Antero Resources Corporation (AR) 2026 Q3 法說會逐字稿

Greetings, and welcome to the Antero Resources Corporation third-quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Antero Resources Corporation 2026 年第三季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce Dan Katzenberg, Vice President of Investor Relations. Thank you. You may begin.

現在我很榮幸介紹投資人關係副總裁 Dan Katzenberg。謝謝。您可以開始了。

Thank you for joining us for Antero's Third Quarter 2026 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 anteroresources.com, where we have provided a separate earnings call presentation that will be reviewed during today's call.

感謝各位參加 Antero 2026 年第三季投資人電話會議。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 anteroresources.com 的首頁，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 reporting disclosures regarding such measures. Joining me on the call today are Michael Kennedy, CEO and President; Brendan Krueger, CFO; and Dave Cannelongo, Senior Vice President of Marketing and Transportation; and Justin Fowler, Senior Vice President of Natural Gas.

今天的電話會議可能包含某些非 GAAP 財務衡量指標。關於此類指標的揭露與申報說明，請參閱我們的財報新聞稿。今天與我一同參與電話會議的有：執行長兼總裁 Michael Kennedy；財務長 Brendan Krueger；行銷與運輸資深副總裁 Dave Cannelongo；以及天然氣資深副總裁 Justin Fowler。

I will now turn the call over to Mike.

我現在把電話交給 Mike。

Thank you, Dan. Good morning, everyone. We're at a supply-demand inflection point for the natural gas market, LNG and power projects are expected to increase demand for natural gas by more than 40 Bcf per day across the US by 2030 including more than 15 Bcf per day in our local Appalachian region. As we have seen through our marketing efforts and highlighted by the numerous transactions announced this year, demand for natural gas assets continues to increase.

謝謝你，Dan。各位早安。天然氣市場正處於供需拐點；預期到 2030 年，LNG 與電力專案將使全美天然氣需求增加超過每日 40 Bcf，其中我們所在的阿帕拉契亞地區將增加超過每日 15 Bcf。正如我們透過行銷工作所見、且今年宣布的多筆交易所凸顯的，市場對天然氣資產的需求持續上升。

The scarcity of core natural gas acreage is becoming apparent, which is resulting in higher and higher values placed on quality natural gas assets. Antero is well positioned to benefit from this inflection point, supported by more than 20 years of core drilling inventory, our integration with Antero Midstream and being one of the few investment-grade companies.

核心天然氣區塊的稀缺性正逐漸顯現，導致市場對優質天然氣資產給予的估值愈來愈高。Antero 具備良好條件可受惠於此一拐點：我們擁有超過 20 年的核心鑽井庫存、與 Antero Midstream 的整合優勢，且是少數具投資級評等的公司之一。

Combined with our ongoing cost reduction initiatives, we expect these advantages to drive peer-leading free cash flow per share growth over the coming years. As depicted on slide number 3, per recent public analysis by Enverus, we have more than 1,400 core drilling locations remaining that gives Antero a multi-decade runway of premium inventory at a time when high-quality drilling locations are becoming increasingly scarce.

再加上我們持續推動的降本措施，我們預期這些優勢將在未來幾年帶動同業領先的每股自由現金流成長。如第 3 頁投影片所示，根據 Enverus 近期公開分析，我們尚有超過 1,400 個核心鑽井位置，讓 Antero 在高品質鑽井位置日益稀缺之際，仍擁有可支撐數十年的優質庫存跑道。

As demand moves ahead of supply, we believe this inventory advantage will become increasingly valuable. Now let's move to slide number 4, which summarizes some of our quarterly highlights. Production increased 23% year over year to a company record of 4.2 Bcfe per day.

隨著需求走在供給之前，我們相信這項庫存優勢將愈來愈有價值。接著看第 4 頁投影片，總結本季幾項重點。產量年增 23%，達到公司紀錄的每日 4.2 Bcfe。

This was achieved while curtailing in excess of 100 million per day during the quarter. Second, as a result of our cost reduction and margin enhancement initiatives, we realized our lowest cash cost level in company history, 16% lower than the year ago period.

這是在本季仍進行超過每日 1 億立方英尺的限產情況下達成的。第二，受惠於我們的降本與提升利潤率措施，我們達成公司史上最低現金成本水準，較去年同期低 16%。

Third, the diversity of our production and a lower cost structure led to our unhedged EBITDAX margin increasing 27% year over year despite natural gas prices declining 4%. We used the strong financial performance to repurchase 1.6 million shares during the quarter and now have reduced our share count by more than 5 million shares since the beginning of 2025.

第三，我們產量組合的多元性與較低的成本結構，使未避險 EBITDAX 利潤率年增 27%，儘管天然氣價格下跌 4%。我們運用強勁的財務表現於本季回購 160 萬股，且自 2025 年初以來已將流通股數減少超過 500 萬股。

Turning to slide number 5, I'll provide an update on our margin enhancement progress. Based on transactions we have executed on the date, we expect to achieve $140 million of our $300 million target by mid-2027. The overriding royalty interest transaction we entered into in 2020 met the return hurdles resulting in 85% of the cash flow now reverting back to Antero on July 1, 2026, or $60 million of annual free cash flow uplift.

接著看第 5 頁投影片，我將更新我們提升利潤率的進展。根據我們截至目前已執行的交易，我們預期在 2027 年年中前可達成 3 億美元目標中的 1.4 億美元。我們於 2020 年簽訂的超額權利金權益（overriding royalty interest）交易已達到報酬門檻，因此自 2026 年 7 月 1 日起，現金流的 85% 將回歸 Antero，等同每年自由現金流增加 6,000 萬美元。

We also executed on our firm transportation optimization strategy during the third quarter, resulting in $400 million per day of agreements and $20 million in annualized free cash flow. During the fourth quarter, we are launching a formal process to expand on this strategy.

我們也在第三季落實固定運輸（firm transportation）最佳化策略，促成每日 4 億立方英尺的協議，並帶來每年約 2,000 萬美元的年化自由現金流。在第四季，我們將啟動正式流程以擴大此一策略。

Based on increasing demand pull interest that we are seeing, we expect approximately 1 Bcf per day of firm transportation optimization agreements, resulting in an annualized free cash flow increase of $50 million.

基於我們觀察到的需求拉動興趣持續增加，我們預期約每日 1 Bcf 的固定運輸最佳化協議，將使年化自由現金流增加 5,000 萬美元。

Next, the VPP transaction will expire in the third quarter of 2027, resulting in an annualized increase in free cash flow of $30 million. Beyond mid-2027, increased dry gas development and the expiration of liquids firm transport in 2028 puts us comfortably on track to hit our initial $300 million margin enhancement target. In addition, during the quarter, we entered into attractive natural gas term sales deals with multiple parties at the Clarington market.

接著，VPP 交易將於 2027 年第三季到期，使年化自由現金流增加 3,000 萬美元。在 2027 年年中之後，乾氣開發增加以及 2028 年液體固定運輸到期，將使我們穩健地朝達成最初 3 億美元的利潤率提升目標前進。此外，本季我們也在 Clarington 市場與多方簽訂具吸引力的天然氣長期銷售合約。

In addition to these sales, since announcing Antero Midstream's East Side Express pipeline last quarter, we have seen increased interest from multiple downstream counterparties seeking access to our natural gas at Interconnect on the pipeline. This project gives us widespread connectivity to numerous long-haul pipelines, providing exceptional optionality for contracting with end user demand.

除上述銷售外，自上季宣布 Antero Midstream 的 East Side Express 管線以來，我們看到多家下游交易對手的興趣增加，尋求透過該管線的互連點（Interconnect）取得我們的天然氣。此專案讓我們可廣泛連接多條長途管線，為與終端用戶需求簽約提供卓越的選擇性。

This project also reduces our all-in transport costs, resulting in higher margins. I'll end with brief comments on the NGL macro. The start of the fourth quarter has seen NGL prices increase 50% above the third quarter level. We expect NGL strength to continue in 2027, driven by robust global demand and low international inventories that require significant US exports to return to sufficient levels.

此專案也降低我們的整體運輸成本，進而提升利潤率。最後我簡要談一下 NGL 的總體環境。第四季初 NGL 價格較第三季水準上漲 50%。我們預期 NGL 的強勢將延續至 2027 年，主要受全球需求強勁與國際庫存偏低所驅動；為使庫存回到充足水準，將需要大量美國出口。

Following a recent industry transaction, Antero is now the only producer with meaningful NGL exposure going forward. We remain unhedged on our NGLs providing considerable upside to our free cash flow. Now to provide more detail on the current liquids and NGL fundamentals.

在近期一筆產業交易之後，Antero 現在成為唯一一家未來仍具顯著 NGL 曝險的生產商。我們的 NGL 仍維持未避險，為自由現金流提供可觀的上行空間。接下來將更詳細說明目前液體與 NGL 的基本面。

I'm going to turn it over to our Senior Vice President of Marketing and Transportation; Dave Cannelongo for his comments.

我將把時間交給行銷與運輸資深副總裁 Dave Cannelongo，請他發表看法。

Antero's liquids pricing increased throughout the third quarter following the Strait of Hormuz ceasefire ending in July and global liquids pricing rising steadily thereafter. The pricing momentum seen at the end of the third quarter has continued with Antero C3+ spot liquids realizations now testing levels not seen since early 2022.

Antero 的液體定價在第三季期間持續上升，原因是 7 月荷姆茲海峽停火結束後，全球液體價格隨後穩步走高。第三季末所見的價格動能仍在延續，Antero 的 C3+ 現貨液體實現價格目前正測試自 2022 年初以來未見的水準。

The current geopolitical situation has had the greatest influence on the heavier end of the NGL barrel, particularly butanes and pentanes plus. These products are critical components in gasoline blending and therefore, are being bolstered by the current strength in gasoline prices as well as robust export demand for butane.

