Civitas Resources Inc (CIVI) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Civitas Resources First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Civitas Resources 2024 年第一季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to Brad Whitmarsh, Head of Investor Relations. Please go ahead.

我現在想將會議交給投資人關係主管布拉德‧惠特馬什 (Brad Whitmarsh)。請繼續。

Thank you, Allis. Good morning, everyone, and thank you for joining us. Yesterday, we issued our first quarter earnings release, our dividend release and a buyback announcement, along with our 10-Q, and we provided some supplemental materials. Hopefully, you've had a chance to review those items, which should all be available on our website. I'm joined today by our CEO, Chris Doyle; CFO, Marianella Foschi; and COO, Hodge Walker. After our prepared remarks, we will conduct a question-and-answer session. As always, please limit your time to one question and one follow-up so we can work through the list efficiently.

謝謝你，艾利斯。大家早安，感謝您加入我們。昨天，我們發布了第一季財報、股利報告和回購公告，以及 10 季業績報告，並提供了一些補充資料。希望您有機會查看這些項目，這些項目都應該可以在我們的網站上找到。今天我們的執行長 Chris Doyle 也加入了我的行列。財務長瑪麗內拉·福斯基；和營運長霍奇·沃克。在我們準備好的發言之後，我們將進行問答環節。像往常一樣，請將您的時間限制在一個問題和一個後續行動上，以便我們能夠有效地處理該清單。

We will make certain forward-looking statements today, which are subject to risks and uncertainties that could cause actual results to differ materially from our projections. Please make sure and read our full disclosures regarding these forward-looking statements in our most recent SEC filings. We also may refer to certain non-GAAP financial metrics. Reconciliation of these items to GAAP measures can be found in yesterday's release and in our SEC filings.

今天我們將做出某些前瞻性陳述，這些陳述存在風險和不確定性，可能導致實際結果與我們的預測有重大差異。請確保並閱讀我們在最近提交給美國證券交易委員會的文件中有關這些前瞻性陳述的完整披露。我們也可能參考某些非公認會計準則財務指標。這些項目與 GAAP 衡量標準的調節可以在昨天的新聞稿和我們向 SEC 提交的文件中找到。

With that, I'll turn the call over to Chris for opening comments.

這樣，我將把電話轉給克里斯，讓他發表評論。

Thanks, Brad. Good morning, everybody, and welcome to our first quarter call. 2023 was truly a transformational year for our company. Now in 2024, this is the first quarter that all of our new businesses are put together, and our results highlight just the beginning of Civitas' bright future ahead. Today, we're benefiting from a scale and more diverse portfolio our teams are finding innovative ways to drive capital efficiency. There are a couple of key takeaways.

謝謝，布拉德。大家早安，歡迎來到我們第一季的電話會議。 2023 年對我們公司來說確實是轉型的一年。現在是 2024 年，這是我們所有新業務整合的第一個季度，我們的業績凸顯了 Civitas 光明未來的開始。如今，我們受益於規模化且更加多樣化的投資組合，我們的團隊正在尋找創新方法來提高資本效率。有幾個關鍵要點。

First, our Permian team and assets are performing very well. Through successful integration, we're already reducing drilling and completion cycle times and lowering cash operating costs. Now it's only one quarter, but I'm super excited about the results this team is already delivering. Next, our teams continue to optimize development of the DJ Basin, and we achieved our $300 million divestment target ahead of schedule. These divestments are accelerating value to Civitas, peeling away assets that simply don't compete for capital.

首先，我們的二疊紀團隊和資產表現非常好。透過成功的整合，我們已經縮短了鑽井和完井週期時間並降低了現金營運成本。現在只有四分之一，但我對這個團隊已經取得的成果感到非常興奮。接下來，我們的團隊繼續優化DJ盆地的開發，提前實現了3億美元的撤資目標。這些撤資正在加速西維塔斯的價值，剝離那些根本不參與資本競爭的資產。

On an annual basis, the $300 million of assets would have generated approximately $70 million of EBITDA at $75. Now connecting the dots here, these noncore assets traded at a material step-up in value from where our remaining core assets currently trade. Importantly, the quality of our portfolio, our strong operational execution and our confidence in achieving this year's targets will allow us to maintain full year volume guidance despite selling 5,000 BOE per day. This is essentially a 1.5% increase in our sales volume guidance for the year with no CapEx change.

以每年 75 美元計算，這 3 億美元的資產將產生約 7,000 萬美元的 EBITDA。現在把這些點連結起來，這些非核心資產的交易價值比我們剩餘的核心資產目前的交易價值大幅上升。重要的是，我們的投資組合品質、強大的營運執行力以及實現今年目標的信心將使我們能夠維持全年銷售指導，儘管每天銷售 5,000 桶油當量。這實質上是我們今年銷售量指引的 1.5% 成長，資本支出沒有改變。

Also during the quarter, we continued our strong shareholder return program, returning $215 million between our peer-leading dividend and share buybacks. Hopefully, you saw our press release yesterday announcing another share repurchase agreement where we're buying back more than 1 million shares from Vitol is now down to under 2% of our outstanding shares.

同樣在本季度，我們繼續實施強有力的股東回報計劃，在領先同業的股息和股票回購之間回報了 2.15 億美元。希望您昨天看到了我們宣布另一項股票回購協議的新聞稿，我們從 Vitol 回購了超過 100 萬股股票，目前已降至我們已發行股票的 2% 以下。

Since the beginning of last year, we've repurchased $462 million of our stock at $63.30 per share. And our total return, including dividends is approaching $1.3 billion over that same time frame. That's approximately 18% of our market cap returned to shareholders in a little over a year. In addition to our capital return, we paid down debt in the first quarter, reducing our borrowings by $350 million. Our first quarter operational and financial performance drove a significant beat on both consensus earnings and cash flow.

自去年年初以來，我們已以每股 63.30 美元的價格回購了價值 4.62 億美元的股票。同期我們的總回報（包括股息）接近 13 億美元。在一年多一點的時間裡，我們的市值大約有 18% 回饋給了股東。除了資本回報之外，我們還在第一季償還了債務，減少了 3.5 億美元的借款。我們第一季的營運和財務表現顯著超出了共識收益和現金流。

Sales volumes for the quarter were higher than planned, averaging 336,000 barrels of oil equivalent per day and oil was 156,000 barrels per day or 47% of total volumes. This was driven by strong well productivity along with accelerated turn-in-line timing in both the DJ and Permian.

該季度的銷量高於計劃，平均每天 336,000 桶油當量，石油為每天 156,000 桶，佔總銷量的 47%。這是由強勁的油井產能以及 DJ 和二疊紀加速的上線時間所推動的。

Cash operating costs were in the lower half of our annual guidance at $9.19 per BOE. LOE was the primary driver here, totaling $4.31 per BOE. Capital expenditures were $650 million or approximately 1/3 of our annual guidance. This is slightly higher than planned, but largely due to the acceleration of drilling and completion activities in the Permian as well as certain long lead items purchased for the DJ in the first quarter. As a reminder, we'll likely spend 60% to 65% of our full year CapEx in the first half of the year.

