Civitas Resources Inc (CIVI) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Civitas Resources second quarter 2025 earnings conference call and webcast. My name is Morgan, and I will be your operator for today's call. Please be advised that today's conference call is being recorded. I will now turn the call over to Brad Whitmarsh, head of investor relations. Brad, please go ahead.

您好，感謝您的支持。歡迎參加 Civitas Resources 2025 年第二季財報電話會議和網路廣播。我叫摩根，今天我將擔任您的電話接線生。請注意，今天的電話會議正在錄音。現在我將把電話轉給投資人關係主管布拉德‧惠特馬什 (Brad Whitmarsh)。布拉德，請繼續。

Thanks, Morgan. Good morning everyone and thank you for joining us. Yesterday we announced our second quarter 2025 results as well as an enhanced capital return program. We provided some supplemental materials and we filed our 10.

謝謝，摩根。大家早安，感謝大家的參與。昨天，我們公佈了 2025 年第二季業績以及增強的資本回報計劃。我們提供了一些補充資料並提交了 10 份。

In addition, we announced the appointment of Wouter van Kempen, formerly our board chair as our interim CEO. Hopefully you've had a chance to look through all of our materials which are all on the website. This morning our prepared remarks will come from Wouter as well as Marianella Foschi, our CFO, and Clayton Carrell, our President and COO.

此外，我們也宣布任命前董事會主席 Wouter van Kempen 為臨時執行長。希望您有機會瀏覽我們網站上的所有資料。今天上午，我們準備好的演講將來自 Wouter 以及我們的財務長 Marianella Foschi 和我們的總裁兼營運長 Clayton Carrell。

As always, please limit your time to one question and one follow up, and we can get to the list efficiently. Well, certain, we will make certain forward-looking statements which are subject to risks and uncertainties that could cause actual results to differ materially from projections.

像往常一樣，請將您的時間限制在一個問題和一個後續問題上，以便我們能夠有效地獲得清單。嗯，當然，我們會做出某些前瞻性陳述，這些陳述受風險和不確定性的影響，可能導致實際結果與預測有重大差異。

Please read our full disclosures regarding these statements in our most recent SEC filings. Also, we may refer to certain non-gap financial metrics. Reconciliations to the appropriate GAAP measure can be found in yesterday's earnings release and our SEC filings. With that, I'll turn the call over to Wouter.

請閱讀我們最近提交給美國證券交易委員會 (SEC) 的文件中有關這些聲明的完整披露。此外，我們也可以參考某些非差距財務指標。在昨天的收益報告和我們向美國證券交易委員會提交的文件中可以找到與適當的 GAAP 指標的對帳。說完這些，我會把電話轉給沃特。

Thanks, Brad, and good morning, everyone. Thanks for joining us. As we continue to build a world-class energy company, we must stay nimble and adaptable and build a culture of performance, strong execution, and close leadership.

謝謝，布拉德，大家早安。感謝您的加入。在我們繼續打造世界一流能源公司的過程中，我們必須保持靈活和適應能力，建立績效、強大執行力和緊密領導的文化。

Civitas has accomplished a lot since the formation in 2021, but there's more work to be done. And as such, the board made a difficult decision to part ways with Chris Doyle. We thank Chris for his contributions to our company and all that he has done to bring Civvitas to where we are today.

自 2021 年成立以來，Civitas 已經取得了許多成就，但仍有更多工作要做。因此，董事會做出了與克里斯·道爾分道揚鑣的艱難決定。我們感謝克里斯對我們公司的貢獻以及他為 Civvitas 取得今天的成就所做的一切。

I want to be clear that this is not a strategic shift for Civitas. This was a board position that we needed new leadership to deepen our focus on execution and performance, on discipline, and on cost leadership and push the company forward.

我想明確指出的是，這並不是 Civitas 的策略轉變。董事會表示，我們需要新的領導層來深化對執行和績效、紀律和成本領導的關注，並推動公司向前發展。

I will act as interim CEO until permanent replacement can be found, and Howard Willard, who has served on our board since 2021, has been appointed chair by the board during this period. We enter 2025 with four clear priorities as we work to build a stronger and more durable Civitas in the face of significant macro volatility.

我將擔任臨時首席執行官，直到我找到正式替代者，而自 2021 年起擔任董事會成員的 Howard Willard 在此期間被董事會任命為主席。邁入 2025 年，我們提出了四個明確的優先事項，致力於在宏觀經濟大幅波動的情況下建立更強大、更持久的 Civitas。

Number one, run the business to maximize free cash flow and build upon a leading cost structure enhanced by sustainable capital efficiencies. Number 2, Deploy the free cash flow to protect and strengthen the balance sheet, and we laid out a goal of achieving $4.5 billion in net debt towards the end of the year.

第一，經營企業要最大化自由現金流，並建立領先的成本結構，並透過可持續的資本效率來增強。第二，利用自由現金流來保護和強化資產負債表，我們制定了在年底實現 45 億美元淨債務的目標。

Number 3, return cash to shareholders, which was targeted to primarily come through a strong-based dividend with the potential for higher shareholder returns tied to hitting our debt reduction target. And number 4, lead in ESG and build a long-term sustainable business as we execute on our goal to further reduce our emissions profile.

第三，向股東返還現金，主要透過強勁的股息來實現，並有可能在實現債務削減目標的同時獲得更高的股東回報。第四，在執行進一步減少排放的目標的同時，引領 ESG 並建立長期可持續發展的業務。

And we look, as we look back on the first half of the year, Civitas has taken decisive action to enhance our operational execution, sustainably lower our cost and improve our financial position in order to maximize value for shareholders.

回顧上半年，我們看到，Civitas 已採取果斷行動，加強營運執行力，持續降低成本，改善財務狀況，以實現股東價值最大化。

With a number of our goals already achieved and confidence in meeting our debt reduction targets for the year, we are very pleased that we can now reinstate an aggressive capital returns plan with a buyback authorization that is well over 25% of our market capp today.

由於我們已經實現了許多目標，並且有信心實現今年的債務削減目標，我們非常高興現在可以恢復積極的資本回報計劃，並授權回購超過我們目前市值的 25%。

Let me now hand it over to Marianella to go through this in more detail and cover this year's accomplishments.

現在，讓我將主題交給 Marianella，讓她更詳細地介紹這一情況並介紹今年的成就。

Thanks, Wouter. As you mentioned, we're taking decisive actions to strengthen the company and our forward plan, including first, as we came in in 2025, we optimized our investment levels, focusing on higher free cash flow and returns.

謝謝，沃特。正如您所提到的，我們正在採取果斷行動來加強公司和我們的未來計劃，首先，隨著 2025 年的到來，我們優化了投資水平，專注於更高的自由現金流和回報。

Second, we reduced price risk and protected our cash flow with increased hedges. Taking advantage of multiple commodity price opportunities over the last couple of months, we are now approximately 60% hedged on oil for the remainder of this year, which is about twice our normal levels.

其次，我們透過增加對沖來降低價格風險並保護現金流。利用過去幾個月的多種商品價格機會，我們目前已對今年剩餘時間的石油進行了約 60% 的對沖，約為我們正常水平的兩倍。

Next, we proactively issued $750 million in new senior notes, with a focus to enhance their liquidity and extend debt maturities. Today, we have around $2 billion in financial liquidity, and by the end of the year, we anticipate no borrowings outstanding on our credit facility.

接下來，我們主動發行了7.5億美元的新優先票據，重點是增強其流動性並延長債務期限。今天，我們擁有約 20 億美元的財務流動資金，到今年年底，我們預計我們的信貸額度上將不再有未償還的借款。

Fourth, we're on track with our previously announced $100 million cost optimization and efficiency initiative to enhance margins and returns. Oil costs are lower in each basin, oil differentials are improved, and we're driving cash operating costs meaningfully lower. Clay will provide more color on this effort here shortly.

