Strategic petroleum reserve is the ultimate oil field. You don& #39;t have to drill, it& #39;s just that we& #39;ve got to - and it was supposed to be strategic, but it gets involved in politics. So, there& #39;s - when you talk about the oil business, you& #39;re talking about different kinds of businesses, basically.

戰(zhàn)略石油儲備是商業(yè)油田的最終形態(tài)。此時(shí)的油田你不必繼續(xù)鉆探，當(dāng)然我們在未來的某一天還是要鉆探的——這被認(rèn)為是戰(zhàn)略性的，同時(shí)它涉及政治。所以，當(dāng)你談?wù)撌蜕鈺r(shí)，你本質(zhì)上是在談?wù)摬煌愋偷亩喾N生意。

We don& #39;t know what oil prices will be, but we do very much like the Occidental position they have. And that& #39;s why we financed them a few years ago, and it looked like it was a terrible mistake, when the oil market just totally collapsed.

我們不知道油價(jià)會(huì)是多少，但我們非常喜歡西方石油擁有的油田位置，這就是我們幾年前投資他們的原因。這曾經(jīng)看起來像是一個(gè)可怕的錯(cuò)誤，那時(shí)石油市場剛好完全崩潰。

And then it changed around, and we bought a lot of the common stock. In the last few months, they& #39;ve reduced our preferred, which we don& #39;t like, obviously. But we& #39;d be disappointed in them if they didn& #39;t reduce it. It& #39;s intelligent from their standpoint.

后來情況發(fā)生了變化，我們買了很多普通股。在過去的幾個(gè)月里，他們減少（強(qiáng)制回購）了我們的優(yōu)先股，這顯然是我們不喜歡的。但如果他們不減少優(yōu)先股，我們會(huì)對他們感到失望。從他們的角度來看，這很聰明。

Vicki Hallam is an extraordinary manager of Occidental.She knows what happens beneath the surface. I know the math of it, but I wouldn’t have the faintest idea what to do if I was in an oil field.The price of oil still is incredibly important in terms of the economics of short-lived oil.

Vicki Hallam 是一位非凡的經(jīng)理，西方石油有很棒的管理層。他們知道地表之下發(fā)生了什么，而對我來說，盡管我了解其中的數(shù)學(xué)邏輯，但如果真的去到油田，仍會(huì)一籌莫展，不知道該怎么做。另外，就短期石油經(jīng)濟(jì)學(xué)來說，石油的價(jià)格仍然非常重要。

You know, there& #39;s speculation about us buying control. We& #39;re not going to buy control. We& #39;ve got right management money. We wouldn& #39;t know what to do with it. 

現(xiàn)在有一些傳言說我們要購買西方石油的控制權(quán)，我們不會(huì)這么做。我們已經(jīng)正確管理了資金，我并不想知道怎么運(yùn)營石油生意。

We will not be making any offer for control of Occidental but we love the shares we have. We may or may not own more in the future but we certainly have warrants on which we got as part of the original deal on a very substantial amount of stock at around $59 a share. And those warrants last a long time and I& #39;m glad we have them.

我們不會(huì)提出任何控制西方石油公司的要約，但我們喜歡我們擁有的股份。我們將來可能會(huì)也可能不會(huì)擁有更多股票，但我們肯定有認(rèn)股權(quán)證，作為原始交易的一部分，我們以每股 59 美元左右的價(jià)格獲得了大量股票。這些認(rèn)股權(quán)證會(huì)持續(xù)很長時(shí)間，我很高興我們擁有它們。