Crescent Energy Co (CRGY) 2025 Q1 法說會逐字稿

Greetings and welcome to the Crescent Energy Q1 2025 results conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation.(Operator Instructions)

大家好，歡迎參加 Crescent Energy 2025 年第一季業績電話會議。此時，所有參與者都處於只聽模式。正式演講結束後將進行問答環節。 （操作員指示）

As a reminder, this conference is being recorded. It's not my pleasure to introduce your host, Reid Gallagher, Investor Relations.

提醒一下，本次會議正在錄製中。我很不榮幸向您介紹主持人、投資者關係部門 Reid Gallagher。

Thank you. You may begin.

謝謝。你可以開始了。

Morning, and thank you for joining Crescent's first quarter 2025 conference call. Today's prepared remarks will come from our CEO, David Rockecharlie, and our CFO, Brandi Kendall. Our Executive Vice President of Investments, Clay Rynd, will also be available during Q&A.

早安，感謝您參加 Crescent 2025 年第一季電話會議。今天的準備好的演講將來自我們的執行長 David Rockecharlie 和我們的財務長 Brandi Kendall。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 the Federal Securities laws. These statements are subject to risks and uncertainties, including commodity price volatility, 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.

今天的電話會議可能包含聯邦證券法所定義的預測和其他前瞻性陳述。這些聲明受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聲明和我們的其他揭露中表達或暗示的結果不同的因素。

We have no obligation to update any forward-looking statements after today's call. In addition, today's discussion may include disclosure regarding non-GAAP financial measures. For a reconciliation of historical non-gap financial measures to the most directly comparable GAAP measure, please reference our 10-Q and earnings press release available under the Investor section on our website.

今天的電話會議後，我們沒有義務更新任何前瞻性聲明。此外，今天的討論可能包括非公認會計準則財務指標的揭露。為了將歷史非差距財務指標與最直接可比較的 GAAP 指標進行對賬，請參考我們網站「投資者」部分提供的 10-Q 和收益新聞稿。

With that, I will hand it over to David.

說完這些，我就把它交給大衛。

Good morning, and thank you for joining us. Yesterday, Crescent posted financial and operating results for the first quarter. In summary, it was a great quarter of continued execution for our business.

早安，感謝您加入我們。昨天，Crescent 公佈了第一季的財務和營運業績。總而言之，對於我們的業務而言，這是一個持續執行的偉大季度。

As always, I want to begin with a few key points that I hope you take away from this call. First, we continue to deliver strong performance across our asset base. This quarter, all key metrics met or exceeded expectations. We are a cash flow focused company, and I'm pleased to highlight our continued free cash flow generation in excess of $240 million this quarter, which is an annualized free cash flow yield of approximately 45%. Our talented team continues to find ways to create value through efficient operations.

像往常一樣，我想先談幾個關鍵點，希望你們能夠從這通電話中了解到這些要點。首先，我們的資產基礎持續表現強勁。本季度，所有關鍵指標均達到或超過預期。我們是一家專注於現金流的公司，我很高興地強調，本季我們的自由現金流持續超過 2.4 億美元，年化自由現金流收益率約為 45%。我們優秀的團隊不斷尋找透過高效能營運創造價值的方法。

Second, we will remain flexible with our approach to capital allocation. We are reiterating our commitment to cash flow, risk management, and returns, which always requires flexibility, but especially in light of this dynamic macro environment.

第二，我們將繼續靈活地配置資本。我們重申對現金流、風險管理和回報的承諾，這始終需要靈活性，尤其是在這種動態的宏觀環境下。

Our scaled low decline and HBP asset base provides us with a unique optionality to allocate capital across both oil and natural gas development. We expect attractive returns on our current capital program in this market environment. However, we continuously monitor both relative and absolute commodity prices, and we will be flexible in our development as we seek to maximize free cash flow and returns on invested capital. Whether that be executing on our current plans, shifting further activity across commodities, or reducing overall activity levels.

我們規模化的低遞減率和 HBP 資產基礎為我們在石油和天然氣開發領域配置資本提供了獨特的選擇。我們預計在這種市場環境下，我們目前的資本計畫將獲得可觀的回報。然而，我們會持續監控商品的相對價格和絕對價格，並在發展過程中保持靈活性，力求自由現金流和投資資本回報的最大化。無論是執行我們目前的計劃，還是進一步轉移商品活動，還是降低整體活動水平。

Finally, Crescent was built to succeed through commodity cycles, and we are confident in our ability to outperform through periods of volatility. Both our strategy and core management team have remained consistent for more than a decade.

最後，Crescent 的成立是為了在商品週期中取得成功，我們有信心在波動時期表現出色。十多年來，我們的策略和核心管理團隊始終保持一致。

We intentionally built a lower decline and less capital-intensive business with commodity flexibility and a consistent hedge program to generate durable free cash flow. Our strategy and advantage portfolio allow us to create significant value through periods of dislocation like we are beginning to see today. We are investors and operators and as one team, we continually evaluate opportunities to enhance our portfolio, simplify our business and deliver long term value for investors.

我們有意建立一個跌幅較小、資本密集度較低的業務，透過商品靈活性和一致的對沖計劃來產生持久的自由現金流。我們的策略和優勢組合使我們能夠在今天開始看到的混亂時期創造巨大的價值。我們是投資者和營運商，作為一個團隊，我們不斷評估機會以增強我們的投資組合，簡化我們的業務並為投資者提供長期價值。

Following those quick highlights, I will now discuss our results in a bit more detail.

在簡要介紹完這些要點之後，我現在將更詳細地討論我們的結果。

We reported impressive financial performance for the first quarter with record production of 258,000 barrels of oil equivalent per day and approximately $242 million of free cash flow, well above Wall Street expectations. Our significant outperformance on free cash flow is largely due to a meaningful beat on capital spend, driven by modest timing shifts in activity quarter to quarter, and continued execution from our talented team.

我們報告了第一季令人印象深刻的財務業績，日產量達到創紀錄的 258,000 桶油當量，自由現金流約為 2.42 億美元，遠高於華爾街的預期。我們的自由現金流表現優異，很大程度上得益於資本支出的大幅成長，這得益於季度間活動時間的適度變化，以及我們優秀團隊的持續執行。

With the recent volatility in commodity prices, we've remained focused on driving capital efficiencies through improved operations, and we are generating savings of 10% on our current drilling, completions, and facilities costs across our Eagle Ford development this year relative to 2024.

