ʻO Murphy Oil Corp (MUR) Q4 2019 Loaʻa i ke kelepona kelepona

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Aloha kakahiaka, nā wahine a me nā keonimana, a hoʻokipa ʻia i ka Murphy Oil Corporation Fourth Quarter 2019 Earnings Conference Call.[Nā kuhikuhi o ka mea hana]

Makemake au e hoʻohuli i ka ʻaha kūkā iā Kelly Whitley, Hope Pelekikena, Investor Relations and Communications.E ʻoluʻolu e hele i mua.

Aloha kakahiaka, a mahalo iā ʻoukou a pau no ke komo ʻana mai iā mākou ma kā mākou kelepona loaʻa kālā ʻehā i kēia lā.Me aʻu ʻo Roger Jenkins, Pelekikena a Luna Nui;ʻO David Looney, Hope Pelekikena Nui a Luna Nui Waiwai;Mike McFadyen, Hope Peresidena Hooko, Offshore;a me Eric Hambly, Hope Peresidena Hooko, Onshore.

E ʻoluʻolu e nānā i nā kiʻi paheʻe ʻike a mākou i kau ai ma ka ʻāpana Investor Relations o kā mākou pūnaewele i kāu hahai ʻana me kā mākou hoʻolaha pūnaewele i kēia lā.I loko o nā helu hana kelepona o kēia lā, hoʻoponopono ʻia nā waihona a me nā kālā kālā e kāpae ʻole i ka hoihoi ʻole i ke Kaiwa o Mexico.

Slide 1, e ʻoluʻolu e hoʻomanaʻo i kekahi o nā manaʻo i hana ʻia i kēia kāhea ʻana e manaʻo ʻia he mau ʻōlelo i mua e like me ka wehewehe ʻana ma ke Private Securities Litigation Reform Act o 1995. No laila, ʻaʻole hiki ke hāʻawi ʻia nā hōʻoia e hiki mai kēia mau hanana a i ʻole kēlā. e loaʻa nā kuhi.Aia nā ʻano kumu like ʻole e ʻokoʻa nā hopena maoli.No ke kūkākūkā hou aku no nā kumu pilikia, e ʻike i ka Hōʻike Makahiki 2018 a Murphy ma ka Pepa 10-K ma ka faila me ka SEC.ʻAʻole kuleana ʻo Murphy e hoʻolaha a hoʻoponopono hou i nā ʻōlelo i mua.

Mahalo iā ʻoe, e Kelly.Aloha kakahiaka e nā mea a pau, a mahalo no ka hoʻolohe ʻana i kā mākou kelepona i kēia lā.Ma ka Slide 2 i ka wā o '19 ua hoʻokō maikaʻi mākou i kā mākou papahana hui no ka hana ʻana i nā waiwai paona aila no kā mākou ulu ulu ʻana i loko o ke kahe kālā, e hoʻonui ana i nā ʻike hoʻihoʻi kiʻekiʻe a hoʻololi i ka ʻoihana no kahi waiwai lōʻihi ke hoʻomau nei mākou i ka hoʻihoʻi kālā i poe kuleana.

ʻO kā mākou huina kālā no -- ʻo kā mākou huina hana no ka makahiki he 173,000 barela like i kēlā me kēia lā me 60% aila, ua ʻike mākou i ka piʻi nui o ka hana ʻana mai kā mākou waiwai ʻo Eagle Ford Shale a me nā waiwai o ke Kaiwa o Mexico a haʻaheo mākou he ʻelima kiʻekiʻe o ke Kaiwa o Mea hoʻohana ʻo Mexico.Ke kūʻai ʻia aku nei kā mākou hana aila a pau ma ke kumu kūʻai iā WTI, West Texas Intermediate, a ma muli o ka hopena, ua loaʻa iā mākou he $145 miliona o ke kahe kālā manuahi i ka makahiki 2019. Hoʻohana mākou i kēia mau kālā me ka hoʻohui ʻana i nā kālā i loaʻa mai ke kūʻai aku o ko mākou Malaysia. waiwai e hoʻihoʻi ma mua o $660 miliona i ka poʻe kuleana ma o ka hoʻokaʻawale ʻana i ka hapaha makahiki a me ka papahana kūʻai hou ʻana.Manaʻo mākou he hui hoʻololi ʻia ʻo Murphy me ka hiki ke hoʻomau i ka hoʻomohala ʻana i kā mākou Eagle Ford Shale, Canada a me nā waiwai o ke Kaiwa o Mexico me ka hoʻohiki ʻana mai kā mākou papahana ʻimi ma ke Kaiwa o Mexico, Brazil a me Mexico.

ʻO ka mea nui loa, ua hoʻolaha mākou i kēia lā ua hoʻokō mākou i kahi memo o ka hoʻomaopopo ʻana me ArcLight Capital Partners, e pili ana i kā mākou 50% nona ka ʻōnaehana lana lana o ka King's Quay a ke hana nei mākou i nā ʻaelike e pili ana i ka mōʻaukala a me ke kapena o ka wā e hiki mai ana no ka papahana, me ka hoʻihoʻi hou ʻana ma kahi o $125. miliona i hoʻohana ʻia ma 2019. No ke kūkākūkā ʻana i nā kikoʻī i kā mākou hoʻolālā kapikala piha 2020 ma hope o ka nānā ʻana i nā hopena ʻehā a me nā hopena makahiki piha.

Paheʻe 3. He 194,000 barela ka awelika o ka hana ʻana i kēlā me kēia lā me 67% ka nui o ka wai, ʻo ka hopena o ka hana ʻana me ka hoʻopau ʻole ʻia ʻana o ka 1,900 barela i kēlā me kēia lā ma ke Kai Kūʻono a me ka 1,000 barela e like i kēlā me kēia lā ma Terra Nova ma waho o Canada. a me ka hoʻohana ʻole ʻia ʻana o ka manawa hoʻohaʻahaʻa ʻole o 1,500 barela like ma muli o kahi hana ʻino o nā lako subsea ma kā mākou kahua ʻo Neidermeyer ma ke Kaiwa o Mexico.Ua hopena kēia i ka hopena ʻelima mau lā ma ke kahua luawai ʻekolu a waiho ʻia hoʻokahi punawai a hiki i ka pau ʻana o ka hoʻoponopono ʻana i ka hapaha ʻelua o 2020.

E pili ana iā Terra Nova, ua wānana mākou e noho i lalo i ka makahiki 2020 e hoʻoponopono i nā mea hana palekana a hoʻopau i ka hana drydock i hoʻolaha mua ʻia.ʻO kēia ka hopena ma kahi o 2,000 barela hopena ma waho o ka ʻupena hana ʻo Canada iā Murphy no nā makahiki 2020 a ʻoi aku ma mua o 3,000 mau mea like i kēlā me kēia lā no ka hapaha mua o 2020.

ʻO Eagle Ford Shale, ua hoʻopilikia maikaʻi ʻia ka hana ʻana e 3,600 barela like i kēlā me kēia lā i ka hapahā ʻehā, ma muli o ka hana maikaʻi - nā hana maikaʻi ma nā pūnāwai kiʻekiʻe a me Catarina, a me nā pūnāwai New East Tilden e hana ana ma lalo o nā pūnāwai Tilden mōʻaukala, akā e hana ana. ma lalo o ka wānana a mākou i hoʻohana ai i ka hapaha.ʻO ka holoʻokoʻa, piha ka makahiki piha o ka makahiki 2019 he 173,000 mau mea like i kēlā me kēia lā i loko o 67% wai, ʻoi aku ka nui o ka aila i ulu 14% mai ka makahiki holoʻokoʻa '18 a ʻoi aku ma mua o 103,000 mau mea like i kēlā me kēia lā, ma muli o ke kūʻai ʻana aku i nā waiwai Malaysian gassier, he hoʻohui ʻaila i hana ʻia ma ke Kaiwa o Mexico.

ʻO Slide 4, ʻoi aku ka nui o kā mākou waihona waihona i ka makahiki 2019 me ke kūʻai ʻana i nā waiwai o ke Kaiwa o Mexico i hoʻopau ʻia - e hoʻopau ana i ke kūʻai ʻana i nā waiwai o Malaysia i waena o ka makahiki.ʻO kā mākou huina i hōʻoia ʻia i ka hopena o ka makahiki 2019 he 800 miliona mau mea like i kēlā me kēia lā me 57% wai.A mālama mākou i ke ola mālama ʻana ma kahi o 12 mau makahiki.Eia hou, ua hoʻonui mākou i kā mākou hoʻomohala hoʻomohala ʻana i ka 57% o ka nui o ka mālama ʻana mai 50% i 2018. ʻO ke ʻano holoʻokoʻa, ʻo 172% kā mākou hoʻololi hoʻololi kūlohelohe hoʻokahi makahiki, ʻoiai ʻo kā mākou kumukūʻai F&D ʻekolu makahiki ma lalo o $13 no BOE.

Mahalo iā ʻoe, e Roger, a aloha kakahiaka a pau.No ka hapahā ʻehā, ua hoʻopilikia nui ʻia nā hopena o Murphy e ka nui o $133 miliona ka pohō ʻole o ke kālā ma kā mākou mau pā aila, ʻo ia ka awelika o $56.42 ma 45,000 barela i ka lā o kēia makahiki.ʻO ka mea maʻamau, ʻo ka emi ʻana o nā kumukūʻai aila i nā lā he 30 i hala iho nei ua hoʻopau loa i kēia poho, a ʻo ka ʻoiaʻiʻo e loaʻa iā mākou kahi kūlana mākaʻikaʻi maikaʻi i ka pau ʻana o ka ʻoihana ma kahi o $56 miliona;ʻO ka hapa nui ma muli o kēia poho, ua hoʻopaʻa mākou i kahi poho ʻupena he $72 miliona no ka hapahā ʻehā a i ʻole he $0.46 maikaʻi ʻole no kēlā me kēia.

Eia naʻe, ke hoʻololi ʻoe no kēia poho mark-to-market i kekahi mau mea ʻē aʻe, ua loaʻa iā mākou he $25 miliona ma nā loaʻa i hoʻololi ʻia a i ʻole $0.16 no kēlā me kēia mahele diluted.ʻAʻole i hoʻihoʻi ʻia ka loaʻa kālā i hoʻololi ʻia i ka pohō mark-to-market i ʻōlelo ʻia ma luna nei, akā, ʻo ka hoʻonui kālā ʻole i ka waiwai o ka noʻonoʻo ʻana a me ka poho ma muli o ka hoʻopau koke ʻana o ka ʻaiʻē, ʻo ia mau mea ʻekolu a pau ma kahi o $138 miliona. mahope o ka auhau.

