Antero Resources Corporation (AR) 2017 Q1 法說會逐字稿

Good morning, and welcome to the Antero Resources First Quarter 2017 Earnings Conference Call. (Operator Instructions) Please also note, this event is being recorded. I would now like to turn the conference over to Mr. Michael Kennedy. Please go ahead.

早安，歡迎參加 Antero Resources 2017 年第一季財報電話會議。(接線員指示) 另外請注意，本活動將被錄音。現在我想把會議交給 Michael Kennedy 先生。請開始。

Thank you for joining us for Antero's First Quarter 2017 Investor Conference Call. We'll spend a few minutes going through the financial and operational highlights, and then we'll 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've provided a separate earnings call presentation that will be reviewed during today's call.

感謝各位參加 Antero 2017 年第一季投資人電話會議。我們將花幾分鐘回顧財務與營運重點，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 like to first 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 forecasted in such statements.

在開始我們的評論之前，我想先提醒各位，在本次電話會議中，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。實際結果與成果可能與此類陳述所表達、暗示或預測者有重大差異。

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 Paul.

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。現在我把電話交給 Paul。

Thank you, Mike, and thank you to everyone for listening to the call today. In my comments, I'm going to discuss productivity gains that we continue to achieve through our advanced completions, highlight a couple of notable pads that were recently placed to sales and provide updates on key infrastructure projects that influence our development plan going forward. Glen will then highlight our first quarter financial results and discuss our peer-leading, liquids-rich position and development plan, which provides us with a material uplift on our realized pricing. Finally, Glen will conclude with a summary on the operational flexibility and integrated business strategy at Antero and how this provides us with tremendous long-term operational visibility.

謝謝你，Mike，也感謝各位今天收聽本次電話會議。在我的評論中，我將討論我們透過先進完井技術持續取得的生產力提升，重點說明幾個近期已投產（placed to sales）的重要井場（pad），並更新幾項影響我們未來開發計畫的關鍵基礎設施專案進度。接著 Glen 將重點說明第一季財務結果，並討論我們在同業中領先的富含液體（liquids-rich）部位與開發計畫，這使我們的實現售價（realized pricing）獲得顯著提升。最後，Glen 將以 Antero 的營運彈性與整合式商業策略作結，並說明這如何為我們帶來極佳的長期營運能見度。

Let's begin with discussing the operational momentum that has continued at Antero over the last few years. As illustrated on Slide #2, entitled Marcellus Completion Evolution, the main chart shows the evolution of Antero's completions over the last few years and the productivity gains we've achieved during this time. As you can see on the bottom left of the graph, the dark green diamonds represent wells completed with our legacy completion design using 1,250 pounds or less of proppant per foot and 32 barrels of water per foot, on average. These 2015 completions support the 1.7 Bcf per 1,000 feet type curve at which the majority of our reserves are currently booked. Moving up and to the right, the red diamonds represent wells completed with 1,500 pounds per foot of proppant and 34 barrels per foot of water, essentially the recipe that we've used in 2016. As outlined on the insert graph at the top left of this slide, many of these wells now have over a year of production history and continue to support a 2.0 Bcf per 1,000 type curve. Then towards the end of 2016 and the beginning of this year, we began testing higher proppant loads ranging from 1,750 to 2,500 pounds per foot. At this time, we are very encouraged by the higher intensity completions and will continue to analyze the results from these completions as it relates to EURs and overall well economics.

我們先從討論 Antero 過去幾年持續延續的營運動能開始。如投影片第 2 頁「Marcellus 完井演進」所示，主要圖表呈現 Antero 過去幾年的完井方式演進，以及我們在此期間取得的生產力提升。如您在圖表左下方所見，深綠色菱形代表採用我們既有完井設計完成的井，其支撐劑（proppant）用量平均每英尺 1,250 磅或以下，且用水量平均每英尺 32 桶。這些 2015 年的完井結果支撐每 1,000 英尺 1.7 Bcf 的型態曲線（type curve），而我們目前大多數儲量即以此為基礎入帳。往右上方移動，紅色菱形代表每英尺 1,500 磅支撐劑與每英尺 34 桶用水完成的井，基本上就是我們在 2016 年使用的配方。如本頁左上角插圖所示，這些井中許多目前已有超過一年的生產歷史，並持續支撐每 1,000 英尺 2.0 Bcf 的型態曲線。接著在 2016 年底到今年年初，我們開始測試更高的支撐劑負載量，範圍為每英尺 1,750 至 2,500 磅。目前我們對這些更高強度的完井結果感到非常振奮，並將持續就其與最終可採量（EUR）及整體井經濟性之關聯進行分析。

Now, directing you to Slide #3, entitled Recent Marcellus Well Results, I'd like to provide some more color around some of the encouraging results I just mentioned. The first pad I'll highlight is a 4-well Marcellus pad located in the southern portion of our rich gas area in West Virginia. This pad is significant as it was one of the first pads completed with 2,500 pounds of proppant per foot. The 4 wells have an initial average wellhead EUR of 2.2 Bcf per 1,000 feet of lateral and an average processed EUR of 2.5 Bcfe per 1,000 feet of lateral, assuming full ethane rejection. What's most notable about this pad is the fact that it is located outside of our high-graded core areas. To the extent we continue to see encouraging results in this area, it is likely that the red and orange high-graded core outlines could be extended. The other pad I'll touch on from this slide is a 4-well pad completed in our highly rich gas regime in the Marcellus. The 4 wells on this pad have an average lateral length of 10,000 feet, an average wellhead EUR of 2.4 Bcf per 1,000 feet of lateral and an average processed EUR of 2.9 Bcfe per 1,000 feet of lateral, assuming full ethane rejection. In addition to the advanced productivity from these pads, the other key takeaway from this slide is the continued downward trend in finding and development costs. As highlighted in yellow on each pad, F&D costs are trending as low as $0.35 per Mcfe.

