Chesapeake Energy Corp (CHK) 2022 Q1 法說會逐字稿

Good morning, and welcome to the Chesapeake Energy Corporation First Quarter 2022 Earnings Conference Call. (Operator Instructions) You may note this event is being recorded. I would now like to turn the conference over to Brad Sylvester. Please go ahead.

早上好，歡迎參加切薩皮克能源公司 2022 年第一季度收益電話會議。 （操作員說明）您可能會注意到正在記錄此事件。我現在想把會議交給 Brad Sylvester。請繼續。

Thank you, Andrea, and good morning, everyone. Thank you for joining our call today to discuss Chesapeake's First Quarter 2022 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，安德里亞，大家早上好。感謝您今天加入我們的電話會議，討論切薩皮克 2022 年第一季度的財務和經營業績。希望您有機會查看我們昨天發佈到我們網站上的新聞稿和更新的投資者演示文稿。

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.

在今天上午的電話會議中，我們將做出前瞻性陳述，其中包括無法通過參考現有信息來確認的陳述，包括關於我們的信念、目標、期望、預測、預測和未來業績的陳述以及這些陳述背後的假設.

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.

請注意，有許多因素會導致實際結果與我們的前瞻性陳述產生重大差異，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 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 help facilitate comparisons across periods and with peers. For any non-GAAP measure we use, a reconciliation to the nearest corresponding GAAP measure can be found on our website.

請認識到，除適用法律要求外，我們不承擔更新任何前瞻性陳述的義務，您不應過分依賴此類陳述。我們還可以參考一些非公認會計準則財務指標，這有助於促進跨時期和與同行的比較。對於我們使用的任何非公認會計原則措施，可以在我們的網站上找到與最接近的相應公認會計原則措施的對賬。

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

今天早上與我通話的有 Nick Dell'Osso、Mohit Singh 和 Josh Viets。 Nick 將簡要概述我們的結果，然後我們將開啟電話會議進行問答。因此，再次感謝您，我現在將電話會議轉交給尼克。

Thanks, Brad, and good morning, everybody. Thanks for joining the call. We'll get to Q&A shortly, but first, I want to spend a couple of minutes talking about where the industry sits today and how we're seeing the year unfold. We're off to a really strong start and the Marcellus have closed on Chief and we're busy integrating these great assets. Our team is excited to unlock the value we saw in the acquisition, and we're encouraged about the early opportunities we see for further upside.

謝謝，布拉德，大家早上好。感謝您加入通話。我們很快就會進入問答環節，但首先，我想花幾分鐘時間談談這個行業今天所處的位置以及我們如何看待這一年的發展。我們的開端非常強勁，Marcellus 已經關閉了 Chief，我們正忙於整合這些偉大的資產。我們的團隊很高興能夠釋放我們在收購中看到的價值，我們對我們看到的進一步上漲的早期機會感到鼓舞。

In Haynesville, we're through most of the significant elements of the integration and the results are strong. Combining the expertise on the buying team with ours, we just drilled the fastest intermediate section in our history in the basin. In the Eagle Ford, we restarted our program and we continue to see outstanding returns and significant free cash flow.

在海恩斯維爾，我們已經完成了整合的大部分重要元素，並且結果非常好。結合採購團隊的專業知識和我們的專業知識，我們剛剛在盆地中鑽出了我們歷史上最快的中間段。在 Eagle Ford，我們重新啟動了我們的計劃，我們繼續看到出色的回報和可觀的自由現金流。

Additionally, we also continued to lower our emissions profile, having completed over half of our pneumatic retrofit program, and we're well on our way to having our Marcellus assets join the Haynesville as independently certified responsibly sourced gas. The first quarter marks the first full period we [owned] the buying assets. We delivered $532 million in adjusted free cash flow in the quarter, setting a new quarterly record for Chesapeake.

此外，我們還繼續降低排放量，完成了一半以上的氣動改造計劃，我們正在順利地將我們的 Marcellus 資產作為獨立認證的負責任採購天然氣加入海恩斯維爾。第一季度標誌著我們[擁有]購買資產的第一個完整時期。我們在本季度實現了 5.32 億美元的調整後自由現金流，為切薩皮克創造了新的季度記錄。

As a result of this increase and the further uplift we expect following the close of Chief in March, we've increased the 2022 free cash flow outlook by $700 million, raising the midpoint of our range to $2.7 billion. We believe these transactions are great examples of how consolidation yields improved cost structures, capital efficiency and, most importantly, accretive free cash flow.

由於這一增長以及我們預計在 3 月份 Chief 收盤後的進一步提升，我們將 2022 年的自由現金流展望提高了 7 億美元，將我們範圍的中點提高到 27 億美元。我們相信這些交易是整合如何改善成本結構、資本效率以及最重要的是增加自由現金流的很好的例子。

Given the depth of our inventory and its resiliency through commodity cycles, we expect to maintain this robust free cash flow profile for a very long time. Today, our free cash flow per share and free cash flow per debt adjusted share lead the peer group by a significant margin.

鑑於我們的庫存深度及其在商品週期中的彈性，我們預計將在很長一段時間內保持這種強勁的自由現金流狀況。今天，我們的每股自由現金流和調整後每股債務的自由現金流大幅領先同行。

With $10 billion of free cash flow anticipated over the next 5 years, a robust dividend combined with a large buyback program, we're poised to execute what we believe to be one of the most powerful cash return frameworks in the industry. Given these facts and the view that our stock remains significantly undervalued, we initiated our $1 billion share buyback program in the first quarter and expect to accelerate the pace of our buybacks as we file the final disclosures related to the Chief transaction this month.

預計未來 5 年將有 100 億美元的自由現金流、強勁的股息以及大規模的回購計劃，我們已準備好執行我們認為是業內最強大的現金回報框架之一。鑑於這些事實以及我們的股票仍然被嚴重低估的觀點，我們在第一季度啟動了 10 億美元的股票回購計劃，並希望在本月提交與首席交易相關的最終披露時加快我們的回購步伐。

Given the current valuation of our stock, it's certainly possible we will exhaust our $1 billion buyback authorization early and would then expect to seek Board approval to increase the authorization and continue retiring our shares, which will further enhance our already leading free cash flow and cash dividend metrics per share.

鑑於我們股票的當前估值，我們肯定有可能提前用完我們的 10 億美元回購授權，然後期望尋求董事會批准以增加授權並繼續讓我們的股票退市，這將進一步增強我們已經領先的自由現金流和現金每股股息指標。

In addition to our initial progress on our repurchase program, our first quarter dividend payment reached $2.34 per common share, and our dividend yield currently sits around 10% for the full year 2022. If you include the share repurchase program, it reaches 14%.

除了我們在回購計劃方面取得的初步進展外，我們第一季度的股息支付達到每股普通股 2.34 美元，我們目前 2022 年全年的股息收益率約為 10%。如果包括股票回購計劃，則達到 14%。

In total, at today's strip, we expect to pay over $7 billion in dividends over the next 5 years. I'd now like to switch gears and talk about the macro environment. The war in Ukraine is horrible on every level, and we're eager to see an end of the invasion. We're also eager to help ensure the citizens of Europe and by extension in the rest of the world are not left without adequate energy resources should Russian supplies see continued or either even further interruptions.

