Antero Resources Corporation (AR) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Antero Resources fourth quarter 2024 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow a formal presentation. (Operator Instructions) Please note that, this conference is being recorded.

各位好，歡迎參加 Antero Resources 2024 年第四季財報電話會議。此刻所有與會者皆處於僅收聽模式。正式簡報結束後將進行問答環節。(接線員指示) 請注意，本次會議將被錄音。

I will now turn the conference over to your host, Brendan Krueger, Vice President of Finance. Thank you. You may begin.

現在我將把會議交給主持人、財務副總裁 Brendan Krueger。謝謝。您可以開始了。

Good morning. Thank you for joining us for Antero's fourth quarter 2024 investor conference call. We'll spend a few minutes going through the financial and operating 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 have provided a separate earnings call presentation that will be reviewed during today's call.

早安。感謝各位參加 Antero 2024 年第四季投資人電話會議。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。

Today's call may contain certain non-GAAP financial measures. Please refer to our earnings press release for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measures.

今天的電話會議可能包含某些非 GAAP 財務衡量指標。請參閱我們的財報新聞稿，以了解與此類指標相關的重要揭露事項，包括與最可比 GAAP 財務衡量指標之間的調節表。

Joining me on the call today are Paul Rady, Chairman, CEO and President; Michael Kennedy, CFO; Dave Cannelongo, Senior Vice President of Liquids Marketing and Transportation; and Justin Fowler, Senior Vice President of Natural Gas Marketing.

今天與我一同參與電話會議的有：董事長、執行長兼總裁 Paul Rady；財務長 Michael Kennedy；液體產品行銷與運輸資深副總裁 Dave Cannelongo；以及天然氣行銷資深副總裁 Justin Fowler。

I will now turn the call over to Paul.

現在我把電話會議交給 Paul。

Thank you, Brendan, and good morning, everyone.

謝謝你，Brendan，各位早安。

Let me start on slide number 3 and as I introduce this, let me point out that last year 2024, was a remarkable year for us. The name of the slide is Reduced Maintenance Capital. This chart on the left side, shows our full drilling and completion capital that came in at just $620 million, as illustrated by the dark green bar in the center of the display.

我先從第 3 張投影片開始。在我介紹之前先指出，去年 2024 年對我們而言是非常出色的一年。這張投影片的標題是「降低維持性資本」。左側圖表顯示我們的全額鑽井與完井資本支出僅為 6.20 億美元，如圖中央深綠色長條所示。

This was $55 million, or 8% below our initial guidance and nearly $300 million below our 2023 CapEx of $909 million. Despite this lower spend, our production came in 2% above our initial guidance range, averaging over 3.4 Bcf equivalent per day, as shown on the right hand of the slide.

這比我們最初的指引低 5,500 萬美元（或 8%），也比 2023 年 9.09 億美元的資本支出低了將近 3 億美元。儘管支出較低，我們的產量仍較最初指引區間高出 2%，平均每日超過 34 億立方英尺當量，如投影片右側所示。

Let's move on to slide number 4, titled Drilling and Completion Efficiencies, which details the drivers behind our exceptional operating performance during 2024. We've highlighted some of these drilling, and completion stats in prior calls. The results have continued, to improve each subsequent quarter in 2024.

接著看第 4 張投影片，標題為「鑽井與完井效率」，說明 2024 年我們卓越營運表現背後的驅動因素。我們在先前的電話會議中已強調過其中一些鑽井與完井數據。這些成果在 2024 年每一個後續季度都持續改善。

And here we show the full year, as compared to the prior two years. On the drilling side, shown in the top of the left side of the slide, we reduced the time it takes to drill a well to just 10 days in 2024. This is a nearly 30% improvement, compared to the 14 days that we averaged a couple of years ago, that is 2022.

這裡我們呈現全年表現，並與前兩年比較。在鑽井方面，如投影片左側上方所示，我們在 2024 年將單井鑽完所需時間降至僅 10 天。相較於幾年前（也就是 2022 年）平均 14 天，這幾乎提升了 30%。

On the completion side shown on the top right hand side of the slide, we averaged 12.2 completion stages per day in 2024, while once again setting new quarterly records, averaging 15.2 completion stages per day in the fourth quarter of 2024. The annual average represents a 53% increase, compared to the completion stages back in 2022.

在完井方面，如投影片右上方所示，我們在 2024 年平均每日完成 12.2 個完井段數，並再次創下新的季度紀錄，在 2024 年第四季平均每日完成 15.2 個完井段數。全年平均值相較於 2022 年的完井段數增加了 53%。

Moving to the chart on the bottom of the slide, these improvements in drilling and completion rates, reduced our cycle times to just 123 days, which is 25% below the 2022 level of 163 days. This performance allows us to run a very lean program with just two rigs on average, and just over one completion crew on average in order to hold 3.4 Bcf equivalent per day of production flat.

再看投影片下方的圖表，鑽井與完井速度的提升，將我們的週期時間縮短至僅 123 天，較 2022 年的 163 天低 25%。這樣的表現讓我們能以非常精簡的方案運作：平均僅需兩座鑽機，以及平均略高於一支完井隊，即可將每日 34 億立方英尺當量的產量維持持平。

Now to touch on the current liquids and NGL fundamentals side, I'm going to turn it over to our Senior Vice President of Liquids, Marketing and Transportation, Dave Cannelongo for his comments. Dave?

接下來談到目前液體產品與 NGL 的基本面，我將把時間交給我們液體產品行銷與運輸資深副總裁 Dave Cannelongo 發表看法。Dave？

Thanks, Paul. 2024 was a banner year for Antero, realizing record differentials to Mont Belvieu, driven by high LPG export premiums, and stronger domestic price differentials in our market area. As seen on the left-hand side of slide number 5, in 2024 Antero realized a $1.41 per barrel premium over Mont Belvieu, the best C3+ differentials in our company's history. The fourth quarter of 2024 was Antero's strongest quarter. With our premium to Mont Belvieu averaging $3.09 per barrel. For 2025, we are still expecting high annual export premiums.

謝謝，Paul。2024 年對 Antero 而言是豐收的一年；在高 LPG 出口溢價，以及我們市場區域更強的國內價差帶動下，我們相對於 Mont Belvieu 實現了創紀錄的價差表現。如第 5 張投影片左側所示，2024 年 Antero 相對於 Mont Belvieu 實現每桶 1.41 美元的溢價，為公司史上最佳的 C3+ 價差。2024 年第四季是 Antero 最強勁的一季。我們相對於 Mont Belvieu 的溢價平均達每桶 3.09 美元。展望 2025 年，我們仍預期全年出口溢價將維持在高檔。

Those premiums, coupled with our domestic marketing efforts is allowing us to set our guidance for 2025, at levels even higher than 2024's record year, resulting in a range for our C3+ NGLs of $1.50 to $2.50 per barrel premium to Mont Belvieu prices.

這些溢價再加上我們的國內行銷努力，使我們得以將 2025 年指引設定在甚至高於 2024 年創紀錄水準的區間，讓我們的 C3+ NGLs 相對於 Mont Belvieu 價格的溢價落在每桶 1.50 至 2.50 美元。

As we head into 2025, we are forecasting export dock premiums to be higher on a year-over-year basis. We expect more dock capacity, to be placed in service at several terminals later in the year. However, we believe that as international demand continues to grow, and new terminal capacity comes online, more US barrels will be pulled into the export market, resulting in stronger prices at to Mont Belvieu. Stronger Mont Belvieu prices directly benefit the realized pricing on Antero's domestic C3+ sales as well.

進入 2025 年，我們預測出口碼頭溢價將較去年同期更高。我們預期今年稍晚多個碼頭將有更多裝卸能力投入服務。然而，我們認為隨著國際需求持續成長、以及新的碼頭產能上線，將有更多美國桶數被拉向出口市場，進而推升 Mont Belvieu 的價格走強。更強的 Mont Belvieu 價格也會直接有利於 Antero 國內 C3+ 銷售的實現價格。

On the domestic marketing front, as seen on the right hand side of slide number 5. We have continued to enhance our marketing strategy, by selling more of our products to key distributors and end users, driving stronger overall pricing. In 2025 we have locked in almost all of our domestic propane sales, and a sizable portion of our export sales, and an attractive premium to Mont Belvieu.

在國內行銷方面，如第 5 張投影片右側所示。我們持續強化行銷策略，將更多產品銷售給關鍵經銷商與終端用戶，帶動整體定價更為強勁。在 2025 年，我們已鎖定幾乎所有國內丙烷銷售，以及相當大一部分出口銷售，且相對於 Mont Belvieu 取得具吸引力的溢價。

On butane, we have a long-term contract rolling off on April 1 that, was historically priced at a steep discount to Mont Belvieu that, we have now locked in at nearly Mont Belvieu flat pricing. The shift in pricing in one contract alone, will result in approximately $10 million in incremental cash flow.

在丁烷方面，我們有一份長期合約將於 4 月 1 日到期；該合約過去的定價相對於 Mont Belvieu 有顯著折價，而我們現在已將其鎖定在幾乎與 Mont Belvieu 持平的定價。僅此一份合約的定價轉變，就將帶來約 1,000 萬美元的增量現金流。

We believe this marketing strategy, will drive premium pricing on our purity products, and contribute to our attractive premiums to Mont Belvieu in 2025 and beyond, as illustrated again by our guidance range of $1.50 per barrel to $2.50 per barrel premium to Mont Belvieu on all of our C3+ volumes.

