2025-05-02 Chevron Corporation (CVX) Q1 2025 Earnings Call Transcript

2025-05-02 Chevron Corporation (CVX) Q1 2025 Earnings Call Transcript

Chevron Corporation (NYSE:CVX) Q1 2025 Earnings Conference Call May 2, 2025 11:00 AM ET

Company Participants

Jake Spiering - Head, IR
Mike Wirth - Chairman and CEO
Eimear Bonner - CFO

Conference Call Participants

Neil Mehta - Goldman Sachs
Jean Ann Salisbury - Bank of America
Biraj Borkhataria - RBC
Doug Leggate - Wolfe Research
Lloyd Byrne - Jefferies
Ryan Todd - Piper Sandler
Paul Cheng - Scotiabank
Stephen Richardson - Evercore ISI
Josh Silverstein - UBS
Lucas Hermann - BNP Paribas
Roger Read - Wells Fargo
Phillip Jungwirth - BMO
Betty Jiang - Barclays
Devin McDermott - Morgan Stanley
John Royall - JPMorgan
Jason Gabelman - TD Cowen
Bob Brackett - Bernstein Research

Operator

Good morning. My name is Katie, and I'll be your conference facilitator today. Welcome to Chevron's First Quarter 2025 Earnings Conference Call. At this time all participants are in a listen-only mode. After the speakers’ remarks, there will be a question-and-answer session, and instructions will be given at that time. [Operator Instructions] As a reminder, this conference call is being recorded.
早上好，我是凯蒂，将担任今天的电话会议主持人。欢迎大家参加雪佛龙公司2025年第一季度财报电话会议。目前所有听众均处于只听模式。发言结束后将进入问答环节，届时会提供相关指引。请注意，本次会议正在录音。

I will now turn the conference call over to the Head of Investor Relations of Chevron Corporation, Mr. Jake Spiering. Please go ahead.
现在我将电话交给雪佛龙公司投资者关系主管杰克·斯皮尔林先生，有请。

Jake Spiering

Thank you, Katie. Welcome to Chevron's first quarter 2025 earnings conference call and webcast. I'm Jake Spiering, Head of Investor Relations. Our Chairman and CEO, Mike Wirth; and our CFO, Eimear Bonner, are on the call with me today. We will refer to the slides and prepared remarks that are available on Chevron's website.
谢谢你，凯蒂。欢迎大家参加雪佛龙2025年第一季度财报电话会议及网络直播。我是投资者关系主管杰克·斯皮尔林。今天与我一同参加电话会议的还有我们的董事长兼首席执行官迈克·沃思，以及首席财务官伊梅尔·邦纳。我们将参考公司官网提供的幻灯片和发言稿进行讲解。

Before we begin, please be reminded that this presentation contains estimates, projections and other forward-looking statements. A reconciliation of non-GAAP measures can be found in the appendix to this presentation. Please review the cautionary statement and additional information presented on Slide 2.
在开始之前，请注意本次演示包含预测、估计及其他前瞻性陈述。有关非GAAP指标的调节信息可在本演示文稿的附录中查阅。请查阅第2页中的风险提示声明及其他补充信息。

Now, I will turn it over to Mike.
现在我把话筒交给迈克。

Mike Wirth

Thanks, Jake. This quarter, Chevron delivered strong performance and advanced our plans to further strengthen the company over the near and long-term. This included multiple project start-ups and asset divestitures.
谢谢你，杰克。本季度，雪佛龙业绩表现强劲，并持续推进短期与长期增强公司实力的计划，包括多个项目启动以及资产剥离。

Our advantaged portfolio underpins a track record of consistently rewarding shareholders through the cycle. Cash returned to shareholders has exceeded $5 billion for 12 consecutive quarters. In the first quarter, we returned $6.9 billion through dividends and buybacks. We also acquired nearly 5% of Hess's common shares and look forward to completing the merger in the coming months.
我们具竞争优势的资产组合支撑了公司跨周期稳定回馈股东的能力。过去12个季度中，我们每季回馈股东的现金都超过了50亿美元。今年第一季度，我们通过分红和回购累计回馈69亿美元。同时，我们还收购了Hess公司近5%的普通股，并期待在未来几个月完成这项合并交易。

Recent macro uncertainty underscores the importance of cost and capital discipline, both core to Chevron's leadership. Our 2025 CapEx and affiliate CapEx budgets represent a $2 billion reduction from last year, and we've targeted $2 billion to $3 billion in structural cost savings to be delivered by the end of next year.
近期宏观环境的不确定性再次突显了成本控制与资本纪律的重要性，而这正是雪佛龙长期保持行业领先的核心所在。我们的2025年资本支出预算（含子公司支出）较去年减少20亿美元。同时，我们设定了到明年底实现20亿至30亿美元结构性成本节约的目标。

Chevron has a proven track record of managing through uncertainty in commodity cycles, and with long-standing financial priorities as our guide, we're well-positioned to win in any environment.
雪佛龙在应对大宗商品周期波动方面经验丰富，并始终坚持我们的财务优先原则，使我们能够在任何市场环境中处于有利地位。

We are focused on execution to unlock industry-leading cash flow growth. At TCO, we reached nameplate capacity in just 30 days, significantly ahead of plan. We expect cash distributions from TCO to increase going forward, including a $1 billion loan repayment in the third quarter.
我们将继续专注于执行力，以实现行业领先的现金流增长。在TCO项目中，我们仅用30天就达到了设计产能，远超预期。我们预计TCO的现金分配将在未来持续增加，包括预计在第三季度进行的10亿美元贷款偿还。

In the Gulf of America, we achieved first oil at Ballymore this month. This is the latest in a series of major project startups within the past year, and they are expected to increase production to 300,000 barrels of oil equivalent per day in 2026.
在美国墨西哥湾，我们本月实现了Ballymore项目的首次产油。这是过去一年中多个重大项目启动中的最新一项，预计这些项目将在2026年将日产量提升至30万桶油当量。

The expansion of our Pasadena refinery has further strengthened our Gulf Coast value chain, and we made good progress on our asset sale program, achieving premium valuations, while retaining future upside in East Texas gas assets that could deliver over $1 billion in value at today's prices.
我们对帕萨迪纳炼油厂的扩建进一步强化了墨西哥湾沿岸的价值链。同时，资产出售计划也取得积极进展，达成了溢价交易。我们保留了东德州天然气资产的未来增值空间，在当前价格下该部分资产价值可超过10亿美元。

In February, we announced senior leadership appointments and changes to our operating model to enable more efficient execution. We're also expanding our pipeline of future opportunities, adding more than 11 million net exploration acres since the start of last year, advancing our gigawatt-scale power solutions venture to support the U.S. AI data center build-out, and participating in a pipeline project to increase export capacity in Argentina.
今年2月，我们宣布了新的高管任命和运营模式调整，旨在提升执行效率。我们也在不断拓展未来机会，自去年初以来已新增超过1100万净勘探英亩。同时，我们正在推进吉瓦级规模的电力解决方案，以支持美国人工智能数据中心的发展，并参与阿根廷出口管道项目以扩大出口能力。

Now, I'll turn it over to Eimear, to go over the financials.
接下来请伊梅尔为大家介绍财务情况。

Eimear Bonner

Thanks Mike. For the first quarter, Chevron reported earnings of \$3.5 billion or \$2 per share. Adjusted earnings were \$3.8 billion or \$2.18 per share. Included in the quarter were special items totaling \$175 million. Legal and tax charges were partially offset by the fair value measurement of the Hess shares. Foreign currency effects decreased earnings by \$138 million.
谢谢你，迈克。2025年第一季度，雪佛龙实现净利润35亿美元，每股收益2美元。调整后净利润为38亿美元，每股收益2.18美元。本季度包含了1.75亿美元的特殊项目，主要为法律和税务费用，部分被Hess股票的公允价值变动所抵消。此外，汇率变动使利润减少了1.38亿美元。

Organic CapEx was \$3.5 billion, our lowest quarterly total in two years. Inorganic CapEx was approximately \$400 million, primarily related to investment in our Power Solutions partnership. Chevron generated cash flow from operations of \$7.6 billion, excluding working capital.
有机资本支出为35亿美元，是近两年来的季度最低值。非有机资本支出约为4亿美元，主要与我们在电力解决方案合作项目的投资有关。本季度不含营运资本变动的经营现金流为76亿美元。

Working capital was primarily tax payments related to the sale of our Canadian assets that completed in the fourth quarter of 2024. We expect our working capital unwind of \$1 billion over the remainder of the year.
营运资本的主要变动来自2024年第四季度完成的加拿大资产出售所产生的税款支出。我们预计剩余年度中将有10亿美元营运资本回收。

In the quarter, we issued new long-term debt of \$5.5 billion. The purchase of Hess shares is expected to reduce the number of Chevron shares issued at closing by approximately 16 million. Compared with last quarter, adjusted earnings were \$200 million higher.
本季度我们新发行了55亿美元的长期债务。Hess股票的购入预计将在合并完成时减少约1600万股雪佛龙股票的发行量。与上季度相比，调整后净利润增加了2亿美元。

