埃克森美孚 (XOM) 2025 Q1 法說會逐字稿

Good morning, everyone. Welcome to ExxonMobil's first-quarter 2025 earnings call. Today's call is being recorded. We appreciate your joining us today.

大家早安。歡迎參加埃克森美孚 2025 年第一季財報電話會議。今天的通話正在錄音。感謝您今天的加入我們。

I'm Jim Chapman, Vice President, Treasurer and Investor Relations. And I'm joined by Darren Woods, Chairman and Chief Executive Officer; and Kathy Michaels, Senior Vice President and Chief Financial Officer.

我是吉姆‧查普曼 (Jim Chapman)，財務長與投資者關係副總裁。與我一起出席的還有董事長兼首席執行官達倫·伍茲 (Darren Woods)；以及高級副總裁兼首席財務官凱西·邁克爾斯（Kathy Michaels）。

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 ExxonMobil.

本季度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。

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

現在我將把時間交給 Darren 來致開場白。

Good morning and thanks for joining us. I'll begin with some comments on the current market and policy environment, especially in light of the ongoing uncertainty in tariffs. It is clear that this uncertainty is weighing on economic forecast, causing significant volatility and raising the prospects of slower growth. Coupled with the threats of increased OPEC supply, we're seeing significant downward pressure on prices and margins.

早安，感謝您加入我們。我首先想對目前的市場和政策環境發表一些評論，特別是考慮到關稅的持續不確定性。顯然，這種不確定性正在影響經濟預測，造成顯著波動，並增加成長放緩的可能性。再加上歐佩克供應增加的威脅，我們看到價格和利潤面臨巨大的下行壓力。

In this environment, it's more important than ever to focus on what we can control, in this company's track record of delivery. The work we've done over the past eight years should make one thing clear: we're ready for this.

在這種環境下，專注於我們能夠控制的事情、關注這家公司的交付記錄比以往任何時候都更重要。我們過去八年所做的工作應該清楚地表明一件事：我們已經為此做好了準備。

Our strategy has led to an advantaged portfolio with low cost of supply, a strong balance sheet with a 7% net debt to capital ratio that leads the large cap industrials and all IOCs, and a lean cost base. We've taken $12.7 billion of structural cost out of the business since 2019.

我們的策略已形成優勢投資組合，供應成本低，資產負債表強勁，淨債務資本比率達到 7%，領先大型工業企業和所有國際石油公司，成本基礎精簡。自 2019 年以來，我們已從業務中削減了 127 億美元的結構性成本。

Think about that. Almost $2.5 billion a year for the past five years. No other IOC even comes close. Our organization has planned for this. We pressure test our plans and the financial outcomes with scenarios that are more severe than our COVID experience. For us, success isn't defined in the good times, but in the hard times. That's also where our competitive advantages in people, scale, technology, integration, and execution excellence really stand out.

想一想。過去五年來每年近25億美元。其他任何國際奧委會都無法與之相比。我們的組織已為此做好了計劃。我們用比新冠疫情經歷更嚴峻的情景對我們的計劃和財務結果進行壓力測試。對我們來說，成功不是在順境中，而是在逆境中。這也是我們在人才、規模、技術、整合和卓越執行方面的競爭優勢真正突出的地方。

Today, we're prepared and better positioned than others to respond to market challenges and in fact, take advantage of the opportunities they present. Looking past this, the longer-term fundamentals underpinning our businesses are robust.

今天，我們已經做好準備，比其他人更有能力應對市場挑戰，事實上，我們也利用了市場帶來的機會。回顧過去，我們業務的長期基本面依然強勁。

The world will continue to need reliable and affordable energy and our portfolio of products to support modern living. We'll continue to invest in advantaged projects for both our existing and new businesses to profitably meet these needs. When we get to 2030, I'm confident we will have delivered on our plan -- $20 billion more in earnings and $30 billion more in cash, assuming constant prices and margins, and significantly greater value for shareholders.

世界將繼續需要可靠且價格合理的能源以及我們的產品組合來支持現代生活。我們將繼續為現有業務和新業務投資優勢項目，以滿足這些需求並實現盈利。當我們到達 2030 年時，我相信我們將實現我們的計劃——假設價格和利潤率不變，收益將增加 200 億美元，現金將增加 300 億美元，股東價值將顯著提高。

Turning to our current performance, we delivered another strong quarter thanks to the hard work of our people executing our strategy. Our earnings were $7.7 billion, up 4% sequentially, excluding identified items. We generated $13 billion of cash flow from operations, which led all IOCs.

回顧我們目前的業績，由於全體員工努力執行我們的策略，我們又取得了一個強勁的季度業績。不計特定項目，我們的收益為 77 億美元，比上一季成長 4%。我們從營運中產生了 130 億美元的現金流，領先所有國際石油公司。

As I noted, to improve efficiency, we continue to take expense out of the business with an industry-leading program of structural cost savings. To further high-grade our portfolio, we sold $1.8 billion of assets in the quarter, driven by divestments in the upstream.

正如我所指出的，為了提高效率，我們繼續透過業界領先的結構性成本節約計畫來削減業務開支。為了進一步提升我們的投資組合，我們在本季出售了價值 18 億美元的資產，主要原因是上游業務的撤資。

We've also completed the $5 billion of incremental divestments we laid out at the corporate plan update in December. And we'll continue to actively manage our portfolio and evaluate opportunities to further high-grade where it makes sense. Since 2019, we've sold $24 billion of non-core assets, strategically reshaping our portfolio and growing earnings power.

我們也完成了 12 月公司計畫更新中提出的 50 億美元增量資產剝離計畫。我們將繼續積極管理我們的投資組合，並評估進一步提升評級的合理機會。自 2019 年以來，我們已出售了價值 240 億美元的非核心資產，策略性地重塑了我們的投資組合併提高了盈利能力。

Taken together, the strategic choices and investments we've made since 2019 has strengthened our quarterly earnings power by $4 billion at current prices and margins. Our ongoing transformation to become a more efficient company with the lower cost of supply is driving lower break evens with firm plans to improve them to $35 per barrel by 2027 and $30 per barrel by 2030.

總的來說，我們自 2019 年以來做出的策略性選擇和投資使我們以當前價格和利潤率計算的季度獲利能力提高了 40 億美元。我們正在進行轉型，以成為一家更有效率的公司並降低供應成本，從而降低盈虧平衡點，並製定了到 2027 年將盈虧平衡點提高到每桶 35 美元，到 2030 年將盈虧平衡點提高到每桶 30 美元的堅定計劃。

Importantly, we're lowering breakevens the right way, by growing earnings power and cash flow, not slashing capital investments, which are the foundation for value growth in our business. Prudently investing in advantaged opportunities across price cycles was key to doubling earnings since 2019 and is critically important to growing cash flow, $30 billion by 2030.

重要的是，我們透過增加獲利能力和現金流而不是削減資本投資來以正確的方式降低損益平衡點，而資本投資是我們業務價值成長的基礎。在價格週期中謹慎地投資於有利機會是自 2019 年以來實現收益翻倍的關鍵，對於增加現金流（到 2030 年達到 300 億美元）也至關重要。

Our ability to successfully deliver large-scale attractive investments at or below cost, and often ahead of schedule, positions us well in difficult market conditions. We are seeing that in China, where we recently commenced operations at our world scale chemical plant. This is one of the largest, most complex projects we've ever done. And we delivered it ahead of schedule and under budget.

我們能夠以成本價或低於成本價成功進行大規模且具有吸引力的投資，並且通常能夠提前完成，這使我們在艱難的市場條件下佔據有利地位。我們在中國看到了這一點，我們最近在中國開始了世界級的化工廠的運作。這是我們做過的最大、最複雜的專案之一。我們提前完成了任務，並且沒有超出預算。

We will competitively supply high-value chemical products for the China market protected from tariffs with attractive long-term growth. We're starting up our second advanced recycling unit at Baytown, using proprietary technology to recycle plastic waste at a much lower cost than alternative processes. Like our first advanced recycling unit, the new one will have capacity to process 80 million pounds a year for a growing market of certified circular polymers.

我們將以有競爭力的價格向中國市場供應免於關稅的高價值化學產品，並實現具有吸引力的長期成長。我們正在貝敦啟動第二個先進的回收裝置，使用專有技術以比其他製程低得多的成本回收塑膠廢棄物。與我們的第一台先進回收裝置一樣，新裝置每年將有能力處理 8000 萬磅塑料，以滿足不斷增長的認證循環聚合物市場的需求。

We're bringing on two new FPSOs at our deep water projects, offshore Guyana and Brazil. We expect to start up both later this year.

我們將在圭亞那和巴西近海的深水計畫中引進兩艘新的 FPSO。我們預計這兩項服務將於今年稍後啟動。

And in our new technology-enabled businesses, market interest continues to grow. With our Proxxima business, we've showcased a new high-strength EV battery case at the world's leading composite trade show in March. Our solution improves the efficiency of the vehicle manufacturing process, reduces the overall weight, and can't be replicated by other composites.

而對於我們新的技術支援的業務，市場興趣持續成長。透過我們的 Proxxima 業務，我們於 3 月在全球領先的複合材料貿易展上展示了一種新型高強度電動車電池外殼。我們的解決方案提高了車輛製造過程的效率，降低了整體重量，並且是其他複合材料無法複製的。

We also announced a collaboration with Nordex Group, a leading wind turbine manufacturer to use Proxxima resin as a more durable solution for the company's blades. We'll hit multiple Proxxima milestones this year, including more than doubling our production capacity. Altogether, the 10 advantaged projects we're starting up this year are expected to generate more than $3 billion of earnings in 2026 at constant prices and margins.

