Crescent Energy Co (CRGY) 2024 Q1 法說會逐字稿

Good morning, and thank you for joining Crescent's first-quarter 2024 conference call. Our prepared remarks today will come from our CEO, David Rockecharlie; and CFO, Brandi Kendall. Our Chief Accounting Officer, Todd Falk; and our Executive Vice President of Investments, Clay Rynd, will also be available during Q&A.

早安，感謝您參加 Crescent 2024 年第一季電話會議。我們今天準備好的演講將來自我們的執行長 David Rockecharlie；和財務長布蘭迪·肯德爾。我們的首席會計官 Todd Falk；我們的投資執行副總裁 Clay Rynd 也將出席問答環節。

Today's call may contain projections and other forward-looking statements within the meaning of federal securities laws. These statements are subject to risks and uncertainties including commodity price volatilities, global geopolitical conflict, our business strategies, and other factors that may cause actual results to differ from those expressed or implied in these statements and our other disclosures. We have no obligation to update any forward-looking statements after today's call.

今天的電話會議可能包含聯邦證券法含義內的預測和其他前瞻性陳述。這些陳述受到風險和不確定性的影響，包括商品價格波動、全球地緣政治衝突、我們的業務策略以及其他可能導致實際結果與這些陳述和我們其他揭露中明示或暗示的結果不同的因素。在今天的電話會議後，我們沒有義務更新任何前瞻性聲明。

In addition, today's discussion may include disclosure regarding non-GAAP financial measures. For reconciliation of historical non-GAAP financial measures to the most directly comparable GAAP measure, please reference our 10-Q and earnings press release available on our website.

此外，今天的討論可能包括有關非公認會計準則財務指標的揭露。如需將歷史非 GAAP 財務指標與最直接可比較的 GAAP 指標進行核對，請參考我們網站上提供的 10 季和收益新聞稿。

With that, I will turn it over to our CEO. David?

這樣，我會將其移交給我們的執行長。大衛？

Good morning, and thank you for joining us. We have another great quarter to go over today, and we are eager to get started. Before we get into the details, I want to begin with a few things I hope you all take away from this call.

早安，感謝您加入我們。今天我們還有一個重要的季度要回顧，我們渴望開始。在我們討論細節之前，我想先講幾件事，希望大家能從這次電話會議中得到一些收穫。

Number one, 2024 is off to a great start. We continue to execute our consistent strategy, doing what we said we would do. Our scaled low-decline production base is generating significant free cash flow, which we are returning to our shareholders. We are reinvesting in proven high-return capital projects in our attractive long-life development inventory.

第一，2024 年是一個好的開始。我們將繼續執行我們一貫的策略，做我們說過要做的事。我們規模化的低衰退生產基地正在產生大量的自由現金流，我們正在將其返還給股東。我們正在對我們有吸引力的長壽命開發庫存中經過驗證的高回報資本項目進行再投資。

We are actively focused on our returns-driven M&A strategy through accretive acquisitions and opportunistic divestitures to compound capital for our investors and further enhance our portfolio. And we have delivered on our goals in the capital markets, improving the float and trading liquidity of our business, enhancing our peer-leading return of capital framework and maintaining our balance sheet strength.

我們積極專注於以回報為導向的併購策略，透過增值收購和機會性剝離，為投資者複合資本並進一步增強我們的投資組合。我們已經實現了在資本市場的目標，提高了業務的流通量和交易流動性，增強了同業領先的資本回報框架，並保持了資產負債表的實力。

Number two, our assets continue to outperform. We saw record production this quarter with continued gains and well productivity complemented by stronger realizations and best-in-class operational execution.

第二，我們的資產持續跑贏大盤。本季我們的產量創紀錄，持續成長，生產力良好，並輔以更強勁的實現和一流的營運執行。

And number three, Crescent has never been better positioned. We believe Crescent is the best stock to own for long-term exposure to oil and gas prices as we uniquely offer the discipline, stability, and capabilities of a large cat business combined with the value and high growth potential of a proven mid-cap company.

第三，新月的定位從未如此好。我們相信 Crescent 是長期投資於石油和天然氣價格的最佳股票，因為我們獨特地提供大型貓業務的紀律、穩定性和能力，以及經過驗證的中型公司的價值和高成長潛力。

Following those quick highlights. I will now discuss things in a bit more detail. We had strong financial performance this quarter, beating consensus expectations on both EBITDA and free cash flow, driven by improved realizations and strong asset performance.

以下是這些快速亮點。我現在將更詳細地討論一些事情。在變現改善和強勁資產績效的推動下，本季我們的財務表現強勁，超越了 EBITDA 和自由現金流的普遍預期。

On the operations side, our team has continued to outperform generating record production this quarter with sustained gains in well productivity and continued efficiencies on the capital side. With the strong outperformance that we are seeing, we have increased our full-year production guidance while maintaining the same level of capital spend.

