2024-08-02 Exxon Mobil Corporation (XOM) Q2 2024 Earnings Call Transcript
Exxon Mobil Corporation (NYSE:XOM) Q2 2024 Earnings Conference Call August 2, 2024 8:30 AM ET
埃克森美孚公司 (纽约证券交易所：XOM) 2024 年第二季度财报电话会议 2024 年 8 月 2 日 上午 8:30（东部时间）
Company Participants 公司参与者
Jim Chapman - VP of IR
吉姆·查普曼 - 投资者关系副总裁
Darren Woods - Chairman, CEO
达伦·伍兹 - 主席，首席执行官
Kathy Mikells - SVP, CFO
凯西·米凯尔斯 - 高级副总裁，首席财务官
Conference Call Participants
会议电话参与者
Neil Mehta - Goldman Sachs
尼尔·梅塔 - 高盛
Betty Jiang - Barclays 贝蒂·姜 - 巴克莱
Doug Leggate - Wolfe Research
道格·莱格特 - 沃尔夫研究
Devin McDermott - Morgan Stanley
德文·麦克德莫特 - 摩根士丹利
John Royall - JP Morgan
约翰·罗伊尔 - 摩根大通
Jason Gabelman - TD Cowen
杰森·盖布尔曼 - TD Cowen
Biraj Borkhataria - RBC 比拉吉·博尔卡塔里亚 - RBC
Stephen Richardson - Evercore
斯蒂芬·理查德森 - Evercore
Roger Reed - Wells Fargo
罗杰·里德 - 富国银行
Josh Silverstein - UBS 乔什·西尔弗斯坦 - 瑞银
Bob Brackett - Bernstein Research
鲍勃·布拉基特 - 伯恩斯坦研究
Operator 操作员
Good day, everyone, and welcome to this ExxonMobil Corporation Second Quarter 2024 Earnings Call. Today's call is being recorded. At this time I would like to turn the call over to the Vice President of Investor Relations, Mrs. Jennifer Driscoll. Please go ahead ma'am.
大家好，欢迎参加埃克森美孚公司 2024 年第二季度财报电话会议。今天的电话会议正在录音。此时，我想把电话交给投资者关系副总裁詹妮弗·德里斯科夫女士。请您开始，女士。
Jim Chapman 吉姆·查普曼
Good morning everyone. Welcome to ExxonMobil's Second Quarter 2024 Earnings Call. We appreciate you joining us. I'm Jim Chapman, Vice President, Treasurer and Investor Relations. I'm joined by Darren Woods, Chairman and CEO, and Kathy Mikells, Senior Vice President and CFO. This presentation and pre-recorded remarks are available on the Investor section of our website. They are meant to accompany the second quarter earnings news release, which is posted in the same location.
大家早上好。欢迎参加埃克森美孚 2024 年第二季度财报电话会议。感谢您加入我们。我是吉姆·查普曼，副总裁、财务主管和投资者关系负责人。与我一起的是达伦·伍兹，董事长兼首席执行官，以及凯西·米凯尔斯，高级副总裁兼首席财务官。本次演示和预录的发言将在我们网站的投资者部分提供。它们旨在配合发布的第二季度财报新闻稿，新闻稿也发布在同一位置。
During today's presentation, we'll make forward-looking comments, including discussions of our long-term plans and integration efforts, which are still being developed and 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. Note that we also provided supplemental information at the end of our earnings slides, which are also posted on the website.
在今天的演示中，我们将做出前瞻性的评论，包括对我们长期计划和整合工作的讨论，这些计划和工作仍在开发中，并且面临风险和不确定性。请阅读第 2 页的警示声明。您可以在我们网站上的 SEC 文件中找到适用于任何前瞻性声明的风险和不确定性的信息。请注意，我们还在财报幻灯片的末尾提供了补充信息，这些信息也已发布在网站上。
And now I'll turn it over to Darren for opening remarks.
现在我将把时间交给达伦进行开场发言。
Darren Woods
达伦伍兹
Good morning and thanks for joining us. ExxonMobil's performance remains strong. In the second quarter we delivered earnings of $9.2 billion, our second best second quarter results in the last 10 years. Just as important, we continue to improve the fundamental earnings power of the company, as Kathy covers in her prepared remarks available on our website. Our overall market conditions were softer in the second quarter. Oil prices remained firm.
早上好，感谢您加入我们。埃克森美孚的业绩依然强劲。在第二季度，我们实现了 92 亿美元的收益，这是过去 10 年中第二好的第二季度业绩。同样重要的是，我们继续提升公司的基本盈利能力，正如凯西在她的准备发言中提到的，发言可以在我们的网站上找到。我们的整体市场状况在第二季度有所放缓。油价保持坚挺。
As a reminder, at Brent between $60 and $80 a barrel real and 10-year average refinery and chemical margins, we expect to generate between $80 billion and $140 billion in cumulative surplus cash from 2024 to 2027. The Pioneer acquisition increases that even further. In the quarter, we once again set production records from our advantage assets in Guyana and the Permian. Including Pioneer, our Permian production surged to 1.2 million barrels per day. In product solutions, our sales of high-return performance products rose 5% sequentially to a new record.
作为提醒，在布伦特油价在每桶 60 到 80 美元之间时，我们预计在 2024 到 2027 年间将产生 800 亿到 1400 亿美元的累计超额现金。收购先锋公司进一步增加了这一数字。在本季度，我们再次创下了来自圭亚那和二叠纪优势资产的生产记录。包括先锋公司在内，我们的二叠纪日产量激增至 120 万桶。在产品解决方案方面，我们高回报性能产品的销售环比增长了 5%，创下新纪录。
Our strong performance in the quarter continues to support our capital allocation priorities, including the distribution of $9.5 billion to shareholders, of which $4.3 billion was in dividends. With the close of the Pioneer transaction, our shareholders now include the former owners of Pioneer stock who have begun to benefit from the strength of our combined companies. We welcome them to ExxonMobil, just as we do the talented people of Pioneer who bring a strong entrepreneurial mindset and deep expertise in unconventional resource development.
我们在本季度的强劲表现继续支持我们的资本配置优先事项，包括向股东分配 95 亿美元，其中 43 亿美元为股息。随着先锋交易的完成，我们的股东现在包括先锋股票的前所有者，他们已经开始受益于我们合并公司的实力。我们欢迎他们加入埃克森美孚，就像我们欢迎先锋的优秀人才，他们带来了强烈的创业精神和在非常规资源开发方面的深厚专业知识。
I also want to recognize the combined transaction team for their excellence in execution. The average time to complete this type of merger over the last several years has been more than 11 months. We closed Pioneer in six months, once again demonstrating the strength of our organization and effectively executing large, complicated projects, including large acquisitions. It is challenging work, requiring deep thinking, a highly structured approach, and disciplined action, areas where we excel.
我还想表彰联合交易团队在执行方面的卓越表现。在过去几年中，完成这种类型的合并的平均时间超过 11 个月。我们在六个月内完成了先锋的交易，再次展示了我们组织的实力，并有效地执行了大型复杂项目，包括大型收购。这是一项具有挑战性的工作，需要深入思考、高度结构化的方法和严谨的行动，而这些正是我们的强项。
Although, it's still early days, the integration is exceeding our expectations, and I'm confident we'll deliver even more synergies than we've announced. The team looks forward to sharing these details and all the other work we're doing to significantly grow value at our corporate plan update and Upstream spotlight in December. As we look ahead, we see opportunities to grow value not only through our corporate plan period, but long into the future. Later this month, we'll publish our global outlook, which projects global energy demand 15% higher in 2050 than it is today.
尽管现在还处于早期阶段，但整合超出了我们的预期，我相信我们将提供比我们宣布的更多的协同效应。团队期待在 12 月的公司计划更新和上游聚焦会上分享这些细节以及我们为显著提升价值所做的其他工作。展望未来，我们看到不仅在公司计划期间，还有很长一段时间内增长价值的机会。本月晚些时候，我们将发布全球展望，预计到 2050 年全球能源需求将比今天高出 15%。
I’ve never heard “dis-synergies” （我从未听说过"不协同效应"），这是巴菲特的原话。
We see oil demand holding steady at around 100 million barrels per day in 2050, while demand for renewables and natural gas grows considerably. An energy abundant future, driven by economic growth and rising levels of prosperity, creates opportunity for ExxonMobil, no matter the speed or direction of the energy transition. Over time, as it becomes more and more obvious that heavy industry and commercial transportation will not be meaningfully powered by renewables, the world will come to rely more on technologies where we have an advantage, including hydrogen, biofuels, and carbon capture and storage.
我们预计到 2050 年，石油需求将保持在每天约 1 亿桶的水平，而可再生能源和天然气的需求将大幅增长。一个能源丰富的未来，由经济增长和日益提高的繁荣水平驱动，为埃克森美孚创造了机会，无论能源转型的速度或方向如何。随着时间的推移，重工业和商业运输将不会被可再生能源有效驱动，这一点变得越来越明显，世界将更多地依赖我们具有优势的技术，包括氢能、生物燃料以及碳捕集与储存。
A serious approach to the transition should focus on moving the world from high carbon to low carbon energy, not simply from oil and gas to wind and solar. The data, science, and economics all support this as fundamentally necessary. Our strategy reflects this reality and since it relies on the same corporate capabilities and advantages under any scenario, it is extremely flexible, delivering strong profitability irrespective of the path society takes.
一个严肃的过渡方法应集中于将世界从高碳能源转向低碳能源，而不仅仅是从石油和天然气转向风能和太阳能。数据、科学和经济学都支持这一点，认为这是根本必要的。我们的战略反映了这一现实，并且由于它在任何情况下都依赖于相同的企业能力和优势，因此具有极大的灵活性，无论社会采取何种路径，都能实现强劲的盈利能力。
As a technology company that transforms molecules to meet society's needs, we're not defined by our existing product suite. We began as a maker of kerosene for lamps. Today, No one thinks of ExxonMobil as a kerosene company serving the lamp industry. In the future, ExxonMobil will be defined by the technologies and products it is producing to meet the world's future needs. As always, by drawing on our unique combination of competitive advantages. We shared with you a variety of technologies and products we're developing to more effectively meet existing needs, while helping the world achieve a lower carbon future.
