Chesapeake Energy Corp (CHK) 2023 Q3 法說會逐字稿

Good morning, and welcome to the Chesapeake Energy Corporation Third Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Chris Ayers, Vice President of Investor Relations and Treasurer. Please go ahead.

早安，歡迎參加切薩皮克能源公司 2023 年第三季財報電話會議。 （操作員說明）請注意此事件正在被記錄。現在我想將會議交給投資者關係副總裁兼財務主管 Chris Ayers。請繼續。

Thank you, Anthony. Good morning, everyone, and thank you for joining our call today to discuss Chesapeake's Third Quarter 2023 financial and operating results. Hopefully, you've had a chance to review our press release and the updated investor presentation that we posted to our website yesterday.

謝謝你，安東尼。大家早安，感謝您今天加入我們的電話會議，討論切薩皮克 2023 年第三季的財務和營運業績。希望您有機會閱讀我們昨天在網站上發布的新聞稿和更新的投資者簡報。

During this morning's call, we will be making forward-looking statements, which consist statements that cannot be confirmed by reference to existing information, including statements regarding beliefs, goals, expectations, forecasts, projections, future performance, and the assumptions underlying such statements. Please note there are a number of factors that will cause actual results to differ materially from our forward-looking statements, including the factors identified and discussed in our press release yesterday and in other SEC filings.

在今天早上的電話會議中，我們將做出前瞻性陳述，其中包括無法透過參考現有資訊確認的陳述，包括有關信念、目標、期望、預測、預測、未來績效的陳述以及此類陳述背後的假設。請注意，有許多因素會導致實際結果與我們的前瞻性聲明有重大差異，包括我們昨天的新聞稿和其他 SEC 文件中確定和討論的因素。

Please recognize that as except required by applicable law, we undertake no duty to update any forward-looking statements, and you should not place undue reliance on such statements. We may also refer to some non-GAAP measures, which help facilitate comparisons across periods and peers. For any non-GAAP measure, we use a reconciliation to the nearest corresponding GAAP measure, which can be found on our website.

請注意，除非適用法律要求，否則我們不承擔更新任何前瞻性聲明的義務，且您不應過度依賴此類陳述。我們也可能會參考一些非公認會計準則衡量標準，這有助於促進跨時期和同儕的比較。對於任何非 GAAP 衡量標準，我們都會使用最接近的對應 GAAP 衡量標準的調整表，您可以在我們的網站上找到該衡量標準。

With me on the call today are Nick Dell'Osso, Mohit Singh and Josh Viets. Nick will give a brief overview of our results, and then we will open up the teleconference to Q&A. So with that, thank you again. Now we'll turn it over to Nick.

今天與我一起參加電話會議的有尼克·德爾奧索、莫希特·辛格和喬什·維茨。尼克將簡要概述我們的結果，然後我們將開始電話會議進行問答。因此，再次感謝您。現在我們把它交給尼克。

Good morning. Thank you for joining the call. I'll start off by discussing a few of our third quarter highlights, and then I'll get right to your questions. We delivered another strong quarter, advancing our strategy to deliver sustainable value to shareholders through cycles. As you've seen from our third quarter results, we came in on the low end of capital and the high end of production despite the 60% deferral of planned third quarter turn-in lines and the extension of elective curtailments in the Marcellus.

早安.感謝您加入通話。我將首先討論第三季的一些亮點，然後我將直接回答你們的問題。我們又實現了強勁的季度業績，推進了我們的策略，在整個週期中為股東提供可持續的價值。正如您從我們第三季度的業績中看到的，儘管計劃的第三季度上交線推遲了60%，並且Marcellus 的選擇性減產也延長了，但我們的資本處於低端，而生產處於高端。

In the Marcellus this quarter, our rig fleet set a new company record, averaging 1,367 feet per day, marking a 16% improvement over the prior quarter. Overall, we drilled 4 of the top 10 fastest Marcellus wells in our company's history. That's a pretty significant accomplishment given our long and successful history in the basin. Importantly, our decreased cycle times have also been accompanied by achieving a lower cost per foot, which means we will now be able to drill another well per rig year at a lower cost compared to what we projected at the beginning of the year. This is a great example of efficiency offsetting inflation.

在本季的 Marcellus，我們的鑽機隊創下了公司新紀錄，平均每天 1,367 英尺，比上一季提高了 16%。總體而言，我們鑽探了公司歷史上速度最快的 10 口 Marcellus 井中的 4 口。考慮到我們在該盆地的悠久而成功的歷史，這是一項相當重大的成就。重要的是，我們縮短的周期時間也伴隨著每英尺成本的降低，這意味著我們現在能夠以比年初預計的更低的成本在每個鑽機年鑽另一口井。這是效率抵消通貨膨脹的一個很好的例子。

In the Haynesville, we delivered another robust quarter of base production with strong wedge volumes. Additionally, our sustained efforts to debottleneck our midstream has resulted in lower line pressures and higher production. We've realized a 15% quarter-over-quarter reduction in interrupted volumes attributable to midstream disruptions. The combination of our improved base production and effort to optimize gas flow assurance has led us to increasing our Q4 production guidance by 35 million cubic feet a day or approximately 2.5%.

在海恩斯維爾，我們的基礎產量又實現了強勁的季度成長，楔塊產量也強勁。此外，我們持續努力消除中游瓶頸，降低了生產線壓力並提高了產量。我們發現，由於中游中斷而造成的中斷量較上月減少了 15%。我們改進的基礎生產和優化氣流保證的努力相結合，使我們將第四季度的產量指導提高了 3500 萬立方英尺/天，約 2.5%。

Our strong operational performance serves as the backbone to our commitment to deliver superior capital returns for shareholders. We continue to execute our peer-leading return program in the quarter, repurchasing $130 million in shares and delivering our base dividend. Through the third quarter, we have returned approximately $725 million to shareholders through our buyback and dividend programs. We also announced another important step on our path to be LNG ready with today's LNG supply announcement with Vitol. Similar to our past agreement with Gunvor, under today's heads of agreement with Vitol, Chesapeake will supply up to 1 million tons per annum of LNG to Vitol with the purchase price indexed to JKM.

