Chesapeake Energy Corp (CHK) 2024 Q2 法說會逐字稿

Good morning, and welcome to the Chesapeake Energy Corporation Second-Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加切薩皮克能源公司 2024 年第二季財報電話會議。所有參與者將處於僅聽模式。 （操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference to Chris Ayres, VP of Investor Relations and Treasurer. Please go ahead.

現在我想請投資者關係副總裁兼財務主管 Chris Ayres 主持會議。請繼續。

Thank you. Good morning, everyone, and thank you for joining our call to discuss Chesapeake's second quarter 2024 financial and operating results. Hopefully, you've had a chance to review our press release and the updated investor presentation we posted to our website yesterday.

謝謝。大家早安，感謝您參加我們的電話會議，討論切薩皮克 2024 年第二季的財務和營運業績。希望您有機會閱讀我們的新聞稿以及我們昨天在網站上發布的最新投資者簡報。

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, statements regarding our beliefs, goals, expectations, forecasts, projections and future performance and the assumptions underlying such statements.

在今天早上的電話會議中，我們將做出前瞻性陳述，其中包括無法透過現有資訊確認的陳述、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。

Please note there are a number of factors that will cause actual results to differ materially from our forward-looking statements, including factors identified and discussed in our press release yesterday and in other SEC filings. Please also recognize that as 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.

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。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。

We may also refer to some non-GAAP measures, which will help facilitate comparisons across periods and with peers. For any non-GAAP measure, we use a reconciliation to the nearest GAAP measure, which can be found on our website.

我們也可能會參考一些非公認會計準則衡量標準，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，我們都會使用最接近的 GAAP 衡量標準（可以在我們的網站上找到）進行調整。

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'll 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，然後我們將開始電話會議進行問答。

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

因此，再次感謝您，現在將時間交給尼克。

Good morning. Thank you for joining us today. We are pleased with our quarterly results, which further demonstrate that our strategy designed to provide the greatest level of flexibility to manage unpredictable market conditions is working. And we are achieving meaningful improvements in capital efficiency and reductions in operating costs, which we believe will be durable when prices recover.

早安.感謝您今天加入我們。我們對季度業績感到滿意，這進一步表明我們旨在提供最大程度的靈活性來管理不可預測的市場條件的策略正在發揮作用。我們正在實現資本效率的顯著提高和營運成本的降低，我們相信當價格回升時這將是持久的。

Today, we are primarily focused on three key elements of our business. First, reducing costs and improving breakevens. We have recognized a 50% improvement in Marcellus drilling performance since 2022. We have achieved this by steadily increasing our feet drilled per day over the last two years by approximately 50% as well as by growing the average lateral length of our wells by the nearly 3,000 feet in the second quarter.

今天，我們主要專注於業務的三個關鍵要素。首先，降低成本並提高損益平衡。我們認識到，自2022 年以來，Marcellus 鑽井性能提高了50%。 。

The increase in drilling pace, lateral length and deflation, all combined to recognize a 20% decrease in drilling costs over the last two years. In the Haynesville, efforts to lower production expense continue to pay dividends, as evidenced by a 25% decrease in saltwater disposal cost per barrel since the third quarter of last year. This improvement is due to the team optimizing routes, increasing utilization of owned assets, strategic partnerships with vendors and deflation.

鑽井速度、橫向長度和放氣量的增加，所有這些加起來使鑽井成本在過去兩年中下降了 20%。在海恩斯維爾，降低生產費用的努力繼續帶來紅利，自去年第三季以來每桶鹽水處理成本下降了 25%。這項改進歸功於團隊優化路線、提高自有資產利用率、與供應商的策略合作夥伴關係以及通貨緊縮。

Combined, these operational improvements allowed us to lower our full year capital and production expense guidance by $50 million and approximately 8%, respectively. Lowering breakeven cost is critical to delivering sustainable value to our shareholders and ensuring the market remains well supplied with affordable natural gas. We expect the majority of savings recognized will be durable through cycles, which will only continue to improve the strength and competitiveness of our Marcellus and Haynesville positions.

綜合而言，這些營運改善使我們能夠將全年資本和生產支出指引分別降低 5,000 萬美元和約 8%。降低損益平衡成本對於為股東提供可持續價值並確保市場保持充足的負擔得起的天然氣供應至關重要。我們預計所確認的大部分節省將在整個週期中持續存在，這只會繼續提高我們馬塞勒斯和海恩斯維爾職位的實力和競爭力。

Second, maintaining production flexibility to match market conditions. Through the first half of the year, we have deferred 46 TILs and built 29 DUCs. By year-end, we expect to have up to 1 bcf a day of productive capacity available to meet demand when conditions warrant.

其次，保持生產彈性以適應市場情況。今年上半年，我們延後了 46 個 TIL，並建立了 29 個 DUC。到年底，我們預計每天可提供高達 1 bcf 的生產能力，以滿足條件允許時的需求。

In addition to the deferral of TILs and completions, we proactively curtailed volumes during the weaker spring shoulder pricing months and are prepared to do so again as necessary in the fall. We will be disciplined in activating the deferred capacity with market conditions dictating the pace and timing of our approach.

除了推遲 TIL 和完工之外，我們還在春季肩部定價疲軟的月份主動減少了銷量，並準備在秋季根據需要再次這樣做。我們將嚴格按照市場條件啟動延期產能，並決定我們採取行動的速度和時間。

We are confident this strategy will provide a distinct competitive advantage when natural gas demand recovers, given the inherent flexibility it provides and the speed and limited capital needed to bring volumes to market.

我們相信，鑑於該策略所提供的固有靈活性以及將產量推向市場所需的速度和有限的資本，當天然氣需求復甦時，該策略將提供明顯的競爭優勢。

Finally, we are focused on our pending merger with Southwestern, and our confidence in our ability to deliver the planned synergies is only growing. We are using the extended time between signing and closing to focus on our integration planning efforts and on delivering the synergies identified at the announcement of the merger, which we expect to close in the back half of the year.

最後，我們專注於與西南航空即將進行的合併，我們對實現計劃協同效應的能力的信心只增不減。我們正在利用簽署和完成之間的延長時間來專注於我們的整合規劃工作以及實現合併公告中確定的協同效應，我們預計合併將在今年下半年完成。

I have been extremely impressed with the openness and creativity of both organizations, as we seek to establish a business that has more talent, better assets and greater overall strength than either could have achieved as a standalone company. We look forward to seeing what we can achieve together once the deal closes, and we can fully unlock the power of our two organizations for the benefit of consumers and our shareholders.

