埃克森美孚 (XOM) 2025 Q2 法說會逐字稿

Good morning, everyone. Welcome to ExxonMobil's second-quarter 2025 earnings call. Today's call is being recorded. We appreciate you joining us. I'm Jim Chapman, Vice President, Treasurer and Investor Relations, and I'm joined by Darren Woods, Chairman and Chief Executive Officer.

大家早安。歡迎參加埃克森美孚 2025 年第二季財報電話會議。今天的通話正在錄音。感謝您的加入我們。我是財務主管兼投資者關係副總裁吉姆·查普曼 (Jim Chapman)，與我一起出席的是董事長兼首席執行官達倫·伍茲 (Darren Woods)。

Kathryn Mikells, our Senior Vice President and CFO, is not on the call today as she is recovering from a planned medical procedure. We wish her a speedy recovery. This quarter's presentation and pre-recorded remarks are available on the Investors section of our website. They're meant to accompany the second quarter earnings press release, which is posted in the same location.

我們的高級副總裁兼財務長 Kathryn Mikells 今天沒有參加電話會議，因為她正在從計劃中的醫療程序中恢復。我們祝福她早日康復。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二季度收益新聞稿一起發布。

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.

在今天的簡報中，我們將發表前瞻性評論，包括討論我們的長期計劃，這些計劃受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 thank you for joining us. This quarter once again proved the value of our strategy and our competitive advantages. They continue to deliver for our shareholders, no matter the market conditions or geopolitical developments. We built our strategy to take maximum advantage of ExxonMobil's uniquely diversified business across multiple markets and products. Products that exist today and new products that our groundbreaking technology will enable for the future.

早安，感謝您加入我們。本季再次證明了我們策略的價值和競爭優勢。無論市場狀況或地緣政治發展如何，他們都會繼續為我們的股東帶來收益。我們制定的策略是最大限度地利用埃克森美孚在多個市場和產品上獨特的多元化業務。現有的產品以及我們突破性的技術將為未來帶來的新產品。

In our Upstream business, we achieved the highest second quarter production since the merger of Exxon and Mobil more than 25 years ago. But it's not just about the volume. We're growing production from assets that deliver the most value. More than half of our oil and natural gas production comes from high-return, advantaged assets. We expect that number to climb to more than 60% by the end of the decade.

在我們的上游業務中，我們實現了埃克森美孚和美孚25多年前合併以來第二季的最高產量。但這不僅僅與音量有關。我們正在利用最有價值的資產來提高產量。我們的石油和天然氣產量有一半以上來自高報酬、優勢資產。我們預計到本世紀末這一數字將攀升至 60% 以上。

One of our most important advantaged assets is Guyana where we recently marked the 10-year anniversary of our first oil discovery. With nearly 11 billion barrels of resource, it's industry's biggest oil discovery in the past 15 years. We have three major developments online producing roughly 650,000 gross barrels per day in total, considerably above our investment basis.

我們最重要的優勢資產之一是圭亞那，我們最近在那裡慶祝了首次發現石油的十週年紀念日。該油田蘊藏近110億桶資源，是過去15年來油田發現的最大石油儲量。我們有三個主要開發項目在線，總產量約為每天 650,000 桶，大大高於我們的投資基礎。

Our fourth development in the largest to date, Yellowtail, is next in line and anticipated to achieve first oil next week, delivered four months out of schedule and under budget. By 2030, we expect to have total production capacity of 1.7 million oil equivalent barrels per day from eight developments.

接下來是我們迄今為止規模最大的第四個開發項目，Yellowtail，預計下週產出第一批石油，比計畫晚了四個月，而且預算不足。到 2030 年，我們預計八個開發案的總生產能力將達到每天 170 萬桶油當量。

The success of these projects has established Guyana is the world's fastest-growing economy. It's also one of the reasons I believe the Guyana development will prove to be one of the most successful deepwater developments of all time.

這些計畫的成功確立了圭亞那成為世界上成長最快的經濟體。這也是我相信圭亞那開發項目將成為有史以來最成功的深水開發項目之一的原因之一。

Regarding the recent arbitration decision, I admit the ruling was a surprise. We were highly confident in our position and so with CNOOC. This dispute was about protecting our contractual rights. The ST of contracts and governments, investors and co-ventures is critical for the Upstream industry. Without it, confidence in the large capital investments is undermined. Having coal written the contract with Shell, we understood its intent and believe the contractual language conveyed. Unfortunately, the Tribunal interpreted it differently.

關於最近的仲裁裁決，我承認這個裁決令人意外。我們對自己的地位非常有信心，對中海油也是如此。這場糾紛是為了保護我們的合約權利。合約和政府、投資者及合資企業的 ST 對於上游產業來說至關重要。如果沒有它，人們對大規模資本投資的信心就會受到削弱。由於煤炭行業與殼牌簽訂了合同，我們理解其意圖並相信合同語言所傳達的內容。不幸的是，仲裁庭對此作出了不同的解釋。

While disappointed, we respect the process and the ruling. As we move forward, I hope our investors take comfort in the length we will go to in protecting the value our employees create for the company and our shareholders. With respect to the continuing development of Guyana, the arbitrators decision changes nothing for us, and we welcome Chevron to the Stabroek block.

儘管感到失望，但我們尊重這一進程和裁決。在我們前進的過程中，我希望我們的投資者能夠感受到我們為保護員工為公司和股東創造的價值所做的努力。對於圭亞那的持續發展，仲裁員的裁決對我們來說沒有任何改變，我們歡迎雪佛龍加入斯塔布魯克區塊。

Moving to the Permian Basin. During the quarter, we produced roughly 1.6 million oil equivalent barrels per day, which was another record for us. Nowhere is our emphasis on technology and innovation, paying off more clearly and immediately than in the Permian, where we have the largest inventory of Tier 1 acreage.

移至二疊紀盆地。本季度，我們每天的產量約為 160 萬桶油當量，這又創下了紀錄。我們對技術和創新的重視在二疊紀地區得到了最明顯、最直接的回報，我們在那裡擁有最大的一級油田儲備。

Last year, we increased the total resource from 16 billion to 18 billion oil equivalent barrels with the successful development of new technologies. Our team is making great progress on my challenge to double recovery from the industry average of roughly 7%.

去年，隨著新技術的成功開發，我們的總資源量從160億桶油當量增加到180億桶油當量。我們的團隊在我的挑戰中取得了巨大進展，即將復甦從行業平均水平的約 7% 提高一倍。

We continue to make progress on the deployment of lightweight proppant. A patent material made at a very low cost with petroleum coke from our refineries. It is proving to be more effective at keeping fractures open, allowing us to extract more oil and gas from each well on a 10,000 lateral foot equivalent basis, we've deployed this in over 100 Permian wells and are seeing improved recoveries up to 20%. That's up 5 percentage points from what we announced last December. By year-end, we expect deployments to reach roughly 150 more wells.

我們在輕質支撐劑的部署方面繼續取得進展。一種利用我們煉油廠的石油焦以極低的成本製成的專利材料。事實證明，這種方法能夠更有效地保持裂縫暢通，使我們能夠以 10,000 英尺橫向當量為基礎從每口井中提取更多的石油和天然氣，我們已在 100 多個二疊紀井中部署了這種方法，並且採收率提高了 20%。這比我們去年 12 月宣布的數字高出了 5 個百分點。到年底，我們預計部署的油井數量將達到約 150 口。

We're also leveraging our advantage of contiguous acreage to drill 4-mile laterals without losing any productivity. Others are drilling wells half that length at far greater cost, resulting in much lower capital efficiency. So while some operators in the Permian are talking about peak production, our current plans grow Permian production from about 1.6 million oil equivalent barrels to 2.3 million by 2030. And with a deep portfolio of technologies we're developing, we have the industry unique opportunity to drive capital-efficient, high-return growth well beyond that.

我們還利用連續土地的優勢來鑽探 4 英里長的水平井，而不會損失任何生產力。其他公司鑽井的長度只有這個數字的一半，成本卻高得多，導致資本效率低得多。因此，儘管二疊紀盆地的一些營運商正在談論產量達到峰值，但我們目前的計劃是到 2030 年將二疊紀盆地的產量從約 160 萬桶油當量增加到 230 萬桶。憑藉我們正在開發的深厚技術組合，我們擁有行業獨特的機會來推動資本高效、高回報的成長。

Turning to our product solutions project start-ups. We're continuing to ramp up operations at the China Chemical complex. This facility supplies China's growing domestic market, the largest in the world with high-value consumer-oriented chemical products used in household appliances, hygiene products and safe food packaging. We're also starting up our Singapore resid upgrade project, deploying new-to-the-world technology that converts the lowest value molecules at the bottom of the barrel into some of the highest value products we offer.

轉向我們的產品解決方案專案新創公司。我們正在繼續加強中國化工綜合體的運作。該工廠為中國不斷成長的國內市場（全球最大的市場）提供用於家用電器、衛生產品和安全食品包裝的高價值消費化學產品。我們也啟動了新加坡渣油升級項目，部署了全新技術，將桶底價值最低的分子轉化為我們提供的一些價值最高的產品。

With this new technology, we've introduced a new lubricant base stock, which we've sold out and have essentially sold out the incremental 20,000 barrels per day of production. We've started up our [polyhydrofiner] project in the UK converting high sulfur gas oil exports to domestic ultra-low sulfur diesel cells. We're now producing renewable diesel at Strathcona in Canada for the first time. This is a key part of our lower emissions fuel strategy. Current production where policy and economics are supportive of cost effectively reducing the carbon intensity of essential products.

利用這項新技術，我們推出了一種新的潤滑油基礎油，目前已全部售罄，基本上已售罄了每天新增的 20,000 桶產量。我們已經在英國啟動了[聚氫精製器]項目，將高硫柴油出口轉化為國內超低硫柴油。我們現在首次在加拿大斯特拉斯科納生產再生柴油。這是我們低排放燃料策略的關鍵部分。在目前的生產中，政策和經濟因素支持以經濟有效的方式降低必需產品的碳強度。

Lastly, we expanded operations at our new Proxxima systems blending facility in Texas. A critical step to more than tripling production capacity this year. We also signed an MOU with a leading building materials and construction company based in the Middle East to manufacture and distribute rebar made with Proxxima. These are important steps in establishing this new business.