第四，我們正在按計劃實施之前宣布的 1 億美元成本優化和效率計劃，以提高利潤率和回報。每個盆地的石油成本都降低了，石油差異得到了改善，我們正在大幅降低現金營運成本。克萊很快將在此提供有關此項努力的更多詳情。

And lastly, we significantly exceeded our full year target for non-core asset sales, with executed agreements to divest $435 million in non-core DJ basin assets at a strong valuation. Achieving a 4 times multiple on 2026 cash flow establishes another strong marker for our DJ assets and allows us to further high grade our position in the basin.

最後，我們大大超越了全年非核心資產銷售目標，並簽署了以強勁估值剝離 4.35 億美元非核心 DJ 盆地資產的協議。實現 2026 年現金流的 4 倍倍數為我們的 DJ 資產建立了另一個強有力的標誌，並使我們能夠進一步提高在盆地中的地位。

The divestments constitute the northernmost part of our asset base, an area with minimal near-term development plans, and it accelerates significant cash flow with proceeds targeted for debt reduction. Production from the divested assets is estimated to be around 10,000 barrels equivalent per day for next year, half of which is oil, and the transactions are expected to close around the end of the 3rd quarter.

這次撤資構成了我們資產基礎的最北部分，該地區近期的發展計劃很少，而且它加速了大量的現金流，收益用於減少債務。預計明年剝離資產的產量約為每天 10,000 桶當量，其中一半為石油，預計交易將在第三季末完成。

Each of these achievements is significant standalone. And combined, you have accelerator plans for the year. Putting our $4.5 billion year-end target squarely in sight.

這些成就中的每一個都具有重大意義。綜合起來，您就有了今年的加速器計畫。我們在年底實現 45 億美元的目標指日可待。

With confidence in our plan, we intend to take advantage of the compelling value our equity provides today. Going forward and including full year 2025, we plan to allocate 50% of our free cash flow after the base dividend to share buybacks on an annual basis and the remainder to debt reduction.

我們對我們的計劃充滿信心，我們打算利用我們的股權目前提供的引人注目的價值。展望未來，包括 2025 年全年，我們計劃將基本股利後的 50% 自由現金流用於每年股票回購，其餘部分用於減少債務。

For the current year that comes to about $375 million in repurchases, inclusive of the $70 million repurchase year-to-date. In strong support, our board increased our share repurchase authorization to $750 million, which represents about 28% of our current market cap.

今年的回購總額約為 3.75 億美元，其中包括年初至今的 7,000 萬美元回購。在強有力的支持下，我們的董事會將股票回購授權增加到 7.5 億美元，約占我們目前市值的 28%。

We intend to rapidly take advantage with the $250 million accelerated share repurchase program, which is expected to be completed within the third quarter. Before handing it over to Clay, I will quickly summarize their strong 2nd quarter results, which were ahead of plan, demonstrating the strength of our assets and the capabilities of our team.

我們打算迅速利用 2.5 億美元的加速股票回購計劃，該計劃預計將在第三季內完成。在將工作交給克萊之前，我將快速總結他們第二季度的強勁業績，這些業績超出了計劃，證明了我們資產的實力和我們團隊的能力。

Oil volumes grew 6% quarter over quarter. Cash operating expenses on a unit basis were more than 10% lower. And capital investments when they're on the low end of plan, driven by lower well cost and meaningful gains in DNC cycle times we have shown today.

石油產量較上季成長 6%。單位現金營運費用降低了10%以上。當資本投資處於計劃的低端時，其驅動力是降低油井成本，以及我們今天展示的 DNC 週期時間的顯著增加。

These outcomes, along with strong oil royalizations and hedging gains, led to nearly $750 million in adjusted EBITDA and over $120 million in adjusted EBITDA cash for 5th quarter. With an expected significant increase in our volumes, along with capital and operating costs running lower, we expect a meaningful ramp in both EBAs on free cash flow in the second half of the year.

這些成果加上強勁的石油特許權使用費和對沖收益，導致第五季的調整後 EBITDA 達到近 7.5 億美元，調整後 EBITDA 現金超過 1.2 億美元。隨著我們產量的預期大幅增加，以及資本和營運成本的下降，我們預計下半年兩個 EBA 的自由現金流都將顯著成長。

We are pleased with the recent Tax Act and the support it established it for our industry. This new act will ensure we have minimal cash taxes for the foreseeable future, with over $200 million in savings over the next 5 years.

我們對最近的稅法及其對我們行業的支持感到非常高興。這項新法案將確保我們在可預見的未來將現金稅降至最低，並在未來5年節省超過2億美元。

Finally, we published our annual sustainability report last week, which can be found on our website. I hope you'll take time to read through the report, which includes a review of her performance and provides an update on our sustainability initiative.

最後，我們上週發布了年度永續發展報告，可以在我們的網站上找到。我希望您能花時間閱讀這份報告，其中包括對她的表現的回顧以及有關我們可持續發展計劃的最新資訊。

With that, I will turn it over to Clay.

說完這些，我會把麥克風交給克萊。

Thanks, Marianella and good morning everyone. Since joining Civitas about three months ago, I've gained a better understanding of our assets, and I've been impressed with both the asset quality and the technical and operating performance of our teams.

謝謝，Marianella，大家早安。自從大約三個月前加入 Civitas 以來，我對我們的資產有了更好的了解，並且對我們的資產品質以及我們團隊的技術和營運表現印象深刻。

We were able to hit the ground running and deliver solid results in the 2nd quarter, and I'm looking forward to building on this momentum and continuing to improve the results of the company moving forward.

我們能夠立即開始工作並在第二季度取得穩健的業績，我期待在此基礎上繼續發展，並繼續改善公司未來的業績。

Let me start with some 2nd quarter operational highlights from the Permian. Starting in the Delaware, we've been getting ready for our first significant operative activity after using most of last year to optimize the acreage footprint for longer laterals and higher working interests. In the 2nd quarter, 50% of our wells drilled and 30% of our completions that occurred in the Permian were in the Delaware.

首先，我來介紹二疊紀盆地第二季的一些營運亮點。從特拉華州開始，我們利用去年的大部分時間來優化開採面積，以獲得更長的水平井和更高的工作利益，目前正在為我們的第一次重大作業活動做準備。第二季度，我們在二疊紀盆地鑽探的油井中有 50% 位於德拉瓦州，完井率為 30%。

Right out of the gate, the team is delivering impressive efficiencies as year-to-date drilled footage per day is around 20% higher than planned. And our completions are averaging over 170,000 barrels of water per crew per day, reflecting strong performance from simulfrack operations.

從一開始，該團隊就表現出令人印象深刻的效率，因為今年迄今為止每天的鑽孔進尺比計劃高出約 20%。我們的完井作業平均每隊每天可生產超過 17 萬桶水，體現了同步壓裂作業的強勁表現。

We recently commenced production on our first operated Delaware pad in New Mexico, and while it's very early, initial production rates from these 2 mile wells are strong, averaging over 1,200 barrels of oil per day. Third quarter turning lines should include around 20 Delaware basin wells, which are a key driver of significant permium production growth in the second half of the year.

我們最近開始在新墨西哥州營運的第一個特拉華油田進行生產，雖然還處於早期階段，但這些 2 英里油井的初始產量很高，平均每天產油超過 1,200 桶。第三季的轉向線應包括約 20 口特拉華盆地油井，這是下半年油田產量大幅成長的關鍵驅動力。

In the Midland, the teams have continued to deliver strong efficiencies as well, highlighted by an average daily footage drilled per well of more than 1,850 ft in the second quarter. Our teams overcame water takeaway challenges, and we commenced production on a number of new pads across our asset.

