Baytex Energy Corp (BTE) 2023 Q2 法說會逐字稿

(Operator Instructions) Welcome to the Baytex Energy Corp. Second Quarter 2023 Financial and Operating Results Conference Call. (Operator Instructions) The conference is being recorded. (Operator Instructions) I would now like to turn the conference over to Brian Ector, Senior Vice President, Capital Markets and Investor Relations. Please go ahead.

（操作員說明）歡迎參加 Baytex Energy Corp. 2023 年第二季度財務和運營業績電話會議。 （操作員指示）會議正在錄製。 （操作員指示）我現在想將會議交給資本市場和投資者關係高級副總裁 Brian Ector。請繼續。

Thank you, Ishiya. Good morning, ladies and gentlemen, and thank you for joining us to discuss our second quarter 2023 financial and operating results.

謝謝你，石也。早上好，女士們、先生們，感謝您與我們一起討論我們 2023 年第二季度的財務和運營業績。

Today, I'm joined by Eric Grager, our President and Chief Executive Officer; Chad Kalmakoff, our Chief Financial Officer; and Chad Lundberg, our Chief Operating Officer. While listening, please keep in mind that some of our remarks will contain forward-looking statements within the meaning of applicable securities laws. I refer you to the advisories regarding forward-looking statements, oil and gas information and non-GAAP financial and capital management measures in yesterday's press release.

今天，我們的總裁兼首席執行官埃里克·格雷格 (Eric Grager) 也加入了我的行列。查德·卡爾馬科夫 (Chad Kalmakoff)，我們的首席財務官；以及我們的首席運營官查德·倫德伯格 (Chad Lundberg)。在聆聽時，請記住，我們的一些言論將包含適用證券法含義內的前瞻性陳述。請您參閱昨天新聞稿中有關前瞻性陳述、石油和天然氣信息以及非公認會計準則財務和資本管理措施的建議。

All dollar amounts referenced in our remarks are in Canadian dollars unless otherwise specified. And following our prepared remarks, we will be taking questions from analysts.

除非另有說明，我們備註中提到的所有美元金額均以加元為單位。在我們準備好的發言之後，我們將回答分析師的問題。

In addition, if you are listening in today via the webcast, you will have the opportunity to submit an online question, and we will do our best to answer all questions submitted. With that, I would now like to turn the call over to Eric.

此外，如果您今天通過網絡廣播收聽，您將有機會提交在線問題，我們將盡力回答所有提交的問題。有了這個，我現在想把電話轉給埃里克。

Thanks, Brian. Good morning, everyone, and welcome to our second quarter conference call. We reached an important milestone this quarter with the closing of the Ranger acquisition on June 20. This transaction has added quality operating scale in the Eagle Ford and has reinforced what was already a resilient and sustainable business. We have emerged as a well-capitalized and diversified North American E&P company, and we're poised to deliver a powerful combination of increased free cash flow and increased shareholder returns on a per share basis.

謝謝，布萊恩。大家早上好，歡迎參加我們的第二季度電話會議。 6 月 20 日完成了對 Ranger 的收購，本季度我們達到了一個重要的里程碑。這項交易增加了 Eagle Ford 的優質運營規模，並加強了本已具有彈性和可持續發展的業務。我們已成為一家資本充足、多元化的北美勘探與生產公司，並且我們準備提供增加自由現金流和增加每股股東回報的強大組合。

Before discussing our Q2 results, I'd like to take a minute and highlight the 3 key pillars to our business as we move forward. Number 1 is disciplined capital allocation. we are committed to a disciplined returns-based capital allocation strategy, targeting modest single-digit organic production growth. Each of our core assets has 10 or more years of quality development inventory at our current pace of development. And this provides us the ability to efficiently allocate capital in response to changes in regional commodity prices and other economic, cultural or regulatory circumstances.

在討論我們第二季度的業績之前，我想花一點時間強調一下我們前進過程中業務的 3 個關鍵支柱。第一是嚴格的資本配置。我們致力於嚴格的基於回報的資本配置策略，目標是實現適度的個位數有機生產增長。以我們目前的發展速度，我們的每一項核心資產都擁有10年甚至更長的質量發展存量。這使我們能夠有效地配置資本，以應對區域商品價格和其他經濟、文化或監管環境的變化。

Number 2 is our focus on free cash flow generation. Our commitment to efficient capital allocation across our portfolio is expected to generate meaningful free cash flow. We intend to allocate 50% of this free cash flow to debt repayment and 50% of free cash flow to shareholder returns.

第二點是我們對自由現金流生成的關注。我們致力於在整個投資組合中進行有效的資本配置，預計將產生有意義的自由現金流。我們打算將自由現金流的 50% 用於償還債務，將 50% 用於股東回報。

And number 3 is maintaining financial strength. We have a strong balance sheet today with significant financial liquidity. This commitment to a strong balance sheet is unwavering. We've established a total debt target of CAD 1.5 billion, which represents 1.0x total debt-to-EBITDA at USD 50 per barrel WTI.

第三點是保持財務實力。今天，我們擁有強勁的資產負債表和大量的財務流動性。這種對強勁資產負債表的承諾是堅定不移的。我們設定了 15 億加元的總債務目標，相當於按每桶 WTI 50 美元計算的 EBITDA 總債務的 1 倍。

This debt level will provide us with full flexibility to run our business through commodity price cycles and generate meaningful returns. For 2023, we continue to forecast exploration and development expenditures of approximately $1 billion, which are expected to generate an average production rate of 120,500 to 122,500 BOE per day.

這一債務水平將為我們提供充分的靈活性，讓我們能夠在大宗商品價格週期中運營我們的業務並產生有意義的回報。 2023年，我們繼續預測勘探和開發支出約為10億美元，預計平均產量為每天120,500至122,500桶油當量。

For the second half of 2023, we expect production to average 153,000 to 157,000 BOE per day. Based on the forward strip, we expect to generate over $400 million of free cash flow in the second half of 2023 and approximately $500 million of free cash flow for the full year 2023. With the closing behind us, we have moved quickly to enhance shareholder returns. To date in July, we have repurchased 4.9 million shares, and I am very pleased to announce that our Board of Directors declared a quarterly dividend of $2.25 per share or $0.09 per share on an annual basis. I'll now shift to our Q2 results, which include 11 days of operations from Ranger. Production during the quarter was 89,800 BOE per day, 86% oil and NGLs, which exceeded the high end of our Q2 guidance range due to the timing of operated Eagle Ford wells brought on stream late in the second quarter.

2023 年下半年，我們預計日均產量為 153,000 至 157,000 桶油當量。根據遠期協議，我們預計 2023 年下半年將產生超過 4 億美元的自由現金流，2023 年全年將產生約 5 億美元的自由現金流。隨著交易完成，我們已迅速採取行動，增強股東實力返回。截至 7 月份，我們已回購 490 萬股股票，我非常高興地宣布，我們的董事會宣布季度股息為每股 2.25 美元，年度股息為每股 0.09 美元。現在我將討論第二季度的結果，其中包括 Ranger 的 11 天運營情況。本季度的產量為每天 89,800 桶油當量，其中 86% 為石油和液化天然氣，由於 Eagle Ford 油井的投產時間安排在第二季度末，因此超出了我們第二季度指導範圍的上限。

It's important to note that our Q2 production was reduced by approximately 4,500 BOE per day due to the curtailment of production caused by wildfires in Alberta. Wildfires continue to burn in Northwest Alberta and we could see further interruptions through the summer and into the fall. For the month of July, we expect production to be curtailed by approximately 2,000 BOE per day. We are incredibly proud of how our personnel have responded to these challenging conditions with sound, safety-focused decision-making and genuine concern for our communities.