最後，我們擴大了位於德克薩斯州的新 Proxxima 系統混合工廠的業務。這是今年產能增加兩倍以上的關鍵一步。我們也與中東一家領先的建築材料和建築公司簽署了一份諒解備忘錄，以生產和分銷使用 Proxxima 製造的鋼筋。這些都是建立新業務的重要步驟。

In total, our 2025 project start-ups are expected to drive more than $3 billion of earnings in 2026 at constant prices and margin. This goes a long way towards derisking our plans to achieve 2030 by 2030. That's $20 billion of additional earnings and $30 billion of cash flow versus 2024 on a constant price and margin basis.

總體而言，我們 2025 年啟動的專案預計在 2026 年將帶來超過 30 億美元的收益（以不變價格和利潤計算）。這對於降低我們在 2030 年實現 2030 年目標的計畫風險具有重大意義。以不變價格和利潤率計算，與 2024 年相比，這意味著 200 億美元的額外收益和 300 億美元的現金流。

In our Low Carbon Solutions business, our first third-party carbon capture and storage project is now in operation. The project uses our CO2 transport and storage network, the world's only large-scale system, to store up to 2 million metric tons of CO2 per year that otherwise would have been admitted to the atmosphere. We also recently announced our seventh CCS customer contract.

在我們的低碳解決方案業務中，我們的第一個第三方碳捕獲和儲存專案現已投入營運。該計畫使用我們的二氧化碳運輸和儲存網路（世界上唯一的大型系統），每年可儲存多達 200 萬公噸的二氧化碳，否則這些二氧化碳將排放到大氣中。我們最近也宣布了第七份 CCS 客戶合約。

This brings total third-party CO2 offtake nearly 10 million metric tons per year. In addition, the US Environmental Protection Agency issued the draft Class VI permit for our Rose CO2 storage facility in Texas. We expect Rose to be the first of many storage sites linked to our CO2 transport pipeline.

這使得第三方二氧化碳排放量每年總計接近 1,000 萬公噸。此外，美國環保署也為我們位於德州的 Rose CO2 儲存設施頒發了 VI 級許可證草案。我們預計 Rose 將成為與我們的二氧化碳運輸管道相連的眾多儲存站點中的第一個。

Turning to the status of our Baytown hydrogen plant, the world's largest low carbon hydrogen project, we've seen mixed progress. As we've said, this is a complicated project that requires simultaneous development of supply, demand and policy. We were disappointed that under the recently approved 45V tax credit [timing] for startup of construction was shortened from 2033 to the beginning of 2028.

談到我們貝敦氫氣廠（世界上最大的低碳氫化合物計畫）的現狀，我們看到了好壞參半的進展。正如我們所說，這是一個複雜的項目，需要供應、需求和政策同時發展。我們感到失望的是，根據最近批准的 45V 稅收抵免，開工的時間從 2033 年縮短至 2028 年初。

While our project can meet this timeline, we're concerned about the development of a broader market, which is critical to transition from government incentives. If we can't see an eventual path to a market-driven business, we won't move forward with the project. We're now working to determine the combination of 45Q and a shortened 45E will provide the support needed to catalyze a broader low-carbon hydrogen market.

雖然我們的專案可以滿足這個時間表，但我們擔心更廣泛市場的發展，這對於從政府激勵措施過渡至關重要。如果我們看不到最終走向市場驅動型業務的道路，我們就不會推進這個專案。我們目前正在努力確定 45Q 和縮短的 45E 的組合將提供催化更廣泛的低碳氫化合物市場所需的支援。

Beyond that, we're working to translate heads of agreements into firm sales contracts, including exports of ammonia to Asia and Europe, in domestic hydrogen cells. We knew that helping to establish a brand-new product and a brand-new market initially driven by government policy would not be easy or advanced in a straight line. It's why we focused on low carbon opportunities aligned with our existing capabilities and advantages.

除此之外，我們正在努力將協議轉化為確定的銷售合同，包括向亞洲和歐洲出口氨以及國內氫電池。我們知道，幫助建立一個最初由政府政策推動的全新產品和全新市場並不是一件容易的事，也不會直線前進。這就是為什麼我們專注於與我們現有能力和優勢相符的低碳機會。

Our strategy provides optionality and flexibility, which is critically important in this dynamic and often uncertain world. I'm pleased to see that it's working. We're strengthening and extending advantages our competitors can't match with a focused portfolio of advantaged assets operated to the highest standards.

我們的策略提供了可選性和靈活性，這在這個充滿活力且常常不確定的世界中至關重要。我很高興看到它正在發揮作用。我們正在透過以最高標準營運的重點優勢資產組合來加強和擴大我們的競爭對手無法比擬的優勢。

World-class execution of large-scale high-return projects, captured cost savings that exceed all other IOCs combined since 2019 and driving superior earnings and cash flow growth potential. Irrespective of the market environment or geopolitical uncertainty. It's why we believe, and more importantly, are demonstrating that we are in a league of our own.

由世界一流的大型高回報項目執行，自 2019 年以來節省的成本超過所有其他國際石油公司的總和，並推動了卓越的盈利和現金流增長潛力。無論市場環境或地緣政治不確定性如何。這就是為什麼我們相信，更重要的是，我們正在證明我們獨樹一幟。

Thank you, and we're happy to answer your questions.

謝謝，我們很樂意回答您的問題。

All right. Thank you, Darren. Before we move to Q&A, I want to highlight that we will be publishing our annual global outlook later this month. that as normally -- as usual, contains our latest views on global energy demand and supply through 2050, which forms the basis of our business planning. So with that, we can move to Q&A.

好的。謝謝你，達倫。在進入問答環節之前，我想強調一下，我們將在本月稍後發布年度全球展望。與往常一樣，其中包含了我們對 2050 年全球能源需求和供應的最新看法，這構成了我們業務規劃的基礎。因此，我們可以進入問答環節。

As a reminder, we ask each participant to keep it to one question. And operator, we'll ask you to please open the line for the first question.

提醒一下，我們要求每個參與者只問一個問題。接線員，請您打開熱線來回答第一個問題。

(Operator Instructions)

（操作員指示）

Devin McDermott, Morgan Stanley.

摩根士丹利的戴文麥克德莫特。

So a lot of good stuff to dive into in the release, but I actually wanted to ask, Darren, about some comments you recently made an interview around M&A on paraphrasing a bit but just talking about seeing opportunities and working to bring some of that to fruition, just unpack that a bit. If you think about your portfolio, you have a really strong organic opportunity ahead.

因此，新聞稿中有很多好東西可以深入探討，但實際上我想問一下，達倫，關於你最近在一次有關併購的採訪中發表的一些評論，稍微解釋一下，但只是談論看到機會並努力將其中一些變成現實，只是稍微解釋一下。如果你考慮一下你的投資組合，你會發現未來你將擁有一個非常強大的有機機會。

And I imagine that creates a very high bar. And then at the same time, you've also talked a lot about the technology you bring to bear, like the uplift highlighting in the release on the Permian. And that may be able to create value in assets that others can't. So when you put these factors together, high bar differentiated technology, differentiated scale, how does that influence your thoughts on further acquisitions and M&A for Exxon are there asset types or regions where you see the biggest opportunity?

我想這會設定一個非常高的標準。同時，您也談論了許多您所使用的技術，例如在二疊紀盆地發佈時強調的隆起。這或許能夠創造其他人無法創造的資產價值。因此，當您把這些因素放在一起時，高標準的差異化技術、差異化的規模，這些因素如何影響您對埃克森美孚進一步收購和併購的想法，您是否看到了最大的機會的資產類型或地區？

Yeah. Good morning, Devin, and thanks for the question. I think you're touching on, frankly, what is the core of our strategy here, which was to focus on building a unique set of capabilities and competitive advantages that we can then leverage to grow organic value, importantly, which is what we've been very focused on, as you know, but also use those advantages and apply them to other opportunities inorganically to grow and create value and create more value than, frankly, the combination of two entities would normally give.

是的。早上好，德文，謝謝你的提問。坦白說，我認為您觸及了我們策略的核心，即專注於建立一套獨特的能力和競爭優勢，然後我們可以利用這些能力和優勢來增加有機價值，重要的是，正如您所知，這也是我們一直非常關注的，但也要利用這些優勢，將它們有機地應用於其他機會，以實現增長和創造價值，並創造比兩個物理價值通常所能產生的更多實體。

So it's kind of the one plus one has to equal three or more, which we've talked about for some time. We saw that play out, I think, and are continuing to see it play out with the Pioneer acquisition, where we're making really good progress at growing the synergies. We started off with $2 billion. We announced we're up to $3 billion per year on average over the next 10 years.

所以這就好比一加一必須等於三或更大，我們已經討論了一段時間了。我認為，我們已經看到了這一進程，並將繼續看到這一進程隨著先鋒公司的收購而繼續下去，我們在增強協同效應方面取得了非常好的進展。我們一開始的資金是 20 億美元。我們宣布，未來 10 年內，我們每年的平均投資將達到 30 億美元。

My expectation as we go into the corporate plan discussion at the end of this year that we'll update that number even further. So very, very pleased with what we're seeing there. And that opens us up to looking at additional opportunities to do the same thing where we stay very focused on value deals. We're not really interested in buying volumes. We're interested in building value and building volumes. And that's what we've been doing in Pioneer, and we look for another opportunities.

我希望在今年年底進行公司計劃討論時能夠進一步更新這個數字。我們對所見所聞感到非常非常高興。這使我們能夠尋找更多機會來做同樣的事情，同時我們將高度關注價值交易。我們實際上對購買量不感興趣。我們對創造價值和增加產量感興趣。這就是我們在先鋒公司所做的事情，我們也在尋找其他機會。

If you look at Pioneer, the advantages that we brought there was a leading technology and scale. We also, in that transaction took advantage of accretive talent acquisition and leadership acquisition. So we're not looking at G&A is one part of the equation. But as you know, with Pioneer, it was a very small part our expectation is that would be true as we go forward. We're not looking to buy companies and then strip all the people out of them. Instead, we're looking to by companies with talented folks where we learn from them and they learn from us. So that's a really important part of our acquisition strategy.

