Veren Inc (CPG) 2024 Q1 法說會逐字稿

Good morning, ladies and gentlemen. My name is Annes, and I'll be your operator for Crescent Point Energy's first-quarter 2024 conference call. This conference call is being recorded today and will be webcast along with a slide deck, which can be found on Crescent Point's website homepage. The webcast may not be recorded or rebroadcast without the express consent of Crescent Point Energy.

女士們、先生們，早安。我叫安妮斯 (Annes)，我將擔任 Crescent Point Energy 2024 年第一季電話會議的接線生。本次電話會議將於今日錄製，並將與幻燈片一起進行網路直播，幻燈片可在 Crescent Point 的網站主頁上找到。未經 Crescent Point Energy 明確同意，不得錄製或重播網路廣播。

All amounts discussed today are in Canadian dollars with the exception of West Texas Intermediate or WTI, pricing, which is quoted in US dollars. The complete financial statements and management's discussion and analysis for the period ending March 31, 2024, were announced this morning and are available on the Crescent Point's SEDAR+ and EDGAR websites.

今天討論的所有金額均以加元計算，但西德克薩斯中質原油 (WTI) 除外，其定價以美元報價。截至 2024 年 3 月 31 日的完整財務報表和管理層討論與分析已於今天上午公佈，可在 Crescent Point 的 SEDAR+ 和 EDGAR 網站上查閱。

All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session for members of the investment community. (Operator Instructions)

所有線路均已靜音，以防止任何背景噪音。演講者發言後，將為投資界人士安排問答環節。（操作員指示）

During the call, management may make projections or other forward-looking statements regarding future events or future financial performance. Actual performance, events or results may differ materially. Additional information or factors that could affect Crescent Point's operations or financial results are included in Crescent Point's most recent annual information form, which may be accessed through the Crescent Point SEDAR+ or EDGAR websites or by contacting Crescent Point Energy.

在電話會議中，管理階層可能會對未來事件或未來財務表現做出預測或其他前瞻性陳述。實際表現、事件或結果可能有重大差異。Crescent Point 最新的年度資訊表中包含了可能影響 Crescent Point 營運或財務表現的其他資訊或因素，您可以透過 Crescent Point SEDAR+ 或 EDGAR 網站或聯絡 Crescent Point Energy 取得此資訊。

Management also calls your attention to the forward-looking information and non-GAAP measures sections of the press release issued earlier today. I will now turn the call over to Craig Bryksa, President and Chief Executive Officer of Crescent Point. Please go ahead, Mr. Bryksa.

管理階層也提請您注意今天稍早發布的新聞稿中的前瞻性資訊和非公認會計準則措施部分。現在我將把電話轉給 Crescent Point 總裁兼執行長 Craig Bryksa。請繼續，布萊克薩先生。

Thank you, Operator. Welcome, everyone to our Q1 2024 conference call. With me today are Ken Lamont, our Chief Financial Officer; and Ryan Gritzfeldt, our Chief Operating Officer. We're off to a great start in 2024. As recently stated, our strategic priorities are focused on operational execution, optimizing our balance sheet, and increasing our return to capital.

謝謝您，接線生。歡迎大家參加我們的 2024 年第一季電話會議。今天和我一起的有我們的財務長 Ken Lamont 和我們的營運長 Ryan Gritzfeldt。2024 年我們有一個好的開始。如最近所述，我們的策略重點是營運執行、優化資產負債表和提高資本回報率。

Our first quarter results showcased how our operational execution and capital discipline led to solid results across our business. In the first quarter, we produced over 198,000 BOE per day. We generated $130 million of excess cash flow, returning 60% of that to our shareholders through our base dividend and share repurchases. And on the balance sheet front, we reduced our net debt by over $150 million.

我們第一季的業績展示了我們的營運執行和資本紀律如何為整個業務帶來了穩健的業績。第一季度，我們的日產量超過198,000桶油當量。我們產生了 1.3 億美元的超額現金流，並透過基本股利和股票回購將其中的 60% 返還給了股東。在資產負債表方面，我們減少了 1.5 億多美元的淨債務。

Earlier this week, we entered into an agreement to dispose off non-core assets in Saskatchewan for $600 million. We plan to direct the net proceeds from this disposition towards debt repayment, further strengthening our financial position. As a result, we forecast our net debt at the end of 2024 to be $2.8 billion or 1.1 times debt to cash flow. This would mark significant net debt reduction of $1 billion since year-end 2023. All these highlights serve as examples of how we are executing on our strategic plan and maintaining our commitment to enhance shareholder value.

本週早些時候，我們達成協議，以 6 億美元出售薩斯喀徹溫省的非核心資產。我們計劃將此次處置的淨收益用於償還債務，進一步增強我們的財務狀況。因此，我們預測 2024 年底的淨債務將達到 28 億美元，即債務與現金流比率的 1.1 倍。這將標誌著自 2023 年底以來淨債務大幅減少 10 億美元。所有這些亮點都是我們如何執行策略計劃和堅持提高股東價值的承諾的例子。

I'd like to focus today on our operational excellence across our entire portfolio because that is what ultimately drives the effectiveness of our strategic priorities. In the Alberta Montney, we continue to demonstrate the quality of our asset base and our technical strength.

今天我想重點談談我們整個投資組合的卓越運營，因為這最終決定了我們策略重點的有效性。在阿爾伯塔蒙特尼，我們繼續展示我們資產基礎的品質和技術實力。

Our recent well results show that we are drilling some of the top wells, oil and liquids producing wells, not just in the area, but across the entire Western Canadian Sedimentary Basin. We have also seamlessly integrated our recently acquired Alberta Montney assets and brought on stream 18 wells year-to-date with strong results.

我們最近的鑽井結果顯示，我們正在鑽探一些頂級井、石油和液體生產井，不僅在該地區，而且在整個西加拿大沉積盆地。我們也無縫整合了最近收購的 Alberta Montney 資產，今年迄今已投產 18 口油井，並取得了強勁的業績。

In Karr West, we brought on stream three multi-well pads since closing our acquisition in late 2023. These wells were drilled by the prior operator using their frac design including tighter well space. The peak 30-day well rates from these first two pads have ranged from 400 to 1,400 BOE per day with 85% liquids. The third pad recently came on stream with strong initial results. We will be bringing on stream our first fully operated pad in this area early second half of the year, which will utilize our drilling and completions design, including wider well space.

自 2023 年底完成收購以來，我們在 Karr West 投入了三個多井平台。這些井是由先前的作業者採用其壓裂設計鑽探的，包括更緊密的井距。這兩個區塊的 30 天峰值產量為每天 400 至 1,400 桶油當量，液體含量為 85%。第三個平台最近投入使用，並且取得了良好的初步成果。我們將在今年下半年初在該地區投入我們的第一個全面運營的平台，該平台將利用我們的鑽井和完井設計，包括更寬的井空間。

At our recent multi-well pad in Gold Creek West, we tested different completions designs. We used a plug-and-perf technique on two of the four wells instead of sliding sleeves and have seen promising results to-date. This pad had an average peak 30-day rate of 1,800 BOE per day per well with 85% liquid weighting. As good as these results are we believe that we can do more to unlock future value by further optimizing our drilling and completion designs.

