've improved upon the technology that enables this proven process to convert waste that is difficult to recycle, by other means, into many valuable products. We've expanded the range of plastic types we can recycle while enabling integration into existing operations without compromising reliability or product quality.

在高級回收方面，我們於 2022 年啟動了第一套裝置。從那時起，我們不斷改進技術，使這項成熟的流程將難以透過其他方式回收的廢棄物轉化為許多有價值的產品。我們擴大了可回收塑膠類型的範圍，同時能夠將其整合到現有操作中，而不會影響可靠性或產品品質。

Our latest advanced recycling unit in Baytown leverages this technology and commenced operations in early April. Like our first unit, it has the capacity to process 80 million pounds per year of plastic waste annually, thereby doubling our capacity. Additional units are now under development across sites on the Gulf Coast and are expected to start up later this year and next, bringing our total advanced recycling capacity to 500 million pounds per year by year-end 2026. Looking at the entire slate of 10 major projects starting up this year across all our businesses, they have the potential to deliver more than $3 billion in earnings in 2026 at constant prices and margins.

我們位於貝敦的最新先進回收裝置利用了這項技術，並於四月初開始運作。與我們的第一套裝置一樣，它每年可處理 8000 萬磅塑膠垃圾，從而使我們的處理能力翻倍。目前，墨西哥灣沿岸的各處正在開發更多裝置，預計今年稍後和明年投入使用，到 2026 年底，我們的先進回收總產能將達到每年 5 億磅。縱觀我們所有業務今年啟動的 10 個主要項目，以不變價格和利潤率計算，它們有可能在 2026 年帶來超過 30 億美元的收益。

Now, to cover some of the financial highlights of the quarter. We generated earnings of $7.7 billion and cash flow from operations of $13 billion in the first quarter, the highest among all integrated oil companies. As of year-end, our five-year compound annual growth rate of cash flow from operations was double the next highest IOC and nearly four times that of the large-cap industrial group. We are well positioned to navigate market cycles, thanks to improved corporate efficiency and lower cost of supply.

現在，讓我們來介紹一下本季的一些財務亮點。我們第一季的獲利為77億美元，營運現金流為130億美元，在所有綜合石油公司中位居第一。截至年底，我們的五年經營現金流量複合年增長率是排名第二的 IOC 的兩倍，是大型工業集團的近四倍。由於企業效率的提高和供應成本的降低，我們能夠很好地應對市場週期。

Since 2019, we've made tremendous strides in reducing structural costs, and at the end of the quarter, we reached $12.7 billion of savings, more than all other IOCs combined. Our track record gives us confidence we'll hit our plan to reach roughly $18 billion by 2030.

自 2019 年以來，我們在降低結構性成本方面取得了巨大進步，截至本季末，我們節省了 127 億美元，超過了所有其他 IOC 的總和。我們的業績記錄讓我們有信心，到 2030 年我們將實現達到約 180 億美元的計畫。

Our ongoing drive to become more efficient has also lowered our breakevens, with plans to further reduce them to $35 per barrel by 2027 and to $30 per barrel by 2030. Our improved earnings power and disciplined capital allocation strategy is designed to deliver unmatched financial strength, giving us the flexibility we need to outperform in any market environment. Our debt to capital ratio at the end of the quarter was 12%, and the net debt to capital ratio was 7%, again, leading all other IOCs.

我們不斷努力提高效率，這也降低了我們的損益平衡點，並計劃在 2027 年將其進一步降低至每桶 35 美元，到 2030 年降低至每桶 30 美元。我們不斷提升的獲利能力和嚴謹的資本配置策略旨在提供無與倫比的財務實力，為我們在任何市場環境中提供超越對手所需的靈活性。我們本季末的負債資本比率為 12%，淨負債資本比率為 7%，再次領先所有其他國際石油公司。

And all of our successes help ensure predictable and dependable shareholder distributions. In the first quarter, our total distributions of $9.1 billion, including $4.8 billion in share buybacks, were among the largest in the entire S&P 500. These distributions, in turn, support total shareholder return, where we've led IOCs and the average of large-cap industrials over the last three years and rank among the top 20% of companies across all segments of the S&P 500.