我們強勁的營運表現是我們致力於為股東提供卓越資本回報的支柱。本季我們繼續執行同業領先的回報計劃，回購 1.3 億美元的股票並派發基本股利。截至第三季度，我們透過回購和股利計畫向股東返還了約 7.25 億美元。今天，我們也宣布了與 Vitol 的液化天然氣供應公告，這是我們在液化天然氣準備就緒的道路上邁出的另一個重要步驟。與我們過去與 Gunvor 的協議類似，根據今天與 Vitol 達成的協議，切薩皮克將每年向 Vitol 供應高達 100 萬噸液化天然氣，購買價格與 JKM 掛鉤。

As we continue exploring these types of agreements, we see an appreciation of the premium rock returns and runway of our advantaged portfolio and the strength of our financial position. Our approach to executing our LNG strategy has been consistent and benefits from production that is physically linked to LNG markets, access to international prices and downside protection through cancellation optionality. Our portfolio, balance sheet and approach represents a clear competitive advantage among our gas peers, and we continue to complete LNG agreements as we see export capacity come online over the next few years.

隨著我們繼續探索這些類型的協議，我們看到了我們優勢投資組合的優質岩石回報和跑道以及我們的財務狀況實力的升值。我們執行液化天然氣策略的方法是一致的，並受益於與液化天然氣市場實際相連的生產、獲取國際價格以及透過取消選項提供的下行保護。我們的產品組合、資產負債表和方法在天然氣同業中具有明顯的競爭優勢，隨著我們看到出口能力在未來幾年內上線，我們將繼續完成液化天然氣協議。

Before opening the call for questions, I'd like to touch on our trajectory headed into 2024. We expect to maintain our current rig count of 5 rigs in the Haynesville and 4 rigs in the Marcellus for the first part of the year. Should gas prices firm up in line with the current 2025 strip, we believe there may be an opportunity to add an additional rig in the Haynesville during the second half of the year, which would positively impact volumes in 2025. As you look to model our business in 2024, a fair starting point is to assume our annual production should be in line with our fourth quarter run rate of 3.2 Bcf a day in the Marcellus and Haynesville. Our CapEx for the full year should approximate $1.6 billion, assuming an additional Haynesville rig in the second half of the year. We're now pleased to address your questions. Operator, if you want to assemble the queue?

在開始提問之前，我想先談談我們進入 2024 年的發展軌跡。我們預計今年上半年將維持目前海恩斯維爾 5 台鑽機和馬塞勒斯 4 台鑽機的鑽機數量。如果天然氣價格與 2025 年目前的地帶一致，我們相信今年下半年可能有機會在海恩斯維爾增加一台額外的鑽機，這將對 2025 年的產量產生積極影響。對於2024 年的業務，一個公平的起點是假設我們的年產量應與馬塞勒斯和海恩斯維爾第四季度每天3.2 Bcf 的運行率一致。假設下半年增加海恩斯維爾鑽機，我們全年的資本支出應約為 16 億美元。我們現在很高興回答您的問題。接線員，是否要組裝隊列？

(Operator Instructions) Our first question will come from Doug Leggate with Bank of America.

（操作員說明）我們的第一個問題將來自美國銀行的 Doug Leggate。

Nick, I wonder if I could pick up on 2024 outlook here because for quite some time now, you've talked about managing your production to maintain production capacity. I don't know if I'm missing up the description of that. But as you think about the capital required in 2024 to maintain, let's say, your exit rate and then set yourself up into 2025, what do you think that cadence from production and that associated capital looks like ex-Eagle Ford, obviously?

尼克，我想知道我是否可以在這裡談談 2024 年的展望，因為很長一段時間以來，您一直在談論管理生產以維持生產能力。我不知道我是否錯過了這個描述。但是，當您考慮 2024 年維持退出率所需的資本，然後為 2025 年做好準備時，您認為生產節奏和相關資本看起來像前鷹福特嗎？

Well, I'll start here, and Josh may have some more color to add. But essentially, Doug, we're starting the year with maintaining the production where it is today, right? 5 rigs in the Haynesville, 4 rigs in the Marcellus. That's going to keep us where we are today at about 3.2 Bcf a day.

好吧，我就從這裡開始，喬許可能還有更多的色彩要補充。但本質上，道格，我們在今年伊始就將產量維持在今天的水平，對嗎？ Haynesville 有 5 個鑽孔機，Marcellus 有 4 個鑽孔機。這將使我們保持在每天約 3.2 Bcf 的水平。

We are paying attention to the fact that the export capacity for LNG should come online by the end of the year, setting up for unmet demand in 2025. If that looks like it's going to play out and the strip looks like it's going to hold up, then we would add a rig in the second half of the year. And so the $1.6 billion of CapEx that I gave you a minute ago does assume that we add a rig in the second half of the year in the Haynesville. If we didn't have that rig, we would just stay at that level of production, so it would be a little bit less.

我們正在關注這樣一個事實，即液化天然氣的出口能力應該會在今年年底前上線，為 2025 年未滿足的需求做好準備。如果這看起來會發揮作用，那麼該地帶看起來會堅持下去，然後我們會在下半年增加一個鑽孔機。因此，我剛才給大家的 16 億美元資本支出確實假設我們在今年下半年在 Haynesville 增加了一個鑽孔機。如果我們沒有那個設備，我們就會停留在那個生產水平，所以產量會少一些。

Okay. That makes -- that makes a ton of sense. Nick, I don't expect you to answer this question directly, but I wonder if I could ask you to frame your views on just broader industry consolidation. For Chesapeake, you've talked -- we were in Haynesville with you in July. You said there was -- there were no conversations happening, Mohit countered that a little bit in our bus tour basically saying, well, actually, there is lot of conversations happening that was just 2 months later. So how do you see the landscape and Chesapeake's role within that, whether it be private or public?

好的。這使得——這很有道理。尼克，我不希望您直接回答這個問題，但我想知道我是否可以請您就更廣泛的行業整合提出您的看法。對於切薩皮克，你已經談過了——七月我們在海恩斯維爾和你在一起。你說沒有發生任何對話，莫希特在我們的巴士之旅中反駁說，實際上，就在兩個月後，發生了很多對話。那麼，您如何看待景觀以及切薩皮克在其中的作用，無論是私人的還是公共的？

Well, I think you touched on some themes there that are pretty interesting. And we've been very consistent in saying that we believe in consolidation in the industry. So we've been pleased to see Exxon and Chevron do the deals that they've done. We think those are constructive for the industry. And the dialogue for M&A does come in ebbs and flows. And there are times in the market, where it seems like more people are having conversations than others.

