Chesapeake Energy Corp (CHK) 2024 Q1 法說會逐字稿

Good day, and welcome to the Chesapeake Energy Corporation First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加切薩皮克能源公司 2024 年第一季財報電話會議。 （操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Mr. Chris Ayres, Vice President of Investor Relations and Treasurer. Please go ahead, sir.

現在我想將會議交給投資者關係副總裁兼財務主管 Chris Ayres 先生。請繼續，先生。

Thank you. Good morning, everyone, and thank you for joining our call today to discuss Chesapeake's first quarter 2024 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。大家早安，感謝您今天加入我們的電話會議，討論切薩皮克 2024 年第一季度的財務和營運業績。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 of statements that cannot be confirmed by reference to existing information, including statements regarding our beliefs, goals, expectations, forecasts, projections and future performance and the assumptions underlying such statements. Please note that 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，包括有關我們的信念、目標、期望、預測、預測和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 also recognize that except as 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 financial measures, which will help facilitate comparisons across periods and with peers. For any non-GAAP measure, there is a reconciliation to the nearest corresponding GAAP measure on our website.

另請注意，除非適用法律要求，否則我們不承擔更新任何前瞻性陳述的義務，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財務指標，這將有助於促進跨時期以及與同業的比較。對於任何非 GAAP 衡量標準，我們的網站上都有與最接近的相應 GAAP 衡量標準的對帳。

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 when we will open up the teleconference to Q&A.

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，然後我們將在電話會議中進行問答。

So with that, thank you again and now I'll turn the time over to Nick.

因此，再次感謝您，現在我將把時間交給尼克。

Good morning, and thank you for joining us today. We continue to execute on our 2024 financial and operating plan and our first quarter results further demonstrate that we are a company built to efficiently meet consumer demand and deliver sustainable value to shareholders through cycles. Today, the natural gas market is clearly oversupplied. Our 2024 plan is focused on discipline, operating -- operational efficiency and free cash flow generation while building the productive capacity needed to deliver for consumers when demand recovers.

早安，感謝您今天加入我們。我們繼續執行 2024 年財務和營運計劃，第一季業績進一步表明，我們是一家致力於有效滿足消費者需求並透過週期為股東提供永續價值的公司。如今，天然氣市場明顯供過於求。我們的 2024 年計畫重點在於紀律、營運效率和自由現金流生成，同時建立需求恢復時為消費者提供服務所需的生產能力。

Through the first quarter, we have deferred 22 turn-in-lines and built 24 drilled but uncompleted wells. In addition, we began curtailing base production in February, averaging approximately 200 million cubic feet a day of curtailment in the first quarter. As we continue building productive capacity, we expect to curtail approximately 400 million cubic feet a day in the second quarter. We believe this strategy will leave us well positioned to meet demand for natural gas when the market recovers. In the meantime, our base business continues to deliver. We generated free cash flow in the first quarter, allowing us to maintain our commitment to return cash to shareholders through our base and variable dividend program.

截至第一季度，我們推遲了 22 口生產線的交付，並建造了 24 口已鑽但未完工的油井。此外，我們從2月開始削減基地產量，第一季平均每天削減約2億立方英尺。隨著我們繼續建設產能，我們預計第二季每天將減少約 4 億立方英尺。我們相信，這項策略將使我們能夠在市場復甦時滿足天然氣需求。同時，我們的基礎業務繼續交付。我們在第一季產生了自由現金流，使我們能夠繼續透過基本和可變股息計劃向股東返還現金的承諾。

Our capital structure remains strong. Our lending partners recently reaffirmed our credit facility and increased the aggregate commitments to $2.5 billion. As we continue to deliver on our sustainability commitments as demonstrated by the company meeting our interim GHG and methane intensity goals, they're both 2 years ahead of schedule. Importantly, we remain encouraged about the long-term trajectory for natural gas, the affordable, reliable, lower carbon energy the world needs.

我們的資本結構依然強勁。我們的貸款合作夥伴最近重申了我們的信貸安排，並將承諾總額增加到 25 億美元。隨著我們繼續履行我們的永續發展承諾，正如公司實現我們的中期溫室氣體和甲烷強度目標所證明的那樣，它們都比計劃提前了兩年。重要的是，我們對天然氣的長期發展軌跡仍然感到鼓舞，天然氣是世界所需的負擔得起、可靠、低碳的能源。

Over the next few years, we will see significant increases in demand for U.S. natural gas from LNG exports as well as power generation and industrial activity. Additionally, the current clear trajectory of supply in the U.S. is falling. We believe this sets up a much more constructive market backdrop for natural gas in future periods and believe our portfolio is well positioned to deliver gas supply where and when needed.

未來幾年，我們將看到液化天然氣出口以及發電和工業活動對美國天然氣的需求大幅增加。此外，美國目前明顯的供應軌跡正在下降。我們相信，這為未來一段時間的天然氣奠定了更具建設性的市場背景，並相信我們的投資組合能夠在需要的地方和時間提供天然氣供應。

Consumers demand that energy is reliable and efficient, both economically and environmentally. Simply put, natural gas will play a critical role in the energy future, both domestically and abroad. And Chesapeake and our pro forma merged company with Southwestern is poised to ensure natural gas delivers on its promise. We remain very focused in our integration planning efforts on delivering the cost synergies identified at the announcement of the merger to ensure our supply meets the demand of energy consumers at the most efficient price.

消費者要求能源可靠、高效，既經濟又環保。簡而言之，天然氣將在國內外能源未來中發揮關鍵作用。切薩皮克以及我們與西南航空的預計合併公司已準備好確保天然氣兌現其承諾。我們仍然非常專注於整合規劃工作，以實現合併公告中確定的成本協同效應，以確保我們的供應以最有效的價格滿足能源消費者的需求。

We will be LNG-ready and in an advantaged position as LNG capacity continues to come online. With our well-positioned portfolio, investment-grade quality balance sheet and disciplined strategy Chesapeake is built to not only weather the current market, but to thrive when the market rebalances. I look forward to updating you on our progress throughout the year.

隨著液化天然氣產能的持續上線，我們將做好液化天然氣的準備並處於有利地位。憑藉我們定位良好的投資組合、投資級優質資產負債表和嚴格的策略，切薩皮克不僅能夠經受住當前市場的考驗，而且能夠在市場重新平衡時蓬勃發展。我期待著向您通報我們全年的進展。

We're now pleased to address your questions.