現金營運成本處於我們年度指引的下半部分，為每桶油當量 9.19 美元。 LOE 是這裡的主要驅動力，每個 BOE 總計 4.31 美元。資本支出為 6.5 億美元，約占我們年度指引的 1/3。這略高於計劃，但主要是由於二疊紀鑽井和完井活動的加速以及第一季為 DJ 購買的某些長週期項目。提醒一下，我們可能會在今年上半年花費全年資本支出的 60% 到 65%。

As we progress through the remainder of the year, our focus remains on maximizing free cash flow, enhancing the balance sheet and returning capital to our shareholders as we build a long-term and sustainable business. Now let me turn to some operational highlights.

在今年剩餘時間裡，我們的重點仍然是最大限度地提高自由現金流、改善資產負債表並向股東返還資本，同時建立長期、可持續的業務。現在讓我談談一些操作亮點。

Starting with the Permian. We'll be investing about 60% of this year's capital in the Permian. We're continuing to show that assets are better in our hands. In today's supplemental slides, we provide a number of helpful comparisons that highlight this exact point. On the drilling side, we've increased average footage drilled per day by nearly 30% from prior operators. And according to third-party data, we drilled more footage per day per rig than any other operator in the Permian during the first quarter of the year.

從二疊紀開始。我們將把今年約 60% 的資金投資到二疊紀盆地。我們將繼續證明，資產掌握在我們手中會更好。在今天的補充幻燈片中，我們提供了許多有用的比較，突顯了這一點。在鑽井方面，我們每天的平均鑽井進尺較之前的操作員增加了近 30%。根據第三方數據，今年第一季度，我們每台鑽機每天鑽探的長度比二疊紀的任何其他營運商都多。

A particular note, we recently drilled a 3-mile lateral in the Midland Basin and under 10 days spud to rig release. We've also had similar achievements on the completion side. Our teams have increased daily fluid throughput by 20%. Accordingly, cycle times are coming down as our D&C costs. So far, we've captured approximately 5% cost reduction on a per foot basis and there's much more to come. We're also finding ways to lower cash operating costs. In the first quarter LOE, we were more than $1 below expectations, driven by ongoing field-level synergies, primarily labor-related and the optimization of chemicals program, particularly in the Delaware.

特別值得注意的是，我們最近在米德蘭盆地進行了 3 英里的側向鑽探，從開鑽到鑽機釋放的時間不到 10 天。我們在完成方面也取得了類似的成就。我們的團隊將每日液體吞吐量提高了 20%。因此，週期時間隨著我們的 D&C 成本而下降。到目前為止，我們已經實現了每英尺成本降低約 5%，而且未來還會有更多降低。我們也正在尋找降低現金營運成本的方法。在第一季的 LOE 中，我們比預期低了 1 美元以上，這得益於持續的現場協同效應，主要是與勞動力相關的協同效應和化學品計劃的優化，特別是在特拉華州。

In March, we commenced production on a large number of new Delaware wells. Early production performance is in line with expectations. Production from these wells along with additional TILs through the summer should drive oil growth in the Permian through the year. The first well is fully drilled and completed by Civitas are anticipated to commence production in the third quarter. We continue to find ways to optimize our portfolio through asset trades, acreage swaps and small (inaudible) acquisitions. Our ground game has added valuable inventory, extended laterals and increased working interest in near-term development.

三月份，我們在特拉華州的大量新井開始生產。前期生產表現符合預期。這些油井的產量以及夏季額外的 TIL 應該會推動二疊紀全年的石油成長。第一口井已由 Civitas 完全鑽完，預計將於第三季開始生產。我們繼續尋找透過資產交易、面積互換和小型（聽不清楚）收購來優化我們的投資組合的方法。我們的地面遊戲增加了寶貴的庫存、擴展了支線並增加了近期開發的工作興趣。

As a result of this success, we've now lowered our 2024 expected Permian well count by about 10 while still completing the same lateral footage as our lateral lengths have increased by more than 10%. Now switching to the DJ. The highly prolific Watkins area comprises about 70% of our 2024 DJ investments. We continue to be encouraged by performance. And you can see on our slides, how production continues to track well versus our recently uplifted type curve. During the first quarter, we completed 13 4-mile laterals in Watkins. These are the longest wells ever drilled and completed in the Basin. These wells allow us to access additional resource while reducing surface impact, and we're looking forward to production results in the second half of the year.

由於這項成功，我們現在已將 2024 年二疊紀預期井數減少了約 10 口，同時仍完成了相同的橫向進尺，因為我們的橫向長度增加了 10% 以上。現在切換到 DJ。資源豐富的沃特金斯地區約占我們 2024 年 DJ 投資的 70%。我們繼續對業績感到鼓舞。您可以在我們的幻燈片上看到，與我們最近抬升的類型曲線相比，生產如何繼續保持良好狀態。第一季度，我們在沃特金斯完成了 13 次 4 英里橫向跑。這些是該盆地有史以來鑽探和完井最長的井。這些井使我們能夠獲得額外的資源，同時減少地表影響，我們期待下半年的生產結果。

We have 320 remaining development locations at Watkins and majority of which are covered by comprehensive area plans. The (inaudible) cap is approved and represents much of our 2024 and 2025 planned activity. And we're working on the Lowry cap approval, which we expect to happen later this summer. Also during the first quarter, we drilled our first U-turn wells in the DJ. So another accomplishment in our strategy to maximize returns and resource development with longer laterals.

我們在沃特金斯還有 320 個剩餘開發地點，其中大部分都包含在綜合區域規劃中。 （聽不清楚）上限已獲得批准，並代表了我們 2024 年和 2025 年計劃活動的大部分內容。我們正在努力批准洛瑞上限，預計今年夏天晚些時候完成。同樣在第一季度，我們在 DJ 鑽探了第一口掉頭井。因此，我們策略的另一項成就是透過更長的支線來實現回報最大化和資源開發。

Briefly on the Colorado regulatory front, I want to thank the governor and the legislature for their work to reach a compromise that will withdraw the competing ballot measures and in-process bills regarding oil and gas development. While the new compromised bills are not yet finalized, they're aligned with our emissions reduction commitments and they raise important funds for low carbon transportation options for all Colorados.

簡而言之，在科羅拉多州監管方面，我要感謝州長和立法機構為達成妥協所做的工作，該妥協將撤回有關石油和天然氣開發的競爭性投票措施和正在進行的法案。雖然新的妥協法案尚未最終確定，但它們與我們的減排承諾一致，並為所有科羅拉多州的低碳交通選擇籌集了重要資金。

Importantly, for producers, it provides certainty that the government will oppose any future ballot measure and any legislative attendant that would upend this certainty at least through the 2027 legislative session. This is a win-win for all parties, including our shareholders as it removes risk of near-term regulatory changes in the state into 2028.