如果你看看先鋒公司，我們為其帶來的優勢就是領先的技術和規模。在那次交易中，我們也利用了增值人才收購和領導力收購的優勢。因此，我們不會將 G&A 視為等式的一部分。但正如你所知，對於先鋒來說，這只是我們期望的很小一部分，隨著我們不斷前進，這將會成為現實。我們並不是想收購一家公司，然後把其中的所有員工都挖走。相反，我們希望透過擁有優秀人才的公司來向他們學習，他們也向我們學習。所以這是我們收購策略中非常重要的一環。

And I guess the other example to point to in terms of that integration and taking advantage of the talent and leadership and the former CEO of Pioneer is now running all of our Permian business, so contributing at a very high level. And then frankly, we got to have the right cultural fit as you bring folks into the organization, an intense focus on safety and environmental care focus on efficiency and performance and then the quality and commitment of people. We've often talked about in our company, we have averaged 10 years of 30 years. We like companies where their employees are committed to the company and the work that they're doing.

我想指出的另一個例子是關於整合和利用人才和領導力，先鋒公司的前任執行長現在負責我們所有的二疊紀業務，因此做出了非常大的貢獻。坦白說，當我們將員工帶入組織時，我們必須擁有正確的文化契合度，高度關注安全和環境保護、效率和績效，然後是員工的品質和承諾。我們常在公司裡談論，我們平均有 10 年是 30 年。我們喜歡員工對公司和所做工作充滿奉獻精神的公司。

So those are the things that we're looking for. I would argue that we've got a fairly high standards in looking at opportunities, but I think it's what's required to really build the volume/value proposition rather than just a consolidation of volume. But as I said in the interview, we think there are opportunities out there and across all of our sectors, frankly, not just in the upstream, but across all the areas that we do business, we have a very active activity set where we're looking at opportunities.

這些就是我們正在尋找的東西。我想說，我們在尋找機會時有相當高的標準，但我認為這是真正建立數量/價值主張所必需的，而不僅僅是數量的整合。但正如我在採訪中所說，我們認為在我們所有的行業中都存在著機會，坦白說，不僅僅是在上游，而是在我們開展業務的所有領域，我們都在積極地尋找機會。

And that's really what I meant in my comments is we're continuing to keep a really close eye on the waterfront, see where the opportunities are. do a good job of understanding what that unique value creation opportunity looks like and then see if we can't find something that we can then eventually land. But that's an ongoing and long-term process. So that's process that we're in today, and we feel pretty good about that.

這就是我在評論中真正想表達的意思，我們將繼續密切關注海濱，看看機會在哪裡。好好了解那個獨特的價值創造機會是什麼樣的，然後看看我們是否能找到最終可以實現的東西。但這是一個持續且長期的過程。這就是我們今天所處的進程，我們對此感到非常滿意。

Makes a lot of sense. Thanks for the thoughts, Darren.

很有道理。謝謝你的想法，達倫。

Neil Mehta, Goldman Sachs.

高盛的尼爾·梅塔。

Yeah. Thanks, Darren, for the comments. I wanted to drill down on slide 7, where you provided some new disclosure about the Permian production potential, and there's been a lot that's been said about peak Permian production across the basin. Do you have a different view given your technology upside. Certainly, it seems like you do for your portfolio? And in that context, on the back of Devin's question about M&A, is it logical to think that this is the right space for you to be the consolidator in?

是的。謝謝 Darren 的評論。我想深入研究第 7 張投影片，您在其中提供了一些有關二疊紀生產潛力的新揭露，並且已經有很多關於整個盆地二疊紀產量高峰的討論。鑑於你們的技術優勢，你們是否有不同的看法？當然，看起來你對你的投資組合也是這麼做的？在這種背景下，結合德文關於併購的問題，您是否有理由認為這是您作為整合者的正確領域？

Yeah. Thank you, Neil. And to your first part of the question is are we different and have a different view. And I think the answer to that is absolutely yes. You may recall from very early days, when we came into the unconventional space, the challenge at the time that I kind of put into a baseball analogy was we're a long ball hitter.

是的。謝謝你，尼爾。對於你問題的第一部分，我們是否不同並且有不同的觀點。我認為答案是肯定的。您可能還記得，當我們進入非常規領域時，當時我面臨的挑戰是用棒球來打比方，那就是我們是一名長打者。

Everybody in the unconventional space is playing the short game, what's long ball look like an unconventional and that led us into the cube development discussions that we've talked about in the past that initially were, I think, discounted, but now have become the industry standard. And it led to the challenge of given how early we are in the technical development of unconventional resources to really push hard on the technology envelope.

非常規領域中的每個人都在玩短球，長球看起來像是一種非常規球，這讓我們進入了我們過去討論過的魔方開發討論，我認為這些討論最初沒有受到重視，但現在已成為行業標準。這也帶來了一個挑戰：鑑於我們非常規資源技術開發還處於早期階段，我們需要大力推動該技術領域的發展。

And I said a stretched target of doubling that recovery frankly, as a starting point because as we all know, the recovery levels are fairly low compared to other resource types. And that's our technology organization and the changes that we've made have resulted in a very promising portfolio of technologies that we see some significant potential and are early in the stages of deploying those and getting results, we talked about on that slide, the fact that the lightweight proppant that we shared with all of you in December that we're actually seeing better results than we had even talked about then, a 20% improvement in recoveries.

坦白說，我把回收率翻倍作為起點的延伸目標，因為眾所周知，與其他資源類型相比，回收率水準相當低。這就是我們的技術組織，我們所做的變革已經產生了一個非常有前景的技術組合，我們看到了它的巨大潛力，並且正處於部署這些技術並取得成果的早期階段，我們在那張幻燈片上談到了我們在 12 月與大家分享的輕質支撐劑，事實上我們看到的結果比我們當時談到的還要好，採收率提高了 20%。

That's just one of many in the portfolio that we're continuing to deploy. And we've gotten very aggressive at getting enough of the technology development done and then quickly deploying it to see empirically what are the results that we get as we continue in parallel to develop that.

這只是我們繼續部署的眾多產品組合之一。我們已經非常積極地完成足夠的技術開發，然後快速部署它，以實證觀察我們在繼續並行開發時會得到什麼樣的結果。

So that work, the early evidence that we're seeing, which, frankly, from an external standpoint, will be very difficult to see given the size of our business there and how early we are in these deployments, but that has led us to have growing confidence that the projections that we have past 2030 is an upward vector and will continue to grow.

因此，這項工作，我們所看到的早期證據，坦率地說，從外部角度來看，考慮到我們在那裡的業務規模以及我們在這些部署中的早期階段，將很難看到，但這使我們越來越有信心，我們對 2030 年之後的預測是一個上升趨勢，並將繼續增長。

And frankly, we're still -- and I would tell you the technology organization is very committed to delivering on doubling recovery, if not more. And I think that's going to be within our grasp at some point in the future, not there today, but I really like the work that the team is doing and the fact that they now own that challenge.

坦白說，我們仍然——我想告訴你，科技組織非常致力於實現雙倍甚至更多的恢復。我認為在未來的某個時候我們會實現這個目標，雖然不是今天，但我真的很喜歡這個團隊正在做的工作，以及他們現在面臨的挑戰。

So your point then is given that unique capabilities, does that create opportunities for the 1 plus 1 equals 3. And I say it absolutely does. I think it is a function of finding the right resource base, the base -- the acreage that we can deploy that technology on. And then these other criteria that I just went through with Devon. And that's, I think, is a huge opportunity for us.

那麼你的觀點是，鑑於獨特的能力，這是否會為 1 加 1 等於 3 創造機會。我認為絕對是如此。我認為，這需要找到正確的資源基礎，也就是我們可以部署該技術的土地面積。然後是我剛剛和 Devon 討論過的其他標準。我認為這對我們來說是一個巨大的機會。

We've also got unique technology that we're deploying in the lubricants business. We've also got unique in the chemical business. And so as you go across the portfolio, our technology organization is frankly driving developments across our whole portfolio of businesses. That will lead to better performance in our base case assets and then potentially open up different types of opportunities for integrating acquisitions.

我們也擁有在潤滑油業務中部署的獨特技術。我們在化工產業也有獨特之處。因此，當您瀏覽整個投資組合時，我們的技術組織坦率地推動著我們整個業務組合的發展。這將使我們的基本資產表現更好，並可能為整合收購開闢不同類型的機會。

Doug Leggate, Wolfe Research.

道格‧萊格特（Doug Leggate），沃爾夫研究公司。

Good morning, everyone. Thank you for taking my questions. I hate to beat on the Permian, but I'm going to ask the question again, but a little differently. Slide 7 suggests you have a 20-year inventory. I'm not quite sure what the definition of that is, is that today's production or is it the 2.3 -- I mean in terms of sustaining the 2.3 million by 2030 and of course, (inaudible) was up into the right. My question is this, obviously, you're on a treadmill in Permian and it's going to be 40% of your production and you basically are a dividend company.

大家早安。感謝您回答我的問題。我不想在 Permian 上發言，但我還是會再次提出這個問題，但會稍微有所不同。投影片 7 顯示您有 20 年的庫存。我不太清楚這個定義是什麼，是指今天的產量，還是 230 萬——我的意思是，到 2030 年維持 230 萬這個產量，當然，（聽不清楚）是上升到右邊。我的問題是，顯然，你在二疊紀盆地中忙碌不已，這將佔你產量的 40%，而你基本上是一家分紅公司。

So you're way -- it seems to us at least that you're pushing the company towards or skewing the company towards higher decline, higher sustaining capital and presumably shrinking inventory life as you grow the production, which is a big part of the free cash presumably contributing to your dividend. So how do you think about risk profile putting that much of a high decline asset into a long-term dividend visibility anchor to your stock?

所以你的方式——至少在我們看來，你正在推動公司走向或使公司走向更高的衰退，更高的維持資本，並且隨著產量的增加，庫存壽命可能會縮短，而產量是自由現金的很大一部分，可能會對你的股息做出貢獻。那麼，您如何看待將如此多的高跌幅資產投入到股票的長期股息可見性錨的風險狀況？

Well, I think, Doug, that the way we think about it is this is just one part of a big portfolio. We've always been faced in the upstream with the challenge of depletion and finding barrels to replace the depletion rate and the production that we bring online. And so that's not a new challenge for the company. We don't think the best way of addressing that challenge is by inventorying value.