我們相信這項行銷策略將推動我們純度產品的溢價定價，並有助於我們在 2025 年及之後相對於 Mont Belvieu 維持具吸引力的溢價；正如我們的指引區間所示，我們所有 C3+ 量相對於 Mont Belvieu 的溢價為每桶 1.50 至 2.50 美元。

So far this year, we have observed constructive fundamentals that illustrate how sticky propane demand is, for both exports and domestic use. On the export side, the US continues to steadily grow, with exports averaging 1.8 million barrels per day year-to-date in 2025 as shown on slide number 6, this is 9% above the same period last year.

截至今年目前為止，我們觀察到具建設性的基本面，顯示丙烷需求在出口與國內使用兩端都相當具黏著性。在出口方面，如第 6 張投影片所示，美國出口持續穩步成長，2025 年迄今出口平均為每日 180 萬桶，較去年同期高出 9%。

On top of the growing exports, we have observed that during the winter months, domestic propane prices must increase, to keep supply from being sold into international markets, ultimately lifting Mont Belvieu prices as well.

除了出口持續成長之外，我們也觀察到在冬季月份，國內丙烷價格必須上升，以避免供應被售往國際市場，最終也會推升蒙特貝爾維尤（Mont Belvieu）價格。

Last month, the EIA reported a new weekly record for total overall demand, including both domestic and exports, up 3.8 million barrels per day, for the week ended January 24. This eclipsed the previous overall demand record by over 250,000 barrels per day, and shows that domestic demand still plays an important role in the US propane market. A sustained strong demand this year, has pulled propane inventories from the top of the five-year range, to below the five-year average in a matter of weeks.

上個月，EIA 報告總體總需求（包含國內與出口）創下新的每週紀錄，在截至 1 月 24 日當週上升至每日 380 萬桶。這一數據比先前的總需求紀錄高出超過每日 25 萬桶，並顯示國內需求在美國丙烷市場中仍扮演重要角色。今年持續強勁的需求，在短短數週內就將丙烷庫存從五年區間的高位拉低至五年平均以下。

As shown on the left-hand side of slide number 6, US inventories entered the year 10% above the five-year average, with several weeks of strong demand and robust withdrawals, decreased stocks to 1% below the five-year average, by the end of January. Additionally, we saw the second largest weekly withdrawal on record, per EIA data at 7.9 million barrels for the week ended January 24.

如第 6 張投影片左側所示，美國庫存在年初時較五年平均高出 10%；在連續數週強勁需求與大量提領之下，截至 1 月底庫存已降至較五年平均低 1%。此外，根據 EIA 數據，我們也看到截至 1 月 24 日當週出現史上第二大的單週提領量，達 790 萬桶。

With that, I'll now turn it over to our Senior Vice President of Natural Gas Marketing, Justin Fowler, to discuss the natural gas market.

接下來，我將把時間交給我們天然氣行銷資深副總裁 Justin Fowler，請他談談天然氣市場。

Thanks, Dave. I'll start on slide number 7, titled 2025 Natural Gas Storage versus the five-year average. Since our third quarter conference call, we've seen a significant move lower in our natural gas storage balance relative to the five-year average. At that time in late, October we were 167 Bcf above the five year average. Today, we sit at 111 Bcf below the five-year average and nearly 200 Bcf, below this time last year.

謝謝，Dave。我將從第 7 張投影片開始，標題為「2025 年天然氣儲存量相較五年平均」。自我們第三季法說會以來，我們看到天然氣儲存結餘相對於五年平均出現顯著下移。當時在 10 月下旬，我們較五年平均高出 167 Bcf。今天，我們較五年平均低 111 Bcf，且較去年同期低近 200 Bcf。

We believe today's low rig count, combined with an upward step change in demand, will support a continued tightening of inventories that, is likely to fall meaningfully below the five-year range in the second half of 2025. We expect these supportive fundamentals will lead to higher prices in 2025 and 2026.

我們認為，目前偏低的鑽機數量，加上需求出現向上階梯式變化，將支撐庫存持續收緊，並可能在 2025 年下半年明顯低於五年區間。我們預期這些有利的基本面將帶動 2025 年與 2026 年價格走高。

The charts on slide number 8, illustrate the record power burn and ResComm demand we have observed. At the top of the slide, US. natural gas demand from power burn, have hit monthly records each month of the winter. At the bottom of the slide, you will see US natural gas demand from ResComm, was also a January record at over 50 Bcf.

第 8 張投影片的圖表說明了我們觀察到的發電用氣（power burn）與住宅／商業（ResComm）需求創紀錄的情況。在投影片上方，美國發電用天然氣需求在冬季每個月都創下月度紀錄。在投影片下方，您會看到美國住宅／商業用天然氣需求在 1 月也創下紀錄，超過 50 Bcf。

Another positive update since our last quarterly call, was the highly anticipated startup of the Venture Global Plaquemine LNG facility. The first export cargo at Plaquemine was achieved on December 26, and the ramp up since that time has been faster than the market expectations. Today the facility is exporting an average of approximately 1.5 Bcf per day.

自上次季度電話會議以來，另一項正面更新是市場高度期待的 Venture Global Plaquemine LNG 設施啟動。Plaquemine 於 12 月 26 日完成首批出口貨載，自那時起的爬坡速度快於市場預期。目前該設施平均出口約每日 1.5 Bcf。

We anticipate this increasing in the near term following this week's FERC commissioning approvals, for liquefaction blocks number 7 and number 8, and with the request for block number 9 filed with the FERC on Tuesday. The pricing impact following the startup of Plaquemines can be seen on the chart on slide 9 titled TGP 500L Basis Performance.

我們預期在近期將進一步增加，因為本週 FERC 已核准液化第 7 與第 8 區塊的試運轉（commissioning）許可，且第 9 區塊的申請也已於週二提交 FERC。Plaquemine 啟動後的價格影響，可在第 9 張投影片「TGP 500L 基差表現」的圖表中看到。

Looking at the TGP 500L basis, which is the basis hub with the most current exposure to Plaquemine, the quicker than anticipated ramp up of the facility, has already lifted summer 2025 pricing by $0.10 per MMBtu, compared to the strip pricing before the startup.

觀察 TGP 500L 基差（為目前對 Plaquemine 曝險最高的基差樞紐），由於該設施爬坡速度快於預期，與啟動前的條帶價格（strip pricing）相比，2025 年夏季價格已上升每 MMBtu 0.10 美元。

As the facility ramps up further you can see the TGP 500L basis increases even further going from a $0.14 per MMBtu premium in March of 2025 to $0.50 premium in calendar year 2026. This 2026 premium reflects a more than $0.20 increase, as compared to strip pricing one-year ago.

隨著設施進一步爬坡，您可以看到 TGP 500L 基差進一步上升，從 2025 年 3 月每 MMBtu 溢價 0.14 美元，提升至 2026 年曆年每 MMBtu 溢價 0.50 美元。這個 2026 年溢價反映出相較一年前的條帶價格，增加超過 0.20 美元。

As a reminder, Antero holds 570,000 MMBtu per day of firm delivery to the 500L pool or 63% of the supply that feeds the Kinder Morgan TGP of Angelin Pass Phase 1 project capacity into Gator Express pipeline that feeds Plaquemine.

提醒一下，Antero 擁有每日 570,000 MMBtu 的 500L 池（pool）堅定交付（firm delivery）能力，或占供應量的 63%；該供應量為 Kinder Morgan TGP 的 Angelin Pass 第 1 期專案產能提供來源，並透過 Gator Express 管線輸送至 Plaquemine。

This 570,000 per day represents nearly 25% of Antero's total natural gas production, and is a primary driver behind the increase, in our realized natural gas price premium relative to NYMEX in 2025. We expect our premium to NYMEX to be in the range of $0.10 to $0.20, up from $0.02 premium in 2024.

這每日 570,000 MMBtu 約占 Antero 天然氣總產量的近 25%，也是推動我們 2025 年相對 NYMEX 的已實現天然氣價格溢價上升的主要因素。我們預期相對 NYMEX 的溢價將落在每 MMBtu 0.10 至 0.20 美元區間，高於 2024 年每 MMBtu 0.02 美元的溢價。

Looking out to 2026, we expect this premium to increase further, as the continued ramp up of Plaquemine, as well as Corpus Christi Phase 3 and the startup of Golden Pass, are expected to significantly increase the call on natural gas, along the LNG corridor.

展望 2026 年，我們預期該溢價將進一步擴大，因為 Plaquemine 持續爬坡，以及 Corpus Christi 第 3 期與 Golden Pass 的啟動，預計將沿著 LNG 走廊顯著增加對天然氣的需求。

With that, I will turn it over to Mike Kennedy, Antero CFO.

接下來，我將把時間交給 Antero 財務長 Mike Kennedy。

Thanks, Justin. Now let's turn to slide number 10 titled Lowest Free Cash Flow Breakeven. We've updated this slide for the full year 2024. The slide compares 2024 unhedged free cash flow breakeven levels, across our peer group.

謝謝，Justin。現在請看第 10 張投影片，標題為「最低自由現金流損益兩平」。我們已將此投影片更新為 2024 全年數據。該投影片比較我們同業群在 2024 年未避險（unhedged）的自由現金流損益兩平水準。

In past calls, we've highlighted our approximate $2.20 breakeven level, which benefits from two things. First, the low maintenance capital requirements that Paul highlighted in his remarks and second, our high exposure to liquids and ability, to capture premium pricing that both Dave and Justin touched on.

在過去的電話會議中，我們強調我們約 2.20 美元的損益兩平水準，這得益於兩點。第一，是 Paul 在發言中提到的低維持性資本需求；第二，是我們對液體產品的高曝險，以及能夠取得溢價定價的能力，這點 Dave 與 Justin 也都有提及。

The result of these attributes are shown on the left hand side of the slide. Despite being unhedged at a $2.27 natural gas price, we generated positive free cash flow of $73 million in 2024. Meanwhile, our gas peers, with higher breakeven levels show significant outspends.