我們也宣布與領先的風力渦輪機製造商 Nordex Group 合作，使用 Proxxima 樹脂作為該公司葉片的更耐用的解決方案。今年，我們將實現 Proxxima 的多個里程碑，包括將生產能力提高一倍以上。總而言之，我們今年啟動的 10 個優勢項目預計到 2026 年將以不變價格和利潤率創造超過 30 億美元的收益。

Our capital allocation priorities remain unchanged: invest in profitable growth, maintain financial strength, and share our success with shareholders. To generate strong cash flows, years into the future, we must invest today. It's hard to consistently grow free cash flow in a capital-intensive business over the long term, and we are doing it. Reducing attractive investments to increase near-term free cash flow weakens the business over the long term.

我們的資本配置重點保持不變：投資於獲利成長、維持財務實力並與股東分享我們的成功。為了在未來幾年產生強勁的現金流，我們今天必須進行投資。長期來看，資本密集型企業很難持續增加自由現金流，但我們正在這樣做。減少有吸引力的投資以增加短期自由現金流會削弱長期業務。

Compromising the future is a high price to pay for pleasing a few short-term investors. Our cash flow grows consistently throughout our planned horizon of 2030. And while our total cash CapEx grows to between $28 billion and $33 billion per year through 2030, our reinvestment rate declined from 50% to 40% of cash flow over the planned period. We're putting capital to its highest and best use to further strengthen the earnings power of the company.

為了取悅少數短期投資者而損害未來是要付出高昂的代價的。在我們計劃的 2030 年期間，我們的現金流將持續成長。雖然到 2030 年我們的總現金資本支出將成長到每年 280 億美元至 330 億美元，但我們的再投資率在計畫期間從現金流的 50% 下降到 40%。我們正在最大限度地利用資本，以進一步增強公司的獲利能力。

In the Upstream, we're focused on growing volumes of our most profitable barrels. We're on track for more than 60% of our production to come from advantaged assets by 2030, with an increase in per barrel profit from $10 a barrel last year to $13 a barrel in 2030.

在上游，我們專注於增加最賺錢的石油產量。到 2030 年，我們預計將實現 60% 以上的產量來自優勢資產，每桶利潤將從去年的每桶 10 美元增加到 2030 年的每桶 13 美元。

In Product Solutions, advantaged projects are accelerating our shift to a more profitable mix of products. We're on track for 80% growth of high-value products by 2030, which will bring them to more than 40% of total product solutions earnings.

在產品解決方案方面，優勢項目正在加速我們轉向更有利可圖的產品組合。我們預計在 2030 年實現高價值產品 80% 的成長，這將使其佔產品解決方案總收益的 40% 以上。

In Low Carbon Solutions, we expect to generate $1 billion of earnings by 2030 in businesses that are insulated from commodity price cycles. We know that shorter-term investors want lower CapEx and higher cash distributions.

在低碳解決方案方面，我們預計到 2030 年，不受商品價格週期影響的業務將創造 10 億美元的收益。我們知道短期投資者希望降低資本支出並提高現金分配。

I suspect with today's level of market uncertainty, the call for this will be even stronger. That's shortsighted. We play the long game. We are rewarding shareholders today with investments made in the past when we face similar circumstances and a lot of criticism for staying the course.

我認為，鑑於當今市場的不確定性，這種呼聲會更加強烈。這是目光短淺的。我們打的是長期戰。今天，我們用過去在面臨類似情況和因堅持到底而受到大量批評時所做的投資來回報股東。

The passage of time demonstrated the value in this approach. We know that the advantaged investments we're making today are critical in growing shareholder returns and distributions in the future. Having said this, we are focused on value. If changes in market conditions present opportunities to improve the NPV of our investments by pivoting or inventorying opportunities, we'll take them. The flexibility of our investment portfolio gives us this option.

時間的流逝證明了這種方法的價值。我們知道，我們今天進行的優勢投資對於未來增加股東回報和分配至關重要。話雖如此，我們關注的是價值。如果市場條件的變化為我們提供了透過調整或盤點機會來提高投資淨現值的機會，我們就會抓住這些機會。我們的投資組合的靈活性為我們提供了這種選擇。

Today, more than a third of our upstream production comes from short-cycle assets, where activity and spend can be quickly adjusted in response to market conditions. And as we discussed in detail at the corporate plan update and our newer businesses and for projects that have not yet reached FID, if the necessary policy support or market developments are not sustained or do not materialize, we will defer investments.

如今，我們上游生產的三分之一以上來自短週期資產，這些資產的活動和支出可以根據市場情況快速調整。正如我們在公司計劃更新和新業務以及尚未達成最終投資決定的項目中所詳細討論的那樣，如果必要的政策支持或市場發展不能持續或沒有實現，我們將推遲投資。

Our focus on the fundamentals, our strategy, and the resulting investments and the strength of our advantages are growing earnings and generating cash, allowing us to create leading value for shareholders. In the quarter, we distributed $9.1 billion of cash, more than any other IOC. This included $4.8 billion of share buybacks.

我們專注於基本面、我們的策略以及由此產生的投資和優勢在於增加收益和產生現金，這使我們能夠為股東創造領先的價值。本季度，我們分配了 91 億美元現金，比其他 IOC 都多。其中包括 48 億美元的股票回購。

We've now repurchased roughly a third of the shares we issued to complete our transformational Pioneer acquisition, which closed a year ago tomorrow. As of the quarter end, we delivered a three-year total shareholder return of 60% for a compound annual growth rate of 17%. That's well above any other IOC. It's also well above the broader set of large-cap industrial companies, with average TSR compound annual growth rate of 14%.

我們現在已經回購了大約三分之一的股票，這些股票是我們為完成先鋒公司的轉型收購而發行的，該收購於一年前的明天完成。截至本季末，我們實現了三年股東總回報率 60%，複合年增長率為 17%。這遠高於任何其他國際奧委會。它也遠高於更廣泛的大型工業公司，平均 TSR 複合年增長率為 14%。

We also outpaced the large-cap industrials as a cash engine. Over the past three years, our total free cash flow equaled over 25% of our current market cap. Theirs averaged less than 10%.

我們的現金引擎也超過了大型工業股。在過去三年中，我們的總自由現金流相當於我們目前市值的 25% 以上。他們的平均值不到 10%。

The strong value we've created for shareholders has not gone unnoticed. We're receiving positive feedback in our engagements with investors, which we've ramped up significantly over the past five years.

我們為股東創造的巨大價值並沒有被忽視。我們在與投資者的接觸中收到了正面的回饋，過去五年來，這種回饋顯著增加。

Later this month is our annual meeting. Since our last one a year ago, leaders from the company, including members of our Board of Directors, have met with roughly 75% of our institutional investors. This year, for the first time since 1958, we have zero shareholder proposals in our proxy.

本月晚些時候我們將舉行年度會議。自一年前上次會面以來，包括董事會成員在內的公司領導層已經與約 75% 的機構投資者會面。今年，自 1958 年以來，我們的代理文件中首次沒有股東提案。

We believe this is a result of two things: our financial and operating results, which exceed all integrated oil companies on almost any measure, and our willingness to challenge actions that undermine the value of our company and abuse legitimate processes.

我們認為這是兩件事的結果：我們的財務和經營業績幾乎在任何方面都超過所有綜合性石油公司；我們願意挑戰損害公司價值和濫用合法程序的行為。

Last year, we took legal action against activists seeking to shrink our business by repeatedly submitting shareholder proposals that, in their own words, were Trojan horses for their activist agenda. This is in direct contrast to our efforts to expand engagement with investors, who want to hear more about how we're growing the value of our company.

去年，我們對那些試圖透過反覆提交股東提案來縮減我們業務的激進投資者採取了法律行動，用他們自己的話來說，這些提案是他們激進主義議程的「特洛伊木馬」。這與我們擴大與投資者的接觸的努力形成了鮮明對比，投資者希望更多地了解我們如何提升公司價值。

Our lawsuit against the European Union when it implemented an unjustified profits tax and the California Attorney General, when he falsely accused us of misrepresenting the benefits of advanced plastic recycling are two other examples of fighting to retain the value we're generating for our shareholders. That's our focus and our commitment -- to grow and protect shareholder value.

當歐盟實施不合理的利潤稅時，我們向其提起訴訟；當加州總檢察長誣告我們歪曲先進塑膠回收的好處時，我們向其提起訴訟；這是我們為股東保留價值而鬥爭的另外兩個例子。這是我們的重點和承諾——增加和保護股東價值。

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

我們很樂意回答您的問題。

Thank you, Darren. Before we move to Q&A, I want to highlight that we published our 2025 Advancing Climate Solutions report this week, detailing all of our progress on solving the and equation, meeting demand and reducing emissions as well as our latest sustainability report. And just as a reminder, we mentioned in our prepared remarks that we published a new company overview presentation. All of these documents are linked on this page and can be found on the Investor Relations portion of our website, and we encourage you to take a look.

