阿帕契 (APA) 2024 Q2 法說會逐字稿

(audio in progress) -- our financial and operational supplement, which can be found on our Investor Relations website at investor.apacorp.com.

（音訊正在進行中）—我們的財務和營運補充資料，可以在我們的投資者關係網站 Investor.apacorp.com 上找到。

Please note that we may discuss certain non-GAAP financial measures. A reconciliation of the differences between these measures and the most directly comparable GAAP financial measures can be found in the supplemental information provided on our website. Consistent with previous reporting practices, adjusted production numbers cited in today's call are adjusted to exclude non-controlling interest in Egypt and Egypt tax barrels.

請注意，我們可能會討論某些非公認會計準則財務指標。這些指標與最直接可比較的 GAAP 財務指標之間的差異調節可以在我們網站上提供的補充資訊中找到。與先前的報告做法一致，今天電話會議中引用的調整後產量數據經過調整，以排除埃及和埃及稅桶中的非控制權益。

I'd like to remind everyone that today's discussion will contain forward-looking estimates and assumptions based on our current views and reasonable expectations. However, a number of factors could cause actual results to differ materially from what we discuss on today's call. A full disclaimer is located with the supplemental information on our website.

我想提醒大家，今天的討論將包含基於我們當前觀點和合理預期的前瞻性估計和假設。然而，許多因素可能導致實際結果與我們今天電話會議中討論的結果大不相同。我們網站上的補充資訊包含完整的免責聲明。

Please note that the Callon acquisition closed on April 1. Accordingly, our full year 2024 guidance reflects first quarter APA results on a standalone basis, plus three-quarters of APA and Callon combined.

請注意，Callon 收購已於 4 月 1 日結束。因此，我們的 2024 年全年指引反映了第一季 APA 的獨立結果，加上 APA 和 Callon 的四分之三的合併結果。

And with that, I will turn the call over to John.

然後，我會將電話轉給約翰。

Good morning, and thank you for joining us. On the call today, I will review APA's second quarter performance, discuss the Callon integration, and review our activity plan and production expectations for the remainder of 2024. Our second quarter results were strong across the board, with higher-than-expected production in all three operational areas.

早安，感謝您加入我們。在今天的電話會議上，我將回顧 APA 第二季度的業績，討論 Callon 整合，並回顧我們 2024 年剩餘時間的活動計劃和生產預期。我們第二季的業績全面強勁，所有三個營運領域的產量均高於預期。

CapEx was lower than expected mostly due to timing of spend. In the US, oil volumes of 139,500 barrels per day were up 67% from the first quarter as we incorporated Callon into our operations. Production and costs were significantly better than expected on a BOE basis after adjusting for asset sales and discretionary natural gas and NGL curtailments.

資本支出低於預期，主要是因為支出時間安排。在美國，由於我們將 Callon 納入我們的業務，石油產量為每天 139,500 桶，比第一季增加了 67%。在對資產銷售以及可自由支配的天然氣和液化天然氣削減進行調整後，以京東方為基礎的產量和成本顯著優於預期。

Our Permian Basin continues to perform at a high level and we marked our sixth quarter in a row of meeting or exceeding US oil production guidance. On a BOE basis, oil now comprises 46% of our total US production following the Callon transaction. With this increased exposure, APA's cash flow sensitivity to a $5 per barrel change in oil price is approximately $300 million annually.

我們的二疊紀盆地持續維持高水準表現，我們已連續第六個季度達到或超過美國石油產量指引值。在 Callon 交易之後，以英國石油當量計算，石油產量目前占我們美國總產量的 46%。隨著風險敞口的增加，APA 每年對每桶 5 美元的油價變化的現金流敏感度約為 3 億美元。

In Egypt, production also exceeded expectations. We saw positive contribution from new wells, improved results from recompletions, and continued strong base production. Base production is particularly benefiting from the implementation of several new water injection projects. We are also beginning to see a decrease in offline oil volumes waiting on workover as we moderate the drilling rig count to free up work over rig resources.

埃及的產量也超乎預期。我們看到了新井的積極貢獻、重新完井帶來的業績改善以及持續強勁的基礎生產。基地生產尤其受益於幾個新註水項目的實施。隨著我們減少鑽機數量以釋放鑽機資源，我們也開始看到等待修井的離線石油量減少。

Turning to the North Sea, operations were relatively smooth in the second quarter with better than forecast facility runtime driving higher production. Our ongoing focus in the North Sea is right sizing our cost structure for late life operations.

轉向北海，第二季營運相對順利，設施運作時間優於預期，推動產量增加。我們對北海的持續關注是正確調整後期營運的成本結構。

In Suriname, our partner Total recently announced that it has secured the FPSO hole for our first offshore development and we remain on track for FID before year end and first oil in 2028. And in Alaska, we are still working through options for the upcoming winter drilling season and look forward to returning to exploration activities.

在蘇利南，我們的合作夥伴道達爾 (Total) 最近宣布，它已為我們的第一個海上開發項目獲得了 FPSO 孔，我們仍有望在年底前完成 FID，並於 2028 年首次產油。在阿拉斯加，我們仍在研究即將到來的冬季鑽探季節的選擇，並期待恢復勘探活動。

Turning now to the Callon acquisition, note that in last night's release we increased our estimate of annual Callon cost synergies from $225 million to $250 million as we leverage economies of scale of the combined APA and Callon Permian businesses. Steve will speak in more detail about some of the specific initiatives driving these cost reductions. More importantly, we are just beginning to implement drilling unit design and operational changes that we expect will create substantial value on the Callon acreage via improved well performance and capital efficiency.

現在轉向 Callon 收購，請注意，在昨晚的發布中，我們將 Callon 年度成本協同效應的估計從 2.25 億美元提高到 2.5 億美元，因為我們利用了 APA 和 Callon Permian 業務合併後的規模經濟。史蒂夫將更詳細地討論一些推動成本降低的具體措施。更重要的是，我們剛開始實施鑽井裝置設計和營運變革，我們預計這些變革將透過提高油井性能和資本效率為 Callon 面積創造巨大價值。

Our preliminary estimate is that we can drill a standardized two-mile lateral for roughly $1 million less than Callon was spending in 2023. We recently spud our first APA designed drilling unit on Callon acreage, the five well Coleman unit in the Midland Basin and should begin to see initial flow-back results in the fourth quarter.

我們的初步估計是，我們可以比 Callon 2023 年的支出少約 100 萬美元，鑽一個標準化的兩英里側向鑽探。我們最近在 Callon 區域開鑽了我們的第一個 APA 設計的鑽井裝置，即米德蘭盆地的五井 Coleman 裝置，應該會在第四季度開始看到初步的回流結果。

Turning now to our activity plans and outlook for the second half of 2024. In yesterday's release we provided guidance for the third and fourth quarters which contained some notable positives. In the US we will average nine to 10 rigs for the remainder of this year consisting of approximately five rigs in the Delaware and four rigs in the Midland. We plan to run three to four frac crews and complete about 90 wells by year end.

現在談談我們 2024 年下半年的活動計畫和展望。在昨天的發布中，我們提供了第三和第四季度的指導，其中包含一些值得注意的積極因素。在美國，今年剩餘時間我們平均擁有 9 至 10 個鑽孔機，其中大約有 5 個位於德拉瓦州的鑽孔機和 4 個位於米德蘭的鑽孔機。我們計劃在年底前配備三到四名壓裂人員並完成約 90 口井。

This sets the stage for strong oil growth in the second half of the year. Accordingly, we are increasing fourth quarter US oil guidance to 150,000 barrels per day which is up 1,500 barrels per day after adjusting for the impact of asset sales closed in June. This represents organic production growth of roughly 8% compared to the second quarter. We also expect an increase in natural gas and NGL production driven primarily by fewer discretionary curtailments than in the first half of the year.

這為下半年石油的強勁成長奠定了基礎。因此，我們將第四季度美國石油產量指引提高至每天 15 萬桶，在對 6 月結束的資產出售的影響進行調整後，增加了 1,500 桶。這意味著有機產量較第二季度增長約 8%。我們也預期天然氣和液化天然氣產量將增加，這主要是由於可自由支配的限產量比上半年減少。

In Egypt we expect a continuation of the operational progress that we made in our second quarter. There will be some volume impacts from the rig count decrease but this should be mitigated by strong base production performance and increased workover capacity to remediate wells offline.

在埃及，我們預計第二季的營運進展將持續下去。鑽機數量減少將會對產量產生一些影響，但這應該可以透過強大的基礎生產性能和增加修井修復能力來緩解。

By year end, we project that backlogged oil production will be closer to more normalized operating levels. On our May call, we said that adjusted production in Egypt would remain relatively flat in 2024, while gross oil production would be flat to slightly down through the remainder of the year.

