CNX Resources Corp (CNX) 2024 Q3 法說會逐字稿

Hello and welcome to the CNX Resources third-quarter 2024 Q&A conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 CNX Resources 2024 年第三季問答電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to hand the call to Tyler Lewis, Vice President of Investor Relations. Please go ahead.

現在我想將電話轉給投資者關係副總裁泰勒劉易斯 (Tyler Lewis)。請繼續。

Thank you, and good morning, everybody. Welcome to CNX's third-quarter Q&A conference call. Today we will be answering questions related to our third-quarter results.

謝謝大家，大家早安。歡迎參加 CNX 第三季問答電話會議。今天我們將回答與第三季業績相關的問題。

This morning, we posted to our Investor Relations website, an updated slide presentation in detailed third quarter earnings release data such as quarterly E&P data, financial statements, and non-GAAP reconciliations, which can be found in a document titled 3Q 2024 earnings results and supplemental information of CNX Resources.

今天早上，我們在投資者關係網站上發布了一份更新的幻燈片演示，其中包含詳細的第三季度收益發布數據，例如季度E&P 數據、財務報表和非GAAP 調節表，這些數據可以在標題為2024 年第三季收益結果和CNX 資源的補充資訊。

Also, we posted to our investor relations website, our prepared remarks for the quarter, which we hope everyone had a chance to read before the call, as the call today will be used exclusively for Q&A.

此外，我們還在投資者關係網站上發布了我們為本季準備的評論，我們希望每個人都有機會在電話會議之前閱讀這些評論，因為今天的電話會議將專門用於問答。

With me today for Q&A are Nick DeIuliis, our President and CEO; Alan Shepard, our Chief Financial Officer; Navneet Behl, our Chief Operating Officer; and Ravi Srivastava, President of our New Technologies Group.

今天與我一起參加問答的有我們的總裁兼執行長 Nick DeIuliis；艾倫‧謝潑德，我們的財務長； Navneet Behl，我們的營運長；以及我們新技術集團總裁 Ravi Srivastava。

Please note that the company's remarks made during this call including answers to questions include forward-looking statements which are subject to various risks and uncertainties. These statements are not guarantees of future performance and our actual results may differ materially as a result of many factors.

請注意，該公司在本次電話會議中發表的言論（包括對問題的回答）包含前瞻性陳述，這些陳述受到各種風險和不確定性的影響。這些陳述並不是對未來業績的保證，我們的實際結果可能會因許多因素而產生重大差異。

A discussion of risks and uncertainties related to those factors in CNX's business is contained in its filings with the Securities and Exchange Commission and in the release issued today.

與 CNX 業務中這些因素相關的風險和不確定性的討論包含在其向美國證券交易委員會提交的文件和今天發布的新聞稿中。

With that, thank you for joining us this morning, and operator, can you please open the call up for Q&A this time?

感謝您今天早上加入我們，接線員，您能打開這次的問答電話嗎？

(Operator Instructions)

（操作員說明）

Bert Donnes, Truist.

伯特‧多恩斯，真理主義者。

Hey. Good morning, team. Just wanted to start off on the full year '25 capital disclosure. It looks like it maybe got removed from your press release and your presentation. Is that $550 no longer accurate? And you know, maybe there's some moving parts on your turn in line schedule. So is that moving up or down or is inflation impacting that? Any color there would be helpful.

嘿。早上好，團隊。只是想開始 25 年全年的資本揭露。看起來它可能已從您的新聞稿和簡報中刪除。$550 不再準確了嗎？你知道，也許你的輪班時間表中有一些變動的部分。那麼，這個數字是上升還是下降，還是通膨影響了它？任何顏色都會有幫助。

Yeah, great question. So I think the way to think about 2025 is next quarter, we're going to provide everyone with kind of the full production volumes. We're going to target the associated CapEx with that. You know, that will be entirely a function of what we see develop in the pricing for next year.