現在請看投影片第 3 頁「近期 Marcellus 井結果」，我想就剛才提到的一些令人鼓舞的成果補充更多說明。我首先要強調的是一個位於西維吉尼亞州、我們富氣區（rich gas area）南部的一個 4 口井 Marcellus 井場（pad）。此井場的重要性在於，它是最早採用每英尺 2,500 磅支撐劑完成的井場之一。這 4 口井的初始平均井口 EUR 為每 1,000 英尺水平段（lateral）2.2 Bcf；在假設完全乙烷剔除（full ethane rejection）的情況下，平均處理後（processed）EUR 為每 1,000 英尺水平段 2.5 Bcfe。此井場最值得注意的是，它位於我們高分級（high-graded）的核心區域之外。若我們在該區域持續看到令人鼓舞的結果，紅色與橘色所示的高分級核心區輪廓很可能得以延伸。本頁另一個我要提到的井場，是在 Marcellus 中我們液體含量極高的富氣區（highly rich gas regime）完成的一個 4 口井井場。該井場的 4 口井平均水平段長度為 10,000 英尺，平均井口 EUR 為每 1,000 英尺水平段 2.4 Bcf；在假設完全乙烷剔除的情況下，平均處理後 EUR 為每 1,000 英尺水平段 2.9 Bcfe。除了這些井場帶來的先進生產力提升之外，本頁另一個關鍵重點是探勘與開發成本（finding and development costs）的持續下降趨勢。如各井場以黃色標示，F&D 成本趨勢可低至每 Mcfe 0.35 美元。

Now turning your attention to Slide #4, entitled Improving Marcellus Returns. When you combine these increased productivity gains with Antero's long laterals, you can really see the material impact on well economics and value creation for shareholders. Note at the bottom of the page, you can see that we've -- we have over 1,800 drilling -- undrilled locations at the 1,200 to 1,300-plus BTU regimes, and we continue to add to our core drilling inventory, as you can see on Slide #5, titled A Leading Consolidator in Appalachia. We've added 113,000 net acres to our core Marcellus and Utica positions since the beginning of 2016, including 32,000 net acres, thus far, in 2017.

接著請看投影片第 4 頁「提升 Marcellus 報酬」。當您把這些生產力提升與 Antero 的長水平段（long laterals）結合起來，就能清楚看到其對井經濟性與為股東創造價值所帶來的重大影響。請注意在頁面底部，您可以看到我們在 1,200 至 1,300 以上 BTU 區帶中，擁有超過 1,800 個鑽井——尚未鑽探的井位（undrilled locations）；而且我們持續增加核心鑽井庫存，如投影片第 5 頁「阿帕拉契亞的領先整合者」所示。自 2016 年初以來，我們在核心 Marcellus 與 Utica 部位新增了 113,000 淨英畝（net acres），其中 2017 年迄今已新增 32,000 淨英畝。

Next, I wanted to provide an update on a couple of the long-haul infrastructure projects and how the projects impact our overall development plan. In early February of this year, Energy Transfer received FERC approval to proceed with the construction of the Rover pipeline. Energy Transfer has reiterated its plans to place Rover into service in the third quarter of 2017 with Phase 1 expected to come online in July of 2017 and Phase 2 expected to come online in November of 2017. As a reminder, we are in anchor shipper on Rover with an 800,000 MMBtu per day firm commitment. Phase 1 of the project will connect our Utica assets to the Midwest and Gulf Coast through the Seneca processing facility in Ohio, and Phase 2 will connect our Marcellus assets to the Midwest and Gulf Coast markets through the Sherwood processing facility in West Virginia. A number of Utica locations are currently in the process of being completed in anticipation of the Rover phase 1 startup. Once phase 2 is placed in service, connecting the Sherwood facility with Rover, we will likely fill Rover with Marcellus gas while our Utica production continues to grow into the capacity. Rover will then deliver our Marcellus and Utica gas to either the Midwest markets or onto our ANR south firm transport that delivers to the Gulf Coast. Given the optionality that we've built through our drilling inventory, development plan and firm transport portfolio, we feel comfortable in our ability to adapt to a number of different pipeline in-service timing scenarios and deliver on our long-term growth targets.

接下來，我想就幾項長距離基礎設施專案提供最新進度，並說明這些專案如何影響我們整體開發計畫。今年 2 月初，Energy Transfer 取得 FERC 核准，可推進 Rover 管線的建設。Energy Transfer 已重申其計畫於 2017 年第三季讓 Rover 投入服務，其中第一期預計於 2017 年 7 月上線，第二期預計於 2017 年 11 月上線。提醒各位，我們是 Rover 的主力承運人（anchor shipper），每日具 800,000 MMBtu 的固定承諾（firm commitment）。專案第一期將透過俄亥俄州的 Seneca 處理廠（processing facility）把我們的 Utica 資產連接至中西部與墨西哥灣沿岸；第二期則將透過西維吉尼亞州的 Sherwood 處理廠把我們的 Marcellus 資產連接至中西部與墨西哥灣沿岸市場。目前有多個 Utica 井位正處於完井流程中，以因應 Rover 第一期啟用。當第二期投入服務、Sherwood 處理廠與 Rover 連通後，在 Utica 產量持續成長以消化運能的同時，我們很可能以 Marcellus 天然氣填滿 Rover。之後 Rover 將把我們的 Marcellus 與 Utica 天然氣輸送至中西部市場，或銜接我們 ANR south 的固定運輸（firm transport）以送往墨西哥灣沿岸。鑑於我們透過鑽井庫存、開發計畫與固定運輸組合所建立的選擇性（optionality），我們對於因應多種不同的管線投運時程情境並達成長期成長目標的能力充滿信心。

Shifting to liquid infrastructure. I'd like to discuss a couple of announcements during the quarter that enhance Antero Resources' long-term development plans. In February of this year, construction on the Mariner East 2 pipeline began, and it is expected to be operational in the fourth quarter of 2017. As illustrated on Slide #6, titled NGL Infrastructure Buildout in the Northeast, Mariner East 2 will transport NGLs from the Marcellus and Utica to the Marcus Hook export facility. We are an anchor shipper on Mariner East 2 with a 61,000 barrel per day commitment, which is comprised of 11,500 barrels of ethane, 35,000 barrels a day of propane and 15,000 barrels a day of butane. This is an important project for Antero, as it will allow us to export our growing liquids production to international markets and receive Mont Belvieu-plus pricing at the terminal. When you combine our Mariner East 2 commitment with our 20,000 barrel a day ethane firm transportation contract on the ATEX pipeline and our 30,000-barrel a day ethane supply agreement to the Shell ethane cracker, we have committed to overall NGL takeaway capacity or firm sales of 111,500 barrels a day.

轉向液體基礎設施。我想討論本季期間幾項公告，這些公告強化了 Antero Resources 的長期開發計畫。今年 2 月，Mariner East 2 管線開始施工，預計於 2017 年第四季投入營運。如投影片第 6 頁（標題為「東北地區 NGL 基礎設施建置」）所示，Mariner East 2 將把 NGL 從 Marcellus 與 Utica 輸送至 Marcus Hook 出口設施。我們是 Mariner East 2 的錨定託運人（anchor shipper），承諾每日 61,000 桶的運輸量，其中包含每日 11,500 桶乙烷、每日 35,000 桶丙烷，以及每日 15,000 桶丁烷。這對 Antero 而言是重要專案，因為它將使我們能把日益成長的液體產量出口至國際市場，並在終端取得 Mont Belvieu 加成（plus）的定價。將我們在 Mariner East 2 的承諾，與我們在 ATEX 管線上每日 20,000 桶乙烷的固定運輸合約，以及我們向 Shell 乙烷裂解廠每日 30,000 桶乙烷的供應協議合併計算，我們已承諾的整體 NGL 外運能力或固定銷售量合計為每日 111,500 桶。

In addition to the Mariner East 2 announcement, we also committed to 2 more processing plants at the Sherwood facility called plants #10 and 11 during this past quarter. This secures an additional 400 million cubic feet a day of processing capacity to support our liquids-rich production. Antero had already previously committed to Sherwood plants 8 and 9, which are expected to be in service in the third quarter of '17 and the first quarter of '18, respectively, and then plants 10 and 11 are scheduled for the third and fourth quarters of 2018. As a reminder, Antero Midstream owns a 50% interest in Sherwood plants 7 through 11 as well as 6 future plants at a to-be-determined location through its 50-50 joint venture with MarkWest Energy. The joint venture is significant to Antero Resources for 2 reasons: first, it improves our downstream visibility into processing fractionation and liquids transportation; and secondly, Antero participates in the upside from the value creations at Antero Midstream through its $0.59 -- 59% limited partner ownership.