目前的地緣政治情勢對 NGL 桶身中較重端的影響最大，尤其是丁烷與戊烷加（pentanes plus）。這些產品是汽油調和的關鍵成分，因此在汽油價格走強以及丁烷出口需求強勁的帶動下獲得支撐。

As shown on slide number 6, US butane exports set all-time records in May this year at 893 barrels per day and remained elevated throughout the third quarter according to ship tracking data as international buyers scrambled to replace a steadily increasing number of lost Middle Eastern butane cargoes.

如第 6 頁投影片所示，根據船舶追蹤數據，美國丁烷出口在今年 5 月創下歷史新高，達每日 893 桶，且在第三季期間仍維持高檔；國際買家因中東丁烷貨物損失數量持續增加而急於尋找替代來源。

The price impact of these dynamics is seen on slide number 7. The chart on the left shows the volume percentages of Antero's C3+ NGL barrel. The chart on the right shows the revenue contribution by product and realized pricing in the third quarter.

這些動態對價格的影響如第 7 頁投影片所示。左側圖表顯示 Antero 的 C3+ NGL 桶身各產品的量占比。右側圖表顯示第三季各產品的營收貢獻與實現價格。

Despite Antero's propane volume making up 57% of the C3+ barrel, propane only contributed 43% of the revenue in the third quarter as butanes and pentane's plus prices were exceptionally high. However, the propane story has vastly improved since the third quarter.

儘管 Antero 的丙烷量占 C3+ 桶身的 57%，但由於丁烷與戊烷加價格異常偏高，丙烷在第三季僅貢獻 43% 的營收。不過，自第三季以來，丙烷的情勢已大幅改善。

We have had significant -- a significant increase in propane pricing in recent weeks as winter restocking and revised market beliefs of a more prolonged duration to the complex in the Middle East are requiring buyers to address the realities of the lost global supply heading into peak heating demand season.

近幾週丙烷價格出現顯著——非常顯著的上漲；由於冬季補庫存，以及市場重新認為中東複雜局勢可能持續更久，買方在進入供暖需求旺季前，必須正視全球供給流失的現實。

On the export side, robust domestic demand for winter seasonal gasoline blending has tempered butane exports and immediately opened up more export capacity for propane at existing terminals. Second half 2026 propane exports are up nearly 0.25 million barrels per day compared to the same period in 2025 according to ship tracking data, which is double the year-over-year increase seen in the first half of 2026 when there was intense competition with butane for dock space.

在出口端，國內對冬季季節性汽油調和的強勁需求抑制了丁烷出口，並立即在現有碼頭釋放出更多丙烷的出口能力。根據船舶追蹤數據，2026 年下半年丙烷出口量較 2025 年同期增加近 0.25 百萬桶/日，這是 2026 年上半年同比增幅的兩倍；當時丙烷與丁烷為爭奪碼頭泊位而競爭激烈。

The impact of these trends on US propane balances is already apparent and will likely be amplified throughout the coming winter withdrawal season. As shown on slide number 8, strong export demand in September and October has returned propane inventories to historical norms in the five-year range and sharp contrast compared to the second quarter when stocks were well above the five-year range. As a result, the EIA has reported a withdrawal six of the last seven weeks compared to just one withdrawal in 2025 over the same period.

這些趨勢對美國丙烷供需平衡的影響已經顯現，並可能在即將到來的冬季去庫存季節中被進一步放大。如第 8 張投影片所示，9 月與 10 月強勁的出口需求已使丙烷庫存回到五年區間內的歷史常態，與第二季庫存遠高於五年區間形成鮮明對比。因此，EIA 報告顯示，過去 7 週中有 6 週出現提用（去庫存），而 2025 年同期僅有 1 週出現提用。

This signals at the start of the withdrawal season is happening much earlier than typical. This is being reflected in pricing already as Mont Belvieu propane prices have rallied $0.34 per gallon since the start of October.

這表示去庫存季節的啟動時間比典型情況早得多。這也已反映在價格上，因為自 10 月初以來，蒙特貝爾維尤（Mont Belvieu）丙烷價格已上漲 0.34 美元/加侖。

Going forward, prices for both protane and butane will see tailwinds from new dock expansions coming online in the end of 2026 and into 2027. The increase in LPG export demand is well timed as VLGC ship deliveries in 2027 will be at an all-time high of 47%, up from 38 expected deliveries in 2026 as illustrated on slide number 9.

展望未來，隨著新的碼頭擴建在 2026 年底至 2027 年間陸續投產，丙烷與丁烷價格都將獲得順風支撐。LPG 出口需求的增加時點恰到好處，因為如第 9 張投影片所示，2027 年 VLGC 船舶交付占比將達到歷史新高的 47%，高於 2026 年預期交付的 38 艘。

The debottlenecking adopt capacity from export expansions paired with new ship deliveries points to supported forward netbacks and continued historical highs for propane and butane export volumes. The chart on slide 9 of the (inaudible) ship order book is consistent and likely to set another ship delivery record in 2029 as we finish out this decade.

出口擴建帶來的去瓶頸與新增船舶交付相結合，意味著遠期淨回收（netbacks）將獲得支撐，丙烷與丁烷出口量也將持續維持在歷史高位。第 9 張投影片中（聽不清）的船舶訂單簿圖表顯示趨勢一致，且在本十年結束前，可能於 2029 年再創船舶交付紀錄。

As mentioned in my remarks a moment ago, Antero's current spot C3+ NGL prices are at the highest levels realized since 2022. Given the current geopolitical and supply-side realities, the bullish trends impacting NGL prices are expected to continue and likely even escalate in the coming quarters.

如我剛才所提到的，Antero 目前現貨 C3+ NGL 價格為自 2022 年以來的最高實現水準。鑑於當前地緣政治與供給端現實，影響 NGL 價格的偏多趨勢預期將延續，並可能在未來幾個季度進一步升溫。

International propane prices are now trading just below record pricing levels seen back in March of 2026 and at the start of the operation of the Fury conflict. Stock premiums have tightened to single-digit levels. Mont Belvieu prices have risen as a result, consistent with Antero's predictions and prior earnings calls.

國際丙烷價格目前交易水準略低於 2026 年 3 月以及 Fury 衝突爆發初期所見的紀錄高價。庫存溢價已收斂至個位數水準。因此，蒙特貝爾維尤價格上升，與 Antero 的預測及先前財報電話會議內容一致。

Critically, Antero has far more exposure from increasing NGL prices than any other producer due to our high percentage of liquids production and completely unhedged portfolio.

關鍵在於，由於我們液體產量占比高且投資組合完全未避險，Antero 相較任何其他生產商，對 NGL 價格上漲的曝險更大、受益也更多。

With that, I will turn it over to our Senior Vice President of Natural Gas, Justin Fowler.

接下來，我將把時間交給我們天然氣資深副總裁 Justin Fowler。

Thanks, Dave. I'll start on slide number 10 that illustrates the regional demand that is expected in our Appalachian Basin. On past quarterly calls, we have focused on injections for regional demand from power projects. This chart details this demand, which today is estimated at nearly 10 Bcf per day, which includes approximately 6 Bcf that is already in service or under construction and another 4 Bcf that is waiting on FID.

謝謝，Dave。我將從第 10 張投影片開始，該投影片說明我們阿帕拉契亞盆地預期的區域需求。在過去的季度電話會議中，我們聚焦於電力專案帶動的區域需求增量。此圖表詳述了這些需求，目前估計接近每日 10 Bcf，其中約 6 Bcf 已投運或在建，另有 4 Bcf 正等待最終投資決策（FID）。

Now in addition to this regional power demand, there has more recently been significant momentum on incremental demand pull pipelines, which we estimate to be over 6 Bcf per day. What is noteworthy about these new pipelines is that are being underwritten by end user demand, such as utilities and LNG facilities. This compares to the past when producers had to take on these commitments to push volumes out of the basin. This shift from producer push to the demand pull ultimately improves pricing netbacks and margins for Antara.

除了這些區域電力需求之外，近期在新增「需求拉動」管線方面也出現顯著動能，我們估計超過每日 6 Bcf。這些新管線值得注意之處在於，其承作基礎由終端用戶需求支撐，例如公用事業與 LNG 設施。這與過去形成對比，過去往往需要生產商承擔這些承諾，才能將產量推出盆地。這種從「生產商推動」轉向「需求拉動」的變化，最終將改善 Antero 的定價淨回收與利潤率。

Unique to Antero, this demand provides significant competition for our natural gas volumes and firm transportation capacity. As we enter the latter part of this decade, natural gas fundamentals continue to strengthen, incentivized by a sharp increase in international prices, LNG exports have recently hit record levels of over 21 Bcf per day with utilization rates near all-time highs.

對 Antero 而言，這些需求對我們的天然氣產量與固定運輸能力形成顯著競爭。隨著我們進入本十年後半段，天然氣基本面持續轉強；在國際價格大幅上升的激勵下，LNG 出口近期已創下超過每日 21 Bcf 的紀錄水準，且利用率接近歷史高點。

Higher international pricing and low storage levels are likely to ensure that this significant backlog of LNG projects, which is projected to nearly double towards 40 Bcf by the end of the decade come to fruition. Antero remains differentiated from its peers as the only producer with significant exposure to both this regional power demand and the LNG fairway through our firm transportation portfolio.