在營運方面，我們的團隊本季持續超越創紀錄的產量，油井生產力持續提高，資本方面持續有效率。鑑於我們看到的強勁表現，我們提高了全年生產指導，同時保持相同的資本支出水準。

Our stable low decline production base continues to generate consistent free cash flow. And we've been able to further improve our margin profile through a combination of proactive oil marketing efforts and the benefits of our balanced gas basis exposure.

我們穩定的低衰退生產基地持續產生穩定的自由現金流。透過積極的石油行銷努力和平衡的天然氣基礎風險敞口的優勢相結合，我們已經能夠進一步改善我們的利潤狀況。

We've talked about this a bit before, but one of the highlights of our recent Western Eagle Ford acquisitions was the complementary marketing overlap with our existing Central Eagle Ford position. Since acquiring the asset, we've implemented a successful blending campaign across our combined footprint to realize a premium across both assets. Or said another way, the whole of our Eagle Ford position today is greater than the sum of its parts from before we took control of operations in the Western Eagle Ford last year.

我們之前已經討論過這一點，但我們最近收購西鷹福特的亮點之一是與我們現有的中鷹福特定位的互補行銷重疊。自從收購該資產以來，我們在整個合併業務範圍內實施了成功的混合活動，以實現這兩項資產的溢價。或者換句話說，我們今天在伊格爾福特的整體地位大於我們去年控制西伊格爾福特業務之前各個部分的總和。

These recent marketing gains represent further value on top of the capital savings we've discussed to date. Our improvements to well performance and our ongoing efforts to reduce operating costs across the asset. These all represent meaningful synergy gains as they were not included in our acquisition underwriting, and they are also excellent examples of our continued enthusiasm about the value creation potential across our Eagle Ford footprint with the scale we've built over the last few years.

這些最近的營銷收益代表了我們迄今為止討論的資本節省之外的進一步價值。我們對油井性能的改進以及我們不斷努力降低整個資產的營運成本。這些都代表了有意義的協同收益，因為它們沒有包含在我們的收購承銷中，而且它們也是我們對鷹福特足跡以及我們過去幾年建立的規模的價值創造潛力持續充滿熱情的絕佳例子。

We are big believers in the value of scale-driven efficiencies and profitability in our sector. And we are focused on increasing our footprint in our core regions to continue compounding value for our shareholders through complementary and accretive M&A.

我們堅信我們行業規模驅動的效率和獲利能力的價值。我們致力於擴大我們在核心地區的足跡，透過互補性和增值性併購繼續為股東創造複合價值。

Speaking more on our capital savings, our team has been able to drive further improvements to our drilling and completions program by implementing Simul-Frac across our Eagle Ford portfolio, which has increased the efficiency of our completions program. Our completions are now 40% faster than just two years ago. If we look at what our team has accomplished to date, I could not be prouder. With all the gains our team has driven over the past several years, our D&C performance is now among the best in the basin. We are developing our resources safely, consistently, and more efficiently than nearly anyone in the Eagle Ford.

談到更多我們的資本節省，我們的團隊透過在我們的 Eagle Ford 產品組合中實施 Simul-Frac，能夠進一步改進我們的鑽井和完井計劃，這提高了我們完井計劃的效率。現在，我們的完工速度比兩年前快了 40%。如果我們看看我們的團隊迄今為止所取得的成就，我會感到非常自豪。憑藉我們團隊在過去幾年中取得的所有成果，我們的 D&C 績效現已躋身盆地最佳之列。我們正在安全、持續、有效率地開發我們的資源，幾乎比伊格爾福特的任何人都更有效率。

As I touched on, with our increase to guidance, we are seeing consistent outperformance from our recent wells in both the Western Eagle Ford and Uinta. In the Western Eagle Ford, we are seeing a roughly 100% increase in early-time well performance versus the prior operator, which combined with our D&C cost performance, represents a massive shift in capital efficiency on the assets.

正如我所提到的，隨著我們提高指導意見，我們看到最近在 Western Eagle Ford 和 Uinta 的油井表現始終優於預期。在 Western Eagle Ford，我們看到早期油井性能與先前的營運商相比提高了約 100%，這與我們的 D&C 成本性能相結合，代表了資產資本效率的巨大轉變。

In Utah, we are seeing equally exciting results from our most recent completion design optimization. We touched on this last quarter. For when we acquired this position, the only horizontal development on the assets utilized a legacy, smaller completion design with roughly 1,500 pounds of proppant per foot.

在猶他州，我們最近的完井設計優化也看到了同樣令人興奮的結果。我們在上個季度談到了這一點。因為當我們獲得這個位置時，資產上唯一的橫向開發利用了傳統的、較小的完井設計，每英尺大約使用 1,500 磅支撐劑。

As we've implemented our operational approach, we are seeing significantly enhanced returns and improved capital efficiencies through larger completions, which we've doubled to roughly 3,000 pounds per foot. The result of this change and long-term implications for our asset are becoming clearer and clearer over time as productivity remained strong.

