Crescent Energy Co (CRGY) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Crescent Energy Q3 2025 Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Crescent Energy 2025 年第三季業績電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Reid Gallagher, Investor Relations. Thank you. You may begin.

現在，我很高興向大家介紹主持人，投資者關係部門的里德·加拉格爾。謝謝。你可以開始了。

Good morning, and thank you for joining Crescent's third quarter 2025 Conference Call. Today's prepared remarks will come from our CEO, David Rockecharlie; and our CFO, Brandi Kendall, the Chief Operating Officer and Executive Vice President of Investment will also be available during the Q&A.

早安，感謝您參加 Crescent 公司 2025 年第三季電話會議。今天的演講將由我們的執行長大衛·羅克查理 (David Rockecharlie) 發表；首席財務官布蘭迪·肯德爾 (Brandi Kendall)、首席營運官兼投資執行副總裁也將在問答環節出席。

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. 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 under the Investors section on our website.

今天的電話會議可能包含聯邦證券法意義上的預測和其他前瞻性陳述。這些聲明存在風險和不確定性，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其他揭露中明示或暗示的結果不同的因素。我們沒有義務在今天的電話會議後更新任何前瞻性聲明。此外，今天的討論可能包括有關非GAAP財務指標的揭露。如需了解歷史非GAAP財務指標與最直接可比較的GAAP指標的調節情況，請參閱我們網站「投資者」欄位下的10-Q表格和獲利新聞稿。

With that, I'll hand it over to David.

然後，我就把它交給大衛了。

Good morning, and thank you for joining us. Yesterday, Crescent posted financial and operating results for the third quarter. In short, it was another impressive quarter of execution for our business. Our investing and operating performance highlights that we continue to do what we say we will do. As always, I want to begin with a few key points that I hope you take away from this call.

早安，感謝各位的參與。昨天，Crescent公佈了第三季的財務和營運業績。總之，對於我們的業務而言，這又是一個令人印象深刻的季度。我們的投資和營運表現表明，我們始終言出必行。像往常一樣，我想先強調幾個重點，希望大家能從這通電話中記住這些要點。

First, our business continues to deliver strong results. This quarter, we once again generated significant free cash flow with excellent operating performance. Our results exceeded expectations on all key metrics and we are enhancing our full year outlook for the second consecutive quarter.

首先，我們的業務持續取得強勁的業績。本季度，我們憑藉出色的經營業績再次創造了可觀的自由現金流。我們在所有關鍵指標上的業績都超出了預期，我們連續第二個季度提高了全年業績預期。

Second, we announced our transformative acquisition of Vital Energy, marking our accretive and scaled entry into the Permian Basin and establishing Crescent as a top 10 U.S. independent oil and gas producer.

其次，我們宣布了對 Vital Energy 的變革性收購，標誌著我們以增值和規模化的方式進入二疊紀盆地，並使 Crescent 成為美國十大獨立石油和天然氣生產商之一。

And finally, we are pleased to announce over $700 million of noncore divestitures signed this quarter, bringing our noncore divestiture program to more than $800 million year-to-date. With these asset sales, we are streamlining our portfolio at very attractive value, and the proceeds will go toward maintaining our strong balance sheet through significant debt reduction. With our successful divestitures and acquisition of Vital, we have enhanced and simplified Crescent's value proposition with more scale, more focus and more opportunity. Following those key highlights, I will now discuss the quarter in more detail.

最後，我們很高興地宣布，本季已簽署超過 7 億美元的非核心資產剝離協議，使我們今年迄今的非核心資產剝離計畫總額超過 8 億美元。透過出售這些資產，我們正在以極具吸引力的價格精簡我們的投資組合，所得款項將用於透過大幅減少債務來維持我們強勁的資產負債表。透過成功剝離資產和收購 Vital，我們增強並簡化了 Crescent 的價值主張，使其規模更大、更專注、機會更多。總結以上要點後，我將更詳細地討論本季的情況。

We produced 253,000 barrels of oil equivalent per day, including 103,000 barrels of oil per day and generated approximately $204 million of levered free cash flow for the quarter, demonstrating once again the strength of our operating model and our consistent focus on free cash flow generation. Our talented team continues to find ways to win, increasing well productivity alongside continued capital savings, driving even stronger returns for our investors. With these impressive capital efficiencies, we have again enhanced our outlook for the year, increasing free cash flow with flat production from less capital. In the Eagle Ford, where our activity was focused this quarter, we have achieved 15% savings per foot on our capital versus last year's program, along with an impressive rate of change on well productivity with our 2024 and 2025 wells outperforming prior activity by 20-plus percent.

