Crescent Energy Co (CRGY) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Crescent Energy Q2 2025 results call (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Reid Gallagher, Investor Relations. Thank you. You may begin.

問候，歡迎參加 Crescent Energy 2025 年第二季業績電話會議（操作員指示）提醒一下，本次會議正在錄製中。現在我很高興介紹你們的主持人，投資者關係部門 Reid Gallagher。謝謝。你可以開始了。

Good morning, and thank you for joining Crescent's Second 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 年第二季電話會議。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-GAAP financial measures to the most directly comparable GAAP measure, please reference our 10-Q and earnings press release available on the Investors 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。若要將歷史非 GAAP 財務指標與最直接可比較的 GAAP 指標進行對照，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 second quarter. In summary, it was an exceptional quarter of continued execution for our business. As always, I would like to begin with a few key points that I hope you take away from this call.

早安，感謝您加入我們。昨天，Crescent 公佈了第二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卓越季度。像往常一樣，我想先談幾個要點，希望你們能夠從這次通話中了解到一些資訊。

First, Crescent continues to deliver. This quarter, we once again posted strong free cash flow and overall performance. Our excellent results exceeded expectations on all key metrics, and we are enhancing our outlook for the full year.

首先，Crescent 繼續履行其使命。本季度，我們再次實現了強勁的自由現金流和整體業績。我們的優異業績在所有關鍵指標上都超出了預期，我們正在提升對全年的展望。

Second, we are driving long-term value through operational excellence. Our strong free cash flow generation is the result of impressive operational execution with record production alongside continued capital efficiency gains and cost savings across our asset base.

其次，我們透過卓越的營運推動長期價值。我們強勁的自由現金流產生源於令人印象深刻的營運執行、創紀錄的產量以及持續的資本效率提升和整個資產基礎的成本節約。

And finally, we are making the most of this market environment, and we see huge opportunity ahead for Crescent. We operate in a cyclical industry and see volatility as opportunity. We intentionally built a lower decline and less capital-intensive business with commodity flexibility and a consistent hedge program to generate more durable free cash flow than our peers. Our business model allows us to see opportunity and be proactive in periods of dislocation like we are seeing today.

最後，我們正在充分利用這個市場環境，我們看到 Crescent 未來的巨大機會。我們處於一個週期性產業，並將波動視為機會。我們有意打造一個跌幅較小、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比同行更持久的自由現金流。我們的商業模式使我們能夠在當今的混亂時期看到機會並採取積極主動的態度。

Since our last call, we've successfully navigated the market to both acquire assets, including our own stock and divest assets, all at compelling valuations. We have continued to proactively risk-manage the business, strengthening the balance sheet with debt repayment, maturity extensions and additions to our hedge position.

自上次通話以來，我們已成功駕馭市場，以極具吸引力的估值收購了包括我們自己的股票在內的資產並剝離了資產。我們繼續積極主動管理業務風險，透過償還債務、延長期限和增加對沖頭寸來加強資產負債表。

And we continue to simplify the positioning of Crescent stock with our transition to a single share class. We've also been driving operational savings through excellent execution across both acquisition integration and our base business. We built this company to succeed through the inevitable cycles of our industry and our performance this quarter demonstrates just that.

我們將透過向單一股票類別的轉變繼續簡化 Crescent 股票的定位。我們也透過在收購整合和基礎業務方面的出色執行來推動營運節約。我們創建這家公司是為了在行業不可避免的周期中取得成功，而我們本季的表現證明了這一點。

Following those quick highlights, I will now discuss our results in a bit more detail. We saw record production of 263,000 barrels of oil equivalent per day with 108,000 barrels of oil per day and generated approximately $171 million of free cash flow for the quarter, all well above Wall Street expectations.

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。我們的日產量達到創紀錄的 263,000 桶油當量，其中石油日產量為 108,000 桶，本季產生了約 1.71 億美元的自由現金流，均遠高於華爾街的預期。

Our significant outperformance was driven by capital efficiencies, strong well performance and a modest acceleration of activity. Our talented team continues to drive operational savings with increased efficiency of both drilling and completions, improving well costs by approximately 15% in both the Eagle Ford and Uinta Basins since last year. With these savings, we are enhancing our outlook for the year, reaffirming production expectations alongside a reduction in capital and lower cash tax expectations, driving increased free cash flow.

我們的出色表現得益於資本效率、強勁的油井表現和適度的活動加速。我們優秀的團隊繼續透過提高鑽井和完井效率來推動營運成本節約，自去年以來，Eagle Ford 和 Uinta 盆地的油井成本均降低了約 15%。透過這些節省，我們正在改善今年的展望，重申生產預期，同時減少資本和降低現金稅預期，從而推動自由現金流的增加。

Our operating plan for the year remains focused on maximizing free cash flow and returns on capital invested. In the Eagle Ford, we are delivering on the flexible capital program that we highlighted in our initial 2025 guidance, taking advantage of relative commodity pricing with gas-focused activity in the back half of the year. In Utah, we are maintaining our prudent approach to capturing the significant long-term resource opportunity we own. The industry remains active with widespread positive results across the basin.

我們今年的營運計劃仍專注於最大化自由現金流和投資資本回報。在鷹福特，我們正在實施我們在最初的 2025 年指導中強調的靈活資本計劃，利用相對商品定價以及下半年以天然氣為重點的活動。在猶他州，我們將繼續採取審慎的態度來抓住我們所擁有的重要的長期資源機會。該行業依然活躍，並在整個流域取得了廣泛的積極成果。

Our joint venture in the Northeast portion of our position continues to show extremely strong performance. We were not focused historically in this area, and the impressive results are giving us an exciting reason to remain patient and methodical as we continue to optimize our long-term development plan.