ʻO Slide 6, kahi ʻāpana koʻikoʻi o ka hoʻolālā Murphy e hana i loko o ke kahe kālā me ka nui o ke kālā i hoʻihoʻi ʻia i nā mea kuleana ma o kā mākou ʻāpana hapaha.E like me kāu e ʻike ai ma ka paheʻe, ua hoʻokō hou mākou i ke kahe kālā maikaʻi no ka makahiki piha 2019 ʻoiai me nā hana koʻikoʻi i hoʻopau ʻia ma mua o ka makahiki.No ka hapaha ʻehā o ke kālā mai nā hana he $336 miliona, ʻoiai ʻo ka hoʻohui ʻana i nā waiwai a me nā koina lua maloʻo i hiki mai i $ 335 miliona i loaʻa ai kahi $ 1 miliona i ke kahe kālā manuahi maikaʻi.E hoʻomaopopo wau aia kēia ma hope o ka noʻonoʻo ʻana i kahi hoʻololi kālā hana i hopena i ke kālā mai nā hana i haʻahaʻa ʻia e $57 miliona.

I ka makahiki fiscal 2019 ma ka $1.5 biliona o ke kālā mai nā hana i hoʻopaʻa kālā ʻia he $ 1.3 biliona o nā hoʻohui waiwai, a laila e loaʻa ana ma kahi o $145 miliona o ka huina kālā manuahi no ka manawa 12 mau mahina.E like me ka mea i hoʻolaha ʻia ma kā mākou kelepona hapaha ʻekolu, ua hoʻopau mākou i ka papahana kūʻai hou ʻana he $ 500 miliona i ʻOkakopa 2019. I ka hapaha hoʻi, ua hoʻonui mākou i kā mākou hōʻaiʻē hōʻaiʻē me ka hoʻopuka ʻana o $ 550 miliona o 5.875% mau memo makua ma muli o 2027, a ua hoʻohana i nā loaʻa kālā. a kūʻai hou aku i ka huina o $521 miliona o nā memo kahiko ma 2022. Hoʻohālikelike ʻia kā mākou ikaika kālā a me ka waihona koena paʻa e kā mākou ʻaiʻē net i ka ratio EBITDAX hoʻololi makahiki o 1.5 mau manawa ma ka hopena o ka hapahā ʻehā.

Slide 7, ʻO ka hoʻolālā ʻo Murphy no ka nānā ʻana i nā waiwai kaumaha ʻaila kiʻekiʻe ke hoʻomau nei ka uku ʻana ʻo 95% o kā mākou mau ʻaila i kūʻai hou ʻia ma ke kumukūʻai iā WTI no ka hapaha, ʻoiai me ka hoʻopaʻa ʻana i nā ʻokoʻa ma waena o nā mākeke ʻo Gulf Coast.Ke hoʻomau nei kā mākou waiwai nui ʻo Eagle Ford Shale a me ʻAmelika ʻAmelika i nā hopena ikaika me ka pae kahua EBITDA no BOE o $31 a me $30 no ka barela i ka hapaha.ʻO kēia nā waiwai kiʻekiʻe loa a hoʻomau i ka hoʻokele i kā mākou kahe kālā ikaika i kēlā me kēia makahiki a i waho.

ʻO Slide 8, kahi kumu nui o ka hoʻolālā Murphy ʻo ka hoʻihoʻi mau ʻana i ke kālā i nā mea kuleana ma o kā mākou ʻāpana hapaha makahiki lōʻihi, a me nā papahana kūʻai hoʻihoʻi hoʻolālā e like me ka papahana $500 miliona i hoʻokō ʻia i ka makahiki i hala.Hiki ke hoʻokō ʻia kēia ma o ka loaʻa kālā kālā manuahi, a mākou i hana ai i kēlā me kēia makahiki.Ma nā mea a pau, ua hoʻihoʻi ʻo Murphy ma kahi o $ 4 biliona kālā i kāna mau mea kuleana mai ka makahiki 2012 ma o ka hoʻokaʻawale ʻana a me ke kūʻai hou ʻana me ka hoʻopuka ʻole ʻana.

Mahalo iā ʻoe, e David.Paheʻe 9 i ko mākou hoʻomaka ʻana i kā mākou makahiki 70 ma ke ʻano he hui i hoʻohui ʻia, haʻaheo loa mākou i kā mākou hoʻokele kūloko koʻikoʻi, e kākoʻo ana i kā mākou hana i ka paʻa kālā holoʻokoʻa.Loaʻa ka ʻike nui o kā mākou Papa Papa i ka ʻoihana, ʻoi aku hoʻi me nā hana ma HSE a me kā lākou alakaʻi a kākoʻo ʻo Murphy e hana mau ana i nā pane i nā pilikia palekana kaiapuni, ʻo ia hoʻi ka hoʻokumu ʻana i ke Kōmike HSE a hiki i ka makahiki 1994, e hana ana i nā pahuhopu uku hoʻolālā makahiki e pili ana i ke kaiapuni a ʻO ka hana palekana i kekahi mau makahiki i hala aku nei, a me ka hoʻopuka ʻana i kā mākou hōʻike hoʻomau mua ma 2019. Ua ʻike ʻia ʻo Murphy e ISS ʻo ia kekahi o nā helu aupuni kiʻekiʻe loa a ʻoi aku ka 75% ma luna o kā mākou mau hoa.

Ma ka Slide 10, ʻo kā mākou Papa Hoʻokele i ke Kōmike HSE me ke alakaʻi o ka ʻoihana e hoʻomau i ka nānā ʻana i ka hoʻololi ʻana i ke aniau, ka palekana a me nā hopena hana ʻē aʻe i ke kaiapuni, he lālā haʻaheo ʻo ia o ka hui kaiaulu ʻo Murphy e nānā a hahai i nā ʻano like ʻole o ka hoʻoheheʻe koke ʻana. nā pahuhopu kūloko, pili kekahi i ka uku.Paipai ʻia nā hui e noʻonoʻo ma mua o ka hiki ke hāʻawi i kā mākou ʻaelike no nā hana hoʻomau e like me ka hoʻihoʻi hou ʻana i ka 100% o kā mākou wai i hana ʻia ma kā mākou waiwai Tupper Montney, e hoʻāʻo ana i ka scalability o ka hōʻemi nui ʻana i ka hoʻokuʻu ʻia ʻana o ke kinoea ʻōmaʻomaʻo. kōpili ma uka.Me kā mākou kōpili hou, manaʻo mākou i kahi hōʻemi 50% i nā hoʻokuʻu mai 2018 a 2020.

Ke neʻe nei i Slide 12, ka Eagle Ford Shale.Me ka hoʻohui ʻana o nā pūnāwai 18 e hele mai ana ma ka pūnaewele i ka hoʻomaka ʻana o ka hapahā ʻehā o ka hana ʻana he 50,000 barela like me 77% aila, ʻo kēia pae hana e hōʻike ana i ka piʻi ʻana o ka 23% mai ka hapahā ʻehā o '18.Eia nō naʻe, ʻaʻohe hana i hana ʻia i nā mahina ʻelua i hala o ka makahiki i manaʻo ʻia e emi ka hana ma ka hapaha mua, no ka mea, ʻaʻole i waiho ʻia nā luawai hou ma ka pūnaewele no kēia manawa ma mua o 100 mau lā.Hāʻawi ka papahana 2019 o nā pūnāwai 91 i kā mākou hui ma uka i ke ala e hoʻokele ai i ka hana ʻana a me ka hoʻokō ʻana i ka pono, nā wahi hoʻomaʻemaʻe maikaʻi, ka manawa rig a me ka hoʻoponopono ʻana i nā ala hoʻopau.ʻO ka hopena, ua hoʻomaikaʻi ʻia kā mākou kumukūʻai ma lalo o $6 miliona no ka luawai.Me ia e hoʻomau ka maikaʻi o kā mākou hana maikaʻi EUR me ka hoʻohui ʻana i ka laulā inter-quartile holoʻokoʻa e hoʻopaʻa nui ʻia mai 2016.

Slide 13, mai ka loaʻa ʻana o ka ʻeka Kaybob Duvernay i '16, ua loaʻa iā mākou ma mua o 80 mau luawai e hana ana ma waena o ka waiwai, ua paʻa mau ka hana ma ka hapahā ʻehā ma 9,000 mau mea like i kēlā me kēia lā me 55% aila.No ka makahiki, ʻoi aku ka maikaʻi o ka hana ma mua o nā manaʻolana ma kahi o 20%, ua loaʻa iā mākou kekahi mau hana hoʻokō ma ia wahi, me ka ʻeli ʻana a me ka hoʻopau ʻana i kā mākou kumukūʻai haʻahaʻa loa ma lalo o $6.3 miliona, ʻo ka ʻeli ʻana i ka luawai wikiwiki loa i kēia lā i nā lā 12 a me ka ʻeli ʻana i ka luawai. ʻaoʻao lōʻihi loa a hiki i kēia lā ma mua o 13,600 kapuaʻi.Ma ke ʻano o kā mākou kaʻina hana hoʻomaikaʻi mau, ua hoʻomaka ʻo Murphy i ka hoʻohana ʻana i ka bi-fuel e hōʻemi i kāna hoʻokuʻu ʻana i ke kinoea ʻōmaʻomaʻo a me nā kumukūʻai diesel ma Kaybob Duvernay, ua loaʻa kēia i kahi hōʻemi 30% o nā hoʻokuʻu no kēia wahi.

Slide 14, ua hoʻopuka kā mākou waiwai ʻo Tupper Montney i 260 miliona cubic kapuaʻi i kēlā me kēia lā i ka hapaha.ʻOliʻoli mākou i kā mākou hopena maikaʻi 2019 no ka mea ua hele lākou a hoʻohālikelike ʻia me nā ʻano ʻano ʻano 24 Bcf, kahi piʻi mai ka ʻano mua o 18 Bcf i 2018. Ma ke ʻano holoʻokoʻa, ua hoʻopuka mākou i ke kahe kālā manuahi maikaʻi i ka makahiki 2019 me ke kumu kūʻai i ʻike ʻia. o CAD2.15 no ka Mcf.

Aia ʻo Slide 16 i kā mākou ʻoihana ʻo ke Kaiwa o Mexico ʻo Murphy i kēia manawa i hoʻonui ʻia i ke kahawai ʻo Gulf of Mexico no ʻeono mahina a ma ka hapahā ʻehā ua hana kēia ʻoihana i 82,000 mau mea like i kēlā me kēia lā ma 85% wai.I loko o ka hapaha, lawe mai mākou i ʻekolu pūnāwai ma ka pūnaewele ma hope o ka pau ʻana o nā hana hoʻopaʻa a me ka hana hana.Eia hou, e like me kaʻu i ʻōlelo ai ma mua, ua hoʻokō mākou i kahi memo o ko mākou ʻike e pili ana i ka ʻōnaehana hana lana o ka King's Quay.

