埃克森美孚 (XOM) 2025 Q3 法說會逐字稿

Good morning, everyone. Welcome to Exxon Mobil's third-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; and Kathy Mikells, Senior Vice President and Chief Financial Officer.

各位早安。歡迎參加埃克森美孚2025年第三季財報電話會議。今天的通話將會被錄音。感謝您的參與。我是吉姆·查普曼，副總裁、財務主管兼投資者關係負責人。與我一同出席的還有董事長兼執行長達倫伍茲，以及資深副總裁兼財務長凱西·米克爾斯。

This quarter's presentation and pre-recorded remarks are available on the Investors Section of our website. They are meant to accompany the third-quarter earnings press release, which is posted in the same location. During today's presentation, we'll make forward-looking remarks, including comments on our long-term plans, which are subject to risks and uncertainties. Please read our cautionary statement on slide 2.

本季度的簡報和預先錄製的講話可在我們網站的投資者關係版塊查看。它們旨在與第三季收益新聞稿一同發布，該新聞稿也發佈在同一位置。在今天的演講中，我們將發表一些前瞻性言論，包括對我們的長期計劃的評論，但這些計劃存在風險和不確定性。請閱讀第二頁投影片上的警示聲明。

You can find more information on the risks and uncertainties that apply to any forward-looking statements in our SEC filings on our website. We also provide supplemental information at the end of our earnings slides, which are also posted on our website.

您可以在我們網站上的美國證券交易委員會文件中找到有關任何前瞻性聲明的風險和不確定性的更多資訊。我們還在收益報告幻燈片的末尾提供了補充信息，這些幻燈片也會發佈在我們的網站上。

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

現在我把發言權交給達倫，請他致開幕詞。

Good morning, and thanks for joining us. Last December, we reviewed our corporate plan under the theme of a league of our own. The results we've delivered since then continues to support that theme. From the technologies we're deploying, to the major projects we're delivering, to the structural cost savings we're capturing, and the value we're creating, our results are truly in a league of their own. In fact, in the third quarter, we delivered our highest earnings per share compared to other quarters in a similar price environment.

早安，感謝各位的參與。去年12月，我們以「獨樹一幟」為主題，對公司計畫進行了審查。我們此後所取得的成果也持續印證了這個主題。從我們部署的技術，到我們正在交付的重大項目，再到我們正在實現的結構性成本節約，以及我們正在創造的價值，我們的成果確實獨樹一幟。事實上，在第三季度，我們在類似的股價環境下實現了比其他季度更高的每股盈餘。

Let's start in Guyana, where we're breaking records with production more than 700,000 barrels per day in the quarter. We brought Yellowtail online four months ahead of schedule. It's our fourth and largest development with production capacity of 250,000 barrels per day. Yellowtail was delivered in nearly the same time as previous FPSOs despite a 70% increase in facility weight from its higher production capacity and improvements in GHG performance.

讓我們從圭亞那開始，本季日產量超過 70 萬桶，打破了紀錄。我們比原計劃提前四個月完成了 Yellowtail 的上線。這是我們的第四個也是最大的開發項目，日產能為 25 萬桶。儘管由於更高的生產能力和溫室氣體性能的提高，黃尾船的重量增加了 70%，但其交付時間與先前的 FPSO 幾乎相同。

We also sanctioned our seventh development, Hammerhead, which is expected to begin production in 2029. And importantly, we're making a positive and growing local impact. [Guyanese] now make up over two-thirds of the country's oil and gas workforce, more than 6,000 people, with more than 2,000 local businesses engaged.

我們還批准了第七個開發項目“鎚頭鯊”，預計將於 2029 年開始生產。更重要的是，我們正在產生積極且不斷增長的本地影響。 [圭亞那人]現在佔該國石油和天然氣行業從業人員的三分之二以上，超過6000人，並有2000多家當地企業參與其中。

In the Permian Basin, another advantaged asset, we set yet another production record of nearly 1.7 million oil equivalent barrels per day. We also acquired more than 80,000 net high-quality acres in the Midland Basin from Sinochem Petroleum. The transaction provides control of drilling locations and opportunities to further deploy our technology to drive greater returns. It's another example of bringing our portfolio advantages to an acquisition, ensuring that one plus one equals three or more.

在二疊紀盆地，我們又創下了日產量近 170 萬桶油當量的另一個紀錄。我們也從中國化工石油公司收購了米德蘭盆地超過 80,000 英畝的優質淨土地。這項交易使我們能夠控制鑽井位置，並有機會進一步部署我們的技術以獲得更大的回報。這是將我們的投資組合優勢應用於收購的另一個例子，確保一加一等於三或更多。

In addition, during the quarter, multiple third parties published reports validating the benefits of our lightweight proppant. Last December, we shared how we're using low-cost refinery coke as a proppant that penetrates deeper into fracs.

此外，本季內，多家第三方機構發布報告，證實了我們輕質支撐劑的優勢。去年 12 月，我們分享了我們如何使用低成本的煉油焦作為支撐劑，使其能夠更深入地滲透到壓裂層中。

This improves access and flow, which increases well recoveries by up to 20%. Wood Mackenzie reported that our proprietary proppant is delivering significant improvements in resource recovery, supporting our own results. They acknowledge that our Upstream integration with refining operations create a strategic advantage that is difficult for others to replicate. And that lightweight proppant is just one of many innovations we're developing to maximize Upstream recoveries and grow the value of our unconventional business.

這改善了油井的開採和流動，使油井採收率提高了 20%。伍德麥肯茲公司報告稱，我們專有的支撐劑在資源回收方面帶來了顯著的改進，這印證了我們自己的研究結果。他們承認，我們上游與煉油業務的整合創造了一種策略優勢，而這種優勢是其他人難以複製的。這款輕量支撐劑只是我們正在開發的眾多創新技術之一，旨在最大限度地提高上游採收率，並提升我們非常規業務的價值。

This year, we expect about a quarter of our wells, we use our new patented proppant and roughly 50% of new wells by the end of 2026. This, along with our cube development, pipeline of new technologies, and deep inventory of quality acreage is why our Permian production continues to grow well into the next decade.

今年，我們預計約有四分之一的油井將使用我們新獲得的專利支撐劑，到 2026 年底，約有 50% 的新油井將使用我們新獲得的專利支撐劑。正是這一點，加上我們的立方體開發、新技術儲備以及大量優質油田，使得我們的二疊紀盆地產量在未來十年內持續成長。

This is an important point as it clearly differentiates us from our competitors. We're talking about reduced investments, peak production, or a shift to harvest mode. In our corporate plan update in December, we'll share more on our Permian success and how it's strengthening the value proposition of our broader portfolio.

這一點很重要，因為它清楚地將我們與競爭對手區分開來。我們討論的是減少投資、生產高峰或轉向收穫模式。在 12 月的公司計畫更新中，我們將分享更多關於我們在二疊紀盆地取得成功的信息，以及它如何增強我們更廣泛投資組合的價值主張。

New to the world technologies are also playing a critical role, albeit on a slightly longer time frame in our Product Solutions business. We're making solid progress with new products based on our Proxxima systems. This year, we're tripling production capacity. At the same time, we're continuing to demonstrate significant value and use.

在我們的產品解決方案業務中，新興技術也發揮著至關重要的作用，儘管其應用週期稍長一些。基於我們的Proxxima系統，我們在新產品方面取得了穩定進展。今年，我們的產能將增加兩倍。同時，我們也不斷證明其巨大的價值和用途。

With our Proxxima-based rebar, we've demonstrated a 40% improvement in installation efficiency compared to steel. We've also introduced a new one code solution for marine cargo tanks that replaces the standard three code process. This cuts coating time in half, speeds up return to service, and delivers significant cost savings. These performance gains are helping us penetrate large established markets in key segments where we're building the foundation of a strong pipeline of opportunities.

與鋼材相比，我們採用 Proxxima 基鋼筋，安裝效率提高了 40%。我們也推出了新的船舶貨艙單碼解決方案，取代了標準的三碼流程。這樣可以縮短塗裝時間一半，加快恢復使用速度，並大幅節省成本。這些績效的提升有助於我們打入關鍵細分市場的大型成熟市場，我們正在這些市場中建立強大的發展機會基礎。

We've had significant interest in our Proxxima battery enclosures from Tier 1 auto OEM suppliers based on the fast production speed and lightweighting provided by our product. In 2026, we have the opportunity to demonstrate the superior subsea insulation and installation characteristics of our Proxxima products in the oil and gas sector, our own Hammerhead FPSO.

由於我們的產品具有生產速度快、重量輕的優點，一級汽車OEM供應商對我們的Proxxima電池外殼表現出了濃厚的興趣。2026 年，我們有機會在石油和天然氣領域，透過我們自己的 Hammerhead FPSO，展示我們 Proxxima 產品卓越的海底絕緣和安裝特性。

And then our rebar and infrastructure opportunities are expected to yield approximately 20,000 tons of cells by 2027. Through our signed MOUs with Masdar and [Baosteel], investments in Proxxima-based rebar manufacturing facilities will grow over the next two years. This will allow us to scale quickly into these fast-growing markets.

然後，預計到 2027 年，我們的鋼筋和基礎設施機會將產生約 20,000 噸電池。透過我們與馬斯達爾和寶鋼簽署的諒解備忘錄，未來兩年對位於普羅西瑪的鋼筋製造設施的投資將會增加。這將使我們能夠迅速拓展到這些快速成長的市場。

In Singapore, we successfully started up our resid upgrade project and are converting low-value fuel oil into high-value lubricant products in diesel using a proprietary catalyst at scale. Project utilization is currently around 80%, ramping to full capacity by year-end with our new-to-the-world base stock on grade and delivery to customers.

