2024-11-01 Exxon Mobil Corporation (XOM) Q3 2024 Earnings Call Transcript
Exxon Mobil Corporation (NYSE:XOM) Q3 2024 Earnings Conference Call November 1, 2024 9:30 AM ET
埃克森美孚公司 (纽约证券交易所:XOM) 2024 年第三季度收益电话会议 2024 年 11 月 1 日 美国东部时间上午 9:30
Company Participants 公司参与者
Jim Chapman - Treasurer, and Vice President of Investor Relations
吉姆·查普曼 - 财务主管兼投资者关系副总裁
Darren Woods - Chairman, and Chief Executive Officer
达伦·伍兹 - 董事长兼首席执行官
Kathy Mikells - Senior Vice President, and Chief Financial Officer
凯西·米克尔斯 - 高级副总裁兼首席财务官
Conference Call Participants
电话会议参与者
Devin McDermott - Morgan Stanley
德文·麦克德莫特 - 摩根士丹利
Neil Mehta - Goldman Sachs
尼尔·梅塔 - 高盛
Doug Leggett - Wolfe Research
道格·莱格特 - 沃尔夫研究
John Royall - J.P. Morgan
约翰·罗亚尔 - 摩根大通
Betty Jiang - Barclays Capital
贝蒂·蒋 - 巴克莱资本
Bob Brackett - Bernstein Research
鲍勃·布拉克特 - 伯恩斯坦研究
Jean Ann Salisbury - Bank of America
让·安·索尔兹伯里 - 美国银行
Biraj Borkhataria - RBC Capital Markets
比拉吉·博尔卡塔里亚 - 加拿大皇家银行资本市场
Ryan Todd - Piper Sandler
瑞安·托德 - 派珀·桑德勒
Paul Cheng - Scotiabank 保罗·程 - 丰业银行
Jason Gabelman - Cowen & Company
贾森·盖布尔曼 - 科文公司
Roger Read - Wells Fargo
罗杰·里德 - 富国银行
Jim Chapman 吉姆·查普曼
Good morning, everyone. Welcome to ExxonMobil's Third Quarter 2024 Earnings Call. Today's call is being recorded. We appreciate you joining us today. 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 quarter's presentation and pre-recorded remarks are available on the Investors section of our Web site. They are meant to accompany the third 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 年第三季度财报电话会议。今天的电话会议正在录音。感谢您今天加入我们。我是吉姆·查普曼，副总裁、财务主管和投资者关系负责人。与我一起的还有董事长兼首席执行官达伦·伍兹，以及高级副总裁兼首席财务官凯西·米克尔斯。本季度的演示文稿和预录讲话可在我们网站的投资者部分获取。它们旨在配合第三季度财报新闻稿，新闻稿也发布在同一位置。
During today's presentation, we'll make forward-looking comments, including discussion 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 two. You can find more information on the risks and uncertainties that apply to any forward-looking statements in our SEC filings on our Web site. Note that we also provided supplemental information at the end of our earnings slides, which are also posted on the Web site.
在今天的演示中，我们将发表前瞻性评论，包括讨论我们的长期计划和整合工作，这些计划和工作仍在制定中，并且存在风险和不确定性。请阅读我们在第二页的警示声明。您可以在我们网站上的 SEC 文件中找到更多关于适用于任何前瞻性声明的风险和不确定性的信息。请注意，我们还在收益幻灯片的末尾提供了补充信息，这些信息也发布在网站上。
And now, I'll turn it over to Darren for opening remarks.
现在，我将把发言权交给达伦，请他做开场发言。
Darren Woods 达伦·伍兹
Good morning and thanks for joining us. ExxonMobil announced earnings of $8.6 billion this morning, one of our best third quarters in the past decade. Even more importantly, this quarter's results continue to demonstrate our enterprise-wide transformation, is improving the earnings power of the company. Our Energy Products business provides a compelling proof point.
早上好，感谢您的加入。埃克森美孚今天早上宣布盈利 86 亿美元，这是我们过去十年中第三季度的最佳业绩之一。更重要的是，本季度的业绩继续证明了我们整个企业的转型正在提升公司的盈利能力。我们的能源产品业务提供了一个引人注目的证明点。
In 2024, year-to-date earnings are roughly double what they were in the same period of 2019 on a constant margin basis. For all of our businesses, we've been focused on reduced cost, higher-return investments, and selected divestments to improve profitability, particularly in bottom-of-cycle conditions. This work has fundamentally transformed our refining business.
到 2024 年，年初至今的收益在恒定利润率的基础上大约是 2019 年同期的两倍。对于我们所有的业务，我们一直专注于降低成本、更高回报的投资，以及选择性剥离以提高盈利能力，特别是在周期底部的情况下。这项工作从根本上改变了我们的炼油业务。
For instance, we've high-graded our portfolio by divesting less advantaged sites. At the time of the Exxon and Mobil merger, we had 45 refineries. In 2017, when I stepped into this job, we had 22. I expect to end this year with 15, bringing us very close to an entire portfolio advantaged by location and configuration.
例如，我们通过剥离劣势站点来优化我们的投资组合。在埃克森和美孚合并时，我们有 45 家炼油厂。2017 年，当我接任这份工作时，我们有 22 家。我预计今年年底将剩下 15 家，使我们非常接近一个完全由位置和配置带来优势的投资组合。
We've also significantly improved our product yield. By investing in assets, such as the Rotterdam Advanced Hydrocracker and the Beaumont expansion, we've increased the yield of higher-value products from lower-value feeds.
我们还显著提高了产品产量。通过投资于资产，如鹿特丹先进加氢裂化装置和博蒙特扩建项目，我们提高了从低价值原料中提取高价值产品的产量。
Finally, we've achieved dramatic structural cost savings. In our overall Product Solutions business, we've reduced cost by $5 billion versus 2019. In Energy Products specifically, to take one example, we completed our first-half 2024 turnarounds for $200 million less than the previous turnarounds on these assets, a 24% reduction.
最后，我们实现了显著的结构性成本节约。在我们整体的产品解决方案业务中，与 2019 年相比，我们减少了 50 亿美元的成本。具体到能源产品，以一个例子来说，我们完成了 2024 年上半年的检修，比之前这些资产的检修减少了 2 亿美元，降低了 24%。
Our results from the quarter also demonstrate the value of diversification by geography, resource, and product mix, providing natural hedges that increase the stability of earnings. In the third quarter, while liquid prices and refining margins were down, gas realizations, chemical margins, and specialty margins were all up.
我们本季度的业绩也展示了地理、资源和产品组合多样化的价值，提供了自然对冲，增加了收益的稳定性。在第三季度，尽管液体价格和炼油利润率下降，但天然气实现、化学品利润率和特种产品利润率均有所上升。
Underpinning our results is a relentless focus on execution excellence. We saw a good example of this in the quarter at our Joliet Refinery, in Illinois. In July, a tornado ripped through the site, cutting power, steam, instrument error and potable water. We've never had a harder shutdown.
支撑我们业绩的是对执行卓越的不懈追求。本季度我们在伊利诺伊州的乔利埃炼油厂看到了一个很好的例子。七月份，一场龙卷风袭击了该地点，导致电力、蒸汽、仪表故障和饮用水中断。我们从未经历过更艰难的停工。
With extensive damage to the transmission system that provides power to the site, we were cold for almost two weeks. This was an unprecedented event that severely impacted fuel supplies for the entire region.
由于为该地点供电的传输系统遭受严重损坏，我们几乎冷了两周。这是一个前所未有的事件，严重影响了整个地区的燃料供应。
Our community, the City of Chicago, local, state, and federal governments were all counting on a quick recovery. And I'm proud to say that the men and women Joliet, with a lot of support from across the corporation, delivered. Thanks to their remarkable efforts, we beat an aggressive recovery schedule and we're supplying much needed fuel to the market far faster than we thought possible, reducing the time to recover by a third.
我们的社区、芝加哥市、地方、州和联邦政府都指望着快速恢复。我很自豪地说，乔利埃特的男女员工在公司各方的大力支持下，做到了。多亏了他们非凡的努力，我们超越了激进的恢复计划，比我们预想的更快地向市场供应了急需的燃料，将恢复时间缩短了三分之一。
I want to take this opportunity on behalf of all of their colleagues at Exxon Mobil and the communities that depend on them to thank everyone involved in the recovery for their hard work, commitment, and personal sacrifice. Thank you. You did us proud. As always, our success is our shareholders' success.
我想借此机会代表埃克森美孚的所有同事以及依赖他们的社区，感谢所有参与恢复工作的人们的辛勤工作、承诺和个人牺牲。谢谢你们。你们让我们感到自豪。正如往常一样，我们的成功就是股东的成功。
This morning, we announced a 4% increase to the quarterly dividend to $0.99 per share. We've now increased our annual dividend for 42 years in a row, putting us in an elite tier of the companies known as Dividend Aristocrats. Less than 4% of S&P 500 companies have paid higher dividends every year for more than 40 years. We've also sustained our position at top five of all S&P 500 companies with the largest dividends paid.
今天早上，我们宣布季度股息增加 4%，达到每股 0.99 美元。我们已经连续 42 年提高年度股息，使我们跻身于被称为“股息贵族”的公司精英行列。不到 4%的标普 500 公司在超过 40 年的时间里每年都支付更高的股息。我们还保持了在所有标普 500 公司中支付最大股息的前五名位置。
股息明摆着不如回购。
We know how important the dividend is to our investors, particularly our millions of retail shareholders. We remain committed to a sustainable, competitive, and growing dividend, which is a key component of the attractive total shareholder return we are delivering. In the first nine months of 2024, we've generated a TSR of 20%, leading all IOCs, just as we've done over the last three, five, and 10 years.
我们知道股息对我们的投资者，尤其是我们数百万的散户股东有多么重要。我们仍然致力于提供可持续、有竞争力且不断增长的股息，这是我们提供的具有吸引力的股东总回报的关键组成部分。在 2024 年前九个月中，我们实现了 20%的股东总回报率，领先于所有国际石油公司，正如我们在过去三年、五年和十年中所做的那样。
Turning to our Upstream business. The portfolio of advantaged assets we've built is the envy of the industry. In the third quarter, we grew production to 4.6 million oil-equivalent barrels per day, a 24% increase versus the prior-year quarter. To driver higher value, we continue to improve the profitability of the barrels we produce.
转向我们的上游业务。我们建立的优势资产组合是业界羡慕的对象。在第三季度，我们的产量增长到每天 460 万桶油当量，比去年同期增长了 24%。为了实现更高的价值，我们继续提高我们生产的桶的盈利能力。
Our progress has been exceptional. On a constant price basis, our 2019 unit earnings were about $5 per oil-equivalent barrel. Year-to-date in 2024, excluding Pioneer, we've doubled that to $10 per barrel. The third quarter was our first full quarter with Pioneer, which added 770,000 oil-equivalent barrels per day of highly advantaged production.
