Chord Energy Corp (CHRD) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Chord Energy Second Quarter 2025 Earnings Conference Call. (Operator Instructions) This call is being recorded on Thursday, August 7, 2025.

女士們、先生們，早安，歡迎參加 Chord Energy 2025 年第二季財報電話會議。（操作員指示）此通話於 2025 年 8 月 7 日星期四錄製。

I would now like to turn the conference over to Bob Bakanauskas.

現在我想將會議交給 Bob Bakanauskas。

Thanks, [Anas] And good morning, everyone. This is Bob Bakanauskas, and today, we are reporting our second quarter 2025 financial and operational results. We are delighted to have you on the call. I'm joined today by Danny Brown, our CEO; Michael Lou, our Chief Strategy Officer and Chief Commercial Officer; Darrin Henke, our COO; Richard Robuck, our CFO; as well as other members of the team.

謝謝，[Anas] 大家早安。我是鮑勃·巴卡瑙斯卡斯 (Bob Bakanauskas)，今天，我們將報告 2025 年第二季的財務和營運表現。我們很高興您能接聽電話。今天與我一起出席的還有我們的執行長丹尼·布朗 (Danny Brown)、我們的首席策略長兼首席商務官邁克爾·盧 (Michael Lou)、我們的首席營運官達林·亨克 (Darrin Henke)、我們的首席財務官理查德·羅巴克 (Richard Robuck) 以及團隊的其他成員。

Please be advised that our remarks, including the answers to your questions, include statements that we believe to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those currently disclosed in our earnings releases and conference calls.

請注意，我們的評論（包括對您的問題的回答）包括我們認為符合《私人證券訴訟改革法案》含義的前瞻性陳述。這些前瞻性陳述受風險和不確定性的影響，可能導致實際結果與我們目前在收益報告和電話會議中揭露的結果有重大差異。

Those risks include, among others, matters that we have described in our earnings releases as well as in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. We disclaim any obligation to update these forward-looking statements.

這些風險包括我們在收益報告以及提交給美國證券交易委員會的文件中所述的事項，包括我們的 10-K 表年度報告和 10-Q 表季度報告。我們不承擔更新這些前瞻性聲明的任何義務。

During this conference call, we will make reference to non-GAAP measures, and reconciliations to the applicable GAAP measures can be found in our earnings releases and on our website. We may also reference the current investor presentation, which you can find on our website.

在本次電話會議中，我們將參考非公認會計準則 (non-GAAP) 指標，而適用的公認會計準則 (GAAP) 指標的對帳可在我們的收益報告和網站上找到。我們也可以參考目前的投資者介紹，您可以在我們的網站上找到。

And with that, I'll turn the call over to our CEO, Danny Brown.

說完這些，我將把電話轉給我們的執行長丹尼布朗。

Thanks, Bob. Good morning, everyone, and thanks for joining our call. Over the next few minutes, I plan to provide a brief overview of our second quarter performance and resulting return of capital and then briefly touch upon some of our current initiatives before passing it to Darrin, who will provide more color on our operations. Darrin will then hand it over to Richard for more details on our financial results before we open it up for Q&A.

謝謝，鮑伯。大家早安，感謝大家參加我們的電話會議。在接下來的幾分鐘裡，我計劃簡要概述我們第二季度的業績和由此產生的資本回報，然後簡要介紹我們當前的一些舉措，然後將其交給達林，他將對我們的運營提供更多細節。在我們開放問答環節之前，達林 (Darrin) 會將其交給理查德 (Richard)，以了解有關我們財務結果的更多詳細資訊。

So turning to the second quarter results. Chord delivered great performance with solid operating results, yielding free cash flow above expectations, which supported robust shareholder returns. Specifically, second quarter oil volumes were above the top end of guidance, reflecting strong execution, well performance and less downtime while capital was favorable to guidance, largely reflecting improved program efficiencies.

那麼，讓我們來看看第二季的業績。Chord 表現優異，經營績效穩健，產生的自由現金流超出預期，支持了股東的豐厚回報。具體而言，第二季度的石油產量高於預期上限，反映出強勁的執行力、良好的油井性能和更少的停機時間，而資本狀況也符合預期，這在很大程度上反映了專案效率的提高。

My thanks to our entire organization for delivering favorable results once again and in particular, to our folks in North Dakota, who did a great job navigating unusually high rain in May, positioning us to surpass expectations.

我感謝我們整個組織再次取得良好成果，特別是感謝我們在北達科他州的員工，他們在 5 月份應對異常強降雨方面做得非常出色，使我們超出了預期。

This strong performance led to adjusted free cash flow for the second quarter of approximately $141 million, and we returned 92% of this free cash flow to shareholders. Notably, after our base dividend of $1.30 per share, all incremental capital return was utilized for share repurchases. Since closing the Enerplus transaction, Chord has reduced its share count by approximately 10% through early August.

這一強勁表現導致第二季調整後的自由現金流達到約 1.41 億美元，我們將其中 92% 的自由現金流返還給了股東。值得注意的是，在我們每股 1.30 美元的基本股息之後，所有增量資本回報都用於股票回購。自完成 Enerplus 交易以來，截至 8 月初，Chord 已將其股份數量減少了約 10%。

Given our view on the intrinsic value of our shares relative to how they currently trade in the market, we expect a continued focus on share repurchases in the current environment. Chord has been successful in driving strong per share growth while paying out significant dividends to shareholders and keeping the balance sheet in good shape.

鑑於我們對股票內在價值相對於其當前市場交易情況的看法，我們預計在當前環境下將繼續專注於股票回購。Chord 成功實現了每股強勁增長，同時向股東派發了可觀的股息，並保持了良好的資產負債表。

Turning to operations. The Chord team has demonstrated exceptional performance across all areas of the business. Cycle times have been reduced, well performance continues to be robust and downtime levels are better than anticipated. These improvements to the business gave us additional operational flexibility and allowed us to reduce full year capital by $50 million versus the original budget, while exceeding expectations on the production side.

轉向營運。Chord 團隊在所有業務領域都表現出色。週期時間已縮短，井性能持續保持強勁，停機時間水準優於預期。這些業務改進為我們提供了額外的營運靈活性，並使我們能夠將全年資本與原始預算相比減少 5000 萬美元，同時超出了生產方面的預期。

Consistent with our initial 2025 plan and given current commodity prices, Chord intends to redeploy a second frac crew in the fourth quarter. This should give us an early start on the 2026 program and we would expect volumes to trough in the fourth quarter of 2025 and grow off of those levels in early 2026. We'll give some preliminary thoughts on the 2026 program in November, but I'm very pleased with the progress we've made since announcing our three-year plan and our ability to deliver volumes more efficiently, resulting in higher free cash flow.

與我們最初的 2025 年計劃一致，並考慮到當前的商品價格，Chord 打算在第四季度重新部署第二支壓裂隊伍。這應該能讓我們儘早啟動 2026 年計劃，我們預計產量將在 2025 年第四季觸底，並在 2026 年初從這一水平回升。我們將在 11 月對 2026 年計劃提出一些初步想法，但我對我們自宣布三年計劃以來取得的進展以及我們更高效地交付產品的能力感到非常滿意，從而帶來了更高的自由現金流。

And while I'm pleased with our current performance, I'm even more pleased that we have the opportunity and several ongoing initiatives to further improve the business. On the 4-mile lateral front, given encouraging early results, we've expedited the program and now anticipate having seven wells online by year-end. Currently, we have four wells drilled and costs have consistently been below our original expectations. We also have one well, the Rystedt, which has been producing since February. Performance from this well continues to be strong, and it recently began natural decline after more than 4 months of flat or increasing production.

雖然我對我們目前的表現感到滿意，但我更高興的是，我們有機會和一些正在進行的舉措來進一步改善業務。在 4 英里橫向前沿，鑑於令人鼓舞的早期結果，我們加快了該計劃，現在預計到年底將有 7 口井上線。目前，我們已經鑽了四口井，成本一直低於我們最初的預期。我們還有一口井，Rystedt，自二月以來一直在生產。該油井產量持續強勁，在經歷了 4 個多月的產量持平或增加之後，最近開始自然下降。

Darrin will get into a little more detail on the program. But suffice it to say, we like what we're seeing and are preserving the flexibility to lean into the 4-mile program in 2026.