在新加坡，我們成功啟動了殘渣升級項目，並利用專有催化劑大規模地將低價值燃料油轉化為高價值柴油潤滑油產品。專案利用率目前約為 80%，到年底將達到滿載運轉，屆時我們將以全球首創的優質基礎庫存按等級交付給客戶。

We've also progressed the development of our revolutionary battery anode graphite that can deliver breakthrough improvements in battery performance. Early feedback from leading auto OEMs and battery producers has been promising. Their testing shows that batteries can be charged 30% faster, providing a 30% increase in effective range and last up to 4 times longer.

我們也推進了革命性電池負極石墨的研發，該材料能夠顯著提升電池性能。來自領先的汽車整車製造商和電池生產商的早期反饋令人鼓舞。他們的測試表明，電池充電速度可以提高 30%，有效續航里程可以提高 30%，續航時間可以延長至原來的 4 倍。

This quarter, we also announced the acquisition of key assets from Superior Graphite, a leader in the graphite and specialty carbon market. Working with their team and incorporating their proprietary technology, we will develop and scale a differentiated graphitization process that has higher throughput, 50% more energy efficient, and significantly lower cost than available industry alternatives today.

本季度，我們也宣布收購了石墨和特種碳市場領導者 Superior Graphite 的關鍵資產。我們將與他們的團隊合作，並結合他們的專有技術，開發和擴大差異化的石墨化工藝，該工藝的產量更高，能源效率提高 50%，成本比目前行業內可用的替代方案顯著降低。

We also commissioned our newest supercomputer, Discovery 6, developed with Hewlett Packard Enterprise and NVIDIA, delivering a step change in exploration and seismic processing. This is the world's 17th most powerful computer. Seismic processing that used to take months now takes just weeks is already having an impact in Guyana, enabling more than $1 billion of potential value capture from increased resource recovery at our first six FPSOs in the Stabroek block.

我們也啟用了最新的超級電腦 Discovery 6，該電腦由惠普企業和英偉達公司共同開發，為勘探和地震處理帶來了質的飛躍。這是世界上性能排名第17的計算機。過去需要數月才能完成的地震資料處理，現在只需幾週即可完成，這已經在圭亞那產生了影響，使我們在斯塔布魯克區塊的前六艘 FPSO 能夠透過提高資源回收率，實現超過 10 億美元的潛在價值。

Our long-standing focus on and investment in technical innovation is paying dividends. When coupled with the capabilities we've developed in execution excellence, we deliver results that others can't match. You've seen it this year with our global projects organization and the eight key start-ups we've highlighted to date, which includes some of the industry's largest and most complex projects.

我們長期以來對技術創新的重視和投入正在獲得回報。結合我們在卓越執行力方面所培養的能力，我們能夠取得他人無法匹敵的成果。今年，您已經透過我們的全球專案組織和我們迄今為止重點介紹的八家關鍵新創公司看到了這一點，其中包括一些業內最大、最複雜的專案。

Our Proxxima systems expansion and Golden Pass LNG project, both remain on track for start-up around year-end, completing the last 2 of our 10 key 2025 startups. Together, these 10 projects establish an important foundation to our 2030 earnings and cash flow growth plans. They're expected to drive more than $3 billion in earnings contributions next year at constant prices and margin.

我們的 Proxxima 系統擴建和 Golden Pass LNG 專案均按計劃在年底前後啟動，完成我們 2025 年 10 個重點啟動專案中的最後 2 個。這 10 個項目共同為我們 2030 年的獲利和現金流成長計畫奠定了重要的基礎。預計明年它們將以不變價格和利潤率計算，帶來超過 30 億美元的收益貢獻。

Before closing, I want to briefly touch on a new tool we introduced in the quarter to make it easier for our retail shareholders to support their company and vote their shares. In September, we introduced a first of its kind free opt-in voting program for our millions of retail shareholders.

在結束之前，我想簡要介紹一下我們本季推出的一項新工具，該工具旨在讓我們的零售股東更容易支持他們的公司並投票表決他們的股票。9 月，我們向數百萬散戶股東推出了一項史無前例的免費自願參與投票計畫。

Typically, only about a quarter of them, growing almost 40% of the company, vote at our annual meetings. We think shareholder participation should be the norm, not the exception. Our program, approved by the US Securities and Exchange Commission, allows participants who choose to opt in to have their shares automatically voted to support management's recommendations. The program is completely optional, and participants can easily change their votes or opt out at any time.

通常情況下，只有大約四分之一的員工（占公司員工總數的近 40%）會在我們的年度股東大會上投票。我們認為股東參與應該是常態，而不是例外。我們的計劃已獲得美國證券交易委員會的批准，允許選擇加入的參與者自動投票支持管理層的建議。該計劃完全自願參加，參與者可以隨時輕鬆更改投票或選擇退出。

Since implementing it, we've been very encouraged by the positive feedback we've received, especially from other companies looking to replicate the program and make it easier for the voices of their retail shareholders to be heard. This is just one more example of the work we are doing to grow shareholder benefits and value.

自實施以來，我們收到了許多正面的回饋，這讓我們倍感鼓舞，尤其是來自其他希望複製該計劃並讓其零售股東的聲音更容易被聽到的公司。這只是我們為增加股東利益和價值所做工作的另一個例子。

Stepping back, looking at the quarter and reflecting on the year-to-date results, we feel good about the progress we're making. We're delivering on all the challenging commitments we made consistent with our track record since the pandemic and setting the pace for industry.

回顧本季及年初至今的業績，我們對目前的進展感到滿意。我們正在履行所有具有挑戰性的承諾，這與疫情爆發以來我們的良好記錄相符，並為行業樹立了標竿。

We're deploying innovative technologies that are delivering new-to-world approaches, processes and products that drive industry unique value. We're transforming how and where we work to improve our effectiveness and deliver structural cost reductions that exceed all of our competition.

我們正在部署創新技術，這些技術帶來了前所未有的方法、流程和產品，從而為產業創造獨特的價值。我們正在改變工作方式和工作地點，以提高效率並實現結構性成本降低，從而超越所有競爭對手。

We're defining the industry benchmark in project execution for schedule and cost on an unmatched number of projects. And most importantly, we're strengthening our competitive advantages and, frankly, all aspects of our business, to deliver earnings and cash flow growth now and far into the future. Looking forward, I'm confident we will remain in a league of our own.

我們在專案執行的進度和成本方面，以無與倫比的數量，樹立了行業標竿。最重要的是，我們正在加強我們的競爭優勢，坦白說，我們正在加強我們業務的各個方面，以實現現在和未來很長一段時間的盈利和現金流增長。展望未來，我相信我們將繼續保持領先地位。

With that, we're happy to answer your questions.

我們很樂意回答您的問題。

Thank you, Darren. Before we move to Q&A, I have a quick announcement to share. Please mark your calendar for our annual corporate plan update, a virtual event this year for Tuesday, December 9 at 9 AM Central Time. With that, we'll move to Q&A.

謝謝你，達倫。在進入問答環節之前，我有一個簡短的通知要分享。請在日曆上標記我們的年度企業計畫更新會議，今年的會議將以線上形式舉行，時間為12月9日星期二上午9點（中部時間）。接下來，我們將進入問答環節。

(Event Instructions) And operator, please open the line for our first question.

（活動說明）接線員，請接通線路，我們第一個問題即將提出。

(Operator Instructions) Neil Mehta, Goldman Sachs.

（操作說明）尼爾·梅塔，高盛。

I just wanted to pick up on the capital spend point. You are indicating that you're going to be below the range this year. And of course, we'll get a little more color on December 9 about how you're thinking about 2026.

我只是想就資本支出這一點談談我的看法。你的意思是說，你今年的業績會低於預期範圍。當然，12月9日我們會更詳細地了解你對2026年的看法。

But could you talk about the moving pieces? Is it about capturing deflation? Is it about deferring investment particularly around some of the low carbon solutions? How should we be thinking about the drivers of that?

但您能談談其中的運作機制嗎？這是為了捕捉通貨緊縮嗎？是不是要延後某些低碳解決方案的投資？我們該如何看待造成這種情況的驅動因素？

Sure. Good morning, Neil. Thanks for calling in. Yeah. maybe I'll take you back to the corporate plan presentation we gave last December when we talked about our CapEx spend. And we broke it down between the base and then some of the things that we are pursuing where we had to develop the markets, how to develop the sales. We're looking at policy coming in place.

當然。早安，尼爾。謝謝來電。是啊，或許我可以帶你回顧我們去年12月做的公司計畫報告，當時我們談到了資本支出。我們將業務分解為基礎業務，以及我們正在追求的一些業務，例如如何開發市場、如何發展銷售。我們正在關注即將出台的政策。

And we indicated at a time that that capital would move, depending on what we saw in the market and how those markets develop. And that's exactly what we're seeing as we've gone forward in some of these new ventures, particularly low carbon solution portfolio, market is not developing as fast as we had planned for. And so we are pacing the spend in that as consistent with what we talked about.

我們當時就表示，這筆資金的流向將取決於我們在市場上看到的狀況以及這些市場的發展。而這正是我們在一些新項目中看到的，尤其是在低碳解決方案組合方面，市場的發展速度並沒有我們預期的那麼快。因此，我們正按照我們之前討論的內容來控制這方面的支出。

From my perspective, it's much easier to plan on doing something and then pull back than it is to not plan on something and then try to rush into it. So we feel really good about where we're at with that and continue to watch and we'll continue to pace the market as it develops and as we see the demand for some of those products grow.

在我看來，事先規劃好要做什麼，然後再反悔，比不做計劃就貿然去做要容易得多。因此，我們對目前的情況感到非常滿意，並將繼續關注市場發展，隨著市場對某些產品的需求成長，我們將繼續調整市場步伐。

The other point I would just make is we provide that range going out in time, and that reflects really the uncertainty around exactly when all the projects in our portfolio get FID-ed or get -- as they progress and when exactly those things happen, are hard to call far into the future. So we give ourselves -- we recognize that variability and make sure that we encompass that in the range that we provide.

