Chevron Corporation (NYSE:CVX) Q2 2025 Earnings Conference Call August 1, 2025 11:00 AM ET
Company Participants
Eimear P. Bonner - VP & Chief Financial Officer
Jake Robert Spiering - General Manager of Investor Relations
Mark A. Nelson - Vice Chairman & Executive VP of Oil, Products and Gas
Michael K. Wirth - Chairman & CEO
Conference Call Participants
Arun Jayaram - JPMorgan Chase & Co, Research Division
Biraj Borkhataria - RBC Capital Markets, Research Division
Devin J. McDermott - Morgan Stanley, Research Division
Douglas George Blyth Leggate - Wolfe Research, LLC
Geoff Jay - Daniel Energy Partners, LLC
Jason Daniel Gabelman - TD Cowen, Research Division
Jean Ann Salisbury - BofA Securities, Research Division
Joshua Ian Silverstein - UBS Investment Bank, Research Division
Lucas Oliver Herrmann - BNP Paribas Exane, Research Division
Neil Singhvi Mehta - Goldman Sachs Group, Inc., Research Division
Nitin Kumar - Mizuho Securities USA LLC, Research Division
Phillip J. Jungwirth - BMO Capital Markets Equity Research
Ryan M. Todd - Piper Sandler & Co., Research Division
Stephen I. Richardson - Evercore ISI Institutional Equities, Research Division
Wei Jiang - Barclays Bank PLC, Research Division
Yim Chuen Cheng - Scotiabank Global Banking and Markets, Research Division
Operator
Good morning. My name is Katie, and I will be your conference facilitator today. Welcome to Chevron's Second Quarter 2025 Earnings Conference Call. \[Operator Instructions] As a reminder, this conference call is being recorded.
早上好。我叫Katie，今天将担任本次电话会议的主持人。欢迎参加Chevron 2025年第二季度财报电话会议。\[操作说明] 提醒各位，本次电话会议将被录音。
I will now turn the conference call over to the Head of Investor Relations of Chevron Corporation, Mr. Jake Spiering. Please go ahead.
现在我将把电话会议交给Chevron公司投资者关系负责人Jake Spiering先生。请开始。
Jake Robert Spiering
Thank you, Katie. Welcome to Chevron's Second Quarter 2025 Earnings Conference Call and Webcast. I'm Jake Spiering, Head of Investor Relations. On the call with me today is our Chairman and CEO, Mike Wirth; our Vice Chairman, Mark Nelson; and our Vice President and CFO, Eimear Bonner.
谢谢你，Katie。欢迎参加Chevron 2025年第二季度财报电话会议及网络直播。我是投资者关系负责人Jake Spiering。今天与我一同参会的有我们的董事长兼首席执行官Mike Wirth；副董事长Mark Nelson；以及副总裁兼首席财务官Eimear Bonner。
We will refer to the slide and prepared remarks that are available on Chevron's website. 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.
我们将参考Chevron网站上提供的演示文稿和准备好的发言。在开始之前，请注意，本次演示中包含估算、预测和其他前瞻性声明。非GAAP指标的对照表可以在本演示文稿的附录中找到。请查阅第2页中的风险提示及其他补充信息。
Now I will turn it over to Mike.
现在我将把发言交给Mike。
Michael K. Wirth
All right. Thanks, Jake. In the second quarter, Chevron achieved several important milestones, continuing the momentum we've been building over the last year. This success underpins strong financial results, industry-leading free cash flow growth and superior distributions to shareholders.
好的，谢谢你，Jake。在第二季度，Chevron取得了几个重要的里程碑，延续了过去一年我们所积累的势头。这些成功支撑了强劲的财务业绩、行业领先的自由现金流增长，以及对股东的优质回报。
Production was a quarterly record for the company, both in the U.S. and worldwide. In the Permian, production averaged more than 1 million barrels of oil equivalent per day, a target we introduced over 5 years ago and achieved right on schedule. In June, we acquired lithium-rich acreage in Texas and Arkansas, our first step toward establishing a scalable domestic lithium business. And we returned over \$5 billion to shareholders for the 13th consecutive quarter.
公司在美国和全球的产量均创下季度新高。在二叠纪盆地，我们的平均日产量超过100万桶油当量，这是我们在5年前提出的目标，并且如期实现。今年6月，我们在德克萨斯州和阿肯色州收购了富锂地块，这是我们建立可扩展的国内锂业务的第一步。同时，我们连续第13个季度向股东回报超过50亿美元。
2 weeks ago, we achieved a favorable arbitration outcome and closed our merger with Hess, bringing together world-class assets, people and capabilities to create a premier international energy company. Hess adds long-term low-cost growth in Guyana. The Bakken expands our shale portfolio to 1.6 million barrels of oil equivalent per day. We're now the largest leaseholder in the Gulf of America, and our overall U.S. production is nearly 60% higher than it was just 2 years ago.
两周前，我们在仲裁中获得了有利结果，并完成了与Hess的合并，将世界级的资产、人才和能力结合在一起，打造一家顶尖的国际能源公司。Hess为我们在圭亚那带来了长期低成本的增长；Bakken地区使我们的页岩产能组合扩展至每日160万桶油当量。我们现在是美国墨西哥湾地区最大的租赁权持有者，而我们的整体美国产量比两年前增长了近60%。
Our combined upstream portfolio has interest in some of the most attractive basins in the world and is forecast to lead the industry in total cash generation over the remainder of the decade. We've been actively preparing for integration for nearly 2 years. Since the announcement, we repurchased more than half of the shares issued for the transaction. We now expect to realize the full \$1 billion in annual run-rate synergies by the end of this year, 6 months faster than our original guidance.
我们合并后的上游资产组合覆盖了全球最具吸引力的一些盆地，预计在本十年剩余时间内将在现金创造方面引领行业。近两年来，我们一直积极为整合做准备。自宣布交易以来，我们已回购了超过一半为本次交易发行的股票。我们现在预计将在今年年底前实现全部每年10亿美元的运行协同效益，比最初的指引提前6个月。
We anticipate the transaction to be cash flow accretive per share in the fourth quarter. Last week, we completed the sale of our interest in the Thailand and Malaysia joint development area. And this week, John Hess was elected to and actively participated in Chevron's Board of Directors meeting. The deal was good when we announced it and has only gotten better.
我们预计该交易将在第四季度实现每股现金流的增厚。上周，我们完成了对泰国和马来西亚共同开发区权益的出售。而本周，John Hess已当选并积极参与了Chevron董事会的会议。该交易在我们宣布时就是一笔好交易，如今只会变得更好。
Now I'll turn it over to Mark to cover our operational achievements.
现在我将把发言交给Mark，介绍我们的运营成果。
Mark A. Nelson
Thanks, Mike. Chevron has been producing in the Permian Basin for 100 years. Our unique position traces its roots back to the Texas Pacific Land Trust and now contains more than 2 million net acres and an advantaged mineral interest.
谢谢你，Mike。Chevron在二叠纪盆地已有100年的生产历史。我们独特的地位可以追溯到Texas Pacific Land Trust，如今我们拥有超过200万净英亩的土地和优势矿产权。
We produce nearly as many royalty barrels as the next 3 largest royalty producers combined with mineral holdings that benefit around 75% of our total Permian acreage. Over the last 5 years, we've nearly doubled production organically while capturing significant efficiencies. Improved well and completion designs, reduced cycle times and technology deployment have led to a 30% reduction in development and production unit costs. We expect costs to decline further as we shift our focus to free cash flow generation.
我们的特许权产量几乎与接下来排名前三的特许权生产商总和相当，矿权覆盖了大约75%的二叠纪盆地总面积。在过去5年里，我们有机地将产量几乎翻了一番，同时实现了显著的效率提升。改进的井设计与完井方案、缩短的周期时间以及技术的应用，使我们的开发和生产单位成本降低了30%。随着我们将重点转向自由现金流的创造，预计成本将进一步下降。
With our advantaged royalty position, we believe our portfolio is unmatched. Our scale, technological capabilities and focus on capital discipline position us to continue leading the basin in returns long into the future.
凭借我们的优势特许权地位，我们相信自身资产组合无可匹敌。我们的规模、技术能力以及对资本纪律的专注，使我们能够在未来长期继续引领该盆地的回报水平。
Across our portfolio, we have a long history of taking good assets and making them better. Our large complex facilities in Kazakhstan and Australia are operating well above design capacities, and we continue to find opportunities to improve.
