Black Stone Minerals LP (BSM) 2023 Q2 法說會逐字稿

Good day, everyone, and welcome to today's Black Stone Minerals 2Q Earnings Conference Call. (Operator Instructions) Please note, this call may be recorded. (Operator Instructions) It is now my pleasure to turn the conference over to Mark Meaux, Director of Finance. Please go ahead.

大家好，歡迎參加今天的 Black Stone Minerals 第二季財報電話會議。 （操作員說明）請注意，此通話可能會被錄音。 （操作員說明） 現在我很高興將會議轉交給財務長 Mark Meaux。請繼續。

Thank you. Good morning to everyone. Thank you for joining us either by phone or online for Black Stone Minerals Second Quarter 2023 Earnings Conference Call. Today's call is being recorded and will be available on our website along with the earnings release, which was issued last night.

謝謝。各位早安。感謝您透過電話或線上參加 Black Stone Minerals 2023 年第二季財報電話會議。今天的電話會議正在錄音，並將與昨晚發布的收益報告一起發佈在我們的網站上。

Before we start, I'd 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 and the Risk Factors section of our 2022 10-K.

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未來業績的計劃、期望和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新聞稿中有關前瞻性陳述的警示信息以及我們 2022 年 10-K 的風險因素部分。

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 www.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 www.blackstoneminerals.com 上找到。

Joining me on the call from the company are Tom Carter, Chairman and CEO; Evan Kiefer, Interim Chief Financial Officer and Treasurer; Carrie Clark, Senior Vice President, Land and Commercial; Garrett Gremillion, Vice President of Engineering and Geology; and Thad Montgomery, Vice President, Land.

與我一起參加電話會議的有公司董事長兼執行長湯姆·卡特 (Tom Carter)；基弗 (Evan Kiefer)，臨時財務長兼財務主管； Carrie Clark，土地和商業高級副總裁； Garrett Gremillion，工程與地質副總裁；和土地副總裁薩德·蒙哥馬利。

I'll now turn the call over to Tom.

我現在會把電話轉給湯姆。

Thank you, Mark. Good morning to everyone on the call, and thank you for joining us today to discuss our second quarter of '23. We posted a solid quarter with adjusted EBITDA of $109 million for the second quarter, in line with the first quarter results. This is the fifth consecutive quarter where Black Stone has generated over a $100 million of adjusted EBITDA.

謝謝你，馬克。大家早安，感謝您今天加入我們討論 23 年第二季。我們公佈了一個穩健的季度業績，第二季調整後 EBITDA 為 1.09 億美元，與第一季業績一致。這是 Black Stone 連續第五個季度實現調整後 EBITDA 超過 1 億美元。

Despite the pullback in natural gas prices and production, our hedge portfolio performed as it was intended to help insulate our cash flow from significant price movements. We generated total production volumes for the quarter of 36,200 BOE per day, a decrease of 8% from the first quarter volumes. Royalty volumes decreased 9% from last quarter at 33,600 in BOE per day, but 11% above the second quarter of '22. Primary driver was reduced gas volumes in Louisiana Haynesville, and we saw the natural decline as we saw the natural decline of several high interest, high initial production rate wells that came online in the second half of '22.

儘管天然氣價格和產量有所回落，但我們的對沖投資組合的表現仍符合預期，旨在幫助我們的現金流免受重大價格波動的影響。本季我們的總產量為每天 36,200 桶油當量，較第一季下降 8%。特許權使用費數量較上季下降 9%，為每天 33,600 份 BOE，但比 2022 年第二季高出 11%。主要驅動因素是路易斯安那州海恩斯維爾的天然氣產量減少，我們看到了自然下降，因為我們看到了 22 年下半年上線的幾口高利息、高初始產量井的自然下降。

Oil volumes moved up in the quarter as well due to new development activity in the market. Aethon continues to ramp up production in the Shelby Trough and held the 5 rigs on location from the first quarter into the second quarter and is expected to meet the minimum pace of 27 wells per year by the end of the year in Angelina and San Augustine Counties.

由於市場上新的開發活動，本季石油產量也有所增加。 Aethon 繼續提高謝爾比海槽的產量，並從第一季到第二季持有 5 個鑽井平台，預計到年底將在安吉麗娜縣和聖奧古斯丁縣達到每年 27 口井的最低速度。

To date, 22 wells have been turned to sales in the Shelby Trough under our development agreement with Aethon and 27 are in various stages of drilling or completing that we expect to benefit our production in the second half of the year. In addition, 26 new generation multistage completion wells have been turned to sales in our concentrated acreage position in the East Texas Austin Chalk. We've reached an agreement with an existing operator in the field to drill 10 wells over the next 2 years. And it's exciting to see continued momentum in the play, and we will keep working to put in place new long-term development deals to further accelerate production on our acreage.

