2024-05-08 Occidental Petroleum Corporation (OXY) Q1 2024 Earnings Call Transcript

Occidental Petroleum Corporation. (NYSE:OXY) Q1 2024 Earnings Conference Call May 8, 2024 1:00 PM ET

西方石油公司(NYSE:OXY) 2024 年第一季度收益电话会议美国东部时间 2024 年 5 月 8 日下午 1:00

Company Participants 公司参与者

Jordan Tanner - Vice President, Investor Relations

乔丹-坦纳 - 投资者关系部副总裁

Vicki Hollub - President and CEO

维基-霍鲁布 - 总裁兼首席执行官

Sunil Mathew - Senior Vice President and CFO

Sunil Mathew - 高级副总裁兼首席财务官

Richard Jackson - President, Operations, U.S. Onshore Resources and Carbon Management

理查德-杰克逊--美国陆上资源和碳管理运营总裁

Ken Dillon - Senior Vice President and President, International Oil and Gas Operations

Ken Dillon - 高级副总裁兼国际石油与天然气业务总裁

Conference Call Participants

电话会议与会者

Roger Read - Wells Fargo

Roger Read - 富国银行

Paul Cheng - Scotiabank Paul Cheng - 丰业银行

Neil Mehta - Goldman Sachs

Neil Mehta - 高盛集团

John Royall - JPMorgan John Royall - 摩根大通

Neal Dingmann - Truist

Scott Gruber - Citigroup 斯科特-格鲁伯 - 花旗集团

Nitin Kumar - Mizuho

David Deckelbaum - TD Cowen

Operator 操作员

Good afternoon. And welcome to Occidental’s First Quarter 2024 Earnings Conference Call. All participants will be in listen only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions]

下午好欢迎收听西方石油公司2024年第一季度财报电话会议。所有与会者只能收听[操作员指令] 在今天的演示之后，将有机会提问。[操作员指令]

Please note, this event is being recorded. I would now like to turn the conference over to Jordan Tanner, Vice President of Investor Relations. Please go ahead.

请注意，本次会议正在录音。现在请投资者关系副总裁乔丹-坦纳（Jordan Tanner）发言。请继续。

Jordan Tanner 乔丹-坦纳

Thank you, Drew. Good afternoon, everyone. And thank you for participating in Occidental’s first quarter 2024 earnings conference call. On the call with us today are Vicki Hollub, President and Chief Executive Officer; Sunil Mathew, Senior Vice President and Chief Financial Officer; Richard Jackson, President Operations, U.S. Onshore Resources and Carbon Management; and Ken Dillon, Senior Vice President and President, International Oil and Gas Operations.

谢谢你，德鲁。大家下午好感谢大家参加西方石油公司2024年第一季度财报电话会议。今天参加电话会议的有：总裁兼首席执行官维基-霍鲁布（Vicki Hollub）、高级副总裁兼首席财务官苏尼尔-马修（Sunil Mathew）、美国陆上资源和碳管理运营总裁理查德-杰克逊（Richard Jackson）、高级副总裁兼国际石油和天然气运营总裁肯-狄龙（Ken Dillon）。

This afternoon, we will refer to slides available on the Investor section of our website. The presentation includes a cautionary statement on slide two regarding forward-looking statements that will be made on the call this afternoon. We’ll also reference a few non-GAAP financial measures today. Reconciliations to the nearest corresponding GAAP measure can be found in the schedules for our earnings release and on our website.

今天下午，我们将参考我们网站 "投资者 "部分的幻灯片。该演示文稿的第二张幻灯片中包含了有关前瞻性声明的警示性声明，这些声明将在今天下午的电话会议上发表。我们今天还将提及一些非美国通用会计准则的财务指标。与最接近的相应 GAAP 指标之间的调节关系可在我们的财报发布附表和网站上找到。

I’ll now turn the call over to Vicki.

现在我把电话交给维姬。

Vicki Hollub 维基-霍鲁布

Thank you, Jordan, and good afternoon, everyone. I'm pleased to report on a strong start to 2024 driven by our persistent focus on operational execution. As we will detail in today's call, our oil and gas business delivered robust production results, essentially offsetting an extended third-party outage, while our Midstream and OxyChem businesses outperformed our first quarter guidance.

谢谢你，乔丹，大家下午好。我很高兴地向大家报告，在我们对运营执行的持续关注下，2024 年取得了强劲的开端。正如我们将在今天的电话会议上详细介绍的那样，我们的石油和天然气业务取得了强劲的生产业绩，基本上抵消了第三方延长停运的影响，而我们的中游和 OxyChem 业务则超出了我们第一季度的指导目标。

Today, I'll start by discussing our first quarter performance, including highlighting our Delaware appraisal success and its contribution to Permian's development runway. Then I'll discuss what's on the horizon for Oxy and how these initiatives are expected to generate significant value for our shareholders.

今天，我将首先讨论我们第一季度的业绩，包括特拉华州评估的成功及其对二叠纪开发跑道的贡献。然后，我将讨论奥克斯的发展前景，以及这些计划将如何为我们的股东创造巨大价值。

Operational excellence is fundamental to everything we do at Oxy, and our capabilities were evident during the first quarter as our teams generated over $2.4 billion in operating cash flow before working capital. Though the third-party outage in the Eastern Gulf of Mexico made it a challenging start to the year, our teams delivered excellent performance in all areas of our portfolio. We concluded the first quarter by approximating the midpoint of our production guidance, and we restarted production from our Gulf of Mexico platforms affected by the outage in mid-April.

卓越的运营是奥克斯一切工作的基础，在第一季度，我们的团队创造了超过 24 亿美元的营运现金流（未扣除营运资本），我们的能力可见一斑。虽然墨西哥湾东部的第三方停运使今年的开局充满挑战，但我们的团队在所有投资组合领域都取得了优异的业绩。在第一季度结束时，我们的产量接近指导产量的中点，并且我们在四月中旬重新启动了受停运影响的墨西哥湾平台的生产。

Taking a closer look at our production results, the first quarter benefited from strong new well performance in the Permian Basin and the Rockies, overcoming the impact of winter weather early in the year. In the Permian, we exceeded the midpoint of our production guidance due in part to better than expected secondary bench performance in the Delaware Basin.

仔细观察我们的生产结果，第一季度得益于二叠纪盆地和落基山脉强劲的新井表现，克服了年初冬季天气的影响。在二叠纪盆地，我们的产量超过了指导产量的中点，部分原因是特拉华盆地的二级井表现好于预期。

Our Delaware teams are achieving impressive performance results by applying the same proprietary subsurface workflows that have generated remarkable success in our primary benches and applying that to secondary benches. Through utilization of fit-for-purpose well design and reservoir characterization expertise, performance in our secondary benches is nearly matching Oxy's record-setting 2023 program average. Not only that, first-year cumulative production from Oxy's 2023 secondary wells exceeds the Delaware industry average for all horizontal wells for the same period by more than 30%. We are driving financial returns for our shareholders by improving our ability to high-grade our near-term inventory and by extending our runway of tier one locations.

我们的特拉华团队正在取得令人印象深刻的业绩成果，他们采用了与在一级井段取得显著成功相同的专有地下工作流程，并将其应用于二级井段。通过利用适合目的的油井设计和储层特征专业技术，我们的二级井段的业绩几乎与奥克斯公司创纪录的 2023 年计划平均值相当。不仅如此，奥克斯 2023 年二级井的首年累计产量比同期特拉华州所有水平井的行业平均产量高出 30% 以上。我们正在通过提高近期库存的高品位能力，以及延长一级开采区的开采时间，为股东带来经济回报。

Meanwhile, use of our existing infrastructure yields meaningful capital efficiencies. We expect these efficiency benefits to become more impactful as secondary benches become a more substantial part of our development program. Our Rockies asset outperformed the high end of our first quarter production guidance, partly driven by strong new well performance in the DJ Basin, better production uptime, higher than expected outside operating volumes. And then internationally, we achieved record gross daily production in Oman North driven by new well performance and production uptime.

与此同时，利用我们现有的基础设施，还能提高资本效率。我们预计，随着二级井床在我们的开发计划中占据更重要的位置，这些效率效益将变得更具影响力。我们的落基山脉资产超过了我们第一季度产量指导的上限，部分原因是 DJ 盆地的新井表现强劲、生产正常运行时间更长、外部作业量高于预期。在国际方面，由于新油井的表现和生产正常运行时间，我们在阿曼北部实现了创纪录的总日产量。

Our teams continue to improve capital efficiency through a combination of innovative well design, exceptional execution, proactive supply chain, and management practices. In the DJ and Powder River Basins, our teams optimized casing and cementing plans, completion stage design, and profit utilization. These fit-for-purpose well design enhancements resulted in tangible first quarter well cost reductions of between $700,000 and $1 million per well, compared to the first half of last year. We're also starting to see cost reduction progress in the Delaware Basin.

