CNX Resources Corp (CNX) 2025 Q2 法說會逐字稿

Good day, and welcome to the CNX Resources second-quarter 2025 Q&A conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 CNX Resources 2025 年第二季問答電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Tyler Lewis, Vice President of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係副總裁泰勒·劉易斯。請繼續。

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

謝謝大家，大家早安。歡迎參加 CNX 第二季度問答電話會議。今天，我們將回答與我們第二季業績相關的問題。

This morning, we posted to our Investor Relations website an updated slide presentation and detailed second-quarter earnings release data such as quarterly E&P data, financial statements, and non-GAAP reconciliations, which can be found in a document titled, 2Q 2025 Earnings Results and Supplemental Information of CNX Resources.

今天上午，我們在投資者關係網站上發布了更新的幻燈片簡報和詳細的第二季度收益發布數據，例如季度勘探與生產數據、財務報表和非GAAP調節表，這些內容可以在題為“CNX Resources 2025年第二季度收益結果和補充信息”的文件中找到。

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. With me today for Q&A are Nick DeIuliis, our Chief Executive Officer; Alan Shepard, President and Chief Financial Officer; and Navneet Behl, our Chief Operating Officer.

此外，我們也在投資者關係網站上發布了本季準備好的發言稿，希望大家在電話會議之前都有機會閱讀，因為今天的電話會議將專門用於問答環節。今天和我一起回答問題的有：執行長 Nick DeIuliis；總裁兼財務長 Alan Shepard；以及營運長 Navneet Behl。

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. 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.

請注意，本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。這些聲明並非對未來業績的保證，我們的實際結果可能會因多種因素而與預期有重大差異。CNX 向美國證券交易委員會提交的文件以及今天發布的新聞稿中包含了與 CNX 業務相關的風險和不確定性的討論。

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

那麼，感謝您今天早上收看我們的節目。接線生，現在可以開始問答環節了嗎？

(Operator Instructions) Zach Parham, JPMorgan.

（操作說明）Zach Parham，摩根大通。

Hey, thanks for taking my questions. I wanted to ask on the 45Z tax credit. Could you just give us a little detail on the timing and ability to claim those credits? And as the rules are laid out today, would those credits just run through 2029?

嘿，謝謝你回答我的問題。我想諮詢一下45Z稅收抵免政策。您能否詳細說明領取這些積分的時間和方式？按照目前的規則，這些稅收抵免政策是否會持續到 2029 年？

Yeah. Hi, Zach. Good question. So the way the program is set up currently, right, as the initial rule guidance, as you point out, there needs to be final rule making. As long as everything comes in line with the initial guidance, the first-year eligibility to claim credits would be in 2025.

是的。你好，扎克。問得好。所以，按照目前程序的設定方式，正如你所指出的，作為初步規則指導，還需要製定最終規則。只要一切都符合最初的指導方針，那麼首次有資格申請稅收抵免的年份將是 2025 年。

So if you saw in our materials, we were talking about 2026 would be the first potential opportunity to get some of that $30 million-a-year run rate. And then, yeah, the program got extended under this OBBB through '29. It would be the first time that it would be up for re-extension.

所以，如果你從我們的資料中看到，我們當時談到 2026 年將是獲得每年 3000 萬美元運行率的第一個潛在機會。然後，是的，該計劃根據 OBBB 的規定延長至 2029 年。這將是該協議首次面臨重新延期。

Thanks. And also just wanted to ask on activity levels at the E&P business. Any plans to grow volumes here? I know at one point, you all talked about having optionality to add some activity back in the second half of the year. And if not, can you talk about what a maintenance program might look like in 2026? Would that be flattish CapEx year over year? Just trying to get a sense of what activity levels may look like.

謝謝。另外，我還想了解一下勘探與生產業務的活動量。有計劃擴大銷量嗎？我知道你們之前都討論過，希望今年下半年能有更多選擇來增加一些業務活動。如果不行，您能否談談 2026 年的維護計劃可能會是什麼樣子？那是不是意味著資本支出與前一年基本持平？我只是想了解一下活動水平大概會是什麼樣子。

Yeah. So maybe on the first one, we were positioned with some optionality, had we seen sort of the end-of-year storage levels stay low. I mean at this point, it's pretty clear that we're going to creep towards kind of 4 TCF in storage. And under that scenario, we're just going to maintain the initial set of activity that we planned for the beginning of the year. So no changes expected at the current time.

