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)。此時的油田你不必繼續(xù)鉆探，當然我們在未來的某一天還是要鉆探的——這被認為是戰(zhàn)略性的，同時它涉及政治。所以，當你談論石油生意時，你本質上是在談論不同類型的多種生意。

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.

我們不知道油價會是多少，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。這曾經看起來像是一個可怕的錯誤，那時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。在過去的幾個月里，他們減少（強制回購）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學邏輯，但如果真的去到油田，仍會一籌莫展，不知道該怎么做。另外，就短期石油經濟學來說，石油的價格仍然非常重要。

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. 

現在有一些傳言說我們要購買西方石油的控制權，我們不會這么做。我們已經正確管理了資金，我并不想知道怎么運營石油生意。

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。我們將來可能會也可能不會擁有更多股票，但我們肯定有認股權證，作為原始交易的一部分，我們以每股 59 美元左右的價格獲得了大量股票。這些認股權證會持續(xù)很長時間，我很高興我們擁有它們。