我們現在很高興回答您的問題。

(Operator Instructions) And the first question will come from Nitin Kumar with Mizuho.

（操作員說明）第一個問題將由 Mizuho 的 Nitin Kumar 提出。

I want to start on CapEx that came in quite a bit below what your guidance was for the quarter and you're a little bit ahead of schedule in terms of building the deferred TILs and DUCs, so I just want to get a sense of what were the drivers of that CapEx number? And how does that shape for the rest of the year?

我想從資本支出開始，該支出遠低於你們本季度的指導，而且你們在構建遞延 TIL 和 DUC 方面比計劃提前了一點，所以我只想了解一下該資本支出數字的驅動因素是什麼？今年剩餘時間的情況如何？

Yes, Nitin, this is Josh. Yes, we had a really good quarter to start off the year. We ended up around 16% under our guide for capital. About half of that is just purely related to timing and a lot of the timing was on the non-D&C side. And so just as we're getting some of our leasing ramped up and infrastructure projects ongoing, that will just occur later in the year.

是的，尼廷，這是喬許。是的，我們在年初度過了一個非常好的季度。根據我們的資本指導，我們最終獲得了約 16% 的收益。其中大約一半純粹與時間相關，而許多時間都在非 D&C 方面。因此，正如我們正在增加一些租賃和正在進行的基礎設施項目一樣，這將在今年稍後發生。

But the other half of that was really just related to lower realized cost. We had a really good quarter on the drilling and completion side. We saw lower cost than planned as a result of being able to accelerate the use of the lower-cost casing that we procured late in the year. We are also able to realize some savings associated with lower service contracts. And then also, we had several wells up in the Northeast that we had planned that are drilled in a pretty challenging part of the field that typically require contingency casing strings. The team was able to do some work with a mud company and identify a way at which we can mitigate the wellbore stability issues that we have there.

但另一半其實只是與較低的實現成本有關。我們在鑽井和完井方面度過了一個非常好的季度。由於能夠加速使用我們在今年年底採購的低成本外殼，我們發現成本低於計劃。我們還能夠實現一些與較低的服務合約相關的節省。此外，我們計劃在東北部有幾口井，這些井是在油田極具挑戰性的部分鑽探的，通常需要緊急套管柱。團隊與一家泥漿公司合作，找到了緩解井眼穩定性問題的方法。

So that's real structural cost changes and that really sets us up now for the full year to where we're tracking towards the lower end of our capital guide. And so we'll continue to monitor the service markets and see how that plays out. But again, got off to a pretty good start this year. On the second part of your question, we are just a little bit ahead of schedule with the DUCs. That's just how activity was kind of falling between the quarters. But as far as how we think about the full year set up with our total DUC build, I would say we still see ourselves on track for the full year.

因此，這是真正的結構性成本變化，這確實讓我們為全年的資本指南下限做好了準備。因此，我們將繼續監控服務市場，看看效果如何。但今年再次取得了良好的開端。關於你問題的第二部分，我們與 DUC 的合作只比計畫提早了一點。這就是各季度之間活動量下降的原因。但就我們如何看待全年 DUC 建設的情況而言，我想說，我們仍然認為全年將步入正軌。

Great. And Nick, I have to say I was a little bit disappointed that there wasn't an obligatory slide on AI demand for -- and power gen demand for gas in your decks last night. Just wanted to get a sense of where you guys see that evolving? And what are the early thoughts at Chesapeake about the growth for power gen in the U.S?

偉大的。尼克，我必須說，我有點失望，昨晚你的甲板上的人工智慧需求和天然氣發電需求沒有出現強制性下滑。只是想了解你們認為這種情況的演變？切薩皮克對美國發電成長的早期想法是什麼？

Yes, it's a good question, Nitin and we -- for years, we've been a little puzzled by the forecast that have had power generation -- or demand for power flat in the U.S. And we know that over the last several summers, we've seen pretty real increase in power demand and particularly natural gas-fired power demand. We do think the utilities have struggled to voice the need for incremental generation capacity given a number of the challenges that they have within their own stakeholder base, and I think it's changed. And so we're really encouraged to hear the market talk about the growing demand for power.

是的，這是一個很好的問題，尼廷和我們——多年來，我們一直對美國發電量或電力需求的預測感到有點困惑。需求，特別是天然氣電力需求的實際成長。我們確實認為，考慮到公用事業公司在自己的利害關係人群體中面臨的許多挑戰，它們一直在努力表達對增量發電能力的需求，而且我認為情況已經改變了。因此，聽到市場談論電力需求不斷增長，我們感到非常鼓舞。

And one of the reasons we're really encouraged by that is it's evidence of a very healthy economy. We have investment in the U.S. economy that's driving growing demand for power from consumer and industrial side, which is really the continuation of the impact of all of the stimulus money that's come through the economy over the last several years and then of course, the IRA as well. So that's showing up. But what has really taken hold in the last couple of months is that there is a recognition that the massive growth in demand for data centers significantly driven by the growth in demand around AI tools is going to put a big draw on power grids. And we think that's all very real and very interesting.

我們對此感到鼓舞的原因之一是它證明了經濟非常健康。我們對美國經濟的投資正在推動消費者和工業方面對電力的需求不斷增長，這實際上是過去幾年透過經濟提供的所有刺激資金影響的延續，當然還有 IRA以及。所以這就出現了。但過去幾個月真正發生的事情是，人們意識到，人工智慧工具需求的成長顯著推動了資料中心需求的大幅成長，這將對電網產生巨大的吸引力。我們認為這一切都非常真實且非常有趣。

There's a lot to unpack to understand exactly how and when and where that demand will show up. And we're excited about in this backdrop, Nitin, is that we, as a stand-alone company, have a really large production base and as a pro forma combined company have the largest production base in both the Appalachia and Haynesville with which to be ready to respond. And having the geographic advantage of two locations, if you think about where we sit in Northeast Pennsylvania, then we'll be in Southwest Appalachia and West Virginia and then also in the Haynesville.