到目前為止，根據我們與 Aethon 的開發協議，Shelby Trough 的 22 口井已轉為銷售，27 口井處於鑽探或完井的不同階段，我們預計這將有利於我們今年下半年的生產。此外，在我們位於東德州奧斯汀喬克的集中區域，26口新一代多層完井已轉為銷售。我們已與油田現有業者達成協議，將在未來 2 年內鑽探 10 口井。令人興奮的是看到該項目的持續發展勢頭，我們將繼續努力製定新的長期開發協議，以進一步加快我們土地的生產。

As the U.S. experienced an 11% decrease in rig activity in the second quarter, we only saw an 8% decrease in rigs operating on our acreage in that quarter, primarily in the Permian, with 73 rigs currently running as of June 30. As of yesterday, the rig count was back to 83, an increase driven mainly from the Permian that offset the decreases seen in the second quarter. This highlights the normal ebb and flow of rig movements seen on our acreage and the importance of working with our operators like Aethon for long-term development agreements that will help to maintain consistent drilling activity on our high-interest acreage.

由於美國第二季的鑽機活動減少了11%，我們發現該季度在我們區域運行的鑽機數量僅減少了8%，主要是在二疊紀盆地，截至6 月30 日，目前正在運行的鑽機數量為73 台。這凸顯了我們區塊上鑽機移動的正常潮起潮落，以及與 Aethon 等業者合作達成長期開發協議的重要性，這將有助於在我們高利益區塊上保持一致的鑽井活動。

Last week, we announced our distribution for the second quarter of $0.475 per unit, flat to our first quarter distribution. We have over $80 million in cash prior to the payment of the distribution and a new high watermark for Black Stone since going public. We continue to prioritize returning that cash flow to our investors.

上週，我們宣布第二季的分配為每單位 0.475 美元，與第一季的分配持平。在支付分配費用之前，我們擁有超過 8000 萬美元的現金，黑石自上市以來創下了新的高水位。我們繼續優先考慮將現金流返還給投資者。

With that, I'll turn it over to Evan.

有了這個，我會把它交給埃文。

Thank you, Tom, and good morning to everyone. So as Tom mentioned, our royalty volumes for the second quarter totaled 33,600 BOE per day, which was down 9% relative to the first quarter. And total production for the quarter was 36,200 BOE per day.

謝謝你，湯姆，祝大家早安。正如 Tom 所提到的，我們第二季的特許權使用費總量為每天 33,600 BOE，比第一季下降了 9%。該季度的總產量為每天 36,200 桶油當量。

Oil prices for the second quarter averaged $73 a barrel and our realized prices before hedges came in at 99% of WTI prices. Gas prices at the Henry Hub averaged $2.10 per MMBtu. And our realized prices for the quarter before hedges was at 135% of that amount. The increased gas realizations for the quarter were driven primarily by revenues on new wells with production in the fourth quarter from 2022, where Henry Hub averaged over $6 per MMBtu.

第二季平均油價為每桶 73 美元，我們對沖前的實際價格為 WTI 價格的 99%。亨利中心的平均天然氣價格為每 MMBtu 2.10 美元。我們對沖前季度的實際價格是該金額的 135%。本季天然氣實現量的增加主要是由 2022 年第四季投產的新井收入推動的，其中 Henry Hub 平均每 MMBtu 超過 6 美元。

For comparison, a year ago, in the second quarter of 2022, average prices for gas was $7.17 per MMBtu, which represents a 70% decrease in natural gas prices over the last year. This continues to emphasize the importance of the hedge program we have in place to mitigate these short-term -- the short-term volatility in commodity prices.

相比之下，一年前，即 2022 年第二季度，天然氣平均價格為每 MMBtu 7.17 美元，這意味著天然氣價格比去年下降了 70%。這繼續強調了我們為緩解大宗商品價格的短期波動而製定的對沖計劃的重要性。

In the second quarter, our hedges brought in $28.2 million of realized hedge gains. And after hedges, realized prices for oil were over $76 per barrel and $4.50 per MMBtu for gas. On a BOE basis, this represents an increase of over 7% compared to the first quarter. And consistent with prior messaging, we have continued our systematic process of adding 2024 hedges throughout the year. Our current strike price for natural gas is over $3.50 per MMBtu and crude at approximately $69 per barrel. So we continue to expect that approximately 70% of our hedged 2024 volumes will be by the end of the year.