我們位於東北地區的合資企業繼續表現出極其強勁的業績。我們過去並沒有專注於這個領域，令人印象深刻的成果給了我們一個令人興奮的理由，讓我們在繼續優化長期發展計劃時保持耐心和有條不紊。

As we look beyond our base business for attractive investment opportunities, the A&D market was quieter in the second quarter with continued volatility in commodity pricing. However, our team has been able to find pockets of compelling value and execute accretive transactions, including both acquisitions and divestitures. First, we acquired attractive minerals assets that complement our existing portfolio focused in Texas and the Rockies.

當我們將目光投向基礎業務之外尋找有吸引力的投資機會時，第二季的 A&D 市場較為平靜，大宗商品價格持續波動。然而，我們的團隊已經能夠找到具有引人注目的價值並執行增值交易，包括收購和資產剝離。首先，我們收購了具有吸引力的礦產資產，以補充我們現有的專注於德克薩斯州和落基山脈的投資組合。

We expect the acquisition to generate returns in excess of our 2x MOIC target and be accretive to free cash flow. The assets fit seamlessly into our existing minerals portfolio, which pro forma contributes roughly $100 million of annual cash flow to our overall business.

我們預計此次收購將產生超過我們 2 倍 MOIC 目標的回報，並增加自由現金流。這些資產與我們現有的礦產投資組合無縫銜接，預計每年為我們的整體業務貢獻約 1 億美元的現金流。

On the other side of the A&D market, we closed another divestiture of non-operated assets. This accretive divestiture is a part of our ongoing plan to streamline the business and maximize the value of non-core assets in our portfolio, and it brings our year-to-date divestiture total to roughly $110 million.

在 A&D 市場的另一端，我們完成了另一項非營運資產的剝離。這項增值資產剝離是我們持續精簡業務和最大化投資組合中非核心資產價值計畫的一部分，這使我們今年迄今的資產剝離總額達到約 1.1 億美元。

I'm consistently impressed with the focus, drive and creativity that our team brings to finding compelling value opportunities, whether that be in the A&D market or within our own business. This quarter has been a great example of what execution means to us. It means delivering free cash flow.

我們的團隊在尋找引人注目的價值機會方面表現出的專注、動力和創造力一直給我留下了深刻的印象，無論是在 A&D 市場還是在我們自己的業務中。本季很好地體現了執行力對我們的重要性。這意味著提供自由現金流。

It means delivering strong and consistent operations. It means delivering returns through accretive M&A. But most of all, it means that everyone on our team is always ready, looking for any opportunity to deliver further value for Crescent.

這意味著提供強大而一致的營運。這意味著透過增值型併購來實現回報。但最重要的是，這意味著我們團隊中的每個人都隨時做好準備，尋找任何機會為 Crescent 創造更多價值。

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 $514 million of adjusted EBITDA, $265 million of capital expenditures and approximately $171 million in levered free cash flow. These results build on our strong track record of consistent and significant free cash flow generation, supported by our advantaged decline rate, lower relative capital intensity, returns-focused reinvestment and consistent hedge strategy. Over the last five years, we have generated cumulative free cash flow roughly equal to our current market cap, and we continue to trade at a compelling discount on free cash flow metrics today.

謝謝，大衛。Crescent 本季業績令人矚目，調整後 EBITDA 約為 5.14 億美元，資本支出為 2.65 億美元，槓桿自由現金流約為 1.71 億美元。這些結果建立在我們持續且顯著的自由現金流產生良好記錄的基礎上，並得益於我們有利的下降率、較低的相對資本密集度、以回報為重點的再投資和一致的對沖策略。在過去五年中，我們產生的累積自由現金流大致相當於我們當前的市值，我們今天繼續以自由現金流指標的明顯折扣進行交易。

As David mentioned, we have capitalized on the current market volatility in a number of ways since the first quarter, starting with a meaningful step in our evolution as a public company with the elimination of our Up-C structure in early April and the transition to a single class of common shares, reducing complexity and making our stock easier to own.

正如戴維所提到的，自第一季以來，我們透過多種方式利用了當前的市場波動，首先是我們作為上市公司發展過程中邁出的重要一步，即在 4 月初取消了 Up-C 結構並過渡到單一類別的普通股，從而降低了複雜性並使我們的股票更易於持有。

With the significant dislocation early in the quarter, we repurchased approximately $28 million worth of stock at a weighted average price of $7.88, roughly 12% below our current share price. Our buyback program is an opportunistic tool for us to capitalize on periods of volatility, and we evaluate opportunities to acquire our own stock the same way we evaluate acquisition opportunities. In addition to our repurchase activity, we announced another dividend of $0.12 per share, which altogether equates to an attractive 7% annualized yield.

由於本季初出現嚴重混亂，我們以 7.88 美元的加權平均價格回購了價值約 2,800 萬美元的股票，比我們目前的股價低約 12%。我們的回購計畫是我們利用波動時期的機會主義工具，我們評估收購自己股票的機會的方式與評估收購機會的方式相同。除了回購活動外，我們還宣布派發每股 0.12 美元的股息，相當於頗具吸引力的 7% 年化殖利率。

We took steps to further strengthen our balance sheet, using cash flow to pay down approximately $200 million of debt this quarter, increasing liquidity to $1.750 billion. We also successfully refinanced a portion of our long-term debt to strengthen our maturity time line even further relative to our peers. On top of all that, we were able to add some opportunistic oil hedges to our 2026 portfolio at recent highs.