作为一家将分子转化以满足社会需求的科技公司，我们并不局限于现有的产品组合。我们最初是为灯具制造煤油的公司。如今，没有人会将埃克森美孚视为服务于灯具行业的煤油公司。在未来，埃克森美孚将以其为满足世界未来需求而生产的技术和产品而定义。我们将继续利用我们独特的竞争优势。我们与您分享了多种技术和产品，这些技术和产品正在开发中，以更有效地满足现有需求，同时帮助世界实现更低碳的未来。
不是每个企业都能够持续经营，但有些文化是起到作用的，能有效减少噪音的文化。
Two examples where I see significant new market potential are Proxxima and carbon materials. With Proxxima, we transform lower value gasoline molecules into a high performance, high value thermoset resin that can be used in coatings, lightweight construction materials, and advanced composites for cars and trucks, including battery boxes for electric vehicles. Materials made with Proxxima are lighter, stronger, more durable, and produced with significantly fewer GHG emissions than traditional alternatives.
我看到的两个具有显著新市场潜力的例子是 Proxxima 和碳材料。通过 Proxxima，我们将低价值的汽油分子转化为高性能、高价值的热固性树脂，这种树脂可用于涂料、轻质建筑材料以及汽车和卡车的先进复合材料，包括电动车的电池盒。使用 Proxxima 制造的材料比传统替代品更轻、更强、更耐用，并且产生的温室气体排放显著减少。
In March, we showcased the automotive uses of Proxxima at the world's leading international composites exhibition in Paris. We're progressing projects in Texas with startups planned in 2025 that will significantly expand the production of Proxxima. We see the total addressable market for Proxxima at 5 million tons and $30 billion by 2030, with demand growing faster than GDP and returns above 15%. That's an exciting new business opportunity with significant profit potential, for we have unique and hard to replicate advantages consistent with our strategy and core capabilities.
在三月，我们在巴黎的世界领先国际复合材料展览会上展示了 Proxxima 在汽车领域的应用。我们正在德克萨斯州推进项目，计划在 2025 年启动的初创企业将显著扩大 Proxxima 的生产。我们预计到 2030 年，Proxxima 的可寻址市场总量为 500 万吨，价值 300 亿美元，需求增长速度将超过 GDP，回报率超过 15%。这是一个令人兴奋的新商业机会，具有显著的利润潜力，因为我们拥有独特且难以复制的优势，与我们的战略和核心能力一致。
We also see a sizable opportunity in carbon materials, transforming the molecular structure of low-value, carbon-rich feeds from our refining processes into high-value products for a range of applications. We are targeting market segments with margins of several thousand dollars per ton and growth rates outpacing GDP. These include carbon fiber, polymer additives, and battery materials. Our competitive advantages of scale, technology, and integration, combined with our North American manufacturing footprint, provides a foundation for building these compelling new high-margin businesses.
我们还看到碳材料领域有很大的机会，将我们炼油过程中低价值、高碳含量原料的分子结构转变为适用于多种应用的高价值产品。我们瞄准的市场细分领域的利润率达到每吨数千美元，且增长率超过 GDP。这些领域包括碳纤维、聚合物添加剂和电池材料。我们的规模、技术和整合的竞争优势，加上我们在北美的制造基地，为建立这些有吸引力的新高利润业务提供了基础。
I've challenged the product solutions team to lean into those opportunities and develop plans to accelerate the growth of both of these profitable new businesses. I hope we can ramp up investments to make them a meaningful part of our overall portfolio sooner, which will help further diversify earnings and significantly grow shareholder value for decades to come. ExxonMobil has a long history of successfully establishing new high-value and used products for established and growing markets. Consider Vistamaxx, which we launched to enhance the performance of everything from auto parts and construction materials to personal care products and packaging. We've grown our Vistamaxx performance polymer from five grades to 20, and total annual production capacity is 700,000 metric tons per annum, with highly attractive returns and significantly more growth potential.
我已向产品解决方案团队提出挑战，鼓励他们抓住这些机会，制定计划以加速这两项盈利新业务的增长。我希望我们能够加大投资，使它们尽早成为我们整体投资组合的重要组成部分，这将有助于进一步多元化收益，并在未来几十年显著提升股东价值。埃克森美孚在成功建立新高价值和再利用产品以满足成熟和增长市场方面有着悠久的历史。以 Vistamaxx 为例，我们推出它是为了提升从汽车零部件和建筑材料到个人护理产品和包装的性能。我们将 Vistamaxx 性能聚合物的等级从五个增加到 20 个，年总生产能力为 70 万吨，具有极具吸引力的回报和显著的增长潜力。
Of course, consistent with the track record we've established over the last seven years, the hurdle for investing will be high. Any investment will have to generate competitive returns, possess clear competitive advantages, and be resilient to the bottom of any commodity cycle. As we've demonstrated, our capital allocation decisions have generated robust earnings, cash flow, and shareholder returns. I look forward to sharing more about our growth opportunities in December.
当然，符合我们在过去七年建立的业绩记录，投资的门槛将会很高。任何投资都必须产生具有竞争力的回报，具备明确的竞争优势，并且在任何商品周期的低谷中保持韧性。正如我们所展示的，我们的资本配置决策产生了强劲的收益、现金流和股东回报。我期待在十二月分享更多关于我们增长机会的信息。
巴菲特的评价：但是这种限制远远小于，一位经验仅限于单一领域的高管所承受的限制。除此之外，我们可以有利可图的持续扩大规模，远远超过许多企业，这些企业普遍受到其所在单一行业潜力有限的制约。
In closing, we have a lot to feel good about. Our performance is strong. Our merger with Pioneer is already creating tremendous value with more to come. And we continue to develop products and build businesses that will enable us to grow properly far into the future across a wide range of scenarios, including a rapid energy transition.
最后，我们有很多值得感到高兴的事情。我们的业绩强劲。与先锋的合并已经创造了巨大的价值，未来还会有更多。我们继续开发产品和建立业务，使我们能够在各种情境下，包括快速能源转型，长期稳健地增长。
With that, we'd be happy to take your questions.
那么，我们很高兴回答您的问题。
Jim Chapman 吉姆·查普曼
Thank you, Darren. Now, let's move to our Q&A session. As a reminder, we ask each participant to keep it to just one question. And with that, operator, we'll ask you to please open the line for our first question.
谢谢你，达伦。现在，让我们进入问答环节。提醒一下，我们请每位参与者只提一个问题。接下来，操作员，请您为我们的第一个问题开启线路。
Question-and-Answer Session
问答环节
Operator 操作员
Thank you. The question-and-answer session will be conducted electronically. [Operator Instructions] The first question comes from Neil Mehta, Goldman Sachs. Your line is open. Please go ahead.
谢谢。问答环节将以电子方式进行。[操作员指示] 第一个问题来自高盛的尼尔·梅塔。您的线路已开启。请继续。
Neil Mehta 尼尔·梅塔
Good morning, Darren and team, and thanks for the update. I wanted to build on your comments on Pioneer. Now that it is under your umbrella. Can you build on some of your comments around, one how is the asset performing from a volume and type curve perspective relative to expectations, and two you alluded to synergies tracking ahead of expectations. Can you help delineate what those buckets of out performance are?
早上好，达伦和团队，谢谢你们的更新。我想在你们关于先锋的评论基础上再深入一些。既然它在你们的管理之下，能否详细说明一下你们的评论，首先，从体量和类型曲线的角度来看，这个资产的表现如何，相对于预期；其次，你们提到协同效应超出预期。能否帮助阐明这些超出表现的具体方面是什么？
Darren Woods 达伦·伍兹
Yeah, good morning Neil. I'll start with a few comments and then let Kathy kind of add on top of that. I’d say, early days yet two months in, but the work of the team prior to the change in control and then what we've seen since then is extremely encouraging. As we've stated, the Pioneer assets basically delivered a record performance in the second quarter. And if you think about the context of doing that with all the change that was going on with respect to the merger, I think a real testament to the quality of the people there and the work that they've been doing.
好的，早上好，尼尔。我先说几句，然后让凯西补充。我想说，现在还处于早期阶段，已经两个月了，但在控制权变更之前团队的工作，以及我们自那时以来看到的情况，都是非常令人鼓舞的。正如我们所说，先锋资产在第二季度基本上创造了记录业绩。如果考虑到在合并过程中发生的所有变化的背景下做到这一点，我认为这是真正证明了那里的人员素质和他们所做工作的质量。
So I'd say vectors are all pointing up. I think probably better than what we had anticipated, but I would also say it's early in the process. The teams today are working very well together, which has led to frankly, identifying a lot more value opportunities than frankly, I think either of us could see when we were on opposite sides of the fence. And now that we're together working, we see essentially a lot of opportunities to transfer the best practices of ExxonMobil into Pioneer and likewise to transfer a number of best practices from Pioneer into the ExxonMobil Base, which when you think about our size has some tremendous leverage associated with it.
我会说，所有的向量都在向上指。我认为这可能比我们预期的要好，但我也会说，这个过程还处于早期阶段。今天的团队合作得非常好，这使得我们发现了比我认为我们在对立面时能看到的更多的价值机会。现在我们在一起工作，我们看到有很多机会可以将埃克森美孚的最佳实践转移到先锋公司，同样也可以将先锋公司的许多最佳实践转移到埃克森美孚的基础上，考虑到我们的规模，这带来了巨大的杠杆效应。
2＋2永远等于4，巴菲特喜欢bolt-on acquisitions，指大公司收购小公司，然后将其整合到现有业务中，不相信相互补强的逻辑。
So that's all being worked through in detail. As you know, when we commit to some of our objectives, they're based by some very detailed plans that sit behind them. The organization today is working those plans, but we already see significant upside potential, not only in the magnitude, but in the pace at which we'll be able to deliver them. So I think a really positive story there.
所以这一切都在详细进行中。正如你所知道的，当我们承诺一些目标时，它们是基于一些非常详细的计划。今天，组织正在执行这些计划，但我们已经看到了显著的上行潜力，不仅在规模上，还有我们能够交付的速度上。因此，我认为这是一个非常积极的故事。
I'll let Kathy maybe add some additional details. Kathy?
