Baytex Energy Corp. (BTE) 2025 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Baytex Energy Corp fourth-quarter 2025 financial and operational operating results conference call.

感謝您的耐心等待。這是會議接線員。歡迎參加 Baytex Energy Corp 2025 年第四季財務與營運績效電話會議。

As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity for analysts to ask questions (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.

提醒各位，所有與會者均處於唯讀模式，會議正在錄音。演講結束後，分析師將有機會提問（操作說明）。現在，我想把會議交給資本市場和投資者關係高級副總裁布萊恩·埃克托。請繼續。

Thank you, Ashila. Good morning, and welcome to Baytex's fourth-quarter and full-year 2025 results conference call. Joining me today are Eric Greager, our CEO; Chad Lundberg, our President and COO; and Chad Kalmakoff, our CFO. 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.

謝謝你，阿希拉。早安，歡迎參加 Baytex 2025 年第四季及全年業績電話會議。今天與我一同出席的有：我們的執行長 Eric Greager；我們的總裁兼營運長 Chad Lundberg；以及我們的財務長 Chad Kalmakoff。在開始之前，請注意，我們今天的討論包含適用證券法意義上的前瞻性陳述，請參閱昨天新聞稿中關於前瞻性陳述、石油和天然氣資訊以及非GAAP財務和資本管理措施的說明。

On the call today, we will also be discussing the evaluation of our reserves at year-end 2025. These evaluations have been prepared in accordance with Canadian disclosure standards, which are not comparable in all respects between the United States or other disclosure standards. Our remarks regarding reserves are also forward-looking statements. All dollar amounts referenced in our remarks are in Canadian dollars unless otherwise specified. And after our prepared remarks, we will open the call for questions from analysts, webcast participants can also submit questions online.

在今天的電話會議上，我們還將討論對2025年底儲備金的評估。這些評估是根據加拿大揭露標準編制的，與美國或其他國家的揭露標準在所有方面都不具有可比性。我們關於儲量的評論也屬於前瞻性陳述。除非另有說明，我們聲明中提及的所有金額均以加幣為單位。在我們發表完準備好的演講後，我們將開放分析師提問環節，網路直播參與者也可以在線上提交問題。

So with that, let me turn the call over to Eric.

那麼，接下來我將把電話交給艾瑞克。

Thanks, Brian. Good morning, everyone. 2025 was a defining year for Baytex. With the closing of the Eagle Ford sale in December, we successfully completed the repositioning of this company into a focused, high-return Canadian oil producer. This is our first call since that millstone and a significant upshift in the trajectory.

謝謝你，布萊恩。各位早安。 2025年是Baytex具有里程碑意義的一年。隨著12月份Eagle Ford油田出售的完成，我們成功地將這家公司重新定位為專注、高回報的加拿大石油生產商。這是自那次重大挫折以來我們的首次通話，也是發展軌跡的重大轉變。

Baytex is a technically driven organization with an industry-leading balance sheet by exiting the year in a net cash position, we have established a premier platform built for discipline, long-term value creation. We are entering 2026 with a clear strategy and the financial flexibility to navigate any market environment. With this strategic pivot now complete, it is the right time to formalize our leadership transition. As we announced yesterday, Chad Lundberg will succeed me as CEO following our AGM in May.

Baytex 是一家技術驅動型企業，擁有業界領先的資產負債表，年底實現淨現金流，我們建立了一個以紀律和長期價值創造為核心的頂級平台。我們帶著清晰的策略和足夠的財務彈性進入2026年，足以應付任何市場環境。隨著這項策略轉型完成，現在正是正式確定領導層過渡的合適時機。正如我們昨天宣布的那樣，查德·倫德伯格將在五月的年度股東大會後接替我擔任執行長。

Chad has been a valuable partner to me and to this organization and his promotion is the result of a deliberate, structured succession process to help ensure our positive momentum remain interrupted. I have complete confidence in Chad's leadership and ability to drive our next chapter. I'm proud of the foundation we've built together. Baytex is in excellent shape, and I look forward to its continued success under Chad's leadership.