重要的是，對於生產者來說，它提供了確定性，即政府將反對任何未來的投票措施以及任何至少在 2027 年立法會議期間顛覆這種確定性的立法人員。這對包括我們的股東在內的各方來說都是雙贏的，因為它消除了該州到 2028 年近期監管變化的風險。

Wrapping up, our first quarter performance reflects the benefits of a high-quality portfolio and the team's ongoing ability to make the most out of our asset base. We're encouraged by the early efficiency gains and strong results we're seeing in the Permian and the DJ Basin continues to perform exceptionally well. Civitas has all of the key ingredients to deliver long-term shareholder value, high-quality assets, inventory depth, a strong balance sheet, significant free cash flow and a track record of returning cash to owners through cycle.

總而言之，我們第一季的業績反映了高品質投資組合的好處以及團隊充分利用我們的資產基礎的持續能力。我們對二疊紀早期的效率提升和強勁成果感到鼓舞，而 DJ 盆地繼續表現出色。 Civitas 擁有實現長期股東價值的所有關鍵要素、高品質資產、庫存深度、強大的資產負債表、大量的自由現金流以及在整個週期內向所有者返還現金的良好記錄。

Thank you for your interest in Civitas. Operator, we're now happy to take questions.

感謝您對西維塔斯的興趣。接線員，我們現在很樂意回答問題。

(Operator Instructions) Our first question comes from Neal Dingmann from Truist Securities.

（操作員指示）我們的第一個問題來自 Truist Securities 的 Neal Dingmann。

Congrats on the nice quarter. My first question, is really on the notable upside you all already seen on the Permian. And specifically, what I'd like to add to Chris, is for your (inaudible), just on the well productivity in the play, it appears to be advancing very quickly. I'm just wondering. Are there a few items I know we've had a number of companies now with earnings this week talked about the well productivity and what's driving that? What's most impressive with yours is just a short amount of time. And so maybe you could talk about the type of drilling or completion ups -- what we're seeing there and maybe future D&C upside the remainder of the year?

恭喜這個美好的季度。我的第一個問題其實是關於你們在二疊紀盆地已經看到的顯著的好處。具體來說，我想向克里斯補充的是，對於您的（聽不清楚），就戲劇中的生產力而言，它似乎進展得非常快。我是在想。我知道有一些公司本周公布了盈利情況，其中有一些項目談到了油井生產力以及推動這一生產力的因素是什麼？你最印象深刻的只是很短的時間。所以也許你可以談談鑽探或完井的類型——我們在那裡看到了什麼，也許未來的 D&C 在今年剩餘時間裡會帶來好處？

So thanks for the question, Neal. It's very easy and what we've done is point to very notable capital efficiency gains, drill time, cycle times, turn-in-line cycle times. All of those are hitting on all cylinders. I think what's not necessarily out there quite yet is what this team is doing in terms of how we're developing this resource. And to your point, there's additional zones of interest uphole in the Delaware. We've talked about the Wolfcamp D in the Midland.

謝謝你的提問，尼爾。這非常簡單，我們所做的就是大幅提高資本效率、鑽探時間、週期時間、上線週期時間。所有這些都在全力以赴。我認為目前還不一定是這個團隊在如何開發該資源方面正在做的事情。就您而言，特拉華州井上還有其他感興趣的區域。我們已經討論過米德蘭的 Wolfcamp D。

The reason that we targeted entering the Permian is exactly what you pointed to. There is tremendous resource up and down the whole. We're testing those zones. Some of those zones, candidly, while there are upside, we did not underwrite value for these acquisitions. We're seeing how they perform. That will inform how we allocate capital going forward. I'll say we're very excited by early results that we're seeing in many of the secondary zones, and that will have impacts on how we allocate capital going forward.

我們瞄準進入二疊紀的原因正是你所指出的。整個上下都有巨大的資源。我們正在測試這些區域。坦白說，其中一些區域雖然有上升空間，但我們並未承保這些收購的價值。我們正在觀察他們的表現。這將告訴我們未來如何分配資本。我想說，我們對在許多次要區域看到的早期結果感到非常興奮，這將對我們未來如何分配資本產生影響。

Great point. And then, Chris, since you've come in, you've done a tremendous job only doing what you're going to say, but just on the shareholder return. And I'm just wondering now, when we look at sort of Civi going forward, do you still think sort of the flat growth makes the most sense now that you've got these high-return Permian assets to go along with the DJ assets. Maybe just talk about what you think -- what strategy you believe is still best for shareholders going forward?

很棒的一點。然後，克里斯，自從你進來以來，你已經做了很多工作，只是做了你要說的事情，但只是為了股東回報。我現在只是想知道，當我們考慮 Civi 的未來發展時，你是否仍然認為，既然你已經擁有了這些高回報二疊紀資產和 DJ 資產，那麼平穩增長才是最有意義的。也許只是談談你的想法——你認為哪種策略對股東的未來仍然是最好的？

Yes. And I would point to the collective at Civitas really executing on this business model that was put in place, formation in November of 2021. We think it still makes the most sense long term, not to focus on production growth, but focus on cash flow, focus on maximizing free cash and returning that to shareholders. Now some years, that may mean a little bit of growth, whether you saw that early in 2022 when service costs weren't necessarily aligned with commodity prices. You saw the run-up in commodities. So what did we do? We accelerated and we grew production.

是的。我想指出 Civitas 的集體真正執行了 2021 年 11 月形成的這種商業模式。並將其返還給股東。現在幾年，這可能意味著一點點增長，無論你是否在 2022 年初看到這一點，當時服務成本不一定與大宗商品價格一致。你看到了大宗商品的上漲。那我們做了什麼？我們加速並增加了產量。

The flip side was true as well. In 2023, where there was a mismatch, and we pulled activity back. Again, this is about how do you maximize shareholder value over the long term. And I would say right now, there's still a lot of flux in the system. And this is -- that's why it's a difficult question to answer for us right now as we stand up operations in the Permian. So much of that capital efficiency equation, so much of what this team can deliver and what these assets will deliver is still yet to be determined.

另一面也是如此。 2023 年，由於出現了不匹配的情況，我們取消了活動。同樣，這是關於如何長期最大化股東價值的問題。我想說的是，現在系統中仍然存在著許多變化。這就是為什麼當我們在二疊紀開展業務時，這是一個很難回答的問題。資本效率等式、該團隊可以提供的內容以及這些資產將提供的內容仍有待確定。

I think what's truly exciting for our team is there are a lot of folks that wanted to see us execute. They wanted to understand, could we integrate three new businesses in the Permian and not stumble and -- look, again, it's one quarter. We're not spiking the football or anything like that. But we're super proud that this team has started out of the gate as strong as we have. I think what you'll see year-over-year is likely to be broadly flat production and how do we peel out as much capital as possible.

我認為對我們團隊來說真正令人興奮的是有很多人希望看到我們執行。他們想了解，我們能否整合二疊紀盆地的三個新業務，而不是絆倒——再看一次，這是四分之一。我們不會扣球或類似的東西。但我們非常自豪，這支球隊一開始就和我們一樣強大。我認為你會看到同比產量可能基本上持平，以及我們如何盡可能地剝離資本。

Now I will say another hallmark of our Board and the hallmark of our executive leadership team is that we are always in the lab trying to figure out how to improve our business. And if that means we grow a little bit. We'll look at that as a potential option. My gut is it's going to be broadly flat production, minimize capital.