值得注意的是，由於艾伯塔省野火造成的減產，我們第二季度的產量每天減少約 4,500 桶油當量。艾伯塔省西北部的野火繼續燃燒，我們可能會看到整個夏季和秋季的進一步中斷。對於 7 月份，我們預計產量將減少約 2,000 桶油當量/日。我們為我們的員工如何通過明智、注重安全的決策和對社區的真誠關注來應對這些充滿挑戰的條件感到無比自豪。

I would also like to thank the emergency responders and firefighters who courageously continued to protect our communities. We delivered adjusted funds of $274 million $0.47 per share in Q2 and generated free cash flow of $96 million or $0.17 per basic share.

我還要感謝勇敢地繼續保護我們社區的緊急救援人員和消防員。我們在第二季度交付了 2.74 億美元的調整後資金，每股 0.47 美元，並產生了 9600 萬美元的自由現金流，即每股基本股 0.17 美元。

Exploration and development expenditures totaled $171 million during the quarter, consistent with our full year plan, and we brought 34.9 net wells on stream. Operationally, the highlight was the completion of our 6-well Duvernay program. And new heavy oil exploration success in the Waseca near Cold Lake, Alberta. As a reminder, our Pembina Duvernay light oil assets are in the demonstration stage of commerciality and offer high operating netbacks with the potential for strong economics and organic growth. Our completions and facility execution tracked ahead of plan. Which allowed for an acceleration of the on-streaming of wells. 4 of the 6 wells are in the early stages of flowback and are tracking the type curve initial rate expectations. The remaining 2 wells are expected to be on stream by mid-August. In Waseca, we drilled a 6-leg exploration well that was brought on stream in April. The Waseca formation is analogous to the Clearwater across the fairway and is highly amenable to open hole development, which drives strong returns and capital efficiencies.

本季度勘探和開發支出總計 1.71 億美元，與我們的全年計劃一致，我們淨投產了 34.9 口井。在運營方面，亮點是我們 6 孔 Duvernay 項目的完成。在艾伯塔省冷湖附近的瓦塞卡，新的重油勘探取得了成功。需要提醒的是，我們的 Pembina Duvernay 輕質石油資產正處於商業示範階段，可提供高運營淨回報，具有強勁的經濟和有機增長的潛力。我們的完工情況和設施執行情況都提前於計劃。這使得油井的投產速度加快。 6 口井中有 4 口處於回流的早期階段，正在跟踪類型曲線初始產量預期。其餘2口井預計8月中旬投產。在瓦塞卡，我們鑽了一口 6 腿探井，並於 4 月份投產。 Waseca 地層類似於球道對面的 Clearwater，非常適合裸眼開發，從而帶來強勁的回報和資本效率。

We are planning 3 follow-up wells in the second half of 2023. We have an active second half of 2023 development program ahead of us. In the Eagle Ford, we expect to bring approximately 24 net operated and 8 net non-operated wells to sales. In the Viking, we expect to bring 46 net wells on stream. And our heavy oil development program has ramped up with 4 rigs running, 2 at Peavine, 1 at Peace River and 1 at Lloydminster. We expect to bring 40 net heavy oil wells on stream, 19 at Peavine 18 at Lloydminster and 3 at Peace River.

我們計劃在 2023 年下半年開採 3 口後續井。我們還有一個積極的 2023 年下半年開發計劃。在 Eagle Ford，我們預計將出售約 24 口淨運營井和 8 口淨非運營井。在 Viking，我們預計將有 46 口淨井投產。我們的重油開發計劃已加快推進，有 4 個鑽井平台投入運行，其中 2 個在 Peavine，1 個在 Peace River，1 個在 Lloydminster。我們預計將有 40 口淨重油井投產，其中 19 口位於 Peavine，18 口位於勞埃德明斯特，3 口位於 Peace River。

We also have 3 SAGD well pairs and Kerrobert that are expected to be on stream during the fourth quarter. With respect to risk management, we employ a hedge program to help mitigate the volatility in revenue due to changes in commodity prices. For Q3 '23 and Q4 '23, we have entered into hedges on approximately 40% and 35% of our net crude oil exposure. Utilizing a combination of 2-way collars with a floor price of USD 60 per barrel and a ceiling price of USD 100 per barrel and a 5,000 barrel purchase put at USD 60. For the first half of '24, we have entered into hedges on approximately 22% of our net crude oil exposure, utilizing 2-way collars with a floor price of USD 60 and per barrel and a ceiling price of USD 99 per barrel.

我們還有 3 個 SAGD 井對和 Kerrobert，預計將在第四季度投產。在風險管理方面，我們採用對沖計劃來幫助減輕大宗商品價格變化造成的收入波動。在 23 年第三季度和 23 年第四季度，我們對大約 40% 和 35% 的淨原油敞口進行了對沖。採用雙向限制的組合，底價為每桶 60 美元，上限為每桶 100 美元，並以 60 美元購買 5,000 桶。24 年上半年，我們對沖約占我們淨原油敞口的 22%，採用雙向套環，底價為每桶 60 美元，上限價格為每桶 99 美元。

I also want to highlight our 2022 ESG and TCFD reports both were published yesterday and are available on our website. We have built into our culture a strong connection and sense of responsibility to our communities and stakeholders.

我還想強調一下，我們的 2022 年 ESG 和 TCFD 報告均於昨天發布，並可在我們的網站上獲取。我們在我們的文化中融入了與社區和利益相關者的緊密聯繫和責任感。

We remain focused on key ESG initiatives, including GHG emissions, abandonment and reclamation strong and mutually beneficial indigenous relations, safety and climate risk management. These ESG initiatives are essentially driving our long-term sustainability alongside shareholder returns. I would encourage everyone to read through the reports as they contain a tremendous amount of information and give great insights into the Baytex team and our culture, something I am immensely proud of. As I wrap up my prepared remarks, I would like to reiterate our commitment to operational excellence and delivering long-term value and enhanced shareholder returns. With the Ranger acquisition behind us, we are building an even stronger North American energy company with a high-quality, diversified oil-weighted portfolio across the Western Canadian Sedimentary Basin and the Texas Gulf Coast Eagle Ford. And now, operator, we are ready to open the call for questions.

我們仍然關注關鍵的 ESG 舉措，包括溫室氣體排放、廢棄和回收、牢固且互利的本土關係、安全和氣候風險管理。這些 ESG 舉措本質上是在推動我們的長期可持續發展以及股東回報。我鼓勵每個人閱讀這些報告，因為它們包含大量信息，並對 Baytex 團隊和我們的文化提供了深刻的見解，對此我感到非常自豪。在結束準備好的發言時，我想重申我們對卓越運營、提供長期價值和提高股東回報的承諾。收購 Ranger 後，我們正在打造一家更加強大的北美能源公司，在加拿大西部沉積盆地和德克薩斯州墨西哥灣沿岸伊格爾福特擁有高質量、多元化的石油加權投資組合。現在，接線員，我們準備開始提問。

We will now begin the question-and-answer session.(Operator Instructions) The first question comes from Greg Pardy with RBC Capital Markets.

我們現在開始問答環節。（操作員說明）第一個問題來自 RBC Capital Markets 的 Greg Pardy。

This is Justin Ho on for Greg Pardy. Just for my first question, we were wondering now that the Ranger deal has been closed for about a month now. If you could provide us with an update on how the integration process is going so far? And there's any low-hanging fruit or synergies that you see with respect to the integration with Ranger?