謝謝你，達倫。在進入問答環節之前，我想強調一下，我們本週發布了《2025 年推進氣候解決方案》報告，詳細介紹了我們在解決方程式、滿足需求和減少排放方面取得的所有進展，以及我們最新的可持續發展報告。提醒一下，我們在準備好的發言中提到，我們發布了一份新的公司概況簡報。所有這些文件都連結在此頁面，可以在我們網站的投資者關係部分找到，我們鼓勵您查看一下。

And with that, let's move to Q&A. Operator, we'll ask you to please open the line for our first question.

接下來，我們進入問答環節。接線員，請您接通電話以回答我們的第一個問題。

Thank you. The question-and-answer session will be conducted electronically. (Operator Instructions)

謝謝。問答環節將以電子方式進行。（操作員指示）

Betty Jiang, Barclays.

巴克萊銀行的 Betty Jiang。

Good morning. Thank you for taking my question. Have to say we're hearing this loud and clear about the resilience of the portfolio. We're fully cognizant that for Exxon any response is a function of choice, and you're playing the long game. But earlier, you also talked about the flexibility in the portfolio and that you will reconsider plans if you can improve NPV of investment.

早安.感謝您回答我的問題。必須說，我們清楚地聽到了有關投資組合彈性的聲音。我們充分認識到，對於埃克森美孚來說，任何回應都是一種選擇，而且你們正在打一場持久戰。但之前，您也談到了投資組合的靈活性，並且表示如果可以提高投資的淨現值，您將重新考慮計劃。

So I just want to better understand under what market condition weren't exercising that flexibility? And then how would you balance that decision versus the operational momentum you're seeing across the businesses?

所以我只是想更了解在什麼市場條件下沒有行使這種彈性？那麼，您如何平衡這項決定與您在整個企業中看到的營運勢頭？

Yeah. Good morning, Betty, and thank you for the question. I think you've touched on really critical elements of where we stand and how we're thinking about the business. The first point is we don't have to do anything in this environment. It's all an option of choice and then making decisions with the flexibility we have to maximize NPV as a function of, where does the market go today? How does that compare with where we think the market will be in the future? And fundamentally, what's the long-term marginal cost of supply and where do current prices sit with respect to that?

是的。早安，貝蒂，謝謝你的提問。我認為您觸及了我們的現狀以及我們如何看待業務的真正關鍵因素。第一點是，在這種環境下我們什麼都不用做。這都是一種選擇，然後我們可以根據當前的市場走向靈活地做出決策，以最大化 NPV。這與我們對未來市場狀況的預測相比如何？從根本上來說，長期供應的邊際成本是多少，目前價格相對於該成本處於什麼水準？

We've also got to factor in, to your point, which is the momentum that we've got, making sure we're continuing to drive a lot of the technology advances. So we don't want to compromise the good progress that we're making there and frankly, a very strong portfolio of opportunities that we're prosecuting.

正如您所說，我們還必須考慮到我們所擁有的動力，確保我們能夠繼續推動許多技術進步。因此，我們不想損害我們在那裡取得的良好進展，坦白說，我們正在進行的一系列非常強大的機會。

We've also got to factor in where costs go, where the cost of supplies, what contractors are doing. So there's a number of variables that go into this. Our unconventional business, in particular, is paying attention to all those things. We've got a very rigorous process for evaluating the trade-offs and coming up with what we think is an optimum investment rate and approach going forward, which fundamentally is going to be driven by where the -- how low the market goes. And I think there are opportunities in a low-price environment that we want to make sure we're prepared to take advantage of.

我們還必須考慮成本的去向、供應品的成本以及承包商在做什麼。因此，這其中涉及許多變數。我們的非傳統業務尤其關注所有這些事情。我們有一個非常嚴格的流程來評估權衡，並提出我們認為的最佳投資率和未來的方法，這從根本上將取決於市場跌至何種程度。我認為低價環境中存在著機遇，我們希望確保我們已準備好利用這些機會。

So it's not a black and white answer, unfortunately, for you. But I would just tell you, you should have a lot of confidence that we understand the variables are paying very close attention to them and assessing what's the best way to maximize the value of the company.

因此，很遺憾，對你來說，這不是一個非黑即白的答案。但我只想告訴你，你應該非常有信心，我們了解這些變量，並密切關注它們，並評估最大化公司價值的最佳方法。

Devin McDermott, Morgan Stanley.

摩根士丹利的戴文麥克德莫特。

Hey. Good morning. Thanks for taking my question. So Darren, I wanted to spend a little bit of time on chemicals. So the China chemicals project, as you highlighted, gives you a large domestic supply source at a time when we're seeing rising trade barriers, where watching one of the key strategic benefits of this project, I think, play out in real time.

嘿。早安.感謝您回答我的問題。所以達倫，我想花一點時間研究化學品。因此，正如您所強調的，在貿易壁壘不斷上升的背景下，中國化學品項目為您提供了一個龐大的國內供應來源，我認為，這個項目的一個關鍵戰略優勢正在實時發揮作用。

So I was wondering if you could talk a little bit more about how recent market developments, like slowing global growth, US-China tariffs were impacting performance at that facility and also your chemicals business more broadly?

所以我想知道您是否可以再多談談最近的市場發展，例如全球成長放緩、中美關稅如何影響該工廠的業績以及更廣泛的化學品業務？

Sure. So I think -- maybe to start with the big picture and then zoom into the specifics of our China complex. I think we've been -- the industry has been in essentially a long position from a supply standpoint for quite some time. And the margins that we're seeing -- industry margins that we're seeing across the world are well below what our past experience in history has been. And that's really a function of really good demand, strong demand, but even more supply and stronger growth in supply, which is creating this market glut. And so that's been the challenge, I think, we've been facing in many -- in the industry, all -- everyone in the industry has been facing for quite some time.

當然。所以我認為——也許應該先從整體情況開始，然後再放大到我們中國的具體情況。我認為，從供應角度來看，該行業基本上已經處於長期狀態。而我們所看到的利潤率——我們看到的全球產業利潤率遠低於我們過去的歷史經驗。這其實是需求良好、強勁的結果，但供應量更大，供應量成長更強勁，造成了市場供過於求。所以我認為，這是我們在許多行業中都面臨的挑戰，所有行業中的每個人都已經面臨了相當長的挑戰。

We, with the work that we've been doing and the focus on one advantages projects, cutting the cost out of our business and growing high-value products, are continuing to deliver very sound results in this very challenging market. And so our expectation, that's going to be with us for quite some time. The world will continue to grow, will eventually, with time, grow out of the excess supply condition. I'm sure there will be some plants that don't -- some facilities that don't survive the market and drop out, and those balances will shift as we go forward.

我們透過一直在做的工作以及對一個優勢項目的關注，削減業務成本並發展高價值產品，在這個充滿挑戰的市場中繼續取得非常良好的業績。因此，我們的預期是，這種情況將會持續相當長一段時間。世界將繼續增長，最終隨著時間的推移，擺脫供應過剩的狀況。我確信會有一些工廠無法生存——一些設施無法在市場中生存並退出，而這些平衡將隨著我們前進而改變。

We're very focused on what we can control, which is making products that have a high value in use and, therefore, justify a premium in the marketplace, running very reliably, running at a low cost and being competitive in what's a challenging market. As we've said, and Betty just alluded to, we've been building our business for this. And so we feel very comfortable with where we're at.

我們非常專注於我們能夠控制的事情，即製造具有高使用價值的產品，從而證明其在市場上具有溢價，運行非常可靠，運行成本低，並在充滿挑戰的市場中具有競爭力。正如我們所說的，貝蒂剛才也提到，我們一直在為此開展業務。因此，我們對目前的狀況感到非常滿意。

On China, I think you touched on it. We had a very long-term view. It's an important market. We recognize we're going to go through geopolitical cycles and different external perturbations and being -- having a strong presence in an important market underpinned a lot of the thinking behind that investment. It is a very large investment, a complex one.

關於中國，我想你已經談到了這一點。我們有一個非常長遠的眼光。這是一個重要的市場。我們認識到我們將經歷地緣政治週期和不同的外部幹擾，並且在重要市場中擁有強大的影響力支撐了這項投資背後的許多想法。這是一項非常大的投資，而且非常複雜。

I'm very pleased to say that we built that facility well below the incremental cost of supply coming on that you'd see anywhere else in the world. We even beat what, I would say, are the Chinese markers low-cost capital investment. We did it at a very -- on a very fast schedule, and that team has started that facility up very, very smoothly and got on to on-spec production faster than any other start-up we've had.

我很高興地說，我們建造該設施的成本遠低於世界其他任何地方的供應增量成本。我想說，我們甚至超過了中國市場上的低成本資本投資。我們按照非常快的時間表完成了這項工作，並且團隊非常順利地啟動了該設施，並且比我們之前的任何其他啟動都更快地實現了按規格生產。

So it's just been, I think, a testament to the capability of our people. Our entire organization have come together, brought the whole weight of ExxonMobil to making that project successful in getting it up and running. It's an advantaged project. So we expect to be well positioned within this difficult market.

所以我認為這證明了我們人民的能力。我們整個組織齊心協力，發揮埃克森美孚公司的全部力量，確保該計畫成功啟動和運作。是一個優勢項目。因此，我們希望在這個困難的市場中佔據有利地位。

We're going to ramp that facility up through the year. And so for the most of this year, it will be in start-up and going through grade wheels and making sure that we're really breaking that facility. And then our expectation is 2026 will be up and running and blowing and going with the facilities. So feel good about where we're at and the potential that we've got there.