達林將更詳細地介紹該計劃。但可以說，我們喜歡我們所看到的，並保留靈活性，以便在 2026 年推行 4 英里計劃。

Next, I'd like to provide a brief update on some of our continuous improvement initiatives aimed at increasing free cash flow. Slide 11 outlines the approximately $3 billion of controllable costs across the business between operated D&C capital, lease operating expenses, marketing expenses and G&A. So far, in 2025, we've made progress reducing all of these areas and are on track to exceed original production guidance with less capital and better margins.

接下來，我想簡要介紹一下我們旨在增加自由現金流的一些持續改善措施。投影片 11 概述了整個企業在營運 D&C 資本、租賃營運費用、行銷費用和 G&A 之間的可控成本約為 30 億美元。到目前為止，到 2025 年，我們已經在減少所有這些領域方面取得了進展，並有望以更少的資本和更高的利潤率超越最初的生產指導。

Slide 6 outlines the improvement we made for 2025 free cash flow relative to the February guidance, normalizing for price levels. The free cash flow outlook has improved 20% since February. And when including the effect of share repurchases, Slide 7 highlights that our expectations for free cash flow per share has grown 25% since February. Going back slightly further to when we announced the Enerplus transaction, pro forma free cash flow per share is up more than 35%, again, all on normalized pricing. That's impressive performance, maybe even more impressive when considering we preserve the balance sheet along the way.

投影片 6 概述了我們相對於 2 月指引對 2025 年自由現金流所做的改進，並根據價格水準進行了標準化。自二月以來，自由現金流前景已改善20%。當計入股票回購的影響時，幻燈片 7 強調了我們對每股自由現金流的預期自 2 月以來增長了 25%。稍微回顧一下我們宣布 Enerplus 交易的時候，每股自由現金流預計上漲了 35% 以上，同樣，這都是基於正常定價。這是令人印象深刻的表現，考慮到我們一路保持資產負債表，也許更令人印象深刻。

And my sincere thanks to the Chord team for driving this level of improvement. A key component of Chord's ongoing continuous improvement focus is the use of data analytics, machine learning and artificial intelligence in various areas of the business.

我衷心感謝 Chord 團隊推動這一水準的改進。Chord 持續改善重點的關鍵組成部分是在業務的各個領域使用數據分析、機器學習和人工智慧。

And I'd like to highlight just a few of the projects we've been working on. On the production side, Chord is working to optimize ESP to rod lift conversion decisions by using AI and machine learning to generate production profiles, forecast ESP run life and calibrate economic decisions for our wells. Similarly, Chord is enhancing gas lift efficiency by employing an algorithm to model optimization curves and inform economic decision-making.

我想重點介紹一下我們正在進行的幾個項目。在生產方面，Chord 正在致力於透過使用人工智慧和機器學習來產生生產概況、預測 ESP 運行壽命併校準我們油井的經濟決策，從而優化 ESP 到抽油桿舉升轉換決策。同樣，Chord 透過採用演算法來模擬最佳化曲線並為經濟決策提供信息，從而提高了氣舉效率。

On the reservoir side, Chord is implementing a machine learning model to identify geologic contributions of production and EUR across various parts of the basin. While from a planning perspective, we're using new optimization tools to more efficiently run our workover fleet and plan for frac protect to avoid unnecessary expense and downtime.

在油藏方面，Chord 正在實施機器學習模型，以確定盆地各個部分的產量和 EUR 的地質貢獻。從規劃角度來看，我們正在使用新的最佳化工具來更有效地運行我們的修井船隊並規劃壓裂保護，以避免不必要的費用和停機時間。

The company is also rolling out dynamic and interactive dashboards, which will give our teams, including our lease operators real-time business performance insights. The pace of innovation and adoption has been swift and these tools support improved value of delivery to our shareholders by harnessing the power of technology to increase efficiency and insight and to improve our capital allocation decision-making with not just better data, but also with better models that are easier to use.

該公司還推出了動態互動式儀表板，這將為我們的團隊（包括我們的租賃業者）提供即時業務績效洞察。創新和採用的步伐非常快，這些工具利用技術的力量來提高效率和洞察力，並透過不僅更好的數據而且更易於使用的更好模型來改善我們的資本配置決策，從而支持為股東提供更高的價值。

We are in the early innings of what's possible, but we're already seeing an impact and are excited about what the future holds. Lastly, a few words on sustainability before handing it to Darrin.

我們仍處於可能性的早期階段，但我們已經看到了影響，並對未來充滿期待。最後，在將其交給 Darrin 之前，我想先談談永續性。

At Chord, we believe oil and natural gas will remain essential to meet the world's energy needs for the foreseeable future. Chord is proud of our work, providing reliable and affordable sources of energy while maintaining a commitment to operating in a sustainable and responsible manner. Chord continues to make progress on our already strong sustainability initiatives with a focus on putting safety first, minimizing our environmental impact and being a good partner in our communities.

在 Chord，我們相信在可預見的未來，石油和天然氣仍將是滿足世界能源需求的關鍵。Chord 為我們的工作感到自豪，我們提供可靠且經濟實惠的能源，同時致力於以可持續和負責任的方式運作。Chord 繼續推動我們已經很強大的永續發展計劃，重點是把安全放在第一位，盡量減少對環境的影響，並成為我們社區的良好合作夥伴。

I should mention that Chord's safety and gas capture performance are off to a great start this year. We plan to publish an updated sustainability report in the fall, which will reflect the full integration of Chord and Enerplus. So to summarize, Chord is performing and offers a unique value proposition to investors. I couldn't be more pleased with the state of the business as we are in a fabulous position to generate substantial value now and in the coming years.

值得一提的是，Chord 的安全和氣體捕獲性能今年開局良好。我們計劃在秋季發布更新的永續發展報告，該報告將反映 Chord 和 Enerplus 的全面整合。總而言之，Chord 表現出色，並為投資者提供了獨特的價值主張。我對公司的業務狀況非常滿意，因為我們現在和未來幾年都處於一個極好的位置，可以創造巨大的價值。

And with that, I'll turn it to Darrin.

現在，我將把話題轉向 Darrin。

Thanks, Danny. The Chord team is consistently improving the organization and enhancing performance. I would like to take this opportunity to discuss the notable progress being made across all operations. In 2024, the pro forma capital budget to deliver similar production levels was approximately $1.5 billion. Currently, our 2025 CapEx guidance stands at $1.35 billion, a dramatic improvement in efficiency year-over-year.

謝謝，丹尼。Chord 團隊正在不斷改進組織並提高績效。我想藉此機會討論各項行動所取得的顯著進展。2024 年，實現類似生產水準的預估資本預算約為 15 億美元。目前，我們 2025 年的資本支出指引值為 13.5 億美元，效率年增率大幅提高。

Chord has driven strong efficiency gains through the rollout of longer laterals, wider spacing, alternative well designs and cost saving strategies, resulting in better economics and higher production. On the drilling side, we've seen notable efficiency improvements with spud-to-rig release times down about a day year-over-year. I should also note that year-to-date, we've drilled seven alternate shape wells coming in below budget, both from a cost and cycle time perspective.

Chord 透過推出更長的水平井、更寬的間距、替代井設計和成本節約策略，實現了強勁的效率提升，從而實現了更好的經濟效益和更高的產量。在鑽井方面，我們看到了顯著的效率提高，從開鑽到鑽機的釋放時間比去年同期減少了大約一天。我還應該指出，今年到目前為止，我們已經鑽了七口不同形狀的井，無論從成本或週期角度來看，其成本都低於預算。

Turning to completions. Simulfrac operations continue to drive faster cycle times. Pumping hours per day have increased 20% versus last year, and the savings per well is around $300,000 versus zipper operations. Cleanout times have improved as well for both standard and long lateral wells. Looking at our facilities based on a recent third-party study, Chord has best-in-class facility costs, and we continue to explore additional technologies to drive further efficiencies.

轉向完成。Simulfrac 作業持續縮短循環時間。與去年相比，每天的抽水時間增加了 20%，與拉鍊作業相比，每口井可節省約 30 萬美元。標準井和長水平井的清理時間也得到了改善。根據最近的第三方研究，對我們的設施進行審視，Chord 擁有一流的設施成本，並且我們將繼續探索其他技術以進一步提高效率。

Turning to LOE and workover. Chord continues to focus on lowering its failure rates and reducing cycle times to restore lost production. Failure rates are improving as Chord optimizes artificial lift across its producing well base. When Chord fracs its wells, we tail in with resin-coated sand, and then we manage the initial production rate, all to limit sand flowback.