這些特質帶來的結果如投影片左側所示。即使在天然氣價格為 2.27 美元且未避險的情況下，我們在 2024 年仍產生 7,300 萬美元的正自由現金流。同時，我們天然氣同業因損益兩平水準較高，呈現顯著的資本支出超支（outspends）。

The efficiency gains that we have achieved have a meaningful impact, on our operating and financial outlooks. As you can see with our 2025 guidance, we now expect production to be 50 million a day higher than our prior targets. While our capital budget is $25 million lower than the maintenance capital program that we had previously communicated in past calls.

我們所達成的效率提升，對營運與財務展望具有重大影響。如您在 2025 年指引中所見，我們目前預期產量將較先前目標每日高出 5,000 萬。同時，我們的資本預算較先前在過往電話會議中所溝通的維持性資本計畫低 2,500 萬美元。

This low maintenance capital positions us, to generate positive free cash flow, and down cycles as we experienced in 2024, and to capture significant increases in free cash flow and higher price environments, as we see from today's 2025 natural gas strip.

這樣的低維持性資本，使我們即使在如 2024 年所經歷的景氣下行週期中，也能產生正自由現金流；並且在較高價格環境下（如目前 2025 年天然氣條帶價格所反映），能夠掌握自由現金流的顯著增長。

I would also like to comment on the hedges that we added during the fourth quarter. After deferring two lean gas pads in 2024, we added natural gas hedges that tied to the volumes associated with those two 1,200 BTU gas pads. Locking in prices above $3 per Mcf assured us that we would capture attractive rates of return from these wells.

我也想談談我們在第四季新增的避險。在 2024 年遞延兩個 lean gas 井場（pads）之後，我們新增了與這兩個 1,200 BTU 氣井場相關產量相連結的天然氣避險。將價格鎖定在每 Mcf 3 美元以上，使我們確信能從這些井取得具吸引力的投資報酬率。

In addition, this operational certainty provides continuity in our plan, resulting in the most efficient development program, and optimizes our midstream infrastructure. We place the sales the first DUC pad in late January, and the second DUC pad is expected in the third quarter of 2025. During 2025, we intend to add some additional wide colors for 2026, to sync with the expected volumes from our lean gas pads.

此外，這種營運確定性為我們的計畫提供連續性，進而帶來最有效率的開發方案，並優化我們的中游基礎設施。我們在一月下旬投產第一個 DUC 井場平台，第二個 DUC 井場平台預計在 2025 年第三季投產。在 2025 年期間，我們打算為 2026 年增加一些額外的寬色帶（wide colors），以配合我們乾氣井場平台預期的產量。

I'll finish with comments on our compelling free cash flow outlook. We expect 2025 to deliver a substantial year-over-year, step change in free cash flow. Based on today's current strip, our guidance would suggest over $1.6 billion of free cash flow in 2025, which represents a compelling 12% free cash flow yield.

最後我以我們極具吸引力的自由現金流展望作結。我們預期 2025 年的自由現金流將出現顯著的年增、階梯式提升。以目前的期貨曲線（strip）為基礎，我們的指引顯示 2025 年自由現金流將超過 16 億美元，對應相當吸引人的 12% 自由現金流殖利率。

In 2025, we intend to use free cash flow to first paydown our credit facility and the remaining 2026 senior notes, which as of December 31, 2024 totals just under $500 million. Once this debt reduction has been achieved, we expect to return to our 50-50 debt reduction and capital return strategy, via share buybacks. Antero is incredibly well positioned, as we enter 2025.

在 2025 年，我們計畫優先運用自由現金流償還循環信貸額度以及剩餘的 2026 年期優先票據；截至 2024 年 12 月 31 日，合計略低於 5 億美元。在完成這項降債後，我們預期將回到 50/50 的降債與資本回饋策略，並透過庫藏股回購來執行。隨著我們邁入 2025 年，Antero 的布局極佳。

Our low absolute debt, minimal hedges and firm transportation that delivers premium price realizations relative to NGL, and natural gas benchmarks provides us with the greatest exposure to rising prices. We anticipate a significant call in natural gas over the next 12 months as new LNG facilities ramp up. The ability for supply, to respond to this increase in demand is likely to be challenged, given the low industry activity levels we have today.

我們的絕對負債水位低、避險部位極少，且具備可相對於 NGL 與天然氣基準實現溢價的固定運輸合約，使我們對價格上漲的曝險最大。隨著新的 LNG 設施陸續爬坡投產，我們預期未來 12 個月天然氣需求將顯著增加。鑑於目前產業活動水準偏低，供給要回應這波需求增長的能力很可能會面臨挑戰。

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

接下來我把電話交給接線員進行問答。

(Operator Instructions)

(接線員指示)

Arun Jayaram with JPMorgan.

摩根大通（JPMorgan）的 Arun Jayaram。

Yeah, good morning. Team, I wanted to ask you a little bit about just the gas macro situation given, Justin's commentary around the ramp and demand from utility demand, as well as the startup of some of the LNG facilities. Clearly going to be a call on the market will call for higher natural gas volumes. I was wondering if you could talk about the ability of the Appalachia Basin, as well as Antero to respond to call it a market call, needing, more gas volumes to meet the increase in demand?

是的，早安。各位團隊，我想就天然氣的總體情勢請教一下，考量 Justin 對需求爬坡的評論，包括公用事業需求，以及部分 LNG 設施的啟動。很明顯市場將需要更高的天然氣供應量。想請你們談談阿帕拉契亞盆地以及 Antero 回應這種「市場拉動」——也就是為了滿足需求增加而需要更多天然氣供應量——的能力？

Arun, this is Mike. Good question. For us at least, the maintenance capital where, is where we're comfortable at. All of our firm transport under this plan is filled. So and we're not really selling any local gas, and that's been our strategy since day one. So, for us the ability to grow, to meet that is not really even possible unless it's in the local basin, or right next to our field.

Arun，我是 Mike。問得很好。至少對我們而言，我們目前舒適的水位是在維持性資本支出（maintenance capital）。在這個計畫下，我們所有的固定運輸（firm transport）都已滿載。因此我們其實幾乎不賣本地天然氣，這也是我們從第一天起的策略。所以對我們來說，若要成長以滿足那樣的需求，除非是在本地盆地內或就在我們礦區旁邊，否則其實不太可能。

Great, clear answer there. And then just to follow-up Mike, in the 10-K you guys highlighted inking a drilling partnership, with an unnamed operator where it looks like, they're going to be paying about 15% of your program, are receiving a 15% working interest, but funding a greater than 15% portion of your capital, development capital this year. Can you provide some details on that, and just the overall strategic benefits you see from an AR perspective?

很好，答案很清楚。接著追問一下 Mike，你們在 10-K 裡提到與一個未具名的營運商簽訂鑽井合作，看起來對方將支付你們約 15% 的計畫成本、取得 15% 的作業權益（working interest），但在今年會出資高於 15% 的開發資本支出。你能否提供一些細節，以及從 AR 的角度你們認為整體策略效益是什麼？

Yeah, well we've had a drilling JV of some sort in place since 2021. The original one concluded in 2024. What we found with the drilling JV of benefit, besides the carry is also the ability, to operate a two rig consistent program, have one completion crew and a spot crew now and again, for the maintenance capital. So it allows efficiencies around that, to have that and then from a water handling perspective, to be able to have optimal water handling within the field, and still be at maintenance capital.

可以。我們自 2021 年起就一直有某種形式的鑽井合資（JV）。原先那一個在 2024 年結束。我們發現鑽井 JV 的好處，除了對方承擔（carry）之外，還包括能以一致的兩座鑽機計畫運作、配置一支完井隊，並不時搭配一支機動隊，以符合維持性資本支出。因此它能在這方面帶來效率；另外從水處理的角度，也能在礦區內達到最佳化的水處理，同時仍維持在維持性資本支出水準。

So we enjoyed that. And so, when we came into the second half of 2024, we went out to see if there was appetite, to continue that drilling JV and what the terms were. The terms were better than what we found in '21 to '24. So it's a disproportionate carry, like the 10-K says, and just an upfront carry instead of a back ended one.

所以我們很享受這樣的安排。因此在 2024 年下半年，我們去市場上看看是否有人有意願延續這個鑽井 JV，以及條款如何。結果條款比我們在 2021 到 2024 年期間的更好。所以這是一個不成比例的承擔（disproportionate carry），如同 10-K 所述，而且是前置承擔（upfront carry），而不是後端承擔。

Any more kind of details on the magnitude of the carry?

能否再多提供一些關於承擔規模的細節？

No, 15% of our, what is it, 650 to 700. It's like $100 million net to them, and they're paying a little bit more than that, obviously for their interest.

不，15% 以我們的……是多少，650 到 700（百萬美元）。對他們來說淨額大概是 1 億美元，而他們為了取得其權益，顯然會支付略高於這個數字。

Great thanks a lot.

很好，謝謝。

John Freeman with Raymond James.

Raymond James 的 John Freeman。

Good morning guys. First question I had, you all have been pretty clear about, you all were anticipating having about roughly 12 DUCs with the other two pads that you all deferred. And I'm just trying to reconcile with it looks like you all had 17 net wells that were sort of in progress at year end. So just trying to get some color if it was still 12 DUCs, and just a handful of wells in various stages of drilling, or if the DUC number is higher?

