埃克森美孚 (XOM) 2026 Q2 法說會逐字稿

Good morning, everyone. Welcome to Exxon Mobil's earnings call. Today's call is being recorded. We appreciate you joining us. I'm Jim Chapman, and I'm joined by Darren Woods, Chairman and Chief Executive Officer; and Neil Hansen, Senior Vice President and Chief Financial Officer. This quarter's presentation and prerecorded remarks are available on the Investors section of our website. They're meant to accompany this quarter's earnings release, which is posted in the same location.

各位早安。歡迎參加埃克森美孚（Exxon Mobil）的財報電話會議。今天的會議將被錄音。感謝各位撥冗參與。我是 Jim Chapman，與我一同出席的有董事長兼執行長 Darren Woods，以及資深副總裁兼財務長 Neil Hansen。本季簡報與預錄談話內容可於我們網站的「投資人」專區取得。這些內容旨在搭配本季的盈餘新聞稿一同閱讀，該新聞稿亦發布於相同位置。

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

在今天的簡報中，我們將發表前瞻性陳述，包括對我們長期計畫的評論；這些陳述受風險與不確定性影響。請閱讀投影片第 2 頁的警示聲明。關於適用於任何前瞻性陳述之風險與不確定性的更多資訊，請參閱我們網站上的 SEC 申報文件。我們也在盈餘簡報投影片的末尾提供補充資訊，該投影片同樣發布於我們的網站上。

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

接下來，我把時間交給 Darren 進行開場致詞。

Good morning, and thank you for joining us. Unfortunately, as all of you are aware, the conflict in the Middle East continued to the second quarter, impacting our employees, partners, and operations in the region. I want to begin this morning by recognizing the service of the men, women engaged in the conflict and the hardships being endured and losses suffered by those in the region. They remain at the forefront of our thoughts, and we continue to pray for a quick resolution.

各位早安，感謝各位加入我們。很遺憾地，如各位所知，中東地區的衝突延續至第二季，影響了我們在該區域的員工、合作夥伴與營運。今天早上我想先向參與衝突的男女軍人致敬，並關注該地區民眾所承受的艱難處境與遭受的損失。他們始終在我們的掛念之中，我們也持續祈願衝突能盡快解決。

As a company, we remain committed to mitigating the global impact by maximizing production and providing the energy and products essential to modern life. While we didn't anticipate the current situation, we were prepared for it. And our markets disruption is inevitable, establishing globally diverse production at scale, across value chains, built on a foundation of durable advantages provides a robust platform for creating value through price cycles and market disruptions.

作為一家公司，我們仍致力於透過最大化產量，並提供現代生活所必需的能源與產品，以降低對全球的影響。雖然我們未曾預期當前情勢，但我們已為此做好準備。而當市場干擾不可避免時，在價值鏈各環節建立具規模、全球多元的生產布局，並以持久優勢為基礎，能提供一個穩健的平台，在價格循環與市場干擾中創造價值。

The second quarter demonstrates the strength of our approach. Despite the temporary loss of approximately 10% of our upstream production, we delivered exceptional financial results, including industry-leading earnings of $14.5 billion and cash flow from operations of $23.6 billion. Performance was strong across the company.

第二季展現了我們策略的強韌性。儘管上游產量暫時減少約 10%，我們仍交出卓越的財務成果，包括業界領先的 145 億美元盈餘，以及 236 億美元的營運現金流。公司各業務表現皆強勁。

In the Upstream, excluding the Middle East, we delivered our highest production volumes in more than two decades in Energy Products, our integrated US Gulf Coast refining operations ran reliably as global diesel supply tightened. The business delivered record second quarter diesel production, helping meet market needs.

在上游業務方面（不含中東），我們交出逾二十年來最高的產量水準；在能源產品方面，我們整合式的美國墨西哥灣沿岸煉油營運在全球柴油供應趨緊之際仍維持可靠運轉。該業務創下第二季柴油產量新高，協助滿足市場需求。

In Chemical Products, our North American facilities with advantaged feed and record first half reliability, helped meet the shortfall in supply caused by disruptions in the Middle East, driving a roughly 180% increase in Chemical Product margins versus the first quarter. In Specialty Products, our integrated approach down the value chain, reformulation capabilities, global footprint, and strong execution, helped meet customer needs despite significant supply challenges, delivering best-ever base stock margins and record quarterly and first half adjusted earnings.

在化學產品方面，我們北美廠區具備具優勢的原料來源，且上半年可靠度創新高，協助彌補因中東干擾造成的供應缺口，使化學產品利潤率較第一季約提升 180%。在特種產品方面，我們沿價值鏈的整合式策略、配方再設計能力、全球布局與強勁執行力，使我們在顯著供應挑戰下仍能滿足客戶需求，並創下歷史最佳基礎油利潤率，以及單季與上半年調整後盈餘新高。

Guyana remains one of the clearest examples of our advantaged growth. In the quarter, Guyana delivered gross production volumes of approximately 900,000 barrels per day. Errea Wittu, our fifth FPSO, set sail toward Guyana in June and remains on track for start-up by the end of the year, the next major step in Guyana's continued development.

蓋亞那（Guyana）仍是我們具優勢成長最清楚的例證之一。本季，蓋亞那的總產量約為每日 90 萬桶。我們的第五艘 FPSO「Errea Wittu」於 6 月啟航前往蓋亞那，並仍按計畫於年底前投產，這是蓋亞那持續開發的下一個重要里程碑。

Long tail is on the path toward final investment decision, and we are evaluating the potential for a [ninth] FPSO. The success of this development has set a new standard for the industry and frankly, has exceeded our own expectations, delivering on tight schedules at industry-leading cost with strong reliability and optimized production as a result of recovering our capital and cost nearly two years earlier than anticipated, increasing NPV and desaturating the cost bank.

Long tail 正朝最終投資決策（FID）邁進，我們也在評估第[ninth]艘 FPSO 的可能性。此項開發的成功為產業樹立了新標竿，坦白說也超出我們自身預期：在緊湊時程下，以業界領先的成本並維持高可靠度與最佳化產量交付成果；由於我們回收資本與成本的時間比預期提前近兩年，進一步提升淨現值（NPV），並降低成本庫的壓力。

This is great news. But as a result, our volume entitlements will change as reflected in our 2030 plan. As always, our focus remains on value, not volume.

這是非常好的消息。但也因此，我們的產量權益分配將有所變動，並已反映在我們的 2030 年計畫中。一如既往，我們的重點仍是價值，而非產量。

Turning to the Permian. This quarter, we set another production record of more than 1.8 million oil equivalent barrels per day. More importantly, we continue to improve recovery and lower capital costs through new technologies deployed at scale. Our industry-leading acreage position supports extended reach development, including 4-mile laterals to drive superior capital efficiency.

接著談二疊紀（Permian）。本季我們再創產量新高，超過每日 180 萬桶油當量。更重要的是，我們持續透過大規模部署新技術來提升採收率並降低資本成本。我們業界領先的土地資源（acreage）布局支撐延伸距離開發，包括 4 英里水平段（laterals），以推動更優異的資本效率。

In the first half of the year, we drilled more than 80 4-mile wells, supported by our Houston-based remote operations center in real-time data that helps ensure safe, efficient and effective execution. During the quarter, we had to work through some complex conditions. Logistics were tight, supply chains were constrained, and customers were short of critical products.

今年上半年，我們鑽探了超過 80 口 4 英里井，並由位於休士頓的遠端營運中心以即時數據支援，協助確保安全、高效率且有效的執行。本季期間，我們必須在一些複雜條件下推進工作。物流吃緊、供應鏈受限，且客戶缺乏關鍵產品。

Our global trading and supply chain organization put our new operating model to work, optimizing feedstock and product placement, balancing supply across regions and responding to localized disruptions. Those actions kept our operations running and customers supplied. It helped avoid roughly $750 million in annual disruption costs through advanced modeling, fleet reallocations, product reformulations, and alternate supply sources. At the same time, we continue to make progress on our transformation.

我們的全球交易與供應鏈組織啟動新的營運模式，最佳化原料與產品配置、在各區域間平衡供應，並回應在地化的干擾。這些行動讓我們的營運持續運轉，並確保客戶供應。透過先進建模、船隊重新配置、產品配方調整與替代供應來源，協助避免約 7.5 億美元的年度干擾成本。同時，我們也持續推進轉型工作。

On July 1, we integrated upstream operations into our global operations organization, bringing together approximately 31,000 employees across more than 150 sites in 48 countries. This is an industry-first operating model. The objective is clear, make the most of what we have while raising the standard for safe, reliable, and efficient performance across all our assets.

7 月 1 日，我們將上游營運整合至全球營運組織，匯聚遍布 48 個國家、超過 150 個據點的約 31,000 名員工。這是業界首創的營運模式。目標很明確：在提升所有資產的安全、可靠與效率表現標準的同時，充分發揮我們既有資源的最大效益。

With this new organization, we expect to deliver improved margins and industry-leading operations excellence, improving safety, reliability, maintenance costs and turnarounds across the portfolio. We are also advancing our enterprise-wide process and data platform transformation. As I've said before, this is redesigning end-to-end processes and connecting data, transactions, and decision-making across every business, geography, and function.

透過這個新組織，我們預期可帶來更佳的利潤率與業界領先的營運卓越表現，並在整體資產組合中提升安全、可靠度，降低維護成本與大修（turnarounds）成本。我們也正推進全企業的流程與數據平台轉型。如我先前所說，這是在重新設計端到端流程，並在每一個業務、地理區域與職能之間，連結數據、交易與決策。

Early deployments have gone well, building a strong foundation for larger rollouts in 2027. The work is already simplifying processes, improving line of sight and replacing fragmented reporting with more consistent enterprise data. As it progresses, who will help us learn and act faster, better leverage our scale, and accelerate the adoption and value of AI.