在我們最近位於 Gold Creek West 的多井平台，我們測試了不同的完井設計。我們在四口井中的兩口井上採用了插塞射孔技術，而不是滑套技術，迄今為止已經看到了有希望的結果。該區塊的 30 天平均峰值產量為每口井每天 1,800 桶油當量，液體加重率為 85%。儘管這些結果很好，但我們相信，透過進一步優化我們的鑽井和完井設計，我們可以做更多的事情來釋放未來的價值。

Consistent with previous quarters, our Kaybob Duvernay results also feature strong IP30 rates with high liquids weighting, most of which is condensate. This leads to generating prolific returns in the area. In the first quarter, I'm proud to say that our operating team achieved a remarkable milestone by successfully drilling the longest onshore well in Canadian history.

與前幾季一致，我們的 Kaybob Duvernay 結果也具有強勁的 IP30 率和高液體權重，其中大部分是冷凝物。這將為該地區帶來豐厚的回報。在第一季度，我很自豪地說，我們的營運團隊成功鑽探了加拿大歷史上最長的陸上油井，並取得了非凡的里程碑。

Our record well had a total measured depth of over 9,000 meters, which included a lateral length of over 5,400 meters. It was drilled as part of a multi-well pad in the volatile oil window to access portions of the reservoir that otherwise would not have been recovered. We will bring this pad on stream in the second half of the year and we are excited to see the results.

我們的記錄井總測量深度超過 9,000 米，其中包括超過 5,400 米的水平長度。它是作為揮發性油窗中多孔平台的一部分進行鑽探的，目的是進入儲層中原本無法採收的部分。我們將在今年下半年投入使用這個平台，我們很高興看到結果。

Our most recent pad in this area, which came on stream in the first quarter had an average peak 30-day rate of over 1,500 BOE per day per well, comprised of 75% liquids. I'd like to congratulate our Kaybob Duvernay team for their tremendous accomplishment in drilling this record setting well. This is yet another example of our technical bench strength and overall operating expertise.

我們在這個地區最新的一個平台於第一季投入使用，其平均 30 天峰值產量為每口井每天超過 1,500 桶油當量，其中 75% 為液體。我要祝賀我們的 Kaybob Duvernay 團隊在鑽探這口創紀錄的井中取得了巨大成就。這是我們的技術實力和整體營運專業知識的又一例證。

In Southeast Saskatchewan, we continue to advance our open hole multi-lateral well development program and are seeing encouraging results from these wells. We plan to drill 10 2-mile, 8-legged wells during 2024. With the recently announced government of Saskatchewan royalty incentive, the net present value and payout of our program improves by 10%.

在薩斯喀徹溫省東南部，我們繼續推動裸眼多分支井開發計劃，並從這些井中看到了令人鼓舞的成果。我們計劃在 2024 年鑽探 10 口 2 英里、8 腿井。隨著薩斯喀徹溫省政府最近宣布的特許權使用費激勵措施，我們項目的淨現值和支出提高了 10%。

With our recently announced non-core asset disposition in Saskatchewan, we revised our 2024 annual-production guidance to 191,000 to 199,000 BOE per day. Our capital expenditures guidance of $1.4 billion to $1.5 billion remains unchanged due to the minimal spending we had allocated to the disposed assets for the remainder of the year.

隨著我們最近宣佈在薩斯喀徹溫省進行非核心資產處置，我們將 2024 年年產量預期修改為每天 191,000 至 199,000 桶油當量。由於我們在今年剩餘時間內分配給已處置資產的支出很少，因此我們的 14 億美元至 15 億美元資本支出指引保持不變。

On a pro forma basis, we expect to generate $875 million of excess cash flow in 2024, at $80 per barrel WTI. The majority of this excess cash flow is weighted to the second half of the year based on the cadence of our capital program. We will continue to allocate 60% of our excess cash flow to shareholders and the remaining 40% to the balance sheet.

根據備考基礎，我們預計 2024 年將產生 8.75 億美元的超額現金流，每桶 WTI 80 美元。根據我們的資本計劃的節奏，大部分超額現金流將集中在下半年。我們將繼續把60%的超額現金流分配給股東，其餘40%分配給資產負債表。

As I step back and look at where our company is headed, I've never been more excited. We will continue to focus on our strategic priorities of operational execution, optimizing our balance sheet, and increasing our return of capital to our shareholders. Our priorities are supported by an asset portfolio with 20 years of premium drilling inventory to provide discipline per share growth and significant excess cash flow.

當我回顧並展望我們公司的發展方向時，我感到前所未有的興奮。我們將繼續專注於營運執行、優化資產負債表和增加股東資本回報等策略重點。我們的優先事項是由擁有 20 年優質鑽井庫存的資產組合提供支持，以確保每股成長的紀律和大量的超額現金流。

Our corporate transformation and improvements that we've made to get to this point are truly exceptional. Our first quarter results clearly show how positive the start of the year has been for us.

為了達到這一點，我們所做的企業轉型和改進確實非常出色。我們第一季的業績清楚地表明了今年的開局對我們來說是多麼積極。

Before wrapping up, I'd like to invite everyone listening in on this call to our AGM later this morning, which will be held virtually. Please visit our website for further details. I'll now open the call to questions from the investment community, followed by questions from the webcast. Operator, please open the line to questions.

在結束之前，我想邀請所有收聽本次電話會議的人參加我們今天上午晚些時候以虛擬方式舉行的年度股東大會。請訪問我們的網站以了解更多詳細資訊。我現在將開始回答投資界的提問，然後回答網路直播中的問題。接線員，請接通電話回答問題。

(Operator Instructions) Dennis Fong, CIBC World Markets.

（操作員指示） Dennis Fong，CIBC World Markets。

Hi, good morning, and congrats on the strong results this morning. And thanks for taking my questions. My first one is maybe focused around the strong type curve results that you guys have showcased. I was just curious as to how would you think about or what level of improved confidence would you need to start applying these stronger results to your plan? And how would that potentially affect either the cadence of production growth or CapEx or free cash flow generated over both the next 12 months and the five-year program?

大家好，早安，恭喜您今天早上的優異成績。感謝您回答我的問題。我的第一個問題可能集中在你們展示的強型曲線結果。我只是好奇您會如何思考，或者您需要提高到什麼程度的信心才能開始將這些更強大的結果應用到您的計劃中？這會對未來 12 個月和五年計畫的生產成長節奏、資本支出或自由現金流產生什麼影響？

Hey Dennis, thanks for the question. It's Craig here. I'll take some of this and then I'll pass it to Ryan as he's with me here too, and he can talk to you a lot about how the operations have been going.

嘿，丹尼斯，謝謝你的提問。我是克雷格。我會拿一些，然後交給瑞安，因為他也和我在一起，他可以和你詳細談談手術的進展。

But Dennis, off to a great start to the year. Happy to be with where we are just over that 198,000 BOE per day. Got a good cadence of operations running. As you're well aware, we have the two rigs running in the Duvernay. We have the three rigs running in the Montney.

