Black Stone Minerals LP (BSM) 2015 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Black Rock (sic - Black Stone) Minerals second-quarter earnings conference call. At this time all participants are in a listen-only mode. (Operator Instructions) As a reminder, this call is being recorded.

美好的一天，女士們、先生們，歡迎參加 Black Rock（原文如此 - Black Stone）礦業第二季度收益電話會議。此時所有參與者都處於只聽模式。（操作員說明）謹此提醒，此通話正在錄音。

I would now like introduce your host for today's conference, Vice President of Investor Relations, Brent Collins. Please go ahead, sir.

現在我想介紹一下今天會議的主持人，投資者關係副總裁布倫特柯林斯 (Brent Collins)。請繼續，先生。

Thank you, Mallory, and good morning to all joining us by phone and online for Black Stone Minerals, L.P.'s second-quarter 2015 earnings conference call. Today's call is being recorded and will be available on our website, along with the earnings release that was issued yesterday afternoon.

謝謝馬洛里，祝所有透過電話和線上方式參加 Black Stone Minerals, L.P. 2015 年第二季財報電話會議的所有人早安。今天的電話會議正在錄音，並將與昨天下午發布的收益報告一起發佈在我們的網站上。

Before we start, I would like to advise you that we will be making forward-looking statements during this call about our plans, expectations, and assumptions regarding our future performance. These statements involve risks that may cause our actual results to differ materially from the results expressed or implied in our forward-looking statements. For a discussion of these risks, you should refer to the cautionary information about forward-looking statements in our press release from yesterday afternoon; the risk factors section of our prospectus that was filed earlier this year; and our Form 10-Q, which will be filed later today.

在我們開始之前，我想告訴您，我們將在本次電話會議中就我們的計劃、期望和有關未來業績的假設做出前瞻性聲明。這些陳述涉及可能導致我們的實際結果與我們的前瞻性陳述中明示或暗示的結果有重大差異的風險。有關這些風險的討論，您應該參閱我們昨天下午新聞稿中有關前瞻性陳述的警示信息；今年稍早提交的招股說明書中的風險因素部分；以及我們的 10-Q 表格，該表格將於今天晚些時候提交。

We may refer to certain non-GAAP financial measures that we believe are useful in evaluating our performance. Reconciliation of those measures to the most directly comparable GAAP measure and other information about these non-GAAP metrics are described in our earnings press release from yesterday, which can be found on our website at blackstoneminerals.com.

我們可能會參考某些我們認為有助於評估我們績效的非公認會計準則財務指標。我們昨天發布的收益新聞稿中描述了這些指標與最直接可比較的 GAAP 指標的協調以及有關這些非 GAAP 指標的其他信息，該新聞稿可以在我們的網站 blackstoneminerals.com 上找到。

The Company officers on the call this morning are Tom Carter, Chairman, President and CEO; Marc Carroll, Senior Vice President and CFO; Holbrook Dorn, Senior Vice President of Business Development and Land; and Brock Morris, Senior Vice President of Engineering and Geology. I will now turn the call over to Tom.

今天早上參加電話會議的公司高層是董事長、總裁兼執行長湯姆卡特 (Tom Carter)；馬克‧卡羅爾，資深副總裁兼財務長； Holbrook Dorn，業務發展和土地高級副總裁；布洛克‧莫里斯（Brock Morris），工程與地質學資深副總裁。我現在會把電話轉給湯姆。

Thanks, Brent. We had a solid second quarter of 2015 and continue to perform well relative to our plans for the year. The breadth and quality of our portfolio assembled over the past three decades are huge competitive advantages for us. It would be extremely difficult and expensive to replicate what we have here at Black Stone.

謝謝，布倫特。2015 年第二季我們表現強勁，並且相對於我們今年的計劃繼續表現良好。我們在過去三十年中累積的產品組合的廣度和品質對我們來說是巨大的競爭優勢。複製我們在 Black Stone 所擁有的一切將是極其困難和昂貴的。

Even in this challenging environment, we are able to drive meaningful activity on our mineral interests and are taking advantage of the optionality of our working interest participation program to put growth capital to work at attractive returns. Two examples underscore this point.

即使在這種充滿挑戰的環境中，我們也能夠推動有關礦產權益的有意義的活動，並利用我們工作權益參與計劃的選擇性，使成長資本發揮有吸引力的回報。有兩個例子強調了這一點。

First, in the Wilcox trend in Southeast Texas, we have seen an operator put up some very interesting numbers on some recent vertical and horizontal completions. We believe that there is an emerging story here which is great for us, as we have interest -- a lot of interest -- across a large part of this trend. This is an asset that we think will be very attractive to operators because of the results that can be generated there, even in this price environment. And it has the potential to be a significant contributor to production for years to come.

