CNX Resources Corp (CNX) 2025 Q3 法說會逐字稿

Good morning and welcome to the CNX Resources third quarter 2025 Q&A conference call. (Operator Instructions) I would now like to turn the conference over to Tyler Lewis. Please go ahead.

早上好，歡迎參加 CNX Resources 2025 年第三季問答電話會議。（操作員指示）現在我將把會議交給泰勒·劉易斯。請繼續。

Thanks, and good morning to everybody. Welcome to CNX's third quarter Q&A conference call. Today, we will be answering questions related to our third quarter results. This morning, we posted to our investor relations website an updated slide presentation in detailed third quarter earnings release data such as quarterly ENP data, financial statements, and non-GAAP reconciliations which can be found in a document titled 3Q 2025 earnings results and supplemental Information of CNX Resources.

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。今天上午，我們在投資者關係網站上發布了更新的幻燈片演示文稿，其中包含第三季度收益發布數據的詳細內容，例如季度 ENP 數據、財務報表和非 GAAP 調節表，這些內容可以在題為“CNX Resources 2025 年第三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 Nicholas DeIuliis, our Chief Executive Officer; Alan Shepard, our 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：我們的執行長 Nicholas DeIuliis；我們的總裁兼財務長 Alan Shepard；以及我們的營運長 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 up for Q&A at this time?

那麼，感謝各位今天早上收看我們的節目，接線員，現在可以開始問答環節了嗎？

(Operator Instructions)

（操作說明）

Zach Parham, JPMorgan.

Zach Parham，摩根大通。

Thanks for taking my questions. First, Nick, congrats and good luck in your retirement and Alan, congrats on your new role. Thanks, man. First off, I just wanted to ask on the buyback. You had a sizable buyback during 3Q. It was the highest since I think 4Q '22. Can you talk about what drove that up that uptick in buybacks and how you think about the pace of the buyback going forward?

謝謝您回答我的問題。首先，尼克，恭喜你退休，祝你退休生活一切順利；艾倫，恭喜你履新。謝謝，兄弟。首先，我想問一下回購事宜。你們在第三季進行了一次規模較大的股票回購。這是自2022年第四季以來的最高水準。您能否談談是什麼因素推動了股票回購數量的成長，以及您如何看待未來股票回購的速度？

Yeah, I think, the primary driver was this the significant free cash flow generator in terms of what we were able to do for the quarter. Our underlying process for evaluating whether or not we're doing buybacks versus other capital allocation opportunities hasn't changed. We continue to be the business valuation very attractive relative to its intrinsic value.

是的，我認為，主要驅動因素是，就我們本季所能取得的成就而言，這是重要的自由現金流來源。我們評估是否進行股票回購與其他資本配置機會的基本流程並沒有改變。我們認為，相對於其內在價值而言，該業務的估值仍然非常有吸引力。

Thanks. I did my follow-up, just wanted to ask on the Utica acquisition that you made on the Apex acreage, could you give us a little more color there? Do you now have Utica rights across the position? If not, are there, are you looking to make other acquisitions where you could get more Utica rights on that acreage?

謝謝。我做了後續跟進，只是想問一下您在 Apex 地塊上收購的 Utica，您可以給我們詳細介紹一下嗎？您現在是否擁有該職位在尤蒂卡地區的授權？如果沒有，您是否正在考慮進行其他收購，以便獲得該地塊上更多的尤蒂卡礦權？

Yeah, if you recall, when we did that acquisition, there was about 30,000 Marcellus acres, kind of the footprint for the whole asset, and it came with about 8,000 Utica rights. So what that transaction represents is we really went out there and got the remaining unleashed Utica rights that underlie that footprint for Apex. So now we're able to go back in and leverage all that infrastructure kind of like we envisioned when we did the acquisition.

是的，如果你還記得的話，我們當時進行那次收購時，大約有 30,000 英畝的馬塞勒斯頁岩氣田，這差不多是整個資產的佔地面積，而且還附帶了大約 8,000 英畝的尤蒂卡頁岩氣開採權。所以，這筆交易的意義在於，我們真正獲得了Apex公司在該區域內剩餘的未開發的尤蒂卡礦區礦權。所以現在我們可以重新利用所有這些基礎設施，就像我們當初進行收購時所設想的那樣。

Thanks, I appreciate the color.