我還要補充一點，我們提供的時間範圍確實反映了我們投資組合中所有專案何時做出最終投資決定（FID）的不確定性——隨著專案的推進，這些事情何時發生很難預測。因此，我們承認這種差異性，並確保在我們提供的服務範圍內涵蓋這種差異性。

And so I would expect, as we go forward, you'll see some of that movement, just frankly, because you can't predict exactly when that capital spend will happen as you're executing a project. But we feel good about where we're at. We feel good about where that underrun is coming from. I'd also say we're getting a really good productivity on the capital we're spending in the Permian as well, which is a benefit.

因此，我預計，隨著專案的推進，你會看到一些這樣的變化，坦白說，因為你無法準確預測在專案執行過程中資本支出何時會發生。但我們對現狀感到滿意。我們對這部分預算削減的來源感到滿意。我還要說，我們在二疊紀盆地投入的資本也獲得了非常好的生產力，這是一個優勢。

And then all I would add to that is, obviously, we had an acquisition, actually a couple of acquisitions this quarter, in total, $2.4 billion. So when we gave that guidance that we expect to be a bit below the low end of the $27 billion to $29 billion cash CapEx, that's excluding those M&A transactions. And we obviously don't plan for those transactions. So that's why we excluded them.

我還要補充一點，顯然，我們本季進行了一項收購，實際上是兩項收購，總計 24 億美元。因此，當我們給出預期現金資本支出將略低於 270 億美元至 290 億美元下限的指導意見時，這還不包括併購交易。顯然，我們並沒有為這些交易做好計劃。所以這就是我們把它們排除在外的原因。

Devin McDermott, Morgan Stanley.

德文·麥克德莫特，摩根士丹利。

So I wanted to dive into the Permian a bit more. It's record production results in the quarter. You also raised the guide for the full year. I was hoping you could unpack the drivers for us a little bit more. Are we already seeing some outperformance as a result of your advanced proppant rollout? Have there been other changes you've made to development or spacing? And how does this all impact how you're thinking about the capital and activity requirements to achieve your multiyear growth targets?

所以我想更深入地了解二疊紀。這是該季度創紀錄的生產業績。你還提高了全年的指導價。我希望您能再詳細地為我們講解一下驅動程式。我們是否已經看到貴公司推出的先進支撐劑產品帶來了一些優異的業績表現？您在開發或間距方面是否還做過其他更改？這一切將如何影響您對實現多年成長目標所需的資金和業務活動需求的思考？

Yeah. Thanks, Devin. And I would say if you look at what we're doing in the Permian and the innovation that's occurring with that organization, it is hard to predict the improvements when you're planning ahead of time. But what the team is constantly doing is looking for how they can improve in evaluating what they've been doing and then making changes on the fly.

是的。謝謝你，德文。我想說，如果你看看我們在二疊紀盆地所做的工作以及該組織正在進行的創新，你會發現，提前規劃很難預測改進效果。但團隊一直在做的是，透過評估他們一直在做的事情，尋找改進的方法，然後迅速做出改變。

We've been testing a whole pipeline of potential technology options that will unlock resource, lower our capital cost. And we're seeing improvements across the range of those technologies as we implement them. So we feel really good about the productivity of what we're seeing in the Permian. I feel really good about what the team is looking at to grow the production.

我們一直在測試一系列潛在的技術方案，這些方案將釋放資源，降低我們的資本成本。隨著我們不斷實施這些技術，我們看到這些技術的各個方面都在不斷改進。因此，我們對二疊紀盆地的生產力感到非常滿意。我對團隊為提高產量所做的努力感到非常滿意。

And when we talk to you in December with the plan, you'll see that we -- every year, we're looking to build that improvement into the planned outlook. So it's hard to -- it's not any one single thing. It is a function of a lot of hard work by the team, a lot of innovation and the technology organization continuing to bring good ideas into the field and that is resulting in better production, more effective capital deployment.

當我們在 12 月與您討論計劃時，您會發現，我們每年都在努力將這種改進納入計劃展望中。所以很難說——這不是任何單一因素造成的。這得歸功於團隊的辛勤工作、大量的創新以及技術部門不斷將好想法引入該領域，從而帶來了更好的生產和更有效的資本部署。

Arun Jayaram, JPMorgan.

Arun Jayaram，摩根大通。

I had a little bit of a bigger picture question. Exxon recently published its global outlook through 2050 and includes around 5% oil growth, 20% gas growth in a doubling of LNG demand called over the next 25 years. I was wondering if you could talk about how this outlook informs your strategy? And how should we think about where the puck will go in terms of future organic or inorganic opportunities for the company?

我有一個更宏觀的問題。埃克森美孚最近發布了其到 2050 年的全球展望，其中包括石油成長約 5%，天然氣成長 20%，預計未來 25 年液化天然氣需求將翻倍。我想請您談談這種觀點如何影響您的策略？那麼，我們該如何看待公司未來在有機成長或無機成長方面的發展機會呢？

Yeah. Thanks for the question, Arun. It is -- with respect to the first part of your question, the global outlook is the foundation, which we think about our strategy and then build our plans. Obviously, it's difficult to predict with precision how things are going to move, particularly in the short term.

是的。謝謝你的提問，Arun。關於你問題的第一部分，全球視野是我們思考策略並制定計畫的基礎。顯然，很難精確預測事情的發展走向，尤其是在短期內。

But longer term, we focus on the fundamentals where the economic growth is happening to what level is happening, how technology is developing, what policies are being put in place and then try to synthesize all that into an outlook, and have been doing that, well, for as long as I can remember in this company. It doesn't change a whole lot year-to-year, but it is -- does form the foundation of how we think about things.

但從長遠來看，我們關注的是經濟成長的基本面，包括經濟成長的水平、技術的發展、正在實施的政策，然後嘗試將所有這些因素綜合起來，形成一個展望。就我記憶所及，我們公司一直以來都是這樣做的。雖然它每年變化不大，但它確實構成了我們思考問題的基礎。

You may recall back during the pandemic when people were extrapolating from a very unusual market condition, we remain focused on what our long-term outlook was telling us and continue to make investments when a lot of other people have pulled back during that time. And that has proven to be the right approach as time moved on.

您可能還記得，在疫情期間，人們根據非常不尋常的市場情況進行推斷，而我們始終專注於我們的長期展望，並在許多人都在那時撤出市場的情況下繼續進行投資。事實證明，隨著時間的推移，這確實是正確的方法。

And so we think about it in those terms and the growth in LNG is what underpins our continued interest in finding low-cost advantaged LNG production. The recognition of economy is growing. And people's livelihood is improving and the energy demand required to facilitate that underpins continued growth in oil and gas. And so we continue to look for cost advantaged oil production as well.

因此，我們從這個角度來考慮這個問題，液化天然氣的成長正是我們持續關注尋找低成本優勢液化天然氣生產方式的根本原因。人們對經濟的認識正在提高。人們的生活水準不斷提高，而滿足這種提高所需的能源需求又支撐著石油和天然氣產業的持續成長。因此，我們也將繼續尋找具有成本優勢的石油生產方式。

I think people often forget that there is a depletion rate here. And so if you aren't continuing to invest and find new resources that your supply will rapidly decline, particularly, given the role that unconventional production now plays in the global supply.

我認為人們常常忘記這裡存在著資源損耗率。因此，如果你不繼續投資並尋找新的資源，你的供應量將迅速下降，尤其考慮到非常規生產目前在全球供應中所扮演的角色。

That depletes a lot quicker. Therefore, the depletion curve is a lot steeper. Therefore, the industry has to bring more barrels on to just stand still. And so all of that goes into our thinking in terms of what's needed from an investment standpoint and really keeps our focus on the medium to long term rather than the very short term.

那消耗得更快。因此，損耗曲線要陡峭得多。因此，石油業不得不增加原油產量才能維持現狀。因此，所有這些因素都會影響我們對投資需求的思考，使我們更關注中長期而非短期利益。

Doug Leggate, Wolfe Research.

道格‧萊格特，沃爾夫研究公司。

I listened to you talk about in a class of your own and I think about all the growth you've had in free cash flow and the reduction in the dividend breakeven. But yet, your dividend growth rate remains quite pedestrian. And frankly, I think that's probably holding back market recognition of value. So I wonder if you can address that. At what point do you think the free cash flow expansion translates to a more competitive, let's say, versus the broader market dividend growth rate?

我聽了你在自己的課堂上談論這些，我想到了你在自由現金流方面取得的所有增長以及股息盈虧平衡點的降低。但是，你的股息成長率仍然相當平庸。坦白說，我認為這可能阻礙了市場對價值的認可。所以我想知道您是否可以回答這個問題。您認為自由現金流擴張到什麼程度才能轉化為更具競爭力的股息成長率，比如說，相對於更廣泛的市場？

Yeah. I'm happy to take that question, Doug. We look at our overall dividend growth rate, and we constantly think about sustainability right? We think about competitiveness. We think about growth. And when we measure it on those three pretty important qualitative factors, we feel pretty happy with where we've ended up.

是的。我很樂意回答這個問題，道格。我們會關注整體股息成長率，並且會不斷思考永續性，對吧？我們考慮的是競爭力。我們關注的是成長。當我們從這三個非常重要的定性因素來衡量它時，我們對最終的結果感到非常滿意。

And interestingly, I would tell you, as we speak to investors, we tend to get positive commentary about our dividend growth rate, about our overall approach to dividend growth, and about our overall approach to not just dividend growth, but obviously, to a more consistent program with regard to share buybacks as well. So we look at the dividend growth rate over a long period of time.