是的，很好的問題。因此，我認為考慮 2025 年的方法是下個季度，我們將為每個人提供完整的產量。我們將以此為目標來定位相關的資本支出。你知道，這完全取決於我們明年定價的發展。

We do still retain the 11 DUCs that we had deferred earlier in the year. So we have pretty significant flexibility in terms of what production profile we want to hit. But again, that all comes back to where we see pricing heading for next year.

我們仍然保留了今年早些時候推遲的 11 個 DUC。因此，就我們想要達到的生產概況而言，我們擁有相當大的彈性。但這一切又回到了我們預計明年的定價走向。

So the removal disclosure is really just about -- we're close to next quarter and we'll provide the exact numbers then.

因此，刪除資訊的披露實際上是——我們已經接近下個季度了，屆時我們將提供確切的數字。

Maybe not as a disclosure, but is the efficiency still similar or is it just a matter of moving parts? Just want to make sure that was the part of the question.

也許不是公開的，但效率是否仍然相似，或者只是移動部件的問題？只是想確保這是問題的一部分。

The efficiency is similar to better. It's just a matter of moving parts and setting the exact number we want to target sort of a function of gas prices.

效率類似更好。這只是移動部件並設定我們想要的目標（天然氣價格函數）的確切數字的問題。

Perfect. Makes sense. And then the second part, I know it's certainly way too early for New Tech exact numbers on '25 and beyond. You know, there's some moving parts on the CMM volumes and pricing, and AutoSep looks like it might have slid to the right. Just directionally, do you have any views on 2025 and 2026 versus the $75 million? Like, just directionally upwards or downwards?

完美的。有道理。然後是第二部分，我知道對於 New Tech 25 年及以後的確切數字來說肯定還為時過早。您知道，CMM 的數量和定價有一些變化，而 AutoSep 看起來可能已經滑到了右邊。就方向而言，您對 2025 年和 2026 年的 7500 萬美元有什麼看法嗎？比如，只是方向向上還是向下？

Yeah. Again, we'll provide the detailed view on that next quarter. As of right now, we just kind of defer to what's in the commentary on this.

是的。同樣，我們將在下個季度提供詳細的觀點。截至目前，我們只是遵循評論中的內容。

Got you. And was the AutoSep pushed to the right on the -- I think the prior disclosure just implied you were going to do some third-party work in the second half. I just want to make sure that was either the case still or no longer the case.

明白你了。AutoSep 是否被推到了右邊——我認為之前的披露只是暗示你將在下半年做一些第三方工作。我只是想確定情況要么仍然如此，要么不再如此。

Yeah, that's still a possibility. The focus right now on AutoSep is working with our JV partner to develop some additional units in that fleet. Right now, the existing unit we have is fully deployed on our internal operations. So there's potential for some third-party work this year.

是的，這仍然是一種可能性。AutoSep 目前的重點是與我們的合資夥伴合作，在車隊中開發一些額外的裝置。目前，我們現有的部門已全面部署到我們的內部營運。因此，今年有可能開展一些第三方工作。

But the focus of that right now is building out that fleet. We're seeing really good kind of interest from customers. I mean, it's still in real early stages. So that's why we'll -- again, we'll talk about an export where we see the full-year guidance for that business. But I think it's still looking good there.

但目前的重點是建造該機隊。我們看到客戶非常感興趣。我的意思是，它仍處於真正的早期階段。因此，這就是為什麼我們將再次討論出口業務，我們將在其中看到該業務的全年指導。但我認為那裡看起來仍然不錯。

Zach Parham, JPMorgan.

札克·帕勒姆，摩根大通。

Thanks for taking my questions. First, just wanted to ask on the New Tech business. You mentioned in the prepared remarks, you're still waiting on some regulatory clarity for 45V and potentially 45Q.

感謝您回答我的問題。首先，我想問一下新科技業務。您在準備好的評論中提到，您仍在等待 45V 和可能的 45Q 的監管明確。

Could you talk a little bit more about the opportunity set? If you do get some regulatory clarity there, how much more coal mine methane could you potentially capture and what would be the associated CapEx spend with that capture incremental volumes?