第二季度，我們的對沖帶來了 2,820 萬美元的已實現對沖收益。經過對沖後，石油的實際價格超過每桶 76 美元，天然氣的實際價格超過每 MMBtu 4.50 美元。以京東方計算，這比第一季增長了 7% 以上。與先前的信息一致，我們全年繼續系統性地增加 2024 年對沖。我們目前的天然氣執行價格為每 MMBtu 3.50 美元以上，原油執行價格約為每桶 69 美元。因此，我們繼續預計 2024 年對沖交易量的約 70% 將在年底實現。

We generated adjusted EBITDA of $109.2 million and attributable cash flow of $103.6 million for the second quarter. These are both consistent with the first quarter results. We continue to maintain a very strong balance sheet, and this is the second consecutive quarter where we've had $0 debt outstanding and currently have over $80 million of cash prior to the distribution later this month. So given the undrawn revolver and cash generated in the quarter, our Board of Directors has supported maintaining the existing distribution of $0.475 per unit, which translates to 1.04x coverage for the quarter.

第二季調整後 EBITDA 為 1.092 億美元，歸屬現金流為 1.036 億美元。這些都與第一季的業績一致。我們繼續保持非常強勁的資產負債表，這是連續第二個季度我們的未償債務為零，並且在本月晚些時候分配之前目前擁有超過 8000 萬美元的現金。因此，考慮到本季未提取的左輪手槍和產生的現金，我們的董事會支持維持每單位 0.475 美元的現有分配，這相當於本季覆蓋率的 1.04 倍。

Our original guidance for the year contemplated a slowdown in Louisiana Haynesville as we saw prices pull back due to natural gas. In our earnings release yesterday, we maintained our original production guidance of 37,000 to 39,000 BOE per day for the full year. We do expect a slightly gassier production mix for the year compared to the original guidance and continue seeing growing volumes in the Shelby Trough as Aethon ramps up production that's consistent with our development agreement.

我們今年最初的指導考慮了路易斯安那州海恩斯維爾的經濟放緩，因為我們看到價格因天然氣而回落。在昨天發布的財報中，我們維持全年原定產量指引 37,000 至 39,000 桶油當量。與最初的指導相比，我們確實預計今年的天然氣產量將稍微增加，並且隨著 Aethon 根據我們的開發協議提高產量，謝爾比槽的產量將繼續增長。

Permits on our acreage over the last 3 quarters has remained consistent. And the rig count rebound in July that Tom mentioned all helped to offset some of the headwinds of lower natural gas prices seen this year. We continue to be encouraged by activity on our acreage. And we expect to see a modest improvement in production in the second half of the year as indicated by our guidance range.

過去三個季度我們的種植面積許可證保持穩定。湯姆提到的 7 月鑽機數量反彈都有助於抵消今年天然氣價格下跌的一些不利影響。我們繼續對我們土地上的活動感到鼓舞。正如我們的指導範圍所示，我們預計下半年產量將略有改善。

And so with that, I will open it up to questions.

因此，我將開放提問。

(Operator Instructions) Our first question comes from Tim Rezvan with KeyBanc Capital Markets.

（操作員說明）我們的第一個問題來自 KeyBanc Capital Markets 的 Tim Rezvan。

I guess I want to follow up on your comments, Evan. You talked about the guidance in place, but it's getting a little gassier. I guess you guided to a little gassier SKU. Can you walk through what that was? Is it a little more Haynesville, a little less Austin Chalk than what you thought? Or just sort of the -- kind of the trajectories of those 2 assets as you look to the end of the year?

我想我想跟進你的評論，埃文。你談到了適當的指導，但它變得有點過分了。我猜你引導了一個更氣派的 SKU。你能講述一下那是什麼嗎？是不是比你想像的多了一點海恩斯維爾，少了一點奧斯汀·查克？還是只是您展望年底時這兩項資產的軌跡？

Yes. Good morning, Tim, and thank you for the question. So this is Evan and I'll take a first stab at that. And so, yes, we've seen several things going on this year that just shifted that focus towards the gassier mix. One, we did have a little bit of a pushback in the initial estimates on some wells in the Austin Chalk.