嗯，我認為你談到了一些非常有趣的主題。我們一直非常一致地表示，我們相信產業的整合。因此，我們很高興看到埃克森美孚和雪佛龍完成了他們已經完成的交易。我們認為這些對產業來說是有建設性的。併購對話確實時起時落。有時，在市場上，似乎有更多的人進行對話。

Overall, we've continued to say that we're very happy with the portfolio that we own. So we don't feel compelled to do anything. And we certainly don't feel compelled to do anything on a near-term timetable. But at the same time, we believe in consolidation. We believe in the merits of attempting to have consolidation make the industry a more profitable more productive place. And we've been also very consistent in talking about how we would define that for ourselves.

總的來說，我們繼續表示，我們對我們擁有的投資組合非常滿意。所以我們不覺得有必要做任何事。我們當然不覺得有必要在近期時間表上做任何事。但同時，我們相信整合。我們相信，嘗試整合的好處是可以使該行業更有利可圖、生產力更高。我們在討論如何為自己定義這一點時也一直非常一致。

And so for us, we go back to our nonnegotiables. And just to remind everybody, that means that we -- in the context of consolidation, we don't want to overpay. We will look for accretion in the transaction. We will protect our balance sheet. We will look for a good emissions profile or one we can quickly make better. And what that really means at the end of the day is that you have to make your company better through consolidation, not just bigger. And that's not an easy thing to do. That's a pretty high bar. So we believe in consolidation, and we'll continue to pay attention.

所以對我們來說，我們回到了我們不容談判的問題。只是提醒大家，這意味著我們——在整合的背景下，我們不想支付過高的費用。我們將在交易中尋找增值。我們將保護我們的資產負債表。我們將尋找良好的排放概況或我們可以快速改進的排放概況。歸根結底，這實際上意味著你必須透過整合讓你的公司變得更好，而不僅僅是更大。這並不是一件容易的事。這是一個相當高的門檻。因此，我們相信整合，並將繼續關注。

Plus, just a quick add-on to that very quickly, Nick. Is there interest in outside of the 2 basins that you're in? Or when you say you're happy with your portfolio, would that imply there for that any consolidation you would pursue would be focused on those 2 basins?

另外，尼克，這只是一個快速的補充。對您所在的 2 個盆地之外的地方是否有興趣？或者，當您說您對自己的投資組合感到滿意時，這是否意味著您所追求的任何整合都將集中在這兩個盆地？

Well, actually you got a couple of questions embedded in there. And I think the answers won't be surprising to anyone. We like the basins we're in. We like the assets that we're in because we know that they are at the top of the heap for natural gas supply and demand fundamentals and delivering against that supply and demand fundamentals for many years. So we're happy being in the Marcellus and the Haynesville. We've been asked over time, would we look outside of those basins.

嗯，實際上你有幾個問題嵌入其中。我認為答案不會讓任何人感到驚訝。我們喜歡我們所在的盆地。我們喜歡我們所在的資產，因為我們知道它們在天然氣供需基本面方面處於領先地位，並且多年來一直與供需基本面相悖。所以我們很高興住在馬塞勒斯和海恩斯維爾。長期以來，我們一直被問到，我們是否會看看這些盆地之外的情況。

And my answer there is our nonnegotiables are a high bar. If you wanted to apply those nonnegotiables to a place we don't operate today, that bar is even higher. So we continue to say that is an unlikely answer for us. But we do like where we operate today, and we think that we have a competitive advantage to be in both of those basins.

我的回答是，我們的不容談判的條件是很高的。如果你想將這些不容談判的因素應用到我們今天不運作的地方，那麼這個門檻就更高了。所以我們繼續說這對我們來說不太可能是答案。但我們確實喜歡我們今天的營運地點，我們認為我們在這兩個盆地都具有競爭優勢。

Our next question will come from Zach Parham with JPMorgan.

我們的下一個問題將來自摩根大通的紮克·帕勒姆。

Just wanted to ask on the outperformance in the Haynesville. You've outperformed your guidance each quarter this year. You increased the 4Q guide looking at state data, well productivity seems to be trending positively. Can you just give us a bit more color on what's driving that outperformance in the Haynesville and how sustainable you think that is going forward?

只是想問海恩斯維爾的出色表現。今年每季您的表現都超出了預期。您增加了第四季度指南，查看狀態數據，油井生產率似乎呈現正面趨勢。您能否為我們提供更多關於海恩斯維爾表現優異的原因以及您認為這種情況未來的可持續性如何？

Zach, this is Josh. We've been really happy with the way the performance has showed up in the Haynesville this year. And of course, going back to last year, we knew we had some bottlenecks within the midstream. And so we've done a ton of work over the last year to really shore that up. And largely, what that's been attributed to is simply working with our midstream providers to introduce additional interconnects between gathering systems, helping support treating capacity expansion. And so those are things that are just simply will be sustainable through the years, and it's allowing us to continue to mitigate midstream induced downtime.

札克，​​這是喬許。我們對今年在海恩斯維爾的表現感到非常滿意。當然，回到去年，我們知道我們在中游遇到了一些瓶頸。因此，我們在去年做了大量工作來真正支持這一點。在很大程度上，這歸因於與我們的中游提供者合作，在收集系統之間引入額外的互連，幫助支援處理能力擴展。因此，這些事情將在未來幾年內持續下去，這使我們能夠繼續減少中游引起的停機。

So we'll continue to work with our midstream providers to allow that to improve over time. Well productivity has been strong through the course of the year. We've seen some modest increases in well performance. One of the things that's actually allowed us to do is to delay the second frac crew that we're bringing in. We've allowed ourselves to push that back by a couple of months. We'll bring that second frac crew back now in the middle to late-November, which allows us to preserve some productive capacity as we head into early 2024.

因此，我們將繼續與中游提供者合作，以便隨著時間的推移不斷改進。油井產能全年表現強勁。我們看到油井性能略有提高。實際上允許我們做的事情之一就是推遲我們引進的第二支壓裂人員。我們已經允許自己將其推遲幾個月。我們將在 11 月中下旬將第二支壓裂人員帶回來，這使我們能夠在進入 2024 年初時保留一些生產能力。

And then just one clarification on 2024. You talked about $1.6 billion in CapEx, assuming that additional Haynesville rig comes back in the second half next year. Does that include the spend on the momentum pipe, which I think is around the $100 million next year?

然後是關於 2024 年的一個澄清。您談到了 16 億美元的資本支出，假設額外的海恩斯維爾鑽井平台將於明年下半年恢復。這是否包括動量管道的支出（我認為明年約為 1 億美元）？

Good question, Zach. No, that does not include momentum. We're trying to just give you a number to think about our regular way E&P business.

