Murphy Oil Corp (MUR) Q4 2019 Earnings Call Transcript

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Molweni, manene nani madoda, kwaye namkelekile kwi-Murphy Oil Corporation yekota yesine yoMnxeba weNkomfa ka-2019.[Imiyalelo yoMsebenzisi]

Ndingathanda ngoku ukuguqula inkomfa kuKelly Whitley, uSekela Mongameli, uBudlelwane boMtyali-mali kunye noNxibelelwano.Nceda uqhubeke.

Molo, kwaye enkosi nonke ngokusijoyina kumnxeba wethu wekota yesine namhlanje.Ndikunye noRoger Jenkins, uMongameli kunye neGosa eliyiNtloko lesiGqeba;UDavid Looney, uSekela Mongameli oLawulayo kunye neGosa eliyiNtloko lezeMali;uMike McFadyen, uSekela Mongameli oLawulayo, kwi-Offshore;kunye no-Eric Hambly, uSekela Mongameli oLawulayo, e-Onshore.

Nceda ujonge kwizilayidi zolwazi esizibeke kwicandelo loBudlelwane boMtyali-mali kwiwebhusayithi yethu njengoko ulandela kunye nokusasazwa kwewebhu namhlanje.Kuwo onke amanani anamhlanje emveliso yefowuni, oovimba kunye nezixa-mali zihlengahlengiswa ukukhuphela ngaphandle inzala engalawuliyo kwiGulf of Mexico.

Isilayidi soku-1, nceda ugcine engqondweni ukuba ezinye zeenkcazo ezenziwe ngeli fowuni ziya kuqwalaselwa njengeziteyitimenti ezijonge phambili njengoko kuchaziwe kuMthetho woHlaziyo lwe-Private Securities Litigation Reform ka-1995. Ngaloo ndlela, akukho ziqinisekiso ezinokunikwa ukuba ezi ziganeko ziya kwenzeka okanye oko uqikelelo luya kufunyanwa.Kukho izinto ezininzi ezahlukeneyo ezinokubangela ukuba iziphumo zokwenyani zahluke.Ukufumana ingxoxo engaphezulu yezinto ezinobungozi, jonga iNgxelo yoNyaka ka-Murphy ye-2018 kwiFomu ye-10-K kwifayile kunye ne-SEC.UMurphy akathathi xanduva lokuhlaziya esidlangalaleni okanye ukuhlaziya naziphi na iinkcazo ezijonge phambili.

Enkosi, Kelly.Molweni nonke, kwaye enkosi ngokumamela umnxeba wethu namhlanje.KwiSilayidi sesi-2 kulo lonke ixesha le-'19 siphumeze ngempumelelo isicwangciso sethu seshishini sokuvelisa iimpahla ezinobunzima be-oyile kwimithamo yethu ekhulayo phakathi kokuhamba kwemali, sivelisa imbuyekezo ephezulu kunye nokuguqula inkampani ngexabiso lexesha elide njengoko siqhubeka nokubuyisela inkunzi abaninizabelo.

Inkunzi yethu iyonke -- imveliso yethu iyonke yonyaka ibeyi-173,000 imiphanda elinganayo ngosuku nge-oyile eyi-60%, sibone ukonyuka okukhulu kwimveliso evela kwi-asethi yethu ye-Eagle Ford Shale kunye ne-Gulf yaseMexico kwaye sinebhongo ngokuba yi-Gulf emihlanu ephezulu. Umsebenzisi waseMexico.Ngokwenyani yonke imveliso yethu yeoli iyaqhubeka ithengiswa ngexabiso eliphantsi kwi-WTI, eWest Texas ePhakathi, kwaye ngenxa yoko, senze i-145 yezigidi zeedola zokuhamba kwemali simahla ngo-2019. Sisebenzisa ezi mali ukongeza kwimali evela kwintengiso yeMalaysia yethu. Ii-asethi zokubuyisela ngaphezulu kwe-660 yezigidi zeerandi kubaninizabelo ngesabelo esiqhubekayo sekota kunye nenkqubo ebalulekileyo yokuthengwa kwesabelo.Sikholelwa ukuba uMurphy njengenkampani eguquliweyo enethuba elikhulu ngaphambili njengoko siqhubeka nokuphuhlisa i-Eagle Ford Shale yethu, iCanada kunye neGulf yaseMexico i-asethi ethembisayo evela kwiinkqubo zethu zokuhlola kwiGulf of Mexico, eBrazil naseMexico.

Okona kubaluleke kakhulu, sibhengeze namhlanje ukuba senze imemorandam yokuqonda kunye ne-ArcLight Capital Partners, malunga ne-50% yobunini bethu kwinkqubo yemveliso edadayo ye-King's Quay kwaye sisebenza izivumelwano eziqinisekileyo malunga nembali kunye nekamva elizayo leprojekthi, kubandakanya nembuyekezo emalunga ne-125 yeedola. izigidi ezichithwe ngo-2019. Ukuxoxa ngeenkcukacha ezithe vetshe isicwangciso sethu esiyinkunzi sika-2020 emva kokuphonononga iziphumo zekota yesine kunye nonyaka opheleleyo.

Isilayidi 3. Ukuveliswa kwekota yesine kumlinganiselo we-194,000 wemiphanda elinganayo ngosuku kunye ne-67% yomthamo wolwelo, iimpembelelo zemveliso zibandakanya ixesha lokuphumla elingasetyenziswanga elingacwangciswanga le-1,900 lemiphanda elinganayo ngosuku kwi-Gulf kunye ne-1,000 yemiphanda elinganayo ngosuku e-Terra Nova njengonxweme lwaseKhanada, kunye nokusebenza ixesha lokuphumla elingacwangciswanga le-1,500 ye-barrel elinganayo ngenxa yokungasebenzi kakuhle kwezixhobo ze-subsea kwibala lethu le-Neidermeyer kwi-Gulf of Mexico.Oku kukhokelele kwimpembelelo yeentsuku ezintlanu kwibala lamaqula amathathu kwaye elinye lihlala liphantsi de ukulungiswa kugqitywe ngekota yesibini ka-2020.

Ngokumalunga neTerra Nova, saqikelela ukuba ibala liza kuhlala liphantsi ngo-2020 ukujongana nohlaziyo lwezixhobo zokhuseleko kunye nokugqibezela umsebenzi owawubhengezwe ngaphambili.Oku kukhokelela kwimpembelelo emalunga ne-2,000 yemiphanda kwimveliso yaseCanada ekude nonxweme ukuya eMurphy ngo-2020 wonke kwaye ngaphezulu kwe-3,000 elinganayo ngosuku kwikota yokuqala ka-2020.

Ukhozi Ford Shale, imveliso yachatshazelwa kakubi yi-3,600 yomgqomo olinganayo ngosuku kwikota yesine, ngenxa yokusebenza kakuhle - abasebenzi abasebenza kakuhle kumaqula omgangatho ophezulu kunye neCatarina, kunye neNew East Tilden imithombo esebenza ngaphantsi kwamaqula embali yaseTilden, kodwa ivelisa. ngaphantsi koqikelelo esilusebenzisileyo kwikota.Lilonke, imveliso yonyaka opheleleyo ka-2019 ilingana ne-173,000 ngosuku ibiqulathe i-67% yolwelo, ngokukodwa umthamo we-oyile ukhule nge-14% ukusuka kunyaka opheleleyo '18 ukuya ngaphezulu kwe-103,000 elinganayo ngosuku, ngenxa yenxalenye yokuthengiswa kwe-asethi ye-gassier yaseMalaysia, ukongezwa kwemveliso ye-oyile yeGulf yaseMexico.

Isilayidi sesi-4, isiseko sethu sogcino sihlala sisikhulu ngo-2019 ngokuthengwa kwe-asethi yeGulf of Mexico ngokuyinxenye-ukuphelisa ukuthengiswa kweepropathi zaseMalaysia phakathi enyakeni.Bebonke oovimba bethu abaqinisekisiweyo ekupheleni konyaka ka-2019 bebezizigidi ezingama-800 ezilingana ngosuku ngama-57% olwelo.Kwaye sigcina ubomi obugcinwe phantse iminyaka eli-12.Ukongeza, sinyuse ulwahlulo lwethu oluqinisekisiweyo lophuhliso ukuya kwi-57% yoovimba bebonke ukusuka kwi-50% ngo-2018. Lilonke, umlinganiselo wethu wonyaka omnye wokutshintshwa kwezinto eziphilayo ube yi-172%, ngelixa iindleko zethu zeminyaka emithathu ze-F&D zingaphantsi nje kweedola ezili-13 nge-BOE.

Enkosi, Roger, kwaye kusasa wonke umntu.Kwikota yesine iziphumo ze-Murphy zachatshazelwa kakhulu yilahleko enkulu ye-133 yezigidi zeedola ezingeyiyo imali kwintengiso kwiheji zethu ze-oyile, ezixabisa i-56.42 yeedola kwimiphanda engama-45,000 ngosuku kulo nyaka.Ngokwendalo, ukuhla kwamva nje kwamaxabiso eoli kwiintsuku ezingama-30 ezidlulileyo kuye kwayicima ngokupheleleyo le lahleko, kwaye eneneni siya kuba nophawu oluhle lokumaketha ekupheleni kweshishini izolo malunga nezigidi ezingama-56 zeedola;ubukhulu becala ngenxa yale lahleko, sibhale ilahleko eshiyekileyo ye-72 yezigidi zeerandi kwikota yesine okanye i-0.46 engalunganga yesabelo ngasinye.