到年底，我們預計積壓的石油產量將接近更正常的營運水準。在 5 月的電話會議上，我們表示 2024 年埃及調整後的產量將保持相對平穩，而今年剩餘時間內石油總產量將持平或略有下降。

While there are a number of moving parts to the program in Egypt, we see no material variances to our May outlook, and therefore guidance is unchanged. Similarly, our full year production guidance in the North Sea is unchanged, though we now expect a bit larger decrease in third quarter volumes associated with maintenance and turnaround activity at Barrel, and a slightly larger subsequent rebound in the fourth quarter.

雖然埃及的計畫有許多變化，但我們認為 5 月的前景沒有重大變化，因此指引不變。同樣，我們在北海的全年產量指引也保持不變，儘管我們現在預計與Barrel 的維護和周轉活動相關的第三季度產量將出現更大程度的下降，並且第四季度隨後將出現更大程度的反彈。

In closing, second quarter was an excellent quarter operationally, and we continue to execute at a high level in the Permian Basin. We are realizing greater than expected cost savings from the Callon acquisition, and have a clear pathway and plan to improving capital efficiency on those assets.

最後，第二季度是營運方面表現出色的季度，我們繼續在二疊紀盆地保持高水準執行。我們透過收購 Callon 實現了超出預期的成本節約，並制定了明確的途徑和計劃來提高這些資產的資本效率。

Egypt also had a very good quarter and is beginning to deliver significant capital efficiency improvements. Though our drilling rig count is coming down, continued strength in base production and the return of wells offline will help sustain volumes in the near term.

埃及的季度業績也非常好，並開始顯著提高資本效率。儘管我們的鑽機數量正在減少，但基礎生產的持續強勁和離線油井的恢復將有助於在短期內維持產量。

At current strip pricing, the second half of the year is setting up to deliver a substantial increase in free cash flow compared to the first half. And lastly, I am very proud of our teams for delivering these results while remaining on track to achieve our safety and environmental goals for the year. For a detailed review of APA's safety and environmental performance, I encourage you to review our recently published 2024 Sustainability Report, which can be accessed via our website.

以目前的帶鋼定價，今年下半年的自由現金流將比上半年大幅增加。最後，我為我們的團隊取得這些成果感到非常自豪，同時繼續實現我們今年的安全和環境目標。如需詳細了解 APA 的安全和環境績效，我鼓勵您查看我們最近發布的 2024 年永續發展報告，該報告可透過我們的網站存取。

And with that, I will turn the call over to Steve.

然後，我會將電話轉給史蒂夫。

Thank you, John.

謝謝你，約翰。

For the second quarter, under Generally Accepted Accounting Principles, APA reported consolidated net income of $541 million, or $1.46 per diluted common share. As usual, these results include items that are outside of core earnings, the most significant of which were a $216 million after-tax gain on divestitures and $98 million of after-tax charges for transaction reorganization and separation costs, mostly associated with the Callon acquisition. Excluding these and other smaller items, adjusted net income for the second quarter was $434 million, or $1.17 per share.

根據公認會計原則，APA 公佈的第二季合併淨利潤為 5.41 億美元，即每股稀釋普通股 1.46 美元。與往常一樣，這些業績包括核心收益以外的項目，其中最重要的是資產剝離帶來的2.16 億美元稅後收益，以及交易重組和分離成本的9,800 萬美元稅後費用，其中大部分與Callon收購有關。排除這些和其他較小項目，第二季調整後淨利潤為 4.34 億美元，即每股 1.17 美元。

During the first half of the year, we generated roughly $200 million of free cash flow and returned $311 million to shareholders, nearly half of which consisted of share repurchases. That's a lot compared to the $200 million of free cash flow, but we liked buying at those share prices, and we anticipate free cash flow will be much higher in the second half of the year. That said, the balance sheet remains an important priority, and I will talk about plans for further debt reduction in a few minutes.

今年上半年，我們產生了約 2 億美元的自由現金流，並向股東返還了 3.11 億美元，其中近一半用於股票回購。與 2 億美元的自由現金流相比，這個數字很大，但我們喜歡以這些股價買入，而且我們預計今年下半年的自由現金流將會高得多。儘管如此，資產負債表仍然是一個重要的優先事項，我將在幾分鐘內討論進一步削減債務的計劃。

Now let me turn to progress on the Callon integration. As John noted, we increased our estimate of annual synergies to $250 million. Since we announced the Callon acquisition, we have categorized synergies into three buckets, overhead, cost of capital, and operational. We are now increasing our estimate of expected annual overhead synergies to $90 million. Most of this was captured by the end of the quarter on a run rate basis, and the remainder will be done by year end.

現在讓我談談 Callon 整合的進展。正如約翰所指出的，我們將年度協同效應的估計提高到 2.5 億美元。自從我們宣布收購 Callon 以來，我們將綜效分為三個部分：管理費用、資本成本和營運成本。我們現在將預期年度管理費用綜效的估計提高到 9,000 萬美元。其中大部分是在季度末按運行率捕獲的，其餘部分將在年底前完成。

At this time, we anticipate that our quarterly core G&A run rate as we enter next year will be approximately $110 million. With that, we will have eliminated about 75% of Callon overhead cost, so no material further synergies are likely. Our cost of capital synergy estimate of $40 million annually assumed terming out Callon's $2 billion debt at APA's lower long-term cost of borrowing.

目前，我們預計進入明年的季度核心 G&A 運行費用將約為 1.1 億美元。這樣，我們將消除 Callon 約 75% 的間接費用，因此不可能產生進一步的實質協同效應。我們假設每年的資本協同成本為 4,000 萬美元，以 APA 較低的長期借款成本償還 Callon 的 20 億美元債務。

At the closing, we used cash from the revolver and a $1.5 billion three-year term loan to refinance this debt. Instead of terming this debt out, our current intention is to use asset sales and free cash flow to simply pay off the loan before the end of its three-year term. This would represent a significant step forward in the goal to strengthen the balance sheet and to fully realize these synergies.

在交易結束時，我們使用左輪手槍中的現金和 15 億美元的三年期定期貸款為這筆債務進行再融資。我們目前的目的不是終止這筆債務，而是利用資產出售和自由現金流在三年期限結束前簡單地還清貸款。這將是朝著加強資產負債表和充分實現這些協同效應的目標邁出的重要一步。

Lastly, we are increasing our operational synergies to $120 million annually, approximately 60% of which is associated with capital savings and 40% attributable to LOE.

最後，我們將營運綜效提高到每年 1.2 億美元，其中約 60% 與資本節約相關，40% 歸因於 LOE。

To reiterate, these cost synergies do not include capital productivity benefits associated with uplifting type curves and improving well economics through spacing, landing zone optimization and frac size. We believe this will be a source of material long-term value accretion.

重申一下，這些成本協同效應不包括與抬升曲線和通過間距、著陸區優化和壓裂尺寸提高油井經濟性相關的資本生產率效益。我們相信這將成為物質長期價值增值的來源。

Turning to our 2024 outlook. John has already discussed our activity plans and production guidance, so I will just add a few items of note. We now expect that our original full year capital guidance of $2.7 billion may start trending down a bit.

轉向我們的 2024 年展望。John已經討論過我們的活動計劃和製作指導，所以我只補充一些值得注意的事項。現在，我們預計最初的全年資本指引 27 億美元可能會開始略有下降。

A number of factors could contribute to this, including further synergy capture from the Cowen combination, lower service costs, improving capital efficiency and potential minor reductions in the planned activity set, mostly in the US. For purposes of third quarter US BOE production guidance, we are estimating further Permian gas curtailments of 90 million cubic feet per day. This would also result in the curtailment of 7,500 barrels per day of NGLs.

許多因素可能促成這一結果，包括考恩合併帶來的進一步協同效應、降低服務成本、提高資本效率以及計劃活動的潛在小幅減少（主要是在美國）。出於美國京東方第三季產量指導的目的，我們估計二疊紀天然氣將進一步削減每天 9,000 萬立方英尺。這也將導致每天減少 7,500 桶 NGL。

As most of you are aware, our income from third-party oil and gas purchased and sold can change significantly from quarter-to-quarter. This is primarily driven by the volatility and differentials between Waha and Gulf Coast gas pricing regardless of the absolute pricing levels.

正如你們大多數人所知，我們從第三方石油和天然氣購買和銷售中獲得的收入可能會因季度而發生巨大變化。這主要是由瓦哈和墨西哥灣沿岸天然氣定價之間的波動和差異所驅動的，無論絕對定價水平如何。

It's important to note that APA's gas marketing and transportation activities are generally more profitable when Waha gas price differentials are wider. For example, the Waha differential was very wide in the second quarter. While Gulf Coast gas prices averaged around $1.65, Waha gas prices averaged closer to negative $0.34.