我让凯西也许补充一些细节。凯西？
Kathy Mikells 凯西·米凯尔斯
Sure, I think one of the things we've been really pleased by is the number of learnings that we've already had from Pioneer. And so not only will we bring our technology and cube development to them, but they are bringing a bunch of learnings to us. So we're already utilizing their remote logistics operations center in our own drilling and completions operations in order to improve supply chain. They've done some things on the procurement side, I'd say, that we think can help us to kind of leverage up our expertise. They've been really good over the years of locking up their acreage. So we think that's another thing that ultimately we can benefit from. And then as I think everyone knows, they've got a quite large water infrastructure in the Midland Basin. And we'll be looking to also leverage that.
当然，我认为我们非常高兴的一件事是我们已经从先锋公司获得的学习经验数量。因此，我们不仅会将我们的技术和立方体开发带给他们，他们也会给我们带来许多学习经验。我们已经在自己的钻探和完井操作中利用了他们的远程物流运营中心，以改善供应链。他们在采购方面做了一些事情，我们认为这可以帮助我们提升专业知识。他们多年来在锁定土地方面做得非常好。因此，我们认为这是我们最终可以受益的另一个方面。正如大家所知，他们在米德兰盆地拥有相当大的水资源基础设施，我们也会寻求利用这一点。
So we've been really pleased with what they bring to the table and we're off to a really good start, as we look at building an integration development plan with them that fully utilizes the technology that we bring to the table. And so we're going to have a corporate plan update in December. We are going to do a spotlight on the Upstream, and we'll update where we're at with the synergies and how we are looking forward at that time.
我们对他们所带来的东西感到非常满意，并且在与他们共同制定一个充分利用我们所提供技术的整合开发计划时，我们已经有了一个良好的开端。因此，我们将在十二月进行一次公司计划更新。我们将重点关注上游，并在那时更新我们在协同效应方面的进展以及我们的展望。
Darren Woods 达伦·伍兹
Yeah, I guess cap it off, Neil, with we said at the time we announced the acquisition that we were going to produce more barrels at a lower cost and in a more environmentally friendly way. That continues to be the case. That's obviously good for our company, but more importantly, as we said at the time, we continue to emphasize it's good for the US, it is good for the US economy, it's good for the people living in the US, it's good for US businesses and critically it's good for US energy security. So I think this is as I said at the time, going to be a win-win proposition for all.
是的，我想总结一下，尼尔，我们在宣布收购时说过，我们将以更低的成本和更环保的方式生产更多的桶。这种情况依然如此。这显然对我们的公司有利，但更重要的是，正如我们当时所说的，我们继续强调这对美国有利，对美国经济有利，对生活在美国的人们有利，对美国企业有利，关键是对美国的能源安全有利。因此，我认为正如我当时所说的，这将是一个对所有人都有利的双赢提议。
Neil Mehta 尼尔·梅塔
All right. Thank you, Darren. Thank you, Kathy.
好的。谢谢你，达伦。谢谢你，凯西。
Operator 操作员
The next question is from Betty Jiang with Barclays.
下一个问题来自巴克莱的贝蒂·姜。
Betty Jiang 贝蒂·姜
Darren, Kathy, good morning. Since I just talked about Permian, we'll hit on the other region that's also hitting record production, so Guyana volumes continue to exceed expectations and the FPSO just continue to produce while above capacity. We'd love to just get an understanding of, do you think this type of performance is likely to continue and is that translatable for what you would expect for the future projects that's yet to come.
达伦，凯西，早上好。既然我刚刚提到德克萨斯州的二叠纪，我们来谈谈另一个也在创纪录生产的地区，圭亚那的产量继续超出预期，浮式生产储油船(FPSO)的产量持续高于容量。我们希望了解一下，您认为这种表现是否可能持续下去，这是否可以转化为您对未来尚未到来的项目的预期。
Darren Woods 达伦·伍兹
Sure, I'll take that Betty. Thank you and good morning. Good to hear from you again. I would say, you know, what you're seeing is the collective effort of our organization focusing on what is a very high value development and making sure that we are taking advantage of all the opportunities we can find to safely grow production. And as you commented, we are seeing some significant improvements with production rates well above what we had based the investment decision on and that's continuing across all three of them.
当然，我会接受这个，贝蒂。谢谢你，早上好。很高兴再次听到你的消息。我想说，你看到的是我们组织的集体努力，专注于一个非常高价值的发展，并确保我们利用所有可以找到的机会安全地增加产量。正如你所提到的，我们看到生产率有显著改善，远高于我们基于投资决策时的水平，这种情况在所有三个项目中都在持续。
We try to take that into account as we develop the next and so in theory, you would think we build that into the base and don't continue to see that. But frankly our experience is telling us otherwise, which is this organization, complemented by the work that we're doing with our technology organization, our global operations and sustainability organization, every element of the organization that we have now created and functionalized is very focused on maximizing values. And so, with these new organizations and that focus, they continue to find additional opportunities.
我们在开发下一个版本时会考虑到这一点，因此理论上你会认为我们将其纳入基础中，而不会继续看到这一点。但坦率地说，我们的经验告诉我们并非如此，这个组织，加上我们与技术组织、全球运营和可持续发展组织的合作，以及我们现在创建和功能化的每一个组织元素，都非常专注于最大化价值。因此，随着这些新组织和这种专注，他们继续发现额外的机会。
So, I would bet that we'll continue to see how performance versus the basis on which we FID, but I would also tell you that every development is unique unto itself and obviously we got to get it up and running and then let the teams get after it and find the opportunities to safely increase its capacity. But I would just tell you, I would bet on our people to find that. We've got a long history of doing it, and it's clearly demonstrating itself with this unique and valuable opportunity here.
所以，我敢打赌我们会继续看到我们基于FID的表现，但我也要告诉您，每个发展都是独一无二的，显然我们需要让它运行起来，然后让团队去追求它，并找到安全增加其容量的机会。但我只是想告诉您，我会押注我们的人会找到它。我们有悠久的历史这样做，这显然在这个独特且有价值的机会中得到了明确的展示。
Betty Jiang 贝蒂·姜
Thank you. 谢谢。
Darren Woods 达伦·伍兹
You bet, thank you Betty.
你说得对，谢谢贝蒂。
Operator 操作员
The next question comes from Doug Leggate with Wolfe Research.
下一个问题来自 Wolfe Research 的 Doug Leggate。
Doug Leggate 道格·莱盖特
Hey, Good morning, thanks for taking my questions. Good morning Darren and Kathy.
嘿，早上好，谢谢你们回答我的问题。早上好，达伦和凯西。
Kathy Mikells 凯西·米凯尔斯
Good morning. 早上好。
Doug Leggate 道格·莱盖特
I'm still getting used to the new moniker Darren, but thanks for having me on. So I wonder if I could ask a question about portfolio now that you've got Pioneer in the door. You've got a lot of things that are perhaps you could characterize as maybe non-core, a lot of tails in the portfolio. And I'm just curious, we haven't really heard much on the asset disposal front in a while, and I'm curious if now that you've got two very significant concentrated assets to some extent, the Permian and Guyana, what it means for the portfolio in terms of high-grading opportunities going forward?
我仍在适应新的名字达伦，但感谢你让我参与。我想问一下关于投资组合的问题，现在你们已经把先锋引入了。你们有很多可能被视为非核心的资产，投资组合中有很多尾部资产。我很好奇，最近我们没有听到太多关于资产处置的消息，现在你们有两个非常重要的集中资产，德克萨斯州的二叠纪和圭亚那，这对未来投资组合的高质量机会意味着什么？
Darren Woods 达伦·伍兹
Yeah, I'll start with that, and then I'll let Kathy add anything that she wants to. But I would say, actually, we've been fairly aggressively going after the tail. You remember, I think back in 2019, we had announced that we were going to divest about $15 billion over time. Of course, we got into the pandemic and we said we're not going to, this is not a forced-March. We're going to basically divest when the market conditions ensure that we can realize the value that we think the assets that we are marketing can be realized. And frankly, that's what we've been doing.
是的，我会先从这个开始，然后让凯西补充她想说的任何内容。但我想说，实际上，我们一直在积极追求尾部。你还记得，我想在 2019 年，我们宣布将逐步剥离大约 150 亿美元的资产。当然，我们进入了疫情，我们说我们不会，这不是强制性的进程。我们基本上会在市场条件确保我们能够实现我们认为正在市场上出售的资产的价值时进行剥离。坦率地说，这就是我们一直在做的。
So as you look at where we're at today, second quarter this year, I think we've basically gotten to the $15 billion in the Upstream. And then if you look at what we've been doing in the downstream, there's another few billion dollars that we've added on top of that. So frankly, from a cleaning up the tail standpoint, we've made significant progress. Obviously, there's a few more things that we're working on and we'll continue to assess every one of the assets in the portfolio, make sure that they are competitively advantaged.
所以当你看看我们今天的状况，今年第二季度，我认为我们在上游基本上达到了 150 亿美元。如果你看看我们在下游所做的，还有另外几亿美元的增加。因此，坦率地说，从清理尾部的角度来看，我们已经取得了显著进展。显然，还有一些事情我们正在处理，我们将继续评估投资组合中的每一个资产，确保它们具有竞争优势。
And, you know, frankly, as we look at new investments, we force those investments to compete on an industry-wide basis and make sure that they're advantaged versus the industry and therefore can be a supply product at low cost of supply. We also do that with all of our existing assets. And if they are not competitively positioned on an industry supply curve, then the organization has two options. Either we come up with an advantage investment that makes them more competitive and moves them to the left on the cost of supply curve, or we look to divest. And that process has been ongoing across all of our businesses. And then obviously the timing of when we then take action is a function of realizing the value that we think those divestments should bring. And we're patient. We're not going to rush that process.
您知道，坦白地说，当我们考虑新的投资时，我们迫使这些投资在整个行业范围内竞争，并确保它们相对于行业具有优势，因此可以成为供应成本低的供应产品。我们也对我们所有现有的资产这样做。如果它们在行业供应曲线上没有竞争性定位，那么组织有两个选择。要么我们提出一个优势投资，使它们更具竞争力，并将它们在供应成本曲线上向左移动，要么我们寻求剥离。这个过程在我们的所有业务中一直在进行。然后显然，我们采取行动的时机是实现我们认为这些剥离应该带来的价值。我们很有耐心。我们不会急于这个过程。
But I would just say staying after it, being very steady, waiting for the market to meet, to be where it needs to be in order for us to [reevaluate] (ph) it has paid off significantly. And basically, we're delivering on what we said we were going to do, and we'll continue to look at it. But I don't see any big step changes here in the medium-term.