Chad 一直是我和本組織的重要合作夥伴，他的晉升是經過深思熟慮、有條不紊的繼任計劃的結果，旨在確保我們積極的發展勢頭不會中斷。我對查德的領導能力和帶領我們開啟下一個篇章的能力充滿信心。我為我們共同建立的基礎感到自豪。Baytex 目前營運狀況良好，我期待在 Chad 的領導下繼續取得成功。

I now turn the call over to Chad Lundberg for his remarks and a detailed operational overview.

現在我將電話交給查德·倫德伯格，請他發表演講並詳細介紹營運情況。

Thank you, Eric. I appreciate the Board's confidence, and I'm excited to lead Baytex and our team into the next chapter. My focus as we move forward is simple. We remain committed to technical leadership and disciplined capital allocation to create value. We will continue to build our business by prioritizing our heavy oil and Duvernay assets with an enhanced focus on exploration and new play development, all of which is underpinned by a balance sheet that is in great shape and we will prioritize a competitive return through a combination of organic growth, share buybacks, and dividends.

謝謝你，埃里克。我感謝董事會的信任，並很高興能夠帶領 Baytex 和我們的團隊邁向新的篇章。接下來，我的重點很簡單。我們將繼續致力於技術領先和嚴謹的資本配置，以創造價值。我們將繼續發展業務，優先發展重油和杜韋爾奈資產，更加重視勘探和新油田開發，所有這些都建立在良好的資產負債表之上，我們將優先透過內生成長、股票回購和分紅相結合的方式實現具有競爭力的回報。

Let's turn to our operational performance. In 2025, our Canadian portfolio delivered annual production of 65,500 BOE per day, which, excluding dispositions, represented 6% organic growth year over year. We invested $548 million in Canada in a highly efficient capital program and delivered solid reserves growth, low F&D costs, and healthy recycler ratios across all reserve categories. Our Pembina Duvernay and heavy oil development contributed significantly to this performance and continued a strong track record of value creation. This demonstrates the long-term resiliency and sustainability of our business.

接下來我們來看看營運績效。2025 年，我們的加拿大投資組合實現了每日 65,500 桶油當量 (BOE) 的年產量，不包括處置部分，同比增長 6%。我們在加拿大投資了 5.48 億美元，實施了一項高效的資本計劃，實現了穩健的儲量增長、較低的勘探開發成本以及所有儲量類別的健康回收率。我們在 Pembina Duvernay 和重油開發方面為這一業績做出了重大貢獻，並延續了創造價值的良好記錄。這體現了我們業務的長期韌性和永續性。

Importantly, we have significant running room across our portfolio and are excited about our business going forward. First, let's talk about the Duvernay. We have assembled a 91,500 net acres and identified approximately 210 drilling locations. 2025 was a breakthrough year. We validated the resource potential, reduced well costs on a per foot basis, and improved our characterization of the play.

重要的是，我們的產品組合還有很大的發展空間，我們對未來的業務發展充滿信心。首先，我們來談談杜維爾奈。我們已收集了91500英畝淨面積，並確定了約210個鑽井位置。 2025年是具有突破性的一年。我們驗證了資源潛力，降低了每英尺井的成本，並改進了我們對油氣藏的描述。

We grew production to 10,600 BOE per day in the fourth quarter, a 46% increase over Q4 2024. We are now transitioning to full commercialization with plans to bring 12 wells on stream this year, a 50% increase over 2025.

第四季度，我們的日產量成長至 10,600 桶油當量，比 2024 年第四季成長了 46%。我們現在正向全面商業化過渡，計劃今年投產 12 口油井，比 2025 年成長 50%。

We currently have one rig drilling a 4-well pad on our southern acreage. Completion operations are scheduled for the second quarter with the wells expected on stream by midyear and the remaining 2 pads in the third and fourth quarters. Shifting to heavy oil, we continue to see strong, predictable performance across the portfolio. Our heavy oil assets comprise 750,000 net acres and 1,100 drilling locations, supporting 12 years of drilling at our current pace of development. In total, we expect to bring 91 heavy oil wells on stream in 2026.