總的來說，在今天的地帶，我們預計未來 5 年將支付超過 70 億美元的股息。我現在想換個角度談談宏觀環境。烏克蘭的戰爭在各個層面都是可怕的，我們渴望看到入侵的結束。如果俄羅斯供應持續或進一步中斷，我們也渴望幫助確保歐洲公民以及世界其他地區的公民不會沒有足夠的能源資源。

The natural question for U.S. producers is will you grow to solve the problem. We consider our capital allocation strategy on an almost daily basis and are committed to maintaining our strong capital discipline. When we see opportunities to grow production and deliver supply to a market where it is needed and where we believe that demand is resilient and not temporary, we will consider growing into that demand.

對於美國生產商來說，自然的問題是您是否會成長以解決問題。我們幾乎每天都考慮我們的資本配置策略，並致力於維持我們強大的資本紀律。當我們看到增加產量並向市場提供供應以及我們認為需求具有彈性而非暫時性的市場的機會時，我們將考慮增加這種需求。

We continue to believe energy should be reliable, low carbon and affordable. We also believe that we have the inventory to deliver what is so desperately needed and have updated our inventory data in our slide deck for each of our basins to highlight the standing power of our portfolio, which spans decades at very low prices. In the near term, while prices in Europe are extremely high, they're also much higher than they need to be in the U.S.

我們仍然相信能源應該是可靠的、低碳的和負擔得起的。我們還相信，我們有足夠的庫存來提供急需的產品，並在幻燈片中更新了我們每個盆地的庫存數據，以突出我們的投資組合的長期實力，以非常低的價格跨越數十年。在短期內，雖然歐洲的價格非常高，但它們也遠高於美國所需的價格。

We do respond to these economic signals and have done so in our 2022 capital program. We're growing our Haynesville volumes approximately 10% year-over-year adjusted for the Vine acquisition. And as the market reliably expands, we will be ready to respond accordingly.

我們確實對這些經濟信號做出了回應，並在我們的 2022 年資本計劃中這樣做了。根據對 Vine 的收購，我們的海恩斯維爾銷量同比增長約 10%。隨著市場不斷擴大，我們將做好相應的應對準備。

We're investing in the Eagle Ford again in 2022 after pausing through the pandemic, restarting our program at a logical pace as we redefine the appropriate development plan for this asset to maximize capital efficiency. We're continuing to press for max volumes out of our Marcellus asset every day. As has been discussed at length by us and others, we're constrained by lack of pipeline access to underserved markets, particularly in New England.

在大流行暫停後，我們將在 2022 年再次投資 Eagle Ford，以合乎邏輯的速度重新啟動我們的計劃，因為我們重新定義了該資產的適當開發計劃，以最大限度地提高資本效率。我們每天都在繼續爭取最大限度地利用我們的 Marcellus 資產。正如我們和其他人詳細討論的那樣，我們受到缺乏進入服務不足市場的渠道的限制，特別是在新英格蘭。

Additionally, we continue to hold discussions with counterparties in the LNG export market, and we hope to increase our exposure as the market continues to develop around these very important projects. We market greater than 4.5 Bcf of production every day, more than 2 Bcf of which is immediately adjacent to the LNG complex in the Gulf Coast and is already independently certified as responsibly sourced gas.

此外，我們繼續與液化天然氣出口市場的交易對手進行討論，隨著市場圍繞這些非常重要的項目繼續發展，我們希望增加我們的曝光率。我們每天銷售超過 4.5 Bcf 的產品，其中超過 2 Bcf 的產品緊鄰墨西哥灣沿岸的 LNG 綜合設施，並且已經被獨立認證為可靠來源的天然氣。

We've also proactively reached out to partners in midstream and downstream markets as well as our government contacts to discuss the best ways to see supply increase in the U.S. While we have not and will not ask the government for any financial support, we would like to see the legal and regulatory environment embrace the need for infrastructure to ensure we can provide reliable, affordable, lower carbon energy to limit energy poverty and bluntly impact our allied space when access to energy is used as a weapon.

我們還主動與中游和下游市場的合作夥伴以及我們的政府聯繫人聯繫，討論增加美國供應的最佳方式。雖然我們沒有也不會要求政府提供任何財政支持，但我們希望看到法律和監管環境需要基礎設施，以確保我們能夠提供可靠、負擔得起的低碳能源，以限制能源貧困，並在能源被用作武器時直接影響我們的盟國空間。

We're actively engaged in these discussions and hope to see a solution to the war and by extension, the challenge of high energy prices soon. While no company can tackle this challenge alone, we recognize the policy changes will unquestionably be an important part of the equation, given the high prices in Europe was experiencing prior to the Russian invasion.

我們正在積極參與這些討論，並希望很快找到解決戰爭的辦法，進而解決高能源價格的挑戰。雖然沒有一家公司可以單獨應對這一挑戰，但我們認識到政策變化無疑將成為等式的重要組成部分，因為在俄羅斯入侵之前歐洲的高價格正在經歷。

Our employees are united in the belief that together we can play a critical role in helping solve these challenges. Importantly, with the quality of our assets, our people and our balance sheet, we are able to achieve all the critical elements of reliable, low-carbon and affordable energy in a disciplined returns-focused way to create a truly sustainable business.

我們的員工團結一致，相信我們可以一起在幫助解決這些挑戰方面發揮關鍵作用。重要的是，憑藉我們的資產、員工和資產負債表的質量，我們能夠以有紀律、注重回報的方式實現可靠、低碳和負擔得起的能源的所有關鍵要素，從而創建真正可持續的業務。

Operator, we'll now turn it over for Q&A.

接線員，我們現在將其轉過來進行問答。

(Operator Instructions) And our first question will come from Doug Leggate of 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。

You'll be delighted to know I'm not going to ask you about variable dividends this time. So I would like to ask you to maybe elaborate on your comments on U.S. gas prices, what all can I try to figure out how sustainable the long end of the curve is as the dislocation between Europe and the U.S. is pretty obvious. But $8 gas is pretty surprising as well. And I'd love to get your perspective on that because you sounded like you're basically -- forgive me talking about that (inaudible). That's my first question.

你會很高興知道這次我不會問你關於可變股息的問題。因此，我想請您詳細說明您對美國天然氣價格的評論，我可以嘗試找出曲線的長端有多可持續，因為歐洲和美國之間的錯位非常明顯。但是 8 美元的汽油也很令人驚訝。我很想听聽您對此的看法，因為您聽起來基本上是——請原諒我談論那個（聽不清）。這是我的第一個問題。

And my second question, if I may, is I guess we can't ignore what happened yesterday with Kimmeridge. Presumably, you've found some discussions. I'm just curious where you think the gap is between what you have done is the strategy so far, I guess, asset sales, Eagle Ford is probably part of the discussion. And just offering perspective, would we turn at this point to the extent that you can? And I'll leave it there.