但我想说的是，持续坚持，保持稳定，等待市场达到我们需要的状态以便我们重新评估，这确实得到了显著回报。基本上，我们正在兑现我们所说的承诺，并将继续关注这一点。但我在中期内没有看到任何大的变化。
这里的说法比OXY要客观，垃圾资产的剥离是不容易的，BRK的策略是不再投入，石油行业或许有不一样的机会，石油的起伏很大，价格好的时候或许能卖一个更好的价格，OXY的想法是18个月以内剥离，不是太客观的策略。
Kathy Mikells 凯西·米凯尔斯
And the only other thing I'd note, Neil, is you can see in our cash flow bridges every quarter.
而我想提到的唯一其他一点，尼尔，是你可以在我们的现金流桥中每个季度看到。
Doug Leggate 道格·莱盖特
Doug. 道格。
Kathy Mikells 凯西·米凯尔斯
Sorry. I'm sorry, Doug. I'm sorry. But you can see in our cash flow bridges, we're pretty consistently every quarter bringing in more proceeds from the divestments that are occurring. You know, in the first half of the year that was $1.6 billion. And then I would just note we had a lot of activity in Upstream. And so that generated some positive earnings for us in the quarter. And so if you look at my prepared remarks, you know, that we published earlier this morning, I talk about sort of $380 million in the Upstream being kind of these other one-off items. And that was a lot of earnings coming in from divestments only partially offset by the one-off cost associated with Pioneer.
抱歉。我很抱歉，道格。我很抱歉。但是你可以看到我们的现金流桥接，每个季度我们从正在进行的剥离中获得的收益相当稳定。你知道，今年上半年是 16 亿美元。然后我想提到，我们在上游有很多活动。因此，这为我们在本季度带来了积极的收益。所以如果你查看我今天早上发布的准备发言稿，我提到上游大约有 3.8 亿美元的其他一次性项目。这是来自剥离的大量收益，仅部分被与先锋相关的一次性成本抵消。
Doug Leggate 道格·莱盖特
Terrific, it would have been worse if you'd called me Jennifer Kathy, but thanks so much. I appreciate it.
太好了，如果你叫我詹妮弗·凯西，那就更糟了，但非常感谢。我很感激。
Kathy Mikells 凯西·米凯尔斯
Yeah, good appreciate that. Sorry about that Doug.
好的，感谢你。抱歉，道格。
Jim Chapman 吉姆·查普曼
Doug, congratulations on the new shop, the new platform.
道格，恭喜你开了新店，新的平台。
Doug Leggate 道格·莱盖特
And to you, Jim. Thanks so much.
谢谢你，吉姆。非常感谢。
Operator 操作员
The next question is from Devin McDermott with Morgan Stanley.
下一个问题来自摩根士丹利的德文·麦克德莫特。
Devin McDermott 德文·麦克德莫特
Hey, good morning. Thanks for taking my question. So Darren, you had a lot of good updates in your prepared remarks on some of the low carbon initiatives. There's been a lot of progress there, it seems over the past few months and quarters, which is great to see. And I think back to the corporate plan you laid out late last year, this is a growing wedge of your overall capital spending in each of the next few years. So I was wondering for some of these investment opportunities, and more about what miles you're focused on to actually start allocate more capital to these areas. So what's needed to make final investment decision on [ExxonMobil] (ph) [indiscernible] or move forward with carbon materials or build the scale you talked about in lithium production. Is it more commercialization in offtake, technology development, regulatory clarity, something else?
嘿，早上好。感谢您回答我的问题。达伦，您在准备的发言中提到了许多关于低碳倡议的好消息。似乎在过去几个月和几个季度里，这方面取得了很大进展，这真是太好了。我想起您去年年底提出的企业计划，这在未来几年的整体资本支出中占据了越来越大的份额。因此，我想了解一下这些投资机会，以及您关注哪些里程碑，以便实际开始在这些领域分配更多资本。为了对[埃克森美孚]（音）[无法辨识]做出最终投资决策，或者推进碳材料，或建立您提到的锂生产规模，需要什么？是更多的商业化、技术开发、监管明确，还是其他什么？
Darren Woods 达伦·伍兹
Sure. Yes. You broke up just a little bit on that, Devin, but I think I got to gist of your question. If I don't hit the mark then please steer me in a slightly different direction. I think your question around what's required to kind of continue to move along in our investments in the low carbon solution across the portfolio of products that we've been talking about. I would just say, fundamentally we expect in the low carbon businesses -- and in fact, some of these new products that while they contribute to a lower carbon future, they also bring significant value in use in today's application, they have to compete in the portfolio, they have to be advantaged versus what's out there today and they have to basically generate good returns across the commodity cycles.
当然。是的，德文，你刚才的声音有点断断续续，但我想我明白了你的问题的要点。如果我没有说到点子上，请稍微引导我一下。我认为你问的是在我们投资于低碳解决方案的产品组合中，继续推进所需的条件。我想说，从根本上讲，我们期望在低碳业务中——实际上，这些新产品虽然有助于实现更低碳的未来，但它们在今天的应用中也带来了显著的使用价值，它们必须在产品组合中竞争，必须相对于现有产品具有优势，并且必须在商品周期中基本上产生良好的回报。
And so the fundamental philosophy that we've been applying in the base business also is required in these -- the new businesses that we are trying to generate. So that's foundational what each of -- and Dan Ammann, in particular but then the stuff that's coming out of the Product Solutions organization, has also got to meet that initial hurdle. And then as you look across each of them, the hurdles to clear to deliver on that expectation vary little bit. I would say in Dan's business with the carbon capture and storage, he and his team are building a brand-new business.
因此，我们在基础业务中应用的基本理念在我们试图创造的新业务中也是必需的。这是每个人的基础，尤其是丹·阿曼（Dan Ammann），以及产品解决方案组织所推出的内容，也必须满足这一初步要求。然后，当你查看每个业务时，满足这一期望的障碍略有不同。我会说，在丹的碳捕集和储存业务中，他和他的团队正在建立一个全新的业务。
And so there are very few, I think examples of where the company is not only developing the technology and the infrastructure and logistics system, but also developing the capacity to supply, while developing the demand and developing the market in general, and advocating on, what I’d say, are the initial policies needed to get things kick started. So there are a lot of moving parts.
因此，我认为很少有例子表明公司不仅在开发技术、基础设施和物流系统，还在开发供应能力，同时开发需求和市场，并倡导我所说的启动所需的初始政策。因此，有很多动态因素。
I would say the broader industry and business community, frankly haven't gotten far enough along this to truly appreciate just how complicated it is. But I’d say leveraging the capacity and capability that we've built over the decades doing this in other parts of our company, particularly in the Upstream, that we are leveraging those capabilities and making really good progress there.
我想说，整个行业和商业界坦率地说，在这方面还没有走得够远，无法真正理解它有多复杂。但我认为，我们正在利用几十年来在公司其他部门，特别是在上游，所建立的能力和技术，正在充分发挥这些能力，并在这方面取得了很好的进展。
On the blue hydrogen project, as we've worked through the engineering -- and we've got a really good line of sight to what that project can deliver. Obviously, a critical element of that is getting the IRA legislation translated into final regulations, and that's a process that's been ongoing. We are optimistic that the regulations will reflect the intent of the legislation. And if it does, I think we'll have a very attractive project that we can then FID here once those regulations are finalized. So I am optimistic in that space. And as you may have seen, we've just added another 500,000 tons of carbon capture and storage into Dan's portfolio. And there is a pipeline that the team continues to work. So we see continued opportunity and growth with good returns in the carbon capture side of the equation.
关于蓝氢项目，我们在工程方面已经取得了很好的进展，清楚地了解该项目可以交付的内容。显然，关键因素是将 IRA 立法转化为最终法规，这一过程正在进行中。我们对法规能够反映立法意图持乐观态度。如果能够实现，我认为我们将拥有一个非常有吸引力的项目，一旦这些法规最终确定，我们就可以在这里进行最终投资决定。因此，我对这个领域持乐观态度。正如您可能看到的，我们刚刚在丹的投资组合中增加了 50 万吨的碳捕集和储存。此外，团队还在继续推进一个管道项目。因此，我们在碳捕集方面看到持续的机会和良好的回报增长。
On the lithium same thing -- while lithium is an established market, it's fairly small with respect to what its ultimate potential is. And of course, we are bringing on a new production method with some new technology. And so again, doing the work to understand what the investments required there are and to establish and ensure that we've got a real advantage versus what else is out there and what else needs to come on to meet the growing demand in lithium. But again, I feel good about that.
在锂方面也是如此——虽然锂市场已经成熟，但与其最终潜力相比，它相对较小。当然，我们正在引入一种新的生产方法和一些新技术。因此，我们正在努力了解所需的投资，并确保我们在与其他竞争者相比拥有真正的优势，以及满足日益增长的锂需求所需的其他产品。但我对此感到乐观。
We've told the team, don't -- we're not looking to rush this through and get something, get money spent. We are looking to make sure that we build a very strong long-term foundation. So none of the work that we are doing in these new businesses is schedule-driven. It is all about establishing successful long-term foundations. And then maybe just briefly touch on Proxxima and the Carbon Ventures, which that's a broader effort that we've been on for quite some time, which is to say, leverage our technical capabilities to transform molecules and apply that to markets that exist with unmet needs.
我们告诉团队，不要急于推进这个项目，也不是为了花钱。我们希望确保建立一个非常强大的长期基础。因此，我们在这些新业务中所做的工作并不是以时间表为驱动。所有的工作都是为了建立成功的长期基础。然后简要提一下 Proxxima 和 Carbon Ventures，这是我们已经进行了一段时间的更广泛的努力，旨在利用我们的技术能力来转化分子，并将其应用于存在未满足需求的市场。
And I think we are making really good progress with Proxxima. We've got some, I think very high barriers to entry and competitive advantages there. And so I'm anxious to kind of prosecute that business and establish it as quickly as we can because we see real potential there. And same with Carbon Ventures, again leveraging our ability to transform the molecule, shape the molecules and get some structures that improve performance. I think there is a big opportunity there. So but that's – I’d say Carbon Ventures is still early in the technology cycle, but I think we've gone far enough along to see some real opportunity there.