我们的团队结合创新的油井设计、出色的执行力、积极的供应链和管理实践，继续提高资本效率。在 DJ 和粉河盆地，我们的团队优化了套管和固井计划、完井阶段设计以及利润利用率。与去年上半年相比，这些适合目的的油井设计改进使第一季度每口油井的实际成本降低了 70 万至 100 万美元。在特拉华盆地，我们也开始看到降低成本的进展。

Our continuous drive for improvement not only leads to innovations that increase operational efficiencies, but in many instances, we're also able to reduce emissions and advance progress toward our net zero goals. I'm proud of our team's involvement in another oil and gas industry first, the deployment of a fully electric well service rig.

我们不断改进的动力不仅带来了创新，提高了运营效率，而且在许多情况下，我们还能够减少排放，推动实现净零排放目标。我们的团队参与了石油天然气行业的另一项创举，即部署全电动油井服务钻机，对此我深感自豪。

Oxy and Axis Energy Services deployed the first of its kind rig into our Permian Basin operation. Expanding electrification is integral to Oxy's strategy because it increases operational efficiency, generates cost savings, improves safety, and helps reduce our emissions.

奥克斯与 Axis Energy Services 在二叠纪盆地的运营中部署了首个同类钻机。扩大电气化是奥克斯战略不可或缺的一部分，因为它可以提高运营效率、节约成本、提高安全性，并有助于减少我们的排放。

Our midstream business significantly outperformed the high end of our guidance for the first quarter. Our performance was partly driven by gas marketing optimization across our portfolio where our teams captured value in regional pricing disparities. Warmer than expected weather combined with various third party midstream infrastructure maintenance resulted in disjointed prices in some regions.

我们的中游业务在第一季度的表现大大超出了我们指导目标的上限。我们的业绩部分得益于我们整个投资组合的天然气营销优化，我们的团队在地区定价差异中捕捉到了价值。比预期温暖的天气加上各种第三方中游基础设施维护，导致一些地区的价格脱节。

Midstream's first quarter performance demonstrates how our teams realized value from these pricing abnormalities by leveraging Oxy's rich market intelligence along with our product storage and transportation portfolio.

中游公司第一季度的业绩表明，我们的团队是如何利用 Oxy 丰富的市场情报以及我们的产品存储和运输组合，从这些定价异常中实现价值的。

Looking back over multiple quarters, our marketing teams have frequently demonstrated the ability to outperform with our transportation optimization capabilities playing a major role. Over the longer term, we anticipate similar marketing opportunities, but we generally exclude those opportunities from our guidance because of the difficulty in predicting event occurrence. Not only does our midstream business provide us with flow assurance for our marketed products, it also offers great diversification during periods of commodity price volatility as we saw in early 2024.

回顾多个季度，我们的营销团队经常展示出超越业绩的能力，其中我们的运输优化能力发挥了重要作用。从长远来看，我们预计会有类似的营销机会，但由于难以预测事件的发生，我们通常会将这些机会排除在指导计划之外。我们的中游业务不仅为我们的市场产品提供了流量保证，还在商品价格波动期间提供了极大的多样化，就像我们在 2024 年初看到的那样。

Along with being one of the top performers for the products it manufactures, OxyChem is a consistent cash flow diversifier within our business due in part to its renowned focus on operational efficiency. During the first quarter, OxyChem benefited from improved demand from our marketed products, including PVC and vinyl chloride, as well as lower ethylene costs. This performance demonstrates how our diversified asset portfolio is well positioned to deliver financial results for our shareholders throughout the commodity cycle.

OxyChem 公司是我们业务中现金流最丰富的公司之一，其生产的产品业绩名列前茅，部分原因是该公司以注重运营效率而著称。第一季度，包括聚氯乙烯（PVC）和氯乙烯（Vinyl chloride）在内的市场产品需求量增加，乙烯成本下降，使 OxyChem 受益匪浅。这一业绩表明，我们的多元化资产组合已做好充分准备，在整个商品周期中为我们的股东带来财务业绩。

In prior calls, we have reiterated our drive to increase value for our investors on an absolute and per share basis through cash flow and earnings growth. Today, I'd like to provide an update on the specific projects that we mentioned in our last quarterly call. Some aspects of the OxyChem plant enhancement projects are complete, but there is more to be done, including the battleground project where the team held a ground-breaking ceremony on April 4th to kick off the site work. Employees, contractors, community partners, city leaders, and elected officials attended in support of the project. The completion of the OxyChem projects and reductions in crude oil and transportation rates from the Permian to the Gulf Coast are expected to deliver incremental cash flow of approximately $725 million per year.

在之前的电话会议中，我们重申了通过现金流和盈利增长为投资者增加绝对价值和每股价值的决心。今天，我想介绍一下我们在上一次季度电话会议中提到的具体项目的最新情况。OxyChem 工厂改进项目的某些方面已经完成，但还有更多工作要做，其中包括战场项目，该团队于 4 月 4 日举行了奠基仪式，拉开了现场工作的序幕。员工、承包商、社区合作伙伴、城市领导和民选官员出席了仪式，以支持该项目。OxyChem 项目的完成以及二叠纪至墨西哥湾沿岸原油和运输费率的降低，预计每年将带来约 7.25 亿美元的增量现金流。

In our midstream business, we expect that our ownership stake in Western Midstream, or WES, will also enhance our financial results. In February, WES announced an increase of over 50% to their distribution. Based on the current distribution, we anticipate that WES will contribute over $240 million of additional cash flow per year to Oxy.

在中游业务方面，我们预计我们在西部中游公司（Western Midstream，简称 WES）的股权也将提升我们的财务业绩。今年 2 月，WES 宣布将其分配额提高 50%以上。根据目前的分配情况，我们预计 WES 每年将为 Oxy 带来超过 2.4 亿美元的额外现金流。

Additionally, we intend to increase free cash flow by repaying debt as it matures. Repayment of existing debt maturities through 2026 will result in approximately $180 million of annualized incremental cash flow from interest savings that can then be applied to further strengthen our balance sheet.

此外，我们还打算通过偿还到期债务来增加自由现金流。在 2026 年之前偿还到期的现有债务，每年可从节省的利息中获得约 1.8 亿美元的增量现金流，这些现金流可用于进一步加强我们的资产负债表。

Overall, we expect more than $1 billion of cash flow improvements that are independent of commodity cycles. That figure does not include our oil and gas business, which is also poised for continued financial success. As most of you know, at the end of last year, we entered into an agreement to strategically enhance our Midland Basin portfolio for the acquisition of CrownRock. The free cash flow accretion and portfolio high grading to be enabled by the CrownRock acquisition are expected to provide the potential for equity appreciation and acceleration of our shareholder return priorities.

总体而言，我们预计现金流的改善将超过 10 亿美元，不受商品周期的影响。这一数字还不包括我们的石油和天然气业务，该业务也有望继续取得财务上的成功。正如你们大多数人所知，去年年底，我们达成了一项协议，通过收购 CrownRock 来战略性地增强我们在米德兰盆地的投资组合。收购 CrownRock 将带来自由现金流的增加和投资组合的高分级，预计将为股权增值和加快实现股东回报优先事项提供潜力。

2023年净利润46.96亿美元，业绩跟随油价变化在年度之间起伏很大，巴菲特喜欢这样的业务。

At our low carbon ventures businesses, we expect to generate cash flow detached from oil and gas, price volatility, and further strengthen Oxy's cash flow resiliency. Construction of our first direct air capture plant, STRATOS, is advancing on schedule, and during the first quarter, we were pleased to announce a multitude of carbon dioxide removal credit agreements with customers across a variety of sectors.

在我们的低碳风险投资业务中，我们期望从石油和天然气、价格波动中分离出现金流，并进一步加强奥克斯的现金流弹性。我们的第一家直接空气捕集厂 STRATOS 的建设正在按计划推进，在第一季度，我们很高兴地宣布与各行各业的客户达成了多项二氧化碳清除信用协议。

Throughout Oxy's portfolio, we are focused on expanding resilient cash flow and enhancing shareholder value for decades to come. I will now hand the call over to Sunil, who will cover our financial results and guidance.

在奥克斯的整个投资组合中，我们致力于扩大弹性现金流，并在未来几十年内提升股东价值。现在我把电话交给苏尼尔，他将介绍我们的财务业绩和指导。

Sunil Mathew 苏尼尔-马修

Thank you, Vicki. In the first quarter of 2024, we generated an adjusted profit of $0.63 per diluted share and a reported profit of $0.75 per diluted share. The difference between adjusted and reported profit was primarily driven by a litigation settlement gain related to the Andes arbitration and gains on sales included in equity income, partially offset by derivative losses.

谢谢你，维姬。2024 年第一季度，我们的调整后利润为稀释后每股 0.63 美元，报告利润为稀释后每股 0.75 美元。调整后利润和报告利润之间的差异主要是由于与安第斯仲裁相关的诉讼和解收益以及计入权益收入的销售收益，但部分被衍生品损失所抵消。

We exited the first quarter with nearly $1.3 billion of unrestricted cash. We had a negative working capital change, which is typical for the first quarter and is largely due to semi-annual interest payments on our debt, annual property tax payments, and payments under our compensation plans.