我們每天生產 253,000 桶油當量，其中包括每天 103,000 桶原油，本季度產生了約 2.04 億美元的槓桿自由現金流，再次證明了我們營運模式的實力以及我們對自由現金流產生的持續關注。我們才華洋溢的團隊不斷尋找致勝之道，在持續節省資本的同時提高油井生產力，為我們的投資者帶來更強勁的回報。憑藉這些令人矚目的資本效率，我們再次提高了今年的業績預期，在資本投入減少的情況下，產量保持不變，自由現金流卻增加。本季度，我們的活動重點集中在 Eagle Ford 地區，與去年的項目相比，我們每英尺的資本成本節省了 15%，同時油井產量也實現了令人矚目的增長，2024 年和 2025 年的油井產量比之前的活動提高了 20% 以上。

In line with our guidance at the outset of this year, our capital for the remainder of the year is focused on our gassier acreage in the Southern and Western Eagle Ford as we capitalize on the relative strength in the natural gas curve. On top of our outstanding business performance this quarter, we also made a significant step forward on our growth trajectory with our announced acquisition of Vital Energy creating a top 10 independent U.S. oil and gas producer with line of sight to an investment-grade rating. As we progress towards closing, which we expect to occur before year-end, we continue to see significant value in the Vital assets under our operator show. We expect the Vital acquisition to generate immediate accretion across all key metrics and deliver attractive cash-on-cash investment returns exceeding 2x multiple of invested capital with the valuation covered by Vital's existing production base.

根據我們今年年初的指導，今年剩餘時間，我們的資金將集中投入到我們在南部和西部鷹灘頁岩氣含量較高的油田，以利用天然氣曲線的相對強勢。除了本季出色的業務表現外，我們還宣布收購 Vital Energy，這標誌著我們在成長軌道上邁出了重要一步，使我們成為美國排名前十的獨立油氣生產商，並有望獲得投資級評級。隨著我們朝著完成交易的目標邁進（預計在年底前完成），我們繼續看到我們營運商旗下 Vital 資產的巨大價值。我們預計收購 Vital 將立即在所有關鍵指標上帶來成長，並帶來極具吸引力的現金投資回報，超過投資資本的 2 倍，而 Vital 現有的生產基地足以支撐其估值。

As always, and in line with our initial announcement, we will apply Crescent's consistent strategy to this acquisition. We plan to high-grade capital allocation on Vital's assets by taking activity down to one to two rigs at closing, which will deliver higher free cash flow and returns for investors. This is only a small part of the synergies we outlined in our original announcement and we now see upside beyond the $90 million to $100 million of base case synergies we announced. We have proven our ability to integrate and execute and we believe there is an opportunity for significant value creation through improved operations on the Vital assets that was not included in our underwriting. The Vital acquisition is a scaled entry into the Permian Basin and significantly expands Crescent's opportunity for future growth with more than $60 billion of asset acquisition potential surrounding our pro forma footprint.

一如既往，我們將按照 Crescent 一貫的策略進行此次收購，正如我們最初宣布的那樣。我們計劃在交易完成後將 Vital 的鑽井平台數量減少到一到兩台，從而對 Vital 的資產進行高品質的資本配置，這將為投資者帶來更高的自由現金流和回報。這只是我們在最初公告中概述的協同效應的一小部分，我們現在看到的協同效應潛力遠超我們宣布的 9,000 萬至 1 億美元的基本情況。我們已經證明了我們整合和執行的能力，我們相信，透過改善重要資產的運營，存在創造重大價值的機會，而這些價值並未包含在我們的承保範圍內。此次對 Vital 的收購標誌著 Crescent 正式進軍二疊紀盆地，並顯著擴大了 Crescent 未來的成長機會，在我們預計的業務範圍周圍，擁有超過 600 億美元的資產收購潛力。

We have demonstrated our playbook for accretive growth through acquisition in the Eagle Ford, and we are confident in our ability to continue to scale profitably across our Eagle Ford and Permian positions. Alongside our Vital announcement, we also announced a sizable pipeline of noncore divestitures to accelerate value, streamline our business and further strengthen our pro forma balance sheet. We are one of the most consistently active operators in the A&D market, and we are pleased to report that we have successfully signed more than $700 million of accretive divestitures this quarter bringing our year-to-date sales to over $800 million.

我們已經證明了我們在 Eagle Ford 地區透過收購實現增值成長的策略，我們有信心繼續在 Eagle Ford 和 Permian 地區實現盈利性擴張。在發布 Vital 公告的同時，我們也宣布了一系列非核心資產剝離計劃，以加速價值提升、精簡業務並進一步加強我們的備考資產負債表。我們是A&D市場中最活躍的營運商之一，我們很高興地宣布，本季度我們已成功簽署了超過7億美元的增值資產剝離協議，使我們今年迄今為止的銷售額超過8億美元。

But the sales announced this quarter, encompassing the entirety of our legacy Barnett, Conventional Rockies and Mid-Continent positions, we've exceeded our expectations in regards to timing as well as valuation with the total sale value representing more than 5.5x EBITDA and a significant premium to the year-end proved PV-10. The sales also meaningfully enhance the Crescent value proposition as we emerge with a more focused asset portfolio, increased margins, improved breakevens, longer reserve life and an even stronger balance sheet.

但本季宣布的銷售，涵蓋了我們所有傳統的 Barnett、Conventional Rockies 和 Mid-Continent 資產，無論從時間還是估值方面，都超出了我們的預期，總銷售額超過 EBITDA 的 5.5 倍，並且比年底已驗證的 PV-10 有顯著溢價。此次出售也顯著提升了 Crescent 的價值主張，因為我們將擁有更集中的資產組合、更高的利潤率、更優的損益平衡點、更長的儲備壽命和更強勁的資產負債表。

Going forward, the combination of our continued strong operational performance, the Vital acquisition and our successful divestiture program positions Crescent with more scale, more focus and an even greater opportunity than ever before. Upon closing of our announced transactions, we will operate across 3 core regions the Eagle Ford, the Permian and the Uinta. With scaled positions in each of these premier regions, we will continue to pursue long-term value for shareholders through strong free cash flow, operational excellence and profitable growth.

