2025-02-18 Occidental Petroleum Corporation (OXY) Q4 2024 Earnings Conference Call Transcript
Occidental Petroleum Corporation (NYSE:OXY) Q4 2024 Earnings Conference Call February 19, 2025 1:00 PM ET
Company Participants
Jordan Tanner - VP, IR
Vicki Hollub - President & CEO
Sunil Mathew - SVP & CFO
Ken Dillon - SVP & President, International Oil and Gas Operations
Richard Jackson - President, Operations, U.S. Onshore Resources and Carbon Management
Conference Call Participants
Arun Jayaram - JP Morgan
Betty Jiang - Barclays
Neal Dingmann - Truist Securities
Paul Cheng - Scotiabank
Roger Read - Wells Fargo
Neil Mehta - Goldman Sachs
John Abbott - Wolfe Research
Leo Mariani - Roth Capital Partners
Operator
Good afternoon, everyone, and welcome to Occidental's Fourth Quarter 2024 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please also note today's event is being recorded.
大家下午好，欢迎参加Occidental 2024年第四季度财报电话会议。所有参与者将处于仅监听模式。[操作员说明] 请注意，今天的活动正在录制。
At this time, I'd like to turn the floor over to Jordan Tanner, vice president of investor relations. Please go ahead.
现在，我想将发言权交给投资者关系副总裁Jordan Tanner。请开始。
Jordan Tanner
Thank you, Jamie. Good afternoon, everyone, and thank you for participating in Occidental's fourth quarter 2024 earnings conference call. On the call with us today are Vicki Hollub, President and Chief Executive Officer, Sunil Matthew, Senior Vice President and Chief Financial Officer, Richard Jackson, President Operations, U.S. Onshore Resources and Carbon Management, and Ken Dillon, Senior Vice President and President International Oil and Gas Operations.
谢谢你，Jamie。大家下午好，感谢你们参加Occidental 2024年第四季度财报电话会议。今天与我们一起参加电话会议的有总裁兼首席执行官Vicki Hollub，高级副总裁兼首席财务官Sunil Matthew，美国陆上资源和碳管理运营总裁Richard Jackson，以及高级副总裁兼国际油气运营总裁Ken Dillon。
This afternoon, we will refer to slides available on the investor section of our website. The presentation includes a cautionary statement on slide two regarding forward-looking statements that will be made on the call this afternoon. We'll also reference a few non-GAAP financial measures today. Reconciliations to the nearest corresponding GAAP measure can be found in the schedules to our earnings release and on our website.
今天下午，我们将参考我们网站投资者部分提供的幻灯片。演示文稿在第二页包含关于今天下午电话会议中将要作出的前瞻性陈述的警示声明。我们今天还将提及一些非GAAP财务指标。与最接近的相应GAAP指标的调和可以在我们的财报附表和网站上找到。
I'll now turn the call over to Vicki.
我现在将发言权交给Vicki。
Vicki Hollub
Thank you, Jordan, and good afternoon, everyone. 2024 was a year of strategic execution for Oxy. We positioned the portfolio to maximize value by increasing our exposure to short-cycle high-return assets while also advancing major projects aimed at delivering sustainable returns through the cycle. Our team's relentless focus on performance and commitment to safe and reliable operations enabled us to progress our cash flow priorities, delivering on our near-term deleveraging targets while growing value for our shareholders.
谢谢你，Jordan，大家下午好。2024年对Oxy来说是战略执行的一年。我们通过增加对短周期高回报资产的曝光，同时推进旨在通过周期实现可持续回报的重大项目，定位投资组合以实现价值最大化。我们团队对绩效的坚持不懈关注以及对安全可靠运营的承诺，使我们能够推进现金流优先事项，实现短期去杠杆目标，同时为股东创造价值增长。
I'll begin today by covering our 2024 financial and operational achievements, as well as our strategic advancements that will position us for success in the years ahead. Then I'll discuss our priorities and capital plans for 2025. Sunil will follow with a review of our fourth quarter performance and will provide guidance for the first quarter and the full year ahead.
我今天将首先介绍我们在2024年的财务和运营成就，以及为未来几年成功奠定基础的战略进展。然后我将讨论我们2025年的优先事项和资本计划。Sunil将随后回顾我们第四季度的表现，并为第一季度和未来全年提供指导。
Oxy outperformed across all three segments in 2024. We generated $4.9 billion of free cash flow, enabling us to pay approximately $800 million of common dividends and to increase the quarterly dividend by more than 22%. As we announced yesterday, we also made significant progress on our cash flow and shareholder return priorities. Through a combination of asset sales and organic cash flow, we achieved our near-term debt repayment target of $45 billion, seven months ahead of schedule.
Oxy在2024年所有三个业务板块均表现出色。我们产生了49亿美元的自由现金流，使我们能够支付约8亿美元的普通股股息，并将季度股息提高了超过22%。正如我们昨天宣布的，我们在现金流和股东回报优先事项上也取得了重大进展。通过资产出售和有机现金流的结合，我们提前七个月实现了45亿美元的短期债务偿还目标。
Our steadfast commitment to improving our balance sheet is coupled with our drive to invest in our future and generate long-term shareholder value. Capital improvements and operational efficiencies driven by our teams resulted in a capital spend of $6.8 billion, which was the low end of our guidance. Our midstream team also successfully revised key domestic crude transportation contracts to further enhance future cash flows.
我们坚定致力于改善资产负债表，同时推动对未来的投资并产生长期股东价值。我们团队推动的资本改进和运营效率使资本支出达到68亿美元，处于我们指导范围的低端。我们的中游团队还成功修订了关键国内原油运输合同，进一步增强了未来的现金流。
Now moving to operational excellence, the combination of execution efficiencies along with strong new well deliverability and enhanced base production enabled us to achieve the highest annual U.S. oil production as well as record total company production at 1.33 million BOE per day proxy in 2024. This exceeded the upper end of full year guidance.
现在转向运营卓越，执行效率的结合、强劲的新井交付能力以及增强的基础产量，使我们在2024年实现了美国最高的年度石油产量以及公司总产量创纪录的每天133万桶油当量。这超出了全年指导的上限。
The U.S. record production was driven by continued well performance leadership across our operated U.S. onshore positions in the Delaware, DJ, Midland, and Powder River Basins, and Al Hosn contributed to the overall company record.
美国的创纪录产量得益于我们在特拉华、DJ、米德兰和粉河盆地运营的美国陆上位置持续表现出色的井表现领导力，而Al Hosn也为公司整体纪录做出了贡献。
In 2024, our teams reduced domestic lease operating expenses per barrel by approximately 9% and lowered well costs by roughly 12% across all unconventional basins. A key differentiator proxy is our ability to replace reserves to fortify the long-term sustainability of our business. In 2024, we increased our year-end approved reserve balance to 4.6 billion BOE, which is the highest in Oxy's history. This represents an all-in reserves replacement ratio of 230% for 2024 and an organic reserves replacement ratio of 112%, extending our over 20-year track record of replacing reserves year after year with the exceptions of the downturn in 2015 and the pandemic in 2020.
在2024年，我们的团队将国内每桶租赁运营费用降低了约9%，并在所有非常规盆地将井成本降低了大约12%。一个关键的差异化因素是我们替换储量以增强业务长期可持续性的能力。2024年，我们将年底核准储量余额增加到46亿桶油当量，这是Oxy历史上的最高水平。这代表2024年全储量替换率为230%，有机储量替换率为112%，延续了我们超过20年的年复一年替换储量的记录，除了2015年的低迷期和2020年的疫情外。
It's also notable that we have been replacing higher cost production with a higher volume of lower cost new reserves. Annually, our capital spend for oil and gas development is less than our annual DD&A cost. This is driving increased earnings per barrel and increased earnings per share.
值得注意的是，我们一直在用更高体积的低成本新储量替换成本更高的产量。每年，我们用于油气开发的资本支出低于我们的年度折旧、摊销和减值成本。这推动了每桶收益和每股收益的增加。
In addition, our U.S. onshore inventory continues to get better, which is a testament to the portfolio's incredibly rich resources and our team's dedication to continuous improvement. Even after accounting for wells drilled and divestitures, we increased our operated inventory of U.S. unconventional well locations with sub-60 breakevens. At the same time, we improved our average well breakeven by 6%.
此外，我们的美国陆上库存持续改善，这证明了投资组合极其丰富的资源以及我们团队对持续改进的奉献。即使在考虑了已钻井和剥离的情况下，我们仍增加了美国非常规井位运营库存，这些井位的盈亏平衡点低于60美元。同时，我们将平均井盈亏平衡点提高了6%。
有点高。
Our OxyChem business also outperformed, exceeding the guidance midpoint to achieve over $1.1 billion in pre-tax income in 2024. Our midstream segment also performed exceptionally well with our gas marketing optimization efforts offsetting lower in-basin gas realizations in the Permian and contributing to meaningful outperformance against our original guidance.
我们的OxyChem业务也表现出色，超出了指导中点，在2024年实现了超过11亿美元的税前收入。我们的中游业务也表现异常出色，通过天然气营销优化努力抵消了二叠纪盆地内较低的天然气实现价格，并对我们原始指导的显著超额表现做出了贡献。
Looking back to 2024, we advanced our strategy across all of our businesses, and I want to highlight a few of them. We closed on the Crown Rock Acquisition, adding Midland basin scale and high-margin inventory, as well as increasing our access to high-quality unconventional oil assets in the U.S. This is an asset that continues to demonstrate value with both our financial and production results exceeding expectations.
回顾2024年，我们在所有业务中推进了我们的战略，我想突出其中的几个。我们完成了对Crown Rock的收购，增加了米德兰盆地的规模和高利润库存，并增加了我们对美国高质量非常规油资产的获取。这是一项持续展示价值的资产，我们的财务和生产结果均超出了预期。
As construction in West Texas moved forward on STRATOS, our teams in Squamish, British Columbia, focused on enhancing DAC technology. Some of their innovations are being implemented in STRATOS. We believe DAC will deliver long-term value, as well as help achieve U.S. energy security by developing the carbon-neutral fuels the world needs. We have the flexibility to use DAC CO2 for both EOR and sequestration, and some customers are focused on securing carbon removal credits. CDRs are important to help us prove up the technology and get the cost down. To advance those objectives, we signed several foundational CDR agreements last year.
