Comstock Resources Inc (CRK) 2022 Q4 法說會逐字稿

Thank you for standing by, and welcome to Comstock Resources Fourth Quarter 2022 Earnings Call. (Operator Instructions)

感謝您的支持，歡迎來到 Comstock Resources 2022 年第四季度財報電話會議。 （操作員說明）

I would now like to hand the call over to Jay Allison, Chairman and CEO. Please go ahead.

我現在想將電話轉交給董事長兼首席執行官 Jay Allison。請繼續。

So, I like your tone, you kicked it off right. So thank you. Welcome to the Comstock Resources fourth quarter 2022 financial and operating results conference call. You can view a slide presentation during or after this call by going to our website at www.comstockresources.com and downloading the quarterly results presentation. There, you'll find a presentation entitled fourth quarter 2022 results.

所以，我喜歡你的語氣，你開場白了。所以謝謝。歡迎參加 Comstock Resources 2022 年第四季度財務和經營業績電話會議。您可以在本次電話會議期間或之後訪問我們的網站 www.comstockresources.com 並下載季度業績演示文稿，以查看幻燈片演示文稿。在那裡，您會找到題為 2022 年第四季度業績的演示文稿。

I am Jay Allison, Chief Executive Officer of Comstock. With me is, Roland Burns, our President and Chief Financial Officer; Dan Harrison, our Chief Operating Officer; and Ron Mills, our VP of Finance and Investor Relations. If you would, please refer to Slide 2 in our presentations and note that our discussions today will include forward-looking statements within the meaning of securities laws. While we believe the expectations of such statements to be reasonable, there could be no assurance that such expectations will prove to be correct.

我是康斯托克公司的首席執行官 Jay Allison。與我同在的是我們的總裁兼首席財務官 Roland Burns；我們的首席運營官 Dan Harrison；以及我們的財務和投資者關係副總裁 Ron Mills。如果您願意，請參閱我們演示文稿中的幻燈片 2，並註意我們今天的討論將包括證券法含義內的前瞻性陳述。雖然我們認為此類聲明的預期是合理的，但無法保證此類預期將被證明是正確的。

Now good morning, everyone are you all having fun yet? We see that smile I know you're all out there. I hope you are. The world of natural gas is ever changing and we do recognize that at Comstock realizing that natural gas prices have fallen over 70% since September of last year. We made the call to drop 2 rigs or 22% of our operated 9 rigs to ensure we are positioned for a rebound in natural gas prices in the future.

現在早上好，大家玩得開心了嗎？我們看到那個微笑我知道你們都在那裡。我希望你是。天然氣世界瞬息萬變，我們確實認識到，康斯托克意識到天然氣價格自去年 9 月以來已下跌 70% 以上。我們呼籲放棄 2 個鑽井平台，即我們運營的 9 個鑽井平台中的 22%，以確保我們為未來天然氣價格的反彈做好準備。

Now most natural gas research analysts will tell you that they expect a substantial amount of the additional 11 Bcf of feed gas needed by LNG shippers starting in 2025 and 2026 to come from the Haynesville. Well guess what, Comstock is the pure player in that region. Now, the question really is who will be able to supply that natural gas when it is needed the most. I believe Comstock will be 1 of those elite producers in that region.

現在，大多數天然氣研究分析師會告訴您，他們預計從 2025 年和 2026 年開始，液化天然氣托運人所需的額外 11 Bcf 原料氣中有很大一部分來自海恩斯維爾。猜猜看，Comstock 是該地區的純粹玩家。現在，真正的問題是誰能夠在最需要的時候供應天然氣。我相信 Comstock 將成為該地區的精英生產商之一。

Now we increased our Haynesville/Bossier shale budget shelf footprint by almost 100,000 net acres in 2022 without paying billions and billions of dollars for an M&A transaction. Thus, we avoided issuing millions and millions of shares of stock or incurring debt to acquire additional drilling inventory. Instead, we paid $550 per acre to grow our Haynesville/Bossier shale footprint to 470,000 net acres, which provides us with thousands of future drilling locations.

現在，我們在 2022 年將 Haynesville/Bossier 頁岩預算貨架足跡增加了近 100,000 英畝，而無需為併購交易支付數十億美元。因此，我們避免發行數百萬股股票或承擔債務以獲得額外的鑽井庫存。相反，我們以每英畝 550 美元的價格將我們的 Haynesville/Bossier 頁岩佔地面積增加到 470,000 英畝，這為我們提供了數千個未來的鑽探地點。

So how will we navigate the current natural gas market? That's the question. Well last year, we fortified our balance sheet. This year, we plan to protect our balance sheet by adjusting our drilling program to ensure that it is funded by operating cash flow. We have the lowest cost structure among our peers, giving us industry-leading high margins. We have been very successful so far in delineating our Western Haynesville play. Results so far on both wells put us among the best wells ever drilled in the entire basin.

那麼我們將如何駕馭當前的天然氣市場呢？這就是問題所在。嗯，去年，我們加強了資產負債表。今年，我們計劃通過調整我們的鑽井計劃來保護我們的資產負債表，以確保它由運營現金流提供資金。我們在同行中擁有最低的成本結構，這讓我們獲得了行業領先的高利潤率。到目前為止，我們在劃定西海恩斯維爾遊戲方面非常成功。到目前為止，兩口井的結果使我們成為整個盆地有史以來最好的鑽井之一。

Our 2023 budget allows us to continue to prove up the Western Haynesville with 8 new wells being drilled. Now, we will tip our hat to the stellar 2022 results we had, we will take our coats off and work toward achieving our 2023 goals. I know that everybody listening and those that listen to this recording, I know that you will all be cheering a sound to success. Why? Because the world needs America's natural gas to solve its energy needs.

我們的 2023 年預算使我們能夠通過鑽探 8 口新井繼續探明西海恩斯維爾。現在，我們將向 2022 年取得的出色成績致敬，我們將脫下外衣，努力實現 2023 年的目標。我知道每個聽的人和那些聽這段錄音的人，我知道你們都會為成功歡呼。為什麼？因為世界需要美國的天然氣來解決其能源需求。

Now we'll go back to the script, Slide 3. Our 2022 accomplishments on Slide 3, we highlight our major 2022 accomplishments. We significantly strengthened our balance sheet by using the $673 million of free cash flow we generated to what to retire $506 million of debt. In November, we entered into a new 5-year credit facility with 17 banks, which lowered our interest costs and increased our availability. We improved our leverage ratio to 1.1x down from 2.4x in 2021.