我的第二個問題，如果可以的話，我想我們不能忽視昨天與 Kimmeridge 發生的事情。大概，你已經找到了一些討論。我只是好奇你認為到目前為止你所做的策略之間的差距在哪裡，我猜，資產銷售，Eagle Ford 可能是討論的一部分。只是提供觀點，我們會在這一點上盡可能地轉向嗎？我會把它留在那裡。

Sure. Let's talk about gas prices first is your first question. We -- you said we've talked them down a little bit. I think all we've pointed to with gas prices is that the prompt-month prices are so far above breakevens for supply in the U.S. that we just don't expect that to be a persistent price environment. The long end of the curve now has come up quite a bit. And for a couple of years, we'll be above $4 on the curve. There's ample resources in this country to drive prices below $4 on the long end of the curve. And we think if you have really adequate infrastructure to deliver gas to all of the markets where it's needed, it should be back around $3 or maybe a little over $3 in this environment and -- which means that the volatility on top of that, weather demand and things like that, it will go below $3, sometimes above $3 other times and maybe bounce as high as $4 and see some lower prices, too. But in general, we just see that the adequacy of supply with breakevens that are around that level should drive prices lower over time.

當然。讓我們先談談汽油價格是您的第一個問題。我們——你說我們已經說服了他們一點。我認為我們所指出的天然氣價格是，即期價格遠遠高於美國供應的盈虧平衡點，我們只是不認為這是一個持續的價格環境。曲線的長端現在已經上升了很多。幾年後，我們將在曲線上超過 4 美元。這個國家有充足的資源來推動價格在曲線的長端低於 4 美元。我們認為，如果你真的有足夠的基礎設施向所有需要的市場輸送天然氣，那麼在這種環境下，它應該回到 3 美元左右，或者可能略高於 3 美元，而且——這意味著除此之外的波動性，天氣需求之類的東西，它會低於 3 美元，有時會高於 3 美元，有時會反彈至 4 美元，價格也會下降。但總的來說，我們只是看到供應充足且盈虧平衡點在該水平附近，應該會隨著時間的推移推動價格走低。

Now right now, we have all sorts of constraints in the market. And so it does make sense that prices are higher. But we all need to be thoughtful about how we manage our production in the face of those constraints. And so what we don't want to do is force production higher directly into those constraints where production can't get to the markets that is needed.

現在，我們在市場上有各種各樣的限制。所以價格更高是有道理的。但是，面對這些限制，我們都需要考慮如何管理我們的生產。因此，我們不想做的是將生產直接推高到那些生產無法進入所需市場的限制條件下。

And so for example, if we increase production significantly in the Marcellus, it's not going anywhere, it's not going to lower anybody's prices. And so that's not helpful. That won't create value for our shareholders, and we're not going to pursue that path. And those kinds of constraints, we think probably -- particularly in the Marcellus, we think those will be sticky for a long time. But those constraints exist on a micro level and a lot of other places, whether they're access to services equipment, access to pipelines. And so we think they're persistent at least in the near term. And so prices are going to stay up for a bit. But ultimately, they should -- supply and demand forces will went out and they'll come back down to a more reasonable level.

例如，如果我們大幅增加馬塞勒斯的產量，它不會去任何地方，也不會降低任何人的價格。所以這沒有幫助。這不會為我們的股東創造價值，我們也不會走這條路。我們認為可能存在這些限制——尤其是在馬塞勒斯，我們認為這些限制會持續很長時間。但這些限制存在於微觀層面和許多其他地方，無論是訪問服務設備還是訪問管道。所以我們認為它們至少在短期內是持久的。所以價格會保持一段時間。但最終，它們應該——供需力量會消失，它們會回到更合理的水平。

So that's really all that we're expressing there is that we're not going to change our strategy to a view that says 6 or 7 or 8 where we are on the prompt is a more permanent price. That's just not consistent with how we see the world.

因此，這就是我們真正要表達的全部內容，即我們不會將我們的策略改變為一種觀點，即我們在提示下的 6 或 7 或 8 是更永久的價格。這與我們看待世界的方式不一致。

And then Doug, you asked about the story yesterday that was in the press around discussions with Kimmeridge. And I'll just note that we have a lot of discussions with shareholders, including Kimmeridge.

然後道格，你問了昨天媒體上關於與金梅里奇討論的故事。我只想指出，我們與包括 Kimmeridge 在內的股東進行了很多討論。

We always welcome feedback from shareholders and I don't think there's a big gap in how we all see the world. I think we share Kimmeridge's view that our stock is undervalued. We've talked a lot about our Eagle Ford asset, and we have a great asset in the Eagle Ford. We currently produce 52,000 barrels of oil a day out of the Eagle Ford. We generate a lot of free cash flow out of that asset. Just in 2022 alone, we'll generate $1.2 billion of free cash flow out of the Eagle Ford before hedges, about $600 million after the effect of hedges.

我們總是歡迎股東的反饋，我認為我們對世界的看法並沒有太大的差距。我認為我們同意 Kimmeridge 的觀點，即我們的股票被低估了。我們已經談論了很多關於我們的 Eagle Ford 資產，並且我們在 Eagle Ford 擁有大量資產。我們目前每天從鷹灘生產 52,000 桶石油。我們從該資產中產生了大量的自由現金流。僅在 2022 年，我們將在對沖前從 Eagle Ford 產生 12 億美元的自由現金流，在對沖影響後約為 6 億美元。

And so we shut down the Eagle Ford program completely during the pandemic oil price collapse, and we just restarted it at the end of 2021, and what we're doing in the field today, we think, is going to add significant value to the asset for our shareholders. We talked at the beginning of the year what we were trying to accomplish with that asset.

因此，我們在大流行油價暴跌期間完全關閉了 Eagle Ford 計劃，並在 2021 年底重新啟動了它，我們認為，我們今天在該領域所做的工作將為為我們的股東提供資產。我們在年初討論了我們試圖用該資產實現的目標。

We talked about how we want to prove up the wider spacing in the Brazos Valley area, which will demonstrate the full cycle value of that asset. And we also talked about delineating the Upper Austin Chalk in our legacy South Texas position. We're pretty encouraged by both of those things. And we want to have our heads down and execute on that because we think we're adding some good value here in the near term. But ultimately, we're going to let the results of those programs just as we've been saying, inform us on whether we think we can maximize the value of this asset through our development or if we should maximize the value of the asset by selling it to someone else. That's the way we think about all of our assets all the time. And so we're going to have our heads down executing on this program in the near term. And we think we'll have results certainly in the second half of the year to talk about, and we're looking forward to that.

我們談到了我們希望如何證明布拉索斯山谷地區更寬的間距，這將展示該資產的全週期價值。我們還談到了在我們傳統的南德克薩斯職位中描繪上奧斯汀粉筆。我們對這兩件事都感到非常鼓舞。我們希望低頭並執行它，因為我們認為我們在短期內在這裡增加了一些很好的價值。但最終，正如我們一直在說的那樣，我們將讓這些計劃的結果告訴我們我們是否認為我們可以通過我們的開發來最大化這項資產的價值，或者我們是否應該通過以下方式最大化資產的價值賣給別人。這就是我們一直以來對所有資產的看法。因此，我們將在短期內認真執行該計劃。我們認為我們肯定會在下半年取得成果，我們對此充滿期待。

The next question Matt Portillo of TPH.

