埃克森美孚 (XOM) 2025 Q4 法說會逐字稿

Good morning, everyone. Welcome to ExxonMobil's fourth quarter 2025 earnings call. Today's call is being recorded. We appreciate you joining us.

各位早安。歡迎參加埃克森美孚2025年第四季財報電話會議。今天的通話將會被錄音。感謝您的參與。

I'm Jim Chapman, Vice President, Treasurer and Investor Relations. This quarter's presentation and prerecorded remarks are available on the Investors section of our website. They are meant to accompany the fourth quarter earnings press release, which is posted in the same location.

我是吉姆·查普曼，副總裁、財務主管兼投資者關係負責人。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。它們旨在與第四季度收益新聞稿一同發布，該新聞稿也發佈在同一位置。

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. You can find more information on the risks and uncertainties that apply to any forward-looking statements in our SEC filings on our website.

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。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。

We also provide supplemental information at the end of our earnings slides, which are also posted on our website.

我們也在收益報告幻燈片的末尾提供補充信息，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 thank you for joining us. In 2018, we set out to transform ExxonMobil to fully leverage our unique competitive advantages. The results we share today demonstrate the significant progress we've made. We've built a higher return, lower cost technology-led company, one that delivers superior results across market cycles. Our strategy, our advantages and the structural value we're creating puts us in a league of our own.

早安，感謝各位的參與。2018年，我們著手對埃克森美孚進行轉型，以充分發揮我們獨特的競爭優勢。我們今天公佈的成果表明，我們取得了顯著進展。我們打造了一家以技術為主導、回報更高、成本更低的公司，一家能夠在市場週期中持續取得卓越業績的公司。我們的策略、優勢以及我們正在創造的結構性價值使我們獨樹一幟。

2025 was a year of exceptional execution and technology-driven differentiation. We continue to deliver strong safety and reliability performance, reflecting the commitment and operating discipline of our workforce. We've already achieved our 2030 emission reduction plans for GHG emissions and flaring intensity. As of 2025, we reduced our corporate GHG intensity by more than 20%, reduced upstream GHG intensity by more than 40% and reduced corporate flaring intensity by more than 60%.

2025年是執行力卓越、技術驅動差異化的一年。我們持續保持著強勁的安全性和可靠性表現，體現了員工的敬業精神和嚴謹的工作作風。我們已經實現了2030年溫室氣體排放和燃燒強度的減排計畫。截至 2025 年，我們已將公司溫室氣體排放強度降低了 20% 以上，將上游溫室氣體排放強度降低了 40% 以上，並將公司燃燒強度降低了 60% 以上。

We expect to reach our 2030 methane intensity reductions by the end of this year. Upstream production averaged 4.7 million oil equivalent barrels per day with unit earnings more than double those in 2019 on a constant price basis. We successfully delivered all 10 key 2025 projects further strengthening our portfolio and positioning us for long-term profitable growth. And we continue to high-grade the portfolio by maintaining our disciplined approach. That approach is the same as it's been since we rolled out our strategy: increases investments in an advantaged portfolio, divest nonstrategic assets and significantly lowers cost. Bottom line, we're improving our mix and structurally reshaping the business.

我們預計今年底將達到2030年甲烷排放強度減量目標。上游日均產量為 470 萬桶油當量，以固定價格計算，單位收益是 2019 年的兩倍多。我們成功交付了所有 10 個 2025 年重點項目，進一步加強了我們的項目組合，並為長期獲利成長奠定了基礎。我們透過堅持嚴謹的方法，不斷提升投資組合的品質。此方法與我們推出該策略以來一直採用的方法相同：增加對優勢投資組合的投資，剝離非策略性資產，並大幅降低成本。總之，我們正在優化產品組合，並從結構上重塑業務。

Results are clear, industry-leading earnings power, stronger cash flow potential and more profitable barrels and products. In the Upstream, production from advantaged assets, including the Permian, Guyana and LNG continues to grow. These assets have lower cost of supply, lower emissions intensity and higher returns. We expect them to make up roughly 65% of total production by 2030.

結果顯而易見：業界領先的獲利能力、更強的現金流潛力以及更有利可圖的桶裝產品和成品。在上游領域，包括二疊紀盆地、圭亞那和液化天然氣在內的優勢資產的產量持續成長。這些資產的供應成本更低、排放強度更低、回報更高。我們預計到 2030 年，它們將佔總產量的約 65%。

In Product Solutions, we strengthened the portfolio with advantaged project start-ups and high-value product growth, transforming lower-value molecules into higher-value products. These projects are expected to drive meaningful earnings growth through 2030 with 60% coming from assets already online. We're delivering consistent ratable organic growth, anchored by our advantaged assets and projects that are expanding earnings power over time. Our fourth quarter and full year 2025 financial results reaffirm that our transformation is driving improved earnings power across a broad range of metrics. Over the past five years, our annualized shareholder return of 29% has led the industry, supported by $150 billion of distributions to shareholders during that period.

在產品解決方案方面，我們透過具有優勢的專案啟動和高價值產品成長來加強產品組合，將低價值分子轉化為高價值產品。預計到 2030 年，這些項目將推動收益實現顯著成長，其中 60% 來自已上線營運的資產。我們憑藉優勢資產和項目，實現了持續穩定的有機成長，這些資產和項目隨著時間的推移不斷擴大獲利能力。我們2025年第四季和全年財務表現再次證實，我們的轉型正在推動各項指標的獲利能力提升。過去五年，我們29%的年化股東回報率在業界遙遙領先，這得益於我們在此期間向股東派發的1500億美元股息。

Earnings, cash flow and return on capital employed remain among the strongest in the sector with higher upstream earnings per barrel and structurally higher returns. We continue to increase our structural cost savings in 2025, significantly outpacing competitors.

獲利、現金流量和資本回報率在業界仍處於領先地位，上游每桶收益較高，結構性回報也較高。2025年，我們將持續加強結構性成本節約力度，大幅超越競爭對手。

In fact, our captured savings is greater than all other IOC savings combined over the same period. These improvements continue to deliver industry-leading earnings and cash flow even in periods of lower commodity prices. Our industry-leading balance sheet, structurally lower breakevens and level of short-cycle investments give us unmatched flexibility through the cycle.

事實上，我們所取得的節省金額超過了同期所有其他國際石油公司節省額的總和。即使在商品價格走低時期，這些改善措施也能持續帶來業界領先的收益和現金流。我們產業領先的資產負債表、結構性較低的損益平衡點和短期週期投資水平，使我們在整個經濟週期中擁有無與倫比的靈活性。

During the year, we completed $20 billion in share repurchases, retiring shares equivalent to one third of those issued during the Pioneer transaction, significantly reducing the dilutive impacts of the acquisition. Let me turn to two of our most advantaged growth engines: Guyana and the Permian, which both continue to set records.

年內，我們完成了 200 億美元的股票回購，回購了相當於 Pioneer 交易期間發行股票三分之一的股份，大大降低了收購帶來的稀釋影響。讓我來談談我們兩個最有優勢的成長引擎：圭亞那和二疊紀盆地，這兩個地方都在不斷創造紀錄。

In Guyana, we continue to deliver results never before seen in our industry and have set new standards for operational excellence. Our most recent project, Yellowtail, came online ahead of schedule, raising gross production in the fourth quarter to roughly 875,000 barrels per day. Altogether, our first 4 FPSOs are now producing 100,000 barrels a day above the investment basis, reflecting our operational performance to date and the value of this advantaged asset.

在圭亞那，我們持續取得業界前所未有的成果，並為卓越營運樹立了新的標準。我們最新的專案 Yellowtail 提前投產，第四季總產量提高到每天約 875,000 桶。總的來說，我們首批 4 艘 FPSO 目前每天的產量比投資成本高出 10 萬桶，這反映了我們迄今為止的營運表現以及這項優勢資產的價值。

Turning to the Permian. We delivered a new production record in the fourth quarter, 1.8 million oil equivalent barrels per day, driving the highest annual company production in over 40 years at 4.7 million oil equivalent barrels per day. Technology deployment continues to be our primary focus with lightweight proppant deployed during 2025 and roughly 25% of wells.

轉向二疊紀。我們在第四季創造了新的產量紀錄，日產量達到 180 萬桶油當量，推動該公司 40 多年來最高的年度產量達到日產量 470 萬桶油當量。技術部署仍然是我們的主要關注點，輕質支撐劑將在 2025 年部署到大約 25% 的油井中。

We expect that number to reach 50% of new wells by the end of this year. With more than 40 stackable technologies in various stages of testing and deployment, we expect to continue growing production at lower capital cost far into the future.

我們預計到今年年底，這一數字將達到新井總數的 50%。目前有 40 多項可堆疊技術處於不同的測試和部署階段，我們預計在未來很長一段時間內，我們將以更低的資本成本繼續擴大生產規模。

Simply put, there is no near-term peak Permian for us. Our growth trajectory remains robust, and we expect to exceed 2.5 million oil equivalent barrels a day beyond 2030. The role of technology and growing value can be seen across all of our businesses. For instance, Proxxima Systems continues to scale. We've more than tripled capacity this year with growing opportunities across rebar, coatings, automotive and oil and gas applications.

簡而言之，我們近期內不會迎來二疊紀盆地的峰值。我們的成長動能依然強勁，預計到 2030 年以後，日產量將超過 250 萬桶石油當量。技術的角色和價值的成長體現在我們所有的業務中。例如，Proxxima Systems 持續擴大規模。今年，我們的產能成長了三倍多，鋼筋、塗料、汽車以及石油和天然氣應用領域的機會也不斷增加。

Our Proxxima base rebar delivers a 40% improvement in installation efficiency versus steel and deliver superior strength, lightness and corrosion resistance. We recently leveraged Proxxima-based rebar to build the foundation for a new overpass at our Kearl site after our technology team in India worked with our Upstream team to qualify in a heavy industrial application.