Adjusted upstream earnings were flat to last quarter, higher realizations and timing effects were offset by lower liftings and lower affiliate earnings mainly from higher DD\&A at TCO.
调整后的上游业务利润与上季度持平。虽然油气售价上升和计提时效带来利好，但被产量减少及TCO折旧与摊销费用上升导致的合资企业利润下降所抵消。

Adjusted downstream earnings were higher due to improved refining margins and lower turnarounds and maintenance. First quarter oil equivalent production was flat to last quarter.
调整后的下游业务利润环比上升，主要得益于炼油利润率改善以及检修成本减少。第一季度油当量产量与上季度持平。

Production from the future project at TCO and recent project start-ups in the Gulf of America offset impacts from asset sales. We expect growth towards a sustained 1 million barrels of oil equivalent per day to resume in the Permian in the second quarter with higher frac activity.
TCO未来增长项目和墨西哥湾新项目的产量增长抵消了资产出售带来的产量下滑。预计在第二季度，随着压裂作业增加，二叠纪盆地的产量将恢复增长，重返每日100万桶油当量的稳态水平。

Chevron's strategy and financial priorities remain consistent and our track record is proven. We've grown our dividend for 38 consecutive years through multiple commodity cycles, leading our peers in growth over the last decade. We've built a resilient upstream portfolio that leads our peers in breakeven.
雪佛龙的战略和财务重点保持一致，并有长期可靠的业绩支撑。我们已连续38年提高股息，历经多轮商品周期，在过去十年里分红增长在同行中领先。我们的上游资产组合具备强大韧性，其盈亏平衡点在业内处于领先地位。

We're delivering growth projects that are expected to generate an incremental \$9 billion of free cash flow in 2026 at \$3 Brent. Our capital program is as flexible and efficient as it's ever been, with the majority of our 2025 spend directed to short-cycle assets and soon-to-be-online deepwater projects such as those in the Gulf of America and Eastern Mediterranean.
我们正在推进一批增长项目，预计到2026年将在每桶布伦特油价为70美元的假设下，带来额外90亿美元自由现金流。我们的资本计划前所未有地灵活高效，2025年支出的大部分将用于短周期资产以及即将投产的深水项目，如墨西哥湾和东地中海的项目。

Our balance sheet remains strong with net debt ratio of 14%, well below our target range of 20% to 25%. We've repurchased shares 18 of the last 22 years and bought back at record levels in the past two years.
我们的资产负债表仍然稳健，净负债率为14%，远低于我们设定的20%至25%目标区间。在过去22年中，我们有18年进行了股票回购，过去两年的回购规模更创下纪录。

We provided a guidance range for annual buybacks of \$10 billion to \$20 billion depending on market conditions more than two years ago. That guidance remains unchanged. In line with the current macro environment, we expect share repurchases to be \$2.5 billion to \$3 billion in the second quarter.
我们早在两年多前就提供了年度股票回购额度的指引区间为100亿至200亿美元，具体视市场环境而定。该指引目前仍保持不变。结合当前宏观环境，我们预计第二季度的回购金额将在25亿至30亿美元之间。
Idea
大型石油公司都这么搞了，既然是稀缺资源就准备慢慢挖了，快节奏挖的经济效益摆明了不如慢节奏的挖。
I'll now hand it off to Jake.
接下来我将发言交还给杰克。

Jake Spiering

That concludes our prepared remarks. Additional guidance can be found in the appendix to this presentation and the slides and other information posted on chevron.com. We are now ready to take your questions. We ask that you limit yourself to only one question. We will do our best to get all of your questions answered. Katie, please open the lines.
我们的发言部分到此结束。更多详细指引信息请参见本次演示文稿的附录，以及发布在 chevron.com 上的幻灯片和其他资料。接下来我们将进入答问环节。请每位提问者仅限一个问题，我们会尽力回答大家的问题。凯蒂，请开放电话线路。

Operator

Thank you. [Operator Instructions] Our first question comes from Neil Mehta with Goldman Sachs.
谢谢。[操作指引略]第一位提问者是高盛的尼尔·梅塔。

Neil Mehta

Good morning, Mike and team. Mike, I know you were in Kazakhstan a couple of weeks ago. So I'd love a full rundown of your perspective on TCO, specifically, the startup looks like that has gone well. Early discussions around the concession extension and then your perspective around production levels and risk of curtailment.
早上好，迈克和团队。迈克，我知道你几周前刚去过哈萨克斯坦。我想听听你对TCO（Tengizchevroil）的整体看法。特别是，项目启动似乎进展顺利。能否谈谈关于特许权延期的初步讨论情况？另外，你对产量水平以及是否存在减产风险有何看法？

Mike Wirth

Okay. Well, thanks, Neil. First of all, I am really pleased with the commissioning and start-up performance at the Future Growth Project. It was a world-class ramp. We achieved nameplate capacity in less than 30 days. This was due to extensive testing of equipment during the commissioning phase, leveraging a lot of same people, procedures and other practices that were put in service for the wellhead pressure management project over the prior 12 months, applying learnings from some of our other major capital start-up projects over the years.
好的，谢谢你，尼尔。首先，我对TCO未来增长项目（Future Growth Project）的调试和启动表现感到非常满意。这次的启动速度堪称世界一流，我们在不到30天内就实现了设计产能。这得益于调试阶段对设备的充分测试，也借鉴了过去一年我们在井口压力管理项目中积累的人员配置、操作流程和实践经验，同时也融入了我们以往在重大资本项目启动中的成熟经验。

We brought in experienced operators from the existing operations that are familiar with the field, with the operating conditions and people that have participated in other start-ups. So it was just very, very well executed. We'll continue in the short term to do performance testing of major equipment under actual operating conditions, process optimization, et cetera. So we are very, very pleased with that start-up and the performance to date.
我们调配了具备丰富经验的运营人员——他们熟悉该油田和作业环境，也参与过其他项目的启动工作。因此整个启动过程执行得非常出色。接下来短期内我们还将继续在实际运行条件下对主要设备进行性能测试，并进行流程优化等工作。总体而言，我们对当前的启动表现非常满意。

I did travel to Kazakhstan last month and I had an opportunity to meet with President Tokayev. We had a very good visit. We talked about our historic partnership. We talked about our investments in the country and how they've delivered value over the last three decades plus. And with the project behind us, we did turn our discussion to future.
上个月我确实去了哈萨克斯坦，并有机会会见了托卡耶夫总统。我们进行了非常愉快的会谈，讨论了雪佛龙与哈萨克斯坦多年来的合作伙伴关系，回顾了我们过去三十多年在该国的投资如何持续创造价值。在这个重大项目顺利推进之后，我们也将话题转向了未来的发展。

And there was mutual intent expressed to negotiate an agreement which extends the concession beyond 2033. I took away a very positive outlook on that. We think it's in everyone's best interest to try to complete these negotiations in a timely manner. That said, these are complex discussions. They do take some time to complete, and we'll provide updates on that as appropriate as those efforts advance.
双方都表达了希望就将特许权延长至2033年之后展开谈判的意愿。我的感受是前景非常积极。我们认为及时完成谈判对各方都有利。当然，这类谈判非常复杂，需要一定时间。随着谈判推进，我们会适时向市场提供更新。

Operator

We'll take our next question from Jean Ann Salisbury with Bank of America.
下一位提问者是来自美国银行的琼·安·索尔兹伯里。

Jean Ann Salisbury

Hi, good morning. A lot has been going on in the California refining market. With the recently announced competitor closures of refineries, how are you thinking about your position there?
你好，早上好。最近加州炼油市场发生了不少事，竞争对手陆续宣布关闭炼厂。在这样的背景下，你们如何看待自己在加州的布局和未来定位？

Mike Wirth

Yes. So we've got a strong position. We've got 2 refineries that have good scale, good complexity. We've got strong integrated value chains with a strong brand in the marketplace. I'm not surprised to see the announcements that have come out.
是的。我们在加州的市场地位依然坚实。我们拥有两座炼厂，具备良好的规模和工艺复杂性。此外，我们还拥有强大的一体化价值链和在市场上具有影响力的品牌。因此，对于近期其他炼厂关闭的公告，我并不感到意外。

We've been pretty vocal that the policy is coming out of the state, and out of Sacramento particularly, make it nearly impossible to invest in California going forward. The result of that has been significantly higher cost for consumers than in the rest of the country.
我们早就公开表达过观点——来自加州，尤其是萨克拉门托的政策，使得未来在加州进行投资几乎不可能。这些政策的结果就是，加州消费者所承担的成本远高于美国其他地区。

There is the risk that supply of fuels is going to be tighter and that creates future risk. On the last call, I said some of these policies, including the state inserting itself into operational matters like planning turnarounds, I think, is an unwise move. I think central planning of the economy hasn't worked in other socialist states and it won't work in California is my prediction. We do not have any announcements on our refineries at this time.
这也意味着燃料供应可能会趋紧，从而带来未来风险。在上一次电话会议中我就说过，一些政策，比如州政府干预诸如检修计划等运营事务，我认为这是不明智的做法。我认为“中央计划经济”在其他社会主义国家都没成功过，我预测它在加州也不会奏效。目前我们尚未对公司在加州的炼厂作出任何公告决定。