鑑於近期大宗商品價格的波動，我們一直致力於透過改進營運來提高資本效率，與 2024 年相比，今年我們在 Eagle Ford 開發項目中的鑽井、完井和設施成本將節省 10%。

Our broader operating plan for the remainder of the year remains focused on strong execution to maximize returns on our capital and free cash flow for our investors, and as always, we will continuously evaluate returns and opportunities while remaining flexible with our capital allocation.

我們今年剩餘時間的更廣泛的營運計劃仍然側重於強有力的執行，以最大限度地提高我們的資本回報和投資者的自由現金流，並且一如既往，我們將不斷評估回報和機會，同時保持資本配置的靈活性。

By consistently executing our strategy, we've demonstrated the benefits of our business model and the advantage portfolio we've built over more than a decade since our inception. Our business is characterized by a low decline production base, lower capital intensity, and the flexibility to invest across both oil and natural gas inventory. As a result, we are uniquely positioned to maximize free cash flow and returns through commodity cycles.

透過始終如一地執行我們的策略，我們展示了我們的商業模式的優勢以及自成立十多年來建立的優勢組合。我們的業務特點是產量遞減率低、資本密集度低，並且能夠靈活地投資石油和天然氣庫存。因此，我們擁有獨特的優勢，能夠透過商品週期實現自由現金流和回報的最大化。

We've maintained an active hedge program and have approximately 60% of our 2025 oil and natural gas production hedged at a significant premium to current market pricing. All of these facets of our strategy have enabled us to succeed through cycles, paying an average dividend yield of 6% since inception with a reinvestment rate below 50%, and average leverage of 1.2 times.

我們一直保持著積極的對沖計劃，並且對 2025 年石油和天然氣產量的約 60% 進行了對沖，且對沖價格遠高於當前市場價格。我們策略的所有這些方面使我們能夠在周期中取得成功，自成立以來平均股息收益率為 6%，再投資率低於 50%，平均槓桿率為 1.2 倍。

The current environment is nothing new and our business is well positioned. Our guidance at the beginning of the year highlighted the benefits of our commodity flexibility and disciplined capital allocation, and we have remaining dynamic in our approach to capital allocation for the year.

目前的環境並不新鮮，我們的業務定位良好。我們在年初的指導中強調了商品靈活性和嚴格的資本配置的優勢，並且我們在今年的資本配置方法上保持了活力。

Our current plan remains in line with our initial guidance with a slightly increased focus on gas-weighted development to optimize returns on our capital program, which, despite notable volatility across the oil and gas commodity curves, is expected to generate returns in excess of our 2 times multiple invested capital target, supporting our return of capital, strengthening our balance sheet, and maintaining Crescent's strong positioning for continued growth through opportunistic and accretive M&A.

我們目前的計劃與最初的指導方針保持一致，略微增加了對天然氣加權開發的關注，以優化我們的資本計劃回報，儘管石油和天然氣商品曲線存在顯著波動，但預計該計劃將產生超過我們2倍投資資本目標的回報，支持我們的資本回報，加強我們的資產負債表，並通過機會性和增值性併購保持 Crescent 的強勁地位，以繼續增長強勁。

Crescent has a consistent strategy, and we are a team with compelling advantages that come from combining strong investing and operating skills. We are prepared, we are focused, we are proactive. This allows us to view periods of heightened volatility as exciting opportunities, and Crescent has never been better positioned to capitalize on what is in front of us.

Crescent 擁有一致的策略，我們是一支擁有強大投資和營運技能相結合優勢的團隊。我們已做好準備，我們專注，我們積極主動。這使我們能夠將波動性加劇的時期視為令人興奮的機遇，而 Crescent 也從未處於更好的位置來利用我們面前的機會。

While traditional A&D markets tend to slow down during periods like this, as been -- our spreads widen, our pipeline remains active. And historically, we've been successful capitalizing on periods of volatility to execute on transformative opportunities for our business.

儘管傳統的 A&D 市場在這樣的時期往往會放緩，但我們的價差擴大，我們的管道仍然活躍。從歷史上看，我們成功地利用了波動時期來為我們的業務帶來轉型機會。

These periods also offer time to focus even more on our own business, finding the gold buried within our existing operations and enhancing our value proposition at the ground floor.

這些時期也為我們提供了更多時間專注於我們自己的業務，發現現有業務中蘊藏的黃金並提升我們底層的價值主張。

As we strive to optimize our business, we constantly review our portfolio for non-core divestiture opportunities to maximize value. To that end, we were pleased to have closed on roughly $90 million of accretive asset sales so far in 2025.

在我們努力優化業務的同時，我們不斷審查我們的投資組合，尋找非核心資產剝離的機會，以實現價值最大化。為此，我們很高興在 2025 年迄今完成了約 9,000 萬美元的增值資產銷售。

These divestitures have been in process since our original announcement in late 2024, and their closing further streamlines our portfolio and simplifies our business.

這些資產剝離自 2024 年底我們首次宣布以來就一直在進行中，其完成進一步精簡了我們的投資組合併簡化了我們的業務。

Proceeds from the sales will accelerate debt repayment and improve our position for long term success. We are also pleased to report the successful closing and seamless integration to date of our Ridgemar acquisition. The Ridgemar bolt-on added high margin production and significant low risk inventory to our business, and early performance has exceeded expectations.

銷售所得將加速債務償還並提高我們的長期成功地位。我們也很高興地報告，我們對 Ridgemar 的收購迄今已成功完成並實現無縫整合。Ridgemar 附加產品為我們的業務增加了高利潤生產和大量低風險庫存，早期表現超出了預期。

There's no question that we're seeing increased market volatility, but we've been here before, and Crescent was built to succeed through cycles. Our free cash flow focus strategy remains consistent, and I'm confident that we have the team, the assets, and the balance sheet to capitalize on the current environment and generate long-term value for our shareholders.