我們所有的成功都有助於確保可預測和可靠的股東分配。第一季度，我們的總分配額為 91 億美元，其中包括 48 億美元的股票回購，是整個標準普爾 500 指數中最大的分配額之一。這些分配反過來又支持了股東總回報，過去三年來，我們一直領先於 IOC 和大型工業股的平均水平，並躋身標準普爾 500 指數所有板塊的前 20% 之列。

Looking at the macro environment, a lot has changed since the end of the first quarter. However, as I previously mentioned, our strategy, our company, our people are built for this. Within the first quarter, crude prices remained roughly flat near the middle of the 10-year range, while natural gas prices improved on stronger global demand driven by LNG exports in the US and colder weather in the United States and in Europe.

從宏觀環境來看，自第一季末以來，情況已經發生了很大變化。然而，正如我之前提到的，我們的策略、我們的公司、我們的員工都是為此而建立的。第一季度，原油價格基本上維持在 10 年中期水準附近，而天然氣價格則因美國液化天然氣出口以及美國和歐洲寒冷天氣推動的全球需求增強而有所回升。

Sequentially, global industry refining margins were lower, driven by weakness in Asia Pacific from capacity additions and higher regional feed costs. That global industry margin trend was in contrast to our own Energy Products business, which generated higher sequential margins, based primarily on our majority weighting within the North American market. In fact, on a look-back basis, all the strategic decisions we've undertaken since 2019, including increasing our North American footprint, have contributed over $1 billion to our Energy Products earnings in the quarter.

由於亞太地區產能增加和區域原料成本上升導致經濟疲軟，全球煉油業利潤率較上季下降。全球產業利潤率趨勢與我們自己的能源產品業務形成了鮮明對比，後者的利潤率連續上升，這主要得益於我們在北美市場的多數權重。事實上，回顧起來，我們自 2019 年以來所做的所有策略決策，包括擴大我們在北美的業務，都為本季的能源產品收益貢獻了超過 10 億美元。

Chemical margins stayed well below the 10-year range, as growing demand was met by new capacity additions, primarily in Asia Pacific. Our Chemicals business performed well, thanks to our effort over many years to grow high-value chemical products and to rigorously drive down costs. Looking out the window, the economic uncertainty we saw reflected in the markets in March and April may indeed continue. Regardless, as our results show, we've built our business to excel in any market environment.

化學品利潤率遠低於 10 年水平，因為不斷增長的需求透過新增產能得到滿足，主要在亞太地區。我們的化學品業務表現良好，這得益於我們多年來致力於發展高價值化學品產品並大力降低成本。放眼望去，我們在三月和四月市場中看到的經濟不確定性可能確實會持續下去。無論如何，正如我們的結果所表明的，我們已經建立了我們的業務，以在任何市場環境中脫穎而出。

Turning to the quarter, I'll start with an overview of our first-quarter results, compared with the same quarter a year ago. GAAP earnings of $7.7 billion were down roughly $500 million, driven primarily by market forces across our businesses. However, you can clearly see contributions from our continued investment in advantaged volume growth and our structural cost reductions.

談到本季度，我將首先概述我們的第一季業績，並與去年同期進行比較。以美國通用會計準則計算的收益為 77 億美元，下降了約 5 億美元，這主要受到我們各業務領域市場力量的影響。但是，您可以清楚地看到我們持續投資於優勢銷售成長和結構性成本削減的貢獻。

Across our businesses, these items contributed $1.4 billion more to earnings in the first quarter, as compared to the same period a year ago. The key drivers for this advantaged growth were the acquisition of Pioneer in the second quarter of 2024, as well as growth in Guyana. This growth was partially offset by lower base volumes, as we've continued to high-grade our portfolio, including the recent Nigeria JV and Argentina divestments.

在我們的所有業務中，這些項目為第一季的收益貢獻了 14 億美元，與去年同期相比有所增加。這項優勢成長的主要驅動力是 2024 年第二季對 Pioneer 的收購，以及圭亞那的成長。由於我們繼續提高投資組合的質量，包括最近的尼日利亞合資企業和阿根廷的資產剝離，這一增長被較低的基礎交易量部分抵消。

Structural cost savings are key in offsetting the upward expense pressure from inflation and from growth initiatives. In the first quarter of 2025, our structural cost savings helped offset these pressures, as well as higher depreciation. Favorable timing effects of $700 million were primarily driven by the absence of unfavorable impacts from last year.