Slide 17, ke neʻe nei kā mākou mau papahana e like me ka mea i hoʻolālā ʻia ma ke Kai Kūʻono, aia mākou i kēia manawa he papa rig e ʻeli ana i kahi papahana ʻekolu luawai ma Front Runner a me kahi moku drill e alakaʻi ana i ʻelua mau hana ma lalo o ka moana, i ka mua. ʻano o 2020. E like me kā mākou e kikoʻī nei i kēia mau papahana me nā mea ʻē aʻe i helu ʻia ma ka paheʻe e lawe mai i nā puke hou aʻe ma ka pūnaewele e hoʻomau i kā mākou helu hana lōʻihi e like me ka mea i hōʻike mua ʻia.ʻO kā mākou mau papahana lōʻihi lōʻihi ma Khaleesi / Mormont a me Samurai ke holomua maikaʻi nei me ka ʻenehana subsea a me nā ʻaelike hana i hāʻawi ʻia ma lalo o ka waihona kālā.

Slide 19, no ka hapaha mua 2020, manaʻo mākou i ka hana ʻana o 181,000 a 193,000 mau mea like i kēlā me kēia lā no ka hōʻemi maoli ʻana a me ka manawa hoʻolālā i hoʻolālā ʻia, me ka ʻoi aku o 3,000 mau mea like i kēlā me kēia lā e pili ana me Terra Nova e waiho nei ma waho.ʻO ka hana ʻana o 190,000 a 202,000 ma 60% o ka aila i wānana ʻia no ka makahiki piha o 2020 e pili ana i ka hoʻolālā kapikala o $ 1.4 biliona a i $ 1.5 biliona.ʻO ia nui, ma kahi o $1.2 biliona o kā mākou pūlāwai i hoʻokaʻawale ʻia i kā mākou waiwai ma ka Eagle Ford Shale a me waho.

A ʻo ka hui pū ʻana i kā mākou papahana kapena makahiki, ʻo kā mākou mea nui e hoʻopuka i ke kahe kālā keu e uhi i kā mākou mahele ʻoiai ua loaʻa iā mākou nā waiwai hou ma ke Kaiwa ma 2019 aia hoʻokahi papahana i St. hoʻonui ʻia ka hana i manaʻo ʻia i loko o ʻekolu makahiki.Ua hoʻopilikia kēia papahana i kā mākou hoʻokaʻawale kālā no 2020 ʻoiai ʻo kā mākou hoʻolaʻa ʻana i ke kahe kālā capex parity i alakaʻi iā mākou e hoʻoponopono i kā mākou hoʻolālā e hōʻoia i ka mālama ʻia ʻana o ke kālā.ʻAe kēia iā mākou e hoʻomau i kā mākou hoʻokaʻawale lōʻihi a mālama ʻia ma kahi o 1.5 mau manawa ʻaiʻē i ka ratio EBITDA.

Paheʻe 20, e like me kā mākou i kūkākūkā ai i nā hapaha mua o kā mākou hoʻolālā ʻelima mau makahiki e loaʻa i ke Kaiwa o Mexico ka hana awelika ma kahi o 85,000 like.No 2020, ʻo kā mākou capex o $440 miliona e hoʻopuka i ka hana awelika makahiki piha o 86,000 mau mea like i kēlā me kēia lā me ʻeono mau pūnāwai hoʻohana ʻole ʻia e hele mai ana ma ka pūnaewele a puni ka makahiki.ʻO ka hoʻolālā papahana 2020 he hui pū ʻana o nā rigs platform, workovers a me tiebacks e like me ka kikoʻī i ka slide mua.Ma ka holoʻokoʻa, e loaʻa iā lākou kahi $ 1 biliona o ke kahe kālā hana i kēia makahiki.

Slide 21, e pili ana i ka waena o kā mākou alakaʻi capex, manaʻo ʻia kā mākou kālā ma uka he $855 miliona me ka 80% e hāʻawi ʻia i ka Eagle Ford Shale.ʻOliʻoli mākou e hoʻomau i kā mākou papahana ʻoi aku ka ikaika ma 2020 ma hope o ka hoʻohaʻahaʻa nui ʻana i ka hoʻolilo ʻana i nā makahiki i hala aku nei ke mālama nei mākou i kā mākou hoʻopaʻa ʻana i ka hoʻokaʻawale kālā.ʻO nā pūnāwai hana 97 e hele mai ana ma ka pūnaewele i kēia makahiki i kālele nui ʻia i kā mākou mau wahi Karnes a me Catarina.Eia kekahi, loaʻa iā mākou ka awelika 24% hoihoi hana a me 59 mau pūnāwai nui ʻole i hoʻohana ʻia i hoʻonohonoho ʻia e hele mai ma ka pūnaewele a puni ka makahiki, ma Karnes County.

I ka makahiki 2020, ua hoʻonui mau ʻia kā mākou hana ʻo Eagle Ford Shale e like me ka mea i hoʻolālā ʻia, a hiki i ka ʻehā hapaha awelika o ka 60,000 mau mea like i kēlā me kēia lā.Hoʻihoʻi mai kēia ulu ʻana i ka aila koʻikoʻi iā mākou i kahi pae i ʻike ʻole ʻia e mākou i kekahi mau makahiki.Ma Kaybob Duvernay, hoʻolālā mākou e hoʻolilo i $125 miliona no ka lawe ʻana i nā pūnāwai hoʻohana ʻia he 16 i ka wā e hoʻokō ai mākou i kā mākou wili ʻana i ka hoʻomaka ʻana o ka makahiki.Ke hana maikaʻi nei ʻo Kaybob Duvernay ma waena o ka papa me nā hopena maikaʻi loa i ka ʻeli ʻana a me ka hoʻokō ʻana i ka pono.

Ma kā mākou ʻoihana nui ʻo Tupper Montney, ke hoʻokaʻawale nei mākou i $35 miliona no ka lawe ʻana i nā punawai ʻelima ma kēia pae o ke kapikala e hoʻolilo i kēia mau pūnāwai i ke kālā manuahi ma kahi o CAD1.60 AECO kumukūʻai.Hoʻokomo maikaʻi ʻia ka palena palena i loko o ke kahe kālā manuahi i loko o kā mākou kōpili ma ke ʻano he ʻāpana o nā koi honua no ke kinoea kūlohelohe ma ke ʻano he pani lanahu no ka wā lōʻihi a me kahi kalapona haʻahaʻa e hiki mai ana.

Slide 22, ua kūpono kā mākou papahana 2020 i kā mākou mau pahuhopu ʻimi lōʻihi, hoʻolālā mākou e hoʻolilo ma kahi o $100 miliona a e hoʻoheheʻe i ʻehā luawai, e hiki ai iā mākou ke hoʻopaʻa ʻia ma luna o $500 miliona o nā pahu e like me nā kumuwaiwai.Ma ka ʻaoʻao o ʻAmelika Hui Pū ʻIa, paʻa mākou i ka 12% non-op working interest ma ka pūnāwai mauna ʻo Ouray.Manaʻo ʻia kēia manaʻolana e spud hope i ka hapaha ʻelua.Hauʻoli nui mākou i kā mākou papahana luawai ʻelua ma Mexico;ʻO ka mea mua, hoʻolālā mākou e hoʻolālā maikaʻi i ka Cholula Appraisal a ukali ʻia e ka manaʻo hou e huli ana i ka luawai sub-paakai mua loa ma Mexico i kapa ʻia ʻo Batopilas.He hoʻolālā nā pūnāwai ʻelua i kā mākou hoʻolālā e hiki mai ana a ma Mexico mamao.Ma Pasila ke hoʻomau nei mākou i ka ulu ʻana i kekahi mau manaʻo, a me nā mea kanu - a ke hoʻomau nei ka hoʻolālā.Manaʻo kā mākou hoa e hoʻopuʻi i ka luawai mua i ka hoʻomaka ʻana o 2021.

Slide 23, ke nānā nei ʻoe i kā mākou mau hoʻolālā i nā makahiki e hiki mai ana, manaʻo wau e hiki iā mākou ke hoʻopuka ma kahi o $1.4 biliona kālā manuahi ma hope o kā mākou puʻunaue, ʻoiai e hāʻawi ana ma kahi o 5% hana CAGAR, ʻoiai e mālama ana i ka 60% o ka aila kaumaha.E hoʻokō mākou i kēia ma ka hoʻokaʻawale ʻana ma ka awelika ma kahi o $1.3 biliona kālā i kēlā me kēia makahiki me kēia 1.4% a 1.5% ka papahana ma 2020, manaʻo ʻia ʻo ia ka makahiki kiʻekiʻe loa o ka hoʻolimalima kālā.I loko o nā makahiki ʻelima e hiki mai ana, e hoʻomau ka waiwai o kā mākou Kaiwa o Mekiko i ka awelika o ka hana makahiki ma kahi o 85,000 mau mea like i kēlā me kēia lā, a ʻo Eagle Ford Shale i kēia manawa ua wānana ʻia he 10% a 12% ka hana CAGAR.E like me kā mākou hoʻolālā ʻana i kā mākou hoʻolimalima makahiki he $100 miliona o ke kapikala a me ka ʻimi ʻana, kahi e hiki ai iā mākou ke wili i ʻekolu a ʻelima mau luawai i kēlā me kēia makahiki.Manaʻo wau e ʻae ʻoe he polokalamu koʻikoʻi kēia no nā makahiki he nui.

Slide 24, i ko mākou komo ʻana i kā mākou makahiki 70 ma ke ʻano he hui ʻo Murphy Oil i hoʻonohonoho maikaʻi ʻia no ka wā e hiki mai ana ma hope o ka puka ʻana mai i kahi makahiki hou o ka quartile total shareholder return performance, i hoʻohālikelike ʻia i kā mākou hui hoa ua loaʻa iā mākou ka 95 percentile ranking i ka huina o ka hoʻihoʻi ʻana. i nā makahiki ʻekolu i hala.ʻO kā mākou kōpili i hoʻololi hou ʻia me ka ʻimi ʻana i luna ka hiki ke hoʻomau i ka hāʻawi ʻana i ke kahe kālā manuahi ma luna o kā mākou hopena hoʻokūkū hoʻokūkū.