我认为我们在 Proxxima 方面取得了非常好的进展。我们在这里有一些非常高的进入壁垒和竞争优势。因此，我急于推动这项业务，并尽快建立它，因为我们看到了真正的潜力。Carbon Ventures 也是如此，再次利用我们转化分子、塑造分子并获得一些改善性能的结构的能力。我认为这里有很大的机会。不过，我想说 Carbon Ventures 在技术周期中仍然处于早期阶段，但我认为我们已经走得足够远，可以看到一些真正的机会。
And as I said in my prepared remarks, the challenge I've given the Product Solutions organization is what's a realistic but aggressive business plan look like and what would be the investment required to establish that. And that's good because it grows value today, but it also positions us well. As those molecules become less demanded in their traditional applications, it becomes a much lower feedstock to these new applications. And so there is a lot of opportunity to diversify the [slate] (ph) and protect the business or diversify the business, as we move through the transition.
正如我在准备的发言中所说，我给产品解决方案组织提出的挑战是，什么样的商业计划既现实又具有攻击性，以及建立这一计划所需的投资。这是好的，因为它今天增加了价值，但它也为我们定位良好。随着这些分子在其传统应用中的需求减少，它们成为这些新应用的原料的成本大大降低。因此，在我们经历过渡时，有很多机会去多样化产品组合并保护业务或多样化业务。
新能源不是重点，重点还是自己有优势化学工业。
So long answer, but a lot of variables at play here, but frankly, all variables that we feel very comfortable managing. And I think the progress we're making there demonstrates our capability to manage those things.
所以这个回答比较长，但这里有很多变量在起作用，坦率地说，所有这些变量我们都很有信心去管理。我认为我们在这方面取得的进展证明了我们管理这些事情的能力。
Devin McDermott 德文·麦克德莫特
All right. Thanks Darren. I appreciate all the detail.
好的。谢谢你，达伦。我很感激所有的细节。
Darren Woods 达伦·伍兹
Thank you. 谢谢。
Operator 操作员
The next question is from John Royall with JPMorgan.
下一个问题来自摩根大通的约翰·罗伊尔。
John Royall 约翰·罗伊尔
Hi, good morning thanks for taking my question. So my question is on the CapEx guidance update. We see that you moved to the legacy CapEx up to the top end of the prior range. And then obviously, you layered in Pioneer as well. But can you talk about the drivers of the legacy CapEx bumping up to $25 billion for the year?
嗨，早上好，谢谢您回答我的问题。我的问题是关于资本支出指导更新的。我们看到您将传统资本支出提高到之前范围的上限。显然，您还加入了先锋公司。但您能谈谈传统资本支出增加到 250 亿美元的原因吗？
Darren Woods 达伦·伍兹
Yes. Good morning John. I'll start with that and then let Kathy finish up. But -- so the way -- the reason we put a range out on the CapEx, as we build these plans in the previous year, starting around this time in the summertime and then kind of lock and load them in October. And obviously, there is a lot of things that develop and evolve from the middle of the previous year to -- as go into this year. That range is not meant to have you guys slice it down the middle and fix on a number.
是的。早上好，约翰。我会先说这个，然后让凯西来结束。但——所以我们在资本支出上给出一个范围的原因是，因为我们在前一年大约这个时候开始制定这些计划，然后在十月份锁定并确定它们。显然，从前一年的中间到进入这一年，有很多事情会发展和演变。这个范围并不是让你们把它切成两半并固定一个数字。
The range is to say, we've got optionality here. And as things evolve, we may reduce some of the spending. Or if we find that the opportunities are panning out the way we expect, we may be on the other end. So that range is truly where we expect to be somewhere in -- and how things evolve and what the opportunity set looks like. I mean the key focus here is to make sure that we are investing in highly advantaged, highly profitable projects. And basically, as we worked our way from October of last year into this year, we see a lot of attractive opportunities that we continue to invest in which puts us at the top end of that, consistent with what we understood the opportunity set could look like, as we went into the plan process last year. That's why we are coming in at [2025] (ph). And then of course, we're using the Pioneer number to add on top of that. But Kathy, anything to add to that?
范围可以说，我们在这里有选择性。随着事态的发展，我们可能会减少一些支出。或者如果我们发现机会的发展符合我们的预期，我们可能会在另一端。因此，这个范围确实是我们预期的某个地方——以及事态的发展和机会集的样子。我的意思是，关键在于确保我们投资于高度有利和高利润的项目。基本上，随着我们从去年的十月进入今年，我们看到许多有吸引力的机会，我们继续投资，这使我们处于这个范围的上端，与我们去年进入计划过程时对机会集的理解一致。这就是为什么我们在[2025]（音）时进入的原因。当然，我们还在此基础上使用了先锋数字。但是，凯西，有什么要补充的吗？
Kathy Mikells 凯西·米凯尔斯
No, I would just say, obviously we have a lot of projects coming online in 2025 and the exact pace of all of those. And therefore, making sure that we provided sort of enough room, I would say, in the initial guidance supporting of all of those projects that are coming online in 2025. We can't pinpoint, predict all of that as we put our plans together for the year. And so just as an example, China 1 is a huge project. It is going to be coming online early next year as an example. So there is always a little bit of give and take, which is why we give the range to start with.
不，我只想说，显然我们在 2025 年有很多项目上线，所有项目的确切进度尚不明确。因此，我认为我们在初步指导中为所有这些将在 2025 年上线的项目提供了足够的空间。我们无法准确预测所有这些，因为我们在制定年度计划时。因此，举个例子，中国 1 号是一个巨大的项目，预计将在明年初上线。所以总是会有一些灵活性，这就是我们一开始给出范围的原因。
Operator 操作员
The next question is from Jason Gabelman with TD Cowen.
下一个问题来自 TD Cowen 的 Jason Gabelman。
Jason Gabelman 杰森·盖布尔曼
Hi, good morning. Thanks for taking my questions. I actually wanted to follow up on the 2025 project startups that you just mentioned, and thanks for a little bit more detail on the China chemicals complex. But as I look to the other projects coming online, I think the largest earnings contributors, include the Permian crude pipeline and then in the Upstream, Golden Pass and then the next [Guyana boat] (ph). So I was just wondering if you could provide a little more color on those projects in terms of how they're progressing and kind of phasing through the year? Thanks.
嗨，早上好。感谢您回答我的问题。我实际上想跟进一下您刚提到的 2025 项目启动情况，也感谢您提供关于中国化工综合体的更多细节。不过，当我查看其他即将上线的项目时，我认为最大的收益贡献者包括 Permian 原油管道，然后是上游的 Golden Pass，接下来是[圭亚那船]（音）。所以我想知道您能否提供更多关于这些项目的进展情况以及它们在年度中的阶段性信息？谢谢。
Darren Woods 达伦·伍兹
So I would say consistent with the plans that we put out, the projects are all with obviously the exception of Golden Pass, moving consistent with the planned development and the announced dates that we talked about. All of them, I think we feel really good about in terms of the work that we're doing. And the case for the contributions, the returns the earnings that we expect to get out of those projects, I think we continue to feel good about. Underpinning all the projects is we'd never try to take a position on where we're going to be in the market cycle, but instead make sure that these projects, when they come on, can compete in any of the areas of the cycle.
我会说，与我们发布的计划一致，所有项目都在按计划进行开发，并且符合我们讨论的公告日期，显然除了Golden Pass项目外。我们对所有项目都感觉非常好，就我们正在进行的工作而言。对于这些项目的贡献、回报以及我们预期从中获得的收益，我们认为我们继续对它们感觉良好。所有项目的基础是，我们永远不会试图确定我们在市场周期中的位置，而是确保这些项目一旦启动，能够在周期的任何领域竞争。
And we've actually found that, if you look at the investments we've made since 2018 brought online, if you look at the aggregate return of that portfolio, it is exceeding the basis in which we FID-ed those projects. Even as we have been, say in the Chemical business at bottom-of-cycle conditions. So I think we continue to demonstrate to ourselves the time we spend to make sure these projects are advantaged in the best case is paying off. And then, of course our global project organization is really continuing to drive very effective execution of the portfolio with -- keeping our cost well within the FID basis and generally delivering it faster and therefore, bringing more value sooner. Kathy?
我们实际上发现，如果你查看自 2018 年以来我们投入的项目，看看这个投资组合的整体回报，它超过了我们在这些项目上做出最终投资决定时的基础。即使在化工业务处于周期底部的情况下，我们仍然在证明，花时间确保这些项目在最佳情况下具有优势是值得的。当然，我们的全球项目组织也在继续推动投资组合的高效执行，保持我们的成本在最终投资决定的基础之内，并且通常能更快地交付，从而更早地带来更多价值。凯西？
Kathy Mikells 凯西·米凯尔斯
Yes. And I would just note and especially a big year for our [E&PS] (ph) business. So I already noted China 1. You noted a couple of projects. I mean, the Singapore resid upgrade project is a pretty big project. We have an upgrade project at Fawley in order to bring on ultra-low sulfur diesel. We've got the Strathcona project for renewable diesel coming online in 2025. So a really big year for the E&PS business in terms of the number of projects we have coming online.
是的。我还想特别指出，对我们的[E&PS]（音）业务来说，今年是重要的一年。我已经提到了中国1号。你提到了几个项目。我的意思是，新加坡残渣升级项目是一个相当大的项目。我们在Fawley有一个升级项目，目的是引入超低硫柴油。我们还有Strathcona项目，可再生柴油将于2025年上线。因此，就我们即将上线的项目数量而言，今年对E&PS业务来说是非常重要的一年。
And then we're going to continue to expand our advanced recycling. So we'll be adding more capacity as well next year. So we noted, again if you look at our IR slides, we talk about projects being a big driver of underlying earnings growth in the E&PS business, and you see that supported by everything coming on in 2025.
然后我们将继续扩大我们的先进回收业务。所以我们明年也会增加更多的产能。正如我们再次指出的，如果你看我们的投资者关系幻灯片，我们谈到项目是E&PS业务基础收益增长的主要驱动力，你可以看到这一点得到了2025年即将到来的所有项目的支持。
Jason Gabelman 杰森·盖布尔曼
Operator 操作员
The next question is from Biraj Borkhataria with RBC. Your line is open. Please go ahead.