轉向LOE和修井。Chord 繼續致力於降低故障率和縮短週期時間以恢復損失的生產。隨著 Chord 在其生產井群中優化人工舉升，故障率正在改善。當 Chord 對油井進行水力壓裂時，我們會使用樹脂塗層沙子，然後管理初始生產率，所有這些都是為了限製沙子回流。

This typically results in one less ESP run over the life of the well. We've also upgraded our rod pump equipment, which has resulted in a longer life leading to less downtime. Additionally, our enhanced scale has allowed Chord to more efficiently service a larger production base and we continue to make progress on optimizing logistics.

這通常會導致油井整個使用壽命期間 ESP 運行次數減少一次。我們還升級了我們的桿式泵浦設備，從而延長了設備的使用壽命並減少了停機時間。此外，我們擴大的規模使 Chord 能夠更有效率地為更大的生產基地提供服務，並且我們在優化物流方面繼續取得進展。

We're prioritizing high-impact targets shortening the length of time to get wells back on production and reducing the cost of workover repairs. Now to give you an update on Chord's 4-mile program. As Danny mentioned, we have expedited the program and now expect seven 4-mile wells turned in line by the end of the year.

我們優先考慮高影響力目標，縮短油井恢復生產的時間並降低修井成本。現在向您介紹 Chord 的 4 英里計劃的最新進展。正如丹尼所提到的，我們已經加快了該計劃，現在預計到今年年底將有七口 4 英里長的油井投入使用。

The Rystedt well, our first 4 miler has been online since February. Slide 9 shows the actual production results versus type curve. Volume and pressure indications are encouraging, and our tracer study indicates every stage of the lateral is contributing to production. The well just recently went into decline. So we'll continue to study the volume profile, but it's looking really strong so far.

Rystedt 井，我們的第一個 4 英里井自二月以來一直在線。投影片 9 顯示了實際生產結果與類型曲線。體積和壓力跡象令人鼓舞，我們的示踪劑研究表明，水平井的每個階段都對產量有所貢獻。這口井最近才剛開始衰退。因此，我們將繼續研究成交量分佈，但到目前為止，它看起來確實很強勁。

Relative to a 2-mile well, 4-mile wells are expected to recover 90% to 100% more EUR or only 40% to 60% more CapEx. On a breakeven basis, this translates to an $8 to $12 per barrel cost of supply reduction yielding up to 30% lower F&D costs relative to 2-mile wells. If Chord continues to exceed expectations on the execution of 4-mile wells, we are likely to implement many more in 2026 and beyond. We plan to talk more about our progress and implications for the '26 plan on our November call. To sum it up, Chord has an impressive track record of consistent execution and strong returns.

相對於 2 英里的油井，4 英里的油井預計可多回收 90% 至 100% 的歐元，或僅多回收 40% 至 60% 的資本支出。在損益平衡的基礎上，這相當於每桶減少 8 至 12 美元的供應成本，與 2 英里油井相比，F&D 成本可降低 30%。如果 Chord 在 4 英里井的實施上繼續超出預期，我們很可能在 2026 年及以後實施更多井。我們計劃在 11 月的電話會議上進一步討論我們的進展以及對 26 計劃的影響。總而言之，Chord 在持續執行和強勁回報方面有著令人印象深刻的記錄。

We look forward to delivering on our long-term outlook.

我們期待實現我們的長期願景。

I'll now turn it over to Richard.

現在我將把發言權交給理查。

Thanks, Darrin. I'll round out our conversation with some final thoughts that expand on comments made earlier or in our press release. Danny covered our volume performance, which was above expectations. Looking at pricing, oil differentials in the second quarter averaged $2.15 below WTI, which improved slightly from our prior quarter and were within our guidance range. For the full year, oil diff guidance improves, reflecting the tightening in the second half.

謝謝，達林。我將以一些最後的想法來結束我們的談話，這些想法將擴展我們之前或在新聞稿中發表的評論。丹尼 (Danny) 介紹了我們的交易量表現，結果超出了預期。從價格來看，第二季的油價差平均比 WTI 低 2.15 美元，較上一季略有改善，且在我們的指導範圍內。就全年而言，油價差預期有所改善，反映出下半年的緊縮政策。

Turning to gas and NGLs. As expected, pricing was lower sequentially, reflecting normal seasonality. NGL realizations were 9% of WTI in the second quarter, while natural gas realizations were 32% of Henry Hub. Our full year guidance was adjusted to reflect our current outlook. As a reminder, certain marketing fixed fees are deducted from our NGL and natural gas prices.

轉向天然氣和天然氣液體。正如預期的那樣，價格環比下降，反映了正常的季節性。第二季度，NGL 實現量佔 WTI 的 9%，而天然氣實現量佔亨利港的 32%。我們已調整全年指引以反映我們當前的前景。提醒一下，某些行銷固定費用將從我們的 NGL 和天然氣價格中扣除。

This drives higher operating leverage, which hurts realizations for both NGLs and natural gas in times of weaker prices and benefits realizations in times of higher prices.

這會導致更高的經營槓桿，在價格較低時損害 NGL 和天然氣的實現，而在價格較高時有利於實現。

Lease operating expenses, or LOE, were $10.02 per Boe, which was at the higher end of the guidance range that we set in May, primarily due to increased workover costs as the team did a great job restoring production volumes after significant first quarter weather disruptions. Chord has achieved notable improvements in reducing cycle times for high-capacity wells which led to some higher costs but also had some positive impacts on volumes.

租賃營運費用（LOE）為每桶油當量 10.02 美元，處於我們 5 月設定的指導範圍的高端，這主要是由於在第一季度發生嚴重天氣幹擾後，團隊在恢復產量方面做得很好，導致修井成本增加。Chord 在縮短高容量井的周期時間方面取得了顯著的進步，雖然導致成本增加，但也對產量產生了一些正面影響。

Chord's full year LOE per Boe guidance remains unchanged. Production taxes averaged 7.3% of commodity sales in the second quarter, which was below our expectations. This primarily reflects the impact of nonrecurring refund for stripper wells received during the quarter. Our oil revenue from these low-producing wells is taxed at a reduced rate. We expect these refunds to have a lower impact in future quarters.

Chord 全年 LOE/Boe 指引保持不變。第二季生產稅平均佔商品銷售額的 7.3%，低於我們的預期。這主要反映了本季收到的抽油井非經常性退款的影響。我們從這些低產油井獲得的石油收入享有較低的稅率。我們預計這些退款對未來幾季的影響會較小。

We have adjusted our full-year production tax guidance to reflect our first half performance and our go-forward expectations.

我們已調整全年生產稅指導，以反映我們上半年的業績和未來的預期。

Cash G&A expenses were $22 million, below our guidance. For the full year, we have reduced cash G&A guidance by $7 million as the team exceeded synergy expectations and drives our continued improvement initiatives, including efficiencies gained through the use of various data analytics, machine learning and artificial intelligence tools that Danny mentioned earlier.

現金一般及行政開支為 2,200 萬美元，低於我們的預期。就全年而言，我們將現金 G&A 指導減少了 700 萬美元，因為團隊超出了協同效應預期並推動了我們持續的改進計劃，包括透過使用 Danny 之前提到的各種數據分析、機器學習和人工智慧工具來提高效率。

Second quarter cash taxes were approximately $32 million or 5.9% of EBITDA, which was within our guidance range. We have lowered the full year cash tax range to 3.5% to 6.5% of EBITDA at WTI prices in the second half of the year, ranging between $60 and $80 per barrel. The reduction reflects our latest forecast which include the impacts of recent tax legislation.

第二季現金稅約 3,200 萬美元，佔 EBITDA 的 5.9%，在我們的指導範圍內。我們已將全年現金稅率範圍下調至下半年WTI價格下的EBITDA的3.5%至6.5%，即每桶60至80美元之間。此次減幅反映了我們的最新預測，其中包括最近稅收立法的影響。

Chord continues to have peer-leading leverage and liquidity. Net debt levels increased from the first quarter, largely reflecting a nonrecurring working capital swing. As of July 31, net debt was approximately $810 million, a decline of almost $80 million from June 30. Net debt -- net leverage was approximately 0.3 times on a trailing 12-month basis. As of June 30, the Board had $180 million drawn on its $2.75 billion credit facility with $2 billion of elected commitments.