除 Mariner East 2 的公告外，我們在本季也承諾於 Sherwood 設施再新增 2 座處理廠，稱為第 10 與第 11 號廠。此舉可確保額外每日 4 億立方英尺的處理能力，以支撐我們富含液體的產量。Antero 先前已承諾 Sherwood 第 8 與第 9 號廠，預計分別於 2017 年第三季與 2018 年第一季投運，而第 10 與第 11 號廠則排定於 2018 年第三季與第四季。提醒一下，Antero Midstream 透過與 MarkWest Energy 的 50-50 合資企業，持有 Sherwood 第 7 至第 11 號廠 50% 權益，並在一處尚待確定地點的未來 6 座處理廠中亦持有 50% 權益。該合資企業對 Antero Resources 之所以重要有兩個原因：第一，它提升我們對下游處理、分餾與液體運輸的能見度；第二，Antero 透過其在 Antero Midstream 的 0.59 美元——即 59% 的有限合夥人持股——得以參與價值創造所帶來的上行空間。

In summary, these NGL infrastructure projects provide us with significant diversification of end markets and visibility on our growth plans. Glen will go into more detail on the pricing uplift that we anticipate from our liquids-rich development plans, but it should be evident the tremendous value we see in a diversified development plan, targeting both natural gas and liquids production going forward.

總結而言，這些 NGL 基礎設施專案為我們提供了終端市場的顯著多元化，以及對成長計畫的能見度。Glen 將更詳細說明我們預期自富含液體的開發計畫所帶來的定價提升，但應可清楚看出，我們在多元化開發計畫中看見的巨大價值，未來將同時鎖定天然氣與液體產量。

With that, I'll turn it over to Glen for his comments.

接下來，我把時間交給 Glen 發表他的評論。

Thank you, Paul. In my comments today, I will highlight our first quarter financial results, including price realizations and EBITDAX margins, further discuss Antero's liquids-rich development plan, realized pricing uplift and conclude with a summary of our integrated business plan and how it positions us for success in both the near-term and long-term outlook.

謝謝你，Paul。在我今天的評論中，我將重點說明第一季財務結果，包括實現價格與 EBITDAX 利潤率，進一步討論 Antero 的富含液體開發計畫與已實現的定價提升，並以我們整合式商業計畫的摘要作結，以及該計畫如何使我們在短期與長期展望中都能取得成功。

Let's first look at some of the key highlights from the quarter. Production averaged a record 2.144 Bcfe a day for the quarter, including a record 99,000 barrels a day of liquids. The liquids production during the quarter consisted of over 7,000 barrels a day of oil and approximately 92,000 barrels a day of NGLs, representing a 45% increase from the prior year quarter and a 14% increase sequentially, as we remain the largest NGL producer in Appalachia. The outperformance we've seen over the quarter, most notably around liquids production, plays a prominent role in our long-term strategy as it boosts our production and price realizations, which I will expand on in just a minute. In fact, Antero was also the largest producer in Appalachia in the first quarter on a gas-equivalent basis at 2.144 Bcfe a day.

我們先看本季幾項關鍵亮點。本季平均產量創新高，達每日 2.144 Bcfe，其中液體產量亦創新高，達每日 99,000 桶。本季液體產量包含每日超過 7,000 桶原油與約每日 92,000 桶 NGL，較去年同期成長 45%，較前一季成長 14%；我們仍是阿帕拉契亞地區最大的 NGL 生產商。我們在本季看到的超預期表現，尤其是液體產量方面，在我們的長期策略中扮演重要角色，因為它提升了我們的產量與實現價格；我稍後會再進一步說明。事實上，以天然氣當量計算，Antero 在第一季也是阿帕拉契亞地區最大的生產商，產量為每日 2.144 Bcfe。

Moving on to realized pricing during the quarter. We had another outstanding quarter for both realized gas and liquids pricing. We realized a $0.03 premium to NYMEX Henry Hub or $3.35 per Mcf before hedges on our gas production during the quarter. That's dry gas only. This is the third quarter in a row that we've realized a premium to NYMEX prices. Even with local indices beginning to tighten, our extensive firm transport portfolio still proves to be a valuable asset to Antero, enabling us to continue moving our gas to the most favorable markets and consistently achieving a premium to NYMEX. We realized a natural gas hedge gain of $75 million during the quarter or $0.54 per Mcf. Moving forward, we believe our firm transportation and hedge book will continue to be competitive advantages for us, as uncertainty in the natural gas market's likely to continue.

接著談本季的實現價格。我們在天然氣與液體的實現價格方面又交出一個非常出色的季度。本季在未計入避險前，我們的天然氣產量實現價格較 NYMEX Henry Hub 高出 0.03 美元，亦即每 Mcf 3.35 美元。這僅指乾氣。這是我們連續第三個季度實現價格高於 NYMEX。即使本地指數開始收斂，我們龐大的固定運輸（firm transport）組合仍證明是 Antero 的重要資產，使我們能持續把天然氣運往最有利的市場，並穩定取得高於 NYMEX 的溢價。本季我們實現天然氣避險收益 7,500 萬美元，或每 Mcf 0.54 美元。展望未來，我們相信固定運輸與避險部位將持續成為我們的競爭優勢，因為天然氣市場的不確定性很可能仍會持續。

As illustrated on Slide #7, titled Largest Gas Hedge Position in U.S. E&P, for the remainder of 2017, we are 100% hedged on our expected gas-equivalent production of $3.47 per MMBtu and 96% hedged on our targeted gas production in 2018 at $3.91 per MMBtu. Through the end of the decade, we are 84% hedged versus target gas production at $3.72 per MMBtu, which is a $0.72 per MMBtu premium to the current strip. Staying on the hedge topic, our hedge book is what really allowed us to continue our activity through the persistent commodity price downturn dating back to late 2014.