我们的进展非常出色。在不变价格的基础上，我们 2019 年的单位收益约为每油当量桶 5 美元。截至 2024 年年初，剔除先锋公司的影响，我们将其翻倍至每桶 10 美元。第三季度是我们与先锋公司合作的第一个完整季度，增加了每天 77 万桶油当量的高优势产量。
As we said when we announced the deal, combining our technology, Pioneer's contiguous acreage, and the capabilities of our two organizations is allowing us to recover more resource more efficiently with a lower environmental footprint.
正如我们在宣布这笔交易时所说的，将我们的技术、Pioneer 的连片土地以及我们两家组织的能力结合在一起，使我们能够以更低的环境足迹更高效地回收更多资源。
In the third quarter, we drilled the longest ever laterals on Pioneer acreage at 18,350 feet or nearly 3.5 miles. We're scheduled to spud the first ever 20,000-foot laterals on Pioneer's acreage this quarter. The benefits of long laterals are significant; fewer wells, a smaller surface footprint, and greater capital efficiency.
在第三季度，我们在先锋的土地上钻探了有史以来最长的水平井，长度为 18,350 英尺，接近 3.5 英里。我们计划在本季度在先锋的土地上钻探首个 20,000 英尺的水平井。长水平井的好处显著；更少的井数、更小的地表占地面积以及更高的资本效率。
In Guyana, we completed tie-ins for the country's Gas-to-Energy project on budget and schedule and we are back to full production. Once the government completes the associated power plant, the Gas-to-Energy project is expected to provide the people of Guyana with electricity that is significantly cheaper, cleaner, and more reliable. This will further spur the Guyanese economy, which was the fastest growing in the world in the first-half of 2024, with GDP up 50%.
在圭亚那，我们按预算和进度完成了国家天然气转电项目的连接工作，并恢复了全面生产。一旦政府完成相关的发电厂，天然气转电项目预计将为圭亚那人民提供更便宜、更清洁和更可靠的电力。这将进一步刺激圭亚那经济的发展，该国在 2024 年上半年是全球增长最快的国家，GDP 增长了 50%。
Our Payara project, which remained online during the tie-ins, continues to perform above investment basis, as has been the case with all the projects we've brought online in the world's premier deepwater development. We'll have much more to say about the upstream business during our spotlight next month. I promised Neil I wouldn't steal his thunder. So, let me just say on the Pioneer synergies alone, which are considerably higher-than-expected, we think you'll find the story compelling.
我们的 Payara 项目在连接期间保持在线，继续表现优于投资基础，这与我们在全球顶级深水开发中上线的所有项目一样。下个月的聚焦活动中，我们将有更多关于上游业务的内容。我答应了 Neil 不会抢他的风头。所以，我只想说，仅在 Pioneer 协同效应方面，远高于预期，我们认为您会发现这个故事很吸引人。
As I said many times, we're a technology company, managing and transforming molecules provide products that meet society's greatest needs and deliver attractive returns. In our low-carbon solutions business, we continue to lay the groundwork for the world's largest low-carbon hydrogen production facility at our integrated site in Baytown.
正如我多次所说，我们是一家技术公司，管理和转化分子以提供满足社会最大需求的产品，并带来可观的回报。在我们的低碳解决方案业务中，我们继续为在贝敦综合基地建设全球最大的低碳氢气生产设施奠定基础。
Facility represents a new energy value chain and produce 1 billion cubic feet per day of virtually carbon-free hydrogen, with 98% of the CO2 emissions captured and stored. In the third quarter, two new partners joined the project to accelerate market development for this new energy value chain.
该设施代表了一个新的能源价值链，每天生产 10 亿立方英尺几乎无碳的氢气，其中 98%的二氧化碳排放被捕获和储存。在第三季度，有两个新合作伙伴加入了该项目，以加速这一新能源价值链的市场开发。
ADNOC has taken a 35% equity stake in the facility. We're pleased to add their proven experience in global market insights to this world scale project. In addition, Mitsubishi signed an agreement for the potential offtake of low-carbon ammonia and equity participation in the project. The ammonia will be used to generate power and heat for industrial applications in Japan, helping to establish a new supply chain for low-carbon energy.
ADNOC 已持有该设施 35%的股权。我们很高兴将他们在全球市场洞察方面的丰富经验加入到这个世界级项目中。此外，三菱签署了一项协议，可能会参与低碳氨的采购和项目股权。氨将用于在日本的工业应用中发电和供热，帮助建立低碳能源的新供应链。
The agreement with Mitsubishi follows a similar agreement earlier this year with JERA, Japan's largest power generator. While we still have some hurdles to clear, we're encouraged by the growing market recognition of the significant value and advantages of this first in the world low-carbon project.
与三菱的协议继今年早些时候与日本最大发电商 JERA 达成类似协议之后。虽然我们仍需克服一些障碍，但市场对这一全球首个低碳项目的重大价值和优势的认可不断增加，这让我们感到鼓舞。
Of course, the highest hurdle as we've said is the translation of the IRAs technology agnostic legislation into enabling regulations that maintain focus on the what, carbon intensity and not the how. We are ready to move forward once the Biden administration publishes regulations consistent with the legislative intent. Assuming this happens, we plan to reach FID in 2025 with startup in 2029.
当然，正如我们所说，最大的障碍是将《降低通胀法案》的技术中立立法转化为能够保持关注点在“是什么”而不是“如何做”的实施条例。一旦拜登政府发布与立法意图一致的条例，我们就准备向前推进。假设这发生，我们计划在 2025 年达到最终投资决定，并在 2029 年启动。
We've also made noteworthy progress on the CCS front. In October, we announced an agreement with our first natural gas processing customer to transport and store 1.2 million metric tons of CO2 per year. This is our fifth agreement overall and brings our total CO2 contracted for storage to 6.7 million metric tons per year, more than any other company. In addition, we secured the largest offshore CO2 storage site in the United States through an agreement with the Texas General Land Office. The 271,000 acre site further solidifies the U.S. Gulf Coast as a leading market for carbon capture, transport and storage.
我们在 CCS 方面也取得了显著进展。10 月，我们宣布与首个天然气加工客户达成协议，每年运输和储存 120 万吨二氧化碳。这是我们总体上的第五个协议，使我们总共签约储存的二氧化碳达到每年 670 万吨，超过任何其他公司。此外，我们通过与德克萨斯州土地管理局的协议，获得了美国最大的海上二氧化碳储存场地。这个 271,000 英亩的场地进一步巩固了美国墨西哥湾沿岸作为碳捕获、运输和储存的领先市场的地位。
In addition to LCS, we're advancing other technology driven businesses that have huge potential. We've spoken before about our Proxxima thermoset resin, which is a revolutionary new material that is stronger, lighter and more corrosion resistant than conventional alternatives. We see a total addressable market in the space of 5 million tons per year and $30 billion by 2030. One major application of Proxxima is rebar that is only one-fourth the weight, but twice as strong as steel.
除了 LCS，我们还在推进其他具有巨大潜力的技术驱动型业务。我们之前提到过我们的 Proxxima 热固性树脂，这是一种革命性的新材料，比传统替代品更坚固、更轻且更耐腐蚀。我们看到到 2030 年，这一领域的总可寻址市场为每年 500 万吨和 300 亿美元。Proxxima 的一个主要应用是钢筋，其重量仅为钢的四分之一，但强度是钢的两倍。
In the third quarter, we signed a licensing agreement with Neuvokas Corporation, a North American manufacturer of rebar from Proxxima. That allows rebar to be produced anywhere in the world. Rebar is just one example of Proxxima's value in use. Others include high performance coatings and a range of lightweighting applications for automobiles. In our carbon materials venture, we see a massive opportunity in the market for battery anode materials, which could grow at 25% per year and like Proxxima reach $30 billion by 2030.
在第三季度，我们与北美钢筋制造商 Neuvokas Corporation 签署了一项许可协议，该公司使用 Proxxima 生产钢筋。这使得钢筋可以在世界任何地方生产。钢筋只是 Proxxima 使用价值的一个例子。其他例子包括高性能涂料和一系列汽车轻量化应用。在我们的碳材料业务中，我们看到电池负极材料市场的巨大机会，该市场每年可能增长 25%，并且像 Proxxima 一样，到 2030 年达到 300 亿美元。
The primary material in battery anodes is graphite and we've developed proprietary technology that allows us to produce feedstock for next generation graphite at scale. This innovative material has potential to improve EV battery range by 30% and enable faster charging. ExxonMobil's history with transportation dates to the very beginning of the automotive age, when we provided fuel for Henry Ford's first automobiles.
电池阳极的主要材料是石墨，我们已经开发出专有技术，可以大规模生产下一代石墨的原料。这种创新材料有可能将电动汽车电池的续航里程提高 30%，并实现更快的充电速度。埃克森美孚与交通运输的历史可以追溯到汽车时代的初期，当时我们为亨利·福特的第一批汽车提供燃料。
Some might find it ironic, but with the work we're doing in lithium for cathodes, graphite for anodes, Proxxima as a lightweight battery case and the plastics, lubricants and cooling fluids we already provide, we may become one of the most important players in a new automotive age of EVs. At our corporate plan update next month, we'll highlight how we're investing in technology-based high-return growth opportunities across all of our businesses, from the Upstream to Product Solutions, to LCS, to new growth areas.
有些人可能会觉得这很讽刺，但通过我们在阴极用锂、阳极用石墨、作为轻量化电池外壳的 Proxxima 以及我们已经提供的塑料、润滑剂和冷却液方面的工作，我们可能会成为电动汽车新时代中最重要的参与者之一。在下个月的公司计划更新中，我们将重点介绍我们如何在所有业务中投资于基于技术的高回报增长机会，从上游到产品解决方案，再到 LCS 以及新的增长领域。
What I would leave you with today is this, all our success, our continuously improving profitability, our execution excellence, our technological innovation, and our tremendous portfolio of growth opportunities flows from our strategy and focus on fully leveraging our core capabilities and competitive advantages. The most important being our people. We have the best team in this industry; and in my view, any industry. I look forward to sharing more of their work during the corporate plan update. Thank you.
今天我想留给你们的是，我们所有的成功、不断提高的盈利能力、卓越的执行力、技术创新以及我们巨大的增长机会组合，都是源于我们的战略和对充分利用核心能力和竞争优势的关注。最重要的是我们的人才。我们拥有这个行业中最优秀的团队；在我看来，任何行业都是如此。我期待在公司计划更新时分享更多他们的工作。谢谢。
Jim Chapman 吉姆·查普曼
Thank you, Darren. Now, let's move to our Q&A session. And 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 the first question.
谢谢，达伦。现在，让我们进入问答环节。提醒一下，我们要求每位参与者只提一个问题。接下来，接线员，请您打开线路，准备接听第一个问题。
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 Devin McDermott of Morgan Stanley.
谢谢。问答环节将以电子方式进行。[操作员说明] 第一个问题来自摩根士丹利的 Devin McDermott。
Devin McDermott 德文·麦克德莫特
Hey, good morning. Thanks for taking my question. So, Darren, you had some helpful prepared remarks on the downstream business. So, I actually wanted to start there. If we look at results in the quarter, they were strong and actually looks like they came in a bit ahead of what was implied by the 8-K earnings considerations, even with that Joliet impact you discussed, and softening crack spreads in the quarter. And it looks like margin capture, volume costs were all factors here.