要確切了解這種需求將如何、何時何地出現，還有很多事情需要解開。 Nitin，在這種背景下，我們感到興奮的是，作為一家獨立公司，我們擁有一個非常大的生產基地，而作為一家預計合併公司，我們在阿巴拉契亞和海恩斯維爾擁有最大的生產基地，準備回應。擁有兩個地點的地理優勢，如果你想想我們在賓夕法尼亞州東北部的位置，那麼我們將在西南阿巴拉契亞和西弗吉尼亞州，然後也在海恩斯維爾。

Keep in mind that we talked a lot about growth and demand for Haynesville gas flowing to the LNG corridor, but we deliver a lot of gas to Perryville every day, which is directly east of our field and from there, connects into a series of pipeline networks that feed the Southeast. And so the opportunity to increase flow to the east is also very real and something that we stand ready to do, and we'll continue to work with our midstream counterparties as well as the utility counterparties to understand where that demand is needed and -- or where that gas is going to be needed and how we may get it there. It's incumbent upon us as an industry to make sure that we continue to supply those markets at a really efficient cost and that's something that we think the pro forma combined company is set to do.

請記住，我們談論了很多關於流向液化天然氣走廊的海恩斯維爾天然氣的增長和需求，但我們每天向佩里維爾輸送大量天然氣，佩里維爾位於我們油田的正東面，從那裡連接到一系列管道為東南部地區提供食物的網路。因此，增加東部流量的機會也是非常真實的，我們隨時準備這樣做，我們將繼續與中游對手方以及公用事業對手方合作，以了解哪裡需要這種需求，並且——或者哪裡需要天然氣以及我們如何將其運送到那裡。作為一個產業，我們有責任確保我們繼續以真正有效的成本向這些市場供應產品，我們認為合併後的公司將要做到這一點。

Your next question will come from Bert Donnes with Truist.

您的下一個問題將由伯特多尼斯和 Truist 提出。

It did look like you had any incremental agreements on your LNG portfolio. I assume you're still looking for those, but does the data center growing demand hypothesis kind of slow that down? Or maybe do you want a lower mix internationally, maybe you're more focused on U.S. or just what you're thinking is there?

看來你們確實就液化天然氣投資組合達成了任何增量協議。我假設您仍在尋找這些，但是資料中心不斷增長的需求假設是否會減緩這一速度？或者也許您想要較低的國際組合，也許您更關注美國，或者只是您所認為的？

Yes. Good question, Bert. No, we're still actively engaged in a number of different LNG discussions. As you know, those discussions take a lot of time. As far as whether the data center concept would slow us down, no, it wouldn't necessarily slow us down. Competition is great, and we do think there will be competition for supply. So we'll pay attention to that. But we're moving forward with our strategies, and we think we'll have ample gas to supply all of the markets that where there will be demand. And frankly, look forward to there being some competition around that. But we're not changing anything.

是的。好問題，伯特。不，我們仍在積極參與一些不同的液化天然氣討論。如您所知，這些討論需要花費很多時間。至於資料中心概念是否會減慢我們的速度，不，它不一定會減慢我們的速度。競爭非常激烈，我們確實認為供應方面將會存在競爭。所以我們會關注這一點。但我們正在推進我們的策略，我們認為我們將有充足的天然氣來供應所有有需求的市場。坦白說，期待圍繞這一點展開一些競爭。但我們不會改變任何事。

That makes sense. And then hypothetically, assuming everything goes well with Southwestern and you're able to gain the synergies that you've outlined, are there more synergies from getting even larger at that point? Or do you focus more on midstream? Or maybe once you have that scale is when you just switch to more of a buyback program and driving more organic?

這就說得通了。然後假設，假設西南航空一切順利，並且您能夠獲得您所概述的協同效應，那麼此時規模進一步擴大是否會帶來更多協同效應？還是更注重中游？或者，也許一旦你有了這樣的規模，你就可以轉向更多的回購計畫並推動更多的有機發展？

Yes. I think at this point, you'd have to say any time you're going to talk about what's next in your strategy, you go back and talk about the things that we think are important, which are being able to supply these markets with the most efficient molecule is possible to meet growing demands for energy. That means having a really low cost structure, that means having a really deep inventory that means having great execution. We're going to continue to stay focused on all of those things, first and foremost. We did feel like the merger with Southwestern allowed us to advance on those fronts and have real synergies, real industrial logic that helps to improve our ability to meet those goals over time.

是的。我認為在這一點上，你必須說，任何時候你要談論你的戰略下一步是什麼，你都要回去談論我們認為重要的事情，這些事情能夠為這些市場提供最有效的分子有可能滿足不斷成長的能源需求。這意味著擁有真正低成本的結構，意味著擁有真正深厚的庫存，這意味著擁有出色的執行力。首先，我們將繼續關注所有這些事情。我們確實覺得與西南航空的合併使我們能夠在這些方面取得進展，並擁有真正的協同效應和真正的工業邏輯，有助於提高我們隨著時間的推移實現這些目標的能力。

As far as do you need something else, it would have to meet our nonnegotiables that drive towards those goals. And that's really hard to predict whether or not there will be something in the future that would meet those nonnegotiables. We're going to stay focused for a while here on what's a big job of integration and delivering on the promise of this merger, which is pretty tremendous for our shareholders.

只要您需要其他東西，它就必須滿足我們實現這些目標的不容妥協的要求。很難預測未來是否會有一些東西能夠滿足這些不容談判的要求。我們將在一段時間內專注於整合和兌現這次合併的承諾這一重大工作，這對我們的股東來說是相當巨大的。

Your next question will come from Zach Parham with JPMorgan.

您的下一個問題將由摩根大通的紮克·帕勒姆提出。

I just wanted to get a little more detail on the curtailment. You highlighted you'd be curtailing 400 million a day in 2Q and -- that you curtailed 200 million a day in 1Q. Could you give us a little more color on the curtailment strategy and maybe detail how much in curtailments were built into the full year guidance? And when do you expect those curtailed volumes to come back to the market?

我只是想了解更多關於削減的細節。您強調說，您將在第二季度每天削減 4 億個，並且在第一季每天削減 2 億個。您能否為我們提供有關削減策略的更多信息，並詳細說明全年指導中包含了多少削減？您預計這些減少的銷售量何時會回到市場？

Yes, I'll start this and then I'll pass it over to Josh. So as we think about what we are trying to accomplish this year, remember we talked about doing a lot of activity deferrals. And those activity deferrals are focused on the fact that the market is pretty clearly oversupplied, and we don't want to bring on wells in an environment where the initial production of these wells, the significant part of the return comes to market in an oversupplied market and receives a lower than breakeven price. So we've had the activity deferral schedule in front of us, but recognize that, that activity deferral results in decline that occurs over a period of time.