這兩個組織的開放性和創造力給我留下了極其深刻的印象，因為我們尋求建立一個比任何獨立公司都擁有更多人才、更好資產和更強整體實力的企業。我們期待看到交易完成後我們能夠共同實現什麼，並且我們可以充分釋放我們兩個組織的力量，以造福消費者和股東。

Our long-term outlook for natural gas, the affordable, reliable, lower carbon energy the world needs remains strong and we are working diligently to ensure our pro-forma merged company with Southwestern is poised to meet consumer demand at the most efficient price. I look forward to continuing to update you on our progress as we move through the year.

我們對天然氣這個世界所需的負擔得起、可靠、低碳的能源的長期前景依然強勁，我們正在努力確保我們與西南航空的預計合併公司能夠以最有效的價格滿足消費者的需求。我期待著在這一年中繼續向您通報我們的進展。

We're now pleased to answer your questions. Operator, if you'd like to assemble the queue.

我們現在很高興回答您的問題。接線員，如果您想組裝隊列。

We will now begin the question-and-answer-session. (Operator Instructions)

我們現在開始問答環節。 （操作員說明）

Bert Donnes, Truist.

伯特‧多恩斯，真理主義者。

Hey, good morning, team.

嘿，早上好，團隊。

Good morning Bert.

早安，伯特。

On the deferred activity, I just wanted to maybe clarify the strategy when you bring on the production. Does the price move qualify as improving market dynamics? Or does it need to be tangible supply-demand? And then, how do you think about rock bottom production levels? I'm assuming at one point, you kind of hang up your coat and go, listen, we've done our part. Is that 4Q '24 guidance kind of where you'd level out at? Or would you let it go below that? Thanks.

關於延後的活動，我只是想澄清一下製作時的策略。價格變動是否意味著市場動態有所改善？還是需要有形的供需？那麼，您如何看待最低生產水準？我假設在某一時刻，你會掛起外套然後走，聽著，我們已經完成了我們的部分。 24 年第 4 季的指導是您所期望的嗎？或者你會讓它低於這個值嗎？謝謝。

Yes, those are both great questions. Look, on the price signal, we see prices nothing but a signal and we do pay a lot more attention to the underlying supply and demand than we do just price. Price is in fact, a signal. So we will pay attention to that as well. But in terms of bringing on the deferred activity, we want to see the underlying fundamentals improve.

是的，這些都是很好的問題。看，在價格訊號上，我們看到的價格只不過是一個訊號，我們確實比僅僅關注價格更關注潛在的供給和需求。價格實際上是一個訊號。所以我們也會關注這一點。但就延後活動而言，我們希望看到基本面有所改善。

As far as the bottom level of production, we could see things fall to. I guess we see the market improving while we aren't great at predicting the exact day or quarter it will improve, the overall dynamics that are setting up for us are pretty positive.

就生產水準而言，我們可以看到情況會下降。我想我們看到市場正在改善，雖然我們不擅長預測市場會改善的確切日期或季度，但為我們設定的整體動態是相當積極的。

So we're not too worried about that. I don't think we'll face that decision. We're going to continue to be prudent with how we manage our volumes and our capital program, and we are happy to be building the DUCs and details that we are now because it gives us a lot of operational flexibility.

所以我們對此不太擔心。我認為我們不會面臨這個決定。我們將繼續謹慎管理我們的數量和資本計劃，我們很高興能夠建立現在的 DUC 和細節，因為它為我們提供了巨大的營運靈活性。

And at some point, you would just slow down building those TILs and DUCs by reducing your capital if it continued into a much, much longer period of time. So we'll continue to monitor that. That would be how we would think about this. But right now, we're pretty comfortable with where we are doing what we're doing.

在某些時候，如果這種情況持續很長一段時間，您就會透過減少資本來減慢 TIL 和 DUC 的建設速度。所以我們將繼續關注這一情況。這就是我們思考這個問題的方式。但現在，我們對我們正在做的事情感到非常滿意。

Makes sense. And then for the second one, I'm going to try to help you out here and get the words data center in your transcript a few more times. There's been some developments since last quarter with a lot of people talking about behind the meter deals. Do you think this is going to become maybe a catalyst-driven story where you announced an LNG contract or you announced a data center contract? Or is it just way too early in the cycle for you guys to start thinking about that?

有道理。對於第二個問題，我將盡力幫助您，並在您的成績單中多寫幾個「資料中心」一詞。自上個季度以來出現了一些進展，很多人都在談論私下交易。您認為這會成為一個催化劑驅動的故事嗎？或者你們現在開始考慮這個問題還為時過早嗎？

I don't necessarily for us to start thinking about it. We're talking to all of the people you would imagine. We talk to on a regular basis, whether they be tech companies or utilities. And we're pretty excited about the fact that the market is doing a better job of recognizing that electricity demand is growing.

我不一定要我們開始考慮這個問題。我們正在與所有你能想像到的人交談。我們定期與他們交談，無論他們是科技公司還是公用事業公司。我們對市場在認識到電力需求不斷增長方面做得更好這一事實感到非常興奮。

And we think that's been an underappreciated and underforecasted element of the economy for quite some time. And when you really start to borrow into electricity demand growing, you have to figure out where it's going to come from and natural gas is an obvious answer that is going to be a fuel of choice.

我們認為，相當長一段時間以來，這一直是經濟中一個被低估和低估的因素。當你真正開始借用電力需求成長時，你必須弄清楚它從哪裡來，而天然氣是一個明顯的答案，它將成為首選燃料。

There's some things to consider here about how this will all work together. You need to bring together starting with the technology providers, the users of data back to the electricity generators, back to then the fuel for the generation. And so there's three elements that have to come together.

關於這一切如何協同工作，這裡需要考慮一些事情。您需要將技術供應商、資料用戶、發電機、發電燃料聚集在一起。因此，必須將三個要素結合在一起。

All three of those elements are, I would say, actively discussing a lot of solutions right now. Not all the answers are perfectly clear. We're all going to have to work together to work through what are challenges around geography, what are challenges around regulatory environment because every single -- all three of those pieces need infrastructure. And it's going to be a not super easy thing to accomplish, but one that the world is going to demand, and therefore, we are going to be ready to fulfill.