随着西德克萨斯STRATOS建设的推进，我们在不列颠哥伦比亚省Squamish的团队专注于增强DAC技术。他们的一些创新正在STRATOS中实施。我们相信DAC将带来长期价值，并通过开发世界所需碳中和燃料帮助实现美国的能源安全。我们有灵活性将DAC CO2用于增强采油和封存，一些客户专注于获得碳移除信用。CDR对于帮助我们验证技术和降低成本非常重要。为了推进这些目标，我们去年签署了几项基础性的CDR协议。
We accelerated the pace of DAC R&D through the integration of our Carbon Engineering and Oxy teams, which has resulted in an open exchange of ideas that has expanded our culture of innovation. We are looking forward to bringing these learnings to the development of DAC facilities at the South Texas DAC Hub, which was awarded funding from the U.S. Department of Energy.
我们通过整合Carbon Engineering和Oxy团队加速了DAC研发的步伐，这促成了开放的思想交流，扩展了我们的创新文化。我们期待将这些经验教训带到南德克萨斯DAC中心的DAC设施开发中，该中心获得了美国能源部的资助。
Now I'd like to share a few highlights from our fourth quarter, which demonstrated continued strength in our financial and operational performance to close out a successful year. All three of our business segments also outperformed in the fourth quarter, delivering robust financial returns and generating a $1.4 billion in free cash flow.
现在我想分享我们第四季度的一些亮点，这些亮点展示了我们在财务和运营表现上的持续实力，圆满结束了一个成功的一年。我们所有三个业务板块在第四季度也表现出色，交付了强劲的财务回报并产生了14亿美元的自由现金流。
Our OxyChem business generated $280 million in adjusted income, benefiting from better realized prices and volumes in both the domestic and international markets. In our midstream business, outperformed through continued gas marketing transportation optimization during the fourth quarter and from higher sulfur pricing for Al Hosn production.
我们的OxyChem业务产生了2.8亿美元的调整后收入，得益于国内外市场更好的实现价格和销量。在我们的中游业务中，通过第四季度持续的天然气营销运输优化以及Al Hosn生产更高的硫磺定价实现了超额表现。
In our oil and gas segment, global production during the fourth quarter was 1.46 million BOE per day, outperforming the midpoint of guidance by 13,000 BOE per day and setting a record for Oxy's highest ever U.S. quarterly production. Our teams ended 2024 with strong performance and momentum going into 2025.
在我们的油气板块，第四季度的全球产量为每天146万桶油当量，比指导中点超出了1.3万桶油当量/天，创下了Oxy有史以来最高的美国季度产量纪录。我们的团队以强劲的表现和进入2025年的势头结束了2024年。
Looking to 2025, our strategic priorities reflect an extension of 2024. We remain committed to delivering value to our shareholders and believe strengthening the balance sheet is paramount to achieving this. Our first priority is to continue our deleveraging progress from last year and deliver sustainable dividend growth. Our announced $1.2 billion of divestiture proceeds will be used for debt reduction. The savings from the reduced interest payments will be allocated to the dividend as this week our Board of Directors authorized a 9% increase in our common dividend.
展望2025年，我们的战略优先事项反映了2024年的延续。我们继续致力于为股东创造价值，并认为加强资产负债表是实现这一目标的关键。我们的首要任务是继续去年的去杠杆进展并实现可持续的股息增长。我们宣布的12亿美元的剥离收益将用于减少债务。减少的利息支付节省将被分配到股息中，因为本周我们的董事会授权将普通股股息提高9%。
We recognize the need to balance reducing debt and financial risks today while preserving tomorrow's development opportunities and associated cash flow. To accomplish this, our second priority is to advance our major projects safely and reliably, bringing STRATOS online this year and keeping the battleground modernization and expansion project on track for completion next year. STRATOS is progressing on schedule to be commercially operational this year.
我们认识到需要在今天减少债务和财务风险与保留明天的发展机会及相关现金流之间取得平衡。为了实现这一目标，我们的第二优先事项是安全可靠地推进我们的重大项目，今年上线STRATOS，并保持战场现代化和扩建项目按计划在明年完成。STRATOS正按计划进展，今年将投入商业运营。
We completed construction of Trains 1 & 2 in December and have been thoroughly impressed by the work of our teams and our construction partner, Worley. Construction on the central processing facilities is expected to be completed in the second quarter with commissioning on Trains 1 & 2 in parallel. We expect startup operations to continue in the third quarter with a ramp up of the initial capacity through year end.
我们在12月完成了1号和2号列车的建设，我们对我们团队和我们的建筑合作伙伴Worley的工作印象深刻。中央处理设施的建设预计将在第二季度完成，同时对1号和2号列车进行调试。我们预计启动运营将在第三季度继续进行，初始产能将通过年底逐步增加。
Our Battleground project is also advancing with completion expected in mid-2026 and commercial operations to begin later that year. The project is expected to increase cash flow through improved margins and higher product volumes, generating a strong return while improving OxyChem's market position for key ingredients used in producing clean drinking water, medicine, and soaps.
我们的战场项目也在推进，预计将于2026年中完成，商业运营将在那年晚些时候开始。该项目预计通过提高利润率和增加产品产量来增加现金流，产生强劲的回报，同时改善OxyChem在生产清洁饮用水、药品和肥皂所需关键成分的市场地位。
Our third priority is to maintain our culture of innovation and commitment to operational excellence. Our team's relentless drive for improvement and focus on continuing learning have delivered great results to date, enabling us to outperform targets and deliver more with less.
我们的第三优先事项是保持我们的创新文化和对运营卓越的承诺。我们团队对改进的不懈追求和对持续学习的关注迄今已取得了很好的成果，使我们能够超越目标并以更少的资源交付更多。
This is most recently demonstrated across the CrownRock acreage where in just a few months since close, we've identified numerous opportunities to deliver more production, lower well costs, and accelerate returns. This year, we expect a 10% improvement in time to market compared to last year, and we expect a 7% decrease in well costs, which represents a 15% improvement relative to 2023.
这最近在CrownRock面积上得到了体现，自结束后的短短几个月内，我们已经确定了许多机会来提供更多产量，降低井成本，并加速回报。今年，我们预计上市时间比去年提高10%，井成本预计降低7%，相对于2023年提高了15%。
The teams are continuing to share best practice and innovate through best of best workshops, which we expect will drive continued efficiency and performance improvements throughout the year. In addition, we see meaningful opportunities to leverage our competitive position, expanded scale, and enhanced capabilities across our full Midland Basin operations. Through the integration, we have identified scale efficiencies and design improvements with the potential to lower well costs across our remaining Midland Basin program by more than $1 million per well through drilling and completion savings.
团队继续通过最佳实践研讨会分享最佳实践并创新，我们预计这将推动全年持续的效率和性能改进。此外，我们看到利用我们的竞争地位、扩大规模和增强能力在整个米德兰盆地运营中有意义的机遇。通过整合，我们已经确定了规模效率和设计改进，有可能通过钻井和完井节约使我们剩余的米德兰盆地计划的井成本每口井降低超过100万美元。
These reverse synergies were a key driver behind the extension of our Midland Basin JV with Ecopetrol, which will enable additional development of the basin. The agreement further highlights the vital role investment in U.S. oil, and most notably the Permian, plays in the global market.
这些反向协同效应是我们与Ecopetrol延长米德兰盆地合资企业的关键驱动因素，这将使盆地的额外开发成为可能。该协议进一步凸显了美国石油投资，尤以二叠纪为最，在全球市场中的重要作用。
Our teams are also leveraging innovative ideas to unlock greater resources, achieve cost savings, and improve recoveries. Within our Permian operations, we are pushing the technical limits of well deliverability, deepening reservoir characterization and simulation efforts, and conducting field trials to further advance enhanced oil recovery in unconventional reservoirs.
我们的团队也在利用创新想法来解锁更多资源，实现成本节约，并提高采收率。在我们的二叠纪运营中，我们正在推动井交付能力的技术极限，加深储层表征和模拟努力，并进行实地试验以进一步推进非常规储层的强化采油。
In our Gulf of America and international portfolio, we are utilizing advanced seismic to uncover new opportunities and provide a rich data set for AI applications. In Algeria, we recently completed the country's largest seismic data acquisition, which was also the largest ever onshore acquisition for Oxy. This will play a key role as we look to enhance value through future development opportunities.
在我们的美国湾和国际投资组合中，我们正在利用先进的地震技术来发现新的机会，并为AI应用提供丰富的数据集。在阿尔及利亚，我们最近完成了该国最大的地震数据采集，这也是Oxy有史以来最大的陆上采集。这将在我们通过未来发展机会提升价值时发挥关键作用。
We also have an ambitious set of artificial intelligence initiatives ongoing to maximize value and improve margins. Our Gulf of America operations are utilizing AI to improve supply chain management, asset integrity, and reservoir characterization. Additionally, we created an AI center of excellence to align all intercompany AI initiatives and accelerate business value.
我们还有一系列雄心勃勃的人工智能举措正在进行，以最大化价值和提高利润率。我们的美国湾运营正在利用AI来改善供应链管理、资产完整性和储层表征。此外，我们创建了一个AI卓越中心，以协调公司内部的所有AI举措并加速业务价值。
Within our LCV portfolio, we are also at the forefront of direct lithium extraction technology. Working with our JV partner, we are progressing from a pilot to demonstration plant to explore the commerciality of our subsidiary TerraLithium's patented DLE technology.
在我们的LCV投资组合中，我们也在直接锂提取技术的前沿。与我们的合资伙伴合作，我们正在从试点转向示范工厂，以探索我们子公司TerraLithium专利DLE技术的商业化。
Turning now to our 2025 capital plan, we aim to maximize cash flow by investing primarily in short-cycle high-return assets while making measured investments to advance our mid-cycle projects to provide future cash flow resilience. This year, we plan to invest between $7 billion and $7.2 billion in our energy and chemicals business. The oil and gas capital program is roughly equivalent to 2024 when adjusting for a full year of CrownRock in our portfolio. We expect full-year production to average approximately 1.42 million BOE per day. This represents relatively stable production from 2024 when accounting for a full year of CrownRock, though with modest oil growth.