早上好。感谢回答我的问题。Darren，您在下游业务方面的准备发言非常有帮助。我想从这里开始。如果我们看一下本季度的业绩，它们表现强劲，实际上似乎比8-K收益考虑中暗示的还要好，尽管您提到了Joliet的影响以及本季度裂解价差的走软。此外，利润捕获、销量和成本似乎都是影响因素。
So, I was wondering if you could just talk through some of the latest trends you're seeing across your refining footprint, the drivers of that beat versus the earnings considerations, and then, specifically, how some of the strategic projects are impacting results relative to your expectations?
所以，我想知道您是否可以谈谈您在炼油业务中看到的一些最新趋势，这些趋势的驱动因素与收益考量之间的关系，以及一些战略项目如何相对于您的预期影响结果？
Darren Woods 达伦·伍兹
Yes, sure, Devin. I'll start with that, and then see if Kathy wants to add anything. I think you've got to step back to the broader approach that we've established with the downstream business and its integration into the new company of Product Solutions, which is really looking at how you optimize the full value chain. That, I think, is a fundamentally different approach to how we were historically running the refining business, and looking at all the value levers to pull from bringing crude in to the refineries, all the way out to marketing the products. And I think the results that we see in that business are reflective of a collection of those efforts across the whole.
好的，当然，德文。我会从这开始，然后看看凯西是否想补充什么。我认为你需要回到我们与下游业务建立的更广泛的方法，以及它如何整合到新的产品解决方案公司中，这实际上是在研究如何优化整个价值链。我认为这与我们过去经营炼油业务的方式有根本的不同，并且在从原油进入炼油厂到产品营销的整个过程中，寻找所有可以利用的价值杠杆。我认为我们在该业务中看到的结果反映了整个过程中这些努力的集合。
In addition to a lot of the cost cutting that we've doing to reduce structural cost, and the effectiveness and improvements that we're seeing by centralizing a lot of activities and bringing the best thinking of the corporation to bear on each part of the business that we're operating.
除了我们为降低结构成本而进行的大量成本削减之外，通过将许多活动集中化并将公司最好的思维应用于我们运营的每个业务部分，我们还看到了效率和改进。
A great example in the refining business has been the centralization of the maintenance approach that we're doing, not just in turnarounds, but in our routine day-to-day maintenance. That has brought a huge amount of value and lower cost to our refineries operating around the globe by taking the best thinking across both our upstream and downstream and chemical businesses, consolidating that into a single approach, and then effectively executing that at each of the sites is driving huge value.
在炼油业务中，一个很好的例子是我们正在进行的维护方法的集中化，不仅在检修期间，而且在日常维护中。这为我们在全球运营的炼油厂带来了巨大的价值和更低的成本，通过整合我们上游、下游和化工业务的最佳思维，将其整合为一种单一的方法，然后在每个地点有效地执行这一方法，从而带来巨大的价值。
I think two, eliminating what was somewhat of an artificial barrier between our chemical businesses in the facility and our refining business in the facility, and making sure that the organization thinks about the whole and optimizes the whole in the disposition of each stream as it flows through those facilities is having a big impact.
我认为有两个方面，一是消除了我们设施内化工业务和炼油业务之间某种程度上的人为障碍，二是确保组织考虑整体并在每个流程通过这些设施时优化整体的处置，这对我们产生了重大影响。
So just I would say the optimization of the facility and the molecules that flow through those facilities, irrespective of whether it's a product that goes into the petroleum product space or whether it goes into the chemical product space, I think, has been a significant uplift.
因此，我会说，无论是进入石油产品领域的产品，还是进入化学产品领域的产品，这些设施及其流经的分子的优化都取得了显著提升。
And then on top of that, I would say the thinking about the channels to market and the value uplift we can get through those channels, and bringing a trading organization along and thinking about them as a value channel to optimize across the value chain that our refineries participate is also bringing additional value in making sure that we're maximizing the value and the placement value of all the barrels that come out of the refinery, and all the products that come out of the refinery.
此外，我还想说，考虑到市场渠道以及我们可以通过这些渠道获得的价值提升，并将交易组织视为一个优化价值链的增值渠道，这也为我们的炼油厂带来了额外价值。这确保了我们能够最大化炼油厂生产的每一桶原油及其所有产品的价值和分销价值。
So, there is a collection of things that have been changed over the years that are fundamentally different than how we've historically been running the business. And obviously, some of those and the benefits of those will move with the market environment and the available spreads in the market. But, generally speaking, it's a combination of a lot of things that we've been working on to drive value in that business, along with the others.
因此，多年来有一些事情发生了变化，与我们过去经营业务的方式有根本的不同。显然，其中一些变化及其带来的好处将随市场环境和市场上可用的价差而变化。但总的来说，这是我们一直在努力推动该业务价值的许多事情的结合，与其他业务一起。
Kathy, anything to add? 凯西，有什么要补充的吗？
Kathy Mikells 凯西·米克尔斯
The only that I'd add is we try pretty hard to demonstrate in the materials we provide you earnings the underlying big movers that are improving the earnings power of the company. And so, in this case, I'd say we put forward the year-to-date results more so than just the quarter because that's a bit easier then to see that coming through our results.
我唯一要补充的是，我们非常努力地在我们提供的材料中展示那些提高公司盈利能力的基本推动因素。因此，在这种情况下，我会说我们更倾向于展示年初至今的结果，而不仅仅是季度结果，因为这样更容易通过我们的结果看出这一点。
So, if you look at our Energy Products business on a year-to-date basis, you'll see that we got about $500 million uplift from advantaged project growth, as well as cost savings, right? So, that's coming from both the Beaumont expansion as well as Permian Crude Ventures, and all the structural cost savings that we're driving, not just through the Energy Products business, but obviously more broadly for the company.
因此，如果你查看我们能源产品业务的年初至今情况，你会发现我们从优势项目增长以及成本节约中获得了大约 5 亿美元的提升，对吧？这主要来自博蒙特扩建项目以及二叠纪原油项目，还有我们推动的所有结构性成本节约，不仅仅是在能源产品业务中，显然也是在更广泛的公司范围内。
And then early on in the question you referenced we came in a bit better than what the Street was expecting in this area. One of the reasons we came in better was the much faster startup at Joliet. And so, we had given some guidance on what we thought that impact was going to be. And the team just did a wonderful job in restarting that facility safely and more quickly than we had expected. And that also really accrued to our bottom line.
然后在你提到的问题的早期阶段，我们在这个领域的表现比市场预期要好一些。我们表现更好的原因之一是 Joliet 的启动速度更快。因此，我们曾就我们认为会产生的影响提供了一些指导。团队在安全且比我们预期更快地重启该设施方面做得非常出色。这也确实对我们的底线产生了积极影响。
Devin McDermott 德文·麦克德莫特
Great. Appreciate the detailed response. Thanks.
太好了。感谢详细的回复。谢谢。
Darren Woods 达伦·伍兹
Thank you, Devin. 谢谢你，德文。
Operator 操作员
The next question is from Neil Mehta of Goldman Sachs.
下一个问题来自高盛的尼尔·梅塔。
Neil Mehta 尼尔·梅塔
Yes, good morning, Darren, Kathy, and team. I just want to spend some time talking about the startups of the key LNG projects. And maybe you could talk about what we're seeing in terms of de-risking Golden Pass, and bringing that into service? And then we get less visibility on what's happening in Qatar, but it's going to be a big important project, North Field Expansion. So, to the extent you're able to, can you just share your perspective of how that's going on the ground?
是的，早上好，Darren、Kathy 和团队。我想花点时间谈谈关键 LNG 项目的启动。也许你可以谈谈我们在降低 Golden Pass 风险方面看到的情况，以及将其投入使用的进展？我们对卡塔尔的情况了解较少，但北方油田扩展将是一个重要的大项目。在你能够的范围内，能否分享一下你对该项目在现场进展的看法？
Darren Woods 达伦·伍兹
Yes, good morning, Neil. Thanks for the question. I'll just say, obviously, the Golden Pass venture is managing the project, and we're contributing as best we can, and obviously worked with the venture in response to the bankruptcy. And that team, I think, is making really good progress at re-optimizing the work and the schedule. We anticipate today that that venture will basically be delayed by about six months.
是的，早上好，尼尔。谢谢你的提问。我只想说，显然，Golden Pass 合资企业正在管理这个项目，我们正在尽最大努力做出贡献，并且显然在应对破产时与合资企业合作。我认为那个团队在重新优化工作和进度方面取得了非常好的进展。我们预计今天该合资企业将基本上延迟大约六个月。
So, we expect to see first LNG out of that train back-end of 2025 to potentially slipping over into the New Year, but it'll be in that timeframe that we see. And then, of course, each train after that, we anticipate about six months' separation between the trains coming on.
因此，我们预计在 2025 年底至可能跨年期间看到该生产线的首批液化天然气产出，但会在那个时间范围内实现。当然，之后的每条生产线，我们预计每条生产线之间的间隔约为六个月。
So, think that venture has done a lot of really good work to overcome what was a pretty challenging set of circumstance, and we feel pretty good about the path that they're on. There's still more work to do, but I think a really good vector. And the fact that the existing contractors that were involved in that venture have stepped in to fill the void and pick up the baton and keep running the race I think is a huge testament to those and their commitment to the success of this project, along with all the folks at the venture who were working this real hard. So, we stay close to it, but the venture organization there really owns that and deserves the credit for the recovery there.
所以，我认为这个风险投资在克服一系列相当具有挑战性的情况方面做了很多非常出色的工作，我们对他们所走的道路感到相当满意。还有更多的工作要做，但我认为这是一个非常好的方向。事实上，参与该风险投资的现有承包商已经介入以填补空缺，接过接力棒继续比赛，我认为这对他们以及他们对该项目成功的承诺是一个巨大的证明，还有所有在该风险投资中努力工作的人。因此，我们与之保持密切联系，但那里的风险投资组织真正拥有这一切，并且应当为那里的复苏获得赞誉。
I think on Qatar, same thing. We're a participant in there. And QatarEnergy obviously is managing those projects. But a better place for them to give status of where the projects are. We feel pretty good about the collaboration and our ability to work hand in glove with QatarEnergy, and frankly feel really good about the competitiveness of those projects. And so are fairly engaged with those, and I think feel good about the work that's happening in that space.
我认为在卡塔尔也是一样的情况。我们是那里的参与者。卡塔尔能源显然在管理这些项目。但由他们来提供项目进展的状态会更合适。我们对合作以及与卡塔尔能源密切合作的能力感到相当满意，坦率地说，对这些项目的竞争力感到非常乐观。因此，我们相当投入其中，并且我认为对该领域正在进行的工作感到满意。
And then, obviously, we're doing work in Papua, and looking to make sure we can come with an attractive project there and looking at opportunities to advance the Mozambique project as well. So, we've got a pretty good portfolio of LNG projects that we see going into the future. And the market response that we're seeing on those – the potential for those projects is very positive.