在米德蘭，各團隊也持續保持強勁的效率，第二季每口井的平均日鑽井進尺超過 1,850 英尺。我們的團隊克服了取水難題，並開始在我們資產範圍內的多個新平台進行生產。

These included our first co-development in the northern part of the asset, targeting the middle spray berry through Wolf Camp A, and we also delivered continued Wolf Camp B success with wells in Glasscock and Reagan counties.

其中包括我們在資產北部的首次聯合開發，目標是透過 Wolf Camp A 實現中部噴霧漿果，我們也透過在 Glasscock 和 Reagan 縣的油井繼續在 Wolf Camp B 取得成功。

Marion Ella mentioned our oil growth as a company in the 2nd quarter, essentially all of it came from the Midland Basin. Moving over to the DJ, it's a similarly impressive story with efficiency gains on both the drilling and completion fronts.

馬里恩·埃拉 (Marion Ella) 提到，我們公司第二季的石油成長基本上全部來自米德蘭盆地。對 DJ 來說，同樣令人印象深刻的是鑽井和完井的效率都有所提升。

Drill times on all lateral links are better than planned, and a particular note, the team is delivering 4 mile lateral spud to spud in about 6 days, which is really great execution. On the completion front, our teams are leveraging real-time AI software to optimize frac parameters, which are contributing to 5% faster cycle times year-to-date.

所有橫向連接的鑽孔時間都比計劃的要好，特別值得注意的是，團隊在大約 6 天內完成了 4 英里的橫向鑽孔，這確實是一次出色的執行。在完井方面，我們的團隊正在利用即時人工智慧軟體來優化壓裂參數，這使得今年迄今的周期時間縮短了 5%。

Our core Watkins area continues to deliver. In our materials, we highlighted the ewe and Victa pad, which is a great success story, benefiting from our land optimization initiatives as well as our technical advantages in developing resource through long laterals and sometimes unique well-bore geometries.

我們的核心沃特金斯地區將繼續提供服務。在我們的材料中，我們重點介紹了 ewe 和 Victa pad，這是一個偉大的成功案例，受益於我們的土地優化舉措以及我們透過長水平井和有時獨特的井眼幾何形狀開發資源的技術優勢。

Utilizing one of our existing surface locations, the Evita pad includes some of the longest wells ever drilled in Colorado, averaging 4.3 miles, and our completions covered the last 3 miles of the lateral. Production in early days is quite strong, averaging over 1,100 barrels of oil per day per well.

Evita 平台利用我們現有的地面位置之一，其中包括科羅拉多州有史以來鑽探的最長的井，平均長度為 4.3 英里，我們的完井覆蓋了水平段的最後 3 英里。早期產量相當強勁，平均每口井每天產油超過 1,100 桶。

Drilling and completion effici efficiencies realized in each basin are a major contributing factor to our reduced well costs, which are 7% lower in the Delaware, 5% lower in the Midland, and 3% lower in the DJ compared to the beginning of the year.

各盆地實現的鑽井和完井效率是我們降低油井成本的主要因素，與年初相比，德拉瓦州油井成本降低了 7%，米德蘭油井成本降低了 5%，東南部油井成本降低了 3%。

Along with other capital initiatives, production and midstream optimization, and corporate cost reductions, we are on track with our $100 million cost optimization initiative, and about 80% of this amount is captured to date. As a reminder, $40 million of the savings are impacting 2025. These are great wins for Civitas, and the teams are continuing to identify additional savings.

除其他資本計劃、生產和中游優化以及企業成本削減外，我們還在順利實施 1 億美元的成本優化計劃，迄今已實現其中約 80% 的金額。提醒一下，節省下來的 4000 萬美元將影響 2025 年。這對 Civitas 來說是巨大的勝利，團隊正在繼續尋找額外的節省空間。

As it relates to the remainder of the year, we've updated our full year volume guidance and our materials to account for the impact of our asset divestitures. With a high turn in line count in the middle part of the year, second half production is expected to grow approximately 7%.

就今年剩餘時間而言，我們更新了全年銷售指引和材料，以考慮資產剝離的影響。由於今年中期生產線數量較多，預計下半年產量將成長約 7%。

3rd quarter production is expected to be higher than the 4th, mainly due to the timing of our asset divestments, and we are off to a strong start in July with production in line with our 3rd quarter guidance.

預計第三季的產量將高於第四季度，這主要是由於我們資產剝離的時機，而且我們 7 月開局強勁，產量符合我們第三季度的預期。

On cash operating costs, our teams are driving in the right direction, with our second half expected to average less than $10 per BOE.

在現金營運成本方面，我們的團隊正朝著正確的方向努力，預計下半年平均每桶油當量將低於 10 美元。

And on capital expenditures, we are on track to achieve our full year outlook. 3rd quarter CapEx is anticipated to be higher than the 4th quarter as our efficiency gains are pulling activities forward. All in, we have strong momentum and are set up for an impressive second half of the year.

在資本支出方面，我們有望實現全年預期。由於效率的提高推動了活動的推進，預計第三季的資本支出將高於第四季。總而言之，我們勢頭強勁，為今年下半年的輝煌成績做好了準備。

Now I'll turn the call back over to Wouter for some closing comments.

現在我將把電話轉回給沃特，請他發表一些結束語。

Thanks, Clay. And before going to questions, let me recap where we are today. First, we're executing on the base business and have a high level of confidence in our go forward plan.

謝謝，克萊。在回答問題之前，讓我先回顧一下我們今天的討論內容。首先，我們正在執行基礎業務，並對我們的未來計劃充滿信心。

Our team is delivering every day, optimizing our resource base and driving costs out of the system, and I'm extremely grateful for the hard and safe work of our talented people.

我們的團隊每天都在努力工作，優化我們的資源基礎並降低系統成本，我非常感謝我們優秀員工的辛勤和安全工作。

Next, we have rapidly accelerated our debt reduction plan with value-driven divestments and significant gains on our cost optimization and efficiency initiative. This has brought forward cash flows, and we now have a clear line of sight to achieving a $4.5 billion dollar net debt goal around the end of the year.

接下來，我們透過價值驅動的資產剝離和成本優化與效率措施的顯著進步，迅速加快了我們的債務削減計劃。這帶來了現金流，現在我們清楚地看到了在年底前實現 45 億美元淨債務目標的前景。

And finally, we know the importance of strong and sustainable capital returns to our shareholders. Our 50/50 capital allocation will deliver peer leading return of capital to our shareholders, and the accelerated share repurchase program will take advantage of the compelling value opportunity we see in our equity today. So thank you for your continued interest in our com in our company, and Morgan, we're now ready to take questions.

最後，我們知道強勁且可持續的資本回報對股東的重要性。我們的 50/50 資本配置將為我們的股東帶來同行領先的資本回報，而加速股票回購計畫將利用我們今天在股權中看到的引人注目的價值機會。感謝您對我們公司持續的關注，摩根，我們現在準備回答問題。

(Operator Instructions)

（操作員指示）

Zach Parham with JPMorgan.

摩根大通的 Zach Parham。

Yes, thanks for taking my questions. I first, I just wanted to ask on the strategy shift and the comfort you have making that shift right now. I mean, if we look at the financials today, your net debt's a little bit higher than it was two quarters ago when you initially made the trip.

是的，感謝您回答我的問題。首先，我只想問一下策略轉變的情況，以及您現在對這種轉變的舒適度。我的意思是，如果我們看一下今天的財務狀況，你的淨債務比兩個季度前你第一次旅行時的淨債務要高一點。

When you initially made the shift your the oil strips a little bit lower when you made the initial change. I know you've done the asset sale, but what else gives you comfort with that the balance sheet is now right size for the company and that that you're, now have the ability to go back and aggressively buy back stock.