有趣的是，我想告訴大家，當我們與投資者交談時，我們往往會得到關於我們股息成長率、我們整體股息成長策略以及我們整體策略（不僅是股息成長，顯然還有我們更一致的股票回購計劃）的正面評價。所以我們考察的是較長時期的股利成長率。

We look at it both relative to IOC competitors. We look at it relative to general S&P. We look at it relative to industrials. And when we measure it against those criteria, I would say, we come up with an answer that says, we feel like we're in a pretty good place. And generally speaking, we get positive commentary from investors on our approach with regard to our dividend growth rate.

我們從相對於國際奧委會競爭對手的角度來看它。我們將其與標普500指數進行比較。我們從工業的角度來看它。當我們以這些標準來衡量時，我認為，我們會得出這樣的結論：我們覺得自己處境相當不錯。總的來說，投資者對我們在股息成長率方面的做法給予了正面評價。

Yeah. And I would add to that, Doug, that we're very mindful of the commitment we have on our dividend and the context in which that commitment will play out over the years and as you move through commodity cycles. And so we think it pays to be confident with what we're doing and thinking through where the cycles are going.

是的。道格，我還要補充一點，我們非常重視我們對股息的承諾，以及這項承諾將在未來幾年以及隨著大宗商品週期變化而發揮作用的背景。因此，我們認為對自己所做的事情充滿信心，並認真思考週期將如何發展，是值得的。

We all know the prices are going to go up, and we know they're going to go down. And making sure that we build a business that can reliably deliver across any price environment is a critical part of how we think about the things that we do in the company.

我們都知道物價會上漲，也知道物價會下跌。確保我們打造的業務能夠在任何價格環境下都能可靠地交付，是我們思考公司營運方式的關鍵。

And the last thing I'd say is we now have 43 consecutive years of annual dividend growth. That puts us in a category of less than 5% of S&P 500 companies. I'd say that's a track record we're quite proud of.

最後我想說的是，我們現在已經連續43年實現年度股息成長。這使我們躋身於標準普爾500指數公司中不到5%的行列。我認為這是我們非常引以為傲的成績。

Bob Brackett, Bernstein Research.

Bob Brackett，伯恩斯坦研究公司。

I'd like to talk a bit about Superior Graphite. I'm curious what exactly you acquired from them? Was it that their facilities in the US and Europe or more technology? And also curious how tightly integrated would that be into your existing refining petrochemical strategy? And then I'll tack on, what do you think that total addressable market might be?

我想簡單談談Superior Graphite公司。我很好奇你究竟從他們身上得到了什麼？是他們在美國和歐洲的設施，還是更先進的技術？另外，我還想知道這會與您現有的煉油石化策略有多緊密地結合？然後我再補充一點，你認為潛在市場總量可能是多少？

Yeah. Thank you, Bob. Appreciate the question. We talked about, now, for some time, the work we've been doing from a technology standpoint, leveraging our capabilities to manipulate and transform molecules to make products that the world needs and to address gaps and grow value.

是的。謝謝你，鮑伯。感謝您的提問。我們已經討論了一段時間以來，我們從技術角度所做的工作，利用我們的能力來操縱和轉化分子，以製造世界需要的產品，彌補差距並增加價值。

One of those that piece of work was around what can we do with carbon molecules, particularly, given the drive, the necessary drive to reduce emissions and the CO2 out of the atmosphere that leads to more and more carbon. So we saw a trend of a cheap feedstock that's growing and what can we make out of it.

其中一項研究是關於我們可以對碳分子做些什麼，特別是考慮到減少排放和從大氣中去除二氧化碳的必要動力，因為二氧化碳會導致越來越多的碳排放。所以我們看到了一種廉價原料不斷增長的趨勢，以及我們可以用它做什麼。

And so our technologists have come up with a unique carbon molecule that we see the opportunity to graphitize and then put into batteries as anodes. As I said in my comments, the work that we've done with our pilot plants have led to or demonstrated significant really step change improvements in lithium-ion batteries: 30% faster charging, 30% more range, and then extends the battery life cycle by 4 times the current technology.

因此，我們的技術人員研發出了一種獨特的碳分子，我們認為有機會將其石墨化，然後作為陽極應用於電池中。正如我在評論中所說，我們在試點工廠所做的工作已經帶來了或證明了鋰離子電池的重大飛躍式改進：充電速度提高 30%，續航里程增加 30%，電池壽命週期比現有技術延長 4 倍。

So we see it as a huge opportunity. The TAM on that could be up to $40 billion, so that's, in our mind, a market worth going after.

所以我們認為這是一個巨大的機會。該市場的潛在市場規模可能高達 400 億美元，因此我們認為這是一個值得開拓的市場。

One of the challenges beyond designing the molecule is the graphitization process. And if you look at what the industry norm is in that space, it is a very, very old technology that dates back to the 1800s and takes close to a month, frankly, to develop the product.

除了分子設計之外，石墨化過程也面臨挑戰。如果你看看這個領域的行業標準是什麼，你會發現這是一項非常非常古老的技術，可以追溯到 19 世紀，坦白說，開發一個產品需要將近一個月的時間。

We said we've got to bring that into current times. And so we're looking for a technology that really leveraged our process technology capabilities. And Superior Graphite had a technology in some assets that, working with them, we could adapt to this. And we think fundamentally revolutionizes making this material for the battery market.

我們說，我們必須讓它與時俱進。因此，我們正在尋找一種能夠真正發揮我們製程技術能力的技術。Superior Graphite公司擁有一些資產技術，透過與他們合作，我們可以將其應用於此。我們認為這將從根本上革新電池市場材料的製造方式。

And so that's the approach. We purchased the key assets, have the right technology rights to those assets, and we'll be working with the folks to convert that technology and grow it at scale so we can begin to produce and material at a much higher rate, at a much lower cost and really, really importantly, outcompete the Chinese.

這就是我們採取的方法。我們已經收購了關鍵資產，擁有這些資產的正確技術權利，我們將與相關人員合作，轉化並大規模發展這項技術，以便我們能夠以更高的速度、更低的成本生產材料，並且真正重要的是，在競爭中勝過中國企業。

This market is dominated by the Chinese. And so we're very cognizant of anything that we do here for the long run, it has to be on the very low-end of the cost of supply curve. This technology is going to help us achieve that.

這個市場由中國人主導。因此，我們非常清楚，從長遠來看，我們在這裡所做的任何事情都必須處於供給成本曲線的最低端。這項技術將幫助我們實現這一目標。

Sam Margolin, Wells Fargo.

Sam Margolin，富國銀行。

So yeah, I wanted to ask about the inorganic strategy a little bit. It seems like it's accommodated by two factors. The first is capital efficiency in the business. And the second is the balance sheet, which is leading among peers.

是的，我想稍微了解一下非有機成長策略。這似乎是由兩個因素造成的。首先是企業的資本效率。其次是資產負債表，它在同業中處於領先地位。

And so the question is, given all these tailwinds in the business and in the capital structure, do you feel like you can step up in organic activity even more now and set the table for additional opportunities beyond what's in your pipeline today?

因此，問題是，鑑於業務和資本結構中的所有這些利好因素，您是否覺得現在可以進一步加大有機成長力度，並為目前通路之外的更多機會做好準備？

Yeah. Thanks, Sam. Well, what I'll tell you, if you go back in time when we first started talking about our strategy, it was very much focused on our core competitive advantages and strengthening those advantages and growing them.

是的。謝謝你，山姆。嗯，我告訴你，如果你回顧我們最初開始討論策略的時候，你會發現它非常注重我們的核心競爭優勢，以及如何加強和發展這些優勢。

And that, in my mind, not only allowed us to improve and drive profitability in our base business, but it opened up the opportunity for inorganic transactions that took -- where we could take advantage of those core competencies, leverage them in an acquisition, and bring more value than either company could do on its own. And that's the foundation of the one plus one equals three, which we've been talking about for quite some time.

在我看來，這不僅使我們能夠改善和提高基礎業務的盈利能力，而且還為非內生性交易創造了機會——我們可以利用這些核心競爭力，在收購中加以利用，並帶來比任何一家公司單獨行動所能帶來的更大的價值。這就是一加一等於三的基礎，我們已經討論這個問題很久了。

I think the Pioneer acquisition is a great example of that, where we brought in a very good organization, very good people, very good assets; combine them with our good people, our assets and technology. And together, we're doing more than either company could have before.

我認為收購 Pioneer 就是一個很好的例子，我們引進了一個非常優秀的組織、非常優秀的人才和非常優秀的資產；並將它們與我們自己的優秀人才、資產和技術結合起來。我們攜手合作，所取得的成就遠超過任何一家公司之前所能達到的水準。

That drive and our efforts to find those opportunities do not ebb and flow with the commodity price cycle. It is a constant for us. And I made that point in the second quarter. I make it here in the third quarter.

這種動力以及我們尋找這些機會的努力並不會隨著大宗商品價格週期的波動而起伏。這對我們來說是不變的。我在第二節就闡述了這一點。我在第三季來到這裡。

We are -- as we develop these and grow our technology capabilities, our project capabilities, really, all the advantages that we bring to the business, how can we leverage those to grow more value organically and inorganically? And it's just a function of continuing to look for and find those opportunities.

隨著我們不斷發展壯大，提升我們的技術能力、專案能力，以及我們為企業帶來的所有優勢，我們如何利用這些優勢，以有機成長和非有機成長的方式創造更多價值？這只是持續尋找和發現機會的過程。

So it's a constant, I'd say, focus of ours, and it's really a question of what are the opportunities that present themselves? And that will happen over time. I don't -- we don't have a specific plan for when things show up, but it's this constant effort, which I think any good company with the advantages that we have, would be very focused on that.

所以，我認為這一直是我們的關注重點，而真正的問題是，有哪些機會擺在我們面前？隨著時間的推移，這終將發生。我沒有——我們沒有針對這種情況發生的具體計劃，但我們會持續努力，我認為任何一家擁有我們這樣優勢的優秀公司都會非常重視這一點。

And just the thing I would add to that. We look at a lot of things, a lot of things, as you would expect us to. We transact on very few things because they have to meet our criteria. As we said, one plus one has to equal more than three, right?