I ka pau ʻana, manaʻo wau ua kūleʻa mākou i kahi hoʻololi nui i ko mākou hoʻololi ʻana iā Murphy i ʻoihana ʻoihana ʻo Western Hemisphere Oil.Hoʻonoho kēia iā mākou no ka hana waiwai lōʻihi.Haʻaheo loa wau i ka lilo ʻana i kekahi o nā ʻoihana i koho ʻia e hoʻopuka i ke kahe kālā manuahi a me ka hoʻihoʻi ʻana i ka puʻunaue -- nā ʻāpana nui i kā mākou poʻe kuleana i kēia lā.A loaʻa iā mākou ka mana kūʻokoʻa e hana i luna no kā mākou poʻe kuleana me nā papahana ʻimi hoʻolālā hoʻomau.Ke hoʻokaʻawale nei mākou i ke kapikala i kā mākou waiwai kaumaha ʻaila kiʻekiʻe e hoʻonui i ka ulu ʻana, ke hana nei mākou i kēia mau mea a pau ka nānā ʻana i nā ala e hoʻomau ai i ka hana hoʻomau i ka wā e hiki mai ana.

Mahalo iā ʻoe.E nā lede a me nā keonimana, e hoʻomaka kākou i ke kau nīnau a pane.[Nā ʻōlelo aʻoaʻo] ʻO ka nīnau mua mai Brian Singer mai Goldman Sachs.E ʻoluʻolu e hele i mua.

ʻO kaʻu nīnau mua ma ka Eagle Ford Shale, ua hōʻike ʻoe i kekahi o nā paheʻe, Slide 12, ke manaʻo nei ʻoe - a i ʻole ʻoe i ʻike i nā EUR kiʻekiʻe mai nā luawai i wili ʻia ma 2019. A noʻonoʻo wau inā hiki iā ʻoe ke kamaʻilio me kāu mea Aia nā manaʻolana ma 2020 versus 2019 mai ka huina o ka ʻaila EUR hiʻona.He aha kāu e ʻike ai e like me ka upside versus downside risks i ka hoʻokō ʻana i ke ala ulu e hoʻokau i ka hana i 60,000 BOE i ka lā ma ka hapahā ʻehā?

E Brian, e ʻike mākou i kā mākou hoʻomau ʻana ʻaʻole maopopo iaʻu ma ke ala like i loaʻa iā mākou i ka wā ma mua, ʻike mākou e hoʻomaikaʻi iki ana kēia me ka ʻenehana frac a me nā hoʻomaikaʻi maikaʻi i hana ʻia e kā mākou hui.He papahana ʻokoʻa wale nō kēia makahiki ma mua o ka makahiki i hala ma Karnes a me Catarina a emi iho ma Tilden kahi i loaʻa ai iā mākou kekahi mau pilikia i ka hapahā ʻehā.Akā, ʻaʻohe hewa o ka ʻāina ʻo Tilden, ʻo ia ka manaʻo o kēia mau pūnāwai Tilden e hana maikaʻi ana ma luna o ka EUR i loaʻa iā mākou i kā mākou hoʻopaʻa ʻana i hoʻopaʻa ʻole ʻia a laila kā mākou hoʻolālā lōʻihi, a mālama mākou i kēlā pae a laila hele. hoʻi i lalo i ka pae e loaʻa iā mākou i ka hoʻolālā lōʻihi ma luna o kahi helu palena loa o nā luawai i ka hapahā ʻehā.

ʻO ka pilikia no ka hoʻokaʻawale ʻana i ke kapikala he hoa hou loa ʻo BPX, e hoʻoikaika ikaika ana ma hope o kā lākou kūʻai ʻana i ka BHP ma ka ʻāina ʻo Karnes me nā lua maikaʻi loa - nā luawai Eagle Ford Shale haʻahaʻa a me nā pūnāwai Austin Chalk maikaʻi loa.No laila ke hoʻololi nei lākou i kā mākou ʻāpana kālā maʻamau i Tilden a ke ʻeli nei mākou i nā kumu nui o kēia makahiki a me kahi ʻano ʻokoʻa ʻē aʻe ma mua o nā makahiki i hala ma Tilden kahi a mākou i ʻole ai no kekahi mau makahiki.No laila, ua hilinaʻi mākou i ka hoʻokō ʻana ma muli o ke koʻikoʻi o kā mākou papahana hana ʻole a me kahi papahana nui ʻole i hoʻohana ʻia i ka hapahā ʻehā i kēia makahiki i kaupalena ʻia ai mākou i nā mahina ʻelua i hala iho nei a hiki i kēia lā ma Eagle Ford. , Brian.

Nui.Mahalo iā ʻoe.A ʻo ka lua, ʻelua mau nīnau ma waho.Hiki iā ʻoe ke kamaʻilio i ke ʻano āu e ʻike nei ma ka ʻaoʻao kumu kūʻai a me ka ʻaoʻao i luna me nā pilikia i lalo?A laila ʻike kaʻawale i ka downtime a me ka volatility ka ʻāpana maʻamau o ka hana ma nā wahi āpau, ʻoi aku ma waho o ke kahakai, akā hiki iā ʻoe ke kamaʻilio e pili ana i ke ʻano o kou pilikia ʻana i ka downtime ma 2020 alakaʻi i hāʻawi ʻia i kekahi o nā mea a mākou i ʻike ai ma aneʻi?

ʻAe, ma ke kiʻi o ke kaona aia ʻelua ʻano o ka downtime ma waho o ka ʻāina, aia ka downtime e pili ana me ka holomua ʻole i hoʻolālā ʻia i loaʻa iā ʻoe i kēlā me kēia manawa.Loaʻa iā mākou a loaʻa i kēia makahiki kahi haʻawina 5% i kā mākou ʻoihana hana no ka manawa hoʻomaha ʻole i hoʻolālā ʻia a i ʻole ka pau ʻana o ka manawa i kā mākou ʻoihana.ʻOiaʻiʻo ma 2020 ua liʻiliʻi mākou i ka manawa hoʻolālā a me ka haʻawina ʻoi aku ka nui, i hoʻohālikelike ʻia i nā makahiki ma mua o ka manawa i hoʻolālā ʻole ʻia.ʻAe, paʻakikī ke wānana i kekahi manawa, ʻo Brian nā kūlana mechanical e kū maikaʻi ana e like me ka hana ʻana o ka subsea o kēia mau waiwai hou, e like me kaʻu i ʻōlelo ai ma mua i kēia lā ua loaʻa iā mākou kēia mau waiwai no ʻeono mahina a ua haki nā mea hana, inā makemake ʻoe a i ʻole ʻO ka mana umbilical a me ka laina lawe hydraulic a pono mākou e wili i kēlā a hoʻoponopono hou, paʻakikī ia mau mea e hoʻokomo i kēlā pae a he mea kakaikahi loa.

Akā mai kā mākou hiʻohiʻona o ke kaona holoʻokoʻa ua loaʻa iā mākou kēia benchmarked a ʻo ia ka mea maʻamau a mākou e ʻike maʻamau ma waho o nā hanana hoʻokahi.A i ko mākou hoʻomaopopo ʻana i ka ʻōnaehana subsea, ke manaʻoʻiʻo nei mākou ua loaʻa iā mākou i kēia manawa a ua wānana me ka wiwo ʻole.I loko nō hoʻi o kēlā downtime he 5% maikaʻi loa ia no ka makahiki o, Brian ma luna o 365-lā manawa ua hoʻokomo ʻia kahi - e kala mai iaʻu i ʻehiku lā hana ʻole ma ke Kaiwa no ka makani ʻino maʻamau ʻaʻole pau loa kā mākou mau barela i ke Kaiwa. ʻAʻole hiki iaʻu ke hoʻomanaʻo i kahi manawa i pau ai ke Kaiwa holoʻokoʻa, no ka mea, loaʻa iā mākou nā ʻōnaehana pipeline like ʻole ma nā wahi like ʻole o ka hana.A ke manaʻo nei au he pilikia kūpono nō hoʻi.

A ʻo nā pilikia ʻē aʻe a mākou i hoʻokomo ai i kēia, ʻo ia ka mea koʻikoʻi me he mea lā ʻo kāu barela ka waiwai Terra Nova i manaʻo ʻia e hana a hiki i Mei a komo i loko o kahi maloʻo maloʻo ʻeono mahina a hoʻi mai i ʻOkakopa a ma muli o ke kūlana ʻike ʻole ma laila mākou. hele i mua a hoʻokomo i kēlā me he zero.No laila ua hoʻololi i kā mākou mau kūkākūkā mua o ka hana ʻana, e like me ka ʻike hou, inā i hana ʻia kēia ma ka lā 19 o Dekemaba.No laila, manaʻo wau ua maikaʻi kā mākou, hiki iā ʻoe ke hoʻohaʻahaʻa i ka zero, Brian.A laila hoʻokomo mākou i loko a loaʻa iā mākou kā mākou downtime e hoʻokele me ka nui o ka ʻikepili ma ke Kaiwa a me kahi ʻike lōʻihi a i kēia manawa ʻeono mahina o ke aʻo ʻana i nā ʻōnaehana subsea hou a mākou i kūʻai ai a hauʻoli mākou i nā mea i loaʻa iā mākou.

Ma ke ʻano he kumu kūʻai, ʻo Brian.E piʻi aʻe ana ka uku o nā lā i ka wā lōʻihi.Loaʻa iā mākou kēlā i loko o kā mākou papahana.ʻAʻole wau makemake e kūkākūkā i nā kumukūʻai i loaʻa iā mākou ma nā rigs like ʻole.Akā ʻoiaʻiʻo e piʻi aʻe kēlā, pono mākou e hoʻonui i koʻu manaʻo no nā mea hoʻolako i kēlā lawelawe, ke ʻike nei mākou ma lalo o ka waihona kālā no nā lako subsea a me ka hoʻokomo ʻana i lalo o ka moana, ka mea e lanakila ana i ka hapa nui o ia mea a ke hoʻomau nei mākou i ka hana maikaʻi ʻole. ʻO nā moku hoʻoheheʻe nui e hiki mai ana ma nā pilikia maoli e pili ana i ka piʻi ʻana o ka lā e like me nā lā ma kahi o ka hopena o ka lā, a ʻo ke ʻano o ka hana a mākou ma Khaleesi / Mormont ua hoʻonohonoho ʻia no kēia mau papa hana ʻelua e pili ana. , hoʻopau a me ka ʻeli ʻana i ka manawa like -- nā hana like ʻole, a ʻaʻole wau hopohopo e pili ana i nā kumukūʻai ma kekahi o kā mākou ʻoihana i kēia manawa.Ke ʻike nei au i ka ʻai ʻana o ka pono i ka piʻi ʻana o ka lā a i kēia manawa, ke noi mākou i nā mea hana ʻē aʻe, lilo ia i haʻahaʻa i kā mākou ʻoihana waho.