嗯，道格，我認為我們認為這只是一個大型投資組合的一部分。我們在上游一直面臨石油枯竭的挑戰，以及尋找石油來取代枯竭率和我們上線的產量。所以這對公司來說並不是一個新的挑戰。我們認為解決這項挑戰的最佳方法並不是盤點價值。

Our view is you got to strike the right balance between, frankly, the pace at which we develop this is balanced with the progress we're making in technical developments and making sure that we give ourselves the time to develop the technologies to improve the capital efficiency and the cost to bring more on.

我們的觀點是，你必須在開發速度與技術發展進步之間取得適當的平衡，並確保我們有時間開發技術，以提高資本效率和成本。

So my perspective is that we're going to see continued improvements and one, our ability to capital that we have to spend to access the resource. And then two, the recovery that we're getting with that capital. And so I think you're extrapolating from, I'd say, a paradigm of today our view is the paradigm of the future will be different.

因此，我的觀點是，我們將看到持續的改進，首先，我們將看到我們獲取資源所需的資本能力的提高。第二，我們利用這些資本實現了復甦。所以我認為你是從今天的範式推斷的，我們的觀點是未來的範式將會有所不同。

But on top of that, it's -- you're going to open up new space with these technologies that, as we just talked about, provide inorganic opportunities. That's a critical aspect of this. It's we're going to open up new space where other types of resource around the world will benefit from the technologies that we're tapping into.

但除此之外，正如我們剛才所說，這些技術將為你開闢新的空間，提供無機機會。這是其中的一個關鍵方面。我們將開闢新的空間，讓世界各地的其他類型的資源受益於我們所利用的技術。

And so it all comes back fundamentally to focusing on core capabilities, growing that capability and then applying it to opportunities that we continue to grow the business. And our expectation and the challenge that we've given all of our businesses continued cash flow and earnings growth. And I would couple those two things. It's not good enough to grow cash flow without the earnings. That to me says you're just spending too much for the cash.

所以，從根本上來說，一切都回歸到專注於核心能力、發展核心能力，然後將其應用於我們繼續發展業務的機會。我們對所有業務的期望和挑戰是持續的現金流和獲利成長。我會將這兩件事結合起來。如果沒有收益，僅僅增加現金流是不夠的。對我來說，這意味著你花的錢太多了。

So -- we -- our plans that we're putting together, the ones that we'll talk to you about in December and the ones that we're building beyond 2030 are going to drive towards this earnings and cash flow growth well into the future, explicitly comprehending the development plans that we have here in the Permian. The 20 years of inventory, that is basically the number of wells we're bringing on every year, wells to sales. That's how we think about that.

所以，我們正在製定的計劃、我們將在 12 月與您討論的計劃以及我們正在製定的 2030 年以後的計劃都將推動未來的收益和現金流增長，明確理解我們在二疊紀的發展計劃。20 年的庫存，基本上就是我們每年開採的油井數量，也就是油井與銷售額的比例。我們就是這麼想的。

Thank you, Dareen.

謝謝你，達琳。

Steve Richardson, Evercore ISI.

史蒂夫理查森，Evercore ISI。

Hi, good morning. Darren, I was wondering if you could talk a little bit about some of the downstream projects. Obviously, you've had great success bringing on a number of these major projects this year, but I was wondering if you could talk maybe about lessons learned, Strathcona and Singapore. And then if you could also talk a little bit about maybe some of your future growth ambitions in refinery in refining? How do you think about the next wave of opportunities? And are they as fruitful as what the last five years has proven in the downstream specifically?

嗨，早安。達倫，我想知道您是否可以談論一些下游項目。顯然，今年你們在許多重大項目中取得了巨大成功，但我想知道你們是否可以談談從斯特拉斯科納和新加坡計畫中學到的經驗教訓。然後，您是否可以談談煉油廠未來在煉油領域的一些成長目標？您如何看待下一波機會？它們是否像過去五年在下游領域所證明的那樣富有成效？

Sure. I appreciate the question. It is -- we've had, I would tell you extremely good success in bringing up these large product solution projects. In fact, if you go back in time, historically, before we formed a centralized projects organization we had very mixed results across the portfolio of bringing large projects online. And it was a function of the fact that we had distributed capabilities and weren't always bringing the best skill set and capability set to some of our hardest challenges with the project organization that we put in place.

當然。我很感謝你提出這個問題。是的——我想告訴你，我們在提出這些大型產品解決方案專案方面取得了極大的成功。事實上，如果回顧歷史，在我們成立集中式專案組織之前，我們在將大型專案上線的過程中取得了好壞參半的結果。這是因為我們的能力分散，我們建立的專案組織並不總是能將最好的技能和能力運用到我們所面臨的一些最艱鉅的挑戰中。

And then with the way we reshape the business and the venture organizations that we put in there, there is -- we've had tremendous success in building these projects at very basically leading efficient capital efficiency and amazingly, have brought these projects on in less time with less challenges than we've ever done in our history. And so I'm extremely proud of how the organization is has brought some of these on the China chemical complexes by far one of the largest, most complicated grassroot starts we've done for decades, and we brought that up in record time and got on to production very, very quickly.

然後，透過重塑業務和我們設立的創投組織的方式，我們在建立這些項目方面取得了巨大的成功，基本上實現了高效的資本效率，而且令人驚訝的是，我們在比歷史上任何時候都更短的時間內完成了這些項目，面臨的挑戰也更少。因此，我為該組織在中國的化學綜合體中開展的一些項目感到非常自豪，這是我們幾十年來開展的最大、最複雜的草根性項目之一，我們在創紀錄的時間內完成了這些項目，並非常迅速地投入生產。

I'm really proud to say I just found out this morning that Singapore resid upgrade project just produced on-spec base stock, which, if you remember, that is taking resid bottom of barrel and converting it to lubricant base stocks, which has never been done before, and new brand new to the world technology at huge scale, very complicated process and the organization has successfully brought all that online and got on grade here.

我很自豪地說，我今天早上才發現新加坡渣油升級項目剛剛生產出符合規格的基礎油，如果你還記得的話，這是將桶底渣油轉化為潤滑油基礎油，這是以前從未做過的，對世界來說是一項全新的大規模技術，工藝非常複雜，該組織已成功將所有技術上並達到標準。

So really proud of what they're doing and what we're seeing in all these is the opportunity to take very low-value molecules, convert them into high-value molecules and do it in facilities where we take advantage of the existing utilities and equipment that we already have there. So very low cost of capital, incremental cost of capital. That's what I would just say is the formula going forward. And so my expectation is we look -- we've been concentrating our refinery and manufacturing footprint down to the facilities where we feel like we've got these integrated capability sets that are making a variety of high-value products.

因此，我們真的為他們所做的事情感到自豪，而我們在所有這些工作中看到的是，我們有機會將非常低價值的分子轉化為高價值的分子，並在我們利用現有公用設施和設備的設施中進行這一過程。因此資本成本、增量資本成本非常低。我想說的就是，這就是前進的公式。因此，我的期望是，我們一直將我們的煉油和製造足跡集中到那些我們認為擁有綜合能力集的設施上，這些設施可以生產各種高價值產品。

I would count on seeing us continue to find opportunities to shift the production make in those refineries and move them up the value curve, dispose of the lower-value products and bring in the higher-value products. My expectation is that's where you'll see our investments in the refining.

我希望我們能繼續尋找機會轉變這些煉油廠的生產方式，提高它們的價值曲線，處理低價值產品，引進高價值產品。我的期望是，您會看到我們在煉油方面的投資。

And I would tell you that the organization today has got some very developed plans and thinking through what some of those next steps might be. So our view is we need to get these up and running in lined out and running successfully for some time, but we are thinking about what comes next and then after that.

我想告訴你們，該組織今天已經制定了一些非常完善的計劃，並且正在思考下一步該採取哪些措施。因此，我們的觀點是，我們需要讓這些專案有序地啟動並運行一段時間，並成功運行，但我們正在考慮下一步該做什麼。

We've also got opportunities in biofuels and using these facilities to -- as the demand for that or as regulation demands it, begin to shift feeds and produce more biofuels with lower emissions. We've got more opportunities to recycle plastics.

我們在生物燃料領域也有機會，並利用這些設施——根據需求或法規要求，開始轉變飼料並生產更多排放更低的生物燃料。我們有更多的機會回收塑膠。

So there's just a lot of things we can do with these facilities. And it's been a -- we broke the paradigm of thinking about these as transportation fuel or purely chemical manufacturing facilities and just have started thinking about them as a manufacturing facility with deployed technology and what can we do and what can we make with these things. And my expectation is we'll continue to develop new products of higher value.

因此我們可以利用這些設施做很多事情。而且我們已經打破了將它們視為運輸燃料或純化學製造設施的思維模式，而是開始將它們視為部署了技術的製造設施，我們可以用這些東西做什麼、製造什麼。我的期望是我們將繼續開發更高價值的新產品。

I think the lessons learned is the project organization was a d*** good idea and is delivering. And we're really allowed by taking that responsibility off the organization. We've allowed the businesses and the operations to focus on making sure we can bring these facilities up smoothly and quickly and get on grade quickly. And frankly, all that seems to be working very, very well. So we don't have a lot of scabs to pick up in that area right now.

我認為，我們得到的經驗教訓是，這個計畫的組織是一個非常好的主意，並且正在發揮作用。我們確實可以從組織中卸下這項責任。我們讓企業和營運部門集中精力確保這些設施能夠順利、快速地投入使用並迅速達到標準。坦白說，這一切似乎都運作得非常非常好。因此，目前我們在該地區沒有太多需要清理的爛攤子。

Thanks.

謝謝。

Betty Jiang, Barclays.

巴克萊銀行的 Betty Jiang。

Good morning. Thank you for taking my question. Maybe pivoting a bit to the low carbon businesses. It's interesting to see the contrast from the Big Beautiful Bill that between the rollback in the hydrogen incentive, but arguably enhancement in the carbon capture incentive.

早安.感謝您回答我的問題。也許會稍微轉向低碳業務。有趣的是，它與《美麗大法案》形成了鮮明對比：氫氣激勵措施減少，而碳捕獲激勵措施卻增強。

Just curious on your thoughts on how do you see the low carbon business opportunity set and CapEx evolving versus what was laid out in the December Analyst Day? And specifically on CCS, that 10 million ton per annum is no small feat. So as the credit now is cutting carbon utilization and sequestration at parity, does that further open up the opportunity set for projects? Thank you.