能多談談機會集嗎？如果您確實在那裡獲得了一些監管透明度，那麼您可能會捕獲多少煤礦甲烷，以及與捕獲增量量相關的資本支出是多少？

Yeah. Thanks for the question, Zach. And the short answer is we don't know and we can't say right now because we don't know enough about how the market is going to develop. In our commentary, we have laid out there's four different pathways that they're pursuing.

是的。謝謝你的提問，扎克。簡而言之，我們不知道，現在也不能說，因為我們對市場將如何發展還不夠了解。在我們的評論中，我們列出了他們正在追求的四種不同的途徑。

And the first one being the ATS program where the states are looking to kind of reduce the CO2 emissions and look at alternate energy resources to be deployed for electric generation, right? And then you got the 45V pathway for hydrogen production generation.

第一個是 ATS 計劃，各州正在尋求減少二氧化碳排放並考慮部署替代能源用於發電，對嗎？然後您就獲得了用於製氫的 45V 途徑。

And now we got this 45Q opportunity for CO2 sequestration, greenhouse gas emission reduction opportunity, and then we're also pursuing private sector transactions.

現在我們得到了 45 季度二氧化碳封存、溫室氣體減排機會，然後我們也在尋求私部門交易。

So that's the opportunity set in -- and while the ATS pathway is defined, and that kind of sets the stage for what our opportunity to capture right now is and what are our cash flow guidance that we're providing right now, the other pathways why we're very excited about like what they can be, but they're still taking form.

這就是所設定的機會——雖然 ATS 路徑已經定義，但這為我們現在抓住的機會以及我們現在提供的現金流指導是什麼奠定了基礎，其他路徑為什麼我們對它們能夠成為的樣子感到非常興奮，但它們仍然處於成型階段。

And as these markets start to kind of crystallize, then we'll have -- we'll be in a better position to provide our view on, how we could play a role in serving these markets. But right now, it's just too premature, like until these pathways where markets become more definitive.

隨著這些市場開始具體化，我們將能夠更好地就如何在服務這些市場方面發揮作用提供我們的觀點。但現在還為時過早，直到市場變得更加明確為止。

Thanks for that. My follow-up, I just wanted to ask on the buyback. The stock has moved quite a bit higher. It's higher than where you all bought back in the past.

謝謝你。我的後續，我只是想問一下回購問題。該股已大幅上漲。比你們過去買回來的價格還要高。

Just curious how you're thinking about the buyback going forward with the stock now, in the mid-30s. Do you still consider it a good value to be buying back stock? At some point, do you consider pivoting to a dividend? Just curious how you're thinking about cash return from here in general.

只是好奇你現在在 30 多歲的時候如何考慮回購股票。您仍然認為回購股票很有價值嗎？在某個時候，您是否考慮轉向股息？只是好奇您一般如何考慮這裡的現金回饋。

Yeah, so we continue to see a very attractive opportunity over the long term for CNX, when we look at the future prospects of the business. But I wouldn't read into that in terms of short-term allocation decisions. It's sort of counterproductive for us to provide near-term guidance on those activities.

是的，所以當我們審視該業務的未來前景時，從長遠來看，我們仍然看到 CNX 存在非常有吸引力的機會。但我不會從短期分配決策的角度來解讀這一點。對我們來說，為這些活動提供近期指導會適得其反。

What I will say is I'll point everybody back to fundamentally, our clinical capital allocation process is the same regardless of what the share price is. The share price is just an input into that process in order to continue to follow that process and the results that it kind of spits out.

我要說的是，我將向大家指出從根本上講，無論股價如何，我們的臨床資本配置流程都是相同的。股價只是該過程的輸入，以便繼續遵循該過程及其產生的結果。

The only other thing I'd note there is we have pretty significant flexibility just in terms of where our balance sheet is and with our hedge book. All capital allocation opportunities are open to us.

我要指出的唯一另一件事是，就我們的資產負債表和對沖帳簿而言，我們擁有相當大的靈活性。所有資本配置機會都對我們開放。

Leo Mariani, Roth Capital.