下一个问题来自 RBC 的 Biraj Borkhataria。您的线路已开启。请继续。
Biraj Borkhataria 比拉吉·博尔卡塔里亚
Hi, there. Thanks for taking my question. Just wanted to follow up on Jason's question, and more specifically on Golden Pass. So I guess, at this point, are you able to confirm, update the scheduled guidance for the start-up? And then the second question is just going to some of your prepared remarks. If I think about your Upstream portfolio, a lot of your growth is liquids or liquid prices linked to LNG. I think you say 80% of your Upstream is now linked to liquid business. So I was thinking, as you're building out your LNG portfolio and your trading function, is there any desire to diversify that sales mix a bit more? Or is this intentional on where you want to be? Thank you.
您好。感谢您接受我的提问。我只想跟进Jason的问题，更具体地说是关于Golden Pass的问题。所以我想，此时，您能否确认或更新启动的计划指导？第二个问题只是关于您的准备好的评论。如果我考虑您的上游投资组合，您的很多增长是液体或与LNG相关的液体价格。我想您说现在您的上游业务有80%与液体业务相关。所以我在想，当您在构建您的LNG投资组合和您的交易功能时，是否有任何愿望使销售组合更加多样化？或者这是您有意为之的地方？谢谢。
Darren Woods 达伦·伍兹
Yes. Sure. I'll start with the last part of the question, which is it is a conscious decision to get weighted on liquid prices. And frankly, if you look at the LNG market. And when you're building large LNG projects, you tend to sell those out and sign contracts in advance of the investments, which the market today is linked to oil. And so we continue to have a desire to lock in a significant portion of those developments, so we've got surety on the sales side of the equation as we bring those projects up. So my expectation is we'll continue to be weighted on that, and we're very comfortable with that.
是的，当然。我将从问题的最后一部分开始，即这是一个关于液体价格的有意识的决定。坦率地说，如果你看看液化天然气市场，当你在建设大型液化天然气项目时，你往往会在投资之前就将这些项目出售并签署合同，而目前市场与石油挂钩。因此，我们仍然希望锁定这些开发项目的相当一部分，以确保在我们推进这些项目时销售方面的确定性。所以我预计我们将继续在这一点上保持关注，我们对此非常满意。
In fact, there is been a huge drive since I've been in this job and brought Neil into the Upstream to basically shift the portfolio and get a little heavier weighting in the oil side. And as I mentioned, this morning on CNBC, if you look at the oil that we're producing today, we are producing more oil than at any time since the merger of Exxon and Mobil. So that strategy is beginning to manifest itself.
事实上，自从我从事这份工作并将尼尔引入上游以来，已经有了巨大的推动力，基本上是为了调整投资组合，使石油方面的比重更大。正如我今天早上在 CNBC 上提到的，如果你看看我们今天生产的石油，我们的石油产量比埃克森美孚合并以来的任何时候都要多。因此，这一战略开始显现出成效。
On your Golden Pass project, so we've just gotten through -- the venture just reached a settlement with Zachry. And so that venture is in the process of kind of restaffing and getting started back up again. Obviously, we are in the very early days of that. So there is still more work to be done. And of course, the teams are very focused on getting back to work, effectively executing and bringing that project in as quickly as they can and as close to the original schedule as they can.
关于您的Golden Pass项目，我们已经完成了——合资企业刚刚与Zachry达成和解。所以该合资企业正在进行人员重新配置，重新启动工作。显然，我们目前正处于非常早期的阶段。所以还有更多的工作要做。当然，团队非常专注于有效地恢复工作，执行并尽快地将项目带回正轨，尽可能地接近原计划。
Right now, our estimate is we are going to see about a six month slippage. So we had anticipated kind of first LNG in the middle of next year. We now are looking at probably the back end of 2025 for first LNG. And that is kind of where the current schedule is. But I would just condition that with the teams are just getting back up and running, and they have a clear mandate to try to bring that in as effectively as they can. And my -- again, my expectation is it will do better than we currently think, but we've got work to do.
目前，我们的估计是大约会有六个月的延迟。因此，我们原本预计明年中旬会有首批液化天然气（LNG）。现在我们预计首批 LNG 可能会在 2025 年末。这就是目前的时间表。但我想强调的是，团队刚刚恢复运作，他们有明确的任务，尽力有效地推进。我再次期待它会比我们目前的预期更好，但我们还有工作要做。
Biraj Borkhataria 比拉吉·博尔卡塔里亚
Yeah, understood. Thank you very much.
好的，明白了。非常感谢。
Darren Woods 达伦·伍兹
Thank you Biraj. 谢谢你，Biraj。
Operator 操作员
The next question is from Stephen Richardson with Evercore.
下一个问题来自 Evercore 的 Stephen Richardson。
Stephen Richardson 斯蒂芬·理查德森
Hi, thank you. I was wondering if you could circle back. I appreciate all the conversations about the projects and projects execution and how you've got a number of really important and interesting projects coming on in the Downstream in short order. Just wondering, you've added seemingly quite a bit of length to your Upstream portfolio over the last number of years. And as you think out beyond '26, '27, Darren are the teams continuing to bring you new and interesting projects in E&PS? And do you think continuing that kind of pace of integration out in the plan horizon is still interesting. Maybe you could just talk about that in terms of the investment mix and the opportunities and maybe address E&PS and chemicals as well.
您好，感谢您的提问。我想回顾一下，我感谢有关项目和项目执行的所有讨论，以及您在短期内在下游领域推出的许多重要和有趣的项目。只是想知道，在过去几年里，您似乎在上游投资组合中增加了相当多的长度。当您考虑2026年、2027年之后的情况时，Darren，团队是否还在向您介绍新的、有趣的E&PS项目？并且您认为在计划视野内继续保持这种整合的步伐仍然有趣吗？也许您可以从投资组合和机会的角度谈谈这个问题，也可以谈谈E&PS和化学品。
Darren Woods 达伦·伍兹
Sure. No, I appreciate the question, Steve, because I think you touched on a really important point. I think one of the advantages of the restructuring that we've done is we no longer identify our business with the products that we are making. So if you go back in time, the functional organizations that we established, every refining organization that was producing refining products, and we had a fuels marketing organization that we marketing fuels, and we had a chemical company that's marketing chemicals.
当然。不，Steve，我很感激你提出的问题，因为我认为你触及了一个非常重要的点。我认为我们进行的重组的一个优势是我们不再根据我们生产的产品来识别我们的业务。所以如果你回顾过去，我们建立的职能组织，每个炼油组织都在生产炼油产品，我们有一个燃料营销组织来销售燃料，我们还有一个化学品公司来销售化学品。
We've now combined all that into a Product Solutions organization, which is supported by a technology organization, which, again is not organized around any of our heritage businesses or heritage products, but instead is organized around core capabilities, core technical capabilities to deliver value to the businesses that they support.
我们现在将所有这些整合成一个产品解决方案组织，该组织由一个技术组织支持，而这个技术组织并不是围绕我们的传统业务或传统产品组织的，而是围绕核心能力、核心技术能力进行组织，以为它们所支持的业务提供价值。
So while it may not be intuitively obvious, that change in structure and the way we think about and talk about the business has also opened up a lot of white space in terms of the challenge here is how do we take our core advantages, core capabilities. Some of it includes our existing footprint, but a lot of it includes our ability to upsell and to identify value and use applications, and combine that with a technology organization that's very focused on applying core technology capabilities to business challenges and business opportunities which is starting to unlock applications that frankly, in the past wouldn't have been identified because they didn't fit in the context of the organizations that we had in place.
虽然这可能不是直观明显的，但结构的变化以及我们思考和讨论业务的方式也开辟了很多空白领域。挑战在于我们如何利用我们的核心优势和核心能力。其中一些包括我们现有的业务版图，但很多都包括我们提升销售和识别价值及使用应用的能力，并结合一个非常专注于将核心技术能力应用于商业挑战和商业机会的技术组织，这开始解锁了在过去因为不符合我们已有组织机构的背景而无法识别的应用。
But today the aperture is much broader and the playing field is much bigger. And so we see that with Proxxima and Carbon Ventures. My expectation is as we go forward, we'll continue to talk about those markets, and we'll talk about the applications that we are developing. And the technology organization is continuing to look at how else can we use our capabilities and manipulating the molecules and particularly hydrogen and carbon molecules, to make products that society needs and at the same time reduce emissions.
但今天的视野更广阔，竞争领域也更大。因此，我们看到 Proxxima 和 Carbon Ventures 的情况。我的期望是，随着我们向前发展，我们将继续讨论这些市场，并谈论我们正在开发的应用。技术组织也在继续探索我们如何利用我们的能力，操控分子，特别是氢和碳分子，以制造社会所需的产品，同时减少排放。
So I think that organization has been given a license, a hunting license go out and find how we can lean into and create more value out there and grow our earnings. So my expectation is as we go forward well beyond the 2027 time frame, we are going to continue to bring in opportunity sets as we unlock them through the work of both our Product Solutions organization but also our technology organization. And then of course, we can take advantage of our Product Solutions organization and then go off and build these things at scale and do it at a lower cost than anybody else. So I think there's a really powerful combination there.
所以我认为这个组织已经获得了许可，一种狩猎许可，去发现我们如何能够更深入地创造更多价值并增长我们的收益。所以我的期望是，随着我们超越2027年的时间框架继续前进，我们将继续带来机会集，就像我们通过我们的产品解决方案组织以及我们的技术组织的工作来解锁它们一样。然后当然，我们可以利用我们的产品解决方案组织，然后去大规模地构建这些东西，并以低于其他任何人的成本来完成。所以我认为这里有一个非常强大的组合。
And our horizon extends well beyond the 2027 in terms of thinking through the pipeline and making sure that we're positioned to be successful well into the future. And I would just quickly add then -- and that's true for Product Solutions which has got the chemical portfolio, our specialty portfolio. And then what I would say are the energy portfolio, but more specifically the molecules that go into energy, that we expect to become feedstocks of the future like they are today for our Carbon Ventures and Proxxima ventures.