Chord 繼續擁有同業領先的槓桿率和流動性。淨債務水準較第一季增加，主要反映了非經常性營運資本的波動。截至 7 月 31 日，淨債務約 8.1 億美元，較 6 月 30 日減少近 8,000 萬美元。淨債務－過去 12 個月的淨槓桿率約為 0.3 倍。截至 6 月 30 日，董事會已從其 27.5 億美元的信貸額度中提取了 1.8 億美元，其中選定的承諾金額為 20 億美元。

Liquidity as of June 30 was approximately $1.8 billion, including $40 million of cash and $1.79 billion available under the credit facility net of letters of credit. We also layered in additional hedges during the second quarter and in July. Our derivative position can be found in our latest investor deck. In closing, Chord's, execution and delivery remains best-in-class. I am looking forward to the additional progress as our team relentlessly pursues continuous improvements and innovative solutions.

截至 6 月 30 日的流動資金約為 18 億美元，其中包括 4,000 萬美元現金和 17.9 億美元信用證淨額下的可用信貸額度。我們還在第二季和 7 月進行了額外的對沖。我們的衍生性商品部位可以在我們最新的投資者資料中找到。最後，Chord 的執行和交付仍然是一流的。隨著我們的團隊不斷追求持續改進和創新解決方案，我期待進一步的進步。

With that, I'll hand the call back over to Anas for questions.

說完這些，我會把電話轉回給阿納斯，讓他回答問題。

(Operator Instructions)

（操作員指示）

Scott Hanold, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Scott Hanold。

You all talked a couple of times about seeing some good stuff from the 4-mile wells and integrating more of that into 2026 potentially. Could you provide us some context on what level of investment in these 4-mile wells from a risk reward perspective makes sense? And what's -- what needs to be done on the permitting front in order to make that a bigger part. Do you need to start repermitting stuff? I assume you're already underway of that, but just some color there.

你們都談到幾次從 4 英里深的油井中看到一些好東西，並可能在 2026 年整合更多這樣的好東西。您能否從風險回報角度向我們介紹一下對這些 4 英里油井進行何種程度的投資才合理？那麼，為了使其成為更重要的部分，需要在許可方面做些什麼呢？您需要開始重新授權某些東西嗎？我認為你已經在進行這項工作了，但只是一些顏色而已。

Yes. The permitting activity, Scott, is well underway for next year and beyond relative to 4 miles. So we're really preparing ourselves to go either way. We're setting ourselves up with the optionality for 4 miles, but also 3 miles or 2 miles, whatever the case may be for the original plan. So we're set up either way from a permitting standpoint.

是的。斯科特，明年及以後 4 英里範圍內的許可活動正在順利進行中。所以我們確實做好了採取任何行動的準備。我們為自己設定了 4 英里的可選範圍，但也有 3 英里或 2 英里的可選範圍，無論原計劃如何。因此，從許可的角度來看，我們無論如何都會採取這種做法。

Scott, I will say that we are really encouraged with the early results here. And you can actually withstand some fairly reasonable degradation of performance from the fourth mile and still have this be the right economic decision from an IRR perspective.

斯科特，我想說的是，我們對這裡的早期結果感到非常鼓舞。實際上，你可以承受從第四英里開始的一些相當合理的性能下降，並且從 IRR 角度來看這仍然是正確的經濟決策。

And so we're really encouraged with the early results. It looks like we're already over 97% of what 2 miles would deliver. And so we're getting close with this first well at least to 100% contribution in short order from the 4-mile well relative to 2 miles.

因此我們對早期結果感到非常鼓舞。看起來我們已經完成了 2 英里所能達到的 97% 以上的目標。因此，我們很快就能接近第一口井，相對於 2 英里井，4 英里井的貢獻率至少達到 100%。

But yes, the economics of these 4 miles is going to be really strong. And so you can withstand some degradation in that last mile and still have that be the right decision, even though we're seeing performance that's above our original expectations here.

但是的，這 4 英里的經濟效益確實會非常強勁。因此，您可以承受最後一英里的一些退化，並且仍然認為這是正確的決定，即使我們看到的性能超出了我們最初的預期。

Right, right. So it sounds like you guys are prepared to potentially move pretty quick on this, if you can. Okay. And then -- sorry about that, my follow-up is just on the Marcellus. Obviously -- it's obviously a noncore position that I didn't hear much of an update on it today, but can you give us your most recent thoughts on where that fits into the stack of initiatives with regards to monetization.

對，對。所以聽起來如果可以的話，你們已經準備好迅速採取行動了。好的。然後——很抱歉，我的後續問題只是關於馬塞勒斯。顯然 - 這顯然是一個非核心職位，我今天沒有聽到太多關於它的更新，但你能否告訴我們你最近的想法，即它在貨幣化方面的一系列舉措中處於什麼位置。

Yes. Scott, I appreciate the question and the interest in that. I'd say Marcellus is -- we've been pretty transparent that we think Marcellus is a great asset. It's in the core of that basin but it's not core to our portfolio. And so we're going to be very focused on making sure that we deliver maximum value from that asset.

是的。斯科特，我很感謝你的提問和關注。我想說馬塞勒斯——我們一直非常坦率地表示，我們認為馬塞勒斯是一筆巨大的財富。它位於該盆地的核心，但不是我們的投資組合的核心。因此，我們將非常專注於確保從該資產中實現最大價值。

Oliver Huang, TPH.

奧利弗·黃，TPH。

Wanted to start out on the Rystedt well, get a bit more detail than what you already highlighted in the prepared remarks. Just any main takeaways or observations from the drilling of the well, the completion of the well, the flowback, the productivity in the first six months. I understand it will probably get better and faster with the subsequent wells as things look pretty encouraging here. But do you have -- but do have to ask, is there anything that you all might look to potentially change up or tweak with respect to any of these items as we think about prosecuting on the remaining 4 milers that are scheduled this year?

希望從 Rystedt 開始，獲得比您在準備好的評論中已經強調的內容更詳細的資訊。只是從鑽井、完井、回流、前六個月的生產力中獲得的主要收穫或觀察結果。我知道，隨著後續油井的開鑽，情況可能會變得更好、更快，因為這裡的情況看起來相當令人鼓舞。但你有沒有——但是必須要問，當我們考慮起訴今年剩餘的 4 英里賽跑時，你們是否都可能對這些項目進行任何可能的改變或調整？

Yes, the execution on the Rystedt went really almost flawlessly. We were able to drill the well with one bottom hole assembly. We were concerned that it would take rotary steerables to be able to directionally control the well maybe in that last mile, and we just haven't seen that on any of the wells that we've drilled.

是的，Rystedt 的執行確實幾乎完美無缺。我們只用一個井底組件就能鑽好井。我們擔心可能需要旋轉導向裝置才能在最後一英里內對井進行定向控制，但我們在鑽探的任何一口井中都沒有看到這種情況。

So overall, the drilling performance has gone better than expected. We've only completed one well so far, the Rystedt. And of course, it's outperformed its type curve by 30%. And as Danny said, it's almost [cum'ed] in a little over 150 days what 2-mile wells would have been expected to [cumi] in this area. So very quickly, performing very similar to 2-mile wells.

因此整體而言，鑽井業績優於預期。到目前為止，我們只完成了一口井，即 Rystedt 井。當然，它的表現比其類型曲線高出 30%。正如丹尼所說，在該地區，2 英里深的油井預計要產出的油量在 150 多天內就幾乎達到了預期。因此速度非常快，性能與 2 英里井非常相似。

So we're just really excited about what we're seeing. We're excited with how the team has been able to execute on these wells. And -- but we do need to complete some more and we're going to. Before the end of the year, we'll have seven online. So we have six more to complete and bring online before the end of the year, and we'll be a lot more intelligent after we get a number of those under our belt.

因此，我們對所看到的一切感到非常興奮。我們對團隊在這些油井上的執行感到非常興奮。而且——但我們確實需要完成更多，而且我們會去做。到今年年底，我們將有七家公司上線。因此，我們還有六個項目需要在年底前完成並上線，在完成其中幾個項目之後，我們將會變得更加聰明。

Awesome, makes sense. And maybe just for a follow-up question. I know it's still super early in the process. But as you all have done the work looking at how your acreage footprint sits today, on how to optimize the development program. If you all were to kind of go ahead with a more material shift towards 4-mile laterals, is there a general view in terms of how much incremental net lateral footage expansion we would be talking about that would move into the economic bucket that otherwise wouldn't have?