當我們實施我們的營運方法時，我們看到透過更大的完工量顯著提高了回報並提高了資本效率，我們已將完工量增加了一倍，達到每英尺約 3,000 磅。隨著生產力保持強勁，這一變化的結果以及對我們資產的長期影響隨著時間的推移變得越來越清晰。

With a bit more than 150 days of production data, we are seeing of roughly 60% uplift versus the previous completion design with only minimal increases in our D&C costs. These results are still early time, but the data supports our optimism about the long-term value creation potential of our inventory and the value potential for Crescent.

根據 150 多天的生產數據，我們發現與先前的完井設計相比，產量提高了約 60%，而我們的 D&C 成本僅增加了極少的量。這些結果還處於早期階段，但數據支持了我們對庫存的長期價值創造潛力和 Crescent 的價值潛力的樂觀態度。

Building on the capital investments into our own business this quarter, we are always focused on creating further value through opportunistic and accretive M&A. To us, that means investing with financial discipline and a focus on compounding capital, improving our cash flow profile, executing our operational plans, and enhancing our overall portfolio.

在本季對我們自己業務的資本投資的基礎上，我們始終專注於透過機會主義和增值性併購創造更多價值。對我們來說，這意味著投資遵循財務紀律，並專注於資本複利、改善我們的現金流狀況、執行我們的營運計劃以及增強我們的整體投資組合。

We've had a successful track record to date of acquiring assets at attractive value and generating incremental returns for our shareholders through improved operations, which you can see most recently through the results on our Western Eagle Ford and Uinta positions. We are constantly in the market and looking for opportunities to invest at attractive risk-adjusted returns.

到目前為止，我們在以具有吸引力的價值收購資產並透過改善營運為股東創造增量回報方面擁有成功的記錄，您可以透過我們最近在 Western Eagle Ford 和 Uinta 的業績中看到這一點。我們不斷在市場上尋找具有吸引力的風險調整回報的投資機會。

Recently, there have been a number of large cap deals making headlines, but we are vigilant and patiently looking for opportunistic value, large or small, that fits our skill set. This quarter, we executed on an attractive bolt-on to our existing minerals portfolio in the Eagle Ford. With a small $25 million asset in Karnes County. These complementary assets generate a compelling cash flow yield and enhance our existing minerals portfolio.

最近，有許多大盤交易成為頭條新聞，但我們保持警惕並耐心尋找適合我們技能的機會主義價值，無論大小。本季度，我們對 Eagle Ford 現有的礦物產品組合進行了有吸引力的補充。在卡恩斯縣擁有 2500 萬美元的小額資產。這些互補資產產生了令人矚目的現金流收益，並增強了我們現有的礦產投資組合。

Our minerals footprint today covers approximately 73,000 net royalty acres focused across the Eagle Ford and Rockies, produces roughly 6,000 barrels of oil equivalent per day and generates roughly $70 million in annual cash flow, which we don't believe is fully appreciated by the market.

目前，我們的礦產足跡涵蓋約73,000 英畝的淨特許權使用費，主要集中在Eagle Ford 和落基山脈，每天生產約6,000 桶石油當量，每年產生約7,000 萬美元的現金流，但我們認為市場尚未充分認識到這一點。

When we talk about adding value through M&A, that doesn't only mean through acquisitions. We are constantly watching our portfolio and the market looking for opportunities to accelerate value through portfolio management, including by divesting non-core assets from our business. To that effect, we have divested more than $100 million of non-core assets over the past 18 months, crystallizing attractive value for our shareholders, and simplifying our asset portfolio.

當我們談論透過併購增加價值時，這不僅僅意味著透過收購。我們不斷關注我們的投資組合和市場，尋找透過投資組合管理加速價值的機會，包括從我們的業務中剝離非核心資產。為此，我們在過去 18 個月中剝離了超過 1 億美元的非核心資產，為股東體現了有吸引力的價值，並簡化了我們的資產組合。

This quarter, we signed an additional opportunistic divestiture of non-core assets in the Permian Basin for roughly $20 million, which we expect to close in the second quarter. Looking forward, we have one of the largest pipelines of M&A opportunity in our recent history. With our successful track record of asset integration, strong operating financial performance, and solid balance sheet; we remain confident that we are well positioned for accretive growth and further value creation over the remainder of 2024 and beyond.

本季度，我們簽署了一項額外的機會性剝離二疊紀盆地非核心資產的協議，金額約為 2000 萬美元，預計將在第二季度完成。展望未來，我們擁有近代史上最大的併購機會之一。憑藉我們成功的資產整合記錄、強勁的經營財務表現和穩健的資產負債表；我們仍然相信，我們已做好充分準備，在 2024 年剩餘時間及以後實現增值成長並進一步創造價值。

With that, I'll turn the call over to Brandi to provide more detail on the quarter. Brady?