是的。所以，或許在第一個問題上，我們還有一些選擇餘地，如果我們看到年底的庫存水準保持較低水準的話。我的意思是，現在很明顯，我們的儲存容量將會逐漸接近 4 TCF。在這種情況下，我們將維持年初計畫的初始活動安排。因此，目前預計不會有任何變化。

When we think about the sort of capital efficiency levels, I think the way to do that is to sort of tie back to what we guided to a few years back or a few quarters back. The two numbers that stand out are sort of the 580 million of production or [580 Bs] of production over the $500 million CapEx. So that ratio is about $0.85 per million in terms of capital efficiency.

當我們考慮資本效率水準時，我認為最好的方法是回顧我們幾年前或幾個季度前設定的目標。最引人注目的兩個數字是 5.8 億美元的產量，或者說 5,800 億美元的產量，超過了 5 億美元的資本支出。因此，從資本效率的角度來看，該比率約為每百萬美元 0.85 美元。

I think moving forward, if you set aside the actual production we'll target, which we always talk about as being a function of optimizing free cash flow per share, that's the right ratio to kind of think about the business' capital efficiency moving forward, kind of that mid-80s range. And it'll wiggle plus or minus a little bit in any given quarter, just with the lumpiness of the one-rig program. But that's the right way to think about it moving forward.

我認為展望未來，如果撇開我們實際上要達到的產量目標（我們一直認為產量目標取決於每股自由現金流的最佳化），那麼這個比例（大約在 80 左右）才是考慮公司未來資本效率的正確指標。而且，由於單一設備運作的不穩定性，每季的數據都會略有波動。但這是今後應該採取的正確思考方式。

Thanks, Alan. Appreciate the color.

謝謝你，艾倫。欣賞這種顏色。

Yup.

是的。

Leo Mariani, Roth.

利奧·馬裡亞尼，羅斯。

Yeah, good morning here. I wanted to see if you could get a little bit more color on drilling and completion activity levels in the second half. I know you all have said that CapEx was pretty front half-weighted in '25. But just looking at your turn-in-line schedule, the vast majority of turn-in-lines, I think they happen here in 1Q.

是的，早安。我想看看您能否更詳細地介紹一下下半年的鑽井和完井活動水準。我知道你們都說過，2025 年的資本支出主要集中在前半段。但僅從你們的交作業時間表來看，我認為絕大多數的交作業都發生在第一季。

So if you could kind of maybe speak to whether or not there's a bit of a lull in activity here in the second half and maybe that activity kind of picks up a little bit in the winter? And then could you also kind of relate that to CapEx trends? I mean, it looks like CapEx is down a little bit in 2Q versus 1Q. And maybe just kind of help a little bit with the trajectory on CapEx in the second half.

所以，您能否談談下半年這裡的活動是否有減少，以及冬季活動是否會回升？那麼，您能否將此與資本支出趨勢連結起來呢？我的意思是，看起來第二季的資本支出比第一季略有下降。或許還能對下半年的資本支出軌跡發揮一點幫助作用。

Yeah, sure. Sort of similar what we talked about last time, Leo. Basically, the bulk of the TILs were weighted towards the front half of the year. Our next batch of TILs would be towards the latter part of Q4. So what you'll see on the production front is kind of sequential decline. So it will be lower in Q3 and then lower in Q4 until that next batch of TILs comes on.

當然可以。和我們上次討論的內容有點類似，Leo。基本上，大部分 TIL 都集中在上半年。我們下一批 TILs 將在第四季後期發布。因此，在生產方面，你會看到一種連續下降的趨勢。因此，第三季會更低，第四季也會更低，直到下一批 TILs 上線為止。

And then CapEx will track that, right? So CapEx will be lighter in Q3, and then pick back up in Q4 when we get back to it on the activity front.

然後資本支出會追蹤這一情況，對吧？因此，第三季的資本支出會比較少，然後隨著第四季業務活動的恢復，資本支出會回升。

Okay. So it sounds like there's a bit of a hiatus in activity, then it kind of picks off late this year to get you all ready for kind of the winter in '26. Is that kind of the way to think about it?