太棒了，很有道理。也許只是為了回答一個後續問題。我知道這個過程還處於非常早期的階段。但是，正如你們所做的那樣，看看你們今天的土地足跡如何，以及如何優化開發計劃。如果你們都繼續朝著 4 英里水平井方向進行更實質性的轉變，那麼對於我們所討論的增量淨水平井進尺擴展量有多少，以及這些擴展量將進入經濟領域，是否有一個普遍的看法？

Yes, I'd say I can't quantify that for you, Oliver, but what I'll tell you is with the breakeven reductions that Darrin mentioned earlier, clearly, some of the areas on the periphery of the basin are going to start to come in and compete for capital in the way that they did previously and the existing wells that we moved to 4 miles -- the 4 miles are going to look just better. And so yes, clearly, we need to get some more of these over our belt.

是的，奧利弗，我想說我無法為你量化這一點，但我要告訴你的是，根據達林之前提到的盈虧平衡減少，顯然，盆地邊緣的一些地區將開始進入並以以前的方式競爭資本，而我們轉移到 4 英里處的現有油井——4 英里處的情況會更好。是的，顯然我們需要在這方面取得更多進展。

We're working through, as Darrin mentioned, the permitting and planning to make sure that we can prosecute a more aggressive 4 miles program with the existing -- with sort of our existing contemplation, it looks like 4 miles could be up to around 50% of our sort of development plans on a go-forward basis. And as we go through that work, we'll be of course, going back and looking at the basin and reevaluating and there's no doubt that some of the acreage on the peripheries will start to compete more attractively for capital.

正如達林所提到的，我們正在努力獲得許可並製定計劃，以確保我們能夠利用現有的、更具侵略性的 4 英里計劃——根據我們現有的考慮，4 英里似乎可以占到我們未來開發計劃的 50% 左右。在進行這項工作時，我們當然會回頭審視盆地並重新評估，毫無疑問，一些邊緣地區的土地將開始更具吸引力地爭奪資本。

Derrick Whitfield, Texas Capital.

德瑞克·惠特菲爾德，德州首府。

Congrats on a strong 2Q update. Setting aside the somewhat perplexing stock response this morning as you guys have one of the better rate of change stories in the sector at present. I wanted to ask your thoughts on how low you could drive your corporate level breakeven given the breakthroughs you're experiencing with 4-mile laterals and the cost initiatives you've outlined on slide 11.

恭喜您第二季取得強勁進展。先把今天早上有些令人困惑的股票反應放在一邊，因為你們目前擁有該領域較好的變化率故事之一。我想問一下，考慮到您在 4 英里水平井方面取得的突破以及您在第 11 張幻燈片中概述的成本計劃，您認為可以將公司層面的盈虧平衡點壓低到多低。

As we think about the -- I appreciate the question, Derrick, and we think we had a great quarter, too. So as we think about the overall breakeven of the program. Again, if you can think of sort of 50% of our inventory moving over to a 4-mile lateral perspective and that yielding, call it, between 8% to 12%. So let's just take 10% as the midpoint. .

當我們思考這個問題時——我很感謝德里克提出這個問題，我們也認為我們度過了一個很棒的季度。因此，我們考慮一下該計劃的整體損益平衡。再說一次，如果你能想像我們的庫存有 50% 轉移到 4 英里的橫向視角，那麼收益率就在 8% 到 12% 之間。因此我們就取 10% 作為中間點。。

If that's half of our inventory, just sort of with simple linear math, you'd say maybe that's a $5 improvement across the organization. And so that's the kind of positive uplift we're talking about in moving towards this. But that's not -- that's I think should also be taken in combination with other initiatives we have within the organization. So we're really trying to improve all aspects of our business to deliver incremental free cash flow. So the 4 miles are exciting, but we're trying to make progress on LOE and all of our other elements of expense as well.

如果這是我們庫存的一半，那麼透過簡單的線性數學計算，您可能會說這可能是整個組織的 5 美元的改進。這就是我們在朝著這個目標邁進時所談論的積極推動力。但這不是——我認為這也應該與我們組織內的其他措施結合。因此，我們確實在努力改善業務的各個方面，以實現增量自由現金流。因此，4 英里令人興奮，但我們也在努力在 LOE 和所有其他費用要素上取得進展。

So yes, lots of -- I think lots of opportunity for organizational improvement as we move forward.

是的，我認為隨著我們不斷前進，組織改進的機會有很多。

That's great, Danny. And I honestly want to lean in with where you just ended there. When you think about the AI and machine learning advances you're seeing, how material could the cost gains be relative to what you've accomplished to date? And what are some of the biggest needle movers for you?

太好了，丹尼。我真的很想傾聽你剛才說的話。當您考慮所看到的人工智慧和機器學習的進步時，相對於您迄今為止所取得的成就，成本效益有多大？對您來說，最大的推動力是什麼？

I'd say, Derrick, it's just so early and so nascent in this process. But what I can tell you is just a little bit of insight. I sat in a meeting yesterday afternoon internally, and we went through 31 different projects that were underway, organically working through the organization to drive improvements across every aspect of our business you could think of. And these were folks, again, all organically driven. And so this is -- I would call innovation and data analytics at Chord as being sort of decentralized in concept, but centralized in influence and oversight.

我想說，德瑞克，這個過程還處於早期階段。但我所能告訴你的只是一點點見解。昨天下午我參加了一次內部會議，我們討論了正在進行的 31 個不同項目，這些項目透過組織有機地開展，以推動我們業務各個方面的改進。這些人都是有機驅動的。所以這就是——我認為 Chord 的創新和數據分析在概念上是分散的，但在影響和監督上是集中的。

And so we've really empowered our folks to lean into getting very familiar with data, how to use data sets. We've got folks across the organization now programming in SQL and Python and just doing things in a manner that is so much more efficient than when you used to do things. And so where that leads -- it's going to lead to lower cost structure. To quantify that at this point, I think it's pretty tough. But I can tell you, it's permeating every aspect of our business.

因此，我們確實授權我們的員工熟悉資料以及如何使用資料集。我們整個組織的員工現在都使用 SQL 和 Python 進行編程，並且工作方式比以前高效得多。因此，這會導致更低的成本結構。現在要量化這一點，我認為這相當困難。但我可以告訴你，它滲透到我們業務的各個層面。

It's exciting, and it seems to me that it's -- the pace that this is moving is pretty quick, and it's building steam.

這是令人興奮的，在我看來，事情進展的步伐相當快，而且正在積聚力量。

John Abbott, Wolfe Research.

約翰‧阿博特，沃爾夫研究公司。

So maybe I'll just sort of tag along on the AI question here. So Danny, you just talked about these opportunities are being driven organically. So when you think about this, and when you think about AI, what is the cost of actually implementing these initiatives. Are they adverse -- and what are the advantages of looking at it -- these solutions internally versus externally? Maybe you could speak to that?

因此，也許我只是在這裡順便討論一下人工智慧問題。丹尼，你剛才說這些機會是自然推動的。因此，當您考慮這一點，當您考慮人工智慧時，實際實施這些舉措的成本是多少。這些解決方案從內部和外部來看是否有不利之處？從哪個角度來看，這些解決方案具有哪些優勢？也許你可以談談這個？

In other words, using a vendor versus developing it internally?

換句話說，使用供應商還是內部開發？

Yes. So I think it's a reasonable question, John. I'll make a few comments, and then maybe ask Michael to make a few as well. I'll tell you that from my view, the cost of implementation is actually quite small. When you think about the data sets, first, it all starts with having clean organized data.

是的。所以我認為這是一個合理的問題，約翰。我會發表一些評論，然後也許會請邁克爾也發表一些評論。我告訴你，從我的角度來看，實施成本其實相當小。當您考慮資料集時，首先，一切都始於擁有乾淨、有組織的資料。

And so we spent a lot of time over the last few years. And candidly, we're probably helped with the mergers and acquisitions that we've done over time because we had these big data sets come in that we needed to get put into the corporate architecture. And I think that was a strong catalyst for us to make sure that all our data was well organized, clean and accessible. And so because we had that as a backdrop, we can really lean into having this sort of clean data set that could then be leveraged. And so we've got some training courses we put through the organization.

因此，過去幾年我們花了很多時間。坦白說，我們長期以來進行的併購可能對我們有所幫助，因為我們擁有需要納入企業架構的大數據集。我認為這對我們來說是一個強大的催化劑，以確保我們所有的數據都井然有序、乾淨且易於存取。因為我們有這樣的背景，所以我們可以真正依靠這種可以利用的乾淨資料集。因此，我們透過該組織開設了一些培訓課程。

We've had hundreds of participants across the organization on what we call data camps and teaching people how to use, how to code. And it's been -- it's really taken off across the organization, and we're just seeing this excitement around it, and we're seeing tangible results from putting that in. So that's all very low cost. There is some upskilling that's happening along the way. And I think people are excited about it because they're able to sort of take ownership over their workflows and making their workflows more efficient, which I think is a good thing.