現在我要說的是我們董事會和執行領導團隊的另一個特點是，我們總是在實驗室裡試圖找出如何改善我們的業務。如果這意味著我們成長了一點。我們會將其視為一個潛在的選擇。我的直覺是，生產將基本持平，資本最小化。

Question comes from Tim Rezvan from KeyBanc Capital Markets.

問題來自 KeyBanc Capital Markets 的 Tim Rezvan。

I want to start first, I guess, the Colorado legislative news, obviously, a really big deal. Can you give any more insight on the timing when we -- is that like how it works being sort of passed through the legislature right now? And then while we're talking about time lines, can you give any more details on what you think for the Lowry CAP and then the third CAP in Colorado?

我想我想先從科羅拉多州的立法新聞開始，顯然這是一件大事。您能否就我們現在透過立法機關的方式提供更多的見解？然後，當我們談論時間表時，您能否提供更多關於您對洛瑞 CAP 以及科羅拉多州第三次 CAP 的想法的細節？

Tim, this is Hodge. With regards to the legislation that you referenced, that legislation is moving through right now as we speak. The session ends here next week. So expectation is that we'll move through the process and get voted on here by the end of next week. As far as the application, as I think you might be aware, there's a sliding scale that's associated with pricing on oil and gas separately that sliding scale will go into effect in 2025.

提姆，這是霍奇。關於你提到的立法，在我們發言時該立法正在通過。下週會議將在此結束。因此，我們預計我們將完成整個流程，並在下週末之前在這裡進行投票。就應用而言，我想您可能知道，有一個與石油和天然氣單獨定價相關的滑動比例，該滑動比例將於 2025 年生效。

One of the benefits of this discussion, this compromise is really through the work of the governor, the legislature, ENGOs in the industry and the governor's announcement on Monday through companies were named and we were one of those companies through the work that we've been doing over the last few weeks. What we've agreed to through this compromise is that the governor and the legislature is stacking is to say that there will be no negative legislation. They'll come out against legislation and ballot initiatives that have a negative impact on this industry. And that's through the legislative session of 2027.

這次討論的好處之一是，這種妥協實際上是透過州長、立法機構、行業內的非政府組織的工作以及州長週一宣布的公司被點名而我們透過我們的工作成為這些公司之一的。過去幾週一直在做。我們透過這項妥協達成的共識是，州長和立法機關一致同意不會有負面立法。他們將站出來反對對該行業產生負面影響的立法和投票倡議。這要到 2027 年的立法會議為止。

So for all intents and purposes, that clears until the 2028 legislative session. On Lowry CAP, we're expecting Lowry CAP to be moving through this summer. And then next one is our Arapa CAP, and that will be probably at the end of this year, beginning of next year.

因此，無論出於何種意圖和目的，這個問題要等到 2028 年立法會議才能解決。關於 Lowry CAP，我們預計 Lowry CAP 將在今年夏天結束。下一個是我們的 Arapa CAP，可能會在今年年底、明年年初。

And Lowry CAP, we've got a schedule in June, gearing -- so we're feeling good about that. I think the only thing I'd round out is the sliding scale at current price, about $0.50 a barrel of oil, about $0.15 for gas. If you apply that to our production stream over the entire Civitas production street is about $0.25 BOE. And how we made more than that, it's peeled more than that out of LOE in the first quarter. Now we're not happy about paying additional taxes, but we are happy about building a coalition that shows the importance of this industry in the state, and removing regulatory uncertainty for the foreseeable future.

Lowry CAP，我們在 6 月有一個時間表，正在調整——所以我們對此感覺良好。我認為我唯一要補充的是按當前價格計算的滑動比例，石油約為每桶 0.50 美元，天然氣約為每桶 0.15 美元。如果將其應用到整個 Civitas 生產街的生產流程中，成本約為 0.25 美元 BOE。我們如何取得比這更多的成果，它比第一季從 LOE 中剝離的還要多。現在，我們對繳納額外稅款並不滿意，但我們很高興建立一個聯盟，展示該行業在該州的重要性，並消除可預見的未來的監管不確定性。

And as Hodge mentioned, we work the Lowry through the process. We roll Arapa CAP through the process, we have a real line of sight to developing one of the great resources in the DJ over the next 3, 4 years without that overhang. So we're excited and happy to work together with the governor, the legislators and NGOs to get this done.

正如霍奇所提到的，我們在整個過程中與洛瑞合作。我們在整個過程中滾動 Arapa CAP，我們有一個真正的視野，可以在未來 3、4 年內開發 DJ 中的重要資源之一，而不會出現懸而未決的情況。因此，我們很高興也很高興與州長、立法者和非政府組織合作完成這項工作。

Okay. That's great color. And then as my follow-up, I wanted to shift gears a little bit. I know you all have been out meeting with investors more this year. There's a growing debate out there about your differentiated dividend outlook. Obviously, repurchases have been in favor. And I know for you all, it's a little more complex issue because it is a sort of meaningful part of the comp structure that's been put in place.

好的。那顏色真棒。然後作為我的後續行動，我想稍微改變一下。我知道你們今年與投資者會面的次數增加了。關於差異化股息前景的爭論越來越多。顯然，回購受到了青睞。我知道對你們所有人來說，這是一個更複雜的問題，因為它是已經到位的薪酬結構中有意義的一部分。

So Chris, I don't know if you could put your director hat on and address this or if Marianella, you have some views. But just kind of curious what you're hearing from investors on repurchases versus this differentiated dividend? And maybe how the Board is sort of thinking about this going forward now that you've -- you're digesting these acquisitions?

克里斯，我不知道你是否可以戴上導演的帽子並解決這個問題，或者瑪麗內拉，你是否有一些看法。但只是有點好奇你從投資者那裡聽到的關於回購與這種差異化股息的消息是什麼？既然您正在消化這些收購，那麼董事會可能會如何考慮未來的發展？

Yes. I'll kick this off and then maybe see if Marianella to smooth out the edges. This is an executive team that's very well aligned with shareholders. And so this is a debate that we have internally to say nothing of what we hear from investors. At formation, we felt like it was important that the commitment to getting cash back to shareholders was real. And I think what I'm really proud about is as a company since November 2021, we've really lived up to that commitment.

是的。我會開始這個，然後也許看看瑪麗內拉是否能平滑邊緣。這是一個與股東關係非常密切的執行團隊。因此，對於我們從投資者那裡聽到的消息，這是一場內部爭論。在成立之初，我們認為將現金回饋給股東的承諾是真實的，這一點很重要。我認為我真正感到自豪的是，自 2021 年 11 月以來，作為一家公司，我們確實履行了這項承諾。

Now the really interesting thing in my view is because of the strength of the assets, the cash flow generating power of these assets, we've been able to really deploy in all of the above strategy. And so we've been able to hit the dividends at the same time deliver on buybacks in tandem return a significant portion of our value back to shareholders just over the past couple of years. It's something I would say we consider as a capital allocation decision. And so it's something that the Board debates. It's -- management will continue to debate it. To this point, we've had the strength to be able to do all of the above, but it is something that we evaluate.