各位早安。我第一個問題是，你們先前說得很清楚，你們預期因為延後的另外兩個井場平台，DUC 大約會有 12 口左右。但我想對照一下，因為看起來你們在年底時有 17 口淨井數（net wells）處於某種施工進行中。所以想請你們補充一下：是否仍是 12 口 DUC，另外只有少數井在不同的鑽井階段；還是 DUC 的數量其實更高？

Yes, that's correct. Correct. We brought on 16 wells in January throughout the month. And then we still have one DUC pad like you mentioned, with seven wells. That'll be Q3.

是的，沒錯。沒錯。我們在一月整個月陸續投產了 16 口井。然後如你提到的，我們仍有一個 DUC 井場平台，共 7 口井。那會在第三季。

Got it. And then the other topic, obviously you all are in, a terrific standpoint when it comes to takeaway relative to the peers. We did see some peers this earnings season already that have been able to pick up some incremental FT from some operators, as maybe those operators didn't have the inventory, or whatever to be able to renew those contracts.

了解。另一個主題，顯然你們在外運能力（takeaway）方面相較同業處於非常有利的位置。我們也看到本次財報季有些同業已能從一些營運商手上取得額外的固定運輸（FT），可能是那些營運商沒有足夠庫存（inventory）或其他原因而無法續約那些合約。

Obviously you're in a great position, but is that something that you all are focused on in terms of, kind of picking up some of those as they become available, to kind of enhance your already strong position?

你們的條件當然很好，但你們是否也會把握這類機會——在有額外 FT 釋出時去承接一些——以進一步強化你們本來就很強的布局？

No, we've got a full FT portfolio. We were a first mover. It goes to all the various regions at very attractive rates and on the best pipe. So we're happy where we're at and just filling our current firm transport portfolio.

不，我們的 FT 組合已經滿了。我們是先行者。這些合約以非常有吸引力的費率、在最好的管線上，通往各個不同區域。所以我們對目前的位置很滿意，重點就是把現有的固定運輸組合填滿。

Got it. Thank you.

了解。謝謝。

Doug Leggate with Wolfe Research.

Wolfe Research 的 Doug Leggate。

Hey, good morning, gentlemen. This is Carlos in for Doug. First of all, congrats on the quarter. I guess what we'd like to address first is, maybe take a moment to revisit, your inventory with a specific focus on your liquids runway.

嗨，各位早安，先生們。我是 Carlos，代 Doug 發問。首先，恭喜本季表現。我想我們首先想請你們談談：能否花點時間重新檢視你們的庫存（inventory），特別聚焦在液體（liquids）方面的可開發年限（runway）？

So I wonder if you can parse at this point in time, given where we are in the gas macro, how you see your midstream runway, given that you have a midstream, you have a captive market to add those liquid rich acreage contracts and leases. So wonder what your outlook there is?

所以我想請教您，在目前天然氣總體環境的背景下，您如何看待貴公司中游業務的發展跑道？考量到你們擁有中游資產，也有一個封閉式（自有）市場可用來新增那些富含液體的區塊合約與租約。想請問您對這方面的展望為何？

Yeah, now we got a good inventory. That's what our organic leasing program, one of the benefits, not only does it increase, near term working interest, but also the strategy behind, is to replace in the exact areas where we're drilling, with further acreage in the liquids window. The Marcellus, because of our dominant position, owning the midstream, owning all the acreage in that area.

是的，目前我們有很好的庫存。這就是我們有機租賃計畫的成果之一；它的好處不僅在於短期內提高我們的作業權益（working interest），更重要的策略是：在我們正在鑽井的相同區域，以液體窗口（liquids window）內的更多區塊來補回（替換）鑽過的面積。在馬塞勒斯（Marcellus），因為我們具主導地位，擁有中游、也擁有該區域的所有土地權益。

We're really the only one that can develop in those areas. So the acreage, finds its way to us. So we're able to replace what we've drilled every year. I think last year, it was around 59 locations and we put up sales like 45 typical years, around 60 is how we think about it. So every year we can replace the 60 locations we drill, is kind of the strategy around the organic leasing.

我們幾乎是唯一能在那些區域進行開發的業者。因此，區塊最終會流向我們。所以我們每年都能補回我們所鑽的量。我想去年大約是59個井位，而我們通常每年大概是60個的概念；去年我們投產（turn to sales）的可能是45口左右。所以每年能補回我們鑽的60個井位，這就是有機租賃背後的策略。

And so, when you do that kind of and look at our position, it's well over a decade of liquids drilling, and then assuming we don't add any more acreage, then you would transition to drilling the well over a decade, of our dry gas position. So over 20 years plus from an inventory standpoint, long duration, long, long runway. So we're well positioned.

因此，當你這樣做並檢視我們的部位時，液體鑽井的庫存可支撐十年以上；接著假設我們不再新增任何區塊，那麼就會轉向開發我們乾氣部位，同樣也可支撐十年以上。所以從庫存角度來看，合計超過20年以上，期間很長、跑道非常長。因此我們的布局非常有利。

Thank you. I appreciate the answer. Now I'd like to address real quick in reconciling your completions for this year versus 2024, because in '24 you completed net 41 wells, at an average length of 15,700 feet. And for 2025, your outlook suggests 62.5 at the midpoint with shorter laterals than that.

謝謝。感謝你的回答。接著我想很快釐清一下你們今年相較於2024年的完井數：因為在2024年你們完成了淨額41口井，平均井長15,700英尺。而對2025年的展望，在中位數顯示為62.5口，而且水平段（laterals）比那更短。

So maybe first if you can address, what you're seeing in terms of lateral footage per well, and why this is decreasing as it may be counterintuitive for what we expect, an industry that is going into longer laterals.

所以也許先請你談談：就每口井的水平段尺數而言，你們觀察到什麼？以及為什麼這個數字在下降——這可能與我們對產業趨勢的直覺相反，因為業界似乎正朝更長水平段發展。

And just to build on that, there's some, you mentioned 16 wells that have been drilled here in January, that there's some CapEx presumably pre-spent in 2024 that doesn't hit in '25, for obvious reasons. So I wonder if you can quantify that capital number.

另外補充一下，你提到1月已經鑽了16口井；推測其中有部分資本支出（CapEx）是在2024年預先投入，因此基於顯而易見的原因，不會反映在2025年。所以我想請你量化一下那筆資本金額。

Yeah, all those 16 wells, the vast majority of that capital was in '24. Those were put on in January turn to sales. So they'd already been drilled and completed in '24. A little bit of capital obviously for January, but the vast amounts were in '24 related those 16 wells. So you kind of put that together with the low 40s, the 42 wells we put on with '24, versus this year.

是的，那16口井的資本支出絕大部分都發生在2024年。那些井在1月投產並轉為銷售（turn to sales）。所以它們在2024年就已經鑽完並完井。1月當然還是有一點點資本支出，但與那16口井相關的絕大多數支出都在2024年。因此你把這些因素與2024年我們投產的40出頭（例如42口）相比，就能理解與今年之間的差異。

And then there's obviously some carry out of '25, but that's why I referenced the 60 wells. It's generally 60 wells per year. You can see that in our proved reserve database. We have 289 PUD locations over five years. So when you do the math there, it's around 60 wells. So we do about 60 wells a year. Lateral lengths were already the longest. I mean it was over 15,000 feet for '24, which may have been our longest year.

然後，2025年也會有一些結轉到2026年，但這就是我提到60口井的原因。一般而言我們每年大約60口井。你可以在我們的已證儲量資料庫中看到這點。我們在五年內有289個PUD井位。所以你算一下，大約就是每年60口井。因此我們一年大概做60口井。至於水平段長度，我們本來就已經是最長的。我的意思是，2024年平均超過15,000英尺，可能是我們水平段最長的一年。

Generally though, it's around 13,000 to 14,000 feet is our typical well. I think this year we're at 13,800 feet. When you look in the crude reserve database, I think it's a similar number. So 13 to 14 is kind of where we're at. Every year is going to be a slight difference. But in and around that number is a great number for us, and probably the longest laterals in the basin.

不過一般來說，我們典型單井大約是13,000到14,000英尺。我想今年我們大約是13,800英尺。你看已證儲量資料庫，數字也差不多。所以13到14（千英尺）大概就是我們的水準。每一年都會有些微差異。但在這個區間對我們來說是很好的數字，而且可能也是盆地裡最長的水平段。

Thank you, guys.

謝謝各位。

Bert Donnes with Truist Securities.

Truist Securities 的 Bert Donnes。

Hey, good morning guys. Just wanted to brush on slide 11. I know it's not necessarily a new slide, but just wondering if you've changed any assumptions there. Maybe you could elaborate on if you're baking in some of this differential upside that you expect from maybe Plaquemines and other LNG facilities, or maybe a shift to liquids. Just any moving parts in that outlook for free cash flow over four years? Thanks.

各位早安。我想簡單談一下第11頁投影片。我知道那不一定是新的投影片，但想請問你們是否調整了其中任何假設。也許你們可以說明一下：是否把你們預期來自 Plaquemines 與其他 LNG 設施的價差上行（differential upside）納入，或是轉向液體的影響。就未來四年自由現金流的展望而言，有哪些變動因素？謝謝。

Oh, that. What we really look to is on that left hand side of the page, when we think about it. So when you think about our C3+, it's over 40 million barrels a year. So you can do the math on that versus the $40 kind of baseline that we put in there.

喔，那個。我們在思考時，主要看的是頁面左側那一塊。以我們的 C3+ 來說，每年超過4,000萬桶。所以你可以把這個量，對照我們在那裡放的每桶40美元左右的基準來做計算。

And then when you do the natural gas, for every $0.25 it was $220 million. But when you kind of bring that all together, what we really think about is every $0.10 of equivalent to $100 million of incremental free cash flow.