首先，在德克薩斯州東南部的威爾科克斯趨勢中，我們看到一家運營商在最近的一些垂直和水平完井項目上提供了一些非常有趣的數據。我們相信，這裡正在出現一個對我們來說非常有利的故事，因為我們對這趨勢的很大一部分感興趣。我們認為這是一項對營運商非常有吸引力的資產，因為即使在這種價格環境下也可以產生結果。它有潛力在未來幾年對生產做出重大貢獻。

Second, we are seeing some great results from the most recent wells drilled in the Haynesville in the Shelby Trough in St. Augustine County, Texas, where we are estimating recoveries of the new wells in excess of 2 Bcf per 1,000 foot of lateral. These are just a couple of examples of benefits that accrue from a large, diverse asset base.

其次，我們看到最近在聖路易斯謝爾比海槽的海恩斯維爾鑽探的井取得了一些出色的成果。德州奧古斯丁縣，我們估計新井每 1,000 英尺橫向井的採收率超過 2 Bcf。這些只是龐大、多樣化的資產基礎帶來的好處的幾個例子。

Lease bonus is always a challenge to forecast, particularly in times like this. However, we saw leasing levels and income that were consistent with our expectations during the quarter. Acquisitions are something that we do a lot, and we think we are very good at. And we have an exceptional track record for generating value from acquired interests.

租賃紅利始終是預測的挑戰，尤其是在這樣的時期。然而，我們看到本季的租賃水準和收入與我們的預期一致。收購是我們經常做的事情，而且我們認為我們非常擅長。我們在從收購的權益中創造價值方面擁有卓越的記錄。

As mentioned in our press release, we have closed or entered into PSAs to add interest in the Midland Basin and the Eagle Ford Shale. These are two of the premier plays in development today, and we are very pleased to be adding those to our portfolio. We will remain disciplined as we continue to evaluate both smaller, focused bolt-on opportunities and large transformative packages.

正如我們在新聞稿中提到的，我們已經關閉或簽訂了 PSA，以增加對米德蘭盆地和 Eagle Ford 頁岩的興趣。這是當今正在開發的兩個主要遊戲，我們很高興將它們添加到我們的產品組合中。在繼續評估規模較小、重點突出的補充機會和大型變革性計劃時，我們將保持紀律。

The balance sheet is in excellent shape. We had zero net debt as of the end of the quarter and have substantially all of our $600 million revolver available to us. We clearly have the liquidity and balance sheet to support our acquisition strategy.

資產負債表狀況良好。截至本季末，我們的淨債務為零，幾乎所有 6 億美元的左輪手槍都可供我們使用。我們顯然擁有流動性和資產負債表來支持我們的收購策略。

Finally, we announced yesterday our first distribution post-IPO for Black Stone Minerals, L.P. The Board has declared a distribution of $0.2625 per common and subordinated unit, prorated from the day we went public through June 30. We think that we are unique in the mineral and royalty space and that we have laid out a path for a growing MQD, or minimum quarterly distribution, over the next four years. We are not aware of any other players in the mineral and royalty space -- or any space -- that are doing that.

最後，我們昨天宣布了 Black Stone Minerals, L.P. 首次公開募股後的首次分配。我們認為我們在礦物和特許權使用費領域是獨一無二的，我們已經為未來四年不斷增長的 MQD（或最低季度分配）制定了道路。我們不知道礦物和特許權使用費領域（或任何領域）有任何其他參與者正在這樣做。

Even though there are some headwinds in the industry today, although I'd note that we have successfully navigated price cycles before, our common subordinated unit structure provides an extremely high level of protection to the common unitholders that, based on our trading value range, is not understood by the market, in my view. We believe as we continue to tell our story and deliver on our plans, investors will come to appreciate and value how Black Stone Minerals allows for broad exposure to domestic minerals and royalty interests with little debt; has low capital intensity; and provides a secure, growing distribution. Given what the units are currently yielding, I think we are a compelling investment opportunity. With that, I will turn it over to Marc Carroll.

儘管當今行業存在一些逆風，儘管我注意到我們之前已經成功地駕馭了價格週期，但我們共同的次級單位結構為普通單位持有人提供了極高水平的保護，根據我們的交易價值範圍，在我看來，市場並不理解。我們相信，隨著我們繼續講述我們的故事並實現我們的計劃，投資者將開始欣賞和重視 Black Stone Minerals 如何在幾乎沒有債務的情況下廣泛接觸國內礦物和特許權使用費；資本密集度低；並提供安全、不斷增長的分發。考慮到這些單位目前的收益率，我認為我們是一個引人注目的投資機會。這樣，我將把它交給馬克·卡羅爾。

Thanks, Tom. Good morning, everyone. As Tom mentioned, we had strong quarter despite some of the headwinds in the industry. Our production was up 11% on a BOE basis versus a year ago, and it was up 1% compared to the first quarter this year.

