Black Stone Minerals LP (BSM) 2023 Q4 法說會逐字稿

Please standby, we're about to begin. Good day, and welcome to the Black Stone Minerals fourth quarter and year end earnings call. (Operator Instructions) Please note, this call is being recorded. (Operator Instructions) I'd now like to turn the call over to Mark Meaux, Director of Finance. Please go ahead.

請稍候，我們即將開始。美好的一天，歡迎參加 Black Stone Minerals 第四季和年終財報電話會議。（操作員說明）請注意，此通話正在錄音。（操作員說明）我現在想將電話轉給財務長 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 fourth quarter and full year 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方式參加 Black Stone Minerals 第四季和 2023 年全年財報電話會議。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.

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。

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 2023 10-K that we expect to file later today. 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 measures 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.

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預計今天晚些時候提交的 2023 年 10-K 的風險因素部分。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, CEO, and President; Evan Kiefer, Senior Vice President, Chief Financial Officer, and Treasurer; Carrie Clark, Senior Vice President, Land and Commercial; and Steve Putman, Senior Vice President and General Counsel.

與我一起參加電話會議的有公司董事長、執行長兼總裁湯姆·卡特 (Tom Carter)；基弗 (Evan Kiefer)，資深副總裁、財務長兼財務長； Carrie Clark，土地和商業高級副總裁；以及資深副總裁兼總法律顧問 Steve Putman。

I’ll now turn the call over to Tom.

我現在將電話轉給湯姆。

Good morning to everyone on the call, and thank you for joining us today to discuss our fourth quarter and full year '23 results. We posted strong results with adjusted EBITDA of $125.5 million for the quarter, bringing us to $474.7 million in 2023. We generated total production volumes for the fourth quarter of 41,400 BOE per day, 2% above the upper end of our full year guidance range. Royalty volumes for the quarter were 38,900 BOE, where we saw oil volumes trend down in the Bakken and Eagle Ford, but were offset by an increase in Mid and Del.

大家早安，感謝您今天加入我們討論我們的 23 年第四季和全年業績。我們公佈了強勁的業績，本季調整後 EBITDA 為 1.255 億美元，2023 年達到 4.747 億美元。我們第四季的總產量為每天 41,400 桶油當量，比我們全年指導範圍的上限高出 2%。本季的特許權使用費量為 38,900 桶油當量，我們看到巴肯和伊格爾福特的石油量呈下降趨勢，但被中部和德爾的石油量增加所抵消。

We also saw a modest decrease in natural gas volumes, primarily in the Louisiana Haynesville, conforming with natural gas trends in our industry. Yeah, we see the glass as half full. Today, 39 wells have been turned to sales in the Shelby Trough under our development agreements with Aethon. We announced in December that Aethon elected to use a time-out provision in our development agreement that specifies that when prices fall below a certain threshold, they may elect to temporarily suspend contractually-obligated drilling on our acreage.

我們也看到天然氣量略有下降，主要是在路易斯安那州海恩斯維爾，這符合我們行業的天然氣趨勢。是的，我們看到杯子是半滿的。如今，根據我們與 Aethon 的開發協議，Shelby Trough 的 39 口井已開始銷售。我們在 12 月宣布，Aethon 選擇在我們的開發協議中使用暫停條款，該條款規定，當價格跌至特定閾值以下時，他們可能會選擇暫時中止合約規定的在我們土地上的鑽探。

At this time, we do not expect the time-out will impact the next 12-month cycle for the drilling and completion of Aethon-operated wells that were spud prior to the time-out. And in fact, Aethon has indicated they may drill additional wells during the time-out period and have actually begun operations on several. We are working closely with Aethon to determine the effects of the time-out as we focus on longer-term expectations for production in 2025.

目前，我們預計暫停不會影響暫停前已開鑽的 Aethon 營運井的下一個 12 個月週期的鑽井和完井。事實上，Aethon 已表示他們可能會在暫停期間鑽探更多油井，並且實際上已經開始了其中幾口油井的作業。我們正在與 Aethon 密切合作，以確定暫停的影響，因為我們專注於 2025 年生產的長期預期。

We had 63 rigs running on our acreage at the end of the quarter, representing approximately 10% of the US rig count and a reduction of 13 rigs compared to the third quarter.