早期部署進展順利，為 2027 年更大規模的推廣奠定了堅實基礎。這項工作已在簡化流程、提升可視性，並以更一致的企業級數據取代零散的報表。隨著推進，這將幫助我們更快學習與行動、更有效運用規模優勢，並加速 AI 的採用與價值實現。

The value of this transformation is showing up in our results. Cumulative structural cost savings have increased to $16.3 billion since 2019, with centralized organizations contributing nearly half of the year-to-date savings. Financially, this was a strong quarter with more than $14 billion of earnings, more than $17 billion of free cash flow and a more than $7 billion reduction in net debt.

這項轉型的價值已反映在我們的成果中。自 2019 年以來，累計結構性成本節省已增至 163 億美元，其中集中化組織貢獻了今年迄今節省金額的近一半。就財務而言，本季表現強勁：盈餘超過 140 億美元、自由現金流超過 170 億美元，且淨負債減少超過 70 億美元。

That strength allows us to keep investing in advantaged opportunities, return surplus cash to shareholders and maintain one of the strongest balance sheets in the industry. Cash capital expenditures were roughly $7 billion, and we returned more than $9 billion to shareholders through dividends and share repurchases.

這樣的實力使我們得以持續投資於具優勢的機會、將多餘現金回饋股東，並維持業界最強健的資產負債表之一。現金資本支出約為70億美元，我們透過股利與庫藏股回購向股東返還超過90億美元。

Finally, in the quarter, shareholders overwhelmingly supported redomiciling Exxon Mobil from New Jersey to Texas, which we completed on July 1. The move aligns our legal home with our headquarters and where we have operated for more than three decades, while providing a stable, predictable, and efficient governance framework that supports sound decision-making, long-term value creation, and shareholder rights. I want thank our shareholders for their support and the quality dialogue we had across the years engagements.

最後，在本季，股東以壓倒性支持將埃克森美孚的公司註冊地從新澤西州遷至德州，我們已於7月1日完成。此舉使我們的法定所在地與總部所在地一致，也與我們三十多年來的營運所在地一致，同時提供穩定、可預期且高效率的公司治理架構，以支持健全決策、長期價值創造與股東權益。我要感謝股東的支持，以及多年互動中我們所進行的高品質對話。

Stepping back, the second quarter was shaped by disruption, but defined by execution. The market benefit was real, and so was the value created by the choices we have made over many years to strengthen the portfolio, lower our cost structure, and improve how we operate through deeper integration and technology-enabled execution. That is the point of our transformation. We are building a company that can perform through disruption and deliver superior long-term shareholder value across cycles.

回過頭來看，第二季受到干擾影響，但其核心在於執行力。市場帶來的效益是真實的，而我們多年來所做的選擇——強化投資組合、降低成本結構，並透過更深度的整合與科技賦能的執行來改善營運——所創造的價值也同樣真實。這正是我們轉型的重點。我們正在打造一家能在干擾中仍能表現、並在景氣循環中為股東帶來卓越長期價值的公司。

Thank you.

謝謝。

Thank you, Darren. Before we move to Q&A, two things to note. First, as a reminder, the Investors section of our website provides further data on our results and operations, and we encourage investors to take a look. And second, I want to highlight that we plan to publish our annual global outlook in September. A comprehensive report detailing our latest views on global energy demand and supply through 2050, which forms the basis of our long-term business planning.

謝謝你，Darren。在進入問答之前，有兩點需要說明。第一，提醒各位，我們網站的投資人專區提供更多關於業績與營運的資料，鼓勵投資人前往查看。第二，我想強調我們計畫於9月發布年度全球展望。這是一份全面性的報告，將詳述我們對至2050年全球能源需求與供給的最新看法，並作為我們長期業務規劃的基礎。

So with that, we can move to Q&A. (Event Instructions)

那麼，我們可以進入問答。（活動說明）

(Operator Instructions) Steve Richardson, Evercore.

（接線員說明）Steve Richardson，Evercore。

Darren, I wonder if you could start on Guyana. Obviously, what we've all known is really high-quality projects. Can you just talk about this desaturation point, obviously, in light of cost performance and higher commodity price? And maybe just how the timing compares to maybe what your previous expectations were?

Darren，我想先從蓋亞那談起。顯然，我們都知道那是非常高品質的專案。你能否談談這個「去飽和點」（desaturation point），特別是在成本表現與商品價格走高的背景下？另外，時點上與你們先前的預期相比如何？

Also curious if you could talk a little bit about exploration. There's a mention in the disclosure about using AI tools and generating prospects. I think people are also curious about what the exploration outlook in Guyana is, particularly as you think about parts of the block that maybe are underexplored close to maritime boundary.

也想請你談談勘探。揭露資料中提到使用AI工具並產生潛在目標。我想大家也很好奇蓋亞那的勘探展望，特別是當你們考量區塊中靠近海上邊界、可能仍未充分勘探的部分時。

Sure. Steve, thanks for your question. I think as you pointed out, it's a real success story in what we've achieved in Guyana, delivering, frankly, the production units faster than we had originally anticipated at a lower cost, running those assets above the investment basis. And then obviously, the market prices have been higher than our base assumption. So all that means more cash sooner, which is good for the project, good for NPV, good for Guyana, and the people of Guyana.

當然。Steve，謝謝你的提問。我想如你所指出的，我們在蓋亞那所達成的成果確實是一個成功案例：坦白說，我們以比原先預期更快的速度、以更低的成本交付生產單元，且這些資產的運轉表現高於投資基準。而且很明顯，市場價格也高於我們的基準假設。因此，這一切意味著更早產生更多現金流，這對專案有利、對淨現值（NPV）有利、對蓋亞那以及蓋亞那人民也有利。

Obviously, we recover our costs back faster and therefore, desaturate quicker, which is a good story. And I would say we -- that was a moving target as prices manifest themselves as we deliver those units and continue to grow production, we kept updating it and then based on price forecast. Our assessment would be happening later this year, early into next year, and that's obviously come forward now with where prices have been. So I think a really good news story.

顯然，我們能更快回收成本，因此也能更快達到去飽和，這是個好消息。我會說——隨著價格在我們交付這些單元並持續提升產量的過程中逐步顯現，這個時間點一直在變動，我們也持續更新，並依據價格預測調整。我們原先的評估是會在今年稍晚、或明年初發生，而在目前的價格水準下，這個時間點顯然已提前。所以我認為這是一個非常正面的消息。

With respect to exploration, I think, too, another good new story. We obviously have a large chunk of acreage, which is in force majeure waiting for the ultimate ruling from the International Court of Justice on the Venezuela dispute. And when we'll see what happens there. We feel there's an opportunity then to start shooting seismic and understand what that acreage potentially holds. And we've got more work to do in the acreage that we've already shot and the work that we've been doing.

至於勘探方面，我認為同樣也是另一個好消息。我們顯然擁有相當大一部分的區塊面積，目前因委內瑞拉爭端而處於不可抗力（force majeure）狀態，等待國際法院的最終裁決。屆時我們將看看結果如何。我們認為之後有機會開始進行地震測勘，並了解該區塊可能蘊藏的資源。同時，對於我們已完成地震測勘的區域，以及我們一直在進行的工作，仍有更多工作要做。

Think Neil Chapman had mentioned at a prior conference this year that we really put a lot of effort into artificial intelligence and training models based on what we found already all the drilling that we've done, the characterization of that subsurface, and have unleashed that and the rest of the block and have four new discovery opportunities above and beyond what we thought were opportunities.

我想Neil Chapman今年稍早在一場會議上提到，我們在人工智慧方面投入了大量心力，並根據我們迄今的發現——所有已完成的鑽探、對地下地層的刻畫——來訓練模型，並將其應用到區塊的其餘部分，從而找出了四個新的發現機會，超出我們原先認為的機會範圍。

So we're optimistic there. Obviously, a lot more work to do to confirm those. But I think our view is we're not done yet and going on it, and we see -- continue to see a really bright future there.

因此我們對此感到樂觀。當然，仍需要做更多工作來加以確認。但我認為我們的看法是：我們還沒結束，會持續推進，而且我們——仍然看到那裡有非常光明的未來。

Maybe, Darren, just to add to the comments on Guyana. I think this reinforces why we are the partner of choice, especially for developments of the scale. And if you look at the desaturation and Darren mentioned the price impact.

也許，Darren，我補充一下關於蓋亞那的評論。我認為這再次印證了為什麼我們是首選合作夥伴，尤其是對於這種規模的開發。而如果你看去飽和的情況，Darren也提到了價格的影響。

But even if you took out that price impact, we saw a two-year acceleration of our investment recovery and those go back to the things that we mentioned, the ability to execute these projects at industry-leading cost and schedule, running the FPSOs at above 98% reliability, optimizing, being able to produce 100,000 barrels a day above the investment basis.

但即便把價格影響拿掉，我們仍看到投資回收期加速了兩年；這回到我們提到的那些因素：以業界領先的成本與進度執行這些專案的能力、FPSO的可靠度維持在98%以上、持續最佳化，並能在高於投資基準的情況下多生產每日10萬桶。

So even without the price impact, we're seeing accelerated recovery of our investment. And as Darren mentioned in his opening remarks, this is about value, not volume. And going forward, we're going to see 2 times the level of free cash flow in 2030 than we saw in 2025. So again, just speaks to the tremendous success that we're seeing in Guyana.

所以即使沒有價格影響，我們仍看到投資回收加速。正如Darren在開場致詞所說，這關乎價值，而非產量。展望未來，我們在2030年的自由現金流將是2025年的兩倍。因此，再次說明我們在蓋亞那所看到的巨大成功。

Thanks very much.

非常感謝。

Neil Mehta, Goldman Sachs.

Neil Mehta，高盛。

Darren, just love your perspective on the business that you spend a lot of time growing up on the refining system. It's obviously the bottleneck in the petroleum system right now and margins are exceptionally high. So two perspectives on that. One is how do you see the situation evolving as you think about the product?