我們的 Proxxima 基礎鋼筋與鋼材相比，安裝效率提高了 40%，並且具有優異的強度、輕量性和耐腐蝕性。最近，我們利用 Proxxima 鋼筋為我們 Kearl 工廠新建的立交橋打下了基礎。此前，我們在印度的技術團隊與上游團隊合作，在重工業應用中驗證了該鋼筋的性能。

In Carbon Materials, our advanced battery anode graphite program is showing exceptional performance, delivering 30% faster charging, up to 3% higher available capacity and up to 4 times in battery life. In Singapore, our Resid upgrade project demonstrated full capacity performance, validating proprietary catalyst technology to convert low-value fuel oil into higher-value lubricants and diesel.

在碳材料領域，我們先進的電池負極石墨專案表現出卓越的性能，充電速度提高 30%，可用容量提高 3%，電池壽命延長 4 倍。在新加坡，我們的殘渣升級專案展現了全面的產能性能，驗證了專有的催化劑技術，可將低價值燃料油轉化為高價值潤滑油和柴油。

Our carbon capture network continues to advance. We made progress on the Rose permit, brought our first third-party CCS project online, capable of storing up to 2 million tons per year and secured our seventh CCS contract. Taken together, these projects represent approximately 9 million tons per year of sequestered CO2. As you've heard me say before, execution excellence remains a hallmark of ExxonMobil. We commenced start-up activities for all 10 key projects meeting our 2025 goal. These included Golden Pass LNG and the Proxxima systems expansion.

我們的碳捕獲網絡持續進步。我們在 Rose 許可證方面取得了進展，啟動了我們第一個第三方 CCS 項目，該項目每年可儲存高達 200 萬噸碳，並獲得了我們的第七份 CCS 合約。這些項目加起來每年可封存約 900 萬噸二氧化碳。正如我之前所說，卓越的執行力一直是埃克森美孚的標誌。我們已啟動所有 10 個重點項目的啟動活動，實現了 2025 年的目標。其中包括 Golden Pass LNG 項目和 Proxxima 系統擴建項目。

This was a record year for us in project startups, and each will play an important role in further strengthening our global portfolio in supporting long-term shareholder value. On average, our global projects organization executes about 3 times as many mega projects as the nearest competitor.

今年是我們專案啟動數量創紀錄的一年，每個專案都將在進一步加強我們的全球投資組合、支持股東長期價值方面發揮重要作用。平均而言，我們的全球專案組織執行的巨型專案數量大約是其最接近的競爭對手的 3 倍。

They do this at up to 20% lower cost and 20% faster delivery schedules than the industry average. This is a testament to our disciplined approach and organizational expertise. Our transformed company will continue to build on this success in 2026 with higher structural earnings power, stronger mix, lower breakevens and a portfolio designed to perform across commodity cycles.

他們以比行業平均低 20% 的成本和快 20% 的交貨速度完成這項工作。這證明了我們嚴謹的工作方法和卓越的組織能力。經過轉型，我們公司將在 2026 年繼續鞏固這一成功，擁有更高的結構性盈利能力、更強大的產品組合、更低的盈虧平衡點以及旨在跨越商品週期表現的投資組合。

Our strategy is working, and the benefits are evident in operating performance, cash generation and shareholder returns. We're capturing more value from every barrel and molecule we produce and building growth platforms with scale.

我們的策略正在奏效，其益處在經營業績、現金流量和股東回報方面都顯而易見。我們正在從生產的每一桶原油和每一個分子中獲得更多價值，並建立具有規模化的成長平台。

We're focused on high-margin technology differentiated markets, where our integration, process expertise and global footprint give us a durable, material competitive advantage. Our capital priorities remain consistent and disciplined: invest in competitively advantaged opportunities, maintain financial strength and return surplus cash to shareholders. We're maintaining a measured pace of share repurchases subject to reasonable market conditions while preserving flexibility to invest through the cycle.

我們專注於高利潤率的技術差異化市場，在這些市場中，我們的整合能力、工藝專長和全球佈局為我們帶來了持久的、實質的競爭優勢。我們的資本優先事項始終如一且嚴謹：投資於具有競爭優勢的機會，以保持財務實力，並將盈餘現金回饋給股東。我們保持穩健的股票回購步伐，在合理的市場條件下進行回購，同時保持在整個週期中進行投資的靈活性。

Underpinning all of this is a new enterprise-wide process and data platform that is changing how the company operates with redesigned end-to-end processes in connected data, transactions and decision-making across every business, geography and function.

這一切的基礎是一個全新的企業級流程和資料平台，它透過重新設計端到端的流程，將資料、交易和決策連結起來，從而改變公司的營運方式，並涵蓋所有業務、地理和職能部門。

It will enable us to learn and act faster and better leverage our scale accelerate the adoption of artificial intelligence and integrate new solutions. It's already delivering results with much more to come. 2025 again demonstrated that the advantages we've built, the capabilities we've developed and the performance we're delivering is creating industry-leading value for our shareholders today and far into the future.

這將使我們能夠更快更好地學習和行動，利用我們的規模優勢，加速人工智慧的採用，並整合新的解決方案。它已經取得了成效，而且未來將取得更大成就。 2025 年再次證明，我們所建立的優勢、我們所發展的能力以及我們所取得的業績，正在為我們的股東創造行業領先的價值，無論現在還是未來都將持續受益。

Thank you, Darren. Before we move to Q&A, I have a few quick announcements to share. First, on February 2, we're launching a new individual investor-oriented page which can be found within the main Investors section of the ExxonMobil website. Our individual investors make up nearly 40% of our shareholder base, and this new site caters directly to their needs.

謝謝你，達倫。在進入問答環節之前，我有一些簡短的通知要宣布。首先，2 月 2 日，我們將推出一個面向個人投資者的新頁面，該頁面位於埃克森美孚網站的主要投資者部分內。我們的個人投資者佔股東總數的近 40%，這個新網站直接滿足了他們的需求。

And then on February 20, we'll be releasing a refreshed version of our company overview presentation. Both of these can be found on the Investors section of our website, and we encourage you to take a look.

然後，在2月20日，我們將發佈公司概況介紹的更新版本。這兩份資料都可以在我們網站的投資者關係部分找到，我們鼓勵您去看看。

With that, we'll move to our Q&A session. Please note that we ask each analyst to limit themselves to one question as a courtesy to others. And operator, please open the line for our first question.

接下來，我們將進入問答環節。請注意，出於對其他分析師的尊重，我們要求每位分析師只提一個問題。接線員，請接通我們的第一個問題。

The question-and-answer session will be conducted electronically. (Operator Instructions) Devin McDermott, Morgan Stanley.

問答環節將以線上方式進行。（操作說明）德文·麥克德莫特，摩根士丹利。

First, Kathy, I just wanted to wish you all the best, and thank you for your help and positive contributions to Exxon in your time as CFO, and really looking forward to working with you again in your new role. My question. I wanted to ask actually about Guyana, Darren, one of the two key growth in your upstream that you mentioned. The exploration license on the Stabroek Block is set to expire in the back half of 2027, but you've also had a large portion of the position under force majeure as it sits in waters that have been disputed by Venezuela.

首先，凱西，我只想祝你一切順利，感謝你在擔任埃克森美孚首席財務官期間的幫助和積極貢獻，非常期待在你的新職位上再次與你共事。我的問題。達倫，我其實想問關於圭亞那的問題，那是你提到的上游兩大增長點之一。斯塔布魯克區塊的勘探許可證將於 2027 年下半年到期，但由於該區塊位於委內瑞拉有爭議的水域，因此該區塊的大部分權益也受到不可抗力的影響。

So I'd love to hear your latest thinking on the exploration strategy, leading up to that scheduled expert in the legacy position and then your view on the opportunity set for this force majeure area. Could it qualify for an extension? And what are some of the milestones to get into work on evaluating the resource potential?

所以我很想聽聽您對勘探策略的最新想法，以及在預定的專家就任這一重要職位之前，您對這一不可抗力地區機會的看法。它是否符合延期條件？那麼，在進行資源潛力評估工作方面，有哪些里程碑事件需要關注呢？

Yeah. Sure. Devin, and thanks for the question. I think what you see us doing in Guyana is continuing in the areas that we do have seismic and have been developing continue to take what we're learning through the wells that we're drilling in our development program to identify additional targets and drill, and we still think there's opportunity in that space to explore in the block that we can currently access.

是的。當然。Devin，謝謝你的提問。我認為你們看到的我們在圭亞那所做的，是繼續在我們已進行地震勘探並一直在開發的區域，繼續利用我們在開發計劃中鑽探的油井所學到的知識，來確定其他目標並進行鑽探。我們仍然認為，在我們目前可以進入的區塊中，還有勘探的機會。

And then, of course, as we roll forward and have to relinquish out pieces of the block, we do that based on, I think, a very well informed understanding of the geology and the opportunity sets. The portion of the block that's under force majeure as a result of the border dispute remains there, and I think from my perspective, one of the unlocks with respect to that region will be the ruling that comes out of the International Court of Justice that's the process that Guyana has been going through with Venezuela to align on the -- which resolve the border dispute.

當然，隨著我們不斷推進並不得不放棄部分區塊，我認為，我們這樣做是基於對地質情況和機會的非常充分的了解。由於邊界爭端而受到不可抗力影響的那部分區域仍然存在，我認為，從我的角度來看，該地區的解脫之一將是國際法院的裁決，這是圭亞那與委內瑞拉為解決邊界爭端而進行的協商過程。

So I think that will be a critical milestone. Obviously, with the developments in Venezuela, perhaps we'll see an opportunity to -- with less naval patrols, that will make a little more friendly environment. So we'll see how that goes.

所以我認為這將是一個重要的里程碑。顯然，隨著委內瑞拉局勢的發展，或許我們會看到一個機會——減少海軍巡邏，這將創造一個更友善的環境。我們拭目以待。

But we've got plenty of work ahead of us here in the short term and then longer term, we'll get into that additional acreage and see what the opportunity looks like. We're pretty optimistic. I think one of the advantages of force majeure is it poses the clock. And so we will have an opportunity to do what we need to do in that portion of the block when it's available to us.