然后，显然，我们正在巴布亚开展工作，并希望确保我们能够在那里推出一个有吸引力的项目，同时也在寻找推进莫桑比克项目的机会。因此，我们拥有一个相当不错的液化天然气项目组合，我们认为这些项目将在未来发展。我们在这些项目上看到的市场反应——这些项目的潜力是非常积极的。
So, we see strong demand signals and, frankly, a lot of customer interest. So, I feel good about the LNG business as a whole. And then I think working really constructively through the projects that are in development or under construction, and then making good progress on the concepts and the engineering for the LNG projects to come.
因此，我们看到强劲的需求信号，坦率地说，客户兴趣很大。所以，我对整个 LNG 业务感到乐观。然后，我认为在开发或建设中的项目中非常有建设性地工作，并在即将到来的 LNG 项目的概念和工程方面取得良好进展。
Neil Mehta 尼尔·梅塔
Thanks, Darren. 谢谢，达伦。
Darren Woods 达伦·伍兹
Thank you, Neil. 谢谢你，尼尔。
Operator 操作员
The next question is from Doug Leggett of Wolfe Research.
下一个问题来自 Wolfe Research 的 Doug Leggett。
Doug Leggett 道格·莱格特
Hey, good morning, everyone. Thanks for having me on. My gosh, Darren, I'm trying hard not to get in front of December, but I would love to ask you a question on Guyana production capacity, or rather production versus production capacity. And I guess my question goes like this. Alistair, I guess, has been quoted recently about the next wave of de-bottlenecking at Payara. A recent field trip that we hosted with you guys down there led us to understand that you haven't even drilled all the development wells on the early phases like Liza 1. And then, lastly, you've now got Hammerhead coming in on a converted FPSO, which typically seems to be a little quicker than the greenfield. So, I guess my question is how do you reconcile production versus production capacity, which I guess is how you've always kind of tried to manage expectations on the outlook for Guyana?
早上好，各位。感谢邀请我参与。天哪，Darren，我尽量不抢在十二月前提问，但我还是想问您关于圭亚那生产能力的问题，或者说生产量与生产能力的关系。我的问题是这样的。最近Alistair提到关于Payara的下一波瓶颈解除工作。此外，我们最近在圭亚那进行的实地考察让我们了解到，你们甚至还没有完成像Liza 1等早期阶段的所有开发井的钻探工作。最后，现在你们正利用改造后的FPSO投产Hammerhead项目，这通常比新建项目要快一点。因此，我的问题是，您如何协调生产量与生产能力之间的关系？我猜这是您一直用来管理对圭亚那前景预期的方式，对吗？
Darren Woods 达伦·伍兹
Yes, I think, there's a lot of -- as you know, having spent some time down there, Doug, a lot of variables at play. And oftentimes those investments that we make are coming in -- or coming on stream at the back end of the year. And so, part of the capacity versus production is just the timing of when we bring those projects on. Then, obviously, there's the timing of -- as we know, all these resources over time deplete.
是的，我认为，正如你所知，Doug，在那里待过一段时间后，有很多变量在起作用。而且我们所做的那些投资往往是在年底才开始见效。因此，产能与生产之间的一部分差异仅仅在于我们启动这些项目的时间。然后，显然，还有一个时间问题——正如我们所知，所有这些资源都会随着时间的推移而枯竭。
And the organization is working really hard at infill drilling and doing the other things they need to keep capacity utilization high. And so, that work and the timing of that, scheduling of that work, features into it. And so, I think a lot of those things go into it. We do our best to give all of you a good view of what we expect to be producing versus the capacity. And obviously, the organization is working really hard to do an even better job. And everyone, I think, that's working that project, and as we've demonstrated over the years, is very focused on continuing to operate those facilities in a very environmentally responsible way. We've been very pleased with the low level of flaring that they've managed to achieve.
该团队正努力进行填充钻井工作，并采取其他措施，以保持高的产能利用率。这些工作及其时间安排都涉及其中。所以，我认为很多因素都在其中。我们尽力为大家提供一个关于预期生产量与产能的清晰视图。显然，团队正在努力做得更好。我认为每个参与该项目的人，如同我们多年来所展示的，都非常专注于以一种非常环保的方式持续运营这些设施。我们对他们在减少燃烧排放方面取得的低水平感到非常满意。
The ability to bring those facilities on really in an outstanding fashion with very low levels of flaring as they start these things up and then continue to run with no routine flaring. And then, at the same time, really push production to make sure that we're fully utilizing the capital that we put in the ground and doing that very safely. And we continue to surprise ourselves with the ability of those organizations to find ways to fill up that capital. My expectation is they'll continue to do that. Really hard to forecast exactly how successful they are going forward. But we focus on the capacity and then the targets that we're providing you. And we'll give you updates. Obviously, in our best interest, as we sharpen our plans and get a better look at things that we'll bring that forward and share it with the rest of you. And I do think when we get into December with the corporate plan reveal, I know that Neil is anxious to talk about his entire portfolio and the progress that we're making across not only Guyana but the Permian. So, we'll give you some more color commentary then as well.
这些设施的启动确实非常出色，实现了极低的燃烧排放，且启动后没有常规燃烧排放。同时，我们也在努力提高生产，以确保充分利用我们投入的资本，并且在这一过程中确保安全。我们一直为这些团队能够找到填补资本利用率的方法而感到惊喜。我预计他们会继续这样做。很难准确预测他们在未来的成功程度，但我们专注于产能以及我们提供给大家的目标，我们会提供更新。显然，随着我们计划的逐步完善并获得更清晰的视角，及时与大家分享符合我们最大利益。我认为，等到十二月的公司计划揭晓时，Neil会非常期待谈论他的整个投资组合，以及我们在圭亚那和二叠纪盆地所取得的进展。到时我们会提供更多的详细解读。
Doug Leggett 道格·莱格特
Great. Thanks so much. 太好了。非常感谢。
Darren Woods 达伦·伍兹
You bet. Thank you, Doug.
当然可以。谢谢你，道格。
Operator 操作员
The next question is from John Royall of J.P. Morgan.
下一个问题来自摩根大通的约翰·罗亚尔。
John Royall 约翰·罗亚尔
Hi, good morning. Thanks for taking my question. So, my question is on your balance sheet. The 5% net debt to capital is very impressive. And you're continuing to live within your means on the cash flow side, even when the cycle is turning down off of peaks. So, my question is do you consider yourselves under levered at the higher point in the cycle? And expecting to get your leverage back to higher levels as you continue a steady capital return program at the low point in the cycle, or does the fact that you've remained in the 5% or less type of range for almost two years now maybe mean that you could get a little more aggressive on returning capital and go a little higher on the leverage side?
嗨，早上好。感谢您回答我的问题。我的问题是关于你们的资产负债表。5%的净债务与资本比率非常令人印象深刻。即使在周期从高峰回落时，你们在现金流方面也继续量入为出。所以，我的问题是，你们是否认为自己在周期的高点时杠杆不足？并且期望在周期的低点继续稳定的资本回报计划时，将杠杆恢复到更高的水平，还是说你们在过去将近两年中一直保持在 5%或更低的范围内，这是否意味着你们可以在资本回报方面更积极一些，并在杠杆方面稍微提高一些？
Kathy Mikells 凯西·米克尔斯
Sure, I'm happy to take that. So, look, what we're doing with our capital structure is pretty purposeful. And I think we've been straightforward about that. We, obviously, operate in an industry that has commodity cycles. And it's really important for us and a clear competitive advantage to have an incredibly strong balance sheet to manage through those cycles and to have flexibility, right?
当然，我很乐意接受这个问题。我们对资本结构的安排是非常有目的性的。我认为我们对此一直都很直率。显然，我们所处的行业有商品周期。对我们来说，拥有一个极其强大的资产负债表来应对这些周期并保持灵活性是非常重要的，也是一个明显的竞争优势，对吧？
So, you see us continuing to focus on a very strong approach in terms of capital allocation. And first and foremost, when we think about capital allocation, we think about making sure we have the firepower to invest in what are great projects with great returns. Growing things like the Permian and Guyana, investing in strategic projects in our EMPS business like China 1, which will start up next year, as well as continuing to invest in more capacity for things like advanced recycling and building our low-carbon solutions business. We then really want to make sure that we keep that balance sheet strong because we want flexibility when inevitably the market gets softer and then clearly we're looking to reward our shareholders with our success.
因此，您会看到我们继续在资本配置方面保持非常稳健的策略。首先也是最重要的是，当我们考虑资本配置时，我们会优先确保有足够的资金来投资于高回报的优质项目。我们正在扩展像二叠纪盆地和圭亚那这样的业务，投资于我们EMPS业务中的战略性项目，例如将于明年启动的中国1号项目，同时也在不断增加先进回收的产能，并构建我们的低碳解决方案业务。其次，我们希望保持资产负债表的稳健，因为在市场不可避免地走软时，我们需要保持灵活性。最后，我们希望通过我们的成功来回报股东。
And you would have seen that this quarter with the $0.4 quarterly dividend raise. And in Darren's comments, he mentioned it's the 42nd year in a row that our annual dividends have increased. That puts us in a quite small group of companies in the S&P 500. Only 4% of companies have that kind of longevity in terms of annual dividend growth on an ongoing basis. So, it's important to us that we're conservative now with that balance sheet to give us all the flexibility that we need through the cycles that we have to manage through.
您会看到本季度季度股息增加了 0.4 美元。在达伦的评论中，他提到这是我们连续第 42 年增加年度股息。这使我们成为标普 500 指数中一个相当小的公司群体。只有 4%的公司在年度股息增长方面具有这种持续性。因此，对我们来说，现在保持资产负债表的保守性很重要，以便在我们必须管理的周期中提供所需的灵活性。
Darren Woods 达伦·伍兹
Yes, and I would add to that, John, I think as we've talked about, it feels like every year I've been in the job. For us, the definition of disciplined capital spending is only investing in the things where you have an advantage, where your projects are robust to down cycles and where they deliver highly advantaged returns. And so, that portfolio of investment opportunities, were very keen on prosecuting across the cycles. And I think that's what we're always mindful of is ultimately we know there's going to be business cycles, commodity cycles, price cycles, but ultimately the demand for the products that we're trying to produce and the advantage of the projects that we're investing in to produce those products are going to be needed.
是的，John，我想补充一点，正如我们谈到的，感觉每年我在这个岗位上都在强调这一点。对我们来说，有纪律的资本支出定义就是只投资于我们拥有优势的项目，这些项目在周期低谷时依然坚挺，并且能够带来高度优势的回报。因此，这一投资机会组合我们非常重视，并会在各个周期中推进。我认为，我们始终意识到最终会有商业周期、大宗商品周期、价格周期的存在，但对于我们要生产的产品的需求以及我们投资于这些产品的项目的优势，这些将始终是必要的。
And so, having the constancy of purpose there and being able to continue to invest through the down cycles are really, really critical. And so, that's fundamental to how we're thinking about this. We got good projects. We need to execute on those projects, and if we find additional opportunities as we move forward, we need to invest in those as well. That's going to drive kind of the approach that we take to the rest of the balance sheet and our capital allocation priorities.