是的，我會開始這個，然後我會把它交給喬希。因此，當我們思考今年要實現的目標時，請記住我們談到了推遲很多活動。這些活動推遲的重點是市場明顯供應過剩，我們不希望在這些油井的初始生產、回報的很大一部分在供應過剩的情況下進入市場的環境中開發油井。因此，我們已經有了活動延遲時間表，但要認識到，活動延遲會導致一段時間內出現下降。

The curtailments that we saw occur in the end of Q1 and into Q2 are really about accelerating that decline. We don't need to keep that base volume curtailed throughout the year as the activity deferrals show up in more -- in what I would call actual decline. But we have a lot of flexibility in what we choose to deliver to market, and we're going to pay a lot of attention about the supply-demand characteristics.

我們看到第一季末和第二季發生的削減實際上是為了加速這種下降。我們不需要全年削減基數，因為活動延期會出現更多情況——我稱之為實際下降。但我們在選擇向市場交付的產品方面有很大的靈活性，我們將非常關注供需特徵。

Yes. Zach, this is Josh. I mean it is customary that we would see demand weakness in certain markets in the shoulder seasons. And so as we issue the 2.7 Bcf a day guide back in February, we had accounted for those volumes in there. But really to Nick's point, kind of how do you then set up the production curve to best mimic what the market needs. That's effectively what we've done to where you model in and execute on curtailments in the Q2. And then you allow those volumes to flow back in over the next subsequent quarters in the second half of the year.

是的。札克，​​這是喬許。我的意思是，我們通常會在淡季看到某些市場的需求疲軟。因此，當我們在 2 月發布每日 2.7 Bcf 指南時，我們已經考慮了其中的數量。但實際上，尼克的觀點是，如何設定生產曲線以最好地模仿市場需求。這實際上就是我們在第二季度對削減進行建模和執行時所做的事情。然後你允許這些數量在下半年的接下來的幾個季度回流。

So in effect, you do see a sharper decline coming into the second quarter with it flattening out into Q3 and Q4, where we would anticipate market conditions to be a little bit better for us. But I'd also just stress, I think we've demonstrated a willingness to be disciplined with how we deliver production and we'll maintain that discipline as we move through the course of the year.

因此，實際上，您確實會看到第二季出現更大幅度的下降，並在第三季和第四季趨於平緩，我們預計市場狀況對我們來說會好一點。但我也想強調，我認為我們已經表現出了在交付生產方式上遵守紀律的意願，並且我們將在今年的過程中保持這種紀律。

Got it. And then maybe just one on your latest macro thoughts. We've seen lower 48 production decline pretty rapidly over the last couple of months now at sub-100 Bcf a day, has overall production trended in line with your expectations? Really just looking for your updated thoughts on kind of the macro environment in general.

知道了。然後也許只是您最新的宏觀想法之一。在過去的幾個月裡，我們看到 Lower 48 的產量下降得相當快，目前每天產量低於 100 Bcf，整體產量趨勢符合您的預期嗎？實際上只是尋找您對整體宏觀環境的最新想法。

Yes. Great question, Zach. I would say actually to see production get below 100 as quickly as we did, is maybe a little bit surprising to us. We weren't expecting that, but what we've also seen at the same time is that demand fell off pretty quickly. So starting with the supply side. we think curtailments took a bigger role. It wasn't just activity deferrals. So people didn't wait for a decline similar to what I just described within our own decision-making process. But -- so volumes came off probably a little faster than we would have thought through the year. However, what we also saw at the same time is that there were a lot of LNG capacity that was off-line through March and April and we probably had 2 to 3 Bcf a day off through a good portion of March and April that represented pretty weak demand. And you're seeing a lot of that demand come back now.

是的。好問題，扎克。我想說的是，實際上看到產量像我們一樣快地下降到 100 以下，可能會讓我們有點驚訝。我們沒有預料到這一點，但我們同時也看到需求下降得很快。那就從供給面入手。我們認為削減發揮了更大的作用。這不僅僅是活動延遲。因此，人們並沒有等待類似我剛才在我們自己的決策過程中所描述的下降。但是——所以銷售量的下降可能比我們今年的預期還要快一些。然而，我們同時也看到的是，3 月和4 月有大量液化天然氣產能處於離線狀態，在3 月和4 月的大部分時間裡，我們可能每天有2 到3 Bcf 的休息時間，這代表了相當多的液化天然氣產能。現在你會看到很多需求又回來了。

But it's a reminder that demand is going to be volatile when we have exposure to LNG the way that we do, and you need a flexible business plan and one that's strong enough financially to handle that, and you probably ought to have a hedging policy that protects how you think about your capital program that you have at risk at any point in time. So when we think about the macro trends here more broadly, I do think that, that decline that you are seeing is ultimately real. I think it has been accelerated with curtailments, but I think given the fact that we have a rig count today in the Haynesville that is half of what it was that led to the peak production that we saw in the fall of 2023. We know that decline will show up, and we think Haynesville production settles in at a much lower level than it has been and stays there until you see a pretty significant change in rig count going the other direction.

但這提醒我們，當我們以我們的方式接觸液化天然氣時，需求將會波動，你需要一個靈活的商業計劃，並且要有足夠強大的財務能力來應對這一情況，而且你可能應該制定一項對沖政策保護您對隨時面臨風險的資本計劃的看法。因此，當我們更廣泛地思考這裡的宏觀趨勢時，我確實認為，您所看到的下降最終是真實的。我認為減產加速了這一進程，但我認為考慮到我們今天在海恩斯維爾的鑽機數量只有 2023 年秋季產量高峰時的一半。穩定在比以往低得多的水平，並一直保持下去，直到你看到鑽機數量發生相當大的變化，朝著另一個方向發展。

So I think all of that is quite encouraging, and we're also still very encouraged by what we see in the way of demand growth certainly through LNG exports, which we all talk about quite a bit, but also through consumer and industrial as well as power gen.

因此，我認為所有這些都非常令人鼓舞，而且我們仍然對透過液化天然氣出口看到的需求成長感到非常鼓舞，我們都經常談論這一點，但也透過消費者和工業來成長作為發電機。

Next question will come from Charles Meade with Johnson & Rice (sic) [Johnson Rice & Company].

下一個問題將由 Johnson & Rice（原文如此）[Johnson Rice & Company] 的 Charles Meade 提出。

Nick, I'm wondering if you can -- if you'd offer some thoughts that maybe characterize what your engagement with the FTC has been like so far?