但短期內我們還有很多工作要做，從長遠來看，我們會進入那片額外的土地，看看機會如何。我們相當樂觀。我認為不可抗力的優點之一在於它能為時間設定條件。因此，當那部分街區空出來的時候，我們將有機會在那裡做我們需要做的事情。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛集團。

Yeah. I'd just like to echo Devin's comments, Kathy, thank you for everything and enjoyed the partnership and Neil, welcome as well. I'd like to focus my comments on the Permian. It looked like a very good fourth quarter, Darren. You exited around 1.8 million barrels a day. Your guide for this year is 1.8 million barrels a day.

是的。我只想附和德文的評論，凱西，感謝你所做的一切，我很享受與你合作的過程，尼爾，也歡迎你。我想重點談談二疊紀。達倫，第四節看起來打得非常好。你們每天大約出口180萬桶原油。今年的指導產量為每天180萬桶。

If you look at the volume cadence over the course of the year, do you see upside potential to it? And just talk about the lightweight proppant opportunity that you continue to see and deploy out in the field and is that manifesting itself in potential upside in numbers?

如果觀察全年的交易量變化趨勢，你認為它有上漲潛力嗎？請談談您在現場持續看到和部署的輕質支撐劑機會，以及這是否在數量上反映出潛在的成長？

Sure. Thank you, Neil. I appreciate the question. The one, I guess, point I'd start with is, I guess I'd caution extrapolating a quarterly result to an annual result. If you look at the annual production that we had in the Permian, that was a significant improvement year on year, and we expect to see that significant improvement going into 2026 versus 2025 on an annual basis. And I think what you saw in the fourth quarter demonstrates that capability.

當然。謝謝你，尼爾。感謝您的提問。我想首先要指出的是，不要輕易將季度業績推斷為年度業績。如果你看我們在二疊紀盆地的年產量，你會發現它比前一年有了顯著提高，我們預計到 2026 年，與 2025 年相比，年產量也會顯著提高。我認為第四季的表現證明了這種能力。

But we've always said the quarters are a little lumpy as we bring on cubes and the timing of -- as those cubes come on. So we're still feeling pretty good about the developments that we've got there and pretty good about the plan that we've laid out and the volumes that we've communicated to all of you through the plan updates.

但我們一直說，隨著方塊的加入，以及方塊加入的時間，季度數會有些波動。所以，我們對目前取得的進展、制定的計劃以及透過計畫更新向大家傳達的訊息量仍然感到非常滿意。

With respect to the technology, I would tell you, we just had a review of this the other day with the technology group, a lot of enthusiasm for what we're seeing. I would tell you nothing -- everything basically points to, if anything, greater promise.

關於技術方面，我可以告訴你，前幾天我們剛和技術團隊對此進行了審查，大家對我們所看到的都非常熱情。我什麼都不會告訴你——一切基本上都指向一個更美好的前景。

Obviously, we've got to demonstrate that in the field. We've been deploying that pretty consistently, as I mentioned in my prepared remarks, we're going to continue to do that. There are other technologies as we've talked to you about as part of the corporate plan update that, frankly, holds a lot of potential as well, and we're beginning to kind of feather those in.

顯然，我們需要在實戰中證明這一點。正如我在準備好的演講稿中提到的，我們一直在持續部署這項技術，我們將繼續這樣做。正如我們在公司計劃更新中向您介紹的那樣，還有其他一些技術，坦白說，這些技術也具有很大的潛力，我們正在開始逐步引入這些技術。

And so the challenge will be the time it takes to develop the cubes. And I guess one point I would make is we're not changing our approach of maximizing ultimate recovery. And so we're still very focused on bringing these technologies to bear in our cube design focused on maximum recovery and doing it at a lower cost. And so doing the cubes, doing that -- those designs and then drilling those and bringing them on takes longer for us to see the results, but ultimately gives us much better results.

因此，挑戰在於開發這些立方體所需的時間。我想指出的一點是，我們不會改變最大限度提高最終恢復率的方法。因此，我們仍然非常專注於將這些技術應用到我們的立方體設計中，以實現最大程度的回收利用，並降低成本。因此，製作立方體，進行這些設計，然後鑽孔並進行加工，雖然需要更長時間才能看到結果，但最終會為我們帶來更好的結果。

And so that continues to happen. And I think as we get through this year, we're going to begin to see a lot of these -- some of the additional technologies that we're bringing to bear kind of manifest themselves in our results. And I feel, again, pretty optimistic that they're going to deliver some very promising results as we move forward. And frankly, from what we've seen today on a conservative basis, that takes us well beyond 2030 with our production.

於是，這種情況繼續發生。我認為，隨著今年的推進，我們將開始看到這些——我們正在引入的一些額外技術將反映在我們的成果中。而且，我再次感到非常樂觀，相信隨著我們繼續前進，他們會取得一些非常有前景的成果。坦白說，從我們今天保守估計來看，我們的生產能力可以持續到 2030 年以後。

And I'd just add, Neil, if you look at the annual numbers in the Permian, we expect to be up about 200,000 koebd kind of year-over-year. Again, that's not going to be necessarily what you see each and every quarter. And then on lightweight proppant, this year, about 25% of our wells had lightweight proppant.

我還要補充一點，尼爾，如果你看二疊紀盆地的年度數據，我們預計將年增約 20 萬千焦/天。同樣，這並不一定意味著每個季度都會出現這種情況。至於輕質支撐劑，今年我們約有 25% 的油井使用了輕質支撐劑。

By the time we get to the end of next year, at that point, when we're drilling, we should see about 50% of our wells having lightweight proppant. So a very good performance in terms of just increasing the lightweight proppant in new wells going forward, and we'll see that benefit, as Darren said, over time.

到明年年底，當我們鑽井時，我們應該會看到大約 50% 的油井使用輕質支撐劑。因此，就增加新井中輕質支撐劑的使用而言，這是一個非常好的表現，正如達倫所說，隨著時間的推移，我們將看到這種好處。

Doug Leggate, Wolfe Research.

道格‧萊格特，沃爾夫研究公司。

I'll add my best wishes to both the outgoing and incoming CFO. Good luck, Kathy. I hope you feel better. My question is not about the dividend, Kathy, you'll be delighted to know I'm not going to do that to you.

我謹向即將離任和即將上任的財務長致以最美好的祝愿。祝你好運，凱西。希望你感覺好些。凱西，我的問題與分紅無關，你會很高興知道我不會那樣對你。

I'm shocked, Doug, you're not taking one last crack at it.

道格，我很震驚你竟然不再做最後嘗試了。

Not all. Neil will have to pick that baton up from here. But Darren, I do have a question about what's not in the portfolio through 2030. And I'm thinking specifically about -- last August, I think it was you, signed an MOU in Libya. We're seeing improved PSC terms in Iraq and are speculation you guys are potentially reentering there. And then, of course, there's the question over what it would take for you to reenter Venezuela. So I wonder if you could address what's not in the plan through 2030 that could surprise on the upside?

並非全部。接下來，尼爾得接過這接力棒了。但達倫，我確實有個問題，關於 2030 年之前的投資組合中缺少哪些內容。我特別指的是──去年八月，我想是你，在利比亞簽署了一份諒解備忘錄。我們看到伊拉克的PSC條款有所改善，因此我們猜測你們可能會重新進入伊拉克。當然，還有一個問題是，你需要滿足哪些條件才能重新進入委內瑞拉。所以我想知道，您能否談談到 2030 年的計劃中有哪些遺漏之處，可能會帶來意想不到的驚喜？

Yeah. Thank you, Doug. And you're right, there are some of these markets that have significant potential with respect to resources and the challenge going back in time has historically been accessing those resources with the right kind of fiscal regime and the right kind of, call it, legal infrastructure, investment guarantees a number of those things that have made it difficult to enter with the confidence that we need to compensate for the risk associated with what we do in the business of developing these resources.

是的。謝謝你，道格。你說得對，有些市場在資源方面具有巨大的潛力，而從歷史上看，挑戰在於如何以合適的財政制度和合適的法律基礎設施來獲取這些資源，以及投資保障等諸多因素，這些因素使得我們難以充滿信心地進入這些市場，從而彌補我們在開發這些資源業務中所承擔的風險。

That, I think, over time, has begun to evolve. The recognition that many of these resources have their challenges are difficult to develop, and they need capabilities that don't exist within the country. And frankly, lends itself directly to the work that we've been doing to really differentiate ExxonMobil from our competitors based on this intense focus of driving competitive advantage, driving our developments in technology, driving project execution and development and more recently, the work that we've done to consolidate all of our operations so that we operate with executional excellence.

我認為，隨著時間的推移，這種情況已經開始改變。人們很難認識到這些資源本身也存在挑戰，而且它們需要一些國內尚不具備的能力。坦白說，這直接有助於我們一直以來所做的工作，即透過高度重視推動競爭優勢、推動技術發展、推動專案執行和開發，以及最近我們為整合所有業務而開展的工作，使埃克森美孚真正與競爭對手區分開來，從而實現卓越執行。

And so I think those things begin to provide an advantage to not only accrue to the company but accrue to these resource owners. And the faster that we bring on the production, the lower cost that we bring that production on and using the technology, the higher the recovery rates, all directly go to the resource owner and the benefit of the resource owners.

因此，我認為這些因素不僅會為公司帶來優勢，也會為這些資源所有者帶來優勢。我們投產的速度越快，投產成本越低，利用這項技術，回收率就越高，所有這些都直接惠及資源所有者，使資源所有者受益。

That advantage, I think, is being recognized today. And as a result, we're getting an opportunity to look at a number of these locations and start working with them to see if we can't come to a contractual arrangement with the right kind of fiscals that reward us for the benefits we bring and reward the resource owners with a higher value proposition.

我認為，這種優勢如今正逐漸被人們所認知。因此，我們有機會檢視這些地點中的許多地方，並開始與他們合作，看看我們是否能夠與合適的財政部門達成合約安排，從而獎勵我們帶來的利益，並以更高的價值主張獎勵資源所有者。

I'm pretty confident that we're going to make some progress that today is not in the plan for some of the areas that you've referenced. So I do think there will be some upside out there. But as you know, Doug, these things tend to take some time.