我還要補充一點。正如你所料，我們會關注很多事情，很多很多事情。我們只交易極少數商品，因為它們必須符合我們的標準。正如我們所說，一加一肯定大於三，對吧？

We've got to bring advantages to the table, scale, integration on rival technology things that are going to create synergies that are going to allow transactions to really generate strong returns. And I think Pioneer is a great example of that.

我們必須拿出優勢，擴大規模，整合競爭對手的技術，這些都能產生綜效，讓交易真正產生強勁的回報。我認為先鋒公司就是一個很好的例子。

So you should expect that we would look at a lot of things. But we transact on very few, and it's the ones where we have a high degree of confidence that we can earn very good returns.

所以你應該預料到我們會考慮很多方面。但我們只進行極少數的交易，而且都是我們有高度信心能夠獲得非常好的回報的交易。

Yeah. I think bottom line on that is we buy value, not volume. I think that differentiates us from many in the industry. And so if we can't see the path to very high returns on transactions, we won't pursue them.

是的。我認為歸根究底，我們追求的是價值，而不是數量。我認為這使我們與業內許多公司區分開來。因此，如果我們看不到交易獲得高回報的途徑，我們就不會去追求這些交易。

Paul Cheng, Scotiabank.

Paul Cheng，加拿大豐業銀行。

Darren and Kathy, I'm just curious that, I mean, you just have a one-off cost maybe head count reduction. But I'm trying to understand that you've been doing a lot of different projects. I mean, you're probably doing far more than any of your peers at this point.

Darren 和 Kathy，我只是好奇，我的意思是，你們是否只需要一次性減少一些成本，例如裁員。但我試著去了解你一直在做很多不同的專案。我的意思是，你現在所做的可能比你的任何同齡人都要多得多。

So should we assume that, at this moment, you were pretty rounding up against your organizational capability or that you think your ability that to even increasing the pace of investment just a function of opportunity set, but not limited by your capability?

那麼，我們是否應該假設，此時此刻，您已經基本上達到了組織能力的極限，或者您認為加快投資步伐的能力僅僅取決於機會，而不受自身能力的限制？

Yeah. Thank you, Paul. Just to your point about the reductions that you referenced, that was really the next step and a continuum of work we've been pursuing for some time now. We've worked really hard at transforming the how of what we do and that has led to a much improved effectiveness, and it's also led to the efficiencies that we've been racking up.

是的。謝謝你，保羅。關於您提到的削減措施，那確實是我們一直在努力推進的下一步工作，也是我們持續努力的一部分。我們一直在努力改變我們的工作方式，這大大提高了工作效率，也帶來了我們不斷累積的效率提升。

If you look since 2019, when we started this work on the strategy -- implementing the strategy, we're over $14 billion of structural cost reductions. That's on average, about $2.5 billion of cost reductions, structural cost reductions every year. My expectation is we'll see something similar to that this year. And frankly, going forward, we continue to see additional opportunities to become more effective and through that, then get more efficient.

自 2019 年我們開始製定這項策略以來，到實施這項策略，我們已經實現了超過 140 億美元的結構性成本削減。平均而言，每年可節省約 25 億美元的成本，以實現結構性成本削減。我預計今年我們會看到類似的情況。坦白說，展望未來，我們將繼續看到更多提高效率的機會，進而提高工作效率。

The ability -- in terms of the capability we've got now is limited by the opportunity set because of the high criteria that we put on it and the insistence that the projects that we bring in are advantaged versus industry on the low end of the cost of supply curve. So it's resilient and delivers robust returns across every part of the commodity cycle.

就我們目前的能力而言，由於我們對機會設定了很高的標準，並且堅持我們引進的項目必須比處於供應成本曲線低端的行業項目更具優勢，因此我們目前的能力受到機會的限制。因此，它具有很強的韌性，能夠在商品週期的每個階段都帶來穩健的回報。

That criteria set tends to narrow the pipeline down pretty quickly as we're looking at things. So to date, we haven't hit that limit. But I would also tell you the -- as we continue to learn, sharpening our pencils, the opportunity set that we see across our technology organizations, our project organization, we think there's still untapped opportunity sets to get even better in that space.

當我們審視各種情況時，這些標準往往很快就能縮減候選名單。所以到目前為止，我們還沒有達到那個極限。但我也想告訴你們——隨著我們不斷學習、不斷改進，我們在技術組織和專案組織中看到了許多機會，我們認為在這個領域仍然有尚未開發的機會可以做得更好。

So we're not at a limit yet. And frankly, I don't see a limit. Maybe one day, we'll get there, but when you combine the high hurdle you have to clear in order to get into the portfolio with the existing capability set that we've got, I feel pretty good about the ability to execute.

所以我們還沒有達到極限。坦白說，我看不出有什麼限制。也許有一天我們會實現這個目標，但是考慮到進入該領域需要跨越的高門檻，以及我們現有的能力，我對執行能力很有信心。

And I would point to what we did this year as probably the best example of that. The 10 projects we've been talking about, the eight of them that we've delivered to date, if you look in total, the gross capital associated with those 10 projects is on the order of $50 billion. I don't think there's a company in our industry at any point in history that has successfully delivered that many projects in the time frame that we're doing.

而我認為我們今年所做的事情或許就是最好的例子。我們一直在談論的這 10 個項目，以及迄今為止我們已經交付的 8 個項目，如果把這 10 個項目的總投資額加起來，大約為 500 億美元。我認為，縱觀歷史，我們這個行業中沒有任何一家公司能夠在我們所處的時間範圍內成功交付如此多的專案。

And so I think that's just a great example of what we're capable of. And like I said, we've got a lot of ideas in the hopper in terms of how we can improve the technical aspects of what we're doing along with the execution aspects.

所以我認為這正好體現了我們所能做到的事情。正如我所說，我們有很多想法正在醞釀中，希望能夠改進我們正在做的事情的技術方面以及執行方面。

That's great. I suppose that that's why you just bought Discovery 6, that's part of that improving your, maybe, capability and efficiency going forward?

那太棒了。我猜這就是你購買 Discovery 6 的原因，這或許是為了提高你未來的能力和效率吧？

Absolutely. I mean that's -- I think I said the 17th most powerful computer in the world. And if you look at the data that we have to process, if you look at the opportunities set we have, it's allowing us to do things in weeks that used to take us months and months. So it just speeds that cycle up.

絕對地。我的意思是，那是——我想我說過，它是世界上性能排名第17的計算機。如果你看看我們需要處理的數據，看看我們所擁有的機會，你會發現它使我們能夠在幾週內完成以前需要幾個月才能完成的事情。所以它只是加快了這個循環。

And I think if you just look at what we're doing and driving efficiencies, right, it is unmatched across the industry. I mean you look at just what we put up this quarter, $14.3 billion now in structural cost savings compared to 2019. Our track record in this regard, I think, is bar none, and we see more opportunity there.

我認為，如果你看看我們正在做的事情以及我們為提高效率所做的努力，你會發現，這在整個行業中是無與倫比的。我的意思是，看看我們本季所取得的成果，與 2019 年相比，結構性成本節約已達 143 億美元。我認為，我們在這方面的表現是無可挑剔的，而且我們看到了更多的機會。

Biraj Borkhataria, RBC.

Biraj Borkhataria，RBC。

I wanted to ask about Mozambique and the onshore development. There were some reports suggesting you were targeting FID in the first quarter of 2026, but then I read there was a meeting with the government, which has been deferred. So could you just talk about where you are with that project? Maybe the security situation and then whether an FID in early '26 is likely?

我想詢問一下莫三比克及其陸上開發的情況。有一些報導說你們的目標是在 2026 年第一季進行最終投資決定 (FID)，但後來我看到報道說與政府舉行了一次會議，該會議已被推遲。那麼，您能談談這個專案目前的進度嗎？或許要考慮安全情勢，以及2026年初是否有可能做出最終投資決定？

Yeah, sure. We -- I would say where we're at with Mozambique right now is in a very good place. We've got a very strong relationships with the government there. We've got a really good project concept, working our way through that. The security situation there has improved dramatically.

當然可以。我認為我們目前與莫三比克的關係非常好。我們與地方政府建立了非常牢固的關係。我們有一個非常好的專案構想，正在逐步推進。那裡的安全形勢已顯著改善。

I think Total just lifted their force majeure. We're looking at and are in the process of trying to do the same. And so I would say that that project is now moving ahead, and we feel really good about that. And as does the government of Guyana, and we're working very closely with Total on that. So I think it's in a really good place.

我認為道達爾剛剛取消了不可抗力條款。我們正在研究並嘗試做同樣的事情。因此，我認為該項目目前正在推進中，我們對此感到非常滿意。圭亞那政府也是如此，我們正與道達爾公司就此進行非常密切的合作。所以我認為它現在處境非常好。

I think the press reports that you're reading, I would just say, you can't read everything that you believe or infer anything that you take from that. And just this week, we had the President and his team here on the campus and took them through what we're doing here and showed them some of our capabilities, and it was a really productive session, I think, both of us got a lot out of.

我認為，對於你正在閱讀的新聞報道，我只想說，你不能把所有內容都當真，也不能從中得出任何結論。就在本週，我們接待了總統和他的團隊來我們校園參觀，向他們介紹了我們在這裡的工作，並展示了我們的一些能力。我認為這是一次非常有成效的會面，我們雙方都受益匪淺。

Ryan Todd, Piper Sandler.

瑞安·托德，派珀·桑德勒。

Maybe one on exploration. You've been, I think, increasingly active on this front in recent years. Can you talk about opportunities on the horizon over the next 12 to 24 months? And how, if at all, you believe your approach to exploration may have changed relative to maybe times in the past?