結構性成本節約是抵銷通貨膨脹和成長計畫帶來的上行費用壓力的關鍵。2025 年第一季度，我們的結構性成本節約幫助抵消了這些壓力以及更高的折舊。7 億美元的有利時機效應主要源自於去年沒有出現不利影響。

Now, let's look at our sequential results. First-quarter GAAP earnings improved from the fourth quarter of 2024, increasing $100 million. Adjusted for prior quarter identified items, earnings improved $300 million sequentially. This was supported by favorable prices and margins in our Upstream and Energy Products segments and lower expenses. Higher liquids and gas prices and stronger refining margins more than offset slight market headwinds in other segments. Overall, prices and margins were a $600 million help to earnings.

現在，讓我們來看看連續的結果。第一季 GAAP 收益較 2024 年第四季有所改善，增加了 1 億美元。根據上一季確定的項目進行調整後，收益環比增長 3 億美元。這得歸功於上游和能源產品部門的優惠價格和利潤以及較低的費用。液體和天然氣價格上漲以及煉油利潤率上升足以抵消其他領域的輕微市場阻力。總體而言，價格和利潤為盈利帶來了 6 億美元的幫助。

As mentioned during the fourth-quarter earnings call, we saw higher seasonal expenses at the end of 2024 across segments. In the first quarter, we saw the absence of the higher spend from fourth quarter, as well as lower exploration expenses in our Upstream segment, resulting in a $600 million help to expenses.

正如第四季財報電話會議所提到的，我們發現 2024 年底各部門的季節性支出都有所增加。在第一季度，我們發現第四季度的支出增加沒有出現，而且上游部門的勘探費用也有所降低，為費用帶來了 6 億美元的幫助。

Lastly, other items reflect the absence of the $700 million of help we had in the fourth quarter from year-end inventory, asset management, and tax impacts. We also saw net unfavorable ForEx, tax, and divestment-related impacts in the first quarter. The combined sequential impact was a $1.2 billion reduction from the prior quarter.

最後，其他項目反映出我們在第四季度從年終庫存、資產管理和稅收影響中獲得的 7 億美元幫助的缺失。我們也看到第一季外匯、稅收和撤資相關的淨不利影響。整體來看，與上一季相比，季減 12 億美元。

Turning to cash. We generated $13 billion of cash flow in the first quarter as the earnings power of our business reliably delivered again. We continue to consistently deploy capital according to our allocation priorities. First, we're investing in advantaged assets and projects to drive long-term earnings and cash flow growth to the end of the decade and beyond. We invested nearly $6 billion of cash CapEx in the first quarter and, as mentioned, are on track for 10 project startups in 2025.

轉向現金。由於我們業務的獲利能力再次可靠地發揮，我們在第一季產生了 130 億美元的現金流。我們將繼續根據我們的分配優先順序持續部署資本。首先，我們投資於優勢資產和項目，以推動本世紀末及以後的長期獲利和現金流成長。我們在第一季投資了近 60 億美元的現金資本支出，並且如前所述，我們預計在 2025 年啟動 10 個專案。

We're closely monitoring the changes in market conditions and remain focused on value. If we can improve the NPV of our investments by inventorying opportunities for later, we will do that. The flexibility of our investment portfolio, with over a third of our production coming from short-cycle US unconventional assets, gives us this option. And as discussed in our corporate plan update in December, in our newer businesses, if the necessary policy support and market development do not materialize in the timeline we expect, we'll defer or suspend investments.

我們密切關注市場狀況的變化並繼續關注價值。如果我們可以透過盤點以後的機會來提高投資的淨現值，我們就會這樣做。我們的投資組合非常靈活，超過三分之一的產量來自美國短週期非常規資產，這為我們提供了這個選項。正如我們在 12 月的公司計畫更新中所討論的那樣，在我們的新業務中，如果必要的政策支援和市場開發不能在我們預期的時間內實現，我們將推遲或暫停投資。

Second, we strengthened our balance sheet during the quarter with more than $4 billion of debt repayment, leaving our net debt-to-capital ratio at 7%, again, the lowest among IOCs.