下一個問題是 TPH 的 Matt Portillo。

Nick, maybe to touch on a comment you made at the start the call given the discounted value you see in your share price and the strong free cash flow guide this year. Just curious, I guess, as we look at the guidance number, call it, [$2.7 billion] of free cash flow, plus the dividend, it still leaves about $1.5 billion of free cash for you to deploy.

尼克，考慮到你在股價中看到的貼現價值和今年強勁的自由現金流指南，也許可以談談你在電話會議開始時發表的評論。只是好奇，我猜，當我們查看指導數字時，稱之為 [27 億美元] 的自由現金流，加上股息，它仍然留下約 15 億美元的自由現金供您部署。

Just curious if you might be able to comment a bit on how you think about debt reduction versus accelerating the buyback program in light of the improved outlook.

只是想知道，鑑於前景改善，您是否可以評論一下您如何看待減債與加速回購計劃。

Sure. It's a great question, Matt. So we do have a lot of incremental free cash flow, as you've noted. We're pretty eager to get going on the buyback. We've been constrained with our disclosure requirements around the Chief asset. We haven't been cleared of MNPI, we will be very soon. And once we are, we expect to get billing and get going in earnest. And that's been helpful. But we're, like I said, eager to do quite a bit more.

當然。這是一個很好的問題，馬特。因此，正如您所指出的，我們確實有很多增量自由現金流。我們非常渴望進行回購。我們一直受到圍繞首席資產的披露要求的限制。我們還沒有清除 MNPI，我們很快就會清除。一旦我們做到了，我們希望得到帳單並認真開始。這很有幫助。但是，就像我說的，我們渴望做得更多。

On the debt reduction side, we have a little bit outstanding on our revolver today following the Chief transaction. We'll probably let that go back to 0. That will happen in the normal course as we go through the year. But we don't really have a priority for debt reduction beyond that. And I would call that just -- it will just happen as it happens. There's no urgency necessarily to achieving that by any certain date.

在減債方面，在首席交易之後，我們今天的左輪手槍有點突出。我們可能會讓它回到 0。這將在我們度過這一年的正常過程中發生。但除此之外，我們並沒有真正優先考慮減少債務。我會稱之為 - 它會隨著它發生而發生。在任何特定日期實現這一目標都沒有緊迫性。

Perfect. And then as my follow-up question, just curious if you might be able to provide a little context and color on how you're thinking about marketing your gas in Haynesville. We've seen a little bit of congestion causing a basis to widen out a bit. There's a lot of projects in the queue that might ultimately evacuate gas further south and opening up the door for stronger realizations as well as possibly tying in more volumes down the road into LNG opportunities.

完美的。然後作為我的後續問題，只是想知道您是否可以提供一些背景和顏色來說明您如何考慮在海恩斯維爾營銷您的天然氣。我們已經看到一點點擁塞導致基礎擴大一點。隊列中有很多項目可能最終將天然氣疏散到更遠的南方，並為更強有力的實現打開大門，並可能在未來將更多的產量與液化天然氣機會聯繫起來。

So just -- at a higher level, curious on your marketing strategy around the Haynesville moving forward and what we might expect from a news flow perspective over the next 12 months or so?

所以只是 - 在更高的層次上，對你在海恩斯維爾的營銷策略向前發展以及我們在未來 12 個月左右從新聞流的角度可能期待什麼感到好奇？

Yes, great question. So one of the things we're happy about today is there's all these projects that are being proposed, and there's all of the new LNG facilities that will be built over the next several years. And at the moment, we're a bit of a free agent when it comes to where we deliver our gas.

是的，很好的問題。因此，我們今天感到高興的一件事是，所有這些項目都在被提議中，所有新的液化天然氣設施都將在未來幾年內建成。目前，在我們提供天然氣的地方，我們有點自由。

We have very little FT in the Haynesville. And so we have a lot of flexibility about how we think about where we're going to send that gas and what we're going to commit to. So we talk about this a lot. I'll actually let Mohit talk to you a bit more about how we're thinking about it. But we're excited about what this represents.

我們在海恩斯維爾幾乎沒有 FT。因此，對於如何考慮將天然氣輸送到哪里以及我們將致力於什麼，我們有很大的靈活性。所以我們經常談論這個。實際上，我會讓 Mohit 與您多談談我們的想法。但我們對這代表什麼感到興奮。

Matt, that's a good question. This is Mohit. What I would say in addition to what Nick said is, obviously, this is a rapidly evolving space, something that we're closely monitoring. The thing that gets us most excited is that if you look at the demand growth for natural gas in the U.S., roughly 3/4 of that is going to come from the Gulf Coast market.

馬特，這是個好問題。這是莫希特。除了尼克所說的之外，我還要說的是，顯然，這是一個快速發展的空間，我們正在密切關注。最讓我們興奮的是，如果你看看美國對天然氣的需求增長，其中大約 3/4 將來自墨西哥灣沿岸市場。

And our competitive positioning because of the proximity to the Gulf Coast and to the LNG complex that resides therein will build -- it is a competitive -- or advantage that differentiates us. The other thing that we are very excited about, Nick referenced this earlier, is 100% of our gas that's coming from the Haynesville is RSG certified. And at some point, we think that will be another differentiator because as you think of end users and off takers that are looking to secure LNG supplies, having it be responsibly sourced will again also be a competitive advantage. So we are very happy about where we sit. We are actively engaged in several different conversations. I don't want to front-run that, but more news to come on that front, hopefully.

由於靠近墨西哥灣沿岸和位於其中的液化天然氣綜合體，我們的競爭定位將建立——這是一種競爭——或使我們與眾不同的優勢。另一件我們非常興奮的事情，尼克早些時候提到過，我們來自海恩斯維爾的天然氣 100% 都經過 RSG 認證。在某些時候，我們認為這將是另一個差異化因素，因為當您想到希望確保液化天然氣供應的最終用戶和承購商時，負責任地採購液化天然氣也將再次成為競爭優勢。所以我們很高興我們坐在哪裡。我們積極參與了幾個不同的對話。我不想搶先一步，但希望在這方面有更多消息。

Next question comes from Nicholas Pope of Seaport Research.

下一個問題來自 Seaport Research 的 Nicholas Pope。

So I was hoping you guys could go into a little depth. This is obviously the first quarter we've seen with the Chief acquisitions and trying to understand a little bit of the guidance. I think all said it was $800 million, $900 million acquired production. It doesn't seem like the guide for 2Q kind of fully reflects that volume uptick.

所以我希望你們能深入一點。這顯然是我們在首席收購中看到的第一季度，並試圖了解一些指導。我想所有人都說這是 8 億美元，9 億美元收購了生產。 2Q 的指南似乎並沒有完全反映成交量的上升。

So I'm hoping you could explain kind of, I guess, what the goal is right now with Marcellus in terms of kind of maintaining production where you think the maintenance level is with the new assets and kind of where things are kind of post acquisition on those volumes relative to kind of where acquisition volumes initially were expecting?

所以我希望你能解釋一下，我猜，Marcellus 現在的目標是什麼這些數量相對於最初預期的收購數量？

Nick, this is Josh. I'll -- let me just add a little bit of color to that. I think with the Chief acquisition, we're, of course, just in the very beginning of integrating that asset. And I do -- I really feel like we're off to a great start with that. We are -- if we look at our TIL schedule, we're a little bit back-end loaded in the quarter.