好的。聽起來好像活動會有一段短暫的停滯期，然後今年晚些時候又會重新活躍起來，讓大家為 2026 年的冬天做好準備。是這樣想的嗎？

Yeah, that's the right way to think about it. We're going to continue to run the one-rig program on the drilling side. And the completion activities will hit a bit of a lull, and then those will pick back up in the fall as we get ready for the TILs that I talked about in the December timeframe.

沒錯，這樣想才對。我們將繼續在鑽井方面執行單一鑽機作業計畫。竣工活動將會暫時放緩，然後在秋季重新開始，因為我們要為我在 12 月提到的 TIL 做準備。

Okay. That's helpful. And then just on the Utica, obviously, you all seem excited about that. It sounds like the costs are already below your target here on the wells. That's nice to see. At this point, given you've beaten the target, do you think there's more room to go on the cost side, or maybe that can kind of come down?

好的。那很有幫助。然後，很明顯，關於尤蒂卡，你們似乎都很興奮。聽起來這些油井的成本已經低於你的目標了。很高興看到這種情況。既然你們已經超額完成了目標，你認為成本方面還有進步空間嗎？或者成本可以再降低一些嗎？

And apart from the cost, could you kind of speak to the actual well results, production performance? How are the results trending versus your expectations? And maybe just overall, how do you see this kind of competing with the Marcellus?

除了成本之外，您能否談談實際的油井產量和生產性能？結果與您的預期相比如何？總的來說，您認為這種能源與馬塞勒斯頁岩氣競爭會如何？

Leo, good morning. This is Navneet. So I just wanted to kind of outline on the Utica. We've done a really -- the team has done a really great job over -- on optimizing our drilling and completion operation over the last couple of years.

Leo，早安。這是納夫尼特。所以我只是想簡單介紹一下尤蒂卡。過去幾年，我們的團隊在優化鑽井和完井作業方面做得非常出色。

We're really pleased with the performance so far, but we're not satisfied yet. So -- and we are aggressively trying to improve the performance over the next few quarters. So stay tuned on where we can get down -- increase our operational efficiency and reduce our costs. So that's one.

我們對目前的表現非常滿意，但我們還不滿足。所以——我們將在接下來的幾季積極努力提高業績。所以請繼續關注我們能做些什麼——提高營運效率，降低成本。這是其中之一。

Second, on the performance, all our Utica wells, our performance are within our expectations. And our latest TILs that we've got in Q2 are slightly above our expectation. So we are really excited about the deep Utica play, and we look forward to kind of continuing to kind of get more wells in there.

其次，就性能而言，我們所有的尤蒂卡油井的性能都符合我們的預期。我們在第二季度獲得的最新 TIL 數據略高於我們的預期。所以我們對尤蒂卡頁岩氣的深層開發感到非常興奮，並期待繼續在那裡鑽探更多的油井。

And then, Leo, maybe I'll address the last part of your question on how we think about the Utica and the Marcellus sort of mix. So we've been very intentional in giving Nav and the operating team a nice runway here to really demonstrate their prowess in being able to drive these costs down.

然後，Leo，也許我會回答你問題的最後一部分，即我們如何看待尤蒂卡頁岩氣和馬塞勒斯頁岩氣的混合。因此，我們特意給了 Nav 和營運團隊一個良好的發展空間，讓他們真正展現出降低這些成本的能力。

Moving ahead, obviously, we're going to continue to develop our core Southwest, PA, field over the next few years. But we also -- as Nav pointed out, we want to keep getting him reps at the Utica well head there, so he can continue to work on cost efficiencies.

顯然，未來幾年我們將繼續發展我們在賓州西南部的核心油田。但正如納夫指出的那樣，我們也希望繼續讓他到尤蒂卡油井口進行實地考察，以便他能夠繼續致力於提高成本效益。

Okay. I appreciate all the detail. Thank you.

好的。我很欣賞您提供的所有細節。謝謝。

Thank you.

謝謝。

Noah Hungness, Bank of America.

諾亞·洪尼斯，美國銀行。

Good morning. I was hoping to ask on 45Z again.

早安.我原本想在 45Z 上再提問。

Yeah.

是的。

When do you think you'd be able to reach that $30 million-a-year run rate? And when you do realize the full $30 million of additional free cash flow from 45Z, should we think that all of your RMG gas would be sort of shifted to qualify for this 45Z opportunity? Or will some of it still be used to qualify for the PA AEC Tier 1 credit?