是的。早安，提姆，謝謝你的提問。這是埃文，我將首先嘗試這一點。所以，是的，我們今年已經看到了一些事情，這些事情只是將焦點轉向了更氣體的混合。第一，我們對 Austin Chalk 的一些油井的初步估計確實有一些延遲。

We also saw a little bit of a shift from the Permian coming in a little lower than we originally forecasted at the beginning of the year, but also some increased benefit from the Haynesville side that has come in a little bit above estimates for the first half of the year.

我們也看到二疊紀的一些變化，略低於我們年初的最初預測，但海恩斯維爾方面的收益也有所增加，略高於上半年的預期今年的。

So really kind of a combination of those several things is what's driving the slightly increased gassier mix for the year compared to what we were looking at, at the beginning.

因此，與我們一開始所看到的相比，這幾件事的結合確實推動了今年的氣體混合略有增加。

Evan, can I chime in on that just a little bit? With respect to the Austin Chalk, that play is pretty variable in BOE of liquids volume per thousand -- per million cubic feet of gas, and it ranges from -- anywhere from 35 to 250 barrels per million. And a lot of the drilling that's being done has been in some of the deeper areas that are more gassy and we are working hard to see some of the core areas with higher liquids get drilled, which really in the highest area that really hadn't even been developed yet. So that's -- we may see more liquid volumes coming out of that in the next year.

艾文，我可以插話一下嗎？就 Austin Chalk 而言，每千（每百萬立方英尺天然氣）液體體積的 BOE 變化很大，範圍從每百萬 35 桶到 250 桶不等。正在進行的許多鑽探都是在一些氣體含量較高的更深區域進行的，我們正在努力看到一些液體含量較高的核心區域得到鑽探，而這些區域實際上是在最高的區域，而這些區域確實沒有鑽探。所以，我們可能會在明年看到更多的液體量。

Okay. I appreciate that context. And then I wanted to ask on the distribution. Obviously, with the balance sheet where it is, you can afford the high payout. Is there a sense that you want to keep some sort of baseline? That $0.475 number has been intact for 3 straight quarters. You've been at 96% payout for 2 straight quarters.

好的。我很欣賞這種背景。然後我想問一下分佈狀況。顯然，根據目前的資產負債表，您可以承擔高額支出。你是否有一種想要保持某種底線的感覺？ 0.475 美元的數字已連續三個季度保持不變。您已連續兩個季度獲得 96% 的支付率。

Obviously, gas market looks a little better. Do you feel like there's a need to deliver a consistent quarterly distribution? Or kind of what is the Board thinking about with that same number for 3 straight quarters?

顯然，天然氣市場看起來好一點。您認為有必要提供一致的季度分配嗎？或者董事會對於連續 3 個季度保持相同數字有何想法？

Yes, Tim, this is Evan. I'll start answering that. And so one being the first and second quarter did come in fairly close with each other and almost within, I think, $0.5 million on a DCF basis. And so, one, we saw the coverage and felt comfortable with where the balance sheet was today to maintain that higher payout ratio.

是的，提姆，這是埃文。我將開始回答這個問題。因此，第一季和第二季的業績確實相當接近，我認為以 DCF 計算，幾乎在 50 萬美元之內。因此，第一，我們看到了覆蓋範圍，並對目前的資產負債表狀況感到滿意，以維持較高的派息率。

And -- as you mentioned, even going through kind of the remainder of the year, just looking at natural gas where third quarter were up to on the strip today, call it, $2.50, which is really just under a 20% increase from what we saw in the first quarter.

而且 - 正如你所提到的，即使經歷了今年剩餘的時間，只要看看今天第三季度的天然氣價格，就可以稱之為 2.50 美元，這實際上比去年同期增長了不到 20%我們在第一季就看到了。

So we're -- we do like maintaining that distribution as best we can. I think right now, there's some momentum at least on pricing that does help that through the third quarter and even above that into the fourth quarter with gas prices being closer to $3. And so yes, we like the ability to maintain that. I think with the balance sheet strength and the forecast that we're currently looking at for the second half of the year allows that.

所以我們確實喜歡盡我們所能維持這種分佈。我認為現在，至少在定價方面存在一些動力，這確實有助於整個第三季度，甚至到第四季度，天然氣價格接近 3 美元。所以，是的，我們喜歡維持這一點的能力。我認為，鑑於資產負債表的實力以及我們目前對下半年的預測，可以實現這一點。

Okay. And then if I could sneak 1 more in. I'm going to repeat a question from last quarter. Circling back on the preferreds, 4Q is now less than 2 months away, I was curious if there's any update on what management or the Board is thinking with those preferreds and the rate going to kind of a variable rate. So thanks for any color you can provide.