尼克，這是喬希。我會 - 讓我為它添加一點顏色。我認為，對於 Chief 的收購，我們當然才剛剛開始整合該資產。我確實——我真的覺得我們有了一個很好的開端。我們是 - 如果我們查看我們的 TIL 時間表，我們在本季度有點後端加載。

So for our gas assets, I think we'll have 40 to 45 TILs, but 20 of those come in June. So definitely, you will see a little bit of lumpiness to the production there. Is that maybe something just to be thinking about in the model?

因此，對於我們的天然氣資產，我認為我們將擁有 40 到 45 個 TIL，但其中 20 個在 6 月份到來。所以肯定的是，你會看到那裡的生產有點混亂。這可能只是在模型中考慮的事情嗎？

Maybe just a couple of other things I'd point out. We do have some planned third-party maintenance occurring within the quarter as well. So that's going to bring down volumes just a little bit. And then maybe one of the more material movers -- and this really occurred right as we brought the assets into the portfolio, there was a pad that produces about 80 million cubic feet a day.

也許只是我要指出的其他幾件事。我們確實在本季度也進行了一些計劃中的第三方維護。因此，這將稍微降低交易量。然後可能是更多的物質推動者之一——當我們將資產納入投資組合時，這確實發生了，有一個每天生產約 8000 萬立方英尺的墊。

So roughly 13,000 barrels a day of net oil equivalent. We shut that pad in for SIMOPs reasons. And really, it was just centered around -- we didn't feel like we could manage the risk safely on the site with drilling and producing. And so that was a choice that we made, but that's all volume that's going to come back into the system.

因此，每天大約有 13,000 桶淨石油當量。出於 SIMOP 的原因，我們關閉了那個墊子。真的，它只是圍繞著——我們覺得我們不能在現場通過鑽井和生產安全地管理風險。所以這是我們做出的選擇，但這就是將要回到系統中的所有音量。

Got it. So it sounds like this is fairly transient because I think you guys were growing production in Marcellus, and it just does not -- it's not 800-plus fourth quarter, which is just where my -- my math, the simple math was on kind of Marcellus, but it sounds like this is more transient in terms of where production levels are.

知道了。所以這聽起來是相當短暫的，因為我認為你們在馬塞勒斯增加產量，它只是沒有 - 它不是第四季度超過 800，這正是我的 - 我的數學，簡單的數學是實物Marcellus，但就生產水平而言，這聽起來更加短暫。

Yes. That's what we're going to expect for the year. I mean growing the asset, obviously, is challenging to do. just with the lack of export out of the basin. But we do expect to see a little bit of lumpiness between quarters as we move through the year.

是的。這就是我們對這一年的期望。我的意思是，顯然，增加資產是一項挑戰。只是隨著盆地出口不足。但我們確實希望在一年中看到季度之間的一些波動。

The next question comes from Scott Hanold of RBC.

下一個問題來自 RBC 的 Scott Hanold。

Just sort of on the back of kind of the conversation around the gas macro. And I know you've all talked about your hedging program in the past, underpinning your capital program, but if you do have a view that some of these prompt months and some of the forward months, maybe a little bit ahead of themselves, does that incentivize you to hedge a little bit more? Would you be opportunistic with hedging at all? Or do you still just planned being a little bit more pragmatic with it?

只是在圍繞氣體宏觀的那種談話的背後。而且我知道你們過去都談到過你們的對沖計劃，支持你們的資本計劃，但如果你們確實認為其中一些即時月份和一些遠期月份，可能比他們自己提前一點，確實這會激勵你多對沖一點？你會在對沖方面投機取巧嗎？還是您仍然只是計劃更加務實一點？

I'll start this one, and then Mohit may have something else to add. We're pretty little hedged for 2022. So we haven't been motivated out a lot more here. We've been happy to see the bit that we have unhedged rise, and it's been obviously a big tailwind to our cash flows.

我將開始這個，然後 Mohit 可能還有其他內容要添加。我們對 2022 年幾乎沒有什麼準備。所以我們在這裡沒有更多的動力。我們很高興看到我們未對沖上升的那一點，這顯然對我們的現金流來說是一個很大的順風。

For 2023, you can see the way we laid it out in our slide now, we've put a bullet on there that tells you what we've added since the last disclosure. And what we're doing now is a bunch of very wide collars. And so we really feel good about those collars. Some of the collars that we've done have been a wide for the full year of 4/10, which is a pretty awesome spread have access to a floor of 4 and a ceiling of 10. So go ahead, Mohit.

對於 2023 年，您現在可以在幻燈片中看到我們的佈局方式，我們在上面放了一個項目符號，告訴您自上次披露以來我們添加了什麼。而我們現在正在做的是一堆非常寬的衣領。所以我們真的對這些項圈感覺很好。我們所做的一些項圈在 4/10 全年都是寬的，這是一個非常棒的傳播，可以到達 4 層和 10 層的天花板。所以繼續吧，Mohit。

Yes. And I think the only thing I would add is, traditionally, a lot of these hedges that we had locked in at emergence, they were done through swaps, but the SKUs on these collars have been so attractive that almost, I would say, on an exclusive basis, going forward, what we are doing is trying to prefer these collars. And as you can quickly figure out, I mean, it still gives you an exposure to the upside by still protecting your downside, which is what we are trying to do. We're pretty happy with what we've been tactically able to layer in with regards to the hedges.

是的。而且我認為我唯一要補充的是，傳統上，我們在出現時鎖定的許多這些對沖，它們是通過互換完成的，但是這些項圈上的 SKU 非常有吸引力，我想說，幾乎獨家基礎，未來，我們正在做的是嘗試更喜歡這些項圈。正如你可以很快發現的那樣，我的意思是，它仍然通過保護你的下行空間來讓你有機會接觸到上行空間，這就是我們正在努力做的事情。我們對我們在策略上能夠在對沖方面進行分層感到非常滿意。

Got it. Appreciate that. And my follow-up, you mentioned in regards to the buybacks that some of those were privately negotiated. And obviously, there's some, I guess, overhang in some of the ownership in Chesapeake. Do you all see that as an opportunity to continue to utilize the buybacks to potentially do some more private negotiated deals? Can you just give us a little bit of color behind that and what you know and could say?

知道了。感謝。我的後續行動，你提到了其中一些是私下協商的回購。很明顯，我猜，切薩皮克的一些所有權懸而未決。你們是否都認為這是繼續利用回購來進行更多私下協商交易的機會？你能不能給我們一點顏色，你知道什麼，可以說什麼？

Sure. We won't comment on who we've negotiated with directly. But we intended when we put the buyback in place to be ready if any of those large holders wanted to sell to make sure that there was no disruption in the trading dynamics of our stock in the market if there's a large chunk that wanted to sell.