我只是好奇，您如何看待低碳商業機會集和資本支出的發展，與 12 月分析師日的預測相比如何？尤其是對 CCS 來說，每年 1,000 萬噸絕非易事。那麼，由於現在的信貸正在以同等比例削減碳利用和碳封存，這是否會進一步為專案帶來機會？謝謝。

Yeah. Betty, so I think the way we -- you recall when we talked about the CapEx that we had this base level of CapEx, we had the early stage, some of these major projects that we're very early stage in our thinking, we kind of broke that level out.

是的。貝蒂，所以我認為我們的方式——你還記得，當我們談論資本支出時，我們有這個資本支出的基準水平，我們處於早期階段，其中一些主要項目我們還處於思考的早期階段，我們有點打破了這個水平。

And then we had this policy new business broken out. And the intent there was to really reflect, frankly, the challenge of predicting the technology developments that we're putting into some of those projects, but then also the pace at which demand would pick up the pace at which policy would evolve.

然後我們就推出了這項政策新業務。坦白說，這樣做的目的是真正反映出預測我們投入這些專案中的技術發展所面臨的挑戰，同時也反映出需求成長的速度和政策演變的速度。

And so a lot of uncertainty in how we mapped out that CapEx. And so we put it in that separate bucket so that all of you would know that while we've got plans in place. They've got a lot more variables than maybe some of our traditional businesses and so a lot more uncertainty.

因此，我們如何規劃資本支出存在許多不確定性。因此，我們將其放在單獨的桶中，以便大家都能知道我們已經制定了計劃。與我們的一些傳統業務相比，它們的變數更多，因此不確定性也更大。

That, I would say, on the carbon capture side of the equation, we've made great progress. The team has got a lot of additional opportunities in sight. I wouldn't say it's changed dramatically with the additional incentive or the parity. Our plans in the base case were to sequester them. So bringing up the EOR piece of the equation doesn't materially change the plans that we had in place there. But I think really good, continued progress and a lot of interest in that space. And of course, we're very advantaged with this large-scale end-to-end transportation system and storage system.

我想說，在碳捕獲方面，我們已經取得了巨大進展。球隊已經看到很多額外的機會。我不會說額外的激勵或平價會帶來巨大的改變。我們的基本計劃是將它們封存。因此，提出 EOR 部分並不會從根本上改變我們已製定的計劃。但我認為真的很好，該領域持續取得進展並引起人們濃厚的興趣。當然，我們擁有這種大規模端到端運輸系統和儲存系統的優勢。

I think the good news is the administration is really helping with permitting. We're anxious to get the Rose permit in place, and then we'll have -- continue to add more sites particularly as states get primacy. So I think that business feels like it's in a good place and is on the front end of a growing demand profile for a technology in a carbon reduction opportunity that, frankly, in the portfolio, what could be done is some of the lowest cost in the country. So we feel good about that.

我認為好消息是政府確實在協助發放許可。我們急切地希望獲得 Rose 許可證，然後我們將繼續增加更多的站點，特別是當各州獲得主導地位時。因此，我認為企業感覺自己處於一個良好的狀態，並且處於碳減排機會技術不斷增長的需求的前沿，坦白說，在投資組合中，可以做到的是該國成本最低的事情之一。因此我們對此感到很高興。

So I expect that will -- the spending that we had in that profile will -- it was an aggressive pace in the plan, and I expect we'll continue on that and are looking at a lot of big changes there. The blue hydrogen one, which is obviously a very large spin. That's a more challenge, as I said in my prepared remarks, not only from the fact that they've shortened the time to develop the industry. But it's a product that's got an alternative in the market today. And so cost and the cost of production and the cost -- the price of the product is a big variable with respect to buyers and many buyers are working their way through that number.

因此，我預計，我們在這方面的支出將以積極的步伐推進，我預計我們將繼續這樣做，並正在考慮進行許多重大變革。藍色的氫原子，顯然自旋非常大。正如我在準備好的演講中所說，這是一個更大的挑戰，不僅僅是因為他們縮短了發展這個行業的時間。但目前市面上已經有了這種產品的替代品。因此，成本、生產成本和成本——產品價格對買家來說是一個很大的變量，許多買家都在努力實現這個數字。

And I would tell you today, that's -- we haven't landed that. We haven't FID'd it, and we're not going to -- until we've got secured off-takers so that we have a lot of confidence in the returns that we're going to generate. And so that one we may say slip versus the original timing. It's a little early to tell, but that's, I think, is certainly a strong possibility.

我今天要告訴你們的是──我們還沒有達成這個目標。我們尚未做出最終投資決定，而且我們也不會這樣做——直到我們找到承購商，這樣我們對將要產生的回報才充滿信心。因此，我們可以說這與原來的時間相比有所偏差。現在說還為時過早，但我認為這確實有很大的可能性。

And then I'd say the -- to finish up on carbon capture piece of the equation. Low-carbon data centers, as you all know, huge appetite in that space, we are uniquely positioned that if the hyperscalers want low carbon power and they want it in a expeditious timeframe, we're really the only available option today.

然後我想說——完成方程式中的碳捕獲部分。眾所周知，低碳資料中心在該領域有著巨大的需求，我們具有獨特的優勢，如果超大規模資料中心營運商需要低碳能源，並且希望在短時間內獲得它，那麼我們確實是當今唯一可用的選擇。

And so we'll see how that plays out. I think there is some talk now of maybe gas first, undebated gas and then ultimately, decarbonization later. So that may end up slipping as well. We'll have to see how that piece of it matures. But the good news is we've got a proposition that's available for the market and are working with all the serious players there looking at building data centers.

我們將拭目以待事情將如何發展。我認為現在有人討論可能先使用天然氣，然後是無爭議的天然氣，最後是脫碳。因此最終也可能會下滑。我們必須看看這部分內容如何成熟。但好消息是，我們已經有一個適合市場的提案，並且正在與所有有意建造資料中心的認真參與者合作。

And then finally, I would just say on the lithium side of the equation, we're continuing to work the lithium technology piece of the equation, very focused on getting that cost down and making sure that when we bring that on to market, that from a cost of supply standpoint, we are very competitive, including competing with the Chinese, and that work is going on. That may take longer than we had anticipated just to get our costs down. So that's how that portfolio is shaping up.

最後，我想說的是，在鋰方面，我們正在繼續研究鋰技術部分，非常注重降低成本，並確保當我們將其推向市場時，從供應成本的角度來看，我們非常有競爭力，包括與中國公司的競爭，而且這項工作正在進行中。降低成本可能需要比我們預期更長的時間。這就是投資組合的形成過程。

But again, I would just emphasize, we recognize that when we talked about it as part of the plan and the reason why we broke that capital out. So you could see the less certainty in that spend profile everything is still -- I think we still see good value propositions there. But as I said in my prepared remarks, these things don't all move in a straight line.

但我再次強調，當我們談論它作為計劃的一部分時，我們認識到了這一點，以及我們為什麼要投入這筆資金。因此，您可以看到，支出概況中的不確定性雖然有所降低，但一切仍然——我認為我們仍然看到了良好的價值主張。但正如我在準備好的發言中所說，這些事情並不是直線發展的。

And so my suspicion we'll see some of that moving around a little bit. Too early to tell exactly what that looks like. But as we update that and when we get into the plan update in December, I would expect to give you some more details on that.

因此我懷疑我們會看到其中的一些變化。現在還無法確切知道其具體是什麼樣子。但隨著我們更新該資訊並在 12 月進入計劃更新，我希望向您提供更多有關該資訊的詳細資訊。

Great. Thank you. Super helpful.

偉大的。謝謝。超有幫助。

Paul Cheng, Scotiabank.

加拿大豐業銀行的 Paul Cheng。

Thank you. Good morning. [Exxon] has always been a great technology company. And in your prepared remarks, you're talking about how the $18 billion of the cost saving target in 2030 and new technology may be able to bring in more opportunity and beyond that. So from that standpoint, I mean, two of the biggest [rep-advanced] technologies, AI and robotics.

謝謝。早安.埃克森美孚一直是一家很棒的科技公司。在您準備好的發言中，您談到了 2030 年 180 億美元的成本節約目標以及新技術如何帶來更多機會等等。所以從這個角度來看，我的意思是，兩個最大的[代表先進]技術，人工智慧和機器人技術。

And so can you help us understand that where are the biggest opportunities for Exxon in those two areas and how it will change your work forward processes ability. I mean you'll be able to do things that you previously would not be able to do. And that, how much is the potential incremental benefit cost synergy or efficiency gains beyond what you already built in into your current target that you could see potentially that is out there? And why do you think Exxon is better than in [others] the oil industry, be able to really take advantage of that. Thank you.

那麼，您能否幫助我們了解埃克森美孚在這兩個領域的最大機會是什麼，以及它將如何改變您的工作流程能力。我的意思是你將能夠做以前無法做到的事情。那麼，除了您目前已經設定的目標之外，您認為潛在的增量效益成本綜效或效率增益有多少？您認為埃克森美孚為什麼比其他石油公司更勝一籌，能夠真正利用這一點？謝謝。

Yeah. Thank you, Paul. You've touched on obviously a very topical technology subject. And frankly, the way that we've reorganized has really put us in a great position to take advantage of that new technology with a centralized technology organization and an organization that has information technology married with the other traditional forms of technology. There's very close collaboration amongst the whole group. So we're taking a very consistent approach across technology vectors as we think about them across the whole company.

是的。謝謝你，保羅。您顯然觸及了一個非常熱門的技術主題。坦白說，我們重組的方式確實使我們處於一個有利的位置，透過一個集中的技術組織和一個將資訊科技與其他傳統技術形式結合的組織來利用這項新技術。整個團隊之間的合作非常密切。因此，當我們在整個公司範圍內考慮技術向量時，我們會採取非常一致的方法。

One thing that we're doing, I think, that differentiates us and will give us an advantage in this space is a corporate-wide ERP solution, where historically, our company had very fragmented systems across the different businesses that we have established over the years. We have been in the process of converting all that into a corporate-wide ERP system coming up with a consistent data architecture.