我是賈斯汀·何 (Justin Ho) 替補格雷格·帕迪 (Greg Pardy)。對於我的第一個問題，我們現在想知道流浪者隊的交易已經結束大約一個月了。您能否向我們提供目前整合過程的最新進展情況？您認為與 Ranger 的整合有什麼容易實現的成果或協同效應嗎？

Thanks, Justin. Thanks for the question. Yes. So it is a month past close, and that's important, but we were well ahead of closing with the integration work. So people integration, technical and operational workflow integration and business process integration was all well underway. We feel really good about all of the integration steps. And it feels to me like as we proceed through the Q3 and the second half of the year planning, like we've been a combined business longer than it might look on paper. So update wise, we have taken a number of substantial steps, I think, to begin to unlock additional value through efforts around managing and optimizing the surface gathering system.

謝謝，賈斯汀。謝謝你的提問。是的。現在已經過去一個月了，這很重要，但我們的整合工作提前結束了。因此，人員整合、技術和運營工作流程整合以及業務流程整合都在順利進行。我們對所有集成步驟都感覺非常好。在我看來，當我們進行第三季度和下半年的計劃時，我們的合併業務時間比紙面上看起來的時間要長。因此，在更新方面，我認為，我們已經採取了許多實質性步驟，開始通過圍繞管理和優化表面收集系統的努力來釋放額外價值。

We're working to add compression horsepower, which should reduce the gathering system pressure expressed at the wellhead. We've been working very diligently with the team on the ground in Houston and in the field on nodal analysis and optimizing artificial lift and have actually liberated quite a lot of horsepower from gas lift into compression [backpacking] into sort of compression and move to sales horsepower by optimizing gas lift and optimizing other artificial lift approaches.

我們正在努力增加壓縮馬力，這應該會降低井口處的收集系統壓力。我們一直在與休斯敦地面和現場的團隊非常努力地進行節點分析和優化人工舉升，實際上已經將相當多的馬力從氣舉釋放到壓縮[背包]到某種壓縮並轉移到通過優化氣舉和優化其他人工舉升方法來銷售馬力。

And this is just the kind of blocking and tackling you'd expect these integrated teams to be doing -- and we will continue to focus on continued technical work around improving and extending stimulated reservoir volumes, improving economic returns around drilling and completions, but also the artificial lift and the gathering and processing analysis at the surface. These are -- these take a comprehensive kind of systems-wide engineering approach. So you tinker with 1 piece, and it has knock-on impact. But we're working on a handful of integrated optimization steps.

這正是您期望這些綜合團隊所做的那種阻塞和解決方案 - 我們將繼續專注於持續的技術工作，圍繞改善和擴大增產油藏體積，提高鑽井和完井的經濟回報，而且人工舉升以及地面採集和處理分析。這些是——這些採用了一種全面的全系統工程方法。所以你對其中一件進行修補，就會產生連鎖反應。但我們正在研究一些集成優化步驟。

But I think the biggest steps right now that we've focused on through the summer and since close, has been around gathering and processing optimization and artificial lift.

但我認為，我們整個夏天和交易結束以來重點關注的最大步驟是圍繞收集和處理優化以及人工舉升。

That's great. Maybe just shifting gears. We are also hoping to get a bit more color on the exploration well that you drilled out in Cold Lake and the expectations for IP30s of the remaining 3 wells -- do you view this as another big potential play? And how does it stack up versus the Clearwater, which I heard you mention it was analogous to?

那太棒了。也許只是換檔。我們還希望獲得更多關於你們在 Cold Lake 鑽探的勘探井的信息，以及對其餘 3 口井 IP30 的預期——您認為這是另一個巨大的潛在項目嗎？它與 Clearwater 相比如何，我聽你提到它與 Clearwater 類似？

Yes. Yes. So -- we're very excited about this. I think it's really important to point out that both the Waseca and the Cold Lake as well as the [Rrex], the Clearwater equivalent at Morinville, that we actually disclosed in Q1. Both of these are very exciting plays. They're small cold flow heavy conventional discoveries. But what's really important to point out, while neither 1 of them are going to be sort of needle movers in a larger business, each one is -- each one represents somewhere between 30 and 100 locations depending on how you risk adjust probability of outcomes. And given the fact that each one of those locations is $4 million, $5 million of PV, and all of that value accretion and value creation essentially came out of thin air. It materialized out of the efforts and the intellectual property of our geoscience teams and the operational and technical prowess of the organization when it comes to cold flow heavy development.

是的。是的。所以——我們對此感到非常興奮。我認為指出 Waseca 和 Cold Lake 以及 [Rrex]（相當於 Morinville 的 Clearwater）非常重要，我們實際上在第一季度披露了這一點。這兩部劇都是非常精彩的劇目。它們是小型冷流重的常規發現。但真正需要指出的是，雖然它們都不會成為大型企業中的推動者，但每一個都代表 30 到 100 個地點，具體取決於您如何調整結果概率的風險。考慮到每個地點的價值為 400 萬美元，PV 為 500 萬美元，所有這些價值增值和價值創造基本上都是憑空而來。它是我們地球科學團隊的努力和知識產權以及該組織在冷流重型開發方面的運營和技術實力的結果。

So I'm immensely proud of making something meaningful. Again, hundreds of millions of dollars of value accretion, effectively materializing out of the just the intellectual property and time it takes to run an exploration program. I would point out that this is the third discovery in 3 years. 2 years ago, it was the Peavine and then 2 more this year. So 3 discoveries in 3 years in cold flow heavy. We sit on a very large acreage position, 1.7 million net acres. And because oil is where oil was, we're going to continue to create a steady diet of these meaningful value accretive opportunities.

因此，我為做出有意義的事情而感到非常自豪。同樣，數億美元的價值增值，僅通過運行勘探計劃所需的知識產權和時間就有效地實現了。我想指出的是，這是三年來的第三次發現。兩年前是 Peavine，今年又是 2 個。所以3年內有3次發現冷流重。我們擁有非常大的土地面積，淨面積達 170 萬英畝。因為石油就在石油所在的地方，我們將繼續創造這些有意義的價值增值機會的穩定飲食。

And I just couldn't be more proud of the technical and operating capability of the team. So in terms of expressing the next wells IPs -- I can be bold, but I'm not going to be that bold because I just -- it's 1 exploration well. But the team is pretty confident in understanding the trapping structure of these plays. And I think we can continue to put up good numbers as we continue to release the results of the second half exploration and development program, both in and around Cold Lake and in and around Morinville.

我對團隊的技術和運營能力感到非常自豪。因此，就表達下一口井的知識產權而言——我可以大膽，但我不會那麼大膽，因為我只是——這是 1 口勘探井。但團隊對於理解這些戰術的陷阱結構非常有信心。我認為，隨著我們繼續發布下半年冷湖及其周邊地區以及莫林維爾及其周邊地區勘探和開發計劃的結果，我們可以繼續取得良好的數據。

Thank you, Justin.

謝謝你，賈斯汀。

Next question comes from Amir Arif with ATB Capital.

下一個問題來自 ATB Capital 的 Amir Arif。

Just one quick question for you Eric. Just on the pace of buybacks. Could you just give us a sense of how you plan to do those relative to your free cash generation? Is it going to be essentially lined up quarter-to-quarter. So third quarter cash flow would line up with the expected buybacks in the third quarter? Or is there a lag expected?