裡奧·馬裡亞尼，羅斯資本。

I just wanted to follow up a little bit more here on the guidance. It looks like you guys removed five turn-in lines from the schedule in 2024. Just curious if maybe those kind of slid to the right, or are you pairing back some activity? Obviously, gas prices have not been fantastic here over the last couple months.

我只是想進一步跟進該指南。看來你們從 2024 年的時間表中刪除了 5 條上交線。只是好奇這些是否會向右滑動，或者您是否正在配對一些活動？顯然，過去幾個月這裡的汽油價格並不理想。

So just trying to get a sense if you're being a little more cautious on overall activity on the drilling side, or perhaps maybe they just slid a tiny bit into early '25 on the turn-in lines.

因此，只是想了解您是否對鑽井方面的整體活動更加謹慎，或者也許他們只是在交接線上稍微滑入了 25 年初。

Yeah, it's more of the latter. Those were chills that were kind of scheduled for that mid to late December and kind of slipped across the year end line. So it's kind of artificial if you think about it from that perspective. So there's no change in the activity set from what we indicated back in the spring where we deferred those 11 DUCs.

是的，更多的是後者。這些寒冷本來是在 12 月中旬到下旬安排的，但後來卻滑到了年底。所以如果你從這個角度考慮的話，這有點人為。因此，與我們在春季推遲這 11 個 DUC 時所表明的相比，活動集沒有變化。

Okay. That's helpful. And I just wanted to follow up on the 45Q, 45V potential tax credits here. Could you just give us kind of a sense of roughly what type of a federal tax credit is kind of being contemplated under 45Q. I guess from like a CO2 perspective, it's around $85 per ton.

好的。這很有幫助。我只是想跟進 45Q、45V 潛在的稅收抵免。您能否讓我們大致了解一下 45Q 下考慮的聯邦稅收抵免類型。我猜從二氧化碳的角度來看，每噸大約是 85 美元。

Is that something similar that you think could occur for methane, and then under the 45V rules, is there potentially some kind of big multiple of that number in terms of the tax credit? Just trying to get a sense of what you think is being kind of contemplated right now and any high-level timeframe as to when you think a decision could be made under those potential bills?

您認為甲烷可能會發生類似的情況嗎？只是想了解您認為現在正在考慮什麼，以及您認為何時可以根據這些潛在法案做出決定的任何高層時間表？

Yeah, thanks for the question. On the 45Q side of things, I think the number that's been floated out there in the draft language is around $60 per ton. But at the same time, like there's a lot of moving parts to understand like what's going to qualify and what's not.

是的，謝謝你的提問。在 45Q 方面，我認為草案中提出的數字約為每噸 60 美元。但同時，還有很多變化的部分需要了解，例如什麼符合資格，什麼不符合資格。

So, I think it's too early to say like which volumes are going to qualify for that. I think we will have to wait until the final language is out. On the V side of things, it talks about a tax incentive for producing hydrogen. And I think the best -- the most that you can get is like $3 per kilogram.

因此，我認為現在說哪些卷符合資格還為時過早。我認為我們必須等到最終語言出來。在第五方面，它談到了生產氫氣的稅收優惠。我認為最好的——最多是每公斤 3 美元。

And how that translates into what incentive would be for coal mine methane, I think it's going to have to go through a very rigorous exercise of understanding again like specifics of what the guidance is going to entail.

這如何轉化為對煤礦甲烷的激勵措施，我認為必須再次進行非常嚴格的理解，例如指導方針的具體內容。

So it's very difficult to say at this point in time what that will be. So stay tuned. Once the guidance is out, I think we'll be able to provide more color. And as for the timing, I think I can say at least on the 45V side of these side of things, what we've heard from the treasury is that it's expected before the end of the year in Q4.

所以現在很難說那會是什麼。所以請繼續關注。一旦指南出台，我認為我們將能夠提供更多的色彩。至於時間安排，我想我至少可以說，在這些方面的 45V 方面，我們從財政部聽到的是，預計在第四季年底之前。

Okay. Very helpful. Thank you.

好的。非常有幫助。謝謝。

Nitin Kumar, Mizuho.