尼克，我想知道您能否提供一些想法來描述您迄今為止與聯邦貿易委員會的合作？

Look, I mean, we've been engaged with the FTC. Obviously, we're in the second request phase of this process. It will take some time, as you would expect to reply. We're eager to work with the FTC and get all their questions answered, we feel good about the underlying merits of the transaction and look forward to getting through this process and getting it closed. But really hard to predict exactly how long that will take. And so that's why we gave a forecast of just second half of the year.

聽著，我的意思是，我們一直在與聯邦貿易委員會合作。顯然，我們正處於這個過程的第二個請求階段。正如您所期望的那樣，這將需要一些時間才能回复。我們渴望與聯邦貿易委員會合作並回答他們所有的問題，我們對交易的潛在優點感到滿意，並期待完成這一過程並完成交易。但真的很難準確預測這需要多長時間。這就是為什麼我們只給了今年下半年的預測。

Got it. And Josh, I wonder if I could ask about the -- your TILs and DUCs. And I wonder if you could kind of characterize for us the -- what's different that you're doing now, maybe setting up these wells to be off for 3 months, 4 months, maybe 6 months, maybe longer. Are you doing something different to kind of put these wells in cold storage, so to speak, versus what you would do regularly? And have you learned anything so far from this effort that you wouldn't have expected at the beginning.

知道了。 Josh，我想知道我是否可以詢問您的 TIL 和 DUC。我想知道您是否可以為我們描述一下您現在正在做的事情有什麼不同，也許將這些井設置為關閉 3 個月、4 個月、也許 6 個月、也許更長。可以這麼說，您是否正在做一些不同的事情來將這些井冷藏起來，而不是您經常做的事情？到目前為止，您是否從這項工作中學到了您一開始沒有預料到的東西？

Yes. Charles, thanks for the question. As far as the DUCs go, I would say, there's really not anything different that we do. This is a pretty common practice. The wellbore is in a state that it could sit there for an extended period of time. So I would say that's just pretty typical run-of-the-mill business. With the deferred TILs, we do have to be a little bit more thoughtful about how we manage those in terms of our wellbore preparation and preservation, primarily from a corrosion standpoint. But probably most importantly, we do have to stay on top of them. And specifically, it's around just monitoring the pressure.

是的。查爾斯，謝謝你的提問。就 DUC 而言，我想說，我們所做的事情確實沒有什麼不同。這是很常見的做法。井筒處於可以長期停留的狀態。所以我想說這只是非常典型的普通業務。對於延遲的 TIL，我們確實必須更仔細地考慮如何在井孔準備和保存方面管理這些問題，主要是從腐蝕的角度來看。但也許最重要的是，我們確實必須掌握它們。具體來說，它只是監控壓力。

So we do have pressure transducers that we install on the wells, and we have it tied back into our remote operating center here in Oklahoma City, where we can monitor any potential production decline. And that production decline would be as a result of offsetting wells that could come online and start potentially pulling on those reserves. And those are the instances that we want to protect against. And of course, when there are our own wells, we're managing that by keeping wells shut in. But at the other operators, we want to be on top of that. That's not something we've dealt with yet, but we do recognize it's a threat and we actively manage that to ensure we're not impacting the investments that we've made on those particular wells.

因此，我們確實在油井上安裝了壓力感測器，並將其連接到俄克拉荷馬城的遠端操作中心，在那裡我們可以監控任何潛在的產量下降。產量下降將是由於可能上線並開始潛在開採這些儲量的油井所抵消的結果。這些就是我們想要防止的情況。當然，當我們有自己的油井時，我們會透過關閉油井來管理這一點。這不是我們尚未處理的問題，但我們確實認識到這是一個威脅，我們積極管理這一點，以確保我們不會影響我們在這些特定油井上進行的投資。

Got it. Josh, so you mean you're managing the -- monitoring the shutting pressure to see if there's [offset completion]?

知道了。喬希，所以你的意思是你正在管理－監控關閉壓力，看看是否有[偏移完成]？

Shutting pressure. Yes, that's correct.

關閉壓力。對，那是正確的。

Your next question will come from Josh Silverstein with UBS.

您的下一個問題將由瑞銀集團的喬許·西爾弗斯坦（Josh Silverstein）提出。

So I just wanted to follow up on the production outlook for the year, just based on where 1Q volumes were the 2Q guide and the outlook. I suggest that Chesapeake may not get down to that 2.1, 2.2 Bcf a day range in the fourth quarter, but you'll still have the 1 Bcf a day of capacity. So I want to see if that was right and just kind of see what the cadence would be for the back half of the year.

因此，我只想根據第一季的產量作為第二季的指導和展望來跟進今年的生產前景。我建議切薩皮克在第四季度可能不會降至每天 2.1、2.2 Bcf 的範圍，但您仍然擁有每天 1 Bcf 的產能。所以我想看看這是否正確，以及今年下半年的節奏。

Yes, Josh, we are managing production to the level of around the 2.7 Bcf a day. So again, just to reaffirm that the guide is unchanged at this point. We did have some overproduction in the first quarter of the year. Some of that was attributed to a non-operated accounting adjustment that rolled through into the quarter. So that did push those volumes just a little bit higher. But we are still on track. Even as we talked earlier about the curtailment, which is pulling down the Q2 number, but that $400 million that we take out of Q2 starts to settle in into the Q3 and Q4 numbers. So in effect, we are flattening the back half of the production curve.

是的，喬什，我們正在將產量管理到每天 2.7 Bcf 左右的水平。再次重申，該指南目前沒有變更。今年第一季我們確實出現了一些生產過剩。其中一些歸因於延續到本季的非經營性會計調整。因此，這確實將這些數量推高了一點。但我們仍在正軌上。即使我們之前談到了限產，這拉低了第二季的數字，但我們從第二季取出的 4 億美元開始計入第三季和第四季的數字。因此，實際上，我們正​​在壓平生產曲線的後半部。

So we still feel really good about delivering the number that we offered back in February. But again, just to remind everybody, we are absolutely flexible, and we'll continue to monitor market conditions and adjust production accordingly to what the market needs.

因此，我們仍然對交付我們二月份提供的數字感到非常滿意。但再次提醒大家，我們絕對靈活，我們將繼續監控市場狀況並根據市場需求調整生產。

Josh, let me just reiterate on that point. I mean I think it's really important as you think about that question, it's really important to note that there's a forecast from -- with 8 months left to go in the year. And we've been pretty clear that we're going to stay really focused on the economics of our underlying business and do what makes sense. So if market conditions don't play out the way we expect them to, we'll adjust whether that means producing more or producing less. I think the setup feels pretty good today, but we have a lot of flexibility in how we respond.