謝謝，我很喜歡這個顏色。

Leo Mariani, Roth.

利奧·馬裡亞尼，羅斯。

Hey guys, wanted to see if there's any type of update on new tech here, specifically was just curious if there's any update on kind of the oil field service auto set business, perhaps the CNG kind of LNG business and or just status of 45Z as you guys see it.

大家好，想了解這裡有沒有什麼新技術方面的最新消息，特別是關於油田服務自動化業務、CNG 或 LNG 業務，或者你們對 45Z 的看法，有沒有什麼新的進展。

Yeah, so let's start with 45Z. So, we're still in the period where we're waiting for the notice of final rulemaking on 45Z, and we expect that before the end of the year, and then there'll be a comment period and a finalization of that rule, hopefully in the early first half of 2026. All that's subject to, the government reopening and things like that.

好的，那我們就從 45Z 開始吧。所以，我們目前仍處於等待 45Z 最終規則制定通知的階段，我們預計該通知將在年底前發布，之後將有一個評論期，並最終確定該規則，希望能在 2026 年上半年初完成。這一切都取決於政府何時重新開放等等因素。

But once we have that, the expectation is that the guidance we provided last quarter on 45Z, that $30 million a year run rate, we will be sort of confirmed with that guidance. In terms of oil field services, we have outsourced sort of the operational part of that to our partner on that, and they're continuing to make progress in rolling out those different technologies, but nothing material in sort of the current quarter for '26 as of yet.

但一旦我們實現了這一點，我們預計上個季度對 45Z 提供的 3000 萬美元年運行率的預期將會得到證實。就油田服務而言，我們已經將營運部分外包給了我們的合作夥伴，他們正在不斷推動各種技術的推廣，但截至目前，2026 年本季還沒有任何實質進展。

Okay, and just in terms of, the plans as we roll into next year, just at a high level, it sounds like the company still wants to stay in maintenance mode. Should we expect production's not a whole lot different in '26 and would that be similar for spending as well? How are you guys thinking about that?

好的，就我們邁入明年的計劃而言，從總體上看，該公司似乎仍然希望保持維護模式。我們是否可以預期 2026 年的生產情況不會有太大變化，支出狀況是否也類似？你們對此有什麼想法？

Yeah, I think, I mean, we'll give you the full detail on the guidance when we get to January, but generally, I would expect to see maintenance mode, right? We're still going into winter full storage, and we'll see what kind of weather we get this winter. And we need to see some of these longer-term calls on gas develop before you'd be thinking about doing anything other than that.

是的，我想，我們會在一月份提供完整的指導細節，但總的來說，我預計會看到維護模式，對吧？我們仍然會把所有東西都存放起來過冬，看看今年冬天天氣如何。我們需要看到一些關於天然氣的長期投資預期會出現變化，然後再考慮採取其他措施。

Okay, that makes sense. And just on an M&A, obviously you guys sold a little asset, bought another asset, seems kind of longer-term neutral on cash, but just what's the company's appetite in general, for deals? Do you see other things you'd like to pick up in Appalachia and perhaps there's other, Utica deals out there that you guys would like to consider.

嗯，有道理。就併購而言，顯然你們賣掉了一些資產，又買了另一項資產，從長遠來看，現金流似乎保持中性，但公司總體上對交易的興趣如何？你們在阿巴拉契亞地區還有其他想買的東西嗎？或許在尤蒂卡還有其他優惠活動值得你們考慮？

Yeah, we look at everything that comes to market, but you know our threshold is acquiring ourselves, right? So unless there's an opportunity to outcompetes that opportunity, you won't see us do anything, right? So that's sort of how we think about it, but we're certainly open to anything. (multiple speakers)

是的，我們會關注市場上所有產品，但你知道，我們的門檻是收購我們自己，對吧？所以，除非有機會勝過那個機會，否則你們不會看到我們採取任何行動，對吧？所以我們大概是這麼想的，但我們當然對任何想法都持開放態度。（多位發言者）

Thank you, guys.

謝謝大家。

Noah Hungness, Bank of America.

諾亞·洪尼斯，美國銀行。

Morning guys. Just for my first question here, I was just hoping you could kind of unpack some of the moving pieces on your free cash flow guidance. Even when you take out the asset, the additional asset sales, it looks like free cash flow guide is roughly flat to where it was before, even though the adjusted EBITDA guide moved down and CapEx moved up. I was just hoping to unpack some of the moving parts there.