毫無疑問，我們看到市場波動性正在加劇，但我們以前也經歷過這種情況，而 Crescent 的建立就是為了在周期中取得成功。我們的自由現金流重點策略保持一致，我相信我們擁有團隊、資產和資產負債表來利用當前環境並為我們的股東創造長期價值。

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

說完這些，我將把電話轉給布蘭迪，讓她提供有關本季的更多詳細資訊。

Thanks, David. Crescent had impressive results for the quarter with approximately $530 million of adjusted EEDA and approximately $242 million in levered free cash flow across the three months. We had $208 million of capital expenditures during the quarter, notably better than forecast as the team continues to drive improvements in D&C costs and certain projects were shifted to later in the year.

謝謝，大衛。Crescent 本季業績斐然，三個月內調整後的 EEDA 約為 5.3 億美元，槓桿自由現金流約為 2.42 億美元。本季我們的資本支出為 2.08 億美元，明顯好於預期，因為團隊繼續推動 D&C 成本的改善，並且某些項目已轉移到今年稍後。

We brought online 36 gross operated wells in Eagle Ford and four gross operated wells in the USF, all of which are generating strong initial results. We will look to maintain flexibility over the remainder of the year dependent on both relative and absolute commodity prices to maximize free cash flow and returns, whether that be executing on our current plan, further shifting activity across commodities, or reducing overall activity. Our portfolio is largely held by production, which gives us the flexibility to pace development based purely on reinvestment economics rather than lease obligations.

我們在 Eagle Ford 啟用了 36 口總營運井，在 USF 啟用了 4 口總營運井，這些井均取得了強勁的初步成果。我們將尋求在今年剩餘時間內保持靈活性，取決於相對和絕對商品價格，以最大化自由現金流和回報，無論是執行我們當前的計劃，進一步轉移商品活動，還是減少整體活動。我們的投資組合主要由生產構成，這使我們能夠靈活地純粹根據再投資經濟而不是租賃義務來調整開發步伐。

During COVID in 2020, we demonstrated discipline by stopping all drilling and completion activity. This is a real-world example of our willingness to prioritize value over volumes. We exited the quarter with net leverage of 1.5 times within our publicly stated range of 1 to 1.5 times. We have approximately $1.4 billion of liquidity with no near-term maturities, and we've recently reaffirmed our borrowing base, highlighting the strong support from our lender group.

在 2020 年新冠疫情期間，我們停止了所有鑽井和完井活動，展現了紀律。這是我們願意優先考慮價值而不是數量的現實例子。本季末，我們的淨槓桿率為 1.5 倍，位於我們公開聲明的 1 至 1.5 倍範圍內。我們擁有約 14 億美元的流動資金，且沒有短期到期債務，我們最近重申了我們的借款基礎，突顯了貸款機構的大力支持。

We announced another dividend of $0.12 per share and have been actively repurchasing shares in the open market to capitalize on the current market dislocation. Year to date, we have repurchad approximately $30 million worth of stock at a weighted average price of $8.26.

我們宣布再次派發每股 0.12 美元的股息，並一直在公開市場上積極回購股票，以利用當前的市場混亂。年初至今，我們已以 8.26 美元的加權平均價格回購了價值約 3,000 萬美元的股票。

Together our dividend and repurchases year-to-date equate to an attractive 10% annualized yield. We also made a significant step in the evolution of our business as a public company with the transition to a single class of common shares and the elimination of our Up-C structure. This simplification increases investor accessibility and significantly reduces the reporting complexity of our business.

今年迄今為止，我們的股息和回購總額相當於頗具吸引力的 10% 年化報酬率。透過向單一類別普通股的轉型以及 Up-C 結構的取消，我們在作為上市公司的業務發展過程中邁出了重要一步。這種簡化提高了投資者的可近性，並大大降低了我們業務的報告複雜性。

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

說完這些，我會把電話轉回給大衛，請他做最後發言。

Thanks, Brandi. Before we wrap up, I want to reiterate our key messages for investors. First, we continue to see strong performance across our assets. All key metrics this quarter were inline or exceeding expectations. We're a cash flow focused company and we generated an annualized free cash flow yield of approximately 45% this quarter.

謝謝，布蘭迪。在結束之前，我想重申我們向投資者傳達的關鍵訊息。首先，我們的資產持續表現強勁。本季所有關鍵指標均符合或超出預期。我們是一家專注於現金流的公司，本季我們的年化自由現金流收益率約為 45%。

Second, we will remain flexible with our approach to capital allocation. Our scaled, low decline and HBP asset base provides us with unique optionality, and we will be flexible with our capital dependent on both relative and absolute commodity prices to maximize free cash flow and returns. And finally, Crescent was built to succeed through commodity cycles, and we are confident in our ability to outperform during periods of volatility.

第二，我們將繼續靈活地配置資本。我們規模龐大、低遞減率和 HBP 資產基礎為我們提供了獨特的選擇性，並且我們將根據相對和絕對商品價格靈活運用資本，以最大化自由現金流和回報。最後，Crescent 的成立是為了在商品週期中取得成功，我們有信心在波動時期表現出色。

Our strategy has been consistent for more than a decade. We are focused on generating substantial free cash flow, and we intentionally built a lower decline and less capital-intensive business with advantaged commodity flexibility and a consistent hedge strategy to increase free cash flow durability.

十多年來，我們的策略始終如一。我們專注於創造大量的自由現金流，並有意建立一個下降幅度較低、資本密集度較低的業務，具有優勢的商品靈活性和一致的對沖策略，以提高自由現金流的持久性。

We operate in a dynamic sector. We have seen times like this before, and we have a uniquely advantaged portfolio built to capitalize on the current environment.

我們在一個充滿活力的行業中運作。我們以前也經歷過這樣的情況，我們擁有獨特的優勢投資組合，可以利用當前的環境。

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

有了這些，我將開始問答環節。

Great thank you. (Operator Instructions) Oliver Wang, TBH & Company.

非常感謝。（操作員指示）Oliver Wang，TBH＆Company。

Good morning, David, Brandi and Clay, and thanks for taking the questions.

早安，大衛、布蘭迪和克萊，謝謝你們回答問題。

I know you all touched on this briefly in the prepared remarks already and have a lot of flexibility within the program, but just when we're thinking about the current commodity price environment and looking at the oily versus hybrid versus dry gas breakouts on capital allocation for the year, is it fair to say we're sitting at the lower end of the oily targeted range and the higher end of the gassy range? And what would need to really occur to push beyond the bounds of those outline ranges?