現在我們回到腳本，幻燈片 3。我們在幻燈片 3 上的 2022 年成就，我們強調了我們 2022 年的主要成就。我們通過使用我們產生的 6.73 億美元的自由現金流來償還 5.06 億美元的債務，從而顯著加強了我們的資產負債表。 11 月，我們與 17 家銀行簽訂了一項新的 5 年期信貸安排，這降低了我們的利息成本並提高了我們的可用性。我們將槓桿率從 2021 年的 2.4 倍降至 1.1 倍。

And the $175 million in preferred stock that help fund the Covey Park acquisition was converted into common stock at the end of November. This is a key point. The conversion of the preferred by Jerry Jones is a statement demonstrating his confidence in the future of the company and his belief that ownership of Comstock Equity is the greatest potential for future appreciation. With another strong year is the drill bit in the Haynesville/Bossier shale drilling 73 or 57 net wells.

幫助收購 Covey Park 的 1.75 億美元優先股在 11 月底轉換為普通股。這是一個關鍵點。 Jerry Jones 對優先股的轉換錶明了他對公司未來的信心，以及他認為擁有 Comstock Equity 是未來升值的最大潛力。另一個強勁的年份是 Haynesville/Bossier 頁岩鑽井 73 或 57 口淨井的鑽頭。

We drilled 2 very successful exploratory wells in our Western Haynesville play. The results so far on both wells put them among the best wells ever drilled in the Haynesville. We increased the average lateral length of the wells we drilled by 14% compared to 2021 to almost 10,000 feet. The wells we put on sales had an average IP rate of 26 million cubic feet per day, and our drilling activity added 1.1 Tcfe approved reserve additions at a low finding cost of $0.95 per Mcfe.

我們在 Western Haynesville 油田鑽探了 2 口非常成功的探井。到目前為止，這兩口井的結果使它們躋身海恩斯維爾有史以來最好的鑽井之列。與 2021 年相比，我們將鑽井的平均橫向長度增加了 14%，達到近 10,000 英尺。我們出售的油井的平均 IP 率為每天 2600 萬立方英尺，我們的鑽井活動以每 Mcfe 0.95 美元的低探礦成本增加了 1.1 Tcfe 批准的儲量。

Our SEC proved reserves grew 9% to 6.7 Tcfe and we replaced 216% of our 2022 production. Our 1P PV-10 value totaled $15.5 billion, highlighting our attractive cost structure we achieved an 83% EBITDAX margin, which is one of the highest in the industry. In addition, we achieved a 28% return on average capital employed and a 62% return on average equity. In 2022, we added 98,000 net acres that is prospective for the Haynesville and Bossier shales for $54.1 million or $550 per acre.

我們的 SEC 探明儲量增長了 9% 至 6.7 Tcfe，我們更換了 2022 年產量的 216%。我們的 1P PV-10 價值總計 155 億美元，凸顯了我們極具吸引力的成本結構，我們實現了 83% 的 EBITDAX 利潤率，這是業內最高的利潤率之一。此外，我們實現了 28% 的平均已動用資本回報率和 62% 的平均股本回報率。 2022 年，我們以 5410 萬美元或每英畝 550 美元的價格增加了 98,000 英畝的淨土地，這些土地有望用於 Haynesville 和 Bossier 頁岩。

And we reinstated our quarterly common stock dividend at of $0.125 per quarter in the fourth quarter and on the environmental front, we achieved independent certification for 100% of our operated natural gas production under the MiQ methane standard for responsibly sourced gas.

我們在第四季度恢復了每季度 0.125 美元的季度普通股股息，在環境方面，我們 100% 的運營天然氣生產都獲得了 MiQ 甲烷負責任天然氣標準的獨立認證。

Next, we'll go to Slide 4, the fourth quarter 2022 highlights. On Slide 4, we focus just on the fourth quarter highlights. During the quarter, we generated free cash flow from operations of $129 million. Our production increased 7% to 1.4 billion cubic feet of gas equivalent per day. Our oil and gas sales were $558 million, 47% higher than the fourth quarter of 2021. Our operating cash flow was $434 million or $1.57 per diluted share.

接下來，我們將轉到幻燈片 4，這是 2022 年第四季度的亮點。在幻燈片 4 上，我們只關注第四季度的亮點。本季度，我們從運營中產生了 1.29 億美元的自由現金流。我們的產量增加了 7%，達到每天 14 億立方英尺的天然氣當量。我們的石油和天然氣銷售額為 5.58 億美元，比 2021 年第四季度增長 47%。我們的經營現金流為 4.34 億美元或攤薄後每股收益 1.57 美元。

Adjusted EBITDAX increased to $478 million. Our net income for the fourth quarter was $288 million or $1.05 per share. In the fourth quarter, we drilled [21 or 14.08] 8.41 operated Haynesville/Bossier horizontal wells, which had an average lateral length of 9,903 feet. Since our last update, we have connected 19 or 13.1 net operated wells to sales with an average initial production rate of 25 million cubic feet per day. We also announced our second successful exploratory well in our Western Haynesville play, which had an initial production rate of 42 million cubic feet per day.

調整後的 EBITDAX 增至 4.78 億美元。我們第四季度的淨收入為 2.88 億美元或每股 1.05 美元。在第四季度，我們鑽了 [21 或 14.08] 8.41 口海恩斯維爾/波西爾水平井，平均橫向長度為 9,903 英尺。自上次更新以來，我們已將 19 或 13.1 口淨運營井與銷售聯繫起來，平均初始產量為每天 2500 萬立方英尺。我們還宣布了我們在西海恩斯維爾油田的第二口探井取得成功，該油田的初始產量為每天 4200 萬立方英尺。

We continue to further improve our balance sheet in the quarter with the additional retirement of $100 million of debt and the conversion of the preferred stock. We initiated a return on capital program with the restatement of our quarterly common dividend of $0.125 per share in December of 2022.