埃里克，我想問你一個簡單的問題。只是回購的步伐。您能否讓我們了解一下您計劃如何做與您的自由現金生成相關的事情？它基本上會按季度排列嗎？那麼第三季度的現金流將與第三季度的預期回購相符嗎？或者預計會有滯後？

So July was a little bit interesting because we had the catch-up and also because for the first half of the year, we wanted to honor the 25% framework, which was in place technically right up to close. And so we hadn't been in the market because we were essentially blacked out for the entire first half of the year. We generated free cash flow in Q2 and -- and essentially, we had the catch up in July that allowed us to take advantage of that accumulated free cash flow but at a 25% level.

所以 7 月有點有趣，因為我們迎頭趕上，也因為在今年上半年，我們想要兌現 25% 的框架，該框架在技術上已經到位，直到結束。所以我們沒有進入市場，因為整個上半年我們基本上都處於停電狀態。我們在第二季度產生了自由現金流，而且從本質上講，我們在 7 月份迎頭趕上了，這使我們能夠利用積累的自由現金流，但達到 25% 的水平。

So when you try to reconcile against why the 4.9 million shares in July. Those are kind of the mechanics of the arithmetic that go into that consideration. Going forward, with the $400 million of expected free cash flow generation through the balance of the year. If you just do the simple arithmetic, given the amount of months outstanding and the $400 million of free cash flow generation expected, you could see us ramp that up. And it would also be logical that we would ramp that up given the fact that where we sit today is likely to be a better opportunity to buy at a lower price. Than it's likely to be in the future, just given some reasonable expectations.

所以當你試圖調和為什麼7月份有490萬股。這些是考慮到這一點的算術機制。展望未來，預計今年剩餘時間將產生 4 億美元的自由現金流。如果你只做簡單的算術，考慮到未償還月數和預計產生的 4 億美元自由現金流，你可以看到我們在增加這一數字。鑑於我們今天所處的位置可能是以較低價格購買的更好機會，因此我們加大力度也是合乎邏輯的。只要給出一些合理的預期，未來可能會出現這種情況。

And so if you expected that $400 million to carry kind of proportionately through the year, that would make sense. We do, however, don't want to get -- we do want to be diligent about not getting too far ahead. For example, if we're generating substantial free cash flow and it's forecasted in December, we're not going to spend all of that, on the come in, say, August. And so we're threading the needle between trying to be really diligent about buying as much back as we can today while still recognizing that this is a commodities business and things can change dramatically fairly quickly.

因此，如果您預計 4 億美元將按比例貫穿全年，那就有意義了。然而，我們確實不想——我們確實希望努力不要走得太遠。例如，如果我們將產生大量的自由現金流，並且預測在 12 月，那麼我們不會在 8 月到來時花掉所有這些。因此，我們正在努力努力盡可能多地回購，同時仍然認識到這是一個大宗商品業務，事情可能會很快發生巨大變化。

And so we're threading the needle I think I've given you maybe enough bits and pieces to the mechanics of the math, but you'd be right to expect us to spend half of that $400 million and to do so as quickly as we can get comfortable doing so based on the way things are looking.

所以我們正在穿針引線，我想我已經給你們提供了足夠的數學原理，但是你們期望我們花掉這 4 億美元中的一半並且盡快這樣做是正確的。我們可以根據事情的發展情況輕鬆地這樣做。

I appreciate that color. And just as a second question, just going back to the Eagle Ford acquired assets. I know it's only been a month, but as you as you develop it at a slower pace than where Ranger well was developing it. Could you give us a sense of what the low costs are? And do you see any synergies on the capital side? I know you talked about the operational side a bit.

我很欣賞那種顏色。作為第二個問題，回到鷹福特收購的資產。我知道這才過了一個月，但隨著你的發展，它的速度比 Ranger 的開發速度要慢。您能給我們介紹一下什麼是低成本嗎？您認為資本方面有什麼協同效應嗎？我知道您談到了運營方面的問題。

Yes. Yes. So on the capital side, we're a substantially larger business and that larger business will allow us to negotiate better terms with suppliers, steel suppliers, proppant suppliers, hydraulic horsepower suppliers and drilling contractors. And all of these things we've got an opportunity to utilize that new scale to leverage agreeable terms or more agreeable terms. And we're also planning to run all of our business as close to level loaded as we can, finding the optimal points of efficiency within each asset, and that will also give us opportunities as you level load the drilling and completions business and your steel supplies, that level loaded nature allows your suppliers, your vendors to also find opportunities to lower costs and that flows through.

是的。是的。因此，在資本方面，我們是一家規模更大的企業，更大的業務將使我們能夠與供應商、鋼鐵供應商、支撐劑供應商、液壓馬力供應商和鑽井承包商談判更好的條款。所有這些，我們都有機會利用新的規模來利用合適的條款或更合適的條款。我們還計劃盡可能以接近水平負載的方式運行我們的所有業務，找到每項資產的最佳效率點，這也將為我們在鑽井和完井業務以及鋼鐵水平負載時提供機會供應商，這種水平負載性質允許您的供應商，您的供應商也找到降低成本和流動的機會。

And so what I would say is we continue to see opportunities to make commercial gains in terms of better terms, but also the 2 technical teams coming together and working together -- within the Eagle Ford, we've had our team that was running our investment side of our Eagle Ford Karnes interest, the Marathon-operated Baytex nonoperated together with our operating and technical teams in Houston on the Ranger operated assets. Together with our Duvernay team because those are very analogous assets and combining their ideas and their tools and optimizing capital efficiencies. And so we continue to see opportunities to both create higher-performing wells, while holding the line on capital and that should flow through over time into better and better capital efficiencies together with better commercial terms.

因此，我想說的是，我們繼續看到以更好的條件獲得商業收益的機會，而且兩個技術團隊齊心協力並共同努力 - 在 Eagle Ford 內，我們的團隊正在運行我們的在我們 Eagle Ford Karnes 權益的投資方面，Marathon 運營的 Baytex 與我們在休斯敦的運營和技術團隊一起非運營 Ranger 運營的資產。與我們的 Duvernay 團隊一起，因為這些資產非常相似，並且結合了他們的想法和工具並優化了資本效率。因此，我們繼續看到創造更高性能油井的機會，同時控制資本，隨著時間的推移，資本效率和更好的商業條件應該會變得越來越好。

The next question comes from Jeremy McCrea with Raymond James.

下一個問題來自傑里米·麥克雷和雷蒙德·詹姆斯。

Just a couple of questions here. Your exploration success just with Waseca and Morinville and even with Peavine, can you give me some more sense of how aggressive your geoscience team is in terms of finding potentially more of these prospects? And how big in commercial and relevant could this be in the overall portfolio here now still?

這裡只有幾個問題。您在 Waseca 和 Morinville 甚至 Peavine 的勘探取得了成功，您能否讓我更多地了解您的地球科學團隊在尋找更多潛在前景方面的積極性？現在，這在整個投資組合中的商業和相關性有多大？

Well, I think in terms of how aggressive they are, we will fund -- we will continue to fund for the foreseeable future. An exploration and organic exploration program in Western in the WCSB. And it's -- let's say, notionally, it's going to be somewhere in the $10 million range. And that should fund 10 to 15 [strat] wells and pilot wells, deepenings and additional kind of petrophysical reservoir characterization as we expand our interpretation of portals and tighten these things up. We'll continue that investment. I would fully expect that the team is continuing to build out prospect locations and continuing to move around our land position and develop opportunities.