現在，我認為真正有趣的事情是，由於資產的實力，這些資產的現金流產生能力，我們已經能夠真正部署上述所有策略。因此，在過去的幾年裡，我們能夠在實現股息的同時進行回購，將我們價值的很大一部分返還給股東。我想說，我們將其視為資本配置決策。因此，這是董事會爭論的問題。管理層將繼續對此進行辯論。到目前為止，我們已經有能力完成上述所有任務，但這是我們評估的事情。

Tim, I would add that as you know, we've been in the conference circuit out a lot over the last 45, 60 days or so. I'd say the feedback from the buy time in general has just been the flexibility in our capital plan, how do you think about committing to returning a certain percentage of our cash adjusted dividends versus thinking about a more flexible framework.

提姆，我想補充一點，如你所知，在過去 45、60 天左右的時間裡，我們經常參加巡迴會議。我想說的是，購買時間的回饋總體上就是我們資本計畫的靈活性，您如何看待承諾返還一定比例的現金調整股息，而不是考慮更靈活的框架。

I would argue that based on our balance sheet, based on the strength of our cash flow and based on the caliber of our asset base. We do retain that flexibility, right? And you've seen us do a lot of everything. Consistent with the comments we made last quarter, I think it's important to remember that. We continue to return cash through the cycle. We definitely want to position our company to do that over the long term. And if you look at what we've done to date, we have an extremely strong track record of doing that as good as anybody.

我認為，基於我們的資產負債表、現金流的實力以及我們資產基礎的品質。我們確實保留了這種靈活性，對嗎？您已經看到我們做了很多事情。與我們上季度發表的評論一致，我認為記住這一點很重要。我們在整個週期中繼續返還現金。我們絕對希望讓我們的公司能夠長期做到這一點。如果你看看我們迄今為止所做的事情，你會發現我們在這方面擁有與其他人一樣出色的良好記錄。

Going forward, you can expect us to continue to execute on that. We like our (inaudible) philosophy, we believe this strategy tuck us as well. And on the buyback front, you've seen us do a lot of that, certainly over the last couple of quarters and even more so over the last 15 months. We'll continue being opportunistic and countercyclical. One thing you know very well is this industry is full of examples of companies that buybacks are occurring at the wrong time, right?

展望未來，您可以期待我們繼續執行這一點。我們喜歡我們的（聽不清楚）理念，我們相信這種策略也讓我們受益匪淺。在回購方面，您已經看到我們做了很多這樣的事情，尤其是在過去幾個季度，在過去 15 個月裡更是如此。我們將繼續保持機會主義和反週期的態度。您非常清楚的一件事是，這個行業充滿了公司在錯誤時間進行回購的例子，對嗎？

And some of the frameworks out there that are just leverage based that just by definition, they -- because your leverage would be low and higher commodity prices and that's where your stock would be high as well, you just get yourself in trouble with buying at the wrong time. So from our perspective, we have a $330 million authorization outstanding. We're extremely in the money in terms of the weighted average price we repurchased those shares at. And we will continue to be opportunistic. We're going to be patient, and there will likely be some lumpiness in how we deploy the remaining authorization of the results.

那裡的一些框架只是基於槓桿，根據定義，它們- 因為你的槓桿會很低，而商品價格會更高，而這就是你的股票也會很高的地方，你只會讓自己在購買時遇到麻煩錯誤的時間。因此，從我們的角度來看，我們還有 3.3 億美元的未授權授權。就我們回購這些股票的加權平均價格而言，我們非常賺錢。我們將繼續機會主義。我們將保持耐心，並且我們在如何部署剩餘授權結果方面可能會出現一些混亂。

Our next question comes from William Janela from Mizuho.

我們的下一個問題來自瑞穗的 William Janela。

Chris, I wanted to ask one more on the Colorado fee proposal. I know you've been very involved in the process here. So I'm curious if you could give us a sense of where that bill stands in terms of legislative support, if you're seeing any opposition to it coming in from anywhere? And how likely you think it is to be passed when that vote happens next week? I think that removes a pretty big headwind for your stock certainly for next 3.5 years?

克里斯，我想再問一個關於科羅拉多州費用提案的問題。我知道你非常積極地參與了這個過程。因此，我很好奇您能否讓我們了解該法案在立法支持方面的情況，您是否看到來自任何地方的反對聲音？您認為下週投票時法案通過的可能性有多高？我認為這肯定會消除你的股票未來 3.5 年的相當大的阻力？

Yes. Thank you. Thanks, Will, for the question. And really, it's a tip of the CAP to Hodge and his team. We've been involved over the past few weeks. It was critical and the governor, I would say, did a good job making sure that both sides of the aisle within legislature, the NGOs and industry were together and ready to stack hands on we can go forward with this. And so we believe that it will work through the system that, that coalition was developed over the past few weeks with an agreement that works for all. I think importantly, and our industry brings in a lot of tax revenue for the state and to individuals. And a lot of our dollars go into hitting local communities in a very, very positive way.

是的。謝謝。謝謝威爾提出這個問題。事實上，這是 CAP 向 Hodge 和他的團隊提供的建議。過去幾週我們一直參與其中。這很關鍵，我想說，州長做得很好，確保立法機關內的兩黨、非政府組織和產業齊心協力，準備好共同推動這項工作。因此，我們相信，它將透過過去幾週建立的聯盟並達成適用於所有人的協議的系統來發揮作用。我認為重要的是，我們的行業為國家和個人帶來了大量稅收。我們的許多資金都用於以非常非常積極的方式影響當地社區。

I think what this tax does and the governor was very clear, that it starts to build a coalition at the state level. And when you fast forward to the legislative session of 2028 as the state will be looking to balance its budget. Now all of a sudden, an extremely important industry within the state in terms of jobs and tax revenue. It also has this additional fee. And I think we'll strengthen the coalition, will there be noise 4 years from now? Probably. But this, I think, will go a long way to really strengthening the ties between the state of Colorado and is the great industry that we're blessed to work in.

我認為這項稅收的作用是什麼，州長非常清楚，它開始在州一級建立一個聯盟。當你快進到 2028 年的立法會議時，州將尋求平衡其預算。現在突然之間，就就業和稅收而言，該行業成為該州極其重要的行業。它也有這項額外費用。我認為我們會加強聯盟，四年後還會有噪音嗎？大概。但我認為，這將大大有助於真正加強科羅拉多州與我們有幸從事的偉大行業之間的聯繫。

Question comes from Oliver Huang from TPH.

問題來自 TPH 的 Oliver Huang。

On the outside, it seems like the efficiencies have come in a bit faster than you all would have envisioned, which looks to be pretty much across the board, which is good to see. Just wanted to kind of see if there's anything else that we should be keeping on a radar for -- that could drive further efficiency gains in the near term? And any initial takeaways on kind of getting the venture side up to the same speed of the Hibernia assets? Just kind of given how you all had the keys to that one for a few extra months? The same that it will just be a bit more expedient if you're not already there, but just any comments there would be helpful.