截至本季末，我們的土地上有 63 台鑽機在運行，約占美國鑽機數量的 10%，與第三季相比減少了 13 台。

Like most in our business, we are seeing general slowdown in drilling in the Haynesville and Gulf Coast as a response to lower natural gas prices. With oil prices remaining around the $70 per barrel range, we did see a small increase in Midland Delaware and the Bakken play trends. We previously announced that we were maintaining our $0.475 per unit for the last quarter or $1.90 on an annualized basis, which, as reported yesterday, represents 1.19 times coverage for the quarter.

與我們業務中的大多數公司一樣，我們看到海恩斯維爾和墨西哥灣沿岸的鑽探活動普遍放緩，這是對天然氣價格下跌的反應。由於油價保持在每桶 70 美元左右，我們確實看到特拉華州中部地區和巴肯地區的石油趨勢略有上升。我們先前宣布維持上一季每單位 0.475 美元的價格不變，按年化計算為 1.90 美元，正如昨天報道的那樣，相當於本季度覆蓋率的 1.19 倍。

Despite the challenges with natural gas prices, we’ve been able to maintain a strong balance sheet throughout the year and hold distribution at its highest level since going public. Due to the suppressed price environment, we may be in a position where at current distribution rates, we could fall below one times coverage, something we likely would not let stand implying a possible reduced distribution until pricing recoveries. In 2022, we mentioned that we expected to grow production through '23 with a target exit rate close to 40,000 BOE per day, and we’re able to execute and exceed those expectations.

儘管面臨天然氣價格的挑戰，我們全年仍能保持強勁的資產負債表，並將分配保持在上市以來的最高水準。由於價格環境受到抑制，我們可能處於這樣的境地：按照目前的分配率，我們可能會跌至覆蓋率的一倍以下，我們可能不會容忍這種情況，這意味著在價格恢復之前，分配可能會減少。2022 年，我們提到，我們預計到 23 年產量將成長，目標退出率接近每天 40,000 桶油當量，我們有能力執行並超越這些預期。

As we enter 2024, there are headwinds. But due to the quality of our acreage and no debt on our balance sheet, we adjusted our commercial efforts to be proactive in a down cycle and have included targeted mineral and royalty acquisitions that complement our existing acreage position.

進入 2024 年，我們遇到了一些阻力。但由於我們的面積品質高且資產負債表上沒有債務，我們調整了商業努力，在下行週期中積極主動，並包括有針對性的礦產和特許權收購，以補充我們現有的面積地位。

In 2023, we acquired non-producing minerals and royalties totaling $15 million. Our strategy in '24 includes a continuation of targeted acquisitions that support our commercial initiatives and provide long-term accretive growth to our unitholders.

2023 年，我們收購了總計 1,500 萬美元的非生產性礦物和特許權使用費。我們 24 年的策略包括繼續進行有針對性的收購，以支持我們的商業計劃並為我們的單位持有人提供長期的增值成長。

Overall, it’s a strong quarter. And despite challenging commodity price environment, we remain encouraged by the long-term natural gas outlook as we continue to make progress on strategic initiatives in '24 and beyond.

總體而言，這是一個強勁的季度。儘管大宗商品價格環境充滿挑戰，但我們仍然對天然氣的長期前景感到鼓舞，因為我們在 24 年及以後的戰略舉措上繼續取得進展。

With that, I’ll turn it over to Evan.

這樣，我就把它交給艾文。

Thank you, Tom, and good morning, everyone. As Tom pointed out, we had a very good fourth quarter where we reported average daily production of 41,100 BOE per day. For the full year, we generated $474.7 million of adjusted EBITDA from 39,800 BOE per day, which is just above the high end of our full year guidance range.

謝謝你，湯姆，大家早安。正如 Tom 指出的，我們第四季的業績非常好，我們報告的日均產量為 41,100 桶油當量。全年，我們每天生產 39,800 桶油當量，調整後 EBITDA 為 4.747 億美元，略高於我們全年指引範圍的上限。

In conjunction with the earnings release, we put out our 2024 guidance yesterday. And as we look forward to the full year 2024, we forecast annual production to be up slightly from 2023 levels.

在發布財報的同時，我們昨天發布了 2024 年指引。展望 2024 年全年，我們預計年產量將比 2023 年的水準略有上升。

As Tom mentioned in the Shelby Trough, Aethon has indicated their intentions to turn in line in 2024 the wells that have been spud prior to the time-out provision, and we’re working very closely with them to determine the long-term impact on future production volumes. We expect a modest increase in volumes in the East Texas Austin Chalk, where we now have 30 new generation, multistage completion wells that are currently producing as we are working with our operating partners in the area to accelerate activity.