第一季度结束时，我们拥有将近 13 亿美元的非限定用途现金。我们的运营资本出现了负变化，这是第一季度的典型现象，主要是由于我们每半年支付一次债务利息、每年支付财产税以及根据我们的薪酬计划支付款项。

During the first quarter, we delivered over $700 million of free cash flow before working capital, despite third-party outage impacts to portions of our oily, high-margin production in the Gulf of Mexico. First quarter free cash flow was underpinned by outperformance in our onshore domestic portfolio and our midstream and OxyChem segments.

第一季度，尽管我们在墨西哥湾的部分含油、高利润生产受到第三方停工的影响，但我们仍实现了超过 7 亿美元的营运资本前自由现金流。第一季度的自由现金流得益于我们陆上国内投资组合以及中游和 OxyChem 分部的出色表现。

Looking ahead to the second quarter, total company production is expected to increase to a range of 1.23 million to 1.27 million BOE per day, compared to the first quarter annual low of 1.17 million BOE per day. The midpoint of second quarter production guidance will be the highest quarterly production in over three years. The production increase is mainly due to U.S. onshore activity levels, the completion of annual plant maintenance at Dolphin, and the return of production in mid-April from the Gulf of Mexico outage.

展望第二季度，公司的总产量预计将增至 123 万至 127 万桶/日，而第一季度的年度最低产量为 117 万桶/日。第二季度指导产量的中间值将是三年多来最高的季度产量。产量增加的主要原因是美国陆上活动水平、Dolphin工厂年度维护的完成，以及墨西哥湾停产后于四月中旬恢复生产。

Our second quarter Gulf of Mexico production guidance includes third-party outage impacts in April, as well as plant maintenance in the Central Gulf of Mexico. Though we revised fully a Gulf of Mexico production guidance down as a result of the extended outage, it is fully offset by outperformance in the Rockies, and we are maintaining our total company production guidance for the year. The modified production mix is expected to impact annual total company oil cut. We had a strong start to 2024 in our chemicals business and anticipate modest price improvements during the second quarter, combined with higher volumes as we exit the usual period of seasonal subdued demand.

我们第二季度的墨西哥湾产量指导包括 4 月份第三方停产的影响，以及墨西哥湾中部的工厂维护。虽然由于停产时间延长，我们全面下调了墨西哥湾的产量指导，但落基山脉的优异表现完全抵消了这一影响，我们维持了公司全年的总产量指导。调整后的生产组合预计将影响公司的年度总减油量。我们的化学品业务在 2024 年有一个强劲的开端，预计第二季度的价格将略有提高，同时随着季节性需求低迷期的结束，产量也将增加。

Though lower gas prices are unfavorable elsewhere in our portfolio, OxyChem benefits from reduced energy costs, and our midstream teams are well positioned to capitalize on the gas marketing opportunities that Vicki highlighted. Solid outperformance enabled us to raise midstream's fully guidance range by $110 million.

尽管天然气价格下降对我们投资组合中的其他部门不利，但 OxyChem 受益于能源成本的降低，我们的中游团队已做好充分准备，抓住 Vicki 强调的天然气营销机会。稳健的业绩表现使我们能够将中游业务的指导范围全面提高 1.1 亿美元。

Oxy's first quarter performance demonstrates the benefits of a differentiated portfolio. Our diversified assets and distinguished operational capabilities offer our shareholders cash flow resiliency throughout the commodity cycle. In terms of capital spending, our first quarter results were in alignment with the 2024 business plan and the capital program that is weighted towards the first half of the year.

奥克斯第一季度的业绩显示了差异化投资组合的优势。我们多元化的资产和卓越的运营能力为我们的股东在整个商品周期中提供了现金流弹性。在资本支出方面，我们第一季度的业绩与 2024 年业务计划和资本计划保持一致，资本计划主要集中在今年上半年。

On the last earnings call, we stated that approximately 40% of Rocky's capital for the year is associated with built and uncompleted wells, or ducts, carried in from 2023. We intend to continue completing these wells and reduce duct inventory through the first half of the year. Similarly, Permian capital is weighted towards the first half of the year due to working interest variability and the desire to high-grade rigs and increase utilization rates into the second half of the year. This U.S. onshore capital profile, combined with Battleground Project ramp-up, is expected to result in second quarter being the highest quarterly capital for the year.

在上次财报电话会议上，我们指出，洛基公司本年度约 40% 的资本与 2023 年结转的已建和未竣工油井或管道有关。我们打算继续完成这些油井，并在今年上半年减少管道库存。同样，二叠纪资本也偏重于上半年，原因是工作权益的可变性以及在下半年提高钻机等级和利用率的愿望。这种美国陆上资本状况，加上 Battleground 项目的加速，预计将使第二季度成为本年度资本最高的季度。

I would like to close today by touching on the CrownRock acquisition. Our teams are working constructively with the FTC, and we anticipate that the transaction will close in the third quarter of this year. As a reminder, Oxy will benefit from CrownRock's activity between the transaction's January 1, 2024 effective date and close, subject to customary purchase price adjustments.

最后，我想谈谈收购 CrownRock 的问题。我们的团队正在与美国联邦贸易委员会进行建设性的合作，预计交易将在今年第三季度完成。需要提醒的是，Oxy 将从 CrownRock 于 2024 年 1 月 1 日生效至交易完成期间的业务活动中获益，但会根据惯例对收购价格进行调整。

Concurrent with the CrownRock acquisition, we announced a $4.5 billion to $6 billion divestiture program to be completed within 18 months of the transaction's close. The high-quality assets within our portfolio have garnered much interest, and our teams have commenced the early stages of the divestiture process.

在收购 CrownRock 的同时，我们宣布了一项 45 亿至 60 亿美元的资产剥离计划，将在交易完成后的 18 个月内完成。我们投资组合中的优质资产引起了广泛的兴趣，我们的团队已经开始了资产剥离过程的早期阶段。

Sales proceeds will be applied to deleveraging until we reduce our principal debt to $15 billion or below. The near-term cash flow enhancements that Vicki highlighted are expected to deliver significant free cash flow growth per diluted share for our common shareholders, and to enable us to accelerate the achievement of our debt target. After our debt target is met, we intend to resume our share repurchase program and provide even greater value per common share.

销售收入将用于去杠杆化，直到我们将本金债务降至 150 亿美元或以下。维基强调的近期现金流增强措施有望为我们的普通股股东带来每股摊薄后自由现金流的显著增长，并使我们能够加快实现债务目标。债务目标实现后，我们打算恢复股票回购计划，为每股普通股提供更大的价值。

石油是个类现金的资产，被债务困扰不会改变石油的成色。

As we have discussed on today's call, we are well-positioned to build on a strong first quarter of 2024 and deliver a differentiated, long-term value proposition to our shareholders.

正如我们在今天的电话会议上所讨论的，我们已做好准备，在 2024 年第一季度强劲业绩的基础上，为股东提供差异化的长期价值主张。

I will now turn the call back over to Vicki.

现在请维姬发言。

Vicki Hollub 维基-霍鲁布

Thank you, Sunil. Before we move to Q&A, I want to tell you about a milestone our team celebrated last quarter. Oxy began trading on the New York Stock Exchange on March 3, 1964. On that day, our operations consisted of 252 oil and gas wells in six states. Today, we're an international energy, chemicals, and carbon management company with the best portfolio in our history. But I believe that Oxy's employees are a true differentiator. Their expertise and drive to outperform continue to stretch the limits of what is achievable in our industry. Our employees are hard at work executing our strategy through superior operations and best-in-class assets. Their efforts result in long-term shareholder value, and I look forward to showcasing more of their achievements on future calls.

谢谢，苏尼尔。在进入问答环节之前，我想向大家介绍一下我们团队上个季度庆祝的一个里程碑。Oxy 于 1964 年 3 月 3 日开始在纽约证券交易所交易。当天，我们的业务包括在六个州的 252 口油气井。今天，我们是一家国际能源、化工和碳管理公司，拥有历史上最好的投资组合。但我相信，奥克斯的员工才是真正的与众不同之处。他们的专业知识和超越自我的动力不断拓展着我们行业的极限。我们的员工通过卓越的运营和一流的资产，努力执行我们的战略。他们的努力为股东带来了长期价值，我期待着在未来的电话会议上展示他们更多的成就。

With that, we'll now open the call for questions. And as a reminder, as Jordan mentioned, Richard Jackson and Ken Dillon are with us today for the Q&A session.

现在开始提问。提醒一下，正如乔丹提到的，理查德-杰克逊和肯-狄龙今天将和我们一起参加问答环节。

Question-and-Answer Session

问答环节

Operator 操作员

[Operator Instructions] The first question comes from Roger Read with Wells Fargo. Please go ahead.