我相當有信心，在您提到的某些領域，我們將取得一些今天尚未列入計劃的進展。所以我認為市場還是會有一些上漲空間的。但你也知道，道格，這些事情往往需要一些時間。

And as we develop them and we get more surety around some of those things, we'll obviously bring those into the plan and talk to all of you about that when it gets to a point that we've got the confidence to start baking them into the plans. But I do think work we've been doing to strengthen our capabilities is going to have a huge payoff with respect to that.

隨著我們不斷完善這些方案，並對其中一些方面有了更多把握，我們顯然會將這些方案納入計劃，並在我們有信心將它們融入計劃的階段與大家討論。但我認為，我們為增強自身能力所做的工作，在這方面將會產生巨大的回報。

Darren, if I may, at the White House, you said Venezuela was uninvestable, but you might be prepared to put a technical team in country. Has any of that happened?

達倫，恕我直言，您在白宮時曾說過委內瑞拉不值得投資，但您或許準備向該國派遣一個技術團隊。這些事發生過嗎？

Yeah. So what I would say is -- what I said at the White House was, given the current fiscal structures in place, legal, that you couldn't invest, but that there was opportunities to address that. And I did feel like the Trump administration is committed to doing that.

是的。所以我想說的是——我在白宮說過，鑑於目前的財政結構，從法律上講，你不能進行投資，但有機會解決這個問題。而且我感覺川普政府確實致力於做到這一點。

In fact, if you look at what they're currently focused on, it's stabilizing the country, kickstarting the economy and then ultimately transitioning into a more representative, democratically elected government. I think those are the right objectives that the government is working on for the benefit of Venezuela and the Venezuelan people that --

事實上，如果你看看他們目前關注的重點，那就是穩定國家局勢，啟動經濟，然後最終過渡到一個更具代表性、民主選舉產生的政府。我認為這些是政府為了委內瑞拉和委內瑞拉人民的利益而努力實現的正確目標。--

Venezuela has got those challenges that I mentioned, which I believe, with time, will get addressed. The other challenge with Venezuela is those barrels are high-cost barrels. And so you need capability to bring that to market with the right kind of technology to get low-cost supply out there.

委內瑞拉確實面臨著我提到的那些挑戰，但我相信隨著時間的推移，這些問題都會得到解決。委內瑞拉原油的另一個問題是，這些原油價格昂貴。因此，你需要具備將產品推向市場的能力，並擁有合適的技術，才能實現低成本供應。

Frankly, we have that with the work that we've done up in Canada and the technology organizations focus on developing heavy oil resources, we think we bring an advantaged approach that will lead to lower cost production, higher recovery and therefore, more economic barrels onto the marketplace. So that's, I think, the opportunity set for us that will play out maybe over time.

坦白說，憑藉我們在加拿大所做的工作以及專注於開發重油資源的技術組織，我們認為我們帶來了一種優勢方法，這將降低生產成本，提高採收率，從而向市場投放更多具有經濟價值的原油。所以，我認為，這就是擺在我們面前的機會，也許隨著時間的推移，機會會逐漸顯現。

With respect to the team, I offered up, given the challenges, to send a team there to do the assessment and to offer up our perspective and what we found to the administration to help them in their decision-making as they lay out the policy. We're still committed to doing that.

關於團隊方面，鑑於面臨的挑戰，我主動提出派遣一個團隊前往那裡進行評估，並將我們的觀點和發現提交給管理層，以幫助他們制定政策並做出決策。我們仍然致力於這樣做。

Bob Brackett, Bernstein Research.

Bob Brackett，伯恩斯坦研究公司。

And a bit of a follow on to Doug's question. The underpinning of your Upstream production growth are these advantaged assets, namely Guyana, the Permian and LNG. As you think -- and you basically have a fairly clear line of sight into the 2030s, you all tend to think even longer than that. So as you think about refreshing the upstream portfolio even further out, is there a requirement that assets you add to the portfolio have to be quote-unquote, advantaged assets? Or will you soften that requirement? And I have a brief follow-up.

這是對道格問題的一點補充。貴公司上游生產成長的基礎是這些優勢資產，即圭亞那、二疊紀盆地和液化天然氣。正如你們所想——而且你們基本上對 2030 年代都有相當清晰的展望——你們往往會考慮得更長遠。因此，當您考慮進一步更新上游投資組合時，是否有要求您添加到投資組合中的資產必須是所謂的「優勢資產」？還是你會放寬這個要求？我還有一個簡短的後續問題。

Yeah. And so maybe the way I would characterize it slightly differently, Bob, is the advantaged assets are -- the advantage derives from what we bring to the development of those assets, not necessarily in the resource itself.

是的。所以，鮑勃，我或許會用稍微不同的方式來描述它：優勢資產的優勢──優勢來自於我們為這些資產的開發所帶來的東西，而不是資源本身。

And so my challenge and the way we make these investments advantaged is by bringing a unique set of capabilities that delivers more than what the market or our competitors or what the average can deliver, that advantages those investments.

因此，我面臨的挑戰以及我們使這些投資具有優勢的方式是，透過引入一套獨特的能力，提供比市場、競爭對手或平均更高的服務，從而使這些投資獲得優勢。

And I would tell you that that's not going to change for us. I continue to see with the transformation we've been making in the company, the consolidation of like activities across this very broad and diverse portfolio and to centralized groups that focus on driving excellence in each of these areas that we continue to see huge opportunities to improve performance and keep getting better at what we're already pretty damn good at.

我可以告訴你，這對我們來說不會改變。隨著公司不斷轉型，我們將業務範圍廣泛、多元化，並將類似的活動整合到各個集中化的團隊中，專注於推動各個領域的卓越發展。我持續看到巨大的機會來提高業績，並在我們已經非常擅長的領域中不斷進步。

And so I think all of that will lend itself to then when we go into a market or into a new resource bringing an approach which is advantaged versus a market rate and therefore, a return that's advantaged. And that's how I would think about it. And I'm actually convinced that as where we sit today, there is upside to the advantages that we can bring. And therefore, I would expect going forward that we'll continue to see that even as we go into new places and continue to grow the business.

因此，我認為所有這些因素都會使我們在進入市場或開發新資源時，能夠採取比市場價格更具優勢的方法，從而獲得更具優勢的回報。我就是這麼想的。而且我確信，就我們目前所處的位置而言，我們所能帶來的優勢是正面的。因此，我預計，即使我們進入新的地區並繼續發展業務，這種情況也會繼續發生。

And I would just add to that, Bob. I mean, as you know, this is a long-cycle business and return on capital employed is really key performance indicator of how well we're deploying that capital. And if you look over the last five years, our ROCE has averaged 11%, 2 percentage points above our next closest peer. So I think that just speaks to the discipline and us focusing on those competitive advantages we bring to the table to just drive higher returns consistently.

我還要補充一點，鮑伯。我的意思是，如你所知，這是一個長週期產業，資本報酬率是衡量我們資本運用效率的關鍵績效指標。如果回顧過去五年，我們的資本報酬率平均為 11%，比最接近的競爭對手高出 2 個百分點。所以我認為這正體現了我們的自律精神，以及我們專注於發揮自身競爭優勢，從而持續獲得更高回報的決心。

Yeah. Very clear. A quick follow-up. The Permian, as an advantaged asset, is a combination of acreage, which is finite and technology, which is scalable. Can you talk about how you can scale the Permian technology toolkit? Is it scalable just within US shale? Just within shale? Or is it perhaps scalable to a range of future extractions?

是的。非常清楚。一個簡短的後續問題。二疊紀盆地作為一種優勢資產，結合了有限的土地面積和可擴展的技術。能談談如何擴充二疊紀盆地技術工具包嗎？這種方法是否僅適用於美國頁岩氣？就在頁岩層內？或者它是否可擴展到未來一系列的萃取？

Yeah, I think it's a really good question. And I do think it's scalable. I mean one of the great things about having the technology organization that we have and then having consolidated by capabilities across our businesses into a single technology organization is we have a very diverse set of experiences and very core technology areas that are contributing to solving problems across the entire portfolio.

是的，我覺得這確實是個好問題。而且我認為它是可擴展的。我的意思是，我們擁有這樣的技術組織，並將我們各個業務部門的能力整合到一個單一的技術組織中，其一大優勢在於我們擁有非常多元化的經驗和核心技術領域，這些都有助於解決整個產品組合中的問題。

So we're getting a lot of input from our technical experts that have grown up in different parts of the business, but now bring that experience to bear on new areas and new opportunities. So I do think we will find that as we discover and innovate particularly for the Permian that, that will have applications across a lot of the things that we do in the upstream.

因此，我們從技術專家那裡獲得了大量意見，這些專家在公司的不同部門成長起來，現在他們將這些經驗運用到新的領域和新的機會中。所以我認為，隨著我們在二疊紀盆地進行探索和創新，我們會發現，這將對我們在上游領域所做的許多事情都有應用。

In fact, we're already seeing that. Likewise, what we're doing in some of the deepwater has applications. So this -- we're not -- one of the advantages of this centralized approach that we've put in place is we're not trapping any of the innovation in any one part of the organization. It is free to flow and move to the highest value opportunity set within the company. I think that's a huge unlock that, frankly, most of our competitors have trouble matching.

事實上，我們已經看到了這種情況。同樣，我們在一些深水區所做的工作也有應用前景。所以，我們採取的這種集中式方法的優勢之一在於，我們不會將任何創新局限於組織的任何部分。它可以自由流動，並轉移到公司內部最有價值的機會領域。我認為這是一個巨大的突破，坦白說，我們的大多數競爭對手都難以匹敵。

The other final point I would make there is you're right about the limits in the acreage, but I continue to challenge our folks. We're not -- the industry as a whole, the recovery rate of the oil that we know is there is still, in my mind, way too low. While we're working to improve the recovery of what we're doing on a go-forward basis, I'm also quite focused on cracking the nut of how we can go back and improve the recovery for things that have already been played out. And I think there's an opportunity there that I'm hopeful that our technology will unlock here in the future.

最後我想補充一點，你說的面積限制是對的，但我會繼續挑戰我們的人。就整個產業而言，我們所知的石油回收率仍然太低，在我看來。在我們努力改善未來工作的復原工作的同時，我也非常關注如何改善已經發生的事情的復原工作。我認為這裡存在著一個機遇，我希望我們的技術未來能夠在這裡實現這一​​機會。

Arun Jayaram, JPMorgan.