較高的國際價格與偏低的庫存水準，可能確保這批龐大的 LNG 專案積壓（backlog）得以落地；該積壓量預計在本十年末幾乎翻倍、接近 40 Bcf。Antero 仍與同業有所區隔：我們是唯一一家透過固定運輸組合，同時對區域電力需求與 LNG 走廊（fairway）具有顯著曝險的生產商。

With that, I will turn it over to Brendan Krueger, CFO of Antero Resources.

接下來，我將把時間交給 Antero Resources 的財務長 Brendan Krueger。

Thanks, Justin. In my comments today, I will focus on the financial benefits that we are already achieving from our margin enhancement strategy. Starting on slide 11, we look at a comparison in benchmark prices year over year. Despite natural gas prices declining 4% year over year, we were able to increase our unhedged EBITDAX margin by $0.27 per Mcfe or 27% as we benefited from a lower cost structure and high liquids exposure.

謝謝，Justin。我今天的評論將聚焦於我們透過利潤率提升策略已經取得的財務效益。從第 11 張投影片開始，我們比較基準價格的同比變化。儘管天然氣價格同比下跌 4%，我們仍能將未避險 EBITDAX 利潤率提高每 Mcfe 0.27 美元（或 27%），受益於較低的成本結構與較高的液體曝險。

Turning to slide 12. we increased production by 23%, driven by the HG acquisition and several transactions that increased working interest in our gross production base. Notably, we were able to accomplish this net production growth without impacting the basin's gross production, which has remained essentially flat at 35 to 36 Bcf a day during this period. Looking across our peer group, production was essentially flat year over year.

接著看第 12 張投影片。我們的產量增加 23%，主要由 HG 收購以及數筆提高我們在總產量基礎中工作權益（working interest）的交易所帶動。值得注意的是，我們在實現淨產量成長的同時，並未影響盆地的總產量；在此期間，盆地總產量基本持平於每日 35 至 36 Bcf。放眼同業，產量同比也大致持平。

Second, we reduced our total cash cost 16% year over year, which compares to the natural gas peer group average, which saw costs increase 4%. And third, we produced the highest volume of NGLs as a percent of total production, which drives margin improvement during periods of lower natural gas prices. The 27% increase in unhedged EBITDAX margin occurred while our peer group saw EBITDAX margins essentially flat during that same period. This represents the true rate of change story at Antero.

第二，我們將總現金成本同比降低 16%，相較之下，天然氣同業平均成本同比上升 4%。第三，我們的 NGL 產量占總產量比例為最高，這在天然氣價格較低的期間推動利潤率改善。我們未避險 EBITDAX 利潤率提升 27% 的同時，同業在同一期間的 EBITDAX 利潤率基本持平。這體現了 Antero 真正的變化率故事。

Importantly, this is just the early stages of reducing our cost structure and enhancing margins. We have a clear line of sight to significant further improvements over the next 24 months. Looking beyond 2028, we are already in significant discussions around firm sales agreements that will drive material margin improvement and anticipate that total margin improvement could double our $300 million target by early next decade.

重要的是，這只是我們降低成本結構、提升利潤率的早期階段。我們對未來 24 個月的進一步顯著改善有清晰可見的路徑。展望 2028 年之後，我們已就固定銷售協議展開深入討論，這將帶來實質性的利潤率提升；我們預期到下個十年初，總利潤率改善幅度可能達到我們 3 億美元目標的兩倍。

slide 13 compares free cash flow per share growth of the Appalachian peer group. We generated substantial free cash flow of over $1 billion over the last year, driven by a lower cost structure, high liquids exposure and an attractive hedge book.

第 13 張投影片比較阿帕拉契亞同業的每股自由現金流成長。在過去一年，我們產生超過 10 億美元的可觀自由現金流，主要由較低的成本結構、較高的液體曝險以及具吸引力的避險組合所驅動。

We used this free cash flow to fund HG and other bolt-on transactions, reduced debt while also reducing our share count by more than 5 million shares. This resulted in a 139% increase in our free cash flow per share year over year compared to the peer group average that was approximately flat.

我們運用這些自由現金流為 HG 與其他補強型（bolt-on）交易提供資金，降低負債，同時將流通股數減少超過 500 萬股。因此，我們的每股自由現金流同比增加 139%，而同業平均則約為持平。

Looking ahead, we see the opportunity to nearly double our free cash flow per share, driven by the execution of our margin enhancement strategy, organic production growth from a three rig and two completion (inaudible) development plan and meaningful share repurchases.

展望未來，我們看到每股自由現金流幾乎翻倍的機會，動能來自利潤率提升策略的執行、三座鑽機與兩套完井（聽不清）開發計畫帶來的有機產量成長，以及具規模的庫藏股回購。

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

接下來，我將把電話會議交給接線員進行問答。

(Operator Instructions) Neil Mehta, Goldman Sachs.

（接線員指示）Neil Mehta，高盛。

Thanks for the rundown team. I guess, first question, just on the volume guide for Q4, if there was a if there was a quarter to come in a little softer on the volumes, it's probably this one given the pricing environment. But -- just your perspective on how much is the curtailment was because of third-party outages. We've heard about the Stonewall challenges there? And then how much of that was economic curtailment as a result of the soft Appalachia pricing environment?

感謝團隊的整理說明。我想第一個問題是關於第四季的產量指引；如果有哪一季的產量可能會稍微偏弱，考量目前的定價環境，可能就是這一季。不過——想請教你們的觀點：減產（curtailment）有多少是因第三方停機/中斷所致。我們也聽說 Stonewall 那邊有一些挑戰？另外又有多少是因阿帕拉契亞（Appalachia）疲弱的價格環境而做出的經濟性減產？

Yeah. The guidance is at 4.3 Bcf at 15 to 20 Bcf curtailments. All of those are related on -- when you have downstream issues in shoulder months in September and October, you'll have weak pricing, and we now have the flexibility with our local dry gas to shut in local dry gas when the prices are at $1.25 levels or below and still produce all of our liquids or liquids receiving over $60 a barrel. We, of course, produce all of those and then any local dry gas exposure we have. We shut that in.

是的。指引是 4.3 Bcf，減產 15 到 20 Bcf。這些都與——當你在 9 月與 10 月這種淡旺季交替月份（shoulder months）遇到下游問題時，價格會偏弱；而我們現在有彈性，對於本地乾氣（local dry gas），當價格在每 MMBtu 1.25 美元或以下時可以選擇關井（shut in），同時仍可生產我們所有的液體（liquids），或是液體仍能以每桶 60 美元以上的價格銷售。當然，我們會把那些液體全部生產出來；至於我們曝險的本地乾氣部分，我們就把它關井。

I also remind you all of that local dry gas is hedged at basis around the $0.90 level. So we are protected from that standpoint, but no reason to sell at those levels. And a couple of months later, you can sell it for $3 and $4.

我也提醒各位，我們所有本地乾氣的基差避險（basis hedge）大約在 0.90 美元左右。所以從這個角度我們是受保護的，但也沒有理由在那種價位賣出。再過幾個月，你就可能以 3 美元、4 美元的價格賣出。

Perfect. And thanks for the color on the improvement in NGL pricing in Q4 sequentially. Just give us a sense of how you're seeing that pricing tailwind? How should we think about that as a benefit sequentially into your fourth quarter and while we're on it, any thoughts on the '27 setup for NGL?

很好。也謝謝你們補充第四季 NGL 價格較第三季改善的說明。能否讓我們了解一下你們如何看待這個價格順風？我們應該如何看待它對第四季的環比（sequentially）助益？另外，既然提到這裡，對於 2027 年 NGL 的格局（setup）有什麼想法嗎？

Yeah. There's a lot of thoughts on it. Q4, basically essentially double your free cash flow from -- and then when you look out even with the backwardation in '27, you're about $3 billion of EBITDA with today's prices. So you have substantial increase in revenues -- and that's even with a much lower backwardated price in '27 and just looking at $60 for Q4. It's obviously clearly significant to us.

是的，這方面有很多想法。第四季基本上會讓你的自由現金流——大致上翻倍；而且即使看向 2027 年存在期貨貼水（backwardation），以今天的價格來看，你的 EBITDA 大約仍有 30 億美元。所以營收會有顯著增加——而這還是在 2027 年採用更低的貼水價格、以及第四季只看 60 美元的情境下。這對我們顯然非常重要。

Just to remind everyone on the call on yourself, we produced 45 million barrels of C3+ annually. If you're talking $20 incremental increase from this past quarter, that's $900 million of incremental free cash flow. So or $225 million a quarter.

再提醒各位（以及你本人）一下，我們每年生產 4,500 萬桶的 C3+。如果你說相較上一季增加 20 美元，那就是 9 億美元的自由現金流增量。也就是每季約 2.25 億美元。

Gabe Daoud, Truist.

Gabe Daoud，Truist。

I was hoping maybe we could start with -- follow up on Neil's question just on the realizations again, just flipping from premium to discount -- and obviously, you noted some of the challenges. But how should we expect the differential to NYMEX to change as they progress through '27? So differential to NYMEX and then also the differential to international propane and NGLs and also domestic. Just curious how that captured looks moving forward.

我想也許我們可以先從——延續 Neil 的問題，回到實現價格（realizations）再追問一下：從溢價轉為折價——而且你們也提到了一些挑戰。但我們應該如何預期，隨著你們一路推進到 2027 年，相對 NYMEX 的價差（differential）會如何變化？也就是相對 NYMEX 的價差，以及相對國際丙烷與 NGL 的價差，還有相對國內市場的價差。想了解未來這種捕捉（captured）的情況會怎麼走。

Yeah. And differentials. Obviously, third quarter is always the weakest in the industry, you've always got September and October is your widest differential. And now that we have local dry gas, you'll see a little weakness there.