在我们的资产组合中，我们有着将优质资产进一步提升的悠久历史。我们在哈萨克斯坦和澳大利亚的大型综合设施运行水平远超设计产能，同时我们仍在不断寻找改进的机会。
In our deepwater assets, we have a track record of applying leading-edge technology to unlock economic projects and increase resource recovery. We also continue to deliver top quartile turnaround performance. We used real-time data analytics to complete our recent turnaround at Pascagoula on budget and ahead of schedule. And in the second quarter, we had our highest U.S. refinery crude throughput in over 20 years despite fewer refineries today, highlighting the success of recent optimization efforts. We have strong base assets, and we're leveraging our capabilities to capture more value across our global portfolio.
在我们的深水资产中，我们有着应用前沿技术来释放经济性项目并提升资源回收率的成功记录。同时，我们在停工检修方面持续保持行业前四分位的表现。我们利用实时数据分析，按预算并提前完成了Pascagoula的最新检修。在第二季度，尽管如今炼厂数量减少，我们在美国的原油炼制吞吐量创下了20多年来的最高水平，凸显了近期优化工作的成效。我们拥有强大的基础资产，并正在发挥自身能力，在全球资产组合中获取更多价值。
Just as we have enhanced our portfolio, we've also restructured our work. In upstream, we've reduced the number of reporting units by approximately 70%, bringing together similar assets such as our shale and tight businesses in the Permian, the DJ, the Bakken and Argentina, enabling us to scale best practices faster, standardized solutions and streamline support.
正如我们提升了资产组合一样，我们也对工作结构进行了调整。在上游业务中，我们将汇报单元减少了约70%，将类似资产合并在一起，例如二叠纪盆地、DJ、Bakken以及阿根廷的页岩和致密油气业务，从而能够更快推广最佳实践、实现解决方案标准化并简化支持流程。
Our engineering hubs are designed to drive standardization, efficiency and value. We're already seeing benefits today through centralized well design and turnaround planning. And we expect faster innovation and scaling of solutions like artificial intelligence to optimize fracs in real time and accelerate exploration data analysis, among other use cases.
我们的工程中心旨在推动标准化、提高效率并创造价值。我们已经通过集中化的井设计和检修计划看到了成效。我们还期待加快创新与方案的规模化应用，例如利用人工智能实时优化压裂、加速勘探数据分析等。
This improved operational efficiency and execution supports our targets of \$2 billion to \$3 billion in structural cost reductions by the end of 2026. Through deep technical acumen, operational best practices and great people, we expect to drive continued performance improvement across all asset classes.
这一运营效率和执行力的提升，将支持我们在2026年底前实现20亿至30亿美元的结构性成本削减目标。凭借深厚的技术洞察、卓越的运营实践以及优秀的人才，我们有望在所有资产类别中持续推动业绩改善。
Now I'll turn it over to Eimear to discuss the financials.
现在我将把发言交给Eimear，介绍财务情况。
Eimear P. Bonner
Thanks, Mark. For the second quarter, Chevron reported earnings of \$2.5 billion or \$1.45 per share. Adjusted earnings were \$3.1 billion or \$1.77 per share. Included in the quarter were special items related to the fair value measurement of Hess shares, company pension curtailment costs and the gain on sale of assets, resulting in a net charge of \$215 million.
谢谢你，Mark。在第二季度，Chevron报告净利润为25亿美元，折合每股1.45美元。经调整后的净利润为31亿美元，折合每股1.77美元。本季度包括了一些特殊项目，涉及Hess股票公允价值评估、公司养老金削减成本以及资产出售收益，最终导致净费用为2.15亿美元。
Foreign currency effects decreased earnings by \$348 million. Organic CapEx was \$3.5 billion, our lowest quarterly total since 2023, while delivering significant volume growth. Inorganic CapEx was approximately \$200 million, primarily related to the acquisition of lithium acreage.
汇兑因素使收益减少了3.48亿美元。有机资本支出为35亿美元，为自2023年以来季度最低水平，但仍实现了显著的产量增长。无机资本支出约为2亿美元，主要用于收购锂地块。
Chevron generated cash flow from operations, excluding working capital of \$8.3 billion. Adjusted free cash flow, which includes equity affiliate loans and asset sales, was \$4.9 billion, representing a 15% increase quarter-on-quarter despite 10% lower crude prices. These results were driven by our organic high-margin production growth, strong reliability and continued commitment to capital discipline.
Chevron在剔除营运资本变动后，经营活动现金流为83亿美元。经调整的自由现金流（包括联营贷款和资产出售）为49亿美元，环比增长15%，尽管原油价格下降了10%。这些成果得益于我们有机的高利润率产量增长、强劲的可靠性，以及持续坚持资本纪律。
Adjusted second quarter earnings were down \$760 million versus last quarter. Adjusted upstream earnings decreased due to lower realizations, higher DD\&A from increased production and unfavorable tax impacts. Adjusted downstream earnings were higher due to improved refining margins and higher volumes.
第二季度经调整后的净利润较上季度下降7.6亿美元。上游业务调整后利润下降，原因在于实现价格较低、产量增加带来的折旧摊销费用上升，以及不利的税务影响。下游业务调整后利润则有所增长，主要受益于炼油利润率改善和更高的销量。
Second quarter oil equivalent production was up over 40,000 barrels per day from last quarter. Due to strong performance in our base business and solid execution in our growth assets in the first half of the year, we now expect production growth to be closer to the top end of our 6% to 8% guidance range, excluding Hess.
第二季度油当量产量较上季度增加超过4万桶/日。由于上半年基础业务表现强劲以及增长型资产执行到位，我们现在预计全年产量增长将接近6%至8%指引区间的上限（不包括Hess）。
Over the last year, we consistently delivered key project milestones that we expect to drive industry-leading free cash flow growth. At TCO, FGP is producing at full rates. In the Gulf of America, we're ramping up production from recent major project start-ups.
在过去一年里，我们持续交付了关键项目的里程碑，这些项目预计将推动行业领先的自由现金流增长。在TCO，FGP项目已全面投产。在美国墨西哥湾，我们正加快新近重大项目的产量提升。
In the Permian, we achieved a significant production milestone and are beginning to moderate growth, reduce CapEx and increase free cash flow. And we're already realizing structural cost benefits and expect to lock in \$1.5 billion to \$2 billion of annual run rate savings by year-end.
在二叠纪盆地，我们实现了重要的产量里程碑，并开始放缓增长、减少资本支出、提升自由现金流。同时，我们已经开始实现结构性成本效益，预计到今年年底可锁定每年15亿至20亿美元的运行节约。
The integration of legacy Hess assets is expected to contribute additional free cash flow, more than covering the incremental dividend from the merger share issuance. All of this leads us to increase our 2026 additional free cash flow guidance to \$12.5 billion. We're building on our strong momentum to deliver sustained, long-term value.
Hess的既有资产整合预计将带来额外的自由现金流，足以覆盖并超出因合并发行股份所增加的股息支出。基于此，我们将2026年的额外自由现金流指引上调至125亿美元。我们正借助强劲势头，持续创造长期价值。
I'll now hand it off to Jake.
现在我将把发言交给Jake。
Jake Robert Spiering
That concludes our prepared remarks. Additional guidance can be found in the appendix of this presentation as well as the slides and other information posted on chevron.com. And we look forward to sharing more with you at Chevron's Investor Day on November 12 in New York City. We are now ready to take your questions. We ask that you limit yourself to one question and we will do our best to get all of your questions answered. Katie, please open the lines.
我们的准备发言到此结束。更多的指引内容可以在本演示文稿的附录以及chevron.com上发布的幻灯片和其他信息中找到。我们期待在11月12日于纽约举行的Chevron投资者日活动上与大家分享更多信息。现在我们准备回答大家的问题，请每位发言者仅提一个问题，我们将尽力解答。Katie，请开放提问通道。
Question-and-Answer Session
Operator
\[Operator Instructions] Our first question comes from Biraj Borkhataria with RBC.
\[操作说明] 我们的第一个问题来自RBC的Biraj Borkhataria。
Biraj Borkhataria
So firstly, congratulations again on the arbitration win. Nice to get that uncertainty behind you. I wanted to ask and pick up on the comments you made in the Permian. You obviously hit a milestone in the second quarter with production at 1 million barrels of oil equivalent and now talking about moderating spend. Are you able to give us a sense of what we should expect in terms of '26, '27 budget and capital spend versus what you're spending in 2025?
首先，再次祝贺你们在仲裁中获胜，很高兴看到这一不确定因素得到解决。我想就你们在二叠纪盆地的评论提问。你们在第二季度显然实现了日产100万桶油当量的里程碑，现在又提到要放缓支出。能否给我们一个预期，说明2026年、2027年的预算和资本支出与2025年的水平相比会是什么情况？
Mark A. Nelson
Biraj, thank you for your recognition of the arbitration outcome as well as the performance of our Permian team. I think I would start just by reminding everybody of the foundation of that performance. And it's that large acreage position that we have that has very low breakevens and a royalty advantage that, quite frankly, is very tough, if not impossible, to replicate at a reasonable price today. And that allows us to structurally have better returns and allows us to sustain performance and cash flow generation.