你認為什麼時候才能達到每年3000萬美元的營收目標？當您意識到 45Z 項目將帶來 3000 萬美元的額外自由現金流時，我們是否應該認為您所有的 RMG 天然氣業務都會轉移到 45Z 項目上，以獲得這個機會？或者其中一部分仍可用於獲得賓州 AEC 一級學分？

Yeah. So the way to think about timing is, like I said, so '25 is the first year of eligibility for the program. But the cash associated with that wouldn't occur until you file your tax return for '25 and '26, right? That's when you create the tax credit that would be fungible, and you could convert that to cash in the market.

是的。所以，考慮時間安排的方式是，就像我說的，25 年是參加該計劃的第一年。但是，與此相關的現金要等到你提交 2025 年和 2026 年的納稅申報表時才會到賬，對吧？這時就可以設立可互換的稅收抵免，並且可以在市場上將其兌換成現金。

In terms of volumes that qualify, I mean, bigger picture, our initial read on the guidance is that it's stackable. So you're able to take advantage of both programs in terms of 45Z and the PA Tier 1 REC. But the volumes don't qualify one for one.

就符合條件的銷售量而言，我的意思是，從更宏觀的角度來看，我們對該指導意見的初步解讀是，它是可以疊加的。因此，您可以同時享受 45Z 和 PA Tier 1 REC 這兩個項目帶來的好處。但數量並不相等。

So some volumes might qualify under Tier 1 RECs, and some volumes might qualify under 45Z. So it's a blend of which ones do and which ones don't. And at this time, it's all still subject to that final rule. We're optimistic as long as things follow the initial guidance, but there's still a bit of wait and see on that.

因此，有些卷可能符合 Tier 1 REC 的條件，有些卷可能符合 45Z 的條件。所以，這取決於哪些方法有效，哪些無效。目前，這一切仍須遵守最終規則。只要事情按照最初的指導方針發展，我們就保持樂觀，但目前仍需拭目以待。

Got you. That's helpful color. And then for my second question, could you maybe talk about what credit price is underwriting the revised environmental attribute free cash flow guide of $65 million?

抓到你了。這是個很有幫助的顏色。那麼，我的第二個問題是，您能否談談修訂後的環境屬性自由現金流指南 6500 萬美元的承銷信用價格是多少？

Yeah. It's sort of where the market is at now. We treat it very similar to how we report kind of the open prices for the rest of the year, just kind of look at the PA Tier 1 strip, and that's in the mid-20s right now for the megawatt hour.

是的。市場目前大致就是這個狀態。我們處理它的方式與我們報告今年剩餘時間的公開價格的方式非常相似，只需看看賓州一級電價，目前每兆瓦時的價格在 20 多美元。

Jacob Roberts, TPH.

Jacob Roberts，TPH。

Good morning.

早安.

Good morning.

早安.

Maybe a bit of a follow-on to that last question. Should we be thinking about the $30 million as a function of the RMG input or the result of some sort of downstream output?

或許可以稍微追問上一個問題。我們應該把這 3000 萬美元看成是 RMG 投入的函數，還是某種下游產出的結果？

The tax credit is for the incentivizing the collection of waste gas off the backside of coal mines and creating a saleable product into the pipeline, if that makes sense. So that's why it's thought about more as remediating or abating an emission source.

這項稅收抵免是為了鼓勵收集煤礦後方的廢氣，並將其轉化為可銷售的產品輸送到管道中，如果這樣說你能理解的話。所以，人們更將其視為修復或減少排放源。

Okay. That's helpful. And then I just wanted to give you guys the opportunity to talk a little bit about the AI and Energy Summit. I know you mentioned it in the release.

好的。那很有幫助。然後，我想給你們一個機會，簡單談談人工智慧與能源高峰會。我知道你在新聞稿中提到過這一點。

And specifically, we're wondering how much the RMG product is factoring into those conversations with any counterparties, maybe in particular, the tech guys. And ultimately, do you think there is a pathway for RMG to get better economics on some of the potential deals there relative to the current pathways you've laid out?

