Z Highlights 姚顺 雨 是斯坦福大学自然语言处理研究员， OpenAI 员工 ，专注于强化学习与语言模型融合研究。本文译自姚顺 雨 于 2025 年 4 月 10 日发布的英文博客 《 The Second Half 》，内容整合了他在斯坦福课程 CS224N 及哥伦比亚大学前沿论坛的核心演讲观点。 我们正处于AI的中场阶段。几十年来，AI的核心一直是开发新的训练方法和模型。这条路奏效了：从在国际象棋和围棋上击败世界冠军，到在SAT和律师 资格考试中超越大多数人类，甚至赢得IMO和IOI金牌。 这些载入史册的里程碑——DeepBlue、AlphaGo、GPT-4，以及o系列模型——背后是AI方法的根 本性创新：搜索、深度强化学习、模型规模化，以及推理。 一切都在不断变得更好。 那现在究竟发生了什么变化？用三个词概括：强化学习终于奏效了。更准确地说：强化学习终于具备了泛化能力。经历了多次重大的绕行与一系列里程碑 之后，我们终于找到了一个通用的有效配方，能够利用语言和推理解决各种各样的强化学习任务。哪怕是在一年前，如果你告诉大多数AI研究人员，一个 统一的方法可以同时解决软件工程、创意写作、IMO级别 ...

Core Viewpoint - NuVista Energy Ltd. reported record-setting reserves and strong financial and operational results for the year ended December 31, 2024, highlighting significant growth in reserves and a commitment to shareholder returns as the company aims for continued production growth towards 125,000 Boe/d in 2025 [1]. Operational and Financial Highlights - Average production in Q4 2024 was 85,635 Boe/d, exceeding guidance of 83,000 – 84,000 Boe/d, with an annual average production of 83,084 Boe/d, an 8% increase from 2023 [4]. - The company executed a capital expenditure program of $498.9 million, including drilling 43 wells and completing 38 wells throughout the year [4]. - Annual adjusted funds flow was $552.2 million ($2.68/share), with Q4 contributing $137.1 million ($0.67/share) [4]. - Free adjusted funds flow for the year was $39.6 million ($0.19/share) [4]. - The company repurchased 5.9 million common shares at an average price of $12.52 per share, totaling $74.4 million, and has repurchased 36.5 million shares since 2022 [4]. - As of December 31, 2024, net debt was $232.5 million, with a favorable net debt to annualized fourth quarter adjusted funds flow ratio of 0.4x [4][8]. Reserves Growth - Reported Proved Developed Producing (PDP) reserves increased by 9% year-over-year to 177.3 MMBoe, with Total Proved plus Probable (TP+PA) reserves rising by 21% to 779.7 MMBoe [9]. - The company replaced 150% of 2024 production on a PDP basis and 550% on a TP+PA basis, reflecting the success of its capital program [9]. - PDP Finding, Development and Acquisition Cost (FD&A) was $11.13/Boe, with a PDP recycle ratio of 1.8x based on the 2024 operating netback [9]. 2025 Guidance and Operations - The company forecasts Q1 2025 production to average 87,000 – 88,000 Boe/d, with annual production expected to average approximately 92,000 Boe/d, assuming the Pipestone Plant starts up in Q2 [13]. - Annual capital expenditure guidance for 2025 is approximately $450 million, with a minimum of $100 million allocated for share repurchases [14][7]. - The company plans to continue its disciplined growth strategy while maintaining a strong balance sheet and low debt levels [15].