當然。我們不會評論我們直接與誰談判。但是，我們打算在進行回購時做好準備，如果這些大股東中的任何一個想要出售，以確保如果有很大一部分想要出售，我們的股票在市場上的交易動態不會受到干擾。

One of the things that's been really interesting about the perceived overhang of the shareholders in our stock is that they're reasonably happy shareholders from what we hear from them and patient. And so we're generating great returns, the cash return elements, the pending buyback that can be accelerated now, all of these things point to a tremendous amount of upside in the stock. And so I call it a perceived overhang because I think a number of these shareholders could be there for a while, but we're totally ready when any of them want to sell to be prepared to be a buyer. So we're -- I think your sentiment is directionally correct. We're just not seeing demand for that today in any big size.

關於我們股票股東的感知過剩，真正有趣的一件事是，從我們從他們那裡聽到的消息和耐心來看，他們是相當快樂的股東。所以我們正在產生巨大的回報，現金回報要素，現在可以加速的未決回購，所有這些都表明股票有巨大的上漲空間。所以我稱其為明顯的過剩，因為我認為這些股東中的一些可能會在那裡待一段時間，但當他們中的任何一個想要出售以準備成為買家時，我們已經完全準備好了。所以我們——我認為你的觀點是正確的。我們今天只是沒有看到任何大尺寸的需求。

Yes. So just out of curiosity, I mean, obviously, you said they're happy shareholders see a lot of upside optionality in the stock. And I think a lot of people think that too. But like what do you think then is hanging up Chesapeake stock relative to its peers? Like what do you think as a management team is something you need to address to get Chesapeake stock to move further higher?

是的。所以只是出於好奇，我的意思是，很明顯，你說他們很高興股東看到股票中有很多上行選擇權。而且我想很多人也這麼認為。但是，您認為相對於同行而言，切薩皮克股票的掛起是什麼？比如你認為作為一個管理團隊需要解決什麼問題才能讓切薩皮克的股票進一步走高？

Well, it's something that we talk about in almost every day, Scott. I mean I do think that perceived overhang is a challenge for some investors. I think they're if we had a little bit more turnover in the shareholder base, that would probably help. But again, I think of it as a perceived problem. And when I say our shareholders are happy, I think I'm sure that they would all share our view that the stock is undervalued today. So we're all focused on how to drive the stock price higher and have it better represent the underlying value of the assets that we own.

好吧，這是我們幾乎每天都在談論的話題，斯科特。我的意思是，我確實認為對一些投資者來說，感知到的過剩是一個挑戰。我認為如果我們在股東基礎上有更多的營業額，那可能會有所幫助。但同樣，我認為這是一個明顯的問題。當我說我們的股東很高興時，我想我相信他們都會同意我們的觀點，即今天的股票被低估了。所以我們都專注於如何推高股價，讓它更好地代表我們所擁有資產的潛在價值。

We think the buyback is going to go a long way towards that. We will be actively buying our stock. And if some of them want to sell, then great, they can sell it to us. And if they want to hold, then we'll buy from others in the market. So we're eager to execute on that because at this point, that cash can go a long way towards retiring the share count, which is going to make all of our per share metrics that we talked about earlier that much better and should really continue to highlight the value in the stock that should drive the share price higher.

我們認為回購將大有幫助。我們將積極購買我們的股票。如果他們中的一些人想賣，那太好了，他們可以賣給我們。如果他們想持有，那麼我們會從市場上的其他人那裡購買。因此，我們渴望執行這一點，因為在這一點上，現金可以大大減少股票數量，這將使我們之前討論過的所有每股指標變得更好，並且應該真正繼續下去突出應該推動股價走高的股票價值。

So we're going to continue to execute on our plan. We're going to continue to push for the buyback, and we're pretty optimistic about what that will do for our share price.

所以我們將繼續執行我們的計劃。我們將繼續推動回購，我們對這將對我們的股價產生的影響非常樂觀。

The next question comes from Charles Meade of Johnson Rice.

下一個問題來自 Johnson Rice 的 Charles Meade。

I think I just have 1 question. And it's about the Chief assets up in the Marcellus. When I look at that map of what Chief -- what he brings to the table next to your map, that moves your center of gravity or (inaudible) you kind of northwest into more -- I guess, Central Bradford County. So as you spent some time with these assets, are you seeing anything different than what you expected as you move northwest kind of away from where you're your historic core has been?

我想我只有 1 個問題。這是關於馬塞勒斯的首席資產。當我看到酋長的那張地圖時——他帶到你地圖旁邊的桌子上，將你的重心或（聽不清）你向西北移動到更多——我猜，布拉德福德中部縣。因此，當您在這些資產上花費了一些時間時，當您向西北方向遠離您的歷史核心所在的地方時，您是否看到與您預期的不同？

Yes. Charles, this is Josh. Let me answer that for you. I don't -- no, I don't think so. The rocks will vary a little bit, but this is extremely strong reservoirs with unbelievable deliverability, which result in great returns. We do think there's some opportunities to make the asset better. And a couple of things that we're specifically looking at that I'll maybe point to is we think there's some room to improve completion designs simply by cutting back a little bit on the amount of water. We think there's some opportunities to potentially widen spacing a little bit and specifically around existing producers. Those are things that we've proven within our own assets and our transferable and even a little bit more tactical than that, it's just simply how we choose to steer a well and land it within a particular zone. And really, it's about maximizing the contacted reservoir within that lateral. And as we've looked at some of the wells in the Chief data set relative to how we operate, we're convinced will improve performance there.

是的。查爾斯，這是喬希。讓我為你回答。我不——不，我不這麼認為。岩石會略有不同，但這是非常強大的儲層，具有令人難以置信的可交付性，從而帶來了巨大的回報。我們確實認為有一些機會可以使資產變得更好。我們特別關注的幾件事我可能會指出，我們認為只需減少一點水量，就有一些改進完井設計的空間。我們認為有一些機會可能會擴大間距，特別是圍繞現有生產商。這些都是我們在我們自己的資產和我們的可轉移資產中證明的事情，甚至比這更具戰術性，這只是我們選擇如何控制一口井並將其降落在特定區域內的方式。實際上，它是關於在該橫向內最大化接觸的水庫。當我們查看 Chief 數據集中的一些油井與我們的操作方式相關時，我們相信會提高那裡的性能。

Got it. So Josh, just so I understand, this is how Chesapeake would do things differently from Chief -- or is this how you do things differently just as you move to the northwest kind of on your existing designs?

知道了。所以喬希，我明白了，這就是切薩皮克做事與酋長不同的方式——或者這就是你在現有設計上向西北移動時做事不同的方式？

Yes. I mean really, it's about us using the history and I think the technical expertise that we have to expand it into that acreage rather than it's something unique about the rock that we're developing there.

是的。我的意思是真的，這是關於我們利用歷史，我認為我們必須將其擴展到該面積的技術專長，而不是我們在那裡開發的岩石的獨特之處。

The next question comes from [John] Silverstein of Wolfe Research.

下一個問題來自 Wolfe Research 的 [John] Silverstein。

I was curious just talking about the ability for you guys to try to contract on the LNG side. It's obviously been a growing focus and you guys do have a lot of capacity done in and your Haynesville play to be able to supply directly to some of these facilities. Can you just give us an update on your potential to sign some offtake agreements and whether you might be able to -- or thinking about potentially taking an equity stake in one of these facilities.