我們將在今年逐步擴大該設施的規模。因此，在今年的大部分時間裡，它將處於啟動和經過等級輪子測試的狀態，並確保我們真正打破了該設施。我們預計 2026 年這些設施將開始運作、運作。因此，對於我們目前的狀況和我們擁有的潛力，我們感到很滿意。

Great to see the strong results. Thanks, Darren.

很高興看到如此強勁的成果。謝謝，達倫。

Doug Leggate, Wolfe Research.

道格‧萊格特（Doug Leggate），沃爾夫研究公司。

Thank you. Good morning. Good morning, Darren. It's interesting to watch everyone talk about share buybacks. And you guys -- in terms of what the flexibility might be and so on, you guys have reiterated your $20 billion pace one day before the anniversary of when you close Pioneer.

謝謝。早安.早安，達倫。看到大家都在談論股票回購很有趣。至於你們——就靈活性等方面而言，你們在關閉先鋒公司週年紀念日的前一天重申了 200 億美元的步伐。

So my question is this, there's a lot of benefits to ExxonMobil for buying in the stock beyond just the cash return aspect, specifically reducing the dividend burden on the equity you issued on Pioneer. So my question is simply, given the volatility in the market, would you continue this pace regardless of the commodity within reason and leading your balance sheet to ensure that those Pioneer shares are essentially bought back in?

所以我的問題是，除了現金回報方面之外，埃克森美孚購買股票還有很多好處，特別是可以減少先鋒公司發行的股票的股息負擔。所以我的問題很簡單，考慮到市場的波動性，您是否會繼續保持這種步伐，無論商品如何，並在合理範圍內引導您的資產負債表，以確保這些先鋒股票基本上被回購？

Yeah. Good morning, Doug. I think you've touched on certainly one of the objectives that we had when we acquired Pioneer. We recognize that the valuation -- the differential valuation in our stocks presented an opportunity to do a stock transaction, but at the same time, recognize that issuing more stock put an additional burn on us and additional obligation. And we were very focused on making sure that we manage that obligation and brought that obligation back down again. And that's part of the thing that's underpinned the increase in the buybacks and the pace that we're keeping.

是的。早安，道格。我想您肯定已經觸及了我們收購先鋒公司的目標之一。我們認識到估值——我們股票的差異估值提供了進行股票交易的機會，但同時，我們也認識到發行更多股票會給我們帶來額外的負擔和額外的義務。我們非常注重確保管理好這項義務，並再次降低這項義務。這也是我們增加回購並維持回購步伐的原因之一。

And so that's very much in mind. We're very focused on continuing to do that and feel like this is a good time to continue doing it. Frankly, you know our stock price is heavily correlated with crude and crude price. I don't believe that truly reflects the value of the company. And so as it moves down with crude prices, in my mind, that's a great buying opportunity for the stock. And so we're committed to continuing to do that.

我非常重視這一點。我們非常專注於繼續這樣做，並且覺得現在是繼續這樣做的好時機。坦白說，您知道我們的股價與原油和原油價格密切相關。我不相信這真正反映出公司的價值。因此，隨著原油價格下跌，在我看來，這是買入該股票的絕佳機會。因此我們致力於繼續這樣做。

And I think the market conditions we're in today are reasonable. We'll obviously keep an eye on that going forward. Our priority continues to remain making sure that we can invest in the advantaged projects that frankly are going to lay the foundation for all the growth that we see coming through 2030 and beyond, maintaining a strong balance sheet to give us the foundation we need to take advantage of any opportunities that might come in a challenged market is really important, but then obviously addressing the obligation of dividend and sharing our success our shareholders is pretty critical.

我認為我們今天所處的市場條件是合理的。我們顯然會繼續關注此事。我們的首要任務仍然是確保我們能夠投資於優勢項目，坦白說，這些項目將為我們在 2030 年及以後看到的所有增長奠定基礎，保持強勁的資產負債表，為我們利用可能在充滿挑戰的市場中出現的任何機會奠定基礎，這確實很重要，但顯然，履行股息義務和與股東分享我們的成功也非常關鍵。

Anything you want to add to that, Kathy?

凱西，您還有什麼要補充的嗎？

I think the only thing I would add is we tried to make a point in our December corporate plan disclosure to show some sensitivities, including a sensitivity at $55 oil, where we showed over the next six-year kind of period, '25 through '30, we'd still throw off surplus cash flow of $110 billion.

我認為我唯一要補充的是，我們試圖在 12 月份的公司計劃披露中指出一些敏感性因素，包括油價為 55 美元時的敏感性，我們表明，在未來六年（25 年至 30 年）期間，我們仍將產生 1100 億美元的盈餘現金流。

That included a little bit of excess cash, but we ran those numbers in the sensitivity to just demonstrate how resilient we are even in a lower commodity price environment. So we really focused on making sure we built up a strong balance sheet to hold us in good stead in times like this.

其中包括少量多餘的現金，但我們以敏感度計算這些數字，只是為了證明即使在較低的商品價格環境中我們也具有多麼強的韌性。因此，我們真正專注於確保建立強大的資產負債表，以便我們在這樣的時期保持良好的狀態。

Thank you. I wonder if I could squeeze a quick follow-up, Darren, just very quickly on the 10 projects you have this year, one specifically. What is the current status or expected timing of the start-up of Golden Pass, and I'll leave it there? Thank you.

謝謝。達倫，我想知道我是否可以快速跟進您今年的 10 個項目，特別是其中一個。Golden Pass 的啟動現況或預計時間是怎樣的？我就不多說了。謝謝。

Yeah. There are -- that project along with the others that I think I gave some pretty specific perspective on the last call. Continues to be progressing at the pace that we had anticipated, look to have first LNG by the end of this year, potentially slipping into early next year. But right now, we think we're going to deliver at the back end of this year.

是的。我認為我在上次通話中對該項目以及其他項目給出了一些非常具體的觀點。繼續以我們預期的速度前進，預計今年底將生產出第一批液化天然氣，也可能延後到明年年初。但現在，我們認為我們將在今年年底實現這一目標。

Neil Mehta, Goldman Sachs.

高盛的尼爾·梅塔。

Yeah. Good morning, Darren and team. Darren, you mentioned in your comments, you want to make sure that you have -- take advantage of opportunities that a low-cost environment can present. And certainly, you talked about how you're doing that from a cost perspective.

是的。早安，達倫和團隊。達倫，您在評論中提到，您想確保自己能夠利用低成本環境帶來的機會。當然，您從成本角度談到瞭如何做到這一點。

How does M&A potentially fit into that framework? And if you could just give us your latest thoughts on whether there are any gaps in the portfolio or how you're thinking about continuing to consolidate given the strength of the balance sheet?

併購如何適應該框架？您能否向我們介紹一下您的最新想法，即投資組合中是否存在任何缺口，或者考慮到資產負債表的強勁，您如何考慮繼續整合？

Sure. Thank you. Good morning, Neil. I would just say maybe stepping back fundamentally how we think about acquisitions is this -- the equation that we've talked about in the past of 1 plus 1 has to equal 3. And 3 comes from taking all the advantages that we've been very focused on strengthening over the last eight years, and I think are certainly demonstrating to the Pioneer acquisition, the real value of those advantages along with the other projects that we're delivering that we take those advantages and look for opportunities where we can apply those to other companies, other assets so that we can grow the value of that beyond what either of us could do independent of one another.

當然。謝謝。早安，尼爾。我只想說，也許從根本上來說，我們對收購的看法是這樣的——我們過去談到的 1 加 1 必須等於 3 的等式。第三，我們充分利用了過去八年來一直致力於加強的所有優勢，我認為先鋒公司的收購無疑證明了這些優勢的真正價值，我們正在實施的其他項目也體現了這些優勢，我們利用這些優勢並尋找機會將其應用於其他公司、其他資產，以便我們能夠將其價值提升到超越我們任何一方獨立所能實現的價值。

And so that fundamental approach to thinking about acquisitions and leveraging our advantages and core capabilities keeps us on the lookout constantly for where we can find those opportunities. When we get into a low-price environment where potentially some companies don't have the same foundations that we do, the same strengths, the same capability to ride out some of the low points of the cycle, that could present opportunities we want to be responsive to those opportunities.

因此，思考收購以及利用我們的優勢和核心能力的基本方法使我們不斷尋找可以找到這些機會的地方。當我們進入低價環境時，有些公司可能不具備與我們相同的基礎、相同的優勢、相同的能力來度過週期的低谷，這可能為我們帶來機會，我們希望對這些機會做出反應。

So I wouldn't tell you that the emphasis or the focus changes in the low-price environment, but we're cognizant that there may be more opportunities that materialize. We don't -- we're not counting on them. We certainly don't need them in the base portfolio that we've got and the growth profile that we've laid out, but we want to make sure that we're taking advantage of any of the opportunities that we see out there.

因此，我不會告訴你低價環境下的重點或焦點會發生變化，但我們意識到可能會有更多的機會出現。我們不——我們不指望他們。我們當然不需要它們出現在我們現有的基礎投資組合和我們制定的成長規劃中，但我們希望確保我們能夠利用我們所看到的任何機會。

Steven Richardson, Evercore ISI.

