Baytex Energy Corp (BTE) 2025 Q2 法說會逐字稿

Good day, everyone. Thank you for standing by. This is the conference operator. Welcome to the Baytex Energy Corp's second quarter 2025 financial and operating results conference call. As a reminder, all participants are in a listen-only mode. The conference is being recorded. (Operator Instructions)

大家好。感謝您的支持。我是會議主持人。歡迎參加 Baytex Energy Corp 2025 年第二季財務與經營業績電話會議。提醒一下，所有參與者都處於只聽模式。會議正在錄製中。（操作員指示）

I would now like to turn the floor over to Brian Ector, Senior Vice President, Capital Markets and Investor Relations. Please go ahead.

現在我想把發言權交給資本市場和投資者關係高級副總裁 Brian Ector。請繼續。

Thank you, Jamie. Good morning and welcome to Baytex second quarter, 2025 earnings call. I am joined today by Eric Greager, our President and Chief Executive Officer; Chad Kalmakoff, our Chief Financial Officer; and Chad Lundberg, our Chief Operating Officer.

謝謝你，傑米。早上好，歡迎參加 Baytex 2025 年第二季財報電話會議。今天與我一同出席的還有我們的總裁兼執行長 Eric Greager、我們的財務長 Chad Kalmakoff 和我們的營運長 Chad Lundberg。

Before we begin, please note that our discussion today contains 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. All dollar amounts referenced in our remarks are in Canadian dollars unless otherwise specified. And after our prepared remarks, we'll open the call for questions from analysts. Webcast participants can also submit questions online, and we will address as many as time permits.

在我們開始之前，請注意，我們今天的討論包含適用證券法含義內的前瞻性陳述。我請您參閱昨天新聞稿中有關前瞻性聲明、石油和天然氣資訊以及非公認會計準則財務和資本管理措施的建議。除非另有說明，我們備註中提到的所有美元金額均為加幣。在我們準備好發言之後，我們將開始接受分析師的提問。網路直播參與者也可以在線上提交問題，我們會在時間允許的情況下盡可能解答。

With that, let me turn the call over to, Eric.

說完這些，讓我把電話轉給艾瑞克。

Thanks, Brian. Good morning, everyone. We delivered solid operational and financial results in the second quarter that reflect the quality of our assets as well as our focus on operational excellence. In the Pembina Duvernay, we achieved the highest 30-day peak oil rates recorded in the West Shale Basin. These results validate our technical and operational advances and help demonstrate the exceptional resource potential within our portfolio.

謝謝，布萊恩。大家早安。我們在第二季度取得了穩健的營運和財務業績，這反映了我們的資產品質以及我們對卓越營運的關注。在彭比納杜韋奈，我們實現了西部頁岩盆地記錄的最高 30 天高峰石油產量。這些結果驗證了我們的技術和營運進步，並有助於展示我們投資組合中卓越的資源潛力。

Beyond a Duvernay, the teams consistently delivered solid execution across our operations. Heavy oil production grew by 7% quarter-over-quarter while our Eagle Ford team delivered two more strong refracs at half the cost of new wells. The commodity backdrop in Q2 is soft, with WTI averaging USD64 per barrel. In this volatile environment, we remain focused on capital discipline, prioritizing free cash flow and reducing net debt. Our second quarter results demonstrate our resiliency through commodity price cycles while maintaining capital flexibility.

除了杜韋奈之外，團隊在我們的整個營運過程中始終如一地提供了堅實的執行力。重油產量較上季成長 7%，而我們的 Eagle Ford 團隊以新井一半的成本完成了兩次強力壓裂。第二季大宗商品市場疲軟，WTI 平均價格為每桶 64 美元。在這種動盪的環境中，我們仍然注重資本紀律，優先考​​慮自由現金流並減少淨債務。我們第二季的業績證明了我們在保持資本彈性的同時，能夠抵禦大宗商品價格週期的衝擊。

Let me turn the call over to Chad Kalmakoff, for our financial results.

讓我把電話轉給 Chad Kalmakoff，詢問我們的財務結果。

Thanks, Eric. We delivered second quarter of financial results consistent with our full year plan. Adjusted funds flow was $367 million or $0.48 for basic share, and we generated net income of $152 million. We generated $3 million in free cash flow and returned $21 million to shareholders, including $4 million in share repurchases and $17 million in quarterly dividends.