我們組織內有數百名參與者，我們稱之為資料營，教導人們如何使用、如何編碼。它已經在整個組織內真正起飛了，我們看到了人們對它的興奮，也看到了實施它所帶來的實際成果。所以成本非常低。在此過程中，我們的技能正在不斷提升。我認為人們對此感到興奮，因為他們能夠對自己的工作流程負責，並使其更加高效，我認為這是一件好事。

So you can hire a third party to come in and do some of that. But I don't think that builds the organizational excitement and momentum like what I see going on inside our organization now.

因此，您可以聘請第三方來做其中的一些工作。但我不認為這能像我現在看到我們組織內部發生的那樣，激發組織的興奮感和動力。

And I'll turn it over to Michael for incremental comments.

我將把它交給邁克爾來徵求進一步的評論。

Yes. Thanks, Danny. Yes, John, the only thing that I'd add to that are super proud of our teams in their embracing of kind of change. And as Danny mentioned, I think some of the mergers that we've done in the past has helped us continue to look for how do we kind of root out repetitive work. And that's happening at every team at every level across the organization and people are really embracing the desire for change and desire of just getting better every day.

是的。謝謝，丹尼。是的，約翰，我唯一要補充的是，我們為我們的團隊接受這種變化感到非常自豪。正如丹尼所提到的，我認為我們過去進行的一些合併幫助我們繼續尋找如何根除重複性工作的方法。這種情況正在整個組織各個層級的每個團隊中發生，人們真正擁抱改變的願望和每天變得更好的願望。

So we're trying to provide, as Danny mentioned, kind of the tool for everybody to do that and the training to do that. We're also working with outside vendors in terms of their products continuing to get better through AI and machine learning. And there's a number of folks that are doing that within their own software programs that we're looking at how that improves our people's work and kind of their time efficiency, et cetera. And then we're -- we've got a team that's really trying to look outside of our industry as well. As we know, the oil and gas business is making some changes, but there are other industries that have also done massive changes across their businesses.

因此，正如丹尼所提到的，我們正在嘗試為每個人提供一種工具，以便他們能夠做到這一點，並提供相應的培訓。我們也與外部供應商合作，透過人工智慧和機器學習不斷改進他們的產品。有許多人正在他們自己的軟體程式中進行這樣的操作，我們正在研究如何改善員工的工作效率和時間效率等等。然後我們——我們有一個團隊，他們也真正試圖將目光投向我們的行業之外。眾所周知，石油和天然氣行業正在進行一些變革，但其他行業的業務也發生了巨大的變化。

And we're trying to look at what they're doing and figure out how to implement some of what they're doing into our business as well. So it's kind of coming in multiple -- kind of multiple different types of ways that we're looking at the business.

我們正在嘗試了解他們在做什麼，並想辦法將他們的一些做法應用到我們的業務中。因此，我們正在以多種不同的方式來看待業務。

Appreciate that color. And then for the follow-up question could be on 2026. You give us more thoughts exactly in November. And there's been already plenty of questions on 4-mile laterals. But when you look at 2026, and I mean what are the factors that you're looking at in terms of what is the right amount of activity and what you're going to do?

欣賞那種顏色。後續問題可能是關於 2026 年。您恰好在十一月給了我們更多的想法。關於 4 英里橫向線路已經有很多疑問。但是當你展望 2026 年時，我的意思是，在決定要開展多少活動以及要做什麼方面，你會考慮哪些因素？

And then how do you see the cost savings from this year translating to next year as you sort of think about items such as tariffs. And somebody had mentioned this weakness in the stock today. I think the 4Q oil guide may have been a little bit low towards Street expectations. How do you provide confidence as sort of you sort of think about oil growth into the following year?

那麼，當您考慮關稅等項目時，您認為今年的成本節省將如何轉化為明年的成本節省？今天有人提到了該股票的弱點。我認為第四季的石油指南可能比華爾街的預期略低。當您考慮明年的石油成長時，您如何提供信心？

Yes. I appreciate that, John. So maybe I'll take those maybe not quite in the order asked, but if I missed something, just -- let's make sure we address all those topics before we move on to the next person in the queue. So from a 4Q oil production perspective, I'd say as we've been pretty focused and deliberate in our comments that what we're focused on as an organization is really making strong capital allocation decisions and for the purpose of generating strong free cash flow per share growth. And so that's what we're focused on, not absolute production growth, but strong free cash flow per share growth.

是的。我很感激，約翰。因此，我可能不會完全按照要求的順序回答這些問題，但如果我遺漏了什麼，那麼——在我們轉到隊列中的下一個人之前，請確保我們已經解決了所有這些主題。因此，從第四季度石油產量的角度來看，我想說，正如我們在評論中非常專注和深思熟慮的那樣，作為一個組織，我們真正關注的是做出強有力的資本配置決策，目的是產生強勁的每股自由現金流增長。因此，我們關注的不是絕對產量的成長，而是強勁的每股自由現金流成長。

And we've got some of that shown in our slide deck. And so as we came across, as we work through '25, the plan has been working exceptionally well. We're delivering more. We've seen stronger performance really from just about every aspect of the business. And so what we didn't want to do is sort of push production growth through the system at the expense of incremental capital when we had a different decision we could make, which was to peel back on capital a bit, what -- which will naturally have a resulting decrease in production and -- but generate more free cash flow which is great because we've been -- we think -- candidly, we think our shares are pretty attractive here and as we generate incremental free cash flow, it means incremental share repurchases for us.

我們在幻燈片中展示了其中的一些內容。正如我們所見，在我們開展 25 年工作的過程中，該計劃一直運作得非常好。我們正在提供更多。我們確實看到業務各個方面都表現得更加強勁。因此，我們不想以犧牲增量資本為代價來推動整個系統的產量成長，而我們可以做出不同的決定，即稍微削減資本，這自然會導致產量下降，但會產生更多的自由現金流，這很好，因為我們一直認為，坦白說，我們認為我們的股票在這裡非常有吸引力，隨著我們產生增量自由現金流，這意味著我們可以增量回購股票。

So we like that setup. Because we went to 0 frac crews at one point during the year, and we brought a frac crew back, our TIL cadence is now -- there's some cyclicality in our TIL cadence. And so we're going to have the lowest number of TILs in the fourth quarter and because we're bringing that frac crew back in the fourth quarter, we'll see that TIL count increase materially as we get into the first quarter of next year. And so the fourth quarter of this year will be our trough from a production standpoint, but we're going to grow off that trough. And I feel supremely confident about the plan we've put out.

所以我們喜歡這個設定。因為我們在一年中的某個時間點使用了 0 個壓裂隊，然後我們又帶回了一支壓裂隊，所以我們的 TIL 節奏現在是 - 我們的 TIL 節奏具有一定的周期性。因此，我們在第四季度的 TIL 數量將會最低，而且由於我們將在第四季度重新啟用壓裂團隊，因此，到明年第一季度，我們將看到 TIL 數量大幅增加。因此，從生產角度來看，今年第四季將是我們的低谷，但我們將從低谷中實現成長。我對我們所製定的計劃非常有信心。

The 3-year plan we put out in November of last year was really with a static view of the world, including our own internal capabilities. And I can tell you, our capabilities are much better now than they were then. And so I feel really, really confident about the plan, about the delivery in '26 and look forward to talking about it in November.

我們去年11月提出的三年計劃，其實是靜態地看待世界，包括我們自己的內在能力。我可以告訴你們，我們現在的能力比那時強多了。因此，我對該計劃、對 26 年的交付感到非常有信心，並期待在 11 月討論它。

Kevin MacCurdy, Pickering Energy Partners.

麥柯迪（Kevin MacCurdy），皮克林能源合夥公司（Pickering Energy Partners）。

Moving back to the 4-mile laterals for a minute. How much CapEx are you saving by doubling the 4-mile lateral program this year? And do you have any thoughts on the range of annual CapEx savings you could capture if you move to 50% of your program in the 4-mile laterals like you highlighted in your deck?