Darren，我很想聽聽你對你花了很多時間、一路成長所熟悉的煉油體系的看法。顯然，煉油目前是整個石油體系的瓶頸，而利差異常地高。所以我有兩個角度的問題。第一，當你思考成品油時，你如何看待這種情況的演變？

And then Neil Hansen, there's probably a question for you on the quarter itself. It did feel like relative to some of the independents the refining earnings were a little softer than I would have thought. And so maybe there was some -- it was more a timing or operational things, but how do you see that progressing as we move into the third quarter?

然後Neil Hansen，這一季本身可能有個問題想請教你。相較於一些獨立業者，煉油獲利似乎比我預期的要弱一些。所以也許有一些——可能是時點或營運因素，但你如何看待進入第三季後的走勢？

Yeah. Neil, I'll start and then hand it over to the other Neil. I mean, as I mentioned this morning, we are a very large refinery, much larger than any of the other IOCs. In fact, we're the number two in size in the world behind China and outside of China. We are the largest refinery. So we've got a good footprint.

是的。Neil，我先回答，然後再交給另一位Neil。我的意思是，正如我今天早上提到的，我們是一家規模非常大的煉油商，比其他任何國際石油公司（IOC）都大得多。事實上，若不含中國，我們的規模在全球排名第二；而在中國以外，我們是最大的煉油商。所以我們的佈局相當扎實。

And as you know, we have been -- we spent the last 10 years really focused on optimizing that portfolio, divesting refineries that we didn't feel like we could move to the left of the cost of supply curve and then investing in those refineries that we felt like had long-term strategic value and high-grading the yield on those refineries.

如各位所知，我們在過去10年一直非常專注於優化該投資組合，剝離那些我們認為無法移至供應成本曲線左側的煉油廠，並投資於我們認為具有長期策略價值的煉油廠，同時提升這些煉油廠的產品收率品質。

So today, we have a portfolio that will be very successful in low-margin environments. And then obviously, in higher margin environments, even more successful. And the organization is now very focused on in the short term with these significant constraints in product flow, maximizing production and getting the most needed products to the market and meeting customer demands where there's such a critical need today that's not being met.

因此今天，我們擁有一個在低利潤環境下也能非常成功的投資組合。而且很明顯，在較高利潤環境下會更成功。目前在短期內，鑑於產品流通存在這些重大限制，組織非常專注於最大化產量，把最需要的產品送到市場，並在當前存在如此迫切且尚未被滿足的需求之處滿足客戶需求。

I see that, frankly, the challenge here is, obviously, with the straight close, we've got about roughly 3 million barrels a day of capacity that's not available to the marketplace. China has stopped exporting. There's another couple of million barrels a day of refining capacity that is not available to the market. And then, of course, Ukraine has been pretty effective at taking Russia refining capacity out. And so another million barrels a day or so of Russian refining capacity that was providing product to the broader market.

坦白說，我看到這裡的挑戰顯然在於，隨著這些關停，我們大約有每日約300萬桶的產能無法供應市場。中國已停止出口。另外還有約200萬桶/日的煉油產能無法供應市場。當然，烏克蘭在使俄羅斯煉油產能退出方面相當有效。因此又有約100萬桶/日左右、原本向更廣泛市場提供產品的俄羅斯煉油產能退出。

So with all those that supply out, we're well below available capacity, frankly, that I've ever seen. If you exclude COVID, there was no demand. I've never seen the available capacity relative to demand as low as it is today. It's going to take a while for the industry to kind of climb its way out of that hole. And so from our perspective, we think we're going to continue to see a very robust refining market with very high margins.

在所有這些供給退出之後，坦白說，可用產能已降到我所見過的最低水準。如果不算COVID期間（當時沒有需求），我從未見過可用產能相對於需求像今天這麼低。產業要從這個坑裡慢慢爬出來需要一段時間。因此從我們的角度來看，我們認為煉油市場將持續非常強勁，利潤率也會非常高。

And of course, our job will be to continue to push as hard as we can to maximize production and try to meet that need because we do recognize that these high margins lead to high product prices, which we also know has a significant impact on consumers and people's pocket book. So we're doing our best to put as much product out there as we can. And I think you see that in the results.

當然，我們的工作就是持續盡最大努力推動、最大化產量並嘗試滿足這項需求，因為我們確實認知到這些高利潤會導致高產品價格，而我們也知道這會對消費者與民眾荷包造成重大影響。所以我們正盡力把盡可能多的產品投放到市場。我想你們也能從結果中看到。

I'll just touch on the mix issue and what you're seeing at other refiners versus Exxon Mobil. Nobody has the portfolio that we have. Nobody has the mix that we have. Nobody has the geographic footprint. So there's a lot more mix and variability that kind of happens around the market than maybe a stand-alone US refiner or some of these more narrowed refinery companies.

我簡單談一下產品組合（mix）的問題，以及你們在其他煉油商相較於埃克森美孚所看到的情況。沒有人擁有我們這樣的投資組合。沒有人擁有我們這樣的組合。沒有人擁有我們這樣的地理布局。因此，市場上發生的組合差異與波動性，會比單一的美國獨立煉油商或一些更聚焦的煉油公司來得更大。

But with that, I'll see if Neil has got anything else to add.

不過就到這裡，我看看Neil是否還有其他補充。

Yeah. Let me -- maybe before I get to your question on the quarter, you talk a little bit about Energy Products business. And you look at what we've done over time in terms of investments in our refining capacity, improving the complexity and taking advantage of the scale of our footprint. The portfolio high-grading that we've done and then the day-to-day efforts that we put into place to optimize throughput and capacity and all those things, combined with the growing capability and trading really has resulted in a step change in earnings in that business and Energy Products.

是的。讓我——也許在我回答你關於本季的問題之前，你提到能源產品（Energy Products）業務。如果你回顧我們長期以來在煉油產能上的投資，包括提升複雜度並利用我們布局規模的優勢，我們所做的投資組合優化，以及我們日常為了最佳化加工量、產能與各項要素所採取的努力，再加上不斷增長的能力與交易（trading），確實使該業務與能源產品的獲利出現了躍升。

In fact, if you look at the contribution from Energy Products to our overall business line earnings -- it's gone from about 9% to about 23% in the last five years. So that increase just speaks to the investments we made. It speaks to how we're running and speaks to the trading capability that we've built. And operationally, we ran really well in the quarter. You look at the US Gulf Coast refineries, the reliability exceeded 95% in the quarter.

事實上，如果你看能源產品對我們整體業務線獲利的貢獻——在過去五年已從約9%提升到約23%。因此，這樣的增加正好說明了我們所做的投資。也反映了我們的營運方式，以及我們建立起來的交易能力。在營運面，本季我們的表現確實非常好。你看美國墨西哥灣沿岸的煉油廠，本季可靠度超過95%。

So again, we feel really good about what we've done to strengthen that business over time and how we operate in the second quarter. I think when you look at the quarter, relative to consensus, I think some of that is, as Darren talked about, I mean, there are a lot of moving parts, especially with the volatility and the disruption that we saw.

所以再次強調，我們對於長期以來強化該業務所做的事情，以及第二季的營運方式，都感到非常滿意。我認為當你把本季表現與市場共識相比時，其中一部分原因是如Darren所說，確實有很多變動因素，特別是我們看到的波動與干擾。

So I think that had an impact on projecting some of those refining margins, but no underlying concerns with how that business has performed, and we're benefiting from the investments and how we're operating in Energy Products.

因此我認為這影響了對部分煉油利潤的預測，但就該業務的表現而言沒有任何根本性的疑慮；我們正受益於投資成果以及我們在能源產品業務上的營運方式。

Yeah. Very clear. Thanks, Neil. Thanks, Jim.

好的。非常清楚。謝謝你，Neil。謝謝你，Jim。

Arun Jayaram, JPMorgan.

Arun Jayaram，摩根大通。

Darren, I was wondering if you could help us understand what you're seeing on the ground in terms of the Strait of Hormuz, perhaps you could highlight what you saw in July, just given the disruption impacts. And I guess my overall question as well, I wanted to see how you're thinking about with your partner, Exxon's intention to invest in the repair of the two Qatar LNG trains. If you come up with your partner on the plans to repair those facilities?

Darren，我想請你協助我們了解你在第一線對荷姆茲海峽（Strait of Hormuz）的觀察；也許你可以重點說明一下7月你所看到的情況，考量到干擾的影響。另外我也想問一個更整體的問題：你如何看待與合作夥伴一起，埃克森有意投資修復兩座卡達LNG（液化天然氣）列車（train）的計畫？你們是否已與合作夥伴就修復這些設施的計畫達成共識？

Yeah, sure. Arun, thanks for your question. I don't think I have a lot of additional perspective on the ground with respect to what's happening in the Strait. I think it's fairly well covered in the media. And frankly, any discussions I tend to have with the administration is more focused on our perspective of the market and the implications of a constrained supply and how that will manifest itself.

好的，當然。Arun，謝謝你的提問。我想我對於海峽當地正在發生的事情，沒有太多額外的一線觀點。我認為媒體已相當充分地報導。坦白說，我與政府部門的任何討論，更多是聚焦在我們對市場的看法、供給受限的影響，以及這將如何呈現。

I will say as a big supplier in the marketplace, it is ultimately down to the shipping companies and the crews on those ships to make those transits. And I think the more volatility there is, the more back and forth with respect to disruptions and attacks, you create more uncertainty, more concern and, therefore, less willingness to transit.

我想說的是，作為市場上的大型供應商，最終是否能完成通行，取決於航運公司以及船上船員是否願意進行這些航程。而我認為波動越大、關於干擾與攻擊的反覆越多，就會帶來更多不確定性與擔憂，因此也就更不願意通行。

So I think there's going to be a continued inhibition for movement, which will even once we get things cleared up, I think it will take some time for folks to gain some confidence there to continue to ramp things back up to a very high level. And frankly, we're prepared for that with respect to what we're trying to do.