我們在本季度繼續進一步改善我們的資產負債表，額外償還 1 億美元的債務和優先股的轉換。我們啟動了資本回報計劃，並於 2022 年 12 月重申了每股 0.125 美元的季度普通股息。

I will now turn it over to Roland to discuss the financial results. Roland?

我現在將把它交給羅蘭來討論財務結果。羅蘭？

Thanks, Jay. On Slide 5, we highlight the financial results for our recently completed fourth quarter. Pro forma for the sale of our Bakken properties, which we completed in October of 2021, our production increased 9% in the quarter to 1.4 Bcfe per day as compared to the fourth quarter of '21. Our EBITDAX in the quarter grew by 70% to $478 million, driven mainly by the stronger natural gas price environment and the production increase that we had.

謝謝，傑伊。在幻燈片 5 中，我們重點介紹了最近完成的第四季度的財務業績。我們於 2021 年 10 月完成的 Bakken 物業銷售備考，與 2021 年第四季度相比，我們本季度的產量增加了 9%，達到每天 1.4 Bcfe。本季度我們的 EBITDAX 增長了 70% 至 4.78 億美元，這主要是由於天然氣價格環境走強以及我們的產量增加。

We generated $434 million of cash flow during the quarter an 86% increase over 2021's fourth quarter, and our cash flow per share during the quarter was $1.57, up $0.67 from the fourth quarter of '21. We reported adjusted net income of $288 million for the fourth quarter, a 191% increase from the fourth quarter of '21, and our earnings per share came in at $1.05 as compared to $0.37 in the fourth quarter of '21.

本季度我們產生了 4.34 億美元的現金流，比 2021 年第四季度增長 86%，本季度每股現金流為 1.57 美元，比 2021 年第四季度增長 0.67 美元。我們報告第四季度調整後淨收入為 2.88 億美元，比 21 年第四季度增長 191%，每股收益為 1.05 美元，而 21 年第四季度為 0.37 美元。

We generated $129 million of free cash flow from operations in the quarter. That's 22% higher than we did in the fourth quarter of '21. And as Jay mentioned, we retired $100 million of debt in the quarter, completely paying off our bank credit facility, which improved our leverage ratio for the year to 1.1x.

我們在本季度的運營中產生了 1.29 億美元的自由現金流。這比我們在 2021 年第四季度所做的高出 22%。正如 Jay 提到的那樣，我們在本季度償還了 1 億美元的債務，完全還清了我們的銀行信貸額度，這將我們今年的槓桿率提高到了 1.1 倍。

On Slide 6, we highlight how much Comstock's financial results have improved since 2019. Production growth has averaged 21% over the last 3 years. Our EBITDAX has gone from $614 million to $1.9 billion at an annual growth rate of 71%. The cash flow has grown from $468 million to $1.7 billion at an annual growth rate averaging 89% over the last 3 years.

在幻燈片 6 中，我們強調了 Comstock 自 2019 年以來財務業績的改善程度。過去 3 年產量平均增長 21%。我們的 EBITDAX 已從 6.14 億美元增至 19 億美元，年增長率為 71%。在過去 3 年中，現金流量從 4.68 億美元增長到 17 億美元，年增長率平均為 89%。

Our adjusted net income has grown from $122 million to $1 billion at an annual growth rate of 245%. And free cash flow from operations grew to $673 million from really none that we generated in 2019, and our leverage ratio has improved from 3.8x in 2020 to 1.1x this year. On a per share basis, cash flow has increased from $2.50 to $6.21 and adjusted, earnings has increased from $0.75 per share to $3.73 per share.

我們調整後的淨收入以 245% 的年增長率從 1.22 億美元增長到 10 億美元。運營自由現金流從 2019 年的零增長增至 6.73 億美元，我們的槓桿率從 2020 年的 3.8 倍提高到今年的 1.1 倍。按每股計算，現金流量從 2.50 美元增加到 6.21 美元，調整後的收益從每股 0.75 美元增加到每股 3.73 美元。

On Slide 7, we provide a breakdown of our natural gas price realizations in the quarter. On this slide, we show the NYMEX contract settlement price and the average NYMEX spot price for each quarter. So during the fourth quarter, the quarterly NYMEX settlement price averaged $6.26 per Mcf and the spot price averaged $5.60. During the quarter, we nominated 81% of our gas to be sold at index prices tied to that contract settlement price, and then we sold the remaining 19% of our gas in the daily spot market.

在幻燈片 7 中，我們提供了本季度天然氣價格實現的細目分類。在這張幻燈片上，我們顯示了每個季度的 NYMEX 合約結算價和平均 NYMEX 現貨價格。因此在第四季度，NYMEX 的季度結算價平均為每千立方英尺 6.26 美元，現貨價格平均為 5.60 美元。在本季度，我們指定 81% 的天然氣以與合同結算價掛鉤的指數價格出售，然後我們在每日現貨市場上出售剩餘 19% 的天然氣。

So the appropriate NYMEX reference price for our sales in the fourth quarter would have been $6.13. We realized $5.57 in the quarter, which reflects a $0.56 differential from the NYMEX benchmark. This differential was wider than normal due to the wider regional differentials that we had in the Haynesville and the much weaker Houston Ship Channel and Katy hub prices that we incurred - really since last summer due to the Freeport shutdown about 7% of our gas is tied to those Gulf Coast markets.

因此，我們第四季度銷售的適當 NYMEX 參考價格應該是 6.13 美元。我們在本季度實現了 5.57 美元，這反映了與 NYMEX 基準的 0.56 美元差異。由於我們在 Haynesville 的區域差異更大以及休斯頓航道和 Katy 樞紐價格要弱得多，這種差異比正常情況更大——實際上自去年夏天以來，由於自由港關閉，我們大約 7% 的天然氣被捆綁那些墨西哥灣沿岸市場。

In the fourth quarter, we were also 47% hedged, which reduced our realized gas price to $4.19 for the quarter. We have been using some of our excess transportation that we have available to us in the Haynesville to buy and resell third-party gas. This generated about $22 million of profits in the quarter, and this improved our average price realization by $0.17, make it up for some of that wider differential.