ʻAe, ʻo Roger.Ke noʻonoʻo nei au inā hiki iā ʻoe -- ʻae, aloha kakahiaka, e ka haku.Ke noʻonoʻo nei au inā hiki iā ʻoe ke wehewehe i ke ʻano ākea o ka monetization King's Quay.Loaʻa iā ʻoukou kahi waihona palekana ikaika maikaʻi loa.Ke noʻonoʻo nei au no ke aha he pahuhopu koʻikoʻi kēia e hoʻokō ai.A kōkua paha iā mākou me ke ʻano o nā huaʻōlelo?

E noʻonoʻo wau i kā mākou kūlana hoʻolālā ikaika loa a mākou i hana ai he mea hiki wale nō ia, ʻike ʻoe, ʻo ka manaʻo nui i ka cash flow capex parity.Hoʻokahi mea e ʻike ai e pili ana i kēia ʻano o ke kahawai waena i hana ʻia ma kēia ala.Ua hana ʻia ma kēia ʻano nā hale hana Thunder Hawk a pau ma ke Kai.ʻO kā mākou ʻoihana āpau e hana ʻia e kahi kahawai waena nui i paʻa ʻia e kekahi.Ua hana mākou i kēia ala no ka manawa lōʻihi a he hoʻomau wale nō kēia o ia hoʻolālā.

ʻAʻole hiki iā mākou ke hōʻike i nā kumukūʻai a mākou e uku nei ma waena o kēia hale hana, manaʻo wau he uku waena waena maikaʻi loa, inā makemake ʻoe, ʻo ke kaulike ʻana i kā mākou waihona kālā āu i lawe mai ai e hoʻohaʻahaʻa i kēlā helu, no ka mea, ua ʻokoʻa mākou. ʻO nā pilikia hōʻaiʻē a me nā poʻe ʻē aʻe paha ke komo nei i kēia ʻoihana, ua lilo ia i mea no ka komo ʻana o ka wai wai o St. Malo i loko o kā mākou waihona kālā, ʻo ia ka papahana no ka wā lōʻihi, ke hana maikaʻi nei.A he aha kā mākou e hana ai i nā makahiki ʻekolu e hiki mai ana me kēlā $ 300 miliona o ke kapikala a mālama i ka CAGAR a me ka ulu ʻana i loaʻa iā mākou a ʻimi mākou i ke kālā - kōkua kālā ma kēlā ʻāpana o ka papahana.

He nui ka nui o ke kapena no mākou a ua hoʻoholo mākou e lawe i kā mākou kuleana i kēlā a me ke kālā kālā i waho, inā makemake ʻoe, a hauʻoli nui wau i ka pono i loaʻa iā mākou, ʻaʻole hiki iaʻu ke hōʻike i kēlā e haʻi ia i kaʻu e uku ai no ke kahawai waena i ka wā e hiki mai ana a i ʻole makemake kekahi hoa.Akā ʻo kā mākou opex holoʻokoʻa o kā mākou hui ke hiki mai kēia ma ka laina, e noho mākou i ʻeiwa a i ʻole ʻeiwa mau mea pāʻani a ke manaʻo nei au mai kahi hiʻohiʻona holoʻokoʻa, ʻaʻole e ʻike ʻia kēia ma nā kālā.A e ʻōlelo hou aku au, ʻoi aku ka kiʻekiʻe o ke kahe kālā ma kēia kahawai o kā mākou papahana lōʻihi ma mua o ka uku i loaʻa iā mākou.No laila ʻoluʻolu wau i kēlā mau mea a pau, e Arun.

ʻAe.A ʻo kaʻu hahai ʻana, ʻo Roger, aia ma ke kumu hoʻohālike, noʻonoʻo wau, inā hiki iā ʻoe ke kōkua iā mākou e noʻonoʻo e pili ana i ka hana kiʻekiʻe o ka workover ma ke Kaiwa o Mexico a me ka hopena o ka Eagle Ford i kāu alakaʻi LOE no 2020?Ke noʻonoʻo nei au inā hiki iā ʻoe ke haʻi pū i kou mau manaʻo e pili ana i ke kumukūʻai aila breakeven i '20 e uhi i ka capex a me ka puunaue?

ʻAe.Mai kahi hiʻohiʻona opex, manaʻo wau e like kā mākou opex i kēia makahiki me kā mākou hana hana.ʻO kā mākou opex i ka hapahā ʻehā ua kokoke $3 i hoʻopilikia ʻia e kahi hana hoʻokahi a mākou i hana ai ma ke ʻano o ka hoʻolimalima hana ma kā mākou luawai Chinook, ʻoiaʻiʻo ua hele mai nā pūnāwai ma ka pūnaewele ma 13,000 barela like i kēlā me kēia lā, kokoke i ka aila āpau.A ke manaʻo nei au i nā hana hana i loaʻa iā mākou ma ʻaneʻi, he haʻahaʻa ko mākou hoihoi hana i kekahi o nā mea hana, a ʻaʻole wau i ʻike ʻo ia ka mea hoʻokele nui i ka hoʻokaʻawale ʻana i kā mākou huina opx no ka makahiki, akā hiki iā ʻoe ke hoʻonui i kēlā me kēia mau luawai. hana maʻamau i loko o hoʻokahi mahina a ʻelua paha o ka hana 45 mau lā maʻamau.No laila, hiki ke hoʻololi i ka hapaha, akā ʻo kā mākou opex no ka makahiki ma ke ʻano he hui holoʻokoʻa a me kā mākou ʻoihana ʻo Gulf of Mexico e hoʻomau ʻia.

Mai ka hiʻohiʻona, lawe ʻoe i ka waena o ke alakaʻi i kā mākou capex, ʻo ia kā mākou pahuhopu.A i ka makahiki i hala aku nei, ua paʻa mākou i kēlā pahuhopu a aia mākou ma lalo o kēlā pahuhopu mai ka hoʻolilo kālā kālā ma ka ʻōlelo kahe kālā, a ʻo wau wale nō - aia mākou i kēlā pahuhopu ma ke kumu accrual, ʻaʻole i pau ke ala. ʻO ke kālā i kēia manawa, ʻoiaʻiʻo, ʻaʻole kā mākou pahuhopu e hoʻohana ma luna, aia mākou i kahi ākea no nā hanana e hiki ke hana, a i kēia manawa ʻaʻole hiki ke piʻi ma luna o ka waena waena.Inā mākou e nānā i ka ʻili i kēia lā me ka hopena o ka maʻi maʻi hou i ke kumu kūʻai aila, pono paha mākou he $55 ʻaʻohe pilikia, akā inā ʻoe e nānā i ke kaula o kēia manawa, pono paha mākou e hele i ka hopena haʻahaʻa o kā mākou alakaʻi capex o $1.4 biliona a hiki i ka $1.45 ka waena waena a komo i waena o ia mea i mea e hiki ai ke uhi i ka mahele.

A ke hana mākou i kekahi mau manawa i loaʻa ʻaʻole pono e hoʻopili i ka hana ʻana i kekahi manawa ma nā wahi like ʻole o ka ʻoihana i makemake e hōʻike i kahi manawa ma hope.Akā ʻo kā mākou pahuhopu ka uhi ʻana;ʻO kā mākou pahuhopu ke ʻoki inā pono mākou, a e noʻonoʻo i kēia, ʻoiaʻiʻo, ʻo kā mākou pā e like me kā David i ʻōlelo ai ma mua ke kōkua nei iā mākou ma laila a ua komo ia i loko o kaʻu i ʻōlelo ai.No laila $55 WTI awelika no ka makahiki, aʻu e manaʻo nei he hiki ke loaʻa.ʻAʻole ia he pilikia.A ma ka honua 53, ke kamaʻilio wale nei ʻoe e pili ana i $20 miliona, $30 miliona o ka capex e mālama i kēlā, ʻo Arun.

Aloha kakahiaka.Makemake au e hahai iki ma luna o ka Eagle Ford ma aneʻi, ʻike maoli ʻoe ua loaʻa iā ʻoe kekahi manawa haʻahaʻa hana i ka hapaha ʻehā, ke nānā wale nei i kāu alakaʻi alakaʻi hana ʻo Eagle Ford mua, ʻike ʻia ka emi ʻana ma kahi o 15% versus 4Q.ʻIke wau ua kamaʻilio nui ʻoe e pili ana i ka manawa maikaʻi.Makemake wale ʻoe e noʻonoʻo inā aia kekahi mau hana hana i ka hapaha mua o '20, ʻano, ka hopena i kēlā hana a laila hiki paha iā ʻoe ke kamaʻilio liʻiliʻi i kēia hana, ʻano, cadence a puni. ka makahiki.ʻIke wau ua ʻōlelo ʻoe i ka 60,000 i ka hapahā ʻehā, pono anei mākou e ʻike i kahi ala paʻa paʻa ma 2Q a me 3Q, no laila e kōkua paha iaʻu i kahi mea liʻiliʻi ma kekahi o nā kuhikuhi ma ka Eagle Ford ma aneʻi?

Mahalo.Leo.No laila i ka hapahā ʻehā, ua loaʻa iā mākou kekahi hopena mai ka hana maikaʻi ʻana ma nā pūnāwai kiʻekiʻe ma mua o ka maʻamau i ka wā i loaʻa iā mākou kahi ʻano hana hoʻoponopono hoʻokiʻekiʻe artificial maʻamau ma waena o Eagle Ford, ʻike mākou i kahi pae like o ka hana, akā ʻoi aku ka nui o ka manawa haʻahaʻa. pili i nā pūnāwai kiʻekiʻe aʻe o nā pūnāwai 300 a 400 i ka lā, ma kahi o nā pūnāwai 40, 50, 60 barela i ka lā.No laila, he ʻano ʻano ʻano ʻokoʻa kēlā.Ua loaʻa iā mākou kekahi mau pūnāwai hou i hele mai ma ka pūnaewele ma Sepatemaba ma Catarina i loaʻa kahi manawa haʻahaʻa a mākou i hele ai i waho a hana i kahi hana hoʻomaʻemaʻe one ma luna o ia mau luawai, aia kēlā mau pūnāwai i kēia manawa ua hoʻi i ka nui o ka hana maʻamau.No laila, mai kēlā hana hana ma Catarina, ʻike paha mākou ma kahi o 500 a i ʻole 600 barela i ka lā o ka hopena lōʻihi mai ia mea ke hele nei mākou i Ianuali.ʻO ke koena o ke kahua he ʻano laina e like me ka maʻamau.