我們採取措施進一步加強資產負債表，利用現金流償還本季約 2 億美元的債務，將流動性提高至 17.5 億美元。我們也成功地對部分長期債務進行了再融資，以進一步縮短我們的到期時間，使其相對於同業更加有利。最重要的是，我們能夠在近期高點為我們的 2026 年投資組合增加一些機會性石油對沖。

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 deliver. This quarter, all key metrics exceeded expectations. We are a cash flow-focused company, and we generated $171 million of free cash flow. And with our strong results, we have enhanced our outlook for the year.

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，我們持續履行承諾。本季度，所有關鍵指標均超出預期。我們是一家注重現金流的公司，我們產生了 1.71 億美元的自由現金流。憑藉著強勁的業績，我們提升了對今年的展望。

Second, we are driving long-term value through operational excellence. Our team continues to outperform. Over many years and many transactions, we have proven our successful acquisition and integration capabilities, and we don't stop there. We are relentlessly focused on finding the gold buried within our own business to increase free cash flow and returns for our investors. Simply put, we acquire assets and we make them better.

其次，我們透過卓越的營運推動長期價值。我們的團隊繼續表現出色。經過多年的努力和多次交易，我們已經證明了我們成功的收購和整合能力，但我們並不止步於此。我們堅持不懈地致力於尋找我們自身業務中蘊藏的黃金，以增加自由現金流和投資者的回報。簡而言之，我們收購資產並使其變得更好。

And finally, we are making the most of this market environment, and we are always prepared to capitalize on any opportunity ahead of us. Our business model allows us to see opportunity and be proactive in periods of dislocation like we are seeing today. And this quarter's performance is a perfect example of our strategy in action.

最後，我們正在充分利用這個市場環境，並隨時準備抓住我們面前的任何機會。我們的商業模式使我們能夠在當今的混亂時期看到機會並採取積極主動的態度。本季的表現是我們策略實施的完美例證。

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

接下來，我們將開始問答環節。操作員？

(Operator Instructions)

（操作員指示）

John Freeman from Raymond James.

雷蒙德詹姆斯公司的約翰弗里曼。

We continue to see the nice efficiency gains on the D&C per foot falling another 6% just from 1Q levels. And it looks like most of that improvement was driven by about a 10% improvement on the completion side in terms of just the amount of fluids a day that are being pumped. And just maybe if you all could elaborate on that, if there was some specific change that you all made on the completion side that would have driven that big of an improvement from what you all had just put up in 1Q?

我們繼續看到 D&C 每英尺效率的良好提升僅從 1Q 水平就下降了 6%。看起來，大部分的改進都是由完井方面的約 10% 的改進所推動的，就每天泵送的液體量而言。也許你們都可以詳細說明一下，如果你們在完成方面做出了一些具體的改變，那麼與你們在第一季提出的情況相比，會取得如此大的進步？

John, it's David. Thanks for the question. I would say quite simply, it's just more execution of what we would call best practices. And in particular, we would highlight that we're still bringing final frac in bigger and bigger ways to our completion operations.

約翰，我是大衛。謝謝你的提問。我想說的很簡單，這只是我們所謂的最佳實踐的更多執行。特別是，我們要強調的是，我們仍在以越來越大的方式將最終壓裂引入我們的完井作業。

Got it. And then I guess I was just going to say if we then looking at the Uinta, those well results that you're pointing out on Slide 11, obviously, pretty meaningful outperformance. And you did mention that's an area that you previously weren't really kind of looking at.

知道了。然後我想我只是想說，如果我們看一下 Uinta，您在幻燈片 11 上指出的那些良好結果，顯然，這是非常有意義的優異表現。您確實提到這是您之前並沒有真正關注的一個領域。

Does what you all are seeing on those wells, I get it, it's still early days. But on those that size of an outperformance, does it sort of maybe change the way you all think about maybe capital allocation decisions within the basin going forward?

你們在那些井上看到的情況，我明白，現在還為時過早。但是，對於如此規模的優異表現，它是否會改變你們對未來盆地內資本配置決策的看法？

Yes, great question. Just as a quick reminder, you'll recall that we acquired that asset really based purely on PDP value. Early days, we were in a pretty low-risk mode, drilling really just one formation. What we've seen in the last 3-plus years is a significant expansion and economic proving up of multiple formations in that area.

是的，很好的問題。簡單提醒一下，您會記得，我們​​收購該資產實際上純粹是基於 PDP 價值。在早期，我們處於相當低風險的模式，實際上只鑽探一種地層。在過去三年多的時間裡，我們看到該地區多個地層的顯著擴張和經濟驗證。

So long story short, we're very excited about the resource potential. We don't have any need to move too quickly out here. And yes, we're really pleased with what I would call an expansion across our acreage of proven economic inventory. So I think you'll see us continue to allocate capital here, and we just want to do it in the right way, given the significant stacked resource that's now been proven up over the last multiple years that we would not have gone after the day we acquired the asset.

長話短說，我們對資源潛力感到非常興奮。我們沒必要在這裡行動得太快。是的，我們對於我們已證實的經濟庫存面積的擴大感到非常高興。因此，我認為你會看到我們繼續在這裡分配資本，我們只是想以正確的方式去做，因為過去幾年已經證明，我們擁有大量的堆積資源，而這些資源是我們收購資產那天起不會去利用的。

Appreciate it nice quarter.