在第四季度，我們還進行了 47% 的對沖，這將我們本季度實現的天然氣價格降至 4.19 美元。我們一直在使用我們在海恩斯維爾可用的一些過剩運輸來購買和轉售第三方天然氣。這在本季度產生了約 2200 萬美元的利潤，這使我們的平均價格實現提高了 0.17 美元，彌補了一些更大的差異。

On Slide 8, we detail our operating cost per Mcfe and our EBITDAX margin. Our operating cost per Mcfe averaged $0.76 in the fourth quarter, $0.06 lower than the third quarter rate driven mostly by lower production taxes. Production taxes decreased $0.07, primarily due to the lower gas prices that we had during the quarter, our gathering cost also decreased by 3% during the quarter, but our lifting costs increased by $0.02.

在幻燈片 8 中，我們詳細介紹了每 Mcfe 的運營成本和 EBITDAX 利潤率。第四季度，我們每 Mcfe 的運營成本平均為 0.76 美元，比第三季度低 0.06 美元，這主要是由於較低的生產稅。生產稅減少了 0.07 美元，這主要是由於本季度我們的天然氣價格較低，我們的收集成本在本季度也減少了 3%，但我們的提升成本增加了 0.02 美元。

G&A costs came in at $0.08 per Mcfe representing a $0.02 increase over the third quarter, but about the same rate that we had in the fourth quarter of '21. We generated an EBITDAX margin after hedging at 82% in the fourth quarter. That's down from the 85% margin we had in the third quarter where we had the very high gas prices.

G&A 成本為每 Mcfe 0.08 美元，比第三季度增加 0.02 美元，但與 21 年第四季度的增長率大致相同。在第四季度對沖後，我們產生了 82% 的 EBITDAX 利潤率。這低於我們在第三季度的 85% 利潤率，當時我們的天然氣價格非常高。

On Slide 9, we recap our spending on our drilling activities and our other development activity for all of 2022. Last year, we spent $1 billion on development activities, including $919 million that we spent on our operated Haynesville and Bossier shale drilling program. We spent another $47 million on non-operated wells. $45 million of that was in the Haynesville, $2 million within the Eagle Ford.

在幻燈片 9 中，我們回顧了 2022 年全年在鑽井活動和其他開發活動上的支出。去年，我們在開發活動上花費了 10 億美元，其中包括在運營的 Haynesville 和 Bossier 頁岩鑽探項目上花費的 9.19 億美元。我們又在非作業油井上花費了 4700 萬美元。其中 4500 萬美元在 Haynesville，200 萬美元在 Eagle Ford。

And we spent $66 million on other development activity, including infrastructure, installing production tubing, offset frac protection and then other workovers. In 2022, we drilled 73 or 57 net operated horizontal Hanceville wells, and we turned 66 or 53.6 net operated wells to sales. These wells had an average IP rate of 26 million cubic feet per day. We also had an additional 1.8 net non-operated wells turned to sales.

我們在其他開發活動上花費了 6600 萬美元，包括基礎設施、安裝生產油管、偏移壓裂保護以及其他修井。 2022 年，我們鑽了 73 口或 57 口淨作業水平 Hanceville 井，並將 66 口或 53.6 口淨作業井轉為銷售。這些井的平均 IP 產量為每天 2600 萬立方英尺。我們還有另外 1.8 口淨非經營井轉為銷售。

On Slide 10, we show our oil and gas reserves. We grew our SEC proved reserves 9% in 2022 to 6.7 Tcfe and replaced 216% of our '22 production. Our drilling activity in 2022 added 1.1 Tcfe, which made up really substantially all of the reserve growth that we had in '22. Our finding costs for 2022 came in at $0.95 per Mcfe. The present value at a 10% discount rate of our proved reserves was $15.5 billion based on the average first of the month prices that we had in 2022.

在幻燈片 10 上，我們展示了我們的石油和天然氣儲量。我們在 2022 年將 SEC 探明儲量增加了 9% 至 6.7 Tcfe，並取代了我們 22 年產量的 216%。我們在 2022 年的鑽探活動增加了 1.1 Tcfe，這實際上構成了我們在 22 年的所有儲量增長。我們 2022 年的發現成本為每 Mcfe 0.95 美元。根據 2022 年第一個月的平均價格，我們探明儲量的 10% 貼現率現值為 155 億美元。

In addition to the 6.7 Tcfe of SEC proved reserves, we have an additional 2.7 Tcfe of proved and developed reserves, which we don't include in our SEC reported reserves as they are currently not expected to be drilled within the 5-year period required by SEC rules. We also have another 3.5 Tcfe of 2P or probable reserves and 9.9 of Tcfe and 3P or possible reserves for total overall reserves of 22.8 Tcfe on a P3 basis.

除了 6.7 Tcfe 的 SEC 探明儲量外，我們還有 2.7 Tcfe 的探明和開發儲量，我們未將其包括在我們的 SEC 報告儲量中，因為目前預計不會在所需的 5 年內鑽探根據 SEC 規則。我們還有另外 3.5 Tcfe 的 2P 或可能儲量以及 9.9 Tcfe 和 3P 或可能的儲量，總儲量為 22.8 Tcfe（基於 P3）。

Slide 11 recaps our balance sheet at the end of last year. We fully repaid our revolving credit facility in the fourth quarter and ended the year with $2.2 billion in long-term debt. Our leverage ratio was 1.1x at the end of the year. And in November, we entered into a new revolving bank credit facility with a $2 billion borrowing base with $1.5 billion of alleged commitments from 17 banks. The maturity of the revolving credit facility was extended 3 years to 2027. So we ended 2022 with financial liquidity of more than $1.5 billion.

幻燈片 11 回顧了我們去年底的資產負債表。我們在第四季度全額償還了我們的循環信貸額度，並在年底以 22 億美元的長期債務結束了這一年。我們年底的槓桿率為 1.1 倍。 11 月，我們簽訂了一項新的循環銀行信貸安排，借款基數為 20 億美元，據稱來自 17 家銀行的承諾承諾為 15 億美元。循環信貸額度的期限延長了 3 年至 2027 年。因此，我們在 2022 年結束時的財務流動性超過 15 億美元。

I'll now turn it over to Dan to discuss our operations in more detail.