因此，保持目标的坚定性并能够在低谷期继续投资是非常关键的。这是我们思考这一问题的基础。我们有好的项目，我们需要执行这些项目，如果在前进过程中发现额外的机会，我们也需要投资。这将推动我们对资产负债表其余部分和资本分配优先事项的处理方式。
John Royall 约翰·罗亚尔
Thank you. 谢谢。
Darren Woods 达伦·伍兹
Thank you. The next question is from Betty Jiang of Barclays.
谢谢。下一个问题来自巴克莱的 Betty Jiang。
Betty Jiang 贝蒂·蒋
Good morning. Thank you for taking my question. I want to ask about the Permian efficiencies and trends in general. I know we will get a lot more in December, but if we could get some early flavor on what you're seeing in the fields, specifically these 3.5 to 4-mile laterals seems really interesting. And is that part of this image that you have identified with Pioneer initially?
早上好。感谢回答我的问题。我想问一下关于二叠纪盆地的效率和整体趋势。我知道十二月会有更多详细信息，但能否先给我们一点关于现场情况的初步印象，特别是这些3.5至4英里的水平井段看起来非常有趣。这是否是您最初与Pioneer合作中识别出的部分内容？
Darren Woods 达伦·伍兹
Sure. I'll start, Betty, and then, I'll let Kathy add some perspective as well. I would say, just at a very high level, we could not be more thrilled by what we're finding with respect to bringing the two organizations together and the opportunity that's in front of us I think we certainly had saw a big opportunity for Exxon Mobil to bring some of its strengths to the Pioneer acreage and the work that they were doing we anticipated the reverse happening where the organization's Pioneer could bring a lot to what Exxon Mobil was doing, but frankly, very hard for us to estimate that prior to closing the acquisition and getting together and working together. I think what we're finding through that process is there's a real big opportunity to bring a lot of what Pioneer is doing into our operations.
当然。我先开始，Betty，然后我会让 Kathy 也来补充一些看法。我想说，从一个非常高的层面来看，我们对将这两个组织结合在一起以及我们面前的机会感到无比兴奋。我认为我们确实看到了一个巨大的机会，Exxon Mobil 可以将其一些优势带到 Pioneer 的土地和他们正在进行的工作中。我们预期会发生相反的情况，即 Pioneer 可以为 Exxon Mobil 正在做的事情带来很多东西，但坦率地说，在完成收购并开始合作之前，我们很难估计这一点。我认为，通过这个过程，我们发现有一个很大的机会可以将 Pioneer 正在做的很多事情引入到我们的运营中。
Here's a couple of examples. They've got a world-class water infrastructure network that we're now leveraging to serve the combined assets at a much lower cost. They've got a remote logistic operations center to help on their supply chain, and we're taking full advantage of that. We just achieved an all-time Pioneer record for drilling performance in terms of lateral feet drilled per day. We're leveraging the cube design that we had and applying it to good effect in the Pioneer acreage. We're harmonizing a lot of the specifications that we have on materials and services to try to take advantage of the scale and to simplify the procurement supply chain and drive cost efficiencies.
这里有几个例子。他们拥有世界一流的水基础设施网络，我们现在正在利用这一网络以更低的成本服务于合并资产。他们有一个远程物流运营中心来帮助他们的供应链，我们正在充分利用这一点。我们刚刚在钻井性能方面创下了先锋历史新高，以每天钻探的横向英尺数为标准。我们正在利用我们已有的立方体设计，并将其有效应用于先锋的土地。我们正在协调我们在材料和服务上的许多规格，以尝试利用规模优势，简化采购供应链并提高成本效率。
And I would just say, as everyone talks about, there's a lot of art to this drilling and completions improvements and getting the best thinking of both organizations and actually in combination, developing thoughts and approaches that neither organization came up with independently, I think is all manifesting itself, and additional synergies and we're bringing those synergies to the bottom line faster than we had anticipated and they are larger than we had anticipated.
我想说的是，正如大家所谈论的，在钻井和完井改进方面有很多“艺术”，结合两家公司的最佳思维，实际上共同发展出双方单独都没有想到的思路和方法。这一切正在显现出成效，带来了额外的协同效应，而且我们将这些协同效应转化为收益的速度比预期更快，规模也比预期更大。
So, it's a really I think good news story and one that we're going to spend quite a bit of time talking to you about on December 11th and I know Neil and his team are real keen to share some more of the specifics to help kind of take what has been some high level indication of value and translate that down into a lot more detail so that all of you can get much more better feel in terms of what's happening there.
所以，我认为这是一个非常好的消息，我们将在 12 月 11 日花相当多的时间与您讨论这一点。我知道尼尔和他的团队非常热衷于分享更多的细节，以帮助将一些高层次的价值指示转化为更多的细节，以便让你们所有人更好地了解那里发生的事情。
Anything else to add, Kathy?
还有什么要补充的吗，凯西？
Kathy Mikells 凯西·米克尔斯
No, I mean we initially talked about an average of $2 billion in synergies over the next decade. Obviously that would start smaller and build and we're clearly seeing more synergies than we initially anticipated. And as Darren said, Neil will definitely enjoy the opportunity in December to give an update on that and quantify it more specifically.
不，我的意思是我们最初谈到在未来十年内平均实现 20 亿美元的协同效应。显然，这一数字会从较小的规模开始并逐步增加，而且我们显然看到了比最初预期更多的协同效应。正如达伦所说，尼尔肯定会在 12 月享有机会对此进行更新，并更具体地量化。
Darren Woods 达伦·伍兹
Yes, I would just say that the focus of that team is NPV and maximizing NVP. I think the drive like we've always said, it's not a volumes game here, it's a value game here and the great news is we're seeing a lot of value.
是的，我只想说那个团队的重点是净现值和最大化净现值。我认为正如我们一直所说的，这里不是一个追求数量的游戏，而是一个追求价值的游戏，好消息是我们看到了很多价值。
Operator 操作员
The next question is from Bob Brackett of Bernstein Research.
下一个问题来自伯恩斯坦研究公司的鲍勃·布拉克特。
Bob Brackett 鲍勃·布拉克特
Good morning. I'd like to talk a little bit about Proxxima rebar and your comments around the addressable market. If I think about steel, steel is almost 2 billion tons a year, half is construction and infrastructure-ish, rebar is $400 or $500 a ton. And so, the rebar market is something like say a $400 ish, $1 billion market. You're talking about $30 billion. How do you think it's almost heartened back to value versus volume? When you think about putting this product, which again as you said is lighter and stronger into the market, do you go for value and pricing or do you go for market share and is the $30 billion reflecting that or is that just a preliminary sort of estimate?
早上好。我想谈谈Proxxima钢筋和您对可服务市场的看法。钢铁的年产量接近20亿吨，其中约一半用于建筑和基础设施，钢筋价格约为每吨400到500美元。因此，钢筋市场大约是4000亿美元左右的规模。您提到的是300亿美元。您是如何看待价值与体量的关系的？当您考虑将这种更轻且更强的产品推向市场时，是倾向于价值和定价，还是市场份额？而300亿美元是反映了这种策略，还是只是一个初步的估算？
Darren Woods 达伦·伍兹
Thanks, Bob. Thanks for the question. So, I would say, we're going to have targeted areas of rebar applications that we'll look at for Proxxima. So, it's not, we're not trying to address the entire market for rebar, but for the rebar markets where we think the value and use for what we're doing is strongest and therefore generates the most opportunity for earnings growth.
谢谢，鲍勃。谢谢你的提问。我想说，我们将针对 Proxxima 的钢筋应用进行有针对性的领域研究。因此，我们并不是试图覆盖整个钢筋市场，而是针对那些我们认为我们的产品价值和用途最强的钢筋市场，从而创造最大的盈利增长机会。
Necessarily, it is a segment of the rebar market that we're starting with recognizing that we're pretty early into. I think what we're finding though through that infrastructure market is, as we said at the beginning, when we're looking for opportunities is they've got to be big markets with big value use in order for it to be a material effort at some point in the future. It's got to be material with respect to ExxonMobil and so they've got to be big markets and so we're focused on that. Rebar actually in the infrastructure market is not the biggest one that where we see an opportunity. There's also a lot of advantages just using this thermoset resin as an epoxy and there are many, many applications into a number of different industrial uses that where there's great huge value in use from the epoxy and good margins and good growth opportunities.
必然地，这是我们刚开始进入的钢筋市场的一个部分，我们认识到我们还处于相当早期的阶段。不过，我认为我们通过基础设施市场发现的是，正如我们在开始时所说的，当我们寻找机会时，它们必须是具有巨大价值使用的大市场，以便在未来的某个时候成为一项重要的努力。它必须对埃克森美孚具有重要意义，因此它们必须是大市场，因此我们专注于此。实际上，在基础设施市场中，钢筋并不是我们看到机会的最大市场。仅仅使用这种热固性树脂作为环氧树脂就有很多优势，并且在许多不同的工业用途中有许多应用，这些应用中环氧树脂具有巨大的使用价值，并且有良好的利润率和良好的增长机会。
Also a lot of applications in the automotive sector, particularly as you think about EVs and light weighting, this is an incredibly strong and incredibly versatile product that lends itself to a lot of applications in the automotive industry and so longer term, we see opportunities there. And so, what we've really been focused on at Proxxima is making sure that we've got a good understanding of the value in use that we're working with customers so that they demonstrate, they can see the demonstrated value in use and make sure that we're testing out the value proposition.
在汽车领域也有很多应用，特别是当你考虑到电动汽车和轻量化时，这是一种非常强大且非常多功能的产品，适用于汽车行业的许多应用，因此从长远来看，我们看到了那里的机会。因此，我们在 Proxxima 真正专注的是确保我们对使用价值有良好的理解，与客户合作，以便他们能够看到使用价值的展示，并确保我们在测试价值主张。
看着八字还没有一撇的胡扯。
We've challenged the organization to put together a very aggressive plan in terms of growing Proxxima and then have established what I would say are milestones in our development of that to continue to assess, are we seeing this potential being realized and therefore earning our way to the continued emphasis on the growth and investment. And in these early days things look really, really positive. But this is a new to the world technology, new to the world processes that we're building into the planned process. And as you can tell from the way we're talking about this, we see huge opportunity here.
我们已要求组织制定一个非常激进的计划，以发展 Proxxima，并设立了我所说的发展里程碑，以便继续评估我们是否看到了这种潜力的实现，从而为继续强调增长和投资的方向铺平道路。在这些早期阶段，情况看起来非常非常乐观。但这是一个世界上全新的技术，我们正在将其构建到计划流程中的全新流程。正如你可以从我们谈论这件事的方式中看出，我们在这里看到了巨大的机会。
It's very, very consistent with kind of the history we have in our historical chemical business in terms of taking molecules, developing unique applications with unique performance parameters and then selling those into large market applications and this fits right into our wheelhouse with respect to that. So, it's early days, rebar is one of the first out the gate, but I would say there's a lot more to come in this space and feeling really, really excited about this opportunity.