Ma nā pūnāwai Hikina Tilden, kahi i hōʻike ʻia e Roger ʻaʻole i hoʻokō ʻia i kā mākou wānana, akā ua ʻoi aku ma mua o nā mea i manaʻo mua ʻia mai nā pūnāwai mai 2015 a ma mua.Ua hoʻopilikia kēlā mau pūnāwai i kā mākou hapaha ma kahi liʻiliʻi ma luna o 700 barela i kēlā me kēia lā.ʻO ka hopena o kēlā ma ka hapa mua o 2020 ma kahi o 1,000 barela i ka lā, a e emi ana kēlā hopena i ka makahiki.No laila ke ʻike nei mākou i kahi liʻiliʻi i ka hapa mua o ka makahiki.Ua manaʻo mākou e loaʻa ka hāʻule kūlohelohe i ka Eagle Ford me kā mākou cadence maikaʻi, ʻo ka hapa nui o Kepakemapa a i ʻOkakopa o ka makahiki i hala, ʻo kā mākou hoʻopuka punawai hou i kēia makahiki, ua holo maikaʻi kā mākou hoʻokō ʻana i kā mākou wili a me ka hoʻopau papahana.Loaʻa iā mākou kahi papahana o nā pūnāwai e hele mai ana ma ka pūnaewele i ka hapaha mua e like me ke ʻano o ka hapaha mua o 2019. A laila e kali hou aʻe i ka hapa hope o ka hapaha lua no kā mākou pūnāwai Karnes hana e hele mai ana ma ka pūnaewele.No laila, ma hope iki ka hoʻonui ʻana o nā pūnāwai hou i ka hapaha ʻelua a laila ʻike ʻoe i ka makahiki 2019. Akā, ʻo ka hoʻoikaika ikaika ʻana no ke koena o ka makahiki me nā luawai IP kiʻekiʻe aʻe ma Catarina a me Karnes e hāʻawi ana i ka hopena o ka hapaha ʻelua a me ke kolu o ka hapaha. ʻO ka pana nui o nā pūnāwai Karnes i hana ʻole ʻia i ka hapahā ʻehā o 2020.

ʻAe.Kokua loa kala.No laila, ʻoiaʻiʻo ke kani ʻana me he mea lā ua hoʻihoʻi ʻia i ka hapalua o ke kaupaona ʻana ma ka ulu ʻana o Eagle Ford i '20 ma aneʻi.

Pela mau, Leo.Ke hooki ʻoe i ka hoʻolimalima ʻana i ka hopena o ka makahiki i ka hoʻouka ʻana i ke kapikala mua, e lilo ia i mea maʻamau i Shale.ʻAʻole mākou ʻo Murphy wale nō.ʻOi aku ka paʻakikī e hana pēlā.

ʻO kā mākou papahana ma 2020 he 14 mau pūnāwai e hele mai ana ma ka pūnaewele i ka hopena o ka makahiki ma Karnes.No laila, ʻoi aku ka maikaʻi o ka hāʻawi ʻana i ka maikaʻi ma 2020, i hoʻohālikelike ʻia me 2019. No laila pono mākou e haʻalele i ka makahiki ma kahi kiʻekiʻe ma mua o ka hoʻohaʻahaʻa ʻana me ka emi maoli.No laila, ʻokoʻa iki ka nānā ʻana i kēia makahiki o kā mākou papahana.

ʻAe, ʻo ia ke kala maikaʻi no ka maopopo.ʻIke wau ua ʻōlelo ʻoe ʻo 2020 ka kiʻekiʻe no ka capex, ʻo wau hoʻi, ke kani nei ke ʻano o ke ʻano i lalo nei, ʻike ʻoe, i loko o '21.ʻIke wau ua kamaʻilio ʻoukou e pili ana i ka 85,000 BOE i kēlā me kēia lā ma ke Kaiwa o Mexico.Akā i koʻu nānā ʻana i kāu mau kiʻi paheʻe a ʻike i kekahi o nā papa hana paʻa.Makemake wale e ʻike, me he mea lā ʻaʻole nui nā pūnāwai ma ke Kaiwa e hiki mai ana a hiki i ka hopena o ka makahiki i '21.No laila, e manaʻo paha mākou e iho liʻiliʻi ka hana ʻo Gulf i ka '21 a laila piʻi nui i ka '22 hiki mai ʻo Khaleesi lāua ʻo Mormont i kekahi mea āu e ʻōlelo ai i kēlā?

ʻO kēia makahiki, he wai wai kiʻekiʻe o ka hana ʻana i nā makahiki ʻelua e hiki mai ana ma ke Kaiwa, akā ʻaʻole nui ka emi ʻana o ka nui, ʻo kēia mau pūnāwai he pūnāwai kiʻekiʻe loa ke ʻike ʻoe iā lākou ma kēia pakuhi ʻaʻole hoʻi i hōʻike ʻia ma aneʻi.ʻO nā pūnāwai non-op, no laila ʻo Kodiak wale nō kahi e hauʻoli ai mākou i ka hana nui ma laila, kekahi o kā mākou ʻoihana ʻoi aku ka maikaʻi me nā makana maikaʻi loa.Nui ka hilinaʻi i ka averaging i kēia, e ʻōlelo wau ʻo ke kapikala e hāʻawi i kēia ma lalo paha o ke alakaʻi mua.A loaʻa iā mākou nā pūnāwai nui e hele mai nei ma kēia papa inoa a me ka non-op ma St. Malo a me Kodiak a me - a me Lucius pū kekahi.No laila ʻaʻole i hōʻike ʻia ka non-op ma aneʻi, akā hilinaʻi nui e pili ana i kā mākou hana hoʻomohala lōʻihi o kēia pahuhopu 85 a emi iho ka capex i ka hopena o ka manawa hoʻolālā.

Loaʻa, OK.No laila, ʻae, me he mea lā aia kekahi mau luawai ʻē aʻe ma luna o nā paheʻe e kōkua ana i ka hoʻopiha ʻana i kekahi o ia mea.ʻAe, kūpono kēlā.

A ʻo kēia mau pūnāwai he hana kiʻekiʻe loa ia, Leo, me nā ʻano hana like ʻole, akā he mau pūnāwai kiʻekiʻe kēia a mākou e hana nei ma aneʻi.

ʻAe.ʻAʻole, kōkua kēlā.A manaʻo wau aia paha ma ka ʻimi ʻana.Ma kāu Slide 22, makemake wale mākou e ʻike inā loaʻa iā mākou kahi kala hou aʻe i kekahi o kēia mau manaʻo e hiki mai ana ma hope o ka makahiki e pili ana i ka mea āu i manaʻo ai aia paha ma Batopilas a i ʻole ka pūnāwai āu e hele ai. hoʻāʻo koho i ka hoʻomaka ʻana o '21 ma Brazil, e hoʻāʻo wale ana e ʻike i ke ʻano o nā pahuhopu nui e hiki ke hoʻihoʻi ʻia i loko o kēlā mau pūnāwai?

ʻAe, ke ʻōlelo nei au iā mākou - no ka hōʻike ʻana i kēia mau ʻano mea e koi ai i nā ʻae like ʻole he nui a no laila ʻaʻole mākou ma ʻaneʻi.ʻO kaʻu manaʻo, ʻo ka mea maʻamau i ke Kaiwa o Mexico, manaʻo ʻoe i ka ʻimi ʻana he 75 miliona barela a me ke ʻano manawa kūpono, ʻo ia ka mea a mākou e ʻimi mau nei ma laila.Ma ko mākou wahi ʻo Cholula ma Mekiko, ua loaʻa iā mākou kahi ʻike ma laila i ka makahiki i hala i hōʻike ʻia, a ʻo ia kahi kūlana kiʻekiʻe me kahi ʻaila maikaʻi ʻo ia - he mau kiko palahalaha inā makemake ʻoe, a pono mākou e wehe i kēlā hale i kahi ʻoi aku ka mānoanoa o kekahi o nā pūnāwai, ʻaʻole i loaʻa ka pae wai ma ia wahi, a ua hana mākou i nā hana seismic ma laila a me kahi manawa kokoke loa me kahi pane seismic kūpono i nā hale āpau o ka pūnāwai Cholula. .A ma kēlā ʻano wahi mai kēlā pūnāwai a me ka manawa kūpono e like me ia, ka hohonu o ka makahiki like ma ka ʻaoʻao, inā makemake ʻoe, he 100 miliona barela-ʻano o nā mea a mākou e hoʻowahāwahā nei i kēlā wahi nui.

No laila, ʻelua kā mākou ʻoihana ma Mekiko i kēia manawa, ʻo kekahi ka waena o Miocene liʻiliʻi liʻiliʻi liʻiliʻi i loko o ka 100 miliona barrel range Northeast of the Talos discovery i hiki iā mākou ke hoʻohui maʻalahi a hoʻohui i nā mea like loa me kā mākou hana ma ke Kai.A aia ka luawai Batopilas he luawai nui ma luna o $160 miliona like o ka nui a he hale Miocene nui loa ia malalo o ka paakai.A no laila kēlā mau manawa kūpono, a ʻoiaʻiʻo hoʻi, kā mākou Sergipe-Alagoas basin, ʻaʻole mākou e hōʻike i ka nui o kēlā mau manawa, hiki iā ʻoe ke manaʻo i kahi mea like me ka hoa pili e pono ai mākou e nui.A lana ka manaʻolana no ka poʻe nui a ma laila ʻoe e hele ai me ka 500 ma luna aʻe a ʻo ia wale nō kā mākou e ʻōlelo ai no ia mea.ʻO ka luawai maʻamau ma ke Kai 75, ke hoʻopā nei mākou i kahi mea maikaʻi, kokoke i ka 100 a ma waho aʻe o ke Kaiwa -- ma ka ʻāina ʻo Mekiko me kēia ʻano o ka lilo loa [Indecipherable] o nā luawai, mālama i nā luawai, ʻoiaʻiʻo.A laila he manawa nui e hiki mai ana no mākou ma Brazil a mākou e hauʻoli nui nei.Akā ua kaupalena ʻia ka hōʻike ʻana i kēia manawa.

ʻElua nīnau, manaʻo wau ʻaʻole mahalo nui ka mākeke i ka pōmaikaʻi o St. Malo i hoʻopuka i ka '24 timeframe.Hiki iā ʻoe, ke ʻano, ke kamaʻilio e pili ana i ke ʻano o ka hana ʻana i ka wā e hiki mai ai ma ka pūnaewele i ka '23 a laila pehea ke ʻano i mua a pehea ka lōʻihi - ka lōʻihi o kēlā mau puke i ka ʻōnaehana?

Aloha kakahiaka, Gail.Hele mai ʻo St. Malo ma ka hopena o '23 mua '24 ʻano o nā piko, hoʻohui ʻo ia ma luna o 5,000 barela i ka lā hana ʻupena i kā mākou waihona waho a hoʻohui i kahi 32 miliona barela o ka mālama ʻana i kā mākou mahele a me NPV nui, NPV ma $150 miliona a $160 miliona. me kahi 18% a 20% ka nui o ka hoʻihoʻi ʻana ma $55 ʻaila palahalaha.No laila he mea koʻikoʻi a hiki mai i ka manawa kūpono no kā mākou waihona waho.

