Operator

接线员

Hello, and welcome to Occidental's First Quarter 2025 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Jordan Tanner, Vice President of Investor Relations. Please go ahead.

您好，欢迎参加西方石油公司 2025 年第一季度财报电话会议。[操作员说明] 请注意，本次活动正在录音。我现在想把会议交给投资者关系副总裁乔丹·坦纳。请讲。

Jordan Tanner

乔丹·坦纳

Thank you, Anja. Good afternoon, everyone, and thank you for participating in Occidental's First Quarter 2025 Earnings Conference Call. On the call with us today are Vicki Hollub, President and Chief Executive Officer; Sunil Mathew, Senior Vice President and Chief Financial Officer; Richard Jackson, President, Operations; U.S. Onshore resources and Carbon Management; and Ken Dillon, Senior Vice President and President, International Oil and Gas Operations.

谢谢你，安雅。大家下午好，感谢大家参加西方石油公司 2025 年第一季度财报电话会议。今天与我们一同参加会议的有：总裁兼首席执行官 Vicki Hollub；高级副总裁兼首席财务官 Sunil Mathew；运营总裁 Richard Jackson；美国陆上资源与碳管理部门负责人；以及高级副总裁兼国际油气业务总裁 Ken Dillon。

This afternoon, we will refer to slides available on the Investors section of our website. The presentation includes a cautionary statement on Slide 2 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. I'll now turn the call over to Vicki.

今天下午，我们将参考我们网站投资者部分的幻灯片。演示文稿的幻灯片 2 包含一份关于今天下午电话会议中将做出的前瞻性陈述的警示性声明。我们今天还将引用一些非公认会计原则（non-GAAP）财务指标。与最接近的相应公认会计原则（GAAP）指标的对账可以在我们收益发布的附表和我们的网站上找到。我现在把电话交给 Vicki。

Vicki Hollub

维姬·霍勒布

Thank you, Jordan, and good afternoon, everyone. I'll begin today by highlighting our first quarter performance in which all 3 segments delivered strong results. Then I'll detail some promising new developments taking shape in Oman, recent debt reduction progress and how we are approaching activity levels in a macro environment with heightened volatility and uncertainty.

谢谢你，乔丹，大家下午好。我今天首先要重点介绍我们第一季度的业绩，我们的三个业务部门都取得了强劲的成果。然后，我将详细介绍阿曼正在形成的一些有前景的新进展、近期的债务削减进展，以及我们如何在波动性和不确定性加剧的宏观环境中应对活动水平。

Our teams once again delivered outstanding performance across the portfolio, generating $3 billion in operating cash flow before working capital in the first quarter while handling challenges from weather and seasonality. Our oil and gas business produced at just over 1.39 million BOE per day. That's at the midpoint of our production guidance. Our domestic oil and gas operating cost of $9.05 per BOE came in substantially below our initial expectations. These results reflect the team's relentless pursuit of efficiency, cost management and safe operations.

我们的团队再次在整个产品组合中取得了出色的业绩，在第一季度产生了 30 亿美元的营运资金前经营现金流，同时应对了天气和季节性因素带来的挑战。我们的石油和天然气业务日产量略高于 139 万桶油当量。这处于我们产量指导的中点。我们国内石油和天然气运营成本为每桶油当量 9.05 美元，远低于我们最初的预期。这些结果反映了团队对效率、成本管理和安全运营的不懈追求。

Our 2025 development activities are progressing well alongside the operational excellence and innovation initiatives we discussed last quarter. Already, we are seeing meaningful advancements in one of our key focus areas, that's efficiency-driven well cost reductions.

我们 2025 年的开发活动进展顺利，同时我们上个季度讨论的卓越运营和创新举措也在同步推进。我们已经在一个关键的重点领域看到了有意义的进展，那就是以效率为导向的油井成本降低。

In the Permian, enhanced well designs and strong execution have resulted in a 15% improvement in drilling duration per well versus last year, with particularly notable performance in the Delaware Basin. These achievements, along with more efficient completions and pad utilization, have reduced our Permian unconventional well costs by more than 10% compared to last year, already surpassing the 5% to 7% target we outlined just a few months ago. The drilling efficiency gains give us the confidence to drop 2 drilling rigs from our Delaware Basin program this year. Thanks to accelerated cycle times and improved time to market, we expect to bring more wells online and with slightly increased production even with this reduced rig count.

在二叠纪盆地，改进的油井设计和强有力的执行使每口井的钻井周期与去年相比缩短了 15%，在特拉华盆地的表现尤为突出。这些成就，加上更高效的完井和井场利用，使我们的二叠纪盆地非常规油井成本与去年相比降低了 10% 以上，已经超过了我们几个月前制定的 5% 至 7% 的目标。钻井效率的提高使我们有信心在今年从我们的特拉华盆地项目中减少 2 台钻机。由于周期时间的缩短和上市时间的改善，我们预计即使钻机数量减少，也能使更多的油井投产，产量略有增加。

As outlined during our last call, we expect company line production to grow from the first quarter through to the second half of the year. Growth will primarily be driven by the completion of turnarounds in the Middle East as well as a variety of activities planned in the Gulf of America. Steady onshore development should also be a significant driver and will more than offset volumes associated with recent divestitures.

正如我们在上次电话会议中所概述的，我们预计公司生产线产量将从第一季度持续增长到下半年。增长将主要由中东地区检修工作的完成以及计划在墨西哥湾开展的各种活动所驱动。稳定的陆上开发也应成为一个重要的驱动因素，并将足以抵消近期资产剥离带来的产量减少。

Turning to Oman, I'm pleased to share that we are in advanced negotiations with the Oman government to extend the current Block 53 contract by 15 years to 2050. This agreement is aimed to deliver significant value to all stakeholders while closely supporting Oman's national objectives. Block 53 includes the Maisan field, already recognized as a world-class steam flood. The proposed expansion would cover all reservoirs, including both low decline enhanced oil recovery and primary production across stacked pay formations. We see the potential to unlock more than 800 million gross barrels of additional resources that offer competitive returns. While final negotiations and a formal agreement are still pending, we believe this extension will enhance Oxy's cash flow beginning in 2025.

谈到阿曼，我很高兴地告诉大家，我们正在与阿曼政府进行深入谈判，计划将目前的 53 区块合同延长 15 年至 2050 年。该协议旨在为所有利益相关者带来重大利益，同时密切支持阿曼的国家目标。53 区块包括迈桑油田，该油田已被公认为世界级的蒸汽驱油田。拟议的扩建将覆盖所有油藏，包括低递减强化采油和叠置产油层的初级开采。我们认为有潜力释放超过 8 亿桶的总额外资源，这些资源具有竞争力的回报。虽然最终谈判和正式协议仍在进行中，但我们相信此次延期将从 2025 年开始增加西方石油公司的现金流。

We're proud of the deep roots, strong relationships and mutually beneficial partnerships we've built in Oman over the past several decades. These partnerships have been central to our shared success, including recent exploration achievements and that momentum continues to build. In North Oman, we recently made a significant gas and condensate discovery with estimated resources in place exceeding 250 million barrels of oil equivalent. While it is still early days with appraisal and development plans under evaluation, the resources advantageously located in your existing infrastructure.