现在转向我们的2025年资本计划，我们旨在通过主要投资于短周期高回报资产来最大化现金流，同时进行有节制的投资以推进我们的中期项目，为未来的现金流韧性提供支持。今年，我们计划在我们的能源和化学业务中投资70亿至72亿美元。调整为我们投资组合中全年包括CrownRock后，油气资本计划与2024年大致相当。我们预计全年平均产量约为每天142万桶油当量。在考虑全年包括CrownRock的情况下，这代表与2024年相比相对稳定的产量，尽管石油增长适度。
Similar to years past, we anticipate production in the first quarter to reflect a low point for the year with a significant uplift expected from the second half. Sunil will provide more detail on this in our 2025 guidance.
与过去几年类似，我们预计第一季度的产量将反映年度的低点，预计下半年将有显著提升。Sunil将在我们的2025年指导中提供更多细节。
Investments in OxyChem are expected to increase to $900 million this year with 2025 representing the peak year for construction at Battleground. Battleground spend is expected to decrease substantially as the project nears completion in 2026 with OxyChem's capital reverting to maintenance levels the following year. The increase in Battleground spend is largely offset by a decrease in our LCV spend in 2025, which we've set at approximately $450 million.
对OxyChem的投资预计今年将增加到9亿美元，2025年将是战场建设的高峰年。随着项目在2026年接近完成，战场支出预计将大幅减少，OxyChem的资本将在次年恢复到维护水平。战场支出的增加在2025年很大程度上被我们LCV支出的减少所抵消，我们已将其设定为约4.5亿美元。
The majority of this capital will be for the continued build-out of STRATOS with the remainders directed towards our South Texas DAC and Gulf Coast sequestration projects. We built our 2025 capital plan to focus on projects that we believe best position Oxy for long-term success. As in past years, we retain a high degree of flexibility with more than 75% of our oil and gas capital allocated to our U.S. onshore portfolio. This allows us to adapt to commodity price fluctuations and efficiently respond to market conditions.
这部分资本的大部分将用于STRATOS的持续建设，其余部分将用于我们的南德克萨斯DAC和墨西哥湾海岸封存项目。我们制定了2025年的资本计划，专注于我们认为最能定位Oxy实现长期成功的项目。与往年一样，我们保留了高度的灵活性，超过75%的油气资本分配给了我们的美国陆上投资组合。这使我们能够适应大宗商品价格波动并有效应对市场条件。
In addition, our focus on short-cycle, high-return, unconventional development will help to facilitate our near-term debt reduction, supporting our cash flow priorities and commitment to enhanced shareholder returns.
此外，我们对短周期、高回报、非常规开发的关注将有助于促进我们近期的债务减少，支持我们的现金流优先事项和对增强股东回报的承诺。
Now I'll turn the call over to Sunil.
现在我将电话转给Sunil。
Sunil Mathew
苏尼尔·马修
Thank you, Vicki. I will begin today by reviewing our fourth quarter results. We announced an adjusted profit of $0.80 per diluted share and a reported loss of $0.32 per diluted share. The difference was primarily due to an increase in long-term environmental remediation liability based on a recent unfavorable federal court ruling. We have appealed the ruling and will seek cost recovery from all potentially responsible parties. Annual remediation and potential cash outlays are not expected to materially increase over the next several years and are expected to extend over multiple decades.
谢谢你，Vicki。我今天将先回顾我们的第四季度业绩。我们宣布了每股摊薄收益调整后利润为0.80美元，而报告显示的每股摊薄收益为亏损0.32美元。两者之间的差异主要是由于近期不利的联邦法院裁决所导致的长期环境修复责任增加。我们已经对该裁决提出上诉，并将寻求向所有潜在责任方追偿费用。年度修复和潜在现金支出预计在未来几年不会显著增加，并且预计会持续数十年。
Our fourth quarter financial and operational outperformance delivered a strong close to the year with all three business segments exceeding guidance. We generated approximately $1.4 billion of free cash flow, benefiting from higher global production volumes despite lower realized oil prices. As Vicki mentioned, our U.S. portfolio achieved record quarterly production driven largely by high operability and improved well performance across the Delaware and Midland basins. New well performance in our operated Rockies assets also exceeded expectations. Together, this more than offset lower production volumes from our domestic offshore and international assets due to respective weather events and PSC related impacts. Notably, our 2024 production was achieved with less capital coming in at the low end of guidance. We had a positive working capital change in the quarter primarily due to timing of interest payments, impacts from lower oil prices, and fewer battles on the water at year end. This, together with our strong operational performance and disciplined capital program enabled us to exit the quarter with over $2.1 billion of unrestricted cash after repaying $500 million of debt.
我们的第四季度财务和运营表现优异，为全年画上了强劲的句号，三个业务板块全部超出指导预期。我们实现了约14亿美元的自由现金流，受益于全球产量的提升，尽管实际油价有所下降。正如Vicki所提到的，我们的美国资产组合实现了季度产量的历史新高，主要得益于在德拉瓦和米德兰盆地的高运作效率和井口性能提升。我们在洛矶山脉自营资产的新井表现也超出预期。总体而言，这些增长足以抵消我们国内海上和国际资产因天气事件和产量分成合同相关影响所导致的产量下滑。值得注意的是，我们在2024年的产量是在较低资本投入（处于指导区间下限）情况下实现的。本季度我们出现了正的营运资金变化，主要原因是利息支付时机的影响、较低油价的影响，以及年末海上作业冲突减少。再加上强劲的运营表现和审慎的资本项目，我们在归还5亿美元债务后，仍以超过21亿美元的无限制现金规模结束本季度。
Now, turning to our business plan and guidance, total capital for the year is expected to be between $7.4 billion and $7.6 billion with investment front weighted to the first half of the year. Our capital plan represents a strategic mix of investments balancing short cycle high return assets with investments in no decline non-oil and gas projects to provide diversification and cash flow stability. Our capital weighting towards a higher proportion of short cycle U.S. onshore assets will enable significant cash flow velocity that can be applied to debt reduction. It will also allow us to retain significant flexibility to respond to changing market conditions. In 2025, we expect full year production to average approximately 1.42 million BOE per day, representing mid-single digit growth from 2024. After adjusting for a full year of CrownRock, total production volumes are expected to remain relatively flat, though with a nearly 3% increase in oil volumes.
现在，转向我们的业务规划和指导，全年总资本预计在74亿至76亿美元之间，投资将主要集中在上半年。我们的资本计划代表了一种战略性投资组合，在短周期高回报资产与零衰减的非油气项目之间进行平衡，以实现多元化和现金流稳定。我们将更多资本配置于短周期的美国陆上资产，这将带来可观的现金流速度，可用于偿还债务。这也使我们在应对不断变化的市场环境时保持相当大的灵活性。到2025年，我们预计全年产量平均约为每天142万桶油当量，比2024年实现中个位数的增长。若考虑到CrownRock的全年贡献，总产量预计保持相对持平，但油产量将增长近3%。
As was the case in 2024, our first quarter production is expected to decrease from the prior quarter due to reduced fourth quarter activity levels and a lower working interest in recently drilled Permian wells. Severe winter weather in January also impacted Permian production. In addition, volumes will be impacted by plant maintenance and platform life extension at Horn Mountain, as well as turnarounds at Al Hosn and Dolphin.
与2024年一样，我们的第一季度产量预计会比上一季度有所下降，原因是第四季度作业水平降低，以及近期在二叠纪盆地新钻井的作业权益比降低。一月份严峻的冬季天气也对二叠纪盆地的产量造成了影响。此外，Horn Mountain的装置维护和平台寿命延长，以及Al Hosn和Dolphin的停产检修都会影响产量。
While we expect lower volumes during the first half of the year, production is expected to ramp up in the second half. Much of this increase is coming from the Permian, which is expected to grow by more than 15% in 2025 due to a full year of CrownRock and modest growth across our legacy positions.
虽然我们预计上半年产量会较低，但下半年产量将有所回升。这一增幅主要来自二叠纪盆地，由于CrownRock将贡献全年产量，以及我们原有区块的温和增长，预计2025年二叠纪盆地的产量将增长超过15%。
As Vicki mentioned, our CrownRock assets continue to outperform and are expected to average over 170,000 BOE per day, representing more than 5% growth. Our guidance for Rockies volumes is lower for 2025, driven by the decision to adjust our gas processing to ethane rejection in the DJ Basin. This is expected to increase revenues and improve margins, delivering greater value from our Rockies assets.
正如Vicki所提到的，我们的CrownRock资产持续表现优异，预计平均产量将超过每天17万桶油当量，实现超过5%的增长。我们对2025年洛矶山脉产量的指引较低，主要原因是在DJ盆地决定调整我们的天然气处理方式以排除乙烷。预计这将提高收入并改善利润率，为我们的洛矶山脉资产创造更高价值。
Additionally, our announced divestiture of non-operated Rockies interest will lower full year production from the region. When accounting for these items and reduced outside operated activity, our 2025 Rockies production is expected to be essentially flat from last year.
此外，我们宣布剥离洛矶山脉的非自营权益，将降低该地区的全年产量。综合这些因素及外部作业活动减少的影响，我们预计2025年洛矶山脉的产量与去年基本持平。
Despite AVR maintenance during the first quarter, full year production in our U.S. offshore portfolio is expected to increase relative to 2024. This, coupled with our growth out of the Permian, is expected to increase our total company oil cut to 52% in 2025.