但丹尼斯今年有了一個好的開始。我們很高興能夠達到每天 198,000 桶油當量的水平。營運節奏良好。如您所知，我們在杜韋奈有兩台鑽孔機在運作。我們在蒙特尼有三台鑽孔機在運作。

And then we bought between, call it, two to three rigs in Saskatchewan depending on the timing of the program. But operationally, things have been going very well. Well results have been coming in very well. We're excited to see when you think to the back half of the year with our spacing in particular in the Montney, not only our spacing, but our well designs as those pads start to come online. We're certainly encouraged for that.

然後，我們根據專案的時間安排，在薩斯喀徹溫省購買了兩到三台鑽孔機。但從營運角度來看，一切進展順利。嗯，結果非常好。當您想到今年下半年我們在蒙特尼的間距時，我們很高興地看到，不僅是我們的間距，還有我們的井設計，因為這些平台開始上線。我們確實為此感到鼓舞。

Your question around well results and maybe more pointing towards some outperformance relative to type curves. I think we spoke a little bit about this at the Analyst Day. We'd like to see, call it, two to three to four pads in an area with consistent results that are in and around those numbers as we slowly creep that up within our type well.

您的問題圍繞著良好的結果，也許更多地指向相對於類型曲線的一些優異表現。我想我們在分析師日上談論過這個問題。我們希望看到，在一個區域內有兩到三到四個墊子，隨著我們慢慢地將其提升到我們類型井內，其結果將保持一致，並且接近這些數字。

So if we take a little bit more of a measured or balanced approach, so ideally you start to see this flow in over time. But really happy with where we are to-date. Happy with the performance; encouraged with the performance of the operations team. And Ryan, I don't know if you'd have any other comments on tighter well [spacing].

因此，如果我們採取更謹慎或平衡的方法，那麼理想情況下，您會隨著時間的推移開始看到這種流動。但我們對目前的狀況感到非常滿意。對錶現感到滿意；對營運團隊的表現感到鼓舞。Ryan，我不知道你對更嚴格的規定還有什麼其他意見[間距]。

Yeah, I think Craig answered it well. And it is a good question. We've been getting that question a lot, specifically in Gold Creek West, where, like Craig mentioned, we're getting really strong results. 1,800 BOE a day, 85% liquids IP30s versus our type curve closer to 1,300 BOE a day. We do need more -- we need more production history. How are those wells going to decline before we up our type well across the area in our 5 and 10-year plans?

是的，我認為 Craig 回答得很好。這是一個好問題。我們經常被問到這個問題，特別是在 Gold Creek West，正如 Craig 所提到的，我們在那裡取得了非常好的成果。每天 1,800 桶油當量，85% 為液體 IP30，而我們的類型曲線接近每天 1,300 桶油當量。我們確實需要更多——我們需要更多的生產歷史。在我們的五年和十年計劃中，在該地區提高我們的井型之前，這些井的產量將如何下降？

We have 300 locations in that area, and we're going to actually test probably tighter spacing to seven wells a section, which would add another 100 locations. But I think it's not prudent to just apply that 1,800 BOE a day result across the whole area. So I think that shows the how we've adequately risked our production in our 2024 budget and five-year plan. And as we continue to get more results, more pads, more production history to fully understand the declines, that's when we'll look at bumping our assumptions in the current year and go forward.

我們在該地區有 300 個地點，我們實際上將測試更緊密的間距，每個區域有 7 口井，這將增加另外 100 個地點。但我認為，將每天 1,800 桶油當量的結果應用於整個地區並不明智。所以我認為這顯示了我們在 2024 年預算和五年計畫中充分承擔了生產風險。隨著我們不斷獲得更多結果、更多平台、更多生產歷史以充分了解產量下降的情況，我們會考慮在今年提高我們的假設並繼續前進。

Great. Appreciate that color and context. My second question is shifting maybe more towards the balance sheet. You've obviously completed some non-core asset sales in the first quarter and recently announced further non-core asset sales. When I think about, we'll call it the billion dollars of potential debt or deleveraging that you see over the next 12 months both organically and inorganically, how comfortable are you with that pace of deleveraging? And obviously, there's a further debt target behind that, but I just wanted to understand about the pace of that versus where any commodities are your current capital plans, and what that might afford you for flexibility in terms of capital allocation. Thanks.

偉大的。欣賞那種顏色和背景。我的第二個問題可能更多地涉及資產負債表。您顯然已經在第一季完成了一些非核心資產出售，並且最近宣布了進一步的非核心資產出售。當我考慮，我們將其稱為未來 12 個月內您將看到的數十億美元的潛在債務或去槓桿，無論是有機的還是無機的，您對這種去槓桿的速度有多滿意？顯然，這背後還有進一步的債務目標，但我只是想了解一下這一目標的進展情況，以及與您目前的資本計劃相關的任何商品，以及這可能為您在資本配置方面提供什麼樣的靈活性。謝謝。

Yes. Thanks, Dennis. So Ken is with us here too as well, so he can give you some color on this in a second. But for us, when you look at where we were at the end of last year after we did that big strategic Montney acquisition with Hammerhead, we had our balance sheet at about, call it, just under $3.7 billion-ish of absolute debt.

是的。謝謝，丹尼斯。所以 Ken 也和我們在一起，所以他可以在一秒鐘內為您提供一些詳細資訊。但對我們來說，當你看看去年年底我們與 Hammerhead 進行 Montney 重大戰略收購之後的狀況時，我們的資產負債表上的絕對債務大約為 37 億美元左右。

So for us to chew up basically $1 billion in a 12-month period, I would say is a good pace of debt reduction. We're happy with that and happy with projections on that, both through the non-core dispositions in Southern Alberta and Northern Alberta, which we closed in the first quarter and now, that the most recent one here in Saskatchewan that we just had announced.

因此，對我們來說，在 12 個月內消耗 10 億美元，我認為這是一個很好的減債速度。我們對此感到滿意，也對預測感到滿意，包括我們在第一季完成的南艾伯塔省和北艾伯塔省的非核心資產處置，以及我們剛剛宣布的薩斯喀徹溫省的最新資產處置。

So when you combine the proceeds from that plus what we see for excess cash flow generation and the share that the company keeps, that's in and around $1 billion. So it's a good significant move or strengthening of our balance sheet.

因此，當你把這些收益加上我們看到的超額現金流和公司保留的份額加在一起時，這個數字就在 10 億美元左右。因此，這對我們來說是一個重大的舉措，可以增強我們的資產負債表。

Look for us, as we talked, Dennis, and you and I have talked in the past, we'd like to be here a near-term debt target. I'm seeing near-term of around $2.2 billion of absolute debt that's about one times debt to cash flow. And that, call it $60 to $70 price environment -- sorry, $60 to $65 WTI price environment, that would be about one-time.

正如我們討論過的，丹尼斯，你和我過去也討論過，我們希望在這裡設定一個近期的債務目標。我看到近期絕對債務約 22 億美元，約為債務與現金流比率的 1 倍。這就是所謂的 60 至 70 美元的價格環境——抱歉，60 至 65 美元的 WTI 價格環境，這大概是一次性的。

So we want to move quickly towards that. So look for us to try and accelerate into that as we go. But very happy with the progress we've made to-date. And we'll continue towards that, strengthening towards it, like you say, $2.2 billion. And then as we get to that level, look for us to start to talk about increasing our return of capital to shareholders.