Nangona kunjalo, xa ulungelelanisa le lahleko yokuya kwintengiso kwezinye izinto ezimbalwa, sizuze i-25 yezigidi zeedola kwimivuzo ehlengahlengisiweyo okanye i-0.16 yeedola ngesabelo esihlanjululweyo.Ingeniso ehlengahlengisiweyo ibuyisela imbuyekezo kungekuphela nje ilahleko yorhwebo ekubhekiswa kuyo ngasentla, kodwa nokonyuka okungeyiyo imali kwixabiso lokuqwalaselwa okunokwenzeka kunye nelahleko ngenxa yokucinywa kwamatyala kwangethuba, zontathu zizonke zibe malunga ne-138 yezigidi zeerandi. emva kwerhafu.

Isilayidi 6, icandelo eliphambili leqhinga leMurphy kukusebenza ngaphakathi kwemali engenayo nemali egqithileyo ebuyiselwe kubanini-zabelo ngesabelo sethu sekota.Njengoko ubona kwisilayidi, siye safumana ukuhamba kwemali okuncomekayo kwakhona kunyaka opheleleyo ka-2019 nangona intengiselwano ebalulekileyo igqitywe ekuqaleni konyaka.Kwikota yesine imali evela kwimisebenzi iphelele kwi-336 yezigidi zeedola, ngelixa ukongezwa kwepropathi kunye neendleko zomngxunya owomileyo zingene kwi-335 yezigidi zeedola ezikhokelela kwi-1 yezigidi zeedola ekuhambeni kwemali esimahla.Ndiya kuqaphela ukuba oku kusemva kokuqwalasela utshintsho lwenkunzi yokusebenza olubangele ukuba imali evela kwimisebenzi yehle nge-57 yezigidi zeedola.

Kunyaka-mali ka-2019 kuyo yonke i-1.5 yeebhiliyoni zeerandi yemali evela kwimisebenzi exhaswa ngemali eyi-1.3 yebhiliyoni yezongezo zepropathi, ngaloo ndlela ifumana malunga ne-145 yezigidi zeedola zokuphuma kwemali simahla kwisithuba seenyanga ezili-12.Njengoko kubhengezwe kumnxeba wethu wekota yesithathu, sigqibe inkqubo yokuthenga kwakhona imali ezizigidi ezingama-500 zeedola ngo-Okthobha ka-2019. Kwakhona kule kota, siye sandisa iprofayili yethu yokukhula kwamatyala ngokukhutshwa kweedola ezingama-550 ezigidi ze-5.875% yamanqaku aphezulu ngenxa yowama-2027, kunye nemali esetyenzisiweyo kwithenda. kwaye sithenge kwakhona i-aggregate ye-521 yezigidi zeedola zamanqaku aphezulu afunekayo ngo-2022. Amandla ethu emali kunye ne-balance sheet ezinzile zibonakaliswa ngakumbi lityala lethu elipheleleyo kumlinganiselo ohlengahlengisiweyo we-EBITDAX wamaxesha ayi-1.5 ekupheleni kwekota yesine.

Isilayidi sesi-7, isicwangciso se-Murphy sokugxila kwii-asethi ezinobunzima be-oyile ephezulu siqhubeka sihlawula yi-95% yemithamo yeoli yethu yaphinda yathengiswa ngexabiso leprimiyamu kwi-WTI yekota, nangona kukho umahluko oqinisiweyo kwiimarike zeGulf Coast.Undoqo wethu we-Eagle Ford Shale kunye ne-North American offshore assets ziqhubeka nokuvelisa iziphumo ezinamandla kunye nenqanaba lentsimi ye-EBITDA nge-BOE ye-31 yeedola kunye ne-$ 30 ngomgqomo kwikota, ngokulandelanayo.Ezi zii-asethi zodidi oluphezulu kwaye ziyaqhubeka nokuqhuba ukuhamba kwemali esomeleleyo unyaka nonyaka uphela.

Isilayidi sesi-8, isiseko esingundoqo seqhinga le-Murphy kukubuyisela rhoqo imali kubanini-zabelo ngesabelo sethu sekota esinexesha elide, kunye neenkqubo ezicwangcisiweyo zokuthengwa kwezabelo ezifana nenkqubo yeedola ezingama-500 ezigidi eqhutywe kulo nyaka uphelileyo.Oku kunokufezekiswa kuphela ngokuphuma kwemali simahla, esiye sayenza unyaka nonyaka.Lilonke iMurphy ibuyisele phantse iibhiliyoni ezi-4 zeerandi zemali kubanini-zabelo ukusukela ngo-2012 ngezabelo kunye nezabelo ezithengiweyo ngaphandle kokukhutshelwa kwabulungisa.

Enkosi, David.Isilayidi 9 njengokuba siqala unyaka wethu wama-70 njengeziko sibandakanyiweyo sinebhongo kakhulu ngolawulo lwethu lwangaphakathi olungqongqo, oluxhasa imisebenzi yethu kuzinzo lwezemali lulonke.Amalungu eBhodi yethu anamava amangalisayo kushishino, ngakumbi ngemisebenzi kwi-HSE kunye nesikhokelo kunye nenkxaso yabo uMurphy usoloko esenza iimpendulo kwimiba yokhuseleko lokusingqongileyo, oko kukuthi ukuseka kwiKomiti ye-HSE ukusukela ngo-1994, kudala imbuyekezo yesicwangciso sonyaka ekujoliswe kuko okubotshelelwe kokusingqongileyo kunye ukusebenza kwezokhuseleko kwiminyaka eliqela eyadlulayo, kunye nokukhupha ingxelo yethu yokuqala yokuzinza ngo-2019. UMurphy wamkelwa yi-ISS lelinye lawona manqaku aphezulu karhulumente kwaye ubeka i-75% ngaphezulu komndilili woontanga.

KwiSilayidi se-10, iBhodi yethu yaBalawuli kwiKomiti ye-HSE kunye neenkokeli zenkampani zihlala zigxile kutshintsho lwemozulu, ukhuseleko kunye nezinye iziphumo zokusebenza kokusingqongileyo, lilungu elinebhongo lentsebenziswano yokusingqongileyo uMurphy ebeka iliso kwaye elandelela amanqanaba ahlukeneyo okuchitheka ngoko nangoko. ekujoliswe kuko kwangaphakathi, ezinye zazo zibotshelelwa kwimbuyekezo.Amaqela ayakhuthazwa ukuba acinge ngaphaya kokuba enze isiphakamiso sezivumelwano zethu zokusebenza ezizinzileyo ezifana nokuphinda kusetyenziswe i-100% yamanzi ethu avelisiweyo kwi-asethi yethu ye-Tupper Montney, ukuvavanya ukwehla kokunciphisa kakhulu ukukhutshwa kwegesi ye-greenhouse, ixesha elide kunye nerhasi yendalo efutha iimpompo zefrac kulo lonke ilizwe lethu. ipotifoliyo elunxwemeni.Ngepotfoliyo yethu entsha, silindele ukuncipha kwe-50% kwi-emissions ukusuka ngo-2018 ukuya ku-2020.

Ngoku ufudukela kwiSilayidi se-12, i-Eagle Ford Shale.Ngokudityaniswa kwamaqula ali-18 afika kwi-intanethi kwangoko kwikota yesine yemveliso elinganiselwa kuma-50,000 emiphanda elingana ne-oyile eyi-77%, eli nqanaba lemveliso limele ukonyuka okungaphezulu kwe-23% ukusuka kwikota yesine ye-'18.Nangona kunjalo, ngenxa yokuba akukho msebenzi wenzekileyo kwiinyanga ezimbini zokugqibela zonyaka imveliso kulindeleke ukuba yehle kwikota yokuqala, njengoko amaqula amatsha engayi kubekwa kwi-intanethi ngoku ngaphezulu kweentsuku ezili-100.Inkqubo yowama-2019 yamaqula angama-91 ibonelela iqela lethu elingaselunxwemeni ngomzila weenqwelo-moya owaneleyo wokuqhuba ukugrumba nokugqibezela ukucikideka, ukucokisa iindawo zamaqula, ukubekwa kwexesha kunye nokulungelelanisa iindlela zokugqibezela.Ngenxa yoko, ixabiso lethu eliphakathi liye laphucuka laya kutsho ngaphantsi kwe-6 yezigidi zeerandi kwiqula ngalinye.Ngokuhambisana noko ukusebenza kwethu kakuhle kwe-EUR kuqhubekeka ukuphucuka ukongeza kuluhlu lulonke lwe-quartile luqiniswa kakhulu ukusukela ngo-2016.

Isilayidi se-13, ukusukela ekufumaneni i-acreage ye-Kaybob Duvernay ngo-'16, ngoku sinamanzi angaphezu kwama-80 asebenzayo kuyo yonke i-asethi, imveliso yahlala ithe tyaba kwikota yesine kuma-9,000 alinganayo ngosuku nge-55% yeoli.Enyakeni ukusebenza kakuhle kugqithise malunga nama-20% ebesilindelekile, siye saba nezinto ezininzi esizifezileyo kule ndawo, ngokugrumba nokugqiba ezona ndleko ziphantsi kakuhle ngaphantsi kwe-6.3 yezigidi zeedola, ukugrumba elona qula likhawulezayo ukuza kuthi ga ngoku kwiintsuku ezili-12 kunye nokugrumba imigodi. elona lide lide ukuza kuthi ga ngoku lingaphezulu kwe 13,600 ezinyaweni.Njengenxalenye yenkqubo yethu eqhubekayo yokuphucula i-Murphy iqalisile ukusebenzisa i-bi-fuel ukunciphisa ukukhutshwa kwegesi ye-greenhouse kunye neendleko ze-diesel e-Kaybob Duvernay, oku sele kuphunyeziwe ukucuthwa kokukhutshwa kwe-30% kulo mmandla.