我们为过去几十年来在阿曼建立的深厚根基、牢固关系和互利伙伴关系感到自豪。这些伙伴关系是我们共同成功的核心，包括近期的勘探成就，而且这种势头还在继续增强。在阿曼北部，我们最近发现了一个重要的天然气和凝析油田，估计地质储量超过 2.5 亿桶油当量。虽然目前仍处于早期阶段，评估和开发计划正在评估中，但这些资源地理位置优越，靠近您现有的基础设施。

OxyChem's performance also exceeded expectations, delivering $215 million on an adjusted basis. The business overcame several operational challenges associated with winter weather, which impacted production and increased raw material cost for ethylene and power. Looking ahead, we expect OxyChem to continue extending its market leadership as a low-cost operator.

西方化学公司 (OxyChem) 的业绩也超出预期，调整后盈利达到 2.15 亿美元。该公司克服了与冬季天气相关的若干运营挑战，这些挑战影响了生产并增加了乙烯和电力的原材料成本。展望未来，我们预计西方化学公司将继续扩大其作为低成本运营商的市场领先地位。

Our midstream and marketing business significantly outperformed the high end of our guidance range for the first quarter. Results were driven by strong gas marketing optimization in the Permian, where our teams captured value during a period in March of heightened third-party midstream maintenance and regional pricing disparities. In addition, the midstream business benefited from a healthy market for sulfur produced at Al Hosn, contributing further to our strong quarter.

我们的中游和营销业务在第一季度显著超出了我们指导范围的上限。业绩的驱动因素是二叠纪盆地强劲的天然气营销优化，我们的团队在 3 月份第三方中游设施维护加剧和区域价格差异的时期抓住了价值。此外，中游业务受益于 Al Hosn 生产的硫磺的健康市场，进一步为我们强劲的季度业绩做出了贡献。

While STRATOS continues to advance towards commissioning a start-up in West Texas, we are pleased to be making commercial advancements in other parts of our low-carbon portfolio. In April, 1PointFive signed a landmark 25-year carbon offtake agreement with CF Industries and its partners for their planned low-carbon ammonia facility in Louisiana. This agreement supports the transportation and geologic storage of approximately 2.3 million metric tons of carbon dioxide annually at our Pelican hub. Agreements like this highlight Oxy's unique capabilities and demonstrate the growing demand for large-scale carbon management solutions to support major investments in American manufacturing and creation of jobs. Importantly, this contract does not require near-term capital expenditures that fits squarely within our disciplined growth strategy in low-carbon ventures.

尽管 STRATOS 继续推进在西德克萨斯州的调试启动工作，但我们很高兴在低碳产品组合的其他部分也取得了商业进展。今年 4 月，1PointFive 与 CF Industries 及其合作伙伴就其计划在路易斯安那州建设的低碳氨设施签署了一项具有里程碑意义的为期 25 年的碳承购协议。该协议支持每年在我们的 Pelican 中心运输和地质封存约 230 万公吨二氧化碳。此类协议凸显了西方石油公司独特的能力，并表明对大规模碳管理解决方案的需求日益增长，以支持美国制造业的重大投资和创造就业机会。重要的是，该合同不需要近期资本支出，完全符合我们在低碳风险投资领域的严谨增长战略。

Our first quarter results continue to demonstrate how the quality of assets, the talent of our teams and our culture of innovation service catalysts for strong financial results and provided a solid foundation for free cash flow generation.

我们第一季度的业绩继续表明，优质的资产、我们团队的才能以及我们的创新文化如何成为强劲财务业绩的催化剂，并为自由现金流的产生奠定了坚实的基础。

Turning now to our deleveraging progress. Our cash flow priorities aim to position the company for long-term success. Debt reduction remains a key focus, and we are committed to strengthening our financial position to support a more meaningful return of capital to common shareholders across the commodity cycles. In the meantime, we believe equity holders will benefit from the rebalancing of enterprise value into common equity through steady debt reduction. And we're making significant and steady progress. Year-to-date, we've retired $2.3 billion in debt with cash sourced from noncore oil and gas divestitures, common warrant proceeds and organic cash flow. Over the past 10 months, we've repaid a total of $6.8 billion, reducing annual interest expense by $370 million. All 2025 maturities have been retired, providing us with a more comfortable runway over the next 14 months.

现在谈谈我们的去杠杆化进展。我们的现金流优先事项旨在为公司的长期成功奠定基础。债务削减仍然是重点，我们致力于加强我们的财务状况，以支持在整个大宗商品周期中向普通股股东提供更有意义的资本回报。与此同时，我们相信股权持有人将通过稳步削减债务，从企业价值向普通股权的重新平衡中受益。而且我们正在取得重大而稳步的进展。年初至今，我们已偿还了 23 亿美元的债务，资金来源于非核心油气资产剥离、普通认股权证收益和有机现金流。在过去的 10 个月里，我们总共偿还了 68 亿美元，每年减少了 3.7 亿美元的利息支出。所有 2025 年到期的债务均已偿还，为我们在未来 14 个月内提供了更充裕的缓冲期。

As we evaluate options to further accelerate deleveraging, including potential divestitures, we will remain dedicated to disciplined execution and long-term value creation.

在我们评估进一步加速去杠杆化的方案（包括潜在的资产剥离）时，我们将继续致力于严格执行和创造长期价值。

Now I'd like to briefly address the current market environment. Uncertainty around demand, policy and supply is creating headwinds for the sector and increasing commodity price volatility. From tech trade and tariffs to the return of OPEC+ volumes, oil markets are under pressure from multiple fronts. As operators, we cannot control the macro, but we can control how we respond. We are taking proactive steps in response to the current environment to enhance this year's program. The Permian rig reductions are complemented by project Scope and timing optimizations across the portfolio, including the Gulf of America. Together, these actions have enabled us to lower capital guidance for the year by $200 million. We're also executing significant cost actions with $150 million in estimated 2025 OpEx savings. These steps will strengthen margins and enhance financial resilience with minimal impact on this year's production.

现在我想简要谈谈当前的市场环境。围绕需求、政策和供应的不确定性正在给该行业带来阻力，并加剧大宗商品价格的波动性。从技术贸易和关税到欧佩克+恢复产量，石油市场面临多重压力。作为运营商，我们无法控制宏观经济，但我们可以控制如何应对。我们正在针对当前环境采取积极措施，以加强今年的计划。二叠纪钻机数量的减少，辅之以整个产品组合（包括墨西哥湾）的项目范围和时间安排优化。这些行动共同使我们能够将今年的资本支出指导降低 2 亿美元。我们还在执行重大的成本削减行动，预计 2025 年将节省 1.5 亿美元的运营支出。这些措施将提高利润率并增强财务弹性，同时对今年的产量影响微乎其微。

We are closely monitoring the evolving macro backdrop and remain ready to take additional action if needed. We believe the diversity of our portfolio and flexibility of our development programs position us well to respond quickly to changing conditions. If commodity prices weaken meaningfully, we are prepared to scale back activity and manage cost prudently, preserving value through the cycle just as we did in 2020.

我们正在密切关注不断变化的宏观背景，并随时准备在必要时采取进一步行动。我们相信，我们产品组合的多样性和开发项目的灵活性使我们能够很好地快速应对不断变化的条件。如果大宗商品价格大幅走弱，我们准备缩减活动规模并审慎管理成本，就像我们在 2020 年所做的那样，在整个周期内保值。

We are measured in making large-scale adjustments to activity levels for 2 key reasons: First, our high-quality, low breakeven inventory in our current development programs; and second, the proven benefits of sustaining long-term operational efficiencies. Many of the significant capital efficiency gains achieved in recent years stemmed from maintaining steady development programs with consistent rig lines and frac crews. Disruptions to that continuity can take months and, in some cases, longer to fully recover.

