Hey, good afternoon. Thanks for taking my questions. I wanted to start on the CapEx and OpEx reductions for this year. It seems like a mix of efficiency gains and then some shuffling around of timelines. You did a good job describing the Permian rate cuts, but you talked a little bit more about the other buckets, infrastructure, Gulf of America, and then OpEx, I think, is in reference. And as part of that, are there any impacts on 2026 production or capital from these changes that we should be thinking about?

管理層表示，Permian地區的兩台鑽機裁減屬於年度計畫的加速，並未影響總產量；其他業務如中游基礎設施和墨西哥灣資本項目則透過優化設計和時程，預計不會對2026年產量或資本支出造成實質影響，且相關效率改善可持續至未來年度。

And then sticking with free cash flow and capital, I like the updated guidance on the free cash flow inflection over the next few years. I was hoping you could break it apart a little bit further and talk about how much of that is coming from the incremental operating cash flow versus reductions in capital spending. Just trying to think through the evolution of oil and gas capital in both chemicals and low carbon embedded in those numbers.

管理層指出，未來幾年自由現金流增量約1,000 百萬美元，其中約160 百萬來自Gulf of America項目投產後新增經營現金流，約400 百萬來自中游運輸合約到期後價位重置，250 百萬來自Stratos低碳專案支出回落，以及135 百萬來自利息支出減少。

Vicky, I wanted to come back on my first question on one of the questions that you asked me. I think it's a good question. 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. 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, WES might make it onto that list.

Vicki回應說，公司會優先償還2026年到期債務，並在可能情況下提早加速去槓桿；短期內不計畫大幅增加現金留存，但在2026年到期債務清償後，才考慮以處置非核心資產來進一步優化資本結構，未排除中游或其他業務的選項。

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 Sinead 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 Meisner, for example, or do you envisage the absolute level of spending moving to a lower normalized level once these major projects are done?

管理層表示，2026年及以後年度的資本支出預計將明顯低於當前水平，不會以同等規模的新項目完全替換現有專案結束後的投入，而是更聚焦於高回報、短周期項目。

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.

Vicki回應，公司將依價值基準決定處置標的，不排除Permian短周期資產出售，亦會評估長周期項目。本質上以達成最佳股東回報為依歸，視同時市場需求和估值機會。

And maybe just to follow up, shifting gears is you highlighted some new value enhancement opportunities in Oman, as maybe you could kind of unpack kind of the opportunities that in block 53 and your North Oman discovery announced.

Sunil與Ken合述，53區塊延長至2050年可帶來現金流顯著增長，Mekaisna蒸汽驅及主力生產層系可額外開採約800 百萬桶資源；北阿曼氣凝膠氣田已探明逾250 百萬桶油當量，近既有基礎設施，Appraisal及開發計畫正加速推進。

I just want to get your perspective on the low-carbon ventures business. You've got some important milestones coming up as it relates to Stratos here, and just help us unpack how you're thinking about, you know, de-risking those and how the changing policy environment could affect the potential returns associated with at least Phase 1 of the project.

管理層表示，Stratos下半年進入調試，直接空氣捕捉（DAC）研發持續降本令Phase 1更具競爭力；在自願碳市場強勁需求與大型美國製造業合作下，可為項目提供中期市場支持，且不需近期大額資本支出。

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.

管理層認為，除Permian外多數美國頁岩盆地已見產量平台期或下滑；若當前鑽井活動持續收緊，Permian增勢或比預期更早趨緩。整體看，2027–2030年美國產量峰值可能提前出現。

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?

管理層確認，二季度中游運輸合約到期重簽及Battleground擴建項目回落均已在早前指引中披露，並無新增要素；僅用以重構自由現金流增量明細。

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

管理層說明，人工採油（EOR）效率提升將主要反映在毛利率擴大與成本結構改善上，但不影響既定產量目標；未來將持續優化CO₂注入量及下井維護策略，保持EOR在組合中的競爭力。

Just curious that if we're looking out into 2026 and 2027 on your momentum of this year cost saving, what's the potential that we could expect for those two years? And how big are the opportunities set that we may be talking? Where that you see the most opportunities set?

管理層表示，2026–2027年非油氣板塊（中游、Stratos投產及利息減免）預計帶來約160–450 百萬美元逐年增量現金流，EOR及DAC長期研發可進一步釋放潛在價值；主要機會集中於中游合約重簽、低碳專案投產及債務成本下降。

Hi, just wanted to follow up on some of the CapEx and OpEx reductions here in ’25. I understand there's not really a near-term production impact, but if you look out over the next, you know, year or two, 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?

管理層重申，本次鑽機節減及維護資本項目調整均已充分考量產量維持需求，未來1–2年不會對總產量造成負面影響；長期看，持續效率改進將彌補任何潛在缺口。

Why don't you just 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 of operating income there. Your full year guide is $900 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 based on where we are and some of the economic uncertainty at this point. And maybe you can just provide a little bit more color on how you're thinking about chemicals and the outlook going forward.