好的。關於價差。很明顯，第三季一向是產業裡最弱的季度；你總會遇到 9 月、10 月價差最寬。而現在我們有本地乾氣，這部分會看到一點疲弱。

A little more pronounced in Q3 just because of some downstream outages, and that's why we're at that $0.30 level. You look at Q4, you're maybe in the $0.20 range. So you get a little bit of improvement. And when you look at '27, you're maybe flat to dieback.

第三季會更明顯一些，主要是因為下游有一些停機/中斷，所以我們才會在 0.30 美元那個水準。看第四季，你可能在 0.20 美元左右。所以會有一些改善。而看 2027 年，你可能是持平到略為走弱（dieback）。

Also remember, a lot of that is our firm transportation optimization. So we're able to get others to pay us a bit of a premium at the index have more index exposure and not have the transport expense. So there is a benefit on our cash cost that's more than offsetting those differentials.

另外也要記得，其中很大一部分來自我們對固定運輸（firm transportation, FT）的最佳化。因此我們能讓其他人以指數價（index）付我們一點溢價、承擔更多指數曝險，同時不需要負擔運輸費用。所以在我們的現金成本上有一個好處，這個好處足以抵銷那些價差的影響。

Okay. Yeah. Understood. That's helpful. And then I guess as a follow-up, could you maybe talk a bit more about the Clarington supply agreement?

好的。了解。這很有幫助。那接著追問一下，你們能否再多談一點 Clarington 供應協議？

I think maybe it's two plus a premium. Is that how we should expect most of these deals to materialize at Mt plus a little bit of a premium?

我想可能是 M2 再加上一個溢價？我們是否可以預期，多數這類交易會以 Mt（或 M2）再加一點溢價的形式落地？

Yeah, I think that's a fair assessment. So if you look at those transactions, a little over $250 million a day we have about 400 million a day today going to the Clarington market. So you'd probably expect to see us do a bit more of those transactions over time.

是的，我覺得這樣的理解是合理的。如果你看那些交易，我們每天略高於 2.5 億立方英尺（或相當量），而目前每天大約有 4 億立方英尺（或相當量）流向 Clarington 市場。所以你大概可以預期，隨著時間推進，我們會再做一些這類交易。

That Clarington market is in $0.20 to $0.25 above M2 if you can do longer-term deals, if you're selling on the month or on the day, it's probably closer to like an M to plus 10 plus 15. So it does add some nice margin to the business when you can lock it out longer term.

如果能做較長期的合約，Clarington 市場大約比 M2 高 0.20 到 0.25 美元；如果你是按月或按日賣，可能更接近 M（或 M2）加 10、加 15（美分）。因此當你能把期限鎖得更長時，確實能為業務增加不錯的利潤空間。

And then I'd just say, overall, I think we see very strong demand at that Clarington market. A lot of demand pull coming from that market. And so I'd expect us to move more volumes up to that market over time, just given the demand pull and the inbounds we continue to get as it relates to that demand pull at that market.

另外我想整體而言，我們看到 Clarington 市場的需求非常強勁。那個市場有很強的需求拉動（demand pull）。因此，考量需求拉動以及我們持續收到與該市場需求拉動相關的進線（inbounds），我預期我們會隨時間把更多量移往那個市場。

Arun Jayaram, JPMorgan.

Arun Jayaram，JPMorgan。

You guys are about halfway through your margin enhancement program at least through 2028. Can you just elaborate on the next, call it, $160 million of of FT optimizations in the liquid FT and just maybe the timing of that and remind us what is happening there in terms of capturing that margin growth.

你們的利潤提升（margin enhancement）計畫至少到 2028 年，目前大概完成了一半。能否請你們再說明一下接下來、約 1.6 億美元的 FT 最佳化（主要在液體 FT）是什麼？也請談談時程，並提醒我們你們在這方面做了什麼、如何捕捉這些利潤成長。

Yeah, we're trying one of those is obviously just the expiration of our liquids transport. I believe it's 100 million of the 160 million remaining. The other 60 million is more dry gas development in these deals that Brendan has touched on local premium pricing on that as other transport rolls off. So that's the other 60 million. But 100 million is just the expiration of those liquids contracts. You can see that in our commitment table.

好的，我們在做的其中一項很明顯就是液體運輸合約到期。我相信在剩餘的 1.6 億美元裡，有 1 億美元來自這部分。另外 6,000 萬美元則更多來自乾氣的開發，以及 Brendan 提到的這些交易：隨著其他運輸合約到期（rolls off），我們在本地溢價定價上取得的成果。所以那是另外的 6,000 萬美元。但其中 1 億美元就是那些液體合約的到期。你可以在我們的承諾（commitment）表裡看到。

Got it. Got it. And then, Mike, as we think about cash production expense, you did 205 million in the quarter, is a little bit higher for got 210 million to 220 million. How do you anticipate that trending as we think about 27%, again, given the margin enhancement activities which are well underway.

了解。了解。另外，Mike，談到現金生產費用（cash production expense），你們本季是 2.05 億美元，接下來指引是 2.10 億到 2.20 億美元，稍微高一些。當我們思考 2027 年時，你預期這個項目會如何走勢？同樣地，考量利潤提升活動正在積極推進。

Yeah, it trends down over that time. Just to remind on Q4, it's just a tad up only because of fuel expense, a little higher commodity prices, nothing on the base business. The base business is flat at that [$2.05] level. currently, but that goes lower as we continue to execute on these firm transport optimization agreements and also as we booked continued natural gas sales agreements locally with burn transport rolling off, that continues to trend down and definitely trends down in '27.

是的，隨著時間推進它會下降。提醒一下第四季：它只會小幅上升，原因只是燃料費用——商品價格稍高，並不是基礎業務有變化。基礎業務目前在那個約 2.05（億美元）的水準是持平的。但隨著我們持續執行這些固定運輸最佳化協議，以及隨著燃運（burn transport）逐步到期、我們在本地簽下更多天然氣銷售協議，這個數字會持續下行，而且在 2027 年肯定會下降。

Kevin MacCurdy, Pickering Energy Partners.

Kevin MacCurdy，Pickering Energy Partners。

Mike, you mentioned Eastside expressed in your prepared remarks. And I wonder if you could expand a little bit on where that project gets your gas and what the conversations are like with end users. And will that Will that be filled with new production? Or would you be shifting gas from the markets there?

Mike，你在事先準備的發言中提到 Eastside Express。我想請你再多談一點，該專案的天然氣來源是哪裡，以及你們與終端用戶的對話情況如何。而且那條管線會由新增產量來填滿嗎？還是你們會把原本供應那些市場的天然氣轉移過去？

No, that's basically goes east west across our dry gas acreage that one of the last few Tier 1 dry gas undeveloped acreage, 100,000 acres that we have on the east side, building that all the way across basically to connect with our Sherwood transport into that area.

不，基本上它是沿著我們的乾氣礦權區由東向西橫跨而過；那是我們東側仍未開發、少數幾塊 Tier 1 乾氣礦權之一，我們在那裡有 10 萬英畝。把它一路建過去，基本上是為了連接我們的 Sherwood 運輸管線進入那個區域。

So you have the optionality to flow it on multiple different pipelines. I think we have seven or eight interconnects. We're getting so much interest on that. I don't know which way it's going to go or which pipes it's going to go, but that's what it does.

所以你就有彈性可以把氣體輸送到多條不同的管線上。我想我們有七到八個互聯點。我們對此收到非常多的興趣。我不知道最後會往哪個方向走、會走哪幾條管線，但它的功能就是如此。

It connects that 100,000 acres and allows for that dry gas development to find to find the best price. That will be a little bit, I think, of maybe some dry gas growth, but really replacing liquids production as well. So we don't forecast much gross gas but just more of a portfolio approach around our production mix going forward.

它把那 10 萬英畝連接起來，讓乾氣開發能夠去尋找最好的價格。我認為這會帶來一點點乾氣成長，但更主要是用來替代液體產量。因此我們不預期總天然氣量會大幅增加，而是更偏向以投資組合的方式，在未來圍繞我們的產量組合來配置。

I appreciate that answer. And then for my second question, maybe on the operations side. I know in prior quarters, you talked about bringing on a lean gas pad late this year. But just checking, is that liquids-rich pad new? And is that in response to the the high propane and butane prices you were seeing?

謝謝你的回答。那我的第二個問題可能是關於營運面。我知道在前幾季你們談到今年稍晚會投產一個瘦氣井場。但我想確認一下，那個富液井場是新的嗎？這是否是因應你們看到丙烷與丁烷價格偏高的情況？

No. In my initial remarks this year, we have one pad called the Barnat pad that was a DUC we were going to wait to see where prices were to complete. It's a 1,300 Btu pad. We're completing it right now on the western side of our field. Obviously, with C3+ prices, $60-plus, we're completing that right now.

不是。在我今年一開始的發言中，我們有一個叫 Barnat 的井場，是一個 DUC（已鑽未完井），我們原本打算等看看價格走勢再決定完井。那是一個 1,300 Btu 的井場。我們現在正在我們油氣田西側把它完井。很明顯地，在 C3+ 價格 60 美元以上的情況下，我們現在就把它完井。

David Deckelbaum, Stifel.

David Deckelbaum，Stifel。

Just wanted to ask, the update, obviously, on continuing the growth program makes a lot of sense with $60 a barrel C3+ pricing. As we get into next year, I think you talked about high single-digit growth, which I guess would approach that 4 or 5-plus level on average. I guess, how much growth capital would you be contemplating for next year? And should we think about it similarly the '27 in such a rich C3+ pricing environment?