嗯，我認為就他們的積極性而言，我們將提供資金——我們將在可預見的未來繼續提供資金。 WCSB 西部地區的勘探和有機勘探計劃。理論上來說，它的價格將在 1000 萬美元左右。當我們擴大對門戶的解釋並加強這些事情時，這應該為 10 至 15 個[地層]井和先導井、深化和其他類型的岩石物理儲層表徵提供資金。我們將繼續這項投資。我完全希望團隊能夠繼續建設前景地點，並繼續圍繞我們的土地位置移動並開發機會。

I can't give you any specifics because I think that would be wrong in an exploration environment to do so. But we've got a lot of land and a lot to discover -- and I just -- again, it's very exciting to see 2 discoveries in a single year and every expectation that, that steady diet should continue. And because in most of these cases, in fact, in every case so far, at least in these 2 this year, we have already ownership of the rights to the land -- we have teams in place. We have locations and infrastructure. And so the ability for this to be material depends on the size of the discovery, but each one of these is highly accretive based on the very, very low cost of entry.

我無法向您提供任何具體細節，因為我認為在探索環境中這樣做是錯誤的。但是我們有很多土地和很多東西有待發現——我只是——再次，很高興看到一年內有兩項發現，並且每個人都期望這種穩定的飲食應該繼續下去。因為在大多數情況下，事實上，到目前為止，至少在今年的這兩個案例中，我們已經擁有了土地的所有權——我們已經有了團隊。我們有地點和基礎設施。因此，這一成果是否具有實質性取決於發現的規模，但每一項都基於非常非常低的進入成本而具有高度增值性。

It's the exploration and analytic property, which already exists in the organization. I know that's a lot of words -- but I don't -- I can't really speak to the scale going forward. I would just say 2 discoveries in 1 year and a pretty steady diet to me as we move throughout our lands and continue to apply these new interpretations of the stratigraphic sequences that we've learned over the last couple of years.

這是組織中已經存在的探索和分析屬性。我知道這有很多話——但我不知道——我無法真正談論未來的規模。我只想說，當我們在我們的土地上移動並繼續應用我們在過去幾年中學到的地層序列的新解釋時，我在一年內有兩個發現，並且對我來說相當穩定的飲食。

Is this -- and as a follow-up there, does this change your -- the way you look at M&A up in Canada here once again in terms of the potential for these type of exploration wells or other guys where you're thinking it's being missed by different operators. Like I guess what look like Yes?

作為後續行動，這是否會改變您看待加拿大併購的方式，再次考慮此類勘探井或您認為的其他公司的潛力被不同的運營商錯過。就像我猜的那樣，是的？

Yes, it's possible. I think M&A is always about creating value. And so you'd have to look at the opportunity set and how the competitive environment has either bidded up or failed to recognize. In the case of Peavine a couple of years ago, the Clearwater at Peavine, I think the team did an exceptional job of finding it ring-fencing it early and had that first-mover advantage. And then as you well know, the Clearwater kind of caught fire and was priced to the point where it couldn't really create any value. And this is obviously one of the reasons why you want to have opportunities in various places because these factors will come and go. They will ebb and flow as you have opportunities to -- by EBITDA.

是的，這是可能的。我認為併購始終是為了創造價值。因此，您必須查看機會集以及競爭環境如何提高或未能識別。就幾年前的 Peavine 而言，Peavine 的 Clearwater，我認為該團隊做得非常出色，很早就找到了它，並擁有先發優勢。然後正如你所知，Clearwater 有點著火了，並且定價到了無法真正創造任何價值的地步。這顯然是你想要在各個地方擁有機會的原因之一，因為這些因素會來來去去。當你有機會時，它們會隨著 EBITDA 的變化而起伏。

In terms of real M&A in the near term, I'd say we are absolutely laser-focused on execution today. We are going to deliver Q3, Q4, full year '23 and a budget and a reserve book that we are going to be very, very proud of. And that is our singular focus.

就近期的實際併購而言，我想說我們今天絕對專注於執行。我們將提供 23 年第三季度、第四季度、全年的預算和儲備書，我們將對此感到非常非常自豪。這就是我們的唯一關注點。

What happens in '24, '25 and beyond will depend on factors that present themselves in the future. But we're always looking for opportunities to create value over time. But I would say in the next short while, we are absolutely focused on demonstrating this business is as good to everyone else as we know it is, given what we understand about it. So -- that's probably the best I can do, Jeremy. Thank you.

24 年、25 年及以後會發生什麼將取決於未來出現的因素。但我們一直在尋找隨著時間的推移創造價值的機會。但我想說，在接下來的一段時間內，我們絕對會專注於證明這項業務對其他人來說就像我們所知道的那樣，根據我們對它的了解。所以——這可能是我能做的最好的事情了，傑里米。謝謝。

Thanks.

謝謝。

The next question comes from (inaudible).

下一個問題來自（聽不清）。

Eric, -- so with the Eagle acquisition you have become -- or with the Ranger acquisition, you have become a significant operator in the Eagle Ford formation, and you still have ample liquidity. So my question would be what potential do you see for some smaller tuck-in acquisitions in your core areas, both in the Eagle Ford, but also in Canada?

埃里克，——通過收購 Eagle，你已經成為——或者通過收購 Ranger，你已經成為 Eagle Ford 地層的重要運營商，而且你仍然擁有充足的流動性。所以我的問題是，您認為在您的核心領域（無論是在鷹福特還是在加拿大）進行一些小型收購有什麼潛力？

Hi Jasper, thanks for the question. Yes. I think in the Eagle Ford, in the short term, we're going to be focused on execution, we're going to be focused on integration. We're going to be focused on delivering on the second half of the year and also on a '24 budget that again demonstrates the strength of this company. To the outside world as much as we believe from the inside. And I think specifically around the kinds of activity, it's going to be swaps and trades that create value, building perhaps a larger operated working interest and continuing to create opportunities for longer laterals, for higher working interest on the lands in which we already operate. Small tuck-ins, but you really shouldn't expect anything substantial to be taking place in the Eagle Ford or the WCSB in the near term.

嗨，賈斯珀，謝謝你的提問。是的。我認為在鷹福特，短期內我們將專注於執行，我們將專注於整合。我們將專注於下半年的交付以及 24 年的預算，這再次證明了該公司的實力。對外界的看法與我們內心的信念一樣多。我認為，特別是圍繞各種活動，交換和交易將創造價值，建立可能更大的運營工作利益，並繼續為更長的支線創造機會，在我們已經運營的土地上獲得更高的工作利益。雖然是小規模的調整，但你真的不應該指望近期內 Eagle Ford 或 WCSB 會發生任何實質性的事情。

In the longer term, -- we are very, very strong believers in the economies of scale. We believe that the demand bill is a very high-quality resource, and we've got an expansive position and understand it as well as anyone. And we want to continue both exploring and developing on the lands that we already own. And so Mannville is really good. That includes the Clearwater. We're very, very excited about our continued organic growth opportunities in the Duvernay and what that growth leg represents organically and then continued development in and around our Eagle Ford position.

從長遠來看，我們非常非常堅信規模經濟。我們相信需求法案是一種非常高質量的資源，我們擁有廣泛的立場並且和任何人一樣理解它。我們希望在我們已經擁有的土地上繼續探索和開發。所以曼維爾真的很棒。其中包括克利爾沃特。我們對杜韋爾內持續的有機增長機會以及該增長腿所代表的有機增長以及我們在鷹福特位置及其周圍的持續發展感到非常非常興奮。

But we're -- as I said earlier, we're laser focused over the next couple of quarters and into '24 of delivering on this new Baytex and demonstrating the strength and resiliency of this business.