尼廷·庫馬爾，瑞穗。

Hi. Good morning, guys, and thanks for taking my question. You've given us some color on the 45Q and 45V, but I'll try something maybe a little different. On the 45Q, the treasury has been a little bit prescriptive in terms of what equipment qualifies.

你好。早上好，夥計們，感謝您提出我的問題。您已經為我們提供了 45Q 和 45V 的一些顏色，但我會嘗試一些可能有點不同的東西。在 45Q 上，財政部對符合資格的設備有一些規定。

They have a date of, I think, 2018 and a 12-year sunset. Could you walk us through your current operations in CMM? What is the sort of average life of that equipment today, and is this being replenished or sort of renewed every few years?

我認為他們的日期是 2018 年，還有 12 年的日落。您能否向我們介紹一下您目前在 CMM 中的營運？目前該設備的平均壽命是多少？

I mean, I would say that again, too early to say until unless the language for the 45Q draft language as it pertains to methane capture is finalized. It will just be like hypothesizing what that means. So like once the language is clear, I think we'll be able to provide better guidance.

我的意思是，我要再說一遍，除非 45Q 草案語言（涉及甲烷捕獲）的語言最終確定，否則現在說還為時過早。這就像假設這意味著什麼。因此，一旦語言清晰，我認為我們將能夠提供更好的指導。

Okay, fair enough. And then I want to just circle back to Zach's question. I understand you can't talk about plans to increase CMM. But do you have a sense of what is the F&D cost today of -- forget about 45V or 45Q. What is the cost of maybe implementing new systems on mines? And what is the opportunity set for CNX? I think you do about 17 to 18 Bcf a year. How much can you grow that?

好吧，很公平。然後我想回到扎克的問題。我知道您不能談論增加 CMM 的計劃。但您是否知道今天的 F&D 成本是多少——忘記 45V 或 45Q。在礦山上實施新系統的成本是多少？CNX 面臨的機會是什麼？我認為您每年大約進行 17 至 18 Bcf。你能成長多少？

Yeah, I mean, I think it kind of goes back to the same question, Nitin, where like in the absence of good guidance, in terms of like what's going to qualify, what's not, it will be too premature to talk about like what qualifies, how much qualifies. So I would say stay tuned until the better information is available for us so we can provide better guidance on the matter.

是的，我的意思是，我認為這又回到了同一個問題，尼丁，在沒有良好指導的情況下，就什麼符合資格、什麼不符合資格而言，現在談論什麼還為時過早。合格，多少合格。因此，我想說，請繼續關注，直到我們獲得更好的信息，以便我們可以就此事提供更好的指導。

All right. I thought I'd take a shot. Thanks, guys.

好的。我想我應該嘗試一下。謝謝，夥計們。

Michael Scialla, Stephens.

麥可夏拉，史蒂芬斯。

Good morning, everybody. Yeah, I wanted to ask on the deep Utica play, obviously, some very high rates there. Anything -- if the gas prices improve next year, is there anything that would -- if you wanted to ramp that play that would constrain that? Any infrastructure issues? Or is it still too early on the cost side to know if you really want to push the pedal down there, if the market looks like it needs more gas.

大家早安。是的，我想問尤蒂卡的深度比賽，顯然，那裡的利率非常高。任何事情 - 如果明年天然氣價格上漲，是否有任何事情會 - 如果你想加強限制這一點？有任何基礎設施問題嗎？或者，從成本方面來看，如果市場看起來需要更多的汽油，現在就知道您是否真的想踩下踏板是否還為時過早。

Let me answer the first question first. We're extremely happy with the performance on the cost side and just the overall execution at the [NAVs] team. In terms of ramping volumes, those wells are super prolific in early times. So you certainly have that optionality.

我先回答第一個問題。我們對成本方面的表現以及 [NAVs] 團隊的整體執行情況非常滿意。就產量增加而言，這些油井在早期的產量非常高。所以你當然有這種選擇權。

We don't have any kind of near-term major constraints, I think, of what you're hitting at. It's just really a function of pricing. And in any ramp-up situation, as we've seen in the past, you do need some lead time to do it. But there's nothing I'd point to right now that would prevent us if we were to see that sort of market price signal.