史蒂文·理查森 (Steven Richardson)，Evercore ISI。

Hey. Good morning. Darren, I was wondering you've been really consistent on policy frameworks and incentives and what you all need to see to some of the investments certainly in some of the low carbon areas. So I was wondering if you could give an update on your current thoughts on Baytown? And are you likely to move ahead based on what you see today? And if not, what else needs to happen for you to get to FID?

嘿。早安.達倫，我想知道您在政策框架和激勵措施方面是否真的保持一致，以及您需要對某些低碳領域的投資做些什麼。所以我想知道您是否可以談談您目前對貝敦的看法？根據您今天所看到的情況，您是否有可能繼續前進？如果沒有，您還需要做什麼才能獲得 FID？

Sure. Thank you, Steve, and good morning. Sure. So you're right. We've been -- we entered into that business with the recognition that, frankly, the world needs to find ways to reduce emissions. We think that objective is an important one and a long-term one that society needs to find a constructive, thoughtful, rational path in achieving.

當然。謝謝你，史蒂夫，早安。當然。所以你是對的。我們進入這個行業時就意識到，坦白說，世界需要找到減少排放的方法。我們認為這個目標很重要，而且是一個長期目標，社會需要找到一條建設性的、深思熟慮的、理性的途徑來實現它。

Our view was that we, as a company, have capabilities that we can bring to that challenge and meet that demand, but markets need to form -- policy needs to be in place to support that in the early stages of the development of this new industry, frankly. We're pushing very hard, though, to make sure that society finds a way, governments find a way to introduce market mechanisms to engage the forces of market to engage competition, drive technology innovations.

我們的觀點是，作為一家公司，我們有能力應對這項挑戰並滿足這一需求，但市場需要形成——坦白說，需要製定政策來支持這個新興產業在發展的早期階段的發展。不過，我們正盡力，確保社會、政府能找到辦法引入市場機制，調動市場力量參與競爭，推動技術創新。

And so we're -- while we're looking to invest and take advantage of some of the government support and policy that's out there, we're also working very hard to try to drive more robust, holistic policy, establish a true framework for carbon accounting so that we can begin to really understand where the sources of emissions are and can then start to calculate true carbon intensities and the cost of carbon reduction. And so longer term, we need a better system to manage emissions across the globe.

因此，我們在尋求投資並利用現有的一些政府支持和政策的同時，也在努力推動更有力、更全面的政策，建立真正的碳核算框架，以便我們能夠真正了解排放源在哪裡，然後開始計算真正的碳強度和碳減排成本。因此從長遠來看，我們需要一個更好的系統來管理全球排放。

The Baytown Blue Hydrogen was an attempt to take advantage of the desire to drive into reductions fast in areas that we believe are fundamental to long-term emissions reductions. Low-carbon hydrogen is certainly one of those building blocks that we think at some point in time is going to play an important role. We needed to find an economic way to build a project so that we generated returns that were competitive in our portfolio. We had to work with the administration to make sure there was a solid policy in place that supported that investment, and we needed to develop a customer base that we're signing offtake agreements and committing to buy the products that we produce.

貝敦藍色氫氣計畫旨在利用人們的願望，在我們認為對長期減排至關重要的領域快速推動減排。我們認為低碳氫無疑是未來某個時候將發揮重要作用的基石之一。我們需要找到一種經濟的方式來建立項目，以便我們能夠產生在我們的投資組合中具有競爭力的回報。我們必須與政府合作，確保制定支持該投資的可靠政策，並且我們需要發展客戶群，我們正在簽署承購協議並承諾購買我們生產的產品。

I think we've got a good project in hand that we think is very competitive and that will drive very competitive returns and certainly have a -- has a good place in our portfolio. I think the policy that's in place is -- this is certainly -- there's some debate today with the Trump administration. Our expectation is, while some of that policy may change, it will be done in a very thoughtful way and our expectation is the things that we need to drive low-carbon hydrogen will probably stay in place, but we have to see that manifested.

我認為我們手上有一個很好的項目，我們認為它非常有競爭力，將帶來非常有競爭力的回報，並且肯定會在我們的投資組合中佔有一席之地。我認為現行的政策是——這當然是——今天與川普政府存在一些爭論。我們的期望是，雖然部分政策可能會發生變化，但我們將以非常周到的方式進行，並且我們期望推動低碳氫化合物發展所需的東西可能會保持不變，但我們必須看到這一點得到體現。

And the third piece that we're working on is the sales commitments and having the offtake agreements, I'd say right now, that's probably the long pole in the tent with respect to driving this. And so when that -- when those two things come together, and we're confident that we have what we need to generate the returns that it's going to be required to justify the investments, we'll move forward.

我們正在努力的第三部分是銷售承諾和承購協議，我想說，現在，這可能是推動這項進程的關鍵。因此，當這兩件事結合在一起時，我們有信心我們擁有所需的一切來產生回報，以證明投資的合理性，我們就會繼續前進。

Hopefully, that's later this year. But as we've been saying all along, it's very much a function of locking those things down. So we're confident that we'll generate the returns on those investments.

希望這會在今年晚些時候實現。但正如我們一直所說的那樣，它的作用很大程度上就是鎖定這些東西。因此我們有信心從這些投資中獲得回報。

John Royall, JPMorgan.

摩根大通的約翰·羅亞爾。

Hi. Good morning. Thanks for taking my question. So my question is on Pioneer. You're hitting the one-year anniversary of closing the transaction. I was just hoping for an update on how you're tracking in the various buckets of synergies today. And particularly on the production side, the improved recoveries you've talked about, I know it was a little longer dated, but just any commentary on how those efforts are tracking.

你好。早安.感謝您回答我的問題。我的問題是關於先鋒的。您即將迎來交易完成一週年紀念日。我只是希望了解您今天在各種協同效應方面的追蹤情況。特別是在生產方面，您談到的恢復情況有所改善，我知道這有點過時了，但只是對這些努力的進展情況的任何評論。

Yeah. Sure. Thank you, John. Appreciate the question and good morning. I would tell you across all the areas where we saw opportunities to add value by combining what were two great organizations, independent organizations, are frankly finding more value opportunities than we anticipated.

是的。當然。謝謝你，約翰。感謝您的提問，早安。我想告訴你們，在所有領域，我們都看到了透過合併兩個偉大的組織（獨立的組織）來增加價值的機會，坦白說，我們發現的價值機會比我們預期的要多。

So at the corporate plan update, I know that we upped annual average synergies we expect to see over the first 10 years from $2 billion to $3 billion. Our view today is that numbers are even bigger. And so we're making really good progress. I think everybody who's working in that resource, that business that we have, whether you're heritage ExxonMobil, whether you are heritage Pioneer, are really excited by the opportunity.

因此，在公司計劃更新時，我知道我們將預計前 10 年年平均協同效應從 20 億美元提高到 30 億美元。我們今天的觀點是，這個數字甚至更大。因此，我們正在取得非常好的進展。我認為，在我們擁有的資源領域、業務領域工作的每個人，無論你是埃克森美孚，還是先鋒公司，都對這個機會感到非常興奮。

It has been truly a best-of-both approach and the value that the people at Pioneer brought to this effort and the enthusiasm ExxonMobil folks brought to this is just really paying off in spades. So I don't think we have finished mining the value that we see in this combination. So I'm very optimistic.

這確實是一種兩全其美的方法，先鋒公司員工為這項工作帶來的價值以及埃克森美孚員工的熱情確實獲得了豐厚的回報。因此我認為我們還沒有完全挖掘出這個組合的價值。所以我非常樂觀。

I think as we head to the back of the year, you'll continue to see the improvements in the value manifest themselves and the data that comes out. And my expectation is we'll continue to grow the synergy values going forward and would expect that to update with you when we share our corporate plan update at the end of this year. But basically, full steam ahead, everything is looking very, very good, and we're exceeding our own expectations.

我認為，隨著我們進入今年年底，您將繼續看到價值的提升和隨之而來的數據。我的期望是，我們將繼續提高未來的協同價值，並希望在今年年底分享我們的公司計劃更新時與您分享這項更新。但基本上，全速前進，一切看起來都非常非常好，而且我們超出了自己的預期。

Biraj Borkhataria, RBC.

Biraj Borkhataria，RBC。

Hi. Thanks for taking my question. I just wanted to go back to your CapEx plans. When you presented your plan in December, there was a sort of a wedge of CapEx that was policy dependent, things you would like to do provided the right environment was there. And would it be fair to assume in the near term, at least, given the amount of uncertainty we see that CapEx gets pushed to the right. And I'm thinking of things like the Baytown project, given the uncertainty on the policy and the tariffs?

你好。感謝您回答我的問題。我只是想回到你的資本支出計劃。當您在 12 月提出您的計劃時，其中有一種依賴政策的資本支出，即在適當的環境下您願意做的事情。並且，考慮到我們看到的不確定性，至少在短期內，假設資本支出被推向右邊，這是否公平？鑑於政策和關稅的不確定性，我正在考慮貝敦計畫之類的事情？

And then the second question is just a specific one on Mozambique. Is my understanding that you sold out of the floating development at Coral North in exchange for higher interest in the onshore development in a swap -- just wanted to confirm that and understand your rationale of that deal and how you expect that project to progress going forward? Thank you.

第二個問題是關於莫三比克的具體問題。我的理解是，您透過掉期交易出售了 Coral North 的浮動開發項目，以換取陸上開發項目的更高權益——我只是想確認這一點，並了解您進行這筆交易的理由以及您對該項目未來進展的預期？謝謝。

Yeah. On the CapEx, you're right that we did break it out to be clear on what was base spend that was needed to kind of continue to drive and manage the growth in our base business. We had a bucket that was early stage projects where we had, in that forecast going forward, put in some capital spend based on successfully FID-ing those projects. Those had not been decisions made yet, but we made room for them in our base plan.