Jake Spiering

Thank you, Jean Ann.
谢谢你，琼·安。

Operator

We'll take our next question from Biraj Borkhataria, RBC.
下一位提问者是来自加拿大皇家银行的比拉吉·博尔卡塔里亚。

Biraj Borkhataria

Hi. Thanks for taking my question. I just wanted to go back to the financial framework and the decision to slow down the buyback today. If I look at the last 12 months, the payout ratio has been almost 100%, and that was obviously, oil price of much higher than it is today.
你好，谢谢你回答我的问题。我想回到财务框架的主题上，特别是你们今天决定放缓股票回购节奏的背景下。过去12个月你们的总回报率接近100%，但那是在油价远高于当前水平的时候。

So I'm just trying to reconcile how cash generation would look at 60 or maybe below and how I reconcile that with the low end of the $10 billion to $20 billion range, because to me, it looks like the bottom end of the range should maybe be lower than that $10 billion.
所以我想了解一下，如果油价降到60美元甚至更低，你们的现金生成能力将是什么样？以及该如何理解你们仍坚持的100亿至200亿美元回购区间下限？因为对我来说，目前的下限似乎仍偏高。

So how are you thinking between executing the buyback on a consistent basis and then, obviously leaning on the balance sheet, because that balance sheet has allowed you to do countercyclical deals like [Indiscernible] and things like that. So I appreciate some color on that. Thank you.
另外，你们是如何权衡持续稳定的回购操作与依赖资产负债表之间的关系的？因为你们强劲的资产负债表确实让你们能够在周期低点进行一些反周期操作，比如某些并购。我希望听到更多细节。谢谢。

Mike Wirth

Yes. Thanks, Biraj. I'll take you back to our long-standing financial priorities. The first priority is to grow the dividend. We've increased that for 38 years in a row, a 5% increase earlier this year.
谢谢你，Biraj。我想重申一下我们长期坚持的财务优先事项。首要任务始终是提高分红，我们已经连续38年提高股息，今年年初还提升了5%。

Second is to invest in the business. We've been very disciplined with capital, lowered organic capital by $1 billion this year and affiliate capital by another billion dollars this year, keeping a strong balance sheet, 14% net debt, a AA credit rating, which is something very few companies in any industry carry.
其次是投资于业务发展。我们在资本配置方面始终保持高度自律，今年将有机资本支出减少了10亿美元，子公司资本支出也减少了10亿美元。同时我们保持了强劲的资产负债表，净负债率为14%，维持AA级信用评级——在整个行业中都非常罕见。
Idea
XOM更低，7%。
And then buybacks with a through-the-cycle approach. We've repurchased shares in 18 of the last 22 years, including through COVID, through the financial crisis. And more than two years ago, we announced or we introduced guidance on the buybacks with a range of $10 billion to $20 billion based on a view of the external environment.
第三是股票回购，我们采取的是“跨周期”策略。在过去22年中，我们有18年都进行了回购，包括金融危机和新冠疫情期间。两年多前我们首次提出了100亿至200亿美元的回购区间，这一区间是基于对外部环境的长期判断制定的。

The high end of that was premised on a strong outlook on the commodity. The lower based on a weaker outlook for the commodity. And I think it was 85-ish on the top end and 60-ish on the bottom end.
该区间的上限是基于商品价格前景强劲的预期（比如油价在85美元左右），而下限是基于油价较弱的前景（大致在60美元上下）。

And so, for most of the last two years, we've been in the upper portion of that range, the market has moved to the lower portion of that range. And our guidance remains within that range. So I think it's important to look at this through the cycle.
因此，在过去两年里我们大多数时候都处在区间的上端。现在市场条件趋弱，我们转向区间的下端，但仍维持原有指引。我认为大家需要从周期视角来看待这个问题。

The rate at which we're buying shares back now is higher than at any point in our history other than the last three years. 2022, 2023 and 2024 were the highest buyback years we've had.
目前我们的回购节奏仍然处于历史高位，仅次于过去三年。2022年、2023年和2024年是我们回购历史上最活跃的三年。

Before that, we never even had a year that got above $8 billion. And we've been much stronger than that here subsequently and continue to do that forward. So the range is unchanged. We've also always said that we would move back towards a 20% to 25% net debt ratio through the cycle. And so this move is consistent with that.
在这之前，我们从未有哪一年回购金额超过80亿美元。而我们最近几年都远超这个水平。我们也一直强调，我们将逐步把净负债率恢复到20%至25%的区间，所以现在的调整方向与这一目标是一致的。

Last thing I'll say is, we've been through these cycles before. We know what to do. We know how to manage it. And we know that opportunity can present itself as you referenced, and we will remain attentive to those kinds of opportunities if and when they arise, and we'll retain the financial strength to consider them.
最后我想说的是，我们经历过很多次这样的周期，我们知道该怎么做，知道如何管理风险。我们也明白，正如你提到的，这种时机往往伴随着机会的出现，我们会持续保持关注并确保具备足够的财务实力来把握这些机会。

Eimear Bonner

Biraj, I might just add a little bit on your point on cash generation. At 60, as we guided to in the last quarter, we're poised to deliver a leading free cash flow growth—$10 billion of incremental free cash flow growth at $70 Brent. That’s $9 billion at $60.
Biraj，我补充一下你关于现金流生成的问题。正如我们上季度提到的，在布伦特油价70美元时，我们有信心实现100亿美元的自由现金流增量。如果油价是60美元，这一数字仍然有望达到90亿美元。

And the key catalysts that deliver that are the start-ups of kind of our major projects and the achievement of major milestones—and all that is well underway. And then the completion of our cost reduction program as well, that’s off and running.
这一成果主要来自几个方面：我们的一系列重大项目陆续投产，多个关键节点即将实现。同时，我们的成本削减计划也在有序推进并初见成效。

So just the cash generation—we feel that that is very resilient even at lower prices, and we're prepared.
因此，从现金生成能力来看，我们认为即使在油价较低的情况下，我们的表现依然具备强大韧性，而且我们已经做好了准备。

Jake Spiering

Thanks, Biraj.
谢谢你，Biraj。

Operator

We'll take our next question from Doug Leggate with Wolfe Research.
下一位提问者是Wolfe Research的道格·莱格特。

Mike Wirth

Doug?
道格？

Doug Leggate

Sorry, I was on mute, school boy error. I'm so sorry about that. Hey, Mike thanks for taking my question. Josh, I was going to ask about the macro, but I didn't want to ask such an asinine question, but you seem to be in the crosshairs of probably the two most important macro stories in the market right now. And I just love your perspective on it.
不好意思，我刚才忘记取消静音，真是个低级错误。迈克，谢谢你接听我的问题。Josh，我本来想问宏观问题，怕太简单了点，但眼下你们正处于两个最重要的宏观市场焦点的风口浪尖。我非常想听听你对此的看法。

The first is obviously Venezuela and the potential loss of production there. And the other is what appears to be an impending market share battle going with the declaration of cooperation, single-handedly seemingly pointed at Tengiz.
第一个焦点显然是委内瑞拉，那里可能出现的产量损失；第二个是即将到来的市场份额之争，尤其是在“合作宣言”框架下，看起来几乎是专门针对Tengiz项目。

In other words, the start-up of production is exacerbated Kazakhstan's over production against their quota and of course, that seems to be what's driving these accelerated decisions by OPEC+. So I guess my question is, can you offer any perspective on the physical changes you're seeing in your business in Venezuela?
换句话说，Tengiz项目的投产加剧了哈萨克斯坦超出配额的产量问题，而这可能正是推动OPEC+加速行动的原因。所以我想问的是，你能否谈谈你们在委内瑞拉业务上看到的实际变化？

And when you met with the President, was there any consideration whatsoever of curtailment to try and help meet their quotas? Because, frankly, if the answer is no, it's pretty [Indiscernible] for the oil price.
另外你上次和总统会面时，是否有讨论过减产以协助他们满足配额的问题？因为坦率讲，如果答案是否定的，对油价而言那基本上是利空。

Mike Wirth

Yes. So I'll start with Venezuela, Doug. I think the news coverage on this has been pretty accurate. We've got a long history in the country and believe that our presence has been a good thing for Venezuela, has been a good thing for the U.S. We've been operating under different forms of sanctions from OFAC -- going back to the first Trump administration through Biden administration and ongoing under the current one.
好的，道格。我先从委内瑞拉谈起。我认为媒体对这件事的报道总体是准确的。我们在该国有很长的经营历史，并且我们始终认为雪佛龙的存在对委内瑞拉和美国双方都是有益的。我们一直在不同的美国财政部外国资产控制办公室（OFAC）制裁框架下开展业务——从特朗普政府开始，到拜登政府，现在也仍然如此。

Recent changes have resulted in us being unable to pay our tax and royalty payments for liftings that were being made to bring Venezuelan oil to the U.S. And so those liftings have come to a halt. The barrels are still flowing. They’re going to other markets. China is the biggest importer of Venezuelan oil. Their media reports that government officials from Venezuela have been in China this week discussing even more sales to China.
最近的变化导致我们无法支付将委内瑞拉原油运往美国过程中所产生的税费和特许权使用费。因此，此类原油运输已经暂停。但石油并未停止生产，它们正在流向其他市场。中国是委内瑞拉原油的最大买家。据媒体报道，委内瑞拉政府官员本周正在中国，商讨扩大对华销售。