然後就天然氣而言，每變動0.25美元大約是2.2億美元。但把這些綜合起來，我們真正的思考方式是：等價價格（equivalent）每變動0.10美元，大約對應增加1億美元的自由現金流。

So when you look at 2024 at $2.20 was kind of our breakeven. At $2.27 we had $73 million of free cash flow. I think when we came in here today, it was $3.85 for 2025. So that $0.10 per 100 million, you get that $1.6 billion that I referenced over.

所以你看2024年，2.20美元大概是我們的損益兩平點。在2.27美元時，我們有7,300萬美元的自由現金流。我想我們今天來的時候，2025年是3.85美元。所以按每0.10美元對應1億美元的概念，你就會得到我前面提到的那約16億美元。

So those are kind of good rules of thumb and it's kind of just illustrative on that chart showing the sensitivities. But the way we think about it, every $0.10 equivalent pricing is $100 million plus of free cash flow.

所以這些算是一些不錯的經驗法則，而那張圖主要是用來示意敏感度。但我們的思考方式是：等價價格每0.10美元，大約帶來1億美元以上的自由現金流。

That's helpful. Just want to clarify. I mean I think you were saying 2026 differentials, you expect to get better than 2025. I just was wondering if that was baked in to that, or are you holding 2025 assumptions?

這很有幫助。我想再確認一下。我的意思是，我想你剛才說2026年的價差，你預期會比2025年更好。我只是想知道：這是否已經反映在那張圖裡，還是你們仍沿用2025年的假設？

No, that was just trying to be an illustrative on that. Trying to give you a sensitivity analysis. But we do see higher, because I think in '26 it's plus $0.50 cents for that 570 million a day we send to Plaquemines, versus $0.20, $0.30 this year.

沒有，那只是想用來示意。是想提供你一個敏感度分析。但我們確實看到會更高，因為我想在2026年，我們每天送往 Plaquemines 的5.7億立方英尺（570 million a day），價差會是正0.50美元，相較之下今年大概是0.20到0.30美元。

Perfect, that makes sense. And then just to address the hedging that you added on, I know it was strategically done for the DUCs, does that. Should we read through to more of a strategic thought from management? Are you guys looking at it? Hi, maybe now there any opportunistic moments we'll add for any periods, where our production might be higher than our normal maintenance or is it? It was just a one-time off and other than that you'll probably remain unhedged?

完美，這很合理。接著想談一下你們新增的避險，我知道那是針對 DUCs（已鑽未完井）做的策略性安排，這是否。我們應該解讀為管理層更偏策略性的思考？你們是在觀察它嗎？嗨，也許現在如果出現一些機會性的時點，我們會在某些期間加做，當我們的產量可能高於正常維持水準時，還是？這只是一次性的操作，除此之外你們大概會維持不避險？

But we have lean gas pads in the future, so we'll see what the price is there. The great thing about '26 and beyond, you can protect at that $3 level we talked about and do very wide collar. So you're really just getting a huge window of opportunity for natural gas prices and for cash flow generation, but not really locking in the price.

但我們未來會有偏乾氣（lean gas）的井場，所以我們會看看那時的價格。關於 2026 年及之後，最棒的是你可以在我們談到的每 MMBtu 3 美元水準做保護，並做非常寬的領口（wide collar）。所以你其實是取得天然氣價格與現金流創造的巨大機會窗口，但不是真的把價格鎖死。

So it is attractive when you got lean gas pads that generate very healthy returns. At $3 plus gas you can put a $3 floor, and get very wide collars on it. So that's something that we'd look to for lean gas pads in the future.

所以當你有能帶來非常健康報酬的偏乾氣井場時，這就很有吸引力。在 3 美元以上的氣價下，你可以設 3 美元的底價（floor），並在其上做非常寬的領口（collar）。因此，這是我們未來針對偏乾氣井場會考慮的作法。

Makes sense. Thanks guys.

了解。謝謝各位。

Neil Mehta with Goldman Sachs Asset Management.

高盛資產管理（Goldman Sachs Asset Management）的 Neil Mehta。

Yeah, it's Neil Mehta here with the research side. We appreciate all the color here today. The first question is just about return of capital. In the current environment, the business throwing off a ton of cash, balance sheet has been restored to close to optimal levels. I'm just curious your perspective of the cadence of, when you think it makes sense to start talking about incremental returns capital, or how do you think about the optimal capital structure?

對，我是研究端的 Neil Mehta。很感謝今天提供這麼多細節。第一個問題是關於資本回饋。在目前環境下，這個業務產生大量現金，資產負債表也已恢復到接近最佳水準。我想請教你們對於節奏的看法：你們認為何時開始討論額外的資本回饋才合理？或者你們如何看待最佳資本結構？

The optimal capital structure, we think is have zero debt, be able to run this business and have flexibility and be able to get exposure, to the upside for natural gas prices. With that said, we have about $500 million of repayable current debt either on our credit facility or calling our '26 notes.

我們認為最佳資本結構是零負債，能夠營運這個業務、保有彈性，並能在天然氣價格上行時取得曝險。話雖如此，我們大約有 5 億美元可償還的現行債務，可能是在我們的循環信貸額度上，或是提前贖回我們的 2026 年到期票據。

There's 97 million outstanding there. That'll get you down to about $900 million of debt. Then you have some '29s about $300 million-ish. That also kind of high coupon that we could call, and bring in this year as well. So that's something that we'd look to do, right.

那邊尚有 9,700 萬美元未償。那會把你們的負債降到大約 9 億美元。接著還有一些 2029 年到期的票據，大概 3 億美元左右。那也是偏高票息的，我們也可以提前贖回，並在今年就處理掉。所以這也是我們會考慮去做的事情，對。

But the first use is the $500 million free cash flow. Then after that it'll be 50-50 buying in '29s and then share buybacks. But then we have a piece of paper, the 2030s, which is I believe around $600 million. That's at 5 3/8%. That's trading below par. It's actually below where we could issue today. So we'll probably leave that outstanding and then kind of shift to more share buybacks once all of the non-2030 notes are extinguished.

但第一個用途是那 5 億美元的自由現金流。之後會是 50/50：一半回購 2029 年到期票據，另一半做庫藏股回購。不過我們還有一張紙，也就是 2030 年到期的票據，我相信大約 6 億美元。票息是 5 3/8%。目前交易價格低於面值。其實也低於我們今天若要發行新債的成本。所以我們可能會讓它維持未償，然後在所有非 2030 年到期票據都清償後，轉向更多的股票回購。

Yeah. Okay. Moving towards that fortress balance sheet. Appreciate that. And the follow-up is just more of a theoretical question, which is it's a very dynamic gas environment globally. The US is starting to firm up from an inventory and pricing standpoint.

是。好的。朝著「堡壘式」資產負債表前進。感謝說明。追問是一個比較理論性的問題：全球天然氣環境非常動態。美國從庫存與定價角度看，正在開始轉強。

But one of the questions is how does TTF play into it? Just your thoughts on if we get to closer to peace in Europe and Russian gas potentially flows into the market, how does that affect the way that you think about the US gas balance? The linkage between US pricing and European pricing. And just your framework for thinking around what is a very dynamic situation?

但其中一個問題是 TTF 在這裡扮演什麼角色？想請教你們：如果歐洲更接近和平、俄羅斯天然氣可能重新流入市場，這會如何影響你們對美國天然氣供需平衡的看法？美國定價與歐洲定價之間的連動。以及你們用什麼框架來思考這種非常動態的情勢？

Yeah, I'll kick it over to Justin for his comments. But we track this formula on when it's economic for LNG to go offshore, and we're well above that. And we take a pretty drastic reduction in TTF, which wouldn't occur considering their storage levels to get there. But Justin, maybe you want to comment on that?

對，我先把問題交給 Justin 補充。不過我們會追蹤一個公式，用來判斷 LNG 外銷是否具經濟性，而目前我們遠高於那個門檻。而且要讓 TTF 大幅下跌才會回到那個門檻；考量他們的庫存水位，那種情況不太會發生。但 Justin，你要不要評論一下？

Sure. Good morning. This is Justin. To Mike's point, as we look out balance of '25 through Cal27, the spreads are very healthy, Henry Hub versus TTF, less liquefaction costs, less shipping. So very supportive currently the Europeans continue to set the FSRUs to bring additional gas volumes in. So just overall, we see it very supportive and bullish of time being.

當然。早安。我是 Justin。呼應 Mike 的觀點，當我們看 2025 年到 2027 年（Cal27）的供需平衡時，價差非常健康：Henry Hub 對 TTF，扣除液化成本與運輸費後仍然很可觀。因此目前非常有利；歐洲也持續部署 FSRU（浮式儲存再氣化裝置）以引入更多天然氣量。總體而言，我們認為目前仍非常支持、且在一段時間內偏多。

I guess the question is just how does that evolve potentially as the curve does backwardate for TTFs? And just your perspective on how do you think about that?

我想問的是：當 TTF 曲線可能出現現貨高、遠期低的逆價差（backwardation）時，這可能如何演變？以及你們如何看待這件事？

Yeah, So I mean, any backwardation just continues to support Henry in the front. So we'll continue to see that strength as the cargoes load for example, we're at 15.8 Bcf today per the publications on LNG feed gas. So Henry versus TTF on the outer years, again, very healthy spreads. If you see backwardation on TTF in the front, we see that very supportive, and should continue to pull up Henry prices as well.