Isilayidi se-14, i-asethi yethu ye-Tupper Montney ivelise i-260 yezigidi ze-cubic feet ngosuku ngekota.Sichulumancile ngeziphumo zethu zonyaka ka-2019 njengoko bezisoloko zihamba phambili kwaye zilungelelaniswa nohlobo lwe-24 Bcf, ukonyuka ukusuka kwindlela yangaphambili ye-18 Bcf ngo-2018. Lilonke, sivelise ukuhamba kwemali simahla ngo-2019 ngexabiso eliphakathi. yeCAD2.15 ngeMcf nganye.

Isilayidi se-16 kwishishini lethu leGulf of Mexico uMurphy ngoku ukule potfoliyo yeGulf of Mexico esanda kwandiswa kangangeenyanga ezintandathu kwaye kwikota yesine eli shishini lenze izinto ezilingana nama-82,000 ngosuku ngama-85% olwelo.Kuyo yonke ikota, size namaqula amathathu kwi-intanethi emva kokugqiba imisebenzi yokudityaniswa kunye nokusebenza.Ukongeza, njengoko benditshilo ngaphambili, senze imemorandam yokuqonda kwethu malunga nenkqubo yokuvelisa iKing's Quay.

Isilayidi se-17, iiprojekthi zethu zihamba njengoko bekucwangcisiwe kwiGulf, sithetha nje sineqonga lokomba inkqubo yamaqula amathathu eFront Runner kunye nenqanawa yokomba eqhuba imisebenzi emibini ebuyela umva engaphantsi kolwandle, ekuqaleni. uhlobo luka-2020. Njengoko siza kuchaza iinkcukacha ezi projekthi kunye nezinye ezidweliswe kwisilayidi zizisa imiqulu eyongezelelweyo kwi-intanethi ukugcina izinga lethu lemveliso yexesha elide njengoko bekuchaziwe ngaphambili.Iiprojekthi zethu ezinkulu zexesha elide e-Khaleesi / Mormont naseSamurai ziqhubela phambili kakuhle kunye nobunjineli be-subsea kunye neekhontrakthi zokwakha ezisanda kunikezelwa phantsi kohlahlo lwabiwo-mali.

Isilayidi se-19, kwikota yokuqala ka-2020, silindele ukuveliswa kwe-181,000 ukuya kwi-193,000 elinganayo ngosuku lokubalwa kokuncipha kwendalo kunye nexesha lokuphumla elicwangcisiweyo, kubandakanya ngaphezulu kwe-3,000 elinganayo ngosuku ehambelana neTerra Nova ehlala ungaxhunyiwe kwi-intanethi.Ukuveliswa kwe-190,000 ukuya kwi-202,000 kwi-60% yeoli kuqikelelo lonyaka ogcweleyo we-2020 ngokusekelwe kwisicwangciso esikhulu se-1.4 yeebhiliyoni zeedola ukuya kwi-1.5 yeebhiliyoni zeedola.Kweso sixa-mali, malunga ne-1.2 yeebhiliyoni zeerandi yohlahlo lwabiwo-mali lwethu yabelwe izinto zethu ze-Eagle Ford Shale kunye nonxweme.

Kwaye ukudibanisa inkqubo yethu yonyaka eyinkunzi, eyona nto sigxile kuyo kukwenza imali egqithileyo ukuhlawulela isahlulo sethu njengoko sifumene ii-asethi ezintsha kwi-Gulf ngo-2019 kukho iprojekthi enye e-St. Malo waterflood, inkunzi efunekayo kwixesha elisondeleyo ukunyuka kwemveliso kulindeleke kwiminyaka emithathu.Le projekthi ibe nefuthe kulwabiwo lwethu lwenkunzi ka-2020 njengoko ukuzinikela kwethu kwi-cash flow capex parity kwasikhokelela ekubeni sihlengahlengise isicwangciso sethu ukuqinisekisa ukuba ukungena nokuphuma kwemali kukhuselekile.Oku kusivumela ukuba siqhubeke nesabelo sethu sexesha elide kwaye sigcine malunga ne-1.5 amaxesha etyala eliseleyo kwireyishini ye-EBITDA.

Isilayidi sama-20, njengoko besixoxile kwiikota ezidlulileyo isicwangciso sethu seminyaka emihlanu iGulf of Mexico ifezekisa imveliso ephakathi malunga nama-85,000 alinganayo.Ngowama-2020, i-capex yethu iyonke ye-440 yezigidi zeedola yenza umndilili wonyaka opheleleyo wemveliso elinganayo engama-86,000 ngosuku ngamaqula amathandathu asebenzayo kunye namahlanu angasetyenziswanga aza kwi-intanethi unyaka wonke.Isicwangciso seprojekthi sika-2020 yindibaniselwano yeerigi zeqonga, ii-workovers kunye ne-tiebacks njengoko kuchaziwe kwisilayidi sangaphambili.Lilonke, baya kwenza malunga ne-1 yeebhiliyoni zeedola zokuhamba kwemali esebenzayo kulo nyaka.

Isilayidi sama-21, ngokusekwe kumbindi wesikhokelo sethu, uhlahlo lwabiwo-mali lwethu lwaselwandle kulindeleke ukuba lube yi-855 yezigidi zeedola kwaye malunga ne-80% yabelwe i-Eagle Ford Shale.Sichulumancile ukuqhubeka nenkqubo yethu eyomeleleyo ngo-2020 emva kokuyicutha kakhulu inkcitho kule minyaka imbalwa idlulileyo njengoko sigcina indlela yethu enembeko kulwabiwo lwenkunzi.Amaqula asebenzayo angama-97 eza kwi-Intanethi kulo nyaka ayegxile ikakhulu kwiindawo zethu zaseKarnes naseCatarina.Ukongeza, sinomndilili we-24% wenzala yokusebenza kunye namaqula angama-59 angasetyenziswanga acwangciselwe ukuza kwi-Intanethi unyaka wonke, ikakhulu eKarnes County.

Ebudeni buka-2020, imveliso yethu ye-Eagle Ford Shale yonyuka ngokuthe chu njengoko bekucwangcisiwe, yafikelela kumyinge wekota yesine ngaphezulu kwe-60,000 elinganayo ngosuku.Oku kukhula okunexabiso kweoli kusibuyisela kwinqanaba esingazange sibe nalo kwiminyaka emininzi.E-Kaybob Duvernay, siceba ukuchitha i-125 yezigidi zeedola ukuzisa i-intanethi yamaqula asebenzayo ali-16 njengoko sizalisekisa umsebenzi wethu wokomba ekuqaleni konyaka.I-Kaybob Duvernay iqhuba kakuhle ngokugqithisileyo kwibhodi iphela eneziphumo ezibalaseleyo ekwenziweni kobuchule bokugrumba nokugqiba.

KuTupper Montney wethu ochubekileyo, sabela izigidi ezingama-35 zeedola ukuzisa amaqula amahlanu kwi-intanethi kweli nqanaba lemali eyinkunzi achithe la maqula enze imali simahla malunga ne-CAD1.60 AECO amaxabiso.Inkcitho elinganiselweyo phakathi kokungena kwemali simahla kobu butyebi bukhulu bubekwe kakuhle kwipotfoliyo yethu njengenxalenye yeemfuno zehlabathi zegesi yendalo njengokutshintshwa kwamalahle ixesha elide kunye nekamva eliphantsi lekhabhoni.

Isilayidi sama-22, inkqubo yethu yowama-2020 ingena kakuhle kwiinjongo zethu zophononongo lwexesha elide, siceba ukuchitha malunga ne-100 lezigidi zeedola kunye nokugrumba amaqula amane, okusenza ukuba sijonge ngaphezulu kwe-500 yezigidi zeedola zemiphanda elingana nezibonelelo.Kwicala lase-US leGulf, sibambe inzala ye-12% engasebenziyo kwi-Mt. Ouray kakuhle.Lo mbono kulindeleke ukuba uqhube emva kwexesha kwikota yesibini.Sivuya kakhulu ngenkqubo yethu yamaqula amabini eMexico;okokuqala, siceba ukwenza uVavanyo lweCholula lulandelwe kakuhle lithemba elitsha elijolise kwindawo yokuqala engaphantsi kwetyuwa eMexico ebizwa ngokuba yiBatopilas.Omabini amaqula anobuchule kwizicwangciso zethu zexesha elizayo kunye neMexico ekude.EBrazil siyaqhubeka nokuvuthwa amathemba amaninzi, kunye nezityalo -- ngokunjalo ucwangciso luyaqhubeka.Iqabane lethu lilindele ukukhupha iqula lokuqala ekuqaleni kuka-2021.