因此我們希望盡快實現這一目標。因此，請期待我們在前進的過程中嘗試並加速實現這一目標。但我們對迄今為止的進展感到非常高興。我們將繼續朝著這個目標努力，正如您所說，達到 22 億美元。然後，當我們達到這個水準時，我們就開始談論增加對股東的資本回報。

So right now we returned 60% of our excess cash flow to our shareholders. As we get closer to that number or in and around that number, look for us to grow that profile as well.

因此，現在我們將 60% 的超額現金流返還給股東。當我們接近或接近這個數字時，我們也會擴大這個形象。

And then further beyond that, when you look at the business moving forward, Dennis, we'd like to be in the neighborhood of about $1.7 billion of absolute debt, is how we'd like to run the business for the long-term. And that would equate to 1x debt to cash flow at $50 WTI. And when you're in that type of level, you're pretty much bulletproof from a balance sheet standpoint.

除此之外，丹尼斯，當你展望未來的業務時，我們希望絕對債務在 17 億美元左右，這就是我們希望長期經營業務的方式。這相當於 WTI 價格為 50 美元時債務與現金流之比為 1 倍。當你處於這種水平時，從資產負債表的角度來看，你幾乎是無懈可擊的。

So when we talk balance sheet optimization, that's what we're gearing towards is that type of level. And I can tell you, I'm pretty pumped myself on a billion dollar net reduction here over, call it, a 12-month period. Ideally, Dennis, next time we're talking, we can say we're doing even more than that but certainly a good start. And Ken, I don't know.

因此，當我們談論資產負債表優化時，我們所關注的就是這種水準。我可以告訴你，我對 12 個月內淨減少 10 億美元的成績感到非常興奮。理想情況下，丹尼斯，下次我們談話時，我們可以說我們做得更多，但肯定是一個好的開始。而肯，我不知道。

Yeah. The only thing I'll add to that Dennis is we're obviously very highly hedged here the back half of this year. So 45% fixed price hedged on oil, 30% on gas, and that extends in oil into 2025 as well in the first half about 20%. So as far as our ability to harvest that retained excess cash, feels very comfortable, just given the level of the hedge books as well too. So that'll provide a little more certainty in bringing that debt down.

是的。丹尼斯，我唯一要補充的是，今年下半年我們顯然已經採取了非常嚴格的對沖措施。因此，石油的固定價格對沖率為 45%，天然氣的固定價格對沖率為 30%，到 2025 年上半年，石油的對沖率也將延續至 20% 左右。因此，就我們收穫保留的過剩現金的能力而言，考慮到對沖帳簿的水平，我們感到非常舒適。因此這將為降低債務提供更多的確定性。

Great. I appreciate the context there. I'll turn it back. Thanks.

偉大的。我很欣賞那裡的背景。我會把它轉回去。謝謝。

Thanks, Dennis.

謝謝，丹尼斯。

Amir Arif,

阿米爾·阿里夫，

Thanks. Good morning, guys. Just a few quick questions. Just on those Karr West wells. I know it was previous completion approach, but just the variability between the 400 to 1,400 BOE/day. Can you just give us a sense of what was causing that and if there were any lower Montney wells included in those pads?

謝謝。大家早安。只是幾個簡單的問題。就在那些卡爾西井上。我知道這是之前的完井方法，但只是 400 到 1,400 桶油當量/天之間的變化。您能否告訴我們造成這種情況的原因以及這些平台中是否包括任何下蒙特尼井？

Yeah. I think it's best for Ryan to grab that one.

是的。我認為瑞恩最好抓住這個機會。

Yeah, good question. So the 5 of 11 pad, it did have three lower -- it does have three lower Montney wells. We spoke a little bit at our Investor Day at how the previous operator drilled through a fault on that pad. And so there are a handful of wells that have shortened lateral lengths because of that.

是的，好問題。因此，這 11 個井台中的第 5 個井台確實有 3 口較低的 Montney 井。我們在投資者日上稍微談到了先前的操作員如何在該平台的斷層上進行鑽探。因此，有少數井的水平段長度被縮短了。

And we also think that the lowers were drilled a little bit too low, close to the bottom, the very bottom of the Montney zone. So we think that definitely some of the wells have been impacted by that. Some of the B and the C Montney wells are strong at that 1,400 BOE a day.

我們也認為下部鑽得有點太低了，接近底部，蒙特尼區的底部。因此我們認為有些油井肯定受到了影響。蒙特尼 B 井和 C 井的部分產量可達每天 1,400 桶油當量。

What we're excited about here go-forward. So we're bringing a pad on right now. It's our 2 to 10 pad. We'll have IP30 results in the next quarter. Still at the previous operator well spacing, but with our fluid system in our frac design. So look for those results.

我們對此感到興奮的是未來的發展。所以我們現在就帶上護墊。這是我們的 2 到 10 墊。我們將在下個季度公佈 IP30 的結果。仍然採用先前的操作井間距，但採用我們的壓裂設計中的流體系統。因此，請尋找這些結果。

And then we're also right now drilling a pad down in that Karr South, Karr West area, the 5 of 23 pad, where we're testing the lower Montney again. But we didn't drill those as low as on that 5 of 11 pad. So look for that pad, the 5 of 23 pad, where it's our well spacing. So a little bit wider well spacing and our fluid system for our frac. So look for those results in the summer.

然後，我們現在也在 Karr South、Karr West 地區鑽探一個平台，即 23 個平台中的第 5 個，在那裡我們再次測試下 Montney。但是我們並沒有在 11 個墊子中的 5 個墊子上進行如此低的鑽孔。因此，請尋找那個墊塊，即 23 個墊塊中的第 5 個，那裡就是我們的井距。因此，我們的壓裂井間距和流體系統會稍微寬一點。因此，請在夏天尋找這些結果。

And I don't believe you booked too many lower Montney wells. It could be inventory at B from that zone or the two or three.

我不相信你預訂了太多的下蒙特尼井。它可能是來自該區域 B 的庫存，或兩個或三個區域的庫存。

Yeah, I think -- yeah, there's a very small amount of lower Montney booked. But, yeah, if you apply a fairly conservative well spacing, there's probably conservatively 150, 200 lower Montney locations in that area.

是的，我認為——是的，下蒙特尼的預訂量非常小。但是，是的，如果你採用相當保守的井距，那麼該地區保守估計可能有 150 到 200 個較低的蒙特尼位置。

Okay. Sounds good.

好的。聽起來不錯。

But just a handful booked.

但只有少數人預訂。

Yeah. And then just a question on the different completion approach of the sliding sleeve versus plug and perf, doesn't seem to be making much of a difference on the performance, but obviously lower well costs. Can you just give us a sense of how much you could reduce your well cost and when you'd be comfortable enough, potentially shifting more to plug and perf? And what the magnitude of the well cost saving would be?

是的。然後，我想問一下，滑動套管與塞子和穿孔器的不同完井方法似乎對性能沒有太大影響，但顯然降低了井成本。您能否告訴我們，您能將油井成本降低多少，以及什麼時候您才能放心，從而有可能將更多的成本轉移到封堵和射孔上？那麼油井成本節省的幅度有多大呢？

Yes. So this is Craig. Extremely excited about how those wells have came in. Do know that the plug and perf, the IP wasn't quite as high as the sliding sleeves. So the sliding -- which makes sense when you think of that single entry point. Extremely excited, though, with how the operations team went through on the plug and perf and the success we had.