對，所以我的意思是，任何逆價差都會持續支撐前端的 Henry Hub。因此我們會持續看到那股強勢；例如依據公開資料，今天 LNG 進料氣（feed gas）是 15.8 Bcf。所以 Henry 對 TTF 在較遠年份的價差同樣非常健康。如果你看到 TTF 前端出現逆價差，我們認為那非常具有支撐性，也應該會持續帶動 Henry 價格走高。

Yeah, right now, I mean we're talking $10 an MM of cushion. So it'd have to be a significant decline, and TTS to levels that they haven't seen. So - and a lot of it is contracted anyway. So we continue, to see it be supportive for the exports.

對，現在我們談的是每 MMBtu 大約 10 美元的緩衝空間。所以必須是非常顯著的下跌，TTF 才會降到他們過去沒見過的水準。而且其中很多本來就是合約鎖定的。所以我們仍然認為這對出口是有支撐的。

Perfect thanks guys.

很好，謝謝各位。

Kevin MacCurdy with Pickering Energy Partners.

Pickering Energy Partners 的 Kevin MacCurdy。

Hey, good morning team. My question is on well cost. I appreciate Paul's comments on the 2024 well costs. How do your current well costs compare to your 2024 average? And what is built into the 2025 guidance for well costs, and days per wells? And do you have a view on whether, you see further service cost deflation, or efficiency gains?

各位早安。我的問題是關於單井成本。我很感謝 Paul 對 2024 年單井成本的說明。你們目前的單井成本與 2024 年平均相比如何？以及 2025 年指引中對單井成本與每口井天數（days per well）納入了哪些假設？另外你們是否認為服務成本還會進一步通縮，或效率還能再提升？

Yeah, Well costs for '24, we're on that $925 per foot range that we talked about in prior calls, with the efficiencies that we're seeing, and we also have drilling contracts that came up, and are in place for 2025 at lower rates. We're in the low $900s right now, so we're lower than we were in 2024. The 2025 plan does capture our efficiencies that, we achieved in '24. So we are assuming that 12 to 13 stages per day and 10 days for a well.

對，2024 年的單井成本，我們如同先前電話會議提到的，大約在每英尺 925 美元的區間，反映我們看到的效率提升；同時我們也有到期的鑽井合約，並已為 2025 年以更低費率簽妥。我們目前在每英尺 900 多美元的低檔，所以比 2024 年更低。2025 年計畫也納入了我們在 2024 年達成的效率。因此我們假設每天 12 到 13 個壓裂段（stages per day），以及每口井 10 天。

It's around 5,000 feet per 10,000 is the way we think about it. So we are baking in those assumptions, as we continue to achieve those on a daily basis. And then, we have the service costs, like I mentioned, are bit down just, because we had our drilling - our legacy drilling contracts roll off, and new ones come into place for '25.

我們的看法是，大約每 10,000 英尺對應約 5,000 英尺。因此，我們把這些假設納入考量，並且持續在日常營運中達成。另外，服務成本如我先前提到的，確實略有下降，主要是因為我們的鑽井——既有的鑽井合約到期退出，新的合約則在 2025 年生效。

I appreciate that detail. Second question is on ethane production and pricing. If I remembered correctly, you guys have talked about a small uplift to Mont Belvieu previously and your 2025 guidance had a pretty material uplift to Belvieu. So curious what changed on that front? And if the beat that we saw in the fourth quarter for ethane production is repeatable?

感謝你提供這些細節。第二個問題是關於乙烷的產量與定價。如果我沒記錯，你們之前談到相對於 Mont Belvieu 會有小幅溢價，而你們 2025 年的指引顯示對 Belvieu 有相當明顯的溢價提升。所以想請教這方面有什麼變化？以及我們在第四季看到乙烷產量超預期的表現是否可重複？

Yeah, Kevin, this is Dave. Yes, it's fourth quarter, we - if you look at it on a gross basis, we were probably 97%, 98% utilized our de-ethanizer. So a very, very strong quarter. As we looked at back at '24, there was some ramp-up in volumes really related to some sales that will be a stronger pricing to Belvieu. So as - those are now online and doing well. We would expect that to be a tailwind for 2025 differentials.

是的，Kevin，我是 Dave。是的，第四季——如果你以總量來看，我們的脫乙烷塔（de-ethanizer）利用率大概在 97%、98%。所以那是一個非常、非常強勁的季度。回頭看 2024 年，量的爬坡主要與一些銷售安排有關，這些銷售會對 Belvieu 有更強的定價。因此，隨著——這些現在已經上線且運作良好。我們預期這會成為 2025 年價差（differentials）的順風因素。

And then we also do have a contract that is expiring again here in about three months - or sorry, end of the quarter that will also - the exploration will improve our overall average premium, for our ethane sales as well. So pretty good visibility on that guide there, and feel confident that we're going to be able to deliver.

另外，我們也確實有一份合約將在大約三個月後到期——或更正，是在本季末到期——這也將——該到期/更新將改善我們乙烷銷售的整體平均溢價。因此，對於這項指引我們有相當好的能見度，也有信心能夠交付。

Thank you.

謝謝。

Leo Mariani with ROTH MKM.

ROTH MKM 的 Leo Mariani。

Hi, good morning. Wanted to see if you could provide just a little bit of color on perhaps the CapEx and production trends here in 2025. Just trying to get a sense if we should maybe continue to see a bit of a first half weighted CapEx budget this year.

嗨，早安。想請你們就 2025 年的資本支出（CapEx）與產量趨勢提供一些補充說明。我主要想了解，今年的資本支出預算是否可能仍會偏向上半年較多？

And then just on your production trend. Obviously, you got some winter weather and things like that to deal with in the first quarter. Do you expect production to tick down a little bit maybe in 1Q versus 4Q, and then kind of pick up the rest of the year? Just any color on any of those kind of spending and production trends would be helpful?

另外關於你們的產量趨勢。顯然第一季會遇到一些冬季天候等因素。你們是否預期 1Q 的產量可能會比 4Q 小幅下滑，然後在今年其餘時間回升？任何關於支出與產量趨勢的補充說明都會很有幫助。

Yeah, not much variance. First quarter, probably in and around the guide - the midpoint of the guidance. We did just bring on a lot of wells, but they're really just ramping up now. So you're really not going to get that benefit to the second quarter. So maybe a tad higher in the second quarter. We're talking maybe 1%, very low variance and similar in capital pretty even out over the quarter.

是的，變動不大。第一季大概會落在指引區間內——接近指引的中位數。我們剛投產了很多口井，但它們現在才剛開始爬坡。所以你真正要到第二季才會看到那個效益。因此第二季可能會略高一點。我們談的可能是 1% 左右，非常小的變動；資本支出也差不多，各季之間相當平均。

When we do that DUC pad and started in the late first quarter, really, second quarter, it will raise capital in the second quarter versus the first. So maybe up one completion crew in the second quarter versus the first for a bit. So maybe a bit higher in the second quarter. But like I said, it's pretty evened out.

當我們做那個 DUC 井場（pad）並在第一季末開始——實際上是第二季——它會讓第二季的資本支出高於第一季。所以第二季可能會比第一季多上一組完井隊（completion crew）一段時間。因此第二季可能會稍微高一些。但如我所說，整體相當平均。

It's a two-rig program, one completion crew with one spot pad. That's the whole program and that's spot pads in the second quarter. And then the production is very consistent, just we did bring on 16 wells at the end of January, kind of ramping into February.

這是一個兩部鑽機（two-rig）的計畫，一組完井隊，外加一個零星井場（spot pad）。這就是整個計畫，而那些零星井場會在第二季進行。至於產量非常一致，只是我們在一月底投產了 16 口井，並在二月逐步爬坡。

Okay. That's helpful. And I just wanted to shift a little bit back over to the JV for the year. I guess I'm struggling a little bit with the numbers here. Maybe you guys can clarify this. I think you guys have been kind of saying, for a while that maintenance CapEx is right around $700 million.

好的。這很有幫助。我想把話題稍微轉回今年的 JV。我在這些數字上有點困惑。也許你們可以幫忙釐清。我想你們一段時間以來一直在說，維持性資本支出（maintenance CapEx）大約是 7 億美元。

You've got a partner that's coming in, for it looks like a little bit more than 15%, of the capital here in 2025. So I guess if I just did, the simple math on that and locked off 15% of the maintenance capital that, would put the budget for D and C maybe closer to $600 million than what the current guidance is. So Can you help me out all over the math there?

你們有一個合作夥伴進來，看起來在 2025 年會分擔略高於 15% 的資本。所以如果我做個簡單的計算，把維持性資本的 15% 扣掉，那麼鑽井與完井（D&C）的預算似乎應該更接近 6 億美元，而不是目前的指引。你們能幫我把這個計算邏輯釐清一下嗎？

Yeah, I don't think your math is correct. I think the way we think about it is we're running a two-rig program, and one completion crew plus a spot. And that's generally - that's probably around $825 million, but that amount would have you grow. And so, when we looked at our program, we wanted to continue those, because it's consistent. I mentioned the continuity of the program and allows us to handle the water in the field efficiently.

是的，我認為你的計算不太正確。我們的思考方式是：我們在跑一個兩部鑽機的計畫，加上一組完井隊再加一個 spot。一般來說——那大概是 8.25 億美元左右，但那樣的金額會讓你有成長。因此，當我們檢視我們的計畫時，我們希望延續這樣的配置，因為它很一致。我提到過計畫的連續性，並且讓我們能有效率地處理油田的水處理。

But we also wanted to be really at maintenance capital and have our net production to be flat and have the lowest capital possible. So when you put those two together, it really suggests that we should go out and get a JV partner. And when they looked at our program, and how consistent it is and how it a manufacturing play, and the results are so terrific you're able to get opportunistic terms.