當您最初進行換檔時，油條會稍微低一些。我知道您已經完成了資產出售，但是還有什麼能讓您感到安心呢？那就是現在公司的資產負債表規模合適，而且您現在有能力回去積極回購股票。

Hey, thanks for the question. So as we've always had a commitment to return capital to shareholders. It's one of our core pillars. We definitely sit in a more advantaged position today because of the recent steps we've taken, including the incremental hedges, the cost optimization program in the divestments, along with the term term debt term out.

嘿，謝謝你的提問。因此，我們始終致力於向股東返還資本。這是我們的核心支柱之一。由於我們最近採取的措施，包括增量對沖、資產剝離中的成本優化計劃以及定期債務償還，我們今天無疑處於更有利的地位。

If you look at our business, the goal we started with the year with, which is the $4.5 billion net debt target around the end of the year, all that has been solidified inclusive of the 60% hedge that we have for the balance of the year.

如果你看一下我們的業務，我們年初設定的目標是年底前實現 45 億美元的淨債務目標，所有這些都已經實現，其中包括我們為今年餘額進行的 60% 對沖。

And if you look at it on a go forward basis, that's going to only get better as we continue paying down debt. I just wanted you to hear from us that we're not done here. The $4.5 billion was the goal for this year as we continue generating free cash flow, we're going to continue deploying that to further debt repayment, being in the commodity industry.

如果你從未來的角度來看這個問題，那麼隨著我們繼續償還債務，情況只會變得更好。我只是想讓你知道，我們的事情還沒結束。45 億美元是今年的目標，隨著我們繼續產生自由現金流，我們將繼續利用這些現金流來償還大宗商品產業的債務。

That we continue to see a strong balance sheet as as essential to continue to execute on our strategy, and we believe now, given all those actions this year, that's going to continue to further and we'll do so at a at a more measured pace given the where the equity lies today.

我們仍然認為強勁的資產負債表對於繼續執行我們的策略至關重要，而且我們現在相信，考慮到今年採取的所有這些行動，這一戰略將繼續下去，而且考慮到目前的股權狀況，我們將以更有節制的步伐做到這一點。

Thanks Marianella, my follow ups on 2026 and how you're thinking about the 2026 plans post the strategy shift in the asset sale. Your prior messaging had been that you'd hold volumes on oil relatively flat at flattish CapEx. Is that still the message at this point, just at a lower level of CapEx and production following the asset sales? And if so, any details on what that might look like would be helpful?

感謝 Marianella，我對 2026 年的情況進行了跟進，並詢問您如何看待資產出售策略轉變後的 2026 年計劃。您之前曾表示，在資本支出持平的情況下，您會保持石油產量相對穩定。目前的情況是否仍如此，只是資產出售後資本支出和產量水準較低？如果是這樣，那麼有關它看起來如何的任何細節都會有幫助嗎？

So Zach, it, it's early, as we're planning on 2026, obviously commodity prices will have a big impact, but as you mentioned, we had talked about holding production flat in the 150 to the 155 range, at a maintenance capital level with the asset divestments that, that'll take us down to about a 145 to 150 oil range for 2026.

所以紮克，現在還為時過早，因為我們計劃在 2026 年實現這一目標，顯然大宗商品價格將產生重大影響，但正如您所提到的，我們曾討論過將產量保持在 150 至 155 的範圍內，在維護資本水平上進行資產剝離，這將使我們在 2026 年的石油產量降至 145 至 150 的石油範圍內。

So a lot of optimization is occurring right now as we're looking at the remainder of 2025 and how that will impact 2026, but I think the general message around, a maintenance capital program and those production levels is where we're at.

因此，我們正在進行大量的優化，因為我們正在考慮 2025 年的剩餘時間以及這將如何影響 2026 年，但我認為圍繞維護資本計劃和生產水平的總體信息就是我們現在所處的階段。

Thanks for the call.

謝謝您的來電。

Phillip Jungwirth, BMO Capital Markets.

Phillip Jungwirth，BMO 資本市場。

Thanks. Good morning.

謝謝。早安.

A lot to cover, but did have a question for play. Now that you've been in the seat for a couple of months, was just hoping you could share your initial impressions of the Civitas operations, where things are going well, any low-hanging fruit, and what areas could there be some more medium term improvement down the road that will take time.

有很多內容需要講解，但確實有一個問題需要解答。現在您已經任職幾個月了，我只是希望您能分享一下對 Civitas 運營的初步印象，哪些方面進展順利，有哪些容易取得的成果，以及哪些領域在未來還需要一些中期改進，但這需要時間。

Certainly, so I think it starts with, we, we've got really good assets and the operational execution around those assets has continued to improve. I think 2 was another example of that where we saw the well cost reductions.

當然，所以我認為首先，我們擁有非常好的資產，並且圍繞這些資產的營運執行也在持續改善。我認為 2 是另一個例子，我們看到了油井成本的降低。

The teams are Constantly looking for efficiency gains and how we're increasing pumping time and getting more barrels away on the completions every day and that's reducing, making our cycle times faster, reducing costs on wells, getting wells online earlier.

團隊一直在尋求提高效率的方法，以及如何增加抽油時間，每天在完井時抽出更多的油桶，從而縮短週期時間，降低油井成本，讓油井更早上線。

So I think that has all been very positive and I expect that to continue to improve moving forward. I think. On the facility front, we're continuing to make progress in terms of utilizing the facilities that were in place with the past acquisitions, making appropriate adjustments to those so that we can optimize our production and then as we go forward with facility designs. In particularly in the perm and look for ways to continue to be more efficient and lower the cost there. So I'm really excited about what was accomplished in the 2nd quarter and looking forward to the go forward on the operational front.

所以我認為這一切都非常積極，我希望這種情況在未來會繼續改善。我認為。在設施方面，我們在利用過去收購時已到位的設施方面繼續取得進展，對這些設施進行適當的調整，以便我們能夠優化生產，然後推進設施設計。特別是在燙髮方面，尋找方法繼續提高效率並降低成本。因此，我對第二季的成就感到非常興奮，並期待在營運方面取得進展。

Right. And then nice to see the asset sale target exceeded. I believe you guys had had initially looked at a range of options. So I was just hoping you could talk about how you settled on this specific package, and can you, could you revisit any additional divestitures down the road.

正確的。很高興看到資產出售目標已超額完成。我相信你們最初已經考慮過多種選擇。所以我只是希望您能談談您是如何確定這個特定方案的，以及您是否能在未來重新審視任何額外的資產剝離。

Hey, Phillip, look, we were patients, as we kicked off this process a bit ago and the patience was rewarded. We talked about the last during the last call how we were open-minded and trying to figure out what the most deretive assets we could sell were, and those are, as highly dependent on oil prices.

嘿，菲利普，你看，我們是耐心的，因為我們不久前就開始了這個過程，而耐心得到了回報。我們在上次電話會議上討論了我們如何保持開放的心態，並試圖找出我們可以出售的最具吸引力的資產，這些資產高度依賴油價。

I would say in general, these were assets that were further down the development plan for us, so there's really minimal to no near term impact for the next couple of years, and we were very pleased to have checked that box in a very big way for this year.

我想說，總的來說，這些資產在我們的開發計劃中處於較低位置，因此對未來幾年的短期影響很小甚至沒有影響，我們很高興今年在很大程度上實現了這一目標。

I would say on anything that comes from here, we obviously always entertain opportunistic offers. We were really pleased with the assets that we have in our portfolio and then not proactively looking to sell anything additional, but it's always we will entertain opportunistic interest for you, any piece of asset base.

我想說的是，對於來自這裡的任何事情，我們顯然總是會考慮機會性的提議。我們對投資組合中的資產感到非常滿意，並且不會主動尋求出售任何其他資產，但我們將始終為您提供任何資產基礎的機會。

Scott Hanold, RBC Capital Markets.