[第一个问题来自富国银行的罗杰-里德。请说

Roger Read 罗杰-雷德

Yes, thank you, and good afternoon. I'd like to, if we could, maybe just dig in a little bit more on the Permian outlook here, probably including the Rockies. Maybe let's just call it the lower 48. If we look at the CapEx and then we look at the forecast for the full year, I'm just a little curious why you didn't get a little more optimistic about total volumes. I recognize that within the year-over-year changes, we're looking at a little more EOR, maybe a little less shale wells. I was wondering if that's part of the difference we're seeing or maybe why we don't see production raised as well.

是的，谢谢，下午好。如果可以的话，我想我们是否可以更深入地探讨一下二叠纪的前景，可能包括落基山脉。也许我们只称之为下48州。如果我们看看资本支出，然后看看全年的预测，我只是有点好奇为什么你没有对总产量更乐观一些。我认识到，在同比变化中，我们正在看到更多的提高采收率（EOR），也许更少的页岩井。我想知道这是否是我们看到的差别的一部分，或者为什么我们没有看到产量也有所提高。

Vicki Hollub 维基-霍鲁布

Richard? 理查德？

Richard Jackson 理查德-杰克逊

Yes, thanks, Roger. Appreciate the question. Clearly, very pleased with our first quarter results coming out of both the Rockies and the Permian. Both had a beat on the quarter with Permian looking good on several fronts. I'll focus there first. I guess a couple of things just to kind of anchor the year on. As we think about going from first quarter to the second quarter, which Sunil mentioned, quite a big step up in terms of production.

是的，谢谢，罗杰。感谢您的提问。显然，我们对落基山脉和二叠纪的第一季度业绩都非常满意。二叠纪在多个方面都表现出色。我先说说二叠纪。我想有几件事可以作为今年的基础。苏尼尔提到，从第一季度到第二季度，我们的产量有了很大的提高。

But even looking at first half versus second half in the Permian, the implied increase is about 18,000 barrels a day, first half to second half. We're doing that while reducing rigs for in the Permian. We're getting more with less in terms of how we think about activity. Some of that plays through on the capital, as you mentioned, as we're a bit front load heavy both on rigs but also facilities as we're front loading the facilities in the first half of the year to take on that production increase starting next quarter.

但即使从二叠纪上半年与下半年的对比来看，上半年与下半年的隐含增幅也约为每天 18,000 桶。在减少二叠纪钻井平台的同时，我们也做到了这一点。就我们如何看待开采活动而言，我们正在以较少的投入获得更多的收益。正如你提到的，我们在钻井平台和设施方面的前期投入都比较大，因为我们在上半年对设施进行了前期投入，以便从下个季度开始承担产量的增长。

The good news is things are performing well. When you look at the year and you think about the trajectory we're going on with things that are meaningful to our business, we highlight the new well production, not only the primary zones, which we've highlighted over the last couple of years, but now this quarter we really wanted to highlight the success of the secondary benches that play a meaningful role in our portfolio for the year.

好消息是，各项工作都进展顺利。回顾这一年，当你考虑到我们的业务发展轨迹时，我们会强调新井的生产，不仅是我们在过去几年中强调的主要区域，而且现在这个季度，我们真的想强调二级井段的成功，这些井段在我们今年的投资组合中发挥了重要作用。

The other thing that we don't talk enough about is base decline. If you look at our Permian resources this year, we're improving our base decline from last year about 4% to 5%. That's around 15,000 barrels a day. That's really come through not only better wells but a lot better operations. Our uptime is improving 1% to 2% in places like the Delaware. As we thought about full year guidance, we certainly appreciated the results in the first quarter, but we wanted to see how this plays out over this steep production increase over the next couple of quarters. Look forward to updating our milestones on progress to that.

我们谈论得不够多的另一个问题是基础产量递减。如果你看看我们今年在二叠纪的资源，我们将基础产量递减从去年的大约4%到5%提高到了改善。这大约是每天15,000桶。这确实不仅来自于更好的井，还有更好的运营。我们在像特拉华这样的地区的运行时间提高了1%到2%。当我们考虑全年的指导时，我们当然对第一季度的结果表示赞赏，但我们想看看这在接下来几个季度的大幅增产中如何发挥作用。我们期待更新我们的里程碑，以展示在这方面的进展。

The last thing I would just say is behind that, as you think about capital, we are seeing capital efficiency. We highlighted some of the well cost improvements both in the Rockies and the Permian. I'm very pleased with our team's progress there. That's being done through strong approaches with our service companies but also through well design changes, which we noted.

最后我想说的是，在资本方面，我们看到了资本效率。我们强调了落基山脉和二叠纪的一些油井成本改善。我对我们团队在这方面取得的进展非常满意。这不仅是通过与我们的服务公司合作来实现的，也是通过改变油井设计来实现的，我们也注意到了这一点。

As we put that together, we look at this total year production versus capital. Our capital intensity this year has improved over last year, which is the goal. What we're spending dollars, millions of dollars per production added has improved year-on-year. We'll stay focused on that. Look forward to more updates as we go this year to help put that piece together for our total year outlook.

当我们整合这些信息时，我们比较了今年总产量与资本支出。今年的资本强度比去年有所提高，这是我们的目标。我们每增加一单位产量所花费的美元，即以百万计的资本支出，已经实现了年比年的改善。我们将继续保持关注。期待在今年余下的时间里提供更多更新，以帮助整合我们全年展望的这一部分。

资本支出和产量之间的关系，产量不等于销售，石油价格的起伏很大。

Roger Read 罗杰-雷德

Okay. Appreciate that. I guess the other question I had, you talked about it on the intro there, Vicki, but the performance of the midstream. How much of that is something that we ought to think about as we're going to go forward over the next year and a half, two years? We'll have another period where we're probably constrained on being able to move oil and gas out of the base. Just maybe a way to think about other opportunities coming forward for you all to capture a little bit better.

好的谢谢。我想我还有一个问题，维基，你在开场白中提到了中游的表现。在未来的一年半或两年里，我们应该考虑多少这方面的问题？我们还将有一段时期，在这段时间里，我们可能会受到限制，无法将石油和天然气运出基地。也许我们可以考虑一下其他的机会，让大家更好地抓住这些机会。

Vicki Hollub 维基-霍鲁布

For us, we don't have an issue moving oil or gas out of the Permian Basin. In fact, some of the positive impacts for our midstream performance are due to the fact that from a gas perspective, we have capacity elsewhere so that we can move molecules around too and trade molecules. We have ways to get gas to California and to other markets.

对我们来说，将石油或天然气从二叠纪盆地运出并不是问题。事实上，我们的中游业绩的积极影响之一是因为从天然气的角度来看，我们在其他地方有产能，所以我们可以移动分子并且进行交易。我们有办法将天然气输送到加利福尼亚和其他市场。

From a gas marketing perspective, we're in really good shape and take away capacity in good shape there. Oil, we're also in good shape. We have over capacity now to get barrels out of the Permian. When we talk about fluctuations in the midstream business with respect to crude marketing, normally some of that's associated with picking up the third-party barrels that are associated with the capacity that we need to fill with incremental barrels above and beyond our current production. That's the volatility mostly in the midstream business.

从天然气营销的角度来看，我们的状况非常好，外购能力也很强。石油方面，我们的情况也很好。现在，我们在二叠纪地区的产能已经过剩。当我们谈及中游业务在原油营销方面的波动时，通常其中一些波动与第三方桶装油相关，而这些桶装油与我们需要用超出现有产量的增量桶装油来填补的产能相关。这主要是中游业务的波动。

That along with the gas marketing does cause volatility, but normally that volatility is to the upside for us because of the fact that, as I just mentioned, we have the capability to move things around and to take advantage of situations where others are disadvantaged. While with [Indiscernible] in the situation that it's in now, our upstream realizations are lower, but our midstream business is able to capture opportunity to offset that.

这与天然气营销一起确实会造成波动，但通常这种波动对我们来说是有利的，因为正如我刚才提到的，我们有能力在别人处于不利地位的情况下左右逢源、占得先机。虽然在[无法辨认]目前的情况下，我们的上游变现能力较低，但我们的中游业务能够抓住机会，抵消这种情况。

Operator 操作员

The next question comes from Paul Cheng with Scotiabank. Please go ahead.

下一个问题来自丰业银行的 Paul Cheng。请说。

Paul Cheng

Thank you. Good morning. In Delaware, you're talking about the secondary branches, I think it's the bone spring. Is it widespread throughout your entire operation or specifically in certain counties? Is there any kind of characteristic that you can see in terms of the pattern that will lead to this really strong performance in wells from those branches or those areas? We're trying to understand how important it is to your overall operation or your overall inventory level.