是的。這就是克雷格。我對這些油井的建成感到非常興奮。確實知道插頭和穿孔的 IP 不如滑動套管那麼高。因此，當您想到那個單一入口點時，滑動是有意義的。不過，對於營運團隊在即插即用方面的進展以及我們所取得的成功，我感到非常興奮。

And really, your point there, the big win on that is twofold. One, ideally, the decline rate is a little bit shallower. And then two, the cost of those wells was about 500,000-ish less than what we are seeing on the sliding sleeve.

事實上，正如你所說，最大的勝利是雙重的。第一，理想情況下，下降速度應該要稍微平緩一些。其次，這些井的成本比我們在滑動套管上看到的要低約 50 萬左右。

So it's a significant win operationally for the team and then as well on the cost structure moving forward. So we do have a few more of those wells that we're going to be doing this year. And we built in that, call it, cost savings into those wells as we see it in our 2024 program. Ryan, I don't know.

因此，這對於團隊的營運以及未來的成本結構而言都是一場重大勝利。因此，我們今年還會繼續開採幾口這樣的井。正如我們在 2024 年計畫中看到的那樣，我們將這種所謂的成本節約融入這些油井中。瑞安，我不知道。

Yeah, no, that's good.

是啊，不，那很好。

I appreciate that color.

我很欣賞那個顏色。

Did that help you?

這對你有幫助嗎？

Yeah, absolutely. I appreciate the color. Just one final question, just on the open hole multilateral over in Saskatchewan, I believe the economics for your open holes are significantly better than your frac well. Is this an area where eventually should we be thinking about you switching over to open holes for the full development eventually over time or does open hole only work over certain parts of that play?

是的，絕對是如此。我很欣賞這個顏色。最後一個問題，關於薩斯喀徹溫省的裸眼多邊油井，我認為你們的裸眼油井的經濟效益明顯優於壓裂井。我們是否最終應該考慮隨著時間的推移，將這個領域轉向開放孔以進行全面開發，或者開放孔是否只在該領域的某些部分起作用？

Yeah, good question. For the most part, the open hole multi-laterals work as we're pushing the edges of the play, specifically where we kind of lose the frac barrier to the overlying water bearing lodge pole formation. So in our core, the conventionally frac wells, I think will still give us the best results. But it's when we start pushing the boundaries specifically to the North and to the Northeast. That's where we're getting these really good results.

是的，好問題。在大多數情況下，當我們推動油藏邊緣時，裸眼多側井就會發揮作用，特別是在我們失去對上覆含水柱狀地層的壓裂屏障的地方。因此，在我們的核心中，我認為傳統的壓裂井仍然會為我們帶來最好的結果。但當我們開始向北部和東北部拓展邊界時。這就是我們取得這些非常好的成果的原因。

The last open hole multi-lateral we brought on into March, it's been two months now and around that 225, 250 barrels a day. So continuing to get great results. It's increased our inventory in the plate, and like we said in the Investor Day, this is an inventory that we're going to rush out and add rigs. But it definitely will help us maintain our production levels in the play and extend our drilling inventory life.

我們在三月投入使用的最後一口裸眼多分支井，到現在已經兩個月了，每天的產量約為 225 至 250 桶。因此繼續取得優異的成績。它增加了我們的庫存，就像我們在投資者日所說的那樣，這是我們要急忙推出並添加鑽孔機的庫存。但它肯定會幫助我們維持生產水準並延長鑽井庫存壽命。

Terrific. Thanks.

了不起。謝謝。

Aaron Bilkoski, TD Cowen

Aaron Bilkoski，TD Cowen

Hi, good morning, guys. My question is on the CapEx associated with the assets that you had sold. Am I correct to assume that you were planning to spend roughly $50 million there?

大家好，早安。我的問題是關於您出售的資產相關的資本支出。我是否可以正確地假設您計劃在那裡花費大約 5000 萬美元？

Good morning, Aaron. When you look into the five-year plan, so beyond 2024, we had about $50 million allocated to those assets. So from 2025 to 2028, it was about $50 million a year. When you look at 2024 with us going through the disposition process, we had a very minimal amount of capital allocated to that. I want to say, had the assets still been with us this year.

早上好，亞倫。當你研究五年計畫時，那麼在 2024 年之後，我們為這些資產分配了約 5,000 萬美元。因此從 2025 年到 2028 年，每年約為 5,000 萬美元。當您展望 2024 年我們經歷處置過程時，我們為此分配的資金非常少。我想說，如果今年這些資產還在我們手上。

We would have spent a minimal amount somewhere in that neighborhood of $15-ish million, I want to say. I think in and around there in the back half of the year, and mainly most of that was allocated to flatly. But no, your assumption is right. Moving forward, it would have been around 50 in the five-year plan per year. This year was only about 50-ish.

我想說，我們至少會花費大約 1500 萬美元。我認為在下半年左右，其中大部分都分配給了 flatly。但不，你的假設是正確的。展望未來，五年計畫中每年的產量將達到約 50 噸。今年只有大約50人。

Got you. So as I look ahead to 2025, you have seems like roughly $50 million in unallocated capital. Where do you see that going? It's not enough to obviously add another rig, but do you use that to squeeze out a few more Montney and Duvernay wells, your pace of drilling and completion may be running a little bit faster than you had budgeted.

明白了。因此，當我展望 2025 年時，您似乎擁有約 5000 萬美元的未分配資本。您認為這將會帶來什麼結果？顯然，僅僅增加另一台鑽機是不夠的，但是如果你用它來再鑽幾個 Montney 和 Duvernay 井，你的鑽井和完井速度可能會比你預算的要快一點。

Yes. And we'll see how that goes. And Aaron, like mentioned earlier on the call, the cadence of operations has been good. Our team is just off and running, in particular with Montney. And I'm excited, and I know Ryan is excited with how the performance has been.

是的。我們將拭目以待。正如 Aaron 之前在電話中提到的那樣，營運節奏一直很好。我們的團隊剛開始運作，特別是 Montney。我很興奮，我知道瑞恩對這次的表現也很興奮。

We actually -- we just ended up clipping a pace setter well for us here about a month or two ago, that was basically 11 days. So it certainly tightened the timeframe on how fast that we're drilling the wells, which is good because that drives your capital structure.

實際上——大約一兩個月前，我們剛剛在這裡為我們設定了一個良好的開端，那基本上是 11 天。因此，它確實縮短了我們鑽井的時間範圍，這很好，因為這會影響你的資本結構。

When you look within the five-year plan, we'll spend some time here over with now having the disposition done, and through the summer on looking at capital allocation across the portfolio. And then we'll look to see how that plays within the five-year plan.

當您查看五年計劃時，我們會花一些時間在這裡完成處置，並在整個夏天研究整個投資組合的資本配置。然後我們將看看這在五年計劃中如何發揮作用。

And I would expect more detail in and around the five-year plan, Aaron, later on this year. Right now, we've basically did it. I don't want to say mechanical update, but basically we've removed the assets that have been sold out of that plan and haven't really put any real work into the reallocation of that capital if it even happens.

