Antero Resources Corporation (AR) 2015 Q2 法說會逐字稿

Welcome to the Antero Resources q2 2015 conference call and webcast.

歡迎收聽 Antero Resources 2015 年第二季（Q2）電話會議與網路直播。

(Operator Instructions)

（接線員指示）

I would now like to turn the conference over to Michael Kennedy, Vice President of Finance and Head of Investor Relations. Please go ahead.

我現在要把會議交給財務副總裁兼投資人關係主管 Michael Kennedy。請開始。

Thank you for joining us for Antero second quarter 2015 investor conference call. We will spend a few minutes going to the financial and operational highlights and then we will open it up for Q&A. I would also like to direct you to the homepage of our website at www.anteroresources.com where we have provided a separate earnings call presentation that will be reviewed during today's call.

感謝各位參加 Antero 2015 年第二季投資人電話會議。我們將先花幾分鐘說明財務與營運重點，接著開放問答。我也想請各位前往我們網站首頁 www.anteroresources.com，我們已提供一份獨立的財報電話會議簡報，將在今天的會議中一併檢視。

Before we start our comments, I would first like to remind you that during this call Antero management will make forward-looking statements. Such statements are based on our current judgments regarding factors that will impact the future performance of Antero and are subject to a number of risks and uncertainties, many of which are beyond Antero's control. Actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Joining me on the call today are Paul Rady, Chairman and CEO and Glen Warren, President and CFO. I will now turn the call over to Glen.

在開始發言之前，我先提醒各位，本次電話會議中 Antero 管理團隊將提出前瞻性陳述。此類陳述係基於我們目前對將影響 Antero 未來表現之因素的判斷，並受多項風險與不確定性影響，其中許多超出 Antero 的控制範圍。實際結果可能與此類陳述所表達、暗示或預測者有重大差異。今天與我一同參與電話會議的有董事長兼執行長 Paul Rady，以及總裁兼財務長 Glen Warren。接下來我把電話交給 Glen。

Thanks, Mike and thank you to everyone for listening to our call today. In my comments are going to highlight some of the key achievements from the second quarter 2015 results. Discuss our expectations for the remainder of the year and provide color around our preliminary year-over-year net production growth target of 25% to 30% for 2016.

謝謝你，Mike，也感謝各位今天收聽。我接下來的發言將重點說明 2015 年第二季成果中的幾項關鍵成就，討論我們對今年剩餘期間的展望，並就我們初步提出的 2016 年淨產量年增目標 25% 至 30% 提供更多說明。

Paul, will then highlight service cost reductions and operational efficiencies that we have achieved year-to-date outlined in Tower County, West Virginia, bolt on acreage acquisition we completed during the quarter and touch on our first Utica dry gas exploratory well that we spud in West Virginia earlier this week.

接著 Paul 將說明我們今年迄今在服務成本下降與營運效率提升方面所達成的成果，並談到我們在本季完成的西維吉尼亞州 Tyler County（泰勒郡）加購（bolt-on）租地收購案，另外也會提及我們本週稍早在西維吉尼亞州開鑽（spud）的第一口 Utica 乾氣探勘井。

On the production front, we had another outstanding quarter producing 1.484 Bcf per day net which was above expectations and in-line with the record quarterly production level achieved in the first quarter of 2015. Liquids production averaged almost 46,000 barrels a day for the quarter and made up 18% of the production stream.

在產量方面，我們再度繳出非常亮眼的一季，淨產量達每日 1.484 Bcf，優於預期，並與 2015 年第一季創下的季度產量紀錄相當。第二季液體產量平均接近每日 46,000 桶，占整體產出流的 18%。

As we look ahead to the remainder of the year, we expect a slight decline in production during the third quarter driven by the deferral of 50 completions in the Marcellus into 2016 but expect to ramp up in completion of production during the fourth quarter as we head into 2016. As a reminder, we are referring the completion of 50 Marcellus well until the new regional gathering pipeline is in service expected by the end of the fourth quarter of this year. Once the pipeline is operational we expect an approximate $0.80 per Mcf improvement in gas pricing relative to Dominion South and Tedco M2 pricing resulting in approximately $150 million of incremental EBITDA during 2016.

展望今年剩餘期間，我們預期第三季產量將小幅下滑，主因是將 Marcellus 的 50 口完井作業遞延至 2016 年；但隨著我們邁向 2016 年，預期第四季完井帶動的產量將回升。提醒各位，我們之所以遞延 50 口 Marcellus 井的完井，是因為要等新的區域集輸管線投入服務，預計在今年第四季末前上線。管線一旦運轉，我們預期相較於 Dominion South 與 TETCO M2 的定價，天然氣價格可改善約每 Mcf 0.80 美元，並在 2016 年帶來約 1.5 億美元的增量 EBITDA。

As you can see on Page 1 of the earnings call presentation, hopefully you've had a chance to pull it up, title that completion deferrals 2016 production impact, the 50 Marcellus deferred completions are expected to add over 350 million cubic feet of gross well head production by the middle of next year at the peak. These deferrals along with our cost reduction efforts allow us to target year over year 2016 net production growth of 25% to 30% with only a modest increase in our drilling completion capital budget relative to our 2015 budget.

如各位在財報電話會議簡報第 1 頁所見（希望各位已開啟），該頁標題為「完井遞延對 2016 年產量的影響」，這 50 口 Marcellus 遞延完井預期在明年年中達到高峰時，可額外貢獻超過每日 3.5 億立方英尺的總井口產量。這些遞延措施加上我們的降本努力，使我們得以在鑽完井資本預算相較 2015 年僅小幅增加的情況下，仍以 2016 年淨產量年增 25% 至 30% 為目標。

Moving onto our hedge book during the quarter we once again generated significant realized hedge gains of $196 million or $1.45 per Mcfe. As you can see on Page 2 of our earnings call presentation titled, hedging Antero business model, this represented the 25th out of the 26 quarters since 2009 that we realized hedge gain generating over 1.3 billion in cash hedge gains over that timeframe.