谢谢。早上好在特拉华州，你说的是二级分支机构，我想是骨泉。这种情况是普遍存在于你们的整个业务中，还是特别存在于某些县？在这些分支或地区的油井表现强劲的模式方面，你们是否可以看到任何特征？我们想了解这对你们的整体运营或整体库存水平有多重要。

Secondly, your DJ has been performing really well. It has been beating your own guidance for a number of quarters, at least for seven or eight quarters already. From that standpoint, your current estimate may be a little bit conservative for the remaining of the year in the DJ. Also, what are the primary reasons for the outperformance there? Thank you.

其次，你们的 DJ 一直表现出色。至少已经有七八个季度超过了你们自己的指导目标。从这个角度来看，你目前对 DJ 今年剩余时间的估计可能有点保守。此外，该公司表现优异的主要原因是什么？谢谢。

Richard Jackson 理查德-杰克逊

Thanks, Paul. I'll start in the Permian and get to the Rockies. I think the way we describe sort of our approach to primary benches and then it's turned into our secondary benches is really unique by area. We spend a lot of time, and we've talked about it in the past, really focused on the subsurface aspects, both from a geologic perspective and then as you think about it over time, from a reservoir perspective. I think as we've continued to delineate and be more broad in terms of the zones that we put together in areas, we focus on how do we put these wells in space together in the subsurface to optimize that recovery.

谢谢，保罗。我会从二叠纪开始，一直到落基山脉。我认为，我们在描述我们的方法时，会先描述主要岩床，然后再转到次要岩床，这在各个地区都是独一无二的。我们花了很多时间，过去我们也谈到过，真正关注的是地下方面，无论是从地质角度还是从储层角度考虑。我认为，随着我们不断划定和拓宽区域，我们关注的重点是如何将这些井放在地下空间，以优化采收率。

Of course, your stimulation design and these other factors play an important role. I don't think it's unique by area. I think it's the same approach that we've delivered in terms of the Midland Basin with the success we've had in the Barnett, what we're doing in the Delaware Basin, whether it's Upper Bone Springs or deeper Wolf Camp. I think as we think about the Rockies, the same sort of approach there.

当然，你的刺激设计和其他因素也起着重要作用。我并不认为每个地区都是独一无二的。我认为这与我们在米德兰盆地所采用的方法是一样的，我们在巴奈特取得了成功，我们在特拉华盆地所采用的方法也是一样的，无论是上骨泉还是更深的狼营。我认为，我们在考虑落基山脉时，也会采用同样的方法。

In terms of the Rockies, they've had great performance over the last year plus. A lot of that started with this subsurface approach where we really spent time thinking about how do we approach lateral length, spacing, stimulation intensity. I think a lot of the early gains we were seeing there, I think what we're seeing today is a lot more operational. We talk about how do we draw these wells down, so early time flow back and then longer term. What we're seeing is really improvements in both.

就落基山脉而言，在过去一年多的时间里，他们取得了很好的业绩。这很大程度上得益于我们采用的地下方法，我们花了很多时间思考如何处理横向长度、间距和刺激强度。我认为，我们早期在这方面取得的很多成果，如今在操作性方面有了很大提高。我们讨论的是如何将这些油井抽上来，以便尽早回流，然后进行更长期的开采。我们看到的是这两方面的真正改进。

美国是事实上最大的产油国，可能跟开采能力是有关系的。

In the early time performance, it's really having the facilities and the emissions handling to do that, not only at a correct rate, but to handle the emissions. Then long-term, we've talked about the base recovery with things like our plunger lift assist AI. These type of things are really what delivered the over performance. I wish I could say it was conservative. I just think they've improved so much. When you're improving better than 20% year-on-year, that's sometimes tough to outlook. I think they've gotten more mature in terms of some of these advancements over the last year. I think we've done a lot better job sort of narrowing the uncertainty of those outlooks. All the teams are still on the hook to outperform this year. We're optimistic, like I answered earlier, in terms of what we're doing in the Permian as well. I appreciate the question. Hopefully, that helps.

在早期性能方面，真正拥有设施和排放处理能力是关键，不仅要以正确的速率，还要能够处理排放。长期来看，我们已经讨论了基础采收率的提升，比如我们的柱塞提升辅助AI等技术。正是这些类型的技术真正实现了超额表现。我希望我能说这是保守的。我只是认为它们已经改进了很多。当你的改进超过20%的年增长率时，有时很难预测。我认为它们在过去一年中的一些进步上变得更加成熟。我认为我们在缩小这些预测的不确定性方面做得更好。所有团队仍然有责任在今年实现超额表现。我们对此持乐观态度，就像我之前回答的那样，对我们在二叠纪的行动也是如此。我感谢这个问题。希望这有所帮助。

Operator 操作员

The next question comes from Neil Mehta with Goldman Sachs. Please go ahead.

下一个问题来自高盛集团的尼尔-梅塔（Neil Mehta）。请说。

Neil Mehta 尼尔-梅塔

Thank you, team. Thanks for the call so far. My first question is just around non-core asset sales, recognizing we still have some time before the deal closes. I would imagine you continue to have conversations around the divestments. I'm just curious what your perspective is on the market right now and your confidence in the achievability of up to the $6 billion of non-core asset sales that many have anchored to.

谢谢大家感谢你们的来电。我的第一个问题是关于非核心资产出售的，因为距离交易完成还有一段时间。我想你们会继续围绕资产剥离进行对话。我很好奇你们对目前市场的看法，以及你们对实现 60 亿美元非核心资产出售目标的信心，很多人都是这么认为的。

Vicki Hollub 维基-霍鲁布

There's a lot of incoming interest. Once we announced that we were going to divest between $4.5 billion and $6 billion, Sunil started getting a lot of phone calls and letters. The interest is there, and it's very high interest. What we're hoping and expecting is that that high level of interest translates into appropriate levels of offers for the things that we might consider selling. It all comes down to valuation, and that's going to make the difference for us because we do have options. As you know, lots of acreage. We're going to make the best value decision that we can, but we don't see that there would be any impediments, barring something that we haven't foreseen that would cause us to have issues with our divestitures.

有很多涌入的兴趣。一旦我们宣布我们将剥离45亿到60亿美元的资产，Sunil就开始接到很多电话和信件。兴趣是存在的，而且兴趣非常高。我们希望并期待这种高度的兴趣能够转化为对我们可能考虑出售的东西的适当水平的报价。一切都归结于估值，这将为我们带来差异，因为我们确实有选择。正如你所知，我们有很多土地。我们将做出我们能够做出的最佳价值决策，但我们不认为会有任何阻碍，除非有什么我们没有预见到的事情会导致我们在剥离资产时出现问题。

除非有足够的耐力，短期的价格是很难预测的。

Neil Mehta 尼尔-梅塔

Thanks, Vicki. The follow-up is just your perspective. Oh, sorry. Please, Sunil.

谢谢，维姬。后续报道只是你的观点哦，对不起求你了，苏尼尔

Vicki Hollub 维基-霍鲁布

What we were going to do is just, for those that haven't heard, Sunil is going to go through what we think about with respect to divestitures, just to give those who might be listening an idea of what we're looking at.

我们要做的只是，对于那些还没有听说过的人，苏尼尔将介绍我们在资产剥离方面的想法，只是为了让那些可能在听的人了解我们正在考虑什么。

Sunil Mathew 苏尼尔-马修

Hi, Neil. As we have said previously, we are evaluating our portfolio, the high-graded portfolio, and identifying what are the assets that does not fit in our development plan, near-term development plan, but that could be attractive to other companies. What is the strategic fit of that asset in this high-graded portfolio? Like Vicki mentioned, what is the value that we can get? Can we potentially accelerate the value by monetizing this asset?

你好，尼尔。正如我们之前所说，我们正在评估我们的投资组合，即高等级投资组合，并确定哪些资产不符合我们的开发计划，即近期开发计划，但可能对其他公司有吸引力。这些资产在战略上与我们的高等级投资组合有何契合之处？就像维基提到的，我们能获得什么价值？我们能否通过将该资产货币化来加速价值的实现？

Like Vicki said, we're getting a lot of inbounds, even before the announcement and a lot more after the announcement, but this is a criteria that we're using to evaluate, is this an asset that we want to potentially monetize? Going back to your question about $4.5 billion to $6 billion, yes, we are fully committed to achieving the target within 18 months of closing. Between the proceeds from asset sales and organic cash flow, we want to get to the $15 billion of principal debt that we have outlined.

就像维基说的，我们收到了很多询价，甚至在公告发布前就有，公告发布后更多，但这是我们用来评估的标准，这是我们想要潜在货币化的资产吗？回到你关于 45 亿至 60 亿美元的问题，是的，我们完全致力于在交易完成后的 18 个月内实现这一目标。在资产出售收益和有机现金流之间，我们希望达到我们提出的 150 亿美元本金债务的目标。

这种想法很奇怪，应该先卖掉资产再买入自己想要的资产。

Neil Mehta 尼尔-梅塔

That's great perspective. Thank you, Sunil. The follow-up is just on Battleground. I just love your perspective on both the chlorine and caustic soda markets, and how do you think about the outlook there? Once the expansion comes online, do you think that changes the supply-demand dynamics for any of these products?