展望未來，憑藉我們持續強勁的營運績效、對 Vital 的收購以及成功的資產剝離計劃，Crescent 的規模更大、目標更明確，並且擁有比以往任何時候都更大的發展機會。在我們宣布的交易完成後，我們將在三個核心區域開展業務，即鷹灘、二疊紀盆地和尤因塔盆地。憑藉在這些主要地區的規模化佈局，我們將繼續透過強勁的自由現金流、卓越的營運和獲利成長，為股東追求長期價值。

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

接下來，我將把電話交給布蘭迪，讓她詳細介紹本季的情況。

Thanks, David. Crescent delivered another quarter of strong financial performance, generating approximately $487 million of adjusted EBITDA and $205 million of capital expenditures and approximately $204 million of levered free cash flow. These results build on our consistent track record of impressive free cash flow generation supported by our lower capital-intensive operating model, returns-focused reinvestment approach and consistent hedge strategy. Over the last five years, we have generated cumulative free cash flow in excess of our current market cap. With our significant free cash flow, we maintain a consistent approach to capital allocation. Priorities 1A and 1B are our attractive fixed dividend and maintaining a strong balance -- to that end, we announced another dividend of $0.12 per share for the quarter, which equates to an attractive 6% annualized yield, and we returned significant capital to our investors with more than $150 million of debt repayment during the quarter.

謝謝你，大衛。Crescent 又迎來了一個強勁的財務業績季度，調整後 EBITDA 約為 4.87 億美元，資本支出約為 2.05 億美元，槓桿自由現金流約為 2.04 億美元。這些成果建立在我們一貫的卓越自由現金流產生記錄之上，這得益於我們資本密集度較低的營運模式、以回報為中心的再投資方法和一致的對沖策略。過去五年，我們累積產生的自由現金流超過了我們目前的市值。憑藉充裕的自由現金流，我們堅持採取一致的資本配置策略。優先事項 1A 和 1B 是我們的有吸引力固定股息和保持強勁的財務平衡——為此，我們宣布本季度每股派發 0.12 美元的股息，相當於 6% 的年化收益率，並且我們在本季度償還了超過 1.5 億美元的債務，向投資者返還了大量資本。

In addition to the debt repayment from our existing operations, we also expect to significantly reduce our debt outstanding upon the closing of the noncore divestitures that David covered earlier. We plan to use 100% of the proceeds to pay down our existing credit facility and Vital credit facility upon close of the acquisition. During the quarter, we also successfully increased our borrowing base by 50% to $3.9 billion, extended the tenor to five years and improved our pricing grid. This redetermination reflects the strong support from our bank group and enabled us to capture approximately $12 million or more than 10% of our announced Vital synergies ahead of closing.

除了償還現有業務的債務外，我們還預計在完成大衛之前提到的非核心資產剝離後，將大幅減少未償債務。我們計劃將所得款項的 100% 用於償還我們現有的信貸額度和 Vital 信貸額度，待收購完成後即可使用。本季度，我們也成功地將借款基數增加了 50%，達到 39 億美元，將期限延長至五年，並改善了定價體系。此次重新評估反映了我們銀行集團的大力支持，使我們能夠在交易完成前獲得約 1200 萬美元，即我們宣布的 Vital 協同效應的 10% 以上。

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

接下來，我將把電話交還給大衛，請他作總結發言。

Thanks, Brandi. Before we wrap up, I want to reiterate our key messages for investors. First, our business continues to deliver impressive results. This quarter, we once again posted strong free cash flow and operating performance. Our results exceeded expectations on all key metrics, and we are enhancing our outlook again for the remainder of the year.

謝謝你，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，我們的業務持續取得令人矚目的業績。本季度，我們再次實現了強勁的自由現金流和經營業績。我們在所有關鍵指標上的業績均超出預期，因此我們再次上調了對今年剩餘時間的展望。

Second, we announced our transformative acquisition of Vital Energy, marking our accretive entry into the Permian and establishing Crescent as the top 10 U.S. independent oil and gas producer.

其次，我們宣布了對 Vital Energy 的變革性收購，標誌著我們成功進入二疊紀盆地，並使 Crescent 成為美國十大獨立石油和天然氣生產商之一。

And finally, we have successfully executed significant noncore divestitures at very attractive value. With more than $800 million of accretive asset sales announced year-to-date, we have streamlined our asset portfolio and maintained our strong balance sheet. This quarter's execution is a testament to our consistent strategy as we continue to enhance and simplify our value proposition.

最後，我們已成功以極具吸引力的價格完成了大量非核心資產剝離。今年迄今為止，我們已宣佈出售價值超過 8 億美元的增值資產，精簡了資產組合，並保持了強勁的資產負債表。本季業績的執行證明了我們一貫策略的正確性，我們將繼續提升和簡化我們的價值主張。

Crescent is a compelling investment opportunity in our consolidating sector, combining significant free cash flow generation, a differentiated track record of prudent and accretive growth and premier integration and operations expertise. We are investors and operators, and we believe our sector demands both to be successful. We have a massive opportunity ahead of us, and Crescent is extremely well positioned to generate significant long-term value for investors, as we build a leading investment-grade energy company.