接著談到我們本季的避險部位（hedge book），我們再次實現可觀的避險已實現收益，達 1.96 億美元，或每 Mcfe 1.45 美元。如各位在財報電話會議簡報第 2 頁（標題為「避險：Antero 的商業模式」）所見，這是自 2009 年以來 26 個季度中的第 25 個季度實現避險收益；在此期間累計產生超過 13 億美元的避險現金收益。

The extensive hedge we became elated is performing exactly as we intended providing significant cash flow protection during the low commodity price environment. As we say in the heading of the page, hedging as much is complementary but integral to our business model and long-term development plans. In fact, during the second quarter alone we added a net 409 Bcf of natural gas hedge positions of the out years despite rolling off 160 Bcf of maturing natural gas hedges in the quarter. We have the 2.8 Tcfe hedge going forward an average price of $4.08 per Mcfe which equates to a $2 billion mark-to-market value as of June 30 of this year.

我們建立的廣泛避險策略表現完全符合原先設計，在商品價格低迷的環境下提供顯著的現金流保護。正如該頁標題所述，避險不僅是輔助，而是我們商業模式與長期開發計畫不可或缺的一部分。事實上，僅在第二季，我們在遠期年度新增淨額 409 Bcf 的天然氣避險部位，儘管本季也有 160 Bcf 到期的天然氣避險到期退出。我們未來仍有 2.8 Tcfe 的避險量，平均價格為每 Mcfe 4.08 美元；以今年 6 月 30 日計算，其市價評估（mark-to-market）價值約為 20 億美元。

Moving onto slide 3 of our earnings presentation titled, 2016 hedges insulate from commodity price volatility for slide 3, for 2016 we are significantly hedged on our targeted natural gas production in C3 plus NGL production with 90% to 94% of the production range hedged at $4.02 per Mcfe for 2016. With such a large percentage of our expected production hedged in 2016 we could experience the $5 oil and $2 natural gas throughout the year and only lose approximate 9% of our expected EBITDA based on current strip pricing, you can see that at the table at the bottom, so I'm picking the midpoint in the table at the bottom.

接著看我們財報簡報第 3 頁，標題為「2016 年避險可隔離商品價格波動」。就 2016 年而言，我們對目標天然氣產量以及 C3+（丙烷以上）NGL 產量均已大幅避險，2016 年預估產量區間中有 90% 至 94% 已以每 Mcfe 4.02 美元避險。由於 2016 年預期產量中有如此高比例已避險，即使全年油價 5 美元、天然氣 2 美元，我們依據目前遠期曲線（strip pricing）估算，預期 EBITDA 也僅約下降 9%；各位可在頁面底部的表格看到，我這裡取用該表格的中位數。

This inflation around commodity price fluctuations provides us the clarity on 2016 prices was one of the primary considerations when gaining comfort on refining our 2016 production growth targets. They give us comfort in rolling those numbers out -- those targets out mid year. While local price differentials for gas and NGLs and in Appalachia continue to be pressured we believe that our, in addition to hedges just discussed, we are well-positioned through our diversified firm transport portfolio will enable us to continue delivering attractive price realizations and netbacks even in the current low commodity price environment.

這種對商品價格波動的緩衝，使我們對 2016 年價格具備更清晰的能見度，也是我們在調整並確認 2016 年產量成長目標時的主要考量之一，讓我們有信心在年中對外發布這些目標。雖然阿帕拉契亞地區天然氣與 NGL 的在地價差仍持續承壓，但我們相信，除了前述避險之外，我們也已透過多元化的長約運輸（firm transport）組合做好布局，即使在目前低商品價格環境下，仍能持續交付具吸引力的實現價格與淨回收（netbacks）。

First to touch on EGL pricing I'll direct you to page number 4 of our earnings call presentation and that's titled, NGL exports and netbacks step up by fourth-quarter 2016. On this slide we'll illustrate the uptick in realized pricing and netbacks we expect to achieve once we gain access to our firm commitment on Mariner East II, which is currently planned to be placed in service in the fourth quarter of 2016. As you can see the bottom left table we have a base commitment of 61,500 a day on Marnier East 2 that's consistent 11,500 barrels a day of ethane, 35,000 barrels a day of propane, and 15,000 barrels a day of butane.

首先談到 NGL 定價，我請各位參考財報電話會議簡報第 4 頁，標題為「NGL 出口與淨回收將於 2016 年第四季提升」。在這一頁，我們將說明一旦取得 Mariner East II 的長約承諾運能（firm commitment）（目前規劃於 2016 年第四季投入服務），我們預期可達成的實現價格與淨回收上升幅度。如各位在左下角表格所見，我們在 Mariner East II 的基本承諾量為每日 61,500 桶，包含每日 11,500 桶乙烷、每日 35,000 桶丙烷，以及每日 15,000 桶丁烷。

In addition to this base commitment, we also have [doubling] rights on our propane and butane commitments which would bring our total commitments on Mariner East II to 112,000 barrels a day. As relates to the potential value uplift I'll direct you to the black dotted box on the center left side of the page and the blue outlined box on the bottom right-hand side of the page.

除上述基本承諾外，我們對丙烷與丁烷承諾量亦擁有「加倍」（[doubling]）權利，將使我們在 Mariner East II 的總承諾量提高至每日 112,000 桶。關於潛在的價值提升，我請各位留意頁面中左側中央的黑色虛線框，以及右下角的藍色外框。

(As you can see from these tables assuming NGL strip pricing at both [Mont Belvieu] and Northwest Europe for August, so these are current spot prices in current shipping rates for each perspective area, our commitment on Mariner East 2 will enable us to realize an uptick of $0.14 per gallon for propane and $0.12 per gallon for butane if it were in place today. So if you apply this uptick to our full base commitment volume for propane and butane the 50,000 barrels I mentioned earlier, our access to Mariner East II would result in incremental EBITDA of over $100,000,000 on an annual basis.

（如各位從這些表格所見，假設以 8 月在 [Mont Belvieu] 與西北歐的 NGL 遠期（strip）定價計算——也就是目前的現貨價格與各目的地當前運費——若 Mariner East II 今日已投入使用，我們的承諾量將使丙烷實現價格提高每加侖 0.14 美元、丁烷提高每加侖 0.12 美元。若將此提升幅度套用至我們先前提到的丙烷與丁烷完整基本承諾量（50,000 桶/日），我們取得 Mariner East II 的運能將在年度基礎上帶來超過 1 億美元的增量 EBITDA。）

Further, as more new vessels are built and delivered shipping rates are expected to decline in 2016 which would add significantly to that incremental EBITDA figure. To mitigate additional NGL pricing pressure before ME2 is placed in service, we've entered into significant propane hedges for both the remainder of this year and 2016 as well.