我們目前有一台鑽孔機正在我們南部的土地上鑽探一個4口井的井場。完井作業計劃於第二季度進行，預計油井將於年中投產，剩餘的 2 個井場將於第三季和第四季投產。轉向重油領域後，我們看到整個投資組合持續保持強勁、可預測的表現。我們的重油資產包括 75 萬淨英畝和 1,100 個鑽井點，以我們目前的開發速度，可支援 12 年的鑽探作業。我們預計到 2026 年將有 91 口重油井投產。

We are pleased with the expansion of our Northeast Alberta acreage, where we are currently targeting seven discrete horizons in the Manville stack. Recent success includes two multilateral wells in the Sparky and a 5-well pad in the upper Waseca. Our 2026 program will also see increased exploration activity, including stratigraphic tests, Step wells, and 3D seismic to expand our development inventory and test new play concepts across our extensive heavy oil fairway.

我們對東北阿爾伯塔地區的擴張感到滿意，目前我們正致力於開發曼維爾地層的七個獨立層位。近期的成功包括斯帕基盆地的兩口多分支井和瓦塞卡盆地上游的 5 口井平台。我們的 2026 年計畫還將增加勘探活動，包括地層測試、階梯井和 3D 地震勘探，以擴大我們的開發儲備，並在我們廣闊的重油產區測試新的油氣藏概念。

In addition, we are advancing two waterflood pilots -- blending the attractive capital efficiencies of multilateral primary development with the potential for enhanced recovery and moderated decline rates. Thank you to our teams for executing safely through 2025 and into 2026. And with that, I'll turn the call over to Chad Kalmakoff to discuss our financial results.

此外，我們正在推進兩項注水試驗——將多邊一級開發具有吸引力的資本效率與提高採收率和減緩下降率的潛力相結合。感謝我們的團隊在2025年及2026年安全且有效率地執行各項任務。接下來，我將把電話交給查德·卡爾馬科夫，讓他來討論我們的財務表現。

Thanks, Chad, and good morning, everyone. Our 2025 financial results demonstrates the cash-generating power of our Canadian assets and the transformative impact of the Eagle Ford divestiture. For the full year, we generated $1.5 billion in adjusted funds flow and $275 million in free cash flow. In the fourth quarter, we delivered $262 million of adjusted funds flow and $76 million in free cash flow, which included $35 million of nonrecurring expenses related to the Eagle Ford disposition.

謝謝你，查德，大家早安。我們的 2025 年財務表現顯示了我們在加拿大的資產的現金創造能力以及 Eagle Ford 資產剝離帶來的變革性影響。全年來看，我們產生了 15 億美元的調整後資金流和 2.75 億美元的自由現金流。第四季度，我們實現了 2.62 億美元的調整後資金流和 7,600 萬美元的自由現金流，其中包括與 Eagle Ford 資產處置相關的 3,500 萬美元非經常性支出。

This was achieved despite a softer commodity backdrop with WTI averaging USD59 per barrel during the quarter. The 2025 net loss of $604 million reflects the nonrecurring loss on the Eagle Ford disposition, a deferred tax expense related to the restructuring from the sale and $148 million impairment on our Viking assets. These noncash adjustments have no impact on our cash flow generation outlook for 2026.

儘管大宗商品市場環境疲軟，WTI原油本季均價為每桶59美元，但仍取得了這項成果。2025 年淨虧損 6.04 億美元反映了 Eagle Ford 資產處置的非經常性損失、與出售重組相關的遞延所得稅支出以及 Viking 資產的 1.48 億美元減損。這些非現金調整對我們 2026 年的現金流量預測沒有影響。

Turning to the balance sheet. We exited 2025 in the strongest financial position in Baytex's history. We eliminated our net debt and ended the year with $857 million in cash, less bonds, and our $750 million credit facility fully undrawn. We remain committed to returning a significant portion of the Eagle Ford proceeds to our shareholders and believe the NCIB program is the most efficient approach. Since reinitiating our buyback program in late December, we have repurchased 30 million shares, nearly 4% of the company for over $141 million.