謝謝，湯姆。大家，早安。正如湯姆所提到的，儘管行業存在一些阻力，但我們的季度業績表現強勁。我們的產量以 BOE 計算比去年同期成長了 11%，與今年第一季相比成長了 1%。

The biggest driver of the increase from first quarter to second was new production from our Eagle Ford Shale assets. We had a large group of wells that came online at initial production rates that were a lot better than we had expected or forecasted.

從第一季到第二季成長的最大推動力是我們的 Eagle Ford 頁岩資產的新產量。我們有一大批井的初始產量比我們預期或預測的要好得多。

As we look at the remainder of the year, we are aware of some of the delays in several of our Haynesville completions that have been pushed from third quarter to fourth quarter, so they are not going to contribute a lot for 2015. We are seeing some changes in our Wilcox drilling program, where we have some scheduled horizontal development wells. And they are being substituted out with some vertical delineation wells. So that is going to have some production impact later in the year, so that is going to have some production impact later in the year, too.

當我們展望今年剩餘時間時，我們意識到海恩斯維爾的幾項竣工工作出現了一些延誤，這些項目已從第三季度推遲到第四季度，因此它們不會為2015 年做出太多貢獻。我們看到威爾科克斯鑽井計劃發生了一些變化，我們計劃進行一些水平開發井。它們正在被一些垂直勘探井所取代。因此，這將對今年稍後的生產產生一些影響，因此這也將對今年稍後的生產產生一些影響。

So although our production is better than we forecasted during the first half of the year, we are being a little cautious in our outlook. And we are not going to adjust our production forecast for the second half of the year, as we stated in the S-1.

因此，儘管我們上半年的產量好於我們的預測，但我們對前景持謹慎態度。正如我們在 S-1 中所述，我們不會調整下半年的產量預測。

In spite of the 11% increase in production, our revenue dropped 46% from a year ago as a result of the drop in commodity prices. But excluding our unrealized hedge losses, our revenue this quarter was $100 million, above consensus, and it was a drop of 17% from a year ago.

儘管產量增加了 11%，但由於大宗商品價格下跌，我們的營收年減了 46%。但排除未實現的對沖損失，我們本季的營收為 1 億美元，高於市場預期，比一年前下降了 17%。

Realized prices on a BOE basis are down 42% relative to the second quarter of 2014 before adjusting for the hedge gains. Including the effects of these hedges, prices fell 29% to $34.38 per barrel equivalent versus $48.36 a year ago. The total realized hedge gains during the second quarter were about $16.7 million, but a non-cash unrealized loss of $35 million resulted in approximately the $19 million you will see on the income statement.

在對沖收益進行調整之前，以英國央行基準計算的實際價格較 2014 年第二季下降了 42%。考慮到這些對沖的影響，價格下跌 29%，至每桶當量 34.38 美元，而一年前為每桶 48.36 美元。第二季已實現的對沖收益總額約為 1,670 萬美元，但 3,500 萬美元的非現金未實現損失導致您在損益表上看到的金額約為 1,900 萬美元。

Due to our mark-to-market accounting for our hedges, the loss was the result of increased commodity prices during the quarter relative to our hedge positions. And it was largely driven by our oil contracts.

由於我們對沖的以市價計算，損失是由於本季度商品價格相對於我們的對沖頭寸上漲造成的。這主要是由我們的石油合約推動的。

Note that as of today, essentially all of our PDP production is hedged for the next two years. You'll see in the 10-Q that is coming out later both the position and the pricing by quarter. So you will have the details there.

請注意，截至今天，我們基本上所有的 PDP 生產都在未來兩年進行了對沖。您將在稍後發布的 10-Q 中看到按季度的定位和定價。所以你會在那裡得到詳細資訊。

As Tom discussed, lease bonus and other income came in at $8 million. That was on target for the quarter, as laid out in the S-1. We executed leases across a number of plays, including the Bakken, the Wilcox, Wolfcamp, and some others.

正如湯姆所討論的，租賃獎金和其他收入為 800 萬美元。正如 S-1 所述，這已達到本季的目標。我們在多個區域執行了租賃，包括 Bakken、Wilcox、Wolfcamp 等。

On the cost side, we performed well against the plan we laid out in the S-1 on a per-unit basis. One item to note that we did have higher production in ad valorem taxes compared to our prospectus, and that is a result of higher transportation and processing costs. As a percentage of revenue, that was consistent with what we saw in Q1. And we discussed that last time.

在成本方面，我們在 S-1 中按單位制定的計劃表現良好。值得注意的是，與我們的招股說明書相比，我們的從價稅產量確實更高，這是運輸和加工成本更高的結果。佔收入的百分比與我們在第一季看到的一致。我們上次討論過這個問題。

Consistent with others in the industry, we had a large non-cash impairment during the quarter. The impairment was $118 million, and it was largely attributable to a decline in realized prices. It was weighted toward our gas properties across the country in roughly 250 fields. It is important to note that these assets that were impaired were immaterial to our S-1 forecast, so there's no concerns there about adjusting that due to this impairment.