此外，隨著更多新船舶建造並交付，預期 2016 年運費將下降，將使上述增量 EBITDA 顯著增加。為了在 ME2 投入服務前緩解 NGL 定價的進一步壓力，我們也針對今年剩餘期間以及 2016 年建立了相當規模的丙烷避險部位。

For the remainder of 2015 we've hedged $22,000 a day propane at $0.62 per gallon which is $0.20 per gallon higher than Mont Belvieu August 15 propane strip prices. For 2016 we've hedged 30,000 barrels a day of propane at $0.59 per gallon which is $0.12 per gallon higher than current 2016 propane strip pricing. Rounding out my comments for today let's touch on quarterly consolidated financial results. Antero adjusted net revenue increased 32% from prior year quarter to $575 million for the second quarter this year. Per unit production expenses were $1.45 per Mcfe which is below our full-year 2015 guidance range of $1.50 to $1.60 and that's primarily due to lower production tax expense stemming from lower commodity prices.

在2015年剩餘期間，我們已以每加侖0.62美元對沖每日22,000美元的丙烷，該價格較2015年8月15日蒙特貝爾維尤（Mont Belvieu）丙烷遠期價格帶（strip）高出每加侖0.20美元。對於2016年，我們已以每加侖0.59美元對沖每日30,000桶丙烷，該價格較目前2016年丙烷遠期價格帶高出每加侖0.12美元。作為我今天評論的收尾，我們來談談季度合併財務結果。Antero 調整後淨營收較去年同期季度成長32%，今年第二季達到5.75億美元。單位產量費用為每Mcfe 1.45美元，低於我們2015年全年指引區間每Mcfe 1.50至1.60美元，主要原因是商品價格較低導致生產稅費用下降。

On our production expenses (inaudible) include lease operating expense gathering compression processing transportation cost, and production tax all in. Our per unit net marketing expenses for the quarter were $0.22 per Mcfe as expected with certain portions of our firm transport portfolio being placed in service in April of this year. Our G&A expense for the quarter was an attractive $0.23 per Mcfe which is at the low-end of guidance of $0.23 to $0.27 per Mcfe excluding non-cash stock compensation expense. EBITDAX for the second quarter was $268 million in line with last years second quarter despite a 43% reduction in NYMEX natural gas prices and 44% reduction in oil prices.

關於我們的生產費用（聽不清），包含租賃營運費、集輸、壓縮、處理、運輸成本，以及生產稅等全部項目。本季我們的單位淨行銷費用如預期為每Mcfe 0.22美元，因為我們部分的固定運輸（firm transport）組合於今年4月投入服務。本季我們的G&A費用為每Mcfe 0.23美元，表現相當理想，位於指引區間每Mcfe 0.23至0.27美元的低端（不含非現金股票薪酬費用）。第二季EBITDAX為2.68億美元，與去年第二季大致持平，儘管NYMEX天然氣價格下跌43%，油價下跌44%。

We reported adjusted net income for the quarter of $17 million or $0.06 per share. Lastly during the quarter we spent $440 million on drilling and completion cost, $46 million on land, $12 million for water projects, and $34 million for a bolt-on acreage acquisition in Tower County West Virginia. Year-to-date we spent approximately $1 billion on drilling and completion capital or approximately 60% of our budget for the year, this is in line with our drilling completion schedule which is more heavily weighted to the first half of the year as we reduced our rig count from 21 rigs in January to 10 currently. We've completed about 60% of our planned completions for the year in the first half of this year.

我們本季調整後淨利為1,700萬美元，或每股0.06美元。最後，在本季我們在鑽井與完井成本上支出4.40億美元、土地支出4,600萬美元、水務專案支出1,200萬美元，並在西維吉尼亞州塔爾縣（Tower County）進行一筆補強型（bolt-on）區塊收購，支出3,400萬美元。今年迄今我們在鑽井與完井資本支出約10億美元，約占全年預算的60%，這與我們的鑽完井進度一致，因為我們將鑽機數量自1月的21座降至目前的10座，使得年度上半年權重較高。我們在今年上半年已完成約60%的年度計畫完井量。

Driven by our diversified FT portfolio we sold approximately 62% of our natural gas production at favorable price indices well as natural gas price before hedging of $2.20 per Mcf or $0.44 per Mcf less than the average NYMEX natural gas price for the quarter, so there's your differential. After hedging we sold our natural gas from $3.86 per Mcf which represents a premium to NYMEX of $1.22 per Mcf.

受惠於我們多元化的固定運輸（FT）組合，我們約有62%的天然氣產量以有利的價格指數出售；對沖前的天然氣售價為每Mcf 2.20美元，較本季NYMEX天然氣平均價格低每Mcf 0.44美元，這就是你們看到的價差。對沖後，我們的天然氣售價為每Mcf 3.86美元，相當於較NYMEX溢價每Mcf 1.22美元。

Additionally we sold our NGLs at a realized price of $16.29 per barrel or approximately 28% of the average WTI oil price for the period. Note that these are C3+ barrels with all ethane left in the gas stream. After hedging we sold our NGLs at a realized price of $19.51 per barrel or approximately 34% of the average daily WTI oil price for the period. Importantly when including the value of tick associated with hedges our liquids production we received $3.85 per Mcfe or an incremental $1.21 per Mcfe increase to our realized gas equivalent prices compared to the average NYMEX for the quarter.

此外，我們的NGL以實現價格每桶16.29美元出售，約為期間WTI原油平均價格的28%。請注意，這些是C3+桶數，乙烷全部留在氣流中。對沖後，我們的NGL實現價格為每桶19.51美元，約為期間WTI原油日均價格的34%。重要的是，若納入與對沖相關的tick價值，我們的液體產量折算後收到每Mcfe 3.85美元，較本季NYMEX平均價格的氣當量實現價格增加每Mcfe 1.21美元。

From a leverage and liquidity standpoint we are well-positioned in the current commodity price environment to continue executing on our development plan for many years ahead. On a consolidated basis we had $3.5 billion of available liquidity and just under $4.4 billion of net debt as of June 30. Which represents net debt to trailing 12 month EBITDA of 3.5 times.