謝謝，埃里克。我們公佈的第二季財務業績與全年計畫一致。調整後的資金流為 3.67 億美元，即基本每股 0.48 美元，我們產生的淨收入為 1.52 億美元。我們產生了 300 萬美元的自由現金流，並向股東返還了 2,100 萬美元，其中包括 400 萬美元的股票回購和 1,700 萬美元的季度股息。

Balance sheet strength remains a prior. Net debt decreased $96 million or 4% to $2.3 billion supported by a strengthening Canadian dollar. We repurchased USD41 million of our 8.5% long term notes during the quarter as part of our systematic approach to debt reduction. We maintain substantial financial flexibility with USD1.1 billion in credit facility capacity that is less than 25% drawn and matures in June 2029. Our long-term debt maturity profile provides a significant runway with our earliest no maturity in April of 2030.

資產負債表實力依然強勁。受加幣走強的推動，淨債務減少了 9,600 萬美元，即 4%，至 23 億美元。作為系統性債務削減措施的一部分，我們在本季回購了 4,100 萬美元的 8.5% 長期票據。我們保持了相當大的財務彈性，擁有 11 億美元的信貸額度，其中提取量低於 25%，到期日為 2029 年 6 月。我們的長期債務到期情況提供了重要的跑道，最早可在 2030 年 4 月到期。

Let me turn the call over to, Chad Lundberg for operating.

讓我將電話轉給 Chad Lundberg 進行操作。

Thanks, Chad. We're pleased with the operating performance across our portfolio. Production averaged 148,095 BUE per day, a 2% increase in production per share compared to the same quarter last year. Exploration and development expenditures totaled $357 million consistent with our full year plan, and we brought 67 wells on stream.

謝謝，乍得。我們對整個投資組合的經營績效感到滿意。平均日產量為 148,095 BUE，與去年同期相比，每股產量成長 2%。勘探和開發支出總計 3.57 億美元，與我們的全年計劃一致，並且我們已投產 67 口油井。

In the Pembina Duvernay, our first pad achieved average 30-day peak production rates of 1,865 BUE per day per well, with 3,800 meter completed lateral lengths. The second pad came on stream through early July with similar lateral links, and over the last 26 days has averaged 1,264 BUE per day per well. Our third pad is expected on stream in September.

在 Pembina Duvernay，我們的第一個平台實現了平均 30 天峰值產量，即每口井每天 1,865 BUE，已完成的水平段長度為 3,800 公尺。第二個平台於 7 月初投入使用，並配有類似的橫向連接，在過去 26 天中，每口井每天的平均產量為 1,264 BUE。我們的第三個發射台預計將於九月投入使用。

The performance of our first two pads has exceeded initial rate expectations, with the first pad delivering the highest 30-day peak oil rates to date in the West Shale Basin. These results demonstrate our continued advancement in drilling and completion's performance.

我們的前兩個油田的表現已經超出了最初的產量預期，其中第一個油田創造了西頁岩盆地迄今為止最高的 30 天峰值產油量。這些結果顯示我們在鑽井和完井性能方面不斷取得進展。

In addition to well performance, we achieved a 12% improvement in drilling and completion costs compared to 2024. These efficiency gains strengthen well economics and further support our capital allocation decisions. With 140 net sections and approximately 200 locations identified, we plan to transition to full commercialization through '26 and into '27. This means we would target drilling 18 to 20 wells per year, resulting in production ramping to 20,000 to 25,000 BUE per day by '29, 2030.

除了油井性能外，與 2024 年相比，我們的鑽井和完井成本也降低了 12%。這些效率的提高增強了經濟效益，並進一步支持了我們的資本配置決策。目前已確定了 140 個網路部分和大約 200 個位置，我們計劃在 26 年至 27 年期間過渡到全面商業化。這意味著我們的目標是每年鑽探 18 至 20 口井，到 2030 年 29 日產量將提高到每天 20,000 至 25,000 BUE。

In the Eagle Ford, we brought on stream 15 wells while realizing an approximate 11% improvement in drilling and completion costs. We delivered two additional refracts with initial rates comparable to our broader development program at approximately half the cost. With 300 refrac opportunities identified across our acreage, this program extends asset duration while delivering strong capital efficiency.