因此我認為對於運輸流動會持續形成抑制；即使之後情勢被釐清，我想也需要一些時間讓大家重新建立信心，才能把運輸量逐步拉回到非常高的水準。坦白說，針對我們想要做的事情，我們也已為此做好準備。

With respect to the broader question, our presence there and the work that we're doing with Qatar, I just come back to the medium- to long-term fundamentals, which the world needs the resources in that region, and it needs to have the Strait open and transiting back at levels it was prior to this conflict. And so we're convinced that, that will come to be at some point in the future.

至於更廣泛的問題，我們在當地的布局以及與卡達合作所做的工作，我還是回到中長期的基本面：世界需要該地區的資源，也需要海峽保持開放，並讓通行量回到這場衝突之前的水準。因此我們相信，未來某個時間點一定會實現。

And I can't really predict when it will happen or exactly what it will look like. I just know that it's too critical to the overall health of world economy and for people -- to meet people's standards of living to have that disrupted for perpetuity. So it will come back. It will be needed.

我無法真正預測它何時會發生，或確切會是什麼樣子。我只知道，對全球經濟的整體健康、以及為了讓人們——滿足人們的生活水準而言，讓這種中斷永久持續下去實在太關鍵、也不可行。所以它會恢復。它是必要的。

We've got a long relationship there. We value the partnerships we have. We're in dialogue with QatarEnergy. I think we have a particularly significant role that we can play to bring our expertise to help expedite to repairs. We're in discussions with key about that and frankly, looking for the best approach there where obviously, QatarEnergy and the people of Qatar benefit and Exxon Mobil benefits as well.

我們在那裡有很長久的合作關係。我們重視我們所擁有的夥伴關係。我們正與卡達能源（QatarEnergy）保持對話。我認為我們可以扮演特別重要的角色，運用我們的專業來協助加速修復工作。我們正就此與關鍵相關方進行討論，坦白說，也在尋找最佳做法，讓卡達能源與卡達人民受益，同時埃克森美孚也能受益。

And so I think the one thing I would say about our long, long-standing relationship with QatarEnergy as they recognize the importance of win-win solutions and certainly very focused on how we figure out the path forward here to get production back on and flowing as soon as we're able to.

因此，我想我會說，關於我們與卡達能源長期、長期以來的合作關係，他們理解雙贏解決方案的重要性，並且非常專注於我們如何找出前進的路徑，讓產量能在我們可行的情況下盡快恢復並重新流動。

Great. Thank you.

很好。謝謝。

Devin McDermott, Morgan Stanley.

德文・麥克德莫特（Devin McDermott），摩根士丹利。

Darren, you highlighted -- really strong non-Middle East upstream production in the quarter, the highest in over two decades. You talked a little bit before about Guyana and one of the other drivers of growth is the Permian volumes at 1.8 million BOE a day in the quarter in line with your full-year guide. I know that this year marked a big step-up in some of the use of advanced proppant and other new technology. I was wondering you could just give us an update on how that's progressing versus expectations, typically as it relates to capital efficiency and recoveries that you're seeing there across the basin.

達倫，你強調了——本季非中東上游產量非常強勁，創下二十多年來最高。你先前稍微談到蓋亞那，而另一個成長驅動因素是二疊紀（Permian）本季日產量達180萬桶油當量（BOE），符合你們全年指引。我知道今年在使用先進支撐劑（proppant）及其他新技術方面有很大的提升。我想請你更新一下其進展相較於預期如何，特別是就資本效率與你們在整個盆地看到的採收率（recoveries）而言。

Yeah, sure. Thanks for the question, Devin. And you touched on, I think, one of the really important variables there, which is the progress we're making with respect to the technology portfolio. We've been talking for some time now that we've got 40-plus technology developments that we're working and have been going out and trialing in the field. And the value of those technologies or most of them are stackable, so that you keep building on the success and drive more and more recovery, fewer wells, so less capital.

好的，當然。謝謝你的問題，德文。你提到我認為其中一個非常重要的變數，也就是我們在技術組合方面所取得的進展。我們談了一段時間，我們正在推進並已在現場試驗超過40項技術開發。而這些技術的價值——其中大多數是可堆疊的（stackable），也就是你可以在成功的基礎上持續疊加，帶來越來越高的採收率、需要更少的井，因此資本支出更少。

And I'd tell you that that portfolio continues to exceed expectations for the technologies that are successful. So I put out a challenge back in 2018 for doubling recovery, we have an opportunity set that we'll do more than that. And when you risk it for all the uncertainties associated with that portfolio, we're getting really close to that objective. And it's just a function of continuing to deploy those technologies and getting it to a critical mass to where it's transparent to the rest of the market as we continue to bring them into new production new wells.

我可以告訴你，對於那些成功的技術而言，這個技術組合持續超出預期。所以我在2018年提出一個挑戰，要把採收率翻倍；我們有一個機會集合可以做到超過翻倍。而當你把這個組合相關的所有不確定性納入風險考量後，我們已非常接近那個目標。接下來就是持續部署這些技術，並把它推到一個臨界規模，使得當我們把它們導入新的產量、新的井時，市場其他人也能清楚看到。

So I feel really good about that. I'm really confident what the team is doing a lot of energy and motivation by the technology organization and our Permian organization to deploy the technology and to see the benefits of that. So we're more than on track.

所以我對此感覺非常好。我對團隊正在做的事情很有信心；技術組織與我們的二疊紀團隊都充滿能量與動力，去部署技術並看到其效益。所以我們不只是按計畫進行，而是超前進度。

Yeah. I think, Devin, maybe just to add to that. I mean, there is a lot of excitement around the technology that's being developed and will be deployed. But I think you can easily look past the expertise and the technology that's already being used in the Permian. You look at things like extended reach laterals, I mean, we're leading the Permian and long lateral development.

是的。我想，德文，也許再補充一下。我的意思是，大家對正在開發並將被部署的技術確實很興奮。但我認為你也很容易忽略我們在二疊紀已經在使用的專業能力與技術。你看看像是延伸距離水平段（extended reach laterals），我們在二疊紀領先，長水平段開發也是領先。

I think in the opening remarks, we mentioned in mile wells that we've drilled year to date. But if you look back and you look at all the Permian producing wells since 2020, anything above 3 miles or longer, we have 1,200 wells. I think our nearest competitor is around 400, and you would have to go to the next six competitors to get to that same level of 1,200.

我想在開場致詞中，我們提到今年迄今我們鑽了多少口「英里井」（mile wells）。但如果你回頭看，自2020年以來二疊紀所有投產井中，任何超過3英里或更長的，我們有1,200口井。我想我們最近的競爭對手大約是400口，而你得把接下來六家競爭對手加總起來，才會到同樣的1,200口水準。

So you look at the extended reach laterals, surfactants, AI, machine learning, all of that is contributing to very strong performance even before we start to deploy some of these other technologies.

所以你看延伸距離水平段、界面活性劑（surfactants）、AI、機器學習，所有這些都在貢獻非常強勁的表現，甚至在我們開始部署其他一些技術之前就已如此。

Great. Thank you.

很好。謝謝。

Doug Leggate, Wolfe Research.

道格・萊格特（Doug Leggate），Wolfe Research。

Darren, I hate to beat on Guyana. I wonder if I could come back to Guyana on a couple of clarification points or maybe more than that perhaps. I think there's some confusion between production entitlement and free cash flow, maybe it's for Neil. But I wonder if you could just opine on -- although your production interment goes down, what happens to your free cash flow? That's my first kind of part of that.

達倫，我不想一直追著蓋亞那問。但我想就蓋亞那回來釐清幾點，或許不只幾點。我認為在產量權益（production entitlement）與自由現金流之間可能有些混淆，也許這題是問尼爾。但我想請你談談——雖然你們的產量權益下降，你們的自由現金流會怎麼變？這是我第一部分的問題。

And I guess I can't help but notice Phase 9 is now part of the story. What is your latest thinking on gross production sustainability through the end of the decade, maybe a little beyond that?

另外我也注意到，第九期（Phase 9）現在已成為故事的一部分。你們對於到本十年末、甚至可能再往後一點的總產量可持續性（gross production sustainability），最新的想法是什麼？

Yeah. Thank you, Doug, and I'll let Neil talk a little bit about the free cash flow portion of the question. I would just say we're going through our plan process currently, which we will finalize as we get to the end of the year and then come out and talk about it as part of our corporate plan update. And as part of that, every year, we revisit to what are the opportunities, what progress have we made, how is our thinking developed. And indeed, one of the things that we now see an opportunity for is this ninth FPSO and really take advantage of what we've done with long tail to replicate that and get some significant capital advantages to apply.

是的。謝謝你，道格；我會讓尼爾談談你問題中自由現金流的部分。我只想說，我們目前正在進行規劃流程，會在年底前定案，然後在公司計畫更新時對外說明。而在這個過程中，每一年我們都會重新檢視：有哪些機會、我們取得了哪些進展、我們的想法如何演進。確實，我們現在看到的一個機會，就是第九艘FPSO，並真正利用我們在長尾（long tail）方面所做的工作來複製，從而取得顯著的資本優勢可供運用。

And so our view is that's looking promising. We haven't finalized that, obviously, but we're progressing and it looks pretty attractive at this stage. I think longer term, we've got more work to do. As I mentioned, one of the responding one of the earlier questions, there's a lot of acreage yet to fully take advantage of. And so we're continuing to exploration, continuing to look for opportunities.