與業內其他公司一樣，我們在本季出現了大量非現金減損。減損金額為 1.18 億美元，主要歸因於已實現價格的下降。它針對我們全國大約 250 個油田的天然氣資產進行了加權。值得注意的是，這些減損資產對我們的 S-1 預測並不重要，因此無需擔心因減損而調整資產。

As a result of the IPO, we paid off substantially all of our debt, and that is reflected in the lower interest expense we experienced this quarter. Our net loss for the quarter was $123 million. But that loss was driven largely -- or, really, in total -- by the two non-cash items that we talked about a little earlier. So adjusting for those items, net income came in above consensus.

透過首次公開募股，我們幾乎償還了所有債務，這反映在本季利息支出的下降。我們本季的淨虧損為 1.23 億美元。但這種損失很大程度上是由我們之前討論過的兩個非現金項目造成的。因此，對這些項目進行調整後，淨利高於共識。

Adjusted EBITDA came in at $71 million, and cash available for distributions and reinvestment was $66.4 million. We announced our distribution for the second quarter yesterday, and that will be payable on August 27. Based on this level of distribution, our coverage ratio for the second quarter was 1.3 times.

調整後的 EBITDA 為 7,100 萬美元，可用於分配和再投資的現金為 6,640 萬美元。我們昨天宣布了第二季的分配，將於 8 月 27 日支付。根據這個分佈水平，我們第二季的覆蓋率為1.3倍。

Our balance sheet is in great shape, just as Tom said. We had zero net debt at the end of the quarter and pretty much have our full revolving credit facility of $600 million available to execute our plan. Tom mentioned our acquisitions activity during the quarter, but I want to quickly mention some highlights of our working interest participation program.

正如湯姆所說，我們的資產負債表狀況良好。截至本季末，我們的淨債務為零，幾乎擁有 6 億美元的全額循環信貸額度可用於執行我們的計劃。湯姆提到了我們在本季的收購活動，但我想快速提及我們的工作興趣參與計劃的一些亮點。

The costs incurred for drilling and completion during the quarter totaled about $17 million. Of that amount, roughly $8 million was in the Haynesville/Bossier. That is primarily in our East Texas/Shelby Trough, where XTO is the operator. We also invested about $4 million in the Bakken/Three Forks with various operators, some of those being Continental, QEP, Statoil, and XTO. And we had about $3 million in the Wilcox play that Tom discussed, and that is with Unit here in East Texas.

本季鑽井和完井產生的成本總計約為 1700 萬美元。其中，大約 800 萬美元存放在 Haynesville/Bossier 中。這主要位於德克薩斯州東部/謝爾比海槽，XTO 是該地區的運營商。我們還與多家營運商一起在巴肯/三叉地區投資了約 400 萬美元，其中一些營運商包括大陸航空、QEP、挪威國家石油公司和 XTO。我們在湯姆討論過的威爾科克斯戲劇中獲得了大約 300 萬美元，那是在德克薩斯州東部的 Unit。

While we believe that our capital spending related to the working interest participation program may be less in the second half of the year than it was in the first, we still think we will be roughly in line with the levels we laid out in the prospectus. I think at this point, that kind of sums up Q2. And with that, I am going to turn the call over to Brent to open it up for questions.

雖然我們認為下半年與工作權益參與計畫相關的資本支出可能會少於上半年，但我們仍然認為我們將大致符合招股說明書中規定的水平。我認為此時此刻，這就是第二季的總結。接下來，我將把電話轉給布倫特供提問。

Go ahead, Mallory.

繼續吧，馬洛里。

(Operator Instructions) Richard Roberts, Howard Weil.

（操作員說明）理查德·羅伯茨，霍華德·威爾。

Nice quarter. Couple of questions from me. To start, could you give us the split for the quarter between royalty production and working interest production?

不錯的季度。我有幾個問題。首先，您能否告訴我們本季特許權使用費生產和工作利息生產之間的分配情況？

Sure. The royalty production is about 70%. And that is pretty consistent with where it has been.

當然。特許權使用費產量約70%。這與過去的情況非常一致。

Okay. And then, I guess, how do you see that trending over the next 12 months or so? Are you forecasting growth in that segment, or are you just trying to maintain flat and offset declines?

好的。然後，我想，您如何看待未來 12 個月左右的趨勢？您是預測該細分市場的成長，還是只是試圖保持平穩並抵消下降？

Sorry, I should have mentioned -- this is Brock Morris. We generally see that split remaining the same. While we have working interest investments that we make as part of our growth story, our acquisitions are typically targeting royalty interest properties.

抱歉，我應該要提到——這是布洛克·莫里斯。我們通常看到這種劃分保持不變。雖然我們有工作權益投資作為我們成長故事的一部分，但我們的收購通常針對特許權使用費權益財產。

And additionally, as we invest in working interest, it's on properties where we own the minerals. So we also have a corresponding royalty piece that comes along with that. So we don't see a material change in that split going forward.