從表面上看，效率的提高似乎比大家想像的要快一些，這看起來幾乎是全面的，這是很高興看到的。只是想看看是否還有其他我們應該關注的事情——可以在短期內進一步提高效率？對於讓創投方達到與希伯尼亞資產相同的速度有什麼初步收穫嗎？只是考慮到你們都是如何多持有那把鑰匙的幾個月的？同樣，如果您還沒有在那裡，那麼它會更方便一些，但任何評論都會有幫助。

Yes, we're there. We had TSAs for the -- covered all 3 of the transactions. We exited the TSA with Vencer late last month. And so this is real-time news, but these assets are all in our hands. I think to your point, we saw some real encouraging results towards the end of the year as we're pulling our budget together. We rolled in some of those efficiency gains into the '24 plan. But to your point, we did not anticipate nor did we assume that this team would hit the ground running.

是的，我們就在那裡。我們的 TSA 涵蓋了所有 3 項交易。上個月末，我們與 Vencer 一起退出了 TSA。所以這是即時新聞，但這些資產都在我們手中。我認為就你的觀點而言，我們在年底時看到了一些真正令人鼓舞的結果，因為我們正在整合預算。我們將其中一些效率提升納入了「24 小時計畫」。但就你的觀點而言，我們沒有預料到也沒有假設這個團隊會立即開始運作。

And again, I want to reiterate, this is only one quarter in, but the DNA of this team that we pulled together in the Permian is so much like the team that we have in the DJ, super hyper competitive. We want to lead industry in both basins that we're operating in. And I'm just so proud to be a part of the team that has been able to knock down those results as quickly as they have.

我想再次重申，這只是四分之一，但我們在二疊紀組建的這支團隊的 DNA 與我們在 DJ 中的團隊非常相似，超級具有競爭力。我們希望在我們營運的兩個盆地中引領業界。

I think as we go forward, and into the next quarter or a couple of quarters as we continue to gain confidence in our ability to extend laterals and drive cycle times down. If the first quarter is any representation of what we're going to see in the next 3 quarters, we're going to have some decisions to make on do we want to redeploy some capital to the drill bit and potentially increase going into 2025, we want to extend the inventory through our ground game or do we want to get that cash back to shareholders.

我認為，隨著我們前進，進入下一個季度或幾個季度，我們將繼續對我們延長支線和縮短週期時間的能力充滿信心。如果第一季能夠代表我們在接下來的三個季度中看到的情況，那麼我們將做出一些決定，我們是否想要將一些資本重新部署到鑽頭上，並可能在 2025 年增加資金，我們想透過我們的地面遊戲擴大庫存，還是想將現金回饋給股東。

I think it's going to be a fun discussion to have because any of those 3 options is a win for our shareholders. And we're just super excited to see what this team continues to deliver.

我認為這將是一個有趣的討論，因為這三個選項中的任何一個對我們的股東來說都是勝利。我們非常高興看到這個團隊繼續交付什麼。

Awesome. That's helpful. And maybe a follow-up. Just on the asset sales, good to see the completion of that midyear target on divestitures front. Are you all pretty much done on this front for the time being? Or are there other assets that kind of remain within the portfolio, which you might have looked to kind of print that bring some more value forward?

驚人的。這很有幫助。也許還有後續行動。就資產出售而言，很高興看到年中剝離目標的完成。目前你們在這方面都已經完成了嗎？或者投資組合中是否還有其他資產，您可能希望將其列印出來以帶來更多價值？

Yes. I think with this executive team and the broader team, I don't know that I'd say wherever truly done. I think when -- we are always looking for ways to optimize shareholder volume, value and how to optimize our portfolio. And sometimes that we mean assets are more valuable in other hands. It was important for us when we announced the first 2 transactions to say, look, we're essentially about to double the size of the portfolio, let's make a commitment to ourselves and to our shareholders that we're going to take a hard look at what is core and what is noncore and commit to hitting $300 million by midyear.

是的。我認為對於這個執行團隊和更廣泛的團隊來說，我不知道我會說什麼真正做到了。我認為，我們一直在尋找優化股東數量、價值以及如何優化我們的投資組合的方法。有時我們的意思是資產在其他人手中更有價值。當我們宣布前兩筆交易時，對我們來說很重要的是，我們基本上要將投資組合的規模擴大一倍，讓我們向自己和股東做出承諾，我們將認真考慮確定什麼是核心、什麼是非核心，並承諾在年中之前達到3 億美元的目標。

To be able to do that ahead of schedule and honestly, at the value for noncore assets that I would have taken the under on a year ago is, again, a testament of a very capable, very strong team. So I'd say we will continue and always look at ways to optimize our overall portfolio. And -- but I will say that we're happy with what we've achieved and excited to get this behind us.

能夠提前並誠實地做到這一點，以我一年前會接受的非核心資產的價值，再次證明了一支非常有能力、非常強大的團隊。所以我想說，我們將繼續並始終尋找優化我們整體投資組合的方法。而且——但我要說的是，我們對所取得的成就感到滿意，並很高興能把這一切拋在身後。

Oliver, I'll also add that for us, like Chris said, our focus is to create shareholder value, there's an opportunity to do that. I mean a lot of the noncore just further back in the schedule of strained acreage, we could use that to sell it, right, like we did. We can also use it to trade it, right? And Chris alluded to the ground game. I mean I will say that is an incredibly huge opportunity for us to create value and I'll give you an example. I mean some of the traits we recently did in the Permian specifically, we traded into net -- more acres that allowed us to extend laterals.

奧利佛，我還要補充一點，對我們來說，就像克里斯所說，我們的重點是創造股東價值，我們有機會做到這一點。我的意思是，很多非核心項目都在緊張面積計劃的後面，我們可以用它來出售它，對吧，就像我們所做的那樣。我們也可以用它來交易，對嗎？克里斯提到了地面比賽。我的意思是，我會說這對我們來說是一個創造價值的巨大機會，我會給你一個例子。我的意思是，我們最近在二疊紀所做的一些特徵，我們換成了淨面積——更多的英畝數，使我們能夠擴展側線。

And you saw about a 10 gross load decline in account for this year, but that was for a extending lateral lens from 2 miles to 2.2. That trade, just to put it in perspective, that was 4 million BOEs of proved reserves that we got for 0 cost. And so if we can do that for no cash, I mean imagine what we could do with some cash, which -- this is all within part of our budget. But just wanted to underpin that because it's something that we don't spend a lot of time necessarily talking about, but it's creating a water valley just behind the scenes, if you will.

今年，您看到總負載下降了大約 10，但這是橫向鏡頭從 2 英里延長到 2.2 英里的情況。從長遠來看，這筆交易是我們以 0 成本獲得的 400 萬桶石油當量的探明儲量。因此，如果我們不需要現金就能做到這一點，我的意思是想像我們可以用一些現金做什麼，這一切都在我們預算的一部分之內。但我只是想強調這一點，因為我們不一定會花很多時間談論這一點，但如果你願意的話，它正在幕後創造一個水穀。

Our next question comes from Kevin MacCurdy from Pickering Energy Partners.