喬什，讓我重申這一點。我的意思是，我認為當你思考這個問題時，這一點非常重要，值得注意的是，今年還剩 8 個月的時間裡有一個預測。我們已經非常明確地表示，我們將真正專注於我們基礎業務的經濟效益，並做有意義的事情。因此，如果市場狀況沒有按照我們預期的方式發展，我們將調整這是否意味著增加產量或減少產量。我認為今天的設置感覺很好，但我們在如何應對方面有很大的靈活性。

Yes. Well, the follow-up was kind of along those lines. We're 6 to 8 months away from winter pricing and gas going back over $3. How do you think about bringing the capacity back on, what's the process of it? Is it TILs and DUCs the new rigs? Or what's the time line for that?

是的。嗯，後續行動就是沿著這些思路進行的。距離冬季定價和汽油價格回升至 3 美元以上還有 6 到 8 個月。您如何看待恢復產能，具體流程是怎麼樣的？新鑽孔機是 TIL 和 DUC 嗎？或是這個的時間軸是什麼？

Sure. So first of all, let's talk about what's going to trigger this for us. We get asked a lot about what price are you going to bring volumes back online? And of course, that's an easy way to think about it in an easy way to model it, but it's not the right way for us to make that decision. When we think about price, we think about it as an indicator of what's going on in the underlying market, but the trajectory of what's going on in the underlying market matters a lot more to us than what the price is at the moment. And so we will continue to monitor the current production levels and the trajectory of that production, the storage levels, the activity levels across each of the basins and think hard about what we really believe the market needs before we make any changes.

當然。首先，讓我們談談什麼會觸發這個問題。很多人問我們，你們打算以什麼價格恢復銷售？當然，這是一種以簡單的方式來思考它並對其進行建模的簡單方法，但這不是我們做出決定的正確方法。當我們考慮價格時，我們將其視為基礎市場正在發生的事情的指標，但基礎市場正在發生的事情的軌跡對我們來說比目前的價格更重要。因此，我們將繼續監測目前的生產水平和生產軌跡、儲存水平、每個盆地的活動水平，並在做出任何改變之前認真思考我們真正認為市場需要什麼。

And then once we determine that the market does need more gas, it would just follow the logic of what we have available to us. So the fastest thing for us to respond with are the wells that have been drilled and completed that are just waiting to be turned in line. Following that, we would begin to work on completing the additional wells that would have been drilled but are uncompleted. And certainly, I guess, along that time, we will be bringing back volumes that are curtailed out of the base.

然後，一旦我們確定市場確實需要更多天然氣，它就會遵循我們現有的邏輯。因此，我們反應最快的就是那些已經鑽完、等待上線的油井。此後，我們將開始完成原本已鑽但尚未完工的額外油井。當然，我想，到那時，我們將恢復基礎上削減的產量。

So I think there's a lot of flexibility in how we respond to this. I would imagine that this will come about in a rather slow manner. I don't believe it's likely that we will wake up 1 day and see that the market needs all of the gas and that we will be racing to bring it all back at once. It's possible. And if that happens, we will move through it in the way I just described as efficiently as possible. But I think it's more likely that we will be bringing volumes back to match a growing demand that will be pretty well previewed by the activity levels that are out there in the market around LNG around the increase in power gen and industrial demand when it's needed.

所以我認為我們對此的應對方式有很大的彈性。我想這會以相當緩慢的方式實現。我不相信我們有一天醒來就會發現市場需要所有的天然氣，而我們會競相立即將其全部恢復。這是可能的。如果發生這種情況，我們將按照我剛才描述的方式盡可能有效地解決它。但我認為，更有可能的是，我們將恢復產量，以適應不斷增長的需求，而液化天然氣市場圍繞發電和工業需求增加的活動水平可以很好地預示這一需求。

Now you can have a cold spike and cold spikes show up with a need for incremental demand. We would always try to respond to those needs as quickly as we can, but know that those are not necessarily sustained. And so that would probably be a short-term event and that would -- we would incorporate that into our decision making.

現在，您可能會遇到冷峰值，而冷峰值會隨著增量需求的出現而出現。我們總是會盡力盡快回應這些需求，但我們知道這些需求不一定能持續下去。因此，這可能是短期事件，我們會將其納入我們的決策中。

The next question will come from Neil Mehta with Goldman Sachs.

下一個問題將由高盛的尼爾·梅塔提出。

I wonder can you just spend some time on your hedging framework specifically the hedge the wedge concept. So can you just talk about the way that you approach hedging and the advantages of having a rolling program, especially in the contango curve. And then I have a follow-up.

我想知道您能否花一些時間研究對沖框架，特別是對沖楔子概念。那麼您能否談談對沖的方式以及滾動計劃的優勢，尤其是在期貨溢價曲線方面。然後我有一個後續行動。

Yes, Neil, this is Mohit. Thanks for that question. You referenced the hedge the wedge program that's been our way that we have been hedging over the last several years. The way we philosophically think about it is you have $1 billion, $1.5 billion capital program. So you're investing dollars into the ground, you want some certainty on when you start getting the production back. So that's -- think of that as 9, 12 months after making kind of the initial investment decision when you're spotting the well. And you just fundamentally don't know what prices would be at that point. So you want to lock in some of that returns that -- on the investments that you're making, which are fairly substantial, right? When you look at the market cap of the company versus that kind of a capital program, you might be investing 10% to 15% of your market cap into the ground.

是的，尼爾，這是莫希特。謝謝你提出這個問題。您提到了對沖楔子計劃，這是我們過去幾年一直在採取的對沖方式。我們從哲學上思考這個問題的方式是你有 10 億美元、15 億美元的資本計畫。因此，您正在向地面投資，您希望能夠確定何時開始恢復生產。所以，當你發現這口油井時，可以將其視為做出初始投資決定後的 9 到 12 個月。而且你根本不知道那時的價格是多少。因此，您希望鎖定您正在進行的投資的部分回報，這些回報相當可觀，對吧？當您比較公司的市值與此類資本計劃時，您可能會將 10% 到 15% 的市值投資到地面上。

So for us, it's a prudent way of just taking the risk off. One thing that we have done structurally, which we are pretty excited about, given the contango that you referenced out in the curve is we've been sort of doing swaps, we've been doing collars, which allows us to monetize the volatility. So kind of bringing up the floors that we are getting from the puts, but still retaining some of the upside by the calls that we are selling. Overall, the program is working, especially when you're in a low price environment like that, like we are in right now. Every month, we are getting receipts of hedge settlements, which help support the base business and the cash flows. And again, underpins the return to shareholders and the base on the variable dividends that we are making. So overall, we think it works, it works well, reduces volatility of the returns and allows us to be more consistent with shareholder returns.