值得注意的是，當 Waha 天然氣價差較大時，APA 的天然氣行銷和運輸活動通常更有利可圖。例如，瓦哈在第二節的分差就非常大。墨西哥灣沿岸天然氣價格平均約為 1.65 美元，而瓦哈天然氣價格平均接近負 0.34 美元。

Because of the nearly $2 differential income from our third-party marketing and transportation activities was well above expectations. At current strip gas pricing, we expect a similar dynamic in the third quarter. Accordingly, we are raising our full year estimate of income from third-party oil and gas purchased and sold by $120 million to around $350 million. Approximately half of the full year estimate is attributable to the Cheniere gas supply contract and half is attributable to our marketing and transportation activities.

由於我們第三方行銷和運輸活動的收入差額近 2 美元，遠高於預期。依照目前的剝離氣定價，我們預期第三季也會出現類似的動態。因此，我們將全年來自第三方石油和天然氣買賣的收入預估提高了 1.2 億美元，達到 3.5 億美元左右。全年預估的大約一半歸因於切尼爾天然氣供應合同，一半歸因於我們的行銷和運輸活動。

Lastly, APA is now subject to the US alternative minimum tax. And accordingly, we are introducing new guidance for current US tax accruals of $95 million for the year.

最後，APA 現在需繳納美國替代性最低稅。因此，我們針對目前美國今年 9,500 萬美元的應計稅款引入了新的指引。

And with that, I will turn the call over to the operator for Q&A.

然後，我會將電話轉給接線生進行問答。

Doug Leggate, Wolfe Research.

道格‧萊蓋特，沃爾夫研究中心。

So I guess there are so many things on the quarter that I could go after. I'm going to just try a couple. But Steve, it looks to us that your CapEx run rate exit, call it, fourth quarter, it looks like you're going to be around $600 million, which would be about a 10% decline year-over-year, if that held into 2025. Is the objective after you grow, you got the momentum from Callon, is your objective to hold that flat in which case should we be thinking something around 2.4, 2.5 for next year?

所以我想這個季度有很多事情我可以去做。我打算嘗試幾個。但是史蒂夫，在我們看來，你的資本支出運行率退出，稱之為第四季度，看起來你將達到 6 億美元左右，如果這種情況持續下去，這將同比下降約 10%到2025年。你成長後的目標是，你從卡隆那裡獲得了動力，你的目標是保持持平嗎？

Yeah, Doug, I'd be careful just using fourth quarter. We're probably going to be a little completion activity in the fourth quarter because a lot of that is -- has been bunch into second quarter and third quarter this year just because of the timing of availability of wells for completion.

是的，道格，我會小心使用第四季。我們可能會在第四季度進行一些完井活動，因為其中許多活動已經集中到今年第二季度和第三季度，只是因為完井的可用時間。

So I think the easier way to do that would be to look at full year spend, take out the first quarter, which is just APA and then I would probably first adjust that for the exploration spend and then just divide it by three quarters because the quarter was high third quarter is going to be about average-ish and fourth quarter is probably going to be a little low. And then I think you'll get a number of something close to around $700 per quarter.

因此，我認為更簡單的方法是查看全年支出，取出第一季度，這只是 APA，然後我可能會先調整勘探支出，然後將其除以四分之三，因為第三季度的水平很高，第三季的水平將達到平均水平，第四季度的水平可能會有點低。然後我想你會得到一些接近每季度 700 美元左右的東西。

Okay. All right. That's really helpful, guys. And then we'll get a chance to --

好的。好的。這真的很有幫助，夥計們。然後我們將有機會--

Sorry. If you take out the exploration, you'll probably get something closer to $675 million a quarter of capital spend on basically the US onshore and Egypt. There's not a whole lot of capital activity, as you know, going on in the North Sea.

對不起。如果您進行勘探，四分之一的資本支出可能會接近 6.75 億美元，主要用於美國陸上和埃及。如您所知，北海並沒有進行大量的資本活動。

Okay. That's what I was trying to get a run rate. So that's really helpful. John, I wonder if you've not wanted to be drawn on inventory depth since the Callon deal, but I'm guessing you're getting your hands around that now. So when you look at the drilling pace with, I guess, you're going to be at nine rigs in the second half. What are you thinking with the up-spacing and so on? What are you thinking about your inventory debt looks like now in the lower 48? And I'll leave it there.

好的。這就是我試圖獲得的運行率。這真的很有幫助。約翰，我想知道自從卡倫交易以來你是否不想被庫存深度所吸引，但我猜你現在已經開始著手解決這個問題了。因此，當你觀察鑽井速度時，我猜，下半年你將擁有九台鑽孔機。您對向上間距等有何想法？您對現在 48 歲以下的庫存債務有何看法？我會把它留在那裡。

Yeah, Doug, it's a great question. It's 1 we're working every day. What I would say is if you look at the existing US Permian run rate. We've always said end of the decade with the rig rate we're at. And when we said we're bringing Callon in pretty similar duration I think there's one upside on the Callon is that we can drive the productivity improvements that we think we can then there will be more inventory that comes into play that we did not pay for in our acquisition.

是的，道格，這是一個很好的問題。我們每天都在工作1。我想說的是，如果你看看美國二疊紀現有的運行速度。我們總是以目前的鑽孔機速度來表示本世紀末。當我們說我們將在相當相似的時間內引入 Callon 時，我認為 Callon 的一個好處是我們可以推動生產力的提高，我們認為我們可以，然後會有更多我們沒有支付的庫存發揮作用在我們的收購中。

So that's something we're currently working on. If you look at where we sit today, we've got a lot of flexibility going into next year. We're going to grow Permian a very strong clip from second quarter to fourth quarter on 9 to 10 rigs, about 8%. And so it gives us a lot of flexibility going into next year pace we want to go. And we've had plenty of inventory that we have visibility on that to carry us to the end of the decade. And we'll keep working that.

這就是我們目前正在努力的事情。如果你看看我們今天的處境，你會發現明年我們有很大的彈性。從第二季度到第四季度，我們將在 9 到 10 台鑽機上實現二疊紀盆地的強勁成長，約 8%。因此，這為我們明年想要的步伐提供了很大的靈活性。我們擁有大量的庫存，我們可以清楚地了解這些庫存，可以讓我們持續到本世紀末。我們將繼續努力。

Yes. Just to add on, Doug, to what John just said, just to enhance that a bit. When we were working on the acquisition, of course, we are looking at a lot of outside service providers that look at inventory counts. And most of them probably would have said that Callon had more running room, more inventory, more years of inventory than we did based on our analysis, as John said, which is a fairly conservative view of the world.

是的。道格，我只是對約翰剛才所說的話進行補充，只是為了加強一點。當然，當我們進行收購時，我們正在尋找許多關注庫存數量的外部服務提供者。他們中的大多數人可能會說，卡倫比我們根據我們的分析所做的有更多的運行空間、更多的庫存、更多的庫存年限，正如約翰所說，這是一個相當保守的世界觀。

We said now it's probably more similar to ours in duration. And as John indicated, or we can get capital efficiency, capital productivity into the right place on the Callon acreage, the more that inventory quantum could grow back to what some of the other people thought it was, which is something that would extend beyond the end of this decade.

我們說現在它的持續時間可能與我們的更相似。正如約翰所指出的，或者我們可以將資本效率、資本生產力放到卡倫地區的正確位置，庫存量就越能增長到其他一些人所認為的水平，這將超出本十年結束時。

John Freeman, Raymond James.

約翰·弗里曼，雷蒙德·詹姆斯。

Good morning, guys. Just kind of following up on some of Doug's questions. I mean, the Permian and Egypt both exceeding guidance and specifically on Egypt, a pretty solid job of getting that turned around. And I'm just trying to make sure that I'm thinking about this right, where you've got you averaged 16 rigs in the first half of the year, you're going to drop down to 11 rigs in the second half of the year.

早安，夥計們。只是跟進道格的一些問題。我的意思是，二疊紀和埃及都超越了指導，特別是埃及，這是扭轉局面的一項相當紮實的工作。我只是想確保我的想法是正確的，上半年平均有 16 台鑽機，下半年將下降到 11 台鑽機那一年。

And -- am I kind of reading it right that even at that lower rate cadence in the second half of the year because of all the steps that you all outlined in terms of the improved kind of base production management, catching up on the recompletion, resolving kind of that backlog of oil off-line in the back half of the year. Is that 11 rigs cadence in the second half of the year? I mean, is that like an acceptable number to kind of maintain volumes? Just trying to make sure I understand kind of the moving pieces.