我現在將其轉交給 Dan 來更詳細地討論我們的運營。

Okay. Thanks, Roland. If you look over on Slide 12, this is just a good overview of our current acreage footprint in the traditional Haynesville and Bossier shales. We're the leading operator. Our acreage position now totals 618,000 gross acres and 470,000 net acres across Louisiana and Texas in the Haynesville and Bossier shale, which also includes our acreage located in the Western Haynesville.

好的。謝謝，羅蘭。如果您查看幻燈片 12，這只是對我們當前在傳統海恩斯維爾和博西爾頁岩中的種植面積足蹟的一個很好的概述。我們是領先的運營商。現在，我們在路易斯安那州和得克薩斯州的 Haynesville 和 Bossier 頁岩的總面積為 618,000 英畝和 470,000 英畝，其中還包括我們位於西海恩斯維爾的面積。

Slide 13 details our 2022 year-end drilling inventory. The drilling inventory is split between Haynesville and Bossier and is divided into 4 categories. Our short laterals are up to 5,000 foot, our medium laterals are at 5,000 to 8,000 foot long. Our long laterals are at 8,000 to 11,000 feet long. And then we have our -- what we call our extra-long laterals for our wells greater than 11,000 feet. Our total operated inventory currently stands at 1,826 gross locations in 1,387 net locations, which gives us a 76% average working interest across the operated inventory.

幻燈片 13 詳細介紹了我們 2022 年年底的鑽井庫存。鑽井庫存在 Haynesville 和 Bossier 之間，分為 4 類。我們的短支管長達 5,000 英尺，我們的中支管長達 5,000 至 8,000 英尺。我們的長支線有 8,000 到 11,000 英尺長。然後我們有我們的 - 我們稱之為超過 11,000 英尺的井的超長橫向。我們的總運營庫存目前位於 1,387 個淨位置中的 1,826 個總位置，這使我們在所有運營庫存中的平均工作利益為 76%。

On our non-operated inventory, we had 1,336 gross locations and 185 net locations, which represents, a 14% average working interest across the non-operated inventory. Based on the success of our new extra-long lateral wells, we've modified our drilling inventory to take advantage of our acreage position and where possible, we've extended our future laterals out further into the 10,000 to 15,000 foot range.

在我們的非經營庫存中，我們有 1,336 個總位置和 185 個淨位置，這代表整個非經營庫存的平均工作權益為 14%。基於我們新的超長側井的成功，我們修改了我們的鑽井庫存以利用我們的種植面積位置，並且在可能的情況下，我們將我們未來的側井進一步擴展到 10,000 至 15,000 英尺範圍。

And in 2022, our average operated lateral length averaged almost 10,000 feet longer than 2021, coming in at 10,000 feet, 2021, we're at 8,800 feet. In our extra-long lateral bucket, we capture all our wells that now extend beyond 11,000 feet long. In this bucket, we currently have 455 gross operated locations in 334 net operated locations. To recap our total gross operated inventory, we have 335 short laterals, 287 medium laterals, 749 long laterals and 455 extra-long laterals.

到 2022 年，我們的平均運營橫向長度比 2021 年平均長近 10,000 英尺，達到 10,000 英尺，到 2021 年，我們將達到 8,800 英尺。在我們的超長橫向鏟斗中，我們捕獲了現在超過 11,000 英尺長的所有油井。在這個桶中，我們目前在 334 個淨運營地點中擁有 455 個總運營地點。回顧一下我們的總運營庫存，我們有 335 個短側井、287 個中等側井、749 個長側井和 455 個超長側井。

Our total gross operated inventory has split 53% in the Haynesville and 47% in the Bossier. By extending our laterals, we have also increased the average lateral length in our inventory from 8,520 feet up to 8,870 feet or a 4% increase. In addition to the uplift in our economics, the longer laterals will help to reduce our surface footprint on future activity and further reduce our greenhouse gas and methane intensity levels. So to summarize where we're at today, our current inventory provides us with over 25 years of future drilling locations, which is based on our planned 2023 activity level.

我們的總運營庫存在 Haynesville 和 Bossier 分別佔 53% 和 47%。通過擴展我們的橫向，我們還將庫存的平均橫向長度從 8,520 英尺增加到 8,870 英尺，即增加了 4%。除了我們的經濟增長之外，更長的支管將有助於減少我們未來活動的地表足跡，並進一步降低我們的溫室氣體和甲烷強度水平。因此，總結一下我們今天所處的位置，我們目前的庫存為我們提供了超過 25 年的未來鑽探地點，這是基於我們計劃的 2023 年活動水平。

On Slide 14 is an update to our average lateral lengths we drilled since 2017. In 2022, our average lateral increased up to 9,989 feet based on the 66 wells that we turned to sales during the calendar year that is 14% longer than the previous year's average lateral length of 8,800 feet. In 2022, 16 of our 66 total wells turned to sales were extra-long lateral wells greater than the 11,000 foot leak. Included in these 16 extra-long lateral wells turned to sales were 6 wells that we completed with laterals longer than 15,000 feet.

在幻燈片 14 上更新了我們自 2017 年以來鑽探的平均橫向長度。在 2022 年，根據我們在日曆年銷售的 66 口井，我們的平均橫向長度增加到 9,989 英尺，比上一年長 14%平均橫向長度為 8,800 英尺。 2022 年，我們轉售的 66 口井中有 16 口是漏井深度超過 11,000 英尺的超長側井。在這 16 口轉向銷售的超長分支井中，有 6 口我們完成的分支井長度超過 15,000 英尺。

During the fourth quarter, we turned to sales our record longest lateral well to-date with a completed lateral of 15,726 feet and this well was drilled on our East Texas acreage. In 2023, we anticipate turning 69 gross wells to sales with an average lateral greater than 11,000 feet. And we anticipate 31 of these in 2023 to be longer than 11,000 feet and 12 to be 15,000 foot laterals.

在第四季度，我們轉向銷售我們迄今為止最長的側井，完成的側井為 15,726 英尺，這口井是在我們東德克薩斯州的土地上鑽的。到 2023 年，我們預計將銷售 69 口平均水平井長超過 11,000 英尺的毛井。我們預計到 2023 年，其中 31 個將超過 11,000 英尺，12 個將達到 15,000 英尺。

Slide 15 is a summary of our new well activity for the fourth quarter. We've turned 19 new wells to sales since our last earnings call. We had strong well performance this quarter with the individual IPs ranging from 14 up to 42 million cubic feet a day and with an average test rate of 25 million cubic feet a day. The wells were drilled with lateral lengths at range from 6,769 feet up to 15,726 feet. The average lateral length came in at 10,186 feet.