好問題，扎克。不，這不包括動量。我們只是想給您一個數字來思考我們常規的勘探與生產業務。

Our next question will come from Umang Choudhary with Goldman Sachs.

我們的下一個問題將來自高盛的 Umang Choudhary。

I would love your thoughts on the 2024 macro outlook for natural gas. And to follow-up on Doug's question around your activity levels in the Haynesville, you plan to add a rig in the back half of the year. Any thoughts or any color you can give in terms of where you think the spending level would be your production outlook would be for the year?

我希望了解您對 2024 年天然氣宏觀前景的看法。為了跟進道格關於您在海恩斯維爾的活動水平的問題，您計劃在今年下半年添加一個鑽機。對於您認為今年的生產前景的支出水平，您有什麼想法或意見嗎？

Sure, Umang. Yes. So macro, start with that. We've got a lot of uncertainty in front of us here with winter just starting. And storage levels have been high relatively high throughout 2023. They look a little bit better today than they did a couple of months ago, but the big variable in front of us now is the winter. What we're all excited about in the industry is the step change that will come to the fundamentals when we have the incremental export capacity come online. We still think that happens around the end of '24. We will watch that very, very closely. That's the signal we're really focused on from a macro perspective is will we have that connectivity to markets that are underserved, such that there is a call on U.S. gas. If that happens, we believe we have an important asset to meet that call in the Haynesville, and we would expect to add a rig if that looks like it's coming in line with that projection.

當然，烏芒。是的。那麼宏觀的，就從這個開始吧。冬天才剛開始，我們面臨著許多不確定性。整個 2023 年的儲存水準一直處於較高水準。今天看起來比幾個月前好一點，但現在擺在我們面前的最大變數是冬天。我們整個產業都感到興奮的是，當我們增加出口能力時，基本面將會發生重大變化。我們仍然認為這會在 24 年底左右發生。我們將非常非常密切地關注這一點。從宏觀角度來看，這是我們真正關注的訊號，即我們是否能夠與服務不足的市場建立聯繫，從而對美國天然氣產生需求。如果發生這種情況，我們相信我們在海恩斯維爾擁有重要的資產來滿足這項要求，如果看起來符合該預測，我們預計會增加一個鑽孔機。

But to be clear, our $1.6 billion number that we gave you as an approximation for our 2024 CapEx, which albeit it's very early to be giving you that number. That's an early estimate, and we'll set a budget still as we go through the end of the year here and get ready to start next year as we really see, where winter plays out. That would assume that we bring a rig on in the second half of the year in the Haynesville. So if that macro view changes, and we don't believe that LNG is going to come online timely or the storage environment changes because we have either a really cold or a really warm winter, we could certainly change that answer.

但需要明確的是，我們向您提供的 16 億美元數字是我們 2024 年資本支出的近似值，儘管現在給出這個數字還為時過早。這是一個早期的估計，我們將在今年年底時仍然制定預算，並為明年開始做好準備，正如我們真正看到的那樣，冬天即將到來。假設我們將於今年下半年在海恩斯維爾安裝一台鑽孔機。因此，如果宏觀觀點發生變化，並且我們不相信液化天然氣會及時上線，或者儲存環境發生變化，因為我們的冬天要么非常寒冷，要么非常溫暖，我們當然可以改變這個答案。

But as of now, we're thinking about a business that would start off the year exactly, where it is today and that has the flexibility to add a rig in the second half of the year. And so the starting point number we've given you for capital would assume we do just that. But just to reiterate, we have all the flexibility in the world to change our answer around whether or not that rig comes on in the second half of the year or any other changes to our capital program with plenty of flexibility, and we can be very responsive to what we believe the fundamentals are asking our industry to deliver in the way of supply.

但截至目前，我們正在考慮一項業務，該業務將在今年開始，與今天的情況完全相同，並且可以靈活地在下半年添加鑽機。因此，我們為您提供的資本起點數字是假設我們這樣做的。但重申一下，我們擁有世界上所有的靈活性來改變我們的答案，無論該鑽機是否在下半年啟動，或者我們的資本計劃有任何其他變化，具有足夠的靈活性，我們可以非常靈活地改變我們的答案。響應我們認為基本面要求我們行業以供應方式交付的內容。

That's very helpful. And as a follow-up question, I wanted to understand a little bit about the midstream setup in the Haynesville. The production in the Haynesville has been declining and -- but you also have made progress in terms of adding more capacity in the Haynesville. So do you feel like you have sufficient capacity as we look to 2025, to group molecules in the Haynesville. That's question number one. And can you also remind us on the progress on the Momentum pipeline? Is it on track to come online in the fourth quarter of next year?

這非常有幫助。作為後續問題，我想了解一些關於海恩斯維爾的中游設定。海恩斯維爾的產量一直在下降，但在增加海恩斯維爾的產能方面也取得了進展。那麼，當我們展望 2025 年時，您是否覺得自己有足夠的能力將海恩斯維爾的分子分組？這是第一個問題。您能否向我們介紹一下 Momentum 管道的進展？是否預期在明年第四季上線？

Yes. Let me answer the first part of that, and then I'll have Mohit talk about momentum. As for capacity, we feel very comfortable we can deliver what we're planning for here. Remember that 2024 volumes in the Haynesville will be lower than we were in 2022 and 2023, where -- during '22 and the beginning of '23, we experienced some of those bottlenecks. We've removed those bottlenecks so we can restore production back to those previous levels with that incremental rig, we feel very good about that and feel very good that if we ever chose to grow beyond that in the future, we have the relationships and the infrastructure in place to be able to do it.

是的。讓我回答第一部分，然後我將讓莫希特談談動力。至於容量，我們感到非常放心，我們可以在這裡實現我們的計劃。請記住，海恩斯維爾 2024 年的銷售量將低於 2022 年和 2023 年，在 22 年和 23 年初，我們經歷了一些瓶頸。我們已經消除了這些瓶頸，這樣我們就可以透過增量裝備將生產恢復到以前的水平，我們對此感覺非常好，並且感覺非常好，如果我們選擇在未來超越這個水平，我們擁有關係和基礎設施到位才能做到這一點。

Umang, this is Mohit. On the second part of your question about momentum. As we've said previously, we are very excited about the project and what it means for our flow assurance. We look at the volumes that we are producing in Haynesville and are trying to build a transport portfolio, which allows us to take it to Perryville or down south to Gilles. And the intent -- this is part of our BLNG-ready strategy where we get production to Gilles and that's where we can have connectivity to different liquefaction facilities.