我想說，所有這三個要素現在都在積極討論許多解決方案。並非所有的答案都是完全清楚的。我們所有人都必須共同努力，解決地理方面的挑戰、監管環境方面的挑戰，因為這三個面向都需要基礎設施。這將不是一件非常容易完成的事情，但卻是世界所要求的，因此，我們將準備好實現這一目標。

So I think it's a really exciting opportunity for our company. We're just as focused on that as we are on the LNG opportunities, which we think are probably a little near-term. But yes, I think there's a potential catalyst in all of it. But I think the more important point isn't just a singular contract or catalyst that could be created with an announcement, it's the overall trend and what it means for the supply and demand fundamentals of our business.

所以我認為這對我們公司來說是一個非常令人興奮的機會。我們同樣關注這一點，就像我們關注液化天然氣機會一樣，我們認為這可能是短期的。但是，是的，我認為這一切都存在潛在的催化劑。但我認為更重要的一點不僅僅是可以透過公告創建的單一合約或催化劑，而是整體趨勢以及它對我們業務的供需基本面意味著什麼。

That makes great sense. Thanks.

這很有道理。謝謝。

Doug Leggate, Wolfe Research.

道格‧萊蓋特，沃爾夫研究中心。

Hey, guys. Thanks for having me on. Nick, I know the FTC process, as you have observed many times, is still rambling on. But I'm just wondering, if you could opine on the extent to which you've been able to really dig deep on the full potential, whether it be drilling efficiency days to drill. The fact that Southwestern was running obviously very high fluid loadings, all that good stuff. What is your thinking on the $400 million at this point in terms of risk to that number?

嘿，夥計們。謝謝你邀請我參加。尼克，我知道聯邦貿易委員會的程序，正如你多次觀察到的那樣，仍然在漫無目的地進行。但我只是想知道，您是否可以對您能夠真正深入挖掘全部潛力的程度發表意見，無論是鑽探效率天數。事實上，西南航空的流體負荷顯然非常高，所有這些都是好東西。您目前對 4 億美元的風險有何看法？

Well, the longer period of time of integration, I think, helps us feel confident that we're derisking that number every day. We feel really good about achieving that number. There are a lot of opportunities when you bring together two organizations of this size. And we've achieved, we think over the last many months of working on this integration, a true best of both mentality by the teams that are working on integration.

嗯，我認為，更長的整合時間有助於我們充滿信心，因為我們每天都在消除這個數字的風險。我們對實現這個數字感到非常高興。當您將兩個如此規模的組織合併在一起時，會有很多機會。我們認為，在過去幾個月的整合工作中，致力於整合的團隊實現了真正的兩全其美的心態。

We're looking really hard at everything from the IT systems that each company uses to the processes that each company follows to the philosophies of things like fluid loading in a well. And we are trying to optimize a plan for [new code] going forward that really brings together the best of what both companies can do. And we believe that there is -- that synergy number is well within our reach.

我們正在認真研究一切，從每家公司使用的 IT 系統到每家公司遵循的流程，再到井中流體裝載等事物的概念。我們正在努力優化未來的[新程式碼]計劃，真正匯集兩家公司所能做到的最好的事情。我們相信，協同效應的數字完全是我們所能達到的。

We expect to deliver on that for sure. And then we expect to keep working beyond that point. So we're excited about what all of that represents. We think -- obviously, you'd love to announce the deal and close it immediately thereafter. And so we wouldn't have wished for this delay, but we're absolutely making the best of this time.

我們希望能夠實現這一目標。然後我們希望在此之後繼續努力。所以我們對這一切所代表的意義感到興奮。我們認為，顯然，您希望宣布該交易並隨後立即完成。因此，我們並不希望出現這種延遲，但我們絕對會充分利用這段時間。

Okay. So maybe a quick part B to that, would you expect on closing to give an update on the synergies or no?

好的。那麼，也許是一個快速的 B 部分，您是否希望在交易結束時提供有關協同效應的最新資訊？

I think will give an update on how we think about achieving them and timing for sure.

我認為我們會提供有關我們如何考慮實現這些目標的最新資訊以及確定的時間表。

Okay. All right. My follow-up, I know you missed me on the last earnings call, so I'm going to try this one.

好的。好的。我的後續行動，我知道您在上次財報電話會議上錯過了我，所以我將嘗試這次。

Welcome back, Dough.

歡迎回來，麵團。

Yes, thank you. Your variable dividend that you announced in the first quarter was paid out your balance sheet this quarter. You're inheriting a lot of debt, assuming this deal closes. Can you give us some thought as to whether where you're going to prioritize the allocation of free cash flow that assuming the forward curve plays out in the context of dealing with your combined balance sheet versus transitory where I say, cash distribution that really has no impact on your valuation?

是的，謝謝。您在第一季宣布的可變股息已在本季度支付給您的資產負債表。假設這筆交易完成，你將繼承大量債務。您能否給我們一些想法，看看您是否將優先考慮自由現金流的分配，假設遠期曲線在處理合併資產負債表的背景下發揮作用，而不是我所說的臨時性現金分配，這確實有對你的估值沒有影響嗎？

Yes, we are absolutely considering all of that, Doug, and we like our return framework. We're going to continue to think constructively about that return framework. But clearly, pro-forma company will incorporate into that return framework, a reduction in debt. And so we're going to work through that. And once we close, we can talk more about how that's going to play out. But the company needs to have less debt than it will day one, when we close. So we'll take that into consideration. Mohit, probably has some things to add here.

是的，我們絕對正在考慮所有這些，道格，我們喜歡我們的回報框架。我們將繼續建設性地思考該回報框架。但顯然，預計公司將把債務減少納入該回報框架。所以我們將努力解決這個問題。一旦我們結束，我們就可以更多地討論這將如何進行。但公司需要比我們關閉的第一天減少債務。所以我們會考慮到這一點。 Mohit，可能有一些東西需要補充。

Doug. Hey, it's good to hear your voice again. Just to add to what Nick said, when we -- when you take a step back from it, we are extremely proud of the $3.5 billion that we have returned to our shareholders since 2021. And obviously, as you identified it, variable dividend is one of the components of it. We've done buybacks. We've done the base dividend in addition to that.

道格.嘿，很高興再次聽到你的聲音。只是補充一下尼克所說的，當我們退後一步時，我們對自 2021 年以來向股東返還的 35 億美元感到非常自豪。 。我們已經進行了回購。除此之外，我們還支付了基本股利。

We do recognize, we will have more leverage once the transaction closes. It's a little bit too early for us to talk about what the plans would be post-closing. We will share some more of the details around all of that. But the commitment from our side to shareholder returns remains unwavering. And at the right time, we'll share some more details around that.