这与我们在历史化学业务中的历史非常一致，即开发分子，开发具有独特性能参数的独特应用，然后将其销售到大型市场应用中，这正好符合我们的专长。因此，现在还处于早期阶段，钢筋是最先推出的产品之一，但我想说在这个领域还有更多的东西即将到来，对这个机会感到非常兴奋。
Bob Brackett 鲍勃·布拉克特
Interesting. Thank you. 有趣。谢谢。
Darren Woods 达伦·伍兹
You bet. Thank you. 当然，谢谢你。
Operator 操作员
The next question is from Jean Ann Salisbury of Bank of America.
下一个问题来自美国银行的 Jean Ann Salisbury。
Jean Ann Salisbury 琼·安·索尔兹伯里
Good morning. With China 1 startup drawing closer, what is your view on the medium term Asia Chemicals market? China 1 does mostly high performance chemicals. Do we need to see a return all the way to mid-cycle CHEM's margins for that project to meet your projections?
早上好。随着中国 1 号初创公司临近，您对中期亚洲化学品市场有何看法？中国 1 号主要生产高性能化学品。为了使该项目达到您的预期，我们是否需要看到化学品利润率完全回到中周期水平？
Darren Woods 达伦·伍兹
Yes. I'll start with that and then hand it over to Kathy to comment on it. But I would say when we went into the China 1 project, we recognized, I'd say the macro challenges with the chemical industry, particularly in China. And so, one of the things that underpinned that investment and the thinking behind it was making sure that as you point out that it's going to be high performance, but also low cost and therefore competitive in bottom of cycle conditions and generating returns and making money in tough environments.
是的。我会先从这开始，然后交给凯西来评论。但我想说，当我们进入中国 1 号项目时，我们认识到化学工业的宏观挑战，特别是在中国。因此，支撑该投资及其背后思考的其中一个因素是确保如你所指出的那样，它将具有高性能，同时也具有低成本，因此在周期底部条件下具有竞争力，并在艰难环境中产生回报和盈利。
And so, we went into that with our eyes wide open and actually as we've progressed the project feel really good about where we've ended up with the project. So, my expectation is, it will be a valuable part of the portfolio even as the market remains challenged and that challenge will exist for some time. We continue to see good demand growth, but there's just a lot of supply that the industry has to work through and it will take time for the rationalizations to occur, but we'll be in a good position as we've demonstrated to date that our portfolio is built for these tough conditions and therefore our view is once the market clears we'll see a lot more upside than we've experienced here over the last couple of years.
因此，我们是带着完全清醒的认识进入该项目的，并且随着项目的推进，对我们取得的成果感到非常满意。我的预期是，即便市场仍然面临挑战，且这种挑战将持续一段时间，该项目也将成为组合中的一项有价值的资产。我们持续看到良好的需求增长，但行业仍需处理大量供应，这需要时间来进行合理化。然而，正如我们迄今所展示的那样，我们的组合是为应对这些艰难条件而构建的，因此我们的看法是，一旦市场清理完毕，我们将看到比过去几年更大的上行空间。
Anything to add, Kathy? 有什么要补充的吗，凯西？
Kathy Mikells 凯西·米克尔斯
Yes. The only thing I'd add is, for us, China is going to be one of the biggest drivers of chem growth longer term, right, as they continue to have their population kind of moving up to the middle class and longer term chem growth is usually a bit above GDP. And so, the fact that we were able to strategically place this big project in China moves us from what was 100% importation model to now having our own production there on the ground. That's very low cost. So, we would expect even though Asia continues to be in bottom of cycle conditions because of the low cost of this facility, we should get to positive cash results reasonably quickly and it will be a very resilient asset for us long-term.
是的。我唯一要补充的是，对我们来说，中国将成为化学品长期增长的最大推动力之一，对吧，因为他们的人口继续向中产阶级发展，而长期化学品增长通常略高于 GDP。因此，我们能够战略性地将这个大型项目放在中国，这使我们从 100%进口模式转变为现在在当地拥有自己的生产。这是非常低成本的。因此，即使亚洲继续处于周期底部状态，由于该设施的低成本，我们应该能够相对快速地实现正现金结果，并且这将是我们长期非常有弹性的资产。
Jean Ann Salisbury 琼·安·索尔兹伯里
Great, thank you. 太好了，谢谢你。
Darren Woods 达伦·伍兹
Thank you, Jean Ann. 谢谢你，Jean Ann。
Operator 操作员
The next question comes from Biraj Borkhataria of RBC.
下一个问题来自 RBC 的 Biraj Borkhataria。
Biraj Borkhataria 比拉杰·博尔卡塔里亚
Hi, there. It's Biraj from RBC. Just wanted to ask around some recent reports in September that you were withdrawing from a farm down process in Namibia. Is there anything you can say about what you saw there that was lot of interest? Obviously, there seems to be a lot of resources discovered there, varying views on commerciality of the reservoirs. So, any thoughts there would be appreciated as well as how you're thinking more broadly about bringing inorganic opportunities into what already feels like quite a full upstream hopper? Thank you.
您好，我是来自RBC的Biraj。想问一下关于最近9月的一些报道，据说你们正在退出纳米比亚的权益出售（farm down）过程。能否谈谈你们在那里的发现以及引起很多兴趣的原因？显然，那里的资源储量似乎很大，但对储层的商业可行性有不同看法。希望能听听你们的想法，以及更广泛地来看，你们如何考虑将非有机增长机会引入已经看起来相当充实的上游投资组合？谢谢。
Darren Woods 达伦·伍兹
Yes, sure. Thanks for the question, Biraj. I would just say maybe a little more generally than the specific question on what we're seeing. One of the changes that we've made in the organization is through this value chain concept is making sure that as we're evaluating potential resources and discoveries that we are thinking about the whole end-to-end process and making sure there is a commercial and economic opportunity set there that justifies the investment.
是的，当然。谢谢你的提问，Biraj。我想说的可能比我们所看到的具体问题更一般一些。我们在组织中所做的一个改变是通过这个价值链概念，确保在评估潜在资源和发现时，我们考虑整个端到端的过程，并确保那里有一个商业和经济机会集来证明投资的合理性。
So, we know it is an integrated approach to make sure that as we are doing the work to understand the resources and what would be required to develop resources that at the same time, we're looking at in the context of the cost of developing those resources and then the economics of that cost and returns that we could generate and how even the quality of the resource to make sure that it would be competitive on the market.
因此，我们知道这是一种综合方法，以确保在我们努力了解资源以及开发资源所需的条件时，同时考虑到开发这些资源的成本背景，以及该成本的经济性和我们可以产生的回报，甚至资源的质量，以确保其在市场上的竞争力。
So, all that now today is built into the early decision making. And at the same time, the size of the opportunity has to be large enough to give us the scale advantages. So, a big difference to how we think about opportunities today versus maybe 10 years ago is if it doesn't work across that entire value chain, we don't see the full value proposition, then we're not going to be interested in it. So, I would say that's just generally the macro approach without addressing specifically any one particular area, which I'm going to refrain from doing.
因此，所有这些现在都融入了早期决策中。同时，机会的规模必须足够大，以便为我们提供规模优势。因此，与我们今天思考机会的方式相比，也许与 10 年前相比，一个很大的不同是，如果它不能在整个价值链中发挥作用，我们看不到完整的价值主张，那么我们就不会对此感兴趣。所以，我会说这只是一般的宏观方法，而不具体涉及任何一个特定领域，我将避免这样做。
I think then, to the second part of your question, with respect to inorganic opportunities, I would say, look, we all know this is a depletion business. And so, I don't think we can sit at any point in time and get comfortable that you don't need to be doing anything at some point for the future because of the recognition that every barrel you produce is a barrel that's gone, and you've got to keep thinking and have in your mind that you're on this treadmill and finding new opportunities as you go. And so, I would say the organization is very active across what are the three key levers for making sure that we keep a very full portfolio of production opportunities, which is continuing to focus on technology and making sure for the things that we have today, we're maximizing the recovery of those things. Continuing to look for new resources through the exploration lens and finding opportunities in that space, organic opportunities.
关于您问题的第二部分，关于非有机增长机会，我想说的是，大家都知道这是一个逐渐消耗的行业。因此，在任何时间点都不能满足于现状，认为未来不需要做任何准备，因为每生产一桶油就是消耗一桶油，必须时刻考虑在不断寻找新的机会。因此，我会说，公司在三个关键方面都非常活跃，以确保我们保持充实的生产机会组合：继续专注于技术，确保在现有资源上最大限度地提高采收率；通过勘探的角度寻找新资源，发现有机增长机会。
And then, the inorganic opportunities, looking for opportunities where we can bring a value proposition to enhance what somebody else is already doing in this space. And I'd come back to the formula that we've always talked about, which is anything that is inorganic that we're going to acquire, we have to bring and we have to see an ability to offer some unique value. So, the one plus one equals three has to be part of the equation. And if we can't convince ourselves that, that proposition is there, it's very difficult to justify making the investments. And so, that's a high hurdle to clear.
至于非有机增长机会，我们会寻找那些我们能够带来价值主张、提升他人现有业务的机会。我想回到我们一直强调的原则，即任何我们要收购的非有机业务，我们必须能够带来并看到提供独特价值的能力。因此，“一加一等于三”必须成为考虑因素的一部分。如果我们无法说服自己这种价值主张存在，那么就很难合理化这样的投资。因此，这是一个很高的门槛。
巴菲特不喜欢的表达方式，1+1=2，把简单问题复杂化的习惯很难改变。
And so, it's one where we've got to work real hard and continue to look for the opportunities where that opportunity is available. And I would say the emphasis that we're putting on the technology side of the equation helps with that, which is what we saw with the Pioneer acquisition. As we drive the technology to improve what we're getting out of our base business, that lends itself to opening up deal space on acquisition opportunities. That's how we think about it.
因此，我们必须非常努力地工作，并继续寻找机会所在的地方。我想说的是，我们在技术方面的重视对此有所帮助，这正是我们在收购 Pioneer 时看到的。随着我们推动技术以改善我们从基础业务中获得的成果，这有助于在收购机会方面打开交易空间。这就是我们的思考方式。
Operator 操作员
The next question is from Ryan Todd of Piper Sandler.
下一个问题来自派杰公司的瑞安·托德。
Ryan Todd 瑞安·托德
Hi, thanks. Maybe if I could ask one as we think about, maybe this is front-running, but as we think about CapEx in the 2025, is the post-Pioneer kind of normalized run rate on quarterly or annualized CapEx the right way to think about a starting point for next year or are there any material moving pieces whether it's incremental project timing or maybe even more specifically potential for cost deflation and efficiency gains and a lower part of the upstream that could push CapEx way in one direction or the other.
您好，谢谢。我想问一个关于2025年资本支出的问题，可能有点前瞻性。对于后Pioneer阶段的资本支出，季度或年化的正常支出水平是否是考虑明年支出的合适起点，还是说是否存在一些重要的变动因素，例如新增项目的时间安排，或更具体地说，上游成本下降和效率提升的潜力，可能导致资本支出大幅波动？
Darren Woods 达伦·伍兹
Yes, I'll start and then I'll let Kathy fill in a lot of the details. I would just, I think the one thing which you'll hear on December 11th is what Neil and the team did is this is not a bolt-on where we're kind of adding what the two organizations were doing and then going forward with that. This was kind of going back to the fundamentals, clean sheets of paper and developing up what we view as the optimum development plan across that portfolio. And so, the optimization of our efforts across the broad portfolio means that the plan going forward is different than what the individual plans of both Pioneer and Exxon Mobil were prior to the acquisition.