亞倫，我希望今年稍後能公佈有關五年計劃的更多細節。目前，我們基本上已經做到了。我不想說機械更新，但基本上我們已經從該計劃中移除了已售出的資產，並且即使發生這種情況，也沒有真正為重新分配該資本付出任何實際努力。

We're pretty happy with how to-date. So just because the -- we had that in there doesn't mean we'll end up doing that or spending that. Got you?

我們對目前的情況非常滿意。所以，我們有這個打算，並不代表我們最終會這麼做或花掉這個錢。明白了嗎？

Thanks very much, Craig. I appreciate that.

非常感謝，克雷格。我很感激。

Jeremy McCrea, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Jeremy McCrea。

Hi, guys. You talked about well improvements, well cost savings. How much of this have you built into 2024 and 2025? Like I know you said there's some of it built in, but what could we potentially see for revisions if these wells continue to come above expectations or the well costs continue to come below expectations? I'll leave it at that for now.

嗨，大家好。您談到了油井改進和油井成本節約。您在 2024 年和 2025 年達成了多少這樣的目標？就像我知道您說的那樣，其中一些是內建的，但如果這些油井的產量繼續超出預期或油井成本繼續低於預期，我們可能會看到哪些修訂？我現在就到此為止。

Hey Jeremy, it's Ryan here. Yeah, as you go, you build a little bit in rates, but again, what I've been saying is these things take time. So we said our Montney drills depending where you are $9 million to $10 million per well. And we have line of sight to sub $9 million over the next 12 months to 24 months.

嘿，傑里米，我是瑞安。是的，隨著你的進展，你會在利率上稍微提高一點，但我一直在說的是，這些事情需要時間。因此我們說，我們的 Montney 鑽井價格取決於您所在的位置，每口井的成本為 900 萬到 1000 萬美元。我們的目標是在未來 12 個月到 24 個月內將收入控制在 900 萬美元以下。

So it takes time. We want to see it repeatably before we build more in. Like Craig mentioned, we brought in a different walking double rig into the play. It's taken a few pads to finally find its stride. It's drilled as quick as well at just under 11 days. But these things take time, right?

所以需要時間。我們希望在建立更多功能之前能夠反覆看到這一點。正如克雷格所提到的，我們在劇中引入了不同的行走雙人裝備。經過幾次嘗試，它終於找到了自己的節奏。鑽井速度一樣快，僅需不到 11 天。但這些事情需要時間，對吧？

So we've built a little bit in, but as we go, obviously, we'll build in more kind of similar to the production results question. We need to see the results being repeated consistently and we'll build it in over time.

因此，我們已經建立了一點點，但隨著我們的進展，顯然，我們會建立更多類似於生產結果的問題。我們需要看到結果不斷重複，並且我們會隨著時間的推移將其融入其中。

The one thing I would add too, Jeremy, so as you're well aware, one of the things or one of the things that really drives your cost structure is time and location, and Ryan alluded to that. So as we get our rigs running and we get smarter and we're doing things better and the team is really learning off each other, then ideally you drive that time and location down.

傑里米，我還要補充一點，正如你所知，真正影響你的成本結構的因素之一是時間和地點，瑞安也提到了這一點。因此，隨著我們的鑽孔機運轉起來，我們變得更加智能，我們做的事情也變得更好，團隊也真正地相互學習，那麼理想情況下，你就可以縮短時間和地點。

That's both on the drilling and the completion side as we follow along the three rigs in the Montney in particular with one frac spread. But the other thing that works in our favor is our internal procurement division, and we've had some success recently here with working with a new service provider to pump our fracs, and that ended up saving us a material amount of money here on a per well basis too.

這既包括鑽井方面，也包括完井方面，我們追蹤蒙特尼的三個鑽井平台，特別是其中一個壓裂平台。但對我們有利的另一件事是我們的內部採購部門，我們最近與一家新的服務提供者合作來泵送我們的水力壓裂液，取得了一些成功，最終也為我們節省了每口井的大量資金。

So Ryan's team is working that into the budget, but all that works in our favor as well too. So we'll see how that ends up playing out. But very happy with both the ops team on what they've been doing to-date and then as well the procurement division on what they've been working with our service providers on, so.

因此，Ryan 的團隊正在將其納入預算，但這對我們有利。因此我們將拭目以待最終結果如何。但我對營運團隊迄今為止所做的工作以及採購部門與我們的服務提供者的合作感到非常滿意。

Okay. And maybe just a quick follow-up there too. Is there any new concepts that you haven't talked about here today? Like I said, we talked about trying to plug and perf versus the NCS. Is there any other new concepts that you're going to test over the rest of the year that you'll talk about coming Q2, Q3, and say, hey, actually, that actually kind of worked here.

好的。或許也只是一個快速的跟進。還有什麼新概念您今天還沒有在這裡討論嗎？就像我說過的，我們討論了嘗試堵塞和穿孔而不是 NCS。您是否打算在今年剩餘時間內測試其他新概念，並在第二季度和第三季度進行討論，然後說，嘿，實際上，這些概念確實在這裡起作用。

Yeah, I don't think so, Jeremy. I think what we're doing right now keeps us busy with new things. Craig mentioned we just drilled the longest onshore well in Canada in the Duvernay. We've had questions. Well, what did you do differently? And honestly, not a lot different.

是的，我不這麼認為，傑里米。我認為我們現在所做的事情讓我們忙於新事物。克雷格提到，我們剛剛在杜韋奈鑽了加拿大最長的陸上井。我們有一些疑問。那麼，你做了什麼不同的事情？老實說，並沒有太大的不同。

It's just taking the learnings. We've been in the play now for what three years? It's taking the learnings and applying them, and that's why I say some of these things take time. With all the things we do have going on right now, it's exciting to see where we can bring our cost to, like Craig mentioned with supply chain management, with our operations team continuing to push the limits. But in terms of, like, new things like plug and perf and Gold Creek East that we're trying. There really isn't anything new that I can speak of.

這只是在吸取教訓。我們演這個戲到現在已經三年了？這是吸取教訓並加以應用的過程，這就是為什麼我說其中一些事情需要時間。就我們目前正在進行的所有事情而言，我們很高興地看到我們可以將成本降低到何種程度，就像 Craig 提到的供應鏈管理一樣，我們的營運團隊將繼續突破極限。但就我們正在嘗試的新事物而言，例如插頭和穿孔以及 Gold Creek East。我實在沒有什麼新鮮事可談。

And Jeremy, I'd add to that in our teams, as you get in here, they learn from each other, and the Duvernay team learns from the Montney team, and away they go. And we apply different things as we go. So it's a consistent evolution and always being innovative around that. So you're always looking at different muds and bid systems and how that works. So ideally that drives your cost structure.