我想問一下最新進展：顯然在每桶 60 美元的 C3+ 定價下，持續推進成長計畫很合理。展望明年，我想你們提到高個位數成長，我猜平均可能接近 4 或 5 以上的水準。那麼，明年你們大概會考慮投入多少成長資本？而在這樣 C3+ 價格很強的環境下，我們是否也應該用類似的方式看待 2027 年？

I think about it the same way this year. I mean, our goal is to be the most capital efficient operator in the basin and we proved that out over the past couple of years that we are, and that's keeping a consistent program of three rigs and two completion crews, and that's what our intention will be.

我用跟今年一樣的方式來看。我的意思是，我們的目標是成為盆地裡資本效率最高的營運商，而過去幾年我們也證明了我們做得到；做法就是維持一致的作業節奏：三座鑽機、兩組完井團隊，這也會是我們的意圖。

We will always have a discretionary component to whether we complete a couple of pads into Q4, just depending on commodity prices because we're not going to complete into known weak commodity prices in the winter or known weak liquids prices. You saw that strategy play out this year. We were patient and disciplined and then we looked in September, we decided, well, let's just hedge our lean gas at 350.

我們永遠會保留一個可裁量的部分，也就是是否在第四季完井幾個井場，這要看商品價格而定，因為我們不會在冬季已知的弱勢商品價格、或已知的弱勢液體價格下去完井。你今年已經看到這個策略如何發揮作用。我們保持耐心與紀律，然後在 9 月我們決定：好，那就把我們的瘦氣在 3.50 做避險。

You saw those hedges we added during the quarter, basically $100 million plus a day of hedges at 350 for '27 and '28, so to protect those economics and then, of course, complete the liquids pad with $60-plus NGLs. So you can expect a similar capital plan next year as we had this year.

你也看到我們在本季新增的那些避險，基本上是在 2027 與 2028 年以 3.50 做了每天 1 億美元以上的避險，以保護那些經濟性；然後當然，在 NGL 60 美元以上時完成富液井場。因此你可以預期明年的資本計畫會與今年相近。

I appreciate that. Can we talk a little bit about some of the firm sales agreements? It seems like a pretty interesting source of upside to margin in the coming years. With this first deal here, -- how do we think about, I guess, the duration of these contracts relative to maybe some of the firm sales agreements you've looked at in the past?

謝謝。我們能否談一下部分的固定銷售協議（firm sales agreements）？看起來這在未來幾年可能是提升利潤率的一個相當有趣的上行來源。就這第一筆交易而言，— 我們該如何看待這些合約的期限，相較於你們過去評估過的一些固定銷售協議？

Like we're seeing incremental demand from utilities and this Clarington area as we get down there. Should we expect that the duration of some of these contracts to be longer than what we've seen? Or are these fairly like 1- to 2-year type agreements?

像是我們在往 Clarington 區域推進時，看到公用事業的增量需求。我們是否應該預期這些合約的期限會比以往更長？還是它們大致上是 1 到 2 年期的協議？

Yeah. I think it depends on which firm sales and which markets you're talking about. So in the Clarington market and when we have FP rolling off as well. So in the Clarington market, a lot of times, you can roll these one to two years and get those premiums. I think over time, you'll likely see those contracts extend.

是的。我想這取決於你談的是哪一類固定銷售、以及哪一個市場。例如在 Clarington 市場，以及我們也有 FP 到期（rolling off）的情況。在 Clarington 市場，很多時候你可以把這些合約以 1 到 2 年的方式續約並取得溢價。我認為隨著時間推進，你很可能會看到這些合約期限拉長。

And then I think Mike talked about the Eastside lateral earlier as well. I think the benefit there is when we have FTE rolling off, and I'll call out one in particular, I mean, we've got a contract that's about 200 million a day that we're having many discussions on just replacing that selling volume off of each side side express.

另外我想 Mike 先前也提到 Eastside lateral。我認為那裡的好處在於我們有 FTE 到期；我特別點出一個例子：我們有一份約每天 2 億立方英尺的合約，我們正在進行很多討論，想用 East Side Express 這一側的銷售量來替換那部分的銷售量。

And if you replace this 200 million a day contract with volume at M2 plus contract off of that pipe, it's upwards of 75 million to 80 million of margin enhancement. That's just one 200-a-day contract. So that gives you some some magnitude of the margin enhancement we talked about.

如果你把這份每天 2 億立方英尺的合約，改成用那條管線上的 M2 plus 合約來供應，其利潤率提升可達約 7,500 萬到 8,000 萬美元。這只是其中一份每天 2 億的合約。所以這能讓你感受到我們所談的利潤率提升幅度。

We've got the 300 million by year-end '28. And then we talked about doubling that beyond '28. Well, that doubling is really related to selling some of these longer-term deals in basin, both at the Clarington market, but also off of East Side Express, and there may be additional pipes down the road that we'll sell off of off of AM built pipes as well that we see significant margin pick up on.

我們在 2028 年底前有 3 億（的目標）。然後我們也談到在 2028 年之後要把它加倍。這個加倍主要與在盆地內簽一些較長期的交易有關，包含 Clarington 市場，也包含 East Side Express；而且未來可能還會有其他管線，我們也會在 AM 建成的管線上進行銷售，因為我們看到那裡有顯著的利潤率提升空間。

Jacob Roberts, TPH Research.

Jacob Roberts，TPH Research。

I wanted to touch base on the 400 million a day optimization. I just want to make sure, is that inclusive -- or included in the 1 billion target and then when we think about that uplift of 50 million on 1 billion a day or Bcf a day, does that give you -- is that including the lower realization, the 35% realization haircut you framed in Q2.

我想確認一下每天 4 億立方英尺的最佳化。我只是想確定：這是包含在 10 億（立方英尺/日）的目標裡嗎？另外，當我們談到在每天 10 億立方英尺（1 Bcf/d）上帶來 5,000 萬美元的提升時，這個數字是否已經包含你們在第二季提到的較低實現價格，也就是 35% 的實現折扣（realization haircut）？

Yes, yes, both. The 400 is inclusive in that 1 Bcf. So it's a total of 1 Bcf and then the 50 million is net of the realization impact.

是的，是的，兩者都是。那 4 億是包含在 1 Bcf 裡的。所以總量是 1 Bcf，而那 5,000 萬是扣除實現價格影響後的淨額。

Okay. Perfect. And then a minor modeling question. When we're thinking about that high single-digit growth in 2027 potentially, is the right starting point, the 4.3 or 4.5 on an uncurtailed basis?

好的，完美。再問一個小的模型問題。當我們思考 2027 年可能的高個位數成長時，正確的起點是以未限產（uncurtailed）基礎的 4.3 或 4.5 嗎？

It's the average of '26 high single-digit growth over the average '26.

是以 2026 年平均值為基礎，對 2026 年平均值做高個位數成長。

Okay. Perfect. So year over year, got it.

好的，完美。所以是年對年，了解了。

Yeah. Sure.

對，沒錯。

Betty Jiang, Barclays.

Betty Jiang，Barclays。

A lot of my questions have been answered. Just maybe a follow-up on the Bcf per day, the FT, which market are you willing to effectively trade away for that lower transport costs? Is there a market that you would not want to reduce your exposure to and within Gulf Coast, you have three sub hubs that you have exposure to just would love to get some more color on that.

我大部分的問題都已經被回答了。我可能追問一下每天 10 億立方英尺、以及 FT（固定運輸）這部分：為了較低的運輸成本，你們願意實質上「交換」掉哪一個市場？是否有某個市場是你們不希望降低曝險的？另外在墨西哥灣沿岸（Gulf Coast），你們有曝險的三個子樞紐（sub hubs），也希望你們能再多提供一些說明。

We're not trading in a way. We're optimizing it. So it's not really market dependent. It's just wherever there's some demand pull is going to pay us premiums and we'll -- we'll go out with much more than the Bcf. The BCF is just our target, and then we'll see where we get the best response and best margin improvement.

我們某種程度上不是在做交易。我們是在做最佳化。所以它其實不太依賴市場。只要哪裡有一些需求拉動願意付我們溢價，我們就會——我們會做得遠超過那個 Bcf。BCF 只是我們的目標，然後我們會看哪裡能得到最好的回應與最大的利潤改善。

Got it. So it could be coming from anywhere within your FT portfolio.

了解。所以它可能來自你們 FT 投資組合中的任何地方。

That's correct.

沒錯。

Great. And -- and then on the Clarington, Ohio opportunity out of your out of your 16 Bcf per day power demand outlook, maybe how much do you see that coming from Clarington and how big could that market become over time?

很好。然後——再談你們在俄亥俄州 Clarington 的機會：在你們每日 16 Bcf 的電力需求展望中，你們認為其中大概有多少會來自 Clarington？而且隨著時間推移，那個市場可能會成長到多大？

Yeah. So I think I mentioned we've got 400 a day flowing there today. I think given the demand pull we're seeing at that market of Bcf a day, you have at least, I'd call it, 5 to 6 Bcf a day being pulled out of that market. And so taking that 400 up another Bcf a day is not unrealistic in terms of going additional volume at that Clarington market. Just again, given the demand pull that we're seeing there and the inbounds we're getting into it relates to folks needing supply.

是的。所以我想我提過，我們目前在那裡每天有 400 的流量。我認為，考量我們在那個市場看到的每日 Bcf 等級的需求拉動，至少可以說有 5 到 6 Bcf/日是從那個市場被拉走的。因此，就在 Clarington 市場把那 400 再提高到額外 1 Bcf/日，在增加量的角度來看並不不切實際。同樣地，主要是因為我們在那裡看到的需求拉動，以及我們收到的、與各方需要供應相關的詢問。

Phillip Jungwirth, BMO Capital Markets.