我認為，對於你所要達到的目標，我們沒有任何近期的重大限制。這實際上只是定價的函數。正如我們過去所看到的，在任何啟動情況下，您確實需要一些準備時間來做到這一點。但如果我們看到這種市場價格訊號，我現在沒有什麼可以阻止我們。

Great. Could you -- is it too early to say on the cost side or can you give me -- give some days, which I guess would imply that is $100,000 per day a good estimate on the drilling side. And then we can -- can we assume like one-third, two-thirds on the completion side?

偉大的。你能——現在說成本方面還為時過早嗎？然後我們可以──我們可以假設完成方面有三分之一、三分之二嗎？

I think I can give you, Michael, the cost side. So far, there's -- like we put in our guidance here is we've gotten a drilling down to like what like under 50 days. That's a 23% improvement over '23, and on the current set of wells that we've just completed, that's we've improved even more.

邁克爾，我想我可以告訴你成本方面的情況。到目前為止，就像我們在此處提供的指導一樣，我們已經深入了解了 50 天內的情況。這比 23 年提高了 23%，而在我們剛完成的當前一組井中，我們的改進甚至更多。

So I am very pleased with the progress we have made but not anywhere close to satisfy on where we should be. So we'll keep continuing making progress on both cost and drilling performance.

因此，我對我們所取得的進展感到非常滿意，但距離我們應該達到的目標還差得很遠。因此，我們將繼續在成本和鑽井性能方面取得進展。

Just to kind of give you an example on drilling performance is our all-in cost, like we've been able to drive them down like almost 31% from 2023. And drilling has been the major driver for that cost coming down and drilling costs have come down almost 38% from '23 which was like $1,200 per foot down to like $750 per foot. And we are making progress continuously as we speak.

舉個關於鑽井性能的例子，我們的總成本，就像我們已經能夠從 2023 年開始將其降低近 31% 一樣。鑽井是成本下降的主要推動力，鑽井成本從 23 年的每英尺 1,200 美元左右下降到每英尺 750 美元左右，下降了近 38%。正如我們所說，我們正在不斷取得進展。

Navneet, is it fair to say it competes with your Marcellus right now or is it still kind of a little bit higher cost play?

Navneet，可以公平地說它現在與您的 Marcellus 競爭嗎？

It's actually -- it's absolutely completed. It's in the mix and the capital allocation process for sure.

事實上，它已經完全完成了。肯定是在混合和資本配置過程中。

And just to kind of give you an idea of like these are highly prolific wells. For example, 10,000-foot Utica well compared to Southwest PA Marcellus well, will make about 20 Bcf seven times faster than the Southwest PA well, right? So these are highly prolific, high rate of returns wells. So we are really excited about the play.

只是為了讓您了解這些井是高產井。例如，與 Southwest PA Marcellus 井相比，10,000 英尺的 Utica 井的產量將比 Southwest PA 井快約 20 Bcf 七倍，對嗎？所以這些井都是高產量、高報酬率的井。所以我們對這部劇感到非常興奮。

Great. Appreciate the color. Thank you, guys.

偉大的。欣賞顏色。謝謝你們，夥計們。

Jacob Roberts, TPH.

雅各羅伯茨，TPH。

Morning. Maybe for Ravi, stepping away from the financial outlook on the 45Q and 45B changes. If we think about the 18 [Bs] of coal mine methane today, should we be viewing those potential changes under 45Q and 45B as mutually exclusive opportunities or is there a way to benefit from both?

早晨。也許對 Ravi 來說，放棄 45Q 和 45B 變化的財務前景。如果我們考慮今天煤礦瓦斯的 18 [B]，我們是否應該將 45Q 和 45B 下的這些潛在變化視為相互排斥的機會，還是有辦法從兩者中受益？

I mean, I hate to kind of repeat the same thing. Until the guidance is out, I don't know. Well, we don't know whether that 18 Bcf and how that's going to get that treatment. So once we have better idea, once we have better information, we'll be able to provide more color on how that 18 Bcf gets treated under the two programs.