我知道你們已經在準備好的發言中簡要地談到了這一點，並且在計劃中具有很大的靈活性，但是當我們考慮當前的商品價格環境並觀察石油、混合氣體和乾氣在年度資本配置中的突破時，是否可以說我們處於石油目標範圍的低端和天然氣目標範圍的高端？那麼，真正需要發生什麼才能超越這些輪廓範圍的界線呢？

Hey, it's David. Great question, really appreciate it. I think the main thing to know about us any time you think about capital allocation is we think what differentiates us as a firm is we're investors and we think we combine investing and operating better than anybody.

嘿，我是大衛。很好的問題，非常感謝。我認為，當您考慮資本配置時，要了解我們的主要一點是，我們認為我們作為一家公司的不同之處在於我們是投資者，我們認為我們比任何人都更好地結合了投資和營運。

So to your point, it's all about returns. We came into the year -- the forward curve for oil's been pretty steady amidst this level for a long time, so no surprises there. Obviously, spot moved around a lot. We've been pretty pleased with the portfolio we've been able to build through the cycle. And so long story short, we sit here with heavily oil inventory, heavily gas inventory and mixed inventory. So we're really just moving to where the returns are.

所以就你的觀點而言，一切都與回報有關。進入今年以來，石油的遠期曲線在這一水平上長期保持相當穩定，因此沒有什麼意外。顯然，斑點移動了很多。我們對在整個週期中建立的投資組合感到非常滿意。長話短說，我們這裡有大量的石油庫存、大量的天然氣庫存和混合庫存。所以我們其實只是轉向回報所在的地方。

So again in this range we're making great returns and we'll continue to allocate capital within our framework, but we're also looking at that kind of stuff every day and and it's not just absolute returns, it's also where else can we find returns.

因此，在這個範圍內，我們再次獲得了豐厚的回報，我們將繼續在我們的框架內分配資本，但我們每天也在關注這類東西，而且不僅僅是絕對回報，還包括我們還能在哪裡找到回報。

And so as you know -- and we highlighted it a little more this quarter, we're obviously a growth through M&A company, so we're always looking at that market environment and we also view our stock as an M&A opportunity as well at different points in the cycle. So long story short, we like where we are, but we're absolutely focused on returns and free cash flow generation, and we'll just kind of continue to manage through a volatile environment, but we like this, we're good at this.

如您所知 - 我們在本季度進一步強調了這一點，我們顯然是一家透過併購實現成長的公司，因此我們始終關注市場環境，並且我們也將我們的股票視為週期不同階段的併購機會。長話短說，我們喜歡現在的狀況，但我們絕對專注於回報和自由現金流的產生，我們將繼續在動盪的環境中進行管理，但我們喜歡這樣，我們擅長這樣。

Okay, perfect. That's helpful color. And maybe just for a follow up question, just on trajectory of the rest of the year, any sort of color you all can provide in terms of expectations for oil volumes and CapEx? Just trying to think through some of the key moving pieces, given the significant rampant tills out of the Eagle Ford late in Q1? Those flow through impacts and the -- most of the Q4 Eagle Ford tills are probably going to come out of the dry gas window.

好的，完美。這是很有幫助的顏色。也許只是為了後續問題，關於今年剩餘時間的軌跡，你們能否就石油產量和資本支出的預期提供任何資訊？鑑於第一季末 Eagle Ford 收銀機數量大幅增加，您是否想思考一下其中的一些關鍵變動因素？這些流體通過衝擊和——大多數 Q4 Eagle Ford 收銀機可能會從乾氣窗中出來。

Hey, Oliver, it's Brandi. So we expect oil production to increase quarter over quarter, so think kind of low to mid-ingle digits, just given we'll have a full quarter of owning the Ridgemar assets. From a full year standpoint, still expect to be towards the midpoint at that kind of 40% to 41% oil cut.

嘿，奧利佛，我是布蘭迪。因此，我們預計石油產量將逐季增加，考慮到我們將擁有 Ridgemar 資產整整一個季度，因此預計增幅將達到低到中等個位數。從全年角度來看，預計石油減產幅度仍將接近 40% 至 41% 的中間值。

And then from a capital standpoint, as David hit on in the prepared remarks, we performed well from a D&C perspective, but a big part of the beat was timing. So we would expect that capital to show up in the second quarter, and we expect Q2 to be our highest capital quarter for the year. But as you saw, we also reaffirmed our capital guidance for the year. So no change, it's just really timing.

然後從資本的角度來看，正如大衛在準備好的發言中提到的那樣，從 D&C 的角度來看，我們表現良好，但很大一部分原因是時機。因此，我們預計資本將在第二季度出現，並且我們預計第二季將成為我們今年資本最高的季度。但正如您所看到的，我們也重申了今年的資本指引。所以沒有變化，只是時間問題。

Tim Rezvan, KeyBanc Capital Markets.

Tim Rezvan，KeyBanc 資本市場。

Good morning. This is John on for Tim. Thanks for taking our questions. Just starting off with the Eastern and you went to JV you just talk about its current status and whether the JV agreement includes any contractual arrangements, termination clauses or anything that might require the rig to be maintained in the basin for a specified period of time.

早安.這是約翰，代替蒂姆。感謝您回答我們的問題。剛從東部開始，你去了合資公司，你只是談論它的現狀，以及合資協議是否包括任何合約安排、終止條款或任何可能要求鑽機在盆地維護一段特定時間的條款。

Hey, it's Clay. I can take that. As you know, part of what we hit on prepared remarks, but also part of our operating philosophy is not to make commitments and to give ourselves maximum flexibility. So consistent with that, the JV was really set for the the single pad, so no commitments to ongoing capital associated that JV that go forward.

嘿，我是克萊。我可以接受。如您所知，我們在準備好的發言稿中提到的部分內容以及我們的經營理念的一部分就是不做承諾並給予自己最大的靈活性。因此，與此一致，合資企業實際上是為單一平台而設立的，因此無需對未來與該合資企業相關的持續資本做出承諾。

And just to hit on the JV, we disclosed really strong 30 day IPs as part of our Q4 results. I just tell you we've continued to be really encouraged by the results around the development there, continued to really outperform the broader basin from a kind of upper cube perspective and we're really encouraged about the opportunity it presents for us across the asset base.