而且——我的理解是否正確，即使下半年的節奏較低，因為你們在改進基礎生產管理方面概述了所有步驟，趕上重新完成，解決了下半年石油積壓的問題。下半年11台鑽孔機的節奏是這樣嗎？我的意思是，這對於維持銷售來說是一個可以接受的數字嗎？只是想確保我理解一些令人感動的事情。

No, it's a great question, John, and you're on the right track. I'd say that the benefit we've had by dropping the rigs is, it's been able to free up the workover rig time, which is critical because we have a lot of recompletion. And really, we also have a lot of CTIs, which are conversion to injection projects that we've been able to get to.

不，這是一個很好的問題，約翰，你的答案是正確的。我想說的是，我們放棄鑽孔機的好處是，它能夠釋放修井機的時間，這一點至關重要，因為我們有很多重新完井的工作。事實上，我們還有很多 CTI，它們是我們已經能夠實現的注入項目的轉換。

And so when we were running two workover rigs and 18 drilling rigs. There's not much slack by ratcheting that back, it's freeing up the time and it's letting us get to some very meaningful projects that are making a huge impact.

當我們運行兩台修井機和 18 台鑽孔機時也是如此。向後傾斜並沒有太多的懈怠，它釋放了時間，讓我們能夠進行一些非常有意義的項目，這些項目正在產生巨大的影響。

Is 11 rigs. This year, we kind of guided to flat to slightly down, is 11% the right number. It's early to tell on that front. But having gotten back from Egypt, there's also a lot of other projects that we're talking to Egypt about, for example, some gas drilling and other things, too, which could be pretty impactful as well. So there's a lot of flexibility there. And we'll be working through that as we work through our planning sectors.

是11台鑽孔機。今年，我們的指導方針是持平或略有下降，11%是正確的數字。現在談論這方面還為時過早。但是從埃及回來後，我們還有很多其他項目正在與埃及討論，例如一些天然氣鑽探和其他項目，這些項目也可能產生相當大的影響。所以那裡有很大的靈活性。我們將在規劃部門的工作中解決這個問題。

Great. And then just my follow-up, John, you mentioned that you might -- you'd see the gas volumes on the US side actually grow some, and it had to do with the -- well, one of the drivers was the fact that you had less curtailed gas volumes potentially in 4Q. So in the current guidance, does it assume any curtailments in 4Q? I mean, obviously, you all -- you had some in 2Q, you have even more in 3Q. I'm just trying to get something that's built into that full year guidance?

偉大的。然後我的後續行動，約翰，你提到你可能會看到美國一側的天然氣量實際上有所增長，這與——嗯，其中一個驅動因素是事實第四季度天然氣產量可能減少。那麼，在目前的指引中，是否假設第四季會出現任何削減？我的意思是，顯然，你們在第二季有一些，在第三季有更多。我只是想獲得一些納入全年指導的內容？

Today fourth quarter does not have any curtailments built in. But obviously, we had up the third quarter with September with were Waha sets.

今天，第四季沒有任何削減。但顯然，我們在 9 月的第三季推出了 Waha 套裝。

Yes. And just second quarter actuals, the amount that was curtailed, we had 78 million cubic feet per day of gas and 7,6000 barrels of NGLs curtailed during the quarter on an average day, that's nearly 21,000 BOEs per day. Our forecast for third quarter, what we've effectively left out of our guidance is 90 million cubic feet per day of gas and 7,500 barrels of NGLs. That's 22,500 BOEs per day. Those are really large numbers as you might imagine.

是的。僅第二季的實際削減量，本季平均每天削減 7,800 萬立方英尺天然氣和 7,6,000 桶 NGL，相當於每天近 21,000 個 BOE。我們對第三季的預測實際上在指引中省略了每天 9,000 萬立方英尺的天然氣和 7,500 桶液化天然氣。即每天 22,500 個 BOE。正如您所想像的那樣，這些數字確實很大。

Neal Dingmann, Truist.

尼爾‧丁曼，真理主義者。

Good morning, guys. Nice update. John, maybe sticking with -- on the Permian or the Callon -- specifically, the Callon acreage development. Really just wondering here, you all talked about, I think, pretty openly potentially up space a little bit. I'm just wondering besides potentially future of spacing. Is there any sort of material other changes either on the completion or other side going forward, you could see potentially doing at this point?

早安，夥計們。不錯的更新。約翰，或許會堅持──在二疊紀或卡隆──特別是卡隆面積的開發。我真的只是想知道，你們都談到了，我想，相當公開地可能會增加一點空間。我只是想知道除了間距的潛在未來之外。您目前可能會看到在完成或其他方面是否有任何其他重大變更？

Yes. As I said in the prepared remarks that one of the advantages to is we're seeing impacts on the combined business just from the supply chain how we design the wells, we think we can drill a standard 2-mile lateral for about $1 million less than what Callon was spending last year, which is 20%. So we're anxious to see those numbers start to come through. But excited about what we're seeing. And quite frankly, we're just now starting to spud some of the Apache plan pads on the Callon acreage. So excited to see those results, but things are going extremely well on the integration side.

是的。正如我在準備好的發言中所說，優勢之一是我們看到了供應鏈對合併業務的影響，我們如何設計油井，我們認為我們可以以少約100 萬美元的價格鑽一個標準的2 英里側向井比 Callon 去年的支出高出 20%。因此，我們迫切希望看到這些數字開始實現。但對我們所看到的感到興奮。坦白說，我們剛開始在卡隆地區開挖一些阿帕契計畫基地。看到這些結果我很興奮，但整合方面的進展非常順利。

Yes. The only thing I would add to that on the completion side, with the Callon drilled wells or Callon spud wells since they were spaced quite a bit tighter than we hold space than -- we haven't really changed the profit loading much on those. We did on a few, but not many. But we significantly increased the fluid loading on those fracs. As we get to our wells, the ones that we drill, obviously, both proppant and fluid loading will be quite a bit larger.

是的。我唯一要補充的是，在完井方面，卡隆鑽井或卡隆馬鈴薯井的間距比我們持有的空間要緊得多——我們並沒有真正改變這些井的利潤負載。我們做了一些，但不多。但我們顯著增加了這些壓裂的流體負荷。當我們到達我們的井時，顯然，我們鑽探的井中，支撐劑和流體負載都會更大。

Great. And then maybe Steve for you. Just a second question on shareholder return. Specifically, your shareholder return continues to be quite active. I think it was down a little bit sequentially in this last quarter. I'm just wondering, can we anticipate a large step-up for many of the year? Or how would you like to think about the program for the remainder '24 to '25?

偉大的。然後也許史蒂夫適合你。關於股東回報的第二個問題。具體來說，您的股東回報仍然相當活躍。我認為上個季度略有下降。我只是想知道，我們能否預期今年的大部分時間都會大幅成長？或者您想如何考慮 24 至 25 年剩餘時間的計劃？

I tend to think of that on an annual basis, a calendar year basis, we've got at least 6% of free cash flow through dividends and through share buybacks, both with April 1 acquisition using shares, the outlook of dividends and for free cash flow finished quite a bit.

我傾向於認為，以年度為基礎，以日曆年為基礎，我們透過股息和股票回購獲得了至少 6% 的自由現金流，兩者均在 4 月 1 日使用股票進行收購，股息前景和免費現金流完成了不少。

But the framework doesn't change 60% at a minimum. We're obviously way ahead of that in the first half of the year. And we'll see what the second half brings. I think we've demonstrated in the past that we're not afraid to go over well over the 60% mark. But let's -- we also recognize there's continued need for balance sheet strengthening after the acquisition. And so we're going to -- we'll balance that on a by quarter, really day-by-day basis. We'll see where we are as we go from one year to the next.

但框架至少不會改變 60%。今年上半年我們顯然遙遙領先。我們將看看下半年會帶來什麼。我認為我們過去已經證明了我們並不害怕遠遠超過 60% 的大關。但我們也意​​識到，收購後仍需要加強資產負債表。因此，我們將按季度、逐日平衡這一點。我們將在一年又一年的過程中了解我們的情況。

Charles Meade, Johnson Rice.

查爾斯·米德，約翰遜·賴斯。

Good morning, John and Steve, the rest APA team there. I'm wondering, you kind of -- maybe you didn't surprise the whole market, we surprised a few people at least with these last couple of asset sales. And I'm curious if you can share or you might want to share what is next? And I guess I'm thinking most prominently about the Central Basin platform, which is an asset or an area that we don't really talk about much anymore, and it doesn't seem like you guys are deploying capital there.