Arun Jayaram，摩根大通。

My question is on LNG. You're on the cusp of first cargoes at Golden Pass. I was wondering if you could update the market on Exxon's plans to pursue FID decisions at Papa New Guinea and Mozambique. And perhaps talk about how these projects sit on the global cost curve versus perhaps Gulf Coast LNG?

我的問題是關於液化天然氣的。你即將迎來黃金隘口的首批貨物。我想請您向市場通報一下埃克森美孚在巴布亞紐幾內亞和莫三比克推進最終投資決定的計畫。或許還可以討論一下這些項目在全球成本曲線上的位置，以及它們與墨西哥灣沿岸液化天然氣項目相比如何？

Yes, sure. Thanks for the question. I would tell you, so maybe starting with the back end of your question, and then I'll circle back around to the progress on Golden Pass. But with respect to the competitiveness of what we're trying to do in Mozambique and Papua New Guinea, as I talked about and have been talking about for many years now that as part of any of the projects that we FID and the developments that we put in place, they have to be cost competitive. They have to be advantaged versus the rest of industry. They have to be on the low end of the cost of supply curve or we will not progress those.

當然可以。謝謝你的提問。我會告訴你，所以也許我會先從你問題的後半部分開始，然後再回到 Golden Pass 的進展。但就我們在莫三比克和巴布亞新幾內亞所做的工作的競爭力而言，正如我多年來一直談論的那樣，作為我們最終投資決定 (FID) 的任何項目和我們實施的發展的一部分，它們都必須具有成本競爭力。他們必須比業內其他企業擁有優勢。它們必須處於供給成本曲線的低端，否則我們將無法推進這些項目。

And so the simple answer to how we're looking at Papa New Guinea and Mozambique is the work that the projects organization has done to drive the -- to develop the project design has led to those being very cost competitive, very advantage with respect to the market.

因此，對於我們如何看待巴布亞紐幾內亞和莫三比克，簡單的答案是：專案組織為推動專案設計所做的工作，使得這些專案在成本上極具競爭力，在市場上具有非常大的優勢。

And so we feel good about the competitiveness of those. Obviously, there's challenges to continue to work our way through, but we feel like we've got a very good basis for progressing those projects. And my expectation is with Mozambique, we'll see something here as we move through this year, probably on the back half of the year with respect to an FID if things go, kind of, to plan.

因此，我們對這些產品的競爭力感到滿意。顯然，我們仍需克服一些挑戰，但我們感覺我們已經為推進這些專案打下了非常好的基礎。我預計，隨著今年的推進，我們將在莫三比克方面看到一些進展，如果一切按計劃進行，可能會在今年下半年就做出最終投資決定。

So feel good about that. And I would tell you that the time -- the delay that we've had with the force majeure in Mozambique, I mean, we weren't sitting in our hands during that time frame. We were challenging our project's organization to keep driving innovation and find ways to reduce that cost, and they were very successful at doing that.

所以，為此感到高興吧。我想告訴你們，由於莫三比克的不可抗力事件，我們耽擱了一段時間，我的意思是，在那段時間裡，我們並非坐視不理。我們要求專案組不斷推動創新，並尋找降低成本的方法，他們在這方面取得了巨大的成功。

So we actually use the delay productively to come up with what we think is a much more cost advantage designed than we had originally. So as we learn and get better across this portfolio of things that we're doing, the opportunity is in there for us to fold them into the next development, and that's certainly the case in Mozambique.

因此，我們實際上利用這段延遲時間，設計出了一個我們認為比最初設想更具成本優勢的方案。因此，隨著我們在所做的事情上不斷學習和進步，我們就有機會將它們融入下一個發展項目中，這在莫三比克肯定是一個例證。

So we feel good about those and the same with Papua New Guinea as we work our way through that development. With respect to Golden Pass, I would just say that venture has done a really good job of recovering from the bankruptcy. Obviously, that was a huge break but really got back on track and feel good about the progress they've made and mechanically completed that project in the fourth quarter of last year. We're basically into commissioning and start-up now. My expectation is we will see kind of first LNG produced in very early March is what it's looking like right now.

所以我們對這些方面感到滿意，對巴布亞新幾內亞的發展也是如此，我們正在努力推動那裡的發展。至於 Golden Pass，我想說的是，這家公司在從破產中恢復過來方面做得非常出色。顯然，那是一次巨大的挫折，但他們很快就重回正軌，對他們的進展感到滿意，並在去年第四季機械地完成了該專案。我們現在基本上進入了調試和啟動階段。我預計，我們將在三月初看到第一批液化天然氣生產出來，目前看來情況就是這樣。

Betty Jiang, Barclays.

Betty Jiang，巴克萊銀行。

It's on the [corporate-like] data system transformation, Darren, that you alluded to earlier, just wanted to get more color on what that process entails? And how should we expect this to manifest maybe financially across the portfolio? Is it just more structural cost savings, better productivity? And just how material could it be over time?

達倫，我指的是你之前提到的（類似企業級的）資料系統轉型，我想更詳細地了解這個過程包含哪些內容？那麼，我們應該預期這會對整個投資組合的財務狀況產生怎樣的影響呢？只是節省結構性成本，提高生產效率嗎？隨著時間的推移，它究竟會變得多麼重要？

Yeah. Thanks, Betty. Yeah, it is a very material part to the transformation that we've been on. And just to kind of maybe set the context of what we're doing. And if you go back in time with the way we had organized the company, we had actually delegated the development of the systems and the systems that support the businesses to the business themselves.

是的。謝謝你，貝蒂。是的，這是我們一直在進行的轉型過程中非常重要的一部分。只是想稍微交代一下我們正在做的事情的背景。回顧我們過去的公司組織方式，我們實際上已經將系統開發以及支援業務發展的系統委託給了業務部門自己。

So we had a number of different ERP systems, more than 10 across the scope of our operations. And over time, each of our businesses and organizations develop their own data construct, their own data nomenclature. And so it made it very, very difficult for us to really take advantage of the scale across all of our businesses in areas where we had a whole lot of duplication or similarities.

因此，我們擁有多種不同的 ERP 系統，在我們的營運範圍內，超過 10 個。隨著時間的推移，我們每個企業和組織都會發展出自己的資料結構和資料命名規則。因此，在業務存在大量重複或相似之處的領域，我們很難真正利用我們所有業務的規模優勢。

As we started the restructuring in 2018 and aligning all of our businesses into value chains and then pulling out some of the centralized organization, as we've talked about, we've made huge progress with that work in terms of delivering structural cost savings, $15 billion to date through 2025. And as I said this morning on the call, that's more than any of our competitors combined.

自 2018 年我們開始進行重組，將所有業務調整為價值鏈，並剝離一些集中式組織以來，正如我們之前所討論的，我們在實現結構性成本節約方面取得了巨大進展，到 2025 年迄今已節省 150 億美元。正如我今天早上在電話會議上所說，這比我們所有競爭對手的總和還要多。

And that is a function of and driven primarily by the discipline that we have. It's the same discipline we had when we chose to invest during the downturn when everybody else was stepping back from the marketplace and hunkering down. It's that same discipline that we had and not investing in the green businesses where we had no real advantages, no real expertise even though many in our industry chose to go in that direction. It's the exact same discipline we've had in rolling out the new operating model which is different than what anybody else in the industry is doing to their day. And that model is allowing us to deliver the business that we have.

而這主要取決於我們所擁有的紀律，並受其驅動。這和我們在經濟低迷時期選擇投資時所秉持的紀律一樣，當時其他人都退出了市場，選擇了蟄伏觀望。正是這種自律，讓我們沒有投資於我們沒有真正優勢、沒有真正專業知識的綠色企業，儘管我們行業中的許多人都選擇了朝這個方向發展。我們在推行新營運模式時也秉持著同樣的嚴謹態度，這與業界其他任何人的日常工作方式都截然不同。正是這種模式讓我們能夠實現目前的業務目標。

And that model and that discipline is going to underpin this new ERP system, one data construct for the entire corporation, one data set, one set of nomenclatures, it will be the first time in the history of this company that we can actually tap into everything that we're doing across the company.

這種模式和這種規範將成為這個新的 ERP 系統的基礎，整個公司將採用一個資料結構、一個資料集、一套命名規則，這將是公司歷史上第一次能夠真正利用我們在公司內所做的一切。

And when you couple that with the opportunity with AI and the data set that, that represents, I don't think there's a company out there that can match what we're trying to accomplish here. And the progress that we're making, despite the scale of this has been really, really impressive. We remain on schedule and on track and we're beginning to see the benefits accrue even now. And maybe I'll let Kathy touch on that because that is one of the areas in her portfolio that she's been driving.

再加上人工智慧帶來的機會以及它所代表的數據集，我認為目前還沒有任何一家公司能夠達到我們正在努力實現的目標。儘管這項任務規模龐大，但我們所取得的進展真的非常令人印象深刻。我們一切進展順利，按計畫進行，現在已經開始看到成效。也許我會讓凱西談談這方面，因為這是她一直著力發展的領域之一。

Thanks very much, Darren. So just to give you a couple of stats to understand where we've come from and where we're headed to, all companies need to -- who operate on an SAP platform need to upgrade as SAP has moved to S/4HANA. And so we were facing a need to upgrade.

非常感謝，達倫。為了讓您了解我們從何而來，又將走向何方，我舉幾個例子：所有在 SAP 平台上營運的公司都需要升級，因為 SAP 已經轉向 S/4HANA。因此，我們面臨升級的必要性。

But we historically, as Darren said, operate at more than 10 ERP systems. We did it on-prem, and we had more than 65 million lines of custom code in that, the highest of any of SAP's customers.

但正如達倫所說，我們歷來運作超過 10 個 ERP 系統。我們採用本地部署的方式，其中自訂程式碼超過 6500 萬行，是 SAP 所有客戶中最高的。

As a result of that, we couldn't easily take upgrades to software, right? So we couldn't benefit from that because of the cost of having to plug the new upgrade into what was a very bespoke software system that we had created was just too high. We as a result of now having centralized organizations are able to really standardize simplify our processes.