是的。關於資本支出，您說得對，我們確實將其分解開來，以明確需要哪些基本支出才能繼續推動和管理我們基礎業務的成長。我們有一個屬於早期階段的專案桶，在未來的預測中，我們會根據這些專案的成功 FID 投入一些資本支出。這些尚未做出決定，但我們在基礎計劃中為它們留出了空間。

And then obviously, things that were dependent upon policy. And you'll remember, we had Proxxima and Carbon Material Ventures, which we continue to feel very good about with respect to the value and use and the applications, and those are growing. But as you build -- introduce new products into new markets, you can't be completely sure of those. And so we wanted to make sure there was a clear line of sight to those buckets that had -- that were dependent upon achieving success.

顯然，這些事情都取決於政策。您會記得，我們​​有 Proxxima 和 Carbon Material Ventures，我們對它們的價值、用途和應用感到非常滿意，而且它們都在成長。但是，當你將新產品引入新市場時，你無法完全確定這一點。因此，我們希望確保能夠清楚地看到那些依賴於成功的桶子。

And I would say, at this stage, all those buckets are basically on track. The policy question, I think, early stages, we'll have that answer here as we go through the third quarter, I suspect. And so I don't anticipate at this stage tariffs or uncertainty delaying anything that we're doing with respect to that.

我想說，目前，所有這些目標基本上都已步入正​​軌。我認為，政策問題還處於早期階段，我估計，當我們進入第三季時，我們會找到答案。因此，我預期現階段關稅或不確定性不會推遲我們在這方面採取的任何行動。

As I mentioned earlier, probably the biggest challenge on our Baytown Blue Hydrogen Project is signing up to customers and getting the offtake, which we had a good line of sight to. We've got some very solid discussions that we're having in there. So I hope to see that come through.

正如我之前提到的，貝敦藍氫計畫面臨的最大挑戰可能是簽約客戶並獲得承購，我們對此有著很好的認識。我們在那裡進行了一些非常深入的討論。所以我希望看到這一點能夠實現。

So right now, I wouldn't suggest that we're going to see a lot of capital slipping out of the plan horizon. But year to year, you may see some movement, but frankly, right now, from what we can tell, we're on track with the longer-term plans that we've laid out.

因此，目前，我認為我們不會看到大量資本從計劃範圍中溜走。但年復一年，你可能會看到一些變化，但坦白說，現在，據我們所知，我們正在按照我們制定的長期計劃進行。

I would just add to that. If you look at our low-carbon investments, probably the biggest thing we're investing in this year is CCS, and we'll be bringing on our first customer in that CCS business. And so that's progressing really well.

我只想補充一點。如果你看一下我們的低碳投資，那麼我們今年投資最大的項目可能是 CCS，我們將在 CCS 業務中迎來我們的第一位客戶。所以一切進展順利。

We have the permanent storage. We've drilled the wells. We've got the monitoring put in place, and so we're feeling very good about how that business is progressing. So we did carve out. It was $30 billion of our total CapEx from 2024 through 2030. It's about 10% of our total CapEx. But if you look at all the different projects we have in the low-carbon space, they're progressing pretty well right now.

我們有永久儲存空間。我們已經鑽好了井。我們已經實施了監控，因此我們對業務進展感到非常滿意。所以我們確實放棄了。這是我們 2024 年至 2030 年期間總資本支出的 300 億美元。這約占我們總資本支出的 10%。但如果你看看我們在低碳領域的所有不同項目，它們現在進展得相當順利。

Yeah. And then with respect to Mozambique, I won't get into any of the specifics on what we've been doing there other than to say, as a philosophy, we're absolutely convinced that with respect to developing large projects, large complicated projects that we bring a huge advantage to those efforts, the strength that we have in our global projects organization, I think, frankly, is hard for any other company to replicate.

是的。至於莫三比克，我不會詳細介紹我們在那裡所做的事情，我只想說，作為一種理念，我們絕對相信，在開發大型專案、大型複雜專案方面，我們為這些努力帶來了巨大的優勢，我們在全球專案組織中擁有的優勢，坦白說，我認為，其他公司很難複製。

And we want to make sure that as we deploy that advantage that we've got the right-sized stake in our developments to adjust the effort. And I would say that's just the general philosophy that we're taking across our entire portfolio.

我們希望確保在利用這一優勢時，我們在發展中擁有適當規模的股份，以調整努力。我想說，這只是我們整個投資組合所秉持的整體理念。

Jean Ann Salisbury, Bank of America.

美國銀行的 Jean Ann Salisbury。

Good morning. A bit of a follow-up to an earlier question. But at your Investor Day in December, you showcased the new [Cooke] province that you believe could be a big contributor to raising EURs by 15%. Now with four more months of well data, is that province still performing to that expectation, even exceeding the expectation?

早安.對先前的問題進行一些後續跟進。但在 12 月的投資者日上，您展示了新的 [庫克] 省，您認為它可以為歐元上漲 15% 做出重大貢獻。現在又有四個月的油井數據，該省的表現是否仍達到預期，甚至超乎預期？

Yeah. Good morning. Yeah, I would tell you we have been progressing that -- the deployment of the low-weight proppant, setting up the supply chain and logistics systems to support that. I would tell you that today, we're as enthusiastic, if not more, associated with the value opportunity that we're seeing there with the ongoing results of the wells that we've already deployed that technology to.

是的。早安.是的，我想告訴你，我們一直在推進這項工作——部署輕質支撐劑，建立供應鏈和物流系統來支援這項工作。我想告訴你，今天，我們對已經部署該技術的油井的持續成果所看到的價值機會同樣充滿熱情，甚至更加熱情。

So that's, I think, going forward, going to continue to be a critical part of the portfolio. And frankly, like a lot of the technical advances that we make in the company, we generally surprised ourselves with the improvements that we make over time as we gain experience through deployment. And my expectation is we'd see something similar there, but the 15% that we talked about is still a very good number, a good solid base.

所以，我認為，展望未來，這將繼續成為投資組合的關鍵部分。坦白說，就像我們公司取得的許多技術進步一樣，隨著我們透過部署來累積經驗，隨著時間的推移，我們取得的進步通常會讓我們自己感到驚訝。我的預期是，我們會看到類似的情況，但我們談到的 15% 仍然是一個非常好的數字，一個很好的堅實基礎。

Alastair Syme, Citi.

花旗銀行的阿拉斯泰爾‧西姆 (Alastair Syme)。

Hi. Thanks for the opportunity. Darren, just because you mentioned it in your prepared remarks that the litigation against the European Union on windfall tax, I think that's originally filed back in 2022. Where does this process currently sit? And what do you think the timeline is on resolution?

你好。感謝有這個機會。達倫，因為你在準備好的發言中提到了針對歐盟的暴利稅訴訟，我認為這最初是在 2022 年提起的。這個過程目前進展到哪一步了？您認為解決方案的時間表是怎樣的？

Good morning, Alastair. Thanks for the question. I would just maybe put that in the category of a number of the lawsuits that we've been involved in over the years. The wheels of justice turn slow. So my expectation -- and I don't have a good timeline for that, but my expectation is that it will be a -- like a lot of these legal cases that will wind its way through the procedural legal process. And we'll see where we get to on that, but I don't have an update on that today.

早安，阿拉斯泰爾。謝謝你的提問。我可能只是把它歸類在我們多年來參與的眾多訴訟類別中。正義之輪轉動緩慢。所以我的期望是——雖然我沒有一個很好的時間表，但我的期望是，它將像許多法律案件一樣，透過程序性的法律程序來解決。我們將拭目以待，看看會取得什麼進展，但我今天還沒有更新消息。

Roger Read, Wells Fargo.

富國銀行的羅傑‧里德 (Roger Read)。

Yeah. Good morning. I'd like to come back on your -- some of your -- the end of your opening comments about kind of, I believe, it's $12 billion of cost savings achieved so far, $18 billion target by the end of the decade. When you previously kind of talked about the next stage of cost savings, it seems to have been logistics-focused. Nothing really said this time. So I'm just curious, some updates. We think about the incremental 6, is that logistics and procurement or has that grown as well or expanded in terms of the scope of things you're looking to cut costs on?

是的。早安.我想回到您開場白的結尾，我認為到目前為止已經實現了 120 億美元的成本節約，到本世紀末的目標是實現 180 億美元的成本節約。當您之前談到下一階段的成本節約時，似乎是以物流為重點。這次真的什麼都沒說。所以我只是好奇，一些更新。我們考慮增量 6，這是物流和採購嗎？或者就您希望削減成本的範圍而言，這是否也有所增長或擴大？

Sure. I'll hand it over to Kathy here in a minute for some more specifics. But I would just say, first of all, it's close to $13 billion through the first quarter. Those dollars are hard to come by, so I don't want to shortchange the organization. I think $12.7 billion is where we're at at the end of this quarter, which I just think putting that in context, if you go back through since 2019, the organization is delivering, on average, almost $2.5 billion of structural cost savings per year.