Our current license reaches its end on May 27. We're in dialogue with the government on how that license will be modified and extended if, in fact, that's what they choose to do, and that's certainly been the history over the many years I just referenced. So we'll share more about that as we know more. But the barrels are flowing. They're just not flowing to the U.S. today.
我们目前的运营许可将于5月27日到期。我们正在与政府方面进行沟通，讨论是否延长或修改该许可——如果他们愿意这样做。多年来，类似的续签也曾多次发生。一旦有进一步信息，我们会及时披露。但目前原油仍在生产，只是不再流向美国。

On OPEC+ and Kazakhstan, there really were not discussions of that. We don't engage in discussions about OPEC or OPEC+ targets. And my discussion with the President focused on a), the start-up of the project, which has been good; and b), the future.
至于OPEC+和哈萨克斯坦，我们并未在会上讨论相关内容。我们不会参与关于OPEC或OPEC+产量目标的讨论。我和总统的会谈集中在两个方面：第一是项目的成功启动，第二是未来发展。

And so the fact of the matter is the barrels we produce at TCO are of high value to the government. They're important to their fiscal balance. And historically, those barrels have not been curtailed. Anything beyond that, I would refer you over to people that speak on behalf of OPEC+ or the countries.
事实上，TCO项目所产的原油对哈萨克政府来说非常有价值，对他们的财政平衡至关重要。历史上，这部分产量从未被减产限制。关于这方面的更多内容，我建议你咨询OPEC+或相关国家的代表。

Operator

We'll take our next question from Lloyd Byrne with Jefferies.
下一位提问者是来自杰富瑞的劳埃德·伯恩。

Lloyd Byrne

Hi, good morning, Mike and team. I was going to ask about the return of capital. And I think that's a really good answer you guys had. But let me try the Gulf of Mexico, the Ballymore is online. Can you just walk through the next steps to get to the 300,000 barrels a day? And are there any hurdles we have to look out for?
你好，早上好，迈克和团队。我本来想问回报资本的问题，但你们的回答已经很全面了。那我换个方向问：关于墨西哥湾项目，Ballymore已经投产了。你们能否说明一下从现在到达到日产30万桶目标之间的主要步骤？有没有我们需要留意的潜在障碍？

Mike Wirth

Yes. We're — as I said, we're very pleased with Ballymore. That project, in particular, has some of the most prolific wells that we've seen in the Gulf of America, frankly, well beyond that. The expectation as we ramp up there is that, we'll see 25,000 barrels a day flow from each of three wells, so 75,000 barrels a day of production from just three wells.
当然。正如我之前提到的，我们对Ballymore项目非常满意。这个项目特别之处在于，它拥有我们在墨西哥湾乃至更广泛区域中见过的最具生产能力的一些油井。我们预计该项目爬坡期内，将由三口井分别产出每天2.5万桶的原油，也就是说光这三口井就能达到7.5万桶/日的产量。

We've got two of those wells online right now and ramping them up. The third one will come online later this year. The project has been executed on time, on budget and in just three years. They're also interestingly, some of the highest temperature wells we've ever seen, 325 degrees down to the formation, which other prolific fields in the Gulf of America have been at 275, 250, 225, so, a very interesting field, a very prolific field.
目前已有两口井上线并逐步增产，第三口井将在今年稍晚时候上线。这个项目按时按预算完成，仅用时三年。值得一提的是，这也是我们遇到过的温度最高的油井之一，井下地层温度高达325华氏度（约163摄氏度），而墨西哥湾其他高产油田的温度通常在275、250或225华氏度左右。这块油田非常有趣，也极具产能潜力。

Wale, I won't speak for the operator. I'll just say that the start-up there has been smooth, and we expect that to ramp through 2025, and I'd refer you to them for details. And at Anchor, we've got two wells online right now that are performing very well. We expect two additional wells to come online this year, one around midyear, one towards the end of the year and remaining wells to come online in 2026 and 2027.
关于运营方Wale我不便代为发言，但我可以说目前启动工作非常顺利，预计整个产能将在2025年逐步爬升。至于Anchor项目，我们目前已有两口井投产，表现良好。今年还将有两口井上线，一口在年中左右，一口在年底前上线，其余的井则计划在2026和2027年上线。

So, at each project, we've got strong production flowing. We've got drilling activity and completion activity underway or in the queue, rigs, vessels, crews, all assigned to them. And so in the Gulf, weather can always be a bit of a risk. But other than that, from an execution standpoint, these are all three in a very good posture.
因此，对于每一个项目，我们都已经实现了稳定产量，并有钻井和完井作业正在进行或已排上日程。钻机、船只和人员都已就位。从执行角度来看，三个项目目前进展都非常顺利。当然在墨西哥湾天气始终是一个潜在风险，但除此之外，一切都在良好轨道上运行。

Operator

We'll go next to Ryan Todd with Piper Sandler.
下一位提问者是来自派杰公司的瑞安·托德。

Ryan Todd

Great. Thanks. You've got a slide in the deck looking at Permian formats and the improvement you've seen there in the Delaware Basin in 2024. Can you talk about—I mean, you talked about some of this in the past—but can you talk about what drove the difference, whether in terms of well mix, development strategy, completions, et cetera? And what you see as the potential implications for the 2025 program or outlook?
太好了，谢谢。你们的PPT中有一页提到了二叠纪盆地的开发形态，特别是2024年在德拉瓦盆地的表现提升。虽然你们以前提到过一些，但能否具体讲讲这一改善的驱动因素？例如井型组合、开发策略、完井技术等方面的差异？以及这些对你们2025年开发计划或前景有什么潜在影响？

Mike Wirth

Yes. So just to ground everybody, roughly 80% of our development program last year was in the Delaware, and we saw a strong improvement in performance there versus the prior, in particular, the Second Bone Spring in New Mexico outperformed expectations. We also had good performance in the Texas portion of the Delaware and the Wolfcamp C and the Wolfcamp A, which showed good year-on-year performance improvement.
好的，先让大家了解一下背景：我们去年约有80%的开发计划集中在德拉瓦盆地，我们确实在那里的表现相比前一年有显著改善。特别是在新墨西哥州的Second Bone Spring区块，超出了预期表现。同时在德州的德拉瓦区域、Wolfcamp C和Wolfcamp A区块也都呈现出同比业绩提升。

So, we expect 2025 type curves to look pretty similar to what we saw last year in the Delaware. And again, most of our program is in the Delaware, 85% as we look at 2025, so even a little bit more than we saw last year.
因此，我们预计2025年的类型曲线（type curves）将大致与去年德拉瓦的表现相当。再次强调，我们2025年大部分开发项目仍集中在德拉瓦盆地，比例将达到85%，甚至比去年还略高一些。

Last thing maybe I'll say on that, Ryan, is sometimes we had questions when I meet with investors on gas-oil ratio. We are right now seeing an oil cut that's somewhere in the range of 43% to 45%. We think that's going to continue as we move through the end of the decade. It may move around a little bit by quarter based on POP timing and geography. But we expect that to be pretty stable.
最后补充一点，瑞安，有些投资者曾问我们关于气油比的问题。目前我们看到的油份比例大概在43%到45%之间。我们预计这种水平将在整个十年期间保持较为稳定。当然，根据投产（POP）时间和地域分布的不同，季度之间可能略有波动，但整体趋势是稳定的。

And also on New Mexico, we're going to see more POPs into New Mexico this year than we did last year. And overall, those tend to be bigger wells. They're more productive wells. They produce more oil. They also produce more gas. But very pleased with performance in the Permian and feel very good about the outlook for this year. Thank you, Ryan.
此外，关于新墨西哥州，今年我们会在那里的投产井数量高于去年。总体来看，那里的井通常规模更大，产能更高，产油更多，同时气产量也更高。我们对二叠纪盆地的整体表现非常满意，也对今年的前景充满信心。谢谢你，瑞安。

Operator

We'll go next to Paul Cheng with Scotiabank.
下一位提问者是来自丰业银行的保罗·程。

Paul Cheng

Thank you. Good morning.
谢谢，早上好。

Mike Wirth

Good morning, Paul.
早上好，保罗。

Paul Cheng

It seems like -- thank you. There's some good news from Cyprus. You guys signed with the government that to allow the gas project to go to proceed. Can you give us some idea that maybe update us on -- in terms of the time line, what's the next step, the size of the project in terms of the gas warning? And any color that you can provide? Thank you.
看起来塞浦路斯传来了好消息。你们和政府签署了协议，批准天然气项目继续推进。能否介绍一下这个项目目前的时间线？接下来的步骤？包括天然气产能规模等细节？希望你能提供更多信息，谢谢。