我們的下一個問題來自 Pickering Energy Partners 的 Kevin MacCurdy。

It's actually Kevin MacCurdy. Yes, I would agree you got a pretty healthy price on those asset sales. In fact, it looks like you sold those assets at a higher valuation than where your stock is currently trading. My question is on efficiencies. You brought online more wells than we anticipated, specifically in the DJ Basin. You talked about balancing growth and free cash flow. But I guess, at what point does it make more operational sense to keep activity steady which could be an acceleration of your capital plan? And is that a decision that's driven by cost or commodity price?

實際上是凱文·麥克柯迪。是的，我同意你在這些資產出售上得到了相當健康的價格。事實上，您出售這些資產的估值似乎高於股票目前的交易價格。我的問題是關於效率。你們上線的油井比我們預期的要多，特別是在 DJ 盆地。您談到了平衡成長和自由現金流。但我想，什麼時候保持活動穩定才更有營運意義，這可能會加速您的資本計畫？這是一個由成本或商品價格驅動的決定嗎？

Yes. Thanks, Kevin, for the question. I think you're hitting on a key part of how you ultimately drive capital efficiency. And if you're yo-yoing activity, sometimes that can be difficult. We did accelerate activity in both basins actually because it was a more efficient use of capital. And so it created a little bit of lumpiness and pulled some capital into the first quarter.

是的。謝謝凱文提出問題。我認為您正在抓住最終提高資本效率的關鍵部分。如果您進行溜溜球活動，有時會很困難。實際上，我們確實加速了這兩個盆地的活動，因為這是對資本的更有效利用。因此，它造成了一些波動，並為第一季吸引了一些資金。

In many respects, the level set activity across both basins will lead to the most efficiency gains. I think in the Permian, the issue that we have right now is you have a team that is rapidly changing the equation by peeling out days on the drilling side and completion side.

在許多方面，兩個流域的水平設定活動將帶來最大的效率增益。我認為在二疊紀，我們現在面臨的問題是，你的團隊正在透過減少鑽井側和完井側的時間來快速改變方程式。

All good things, but it is leading to a little bit of lumpiness. I would say that we look at this on a continual basis and whether that is -- we're going to level load and keep things flat and just see if we can run harder that way or if we can -- or if we add in a little bit of lumpiness, whatever is the best, most efficient way to generate cash flow and get that back to shareholders what we're going to do.

一切都很好，但它導致了一點混亂。我想說的是，我們會持續關注這一點，無論是——我們將平衡負載並保持平穩，看看我們是否可以這樣更努力地運行，或者我們是否可以——或者我們是否添加一點點塊狀，無論什麼是產生現金流並將其返還給股東的最好、最有效的方式，我們將要做的事情。

Comes from Leo Mariani from ROTH MKM.

來自 ROTH MKM 的 Leo Mariani。

I wanted to follow up a little bit on the regulatory environment here. Obviously, good to see that there's a compromise between NGOs, the legislature, the governor and industry here. But just wanted to kind of clarify a couple of things. So I know there was a bill going around that essentially would put some kind of summer stipulations on sort of largely on frac activity. And just wanted to verify that, that's going to be going away as a result maybe it already has. I don't know if it passed any committees.

我想跟進一下這裡的監管環境。顯然，很高興看到非政府組織、立法機構、州長和產業之間達成妥協。但只是想澄清一些事情。所以我知道有一項法案正在流傳，本質上會對夏季壓裂活動做出某種規定。只是想驗證一下，這種情況將會消失，因為也許它已經消失了。我不知道它是否通過了任何委員會。

And then just with respect to ballot initiatives, I'm not an expert in Colorado Civics or anything like that. But presumably, there could still be groups that could put forward a ballot initiative, I think under the current kind of rules of the state, certainly, I guess the governor can oppose it publicly and legislature can oppose it publicly. But is it just a matter of having kind of enough signatures at the end of the day and kind of getting that approved by the right agencies in the state, where there still could be anti-oil and gas balance initiatives? Just wanted to get some more color on that.

然後就投票倡議而言，我不是科羅拉多公民或類似領域的專家。但想必，仍然可能有團體可以提出投票倡議，我認為在目前的州規則下，當然，我想州長可以公開反對，立法機關也可以公開反對。但這只是最終獲得足夠簽名並獲得該州適當機構批准的問題嗎？只是想對此有更多的色彩。

Leo, this is Hodge. Thanks for the question. With regards to the one legislation piece that was out there that had the potential for the pause during the summer. That has been -- that is a part of this compromise and will be pulled down as a part of this broader compromise. So that is in motion as we move through this legislative session. Good question on the ballot initiatives and to your point, from the position people can bring forward ballot initiatives part of what we've agreed to with this broader discussion not only with the governor and the legislature, but also with the NGOs is that we are going to stand down the ballot initiative efforts, meaning them being -- bringing forward ballot initiatives against the actions of this industry.

利奧，這是霍奇。謝謝你的提問。關於一項可能在夏季暫停的立法文件。這是這項妥協的一部分，並將作為這更廣泛妥協的一部分被取消。因此，當我們進行本次立法會議時，這一點正在啟動。關於投票倡議的好問題，就你的觀點而言，從人們可以提出投票倡議的立場來看，我們不僅與州長和立法機構，而且還與非政府組織進行了更廣泛的討論，同意的一部分是，我們將停止投票倡議的努力，這意味著他們正在提出反對該行業行為的投票倡議。

And quite honestly, the industry putting some countermeasures out there. So that is a part of the broader agreement. To the same point, having the governor come out and say that he's against these types of ballot initiatives gives even more strength behind this compromising agreement.

老實說，業界已經提出了一些對策。這是更廣泛協議的一部分。同樣，州長出面表示他反對此類投票倡議，這為這項妥協協議提供了更多支持。

Okay. I appreciate that. And I guess just on well costs in the Permian. I just want to make sure I understood the comments correctly, I think you guys said that you're down about 5% year-to-date on D&C cost per foot. Obviously, that's great progress here in one quarter. I just wanted to verify, is that mostly just kind of related to efficiency gains? I don't know if there's any OFS changes in that number? And it sounds like you have a lot of momentum there. So that 5% reduction, it sounds like that can get a lot better during the year. Just want to get a sense of where that might go in the second half.

好的。我很感激。我猜只是二疊紀的油井成本。我只是想確保我正確理解了這些評論，我想你們說過，今年迄今為止，每英尺 D&C 成本下降了約 5%。顯然，在一個季度內取得了巨大進步。我只是想驗證一下，這主要與效率提升有關嗎？不知道OFS這個數字有沒有變化？聽起來你在那裡有很大的動力。所以說減少 5%，聽起來今年會好很多。只是想了解下半場的情況。

Yes, Leo, this is Hodge again. To your point, 5% down, this is one quarter. We're very excited about where we are. I think we're seeing efficiencies faster than where we thought we would be at this time. But at the same time, we're doing a few high fives, but we're not spiking the ball. There's continuous work to be done here. We've got a team that is focused on and has a foundational DNA of continuous improvement. They're challenging themselves on how to do things safer, better, faster every single day.