在鷹福特，我們投產了 15 口井，同時實現了鑽井和完井成本約 11% 的改善。我們提供了另外兩個折射器，其初始速率與我們更廣泛的開發計劃相當，但成本大約只有後者的一半。在我們的油田範圍內發現了 300 個重複壓裂機會，該計劃延長了資產期限，同時實現了強大的資本效率。

Our heavy oil operations continue their strong performance, with production up 7% quarter-over-quarter. We brought on stream 43 wells across Peavine, Peace River, and Lloydminster, continuing to demonstrate the capital efficient development of these assets. Our team continues to focus on safe and efficient development across our portfolio as we progress through the year.

我們的重油業務持續保持強勁表現，產量較上季成長 7%。我們在 Peavine、Peace River 和 Lloydminster 投產了 43 口油井，繼續展示了這些資產的資本高效開發。隨著時間的推移，我們的團隊將繼續致力於整個投資組合的安全和高效開發。

Let me turn the call back to, Eric for his closing remarks.

請容許我把電話轉回給艾瑞克，請他作最後發言。

Thanks, Chad. Our second quarter results reinforce the quality of our asset portfolio and our ability to execute through volatile market conditions. The top performance in the Pembina Duvernay highlights the asset's strong value and growth potential, while our heavy oil operations continue delivering strong returns and our Viking and Eagle Ford assets provide reliable cash flow and asset duration.

謝謝，乍得。我們第二季的業績鞏固了我們的資產組合品質以及我們在動盪的市場條件下執行的能力。Pembina Duvernay 的出色表現凸顯了該資產的強大價值和成長潛力，而我們的重油業務繼續帶來強勁回報，我們的 Viking 和 Eagle Ford 資產提供可靠的現金流和資產期限。

We remain committed to rigorous capital allocation and regularly evaluate opportunities within our portfolio to maximize shareholder value. The operational achievements delivered in the second quarter provide us with valuable options as we continue to optimize our plans.

我們始終致力於嚴格的資本配置，並定期評估投資組合中的機會，以最大化股東價值。第二季的營運成果為我們繼續優化計畫提供了寶貴的選擇。

Based on forward strip pricing, we expect to generate approximately $400 million of free cash in 2025, with the majority waited to the second half of the year, given our production and capital spending profile. We plan to allocate 100% of free cash flow to debt repayment after funding quarterly dividend payments, targeting net debt of approximately $2 billion by year end.

根據遠期定價，考慮到我們的生產和資本支出狀況，我們預計 2025 年將產生約 4 億美元的自由現金，其中大部分將等到下半年。我們計劃在支付季度股息後，將 100% 的自由現金流用於償還債務，目標是到年底淨債務達到約 20 億美元。

Looking ahead, our oil weighted production profile provides significant exposure to oil price upside, with approximately 84% of our production weighted toward crude oil and liquids. Every USD5 per barrel change in WTI impacts our annual adjusted funds flow by approximately $225 million on an unhedged basis. This positions us well to benefit from any oil price recovery. We remain focused on operational excellence, financial discipline, and positioning Baytex to deliver sustainable long-term value for shareholders.

展望未來，我們的石油加權生產狀況將顯著提高油價上漲的風險，其中約 84% 的產量將集中在原油和液體燃料。WTI 價格每變動 5 美元，就會對我們年度調整資金流產生約 2.25 億美元的非對沖影響。這使得我們能夠從油價復甦中獲益。我們始終專注於卓越營運、財務紀律以及定位 Baytex 為股東提供可持續的長期價值。

Operator, we're ready for questions.

接線員，我們已準備好回答問題。

(Operator Instructions)

（操作員指示）

Amir Arif, ATB Capital.

ATB Capital 的 Amir Arif。

Thanks. Good morning, guys. A couple of quick questions just with the 12% improvement that you're citing in the Duvernay, can you let us know what your average will cost is averaging up there?

謝謝。大家早安。就您提到的 Duvernay 的 12% 改進，您能否告訴我們那裡的平均成本是多少？

Yeah. Thanks, Amir. Good morning. The average well cost so far this year has been running right at $12.5 million. So for a 12,000 foot lateral -- 12,500 foot lateral, that's right at $1,000 for completed lateral foot, and, that's -- I think, affords us continued opportunities for improvement as well. So we're targeting a lower value over time, but that's kind of where we stand today.