我们在大规模调整活动水平方面采取审慎态度，主要基于两个原因：首先，我们当前开发项目中拥有高质量、低盈亏平衡点的库存；其次，维持长期运营效率已被证明具有诸多益处。近年来取得的许多重大资本效率提升，都源于维持稳定的开发计划以及连贯的钻井生产线和压裂队伍。对这种连续性的干扰可能需要数月，在某些情况下甚至更长时间才能完全恢复。

As I highlighted today, maintaining steady operations continues to drive material capital efficiency improvements, which remain the most durable and impactful form of CapEx reduction. Our focus is not solely on maximizing free cash flow in 2025, but on sustaining strong cash flow generation potential over the next several years and preserving value. At Oxy, we are approaching this environment with discernment and discipline. Our focus remains on protecting and compounding value across cycles, not overreacting to volatility, but positioning through it.

正如我今天强调的，保持稳定的运营继续推动着资本效率的显著提高，这仍然是最持久和最具影响力的资本支出削减形式。我们的重点不仅仅是在 2025 年实现自由现金流最大化，而是在未来几年保持强劲的现金流产生潜力并保值。在西方石油公司，我们正以洞察力和纪律性来应对这种环境。我们的重点仍然是在各个周期中保护和复利价值，而不是对波动性反应过度，而是要从中找到定位。

I'll now hand the call over to Sunil to review our financial performance and discuss the enhanced guidance in more detail.

我现在把电话交给苏尼尔，让他回顾我们的财务业绩并更详细地讨论增强后的指引。

Sunil Mathew

苏尼尔·马修

Thank you, Vicki. In the first quarter of 2025, we generated an adjusted profit of $0.87 per diluted share and a reported profit of $0.77 per diluted share. The difference between adjusted and reported profit was largely driven by the mark-to-market impact of derivatives in our marketing business.

谢谢你，维姬。在 2025 年第一季度，我们调整后的每股摊薄收益为 0.87 美元，报告的每股摊薄收益为 0.77 美元。调整后利润与报告利润之间的差异主要是由我们营销业务中衍生品的按市值计价影响造成的。

During the first quarter, strong operational execution enabled us to generate approximately $1.2 billion of free cash flow before working capital, and we exited the first quarter with $2.6 billion of unrestricted cash. We had a negative working capital change, which is typical for the first quarter as a result of semiannual interest payments on our debt, annual property tax payments and payments under our compensation plans.

在第一季度，强劲的运营执行使我们在营运资本前产生了约 12 亿美元的自由现金流，并且我们在第一季度末拥有 26 亿美元的非限制性现金。我们的营运资本发生了负向变动，这在第一季度是典型现象，原因是我们的债务需要支付半年期利息、年度财产税以及根据我们的薪酬计划支付款项。

Additionally, the first quarter included $350 million of 2024 tax payment as part of the federal disaster relief program following Hurricane Bill. Though we expect the working capital change to partially reverse over the remainder of this year, the second quarter will also include another $110 million tax payment associated with the same program.

此外，第一季度还包括作为飓风比尔过后联邦救灾计划一部分的 3.5 亿美元 2024 年税款支付。尽管我们预计营运资本变动将在今年剩余时间内部分逆转，但第二季度还将包括与同一计划相关的另外 1.1 亿美元税款支付。

As Vicki highlighted, all 3 segments delivered strong results and exceeded our original expectations. The outlook for the remainder of the year has a positive trajectory and the operational strength demonstrated this quarter provides a solid foundation for the improved corporate guidance, which I will turn to now.

正如维姬所强调的，所有三个部门都取得了强劲的业绩，并超出了我们最初的预期。今年剩余时间的前景呈现积极态势，本季度展现的运营实力为改进后的公司指引奠定了坚实的基础，我现在将对此进行说明。

Looking ahead to the second quarter, the midpoint of total company production is expected to modestly increase compared to the first quarter annual low of 1.39 million BOE per day. The production increase is driven from several sources, including Permian activity levels, the completion of annual plant maintenance at Dolphin and the return of Gulf of America production following seasonal maintenance projects. This growth more than offsets a turnaround in Allison [ph] currently planned in the second quarter, and the impact from first quarter divestitures, which included a reduction of over 15,000 BOE per day in the Rockies.

展望第二季度，公司总产量的中点预计将较第一季度 139 万桶油当量/日的年度低点略有增加。产量增加的驱动因素来自多个方面，包括二叠纪盆地的活动水平、Dolphin 年度工厂维护的完成以及墨西哥湾在季节性维护项目后的产量恢复。这一增长足以抵消目前计划在第二季度进行的 Allison [ph] 的检修，以及第一季度资产剥离的影响，其中包括落基山脉地区日产量减少超过 15,000 桶油当量。

Though we revised full year Gulf of America production guidance down due to some discretionary capital optimization, including differing one development well into 2026, it is fully offset by Permian time-to-market driven acceleration from realized efficiencies. We are maintaining our total company production guidance for the year, though the modified production mix is expected to slightly reduce annual total company oil cut.

尽管由于一些可自由支配的资本优化，包括将一口开发井推迟到 2026 年，我们下调了墨西哥湾全年产量指引，但这完全被二叠纪盆地因已实现效率而带来的上市时间加速所抵消。我们维持公司全年的总产量指引，尽管调整后的产量组合预计会略微降低公司年度总原油产量分成。

The shift in production mix resulting from the previously referenced divestitures, along with maintenance activities in the Gulf of America are key factors behind the elevated domestic operating expense per BOE guidance for the second quarter. That said, as Vicki noted earlier, we are reducing our full year operating cost guidance from $9 to $8.65 per BOE, reflecting our commitment to driving operational efficiency.

先前引用的资产剥离导致的产量组合变化，以及墨西哥湾的维护活动，是导致第二季度国内每桶油当量运营支出指引上调的关键因素。话虽如此，正如维姬早些时候指出的，我们将全年运营成本指引从每桶油当量 9 美元下调至 8.65 美元，这反映了我们致力于提高运营效率的承诺。

We had a strong start to 2025 in our chemical business and overcame some short-term operational impacts limited to the first quarter. While uncertainty remains around global trade, we anticipate modest domestic demand growth in the caustic and PVC markets through the second and third quarters. We also expect some rationalization of domestic capacity in the second half of the year that should help rebalance some of the recent supply growth in the domestic market.

我们在 2025 年的化工业务开局良好，并克服了一些仅限于第一季度的短期运营影响。尽管全球贸易仍存在不确定性，但我们预计第二和第三季度国内烧碱和 PVC 市场的需求将温和增长。我们还预计下半年国内产能将进行一些合理化调整，这应有助于重新平衡近期国内市场的供应增长。

As Vicki highlighted, our midstream teams are well positioned to capitalize on gas marketing opportunities. Strong execution and outperformance enabled us to raise midstream's full year guidance range by $40 million. While we do not expect these market conditions to persist, the results underscore the strength and reliability of our capabilities during periods of volatility.

正如维姬所强调的，我们的中游团队处于有利地位，可以充分利用天然气营销机会。强劲的执行力和超常的业绩使我们将中游业务的全年指导范围提高了 4000 万美元。虽然我们预计这些市场状况不会持续，但结果突显了我们在波动时期能力的强大和可靠性。

Looking ahead to the second quarter, we expect midstream earnings to decrease as a result of declining commodity prices and the associated timing of delivery and cargo sales. However, this will be offset by mark-to-market adjustments, which is a byproduct of our strategy to preserve margins in oil marketing.