我只是在談論你們嘗試在液化天然氣方面簽約的能力。這顯然是一個越來越受關注的焦點，你們確實有很多能力，而且你們在海恩斯維爾的比賽能夠直接向其中一些設施供應。您能否向我們提供有關您簽署一些承購協議的潛力的最新信息，以及您是否能夠 - 或考慮可能在其中一個設施中獲得股權。

Yes. I'll start this one and then Mohit will probably have something to add here, too, again, but we're really excited about the opportunity to do something like that, Josh. Exactly where we land on that spectrum of signing offtake agreements, taking position in facilities. There's a lot of work for us to do to determine which facilities we want to partner with and how we want to gain that exposure.

是的。我會開始這個，然後 Mohit 可能也會在這裡添加一些東西，但我們真的很高興有機會做這樣的事情，喬希。正是我們在簽署承購協議的範圍內登陸，在設施中佔據一席之地。我們需要做很多工作來確定我們希望與哪些設施合作以及我們希望如何獲得這種曝光率。

What we're really focused on is creating diversification of price. At the end of the day, these prices -- anything you do in the LNG world is going to be a very long-term contract. And so while there is a big delta between U.S. gas prices in European or Asian gas prices today, over the tenor of that contract, you'd expect there to be plenty of volatility in that spread, sometimes good, sometimes less good, sometimes maybe not good. And so it's really about our diversification strategy. And we'll continue to think about the right way to approach that. And we're seeing a lot of opportunities to do it with a number of different counterparties, and we're going to take our time to work through it, but we're excited about that potential.

我們真正關注的是創造價格多樣化。歸根結底，這些價格——你在液化天然氣世界所做的任何事情都將是一份非常長期的合同。因此，儘管今天美國天然氣價格與歐洲或亞洲天然氣價格之間存在很大差異，但在該合約的期限內，您預計該價差會有很大的波動性，有時很好，有時不太好，有時可能不好。所以這真的是關於我們的多元化戰略。我們將繼續思考解決這個問題的正確方法。我們看到很多機會與許多不同的交易對手合作，我們將花時間來解決它，但我們對這種潛力感到興奮。

The only thing I would add is from a diversification angle, if the deal is linked to Henry Hub, that's not as attractive to us. I mean what we are trying to diversify away into is some sort of LNG index deal, so whether it's TTF and the arguments or the discussions we are having internally is what's the right amount? So as you know, we sell to sell our production into a different basis. And the way we view the LNG complex is that, that's another basis that we want exposure to.

我唯一要補充的是從多元化的角度來看，如果這筆交易與亨利中心有關，那對我們來說就沒有那麼有吸引力了。我的意思是，我們試圖分散投資的是某種 LNG 指數交易，所以無論是 TTF 和我們內部的爭論還是討論，合適的數量是多少？如您所知，我們出售是為了將我們的產品出售到不同的基礎上。我們看待液化天然氣綜合體的方式是，這是我們想要接觸的另一個基礎。

So from a diversification point of view, I would encourage you to think of maybe 10%, 15%, 20% of our production. If we can link it to some sort of an LNG index price, whether it's through some of these agreements or whether it's synthetic kind of a net back deal, then that's what we are driving towards.

所以從多元化的角度來看，我鼓勵你考慮一下我們生產的 10%、15%、20%。如果我們可以將其與某種 LNG 指數價格聯繫起來，無論是通過其中一些協議還是合成的淨返還交易，那麼這就是我們正在努力實現的目標。

Great. That's helpful. And then -- you guys have done a lot of portfolio management since reemerging a little bit over a year ago. You still have the East Texas asset in the portfolio. And just wanted to see what activity you're doing there this year? And are you looking for something to kind of figure out whether or not it remains in the portfolio.

偉大的。這很有幫助。然後 - 自從一年多前重新出現以來，你們已經做了很多投資組合管理。您仍然在投資組合中擁有東德克薩斯資產。只是想看看你今年在那裡做什麼活動？您是否正在尋找一些東西來確定它是否保留在投資組合中。

Yes. Josh, we don't have anything material in East Texas. Sometimes there's some rights that show up on an acreage map depending on what you're looking at, but we don't have anything material that we maintain in East Texas.

是的。喬希，我們在東德克薩斯沒有任何材料。有時，根據您所查看的內容，面積地圖上會顯示一些權利，但我們在東德克薩斯州沒有任何材料。

The next question comes from Noel Parks of Tuohy Brothers.

下一個問題來自 Tuohy Brothers 的 Noel Parks。

I had a couple of questions. One, I was just curious, based on some of what I've been hearing from other producers. I wonder if you would comment on as far as services quality and what you're seeing in this field, how things have been as far as the quality of the equipment, its maintenance, reliability and so forth.

我有幾個問題。一，我只是好奇，基於我從其他製作人那裡聽到的一些內容。我想知道您是否會就服務質量和您在該領域看到的情況發表評論，以及設備質量、維護、可靠性等方面的情況。

I'm just trying to think back to the last time we had a boom on the service side. And I just heard a few anecdotes here and there of problems or slowness with maintenance, repairs and so forth and of course, what we'd expect from supply chain and parts. So if you could just talk about that and if there are any particular basins where that's more on the table, that would be great.

我只是想回想上一次我們在服務方面的繁榮。我剛剛聽到一些關於維護、維修等問題或緩慢的軼事，當然還有我們對供應鍊和零件的期望。因此，如果您可以談論這一點，並且如果有任何特定的盆地可以在桌面上進行更多討論，那就太好了。

Yes, this is Josh. I don't know if I would say there's any particular basin that this is a bigger problem than others. I mean, I think just much like the broader economy, I think labor is tight. And in an industry like ours where we've seen growth with rigs being added over the last year, clearly, that's stretching that service organization. You see rigs coming out of stack potentially and being restarted. And so generally, across the industry, that's going to lead to some inefficiencies as that equipment gets warmed up, so to speak, and crews get some experience operating it. I wouldn't say we're seeing any more or less of that. I think it's just a general industry trend that we have kind of carrying throughout the industry.

是的，這是喬希。我不知道我是否會說有任何特定的盆地，這是一個比其他盆地更大的問題。我的意思是，我認為就像更廣泛的經濟一樣，我認為勞動力很緊張。在像我們這樣的行業中，我們已經看到去年增加了鑽機，這顯然是在擴展服務組織。您會看到鑽機可能從堆棧中出來並重新啟動。所以一般來說，在整個行業中，隨著設備升溫，可以說，這將導致一些效率低下，並且工作人員會獲得一些操作它的經驗。我不會說我們或多或少地看到了這種情況。我認為這只是一個普遍的行業趨勢，我們在整個行業中都有所體現。

And I think any time you're in a -- as a constructive commodity price environment that we're in with activities ramping up, those struggles are going to persist. So it's really -- I think I would say it's present everywhere.

而且我認為，任何時候你處於 - 作為一個建設性的商品價格環境，我們所處的活動正在增加，這些鬥爭將持續存在。所以它真的 - 我想我會說它無處不在。

As an operator, of course, what we do is we try to manage our strategic partnerships very closely such that we're constantly on top of our service quality, safety, obviously, is a huge focus and a concern of ours. And then, of course, that ultimately all translates into overall cost performance. So we think some of our longer-term strategic partnerships are shielding us from some of that. But generally, it is just an industry challenge as a result of the tight labor markets that we find ourselves in.