Biraj，感谢你对仲裁结果以及我们二叠纪团队表现的认可。我想先提醒大家这一业绩的基础，那就是我们拥有的大规模土地面积，其盈亏平衡点非常低，并且拥有的特许权优势坦率地说在今天几乎不可能以合理的价格复制。这使我们在结构上能够获得更高的回报，并能保持业绩和现金流的持续生成。
With this intentional shift, you'll remember that we put peak CapEx well behind us here not too long ago. And we talked about in 2025 having capital spend between \$4.5 billion to \$5 billion. You should expect us to be in the lower end of that range as we finish 2025 given the efficiencies we brought to bear. And as we deliver that free cash flow growth of \$2 billion next year in the Permian, I think you should see that drop further as we continue to manage a sustained performance in the Permian.
随着这一战略性转变，你可能记得，我们在不久前已经将资本支出的高峰抛在身后。我们曾谈到，2025年的资本支出将在45亿至50亿美元之间。考虑到我们带来的效率提升，你应该预计我们在2025年底将处于这一区间的低端。而随着我们在二叠纪盆地明年实现20亿美元的自由现金流增长，我认为随着我们继续管理二叠纪的可持续表现，资本支出还将进一步下降。
So more to come there at our Investor Day, but we're definitely drawing down our CapEx and generating a lot more free cash flow.
在投资者日我们会有更多分享，但可以肯定的是，我们正在减少资本支出，并创造出更多的自由现金流。
Operator
We'll go next to Neil Mehta with Goldman Sachs.
我们接下来请Goldman Sachs的Neil Mehta提问。
Neil Singhvi Mehta
Mike and team again, congrats on Hess. We really appreciate the updated waterfall here. And so Mike, maybe you could just spend some time talking about how much of the \$10 billion in the stand-alone, you feel like you've derisked and your confidence interval on each of those 4 buckets? And then maybe some of the key assumptions that went into the \$2.5 billion for Hess and recognizing you're going to unpack more of this for us on November 12.
Mike以及团队，再次祝贺你们完成Hess的交易。我们非常感谢你们提供的最新现金流瀑布图。那么Mike，能否花点时间谈谈独立部分的100亿美元中，你们认为已经去风险化的比例是多少，以及对那四个部分各自的信心区间？另外，关于Hess贡献的25亿美元，能否介绍一些关键假设？当然我们知道你们将在11月12日的投资者日为我们进一步详细解读。
Michael K. Wirth
Yes, Neil, thanks. In a word, our confidence level is high. I'm going to let Eimear walk you through each of the buckets.
好的，Neil，谢谢。简单来说，我们的信心水平很高。我会让Eimear带你逐一讲解这几个部分。
Eimear P. Bonner
Yes. So starting with the \$10 billion, if you look at the waterfall and the upstream catalyst starting with TCO, I mean TCO is ramped up. It's producing at full rates. And so we've derisked that production profile.
好的。先从这100亿美元说起，如果你看瀑布图和上游驱动因素，首先是TCO。TCO已经顺利爬坡，现在以满负荷生产。因此，我们已经去风险化了这部分产量曲线。
Next, we've got Permian. Mark talked about this significant milestone over the second quarter. So we've ramped up and are producing at those rates. That's derisked as well.
接下来是二叠纪盆地。Mark刚才提到第二季度实现的重要里程碑。我们已经实现产量爬坡，并维持在该水平，因此这部分也已去风险化。
Gulf of America, our 3 projects, our major capital project start-ups are behind us. Those assets are ramping up. So some additional ramp to go between this year and next year.
至于美国墨西哥湾，我们的三个重大资本项目已经投产，产能正在提升。今年和明年还会有进一步的产量爬坡。
And then the balance is really the cost reduction program. We're on track to deliver our capital program consistent with our budget and our \$2 billion to \$3 billion of cost reduction, that's on its way. We have made a lot of progress. We're anticipating that to show up more in the bottom line at the back end of the year and into the year. So all in all, the \$10 billion is derisked and on track.
剩余部分主要是成本削减计划。我们正按预算执行资本项目，并在推进20亿至30亿美元的成本削减。我们已经取得了显著进展，预计今年下半年及年末将在利润中体现出来。总的来说，这100亿美元已经去风险化，且进展顺利。
The incremental \$2.5 billion that we guided to this morning associated with Hess is coming from 2 places. First, the synergies. Mike talked about that. The synergies we are committed to delivering \$1 billion of run rate synergies by the end of the year. And then the balance is coming from production growth over the next couple of years with the fourth FPSO coming online this year and a fifth next year.
至于今天早上我们提到的与Hess相关的新增25亿美元，主要来自两个方面。第一是协同效应。Mike刚才谈到过，我们承诺将在今年年底前实现每年10亿美元的协同效应。第二是产量增长，未来两年将陆续体现。今年将有第四艘FPSO投产，明年将有第五艘上线。
So that's the rack-up of the \$12.5 billion. And in summary, a lot of these big milestones are behind us, and we're on track.
所以，这就是125亿美元的构成。总结来说，许多重大里程碑已经实现，我们正稳步推进。
石油公司自由现金流都在大幅度的增加，对比了CVX和XOM，假设10年前都买入1股，CVX2015年初的股价是70.39，XOM是58.06，然后各自计算10年累计的EPS，CVX是72.6美元/股，回报率=72.6 ÷ 70.39 ≈ 103%，XOM是53.4美元/股，回报率 = 53.4 ÷ 58.06 ≈ 92%，几乎是一样的，巴菲特认为CVX和OXY的主要资产在美国，就这么简单。
Operator
We'll take our next question from Devin McDermott with Morgan Stanley.
我们接下来请Morgan Stanley的Devin McDermott提问。
Devin J. McDermott
So Mark, I wanted to dive in, in a bit more detail the sum of the business reorganization. I appreciate the comments you gave in the prepared remarks and the slide on the new structure. I was wondering if you could contrast this new organizational structure versus what Chevron currently has. How did you arrive at the conclusion that these were the right adjustments to make? And I think the cost reduction improvements that come along with are pretty clear, but what are some of the other tangible benefits you're expecting areas like operational execution, major project delivery or turnaround efficiency?
那么Mark，我想更深入地探讨一下业务重组的问题。我很感谢你在准备发言中对新结构的评论以及演示文稿中的相关内容。我想知道你能否对比一下新的组织结构与Chevron当前的结构有何不同？你们是如何得出这些调整是正确举措的结论的？我认为随之而来的成本削减改善已经很清楚了，但在运营执行、重大项目交付或检修效率等方面，你们还期待实现哪些其他实质性的收益？
Mark A. Nelson
Yes. Devin, thanks for the question. To put the changes we're making in context, you'll recall that our portfolio certainly has more scale over time and more scale in specific asset groups or asset classes. And of course, technology continues to evolve. So with that backdrop and the fact that we come from a decentralized kind of operating model where we really get things done locally and have very strong relationships locally, we wanted to build on that to unlock incremental value. And maybe the safest way to think about it would be in 3 ways.
好的，Devin，谢谢你的问题。为了给这些变革提供一些背景，你会记得，我们的资产组合随着时间推移在整体规模上不断扩大，在特定资产组或资产类别上的规模也更大。同时，技术也在不断发展。在这样的背景下，结合我们过去较为分散的运营模式——即注重本地执行、依靠强有力的本地关系来完成工作——我们希望在此基础上释放更多附加价值。最安全的思路可以从三个方面来看。
First, we're gathering like businesses together. So the traditional phrase would be asset classes. But think of our deepwater well design. We've reduced cost in the Gulf of America by 30%, and now we're applying that same approach very quickly into the Angola, Nigeria and other deepwater locations around the operation. So it's an opportunity to accelerate the application of best practices.
第一，我们正在把相似的业务集中在一起。传统的说法是“资产类别”。举个例子，在深水井设计方面，我们已经在美国墨西哥湾将成本降低了30%，现在我们正快速把同样的方法应用到安哥拉、尼日利亚及其他深水地区。这是一个加速推广最佳实践的机会。
And then standardizing and grouping work to fully leverage scale and technology. I think of our digital twins and the ability to do turnaround planning in anywhere in the world for a facility that could be on the other side of the world and demonstrating world-class performance. We have multiple examples of that.