當然。我馬上就把它交給凱西 (Kathy) 來了解更多具體細節。但我首先要說的是，第一季的銷售額已接近 130 億美元。這些錢來之不易，所以我不想虧待組織。我認為本季末我們的成本是 127 億美元，我認為，如果回顧 2019 年以來的情況，該組織平均每年可節省近 25 億美元的結構性成本。

And we've got a good clip in momentum going, where I would tell you the organization that we have in place today is as excited about finding opportunities to get more efficient as they are about finding ways to get more effective and deliver more value. And so I think we're in a really good place as an organization that recognizes the critical importance of being on the low side of the cost of supply curve of being a very efficient producer and that there's a lot of energy momentum to finding that.

而且我們目前的勢頭很好，我想告訴你們，我們今天的組織對於尋找提高效率的機會感到興奮，因為他們對於尋找提高效率和創造更多價值的方法感到興奮。因此，我認為我們作為一個組織處於一個非常好的位置，認識到處於供應成本曲線的低端對於成為一個非常高效的生產商至關重要，並且有很多能量可以推動實現這一點。

When you couple that with the opportunity set that we're finding by bringing together centralized organizations and really, for the first time in the company's history, being able to take organizations that are very focused on a specific piece of value creation and have them look across the entire portfolio, all of our businesses, all of our assets, all around the globe and find opportunities to leverage their expertise in a particular area of the value chain, you can imagine the opportunity set there for somebody who's as big as we are that hasn't really had the opportunity to sit and look across everything and find the common denominators and extract value.

當你將它與我們透過整合集中式組織而發現的機會結合起來時，這實際上是公司歷史上第一次能夠讓專注於特定價值創造的組織審視整個投資組合、我們所有的業務、我們所有的資產，在全球範圍內尋找機會利用他們在價值鏈特定領域的專業知識，你可以想像規模，對於像我們這樣規模的人來說還沒有機會尋找價值和尋找價值的一切。

When you then couple that with the work that we're doing with the new enterprise system to get all the data that has historically been distributed across our organization, centralized, organized in a consistent way, frankly, I think the opportunity set is enormous, and we're making good progress on that and in a lot of different areas. And I'll let Kathy kind of touch on some of the specifics.

然後，當你將其與我們在新企業系統上所做的工作結合起來，將整個組織歷史上分佈的所有數據集中起來，以一致的方式組織起來時，坦率地說，我認為機會是巨大的，我們在這方面以及在許多不同領域都取得了良好的進展。我會讓凱西談談一些具體細節。

Yeah. And so if you think about the go-forward plan, a large amount of the cost savings that we expect to achieve is going to come from these newer centralized organizations. And so you mentioned logistics and then you kind of tied that with procurement. I would say procurement is alive and well at ExxonMobil. And they're constantly looking to make sure that they're really leaning into the full-scale and integrated approach at ExxonMobil in terms of how we drive our costs down.

是的。因此，如果你考慮未來的計劃，我們預計實現的大量成本節約將來自這些較新的集中式組織。所以您提到了物流，然後將其與採購聯繫起來。我想說埃克森美孚的採購業務十分活躍。他們一直在尋求確保在如何降低成本方面真正傾向於埃克森美孚的全面綜合方法。

But if you think about the logistics, it's as much trying to get at reducing the number of movements we have in logistics and making sure that we have full containers, both outbound and return and not just kind of cost of a container or cost of a movement. A great example would be something like Iona, right, where the number of ships we have moving every day just to supply the drilling campaign as well as the FSPOs is huge. And so just taking and using better data and information to actually reduce the number of trips is where we get a big bang for our buck, not just in reducing trip cost itself.

但是如果你考慮物流，那麼我們就要盡量減少物流中的運輸次數，並確保我們有滿載的貨櫃，包括出站和回程的貨櫃，而不僅僅是貨櫃成本或運輸成本。一個很好的例子就是像艾奧納島這樣的地方，每天我們都要運送大量的船隻來為鑽探活動和 FSPO 提供補給。因此，僅僅獲取並使用更好的數據和資訊來真正減少旅行次數就能讓我們獲得巨大的收益，而不僅僅是降低出行成本本身。

And one of the things that we're seeing all of our centralized organization be able to better and better do is use the full data set of the corporation, right, as we look to get more efficient with everything we do across the corporation.

我們看到，我們所有的集中式組織能夠做得越來越好的一件事就是利用公司的完整資料集，對吧，因為我們希望在整個公司內所做的一切都更有效率。

I'd also tell you, as we look forward, just trying to use technology to basically drive our efficiency, reduce our overhead costs by doing things in a more automated fashion is still an area where we have a significant opportunity. We recently did a larger implementation of a software platform called black line that we use in the accounting space, and it's literally enabled us to save tens of thousands of hours of what was very manually intensive work because we can now automate it. But a lot of this detail is in the data and being able to have cleaner data at a corporate-wide level so that we can get better insights from the data. We can improve our automation, and we can get both more efficient and more effective.

我還要告訴你，展望未來，試著利用科技來提高效率，透過以更自動化的方式做事來降低管理成本，仍然是我們擁有重大機會的領域。我們最近對會計領域使用的名為黑線的軟體平台進行了更大規模的實施，它實際上使我們能夠節省數萬個小時的手動密集型工作，因為我們現在可以實現自動化。但許多細節都存在於數據中，並且能夠在整個公司層級獲得更清晰的數據，以便我們可以從數據中獲得更好的洞察力。我們可以提高自動化程度，從而提高效率和效果。

We've talked a lot about the savings we've been able to achieve and expect to continue to raise the bar on in the maintenance space, and that's driving both faster and lower cost, big turnarounds. But it's also driving faster and lower-cost day-to-day maintenance as again, we're using that data set from across corporation to really make sure we're instilling best practices across our entire circuit. So as we look forward, I'd say you're going to see more and more savings being driven from those centralized organizations.

我們已經多次談論了我們已經實現的節省，並期望繼續提高維護領域的標準，這將推動更快、更低成本、更大的轉變。但它也能推動更快、更低成本的日常維護，因為我們再次使用整個公司的數據集來確保我們在整個電路中灌輸最佳實踐。因此，展望未來，我想說，你會看到越來越多的節省來自這些集中式組織。

And importantly, this is sustainable cost savings, right? It isn't just, hey, we're trying to get people to sort of do the same amount of work with your people. This is really driving sustainable cost savings. And the program, if you think about what we've done today, $12.7 billion in savings versus 2019, that's bigger than all our other competitors' savings programs kind of put together.

而且重要的是，這是可持續的成本節約，對嗎？這不僅僅是，嘿，我們試圖讓人們與你的員工做同樣多的工作。這確實推動了可持續的成本節約。如果你想想我們今天所做的計劃，與 2019 年相比，我們節省了 127 億美元，這比我們所有其他競爭對手的節省計劃的總和還要多。

So we're not scraping around the edges at this. I think we have a tried and true track record here that we feel really good about, and it's something that all our organizations really take on the accountability for and just drive every single day.

因此，我們不會在這方面做任何努力。我認為我們在這方面擁有經過驗證的良好記錄，我們對此感到非常滿意，這是我們所有組織真正承擔責任並每天努力推動的事情。

I appreciate that. And I had no intention, Darren, and Kathy of shorting of you the $700 million. I was just rounding number in my own mind.

我很感激。達倫和凱西，我無意讓你們做空 7 億美元。我只是在心裡把數字四捨五入而已。

Yeah. No problem, Roger. We like to round up when it's $12.7 billion.

是的。沒問題，羅傑。當達到 127 億美元時，我們喜歡將其四捨五入。

Fair enough.

很公平。

Bob Brackett, Bernstein Research.

鮑伯‧布拉克特（Bob Brackett），伯恩斯坦研究公司。

Good morning. A question around tariffs and how they relate to your project organization. So how should we think about moving modules, equipment into maybe US projects? And what did tariffs due to that? And what does the project organization do to make sure you hit your CapEx numbers and deliver on time?

早安.有關關稅及其與您的專案組織的關係的問題。那我們應該如何考慮將模組、設備轉移到美國專案中呢？那麼關稅又因何而起呢？專案組織採取了哪些措施來確保您達到資本支出數字並按時交付？

Sure. Thank you, Bob. I'd say -- it's a project organization activity as well as procurement and our supply chain. So it is a whole core effort in terms of managing the specifics of the tariffs, how they manifest themselves.

當然。謝謝你，鮑伯。我想說──這是一個專案組織活動，也是採購和我們的供應鏈。因此，這是管理關稅細節及其表現方式的核心工作。

I would say, generally speaking, for the things that are in flight where we've got work going on contracted, things we've FID-ed, I think the way we've structured those contracts and the position where we're at with each of those, we're pretty well shielded from the impacts of tariffs. What's really, I think, has more exposure to things -- the new things that are coming down the pipe and how the tariffs play out will be -- will drive the impact it potentially has on those projects.

我想說，一般來說，對於我們正在進行的、已經簽訂了合約的飛行項目、我們已經做出最終決定的項目，我認為我們建造這些合約的方式以及我們在每份合約中所處的位置，讓我們能夠很好地免受關稅的影響。我認為，真正受到更多關注的因素——即將出現的新事物以及關稅將如何發揮作用——將決定它對這些項目的潛在影響。

But I would very quickly say that to date, what we've seen and the work that we've done and the effort of the organization to minimize the impact, we don't today see a material impact on what we're doing in our project organization that would change the decisions that we're making, change the project portfolio that we're trying to advance or frankly, change the economics and the returns associated with those projects. So it's still early days, but I've got a lot of confidence that the organization has got a lot of levers to pull to manage that.