我们的视野远远超出了 2027 年，考虑到管道的思考，并确保我们在未来能够成功。我想快速补充一点——这对于产品解决方案也是如此，包括我们的化学产品组合和特种产品组合。然后我想说的是能源产品组合，但更具体地说是进入能源的分子，我们预计这些分子将成为未来的原料，就像今天我们的碳风险投资和 Proxxima 投资一样。
On the Upstream side, we've got a lot of, obviously growth potential through the back end of this decade. But we -- this is a depletion business, we recognize that. And so that organization continues to look well beyond the 2027, 2030 time horizon, making sure that we have got a good understanding of what it's going to take to keep that pipeline full. So I feel really good about that. I think the way we've organized the businesses and the central organizations that we've put in place to serve those businesses is going to have huge payoffs here in this space.
在上游方面，我们显然在这个十年的后半段拥有巨大的增长潜力。但我们认识到这是一种逐渐枯竭的业务。因此，该组织继续在2027年、2030年的时间范围之外进行展望，确保我们清楚地了解保持这条管道充满所需的条件。我真的对这方面感到非常有信心。我认为我们组织业务的方式，以及我们为服务这些业务而建立的中央组织，将在这个领域带来巨大的回报。
这一段描述指向马斯克说的“白痴指数”，存在很多可以大幅度改进的地方。
Operator 操作员
The next question is from Roger Read with Wells Fargo.
下一个问题来自富国银行的罗杰·里德。
Roger Reed 罗杰·里德
Yeah. Thank you. Good morning. Since you all have probably the most geographically diverse set of operations of anyone we cover, I was just curious the most recent news this morning, shows maybe a few cracks in the economy. If you could kind of give us an idea as you look across the products in the chemical side, thinking that's where we really see the demand parts, what you are seeing kind of, let's say, China back around to our side of the globe?
好的。谢谢。早上好。由于你们的运营范围可能是我们所覆盖的公司中地理上最为多样化的，我只是好奇今天早上的最新消息显示经济可能出现了一些裂痕。如果你能给我们一个概念，看看化工产品方面的情况，认为那是我们真正看到需求的部分，你们在观察到中国回归我们这边的全球市场时，看到的是什么？
Darren Woods 达伦·伍兹
Sure. Good morning. Roger, I think the key message I would leave you with across our business is when you look at kind of pricing in margins is there's two pieces, two halves to the equation, there is the demand side and there is the supply side. On the demand side, frankly to start with chemicals, we see the demand basically returning to the kind of growth that we've seen prior to the pandemic. So basically growing at 1% to 2% above GDP. And so that's back on track from a growth standpoint. Certainly, that's what we are seeing in the first half of this year.
当然。早上好。罗杰，我想我想给你传达的关键信息是，当你看待我们业务中的定价和利润时，有两个部分，方程的两个方面，一个是需求侧，一个是供应侧。在需求侧，坦率地说，从化学品开始，我们看到需求基本上回到了疫情前的增长水平。基本上是以高于 GDP 1%到 2%的速度增长。因此，从增长的角度来看，这已经回到了正轨。当然，这也是我们在今年上半年看到的情况。
The challenge in that business with the margins has been frankly, from the supply side of the equation. We've got a lot of capacity coming on and a queue of capacity yet to come on. So that's moral of the story in chemicals, less of a demand and growth story and more of a supply story and a lot of supply coming on in the short-term. And like the past, the challenge in the chemical business, given the large chunks of capacity to come on in discrete times, that you've got to grow your -- got to grow through that capacity to get your margins back up again.
在这个利润微薄的行业中，挑战坦率地说，来自供应方面。我们有大量的产能即将上线，还有一大堆产能尚未上线。因此，化学品行业的故事更多的是供应的故事，而不是需求和增长的故事，短期内有大量的供应涌现。与过去一样，化学行业的挑战在于，考虑到大规模的产能在特定时间上线，你必须通过这些产能来实现增长，以恢复你的利润率。
One of the reasons why we stay so very focused on low cost of supply, feed advantage and, importantly performance products is to make sure that we've got advantages above and beyond the commodity cycle. And you see that playing out on our chemical business with earnings that frankly are well above what would be expected given the challenging market conditions that we see in the margin environment.
我们非常专注于低成本供应、原料优势以及重要的性能产品，原因之一是确保我们拥有超越商品周期的优势。您可以看到这一点在我们的化工业务中得到了体现，其收益实际上远远超出了考虑到我们所面临的具有挑战性的市场条件和利润环境，所预期的水平。
China is growing despite maybe some of the – it is not growing at the rates that we've seen historically the very high rates, but still growing at a healthy clip. And as you come around to the US, we are seeing kind of reasonable economic conditions and growth in the US as well. Europe, I think is probably the most challenged area of the globe. And frankly, with some of the policies we see Europe implementing, my expectation is becoming more challenging, quite frankly and unfortunately -- particularly unfortunate for the folks living in Europe given the -- I think, the drag that the policy they are putting in place is going to put on their economy.
中国正在增长，尽管可能有一些因素——它的增长速度并没有达到我们历史上看到的非常高的水平，但仍在健康增长。至于美国，我们也看到合理的经济条件和增长。欧洲，我认为可能是全球面临挑战最大的地区。坦率地说，考虑到我们看到的欧洲实施的一些政策，我的预期变得更加困难，坦率地说，这对生活在欧洲的人们尤其不幸，因为我认为，他们所实施的政策将对经济造成拖累。
有可能变成新版本的拉丁美洲。
So I think China is looking reasonable. India is growing and it looks very, very healthy. The US is looking reasonable with good growth. Demand for -- on the energy side of the equation with petroleum products continues to be very high. Record levels of demand around the world. And again, I think very good supply coming into the equation there, which is keeping -- has brought margins from those very high levels that we've seen in the first quarter and then back into last year. We are now getting back down into more typical ranges. And frankly, all of our plans anticipated that.
我认为中国的情况看起来合理。印度正在增长，看起来非常健康。美国的情况也很合理，增长良好。在能源方面，石油产品的需求持续非常高。全球需求创下纪录水平。我认为供应也非常好，这使得利润率从我们在第一季度和去年看到的非常高的水平回落。我们现在正在回到更典型的范围。坦率地说，我们所有的计划都预见到了这一点。
It is always difficult to call the timing of it, but we certainly knew that the elevated margins that we were seeing in the refining business would ultimately come back into normal ranges. My expectation going forward then is we'll continue to see what I would say is historical volatility levels in that. We'll see times when the margins spike and we'll see times. And the margins are challenging. But again, we've built our refining business to be robust to those. And if you look at the work we've been doing to high-grade that portfolio, we've taken out a lot of the low-margin, less advantaged refineries and are now focused on the integrated refineries that have a mix of high value products that we are producing and are advantaged from a size and scale and cost standpoint.
总是很难判断时机，但我们确实知道，炼油业务中看到的高利润率最终会回归正常范围。我的预期是，我们将继续看到历史波动水平。我认为会有利润率飙升的时刻，也会有利润率面临挑战的时刻。但我们已经将炼油业务建设得足够强大，以应对这些情况。如果你看看我们在提升投资组合方面所做的工作，我们已经剔除了许多低利润、竞争力较弱的炼油厂，现在专注于那些具有高价值产品的综合炼油厂，这些炼油厂在规模、成本和优势方面都具有优势。
And then on the gas side of the equation -- and the oil side of the equation, oil demand continues to be at record levels. Last year was a record. We anticipate this year will be a record, and then next year will be a record. So demand continues to be fairly healthy from an oil standpoint. It is just a question of working through the supply that is coming on. Most of that led by what's happening in the Americas. And then on gas that's going to continue to grow in demand, and it is another -- again, a function of the capacity is coming on. So I think good news is that we are seeing the industry be very responsive to the demand. And frankly, it is very consistent with the foundation of the strategy that we put together, which is you got to be low cost, you got to be on the left hand side of the cost of supply curve. Thanks Roger.
在气体和石油的方程式中，石油需求持续处于创纪录水平。去年是创纪录的一年。我们预计今年将是创纪录的一年，明年也将是创纪录的一年。因此，从石油的角度来看，需求仍然相当健康。这只是一个处理即将到来的供应的问题。大部分供应是由美洲的情况推动的。至于天然气，需求将继续增长，这又是一个即将到来的产能的结果。因此，我认为好消息是我们看到行业对需求反应非常灵敏。坦率地说，这与我们制定的战略基础非常一致，那就是你必须保持低成本，必须处于供应成本曲线的左侧。谢谢，罗杰。
Operator 操作员
The next question is from Josh Silverstein with UBS.
下一个问题来自瑞银的乔希·西尔弗斯坦。
Josh Silverstein 乔什·西尔弗斯坦
Thanks good morning, Darren and Kathy. You continue to make good progress on the cost savings front. It looks like there was an uptick of about $600 million sequentially. It looks like you've called out kind of a $200 million turnaround savings in energy products. Just wanted to see if you can provide some more examples of what's driving the improvement and how you take the current kind of $10.7 billion to the $15 billion over the next few years. Thanks.
谢谢，早上好，Darren和Kathy。你们在成本节约方面继续取得良好进展。看起来，与上一季度相比，成本节约增加了约6亿美元。你们似乎已经指出了大约2亿美元的能源产品方面的转型节约。只是想看看您是否能提供更多推动改进的例子，以及您如何将目前大约107亿美元在未来几年内提高到150亿美元。谢谢。
Kathy Mikells 凯西·米凯尔斯
Great. Thanks very much for the question. And so, you're right. If we look on an after-tax basis we had about $600 million overall on a pre basis for the year-to-date where our structural cost savings is about $1 billion. So making really good progress. Continuing to optimize maintenance is a big driver of overall savings. We gave a number of $200 million in energy products in terms of my prepared remarks. And that was just noting that, in the half we had a particularly heavy turnaround slate. And if we looked back at that same turnaround slate the last time we did it, we did it much more quickly and we did it at lower cost. Hence the $200 million savings number that you mentioned.
很好。非常感谢您的提问。您说得对。如果我们从税后基础来看，今年迄今为止，我们的整体预期约为 6 亿美元，而我们的结构性成本节约约为 10 亿美元。因此，进展非常顺利。继续优化维护是整体节约的一个重要驱动因素。在我准备的发言中，我们提到能源产品的节约数字为 2 亿美元。这只是指出，在上半年我们有一个特别繁重的检修计划。如果我们回顾上一次进行相同的检修计划，我们的速度更快，成本更低。因此，您提到的 2 亿美元的节约数字。
We are also obviously driving savings in terms of supply chain and looking to get more efficient there. And all of our centralized organizations which we've kind of stood up over the last couple of years, are really responsible for driving savings into the business. So whether that's global business solutions or whether that's supply chain, or our global operating and sustainability group, who works on our maintenance activities, we are really starting to see the uptick from the benefit that those organizations can bring, by simplifying things and standardizing things, and bringing better data analytics to optimize our overall organization. So that's what you are going to continue to see on a go-forward basis.