感謝這個美好的季度。

Michael Ferro from Pickering Energy Partners.

Pickering Energy Partners 的 Michael Ferro。

Congrats on the quarter. I was just hoping to get a little more color on recent M&A activity during the quarter with the acquisition and divestiture. The minerals portfolio has grown to be a bit quite sizable, doing $100 million in anticipated EBITDA. And I think that we can all agree that Crescent is really not seeing that value reflected in the share price today and monetization of that asset would likely be the quickest way to kind of recognize that value.

恭喜本季取得佳績。我只是希望透過收購和資產剝離來進一步了解本季最近的併購活動。礦產投資組合規模已相當可觀，預計 EBITDA 為 1 億美元。我認為我們都同意，Crescent 今天的股價並沒有真正反映出這一價值，而將該資產貨幣化可能是實現這一價值的最快方式。

So our question is, what's the justification to add to the minerals portfolio here? And what are you guys seeing internally that might not have been as clear to us on the outside looking in, particularly on that asset package?

所以我們的問題是，在這裡增加礦產投資組合的理由是什麼？那麼，你們內部看到了什麼，而我們外部的人可能看得不太清楚，特別是關於資產包？

It's Clay. Listen, first, glad you're asking about the minerals portfolio because I agree with you, it's grown to be a decent-sized business. For us, just to hit the acquisition specifically, super consistent with the strategy, right? Hits the return metrics that we all focus on.

是克萊。首先，我很高興您詢問礦產投資組合，因為我同意您的觀點，它已經發展成為一個規模相當大的企業。對我們來說，只要專門進行收購，就與策略非常一致，對嗎？達到我們都關注的報酬指標。

As you know, right? We've been building this minerals portfolio over a long time. So it's a part of the market we're active in, we understand. And when we see value drive by, we thought it made sense to grab it, super accretive for the business, in line with kind of how we view the world, highly cash flow accretive.

你知道的，對吧？我們長期以來一直在建立這項礦產投資組合。因此，我們知道這是我們活躍的市場的一部分。當我們看到價值驅動時，我們認為抓住它是有意義的，這對業務來說具有超級增值作用，符合我們對世界的看法，並高度增加現金流。

So I think as we thought of that acquisition, especially into a volatile market where we thought we could grab great value, we did it. Bigger picture, look, certainly, we recognize that if you put stop time today and said, are we getting the value for that business today? I don't think we are. And so we're certainly focused on how do we get the best long-term value for our investors around that business. I think there's multiple paths to do that, but something we talk about a lot and are focused on.

所以我認為，當我們考慮進行那次收購時，特別是在一個動盪的市場中，我們認為我們能夠獲得巨大的價值，所以我們就這麼做了。更大的角度來看，當然，我們認識到，如果你今天停下來並說，我們今天是否獲得了該業務的價值？我不認為如此。因此，我們當然專注於如何為我們的投資者獲得該業務的最佳長期價值。我認為有多種途徑可以實現這一目標，但我們對此進行了多次討論並集中精力。

It's great, I appreciate the color. Just likely had a follow-up here on the balance sheet kind of move a little different direction. Gross debt is still a little elevated relative to the current market cap, but it's really moving in the right direction. Leverage is quite manageable really on a path to that 1x target. I'd argue that the balance sheet is even stronger than those metrics coming to look at the weighted average maturity and the coupon rate.

太棒了，我很欣賞這個顏色。只是很可能對資產負債表的後續行動有點不同的方向。相對於當前市值而言，總債務仍然略高，但它確實在朝著正確的方向發展。在實現 1x 目標的道路上，槓桿實際上是相當容易管理的。我認為資產負債表甚至比那些考慮加權平均期限和票面利率的指標更為強勁。

So to us, it seems like the company is in a pretty strong position to both further reduce debt and repurchase shares. So our question is, how is the company viewing the opportunity to buy back stock at the current valuation? And how is that being balanced with your longer-term leverage targets?

因此，對我們來說，該公司似乎處於相當有利的地位，可以進一步減少債務並回購股票。所以我們的問題是，公司如何看待以目前估值回購股票的機會？這與您的長期槓桿目標如何平衡？

Michael, it's Brandi. Good question. So no change fundamentally as to how we think about capital allocation priorities remain the balance sheet and the fixed dividend. And then after that, it's all about, right, what's the best return on the capital that we can invest, whether that we're buying our stock, it's M&A or we're drilling wells.

邁克爾，我是布蘭迪。好問題。因此，我們對資本配置優先事項的看法從根本上沒有改變，仍然是資產負債表和固定股利。然後，一切都是關於，對吧，我們可以投資的資本的最佳回報是多少，無論我們是購買股票，進行併購還是鑽井。

I think Q2 and how we allocate the capital is probably a good framework to think about going forward. So of the free cash flow that we generated, roughly 80% went to the balance sheet. So you saw us repay $200 million of debt this quarter and the remaining 20% went back to our equity investors through the fixed dividend and the buyback.

我認為第二季以及我們如何分配資本可能是思考未來的一個很好的框架。因此，我們產生的自由現金流中大約有 80% 進入了資產負債表。因此，您看到我們本季償還了 2 億美元的債務，剩餘的 20% 透過固定股息和回購返還給了我們的股權投資者。

So again, I think that's an okay ZIP code to think about how we balance the two going forward.