正如 Tom 在謝爾比海槽中提到的那樣，Aethon 已表示他們打算在 2024 年恢復在暫停規定之前開鑽的油井，我們正在與他們密切合作以確定長期影響關於未來的產量。我們預計東德州 Austin Chalk 的產量將略有增加，該地區目前擁有 30 口新一代多級完井井，目前正在生產，我們正在與該地區的營運合作夥伴合作加速活動。

Our Permian position is broadly expected to remain in-line with 2023 levels as operators continue to focus on capital discipline, but is offset by an expected decline in the Bakken as that play continues to mature. On the heels of a robust 2022 and 2023, we expect a slowdown in Louisiana Haynesville in response to lower natural gas prices as evidenced by a recent announcement of rig cuts as well as some natural production declines on our acreage outside of these four plays.

由於營運商繼續關注資本紀律，我們的二疊紀頭寸預計將與 2023 年的水平保持一致，但隨著該業務的不斷成熟，巴肯盆地的預期下降將抵消我們的二疊紀頭寸。在經歷了2022 年和2023 年的強勁增長之後，我們預計路易斯安那州海恩斯維爾的產量將放緩，以應對天然氣價格下跌，最近宣布的鑽機削減以及這四個區塊之外的面積的一些自然產量下降就證明了這一點。

Lease bonus and other income was $3.8 million for the fourth quarter and $12.5 million for the full year. The fourth quarter included leasing from primarily in the Haynesville, the Granite Wash, and Gulf Coast, but we remain encouraged by continued activity in these plays despite the lower price environment. We expect lease bonus, operating expenses, production costs for 2024 to be in-line with 2023 levels.

第四季的租賃獎金和其他收入為 380 萬美元，全年為 1,250 萬美元。第四季的租賃主要集中在 Haynesville、Granite Wash 和墨西哥灣沿岸，但儘管價格環境較低，但這些區域的持續活動仍然讓我們感到鼓舞。我們預計 2024 年的租賃紅利、營運費用、生產成本將與 2023 年的水準保持一致。

G&A is expected to increase slightly in 2024 as a result of inflationary costs and our continued efforts to support our ability to evaluate, market, and manage our undeveloped acreage positions to potential operators.

由於通貨膨脹成本以及我們不斷努力支持我們向潛在運營商評估、營銷和管理未開發面積頭寸的能力，預計 2024 年一般管理費用將略有增加。

In 2023, Henry Hub averaged $2.74 per MMBtu while our natural gas hedges had a strike price of over $5 per MMBtu, which provided over $80 million of realized hedge gains for the year. In 2024, we see those levels move lower to $3.55 per MMBtu while our oil hedges are currently just above $71 per barrel. We are in our normal range of hedging approximately 60% to 70% plus of expected volumes for the rest of the year. That will continue to provide support to our cash flows for 2024 due to the recent pullback in pricing.

2023 年，亨利中心的平均價格為每 MMBtu 2.74 美元，而我們的天然氣對沖的執行價格超過每 MMBtu 5 美元，這為當年實現的對沖收益提供了超過 8,000 萬美元。到 2024 年，我們預計這些水準將降至每 MMBtu 3.55 美元，而我們的石油對沖目前略高於每桶 71 美元。我們的對沖交易量處於正常範圍內，約為今年剩餘時間預期交易量的 60% 至 70%。由於近期價格回落，這將繼續為我們 2024 年的現金流提供支援。

With the previously announced fourth quarter distribution, we will pay out total distributions of $1.90 per unit for 2023, which represents a 9% increase over 2022. Distributable cash flow for the quarter was $119.1 million and results in distribution coverage for the fourth quarter of 1.19x and 1.13x for the full year. That allowed us to fully pay off the debt at the end of 2022 and remain at a zero debt balance throughout the year. We currently have $103 million of cash in advance of paying the fourth quarter distribution.

根據先前宣布的第四季度分配，我們將在 2023 年支付每單位 1.90 美元的總分配，比 2022 年增加 9%。本季可分配現金流量為 1.191 億美元，第四季的分配範圍為 1.19 倍，全年的分配範圍為 1.13 倍。這使我們能夠在2022年底全額還清債務，並全年保持零債務餘額。目前，我們有 1.03 億美元的現金可用於支付第四季的分配。

So now moving on from the common units to the preferred. As we have discussed on prior calls, we have the option to redeem our outstanding preferred units at 105% of par or $21.41 per unit through February 26, 2024 or next week. We have not redeemed and do not expect to redeem any units before the redemption window closes, which will not reopen for two years until November of 2025 at a redemption price of 100% of par or $20.39 per unit.