幻燈片 15 是我們第四季度新井活動的總結。自上次財報電話會議以來，我們已經將 19 口新井轉為銷售。本季度我們的表現非常出色，單個 IP 從每天 14 到 4200 萬立方英尺不等，平均測試率為每天 2500 萬立方英尺。鑽井的橫向長度從 6,769 英尺到 15,726 英尺不等。平均橫向長度為 10,186 英尺。

Included in the fourth quarter wells was our second well completed in our Western Haynesville area. The KZ Black #1H well was completed in the Bossier with a 7,912 foot long lateral, and it was turned to sales in November. The well was tested with an IP rate of 42 million a day. After we got the KZ well tested, our total field production exceeded the existing treating capacity in the field and the wells were curtailed to slightly below our treating capacity.

包括在第四季度的井是我們在西海恩斯維爾地區完成的第二口井。 KZ Black #1H 井在 Bossier 完工，橫向井長 7,912 英尺，並於 11 月開始銷售。該井以每天4200萬的IP率進行測試。在我們對 KZ 進行了良好測試後，我們的油田總產量超過了油田現有的處理能力，井數被削減到略低於我們的處理能力。

Prior to being curtail, our first well completed in the field, our Circle M well was producing at a flat rate of 30 million a day since we turned it to sales back in April of last year with the exception of being shut in for the month of October, while the KZ Black well was being completed. The existing [Streeter] 24.30 is currently being expanded. We expect to have additional treating capacity available basically by the beginning of the second quarter.

在被削減之前，我們在現場完成的第一口井，我們的 Circle M 井自去年 4 月將其轉為銷售以來以每天 3000 萬的固定速度生產，除了當月關閉10 月，KZ 黑井正在完工。現有的 [Streeter] 24.30 目前正在擴建中。我們預計到第二季度初基本上會有額外的處理能力可用。

We're currently completing the third well on our Western Haynesville acreage, which is the Campbell B #2H well. This well was drilled in the Bossier formation with a 12,700-foot long lateral. We anticipate turning this well to sales by the end of next month. We also have 2 rigs currently running on the Western Haynesville acreage that are drilling our fourth and fifth well.

我們目前正在西海恩斯維爾地區完成第三口井，即 Campbell B #2H 井。這口井是在 Bossier 地層中鑽探的，具有 12,700 英尺長的橫向井。我們預計到下個月底將這口井轉為銷售。我們還有 2 台鑽井平台目前正在西海恩斯維爾的土地上運行，它們正在鑽探我們的第四口和第五口井。

On Slide 16, Slide 16 is a recap of all our full year 2022 activity. For the full year, we turned a total of 66 wells to sales. The wells in this group were drilled with lateral lengths that range from 4,428 feet up to 15,726 feet, and the average lateral for the year was 9,989 feet. The IP rates for the year ranged from 12 million up to 42 million cubic feet a day with the average IP at 26 million a day. We're currently running 9 rigs in the play. We've got 3 full-time frac crews.

在幻燈片 16 上，幻燈片 16 是對我們 2022 年全年所有活動的回顧。全年，我們共有 66 口井轉為銷售。該組鑽井的橫向長度從 4,428 英尺到 15,726 英尺不等，全年平均橫向長度為 9,989 英尺。全年的 IP 率從每天 1200 萬立方英尺到 4200 萬立方英尺不等，平均 IP 為每天 2600 萬立方英尺。我們目前正在劇中運行 9 個鑽機。我們有 3 名全職壓裂人員。

Over the next 2 to 3 months. We do have a plan in place to drop our rig count down to 7 rigs and continue running a 7-rig program through the end of the year. On the completion side, for 10 months now, we've been working our first natural gas-powered frac fleet, along with our 2 conventional diesel fleets. We've been really pleased with the performance of the natural gas-powered frac fleet. This past summer, we executed a contract for a second natural gas powered frac fleet, and we are expecting the arrival of that fleet later in the second quarter.

在接下來的 2 到 3 個月內。我們確實有計劃將我們的鑽機數量減少到 7 台，並在年底前繼續運行 7 台鑽機計劃。在完工方面，10 個月以來，我們一直在使用我們的第一個天然氣動力壓裂機隊，以及我們的 2 個傳統柴油機隊。我們對天然氣動力壓裂車隊的表現非常滿意。去年夏天，我們簽署了第二個天然氣動力壓裂船隊的合同，我們預計該船隊將在第二季度晚些時候抵達。

At that time, we are planning to run 4 frac fleets for just a short time through the summer, at which point we plan to drop back to 3 frac fleets for the remainder of the year and also into next year, once that change is made down to 3 frac fleets that will leave us operating 2 natural gas fleets and just on conventional diesel fleet. Operating the 2 natural gas powered frac fleets will allow us to capture additional cost savings on our completions largely through the elimination of buying expense diesel -- and as well significantly reducing our greenhouse gas emissions.

那時，我們計劃在夏季的短時間內運行 4 個壓裂機隊，屆時我們計劃在今年剩餘時間和明年（一旦做出改變）回落到 3 個壓裂機隊減少到 3 個壓裂車隊，這將使我們運營 2 個天然氣車隊，而僅在傳統柴油車隊上運營。運營 2 個以天然氣為動力的壓裂車隊將使我們能夠在主要通過消除購買柴油的費用以及顯著減少我們的溫室氣體排放量的情況下，在完工時節省額外的成本。

Slide 17 shows our D&C cost trend through the fourth quarter and our full year 2022 performance for our benchmark long lateral wells. This is all of our wells that are longer than 8,000 feet. Of the 13 wells returned to sales during the fourth quarter, 11 of these fell into the category of our benchmark long lateral wells. Our fourth quarter D&C cost averaged $1,425 a foot. This is just a 1% increase compared to the third quarter. Our D&C cost for the full 2022 year averaged $1,329 a foot, and this represents a 28% year-to-year increase.