我们显然也在推动供应链方面的节省，并寻求提高效率。我们在过去几年中建立的所有集中组织，实际上都负责为业务带来节省。因此，无论是全球业务解决方案，还是供应链，或者是我们的全球运营和可持续发展团队，他们负责我们的维护活动，我们确实开始看到这些组织所带来的好处，通过简化和标准化流程，以及提供更好的数据分析来优化我们的整体组织。因此，这将是你们在未来继续看到的内容。
And then I’d say, longer-term, as those centralized organizations start to standardize processes for the company which are quite disparate, as we sit here today, we'll be able to apply more technology to get, I’d say, even more automated in the things that we do which will drive further efficiencies for us long term. So whether it is getting more efficient on logistics or getting more efficient because we're standardizing now between ourselves and Pioneer, standardizing all the materials and things that we're buying, those are the things that will continue to drive savings.
然后我会说，从长远来看，随着这些集中组织开始为公司标准化目前相当分散的流程，正如我们今天所坐的这里，我们将能够应用更多技术，使我们所做的事情更加自动化，从而在长期内推动进一步的效率。因此，无论是提高物流效率，还是因为我们现在在自己和先锋之间进行标准化，标准化我们所购买的所有材料和物品，这些都是将继续推动节省的因素。
And I think we have both the largest program, by far of anybody in the industry and now a very proven track record that we feel quite good about typically over delivering on the initial plans that we developed. So we are feeling good about the progress we're making, and that overall target to get to $15 billion in savings between 2019 and 2027.
我认为我们在行业中拥有最大的项目，远远超过其他任何人，并且现在有了非常可靠的业绩记录，我们对通常超额完成我们制定的初始计划感到非常满意。因此，我们对所取得的进展感到良好，并且对 2019 年至 2027 年之间实现 150 亿美元的节省这一总体目标感到乐观。
Darren Woods 达伦·伍兹
Yes. And I would just -- I guess one other way to think about it, Josh is, for the first time in the history of our corporation, we've organized ourselves to take -- to focus on every aspect of delivering the business irrespective of what that business is. Look at where the synergies exist, and are now taking the experience, the collective experience of the corporation and the expertise in each of those areas and focusing it on an opportunity set. So the size of our business, it gives us a huge advantage here. And so a lot of these things you are seeing are accruing by basically taking the best thinking that had occurred in the -- around the organization around the world, and then applying that uniformly everywhere, it is relevant. And that's happening time and time and time again.
是的。我想，Josh，还有另一种思考方式是，在我们公司历史上，我们第一次组织自己，专注于交付业务的每一个方面，无论业务是什么。看看协同作用在哪里存在，现在正在利用公司的整体经验以及这些领域的专业知识，并将其集中在一组机会上。所以我们的业务规模，在这里给了我们一个巨大的优势。所以你看到的这些事情，基本上是通过获取组织内全球范围内发生的最佳思考，然后无论在哪里都统一应用，只要它相关。这种情况一次又一次地发生。
可能是马斯克给整个制造业带来的启发。
And so I think a very unique capability and capacity that frankly, others can't match. And the benefits are showing up in these structural cost savings for sure. Also showing up on the revenue side of the equation with respect to better marketing, better ability to sell into value. So there's, I think, a huge benefit to the changes we've been making.
因此，我认为这是一种非常独特的能力和潜力，坦率地说，其他人无法匹敌。而且，这些结构性成本节省的好处肯定会显现出来。在收入方面，也体现在更好的营销和更强的价值销售能力上。因此，我认为我们所做的改变带来了巨大的好处。
Operator 操作员
We have time for one more question. Our final question will be from Bob Brackett with Bernstein Research.
我们还有时间回答一个问题。最后一个问题来自伯恩斯坦研究的鲍勃·布拉克特。
Bob Brackett 鲍勃·布拉凯特
Good morning. I'd like to paraphrase a comment Darren made, that lithium complexity is misunderstood by industry. And I'm intrigued, is that a comment around the marketing and the relative use of the Downstream side? Or is it a comment around maybe the Upstream and the complexity of processing?
早上好。我想 paraphrase 达伦所说的一句话，即行业对锂的复杂性存在误解。我很好奇，这句话是关于市场营销和下游相对使用的评论吗？还是关于上游和加工复杂性的评论？
Darren Woods 达伦·伍兹
Good morning Bob. Yes, that comment I meant to imply for more broadly, the whole low-carbon solutions business that, where as you look at each of those businesses, they've got their unique set of complexities. For lithium, in particular, you are taking what is essentially a brand-new technology, marrying that with some established technologies for subsurface, some established technologies above-surface, consistent with our processing experiences in refining and chemicals. And so putting those things together in a new business to make a product. I wouldn't say has complexities that people can't comprehend. I would just say they’re new -- and there haven't been very many people who have worked way through that.
早上好，鲍勃。是的，我的评论是想更广泛地暗示整个低碳解决方案业务。你会发现每个业务都有其独特的复杂性。特别是对于锂来说，你实际上是在采用一种全新的技术，将其与一些成熟的地下技术和地面技术结合，这与我们在精炼和化学方面的加工经验是一致的。因此，将这些东西结合在一起，形成一个新的业务以制造产品。我不会说这些复杂性是人们无法理解的。我只是想说它们是新的——而且很少有人能够深入研究这些。
Where some really unique challenges are is building brand new value chains. And the carbon capture market, as an example where there's just – there is not an existing market today that pays for carbon removal that's being incentivized with government policy. Government policy is forming, while at the same time, you are trying to build the infrastructure to support that market, the logistics, the supply and then at the same time, develop a customer base. And so the complexity that I see in the low-carbon space, that's a particularly challenging one because of all the moving parts and all the work that has to be done to try to piece those things together to come up with, frankly, a business and business model that, one, is sustainable for the long term. and two, that generates returns that are competitive in the portfolio.
一些真正独特的挑战在于构建全新的价值链。以碳捕获市场为例，目前还不存在一个由政府政策激励的、为碳移除付费的现有市场。政府政策正在形成，而与此同时，你正试图构建支持该市场的基础设施、物流、供应，同时还在开发客户群。因此，我在低碳领域看到的复杂性，由于所有在动的部分以及所有必须完成的工作，试图将这些东西拼凑在一起，以形成坦白说，一是可以长期持续的业务和商业模式，二是在投资组合中产生有竞争力的回报，这是一个特别具有挑战性的问题。
But I have to say, we are geared to do that kind of work. Our experience lends itself to that. And frankly, what Dan and the team is accomplishing leaning on a lot of the core capabilities of the organization, and we are tackling those challenges and making really good progress. I think on the hydrogen side of the equation, there is not a real vibrant market or a strongly economic market for low, virtually carbon-free hydrogen. So that's being developed. Obviously, the government incentives are supporting that in the short term. But we've got to work our way to a market-driven forces, so that we are competing in an open market and not relying on government subsidies. So that's, I think, one of the challenges in that space.
但我必须说，我们已经准备好做那种工作。我们的经验适合这一点。坦率地说，丹和团队正在利用组织的许多核心能力取得成就，我们正在应对这些挑战并取得非常好的进展。我认为在氢气方面，目前并没有一个真正活跃或经济效益强的市场来支持低碳、几乎无碳的氢气。因此，这一领域正在开发中。显然，政府的激励措施在短期内支持这一点。但我们必须朝着市场驱动的力量努力，以便在开放市场中竞争，而不是依赖政府补贴。因此，我认为这是该领域面临的挑战之一。
But I think my comment was more generally that there is a lot of optimism around the low carbon solution – low carbon businesses in general. But if you think about where progress has been made to-date, most of that's been in the wind and solar and EV areas. And all of those are playing into well-established markets. The power generation market is very well established. The automotive industry is very well established. Now they are bringing in new technologies that have some of their own unique challenges, but they are not building brand-new markets. In our case, and some of the businesses we are building brand-new markets.
但我认为我的评论更普遍地说，围绕低碳解决方案——一般的低碳企业有很多乐观情绪。但如果你考虑到迄今为止取得的进展，大部分都集中在风能、太阳能和电动车领域。而这些领域都在成熟的市场中运作。电力生产市场非常成熟。汽车行业也非常成熟。现在他们引入了一些具有独特挑战的新技术，但他们并没有建立全新的市场。在我们的案例中，以及我们正在建立的一些企业，确实是在创造全新的市场。
Bob Brackett 鲍勃·布拉凯特
Thanks very clear. Thanks for that.
谢谢，非常清楚。谢谢你。
Darren Woods 达伦·伍兹
You bet Bob. 你说得对，鲍勃。
Jim Chapman 吉姆·查普曼
Thank you Bob. And thanks, everybody, for joining the call and for your questions. We're going to post the transcript of this call to the Investors section of our website by early next week. But before we wrap, I want to draw your attention to a couple of topics.
谢谢你，鲍勃。感谢大家参加电话会议并提出问题。我们将在下周初将此次通话的文字记录发布到我们网站的投资者部分。但在结束之前，我想引起大家对几个话题的关注。
First, a reminder. Later this month, we will be issuing our Annual Global Outlook, which includes our latest views on energy demand and supply through 2050, and which forms the basis for our business planning. And second please mark your calendars for our Corporate Plan Update and Upstream Spotlight, which is going to be a Wednesday, December 11. And for more information on that, again please see the Investors section of our website.
首先，提醒一下。本月晚些时候，我们将发布年度全球展望，其中包括我们对 2050 年能源需求和供应的最新看法，这为我们的业务规划提供了基础。其次，请在日历上标记我们的企业计划更新和上游聚焦，定于 12 月 11 日星期三。有关更多信息，请再次查看我们网站的投资者部分。
So with that, have a nice weekend, and I'll turn it back to the operator to conclude.
那么，祝您周末愉快，我将把话筒交回给主持人结束。
Operator 操作员
Thank you. This concludes today's call. We thank everyone again for their participation. You may disconnect at this time.
谢谢。今天的通话到此结束。我们再次感谢大家的参与。您可以在此时断开连接。
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