Isilayidi sama-23, njengoko ujonge kwizicwangciso zethu kule minyaka imbalwa izayo, ndiyakholelwa ukuba siya kukwazi ukuvelisa malunga ne-1.4 yeebhiliyoni zeedola zemali esimahla emva kwesahlulo sethu, ngelixa sihambisa malunga ne-5% yemveliso yeCAGAR, ngelixa sigcina ubunzima be-oyile ngama-60%.Siyakufezekisa oku ngokwabela umndilili malunga ne-1.3 yeebhiliyoni zeedola ngonyaka ngale 1.4% ukuya kwi-1.5% ibe yinkqubo ngo-2020, silindele ukuba ngowona nyaka uphezulu wenkcitho eyinkunzi.Kule minyaka mihlanu izayo, i-asethi yethu yeGulf of Mexico iya kugcina umndilili wemveliso yonyaka malunga ne-85,000 elinganayo ngosuku, kwaye i-Eagle Ford Shale okwangoku iqikelelwa ukuba ibe ne-10% ukuya kwi-12% yemveliso yeCAGAR.Njengoko besicebe inkcitho yethu yonyaka ye-100 lezigidi zeerandi kunye nokuhlola, okusivumela ukuba sombe amaqula amathathu ukuya kwamahlanu ngonyaka.Ndiqinisekile ukuba uya kuvuma ukuba le yinkqubo enentsingiselo yeminyaka emininzi.

Isilayidi sama-24, njengoko singena kunyaka wethu wama-70 njengequmrhu iMurphy Oil ikwimeko entle yekamva emva kokuphuma komnye unyaka wekota ephezulu yokusebenza kwembuyekezo yabaninizabelo, xa kuthelekiswa neqela lethu loontanga sizuze irenki ye-95 yepesenti kwimbuyekezo yabaninizabelo. kule minyaka mithathu idlulileyo.Ipotfoliyo yethu entsha etshintshwe ngokuphononongwayo inamandla aqhubekayo okuhambisa ukuhamba kwemali simahla ngaphezu kwesivuno sesabelo esikhuphisanayo.

Ekuvaleni, ndivakalelwa kukuba senze ngempumelelo utshintsho olukhulu njengoko siguqula uMurphy ukuba abe yinkampani egxile kwiOli yeNtshona yeHemisphere.Oku kusibeka ekudaleni ixabiso lexesha elide.Ndinebhongo kakhulu ngokuba yenye yeenkampani ezikhethiweyo ukwenza ukuhamba kwemali simahla kunye nembuyekezo yesahlulo-izahlulo ezibalulekileyo kubaninizabelo bethu namhlanje.Kwaye sinobuchule obukhethekileyo bokwenza ukuba abaninizabelo bethu bajonge phambili ngeenkqubo zokuhlola ezicwangcisiweyo.Sabela imali eyinkunzi kwii-asethi zethu ezinobunzima be-oyile ephezulu ukuvelisa ukukhula okunengeniso, sikwenza konke oku ngelixa sibeke iliso elibukhali kwiindlela zokuqhubeka nokusebenza ngokuzinzileyo kwixa elizayo.

Enkosi.Manene nani manenekazi, siza kuqala ngoku iseshoni yemibuzo neempendulo.[Imiyalelo yoMsebenzisi] Umbuzo wokuqala uvela kuBrian Singer waseGoldman Sachs.Nceda uqhubeke.

Umbuzo wam wokuqala ukwi-Eagle Ford Shale, uphawule kwesinye sezilayidi, iSilayidi se-12, uyasilindela--okanye ubone ii-EUR eziphezulu kumaqula ammbiweyo ngo-2019. Kwaye ndiye ndazibuza ukuba ungathetha na kwinto yakho. okulindelekileyo kuku-2020 xa kuthelekiswa no-2019 ukusuka kwi-oyile ye-EUR imbono.Yintoni oyibonayo njengemingcipheko echasene ne-downside yokufezekisa indlela yokukhula eya kutyhala imveliso kwi-60,000 BOE ngosuku kwikota yesine?

Ewe Brian, siza kubona ukuqhubeka kwethu ukuba andiqinisekanga kwindlela ebesikhe saba nayo ngaphambili, siyibona iphucuka kancinci ngetekhnoloji yefrac kunye nophuculo olukhulu olwenziwe liqela lethu.Kwakhona kulo nyaka yinkqubo ehluke ngokupheleleyo kunonyaka odlulileyo obunzima kakhulu eKarnes naseCatarina kwaye ngaphantsi kwendawo yaseTilden apho siye saba neengxaki kwikota yesine.Kodwa indawo yaseTilden ayikho nto iphosakeleyo kuyo yonke into, yayiyingcamango yala maqula aseTilden aqhuba kakuhle ngaphezu kwe-EUR esinayo kwiindawo zethu zokugcina ezingaphuhliswanga kwaye emva koko isicwangciso sethu sexesha elide, kwaye sigcina elo nqanaba emva koko lahamba. sibuyele phantsi kwinqanaba esiya kuba nalo kwisicwangciso sexesha elide ngaphezu kwenani elilinganiselweyo lamaqula kwikota yesine.

Umba wolwabiwo eyinkunzi iqabane elitsha elikhulu kakhulu BPX, nto leyo ngenkuthalo ukugrumba emva kokuthenga kwabo BHP kummandla Karnes kunye nice kakhulu phezulu -- ezantsi Ukhozi Ford Shale amaqula kunye namanye amnandi kakhulu Austin Chalk amaqula.Ke bathatha indawo yolwabiwo lwethu lwemali oluqhelekileyo kwi-Tilden kwaye sisomba eyona nto iphambili kulo nyaka kunye neprofayili yomngcipheko eyahluke ngokupheleleyo kuneminyaka engaphambili e-Tilden apho singakhange sombi iminyaka eliqela.Ke sinethemba lokuphumelela oko ngenxa yokubaluleka kwenkqubo yethu engasebenziyo kunye nenkqubo enkulu kakhulu engasetyenziswanga kwikota yesine apho kulo nyaka besinenkcitho encinci kakhulu kwiinyanga ezimbini ezidlulileyo kwaye singabanini namhlanje eEagle Ford. , uBrian.

Kakhulu.Enkosi.Kwaye okwesibini yimibuzo embalwa elunxwemeni.Ngaba ungathetha nomkhwa owubonayo kwicala leendleko kunye necala elichasene nomngcipheko osezantsi apho?Kwaye ke ngokwahlukeneyo uqonde ixesha lokuphumla kunye nokuguquguquka yinxalenye eqhelekileyo yokusebenza naphi na, ngakumbi elunxwemeni, kodwa ungathetha ngendlela obeka ngayo emngciphekweni ixesha lokuphumla ngo-2020 isikhokelo sinikwe ezinye zezinto esizibone apha mva nje?

Ewe, kumfanekiso wedolophu kukho iindidi ezimbini zexesha lokuphumla kwindawo engaselunxwemeni, kukho ixesha lokuphumla elinxulunyaniswa nokungacwangciswanga kwangaphambili okwenzeka kuwe ngamaxesha athile.Siqhele kwaye kulo nyaka sinesibonelelo se-5% kwimveliso yethu yexesha lokuphumla elingacwangciswanga okanye elo xesha lokuphumla lilonke kwishishini lethu.Ngokwenyani ngo-2020 sinexesha elincinane elicwangcisiweyo lokuphumla kunye nesibonelelo esikhulu, xa kuthelekiswa neminyaka engaphambili yexesha lokuphumla elingacwangciswanga.Ewe, kunzima ukuqikelela ngamanye amaxesha, uBrian ziimeko zoomatshini ezenzeka kakuhle ezinjengokungasebenzi kakuhle kwe-subsea kwezi asethi zintsha, njengoko benditshilo ngaphambili namhlanje sinazo ezi asethi iinyanga ezintandathu kwaye izixhobo zophukile, ukuba uyafuna okanye Amandla e-umbilical kunye ne-hydraulic ephethe umgca kwaye kuye kwafuneka siyihlambulule kwaye siyilungise, ezo zinzima ukuzibeka kwelo nqanaba kwaye zinqabile kakhulu ukwenzeka.

Kodwa ngokwembono yethu yedolophu iyonke sinale milinganiselo kwaye yile nto siqhele ukuyenza kwaye siqhele ukuyibona ngaphandle kwemisitho enye.Kwaye njengoko siyiqonda ngcono inkqubo ye-subsea, sikholelwa ukuba sinayo ngeli xesha kwaye siqikelele ngokuzithemba.Kwakhona ngaphakathi kwelo xesha lokuphumla i-5% yinto elungileyo yonyaka, uBrian ngaphezulu kweentsuku ezingama-365 zifakiwe --uxolo ngeentsuku ezisixhenxe zero zero kwiGulf yenkanyamba ngokwesiqhelo imigqomo yethu kwiGulf ayisoze icime ngokupheleleyo, Andikhumbuli ixesha apho yonke iGulf ivaliwe kwimveliso, kuba sineenkqubo ezahlukeneyo zemibhobho kwiindawo ezahlukeneyo zokusebenza.Kwaye ndivakalelwa kukuba kuyingozi ngokufanelekileyo.