這樣，我會將電話轉給布蘭迪，以提供有關該季度的更多詳細資訊。布雷迪？

Thanks, David.

謝謝，大衛。

As David mentioned, performance has been extremely strong with another quarter of record production and significant cash flow, averaging approximately 166,000 barrels of oil equivalent per day, generating $313 million of adjusted EBITDA and $66 million in levered free cash flow. We had $193 million of capital expenditures during the first quarter, which we expect to be our heaviest quarter of spend for the entire year. We brought online 20 gross operated wells in the Eagle Ford and 4 gross operated wells in the Uinta, all of which are posting strong early-time results and are expected to exceed our returns target of two times our capital invested at current commodity prices.

正如 David 所提到的，業績極其強勁，又一個季度創紀錄的產量和大量現金流，平均每天約 166,000 桶石油當量，產生 3.13 億美元的調整後 EBITDA 和 6600 萬美元的槓桿自由現金流。第一季我們的資本支出為 1.93 億美元，我們預計這將是全年支出最多的季度。我們在 Eagle Ford 投入了 20 口總作業井，在 Uinta 投入了 4 口總作業井，所有這些井都公佈了強勁的早期業績，預計將超過我們按當前商品價格投資資本兩倍的回報目標。

Turning to our outlook for the remainder of 2024. As David mentioned, we increased production guidance to 157,000 to 162,000 barrels of oil equivalent per day, which represents a roughly 7% increase relative to 2023 production levels, while reaffirming our full year capital guidance of $575 million to $625 million. At today's commodity prices, we expect to generate sustainable free cash flow in 2024 and beyond.

轉向我們對 2024 年剩餘時間的展望。正如 David 所提到的，我們將產量指引提高至每天 157,000 至 162,000 桶油當量，這比 2023 年的產量水準增加約 7%，同時重申全年資本指引為 5.75 億至 6.25 億美元。以當今的大宗商品價格，我們預計將在 2024 年及以後產生可持續的自由現金流。

As you all know, our top priority is creating value for our investors. In addition to our strong financial and operational performance, we've executed on that goal a number of different [rate] in the capital markets as well. We have truly transformed our positioning in the capital markets since we became public just a few years ago. Through a series of transactions on the equity side, we have more than doubled our public float and trading liquidity and effectively eliminated our private investor overhang as we work towards a more simplified corporate structure.

眾所周知，我們的首要任務是為投資者創造價值。除了我們強大的財務和營運績效之外，我們還在資本市場上執行了許多不同的[利率]目標。自從幾年前上市以來，我們真正改變了我們在資本市場的定位。透過一系列股權交易，我們的公眾持股和交易流動性增加了一倍以上，並在我們努力簡化公司結構的同時，有效消除了私人投資者的過剩資金。

We've proven our access to both equity and debt capital to fund accretive growth, and we've meaningfully increased investor followership with the addition of 10 new research analysts. Creating value more directly, we've announced another dividend and under our recently enhanced framework, which provides certainty and simplicity to our shareholders with a peer-leading yield. We also executed on a portion of our authorized share buyback program, further increasing returns to our shareholders with the repurchase of roughly 2.3 million shares at an average price of $9.87 per share. Now that our private overhang is eliminated, we will look to use the remaining $125 million authorization to opportunistically repurchase both Class A and Class B shares.

我們已經證明我們能夠獲得股權和債務資本來為成長提供資金，並且透過增加 10 名新研究分析師，我們顯著增加了投資者的追隨度。為了更直接地創造價值，我們宣布了另一筆股息，並在最近增強的框​​架下，為我們的股東提供了確定性和簡單性，並提供了同行領先的收益率。我們還執行了部分授權股票回購計劃，以每股 9.87 美元的平均價格回購了約 230 萬股股票，進一步增加了股東的回報。既然我們的私人過剩已被消除，我們將尋求利用剩餘的 1.25 億美元授權來機會性地回購 A 類和 B 類股票。

During the quarter, we also successfully refinanced both our 2026 notes and our credit facility, improving our already strong credit profile and ensuring significant flexibility and liquidity to continue executing on our growth strategy.

在本季度，我們也成功為 2026 年票據和信貸安排進行了再融資，改善了我們本已強勁的信用狀況，並確保了顯著的靈活性和流動性，以繼續執行我們的成長策略。

With that, I'll turn the call back over to David.

這樣，我會將電話轉回大衛。

Thank you, Brandi.

謝謝你，布蘭迪。

Before we wrap up, I want to highlight again a few key takeaways from this quarter. First, we have continued to demonstrate consistent performance towards our strategic priorities. Doing what we've said we were going to do. As Brandi alluded to, 2023 was a strong year for Crescent and 2024 is off to a great start. I couldn't be prouder of our accomplishments to date. We've continued our peer-leading dividend framework, strongly positioned the business through accretive M&A, and we've achieved our initial goal of establishing a capital markets presence in line with a company of our size with investor and equity analysts' followership, a liquid public float, and a demonstrated track record of prudent capital access.