所以對我們來說，這是一種規避風險的謹慎方法。考慮到您在曲線中提到的期貨溢價，我們在結構上做了一件事，我們對此感到非常興奮，那就是我們一直在進行掉期，我們一直在做項圈，這使我們能夠將波動性貨幣化。這樣就提高了我們從看跌期權中獲得的下限，但仍然保留了我們出售的看漲期權的一些上漲空間。總體而言，該計劃正在發揮作用，尤其是當您處於像我們現在這樣的低價環境中時。每個月，我們都會收到對沖結算收據，這有助於支持基礎業務和現金流。再次，支撐股東回報和我們正在發放的可變股息的基礎。因此，總的來說，我們認為它有效，效果很好，減少了回報的波動性，並使我們能夠與股東回報更加一致。

And the follow-up is just on the global LNG market. You talked in the slides about the 12 Bs of incremental supply coming out of the United States, Qatar's coming through with North Field expansion in 2026 and beyond. And so Nick and team, how do you think about global LNG price being a potential governor on long-term gas prices?

後續只是全球液化天然氣市場。您在幻燈片中談到了來自美國的 12 B 增量供應，卡達將在 2026 年及以後完成北油田擴建。那麼尼克和團隊，您如何看待全球液化天然氣價格成為長期天然氣價格的潛在調節因素？

Yes. Neil, it's a great question, and it's something we think about a lot. As we think about LNG growth. I mean the market is clearly eager to have more LNG supplies. There's a number of different projects out there that are eager to accept in the growth in LNG, but it's also pretty obvious that at some point, there will be oversupply and that market will have volatility in the same way that the domestic markets do, and we're prepared for that and understand that.

是的。尼爾，這是一個很好的問題，也是我們常常思考的問題。當我們思考液化天然氣的成長。我的意思是，市場顯然渴望有更多的液化天然氣供應。有許多不同的項目都渴望接受液化天然氣的增長，但也很明顯，在某個時候，將會出現供應過剩，市場將會像國內市場一樣出現波動，並且我們已為此做好準備並理解這一點。

One of the things I think we've seen that's really interesting is that there's clearly a some elasticity to demand for LNG prices, I'll say, in the $9 to $12 range. And that range is probably debatable, it might be down to $8, it might be a little higher than that. But you've seen that demand clearly goes up when you get into the single digits and you've seen the demand can be fleeting as it gets into the mid-double digits, certainly over the longer term.

我認為我們看到的非常有趣的事情之一是，液化天然氣價格的需求顯然存在一定的彈性，我想說，在 9 美元到 12 美元的範圍內。這個範圍可能是有爭議的，可能會降至 8 美元，也可能會比這個高一點。但您已經看到，當您達到個位數時，需求會明顯上升，您會看到，當它達到中兩位數時，需求可能會轉瞬即逝，當然從長遠來看。

And what that tells us is that this market requires that you remain really, really efficient in your cost structure and how you deliver supplies. And so that's something that we'll stay focused on and we'll work with all of the different providers through the value chain both domestically and internationally to make sure that we can do that. But it's a real thing and something that we have our eyes wide open about. At the end of the day, we still think natural gas is the most efficient and effective way to supply markets that are in demand for greater energy. It is affordable, reliable and lower carbon. And I don't know that we can say that enough. But the trade-offs are not as good.

這告訴我們，這個市場要求您在成本結構和供應方式方面保持非常非常有效率。因此，這是我們將繼續關注的事情，我們將透過國內和國際價值鏈與所有不同的供應商合作，以確保我們能夠做到這一點。但這是真實的事情，也是我們睜大眼睛的事情。歸根究底，我們仍然認為天然氣是供應對能源需求更大的市場最高效、最有效的方式。它價格實惠、可靠且低碳。我不知道我們能說得夠多嗎？但權衡並不那麼好。

And it's important that we remember that, and it's important that as an industry, we deliver on a product that meets that expectation that it is the most efficient solution to cost and affordability to reliability and to being lower carbon relative to the alternatives. The alternatives, of course, being in a lot of markets coal, which is certainly not lower carbon. At times, it can be lower cost. And it definitely can be reliable because it is easily stored on site.

重要的是，我們要記住這一點，而且作為一個行業，我們提供的產品能夠滿足人們的期望，即相對於替代品而言，它是成本和承受能力、可靠性和低碳性的最有效解決方案。當然，許多市場上的替代品是煤炭，這當然不是低碳的。有時，成本可能會更低。而且它絕對可靠，因為它很容易在現場存放。

But then you also have renewables, which will maintain a competitive tension, especially with policies that drive people towards renewables that really struggle from both a cost and reliability perspective and full cost, and have some of their own challenges from a sustainability standpoint that are just different than the product that we produce. So we still feel very strongly that what we produce is the best solution. And it's incumbent upon us to make sure that we deliver on that.

但再生能源也將保持競爭緊張，特別是在推動人們轉向再生能源的政策下，這些政策從成本和可靠性角度以及總成本來看確實很困難，而且從永續發展的角度來看，它們也面臨著一些挑戰與我們生產的產品不同。所以我們仍然強烈地認為我們生產的是最好的解決方案。我們有責任確保實現這一目標。

And Neil, this is Mohit. The only thing I would add to that is we are signing up 20-year LNG transactions, and we're going in eyes wide open that there will be periods of time when that transaction will be out of the money. So it's a diversification and connecting us to the eventual end users, as Nick was describing. That's the strategic mandate for us. And -- but again, being fully aware that there will be periods of time when we'll be out of the money.

尼爾，這是莫希特。我唯一要補充的是，我們正在簽署為期 20 年的液化天然氣交易，我們會睜大眼睛，因為該交易有​​時會出現虧損。因此，正如尼克所描述的那樣，這是一種多元化，並將我們與最終用戶聯繫起來。這就是我們的策略使命。而且──但再次強調，我們要充分意識到，在某些時候我們會缺錢。

Your next question will come from Paul Diamond with Citi.