早上好，各位。我的第一個問題是，我希望您能解釋一下您自由現金流預測中的一些關鍵因素。即使剔除資產和額外的資產出售，自由現金流預期似乎也與先前大致持平，儘管調整後的 EBITDA 預期有所下降，資本支出有所上升。我只是想把那裡的一些活動部件拆開看看。

Yeah, so the way to think about that is our free cash flow guidance includes all working capital adjustments, right? So, if you try to take just EBITDA and CapEx, you've got to account for sort of fluctuations in AR and AP. I mean, we give you a sort of rough number to target for, and we try not to move that number around a bunch, but you're going to see movements like you see here where we're refining guidance throughout the year, but we're still confident we'll be at kind of the range we got it to $575 million pre asset sale number.

是的，所以理解這一點的方法是，我們的自由現金流預期包含了所有營運資本調整，對吧？所以，如果你只考慮 EBITDA 和資本支出，就必須考慮應收帳款和應付帳款的波動。我的意思是，我們會給出一個大致的目標數字，並且盡量不大幅調整這個數字，但你會看到像現在這樣，我們會在全年不斷完善業績指引，但我們仍然有信心，在資產出售前，我們的業績將達到之前設定的 5.75 億美元左右。

Right, that makes sense. And then, on the Utica acquisition here in Pennsylvania, could you maybe talk about, are there any requirements that, for drilling on that acreage next year, or is there any acreage that that may be expiring your term that you'll want to drill on to hold it?

沒錯，這說得通。那麼，關於在賓州收購的尤蒂卡油田，您能否談談，明年在該油田進行鑽探是否有任何要求？或者，是否有任何即將到期的油田，您希望透過鑽探來保住它？

Yeah, so I mean we plan to develop the field, obviously that's part of the underwriting case for making the investment, the exact timing of that development, not going to get into at this point, but you'll see that folded into our development plan in the years ahead.

是的，我的意思是，我們計劃開發這個領域，這顯然是進行投資的承銷理由之一，至於開發的具體時間，目前還不便透露，但您將在未來幾年看到它被納入我們的發展計劃中。

Alright. Thank you.

好吧。謝謝。

[Michael Schala, Stevens].

[邁克爾沙拉，史蒂文斯]

Good morning. I had a couple questions on the Utica, I guess if you think about next year's plan, is there any thought about trying to delineate the play any more with wells maybe further north or further south or you plan to stay kind of in that area that you've been developing so far?

早安.關於尤蒂卡頁岩油氣田，我有幾個問題。我想，如果您考慮明年的計劃，您是否考慮過透過鑽井進一步擴大油氣藏的範圍，例如向更北或更南的地方鑽井，還是計劃繼續在目前為止一直在開發的那個區域進行開發？

Yeah, I think the plan for next year is really just focus on sort of the operational side of it, right? Nav and team have done a great job sort of driving down costs. We want to give them a couple more opportunities to do that. We're pretty confident that we have a view on where the fairway is, so I don't think there's a burning desire to do much exploration of either north or south.

是的，我認為明年的計劃主要是專注於營運方面，對吧？Nav和他的團隊在降低成本方面做得非常出色。我們想再給他們幾次機會。我們相當有信心知道球道在哪裡，所以我覺得我們沒有迫切的意願去探索球道的南北方向。

Yeah, that's sorry, go ahead.

哦，抱歉，請繼續。

No, go ahead Nav.

不，導航員，繼續前進。

But yeah, I think we're pretty confident in our geological model, so our plan is to just step up the development of the play.

是的，我認為我們對我們的地質模型相當有信心，所以我們的計劃是加快油氣藏的開發。

Makes sense. Wanted to see on, in terms of well cost. Where do you see the opportunities there. Does the -- you're going to require a different rig and if so you've been just running one rig most of the year. Are there further efficiencies that could be had by keeping a rig running continuously in that play?

有道理。想看看成本方面的狀況。你認為那裡有哪些機會？——你需要一套不同的設備，如果是這樣的話，你一年中的大部分時間都只用了一套設備。如果讓鑽井平台持續運轉，是否還能進一步提高效率？

Yeah, so if you think about, I'll get into the details on rigs and things like that, but just at a real high level, the efficiency they're all on the drilling side, right? The completion is sort of pretty well known at this point. So, what they're focused on is getting drilling days down, so maybe Nav, talk about that a little bit.