如投影片第 7 頁（標題為「美國 E&P 最大天然氣避險部位」）所示，在 2017 年剩餘期間，我們對預期的天然氣當量產量以每 MMBtu 3.47 美元的價格達到 100% 避險；而在 2018 年，我們對目標天然氣產量以每 MMBtu 3.91 美元的價格達到 96% 避險。直到本十年末，我們相對於目標天然氣產量仍有 84% 已避險，價格為每 MMBtu 3.72 美元，較目前遠期曲線（strip）溢價每 MMBtu 0.72 美元。延續避險主題，我們的避險部位正是讓我們能在自 2014 年底以來持續的商品價格下行期間，仍得以維持作業活動的關鍵。

Since the first quarter of last year, Antero has grown production 22% from the first quarter of 2016 compared to its peer group that grew production approximately 8% on average over that time period. As we said at the time, by maintaining a considerable level of activity through the downturn, we were able to lock in more favorable terms on service contracts and keep the very best crews in place. We've also limited the ability for crews to walk away upon a ramp in activity by leveraging our ongoing working relationships. From the service provider perspective, they place a lot of value in operators like Antero, as we fit nicely into their portfolio of clients that can continue development activity through the market ups and downs. This has, of course, proved to be very meaningful as we see a number of peers that are finding it difficult to line up necessary crews to meet their ramp in development activity. At the end of the day, it's all about delivering shareholder value, and that's very difficult to accomplish when there's a lack of certainty around development plans.

自去年第一季以來，Antero 的產量較 2016 年第一季成長 22%；相較之下，同業在該期間平均僅成長約 8%。正如我們當時所說，透過在景氣下行期間維持相當程度的作業活動，我們得以在服務合約上鎖定更有利的條款，並保留最優秀的施工團隊。我們也透過既有的合作關係，降低在活動回升時團隊離開的可能性。從服務供應商角度來看，他們非常重視像 Antero 這樣的營運商，因為我們很適合納入其客戶組合，能在市場起伏中持續推進開發活動。這當然已被證明非常重要，因為我們看到不少同業在開發活動加速時，難以安排到所需的施工團隊。歸根結底，一切都在於為股東創造價值；而當開發計畫缺乏確定性時，這件事就非常難以達成。

As it relates to liquids, we realized an unhedged oil price of $41.96 per barrel and an unhedged C3+ NGL price of $29.52 per barrel during the quarter or 57% of NYMEX WTI, which is above the high end of our recently updated 2017 guidance of 50% to 55%. The improvement in C3+ NGL realized pricing was driven primarily by the strengthening of Mont Belvieu pricing relative to WTI with local differentials improving as well. For oil sales, we recently entered into new 6-month contracts effective April 1 of this year that will result in an improved average differentials to NYMEX WTI of $5.50 to $6 per barrel.

就液體而言，本季我們未避險的原油實現價格為每桶 41.96 美元，未避險的 C3+ NGL 實現價格為每桶 29.52 美元，約為 NYMEX WTI 的 57%，高於我們近期更新之 2017 年指引區間 50% 至 55% 的上緣。C3+ NGL 實現價格的改善，主要由 Mont Belvieu 相對於 WTI 的價格走強所帶動，本地價差也同步改善。就原油銷售而言，我們近期簽訂新的 6 個月合約，自今年 4 月 1 日起生效，將使相對於 NYMEX WTI 的平均價差改善至每桶 5.50 至 6 美元。

Moving on to our EBITDAX for the quarter. We generated $365 million in consolidated EBITDAX, a 3% increase from the prior year quarter. Our EBITDAX margin was $1.64 per Mcfe after adjusting for the noncontrolling interest in Antero Midstream. When you compare this to our Marcellus F&D cost of approximately $0.45 per Mcfe for the quarter, you can see the attractiveness of our development plan and the unlevered recycle ratios of approximately 4x, which we're able to generate.

接著談本季的 EBITDAX。我們的合併 EBITDAX 為 3.65 億美元，較去年同期成長 3%。在調整 Antero Midstream 的非控制權益後，我們的 EBITDAX 利潤率為每 Mcfe 1.64 美元。若將此與本季我們在 Marcellus 的 F&D 成本約每 Mcfe 0.45 美元相比，您可以看出我們開發計畫的吸引力，以及約 4 倍的無槓桿回收比（recycle ratio），這是我們能夠創造的。

As outlined on Slide #8, titled 2017 Guidance and Long-term Outlook, all of this translates into our ability to grow production by 20% to 25% in 2017 to 2.2 Bcfe a day while targeting annual production growth of 20% to 22% thereafter through the year 2020. Our integrated business plan will enable us to achieve this growth while maintaining a drilling and completion budget within consolidated cash flow from operations through 2020 while also shrinking our leverage to the mid-2s range by the end of 2018.

如第 8 張投影片（標題為「2017 年指引與長期展望」）所述，這些都轉化為我們在 2017 年將產量成長 20% 至 25% 至每日 22 億立方英尺當量（Bcfe）的能力，並以 2020 年前每年 20% 至 22% 的產量成長為目標。我們的整合式業務計畫將使我們在達成此成長的同時，於 2020 年前把鑽井與完井預算控制在合併營運現金流之內，並在 2018 年底前將槓桿比率降至 2 倍中段水準。

The ability to maintain these production growth levels, while also deleveraging, speaks our integrated business strategy that includes best quality rock, firm transport to favorable price indices, owning our midstream business, selling gas forward at fixed prices and the highest exposure to liquids pricing upside in Appalachia. Antero is now the most integrated natural gas and NGL producer in the U.S.

在維持這些產量成長水準的同時也能去槓桿，反映了我們的整合式業務策略：包含最佳品質的岩層、通往有利價格指數的確定性運輸、擁有我們的中游業務、以固定價格遠期出售天然氣，以及在阿帕拉契亞地區對液體價格上行具有最高曝險。Antero 現在是美國整合程度最高的天然氣與 NGL 生產商。

Continuing on the liquids topic. I wanted to provide a few thoughts as it relates to our substantial core liquids-rich position in Appalachia and why Antero is focused on a liquids-rich development plan going forward. As you can see on Slide #9, titled Largest Core Drilling Inventory in Appalachia, Antero has the largest core drilling inventory in Appalachia with 3,502 undrilled locations. Roughly 75% of these locations are liquids-rich and as outlined in the pie chart on the slide. That's the green portion of the bars. Antero holds 43% of the undrilled core liquids-rich locations in Appalachia. This significant liquids-rich inventory enables us to achieve tremendous growth in our liquids production with significant exposure to liquids pricing upside and, as I will touch on later, a material uplift to our realized gas prices.