Phillip Jungwirth，BMO 資本市場。

Just on the liquids FP optimization, recognizing you're not going to be recontracting for ethane capacity on ATEX. But -- is there a way this pipe could still be beneficial to Antero if it were converted to some other C3+ line? And just separately on C3+ realizations. What are the puts and takes of elevated freight rates on Antero's export netbacks or Bellevue prices?

關於液體（liquids）FP 的最佳化，理解你們不會在 ATEX 上重新簽訂乙烷運能合約。但——如果這條管線改成其他 C3+ 管線，是否仍可能對 Antero 有利？另外，關於 C3+ 的實現價格（realizations）。運費率維持在高檔，對 Antero 的出口淨回收（export netbacks）或 Belvieu 價格有哪些利多與利空？

Yeah. I mean, I think we still expect that pipeline to remain in ethane service. I mean, it's possible you could see another product move on it, and that's certainly out there as an idea. But we still think a number of folks in the basin will rely on that pipe for ethane transportation. So I don't really see that as something that we're going to spend a lot of time or attention on.

是的。我的意思是，我們仍預期那條管線會維持乙烷服務。當然也有可能看到它運送其他產品，這確實是一個外界提出的想法。但我們仍認為盆地裡有不少業者會依賴那條管線來運輸乙烷。所以我不太認為這會是我們要投入很多時間或注意力的事情。

But yes, just overall, the basin realizations -- our entire strategy has been around margin enhancement. So you're going to see us optimize our portfolio as things expire at the end of 2028. Realizations may come down, but overall costs will come down more than that. And so I think that's directionally, we'll see from us moving into the late part of the decade.

不過是的，整體而言，盆地的實現價格——我們整個策略一直圍繞在利潤提升。因此，隨著合約在 2028 年底到期，你會看到我們去最佳化我們的投資組合。實現價格可能會下降，但整體成本會下降得更多。所以我認為，方向上來看，這會是我們在本十年後段所呈現的走向。

Okay. Great. And any thoughts on freight rates as those stay elevated and impact on export netbacks or Belvieu?

好的，很好。那對於運費率維持高檔、以及對出口淨回收或 Belvieu 的影響，有什麼看法嗎？

Yeah. I think for 2027, market expectation is things will stay pretty elevated at least through the first half of the year. But as we move through the -- through Cal27, you'll start to see some relief there as well. I think -- the big question is, is there actually enough US supply to fill all of these dock expansions on day 1.

是的。我認為對 2027 年而言，市場預期至少到上半年都會維持在相當高的水準。但隨著我們進入——進入 2027 年曆年（Cal27）期間，你也會開始看到一些緩解。我認為——最大的問題是，美國供應量是否真的足以在第一天就填滿所有這些碼頭擴建。

I think the answer to that is probably no, not. And so I think that will also maybe create some new perceptions in the freight market that may not be there right now, that will also help temper freight rates.

我想答案大概是否定的，不是。因此我認為，這也可能會在運費市場形成一些目前還不存在的新認知，進而有助於抑制運費率。

Great. And then I know this comes up from time to time, but just in light of industry M&A, just wondering if you feel like the ARAM structure is still optimal. Is there any argument that having AM as wholly owned could improve the competitiveness as it relates to supply deals or you're still happy with the structure here and you AM's lower cost of capital is maybe even advantaging it, especially as capital investment opportunities increase.

很好。然後我知道這個問題不時會被提到，但就產業併購（M&A）而言，想請教你們是否覺得 ARAM 架構仍是最優？是否有任何理由認為，若 AM 為 100% 持有，能在供應協議等方面提升競爭力？或者你們仍對目前架構感到滿意，而 AM 較低的資本成本甚至可能帶來優勢，特別是在資本投資機會增加之際。

Exactly on that last point, it's still an advantaged structure. You saw that play out in '26. You saw it's been having M&A from both an upstream and midstream perspective and being able to value the midstream appropriately and the upstream appropriately really helped us on our large acquisition this year.

正如你最後那點所說，這仍是一個具優勢的架構。你在 2026 年看到它如何發揮作用。你也看到，從上游與中游兩個角度都有併購活動，而能夠適當地為中游與上游分別估值，確實在我們今年的大型收購案中幫了很大的忙。

In addition, AM is now positioned for the first time in quite some time to have these regional growth projects, and that will benefit from the lower cost of capital as well. One thing you need to do in Appalachia is you need to control the midstream and we control it. So strategically, there is no difference. We control the midstream on our development on our acreage and we'll always control the midstream. So having the lower cost of capital as a benefit.

此外，AM 現在也在相當長一段時間以來首次具備這些區域性成長專案的布局，而這同樣會受益於較低的資本成本。在阿帕拉契亞，你必須做的一件事就是掌控中游，而我們確實掌控它。所以在策略上沒有差別。我們掌控我們在自有區塊上的開發所需的中游，而且我們永遠會掌控中游。因此，較低的資本成本是一項好處。

Subash Chandra, Stonex.

Subash Chandra，Stonex。

Yeah. The October move we've seen so far in C3+, -- how much of that do you think is war related? And in the event of piece like what the drivers, what would your view be revised any for C3+.

是的。到目前為止我們看到 10 月 C3+ 的走勢——你認為其中有多少是與戰事相關？如果出現和平之類的情境，驅動因素會是什麼？你對 C3+ 的看法會如何調整？

Yeah, it's Dave. I'll take that one, Subash. I mean, I think oil pacing around $100 WTI, call $100, $115 mid-teens Brent. The prices that we're seeing right now for propane and butane in the international market delivered are very much in line with historical levels like what you would see relative to naphtha and oil prices in those markets. So I think your question is a good one around how much of this is more related driven.

是的，我是 Dave。我來回答這題，Subash。我的意思是，我認為原油在每桶約 100 美元 WTI（就算 100），Brent 在 100 到 115 美元、十幾美元區間。我們目前在國際市場看到的丙烷與丁烷到岸交付價格，與歷史水準非常一致，也就是你在那些市場相對於石腦油與油價所會看到的關係。所以我認為你問「其中有多少是更偏向事件/戰事驅動」是個好問題。

We certainly -- yes, it had an impact, obviously, on liquids prices, refined products availability, et cetera. And the thing that we've seen, it's been a little bit different. You've seen more -- a greater recovery in oil through the Strait of Hormuz and have an LPG and you look at it globally, we're still down about 25% of waterborne LPG due to the impacts in the straighter moves, just not as much of a recovery on the LPG side in that region. So that probably lends itself to additional tailwinds relative to oil for the NGL barrel moving forward if this continues to prolong itself.

我們當然——是的，它顯然對液體價格、成品油供應可得性等等造成了影響。而我們看到的一點是，情況有些不同。你看到穿越荷姆茲海峽的原油運輸復甦得更多；但在 LPG 方面，從全球角度看，由於海峽航運受影響，海運 LPG 仍大約下降 25%，也就是在該區域 LPG 端的復甦沒有那麼多。因此，如果這種情況持續拖延，這可能會讓 NGL 桶相對於原油在未來獲得額外的順風。

But certainly, $100 oil is going to lead to a pretty strong NGL price, and that's what you're seeing in our realizations in the fourth quarter.

但可以確定的是，100 美元的油價會帶來相當強勁的 NGL 價格，而這正是你在我們第四季實現價格中看到的。

Yeah. And then I guess with the liquids pad coming on 4Q and maybe with some of the curtailments. I mean, it doesn't look like there's going to be much of a move, maybe 1% one way or another, but -- do you think there'll be a bigger NGL emphasis in the completion schedule you have for next year?

是的。那我想，隨著液體井場在第四季投產，或再加上一些限產。我的意思是，看起來變動不會太大，可能上下 1% 而已，但——你認為明年的完井排程會更偏重 NGL 嗎？

No, it's general -- like we talked about, we want to balance. It's more like 50-50 in on a go-forward basis between the dry gas and liquids. That's not on production. That's actually on development path. It really doesn't move the needle. You still say 70% liquids and 30% liquids and 70% gas.

不會，整體——就像我們談過的，我們希望保持平衡。往後看，在乾氣與液體之間更像是 50/50。那不是指產量。那其實是指開發路徑。它其實不太會造成實質影響。你仍然會說 70% 液體、30% 液體與 70% 天然氣。

Leo Mariani, Roth.

Leo Mariani，Roth。

Just wanted to dive back into the comment around high single-digit production growth in 2027 year over year. just doing some backing envelop math here, it looks like it puts you guys around 4.5 a day and prior to curtailing in 4Q because weren't too far off that guiding to about 4.45.

我想再深入一下你們提到 2027 年年增高個位數產量成長的評論。我這邊用一些粗略的回推計算，看起來會把你們帶到大約每日 4.5，而在第四季限產之前，你們的指引其實離大約 4.45 也不遠。

So I guess it implies some pretty limited organic growth next year. Just any comments around that? Are you purposely not trying to really put much growth in the system next year? Or just how you're thinking about.

所以我想這意味著明年有機成長相當有限。對此有什麼評論嗎？你們是刻意不想在明年的系統裡放入太多成長嗎？還是你們是怎麼思考的。

Yeah. I think it will be a little -- a 4.5% a risk curtailment number. If you had not unrisking and no curtailments thought about or just put in a range. I think you'd be above the 4.5%.

是的。我認為會稍微——大約是 4.5% 的風險收縮數字。如果你沒有去風險、也沒有把任何限產納入考量，或只是放一個區間，我想你會高於 4.5%。

And I think on a year-over-year basis, if you go Q4 to Q4, you'll certainly see some growth.