是的，所以如果你仔細想想，我會詳細介紹鑽井平台之類的東西，但從宏觀層面來說，它們的效率都體現在鑽井方面，對吧？目前這項成果的完成情況已基本為人所知。所以，他們現在的重點是減少鑽井時間，所以 Nav，也許可以談談這方面的情況。

Yeah, like the rigs that we have right now are fully capable of drilling the deep Eureka. We don't have any issues with that. And over the last, 12 months or so, we've made a really, huge strides on the drilling side. We've been able to increase the efficiency of drilling the whole well, and I've cut down the days on the pad, pretty much. And basically on the drilling side like our drilling operations are pretty steady. They're very repeatable. And best of all, we are improving and making up big efficiency gains to get the well down faster and reduce our cost. So right.

是的，就像我們現在擁有的鑽井平台完全有能力鑽探深層的尤里卡油田。我們對此沒有任何異議。在過去的12個月左右的時間裡，我們在鑽井方面取得了巨大的進展。我們已經提高了整個鑽井過程的效率，而且我基本上縮短了井場作業時間。基本上，就鑽井方面而言，我們的鑽井作業相當穩定。它們具有很高的可重複性。最重要的是，我們正在改進並大幅提高效率，以便更快地完成油井作業並降低成本。說得對。

Yeah, in terms of guidance on the cost we're still at that sort of [$1,750] range for right now.

是的，就成本指導而言，我們目前仍然維持在 1750 美元左右的範圍內。

Yeah. And then just to kind of add to that, like last year our drilling cost on [Utica] were like about $2,200 a foot. So, we're down almost 20% to [$1,750] per foot.

是的。補充一點，去年我們在尤蒂卡頁岩層的鑽井成本約為每英尺 2200 美元。所以，價格下降了近 20%，至每英尺 1750 美元。

Sounds good. Thank you, guys.

聽起來不錯。謝謝大家。

Jake Roberts, TPH.

傑克羅伯茨，TPH。

Good morning. I wanted to start on the well out performance that we've seen over the past several quarters. I'm curious if you could provide some color on it. If this is a function of better than expected declines on older vintages. Is this better new well performance and how durable do you think these results are and how that translates to your longer-term capital efficiency plans?

早安.我想先談談過去幾季我們看到的良好業績。我很想知道您能否對此進行一些補充說明。如果這是由於老年份葡萄酒的跌幅好於預期所致。這是更好的新井性能嗎？您認為這些結果能持續多久？這對您的長期資本效率計畫有何影響？

Yeah, I think for this year you're seeing two things, right? There's some outperformance on the Apex assets we acquired in particular. It's sort of the big pad that we brought in right when we acquired it. And then you're seeing outperformance on some of the new products that got converted this year. In terms of long-term performance and capital efficiency ratios and things like that, that's -- it remains to be seen, but we're -- our focus is not on that, right? We're still in the sort of flat production mode and focused on generating as much free cash flow as possible.

是的，我認為今年你會看到兩件事，對吧？在我們收購的Apex資產中，部分資產表現特別出色。這是我們剛買下這塊地就搬進來的那塊很大的墊子。然後，你會發現今年一些新推出的產品表現優異。至於長期業績和資本效率比率之類的方面，還有待觀察，但我們——我們的重點不在於此，對吧？我們目前仍處於相對平穩的生產模式，專注於盡可能產生自由現金流。

Great, thank you. And then maybe if I could just ask your opinion on current in base and demand and power generation and all that topic to your thoughts there and ability to participate perhaps.

太好了，謝謝。然後，我是否可以問問您對當前電力基礎、需求、發電以及所有這些主題的看法，以及您是否有能力參與討論？

Yeah, and we're still long-term, extremely bullish on the prospect for AI generated a new demands coming to the basin. Obviously we sit on an enormous resource base here that can be developed. Still in the early innings, still a lot of talk with folks about developing some of these projects, but can't say exactly when it's going to occur, but it definitely, all the math suggests that, Appalachia and all the gas up here needs to be part of that mix moving forward.