我認為，我們正在做的一件事使我們與眾不同，並將使我們在這個領域具有優勢，那就是企業範圍的 ERP 解決方案，而從歷史上看，我們公司多年來建立的不同業務中的系統非常分散。我們一直在將所有這些轉換為企業範圍的 ERP 系統，並提出一致的資料架構。

So we will have a platform that makes all of our data across the entire corporation and all of our historical data basically available for use and AI-type applications. I think we're going to have a systems construct that is very much aligned with what AI needs to truly make a difference at a corporate level. And I think we're going to have access to a data -- set of data that is far beyond what any other company industry has access to. So I think those will be two enduring advantages that will help us take advantage of the technology to find new and better ways of doing things.

因此，我們將擁有一個平台，使整個公司的所有數據和所有歷史數據基本上可供使用和人工智慧類型的應用程式使用。我認為我們將建構一個與人工智慧在企業層面真正發揮作用所需的系統非常一致的系統。我認為我們將能夠獲取遠遠超出任何其他公司行業所能獲得的數據。所以我認為這將是兩個持久的優勢，它們將幫助我們利用科技來找到新的、更好的做事方式。

I will tell you that in this space, it's very early on the technology curve. We've spent a lot of time talking about how best to in this early stage where resources are limited, prioritize the work that we're doing in AI. We have taken -- we have put the cost efficiency side as a second priority. We understand it's an important one, and it will deliver value, but we think a bigger value lever is frankly on the effectiveness side of the equation.

我會告訴你，在這個領域，技術曲線還處於非常早期的階段。我們花了很多時間討論如何在資源有限的早期階段優先進行我們在人工智慧領域所做的工作。我們已經把成本效率放在第二位了。我們知道這很重要，而且它會帶來價值，但我們認為更大的價值槓桿坦率地說是在等式的有效性方面。

So we're looking better at how we can take advantage of AI to, frankly, make the products that we make at much lower cost and with much better performance parameters, find oil cheaper. You can just kind of go through the list of things that we do to produce the products that we make. We think they're coupled with this data that I talked about huge opportunities to improve upon that. That will be the first order of business.

因此，我們正在更好地研究如何利用人工智慧，坦白說，以更低的成本製造出具有更好性能參數的產品，找到更便宜的石油。您可以瀏覽我們為生產產品所做的一系列事情。我們認為，它們與我之前提到的這些數據相結合，帶來了巨大的改進機會。這將是首要任務。

Obviously, as we implement these things, we're finding efficiencies. But I would tell you, in the first stage of this, the efficiencies we find is to free our people up from doing a lot of lower value work and allow them to focus on higher value work so we can bring more value to the bottom line, and that's kind of where we're at in that journey, but we recognize it will be an evolution.

顯然，當我們實施這些措施時，我們發現了效率。但我想告訴你，在第一階段，我們發現的效率是讓我們的員工從大量低價值的工作中解放出來，讓他們專注於高價值的工作，這樣我們就可以為最終目標帶來更多價值，這就是我們目前所處的位置，但我們認識到這將是一個進化的過程。

We're at the early stage of that evolution. We're being very thoughtful about how we approach this, and we're doing it on a corporate-wide basis so that we're making sure that we take those limited resources and put them on the highest value opportunity set.

我們正處於這演變的早期階段。我們正在非常認真地考慮如何處理這個問題，並在整個公司範圍內進行這項工作，以確保我們將這些有限的資源投入到最有價值的機會中。

Thanks for the question.

謝謝你的提問。

Thank you.

謝謝。

Biraj Borkhataria, RBC.

Biraj Borkhataria，RBC。

Hi. Thanks for taking my questions. Just a quick one on the corporate cost guidance. just noticed over the last few quarters, it's been creeping up with the 2025 run rate, looks like it's about double 2024 levels. And just if you could help me understand what is driving that increase and how we should think about it into 2026. That would be really helpful.

你好。感謝您回答我的問題。關於企業成本指導，我只想簡單介紹一下。我注意到，在過去幾個季度中，它一直在以 2025 年的運行率緩慢上升，看起來大約是 2024 年的兩倍。如果您能幫助我了解推動這一成長的因素以及我們應該如何看待 2026 年的成長，那該有多好。那將會非常有幫助。

Yeah, Biraj, it's Jim. Thanks for the question. That -- the expense line you're referring to is driven, I think, largely in 2025 by the very large slate of new projects we have coming online, which, as Darren has just walked through is very much on track on schedule and on budget.

是的，Biraj，我是 Jim。謝謝你的提問。我認為，您所指的費用線主要是由我們在 2025 年上線的大量新項目所驅動，正如 Darren 剛才提到的，這些新項目完全按照計劃和預算進行。

The additional item there would be in DD&A where, of course, this year versus last, we would expect a higher level of non-cash DD&A given the full year of Pioneer in our numbers and given the growth in our production volume and the same -- very same new projects.

當然，額外的項目將是 DD&A，與去年相比，考慮到先鋒全年的數據、產量的增長以及相同的新項目，我們預計今年的非現金 DD&A 水平會更高。

So I think to the extent going into 2026, we will revisit that as part of our corporate plan in the fourth quarter. But to the extent additional new projects, which will be more marginal next year compared to this. And increased production, which will drive that DD&A, we'd expect continued to increase in line with our activity set and production level.

因此，我認為，就 2026 年而言，我們將在第四季度重新審視這一點，並將其作為公司計劃的一部分。但就新增項目而言，與今年相比，明年的新增項目數量將更加有限。產量增加將推動 DD&A，我們預計產量將隨著我們的活動集和生產水準而繼續增加。

That said, an offset to our expenses is always our success in continuing on our path of realizing structural cost savings. This year to date, we've added $1.4 billion to that total. We expect to continue that to get to our $18 billion target by 2030 off a 2019 basis, and we see that as effective in offsetting some of the increased expense levels, which is largely activity driven.

話雖如此，抵銷我們的開支始終是我們在實現結構性成本節約的道路上取得的成功。今年迄今為止，我們已為該總額增加了 14 億美元。我們預計到 2030 年我們將繼續實現在 2019 年基礎上 180 億美元的目標，並且我們認為這可以有效抵消部分增加的支出水平，而這主要是由活動驅動的。

Yeah, I would add to that. If you look at the -- in 2019, our cash OpEx and look at where we're at today, ex-energy cost and ex-production taxes, we're actually still lower than we were in 2019, our operating expenses. So we've offset all the inflation and all the growth that we put into the business with the savings that we've been driving here since that time. So I'm sure anybody else could give you the same track record that we've delivered in that space.

是的，我想補充一點。如果你看一下——2019 年，我們的現金營運支出，看看我們今天的狀況，扣除能源成本和生產稅，我們的營運支出實際上仍然低於 2019 年的水平。因此，我們利用自那時以來一直在進行的儲蓄來抵消所有通貨膨脹和我們投入業務的所有成長。因此，我相信任何人都可以為您提供與我們在該領域相同的業績記錄。

Thank you, both. I'll follow-up on that. Thank you.

謝謝你們兩位。我會跟進此事。謝謝。

Jean Ann Salisbury, Bank of America.

美國銀行的 Jean Ann Salisbury。

Hi, good morning. Since Liberation Day, there has been a massive influx of interest in US LNG contracting. And it looks like many more US projects may move forward versus initially anticipated. Do you view this as a structural shift in the market? And does it affect, I guess, either your interest in getting into more US LNG or the timeline for your pre-FID international LNG projects?

嗨，早安。自解放日以來，人們對美國液化天然氣承包的興趣大增。與最初的預期相比，看起來可能會有更多的美國計畫取得進展。您是否認為這是市場的結構性轉變？我想，這是否會影響您對進入更多美國液化天然氣市場的興趣，或者影響您在 FID 之前的國際液化天然氣項目的時間表？

Yeah. Good morning, Jean. The short answer is no. I think the way I kind of think about this is the tariffs and one -- frankly, the countries that sign up are going to sign up for energy that meets the demand for their economies. And unless the tariff agreements result in a step change in economic activity, the demand that's out there around the world is going to be driven by the fundamental base economy and economic activity. And so this is -- the way I'm thinking about it is just how does that demand get met and from what sources of supply does it come?

是的。早上好，Jean。簡短的回答是「否」。我認為我對此的看法是關稅，坦白說，簽署該協議的國家將會簽署滿足其經濟需求的能源協議。除非關稅協議導致經濟活動發生重大變化，否則全球的需求將由基本經濟和經濟活動所驅動。所以這就是——我的想法是，如何滿足這種需求以及它來自哪些供應來源？

And so I'm not sure that -- and we haven't seen all the details of it. So haven't done all the math here, but my initial reaction is what we're going to do is see trade flows maybe change, but ultimately, the world's round and there's still a level of demand that has to be met, and there's still the sources of supply that can meet it. So I don't know that it changes the rater pace of how much new supply comes on, given the demand that's out there.

所以我不確定——而且我們還沒有看到它的全部細節。所以這裡還沒有做完所有的計算，但我的第一個反應是，我們將會看到貿易流量可能會發生變化，但最終，世界是圓的，仍然有一定程度的需求需要滿足，仍然有可以滿足需求的供應來源。因此，考慮到現有需求，我不知道它是否會改變新增供應量的評估速度。

For us, in particular, we tend to contract up the sales for the capacity that we're bringing on. And so if you look at what we're doing in Papuan or Mozambique, as we develop those projects, where at the same time, our LNG organization is securing sales outlets for those so that when we FID those projects, we have secured sales and we -- if that are linked to crude, so we've got a good understanding of what the economy is going to look like and what the optic is going to look like. And so these short-term things don't really impact how we think about the long-term fundamentals in these long-term investments that we're making.

尤其是對我們來說，我們傾向於根據我們帶來的產能來簽訂銷售合約。因此，如果您看看我們在巴布亞或莫三比克所做的事情，當我們開發這些項目時，我們的液化天然氣組織同時正在為這些項目確保銷售網點，以便當我們對這些項目進行最終投資時，我們已經確保了銷售，並且 - 如果這與原油有關，那麼我們就能很好地了解經濟將會是什麼樣子，以及前景將會是什麼樣子。因此，這些短期因素並不會真正影響我們對這些長期投資的長期基本面的看法。

Very clear. Thank you.

非常清楚。謝謝。

Jason Gabelman, TD Cowen.

