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.

战略石油储备是商业油田的最终形态。此时的油田你不必继续钻探，当然我们在未来的某一天还是要钻探的——这被认为是战略性的，同时它涉及政治。所以，当你谈论石油生意时，你本质上是在谈论不同类型的多种生意。

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.

我们不知道油价会是多少，但我们非常喜欢西方石油拥有的油田位置，这就是我们几年前投资他们的原因。这曾经看起来像是一个可怕的错误，那时石油市场刚好完全崩溃。

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.

后来情况发生了变化，我们买了很多普通股。在过去的几个月里，他们减少（强制回购）了我们的优先股，这显然是我们不喜欢的。但如果他们不减少优先股，我们会对他们感到失望。从他们的角度来看，这很聪明。

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 是一位非凡的经理，西方石油有很棒的管理层。他们知道地表之下发生了什么，而对我来说，尽管我了解其中的数学逻辑，但如果真的去到油田，仍会一筹莫展，不知道该怎么做。另外，就短期石油经济学来说，石油的价格仍然非常重要。

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. 

现在有一些传言说我们要购买西方石油的控制权，我们不会这么做。我们已经正确管理了资金，我并不想知道怎么运营石油生意。

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.

我们不会提出任何控制西方石油公司的要约，但我们喜欢我们拥有的股份。我们将来可能会也可能不会拥有更多股票，但我们肯定有认股权证，作为原始交易的一部分，我们以每股 59 美元左右的价格获得了大量股票。这些认股权证会持续很长时间，我很高兴我们拥有它们。