具體來說，我們想知道 RMG 產品在與交易對手（尤其是技術人員）的對話中發揮了多大作用。最後，您認為RMG是否有可能在某些潛在交易中獲得比您目前提出的方案更好的經濟效益？

Yeah, great question. No, we're super excited. Our mantra around here is Appalachia first. All of this AI stuff is going to be great for the region, great for the industry. And in particular, you nailed kind of our lane that we're super focused on right now, which is offering the RMG product to the market as a true sustainable kind of energy solution to get folks that are using that natgas down to a zero carbon sort of profile on these new data centers.

是的，很好的問題。不，我們超級興奮。我們這裡的座右銘是阿巴拉契亞地區優先。所有這些人工智慧技術對該地區、對整個產業都將大有裨益。尤其值得一提的是，你準確地指出了我們目前非常關注的領域，那就是將 RMG 產品作為真正的可持續能源解決方案推向市場，幫助那些使用天然氣的人們在新數據中心實現零碳排放。

Obviously, we've been having discussions with folks. We have third-party marketers having discussions with folks. And we're excited to see that develop and not just on the existing volumes, but enough incentive from the voluntary markets to go out and gather some additional volumes, hopefully.

顯然，我們一直在和相關人士進行討論。我們有第三方行銷人員正在與相關人士進行洽談。我們很高興看到這種情況的發展，不僅在現有交易量的基礎上，而且希望自願市場能夠有足夠的動力去爭取更多的交易量。

And, Jacob, this is Nick. Just to sort of follow on with Alan, the way we look holistically at the AI opportunity and remediated mine gas, RMG, it's another industry pathway, whatever you want to call it, to get the value of it recognized and utilized.

雅各布，這位是尼克。順著 Alan 的話說，我們從整體上看待人工智慧機會和修復後的礦井瓦斯 (RMG)，這是另一條行業途徑，不管你怎麼稱呼它，都能讓它的價值得到認可和利用。

So we started with manufacturing and arm's length transactions that recognized it for manufacturing downstream products. We've got it recognized, of course, in the power grid under the Pennsylvania PUC.

因此，我們從製造業和公平交易入手，認可其在下游產品製造的價值。當然，賓州公共事業委員會已經將其納入電網體系。

We then were able to get it recognized in the hydrogen economy with 45V, now transportation of alternative fuels with 45Z. And this would be another critical pathway that, I think, makes a whole bunch of sense and has a certain level of inevitability to it. But the timing and the magnitude of it is still in TBD.

然後，我們成功地讓它在氫能經濟領域獲得認可（45V），現在又透過 45Z 實現了替代燃料運輸。而這將是另一條至關重要的路徑，我認為這條路徑非常有意義，並且具有一定的必然性。但具體時間和規模尚未確定。

Great. Appreciate the time, guys.

偉大的。感謝各位抽出時間。

Yeah, no problem.

好的，沒問題。

Michael Scialla, Stephens.

Michael Scialla，史蒂芬斯。

Hey, good morning, everybody. Just to follow on the AI topic there, obviously, a lot of news recently on gas providing power for data centers in the region. I just want to get your updated thoughts on in-basin demand. And does that have any impact on your long-term view of natural gas prices and your hedging strategy?

嘿，大家早安。順便提一下人工智慧這個主題，最近有很多新聞報導說，天然氣正在為該地區的資料中心提供電力。我只是想了解您對流域內需求的最新看法。這是否會對您對天然氣價格的長期看法和您的避險策略產生任何影響？

Yeah. I don't think it has the impact on our hedging strategy in the short term. Our hedging strategy is a function of how we manage the balance sheet and how we manage our overall capital allocation program. I think long term, it's absolutely going to be bullish.

是的。我認為這不會在短期內對我們的對沖策略產生影響。我們的對沖策略取決於我們如何管理資產負債表以及我們如何管理整體資本配置計畫。我認為從長遠來看，這絕對是利好市場。

Anything that creates in-basin demand, given our kind of interstate pipe restrictions that we experienced over the last decade, it's going to help everyone in-basin. So we're more of in wait-and-see mode. From our position, we have the depth of inventory. We have the ability to deliver gas. It's just now wait and see, which projects come online and how we can benefit from that.