是的。謝謝，阿米爾。早安.今年迄今的平均油井成本已達 1,250 萬美元。因此，對於 12,000 英尺至 12,500 英尺的水平井來說，每完成一英尺的水平井成本正好是 1,000 美元，而且，我認為這也為我們提供了持續改進的機會。因此，我們的目標是隨著時間的推移而降低價值，但這就是我們目前的立場。

Got it. And based on the comments of eventually moving to commercialization in '26, '27, so we think about like one week program for '26, like 12 well program next year?

知道了。根據最終在 26 年、27 年實現商業化的評論，我們考慮在 26 年制定一個為期一周的計劃，明年制定一個 12 口井的計劃？

Well, so yes. We are eventually moving in 2027 to a one rig levelized program. We think that will generate 18 to 20 wells per year. So a single rig running around the calendar Amir will be an 18 to 20 well pace of development.

嗯，是的。我們最終將在 2027 年轉向單鑽機平準化計畫。我們認為每年將產生 18 至 20 口油井。因此，單一鑽機在日曆 Amir 期間的運行速度將達到 18 至 20 口井。

Next year in 2026, we're targeting 12 to 15 wells. It kind of depends on the balance of the year and kind of commodity price, let's say in 2026, but we're shoot for 12 to 15, and that continues to step toward full commercialization. We're very pleased, very encouraged by the opportunity for this commercialization and moving toward full development, but one rig will be higher than 12, so next year won't quite get.

明年，也就是 2026 年，我們的目標是鑽探 12 至 15 口井。這有點取決於年份和商品價格的平衡，比如說在 2026 年，但我們的目標是 12 到 15 年，並​​繼續朝著全面商業化邁進。我們非常高興，非常鼓舞，因為有這個機會實現商業化並朝著全面發展邁進，但一台鑽機的數量將超過 12 台，所以明年還不會完全實現。

Okay. I appreciate that. I appreciate the color, there. Just switching over to the Eagle Ford. The, IP weights are fantastic, and those are essentially like a new well rate. Is the decline rate different post the refracs?

好的。我很感激。我很欣賞那裡的色彩。剛剛轉到 Eagle Ford。IP 重量非常棒，它們基本上就像一個新的井率。重複壓裂後的下降率是否有所不同？

It's a little early. (multiple speaker) Yeah. So, yeah, the early rates are strong, the pressure performance is strong. Everything we can see so far within the reservoir characteristics, dynamic testing indicates to us that we're touching all new reservoir, and that's really encouraging. But it's a little bit too early on the two refracts in 2025 to know, really with data specificity around decline rates.

有點早了。（多位發言者）是的。所以，是的，早期利率很高，壓力表現也很強。到目前為止，我們在油藏特性中看到的一切，動態測試都表明我們正在接觸所有新油藏，這確實令人鼓舞。但現在就 2025 年的兩次折射進行判斷還為時過早，因為下降率的數據確實具有特異性。

So far so good. They feel very strong and we have every indication that we're touching new reservoir in these refracts. So that's strong.

到目前為止，一切都很好。它們感覺非常強烈，我們有充分的跡象表明，在這些折射中我們正在接觸新的儲層。所以這很強大。

Okay. And then just one final question if I can, pleasantly surprised to see that your cost for lateral foot even proved illegal for like by a meaningful amount 10% or 11%. And what are you doing differently over there? Like, I would have thought it's more of a mature play where you'd just be getting a few percentage point improvements per year.

好的。如果可以的話，我只想問最後一個問題，我很驚訝地發現，你的側腳成本甚至被證明是非法的，例如 10% 或 11%。你們在那裡做了哪些不同的事？就像，我以為這更像是一種成熟的玩法，你每年只會獲得幾個百分點的改進。

Well, I'm going to pitch that one over to Lundberg. Chad, why don't you comment on kind of some of the progression around drilling and completions improvements on the CapEx side and efficiency improvements as well.

好吧，我要把這個問題提交給倫德伯格。查德，為什麼不評論一下鑽井和完井在資本支出方面的改進以及效率改進方面的一些進展呢？

Okay. Yeah, I mean, it's a combination of two things we're seeing some relief from our service partners with just service cost reductions, most notably, you see drill rig activity levels and frac activity levels in the US. It's no secret that they've been dropping significantly. So we have seen some relief from our service companies on the cost side.