從槓桿與流動性角度來看，在目前商品價格環境下，我們具備良好條件，可在未來多年持續執行我們的開發計畫。以合併口徑計，截至6月30日我們可用流動性為35億美元，淨負債略低於44億美元。這相當於淨負債對過去12個月EBITDA為3.5倍。

As you can see on page 5; title, strong balance sheet and financial flexibility, we feel comfortable allowing our balance sheet to flex during these leverage levels during soft commodity price environments. Particularly considering the $2 billion mark-to-market value, or hedge book the $2.9 billion of midstream value held in our -- through our 70% interest in (inaudible) mid-stream and expected proceeds from the drop-down transaction of our integrated water business. That puts you in the $6 billion neighborhood of non-E&P fairly liquid assets that we hold at the Company relative to the $4.4 billion of net debt.

如你們在第5頁所見，標題為「強健的資產負債表與財務彈性」，我們認為在商品價格疲弱的環境下，於這些槓桿水準允許資產負債表適度彈性調整是可接受的。特別是考量到20億美元的按市價（mark-to-market）價值（亦即我們的避險部位）、我們透過持有（聽不清）中游公司70%權益所擁有的29億美元中游價值，以及我們整合水務業務下放（drop-down）交易的預期收益。相較於44億美元的淨負債，這使我們持有約60億美元、非E&P且相對具流動性的資產。

When putting all this together results in liquid [non-NPS] that's well in excess of the debt plus over $3 billion of liquidity which positions Antero well for the future. So in concept we could monetize all the non-[A&P] assets ended up with $1.5 billion in cash using those numbers. We have no plans to do so except as to the water drop-down but it puts us in a very competitive position relative to our peers. Before I turn it over to Paul, I like to provided brief recap on Antero's current operations and discuss our outlook going forward.

把這些合併起來，形成的流動性[非NPS]遠高於債務，且另有超過30億美元的流動性，讓Antero在未來具備良好定位。概念上，我們可以將所有非[A&P]資產變現，依這些數字最終可得到15億美元現金。我們沒有這樣做的計畫，除了水務下放之外，但這讓我們相較同業處於非常具競爭力的位置。在我把時間交給Paul之前，我想先簡要回顧Antero目前的營運狀況，並討論我們未來的展望。

I'll direct you to the page number 6 in the deck titled, Antero's Best position to weather the storm. There are many points that I would like to touch on. While commodity price continues to see pressure our focus remains on operations and other factors under our control. As it relates to capital spending we reduced our 2015 capital budget by 49% for 2014 and expect only a modest increase in 2016. As just mentioned, we feel very comfortable with our current leverage level in this commodity price environment given our various liquid non-E&P assets, including our large in the money hedge book, Antero Midstream ownership and expected proceeds from the water drop-down and that's covered in the upper right portion of that page.

請各位翻到簡報第6頁，標題為「Antero 最佳的抗風暴定位」。我想談的重點很多。雖然商品價格持續承壓，我們的重心仍放在營運以及其他我們可控的因素上。就資本支出而言，我們將2015年資本預算較2014年下調49%，並預期2016年僅會小幅增加。如同剛才提到的，鑑於我們各項具流動性的非E&P資產（包括我們大幅價內的避險部位、Antero Midstream持股，以及水務下放的預期收益），在此商品價格環境下，我們對目前的槓桿水準感到非常安心；這些內容在該頁右上方有說明。

On the NGL pricing front, the next box down, we are 100% hedged on propane for the remainder of 2015 and 2016 and gain access to Mairner's 2 in the fourth quarter of 2016, enabling higher NGL [med backs] based on current strip pricing. While industry well economics continue to be challenged, now down to the third box, we managed to reduce our well cost by 15% to 20% so far this year and are generating rates return in the range of 25% to 50% looking at our drilling plans for the remainder of the year.

在NGL定價方面，往下的下一個方框，我們對2015年剩餘期間及2016年的丙烷已100%完成對沖，並將於2016年第四季取得Mairner's 2的使用權，使我們在目前遠期價格帶下可獲得更高的NGL [med backs]。雖然產業的單井經濟性仍持續面臨挑戰（再往下到第三個方框），但我們今年迄今已將單井成本降低15%至20%，並在檢視今年剩餘期間的鑽井計畫時，產生約25%至50%的報酬率區間。

Upon gaining access to the regional gathering pipeline we discussed earlier, we will receive stronger netback pricing in our gas production resulting in $150 million of incremental cash flow when that comes online. We have control of our own destiny as it relates to take-away capacity and infrastructure build out through our low-cost firm transport portfolio and ownership of Antero Midstream. To sum it up, we believe we're well positioned to succeed the current commodity priced storm and continue executing on our organic growth program, to develop significant value for shareholders for many years to come.

在取得我們先前討論的區域集輸管線使用權後，我們的天然氣產量將獲得更強的淨回收（netback）定價，待其上線後可帶來1.50億美元的增量現金流。就外運能力（take-away capacity）與基礎設施建置而言，我們透過低成本的固定運輸組合以及對Antero Midstream的持股，掌握自身命運。總結來說，我們相信自己已做好準備，能在目前商品價格風暴中勝出，並持續執行我們的內生成長計畫，在未來多年為股東創造顯著價值。

With that, I will turn it over to Paul for his comments.

接下來，我把時間交給Paul發表他的評論。

Thanks, Glen. In my comments today I'm going to provide more detail around the well cost reductions we've achieved to date, provide an overview of the bolt-on acreage acquisition we completed during the quarter, discuss our Utica dry gas test well in Tyler County, West Virginia that we spud earlier this week, and finally touch on the potential integrated water business drop-down to Antero Midstream.

謝謝你，Glen。今天我的評論將更詳細說明我們迄今達成的單井成本降低成果，概述我們在本季完成的補強型（bolt-on）區塊收購，討論我們本週稍早在西維吉尼亞州泰勒縣（Tyler County）開鑽（spud）的Utica乾氣測試井，最後也會談到將整合水務業務下放（drop-down）至Antero Midstream的潛在可能性。

First let me discuss our well costs. As Glenn mentioned and as illustrated on slide 7, entitled AR well cost reductions; we have reduced well cost in both the Marcellus and Utica by 16% and 18% respectively as compared to 2014 cost. Approximately half of the savings in the Marcellus are from service cost reductions and the other half are from operational efficiencies. We averaged 22 drilling days per well for a 9,000 foot lateral which is an improvement of seven days versus the 2014 Marcellus average of 29 drilling days per well.