傑里米，我想補充一點，在我們的團隊中，當你加入到這裡時，他們會互相學習，杜維奈團隊會向蒙特尼團隊學習，然後他們就會一起前進。我們在過程中會運用不同的方法。因此，這是一個持續的演變，並且始終圍繞著這一點進行創新。因此，您總是會注意不同的泥漿和出價系統以及它們的運作方式。因此，理想情況下，這將決定您的成本結構。

The other thing is, we're typically a little bit more conservative on our well spacing, as you're well aware. We like to be. We'd rather be a little bit wider and creep our way in, as opposed to being too tight and have to creep our way out and revise inventory to the negative. So one thing you will see us do this year, Ryan said it earlier on the call is with the success we've been having in Gold Creek West these like that last pad is called 1,800 BOE per day on average per well at 85% oil or liquids.

另一件事是，正如您所知，我們在井距方面通常更加保守一些。我們喜歡這樣。我們寧願稍微擴大一點，慢慢地進入，而不是太緊，不得不慢慢地退出，並將庫存修改為負數。因此，今年您將看到我們所做的一件事，Ryan 在早些時候的電話會議上說過，我們在 Gold Creek West 取得了成功，就像最後一個平台一樣，每個井平均每天可產出 1,800 桶油當量，其中石油或液體含量為 85%。

Look for us to tighten in that spacing on an offsetting pad to the pad's going to go directly to the West. We're going to tighten in that spacing. We're going to go from five wells to seven wells per DSU. Ideally, we get some very good strong results like we've been seeing, and then that opens up inventory in that entire airway or area. So it's going to be a lot more of that.

尋找我們在偏移墊上的間距收緊，以使墊子直接指向西方。我們要縮小這個間距。我們將把每個 DSU 的井數從 5 口增加到 7 口。理想情況下，我們會獲得一些非常好的強勁結果，就像我們所看到的那樣，然後這會打開整個航線或區域的庫存。因此，這種情況還會更多。

And then obviously, when you think of the geos and how our landing zones and how they're steering the wells, they learn as we go. Let's see, optimal landing position. How do you want to stagger your zones between the different areas? So it's going to be more of that, just getting smarter and then look for us over the years to get even better.

然後顯然，當你想到地理位置以及我們的著陸區以及它們如何引導油井時，它們會隨著我們的進展而學習。讓我們看看最佳著陸位置。您想如何在不同區域之間交錯劃分區域？因此，我們將會變得更加聰明，並在未來幾年內變得更好。

And like Ryan mentioned, that Duvernay well, we've been running in the Duvernay now for three years, but over three years, so that well is 19 or basically 9,017 meters, that horizontal leg was 5,400 meters long. And Jeremy, we did that in one bit run. So not only is it the longest well in Canada, it's also drilled half a day faster than the peer who had that title in front of us. So the team, they did an incredible job on that. But -- so we'll see how it plays out with us in the Montney.

正如瑞安所提到的，我們已經在杜韋奈井作業了三年，三年多來，該井的長度為 19 米，或基本上是 9,017 米，水平段長度為 5,400 米。傑里米，我們一次性就做到了。因此，它不僅是加拿大最長的井，而且鑽井速度比在我們之前獲得這項頭銜的同行快了半天。所以這個團隊在這方面做得非常好。但是——所以我們將看看它在蒙特尼的表現如何。

Travis Wood, National Bank Financial

崔維斯伍德，國家銀行金融

Yes, thanks, and good morning. The question's probably for Ken. I just wanted to take it back to what Dennis was getting at around debt; I guess a couple questions to get here first. Any more assets to be sold, smaller, non-core stuff, the scraps that are left in the portfolio?

是的，謝謝，早安。這個問題可能是問肯的。我只是想回到丹尼斯關於債務的問題；我想先問幾個問題。還有什麼資產需要出售，規模較小，非核心資產，投資組合中剩餘的殘餘物嗎？

And then how should we -- is debt to cash the right way to think about where leverage sits? Or as you think about accelerating debt repayment? Could we start to think this on a debt to cap base or what's the right way to think about that? And how low should the absolute debt number get to?

那我們應該如何－債務兌現金是思考槓桿率的正確方法嗎？或者您考慮加速償還債務？我們可以開始根據債務上限來思考這個問題，或是正確的思考方式是什麼？絕對債務金額該降到多低？

So a lot of questions in there, but kind of just driving at one. And then any way to accelerate some of the repayment of the senior notes and the bonds that are coming due over the next couple of years.

這裡面有很多問題，但我只是針對一個問題。然後有什麼方法可以加速償還未來幾年到期的優先票據和債券呢？

Hey Travis, thanks for the question. I'll maybe grab the first one as far as A&D, and then I can pass it to Ken on the debt and the debt structure and how we're looking at optimizing the balance sheet.

嘿，崔維斯，謝謝你的提問。我可能會先討論 A&D，然後我可以將其傳遞給 Ken，討論債務和債務結構以及我們如何優化資產負債表。

As far as A&D, Travis, you've watched Crescent Point over the last six years, but in the last maybe three years in particular on the movement within the portfolio, and I did mention to you that we're going to take a good long pause as far as the acquisitions.

至於 A&D，崔維斯，過去六年你一直在關注 Crescent Point，特別是過去三年投資組合的動向，我確實跟你提過，在收購方面，我們將暫停很長時間。

We're happy with how things have come together here, so don't look for us this year to do anything on the acquisitions front. I would also tell you too as far as the upstream dispositions, when you look at now with us having moved off -- what we just moved off recently here both in Alberta and Saskatchewan. We're pretty -- we're excited with how the portfolio fits and stands today.

我們對目前的情況感到滿意，所以今年我們不會再進行任何收購。我也會告訴你關於上游處置的情況，當你看到我們現在已經搬走了——我們最近剛在阿爾伯塔省和薩斯喀徹溫省搬走了。我們對目前的投資組合狀況感到非常興奮。

So I wouldn't look for any near-term dispositions, further dispositions, upstream dispositions either. So again, happy with that as far as that movement on the portfolio. And then we'll look to execute here over the next call to 12-ish months. And then I'll maybe pass to Ken as far as the debt structure and balance sheet optimization.

因此我不會尋找任何近期處置、進一步處置或上游處置。所以，就投資組合的變動而言，我對此感到高興。然後，我們將在接下來的 12 個月左右的時間內努力執行。然後我可能會將債務結構和資產負債表優化交給肯。

Yes. So on the debt side, Travis, I think the way we're approaching it is a bit of a leverage at a lower oil price is kind of where we set what I'll call our targets, or more optimal debt level. And so if you think about, we've been signaling here on the back of the deal, we open the year at $3.7 billion of debt. We talked about reducing that by about $1.5 billion to get to $2.2 billion.

是的。因此，特拉維斯，在債務方面，我認為我們處理這個問題的方式是在較低的油價下使用一點槓桿，這就是我們設定的目標，或更優化的債務水平。所以如果你想想，我們一直在暗示，在達成協議之後，我們今年的債務規模將達到 37 億美元。我們討論過將其減少約 15 億美元，達到 22 億美元。

That's kind of a debt to cash flow of around 1x at between $60 and $65 U.S. WTI. And so that's really an initial level where you think, if we can deleverage down to that, that gives us kind of our first level of comfort, and where we can kind of reflect on potential return increasing in the return of capital proposition of the shareholders.