烏芒，這是莫希特。關於你關於動力問題的第二部分。正如我們之前所說，我們對該項目及其對我們的流量保證的意義感到非常興奮。我們研究了在海恩斯維爾生產的產量，並試圖建立一個運輸組合，使我們能夠將其運送到佩里維爾或向南運送到吉爾斯。其目的是——這是我們 BLNG 就緒策略的一部分，我們將生產轉移到吉爾斯，在那裡我們可以連接到不同的液化設施。

So momentum has -- it remains a critical part of our strategy, and we -- it's on track. We expect it to go into service probably late next year or early 2025, which is all still on track. We still like the project, and it remains a key part of our LNG strategy.

因此，勢頭仍然是我們策略的關鍵部分，而且我們正在走上正軌。我們預計它可能會在明年年底或 2025 年初投入使用，目前一切仍在按計劃進行。我們仍然喜歡這個項目，它仍然是我們液化天然氣策略的關鍵部分。

Our next question will come from Bert Donnes with Truist.

我們的下一個問題將由 Bert Donnes 和 Truist 提出。

Your total company LNG pricing exposure, predominantly to an international index instead of a domestic one, is that an intentional shift? Or was this just kind of timing and maybe you have some Henry Hudlin agreements down the line even out the score. And maybe the second part of that is, is there any reason you haven't signed an open ended agreement where you kind of retain control and sell the gas at the final destination.

你們公司的整體液化天然氣定價風險主要是國際指數而不是國內指數，這是有意的轉變嗎？或者這只是一種時機，也許你會在比分上達成一些亨利·哈德林協議。也許第二部分是，您是否有任何原因沒有簽署開放式協議，在該協議中您可以保留控制權並在最終目的地出售天然氣。

Sure. Bert, your -- the first part of your question didn't come through. I think maybe you were coming off a mute or something. But I'll start to talk about LNG and Mohit will add in, and then you'll have to just redirect us, if we miss part of your question. But you were asking about percentage of international price exposure. We've been pretty consistent there to talk about 15% to 20%. I guess to clarify based on a question we got last night, when we talk about 15% to 20% of our production that we target for international pricing, that's our net production generally, when companies announce these deals, they are announced under gross marketed production, which is obviously more.

當然。伯特，你的問題的第一部分沒有回答清楚。我想也許你是從靜音狀態中恢復過來的。但我將開始談論液化天然氣，莫希特將補充，如果我們錯過了您問題的一部分，您將不得不重新引導我們。但你問的是國際價格敞口的百分比。我們一直非常一致地談論 15% 到 20%。我想根據我們昨晚收到的一個問題來澄清，當我們談論我們的國際定價目標產量的15% 到20% 時，這通常是我們的淨產量，當公司宣布這些交易時，它們是在總行銷下宣布的產量，顯然更多。

So just to think about that, you need to consider what our average net revenue interest is across our production. It was a pretty good approximation for how to net that down. So we've got a little bit of ways to go to get there. We're not done yet. And we like that we're not done yet. We think there's plenty more interesting deals to be had in the LNG space.

因此，只要考慮一下這一點，您就需要考慮我們整個生產過程中的平均淨收入利息是多少。這是一個很好的近似方法來解決這個問題。所以我們有一些方法可以到達那裡。我們還沒完成。我們喜歡我們還沒完成。我們認為液化天然氣領域還有很多更有趣的交易。

And as to why we've done what we've done with a trader rather than try to market it ourselves, I think it's going to take a pretty significant presence in LNG marketing to be really successful at marketing volumes. This is a market that is -- the participants in this market are very, very large. The majors participate in this market and the big commodities traders participate in this market on a daily basis. And I think, in order to be competitive there, you need to be part of a pool of volumes that can be traded around in a very fluid way.

至於為什麼我們與貿易商合作而不是嘗試自己行銷，我認為需要在液化天然氣行銷領域佔據相當大的份額才能在行銷量上取得真正的成功。這是一個市場——這個市場的參與者非常非常多。各大公司每天都會參與這個市場，大型商品交易商也會參與這個市場。我認為，為了在那裡具有競爭力，你需要成為可以以非常流暢的方式進行交易的交易量池的一部分。

And to be a producer that may ultimately have 3 million or 4 million or 5 million tons per annum on the water, we think is relatively small and would be a challenge to be competitive in that marketplace. That said, we're always eager to be creative and how we think about the best ways for us to access international markets and achieve international pricing. We like what we've done so far. This market is evolving and evolving rapidly, and we'll continue to think about the best ways for us to participate.

作為一家最終每年可生產 300 萬噸、400 萬噸或 500 萬噸的生產商，我們認為規模相對較小，在該市場上保持競爭力將是一項挑戰。也就是說，我們始終渴望發揮創造力，以及我們如何思考進入國際市場和實現國際定價的最佳方法。我們喜歡迄今為止所做的事情。這個市場正在不斷發展，而且發展迅速，我們將繼續思考參與的最佳方式。

I appreciate that. And then just a small detail on the presentation. You kind of shifted your deflation expectations. I think prior, you were using 1Q-over-1Q and you've shifted to first half over first half. So I guess the first part is what was the shift there? And then the second part is of the 50% that you have locked in, are those locked in at fixed prices or are those maybe have some sort of escalator deal or something linked to commodity prices?

我很感激。然後是簡報的一個小細節。您某種程度上改變了通貨緊縮預期。我認為之前，您使用的是 1Q-over-1Q，並且已經轉移到上半場。所以我想第一部分是那裡的轉變是什麼？第二部分是你鎖定的 50%，這些是以固定價格鎖定的，還是可能有某種自動扶梯交易或與大宗商品價格掛鉤的東西？

Yes, Bert, this is Josh. Yes, we did extend the expectation for inflation for the full first half of 2024. We've just continued to increase our confidence in that expectation as we've been able to shore up contracts. And so, when we do reference that 50% of contracts, by and large, those are all fixed pricing. We do have some contracts that will start to show up in the second half of the year that have some built-in escalators, but that represents a relatively small amount of our total spend. And that's why I think we feel pretty good about actually seeing and preventing any additional inflation in the second half of the year because the majority of the spend is locked in at fixed pricing for the large part of 2024.