其次，我們在本季度償還了超過 40 億美元的債務，增強了我們的資產負債表，使我們的淨債務資本比率達到 7%，這在國際石油公司中也是最低的。

Finally, strong operational results, coupled with a strong balance sheet, allow us to predictably and reliably return excess cash to our shareholders. During the quarter, we distributed $9.1 billion, including $4.3 billion in dividends and $4.8 billion in share buybacks, in line with our guidance of a $20 billion annual buyback pace.

最後，強勁的經營業績加上強勁的資產負債表使我們能夠可預測且可靠地向股東返還超額現金。本季度，我們分配了 91 億美元，其中包括 43 億美元的股息和 48 億美元的股票回購，符合我們預計的 200 億美元年度回購速度。

Looking ahead to the second quarter, in the Upstream, we expect scheduled maintenance, primarily in Qatar and Canada, to decrease volumes by about 100,000 oil equivalent barrels per day compared to the first quarter. We also had roughly $100 million of net favorable divestment-related earnings impacts in the first quarter that we do not expect to repeat in the second quarter.

展望第二季度，在上游，我們預計主要在卡達和加拿大進行的定期維護將使產量與第一季相比減少約 10 萬桶/天。我們在第一季也獲得了約 1 億美元的淨利撤資相關收益影響，但我們預計第二季不會重複這種情況。

In Product Solutions, we'll have lower scheduled maintenance versus the first quarter. We'll be ramping up production at our China chemical complex throughout the year. This means higher volumes, but not full rates from this asset in the second quarter.

在產品解決方案方面，與第一季相比，我們的定期維護數量有所減少。我們將全年提高中國化工綜合體的產量。這意味著第二季該資產的交易量將會增加，但利率不會達到最高水準。

We expect second-quarter corporate and financing expenses to be between $600 million and $800 million. This range is higher than what we've guided in recent quarters, primarily driven by lower interest income on cash balances. And finally, as has been the case for a number of years, we expect seasonal tax payments of $2.5 billion to $3 billion in the second quarter, driving a working capital outflow.

我們預計第二季企業和融資費用將在 6 億美元至 8 億美元之間。該範圍高於我們最近幾季的指導範圍，主要原因是現金餘額的利息收入較低。最後，與多年來的情況一樣，我們預計第二季的季節性稅收將達到 25 億美元至 30 億美元，這將導致營運資金流出。

To sum up our discussion today, if you come away with one key message, it's that we are built for this. In any market environment, our focus stays the same. Our proven strategy, superior execution, and cost discipline have delivered, and we are well positioned to continue creating leading shareholder value through cycles.

總結我們今天的討論，如果你能得到一個關鍵訊息，那就是我們就是為此而生的。無論什麼市場環境，我們的重點始終不變。我們行之有效的策略、卓越的執行力和成本控制已取得成效，我們已做好準備，繼續在各個週期中創造領先的股東價值。

Uncertainty will always exist, but with great challenges also come great opportunities. The opportunities in front of us are tremendous, and we are ready to seize them. The companies that will win are those that capitalize on these moments.

不確定性永遠存在，但巨大的挑戰也伴隨著巨大的機會。我們面前的機會是巨大的，我們已準備好抓住它們。那些能夠抓住這些機會的公司將會獲得勝利。

As we've said many times, we remain steadfast in our approach to capital allocation, and our discipline is without question. To us, capital discipline is not about investing less; it is investing in the right things. You can be assured that we will continue to leverage our unique competitive advantages to capitalize on what can only be described as an unmatched opportunity set.

正如我們多次所說的，我們始終堅定不移地堅持我們的資本配置方法，我們的紀律是毋庸置疑的。對我們來說，資本紀律並不意味著減少投資，而是投資於正確的事情。您可以放心，我們將繼續利用我們獨特的競爭優勢來利用無與倫比的機會。

Combining the right advantages, the most attractive opportunities, and the best execution delivers leading results. It is the combination of these things that will drive long-term shareholder value, our primary focus, delivering profitable growth and creating leading shareholder value today and long into the future.

結合正確的優勢、最具吸引力的機會和最佳的執行力，可以帶來領先的成果。正是這些因素的結合將推動長期股東價值，這是我們的首要關注點，實現獲利性成長，並在當前和未來創造領先的股東價值。

Thank you.

謝謝。