接下來看一下資產負債表。2025 年底，Baytex 的財務狀況達到了公司歷史上的最高水準。我們消除了淨債務，年底現金餘額為 8.57 億美元（扣除債券），且 7.5 億美元的信貸額度尚未全部提取。我們仍然致力於將 Eagle Ford 收益的很大一部分返還給我們的股東，並且相信 NCIB 計劃是最有效的方法。自去年 12 月下旬重新啟動股票回購計畫以來，我們已回購了 3,000 萬股股票，約占公司股份的 4%，總金額超過 1.41 億美元。

Our current NCIB remains active through June, and we intend to launch a renewed NCIB in July. As we monitor the broader macro environment, we continue to assess the pace and mechanism of our buybacks to ensure we're maximizing the long-term value for our shareholders. We have considered an SIB or -- bid, but at this time, we believe we can meet our shareholder commitments through our NCIBs in 2026, while maintaining our annual dividend of $0.09 per share.

我們目前的 NCIB 計劃將持續到 6 月，我們計劃在 7 月推出新的 NCIB 計劃。在密切關注宏觀環境的同時，我們將繼續評估股票回購的速度和機制，以確保我們最大限度地提高股東的長期價值。我們曾考慮發行股票回購或收購要約，但目前我們相信，我們可以在 2026 年透過正常市場發行股票回購計畫 (NCIB) 履行對股東的承諾，同時維持每股 0.09 美元的年度股息。

I'll now turn the call back to Eric for closing remarks.

現在我將把電話轉回給埃里克，請他作總結發言。

Thanks, Chad. To build on those points, this focused, high-return Canadian company is the next chapter for Baytex. For 2026, our operations are on track and our annual guidance of 67,000 to 69,000 BOE per day remains unchanged from December, with the high end of that range representing 5% organic growth year over year. We have significant inventory depth and optionality across our portfolio to support our current plan and potentially accelerate growth beyond these levels. I'm proud of the trajectory we've established. We are now positioned to demonstrate the true potential of this Canadian portfolio.

謝謝你，查德。基於以上幾點，這家專注且高回報的加拿大公司是 Baytex 的下一個篇章。對於 2026 年，我們的營運進展順利，我們每年的產量指導目標仍為每天 67,000 至 69,000 桶油當量，與 12 月份的指導目標一致，其中上限代表同比增長 5% 的有機增長。我們擁有充足的庫存深度和豐富的選擇，能夠支持我們目前的計劃，並有可能加速成長到更高水準。我為我們所取得的成就感到自豪。我們現在已做好準備，展現加拿大投資組合的真正潛力。

Operator, let's open the call for a line of questions.

接線員，我們現在開始接受提問。

(Operator Instructions)

（操作說明）

Menno Hulshof, TD Cowen.

Menno Hulshof，TD Cowen。

Congrats to the both of you on the transition. I'll start with the question on the growth outlook. You're currently guiding 3% to 5% for 2026. But if we assume that oil prices remain elevated for longer than expected. Is there a scenario where growth exceeds the top end of the current range.

恭喜你們二位順利完成過渡。我先從成長前景的問題開始。您目前對 2026 年的預期成長率為 3% 至 5%。但如果我們假設油價高企的時間比預期更長。是否存在成長超過目前範圍上限的情況？

And then has your overall thought process in terms of high-level deliverables for 2027 changed at all within the last several weeks.

那麼，在過去幾周里，您對 2027 年高層交付成果的整體思路是否有所改變？

Thanks, Menno. It's Chad. I'll take a crack at answering your question. So on growth, yes, I mean, we've guided to a capital program of $550 million to $625 million, delivering 67,000 to 69,000 barrels a day which represents 3% to 5% production growth. We're actively monitoring the macro kind of picture and situation right now and we would expect to make any decisions on increased growth at the breakup time frame. We certainly have the optionality within the portfolio depth and quality to go a little bit harder this year and to your point, into 2027.

謝謝你，門諾。是查德。我來試著回答你的問題。所以，關於成長，是的，我的意思是，我們已經制定了一項資本計劃，金額為 5.5 億美元至 6.25 億美元，每天可生產 67,000 至 69,000 桶，這相當於 3% 至 5% 的產量增長。我們正在積極關注宏觀形勢，預計在分拆上市的時間段內，我們將對任何有關成長的決定作出說明。我們目前的投資組合深度和品質完全允許我們今年加強投資力度，正如您所說，到 2027 年也是如此。

As I said, that will come. We'll look at that through breakup and make the decisions accordingly. Maybe just a little bit of an example of where we could look to expand the program. So potentially another pad in the Duvernay that may look like a drill that gets docked into next year and completed or continued expansion in that Northeast Alberta fairway where we utilized the two drill rigs that are drilling there today and potentially continuous that second rig.