我們確實認識到，一旦交易完成，我們將擁有更多槓桿。現在談論交易結束後的計劃還為時過早。我們將分享更多有關所有這些的細節。但我們對股東回報的承諾仍堅定不移。在適當的時候，我們將分享更多相關細節。

All right, guys. I'll keep pushing on this. Thank you.

好吧，夥計們。我將繼續推動這一點。謝謝。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛。

Yes. Good morning, Nick and team. Maybe you can spend some time talking about some of the deflationary trends that you're seeing. I think you called out a 10% deflation number. And as you think about the efficiency gains and the lower cost structure, has anything changed around that 350 mid-cycle view that Nick you've spoken to in the past?

是的。早上好，尼克和團隊。也許您可以花一些時間討論您所看到的一些通貨緊縮趨勢。我認為你提出了 10% 的通貨緊縮數字。當您考慮效率提升和降低成本結構時，Nick 過去與您交談過的 350 個中期週期觀點是否發生了任何變化？

Good morning, Neil, this is Josh. I'll take the first part of that question. If you look back maybe into the fourth quarter of last year, we have seen a continual softening of service pricing. And of course, that's largely just driven by the pretty significant reduction we've seen around a 40% reduction in gas rigs between Appalachia and Haynesville.

早安，尼爾，我是喬許。我將回答這個問題的第一部分。如果你回顧去年第四季度，我們會發現服務價格持續疲軟。當然，這很大程度上是由於我們看到阿巴拉契亞和海恩斯維爾之間的天然氣鑽井平台數量大幅減少了約 40%。

And so we've been trying to take advantage of that. I would say in the Haynesville, we've probably seen in the high single digits type of deflation. The Marcellus is going to be a couple of ticks above that, around 10%. I will say though, that we're incredibly thoughtful about how we think about our service partners.

所以我們一直在努力利用這一點。我想說，在海恩斯維爾，我們可能已經看到了高個位數的通貨緊縮。 Marcellus 將會比這個數字高出幾個刻度，大約 10%。但我要說的是，我們對服務夥伴的看法非常周到。

We really value strong safety cultures, vendors that are going to be focused on driving performance. And so we're always going to be a little bit careful about just taking on the next lowest cost provider. We just don't think long-term that makes an awful lot of sense.

我們非常重視強大的安全文化，供應商將專注於提高效能。因此，我們在選擇下一個成本最低的提供者時總是要小心一點。我們只是認為從長遠來看這沒有多大意義。

But I think as we look ahead, I think to the back half of this year in 2025, I would say we are anticipating a little bit more weakness as we exit this year and some specific services. And then I would expect that pricing starts to moderate, as we get into 2025.

但我認為，當我們展望未來時，我認為到 2025 年下半年，我想說，隨著我們今年退出和一些特定服務，我們預計會出現更多疲軟。然後，我預計隨著 2025 年的到來，定價將開始放緩。

Thank you. And then the follow-up would just be your perspective on the LNG story. It's clearly, we got a big ramp ahead, call it, [$10 billion , $14 billion] depending on how you look at it. We've seen some volatility around Freeport and push out of things like Golden Pass. Just love your perspective on the multi-year outlook for the US LNG ramp and how does Chesapeake fit into?

謝謝。接下來的內容就是您對液化天然氣故事的看法。很明顯，我們前面有一個很大的成長，可以稱之為[100億美元，140億美元]，這取決於你如何看待它。我們看到自由港周圍出現了一些波動，並推出了諸如黃金通行證之類的項目。只是喜歡您對美國液化天然氣產能的多年前景的看法以及切薩皮克如何融入其中？

We're still really excited about the multi-year ramp in front of us on LNG. The world remains short energy and US LNG is going to be a big part of solving that shortage and we're well positioned to deliver gas into that market and see the value of our gas increase as a result of how we deliver into that market at the same time recognizing that we'll be a very important source of supply for growing domestic demand for natural gas.

我們仍然對液化天然氣的多年增長感到非常興奮。世界仍然短缺能源，美國液化天然氣將成為解決這一短缺的重要組成部分，我們有能力向該市場輸送天然氣，並看到我們的天然氣價值因我們以同時認識到我們將成為國內日益增長的天然氣需求的一個非常重要的供應來源。

So a lot of gas resource in the United States. We own a lot of it today. The pro-forma company will own more of it than anyone. And so we're very excited about what all of this represents. We think the opportunities are significant. You've seen a lot of headlines just recently with Woodside investing in Tellurian or buying Tellurian and giving some new momentum to that project, the Driftwood project there, just south of our asset in the Haynesville.

所以美國的天然氣資源非常多。今天我們擁有很多。預計公司將比任何人擁有更多的股份。因此，我們對這一切所代表的意義感到非常興奮。我們認為機會是巨大的。最近，您已經看到了很多頭條新聞，其中包括 Woodside 投資 Tellurian 或收購 Tellurian 並為該項目（位於我們海恩斯維爾資產以南的 Driftwood 項目）帶來了新的動力。

LNG is moving and moving, we think, pretty constructively. There have been a little bit of delays in some of the projects that are coming on here in the near-term. But those projects are moving by months, not by years or decades. And so, we're fine with all of that. This is a very long-term dynamic that's playing out in front of us that we're extremely well positioned for.

我們認為，液化天然氣正在不斷發展，而且非常具有建設性。近期這裡進行的一些工程出現了一些延誤。但這些專案的進度是幾個月，而不是幾年或幾十年。所以，我們對這一切都很滿意。這是一個非常長期的動態，正在我們面前上演，我們已經做好了充分的準備。

Thank you, Nick.

謝謝你，尼克。

Zach Parker, JPMorgan.

札克帕克，摩根大通。

Good morning. During 2Q, you had some price-related curtailments and you've recently indicated that those curtailments have largely been brought back online. Nick, you mentioned in the prepared remarks that you were prepared to curtail again if prices were weak in the fall. Can you just detail what you would need to see from maybe a local pricing perspective to start curtailing some volumes in both the Marcellus and the Haynesville?

早安.在第二季度，你們進行了一些與價格相關的削減，並且最近表示這些削減已大部分恢復到線上。尼克，您在準備好的發言中提到，如果秋季價格疲軟，您準備再次削減產量。您能否詳細說明一下，從當地定價的角度來看，您需要看到什麼才能開始減少馬塞勒斯和海恩斯維爾的部分銷售？

We'll stay away from giving you an exact price on that. You can certainly look back and see the prices in the spring and see that they got pretty low. And so, if there's a repeat of some very low prices like that then we would curtail more volumes.