这个观点很好。谢谢你，苏尼尔。接下来是关于 "战场 "的问题。我很喜欢你对氯气和烧碱市场的看法，你如何看待这两个市场的前景？一旦扩建工程投产，您认为会改变这些产品的供需动态吗？

Vicki Hollub 维基-霍鲁布

Just to go back and look at what OxyChem has been able to do the last few years, when we think about pricing of PVC and caustic soda, we've just come out of an incredible super cycle where in 2022 we achieved our highest annual earnings ever, our second-best earnings in 2021, and our third-best in 2023. Now that we're into 2024, prices don't seem to be quite at the bottom. As we were going through the first quarter, we started to see some strengthening in both caustic soda and PVC a little bit. But the reality is that inflation in the United States, along with very weak demand out of China, because they're basically overbuilt right now in both commercial and residential housing and buildings, we don't see China demand getting better anytime soon.

回过头来看看 OxyChem 过去几年的成就，当我们考虑 PVC 和烧碱的定价时，我们刚刚经历了一个令人难以置信的超级周期，2022 年我们实现了有史以来最高的年度盈利，2021 年实现了第二高的盈利，2023 年实现了第三高的盈利。现在，我们已经进入 2024 年，但价格似乎还没有完全触底。在第一季度，我们开始看到烧碱和聚氯乙烯的价格有所回升。但现实情况是，美国的通货膨胀，加上中国的需求非常疲软，因为他们现在的商业和住宅建筑基本上都过剩了，我们看不到中国的需求会很快好转。

But we do believe that beyond this year, getting past our inflationary environment, that once there's some certainty around some reduction in inflation, we think the housing market is already primed for growth again. And so if we can get to an inflation level that is conducive for that, we'll certainly start seeing recovery in prices here in the United States. The international market, and we do export, so the international market impacts us, and so we'll continue to see some pricing challenges in that market.

但我们确实相信，今年之后，一旦通胀环境有所缓解，我们认为房地产市场已经做好了再次增长的准备。因此，如果我们的通胀水平能够达到这样的水平，我们肯定会看到美国的房价开始复苏。国际市场，我们也出口，因此国际市场对我们有影响，所以我们将继续看到该市场的一些定价挑战。

But ultimately, getting beyond this year and the next 18 months, I do believe that, driven by India and other places, that we'll see growth in demand again, and that we'll start seeing prices going back up. So we're feeling like we're probably at a bottom right now.

但归根结底，在今年和未来 18 个月之后，我相信在印度和其他地方的推动下，我们会再次看到需求增长，价格也会开始回升。因此，我们感觉现在可能正处于底部。

Operator 操作员

The next question comes from John Royall with JPMorgan. Please go ahead.

下一个问题来自摩根大通的 John Royall。请说。

John Royall 约翰-罗亚尔

Good afternoon. Thanks for taking my question. So just thinking about the $400 million from midstream contract roll offs, how much of the better terms baked into those numbers are you modeling that's locked in today versus what you're just kind of expecting? And to the extent it isn't locked in, what's your level of confidence that the terms will move the other way as we get closer to the roll offs?

下午好。谢谢你接受我的提问。关于中游合同终止带来的 4 亿美元，你认为这些数字中包含的更好的条款有多少是目前已经锁定的，而不是你所预期的？如果没有锁定，你有多大的信心，随着合同到期的临近，条款会发生变化？

Vicki Hollub 维基-霍鲁布

I'm sorry, could you repeat that question a little bit? We had some disturbance.

对不起，你能重复一下那个问题吗？我们遇到了一些麻烦

Operator 操作员

Mr. Royall, could you pick up, if you're on a speakerphone, pick up a handset by any chance?

罗亚尔先生，如果你用的是免提，能不能拿起听筒？

John Royall 约翰-罗亚尔

Is this better? Can you hear me now?

这样好吗？现在能听到我说话了吗？

Operator 操作员

I think that is better. Go ahead, sir. Please repeat your question.

我觉得这样更好请继续，先生。请重复您的问题。

John Royall 约翰-罗亚尔

Okay, apologies for that, Vicki. So just thinking about the $400 million from midstream contract roll offs, how much of the better terms baked into those numbers is locked in today versus kind of what you're expecting? And what's your level of confidence that to the extent it's not locked in, that it might not go the other way before you have to renegotiate?

好的，很抱歉，维姬。那么，就中游合同的 4 亿美元而言，这些数字中包含的更好的条款有多少是目前已经锁定的，有多少是你预期的？如果没有锁定，在重新谈判之前，你有多大把握不会出现相反的情况？

Vicki Hollub 维基-霍鲁布

I have high confidence that we'll achieve the $400 million. And some of that we're already seeing today. And I do believe that we wouldn't, trust me, we wouldn't say it if we weren't pretty confident that we'll get it.

我对我们实现 4 亿美元的目标充满信心。今天我们已经看到了其中的一部分。我相信，如果我们没有信心实现这一目标，我们是不会这么说的，相信我。

Sunil Mathew 苏尼尔-马修

And John, it's this confidence that actually helped us increase our cash flow, incremental cash flow from $350 million to $400 million.

约翰认为，正是这种信心帮助我们增加了现金流，增量现金流从 3.5 亿美元增至 4 亿美元。

John Royall 约翰-罗亚尔

Fair enough. And then apologies if I miss anything on this, but I was hoping you could get into the 2Q OpEx guide a little bit, which is somewhat flattish with 1Q despite higher production with the GoM back up. So it looks like a numerator issue and not a denominator issue. Just maybe any color there on the OpEx guide.

很好。如果我漏掉了什么，请原谅，但我希望你能稍微介绍一下第二季度的运营支出指南，尽管随着 GoM 的恢复，产量有所提高，但第二季度的运营支出与第一季度持平。因此，这看起来是分子的问题，而不是分母的问题。我想知道运营支出指南的具体内容。

Vicki Hollub 维基-霍鲁布

I think the OpEx guide was driven mostly by the impact of the Gulf of Mexico production and the production coming back on. Yet, I don't see any differential there.

我认为运营支出指南主要是受墨西哥湾生产和生产恢复的影响。然而，我在这里看不到任何差异。

Sunil Mathew 苏尼尔-马修

No, I think that's right. We're seeing improvement with Gulf of Mexico production coming back. But again, like I mentioned in my prepared remarks, the second quarter does include some impact from the pipeline outage. And we also have a planned shutdown in Central Gulf of Mexico. So by the time you get to the third and fourth quarter, you should see an improvement in the operating cost.

不，我认为这是正确的。我们看到墨西哥湾的生产正在恢复。但是，正如我在事先准备好的发言中提到的，第二季度确实受到了输油管停运的一些影响。我们还计划在墨西哥湾中部停产。因此，到了第三和第四季度，你应该会看到运营成本的改善。

Richard Jackson 理查德-杰克逊

Yes, John, just to add to that trajectory, Q1 actuals were at $10.31 for U.S. LOE, and we're out looking $10.10 in the second quarter.

是的，约翰，再补充一下，第一季度美国 LOE 的实际值为 10.31 美元，而我们第二季度的预期值为 10.10 美元。

Operator 操作员

The next question comes from Neal Dingmann with Truist. Please go ahead.

下一个问题来自 Truist 公司的 Neal Dingmann。请说。

Neal Dingmann 尼尔-丁曼

Good afternoon. Thanks for the time. Vicki, my question is on your Permian D&C plans, particularly around slide 24. I like what you're showing there. You all suggest, I guess, running about 21 rigs this year on average. This is kind of something you talked about after running, I think it shows, was it 24 in the first quarter? And I'm just wondering, trying to get a sense of the cadence, would it just be a sort of typical ramp down? And I'm also wondering if your operational efficiencies continue to be as good as they've been, would you let some rigs go and continue kind of with that production plan, or would you maybe just ultimately end up producing more?

下午好。感谢您抽出时间。Vicki，我的问题关于你们的二叠纪钻探和完井计划，特别是第24页幻灯片。我喜欢你们在那里展示的内容。你们暗示今年平均运行大约21台钻机。这是在你们运行，我认为显示的是第一季度24台钻机之后的事情。我只是想知道，试图了解一下节奏，是否会是典型的逐渐减少？另外，如果你们的运营效率继续保持像它们一直以来那么好，你们会不会让一些钻机离开并继续按照那种生产计划，或者你们最终可能会生产更多？

Richard Jackson 理查德-杰克逊

Yes, perfect. Yes, I appreciate the question. Like I mentioned earlier, the plan is to ramp down just sequentially kind of as we go into the second half of the year. And really that's been the plan since we poured it and came out. So we are seeing good operational efficiencies. I'd say time to market really in every area is slightly improved. So we'll consider that as we go into the year to just kind of understand how that may accelerate any capital and how we want to respond to that.