在結束之前，我想再次強調本季的一些關鍵要點。首先，我們繼續在策略重點方面表現出一致的表現。做我們說過要做的事。正如 Brandi 所提到的，2023 年對 Crescent 來說是強勁的一年，2024 年也是一個好的開始。我對我們迄今為止所取得的成就感到非常自豪。我們繼續採用同業領先的股利框架，透過增值併購對業務進行強有力的定位，並且我們已經實現了我們的初步目標，即建立與我們規模的公司一致的資本市場存在，並受到投資者和股票分析師的追隨，流動性公眾持股量，以及審慎資本准入的良好記錄。

Second, our assets continue to outperform. We saw record production this quarter with impressive well performance, stronger realizations, and best-in-class operational execution, driving a significant free cash flow beat. We've increased production guidance without a change in capital spend. And finally, Crescent has never been better positioned for further value creation. We have an attractive asset profile with a stable decline rate and advantaged capital efficiency, which allows us to generate significant free cash flow relative to our peers, which we don't believe is reflected in our current valuation.

其次，我們的資產持續跑贏大盤。本季我們的產量創歷史新高，油井表現令人印象深刻，實現更強勁，營運執行力一流，推動自由現金流大幅成長。我們在資本支出沒有變化的情況下增加了生產指導。最後，Crescent 處於進一步創造價值的最佳位置。我們擁有有吸引力的資產狀況、穩定的下降率和優勢的資本效率，這使我們能夠相對於同行產生大量的自由現金流，但我們認為這並沒有反映在我們當前的估值中。

We have momentum in the capital markets and a vision to make Crescent a must-own mid-cap company. We have the unique combination of operating and investing expertise required to execute on a growth through acquisition strategy and believe Crescent is the best stock to own for long-term exposure to oil and gas prices with the discipline, stability, and capabilities of a large cap business, combined with the value and high-growth potential of a proven mid-cap company.

我們在資本市場上擁有動力，並希望將 Crescent 打造成一家必須擁有的中型公司。我們擁有透過收購策略執行成長所需的營運和投資專業知識的獨特組合，並相信 Crescent 是長期持有石油和天然氣價格的最佳股票，具有大盤股的紀律、穩定性和能力業務，結合經過驗證的中型公司的價值和高成長潛力。

With that, I'll open it up for Q&A. Operator?

這樣，我將打開它進行問答。操作員？

(Operator instructions)

（操作員說明）

Neal Dingmann, Truist Securities.

尼爾‧丁曼 (Neal Dingmann)，Truist 證券公司。

Good morning. Nice quarter.

早安.不錯的季度。

Dave, my first question for you or Brandi, just on capital allocation. Specifically, as you look at your stock price today, which to me seems still quite discounted versus what you see out there with potential legal further other deals. Do you all have a strong opinion of or you believe it makes more sense to lean or focus in maybe the remainder of the year?

戴夫，我問你或布蘭迪的第一個問題是關於資本配置的。具體來說，當你看看今天的股價時，在我看來，與你在潛在的合法進一步其他交易中看到的股價相比，這似乎仍然相當折扣。你們是否都有強烈的看法，或者認為在今年剩餘的時間裡進行傾斜或集中精力更有意義？

Yeah, hey, thanks for the question. I think the best thing is just to keep it simple. And as you know that's the first thing we do with the free cash flow from the businesses that's focused on the investors, which obviously is the balance sheet and the dividend. So I think we feel very good about the current positioning there. And then after that, it's really opportunistic.

是的，嘿，謝謝你的提問。我認為最好的方法就是保持簡單。如您所知，這是我們利用專注於投資者的企業的自由現金流所做的第一件事，這顯然是資產負債表和股息。所以我認為我們對目前的定位感覺非常好。在那之後，這真的是機會主義的。

And again, I think the thing we've highlighted this quarter is we feel like we've done what we needed to do in the capital markets, and we have the buyback program available to us. But to your question, I think we're just looking for value and starting with the balance sheet and the dividend.

再說一次，我認為我們本季強調的事情是我們感覺我們已經完成了在資本市場上需要做的事情，並且我們有可用的回購計劃。但對於你的問題，我認為我們只是在尋找價值，並從資產負債表和股息開始。

Yeah, makes a lot of sense.

是的，很有道理。

And then just secondly, on capital structure specifically now that you've simplified the balance sheet, I'm just wondering, will the shareholder return, just I guess, would that continue to be just a mix of the base div and [hobco] repurchases and regular stock repurchases, just a combination like we saw just as last quarter more of the same or should we think about that in the other way.