但正如我之前所說，我們將在接下來的幾個季度和 24 年專注於交付新的 Baytex 並展示該業務的實力和彈性。

And my second question would be if you would like to add some color on what your internal estimate is for the IP365 on the upper (inaudible) well.

我的第二個問題是，您是否願意對上部（聽不清）井的 IP365 的內部估計值添加一些顏色。

Boy, that's going to be a really tough one for me. As we sit here today with 1 exploration well, it's -- these are always designed to be proof of concept, Jasper. So I can't really forecast on IP365. What I can tell you is it's high-quality reservoir. We understand the structure of the reservoir and we understand what drives its performance. We're 1 well in. I think there'll be a lot more to share towards the end of the year when we get our reserve work done because these wells you really don't even have enough production data yet to hang a reasonable decline curve off of. So it would be just rank speculation for me. But we're pretty excited about both the Waseca Cold Lake as well as the [Rrex] or Clearwater at Morinville.

天哪，這對我來說將是一件非常艱難的事情。當我們今天坐在這裡進行 1 口勘探井時，賈斯珀，這些井始終旨在證明概念。所以我真的無法預測IP365。我可以告訴你的是，它是優質水庫。我們了解水庫的結構，也了解驅動其性能的因素。我們已經進入了 1 口井。我認為，到今年年底，當我們完成儲備工作時，將會有更多的內容可以分享，因為這些井實際上甚至沒有足夠的生產數據來保持合理的下降。曲線關閉。所以這對我來說只是排名猜測。但我們對 Waseca Cold Lake 以及莫林維爾 (Morinville) 的 [Rrex] 或 Clearwater 感到非常興奮。

I look forward to seeing the results of the other upcoming drilling campaign and the decline curve for the (inaudible) Waseca well. And with that, I would like to turn my call over. Thank you.

我期待看到即將到來的其他鑽探活動的結果以及（聽不清）Waseca 井的遞減曲線。就這樣，我想轉交我的電話。謝謝。

Thank you, [Jasper].

謝謝你，[賈斯珀]。

This concludes the question-and-answer session from the phone lines. I would like to turn the conference back over to Brian Ector for any questions received online.

電話問答環節就此結束。對於網上收到的任何問題，我想將會議轉回布賴恩·埃克托 (Brian Ector)。

Okay. Thank you, Ishiya. And I do have a few questions that have been submitted from the webcast. So I'm going to moderate these now for you, Eric. The first question relates to the capital allocation. Can you please discuss the allocation of E&D spending between Canada and the U.S. So your thoughts on how we allocate capital?

好的。謝謝你，石也。我確實有一些從網絡廣播中提交的問題。所以我現在要為你主持這些，埃里克。第一個問題涉及資本配置。您能否討論一下加拿大和美國之間的研發支出分配問題？您對我們如何分配資本有何看法？

Yes. So what we've been saying up to this point really hasn't changed -- we were saying essentially half of our capital would be allocated to our -- what would have been and in all our prior language stand-alone Ranger assets and the other half of the capital allocated to what would have been stand-alone Baytex, including the non-op Eagle Ford. .

是的。因此，到目前為止，我們所說的實際上並沒有改變——我們說基本上一半的資本將分配給我們的——用我們之前所有的語言來說，獨立的 Ranger 資產和另一半資本分配給獨立的Baytex，包括非運營的Eagle Ford。 。

That's a way to tie what I'm saying today to the past. That hasn't changed. That half and half. And over time, I think it's going to depend on economic conditions, things like how the WCS basis diff widens or narrows and what other kind of circumstances express themselves in these various parts of our business. We will be allocating capital to the highest returns first. But we're also keenly aware that each one of our assets has points of points of development efficiency where you really want to run. And for example, in our Peavine we've been pretty clear that 12,000 to 15,000 Boe a day although this is an absolutely spectacular asset just anywhere in the world, it's a spectacular asset.

這是將我今天所說的內容與過去聯繫起來的一種方式。這一點沒有改變。那個一半一半。隨著時間的推移，我認為這將取決於經濟狀況，比如 WCS 基礎差異如何擴大或縮小，以及我們業務的各個部分錶現出的其他類型的情況。我們將首先將資本分配給回報率最高的人。但我們也敏銳地意識到，我們的每一項資產都有您真正想要運行的開發效率點。例如，在我們的 Peavine，我們非常清楚每天 12,000 到 15,000 Boe，儘管這在世界任何地方都是絕對壯觀的資產，但它確實是一個壯觀的資產。

It runs most efficiently in this 12,000 to 15,000 Boe a day band. And we've been asked, why don't you put all your capital into Peavine -- and it's just -- I realize that's sort of a philosophical question. But none of these assets can handle that much. So Peavine will run at a point where it is maximum operational efficiency for lots of reasons. We have also talked about Eagle Ford, our Ranger assets in the same way. We like 2 level-loaded rigs running on the Ranger lands because that level loads a single frac crew. It allows us to build a responsible refrac program into the system. And this is a way that we liberate intellectual horsepower out of the organization to work on all the other demands and dimensions of the business to continue to unlock value.

它在每天 12,000 到 15,000 Boe 的範圍內運行效率最高。有人問我們，為什麼不把所有的資本都投入到 Peavine 上——我知道這是一個哲學問題。但這些資產都無法處理那麼多。因此，出於多種原因，Peavine 將在運行效率最高的點運行。我們還以同樣的方式討論了我們的 Ranger 資產 Eagle Ford。我們喜歡在 Ranger 土地上運行 2 個水平裝載的鑽機，因為該水平裝載一個壓裂人員。它使我們能夠在系統中構建一個負責任的折射程序。這是我們從組織中解放智力的一種方式，可以滿足業務的所有其他需求和維度，從而繼續釋放價值。

And it's why we've actually been able to focus on things like artificial lift optimization and gathering and processing optimization and other things. And when we talk about capital allocation, we always start with Show me where these assets, each one of these assets runs most efficiently, operationally and from a capital efficiency perspective, and then we will select capital allocation according to the returns where each of the assets are running most efficiently.

這就是為什麼我們實際上能夠專注於人工舉升優化、收集和處理優化以及其他事情。當我們談論資本配置時，我們總是從向我展示這些資產的位置開始，從資本效率的角度來看，每一項資產的運行效率最高，然後我們將根據每項資產的回報率來選擇資本配置。資產運行效率最高。

Thanks, Eric, for that. A question regarding the balance sheet. We -- you highlighted in your prepared remarks, a $1.5 billion total debt target. And the question really is around the time line to achieve that target. Eric, if you want to comment or maybe even Chad (inaudible).

謝謝你，埃里克。關於資產負債表的問題。我們——您在準備好的講話中強調了 15 億美元的總債務目標。問題實際上在於實現該目標的時間線。埃里克（Eric），如果您想發表評論，甚至查德（聽不清）。

Sure. Yes. Let me pitch it over to Chad K.

當然。是的。讓我把它轉給 Chad K。

Sure. I think we've generally been saying we do see that being around 2 years' time. I think we think that still holds. Obviously, if you just take the back half of the year, the $400 million using that as a proxy, that would be closer to 2.5%, maybe just a touch over 2.5 years. Obviously, we're pretty exposed to oil and foreign exchange price -- foreign exchange rates that could change that materially. Obviously, a $5 change in oil price up would be also a $220 million increase in our AFF. So -- we still think we're marching towards around that 2-year mark approximately. So that hasn't changed.