鑑於過去十年我們所經歷的州際管道限制，任何能夠創造盆地內需求的措施，都將對盆地內的每個人有所幫助。所以我們目前更採取觀望態度。從我們的角度來看，我們擁有充足的庫存。我們有能力輸送天然氣。現在只能拭目以待，看看哪些項目會上線，以及我們如何從中受益。

Yeah, Michael. I think the prior experiences that we've had in similar types of opportunities for the industry and for the region, when you're looking at potentially new demand being created, that journey to where we end up actually versus what we're hearing and what people are projecting today, it's obviously going to be very different.

是的，邁克爾。我認為，鑑於我們之前在類似行業和地區機會方面的經驗，在考慮可能產生的新需求時，我們最終實際到達的路徑與我們今天聽到的和人們預測的路徑顯然會非常不同。

There's going to be all kinds of factors and changes, and twists and turns. So as to which plants get built and when they're online and what the timing of all that is, there's just a lot of things to be figured out between today and then in the future. And that's why -- and I think you saw that, too, since the summit with what's going on with volatility on pricing.

將會有各種各樣的因素和變化，以及意想不到的曲折。所以，從現在到將來，有很多事情需要解決，例如哪些工廠要建，什麼時候上線，以及所有這些事情的時間安排等等。這就是為什麼——我想你也看到了，自從高峰會以來，價格波動的情況就一直如此。

That's why we basically love the opportunity and the developments it would mean for demand for natural gas and what it could mean for the region in terms of sort of a reindustrialization or revitalization of a lot of these communities. But in terms of taking positions today and speculation of what that's specifically going to mean, when it comes to things like hedge book and capital allocation, our playbook, our philosophy, our approach remains exactly the same.

這就是為什麼我們非常喜歡這個機會，以及它將對天然氣需求帶來的發展，以及它可能對該地區帶來的再工業化或振興許多社區的意義。但就今天的倉位配置以及對具體含義的推測而言，在對沖帳簿和資本配置等方面，我們的策略、理念和方法仍然完全一樣。

Yup, makes sense. I want to get your thoughts on -- the second-quarter production surprised a little bit. I just wanted to see if you can pinpoint where that came from? Was it new wells outperforming expectations, base decline, anything else?

嗯，有道理。我想聽聽你們的看法——第二季的產量有點出乎意料。我只是想看看你能不能找出它的出處？是新井產量超出預期、基礎產量下降，還是其他原因？

Hi. So our production outperformance was basically like four things coming together for us. The first one is our new TIL performance, the Apex Marcellus wells and our Utica wells. They've done really well. So -- and the second part is our operational execution, which has given us opportunity to kind of move some of this forward.

你好。所以，我們取得優異的生產業績，基本上就是四件事共同作用的結果。首先是我們新的 TIL 性能，Apex Marcellus 油井和我們的 Utica 油井。他們做得非常出色。第二部分是我們的營運執行，這給了我們機會來推進其中一些工作。

The third part is our production efficiency gains on our base production. So we are doing really well there. And the last part is like our uptime on base production. So all four combined lead to this result.

第三部分是我們基礎產量基礎上的生產效率提升。我們在那裡做得非常出色。最後一部分就像是我們基礎生產的正常運作時間。因此，這四個因素共同導致了這個結果。

Sounds good. Thank you very much, guys.

聽起來不錯。非常感謝各位。

Betty Jiang, Barclays.

Betty Jiang，巴克萊銀行。

Good morning. Thank you for taking my question. I want to go back and ask about the deep Utica results again. In your view, how much do you think cost will have to come down for the deep Utica to compete with Marcellus' returns? And then broadly speaking, from what we can tell, the Utica wells are fairly concentrated right now. So would love to get your thought about the consistency of Utica performance on your acreage.

早安.感謝您回答我的問題。我想回去再問尤蒂卡深層礦藏的探勘結果。您認為，深層尤蒂卡頁岩氣的成本需要下降多少才能與馬塞勒斯頁岩氣的收益競爭？總的來說，據我們所知，尤蒂卡地區的油井目前相當集中。所以很想聽聽您對尤蒂卡小麥在您農場表現穩定性的看法。

Yeah. I would say on the first question, where we're at right now on sort of the cost structure, we think that makes those wells competitive with kind of best in-basin opportunities even on the Southwest, PA, sort of Marcellus stuff. The longer term, we're going to step out from where we're at now. But our expectation is that there's a pretty long runway across our field up there to make these results repeatable.