是的，利奧，這又是霍奇。依照你的觀點，下降 5%，這是四分之一。我們對我們所處的位置感到非常興奮。我認為我們現在看到的效率比我們想像的還要快。但同時，我們擊掌了幾次，但我們沒有扣球。這裡還有持續不斷的工作要做。我們擁有一支專注於持續改進並具有持續改進基本基因的團隊。他們每天都在挑戰自己如何更安全、更好、更快做事。

Most of the cost savings we're seeing here are attributed to operational and equipment that we're using. We've changed out some rigs, and we've added horsepower on our completions so that we can increase our ability to do work and do it in a timely manner, and we're shortening our cycle times associated with that. We are seeing some reductions in pipe costs, but the majority of the savings we're seeing here are around processes and equipment that we're using. Excited to see where this team is going to go. We will continue to focus on continuous improvement, and we'll see how this progresses over the course of the year.

我們在這裡看到的大部分成本節省都歸功於我們正在使用的營運和設備。我們更換了一些鑽機，並增加了完井的馬力，以便我們能夠提高工作能力並及時完成工作，並且我們正在縮短與此相關的周期時間。我們看到管道成本有所下降，但我們在這裡看到的大部分節省都與我們正在使用的流程和設備有關。很高興看到這支球隊要去哪裡。我們將繼續專注於持續改進，我們將在這一年中看到進展如何。

We haven't rolled those savings all the way through our '24 plan and don't know where we will be 1 quarter, 2 quarters, 3 quarters from now. And I think that is going to provide a tremendous amount of flexibility in terms of how we can redeploy that capital. I think there is a lot of noise in the system. We're being conservative, rightfully conservative because it's early to Hodge's point, but super excited about what this team is already delivering. And I'm more excited to see what we can talk about next quarter and the following quarter.

我們還沒有將這些節省下來的資金貫穿我們的“24 年計劃”，也不知道 1 個季度、2 個季度、3 個季度後我們會達到什麼水平。我認為這將為我們如何重新部署資本提供巨大的靈活性。我認為系統中有很多噪音。我們是保守的，正確的保守，因為現在霍奇的觀點還為時過早，但對這支球隊已經交付的東西感到非常興奮。我更興奮地看到我們可以在下個季度和下個季度討論什麼。

Our next question comes from Phillips Johnston from Capital One.

我們的下一個問題來自第一資本的菲利普斯約翰斯頓。

Most questions were asked and answered, but I'll just leave it with two quick housekeeping questions. First, do you guys have any material infrastructure needs over the next 12 to 18 months? And then secondly, NGO realizations were stronger than I would have expected in Q1 at about 30% of TI or so that's towards the high end of your annual guidance range. I realize the range is unchanged, but can you maybe talk about the dynamics there and what your expectations are for the rest of the year?

大多數問題都已被提出並得到解答，但我只留下兩個簡單的內務問題。首先，你們在未來 12 到 18 個月內有任何物質基礎設施需求嗎？其次，非政府組織的實現比我在第一季的預期要強，約為 TI 的 30% 左右，這接近年度指導範圍的高端。我意識到範圍沒有變化，但您能談談那裡的動態以及您對今年剩餘時間的期望嗎？

Sure, Phillips. I'll address your first question and let me know this is not what you're trying to get at in terms of infrastructure and gas takeaway, Permian wide specifically, so everything that we think we need to spend is in our budget, right? I would say from a Permian takeaway perspective, we have two very supportive strong partners. And those partners have their budgets for what they believe they need for infrastructure for this year. I will say to underpin that over the last couple of quarters, we've seen planned and unplanned maintenance and some of the planes down there, and we really haven't seen any impact on flow.

當然，菲利普斯。我將回答你的第一個問題，讓我知道這不是你在基礎設施和天然氣外賣方面想要得到的，特別是在二疊紀範圍內，所以我們認為我們需要花費的一切都在我們的預算中，對嗎？我想說，從二疊紀外送的角度來看，我們有兩個非常支持的強大合作夥伴。這些合作夥伴的預算符合他們認為今年基礎設施所需的預算。我想說的是，在過去的幾個季度裡，我們已經看到了計劃內和計劃外的維護以及一些飛機在那裡，我們確實沒有看到對流量的任何影響。

Obviously, we felt the pricing impact on WAHA widening base, but no constraints itself. This just speaks to the strength of who you partner with, right? (inaudible) enterprise, again, just the two largest (inaudible) gas, they really provide a lot of flow assurance in that regard just because those entities just need their wide grade for their frac complex is an export doc downstream. And so from our perspective, after these 3 acquisitions, we just have very limited exposure, some of the smaller processors that to your point, like a lot of times just pass on some of those infrastructure budgets to their producers.

顯然，我們感受到了定價對 WAHA 擴大基礎的影響，但本身並沒有任何限制。這正好說明了你的合作​​夥伴的實力，對嗎？ （聽不清楚）企業，再一次，只是兩個最大的（聽不清楚）天然氣，他們在這方面確實提供了大量的流量保證，只是因為這些實體只需要他們的壓裂綜合體的廣泛等級是下游的出口文件。因此，從我們的角度來看，在這3 次收購之後，我們的曝光度非常有限，一些較小的處理器，就你的觀點而言，很多時候只是將其中一些基礎設施預算傳遞給了他們的生產商。

And then on your second question on the NGL realization that this trend quite a bit, quarter from Q4. A lot of that is related to the fact that if you think about the propane seasonality in Q1 that we saw, which is about 30% to 40% of our product mix, a lot of that is what drove those higher NGO realizations relative to Q4.

然後，關於第二個問題，NGL 意識到這種趨勢相當明顯，從第四季開始。這在很大程度上與這樣一個事實有關：如果你考慮我們看到的第一季的丙烷季節性，它約占我們產品組合的30% 到40%，那麼很大程度上就是推動NGO 實現相對於第四季更高的原因。

We don't have any questions as of the moment. I'd now like to hand back over to Brad Whitmarsh for final remarks.

目前我們沒有任何問題。現在我想請布拉德惠特馬什發表最後的評論。

Yes. Thank you. Appreciate everybody joining us today for the Civitas call. We continue to look forward to sharing our continued progress on upcoming calls. And certainly, we'll see you all at the conference circuit here in the second quarter. Hope you have a great rest of the day and a safe weekend.

是的。謝謝。感謝今天加入我們參加 Civitas 電話會議的所有人。我們繼續期待在即將舉行的電話會議上分享我們的持續進展。當然，我們將在第二季的巡迴會議上與大家見面。希望您今天休息愉快，週末安全。

Thank you, everyone, for attending today's call. We hope you have a wonderful weekend. You may now all disconnect to this session.

謝謝大家參加今天的電話會議。我們希望您週末愉快。現在您可以中斷與此會話的連線。