此外，當我們投資於工作權益時，它是投資於我們擁有礦產的財產。因此，我們還有相應的版稅作品。因此，我們認為這種分裂未來不會發生實質變化。

Okay, great, and maybe just one more high-level question, but how should we think about distribution growth above the embedded MQD growth? I guess I am just curious what sort of goalpost you would look for? What do you need to see to be comfortable in terms of either distribution coverage or commodity prices? How do you think about that -- going above the 9% CAGR that you had at the IPO? Thank you.

好的，很好，也許只是一個更高層次的問題，但是我們應該如何考慮高於嵌入式 MQD 成長的分送成長？我想我只是好奇你會尋找什麼樣的球門柱？您需要看到什麼才能在分銷範圍或商品價格方面感到滿意？您如何看待這一點——超過 IPO 時的 9% 複合年增長率？謝謝。

Well, this is Tom. Being one quarter into our public cycle here and one quarter into the four years of the growing 9% MQD, obviously our bias would be to grow it at a responsible rate that is 9% or greater. I think our coverage ratio at 1.3 suggests that in this quarter, we are very comfortably positioned to see potential growth in the future, as long as our coverage remains as such.

嗯，這是湯姆。現在是我們公共週期的四分之一，也是 MQD 成長 9% 的四年的四分之一，顯然我們的偏見是以 9% 或更高的負責任的速度成長。我認為我們 1.3 的覆蓋率表明，在本季度，只要我們的覆蓋率保持不變，我們就可以非常輕鬆地看到未來的潛在成長。

So as we go into 2016, and as we see more clarity in some of these emerging -- what I would call growth plays; and as we continue, as we said in the roadshow, to execute on pulling levers with our operators to increase volumes in this environment; and as commodity prices become more clear to us, we are highly incented to grow the distributions to both the common and the subs as much as we can. And we have every intention of trying to do that. If we remain at this kind of coverage ratio over time, I would suggest that the 9% would be a floor.

因此，當我們進入 2016 年時，當我們看到其中一些新興的（我稱之為成長遊戲）變得更加清晰時；正如我們在路演中所說，我們將繼續與我們的運營商一起執行拉桿操作，以增加在這種環境下的銷售；隨著大宗商品價格對我們來說變得更加清晰，我們非常有動力盡可能增加對普通商品和次級商品的分配。我們完全有意嘗試做到這一點。如果我們長期保持這種覆蓋率，我建議 9% 將是一個下限。

Got it. Thanks, Tom.

知道了。謝謝，湯姆。

Kevin Smith, Raymond James.

凱文史密斯，雷蒙德詹姆斯。

Tom, would you mind maybe discussing how much of the $65 million is closed? And was there any expected production impact from the unclosed portion? I am just trying to figure out how that is going to impact your second half.

湯姆，您介意討論一下 6500 萬美元中有多少已經結清嗎？未關閉部分是否會對生產產生任何預期影響？我只是想弄清楚這將如何影響你的下半年。

Let me turn that question to Holbrook Dorn, our BD manager.

讓我把這個問題轉給我們的 BD 經理霍爾布魯克·多恩 (Holbrook Dorn)。

About half -- a little less than half of that is closed. All that we have contracts on, hopefully most of that will be closed by the end of the third quarter. We don't -- while most all of these assets are producing, the production is not material to our current run rate here at home base. So we don't anticipate any material change to our forecast on that front.

大約一半——不到一半是關閉的。我們已經簽訂了所有合同，希望其中大部分能夠在第三季末之前完成。我們沒有——雖然大多數資產都在生產，但生產對我們目前在國內基地的運作率並不重要。因此，我們預期這方面的預測不會有任何重大變化。

Okay. Do you expect to have any material change on mineral rights as well? Or is most of the stuff that you're buying already leased up, and it's just a matter of drilling pace?

好的。您預計採礦權也會發生重大變化嗎？或者您購買的大部分東西都已出租，而這只是鑽探速度的問題？

Some of it is unleased. And we are hopeful that we can turn some of those unleased tracts into lease bonus income and then production. Most of it is already leased. And they are either minerals, overrides, or nonparticipating royalty interests.

其中一些已被釋放。我們希望能夠將一些未出租的土地轉化為租賃紅利收入，然後轉化為生產。大部分已經出租。它們要不是礦物、優先權，就是不參與的特許權使用費權益。

I would just add that you might recall in our S-1 forecast for the first 12 months, we had suggested an acquisition run rate of $250 million, with a significant yield component to that. This set of acquisitions is a relatively small percentage of that. And we still continue to believe that we are going to be on-plan, and volume adds in 2016 will accrue from our acquisition program.