Crescent 是我們整合產業中極具吸引力的投資機會，它結合了可觀的自由現金流產生能力、穩健且增值成長的差異化業績記錄以及一流的整合和營運專業知識。我們既是投資者又是營運商，我們相信，要想在我們所處的行業取得成功，兩者缺一不可。我們面前有一個巨大的機遇，Crescent 擁有得天獨厚的優勢，能夠為投資者創造巨大的長期價值，因為我們正在打造一家領先的投資級能源公司。

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

接下來，我們將進入問答環節。操作員？

(Operator Instructions)

（操作說明）

Neal Dingmann, William Blair.

尼爾丁曼，威廉布萊爾。

David, Brandi, nice to be back, and congrats on the solid free cash flow. David, just jump in. My first question is really on your development plan, specifically, given now the expanded footprint that you have in the Eagle Ford and your upcoming Permian footprint, I'm just wondering, are you thinking about changing how you all target the development, albeit larger pads or maybe even some larger projects? Or will the expected operational efficiencies you continue to talk about from the D&C improvement continue to be the key drivers.

David、Brandi，很高興回來，恭喜你們獲得了穩健的自由現金流。大衛，你直接跳進去。我的第一個問題實際上是關於你們的發展計劃，特別是考慮到你們現在在 Eagle Ford 的規模擴大以及即將進入 Permian 的規模，我想知道，你們是否考慮改變你們的發展目標，比如更大的油田或者一些更大的項目？或者，您一直提到的D&C改善所帶來的預期營運效率是否會繼續成為關鍵驅動因素？

Yeah, Neal, thanks for the question. The short answer is no fundamental changes in our approach. We're continuing to execute on more efficient operations in particular, drilling and completion than prior operators of assets we've acquired. And so I think you'll just continue to see us have more efficiency and more effectiveness over time, but no fundamental change in strategy there. But obviously, having a bigger and more scaled portfolio in those two areas is going to continue to allow us to do that.

是的，尼爾，謝謝你的提問。簡而言之，我們的方法不會發生根本性改變。我們將繼續執行更有效率的運營，尤其是在鑽井和完井方面，比我們先前收購的資產的營運商更有效率。所以我認為，隨著時間的推移，我們將繼續提高效率和效益，但策略上不會發生根本性的變化。但很顯然，在這兩個領域擁有更大、更大規模的投資組合將繼續使我們能夠做到這一點。

Yeah, it will be nice to see that development. And then secondly, just on M&A. Specifically, could you speak to kind of what you all continue to look at is your, I guess, I'd call it your current parameters when considering additional assets. Is there a scenario where you'd go to another basin, if it fits this or what are those sort of key requirements?

是的，很高興看到這樣的進展。其次，就併購而言。具體來說，您能否談談您在考慮其他資產時，一直在關注的，我猜，我稱之為您目前的考慮因素？如果符合以下條件，你會考慮去另一個盆地嗎？或者說，有哪些關鍵要求？

Yeah, great question. I think to keep it simple, no changes in our underwriting standards, so still looking for great multiple money and quicker payouts. And then we're really excited about the opportunity that we've been going after in the Eagle Ford. So that's all still there and then the addition of the Permian from our perspective, also is great. So I think if you just assume more of the same, looking for great value and asset opportunity in those two areas. That's what we're looking at.

嗯，問得好。我認為，簡單來說，我們的承保標準不會改變，所以我們仍然會尋求更高的賠付倍數和更快的賠償速度。然後，我們對在鷹福特頁岩油氣田尋求的機會感到非常興奮。所以這些都還在，而且從我們的角度來看，二疊紀的加入也很棒。所以我覺得，如果你假設情況依舊如此，那麼在這兩個領域尋找極具價值和資產機會就很有可能。這就是我們正在關注的問題。

John Freeman, Raymond James.

約翰·弗里曼，雷蒙德·詹姆斯。

Following the very successful divestitures you had during the quarter and now would leverage kind of pro forma with Vital back to a more comfortable level. It definitely seems like you have got more flexibility on kind of next steps here. But maybe if you all could kind of just walk us through kind of the way you are thinking about those next steps toward kind of continuing to work that leverage down toward that sort of longer-term target of 1x.

繼本季度非常成功的資產剝離之後，現在將利用 Vital 的某種準備情況，使其恢復到更舒適的水平。看起來你在接下來的步驟方面確實有更大的靈活性。但或許你們可以向我們詳細介紹一下，你們是如何考慮下一步措施，繼續降低槓桿率，最終達到 1 倍的長期目標的。

John, it's Brandi. So I think overall, balance sheet is in a great spot. As you stated, right, we're continuing to operate the business within our leverage targets. We've been successful pushing out maturities. We're well hedged and we generate significant free cash flow, which allows us to continue to delever. As we look at the Crescent stand-alone business, we'll have our RBL repaid before the end of the year. We would expect to use the divestiture proceeds to pay down the entirety of the Vital RBL balance. So we'll have roughly $2 billion of liquidity. And then I think just as we think about using that excess free cash flow, I think we'll continue to think through how do we start attacking some of the outstanding notes that we have. So just continue to look for us to reduce absolute debt repayment from here and also our leverage metric.