正如我所說，那一定會發生的。我們會從分手的角度來審視這個問題，並據此做出決定。或許可以舉個例子，說明我們可以從哪些方面拓展這個專案。因此，杜弗內地區可能還有另一個鑽井平台，看起來像一個鑽機，明年可以停靠在那裡，並在東北阿爾伯塔球道完成或繼續擴張，我們目前在那裡使用了兩台鑽機進行鑽探，並有可能繼續使用第二台鑽機。

We could also pivot, though, just, again, an example of the depth of the inventory, pivot up into Peace River, where we've got some of the exploration work happening and elect to allocate capital up into that region as well. So lots of optionality currently on our radar. We're not moving it too fast, but those will come -- through breakup.

不過，我們也可以調整策略，再次舉例說明庫存的深度，轉向和平河地區，我們在那裡進行了一些勘探工作，並選擇將資金也分配到該地區。所以目前我們關注的選項有很多。我們不會操之過急，但那些事情終究會到來──透過分手。

Terrific. And then maybe I guess my second question relates to your opening comments on some of the comments that you made on the Peavine waterflood opportunity. Like how material could that be? How do you plan to tackle this relative to some of your peers who are already well down that track? And what could that look like over the next -- in terms of deliverables, what could that look like over the next, call it, 12 to 18 months?

了不起。那麼，我的第二個問題可能與您之前對 Peavine 水力發電機會的一些評論有關。那東西怎麼可能是材料呢？與一些已經在這方面取得較大進展的同行相比，您打算如何解決這個問題？那麼在接下來的 12 到 18 個月裡，在交付成果方面，情況會是怎麼樣的呢？

So we're deploying two pilot projects this year. One is into the kind of part of the play that we've been actively drilling to this point. So you can expect that we produced barrels out of the well that's going to be converted ultimately into an injector. What we're looking for there is just how fast can we fill it up to then pressure support the entire system around it to ultimately drive a lower decline and more barrels out of the ground. The second pilot is in a new development area where we're actually drilling the producers and the injectors simultaneously with each other, and we'll turn them on together at the same time.

所以我們今年將開展兩個試點計畫。其中一個環節是我們目前一直在積極練習的那種戰術環節。所以你可以預期，我們從這口最終將被改造成注水井的油井中生產出了桶裝原油。我們現在要尋找的是，我們能以多快的速度將其註滿，從而為周圍的整個系統提供壓力支撐，最終降低產量下降幅度，並從地下開採出更多的原油。第二個試點計畫位於一個新的開發區，我們實際上是同時鑽探生產井和注入井，我們將同時啟動它們。

So what's all this mean? I mean, certainly, the waterflood has been doing great things for our industry. We're not sure what happens with our rock. That's why we've committed to pilots at this point in time. As a reminder, our primary development is very strong, holding 48 of the top 50 wells in the play, and that's really part and parcel to the incremental pressure that we have in situ in the rock itself.

這一切意味著什麼？我的意思是，當然，注水技術對我們的產業產生了巨大的影響。我們不確定這塊石頭會發生什麼事。這就是為什麼我們目前選擇先試營運的原因。需要提醒的是，我們的主要開發實力非常強勁，擁有該地區排名前 50 的油井中的 48 口，這實際上與我們岩層本身所蘊含的增量壓力密不可分。

So there's various factors that are maybe unique to our situation that are potentially different from others. If you extrapolate that out though to the big picture, we're pretty excited for what it could do if it were to work with respect to base declines and driving more oil out of the ground.

因此，我們的情況可能存在一些獨特的因素，這些因素可能與其他情況有所不同。但從宏觀角度來看，如果它能在降低基礎產量下降和提高石油開採量方面發揮作用，我們對此感到非常興奮。

What does that mean for the future in the next 18 months? I think we're going to work very hard to try and understand this through kind of end of the year and into the budget process. And then how does that translate into our program next year? It could mean incremental waterflood injector activity in 2027. It could mean leaving gaps in our drilling program in between primary producers for the future. And we're just going to have to wait and see Menno where we go.