為了打擊合資企業，我們在第四季業績中揭露了非常強勁的 30 天 IP。我只是告訴你，我們繼續對那裡的發展成果感到非常鼓舞，從上層立方體的角度來看，我們繼續真正超越更廣闊的盆地，我們對它為我們整個資產基礎帶來的機會感到非常鼓舞。

Okay, makes sense. And shifting over to your asset sales, you previously mentioned the market for minerals assets remains active, would you consider exceeding your asset sales target if you come across some attractive bids for it?

好的，有道理。談到您的資產銷售，您之前提到礦產資產市場仍然活躍，如果您遇到一些有吸引力的出價，您是否會考慮超越您的資產銷售目標？

Yeah, listen, as we've said, we view ourselves as kind of value creators by both buying assets and selling assets. So where we see opportunity to create value for the business, we'll do so. I think the asset sales are going to be viewed through that lens so where we see a market where we can drive accretion to our business and also we think that someone -- the assets hold more value in someone else's hands than ours, we will pursue that.

是的，聽著，正如我們所說的，我們將自己視為透過購買資產和出售資產創造價值的人。因此，只要我們看到為企業創造價值的機會，我們就會這樣做。我認為資產出售將會從這個角度來看待，因此，當我們看到一個可以推動我們業務成長的市場，並且我們認為某人——資產在別人手中比在我們手中更有價值時，我們就會追求這一點。

So don't think of kind of the $250 million pipeline that we put out as a limiter, it's just really where we see opportunity and where we think there's a chance to create value for the business through pursuing those sales.

因此，不要認為我們推出的 2.5 億美元銷售管道是一個限制因素，這只是我們看到的機會，我們認為有機會透過追求這些銷售為企業創造價值。

John Freeman, Raymond James.

約翰‧弗里曼、雷蒙‧詹姆斯。

Yeah, thanks. You all are one of the most hedged E&P companies out there and I'm just curious sort of what kind of a role the hedge is playing in the decision to potentially reduce activity or not or if hedges are sort of viewed as kind of a separate part of the decision process?

是的，謝謝。你們是業內對沖最多的 E&P 公司之一，我只是好奇對沖在是否減少活動的決定中扮演什麼樣的角色，或者對沖是否被視為決策過程的一個獨立部分？

Yeah, great question, John. It's David and I'll let Brandi add on to it, if necessary. But I think you hit it, which is it's a completely separate asset. We put hedges in place to protect the balance sheet and the capital we invest, but yeah, we don't view hedges as implicating the drill bit at all once we've got that independent decision. So we love having a hedge asset in times like this. But no, we don't link the two.

是的，約翰，這個問題問得很好。這是大衛，如果有必要的話，我會讓布蘭迪補充。但我認為你已經理解了，它是一項完全獨立的資產。我們實施對沖是為了保護資產負債表和我們投資的資本，但是，一旦我們做出了獨立的決定，我們就不會認為對沖會對鑽頭產生任何影響。因此，在這種時候，我們喜歡擁有對沖資產。但不，我們不會將兩者連結起來。

Great and then a follow-up. The follow up for me, just given the attractiveness of your stock at these levels that you all highlighted in terms of what the free cash field is et cetera, maybe just discuss how y'all think about allocating that free cash flow in the decision process between buybacks versus debt reduction?

很好，然後進行後續跟進。我的後續問題是，鑑於你們股票在這些水準上的吸引力，你們都強調了自由現金領域等等，也許只是討論一下你們如何在回購與減債之間的決策過程中考慮分配自由現金流？

Hey, John, it's Brandi. So I think with respect to the buyback, we've said this before, it's 100% opportunistic and it's also a 100% returns driven. Fundamentally, no change in how we think about capital allocation priorities, the balance sheet and the fixed dividend continue to be the top priority. But after that, it's -- we weigh our investment return opportunities across buying back our own assets right via the stock, M&A or drilling wells. You saw a step in quite a bit earlier this quarter, buying roughly $25 million of stock when it traded off. So yeah, I think you'll continue to see us be active within that framework.

嘿，約翰，我是布蘭迪。因此，我認為就回購而言，我們之前已經說過，這是 100% 的機會主義，也是 100% 的回報驅動。從根本上來說，我們對資本配置優先順序的看法沒有改變，資產負債表和固定股利仍然是重中之重。但在那之後，我們會權衡透過股票、併購或鑽井回購我們自己的資產的投資回報機會。您在本季初就看到了相當大的進展，在交易時購買了約 2500 萬美元的股票。是的，我認為你會繼續看到我們在這個框架內活躍起來。

And the one thing I would highlight, John, it's David again. We talk about the M&A market locking up in periods of volatility. This is the one area that trades every day and we can access what we want.

約翰，我要強調的一點是，又是大衛。我們討論併購市場在波動時期的鎖定。這是每天都進行交易的區域，我們可以獲得我們想要的東西。

Charles Mead, Johnson Rice.

查爾斯·米德、約翰遜·賴斯。

David, I want to go back to your prepared comments about -- and I think you just referenced them there with the M&A market, the data spread widening out. That's certainly the conventional wisdom. Can you tell me what you're seeing on the ask side of it to the extent that you can share any thoughts on the way that part of the market is evolving? And can you also give some thoughts on how Crescent's approach is different during these times of volatility?

大衛，我想回到你準備好的評論——我想你剛才提到了併購市場，數據差距正在擴大。這當然是傳統觀點。您能否告訴我您對詢價方的看法，以便分享您對該部分市場發展方式的看法？您能否談談 Crescent 在當前動盪時期的做法有何不同？

Yeah, that's great. Thanks for the question. It's David. I'm going to go ahead and just pass that one to Clay to answer, but we'll both cover it if needed.

是的，太棒了。謝謝你的提問。是戴維。我將繼續並將這個問題交給 Clay 來回答，但如果需要的話，我們都會討論它。

Hey, Charles. The -- as David mentioned in his prepared remarks, what we typically see after these periods of significant volatility is just a hold up in the market. So what you're not going to -- there's less of a ask is here, bid is here, it's more just, hey, kind of a pause in decision making.

嘿，查爾斯。正如大衛在他的準備好的發言中提到的那樣，在這些大幅波動的時期之後，我們通常看到的只是市場停滯。所以你不會——這裡的要價較少，出價較少，這更只是，嘿，決策過程中的一種停頓。

We expect that over time to fall out and you start to see decisions getting made by different parties for different reasons. And so I think what our real strength in this market opportunity is kind of as we've mentioned, we're kind of investment driven so we're always focused on returns and also, we've had a very consistent strategy. So that allows us to move with real conviction when we do see opportunity in this type of market environment. I think that's our advantage.