其次是标准化和分组作业，以充分发挥规模和技术的优势。比如我们的数字孪生技术，现在我们可以为全球任何地方的设施进行停工检修规划，即便该设施位于世界另一端，也能实现世界级的表现。我们在这方面已经有多个成功案例。
And then finally, although we are reducing our total number of headcount, the ability to enable our people to get things done in a simpler way is all part of this. And I expect to see more than just cost reductions, I expect to see performance improvement across the system.
最后，虽然我们正在减少总体员工数量，但让员工能够以更简单的方式完成工作同样是这一举措的重要部分。我期待看到的不仅仅是成本削减，更期待整个系统的业绩提升。
Operator
We'll take our next question from Steve Richardson with Evercore ISI.
我们接下来请Evercore ISI的Steve Richardson提问。
Stephen I. Richardson
I was wondering if we could zoom out a little bit. I appreciate the previous comments from Mark about the Permian, but I was wondering if we could talk about the broader tight oil portfolio now that you're in process on integrating Hess. And so how should we think about the Permian, DJ, Bakken as a whole, balancing growth and free cash generation and sort of the role of tight oil in the broader portfolio on a go-forward basis?
我想我们能不能把视角放宽一些。我很欣赏Mark之前关于二叠纪盆地的评论，但我想进一步探讨更广泛的致密油资产组合，尤其是你们正在整合Hess的过程中。那么我们该如何整体看待二叠纪、DJ、Bakken的组合，在增长与自由现金流之间如何平衡？以及致密油在未来整体投资组合中将扮演怎样的角色？
Michael K. Wirth
Yes, Steve, we really have a position that a few years ago, I'm not sure we could have imagined as we were ramping up in the Permian and at a few hundred thousand barrels a day. If you take the Permian at 1 million a day, the DJ at nearly 400 a day, the Bakken 200 a day, that's 1.6 million barrels a day, that's larger than a lot of companies. And now as we consolidate Hess' production, we're going to be pushing up close to 4 million barrels a day. So that's 40% of our production in shale and tight. So a substantial portion of our overall upstream.
是的，Steve，我们如今所处的位置几年前可能难以想象。当时我们在二叠纪盆地还处于爬坡阶段，仅有数十万桶/日的产量。而现在二叠纪日产100万桶，DJ盆地接近40万桶，Bakken日产20万桶，总计160万桶/日，这个规模已经超过了很多公司。而随着我们整合Hess的产量，我们的日产量将接近400万桶，其中40%来自页岩和致密油，这已占据了我们整体上游业务的相当大部分。
Certainly, one of the criticisms of operators in the shale over the years has been all the cash goes right back into growth and investors didn't see a lot of it. At 1.6 million barrels a day, if we can apply the capital efficiencies that Mark has described, operating efficiencies and drilling and completion efficiencies as well to hold production at a plateau for years and years and years, the amount of cash that, that can throw off for investment across the rest of the portfolio is very meaningful. And that cash also, of course, supports balance sheet strength, the dividend and the share repurchase.
长期以来，页岩油运营商的一大批评点是所有现金都重新投入到增长中，投资者并未真正受益。而在日产160万桶的规模下，如果我们能够如Mark所描述的那样，应用资本效率、运营效率以及钻完井效率，将产量在多年内保持在平台水平，那么由此产生的现金流将能为其他资产组合的投资提供非常有意义的支持。当然，这些现金还将用于增强资产负债表的稳健性、支付股息和进行股票回购。
And so we want to see a balanced portfolio with both short and long-cycle investments. For those of you that have been around for a while, remember a decade ago when we were overweight on long cycle, it was a long wait to see some of that production arrive. And so we intend to have a nice balanced mix within our portfolio across geographies, across asset classes, across segments of the business with a real focus on using that to deliver steady, predictable, reliable cash that a large portion of it will be returned to shareholders.
因此，我们希望保持投资组合的平衡，既有短周期也有长周期项目。对长期关注我们的人来说，可能还记得十年前我们在长周期项目上权重过高，需要等待很久才能看到产量兑现。所以我们现在打算在投资组合中保持良好的平衡，覆盖不同地域、不同资产类别和不同业务板块，真正的重点是借此带来稳定、可预测、可靠的现金流，并将其中大部分回报给股东。
So we're very pleased to have such a large shale portfolio. And at some point, growth is less the objective than free cash flow, and we're approaching that point.
因此，我们非常高兴拥有如此庞大的页岩资产组合。在某个阶段，增长将不再是主要目标，自由现金流才是重点，而我们正逐步接近这一阶段。
Operator
We'll take our next question from Doug Leggate with Wolfe Research.
我们接下来请Wolfe Research的Doug Leggate提问。
Douglas George Blyth Leggate
Mike, I still haven't got the whiskey, but I'm holding out hope. So congratulations again.
Mike，我的威士忌还没收到，不过我依然抱有希望。再次表示祝贺。
Michael K. Wirth
I'll hold out with you.
我会和你一起保持希望。
Douglas George Blyth Leggate
I will take it offline. I've got a very specific question, actually, as a follow-up to Steve's question on the Bakken. Hess was kind enough to report their U.S. business separate from international. And even with the synergies, the U.S. business under their reporting would still be free cash flow negative. And the reason for it, of course, is they pay out significant dividends or tariffs rather to HESM.
我有一个非常具体的问题，实际上是跟进Steve关于Bakken的提问。Hess在财报中将美国业务与国际业务分开披露。即便考虑到协同效应，他们披露的美国业务仍然是自由现金流为负的。而原因当然是他们向HESM支付了大量的分红或关税。
My question is that, is this a core business for Chevron? Because a few years ago, they talked about a 10-year inventory. Today, it's probably a 5-year inventory, but it is free cash flow negative. So in the context of what you're prioritizing, what is the role of the Bakken specifically in your portfolio?
我的问题是，Bakken对Chevron来说是否属于核心业务？几年前，他们曾提到有10年的储量库存，而如今大概只剩5年储量，但其现金流仍为负。在你们当前的优先事项背景下，Bakken在你们的资产组合中到底扮演怎样的角色？
Michael K. Wirth
Yes. I'll let Mark talk about that.
好的，我让Mark来回答这个问题。
Mark A. Nelson
Thanks for the question, Doug. Listen, stepping back, I would say we're excited to add the position in North Dakota to our shale and tight portfolio, as Mike mentioned. Our view is today, it generates solid cash flow when you look at the entity in total. And we've learned from our experience integrating Noble and PDC that you need to step back and look at both the talent and the assets that we're acquiring here. And we've come to know the Hess team very well. They do some things very well in the Bakken. And we've obviously got our own capabilities in unconventional. So we look forward to bringing those together. We haven't made any long-term development plans just yet, but we'll talk about that more in our Investor Day.
谢谢你的提问，Doug。整体来看，正如Mike提到的，我们很高兴能把北达科他州的资产加入到我们的页岩和致密油组合中。从整体实体的角度看，它今天是能带来稳健现金流的。通过整合Noble和PDC的经验，我们认识到必须同时看待所收购的人才和资产。我们对Hess团队非常了解，他们在Bakken做得很好。当然，我们自身在非常规油气领域也有很强的能力，我们期待将双方的优势结合起来。目前我们还没有制定长期的开发计划，但会在投资者日上进一步说明。
I think your comment is linked to Hess Midstream. And obviously, that is a bit of a unique financing structure. And my personal belief is that, that can be more efficient. It's different than some other midstream elements that we have divested of. It's different in its size and its structure and obviously, it's logistic linkage to the Bakken. We'll be value-driven in regard to how we handle that over time, and we can talk about that more in our Investor Day in November.
我认为你的问题与Hess Midstream有关。显然，那是一个比较特殊的融资结构。我个人认为它可以更高效。它与我们过去剥离的一些中游资产不同，在规模、结构以及与Bakken的物流联系方面都有差异。未来我们会以价值为导向来决定如何处理这一部分，并将在11月的投资者日活动中进一步讨论。
Operator
We'll take our next question from Jean Ann Salisbury with Bank of America.
我们接下来请Bank of America的Jean Ann Salisbury提问。
Jean Ann Salisbury
Can you just recap how things stand in Venezuela for you today? Are the production levels and contract structures basically as they were prior to all the movement there year-to-date?
能否请你概述一下目前你们在委内瑞拉的情况？产量水平和合同结构是否基本和今年以来发生变化之前一致？
Michael K. Wirth
Yes, Jean, and thanks. I'll just remind everybody, we've been operating in Venezuela for over 100 years and believe our presence has played an important role in regional energy security as well as maintaining American economic interest. Since our license changed in May, we've been engaged with the U.S. government working closely with the administration to ensure our compliance with our country's policies towards Venezuela. This month, it looks like there will be a limited amount of oil that will begin flowing to the U.S. from the Venezuela operations that we have an interest in consistent with U.S. sanctions policy. And crude from Venezuela is sought after and very valuable to U.S. Gulf refiners that are specifically built to process heavy grades like that. And so it serves as a reliable source of supply for the American economy.