其次，在資本結構上，特別是現在你已經簡化了資產負債表，我只是想知道，股東回報是否會繼續只是基本股和[hobco]的混合回購和定期股票回購，就像我們上個季度看到的那樣的組合，或者我們應該以其他方式考慮這一點。

Yeah. So just more of the same. So as a reminder, right, we enhanced our dividend framework last quarter, moved to the fixed dividend of $0.12 per share. And then as you mentioned, we'll opportunistically repurchase both Class A and Class B shares. When we came out with the buyback initially, it was directed towards the Class B shares. As David mentioned, we've made a lot of progress from an equity positioning standpoint and now view that the private investor overhang is gone so really, we'll look to use that opportunistically on both classes of shares going forward.

是的。所以只是更多相同。提醒一下，上個季度我們增強了股息框架，將固定股息改為每股 0.12 美元。然後，正如您所提到的，我們將擇機回購 A 類和 B 類股票。當我們最初提出回購時，它是針對 B 類股票的。正如大衛所提到的，從股票定位的角度來看，我們已經取得了很大進展，現在認為私人投資者的過剩已經真正消失，我們將尋求在未來的兩類股票上機會主義地利用這一點。

Makes a lot of sense. Thank you, all.

很有道理。謝謝你們。

Oliver Huang, TPH.

奧利弗·黃，TPH。

Good morning, David, Brandi, and team. Congrats on a nice quarter.

早安，大衛、布蘭迪和團隊。恭喜您度過了一個美好的季度。

We're looking at the revised guidance laid out for 2024 and volumes, just wondering if you all are able to walk through the moving pieces that constitute the 2,500 [BOE/D] per day that is being attributed to operational outperformance. Really just trying to understand how much of the uplift that has been seen in the new Q1 wells is rolling through for the new wells that are planned for the remainder of the year in this update? Any color there would be helpful.

我們正在研究 2024 年修訂後的指導方針和數量，只是想知道你們是否都能了解構成每天 2,500 [BOE/D] 的移動部分，這些部分歸因於運營優異。真的只是想了解在本次更新中計劃於今年剩餘時間推出的新井中，第一季新井中出現的抬升有多少？任何顏色都會有幫助。

Oliver, good morning. It's Brandi.

奧利佛，早安。這是布蘭迪。

So as we highlighted in our prepared remarks, we increased the full year production guide by 2000 barrels a day net and 2,500 barrels a day if you adjust for the small divestiture. The drivers of the increase is really the same performance that we're seeing both out of the Western Eagle Ford as well as the result of the more intense completions in Utah. So we believe that the (technical difficulty) [free guidance] reflects the performance trends that we're currently seeing. So would point you towards the midpoint of the new guidance range for the time being.

因此，正如我們在準備好的發言中所強調的那樣，我們將全年產量指導淨增加了 2000 桶/日，如果對小規模資產剝離進行調整，則增加 2,500 桶/日。成長的驅動因素實際上與我們在西鷹福特以及猶他州更激烈的完成中看到的表現相同。因此，我們相信（技術難度）[免費指導]反映了我​​們目前看到的性能趨勢。因此，暫時將您指向新指導範圍的中點。

Okay. That's helpful. And maybe a follow-up just on the buyback. I know the equity for us continues to screen fairly undervalued on our numbers, and I'm sure you all would agree as well. But just looking at what you all repurchased in Q1. Is there any color that you're able to offer up in terms of the pace or aggression of buybacks beyond that opportunistic commentary, especially as we see free cash flow start to inflect higher as we move throughout the year?

好的。這很有幫助。也許只是回購方面的後續行動。我知道我們的股本在我們的數字上仍然被低估，我相信你們也會同意。但只要看看你們在第一季都回購了什麼。除了機會主義的評論之外，您還能對回購的速度或力度提出任何看法嗎？

Yeah, I mean, I won't say anything other than we view it as an opportunistic tool for us. Our capital allocation framework remains of 1A, 1B, or the dividend and the balance sheet, and then it's return-generating opportunities for that M&A or organic program. So we view the buyback, as you know, after those two items. But as we see value in our stock, right again, it's a great tool to have for us.

是的，我的意思是，除了我們將其視為我們的機會主義工具之外，我不會說什麼。我們的資本配置框架仍然是 1A、1B 或股息和資產負債表，然後是併購或有機計劃的回報機會。如您所知，我們在這兩項之後考慮回購。但當我們看到我們的股票的價值時，這對我們來說是一個很好的工具。

Sounds great. Thanks for the time.

聽起來很棒。謝謝你的時間。

Jarrod Giroue, Stephens.

賈羅德·吉魯，史蒂芬斯。

Good morning and congrats on a strong quarter. A couple of quick questions. I was hoping you could maybe give a little color on the production and capital cadence for the remainder of the year.

早上好，恭喜季度表現強勁。幾個簡單的問題。我希望你能為今年剩餘時間的生產和資本節奏提供一些資訊。

Hey, Jared, it's Brandi.