當然。我想我們一直在說我們確實會在兩年左右的時間裡看到這一點。我想我們認為這仍然成立。顯然，如果你只拿今年下半年的 4 億美元作為代理，那將接近 2.5%，也許只是 2.5 年的一點點。顯然，我們非常容易受到石油和外匯價格的影響——外匯匯率可能會大大改變這一點。顯然，油價上漲 5 美元，我們的 AFF 也會增加 2.2 億美元。因此，我們仍然認為我們正在朝著大約兩年的目標邁進。所以這並沒有改變。

Okay. Thanks, Chad. And maybe almost on the system lines related to capital allocation, balance sheet. We've introduced a dividend now Eric, can you just discuss the potential or the outlook maybe towards future dividends? And could we see dividend increases?

好的。謝謝，查德。也許幾乎在與資本配置、資產負債表相關的系統線路上。我們現在已經引入了股息，埃里克，您能討論一下未來股息的潛力或前景嗎？我們能看到股息增加嗎？

Yes, we certainly could, Brian, and I appreciate the question. There's always a tension between using your free cash flow allocated to shareholder returns, the tension between those who prefer larger dividends and those who prefer share repurchases -- and as it stands today, we are -- our plans are to continue with the $0.09 per share per year dividend as a fixed base dividend with no plans to -- as we sit here today, raise that dividend. But what I will say is one of the nice and elegant mechanisms, as you buyback and cancel shares that reduces the number of shares outstanding against which you end up paying your fixed base dividend, and it lowers the absolute value of the total value of the dividend that is paid out, out of the company, which allows you to then take that additional cash flow.

是的，我們當然可以，布萊恩，我很欣賞這個問題。使用分配給股東回報的自由現金流之間總是存在緊張關係，那些喜歡增加股息的人和那些喜歡股票回購的人之間的緊張關係——就目前的情況而言，我們的計劃是繼續以每股 0.09 美元的價格繼續使用。將每年股息作為固定基礎股息，我們今天坐在這裡時，沒有計劃提高股息。但我要說的是一種很好而優雅的機制，當你回購和取消股票時，這會減少你最終支付固定基本股息的已發行股票的數量，並降低股票總價值的絕對值。從公司支付的股息，這樣您就可以獲取額外的現金流。

And if the Board so chooses -- and if our feedback from our investment community is such that it supports then we could decide to take that additional cash and then grow the fixed base dividend over time. But it was a very thoughtful -- this was a very kind of thoughtful dimension of our discussion during our stand up of the fixed base dividend. Where do we start in order to give us some room so that we can grow. And this is one of the reasons why we started at this kind of notionally 2% fixed base dividend yield to give us some room. To raise it over time, should the Board decide they'd like to do so. And should the investment community support that.

如果董事會如此選擇——如果我們投資界的反饋是支持的，那麼我們可以決定獲取額外的現金，然後隨著時間的推移增加固定基數股息。但這是一個非常深思熟慮的——這是我們在固定基數股息站立期間討論的一個非常深思熟慮的維度。為了給我們一些成長的空間，我們從哪裡開始？這就是為什麼我們從名義上 2% 的固定基數股息收益率開始，為我們提供一些空間的原因之一。如果董事會決定願意的話，隨著時間的推移，可以提出這個問題。投資界是否應該支持這一點？

Okay. Thanks, Eric. I think we have time for just maybe 2 more questions. One question relates to the juniper position that they now hold in Baytex, Eric. And with the merger now behind us, can you just characterize our long-term relationship with Juniper?

好的。謝謝，埃里克。我想我們還有時間再問兩個問題。一個問題與他們現在在 Baytex 擔任的杜松子職位有關，埃里克。現在合併已經過去，您能否描述一下我們與瞻博網絡的長期關係？

Yes. So Juniper is our largest shareholder at I would say right now, probably, as I sit here, I'm going to guess at about 19.5%. And the relationship is very strong. We've been in communication with them like we are with all of our shareholders in terms of gaining feedback from the investment community. And I think these guys are long energy investors. They believe in the business, they believe in this business, they believe in the business overall of oil and gas worldwide and the role it plays in fueling economic society over time.

是的。因此，瞻博網絡是我們最大的股東，我現在可能會說，當我坐在這裡時，我猜測其持股比例可能約為 19.5%。而且關係非常牢固。我們一直在與他們溝通，就像我們與所有股東一樣，以獲取投資界的反饋。我認為這些人是長期能源投資者。他們相信這個行業，他們相信這個行業，他們相信全球石油和天然氣的整體業務，以及它在推動經濟社會發展方面所發揮的作用。

And they're in no particular rush as they tell me to get out. And so that feels really good to me. Although we do recognize that at 19.5%, that's a large position. And I think over time, they'll probably want to get that position down just a little bit. So it creates opportunities for us. One, it's a very strong relationship, and we understand where they are and how they feel about the business, both Baytex specifically, pro forma Ranger, but also more broadly, oil and gas in North America. But very specifically around the steps we need to take. And so I get great feedback from them as a common shareholder, they tell me what they think -- and we season that in with thoughts from all the rest of the investment community along the way.

他們讓我出去時並不特別著急。所以這對我來說感覺非常好。儘管我們確實承認這一比例為 19.5%，但這是一個很大的位置。我認為隨著時間的推移，他們可能會希望把這個位置稍微降低一點。所以它為我們創造了機會。第一，這是一種非常牢固的關係，我們了解他們的處境以及他們對業務的感受，無論是 Baytex 特別是，形式上的 Ranger，還是更廣泛的北美石油和天然氣業務。但非常具體地圍繞我們需要採取的步驟。因此，作為普通股東，我從他們那裡得到了很好的反饋，他們告訴我他們的想法——我們一路上將投資界其他所有成員的想法融入其中。

Right. Thanks for that question. And the last one, it's a bit of a technical question, Eric, related to the drilling of wells on the Ranger lands. And just maybe to summarize, the wells being drilled today versus perhaps the older vintage wells? Or are we seeing increased performance are there opportunities to drive better performance. And on the -- and maybe I'll add to the question on the vintage wells, do you see opportunities for potentially reentries or refrac opportunities. So just a question on spacing and the technical side of the Eagle Ford.

正確的。謝謝你提出這個問題。最後一個問題是一個技術問題，埃里克，與遊騎兵土地上的鑽井有關。也許總結一下，今天正在鑽探的井與可能是較舊的老式井相比？或者我們是否看到性能有所提高，是否有機會推動更好的性能。關於——也許我會補充關於老式井的問題，你是否看到潛在的重新進入或重複壓裂的機會。所以只是關於鷹福特的間距和技術方面的問題。

Yes. So it's a yes to -- basically, Brian, all 3 of those questions, the answer would be in short Yes. Yes, we're seeing better performance in the more recent wells. A lot of this has been driven by just industrial progress and the progress of our space in general in the unconventional fracture stimulation in the art and science of fracture stimulation and unconventionals, higher fracture intensity, tighter stage spacing, tighter perf cluster spacing, higher total -- higher pressure differentials between the inside surface of the pipe and the end of the perf tunnel drives more and more kinetic energy into the reservoir and that breaks more rock, it shatters more rocket creates, more fracture surface area in the reservoir. From which to liberate or deliver oil and natural gas off the surface of the fractures.