展望第二季度，由于大宗商品价格下跌以及相关的交货和货物销售时间安排，我们预计中游业务的收益将会下降。然而，这将通过按市值计价的调整来抵消，这是我们保持石油营销利润率战略的副产品。

In terms of capital spending, our first quarter results were in alignment with the 2025 business plan and a capital program that is weighted towards the first half of the year at approximately 55%.

在资本支出方面，我们第一季度的业绩与 2025 年的业务计划相符，资本项目约 55% 的权重集中在上半年。

Driven by our confidence in maintaining realized efficiency gains, we elected to release our Delaware Basin rig in April and plan to release another in early Q3. Through continued optimization of infrastructure and operational spending across our domestic assets, we have reduced our capital guidance range by $200 million without impacting total company production. Combined with the $150 million in projected operating cost reductions, this is expected to deliver a positive cash impact of $350 million in 2025.

出于对保持已实现效率收益的信心，我们选择在 4 月份释放特拉华盆地的钻机，并计划在第三季度初再释放一台。通过持续优化我们国内资产的基础设施和运营支出，我们在不影响公司总产量的情况下，将资本指导范围降低了 2 亿美元。再加上预计的 1.5 亿美元运营成本削减，预计将在 2025 年带来 3.5 亿美元的积极现金影响。

Before I close, I would like to expand briefly on Vicki's comments regarding how we are positioning the company financially. Debt reduction remains a core priority as demonstrated by a consistent pace of repayments and the diversified sources of capital contributing to that progress. We were pleased with the results of our March program to temporarily reduce the common warrant exercise price, an initiative that allowed us to retire $900 million of debt in April.

在结束之前，我想简要地补充一下维姬关于我们如何进行公司财务定位的评论。债务削减仍然是核心优先事项，这体现在持续的还款速度和促成这一进展的多元化资本来源上。我们对 3 月份暂时降低普通认股权证行使价计划的结果感到满意，该举措使我们得以在 4 月份偿还 9 亿美元的债务。

With all common warrants expiring in 2027, the modest acceleration meaningfully enhanced our deleveraging trajectory. As Vicki mentioned, we continue to actively evaluate divestiture opportunities that align with our strategic priorities and enhance long-term value while maintaining our disciplined approach to execution.

由于所有普通认股权证将于 2027 年到期，适度的加速显著增强了我们的去杠杆化轨迹。正如维姬提到的，我们继续积极评估符合我们战略重点并能提升长期价值的资产剥离机会，同时保持我们严谨的执行方法。

We have successfully navigated through prior cycles of volatility, and we are prepared to do so again. All 2025 maturities have been retired, leaving us well positioned with minimal debt obligations over the next 14 months. Our short-cycle U.S. onshore portfolio gives us tremendous capital flexibility, and our detailed scenario planning will enable us to act decisively while preserving long-term value.

我们已经成功度过了以往的波动周期，并且我们准备好再次这样做。所有 2025 年到期的债务均已偿还，使我们在未来 14 个月内处于有利地位，债务负担极小。我们的短周期美国陆上投资组合为我们提供了巨大的资本灵活性，我们详细的情景规划将使我们能够果断行动，同时保持长期价值。

Importantly, we continue to be excited about the strong rate of change story unfolding across our midstream and chemicals segments, which are less exposed to commodity price risk.

重要的是，我们对中游和化工部门正在发生的快速变化感到兴奋，这些部门受大宗商品价格风险的影响较小。

In midstream, starting this quarter, we will begin to see the benefits of our revised crude transportation contracts at lower rates, which will deliver a pretax cash flow uplift of approximately $200 million in 2025 and $400 million annually beginning in 2026.

在中游业务方面，从本季度开始，我们将开始看到修订后的原油运输合同以较低费率带来的好处，这将在 2025 年带来约 2 亿美元的税前现金流增长，并从 2026 年开始每年带来 4 亿美元的增长。

In the chemical business, the battleground modernization and expansion project will provide a significant uplift in earnings over the next several years. When combined with the anticipated roll off of this capital investment, the completion of STRATOS and the reduction in interest expense as we pay down debt, we are expecting approximately $1 billion in incremental pretax free cash flow from nonoil and gas sources in 2026, with even further expansion in 2027.

在化工业务方面，战场现代化和扩建项目将在未来几年内大幅提升盈利。结合这项资本投资的预期逐步结束、STRATOS 的完成以及随着我们偿还债务而减少的利息支出，我们预计到 2026 年，非石油和天然气来源的增量税前自由现金流将达到约 10 亿美元，并在 2027 年进一步扩大。

As we have outlined on today's call, we are entering the remainder of the year with strong operational momentum, a strengthened financial position and a flexible operating framework. These advantages give us confidence in our ability to deliver consistent results, preserve value through commodity cycles and drive long-term shareholder returns.

正如我们在今天的电话会议上所概述的，我们正以强劲的运营势头、稳固的财务状况和灵活的运营框架进入今年的剩余时间。这些优势使我们有信心能够实现持续的业绩，在商品周期中保值，并推动长期的股东回报。

I will now turn the call back over to Vicki.

我现在把电话转回给维姬。

Operator

主持人

The next question comes from Doug Leggate with Wolfe Research.

下一位提问来自 Wolfe Research 的 Doug Leggate。

Doug Leggate

Vicki, I wanted to come back on my first question on one of the comments you made, and I want to make sure I'm not misquoting here, but you said we're going to accelerate deleveraging and look at all the options, including potential disposals. You -- obviously, your debt maturity profile, as Sunil has pointed out, is relatively shallow now over the next couple of years. So the implication is that you would put cash on the balance sheet, which obviously reduces net debt. I'm just curious if you can elaborate on what you're thinking in terms of disposals and whether with the midstream ramp-up, we might make it onto that list?

维琪，我想回到我第一个问题中你提到的一点，确保没有误解你的意思。你说我们将加快去杠杆进程，并考虑所有选项，包括潜在资产处置。正如 Sunil 指出的，你们未来几年到期债务相对较少，这意味着你们可能会把现金放在资产负债表上，从而降低净债务。我想了解一下你对资产处置的想法，尤其随着中游业务扩张，这部分是否可能被列入处置清单？

Vicki Hollub

Well, we can't really say exactly what we're going to do, but we can say with confidence that we will achieve the debt reduction that we have maturing in 2026. We would like to get that at least partially paid off this year, but we know we can achieve that certainly by the maturity. And as we've done with all the other debt that we've paid off thus far, accelerating it would be better for us in our view. But still -- we do want to keep a healthy balance of cash on the balance sheet, but pay the maturities as we can. So growing cash on the balance sheet isn't in the near-term plan, but after we pay off 2026 maturity, that could be a possibility.

我们现在无法确切说明具体措施，但可以肯定的是，我们会偿还 2026 年到期的债务。我们希望今年至少部分提前偿还，并且有信心在到期前全部解决。就像之前提前偿还其他债务一样，我们认为加快进度更有利。不过，我们仍需在资产负债表上保持充足现金，同时尽可能按期偿还到期债务。因此，短期内不会刻意增加现金储备，但在偿清 2026 年到期债务后，这或许成为一种选择。

Doug Leggate

That's really helpful. My follow-up is, again, related to free cash flow, but it really kicks off with the level of spending you have currently, a lot of the projects, as Sunil pointed out, particularly Battleground, but also DAC is rolling down next year. And I guess my question is, would you anticipate replacing that capital with other projects, such as Mehsana for example? Or do you envisage the absolute level of spending moving to a lower normalized level once these major projects are done?