因此，我們的看法是這看起來很有前景。當然我們還沒有定案，但我們正在推進，目前看起來相當有吸引力。我想從更長期來看，我們還有更多工作要做。如我在回應先前某個問題時提到的，還有很多區塊（acreage）尚未充分發揮。因此我們會持續勘探，持續尋找機會。

I mentioned that with some of the AI tools that we've trained with what we've already found in the drilling we've done. We have seen some new opportunities to explore that we hadn't previously identified. So I would tell you this thing, the tape hasn't run out on this play yet, and we're going to continue to evaluate that and see what we can get from it.

我提到，透過一些AI工具，我們用已發現的資源以及已完成的鑽井資料來訓練模型。我們看到了一些先前未曾辨識的新勘探機會。所以我會告訴你，這個區塊的故事還沒到盡頭，我們會持續評估，看看還能從中取得什麼。

But, I mean, you can rest assured the organization is very focused on maximizing the value of that acreage for the benefit, obviously, of Exxon Mobil, but more importantly, for Guyana government and Guyana -- people of Guyana. But I'll let Neil talk a little bit about the free cash flow question.

不過，你可以放心，整個組織非常專注於把這些區塊的價值最大化；這當然是為了埃克森美孚的利益，但更重要的是為了蓋亞那政府以及蓋亞那——蓋亞那人民的利益。但我會讓尼爾再談談自由現金流的問題。

Yeah. Let me try to answer your question, Doug. So again, as we mentioned, at this point, we fully recovered the $55 billion of investment along with all the operating costs. And the way the contractor agreement works is we can recover that investment up to 75%. After that, the remaining production is shared 50-50 between us and the government of Guyana.

好的。道格，我來試著回答你的問題。所以再次如我們提到的，到目前為止，我們已完全回收550億美元的投資以及所有營運成本。而承包商協議（contractor agreement）的運作方式是，我們最多可以用75%的產量來回收該投資。之後，剩餘的產量由我們與蓋亞那政府以50/50的比例分配。

And so if you think about -- if you just stop today and there's no additional investment, then more of your production and revenue is going to flow towards cash flow, again, shared between us and the government of Guyana. The reality is we have more investment. To the extent we have the investment come in and operating costs, it will still go into the cost bank. We'll still recover that at that 75% cap, but there's much less investment to recover.

所以如果你想一想——如果你今天就停下來，且沒有額外投資，那麼你更多的產量與收入就會流向現金流，再次由我們與蓋亞那政府共同分享。現實是我們還有更多投資。在投資與營運成本投入的範圍內，仍會進入成本庫。我們仍會在75%的上限下回收，但需要回收的投資就少得多。

And given the level of production that we're at, you're unlikely to see that cost bank obviously be full again. And so you'll just have more cash flow above your investment and above the operating cost. Now that obviously is a question of what you think price is going to do going forward in addition to the investment and cost that we'll be putting into the cost bank.

而以我們目前的產量水準來看，你不太可能看到那個成本庫顯然再次被填滿。因此，你在投資之上、營運成本之上，將會有更多現金流。當然，這取決於你對未來價格走勢的看法，以及我們將投入成本庫的投資與成本。

So hopefully, that helps. But we would anticipate, and I think we showed that in the slides, that now that we've reached full recovery of that significant investment, more of our revenues will go towards cash flow, free cash flow versus recovering cost and investment. Hopefully, that helps, Doug.

希望這能有所幫助。但我們預期——我想我們在投影片中也展示了——既然我們已達到對那筆重大投資的完全回收，我們更多的收入將流向現金流、自由現金流，而不是用於回收成本與投資。希望這能有所幫助，Doug。

Neil, just to be clear, so is it fair to characterize this as an inflection in free cash flow then as opposed to a decline in production entitlement? Is that a reasonably way to frame it?

Neil，為了確認清楚，所以把這描述為自由現金流的拐點，而不是產量權益的下降，這樣說公平嗎？這樣的表述合理嗎？

It's very much an inflection into free cash flow. Absolutely. And this -- for us, Doug, and I assume for you as well, this is about value. It's not about volume, right, even though there's a slight decline in the entitled volume the focus we have is on the value that we've created for ourselves and for the government of Guyana. And at this point, there's an inflection to where you're going to see a much larger amount of free cash flow come in.

這非常明顯是自由現金流的拐點。絕對是。而這——對我們來說，Doug，我也假設對你而言也是——這關乎價值。不是關乎量，對吧？即使權益量略有下降，我們的重點在於我們為自己以及蓋亞那政府所創造的價值。而在這個時間點，會出現一個拐點，你將看到更大幅度的自由現金流進來。

That's very clear. Thank you.

非常清楚。謝謝。

It is a very positive, exciting story.

這是一個非常正面、令人振奮的故事。

Betty Jiang, Barclays.

Betty Jiang，巴克萊。

We're seeing an increasing number of resource-rich governments looking for partners to accelerate the development of their resources. And as Neil said earlier, Exxon's track record, just really positioning you guys as a partner of choice. These are long -- large-scale long-duration resources but can also come with different set of risk. How do you evaluate these opportunities for Exxon and their competitiveness relative to what you already have in the portfolio?

我們看到越來越多資源豐富的政府正在尋找合作夥伴，以加速其資源的開發。而如Neil先前所說，埃克森的往績確實讓你們成為首選合作夥伴。這些是長期——大型、長週期的資源，但也可能伴隨不同的一組風險。你們如何為埃克森評估這些機會，以及相對於你們現有投資組合的競爭力？

Sure. Good morning, Betty, I'll take that and then see if Neil wants to add anything to it. So I'd come back to the fundamental investment thesis that we have across all of our businesses is the projects that we pursue and ultimately advanced have to have an advantage versus what others in the industry can do.

當然。早安，Betty，我先回答，然後看看Neil是否要補充。我會回到我們在所有業務中一貫的基本投資主張：我們所追求並最終推進的專案，必須相較於同業能做的事情具備優勢。

It has to -- we have to be able to drive the cost of supply to the far left of the cost curve so that the supply cost curve so that we know, irrespective of where the market goes and the ups and downs and prices and margins that will have investments that generate industry returns. And that's been the philosophy across every business that we have and all the projects that we evaluate.

它必須——我們必須能把供應成本推到成本曲線的最左端，也就是供應成本曲線的最左端，這樣我們就知道，不論市場走向如何、價格與利潤率如何起伏，我們都會有能產生同業報酬的投資。而這一直是我們每一項業務、以及我們評估的所有專案所遵循的理念。

And the results of that are manifesting themselves today and all the investments we made over the last 10 years, that's not going to change going forward. And so I'd say, first and foremost, as we look at new opportunities, you got to clear that hurdle. Do we bring an advantage? Do we end up with a project that's advantaged versus the rest of industry? And is it at a very low cost of supply, and therefore, generate above-industry returns?

而這些成果今天已經展現出來——我們過去10年所做的所有投資都在體現這點，未來也不會改變。因此我會說，首先，當我們看新的機會時，你必須先跨過那道門檻。我們是否帶來優勢？我們最終是否能得到一個相較於其他同業更具優勢的專案？它是否具有非常低的供應成本，因而能產生高於同業的報酬？

And I think that's the criteria that all of our businesses are driving towards. And then, of course, when it comes to specific areas and risk -- country risk associated with those areas. The market tends to decide that. And so our view is we'll -- we will generate projects that realize the risk premium associated with any projects in some of those areas, consistent with the rest of the market, and then we'll add to that with our advantages.

我認為這就是我們所有業務努力達成的標準。然後，當然，談到特定地區與風險——與那些地區相關的國家風險。市場往往會決定那一點。因此我們的看法是：我們會——我們將打造能實現與市場一致、反映那些地區任何專案所伴隨風險溢酬的專案，並在此基礎上再加上我們的優勢。

And then the final step is making sure that we manage that risk in the portfolio. One of the advantages of being large and having a very diversified portfolio is we can diversify out of a specific risk. So we don't have to bet the farm on any one location or any one place. And we keep a very close eye on the overall exposure of the portfolio and look at how that's developing and as we make investments is that portfolio risk changing significantly or not.

最後一步是確保我們在投資組合中管理該風險。作為一家規模大且投資組合高度多元化的公司，其中一個優勢是我們可以分散特定風險。因此我們不必把全部賭注押在任何一個地點或任何一個地方。我們會非常密切地關注整體投資組合的曝險，並觀察其發展；當我們進行投資時，投資組合風險是否出現顯著變化。

So that's how we do -- what we've seen to date, you see it today with some of the disruption in the Middle East. You saw it several years back with the Russia disruptions that the portfolio is robust some of these unexpected events, and that's how we'll manage it.

所以這就是我們的做法——到目前為止我們所看到的，你今天也能從中東的一些動盪看出來。幾年前你也在俄羅斯的干擾事件中看到，投資組合對這些意外事件具有韌性，而這就是我們管理的方式。

And Betty, I think you're absolutely right. I think our track record and a recognition of our capabilities certainly is leading us to being the clear partner of choice. And when we talk about that, you look at being in a capital-intensive business like we are. It's the ability to execute large-scale projects, leverage technology, and then operate at a very high standard and a very high level.

Betty，我認為你完全說得對。我想我們的往績，以及外界對我們能力的認可，確實正使我們成為明確的首選合作夥伴。當我們談到這點時，你看看我們所處的是資本密集型產業。關鍵在於執行大型專案的能力、運用科技的能力，然後以非常高的標準、非常高的水準來營運。

And, I mean, if you look at just the ability to execute projects, we're doing about twice the number of mega projects in our nearest IOC, and we're doing it up to 20% lower project costs and our project delivery schedules are 20% faster than industry average. So I think it's -- when you look at resource owners, I think there's absolute recognition of that capability, that track record of being able to do those three things really well.