因此，我們就無法輕易進行軟體升級，對吧？因此，我們無法從中受益，因為將新的升級程式連接到我們創建的非常客製化的軟體系統的成本太高了。由於現在有了集中化的組織，我們能夠真正實現流程的標準化和簡化。

We're going to have 97% fewer profit centers. 70% fewer cost centers. And the core of our platform is going to be clean, which allows us to take upgrades easily. In fact, during this design period, we've already taken at least one upgrade into the development platform that we're utilizing. And we've had some early wins as we started to implement. Some of the software that surrounds the system. So we had a successful implementation of group reporting a BlackLine, of some supply chain technology that pushes us much more towards not just automation but being able to use artificial intelligence to do things like plot out the logistics across our system for things like marine. So it's a really big change, but we will both get a great simplification, automation and the ability to apply AI at scale much more easily.

我們將減少97%的利潤中心，減少70%的成本中心。我們平台的核心將保持簡潔，這使我們能夠輕鬆升級。事實上，在設計階段，我們已經對所使用的開發平台進行了至少一次升級。我們在實施過程中取得了一些初步成功。系統相關的一些軟體。因此，我們成功地實施了 BlackLine 集團報告，這是一種供應鏈技術，它不僅推動我們走向自動化，而且還能夠使用人工智慧來做一些事情，例如繪製我們系統中的物流圖，例如海運物流。所以這是一個很大的變化，但我們雙方都將獲得極大的簡化、自動化，並且能夠更輕鬆地大規模應用人工智慧。

Thanks very much for the question.

非常感謝您的提問。

Yeah. The other thing I'd just add as a final point is by -- through that automation, we're really allowing -- freeing up time for our folks to focus on the things where they can add unique value. So not only are we getting a lot of efficiencies, I think we're going to see the effectiveness improve. So we'll basically benefit on both sides, both the revenue and the cost side.

是的。最後我想補充一點，透過自動化，我們真正實現了——讓員工有更多時間專注於他們能夠創造獨特價值的事情。因此，我們不僅能獲得很大的效率提升，我認為我們還會看到效果有所提高。因此，我們基本上會在收入和成本兩方面都受益。

Yeah, a much better experience for our people who still today spend way too much time I'd say, sorting through our data and information and reporting the numbers as opposed to higher level activity that's really driving insights and actions across the business.

是的，這對我們的員工來說體驗要好得多。我認為，他們至今仍花太多時間整理數據和資訊並報告數字，而不是從事真正能夠推動業務洞察和行動的更高層次的活動。

Steve Richardson, Evercore ISI.

Steve Richardson，Evercore ISI。

I was wondering, Darren, if you could talk -- we're seeing a pretty robust asset market out there in terms of where private and other assets, not only in the Lower 48, but elsewhere transacting. I was wondering you can talk about maybe the role of divestitures and potentially contract expiries and legacy assets.

達倫，我想問你是否可以談談——我們看到，就私人資產和其他資產而言，目前的資產市場相當強勁，不僅在美國本土48州，而且在其他地方的交易也很活躍。我想請您談談資產剝離、合約到期以及遺留資產等方面的作用。

I think you've been very clear on the uplift that's coming from your upstream in terms of margins with the advantaged assets, but the other piece of it is what could be leaving the portfolio potentially to accelerate that margin uplift. So just wondering if you could talk about the environment as you see it there.

我認為您已經非常清楚地闡述了上游優勢資產帶來的利潤提升，但另一方面，投資組合中哪些資產可能會退出市場，從而加速利潤提升。所以我想問您能否談談您眼中的當地環境。

Yeah. No, thanks. I think -- and you touched on one of the areas that has been a pretty concentrated focus for us really over the last five years, just around as we bringing new opportunities, bring technology to play, grow these advantaged assets is focusing our efforts on that.

是的。不，謝謝。我認為——你剛才也提到了我們過去五年來一直非常關注的一個領域，那就是我們引進新機會、引進新技術、發展這些優勢資產，並將我們的精力集中在這方面。

And for the assets that we have out there, that then no longer compete in the portfolio because they don't have the same opportunity that we have with the rest of the portfolio as an opportunity to sell that off to others who don't have the kind of depth in advantaged projects that we have. And so we've been going through that fairly rigorously very thoughtfully.

而對於我們目前擁有的資產，它們將不再與我們的投資組合競爭，因為它們不像我們投資組合中的其他資產那樣有機會出售給那些沒有我們這樣優勢項目深度的人。因此，我們一直在非常嚴謹、非常周全地研究這個問題。

We're not rushing. We're going to find buyers who place a higher value on it than we've got. And we've been very successful with that, as we've talked about over the quarters with respect to the amount of divestments that we've had. In fact, I think the number is up to $25 billion since 2019 with divestments that we had both from the Upstream in our Part Solutions business. In fact, just last year, we closed our sale of our French affiliate.

我們並不著急。我們會找到比我們預期價值更高的買家。我們在這方面取得了巨大的成功，正如我們在過去幾個季度所談到的，我們已經進行了大量的資產剝離。事實上，我認為自 2019 年以來，隨著我們從上游業務和零件解決方案業務中剝離資產，這個數字已經達到了 250 億美元。事實上，就在去年，我們完成了法國子公司的出售。

And so there's -- it's been a continuous making sure that what's left in the portfolio can compete for capital is advantaged versus the rest of industry and then making sure that they're at the left-hand side of the cost of supply curve. So low cost so they can compete across whatever part of the cycle is in. And that is paying huge dividends now as we continue to kind of go through cycles. So that's going to be a constant focus and we get ready. We don't try to time the market per se, but we do lean into the market when the opportunities are there and with a portfolio that's ready to go.

因此，一直以來都在努力確保投資組合中剩餘的部分能夠與行業其他部分競爭資本，並使其具有優勢，然後確保它們處於供給成本曲線的左側。成本低廉，因此他們可以在周期的任何階段都參與競爭。而隨著我們不斷經歷各種週期，這種做法現在正在帶來巨大的回報。所以這將是我們持續關注的重點，我們會做好準備。我們並不是刻意去掌握市場時機，但當機會出現時，我們會積極參與市場，並且擁有一個隨時可以採取行動的投資組合。

On the flip side of that, we continue to look for inorganic opportunities where we can bring an advantage. And as we've talked about many times in the past, where 1 plus 1 equals 3 or more. And that continues to be a focus. It's got to be accretive. It's got to leverage some of the things that we can uniquely bring and it's got to be competitive with our other investment opportunities, and that remains a continued focus across all of our businesses.

另一方面，我們將繼續尋找能讓我們發揮優勢的非有機成長機會。正如我們過去多次討論過的那樣，1 加 1 等於 3 或更大。而這仍然是我們關注的重點。它必須是遞增式的。它必須利用我們獨特的優勢，並且必須與我們其他的投資機會具有競爭力，而這仍然是我們所有業務持續關注的重點。

Sam Margolin, Wells Fargo.

Sam Margolin，富國銀行。

Maybe taking away from upstream a little bit because everything seems to be directionally consistent and in line there. I wanted to ask about the comment you made in the prepared remarks on the carbon business and the battery contribution, and then it ties into lithium too, the lithium price environment isn't favorable, but there's maybe some synergies or some relationship there with the carbon business.

或許應該稍微減少一些上游的數據，因為那裡的所有數據在方向上似乎都是一致且協調的。我想問一下您在準備好的演講稿中提到的關於碳業務和電池貢獻的評論，這也與鋰有關。鋰的價格環境並不有利，但或許它與碳業務之間存在一些協同效應或某種關聯。

And I don't know, it even ties into lightweight materials and Proxxima and chemicals too. So I guess the question is, what's exactly going on with this battery initiative? It seems like there's a lot of inputs here that could drive an interesting outcome.

我也不知道，這甚至與輕質材料、Proxxima 和化學物質有關。所以我想問的是，這項電池計畫究竟進展如何？這裡似乎有很多因素可能會導致一個有趣的結果。

Yeah. Thank you, Sam. And I think you actually touched on one of the advantages of the work that we're doing and sticking to, what I'd call, is our hydrogen and carbon molecule business is a lot of the applications that we're developing the new applications that we're developing, leveraging the same capabilities go into the products that we're currently serving with our traditional business. And so there is a synergy that exists between the different elements of the technology that we're developing. But each of them are driven by a focus on the molecule side of the equation.

是的。謝謝你，山姆。我認為你實際上觸及了我們正在做的工作的一個優勢，那就是堅持我們所謂的氫和碳分子業務，我們正在開發的許多新應用，利用相同的能力，都應用到我們目前透過傳統業務提供的產品中。因此，我們正在開發的技術的不同要素之間存在協同作用。但它們各自以關注方程式的分子層面為驅動力。

So on the battery equation, it's really around the recognition that the world is going along, carbon, as we clean up products and focus on lowering emissions. Carbon becomes a cheaper and cheaper feedstock, what can we make with carbon, our technology organization developed a molecule that has properties that really lend themselves to battery applications that result in these types of performance -- step changes in performance with batteries. Those are real. We've tested them here internally. We've tested them externally. We're working with OEMs. And there's a lot of optimism around that application.

所以，就電池問題而言，關鍵在於認識到世界正在朝著清潔產品和減少排放的方向發展，而碳排放問題也日益凸顯。碳作為一種原料，價格越來越便宜，我們可以用碳製造什麼呢？我們的技術團隊開發了一種分子，其特性非常適合電池應用，從而帶來電池性能的飛躍式提升。這些都是真的。我們內部已經對它們進行了測試。我們已經進行過外部測試。我們正在與原始設備製造商 (OEM) 合作。人們對這項應用抱持著很大的樂觀態度。

And of course, the challenge then is building the -- at scale, the production facilities and to do that in a way that's very cost competitive and can compete with sources of supply all around the world. And we feel really good about the progress we're making there, and we're continuing to advance that. And that goes into battery applications, obviously, lithium obviously goes into battery applications. So there's a synergy there.