傑森·加貝爾曼（Jason Gabelman），TD Cowen。

Morning. Thanks for taking my question. I wanted to ask on Guyana production. And at the corporate update in December, you talked about lower production and capacity due to production falling off plateau levels. Can you remind us when we should start to see that production plateau start to come off? And then also remind us activities that you're pursuing to arrest those declines that we should be on the lookout for?

早晨。感謝您回答我的問題。我想詢問有關圭亞那生產的情況。在 12 月的公司更新中，您談到了由於產量從穩定水平回落導致產量和產能下降的問題。您能否提醒我們什麼時候該開始看到生產平台期開始下降？然後也要提醒我們，您正在採取哪些活動來阻止我們應該注意的那些衰退？

Yeah. I know this has been something that we've gone back and forth on. The organization, what we said was we're going to have 1.7 million barrels per day of gross capacity by 2030, and that we thought our production would be about 1.3 million. And that was reflecting the best estimates of kind of how declines are working and the steps that are being taken. I would just tell you as a planning basis, based on our experience in history, that's a reasonable basis to project what we're going to see.

是的。我知道這是我們反覆討論過的問題。該組織表示，到 2030 年，我們的總產能將達到每天 170 萬桶，而我們認為我們的產量將達到約 130 萬桶。這反映了對下降趨勢和正在採取的措施的最佳估計。我只是想告訴你，作為規劃基礎，根據我們的歷史經驗，這是預測我們將會看到什麼的合理基礎。

But I would also tell you that there is nobody on that Guyana team that will be satisfied without not keeping our boats full. So there's a lot of work around infill drilling and how do you -- optimization. And so -- and they're never going to completely offset the physical nature of depletion, but there's a lot of effort going into it.

但我還要告訴你們，圭亞那隊的任何人都不會滿足於不讓船上滿員。因此，圍繞加密鑽孔有很多工作要做，以及如何進行最佳化。所以——他們永遠無法完全抵銷資源枯竭的物理性質，但為此需要付出很多努力。

And I say that to really, I guess, defer on answering the question, which is I don't know the answer to the question. We have a plan. We've shared that plan with you with respect to our production levels vis-a-vis the capacity, but the organization is looking for every opportunity they can to beat that. And frankly, I'm betting on them.

我這樣說其實是為了推遲回答這個問題，也就是說我不知道這個問題的答案。我們有一個計劃。我們已經與您分享了有關我們的生產水平與產能的計劃，但該組織正在尋找一切機會來超越這一目標。坦白說，我對他們很有信心。

Understood. Thanks.

明白了。謝謝。

Arun Jayaram, JPMorgan.

摩根大通的阿倫‧賈亞拉姆 (Arun Jayaram)。

I actually have a follow-up and a little bit of a detailed question on Guyana as well. Looking at the data, both Liza 2 and Payara have recently been running around 270 kbd per day versus nameplates at 220 and 250. So I was wondering if you could talk about some of the debottlenecking efforts you've been doing there and if you view that as a sustainable run rate?

我實際上也有一個關於圭亞那的後續問題和一些詳細的問題。從數據來看，Liza 2 和 Payara 最近的日產量都在 270 kbd 左右，而標稱產量分別為 220 kbd 和 250 kbd。所以我想知道您是否可以談談您在那裡所做的一些消除瓶頸的努力，以及您是否認為這是一種可持續的運行率？

And maybe just a follow-up as we have seen output at the Liza 1 ship kind of come down more recently in that 130 to 140 range versus, call it, 160 kbd in 2024 and thoughts on an infill program to maybe sustain the rate back at full capacity there?

也許只是後續行動，因為我們已經看到 Liza 1 號船的產量最近有所下降，在 130 到 140 kbd 的範圍內，而到 2024 年則為 160 kbd，您是否考慮過通過填充計劃來維持那裡的滿負荷生產率？

Yeah. So I think on the broader question around the effort the organization goes through to really make sure we're taking advantage of the capital that we put in. Obviously, have a design basis, you work through what you think it's capable of delivering.

是的。因此，我認為更廣泛的問題是圍繞組織所做的努力，以真正確保我們能夠利用所投入的資本。顯然，有了設計基礎，你就可以完成你認為它能夠實現的目標。

And then as you get it up and running, you've got our technology organization, operations organization, all very focused on making sure that we're maximizing the value of the capital that we put in the ground there without compromising any of the necessary integrity and safety parameters and they've done a really good job of that. We frankly do that with all our facilities around the world. I think with the concentrated, the focused technology organization that we now have, that's a big aid in doing that.

然後，當你啟動並運行它時，我們的技術組織、營運組織都非常專注於確保我們最大限度地提高在那裡投入的資本的價值，而不會損害任何必要的完整性和安全參數，他們在這方面做得非常好。坦白說，我們在世界各地的所有設施都這樣做。我認為，我們目前擁有的集中、專注的技術組織對實現這一目標有很大幫助。

So my view is we're going to continue to see that with every new project that comes on. I would also tell you that as we find those debottlenecking opportunities and we think they're applicable to the next project, we build that into the basis. so that we have a clear understanding of what capital is needed to deliver on the volume. And so we're continuing to update the basis -- the investment and the design based on what we've learned through debottlenecking. And then obviously, you've got new kit and the team gets started at it again, and we debottleneck.

所以我的觀點是，隨著每一個新項目的出現，我們將繼續看到這種情況。我還要告訴你，當我們發現這些消除瓶頸的機會，並且我們認為它們適用於下一個專案時，我們就會將其納入基礎。這樣我們就能清楚了解需要多少資本才能達到產量。因此，我們將繼續更新基礎——基於我們透過消除瓶頸所學到的知識的投資和設計。然後顯然，你有了新的裝備，團隊又開始工作，我們消除了瓶頸。

So in theory, you ought to see less capacity creep with time because we keep building that in. But what the countersect to that is the innovation of the organization and their desire to continue to demonstrate maximum use of the capital.

因此從理論上講，隨著時間的推移，你應該會看到容量增長減少，因為我們不斷在建立這一點。但與此相反的是該組織的創新以及他們繼續展示最大限度利用資本的願望。

And so those two are kind of in competition with one another. And again, I would bet on our organization winning that race and continuing to deliver debottlenecking opportunities as we go forward. But we give you guys the design basis, that's our best estimate. And then we hope for the upside based on the capability and quality of the folks that are getting after that every hour of every day.

因此，這兩者之間就存在某種競爭關係。我再次堅信，我們的組織將贏得這場競賽，並在前進的過程中繼續提供消除瓶頸的機會。但我們給你們的設計基礎是我們最好的估計。然後，我們希望憑藉每天每時每刻都在努力的人們的能力和素質來實現成長。

With respect to -- I don't have any data on Liza 1, so I can't answer that specifically. I mean I could say is on a macro basis. Our expectation is you see some of that with natural decline. That's one of the reasons why we've got this difference out in 2030. And so the teams are always working at development plans.

關於——我沒有關於 Liza 1 的任何數據，所以我無法具體回答這個問題。我的意思是我可以說這是從宏觀的角度來看。我們預計，部分情況將自然下降。這就是我們在 2030 年消除這一差異的原因之一。因此團隊一直致力於制定開發計劃。

Nobody is satisfied to have spare capital on the ground. So there's a lot of work going on to make sure that we maximize the utilization of the kit we've already invested in. That's the cheapest -- that's the highest-margin barrel is the ones that you bring online with capital that's already in the ground.

沒有人會滿足於在當地擁有閒置的資本。因此，我們還有很多工作要做，以確保最大限度地利用我們已經投資的套件。這是最便宜的——利潤最高的油桶，是你用地下已有的資金投入生產的。

Great. Thanks.

偉大的。謝謝。

Ryan Todd, Piper Sandler.

瑞恩·托德、派珀·桑德勒。

Thanks. Maybe a question on the chemical side. your earnings have been fairly resilient to the bottom here, even with lower margins sequentially this quarter. Can you talk about what has worked well, including the contribution that you're seeing from the China chemical complex? And then maybe your thoughts on where the chemical outlook goes from here?

謝謝。也許是化學方面的問題。即使本季利潤率環比下降，您的收益仍然相當有彈性。您能否談談哪些方面取得了良好成效，包括您所看到的中國化工複合體所做出的貢獻？那麼，您對化學前景有何看法？

Yeah. Well, I mean I'll start at the back end and work forward. I think clearly, really good demand for chemical products around the world, but a lot of supply chasing that demand, which has led to these very challenging margins that you see kind of everywhere and that are challenging companies in the industry. That my expectation is going to be with us for longer than anybody would like.

是的。嗯，我的意思是我將從後端開始並向前推進。我認為，顯然，全球對化學產品的需求確實很大，但大量的供應追逐這種需求，導致了利潤率的極具挑戰性，這種情況隨處可見，也給業內企業帶來了挑戰。我的期望將會持續比任何人想像的都要長。

And we've got to basically -- either capacity has got to come off, which we're seeing some of that, but that's usually slow to happen. And then demand has got to grow. And if it grows faster, we'll get out of the hole that we're in that much faster.

基本上，我們必須——要么產能下降，我們已經看到了一些這樣的情況，但這通常發生得很慢。然後需求就必須成長。如果它成長得更快，我們就能更快地擺脫困境。

Frankly, we don't count on that as a strategy. And we've never banked on calling the market as a basis for running the business. Our focus has really been on making sure that when we're in these bottom-of-cycle conditions that we've built the business and we've invested in the projects that make us successful. I think what you're seeing today with our results, while not where we'd like them to be, I think we feel pretty good about where they are given the margin environment that we're in and vis-a-vis our competition.

坦白說，我們並不認為這是一種策略。我們從來就不依賴市場來作為經營業務的基礎。我們的重點實際上是確保當我們處於週期底部時，我們能夠建立業務並投資於能夠讓我們成功的專案。我認為，您今天看到的業績雖然沒有達到我們的預期，但考慮到我們所處的利潤環境以及與競爭對手相比的水平，我認為我們對業績感到相當滿意。

So -- and I think what's driven that is a lot of focus on the design of the kit that we put in place, the feed flexibility that we have and the ability to optimize feedstock to maximize the margin on any one day. It's obviously the locations that we've picked, and the structural advantages associated with feed availability.