您的下一個問題將由花旗銀行的保羅·戴蒙德（Paul Diamond）提出。

Just a quick one on the kind of the timing and the cadence of the DUCs and the TILs. Should we think about that more nearly from this point forward through the year? Or is there -- is it kind of a point like Q3, where you just stop and kind of revert back to normal? Just how should we think about the cadence?

簡單介紹一下 DUC 和 TIL 的時間安排和節奏。從現在開始到今年，我們是否應該更仔細地考慮這個問題？或者是否存在——類似於第三個問題，你停下來然後恢復正常？我們該如何考慮節奏？

Yes. So really, what that ties back to is just the underlying activity cadence of our drilling rigs and frac crews, where today, we're running 8 rigs and 2 frac crews. And so we do anticipate that we'll drop 1 additional rig in the Marcellus middle of the year. But by and large, you should expect those in deferred TILs and DUCs to build in a linear fashion through the course of the year.

是的。事實上，這與我們的鑽機和壓裂人員的基本活動節奏有關，今天，我們正在運行 8 台鑽機和 2 名壓裂人員。因此，我們預計今年年中我們將在 Marcellus 上再投放 1 個鑽孔機。但總的來說，您應該期望延期 TIL 和 DUC 中的那些在一年中以線性方式構建。

Understood. Just one quick follow-up. If we were to see any kind of increased volatility out of the three levers, I guess, for additional DUCs, TILs or the curtailments, is there any preference you guys currently hold kind of what order you address any near-term volatility with?

明白了。只需一個快速跟進。如果我們看到這三個槓桿出現任何形式的波動性增加，我想，對於額外的 DUC、TIL 或削減，你們目前對解決近期波動性的順序有什麼偏好嗎？

Well, I mean, I think it all depends on what's going on. If you have some sort of short-term spike in demand that we don't think will be sustained, then we have curtailed volumes, we can bring to market to help meet that demand. If you think that there is more of a step change in demand and volumes are needed in a longer-term fashion, then you start to bring some of those deferred wells online.

嗯，我的意思是，我認為這一切都取決於正在發生的事情。如果出現某種短期需求激增，而我們認為這種需求不會持續下去，那麼我們就會減少產量，然後將其推向市場，以幫助滿足該需求。如果您認為需求有更多的階躍變化，並且需要長期的產量，那麼您就開始將其中一些延期的油井上線。

And the final question for today will come from Kevin MacCurdy with Pickering Energy Partners.

今天的最後一個問題將來自 Pickering Energy Partners 的 Kevin MacCurdy。

To dig into the curtailments a little more, the 2Q guide shows that the Haynesville is declining faster than the Marcellus. I'm just curious if that's being driven by something you're seeing on local prices that is leading to more constraints or is that just natural declines in the Haynesville?

為了更深入了解削減情況，第二季度指南顯示海恩斯維爾的下降速度比馬塞勒斯更快。我只是好奇這是否是由您在當地價格上看到的導致更多限制的因素推動的，或者這只是海恩斯維爾的自然下降？

Yes. That's really just due to local market conditions. We were seeing pricing there that we just really start to question whether or not it makes sense to continue to flow gas into those markets. And so we selectively look at the well sets and what margins are for each well, recognizing that chemical usage, water production will impact wells margin. And so we just think that pricing that we're seeing in the second quarter, it simply doesn't make sense to flow the full allotment of volume there.

是的。這其實只是由於當地市場條件所致。我們看到那裡的定價，我們才真正開始質疑繼續向這些市場注入天然氣是否有意義。因此，我們有選擇地查看井組以及每口井的利潤率，並認識到化學品的使用、水的產量將影響油井的利潤率。因此，我們認為，按照我們在第二季度看到的定價，將全部配額分配到那裡根本​​沒有意義。

So when we talk about the 400 million cubic feet a day of planned curtailment in the quarter, roughly half of that is tied to the Haynesville. So when you look at the quarter-over-quarter decline from Q1 to Q2 for the Haynesville asset, A big portion of that is directly tied to the curtailment. And of course, we'll start to get that back as we get into the second half of the year. And again, that's just why you see then or should anticipate a flattening of the decline in the second half of this year.

因此，當我們談論本季計劃每天 4 億立方英尺的限水量時，其中大約一半與海恩斯維爾有關。因此，當您查看海恩斯維爾資產從第一季到第二季的季度環比下降時，您會發現其中很大一部分與削減直接相關。當然，進入下半年後我們將開始恢復這一點。再說一次，這就是為什麼你會看到或應該預計今年下半年下降幅度會趨於平緩。

Great. And to follow up on an earlier question about returning production, do you have the capacity to bring back volumes on faster in 1 basin compared to the other? Or will it be about the same in the Haynesville and Appalachia?

偉大的。為了跟進先前有關恢復生產的問題，您是否有能力比另一個盆地更快地恢復一個盆地的產量？或者海恩斯維爾和阿巴拉契亞地區的情況也差不多嗎？

Yes, it should be about the same. I mean there's a lot of considerations that go into how we bring the production back, I mean, outside of just the macro conditions that Nick spoke to earlier. But it's really just around logistical planning. And so we have to be thoughtful about where gas gets introduced and when to manage the gas gathering systems and things like water hauling. But really, I wouldn't say one area is advantaged or disadvantaged more than the other.

是的，應該是差不多的。我的意思是，除了尼克之前談到的宏觀條件之外，我們還需要考慮很多因素來恢復生產。但這其實只是圍繞後勤規劃。因此，我們必須考慮從何處引入天然氣以及何時管理天然氣收集系統和輸水等事宜。但實際上，我不會說一個領域比另一個領域更有優勢或更劣勢。

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

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

Well, thank you all for your time this morning. We really look forward to progressing through this year, working on planning for the integration of our merger and delivering on what we expect to be improving gas market conditions as we approach 2025. As always, if you have any other follow-up questions, please reach out to our outstanding IR team. They will be ready to take your calls, and we look forward to seeing you guys down the road. Thanks.

好的，謝謝大家今天早上抽出時間。我們非常期待今年取得進展，致力於規劃合併整合，並在 2025 年到來之際實現我們期望改善天然氣市場狀況的目標。者關係團隊。他們將隨時準備接聽您的電話，我們期待在路上見到您。謝謝。

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。