所以，我再次認為這是一個不錯的郵遞區號，讓我們來思考如何在未來平衡兩者。

Charles Meade from Johnson Rice & Co.

查爾斯·米德（Charles Meade）來自 Johnson Rice & Co.

I wondered if David, in your prepared remarks, you used the word dislocation to talk about the A&D market right now. And I'm wondering if you could elaborate on what you're seeing to lead you to use that word dislocation. And if you care to offer a guess on how that dislocation might resolve going forward?

我想知道，大衛，在您準備好的演講中，您是否使用了“錯位”這個詞來談論當前的 A&D 市場。我想知道您是否可以詳細說明您所看到的情況，從而讓您使用“錯位”這個詞。您能否猜測一下這種混亂局面未來會如何解決？

Yes so great question. First, I'll start by saying that there's definitely what I'll call levels of dislocation, and it's certainly functioning. So maybe the simplest explanation I can give you for our use of that word despite the fact that we got a few things done is as you know, we are heavily focused in our core area of the Eagle Ford, where we're a top three producer of oil and gas and have been a very active acquirer.

是的，這個問題問得真好。首先，我要說的是，肯定存在著我所說的錯位程度，而且它確實在發揮作用。因此，儘管我們確實完成了一些事情，但我能給出的關於我們使用這個詞的最簡單的解釋是，正如你所知，我們主要集中在我們的核心區域 Eagle Ford，我們是該區域三大石油和天然氣生產商之一，並且一直是一個非常活躍的收購者。

We look at everything in the A&D market, but including the highly, what I would call, transactable area in the Eagle Ford. And what we've seen so far this year was a fairly active market early on of assets available for sale.

我們關注 A&D 市場中的所有事物，包括我所說的 Eagle Ford 中交易性極強的區域。今年到目前為止，我們看到可供出售資產的市場初期相當活躍。

And the punchline is 75% or more of the asset sale processes we saw in the Eagle Ford were pulled and never transacted as a result of the volatility that we saw in Q2. So our view is the market is functioning right now, and we're able to get some things done, but there's just a lot out there in our view that's still sitting on the sidelines.

關鍵在於，由於第二季的波動，我們在 Eagle Ford 看到的 75% 或更多的資產出售流程被取消，並且從未進行過交易。因此，我們認為市場目前正在運轉，我們能夠完成一些事情，但我們認為還有很多事情仍處於觀望狀態。

And so we like it when we get a chance to look at lots of things and the market environment starts to allow people to sort out where they want to focus their capital and when and how they want to transact. So I think we're well prepared to succeed in that type of environment.

因此，當我們有機會觀察很多事情並且市場環境開始允許人們理清他們想要集中資金的地方以及他們想要何時和如何進行交易時，我們會很高興。所以我認為我們已經做好了在這種環境中取得成功的充分準備。

Got it. Got it. And then to go back to the earlier question about those really I mean the tantalizing results in the eastern side of your Uinta position. Again, recognizing it's early days. But is do you guys have any kind of leading hypotheses on why you're seeing such a good production response versus your Uinta? Is it perhaps deeper and higher pressure? Or is it a more intensive completion or a different completion design? Or are you just still trying to figure it out?

知道了。知道了。然後回到之前關於這些真正誘人的結果的問題，我指的是你在 Uinta 位置東部取得的成果。再次，認識到現在還為時過早。但是，你們對於為什麼你們看到與 Uinta 相比如此好的生產反應有什麼主要的假設嗎？是不是壓力更深、更大？還是更密集的完井或不同的完井設計？還是你只是還在試著弄清楚？

Yes. David again. I'd say long story short is that we played it really safe early on. As I mentioned earlier, we acquired the assets for PDP value. And so we were really focused on just making sure we got what we paid for from a cash flow perspective. And the industry has continued to evolve significantly. So I think there's nothing fundamentally surprising.

是的。又是大衛。長話短說，我們一開始就採取了非常謹慎的做法。正如我之前提到的，我們以 PDP 價值收購了這些資產。因此，我們真正關注的是確保從現金流的角度看，我們得到了我們所支付的服務。該行業還在持續發生顯著變化。所以我認為從根本上來說沒有什麼令人驚訝的事情。

In other words, the reservoirs are performing very well. And yes, we had a lack of certainty around what that might look like before we allocated some capital there. But fundamentally, much like a lot of the success across the basin, I think we're very pleased, and there's nothing fancy going on here. It's just good old-fashioned performance of strong reservoirs.

換句話說，水庫的運作狀況非常好。是的，在我們向那裡投入一些資金之前，我們對那會是什麼樣子缺乏確定性。但從根本上來說，就像整個流域的許多成功一樣，我認為我們非常高興，這裡沒有什麼特別之處。這只是強大水庫的傳統良好表現。

Oliver Huang, TPH & Co.

歐利佛黃（Oliver Huang），TPH＆Co.

David, Brandi, Clay. Just wanted to follow up on the earlier question around efficiencies and the lower D&C. Was there a deflation or a lower service cost component? Or did that have anything to do with where activity occurred during the quarter? Or was it just purely efficiency cycle time driven? And also, are there certain areas where you all see further levers to pull cost down lower over the next year or so, whether from a cash OpEx or D&C perspective?