或許可以寫一篇關於探險的文章。我認為，近年來你在這方面越來越積極主動。您能否談談未來 12 至 24 個月內可能出現的機會？那麼，您認為您現在的探索方式與過去相比可能發生了哪些變化（如果有的話）？

Yeah, sure. Maybe just put exploration in the context. I think when we talk about what we're trying to do in the Upstream and grow production in the context of the depletion rate that we see, it is a huge challenge. And so we've been very focused on what we see as the three key levers of filling the hole created by depletion and at the same time, growing that, which is for the things that you have, you got to squeeze more juice out of it.

當然可以。或許應該把探索放在這個脈絡中來理解。我認為，當我們談到我們在上游領域正在做的事情，以及在資源枯竭速度的背景下提高產量時，這是一個巨大的挑戰。因此，我們一直非常關注我們認為填補資源枯竭所造成的缺口的三大關鍵槓桿，同時也要發展這些資源，也就是說，對於你擁有的東西，你必須從中榨取更多的價值。

And so a lot of work we've been doing around for the fields and the resources that we're currently developing, how do we get more effective at producing more resources from those fields? And that's driven a lot by the projects organization, our technology organization, and the hard work of our operations teams.

因此，我們一直在圍繞目前正在開發的領域和資源做很多工作，如何更有效地從這些領域生產更多資源？這很大程度上要歸功於專案組織、技術組織以及營運團隊的辛勤工作。

You've got to grow your advantages so that you can take it -- you can buy things and take advantage of the inorganic opportunities that we just talked about. And so one of the reasons why, as Kathy said, we're constantly looking at a lot of opportunities, we recognize, if we can take our advantages and create unique value through inorganic opportunity, that's really important, and it helps us again fill this challenge of the depletion curve.

你必須不斷增強自身優勢，才能抓住機會──你可以購買資源，並利用我們剛才討論過的那些非有機成長機會。正如凱西所說，其中一個原因是，我們一直在尋找各種機會，我們認識到，如果我們能夠利用自身優勢，透過非有機成長機會創造獨特的價值，這非常重要，而且這有助於我們再次應對資源枯竭的挑戰。

And then the final point is you've got to find new things that you can develop. And so that's always been a part of the equation for addressing the challenges of the Upstream. What we've been very, very focused on is really narrowing what we're doing in the exploration to make sure that things that we're looking for and going after have the opportunity to be material, be commercially attractive, compete in our portfolios.

最後一點是，你必須找到可以發展的新事物。因此，這始終是解決上游挑戰的等式的一部分。我們一直非常非常注重的是縮小勘探範圍，以確保我們尋找和追求的目標有機會具有實質、商業吸引力，並在我們的投資組合中具有競爭力。

So we focus that. I think we've put a lot of effort in how we interpret the seismic and what we can do there. And so we feel pretty good about the opportunity set that we've got. We really feel pretty good about the technology that we're going to bring into that space.

所以我們重點關注這一點。我認為我們已經投入了大量精力來研究如何解讀地震數據以及我們可以利用這些數據做些什麼。因此，我們對目前所擁有的機會感到非常滿意。我們對即將引入該領域的技術感到非常有信心。

But I would also tell you that it starts with getting the opportunity to go look at things. We still got to demonstrate and translate that into results and success in terms of finding things.

但我還要告訴你，這一切都始於有機會親眼看看。我們仍然需要證明這一點，並將其轉化為在尋找資源方面的成果和成功。

Betty Jiang, Barclays.

Betty Jiang，巴克萊銀行。

Darren, so Google just recently signed a power contract with gas power plant and wind capture. So really great to see development on that front. Wondering how your conversation is evolving?

達倫，Google最近剛與一家燃氣發電廠和風力發電廠簽訂了電力合約。很高興看到這方面有進展。想知道你們的對話是如何發展的嗎？

And I know Exxon has consistently talked about your only interested in power from a molecule perspective. But just given how quickly that power demand is growing and just how quickly that scale is growing as well, curious if there's any appetite to start offering maybe traditional power first and then adding on carbon capture capabilities later on?

我知道埃克森美孚一直以來都聲稱，他們只對分子層面的動力感興趣。但鑑於電力需求成長如此迅速，規模成長也如此迅速，我很好奇是否有人願意先提供傳統電力，然後再增加碳捕獲能力？

Yeah. Thank you, Betty. And it is an area that -- where there's a lot of interest and activity, and we're very, very engaged with most of the hyperscalers on the opportunity set. But as you pointed out, we're very focused on the carbon capture side, the carbon abated power side of the equation.

是的。謝謝你，貝蒂。這是一個備受關注且高度活躍的領域，我們與大多數超大規模資料中心營運商都有著非常密切的合作。但正如你所指出的，我們非常關注碳捕獲方面，也就是碳減排能源方面。

The fact that power is growing and there's a lot of opportunities there, it doesn't translate into a value proposition unless you can bring a unique advantage to that space. And frankly, that's not the business that we're in. And so it is very much around providing decarbonized natural gas to power stations and then capturing the carbon and the emissions on the back end of that so that we can offer low carbon data centers where more than 90% of the emissions are captured and abated.

權力不斷增長，蘊藏著許多機會，但除非你能為這個領域帶來獨特的優勢，否則這些優勢並不能轉化為價值主張。坦白說，這不是我們所從事的業務。因此，關鍵在於向發電廠提供脫碳天然氣，然後在後端捕獲碳和排放物，以便我們可以提供低碳資料中心，其中超過 90% 的排放物被捕獲和減少。

So that's the value proposition that we're pursuing. There's a lot of interest in that space, and we are also working with independent power producers to work with them to provide the electron side of the equation, while we provide the molecule side of the equation.

這就是我們所追求的價值主張。人們對這個領域非常感興趣，我們也在與獨立電力生產商合作，為他們提供電子部分，而我們則提供分子部分。

I think we got out ahead of this, frankly, as things -- as this started to break. We secured locations. We've got the existing infrastructure. We certainly have the know-how in terms of -- and the technology in terms of capturing, transporting, and storing it.

坦白說，我認為我們搶先一步阻止了這件事——當事情開始爆發的時候。我們已經找到了合適的場地。我們已經擁有了現有的基礎設施。我們當然擁有相關的專業知識——以及捕獲、運輸和儲存方面的技術。

So we're in a pretty good place right now. We're pretty advanced in the conversations. I'm hopeful that many of these hyperscalers are sincere when they talk about the desire to decarbonize, have low emission facilities because certainly in the near to medium term, we're probably the only realistic game in town to accomplish that.

所以我們目前處境相當不錯。我們的對話已經進行到相當深入的階段了。我希望這些超大規模資料中心營運商在談到脫碳、建造低排放設施的願望時是真誠的，因為在中短期內，我們可能是唯一能夠實現這一目標的現實選擇。

I think we can do it pretty effectively, and we can partner with these folks to continue that, to grow that, frankly, over time. So that's where we stand. I'm optimistic at this point, but we're early in the game and we'll see what gets translated into actual contracts and then into construction.

我認為我們可以有效地做到這一點，而且我們可以與這些人合作，繼續下去，坦白說，隨著時間的推移，發展壯大。這就是我們目前的處境。目前我持樂觀態度，但我們還處於早期階段，還要看看哪些能轉化為實際合同，最終轉化為建設。

I'm hopeful as well. Thank you very much for the color.

我也抱持希望。非常感謝您提供的顏色。

Jean Ann Salisbury, Bank of America.

Jean Ann Salisbury，美國銀行。

I wanted to go back to the proppant. As you referenced in your prepared remarks, the first like 12- to 18-month well results have started to come out, the Wood Mac study, and the results have been really positive. As you've been able to get more data this year, is there any other granularity you can share on where you think you're able to improve recovery the most like, for example, gassier zones, oiler zones, deeper zones, et cetera? And is there anything you can comment on how you see the strength of your patents or other barriers to entry, keeping others from copying it?

我想回到支撐劑那裡。正如您在準備好的演講稿中所提到的，第一批為期 12 至 18 個月的良好結果已經開始公佈，伍德麥肯錫的研究結果非常積極。今年你們獲得了更多數據，能否分享一下你們認為最能提高採收率的更細粒度數據，例如，含氣量更高的區域、含油量更高的區域、更深的區域等等？您能否談談您如何看待您的專利或其他進入壁壘，以防止他人抄襲？

Sure. I think to come back to the proppant itself, remember, what we're doing here is as you get the fracs finding ways to get proppant deeper penetration into those cracks. So it's really a function of, I'd say, the rock and the properties of the rock and the ability to flow the material that has made this a successful as it is.

當然。我認為回到支撐劑本身，記住，我們在這裡所做的，就是在壓裂過程中，找到讓支撐劑更深入地滲透到裂縫中的方法。所以，我認為這真的取決於岩石本身的特性以及岩石的流動性，而正是這些因素造就了它如今的成功。

I would also tell you that we're continuing to optimize and fine-tune that. So I don't know that we're at the -- we're certainly not at the end of the learning curve with that. And so I hope to see continued improvements in that space.

我還要告訴大家，我們正在不斷優化和改進它。所以我不知道我們是否已經——我們肯定還沒有走到學習曲線的盡頭。因此，我希望看到這方面持續取得進展。

I would also tell you that it is just one of a number of technologies that we are pursuing along that whole production process to try to improve recoveries, lower our capital. And the pipeline is pretty promising. And we're going to hopefully give you a perspective on that in December when we talk about the plan going forward.

我還要告訴大家，這只是我們在整個生產過程中為了提高回收率、降低資本投入而正在探索的眾多技術之一。這條管道很有前景。希望在 12 月討論未來計畫時，能為大家提供一個更清晰的視角。

But I would think about the lightweight proppant as just one of a number of levers that we're pursuing. We feel good about what we see there. We think there's additional potential. But I would also say that we see other technologies that will work in conjunction with those and be additive with respect to recovery.