現在從常用單位轉向首選單位。正如我們在之前的電話會議中討論的那樣，我們可以選擇在 2024 年 2 月 26 日或下週之前以面值的 105% 或每單位 21.41 美元贖回我們的未償還優先單位。我們尚未贖回，也不預期在贖回窗口關閉之前贖回任何單位，贖回窗口在兩年內不會重新開放，直到 2025 年 11 月，贖回價格為面額的 100% 或每單位 20.39 美元。

The rate on the preferred units reset in November of 2023 from 7% to the 10-year treasury plus 550 basis points or 9.8%. As you recall, we also put in place a $150 million unit repurchase program in October of 2023. This gives us the flexibility to opportunistically buy our common units, which currently trade at a discount to the preferred units redemption price.

優先單位利率於 2023 年 11 月從 7% 重設為 10 年期公債加 550 個基點，即 9.8%。您還記得，我們​​還在 2023 年 10 月實施了 1.5 億美元的單位回購計畫。這使我們能夠靈活地機會主義地購買我們的普通單位，目前普通單位的交易價格低於優先單位贖回價格。

Given the low natural gas environment today and the liquefied natural gas export capacity expected to increase going into 2025 and beyond, we remain bullish on our long-term gas exposure and unit price.

鑑於目前天然氣價格較低的環境以及預計 2025 年及以後液化天然氣出口能力將增加，我們仍然看好我們的長期天然氣敞口和單價。

And so with that, I will turn the call open for questions.

因此，我將開始接受提問。

(Operator Instructions)

（操作員說明）

Tim Rezvan, KeyBanc.

雷茲萬 (Tim Rezvan)，KeyBanc。

Thank you for taking my questions, folks. I wanted to start on the comments. You mentioned expanding your growth strategy into buying minerals in the Gulf Coast. The $15 million is relatively small relative to some acquisitions that your public peers have had made in the last couple of years. I was wondering, if you could expand a bit on this growth strategy. How big are you willing to go? And then if you could talk -- you mentioned the Gulf Coast, they are non-producing, can you talk specifically where that is and your line of sight on production from that area?

謝謝你們回答我的問題，夥伴們。我想從評論開始。您提到將成長策略擴大到在墨西哥灣沿岸購買礦產。與過去幾年上市同行進行的一些收購相比，1500 萬美元相對較小。我想知道您是否可以擴展一下這個成長策略。你願意去多大？然後，如果你能談談——你提到了墨西哥灣沿岸，他們沒有生產，你能具體談談那是哪裡以及你對該地區生產的看法嗎？

Thanks for the question, Tim. I will be -- this is Tom. I will be glad to answer that as follows. We acknowledge that $15 million is not a needle mover for Black Stone. And we do expect to continue those efforts and substantially expand upon that number maybe ten-fold.

謝謝你的提問，提姆。我會——這是湯姆。我很樂意回答如下。我們承認 1500 萬美元對 Black Stone 來說並不算什麼。我們確實希望繼續這些努力，並將這一數字大幅擴大到十倍。

And with respect to the type of acquisitions and where those are, I don’t want to say too much because of competitive reasons. But suffice it to say that our goals here are to buy properties that are not already well overpriced like in the Permian so that our capital will have better running room and can be accretive to our production profile.

至於收購的類型和收購地點，出於競爭原因，我不想說太多。但只要說我們的目標是購買像二疊紀盆地那樣價格尚未過高的房產，這樣我們的資本就有更好的運作空間，並且可以增加我們的生產規模。

Okay. So, it’s fair to think of this as maybe a third leg on the growth stool in addition to the Chalk and the Haynesville agreements?

好的。因此，可以公平地認為，除了《白堊協議》和《海恩斯維爾協議》之外，這可能是增長凳子上的第三條腿？

Well, I would tell you that typically speaking, we are expanding areas where we are already in place. So, it’s probably more expansive of things that we already own than adding new plays.

好吧，我會告訴你，通常來說，我們正在擴大我們已經到位的領域。因此，我們已經擁有的東西可能比添加新的遊戲更廣泛。

Okay. I appreciate those details. And then I appreciate Evan’s comments about not redeeming the preferred. It would make sense of where prices are today. How are you thinking about that repurchase program? You intentionally put that in the release. And I am just trying to understand the difference between with that cash on hands you are repurchasing shares in weakness versus maybe maintaining -- you seem to indicate you don’t want to maintain that $0.475 per unit if it’s over 100% of your cash flow. Just trying to think how you are thinking about uses of cash, given you have no debt between the repurchases and distributions in 2024.