當然，接下來的挑戰是如何大規模地建造生產設施，並以一種極具成本競爭力的方式進行建設，從而能夠與世界各地的供應來源競爭。我們對目前的進展感到非常滿意，並且我們將繼續推進這項工作。顯然，鋰電池會應用於電池領域。所以這之間存在著協同效應。

But we came at that, again, differently. It wasn't that we wanted to go into the battery business. It was what products are going to be in demand that we think we can bring an advantage to and produce at a low cost of supply and realize a margin.

但我們採取的方式又有所不同。我們原本並不想涉足電池產業。我們關注的是哪些產品會有市場需求，我們認為我們可以在這些產品上發揮優勢，以較低的供應成本進行生產，從而實現利潤。

Lithium, I think, continues to hold promise, but there's work to be done around ensuring that we can put a process in place that brings lithium to market at a cost, very competitive with the cash cost of existing producers. And so that's a piece of work that we're doing or demoing that technology to convince ourselves that we can get the cost where we want them so that we will have a robust, resilient business irrespective of where the pricing goes.

我認為鋰仍然很有前景，但我們需要努力確保能夠建立一個將鋰推向市場的成本與現有生產商的現金成本極具競爭力的流程。因此，我們正在進行這項工作，或者說是演示這項技術，以說服自己，我們可以將成本控制在我們想要的範圍內，這樣無論價格如何變化，我們都能擁有一個強大、有韌性的業務。

And then with Proxxima, it too has -- it's got a lot of applications in terms of rebar that we're making or the coatings that we're using in the shipping business in the piping business, pipeline business, oil and gas business. And we can also use it in injection molding and to make battery holders.

此外，Proxxima 也有很多應用——它可用於我們生產的鋼筋，或用於航運業、管道業、管線業、石油和天然氣業的塗料。我們也可以將其用於注塑成型和製造電池座。

And so there's a lot of overlap here, but it's really a function of understanding where those applications can bring the most value, bring a value and use versus the incumbents and then build those businesses up and sell into them. So I think we're going to find that portfolio over time, continues to grow, and we're working with a set of customers that frankly are leveraging each of those products in addition to our existing traditional products.

因此，這裡面有很多重疊之處，但關鍵在於理解這些應用程式在哪些方面能夠帶來最大的價值，與現有企業相比，如何帶來價值和用途，然後發展這些業務並向它們銷售產品。所以我認為隨著時間的推移，我們會發現這個產品組合會不斷增長，而且我們正在與一群客戶合作，坦白說，除了我們現有的傳統產品之外，他們還在利用這些產品。

Jean Ann Salisbury, Bank of America.

Jean Ann Salisbury，美國銀行。

ExxonMobil is a leader in carbon capture and storage. There have been conflicting things that I've read and heard about data center interest and using CCS as an offset to emissions. From your standpoint, is this interest real? And do you see this as being a potential material uplift for that segment?

埃克森美孚是碳捕獲和封存領域的領導者。我讀到和聽到了一些關於資料中心對使用碳捕獲與封存 (CCS) 技術來抵消排放的興趣，但說法不一。從你的角度來看，這種興趣是真實的嗎？您認為這會對該細分市場產生實質提升嗎？

Yeah. Thanks, Jean Ann, for the question. I recognize the -- your comment with respect to the ups and downs and conflicting information you may be reading. I think, like a lot of these things that start off with a lot of hype and enthusiasm, it takes time for the market to kind of work through and land on or ground on the realities of the opportunity set out there. And I think as the development of these data centers have progressed and the desire to have low carbon data centers and what opportunities exist, I think people have begun to realize that certainly in the time frame that our people are talking about today, the really -- only viable option at scale today here in the very near to medium term is gas-fired power generation with carbon capture.

是的。謝謝Jean Ann的提問。我理解你對可能讀到的訊息起伏不定、相互矛盾的看法。我認為，就像很多事情一樣，一開始都伴隨著大量的炒作和熱情，市場需要時間來消化和消化所提出的機會的現實情況。我認為，隨著這些資料中心的發展，以及人們對低碳資料中心的渴望和機會的認識不斷提高，人們開始意識到，在我們今天所討論的時間範圍內，在近期到中期內，唯一真正可行的大規模選擇是採用碳捕獲技術的燃氣發電。

And we're uniquely positioned with respect to that with the investment that we made in Denbury and now today have the only scale end-to-end carbon capture and sequestration system. And frankly, the only integrated set of capabilities that can follow the molecule from capture all the way down through the pipe and into the subsurface.

而我們在這方面擁有獨特的優勢，這得益於我們在丹伯里進行的投資，如今我們擁有唯一規模化的端對端碳捕獲和封存系統。坦白說，這是唯一一套能夠追蹤分子從捕獲到通過管道進入地下全過程的整合功能。

And so that unique offering, I think, puts us in a position to have really substantive conversations with some of the hyperscalers. And I would say that today, we are engaged in very serious substantive conversations with a number of the hyperscalers. There is a commitment to finding a competitive way to decarbonize these data centers.

因此，我認為，這種獨特的優勢使我們能夠與一些超大規模資料中心營運商進行真正實質的對話。我想說，目前我們正在與一些超大規模資料中心營運商進行非常嚴肅的實質對話。我們致力於尋找一種具有競爭力的途徑來實現這些資料中心的脫碳。

We have an offering with respect to a site and location that I think meets those needs, and we're kind of working our way through the commercial construct. And my hope is and expectation is we should see that work manifest itself hopefully by year-end with the project announcement, but I think it's serious right now.

我們有一個符合這些需求的場地和位置方案，我們正在逐步完善商業架構。我希望並期待這項工作能在年底前透過專案公告得以實現，但我認為現在情況非常嚴峻。

Paul Cheng, Scotiabank.

Paul Cheng，加拿大豐業銀行。

Darren, I think over the past several years, you guys have done a good job in managing the pace due to, I think, both the asset mix as well as the technology application and all that. So can you tell us that today, what is your base on the decline for your upstream portfolio we should assume?

達倫，我認為在過去的幾年裡，你們在控制節奏方面做得很好，我認為這既得益於資產組合，也得益於技術應用等等。那麼，您能否告訴我們，目前您應該假設上游投資組合的下降幅度是多少？

And also in your manufacturing operation, whether it's refining or chemical, for the cycle, what is the expected [needed downtime] or that your available uptime? And from that standpoint, if this is where you are, where you see is the biggest opportunity for the next five years to further improve on those?

此外，在您的製造營運中，無論是煉油還是化工，對於生產週期而言，預期的[所需停機時間]或可用的正常運行時間是多少？從這個角度來看，如果你目前處於這個階段，你認為未來五年內最大的改善機會在哪裡？

Yeah. Thank you, Paul. What I would say is we're at the very beginning of what I think is the ultimate capture of the potential that we're unlocking with the transformation that we made -- we're making here. And I would say we're very early into bringing the technology or the weight and the power of our technology organization to bear on the areas that you're talking about in terms of depletion rates and how quickly we can offset those and the growth that we're bringing in. If you look at, frankly, the plans that we've got out past 2030, we're continuing to grow production and therefore, offsetting any depletion.

是的。謝謝你，保羅。我想說的是，我們正處於一個開端，我認為我們正在透過變革釋放的巨大潛力，而這正是我們正在進行的變革所帶來的最終成果。我想說，我們目前還處於非常早期的階段，尚未將我們技術組織的力量或實力運用到您所說的資源消耗率以及我們能夠多快抵消這些消耗並實現增長的領域。坦白說，如果你看看我們制定的 2030 年以後的計劃，我們將繼續擴大生產，因此可以抵消任何資源消耗。

And as we continue to do more work, bring technology on, use the supercomputer that we have and the algorithms we have to better understand the movement of the hydrocarbon underground and tap into those things. We're improving the recovery at very low cost. So I think we haven't reached the end of that stream yet. There's still an opportunity there. And so I don't know ultimately where we get to.

隨著我們不斷進行更多工作，引入技術，利用我們擁有的超級電腦和演算法，更好地了解地下碳氫化合物的運動，並加以利用。我們正在以極低的成本提高回收率。所以我覺得我們還沒到達這條線索的盡頭。那裡仍然存在機會。所以，我也不知道我們最終會走到哪一步。

But I can tell you that the organization is very motivated to continue to use the tools and the capabilities that we're unlocking to change the curve and to change the slope of that curve. And I'd tell you today, I can't give you an answer specifically what that's going to look like because we haven't gotten to the end of that journey.

但我可以告訴你，組織非常有動力繼續利用我們正在解鎖的工具和能力來改變曲線，並改變曲線的斜率。今天我可以告訴你，我無法具體告訴你那會是什麼樣子，因為我們還沒有走到那段旅程的終點。

On the -- our product solutions manufacturing facilities. Again, I would tell you, we just formed the beginning of this year, our global operations organization where we bring together all of our operating organizations to basically work to and erase the standard and basically do what we've been doing in supply chain and projects and technology. We have, prior to that, had set up a global operations organization to support all of the businesses and to bring kind of the best thinking and the best practices on reliability and safety.

關於我們的產品解決方案製造設施。我再次強調，我們今年年初才成立了全球營運組織，將我們所有的營運組織聚集在一起，旨在打破現有標準，並繼續在供應鏈、專案和技術領域開展工作。在此之前，我們已經建立了一個全球營運組織，以支援所有業務，並引入可靠性和安全性的最佳理念和最佳實踐。

And even with this centralized organizations, bringing support to the existing operations that were embedded in the businesses, we saw material improvements and the cost of maintenance and improvements in reliability, improvements in safety. And so we demonstrated to ourselves that the power of this collective thinking and taking the best of the -- best of all is really bringing bottom line value.

即使有了這種集中化的組織，為嵌入企業中的現有營運提供支持，我們也看到了實質性的改進，維護成本降低，可靠性和安全性都提高了。因此，我們向自己證明了這種集體思考的力量，以及取其精華——取其精華——確實能帶來實實在在的價值。

This next step that we've taken with the operations organization is just going to enhance that and supercharge it. So I think we're going to see reliability and availability and uptime continue to improve across the portfolio, which ultimately brings down our cost, makes us a lower-cost supplier, which allows us to manage through the cycle is even better. And so I think there's -- continues to be a lot of upside with respect to those two areas that you mentioned.