管理層說明，Q1受冬季極端天氣、Ingleside工廠非計畫停產及原料成本上漲影響；下半年隨國內PVC需求增長與產能合理化、Caustic及天然氣價格回落，化工板塊有望回升並達全年指引下緣或以上水平，待Q2財報後再做細部調整。

西方石油 OXY 2025年第1季度電話會議記錄問 Ai

會議亮點

* 首季經營現金流300億港元🔋
* 日均油氣產量約139萬桶油當量⚙️
* 單位運營成本僅9.05港元/BOE💰
* Permian地區鑽井時長縮短15%，完井及井場利用效率提升，單井成本較去年下降逾10%🛠️
* 年內擬自德拉瓦盆地裁減兩台鑽機，仍可略增產能📉➡️📈
* 阿曼53區塊合約擬延展至2050年🕌，潛在可釋放逾8億桶額外資源
* 北阿曼全新氣凝膠氣田探明逾2.5億桶油當量，近既有基建可快速投產⛽
* 化工（OxyChem）首季調整後營利2.15億港元🏭，克服冬季極端天氣與原料漲價挑戰
* 中游與行銷板塊超指引表現，天然氣行銷優化及硫磺市場強勁助攻🌐
* 與CF Industries簽訂25年碳捕獲協議，年處理約230萬公噸CO₂💨
* Stratus低碳專案下半年進入調試階段，強化DAC與碳管理布局🔋
* 去槓桿成效顯著，年初以來已償還債務23億港元，過去10月累計還款68億港元📉
* 2025年資本支出指引減少2億港元，營運成本再節省1.5億港元⚙️
* 第二季前景樂觀，自由現金流預計達120億港元💵

分析員問題與解答FAQs

會議內容

首季三大業務板塊齊勁報捷，推動經營現金流及財務穩健邁向新里程🚀

• 燃氣油氣業務：團隊在首季強勢執行，實現經營現金流300億港元，超越預期表現💪

* 產量達每日約139萬桶油當量，穩居全年指引中樞水平；

* 單位運營成本僅9.05港元/桶（BOE），遠低於預期，彰顯成本管理與營運效率；

* 二疊紀（Permian）地區通過升級完井與井場布局，平均鑽井時長較去年縮短15%，單井鑽完成本較去年下降逾10%，盤活產能同時減少兩台鑽機使用；

• 2025年產量展望：由首季至下半年，產量預計持續攀升📈

* 中東停產檢修項目陸續完工，北美陸上發展計畫推動持續增產；

* 已剔除近期處置資產影響，新產能將完全彌補並超越減量影響；

• 阿曼業務再拓新猷：53區塊延長合約談判進入收官階段，擬延展至2050年🕌

* 涵蓋蒸汽驅與主力生產層系，潛在可額外開採逾8億桶油當量；

* 協議生效後即能自2025年起大幅提升現金流，與阿曼政府多年合作成果豐碩；

* 北阿曼氣凝膠新氣田探明儲量逾2.5億桶油當量，毗鄰既有基礎設施，短期內可快速投產；

• 化工及材料（OxyChem）業績穩健：首季調整後營利2.15億港元🎯

* 冬季極端氣候及原料上漲帶來短期不利影響，仍逆勢完成目標；

* 預期下半年國內苛性鈉及PVC需求穩健成長，國內產能合理化將緩解供給過剩，提升產品定價；

• 中游與行銷板塊：首季實現超指引業績，亮眼表現來自天然氣優化行銷與硫磺市場強勁🌐

* 抓住三月中上游設施維護及區域價差機會，提升營收與利潤；

* 西德州Stratus專案逐步推進商業簽約，低碳業務展露成長潛力；

* 與CF Industries簽署25年碳捕獲供應協議，年處理量約230萬公噸CO₂，彰顯大規模碳管理能力；

• 低碳事業進展：直接空氣捕捉（DAC）研發突破，多元合作助力成本顯著下降🌱

* Stratos專案下半年進入調試階段，市場自願碳權需求強勁；

* R\&D持續推進，減化製程流程與組件，為FID提供更多選擇；

* 未來與策略夥伴共創投資機會，強化低碳解決方案商業模式；

• 財務穩健與去槓桿：年初至今已償還23億港元債務，過去10個月累計還款68億港元📉

* 2025年所有債務到期均已妥善清償，未來14個月現金流風險大幅降低；

* 利息支出每年節省約3.7億港元，企業價值重回普通股東；

• 資本支出優化：全年資本指引下調2億港元，同步執行1.5億港元營運成本節省措施💼

* 二疊紀及美國墨西哥灣資本項目節奏調整，不影響總產能；

* 2025年淨效益約3.5億港元，進一步鞏固現金流展望；

• 宏觀風險管理：面對需求不確定與供應波動，靈活調節鑽井活動與成本結構🔄

* 若油價顯著承壓，可快速收縮開採計畫並降低成本；

* 保持運營節奏，維持長期效率改進，不輕易中斷現有資源挖掘效益；

• 預期展望：

* 第二季調整後每股調整後盈餘0.87港元，報告盈餘0.77港元；

* 預計第二季自由現金流達120億港元，上季末現金及等價物26億港元；

* 下半年化工需求回溫、市場供需改善，有助推動全年化工板塊走高；

* 大宗商品多重不確定，但多元化組合與靈活策略，提供一定抗跌能力；

• 中期動能：2026年非油氣部門（中游、Stratus啟動、債務利息減免）預計增量現金流約100億港元✨

* 中游運輸合約到期後價位重置效益；

* Stratus全線商業化啟用；

* 利息節省進一步釋放；

* 2027年隨重點專案完成與利息負擔持續下降，非油氣自由現金流可望再增值；

整體而言，該公司在波動市場環境中持續展現營運與財務韌性，各業務板塊協同發力，首季成果豐碩，為下半年及中長期持續創造自由現金流與股東價值奠定堅實基礎💼📊

過往會議記錄

西方石油 OXY 2025年第1季度電話會議記錄 問 Ai

西方石油 OXY 2025年第1季度電話會議記錄問 Ai