這對未來18個月意味著什麼？我認為我們將非常努力地去理解這個問題，直到年底並進入預算編制過程。那麼，這又將如何體現在我們明年的專案中呢？這可能意味著2027年註水開採活動將會增加。這意味著未來在主要生產商之間，我們的鑽探計畫可能會出現空檔。我們只能拭目以待，看看梅諾會把我們帶到哪裡去。

Can you remind me, I should know this, but when is the last time Baytex dabbled in waterfloods, if at all?

你能提醒我嗎？我應該知道的，Baytex 最近一次涉足水力灌注是什麼時候？如果有的話。

Yes. So I mean waterflood is not new to Baytex at all. We've actually been at it for two decades. Waterflood and then also polymer floods. It just depends on the quality of rock and then oil that we're that we're working with.

是的。所以我的意思是，水力灌注法對 Baytex 來說根本不是什麼新鮮事。實際上，我們已經從事這項工作二十年了。首先進行注水，然後進行聚合物注水。這完全取決於我們所開採的岩石和石油的品質。

But you could think about it this way Menno, an approximately 10% of our heavy oil production, so 43,000 barrels a day is waterflood derived production. So not new to the story, and it's not foreign to us. We've got the technical capacity and teams to really, we think, advance this forward.

但你可以這樣想：Menno，我們重油產量的約 10%，即每天 43,000 桶，都是注水開採的產量。所以這個故事對我們來說並不新鮮，也不陌生。我們認為，我們擁有推進這項工作所需的技術能力和團隊。

That's all the questions we have from the phone lines. I would like to turn the conference back over to Brian Ector for any questions received online. Please go ahead.

這就是我們接到的所有電話諮詢問題。我將把會議交還給布萊恩·埃克托，由他來回答任何在線收到的問題。請繼續。

Yes, there are a few questions coming through the webcast. I'll try and run through those with you here, Chad. Menno spoke to sort of the current WTI price environment optionality and growth. But another question comes in around, I think it's referencing sort of breakeven prices. Is there a WTI price that we would sort of pause the growth scenario, Chad?

是的，網路直播中收到了一些問題。查德，我這就試著跟你把這些問題都過一遍。Menno談到了當前WTI原油價格環境的選擇權和成長前景。但還有一個問題隨之而來，我認為這是指損益平衡價格之類的問題。查德，WTI原油價格達到什麼程度，我們會暫停成長預期？

Well, we set the budget out 3% to 5% centered at $60 oil, guiding to the high side, more than 5% at 65%. And then certainly, the flexibility is we've built the program to pull that back below $60 oil. I think that's how we think about our growth. And again, we're just really observing the macro climate right now. Obviously, it's incredibly dynamic.

我們設定的預算為 3% 到 5%，以每桶 60 美元的油價為中心，並傾向於較高的方向，超過 5% 的油價將達到 65%。當然，我們的靈活性在於，我們已經制定了相應的計劃，可以將油價拉回每桶 60 美元以下。我認為這就是我們對自身發展的看法。再次強調，我們現在只是在觀察宏觀氣候。顯然，它充滿活力。

And we're taking it in and not going to make any knee-jerk moves. But I would remind that we have the optionality and flexibility to move harder if so desired.

我們會認真考慮，不會貿然行事。但我要提醒大家，如果需要，我們有選擇權和彈性，可以採取更積極的行動。

Another question on the operations around our cost of production. And just can you speak to the capital efficiencies, meaning that you see the business generally chat and steps we can take to continue to work on the cost of production and efficiencies overall.

關於我們生產成本方面的營運問題。能否談談資本效率方面的問題？也就是說，您認為企業整體上在溝通方面有哪些進展，以及我們可以採取哪些措施來持續降低生產成本並提高整體效率？

Yes. Brian, I think that gets into how we've laid out the budget for 2026. We've started a sustaining capital at $435 million, add the $50 million in growth, $50 million in infrastructure, and then $50 million in exploration. I think when you look into each one of those buckets, they are designed to improve capital efficiency. So I'll just give an example in the Duvernay.