約翰，我是布蘭迪。所以我覺得整體而言，資產負債表狀況良好。正如您所說，我們將繼續在槓桿目標範圍內經營業務。我們成功地延後了產品上市時間。我們擁有良好的對沖措施，並且能夠產生可觀的自由現金流，這使我們能夠繼續降低槓桿率。從 Crescent 獨立業務的角度來看，我們將在年底前償還 RBL 貸款。我們計劃利用出售所得款項償還 Vital RBL 的全部餘額。因此，我們將擁有約20億美元的流動資金。然後，我認為，正如我們考慮如何利用多餘的自由現金流一樣，我們也會繼續思考如何開始償還我們手頭上的一些未償票據。所以，請繼續關注我們能否從目前水準降低絕對債務償還額以及槓桿率指標。

That's great. And then can you also speak to what changes the divestitures may have on sort of how you all sort of previously talked about sort of stand-alone Crescent in terms of kind of how you all were thinking about maintenance CapEx, et cetera. Obviously, that was the assets you sold were obviously lower margin, higher OpEx, but did have a lower base decline rates. So just sort of how to think about the moving parts there.

那太棒了。那麼，您能否也談談此次資產剝離可能會對您之前討論的獨立運營的 Crescent 公司產生哪些影響，例如您之前考慮的維護性資本支出等等。顯然，你出售的那些資產利潤率較低，營運成本較高，但基本跌幅較低。所以，關鍵在於如何看待其中的各個組成部分。

John, it's David. I'll start. Short answer is, while the divestiture assets are a smaller part of the company, they do have a great impact on improving our margins, improving reserve life, so some really key important things to us. The other thing we would highlight is with the divestitures and the Vital acquisition, we'll continue to pursue the same type of plan where we've got a lower reinvestment rate and a lower decline rate target than the rest of the industry. And so we think the divestitures just help us stay more focused on the assets we've got and we'll continue to focus on the core tenets of the company, including leverage metrics and decline rate. In terms of the maintenance impact, I'll let Brandi just cover that quickly.

約翰，我是大衛。我先來。簡而言之，雖然剝離的資產在公司中所佔比例較小，但它們確實對提高我們的利潤率、延長儲備壽命產生了很大的影響，這對我們來說非常重要。我們還要強調一點，透過資產剝離和收購 Vital，我們將繼續推行同樣的計劃，即我們的再投資率和下降率目標都低於業內其他公司。因此，我們認為剝離資產有助於我們更專注於現有的資產，我們將繼續專注於公司的核心原則，包括槓桿指標和下降率。至於維修方面的影響，我請布蘭迪簡單介紹一下。

Yeah. So quickly, and again, I won't get overly specific on 2026, just given we're currently in our planning cycle and haven't yet closed the Vital transaction. But what I would say is that the go-forward plan should look very similar to how we've historically operated our business. So that's lower capital intensity. That's a reinvestment rate of roughly 50% and significant free cash flow generation. David hit on this earlier, we do plan to significantly reduce the capital on the Vital, Permian assets. So taking that down to a 1- to 2-rig program, which is roughly a 60% to 70% reduction in both rig activity and capital spend to bring those assets in line with how Crescent has historically run the business.

是的。所以，簡單來說，我不會對 2026 年的情況做太多具體的說明，因為我們目前正處於規劃週期中，而且還沒有完成 Vital 的交易。但我認為，未來的發展計畫應該與我們以往的業務運作方式非常相似。所以資本密集度較低。這意味著再投資率約為 50%，並能產生可觀的自由現金流。David 之前也提到過這一點，我們確實計劃大幅削減 Vital 和 Permian 資產的資本。因此，將鑽井平台數量減少到 1 到 2 個，鑽井活動和資本支出大約減少了 60% 到 70%，以使這些資產符合 Crescent 歷來經營業務的方式。

So again, we'll provide more details when we get to closing. But again, I think the key attributes that we focus on over the last 10 years of lower capital-intensive business, a lower reinvestment business and a business that generates a lot of free cash flow will shine through in the plan that we put forward.

所以，我們會在接近結束時提供更多細節。但我認為，過去 10 年來我們一直關注的關鍵屬性——資本密集度較低、再投資較少以及能夠產生大量自由現金流的業務——將在我們提出的計劃中得到體現。

Tim Rezvan, KeyBanc Capital Markets.

Tim Rezvan，KeyBanc 資本市場。

Brandi, I appreciate the broad strokes on 2026. I was hoping you could help us on the fourth quarter of 2025. There's a very large moving parts with Vital, looking like maybe 19 days of contribution. I'm trying to understand in the slide deck, it mentions a 4,000 a day impact from the recent divestitures. Should we assume that's a 16,000 a day impact in the fourth quarter? Can you help us kind of understand what 4Q '25 production could look like as we look ahead to the Vital closing?