但我想很快地說，到目前為止，我們所看到的、所做的工作以及組織為盡量減少影響所做的努力，我們今天沒有看到對我們在項目組織中所做的事情產生實質性影響，這種影響不會改變我們所做的決策，改變我們試圖推進的項目組合，或者坦率地說，改變與這些項目相關的經濟和回報。所以現在還為時過早，但我非常有信心，該組織已經擁有很多手段來應對這一問題。

I would also tell you that I think there is a sensitivity by the Trump administration and other governments around the world to not severely impact the energy sector and the products that we produce. I think there's a very broad recognition of the critical role of the products that we produce in each of their economies that recognize that what we do actually fuels the engines of their economy.

我還要告訴你，我認為川普政府和世界其他政府都很敏感，不想對能源部門和我們生產的產品造成嚴重影響。我認為，人們普遍認識到我們生產的產品在各個經濟體中發揮關鍵作用，並且認識到我們的產品實際上為其經濟引擎提供了動力。

And so there's a lot of sensitivity around that. And what we found in discussions around the world is governments want to understand the potential implications and are taking those things into consideration. So I would tell you today, we're certainly not immune to it, but I do believe we're well positioned to manage it. And today, we haven't seen any significant issues or impact or not forecasting any.

因此，人們對這一問題十分敏感。我們在世界各地的討論中發現，各國政府希望了解潛在的影響，並將這些因素納入考量。所以我今天要告訴你們，我們當然不能倖免於難，但我相信我們有能力應對它。今天，我們還沒有看到任何重大問題或影響，也沒有預測到任何問題或影響。

Josh Silverstein, UBS.

瑞銀的喬希·西爾弗斯坦（Josh Silverstein）。

Thanks. Good morning, guys. Back at the Upstream Spotlight, you highlighted how Exxon was kind of down shifting away from dry gas production, and it's probably more related to the Lower 48. But just given the improving demand outlook, do you see any potential shift in the strategy here? Or is there just a lot of growth coming from the associated bucket that you can capture enough of the rising demand environment? Thanks.

謝謝。大家早安。回到上游聚焦，您強調了埃克森美孚如何逐漸放棄乾氣生產，這可能與美國本土 48 州更相關。但鑑於需求前景不斷改善，您是否認為該策略可能會發生任何轉變？或者只是來自相關領域的大量成長，讓您能夠捕捉到足夠多不斷成長的需求環境？謝謝。

Yeah. Thank you for the question. No. I don't see a shift in strategy based on what we're seeing today, I mean, obviously, we've got a lot of associated gas, which given the liquids that come along with that have a fairly high value proposition.

是的。謝謝你的提問。不。根據我們今天所看到的情況，我認為戰略不會轉變，我的意思是，顯然，我們擁有大量伴生氣，考慮到隨之而來的液體，它們具有相當高的價值主張。

We have dry gas assets that we think would be competitive in the broader portfolio, but it's not the priority today. I mean we're obviously paying attention to how the markets develop. But frankly, our investment decisions, the strategies that we've put in place are more anchored to what we think are long-term fundamentals.

我們擁有乾氣資產，我們認為這些資產在更廣泛的投資組合中具有競爭力，但這不是今天的首要任務。我的意思是我們顯然在關注市場如何發展。但坦白說，我們的投資決策和製定的策略更基於我們認為的長期基本面。

And we're going to respond and take advantage of short-term dynamics if we believe they're going to stick around long enough to deliver some additional value. But no shift in strategy, no shift in the kind of long term how we're thinking about the market development and where our emphasis should be.

如果我們相信他們會堅持足夠長的時間來提供一些額外的價值，我們就會做出反應並利用短期動態。但我們在策略上沒有轉變，在長期思考市場發展和重點方面也沒有轉變。

Ryan Todd, Piper Sandler.

瑞恩·托德、派珀·桑德勒。

Thanks. Refining performance, our energy products performance was very strong in the first quarter. I wonder if you could comment on any particular drivers of that, and how do you see the market evolving from here over the course of the year as you think about supply-demand margins, et cetera?

謝謝。煉油業績，我們的能源產品在第一季的業績非常強勁。我想知道您是否可以評論一下其中的任何具體驅動因素，以及從供需利潤率等方面來看，您如何看待今年市場的發展？

Sure. So I would say what we're delivering out of our energy products segment and the refining business more specifically is really a reflection of a lot of hard work that's been going on for many years now. First, we've been very focused on making sure we understand the competitive positioning of all of our assets and where we see a deficiency or an opportunity to improve their competitive positioning, and it justifies an investment that's advantaged will make those.

當然。因此我想說，我們在能源產品領域和煉油業務方面取得的成果實際上反映了我們多年來的辛勤工作。首先，我們一直非常注重確保我們了解所有資產的競爭定位，以及我們在哪裡看到不足或改善其競爭定位的機會，並且它證明了有利的投資將會實現這些。

And so we've really reconfigured a number of our facilities to bring in higher value -- to produce higher-value products to improve the yield profile on those units. We've got a couple of examples of Rotterdam advanced hydrocracker. We brought in BLADE in the Gulf Coast. We're working on CRISP. Earlier, we put a coker in Antwerp. And so I think we've done a lot to improve the earnings power of the refineries that we feel are strategic and form a foundation within our organization.

因此，我們確實重新配置了一些設施，以帶來更高的價值——生產更高價值的產品，從而提高這些單位的產量。我們有幾個鹿特丹先進加氫裂解裝置的例子。我們在墨西哥灣沿岸引進了 BLADE。我們正在研究 CRISP。此前，我們在安特衛普安裝了一台焦化器。因此，我認為我們已經做了很多工作來提高我們認為具有戰略意義並構成我們組織基礎的煉油廠的獲利能力。

And then there's -- for the ones that we didn't feel had the competitive positioning that we wanted and didn't have this -- didn't fit with our strategy, we've been doing a lot of work to high-grade our facilities and to sell those where -- those assets to companies that saw a better fit with their strategies. And so we've done a really good job of high-grading the portfolio and really concentrating on the important refineries.

然後還有——對於那些我們認為沒有達到我們想要的競爭地位並且不符合我們策略的企業，我們一直在做大量工作來提升我們的設施，並將這些資產出售給那些更符合他們策略的公司。因此，我們在提升投資組合品質和真正集中於重要煉油廠方面做得非常出色。

And then with our global operations organization, really stepping back and taking the best thinking across the corporation and the best thinking that we can tap into outside the corporation and outside our industry to think through to how we better improve the performance of those refineries, how we reduce maintenance that Kathy touched on, how we improve reliability, how we drive safety, how we improve environmental performance. And so I would say across our entire circuit, a lot of focus on the rigor and the excellence and execution of running refineries.

然後，透過我們的全球營運組織，我們真正退一步，吸收整個公司的最佳思想以及我們可以從公司外部和行業外部獲得的最佳思想，思考如何更好地提高這些煉油廠的性能，如何減少凱西提到的維護，如何提高可靠性，如何提高安全性，如何改善環境績效。因此我想說，我們整個部門都非常注重煉油廠營運的嚴謹性、卓越性和執行力。

And we've seen huge value and that reliability is up, and costs are down. So it's a great combination. So those things, I think, all come together to give us a very high-performing refining business that can weather the ups and the downs.

我們已經看到了巨大的價值，可靠性提高了，成本降低了。所以這是一個很好的組合。所以，我認為，所有這些因素共同作用，使我們的煉油業務表現非常出色，能夠經受住市場起伏的考驗。

I think going forward, really tough to say exactly how the year is going to play out. There is certainly sufficient refining capacity out there. The demand, I think, difficult to see with all the uncertainty and all the projections being made about exactly where world economies go. And so that demand -- supply-demand balance, not clear to me. We're seeing better margins in the second quarter than we experienced in the first quarter. I expect some of that will hold just given the seasonality.

我認為，展望未來，很難確切地說今年的情況將會如何。那裡的煉油能力肯定是足夠的。我認為，由於存在許多不確定性，而且對世界經濟走向有各種預測，因此很難看到這種需求。因此，需求——供需平衡，我不清楚。我們發現第二季的利潤率比第一季有所提高。我預計，考慮到季節性因素，其中一些情況將會持續。

But frankly, we're not basing our business on being forecast heroes. We're basing our business and the success of that business on basically driving really sound operations. I think that strategy is paying off, certainly paid out in the fourth and the first quarter, expected to pay off going forward.

但坦白說，我們的業務並不是以成為預測英雄為基礎的。我們的業務及其成功的基礎基本上是推動真正穩健的營運。我認為這項策略正在取得成效，第四季和第一季肯定取得了成效，預計未來也將繼續取得成效。

All right. Thanks, Ryan. Thanks, everybody, for joining the call and for your questions. We're going to post the transcript of this call to the Investors section of our website by early next week. I hope everyone has a good weekend. And we look forward to connecting again later this month during our Annual Shareholders Meeting, which is on May 28. And that concludes today's call.

好的。謝謝，瑞安。感謝大家參加電話會議並提出問題。我們將於下週初將本次電話會議的記錄發佈到我們網站的投資者部分。祝大家週末愉快。我們期待在本月晚些時候，也就是 5 月 28 日舉行的年度股東大會上再次與您聯繫。今天的電話會議到此結束。