是的，我們仍然長期、極度看好人工智慧為盆地帶來的新需求前景。顯然，我們這裡擁有龐大的資源基礎，可以加以開發。目前還處於早期階段，仍在與各方人士討論開發這些項目，但無法確切地說何時會發生，但所有數據都表明，阿巴拉契亞地區及其豐富的天然氣資源必須成為未來發展的一部分。

Jacob, just to add to what Alan said, the other issue underneath all of this that sometimes gets lost with the excitement of AI demand and in basin demand is the increasingly obvious need for additional pipeline infrastructure to get these low-cost BTUs and molecules from this basin, not just within the basin, but to wherever else the demand centers may be.

Jacob，我補充一下 Alan 的說法，所有這些背後還有一個問題，有時會被人工智能需求和盆地需求的興奮所掩蓋，那就是越來越明顯地需要更多的管道基礎設施，以便將這些低成本的 BTU 和分子從這個盆地輸送出去，不僅在盆地內，而且輸送到任何其他有需求的中心。

So, until that happens, AI sort of demand gets fulfilled in basin from our perspective and then if that infrastructure gets built, other regions across the nation can start to participate more wholesomely in this AI revolution.

所以，在此之前，從我們的角度來看，人工智慧的需求在盆地內得到滿足；然後，如果基礎設施建成，全國其他地區就可以更全面地參與這場人工智慧革命中來。

Alright. Thank you guys. Appreciate the time.

好吧。謝謝大家。感謝您抽出時間。

David Deckelbaum, TD Cowen.

David Deckelbaum，TD Cowen。

I just wanted to echo the sentiments. Congratulations to Nick and Alan. Just also wanted to ask on the activity for the fourth quarter, you have a frac crew coming back to work. Still wanted to get some color on the timing of the tills. It seemed like the guides have been more of a December time frame.

我只是想表達同樣的看法。恭喜尼克和艾倫。另外，我還想問一下第四季的活動安排，你們有一個壓裂作業隊要回來工作了。還是想了解收銀機的具體運作時間。看起來這些指南更像是針對12月的。

I think last quarter when we checked in, the macro perhaps seemed a little bit more precarious. And perhaps now things are tightening up a little bit. So how do you guys think about that in terms of turning on new volumes into the winter season here?

我認為上個季度我們進行評估時，宏觀經濟狀況可能看起來更加不穩定。或許現在情況正在收緊一些。那麼，你們覺得在冬季推出新專輯會是什麼情況呢？

Yes, we started the frack crews, I think we mentioned the prepared remarks kind of that October time frame, so the expectation on those tills would be sometime in December, right, so a little bit later in the quarter. In terms of the macro for '26, things have kind of settled into a trading range, but we're still not to the part of winter yet where you can have a good kind of read on where we're going to exit winter, so we'll see. But we -- I think activity is going to look sort of like it did last year, right, where you have a concentration of completion activities in Q4 and Q1, and then you set up yourself to be able to be flexible in '26 to respond to whatever sort of pricing environment develops.

是的，我們已經開始進行壓裂作業，我想我們之前提到過準備的發言稿大概是在十月份左右，所以預計收銀機上的數據會在十二月份的某個時候到賬，對吧，也就是本季度晚些時候。就 2026 年的宏觀經濟而言，情況已經穩定在一個交易區間內，但我們還沒有到冬季的某個階段，所以你還無法很好地判斷我們將如何結束冬季，讓我們拭目以待。但我認為——今年的活動看起來會和去年差不多，對吧，也就是第四季和第一季集中進行竣工活動，然後為2026年做好準備，以便能夠靈活應對任何定價環境的變化。

Appreciate that. And my follow-up is just, obviously you guys crossed a couple of deals this quarter. Seems like the basin in general that that there's been a lot more land spend through all your peers right now. I guess is there -- can you just generally speak to that environment right now, or are we just seeing a lot more horse trading or folks kind of willing to transact on single zone areas? It seems like we should be underwriting perhaps a larger land spend in the '26 time-frame and perhaps beyond as maybe these opportunities are increasing?

謝謝。我的後續問題是，顯然你們本季達成了幾筆交易。看起來整個盆地似乎比你們所有同行都投入了更多的土地。我想問的是——您能否大致談談目前的情況，或者我們是否看到更多的討價還價，或者人們更願意在單一區域內進行交易？看來我們應該考慮在 2026 年及以後加大土地投資力度，因為這些機會可能會增加？

Yeah, so maybe I'm not going to speak to the activities of, some of the peers that happened down in West Virginia and Ohio, but definitely in Central PA, where we're focused on sort of the deep Utica development in the long-term, you see more interest as folks start to understand the sort of potential of the reservoir, some of the transactions we've seen up there.