回到 4 英里橫向路線一分鐘。今年將 4 英里橫向項目擴大一倍可以節省多少資本支出？如果您將 50% 的專案轉移到 4 英里橫向管道中（就像您在簡報中強調的那樣），您是否考慮過您可以節省多少年度資本支出？

Yes. So for this year, the amount of capital saved by increasing the plans, it's probably de minimis, honestly. It's such a -- it's a relatively small part of the overall program. And so I just think that, that's maybe some modest levels of capital savings, but going to be pretty small. As we move more towards a much more substantial 4-mile program, I think you have to compare that.

是的。因此，就今年而言，透過增加計劃所節省的資金數額，老實說，可能是微不足道的。它是如此——它是整個計劃中相對較小的一部分。所以我認為，這也許是一些適度的資本節省，但金額會相當小。隨著我們逐漸走向更實質的 4 英里計劃，我認為你必須對此進行比較。

We'd already moved a bit to a 3-mile program. And so to say that's going to be incremental savings, there's incremental savings from a 3-mile to a 4-mile, but it's not as dramatic as from a 2-mile to a 4-mile. So it depends a little bit on how -- what the makeup is as we move forward. So clearly, it's going to have downward pressure on capital to deliver the same volumes. I think it should be -- I think folks recognize that we bring these wells on typically a little slower than we bring in the shorter laterals because we're trying to manage sand flow back into the ESPs.

我們已經稍微轉向了 3 英里計劃。所以說這將是增量節省，從 3 英里到 4 英里會有增量節省，但並不像從 2 英里到 4 英里那樣顯著。所以這有點取決於我們前進的前景如何。因此，顯然，要達到同樣的產量，資本將面臨下行壓力。我認為應該是這樣——我認為人們認識到我們打開這些井的速度通常比打開較短的水平井的速度要慢一些，因為我們試圖控製沙子流回 ESP。

And so as a result of that, generally, the early time production on these wells will be slightly lower on a per foot basis than the shorter laterals. But again, that's really because we're trying to manage the flowback and ensure that we don't put too much sand through the system, which comes up our ESPs and ends up cost -- requiring incremental expense for us.

因此，一般來說，這些井的早期產量以每英尺計算會比短水平井略低。但同樣，這實際上是因為我們試圖管理回流並確保我們不會將過多的沙子放入系統，這會導致我們的 ESP 出現並最終增加成本 - 需要我們增加支出。

And so you'll see that early time production be a little more -- sort of a little more modest from a per foot standpoint, but it catches up pretty quickly, and you could see that in the graph of Rystedt that hereafter about 150 days, we're already at 97%. So from a run rate capital perspective, it's going to get pushed down, but it's going to really be an issue of what is the mix of 4 versus 3 versus 2. And I think as we come out in November and start talking a little bit more about the future, we'll probably have some more specifics on that.

因此，您會發現早期的產量會稍微多一點 — — 從每英尺的角度來看有點適中，但它很快就會趕上來，您可以在 Rystedt 的圖表中看到，此後大約 150 天，我們已經達到了 97%。因此，從運作率資本角度來看，它會被壓低，但真正的問題是 4、3 和 2 的組合是什麼。我認為，當我們在十一月開始更多地談論未來時，我們可能會對此有更多具體說明。

Great. And I wanted to follow up on the 4Q guide question. And we noticed that you reduced your turn-in-line count a little bit this year. Just wondering if that has any impact on your fourth quarter production or your fourth quarter CapEx.

偉大的。我想跟進第四季度指南的問題。我們注意到，今年您的排隊次數減少。只是想知道這是否會對您在第四季度的生產或第四季度的資本支出產生影響。

Well, I think as the turn-in-lines come down, that does have an impact on production because you just bring more -- less wells into the system. Again, we're not trying to manage to an absolute production volume. It's more about sort of generating strong free cash flow per share. And so we'll -- there's a little bit of a -- having fewer TILs just isn't necessarily going to mean you've got less production flowing through the system. Those TILs will come online.

嗯，我認為隨著入井線的減少，這確實會對產量產生影響，因為你只會將更多或更少的井引入系統。再次強調，我們並沒有試圖達到絕對的生產量。這更多的是關於每股產生強勁的自由現金流。因此，我們 — — 有一點 — — 擁有較少的 TIL 並不一定意味著系統中的生產流會減少。這些 TIL 將會上線。

We've got some that come online late in the year that will -- the early '26 will benefit from, and then we've got a bunch that come online early in '26. And so the overall capital program isn't actually that different year-on-year if you think about it from a drilling and completion perspective, I mean, from guidance to what our expectations are now. The TIL count is more materially different because we've got some TILs that were originally anticipated in late '25 slipping into early '26. But the frac operations are still really taking place this year. So it's always tough when you look at TIL counts because they -- moving them by a day may make it from one quarter to another or one year to another.

我們有一些產品將在年底上線，2026 年初將會受益，然後我們還有一堆產品將在 2026 年初上線。因此，如果從鑽井和完井的角度來考慮，整體資本計畫實際上與去年同期並沒有太大差異，我的意思是，從指導到我們現在的預期。TIL 數量存在實質差異，因為我們發現一些原本預計在 25 年末出現的 TIL 推遲到了 26 年初。但今年壓裂作業仍在實際進行中。因此，查看 TIL 計數總是很困難，因為 — — 移動一天可能會導致從一個季度到另一個季度或從一年到另一個季度。

So some modest movements in TIL counts can make annual movements or quarterly movements seem more material.

因此，TIL 數量的一些溫和變動可能會使年度變動或季度變動顯得更為重要。

Paul Diamond, Citi.

花旗銀行的保羅戴蒙德 (Paul Diamond)。

Just one quick one, sticking on the 4-mile plan. How should we think about the lower CapEx level? You guys highlighted 40% to 60% lower versus 2 milers? I guess just trying to get an understanding if you're seeing any further incremental improvement there? Or will anything that affects 2 or 3 flow to 4?

只需簡單一點，堅持 4 英里計劃。我們該如何看待較低的資本支出水準？你們強調與 2 英里相比，降低了 40% 到 60%？我只是想了解您是否看到了進一步的漸進式改進？或影響 2 或 3 的任何事情都會流向 4 嗎？

Just kind of how to think of the relationship there?

只是如何看待那裡的關係？

Yes. So I think generally, it's just all about -- every incremental foot you drill is the most efficient foot generally, at least that's what we've seen up to the lengths we've gotten to currently. And so we'll see improved capital efficiency associated with this program to the degree that we are -- but that's just from the increased geometry. So as we get better and we know we're going to get better with repetition, I would expect you could have incremental things accrued to our benefit there. So as we get smarter in how we complete these wells as we get smarter about bit selection, as we get smarter about casing design, as we get smarter about all these things, and we will with repetition, we could see incremental benefits flow through and incremental capital reduction.

是的。所以我認為一般來說，這只是關於——你鑽的每個增量英尺通常都是最有效的英尺，至少這是我們目前所看到的長度。因此，我們將看到與該計劃相關的資本效率得到提高 - 但這只是從幾何形狀的增加來看的。因此，隨著我們變得越來越好，並且我們知道透過重複我們會變得越來越好，我希望你們能夠逐漸累積對我們有利的東西。因此，隨著我們在完成這些油井的方式上變得更加智能，隨著我們在鑽頭選擇上變得更加智能，隨著我們在套管設計上變得更加智能，隨著我們在所有這些事情上變得更加智能，並且我們將通過重複，我們可以看到增量效益的流入和增量資本的減少。

And so the reductions we're talking about aren't sort of any improvement in our execution baked into that. It's really just the sort of geometry advantage that going from 4 miles gives us.

因此，我們所談論的削減並不代表我們的執行力有任何改善。這實際上只是 4 英里為我們帶來的一種幾何優勢。

Got it. Makes perfect sense. And then just sticking on the -- can you -- I guess one further long-term question, which might be too early for -- for the 3-mile plan you talked about it, didn't include any of the operational improvements for the 3- or 4-mile laterals. And now that we're seeing that is the incorporation of those increased pretty massively. The current guide for this year is probably already at the top end of the range for that 3-mile or a three-year program.

知道了。非常有道理。然後繼續說——你能嗎——我想還有一個長期問題，對於你談到的 3 英里計劃來說，這可能還為時過早，它並沒有包括 3 英里或 4 英里橫向管道的任何運營改進。現在我們看到這些的合併量大幅增加。今年的現行指南可能已經達到了 3 英里或三年計劃的最高水平。

I guess, is there any -- I mean safe to assume that there's upward pressure there over time and we'll get an update later? Or just kind of how you think about that?