好的。我很欣賞這些細節。然後，我很欣賞艾文關於不贖回優先股的評論。這對今天的價格是有意義的。您如何看待該回購計畫？您故意將其放入版本中。我只是想了解您在疲軟時回購股票與可能維持的現金之間的區別 - 您似乎表明您不想維持每單位 0.475 美元，如果它超過 100%您的現金流量。考慮到您在 2024 年的回購和分配之間沒有債務，您會如何考慮現金的使用。

Yes, Tim, this is Evan. As we think about overall cash and our debt balances as well, we don’t really like the idea of going below one-time coverage for a period of time and effectively having to borrow to support the distribution.

是的，提姆，這是埃文。當我們考慮整體現金和債務餘額時，我們不太喜歡在一段時間內低於一次性覆蓋率並實際上必須借錢來支持分配的想法。

That said, we also see value in our units over a long-term and see that there could be accretion to repurchasing those units at where we are at today at lower gas prices, especially compared to the $21 on the preferred. And so overall, we feel more comfortable using some of the revolver as it exists to be able to repurchase our common units as opposed to supporting a distribution level that would require coverage to be less than one time.

也就是說，我們也看到了我們的單位的長期價值，並認為以較低的汽油價格回購這些單位可能會增加，特別是與優先的 21 美元相比。因此，總的來說，我們覺得使用一些左輪手槍更舒服，因為它的存在是為了能夠重新購買我們的常用單位，而不是支持需要覆蓋範圍少於一次的分配水平。

Okay. So, I guess we will just stay tuned and see if you start that program with repurchases.

好的。所以，我想我們會繼續關注，看看你們是否透過回購啟動該計劃。

Yeah, that’s correct. It’s something that with the current environment, we think it makes sense and something where we have the opportunity to utilize throughout the year and expect more on that to come.

是的，沒錯。在當前環境下，我們認為這是有意義的，我們有機會全年利用這一點，並期待未來有更多機會。

Thanks. I appreciate the detail. I will hop back in the queue. Thank you.

謝謝。我很欣賞細節。我會跳回到隊列中。謝謝。

Thank you.

謝謝。

Derrick Whitfield, Stifel.

德瑞克·惠特菲爾德，斯蒂菲爾。

Good morning all, and congrats on a strong year end.

大家早安，恭喜您取得了豐碩的年終成果。

Good morning, Derrick.

早上好，德瑞克。

My first question, I wanted to focus on your 2024 guidance. With the lower gas prices we are observing at present, how are you thinking about the conversion of the Aethon DUCs to production in your guidance? Meaning, are you expecting uniform cadence across the quarters or more second half-weighted activity?

我的第一個問題是，我想專注於你們 2024 年的指導。鑑於我們目前觀察到的天然氣價格較低，您如何考慮在您的指導下將 Aethon DUC 轉化為生產？意思是，您是否期望各季度的節奏一致，或更多的下半加權活動？

Yes, Derrick, great question. So overall, based off our conversations with Aethon and the existing DUCs, we do expect those to come online as they provided their -- as you would expect with multi-pad completions, it becomes a little bit lumpy as multiple wells are going to and expected to come online at the same time. What that’s going to do is you will likely see some earlier on in the year, call it, the first quarter and second quarter and then a little bit more towards the end of the year based off the current expectations that they have provided to us.

是的，德瑞克，好問題。因此，總體而言，根據我們與Aethon 和現有DUC 的對話，我們確實希望這些項目能夠上線，因為它們提供了它們——正如您對多井完井所期望的那樣，隨著多口井的完成，它會變得有點不穩定，並且預計同時上線。這樣做的結果是，你可能會在今年早些時候看到一些，稱之為第一季和第二季度，然後根據他們提供的當前預期在年底看到更多對我們來說。

So lumpy, but relatively uniform across the year. Is that a fair characterization?

如此起伏不定，但全年相對均勻。這是一個公平的描述嗎？

Yeah.

是的。

Okay. And then shifting over to the competitive landscape, we have seen considerable M&A across the upstream sector over the last two years that only limited amounts of activity in the mineral subsector. With that said, what are your thoughts on the impact E&P consolidation could have on your business, namely Chesapeake, Southwestern, and if you are expecting to see greater consolidation within the minerals sector?