但我們也希望真正落在維持性資本支出，讓我們的淨產量持平，並把資本降到最低。所以把這兩件事放在一起，就很明確表示我們應該去找一個 JV 夥伴。而當他們看到我們的計畫——它有多一致、如何像製造業式的開發（manufacturing play），而且成果非常出色——你就能取得更具機會性的條款。

Kalei Akamine with Bank of America.

美國銀行（Bank of America）的 Kalei Akamine。

Hi, good morning, guys. Thanks for getting me on. My first question is the follow-up on the production guidance. And you called out a $50 million cubic feet increase year-over-year. Wondering if that's intended to stay in this space in? Or did you guys actually secure additional takeaway to move it out?

嗨，早安，各位。謝謝讓我提問。我的第一個問題是延續產量指引的追問。你們提到年對年增加 5,000 萬立方英尺。想確認這是否是打算仍留在盆地內消化？還是你們其實已經取得額外的外運管輸（takeaway）把它運出去？

No, that's within the basin. We have - we're approximately at the 100%. We do sell some locally to TCO, and have some flexibility there. So that's still with outside the base, and not selling anything within.

沒有，那是在盆地內。我們——我們大約已經接近 100%。我們確實有一部分在當地賣給 TCO，也有一些彈性。所以那仍然是在基礎之外（outside the base），而不是在內部銷售任何東西。

Understood. This one is on free cash. So when we look at it, you're going to end the year around net debt zero. What are your thoughts around implementing some, kind of return of capital, be it dividend or buyback?

了解。這題是關於自由現金。所以從我們的角度看，你們年底的淨負債會接近零。你們對於實施某種資本回饋（return of capital）的想法是什麼，例如股利或庫藏股回購？

Yes. Once we get the $500 million paid back, we'll start buying back some shares, and then it will be 50-50 on buybacks versus taking in the '29s, and once the '29s are in, it will be share buybacks.

是的。一旦我們把 5 億美元償還完，我們就會開始回購一些股票，之後回購與買回 2029 年到期債（'29s）會各占 50-50；而一旦 '29s 都買回完成，就會以股票回購為主。

Great thanks.

非常感謝。

David Deckelbaum from TD Cowen.

TD Cowen 的 David Deckelbaum。

Thanks for taking my questions, guys. I was curious, Mike, maybe you could give a little bit of color of - you made the earlier points, I think, around lateral length and where your natural average lateral length is going to be in the program.

謝謝讓我提問，各位。我有點好奇，Mike，也許你可以再補充一些細節——你先前提到過，我想是關於水平段長度，以及你們在整體計畫中自然的平均水平段長度會落在哪個區間。

But you've obviously highlighted like a higher base level of production and there's some - there's a lot of different variables that feed into that. But can you give some color on what sort of productivity variables, you're baking into the guide this year? Are you locking in what you had achieved in 2024, in addition to kind of the accelerated cycle times that's helping you, perhaps offset that degradation in lateral length?

但你們顯然也強調了更高的基礎產量水準，而這背後有——有很多不同的變數會影響。那你能否補充一下，今年指引中納入了哪些生產力相關變數？你們是否把 2024 年達成的成果鎖定下來，並且再加上縮短週期時間所帶來的幫助，或許用來抵消水平段長度縮短造成的劣化？

Yes, that's exactly right. That's correct. We have achieved those amounts those efficiencies in '24, so many times, like I said, on a day in, day out basis that we felt comfortable baking them into '25. And although it's a slightly 1,000 feet or 1,500 feet less lateral length, those efficiencies offset that.

是的，完全正確。沒錯。我們在 2024 年已經達成那些效率提升，而且如我所說，我們在日常作業中反覆多次做到，因此我們有信心把它們納入 2025 年的假設。雖然水平段長度略短了 1,000 英尺或 1,500 英尺，但這些效率提升足以抵消影響。

I appreciate that. And then just a follow-up on the guidance around premium to Henry Hub for natural gas. Obviously, you're benefiting from your takeaway to TGP 500. As you see sort of the impact of Plaquemines and some other LNG facilities coming online, was there an internal thought around maybe changing some commercial agreements, or signing direct offtakes with shippers? Is that an opportunity available to you all? Is that something that you have interested in? Or do you still find that, the open basis markets are sort of your best course for managing risk, and sort of maximizing your margins?

了解，謝謝。接著想追問一下你們對天然氣相對 Henry Hub 的溢價指引。顯然你們受惠於通往 TGP 500 的外運能力。隨著 Plaquemines 以及其他一些 LNG 設施陸續投產，你們內部是否有考慮調整某些商業協議，或與承運商簽訂直接的承購/提貨協議？這對你們而言是否是可行的機會？你們是否有興趣？還是你們仍然認為，開放的基差市場仍是你們管理風險、並最大化利潤率的最佳方式？

No, we evaluate all opportunities with our transport, of course, we get offered those. But we found the best just to retain the optionality for us, don't enter in the firm sales. We're now getting, I think, three facilities in the Gulf Coast in 2025 coming on. They're going to have to compete for that gas we have the vast majority of the transport and the capacity.

不，我們當然會評估所有與運輸相關的機會，我們也確實會收到這類提案。但我們發現最好的做法是保留我們的選擇權，不進入固定銷售合約。我想 2025 年墨西哥灣沿岸會有三座設施投產。它們將必須競爭我們的天然氣，而我們掌握了絕大部分的運輸與容量。

We think the actual differential to premiums will be higher than, what the market is that guidance is just based on market. So, we're going to retain that optionality for us, and see where the gas prices go.

我們認為實際的價差/溢價會高於市場目前的水準；而指引只是基於市場價格。所以我們會保留這個選擇權，並觀察天然氣價格走勢。

Thanks, Mike.

謝謝，Mike。

Roger Read with Wells Fargo.

Wells Fargo 的 Roger Read。

Yeah, thank you. Good morning. I'd just like to ask on the CapEx side, I understand the service cost efficiency that we do have now tariffs on imported materials and raw materials. Just wondering if there's any risk for contingency built into the CapEx thinking just higher steel costs, or anything like that?

好的，謝謝。早安。我想就資本支出（CapEx）方面提問：我理解你們目前在服務成本效率上有所改善，但現在對進口材料與原物料有關稅。想請問在 CapEx 規劃中是否有納入任何風險備援，例如鋼材成本上升之類的？

Yeah, the tariffs within our $650 million to $700 million, when you look at our program, a lot of it's pre-bought, all the pipe and casings, pre-bud same with the midstream. You already have a lot of that already in-house for the amount that's not and other items that would be subject to the tariffs. If you had a 25% increase, it would be about $5 million to $10 million total increase in our capital. So it's well within that $50 million threshold, or band we have for our capital guidance.

有的，關稅的影響已包含在我們 6.5 億到 7 億美元的區間內。從我們的計畫來看，很多都已經預先採購了——所有管材與套管都已預購；中游也是一樣。你們已經有很多材料在庫存中；至於尚未預購、以及其他可能受關稅影響的項目，如果關稅導致成本上升 25%，我們的資本支出總增加大約是 500 萬到 1,000 萬美元。所以完全落在我們資本指引 5,000 萬美元的容許範圍（區間）之內。

And then I know you don't give '26 guidance at this point, but not having things pre-bought for '26, there'd be a little more pressure at that point, assuming to?

另外我知道你們現在不提供 2026 年指引，但如果 2026 年沒有預先採購，那時候壓力會更大一些吧？假設是這樣？

Yeah, no, it's not that yes, maybe it could be a $15 million, $20 million is just not that impactful to us.

是的，不過也不是——是，或許會是 1,500 萬、2,000 萬美元的影響，但對我們來說並沒有那麼顯著。

Okay. I appreciate that. And then the other - this question was sort of asked earlier, but I was just curious, in-basin opportunities as you look at them in terms of demand, specifically the idea of adding capacity inside of PJM on the gas side?

好的。謝謝你的說明。另外一個——這個問題之前有人問過，但我還是想了解一下：你們在盆地內（in-basin）的機會，從需求角度來看，特別是天然氣在 PJM 區域內增加容量的想法？

I'll kick again over to Justin, but of course, with our position in transport and being the low-cost provider with the longest inventory. We're in all those discussions, but they're so kind of ongoing.

我再把問題交給 Justin，不過當然，憑藉我們在運輸上的布局、以及作為低成本供應商且擁有最長的庫存年限，我們都有參與所有這些討論，只是這些事情都還在持續推進中。

Good morning, Roger, we've said this on previous calls, that Antero owns the toggle between local Appalachia and using our FT to the gold. So if the local spreads and pricing widened versus Gulf, then we do have that option to take advantage of any markets that, are more local in basin as power needs, success or develop.

早安，Roger。我們在之前的電話會議中提過，Antero 擁有在阿帕拉契亞本地市場與使用我們通往墨西哥灣的 FT（固定運輸）之間切換的彈性。因此，如果本地價差與定價相對於墨西哥灣擴大，我們確實可以選擇把握任何更偏本地、盆地內的市場機會，例如電力需求的成長或發展。

It'll be fun to watch. Thank you guys.

很值得觀察。謝謝各位。

Thank you.