早安，約翰和史蒂夫，還有其他 APA 團隊。我想知道，也許你並沒有讓整個市場感到驚訝，我們至少在最後幾次資產出售中讓一些人感到驚訝。我很好奇你是否可以分享或你可能想分享接下來會發生什麼？我想我最關心的是中央盆地平台，這是我們不再真正談論的資產或領域，你們似乎也沒有在那裡部署資本。

No, Charles. I mean, we typically wait to talk about property sales. But there's a chance, there's other things that we're looking at that are not core to us in places that we're not putting capital. So you may have some decent intel out there.

不，查爾斯。我的意思是，我們通常會等待談論房產銷售。但有可能，我們正在關注的其他事情在我們沒有投入資本的地方並不是我們的核心。所以你可能有一些不錯的情報。

Fair enough. And then I have a question about the shut-ins and the marketing in the Permian. As I think about how I would manage that the production, given that you have that valuable firm transport to the coast, I would -- I guess, I'm surmising that, that 90 million a day and 7,500 barrels of NGLs is that essentially all of your dry gas and some of your liquids-rich gas? Or is -- are you -- is there more that you could curtail if that basis got wider?

很公平。然後我有一個關於二疊紀盆地的關閉和行銷的問題。當我考慮如何管理生產時，考慮到您有到海岸的寶貴的固定運輸，我想，我猜測，每天 9000 萬個和 7,500 桶 NGL 基本上就是所有的干燥氣體和一些富含液體的氣體？或者，如果這個基礎變得更廣泛，您是否可以削減更多內容？

Yes, Charles. So there's -- yes, we can we can actually curtail quite a bit more than that, a little more than twice that amount. And so what that is, is that's an average for the quarter, but it's in anticipation of there being periods of time where we're where we're curtailing quite a bit of gas and dipping into the rich gas well especially do that when price of negative or significantly negative. When prices are just low, we'll typically just go with the lean gas and not dip into the richer gas. So we do that based on a price basis.

是的，查爾斯。所以，是的，我們實際上可以削減比這個多得多的數量，比這個數量多一點的兩倍。這是本季的平均值，但預計在一段時間內我們會削減相當多的天然氣並動用豐富的天然氣井，尤其是當價格上漲時為負值或顯著負值。當價格很低時，我們通常只會使用貧氣，而不是使用濃氣。所以我們是根據價格來做到這一點的。

We do it -- we have specific prices where we moved from 1 tranche to another. We've got 4 specific tranches of gas going from lean to richer gas that we can shut in different pricing mechanisms. And so I just want to -- I want to make sure that we're really clear about one fact, and that is that the curtailment of gas volumes in the Permian Basin and the Alpine High in particular, is totally independent of our marketing activities because marketing is something that we have to do because we have firm transport on two large pipelines, more pipelines now with Callon.

我們這樣做——我們有從一個批次轉移到另一個批次的具體價格。我們有 4 種特定的天然氣，從貧氣到富氣，我們可以採用不同的定價機制。所以我只是想——我想確保我們真正清楚一個事實，那就是二疊紀盆地和阿爾卑斯高地的天然氣產量的削減完全獨立於我們的營銷活動因為營銷是我們必須做的事情，因為我們在兩條大型管道上有穩定的運輸，現在還有更多管道與卡倫一起。

And we have to fulfill those transport obligations. And we do that with purchased gas in the Permian Basin, which we then sell on the Gulf Coast. And we have various access points both in the Permian and on the Gulf Coast to be able to buy and sell that gas. So we don't have a choice of doing that. If we choose not to transport gas, we have to pay the transport fee anyway.

我們必須履行這些運輸義務。我們透過在二疊紀盆地購買天然氣來做到這一點，然後將其在墨西哥灣沿岸出售。我們在二疊紀和墨西哥灣沿岸都有多個接入點，可以買賣這些天然氣。所以我們別無選擇這樣做。如果我們選擇不運輸天然氣，無論如何我們都必須支付運輸費用。

Roger Read, Wells Fargo Securities.

羅傑‧里德，富國銀行證券公司。

Hey, good morning. I'd like to maybe follow up on some of your discussions on Egypt, just to understand, where is the decision coming from on the switch from drilling to workovers? Is that all the partners? Is that your decision? Is it Egypt's decision? And then how should we think about that maybe reversing as we exit '24 into '25 to the extent you can offer any sort of guidance that way.

嘿，早安。我想跟進你們關於埃及的一些討論，只是為了了解，從鑽井轉向修井的決定來自哪裡？這就是所有的夥伴嗎？這是你的決定嗎？這是埃及的決定嗎？然後，當我們從 24 世紀退出到 25 世紀時，我們應該如何考慮這種情況可能會逆轉，只要您能以這種方式提供任何類型的指導。

Well, I mean, we have a joint venture there. We have a one-third partner with Sinopec, but we never have issues in terms of directionally what we think is the right thing to do and we have full support. And I think the good news is the performance has been strong. The projects are very impactful. And it just shows that getting that workover rig and drilling rig balance into play really gives us a lot more flexibility.

嗯，我的意思是，我們在那裡有一家合資企業。我們與中石化有三分之一的合作夥伴，但我們在方向上從來沒有問題，我們認為什麼是正確的，我們得到全力支持。我認為好消息是表現一直很強。這些項目非常有影響力。它只是表明，使修井機和鑽機平衡發揮作用確實為我們帶來了更大的靈活性。

I would just say there's -- it would be our choice in terms of adding activity, and there is flexibility to do that. And we're recently over there, met with President Sisi, met with some of his new cabinet members, very impressed with the new minister and excited to work with him, and outlined some frameworks under which we could think about bringing on some other volumes of things.

我只想說，這將是我們在增加活動方面的選擇，並且可以靈活地做到這一點。我們最近在那裡會見了塞西總統，會見了他的一些新內閣成員，對新部長印象深刻，很高興與他合作，並概述了一些框架，在這些框架下我們可以考慮推出其他一些卷的事情。

So very constructive meetings, and it's just something we'll factor in as we go into the planning process.

這是非常有建設性的會議，這只是我們在進入規劃過程時會考慮的因素。

Okay. I appreciate that. And then just to come back around on the Callon integration, understand the changes in the synergies and all. But if you were to -- just give us an idea in the old baseball terms or football game quarters or whatever, as you think about the integration and the understanding of what Callon really brings to the Apache family, -- like are we early, we mid, are we late in the process of really kind of understanding all that?

好的。我很欣賞這一點。然後回到 Callon 整合，了解協同效應等方面的變化。但如果你想——只要給我們一個關於舊棒球術語或橄欖球比賽季度或其他什麼的想法，當你思考整合和理解 Callon 真正為 Apache 家族帶來什麼時，——就像我們很早一樣，我們中間，我們真正理解這一切的過程是否已經太晚了？

Yes. I think it's probably more like going through fall camp. There's phases that get ahead early and phases that you're still developing, right? But in terms of the organization and so forth, we've worked through that very quickly with the integration of the assets into the portfolio.

是的。我認為這可能更像是參加秋季營。有些階段已經提前完成，有些階段仍在開發中，對嗎？但在組織等方面，我們很快就完成了這項工作，將資產整合到了投資組合中。

We worked through that quickly. Obviously, the piece that's the most exciting is still to come is going to be what can we drive on the productivity improvements and what does that do in terms of inventory locations. So we're just now getting to the first pads and spudding our first Apache plant wells. And obviously, anxious to get on with those results.

我們很快就解決了這個問題。顯然，最令人興奮的部分仍然是我們可以推動生產力的提高以及這對庫存地點有何影響。因此，我們現在剛剛到達第一個平台並開挖我們的第一個阿帕奇工廠井。顯然，他們渴望繼續取得這些成果。

Yes, I'd characterize it using the baseball analogy. I think going through the synergies and going through the headcount and all of that, getting the organization integrated, that's kind of the pre-game warm up. And as John said, we've just drilled our first well out here on Callon acreage. So I would say that we're at back the first inning, and we haven't taken the first pitch yet. So it's just starting. Game is just beginning.

是的，我會用棒球來比喻它。我認為透過協同效應、人員統計以及所有這些，讓組織整合起來，這就是賽前的熱身。正如約翰所說，我們剛剛在卡倫地區鑽出了第一口井。所以我想說我們在第一局落後了，而且我們還沒有採取第一個投球。所以一切才剛開始。遊戲才剛開始。

Scott Hanold, RBC.

斯科特·漢諾德，加拿大皇家銀行。

I was wondering if we could pivot to Suriname. And what are your high-level thoughts on how you look at activity maybe spending in 2025? I know it may be a bit early and your partner has an upcoming Analyst Day and that we're going to get more color there. But what is your understanding at this point?