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

Yeah, thanks. If I could start with the CEO change and more specifically, what are you all looking for in the next CEO? Like what kind of attributes are you looking for in an individual and, there's just a lot going on right now. Do you generally have a a time frame at which you hope to have that wrapped up?

是的，謝謝。如果我可以從執行長的變動開始，更具體地說，你們對下一任執行長有什麼期望？例如，您在尋找一個人具有什麼樣的特質，現在有很多事情要做。您通常希望在什麼時候完成這項工作嗎？

Yeah, Scott is Walter. Nice to meet you. And why don't I take this one and, obviously can't talk in great detail around what is it that we're exactly looking for, what are the time frames. At the same time, there is an indication, in the filings that we've done around how long I expect to be here. So we hope to be doing this in the next 6 months or so.

是的，史考特就是沃特。很高興見到你。我為什麼不接受這個呢？顯然，我不能詳細談論我們到底在尋找什麼，時間框架是什麼。同時，我們提交的文件中也顯示了我預計在這裡待多久。因此我們希望在未來 6 個月左右完成這項工作。

What are we looking for? I think you're looking for a person who can set strategy, a person that can, allocate capital in the right way, that can build a great culture, that can continue to push the company forward, and I want to make sure that what I said earlier, Very appreciative of what Chris has done to get the company to where we are today, but we think there's a shift needed on what we're going to do here forward.

我們在尋找什麼？我認為你們正在尋找一個能夠制定策略的人，一個能夠以正確的方式分配資本的人，一個能夠建立良好文化的人，一個能夠繼續推動公司前進的人，我想確保我之前說過的話，非常感謝克里斯為使公司達到今天的水平所做的貢獻，但我們認為我們需要對未來要做的事情做出改變。

And again, that's not a strategic shift. It is really focused on how do we execute better, how do we get better performance. How do we get more cost leadership and in the end, how do we get the share price up every day we look at 4 PM. we get a report card and we don't like where the report card is today and there's a lot of opportunity there.

再說一遍，這不是一個戰略轉變。它真正關注的是我們如何更好地執行，如何獲得更好的表現。我們如何獲得更多的成本領先優勢，以及最終我們如何讓股價每天上漲，我們每天下午 4 點都會看到。我們收到一份成績單，我們不喜歡今天的成績單，但那裡有很多機會。

Yeah, and I guess more my point is like, do you guys have the strategy in place that you want and so you're finding that you want to find a CEO that's going to fit that strategy, or is Civitas an open slate where, look, we're looking for the best CEO and if you've got a different path for us, we're going to take that like which option are you looking for?

是的，我想我更想表達的是，你們是否已經制定好了想要的策略，是否發現想要找到一位能夠適應該策略的 CEO，或者 Civitas 是一個開放的平台，我們正在尋找最佳 CEO，如果你們為我們提供了不同的路徑，我們就會選擇你們想要的選項？

Are you looking for somebody to come in and make changes or somebody more that's going to fit the culture and the strategy you have kind of laid out at this point?

您是否正在尋找一個能夠做出改變的人，或者一個更適合您目前所製定的文化和策略的人？

Every CEO that will come in will make changes. There's no doubt about that, and that's all good, but this is not about an A to Z strategy overhaul. So this is not about, hey, let's bring someone in who is going to sit with the board and decide that what we have done to date needs to be done completely different. That is absolutely not what this is. This is not about making a massive strategy shift.

每位執行長上任後都會做出改變。毫無疑問，這一切都很好，但這並不是從 A 到 Z 的策略改革。所以，這並不是說，嘿，讓我們找一個人坐在董事會裡，決定我們迄今為止所做的事情是否需要完全不同。這絕對不是事實。這並不是要進行大規模的策略轉變。

Okay, that's clear. Thanks for that. And then, let's go back to, sort of Zach's question on, the strategy shift with stock buybacks and look, I, I'm going to pose the question to you, why not push debt down further, right? I mean, what we've seen, I've been doing this almost 30 years is that High debt in EP companies, especially Smid cap EMPs, is tough, especially given the uncertainty of and volatility commodity prices.

好的，很清楚。謝謝。然後，讓我們回到扎克提出的問題，股票回購的策略轉變，看，我要問你一個問題，為什麼不進一步降低債務？我的意思是，我們已經看到，我已經做了近 30 年，EP 公司的高額債務，特別是中型 EMP，是困難的，特別是考慮到商品價格的不確定性和波動性。

I know you've locked in some stuff this year, but look, you got to look for the longer term and why not just keep willing that debt down like as low as you can get. And the stock price will fix itself versus, trying to force the stock, price issue today. Why not take it, wouldn't that be, more of a debt reduction today, cause wouldn't that be a longer term, benefit to you?

我知道你今年已經鎖定了一些東西，但是你看，你必須著眼於更長遠的未來，為什麼不盡可能地降低債務呢？而股票價格將自行修復，而不是試圖強制股票今天的價格發行。為什麼不接受呢？這不是今天就減少更多的債務嗎？因為這對你來說不是更長期的利益嗎？

Hey Scott, this is Marianella. I'll start by saying that we did everything we set ourselves to do this year in terms of the goals on balance sheet, right? So we turned out that we got the asset investments done, we increased hedges.

嘿，史考特，我是瑪麗內拉。首先我想說的是，就資產負債表的目標而言，我們已經完成了今年設定的所有目標，對嗎？因此，我們完成了資產投資，增加了對沖。

As you think about just the continued debt repayment, having clarity on 4.5 was the first and foremost goal that we that we had, and we reiterated that many times over the last 6 months. Past that we continue to believe that we need to maintain a strong capital structure right to your point, just we're going to weather cycles and we're going to weather low commodity prices again.

當您考慮繼續償還債務時，明確說明 4.5 是我們的首要目標，我們在過去 6 個月中多次重申這一點。過去，我們仍然相信我們需要保持強大的資本結構，正如您所說，我們將度過週期，我們將再次度過低商品價格。

No, I think the way we see our business is we, we're going to continue progressing those balance sheet goals. I think we still believe that we need to continue paying down debt, and it's not just the absolute amount of debt, there's so much more to it as well.

不，我認為我們看待業務的方式是，我們將繼續推動這些資產負債表目標。我認為我們仍然相信我們需要繼續償還債務，而且這不僅僅是債務的絕對金額，還有很多其他方面。

There's a composition of the debt and your maturity stock, there's a cost structure, there's how hedged are you? And so we're certainly trying to not only continue paying down debt, but just derisking all those other balance sheet components. We, as we move forward past the end of the year, we expect to be around 4.5.

有債務和到期股票的組成，有成本結構，還有你的避險程度如何？因此，我們當然不僅要繼續償還債務，還要降低資產負債表所有其他組成部分的風險。我們預計，到今年年底，該數字將達到 4.5 左右。

We still believe that companies of of our size and and in industry that leverage below 1 time is is ideal longer term and like I said, past the year end, we're going to balance the distribution of that between between equity and debt with our strongly free cash flow.

我們仍然相信，對於我們這種規模的公司和行業來說，槓桿率低於 1 倍是長期理想的，就像我說的，到了年底，我們將利用我們強勁的自由現金流來平衡股權和債務之間的分配。

Okay, thanks. I mean, I appreciate those comments and I get your point on comfort and hitting your goals. I just, would, kind of suggest it, it's probably better to pay down debt even further just get more aggressive there today, but I'll leave it there. Thanks.

好的，謝謝。我的意思是，我很欣賞這些評論，並且我明白你關於舒適和實現目標的觀點。我只是，有點建議，最好是進一步償還債務，今天就採取更積極的行動，但我不會再提起這件事了。謝謝。

Lloyd Byrne, Jefferies.