好的，Jean，谢谢。我想提醒大家，我们在委内瑞拉已运营超过100年，我们相信自身的存在在区域能源安全和维护美国经济利益方面发挥了重要作用。自从5月份我们的许可发生变化以来，我们一直与美国政府保持接触，与政府部门密切合作，以确保遵守美国对委内瑞拉的政策。本月，我们所持有权益的委内瑞拉业务预计将有少量原油开始流向美国，这与美国的制裁政策相符。而来自委内瑞拉的原油在美国墨西哥湾沿岸炼厂中需求旺盛、价值很高，因为这些炼厂是专门为加工这种重质原油而建的。因此，它为美国经济提供了可靠的供应来源。
We don't expect the flows from Venezuela will have a material impact on our results here in the third quarter, although it will at the margin help satisfy some of the debt we're owed. And over time, we hope to continue recovering that.
我们并不认为来自委内瑞拉的原油供应会对第三季度的业绩产生重大影响，但在一定程度上它将有助于偿还我们应收的一部分债务。随着时间推移，我们希望能继续收回更多。
And I'll just end by saying as in all countries where we have a presence, we'll continue to operate in accordance with all applicable laws and regulations in any U.S. sanctions regime or policies, and that includes Venezuela.
最后我想强调，就像在所有我们有业务存在的国家一样，我们将继续遵守所有适用的法律法规以及美国的任何制裁政策，包括在委内瑞拉的业务。
Operator
We'll go next to Ryan Todd with Piper Sandler.
我们接下来请Piper Sandler的Ryan Todd提问。
Ryan M. Todd
Congratulations on a strong quarter. And in particular, strong operational performance right now. I think if you look at across the portfolio with the timing and the ramps, successful ramps on multiple projects from the Gulf of Mexico, Permian hitting the 1 million barrel a day target, an impressive ramp at Tengiz and even Australian LNG, which hasn't always been the greatest operations operating at 7% above nameplate right now.
祝贺你们取得了一个强劲的季度业绩，尤其是在当前展现出卓越的运营表现。如果纵观整个资产组合，从时间节点和产能爬坡来看，无论是墨西哥湾多个项目的成功投产，二叠纪盆地实现日产100万桶的目标，Tengiz的令人印象深刻的产量提升，甚至澳大利亚LNG也保持在高于铭牌产能7%的运行水平（尽管其过去运营表现并非一直最佳），这些都非常突出。
So what has worked well of late as you look across the operational portfolio? And how do you continue to build on that momentum going forward?
那么在你们看来，近期整个运营组合中有哪些做得特别好的地方？未来你们将如何继续保持并强化这种势头？
Mark A. Nelson
Ryan, thanks for the acknowledgment. That's all that improvement you described on the backs of a lot of people across our portfolio. So thank you for that. I would step back on 2 things. I would say operational efficiency when it comes to production and turnaround management are 2 areas that have driven a lot of our improvement over time. So you'll note that in our downstream portfolio, our refinery throughput hit a new record, which was mentioned in the formal remarks. That was driven by the start-up of a light tight oil project in Pasadena that quickly ramped up to nameplate capacity. It was also linked to some very, very successful turnarounds. In fact, 14 of our last 16 turnarounds on our major assets, both in the refining sector and in our LNG facilities, 14 out of 16 have been top-quartile performance in regard to duration.
Ryan，谢谢你的肯定。你刚才提到的这些改善，离不开我们整个资产组合中无数员工的努力，所以非常感谢。我想从两个方面来回答：一是生产方面的运营效率，二是检修管理，这两方面推动了我们持续的改善。比如，在下游业务中，我们的炼油厂吞吐量创下新纪录，这在正式发言中已提到。这一成绩得益于我们在Pasadena的轻质致密油项目快速投产并迅速达到铭牌产能，也与一些非常成功的检修工作密切相关。事实上，在我们主要资产（炼油和LNG设施）的最近16次大修中，有14次在持续时间上实现了行业前四分位的表现。
So the team is doing a really good job of driving our turnaround performance to kind of competitive leading benchmark activity.
因此，我们的团队在检修绩效方面做得非常出色，达到了行业领先的标杆水平。
And then the final thing would just be efficiency on all of our base assets. So in the Gulf of America, our base assets continue to perform well as we leverage previous investments. In fact, our production efficiency for the whole portfolio is up 1% to 2% year-to- date. So we'll continue pressing forward, and you should expect more of the same.
最后一点是我们在所有基础资产上的效率。在美国墨西哥湾，我们的基础资产表现依旧强劲，得益于此前的投资。事实上，我们整个资产组合的生产效率在今年迄今提升了1%至2%。我们将继续向前推进，大家也可以期待未来保持同样的趋势。
Operator
We'll go next to Paul Cheng with Scotiabank.
我们接下来请Scotiabank的Paul Cheng提问。
Yim Chuen Cheng
Mark and Mike, if we look at today, as you say, I mean, that \[Post] has about 40% of your production from the U.S. shale, and they have a different risk profile and everything. So I'm trying to understand that how important going forward the exploration fit into your overall portfolio? I think that many years ago that we would say, oh, exploration, you want to be targeting that organically replace 100% of your resource than your production. But with 40% of your production base is on there, what is the right target going forward for you guys?
Mark、Mike，如今你们约40%的产量来自美国页岩，这些资产有着不同的风险特征等等。我想了解未来勘探在你们整体投资组合中有多重要？过去很多年里，人们常说勘探需要实现资源100%的有机替代以匹配产量。但在你们如今40%的产量基础来自页岩的情况下，未来对你们而言正确的目标是什么？
And do you think that you have the right program because, frankly, that the last several years that exploration program from you may not have yield the result that you may want. So I want to see that do you happy with the result? And if not, what changes that you think you need to make over there?
另外，你们是否认为目前的勘探计划合理？坦率地说，过去几年你们的勘探项目可能并没有带来理想的成果。我想知道你们对结果是否满意？如果不满意，你们认为需要做出哪些调整？
Michael K. Wirth
Yes, Paul, thanks for that. I'm not happy with the results out of exploration over the last few years. But I want to acknowledge our exploration team has been operating in a pretty narrow range. We've reduced our investment for the reasons you point out. We're seeing big resource and reserve adds from our shale business for many years. And we were really serious about capital discipline. And so as we're ramping up the spending on that, we pulled back and focused into a pretty narrow range of activities.
好的，Paul，谢谢你的提问。我对过去几年勘探的成果并不满意。但我想指出，我们的勘探团队一直在相对狭窄的范围内运作。正如你提到的原因，我们减少了勘探投资。因为多年来，我们从页岩业务中获得了大量资源和储量补充。同时，我们对资本纪律非常严格，因此在提升其他投资支出时，我们收缩了勘探范围，并聚焦于有限的活动。
As we move towards a plateau and as earlier, I talked about the need for a balanced and diversified portfolio, exploration needs to play an important role, and we are making some changes to our program and our approach.
随着我们逐步进入产量平台期，正如我之前提到的，我们需要一个均衡且多元化的投资组合，勘探必须发挥重要作用。我们正在对勘探计划和方式进行一些调整。
And I'll let Mark give you some highlights on that.
我会让Mark介绍一些重点。
Mark A. Nelson
Yes. Thanks, Mike. And Paul, thanks for the question. Exploration will continue to play an important part in building our future portfolio. I think in the past, Paul, we've talked about ensuring that we have a balanced portfolio for exploration. That means mature areas near existing infrastructure and early entry high-impact frontier areas. So one is about replenishing resources for investments we've already made and the other would be resources for the future. That philosophy hasn't changed. We've just opened the aperture a bit to lean in a bit more. And I think you have seen us have success in our infrastructure-enabled exploration here over the last few years, thinking about the Gulf of America, Nigeria, The Partitioned Zone and Angola.
好的，谢谢Mike。Paul，谢谢你的问题。勘探在构建我们未来的投资组合中仍将发挥重要作用。过去我们一直强调要保持勘探的均衡组合：一方面是在现有基础设施附近的成熟区域勘探，以补充已有投资的资源；另一方面是在高潜力的前沿地区早期进入，以获取未来的资源。这一理念没有改变，只是我们稍微扩大了范围，更积极投入。我想你已经看到，我们在过去几年里在“基础设施支持型”勘探方面取得了一些成功，例如美国墨西哥湾、尼日利亚、分区区域以及安哥拉。
And then we've been restocking the cupboard, if you will, when it comes to frontier acreage. We've added over 20% -- we've increased our portfolio by over 20% as you look over the last couple of years. And as you look towards the end of this year, you'll see us put down wells in the Suriname, Namibia and Egypt in those frontier type of offerings.