是的，所以也許我不會談論西弗吉尼亞州和俄亥俄州的一些同行的活動，但肯定的是，在賓夕法尼亞州中部，我們專注於尤蒂卡油田的長期開發，隨著人們開始了解該油田的潛力，我們看到那裡出現了一些交易，也引起了更多人的興趣。

You kind of have a moment in time here where there's an opportunity to pick up some of the acres that still may be open or held by folks that are looking to deal it to some of the more consolidated players in the area.

現在正是入手一些土地的好時機，這些土地可能仍然空置，或者被那些想把土地賣給該地區一些實力更強的企業的人持有。

Appreciate that. And just to confirm real quick, the acres that you sold out of the Marcellus rights, those areas where you've already developed Utica or those are areas that you intend to develop Eureka in the future?

謝謝。最後再確認一下，您出售的馬塞勒斯頁岩氣開採權所對應的土地，是指您已經開發了尤蒂卡頁岩氣田的那些區域，還是您計劃未來開發尤里卡頁岩氣田的那些區域？

You know those would be the Ohio areas where we've already developed the Utica.

你知道，那些地方指的是我們已經開發了尤蒂卡（Utica）的俄亥俄州地區。

Appreciate it guys.

謝謝各位。

(Operator Instructions)

（操作說明）

Betty Jiang, Barclays.

Betty Jiang，巴克萊銀行。

Good morning. Thank you for taking my question. I want to ask about the, pretty small, but, in the guidance, the increase in the non-DNC capital, what's driving that? And as I'm hearing, just more focused on the Utica development going forward, is there a need for facility infrastructure spend, going forward for you to optimize development there?

早安.感謝您回答我的問題。我想問一下，指導意見中提到的非民主黨全國委員會的資金增加幅度雖然很小，但是什麼原因導致的呢？據我了解，你們接下來將更專注於尤蒂卡的發展，那麼為了優化那裡的發展，你們是否需要在設施基礎設施上投入？

Yeah, so maybe for your first question, in terms of just the $7 million bump to the midpoint there, that's really just timing. I mean we build all of our midstreaming water infrastructure, so sometimes you're just talking about a project sliding around, three months or so, something like that. So, it's really just noise on that front.

是的，所以對於你的第一個問題，就中間價位增加的 700 萬美元而言，那真的只是時機問題。我的意思是，我們所有的中游水利基礎設施都是自己建造的，所以有時專案進度會拖延三個月左右，諸如此類。所以，這方面真的只是些噪音而已。

Longer-term, the way we think about infrastructure development as we move to Central PA, because our decline rates are so low. There will need to be additional infrastructure, but it's not going to be anywhere near the scale that you saw last decade, the sort of midstream build out cycles that occurred. We're talking about adding, a handful of pads a year. So you're able to really just sort of meter out that spend at a different pace from what we've seen historically.

從長遠來看，隨著我們向賓州中部地區遷移，我們對基礎設施發展的思考方式也發生了改變，因為我們的人口下降率非常低。還需要額外的基礎設施，但規模遠不及上個十年那樣，不會像當時那樣出現中游建設週期。我們說的是每年增加少量衛生棉。所以，你可以按照與我們以往所見的速度來控制支出。

Yeah. And I can add to that comment too is, as I told earlier that we're pretty confident of the of the model. So, we will just be, moving from pad which are contiguous to each other. And so, our infrastructure spend just will be like a little bit of additional infrastructure rather than, when in a delineation model where you have to like delete the wells and build the whole fairway model. So we are getting into a more efficient infrastructure spend, which won't change from year to year. It'll be like pretty steady just like we have our drilling program.

是的。我還可以補充一點，正如我之前所說，我們對這個模型相當有信心。所以，我們將從一個相鄰的墊子移動到另一個相鄰的墊子。因此，我們的基礎設施支出將只是增加一些基礎設施，而不是像劃界模型那樣，必須刪除油井並建造整個航道模型。因此，我們將走向更有效率的基礎設施支出模式，這種模式不會逐年改變。情況會相當穩定，就像我們的鑽探計劃一樣。

Got it. So, the non-DNC cap access percent of total pro probably going to be fairly steady?