非常有帮助。我的追问同样与自由现金流有关，核心在于你们当前的资本支出。正如 Sunil 指出的，许多项目尤其是 Battleground，以及 DAC 项目都将在明年减少投资。那么，你们是否计划用其他项目（比如 Mehsana）来替代这部分资本？还是说在这些大型项目完成后，整体资本支出将降至更低的常态水平？

Vicki Hollub

Yes. We expect that the capital will be lower next year. At what level, we haven't determined that yet, but we wouldn't replace that -- all of those -- the cost of those projects that we're completing with additional capital.

是的，我们预计明年的资本支出会更低。具体水平尚未确定，但我们不会用新增项目完全替代这些即将完工项目的支出。

Operator

主持人

The next question is from Arun Jayaram with JPMorgan.

下一位提问来自摩根大通的 Arun Jayaram。

Arun Jayaram

I wanted to get your thoughts, maybe a follow-up to Doug's question, on divestitures. Vicki, at this point in the cycle, do you think it would be a better time to sell, call it, short-cycle assets in this type of environment? Or would you lean towards thinking about more long cycle assets within the portfolio? Just trying to get a sense of how you'd evaluate divestitures at this point in the cycle?

我想听听你对资产处置的看法，算是对 Doug 问题的补充。维琪，在当前周期中，你认为出售所谓短周期资产的时机更合适，还是更倾向于处置组合中的长周期资产？想了解一下你们如何评估此时的资产出售选择。

Vicki Hollub

Well, the key thing is we have several options. And so we always -- it's always value-based for us. There are still companies wanting to get into the Permian no matter what the cycle because most of us have a long-term view that oil prices over time are going to recover, probably not at the level we want this year or next year, but there's going to come a time when prices, especially given the lack of exploration success around the world and the fact that the largest 20 reservoirs in the world were discovered before 2000. So we think that there's going to come a time when oil resources are not going to be easily found or replaced. And so with that in mind, we do believe that companies realize that. And so whether it's oil assets or otherwise, we'll get the best value that we can and make the decision on that basis.

关键在于我们有多种选择，而核心始终是价值导向。无论周期如何，仍有公司想进入二叠盆地，因为大多数人都相信长期来看油价会回升，虽然今年或明年不一定达到理想水平，但未来总会出现供需紧张的时刻，尤其考虑到全球新勘探成功率不高且全球最大 20 个油藏都在 2000 年前发现。鉴于油气资源未来或将难以找到或替换，我们相信企业都意识到这一点。因此，无论油气资产还是其他资产，我们都会追求最佳价值并据此决策。

Arun Jayaram

Great. And maybe just a follow-up, shifting gears, you highlighted some new value enhancement opportunities in Oman. Maybe you could kind of unpack kind of the opportunity set in Block 53 and your North Oman discovery you announced?

好的。还有一个换话题的追问：你们提到了阿曼的新价值提升机会。能否详细介绍一下 53 区块和北阿曼新发现的机会？

Vicki Hollub

Yes, I'd say we're very excited about that. And Ken was you or Sunil, who's going to take that. Sunil is going to take that. Good deal.

是的，我们对此非常兴奋。Ken 还是 Sunil 来回答？Sunil 来吧。很好。

Sunil Mathew

Yes. So maybe I'll stop and then hand it over to Ken. No, definitely, we are very excited about these opportunities. And Vicki did mention about cash flow improvement. Now at this point, although we cannot provide any guidance on any specific operational or financial metrics, I mean, all we can say is that we expect uplift in cash flow compared to where we are today, while also being resilient at lower oil price being a PSC \[ph]. So we are excited about that. And the other thing is, we disclosed the production by country and on total international operating costs. So -- and so you should see flow through once we sign the contract in terms of what the uplift is. So definitely very excited about the extension, the Block 53 extension and the Oman North gas discovery. So now I'll let Ken talk about why we are so excited about this?

好的，那我先说几句再交给 Ken。我们对这些机会确实非常兴奋，维琪已提到现金流的提升。目前虽然无法给出具体的运营或财务指标指引，但可以说，与现状相比，我们预期现金流将有所提升，同时作为一份 PSC【口误】合约，在低油价环境下仍具韧性。此外，我们已披露各国产量及国际总运营成本，一旦签约，你们就能看到提升幅度。我们对 53 区块延期和北阿曼天然气发现都非常激动。下面请 Ken 说明为什么我们如此兴奋。

Kenneth Dillon

So thanks, Sunil. As you can see, we're having a great year in Oman. The vision of the Ministry of Energy is to unshackle the resources of the country, and we're delighted to play our part in this vision. Block 53 has very large inventory potential, as you can see from the slide, and we know it well. To date, we produced over 640 million barrels and currently operate 3,500 wells in the block with an incredibly strong operational team. As Vicki said, we see opportunities in all aspects, low decline EOR projects as well as conventional and exploration. These are projects that are competitive with any other Oxy investment.

谢谢你，Sunil。如大家所见，我们在阿曼的业绩十分出色。能源部的愿景是释放国家资源潜力，我们很高兴能为此贡献力量。正如幻灯片所示，53 区块库存潜力巨大，我们对其了如指掌。迄今已累产 6.4 亿桶，目前运营 3,500 口井，运营团队实力强大。正如维琪所说，我们在低递减率 EOR、常规油气及勘探各方面都看到机会，这些项目与 Oxy 任何投资相比都具竞争力。

Like Richard said, we're focused on improving efficiency and in Oman that's no exception. We've had reductions in drilling cost per foot in Block 53 by 50% over the last 3 years on expense the same story as resources, our artificial lift performance has improved so significantly that our work over rig cost per barrel is reduced by 50% over the same period. Again, we'd like to thank the government of Oman, the Energy Minister and his team for all their efforts in making this happen.

正如 Richard 所说，我们致力于提升效率，阿曼也不例外。过去三年，我们将 53 区块的钻井单尺成本降低了 50%；人工举升性能显著提升，使得修井作业每桶成本也下降 50%。再次感谢阿曼政府、能源部长及其团队为实现这一目标所做的努力。

On \[indiscernible], it's really great news. Our exploration team as well as being really skillful. They're also very persistent and they've been rewarded with success here. Vicki described the discovery. We're now exporting and selling and getting early reservoir data. Exploration also had another small discovery on the same block, which is also on stream and being assessed. Both were brought online in less than 13 weeks.

关于【听不清】的消息也非常振奋人心。我们的勘探团队不仅技术精湛，也极其执着，并因此收获成功。维琪已介绍了这一发现，我们目前正在出口销售并获取早期油藏数据。该区块还取得了另一小型发现，也已投产并在评估中，两口井都在 13 周内投产。

In Block 9, where we had record production last year after 40 years, we continue with our CO2 EOR pilot. We're getting very encouraging results with no breakthrough. So we continue to be very positive about the project. So overall, a great quarter for Oman.

在开发 40 年后去年创纪录产量的 9 区块，我们继续推进 CO₂ EOR 试验。结果十分鼓舞，尚未出现突破性涌水，因此我们对该项目保持乐观。总体而言，这是阿曼的一个出色季度。

Vicki Hollub

Yes. So Oman is a country that keeps giving.