而且我認為以年對年來看，如果你用第四季對第四季，你肯定會看到一些成長。

Yeah.

是的。

Okay. No, that makes sense on the curtailment. So obviously, you guys are factoring that in, certainly makes sense.

好的。不，這在限產方面說得通。所以很明顯，你們把那個因素納入了，確實合理。

Exactly. And the same thing on the production on the DUC capital will always have a DUC component. So for the Q4, and that will influence 27, will have a little bit of influence on when we turn in line pads and maybe waiting until December months to turn it on instead of like September, October and a year can influence the production as well.

沒錯。而且在 DUC 資本的產量上也是同樣的道理，永遠都會有一個 DUC 的組成。所以對第四季而言，而那也會影響到 27 年，會對我們何時把井場/井墊（pads）接入管線（turn in line）有一點影響，可能會等到 12 月才啟用，而不是像 9 月、10 月那樣；一年之中啟用時間的不同也會影響產量。

Yeah. Okay. And then just with respect to inflation, are you guys seeing any of that up there in Appalachia at this point in time? And do you think that, that could potentially worsen a bit as we get into 2017? Just comments around that?

是的。好的。那再談通膨，你們目前在阿帕拉契亞那邊有看到任何通膨壓力嗎？你們覺得進入 2017 年後，情況可能會稍微惡化嗎？對此有什麼看法？

Not really -- we were looking at that yesterday, just trying to get our arms around it. We're really not seeing anything on the service. You see maybe a on raw materials on like oil-based mud or a little bit on steel, but nothing material, nothing you would really note if you weren't trying to dive in and analyze it.

其實沒有——我們昨天才在看這個，想把狀況掌握清楚。我們在服務端真的沒有看到什麼。你可能會在原物料上看到一些，例如油基鑽井泥漿，或鋼材有一點點，但都不重大；如果你不是刻意深入分析，其實不會特別注意到。

Okay. That's helpful. And then just on your gas price realizations, at the start of the year in 2016, you guys were a little bit more optimistic that you guys would be getting some premiums. I think a lot of it was due to pull from the LNG market. And I guess that really hasn't materialized at this point.

好的。這很有幫助。再來談你們的天然氣售價實現（realizations），在 2016 年年初，你們對能拿到一些溢價是比較樂觀的。我想其中很大一部分是因為 LNG 市場的拉動。但我想目前看起來並沒有真正實現。

Could you maybe just address that dynamic in terms of maybe what went against you there? And do you expect maybe that trend can reverse a bit just given the strong LNG pull that we see in 2017 and you can get back up to some better gas prices?

你能否談談這個動態，像是有哪些因素對你們不利？以及你是否預期，考量到我們在 2017 年看到強勁的 LNG 拉動，這個趨勢可能會有些反轉，讓你們的天然氣價格回到更好的水準？

Yeah. I think September and October, we saw the lowest regional gas price we've ever seen. So that wasn't anticipated. There was like weekends, we like $0.60, we didn't sell it, of course, but the weakness was exacerbated by all the downstream issues that occurred in September and October. So backed it up on a historic level back up into the region.

是的。我想在 9 月和 10 月，我們看到的是我們有史以來最低的區域天然氣價格。所以那並不在預期之內。有些週末價格大概只有 0.60 美元，我們當然沒有賣，但 9 月和 10 月發生的所有下游問題讓疲弱情況被放大。所以在歷史性的程度上把氣量回堵到區域內。

So -- we, of course, didn't forecast that. We don't forecast it going forward, but we're obviously flexible enough to not have to sell into that. So we are -- we have the ability to just wait and sell it in December. So -- that's what went against us. Batten.

所以——我們當然沒有預測到那個。我們也不會把它當作未來的預測，但我們顯然夠有彈性，不必在那種情況下賣出。所以我們——我們有能力等一等，12 月再賣。所以——那就是對我們不利的地方。Batten。

-- we've been way more successful in our optimization of the firm transport, and we thought the demand pulls real. And you saw that in the third quarter. And so when that occurs, you have slightly lower realized price, but much lower cash production expense.

——我們在固定運輸（FT）的最佳化上成功得多，我們原本認為需求拉動是真實存在的。而你在第三季也看到了。因此當那種情況發生時，你的實現價格會稍微低一些，但現金生產費用會低很多。

Paul Diamond, Citibank.

花旗銀行 Paul Diamond。

Just wanted to touch back on FT optimization. So in your path to the initial 300million has been quick into the point, the additional, I guess, 55 you see in 27, 28, I guess, is that expected to be more chunky? Or will it be a bit more taken in time here and there? I guess how do you see that (inaudible) that coming through?

我想再回到 FT 最佳化。所以你們達成最初 3 億美元的路徑很快、也很到位；那麼你們在 27、28 年看到的額外、我想是 5,500 萬美元，預期會比較「分段式」地出現嗎？還是會比較分散、在不同時間點逐步取得？我想問你怎麼看（聽不清）這部分的落地？

Yeah, I think you'll see that play out more ratable over time in '27 and '28 as we continue to sign some of these sales agreements and pick up margin incremental margin on each of those agreements, you'll see that $55 million achieved. So ratable throughout the next couple of years is a good way to think about it..

是的，我認為你會看到在 27 年與 28 年，隨著我們持續簽署其中一些銷售協議，並在每一份協議上取得額外的增量毛利，那 5,500 萬美元會以較平均的方式隨時間逐步實現。所以把它視為在未來幾年較為平均地攤開，是個不錯的理解方式。

Got it. Understood. And then just actually sticking on the FT optimization beyond 2018. I know you guys talked about doubling the current plan or additional $300 million, I guess, is that more on just FT like contract role? Or should we think about more optimization or sales or more like actionable moves?

了解。明白。那再延伸一下，談 2018 年之後的 FT 最佳化。我知道你們提到把目前的計畫加倍，或再增加 3 億美元；我想那主要是針對 FT 合約到期（roll off）嗎？還是我們應該把它想成更多的最佳化或銷售、或更偏向可執行的動作？

Yeah. I mean, the easy way to think about it is you have some portions of our FT portfolio. When you look at the all-in netback and all-in cost demand variable all that it takes to get to certain delivery points better upwards of $1.35, $1.40 back of Henry Hub. But if you look out at the local price, you're $0.65 to $0.70 back of Henry and a lot of these agreements that we're looking at with counterparties that need supply, they're willing to pay a premium on top of that.

是的。我的意思是，最簡單的想法是：我們的 FT 組合裡有一些部分。當你看全包的淨回收（netback）與全包成本——需求費、變動費，以及把氣送到特定交付點所需的一切——有些會比 Henry Hub 低超過 1.35、1.40 美元。但如果你看本地價格，則大概只比 Henry 低 0.65 到 0.70 美元；而我們正在與一些需要供應的交易對手洽談的許多協議，他們願意在此基礎上再支付溢價。

So if you can replace volume -- significant volume that's $1.35 back of Henry with stuff that's call it, $0.55 to $0.60 back of Henry in basin, that's the big driver of that doubling of margin that we see. So we're not even assuming you're -- we're going to keep the good FT that goes to the strong LNG pole -- but the FT, we're going to optimize the FT when it's rolling off and replace that with longer-term sales agreements in basin. We're seeing a lot of like I said, a lot of interest on those deals. So feel very confident about that ability to be able to double that $300 million target.

所以如果你能把量——相當可觀的量——從「比 Henry 低 1.35 美元」的去處，替換成在盆地內大概「比 Henry 低 0.55 到 0.60 美元」的去處，這就是我們看到毛利加倍的最大驅動因素。所以我們甚至沒有假設你——我們會保留那些通往強勁 LNG 拉動的優質 FT——但對於 FT，我們會在合約到期時進行最佳化，並用盆地內的長期銷售協議來替換。我們看到很多——如我所說，對這些交易有很多興趣。所以對於能把 3 億美元目標加倍的能力，我們非常有信心。

John Abbott, Wolfe Research.

Wolfe Research 的 John Abbott。

First question is, in your opening remarks, you just talked about the premium being paid for core acreage and how it's a windowing amount of doing amount -- how does that change your thoughts about potential M&A from either both a buyer or a seller perspective? Is more scale necessary since we're seeing more consolidation?

第一個問題是，在你們的開場談話中，你提到核心區塊（core acreage）正在被支付溢價，以及這是一個窗口期、正在發生（聽不清）——這如何改變你們對潛在併購（M&A）的想法，無論是從買方或賣方角度？在我們看到更多整併的情況下，是否需要更大的規模？

For a buyer of acreage and being one of the few investment-grade companies with scale already, we have an advantage, plus we have upstream and midstream and we control a lot of the transport and all the infrastructure. And we are the builder industrial builder of Northern West Virginia. So we are the consolidator of West Virginia acreage.

作為土地（acreage）的買方，而且我們已經是少數具投資級評等、且已有規模的公司之一，我們有優勢；再加上我們同時擁有上游與中游，我們掌控了大量運輸與所有基礎設施。而且我們是北西維吉尼亞的工業建設者。所以我們是西維吉尼亞土地的整併者。

So that gives us an advantage -- it is scarce, but we do surround a lot of the acreage now. So we're probably the only buyer of a lot of this, our only logical buyer. And there's a lot of efficiencies and synergies that we can value. So that makes us a likely consolidator of the (inaudible).