勞埃德·伯恩（Lloyd Byrne），傑富瑞（Jefferies）。

Let me, start, I guess, let me start with Marianella.

我想，讓我先從 Marianella 開始。

How are you thinking about or would it maybe, how are you thinking about the dividends at these levels, I mean, It seems high and maybe taking this opportunity to reduce that and buy back stock or pay down dividend, and then I'd like to go back to Clay afterwards and just talk about some of the opportunities he sees and the timing on reducing costs?

您如何看待或可能如何看待這些水準的股息？我的意思是，股息似乎很高，也許可以藉此機會降低股息併回購股票或支付股息，然後我想回到克萊，談談他看到的一些機會以及降低成本的時機？

Hey, thanks for the question. On the dividend, I mean, look, just consistent with what we said on prior calls, we've always been committed to that base dividend. We believe it's important that our investors can count on that return.

嘿，謝謝你的提問。關於股息，我的意思是，看，與我們在之前的電話會議上所說的一致，我們一直致力於基本股息。我們認為，讓投資人能夠依賴這種回報非常重要。

Quarter over quarter and through the cycle, I'll also note that, with this accelerated repurchase program, we're buying 10% of our market cap that will interictally save about 20 to $25 million in dividends on a go forward basis and that's just what the repurchases we're doing the balance of this year. So we remain committed and like our fixed dividend, and I think at this time, there's really no changes that are on the table in that regard.

逐季和整個週期來看，我還要指出的是，透過這項加速回購計劃，我們將購買 10% 的市值，這將在未來節省約 2,000 萬至 2,500 萬美元的股息，而這正是我們今年餘額中所做的回購。因此，我們仍然致力於並喜歡我們的固定股息，我認為目前在這方面確實沒有任何變化。

Lloyd, did you have a follow up to Clay?

勞埃德，你對克萊有什麼後續消息嗎？

Yeah, lay, just how about timing where you see the most opportunity. I feel like the DJ, you've lagged a little bit some of the peers is how quickly can you, take assets cost down there like.

是的，那麼，你認為最佳時機是什麼時候呢？我覺得 DJ，你已經落後了一些同行，你能多快降低資產成本。

Give me some timeline on improvement?

給我一些改進的時間表？

Sure, so we talked about the cost initiative and continuing to lower costs, improve performance, this call three months ago and so I think a lot of progress has been made where we've got 80% captured on the $100 million dollar run rate in 2026 and feeling good about the $40 million in 2025 after 3 month period, and we've got a longer list of items that are still in that are in the works, but that we don't consider them captured yet.

當然，我們在三個月前就討論了成本計劃並繼續降低成本、提高績效，所以我認為我們已經取得了很大進展，我們在 2026 年 1 億美元的運行率中已經實現了 80% 的目標，並且對 3 個月後 2025 年實現 4000 萬美元的目標感到滿意，我們還有一個更長的項目清單，但這些項目尚未實現它們。

And it's across all categories. I mean, we, we've got things on the CapEx side around both drilling and completions, design changes, that there's a component of service cost reduction in there. Local sands, bringing more profit providers into the mix, which is creating competition, on the LOE side, things around compression optimization, getting more power to our locations and reducing generator costs, and then on the midstream and marketing front.

並且它涵蓋所有類別。我的意思是，我們在資本支出方面有鑽井、完井、設計變更等內容，其中包含了降低服務成本的部分。本地砂石將更多的利潤提供者納入其中，從而在 LOE 方面創造競爭，圍繞壓縮優化、為我們的所在地提供更多電力並降低發電機成本，然後在中游和行銷方面。

What I'd say on the DJ is we're drilling the longest laterals in that basin. We've got some examples in the materials today. Our well costs that we're talking about are down around $650 a foot to where I think we're really competitive and the teams are continuing to look for more and more ways to keep bringing those costs down and And getting creative to go add more inventory to the current asset with some of the things we can do around these drilling geometries like we showed on this invitae.

我想說的是，我們在 DJ 上鑽探的是該盆地中最長的水平井。今天的材料中我們有一些例子。我們所談論的油井成本已降至每英尺 650 美元左右，我認為我們確實具有競爭力，而且團隊正在繼續尋找越來越多的方法來降低這些成本，並且發揮創造力，利用我們可以圍繞這些鑽井幾何形狀做的一些事情來為現有資產增加更多庫存，就像我們在本次邀請中所展示的那樣。

Alright, thank you, Guys.

好的，謝謝大家。

(Operator instructions)

（操作員指示）

Leo Mariani with Roth Capital.

羅斯資本 (Roth Capital) 的 Leo Mariani。

I wanted to see if we get a little bit more detail on some of the recent well results. You guys obviously kind of highlighted, the Wolfam D continues to look good. Can you provide a little bit more color around your Wolfam D results and are you generally co-developing that, in the Midland Basin as well?

我想看看我們是否可以獲得有關最近的一些鑽井結果的更多詳細資訊。你們顯然強調了，Wolfam D 繼續表現良好。能否更詳細地介紹一下您的 Wolfam D 結果？您是否也在米德蘭盆地共同開發該結果？

Sure, we, we're like, we like what we're seeing on the Wolf Camp B and continuing to look for ways to keep extending the limits around that bench. It seems like we're getting earlier oil cuts on the Wolfam D producers, which is also a good thing. We, we're continuing to look at all the benches across the play like I talked about in my comments and con continuing to see encouraging results. We're customizing completion designs by the different benches as we continue to get more production histories there and doing some things on the GNG side to continue to gain technical information that will help us understand.

當然，我們喜歡狼營 B 所看到的東西，並繼續尋找方法來擴大該長凳周圍的限制。看來我們正在提前對 Wolfam D 生產商實施減產，這也是一件好事。我們，我們將繼續關注整個比賽的所有替補席，就像我在評論中談到的那樣，並繼續看到令人鼓舞的結果。隨著我們繼續獲得更多的生產歷史，我們正在根據不同的工作台定製完井設計，並在 GNG 方面做一些事情以繼續獲取有助於我們理解的技術資訊。

How we're most effectively treating the fracs on the completion side and getting the most out of these wells. So, the expectation would be that would continue moving forward and we'll continue to provide updates there, as I mentioned, we have a lot of completions in the Delaware in 3Q and so more information to come there as we move forward?

我們如何最有效地處理完井側的壓裂並最大限度地利用這些油井。因此，我們期望繼續向前發展，我們將繼續提供更新，正如我所提到的，我們在第三季度在特拉華州有很多工作完成，因此隨著我們前進，會有更多資訊出現？

Okay, and then just kind of sticking on the operational side. Obviously, you're relatively new, to the company. Could you maybe just talk a bit lay about how you kind of see the inventory and the different buckets, DJ versus Delaware versus Midland, where do you kind of see longer and sort of stronger inventory, at this point based on your kind of own assessment of the asset base.

好的，然後就繼續討論操作方面。顯然，你對公司來說還比較新。您能否簡單地談談您如何看待庫存和不同的庫存類別，DJ、Delaware 和 Midland，根據您對資產基礎的評估，您認為哪個類別的庫存持續時間更長、更強？

Sure, so we talk about the overall inventory being 2000 locations, 1,200 in the Permian, 800 in the DJ, from an overall return standpoint, right now the Permian is a little better returns, which is why the capital allocation is what it is.

當然，我們討論的是總庫存為 2000 個地點，其中二疊紀盆地有 1200 個，DJ 有 800 個，從整體回報的角度來看，目前二疊紀盆地的回報略好一些，這就是資本配置的原因。

As we keep making improvements, as we keep lowering costs in both basins. We expect for that to, at a minimum offset any productivity degradation over time, if not improve well performance with different approaches on the drilling and on the completion side. We, we're really excited about the Delaware and the, it's really early results there, but more are going to come as we move forward. We have low break evens in our program.