我想補充一點，您可能還記得，在我們對前 12 個月的 S-1 預測中，我們建議的收購運作率為 2.5 億美元，其中包含重要的收益成分。這組收購僅佔其中的一小部分。我們仍然相信我們將按計劃進行，並且 2016 年銷量的增加將透過我們的收購計劃實現。

All right. Thank you. And just one last question. How much comfort do you have in your visibility for drilling activity, I guess, over the next six months, as things, I would assume, are pretty variable and kind of unknown at this point in time -- is that fair? Or do you think you have a lot of visibility on what's going to transpire in the third and fourth quarter?

好的。謝謝。還有最後一個問題。我想，在接下來的六個月裡，您對鑽井活動的能見度有多少信心，因為我認為，目前情況變化很大，而且有點未知——這公平嗎？或者您認為您對第三季和第四季將發生的事情有很多了解？

This is Brock. What I would say is that the areas that are the key drivers for us in terms of our production growth, we've got a lot of visibility -- and that's -- you know, the Haynesville and the Wilcox are two of those. The Eagle Ford is also an area where we have a fair bit of visibility into the activities as far as developing out the assets there.

這是布洛克。我想說的是，就我們的產量成長而言，那些對我們來說是關鍵驅動力的地區，我們有很多知名度——你知道，海恩斯維爾和威爾科克斯就是其中兩個。伊格爾福特也是我們對那裡的資產開發活動有相當了解的地區。

We've got less visibility into a whole lot of our assets that are not a meaningful part of the way we forecasted in the S-1. But what I would say is we have seen some pretty significant outperformance in all of those assets relative to what we forecasted. As we described in our roadshow and for the analysts as we went public, we took a pretty conservative view there because of the -- having less clarity. And we are pleasantly surprised with what we are seeing.

我們對大量資產的了解度較低，這些資產對於我們在 S-1 的預測方式來說沒有意義。但我想說的是，相對於我們的預測，我們已經看到所有這些資產的表現都相當顯著。正如我們在路演中以及上市時向分析師描述的那樣，我們採取了相當保守的觀點，因為不太明確。我們對所看到的感到驚喜。

I would add to that that in a diverse set of minerals like we have, they are all -- there are constantly positive things happening. And as we mentioned, there is an emerging play in the Wilcox where about 10,000 acres of ours is exposed to a program that Unit Corporation is developing. And it is a very attractive set of returns in today's environment -- as good as there is in the industry. And any exploration company would want to put what capital they have to work in there.

我想補充一點，在像我們這樣的各種礦物質中，它們都是——不斷有積極的事情發生。正如我們所提到的，威爾科克斯有一個新興的項目，我們的約 10,000 英畝土地受到 Unit Corporation 正在開發的項目的影響。在當今的環境下，這是一組非常有吸引力的回報——與行業中的回報一樣好。任何勘探公司都希望將其擁有的資金投入其中。

What that does not take into account is that that trend probably covers hundreds of thousands of acres in East Texas, and we are in the process of actively beginning to market our acreage in that play to the industry. And there are several other examples of plays like that on our property. And those are the kind of things that, if it gets legs, would be very meaningful in terms of our production relative to forecast.

但沒有考慮到這一趨勢可能涵蓋德克薩斯州東部的數十萬英畝土地，而我們正在積極開始向該行業推銷我們在該領域的土地。我們的地產上還有其他幾個類似的戲劇例子。這些事情如果得到落實，對我們的產量相對於預測來說將非常有意義。

Understood. Thank you very much.

明白了。非常感謝。

Jason Smith, Bank of America Merrill Lynch.

賈森史密斯，美銀美林。

Sticking with the acquisition, I know it is a small portion of what you budget for the year for acquisitions, but I think historically your strategy has been a little bit more to focus on acquisitions in the less well-known plays. Is this a shift in strategy for you guys? Or just opportunistic, given the commodity headwinds?

堅持收購，我知道這只是您今年收購預算的一小部分，但我認為從歷史上看，您的策略更專注於不太知名的業務中的收購。這對你們來說是策略上的轉變嗎？還是只是考慮到大宗商品的逆風而投機取巧？

I would not say it is a shift in strategy at all. We have focused on acquisitions in what we consider to be well-defined plays as well as more broad, diversified mineral assets with a lot of stuff all over the place. We've had a good run on the acquisition front. This is very consistent with our advertised strategy, which is buying in the best parts of the best plays, because that is where the rigs are going to be, especially in times like today.

我根本不會說這是戰略的轉變。我們專注於收購我們認為定義明確的業務，以及更廣泛、更多元化的礦產資產，其中有許多東西遍布各地。我們在收購方面取得了良好的進展。這與我們宣傳的策略非常一致，即購買最好的比賽中最好的部分，因為這就是裝備的所在，尤其是在像今天這樣的時期。

We have seen bid/ask spreads narrow. While we spent a lot of time the Midland Basin and some of the better parts of the Eagle Ford over the last 60 to 90 days, we are still very much multi-basin focused and looking for the best risk-adjusted return opportunities. These are a mixed bag of -- some are higher-yielding, some are lower-yielding. We think they all have great potential and long-term benefit to our existing portfolio.