我的意思是，我討厭重複同樣的事情。在指南出來之前，我不知道。好吧，我們不知道 18 Bcf 是否以及如何得到治療。因此，一旦我們有了更好的想法，一旦我們有了更好的信息，我們將能夠提供更多關於這 18 Bcf 在這兩個計劃下如何處理的信息。

Fair enough. As a follow up, just given the equity appreciation, has that changed any conversations around the M&A market and what opportunities might be out there? And more specifically, do you think there are opportunities that exist that would align more with the New Technologies segment?

很公平。作為後續行動，考慮到股票升值，這是否改變了圍繞併購市場的任何對話以及可能存在哪些機會？更具體地說，您認為是否存在與新技術領域更契合的機會？

Yeah, I would just refer back to the earlier commentary. You know, I talked about our capital allocation process and one of the things that get considered throughout that process is M&A, about oil and gas, and potentially, other things that you allude to. But nothing specific comment on at this point.

是的，我只想參考之前的評論。你知道，我談到了我們的資本配置流程，整個流程中要考慮的事情之一是併購、石油和天然氣，以及可能還有你提到的其他事情。但目前沒有具體評論。

Great. Appreciate the time, guys.

偉大的。珍惜時間，夥計們。

Kevin MacCurdy, Pickering Energy Partners.

凱文·麥克科迪，皮克林能源合作夥伴。

Hey. Good morning, guys. Can I ask for a little clarification on the wall cost on the Utica side? I think you mentioned earlier that costs were down 31% from 2023. Where does that put you on a dollar per foot and for this latest round of wells?

嘿。早安，夥計們。我可以要求澄清一下尤蒂卡一側的牆壁費用嗎？我想您之前提到過，成本比 2023 年下降了 31%。在最新一輪的油井中，每英尺一美元的成本在哪裡？

Yeah. So I think that the number I have in mind is, call it $1800 per foot is where we're targeting after '24.

是的。所以我認為我想到的數字是，每英尺 1800 美元，這是我們 24 年後的目標。

Got you. Okay. That's helpful. And then I appreciate all the updates on the new technology side, and I know that you're kind of limited on what you can say. But can you just kind of confirm for us on the CMM volumes that this year, I think, you're at 17 to 18 Bcf.

明白你了。好的。這很有幫助。然後我很欣賞新技術方面的所有更新，我知道你能說的內容有點有限。但您能否在 CMM 卷上向我們確認一下，我認為今年您的 Bcf 為 17 至 18 Bcf。

That's not capped at that rate, right? You could potentially increase that over the next few years, if there was an incentive to do so.

這個速度沒有上限，對吧？如果有動力的話，您可能會在未來幾年內增加這一數量。

Yeah, it's all going to be a function of the incentive program we talked about. We enjoy the ability to grow the portfolio, but until we see final regulations, we can't analyze how and which projects would come online at what time.

是的，這一切都將取決於我們討論的激勵計劃。我們享受擴大投資組合的能力，但在我們看到最終法規之前，我們無法分析如何以及哪些項目將在何時上線。

Any thoughts of the total capacity that you could go to?

您對可以達到的總容量有什麼想法嗎？

Again, without the details of the program, we can't make that estimate.

同樣，如果沒有該計劃的詳細信息，我們無法做出這一估計。

Great. I appreciate it. Thank you, guys.

偉大的。我很感激。謝謝你們，夥計們。

Thank you. This concludes our question-and-answer session. I would now like to turn the call back over to Tyler Lewis for any closing remarks.

謝謝。我們的問答環節到此結束。我現在想將電話轉回給泰勒·劉易斯，請他發表結束語。

Great. Thank you again for joining us this morning and please feel free to reach out if anyone has additional questions. Otherwise, we look forward to speaking with everyone again next quarter. Thank you.

偉大的。再次感謝您今天早上加入我們，如果有人有其他問題，請隨時與我們聯繫。否則，我們期待下個季度再次與大家交談。謝謝。

The conference has now concluded. Thank you for your participation. You may now disconnect your lines.

會議現已結束。感謝您的參與。現在您可以斷開線路。