我們與營運部門共同採取的下一步措施，將進一步加強並加速這一進程。所以我認為我們會看到整個產品組合的可靠性、可用性和正常運行時間持續提高，這最終會降低我們的成本，使我們成為成本更低的供應商，從而使我們能夠更好地管理整個週期。所以我認為，在你提到的這兩個領域，仍然有很多上升空間。

And then I would just broadly say across the whole portfolio, and we're just getting warmed up on some of these centralized organizations, the supply chain organization, what we're doing in procurement, what we're doing in our Business Solutions group.

然後，我只想概括地說，就整個產品組合而言，我們才剛開始對一些集中式組織、供應鏈組織、我們在採購方面所做的工作以及我們在業務解決方案集團方面所做的工作進行熱身。

So there's a lot of I'd say, work going on now, and we have a very clear line of sight of how we're going to improve the effectiveness of the organization as well as the efficiency. So I would just say, we've got plans out to 2030 that reflect some of that. My view is we're going to improve upon those things as we actually learn more and mature these brand-new organizations.

所以，我認為現在有很多工作正在進行，我們對如何提高組織的效能和效率有著非常清晰的認識。所以我想說的是，我們已經制定了到 2030 年的計劃，其中體現了部分內容。我的看法是，隨著我們對這些全新組織了解更多、發展得更成熟，我們會在這些方面進行改進。

Darren, do you have a number you can share what is the base decline rate at this point in your upstream portfolio?

Darren，你能否分享一下你上游投資組合目前的基本下降率是多少？

No, Paul, I don't have a number for that. Sorry.

不，保羅，我沒有那個號碼。對不起。

Thank you, Paul. And operator, unfortunately, we have time for just one more question.

謝謝你，保羅。接線員，很遺憾，我們只能再回答最後一個問題了。

We have time for one more question. Biraj Borkhataria, RBC.

我們還有時間回答最後一個問題。Biraj Borkhataria，RBC。

I wanted to ask about the chemicals segment, the Base Chemicals segment. It's obviously been in a tough spot for a while now. Just from your global perspective, are you seeing any signs of green shoots in base chems either on the supply or demand side with your competitors?

我想諮詢一下化學品領域，特別是基礎化學品領域的情況。顯然，它已經陷入困境一段時間了。僅從全球視角來看，您是否看到競爭對手在基礎化學品供應或需求方面出現任何復甦跡象？

Yeah. Thanks, Biraj. I think -- so like all of our businesses, there's the tale of two halves. From a demand standpoint, I would say, continue to see very robust strong demand across the world for the chemical products. The challenge with respect to the margins that are out there is obviously from the supply side of the equation.

是的。謝謝你，比拉傑。我認為──就像我們所有的企業一樣，這其中也包含著兩個部分的故事。從需求角度來看，我認為全球對化學產品的需求將持續保持非常強勁的動能。利潤空間方面的挑戰顯然來自供給面。

So despite record levels of demand and very good growth in demand, there continues to be a lot of capacity that comes on that expresses the margin. So I think that's -- as you look at the landscape out there, that's a challenge, a good healthy market, good demand for the product, good applications and continue to grow.

因此，儘管需求達到創紀錄水平，需求成長非常良好，但仍有大量產能投入使用，這反映了利潤空間。所以我覺得——當你審視當前的市場環境時，你會發現這是一個挑戰，一個健康的市場，對產品良好的需求，良好的應用，並且持續成長。

Our focus has been within that context, again, with the cost efficiencies that we've been capturing with the effectiveness that we've been driving and our focus on high-value products is trying to kind of differentiate ourselves with respect to the marginal supplier that's setting the price out there to get an advantage and to get an improved margin.

我們一直專注於此，再次強調，我們一直在努力提高成本效益，提高效率，並專注於高價值產品，試圖與那些為了獲得優勢和提高利潤率而設定價格的邊際供應商區分開來。

I think that's been working in our favor in addition to the feed advantages that we've got with the locations that we have. And so our focus continues to be the same. Sell into high-value products, continue to drive costs down, be efficient, take advantage of every lever that you've got to pull, lean heavily into the centralized organization to help improve the efficiency of what you're doing and the effectiveness of our supply chain.

我認為，除了我們所在位置的飼料優勢之外，這也對我們有利。因此，我們的關注點依然不變。銷售高價值產品，持續降低成本，提高效率，利用一切可以利用的槓桿，大力依靠集中式組織來幫助提高工作效率和供應鏈的有效性。

I think all of those are paying off. It allows us to be more competitive and deliver better results than many of our competitors are able to do in this space today. But the ultimate -- how this resolves itself from a market standpoint, I think hard to judge just based on the competitive dynamics that are out there.

我認為所有這些努力都得到了回報。這使我們能夠比許多競爭對手更具競爭力，並取得更好的業績。但最終——從市場角度來看，這件事將如何解決，我認為僅憑現有的競爭動態很難判斷。

Thanks for your question. Listen, we've reached the end of the call.

謝謝你的提問。好了，通話到此結束。

And I want to, I guess, thank all of you for the recognition that you've given, Kathy, and I wouldn't want to end the call without adding to the comments that many of you made. Kathy, I want to thank you for everything you've done for the company. Kathy came in at a very unique time in the company at a level in the company that, frankly, we've never brought somebody in from the outside. And I think, became an instant partner to the rest of the management committee. I have benefited greatly by having her at my side and engaged in discussions over the last five years.

我想感謝大家給我的認可，凱西，在結束通話前，我也想補充一些大家已經發表的評論。凱西，我想感謝你為公司所做的一切。凱西加入公司的時機非常特殊，她所處的職位，坦白說，我們以前從未從外部引進過。我認為，他很快就融入了管理委員會其他成員的團隊。過去五年裡，有她在我身邊，我們一起討論，我從中受益良多。

So it's been a great ride. I appreciate your commitment and hard work that you've made and particularly over the last year, as you struggle to kind of overcome some of your personal challenges, never missed a beat, never compromised on the contributions that you're making to the company. And so you're definitely going to be missed, but we're really looking forward to you accelerating your recovery, wishing you and Ed and your family just a really long, healthy and happy retirement.

所以，這段旅程非常精彩。我非常欣賞你的付出和努力，尤其是在過去一年裡，儘管你努力克服了一些個人挑戰，但你從未懈怠，也從未在對公司的貢獻上妥協。所以，我們肯定會想念你的，但我們非常期待你早日康復，祝你、艾德和你的家人退休生活幸福美滿，健康長壽。

I will say that we're happy that one of the first things that Kathy got engaging when she stepped in was to make sure that we had a very robust succession plan and happy to have Neil who we've been training here for several years and now bring back into the mix, I think we're all real confident that Neil is going to do a great job stepping into the big shoes that Kathy has left behind. And fortunately for Neil, they're not high heel. So I think you got an advantage there, Neil so -- but thank you, Kathy. Thanks for everything.

我想說，我們很高興凱西上任後做的第一件事就是確保我們有一個非常完善的繼任計畫。我們也很高興尼爾，我們在這裡培養了他好幾年，現在他又回到了團隊。我認為我們都非常有信心，尼爾能夠出色地接替凱西留下的重任。幸運的是，尼爾穿的不是高跟鞋。所以我覺得你在這方面佔了上風，尼爾——不過謝謝你，凱西。謝謝你所做的一切。

Thanks very much, Darren. Listen, I'm humbled and honored by having the opportunity to have work here at ExxonMobil. And I hugely appreciate your support, Darren, the support of the management committee and the board. And hopefully, I leave things in a little better place than when I first came here.

非常感謝，達倫。聽著，能有機會在埃克森美孚工作，我感到無比榮幸和謙卑。我非常感謝你的支持，達倫，也感謝管理委員會和董事會的支持。希望我離開的時候，這裡的情況比剛來的時候好一些。

I'm going to miss our people the most. Our people are amazing. And I'm incredibly proud of what they've accomplished over the last five years. And finally, I'd just say I'm thrilled to have Neil Hansen stepping in my place. He has a little bit of experience, 25 years at the company. Most of that actually in the finance organization. So he's just the right person at the right time, and it's really terrific to have such a smooth transition. And he's here with us. I don't know if you want to say a couple of words.

我最捨不得的就是我們的同事。我們團隊的人才非常優秀。我為他們在過去五年所取得的成就感到無比自豪。最後，我只想說，我很高興尼爾漢森能代替我的位置。他有一些經驗，在該公司工作了25年。實際上，大部分都在財務部門。所以他正是此時此刻最合適的人選，能夠如此順利地完成過渡真是太好了。他就和我們在一起。我不知道你是否想說幾句話。

Yeah. Thank you, Darren and thank you, Kathy. We wish you the very best. Your positive impact on ExxonMobil will be long-lasting, and we are all truly grateful for everything that you've done for us. And personally, I'm very excited to step into the role as CFO and build on really the strong unmatched foundation that we have in place as a company.

是的。謝謝你，達倫，也謝謝你，凱西。祝您一切順利。您對埃克森美孚的正面影響將是深遠的，我們都衷心感謝您為我們所做的一切。就我個人而言，我非常興奮能夠擔任財務長一職，並在我們公司已有的強大且無與倫比的基礎上繼續發展。

And I look forward to connecting again with the investment community beginning to catch up with those of you that I already know and then getting to meet those who have not met yet, hopefully, sometime in the near future.

我期待著再次與投資界人士交流，與我已認識的各位敘敘舊，然後希望能在不久的將來結識那些尚未謀面的朋友們。

Okay. Thank you, Neil. Thank you, Darren. Thank you, in particular, Kathy. Thanks to all of you for joining today and for your questions. We'll post a transcript of this webcast on the Investors section of our website next week. And that concludes today's call. Have a good weekend.

好的。謝謝你，尼爾。謝謝你，達倫。尤其要感謝凱西。感謝各位今天的參與與提問。我們將於下週在網站的投資者關係版塊發布本次網路直播的文字稿。今天的電話會議到此結束。有一個美好的周末。