幻燈片 17 顯示了我們第四季度的 D&C 成本趨勢以及我們基準長側井的 2022 年全年業績。這是我們所有長度超過 8,000 英尺的井。在第四季度恢復銷售的 13 口井中，有 11 口屬於我們的基準長分支井類別。我們第四季度的 D&C 成本平均為每英尺 1,425 美元。與第三季度相比僅增長了 1%。我們在 2022 年全年的 D&C 成本平均為每英尺 1,329 美元，同比增長 28%。

Our fourth quarter drilling cost was $582 a foot. This is a 3% decrease compared to the third quarter. And our 2022 full year drilling costs averaged $523 a foot, which is a 32% increase compared to our average 2021 drilling cost. On the completion side, our cost for the fourth quarter came in at $843 a feet, which represents a 4% increase compared to the third quarter. And for our 2022 full year, our completion costs came at $806 a foot which marks a 25% increase compared to our average 2021 full year completion costs.

我們第四季度的鑽探成本為每英尺 582 美元。與第三季度相比下降了 3%。我們 2022 年全年的鑽井成本平均為每英尺 523 美元，與我們 2021 年的平均鑽井成本相比增加了 32%。在完工方面，我們第四季度的成本為每英尺 843 美元，與第三季度相比增加了 4%。 2022 年全年的完工成本為每英尺 806 美元，與 2021 年全年的平均完工成本相比增加了 25%。

These cost increases are a reflection of the swift inflationary pressures we and the rest of the industry faced in 2022, while we face the same inflationary pressures in both our drilling and completion operations, our completion costs were somewhat buffeted through the deployment of our first natural gas frac fleet back in April of last year. And as mentioned on the previous slide, we expect to capture more of these cost savings in 2023 and beyond through the deployment of our second natural gas-powered frac fleet, which is going to show up in the second quarter.

這些成本增加反映了我們和其他行業在 2022 年面臨的迅速通貨膨脹壓力，雖然我們在鑽井和完井作業中都面臨著同樣的通貨膨脹壓力，但我們的完井成本因部署我們的第一個自然資源而受到一定程度的衝擊天然氣壓裂船隊早在去年 4 月。正如上一張幻燈片中提到的，我們預計將在 2023 年及以後通過部署我們的第二個天然氣動力壓裂機隊來節省更多成本，這將在第二季度出現。

As seen in the numbers, we did experience a flattening of both our service costs and pipe costs during the fourth quarter. And with the recent sharp drop in gas prices, we're cautiously optimistic that we will see service costs begin to decline slightly throughout the rest of the year, along with the reduction in the rig activity.

從數字中可以看出，我們確實在第四季度經歷了服務成本和管道成本的持平。隨著最近天然氣價格的大幅下跌，我們謹慎樂觀地認為，隨著鑽井平台活動的減少，我們將在今年餘下時間看到服務成本開始小幅下降。

I'll now turn it back over to Jay to summarize the outlook for 2023.

我現在將其轉回給 Jay 來總結 2023 年的展望。

Okay Roland and Dan, thank you for the report. And now we'll jump into 2023 outlook. I would direct you to Slide 18 where we summarize our outlook for 2023. We will continue to derisk and delineate our Western Haynesville play with a 2-rig program in 2023. And we are managing our drilling activity levels to prudently respond to the lower gas prices environment we've had so far this year. We're in the process of releasing 2 of our operated rigs on our legacy Haynesville footprint to pull in our activity in response to lower natural gas prices.

好的 Roland 和 Dan，謝謝你的報告。現在我們將進入 2023 年展望。我會引導您轉到幻燈片 18，我們在其中總結了我們對 2023 年的展望。我們將在 2023 年繼續通過 2 鑽井計劃來降低風險並描繪我們的西海恩斯維爾區塊。我們正在管理我們的鑽井活動水平，以謹慎應對較低的天然氣我們今年到目前為止的價格環境。我們正在釋放我們在海恩斯維爾遺留足跡上運營的 2 個鑽井平台，以拉動我們的活動以應對較低的天然氣價格。

We remain very, focused on maintaining the strong balance sheet we created last year. As a result, we will continue to evaluate our activity and plan to fund our drilling program with operating cash flow. Our industry-leading low-cost structure provides acceptable drilling returns even at current natural gas prices as our cost structure is substantially lower than the other public natural gas producers.

我們仍然非常專注於維持去年創建的強勁資產負債表。因此，我們將繼續評估我們的活動，併計劃用經營現金流為我們的鑽探計劃提供資金。我們行業領先的低成本結構即使在當前天然氣價格下也能提供可接受的鑽井回報，因為我們的成本結構大大低於其他公共天然氣生產商。

We plan to retain the quarterly dividend of $0.125 per common share. And lastly, we will continue to maintain our very strong financial liquidity, which totaled more than $1.5 billion at the end of 2022.

我們計劃保留每普通股 0.125 美元的季度股息。最後，我們將繼續保持非常強勁的金融流動性，到 2022 年底總計超過 15 億美元。

I'll now turn it over to Ron to provide some specific guidance for the rest of the year. Ron?

我現在將其轉交給羅恩，為今年餘下的時間提供一些具體指導。羅恩？

Thanks, Jay. On Slide 19, we provide our financial guidance for 2023. First quarter production guidance is 1.375 to 1.435 Bcfe per day, and the full year guidance is 1.425 to 1.55 Bcfe per day. During the first quarter, we do plan to turn to sales between 9 to 12 net wells. On our first quarter development CapEx guidance, we've set it at $275 million to $325 million, and our full year development CapEx guidance is $1.05 billion to $1.15 billion.

謝謝，傑伊。在幻燈片 19 上，我們提供了 2023 年的財務指導。第一季度生產指導為每天 1.375 至 1.435 Bcfe，全年指導為每天 1.425 至 1.55 Bcfe。在第一季度，我們確實計劃轉向銷售 9 到 12 口淨井。在我們第一季度的開發資本支出指南中，我們將其設定為 2.75 億美元至 3.25 億美元，而我們全年的開發資本支出指南為 10.5 億美元至 11.5 億美元。

Our 2023 wells will have an average lateral length being approximately 10% longer than 2022, which is helping to offset some of the cost inflation. In addition to what we spend on our drilling program, we could spend up to $25 million to $35 million on additional bolt-on acquisitions and new leasing.