我們預計，隨著時間的推移，你會開始看到不同政黨出於不同的原因做出決定。所以我認為我們在這個市場機會中的真正優勢就像我們提到的那樣，我們是一種投資驅動，所以我們始終專注於回報，而且我們有一個非常一致的策略。因此，當我們在這種市場環境中看到機會時，我們就能滿懷信心地採取行動。我認為這是我們的優勢。

And so where we hope to see opportunity here and where we've seen opportunity historically in these types of periods of volatility is the opportunity. We're always in the market, we're very disciplined, we're very focused on accretion, but where we do see opportunity we're able to move very quickly on those opportunities.

因此，我們希望在這裡看到機會，而且從歷史上看，在這種波動時期中我們看到的機會就是機會。我們始終處於市場之中，我們非常自律，我們非常注重積累，但當我們確實看到機會時，我們能夠迅速抓住這些機會。

And then -- I'm sorry, David, do you have anything to say or --?

然後——對不起，大衛，你有什麼要說的嗎？--？

No, I think he nailed it.

不，我認為他成功了。

Okay, great. And then back to the Uinta. You talked about those -- you gave us an update on the three wells. I think it's three wells in the eastern JV. Any color you can offer on the four operating wells you guys turned to sale, both, where they are in your position and where they are up and down the -- up and down the stack?

好的，太好了。然後返回尤因塔。您談到了這些——您向我們介紹了這三口油井的最新情況。我認為這是東部合資公司的三口井。您能否提供有關您們出售的四個正在運營的油井的任何信息，它們在您的位置以及它們在堆棧的上下方的位置？

Yeah, those are kind of more core and what's been our traditional development window on the western side of the asset when viewed development. I'd say, early time results there look very good and consistent with where we've seen results historically, that part of the play.

是的，這些都是更核心的，從開發的角度來看，這些都是我們在資產西側的傳統開發窗口。我想說，早期的結果看起來非常好，並且與我們歷史上看到的結果一致，即該劇的這一部分。

Thank you. Michael Scialla, Stephens.

謝謝。邁克爾·西亞拉，史蒂芬斯。

You mentioned the activity -- some activity shifted from the first quarter to later in the year. Want to see if you could quantify that? And was that all just due to timing or was there a decision made there to proactively move some activity?

您提到了活動——一些活動從第一季轉移到了今年晚些時候。想看看你是否可以量化它嗎？這一切只是因為時間問題，還是他們做出了主動轉移某些活動的決定？

It's Brandi. I'll cover this. It was really just a timing, we had a couple pads that shifted from Q1 to Q2. So I think days -- so again, we expect that capital to show up in the second quarter and as I mentioned earlier, we did reaffirm our capital guide for the year so still feel comfortable with that $925 million to $1,025 million guide.

是布蘭迪。我會報道這個。這實際上只是一個時間問題，我們有幾個墊子從 Q1 轉移到 Q2。所以我認為——我們再次預計資本將在第二季度出現，正如我之前提到的，我們確實重申了今年的資本指南，因此仍然對 9.25 億美元至 10.25 億美元的指南感到滿意。

Okay. And you were asked about your commitments and Uinta sounds like really nothing there that would dictate any minimal activity. I guess, more broadly, if you were to slow down or needed to slow down because of oil prices or whatever, can you talk about the commitments, whether it be rig commitments or lease expirations that would put a floor under your activity level or could you -- Brandi, you mentioned during COVID, you went to 0, is that the floor? Is it 0?

好的。並且有人問你關於你的承諾，而 Uinta 聽起來真的沒有什麼可以要求任何最低限度的活動。我想，更廣泛地說，如果您因為油價或其他原因而放慢速度或需要放慢速度，您能否談談承諾，無論是鑽井承諾還是租約到期，這些都會為您的活動水平設定一個底線，或者您可以——布蘭迪，您提到在 COVID 期間，您是降到底線嗎？是 0 嗎？

Hey, it's David. Happy to take it, and I'll start with where you ended, which is, absolutely, the floor is 0. We've built this business intentionally over the years to be different, to have a lower decline rate, lower operational intensity, as much HBP acreage as we can.

嘿，我是大衛。很高興接受它，我將從你結束的地方開始，也就是說，絕對的，底線是 0。多年來，我們有意打造這項業務，力求與眾不同，降低遞減率，降低營運強度，並盡可能擴大 HBP 開採面積。

So punch line is, we're prepared to drop activity as soon as it makes sense. And to your point, there's very limited requirements that we would have, call it, over the rest of this year and even going forward. So there's always some things you need to do, but I think you can safely assume the floor is 0 in (technical difficulty)

所以，關鍵在於，我們準備在一切合理的時候停止活動。正如您所說，今年剩餘時間甚至未來一段時間我們的要求都非常有限。所以總有一些事情需要你去做，但我認為你可以放心地假設底線是 0（技術難度）

John Abbott, Wolfe Research.

約翰‧阿博特，沃爾夫研究公司。

Hey team, this is Carlos on for John. Thank you for taking our question. I guess we'd like to start where you just ended, David, in terms of how your business has been deliberately made to be hedged in certain ways. And so we're wondering if you could provide some more color on what you're seeing on the deal from -- in terms of size and commodity mix? Because we've seen the two commodities do completely different -- take completely different directions. And we want to ask if you think it's possible to get something done given that much volatility on both ends or if -- and if you are more likely to see some success in the gas market versus in oil market? Thank you.

嘿，隊員們，我是卡洛斯，代替約翰。感謝您回答我們的問題。大衛，我想我們應該從您剛才的話題開始，談談您的業務是如何被刻意以某種方式進行對沖的。因此，我們想知道您是否可以從規模和商品組合方面提供更多有關該交易的詳細資訊？因為我們已經看到這兩種商品的表現完全不同──走向完全不同的方向。我們想問一下，您是否認為在兩端都存在如此大的波動的情況下有可能取得一些成果，或者您是否更有可能在天然氣市場而不是石油市場取得成功？謝謝。

Yeah, hey, it's David. Great question. Maybe I'll just start with the framing of that which is, you're absolutely right. The commodities can move independently at any point in time. And so assets do trade through that cycle.