是的，阿曼是一片持续奉献的土地。

Operator

运营商

The next question comes from Neil Mehta with Goldman Sachs.

下一位提问来自高盛的 Neil Mehta。

Neil Mehta

Just wanted to get your perspective on the low-carbon ventures business. You got some important milestones coming up as it relates to STRATOS here. And just so just help us unpack how you're thinking about derisking those, and how the changing policy environment could affect the potential returns associated with at least Phase 1 of the project?

我想听听你们对低碳业务的看法。围绕 STRATOS 项目，你们即将迎来一些重要里程碑。能否阐述一下你们如何降低这些风险，以及政策环境变化会如何影响（至少一期）项目的潜在回报？

Vicki Hollub

Yes. I think it's very exciting. And Richard can give more detail with respect to the policy. There's such a strong voluntary compliance market and so many corporations that have committed to become carbon neutral that, in the interim, as we're building our DAC business toward a business that will use CO₂ for enhanced oil recovery to get more oil out of the existing reservoirs that we have here in the United States to help extend our energy independence here. As we're building towards that, the compliance -- voluntary compliance market for carbon reduction credits will continue, I believe, to help us build the bridge between now and making the EOR realizations happen over time. And Richard, you have more detail?

是的，这让人非常振奋。关于政策层面，Richard 会提供更多细节。现在自愿减排市场非常活跃，许多企业已承诺实现碳中和。在此期间，我们正把 DAC 业务打造为利用 CO₂ 进行强化采油（EOR）的业务，以充分挖掘美国现有油藏并延长能源独立周期。在迈向这一目标的过程中，我相信自愿减排信用市场将持续发挥桥梁作用，帮助我们从现在过渡到逐步实现 EOR 效益。Richard，你来补充？

Richard Jackson

Yes. Just maybe a couple of points to add to Vicki's. I mean I think sort of trajectory, a couple of things that we are excited about. One is our R\&D progress. So I think specific with direct air capture, we continue to see accelerated just exciting cost-down vision coming out of our team from carbon engineering. So when we look at that, we disclosed as we went from Phase I to Phase II, some of the changes and the reduction of process components and the savings associated with that, that continues. So we're excited about that piece of it.

好的，补充几点。首先是技术路线，我们有两件事很振奋人心。其一是研发进展。就直接空气捕集而言，我们看到碳工程团队在降本路线图上不断提速、成果喜人。从一期到二期，我们公开了若干工艺部件简化和相关成本节约，这一进程仍在继续，这令我们非常期待。

The other component, as we think about schedules is, the returns have to be competitive. So we've looked at that and how to do that derisking through R\&D is 1 important component of that. But the operations with STRATOS coming online in the second half of this year and then the market support that Vicki described are all important decision criteria for us to FID going forward. I would say this partnership is the other piece of that. And so we look forward to, as we create the market and the cost down and the development opportunity, to have those development partners with us. So that really goes across all of our low-carbon efforts.

另一个要点是进度安排，投资回报必须具备竞争力。通过 R\&D 降风险是一项重要手段；此外，STRATOS 将在今年下半年投运，以及 Vicki 提到的市场支持，都是我们作出最终投资决策（FID）的关键因素。合作伙伴关系同样重要；随着我们开拓市场、降低成本并创造开发机会，我们期待这些合作伙伴能够携手同行，这适用于我们所有低碳项目。

And the final thing I would say, we just, as Vicki mentioned, with EUR continue to see all of these technology choices were to fit our integrated value. And so we see it not just in the tech development but also our cost as a core part of our Oxy business.

最后一点，如 Vicki 所言，就 EUR 而言，我们看到所有技术选项都契合我们的整体价值，因此这不仅体现在技术开发，也体现在成本控制上，是 Oxy 业务的核心组成。

Neil Mehta

And then the follow-up is, I always value your thoughts on the oil macro and you're always willing to talk about how you think about moving pieces, including U.S. oil supply. So just get your latest thoughts. A couple of years ago, I know you guys were pretty constructive on the long term for oil because of the underinvestment in exploration. But obviously, a lot of moving pieces here now as we think about this year. So near term, long term and thoughts on U.S. supply?

我的追问是关于原油宏观层面。我一直很重视你们的观点，你们也乐于分享对各类动态因素（包括美国原油供应）的看法。请谈谈最新看法。几年前，由于勘探投入不足，你们对油价长期走势颇为乐观。不过今年情况多变，从短期到长期，美国供应方面你们怎么看？

Vicki Hollub

Yes. As you know, that most of the shale basins now have either plateaued or starting to decline, except for the Permian. And the Permian was really making up for the decline of the other basins. But the Permian, I believe, is, if companies continue to talk about dropping activity levels, I think the Permian could plateau sooner than we expected. And we had expected the Permian to continue growth through 2027. And we had expected that U.S. production overall would peak between 2027 and 2030. It's looking like with the current headwinds or at least volatility and uncertainty around pricing in the economy and recessions and all of that, it's looking like that peak could come sooner. So I'm thinking right now the Permian is, if it grows at all through the rest of the year, it's going to be very little.

是的，如你所知，除二叠盆地外，大多数页岩盆地已进入平台期或开始下滑，二叠盆地在弥补其他盆地的下降。但若企业继续减少活动水平，我认为二叠盆地可能比预期更早进入平台。我们原先预计二叠盆地将持续增长至 2027 年，且美国总体产量将在 2027 至 2030 年之间见顶。鉴于当前的逆风，至少是价格、经济和衰退等方面的波动与不确定性，峰值可能更早到来。因此，我现在认为今年余下时间里，二叠盆地即使增长，也会非常有限。

Operator

Next question is from Jean Ann Salisbury with Bank of America Merrill Lynch.

下一位提问者是美国银行美林证券的 Jean Ann Salisbury。

Jean Ann Salisbury

Thank you for the walk through the free cash flow inflection in response to an earlier question. Can you just clarify if there's been any additional midstream recontracting or chemical project benefits added? Or if it was more of a reframing of the overall picture, but those specific components are unchanged?

感谢您先前对自由现金流拐点的详细说明。请澄清是否又新增了任何中游合同重签或化工项目收益，还是只是重新梳理整体情况，而这些具体组成部分并未改变？

Sunil Mathew

That's right. Nothing has changed. These were the 2 oil transportation contracts that were expiring in Q1 and Q3, which we had outlined earlier and other benefit was on the Battleground expansion project. So there's nothing new.

没错，没有变化。之前提到的仍然是第一季度和第三季度到期的两份原油运输合同，以及 Battleground 扩建项目带来的另一项收益，没有新增内容。

Jean Ann Salisbury

Okay. Great. And then I believe you kind of talked about one component of the lower operating costs coming from EOR. Can you give any more color around how you expect this to change the relative mix of EOR in the portfolio going forward, if at all?

好的，明白。此前你们提到运营成本下降的一部分来自 EOR。今后这会如何改变投资组合中 EOR 的相对占比？能否进一步说明？

Richard Jackson

Yes. Perfect. Yes, again, these sort of efficiencies we expect to really carry through more from a cost structure basis. Again, we didn't change production as part of this. And so it's things like continuing to work on operations efficiency, really optimizing CO2 through our reservoirs and how we do that. And so, if anything, it's expanding margins and continuing to improve the competitiveness of EOR in our portfolio.