尽管第一季度在AVR进行维护，但我们美国近海资产组合的全年产量预计将比2024年有所增长。加上二叠纪盆地产量的增长，预计我们公司2025年的石油占比将提高到52%。
Looking to the chemicals business, OxyChem ended 2024 with a strong operational performance, generating $280 million in adjusted pre-tax income in the fourth quarter and exceeding guidance by $50 million. This was driven by better than expected pricing in both the domestic and international markets, as global supply disruptions kept prices higher and demand held strong through most of the fourth quarter. OxyChem's first quarter income is expected to be lower than the prior quarter, primarily due to three short-term events. Our operations were affected by the winter storm in January, which temporarily impacted production and restricted access to market. We also had an unplanned outage at our Ingleside facility that lasted approximately two weeks, and we are seeing an increase in raw material costs following higher than expected ethylene plant outages during the first quarter. These temporary cost pressures should ease early in the second quarter, once the ethylene suppliers are back online.
在化工业务方面，OxyChem在2024年取得了强劲的运营表现，第四季度实现了2.8亿美元的调整后税前收入，超出指引预期5,000万美元。其背后原因在于国内外市场的价格水平都好于预期，全球供应中断维持了高价，并使大部分第四季度的需求保持强劲。OxyChem第一季度的收入预计会低于上一季度，主要受三项短期事件的影响。我们的运营受到一月份冬季风暴的影响，临时中断了生产并限制了市场供应。我们在Ingleside工厂也遇到了一次为期大约两周的意外停机，同时在第一季度乙烯工厂停机情况超出预期之后，我们也看到了原材料成本的上升。一旦乙烯供应商恢复在线，这些临时的成本压力预计将在第二季度初得到缓解。
For the full year, we expect a slight decrease in OxyChem's earnings, and are guiding to a midpoint of $1 billion of pre-tax income. This is driven in part by the events of the first quarter, forecasted higher natural gas prices, and expectations for a slightly oversupplied market for the first half of the year, following late 2024 domestic capacity additions. Rationalizations are expected to occur in the second half, which should help to rebalance the market and improve pricing.
全年来看，我们预计OxyChem的收益将略有下降，并给出了10亿美元税前收入的指引中值。部分原因在于第一季度的事件、对天然气价格走高的预测，以及在2024年末国内产能扩张之后，预计今年上半年会出现轻微的供应过剩。预计在下半年会有产能调整，帮助市场重新平衡并提升价格。
Our Midstream segment had a strong end to the year, with adjusted pre-tax income outperforming guidance by $104 million. The bulk of this was due to gas marketing optimization in the Permian, with our teams once again expertly managing market volatility to maximize margins. Higher sulfur prices for Al Hosn also contributed to these earnings. All in, our Midstream segment demonstrated exceptional performance throughout the year, with adjusted pre-tax income surpassing the midpoint of our original full year guidance by approximately $600 million.
我们的中游部门在年末表现强劲，调整后的税前收入比指引高出1.04亿美元。其中大部分来自二叠纪盆地的天然气营销优化，我们的团队再次通过专业管理市场波动来最大化利润。此外，Al Hosn较高的硫磺价格也对收益有所贡献。总体而言，我们的中游部门全年表现卓越，调整后的税前收入比我们最初全年指引的中值高出了约6亿美元。
We expect slightly lower Midstream earnings in 2025, as the opportunities for gas transportation optimization narrow, with increased takeaway capacity now online. While we may see fewer pricing dislocations and opportunities to capitalize on market spreads, we expect our upstream business to benefit from improved realized prices in the Permian. Reduced opportunities to optimize gas marketing will be partially offset by improvements in our crude marketing out of the Permian. As we mentioned previously, we expect to benefit from the revision of two crude transportation contracts at lower rates this year. One of these will be realized at the first quarter, with the second coming into effect at the end of the third quarter. Given the timing, we expect to see an approximate $200 million benefit this year, and expect approximately $400 million in annual savings in 2026.
我们预计2025年中游业务收入将略有下降，因为随着新增运力上线，天然气运输优化机会将减少。虽然我们可能会看到更少的价格错配和套利机会，但我们预计上游业务将从二叠纪盆地更高的实际售价中受益。天然气营销优化机会的减少会部分被二叠纪地区原油营销改善所抵消。正如我们先前提到的，我们预计今年会从修订的两份原油运输合同中以更低的费率受益。其中一项将在第一季度生效，另一项将在第三季度末生效。考虑到时间因素，我们预计今年会获得约2亿美元的收益，并预计在2026年实现约4亿美元的年度节省。
We expect a negative working capital change during the first quarter, which is typical for this time of year, driven by interest payments, property tax, and compensation plan payments. Additionally, there are two upcoming 2024 tax payments as part of the Federal Disaster Relief Program following Hurricane Beryl, which will further impact working capital in the first and second quarters of the year.
我们预计第一季度营运资金会出现负向变化，这在每年这个时候都很常见，主要由利息支付、财产税以及薪酬计划支付所导致。此外，基于飓风Beryl后的联邦灾害救济项目，我们将在2024年面临两笔应付税款，这也会在今年第一和第二季度进一步影响营运资金。
I would like to close today by reiterating our commitment to strengthening our balance sheet, which will position us to generate greater shareholder returns. As Vicki shared at the start, we are pleased to announce that we successfully achieved our near-term debt reduction target by repaying $4.5 billion in 2024. We are continuing this momentum into 2025 and announced $1.2 billion in divestitures in the first quarter. Proceeds from these sales will be applied to our 2025 maturities, and excess cash flow after common dividends will be available to further reduce our 2026 and beyond debt maturities. By reducing the amount of cash committed to interest payments today, we will place Oxy in a stronger position to deliver an expanded return of capital program in the future.
最后，我想再度强调我们致力于强化资产负债表，以便能够为股东创造更高回报。正如Vicki在开始时所分享的，我们很高兴宣布我们已经通过在2024年偿还45亿美元债务，成功达成了近期的减债目标。我们将在2025年延续这一势头，并在第一季度宣布了12亿美元的资产剥离。该交易所得将用于归还2025年到期的债务，而普通股股息之后的剩余现金流将进一步用于偿还2026年及以后的债务。通过减少目前用于利息支付的资金，我们将使Oxy拥有更强的能力来在未来提供更广泛的资本回报计划。
I will now turn the call back over to Vicki.
现在我把话筒交还给Vicki。
Vicki Hollub
维琪·霍卢布
Thank you, Sunil. As I shared at the start, 2024 was a pivotal year for Oxy. We strengthened our portfolio, delivered on our near-term deleveraging commitments, and advanced our major growth projects. While we delivered exceptional financial and operational results, what excites me the most is the way our teams propelled our business forward with passion, industry leadership and a continued focus on innovation and learning and most importantly, a focus on safety underpinned at all.
谢谢你，Sunil。正如我在开始时所说，2024年对Oxy来说是具有转折意义的一年。我们强化了资产组合，兑现了近期的去杠杆承诺，并推动了主要增长项目的进展。虽然我们取得了出色的财务和运营成果，但让我最兴奋的是，我们的团队以热情、行业领导力以及持续关注创新和学习的方式推动了业务向前发展，而且最重要的是，在一切工作中都将安全放在首位。
In 2024, our employees achieved the best year of safety performance ever in our history. That's across oil and gas, midstream and OxyChem. The commitment of our people to safe and sustainable operations is embedded in Oxy's core values it helps enable our long-term success.
在2024年，我们的员工实现了公司历史上最佳的安全绩效表现。涵盖了油气业务、中游业务以及OxyChem。我们员工对于安全与可持续运营的承诺深深根植于Oxy的核心价值观中，这也有助于我们实现长期成功。
This will be an exciting year for us. Our technical capabilities and portfolio of assets have never been better and the combination of our three business segments, uniquely positions us to capitalize on shared learnings and operational synergies. Bringing STRATOS online will be a testament to this, and demonstrating the differentiated strategy and compelling value proposition that Oxy brings to the table.
今年对我们来说将是激动人心的一年。我们的技术能力和资产组合前所未有地强大，而三个业务板块的结合使我们能够独特地利用共享经验和运营协同效应。让STRATOS上线将证明这一点，也将彰显Oxy独特的战略和令人信服的价值主张。
With that, we'll now open the call for questions. And as Jordan mentioned, Richard Jackson and Ken Dillon are here with us today for the Q&A.
说到这里，我们现在开始进入提问环节。正如Jordan所提到的，Richard Jackson和Ken Dillon今天也在这里一同参与问答环节。
Question-and-Answer Session
问答环节
Operator
主持人
[Operator Instructions] Our first question today comes from Arun Jayaram from JPMorgan. Please go ahead, with your question.
[操作员说明] 我们今天的第一个问题来自摩根大通的Arun Jayaram。请开始提问。
Arun Jayaram
Yes, good afternoon. I wanted to see if you could shed some light on the Gulf of Mexico outlook for 2025 that you have perhaps some maintenance in 1Q? And maybe help us think about how the quarterly trajectory could be in the Gulf and maybe some of the projects that are contributing to a little bit of a year-over-year growth in '25 versus '24.
是的，下午好。我想请你们谈一下2025年墨西哥湾的展望，或许你们在第一季度有一些维护工作？能不能帮助我们了解一下墨西哥湾按季度的产量走向，以及哪些项目对2025年相比2024年略有同比增长作出了贡献？
Vicki Hollub
维琪·霍卢布
Ken, you want to share our Gulf of America information?
Ken，你能分享一下我们的“美国湾”相关信息吗？
Ken Dillon
Thanks, Arun. Yes. Gulf of Mexico, Gulf of America has a busy year ahead. As you know, we really want to carry out fabric maintenance, life extension and painting activities and good weather and away from hurricane season. So this quarter, we have two platforms going through turnaround. When they come back on that at around 16,000 barrels a day. Our drilling activities this year involve six wells. This wedge should add between 18,000 to 22,000 barrels a day for the year. Our production engineering activities, including stimulation along with OBO should add another 4,000 to 7,000 BOEs per day, and we will carry out platform turnaround in Q4.