首先我來談談我們的單井成本。如Glenn所提到，並如第7頁投影片（標題為「AR單井成本降低」）所示，相較於2014年的成本，我們在Marcellus與Utica的單井成本分別降低16%與18%。Marcellus的節省約有一半來自服務成本下降，另一半來自營運效率提升。對於一口9,000英尺水平段（lateral）的井，我們平均鑽井天數為每井22天，較2014年Marcellus每井平均29天改善了7天。

Similarly on the completion side of things, we were able to increase the completed number of stages per day by over 25%; to 3.9 stages per day during the second quarter, which of course, decreases overall completion cost per stage. The reduction in drilling days and increasing completed stages per day, in turn reduces our daily rental cost for tools and other spread cost which amplifies the overall cost reductions.

同樣地，在完井方面，我們將每日完成的段數（stages）提高超過25%；第二季達到每日3.9段，這當然會降低每段的整體完井成本。鑽井天數的減少與每日完成段數的提升，進一步降低了工具的日租費以及其他整套作業（spread）成本，從而放大整體成本降低的效果。

In the Utica approximately 65% of the well cost savings are from service cost reductions and 35% are from operational efficiencies. Similar to the Marcellus we improved the number of drilling days per well from 34 days in 2014 to 30 days in the second quarter of 2015 for a 9000-foot lateral and increase the completed stages per day by 34% over the 2014 development program to 4.3 stages per day. We have also captured additional savings opportunities including lower cement, mud, and cutting disposal cost as well as the operational efficiencies previously discussed.

在 Utica，約 65% 的單井成本節省來自服務成本降低，35% 來自營運效率提升。與 Marcellus 類似，我們將每口井的鑽井天數從 2014 年的 34 天改善至 2015 年第二季針對 9,000 英尺水平段的 30 天，並將每日完井段數較 2014 年開發計畫提升 34% 至每日 4.3 段。我們也掌握了其他節省機會，包括更低的水泥、鑽井泥漿與岩屑處置成本，以及前述的營運效率提升。

Now, shifting to the recent acreage acquisition of approximately 4400 net acres with both Marcellus Shale and Utica Shale potential, the acreage was acquired were approximately $34 million and is located in the core of the Marcellus Shale, liquids rich window in Tyler County, West Virginia directly adjacent to Antero's existing acreage.

接著談到近期約 4,400 淨英畝、同時具備 Marcellus Shale 與 Utica Shale 潛力的租地收購，該租地以約 3,400 萬美元取得，位於西維吉尼亞州 Tyler County 的 Marcellus Shale 核心區、富液窗帶，且緊鄰 Antero 既有租地。

And addition to Marcellus Shale rights, the acquired acreage also includes Utica Shale rights it is in very close proximity to the [Stewart Windland] well which was drilled by one of our peers as highlighted on slide 8 entitled; Antero's first Utica dry gas well. And this Stewart Windland well had an additional -- initial 24 hour rate of 46.5 million cubic feet a day or 8.8 million cubic feet per day per thousand foot of lateral, which is the fourth highest announced initial production rate per thousand feet of lateral for a Utica Shale dry gas well.

除 Marcellus Shale 權益外，所收購的租地亦包含 Utica Shale 權益，且非常接近同業鑽探的 [Stewart Windland] 井（如第 8 頁投影片所示，標題為「Antero 的第一口 Utica 乾氣井」）。該 Stewart Windland 井的初期 24 小時產量為每日 4,650 萬立方英尺，或每 1,000 英尺水平段每日 880 萬立方英尺，為已公布之 Utica Shale 乾氣井每千英尺水平段初期產量的第四高。

On the acquired acreage we have identified 83 gross drilling locations in the Marcellus highly Rich gas condensate regime that are either impacted through increased working interest or longer laterals, or added as completely new locations and another 67 Utica Shale locations with 392 Bcfe of net 3P Marcellus reserves and 308 Bcf of net Utica resource respectively. Importantly, we expect these well locations to generate 30% to 40% rates of return at current strip pricing. Note that the well cost assumed in order to estimate our rates of return are all in, including $1.2 million of allocated pad, road, and facilities costs.

在所收購的租地上，我們在 Marcellus 的高富氣凝析油區辨識出 83 個總鑽井位置，這些位置或因工作權益提高、或因水平段更長而受影響，或為全新增列的位置；另有 67 個 Utica Shale 位置，分別對應 392 Bcfe 的 Marcellus 淨 3P 儲量與 308 Bcf 的 Utica 淨資源。重要的是，我們預期在目前的期貨曲線（strip）價格下，這些井位可產生 30% 至 40% 的報酬率。請注意，用於估算報酬率的單井成本為全包（all-in），包含分攤的井場、道路與設施成本 120 萬美元。

To further expand on our thoughts around Utica Shale dry gas potential we recently spud our first Utica Shale dry gas well in Tyler County West Virginia, near the acquired acreage I just discussed. And expect to have initial results in the fourth quarter. Referring you again to slide number 8, this well as targeted the Point Pleasant high-pressure, high porosity dry gas fairway, on Antero's 181,000 net acre position which includes approximately 1900 gross locations and 12.5 to 16 Tcf of net resource, not currently booked as 3P reserves.

為進一步說明我們對 Utica Shale 乾氣潛力的看法，我們近期在西維吉尼亞州 Tyler County、靠近我剛提到的收購租地處，開鑽（spud）了第一口 Utica Shale 乾氣井，並預期在第四季取得初步結果。再次請參考第 8 頁投影片，該井鎖定 Point Pleasant 的高壓、高孔隙度乾氣走廊，位於 Antero 181,000 淨英畝的持有區內，該區包含約 1,900 個總井位與 12.5 至 16 Tcf 的淨資源，目前尚未列為 3P 儲量。

And addition to our Point Pleasant exposure in northern West Virginia, we also have exposure to Point Pleasant dry gas potential in Ohio with 43,000 net acres, including approximately 289 gross locations in 2.4 Tcf of 3P reserves. Moving to ongoing developments on the midstream side, I'm sure many of you are aware we received a favorable private letter ruling on our integrated water business in May of this year and we started the process toward a potential drop-down transaction of the water business from Antero Resources into Antero Midstream.