這相當於債務與現金流比率約為 1 倍，利率在 60 至 65 美元之間。西德克薩斯中質原油（WTI）。因此，這確實是一個初始水平，如果我們能夠將槓桿率降至這個水平，這將給我們帶來第一層安慰，並且我們可以在股東資本回報主張中反映潛在回報的增加。

In the longer run, we'd like to run our business at a one-time debt to cash flow at a $50 U.S. WTI. And so that's to Craig's earlier comment on this call, about $1.7 billion of absolute debt. And so that's really what we would like to manage the business at.

從長遠來看，我們希望以 50 美元的一次性債務現金流來經營我們的業務。西德克薩斯中質原油（WTI）。這是克雷格之前對這次電話會議的評論，大約 17 億美元的絕對債務。這正是我們想要管理業務的目的。

Now, obviously, there'll be period of times where we'll have -- we'll be well below that. There could be period times going forward. We'll be slightly above that. I think that's kind of where we're shooting to manage the business on average. And so that's really how we're thinking about debt levels and where we'd like to get to.

現在，顯然，會有一段時間我們會遠低於這個水平。未來可能會有一段時期。我們會略高於這個數字。我認為這就是我們管理業務的平均目標。這就是我們對債務水平的真正思考以及我們想要達到的目標。

With respect to the bonds, absolutely, there are early repayment provisions within those bonds where interest rates sit today. There wouldn't really be any penalties at all to repay them early. However, outside of just having some covenants associated with those bonds, which were well inside of obviously, they're carrying an interest rate of 4%.

就債券而言，當然，這些債券中存在提前還款條款，利率與當前利率一致。提前還款實際上不會有任何罰款。然而，除了與這些債券相關的一些契約之外（這些契約顯然在範圍之內），它們的利率為 4%。

So I'm not really motivated right now to repay those things early. And so I think we'll probably look to leave those outstanding for a bit more period of time here. And then, obviously, to Craig's point, we're focusing on kind of getting to that $2.2 billion of debt retaining some excess cash, and just driving that balance sheet down this year a little bit further.

所以我現在真的沒有動力提前償還這些債務。因此，我認為我們可能會考慮將這些未解決的問題再留一段時間。然後，顯然，正如克雷格所說，我們專注於償還 22 億美元的債務，保留一些多餘的現金，並在今年進一步降低資產負債表。

Okay. Perfect. And then so is that $1.7 billion? Is that the threshold on absolute debt where we could start to think about 100% of excess cash be returned? Is that the optimal level for that scenario to unplay?

好的。完美的。那麼那是 17 億美元嗎？這是絕對債務的門檻嗎？我們可以開始考慮返還 100% 的超額現金嗎？這是該場景的最佳解開程度嗎？

So Travis, like we've mentioned, as we get to $2.2 billion, look for us to grow the allocation that we're returning. So right now, we return 60% of our excess cash flow goes back to the shareholders in the form of base level dividends. And then the top up is all happening right now through share repurchases. And we certainly believe that that makes sense with how we trade on our intrinsic value.

因此，特拉維斯，就像我們提到的那樣，當我們達到 22 億美元時，我們會增加返還的分配。因此現在，我們將 60% 的超額現金流以基本股利的形式返還給股東。現在，補足工作正透過股票回購進行。我們確實相信，這對我們根據內在價值進行交易是有意義的。

So look for us to continue that. As we get to $2.2 billion, look for us to grow that percentage upwards and call it somewhere in that 70%, 75%-ish ranges as we get there. And we'll see how that plays out as we work through that with both the management team and the Board.

因此，請期待我們繼續這樣做。當我們達到 22 億美元時，我們將這一比例向上提高，並在達到這一水平時將其稱為 70% 或 75% 左右的範圍內。我們將與管理團隊和董事會一起努力，看看結果如何。

As we get to $1.7 billion, I wouldn't expect that to grow any further, Travis. I mean, for us, there's always going to be a component of that excess cash flow that we maintain in the business. So to continue to strengthen either a, the balance sheet or if you want to allocate a little bit more to some organic growth or that sort of thing.

當我們達到 17 億美元時，我預計它不會再增長了，特拉維斯。我的意思是，對我們來說，我們在業務中始終會維持一部分過剩現金流。因此，要么繼續加強資產負債表，要么將更多的資金分配給某些有機增長或諸如此類的事情。

But we certainly believe in always maintaining a certain level of excess cash flow for us to stay in the business and quite happy to drive the balance sheet down well below that $1.7 billion of absolute debt that is our target. So don't look for us at any point in time to go to that 100.

但我們確實相信，始終保持一定水準的超額現金流才能讓我們繼續經營，並且非常樂意將資產負債表降至遠低於我們設定的 17 億美元絕對債務目標。因此，無論何時都不要指望我們能達到那 100 個。

And I would also say too, Travis, when you look at us relative to our peers, with our asset base and our netback both operating netback and then cash flow net back, I think Crescent Point punch is well above its weight as far as excess cash flow per share generation. So our 75% certainly be competitive with what some of those other peers would be doing at a little bit higher level.

而且我也想說，特拉維斯，當你把我們與同行進行比較時，考慮到我們的資產基礎和淨回值，包括營運淨回值和現金流淨回值，我認為就每股超額現金流而言，Crescent Point 的衝擊力遠遠超出了其自身實力。因此，我們的 75% 肯定能夠與其他一些同行在更高水平上競爭。

Appreciate all the color. I'll turn it back.

欣賞所有的色彩。我會把它轉回去。

Thank you. There are no further questions on the phone line. Please proceed.

謝謝。電話那頭沒有其他問題。請繼續。

Thanks, operator. I'll pass it over to Sarfraz Somani, our Manager, Investor Relations to moderate a couple questions here from the webcast.

謝謝，接線生。我將把這個問題交給我們的投資者關係經理 Sarfraz Somani，讓他來回答網路直播中的幾個問題。

Yes. Thanks, Craig. So there's just a couple of questions on tax, and I'm just going to group them here into one. The question would be, when do we expect to pay cash taxes. And does this timing get impacted by the recent known courses cash and disposition?

是的。謝謝，克雷格。因此，這裡只存在幾個有關稅收的問題，我將在這裡將它們歸為一類。問題是，我們什麼時候需要繳現金稅。這個時間是否會受到最近已知的課程現金和處置的影響？

Yeah. So the non-core cash and disposition didn't have a real material impact, really on our production excess cash generation and/or tax profile. Right now, as we sit on strip, we will not be taxable until the year 2026. In 2026, I would expect to be on strip taxable at kind of a 9% of the -- of our cash flow would be the effective tax rate, and that kind of holds steady going forward at strip over the following year. So no cash taxes in 2024 or in 2025.

是的。因此，非核心現金和處置對我們的生產超額現金產生和/或稅收狀況並沒有產生真正的實質影響。目前，由於我們位於地帶，因此直到 2026 年才需要納稅。到 2026 年，我預計該條帶的應稅稅率約為我們現金流的 9%，即有效稅率，而這一稅率將在接下來的一年中保持穩定。因此 2024 年或 2025 年不再徵收現金稅。

Okay. And so there are no more questions right now on the line. So just want to thank everybody for joining us -- joining our call today.

好的。因此現在在線上沒有其他問題了。所以，我只想感謝大家今天參加我們的電話會議。

Thanks, everyone.

謝謝大家。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your line.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，並請您斷開線路。