我們不會向您提供確切的價格。您當然可以回顧一下春季的價格，發現價格相當低。因此，如果類似的極低價格再次出現，那麼我們將減少更多的產量。

One thing that's important to note in our projection is that we don't consider curtailment for price reasons in our projections of any significant magnitude. We sort of have a historical pattern of shoulder season reductions in volumes that's pretty modest that would be in there, but nothing beyond our historical pattern.

在我們的預測中需要注意的一件事是，在我們的預測中，我們沒有考慮因價格原因而進行的任何重大規模的限電。我們有一種歷史模式，即淡季銷量減少的幅度相當小，但沒有超出我們的歷史模式。

So if there are significant price curtailments that would reduce our production in the second half of the year, which we're totally prepared and willing and ready to do if the market ends up showing it to us, showing us that it's necessary.

因此，如果大幅降價會導致下半年我們的產量減少，如果市場最終向我們展示，向我們表明這是必要的，我們已經做好充分準備，願意並準備好這樣做。

Zach, this is Josh. I'll just maybe add on to that a little bit. Obviously, the market is incredibly dynamic. And so, our teams do a phenomenal job of monitoring market conditions and between our marketing and operations teams. We really look at these almost day-to-day decision points on whether or not gas is needed into the market.

札克，​​這是喬許。我可能會補充一點。顯然，市場充滿活力。因此，我們的團隊在監控市場狀況以及行銷和營運團隊之間做得非常出色。我們確實關注這些幾乎日常的決策點，以確定市場是否需要天然氣。

I think the other thing I would just point out, of course, we're very focused on executing our deferred TIL strategy. And as we look at our volume decline from Q2 of this year, through the fourth quarter, we're anticipating a 17% decline. That equates to a little over 0.5 bcf a day of capacity -- demand capacity coming offline from our operated production. And so, we're absolutely committed to helping restore productive capacity when these market conditions improve.

當然，我想我要指出的另一件事是，我們非常專注於執行我們的延期 TIL 策略。當我們觀察今年第二季到第四季的銷量下降時，我們預計將下降 17%。這相當於每天 0.5 bcf 多一點的產能——我們營運的生產線中的需求產能。因此，當市場狀況改善時，我們絕對致力於幫助恢復生產能力。

Thanks. I appreciate that color. My follow-up, just on your operational plans. You're running a bit ahead of schedule on your deferred turning lines and DUCs that you're going to build this year, you took down CapEx by $50 million this quarter. If you continue to run ahead of schedule, is there room for CapEx to move incrementally lower? Or would you just enter 2025 with a few more deferrals than you'd originally planned?

謝謝。我很欣賞那種顏色。我的後續行動，只是關於您的營運計劃。今年您要建造的延期車削線和 DUC 的運行比計劃提前了一點，本季您的資本支出減少了 5000 萬美元。如果您繼續提前運行，資本支出是否還有逐步降低的空間？或者您會在進入 2025 年時比原計劃推遲一些？

Yes, Zach, at this point in time, I think we're committed to the activity levels that we've exited the second quarter at. And so right now, we're running around four rigs in the Haynesville and three rigs in the Marcellus. I think for us, at this point, it's really about just monitoring the setup for 2025, before we would decide to adjust activity levels any further. And so at this point in time, we're kind of happy to carry the six to seven incremental wells as DUCs into 2025.

是的，扎克，目前，我認為我們致力於維持第二季結束時的活動水平。現在，我們正在海恩斯維爾的四個鑽孔機和馬塞勒斯的三個鑽孔機上運行。我認為，對我們來說，此時此刻，實際上只是監控 2025 年的設置，然後再決定進一步調整活動水平。因此，目前，我們很高興將六到七口增量井作為 DUC 延續到 2025 年。

Thanks, Josh.

謝謝，喬許。

Charles Meade, Johnson Rice.

查爾斯·米德，約翰遜·賴斯。

Good morning, Nick to you and the team there.

尼克，你和那裡的團隊早安。

Hey, Charles.

嘿，查爾斯。

I wanted to pick up on that question of the PDP decline. It's an interesting natural experiment at least from where we sit and that we get to observe this -- something close to a PDP decline from you guys quarter-over-quarter. But I'm curious what, if anything, have you guys learned from looking at it on the inside and maybe about the performance of your asset base, you're managing it and perhaps optimizing your midstream as you're going through this decline?

我想談談人民民主黨衰落的問題。這是一個有趣的自然實驗，至少從我們所處的位置來看，我們可以觀察到這一點——你們的 PDP 逐季度下降。但我很好奇，如果有的話，你們從內部觀察中學到了什麼，也許是關於你的資產基礎的表現，你正在管理它，也許在經歷這種衰退時優化你的中游？

Yes, Charles. Great question. I think the PDP decline this year is a really interesting thing to look at and try to understand. As we have looked at our own assets, we have seen our PDP decline outperform slightly relative to what our modeling would suggest. But I think the market has a hard time seeing exactly how that PDP decline is working given that we had curtailments in the spring, which made that decline look more significant or steeper.

是的，查爾斯。很好的問題。我認為今年 PDP 的衰落是一件非常值得觀察和理解的有趣的事情。當我們審視我們自己的資產時，我們發現我們的 PDP 下降幅度相對於我們的模型所顯示的結果略勝一籌。但我認為，鑑於我們在春季進行了限電，市場很難確切地看出 PDP 的下降是如何發生的，這使得下降看起來更加顯著或更陡峭。

Then we've brought those curtailments back on this summer, which is flat and everything back out. And then you see that underlying decline pick up again as you go from Q3 to Q4. You can see that on that slide in our presentation. So I think it's hard for the market to see the underlying decline as clearly as we may be able to see it with our own internal data.

然後我們在今年夏天恢復了這些削減，一切都恢復了穩定。然後，從第三季度到第四季度，您會看到潛在的下降再次加劇。您可以在我們簡報的幻燈片上看到這一點。因此，我認為市場很難像我們透過自己的內部數據看到的那樣清楚地看到潛在的下跌。

There is no doubt that when you reduce activity in the field, your base performs a little bit better. You have less downtime from offset activity. You have gathering systems that flow and function a little bit better with hydraulics. You do a better job of maneuvering logistics around the field to keep water tanks empty and everything just stay -- the uptime is just better.