Brandi，我很欣賞你對 2026 年的大致展望。我希望您能在 2025 年第四季幫助我們。Vital 專案涉及的環節非常多，看起來可能需要 19 天的貢獻時間。我正在嘗試理解幻燈片中的內容，它提到最近的資產剝離將造成每天 4,000 美元的影響。我們是否可以假設第四季每天的影響是 16,000 人？展望 Vital 工廠關閉後的未來，您能否幫助我們大致了解一下 2025 年第四季的生產？

Tim, good question. So we did reaffirm our production guidance from a legacy Crescent standpoint. But as you know, the 4,000 a day impact from the divestitures will equate to roughly 16,000 Mboe per day impact to Q4. And then as you mentioned, I think depending on when the Vital transaction ultimately goes, there will be a little bit of production but relatively immaterial. I'd focus on the 16,000 a day that would come out of Q4 as part of the sales transactions.

提姆，問得好。因此，我們從Crescent的傳統角度重申了我們的生產指導方針。但如您所知，資產剝離造成的每天 4,000 單位的影響，到第四季度將相當於每天約 16,000 百萬桶油當量的影響。正如您所提到的，我認為，根據 Vital 交易最終何時完成，將會產生一些產量，但相對而言微不足道。我會專注於第四季每天16000美元的銷售交易額。

Okay. And would we expect a change in the oil SKU as a result this quarter from these sales?

好的。那麼，我們是否可以預期本季石油產品的 SKU 會因這些銷售情況而改變？

Nothing materially. I think we would guide to roughly 39% oil in Q4.

沒有任何實質的東西。我認為第四季石油產量佔比預計約為39%。

Okay. I appreciate that. And then just as a follow-up, excited to learn about how the dry gas drilling in South Texas and know what's happening in this quarter. As you think about 2026 activity, how do you think about allocation between gas and oil? I know the legacy operator was extremely nimble on sort of a pad-by-pad basis. How do you think about allocating capital there next year?

好的。我很感激。另外，我還想了解德州南部乾氣鑽探的情況，以及本季的情況。在考慮 2026 年的活動時，您如何看待天然氣和石油之間的資源分配？我知道舊版操作員在逐一進行操作時非常靈活。您打算如何安排明年在那裡的資金投入？

Tim, it's David. I would say two things. If you think about how we manage through this year and the discussions we had at the end of '24 and early '25, we would describe ourselves as 100% returns focused with significant flexibility. We love the portfolio we have because we can go from oil all the way to dry gas. So I think given where commodity prices are, we would also highlight we're generating strong returns right now. And so I think 2026 in the grand scheme of things looks very similar to 2025 from an allocation and commodity perspective.

提姆，我是大衛。我想說兩點。回顧我們今年的管理方式以及我們在 2024 年底和 2025 年初進行的討論，我們會將自己描述為 100% 注重回報且具有相當大的靈活性。我們喜歡我們目前的投資組合，因為我們可以涵蓋從石油到乾氣的所有領域。所以我覺得，鑑於目前的大宗商品價格，我們還要強調，我們目前正在獲得強勁的回報。因此，我認為從整體來看，從資源配置和商品角度來看，2026 年與 2025 年非常相似。

Michael Scialla, Stephens Inc.

麥可夏拉，史蒂芬斯公司

I wanted to ask on the divestiture program, where that stands now? Are you pretty much done? Or are there more opportunities? And any of those that you would consider within your three main core areas at this point?

我想問一下資產剝離計劃目前進展如何？你差不多完成了嗎？或是還有更多機會嗎？那麼，您認為目前有哪些領域可以歸入您的三大核心領域呢？

Yeah. It's David, the short answer is we would start by saying divestiture program, highly successful. We exceeded expectations on timing and valuation. So we feel great about it. We do, to your question, still have a number of smaller assets in the portfolio. today. But our view now is we can decide to sell those at the right time and the right value, and we would just say really successful program.

是的。我是大衛，簡而言之，我們會首先說的是資產剝離計劃，該計劃非常成功。我們在時間和估值方面都超出了預期。所以我們對此感到非常滿意。關於您的問題，我們目前確實在投資組合中仍然持有一些較小的資產。但我們現在的觀點是，我們可以在適當的時機以合適的價格出售這些資產，我們會說這是一個非常成功的項目。

Okay. And I wanted to ask on slide 11, your well performance seems to be bucking the trend of degradation in the Eagle Ford. Can you talk about some of the reasons for that? Is it spacing, wellbore design? Or where do you see that going next year? Do you expect that to start to revert back towards the industry trend anytime soon?

好的。我想在第 11 張投影片中提問，你們的油井表現似乎與 Eagle Ford 油田的惡化趨勢相反。您能談談其中的一些原因嗎？是井距問題還是井眼設計問題？或者，你覺得明年會如何發展？你認為這種情況會在短期內開始回歸產業趨勢嗎？

Yeah, great observation. I think your perspectives on the macro in the industry are exactly right, but a great reminder, our acquisition program starts with finding great value in assets that we think we can significantly improve. So what you're seeing is that strategy in action and we're able to take our practices, which, to your point, includes sometimes optimizing spacing, increasing completion intensity, changing landing zones. But overall, we're getting better performance than the prior operator. So I think you should expect that, that is our game plan and we'll continue to execute there, but that's how in the context of an industry that is seeing overall declining performance as the core gets drilled up, why we continue to outperform.