是的，伯特，這是喬許。是的，我們確實將通膨預期延長至 2024 年上半年。由於我們能夠支撐合同，因此我們繼續增強了對該預期的信心。因此，當我們確實提到 50% 的合約時，總的來說，這些都是固定定價。我們確實有一些合約將在今年下半年開始出現，其中有一些內建自動扶梯，但這僅占我們總支出的相對較小部分。這就是為什麼我認為我們對在今年下半年實際看到並防止任何額外的通貨膨脹感到非常滿意，因為在 2024 年的大部分時間裡，大部分支出都被鎖定在固定價格。

Our next question will come from Scott Hanold with RBC Capital Markets.

我們的下一個問題將來自加拿大皇家銀行資本市場部的 Scott Hanold。

If I could ask a question on 2024. Nick, I think the prior commentary around it talked about optionality of bringing the Haynesville rig and the first part of the year and then maybe a Haynesville and Marcellus in midyear. And it sounds like you're -- I guess, your view on the market -- the gas market for '24 hasn't changed too much. In fact, you said that the inventory overhang went down a little bit. So I'm just kind of curious on why sort of pushing back some of that production recovery into the next year?

如果我可以問一個關於 2024 年的問題。尼克，我認為之前的評論談到了在今年上半年引入海恩斯維爾裝備的可能性，然後可能在年中引入海恩斯維爾和馬塞勒斯。聽起來你——我想，你對市場的看法——24 世紀的天然氣市場並沒有太大變化。事實上，你說庫存積壓下降了一點。所以我只是好奇為什麼要將部分生產恢復推遲到明年？

Sorry, yes, I wouldn't really view it as pushing it back, Scott. We've said during the year, and we could change the timing of that still a little bit. I mean, if we come out of this winter in a really strong market, we could bring a Haynesville rig on sooner. So that we're trying to be pretty flexible in how we communicate this. As of right now, we think we're pretty happy with where our Marcellus position sits relative to the production we can generate and the capacity of the market to take that production in the Northeast. If that changes, we could easily add a rig there, too. So we're pretty flexible around all of that. And in order to give you a CapEx number, we gave you a scenario, which is to bring a Haynesville rig on it midyear. And that easily could change, and it frankly probably will change. There's a lot we need to understand about where this market is headed.

抱歉，是的，我並不認為這是在推遲，斯科特。我們已經在今年說過了，我們還可以稍微改變一下時間。我的意思是，如果我們在一個非常強大的市場中走出這個冬天，我們可以更快地引進海恩斯維爾鑽機。因此，我們在溝通方式上嘗試非常靈活。截至目前，我們認為我們對馬塞勒斯的地位相對於我們可以產生的產量以及東北地區市場接受該產量的能力感到非常滿意。如果情況發生變化，我們也可以輕鬆地在那裡添加一個裝備。所以我們對這一切都非常靈活。為了給你一個資本支出數字，我們給了你一個場景，那就是在年中引入海恩斯維爾鑽機。這很容易改變，坦白說，很可能會改變。關於這個市場的走向，我們需要了解很多。

Okay. So fundamentally, no major changes to your view on 2024 at this point versus, say, where you were 2 months ago?

好的。那麼從根本上來說，與 2 個月前相比，您目前對 2024 年的看法沒有重大變化嗎？

That's correct.

這是正確的。

Got it. Okay. And as my follow-up question, could you talk about the differentials in the Marcellus strategies you guys are using to help mitigate some of the blowouts. And you talked about extending your elective deferrals, just when you think that might end?

知道了。好的。作為我的後續問題，您能否談談您用來幫助減輕一些井噴的馬塞勒斯策略的差異。當您認為這可能會結束時，您談到延長選擇性延期？

Yes. So Scott, this is Mohit. We remain active in our hedging program. So the guidance I would give you is we are about 6 -- 75% to 80% basis hedged in both our businesses for the winter. And then when you start coming into next year, it's more around 60%. So again, that's trying to take that uncertainty out from the future outcomes, and that's a combination of financial and physical hedges that we are put into place.

是的。史考特，這是莫希特。我們仍然積極開展對沖計劃。因此，我給您的指導是，我們的兩項業務在冬季都進行了大約 6 - 75% 至 80% 的基差對沖。然後當你開始進入明年時，這個比例會增加到 60% 左右。再說一遍，這是試圖消除未來結果中的不確定性，這是我們實施的金融和實體對沖的結合。

And Scott, just to build on to that as well as far as kind of current outlook. We are starting to see some improvements in pricing up in the Northeast right now. That's allowed us to start bringing on wells. We brought on about 12 wells through the first month of the quarter. We're looking at opportunities right now to start taking some of the base that we've had curtailed for the last couple of months and bring that back into the markets here over the next couple of weeks. So we are definitely starting to see some improvements there, and I think that just further supports the outlook that we provided for Q4 production in the asset.

斯科特，只是為了在此基礎上以及目前的前景。我們現在開始看到東北地區的定價有所改善。這使我們能夠開始打井。本季第一個月我們挖了約 12 口油井。我們現在正在尋找機會，開始採取過去幾個月削減的一些基礎，並在接下來的幾週內將其帶回這裡的市場。因此，我們肯定開始看到那裡的一些改進，我認為這進一步支持了我們為該資產第四季度生產提供的前景。

Yes. And I'll just add a little bit further specifics there. First of month pricing for November was materially improved and is encouraging around the pickup in demand that you generally see at this time of year. So the elective curtailments usually end around now, sometime in early- to mid-November. That's a cash market decision, super hard to predict on a daily basis. So they generally will fall away as you go through November as to whether it's the beginning of November, the end of November. That's a function of weather.

是的。我將在那裡添加一些進一步的細節。 11 月第一個月的價格得到了實質改善，並且圍繞著每年這個時候通常會看到的需求回升而令人鼓舞。因此，選擇性減產通常會在 11 月初至中旬的某個時候結束。這是現金市場的決定，每天都很難預測。因此，當你經歷十一月時，無論是十一月初還是十一月底，它們通常都會消失。這是天氣的函數。

Our next question will come from Charles Meade with Johnson Rice.

我們的下一個問題將由查爾斯·米德和約翰遜·賴斯提出。

Nick, I want to thank you for your really succinct explicit comments about '24. That's great. I think it probably took a lot with the asset sales -- people question, but I want to ask a question about your LNG strategy. So I noticed that this vital deal, just like the governor deal doesn't have the -- there's a block missing, a piece missing with the liquefaction. And so I'm curious if you can elaborate a bit on your thinking. Is this kind of an intentional bet that you guys and the Board is making that liquefaction facilities will eventually be overbuilt in the next, call it, 5 years? Or is or is it more -- is it more along the lines of you want to do what you can now and figure out the rest later?