而且，我是說，如果你只看專案執行能力，我們正在做的超大型專案數量大約是最接近的國際石油公司（IOC）的兩倍；我們的專案成本最多可低20%，而我們的專案交付時程比同業平均快20%。所以我認為——當你看資源擁有者時，我認為他們絕對認可這種能力，以及能把這三件事做得非常好的往績。

And then as Darren mentioned, I mean, when we look at any opportunity, obviously, you look at the terms, but more importantly is can we bring something unique and different, can we leverage those competitive advantages to provide an outsized return for our shareholders. So that's kind of how we think about it. But we are in a, I think, in a nice position with resource owners given what we've been able to accomplish in places like Guyana.

然後如Darren提到的，我是說，當我們看任何機會時，當然會看條款，但更重要的是我們能否帶來獨特且不同的東西；我們能否運用那些競爭優勢，為股東帶來超額報酬。所以我們大致是這樣思考的。但我認為，鑑於我們在蓋亞那等地所達成的成果，我們在資源擁有者面前處於一個不錯的位置。

Great. Thank you.

很好。謝謝。

Bob Brackett, Bernstein Research.

Bob Brackett，Bernstein Research。

I'm struck by the combination of lower base volumes on the energy product side amidst record diesel production, that diesel production could be cyclical, you're playing way with set points or whatnot or it could be structural. And I suspect it's structural. You all will continue to break that seasonal production record over time? And sort of a quick follow up, how did you decide around scheduled maintenance and choices around deferring scheduled maintenance and maybe grabbing opportunistically some better product prices?

我注意到一個組合：能源產品端的基礎銷量較低，但同時柴油產量創下紀錄；柴油產量可能是週期性的——你們在操作設定點之類的，或者也可能是結構性的。而我懷疑它是結構性的。你們會隨著時間推移持續打破這個季節性產量紀錄嗎？另外快速追問一下，你們如何在計畫性維護上做決策，以及在延後計畫性維護、並可能把握更好產品價格的機會之間如何取捨？

Yeah. I think one of the things you hit on is this drive we've had across our portfolio to continue to high-grade the bottom of the barrel, the low-value molecules into higher-value molecules and distillate, obviously, is one of the higher-value in-demand molecules that come out of our refineries.

是的。我認為你提到的一點是，我們在整個資產組合中一直推動把「桶底」的低價值分子持續升級（high-grade），把低價值分子轉化為更高價值的分子與餾分；而顯然，餾分油是我們煉油廠產出的、需求旺盛且價值較高的分子之一。

So if you look at what we've been doing over the last 10 years with investments in Antwerp, investments in Rotterdam, the investments that we've made in Singapore to upgrade these low-value molecules and as a result, get more distillate out, that is continuing a continuing focus.

所以如果你看我們過去10年所做的事情——在安特衛普的投資、在鹿特丹的投資，以及我們在新加坡為了升級這些低價值分子、從而提高餾分油產出所做的投資——這一直、也仍將持續是我們的重點。

And in fact, we have a number of projects in development and slated for what we're doing in the Gulf Coast to continue that trend and to continue to grow [distillate] and base stock production. So that is a clear theme and to make our refineries, frankly, lower-cost suppliers and higher-margin facilities, which is a clear focus.

事實上，我們有多個專案正在開發中，並已排入我們在墨西哥灣沿岸的工作計畫，以延續這一趨勢，並持續提升[餾分油]與基礎油（base stock）的產量。因此這是一個非常明確的主題：坦白說，就是要讓我們的煉油廠成為更低成本的供應者、以及更高利潤率的設施，這是很清楚的重點。

If you look at just what we've accomplished here in the last three years, our global throughput is up 11%, and the production of jet and diesel is up by 15%. So it is reflective of the work that we've been doing. Anything to add to that, Neil?

如果只看我們過去三年在這裡達成的成果，我們的全球加工量（throughput）提升了11%，而航煤與柴油的產量提升了15%。所以這反映了我們一直在做的工作。Neil，你還要補充什麼嗎？

And Bob, I'm not sure what time frame you're looking at. But certainly, there's an impact from planned maintenance and turnarounds in the quarter. And there's a number of scheduled maintenance activities that we have completed this year, and that's had an impact, obviously, on volumes. And we've done everything we can certainly to consider the current refining and margin environment, if we can safely defer some of that, that's certainly been part of the consideration.

Bob，我不確定你看的時間範圍是哪一段。但可以肯定的是，本季計畫性維修與大修（turnarounds）是有影響的。我們今年已完成多項排程維護活動，這顯然對產量/銷量（volumes）造成影響。我們也盡一切可能去考量目前的煉油與利差環境；如果能在安全前提下延後其中一些工作，這確實也是我們考量的一部分。

And I think why you're seeing such strong performance on utilization. I would just say though, and I think it's back to the benefits of the centralized organization with global operations, the turnarounds that we have completed this year, what we've seen relative to the last time we did a similar turnaround or in the previous cycle, we've seen a 30% improvement in cost and a 60% improvement in duration.

我想這也是你看到我們在開工率（utilization）上表現如此強勁的原因。不過我想補充的是，回到集中化組織與全球營運所帶來的效益：我們今年完成的大修，相較於上一次做類似大修或前一個週期，我們看到成本改善了30%，工期（duration）改善了60%。

So harder to see, but that certainly helps us to ensure we're not leaving anything on the table in this type of environment is when we do execute those turnarounds, we're executing them at leading edge, certainly in the first quartile.

這比較不容易看出來，但它確實有助於我們確保在這種環境下不會把任何價值留在桌上——也就是當我們執行這些大修時，我們是以領先水準來執行的，確實是在第一四分位（first quartile）的表現。

Very clear. Thanks.

非常清楚。謝謝。

Biraj Borkhataria, RBC.

Biraj Borkhataria，RBC。

It's on the downstream. And Darren, you've been talking about the policy in the past and some comments there as well. I wanted to get anticipate on that. I think we shared the same view. But as of yesterday, one European country approved windfall taxes effectively on the downstream.

這是關於下游（downstream）。Darren，你過去一直在談政策，也有一些相關評論。我想就這點做個前瞻性的提問。我想我們看法一致。但截至昨天，有一個歐洲國家批准了實質上針對下游的暴利稅（windfall taxes）。

And given what's happened to oil product prices, the refining margins, it seems like this will be a growing theme. You've got 850,000 barrels a day of refining between UK and Europe. So I was wondering I assume you've been in contact with the policymakers. So have you had any discussions on this topic? And how likely do you think that this will be put in place?

考量到成品油價格與煉油利差的變化，這似乎會成為愈來愈常見的主題。你們在英國與歐洲之間有85萬桶/日的煉油產能。所以我想問，我假設你們已經與政策制定者保持聯繫。那你們是否就此議題進行過任何討論？你認為這項措施落地實施的可能性有多大？

Yeah. Thank you, Biraj. I think there's a huge temptation all around the world to deflect attention to the bad policies that governments have been implementing over time and scapegoat the industry. And the reality is, we saw a long time ago with the emphasis that Europe has been putting on, frankly, deindustrializing their economy and shutting down refineries that there would come a point in time when they would be short product and we see that today.

是的。謝謝你，Biraj。我認為全球各地都有很大的誘惑：把注意力從政府長期以來實施的不良政策上轉移開，並把產業當作代罪羔羊。而現實是，我們很早就看到，歐洲一直強調——坦白說——去工業化（deindustrializing）其經濟並關停煉油廠，終將走到某個時間點：他們會缺成品油，而我們今天就看到了。

And so any time you get into an environment where demand spikes and there's a shortage of supply versus demand and it's trying to be met that refinery margins will rise and those who stayed in the business and tried to improve that business to be successful across the cycle will make money. Penalizing the businesses who've stood by those countries and provided that product going forward is very shortsighted and leads us the past windfall tax to invest even less.

因此，任何時候只要進入需求飆升、供給相對需求短缺、而市場試圖彌補缺口的環境，煉油利差就會上升；而那些仍留在這個行業、並努力把業務做得能跨週期成功的人，就會賺錢。去懲罰那些一直支持這些國家、並在未來持續提供產品的企業，是非常短視的；而過去的暴利稅也會導致我們更不願意投資。

So we canceled investments that we had planned Europe based on the last time they passed the windfall profit tax. And in fact, pursuing the -- because we don't think that's a legal taking for the industry. I think the discussions I've been having with many of the leaders there recognize the problem with that approach and the consequence is the unintended consequences of that approach. So they're sensitive to it.

所以在他們上一次通過暴利稅時，我們取消了原本計畫在歐洲的投資。而且我們正在推進——因為我們不認為那是對產業的合法徵收（legal taking）。我與那邊許多領導人討論時，他們也認知到這種做法的問題，以及這種做法所帶來的後果——也就是非預期後果。所以他們對此是敏感的。

I'm not sure that's going to keep them from trying to address concerns of their base, but we'll have to see if any of that actually manifest itself in real policy regulation. If it is, it's just another great example of misguided policy that ultimately is going to inflect more higher cost and lower standards of living on their population. And I hope at some point in time that the European population wakes up to the very poor policy decisions being made there.

我不確定這是否能阻止他們試圖回應其支持者的關切，但我們得看看是否真的會在實際政策法規上落地。如果真的實施，這只是另一個誤導性政策的絕佳例子，最終只會讓他們的民眾承擔更高成本與更低生活水準。我希望在某個時間點，歐洲民眾能醒悟，認清那裡正在做出非常糟糕的政策決策。

Very [fair]. Understood. Thank you.

非常[公平]。了解。謝謝。

Jean Ann Salisbury, Bank of America.

Jean Ann Salisbury，美國銀行（Bank of America）。

There are many gas pipelines coming on in the Permian starting now. A lot of investors, including us, think that it could lead to a shift to materially more gas and NGL growth out of the Permian as operators are no longer making decisions around constraining their gas to oil ratio. As the largest operator in the Permian, do you anticipate your gas volumes or gas to oil ratio in the Permian will inflect as a result of the new pipe?