好的。是的，我的意思是，這是兩件事的結合，我們看到服務合作夥伴的服務成本有所降低，最值得注意的是，你看到了美國的鑽機活動水平和壓裂活動水平。它們大幅下降已不是什麼秘密。因此，我們看到服務公司在成本方面有所減輕。

We're excited about that. We're probably more pleased with just the continued efficiency gain, we like to measure those in lateral footage per day or completion pump hours per day. In half one this year, we saw another marked improvement over '23 -- '24, '23 was better than 2Q. So we just continue to see improvements on the efficiency side.

我們對此感到很興奮。我們可能對持續的效率提升更為滿意，我們喜歡用每天的橫向進尺數或每天的完井泵小時數來衡量。今年上半年，我們看到 2023 年至 2024 年的情況再次明顯改善，2023 年的情況比第二季更好。因此，我們繼續看到效率方面的改進。

Lastly though, I'd point to we made up a conscious effort to switch late last year and then through most of half one this year to field gas on the on the frac side and so instead of burning diesel to power the equipment to put the net energy into the ground, we're able to plug in to the gas flows rate on site and so that's a bit a meaningful savings as well. So savings efficiencies and just a little bit different plumbing on lease for how we're capturing it, Amir.

最後，我想指出的是，我們在去年年底以及今年上半年的大部分時間裡有意識地轉向使用壓裂現場的天然氣，這樣我們就不用燃燒柴油來驅動設備，將淨能量輸送到地下，而是能夠接入現場的天然氣流量，所以這也是一種有意義的節省。因此，節省效率和租賃管道的稍微不同是我們捕獲它的方式，阿米爾。

Okay. And then Chad, if you have to break out that 11% in terms of service cost reduction versus these efficiencies, is it a rough number that you could give?

好的。然後查德，如果您必須將服務成本降低 11% 與這些效率進行比較，您能給出一個粗略的數字嗎？

I think we're in the 50% of both sides, and I would just point out efficiencies are sticky and that's why we get more excited about them, because they last through all parts of the commodity cycle.

我認為我們處於雙方各佔 50% 的位置，我只想指出效率具有黏性，這就是我們對它們感到更興奮的原因，因為它們會持續貫穿商品週期的所有部分。

It sounds great. Well, congrats on the good operating results. Thanks.

聽起來很棒。嗯，恭喜你取得良好的經營績效。謝謝。

Thank you.

謝謝。

And ladies and gentlemen, with that we'll be closing the question and answer session from the phone lines. I'd like to turn the floor back over to, Brian Ector for questions received online.

女士們、先生們，我們的電話問答環節就此結束。我想把發言權交還給 Brian Ector，回答網路上提出的問題。

Great. Thanks, operator. I do have a several questions coming in on the webcast, some from our analysts and a few from investors as well. Continuing with the Pembina Duvernay performance. Can we speak to -- Eric, can you speak to the variability across the three wells. So we talked about the performance of the 701 pad. There were three wells on that pad. Can we speak to the variability? Was there much variability in each of those three wells?

偉大的。謝謝，接線生。我確實在網路廣播中收到了幾個問題，有些來自我們的分析師，有些來自投資者。繼續 Pembina Duvernay 的表演。我們可以談談嗎——艾瑞克，你能談談這三口井之間的差異嗎？因此我們討論了 701 墊的性能。該平台上有三口井。我們能談談這種變化嗎？這三口井的變異性大嗎？

Yeah. So, I'm going to let Chad comment on this. Chad Lundberg over to you.

是的。因此，我將讓查德對此發表評論。查德·倫德伯格 (Chad Lundberg) 交給你了。

Yes, on the -- I mean, on the pad itself, they're pretty localized wells, we see consistent performance across them and then the differences in rates between the pad in the south, the pad in the north, I mean, let's face it, there's rock characteristic differences, reservoir characteristic differences, and then we are also trialing some different ways that we -- not so much complete the wells, but maybe more on the facility side, the flowback side. And so while we see an IP difference, we think that these naturally will trend to a similar EUR pattern ultimately through time, but the reality is there's going to be differences throughout the play.

是的，就 — — 我的意思是，就平臺本身而言，它們都是非常局部化的油井，我們看到它們的性能是一致的，然後是南部平台與北部平台之間的產量差異，我的意思是，讓我們面對現實吧，存在岩石特性差異、儲層特性差異，然後我們也在試驗一些不同的方法 — — 不是完成油井，而是在設施方面、回流方面。因此，雖然我們看到了 IP 差異，但我們認為隨著時間的推移，這些差異最終自然會趨向於類似的 EUR 模式，但現實是，在整個遊戲過程中都會存在差異。

I think what we're most excited about is, these both these pads are exceeding certainly our expectations and our internal curves at this point, but it's early. I would just cave in it with it's early and we'll see where they go from here.