Kwaye omnye umngcipheko siwubekile kule nto, ebaluleke kakhulu ngokungathi ikhawuntala yakho yomgqomo yi-asethi yeTerra Nova bekufanele ukuba ivelise kude kube nguMeyi kwaye ingene kwiinyanga ezintandathu ezomileyo kwaye ibuye ngo-Okthobha kwaye ngenxa yemeko engaziwayo apho thina. qhubela phambili kwaye wayibeka njengo-zero.Ke oko bekuya kutshintsha iingxoxo zethu zangaphambili zemveliso, njengolwazi olutsha, ukuba oku kwenzeka kuphela nge-19 kaDisemba.Ke ndicinga ukuba sinayo loo nto, ungayehlisa i-zero, Brian.Kwaye ke sibeka oko kwaye sinolawulo lwethu lokuphumla kunye nedatha eninzi kwiGulf kunye namava amade kwaye ngoku iinyanga ezintandathu zokufunda iinkqubo ezintsha ze-subsea esizithengileyo kwaye siziva sikhululekile ngento esinayo.

Njengemeko yeendleko, uBrian.Kuza kubakho ukonyuka kwamaxabiso osuku kwixesha elide.Sinayo loo nto kwizicwangciso zethu.Andikuthandi ngokwenene ukuxoxa ngamaxabiso esinawo kwiirigi ezahlukeneyo.Kodwa ngokuqinisekileyo oko kuya kukwandisa oko, kuya kufuneka sonyuse ndicinga ukuba ababoneleli bale nkonzo, sibona uhlahlo lwabiwo-mali olungezantsi kwizixhobo ze-subsea kunye nofakelo lwe-subsea, eyoyisayo uninzi lwaloo nto kwaye siyaqhubeka nokusebenza kakuhle okumangalisayo. iinqanawa ezinkulu zokuqhuba ezidlulayo kuwo nawuphi na umba wokwenyani malunga nokunyuka kwesantya sosuku njengoko imalunga neentsuku kwindawo ekupheleni kosuku, kunye nohlobo lomsebenzi esinawo eKhaleesi / Mormont usandula ukuseta ezi zixhobo zimbini ezibandakanya , ukugqitywa kunye nokugrumba ngaxeshanye -- imisebenzi ngaxeshanye, kwaye andizikhathazi ngeendleko kwelinye lamashishini ethu ngeli xesha.Njengoko ndibona ukusebenza kakuhle kudla ukonyuka kwesantya sosuku kwaye ngoku, xa sithenda ezinye izixhobo, iba sezantsi kwishishini lethu laphesheya.

Ewe, uRoger.Bendicinga ukuba unga--ewe, molo, mhlekazi.Bendizibuza ukuba ungacacisa na ngolwakhiwo olubanzi lweKing's Quay yokwenza imali.Nina ninephepha elilungeleleneyo elomeleleyo.Bendizibuza ukuba kutheni le nto ibiyinjongo ebalulekileyo yeqhinga ekufuneka yenziwe.Kwaye mhlawumbi sincede malunga nokuba amagama anokubonakala njani?

Ndingathathela ingqalelo eyona meko yethu inamandla esiyenzileyo ibikukukwazi nje, uyazi, bekugxilwe kukuhamba kwemali kwi-capex parity.Into enye ekufuneka uyazi malunga nolu hlobo lweemeko zomsinga ophakathi yonke iMalaysia yenziwa ngolu hlobo.Zonke iziko leThunder Hawk kwiGulf lenziwe ngolu hlobo.Lonke ishishini lethu lenziwa ngowomnye umntu ophakathi komsinga.Sisebenze ngale ndlela ixesha elide kwaye oku kukuqhubekeka nje kweso sicwangciso.

Asinako ukubhengeza amaxabiso esiwahlawulayo kulo lonke eli ziko, ndingacinga ukuba lihle kakhulu iqondo lomlambo, ukuba uyathanda, ukulinganisa ukuba iphepha lethu lomncono njengoko ulikhulisileyo lenza ukuba ireyithi ibe phantsi, kuba sohlukile. Umngcipheko wetyala kunye nabanye abantu banokuthatha inxaxheba kolu shishino, ibe ngumcimbi wokuza kwamanzi eSt. Malo ukungena kwisabelo sethu esiyinkunzi, eyiprojekthi yexesha elide, eqhuba kakuhle kakhulu.Kwaye besiya kwenza ntoni kule minyaka mithathu izayo ngaloo mali efikelela kwi-300 yezigidi zeerandi kwaye sigcine i-CAGAR kunye nokukhula ebesinako kwaye besifuna ngokwemali okwangoku--uncedo lwemali kuloo ndawo ithile yeprojekthi.

Iprojekthi isesisixa esikhulu semali enkulu kuthi kwaye sagqiba kwelokuba sithathe ubunini bethu ngaloo ndlela nangemali ngendlela yokuba, ukuba uyathanda, kwaye ndonwabile ngelungelo esinalo ngokwemvelo, andikwazi ukuyichaza loo nto njengoko. iya kuxela into endiya kuyihlawula phakathi komsinga kwixesha elizayo okanye iqabane lifuna ukuba nalo.Kodwa i-opex yethu iyonke yenkampani yethu xa le nto ifika emgceni, siya kuhlala sibadlali abalithoba okanye abangaphantsi kwesithoba kwaye ndiziva ngokwembono iyonke, le ayizukubonakala kwezemali.Kwaye ndingaphinda ndithi ukuhamba kwemali kolu luhlu lwesicwangciso sethu soluhlu olude mhlawumbi kuphezulu kunomlinganiselo esinawo.Ke ndikhululekile kuyo yonke loo nto, Arun.

Kulungile.Kwaye ukulandelela kwam, uRoger, kukumodeli, bendizibuza, ukuba ungasinceda na ukuba sicinge malunga nendlela umsebenzi ophezulu wokusebenza kwiGulf of Mexico kwaye kunokwenzeka ukuba i-Eagle Ford iyakuchaphazela isikhokelo sakho se-LOE ngo-2020?Bendizibuza ukuba ungazikhankanya na iingcinga zakho malunga nokuqhekeka kwexabiso leoli kwi-'20 ukugubungela i-capex kunye ne-dividend?

Kulungile.Ngokwembono ye-opex, ndilindele ukuba i-opex yethu ifane nalo nyaka njengoko besinomsebenzi omninzi.I-opex yethu kwikota yesine iphantse yachatshazelwa kukusebenza okukodwa esithe sakwenza ngendlela yeendleko zokusebenza kwiqula lethu laseChinook, ewe amaqula afika kwi-intanethi nge-13,000 yemiphanda elinganayo ngosuku, phantse yonke ioyile.Kwaye ndingakulindela umsebenzi esinawo apha, sinomdla ophantsi wokusebenza kwenye yezinto zokusebenza, kwaye andiboni ukuba ngumqhubi omkhulu ekwahluleni i-opx yethu iyonke enyakeni, kodwa ungakonyuka ngekota njengoko la maqula. zikholisa ukwenziwa malunga nenyanga okanye ezimbini zomsebenzi Iintsuku ezingama-45 ziqhelekile.Ke oko kunokuba yinto ejikeleze ikota, kodwa iyonke i-opex yethu yonyaka njengenkampani epheleleyo kunye neshishini lethu leGulf of Mexico kufuneka lizinziswe.

Ngokwembono, uthatha indawo ephakathi yesikhokelo kwi-capex yethu, eyona njongo yethu.Kwaye kulo nyaka uphelileyo, silufikelele olo sukelo kwaye siphantsi kolo sukelo lokuphuma kwemali kwingxelo yokuhamba kwemali, kwaye ndiya kwenza kuphela-- sikuloo njongo kwi-accrual basis, engeyiyo yonke indlela. imali ngeli xesha, ewe, ayisiyonjongo yethu ukusebenzisa apha ngasentla ukuba sinoluhlu lwemisitho enokuthi yenzeke, kwaye ngoku eli xabiso le-oyile ngokucacileyo alinakuhamba ngaphaya kwendawo ephakathi.Ukuba sijonga umtya namhlanje ngeempembelelo zentsholongwane zamva nje kwixabiso leoli, besiya kufuna i-55 yeedola akukho ngxaki, kodwa ukuba ujonge umtya wangoku, kuya kufuneka sihambe kwisiphelo esisezantsi sesikhokelo sethu se-capex. I-1.4 yeebhiliyoni zeedola ukuya kwi-1.45 yeedola kwaye ungene embindini waloo nto ukuze ufezekise ukugubungela isahlulo.

Kwaye xa sisenza loo nto sinamathuba athile akhoyo angafanelekanga ukuba abe nefuthe kwimveliso malunga nexesha elithile kwiindawo ezahlukeneyo zenkampani ezikhethe ukubhengeza kamva.Kodwa injongo yethu kukugubungela;injongo yethu kukugawula ukuba sifuna, kwaye sikhumbule oku, ewe, uthango lwethu njengoko uDavide ebetshilo ngaphambili luyasinceda apho kulo mba kwaye lubandakanyiwe koko ndikuthethileyo.Ke i-avareji ye-55 ye-WTI yonyaka, endicinga ukuba inokufezekiswa kakhulu.Ayiyongxaki kwaphela.Kwaye kwihlabathi le-53, uthetha kuphela malunga ne-20 yezigidi zeedola, i-30 yezigidi zeedola ze-capex yokusingatha loo nto, Arun.