毫無疑問，當你減少現場活動時，你的基地表現會更好。您可以減少因抵銷活動而造成的停機時間。您擁有透過液壓系統可以更好地流動和運作的收集系統。您可以更好地操縱現場的物流，以保持水箱空著，一切都保持不變——正常運行時間會更好。

So we definitely see that through the year. That's relatively modest. It's encouraging. We like it, it's efficient, but it's relatively modest. And what we are interested in is the fact that, that underlying decline is still moving lower. And when we look at the forecasts that are out there from a bunch of different macro analysts, we're not sure that, that's fully incorporated at this point.

所以我們今年肯定會看到這一點。這是相對溫和的。這是令人鼓舞的。我們喜歡它，它很高效，但相對溫和。我們感興趣的是，潛在的下降仍在繼續下降。當我們查看許多不同宏觀分析師的預測時，我們不確定目前是否已完全納入其中。

Got it. That is great color, Nick. Thank you for that. And then I want to try a question on 2025. And I recognize that none of us know how '25 is going to look, but I'm really interested in maybe putting some bounds on what it might look like. And as I look at your volumes on a standalone basis, you're looking at about 2.5 bs a day in 4Q and you say you're going to have 1 bcf a day of capacity. Does that mean that you're going to be -- that at the upper end, you could be as high as again, on a standalone basis, 3.5 bs a day in '25? Or is that -- is that a possibility?

知道了。那顏色真棒，尼克。謝謝你。然後我想嘗試問一個關於 2025 年的問題。當我單獨查看你們的產量時，您發現第四季度每天大約有 2.5 bs，並且您說每天將有 1 bcf 的容量。這是否意味著您將在 25 年達到最高水平，在獨立基礎上每天 3.5 bs？或者說——有這種可能性嗎？

Yes. I would say a lot of that just depends on the timing of which we activate the TILs is ultimately going to drive that. I mean, I think our goal as we start to activate these TILs is to get back to our sustaining level of production, which what we've communicated in the past is around 3.2 bcf a day as a standalone company. And so though we would have the ability to potentially accelerate that bcf a day and activate the TILs a little bit quicker. We want to be thoughtful about how we reintroduce those markets, and it's ultimately that pace that is going to dictate the ultimate production level that we achieve.

是的。我想說，這很大程度上取決於我們啟動 TIL 的時間最終將推動這一目標。我的意思是，我認為我們開始激活這些 TIL 時的目標是恢復到我們的可持續生產水平，我們過去傳達的信息是作為一家獨立公司每天大約 3.2 bcf。因此，儘管我們有能力每天加速 bcf 並更快地啟動 TIL。我們希望認真考慮如何重新引入這些市場，而最終的速度將決定我們達到的最終生產水準。

That is helpful. Thank you, Josh.

這很有幫助。謝謝你，喬許。

Betty Jiang, Barclays.

蔣貝蒂，巴克萊銀行。

Good morning. Thank you for taking my question. I wanted to ask about actually Haynesville a bit macro question, given the production decline that we have seen year-to-date and then we have seen some recent improvement of some of the curtail volumes coming back. Would love to get your thoughts on how you think about volumes in the Haynesville. Will we see curtailed production or could we see more decline from here?

早安.感謝您回答我的問題。我實際上想問一下海恩斯維爾的一個宏觀問題，考慮到今年迄今為止我們看到的產量下降，然後我們看到最近一些減產量有所改善。我很想知道您對海恩斯維爾的體積有何看法。我們會看到產量減少還是會看到更多的產量下降？

And then also whether that -- how that's impacting in-basin pricing. Clearly, you're seeing better pricing year-to-date? Is that -- could that continue to be improve?

然後還有這是否會影響流域內的定價。顯然，今年迄今為止您看到了更好的定價？那是——可以繼續改進嗎？

Betty I'll start. Josh may add something here. Pricing is a little bit better today than we saw in the spring, those curtailed volumes have come back on. And so you've seen that flatten out the Haynesville production overall for our asset.

貝蒂 我要開始了。喬希可能會在這裡添加一些東西。今天的定價比我們在春季看到的要好一些，那些被削減的銷售已經恢復了。因此，您已經看到我們的資產的海恩斯維爾生產整體趨於扁平化。

If you look at the slide in our presentation that we posted last night, you can see that we do expect declines to then come back as you go from Q3 to Q4. So if you think about what's happening here, we began reducing activity during the first quarter, but then we also curtail volumes at that same time. So the initial slope of the decline that we saw was quite steep.

如果您查看我們昨晚發布的簡報中的幻燈片，您會發現我們確實預計從第三季度到第四季度，下降會回來。因此，如果你想想這裡發生的事情，我們在第一季開始減少活動，但同時我們也減少了數量。因此，我們看到的最初下降斜率相當陡峭。

Now that we've brought that curtailment back on, it has plateaued or flattened out for a period of time until the effect of that curtailment is all on and the underlying decline picks back up and takes over and brings volumes lower again, which again, you can see Q3 to Q4.

既然我們已經恢復了限電，它已經在一段時間內趨於穩定或趨於平緩，直到限電的影響全部顯現，潛在的下降回升並接管並再次導致交易量下降，這再次，你可以看到Q3到Q4。

So we do see that, that decline continues at the current underlying market conditions when we consider where total supply is, we look at where total demand is, we look at where storage is. We don't anticipate at this point, turning in line any material number of wells in the second half of the year in the Haynesville. So we do expect that decline to continue.

因此，當我們考慮總供應量、總需求量和儲存量時，我們確實看到，在當前的基本市場條件下，這種下降仍在繼續。目前，我們預計海恩斯維爾不會在今年下半年投入任何實質數量的油井。因此，我們確實預期這種下降趨勢將持續下去。

If prices were to weaken materially, we would curtail volumes again. We've mentioned that now on the call already. So just to reiterate, our projections do not assume any material amount of curtailment through the fall, but we're totally prepared to do that and that would change the shape of that decline again, if we were to do it.

如果價格大幅下跌，我們將再次減少產量。我們現在已經在電話中提到過這一點。因此，重申一下，我們的預測並沒有假設整個秋季會出現任何實質性的削減，但我們完全準備這樣做，如果我們這樣做的話，這將再次改變下降的形狀。

But what I think is important to note is if you look at Q1 of this year to Q4 of this year, there is an underlying decline. The slope of that gets adjusted with the effect of curtailment, and you can see that in Q2 and Q3, but that underlying decline is pretty real going from the beginning of the year to the end of the year.