但我認為輕質支撐劑只是我們正在探索的眾多方法之一。我們對在那裡看到的景象感到很滿意。我們認為還有進一步發展的潛力。但我還想說，我們看到其他一些技術可以與這些技術結合使用，並在回收方面起到補充作用。

You remember, I challenged our technology organization to double recovery. And at the time we did that, we didn't have a path or a line of sight to how we would do it. But we just recognize, given how early we were in the technology cycle, there should be opportunities there and our job was to go find them.

你還記得嗎？我曾要求我們的技術部門將恢復速度提高一倍。當時我們這樣做的時候，並沒有明確的路徑或方向，不知道該如何做。但我們意識到，鑑於我們當時所處的科技發展週期還處於早期階段，應該存在著許多機會，而我們的工作就是去尋找這些機會。

I would say today that we've got a pipeline and certainly a line of sight to how we might do that. We've got a number of things we've got to make work and a number of technologies that have to prove themselves but we've come from a white sheet of paper to one that's now filled out with a lot of ideas that we're pursuing. So I would say we're well on the way to making some of that a reality.

今天我可以說，我們已經有了方向，也清楚知道該如何實現這一目標。我們有很多事情需要解決，也有很多技術需要證明自身價值，但我們已經從一張白紙變成了一張寫滿了我們正在追求的許多想法的紙。所以我覺得我們正朝著實現其中一些目標穩步前進。

And with respect to protecting it, we feel pretty good about the patent. We feel pretty good about the supply of the raw materials that the patent covers. And everything that we're pursuing in this space, we're very focused on protecting because we do feel the technology is proprietary and the benefits of the technology, therefore, should be proprietary to Exxon Mobil.

至於專利保護方面，我們對這項專利很有信心。我們對專利所涵蓋的原料供應情況相當有信心。我們在這個領域所追求的一切，我們都非常注重保護，因為我們認為這項技術是專有的，因此，這項技術的優勢也應該是埃克森美孚的專有技術。

Jason Gabelman, TD Cowen.

Jason Gabelman，TD Cowen。

I want to go back to the exploration discussion because it was notable since we last spoke, you've entered into multiple new blocks to expand exploration. And it's not only Exxon pursuing additional exploration efforts, but you're seeing peers advertise their exploration intentions also.

我想回到勘探的話題上來，因為自從我們上次談話以來，你們已經進入了多個新的區塊來擴大勘探範圍，這一點非常值得注意。而且，不僅是埃克森美孚在進行額外的勘探工作，你還會看到其他同行也在宣傳他們的勘探意圖。

So the question is really what do you think is driving this industry trend? And do you see competition to enter into new blocks becoming more competitive? And I'm thinking, given Exxon's view that Shell is going (technical difficulty) to, I guess, in the next 5 to 10 years, is that a decent part of why you've seen the industry focus more on exploration?

所以真正的問題是，你認為是什麼因素推動了這個產業趨勢？您認為進入新區域的競爭會變得更加激烈嗎？考慮到埃克森美孚認為殼牌在未來 5 到 10 年內（技術上有困難）將會走向衰落，這是否是石油業更注重勘探的一個重要原因？

Yeah. Sure. So I think going all the way back, I can remember talking in this forum in 2020 when the industry had sharply pulled back, and we were somewhat in isolation with continuing our investment program, making the point in the case that with the depletion curve, the industry has to continue to think long term, invest, and find resources.

是的。當然。所以我覺得，追溯到 2020 年，我記得在這個論壇上談到過，當時整個行業急劇萎縮，我們在繼續投資計劃方面也有些孤立無援，我當時指出，隨著資源枯竭曲線的出現，整個行業必須繼續著眼長遠，進行投資，並尋找資源。

That, I think, you're now seeing play out. The unconventional that you mentioned, obviously, filled a hole in the short term. But like all resources, there's a finite life, particularly when you don't have the technology portfolio that we do where we can advance and grow the recoveries.

我認為，你現在正在看到這種情況發生。你提到的那種非常規方法，顯然在短期內填補了空白。但就像所有資源一樣，它們的壽命是有限的，尤其是當我們沒有像我們這樣能夠推進和發展復甦的技術組合時。

And so unlike many of our competitors in the unconventional space, where they see maybe production plateauing or even declining, we continue to see an opportunity to grow production with the technologies that I've been referencing. So I think, as an industry as a whole, I think people see that resource and the horizon of it. And so -- are shifting now to the longer-term, longer-cycle projects out there.

因此，與我們許多非常規領域的競爭對手不同，他們可能看到產量停滯不前甚至下降，而我們仍然看到利用我一直提到的技術來提高產量的機會。所以我覺得，作為一個產業整體，人們都看到了這種資源及其發展前景。因此，我們現在正轉向那些週期更長、更長期的專案。

From my perspective, we've never taken our eye off of that, continue to work it. It's always been a very competitive space. And frankly, from my perspective, the way you succeed in a very competitive environment is to bring unique capabilities and advantage.

在我看來，我們從未放鬆過對這件事的關注，並將繼續努力。這個領域一直競爭非常激烈。坦白說，在我看來，在競爭激烈的環境中取得成功的關鍵在於擁有獨特的能力和優勢。

And so it keeps coming back to the things that we've been working on. Resource owners want to see cost-efficient development. They want to see developments that happen quickly. They are on schedule, don't have overruns and so that they can start accruing the benefits of that resource development quickly. Guyana is a great example of that.

所以，最終還是會回到我們一直在做的事情。資源所有者希望看到成本效益高的開發。他們希望看到快速發展。他們按計劃進行，沒有延誤，因此可以很快開始享受資源開發的好處。圭亞那就是一個很好的例子。

So our work has been on improving our abilities to bring a unique set of skills, technology, projects, capabilities so that we can develop resources more cost effectively, which resource owners ultimately pay for. So they like that and to bring it on quicker so that they can benefit from the resource development in a sooner time frame.

因此，我們的工作重點是提高我們引進獨特技能、技術、專案和能力的能力，以便我們能夠以更具成本效益的方式開發資源，而這些資源最終是由資源所有者付費的。所以他們喜歡這樣，希望加快進度，以便更快地從資源開發中受益。

So all those things play to our strengths. I think that gives us a competitive advantage. I think importantly too, they know that we have been steadfast in our focus in this space. We don't blow with the wins. We don't come in and out of this. And so they know when we commit to something that we're going to deliver on that.

所以所有這些都發揮了我們的優勢。我認為這給了我們競爭優勢。我認為同樣重要的是，他們也知道我們一直堅定不移地專注於這個領域。我們不會因為勝利而得意忘形。我們不會進進出出。所以他們知道，當我們承諾某件事時，我們一定會兌現承諾。

So those things, I think, give us a bit of an edge and advantage in the discussions. And I think you see that manifesting itself in some of the announcements that we've made with some of the opportunities that we're pursuing.

所以我認為，這些因素讓我們在討論中佔有一定的優勢。我認為這一點在我們發布的一些公告以及我們正在尋求的一些機會中都有所體現。

Paul Sankey, Sankey Research.

Paul Sankey，Sankey Research。

You've referenced a lot of this already on this call, but I wondered if you could give Exxon Mobil's perspective on the current AI CapEx boom, especially as you're bringing down your CapEx guidance today. And it's a process and strategy question, a high level.

您在本次電話會議中已經多次提到這一點，但我想知道您能否談談埃克森美孚對當前人工智慧資本支出熱潮的看法，尤其是在您今天下調資本支出預期之際。這是一個涉及流程和策略的高層次問題。

Your CapEx, your peak CapEx spending at Exxon around 2013 was over $30 billion a year, which would be about $40 billion in today's dollars. If we look at Meta alone, they've got a trailing run rate of your peak $30 billion and are going to $70 billion this year and next. Could you talk about, then, the challenges that you envisage for that capital deployment from a management perspective, firstly?

埃克森美孚在 2013 年左右的資本支出高峰超過每年 300 億美元，以今天的美元價值計算約為 400 億美元。單就 Meta 而言，其過去 300 億美元的峰值營收，以及今年和明年 700 億美元的營收，都已達到高峰。那麼，首先您能否從管理角度談談您認為這項資本部署會面臨哪些挑戰？

And secondly, I wondered, given the speed of this, what are the impacts directly on your business? What are the areas where this boom is either challenging or benefiting you?

其次，鑑於此事發生的速度，我想知道這對您的業務會有哪些直接影響？此次經濟繁榮在哪些方面對您構成挑戰或有益處？

Yeah. Sure, Paul. I can't say I can speak with much insight on what some of the hyperscalers are doing or Meta is doing with their capital. I will just say, generically, that it is very difficult to effectively and efficiently swing capitals from one level to another level that's materially different.

是的。當然可以，保羅。我無法就一些超大規模資料中心營運商或 Meta 如何運用其資金發表太多見解。我只想籠統地說，要有效地將資金從一個層面轉移到另一個實質上不同的層面是非常困難的。

So I mean, our approach is to have long-term plans, as you know, to basically meticulously develop plans with rigor and then execute those with excellence. And that's how we think about it.

所以我的意思是，我們的方法是製定長期計劃，正如你所知，基本上是一絲不苟地制定計劃，然後出色地執行這些計劃。我們就是這麼想的。

The lower guidance that you heard that we've talked about today is not a function of a change in activity set. We're still pursuing the same opportunity, the same businesses. It is very consistent with what we talked about last year, which is there are things that we've built in the plan that has more uncertainty than our base business, these new things that we're developing new businesses.

今天我們討論的較低的指導意見，並非由於活動組合的變化所致。我們仍在追求同樣的機遇，同樣的業務。這與我們去年討論的內容非常一致，那就是我們在計劃中建立的一些項目比我們的基礎業務更具不確定性，這些新項目是我們正在開發的新業務。

Data centers are one of them. Low carbon solutions are another. The carbon material ventures, Proxxima, all these things where you're going into new markets that are at the very early stages of their growth is there's a lot of uncertainty as to when those things actually materialize into concrete opportunities.