除在西維吉尼亞州北部的 Point Pleasant 佈局外，我們在俄亥俄州亦有 Point Pleasant 乾氣潛力的曝險，持有 43,000 淨英畝，包含約 289 個總井位與 2.4 Tcf 的 3P 儲量。接著談到中游端的進展，我相信各位多數已知，我們在今年 5 月就整合式水務業務取得有利的私人函示裁定（private letter ruling），並已啟動將水務業務自 Antero Resources 潛在下放（drop-down）至 Antero Midstream 的流程。

The benefits of this potential transaction is twofold; first, the potential capital infusion into AR and the deleveraging of ARs balance sheet coupled with capacity to finance future water infrastructure CapEx at Antero Midstream; and second, the value uplift from the tax efficient MLP structure. As you know, we have an approximate 70% interest in Antero Midstream or roughly $3 billion in value based on AM's current unit price as of today. So we participate directly in the growth and the value creation of the MLP.

此潛在交易的效益有兩方面：第一，可能為 AR 注入資本並降低 AR 資產負債表槓桿，同時由 Antero Midstream 承擔未來水務基礎設施資本支出（CapEx）的融資能力；第二，透過具稅務效率的 MLP 架構帶來價值提升。如各位所知，我們持有 Antero Midstream 約 70% 的權益，按 AM 今日的單位價格計算約值 30 億美元。因此，我們可直接參與該 MLP 的成長與價值創造。

While we cannot go into specifics regarding timing or evaluation of a drop-down since the process is still ongoing, we can disclose that Antero Midstream has exercised its option to purchase this water business and negotiations are ongoing between the two independent boards and their respective financial advisors. When we arrive at to the Q&A portion of this call please be aware that we would not be able to answer any questions regarding the valuation and timing of any potential transaction. We had another outstanding quarter operationally, including bringing on the most productive ourselves well in the Company's history, located in the liquids Rich portion of our acreage that [queued] 2.7 Bcf equivalent in its first 120 days and the production was 30% liquids.

由於流程仍在進行中，我們無法就下放交易的時點或評估細節多作說明，但我們可以揭露 Antero Midstream 已行使其購買該水務業務的選擇權，且雙方獨立董事會及其各自的財務顧問正進行協商。待進入本次電話會議的問答環節時，請留意我們無法回答任何關於潛在交易估值與時程的問題。我們在營運上又繳出一個非常出色的季度，包括投產公司史上產能最高的自營井，位於我們租地的富液區，前 120 天累計產量達 2.7 Bcf 當量，且產量中液體占比為 30%。

This operational success resulted in net production exceeding our expectations for yet another quarter and we made significant improvements in cost reductions. While we cannot ignore the challenging commodity environment we face today, we feel that we have positioned the business to weather the storm, given our low finding and development cost, significant commodity hedge position, financial flexibility, and diverse take away optionality to favorable markets.

此一營運成果使我們的淨產量再度超出預期，同時我們在成本降低方面也取得顯著改善。儘管我們不能忽視當前嚴峻的大宗商品環境，我們認為憑藉低探勘與開發成本、可觀的商品避險部位、財務彈性，以及通往有利市場的多元外運（takeaway）選項，我們已使業務具備度過風暴的能力。

With that, I will now turn the call over to the operator for questions.

接下來我將把電話會議交回給接線員進行提問。

(Operator Instructions)

（接線員指示）

Neal Dingmann, SunTrust.

Neal Dingmann，SunTrust。

With the recent success we obviously (inaudible) other guys in Southwest PA your thoughts about perhaps expediting some of the drilling, you obviously have a sizable amount of acres there yourselves, your thoughts about either drilling that or just redirecting some of your drilling efforts?

鑑於近期的成功，我們顯然也看到（聽不清）西南賓州其他業者；想請教你們對於可能加快部分鑽井進度的看法。你們自己在那裡也有相當大面積的英畝，你們會考慮在那裡鑽井，或只是把部分鑽井工作重新導向嗎？

We are certainly following the activities of all of our peers in the play and, you are right, they are pretty impressive flow rates. So our view right now is to drill at least one well ourselves and learn more about the technique, more about the well cost and then produce the well and see what the decline curve actually is. We are still in learning mode so it is still uncertain as to what the economics will be, but with good results and it is quite possible that we will do more.

我們確實持續關注該區所有同業的活動；你說得沒錯，那些流量表現相當亮眼。因此我們目前的看法是，至少先由我們自己鑽一口井，以更了解技術、單井成本，然後讓該井投產並觀察實際的遞減曲線。我們仍處於學習階段，因此經濟性仍不確定；但若結果良好，我們很有可能會做更多。

What is your -- do you have take away in that area, is that any issue?

你們在那個區域有外運（takeaway）能力嗎？這會是問題嗎？

We can move the gas through our Rich gas system, and that's what we're going to do with our first well is move the dry gas through so we have capacity. It is not as efficient, but it is the best direction to go to send it through the plant and then to better markets.

我們可以透過我們的富氣系統輸送天然氣，而我們第一口井就會這麼做，因此我們有容量。這樣做效率不是最高，但這是最佳方向：先送進處理廠，再送往更好的市場。

Further on down the road, by the end of next year, then Rover will be operational or mid 17 and so we will be able to move gas in the Northwest direction. So better take away situation in about a year and a half. In the meantime, we can move it to our infrastructure to the better markets but it is not quite as efficient but certainly better than going to Dominion South or TETCO M2.

再往後看，到明年年底，Rover 將投入營運，或在 2017 年年中左右，因此我們將能把天然氣往西北方向輸送。也就是說，大約一年半後外運情況會更好。在此之前，我們可以透過既有基礎設施把氣送到更好的市場，雖然效率不如理想，但肯定比送到 Dominion South 或 TETCO M2 要好。

Just last question on -- you talked I think in the press release about the component (inaudible) expense that was attributable to the underutilized [Atex ethane] pipeline capacity. Just your thoughts on that going forward. Will that continue to be about the same as far as what's underutilized or how will you think about that?

最後一個問題——我想你們在新聞稿中提到，有一部分（聽不清）的費用是歸因於 [Atex ethane] 管線容量未充分利用。想請教你們對未來的看法：就未利用的部分而言，是否會大致維持相同，或你們會如何看待？

We will continue to see some cost there. We certainly try to mitigate those costs each quarter by using the capacity in capturing differentials where we can or buy and selling gas. So it is a little bit of a wild card but we will continue to see that until we fill the capacity, which by 2017, those numbers start to get pretty minimized relative to the overall cash flow and revenues of the Company. But it will continue to be an issue for the next year and a half which we think that's a fair price to pay for a position that [bills] toward 4.8 Bcf a day.