是的。關於第一個問題，就我們目前的成本結構而言，我們認為這使得這些油井即使在賓州西南部、馬塞勒斯頁岩氣盆地等地，也能與盆地內最好的油井機會相提並論。長遠來看，我們將走出目前的困境。但我們預計，在我們研究的領域內，還有很長的路要走，才能使這些結果可重複。

Okay, thanks. A follow-up on the new tech. Just as related to the gas power for AI, when you think about your value recognition for the gas, is it fair to think about it from a voluntary carbon credit perspective, where you're selling the attributes to tech companies looking to reduce their carbon footprint? Or is it through compliance market or other channels?

好的，謝謝。對這項新技術的後續報導。就像人工智慧的天然氣動力一樣，當你考慮天然氣的價值認可時，從自願碳信用的角度來看待它是否公平，即將這些屬性出售給希望減少碳足跡的科技公司？還是透過合規市場或其他管道？

Yeah. On the RMG front, we're going to sell to whichever market recognizes the highest value, right? I mean, currently, that is the latter of the one that you pointed out, kind of the renewable energy credit markets for the existing RPS programs.

是的。在成衣製造方面，我們會賣給任何能夠認可其最高價值的市場，對吧？我的意思是，目前，你指出的後者，就是現有的 RPS 計畫的再生能源信用市場。

But there is a finite amount of this resource that's available. And we think the environmental attributes should result in some voluntary pricing that rivals the regulatory pathways in the long term.

但是這種資源的數量是有限的。我們認為，從長遠來看，環境屬性應該會帶來一些自願定價，這種定價方式可以與監管途徑相提並論。

Betty, you also bring up another good point with the question, which is the focus currently, right, has really shifted with the opportunity of AI in places like Appalachia to natgas demand and the construction of the data centers and power plants to power them, et cetera.

貝蒂，你提出的問題也引出了另一個很好的觀點，那就是目前的關注點，對吧？隨著人工智慧在阿巴拉契亞等地帶來的機遇，關注點確實轉移到了天然氣需求以及為這些資料中心和發電廠提供動力的建設等等。

But there's also another issue that's been there from the get-go that will remain. It just maybe has, perhaps, fallen a bit below the radar, which is the sustainability solution or the sustainability path to making all this growth occur.

但還有一個從一開始就存在且將持續存在的問題。或許，它只是有點被人們忽略了，而這正是實現所有這些成長的永續發展解決方案或永續發展路徑。

And the ultimate sort of clients and drivers of that, the tech industry, hasn't sort of backed up with regard to sustainability or carbon goals one step since they originally set them. And now this new growth option for them is going to make that even more of a heightened challenge. So I think RMG playing a role in how this ultimately plays out has never been in more demand. And to your point, I think the tech industry will play a key role in that.

而最終的客戶和推動者——科技業，自最初設定永續發展或碳排放目標以來，在這方面絲毫沒有退縮。而現在，這種新的成長選擇將使他們面臨的挑戰更加嚴峻。所以我認為，RMG在最終結果如何發展中發揮作用的需求從未像現在這樣高漲。正如你所指出的，我認為科技業將在其中發揮關鍵作用。

And sorry, if I could just follow-up on that answer. Thank you. The on -- in the voluntary carbon market perspective, would that be incremental to PA REC market or 45Z?

抱歉，我能否就之前的回答再補充一點？謝謝。從自願性碳市場的角度來看，這會對賓州再生能源證書市場或 45Z 市場產生增量影響嗎？

At some point, you can only sell into one market. So traditionally, in the voluntaries, depending on which pathway you're using, they might not be stackable. So it's all very facts and circumstances dependent. So I hesitate to give a general answer. But the way to think about it is you can generally get maybe one to two stacking, but you're not going to get beyond that.

在某些時候，你只能在一個市場銷售產品。因此，傳統上，在自願活動中，根據你使用的路徑，它們可能無法疊加。所以一切都取決於事實和具體情況。所以我猶豫是否要給籠統的答案。但你可以這樣理解：你通常可能只能堆疊一到兩層，但不可能超過這一層。

Yeah. Think of it as another pathway that would compete with your other alternatives. So not -- generally not stackable.

是的。把它看作是與你其他選擇競爭的另一條路。所以通常情況下，不能堆疊。

Got it. Thanks.

知道了。謝謝。

(Operator Instructions) David Deckelbaum, TD Cowen.