Mike Wirth

Yes, you bet, Paul. I'll start by saying we're excited about our entire portfolio in the Eastern Mediterranean, and that is a tribute to the people at Noble. This is largely a legacy Noble Energy position. We've got some good exploration acreage in the offshore Egypt area that we brought to the table as well and the expectations for some exploration wells there in the coming couple of years.
当然可以，保罗。首先我想说，我们对整个东地中海资产组合感到非常兴奋，这也要归功于诺布尔能源的团队。这个项目大部分是诺布尔能源留下的遗产资产。此外，我们还带来了在埃及近海的一些优质勘探区块，并计划在未来几年进行一些勘探井的钻探。

But it was a nice milestone to see that we've got an agreed field development plan for Aphrodite, some updates to the PSA there. And the initial development plan, Paul, is going to be a flow production unit in Cypriot waters, production of about 800 million cubic feet of gas per day. The gas would flow to Egypt, a market that's growing and has a need for more gas. The demand there is very strong.
这次我们与塞浦路斯政府就Aphrodite气田达成一致，确定了油田开发计划（FDP），并更新了产分协议（PSA）条款，这是一个重要的里程碑。初步开发计划包括在塞浦路斯水域设立一个浮式生产装置（FPU），日产天然气大约为8亿立方英尺。这些天然气将输送至埃及市场，而那里的市场需求正在快速增长，对天然气的需求非常强劲。

We entered pre-FEED activities in the first quarter. We're working to ensure that we can get competitive returns out of this project, there's some commercial work that needs to be done as well. And all that needs to be done before we move to a potential FID.
我们在今年第一季度已启动前端工程设计（pre-FEED）工作，当前的重点是确保项目具备有竞争力的回报率。同时，我们还在推进一些商业条款谈判。这些工作都需要完成之后，我们才会考虑是否进入最终投资决策（FID）阶段。

So, we are again pleased that we've got an agreement on that. That gives you a little bit of the scale of the project in the first phase here, and we'll talk about it more as we move through the pre-FEED and into FEED.
因此，我们对已与政府达成一致感到非常高兴。刚刚提到的这些也大致说明了项目首阶段的规模。随着我们从前端设计进入正式工程设计阶段，我们会进一步向外界披露更多信息。

Operator

Thank you. We'll go next to Stephen Richardson with Evercore ISI.
谢谢。下一位提问者是Evercore ISI的斯蒂芬·理查森。

Stephen Richardson

Hi. Good morning, Mike.
你好，早上好，迈克。

Mike Wirth

Good morning, Steve.
早上好，斯蒂芬。

Stephen Richardson

I was wondering if you could give us your -- curious on your recent thoughts on CPChem, obviously, in the middle of some pretty significant investments in that business through what looks to be a trough, at least in the olefins side of the business. But maybe your current thoughts on the business and then also, how are you thinking about potentially maybe owning more of it over time and how that fits into your current thoughts?
我想请教一下你最近对CPChem的看法。显然你们目前正在这家公司进行重大投资，尤其是在烯烃业务处于周期低谷时。这么做的理由是什么？你目前如何看待这项业务？此外，你是否在考虑未来进一步增持CPChem的股权？这和你们的整体战略之间有什么契合点？

Mike Wirth

Sure. Thanks, Steve. Well, first of all, I'll say we like the longer-term fundamentals of the Chemicals business. We've been in a tough part of the cycle here recently as we've seen some capacity additions into the market. So it's going to take time for the market to absorb those. So we think we're still a few years away from returning to mid-cycle.
当然可以，谢谢你，斯蒂芬。首先我要说的是，我们非常看好化工业务的长期基本面。近期我们正处于一个较为艰难的行业周期，市场上新增了大量产能，因此还需要一些时间来被市场消化。因此我们认为市场距离回归中期水平可能还有几年时间。

But CPChem has been a great business for us, and we've got 25 years of history roughly now. And they've been a good operator. They've been a good project executor. It's a portfolio that's significantly advantaged due to their feedstock position, which is primarily ethane in the U.S. Gulf Coast and the Middle East. They've had a very good low-cost operator.
不过CPChem对我们来说一直是一项非常成功的业务，我们和他们已经合作了大约25年。他们在运营上非常出色，项目执行能力也很强。这个业务组合具有显著的竞争优势，特别是其原料来源主要是来自美国墨西哥湾沿岸和中东地区的乙烷，成本低、效率高，是典型的低成本运营商。

And we've got a couple of growth projects underway, one in Qatar, one in Texas, on track to come online end of 2026, early 2027-ish. And so it's been a very successful partnership for us over more than two decades.
我们目前在推进两个增长项目，一个位于卡塔尔，另一个在德克萨斯州，计划于2026年底至2027年初投产。这段长达20多年的合作关系对我们来说一直非常成功。

Getting a lot share of a business that you like is always something that you would take a look at. We have advised the partner in CPChem that we'd be interested in acquiring the other half at a reasonable value for both parties, and we'll see how that plays out. Thanks, Steve.
如果你非常喜欢某项业务，那么拥有更高股权占比当然是值得考虑的。我们已经告知CPChem的合作伙伴，我们愿意在一个对双方都合理的估值下，收购剩余的股份。未来会如何发展，我们拭目以待。谢谢你，斯蒂芬。

Operator

We'll take our next question from Josh Silverstein with UBS.
下一位提问者是来自瑞银的乔什·西尔弗斯坦。

Josh Silverstein

Good morning, guys. Chevron has a pretty unique asset in the Permian given your mix of operated, non-op and royalty volumes. Can you provide us some details as to what you're seeing across the non-op royalty side now and any reduction in activity there how that may play into the kind of the plateau level for Chevron? Thanks.
大家早上好。雪佛龙在二叠纪盆地拥有非常独特的资产组合，包括自营、非自营（non-op）以及特许权（royalty）产量。你们能否分享一下当前在非自营和特许权方面的动态？是否观察到任何活动减少的情况？这又可能如何影响雪佛龙的产量平台水平？谢谢。

Mike Wirth

Yes. So, at this point, we don't really see any actions that have been taken to pull back by our partners. We haven't always identified exactly who our partners are, but three-fourths of our production comes from larger mega-cap companies, people that you cover and know. And most of that production comes in the core parts of the basin, areas that have got low breakevens and are very proven.
目前我们并没有看到合作伙伴有任何缩减活动的迹象。虽然我们不会总是明确指出合作方的身份，但我们的非自营产量中有四分之三来自大型市值企业，也就是你们熟悉并跟踪的公司。这些产量大多来自盆地核心区，那里具有低盈亏平衡点，资源质量高、开发前景成熟。

So, on NOJV, we've got a line of sight to essentially all of the AFEs and most of the POPs have already spud. The planned POPs for this year in NOJV, the wells have already been spud. So I think there's a pretty high degree of confidence that we're going to see go.
就非运营合资项目（NOJV）而言，我们几乎对所有的投资授权（AFE）都有明确掌握，而且大多数投产计划（POP）的井也都已经开钻了。就今年计划的NOJV投产井来看，钻井工作已基本展开，因此我们对这些项目能够如期推进有较高信心。

On royalty, maybe not quite as high a number, but close on POPs that are also in execution. So we do have interest in, I want to say it's one in every four acres in the Permian. And a lot of that exposure gives us the ability to see exactly what's going on with other operators. And at this point, I think people are -- what we see as people pretty well stay in the course. Thanks, Josh.
在特许权方面，投产井的比例可能没有NOJV那么高，但也相当接近，而且这些项目也正在执行中。我们在二叠纪盆地大约每四英亩土地中就拥有一英亩的权益，这使我们能很好地了解其他运营方的动态。就目前来看，我们看到的情况是，运营方普遍按部就班，继续推进既定计划。谢谢你，乔什。

Operator

We'll go next to Lucas Herrmann with BNP Paribas.
下一位提问者是来自法巴银行的卢卡斯·赫尔曼。

Lucas Herrmann

Hello. Thanks very much for the opportunity. Probably what -- just a question on cash flow for Eimear. It looks as though the equity contribution or dividend contribution that you're anticipating this year is now $2 billion relative to -- I think you had guided towards $1 billion of excess, et cetera, the full year stage. Am I correct that you've changed your expectation? And if so, is that a consequence of higher expected dividends? Or I don't think it's a change in lower net income. So any comment -- appreciated.
你好，非常感谢这次提问机会。我想请Eimear谈一下现金流的问题。看起来你们目前预期的股权投资或分红贡献是20亿美元，而我记得你们原先指引是全年大约10亿美元的盈余等内容。是否说明你们已经提高了预期？如果是的话，是因为预期分红增加了，还是因为其他方面变化？我不认为是因为净收入减少导致的。如果你能解释一下，我会非常感激。

Eimear Bonner

Yes. Lucas, I think maybe the two things to point are the impact of the TCO DD&A. So given that we started up the project in January and ramped up ahead of our original schedule, the earnings guidance going forward reflects the DD&A update. In addition to that, we've got some CPChem outlook for margins has been updated as well. So those will be the two main factors. Everything else is consistent.
是的，卢卡斯。我想这里有两个关键点需要说明。首先是TCO项目的折旧与摊销（DD&A）影响。我们在1月启动了该项目，而且进展快于原计划，因此我们后续的盈利指引反映了DD&A的最新情况。其次是CPChem方面，我们对利润率的展望也有所更新。这两个因素是变动的主要原因，其余部分都与之前的指引保持一致。