我們仍會看到那裡有一些成本。我們每一季都會嘗試透過使用該容量、在可行處捕捉價差，或進行天然氣買賣來降低這些成本。因此這有點像不確定因素，但在我們把容量填滿之前都會持續存在；到 2017 年，這些數字相對於公司整體現金流與營收將開始顯著縮小。不過在接下來一年半仍會是個議題；我們認為，為了建立一個可逐步提升至每日 4.8 Bcf 的部位，付出這樣的代價是合理的。

And I think our demand charge on that whole position average I think we disclosed in 2016 is about $0.33 then it bills in the high $0.30 per demand charges by 2018, 2019 when all of that is online. Very reasonable cost of transport so we were early mover and you pay a little bit of a price on that certainly during a commodity downturn where you scale back a bit, but we think it is certainly a fair trade.

另外，我想我們已揭露 2016 年該整體部位的需求費（demand charge）平均約為 0.33 美元；到 2018、2019 年當全部上線時，需求費將提高到 0.30 多美元的高檔區間。這是非常合理的運輸成本；我們是早期進場者，確實會在商品景氣下行、你稍微縮減規模時付出一些代價，但我們認為這絕對是公平的取捨。

Jeoffrey Lambujon, Tudor, Pickering, Holt and Company.

Jeoffrey Lambujon，Tudor、Pickering、Holt and Company。

Just first on in Q2 production, you mentioned your Marcellus well to date as the best Marcellus well to date for you guys. Anything else contribute to the [beat] that could be expected to continue going forward maybe better than expected decline rates? Anything on the timing of completion? Just anything of that nature?

先就第二季產量來看，您提到迄今為止你們的 Marcellus 井是你們表現最好的 Marcellus 井。還有其他因素促成這個超預期（[beat]）嗎？未來是否可望延續，例如優於預期的遞減率？或完井時點方面？任何類似的因素？

Well we certainly try to be conservative in our outlook so we hope that we can exceed expectations going forward. But it really is a situational thing quarter by quarter as to where you have constraints here and there and pipeline downtime and that type of thing. But we are optimistic and feel good about our guidance.

我們當然會盡量在展望上保持保守，所以也希望未來能夠超越預期。不過這確實是逐季視情況而定，因為有時這裡那裡會有一些限制、管線停機之類的因素。但我們是樂觀的，對我們的指引也很有信心。

Just given the run rate so far, how does that jive with what the current full-year guidance and then previous guidance for April through December being about at the 1.4 Bcfe a day level at the midpoint? How does this change that if at all or are you still sticking to that number?

就目前的運行水準而言，這與目前的全年指引，以及先前對 4 月到 12 月在中位數約 14 億立方英尺當量/日（1.4 Bcfe a day）的指引如何相符？這是否會改變該數字，還是你們仍會維持那個數字？

We do expect net production to be down a bit in the third quarter, so we still feel good about that 1.4 Bcfe a day number for the year. And, like I said, we are optimistic that we will exceed that and that's one of the guidance is 40% plus production growth for the year.

我們預期第三季淨產量會小幅下滑，所以我們仍然對全年 14 億立方英尺當量/日（1.4 Bcfe a day）這個數字很有信心。而且，如我所說，我們也樂觀認為會超過該水準；我們的指引之一是全年產量成長 40% 以上。

And last question for me looking into 2016, you guys have laid out the well cost, but could you provide more color on assumptions going into that preliminary 25% to 30% target for next year in terms of rig activity, capital allocation and efficiencies that kind of go in to that assumption?

我最後一個問題是展望 2016 年，你們已經說明了單井成本，但能否就明年初步 25% 到 30% 目標的假設提供更多細節，例如鑽機活動、資本配置與效率提升等，這些假設是如何納入的？

Yes, we are baking our efficiencies into our thinking for next year's budget and that's why we have the comment there that modest increase in what does that mean for this year's budget. It is probably in the 5% to 15% range, something like that depending on where we end up on that production target spectrum for next year. But we have baked those efficiencies into that and the well cost reductions so far. We do think all of that continues, it is not static, so hopefully that will actually improve by the time we get to 2016.

是的，我們已把效率提升納入對明年預算的思考之中，這也是為什麼我們提到「小幅增加」——那對今年的預算意味著什麼。大概會在 5% 到 15% 的區間，視我們最終落在明年產量目標區間的哪一端而定。但我們已把這些效率提升以及迄今的單井成本下降都納入其中。我們確實認為這些還會持續，不會停滯不前，所以希望到 2016 年時實際上會更好。

Dan Guffey, Stifel.

Dan Guffey，Stifel。

In 2013 you guys began utilizing the SSLs and saw a nice bump in recoveries and then you subsequently increased your Marcellus URs per 1000 lateral foot near year end 2013. Over the past 18 months, those UR per 1000 foot estimates have been essentially stable.

2013 年你們開始採用 SSL，回收率有不錯的提升，之後在 2013 年底你們也上調了 Marcellus 每 1,000 英尺水平段的最終可採儲量（UR）。過去 18 個月，這些每 1,000 英尺的 UR 估計基本上保持穩定。

I'm curious, could you guys provide any detail if you see any changes you are making in your completion design and if you see any potential uplifts for higher incremental recoveries on your West Virginia acreage?

我想了解的是，你們能否提供一些細節：你們在完井設計上是否看到任何正在進行的變更？以及在你們西維吉尼亞（West Virginia）區塊上，是否看到有機會帶來更高的增量回收率提升？

The Company never reaches perfection where all these tweaking our completion designs but we have pretty well settled on the SSL, the shorter stage length. As we are now we've got some pilots that have been going on for at least the last six months, have a little bit shorter, but we continue to watch production and see if we can optimize further. But feel pretty good about where we are now.

公司永遠不會達到完美，我們一直在微調完井設計，但我們基本上已經定型在 SSL、較短的段長。目前我們有一些試驗計畫，至少在過去六個月一直在進行，段長再短一些；我們會持續觀察產量，看看能否進一步最佳化。不過對目前的狀況我們感覺相當不錯。

Okay. You guys have been one of the most aggressive in building your acreage foothold throughout the basin. I guess can you discuss how many additional large-scale opportunities that are currently on your radar?

好的。你們一直是整個盆地中在建立土地持有（acreage foothold）方面最積極的公司之一。我想請你們談談，目前你們雷達上還有多少額外的大型機會？

We still have a very active leasing program. We are pleased that we have seen the lease cost go down quite a bit during this downturn, but we have lots of things on our radar, both big and small. We focus on where we see, of course, the best potential geologically and in terms of results and we factor take away and those things into.