Nui.A laila ma 2019 Gulf of Mexico i loaʻa kekahi mau ʻokoʻa olakino maikaʻi loa.Hiki iā ʻoe ke hāʻawi i kahi kala i ke ʻano o ka nānā ʻana i nā ʻokoʻa GOM i 2020?

ʻAe, manaʻo wau ua ʻoi aku ka maikaʻi o ke kiʻi ʻokoʻa i ke Kaiwa ma mua o ka wānana mai kahi hiʻohiʻona IMO 2020 ʻaʻole i hopena nui.He haʻahaʻa nā ʻokoʻa ma mua o nā ʻāpana o '19.I kēia lā, i kā mākou ʻoihana Mars kahi e hōʻailona ai mākou iā Mars ma ke Kaiwa o Mekiko, ʻo ia nā mea waiwai āpau a mākou i kūʻai ai mai Petrobras, a me kā mākou Medusa kahiko a me ka mea holo mua.Ma kahi o 36% o kā mākou hana, ua maopopo kēia mau ʻokoʻa ma luna o $ 1 makahiki a hiki i kēia lā, ʻo ka ʻokoʻa o Pepeluali a ʻo ia ka $1.40 maikaʻi, ua wānana kekahi mau CHOPS ma lalo o ke kālā maikaʻi ʻole, ʻoiaʻiʻo.A ke ʻike nei mākou he ʻoi aku ka maikaʻi o kēia ma mua o ka manaʻo mua.

Ma HLS ma ke Kai Kūʻono, ma kahi o 21%, ʻo ia kekahi o nā crudes margin kiʻekiʻe loa a puni kā mākou Kodiak non-op well a me kā mākou ʻoihana LLOG āpau a mākou i kūʻai ai a me ka māla dalmatian i loaʻa iā mākou a e hana ana i ka hapaha ʻehā. he $4 maikaʻi a i kēia manawa ua maopopo mākou i ka pae maikaʻi 350 ma laila, a hauʻoli wau i kēlā.ʻO kekahi kūlana maikaʻi no mākou ʻo Magellan East Houston, MEH e hōʻike ana i ka 33% o kā mākou wai kahiko e puka mai ana, ʻo Eric ka ʻoihana ma Eagle Ford.A ʻo kēia mau mea ʻelua ma kahi o $3.40 a i ʻole $3.40 maikaʻi i ke kumu WTI kahi a mākou e hōʻailona ai i nā hui.No laila, ma ke ʻano holoʻokoʻa, hoʻonoho ʻia mākou a ke manaʻoʻiʻo nei au ke nānā ʻoe i ka lawe ʻana a me ke kumukūʻai i ʻike ʻia o kā mākou hui, a me kahi o kā mākou mau barela.E maikaʻi mau mākou i nā hoa like ʻole, no ka mea, ʻo ke ʻano kūʻokoʻa o kahi a mākou e kūʻai aku ai i kēia mau barela a hauʻoli nui i nā ʻaelike i loaʻa iā mākou, manaʻo mākou he mea hoʻokūkū hoʻokūkū A no ke aha mākou i hoʻohui ai i kā mākou ʻoihana ʻo Gulf a hoʻokaʻawale i ke kālā hou aʻe. i kā mākou ʻoihana Eagle Ford.Inā loaʻa iā ʻoe nā kumukūʻai kiʻekiʻe, e loaʻa mau iā ʻoe ka pōmaikaʻi.

Mahalo iā ʻoe.[Nā ʻōlelo aʻoaʻo] A ʻo ka nīnau aʻe mai Paul Cheng mai Scotia Bank.E ʻoluʻolu e hele i mua.

Inā pono ʻoe e hoʻololi i ka capex e manaʻo mākou aia wale nō ma Eagle Ford a i ʻole e hoʻoponopono ʻoe i nā wahi ʻē aʻe?

ʻAʻole, makemake hou wau ʻaʻole e hōʻike i kēia i kēia manawa.Loaʻa iā mākou kekahi mau uku hoʻolālā hoʻolālā kahua ma Vietnam kahi ʻāpana o kā mākou hoʻolālā, inā ʻoe e hana i kēlā milestone hiki ke hoʻopaneʻe ʻia, a ke ʻike nei mākou i kekahi mau kumukūʻai like ʻole a me kekahi mau ʻimi ʻana i ka hopena o ka makahiki.Ke hoʻāʻo nei mākou e hana i kēlā mau hōʻemi maʻamau kahi e hoʻoponopono ʻole ai mākou i kā mākou hoʻihoʻi kiʻekiʻe kiʻekiʻe i ka hoʻihoʻi nui ʻana i nā hana hana a me nā hoʻopaʻa ʻana i ke Kaiwa, ʻaʻole hoʻi e hoʻololi i kā mākou papa hana ma ka Eagle Ford i kēia manawa.Ua ʻoluʻolu wau hiki iā mākou ke hana i kēlā a e hana mākou, inā pono mākou e hana e hana mākou.

ʻoluʻolu.A ma Brazil, ua ʻike mua anei ʻoukou i ka luawai āu e wili ai i kēia makahiki aʻe -- i ka hoʻomaka ʻana o ka makahiki aʻe?

He manaʻo maikaʻi ko mākou -- he manaʻo maikaʻi ko mākou no ia mea, akā ke hana nei mākou me kahi hoa nui ma laila.A ke manaʻo nei au hiki iā ʻoe ke hoʻi a nānā i kā lākou hōʻike ʻana ma kahi papahana super nui ma laila i ka manawa, a ke manaʻo nei ʻoe i kahi hōʻike like ʻana ma aneʻi.

ʻAe.No laila ʻaʻole hiki iā ʻoe ke hāʻawi mai iā mākou i kahi -- paha i kahi pahu drill kiʻekiʻe a i ʻole kekahi mea pili i kēia manawa?

ʻAe.A ke ʻōlelo ʻoe i ke kakahiaka nui o ka makahiki aʻe.Ke kamaʻilio nei mākou e pili ana i ka hoʻomaka ʻana o ka hapaha mua?He aha...

ʻAe.Hoʻopili ʻia ka hoʻolālā rig ma laila me nā ʻae a me ka papa hana o kā mākou mau hoa, e pili pū ana i kekahi mau poloka ʻē aʻe i loaʻa iā lākou.A ke manaʻo nei au e hiki koke mai i ka '21 i kēia manawa.ʻAe, e ka haku.

ʻAe.A ua hala paha iaʻu.Kahaha i ka wā e ʻōlelo ai ʻaʻole ʻoe e hele mai ana i ke kahawai ma ka Eagle Ford no nā lā 100 e hiki mai ana?

ʻAʻole, ʻaʻole, ʻaʻole, mai ka manawa a mākou i hoʻokomo ai i ka luawai i ka hoʻomaka ʻana o ʻOkakopa a e kahe ana kekahi mau luawai i ka Pōʻaono.No laila ua lōʻihi ka manawa.

ʻO kēlā hoʻokaʻawale kālā o kā mākou papahana Shale i hoʻouka mua ʻia a ua hoʻonui mākou i ka hana ma luna o kā mākou EUR maʻamau, ua puhi mākou no kēlā i ka hapahā ʻehā.I kēia manawa, loaʻa iā mākou kēlā pilikia ma luna o kahi papahana hoʻouka mua i hoʻolālā ʻia.Ua ʻeli mākou me ʻekolu rigs ma laila e hoʻomaka pono ana i ka hopena o ka makahiki.A ke lawe mai nei mākou i kahi pad 10-well koʻikoʻi ma aneʻi me ka wikiwiki a hauʻoli i kā mākou alakaʻi a me kā mākou hana ma laila.

ʻO mākou, Paul.Hoʻomaka mākou i kēia -- hoʻomaka mākou i ke kakahiaka Poaono.Ua hala kekahi manawa, ʻo kaʻu e hoʻāʻo nei e ʻōlelo he paʻakikī ia i ka pāʻani Shale a ʻike ʻoe he mea paʻakikī ke hoʻokomo ʻole i kahi pūnāwai i loko o 100 mau lā a ke hoʻi nei mākou i ke kaomi ʻana a hoʻohui i nā pūnāwai a puni ka hapaha. a loaʻa iā mākou ka cadence koʻikoʻi o ke kūkulu ʻana i nā luawai, e like me kā Erik i hōʻike mua ai ma ke kelepona.

ʻAe, a ʻo ka mea hope mai iaʻu, hiki iā ʻoe ke hāʻawi mai iā mākou - he aha ka East Tilden, ka hana maikaʻi i ka hapahā ʻehā āu e kamaʻilio nei?A he aha ka wānana ʻoihana āu i hoʻohana ai?A ua hoʻololi paha ʻoe i kēlā wanana a i ʻole ʻoe manaʻo ʻo East Tilden maikaʻi i ka hapahā ʻehā he anomaly a ua mau kāu wānana capex, OK.

ʻOiaʻiʻo, Paul.No laila ʻo nā pūnāwai East Tilden, ua lawe mākou i kēlā mau luawai ma ka pūnaewele i kā lākou IP30s i ka laina me kā mākou wānana.ʻAʻole lākou ka helu pololei, akā ma kahi o 800 BOE i kēlā me kēia lā awelika no nā pūnāwai ʻewalu.No laila ke nānā maikaʻi nei lākou ma kahi o 30 mau lā ma hope o ka hoʻomaka ʻana e ʻike i ka emi ʻana.No laila, ʻo ka -- e like me kaʻu i ʻōlelo ai, e hele ana i Ianuali ʻo ke āpau ma waena o kā mākou wānana mua a me ka hana hana o kēia manawa no ka huina o nā luawai ʻewalu ma kahi o 1,000 BOE i kēlā me kēia lā, a ke manaʻo nei mākou e hiki mai ana ke āpau, akā e emi iho ana ia. ka makahiki e like me ka emi ʻana o ka manaʻolana ma mua e like me nā pūnāwai mau.

Mahalo no ka lawe ʻana i ka nīnau.ʻO kekahi o nā mea āu i hana ai i kāu, ʻano, intro, ua hoʻololi ʻoe i ka waihona waiwai i lilo i pāʻani maʻemaʻe o Western Hemisphere.Aia nō naʻe iā ʻoe ka mākaʻikaʻi Vietnam a manaʻo ʻia he mea liʻiliʻi ia i kēia manawa.No laila, ʻike wau he aha ke kumu no ka mālama ʻana i kēlā mau waiwai?