我們看到買賣價差縮小。雖然我們在過去 60 到 90 天內花了很多時間在米德蘭盆地和鷹福特的一些較好的地區，但我們仍然非常關注多盆地，並尋找最佳的風險調整回報機會。這些是一個混合體——有些收益較高，有些收益較低。我們認為它們都對我們現有的投資組合具有巨大的潛力和長期利益。

Unfortunately, for competitive reasons, I am just going to cut you off at the pass. We are not going to disclose any details on what we are paying on a dollar-per-acre basis and all that good stuff. And that is just because it's a knife fight out there in the mineral space from an acquisition perspective, and there is no reason to disadvantage ourselves.

不幸的是，出於競爭的原因，我將在通行證處切斷你的路線。我們不會透露我們按每英畝支付的費用以及所有這些好東西的任何細節。這只是因為從收購的角度來看，這是礦產領域的一場刀戰，我們沒有理由讓自己處於不利地位。

I would add to that that while those acquisitions are relatively basin-specific, we continue to have ongoing dialogues with multiple parties around the other end of the spectrum of large hundreds of thousands to millions of acres of minerals that are owned by companies, to buy those diversified packages as well.

我想補充一點，雖然這些收購相對針對特定盆地，但我們繼續與多方持續對話，圍繞公司擁有的數十萬至數百萬英畝的大型礦產資源進行對話，以購買那些多樣化的套餐也是如此。

Thanks, guys. I appreciate that. And in terms of just the split, I understand you don't want to provide the absolute number of acres, but the split between kind of Midland and Eagle Ford, within $65 million --?

多謝你們。我很感激。就分割而言，我知道您不想提供絕對的英畝數，但想提供米德蘭和伊格爾福特之間的分割，在 6500 萬美元之內——？

Yes, there is also some Utica acreage up there in Shell's Tioga play as well. The split is probably 65%-ish Permian, 30%-ish, 35%-ish in the Eagle Ford. And then the remainder in Appalachia.

是的，殼牌的 Tioga 礦區也有一些 Utica 土地。分裂可能是二疊紀的 65% 左右，30% 左右，鷹福特 35% 左右。然後剩下的部分在阿巴拉契亞。

Got it, thanks. And my last one, hopefully a quick one --.

知道了謝謝。我的最後一個，希望是一個快的——。

If that did not add up to 100, let me know. (laughter)

如果加起來沒有達到 100，請告訴我。（笑聲）

You are going too quick for me anyways, Holbrook. (laughter) The oil mix looks a little bit higher in the quarter. And I think, Marc, you mentioned the delay in the Haynesville in the back end of year. So should we expect that oil mix to remain a little bit higher than you guys had projected in the S-1 throughout the balance of the year?

無論如何，你對我來說太快了，霍爾布魯克。（笑聲）本季的石油混合物看起來有點高。我想，馬克，你提到了今年年底海恩斯維爾的延誤。那麼，我們是否應該期望 S-1 全年的油品結構會比你們預期的要高一些呢？

No, I will let Brock talk about it. But it is related to the Eagle Ford wells.

不，我會讓布洛克談談。但這與Eagle Ford井有關。

Yes, and I would say that the general answer is we do not expect a material change. There was a big uptick in the quarter from a group of Eagle Ford wells that all came on at the same time. It was a big development to pad drilling, and they were all fracked and then turned on at the same time.

是的，我想說，一般的答案是我們預期不會有重大改變。本季度，一組 Eagle Ford 油井同時開工，產量大幅上升。這是墊層鑽井的一大進步，它們全部被壓裂，然後同時投入使用。

And we -- their initial production rates were substantially higher than what we had built into our forecast. We think that may translate into better EURs from those wells. Also, we are not forecasting that yet. But the early rates are good. And it just happened to all hit in the second quarter and kind of changed the mix just really for the quarter.

而我們——他們的初始生產力大大高於我們的預測。我們認為這可能會轉化為這些油井帶來的更好的歐元。此外，我們還沒有做出預測。不過早期的價格還是不錯的。它恰好在第二季度全部受到關注，並在一定程度上改變了該季度的組合。

Got it, okay. Thanks, I will leave it there. Thanks, guys.

明白了，好吧。謝謝，我會把它留在那裡。多謝你們。

(Operator Instructions) Nick Raza, Citigroup.

（操作員指示）Nick Raza，花旗集團。

I had a couple of quick questions. First off, could you sort of provide a little bit more light on where you actually saw the higher transportation costs in the production costs and ad valorem line item?