資料中心就是其中之一。低碳解決方案是另一種選擇。碳材料企業、Proxxima，所有這些進入新興市場的項目，都處於發展初期，但這些項目何時才能真正轉化為具體的機會，存在著很大的不確定性。

And we talked about that last year. And what you see happening is as that market evolves and those materials -- those opportunities begin to materialize and the schedule gets clearer and clearer, we're shifting our capital in line with that to make sure that when we do make the investments, we generate the returns that we expect of ourselves that are advantaged versus the rest of industry.

我們去年就討論過這個問題。而我們看到的情況是，隨著市場的發展和這些材料——這些機會開始顯現，時間表也越來越清晰，我們正在相應地調整我們的資本，以確保當我們進行投資時，能夠產生我們期望的回報，從而在行業中佔據優勢。

And so I would really just caution everyone to take the changes in the CapEx that you're hearing today as a reflection of, in my mind, what we refer to as disciplined capital spending, which is not cutting CapEx, but spending it in a wise way.

因此，我只想提醒大家，今天大家聽到的資本支出變化，在我看來，反映了我們所說的有紀律的資本支出，這並不是削減資本支出，而是以明智的方式進行支出。

With respect to the AI piece of it, we certainly see the business opportunity there with the low carbon data centers. And as I said earlier, there is a lot of interest in what we could bring to this space, particularly in the near term. And so we're continuing to pursue that.

就人工智慧部分而言，我們當然看到了低碳資料中心帶來的商業機會。正如我之前所說，大家對我們能為這個領域帶來什麼非常感興趣，尤其是在短期內。因此，我們將繼續推進這項工作。

My gut tells me that those opportunities will materialize and they'll become a part of our portfolio. And we'll leverage the Denbury acquisition that we made some time ago to really help accelerate decarbonization of data centers.

我的直覺告訴我，這些機會將會實現，並成為我們投資組合的一部分。我們將利用先前收購的 Denbury 公司，真正幫助加速資料中心的脫碳進程。

And then within our own four walls here, with our centralized technology organization, which has IT and artificial intelligence and the whole technology set around digital is part of that integrated technology organization. We see huge opportunities with AI.

然後，在我們自己的四面牆內，我們集中式的技術組織，包括 IT、人工智慧以及圍繞數位技術的整個技術體系，都是這個整合技術組織的一部分。我們看到了人工智慧帶來的巨大機會。

And in fact, we're deploying that today. We're deploying it down whole and the work that we're doing in the Permian. We're deploying it in our operating sites around the world. Anything where we've got a lot of data, we're using AI to help make sure that we're learning as much as we can from that data and optimizing our production.

事實上，我們今天就開始部署這項技術。我們正在將其整體部署到二疊紀盆地，以及我們在二疊紀盆地所進行的工作。我們正在全球各地的營運場所部署這項技術。凡是有大量數據的地方，我們都會利用人工智慧來確保我們能從這些數據中盡可能地學習，並優化我們的生產。

And so we see a lot of value coming from that today and a lot more value coming in the future. I will say, we're taking maybe a slightly different approach than many of our -- many of the folks I see out there, which is we've stepped back and said, what moves the needle? Where do we want to focus this effort?

因此，我們看到它如今能帶來許多價值，未來還能帶來更多價值。我想說，我們採取的方法可能與我看到的許多人略有不同，那就是我們退後一步，思考什麼才能真正推動事情？我們該把精力集中在哪些方面？

So it is not a scatter-shot approach here. It is a very focused and material movement in the areas that will make a big difference to the corporation, and we're making great progress in that space.

所以這不是一種盲目嘗試的方法。這是一項目標明確、注重實效的舉措，旨在對公司產生重大影響，我們在這個領域取得了巨大進展。

Phillip Jungwirth, BMO.

Phillip Jungwirth，BMO。

Refining margins have been pretty supportive this year and we're a contributor to sequential earnings growth in the quarter. A lot of moving pieces here at the moment. I was just hoping you could touch on how you see the market considering OPEC unwinds, supply disruptions, resilient demand? And then also touch on the Baytown project FID-ed this quarter and just how you're positioning the business based on the longer-term outlook.

今年以來，煉油利潤率一直表現良好，我們也為本季的季比獲利成長做出了貢獻。目前情況比較複雜。我只是想請您談談，考慮到歐佩克減產、供應中斷和強勁的需求，您如何看待市場？然後，也請談談本季最終投資決策的 Baytown 項目，以及您如何根據長期前景來定位業務。

Sure. So I guess the first context to set with respect to this is the demand for petroleum products. And while ultimately that backs up into crude, I think it's really important to point out that there are two supply-demand balances at play here. One is on the crude side, which is the feed that goes into the refinery. And then there's the other on the product side. And those are two separate supply/demand balances that have an impact on refining margins.

當然。所以，我認為首先要設定的背景是石油產品的需求。雖然最終這都歸結為原油價格，但我認為非常重要的是要指出，這裡有兩種供需平衡。一個是原油方面，也就是送入煉油廠的原料。然後還有產品方面的問題。這是兩個獨立的供需平衡問題，會對煉油利潤產生影響。

And so what we've seen here of late is a looser crude market, and therefore, the feed side of the equation has been looser and prices have come down, so you've got cheaper feedstock. And then on the product side of the equation, we've seen capacity coming offline and supply disruptions around the world, and that is tightening the product side of the equation, the supply/demand balance. And so we see prices going up.

因此，我們最近看到的是原油市場較為寬鬆，因此，等式中的飼料部分也較為寬鬆，價格下降，所以飼料更便宜了。而在產品方面，我們看到全球範圍內產能下降和供應中斷，這導致產品方面的供需平衡趨於緊張。因此，我們看到價格上漲。

And so that has benefited the refining industry as a whole. And so for those companies that have refineries that are up and running reliably, they've added significantly to the bottom line. And frankly, for the work that we've been doing in our company, the third quarter, we saw the highest reliability that we've ever had.

因此，這有利於整個煉油產業的發展。因此，對於那些煉油廠正常運作且運作可靠的公司來說，它們的利潤顯著提高了。坦白說，就我們公司第三季所做的工作而言，我們看到了有史以來最高的可靠性。

So the work that we've done with the centralized global operations organization is really paying off. Not only are we driving down, significantly driving down our maintenance costs. At the same time, we're driving our portfolio reliability to very high levels.

因此，我們與集中式全球營運組織合作所做的工作確實取得了成效。我們不僅在降低，而且是大幅降低維修成本。同時，我們正在將投資組合的可靠性提升到非常高的水平。

On top of that, as you know, we've been very focused on really making sure that we're high-grading our refinery footprint and putting our efforts and investments in the sites that have diversified product offerings, that have advantaged conversion, and that have low cost so that they will be resilient to a number of potential supply/demand environments.

除此之外，正如您所知，我們一直非常注重確保我們能夠提升煉油廠的規模，並將我們的努力和投資投入到產品種類多樣化、轉化率高、成本低的煉油廠，從而使它們能夠抵禦各種潛在的供需環境變化。

So as a result of that, we have much, much fewer refineries today that are much, much more effective at converting crude to the products that society needs. And so we've really upgraded the footprint of the refinery. And then the last point, which you touched on is within those refineries that we say are strategic and have an advantage in the base case, how do we continue to grow that advantage?

因此，如今我們擁有的煉油廠數量少得多，但它們在將原油轉化為社會所需產品方面的效率卻高得多。因此，我們確實擴大了煉油廠的規模。最後一點，正如您所提到的，對於那些我們認為具有戰略意義並在基本情況下具有優勢的煉油廠，我們如何繼續擴大這種優勢？

And it really is a function of high-grading the molecules in the refineries. We're taking the low-value products that come out of a barrel of crude and putting in the conversion capacity to make those high-value products. The most recent and significant example of that is what we did in Singapore with our CRISP project where we took the lowest value product residue and fuel oil make and converted that to some of our highest-value products with a brand new to the world, a lubricant base stocks, and additional diesel.

這其實是煉油廠對分子進行高階化處理的結果。我們正在將一桶原油中得到的低價值產品，透過轉化能力轉化為高價值產品。最近最重要的例子就是我們在新加坡開展的 CRISP 項目，該項目利用價值最低的產品殘渣和燃料油，將其轉化為我們一些價值最高的產品，其中包括一種全新的潤滑油基礎油和額外的柴油。

And so a great example of a proprietary new-to-the-world process to make higher-value products. And in fact, the new-to-the-world products with respect to one of our base stocks. And so a great example of what we're trying to do there.

因此，這是一個利用專有的、世界首創的工藝來製造更高價值產品的絕佳例子。事實上，這些產品是我們基於其中一種基礎庫存所推出的全新產品。所以，這正是我們正在努力的方向的絕佳例證。

The Baytown project is a continued step in that direction, which is find a way to high grade the molecule and the conversion that you have in the refinery. And we've got really good opportunities with that asset base. And we're pursuing them aggressively and they come with very good returns and very resilient returns.

Baytown 計畫是朝著這個方向邁出的又一步，即找到一種方法來提高分子的品質，並提高煉油廠的轉換率。我們擁有非常好的資產基礎，也因此擁有許多發展機會。我們正在積極尋求這些機會，它們會帶來非常好的回報，而且回報非常穩定。

Okay. Phil, thank you. And thanks, everybody, for joining this call and for all the questions. We will post the transcript of this call to the Investors section of our website early next week, and we look forward to connecting on December 9 for our corporate plan update and have a good weekend.

好的。菲爾，謝謝你。感謝各位參加本次電話會議，也感謝大家提出的所有問題。我們將於下週初在網站的投資者關係版塊發布本次電話會議的文字記錄，並期待在 12 月 9 日與您聯繫，更新公司計劃，祝您週末愉快。