我們仍有非常積極的租賃計畫。很高興在這次景氣下行期間，我們看到租賃成本下降了不少；我們雷達上有很多事情，無論大小。我們會聚焦在我們看到地質潛力最佳、成果最好的地方，並把外運能力（take away）等因素納入考量。

So have a lot of things that are going on, but I think the best value right now is the base leasing that we continue to do.

所以有很多事情在進行中，但我認為目前最有價值的是我們持續進行的基礎租賃（base leasing）。

And then last one for me. I guess with commodity prices headwinds persisting, could you guys anticipate you could see any borrowing base reductions on your upcoming October redetermination or should the increase in [PDP] offset any of the commodity price decreases?

那我最後一個問題。由於商品價格逆風持續，你們是否預期在 10 月即將到來的借款基礎（borrowing base）重新評估中，可能會看到借款基礎下調？還是 [PDP] 的增加能抵消商品價格下跌的影響？

I don't think we are in that category in the box of seeing a step down in our borrowing base. We would expect it to be neutral to up with added quarters. We did that determination off of year-end reserves so that was the $4 billion borrowing base.

我不認為我們屬於會看到借款基礎下調的那一類。我們預期會是持平到上調，因為多了額外的季度。我們那次評估是以年末儲量為基礎，因此借款基礎是 40 億美元。

So we will be looking at three quarters of additional PDPs less production, so we feel pretty good about that being neutral to positive step up and actual borrowing base and whether or not we choose to use all that, that's another matter. But we are very solid there and certainly the hedge book helps buffer that and we continue to add hedges and that buffers that situation.

因此我們將會看到額外三個季度的 PDP（已開發已生產儲量），扣除已生產的部分，所以我們對借款基礎持平到小幅上調很有信心。至於我們是否選擇把額度用滿，那是另一回事。但我們的狀況非常穩健；而且避險部位也有助於緩衝，我們也持續增加避險，這能緩衝那種情況。

Holly Stewart, Howard Weil.

Holly Stewart，Howard Weil。

Quickly, Paul I think last quarter you mentioned you still give the edge to liquids development just that we've been under continued NGL pressure. Just curious if you had an update on your thoughts there?

很快問一下，Paul，我想上季你提到你們仍然稍微偏向液體（liquids）開發，只是我們一直承受 NGL 的持續壓力。想請問你對此是否有最新看法？

We continue to look at that. We have shifted a little bit over in our Utica fairway a little bit toward drier side, feel good about that where it is more of a known entity. We know the decline curves and the well cost and, after we drilled this deeper Utica test in the Marcellus, we will certainly weigh that against liquids. So still subject to rethinking it, but for the time being, we still see that our best well economics are in the liquids fairway in the Marcellus.

我們持續在評估。我們在 Utica 的走廊（fairway）稍微往較乾的一側移動了一點，對此感覺不錯，因為那邊比較屬於已知的情況。我們知道遞減曲線與單井成本；而且在我們於 Marcellus 鑽了這口更深的 Utica 測試井之後，我們當然會把它與液體開發做權衡。所以仍可能重新思考，但就目前而言，我們仍認為 Marcellus 的液體走廊擁有我們最佳的單井經濟性。

Okay, great and then maybe kind of sticking with the Utica activity. I think most of your Utica completions were set the second half of the year. Can you help us better forecast the division I guess between 3Q in 4Q with the Utica completions?

好的，很好。那可能延續 Utica 活動來問。我想你們大多數 Utica 的完井安排在下半年。你能否協助我們更好地預估 Utica 完井在第三季與第四季之間的分配？

Yes, I think a good measure would be probably 75% of our completions in the Utica are happening in a second half of year, Holly. So it is very much back-end loaded where you have the opposite phenomena in the Marcellus where it is flip the other side.

是的，我認為一個不錯的衡量方式是，我們在 Utica 的完井大概有 75% 會發生在下半年，Holly。所以非常偏向年底，這與 Marcellus 的情況相反，Marcellus 則是另一邊的現象。

Any help between 3Q and 4Q?

在第三季和第四季之間能再給些協助嗎？

Between the two plays, when you balance it out, they're fairly equivalent in terms of number of completions expected each quarter. You see more of the production show up in the fourth quarter, hence the bit of a step down in production expected in the third quarter.

在兩個區塊之間，當你把它平衡起來，每一季預期的完井數量其實相當接近。你會看到更多產量在第四季顯現，因此我們預期第三季產量會有些許下滑。

And then maybe a last one just on some help with modeling for NGL pricing. Is there a way to think about the discount that the basins receiving right now on NGLs? Just maybe a rule of thumb or something?

最後可能想請教一下，關於 NGL 定價建模。對於目前盆地在 NGL 上所承受的折價，有沒有一種思考方式？例如一個經驗法則之類的？

It's certainly volatile and I think it is going to be hard to predict here for the next year or so for us until we get into the Mariner East and the International market. But we do expect to see improvement seasonally as you go into the fall/winter months. We are optimistic about that. But it is difficult to predict and we have our forecast out there of 30% to 35% of WTI for the year. But that's taking into account quite a bit of volatility from quarter to quarter. Second quarter expected to be soft and it was. And third quarter similar with improvement in the fourth quarter, seasonally.

這當然非常波動，我認為在未來一年左右，在我們進入 Mariner East 與國際市場之前，會很難預測。不過我們確實預期隨著進入秋冬季節，季節性會有所改善。我們對此感到樂觀。但確實難以預測；我們給出的全年預測是 WTI 的 30% 到 35%。但那已把各季之間相當程度的波動納入考量。第二季預期偏弱，結果也確實如此；第三季類似，而第四季則季節性改善。

There are no further questions at this time. This concludes our question-and-answer session. I would now like to turn the conference back over to Michael Kennedy for any closing remarks.

目前沒有其他問題。本次問答環節到此結束。現在我想把電話會議交回 Michael Kennedy，請他做結語。

Thank you for joining us on today's conference call. If you have any further questions please feel free to contact us. Thanks again. Goodbye.

感謝各位參加今天的電話會議。如有任何進一步問題，歡迎隨時與我們聯繫。再次感謝。再見。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次會議已結束。感謝各位參加今天的簡報。您現在可以掛線。