此外，在前沿区块方面，我们也在“补充库存”。过去几年里，我们的勘探组合增加了20%以上。展望今年年底，你会看到我们在苏里南、纳米比亚和埃及等前沿区块钻探井位。
And so when you think about that, applying more attention to it as well as us making some operational changes where we've streamlined our exploration organization and have brought in the talent of the Hess team as well as some others, I think you'll start to see us build on the positive momentum that we have on our infrastructure fines. Thanks, Paul.
因此，从整体上看，我们正在加大关注力度，同时进行运营调整，比如精简勘探组织，并引入Hess团队及其他的一些人才。我认为未来大家将看到我们在“基础设施型”发现的积极势头上继续发力。谢谢你，Paul。
Michael K. Wirth
And it will be an area -- Paul, maybe just to tack on one other thing. Mark talked earlier about some of the more centralized decision-making and execution. That's another thing as we -- we'll bring some of that decision-making into a tighter group with an enterprise focus.
还有一点——Paul，我再补充一句。Mark刚才提到更加集中的决策和执行，这也是我们正在推进的方向。我们将把部分勘探决策收归到一个更紧密、更具企业整体视角的团队中。
Operator
We'll take our next question from Arun Jayaram with JPMorgan.
我们接下来请JPMorgan的Arun Jayaram提问。
Arun Jayaram
I was wondering if we get a brief update on your Eastern Med gas strategy and thoughts on potentially upgrading or doing expansion project at Leviathan as well as where Aphrodite sits in terms of your thoughts.
能否请你简要更新一下你们在东地中海的天然气战略？另外，关于Leviathan潜在的升级或扩建项目，以及Aphrodite项目目前在你们整体考量中的位置，能否谈谈你们的看法？
Mark A. Nelson
Yes. Thanks, Arun, for the question. Given all that's been going on in Eastern Mediterranean, our focus has been on keeping our people safe and maintaining energy supply to the region that so desperately needs it.
好的，谢谢你的提问，Arun。鉴于东地中海近期发生的一切，我们的重点一直是确保员工安全，同时维持对该地区迫切需要的能源供应。
The teams have done really good work on Tamar and Leviathan to keep our growth projects there moving. And so we do expect those to come online late this year, early next year. And you'll recall that those 2 projects essentially increase our production capacity by about 25% over the next couple of years. And we see more growth potential in the region in general. Cyprus is part of that equation, our Aphrodite project that -- where we're doing front-end engineering today. We've made good progress with our -- with the government there, and we've got approved plans to push ourselves towards FID.
我们的团队在Tamar和Leviathan项目上做得非常出色，推动了那里的增长项目顺利进展。因此，我们预计这些项目将在今年年底或明年年初投产。你可能还记得，这两个项目在未来几年内将使我们的产能增加大约25%。整体而言，我们认为该地区仍有更多的增长潜力。塞浦路斯也是其中的一部分，即我们的Aphrodite项目，目前正在进行前端工程设计。我们与当地政府的合作已取得良好进展，并获得了批准计划，推动我们朝着最终投资决定（FID）迈进。
The initial development in Cyprus was for an FTU and I think we'll build something that leverages the Egypt market as well over time as maybe the regional market. So more to come in regard to FID, but we'll make sure we have competitive returns before we proceed on the Aphrodite project.
塞浦路斯的初步开发方案是一个浮式终端（FTU），我认为我们未来会建设一些能够利用埃及市场乃至区域市场的设施。因此，关于最终投资决定（FID），后续会有更多信息，但在推进Aphrodite项目之前，我们一定会确保获得有竞争力的回报。
Operator
We'll take our next question from Josh Silverstein with UBS.
我们接下来请UBS的Josh Silverstein提问。
Joshua Ian Silverstein
You highlighted the strong operational performance at TCO and it's producing 18% above nameplate. Is this just at FGP or the whole project? And maybe if you can give us kind of the forward outlook here. Is it kind of sustainable at this level? And any sort of other debottlenecking opportunities?
你们强调了TCO的强劲运营表现，目前产量比nameplate产能高出18%。请问这是仅针对FGP，还是整个项目？另外，能否谈谈未来展望？这种水平是否可持续？还有没有进一步“去瓶颈”的机会？
Mark A. Nelson
Yes, Josh, thank you. We are very pleased with the performance of our whole Tengiz operation there. The team has worked hard. I think the -- starting all the way back to the 30 days ramp-up of FGP to nameplate, the team just has built on that momentum.
好的，Josh，谢谢你的问题。我们对整个Tengiz运营的表现非常满意。团队付出了巨大努力。从FGP仅用30天就爬坡至nameplate产能开始，团队就一直在延续这一势头。
And maybe the thing that excites me the most, and it gets to maybe your question is the integrated operation control center that was a part of our future growth project investment allows both the previous investments all the way back to our first-generation investments to the recent projects that were commissioned and started up. It allows that whole system to be optimized. So wells, plants, everything. And I think we're just scratching the surface as to what potential that has over time.
最令我振奋的，也与您的问题相关，是我们的未来增长项目（FGP）中建设的综合运营控制中心。它使我们能够把最早的第一代投资和近期投产的项目全部整合在一起，实现整个系统的优化——包括油井、工厂等一切。我认为这只是刚刚开始，未来潜力仍非常巨大。
When I talked in my prepared remarks about the performance being above nameplate, that's obviously the first and second-generation projects, which are, as you described, 18% above nameplate. We see the same type of opportunities as we now look at the whole integrated system. And in the fourth quarter, we're planning a pit stop for maintenance activities that allows us maybe to continue to improve our operations there and build on the positive momentum we have.
在我准备发言中提到的超nameplate表现，主要是第一代和第二代项目，正如你所说，高出nameplate产能18%。随着我们将整个系统进行整合，我们看到了同样的优化机会。第四季度我们计划一次维护停工，这将使我们有机会继续改进运营，并在现有积极势头的基础上再进一步。
Operator
We'll go next to Betty Jiang with Barclays.
我们接下来请Barclays的Betty Jiang提问。
Wei Jiang
Actually, I want to ask about the affiliates distribution, and that actually ties to the TCO outperformance as well. Second quarter really stood out from how strong the cash flow generation was. And the part of that is the affiliates distribution much higher, highlighting the outperformance in TCO. Just wondering how you see that evolving, especially with the performance you're seeing at the asset? Could we see some upside to that distribution number for '25 and '26?
我想问一下关于联营公司的分红，这实际上也与TCO的超预期表现有关。第二季度的现金流生成表现非常突出，其中一部分是由于联营公司分红大幅增加，凸显了TCO的优异表现。请问你们如何看待未来这一趋势？特别是在TCO资产表现良好的情况下，我们是否可能在2025年和2026年看到分红进一步上升？
Eimear P. Bonner
Betty, it's Eimear here. I'll take that one. Yes, to Mark's earlier point, the ramp-up on TCO went really well in the first quarter, much faster than anticipated. And so over the second quarter, we had higher production for sustained for the entire quarter, coupled with the prices that we saw, I mean, at the beginning of the quarter, prices were lower when we gave the guidance. I think they were in the low 60s, and we saw higher prices during the quarter. So the combination of both higher prices and higher production is the result of that is the higher distributions that you saw in the second quarter.
Betty，我来回答。正如Mark之前提到的，TCO在第一季度的产量爬坡表现非常好，速度远快于预期。因此，在第二季度，我们保持了整个季度较高的产量，同时油价也比我们最初给出指引时更高。当时油价在60美元出头，而季度中实际油价更高。更高的产量叠加更高的价格，带来了你所看到的第二季度分红的大幅提升。
Going forward, what I'd point out is in the third quarter, we'll see the first loan repayment, and we'll see that coming through in our adjusted free cash flow metric that now includes distributions from equity affiliates. So that's what you can expect to see in addition to the guidance around affiliate distributions that we've shared today.
展望未来，我要指出的是，第三季度我们将迎来首次贷款偿还，这将在我们调整后的自由现金流指标中体现出来，而该指标现在包括来自联营公司的分红。因此，除了我们今天已经分享的关于联营公司分红的指引外，你们可以预期在数据中看到这一额外影响。
Operator
We'll go next to Lucas Herrmann with BNP Paribas.
我们接下来请BNP Paribas的Lucas Herrmann提问。
Lucas Oliver Herrmann
Eimear, sorry, just going back to the last question before I come on to what I wanted to ask you. Just to be clear, the \$1 billion of loan repayments you're saying will go through CFFO, i.e. will be included in the affiliates line?