Molo, molo.Bendifuna ukulandelela kancinci kwi-Eagle Ford apha, ngokuqinisekileyo ndiqaphele ukuba nina ninexesha lokuphumla kwikota yesine, nijonge nje ikota yakho yokuqala ye-Eagle Ford yokuvelisa isikhokelo, ibonakala ngathi iphantsi malunga ne-15% xa ithelekiswa ne-4Q.Ndiyazi ukuba uthethe kakhulu malunga nexesha elifanelekileyo.Bendifuna nje uhlobo lokufumana ingqiqo yokuba ngaba kukwakhona ukusebenza okuqhubekayo kwikota yokuqala ka-'20, uhlobo, oluchaphazela loo mveliso kwaye mhlawumbi ungathetha nje kancinci kule mveliso, uhlobo, icadence kuyo yonke loo nto. unyaka.Ndiyazi ukuba ukhankanye i-60,000 kwikota yesine, ngaba kufuneka sibone irempu entle ethe gqolo kwi-2Q kunye ne-3Q, ke mhlawumbi ndincede kancinci kwezinye izikhombisi kwi-Eagle Ford apha?

Enkosi.Leo.Ke kwikota yesine, siye sanempembelelo evela kumsebenzi othe kratya kumaqula anexabiso eliphezulu kunesiqhelo xa sinohlobo lomsebenzi wokulungisa iilifti ezenziweyo kwi-Eagle Ford, sibone inqanaba elifanayo lomsebenzi, kodwa siye sanexesha elingakumbi lokuphumla. ezinxulumene namaqula izinga eliphezulu ngaphezu 300 ukuba 400 umphanda ngosuku amaqula, endaweni 40, 50, 60 umphanda ngosuku amaqula.Ke loo nto yayiluhlobo oluthile olungaqhelekanga.Siye saba namaqula amatsha eza kwi-Intanethi ngoSeptemba eCatarina ebenexesha elifanelekileyo lokuphumla esiye saphuma saza sacoca isanti kuloo maqula, la maqula ngoku onke kodwa malunga nelinye libuyele kumazinga aqhelekileyo emveliso.Ke ukusuka kulo msebenzi wokusebenza eCatarina, mhlawumbi sibona malunga nama-500 okanye ama-600 emiphanda ngosuku olunefuthe elibambekayo ukusuka apho sisiya kuJanuwari.Eminye intsimi luhlobo lomgca njengesiqhelo.

Kwimithombo ye-East Tilden, apho uRoger wagxininisa uqikelelo lwethu, kodwa wadlula ulindelo lwangaphambili lwamaqula ukusuka kwi-2015 nangaphambili.Loo maqula achaphazele ikota yethu ngaphezulu kancinci kwemiphanda engama-700 ngosuku.Impembelelo yaloo nto ekuqaleni kuka-2020 imalunga nemigqomo eyi-1,000 ngosuku, kwaye loo mpembelelo iya kuhla unyaka wonke.Ke ngoko sibona i-overhang encinci ekuqaleni konyaka.Besilindele ukwehla kwendalo kwi-Eagle Ford ngokugqithwa kwethu kakuhle, ngakumbi ngoSeptemba nango-Okthobha walo nyaka uphelileyo, unikezelo lwethu olutsha lwe-intanethi kulo nyaka, ukwenza kwethu ukugrumba kunye nenkqubo yethu yokugqiba kuhamba kakuhle kakhulu.Sinenkqubo yamaqula azayo kwi-intanethi ethi kwikota yokuqala ifane nendlela ebikhangeleka ngayo kwikota yokuqala ka-2019. Kwaye ke kancinci silinde kwisiqingatha sokugqibela sekota yemithombo yethu yaseKarnes esebenzayo eza kwi-Intanethi.Ke kusemva kancinane ukunyuswa kwamaqula amatsha kwikota yesibini emva koko ubone ngo-2019. Kodwa ke ukutyhala okuqinileyo unyaka wonke ngamaqula aphezulu e-IP eCatarina naseKarnes enegalelo emva kwexesha kwikota yesibini nakwikota yesithathu kunye ukutyhala okukhulu kwemithombo yeKarnes engasetyenziswanga kwikota yesine ka-2020.

Kulungile.Umbala oluncedo kakhulu.Ke ngokuqinisekileyo kuvakala ngathi ibuyile isiqingatha sobunzima bokukhula koKhozi Ford ngo-'20 apha.

Kuya kuhlala kunjalo, Leo.Xa uyeka ukuchitha imali ekupheleni konyaka ukuya kwi-capital-end load load, eya kuba yinto eqhelekileyo e-Shale.AsingoMurphy kuphela.Kunzima ukwenza ngolo hlobo.

Inkqubo yethu ngo-2020 inemithombo eli-14 ezayo kwi-Intanethi ngasekupheleni konyaka eKarnes.Ke sinonikezelo oluzinzileyo ngo-2020, xa kuthelekiswa no-2019. Ngoko ke kufuneka siphume unyaka siphezulu endaweni yokuhla ngokuhla kwendalo.Ke imbonakalo encinci eyahlukileyo kulo nyaka wenkqubo yethu.

Kulungile, ngumbala olungileyo lowo ngokuqinisekileyo.Ndiyazi ukuba uthe u-2020 uphezulu kwi-capex, ndiyathetha, kuvakala ngathi olo hlobo lwehla apha, uyazi, ukuya ku-'21.Ndiyazi ukuba nithetha nge-85,000 BOE ngosuku kwiGulf of Mexico.Kodwa njengoko bendijonge kwizilayidi zakho kwaye ndibona ezinye zeeshedyuli ezidibeneyo.Ndifuna nje ukufumana ingqiqo, kwakubonakala ngathi akukho maqula amaninzi kwiGulf ezayo kude kube sekupheleni konyaka ngo-'21.Ke ngaba kufuneka silindele imveliso yeGulf ukuba yehle kancinci kwi-'21 kwaye emva koko inyuke kakhulu ngo-'22 ngaba uKhaleesi kunye noMormont beza nantoni na onokuthi uyithethe kuloo nto?

Kulo nyaka, iya kuba yi-watermark ephezulu yemveliso kule minyaka imbalwa izayo kwi-Gulf, kodwa ayinciphi kangako, yala maqula ngamaqula anexabiso eliphezulu xa uwabona kule tshati nawo engakhankanywanga apha.Amaqula angeyo-op, ke yi-Kodiak nje apho sonwabela inzala enkulu yokusebenza apho, elinye lamasimi ethu anengeniso ethe chatha ngezipho ezilungileyo ezimangalisayo.Ndithembele kakhulu ekulinganiseni oku, ndingatsho ukuba inkunzi yokuhambisa le mhlawumbi ingaphantsi kwesikhokelo sangaphambili.Kwaye sinemithombo ebalulekileyo ezayo apha kolu luhlu kwaye nakwi-non-op zombini e-St. Malo nase-Kodiak kunye no-- kunye no-Lucius ngokunjalo.Ke i-non-op ayiphawulwanga apha, kodwa sinethemba elikhulu malunga neprofayili yethu yexesha elide yolu sukelo lwe-85 kunye ne-capex encinci ukuya ekupheleni kwexesha lokucwangcisa.

Ndiyifumene, KULUNGILE.Ke, ewe, kuvakala ngathi kukho inani lamanye amaqula akhoyo kwizilayidi aza kunceda umva agcwalise enye yaloo nto.Kulungile iyavakala.

Kwaye la maqula imveliso ephezulu kakhulu, Leo, kunye ezahlukeneyo inzala yokusebenza, kodwa la ngamaqula aphezulu-izinga sijongana apha.

Kulungile.Hayi, iluncedo.Kwaye ndiyaqikelela mhlawumbi okokugqibela kuphononongo.Kwesakho iSilayidi sama-22, bendifuna ukubona ukuba sifumana umbala othe chatha kancinci kwamanye ala mathemba azayo enyakeni malunga nento obucinga ukuba inokubakho eBatopilas okanye iqula oya kuba lilo. Uvavanyo lokuqikelela ekuqaleni kuka-'21 e-Brazil, uzama nje ukufumana ingqiqo yoluphi uhlobo lwenjongo enokuphinda ibuyiselwe ekuloo maqula?

Kulungile, ndithetha ukuthi thina---ukuchaza olu hlobo lwemiba kufuna ezininzi, iimvume ezininzi zamahlakani kwaye ke asinayo apha.Ndiyathetha, ngokwesiqhelo kwiGulf of Mexico, ungalindela kuphononongo kakuhle ukuba ube ngumphanda wezigidi ezingama-75 kunye nethuba lohlobo, ezo zizinto esihlala sijolise kuzo.Kwindawo yethu yeCholula eMexico, siye safumanisa ukuba kulo nyaka uphelileyo sabhengezwa, kwaye leyo yayiyindawo ye-crestal kakuhle ene-oyile entle -- ineendawo ezithe tyaba ukuba uyathanda, kwaye kufuneka siphume kweso sakhiwo siye kwindawo. Idama elishinyeneyo kwelinye lamaqula, elingenawo inqanaba lamanzi kwindawo, kwaye senze umsebenzi omninzi wenyikima apho kunye nethuba elikufuphi kakhulu kunye nempendulo efanelekileyo yenyikima kulo lonke ukwakhiwa kweCholula. .Kwaye kulo mmandla usuka kwela qula kunye nethuba elikufutshane elifana nalo, ubunzulu obufanayo bobudala obusecaleni, ukuba uyathanda, ezi zizigidi ezili-100 zodidi lomphanda wezinto esizihlekisayo kulo mmandla mkhulu kakhulu.