是的，嘿，我是大衛。好問題。也許我應該從框架開始，你說得完全正確。商品可以在任何時間點獨立移動。資產確實會經歷這個週期進行交易。

Long story short, I think what you've seen us do is sell some gas weighted assets into a stronger gas market and historically, our portfolio is very balanced between oil and gas. But we don't typically buy an individual asset that looks like our portfolio. We're managing a portfolio as investors and operators and so we look to find attractive opportunities through the cycle.

長話短說，我想您看到我們所做的就是將一些天然氣加權資產出售給更強大的天然氣市場，而且從歷史上看，我們的投資組合在石油和天然氣之間非常平衡。但我們通常不會購買類似於我們投資組合的單一資產。我們作為投資者和營運商管理投資組合，因此我們希望在整個週期中尋找有吸引力的機會。

So long story short, I do think that you'll continue to see us look for value across the commodity spectrum, and I'd also say, and we're very fortunate because of all the hard work that everybody at this company's done over the last three-plus years as a public company.

長話短說，我確實認為你會繼續看到我們在整個商品範圍內尋找價值，而且我想說，我們非常幸運，因為這家公司作為一家上市公司，在過去三年多的時間裡，每個人都付出了辛勤的努力。

We've -- certainly highlighting this quarter, we've also had our stock as an M&A opportunity. And so I think that we've got all the tools out there. As Clay mentioned earlier, we're always in the market looking for value and so when we find it, we can transact on it. And if there's nothing to do, then we don't have to do anything at all either. So hopefully that's just good context on what we're seeing, but we do expect the market to continue to be active over time. But when things move quickly, it locks up in the short term.

我們 — — 本季當然要強調的是，我們也將股票作為併購機會。所以我認為我們已經擁有了所有的工具。正如克萊之前提到的，我們一直在市場上尋找價值，因此當我們找到它時，我們就可以進行交易。如果沒有什麼可做，那麼我們也不必做任何事。所以希望這只是我們所看到的良好背景，但我們確實預計市場將隨著時間的推移繼續活躍。但當事情快速發展時，它會在短期內鎖定。

Thank you. That makes sense. And then for our follow up, we -- you've made significant strides in simplifying your corporate structure to a single class of shares. What are your thoughts on maintaining the non-economic preferred?

謝謝。這很有道理。然後，對於我們的後續行動，我們——你們在將公司結構簡化為單一類別股票方面取得了重大進展。您對維持非經濟優先有何看法？

Yeah. Thanks for the question and thanks for the acknowledgment on the structure. We really have worked hard, and I'll steal some of Brandi's words, but to make the stock a lot easier to own. And so we came from a company with very limited flows in trading volume through reverse merger and today, we're a company part of the S&P600 and really, frankly, a lot easier to own as an investor. So we're pleased to simplify the FC structure, again, at no cost to the company because of how we set that up.

是的。感謝您的提問，也感謝您對結構的認可。我們確實已經很努力了，我會借用布蘭迪的一些話，但為了讓股票更容易持有。因此，我們透過反向合併從一家交易量非常有限的公司轉型而來，而今天，我們已成為標準普爾 600 指數的成分股，坦白說，作為投資者，持有股票要容易得多。因此，我們很高興能夠簡化 FC 結構，而且由於我們的設置方式，公司無需承擔任何成本。

We've got a single class stock. And the other thing I would highlight is, while the noneconomic preferred, you mentioned, does have some unique attributes, in our view it all adds stability to the company and I'd just also point out again that we really value the fact that the board members that we have represent 30% of the equity ownership in the company. So we see really strong alignment at the board level, and are really pleased with how we've been able to find the structure. But our assumption is that everything else will stay as is and we think it's a real value add to the company and stability long term.

我們擁有單一類別的股票。我想強調的另一件事是，雖然您提到的非經濟優先股確實具有一些獨特的屬性，但在我們看來，這一切都增加了公司的穩定性，我還要再次指出，我們非常重視董事會成員代表公司 30% 的股權這一事實。因此，我們看到董事會層級的協調非常緊密，我們對能夠找到這樣的結構感到非常滿意。但我們的假設是其他一切都將保持原樣，我們認為這對公司和長期穩定性來說是一個真正的增值。

Michael Furrow, Pickering Energy Partners.

邁克爾·弗羅 (Michael Furrow)，Pickering Energy Partners 的負責人。

Just one quick question for me on operating costs. Looks like there was a slight uptick this quarter in LOE, which I believe was on higher fuel use gas. Is there any way that you can quantify those impacts maybe as a percentage of overall LOE and whether that's something that we should anticipate seasonally to fourth quarter as well?

我只想問一個關於營運成本的簡單問題。看起來本季 LOE 略有上升，我認為這是由於燃料使用量增加所致。有沒有什麼方法可以量化這些影響，例如佔整體 LOE 的百分比，以及這是否也是我們應該在第四季進行季節性預測的事情？

Hey, Michael, it's Brandi. I'll take this one. Our LOE is always highest in Q1, given winter weather and as you mentioned, we use some of our gasses as fuel. So from our perspective, it's right in line with expectations, right? We laid out a guide at $12.25 to $13.25 and would expect next quarter to be in line with the midpoint.

嘿，邁克爾，我是布蘭迪。我要這個。考慮到冬季天氣，我們的 LOE 總是在第一季最高，而且正如您所說，我們使用部分氣體作為燃料。所以從我們的角度來看，這完全符合預期，對嗎？我們制定了 12.25 美元至 13.25 美元的指導價，並預計下個季度的價格將與中間價一致。

Arun Jayaram, JP Morgan.

摩根大通的阿倫·賈亞拉姆（Arun Jayaram）。

Yeah, kind of question -- maybe follow up on the oil mix. Brandi, can you give us a sense for the Ridgemar acquisition? What the oil mix was in those properties? I'm just trying to think about how your oil mix could trend over the balance of the year.

是的，有點疑問——也許可以跟進石油混合物。布蘭迪，您可以跟我們講一下 Ridgemar 收購的情況嗎？這些特性中的油混合物是什麼？我只是想知道你們的石油組合在今年剩下的時間會呈現怎樣的趨勢。

Hey, Arun. Those assets were roughly 70% oil. So as I hit on, earlier we do expect oil cut to increase low to mid-single digit percentage wise quarter to quarter, just given the full three months of owning that asset.