Mike Wirth

And Lucas, the affiliate dividend guidance for the full year is unchanged as it was. So it's just a difference between the two.
另外，卢卡斯，我们对全年联营公司分红的指引并没有改变。所以只是两个数字之间的时序差异。

Lucas Herrmann

Thanks.
谢谢。

Operator

We'll take our next question from Roger Read with Wells Fargo.
下一位提问者是来自富国银行的罗杰·里德。

Roger Read

Thanks, good morning. I guess, maybe with the macro in a lot of people's minds at risk of lower oil prices. Just wondering, Mike, with all the changes here or project completions, Gulf of Mexico fairly essentially through its process, Kazakhstan up and running, the Permian kind of flat lining.When we think about the resiliency of Chevron, of, say, a $50 oil world, what do you think has been sort of the change in the — whether you want to call it a base decline rate or the sustaining CapEx? Like how should we think about kind of cash flows and cash CapEx commitments in a possibly softer oil price world?
谢谢，早上好。最近很多人都在关注油价下行的风险。在这种背景下，考虑到你们许多项目已完成投产，比如墨西哥湾项目已基本推进完成，哈萨克斯坦项目也已上线，而二叠纪盆地的产量趋于平稳。如果油价跌到每桶50美元，雪佛龙的抗压能力如何？比如你们的基础产量下降率是否有变化？维持产量所需的资本支出（sustaining CapEx）有多大？我们应该如何看待在油价较低情境下的现金流和资本承诺情况？

Mike Wirth

Yes, I mean there's two things that I might point to, Roger. Number one is, we've got a portfolio now that has a much larger percentage of it in large and very flat production profile assets, i.e., low decline assets.
是的，罗杰，我想有两个关键点需要说明。第一，我们目前的资产组合中，越来越多地集中在生产曲线非常平稳的大型资产上，也就是所谓的“低递减”资产。

So big LNG projects in Australia and Western Africa, the expansion of TCO and frankly, the way we've been able in a very capital efficient way move towards kind of plateau-ish production with relatively highly efficient investments in some of the unconventionals.
比如澳大利亚和西非的大型液化天然气项目，以及TCO项目的扩建，这些项目都是如此。实际上，我们还在一些非常规资源上通过极具资本效率的方式，实现了趋于平台期的产量。

And so if I go back a decade ago, we were fighting decline, and that required a lot of capital investments just to hold even, let alone to show some growth. And we've been showing growth here in recent years with a much lower capital budget.
如果回顾十年前，我们还在努力抵抗产量下滑，当时光是维持现有产量就需要投入大量资本，更别说增长了。而近几年，我们是在更低的资本预算下实现了产量的增长。

The second thing that's really important is the flexibility that we have in our capital budget. So we've already come down $1 billion from last year from $16 billion to $15 billion. Our CapEx as a percentage of cash from ops is, I think, the lowest in the industry.
第二个重点是我们资本预算的灵活性非常强。我们今年的资本支出已从去年的160亿美元降至150亿美元。而且，我们的资本支出占经营现金流的比例，我认为是行业中最低的。

And almost two-thirds of our capital is either short-cycle shale or project spend that's completing over the next year or so. And so we've got a lot of flexibility if we need to exercise that. We've shown, I would call it discipline, coming into this year by tightening our belt a notch and bringing capital down a little bit.
我们的资本支出中，近三分之二都用于短周期的页岩业务，或是将在未来一年左右完工的项目。这意味着我们具备很大的调整空间。我们今年已经表现出一定的“纪律性”——主动收紧支出，略微下调资本预算。

But if we needed to bring capital down further, we certainly could do so. We showed in 2020, we started the year at $20 billion capital budget. I think we finished the year at $12 billion.
如果我们确实需要进一步削减资本支出，我们完全有能力做到。比如在2020年，我们年初资本预算是200亿美元，最终收缩到大约120亿美元。

So, we've got the ability to flex that capital if we need to. We've not made that decision at this point. But certainly, that's — I would say those are the two big things that are different if you look back to days gone by.
因此我们具备非常灵活的资本调配能力。虽然我们目前尚未做出进一步削减的决定，但确实，如果与过去相比，现在的两个最大改变就是资产的低递减性和资本的灵活性。

Operator

We'll go next to Phillip Jungwirth with BMO.
下一位提问者是来自BMO的菲利普·荣格沃思。

Phillip Jungwirth

Thanks. Good morning. Congrats on the start-up of Ballymore anchor well before that. As we think about what's next in the Gulf of America, can you just talk about your optimism around future prospects, Paleogene or brownfield tiebacks? And generally, how do you see the cost structure or breakeven now for deepwater versus shale?
谢谢，早上好。恭喜你们成功启动了Ballymore和更早的Anchor项目。关于美国墨西哥湾的后续发展，你们对未来的勘探前景（比如古近系Paleogene或棕地项目的回接开发）持什么样的看法？另外，从成本结构和盈亏平衡价格角度来看，你们如何比较深水项目与页岩项目？

Mike Wirth

Yes. So thanks for the congratulations. What I would say is in the relative near term, you're going to see us focus on infill and staged developments. We've got a long history here of projects that once we've got a new hub in place, they have multiple stages of development.
谢谢你的祝贺。就近期而言，我们会继续专注于井间填开发（infill）和阶段性开发。我们在这方面有丰富经验——一旦一个新的枢纽平台建成，通常会通过多个阶段的扩展开发持续提升产量。

We've seen that at Jack/St. Malo, at Tahiti, at Mad Dog and Perdido. And we're working on future stages of some of these recent start-ups. So an Anchor Phase 2, a Ballymore 2, a Whale 2, and I would fully expect that you'll see us extend the life of those projects with some highly efficient and very returns accretive further development.
我们在Jack/St. Malo、Tahiti、Mad Dog 和 Perdido项目中都采用过这样的方式。目前我们也正在推进最新项目的后续阶段开发，例如 Anchor 第二阶段、Ballymore 第二阶段和 Whale 第二阶段。我完全相信这些扩展将以极高的效率延长项目寿命，并带来非常可观的回报。

If you look at our exploration portfolio, 80% of it is within tieback range of existing hubs. And so Ballymore is a great example of a strategy to really focus on identifying opportunities to develop accumulations that might not support a new greenfield development but are highly economic to tie in as a brownfield project.
如果你看我们的勘探资产组合，有80%位于现有枢纽平台的可回接范围之内。Ballymore 就是一个很好的例子，我们的策略是优先开发那些虽然无法支撑独立建设新平台但却非常适合作为棕地项目回接的储量单元，具有极高的经济性。

And so we'll continue to focus our exploration portfolio in that. We've been a participant in a discovery that's already been announced earlier this year and are very optimistic about our exploration program. And then the other 20%, you would maybe describe as more frontier.
因此我们会继续在这一策略下推进勘探工作。今年早些时候我们刚参与了一个新发现，我们对整体勘探项目非常乐观。剩下的20%勘探组合可以视为前沿项目，具有更高的不确定性但也可能带来突破性成果。

Breakevens have come down a lot. And there was a time again and maybe in kind of linking Roger's question about what's changed. A decade ago, we needed oil prices that were well north of what we see today to get very modest return.
说到盈亏平衡水平，现在已经下降了很多。如果结合刚才Roger的问题来谈过去的变化，十年前我们需要比现在高很多的油价才能实现哪怕是温和的回报。

Development costs were up. They were in the 20s, headed to the 30s and higher. We're now down in the teens and push into the low-teens on development costs through a whole different approach to facility design and construction standardization.
那时的开发成本很高，在每桶20多美元，有时甚至超过30美元。而现在，通过采用不同的设施设计理念和建设标准化流程，我们的开发成本已降至十几美元，甚至接近十美元的低位。
Idea
石油开发的成本有助于资本支出的节省。
And so we've seen the breakevens there become very competitive, they had to because we had such good opportunities in other parts of our business. So we've got one of the best portfolios in the industry and Wood Mac data shows that we've got the lowest upstream breakeven in the industry. And I think a big part of that is what we've been able to see in deepwater development. Thank you. Phil.
因此，深水项目的盈亏平衡已经变得非常有竞争力——这也是必然的，因为我们在其他领域也拥有极具吸引力的机会。我们的整体资产组合是行业中最优之一，根据Wood Mackenzie的数据，我们的上游盈亏平衡点是全行业最低的。而深水开发的进步是实现这一优势的重要组成部分。谢谢你，菲利普。

Operator

We'll take our next question from Betty Jiang with Barclays.
下一位提问者是来自巴克莱银行的贝蒂·江。

Betty Jiang

Good morning. Thank you for taking my question. I want to ask about the progress on the Power Ventures. I mean it's clear that the AI power demand is not slowing down, and you guys have the timing advantage. How are the customer conversations going? You've spent $400 million of inorganic CapEx in the JV in 1Q. Just want to see how that spending trends over time, especially considering some of the inflationary pressure that we're hearing in the space?
早上好，谢谢你回答我的问题。我想请教一下你们在电力项目（Power Ventures）上的进展。显然，AI相关的电力需求还在持续增长，而你们在这方面拥有时机优势。目前与客户的沟通情况如何？你们在第一季度已通过合资公司花费了4亿美元的非有机资本支出。能否谈谈这类支出未来的趋势，特别是在我们听到这个领域存在通胀压力的情况下？