Ke sinamashishini amabini eMexico ngoku, elinye liphakathi kweMiocene encinci ye-tieback zone kuluhlu lwe-100 lezigidi zemiphanda kuMntla-mpuma wokufunyanwa kweTalos esinokukongeza ngokulula kwaye songezelele kufana kakhulu noko sikwenzayo kwiGulf.Kwaye kukho i-Batopilas iqula elikhulu elingaphezu kwe-160 yezigidi ezilingana nobukhulu kwaye sisakhiwo esikhulu seMiocene phantsi kwetyuwa.Kwaye ke loo mathuba, kwaye ewe, isiseko sethu seSergipe-Alagoas, asibhengezi ubungakanani baloo mathuba, onokuthi ulindele into enje ngeqabane ekufuneka sibe likhulu kakhulu.Kwaye ndinethemba lokuba ezo zibe zikhulu kwaye apho uhamba kunye ne-500 engaphezulu kwaye yiyo yonke into esinokuyithetha ngayo.Kwakhona iqula eliqhelekileyo kwiGulf 75, sichukumisa intwana entle, kufutshane ne-100 nangaphaya kwiGulf -- kwingingqi yaseMexico ngolu hlobo lweendleko ezinkulu [Ezingenakuchazwa] zamaqula, aphathe amaqula, enyanisweni.Kwaye ke ithuba elikhulu lekamva lethu eBrazil esonwabisa kakhulu.Kodwa ube nobhengezo olulinganiselweyo ngeli xesha.

Imibuzo emibini, ndicinga ukuba imarike ayiyixabisi ngokupheleleyo inzuzo yeSt.Ngaba ungathetha nje, ngohlobo, malunga nendlela imveliso ejongeka ngayo xa ifika kwi-intanethi ngo-'23 kwaye emva koko ukuba loo mda uya phambili kwaye ungakanani-ubomi obude baloo miqulu kwinkqubo?

Molo, Gail.I-St. Malo iza emva kwexesha lika-'23 ekuqaleni kuka-'24 uhlobo lweencopho, yongeza ngaphezulu kwe-5,000 yemigqomo ngosuku kwi-portfolio yethu ye-offshore kwaye yongeza malunga ne-32 yezigidi zemibhobho yoovimba isabelo sethu kunye ne-NPV ebalulekileyo, i-NPV kwi-150 yezigidi zeedola ukuya kwi-160 yezigidi zeedola. malunga ne-18% ukuya kwi-20% izinga lembuyekezo kwi-oyile ye-flat ye-$ 55.Ke ibalulekile kwaye iza ngexesha elifanelekileyo kwipotifoliyo yethu yaphesheya.

Kakhulu.Kwaye ke ngo-2019 iGulf yaseMexico yayinomohluko osempilweni kakhulu.Ngaba nina madoda ningabonelela ngombala othile malunga nendlela nina enijonga ngayo umahluko weGOM ngo-2020?

Ewe, ndicinga ukuba umfanekiso ohlukileyo kwiGulf ubengcono kakhulu kunokuba bekuqikelelwe ngokwembono ye-IMO 2020 ebingeyompembelelo inkulu.Iidiffs zisezantsi kunoko bezikho kumacandelo ka-'19.Namhlanje, kwishishini lethu le-Mars apho siphawula ukusuka kwi-Mars kwi-Gulf yaseMexico, ezi iya kuba zizo zonke ii-asethi esizithengileyo ePetrobras, kunye ne-Medusa yethu endala kunye ne-front-lecture ivakalelwa.Imalunga ne-36% yemveliso yethu, ezi diffs ngokucacileyo zingaphezulu kwe-1 yedola ukuya kuthi ga ngoku, i-diff kaFebruwari kwaye yi-1.40 yeedola ezilungileyo, ezinye ii-CHOPS ziqikelele ukuba zingaphantsi kweedola ezingalunganga, enyanisweni.Kwaye sibona oku kungcono kakhulu kunokuba bekucingelwa ekuqaleni.

Kwi-HLS kwi-Gulf, malunga ne-21%, le yenye kakhulu, iphezulu kakhulu i-margin crudes ejikeleze i-Kodiak yethu engekho-op kakuhle kunye nalo lonke ishishini lethu le-LLOG esilithengileyo kunye nentsimi ye-dalmatian esinayo kwaye sisebenza kwikota yesine kungekudala, apho. ibiyi $4 evumayo kwaye ngoku ngokucacileyo siku-350 kuluhlu oluqinisekileyo apho, kwaye ndiziva ndonwabile ngaloo nto.Enye imeko entle kuthi yiMagellan East Houston, MEH emele i-33% yolwelo lwethu oludala oluphumayo, ishishini lika-Eric eEagle Ford.Kwaye ezi zimbini bezimalunga ne-3.40 yeedola okanye i-3.40 yeedola ezilungileyo kwisiseko se-WTI apho siphawula abasebenzi.Lilonke, sisazobekwa kwaye ndiyakholelwa xa ujonga ezothutho kunye nexabiso elichanekileyo lenkampani yethu, kunye nalapho imigqomo yethu ikhoyo.Siyakuhlala sinethemba phantse kuyo nayiphi na intanga, kuba uhlobo olulodwa apho sithengisa khona le migqomo kwaye sonwabe kakhulu malunga nezivumelwano esinazo, sicinga ukuba lukhuphiswano oluluncedo kwaye kutheni songeze ishishini lethu leGulf kwaye sabe imali eninzi. kwishishini lethu le-Eagle Ford.Ukuba unamaxabiso aphezulu, uyakuhlala unenzuzo.

Enkosi.[Imiyalelo yoMsebenzisi] Kwaye umbuzo olandelayo uvela kuPaul Cheng ovela eScotia Bank.Nceda uqhubeke.

Ukuba kufuneka ulungelelanise i-capex kufuneka sicinge ukuba ikwi-Eagle Ford kuphela okanye uya kulungelelanisa nakwezinye iindawo?

Hayi, kwakhona ndingathanda ukungakuvezi oku ngeli xesha.Sinezinye iintlawulo zemvume yesicwangciso sophuhliso lwentsimi eVietnam eziyinxalenye yesicwangciso sethu, apho ukuba wenza loo nto ibalulekileyo inokulibaziseka, kwaye sibona iindleko ezahlukeneyo kunye nokuhlola okuthile ekupheleni konyaka.Sizama ukwenza olo nciphiso ngokwemvelo apho singaluhlengahlengisi ulwabiwo lwethu lwenkunzi ephezulu kakhulu yokubuya kwabo basebenza kunye nababambene ngasemva kwi-Gulf, okanye sitshintshe ishedyuli yethu ye-rig kwi-Eagle Ford ngeli xesha.Ndiziva ndikhululekile ukuba singayenza loo nto kwaye siyakwenza, ukuba sifuna ukuyenza siya kuyenza.

Intle.Kwaye eBrazil ngaba sele nichongile ukuba leliphi iqula enizakulemba kulo nyaka uzayo -- ebutsheni bonyaka ozayo?

Sinombono olungileyo -- sinembono entle ngayo, kunjalo, kodwa sisebenzisana neqabane elikhulu apho.Kwaye ndicinga ukuba ungabuyela umva kwaye ubeke iliso kwisibhengezo sabo kwenye iprojekthi enkulu kakhulu apho ekuhambeni kwexesha, kwaye ungalindela ukubhengezwa okufanayo apha.

Kulungile.Ngoko ke awukwazanga ukusinika i--mhlawumbi i-piak drill ekujoliswe kuyo okanye nantoni na enxulumene noku?

Kulungile.Kwaye xa usitsho ekuqaleni konyaka ozayo.Ngaba sithetha ngokuqala kwekota yokuqala?Intoni...

Ewe.Isicwangciso esikhoyo sibandakanyeka kwiimvume kunye neshedyuli yamaqabane ethu, ngokubandakanya ezinye iibhloko abanazo.Kwaye ndilindele ukuba kube kwangoko ngo-'21 ngeli xesha.Ewe Mnumzana.

Kulungile.Kwaye kusenokwenzeka ukuba ndiyiphosile.Ngaba uyazibuza xa usithi awuzukuba nalo naliphi na iqula eliza kuphuma kwi-Eagle Ford kwiintsuku eziyi-100 ezizayo?

Hayi, hayi, hayi, oko kususela kwixesha esibeka ngalo iqula ekuqaleni kukaOktobha kwaye siza kuba namaqula aqukuqelayo ngoMgqibelo.Ngoko ke ixesha elide.

Olo lwabiwo lwenkunzi yempembelelo yethu ye-Shale egcwele isiphelo sangaphambili kwaye sayibaxa imveliso ngaphezu kwe-EUR yethu eqhelekileyo, siye satshiswa ngenxa yoko kwikota yesine.Ngoku sinawo loo mbandela ngaphezulu kweprojekthi elayishiweyo yexesha elide elayishiweyo.Besisomba ngeerigs ezintathu phaya ukuqala kanye ekupheleni konyaka.Kwaye sizisa iphedi elibalulekileyo eli-10 apha ngokukhawuleza kwaye siziva silungile malunga nesikhokelo kunye nento esiyenzayo apho.

SinguPawulos.Siqala oku -- siqala kusasa ngoMgqibelo.Sekulithuba, into endizama ukuyithetha kukuba kunzima kumdlalo we-Shale kwaye uya kufumanisa ukuba kunqabile ukuba ungabeki iqula ngeentsuku ezili-100 kwaye kodwa sibuyile ngokucofa kwaye songeza amaqula kwikota yonke. kwaye sinendawo ebalulekileyo yokwakhiwa kwamaqula, njengoko u-Erik echaze ngaphambili kwifowuni.