隨著我們不斷改進，我們不斷降低兩個盆地的成本。我們期望，這至少可以抵消隨著時間的推移生產力的下降，如果不能透過鑽井和完井方面的不同方法來提高井性能的話。我們對特拉華州的情況感到非常興奮，那裡確實取得了早期成果，但隨著我們繼續前進，還會有更多成果出現。我們的計劃損益平衡點很低。

But we need to continue to Enhance the resource to reserves progression and keep lowering costs and improving performance and as I mentioned on the previous answer, we're continuing to add more on the GNG space around getting as much technical information as we can around the acreage that we have both in extending limits in both of these areas.

但我們需要繼續加強資源儲備的進程，不斷降低成本，提高性能，正如我在上一個回答中提到的，我們將繼續在 GNG 領域增加更多內容，以獲取盡可能多的有關我們在這兩個領域的擴展限制的土地面積的技術信息。

But also looking at secondary objective objectives that are present shallower and deeper in both of these areas that can keep replacing the inventory and progressing it forward and elevating the quality as we move forward.

但也要考慮這兩個領域中存在的較淺和較深的次要目標，這些目標可以不斷替換庫存，推進庫存向前發展，並在我們前進的過程中提高品質。

Okay, thank you.

好的，謝謝。

John Abbott, Wolfe Research.

約翰‧阿博特，沃爾夫研究公司。

Hey, good morning and thank you for taking our questions. My question, my first question here is for you, Clay. I mean, we've spoken a lot about the opportunity in terms of costs and where you see that.

嘿，早上好，感謝您回答我們的問題。我的第一個問題是問你的，克萊。我的意思是，我們已經談論了很多有關成本方面的機會以及您看到的地方。

Then when we're just sort of thinking about, have to change the strategy, but what the firm is looking forward in terms of strategy in terms of consistency. I guess my question is when you sort of look at, you have assets in the northern bell, you have assets in the Midland Basin, you have acids in the DJ.

然後，當我們思考是否必須改變策略時，公司在策略方面所期待的是什麼，以及在一致性方面。我想我的問題是，當你觀察時，你會發現你在北部貝爾有資產，在米德蘭盆地有資產，在 DJ 有酸。

While you can execute on lowering costs, how do you think about the ability to sort of coordinate and provide a more level and consistent program?

雖然您可以降低成本，但您如何看待協調並提供更水平和一致的計劃的能力？

That's, benefits is that it provides that sort of a consistent performance that you guys may be sort of looking at what's the ability to coordinate these assets while at the same time reducing cost and and hitting your targets.

這就是說，好處是它提供了一種一致的性能，你們可能會研究如何協調這些資產，同時降低成本並實現目標。

Sure, so definitely we need to continue to get more and more benefit from a multi-basin set of assets and how that can optimize the performance at the total company level and.

當然，我們絕對需要繼續從多流域資產組合中獲得更多利益，以及如何優化整個公司層級的績效。

Think about that from a capital allocation standpoint, from a timing of completions, whether, how we can level load, how that helps from a supply chain standpoint when we're thinking about The the broad services that we have across both basins, a lot of that is already happening, but I think there's room to keep improving in that space and from a consistency standpoint, I think.

從資本配置的角度、從完工時間的角度考慮，我們是否可以平衡負荷，從供應鏈的角度考慮，當我們考慮我們在兩個盆地提供的廣泛服務時，這如何提供幫助，很多事情已經發生，但我認為在這個領域還有繼續改進的空間，從一致性的角度來看，我認為。

We're very much aligned and we have to be able to effectively forecast. Different parameters, production results as we move forward and understand that we're going to have things that surprise us along the way, but that we're set up to overcome those and deliver on performance month over month, quarter over quarter, and that that's the ongoing push that's occurring right now.

我們非常一致，我們必須能夠有效地預測。隨著我們不斷前進，我們會得到不同的參數和生產結果，並且明白在這一過程中我們將會遇到令我們驚訝的事情，但我們已經做好準備去克服這些事情，並逐月、逐季度地交付業績，這就是目前正在發生的持續推動力。

Appreciate it. And my next question is just more of a bookkeeping question on the $4.5 billion debt targets by next, by the end of this year. I guess, and in terms of achieving that, how much of that is working capital and changes in working capital and how do we sort of think about those working capital changes and do we sort of have to think about those working capital changes next year as well. That's kind of my, that's my follow-up question.

非常感謝。我的下一個問題是關於明年、也就是今年底前 45 億美元債務目標的記帳問題。我想，就實現這一目標而言，其中有多少是營運資本和營運資本的變化，我們如何考慮這些營運資本變化，以及我們是否也必須考慮明年的營運資本變化。這是我的後續問題。

Hey, John, I think. Thanks for the question. On a working capital basis, as during the 2nd quarter, we had our usual payment of the Colorado Apoorum taxes in April. That costs us to tighten working capital by roughly about $150 million for the second quarter. We will get some of that naturally back in the second half.

嘿，約翰，我想。謝謝你的提問。從營運資金角度來看，與第二季一樣，我們在 4 月按慣例繳納了科羅拉多州 Apoorum 稅。這導致我們第二季的營運資金縮減了約 1.5 億美元。我們會在下半場自然地恢復一些狀態。

But the way to think about it, both for the full year and then and then long term on an annual basis, like we should be pretty flat at around low $800 million of free cash flow deficits. So again, naturally we'll get some of that back in the second half for that specific draw, but that should be natural and as expected and consistent with past years.

但是，從全年和長期年度角度考慮，我們的自由現金流赤字應該相當平穩，約為 8 億美元。因此，我們自然會在下半場收回一些比分，但這應該是自然的，符合預期，與過去幾年一致。

Appreciate it. Thank you very much for taking our questions.

非常感謝。非常感謝您回答我們的問題。

Oliver Wang with TPH.

TPH 的 Oliver Wang。

Good morning all and thanks for taking the questions.

大家早安，感謝你們回答問題。

Maybe for, clay just as we're thinking about activity levels for the year and how companies want to avoid the start and stop loss of efficiencies, you all demonstrated some incremental efficiencies with the faster cycle times and well cost reduction. So just trying to get a sense for how are you all thinking about the faster cycle times potentially pushing things towards the upper end of your budgeted range for both CapEx and tills, given that's something that happened last year.

也許，正如我們正在考慮今年的活動水平以及公司如何避免效率的開始和停止損失一樣，你們都透過更快的周期時間和成本降低展示了一些增量效率。所以只是想了解一下，考慮到去年發生的事情，你們是如何看待更快的周期時間可能將事情推向資本支出和收銀機預算範圍的上限的。

Yeah, we're very much focused on balancing that. The faster cycle times are lowering costs, but it is pulling activities forward. And so, as we keep looking to optimize the remainder of 2025 and 2026.

是的，我們非常注重平衡這一點。更快的周期時間降低了成本，但卻推動了活動的進行。因此，我們將繼續尋求優化 2025 年剩餘時間和 2026 年的時間。

We're looking at that. We're looking at where our capital levels are at. We're looking at the cost savings initiative that we have in place and balancing all of those things to try to have a more level loaded approach as we move through the year and into next year.

我們正在研究這個。我們正在關注我們的資本水準。我們正在研究現有的成本節約舉措，並平衡所有這些因素，以便在今年和明年採取更均衡的方法。

Okay, perfect. And just for a follow up, maybe just on the debt side once more I know 50% of the post base free cash flow is going towards the balance sheet and you made a comment earlier on not being done with debt reduction. Is there a long-term target goal that you'll have in mind for the next leg when thinking about it from a total absolute net debt perspective versus just wanting to move towards one time?