但我認為值得注意的是，如果你看看今年第一季到第四季度，你會發現潛在的下降。其斜率會根據限電的影響進行調整，您可以在第二季和第三季看到這一點，但從年初到年底，潛在的下降是相當真實的。

Okay. And a follow-up just on the operational efficiencies that you're seeing in the Haynesville. Clearly, CapEx in Haynesville has been coming a bit lower than expected. Outside of saltwater disposal savings that you mentioned in the slide, is there anything else perhaps on the drilling and completion side where that's continued to lower that's helping your CapEx that could be sustainable going forward?

好的。以及您在海恩斯維爾看到的營運效率的後續行動。顯然，海恩斯維爾的資本支出略低於預期。除了您在幻燈片中提到的鹽水處理節省之外，在鑽井和完井方面，是否還有其他因素可以持續降低，從而幫助您的資本支出可持續發展？

Yes. Betty, we continue to look at new technologies and improving operational practices to drive those costs lower. In the last six months or so, we've implemented insulated drill pipe in the Haynesville to help us manage temperatures a little bit better using killers to help reduce temperatures of drilling mud, optimizing the whole sizing which we've seen some benefits here of late.

是的。貝蒂，我們將繼續研究新技術並改進營運實踐，以降低成本。在過去六個月左右的時間裡，我們在海恩斯維爾實施了隔熱鑽桿，以幫助我們更好地管理溫度，使用殺手來幫助降低鑽井泥漿的溫度，優化整體尺寸，我們在這裡看到了一些好處晚的。

And so we continue to find new opportunities to improve our operations and we're really starting to see those results show up. So we really think that provides some tailwinds. In addition to that, as we're exiting '24 into '25, looking at opportunities to change the way at which we source sand in the Haynesville, which we think will also provide an additional tailwind as we head into next year.

因此，我們繼續尋找新的機會來改善我們的運營，並且我們確實開始看到這些結果的出現。所以我們確實認為這提供了一些順風車。除此之外，隨著我們即將從 24 年進入 25 年，我們正在尋找機會改變我們在海恩斯維爾採購沙子的方式，我們認為這也將為我們進入明年提供額外的推動力。

Got it. Thanks.

知道了。謝謝。

Josh Silverstein, UBS.

喬許·西爾弗斯坦，瑞銀集團。

Thanks. Good morning, guys. Nick, within the flexibility you have to bring back the bcf capacity, what's the additional flexibility you have between the Marcellus and Haynesville? I'm just wondering, if Appalachia basis remains weak in next year, can you bring back the Haynesville volumes first and then sit on the Appalachia volumes. If you could provide a little bit more detail there, that would be great.

謝謝。早安，夥計們。尼克，在恢復 bcf 容量的靈活性範圍內，馬塞勒斯和海恩斯維爾之間的額外靈活性是什麼？我只是想知道，如果阿巴拉契亞基礎在明年仍然疲軟，您能否先帶回海恩斯維爾卷，然後坐在阿巴拉契亞卷上。如果您可以在那裡提供更多細節，那就太好了。

Yes, Josh. I would just say that we absolutely remain flexible on which area we would choose to bring back first. We look at these decisions really independent of one another. So it's really just about monitoring local market conditions and then our operations and engineering teams working together to plan out as efficiently as we can to activate these TILs when the market says that the gas is needed. So yes, we're going to be flexible and we could very well be bringing on one basin ahead of another.

是的，喬許。我只想說，我們在選擇首先回歸哪個領域方面絕對保持靈活性。我們認為這些決策確實是相互獨立的。因此，這實際上只是監控當地市場狀況，然後我們的營運和工程團隊共同努力，盡可能有效地制定計劃，以便在市場需要天然氣時啟動這些 TIL。所以，是的，我們將保持靈活性，我們很可能會先於另一個盆地引入一個盆地。

Great. And then starting to see if we could get an update on the momentum project, the investment kind of updated time line and anticipated benefits of uncompleted. Thanks.

偉大的。然後開始看看我們是否可以獲得動量項目的最新資訊、投資類型的更新時間表以及未完成的預期收益。謝謝。

Yes. Hey, Josh, good morning. This is Mohit. So we are very pleased that the litigation that was between energy transfer and momentum has been settled. So, extremely happy with that outcome. And the project is now back on track and we expect that to go in service towards end of 2025. So we're expecting in-service date in Q4 2025.

是的。嘿，喬什，早安。這是莫希特。因此，我們非常高興能源轉移和動量之間的訴訟已經解決。所以，對這個結果非常滿意。該專案現已重回正軌，我們預計將於 2025 年底投入使用。

The -- from a project delivery point of view, the contractors are being reengaged and the -- all the materials that they had stored in the yards, they have kind of gone back and checked the integrity of it, which all looks good. So the plan here, as we've guided for the rest of this year in terms of capital calls, we're saying $50 million to $100 million of remaining capital calls that will be made on the project. So everything is back on track from that point of view.

從專案交付的角度來看，承包商正在重新參與，他們儲存在院子裡的所有材料，他們都回去檢查了其完整性，看起來一切都很好。因此，正如我們在今年剩餘時間在資金需求方面所指導的那樣，這裡的計劃是，我們將對該項目進行 5000 萬至 1 億美元的剩餘資金需求。所以從這個角度來看，一切都回到了正軌。

The second part of your question around what this means for us. So the original thesis why we got into this project was to connect our production to the emerging demand source in the Gulf Coast. So that thesis remains intact.

你問題的第二部分是關於這對我們意味著什麼。因此，我們進入這個計畫的最初目的是將我們的生產與墨西哥灣沿岸新興的需求來源連結起來。因此該論文保持完整。

And now that we'll have $700 million a day of production that we can bring from Haynesville down to Giles gives us increased flexibility and optionality because if you look at the overall flow map, we currently have capacity on Tiger and Gulf Run, which allows us to go due east to Perryville. And now we will have this optionality to take it down to Giles, which in the future when this project is in service, gives us the flexibility to redirect flows as we see appropriate.

現在，我們每天將有7 億美元的產量，可以從海恩斯維爾運往賈爾斯，這給我們帶來了更大的靈活性和選擇性，因為如果你看一下整體流程圖，我們目前在Tiger 和Gulf Run 上都有產能，這使得我們向正東前往佩里維爾。現在，我們可以選擇將其交給 Giles，將來當該專案投入使用時，我們可以靈活地根據我們認為合適的方式重新導向流程。

Great. Thanks, Mohit.