當然，作為運營商，我們所做的是嘗試非常密切地管理我們的戰略合作夥伴關係，以使我們始終處於服務質量之上，安全顯然是我們關注的重點和關注點。然後，當然，這最終都轉化為整體成本績效。因此，我們認為我們的一些長期戰略合作夥伴關係正在保護我們免受其中一些影響。但總的來說，由於我們發現自己所處的勞動力市場緊張，這只是一個行業挑戰。

Great. And just drilling down a little bit on that. Could you talk about helping stand with sand availability across the basins for you what's that look like?

偉大的。只是深入一點。你能談談幫助你在整個盆地中獲得沙子的情況嗎？

Sand as a commodity for us is not really an issue. We feel really good about the sources at which we supply the basins that we operate in. Of course, we're advantaged in Texas. We own our own mine at the Burleson mine just outside the College Station. So that provides us with some security there. I think the biggest issue that we fight, not to the point that it's created any problems for us, but it's just an ongoing challenge that we face day in and day out. It's just sand logistics is probably the bigger issue.

沙子作為一種商品對我們來說並不是真正的問題。我們對我們運營的盆地的供應來源感覺非常好。當然，我們在德克薩斯州有優勢。我們在大學城外的 Burleson 礦山擁有自己的礦山。因此，這為我們提供了一些安全保障。我認為我們要解決的最大問題不是給我們帶來任何問題，而是我們日復一日面臨的持續挑戰。只是沙子物流可能是更大的問題。

That varies by basin. A lot of it is just the distance from a mine to a location, interesting in the Marcellus, it's been with railcars. We've had union strikes there, which created some problems for us, something we maybe wouldn't have expected out of our control, but glad to say it didn't necessarily disrupt any operations materially.

這因盆地而異。很多只是從礦井到某個地點的距離，在馬塞勒斯很有趣，它一直在有軌車上。我們在那裡發生了工會罷工，這給我們帶來了一些問題，這可能是我們無法預料的事情，但我們很高興地說它不一定會嚴重破壞任何運營。

In places like the Haynesville and our assets in Texas, it's just about availability of truck drivers. And so really, it's just about partnering with those logistic managers to ensure that we're attracting and retaining drivers to ensure they can service our operations.

在像海恩斯維爾和我們在德克薩斯州的資產這樣的地方，這只是卡車司機的可用性。所以真的，這只是與那些物流經理合作，以確保我們吸引和留住司機，以確保他們能夠為我們的運營服務。

The next question comes from John Daniel of Daniel Energy Partners.

下一個問題來自 Daniel Energy Partners 的 John Daniel。

Just a couple of operations questions. First, can you update us on the experience you guys are having with the new generation electric frac fleet?

只是幾個操作問題。首先，您能否向我們介紹一下你們對新一代電動壓裂車隊的體驗？

So today with -- this is Josh. Today, within our frac we're running roughly 5 frac fleets, one of which is an electric frac fleet up in the Marcellus. That's definitely, there's been some learning curves there. We were one of the first adopters of that up in the Marcellus really, I felt like we've kind of hit a stride there and seeing some efficiencies. Theoretically, those electric frac pump should be more efficient.

所以今天 - 這是喬希。今天，在我們的壓裂系統中，我們運營著大約 5 個壓裂車隊，其中一個是位於馬塞勒斯的電動壓裂車隊。那是肯定的，那裡有一些學習曲線。我們確實是 Marcellus 的首批採用者之一，我覺得我們在那裡邁出了一大步，並看到了一些效率。從理論上講，那些電動壓裂泵應該更高效。

But you're, of course, reliant upon the quality of the gas and the generation that's being used on site to manage it. But definitely, I would say at the learning curve, we definitely see opportunities to expand that into the future. But just like most equipment within the service sector, equipment is tight and for more e-fleets into the market, they have to be built, which requires capital to be deployed. So we're in constant communications with our suppliers and talking about additional opportunities to expand that segment of the business.

但是，當然，您依賴於氣體的質量以及現場使用的發電設備來管理它。但可以肯定的是，我會說，在學習曲線上，我們肯定看到了將其擴展到未來的機會。但就像服務部門的大多數設備一樣，設備很緊，要讓更多的電子車隊進入市場，就必須建造它們，這需要部署資金。因此，我們一直在與供應商進行溝通，並討論擴大該業務領域的更多機會。

Josh, do you ever see a scenario where you could be 100% electric or are there operational reasons why that doesn't make sense?

喬希，你有沒有見過這樣的場景，你可以 100% 用電，或者有操作原因導致這沒有意義嗎？

It is definitely possible. I would never rule that out. Of course, we constantly monitor that market. We need the capacity to be developed. So I think the simple answer is yes, it could be at some point in time.

這絕對是可能的。我永遠不會排除這種可能性。當然，我們會不斷監控該市場。我們需要發展能力。所以我認為簡單的答案是肯定的，可能在某個時間點。

Okay. Just one final quick one for me. Assuming no one in the world cared about capital discipline anymore, and you decided you wanted to ramp activity from here, how quickly could you do that?

好的。對我來說只是最後一個快速的。假設世界上沒有人再關心資本紀律，而你決定要從這裡開始增加活動，你能多快做到這一點？

I'll take that one, John. That's a big assumption. And we're in a world where people do care a lot about capital discipline, and we think that's right and appropriate. But I think if you said you wanted to get a new rig and start going after a growth wedge, I think you're at least 6 months from that rig showing up, at least. So it's going to take a while.

我要那個，約翰。這是一個很大的假設。在我們所處的世界裡，人們確實非常關心資本紀律，我們認為這是正確和恰當的。但我認為，如果你說你想獲得一個新的鑽機並開始追求增長楔形，我認為你至少需要 6 個月的時間才能出現該鑽機，至少。所以這需要一段時間。

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。我想把會議轉回給 Nick Dell'Osso 做任何閉幕詞。

Well, thanks again for joining our call. behind our exceptional employees, I believe Chesapeake continues to deliver what the market demands today for a premium valuation. We're focused on our portfolio of high-return assets with scale to matter. We're generating significant free cash flow and have one of the industry's strongest frameworks to return cash to shareholders. And we're committed to ESG excellence into answering the call for reliable, affordable and lower carbon energy the world desperately needs today.

好吧，再次感謝您加入我們的電話。在我們傑出的員工背後，我相信切薩皮克繼續滿足當今市場對溢價估值的需求。我們專注於我們的高回報資產組合，具有規模效應。我們正在產生大量的自由現金流，並擁有業內最強大的框架之一來向股東返還現金。我們致力於實現卓越的 ESG，以響應當今世界迫切需要的可靠、負擔得起和低碳能源的需求。

We're eager to provide a deeper dive into the depth of our portfolio and what we believe it will deliver for our shareholders at our Analyst Day, which we intend to host later this year. And in the meantime, we look forward to continuing to update you on our progress.

我們渴望在我們打算在今年晚些時候舉辦的分析師日上更深入地了解我們的投資組合，以及我們相信它將為我們的股東帶來什麼。同時，我們期待繼續向您通報我們的進展。

Thanks again, and have a great day.

再次感謝，祝您有美好的一天。

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

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接。