好的，完美。再問一下，也許只是在債務方面，我知道 50% 的基準後自由現金流將流向資產負債表，而您之前評論說還沒有完成債務削減。當您從總絕對淨債務角度考慮時，您是否會為下一階段設定長期目標，而不是只想一次性實現？

Yeah, absolutely, all thanks for the question. So, if you look at our free cash flow at mid-cycle prices, we should be paying down debt at roughly a rate of $400 million on a given basis with taking our 25 capital program and production as a proxy. Certainly we will have internal goals for ourselves, right?

是的，非常感謝您提出這個問題。因此，如果您以中期價格查看我們的自由現金流，我們應該以大約 4 億美元的利率償還債務，並以我們的 25 個資本計劃和生產作為代理。當然，我們會為自己設定內在目標，對嗎？

We certainly want to balance the capital location the right way and like I said earlier, it's not only about making progress towards that one time because it's also about just holistically the risk risking the business just by a or debt maturity profile, hedges, cost structure, so certainly continue to pay down debt in a very material way during the near term along with the risking the capital structure.

我們當然希望以正確的方式平衡資本配置，就像我之前說的，這不僅是為了朝著那個目標取得進展，因為這也涉及整體風險，即透過債務到期情況、對沖、成本結構等方式對業務造成風險，因此，在短期內，我們肯定會繼續以非常實質性的方式償還債務，同時還要承擔資本結構的風險。

Sounds good. Thanks for the time.

聽起來不錯。謝謝你的時間。

Noel Parks with Tuohy Brothers.

諾埃爾·帕克斯 (Noel Parks) 與 Tuohy Brothers 在一起。

Hi, good morning.

嗨，早安。

I just had a couple of things I want to run by you, in particular I was thinking about, and it was mentioned in the slides, on, Civitas and just that that was an example of progress with land optimization and, I just wonder, could you talk about maybe where things stand in in those sorts of initiatives they of course tend to go on a little bit below the radar.

我只是想和您談談幾件事，特別是我正在考慮的事情，幻燈片中提到了 Civitas，這是土地優化進步的一個例子，我只是想知道，您能否談談這類舉措的現狀，當然，它們往往會不太引人注目。

And continue going with swaps and bolt ons exchanges and so forth, is that is that a significant part of of what you can accomplish efficiency wise going forward or is most of that already kind of baked in at this point?

並繼續進行掉期和附加交換等，這是未來在效率方面可以實現的重要部分嗎，還是其中大部分已經融入其中了？

Sure, I know, we're definitely continuing in the ground game, the trades, the swaps arena in both basins, and we have examples regularly of how that keeps enhancing the working interest, enhancing the economics of the different wells in our program, the Civitas one is really an interesting one that you mentioned because the step outs where we use an existing surface location and have to steer around existing well bores to get to tier one acreage that had you not had that expertise, had you not done those trades, that would have been stranded tier one acreage in the play and were able to go access it.

當然，我知道，我們肯定會繼續在地面上進行遊戲，在兩個盆地進行交易和交換，我們經常會有一些例子來說明如何不斷提高工作興趣，提高我們項目中不同油井的經濟效益，您提到的 Civitas 油井確實很有趣，因為我們使用現有的地面位置，必須繞過現有的井眼才能到達一級油田，如果您沒有這方面的專業知識，如果您沒有一級遊戲，它將沒有一級的油田，如果您沒有這方面的專業知識，如果您沒有一級遊戲並且您將沒有一級，這層油田將被進入這方面的專業知識，如果您沒有一級遊戲並且您將沒有一級的油田，如果您沒有這方面的專業。

And so the same thing's happening in the Permian in both Delaware and in Midland. I think most operators all understand. The win-win that can occur between two operators by swapping out of op, non-op interest and better positioning their programs. So it's been an active part of our program and it will continue to be one moving forward.

同樣的事情也發生在德拉瓦州和米德蘭的二疊紀地區。我想大多數運營商都明白。透過交換營運和非營運利益並更好地定位他們的計劃，兩個運營商之間可以實現雙贏。因此，它一直是我們計劃的活躍部分，並將繼續向前發展。

Terrific, and you also talked a good bit today about cycle time reductions and the efficiency that's already brought and what you anticipate you can still accomplish there.

太棒了，今天您還談了很多關於縮短週期時間、已經帶來的效率以及您預計還能實現的目標。

So I'm just wondering in each of the basins at this point is are the sorts of incremental changes you're making more proprietary ideas or methods or are they more along the lines of sort of choosing from the many various things that that your vendors, maybe have experience with and just you're trying to select which of those are going to be the most effective, so just, their perspective across customers versus your own proprietary knowledge at this point.

所以我只是想知道，此時在每個盆地中，您所做的漸進式改變是否更多地是專有的想法或方法，還是更多地是從您的供應商可能有經驗的眾多事物中進行選擇，而您只是試圖選擇其中哪一個是最有效的，所以，此時，他們從客戶的角度與您自己專有的知識進行比較。

Yeah, I'd say it's a mix and we welcome it all to keep improving efficiency and improving well performance and lowering costs. We, we've got service providers that we work with that have some proprietary products that enable us to improve cycle times. We mentioned some of that in our presentation materials.

是的，我想說這是一種混合，我們歡迎這一切，以不斷提高效率，改善效能並降低成本。我們與一些服務提供者合作，他們擁有一些專有產品，可以讓我們縮短週期時間。我們在演示材料中提到了其中的一些內容。

We have innovation that continues to come from our teams around how can we Move quicker from one well to the next from a mode standpoint and reduce cycle time there. We do things that our teams have come up with around cementing where the rig has already moved to the next location and that's then we're coming in and doing the final cement job on the production casing there to.

我們的團隊不斷進行創新，從模式的角度來看，如何更快地從一口井轉移到下一口井，並減少那裡的循環時間。我們做的事情是我們的團隊想出的關於固井的事情，當鑽機已經移動到下一個位置時，我們就會進來並對那裡的生產套管進行最後的固井工作。

Make the cycle times faster as we keep going to the next well and the next well, so I think that is a necessity as we move forward that we continue to innovate. Our teams work together to find ways to keep improving performance and not only on the cost and efficiency side, but on the well performance side and doing that by customizing completion designs, using data analytics around what are the completion, characteristic recipes that produce the best wells in different areas of the field.

隨著我們不斷進入下一口井，循環時間會變得更快，所以我認為這是我們繼續創新前進的必要條件。我們的團隊齊心協力，尋找不斷提高性能的方法，不僅在成本和效率方面，而且在油井性能方面，並透過定製完井設計、使用完井數據分析、在油田不同區域生產最佳油井的特徵配方來實現這一點。

And that our service providers keep coming up with ideas that also benefit us. So I think it will continue and it'll be all of the above.

我們的服務提供者也不斷提出對我們有利的想法。所以我認為它會繼續下去，而且會是以上所有情況。

Great, thanks a lot.

太好了，非常感謝。

This concludes the Q&A session. I will now turn the call back over to Brad Whitmarsh for closing remarks. Yeah.

問答環節到此結束。現在我將把電話轉回給布拉德·惠特馬什，請他作最後發言。是的。

Thanks everyone for joining us early in the morning. Appreciate the opportunity to catch up on our great results and where we're headed as a company. Look forward to seeing you on the on the circuit here in a few weeks, and if you've got a chance or have some follow-up questions, don't hesitate to reach out to me.

感謝大家一大早就加入我們。感謝有機會了解我們所取得的優異成績以及公司的發展方向。期待幾週後在這裡的賽道上見到您，如果您有機會或有一些後續問題，請隨時與我聯繫。

Thank you.

謝謝。

Ladies and gentlemen, that concludes today's call. Thank you for joining. Have a wonderful rest of your day.

女士們、先生們，今天的電話會議到此結束。感謝您的加入。祝您今天剩餘的時間過得愉快。