是的。所以，基本上，布萊恩，所有這三個問題的答案都是肯定的。是的，我們在最近的油井中看到了更好的表現。這在很大程度上是由工業進步以及我們在裂縫增產和非常規技術和科學中的非常規裂縫增產領域總體進步所推動的，更高的裂縫強度，更緊密的階段間距，更緊密的射孔簇間距，更高的總面積- 管道內表面和穿孔隧道末端之間的較高壓差將越來越多的動能驅動到儲層中，從而破碎更多的岩石，粉碎更多的火箭產生的儲層中更多的斷裂表面積。從裂縫表面釋放或輸送石油和天然氣。

All of that has been progressive over time. And so in any unconventional, if you look at the vintaging of the wells you see well performance on a per 1,000 foot basis go up. So BOE per 1,000 if you look at 2015, '16 and so on. And this is in our deck, you can see the progression over time. The wells get better over time, and they get better on a unit basis as well as overall. There is still room to continue driving that performance higher. And one of the ways in which you've seen the industry do this, and we're doing it in space across our unconventionals is larger board tubulars delivering more horsepower to the reservoir to be converted into kinetic energy to fracture the rock.

隨著時間的推移，所有這些都在進步。因此，在任何非常規井中，如果您查看油井的陳舊情況，您會發現每 1,000 英尺的井性能有所提高。如果你看看 2015 年、16 年等，那麼每 1,000 人的 BOE 是多少。這是在我們的牌組中，您可以看到隨著時間的推移的進展。隨著時間的推移，油井會變得越來越好，無論是單位基礎上還是整體上都會變得更好。仍有繼續提升業績的空間。您所看到的行業做到這一點的方法之一是使用更大的板管，向儲層提供更多的馬力，將其轉化為動能來破碎岩石，而我們正在非常規空間中這樣做。

And that is a continued evolution. You'll also see things like in the industry, you'll read about it as a term called simul-frac, whereby you're able to drive more kinetic energy or deliver more kinetic energy to the rock given the units of horse power you've got at the surface. And it's a way of managing the parasitic losses through the pipe due to friction. All of these are very technical, but yes, they've gotten better. Yes, we see opportunities to continue to get better despite the fact that we've got development on the land, we see lots and lots of opportunities to continue to get better and sharing those opportunities across our non-op technical team with experience in the Karnes trough, our new operated technical team in the Ranger lands and our existing technical team in the Duvernay to share those learnings in and around unconventional performance in geomechanics.

這是一個持續的演變。您還會看到類似行業中的情況，您會讀到一個稱為“同步壓裂”的術語，根據您所提供的馬力單位，您可以驅動更多的動能或向岩石傳遞更多的動能。已經浮出表面了。這是一種管理因摩擦引起的管道寄生損失的方法。所有這些都非常技術性，但是，是的，它們已經變得更好了。是的，儘管我們已經在這片土地上進行了開發，但我們看到了繼續變得更好的機會，我們看到了很多很多繼續變得更好的機會，並在我們擁有豐富經驗的非操作技術團隊中分享這些機會。卡恩斯海槽、我們在 Ranger 土地上新運營的技術團隊以及我們在 Duvernay 的現有技術團隊將分享有關地質力學非常規性能的知識。

I would say the last question around refracs, it takes advantage of many of the same technical progression. These older wells, many of them were completed with very -- substantially muscular fluids, zirconate cross-link, stimulation fluids, hybrid fluids and those fluids had a tendency to create very dilated fractures, but limited the fracture surface area because it tended to waver dilate fractures.

我想說關於折射的最後一個問題，它利用了許多相同的技術進步。這些老井，其中許多是用非常強的流體、鋯酸鹽交聯、增產流體、混合流體完成的，這些流體有產生非常擴張的裂縫的傾向，但限制了裂縫表面積，因為它傾向於波動擴張骨折。

Today, we use what we call slickwater fluids, and we deliver larger jobs, but also driving more fracture surface area per unit of kinetic energy delivered to the reservoir. And so the fact that -- again, let me repeat this kind of, it's true in unconventionals as well as conventionals oil was, and it's in the SRVs inside these existing fracture stimulated wells from a decade ago. We can go back into these wells and we can clean them out, set new liners, recement those new liners and restimulate those wellbores and unlock existing resource because something like 90% of the resource remains in those existing old wellbores that are -- have an opportunity to be restimulated.

今天，我們使用所謂的滑溜水流體，我們提供了更大的工作，但也驅動了傳遞到儲層的每單位動能更多的裂縫表面積。因此，讓我再次重複一遍這一事實，無論是非常規石油還是常規石油，都是如此，而且在十年前這些現有壓裂增產井內的 SRV 中也是如此。我們可以回到這些井中，我們可以清理它們，設置新的襯管，重新加固這些新襯管，重新刺激這些井眼並釋放現有資源，因為大約 90% 的資源仍然存在於那些現有的舊井眼中，這些舊井眼具有重新受到刺激的機會。

All right. Thanks, Eric. It's a great answer to a really good question. We've got one last question that just came in. So I think we will try to get to this one as well before we wrap up. And this relates to the legacy Eagle Ford position with Baytex. And can you just comment on the relationship that we have with the operator?

好的。謝謝，埃里克。這是對一個非常好的問題的一個很好的回答。我們剛剛提出了最後一個問題。所以我想在結束之前我們也會嘗試解決這個問題。這與 Eagle Ford 在 Baytex 的傳統地位有關。您能否評論一下我們與運營商的關係？

Yes. So we have a great relationship with the operator, have for a long time. These assets came into the Baytex business in 2014. And the team has worked long and hard over almost a decade to build a good, high-quality technical and management relationship with the operator. and continue to do so. They're a great operator. They do an excellent job and their performance speaks for themselves, (inaudible) speak for itself. And we benefit from that expertise and from the scale -- but we also recognize that having such a large non-op position within Baytex as a stand-alone organization prior to our Ranger merger.

是的。所以我們和運營商有著很好的關係，已經有很長時間了。這些資產於2014年進入Baytex業務。近十年來，該團隊經過長期努力，與運營商建立了良好、高質量的技術和管理關係。並繼續這樣做。他們是一位出色的運營商。他們做得非常出色，他們的表現不言而喻，（聽不清）不言而喻。我們受益於這些專業知識和規模——但我們也認識到，在我們合併 Ranger 之前，Baytex 作為一個獨立組織擁有如此大的非運營職位。

Presented certain risks to the business because it was our largest asset and because it was entirely non-op. But the risks weren't because we had bad relationship or weren't because we aren't a good operator. It was because the capital allocations were entirely the decisions for capital allocation into and out of those assets were entirely beyond our control, and that was at its root, the risk. But we couldn't be happier with the relationship and we couldn't be happier with the performance of the operator and want to continue leaning in on both of those.

給企業帶來了一定的風險，因為它是我們最大的資產，而且完全是非運營資產。但風險並不是因為我們關係不好，也不是因為我們不是一個好的經營者。因為資本配置完全是資產進出的決定，完全是我們無法控制的，這就是風險。但我們對這種關係非常滿意，對運營商的表現也非常滿意，並希望繼續依靠這兩者。

All right. Thanks, Eric. That does conclude the questions coming in from the webcast today. Again, I think it's been a great success providing this opportunity to facilitate some additional questions from our shareholders.

好的。謝謝，埃里克。這確實總結了今天網絡廣播中提出的問題。再說一遍，我認為提供這個機會來解答股東提出的一些其他問題是一次巨大的成功。

So everyone, thank you. Thank you, operator. Thanks, everyone, for participating in our second quarter conference call. Have a great day.

所以大家，謝謝你們。謝謝你，接線員。感謝大家參加我們的第二季度電話會議。祝你有美好的一天。

This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您度過愉快的一天。