知道了。所以，非民主黨全國委員會（DNC）規定的訪問量佔總專業用戶的比例可能會相當穩定？

I mean, it'll be -- it won't be anything like last decade. There'll be periods where you maybe need to add a station or something like that, but it's nothing on the scale of last year. And as Nav pointed out, the goal is to be as efficient as possible that's been given that, we're able to kind of do return trips and have a focused development plan that just kind of steps out as opposed to needing to go to the extreme end of a field and build infrastructure to that part of it.

我的意思是，它將會——它不會像上個十年那樣。可能會有一些時期需要增加一個站點之類的，但這與去年的規模相比根本不算什麼。正如納夫指出的那樣，目標是盡可能提高效率，因此，我們能夠進行往返考察，並製定一個重點發展計劃，只需逐步推進，而無需到達田地的盡頭並在那裡建設基礎設施。

Right, my follow-up is on the back to the Utica development. I know there's been many questions asked around that, but what I'm hearing is the focus is really trying to get the per-foot cost down. And as we have seen in the past with play development, it's just about steady state development and park a rig there and optimize and reduce drill time. And with one rig running just seems that's not a moving. Between the Southwest and Central, that's just not the most efficient way. Is there a possibility for us to start seeing like a one dedicated rig being allocated to the Utica to maximize that efficiency?

好的，我的後續工作是關於尤蒂卡開發專案的進展。我知道很多人問過這個問題，但我聽到的回饋是，重點確實在於降低每英尺的成本。正如我們過去在油氣開發中看到的那樣，關鍵在於穩定開發，將鑽機停放在那裡，優化並縮短鑽井時間。只有一個設備在運行，這似乎不算進步。在西南地區和中部地區之間，這並不是最有效率的方式。我們是否有可能看到專門為尤蒂卡地區分配一台鑽孔機，以最大限度地提高效率？

Yes. I think you nailed it, like this industry is incredible. The engineers in the industry are incredible when it comes to optimizing development once you given up reps at any particular project, we do try to align our development plans so that we go back-to-back sort of on those types of pads. But we will have Southwest PA wells developed next year as well.

是的。我覺得你說得太對了，這個行業真是太棒了。業內工程師在最佳化開發方面非常出色，一旦放棄某個特定專案的重複開發，我們就會努力調整我們的開發計劃，以便我們能夠在這些類型的專案中連續進行。但明年我們也會在賓州西南部開發油井。

So it all gets taken into consideration. But your broader point is the right one that we're at $1,750 per foot right now is what we're guiding to. And my expectation would be that we're able to drive that down as the engineers do what they do.

所以所有因素都會被考慮。但你的觀點總體上是正確的，我們目前的定價是每英尺 1750 美元，這也是我們努力的目標。我的預期是，隨著工程師的工作，我們能夠將這個數字降低下來。

And then to add to that, like, most of our pad development, we have like three to four wells that we are testing right now, especially with the spacing of 1,300 and 1,500 feet. So, us being on a three and a four well pad leads to a lot more efficiency than it would otherwise appear in other place.

此外，就我們的大部分井場開發而言，我們目前正在測試三到四口井，特別是間距為 1,300 和 1,500 英尺的井。因此，我們擁有三口和四口井的井場，這使得我們的效率比在其他地方要高得多。

So, our team is actually making progress almost like section by section, and that's why you see the 20% reduction in costs. So, and that will continue to be there, right? So, we will focus on increasing drilling efficiency and reducing the cost, no matter what. So - and that's the advantage that we have in CNX, with the acreage position we have right now.

所以，我們的團隊實際上正在逐個部分取得進展，這就是為什麼你會看到成本降低了 20%。所以，這種情況還會繼續存在，對吧？因此，無論如何，我們將專注於提高鑽井效率和降低成本。所以——這就是我們在CNX所擁有的優勢，憑藉著我們目前所擁有的土地面積。

Great helpful color. Thank you.

非常實用的顏色。謝謝。

There are no more questions in the queue. I would like to turn the conference back over to Tyler Lewis for any closing remarks.

隊列中已無問題。我謹將會議交還給泰勒·劉易斯，請他作總結發言。

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

偉大的。再次感謝您今天早上的參與。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了。