是的，我会先开始，然后让凯西补充很多细节。我想，您将在 12 月 11 日听到的一个事情是，尼尔和团队所做的并不是简单地将两个组织的工作合并然后继续下去。这是回到基础，重新开始，制定我们认为是整个投资组合的最佳发展计划。因此，我们在广泛投资组合中的努力优化意味着未来的计划与收购前先锋和埃克森美孚各自的计划不同。
And so, it's a new mix, it's a new development plan that that will share a level of detail on December 11. And again, what I would tell you is it's really looking at what do we see as the capability of the organization, the value opportunity, and our ability to deliver on that that's going to set the CapEx plans. But I'll let Kathy provide some additional comments.
因此，这是一个新的组合，是一个新的发展计划，将在 12 月 11 日分享详细信息。再一次，我要告诉你的是，我们真正关注的是我们认为组织的能力、价值机会以及我们实现这一目标的能力，这将决定资本支出计划。但我会让凯西提供一些额外的评论。
没有任何实质内容的胡扯。
Kathy Mikells 凯西·米克尔斯
Yes. Otherwise, I would have said, look, starting point was look at Pioneers as far as starting point, they would have been projecting their own CapEx before we put Exxon Mobil and Pioneer together at, I'll call it beginning at $4.5 billion and sort of building to the $5 billion level over time. So, that's a starting point. But we are going to be looking at the Permian holistically and we are going to be putting our collective dollars kind of into an overall production plan and program that we think is going to drive the highest levels of efficiencies and the highest returns, as Darren already mentioned.
是的。否则，我会说，起点是看先锋公司，至于起点，他们在我们将埃克森美孚和先锋公司合并之前，预计他们自己的资本支出会在 45 亿美元开始，并逐步达到 50 亿美元的水平。所以，这是一个起点。但我们将全面审视二叠纪盆地，并将我们的集体资金投入到一个整体的生产计划和项目中，我们认为这将推动最高水平的效率和最高的回报，正如达伦已经提到的。
So, the one other thing I just want to take the opportunity to mention is we have been guiding to CapEx and exploration expense. We had said for this year that's going to be $28 billion. That's what we still think it's going to be. That's $25 billion for Exxon Mobil and about $3 billion for Pioneer. We're going to move to cash CapEx for our guidance going forward, and we'll talk about that more during the corporate plan. That's a metric that is consistent with what other IOCs kind of guide to, and it will make it easier for you to translate that information kind of into the cash flow that we provide when we report our results.
所以，我想借此机会提到的另一件事是，我们一直在指导资本支出和勘探费用。我们曾说过，今年将是 280 亿美元。这是我们仍然认为的情况。其中 250 亿美元用于埃克森美孚，约 30 亿美元用于先锋。我们将转向现金资本支出作为我们未来的指导，并将在公司计划期间对此进行更多讨论。这是一个与其他国际石油公司指导一致的指标，这将使您更容易将这些信息转化为我们在报告业绩时提供的现金流。
Ryan Todd 瑞安·托德
Great, thank you. 太好了，谢谢你。
Darren Woods 达伦·伍兹
Thank you, Ryan. 谢谢你，瑞安。
Operator 操作员
The next question is from Paul Cheng of Scotiabank.
下一个问题来自加拿大丰业银行的 Paul Cheng。
Paul Cheng 保罗·程
Thank you. Good morning. 谢谢。早上好。
Darren Woods 达伦·伍兹
Good morning. 早上好。
Paul Cheng 保罗·程
Darren, I'm interested -- thank you, I'm interested by your comment about the kinetic graphite. Is this a long term over the next 10 years or that this is like over the next five years become a potentially that a very sizable business for the company? And when I say sizable, I mean, what is your capability to ramp up the production warning within the next five years if the market is there to accept it? I mean, trying to understand that, how big are we talking about this one, and what kind of timeline are we really talking about?
Darren，谢谢您的回答。我对您提到的“动能石墨”（kinetic graphite）很感兴趣。这是一个未来10年的长期发展计划，还是说在未来五年内，这可能成为公司非常可观的业务？当我说“可观”时，我指的是，如果市场需求存在，公司在未来五年内将生产能力提升到什么水平？我想了解一下，这个业务的潜力有多大，我们实际讨论的时间线是什么样的？
Darren Woods 达伦·伍兹
So, yes, thanks, Paul. I think, I would talk about Proxxima and our carbon materials venture maybe collectively there, because there are two examples of basically looking at our portfolio today, looking for where we saw some advantaged feedstock, where we've got access to low-cost feedstock, and then looking at our technology and capability to take that feedstock and build a product that meets an existing need out there with additional advantage and value to customers. And that's kind of the approach we've taken across both of those.
所以，是的，谢谢，保罗。我想，我会一起谈谈 Proxxima 和我们的碳材料项目，因为这两个例子基本上都是在审视我们今天的投资组合，寻找我们看到一些优势原料的地方，我们可以获得低成本原料，然后查看我们的技术和能力，以利用这些原料并开发出满足现有需求的产品，同时为客户提供额外的优势和价值。这就是我们在这两个项目中采取的方法。
I think Proxxima, as I said earlier, we challenge the organization for both of those new opportunities to put together an aggressive schedule, what it could look like and how quickly we could ramp it. And those businesses have the potential to get fairly large moving forward in the next, call it, five to 10 years and multiple billions of dollars. That's the potential that we see in terms of our ability to ramp up production and sell into that marketplace, assuming that the technology scales up and commercializes successfully and that we get the kind of customer acceptance that we're looking for.
正如我之前所说，我认为 Proxxima，我们挑战组织为这两个新机会制定一个激进的计划，看看它可能是什么样子以及我们可以多快地加速推进。未来五到十年，这些业务有可能变得相当大，达到数十亿美元。这是我们在提高生产能力并进入该市场方面看到的潜力，假设技术能够成功扩展和商业化，并且我们获得了我们所期望的客户接受度。
So, that's, I think, aggressively we could make that happen, and we have -- we have set ourselves kind of a plan that allows us to achieve that, but recognizing these are new products, new technologies, just beginning to scale these things. We've got a number of steps as we move towards that broader ambition to demonstrate to ourselves that it will be successful, because we're not going to rush in and spend a lot of money until we convince ourselves that what we're seeing today, at a much smaller scale, we're seeing as we ramp this up and implement these technologies. So, the plan today has investments that grow both of those businesses in the early stage to demonstrate the value proposition that we believe is there. And assuming as we go through the next few years that we see what we expect to see there, then we will ramp up the spending and build those into the plans to build on the early successes that we're seeing. So, you think of it as milestones along what could be a very rapid growth plan, but we're not locking in the rapid growth or locking in the capital investments until we've demonstrated the success that we believe is going to be there.
所以，我认为，我们可以积极地实现这一目标，我们已经制定了一个计划，使我们能够实现这一目标，但我们也认识到这些是新产品、新技术，刚刚开始扩大规模。我们在朝着更广泛的目标迈进的过程中有许多步骤，以向自己证明它将会成功，因为在我们说服自己今天在更小规模上看到的东西在扩大规模并实施这些技术时，我们不会急于投入大量资金。因此，今天的计划包括在早期阶段对这两个业务的投资，以证明我们相信存在的价值主张。假设在接下来的几年中，我们看到我们期望看到的结果，那么我们将增加支出，并将这些纳入计划，以建立我们所看到的早期成功。因此，你可以将其视为一个可能非常快速增长计划的里程碑，但在我们证明我们相信会存在的成功之前，我们不会锁定快速增长或资本投资。
新项目的成功机会都比较低。
Kathy Mikells 凯西·米克尔斯
Yes, the only other thing that I'd add to that and something our EMPS business is really good at we have to qualify all these new products for their in-use in any company, right? And that takes a lot of time and effort on our part. Again, it's something that our EMPS business is quite skilled at doing. We do that today as we bring new products to market. But that also creates as you do that a bit higher kind of barriers to entry, right? And again that's something we bring a lot of skill to. So, while it will take us time to build these different ventures up and the product qualifications for different applications, as we do that, we'll build growth and momentum and it will be hard for others to come in.
是的，我想补充的唯一其他一点是，我们的 EMPS 业务非常擅长的是，我们必须为任何公司的使用合格所有这些新产品，对吧？这需要我们投入大量的时间和精力。同样，这是我们的 EMPS 业务非常擅长的事情。我们今天在将新产品推向市场时就这样做了。但这也在某种程度上提高了进入的门槛，对吧？这又是我们非常擅长的事情。因此，虽然我们需要时间来建立这些不同的业务和不同应用的产品认证，但在此过程中，我们将建立增长和势头，其他人将很难进入。
Paul Cheng 保罗·程
Very good. Thank you. 很好。谢谢。
Darren Woods 达伦·伍兹
Thank you, Paul. 谢谢你，保罗。
Operator 操作员
The next question is from Jason Gabelman of Cowen.
下一个问题来自 Cowen 的 Jason Gabelman。
Jason Gabelman 杰森·盖布尔曼
Good morning. Thanks for taking my question. I wanted to ask about the advantaged asset earnings in the quarter, which were lower quarter-over-quarter. And I'm just trying to understand the underlying drivers of that decline. If I think about it, Guyana production was down 30,000 barrels a day. Oil production from Pioneer maybe added 100,000 barrels of oil. So, it kind of implies that the Guyana earnings per unit are about 3x what you're getting from the Pioneer assets. And I wonder if that math is reasonable or if there were other factors that were contributing to that Advantage asset volume, earnings impact on the quarter? Thanks.
早上好。感谢回答我的问题。我想问一下本季度优势资产的收益环比下降的情况，想了解这一下降的主要驱动因素。如果考虑到圭亚那的产量下降了3万桶/天，而Pioneer的石油产量可能增加了10万桶/天，这似乎暗示圭亚那的每单位收益是Pioneer资产的约三倍。我想知道这个计算是否合理，或者是否有其他因素导致了本季度优势资产产量和收益的影响？谢谢。
Kathy Mikells 凯西·米克尔斯
So, the biggest thing that impacted that, as you already mentioned, was the tie-ins for Liza-1 and 2 to the gas to energy project and that impacted our Guyana overall volumes. And so, that impact was only partially offset by getting the additional month of Pioneer kind of volumes on the other side of that. So, those were the two biggest movers. If you take a step back from that though and look at where we're at on a year-to-date basis, I mean, you really see the power of the Pioneer acquisition and Guyana volumes increasing year-over-year. So, on a year-to-date basis, our advantaged volume growth in upstream gave us almost $3 billion of incremental earnings and that's the engine that we're counting on long-term.