是的。布萊恩，我認為這涉及到我們如何制定 2026 年的預算。我們已啟動了 4.35 億美元的維持性資本，加上 5,000 萬美元的成長資金、5,000 萬美元的基礎設施資金，以及 5,000 萬美元的勘探資金。我認為，當你仔細研究這些資金池時，你會發現它們的設計目的都是為了提高資金效率。所以我舉個杜維爾奈的例子。

The infrastructure spending is at a higher and elevated pace for the next three years and then falls off post three years to a much lower rate. That flows right through to capital efficiencies and excess free cash flow to the shareholder.

未來三年，基礎設施支出將維持在較高水平，三年後將大幅下降至較低水準。這直接轉化為資本效率的提高和股東的超額自由現金流。

If you look in our investor pack, we've done again centered on the Duvernay, a pretty good job of delineating the asset, improving the characterization, and then also reducing cash costs. Specifically, in 2024, we improved by 11% on the characterization and then equally so, drop dropped our capital costs by 11%. So both of those flows straight through to capital efficiency. Maybe just a little bit on the heavy oil program, touched on the $50 million that's allocated to exploration. This is absolutely intended to enhance and lengthen our inventory position.

如果你查看我們的投資者資料包，你會發現我們再次以杜韋爾奈油田為中心，很好地界定了資產，改進了其特徵，並降低了現金成本。具體來說，在 2024 年，我們在特性方面提高了 11%，同時，我們的資本成本也降低了 11%。因此，這兩者都直接影響資本效率。或許可以稍微談談重油項目，提到撥給勘探部門的 5,000 萬美元。此舉絕對是為了增強和延長我們的庫存期限。

And I think some of the wells that we released through Q4 of last year, up in the Spark in the second area, some of our upper Waseca wells as we step through that Northeast Alberta area and the seven different layers in the Mannville stack, we're pretty excited about what it's doing for capital efficiency.

我認為，去年第四季我們在 Spark 第二區投產的一些油井，以及我們在阿爾伯塔東北部地區投產的一些 Waseca 上層油井，還有 Mannville 地層群的七個不同層位，我們對它們在提高資本效率方面所發揮的作用感到非常興奮。

I would make this motherhood statement, though, to end the conversation. We're not done. This is something that we do as a company. This is something that our teams are tremendously good at, and this is a huge focus and priority of mine as I step into this role, and we move forward into the future from here.

不過，為了結束這場對話，我想以這番​​關於母親的感悟作為結尾。我們還沒完。這是我們公司會做的事情。這是我們團隊非常擅長的領域，也是我上任後重點關注和優先考慮的事項，我們將以此為契機，繼續向前邁進。

Chad. Let's shift gears to a couple of questions and conversations around the net cash balance sheet that we have. It's around $800 million of and Chad, I know we've talked a little bit about the NCIB in the prepared remarks, but how did we see allocating that $800 million going forward?

查德.讓我們把主題轉移到關於我們現有淨現金資產負債表的幾個問題和討論。大約有 8 億美元，查德，我知道我們在準備好的發言稿中已經稍微談到了 NCIB，但是我們打算如何分配這 8 億美元呢？

So we've been pretty clear that a good portion of that is going to be returned to the shareholders by way of buyback. Chad Kalmakoff in his prepared remarks, talked about the NCIB as the as the preferred vehicle over an SIB at this point in time. But we've also been very clear about utilizing some of the proceeds for greenfield, tuck-in, land acquisition, bolt-on style activity in our key and core focus areas. We're still committed to that.

所以我們已經很明確地表示，其中很大一部分將透過股票回購的方式回饋給股東。查德·卡爾馬科夫在事先準備好的演講稿中談到，就目前而言，NCIB 是比 SIB 更可取的工具。但我們也明確表示，將把部分收益用於我們重點和核心領域的綠地開發、補充開發、土地收購和附加開發等活動。我們仍然致力於此。

Maybe along those lines then, Chad, just when you look at buybacks, how would we evaluate kind of the market price, the value, and where we see value in the buyback program?

那麼，查德，或許可以這樣考慮，當我們檢視股票回購時，我們該如何評估市場價格、價值，以及我們認為回購計畫的價值所在？

Yes. So I would start here about this company is going to be all about value going forward and an intense focus on how we deliver that value. When we evaluate the buyback specifically, I think there's three things we look at. One is the macro commodity environment. And so we'd like to think about really acting contrastapically and respecting where we're at in the cycle.