Mike Wirth

Yes. So we've been actively engaging with prospective customers and are still seeing very strong demand in those conversations. We're trying to narrow frankly, because there are so many people that are interested in trying to partner up when you can move quickly as we can with these turbines. So we're also narrowing down the potential sites.
是的。我们一直在积极与潜在客户洽谈，目前的客户需求仍非常强劲。说实话，我们现在正在筛选合作对象，因为有太多人对这个项目感兴趣，尤其当你能像我们这样快速部署燃气轮机时就更受青睐。同时我们也在缩小潜在选址范围。

We screened a lot of potential locations in different geographies around the country. We have narrowed those significantly and are moving towards engineering and EPC options on the sites that we find to work the best for us and for customers, which is an important part of that.
我们在全美范围内评估了很多可能的选址，目前已大幅缩小范围，并正朝着工程设计（FEED）和总承包（EPC）方向推进，重点选定那些对我们自身和客户来说最合适的地点，这是项目能否成功的关键一环。

We're working toward an FID before the end of the year. As you note, speed to market is an important differentiator here. We will remain disciplined. There are cost pressures on some of the components of building out a power complex like this. We've secured pricing on the turbines themselves.
我们计划在今年底前实现最终投资决策（FID）。正如你所说，快速投产是我们的一大优势。当然，我们也会保持投资纪律。像这种电力项目，在某些构建环节上确实面临成本压力。目前，我们已经锁定了燃气轮机的价格。

There's other elements of the build-outs that are also required and between market demand, potential tariffs and other effects. We have to keep an eye on that. So we're going to stay very disciplined because this needs to generate returns that will compete in our portfolio.
项目中还有其他部分的建造成本，我们也会持续关注市场需求、潜在关税等因素的影响。因此我们会保持严格的财务纪律，因为这类投资必须在我们的整体资产组合中具备竞争力回报。

And if we can achieve those kinds of returns, these projects will move forward. If we can't, we will need to look at our alternatives. But right now, I would say everything is moving fast, as you said. There's a tremendous amount of interest, tremendous amount of activity. And I'm very pleased that we're in a first-mover position on this — call it an early mover position. Thank you, Betty.
如果这些项目能够达到预期回报，我们就会推进。如果不能，我们也会重新评估其他选项。但就目前来看，正如你所说，一切进展迅速，市场热度非常高、参与度也很高。我非常高兴我们在这个领域占据了先发优势——可以称作“早期入局者”的位置。谢谢你，贝蒂。

Operator

We'll go next to Devin McDermott with Morgan Stanley.
下一位提问者是摩根士丹利的德文·麦克德莫特。

Devin McDermott

Hey, thanks for taking my question. So Mike, in your response to Roger's question before, you talked a bit about flexibility of the capital program and Eimear, you had similar comments in your prepared remarks. Given the cash flow growth you've already highlighted, the low upstream breakeven, and the strength of the balance sheet, there's probably no need to make adjustments on capital even in somewhat softer oil prices — probably more just about optimizing returns.
谢谢回答我的问题。Mike，你之前在回应Roger的问题时提到了资本支出的灵活性，Eimear也在你们的准备发言中提到类似内容。鉴于你们已经实现的现金流增长、上游业务的低盈亏平衡点以及强劲的资产负债表，即使油价略有下滑，可能也没有必要调整资本支出——更可能是出于优化回报的目的而作出调整。

But I wanted to ask about how you think about some of the parameters or market conditions that might make you make some adjustments to some of your short-cycle investments in places like the Permian.
我想请问你们如何看待某些市场条件或参数，可能会促使你们在像二叠纪这样的短周期项目上进行投资调整？

Mike Wirth

Yes, I think you've read the situation right, Devin. We're prepared. You get into an environment like this and you pull out the playbook. And we've looked at different market scenarios in both the depth and duration of a potential commodity cycle.
是的，Devin，你理解得很到位。我们已做好准备。当我们面对类似当前的市场环境时，会把策略手册拿出来重新评估。我们已经研究了多种可能的市场情景，包括商品周期的深度和持续时间。

And we've looked at our business and how we're postured today from a production standpoint, a cash generation standpoint, a debt standpoint and all the different levers that we have to pull and have identified the things we could do based on time posts and a view on the market.
我们也审视了当前我们业务的整体状况，包括产量水平、现金流生成能力、债务结构，以及我们手上可用的所有应对手段。基于市场的前景和时间节点，我们已经识别出若干可能的应对措施。

It's very early to, I think, have a high degree of confidence in terms how this all plays out. The trade and tariff situation has been dynamic, and we need to see how that manifests itself over time. And of course, the OPEC change is one that is relatively recent as well, and we have to see how that plays out. And so we're very well prepared, and we've been through these kinds of things before.
我认为现在还太早，无法对局势的发展有非常高的信心。贸易和关税的变化相当频繁，我们还需要观察其后续如何演化。当然，OPEC最近的动态也是个新因素，我们也在密切关注其影响。总之，我们已经准备充分，也有丰富的应对周期波动的经验。

I would say, I've in one of the senior positions in 2008 when we had the financial crisis, in 2014 when we saw prices dropped, in 2020 when we had COVID — and again now. I don't think we've ever been in a better position to navigate it and have had more levers available at our disposal and more strength to come through a cycle than we have today.
我个人曾在2008年金融危机期间、2014年油价暴跌时期，以及2020年疫情爆发时担任高管，现在也是。我可以说，我们从未像现在这样拥有如此强大的基础来应对周期波动，也从未有如此多的应对工具可用。
Idea
每次危机都使健康的系统变得更有韧性。
Eimear Bonner

Devin, I would just add that our balance sheet is in a really strong position at 14% net debt. Our credit rating is AA. So as part of being prepared, it's ensuring that our balance sheet is strong. And so that's good.
Devin，我还想补充一点，我们当前的资产负债表非常稳健，净负债率为14%，而我们的信用评级是AA。这是我们为应对挑战所做准备的一部分，能够确保公司财务基础稳固，这点我们非常满意。

I'd also mention that the cost reduction program and the capital reduction that is underway — actions that we took last year — put us in a strong position as well.
我还想提到，我们去年已着手推进的成本削减计划和资本开支控制，也进一步增强了我们的抗压能力。

And cost and capital discipline always matter in our business. And so we are focused on delivering on the plans that are behind those reductions, and they're picking up pace, and we're doing well there.
在我们的行业中，成本和资本纪律始终至关重要。我们目前正在专注于执行这些优化计划，而且进展良好、节奏也在加快。

So, I mean, it's preparation. We have leading indicators that we're monitoring, signposts, and we don't need to do anything additional today, but we'll be ready with those signposts to act if needed.
总的来说，这就是战略性准备。我们正在监控各类领先指标和关键信号。目前还无需采取额外措施，但一旦市场信号明确，我们会迅速应对。

Operator

We'll take our next question from John Royall with JPMorgan.
我们接下来的问题来自摩根大通的约翰·罗伊尔。

John Royall

Hi, good morning. Thanks for taking my question. So I was hoping for a little more color on expansion at Pasadena and how that's running and the benefits you're seeing overall to your Gulf Coast system? I know it was partly about synergies with Pascagoula. So, maybe just a little more color on that and how the project is contributing several months into the start-up.
你好，早上好。谢谢你们回答我的问题。我想请你们多谈一点关于帕萨迪纳炼厂扩建的情况，目前运营状况如何？这对你们整个墨西哥湾沿岸系统带来了哪些收益？我知道这其中一部分目的是与帕斯卡古拉炼厂实现协同效应。能否再详细说明一下，这个项目在投产几个月以来发挥了哪些作用？

Mike Wirth

Yes. Thanks, John. The project is complete and online. We had feed in the crude unit, the first week of December. And we've been ramping up to full capacity here this quarter. We had stable operations in the first quarter at about 110,000 barrels a day of crude feed, and we're really learning how to optimize that plant now at these higher feed rates.
好的，谢谢你，John。这个项目已经完成并投产。我们在去年12月第一周向常压蒸馏装置投料，并在本季度逐步提高至满负荷运行。第一季度的运行比较稳定，原油加工量约为每日11万桶。我们现在正致力于在这一更高负荷下进一步优化装置运行。

It will allow us to run more of our own equity from the Permian. And as we look at export markets that can be attractive to capture full value chain margins here in the U.S., it will take it up by about 50% — before we could run about 85,000 barrels a day. This will take us up by 40,000 to 125,000 barrels a day.
这使我们能够加工更多来自二叠纪的自有原油。考虑到美国出口市场的吸引力，这有助于我们在价值链中获得更完整的利润。扩建前我们大约每天能加工8.5万桶原油，现在可以提升4万桶至12.5万桶，产能提升了大约50%。

And so we've got the ability to support supply more products to our customers in the Gulf Coast. We've got a big market position in Texas, which historically has been served through product exchanges or purchases.
这意味着我们能够向墨西哥湾沿岸的客户提供更多产品。在德州我们本来就有较大的市场份额，过去常通过产品互换或采购来满足需求。