好的。然後，如果我可以再偷偷進來一個。回到優先股，距離第四季還有不到兩個月的時間，我很好奇管理階層或董事會對這些優先股的想法是否有任何更新，以及利率將採用可變利率。感謝您提供的任何顏色。

Evan, do you want to go ahead on that one?

埃文，你想繼續嗎？

Yes. Thanks, Tim. Yes, it's a great question, and it's definitely something we've been looking at internally. And so, yes, that rate does reset in November of this year going to a 10-year treasury plus 550 basis points. And so where we're looking at it, at rates today, that's a little bit north of 9% relative to the 7%. And so our view really hasn't changed too much from the last quarter.

是的。謝謝，蒂姆。是的，這是一個很好的問題，這絕對是我們內在一直在研究的問題。所以，是的，這個利率確實會在今年 11 月重置，10 年期公債利率加 550 個基點。因此，從我們現在的利率來看，相對於 7% 來說，這個利率略高於 9%。因此，我們的觀點與上季相比確實沒有太大變化。

And so it is something that we're looking at. And they've been a fantastic partner over the years and maintaining that when we put the preferred in place with the Noble acquisition. And so yes, maybe there's something we can do there, but it's not really any material change from where we were looking at that from the last quarter.

所以這是我們正在關注的事情。多年來，他們一直是個出色的合作夥伴，當我們透過收購 Noble 來落實優先股時，他們一直保持著這一點。所以，是的，也許我們可以在那裡做一些事情，但與我們上個季度的情況相比，這實際上並沒有任何實質變化。

The next question comes from Derrick Whitfield with Stifel.

下一個問題來自 Stifel 的 Derrick Whitfield。

Congrats on your new Austin Chalk agreement. For my first question, I wanted to focus on your 2023 guidance. Assuming the midpoint of guidance, the implied trajectory for the balance of 2023 is about 1,000 barrels up on oil and about 6 million cubic feet down on -- sorry, up on gas as well. Focusing on oil specifically, what do you see as the primary driver of that oil growth in light of lower activity trends we're seeing on shore.

恭喜您與奧斯汀粉筆簽訂新協議。對於第一個問題，我想專注於你們的 2023 年指導。假設指引的中點，2023 年剩餘時間的隱含軌跡是石油產量增加約 1,000 桶，天然氣產量減少約 600 萬立方英尺——抱歉，天然氣產量也增加。特別關注石油，鑑於我們在岸上看到的活動減少的趨勢，您認為石油成長的主要驅動力是什麼。

Thanks, Derrick. And, yes, a fantastic question. And so a couple of things that we're looking at. One, we have had some high interest activity on our acreage in the Bakken, which has really helped out with this second quarter relative to the first, where those wells will continue to produce off into the next couple of quarters.

謝謝，德里克。是的，這是一個很棒的問題。我們正在研究一些事情。首先，我們對巴肯地區的油田進行了一些高興趣活動，這對第二季度相對於第一季確實有所幫助，這些油井將在接下來的幾季繼續生產。

We do have some line of sight of wells that have come online that we expect to see or will come online soon in the Permian. So we do see a little bit of a move up on the gas side going through the second half of the year, really kind of focused in the Permian and then some benefit from the Bakken as well.

我們確實看到了一些已經上線的油井，我們預計會在二疊紀看到或很快就會上線。因此，我們確實看到今年下半年天然氣方面出現了一些上升，主要集中在二疊紀盆地，然後也從巴肯盆地中受益。

Terrific. And as my follow-up, with respect to your gas price realizations, you guys are considerably better than the industry for Q2. Wanted to ask if you could speak to some of the drivers there and your expectations for Q3 realizations as we stand here today?

了不起。作為我的後續行動，就你們的天然氣價格實現而言，你們第二季的表現比產業好得多。想問您是否可以與那裡的一些司機談談，以及您對我們今天站在這裡的第三季度實現的期望嗎？

Sure, Derrick. And so yes, we came in at 135% of benchmark for the second quarter. And really, what drove that was volumes and revenues that we recognized in the quarter that came from production in the fourth quarter of last year, there wasn't any particular well. There was actually a handful of them that came in that we booked.