我有幾個簡單的問題。首先，您能否提供更多信息，說明您在生產成本和從價行項目中實際看到的運輸成本較高的地方？

Really, what that relates to -- a lot of it is fixed transportation costs. A good amount of that is in the Bakken. I will just say that, remember, we are in 41 states and 4,000 fields. So a lot of that can hit everywhere.

確實，這涉及到很多是固定的運輸成本。其中很大一部分都在巴肯。我只想說，記住，我們分佈在 41 個州和 4,000 個領域。所以很多東西都可以影響任何地方。

But in the Bakken we did have some fixed transportation costs. And just as prices dropped, you saw it increase as a percentage of revenue. So that is one big driver of it. But again, you're going to see that anywhere you've got fixed transportation costs across the country. And we're everywhere, so --.

但在巴肯，我們確實有一些固定的運輸成本。隨著價格下降，您會發現它佔收入的百分比增加。所以這是它的一大驅動因素。但同樣，您會發現全國各地的運輸成本都是固定的。我們無所不在，所以——。

Got you, got you, cool. The second question I have was more along the hedging that you spoke of -- i.e., hedging out your PDP curve or PDP production for the next two years. Is that something that you sort of changed? Because from what I remember, you had gone out and hedged that for one year, from what I recall. And I could be mistaken. But is that just something that you thought was best practice? Or sort of a view on -- or your outlook on commodities?

懂你了，懂你了，酷。我的第二個問題更多的是你提到的對沖——即對沖未來兩年的 PDP 曲線或 PDP 產量。這是你改變的嗎？因為據我記憶，你已經出去對沖了一年，據我記憶。我可能弄錯了。但這只是您認為的最佳實踐嗎？或是您對大宗商品的看法？

No, we came into the second quarter pretty much hedged for two years. We've added some hedges really in Q2 of 2017 to keep that two years. But we were pretty hedged coming into the year. We are out further in the year.

不，我們進入第二季時幾乎對沖了兩年。我們確實在 2017 年第二季度添加了一些對沖以保留這兩年。但進入今年我們相當謹慎。今年我們的發展還進一步。

So we've always done between a year and two. And as of about six months ago, we have been focused on getting really about two years out. And we will continue that. So luckily, those hedges were put on in Q2 -- so before the most recent drop in crude. But again, it's -- PDP is what we hedge. So there is always exposure to the upside, too.

所以我們總是做一年到兩年。截至大約六個月前，我們一直致力於真正實現兩年左右的目標。我們將繼續這樣做。幸運的是，這些對沖是在第二季度實施的——也就是在原油最近一次下跌之前。但同樣，PDP 是我們對沖的對象。因此，也總是存在著上漲的機會。

Fair enough.

很公平。

And downside from prices.

還有價格方面的缺點。

Absolutely, absolutely. And I guess my last question is just relating to the M&A. You sort of answered most of the questions.

絕對，絕對。我想我的最後一個問題只是與併購有關。你幾乎回答了大部分問題。

But in terms of activity, are you seeing any specific areas pick up more than others? Are we sort of supposed to assume that Midland and Eagle Ford are very active right now in terms of sellers? Or any thoughts on that?

但就活動而言，您是否發現某些特定領域比其他領域成長更多？我們是否應該假設米德蘭和伊格爾福特目前在賣家方面非常活躍？或對此有何想法？

Nick, this is Holbrook. I would not say that that's where we spent a lot of time over the last 60 to 90 days. We are seeing a lot of good opportunities there, to be honest with you. We are seeing opportunities starting to emerge throughout a lot of different areas.

尼克，這是霍爾布魯克。我不會說過去 60 到 90 天我們花了很多時間。老實說，我們在那裡看到了很多很好的機會。我們看到許多不同領域開始出現機會。

I think the Viper IPO created a lot of noise in the mineral space. And that noise is starting to ebb quite a bit in terms of what people think their assets may be worth.

我認為 Viper IPO 在礦業領域引起了很大的轟動。就人們認為自己資產的價值而言，這種噪音已經開始大幅減弱。

Fair enough, fair enough. That is all I had. Thanks, guys.

夠公平，夠公平。這就是我所擁有的一切。多謝你們。

Thank you. I am showing no further questions at this time. I would like to turn the call back over to Chairman, President, and CEO, Tom Carter, for any further remarks.

謝謝。我目前沒有提出任何進一步的問題。我想將電話轉回董事長、總裁兼執行長湯姆卡特 (Tom Carter)，以徵求進一步意見。

Well, thanks to all of you for joining us today. And we are -- we remain very confident in our forecasts and where we are going here. And we look forward to speaking with you next quarter.

好的，感謝大家今天加入我們。我們對我們的預測和我們的發展方向仍然非常有信心。我們期待下個季度與您交談。

Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program, and you may all disconnect. Everyone, have a great day.

女士們、先生們，感謝你們參加今天的會議。這確實結束了程序，你們都可以斷開連接。大家，祝你有美好的一天。