偉大的。謝謝，莫希特。

Phillips Johnston, Capital one.

菲利普斯約翰斯頓，第一資本。

Hey, guys. Thanks. Just a quick one for me. It looks like you've turned on close to 25 wells in the Upper Marcellus over the last four quarters or so. Just wanted to get a sense as to how those wells are performing relative to the Lower Marcellus? Thanks.

嘿，夥計們。謝謝。對我來說只是一個快速的。在過去四個季度左右的時間裡，您似乎已經在上馬塞勒斯開啟了近 25 口井。只是想了解這些井相對於下馬塞勒斯井的表現如何？謝謝。

Yes, Philip, I think we've documented in the past and it pretty well -- it shows itself in the public data sources that the Upper Marcellus is not going to be as productive as the Lower Marcellus core that we've been so focused on developing really for the last decade or so. And so we expect that trend to really continue.

是的，菲利普，我認為我們過去已經記錄得很好 - 它在公共數據源中表明，上馬塞勒斯不會像我們一直如此關注的下馬塞勒斯核心那樣高效關於過去十年左右的真正發展。因此，我們預計這種趨勢將真正持續下去。

But our teams continue to find opportunities to improve the overall economics of the Upper Marcellus. And that's what we remain focused on is generating better returns. And so we do that through extending our lateral lengths, which you see that in the deck today. Just year-over-year, we're going to end up being about 11% higher on lateral length relative to last year.

但我們的團隊繼續尋找機會來改善上馬塞勒斯的整體經濟。我們仍然關注的是創造更好的回報。因此，我們透過延長橫向長度來做到這一點，您今天在甲板上看到了這一點。與去年同期相比，橫向長度最終將比去年增加約 11%。

And that's really coming as a result of more wells being drilled in the upper and specifically using these hybrid wellbore designs, which we've talked about in the past to be able to extend laterals and create better returns than we could with just a standalone upper Marcellus well.

這確實是由於在上部鑽探了更多的井，特別是使用這些混合井眼設計，我們過去討論過這種設計能夠比單獨的上部井延伸支管並創造更好的回報馬塞勒斯 好吧。

Sounds good. Thank you.

聽起來不錯。謝謝。

Paul diamond, Citi.

保羅鑽石，花旗銀行。

Good morning and thanks for taking my call. Just a quick one on slide 5, talk about 25% decrease in SWD cost per barrel. Just wanted to get an understanding of, I guess, how many years should we think of that trend is that $20 million investment per annum continues?

早上好，感謝您接聽我的電話。在投影片 5 上快速介紹一下，每桶 SWD 成本降低了 25%。我只是想了解一下，我們應該考慮每年 2000 萬美元投資的趨勢會持續多少年？

Yes. So we continue to look for opportunities to invest in our water disposal system. Today, we have around 30,000 barrels a day of disposal capacity for four of the sites that we operate. And that also includes about 60 miles of gathering systems. So over the last couple of years, we've been investing in and around $15 million a year. We would expect we'll continue to look for opportunities to do that. And that's one of the reasons we're so excited about the Southwestern transaction is because it allows us to better utilize that system.

是的。因此，我們繼續尋找投資水處理系統的機會。如今，我們營運的四個場地每天的處理能力約為 30,000 桶。這也包括大約 60 英里的收集系統。因此，在過去幾年中，我們每年投資約 1500 萬美元。我們預計我們將繼續尋找機會來做到這一點。這就是我們對西南交易如此興奮的原因之一，因為它使我們能夠更好地利用該系統。

Today, we run the system at about a 65% to 70% utilization rate. And oftentimes, these gathering lines run right by some of the Southwestern site. So we're going to continue to look for opportunities to exploit that system and help to preserve these types of disposal rates that we've showed you all today.

今天，我們以大約 65% 到 70% 的利用率運行該系統。通常，這些聚集線正好經過西南地區的一些地點。因此，我們將繼續尋找機會利用該系統，並幫助維持我們今天向大家展示的這些類型的處置率。

Got it. And just one quick follow-up. You talked about a 20% decrease in well costs in Marcellus, but then targeting $800 for the full year. You talked about kind of how you see the second half of the year playing out. Should we think about that as kind of a run rate around $800 or more going up and down? Or how should we think about the trajectory in cadence?

知道了。只需一個快速跟進。您談到 Marcellus 的油井成本降低 20%，但全年目標為 800 美元。您談到了您對下半年的看法。我們是否應該將其視為 800 美元或更多的運行價格上下波動？或者說我們該如何思考節奏的軌跡？

Yes, Paul. I mean, so from the slide, you would have noted just under 17,000 feet of average lateral length in the second quarter, and that will be the peak for the quarter, and that's why you see that corresponding number there of the cost per foot around $740 to $750 a foot. So we do anticipate averaging around $800. And really what that $800 per foot is tied to is an average lateral length around 14,500 feet. And so again, it will fluctuate quarter to quarter just based upon how the teams are attempting to optimize the drill schedule throughout the course of the year.

是的，保羅。我的意思是，從幻燈片中，您會注意到第二季度的平均橫向長度略低於 17,000 英尺，這將是該季度的峰值，這就是為什麼您會看到每英尺成本的相應數字每英尺740 至750 美元。所以我們預計平均價格約為 800 美元。每英尺 800 美元實際上與平均橫向長度約 14,500 英尺相關。同樣，它會根據團隊在全年中如何嘗試優化訓練計劃而按季度波動。

Understood. Thanks for the clarity. Thanks for the time.

明白了。感謝您的澄清。謝謝你的時間。

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。

Thanks very much. I appreciate everybody's time today. We're really looking forward to the second half of the year. There's all the catalysts in front of us, obviously, the closing of our merger, which we anticipate in the second half of the year as well as we look forward to the point in time at which the natural gas market begins to improve.

非常感謝。我很感謝大家今天抽出時間。我們真的很期待下半年。顯然，我們面前有所有的催化劑，我們預計合併將在今年下半年完成，我們也期待天然氣市場開始改善的時間點。

We're going to be really well positioned for that, and we look forward to updating you all on our progress as we move throughout the year and we will be available through our Investor Relations group if you have any follow-up questions to today. Thanks very much.

我們將為此做好準備，我們期待向大家通報我們全年的進展情況，如果您今天有任何後續問題，我們將透過我們的投資者關係小組與我們聯繫。非常感謝。

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。