大衛、布蘭迪、克萊。只是想跟進之前關於效率和較低 D&C 的問題。是否有通貨緊縮或服務成本降低的情況？或者這與本季發生的活動有什麼關係嗎？或者它只是由效率週期時間所驅動的？此外，無論是從現金營運支出還是 D&C 角度來看，您是否都認為在某些領域可以在未來一年左右進一步降低成本？

Oliver, it's Brandi. I'll start. So the driver for reducing our capital guide by 3% is all drilling and completion efficiencies, I would say, from a kind of inflation, deflation standpoint, as we sit here today and look out for the rest of the year, I would say not seeing a ton with respect to service cost deflation.

奧利佛，我是布蘭迪。我先開始。因此，將我們的資本指南降低 3% 的驅動力是所有鑽井和完井效率，我想說，從通貨膨脹、通貨緊縮的角度來看，當我們今天坐在這裡展望今年剩餘時間時，我想說，在服務成本通貨緊縮方面不會出現太大的下降。

We obviously were the beneficiaries of significant deflation throughout 2024. And then just obviously in the obvious tariff overlay is going to be slightly inflationary. So I would expect D&C costs to creep up maybe $10 a foot in the back part of the year, specifically due to deflation, but that's still well within our updated capital guidance.

我們顯然是2024年全年嚴重通貨緊縮的受益者。顯然，關稅疊加將會導致輕微的通貨膨脹。因此，我預計今年下半年 D&C 成本可能會上漲 10 美元/英尺，主要是因為通貨緊縮，但這仍然在我們最新的資本指導範圍內。

Okay. Perfect. That's helpful. And maybe just for a second question, just on the efficiencies that you all have seen. Is there any thought to potential building of DUCs if they were to kind of hold true and lead to running ahead of schedule heading into year-end? Or would the decision point be to slow down a bit or even pull forward some activity into 2025?

好的。完美的。這很有幫助。也許只是第二個問題，只是大家看到的效率。如果 DUC 真的得以實現並導致年底前提前完成計劃，那麼是否有考慮建造 DUC 呢？或者決策點是放慢一點速度，甚至將一些活動提前到 2025 年？

Yes. It's David. I think we are very good at managing the business through cycles and planning for the longer term. So long story short, I think our outlook for the year remains the same. I wouldn't expect us to be doing anything different, absent large moves in commodity prices that impact returns.

是的。是戴維。我認為我們非常擅長透過週期來管理業務並進行長期規劃。長話短說，我認為我們對今年的展望保持不變。我不會期望我們會採取任何不同行動，除非大宗商品價格出現影響回報的大幅波動。

And maybe also, I'll add, we obviously reaffirmed our full year production guidance on less capital. If we add up the capital and the tax savings, that equates to roughly $100 million of incremental free cash flow for the business this year. And especially in a period of market volatility, we think retaining that $100 million for the benefit of our shareholders is a better use of that extra cash flow than continue to put it into the ground.

我還要補充一點，我們顯然重申了在較少資本的情況下的全年生產指引。如果我們將資本和稅收節省加起來，那就相當於今年企業增加約 1 億美元的自由現金流。特別是在市場波動時期，我們認為保留這 1 億美元以造福股東是比繼續將其投入地下更好的額外現金流利用方式。

John Abbott from Wolfe Research.

來自 Wolfe Research 的 John Abbott。

First question is on capital allocation. I mean this year, you are allocating more capital towards natural gas. I mean you are still expected to grow gas volumes in the second half of the year. You do have flexibility in the Eagle Ford to pivot. I guess my question is, at this point in time, as you sort of think about that flexibility, are you pretty much locked in, in terms of activity for the remainder of this half for the remainder of this year if we continue to see robust production for the US for natural gas that could lower pricing?

第一個問題是關於資本配置的。我的意思是今年你們將向天然氣分配更多的資金。我的意思是，預計下半年天然氣產量仍會增加。在 Eagle Ford 你確實具有彈性來調整方向。我的問題是，此時此刻，當您考慮這種靈活性時，如果我們繼續看到美國天然氣產量強勁，從而可能降低價格，那麼您是否已經基本鎖定了今年下半年剩餘時間的活動？

Do you have that ability to flex? And then as you sort of look to 2026, how are you thinking about the allocation of activity between oil and gas?

你有這種變通能力嗎？那麼展望 2026 年，您如何考慮石油和天然氣之間的活動分配？

JJohn, David here. A quick answer on that is, yes, I think we have not only the flexibility in the asset base, as you said, we've also got the ability a proven ability to shift that capital relatively quickly as we did earlier this year.

JJohn，我是 David。對此的快速回答是，是的，我認為我們不僅在資產基礎方面具有靈活性，正如您所說，我們還有能力相對快速地轉移資本，就像我們今年早些時候所做的那樣。

But I would say in terms of timing, I think the most important thing we highlight is we can change the allocation of capital in the down market pretty quickly. So we feel like we have a lot of control over our capital. And the flexibility side, while highly flexible, I'd go back to what we talked about earlier in the year at the margin quickly, it tends to be about 20% of the program that we can move pretty quickly. So I'd maybe give you those two guideposts.

但我想說，就時機而言，我認為我們強調的最重要的事情是，我們可以相當快地改變低迷市場中的資本配置。因此我們覺得我們對自己的資本有很大的控制權。至於靈活性方面，雖然靈活性很高，但我還是會回到我們今年早些時候討論的邊際速度問題，我們通常可以相當快速地移動大約 20% 的計劃。所以我可能會給你這兩個指導方針。

Appreciate it. And then for our second question, Brandi, this one is for you. You are a beneficiary of the Big One Beautiful Bill. I mean you know your cash taxes this year, you're going to as you just discussed, you're going to get a benefit from this year. And then I guess over the next several years, you're probably not going to be paying much in the way of cash taxes.