接著談液體相關議題。我想就我們在阿帕拉契亞地區龐大的核心富液部位，以及為何 Antero 未來將聚焦於富液開發計畫，提供一些看法。如第 9 張投影片（標題為「阿帕拉契亞最大核心鑽井庫存」）所示，Antero 在阿帕拉契亞擁有最大的核心鑽井庫存，共 3,502 個尚未鑽探的位置。其中約 75% 為富液位置，如投影片上的圓餅圖所示。那是長條圖中的綠色部分。Antero 持有阿帕拉契亞地區 43% 的尚未鑽探核心富液位置。這項龐大的富液庫存使我們能在液體產量上實現可觀成長，並對液體價格上行有顯著曝險；此外，如我稍後會提到的，也將對我們實現的天然氣價格帶來實質提升。

On Slide #10, entitled Rapidly Growing NGL Production, we have increased our NGL production at a compounded annual growth rate of 93% since 2014, and expect to grow to around 150,000 barrels per day by 2020. This expected growth provides us with tremendous leverage and visibility as it relates to the NGL infrastructure build-out in the Northeast, and you're seeing that come to fruition with the recently announced joint venture between Antero Midstream and MPLX that Paul discussed earlier.

在第 10 張投影片（標題為「NGL 產量快速成長」）中，我們自 2014 年以來的 NGL 產量以 93% 的年複合成長率增加，並預期到 2020 年成長至約每日 150,000 桶。這項預期成長讓我們在美國東北部 NGL 基礎設施建置方面具備極大的槓桿與能見度；您也可從近期宣布的 Antero Midstream 與 MPLX 合資案中看到成果，Paul 先前已談到。

To provide further color on liquids pricing upside, I'll refer you to Slide #11, titled Liquids Pricing Upgrade in the Marcellus. The key takeaway from this slide is the fact that even in a $2.75 gas price environment, that's NYMEX, we can still generate around $4 per Mcfe of realized pricing on an unhedged equivalent basis, assuming $55 to $65 oil prices. With F&D costs now down in the $0.40 per Mcfe range, we are generating unlevered cash margins that yield unlevered recycle ratios in the 4x range. And that's assuming total cash cost, including G&A, interest expense, minority interest, of about $2.25 per Mcfe.

為了進一步說明液體價格上行的潛力，我請各位參考第 11 張投影片（標題為「Marcellus 液體定價升級」）。這張投影片的重點在於：即使在 2.75 美元的天然氣價格環境（NYMEX）下，假設油價為 55 至 65 美元，我們在未避險的等值基礎上仍可實現約每 Mcfe 4 美元的實現價格。在 F&D 成本現已降至每 Mcfe 0.40 美元區間的情況下，我們可創造無槓桿現金利潤率，帶來約 4 倍的無槓桿回收比。而這是以總現金成本（包含 G&A、利息費用、少數股權）約每 Mcfe 2.25 美元為前提。

On the left-hand side of the chart, you can see the assumed realization of a dry gas producer at 1,050 BTU gas. Assuming a $2.75 per MMBtu NYMEX gas price, the dry gas producer would realize a $2.89 per Mcf gas price as a result of the small MBtu upgrade. At 1,250 BTU, which is right down the fairway of our rich gas Marcellus inventory, we will generally pick up $1 to $1.50 per Mcf, assuming a range of $55 to $75 from NYMEX WTI oil over the long term. Some of that is condensate, as you can see on the slide, but most of it's from the NGL stream, which averages about 1.9 gallons per Mcf in the 1,250 BTU area. So that's a nice pickup that we achieve from our liquids-rich production stream.

在圖表左側，您可以看到乾氣生產商在 1,050 BTU 天然氣下的假設實現值。假設 NYMEX 天然氣價格為每 MMBtu 2.75 美元，乾氣生產商因小幅 MBtu 升級，將可實現每 Mcf 2.89 美元的天然氣價格。在 1,250 BTU（正好位於我們 Marcellus 富氣庫存的主航道）時，長期而言，假設 NYMEX WTI 油價在 55 至 75 美元區間，我們通常可增加每 Mcf 1 至 1.50 美元。其中一部分來自凝析油（如投影片所示），但大多數來自 NGL 流，其在 1,250 BTU 區域平均約每 Mcf 1.9 加侖。因此，這是我們從富液產出流中取得的一項不錯增益。

Before I finish up, I wanted to discuss how the integrated business platform we built at Antero positions the company for both near- and long-term success. This platform starts with a substantial amount of core drilling inventory in one of the lowest-cost basins in the U.S. Through this inventory, we were able to build a sustainable development program that will deliver attractive growth for multiple decades in a capital-efficient manner. The company's industry-leading hedge book provides us with firm pricing on our product while the firm transportation portfolio ensures we are able to send our gas to the best-priced markets. As a liquids-rich producer, we not only realize a BTU upgrade through our gas price realizations, but we also partake in the liquids price upgrade.

在我結束之前，我想談談我們在 Antero 建立的整合式業務平台，如何讓公司在短期與長期都能取得成功。此平台始於我們在美國最低成本盆地之一擁有大量核心鑽井庫存。透過這些庫存，我們得以建立一套可持續的開發計畫，以資本效率高的方式，在未來數十年帶來具吸引力的成長。公司業界領先的避險部位為我們的產品提供確定的定價，而確定性運輸組合則確保我們能將天然氣送往價格最佳的市場。作為富液生產商，我們不僅能在天然氣實現價格上取得 BTU 升級，也能參與液體價格升級的收益。

And finally, our 59% ownership in Antero Midstream provides us with both leverage and visibility into the infrastructure build-out in the northeast while allowing us to participate in the value creation at AM as they build out the downstream value chain.

最後，我們持有 Antero Midstream 59% 的股權，使我們在美國東北部基礎設施建置方面同時具備槓桿與能見度，並讓我們能在 AM 建置下游價值鏈的過程中，參與其價值創造。

Before we take any questions, I would like to point out that for security [and law] reasons, we will be limited in our ability to discuss the AMGP IPO that occurred last week.

在我們開始提問之前，我想指出，基於安全[及法律]原因，我們在討論上週發生的 AMGP IPO 方面將有所限制。

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

接下來，我將把電話會議交給接線員進行提問。

(Operator Instructions) Our first question comes from Neal Dingmann from SunTrust.

(接線員指示) 我們的第一個問題來自 SunTrust 的 Neal Dingmann。

Paul, for -- I guess for yourself or one of the guys there. Just wondering, has the recent improvement, certainly, notable improvement we've seen in Appalachian NGLs, has that changed how you think about potential drilling plans for the latter part of this year or -- I should say the second half of this year, given just the improvement we've seen? Or is the plan still pretty much in place?

Paul，這個問題——我想是問你本人或你們其中一位。我想請教，近期阿帕拉契亞 NGL 的改善——確實是我們看到的顯著改善——是否改變了你們對今年下半年、也就是今年後半段潛在鑽井計畫的看法，考量到我們看到的這些改善？還是說計畫基本上仍維持不變？

Yes. The plan is pretty much in place. Most of what we're drilling is quite rich, and so we'll be able to take advantage of improving liquids prices. But steady as she goes. We don't see any reason to change the plan.