Eimear，不好意思，我想回到上一个问题再确认一下。你刚才提到的那10亿美元贷款偿还，是不是会计入经营活动现金流（CFFO），也就是体现在联营公司分红这一项中？
Eimear P. Bonner
No. Lucas, it goes through distributions more or less equity affiliates -- is what the operational distributions go through. The loan repayment goes through cash from investing. But in the adjusted free cash flow metric that we shared today, we will be combining both of those. So they're flowing through different parts of the cash flow statement, but the combination will be in the adjusted free cash flow.
不是的，Lucas。运营分红会体现在联营公司分红一项中，而贷款偿还则会计入投资活动现金流。在我们今天分享的调整后自由现金流指标中，这两部分会合并计算。所以在现金流量表中它们分别体现，但合计后会体现在调整后的自由现金流中。
Operator
We'll take our next question from Nitin Kumar with Mizuho.
我们接下来请Mizuho的Nitin Kumar提问。
Nitin Kumar
Maybe I'll take advantage of Mark being on the call. You talked about EURs in the Gulf of America being 9% above what you expected. Could you maybe talk a little bit about what you're seeing there? Is it reservoir? Is it operations? And how does that change the view of the Gulf of America within your portfolio in terms of investment?
既然Mark在电话会上，我想请教一下。你们提到美国墨西哥湾的可采储量（EURs）比预期高出9%。能否多谈谈这背后的原因？这是储层因素还是运营因素？另外，这会如何改变你们在投资组合中对美国墨西哥湾的看法？
Mark A. Nelson
Yes. Thank you for the question. We're actually very pleased with our performance in Gulf of America. The strong performance will take that 300,000 barrels a day that we've talked about in 2026 and likely put that through the remainder of the decade. And it's really a combination of 2 things. It's the ramp-up of our Anchor, Whale and Ballymore investments, and it's the performance and full leverage of our base assets.
好的，谢谢你的提问。我们对美国墨西哥湾的表现非常满意。这一强劲表现意味着我们此前预计到2026年达到的日均30万桶产量，很可能会延续到本十年余下的时间。这主要得益于两个方面：其一是Anchor、Whale和Ballymore投资项目的产能爬坡；其二是基础资产的良好运作和充分利用。
So I'll focus on that. We've been in the Gulf of America for nearly 100 years. And the improved recovery that you're seeing from our base assets is really from stage developments, either waterflood, subsea multiphase pumping and/or well stimulation programs. And I'll use Tahiti as an example, the Tahiti project has actually reached its nameplate capacity twice in its history over 4 different stage developments. And then Jack/St. Malo has had 6 development over its period of existence.
让我重点谈一下基础资产。我们在美国墨西哥湾已深耕近100年。基础资产产量回收率的提升主要来自阶段性开发，包括注水开发、海底多相泵送以及井刺激等方案。以Tahiti为例，该项目在其历史上经过4个不同的阶段开发，两次达到nameplate产能。而Jack/St. Malo项目自投产以来也经历了6轮开发。
And so the reality here is we're committed to fully leveraging our base assets to take them as far as we can be. And with the addition of Hess, we become the largest leaseholder, as Mike mentioned in his comments in the Gulf of America. And 80% of those leases are adjacent to or within distance of tieback range for further investments over time. So we have an opportunity to have a continued high cash flow generating operation in the Gulf of America going forward.
因此，事实是我们致力于充分发挥基础资产的潜力，把它们推到最大化的程度。随着Hess的加入，正如Mike先前提到的，我们已成为美国墨西哥湾最大的租赁权持有者。其中80%的租赁区块毗邻或处于潜在的联通范围内，未来可进一步追加投资。因此，我们在墨西哥湾将有机会持续开展高现金流创造型运营。
Michael K. Wirth
Nitin, I think what Mark just described, you can expect projects like Anchor, Ballymore, Whale all to have this type of follow-on development and those fields are likely to yield a very similar story to what Mark just described.
Nitin，我认为Mark刚才描述的情况同样适用于Anchor、Ballymore和Whale等项目。这些油田未来也很可能出现类似的发展故事。
Operator
We'll take a question from Lucas Herrmann with BNP Paribas.
我们接下来请BNP Paribas的Lucas Herrmann提问。
Lucas Oliver Herrmann
Sorry, I've got a couple, but let's just start on this. LNG, I mean, one of the things that you've highlighted in your summary slide this morning is that you've increased your LNG offtake capacity to 7 million tonnes per annum. And a lot of that comes on stream quite late this decade. So really, the question is simply the approach of strategy because what I haven't seen from yourselves is placing that, should we say, with end markets.
抱歉，我有几个问题，但先从这个开始。关于LNG，你们今天早上的总结幻灯片中提到，你们的LNG承购能力提升到了每年700万吨。而其中很多产能将在本十年后期才会投产。那么问题在于你们的战略路径，因为我还没有看到你们是否已与终端市场签订配售协议。
So it's a question around how much risk you're willing to take on and the extent to which the 7 million that is going to be flowing into the portfolio will largely be used. How do you see balancing it? How much will end up being long-term placing back to back? How much of it do you want the flexibility to play more short term?
所以问题是，你们愿意承担多少风险？以及这700万吨的产量在未来进入组合后将如何消化？你们如何平衡？其中多少会通过长期合同锁定，多少会保留灵活性在短期市场中操作？
Michael K. Wirth
Yes. Look, we've executed some offtake agreements that you might not be aware of. And so we're actually placing some of that volume out there, but there's more to be done.
是的。实际上，我们已经签订了一些承购协议，可能你们还不清楚。因此，我们确实已经为部分产量找到了去向，但还有更多工作要做。
I'm going to let Mark talk to you a little bit about how we think about a larger LNG system and optimizing that.
我请Mark来进一步介绍我们如何看待更大的LNG体系及其优化。
Mark A. Nelson
Yes, Lucas, I think in the past when we've talked about this, we've talked about us kind of building a globally connected LNG portfolio. And remember, we're generating, what, 2.7 BCF of gas out of the United States and these offtake arrangements that we've built up out of the U.S. Gulf Coast. I think it's up to now about 7 metric tons per year. It allows us to expose ourselves to multiple margin sets over time.
是的，Lucas，我想在过去我们已经谈到过，我们正在打造一个全球互联的LNG投资组合。请记住，我们目前在美国的天然气产量大约为每天27亿立方英尺，而我们在美国墨西哥湾沿岸建立的这些承购安排，如今已经累积到每年约700万吨。这使我们能够在未来接触到多个不同的利润区间。
So this is a balanced offering when you think of our winning positions in -- of gas generation in Australia and the U.S. Gulf Coast, in particular, allows us to serve the global system and move product to where the margin best suits us over time. So I appreciate the question.
因此，这其实是一个平衡的布局。我们在澳大利亚和美国墨西哥湾的天然气生产处于优势地位，这使我们能够服务于全球体系，并将产品输送到利润最优的市场。感谢你的提问。
Operator
We'll go next to Jason Gabelman with TD Cowen.
我们接下来请TD Cowen的Jason Gabelman提问。
Jason Daniel Gabelman
I wanted to ask about capital distribution and specifically as it relates to the guidance that you provided when the Hess deal was announced, and this was discussed on the sell-side call, but I'm still a little confused on the buyback outlook for next year. Should we expect a step-up from the current rate by that \$2.5 billion that you guided to when the Hess deal was announced? Or is this kind of the rate we should expect in 2026?
我想问一下关于资本分配的问题，特别是与Hess交易宣布时你们所提供的指引相关。当时在卖方电话会上也讨论过，但我对明年的回购前景仍有些困惑。我们是否应该预期回购规模会比当前水平提高25亿美元，就像你们在宣布Hess交易时所指引的那样？还是说这个规模就是我们在2026年应当预期的水平？
Michael K. Wirth
Jason, that was a long time ago. And at the time, we anticipated a prompt approval and closure of the transaction and we intended to retire shares on an accelerated basis to reduce the outstanding shares.
Jason，那已经是很久以前的事情了。当时我们预期该交易会迅速获批并完成，并计划以加速的方式回购股份，从而减少流通股数量。
In the interim, we've been delayed through the actions of others. And we've now actually purchased more than 50% of the shares that would have been issued for the transaction. We bought them during the interim period and effect accomplished the increased buyback was intended to do. We bought 5% of Hess' outstanding shares at about \$10 a share lower average price than what we closed the transaction at. So we were able to affect a little bit of a different strategy to retiring those shares than we had envisioned originally. We also were in a bit of a stronger commodity price environment at that time, and we outlined a range.