我認為最讓我們興奮的是，這兩款護墊都超出了我們的預期和內部曲線，但現在還為時過早。我現在就接受這個事實，現在還為時過早，我們再看看他們會走向何方。

I have one more question related to the Duvernay, and that's on the infrastructure side. Just can we discuss the potential infrastructure spending needed to expand the production in the independent of Duvernay.

我還有一個與杜韋奈有關的問題，是關於基礎建設方面的。我們是否可以討論一下擴大杜韋奈獨立生產所需的潛在基礎設施支出。

I mean, I think we've got that fairly well characterized right now. I mean, you saw our Gibson deal that we announced last quarter -- two quarters ago where they're taking some of the infrastructure burden off of us. We're still pleased with the agreement and the synergies that we're creating with Gibson's.

我的意思是，我認為我們現在已經對此有了相當好的描述。我的意思是，您看到了我們上個季度（兩個季度前）宣布的 Gibson 交易，他們正在減輕我們的一些基礎設施負擔。我們仍然對與 Gibson 達成的協議以及產生的協同效應感到滿意。

We think facilities no doubt are going to be somewhat front end loaded. We think about it as, $25 million to $30 million a year for these early years, liberating itself to a lower rate in the out years. And I think the last note I'd make is some of the major facility when you think about unconventional resource, major facility spend is on gas plants and gas handling.

我們認為設施無疑會在某種程度上處於前端。我們認為，在最初幾年，每年的利率為 2,500 萬至 3,000 萬美元，而到了未來幾年，利率就會降低。我認為最後要說的是，當你考慮非常規資源時，一些主要設施的主要支出是用於天然氣工廠和天然氣處理。

The benefit we have is we're overlaying, a cobweb of earlier development that was gas year style development. So we've got gas pipe all through the area and then we've got a large gas processing facility with Kiera, one of our partners that's not full. We don't anticipate that it fills through the life of the place, so it's got a significant capacity to handle all the molecules we anticipate flowing into the future. Said differently, we don't have to go out and build what we would think as the largest capital contributor to these unconventionals in just the gas processing.

我們的優勢在於，我們正在覆蓋早期開發的蛛網，即天然氣年式開發。因此，我們在整個地區都鋪設了天然氣管道，並與我們的合作夥伴之一 Kiera 合作建立了一個大型天然氣處理設施，但該設施尚未滿載運作。我們並不期望它在整個空間生命週期中都充滿，因此它具有強大的容量來處理我們預計未來流入的所有分子。換句話說，我們不必出去建造我們認為對非常規能源貢獻最大的天然氣加工設施。

I'll switch to the Eagle Ford for a minute here. We talked about the refracs in the quarter. Eric, how are we looking to layer in capital on the refrac opportunities in the Eagle Ford, given the depth of the inventory there.

在這裡我將暫時轉到 Eagle Ford。我們討論了本季的重複壓裂。艾瑞克，考慮到 Eagle Ford 的庫存深度，我們如何在 Eagle Ford 的再壓裂機會上投入資金？

Yeah. So we are very excited about the refracts. The team has gone from proof of concept last year to really strong successful refracs to follow up the successful proof of concept last year. So couldn't be more excited. We've got 300 opportunities identified in our current base, and we intend to step up the pace of our refracs, bringing those into the program, with greater frequency. So as it stands today, the way we see 2026 is somewhere in the 6 to 10 refracs range. And again, given the economic performance of these and the capital efficiency, we're going to lean on that.

是的。因此我們對折射感到非常興奮。該團隊從去年的概念驗證到真正強大的成功重複壓裂，以跟進去年成功的概念驗證。所以我非常興奮。我們在當前基礎上已經發現了 300 個機會，我們打算加快重複壓裂的步伐，以更高的頻率將這些機會納入計劃。因此，就目前情況而言，我們預期 2026 年的重複壓裂次數將在 6 至 10 次之間。再次，考慮到這些的經濟表現和資本效率，我們將依靠這一點。

Okay, Eric, on the non-operated piece of our Eagle Ford asset, those -- that program is now operated by Conoco. They've been operating the wells for over a year post their acquisition of marathon. Can you speak to any changes in their process or approach with regard to the non-op asset and our relationship with the operator?