我想知道我們是否可以轉向蘇利南。對於如何看待 2025 年的活動支出，您有何高層次的想法？我知道現在可能有點早，您的合作夥伴即將迎來分析師日，我們將在那裡獲得更多資訊。但此時你的理解是什麼？

Scott, I mean, we've been pretty consistent since this time last year that the -- after we finish the Krabdagu appraisal that we were highly confident we were going to have a project, and we stated we plan to have an FID by year-end '24. And obviously, we remain on track. It's consistent with the message that Total has now put out. I think that is the next step.

斯科特，我的意思是，自去年這個時候以來，我們一直非常一致，在我們完成克拉布達古評估後，我們非常有信心我們將有一個項目，並且我們表示我們計劃在一年內進行最終投資決定-24 年底。顯然，我們仍然走在正軌上。這與道達爾現在發布的信息是一致的。我認為這是下一步。

And once we get to that step, then we can obviously talk a lot more about what that means and all of that, but things are going extremely well. Teams are working very well together, and they are doing their thing. So right now, I'd say we remain on track for year-end FID and first of all by 2028, and they're working hard to accelerate those.

一旦我們到達這一步，那麼我們顯然可以更多地討論這意味著什麼以及所有這些，但事情進展得非常順利。團隊合作得很好，他們正在做自己的事情。所以現在，我想說我們仍有望在年底前完成最終投資決定，首先是到 2028 年，他們正在努力加快進程。

Okay. Understood. And my follow-up question is back to kind of the Permian inventory runway. You talked about being confidence at the end of the decade at this point in time. Do you all think that's a strong enough position? And so what I'm trying to get to is like what is your appetite for further consolidation? Do you feel comfortable with that position now? Or are there other opportunities there for you?

好的。明白了。我的後續問題又回到了二疊紀庫存跑道。您談到了在本世紀末此時的信心。大家認為這個立場夠強嗎？所以我想問的是，您對進一步整合的興趣是什麼？您現在對這個職位感到滿意嗎？或是有其他機會適合您嗎？

Today, we feel very comfortable with where we sit. I mean -- and when we talk about inventory, we're talking about long laterals with extremely high PIs. So it's high-quality inventory. As you know, we've got a large acreage footprint in the Permian. We're always working on how we bring more acreage into drillable prospects, but it just takes time as you mark through and you've got a lot of tests along the way.

今天，我們對自己的坐姿感到非常舒服。我的意思是，當我們談論庫存時，我們談論的是具有極高 PI 的長支線。所以這是高品質的庫存。如您所知，我們在二疊紀地區擁有大面積的足跡。我們一直致力於如何將更多面積帶入可鑽探區域，但這只是需要時間來進行標記，並且在此過程中需要進行大量測試。

But today, we're very comfortable with our inventory. We know there's a lot more inherently to do there, and we will get to that and improve that as time goes on. I think when it comes to transactions and things, you've got to continue to have a very high bar. We've had one. We've been very patient. We saw a lot of opportunity in Callon, which is why we moved on it.

但今天，我們對庫存感到非常滿意。我們知道還有很多內在的事情要做，隨著時間的推移，我們將實現並改進它。我認為，當涉及到交易和事物時，你必須繼續保持非常高的標準。我們有過一個。我們一直都非常有耐心。我們在卡倫看到了很多機會，這就是我們繼續前進的原因。

But today, we're very content with where we sit and believe that there will be even more to do than what we have visibility into today.

但今天，我們對我們所處的位置非常滿意，並相信還有比我們今天看到的更多的事情要做。

Bob Brackett, Bernstein Research

鮑勃‧布拉克特，伯恩斯坦研究公司

Good morning. A bit of a follow-up on Suriname. Two interesting things that I interpret from your update. One is you all have gone out and with the partner secured a state-of-the-art slot on FPSO from a leading contractor, that's about the most expensive long lead item I can think of. Does that tell for your conviction in FID or am I overreaching?

早安.關於蘇利南的一些後續行動。我從你的更新中解讀了兩件有趣的事。一是你們都出去了，合作夥伴從一家領先的承包商那裡獲得了最先進的 FPSO 位置，這大約是我能想到的最昂貴的長週期專案。這證明了您對最終投資決定的信念，還是我太過分了？

Bob, I think we've been really confident we'd have a project, right? So -- but we still need to get to FID. So it just tells you the seriousness the time line that they're looking to accelerate. But it's -- they did declare commerciality earlier this year. We just got a lot of work technical work it takes to get to an FID decision. But we've said year-end, and I wouldn't change that now. We just know we're trying to accelerate that.

鮑勃，我認為我們對我們有一個項目非常有信心，對吧？所以——但我們仍然需要進行最終投資決定。所以它只是告訴你他們希望加快時間線的嚴肅性。但他們確實在今年早些時候宣布了商業化。為了做出最終投資決定，我們需要做大量的技術工作。但我們已經說過年底了，我現在不會改變這一點。我們只知道我們正在努力加速這一進程。

And then the second issue is you've disclosed that the field development area is agreed upon for kind of a joint Sapakara Krabdagu development. If I sharpen my crayon and draw a ring fence around Sapakara through Krabdagu I could capture the vast majority of all your discoveries out there, ring-fence that? And then under the PSE cost recover that and have a pretty good cost pool for future work? Am I thinking correctly there?

第二個問題是，您已透露，已就 Sapakara Krabdagu 聯合開發項目達成協議。如果我削尖蠟筆並在薩帕卡拉（Sapakara）和克拉布達古（Krabdagu）周圍畫出一個環形柵欄，我就能捕捉到你們在那裡發現的絕大多數，用柵欄圍起來？然後在 PSE 成本下收回它，並為未來的工作建立一個相當好的成本池？我的想法正確嗎？

I would just say when we talk about Sapakara, it's pretty much the fine field as we have it defined today. When we talked about appraising Krabdagu, we talked about appraising a fairway and seismically driven, right? And so -- and if you go back to the comments when we announced the Krabdagu appraisal wells, we said that not only did it confirm and appraise Krabdagu, but it obviously derisked a lot of other prospects.

我只想說，當我們談論 Sapakara 時，它幾乎是我們今天定義的一個很好的領域。當我們談論評估克拉布達古時，我們談論了評估球道和地震驅動，對吧？因此，如果你回顧我們宣布 Krabdagu 評價井時的評論，我們會說，它不僅確認並評價了 Krabdagu，而且顯然消除了許多其他前景的風險。

So at this point, let's -- the next step will be an FID, and we need to get there. But you're definitely starting to think about things directionally in the right way.

因此，在這一點上，下一步將是 FID，我們需要實現這一目標。但你肯定開始以正確的方式思考事情。

Good thing. And I'll just throw a last one in, which is to say, you guys increased your acreage in Alaska by 20%, that suggests that you see something interesting there or perhaps the option value of that acreage is pretty low. Is that a good way to think of it?

好東西。我就加上最後一個，也就是說，你們在阿拉斯加的土地面積增加了 20%，這表明你們在那裡看到了一些有趣的東西，或者也許該土地的期權價值相當低。這是一個好的思考方式嗎？

I would just say we're excited about Alaska. The King Street Discovery is -- it's proof of concept. It proves the play that we're chasing sits 80 to 90 miles east of where it's been proven. So we're in a good area. We said it was a high-quality discovery oil, high-quality sands. So we are anxious to get back and continue exploring in Alaska in the near future.

我只想說我們對阿拉斯加感到興奮。King Street Discovery 是一個概念驗證。它證明我們正在尋找的區域位於已證實區域以東 80 至 90 英里處。所以我們處於一個好的區域。我們說這是高品質的發現石油、高品質的沙子。所以我們迫不及待在不久的將來回來繼續探索阿拉斯加。

Leo Mariani, ROTH

裡奧·馬裡亞尼，羅斯

I wanted to quickly follow up here on Egypt. So I know you reiterated your comments from May where you thought that gross oil would be flat to slightly down, Egypt certainly noticed that gross oil in the second quarter was up a little bit versus the first quarter.

我想快速跟進埃及的情況。所以我知道您重申了五月份的評論，您認為石油總量將持平或略有下降，埃及當然注意到第二季度的石油總量比第一季略有上升。

Just trying to get a sense. I know that the rig count is coming down a little bit in the second half, but do you think you can maybe hold that second quarter gross oil run rate in Egypt? Or do you think it's more likely that it comes down by the end of the year with some of the lower rig activity?

只是想了解一下。我知道下半年鑽機數量會略有下降，但您認為埃及可以保持第二季的石油總運行率嗎？或者您認為隨著一些鑽機活動的減少，到年底該價格更有可能下​​降？

Yes. I would just say we'll stick to what we said in the script. Clearly, second quarter was strong. Things are going well in Egypt. But at this point, we didn't see any reason to alter our guidance.

是的。我只想說我們會堅持劇本中所說的內容。顯然，第二季表現強勁。埃及的事情進展順利。但目前，我們沒有看到任何理由改變我們的指導。

Okay. Any update on the receivable situation there in Egypt that you guys can share?