是的。計畫基本上仍維持不變。我們鑽探的大多數井都相當富液，因此我們能夠受惠於液體價格的改善。但我們會按部就班。我們看不出有任何理由要改變計畫。

Okay. And then just lastly, it seems now you're certainly much more in development mode and costs are reflecting that. What is -- when I look now at the plans for the remainder of the year, but the -- you mentioned a couple of 4-well pads, what is sort of your optimal pad design when you look at that for -- going forward in this developmental mode?

好的。最後一個問題，看起來你們現在顯然更進入開發模式，成本也反映了這點。當我看今年剩餘期間的計畫時——你提到幾個四井井場（4-well pads）——在這種開發模式下，往前看你們的最佳井場設計大概是什麼樣子？

Well, optimal is a -- the more laterals, the better. We're going to average 9 laterals per pad this year. So that's pretty good. It could increase a little bit more, probably 10, maybe 12 wells would be the most we've experienced and seen out there. So we're happy in that 10-ish range. That gives us 5 north-directed, 5 south-directed, and that works well, works well for efficiencies on rigs and also zipper fracs.

嗯，所謂最佳——水平段越多越好。我們今年平均每個井場會有 9 段水平段。所以這已經相當不錯。它可能還會再增加一些；大概 10 口井，也許 12 口井，是我們目前在現場所經歷與看到的上限。所以我們對大約 10 口井左右的區間感到滿意。這樣可以做到 5 口向北、5 口向南，對鑽機效率以及拉鍊式壓裂（zipper fracs）都很有效。

Our next question comes from Holly Stewart of Scotia Howard Weil.

我們的下一個問題來自 Scotia Howard Weil 的 Holly Stewart。

It looks like we may have lost Holly. We can come back around to Holly later.

看起來我們可能和 Holly 斷線了。我們稍後可以再回到 Holly。

My apologies. It looks like we have James Sullivan of Atlantic Global Advisors (sic) [Alembic Global Advisors].

很抱歉。看起來我們這邊有 Atlantic Global Advisors（原文如此）[Alembic Global Advisors] 的 James Sullivan。

Just want to step back for a minute here, taking the longer view on your hedge book here. As your gas production base gets bigger, do you see there having to be a philosophical shift in any way in the percentage of hedge coverage you guys would like to have in any given year? Is there a size issue, or can you just comment on that a little bit?

我想先退一步，從較長期的角度來看你們的避險部位。隨著你們的天然氣產量基礎變得更大，你們是否認為在任何一年想要維持的避險覆蓋比例，在理念上需要做任何轉變？是否存在規模上的限制？或能否請你稍微評論一下？

Yes. As we get larger and larger, it takes more work to hedge 100%. So we'll play that by ear going forward. The most we've been able to -- well, I don't know about able to, but the most we've put in place is 2 plus Bcf a day of hedging. And can we keep pace as our production climbs? Probably, but it does take some effort. So we're watching on that, and we'll see. We may be less than 100% hedged in the future, but we'll just play it by ear and see how liquid the futures markets are.

是的。隨著我們規模越來越大，要做到 100% 避險就需要更多工作。所以未來我們會視情況而定。我們目前能夠——嗯，我不確定是否該說「能夠」，但我們曾建立的最大規模是每天 2 以上 Bcf 的避險。當我們的產量上升時，我們能否跟上？可能可以，但確實需要一些努力。所以我們會持續觀察，看看情況。未來我們可能不會做到 100% 避險，但我們會視情況而定，也會看期貨市場的流動性如何。

Okay, great. So just want to switch gears real quick, talk about that added acreage you guys disclosed there. I think you added some in Southern Doddridge County. You also talked about of the highlight pad down there also getting closer to the 2.2 Bcf per 1,000 feet kind of core cut-off range there. Obviously, I assume those 2 dynamics are related a little bit. Can you talk about how extensive or how much the one, what you were seeing on the drilling side was playing into what you guys are doing on the acreage side?

好的，很好。那我想快速換個話題，談談你們披露新增的那些租地（acreage）。我想你們在 Doddridge 郡南部新增了一些。你們也提到那邊的亮點井場（highlight pad）也更接近每 1,000 英尺 2.2 Bcf 的核心區門檻範圍。顯然，我猜這兩個動態多少有些關聯。你能談談你們在鑽井端看到的情況，在多大程度上影響了你們在租地端的作為嗎？

Well, the good news is that the drilling is playing in quite well to what we're doing on the acreage side. We continue to add to block up. We've got a number of key outposts that we key off of that tell us the geology is going to be good where we're taking leases. So our view of how it's going to turn out is being proved up as we drill. So everything that we're adding in terms of acreage is pretty well-defined and disciplined and really will lead to more development in the development program. We're not doing any wildcat outposts, obviously. Everything we have, I think, probably close to 100% success rate. So we're -- we add acreage, but the development plan is proving where we're adding the acreage at.

嗯，好消息是，鑽井的結果與我們在租地端的作為相當吻合。我們持續增加並把區塊拼整（block up）。我們有一些關鍵的前哨點（outposts）作為依據，這些點告訴我們在我們取得租約的地方，地質條件會很好。因此，我們對結果的看法正隨著鑽井而被驗證。所以我們新增的每一塊租地都相當明確、紀律嚴謹，並且確實會在開發計畫中帶來更多開發。顯然我們不做任何野貓式的前哨井（wildcat outposts）。我認為我們所有的井，成功率大概接近 100%。所以——我們會新增租地，但開發計畫正在證明我們新增租地的位置是對的。

Our next question comes from Holly Stewart of Scotia Howard Weil.

我們的下一個問題來自 Scotia Howard Weil 的 Holly Stewart。

Great, okay. Can we maybe talk just about NGL realizations? Was there anything different maybe you saw in the market this quarter, things that you guys did differently? I mean, you're nicely above where the guidance is on realizations for the full year.

很好，好的。我們能否談談 NGL 的實現價格（realizations）？這一季市場上是否有什麼不同，或你們做了什麼不同的事情？我的意思是，你們的實現價格明顯高於全年指引水準。

Holly, I think it was primarily just tighter differentials in the Northeast. So I'd say NGL growth in the Northeast has flattened, and you've seen less demand for railcars for oil. So we've seen the pricing come down and good strong prices in the Northeast. So I think it's just tight differentials for propane, particularly. For the heaviers, we've entered into some side contracts, so to speak, we talked about that in the past, where those marketers have found better markets than going into the sort of Northeast pools. So I think it's a combination of all that.

Holly，我認為主要是東北地區的價差（differentials）收斂得更緊。所以我會說東北地區的 NGL 成長已趨於平緩，而且你也看到對油品鐵路槽車（railcars）的需求下降。因此我們看到定價下來了，而東北地區的價格表現良好且強勁。所以我認為主要就是丙烷的價差偏緊。至於較重的組分（heaviers），我們簽了一些所謂的側向合約（side contracts），我們過去也談過，這些行銷商找到了比進入東北「池子」（pools）更好的市場。所以我認為是上述因素的綜合。

Okay, great, helpful. And then maybe just any commentary you can give on the quarterly cadence. I mean, I -- the 1Q production number was, I think, nicely above the Street. And so just kind of thinking through the 2017 guidance and kind of how the quarters might roll through that.

