2022-02-24 Vicki Hollub’s Letters to OXY Shareholders

2022-02-24 Vicki Hollub’s Letters to OXY Shareholders


2021 was an outstanding year for Oxy, as operational improvements drove record free cash-flow generation and a return to profitability. Our global teams delivered some of their best results ever with an emphasis on safety, sustainability and social responsibility, positioning us to significantly enhance shareholder returns while advancing our low-carbon strategy.
2021 年对 Oxy 来说是卓越的一年,运营改进推动了创纪录的自由现金流并恢复了盈利能力。我们的全球团队以安全、可持续和社会责任为重,交出了迄今最佳成绩之一,为显著提升股东回报、推进低碳战略奠定了基础。

As part of our commitment to returning capital to shareholders, the Board of Directors approved an increase to our common dividend in February 2022, as well as a share repurchase program. It is our goal to reward our shareholders with the triple benefit of a sustainable common dividend, a continuously strengthening financial position and an active share repurchase program.
作为向股东回馈资本承诺的一部分,董事会于 2022 年 2 月批准提高普通股股息并推出股票回购计划。我们的目标是以可持续的普通股股息、不断增强的财务状况以及积极的股票回购计划,为股东带来三重回报。

Our robust performance stems from our teams' ingenuity and hard work. Throughout 2021, we capitalized on efficiency improvements by rapidly deploying new techniques across our operations, enabling us to accelerate time to market for our products while generating meaningful capital savings. We achieved record drilling cycle times in the Permian Basin, Rockies, Gulf of Mexico and in Oman, and set new efficiency benchmarks across our portfolio. Working with our partner ADNOC in the UAE, we are expanding the Al Hosn Gas facility to improve efficiency and capacity. Our OxyChem business had its highest earnings in over 30 years.
我们强劲的业绩源于团队的创造力和辛勤工作。整个 2021 年,我们通过在运营中快速部署新技术,充分利用效率提升,加快产品推向市场的速度并显著节省资本。在二叠纪盆地、落基山脉、墨西哥湾及阿曼,我们实现了创纪录的钻井周期时间,并在整个资产组合中树立了新的效率标杆。我们还与阿联酋伙伴 ADNOC 合作,扩建 Al Hosn 天然气设施,以提升效率和产能。OxyChem 业务实现了 30 多年来的最高收益。

OLCV, our low-carbon business, expanded its pursuit of carbon capture projects that position us to realize our net-zero goals and generate significant long-term opportunities. We are completing the engineering design of our direct air capture facility in the Permian and look forward to starting construction.
我们的低碳业务 OLCV 扩大了对碳捕集项目的推进,助力我们实现净零目标并创造重大长期机遇。我们正在完成二叠纪盆地直接空气捕集设施的工程设计,并期待启动建设。

This carbon removal technology has the potential to meaningfully reduce atmospheric carbon dioxide (CO₂) concentrations and complement global emissions-reduction efforts.
这种碳去除技术有望显著降低大气中的二氧化碳(CO₂)浓度,并补充全球减排行动。

Addressing climate change is important to us, and we are taking action to do our part. We are proud to be one of only a few oil and gas companies with net-zero goals that are aligned with the Paris Agreement's 1.5-degree Celsius pathway. In December, Oxy became the first U.S. upstream oil and gas company to enter into sustainability-linked credit facilities, which include absolute reductions in our CO₂ equivalent emissions as the key performance indicator. We set additional short- and medium-term targets for emissions reduction and geologic storage or use of captured CO₂. In 2021, Oxy endorsed the Methane Guiding Principles and Oil and Gas Methane Partnership 2.0, a Climate and Clean Air Coalition initiative led by the United Nations Environment Programme, demonstrating our commitment to enhancing methane emissions reporting and reducing those emissions. OLCV is a founding partner in the CCS+ Initiative to advance carbon accounting with the goal of scaling up global decarbonization and carbon removal.
应对气候变化对我们至关重要,我们正在采取行动履行责任。我们自豪地成为少数将净零目标与《巴黎协定》1.5 ℃ 路径保持一致的油气公司之一。2021 年 12 月,Oxy 成为首家签署可持续发展挂钩信贷协议的美国上游油气公司,其关键绩效指标包括绝对减少公司的 CO₂ 当量排放。我们还设定了额外的短期和中期减排目标,以及捕集 CO₂ 的地质封存或利用目标。2021 年,Oxy 认可《甲烷指导原则》和联合国环境规划署牵头的“油气甲烷伙伴关系 2.0”倡议,表明我们致力于加强甲烷排放报告并减少排放。OLCV 还是 CCS+ 倡议的创始伙伴,致力于推进碳核算,扩大全球脱碳与碳去除规模。

Safety is integral to our company, and we achieved another strong performance in 2021. Diversity and inclusion remain cornerstones of Oxy's culture and are critical to attracting and retaining talent, as well as a guiding principle in our commitment to the communities where we live and work. We were pleased to be ranked among Fortune's Most Admired Companies' Mining, Crude-Oil Production category in 2022. Oxy has made the list every reported year since 2008, including the No. 1 ranking 11 times.
安全是公司运营的核心,我们在 2021 年再创佳绩。多元化与包容性依然是 Oxy 文化的基石,对于吸引和保留人才至关重要,也是一项指导原则,体现了我们对所在社区的责任。我们很高兴在 2022 年再次被《财富》杂志评为“全球最受赞赏公司”采矿与原油生产类别企业。自 2008 年以来,Oxy 每次都榜上有名,其中 11 次位居榜首。

I want to thank our Board of Directors for their leadership in promoting strong corporate governance and shareholder engagement.
我要感谢董事会在推动稳健的公司治理和加强股东互动方面所展现的领导力。

In late 2021, Oxy launched our new Zero Inim brand, which highlights the bold steps we're taking for a low-carbon future by reducing emissions across our operations and helping others do the same. "Zero In" unites our talented workforce's capacity to advance every part of our business today and develop the answers we will need tomorrow as we strive to lead in carbon management-an extension of our core oil and gas and chemical businesses that I believe can significantly enhance our enterprise value.
2021 年底,Oxy 推出了新的 Zero Inim 品牌,彰显我们通过减少运营排放并帮助他人同样减排,为低碳未来迈出的大胆步伐。“Zero In”凝聚了我们人才队伍的能力,推动当下业务的每一个环节,并为未来的需求开发解决方案,助力我们在碳管理领域引领行业——这是对我们核心油气和化工业务的延伸,并有望显著提升企业价值。

VickiHollub President and
Chief Executive Officer

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