嘿，賈里德，我是布蘭迪。

So I'll maybe start on the capital side. So similar to what we would have talked about in March alongside year-end earnings, we still expect to be front-half weighted to 60% of capital for the first half of the year and expect this to be our heaviest quarter of capital spend to date at the [$193 million]. From a production standpoint, we'd expect to be down at a low-single digits quarter over quarter, and then relatively flat (technical difficulty) updated midpoint. We do expect our oil production noted trend upwards over the course of the year just as we're bringing on our oil-weighted inventory.

所以我可能會從首都方面開始。與我們在 3 月與年終收益一起討論的情況類似，我們仍然預計上半年資本支出將達到 60%，並預計這將是我們資本支出最重的一個季度日期在[1.93 億美元]。從生產的角度來看，我們預期季度環比會出現低個位數下降，然後更新中點相對持平（技術難度）。我們確實預計，正如我們正在增加石油加權庫存一樣，我們的石油產量在這一年中將呈上升趨勢。

Perfect. Thank you.

完美的。謝謝。

And then in terms of the Austin Chalk, I think the original plan was to drill four chalk wells this year. I'm just curious if that was still in the drilling schedule?

然後就奧斯汀粉筆而言，我認為原計劃是今年鑽四口粉筆井。我只是好奇這是否仍在鑽探計劃中？

Yes, that's right. And what we'd tell you is early-time results, which we feel really excited about the opportunity set there, but that's still the point.

恩，那就對了。我們要告訴您的是早期結果，我們對那裡的機會感到非常興奮，但這仍然是重點。

Perfect. Thanks for taking my questions.

完美的。感謝您回答我的問題。

John Freeman, Raymond James.

約翰·弗里曼，雷蒙德·詹姆斯。

Hi, everyone. Nice quarter.

大家好。不錯的季度。

Just a follow-up on the last question in your response Brandi. So when thinking about the production cadence, the 24 wells that came on in 1Q, were they just routable label through the quarter? Was there any back-end weighted nature to those wells. Just anything about 1Q and the timing of how those came on.

只是對布蘭迪回答中最後一個問題的跟進。那麼，當考慮生產節奏時，第一季投產的 24 口井，它們是否只是整個季度的可路由標籤？這些井是否有後端加權性質？只是關於第一季的任何事情以及它們發生的時間。

Hey, John. Good question. So I would say a handful of those wells came online towards the end of the quarter, so they didn't contribute much to this quarter's production outperformance.

嘿，約翰。好問題。因此，我想說，其中一些油井在本季末上線，因此它們對本季的產量表現沒有太大貢獻。

Got it. Perfect.

知道了。完美的。

And then just the other follow-up for me. In the slides where you all are highlighting the huge drilling and completion efficiency gains that you've had in the Eagle Ford, Uinta, would it be possible to quantify what that would mean in terms of cycle times? I mean, obviously, I see the footage per day and fully pump per day. But is there any way to just ballpark see what that translates to from cycle times just for comparison purposes.

然後是我另一個後續的行動。在幻燈片中，大家都強調了在 Uinta 的 Eagle Ford 獲得的巨大鑽井和完井效率提升，是否有可能量化這對週期時間意味著什麼？我的意思是，很明顯，我每天都會看到錄影並每天全力泵送。但是有沒有什麼方法可以大致了解週期時間的轉換結果，以便進行比較。

Yeah. So hey, John, it's David.

是的。嘿，約翰，我是大衛。

I think maybe the way you're asking it; we've responded it, it would save us a couple of days well in the full cycle there. So pretty meaningful improvement given the performance we already -- we're having I'll call it a year ago.

我想也許是你問的方式；我們已經回覆了它，這將為我們在整個週期中節省幾天的時間。考慮到我們已經取得的性能，這是相當有意義的改進——我將在一年前稱之為。

Perfect. Yeah, that's exactly what I wanted. Thanks again. Great quarter.

完美的。是的，這正是我想要的。再次感謝。很棒的季度。

Hanwen Chang, Wells Fargo.

Hanwen Chang，富國銀行。

Thanks for taking my questions.

感謝您回答我的問題。

With the ongoing efficiency gain D&C activities you highlighted on slide 8 and 9, could you discuss the flexibility of your 2024 capital plan? Specifically, would you consider accelerating activity if targeted goals are achieved ahead of schedule? Thank you.

您在投影片 8 和 9 中強調了持續提高效率的 D&C 活動，您能否討論一下 2024 年資本計畫的靈活性？具體來說，如果提前實現預期目標，您是否會考慮加快活動？謝謝。

Hey. It's David. Great question.

嘿。是大衛。很好的問題。

I think maybe the best way I can answer that is just as a reminder, our view is that we want to manage the company based on returns on capital first and foremost. When we deploy capital, we want to make sure we're getting the returns we expect and our business plan is to maintain or slightly grow production through the drill bit and then really drive our outsized growth opportunistically through M&A.