尼克，我要感謝你對「24」的非常簡潔明確的評論。那太棒了。我認為資產出售可能花費了很多時間——人們提出疑問，但我想問一個關於你們的液化天然氣戰略的問題。所以我注意到這項至關重要的協議，就像州長協議沒有一樣——缺少一個區塊，缺少一個液化的部分。所以我很好奇你是否能詳細闡述你的想法。你們和董事會是否有意打賭液化設施最終將在未來五年內過度建設？或者是或更多——是不是更像是你想做現在能做的事情，然後再解決剩下的事情？

Charles, this is Mohit. Thanks for the question. The way I would like you to think about this is, clearly, there's a willing seller in Chesapeake, there's a willing buyer in Vitol. And what we are taking to these liquefaction facilities then is a pre-wire deal, where we have a buyer and a seller already agreeing upon the terms. So there is option value that's embedded in such an arrangement. When you go talk to different LNG facilities, they might need 1 or 2 MTPAs to get to FID.

查爾斯，這是莫希特。謝謝你的提問。我希望你考慮這個問題的方式是，顯然，切薩皮克有一個願意的賣家，維託有一個願意的買家。我們對這些液化設施採取的是預電匯交易，買方和賣方已經就條款達成協議。因此，這種安排中蘊含著選擇權價值。當您與不同的液化天然氣工廠交談時，他們可能需要 1 或 2 個 MTPA 才能完成 FID。

So it creates a little bit of a competitive tension with different facilities as we go talk to them and figure out, which one meets our requirements and Vitol's requirements. And the ones that we think about primarily are -- what's the pricing? What tool are you having to pay is number one. Number two is, is it accessible to our production. So can we even get our equity volumes to those facilities through transport solutions. Number three would be what kind of accounting treatment are you getting, whether it's derivative versus nonderivative and credit requirements is another one. And then last but not the least is about the FID timing and probability of getting to FID. So when you put all that together, it works for us in this situation, but that's not to say that this is how we will do the remaining ones, too. I mean, we are clearly looking at a lot of LNG transactions, and we might do it differently in the next one that we announced.

因此，當我們與不同的設施進行交談並找出哪一個滿足我們的要求和維多的要求時，它會與不同的設施產生一點競爭緊張。我們主要考慮的是──定價是多少？你必須支付什麼工具是第一位的。第二個問題是，它是否適合我們的生產。因此，我們甚至可以透過運輸解決方案將我們的資產投入到這些設施中。第三個問題是您將獲得什麼樣的會計處理，無論是衍生工具還是非衍生工具，以及信用要求是另一回事。最後但並非最不重要的是關於 FID 時機和達到 FID 的機率。因此，當你把所有這些放在一起時，它在這種情況下對我們有用，但這並不是說我們也會這樣做其餘的事情。我的意思是，我們顯然正在關注大量液化天然氣交易，我們可能會在我們宣布的下一筆交易中採取不同的做法。

Mohit, that's helpful. And then a second follow-up on, I guess, A&D opportunities. I know this is -- will be an ongoing discussion for you guys. But there was a -- one -- a major player in the Haynesville, BP, there's been a lot of turmoil there lately. And I think just yesterday, there was an article saying that maybe they were going to be looking for partners in some of the U.S. onshore assets. And I think there's someone says they're looking for partners, they might be open to offers as well. But I recognize that you guys can't talk a lot, it's relatively new, and you can't talk about anything that's ongoing. But perhaps, Josh or Nick, you could tell me. My impression is that those -- the key assets are really high-quality assets. They are the old age K in petrol and gas assets and that those locations would be able to compete favorably in your portfolio. Is that the way you guys see it?

莫希特，這很有幫助。然後是第二個後續行動，我猜是 A&D 機會。我知道這將是你們持續的討論。但英國石油公司海恩斯維爾有一個——一個——一個主要參與者，最近那裡發生了很多騷亂。我想就在昨天，有一篇文章說他們可能會在美國的一些陸上資產中尋找合作夥伴。我認為有人說他們正在尋找合作夥伴，他們也可能願意接受報價。但我認識到你們不能談論太多，它相對較新，而且你們不能談論任何正在進行的事情。但也許，喬許或尼克，你可以告訴我。我的印像是，那些關鍵資產確實是高品質的資產。它們是石油和天然氣資產中的老K，這些地點將能夠在您的投資組合中進行有利的競爭。你們是這樣看的嗎？

Charles, this is Mohit again. Again, we don't want to speculate on rumors. But one thing I'm sensitive to, I have -- do have a BP legacy, since I came to Chesapeake from BP. So I know the team and those assets really, really well. I think your general comment around the quality of the assets is very competitive. I would agree with that. But maybe we'll leave it there. And just if something were to happen there, and again, as we do, we always take a look across the lease line to see what else might be available.

查爾斯，這又是莫希特。再次強調，我們不想根據謠言進行猜測。但我對一件事很敏感，自從我從英國石油公司來到切薩皮克以來，我確實擁有英國石油公司的遺產。所以我非常非常了解團隊和這些資產。我認為您對資產品質的整體評論非常有競爭力。我同意這一點。但也許我們會把它留在那裡。如果那裡發生了什麼事，就像我們所做的那樣，我們總是會穿過租賃線看看還有什麼可用的。

Our final question will come from Noel Parks with Tuohy Brothers.

我們的最後一個問題將來自諾埃爾·帕克斯和圖伊兄弟。

So I wanted to ask you about infrastructure and future investment there. With LNG coming to the picture, it seems like a lot of producers are looking at what level they might consider maintenance or expansion infrastructure investment. And I'm just wondering, is there anything either directly spurred by LNG or otherwise. Are there any nonobvious factors that would affect your decisions going forward about on balance sheet versus JV structures with infrastructure investments. I'm thinking about tax considerations or incentive considerations or things like that pretty much back burner, when you're looking at your down the road planning?