是的，很好。谢谢你的提问。就像我之前提到的，我们的计划是在进入下半年后按部就班地减少产量。实际上，这也是我们自投产以来的计划。因此，我们看到了良好的运营效率。我想说的是，每个领域的上市时间都略有改善。因此，在进入下半年后，我们会考虑这一点，以了解这将如何加速资本的流动，以及我们将如何应对。

I would say one thing that has played out well, we noted these cost improvements. And a couple of things to note, beyond just operational efficiencies, we are seeing some good outcomes as we work with our service providers like frac. And so we've been able to kind of as we relook and hit that more levelized, I'd say, balance and activity in the second half of the year, our utilization is going up about 10% on our frac core. So that's more pumping hours per year. And that's both good for us, but also good for our frac providers in terms of how they manage their business.

我想说的是，我们注意到了这些成本的改善。除了运营效率之外，我们还注意到与压裂等服务供应商的合作取得了一些良好成果。因此，随着我们重新审视并在下半年实现更均衡的平衡和活动，我们的压裂核心利用率提高了约 10%。因此，每年的抽油机小时数会增加。这不仅对我们有利，也有利于我们的压裂供应商管理他们的业务。

And so those type of things are delivering the savings, which we think will pace well, even with some acceleration in our operational efficiencies. So, as the cadence goes this year, we're heavy on DNC to start the year and facilities as well. Like I mentioned, and really in that back half of the year, you'll see that capital drop and you'll see the production increase. And so looking forward to that. And then that should set us up at a much more level loaded and optimized pace going into 2025. And so obviously we'll have options, depending on where Vicki wants to take us with our capital program. But that's sort of the thinking going into this year and into next.

因此，我们认为，即使我们的运营效率有所提高，这些类型的活动也能节省开支。因此，按照今年的节奏，我们将在年初大力发展 DNC 和设施。就像我提到的，在今年后半年，你会看到资本下降，产量增加。我们对此充满期待。到 2025 年，我们将以更高的水平和更优化的速度发展。很明显，我们还有其他选择，这取决于维基希望我们的资本计划达到什么水平。但这就是今年和明年的思路。

Neal Dingmann 尼尔-丁曼

That's what I was looking for, Richard. And then, Richard, a quick follow up on the Permian for my second. How do you view the typical, these days you're doing great on both, but your typical Delaware versus Midland well economics? Why I ask is just looking at the curves you all show on slide 25 and 29, which is, again, I think you're towards the top. I think you're showing around 450,000 BOE in the Dale after a year versus around 250,000 in Midland, which again, knowing that they're cheaper wells, just want to maybe in broad strokes, how you think about the difference in the economics?

理查德，这就是我所寻找的。然后，理查德，关于二叠纪的快速跟进问题，我的第二个问题。您如何看待典型的，这些天你们在两个方面都做得很好，但是您的典型特拉华州与米德兰德井的经济效益？我问这个问题是因为看到你们在第25页和第29页幻灯片上展示的曲线，再次地，我认为你们处于顶端。我认为你们展示的是，在一年后特拉华州大约有450,000桶油当量，而在米德兰德大约有250,000桶，再次地，知道它们是成本更低的井，只是想或许大致上，您如何看待经济效益的差异？

Richard Jackson 理查德-杰克逊

Yes, I mean, you're saying it right. I mean, I think, and it's the same way we think about these primary and secondary benches, even in the Delaware. The cost matters. And it's not only the drilling and completion costs. You can look at a little bit shallower, a little bit, different drilling in the Midland Basin leading to lower drilling and completion costs. Same for the secondary benches in the Delaware. You get a little shallower into the bone springs, they're cheaper. And so, certainly you see it play through on the D&C. But the way the teams put together their development areas, they think about the impacts on facility costs. So, one of the examples, I know we had reviewed here recently, we had some shallower bone spring wells that came on, I think, about three years after we drilled the Wolf Camp wells. And the returns for those secondary wells, even with lower production, was about double the primary. And that was because we were able to reutilize these production facilities.

是的，我的意思是，你说得对。我认为，即使是在特拉华州，我们也是这样考虑这些主要和次要层位的。成本很重要。这不仅是钻井和完井成本。你可以稍微深入一点，看看米德兰盆地的不同钻探方式，导致钻井和完井成本更低。特拉华州的次要层位也是如此。你更浅地进入骨头泉，它们更便宜。所以，你当然可以看到它在钻探和完井上的影响。但是团队在组织他们的开发区域时，他们会考虑对设施成本的影响。所以，举一个例子，我知道我们最近在这里回顾过，我们有一些更浅的骨头泉井开始生产，我想，大约在我们钻探狼营地井三年后。而这些次要井的回报，即使产量较低，也是主要井的大约两倍。那是因为我们能够重新利用这些生产设施。

And so, that timing of how you put that production together can make a tremendous impact on the improvement of the economics. And so, as you think about it in basins, we do the same thing. The advantages of being more balanced in the Midland Basin allows us to optimize all these facility costs, maintenance costs, all these things to make sure we're getting the most production per dollar spent, not just capital, but even OpEx.

因此，如何安排生产的时机，对提高经济效益有着巨大的影响。因此，考虑到盆地的情况，我们也做了同样的事情。米德兰盆地更加均衡的优势让我们能够优化所有这些设施成本、维护成本等，以确保我们每花费一美元，不仅是资本成本，甚至是运营支出，都能获得最高的产量。

So, appreciate the question. And that's absolutely how we look at balancing the capital, looking for that full cycle return forward.

所以，感谢你的提问。我们绝对是这样看待资本平衡问题的，期待着全周期的回报。

Operator 操作员

The next question comes from Scott Gruber with Citigroup. Please go ahead.

下一个问题来自花旗集团的斯科特-格鲁伯。请说。

Scott Gruber 斯科特-格鲁伯

Yes, good afternoon. Staying on the topic of the Permian, can you provide some color on what's included in the Permian unconventional inventory count when it comes to the secondary benches in the bone springs? And how does their success potentially push the inventory count higher?

下午好。继续讨论二叠纪的话题，您能否提供一些关于二叠纪非常规储量计数中包含的骨头泉次要层位的信息？以及它们的成功如何可能推动储量计数上升？

Richard Jackson 理查德-杰克逊

Yes, I'll just maybe give you some perspective on how we're thinking about our inventory in general in terms of how that's going, and I can address some of the bone springs. So, the last couple of years, we've been able to more than replace the wells drilled with improvements in inventory, which come in two buckets. One is appraisal activity, which I'll give you a little color on in terms of bone spring to your question, but also production improvement and cost reduction. So, both of those things not only add inventory, but they move it, we call it to the left, but gets us to less than 60, less than 50, and then ultimately what we're going for, less than $40 break-even inventory.

好的，我来给您一些关于我们总体库存情况的视角，以及它是如何发展的，我还可以回答一些关于骨头泉的问题。所以，在过去的几年里，我们不仅能够通过库存改进来替换钻探的井，这些改进来自两个方面。一是评估活动，我会就骨头泉的问题给您一些具体信息，但还有生产改进和成本降低。所以，这两件事不仅增加了库存，而且它们移动了库存，我们称之为向左移动，但让我们的库存成本降到60美元以下，50美元以下，最终我们的目标是低于40美元的盈亏平衡库存。

And so, as we think about this year in the unconventional, we had a target of around adding 450 wells in the unconventional less than $50 break-even. A bulk of that will come from, we highlighted one of the highlights we had was this third Bone Spring target that we had on the slide highlighting the four wells with the greater than 780 MBOE or MBO.

因此，考虑到今年的非常规开采，我们的目标是在盈亏平衡点低于 50 美元的非常规开采领域增加 450 口油井。其中大部分将来自于，我们在幻灯片上突出显示的骨泉第三目标，其中有四口油井的开采量大于 780 MBOE 或 MBO。

Those will add a bulk of our improvement this year in terms of that promotion of inventory. And so when I look at even the first quarter, just to give you some color, so we're aiming for this $450 million in the first quarter. We had 90 adds less than $50 breakeven. That came, about half of that, from the Bone Spring wells that I mentioned but we're also getting things out of New Mexico and some of the shallower Bone Spring there.

这些都将为我们今年在库存促销方面的改善增加一大部分。因此，当我看到第一季度的情况时，我只是想给你们一些颜色，我们第一季度的目标是 4.5 亿美元。我们增加了 90 个低于 50 美元的盈亏平衡点。其中约有一半来自我提到的骨泉油井，但我们也从新墨西哥州和一些较浅的骨泉油井获得了一些东西。

And so it's not only what we're drilling today, which is going up in terms of secondary benches as a percentage of our total drilled wells in the year, but it's really adding that low-cost inventory in the future. And so a lot of times, we'll get the so what of this inventory, and that's really it. It's being able to extend this low-cost capital intensity as we prosecute our plan over the next few years.