好的。我们预期这些效率提升主要体现在成本结构上，产量并未因此发生变化。我们会继续提升运营效率，优化油藏 CO₂ 使用方式。归根结底，这将扩大利润空间，持续提升 EOR 在我们投资组合中的竞争力。

Operator

The next question is from Paul Cheng with Scotiabank.

下一位提问者是丰业银行的 Paul Cheng。

Paul Cheng

Vici, just curious that if we're looking out into 2026 and '27, on your momentum of this year cost saving, what's the potential that we could expect for those 2 years? And how big of the opportunity set that we may be talking with that you see the most opportunity set? The second question is that, I mean, maybe with your comment earlier, talking about you think the U.S. could see production maybe pick up, say, somewhere between 2027 to 2030 or maybe even a bit earlier, if people continue to cut back, from a portfolio standpoint, should we assume that Oxy at some point over the next several years would like to substantially increase your activity level outside the U.S. then? And if that's the case, where do you see the most opportunities?

Vici，我想了解一下，如果将目光放到 2026 和 2027 年，基于今年的成本节约势头，那两年我们还能看到多大潜力？机会规模大概如何？第二个问题是，结合你之前的观点——如果大家继续削减活动，美国产量峰值可能在 2027-2030 年之间甚至更早出现——从投资组合角度来看，我们是否应当假设 Oxy 在未来几年会显著提升美国以外的活动水平？若如此，最有机会的领域在哪里？

Vicki Hollub

Okay. I'll answer the second question first. And that is that I just want to go back and share with you some of what we've done to get our portfolio to where it is today. Going way back in time about 10 years ago, we were only producing about 650,000 BOE per day. Now our production is 1.39 million barrels per day. In 2015, 50% of our production was from international locations. Today, 83% is in the United States. We exited several countries but stayed only in the countries that are business focused and where we can see significant upside. In 2015, our oil and gas resources totaled \$8 billion, with \$2.2 billion of that improved. But today, we have \$14 billion of total resources, oil resources with \$4.6 billion in proved reserves. And in 2015, only 16% of our proved reserves and 25% of our total resources were shale. The rest was conventional. And today, 60% of our proved reserves and 55% of our total resources are shale. So what we've done over the past 10 years is we've taken our portfolio and expanded significantly in the shale so that we have more than a decade, maybe up to 15 years of development in the shale. But what people don't usually get is that we also have -- in addition to the shale, we have about \$6 billion identified today of resources and conventional areas around our country -- I mean, our company. So right now that -- and I believe that \$6 billion of additional resources is light when you consider the fact that we're doing AI work in the Gulf of Mexico -- or Gulf of America.

好的，我先回答第二个问题。我想回顾一下我们如何把资产组合发展到今天的水平。大约 10 年前，我们的日产量仅约 65 万桶油当量；如今达到 139 万桶。2015 年，我们 50% 的产量来自海外，如今 83% 位于美国。我们退出了若干国家，只保留具有商业聚焦并具备显著上行潜力的市场。2015 年，我们的油气资源总量为 80 亿桶，其中 22 亿桶已探明；今天，我们拥有 140 亿桶总资源量，其中已探明储量 46 亿桶。2015 年，页岩仅占探明储量的 16%、总资源的 25%；现在，页岩占探明储量 60%、总资源 55%。过去 10 年里，我们大幅扩展页岩资产，足以支撑逾 10 年、甚至 15 年的开发。但往往被忽视的是，除页岩外，我们目前还识别出约 60 亿桶常规资源，我指的是公司范围内的常规区块。我认为这 60 亿桶的估计仍偏保守，特别考虑到我们正在美国湾（墨西哥湾）开展的 AI 工作。

We're also doing some work around water flooding, doing additional enhanced oil recovery there, production optimizations. So the Gulf of America is going to add to the \$6 billion of conventional that we have. Also in Algeria, having just obtained the largest onshore 3D seismic survey, we expect that we'll get out of that upside that we can continue to add to the \$6 billion. And then in Oman, as Ken mentioned, where he was talking about the gas block and what we've discovered there, that could be bigger. There could be -- where you find gas and you see structures around it, that means those other structures could have gas, same with the oil discovery. And we're continuing to make progress in the Block 9 and 27 where we have previously been working.

我们也在开展注水和其他 EOR 项目，优化产量；因此，美国湾将为这 60 亿桶常规资源锦上添花。在阿尔及利亚，我们刚完成最大规模的陆上三维地震勘探，预计会带来增量，从而继续充实这 60 亿桶储量。在阿曼，正如 Ken 所述，我们在气区的发现可能更大；有气的构造周围往往还会有其他含气构造，油藏亦然。我们也在已开发的 9 号、27 号区块持续推进工作。

So we have growth there. So when you look at those 3 areas and the growth potential that we could have, we just haven't done the appraisal work yet that we need to do, but we are almost going to be equivalent from a conventional resource perspective as we are from a shale perspective. And so that's going to extend our development potential well beyond the 15 years because you layer on top of that the fact that this direct air capture technology that we're developing is going to help us extract CO2 that could then enable us to do enhanced oil recovery and not only the reservoirs in the U.S., but the reservoirs in Oman, Algeria and potentially in Abu Dhabi as well.

因此，这些领域都具备增长潜力。综合来看，常规资源量即将与页岩资源量相当。再加上我们正在开发的直接空气捕集技术，可帮助我们提取 CO₂ 并实施 EOR，不仅应用于美国油藏，也适用于阿曼、阿尔及利亚，甚至可能是阿布扎比的油藏，这将把我们的开发潜力远远延伸到 15 年之后。

So we have -- as you were alluding to, we do have a lot of additional resources. So we've made the transformation from an asset standpoint, and we're getting close to rounding the quarter with our debt reduction. I believe that is going to unlock the -- a lot more value for our shareholders than most people have anticipated. So we're pretty excited about that, and ready to keep going with it.

正如你所示意的，我们确实拥有大量额外资源。资产层面的转型已基本完成，债务削减也即将达到关键里程碑。我相信，这将为股东释放出远超多数人预期的价值。对此我们倍感振奋，并准备继续推进。

Operator

主持人

The next question comes from Leo Mariani with Roth.

接下来由 Roth 公司的 Leo Mariani 提问。

Leo Mariani

Just wanted to follow up on some of the CapEx and OpEx reductions here in '25. So I know you guys are dropping a couple of rigs and it sounds like cutting some EOR CapEx in the Permian, totally understand there's not really a near-term production impact, but if you look out over the next year or 2, do you see some modest production impact from some of those cuts at this point? Or do you think you can kind of make that up with further efficiencies over time?

我想进一步了解一下你们在 2025 年的资本与运营支出削减。我知道你们将减少几台钻机，并且似乎在二叠盆地削减了一些 EOR 资本支出，我完全理解短期内对产量没有实质影响，但如果放眼未来一两年，您认为这些削减会对产量造成温和影响吗？还是说你们认为可以通过后续的效率提升来弥补？

Vicki Hollub

Yes. We made the decisions that we made because we absolutely did not want to sacrifice production in the outer years, '26 and '27, basically because that's cash flow that could be used to create additional value. So we're looking for high-return cash flow. And so those – the decisions that were made can support that. And so we can, first – don't let me get off track here, but let me get to Richard on some of the OpEx specifics. And then I want to go to Ken after that with supply chain who could address some of the cost reductions that certainly are going to help us without any impact on production.