好的。你們可以分享一下埃及的應收帳款情況的最新情況嗎？

I'd say it just got back from being over there. As I said, I had a good meeting with the President got to meet some of his new cabinet. Things are going well in Egypt. I mean, I think if you step back and look at it, President Sisi has done a really good job of managing a fairly difficult situation. So we've been impressed with that. We have been receiving some payments this year. So all in all, things are going well, and they continue to work through a difficult situation, but we see no reason to be concerned at this point and a lot of positive things on numerous fronts. Steve?

我想說它剛從那裡回來。正如我所說，我與總統進行了一次愉快的會面，並會見了他的一些新內閣成員。埃及的事情進展順利。我的意思是，我認為如果你退一步看的話，塞西總統在處理相當困難的局勢方面做得非常好。所以我們對此印象深刻。今年我們收到了一些付款。總而言之，一切進展順利，他們繼續克服困難，但我們認為目前沒有理由擔心，並且在許多方面都出現了很多積極的事情。史蒂夫？

Yes. The only thing I would add to that, John, is that the new Minister of Petroleum as a set of priorities and high on that list of priorities, just to get the oil companies paid off. And we sit on all of that with him as well. And he's serious about his list of one of his anxious to get started on this.

是的。約翰，我唯一要補充的是，新任石油部長作為一系列優先事項，並且在優先事項清單中名列前茅，只是為了讓石油公司得到回報。我們也和他一起承擔這一切。他很認真地列出了他渴望開始做這件事的清單。

Okay. That's really helpful. And you guys intimated in your comments that there could be some opportunities from additional gas there. I know Egypt has been short gas this summer. It sounds like they're a little desperate to get back at it. Would you anticipate some opportunities and then potentially that could be associated with the price change on some of the gas going forward?

好的。這真的很有幫助。你們在評論中暗示，那裡可能會有一些額外天然氣的機會。我知道埃及今年夏天天然氣短缺。聽起來他們有點急著想要挽回。您是否會預期一些機會，然後可能與未來某些天然氣的價格變化有關？

Yes. I would just say, historically, we have explored for oil in the West Desert, and we're mainly focused on oil. We do produce a lot of gas. We had a very large discovery in case a couple of decades ago. There is gas in the Western Desert and we've had some conversations about what it would take to maybe go after some gas projects that could be helpful to the country.

是的。我只想說，歷史上我們在西部沙漠勘探過石油，而且主要是石油。我們確實生產大量天然氣。幾十年前，我們有一個非常大的發現。西部沙漠有天然氣，我們已經就如何進行一些可能對國家有幫助的天然氣計畫進行了一些討論。

So it's something that we're discussing with them. But it's early. And obviously, you'd probably look at something that made more economic sense at the higher price for future gas exploration. But it's early, but definitely something that could come into play in the future.

所以這是我們正在與他們討論的事情。但現在還早。顯然，您可能會尋找一些在未來天然氣勘探中以更高價格更具經濟意義的東西。雖然現在還為時過早，但肯定會在未來發揮作用。

Scott Gruber, Citigroup.

史考特‧格魯伯，花旗集團。

Yes, good morning. I wanted to come back to the upside on the Callon acreage. So as we think about the productivity improvement potential from up spacing and the completion redesign, will there be a material improvement in 30-day IPs? Or will the improvement to manifest more over time in the six and 12-month cubes? I'm just wondering if the shift in the completion design targets a shallower decline and what that means for the 30-day IP improvement potential versus the longer-term improvement potential.

是的，早安。我想讓卡倫的種植面積恢復到上升趨勢。因此，當我們考慮透過增加間距和完成重新設計來提高生產力的潛力時，30 天的 IP 是否會有實質改進？或者隨著時間的推移，這種改進會在 6 個月和 12 個月的立方體中體現得更多嗎？我只是想知道竣工設計的轉變是否旨在減少較淺的下降，以及這對於 30 天 IP 改進潛力與長期改進潛力意味著什麼。

Yes. Scott, we just need to get some down. But I mean, obviously, with the changes we'd be looking at, we're pumping a lot more fluid. I think you could see increases there, but also with a little wider spacing, you should see better longer-term performance. So we just need to get some wells down and talk from delivered results at this point, so -- which we're getting on to and anxious to demonstrate.

是的。斯科特，我們只需要記下一些。但我的意思是，顯然，隨著我們所關注的變化，我們正在泵送更多的液體。我認為你可以看到那裡的成長，但也有一點更寬的間距，你應該會看到更好的長期表現。因此，我們只需要打下一些油井，並討論目前已交付的結果，我們正在著手並急於證明這一點。

Okay. And then just another follow-up on Egypt. So you guys spent about $135 million a quarter, running 16 rigs on average in the first half, and that will drop to 11% in the second half. Roughly how much will the fiber reduction drop Egyptian CapEx in FDU?

好的。然後是埃及的另一個後續行動。所以你們每季花費約1.35億美元，上半年平均運作16台鑽孔機，下半年將下降到11%。光纖減少將使埃及 FDU 資本支出大約下降多少？

Yes. I don't have that number to hand. It should be relatively proportional, but we're running workover rigs and that some of that work is capital as well, and that doesn't change. So you could probably get with Gary, he could give you see some data on that.

是的。我手邊沒有那個號碼。它應該是相對成比例的，但我們正在運行修井機，其中一些工作也是資本，這一點不會改變。所以你可以聯絡加里，他可以給你看一些相關數據。

Thank you. Your next question comes from Arun Jayaram from JPMorgan Securities. (audio in progress)

謝謝。您的下一個問題來自摩根大通證券的 Arun Jayaram。（音訊進行中）

Good morning. John and Steve, I wanted to get your thoughts on how should we start thinking about spending in 2025, you mentioned maybe a run rate of $675 million per quarter heading into next year. And I was wondering, as we think about some of your exploration activities in Alaska as well as assuming an FID at Suriname. I was wondering if you could maybe help us think about maybe a placeholder for CapEx for areas outside of your base D&C program.

早安.約翰和史蒂夫，我想聽聽你們對我們應該如何開始考慮 2025 年支出的想法，你們提到明年的運行率可能為每季 6.75 億美元。當我們考慮你們在阿拉斯加的一些勘探活動以及在蘇利南進行最終投資決定時，我很想知道。我想知道您是否可以幫助我們考慮為基本 D&C 計劃之外的領域提供資本支出的佔位符。

Yes. So first of all, let me make sure I was clear about the $675 million. That was a number that was -- it was about 2024 capital spending. And I was -- how do you get a -- it was a conversation about how do you get a grip on how much are we actually spending on a run rate basis with the current structure of the company with Callon included as well exploration, excluding exploration activity.

是的。首先，讓我確保我清楚這 6.75 億美元的情況。這個數字大約是 2024 年的資本支出。我是 - 你如何獲得 - 這是一個關於你如何掌握我們在公司當前結構（包括 Callon 以及勘探）的基礎上實際支出多少的對話，不包括勘探探索活動。

And so that's what the $675 million was that's about how much we're spending on average between second, third and fourth quarter of 2024. If you exclude Suriname and Alaska exploration type of activity. As far as -- and so the point being that, that was not an indication that that's what our run rate is going to be going into 2025. Just to be clear about that.

這就是我們 2024 年第二、第三和第四季平均支出的 6.75 億美元。如果排除蘇利南和阿拉斯加的勘探活動類型。就這一點而言，這並不能表明我們的運行率將持續到 2025 年。只是為了弄清楚這一點。

I think the best thing that we can do as we normally do is we're in the middle of the planning process right now. The great thing about our portfolio, John mentioned earlier, we've got a huge amount of optionality. It's a complex portfolio actually. And you've got to make a lot of capital allocation decisions with looking view of where you would be allocating capital where the best returns are going to be through other parts and so that's what we typically run our planning process starting in mid-summer through the fall.

我認為我們能像往常一樣做的最好的事情就是我們現在正處於規劃過程中。約翰之前提到，我們的投資組合的偉大之處在於，我們有大量的選擇。實際上這是一個複雜的投資組合。你必須做出大量的資本分配決策，考慮到你將在哪裡分配資本，最好的回報將通過其他部分進行，所以這就是我們通常從仲夏到夏季運行的規劃流程。

We have an upcoming conversation with the Board about that plan, a preview of that plan. And we've got a process that we run through. We typically in November, give a high-level view of what 2025 will look like. And then all of the details we typically give in February.