是的，觀察得很仔細。我認為您對行業宏觀情況的看法完全正確，但需要提醒的是，我們的收購計劃始於尋找我們認為可以顯著改善的巨大價值資產。所以你現在看到的正是這種策略的實施，我們能夠將我們的做法付諸實踐，正如你所說，這包括有時優化間距、增加完成強度、改變著陸區。但總體而言，我們的性能比之前的營運商要好。所以我認為你應該預料到這一點，這就是我們的策略，我們將繼續執行，但正因如此，在核心資源被鑽探殆盡，整個行業整體表現下滑的情況下，我們才能繼續取得優異成績。

John Abbott, Wolfe Research.

約翰‧阿博特，沃爾夫研究公司。

So David, you just mentioned that the divestiture program was very successful from your point of view. Does that mean as regards to your minerals doing something with that part of your business is off the table for the foreseeable future? Are there plans to sort of go out there and look for greater value from that business? How do you think about the minerals at this point?

大衛，你剛才提到，從你的角度來看，資產剝離計畫非常成功。這是否意味著，就貴公司的礦產業務而言，在可預見的未來，您將無法開展這部分業務？是否有計劃去探索並從該業務中挖掘更大的價值？您目前對這些礦物有何看法？

Yeah, great question. And John, we'd just highlight as I think we've said to others on previous calls, the minerals is a core business for us today. It was never part of the divestiture program. But it is an area that we believe we can continue to grow. And certainly, over time, we'll continue to evaluate all of our assets. But yes, strong core part of the business today, no plans to sell that.

嗯，問得好。約翰，我想再次強調，正如我們在先前的電話會議中對其他人所說，礦產是我們目前的核心業務。它從來就不是資產剝離計劃的一部分。但我們相信，在這個領域我們可以繼續成長。當然，隨著時間的推移，我們將繼續評估我們所有的資產。但沒錯，這部分是公司目前的核心業務，我們沒有出售的計畫。

Appreciate it. And the next question is for Brandi. So Brandi, with the $700 million plus of divestitures, does that impact your future cash tax situation at all? How you think about cash taxes post the sale?

謝謝。下一個問題問布蘭迪。布蘭迪，你剝離了超過 7 億美元的資產，這會對你未來的現金稅務狀況產生任何影響嗎？您如何看待售後現金稅？

John, I would say I still expect both the Vital transaction and divestitures to be broadly tax neutral. So don't expect to be a significant cash tax payer based on today's commodity prices, based on today's expected development plan over the next handful of years. I will say that with respect to the divestitures and then closing in the fourth quarter, we do expect to pay roughly a $30 million to $40 million tax gain. So just think about that as coming out of the gross proceeds.

約翰，我認為我仍然預計 Vital 的交易和資產剝離在總體上不會產生稅務影響。因此，根據今天的商品價格和未來幾年的預期發展計劃，不要指望成為大量的現金納稅人。我想說的是，關於資產剝離以及第四季度的交易完成，我們預計將支付約 3,000 萬至 4,000 萬美元的稅收收益。所以，你可以把這筆費用看成是從總收益中扣除的。

Michael Furrow, Pickering Energy Partners.

Michael Furrow，Pickering Energy Partners。

All realizations were quite strong in the quarter, both relative to guidance as well as the historical differential versus the benchmark and really help drive the EBITDA beat. So just trying to get an idea on some of the drivers of the pricing. Was there anything sort of structural here, such as maybe new marketing contracts? Or was the third quarter maybe just a one-off high mark for the year?

本季所有業績均表現強勁，無論是相對於預期還是相對於歷史基準的差異，都對 EBITDA 超預期起到了很大的推動作用。我只是想了解一些影響價格的因素。這裡是否存在某種結構性問題，例如新的行銷合約？或者說，第三季可能只是全年的高點？

Michael, it's Brandi. So I would say a similar theme of just buying assets and making them better. Our marketing has done a great job of just when there's opportunities to renegotiate contracts of just continuing to improve where we can. And sometimes that's we're collecting nickels and dimes, but those add up over time. And you can see that reflected in our financial statements this quarter.

邁克爾，我是布蘭迪。所以我認為，其核心理念與購買資產並使其變得更好類似。我們的行銷部門做得很好，總是能在有機會重新談判合約的時候，繼續在力所能及的範圍內改進。有時候我們只是在存零錢，但日積月累也能存下一筆錢。這一點可以從我們本季的財務報表看出。

All right. Just as a follow-up, I noticed that the Eagle Ford turn-in-lines were a bit higher than we were expecting. The company is obviously planning some dry gas turn-in-lines later this year. So I was just curious if there was any maybe overlap dry gas turn-in-lines that maybe were included in the 31 turn-in-line count or late in the quarter? And if so, could you maybe be willing to quantify the amount?

好的。補充一點，我注意到 Eagle Ford 的轉彎線比我們預期的要高一些。該公司顯然計劃在今年稍後開通一些乾氣輸送管線。所以我很好奇，是否有任何可能重疊的乾氣輸送線被計入了 31 條輸送線的統計中，或者在季度末才被計入？若屬實，能否提供一下具體金額？

Yes. There were a handful of dry gas turn-in-lines that came online really towards the very end of the quarter. So minimal contribution from a gas volume standpoint, but did technically come online in the third quarter.