谢谢你，Arun。是的。墨西哥湾，也就是我们所说的“美国湾”，在未来这一年将会非常忙碌。正如你所知，我们确实想在好天气里且远离飓风季节时进行设备维护、寿命延长以及涂漆等工作。所以在这个季度，我们有两个平台要进行检修。它们恢复生产时，产量大约会在每天16,000桶左右。今年我们的钻井活动涉及六口井，这块产量预计全年可增加每天1.8万至2.2万桶。我们的生产工程活动，包括增产作业以及合营井，也能再额外增加每天4,000至7,000桶油当量，而且我们会在第四季度进行平台检修。
So racking these up, including some decline gets us to a range of 141,000 to 150,000 barrels a day for the year, opportunistic work may move some things around a bit. But I hope this gives you a real feel for the year. Also, our equipment uptime is top tier, to record levels. And then in addition to these activities, we are also commencing our Gulf of America 2.0 projects, which will add material quantities of low F&D cost barrels.
综合这些因素，加上部分产量的自然衰减，我们全年的产量会在每天14.1万桶到15万桶之间。如果有机会进行一些额外作业，也可能让数字有所变动，但希望这些信息能让你对这一年有一个切实的了解。此外，我们的设备运行时间处于业内领先水平，达到了历史纪录。然后，除了这些活动，我们也在启动我们的“美国湾2.0”项目，能带来大量低勘探开发成本的产量。
A lot of the capital early this year is focused on Horn Mountain 2.0, and that includes the start of our water floods there, artificial lift projects, which include ESPs and gas lift. So yes, a busy year ahead, but we've got great assets and we've got a really great team there.
今年年初的大部分资本都投向了Horn Mountain 2.0项目，包括在那里的注水开发启动以及人工举升项目，其中包括电潜泵和气举。总之，未来一年会很忙碌，但我们的资产质量很好，而且团队也非常优秀。
Arun Jayaram
Great. That's super helpful. Thanks for the detail. You mentioned that you've announced, I think, in early February, an extension to the Ecopetrol JV in the Midland Basin. Can you just give us -- just some of the basic terms of the agreement and just confirm that this is fully baked in your 2025 guide?
好的。这非常有帮助。谢谢你提供这些细节。你们提到过，好像是在2月初，你们宣布在米德兰盆地与Ecopetrol的合资延长。能不能谈一下这一协议的基本条款，并确认这完全纳入了你们的2025年指引吗？
Vicki Hollub
维琪·霍卢布
Yes. The terms are similar to what we had before. And this will be a project that is not huge, but it is an extension into next year, and we'll drill about 23 wells or so. And I'm looking forward to working -- continuing to work with Ecopetrol to get that done.
是的。条款与之前的类似。这并不是一个特别大的项目，但确实会延续到明年，我们会钻大约23口井。我期待继续与Ecopetrol合作完成这项工作。
Arun Jayaram
Great. Thanks a lot.
好的。非常感谢。
Operator
操作员
And our next question comes from Betty Jiang from Barclays. Please go ahead, with your question.
我们下一位提问嘉宾来自巴克莱银行的Betty Jiang。请开始提问。
Betty Jiang
贝蒂·江
Hi. Thank you for taking my question. I want to ask about -- start with the Rockies program. In 2025, but also how you see that development evolving over the next few years. We didn't notice based on the presentation that the activity level is much lower, both from a gross and net basis year-on-year and CapEx is flattish. So just are there any unproductive capital in there does that impact 2026 and beyond? And how should we just be thinking about that program going forward? Thanks.
你好。感谢你回答我的问题。我想先问一下关于洛矶山脉项目的情况，尤其是2025年以及你们对未来几年发展的看法。我们注意到根据资料显示，无论从总量还是净量来看，年度活动水平都大幅下降，而资本支出基本持平。所以，我想问一下这里面是否有无效资本投入？这会对2026年及以后产生影响吗？我们应该如何看待未来这一项目的推进？谢谢。
Richard Jackson
理查德·杰克逊
Yes. Great. Thank you for the question. This is Richard. I'll walk through a few pieces of that. As you noted, part of it is walking through some of the adjustments, especially if you're thinking about production as we step down with the ethane rejection in the first quarter and then working through our announced divestitures. From an activity standpoint, the Rockies is got some embedded efficiency. I'd say the first place to start.
好的。非常感谢你的提问。我是Richard。我想从几个方面来回答。正如你所提到的，其中一部分涉及到一些调整，尤其是当我们考虑产量时，在第一季度进行的乙烷排除，以及我们已经宣布的资产剥离都需要纳入考虑。从活动层面来看，洛矶山脉项目具备一定的内在效率。这里是我想先提到的重点。
We've -- across all of our assets, we put in the highlights, the improved not only drilling costs, but drilling efficiency, and that's true for the Rockies as well. So they're close to $100 million down looking at really just more efficiency across their drilling and completion activities. That is offset by infrastructure. And that infrastructure for us is an important development in the DJ Basin. This is moving to a larger, more contiguous development area that we've talked about in the past called Bronco. And for us, that gives us about 140 locations at less than $50 breakeven that we'll be able to prosecute over the next three years.
在我们所有资产中，我们都在强调不仅仅是钻井成本的改善，还有钻井效率的提升。洛矶山脉资产同样如此，因此它们的钻完井成本能减少近1亿美元，这主要来自钻完井效率的提升。但这部分节省会被基础设施投入所抵消。而这部分基础设施对我们来说在DJ盆地非常关键，也就是我们过去提到的、面积更大且连续性更强的Bronco区块开发。对于我们而言，这可以提供约140个井位，盈亏平衡成本低于每桶50美元，并且我们能够在未来三年里进行开采。
And so while we're trading a bit of that efficiency for the investment in infrastructure in the story, plays out a bit in the Permian as well. We think that's really value-added spend for us this year. From an activity standpoint, the Rockies is the only other thing I'll note, Powder River Basin had some really strong well results. I think we highlighted those over the last couple of quarters in terms of the productivity of those wells. We're continuing to monitor those in the first quarter and then we'll be set to resume activity in the Powder River Basin in the second half of this year into what we believe will be a very competitive program opportunity for us next year as we contemplate capital.
因此，虽然我们把一部分效率收益投入到基础设施建设上，但相同的情况也在二叠纪盆地出现。我们认为这对我们今年来说依然是非常有价值的投入。至于洛矶山脉，我还想强调一点，粉河盆地（Powder River Basin）此前一些井的表现相当不错。过去几个季度我们都提到过这些井在产能方面的优异表现。我们会在第一季度继续监测这些井的表现，然后计划在今年下半年重启粉河盆地的活动，并将其纳入我们对明年资本支出的规划中，预计会是一个竞争力很强的项目机会。
Betty Jiang
贝蒂·江
That's helpful. Thank you. My follow-up is on the debt reduction. You guys have made really strong headways on debt reduction in 2024 and latest in 1Q with the non-core asset sale that there's that $15 billion net debt target to out there. Do you still feel good about reaching that level by late '26 or early 2027, obviously, commodity price is a factor, but -- just wanted to get your sense on that trajectory to that number?
这很有帮助，谢谢你。我想再问一下关于减债的情况。你们在2024年以及今年第一季度通过出售非核心资产，减债进展都非常显著。现在还有一个净债务150亿美元的目标，是否仍然有信心在2026年底或2027年初实现这个目标？当然，大宗商品价格是一个影响因素，但我想听听你们对实现这一目标的预期。
Vicki Hollub
维琪·霍卢布
We do still feel comfortable with that. I would say that probably it's going to be more like the first part of 2027. But we feel comfortable with where we are and still have opportunities to supplement our cash flow from operations to help accomplish that.
我们仍然对完成这一目标感到乐观。我会说可能更接近于2027年上半年，但我们对我们当前的情况非常有信心，而且我们仍有机会通过运营产生的现金流来补充资金，以实现这个目标。
Operator
操作员
And our next question comes from Neal Dingmann from Truist Securities. Please go ahead, with your question.
接下来请Truist Securities的Neal Dingmann提问。请开始。
Neal Dingmann
尼尔·丁曼
Thanks for the time. First, my first question, Vicki, is just maybe around your 2025 guide, specifically. I think you're talking about 1.4 million BOE per day production and around what the $7.5 million CapEx. I'm just wondering around those 2, what type of service cost are you all assuming in there? And how much operational efficiencies because you certainly have continued to see that both in your DJ and Permian, I'm just wondering if you expected more.
感谢你们抽出时间。我的第一个问题是关于你们对2025年的指导，Vicki，特别是你们提到日均产量为140万桶油当量以及大约75亿美元的资本支出。在这两方面，你们假设了哪些服务成本？在运营效率方面，你们现在在DJ和二叠纪盆地显然都一直有改进，我想知道你们是否还期待更多提升？
Vicki Hollub
维琪·霍卢布
We'll pass this to Richard since he gets 75% of the capital.
我把这个问题交给Richard来回答，因为他掌管着75%的资本。
Richard Jackson
理查德·杰克逊
It's good, but I'll maybe share the answer with Ken a little bit as we talk about service costs. So let me start with the performance. I've noted some of the Rockies improvements. But overall, last year was a very strong year from our drilling and completion teams. We delivered about 12% improvement against 2023 in our drilling and completion costs. That was about half what we call scope and performance. So that's really operational efficiencies, well designs, continuing to improve on those. That was some of the benefit, especially in the Midland Basin that we saw with CrownRock as we came together as one team.
没问题，但在谈到服务成本时我会和Ken一起回答。先来说说整体表现。我已经提到过洛矶山脉项目的改进。不过总体来看，我们的钻井和完井团队去年表现相当强劲。与2023年相比，我们的钻完井成本降低了约12%。其中大约一半的降幅来自于我们所说的范围和绩效方面的改进，也就是运营效率、井设计等方面的持续优化。尤其是在米德兰盆地，与CrownRock携手组建统一团队后，带来了一些明显收益。
The other roughly half of that was market or sort of the deflationary factors across our services. For 2025, we're looking at around the 7% drilling completion costs improvement. Obviously, uncertainty a bit in terms of service costs and Ken can help address some of that. But we're really focused on continuing to deliver the performance component of that 7%.