然而在此期间，由于外部因素，我们经历了延迟。而目前我们实际上已经回购了超过50%本应因该交易而发行的股票。这些回购发生在过渡期内，实际上也完成了原本增加回购的意图。我们以平均比最终成交价低约10美元/股的价格回购了Hess 5%的流通股。因此，我们采用了一种与最初设想略有不同的方式来注销这些股份。当时的大宗商品价格环境也更强劲，我们因此给出了一个范围。
And so I think what I'd point you to is our Investor Day in November, where we will have had a chance to bring together all the information now as we've integrated Hess. And as part of that, of course, we'll review our forward outlook and guidance for share repurchases. And we'll update you on that at that point in time.
所以我认为可以把重点放在我们11月的投资者日上。届时，在完成对Hess的整合后，我们将有机会汇总所有信息。当然，作为其中的一部分，我们会重新审视未来的展望和回购指引，并在那时为大家提供最新的更新。
Operator
We'll take our next question from Phil Jungwirth.
我们接下来请Phil Jungwirth提问。
Phillip J. Jungwirth
On Kazakhstan, the country has announced significant petrochemical investment and capacity growth plans through the decade. So more broadly, can you talk about the importance of domestic oil and gas production to contributing to these or other power ambitions? And how untapped is the gas resource at Tengiz?
关于哈萨克斯坦，该国宣布了在本十年内进行重大石化投资和产能扩张的计划。那么更广泛地说，你能否谈谈国内油气生产在支持这些计划或其他能源目标中的重要性？此外，Tengiz的天然气资源开发程度如何？
Michael K. Wirth
Yes. The Republic of Kazakhstan has been looking to diversify their economy and to broaden out the ways they can utilize their energy wealth and abundance to participate in other parts of the value chain. Refining, petrochemicals, gas, all I think are of interest to them. We engage in discussions with the Republic and with our partner -- the state -- multiple state companies, actually, in the different segments there.
好的。哈萨克斯坦共和国一直在寻求多元化经济，并拓展利用其丰富能源财富的方式，以参与价值链的其他环节。炼油、石化和天然气，我认为对他们来说都很重要。我们与哈萨克斯坦政府以及多家国有公司在这些不同领域保持对话。
And so I do think you're likely to see a continued appetite for further investment on the part of the Republic. There's a lot of gas that's associated with our field and other fields. We reinject a large portion of that gas today. And the other reality that the Republic deals with is some of the gas production volumes are not necessarily where the gas consumers are. And so they will tend to maybe sell the gas into the market or to their neighbor, Russia and then buy back in another location. And so investment in domestic infrastructure to better connect production and markets, I think, is another thing that is likely to happen over time.
因此，我认为未来哈萨克斯坦政府很可能会继续寻求进一步的投资。我们油田及其他油田都伴生了大量天然气。今天我们会将其中相当大一部分重新注入。而另一个现实是，部分天然气产量并不一定位于消费者所在的地区。因此，他们往往会把天然气卖到市场或邻国俄罗斯，然后在另一处再回购。因此，在国内投资建设基础设施以更好地连接产区与市场，我认为也是未来可能发生的事情。
And so we try to be a good partner. We try to work closely to help evaluate these kinds of opportunities. We haven't participated in a petrochemical plant there, for instance, although our affiliate, Chevron Phillips Chemical has taken a look at that in the past. And I think you'll continue to see us look to help the Republic achieve their economic and energy diversification goals.
因此，我们努力成为一个好的合作伙伴，积极协助评估这类机会。比如我们自己没有参与当地的石化工厂项目，但我们的子公司Chevron Phillips Chemical过去曾考虑过。我认为大家未来会继续看到我们支持哈萨克斯坦实现其经济和能源多元化目标。
Operator
We'll take our final question from Geoff Jay with Daniel Energy Partners.
我们接下来请Daniel Energy Partners的Geoff Jay提出最后一个问题。
Geoff Jay
It just seems to me that Chevron is kind of at the precipice of a multiyear, I guess, step change down in the capital intensity to feed the beast in the upstream side even before Hess with tight oil hitting plateau levels and spend for several low-decline long-cycle projects kind of in the rearview mirror. It seems to me the Hess deal kind of makes that even better. And I'm just curious, how do you think about Chevron's overall reinvestment in decline rates over the next few years as a result of the deal closing?
在我看来，Chevron似乎正处在一个多年的转折点，即上游业务的资本强度将出现逐步下降。即便不考虑Hess的并入，随着致密油达到平台期，以及多个低递减长周期项目的支出逐步过去，资本开支需求已经在回落。而Hess交易似乎让情况更为有利。所以我想问，你们如何看待在交易完成后，未来几年Chevron整体的再投资和产量递减率问题？
Michael K. Wirth
Yes. Thanks, Geoff. You're right. We're -- I might say we're on the precipice of a wide expansion in free cash flow rather than a sharp decline in CapEx. We've got a business that a couple of years ago was 2.9 million barrels a day in the upstream. We're going to end this year close to 4 million barrels a day. So a larger system does require a certain amount of capital to keep it running.
好的，谢谢你，Geoff。你说得没错。我会说，我们正处在自由现金流大幅扩张的前夜，而不是资本支出大幅下降。几年前，我们的上游产量约为每日290万桶，而到今年年底将接近每日400万桶。更大的体系自然需要一定的资本来维持运转。
But you've characterized the approach to shale well, which I touched on earlier. We've got a portfolio that's deep with opportunities around the world. It's a mix of near-term growth and longer-dated resource options. We intend to be active in exploration, as Mark said, in the Gulf of America, West Africa, Egypt, Suriname, Namibia, other places. We've got projects like the Eastern Med opportunity that we talked about. We're investing in petrochemical projects in both the U.S. and the Middle East.
不过，你对页岩油的描述是准确的，我之前也提到过。我们的投资组合在全球范围内有着丰富的机会，既包含短期增长项目，也包含长期资源选择。正如Mark所说，我们计划在美国墨西哥湾、西非、埃及、苏里南、纳米比亚等地积极开展勘探。此外，我们还有东地中海项目等机会，并且正在美国和中东投资石化项目。
And so I think from a capital standpoint, what you should expect, CapEx will step up a little bit with Hess because the Guyana development and the Bakken are both going to require capital to support them. But overall, our MO or our reputation for capital discipline will remain. And so I think you can expect us to challenge ourselves to only invest in the best opportunities to divest assets out of the portfolio that don't compete for capital in a tight capital environment and might fit better for others and really be focused on delivering strong returns and free cash flow to support distributions to shareholders across a really advantaged portfolio, which, of course, we will continue to look for opportunities to make even stronger.
因此，从资本角度看，你们可以预期，由于Hess的并入，资本支出会小幅上升，因为圭亚那开发和Bakken都需要资本支持。但整体上，我们的资本纪律——我们的核心声誉——仍会保持。所以你们可以期待我们严格筛选，只投资于最优机会，并将那些在资本紧缩环境下无法竞争、但可能更适合其他运营者的资产剥离出去。我们的重点将是持续带来强劲回报和自由现金流，用于支持股东分红和回购。而且，我们将继续寻找机会，使这个极具优势的投资组合更加强大。
Thank you for that question. And before -- I don't know if you're going to sign us off, Jake or our operator will. But I just -- I want to thank everybody for your questions and interest today and remind you that, as Jake noted upfront, we will have another Investor Day. It's been a while. But on November 12 in New York City, back at the St. Regis, for those of you that have been with us for a while, we will be holding our Investor Day, and we look forward to sharing with you how we view our new and stronger portfolio, our differentiated portfolio, to reiterate the consistency in our strategy and our fundamental commitment to capital discipline and superior shareholder returns and how we intend to continue to deliver growth and shareholder value into the future.
谢谢你的问题。在结束前——我不确定是Jake还是主持人来收尾——我想感谢大家今天的提问和关注，并提醒各位，正如Jake在开场时提到的，我们将在11月12日于纽约St. Regis举行下一次投资者日。届时我们将与大家分享我们如何看待新的、更强大的投资组合，一个差异化的投资组合，重申我们战略的一贯性以及我们对资本纪律和卓越股东回报的基本承诺，并介绍我们未来如何持续实现增长和股东价值。
So I guess we'll have one more of these calls before we see you at Investor Day, but mark that on your calendar, and I look forward to seeing everybody in person.
所以在投资者日之前，我们还会有一次这样的电话会议。请大家记下日期，我期待能与各位当面见面。
Jake Robert Spiering
We appreciate your interest in Chevron and your participation on today's call. Please stay safe and healthy. Katie, back to you.
感谢大家对Chevron的关注和今天的参与。祝大家安全健康。Katie，请你来结束。
Operator
Thank you. This concludes Chevron's Second Quarter 2025 Earnings Conference Call. You may now disconnect.
谢谢大家。至此，Chevron 2025年第二季度财报电话会议结束。您现在可以挂线。