是的。直到本季末，才有一些乾氣輸送管線投入使用。因此，從天然氣產量角度來看，貢獻微乎其微，但從技術上講，它確實在第三季投入營運。

Oliver Huang, TPH & Co.

Oliver Huang，TPH & Co.

For my first question, I just wanted to ask on capital allocation. I know there isn't an official 2026 outlook out there just yet. But when we're thinking about the 6 rigs on a combined basis with Vital initially outlined in late August, just wanted to walk through the thought process in terms of if this is still a good level to think about at the current strip, also what might be grounds for a step down towards maybe, say, 5 rigs?

我的第一個問題是關於資本配置的。我知道目前還沒有官方的 2026 年展望報告。但是，當我們考慮將 6 個鑽井平台與 Vital 在 8 月下旬最初概述的鑽井平台結合起來時，我們只是想探討一下，在目前的油價水平下，這是否仍然是一個值得考慮的水平，以及是否有理由減少到，比如說 5 個鑽井平台？

Yeah, happy to take it. I think two things as I said a little bit earlier, at current prices, the development program that we have for this year and call it similar commodity allocations to next year looks great. And then when we think about just our business strategy and the integration of Vital, we think the company is really well positioned, both from a financial perspective with a very significant reduction on what I'll call the oil-weighted drilling that comes with the Vital assets, but also is going to give us a chance to integrate those assets in a much less operationally intensive way with lower activity. So long story short, I think, in this current environment with the way we see things and the returns that we're currently seeing no change, but we're certainly able to be really flexible and in terms of moving rigs down or allocating differently, we'll look at it the same way we did last year.

好的，我很樂意接受。我認為有兩點，正如我之前提到的，以目前的價格來看，我們今年的發展計劃，以及與明年類似的商品分配，看起來都很棒。然後，當我們考慮我們的業務策略和 Vital 的整合時，我們認為公司目前處於非常有利的地位，無論是從財務角度來看，Vital 資產帶來的石油密集型鑽井活動將大幅減少，還是讓我們有機會以營運強度低得多的方式整合這些資產，從而降低營運活動。簡而言之，我認為，在目前的環境下，就我們看待事物的方式和目前看到的收益而言，情況不會有任何改變，但我們當然能夠非常靈活，在調配鑽井平台或進行不同程度的分配方面，我們將像去年一樣看待這個問題。

So as of now, feeling great, but also ready to respond if anything, requires that from a returns perspective.

所以目前感覺很好，但如果需要從回報的角度來看待任何事情，我也做好了應對的準備。

Okay. Perfect. That's helpful color. And for my second question, just on adjusted cash OpEx with the divestitures getting rid of some of the higher OpEx assets in the portfolio, could you all talk about what the opportunity set looks like to continue further working that down over the next couple of years beyond that $11.50 per BOE figure referenced on a pro forma basis. And when we're thinking about that pro forma figure, does that account for blending the Vital side in at today's base level of production or at the, I guess, lower level of production that we'd see in 2026 just given the resting of declines?

好的。完美的。這是個很有幫助的顏色。我的第二個問題是關於調整後的現金營運支出，因為剝離資產消除了投資組合中一些營運支出較高的資產，你們能否談談在未來幾年內，如何才能進一步降低營運支出，使其低於之前提到的每桶油當量 11.50 美元的備考水平？當我們考慮這個預測數字時，是否考慮了將 Vital 部分按當前的基本產量水平或我認為的 2026 年較低的產量水平（考慮到其他下降因素）進行合併？

Albert, I'll start. As you mentioned, pro forma, the divestitures will realize a roughly 10% improvement on adjusted operating costs. So I would expect to be roughly $11.50 when you pro forma in Vital, I think, will be plus or minus in a similar range. So I think that's a good way to think about it on a go-forward basis. And then we just -- as we think about broader opportunities to outperform back to the commentary that we said before of buying assets and making them better. I don't think we have a quantifiable percentage amount to give you today, but we do think that there are opportunities over time to improve operating costs.

阿爾伯特，我先來。正如您所提到的，按計劃，剝離這些資產將使調整後的營運成本降低約 10%。因此，我預計 Vital 的預測價格約為 11.50 美元，我認為，上下浮動範圍應該在類似的範圍內。所以我認為這是今後應該考慮的好方法。然後，當我們思考更廣泛的超越機會時，我們就會回到之前提到的購買資產並使其變得更好的觀點。今天我們可能無法給出具體的百分比數字，但我們認為隨著時間的推移，營運成本是有機會降低的。

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

目前沒有其他問題了。現在我把發言權交還給大衛·羅克查理，請他做總結發言。

Great. Thank you all again for your support and joining the call, and we're really pleased with this quarter and the business performance, and we're hard at work and look forward to catching up on our next call.

偉大的。再次感謝大家的支持和參與電話會議，我們對本季的業績和業務表現非常滿意，我們正在努力工作，並期待在下次電話會議上與大家交流。

Operator

操作員

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。您可以在此時斷開線路。感謝您的參與。