非常感謝。然後是我們的第二個問題，布蘭迪，這個問題是問你的。您是「美麗大法案」的受益者。我的意思是，你知道你今年的現金稅，正如你剛才討論的那樣，你將從今年獲得收益。然後我想在接下來的幾年裡，你可能不會支付太多的現金稅。

I guess the real question is, how do you think about your ability to offset cash taxes post 2027 when you kind of sort of look at strip pricing?

我想真正的問題是，當您考慮條形定價時，您如何看待自己在 2027 年後抵消現金稅的能力？

John, Brandi. Good question. As you mentioned, we are a beneficiary of updated tax legislation similar to other oil and gas companies. As we look at kind of the next five years of expected cash tax payments kind of pre-legislation and post legislation, we think that's roughly $250 million of cash tax savings, so roughly $1 per share. Again, over the next couple of years, right, assuming current commodity prices and a kind of a maintenance level of capital program, expect federal taxes to essentially be $0.

約翰、布蘭迪。好問題。正如您所說，我們與其他石油和天然氣公司一樣，是最新稅法的受益者。當我們展望未來五年立法前和立法後的預期現金稅支付時，我們認為這大約是 2.5 億美元的現金稅節省，即每股約 1 美元。再說一次，在接下來的幾年裡，假設當前的商品價格和某種維持資本計畫的水平，預計聯邦稅基本上為 0 美元。

Tim Rezvan from KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Tim Rezvan。

I wanted to sort of follow up on prior comments on the balance sheet. In talking with you all last night, we sense confidence on hitting or exceeding your asset sale target. It comes on top of pretty strong free cash flow. But when we see leverage in this commodity price environment, we simply don't see a lot of organic deleveraging even if we were to assume several hundred million of asset sales that didn't have earnings.

我想對資產負債表的先前評論進行一些跟進。透過昨晚與你們的交談，我們感受到了你們對達到或超越資產出售目標的信心。這是建立在相當強勁的自由現金流之上的。但當我們看到這種大宗商品價格環境中的槓桿時，即使我們假設幾億美元的資產出售沒有收益，我們根本看不到大量的有機去槓桿。

So can you talk about how realistic that 1 time leverage target is over the next one to two years? And maybe kind of looking at it a different way, what's the appropriate debt balance that a company your size should have?

那麼您能談談未來一到兩年內 1 倍槓桿目標的現實性嗎？或許從另一個角度來看，像您這樣規模的公司應該擁有的適當債務餘額是多少？

Tim, thanks for the question. It's David. As you know, our stated framework is to operate between 1 and 1.5 times. And as you heard earlier from Brandi in our released results as well, we're obviously no change. We're focused on managing the business through the cycle and taking care of the capital structure and making sure we've got a strong balance sheet. So I think you'll continue to see us pay down debt out of free cash flow. We're at the higher end of our range now. I think that's consistent with what we've said.

提姆，謝謝你的提問。是戴維。如你所知，我們所述的框架是在 1 到 1.5 倍之間運行。正如您之前從布蘭迪那裡聽到的我們發布的結果一樣，我們顯然沒有任何變化。我們專注於管理整個業務週期、維護資本結構並確保我們擁有強勁的資產負債表。因此我認為你會繼續看到我們用自由現金流償還債務。我們現在處於範圍的高端。我認為這與我們所說的話是一致的。

And to your point, we do generate a lot of free cash flow and we're also well hedged with long-term debt. So I think we've got a very strong path over time to not to reducing debt, but also, again, I think we've proven we'll stay within our our leverage targets. Maybe a little more specific thoughts around how we see the appropriate way to leverage companies in the oil and gas sector. I'll let Brandi cover this, but we're well aligned as a company strategically on how we think about asset base and leverage.

正如您所說，我們確實產生了大量自由現金流，而且我們也很好地對沖了長期債務。因此，我認為，隨著時間的推移，我們找到了一條不減少債務的非常強勁的道路，而且，我認為我們已經證明，我們將保持在我們的槓桿率目標範圍內。也許我們可以更具體地思考如何以適當的方式利用石油和天然氣產業的公司。我會讓布蘭迪來談談這個問題，但作為一家公司，我們在資產基礎和槓桿率的思考上在策略上是一致的。

Yes. I'll add. So as David mentioned, right? We generate a lot of cash. We're well hedged. We have a less capital-intensive business, meaning, historically, we've reinvested 40% to 50% of our cash flows. I do think inherently, our business has an ability to delever over time, both on an absolute basis, but then also with respect to an overall leverage metric we have roughly $250 million on the RBL. Today we would expect that to be repaid out of cash flow as we move towards the end of the year. And then the only maturity that exists before 2032 would be the remaining $500 million of our 2028 notes.

是的。我補充一下。正如大衛提到的那樣，對嗎？我們產生了很多現金。我們已經做好了充分的準備。我們的業務資本密集度較低，這意味著，從歷史上看，我們將 40% 到 50% 的現金流進行了再投資。我確實認為，從本質上來說，我們的業務有能力隨著時間的推移而去槓桿，不僅在絕對基礎上，而且就整體槓桿指標而言，我們在 RBL 上擁有大約 2.5 億美元。今天，我們預計隨著年底的臨近，我們將透過現金流償還這筆債務。那麼，2032 年之前唯一到期的就是我們 2028 年票據剩餘的 5 億美元。

As we look forward, again, assuming kind of we're in a similar commodity price environment, we can pay those off again, without a cash flow. So as we move through the end of this year and to next year, we could be looking at some long-term debt that matures between 2032 and 2034. So again, I feel like we're in a really great spot and really within the guidelines of how we've operated the business for the last 12 years.