我想，有沒有——我的意思是可以安全地假設隨著時間的推移那裡會出現上行壓力，我們稍後會得到更新？或者您對此有何看法？

When you say upward pressure, you are talking about from a production perspective?

當您說上行壓力時，您是從生產角度談論的嗎？

Yes, on the three-year plan.

是的，三年計劃。

Yes. And so again, I think what we're looking to do is trying to generate strong free cash flow per share. And so not necessarily drive production through the system. And so if we can have equivalent production for lower capital, that may accomplish sort of the same thing that we're trying to accomplish here. But I'll tell you the efficiencies gained this year through our operational improvements, when combined with what we think is likely to be a movement more towards a 4-mile program, which, again, has a geometry advantage and a capital efficiency advantage.

是的。因此，我認為我們想要做的就是努力創造強勁的每股自由現金流。因此不一定能透過系統推動生產。因此，如果我們能夠以較低的資本實現同等的生產，那麼這可能就達到了我們在這裡試圖實現的目標。但我會告訴你們，今年透過營運改進我們獲得了哪些效率，再加上我們認為可能更傾向於 4 英里計畫的舉措，這又具有幾何優勢和資本效率優勢。

None of that was contemplated when we put the three-year plan out. And so we've seen lots of things that should be benefiting the three-year plan as we move forward. And again, look forward to talking about that more in November. But that was a static plan, and our capabilities have improved since we put that plan out.

當我們制定三年計劃時，根本沒有考慮到這些。因此，我們看到很多事情將會對三年計畫的進展有益。再次，期待在十一月進一步討論這個問題。但那是一個靜態計劃，自從我們推出該計劃以來，我們的能力已經提高了。

Geoff Jay, Daniel Energy Partners.

傑夫·傑伊（Geoff Jay），丹尼爾能源合作夥伴。

Just one more question on -- and just one for me on the 4 miles. I guess I'm just curious what milestones are you kind of waiting for or watching for to kind of get to the 50% of your program? And I guess, what are the gating factors?

還有一個問題——關於 4 英里，我只有一個問題。我想我只是好奇，您正在等待或關注哪些里程碑，以實現計劃的 50%？我想，限制因素是什麼？

I think the big thing, Geoff, is mechanically, can we get this? Can we repeatedly mechanically get to the bottom, get all the way drilled out to or get all the way out to the toe successfully put our fracs away, get the wells cleaned out all the way to the toe and then see contribution across the full lateral. So the first well went great the -- but we've got one under our belt from a full drill complete turn-in-line perspective.

傑夫，我認為最重要的是從機械角度來說，我們能做到嗎？我們能否反覆機械地到達底部，一直鑽到底部或一直鑽到趾部，成功地將我們的壓裂物去除，將井清理到趾部，然後看到整個水平段的貢獻。因此，第一口井進展順利——但從全面鑽探、完整轉向的角度來看，我們已經取得了成功。

So we've got several more that we've drilled. They've drilled well. We've generally been favorable to our expectations and maybe not generally, maybe everything has been favorable to our expectations from that standpoint -- from a drilling standpoint. But we've only completed one, and so we need to get a few more reps under our belt, just make sure that mechanically, we can get this done. If mechanically, we can get it done, and that's repeatable which we have expectations it will be, but we need to make sure that's the case, then I think you'll see us move pretty swiftly into a more sort of full-scale 4-mile development.

所以我們又進行了多處鑽探。他們訓練得很好。從鑽探的角度來看，整體而言，我們的結果符合我們的預期，但也許不是總體，也許一切都符合我們的預期。但是我們只完成了一個，所以我們需要再多做幾次，只要確保從機械上來說我們可以完成它就行。如果從機械角度來說，我們可以完成它，而且它是可重複的，我們有這樣的期望，但我們需要確保情況確實如此，那麼我想你會看到我們很快進入更全面的 4 英里開發階段。

Noah Hungness, Bank of America.

諾亞·洪尼斯，美國銀行。

For my first question here, I was hoping to go back to the TILs. The 15 TILs that kind of have been shifted a little bit, is it fair to think that most of that capital will be spent in '25 with the production impact then being a bit of a tailwind into '26?

對於我的第一個問題，我希望回到 TIL。15 個 TIL 已經稍微轉移，是否可以認為大部分資本將在 25 年花掉，而生產影響將在 26 年產生一些順風作用？

I think that's -- a good portion of it is being spent in '25 that -- and I'd say that happens a bit every year. You drill and complete wells at the end of the year, and then you get the benefit from them in '26. And so I don't know how much more acute it is this year than any other previous years. But no doubt, we've got completion activities happening in the fourth quarter as a result of bringing that completion crew back, which '26 will benefit from.

我認為 — — 其中很大一部分是在 25 年花掉的 — — 而且我想說這種情況每年都會發生一點。你在年底鑽井併完井，然後在 26 年獲得收益。所以我不知道今年的情況比前幾年嚴重多少。但毫無疑問，由於完工隊伍的回歸，我們將在第四季度完成一些完工活動，26 年將從中受益。

Great. That's helpful. And then on the marketing and transportation front. It seems like in the midstream world, there's been a lot of movement there on potentially adding egress out of basin. And just given your all size in the basin as -- you're the largest operator there.

偉大的。這很有幫助。然後是行銷和運輸方面。似乎在中游領域，已經有許多措施可以增加流域出口。鑑於你們在盆地內的所有規模——你們是那裡最大的運營商。

How are you guys positioned to potentially take advantage of that? And I guess, could you help us kind of try to quantify what that opportunity means for Chord.

你們如何才能充分利用這項優勢？我想，您能否幫助我們量化這個機會對 Chord 意味著什麼。

Yes. No, we're obviously talking to everybody. We feel like we've got good egress as it is. And so we're -- we feel good on that front. But like you said, there are some new plans coming into place.

是的。不，我們顯然正在與每個人交談。我們感覺我們已經有了良好的出口。因此，我們對此感覺良好。但正如您所說，一些新的計劃正在實施。

We'd certainly love to see more options out of the basin and to the extent that we can be supportive in getting some of those in place, we're going to do that. More options are always better.

我們當然希望看到盆地中出現更多的選擇，只要我們能夠支持其中的一些選擇，我們就會這樣做。選擇越多越好。

Got you. And do you think there's any potential for that to flow through onto a lower GP&T costs or increased realizations?

明白了。您認為這是否有可能降低 GP&T 成本或提高實現率？

Yes. I think with more options in the basin and more egress, you're going to see better differentials over a long period of time as well as better full GPT costs. I don't know how to quantify that just yet. We're going to have to see if these things get built and what it looks like as that happens.

是的。我認為，隨著盆地中選項的增多和出口的增多，您將在很長一段時間內看到更好的差異以及更好的全 GPT 成本。我還不知道如何量化這一點。我們將看看這些東西是否建成以及建成後會是什麼樣子。

There are no further questions from our phone lines. I would now like to turn the call back over to Danny Brown for some closing remarks.

我們的電話線裡沒有其他問題。現在我想將電話轉回給丹尼·布朗，請他發表一些結束語。

Thanks, Anas. In closing, I extend my sincere appreciation to all of our employees and contractors for their continued dedication and diligence. The company is well positioned for success and to deliver significant value for our shareholders. Through our strategic initiatives and the strength of our team, we have created what we believe is an increasingly rare and valuable asset. Chord has a substantial production base with low decline rates and a high oil cut which is complemented by a deep portfolio of economically attractive lower-risk conservatively spaced oil-rich inventory and we've been getting better.

謝謝，阿納斯。最後，我要向所有員工和承包商的持續奉獻和勤奮表示誠摯的感謝。公司已做好充分準備，將獲得成功並為股東創造巨大價值。透過我們的策略舉措和團隊的力量，我們創造了我們認為越來越稀有和寶貴的資產。Chord 擁有龐大的生產基礎，其產量遞減率低、含油量高，再加上具有經濟吸引力、低風險、保守間隔的富油庫存，我們的狀況一直在好轉。

We are proud of the progress we've made as a company and in our ability to deliver in the future. And with that, I appreciate everyone's interest. Thanks for joining our call.

我們為公司所取得的進步以及未來的實現能力感到自豪。我非常感謝大家的關注。感謝您加入我們的電話會議。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and we ask that you please disconnect your lines. Have a great day.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，請您斷開線路。祝你有美好的一天。