是的。因此，我想從這裡開始談談，這家公司未來的發展方向是創造價值，並專注於我們如何實現這種價值。在評估回購方案時，我認為我們主要關注以下三點。一是宏觀商品環境。因此，我們希望認真考慮採取對比行動，並尊重我們所處的周期階段。

The second though is just how are we trading relative to our peers. And so as we evaluate that, it looks like we have a good potential to grow with respect to how our peers are trading today.

第二個問題是，我們相對於同業而言交易情況如何。因此，當我們評估這一點時，看起來我們相對於同業目前的交易方式而言，具有良好的成長潛力。

And then lastly, and equally as important is just the intrinsic value of the business. We're constantly running models at price scenarios, with different enhancements that we can put on top of the plan, speaking to the optionality that we have in the deep portfolio set in front of us. And that would inform us on an intrinsic value that all three of those combined would anchor the conversation for how we proceed forward with buybacks. I guess when we look at those all together today, it would still signal that we are focused on the buybacks and continuing forward from here.

最後，同樣重要的是企業的內在價值。我們不斷運行各種價格情境模型，並在此基礎上添加不同的增強功能，這反映了我們面前豐富的投資組合所蘊含的選擇權。這將為我們提供關於內在價值的信息，這三者結合起來將成為我們推進回購計劃討論的基石。我想，如果我們今天把所有這些因素綜合起來來看，仍然會表明我們專注於股票回購，並將繼續從這裡向前發展。

Excellent. One question on -- Chad Kalmakoff, our CFO. Chad, can you just talk to your the existing hedges in place, maybe WTI and WCS, what the policy will look like going forward?

出色的。一個關於我們財務長查德·卡爾馬科夫的問題。查德，你能跟你們談談目前已有的對沖策略嗎？例如WTI和WCS，未來的政策會是什麼樣的？

Sure. We have hedges in place kind of through the back half of last year, collared structures towards that 60 -- through the transaction, we maintain those. So we'd be roughly, I'll call it, 60% hedged on TI Q1 and about 50% -- 45% to 50% cash in Q2. Nothing has changed policy wise. I think we always talked in the past about a strong balance sheet is the best hedge you can have.

當然。我們在去年下半年就採取了對沖措施，採取了針對 60 的領式結構——在交易過程中，我們維持了這些措施。因此，我們第一季的 TI 風險敞口約為 60%，第二季的現金持有量約為 50% 至 45% 至 50%。政策方面沒有任何改變。我認為我們過去一直都在討論，穩健的資產負債表是最好的對沖手段。

So going forward, I think we obviously have a very pristine balance sheet. I wouldn't expect us to be looking to hedge WTI contracts really in the future, given the balance sheet we have today. That being said, I think we can still look at hedging WCS contracts. We're 45% to 50% hedged on WCS this year at about $13. We still think that's an important piece of business to keep hedging to kind of prevent any financial impact from major blowouts. So summary, WTI, those will be rolling off here at the end of June. I wouldn't expect us to be that active in the hedging market on WTI, maybe in specific circumstances continue to kind of hedge differentials.

所以展望未來，我認為我們顯然擁有非常完美的資產負債表。鑑於我們目前的資產負債表狀況，我預計未來我們不會真的尋求對沖 WTI 原油合約。即便如此，我認為我們仍然可以考慮對WCS合約進行對沖。今年我們對 WCS 進行了 45% 到 50% 的對沖，價格約為 13 美元。我們仍然認為，透過對沖來防止重大損失造成任何財務影響，是業務中非常重要的一部分。總之，WTI原油期貨將於6月底停止供應。我不認為我們會積極參與 WTI 原油的對沖市場，或許在特定情況下會繼續進行價差對沖。

Too great. I think that's going to wrap up the large portion of questions coming in from the webcast. I would like to thank everyone for joining us. For those who submitted webcast questions that we didn't get to address, please reach out to our Investor Relations team and will follow up directly. Thanks again for your time today. Have a great day.

太棒了。我想這應該可以解答大部分來自網路直播的問題了。感謝各位的到來。對於那些提交了我們未能解答的網路直播問題的人，請聯繫我們的投資者關係團隊，我們將直接跟進。再次感謝您今天抽出時間。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，祝您有個愉快的一天。