我想也許我能回答這個問題的最好方法就是提醒一下，我們的觀點是我們希望先根據資本報酬率來管理公司。當我們部署資本時，我們希望確保獲得預期的回報，而我們的業務計劃是透過鑽頭維持或略微增加產量，然後透過併購機會真正推動我們的超額成長。

So in that context, the way we think about rising prices and the opportunity in our asset base, we would not look to accelerate activity into that. I think our basic guidance of a two to three rig business today is going to remain intact and that extra free cash flow will come to the benefit of investors in a rising price environment.

因此，在這種情況下，我們考慮價格上漲和資產基礎中的機會的方式，我們不會尋求加速這方面的活動。我認為我們今天對兩到三台鑽機業務的基本指導將保持不變，額外的自由現金流將在價格上漲的環境中讓投資者受益。

Thank you.

謝謝。

Regarding the recent Eagle Ford mineral acquisition, could you elaborate on your appetite for investment in mineral or low-decline conventional assets? Thank you.

關於最近的 Eagle Ford 礦產收購，您能否詳細說明一下您對礦產或低衰退傳統資產的投資興趣？謝謝。

Hey, this is Clay.

嘿，這是克萊。

So I think we've been consistent on this. We look at everything in particular focused on our existing footprint. So I think as we think about the mineral acquisition, that was opportunistic value driven within our footprint in an area we know well and accretive. So it checked all the boxes for us from a investment opportunity perspective. Most importantly, financially a strong return opportunity.

所以我認為我們在這一點上一直是一致的。我們特別關注我們現有的足跡。因此，我認為，當我們考慮礦產收購時，這是我們在一個我們熟悉且增值的領域的足跡所驅動的機會主義價值。因此，它從投資機會的角度為我們勾選了所有選項。最重要的是，在財務上有一個強大的回報機會。

And then clearly, we've highlighted the low-decline conventional business as something that we think there's a core strength. And so that's an area where you would expect us to continue to look for opportunity go forward. And if we can find opportunities that fit our framework, expect us to add those where they make sense.

顯然，我們強調低衰退傳統業務是我們認為具有核心優勢的業務。因此，您希望我們在這個領域繼續尋找前進的機會。如果我們能找到適合我們框架的機會，期望我們在有意義的地方添加這些機會。

Thank you.

謝謝。

Tarek Hamid, JP Morgan.

塔里克·哈米德，摩根大通。

Hi, good morning. This is [Nevin] on for Tarik.

早安.這是塔里克的[內文]。

I was wondering if you could touch a bit more on the current acquisition environment, both in the Uinta and the Western Eagle Ford and which of the two is more active from what you're seeing.

我想知道您是否可以更多地談論 Uinta 和 Western Eagle Ford 目前的採購環境，以及從您所看到的情況來看，兩者中哪一個更活躍。

Hey, it's Clay.

嘿，這是克萊。

As David mentioned in the opening remarks, this year has been a very active year if you look at just M&A activity in the space, but it's been very focused on some just very large corporate transactions. We're certainly see -- I think, a pickup in activity. We've had a very active year in looking at opportunities across our footprint. We've highlighted through this call, the efficiencies and the excitement we're having on the synergy side on Eagle Ford assets that we acquired last year.

正如大衛在開場白中提到的，如果你只看該領域的併購活動，今年是非常活躍的一年，但它非常集中在一些非常大的公司交易。我認為，我們肯定會看到活動有所回升。這一年我們非常積極地在我們的足跡中尋找機會。我們透過這次電話會議強調了我們去年收購的 Eagle Ford 資產在協同方面所帶來的效率和興奮。

So I would clearly expect us to lean into that opportunity from an acquisition perspective where we see value. And so certainly excited about that. But I'd also say across our asset base, we're excited where we can add where we already operate at value. So I think we're very active across the board. But clearly, the efficiency that we're seeing on the recent Eagle Ford side would give us the excitement to find opportunity there.

因此，我顯然希望我們從收購的角度來抓住這個機會，因為我們看到了價值。對此當然感到興奮。但我還要說，在我們的資產基礎上，我們很高興能夠在已經實現價值營運的領域中補充。所以我認為我們在各方面都非常活躍。但顯然，我們最近在伊格爾福特隊看到的效率會讓我們興奮地在那裡找到機會。

Got it. Thank you.

知道了。謝謝。

Thank you. Ladies and gentlemen, we have reached the end of question-and-answer session. I would now like to turn the floor over to David Rockecharlie for closing comments.

謝謝。女士們、先生們，問答環節已經結束。我現在想請大衛洛克查理 (David Rockecharlie) 發表結束評論。

Great. Thank you all again for joining the call and for supporting the company. And we appreciate the opportunity every quarter to catch up all of you and look forward to speaking again next time.

偉大的。再次感謝大家加入電話會議並支持公司。我們很高興每季都有機會與大家交流，並期待下次再次發言。