所以我想問那裡的基礎設施和未來投資的情況。隨著液化天然氣的出現，許多生產商似乎正在考慮他們可能考慮維護或擴大基礎設施投資的程度。我只是想知道，是否有任何事情是由液化天然氣或其他方式直接刺激的。是否有任何非明顯因素會影響您對資產負債表與基礎設施投資合資結構的決策。當你考慮你的未來規劃時，我正在考慮稅收考慮或激勵考慮或類似的事情，幾乎是次要的？

Well, I'll take a shot at answering that, Noel. I think the way we think about infrastructure, when you're looking to create access to new markets and premium markets, you often are going to need either expansions or new construction of infrastructure. When I think about what we've done with the [NG 3] pipeline with momentum, that was an opportunity to support a project that we thought was a competitive project that would improve the marketability of our production.

好吧，我會嘗試回答這個問題，諾埃爾。我認為，按照我們對基礎設施的思考方式，當您尋求進入新市場和高端市場時，您通常需要擴大或新建基礎設施。當我想到我們在 [NG 3] 管道上所做的事情時，這是一個支持我們認為是一個有競爭力的項目的機會，可以提高我們產品的適銷性。

We also thought that the economics of that development were very attractive to us because you could invest at the preconstruction stage and have great line of sight into the fact that, that project would be successful, since our equity production would be a big driver of causing it to be successful. So that kind of return opportunity is very compelling to us, and it helps to underwrite a project that's accretive to our entire portfolio of Haynesville production. So that's a great project for us.

我們也認為，該開發案的經濟效益對我們非常有吸引力，因為您可以在施工前階段進行投資，並且可以預見該專案將會成功，因為我們的股權生產將成為導致專案成功的重要驅動力。它才能成功。因此，這種回報機會對我們來說非常有吸引力，它有助於承保一個可以增加我們整個海恩斯維爾生產組合的項目。所以這對我們來說是一個偉大的項目。

When we think about how or where or why we might participate in infrastructure, it's when you have that kind of differential opportunity to earn return for your shareholders. If you can participate in infrastructure that without participating in it, you don't have access to a premium market, sure, you can consider that. if you can participate in a place, where there's an outsized return that you're uniquely capable of earning. That's great, too. If it's otherwise just to own infrastructure style producing returns of call it, high-single, low-double-digits for fully developed assets, probably less interested in that. I hope I've answered your question there. But strategically, we think about if we're willing to make an investment in infrastructure, it should be for a differential return.

當我們考慮如何、在何處或為何參與基礎設施時，就是當你擁有這種差異化機會為股東賺取回報時。如果你可以參與基礎設施，但不參與它，你就無法進入優質市場，當然，你可以考慮這一點。如果你能參與一個地方，在那裡你有能力獲得巨大的回報。那也很棒。如果只是為了擁有基礎設施風格而產生回報，那麼對於完全開發的資產來說，高個位數、低兩位數的回報可能對此不太感興趣。我希望我已經回答了你的問題。但從戰略上講，我們認為如果我們願意對基礎設施進行投資，就應該獲得差別回報。

Great. And I was wondering with the -- either the Vitol or the energy transfer Gunvor deal. Are there any right of first refusal or similar conditions when it comes to the potential to add more volumes down the road? Or are both parties essentially just reagents to contract with whomever they want going forward?

偉大的。我想知道維多或貢沃爾能源轉移交易。當談到未來增加更多銷售的潛力時，是否有優先購買權或類似條件？或者雙方本質上只是與他們想要的任何人簽訂合約的試劑？

Yes. So the terms of the arrangements with both Vitol, Gunvor energy transfer or confidential now can't get into all the specifics, but what I will tell you is we are delivering the LNG FOB and then it's -- that's where the custody transfer is happening and then the buyer to take it to whichever end user, it makes sense for them.

是的。因此，與 Vitol、Gunvor 能源轉移或保密的安排條款現在無法詳細說明，但我要告訴您的是，我們正在交付液化天然氣離岸價，然後就是——這就是託管轉移發生的地方然後買家將其帶給任何最終用戶，這對他們來說是有意義的。

But just to be clear, those agreements that we have are limited to the volumes we've announced. We don't have a broader partnership with any of those counterparties at this point. It's 1 million to 2 million tons per annum with Gunvor and 1 million tons per annum with Vitol. So beyond that, we are free to contract with anybody should we choose to do additional contracts.

但需要明確的是，我們達成的這些協議僅限於我們宣布的數量。目前我們還沒有與任何這些交易對手建立更廣泛的合作關係。 Gunvor 的年產量為 100 萬噸至 200 萬噸，Vitol 的年產量為 100 萬噸。因此，除此之外，如果我們選擇簽訂額外合同，我們可以自由地與任何人簽訂合約。

Great. And just one sort of cleanup item. I just wondered, in retrospect, looking back, do you have a sense that what happened with Freeport and the volumes that did not go out on that because of that outage. Do you think that, that impact has fully worked its way through either storage or through the markets perception of where supply-demand fundamentals really are right now? Or do you think there's somebody to do that still an overhang or still sort of flying under the radar as we head into another withdrawal season.

偉大的。只是一種清理物品。我只是想知道，回想起來，你是否意識到自由港發生了什麼事，以及由於那次停電而沒有出版的捲。您認為這種影響是否已經透過儲存或市場對目前供需基本面的真實情況的看法充分發揮作用？或者你認為有人在做這件事，但在我們進入另一個撤軍季節時，仍然是懸而未決的，或者仍然是在雷達之下飛行的。

That's a good question. I think it's probably pretty well worked through. I think the fundamentals at this point are all about what the draw will be weather-related this winter, what the trajectory of production is from the capital reductions you've seen in U.S. onshore through 2023 and then the timing of new export capacity coming online sometime around the end of '24, beginning of '25. Those are your 3 big variables and those are going to be your biggest drivers.

這是個好問題。我認為這可能已經完成得很好。我認為目前的基本面是關於今年冬天與天氣相關的吸引力、到 2023 年美國陸上資本減少的生產軌跡以及新出口產能上線的時間大約在'24年底，'25年初的某個時候。這些是你的三大變量，它們將成為你最大的驅動因素。

This concludes our question-and-answer session. I would like to turn the conference back over to Nick Dell'Osso for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給 Nick Dell'Osso 發表閉幕詞。

Well, thanks, everyone. We really appreciate everybody's time and questions this morning. As always, our team is available today and any other day to answer any further follow-up questions. We'll be at a few conferences between now and the end of the year and look forward to seeing everybody out on the road. Have a good day.

嗯，謝謝大家。我們非常感謝大家今天早上的時間和提問。像往常一樣，我們的團隊今天和其他任何一天都可以回答任何進一步的後續問題。從現在到今年年底，我們將參加一些會議，並期待與大家見面。祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。