所以這讓我們有優勢——資源很稀缺，但我們現在已經包圍了很多土地。所以我們可能是其中很多資產的唯一買方，或唯一合理的買方。而且我們可以評估很多效率與綜效。因此這讓我們很可能成為（聽不清）的整併者。

Appreciate it. And then when you see this spike in NGL pricing in 2020, Stephan, I mean, you are going to continue with your share repurchases. How do you think about buybacks versus just parking cash on the back? I mean, do you just continue to buy? Do you think -- you think about this as sustainable? Do you take a more cautious approach? How do you approach buybacks when you see this outlook?

感謝。然後當你看到 2020 年 NGL（天然氣液體）價格出現這個飆升時，Stephan，我的意思是，你們會繼續進行股票回購。你如何看待回購相較於只是把現金放在資產負債表上？我的意思是，你們就持續買進嗎？你認為——你認為這是可持續的嗎？你會採取更謹慎的做法嗎？當你看到這樣的前景時，你們如何進行回購？

Yeah, we're opportunistic depending on where the market's at. Generally, when we have buybacks at the time, it's on like 10b5-1 plans and we set in motion a buyback at a share price relative to propane, natural gas price or it's a two or three factor equation.

是的，我們會視市場狀況而定，採取機會主義的做法。一般來說，當我們在做回購時，會透過 10b5-1 計畫來執行，我們會依據相對於丙烷、天然氣價格的股價來啟動回購，或者說這是一個由兩到三個因素構成的方程式。

So we assess that every quarter. We look at where we're at versus where the commodities are at, where our free cash flow is out of our debt at where our M&A opportunities are at and set it then. So we're highly opportunistic.

所以我們每一季都會評估。我們會看我們的位置相較於商品價格、我們的自由現金流、我們的負債狀況、我們的併購（M&A）機會，然後再做設定。所以我們非常機會主義。

We're very -- this year, we're happy that we were able to buy in over the last five quarters -- or 5 million shares. We hope to continue to do that. At these levels, the opportunity seems to be there.

我們非常——今年我們很高興，過去五個季度我們能夠回購——約 500 萬股。我們希望能繼續這麼做。在目前這些水準下，看起來機會仍然存在。

John Annis, Texas Capital.

John Annis，Texas Capital。

For my first one, the (inaudible) assets are already showing significant D&C improvements relative to the prior operator. Can you provide some color on what you've done differently to achieve those efficiencies? And then looking ahead, what additional levers do you see to drive further gains?

我的第一個問題，（聽不清）資產相較於前一位營運商，已經顯示出顯著的鑽井與完井（D&C）改善。你能否說明一下你們做了哪些不同的事情來達成這些效率？然後展望未來，你們還看到哪些額外的槓桿可以推動進一步的提升？

Yeah. Well, we brought a way that we operate to their assets the way we've done it for the last 15 years. We have over 1,500 wells of experience when we brought our operations team, which is the best in the business to do it. an easy one to look at is HG was doing three or four stages per day of completions. We do 13 to 14.

是的。嗯，我們把我們過去 15 年的作業方式帶到他們的資產上。我們有超過 1,500 口井的經驗，並且把我們的營運團隊帶進去——這是業界最好的團隊。一個很容易看的例子是，HG 的完井每天做三到四個段（stages）。我們一天做 13 到 14 個。

So that's always going to lend itself to a lot of efficiencies the drilling days two were sub five days per 10,000 feet. They were double digits on that metric. So just those two, it's a lot of just bringing our practices to those assets, and we've done that. So -- that's how we've been able to achieve those.

所以這必然會帶來很多效率；鑽井天數方面也一樣，我們做到每 10,000 英尺不到 5 天。他們在這個指標上是兩位數。所以就這兩點而言，很大一部分就是把我們的做法帶到那些資產上，而我們也確實做到了。所以——這就是我們能達成這些成果的方式。

Those have been ahead of schedule on the synergies. I think we said $75 million. We're well in the triple digit and that over $100 million for the year on that those will continue going forward.

這些協同效益的實現進度也超前。我想我們原先說是 7,500 萬美元。我們已經遠超過三位數，也就是今年超過 1 億美元，而且未來還會持續。

Got it. And for my follow-up, I think you look to optimize both natural gas and liquids transport I'm curious how you weigh reducing fixed commitments today versus your ability to capture premium pricing or serve new demand later along your FT pathway or is it that the portfolio can become both lower cost and more flexible?

了解。我的追問是，我想你們希望同時優化天然氣與液體的運輸；我很好奇你們如何權衡：今天降低固定承諾（fixed commitments）與未來沿著你們的 FT 路徑捕捉溢價定價或服務新增需求的能力之間的取捨？還是說，這個組合可以同時變得更低成本且更具彈性？

Well, it's both. The benefit that we have is, I think, in one of the colors, we have 30 pads, I think I said it's exactly 28 pass. So we know exactly which ones are margin enhancing and which ones are not -- that knowledge is invaluable as we go forward. And so we were able to pick the best ones, capture the highest margins in the ones that may not be as margin-enhancing replace those with those local firm sales or local natural gas sales agreement. So we're in a great position.

嗯，兩者都有。我們的優勢在於，我想在其中一個說明裡，我們有 30 個 pad，我想我說的是確切 28 個 pad。所以我們非常清楚哪些能提升利潤、哪些不能——這些知識在未來非常寶貴。因此我們能挑選最好的，抓住最高利潤；而對於那些可能不那麼提升利潤的，我們就用本地的固定銷售或本地天然氣銷售協議來替代。所以我們處在很好的位置。

Josh Silverstein, UBS.

Josh Silverstein，瑞銀（UBS）。

Outside of the sales -- potential sales agreements, we're -- I think every company like you guys or your peers are starting to look at ways to enhance their revenue or look at commercial and marketing optimization. Part of this is maybe storage or looking at different FT capacity. How are you thinking about the revenue side versus just the cost side, which you've outlined?

除了銷售——潛在的銷售協議之外，我想像你們或同業這樣的公司都開始尋找提升營收的方法，或是做商務與行銷面的最佳化。其中一部分可能是儲存，或是看不同的 FT 運能。相較於你們已經說明的成本端，你們如何思考營收端？

So we already captured it through all the transport we have. Others don't have to transport, so they're trying to generate that without actually physically having the ability to fill their equity volumes. So we've captured it through the transport and then we're going to capture the real margin by floating on that to the best pass to the coast and get the AR between the international pricing and the US pricing. So that's how we chose to capture it.

所以我們已經透過我們擁有的所有運輸能力把它捕捉到了。其他人沒有這些運輸能力，所以他們試圖在沒有實際、實體能力去承載其自有權益量（equity volumes）的情況下創造那個價值。我們已經透過運輸捕捉到了，接著我們會把它「浮」到通往海岸的最佳路徑，去取得國際價格與美國價格之間的價差（AR）。這就是我們選擇的捕捉方式。

State loading, get to the coast to actually have our physical volumes that are being transported. And in that way, we can continue to reduce our commitments by still, but still enhancing our margins.

分段裝載（state loading），把它送到海岸，確保我們被運輸的是實體量。透過這種方式，我們仍然可以在降低承諾的同時，提升我們的利潤率。

Got it. And then new record or a record lateral this quarter, around 25,000 feet. Can you just talk about the ability to keep going down that path getting towards the 20,000-foot average lateral? And then maybe just some of the thoughts around the economic enhancements by doing this.

了解。另外，本季創下新的紀錄——或是一個紀錄性的水平段（lateral），大約 25,000 英尺。你能談談沿著這條路徑繼續推進、朝 20,000 英尺平均水平段邁進的能力嗎？以及這樣做在經濟性提升方面的一些想法。

Yeah, significant economic enhancements. I think next year, our drilling is going to average 18,000 feet, which is a record. I think this year made 15 and 16, we completed the 25. You had a lot of cost per foot advantages by going out that much longer. We continue to push it.

是的，經濟性提升非常顯著。我想明年我們的鑽井平均水平段會是 18,000 英尺，這會是紀錄。我想今年是 15,000 到 16,000，而我們完成了 25,000 的那口。把水平段拉得更長，在每英尺成本上有很大的優勢。我們會持續推進。

I think in the coming years, you'll probably see us maybe next year in the next go over 30,000 the goal. So we'll continue to push and push and -- the beauty of HD and now our Eastside expressed the development of that 100,000 of undeveloped natural gas acres as we can perfectly plan it -- and I think you touched on the number, you get five wells going north 20,000 feet, on south, 20,000 feet.

我想在未來幾年，你可能會看到我們——也許明年下一步的目標是超過 30,000。所以我們會持續推、持續推——而 HD 的優勢，以及現在我們 Eastside 的表現，是在那 100,000 英畝未開發天然氣土地上，我們可以把開發規劃得非常完美——我想你也提到那個數字，你可以打五口井往北 20,000 英尺、往南 20,000 英尺。

And that seems to be the perfect plan with one high-pressure pipe going through the middle of a row of hundreds and hundreds of locations. So that's where we're headed and to optimize that. And I think you'll see that in the coming years.

而那似乎是最完美的方案：一條高壓管線從中間穿過，兩側是一排又一排、成百上千個井位。所以這就是我們要前進的方向，並加以最佳化。我想你會在未來幾年看到這一點。

Thanks.

謝謝。

Sure.

不客氣。

Thank you and we have reached the end of the question-and-answer session. So I'll now hand the floor back to Dan Katzenberg for closing remarks.

謝謝，我們已經到達問答環節的結束。接下來我把時間交回給 Dan Katzenberg 做結語。

I'd like to thank everybody for joining us on the conference call today. If you have any more questions, please feel free to reach out. Have a good day.

我要感謝各位今天參加我們的電話會議。如果你還有任何問題，歡迎隨時與我們聯繫。祝各位有美好的一天。

Thank you. All parties may now disconnect.

謝謝。各方現在可以斷線。