嘿，阿倫。這些資產中約有70%是石油。因此，正如我之前提到的，我們確實預計石油產量的環比增長將達到低到中等個位數百分比，這僅僅是考慮到擁有該資產的整整三個月的時間。

Got it. And maybe Brandi, just a bit of a follow up, as you've eliminated the Up-C structure, could you talk about some of the tangible benefits that you're seeing from that and maybe just a clarification. I think in the press release, it did indicate that your longer term investor KKR has assigned a 180-day lockup. So just thoughts on there long term -- your views on there, views on the equity and just want to make clarification on that lock-up provision.

知道了。也許布蘭迪，只是稍微跟進一下，由於您已經消除了 Up-C 結構，您能否談談您從中看到的一些實際好處，也許只是一個澄清。我認為新聞稿中確實表明您的長期投資者 KKR 已指定 180 天的鎖定期。所以只是對此的長期思考 - 您對此的看法，對股權的看法，只是想澄清一下鎖定條款。

Yeah, hey, it's David. Just a couple of quick thoughts. So one, as you know, we've had to report certain adjusted metrics, and by the way, that's standard for all companies that have an upbeat structure because of where things end up on the different financial statements. So we're just really pleased, frankly, to have our -- accounting team have less to do and have investors be able to look at a consolidated financial presentation in the way you normally would.

是的，嘿，我是大衛。只是一些簡短的想法。因此，如您所知，我們必須報告某些調整後的指標，順便說一句，這對於所有擁有樂觀結構的公司來說都是標準，因為不同的財務報表最終會顯示不同的結果。因此，坦白說，我們真的很高興我們的會計團隊的工作量減少了，投資者能夠以正常的方式查看合併財務報表。

So I think those are all really value add and then as a reminder, there was no tax receivable agreement or anything like that associated with it. So it was really something we had hoped and expected to get done, but really pleased to have that out of the way and I think it just streamlines everything, both externally and internally. And there's, what I would call, real value to that and then there's also just the intangible benefit of of, what I'll call, mind share.

所以我認為這些都是真正增值的，然後提醒一下，沒有稅收應收協議或類似的東西。所以這確實是我們希望並期望完成的事情，但真的很高興能夠解決這個問題，我認為它簡化了一切，無論是外部還是內部。這就是我所說的真正的價值，還有我所說的心智共享的無形利益。

And then the second part of the question -- yeah, so I think one of the questions we get a lot is, tell us about the overhang, tell us about who's selling, what's KKR's perspective as well. We viewed -- again, KKR is a long term owner, they've never sold share, and the lockup was really something that we and they both viewed as just a positive indicator. With or without the lock-up, there'd be no selling. And so I think you should just take it that way. We expect them to be long term owners and the lock-up's just further evidence of that but not an indication towards any short term decision coming.

然後是問題的第二部分——是的，所以我認為我們經常被問到的一個問題是，請告訴我們有關懸而未決的問題，告訴我們誰在出售，以及 KKR 的觀點是什麼。我們認為——KKR 是長期所有者，他們從未出售過股份，鎖定期實際上是我們和他們都認為的積極指標。無論有沒有鎖定，都不會出售。所以我認為你應該這樣看待它。我們預計他們會成為長期所有者，而鎖定期只是進一步證明這一點，但並不預示任何短期決策。

Great thank you.

非常感謝。

Tarek Hamid, JP Morgan.

摩根大通的塔里克‧哈米德 (Tarek Hamid)。

Hi, good morning. This is Evan on for Tarek. You guys have shown how D&C costs have declined just from 2024 levels already. How much lower do you think you have room to go and how would you describe the overall cost environment when you're balancing lower service costs from declining activity overall as well as OCTG costs potentially going higher?

嗨，早安。這是 Evan 代替 Tarek 上場。你們已經展示了 D&C 成本如何從 2024 年的水準下降。您認為還有多大的降價空間？當您在平衡因整體活動減少而導致的服務成本降低以及油井管成本可能上升時，您如何描述整體成本環境？

Hey, Evan, it's Brandi. So we did highlight Q1 D&C cost down 10% relative to the 2024 program. So our team continues to do an incredible job in the field from an efficiency standpoint. So I would say, the savings is really efficiency versus any softening from a service cost standpoint.

嘿，艾文，我是布蘭迪。因此，我們確實強調了 Q1 D&C 成本相對於 2024 年計畫下降了 10%。因此，從效率的角度來看，我們的團隊繼續在該領域做出令人難以置信的工作。所以我想說，從服務成本的角度來看，節省實際上是一種效率而不是任何軟化。

If we look at tariffs and obviously, it's a very fluid situation but the 25% tariff translates to $10 million to $15 million of impact for our capital program that's embedded in the capital guide that we just reaffirmed. So that's 1% to 1.5%. So pretty minimal.

如果我們看一下關稅，顯然這是一個非常不穩定的情況，但 25% 的關稅將對我們的資本計劃產生 1000 萬至 1500 萬美元的影響，而該計劃已包含在我們剛剛重申的資本指南中。所以是 1% 到 1.5%。非常簡單。

So I think absent tariffs, I think we'd expect D&C cost to come down. I think for now, we're probably assuming they're relatively flat, but hopeful that we can continue to drive efficiencies in the field.

因此我認為如果沒有關稅，我們預計 D&C 成本將會下降。我認為目前我們可能假設它們相對平穩，但希望我們能繼續提高該領域的效率。

This includes the question-and-answer session. I'd like to turn the floor back to management for any closing comments.

其中包括問答環節。我想將發言權交還給管理階層，請他們發表最後的評論。

Great. This is David. I just want to thank you all again for your support of the company. We enjoy the dialogue and we'll continue to communicate frequently and inherently about what we're seeing and doing. And until then, again, we're going to stick to the strategy we've had for a long time. We think the company is well positioned and these are market environments where we tend to do our best work. So thank you again.

偉大的。這是大衛。我只想再次感謝大家對公司的支持。我們喜歡對話，我們將繼續就我們所看到和正在做的事情進行頻繁和深入的交流。在那之前，我們仍將堅持我們長期以來的策略。我們認為公司處於有利地位，在這樣的市場環境中我們往往能夠做到最好。再次感謝你。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you again for your participation.

今天的電話會議到此結束。現在您可以斷開線路。再次感謝您的參與。