當然，德里克。是的，我們第二季的業績達到了基準的 135%。實際上，推動這一成長的是我們在本季認識到的去年第四季生產的銷售和收入，沒有任何特別好的情況。實際上我們預訂了其中的一些人。

And so as you're aware, as a mineral company, there is an inherent delay from that initial production to when we receive checks on that. And so it's just a natural filling in of some of those wells that really drove some of the higher prices, especially on the gas side this quarter.

如您所知，作為一家礦業公司，從最初的生產到我們收到檢查，存在固有的延遲。因此，這只是其中一些油井的自然填充，確實推動了價格上漲，尤其是本季的天然氣方面。

(Operator Instructions) We have 1 more question from Trafford Lamar with Raymond James.

（操作員說明）我們還有 1 個來自 Trafford Lamar 和 Raymond James 的問題。

First, I was just wondering if you all could provide any additional color on the Longroad agreement, possibly development start date or any lease details or anything you'll be willing to tell us?

首先，我只是想知道你們是否可以提供有關 Longroad 協議的任何其他信息，可能是開發開始日期或任何租賃細節或您願意告訴我們的任何內容？

Sure. This is Carrie Clark. Assuming you saw the press release, I don't think we have any more details to provide on the Longroad arrangement right now other than what was in the press release. We're excited about it. It's just a way for us, as we are always doing, to try to look at another option for extracting value out of the assets that we manage and we're excited about it. I think it's a different concept than we've seen before in this solar development deal as it currently stands today.

當然。這是凱莉克拉克。假設您看到了新聞稿，我認為除了新聞稿中的內容之外，我們現在沒有更多關於 Longroad 安排的細節。我們對此感到興奮。正如我們一直在做的那樣，這只是我們嘗試尋找另一種選擇，從我們管理的資產中提取價值的一種方式，我們對此感到興奮。我認為這與我們之前在目前的太陽能開發協議中看到的概念不同。

So we're really hoping that there's something scalable that makes good sense for energy transition. It's certainly not at this point. Oil and gas is still very much our core competency and being an active royalty owner and the hydrocarbons game is what we're good at, but we're always looking into the future, again, to just emerging technology and especially on solar in this case.

因此，我們真的希望有一些可擴展的東西對能源轉型有意義。當然還不是現在。石油和天然氣仍然是我們的核心競爭力，成為積極的特許權擁有者，碳氫化合物遊戲是我們所擅長的，但我們總是在展望未來，再次關注新興技術，尤其是太陽能領域案件。

We're really optimistic about what Longroad -- it might be able to do, what we can do together and sort of using our unique position to help really create the best possible scenario for successful projects and something that it has, again, quite a bit of scale. So not much more to add at this time, but we'll definitely speak to it in the future as things develop.

我們對 Longroad 能夠做的事情、我們可以一起做的事情以及利用我們獨特的地位來幫助真正為成功的項目創建最佳可能的場景以及它再次擁有的東西感到非常樂觀。因此，目前無需添加更多內容，但隨著事情的發展，我們肯定會在未來討論它。

Okay. Yes. And then second, kind of to look at Angelina County here and on the Aethon agreement. I know under the agreement, they're obligated to drill 15 wells a year on BSM acreage. But do they have any requirements on well completions a year? Or is that purely on their discretion?

好的。是的。其次，看看這裡的安吉麗娜縣和 Aethon 協議。我知道根據協議，他們有義務每年在 BSM 區域鑽 15 口井。但他們對每年完井有什麼要求嗎？或者這純粹是他們的自由裁量權？

Yes. This is Evan. And so it's a great question and timely just given where prices are in Louisiana with really gas prices. And so yes, there is a provision in there, so where they have to drill and complete the wells to get them online.

是的。這是埃文。因此，這是一個很好的問題，考慮到路易斯安那州的油價和實際的汽油價格，這是一個很及時的問題。是的，那裡有一項規定，所以他們必須在哪裡鑽探和完井才能使它們上線。

It appears there are no further questions at this time. I will now turn the program back over to our presenters for any additional remarks.

目前似乎沒有其他問題了。我現在將把節目交還給我們的主持人，以徵求補充意見。

All right. Well, thank you all very much for joining the call today, and we look forward to speaking with you next quarter.

好的。非常感謝大家今天加入電話會議，我們期待下個季度與您交談。

This does conclude today's program. Thank you for your participation. You may disconnect at any time.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。