謝謝。

Betty Jiang with Barclays,

Barclays 的 Betty Jiang，

Good morning. I want to ask about the propane outlook. It's the 2025 premium definitely came in better than expected. And were under the assumption that, that premium is going to moderate sometime in the second half as the Gulf Coast exports ramp up. So would love to get your thoughts, on just how you think about the longer-term propane C3+ NGL premium, given the increased focus on in-house marketing efforts, do you see that premium ultimately improving even on a normalized basis? Thanks

早安。我想問丙烷的展望。2025 年的溢價確實比預期更好。我們原本假設，隨著墨西哥灣沿岸出口量提升，該溢價會在下半年某個時間點趨於緩和。因此想請教你們對較長期丙烷 C3+ NGL 溢價的看法：考量到你們更著重於自營行銷（in-house marketing）努力，你們是否認為即使在常態化基礎上，該溢價最終也會改善？謝謝

Yeah, this is Dave Betty. A couple of things that were baked into that 2025 guide, as you talked about the export ARB. So if you look back at '24, it's kind of the opposite maybe of what we could see this year where it started low, and then it kind of ramped as you got into the third and fourth quarter. And if you look at it on an annual average, it was somewhere around $0.15 per gallon or a little less.

Betty，我是 Dave。有幾個因素已納入 2025 年指引，正如你提到的出口套利（export ARB）。如果回頭看 2024 年，情況可能正好相反：年初偏低，然後進入第三、第四季逐步走高。若以全年平均來看，大約在每加侖 0.15 美元或略低一些。

As we look at 2025, we think that you can certainly achieve those levels in the market today for '25. As we talked about, we locked in a sizable portion of our export volumes already. So we've got good visibility into that. The other piece, if you look back at '24 in the first quarter, of '24. We did not have our marketing plan that we put in place really the domestic contracting season is April 1 through March 31.

展望 2025 年，我們認為以目前市場狀況，你確實可以達到這些水準。如我們所說，我們已經鎖定了相當大一部分的出口量。因此我們對此有很好的能見度。另外一點，如果回頭看 2024 年第一季，我們當時尚未建立我們後來推行的行銷方案；實際上國內合約季是從 4 月 1 日到隔年 3 月 31 日。

So the first quarter of '24 really didn't have those benefits, and we have those here in '25. So that's another tailwind. And then the butane contract that I talked about in my comments is kind of that third tailwind. So that said, certainly, '26, we would think would look better than what we had in years prior to '23, and maybe even '24. But the export market will still play a role in that, and we'll see how that evolves.

所以 2024 年第一季其實沒有享受到那些效益，而 2025 年我們就有了。因此這是另一個順風因素。再來，我在評論中提到的丁烷合約算是第三個順風因素。因此，展望 2026 年，我們認為會比 2023 年之前、甚至可能比 2024 年更好。但出口市場仍會在其中扮演角色，我們也會觀察其如何演變。

Demand continues to be very strong, but we'll never complain about low ARBs and high Mont Belvieu prices either. So at the end of the day, the absolute price we're selling at the dock is really what drives our economics.

需求仍然非常強勁，但我們也絕不會抱怨 ARB 偏低以及 Mont Belvieu 價格偏高。所以歸根結底，我們在碼頭的實際銷售絕對價格，才是真正驅動我們經濟性的因素。

Sure. That makes a lot of sense. My follow-up is on your liquids mix. It's I think of 4Q you guys are closer to 38% might be a record for the company, sounds like there's a few more lean gas pads in the future as well. So how do you guys think about your long-term mix liquids mix evolve over time?

當然。這很有道理。我接下來想追問的是你們的液體組合。我記得在第四季你們接近 38%，可能是公司紀錄，而且聽起來未來也會有幾個更偏乾氣的井場。那你們如何看待長期來看液體占比的組合會如何隨時間演變？

It's similar to that. I think some of the liquids that you saw in the fourth quarter was what Dave mentioned on the ethane and the 98% running at that, but 38% is a good number for us.

差不多就是那樣。我想你在第四季看到的一部分液體，是 Dave 提到的乙烷以及 98% 的運行狀態所帶來的，但 38% 對我們來說是個不錯的數字。

Great thank.

太好了，謝謝。

Paul Diamond with Citi.

花旗的 Paul Diamond。

Good morning. Thanks for taking my call. I just wanted to touch around - I know you guys added a few incremental pieces of the hedge book. And you talked about being somewhat opportunistic in '26 and beyond. I just want to get a bit more clarity on that. If you guys kind of have a target level, for the ideal piece you want to be, given the expectations around lean gas production?

早安。謝謝接聽我的提問。我想先談一下——我知道你們在避險部位上又增加了一些增量。你們也提到在 2026 年及之後會採取較為機會式的做法。我想更釐清一下這點。考量到對乾氣產量的預期，你們是否有一個目標水位，作為理想的避險比例？

No, no target level. We just looked at our plan. And with the lean gas around those 1,200 Btu wells, we've decided you really don't want to leave those to a $2 gas environment. So when you can put in a $3 floor and lock about it, and then get a wide color upside, that seems like a reasonable position.

沒有，沒有目標水位。我們只是看了我們的計畫。而對於那些約 1,200 Btu 的乾氣井，我們認為你真的不想把它們暴露在每 MMBtu 2 美元的天然氣環境中。所以當你能設一個 3 美元的底價並把它鎖住，同時又能保留較大的上行空間時，這看起來是個合理的部位。

Got it. And just one quick follow-up, more around the kind of the price curve around TGP 500L, just how much - how do you guys look at the risks around the trend? I mean, obviously, the '25 and '26 numbers look pretty solid. I see any volatility coming down the pipe? Or is that pretty locked-in in your view?

了解。再快速追問一下，主要是關於 TGP 500L 的價格曲線——你們怎麼看這個趨勢的風險？我的意思是，顯然 2025 和 2026 年的數字看起來相當不錯。你們是否看到未來會有任何波動？還是以你們的看法，這基本上已經相當鎖定？

No. I mean there's going to be a lot of demand in the Gulf Coast. So we think it's probably more to the upside than what we see right now in the market. So - and you've seen that over the past couple of years as these facilities continue to come on the market moves higher and higher, and those spreads move higher. So we feel good about it. We've had it for almost a decade before these, and there was a good piece of pipe then. And now with these facilities now, it's actually probably the premium pipe of beyond.

不。我的意思是，墨西哥灣沿岸會有大量需求。所以我們認為，相較於目前市場看到的水準，可能更偏向上行。而且你也看到過去幾年，隨著這些設施持續投產，市場價格一路走高，那些價差也在擴大。所以我們對此感覺良好。在這些設施出現之前，我們幾乎已經用了它將近十年，當時那就是一段很好的管線。而現在有了這些設施之後，它實際上可能成為更具溢價的管線。

Understood, thanks for your time. I'll leave it there.

了解，謝謝你撥冗。我就先到這裡。

Nitin Kumar with Mizuho Securities.

瑞穗證券的 Nitin Kumar。

Good morning everyone and thanks for taking my question. I just want to start on the cost environment, particularly on service costs. I think earlier you mentioned that you're seeing service costs flat. Any early impact from the tariffs that President Trump has indicated, particularly on the steel side?

各位早安，謝謝讓我提問。我想先從成本環境談起，特別是服務成本。我記得你們先前提到服務成本持平。川普總統所提到的關稅，尤其是鋼材方面，是否已經有任何早期影響？

No impact. Like I said on the earlier if it is implemented at 25%, it's about $5 million to $10 million for 2025.

沒有影響。就像我先前說的，如果以 25% 的稅率實施，對 2025 年的影響大約是 500 萬到 1,000 萬美元。

Got it. And then I just wanted to also just a follow-up on - as I look at your capital plan for next year, production is flat at the aggregate level, but both gas and liquids are a little bit lower from what you did end up in 2024 even though you have some DUCs coming on earlier in the year. Sorry for in the Read's question, but is this an issue of timing? Or is it - as we were talking about earlier, lateral lens? How do you kind of look at that trajectory, especially as you think about '26?

了解。接著我也想追問一下——我看你們明年的資本計畫，總體產量持平，但無論是天然氣或液體，都比你們 2024 年的實際水準略低，儘管年初會有一些 DUC 井更早投產。抱歉問得比較細，但這是時點問題嗎？還是——如同我們先前談到的——水平段長度（lateral length）因素？你們如何看待這個走勢，特別是當你們思考 2026 年時？

Yeah, No, growth is up. You can look at Antero midstream's release. I think that's 2% or 3% gross volumes up. It's really around the ethane that Dave was mentioning, we have 10,000 barrel a day contract that expires at the end of this quarter that was well out of the money that will now be in the gas stream, getting NYMEX Henry Hub plus $0.20.

是的，不是，成長是上升的。你可以看 Antero Midstream 的新聞稿。我想那裡顯示總量增加約 2% 或 3%。主要是 Dave 提到的乙烷：我們有一份每日 10,000 桶的合約在本季末到期，那份合約嚴重價外（out of the money），之後這部分將回到氣流中，按 NYMEX Henry Hub 加 0.20 美元計價。

So economically much better. But on the equivalents that 10,000 equates to about $60 million a day, 10,000 barrels of ethane. And when you do it with the gas shrink, it's about $30 million a day of lower production than it would have been, with that methane contract in place.

所以在經濟性上好很多。但以當量來看，這 10,000（桶/日）乙烷約等於每天 6,000 萬美元。而當你把氣體收縮（gas shrink）算進去，與原本有那份甲烷合約相比，產量大約會少每天 3,000 萬美元。

Great, thanks for the clarification sure.

很好，謝謝你的釐清，當然。

Thank you. And there are no further questions at this time. I'll now hand it back to Brendan Kroger for closing remarks.

謝謝。目前沒有其他問題。我現在把電話交回給 Brendan Kroger 作結語。

Yes. Thank you for joining us on today's call. Please reach out with any further questions. Thank you.

是的。感謝各位參加今天的電話會議。如有任何進一步問題，請與我們聯繫。謝謝。

This concludes today's call. All parties may disconnect. Have a good day.

今天的電話會議到此結束。各方可掛線。祝各位有美好的一天。