好的，很好，這很有幫助。另外，也許你能對季度節奏（quarterly cadence）做些評論。我的意思是——第一季產量數字我認為明顯高於市場共識（Street）。所以在思考 2017 年指引時，也想了解各季度大概會如何展開。

Yes. I think you'll see gradual growth over the next quarter or so. And then we're a bit more back-end loaded, like some of the peers this year, with more of our completions coming in the second half of the year. Probably over 60% of the completions are in the second half of the year.

是的。我想你會在接下來一季左右看到逐步成長。然後今年我們和一些同業一樣，會比較偏向下半年（back-end loaded），因為我們更多的完井（completions）會在下半年進行。可能超過 60% 的完井都在下半年。

Okay, that's helpful. And then maybe one more final one, if I could. Just on the ethane, you had probably peaked. It looks like you had a very strong ethane quarter. You're producing above your capacity on ATEX. So let me see, you're selling into the market using MarkWest. Or how should we think about you guys getting that -- those ethane volumes to market?

好的，這很有幫助。如果可以的話，最後再問一個。關於乙烷（ethane），你們可能已經達到高峰。看起來你們這一季乙烷表現非常強勁。你們在 ATEX 上的產量高於你們的運能。所以讓我確認一下，你們是透過 MarkWest 把產品賣到市場？或者我們應該如何理解你們把——那些乙烷量送到市場的方式？

Yes. We continue to increase our ethane recovery, just to keep pace, to keep our residue gas from being too rich. And so we've got a number of side deals with buyers in different directions. And so besides in other directions than ATEX, we have sales deals to sell some of our ethane to other buyers.

是的。我們持續提高乙烷回收率，主要是為了跟上節奏，避免我們的殘餘氣（residue gas）過於富含液體（too rich）。因此我們與不同方向的買家有一些側向交易（side deals）。所以除了 ATEX 之外、在其他方向，我們也有銷售協議，把部分乙烷賣給其他買家。

Our next question comes from Carlos Newall of Raymond James.

我們的下一個問題來自 Raymond James 的 Carlos Newall。

Building on the ethane discussion, ethane sales continue to come in higher than expected. Going forward, how should we think about the composition of the average NGL barrel? Should we stick with the partial C2 recovery mix provided back in 2Q '16, suggesting about 25% ethane? Or should we adjust ethane higher?

延續乙烷的討論，乙烷銷售持續高於預期。往前看，我們應該如何看待平均每桶 NGL 的組成？我們是否應沿用你們在 2016 年第二季提供的部分 C2 回收組合（partial C2 recovery mix），也就是約 25% 乙烷？還是應把乙烷比例調高？

Yes. The 25% ethane's approximately what it was for this quarter. I believe we had 72,000 barrels of -- approximately 70,000 barrels of NGLs C3+ and the 25,000 barrels of ethane. So that's a good proxy for going forward.

是的。25% 的乙烷大致就是本季的水準。我相信我們大約有 72,000 桶——約 70,000 桶的 NGL（C3+），以及 25,000 桶的乙烷。所以這是未來的一個不錯的參考指標（proxy）。

All right. That's very helpful. And also, could you provide an update on a projected firm transport utilization? And also, what component of excess transport is currently unmarketable? And any color on that would be helpful.

好的。這非常有幫助。另外，你能否更新一下預計的固定運輸（firm transport）使用率？以及目前多餘運輸能力（excess transport）中，有哪一部分是無法銷售（unmarketable）的？任何補充說明都會很有幫助。

Well, we certainly have some good firm transport coming. It's just -- it's debatable as to when it comes online. Is it July, August, September, in that time frame? And I'm talking about the Rover pipeline. So we do have some capacity coming. But keep in mind that Phase 2 of that should follow only 3 months or so later. And when Phase 2 comes, then Rover will be connected to our Marcellus production into Sherwood. So Rover we're likely to fill fairly quickly because we can utilize that from both areas.

嗯，我們確實有一些不錯的固定運輸即將到位。只是——它何時上線仍有爭議。是 7 月、8 月、9 月，在那個時間範圍內？我指的是 Rover 管線。所以我們確實有一些運能即將增加。但請記住，它的第二期（Phase 2）應該只會在大約 3 個月後接續上線。而當第二期上線時，Rover 就會把我們在 Marcellus 的產量連接到 Sherwood。因此 Rover 我們很可能會相當快就把它填滿，因為我們可以同時從兩個區域來利用那條管線。

Our next question comes from David Tameron of Wells Fargo.

我們的下一個問題來自富國銀行（Wells Fargo）的 David Tameron。

Just building on the last question. What is your outlook at this -- as you start thinking about ethane injection? How do you see that? Or how do you those prices I guess plays out over the next couple of years?

延續上一個問題。當你們開始考慮乙烷注入時，對此的展望是什麼？你們怎麼看？或者我想問的是，未來幾年你們認為那些價格會如何演變？

Well, the ethane economics right now are such that it's centered to leave the ethane (technical difficulty) if we are just looking at, say, gas value at TCO. And so what we recover is what we need to recover in order to not get our stream too rich. But the outlook would be that we need ethane prices at least in the low $0.30 range to make ethane recovery more economic.

嗯，目前乙烷的經濟性是這樣：如果我們只看例如在 TCO 的天然氣價值，那麼把乙烷留在氣流中（技術問題）是比較合理的。因此，我們回收的量就是為了避免我們的氣流過於富含（重組分）所必須回收的量。但展望來看，我們需要乙烷價格至少在每加侖 0.30 美元出頭的區間，乙烷回收才會更具經濟性。

Okay. That's helpful. And then if I just think about your firm transport, obviously, it's -- your whole portfolio obviously has allowed you to get to where you needed to get, combined with the hedges. Going forward, as we start thinking about the ramp in the Marcellus and the pipelines, how much -- there's probably less value tomorrow than there was, right, yesterday. But how should we think about that? And how do you think about just that value of that firm transport portfolio, say, 2 years down the road?

好的。這很有幫助。接著如果我想一下你們的固定運輸（FT），顯然——你們整個投組顯然讓你們在避險的配合下，達到你們需要的位置。往前看，當我們開始思考馬塞勒斯（Marcellus）的增量以及管線投產時，明天的價值可能比昨天小，對吧。但我們應該怎麼看待這件事？例如兩年後，你們如何看待這個固定運輸投組的價值？

Yes. So today the, differentials are shrinking down south and Tetco M2 relative to some of the other indices, and that's because there's more distressed gas out of those pools is being bought to fill producers', shippers' available capacity in some of the new projects, so tightening differentials. We still have a couple -- several more projects to come on between now and the end of '19, those being Columbias, the Mountaineers, the Gulf Xpresses and so on. But we project, for Antero alone, that we'll be -- those will come on and then we fill them relatively quickly, within 1 to 2 years. So with our growth plans, we definitely need the FT that we've signed up for.