Kulungile, kunye neyokugqibela evela kum, ungasinika enye--yintoni i-East Tilden, ukusebenza kakuhle kwikota yesine othetha ngayo?Kwaye yayiyintoni ingqikelelo yenkampani eniyisebenzisayo?Kwaye sele ululungelelanise olo qikelelo okanye ucinga ukuba i-East Tilden kakuhle kwikota yesine ibiyinto engaqhelekanga kwaye uqikelelo lwakho lwe-capex lusenjalo, Kulungile.

Ngokuqinisekileyo, uPawulos.Ke amaqula ase-East Tilden, sizise loo maqula kwi-intanethi ii-IP30 zabo ngokusisiseko zihambelana noqikelelo lwethu.Ayilonani elichanekileyo, kodwa kwindawo ethile malunga ne-800 BOE ngosuku lomndilili wamaqula asibhozo.Ke zijongeka zilungile kangangeentsuku ezingama-30 emva koko saqala ukubona ukwehla okunyukayo.Ke i--njengoko benditshilo, ukuya ngoJanuwari umsantsa phakathi koqikelelo lwethu lwangaphambili kunye nokusebenza kwemveliso yangoku kwitotali yamaqula asibhozo yayimalunga ne-1,000 ye-BOE ngosuku, kwaye silindele ukuba umsantsa ubekhona, kodwa uya kuncipha. unyaka njengoko ulindelo lwangaphambili lusehla njengoko amaqula ehlala esenza.

Enkosi ngokuthatha umbuzo.Enye yenqaku olenzileyo kwi-intro yakho, uhlobo lwe-intro kukuba uphinde walungisa isiseko se-asethi ukuba ube ngumdlalo ococekileyo we-Western Hemisphere.Kodwa usenophononongo lwaseVietnam kwaye kuvakala ngathi yinto encinci yokucinga emva kweli nqanaba.Ke ndinomdla wokwazi ukuba ithini ingqiqo yokugcina ezo asethi?

Kukho ukunyuka okubalulekileyo kwezo asethi.Sifumene into ebalulekileyo apho siza kuzisa kwi-Intanethi, ngoku senza ukutya, kwaye siza kuba nemvume yesicwangciso sophuhliso apho ngorhulumente --urhulumente ebecotha kakhulu.Kwaye thina--ngolwabiwo lwethu lwenkunzi asizange sibangxamele ukuba uyafuna.Yimeko ekhethekileyo kakhulu.Sisanda kongeza enye ibhloko ngokuzibophelela komthombo omnye, sinothotho lwamathuba anomngcipheko ophantsi we-jack-ups kwaye usivumela lonke uhlobo lokunyuka, kodwa ngeli xesha kunye nolwabiwo lwenkunzi yokuba ne-CAGAR elinganiselwe kwaye simahla. ukuhamba kwemali kunye nokwakha ishishini ngokungena kwemali simahla.Iye yacotha kule minyaka imbalwa idlulileyo kwishishini lethu, kodwa ngokuqinisekileyo siya kube sisomba apho kulo nyaka uzayo, kwaye le yindawo yokulala ibalulekile kwaye ivumela lonke uhlobo lokuguquguquka olubandakanya iindawo ezahlukeneyo zeshishini lethu ukuya phambili.

Ke njengeVietnam, yiba nesikhundla esikhethekileyo, indawo yokungena engabizi kakhulu, into entle kakhulu efunyenwe apho, kuya kubakho--ukufakwa kwisicwangciso sethu soluhlu olude kungaphakathi kwento esiyivezileyo apha kwaye sivuya kakhulu ngayo.Ukungabi yinkunzi enkulu apho kulo nyaka ngenxa yazo zonke ezo zizathu esifunda ngazo yonke imihla.

Kulungile, omnye umbuzo wokuphonononga, ukuba ndiyakhumbula, ndicinga ukuba ibiyiminyaka emihlanu okanye emithandathu eyadlulayo wenza iinzame zokomba eSuriname, omnye wokuqala, ndicinga ukuba, ii-E&Ps zamazwe ngamazwe ukwenza loo nto.Kwaye ke olo hlobo lwe-fizzled indlela ngoku, ewe, sibona izihloko zeendaba zaseSuriname yonke imihla.Ndinomdla wokwazi, ukuba unomdla wokuphinda ujonge amathuba kule geography isakhulayo?

Sinomdla kuwo onke amathuba kwiHemisphere apho sijolisa khona, ekuMzantsi Melika, iGulf of Mexico efanelekileyo kunye neMexico offshore apho sinebhloko ebalulekileyo kwaye kutsha nje songeze eBrazil elinye icandelo ePortiguar Basin.La maqula besiwomba kwiminyaka emininzi eyadlulayo, sahluke ngokupheleleyo kumdlalo, ixesha elahluke ngokupheleleyo.Thina -- njengoko usazi, besiluphononongo lwehlabathi, kodwa sizama ukugxila ekubeni nolwazi oluninzi kwaye sijonge ngakumbi kwidatha kunye nezitya esisebenza kuzo.Ngenxa yokuba singathathanga nxaxheba, oko akuthethi ukuba khange sijonge apho kwaye ixabiso lepoker lalingaphezulu koko besifuna ukukwenza.Kwaye ngamanye amaxesha kwilizwe elinjalo livakala lilula, kodwa xa ubona izivumelwano ezahlukeneyo ovumelene ngazo, ukujonga usuku lomntu kuya kukuthintela kakhulu kwimbono yophuhliso lweshishini ukuya phambili.Kwaye kwezinye zezo ndawo asikwazi ukwenza isivumelwano esingathanda ukusebenza kuso. Ke sijonge kulo mmandla, asichasanga ukusebenza apho, kodwa asifumananga thuba singathanda ukuthatha inxaxheba. kwaye apho sinokongeza ixabiso elibalulekileyo labaninizabelo.

Kulungile.Asisenamibuzo namhlanje kwaye oko kuya kuphelisa umnxeba wethu namhlanje.Sibulela wonke umntu ngokumamela, kwaye siza kukubona kwiziphumo zethu zekota ezilandelayo.Enkosi kakhulu.

I-10 stocks esiyithandayo kangcono kune-Murphy OilXa utyalo-mali lwe-genius uDavid noTom Gardner bane-stock tip, inokuhlawula ukuphulaphula.Ngapha koko, incwadana yeendaba abayiqhube ngaphezu kweminyaka elishumi, iMotley Fool Stock Advisor, iphindaphindeke kathathu imarike.

UDavid noTom bavele batyhila oko bakholelwa ukuba yi-stocks ezilishumi ezingcono kakhulu kubatyalo-mali ukuthenga ngoku ... kwaye i-Murphy Oil yayingekho enye yazo!Kulungile-bacinga ukuba ezi zitokhwe zili-10 zithengwa ngcono.

Eli nqaku lushicilelo lwale nkomfa yomnxeba oveliswe kwiMotley Fool.Ngelixa sizabalazela okona kulungileyo kobubudenge bethu, kusenokubakho iimpazamo, okushiyiweyo, okanye ukungachaneki kolu xwebhu.Njengawo onke amanqaku ethu, iMotley Fool ayithathi naluphi na uxanduva lokusebenzisa kwakho lo mxholo, kwaye sikukhuthaza ngamandla ukuba wenze uphando lwakho, kubandakanya ukumamela umnxeba ngokwakho kunye nokufunda iifayile ze-SEC zenkampani.Nceda ujonge iMigqaliselo yethu kunye neMiqathango ngeenkcukacha ezongezelelweyo, kubandakanywa neZinyanzeliso zethu ezisiSinyanzeliso zeNtengo yeLiability.

I-Motley Fool Transcribers ayinayo indawo kuyo nayiphi na isitokhwe esikhankanywe.I-Motley Fool ayinayo indawo kuyo nayiphi na isitokhwe esikhankanywe.IMotley Fool inomgaqo-nkqubo wokuxela.

Iimbono kunye nezimvo ezichazwe apha ziimbono kunye nezimvo zombhali kwaye azibonakalisi ezo zeNasdaq, Inc.

Yasekwa ngo-1993 e-Alexandria, VA., ngoobhuti uDavid noTom Gardner, iMotley Fool yinkampani yeenkonzo zezemali zemultimedia ezinikele ekwakheni olona luntu lubalaseleyo lotyalo-mali kwihlabathi.Ukufikelela kwizigidi zabantu nyanga nganye ngewebhusayithi, iincwadi, ikholamu yamaphephandaba, inkqubo kanomathotholo, ukubonakala kukamabonwakude, kunye neenkonzo zencwadana yeendaba, iMotley Fool ilwela ukuxabiseka kwabanini-zabelo kwaye ithethelela ngokungadinwayo kumtyali-zimali ngamnye.Igama lenkampani lithatyathwe kuShakespeare, ozizidenge zakhe ezilumkileyo zazifundisa kwaye zihlekisa, kwaye zazithetha inyaniso kukumkani-ngaphandle kokunqunyulwa kweentloko zabo.

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Ewe!Ndingathanda ukufumana unxibelelwano lwe-Nasdaq olunxulumene neeMveliso, iiNdaba zeShishini kunye neMisitho.Ungasoloko utshintsha izinto ozikhethayo okanye ungabhalisi kwaye ulwazi lwakho loqhagamshelwano lugqunywa nguMgaqo-nkqubo wethu waBucala.


Ixesha lokuposa: Feb-24-2020
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