展望未來，假設我們處於類似的商品價格環境中，我們可以再次償還這些債務，而無需現金流。因此，當我們進入今年年底和明年時，我們可能會看到一些在 2032 年至 2034 年之間到期的長期債務。因此，我再次感覺到我們處於一個非常好的位置，並且完全符合我們過去 12 年經營業務的指導方針。

Okay. That's helpful context. And I just wanted to tie that to sort of your comments on being countercyclical on the A&D front. I appreciate the comments on the Eagle Ford.

好的。這是很有幫助的背景資訊。我只是想將其與您關於 A&D 方面的反週期評論聯繫起來。我很欣賞對 Eagle Ford 的評論。

So is it safe to say you will remain nimble and that we should think about guidepost as leverage on structure for a deal and that you're comfortable with net debt going up if something is leverage-neutral. Is that the right way to think about opportunities?

因此，可以肯定地說，您將保持靈活，我們應該將路標視為交易結構的槓桿，並且如果某種東西對槓桿率是中性的，那麼您對淨債務上升感到滿意。這是思考機會的正確方式嗎？

Yes. I think for us, right, from an A&D perspective, we want to earn 2 times our money or more. We're focused on accretion, and we want to make sure the pro forma business is really strong. And for us, we're comfortable going up to 1.5 times. So that's how we evaluate M&A.

是的。我認為，對我們來說，從 A&D 的角度來看，我們希望賺取 2 倍甚至更多的錢。我們專注於增值，我們希望確保備考業務真正強勁。對我們來說，將比例提高至 1.5 倍是可以接受的。這就是我們對併購的評估方式。

Michael Scialla, Stephens Inc.

麥可夏拉，史蒂芬斯公司

I want to ask just kind of high level, even after you've simplified the structure here with the elimination of the Up-C, your stock is still valued at about a 1 turn discount, at least to our mid-cap peer group. I guess what do you see as holding the stock back? Anything in particular that you plan to focus on going forward?

我想問高層，即使您透過消除 Up-C 簡化了這裡的結構，您的股票價值仍然有大約 1 倍的折扣，至少對我們的中型同業來說是這樣。我猜您認為是什麼阻礙了股價的上漲？您計劃在未來重點關注哪些方面？

Yes. I think, look, it's our job to demonstrate to people how good this business is. So we're just going to keep doing it. I think this quarter is a great example. Free cash flow, great returns and risk management and a great operating business is what we're building here. So I think it's we're not going to make it harder than that. We just got to keep showing up.

是的。我認為，我們的工作就是向人們展示這項業務有多好。所以我們會繼續這樣做。我認為本季就是一個很好的例子。我們正在建立自由現金流、豐厚的回報和風險管理以及出色的營運業務。所以我認為我們不會讓事情變得更難。我們只需要繼續出現。

Understood. I wanted to ask on the Uinta, the decision to pause drilling there when it looks like you have some really good results. I guess how do the returns between the Uinta and the Eagle Ford compare? And if they are similar, can you just discuss the reason for keeping that asset kind of on hold here for a little bit?

明白了。我想問一下關於尤因塔的問題，當你們看起來已經取得了一些非常好的結果時，為什麼決定暫停在那裡的鑽探。我猜 Uinta 和 Eagle Ford 之間的回報如何比較？如果它們相似，您能否討論暫時擱置該資產的原因？

Yes. It's David. The short answer is, I think we've talked about before, the oil-weighted portfolio in the company in terms of our ability to allocate capital is similar across the Eagle Ford and the Uinta. But we've got significantly more, what I'll call stacked resource in the Uinta, and we've got a larger acreage position with less development across it. So it's relatively straightforward to us to allocate capital between the two areas on the oil side. We'll continue to do that.

是的。是戴維。簡而言之，我想我們之前已經討論過了，就我們配置資本的能力而言，公司的石油加權投資組合在 Eagle Ford 和 Uinta 之間是類似的。但我們在尤因塔擁有的資源多得多，我稱之為堆積資源，而且我們的土地面積較大，但開發程度較低。因此，我們在石油方面的兩個領域之間分配資本相對簡單。我們將繼續這樣做。

And all you're seeing is when we get great results in an area where we have not been as focused, we're going to stop and evaluate that and make sure we maximize the future development there. So we're really excited about it.

而您所看到的是，當我們在尚未重點關注的領域取得巨大成果時，我們就會停下來並進行評估，並確保最大限度地實現該領域未來的發展。所以我們對此感到非常興奮。

We've got great resource on the oil side in both the Eagle Ford and Uinta, and I think you'll continue to see us allocate capital effectively across those two basins in a similar way.

我們在鷹福特和尤因塔都擁有豐富的石油資源，我想你會繼續看到我們以類似的方式在這兩個盆地有效地分配資本。

There are no further questions at this time. I would like to turn the floor back over to David Rockecharlie, CEO, for closing comments.

目前沒有其他問題。我想將發言權交還給執行長 David Rockecharlie，請他發表最後評論。

Great. Thank you all again. As we said, we're really pleased with how the business is performing, and we're going to continue to do that and get back to work and look forward to talking to you next quarter.

偉大的。再次感謝大家。正如我們所說，我們對業務表現非常滿意，我們將繼續這樣做並重新開始工作，並期待在下個季度與您交談。

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

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。