二疊紀（Permian）從現在開始會有許多天然氣管線投產。很多投資人（包括我們）認為，隨著營運商不再需要因為限制氣油比而做決策，這可能會導致二疊紀的天然氣與液化天然氣（NGL）成長顯著加速。作為二疊紀最大的營運商，你是否預期在新管線投產後，你們在二疊紀的天然氣產量或氣油比會出現拐點（inflect）？

And we have a very similar assessment, as you do with respect to the balances on the piping and that market will now clear, and we won't see the disconnects that we've historically seen. I don't -- my sense of things is, and I can't speak for the entire industry, but as we're developing wells. We're looking at the economics, and there's a clear incentive to have higher oil production.

我們的評估與你們非常相近，就管線與市場供需平衡而言，市場現在會出清（clear），我們不會再看到過去歷史上出現的那些脫節。我不——我的感覺是，而且我不能代表整個產業——但當我們開發井時，我們會看經濟性，而提高原油產量有很明確的誘因。

I think that's been, I'd say, a general trend within the industry as you look at economically maximizing the value of every well, you want more oil and less gas given the constraints in the gas market. I think that's not going to change. My sense would be to get more into -- if you got the takeaway capacity, it just opens up your ability to more oil and the gas then comes with it.

我認為這一直是產業的整體趨勢：當你從經濟角度最大化每一口井的價值時，在天然氣市場受限的情況下，你會希望更多油、較少氣。我認為這不會改變。我的看法是，如果你有外運能力（takeaway capacity），它只是打開了你提高原油產量的能力，而天然氣則會隨之而來。

And so we may see some additional gas come on to the marketplace associated with that. But the real driver will be unconstrained takeaway capacity and maximizing oil production.

因此，我們可能會看到一些與此相關的額外天然氣進入市場。但真正的驅動因素會是：不受限制的外運能力，以及最大化原油產量。

That makes sense. Thank you.

這很有道理。謝謝。

Jason Gabelman, TD Cowen.

Jason Gabelman，TD Cowen。

I wanted to go back to the Middle East footprint and specifically on the LNG side. I think you have over two-thirds of your LNG portfolio, primarily in Qatar. And as you assess the changing risk profile in that region, are you looking to either accelerate LNG projects in your queue to help diversify away from the Middle East? Are you evaluating more closely external opportunities? Or do you feel pretty comfortable with your LNG risk exposure?

我想回到你們在中東的布局，特別是 LNG 這一塊。我認為你們的 LNG 投資組合中有超過三分之二主要在卡達。在你們評估該地區風險輪廓的變化時，是否會考慮加速你們排隊中的 LNG 專案，以協助分散、降低對中東的依賴？你們是否在更密切評估外部機會？或者你們對自身的 LNG 風險曝險感到相當安心？

Yeah. Thank you, Jason. I guess I'd start by just saying we're not extrapolating current events to kind of a long-term change in the stability of the region. As I said earlier in the call, ultimately, the world has to resolve the conflict there and get to a stable situation where those critical resources in the region find a way to the market in a reliable way. And so I think, ultimately, there's a solution that the world will arrive at, couldn't tell you exactly when or what it's going to look like.

是的。謝謝你，Jason。我想我會先說，我們不會把目前的事件外推為該地區長期穩定性出現某種改變。正如我在電話會議前面提到的，最終世界必須解決那裡的衝突，並達到一個穩定的局面，使該地區那些關鍵資源能以可靠的方式進入市場。因此我認為，最終世界會找到一個解決方案，但我無法告訴你確切時間或會是什麼樣子。

But that -- those resources are just too critical to the overall economic health of the world for them to stay offline or for them to be unstable. And so I would say that's generally how we think about it. If you look at our portfolio of opportunities in LNG, it has through the opportunity set that we have, diversifying our production away from the Middle East just based on where the opportunity set is.

但那些資源對全球整體經濟健康實在太關鍵了，不可能長期離線或處於不穩定狀態。所以我會說，這大致上就是我們的看法。如果你看我們在 LNG 的機會組合，透過我們現有的機會集合，僅就機會所在的地理分布而言，我們的產量本來就會逐步分散、降低對中東的依賴。

And so Mozambique, we hope to FID that project later this year. We've got Papua and Papua New Guinea that we look to FID later this year. We got Golden Pass coming on. So I think we continue to see opportunities and very large opportunities that are on the left-hand side, the cost of supply curve coming online, so that's going to achieve some diversification. I would also tell you that as we continue to look for future opportunities, given the important role that natural gas is going to play, we won't shy away from the region.

因此，莫三比克，我們希望在今年稍晚對該專案做出 FID（最終投資決策）。我們也有巴布亞以及巴布亞紐幾內亞的專案，預計今年稍晚做出 FID。Golden Pass 也將投產。所以我認為我們持續看到機會，而且是非常大的機會，位於供給成本曲線的左側、將陸續上線，這將帶來一定程度的分散。我也想說，當我們持續尋找未來機會時，鑑於天然氣將扮演的重要角色，我們不會迴避該地區。

Great. Thanks for the color, Darren.

很好。謝謝你的補充說明，Darren。

Manav Gupta, UBS.

Manav Gupta，UBS。

I wanted to go a little bit into Specialty Products. What's the margin environment looking like? Because lubes are extremely tight right now. Lubes margin are uniquely high and you do have a strong base stocks business. And then also wanted to understand how Mobil 1 is tracking? And any further updates you can give us on Proxxima, how the traction with new clients is going on Proxxima?

我想更深入談一下特種產品（Specialty Products）。目前的利潤率環境看起來如何？因為潤滑油（lubes）現在非常吃緊。潤滑油利潤率異常地高，而你們也有很強的基礎油（base stocks）業務。另外也想了解 Mobil 1 的表現如何？以及你們能否再更新一下 Proxxima 的進展，Proxxima 與新客戶的合作推進得如何？

Sure. Thank you, Manav. Well, I'd say the Specialty business is no different than any other sector business that we have, which is significant supply disruptions, significant challenges with meeting the base demand and base stock is clearly where it starts, particularly given the importance of Middle East in crude with respect to base stock production.

當然。謝謝你，Manav。我會說，特種業務和我們其他任何業務部門並沒有不同：供應中斷非常嚴重，滿足基本需求也面臨重大挑戰，而基礎油顯然是起點，特別是考量到中東原油在基礎油生產上的重要性。

And so one of the advantages that we've had is with the investments that we've made both in Singapore and in Rotterdam, synthetic base stocks that we can make open up the crude slate and give us opportunities to make base stocks with less dependence on Middle East crudes versus some of the more traditional extraction methods.

因此，我們的一個優勢在於，我們在新加坡與鹿特丹的投資，使我們能生產合成基礎油，這讓我們能擴大可用原油組合，並讓我們有機會在較少依賴中東原油的情況下生產基礎油，相較於一些更傳統的萃取方法。

So I think we've more robust to that disruption, but clearly, the market is tight. We're leaning as hard as we can with respect to the base stock production. And we're seeing the benefits of that with the high earnings that we made in Specialty Products.

所以我認為我們對這類中斷更具韌性，但市場確實吃緊。我們在基礎油生產方面正全力以赴。而我們也從特種產品的高獲利中看到了這樣做的效益。

We're also quite advantaged with respect to the value chain that we participate in and being part of base stocks, obviously, running the refineries running base stock production, running that base stock marketing business down to finished lubes, coupled with the technology organization that we have, a lot of work the organization has been doing around reformulating to kind of find ways with the available molecules that are out there to meet customer demand, and we've been very successful with that.

我們在所參與的價值鏈方面也具備相當優勢：從基礎油開始，當然包括煉油廠運行、基礎油生產、基礎油行銷業務，一直到成品潤滑油；再加上我們的技術組織，團隊在重新配方方面做了大量工作，設法利用現有可取得的分子來滿足客戶需求，而我們在這方面非常成功。

So that ability to respond to the constraints and the challenges and find better ways to continue to meet customer demand is paying off as well. And so I think we see the business that we've established there and our participation along that entire value chain, really paying off this quarter. And our expectation is as that Strait remains constrained, we'll continue to see a big benefit in our specialty businesses for having that integrated approach to running that business.

因此，這種能夠回應限制與挑戰、並找到更好方式持續滿足客戶需求的能力，也正在帶來回報。所以我認為，我們在那裡建立的業務，以及我們沿著整個價值鏈的參與，在本季確實帶來了成果。我們的預期是，只要該海峽仍然受限，我們將持續因為這種一體化的營運方式，而在特種業務上看到很大的效益。

With respect to Proxxima, I would just say we've -- we're progressing the investments to expand capacity. Like what we're seeing there, the size of that market is huge and all the applications that we've been testing and the work we've been doing continues to demonstrate a very high value and use for our customer base. So we've got the 35,000 KT expansion -- [35,000] KT expansion has come online. And then we've FID the next large step in our Proxxima blending plant earlier this year.

至於 Proxxima，我只想說我們正在推進擴產投資。我們對目前看到的情況感到滿意，那個市場規模非常龐大，而我們所測試的各種應用，以及我們持續進行的工作，都不斷證明這項產品對我們客戶群具有很高的價值與用途。所以我們的 35,000 KT 擴產——[35,000] KT 擴產已經上線。此外，我們也在今年稍早對 Proxxima 下一個更大步驟的調和（blending）工廠做出了 FID（最終投資決策）。

And so we see a big opportunity. It will take time to kind of realize that opportunity because you're obviously starting a brand-new market, a brand-new product for some very attractive markets. But we see -- again, the customer feedback says there's high demand for that and it will just take time to penetrate, but we see a long-term attractive potential here.

因此我們看到很大的機會。要實現這個機會需要時間，因為你顯然是在為一些非常有吸引力的市場打造一個全新的市場、全新的產品。但我們看到——再次強調，客戶回饋顯示需求很高，只是需要時間滲透市場；不過我們認為這裡具有長期且具吸引力的潛力。

And maybe just go back to Specialty Products. I think for the reasons side of the investments that we've made, including the resid upgrade project in Singapore last year, which allows us to continue to grow high-value products for that business, Specialty Products, it was a record earnings for the quarter, and it's also a record earnings for the first half of this year.