因此，我们不仅要钻探目前正在钻探的井，二级井占全年总钻井数的比例也在上升，而且还要在未来增加低成本库存。因此，很多时候，我们会得到这些库存，但实际上仅此而已。在未来几年里，随着我们计划的实施，我们将能够扩大这种低成本资本的强度。

开采成本会因为技术的提升而降低，目前高的在未来有可能是低的。

Scott Gruber 斯科特-格鲁伯

Got it. And then how do you think about potentially co-developing some of the Bone Springs, along with the core Wolfcamp? Or you're mainly looking at coming back and hitting those zones, leveraging the installed infrastructure as you mentioned?

明白了然后，你们如何考虑在开发沃尔夫坎普核心区的同时，共同开发一些骨泉区？或者你主要是想回来开发这些区域，利用你提到的已安装的基础设施？

Richard Jackson 理查德-杰克逊

Yes. I think -- I mean that's a big part of, I'd say, the next few years is really optimizing how we put that together. Obviously, in the Midland, we do a lot more what we call co-development where you're doing these zones at the same time. One of the benefits in the Delaware is being able to sequence them, have a little bit more precision because of the frac barriers. So we don't have to think about more of the cube or co-development opportunities, which gives us a great opportunity to really maximize the savings we get from reusing these facilities, like I described.

是的。我认为——我的意思是，这将是未来几年的一个重要部分，真正优化我们如何将这些组合在一起。显然，在米德兰德，我们做了很多我们所说的共同开发，即同时进行这些区域的开发。特拉华州的一个好处是能够对它们进行排序，由于压裂屏障，可以有更多的精确度。所以我们不需要考虑更多的立方体或共同开发机会，这给了我们一个真正最大化我们从重复使用这些设施中获得的节省的机会，就像我描述的那样。

So last year, I think we were around 20% secondary benches in the Delaware. This year, we're north of 30%. So you can see that sort of opportunity becoming more prominent in terms of our development plans.

去年，我认为我们在特拉华州的次要层位大约是20%。今年，我们超过了30%。所以你可以看到，在开发计划方面，这种机会变得更加突出。

Operator 操作员

The next question comes from Nitin Kumar with Mizuho. Please go ahead.

下一个问题来自瑞穗银行的 Nitin Kumar。请说。

Nitin Kumar 尼廷-库马尔

Hi, good afternoon. And thanks for taking my question. I just want to start on CrownRock quickly. You mentioned that you're still on track to close the deal in the third quarter. When we announced the deal, you had talked about 170,000 BOE per day of production from CrownRock. Just wanted to see if you could revisit that and see how things are trending there as you are getting closer to the close?

嗨，下午好。感谢您接受我的提问。我只想从 CrownRock 快速开始。你提到你们仍有望在第三季度完成交易。在我们宣布这笔交易时，你曾说过皇冠岩的日产量将达到17万桶油当量。我只是想知道，随着交易接近尾声，你是否可以重新审视一下这个问题，看看情况的发展趋势如何？

Vicki Hollub 维基-霍鲁布

We don't really have any update on the -- either the production or any of the other metrics from CrownRock just what we've provided previously. We'll probably provide, we'll definitely provide an update when we have our next quarterly meeting. Because by that time, I believe, we will have closed, maybe not, but it's going to be certainly sometime in the third quarter.

关于皇冠岩的生产或其他指标，我们没有任何最新进展，只是提供了我们之前提供的信息。我们可能会提供，我们一定会在下一次季度会议上提供最新情况。因为到那时，我相信我们已经完成了，也许还没有，但肯定会在第三季度的某个时候。

Nitin Kumar 尼廷-库马尔

Great. And just -- there's been some movement in Colorado around SB24, which requires a production fee on producers. Want to see what that would look like for Oxy? You're a big producer in the state, and sort of what your thoughts are around that initiative?

很好。科罗拉多州的SB24法案有了一些进展，要求生产商缴纳生产费。想知道这对 Oxy 来说会是什么样子吗？你是该州的一个大生产商，你对这一举措有什么看法？

Vicki Hollub 维基-霍鲁布

Yes. I think that the agreement that was reached in Colorado was a win-win for both the people of Colorado and the investments, the investors in Colorado. So we feel that paying the fee and along with paying the fee to have taken away some bills and some potential ballot measures that would have severely restricted what the oil and gas industry could do that when you take that together, all together, it provides a scenario for the governor and the government of Colorado to do something positive with the fees that will be collected. So we view this to be not overly burdensome for our operations.

是的，我认为在科罗拉多州达成的协议对科罗拉多州人民和科罗拉多州的投资、投资者来说是双赢的。因此，我们认为，在支付费用的同时，还可以取消一些法案和潜在的投票措施，这些法案和措施会严重限制石油天然气行业的发展，综合来看，这为科罗拉多州州长和政府利用收取的费用做一些积极的事情提供了可能。因此，我们认为这不会对我们的业务造成过重的负担。

We think it's actually going to be a doable scenario for us as we work toward doing some of the other things that will come along with this, which is working more on doing things that impact and help to reduce the impact on the ozone layer as well as doing some things that will help from an environmental justice standpoint. So it's a full package deal. It's not just a fee. And putting all that together, it's a good deal.

我们认为这对我们来说实际上是一个可行的方案，因为我们正在努力做一些其他的事情，这些事情也会随之而来，那就是做更多的事情来影响和帮助减少对臭氧层的影响，以及做一些从环境公正角度来说有帮助的事情。因此，这是一个完整的一揽子计划。它不仅仅是一项费用。把所有这些放在一起，这就是一笔好交易。

Operator 操作员

The next question comes from David Deckelbaum with TD Cowen. Please go ahead.

下一个问题来自 TD Cowen 的 David Deckelbaum。请说。

David Deckelbaum 戴维-德克尔鲍姆

Thanks Vicki and team. Thanks for taking my questions. I wanted to ask for a little bit more color just on the guide just so I'm clear on how numbers are progressing this year. The impact from the Gulf of Mexico, is that exclusively what's contributing to the 100-basis-point reduction in oil cut this year? Are you seeing some contribution from some gassier zones and some other of your core assets or perhaps the impact of the PSE in areas like Algeria?

谢谢维姬和团队。谢谢你们回答我的问题。我想问一下关于指南的更多信息，以便我清楚今年的数字是如何进展的。墨西哥湾的影响，是否完全是导致今年石油产量减少 100 个基点的原因？你是否看到了一些天然气区和其他核心资产的贡献，或者阿尔及利亚等地区PSE的影响？

Vicki Hollub 维基-霍鲁布

No, it was almost entirely due to the Gulf of Mexico shutdown. There's really nothing else trending differently that we have in our portfolio.

不，几乎完全是因为墨西哥湾的关闭。我们的投资组合中确实没有其他不同的趋势。

David Deckelbaum 戴维-德克尔鲍姆

Appreciate that. And then maybe just a follow-up on the discussion around deleveraging and noncore asset sales. It sounds like on this call, you might be emphasizing more the cash flow returns that you would be otherwise receiving from some of these assets that maybe the market has flagged as the divestiture candidates. Is that the intention here in signaling that you intend to delever more organically in that noncore asset sales either theoretically would be higher in dollar value to reflect that cash flow contribution or might take longer to materialize?

感谢您的提问。关于去杠杆和非核心资产销售的讨论，听起来在这通电话中，您可能更强调从这些资产中获得的现金流回报，这些资产可能已经被市场标记为潜在的剥离候选。这是您的意图吗？在这里发出信号，表明您打算更有机地去杠杆，非核心资产销售在理论上可能会以更高的美元价值来反映这种现金流贡献，或者可能需要更长的时间来实现？

Vicki Hollub 维基-霍鲁布

I don't think that's what we intended to say. That was not the message we intended to give. When we talk about the fact that we will evaluate everything from a value perspective. What we want to do is just ensure that we're making the right decisions and divestitures of noncore areas is something that we want to do. And we believe that based on the interest that we're seeing that we should be able to achieve.

我认为我们并没有打算这样说。这不是我们想要传达的信息。当我们谈论我们将从价值的角度评估一切时，我们想做的只是确保我们正在做出正确的决策，剥离非核心区域是我们想要做的事情。我们相信，基于我们看到的兴趣，我们应该能够实现。

OXY显然不是很有钱的主，原来有一辆赚钱的出租车，想换一辆好车提高赚钱的能力，通过借钱先把好车买了再卖掉不想要的烂车，很奇怪的想法。

Operator 操作员

In the interest of time, this concludes our question-and-answer session. I would like to turn the conference back over to Vicki Hollub for any closing remarks.

由于时间关系，问答环节到此结束。下面请 Vicki Hollub 致闭幕词。

Vicki Hollub 维基-霍鲁布

I'd just like to thank you all for your questions and for joining our call. Have a great rest of your today.

感谢各位的提问和参与我们的电话会议。祝大家今天休息愉快。

Operator 操作员

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

会议到此结束。感谢您参加今天的演讲。您现在可以断开连接。

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