Management remarks
Call period: 2026 Q2 · 2026-08-05
Guidance: Richard Kruger: Our second half is typically when you get outside of turnarounds, the strongest time of the year and there's a host of reasons major maintenance tends to get behind us, weather the -- so we expect a much stronger second half than first half, that's built into our plans.Demand and orders: Richard Kruger: In fact, July's preliminary production is on the order of 870,000 barrels a day which would be our second highest July ever.Analyst Q&A
Analyst Douglas George Blyth Leggate asked: I guess we'll wait on the strategy update or the Investor Day later for the year. But it's a good -- great answer. Thank you for that, Rich. My follow-up is, look, there's a lot of products about share buybacks. And we know that share buybacks are a means to an end. What we care quite honestly, more about on a business like yours is dividend growth per share where buybacks obviously play a role. Management Richard Kruger answered: A fair question. And I'll ask Troy to expand upon it here in a second. When we start -- as we went over the last 3 years from a low to mid-$50 breakeven to the low to mid-$40s, we feel very comfortable where we are now that we are strong, resilient. The integration gives us level of less volatility in market conditions. So it becomes less about a specific number targeting. In the Investor Day, we kept with the same kind of [indiscernible] to describe a $2 billion increase in free funds flow, $5 a barrel reduction.管理层陈述
电话会期间：2026 Q2 · 2026-08-05
指引：理查德·克鲁格表示：除检修外，我们的下半年通常是一年中最强劲的时期，主要有诸多原因：大型检修通常已完成，天气因素也已纳入考量，因此我们预计下半年将远强于上半年，这已纳入我们的计划中。需求与订单：理查德·克鲁格表示：事实上，7月的初步产量约为每日870,000桶，这将是我们有史以来第二高的7月产量。分析师问答
分析师道格拉斯·乔治·布莱思·莱格特提问称，我们可以等待今年晚些时候的战略更新或投资者日，但说实话，对于你们这样的企业，我们更关心的是每股股息增长，股票回购显然只能起到辅助作用。管理层理查德·克鲁格回应称，将请特洛伊进一步说明，公司过去三年盈亏平衡点从每桶50美元中低位降至40美元中低位，当前状态稳健且韧性充足，整合业务降低了市场波动影响，不再设定具体数字目标，投资者日上提到自由现金流将增加20亿美元，盈亏平衡点每桶下降5美元。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