（操作員說明）David Deckelbaum，TD Cowen。

Thanks, Nick and Alan and team, for taking my questions today. I just wanted to follow up on just the Utica mix. You talked about just given more at-bats next year.

謝謝Nick、Alan和他們的團隊今天回答我的問題。我只是想跟進一下尤蒂卡混音的情況。你之前說過明年要增加擊球機會。

As we just think about the general activity level that you guys have laid out, should we think about the Utica taking more share of the program over the next couple of years? Or is there still some more headway to make on the cost side before it becomes a larger contribution?

考慮到你們所製定的整體活動水平，我們是否應該考慮在未來幾年內讓尤蒂卡在專案中佔據更大的份額？或者說，在成本方面是否還有更大的改進空間，才能使其發揮更大的作用？

No. Let me go back to what I said on one of your other questions. I think at this point in the cost structure, these wells are in the mix in terms of IRR competitiveness. So you're going to see them in the program moving forward. And what we're really trying to do is balance the harvesting of the Southwest, PA, sort of field that's fully developed with the any potential kind of step-out in the new CPA area.

不。讓我回到我之前回答你另一個問題時所說的內容。我認為就目前的成本結構而言，這些油井在內部報酬率方面具有競爭力。所以接下來你們會在節目中看到他們。我們真正想要做的，是在賓州西南部這類已完全開發的土地的收割與新CPA地區任何潛在的拓展之間取得平衡。

So we look at every project on a kind of full-cycle IRR basis, and that's how we determine the mix. Like I said, we've been very intentional recently in just giving NAV lots of at-bats to demonstrate repeatability. But moving forward, I think we're comfortable that we can be super focused on just the best projects at the right time.

因此，我們會以全週期內部報酬率 (IRR) 為基礎來審視每個項目，並以此來確定投資組合。正如我所說，我們最近一直非常有意識地給 NAV 很多機會，以證明其可重複性。但展望未來，我認為我們有信心在適當的時機，專注於最好的專案。

Appreciate that. And then just a follow-up on conversations just around marketing and obviously, in-basin demand. As you said today, we go until winter, you guys talked about before, kind of hitting tank tops or so as we get into fall and then sort of setting up for '26.

謝謝。然後，我們繼續討論行銷以及盆地內需求等主題。正如你今天所說，我們會一直持續到冬天，你們之前也談到過，到了秋天，我們可能會穿背心之類的，然後為 2026 年做準備。

There's been a lot of contracts that seem like they're in the early days of being signed right now. From where you sit, do you think it's sort of best to see this market get appreciably tight over the next few years and see in-basin demand increase before signing long-term agreements? Or is that something that you think is going to be in your relative near future?

目前看來，有許多合約都還處於簽署初期階段。從你的角度來看，你認為在未來幾年內，市場供應明顯趨緊，盆地內需求增加，然後再簽署長期協議，是否比較好的做法？或者，你認為那件事會在不久的將來發生嗎？

Yeah. I think the first signal you want to see is an actual data center connected to some of the natgas projects. I think once you see the first sort of data center sign up for electricity offtake here in Appalachia, that will give folks a real sense of how the value is going to get distributed across the chain.

是的。我認為你首先想看到的訊號是與某些天然氣專案連接的實際資料中心。我認為，一旦阿巴拉契亞地區第一個資料中心簽約購買電力，人們就會真正感受到價值將如何在整個產業鏈中分配。

Until you see that, you're a little bit hesitant to lock in your kind of respective ownership of that economics. So as Nick pointed out, there's still a lot of innings here. We're still very early. But there's some definite value to wait and see how this plays out before locking up anything long term.

在你看到這一點之前，你會有點猶豫是否要鎖定你對那部分經濟的某種所有權。正如尼克指出的那樣，比賽還剩下很多局。我們現在還處於非常早期的階段。但是，在做出任何長期投資決定之前，等待觀察事態發展絕對是有價值的。

Appreciate it. Best of luck, guys.

謝謝。祝你們好運。

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

我們的問答環節到此結束。我謹將會議交還給泰勒·劉易斯，請他作總結發言。

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

再次感謝您今天早上收看我們的節目。如有任何其他疑問，請隨時聯繫。否則，我們期待下個季度再次與大家交流。謝謝。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線。