我們即將與董事會就該計劃進行對話，並預覽該計劃。我們有一個要執行的流程。我們通常會在 11 月對 2025 年的情況進行高層展望。然後是我們通常在二月提供的所有細節。

Yes. Yes, that's a great quarter, John. A lot of people talk about, well, okay, what's it takes to run flat going into 2025? And we had a little bit of a conversation about that around Egypt. We're running 11 rigs, can you hold flat -- Egypt flat with 11 rigs and we're down to 11 rigs because we had to create the workover capacity to get back at the -- to get us to recompletions and workover backlog, and we're also using that time to do some convert to injection for water injection on a number of these fields.

是的。是的，這是一個很棒的季度，約翰。很多人都在談論，好吧，如何在 2025 年實現持平？我們在埃及圍繞這個問題進行了一些對話。我們正在運行 11 台鑽機，你能保持不變嗎？我們也利用這段時間對其中一些油田進行注水改造。

So can 11 rigs hold Egypt flat? Maybe not. It might be a little low, but we were running 18 rigs earlier this year, and running flat in Egypt is much closer to 11 rigs than it is to '18. '18 was clearly more than we needed to be running in Egypt. And as John said, in the Permian, we're running 9 to 10 rigs for the second half of the year, and we're growing 8% from second quarter to fourth quarter. So clearly, the number is below that in terms of how many rigs do you have to run in the Permian to stay flat.

那麼11台鑽井平台能穩住埃及嗎？也許不是。這個數字可能有點低，但今年早些時候我們運行了 18 台鑽機，而埃及的平穩運行比 18 年更接近 11 台鑽機。 '18 顯然超越了我們在埃及跑步的需要。正如約翰所說，在二疊紀，我們下半年將運行 9 到 10 個鑽井平台，從第二季到第四季我們的成長率為 8%。很明顯，這個數字低於在二疊紀需要運行多少台鑽機才能保持平坦的數字。

Great. And just my follow-up. This year's financial is obviously benefiting from weak Waha prices and your ability to arbitrage that along the Gulf Coast. Steve, how do you think about maybe a more normalized earnings picture for that midstream, call it, piece when you have Matterhorn on and maybe some other pipes. So just wanted to think about how you think about kind of the normalized earnings potential there.

偉大的。這只是我的後續行動。今年的財務狀況顯然受益於瓦哈價格疲軟以及您在墨西哥灣沿岸套利的能力。史蒂夫，當你打開馬特宏峰和其他一些管道時，你如何看待中游的更正常化的獲利前景？因此，我只想考慮一下您如何看待那裡的標準化盈利潛力。

Well, I don't know what normalized is anymore after the last several quarters. But in general, market dynamics would tell you that a balanced situation would be that differentials between Waha and Gulf Coast they need to formalized would be that, that should have over time we're basically just making money on the Permian and by buying something slightly below Waha pricing because we've got multiple receipt points and we can take best price, and we typically do, but you're talking about pennies per Mcf.

嗯，在過去的幾個季度之後，我不知道什麼是正常化了。但總的來說，市場動態會告訴你，平衡的情況是瓦哈和墨西哥灣沿岸之間的差異，他們需要正式化，隨著時間的推移，我們基本上只是在二疊紀盆地賺錢，並透過稍微購買一些東西低於 Waha 定價，因為我們有多個收貨點，我們可以採取最優惠的價格，我們通常會這樣做，但你說的是每 Mcf 的便士。

And then on the Gulf Coast side, multiple delivery points where you can sell for pennies maybe above Houston Ship Channel here or there, and you can squeeze a few pennies out on both ends, but on 674 million cubic feet a day, that makes a difference over time. And it just pays for the transport and fuel costs. But in that oil and gas purchase for resale, remember that still includes the Cheniere contract, which, of course, has nothing to do with Waha differentials.

然後在墨西哥灣沿岸，有多個交貨點，您可以在休斯敦船舶航道上方或那裡以幾便士的價格出售，並且您可以在兩端擠出幾便士，但每天 6.74 億立方英尺，這使得隨著時間的推移的差異。它僅支付運輸和燃料成本。但在購買轉售石油和天然氣時，請記住，仍然包括切尼爾合同，當然，這與瓦哈差價無關。

Geoff Jay, Daniel Energy Partners

傑夫傑伊，丹尼爾能源合夥人

Hey guys. Just wanted to get some clarification on the DMC savings you guys talked about. I mean kind of $100 a foot for a colon 2-mile, I guess those are like $72 million of the total synergy. Just wondering kind of if you can give me any more granularity about what's in there? And are there any service cost deflation numbers in that figure?

嘿夥計們。只是想澄清一下你們所說的 DMC 節省。我的意思是每英尺 100 美元，2 英里的結腸，我想這相當於總協同效應的 7200 萬美元。只是想知道您是否可以給我更多關於其中內容的詳細資訊？該數字中是否有服務成本通貨緊縮數字？

Yes. So what we've included in the $150 million of annualized synergies excludes the benefit of lower rig rates for frac. Exactly (technical difficulty) have some integrity and (technical difficulty) synergies of a transaction (technical difficulty). That is excluding any market synergies. So while John talked about $1 million cheaper or lower cost to drill a single well -- that includes the market benefit, but we only took about 70% of that number because 30% of that is the -- some of the market benefits on steel, on rigs, on frac and other things.

是的。因此，我們在 1.5 億美元的年化綜效中所包含的內容不包括壓裂鑽機費率降低的好處。確切地（技術難度）交易具有一定的完整性和（技術難度）協同效應（技術難度）。這不包括任何市場協同效應。因此，雖然約翰談到單口井鑽探成本要便宜或降低 100 萬美元，其中包括市場效益，但我們只採用了該數字的 70% 左右，因為其中 30% 是——鋼鐵的一些市場效益、鑽機、壓裂和其他方面。

What is included in the $250 million is about $60 million of annualized run rate for the lower drilling costs on these wells. And what that $60 million is, is basically with 9 to 10 rigs running in the Permian Basin, that's about how many Callon wells we would drill in a given year. And so that's how we got to that number. We're are obviously not drilling 60 wells this year. So we're not -- it's not like we're going to capture a full $60 million of benefit in the calendar year '24.

2.5 億美元中包括約 6,000 萬美元的年化運作費用，以降低這些井的鑽井成本。這 6000 萬美元基本上是在二疊紀盆地運行 9 到 10 個鑽機，這大約是我們在一年內鑽探的 Callon 井的數量。這就是我們得到這個數字的方法。今年我們顯然不會鑽 60 口井。所以我們不會——我們不會在 24 年獲得全額 6000 萬美元的收益。

But if we keep running at a similar rate that we're running these days, then we'll probably capture something near that in 2025.

但如果我們繼續以與目前相似的速度運行，那麼我們可能會在 2025 年實現接近這個速度的目標。

Paul Cheng, Scotiabank.

Paul Cheng，豐業銀行。

Good morning. Just one quick one. Alaska, John, can you share with us that what's the drilling trend over there? I mean, how many wells you guys are going to drill whether it's all exploration or is going to be doing some appraisal on the King Street? And what -- how much spending that we may be talking about? Thank you.

早安.就快一點吧。阿拉斯加，John，您能跟我們分享那裡的鑽探趨勢嗎？我的意思是，你們要鑽多少口井，無論是全部勘探還是要在國王街進行一些評估？我們可能談論的支出是多少？謝謝。

Yes, Paul, it's early. I mean we're working through plans with a partner. So at this point, no update on Alaska, specifically for plans other than that, we will be doing some more drilling up there.

是的，保羅，現在還早。我的意思是我們正在與合作夥伴一起制定計劃。因此，目前還沒有關於阿拉斯加的更新，特別是除此之外的計劃，我們將在那裡進行更多的鑽探。

This concludes the question-and-answer session. I would now like to turn it back to John Christmann, CEO for closing remarks.

問答環節到此結束。現在我想請執行長約翰·克里斯特曼 (John Christmann) 致閉幕詞。

Thank you, and to wrap up really, just a couple of points here. Number one, we're delivering strong results in the Permian and the Callon integration is going extremely well. Secondly, freeing up the workover rigs in Egypt is letting us do two things, one, implementing some very impactful water flood initiatives. Two, reducing the backlog of wells waiting for workover recompletion and the results of both of those are very visible.

謝謝，最後，我只想說幾點。第一，我們在二疊紀盆地取得了強勁的成果，而 Callon 整合進展得非常順利。其次，釋放埃及的修井機讓我們可以做兩件事，一是實施一些非常有影響力的注水措施。第二，減少了等待修井完井的積壓井，這兩者的效果都是非常明顯的。

And lastly, we are raising full year oil production guidance while seeing a downward bias to our full year capital. And with that, I'll turn it back to the operator. Thank you.

最後，我們正在提高全年石油產量指導，同時看到我們全年資本的下降。然後，我會將其返還給操作員。謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。