另外大约一半的降幅来自于市场或者说整个服务板块的通缩因素。对于2025年，我们预计钻完井成本可以再改善大约7%。当然，服务成本方面还存在一些不确定性，Ken可以补充回答。但我们真正关注的是如何持续提升运营效率，从而确保那7%的降幅目标能够实现。
管理水平一般。
And so I can give more detail if we get into it, but really just efficiency across both our drilling and completion activities, lower NPT or non-productive time across those activities, a bit more improved pad design is leading to some better outcomes in terms of production for lower cost. And so those two things, again, kind of roll into our 7% for the year on D&C cost.
如果需要的话，我可以再做进一步说明，但核心还是提高钻井和完井活动的整体效率，减少NPT（非生产时间），并进一步优化井场设计，从而在降低成本的同时实现更好的产量表现。所以这些方面叠加起来，就构成了我们全年钻完井成本再降7%的目标。
Neal Dingmann
尼尔·丁曼
Great details. And then just a second quick one just on M&A specifically. Vicki, love to hear your thoughts if you think most of the higher-quality domestic assets have now transacted. And if so, would that -- would you now consider maybe boosting international M&A? Or what's your thoughts around that?
细节很详实。然后，我想再问一个关于并购的问题。Vicki，你怎么看现在国内高质量资产是否大部分已经被交易完了？如果是这样，你们会不会考虑扩大在国际市场的并购？你对此有什么看法？
Vicki Hollub
维琪·霍卢布
I think we like the international assets that we have today, and we intentionally chose these assets. Algeria has incredible reservoirs, and we still have opportunities for not only expansion of the operations that we have today, but exploration as well. So we -- Algeria is definitely in our future for growth. Also in Oman, we have opportunities with the continued development of oil. But we also have some gas opportunities in Oman that could turn out to be a really good thing for us. We're doing a little bit of exploration in Abu Dhabi just to see how that will turn out. Those reservoirs there are very similar to what we've developed in Oman. So it was -- we were the right fit to take those blocks 3 and 5 there in Oman, and that's going well so far.
我认为我们很喜欢现有的国际资产组合，而且我们是有意挑选这些资产的。阿尔及利亚拥有极具潜力的储层，除了进一步扩大当前业务外，我们也有机会开展更多勘探活动。因此，阿尔及利亚无疑会在我们未来的增长版图中占有一席之地。在阿曼，我们同样可以通过持续的石油开发获得机会，而且阿曼的一些天然气项目也可能为我们带来非常好的回报。我们也在阿布扎比进行少量勘探，以观察潜在结果。那里的地层和我们在阿曼开发的地层很相似。所以选择阿曼的3号和5号区块对我们来说非常合适，目前一切进展顺利。
So we will start with not only growth in our international projects over the next probably three to five years, but also in the Gulf of America, where the AI is not only going to do the things that I described in my script, but also, we believe that we're going to be able to unlock some of the complexities in the Gulf and that, that will turn into not just having better success with exploration about better field development to and could also help with some of the water flooding projects that Ken has planned. So we like where we have, and we're just going to work on growing the positions that we're already in internationally.
所以，在未来三到五年里，我们不仅会在国际项目上寻求增长，还会在“美国湾”有所突破。AI技术不仅会完成我在发言中提到的工作，我们也相信它能够帮助我们解决墨西哥湾的一些复杂问题，从而不仅在勘探方面取得更好成果，还能在油田开发方面取得更大进展，也可能对Ken规划的注水项目有帮助。因此，我们非常看好现有的这些资产，接下来就会专注于在这些国际业务上实现更大的发展。
Operator
操作员
Our next question comes from Paul Cheng from Scotiabank. Please go ahead, with your question.
我们下一位提问来自加拿大丰业银行的Paul Cheng。请开始提问。
Paul Cheng
保罗·程
Thank you. Good morning. Vick, did I get it right that in one-off, I don't think yours maybe it's a new prepared remarks that you expect the Permian oil cut is going to be higher in 2024 -- 2025. And if that is correct, what will drive up the oil cut over there? That's the first question.
谢谢。早上好。Vick，我想确认一下，我不确定是否在你们最新的准备讲话中提到，预期2024到2025年二叠纪的石油产量占比会更高。如果是这样的话，是什么因素推动了那边的油占比上升？这是我的第一个问题。
Richard Jackson
理查德·杰克逊
Hi, Paul, this is Richard. I'll take that one. Just a couple of things to think about when we talk about oil cut in the Permian, and then I'll get into a bit of the numbers. First of all, it correlates very well with our unconventional growth. So whether it's year-on-year or quarter-on-quarter, you can see that oil cut will track that. The other thing that's happened over the last year is really CrownRock coming in. And so Midland Basin obviously has a bit different oil cut than the Delaware. And so that mix participates.
你好，Paul，我是Richard。我来回答这个问题。在讨论二叠纪石油占比时，需要考虑几个方面，然后我会谈一些具体数字。首先，石油占比和我们的非常规产量增长关联性非常强，无论是和去年同期相比，还是和上个季度相比，油占比都会相应变化。另一个在过去一年中发生的重要事项是CrownRock的加入。米德兰盆地的油占比和特拉华盆地明显有所不同，而这种组合起到了影响。
The other factor I'd like to talk about in the Permian is just our secondary benches, and that's been more prevalent in our Delaware position where we've seen an increase with our secondary benches as a mix of our overall program, which, as we talked about, delivers better value even with a bit lower price. So as we -- as you watch us sort of quarter-on-quarter, year-on-year, those are generally the variables that drive it.
我还想提到的另一个因素是我们在二叠纪的次级层（secondary benches），这在特拉华盆地更常见。我们看到这些次级层在整体项目中的占比有所上升，正如我们之前提到的，即使油价较低，它们依然能带来更高的价值。因此，如果你观察我们在季度和年度之间的变化，大致就是这些因素在推动油占比的波动。
Now to address your question, yes, we are seeing better oil cut even as we go fourth quarter in the first quarter, the total year '25 we're improving almost 1% as we look at full year versus 25%. So again, that's growth that's really tracking our production in our unconventional business in the -- in our U.S. Permian development.
现在来回答你的问题，是的，我们看到油占比在第四季度到第一季度都有所改善。整体来看，到2025年全年的油占比会提升近1个百分点。这主要反映了我们美国二叠纪非常规业务产量的增长。
Sunil Mathew
苏尼尔·马修
And just to -- Sorry, just to clarify, what I had mentioned in my prepared remarks was the growth from Permian, which I just outlined, along with the growth in Gulf of America, which Ken went through the details. So we said the total company oil cut is going to increase to 52% in 2025. Just wanted to clarify on that one.
抱歉，我想再澄清一下。我在之前的发言中提到，二叠纪将有增长，这点我刚才已经概述了，同时“美国湾”（Gulf of America）的产量也会增长，Ken已经给出了详细说明。因此我们说到，公司的整体石油占比会在2025年上升到52%。我只是想对这点做一个澄清。
Paul Cheng
保罗·程
Yes, thank you, Sunil. Rich, what percent of your 2025 program in the Permian is on the secondary benches versus the 2024. And you're saying that the secondary benches is better. So can you give us what is the oil cut in those secondary benches? Thank you.
好的，谢谢你，Sunil。Rich，你们2025年在二叠纪的项目中，有多少比例是次级层的开发，相比2024年而言？你刚才说这些次级层的效益更好，能否告诉我们这些次级层的石油占比是多少？谢谢。
Richard Jackson
理查德·杰克逊
Yes, perfect. For this year, total -- one thing to think about, total Permian unconventional development, we talk about primary benches are actually up year-on-year, and that's because of our CrownRock development and are very derisked and provide a lot of primary benches.
好的，没问题。先说明一下，今年整个二叠纪非常规开发层面，主力层（primary benches）的量实际上是同比上升的，这主要得益于我们和CrownRock的合作，因为那部分风险相对较低，而且有很多主力层可供开发。
In the Delaware, this year, we're up about 30% in terms of secondary benches as a percentage of our total program versus last year it was around 25%. And what -- one of the details we provided in prior calls or have talked about is when we say better, those secondary benches are flowing into existing facilities. And so from a total cost per barrel for the year, you're coming out much more advantage. You can double or even triple your return when you're looking at a development program with that sort of benefit coming from facilities.
在特拉华盆地，今年的次级层占我们总项目的比例约为30%，而去年大约是25%。我们在之前的电话会议中也提到过一些细节，为什么说次级层“更好”？原因在于这些次级层可以直接接入现有设施。因此，从全年的每桶总成本来看，这具有更强的优势。如果在开发中能够利用好现有设施所带来的这些效益，投资回报可以翻倍甚至翻三倍。
So this year as we make these investments into these new areas, and I talked about the 140 wells in the Rockies that we're adding with that infrastructure investment, we'll see that same play out on total returns for the life of the program.
因此，今年我们在这些新区域进行投入，比如我提到在洛矶山脉有140口井，加上配套基础设施投资，就能在项目周期内整体提升回报。
Operator
操作员
Our next question comes from Roger Read from Wells Fargo. Please go ahead, with your question.
我们下一位提问来自富国银行的Roger Read。请开始提问。
Roger Read
罗杰·里德
Yes, thanks. Good morning, or good afternoon, what am I talking about here. Maybe just to quickly come back to the question on drilling and completion efficiencies on I think Slide 13. You sold out the well cost declines this year, 7%, and then there is expect to save $1 million per well across remaining program. What is the -- I'm assuming the $1 million strung out over a longer period of time, but I just wanted to get a little clarity on maybe two different lines of thinking.
好的，谢谢。早上好，或者下午好，不太确定这里的时间。我想快速回到前面关于钻井和完井效率的问题，应该是在第13页幻灯片中。你们说到今年的单井成本下降了7%，并且预计在剩余项目中还能再节省每口井100万美元。我想问一下——我猜这100万美元是分更长的时间来实现，但我想在这一点上再澄清一下，也许有两种不同的思路。
Richard Jackson
理查德·杰克逊
Yes. Roger, good afternoon. That $1 million was specific to our Midland Basin activity. And that was exciting to us because that was really a benefit coming out of the joint CrownRock -- Oxy Rock team with our legacy Midland Basin team. And so that $1 million was really delivered in the fourth quarter. So when we look at our fourth quarter drilling and completion costs, it was $1 million better than our total year '24. We expect that to continue now into 2025 and so quite a few really strong things that were identified from well design into operational sequencing that came out of that exercise. So we talk about the benefits and cash flow delivery from our Oxy Rock assets and team, but it's also helping our overall Midland team as well.