好的。然後轉向競爭格局，過去兩年我們看到上游產業大量併購，而礦產子產業的活動數量有限。話雖如此，您對勘探與生產整合可能對您的業務（即切薩皮克、西南航空）產生的影響有何看法？您是否期望看到礦產行業內出現更大的整合？

Yeah. So, this is Evan. And I will kind of hit on the operator consolidation first. And I think overall, consolidation within the industry on the operator side could be beneficial. I think specifically thinking about comps or thinking about the Southwestern deal, there is benefits that can be gained through operator efficiencies, costs and everything that I think will trickle down best of the benefit on the mineral owner side as additional development could persist.

是的。所以，這是埃文。我首先會談到運營商整合。我認為總體而言，運營商方面的行業內整合可能是有益的。我認為，特別考慮比較或考慮西南交易，可以透過運營商效率、成本以及我認為隨著額外開發的持續進行而給礦主一方帶來最大利益的一切帶來好處。

Now, on the other side of that, there is capital discipline, and I know Diamondback with Endeavor has indicated possibly rig cuts and maybe a little bit more to what I was seeing to be a flatter production. So I think overall, we are still waiting to see how everything ultimately transacts and how that post-transaction world looks.

現在，另一方面，還有資本紀律，我知道《Diamondback》和《Endeavour》已經表明可能會削減設備，也許還會對我所看到的更加平坦的生產進行更多的削減。所以我認為總的來說，我們仍在等待一切最終如何交易以及交易後的世界是什麼樣子。

But I think at a reasonable level, it’s probably neutral on the moderate-to-low growth story, particularly in the Permian and overall efficiencies to be gained on the gas side, particularly on the Haynesville piece.

但我認為，在合理的水平上，它可能對中低成長的故事（特別是在二疊紀）和天然氣方面獲得的整體效率（特別是在海恩斯維爾）保持中性。

And just on more of the minerals consolidation side of the equation, what are your thoughts on that?

關於等式的更多礦物固結方面，您對此有何看法？

This is Carrie Clark. Thanks for the question. I think on -- in the mineral space, just on a relative basis, of course, they are a much smaller pool, but there has been some significant consolidation over the last couple of years. Just off the top of my head, the Sitio-Brigham transaction from last year.

這是凱莉克拉克。謝謝你的提問。我認為，在礦產領域，當然，相對而言，它們的池子要小得多，但在過去幾年裡出現了一些重大的整合。去年的西蒂奧-布里格姆交易就在我的腦海中。

And to touch back a bit about on the operator consolidation and its impact to us, we are always monitoring as these deals come about, what the specific impact is to us and trying to quantify that. And I think for the Chesapeake and SWN consolidation that we don’t expect a material impact to us from -- based on that transaction.

回顧一下營運商整合及其對我們的影響，我們一直在監控這些交易的發生，對我們的具體影響是什麼，並試圖量化這一影響。我認為，基於該交易，我們預計切薩皮克和 SWN 的合併不會對我們產生重大影響。

But of course, as I have said, again, we are always looking at those operator consolidations and understand that capital can shift from priority projects for one company and as they form a different company that could shift around, and that’s what we are monitoring on that front.

但是，當然，正如我再次說過的，我們一直在關注這些運營商合併，並了解資本可能會從一家公司的優先項目中轉移，並且當它們形成另一家可能會轉移的公司時，這就是我們所做的正在這方面進行監測。

I don’t -- as far as the outlook on mineral consolidation, there is nothing out there that we see at this point that we are anticipating. So I think that’s all we really have to share on that is just we are seeing the same thing that you all might be seeing in the market.

我不這麼認為——就礦物整合的前景而言，目前我們還沒有看到任何我們所預期的東西。因此，我認為我們真正要分享的就是我們所看到的情況與大家可能在市場上看到的情況相同。

Terrific. Thanks for the added color.

了不起。感謝您添加的顏色。

Sure

當然

At this time, I would like to turn the call back over to Tom Carter for any closing comments or additional remarks.

此時，我想將電話轉回給湯姆卡特，以獲取任何結束語或補充說明。

Well, thank you all for joining the call today, and we look forward to speaking with you again in 90 days or so.

好的，感謝大家今天加入電話會議，我們期待在 90 天左右的時間內再次與你們交談。

Once again, ladies and gentlemen, that does conclude today's call. Thank you for your participation. You may disconnect at this time.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。此時您可以斷開連線。