Loaʻa ka piʻi nui o kēlā mau waiwai.Loaʻa iā mākou kahi ʻike koʻikoʻi ma laila mākou e lawe mai ai ma ka pūnaewele, ke hana nei mākou i ka hānai, a e loaʻa iā mākou ka ʻae ʻia ʻana o ka hoʻolālā hoʻomohala kula ma laila ma o ke aupuni -- lohi loa ke aupuni ma laila.A ʻo mākou - me kā mākou ʻāpana kālā ʻaʻole i wikiwiki iā lākou inā makemake ʻoe.He kūlana kū hoʻokahi.Hoʻohui wale mākou i kahi poloka ʻē aʻe me ka hoʻohiki maikaʻi hoʻokahi, loaʻa iā mākou kahi ʻano o nā manaʻo i haʻahaʻa haʻahaʻa i wili ʻia e nā jack-ups a hiki iā mākou ke ʻano o ka upside a pau, akā i kēia manawa me ka hoʻokaʻawale kālā o ka loaʻa ʻana o kahi CAGAR palena ʻole a manuahi. ke kahe kālā a me ke kūkulu ʻana i kahi ʻoihana me ke kahe kālā manuahi nui.Ua lohi ʻia i nā makahiki ʻelua no kā mākou ʻoihana, akā e hoʻopaʻa ʻia mākou ma laila i kēia makahiki aʻe, a he mea nui kēia no mākou a hiki iā mākou ke hoʻololi i nā ʻano ʻāpana like ʻole o kā mākou ʻoihana i mua.

No laila e like me Vietnam, loaʻa kahi kūlana kūʻokoʻa loa, kahi kūlana komo inexpensive loa, kahi ʻike maikaʻi loa ma laila, e loaʻa - e hoʻokomo ʻia i loko o kā mākou papahana lōʻihi aia i loko o ka mea a mākou i hōʻike ai ma aneʻi a hauʻoli loa ia.ʻAʻole wale he kapikala nui ma laila i kēia makahiki no kēlā mau kumu a mākou e heluhelu ai i kēlā me kēia lā.

ʻAe, hoʻokahi nīnau noiʻi hou aku, inā wau e hoʻomanaʻo, manaʻo wau he ʻelima a ʻeono paha makahiki i hala aku nei ua hoʻoikaika ʻoe e hana i kekahi wili ma Suriname, kekahi o nā mea mua, manaʻo wau, nā E&P honua e hana i kēlā.A laila ua hoʻololi ʻia ke ala i kēia manawa, ʻoiaʻiʻo, ke ʻike nei mākou i nā poʻomanaʻo Suriname i kēlā me kēia lā.ʻIke wau, inā makemake ʻoe i ka nānā hou ʻana i nā manawa kūpono i kēlā ʻano honua?

Makemake mākou i nā manawa āpau i ka Hemisphere kahi a mākou e nānā ai, ʻo ia ʻo ʻAmelika Hema, ke Kaiwa o Mexico kūpono a me Mexico ma waho o ka ʻāina kahi i loaʻa iā mākou kahi poloka nui a ua hoʻohui hou mākou ma Brazil i kahi ʻāpana ʻē aʻe ma Portiguar Basin.ʻO kēlā mau pūnāwai a mākou e wili ai i nā makahiki he nui aku nei, he ʻokoʻa loa kā mākou pāʻani, he manawa ʻokoʻa loa.ʻO mākou - e like me kāu e ʻike ai, he mākaʻikaʻi honua, akā ke hoʻāʻo nei mākou e nānā i ka loaʻa ʻana o ka ʻike hou aʻe a ʻoi aku ka nānā ʻana i ka ʻikepili a me nā kīʻaha wale nō a mākou e hana ai.No ka mea ʻaʻole mākou i komo, ʻaʻole ia he manaʻo ʻaʻole mākou i nānā i laila a ʻoi aku ke kumu kūʻai o ka poker ma luna o kā mākou makemake e hana.A i kekahi manawa ma ka ʻāina e like me ia he mea maʻalahi ia, akā ke ʻike ʻoe i nā ʻaelike like ʻole āu i ʻae ai, ʻo ka nānā ʻana i ka lā o kekahi e kaupalena ʻia ʻoe i kahi hiʻohiʻona hoʻomohala ʻoihana e hele ana i mua.A ma kekahi o ia mau wahi ʻaʻole hiki iā mākou ke hana i kahi ʻaelike e makemake mākou e hana. a kahi e hiki ai iā mākou ke hoʻohui i ka waiwai nui o ka mea kuleana.

ʻAe.ʻAʻohe a mākou nīnau hou i kēia lā a pau kā mākou kelepona i kēia lā.Mahalo mākou i ka poʻe a pau no ka hoʻolohe ʻana mai, a e ʻike mākou iā ʻoe i kā mākou hopena hapahā.Mahalo nui iā ʻoe.

ʻOi aku ka maikaʻi o nā kumukūʻai 10 ma mua o Murphy OilI ka wā e loaʻa ai i nā mea akamai ʻo David lāua ʻo Tom Gardner kahi kumu waiwai, hiki ke uku ke hoʻolohe.Ma hope o nā mea a pau, ʻo ka nūhou a lākou i holo ai no nā makahiki he ʻumi, ʻo Motley Fool Stock Advisor, ua hoʻopākolu i ka mākeke.*

Ua hōʻike wale ʻo David lāua ʻo Tom i ka mea a lākou e manaʻoʻiʻo nei he ʻumi mau kumukūʻai maikaʻi loa e kūʻai ai nā mea hoʻopukapuka i kēia manawa ... a ʻaʻole ʻo Murphy Oil kekahi o lākou!Pololei -- manaʻo lākou he ʻoi aku ka maikaʻi o ke kūʻai ʻana i kēia mau ʻāpana he 10.

ʻO kēia ʻatikala kahi kope o kēia kelepona kūkā i hana ʻia no The Motley Fool.ʻOiai mākou e hoʻoikaika nei no kā mākou Foolish Best, aia paha nā hewa, nā hemahema, a i ʻole nā ​​hemahema i kēia transcript.E like me kā mākou mau ʻatikala a pau, ʻaʻohe kuleana o ka Motley Fool no kou hoʻohana ʻana i kēia ʻike, a ke paipai ikaika nei mākou iā ʻoe e hana i kāu noiʻi ponoʻī, me ka hoʻolohe ʻana i ke kelepona iā ʻoe iho a me ka heluhelu ʻana i nā faila SEC o ka hui.E ʻoluʻolu e ʻike i kā mākou Kūlana a me nā Kūlana no nā kikoʻī hou aku, me kā mākou Obligatory Capitalized Disclaimers of Liability.

ʻAʻohe kūlana o Motley Fool Transcribers ma kekahi o nā waihona i ʻōlelo ʻia.ʻAʻohe kūlana o ka Motley Fool i kekahi o nā waihona i ʻōlelo ʻia.He kulekele hoʻolaha ko ka Motley Fool.

ʻO nā manaʻo a me nā manaʻo i hōʻike ʻia ma ʻaneʻi, ʻo ia nā manaʻo a me nā manaʻo o ka mea kākau a ʻaʻole pono e hōʻike i ko Nasdaq, Inc.

Hoʻokumu ʻia ma 1993 ma Alexandria, VA., e nā kaikunāne ʻo David lāua ʻo Tom Gardner, ʻO ka Motley Fool kahi hui lawelawe kālā multimedia i hoʻolaʻa ʻia no ke kūkulu ʻana i ke kaiāulu waiwai nui o ka honua.E hōʻea ana i nā miliona o ka poʻe i kēlā me kēia mahina ma o kāna pūnaewele puni honua, puke, kolamu nūpepa, hōʻike lekiō, hōʻike televise, a me nā lawelawe leka hoʻolaha hoʻopaʻa inoa, ʻo The Motley Fool e hoʻokūkū i nā waiwai o nā mea kuleana a kākoʻo ʻole no ka mea hoʻopukapuka pākahi.Ua lawe ʻia ka inoa o ka hui mai Shakespeare mai, nona ka poʻe naʻauao naʻauao i aʻo a leʻaleʻa, a hiki iā ia ke ʻōlelo i ka ʻoiaʻiʻo i ke aliʻi - me ka ʻoki ʻole ʻia o ko lākou poʻo.

Wahi* E ʻoluʻolu e koho… ʻAmelika Hui Pū ʻIa ʻAfghanistanÅland IslandsAlbaniaAlgeriaAmerican SamoaAndorraAngolaAnguillaAntartikaAntigua and BarbudaArgentinaArmeniaArubaAustraliaAustriaAzerbaijanBahamasBahrainBangladeshBarbadosBelarusBelgiumBelizeBelizeBeninBermuda, P baBosnia a me HerzegovinaBotswana Mokupuni BouvetBrazilBritish Indian Ocean TerritoryBrunei DarussalamBulgariaBurkina FasoBurundiCambodiaCameroonKanadaCape VerdeCayman IslandsCentral African RepublicChadChileChinaChristmas IslandCocos (Keeling) IslandsColombia, the Comoros RepublicC CubaCuraçaoCyprus Lepupalika CeceDenmarkDjiboutiDominika Lepupalika DominikaEkuadorEgyptEl Haleoaa Opalakiko National Gaineailhitland Islands Kauainleygoundurelginadureloku Searsholy see Uaʻo ke kikowaena pūnaeweleʻo JamajabyanLinirinsentlitenumensteintinuxemfamboundugmacacambour ofmaldcascascarscascarmalallmallcallmaldilsiamalIll andreasamarshallmallsioma uenorfollower Laula Marian Kokua Highn maurlousanoarpastarpackout spatrughty T Martin (Lart Power) Saint Pierre a me Miquelonsaint Vincent ArabiaSenegalSerbiaSeychellesSierra LeoneSingaporeSint Maarten (Dutch part)SlovakiaSloveniaSolomon IslandsSomaliaSouth AfricaSouth Georgia and the South Sandwich IslandsSouth SudanSpainSri LankaSudanSurinameSvalbard and Jan MayenSwazilandSwedenSwitzerlandRepubalikaTailaniThailandSyt okelauTongaTrinidad and TobagoTunisiaTurkmenistanTurks and Caicos IslandsTuvaluUgandaUkraineUnited Arab EmiratesUnited KingdomUnited States Minor Outlying IslandsUruguayUzbekistanVanuatuVenezuela, Bolivarian Republic ofViet NamVirgin Islands (British) Nā Mokupuni ʻo Virgin, USWallis a me Futuna Western Sahara ʻIemenaZambiaZimbabwe

ʻAe!Makemake wau e loaʻa i nā kamaʻilio Nasdaq e pili ana i nā Huahana, Nūhou ʻOihana a me nā hanana. Hiki iā ʻoe ke hoʻololi mau i kāu mau makemake a i ʻole ka hoʻopaʻa inoa ʻana a ua uhi ʻia kāu ʻike pili e kā mākou Kulekele Kuleana.