好的，Roger，下午好。那100万美元的节省主要是针对我们在米德兰盆地的作业。这让我们感到兴奋，因为这是我们CrownRock - Oxy Rock团队与原本的米德兰盆地团队共同努力带来的成果。实际上，这100万美元的节省在第四季度就已经兑现了。所以，当我们看第四季度的钻完井成本时，比我们2024年全年平均水平要低100万美元。我们预计这种趋势将延续到2025年，并且在井设计和作业流程等方面，我们发现了许多行之有效的方法。我们所说的这些来自Oxy Rock资产和团队的效益和现金流，不仅对那部分业务有帮助，同时也对我们整体的米德兰团队有利。
Roger Read
罗杰·里德
Okay. Got you. So just sort of built into the things we've seen in -- we'll see, but not a separate goal going forward.
好的，我明白了。所以这就融入到我们目前已经看到和将要看到的成果当中，而不再是一个单独的目标了。
Richard Jackson
理查德·杰克逊
No, just built into that.
是的，没错，就已经包含在里面了。
Roger Read
罗杰·里德
And then to change pace just a little bit here with the STRATOS start-up, given this is a very say, brand new technology, but it's a brand-new at-scale commercial system. What are the main -- I don't know if you want to call them hurdles or milestones or whatever we should be watching as you turn this thing on, ramp it up, commission it this year? I understand not to build any real profitability in, but -- what are you looking at as key challenges that will make you feel more comfortable as you go through the commissioning process?
好的，然后我想换个话题，谈一下STRATOS的投产。毕竟这是个非常崭新的技术，也可以说是一个规模化的全新商业化系统。当你们今年把它投产、逐步扩大产能，并进行调试时，我们应该关注哪些主要的因素？我不知道你们是想称之为挑战还是里程碑。我明白目前不能指望它产生什么实质的盈利，但——在调试过程中，你们认为哪些关键点最能让你们觉得更安心？
Ken Dillon
肯·狄龙
Hi, this is Ken. Just to go through where we are and then talk through the next step. So I think we're all really excited here. STRATOS Phase 1 is at 94% complete overall and 98% complete on construction. Last piping spills are being hydro tested, instrumentation and electrical equipment checks are ongoing. So getting very close. And as Vicki said, Worley have done incredibly well on the project.
你好，我是Ken。我先介绍一下我们目前所处的进度，然后再谈下一步。我们对这个项目都非常兴奋。STRATOS第一阶段整体完成度为94%，其中施工完成度为98%。最后的管道泄漏测试正在进行，仪表和电气设备也在检测中，所以离完工非常接近了。正如Vicki所说，Worley在这个项目上确实表现出色。
In terms of -- so once we've got the mechanical completion for the process area and the consigner, we're then moving into the start-up phase. In terms of start-up, the OxyChem teams who have been handling these chemicals for decades, are preparing the subsystems and the process systems. And essentially, the sequences as follows: we'll start pumping water around the system and start running the fans. We've already had a fan running, which was a really good day site. Then we'll start injecting water into one Bay and then mixing as potassium hydroxide and the line, and then we'll start making pellets.
在此之后，一旦我们完成工艺区和煅烧器的机械竣工，就会进入启动阶段。至于启动方面，OxyChem团队在处理这些化学品方面已经有数十年的经验，他们目前正在准备各个子系统和工艺系统。大体流程如下：我们会先在系统内抽水，并启动风机。我们已经成功测试过一个风机，那天算是个好日子。然后我们会向其中一个区块注水，再加入氢氧化钾等配料，接着我们就会开始制备颗粒。
Once we start making the pellets, we filter those pellets, we drive them and then we start moving them through the mechanical handling system to the calciner. Start up the calciner and then start capturing CO2, which is a really big data side of the very small volumes, but it's a really big day. Once we've got one Bay moving, then we start other bays and then we start compression and start injections. So those are really the sequences OxyChem are very experienced in handling these materials. So we have milestones associated with each of these.
一旦开始制备颗粒，我们会对它们进行过滤和干燥，然后利用机械输送系统将其送入煅烧器。启动煅烧器后，就能开始捕捉二氧化碳，虽然起初量很小，但这是一个意义重大的日子。一旦一个区块运转稳定，我们就会启动其他区块，然后进行压缩和注入。这些流程都是OxyChem非常熟悉的，我们也为每个步骤设置了里程碑。
Richard Jackson
理查德·杰克逊
And Roger, maybe I'll just add a couple of kind of as we think about the business outcome. As Sunil mentioned, we've been conservative this year as when we think about the start-up and timing of our ramp-up to full capacity. And that's really as we expect to learn a lot through this commissioning and start-up, like we do all of our projects, we're looking for opportunities to reduce operating expense. We're looking for opportunities to increase capacity and so we want to be really thoughtful over the next six months to try to learn as much as we can because the goal is really maximizing both of those outcomes over the next several years. So -- just wanted to make that tie when you think about the rest of the year for us.
Roger，我也想补充一点关于业务层面的想法。正如Sunil所说，今年我们对STRATOS投产和产能爬坡的时间安排相对谨慎，这主要是因为在调试和启动的过程中我们能学到很多东西。就像我们所有项目一样，我们会寻求机会降低运营成本，也会寻找提升产能的办法。因此，在未来六个月里，我们会非常谨慎，尽可能多地收集经验和数据，因为我们真正的目标是在未来几年里最大化这两个方面的成果。所以，回到你的问题上，这就是我们对全年规划的一个考量点。
Roger Read
罗杰·里德
I appreciate that. It will be exciting to watch. Thanks.
我明白了。这会是值得期待的一幕。谢谢。
Operator
操作员
Our next question comes from Neil Mehta from Goldman Sachs. Please go ahead, with your question.
我们下一位提问来自高盛的Neil Mehta。请开始提问。
Neil Mehta
尼尔·梅塔
Thanks for all the great information. Just a couple of midstream questions. Just love your perspective on the key drivers of that business looking at the guide here for '25. Q1 looks a little bit weaker. And then I guess it builds through the year as closer to breakeven. So just your perspective on the variables that are going into that? And then I have a follow-up.
谢谢你们提供的这些有用信息。我有几个关于中游业务的问题。我想听听你们对2025年这一板块关键驱动因素的看法。从指引来看，第一季度看上去略显疲软。然后我想它会在年内逐渐回升，并接近盈亏平衡。能谈谈有哪些影响因素吗？我之后还有一个跟进问题。
Sunil Mathew
苏尼尔·马修
Yes, Neil. So if you look at our guidance for 2025 compared to '24, there are multiple moving pieces. So firstly, on the crude marketing side, we're going to get a lower transportation cost. Like I mentioned in my prepared remarks, there are two transportation contracts that are expiring this year. Between those ones in Q1 and the other one is Q3. So this year, we're going to get a benefit of around $200 million, next year, it's going to be $400 million. But some of that is partially offset by the annual FERC escalation of around 3%. So that's on the crude marketing side.
是的，Neil。如果你对比我们对2025年和2024年的指引，会发现有多项因素在变化。首先，在原油营销方面，我们的运输成本会下降。正如我在准备稿中提到的，今年有两份运输合同到期，一份在第一季度，一份在第三季度。因此，今年我们可以节省大约2亿美元，明年则可以节省4亿美元。但其中一部分会被每年约3%的FERC费率上涨所抵消。这是关于原油营销的情况。
And on the gas marketing side, with the additional takeaway capacity now coming online from Permian, we're assuming lower differentials between Permian and Gulf Coast. Then on the Al Hosn side, we are seeing higher sulfur price, which again should be an improvement compared to last year. And then on West, we sold 19.5 million units last year. So that is going to impact our income. We still will have lower distribution and lower income compared to last year.
在天然气营销方面，随着二叠纪地区新增外输管线运能的上线，我们假设二叠纪和墨西哥湾沿岸之间的价差会缩小。至于Al Hosn资产，我们正看到较高的硫磺价格，这相较去年而言会是一个改进。然后还有West，我们去年卖出了1950万股，这会影响我们的收益。与去年相比，我们的分红和收入都会有所降低。
And the last thing on LCV, Richard just talked about the start-up and the ramp-up in STRATOS, which will also have a small negative impact on the income compared to last year. But what I would say is our midstream team is overall very well positioned to capture value when the market does present itself. And again, last year, they're demonstrated by beating the original guidance by around $600 million.
最后是LCV板块，Richard刚才提到了STRATOS项目的投产和增产过程，这和去年相比也会对收入产生小幅负面影响。但我要说的是，从整体来看，我们的中游团队在市场机会出现时，具备非常强的捕捉价值的能力。去年他们就超过了原有指引约6亿美元的业绩，证明了这一点。
Neil Mehta
尼尔·梅塔
Yes, really good numbers, Sunil, thank you. As a follow-up is just the framework around West monetization, recognizing there are a lot of moving pieces. But how are you thinking about the pluses and minuses as we think about the deleveraging targets? And how should we think about the tax component that goes into that equation as well?
是的，Sunil，表现确实不错，谢谢你。跟进问一个问题，关于West这部分业务的变现框架，当然这里面有很多动态因素需要考量。对于你们的去杠杆目标，怎么平衡利与弊？以及其中税务因素又应该怎么考虑？
Vicki Hollub
维琪·霍卢布
Well, for us, we continually look at opportunities and evaluate the opportunities. And it all comes down to the value proposition. And so you're right that the tax impact would be a part of that value proposition when we're looking at selling in divesting of things that provide significant cash flow as West does. So that would be -- have to be a part of what we consider.
对我们来说，我们一直在评估各种机会。一切都归结到价值主张上。因此，你说得没错，税务影响也是价值主张的一部分，尤其是在我们考虑出售或剥离像West这样可以带来可观现金流的资产时。所以这是我们必须纳入考量的一个重要因素。
Operator
运营人员
Our next question comes from Doug Leggate from Wolfe Research. Please go ahead, with your question.