正如您提到的，对此影响最大的是将Liza-1和Liza-2接入天然气转能源项目，这影响了我们在圭亚那的整体产量。而这种影响仅部分被Pioneer在本季度额外一个月的产量所抵消。这是本季度的两个主要影响因素。不过，如果退一步看年初至今的情况，可以真正看到Pioneer收购和圭亚那产量逐年增加的强劲动力。年初至今，我们上游业务的优势产量增长为我们带来了近30亿美元的额外收益，这是我们长期依靠的增长引擎。
Jason Gabelman 杰森·加贝尔曼
Okay. Was there anything that was unique to Pioneer contribution in the quarter that would have depressed it versus where it was last quarter?
好的。这个季度先锋的贡献是否有任何独特之处，使其相比上个季度有所下降？
Kathy Mikells 凯西·米克尔斯
Nothing unique, I mean, Pioneer's overall contribution in the quarter, just in terms of the volumes they produced, were, I would have said, pretty steady, I mean down marginally quarter-over-quarter. But again, we only took two months of the quarter from last quarter relative to three months this quarter. And in any quarter in the Permian, we're seeing growth obviously year-on-year, but on quarter-to-quarter, those results might look a little bit different. But we're really pleased overall with what we're seeing in production. I mean, we had a third quarter production record in the Permian of over 1.4 million oil equivalent barrels.
没什么特别的，我是说，Pioneer 在这个季度的总体贡献，仅就他们生产的量而言，我会说相当稳定，我是说环比略有下降。但同样，我们只从上个季度的三个月中取了两个月来比较这个季度的三个月。在任何一个二叠纪的季度中，我们显然都能看到同比增长，但环比来看，这些结果可能会有些不同。但我们对整体的生产情况感到非常满意。我的意思是，我们在二叠纪的第三季度创下了超过 140 万桶油当量的生产记录。
So, both the ExxonMobil operation and the Pioneer operation in the Permian is going really well and obviously Darren talked a lot about the efficiencies that we're seeing as we move to the, I'd say deeper technology that ExxonMobil is bringing in its cube development and getting the best of both, both in terms of drilling and in terms of completion experience from both companies and applying that across all the acreage in the Permian.
因此，埃克森美孚和先锋在二叠纪的运营进展都非常顺利，显然达伦谈到了我们在向埃克森美孚带来的更深层次技术转移时所看到的效率，我会说是立方体开发，并在钻井和完井经验方面从两家公司中获得最佳效果，并将其应用于二叠纪的所有土地。
Darren Woods 达伦·伍兹
And just to add on the earnings basis with the step up, you've seen increased depreciation with bringing Pioneer into the portfolio.
仅就收益基础而言，随着步步高升，您已经看到将 Pioneer 纳入投资组合后折旧增加。
Kathy Mikells 凯西·米克尔斯
Yes. The last thing is I'd say if you looked at Pioneer on a cash flow basis, I mean we're already cash flow accretive, which is what we expected to see and obviously that neutralizes for the incremental depreciation that we took on through the purchase accounting last quarter.
是的。最后我要说的是，如果你从现金流的角度来看先锋公司，我的意思是我们已经实现了现金流增值，这正是我们预期看到的，显然这抵消了我们在上个季度通过购置会计所增加的折旧。
Jason Gabelman 杰森·盖布尔曼
Okay, great. Thanks for the answers.
好的，非常感谢你的回答。
Darren Woods 达伦·伍兹
You bet. 当然。
Operator 操作员
We have time for one more question. Our final question will be from Roger Read from Wells Fargo.
我们还有时间回答最后一个问题。最后一个问题来自富国银行的罗杰·里德。
Roger Read 罗杰·里德
Yes. Good morning. Thanks for fitting me in here. To stay away from the December questions, let me throw one at you here on the overall op cost savings, the $15 billion total by '27, Obviously, about three quarters of that's in. I was just curious, you mentioned earlier, Darren, a technology company. Is any part of that cost savings up to the 15 related to any sort of an AI effort internally, or is it strictly the logistics as you've talked before? And if so, is there something beyond the $15 billion as you think about kind of a technology change over time?
是的。早上好。感谢您在这里安排时间。为了避开关于十二月的问题，让我在这里向您提出一个关于整体运营成本节约的问题，到 2027 年总共 150 亿美元的节约，显然大约四分之三已经实现。我只是好奇，您之前提到过，Darren，一家科技公司。那 150 亿美元的节约中是否有任何部分与内部的某种人工智能努力有关，还是如您之前所说的仅仅是物流方面的？如果是这样，随着时间的推移，您是否认为在技术变革方面会有超出 150 亿美元的东西？
Darren Woods 达伦·伍兹
Yes. Thanks, Roger. I'll start with the end of your question, which is my expectation is there's more to come in this space and I'll talk to AI more specifically, but I would just context it more broadly in that, if you look at the transformational change that we've been making across the entire enterprise, we're very early into that process.
是的。谢谢，罗杰。我将从你问题的结尾开始，我的期望是这个领域会有更多的发展，我会更具体地谈论人工智能，但我会更广泛地将其置于背景中，如果你看看我们在整个企业中所做的变革，我们还处于这个过程的早期阶段。
We just this year's the plan that we are developing that we will talk to you about on December 11, the new organizations that we put in place, the GBS, the supply chain, even the trading organization, those are just they were kind of the first had some time to run and develop a full blown plan this year and so with a lot more experience under the belt and we continue to see a lot of opportunity out there that will take us time to capture. And so, I would see that there is going to be a continuum there and continued progress that we are going to make, based on the centralized approach, and the organization getting more and more efficient, but more importantly more effective at executing on the core task of driving value in the company. So, my view is that we're going to deliver on the 15 and then as we look going forward there will be more to come as that organization continues to become more effective and more efficient.
今年，我们正在制定的计划将在12月11日与大家讨论。新的组织架构已经建立，包括全球业务服务（GBS）、供应链，甚至交易组织，它们在今年已经有一些时间进行运作并发展出完整的计划，因此我们在积累了更多经验的基础上，继续看到许多机会需要时间去把握。所以，我认为这将是一个持续的过程，我们会在这个集中化方法的基础上不断进步，组织将变得越来越高效，但更重要的是，在执行推动公司价值的核心任务方面会更加有效。我的看法是，我们将实现150亿的目标，并且随着该组织继续提升效率和效能，未来会有更多成果。
The technology side of the equation I think is another area that will take longer to manifest itself, but I have a lot of optimism that the work that they're doing will ultimately drive not only I'd say the revenue side of the equation and basically higher value on that side, but also drive cost down. And so, we'll get kind of that double effect of higher revenues and lower cost to improve profitability. There's a good portfolio of things that that organization is working on and because we've now centralized that and organized ourselves around our own capabilities, we can now take the best capabilities and put them to the hardest problems, the most valuable problems, which I think are going to end up delivering a lot of good value.
我认为，技术方面是另一个需要更长时间才能显现的领域，但我对他们正在进行的工作充满乐观，最终不仅会推动收入方面的增长，基本上提高那一方面的价值，还会降低成本。因此，我们将获得收入增加和成本降低的双重效果，以提高盈利能力。该组织正在进行的项目组合非常好，因为我们现在已经将其集中化，并围绕我们自己的能力进行组织，我们现在可以将最好的能力应用于最困难的问题、最有价值的问题，我认为这些问题最终将带来很多好的价值。
And AI is part of the equation. So, there is a concerted effort to make sure that we're really working hard to apply that new technology to the opportunity set within the company to drive effectiveness and efficiency. So, that's certainly part of it. Like everything that we're doing, it's a thoughtful approach. It's one where we're going to make sure that we can get the value that we anticipate. We don't like jumping on bandwagons and kind of talking in aspirational terms, but I would tell you we do see a good potential there particularly in a lot of the data rich areas of the business and the team is working on how best to take advantage of AI as a tool to help drive value there.
人工智能是其中的一部分。因此，我们正在努力确保我们真正努力将这项新技术应用于公司内部的机会集，以提高效果和效率。所以，这当然是其中的一部分。就像我们正在做的所有事情一样，这是一种深思熟虑的方法。我们会确保能够获得我们预期的价值。我们不喜欢随波逐流，也不喜欢空谈理想，但我可以告诉你，我们确实看到了特别是在业务中数据丰富领域的良好潜力，团队正在研究如何最好地利用人工智能作为工具来帮助在那里创造价值。
Kathy Mikells 凯西·米克尔斯
And I'd certainly say if I take one step up from AI and just talk about technology more broadly and especially information technology, that's a space where we continue to have a lot of opportunity. We grew up with very siloed businesses, which resulted in our processes not being very standardized or conforming across the company.
我可以肯定地说，如果我从人工智能向上迈一步，只是更广泛地谈论技术，尤其是信息技术，那是一个我们继续拥有大量机会的领域。我们在非常孤立的业务中成长，这导致我们的流程在整个公司中没有得到很好的标准化或一致性。
That made it more difficult, I'd say, to apply single type technology applications across the company, but that's something that we're getting at today. And so, we'll be continuing to automate much of what we do today manually and that's going to drive importantly improved effectiveness as well as improved efficiency and a way better experience for our people and our customers and our vendors, because we're not always the easiest company to do business with when it comes to information technology and self-service and those types of things. So, that has a big role to play as we look forward. We have a pretty complicated kind of IT environment as we sit today and we're in the process of simplifying that which is going to drive a much higher degree of automation into the business and give us importantly way better and more timely information that will be used to make faster better business decisions to drive better results kind of in the business more generally.
这使得在整个公司应用单一类型的技术应用变得更加困难，我想说，但这正是我们今天要解决的问题。因此，我们将继续自动化我们今天手动完成的许多工作，这将极大地提高效率和效能，并为我们的员工、客户和供应商提供更好的体验，因为在信息技术和自助服务等方面，我们并不总是最容易合作的公司。因此，展望未来，这将发挥重要作用。我们目前的 IT 环境相当复杂，我们正在简化这一过程，这将大大提高业务的自动化程度，并为我们提供更好、更及时的信息，以便做出更快、更好的业务决策，从而在业务中取得更好的结果。
表现管理能力的地方。
Darren Woods 达伦·伍兹
All right. Thanks, Roger. And thanks everybody for joining the call and for the questions. We will as usual, we're going to post the transcript of this call to the Investors section of our website early next week. But before we wrap up, I want to again remind everyone we've mentioned a few times this morning of our corporate plan update and upstream spotlight, which will be held next month, December 11, and we will look forward to connecting with everyone again then. So, with that, have a good weekend. And I'll turn it back to the operator to conclude.
好的。谢谢你，罗杰。也感谢大家参加这次电话会议并提出问题。我们将像往常一样，在下周初将此次电话会议的文字记录发布到我们网站的投资者部分。但在结束之前，我想再次提醒大家，我们今天早上提到过几次的公司计划更新和上游重点活动将于下个月 12 月 11 日举行，我们期待届时再次与大家联系。祝大家周末愉快。现在我将把电话交还给接线员以结束会议。
Operator 操作员
Thank you. This concludes today's call. We thank everyone again for their participation.
谢谢。这次电话会议到此结束。再次感谢大家的参与。
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