是的。所以今天，往南的價差以及 Tetco M2 相對於其他一些指數的價差正在縮小，這是因為有更多來自那些樞紐的受困天然氣被買來填補生產商、託運人於一些新專案中的可用運能，因此價差收斂。不過從現在到 2019 年底之間，還會有幾個——好幾個專案陸續投產，包括 Columbia 系列、Mountaineer、Gulf Xpress 等等。但我們預估，僅就 Antero 而言，這些專案投產後，我們會在相對短的時間內把它們填滿，大約 1 到 2 年。因此依照我們的成長計畫，我們確實需要我們已簽下的固定運輸（FT）。

I think a number of people are looking at rig counts and trying to judge whether there's going to be available capacity, available FT longer term, for people to move into unused space or whether the pipes are going to fill up. There's been a couple of newer twists, newer developments, a couple of projects that are utility pole projects. One is to the Southeast, Atlantic Coast Pipeline, with the Southeast utilities backing that one, and they want to buy in the Marcellus pool at the beginning of their pipes. So that's a situation where producers are not being asked to sign up, but instead, there are -- there's a sales point directly in the heart of our acreage. The second one is Nexus going to the Northwest, a similar situation, utility pole. So we're watching the environment. We know that we'll be moving quite a bit more gas, but will it be us that sponsors the project or signs up, or will it be doing longer-term deals into utility pole projects? And so we've got a number of years to judge how that all unfolds.

我想很多人都在看鑽機數量，試圖判斷長期而言是否會有可用運能、可用的固定運輸（FT），讓人們能進入未使用的空間，或是管線會不會被填滿。最近有幾個新的轉折、新的發展，有幾個專案屬於公用事業端主導的專案。其中一個是通往東南部的 Atlantic Coast Pipeline，由東南部的公用事業公司支持，他們希望在其管線起點於馬塞勒斯樞紐採購。因此在這種情況下，並不是要求生產商簽約，而是——在我們核心礦權的正中心就有一個直接的銷售點。第二個是通往西北方向的 Nexus，情況類似，也是公用事業端主導。所以我們正在觀察這個環境。我們知道我們將會運送更多天然氣，但會是由我們來主導專案或簽約，還是透過與公用事業端主導專案做更長期的交易？因此我們還有好幾年的時間來判斷這一切將如何發展。

(Operator Instructions) Our next question comes from Brian Singer of Goldman Sachs.

(接線員指示) 我們的下一個問題來自高盛（Goldman Sachs）的 Brian Singer。

You talked a bit earlier in your prepared remarks on the acquisitions that you've made into Southwest PA, and you also mentioned the core position that you put together. To the degree that you now have the largest core drilling opportunity in Appalachia, as you described, is there the need for consolidation from here? And is the opportunity set as attractive as it has been, from your perspective, over the last year or so?

你們在先前的準備稿中稍微談到你們在賓州西南部（Southwest PA）的收購，也提到你們整合出的核心部位。在你們現在如所描述擁有阿帕拉契亞（Appalachia）最大的核心鑽探機會的情況下，接下來是否仍需要進一步整併？從你們的角度來看，機會集合是否仍像過去一年左右那樣具有吸引力？

The opportunity set is still attractive. We favor more the A&D side than the M&A side. And so we're able to -- basically saying we're able to work with other companies, other peers, that have acreage that they're willing to sell that's not strategic for them. So still see good things coming along. And so it is still a good environment for a consolidation. Maybe it'll shrink in size in its more smaller tracks. And there's more efficiency consolidation going on, where trades are being made between the various players, the various competitors, both in the Marcellus and the Utica.

機會集合仍然具有吸引力。相較於 M&A，我們更偏好 A&D。因此我們能夠——基本上是說，我們能與其他公司、同業合作，他們手上有願意出售、對他們而言並非策略性的礦權。所以我們仍看到一些不錯的機會陸續出現。因此這仍是一個適合整併的環境。也許整併規模會縮小，變成較小的地塊。而且也有更多效率型的整併在發生，各方參與者、競爭者之間正在進行交換交易，無論是在馬塞勒斯或尤提卡（Utica）。

Great. And then my follow-up is the progressive transportation costs. You have the guidance out there for operating expense for the year, but I wonder if you could give us a little more color on how the transportation -- unit transposition costs should evolve between now and '18, with and without -- or before and after Rover.

很好。接著我的追問是關於逐步變動的運輸成本。你們已提供今年的營運費用指引，但我想知道你們能否多補充一些：在現在到 2018 年之間，運輸——單位運輸成本在 Rover 投產前後（或有無 Rover 的情境下）應該如何演變？

Yes. I think our range out there is, I think, 7.5% to 12 -- I'm sorry, $0.075 to $0.125 per AM. And I think we'll just have to evaluate as Rover comes on, when it comes on and how we utilize that as to how that gets adjusted, if it gets adjusted, as we go throughout the year. But I think longer-term, we expect that to be in that range or below. And then eventually, it evaporates by the time we get out to 2020 or so because we're starting to fill all of that capacity. So we feel very good about our capacity, as we said earlier. We fill it all up by the year 2021, based on our growth plans. So we'll be looking for what's next, whether it's taking out some of the firm that's being -- some of the pipe that's being built out there right now. There's some available. There may be some that becomes available, or potentially longer term, maybe there needs to be another project that we could be involved with. So we're looking, certainly 3, 4, 5 years out on that.

是的。我想我們對外給的區間是——我想是 7.5% 到 12——抱歉，是每 AM 0.075 美元到 0.125 美元。而我想我們必須在 Rover 投產後，視其何時投產以及我們如何使用它，來評估這個數字是否、以及如何在年內進行調整。但我認為長期而言，我們預期會落在該區間或更低。然後最終到 2020 年左右會逐步消失，因為我們開始把所有那些運能填滿。所以我們對我們的運能非常有信心，如同先前所說。依照我們的成長計畫，我們在 2021 年前會把它全部填滿。因此我們會開始尋找下一步，無論是承接一些——目前正在建設中的一些管線的固定運輸，其中有一些是可用的。也可能會有一些變得可用，或是更長期來看，也許需要另一個我們可以參與的專案。所以我們確實是在看 3、4、5 年之後的情況。

This concludes our question-and-answer session. I would now like to turn the conference back over to Mr. Michael Kennedy for any closing remarks.

問答環節到此結束。現在我想把電話會議交回給 Michael Kennedy 先生，請他做任何結語。

Thank you for participating in our conference call today. If you have any follow-up questions, please feel free to contact us. Thanks again.

感謝各位參與今天的電話會議。若您有任何後續問題，歡迎隨時與我們聯繫。再次感謝。

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

本次電話會議到此結束。感謝各位出席今天的簡報。您現在可以掛線。