我们下一位提问来自Wolfe Research的Doug Leggate。请开始提问。
John Abbott
约翰·阿伯特
This is John Abbott on for Doug Leggate. Thank you for taking our questions. Our first question is on the Gulf of America. I mean you spoke about 2025, but can you talk about visibility beyond 2025? And how you see sustainable production?
我是John Abbott，代Doug Leggate发言。感谢你们回答我的问题。我的第一个问题是关于“美国湾”的。你们之前谈到了2025年的情况，那么能否谈一下2025年之后的发展前景，以及你们对可持续产量的看法？
Ken Dillon
肯·狄龙
Sure. This, Ken here. I think we intend to have a goal of staying flat long term. If you look at the projects that we're working on at the moment. Yes, we have the primary development drilling programs. We also have exploration. So this year, we're involved in two exploration wells, one basically underneath one of our facilities, which is two targets, Miocene and Wilcox target. And then the next wave is the EOR and Gulf of America 2.0 projects, which the waterfloods carried very low F&D, very low decline, very long term.
好的，我是Ken。我认为我们的长期目标是产量保持平稳。如果看看我们正在开展的项目，是的，我们有主要的开发钻井计划，也有勘探工作。今年我们会参与两口勘探井，其中一口基本就在我们一处设施下方，涉及两个目的层：中新统和Wilcox层。接下来会是提高采收率（EOR）以及“美国湾2.0”项目，这些注水项目具有非常低的勘探开发成本、非常低的产量递减率并且周期很长。
So again, each of these projects is accretive to lower cost, long-term developments. And they're not really pattern water floods. They are basically pressure maintenance projects. So it's not huge drilling overheads on these existing facilities. We have unconventional opportunities. We have fracking opportunities. So the scale of the opportunity in [indiscernible] is hundreds of millions of barrels we see potentially there and have mapped out all of these Gulf of America 2.0 projects, and we're just working our way through them. So hopefully, that covers your question.
所以这些项目都能为我们带来更低成本、长期的发展前景。而且它们并非典型的有序化注水，更倾向于维持油藏压力的做法，因此对现有设施而言，不需要庞大的钻井支出。我们也有非常规开发机会，还有压裂机会。我们看到[模糊不清]区域蕴含数亿桶潜在储量，并针对“美国湾2.0”项目进行了完整的规划，目前我们正一步步推进。希望这能回答你的问题。
Vicki Hollub
维琪·霍卢布
I have to say that I share Ken's enthusiasm about the Gulf of America. It's really going to be for us in the out years, three to five years. It's going to be an important part of our growth story.
我必须说我和Ken一样，对“美国湾”非常期待。在往后大约三到五年的时间里，“美国湾”将成为我们增长故事的重要组成部分。
John Abbott
约翰·阿伯特
Appreciate it. And then the next question that we had was on your EOR business. Do you no longer break out EOR production in your financials. Could you provide an update where production stands? And is it still around 140,000 barrels per day, which was your run rate a couple of years ago?
谢谢。接下来我们想问一下你们的EOR业务。你们似乎不再在财务数据中单独列示EOR产量了。能否提供一下当前的产量水平？它是否仍然在大约每天14万桶的水平，就像几年前的产量那样？
Richard Jackson
理查德·杰克逊
Yes. Thanks for the question for our enhanced oil recovery. We remain excited about that business, too, as we look into the future. From a production level, it's similar. We've had some slight decline over the last, really three years. I think you can see from our capital investment, it's been a bit lower the last several years. But what that business has delivered is really great efficiency on cost.
好的。谢谢你对我们提高采收率（EOR）业务的提问。我们对它的未来发展也依然充满信心。从产量方面看，大体和之前差不多。过去三年确实有一些小幅下滑。你也能从我们的资本投入中看出，近几年这方面的投资略低。不过这一业务在成本效率方面的表现非常亮眼。
So when we talk about a lot of our operating expense, reductions, they have led the way. They're leverage more to OpEx than they are capital and so they can really help deliver good cash margin to our business or improving cash margin to our business with those improvements.
当我们在讨论降低运营费用时，EOR板块是主要的推动力量。它更侧重于运营成本，而非资本支出，因此通过这些改进，EOR可以为我们的整体业务提供更好的现金利润率，或者帮助进一步提高利润率。
In the future, this is part of our strategy with CO2 and carbon capture. And so as we get the ability to have lower cost CO2, we're excited about what that business can become very low, similar to what Ken talked about in the Gulf of America, very low F&D cost barrels at very low decline. And so when we bring that production on, it's going to provide nice cash flow attributes to complement the rest of our business.
展望未来，EOR是我们在二氧化碳和碳捕获战略中的一部分。随着我们能够获得更低成本的CO2来源，我们对这一业务的潜力感到兴奋，就像Ken在“美国湾”提到的那样，单位勘探开发成本非常低，且产量递减率很小。因此，当我们把这些产量纳入业务时，将会形成良好的现金流特色，与我们其他业务相辅相成。
Operator
And our next question comes from Leo Mariani from Roth. Please go ahead, with your question.
运营人员
接下来请Roth的Leo Mariani提问。请开始。
Leo Mariani
I wanted to ask just a general question around the low carbon ventures business here. Obviously, we've had a significant change in the administration here in the U.S. Just wanted to try to get a sense if you all are thinking about that business differently over the next four years as you kind of proceed to prosecute things, sir?
利奥·马里亚尼
我想就低碳业务问一个大体问题。显然，美国政府最近发生了重大变化。我想了解一下，在接下来的四年里，你们在推进相关事务时，会不会以不同的方式看待这项业务？
Vicki Hollub
Not really. I mean we are aware of the situation. And certainly, there's more uncertainty around the IRA in the infrastructure bill. But the way we view this is that CO2 is going to be much needed for the U.S. for our extended energy independence. The reality is that the shell revolution was an amazing thing that happened here in the United States.
维琪·霍卢布
其实没有太大变化。我们当然知道目前的形势，也清楚《基础设施法案》中对于《通胀削减法案》（IRA）可能存在更多不确定性。但我们认为，美国如果想要保持更长时间的能源独立，CO₂将是非常需要的。事实是，在美国爆发的页岩革命已经是一件了不起的事情。
We believe the next round of technology that's going to add significant barrels, 50 billion to 70 billion barrels of reserves will be production that comes from the use of CO2 in enhanced oil recovery. So 45Q is important for the development of the technology to get the CO2. There's not enough organic CO2 in the country to be able to flood all the things that we're going to need to flood to get that 50 billion to 70 billion barrels.
我们相信，下一代关键技术将为我们带来显著的产量增长，大约增加500亿至700亿桶可采储量，而这将来自于运用CO₂进行的提高采收率（EOR）。因此，45Q对于开发获取CO₂的技术来说至关重要。因为美国本土并没有足够的天然CO₂，无法支撑所有注水作业去获得那500亿至700亿桶的产量。
And that 60 billion to 70 billion barrels would extend our energy independence by more than 10 years. It's critically important. And so taking CO2 out of the atmosphere is a technology that needs to work for the United States. And President Trump knows the business case for this. I've had several conversations with him. People around him understand the need for at least some initial subsidies to help advance this technology just as there hasn't been really many transformational technologies that have been developed that didn't have some sort of assistance at the beginning of it. And so we know that we have the capability to get the cost down on these direct air capture facilities. We've been so impressed with the combination of the Oxy and carbon engineering team, the innovation that they're developing so quickly is very, very helpful.
而这600亿到700亿桶的储量将使我们的能源独立延长至少10年以上，意义重大。因此，从大气中提取CO₂是一项美国急需的技术。特朗普总统了解这其中的商业逻辑。我们有过几次交流，他身边的人也明白至少需要一些初期补贴来推动这项技术，因为很多具有变革性的技术在早期都得到过某种形式的支持。我们也知道自己有能力降低直接空气捕捉设施的成本。Oxy与Carbon Engineering团队的结合让我们印象深刻，他们快速迸发的创新确实很有帮助。
But to get to where we need to be, we really need to have 45Q. And so we've been talking with members of Congress and senators and we've met with many of the new cabinet members. We're getting the story out that the next technology that must work and it is very much needed, is direct air capture to get the CO2 for these reservoirs.
但如果要达到目标，45Q的支持确实是关键。所以我们一直在与国会成员、参议员沟通，也与很多新内阁成员见了面。我们正在努力传递这样一个信息：我们迫切需要下一代可行的技术——通过直接空气捕捉来为这些油藏获取CO₂。
So we're optimistic that everyone once we get around to everybody, we'll understand the business case for this. But even if the business case is not completely what we expect from the government, I do believe that we have the capability to get this down faster than we originally thought we would. And so that's where we're headed with it. It hasn't changed our strategy in terms of what we're doing with STRATOS and the King Ranch DAC facility.
因此，我们仍然乐观地认为，一旦更多的人了解这项技术，他们就能理解其商业逻辑。不过，即使政府对这项技术的支持力度不像我们预期的那样充足，我仍然相信我们有能力比最初设想更快地降低成本。我们将朝着这个方向前进。这并没有改变我们在STRATOS和King Ranch直接空气捕捉设施上的发展策略。
Operator
And ladies and gentlemen, in the interest of time, this will conclude today's question-and-answer session. I would now like to turn the conference call back over to Vicki for any closing remarks.
运营人员
女士们、先生们，考虑到时间原因，今天的问答环节就到这里。我现在将把会议电话交还给Vicki，请她做结束发言。
Vicki Hollub
I'd just like to say thank you all for your questions and for joining our call, and hope you have a great rest of your day. Thank you.
维琪·霍卢布
我想说谢谢大家的提问，以及感谢各位参加我们的电话会议。祝大家度过美好的一天。谢谢。
Operator
The conference has now concluded. We do thank you for attending today's presentation. You may now disconnect your lines.
运营人员
本次会议到此结束。感谢各位参加今天的会议。现在各位可以结束连线了。
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