另外再回到特種產品。我認為，基於我們所做的投資——包括去年在新加坡的渣油升級（resid upgrade）專案——這讓我們能持續擴大該業務的高價值產品。特種產品本季創下季度獲利新高，同時也創下今年上半年獲利新高。

And so again, that just demonstrates prices certainly were supportive, but it's all about those advantaged investments we're making, the focus on growing high-value products is clearly yielding very strong results for Specialty.

所以再次說明，價格當然提供了支撐，但關鍵在於我們所進行的那些具優勢的投資；聚焦於成長高價值產品，顯然正在為特種業務帶來非常強勁的成果。

Thank you so much.

非常感謝。

Sam Margolin, Wells Fargo.

Sam Margolin，Wells Fargo。

This is on the structural cost savings, you've made tremendous progress, but you have been fighting inflation, and it looks like there's some environmental drivers that are potentially adding some more friction. Is there -- can you talk a little bit about the way that the mix shift in your portfolio and the development of major projects in the life cycle that you're at today might influence this cost-out progress.

這題是關於結構性成本節省。你們已取得巨大的進展，但同時也一直在對抗通膨，而且看起來有一些環境面的驅動因素可能會增加一些阻力。你能否談談，投資組合的結構轉移（mix shift）以及你們目前所處的重大專案生命週期階段，可能會如何影響這項降本進度？

It feels like as you enter like these new phases of free cash flow sort of oriented phase in Guyana and you bring on fewer developments at a time, simultaneously, there may be some levers to offset the inflation impact. But in any case, I would just love your thoughts on that whole trend.

感覺上，當你們在蓋亞那進入新的自由現金流導向階段，並且同時一次帶上的開發案變少時，可能也會有一些槓桿可以抵消通膨的影響。但無論如何，我很想聽聽你對整體趨勢的看法。

Yeah, sure. Thanks, Sam. Thanks for the question. I would just say maybe just step back and talk a little bit about the philosophy that we started back in 2018, which was we knew we wanted to grow the business. We wanted to make these investments and recognize that as we did that, that as you start new facilities, bring new projects online that you incur more operating expense and as you develop new products to go into new markets here, spending money on R&D, and basically incurring more operating expense.

好的，當然。謝謝你，Sam。謝謝你的提問。我想我會先退一步，稍微談談我們在2018年開始的理念：我們知道我們想要擴大業務。我們希望進行這些投資，並且也認知到，當你啟動新設施、讓新專案上線時，會產生更多營運費用；同時，當你開發新產品以進入新的市場時，也會在研發上花錢，基本上就會產生更多營運費用。

So we recognize the path to growth meant additional operating expenses. And the challenge that we gave ourselves in the organization was to recognizing we needed to do that to grow earnings and cash flow that we had to find a way to offset that cost. And we weren't going to let our expenses rise.

因此我們認知到，成長之路意味著額外的營運費用。而我們在組織內給自己的挑戰是：在認知到我們必須這麼做才能提升獲利與現金流的同時，我們也必須找到方法去抵銷這些成本。我們不會讓費用上升。

And the only way to do that is start figuring out structural cost savings and driving structural cost out of the business to make room for the additional spend that we knew would come for doing high-value accretive projects and product development. And that's exactly what we've been doing.

而做到這點的唯一方法，就是開始找出結構性成本節省，並把結構性成本從業務中移除，為我們知道將會到來的額外支出騰出空間——也就是用於高價值、具增益性的專案與產品開發。而這正是我們一直在做的事。

And so the cost savings have come, I'd say, primarily through the transformation we've been driving into the business and creating the value chain, giving organizations, a clearer line of sight and more direct accountability for end-to-end profitability that puts a very high focus on operating expenses.

因此我會說，成本節省主要來自於我們推動的業務轉型與價值鏈的建立，讓各組織對端到端的獲利能力有更清晰的視野，並對此承擔更直接的責任，從而對營運費用保持非常高度的關注。

The synergies that we're capturing through the consolidations that we're making and the centralized organizations are driving huge value and cost reductions. And I would tell you, we just announced on July 1, the formation or the completion of our global operations organization, where for the first time in the company's history, we have all of our operations in one organization which, again, will open up opportunities to identify efficiencies that have been implemented in some parts of our portfolio, but haven't been spread across the whole.

我們透過正在進行的整併與集中化組織所取得的協同效益，正在帶來巨大的價值與成本降低。我也想告訴你，我們剛在7月1日宣布完成全球營運組織的成立；這是公司史上第一次把所有營運整合到同一個組織之下，而這同樣將開啟機會，去辨識那些已在我們投資組合某些部分落實、但尚未推廣到全體的效率作法。

So we've got a long ways to go on, I think, structural efficiencies, and that's not even bringing into account the ERP system that we're developing, which I think, again, will unlock a lot of opportunities. So our job is to keep driving down the structural cost to make room for the additional expense that comes from these -- from growth.

所以我認為在結構性效率方面，我們還有很長的路要走；這甚至還沒把我們正在建置的ERP系統納入考量，而我認為那也將釋放出很多機會。因此，我們的工作就是持續降低結構性成本，為因成長而來的額外費用騰出空間。

We don't limit frankly, our growth or the projects that we pursue based on trying to meet an artificial overall cost target. We have a very clear and separate objective on growth and a focus on cost and cost efficiency, and that continues, I think, to play out very well. In fact, I think if you look at our cash cost, from last year versus this year and ignore production taxes, in energy prices, we're basically holding cash costs flat. So we're basically offsetting the inflation that's out there, and that's the objective here.

坦白說，我們不會因為要達成某個人為設定的整體成本目標，就去限制我們的成長或我們追求的專案。我們對成長有非常清楚且獨立的目標，同時也專注於成本與成本效率；我認為這一路走來的成效非常好。事實上，如果你看我們的現金成本，將去年與今年相比並排除生產稅與能源價格因素，我們基本上把現金成本維持在持平。所以我們基本上抵銷了外部的通膨，而這就是我們的目標。

And maybe just additional point on that. Darren, just to demonstrate the progress that we've made, Darren mentioned the year-over-year comparison, but if you took our cash expenses this year and you just annualize it, our cash OpEx would look even with 2019. And again, that's what all the growth that we've had.

另外再補充一點。Darren，為了展示我們取得的進展，Darren提到了年對年比較；但如果你把我們今年的現金支出年化，我們的現金營運費用（cash OpEx）看起來會與2019年相當。而且別忘了，我們在這段期間還實現了這麼多的成長。

You mentioned the inflationary impacts. I think it just demonstrates the hard work and the focus that we have on removing across the enterprise, and that's regardless of the market conditions, that's regardless of how much we make in a specific quarter.

你提到了通膨的影響。我認為這正好展現了我們在全企業範圍內持續移除成本的努力與專注；不論市場狀況如何、不論某一季我們賺多少，都是如此。

And it also, as Darren mentioned, demonstrates the power of the model that we have. And again, we're at $16.3 billion cumulative year to date, we plan to get to $20 billion by 2030. So again, really good progress and it's pretty impressive to see how we've been able to offset some of the impacts that you mentioned, Sam.

同時，正如Darren提到的，這也展現了我們這個模式的威力。而且，我們年初至今的累計已達163億美元，我們計畫在2030年前達到200億美元。所以，再次強調，進展非常好；看到我們能夠抵銷你提到的一些影響，確實相當令人印象深刻，Sam。

Thank you.

謝謝。

John Royall, Piper Sandler.

John Royall，Piper Sandler。

So we've seen some news flow over the past couple of months about talks of an expansion of the Kashagan project in Kazakhstan. I was hoping maybe for some thoughts on where you are in those discussions and what a project could ultimately look like there.

過去幾個月我們看到一些新聞，提到在哈薩克斯坦的卡沙甘（Kashagan）專案可能擴建的討論。我想請教一下你們在這些討論中的進展，以及該專案最終可能會是什麼樣貌。

Good morning, John, and thanks for the question. I would say, obviously, a huge opportunity, we think, in Kazakhstan to optimize what's been going on there and to help the government achieve its objectives of growing production growing the benefit of their natural resources for the benefit of the Kazakh government and the people of Kazakhstan. But we're very early in those conversations.

早安，John，謝謝你的提問。我會說，很明顯地，我們認為在哈薩克斯坦有很大的機會，去優化目前那邊正在進行的事情，並協助政府達成其目標：提升產量、提升其自然資源所帶來的效益，讓哈薩克政府與哈薩克人民受益。但我們目前仍處於非常早期的對話階段。

I think many of the companies involved in the business there are engaged in discussions. We've got some hurdles to clear and some short-term issues with the government and then continuing to look longer term around the different options available to the industry broadly and more specifically to Exxon Mobil in terms of what we can bring to bear to help achieve ultimately the government's ambition of growing production there and growing their revenues.

我想，參與當地業務的許多公司都在進行討論。我們還有一些障礙需要克服，包含與政府之間的一些短期議題；同時也會持續從更長期的角度，檢視整個產業可行的不同選項，以及更具體地就埃克森美孚而言，我們能投入哪些能力，來協助最終實現政府在當地提升產量、增加其收入的企圖。

But I would say it's -- we're too early in that process to give you much detail on that.

但我會說——目前還太早，還無法提供你太多細節。

Thank you.

謝謝。

Thank you, John, and thanks, everyone, for joining this call. Thanks for your questions. We're going to post the transcript of the call to the Investors section of our website by early next week, and have a good weekend.

謝謝你，John，也謝謝各位參與這通電話會議。謝謝大家的提問。我們將在下週初把本次電話會議的逐字稿發布到我們網站的投資人（Investors）專區，祝各位週末愉快。