所以 — — 我認為推動這一進程的因素是，我們非常注重所採用的套件的設計、我們擁有的飼料靈活性以及優化原料以在任何一天實現利潤最大化的能力。顯然，這是我們選擇的地點，以及與飼料供應相關的結構優勢。

It's the high-value products that we have been purposely focused on and growing and continuing to upgrade production to get to the high-value products, that's a huge driver here. And then we've taken a ton of structural cost out of the business, very, very focused on making sure that we're spending only what we have to, to continue to grow the value and to move the product.

我們一直專注於高價值產品，不斷成長並持續升級生產以獲得高價值產品，這是巨大的驅動力。然後，我們從業務中剔除了大量的結構性成本，非常注重確保我們只花費必要的資金，以繼續增加價值並推動產品銷售。

And so those things -- and we worked on that even when margins were very high, I can tell you that at the time the business was very focused on getting more efficient with a view that, ultimately, the market is going to come back around, will end up in a long period.

所以這些事情——即使在利潤率很高的時候我們也在努力，我可以告訴你，當時我們的業務非常注重提高效率，認為最終市場會在很長一段時間內回暖。

And so those things are all paying off hugely. And it's a tremendous credit to the people in that business, their ability to upgrade the feedstock and upgrade the products to high-value products and do it at lower cost. That's a real hat trick there that a lot of organizations struggle to accomplish, but the chemical business that we've got and the people running have done an excellent job in that space.

所以這些事情都獲得了巨大的回報。這對從事該行業的人們來說是一個巨大的榮譽，他們能夠升級原料，將產品升級為高價值產品，並以較低的成本完成這些工作。這是真正的帽子戲法，許多組織都難以實現，但我們的化學業務和管理人員在該領域做得非常出色。

With respect to China, I would just say we're still in the early days of starting that up. We feel good about the production. And as I said earlier, it's come on real well, and we're basically selling into that market. But that will be -- we're -- we still haven't got it running up at full rates. And when you got that kind of capital in the ground, you need to get full utilization. So I would say that's a continuing journey. And our expectation is by the end of this year and getting into next year, we'll then be up and running full. And that will be contributing at its full potential.

對於中國，我只想說我們仍處於起步階段。我們對生產感到滿意。正如我之前所說，它發展得非常好，我們基本上是在向該市場銷售產品。但那將是——我們——我們仍然沒有讓它全速運轉。當你擁有這種資本時，你需要充分利用它。所以我想說這是一段持續的旅程。我們的預期是，到今年年底和明年，我們將全面投入營運。這將充分發揮其潛力。

Thanks for the question.

謝謝你的提問。

Alastair Syme, Citi.

花旗銀行的阿拉斯泰爾‧西姆 (Alastair Syme)。

Thanks very much. Good morning, Darren. I wonder if I could return if I could return to the very first question on M&A because it's quite an important comment, I think you made. I mean might take your point that volume is not a criteria. Do you feel a little by scale? I'm trying to ascertain whether you're sort of talking about bolt-on transactions or something larger in your perspective? Thank you.

非常感謝。早安，達倫。我想知道我是否可以回到關於併購的第一個問題，因為這是一個非常重要的評價，我認為這是你提出的。我的意思是，我可能會接受你的觀點，即音量不是一個標準。有沒有感覺有點按比例啊？我想確定您是在談論附加交易還是從您的角度來看更大的交易？謝謝。

Yeah. No, scale, obviously, is important, but it's got to be the right kind of scale. And I think the point I was trying to make is, if you're going after volume for scale and you're paying for that volume, then you really aren't doing your shareholders, you're not creating any real advantage and you're not creating any value for your shareholders.

是的。不，顯然規模很重要，但必須是正確的規模。我想我要表達的觀點是，如果你追求的是規模產量，並且為產量付費，那麼你實際上並沒有為股東謀福利，你沒有創造任何真正的優勢，也沒有為股東創造任何價值。

And so what may help from a scale standpoint, if you can leverage integrate that organization into your existing one and find significant efficiencies. But beyond that, in our view, that always should be minor to the opportunity set to actually create some unique value, and that's really what we're focused on. So I'm not -- I don't want to discount the value of scale. I just think from a value creation standpoint, you often pay for that.

因此，從規模的角度來看，如果您可以利用該組織整合到您現有的組織中並實現顯著的效率，這可能會有所幫助。但除此之外，在我們看來，這對於真正創造一些獨特價值的機會來說始終是次要的，而這正是我們真正關注的重點。所以我不想低估規模的價值。我只是認為從價值創造的角度來看，你常常會為此付出代價。

And so what we're really looking to do is say, where can we uniquely contribute so that what we bring to the opportunity results in an outcome for both sets of shareholders that was more than either one could achieve independently. That's, in my mind, the magic of successful acquisitions and what we're looking for.

因此，我們真正想做的是，我們可以在哪些方面做出獨特的貢獻，以便我們帶來的機會能夠為雙方股東帶來比任何一方單獨取得的成果更多的成果。在我看來，這就是成功收購的魔力，也是我們所追求的。

Hey, Alistair. Just to add to that, a lot of interest in this topic this morning. We set out, as you know, in December a plan through 2030 to grow earnings $20 billion and cash flow of $30 billion. That's flat price constant margin. Just for the avoidance of doubt, that plan doesn't reflect and it certainly doesn't rely on any M&A. So this is certainly an opportunistic additional category.

嘿，阿利斯泰爾。補充一點，今天早上有很多人對這個主題感興趣。如你所知，我們在 12 月制定了一項到 2030 年的計劃，目標是將收益增加 200 億美元，將現金流增加 300 億美元。這就是固定價格恆定利潤。為避免疑問，該計劃並不反映任何併購，當然也不依賴任何併購。所以這無疑是一個機會主義的附加類別。

Yes, a good point, Jim.

是的，吉姆，說得對。

Thank you, Dareen and Jim.

謝謝你，達琳和吉姆。

Lloyd Byrne, Jefferies S.

勞埃德伯恩、傑弗里斯S.

Hey, Darren, good morning. I was wondering if you can just run through kind of how you're thinking about North American gas today? I mean you have a lot of vertical integration already. Maybe it goes back to an initial question, but would power fit into that? And then maybe just any comment on Golden Pass taking first commissioning gas would be great.

嘿，達倫，早安。我想知道您是否可以簡單介紹一下您對目前北美天然氣的看法？我的意思是你已經有很多垂直整合了。也許這又回到最初的問題，但權力適合於此嗎？那麼也許任何關於 Golden Pass 接收第一批投產天然氣的評論都會很棒。

Yeah, sure. Thank you, Lloyd. I think again, starting with the end of your question, Golden Pass, really good about how that organization that venture has recovered from the bankruptcy and the progress that they're making on the construction, and we still expect them to deliver first gas sometime in the back end of this year or early next year. So that's kind of in that border at year-end.

是的，當然。謝謝你，勞埃德。我再次思考，從您問題的結尾開始，Golden Pass，該組織和合資企業如何從破產中恢復過來以及他們在建設方面取得的進展非常好，我們仍然預計他們將在今年年底或明年年初的某個時候輸送第一批天然氣。所以這有點像年底的邊界。

So -- but I feel really good about that progress and how that group has kind of rallied around and come together and recovered from the challenge of the bankruptcy. So I don't think we've changed any of our outlooks with respect to what we've communicated there before. More broadly, on your question about power, we're not -- that's, in my mind, developing a demand sync for gas is not really a value driver for us.

所以——但我對這一進展以及該團體如何團結起來並從破產的挑戰中恢復過來感到非常高興。因此，我認為我們沒有改變我們之前所傳達的任何觀點。更廣泛地說，關於你關於電力的問題，我們並沒有——也就是說，在我看來，開發天然氣需求同步並不是我們真正的價值驅動力。

And if you look at our capability set, I don't think -- when we look at what we do and what we do well and what we can do uniquely, power generation isn't on that list. We're certainly capable of doing it. And in fact, we've done it all over the world in many of our facilities to enable the things that we do that -- where we think we create a unique value.

如果你看看我們的能力，我不認為——當我們看看我們做什麼、我們做得好什麼以及我們能做什麼獨特事情時，發電並不在名單上。我們當然有能力做到。事實上，我們在世界各地的許多工廠都這樣做過，以實現我們所做的事情——我們認為我們創造了獨特的價值。

So not -- we're not interested in the power gen business. We have talked about low carbon data centers and having a power aspect to that. That's really an enabler to the carbon capture and storage. We're interested in data centers, not from the power standpoint, but for our ability to decarbonize. And to the extent that these hyperscalers want decarbonized power.

所以——我們對發電業務不感興趣。我們已經討論了低碳資料中心及其電力方面。這確實促進了碳捕獲和儲存。我們對資料中心感興趣，不是從電力的角度，而是從我們的脫碳能力的角度。這些超大規模企業希望獲得脫碳電力。

And that was really -- when we introduced that in December and started talking about it was a function of a stated commitment by many of the hyperscalers to reduce their emissions, while at the same time trying to aggressively grow the data centers. And so with that construct or that objective statements, we thought we could bring a solution set that would facilitate that and do it at the lowest cost available in the marketplace today and in the timeframe that they were looking at.

而這確實是——當我們在 12 月提出這一點並開始談論它時，它是許多超大規模企業明確承諾減少排放的功能，同時試圖積極擴大資料中心。因此，透過這種構想或目標陳述，我們認為我們可以提供一套解決方案來實現這一點，並以當今市場上最低的成本和他們所期望的時間範圍來實現這一點。

That's why we are interested in the low-carbon data centers and obviously, powers a piece of that. But if there's no decarbonization that goes along with that or no potential decarbonization that goes along with that, I wouldn't see us getting into that business. Great.

這就是我們對低碳資料中心感興趣的原因，顯然，我們也為其中的一部分提供了動力。但如果沒有與之相伴的脫碳，或者沒有與之相伴的潛在脫碳，我認為我們不會進入這個行業。偉大的。

Great. Thank you.

偉大的。謝謝。

Thanks, everybody, for joining the call and thanks for your questions. We'll post a transcript of this call to the Investors section of our website by early next week. That concludes today's call. I hope everyone has a good weekend.

感謝大家參加電話會議並感謝你們的提問。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。今天的電話會議到此結束。祝大家週末愉快。