好的，埃里克，關於我們 Eagle Ford 資產中未運營的部分，該項目現在由康菲公司運營。自從收購馬拉松以來，他們已經營運這些油井一年多了。您能否談談他們在非營運資產以及我們與營運商的關係方面的流程或方法的任何變化？

Yeah, we've got a great relationship with Conoco. We had a great relationship with Marathon, as a significant working interest partner in those [Karnes] mutual interest areas.

是的，我們與康菲公司的關係很好。作為卡恩斯 (Karnes) 共同利益領域的重要工作利益合作夥伴，我們與 Marathon 保持著良好的關係。

We work closely with them and across the organization we get good information from them. They're very thoughtful about how they develop. They're very thoughtful about how they plan. They were thoughtful and diligent in their timing of providing us the 2025 program.

我們與他們密切合作，並且在整個組織中我們從他們那裡獲得了良好的資訊。他們對於如何發展非常深思熟慮。他們對計劃的發展非常周到。他們在向我們提供 2025 年計劃時考慮周到且非常謹慎。

They told us to use the one we had until we heard otherwise. They've delivered a new '25 plan to us. And we're satisfied with it. So we believe that we've got a strong relationship and we believe that the development is going to continue moving forward and we're very comfortable with the plans that we've seen.

他們告訴我們要使用現有的那個，直到我們聽到其他消息為止。他們向我們提出了新的 25 計劃。我們對此很滿意。因此，我們相信我們之間有著牢固的關係，我們相信發展將會繼續向前發展，我們對所看到的計劃非常滿意。

Okay. And I've got one more question to ask today, on the financial signing has bring Chad Kalmakoff into the conversation. Chad, how are we thinking about our hedging strategy going forward?

好的。今天我還有一個問題要問，關於財務簽約一事，請 Chad Kalmakoff 參與討論。查德，我們如何考慮未來的避險策略？

Thanks, Brian. Yeah, I don't -- our hedging strategy, I don't think has changed, so we're barely hedged here in 2025. On the oil side, we've been targeting $60 floors and then selling coals on top of that kind of funds where we can. So generally speaking, we use it as a bit of an insurance product, that $60 for kind of based on the balance sheet and asset kind of break, where we start to pulling back capital below that $60 floor level. So feeling good about where we have '25.

謝謝，布萊恩。是的，我認為我們的對沖策略沒有改變，所以到 2025 年我們幾乎沒有對沖。在石油方面，我們一直將目標價定在 60 美元的底部，然後盡可能利用這些資金出售煤炭。所以一般來說，我們把它當作一種保險產品，60 美元是基於資產負債表和資產的突破，我們開始將資本撤回至 60 美元的底線以下。所以對於我們擁有的 25 年感到很滿意。

As we look at 2026, we're lately head at this point, but still looking at that same framework where we want to have that $60 foot floor, given where prices are today, the coals aren't as high as they were at one time, but we've started layering in a little bit here in Q1, when prices have spiked, the backwardation of the curve has still been pretty strong, but we're trying to layer in $60 by kind of low mid $70s, where we can get them, and we'll continue to do that through the balance of this year and look to have 40% hedged, by the end of this year if we walk into 2026.

當我們展望 2026 年時，我們最近正處於這個階段，但仍然在考慮同一個框架，我們希望有 60 美元的底價，考慮到現在的價格，煤炭價格不像以前那麼高了，但我們在第一季度已經開始分層了，當價格飆升時，曲線的現貨溢價仍然相當強勁，但我們試圖在 70 美元左右的低位到 70 美元左右的分層美元，我們可以在那裡得到它們，我們將在今年剩餘的時間裡繼續這樣做，並希望到今年年底，如果我們進入 2026 年，可以對沖 40%。

All right. Thanks, Chad. And that does wrap up today's call and the Q&A portion. I'd like to thank everyone for joining us. Thanks again for your time today and have a great day.

好的。謝謝，乍得。今天的電話會議和問答部分到此結束。我要感謝大家的參與。再次感謝您今天抽出時間並祝您度過愉快的一天。

This brings to a close 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。感謝您的參與並祝您有個愉快的一天。