是的。我们之所以做出这些决定，是因为我们绝对不想牺牲 2026 和 2027 年的产量，毕竟那部分产量对应的现金流可以用来创造额外价值。所以我们关注的是高回报现金流，这些决策可以支持这一目标。首先——不想跑题——我先请 Richard 介绍一下运营成本的具体情况，之后再请 Ken 谈谈供应链方面的成本削减，这些都会在不影响产量的前提下帮助我们。

Richard Jackson

Thanks, Vicki. Yes, I'll just add quickly. I mean, again, both – I mentioned more on the OpEx, but on capital, again, efficiency related. This 2-rig drop was really an acceleration. So if you think about our program during the year, we were able to compress that drilling efficiencies. We noted, I think, in the highlights slide, that added 15 net wells online for the year and over 30-rig releases. And so that enabled us to do more with less. We're able to drop the rigs. The part of the CapEx was really this facilities and infrastructure. Again, optimizing that over multiyears, the way we have scale and our operations provides that capability. And then the one tidbit on that great opportunity came out of the CrownRock in our legacy Midland development where we were able to utilize one of their existing central facilities without building a new one for that operation. So that was several million dollars. So it's all things like that, that are really optimizing without that production or cash flow degradation, but definitely one of – the other important piece of this is supply chain. So I want to let Ken discuss that.

谢谢，Vicki。我简单补充一下。正如我提到的，除了运营费用，在资本方面同样与效率有关。这次减少两台钻机其实是一种提速。如果你回顾全年计划，我们通过提升钻井效率压缩了周期。在亮点幻灯片中提到，这让我们全年净增 15 口井投产，并释放了 30 多台钻机，从而以更少的资源做更多的事。我们能够停掉钻机。资本支出中还有很大一部分是设施和基础设施，多年优化、规模化运营使我们具备这种能力。还有一个好例子是在我们传统的米德兰开发中，借助 CrownRock 现有的集中设施，而无需新建，节约了数百万美元。正是这些优化，在不损害产量或现金流的情况下发挥作用。不过供应链也是其中重要一环，我想请 Ken 来谈。

Kenneth Dillon

Thanks, Richard. We've been through the cycles many times over the years. We understand the process. In terms of supply chain, it's about continuing to get best-in-class performance while trying to accelerate deflation of goods and services on both the CapEx and the expense side. We're working with our Tier 1 relationship companies who have scale and who also understand the market. 15 companies make up 40% of our spend domestically. At the same time as we're doing that, we're also receiving offers of reductions from viable vendors, both domestically and internationally. And something we've not had for quite a few years as a lot of people are talking about market share rather than margin in this environment and the benefits of it. So we see benefits going forward into next year related to deflation and managing services going forward.

谢谢你，Richard。多年来我们经历过多次周期，对流程非常熟悉。在供应链方面，我们致力于保持业界最佳表现，同时在资本支出和费用两端加速商品及服务的降本。我们与具有规模并了解市场的一级合作伙伴合作，15 家公司占到我们国内支出的 40%。与此同时，不论国内还是海外，我们也不断收到合格供应商主动提出的降价方案。这在过去几年里并不常见，因为在当前环境下，许多人更关注市场份额而非利润率，这也带来了益处。因此，我们认为明年在通缩和服务管理方面将继续受益。

Leo Mariani

Appreciate that. Wanted to switch gears to the Chemicals business a bit here. Just kind of looking at your first half outlook for '25, you guys are expecting around \$435 million or so of operating income there. Your full year guide is \$900 million to \$1 billion. Just wanted to kind of square the circle there. Should we be thinking that maybe chems is going to be a little bit towards the lower end kind of based on where we are in some of the economic uncertainty at this point? And maybe you can just provide a little bit more kind of color on how you're thinking about chemicals and the outlook going forward?

感谢说明。我想换个话题谈谈化工业务。根据你们对 2025 年上半年的展望，预计经营收入约为 4.35 亿美元，而全年指引是 9 亿到 10 亿美元。请帮我们理顺这之间的关系。鉴于当前经济存在不确定性，化工业务是否可能更接近指引区间下限？另外，能否进一步阐述你们对化工业务及未来前景的看法？

Sunil Mathew

So maybe I'll first start with the market dynamics and then get to your questions. So in terms of demand, starting with PVC, we expect the domestic PVC demand to grow by around 4% to 5%. Internationally, economic conditions in China is what – is still challenging, and the oversupply in China is weighing on the export market. And if you look at China's PVC exports, it has grown significantly over the last few years. The export market share has grown from almost 0 in 2020 to around 30% in 2024. So these lower export prices also put downward pressure on domestic prices.

也许我先谈市场动态，然后回答你的问题。首先就需求而言，以 PVC 为例，我们预计国内 PVC 需求将增长约 4% 至 5%。在国际市场方面，中国经济状况依然充满挑战，中国的过剩产能给出口市场带来压力。如果看中国的 PVC 出口，过去几年增长显著，出口份额从 2020 年的几乎零提升到 2024 年的约 30%。较低的出口价格也对国内价格形成下行压力。

And now shifting to the caustic side, domestic demand is expected to be quite similar to last year. And on the pricing side, the recent Gulf Coast expansions that came online in late 2024 is expected to maintain the pricing pressure. But the rationalization of domestic capacity, which is targeted for the second half, should help rebalance the market and improve pricing.

再看烧碱方面，国内需求预计与去年相当。价格方面， 2024 年末投运的墨西哥湾扩建产能预计将维持价格压力。但计划于下半年进行的国内产能整合应有助于重新平衡市场并改善价格。

So if this rationalization happens earlier than what we have forecasted or the Chinese economy does better than market expectations, that will definitely help with the pricing.

如果这一整合早于我们预测发生，或中国经济表现好于市场预期，价格肯定会得到提振。

Now coming to your question around first – second half versus first half. In Q1, we were impacted by several short-term events, the winter storm, unplanned outage at our Ingleside facility and also increased raw material cost, mainly ethylene and natural gas. So in later part of Q2 and as we move into Q3, we expect to see improvements in demand and pricing as domestic and foreign producers continue to rationalize supply. Also, the recent drop in ethylene and natural gas price should also help with the earnings in the second half. So there is still quite a bit of uncertainty around how the demand and pricing will play out for the rest of the year, but there's also potential tailwinds from lower cost.

回到你关于上下半年对比的问题。第一季度我们受到多项短期事件影响，包括冬季风暴、英格赛德工厂的计划外停机，以及原料成本上升（主要是乙烯和天然气）。因此在第二季度后段以及进入第三季度，我们预计随着国内外生产商继续整合供应，需求和价格将改善；最近乙烯与天然气价格下跌也应有助于下半年的盈利。全年需求与价格走势仍存在不确定性，但低成本带来的顺风亦不容忽视。

So currently, we expect the full year income to be within the guidance range, but we should have more clarity after the second quarter. So we decided to wait for another quarter before making any adjustments to the full year guidance.

目前我们预计全年收益将在指引区间内，但第二季度后我们会更清楚，因此决定再等待一个季度再考虑调整全年指引。

Operator

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

由于时间关系，问答环节到此结束。现在将会议交回给 Vicki Hollub 作结束致辞。

Vicki Hollub

Thank you all for your questions and for joining our call today. Have a great rest of your day. Thanks. Bye.

感谢各位的提问，也感谢今天参加我们的电话会议。祝大家余下的时间愉快。谢谢，再见。

Operator

运营商

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

会议现已结束。感谢各位参加今天的会议。您可以断开线路了。