We can integrate fully into that now with our own production. There are very significant synergies we can realize with Pascagoula on intermediate streams that can be moved from one facility to the other for upgrading to high-value products.
而现在我们可以用自己的炼厂产能来全面满足这些需求。与帕斯卡古拉炼厂在中间产品方面也能实现显著的协同效应，可以在两个炼厂之间转运中间油品并升级为高价值成品油。

It also helps during turnarounds to be able to store inventories, to move intermediates back and forth or finished products back and forth. And we've got U.S.-flagged tonnage that allows us to move those streams between the two facilities.
在停工检修期间，这也能带来帮助，比如库存储备管理、中间品和成品之间的调拨等。此外，我们拥有美国籍船只，可以在两个工厂之间自由运输这些油品流。

And so a good project to improve flexibility and margin capture here on the Gulf Coast.
总之，这是一个提升墨西哥湾沿岸地区灵活性和利润获取能力的优质项目。

Operator

We'll go next to Jason Gabelman with TD Cowen.
我们接下来的提问来自 TD Cowen 的杰森·盖布尔曼。

Jason Gabelman

Hi Mike and team. Thanks for taking my question. I wanted to go back to the buyback guidance, if I could. You've cut to the low end of the range, but it is still a pretty wide range. And I think we see your peers either guiding to a percentage of cash flow or a fixed amount that gives more visibility to where the buyback will be quarter-to-quarter and year-to-year.
你好，Mike 和团队，谢谢你们回答我的问题。我想回到股票回购的指导问题上。如果可以的话，你们现在已经回购到指导区间的下限了，但这个区间依然很宽。我们看到你们的同行有的采用现金流百分比来指导，有的采用固定金额，这样能让市场对季度甚至年度的回购节奏有更清晰的预期。

So, I was wondering if you could provide any additional color on how to think of the pace of buybacks through the balance of the year, if it's going to oscillate between the low end to the high end of the range or where it will oscillate in between?
所以我想问，能不能多分享一些关于全年剩余时间回购节奏的思考？比如说它是否会在区间内波动？是倾向于在低端，还是中间，还是高端？

And then the other point on that is, if you could just talk about where the buybacks are going to be following the Hess acquisition, you had a prior guidance of $5 billion. I'm wondering -- per quarter, sorry, I'm wondering if you have any update on that figure? Thanks.
另外一个问题是关于你们对 Hess 的收购。你们曾经指导每季度回购规模是 50 亿美元，现在有没有新的更新？谢谢。

Mike Wirth

Yes, Jason. First of all, it's not a formula that we're going to announce — a percentage of this or that — because that really, in some ways, defeats the purpose of what we've tried to do, which is to be steady through cycles and not expose investors to the uncertainty that volatile markets can introduce into this.
好的，Jason。首先我们不会公布一个回购的“公式”，比如基于某项指标的百分比。因为那其实违背了我们制定这一指导范围的初衷——也就是要在整个周期内保持稳定，不让投资者暴露在市场波动带来的不确定性之下。

And so you've seen our range has been consistent. We introduced it, as I said, more than two years ago, and as we've issued quarterly guidance and executed, that's also been fairly consistent with the guidance and with the then current market conditions. As we have seen market conditions change and we've modified our guidance, I would expect to remain consistent if we're in a market like the one that we're in right now.
你们也看到了我们的回购区间始终是稳定的。我们是在两年多以前公布的这一区间，随后在每个季度给出的指导和实际执行也都与当时的市场情况保持一致。如果现在的市场环境持续下去，我们会继续保持现在的节奏，不会有大的波动。

And so we don't intend to yo-yo this around — if that was kind of the question. And I think our track record, if you lay it out and look at it versus others, it speaks for itself — that we have been able to stay steadfast and consistent, as I mentioned earlier, 18 out of 22 years, including during some significant downturns.
所以，如果你是在问我们是否会在指导区间内“来回摇摆”，答案是否定的。我们一直保持稳定。我们在过去22年中有18年都进行了股票回购，哪怕是在一些市场大幅下行的年份，我们也坚持了下来。这个成绩在同行中是非常突出的。

And the absolute of the range that we've issued now — $10 to $20 billion — is above anything we ever did prior to COVID. Even in the kind of late 2000s, before the financial crisis, when we were seeing $140, $150 oil markets, we were repurchasing at max one year $8 billion. And we've now had three years — I think the trailing three years, the number is $50 billion in aggregate. And the $10 billion to $20 billion going forward is a very strong and robust range that you can expect us to stay within.
而且我们目前的指导区间——100亿到200亿美元——已经远高于我们在疫情前任何一年所做的股票回购。即使在2000年代后期，当油价达到140到150美元时，我们全年最多也只回购了80亿美元。过去三年我们总共回购了大约500亿美元的股票。100到200亿这个范围已经非常有力度，你们可以预期我们会稳定地保持在这个区间内。

Eimear Bonner

Hey Jason, and then maybe just specific to the guide rate that we issued for the quarter — $2.5 billion to $3 billion — if we were to roll it forward, I mean, it would keep us well within the $10 billion to $20 billion annual range that Mike talked about. So it's still a very strong program.
Jason，我补充一下。本季度我们指导的回购区间是25亿到30亿美元。如果按这个节奏继续推进，我们全年也会稳定地落在 Mike 提到的 100 亿到 200 亿美元的指导区间内。所以这依然是一个非常强劲的回购计划。

Putting it into the context of what we've done in the last couple of years — I mean, prices have been $15 to $20 higher when we've delivered a $15 billion program — and we'll deliver something between $11 and $13 [billion] if we just project it. So it's still a very strong program. We're still buying a significant amount of our shares, and that's on top of a dividend that's growing faster than our peers in the S&P 500.
再对比一下过去两年：那时候油价比现在高15到20美元，我们执行了约150亿美元的回购。如果按当前的节奏预测，今年我们可能会回购110亿到130亿美元的股票。这依然很有力度。同时我们还在持续派发股息，而且我们股息增长的速度也超过了标普500中的同行公司。
Idea
跟着做理论上是有一些安全边际的。
Mike Wirth

Thanks Jason.
谢谢你，Jason。

Operator

Thank you. We'll take our final question from Bob Brackett with Bernstein Research.
感谢。我们将接听今天最后一个提问，来自伯恩斯坦研究公司的 Bob Brackett。

Bob Brackett

Good morning. Thanks for getting me in. Question around the tariff situation and how it might impact either CapEx or projects. What are some of the things you can do to adjust to tariffs in terms of controlling costs?
早上好，谢谢让我提问。我想问的是关于关税的问题，它可能对你们的资本支出或项目产生什么样的影响？你们有哪些应对措施来在成本控制方面做出调整？

Mike Wirth

Yes, Bob, we're watching this very closely and preparing and actually in the process of taking some actions to mitigate the impacts. Our direct exposure is relatively limited. Energy has been largely exempted from tariffs. And if you're looking at our cost structure of goods that we buy of our third party spend, roughly 80% of it is on services, not on goods. Of the 20% that is spent on goods, a lot of that tends to be sourced locally or regionally.
是的，Bob，我们非常密切地关注这个问题，并已经开始采取一些措施来减轻其影响。我们受到的直接冲击其实相对有限。能源领域在很大程度上被排除在关税之外。从我们的成本结构来看，我们对第三方的支出中，大约 80% 是用于服务，而不是实物商品。在剩下用于采购商品的 20% 中，大部分其实也是从本地或区域内采购的。

And our U.S., for example, where our largest portion of our capital spend is we've got strong domestic sourcing on most of the goods that we use in our unconventional programs in DJ and the Permian for instance.
以美国为例，我们最大的资本支出就在这里。在我们在 DJ 盆地和二叠纪盆地的非常规项目中使用的大多数物资，基本上都是从本土采购的。

Our current estimate is we may see a 1% impact on the cost of shale well. So it's a dynamic environment, and we'll watch how these things evolve. But we've got strong engagement with our suppliers. We've got sourcing from multiple locations. And we've been anticipating this and preparing for it. So the impact is not zero, but I think the impact is manageable and it's -- you've seen announcements in other industries where they're more directly exposed than we are.
我们目前估算，在页岩井的成本方面，关税可能会带来大约 1% 的影响。所以这是一个在不断变化的环境，我们会继续密切观察这些变化。但我们与供应商保持着紧密联系，有多元的供应来源，并且我们早有预判并开始准备。所以虽然不是完全没有影响，但这个影响是可控的。而且你也看到，其他行业的一些公告显示，他们受到的直接冲击远大于我们。

Jake Spiering

Thank you, Bob. I would like to thank everyone for your time today. We appreciate your interest in Chevron and your participation on today's call. Please stay safe and healthy. Katie, back to you.
谢谢你，Bob。我也想感谢所有今天参加电话会议的朋友们。我们非常感谢大家对雪佛龙的关注以及参与本次电话会议。请大家保持健康平安。Katie，交回给你。

Operator

Thank you. This concludes Chevron's first quarter 2025 earnings conference call. You may now disconnect.
谢谢。本次雪佛龙 2025 年第一季度财报电话会议到此结束。您现在可以断线了。

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