我們 2023 年的平均橫向長度將比 2022 年長約 10%，這有助於抵消部分成本膨脹。除了我們在鑽井項目上的支出外，我們還可以花費高達 2500 萬至 3500 萬美元用於額外的補強收購和新租賃。

Our lease operating costs are expected to average $0.20 to $0.24 in both the first quarter and the full year, while our GTC costs are expected to be between $0.28 and $0.32 in both the first quarter and the full year. Production [and ad alarm] 32.23 taxes are expected to average between $0.16 and $0.20 in both the first quarter and for the full year. This year, the DD&A rate is expected to remain in the $0.95 to $1.05 per Mcfe range.

我們的租賃運營成本預計在第一季度和全年平均為 0.20 美元至 0.24 美元，而我們的 GTC 成本預計在第一季度和全年均在 0.28 美元至 0.32 美元之間。生產 [和廣告警報] 32.23 稅預計在第一季度和全年平均在 0.16 美元和 0.20 美元之間。今年，DD&A 費率預計將保持在每 Mcfe 0.95 美元至 1.05 美元的範圍內。

And our cash G&A is expected to total $7 million to $9 million in the first quarter and $30 million to $34 million for the full year. Non-cash G&A is expected to be about $2 million per quarter. Cash interest expense this year is expected to total $34 million to $36 million in the first quarter and $138 million to $140 million for the full year. Effective tax rate is expected to remain 22% to 25%, and we expect to defer 75% to 80% of our taxes.

我們的現金 G&A 預計第一季度總計 700 萬至 900 萬美元，全年總計 3000 萬至 3400 萬美元。非現金 G&A 預計每季度約為 200 萬美元。預計今年第一季度的現金利息支出總額為 3400 萬至 3600 萬美元，全年為 1.38 億美元至 1.4 億美元。有效稅率預計將保持在 22% 至 25%，我們預計將推遲 75% 至 80% 的稅收。

We'll now turn the call back over to the operator to answer questions from the analysts who cover the company. Please proceed.

我們現在將把電話轉回給接線員，以回答負責該公司的分析師的問題。請繼續。

(Operator Instructions) Our first question comes from the line of Derrick Whitfield of Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 Derrick Whitfield。

Good morning, I love this, nothing says I love you more than dropping gas rigs and announcing better than expected full year '23 guidance?

早上好，我喜歡這個，沒有什麼比放棄天然氣鑽井平台並宣布比預期更好的 23 年全年指導更能說明我愛你了嗎？

It was a moment of elevated thinking, I must say.

我必須說，那是一個思想高尚的時刻。

Well, it's Valentine.

嗯，這是瓦倫丁。

I think it's safe to say that the operational plan and update are certainly welcome news, though. With my first question, I wanted to focus on the trajectory of your production profile for the year. While certainly sparing you guys the 2024 outlook question, given that you're now just dropping rigs, I wanted to ask if you could perhaps elaborate on the facility constraints that are impacting your Q1 production? And if you could comment on your ability to hold production flat with 7 rigs once the DUC cycle through?

不過，我認為可以肯定地說，運營計劃和更新肯定是個好消息。關於我的第一個問題，我想關注你們今年生產概況的軌跡。考慮到你們現在只是在放棄鑽井平台，當然可以免除你們 2024 年前景的問題，但我想問你們是否可以詳細說明影響你們第一季度生產的設施限制？如果您能評論一下您在 DUC 週期結束後用 7 個鑽井平台保持生產持平的能力？

Yes so one, Derrick, I want to comment on your title. I think that just shows you that the whole world out there, is wanting companies like Comstock to drop rigs. And I think that was a tension valve that we want to be the first to say we're going to do that. On takeaway, we think in our core areas, it's probably 95% utilized. In other words, there's not a lot of takeaway.

是的，Derrick，我想對你的標題發表評論。我認為這只是向你表明，整個世界都希望康斯托克這樣的公司放棄鑽井平台。而且我認為這是一個張力閥，我們希望成為第一個說我們將要這樣做的人。在外賣方面，我們認為在我們的核心領域，它的利用率可能達到 95%。換句話說，沒有太多的外賣。

Now we've worked with Trey Newell, who was our -- he's the new VP of Marketing to provide takeaway for the wells that we will be drilling in 2023 and through 2024, but I think our greater takeaway and Dan can address this in a moment, is our Western Haynesville. We had commented that we had a plant issue with the 2 wells that we brought online. The plant didn't expect that type of volumes.

現在我們與 Trey Newell 合作，他是我們的新任營銷副總裁，為我們將在 2023 年和 2024 年鑽探的油井提供外賣，但我認為我們更大的外賣和 Dan 可以在一個此刻，是我們的西海恩斯維爾。我們曾評論說，我們上線的 2 口井存在工廠問題。該工廠沒想到會出現這種類型的產量。

So our goal is to get that functioning properly with the expected production that we think we will have and then really by the end of 2023, whatever the takeaway that we think we might need -- we'd like to have double that amount in case we need it in the future to prepare ourselves for 2025, 2026 takeaway when really these shippers will need more of this gas. So Dan, do you want to comment on the plant facility in the tech were issued [36.04].

因此，我們的目標是通過我們認為我們將擁有的預期產量使其正常運行，然後真正到 2023 年底，無論我們認為我們可能需要什麼——我們希望有兩倍的數量以防萬一我們將來需要它來為 2025 年、2026 年的外賣做好準備，屆時這些托運人確實需要更多這種氣體。那麼 Dan，你想對技術發布 [36.04] 中的工廠設施發表評論嗎？

Yes, so the Western Haynesville, Derrick, we -- Jay mentioned they weren't expecting these kind of volumes up. We had forecasted potentially having these volumes. But obviously, there was maybe a little bit of a doubt. They obviously like to see a little bit of gas show up before they spend a lot of money, investing a lot of money to upgrade their facilities. But they did -- they have been working on it.

是的，所以 Western Haynesville、Derrick、我們——Jay 提到他們並沒有預料到這些數量的增加。我們曾預測可能會有這些數量。但顯然，可能還有一點疑問。他們顯然喜歡在花大價錢之前看到一點點天然氣出現，投入大量資金來升級他們的設施。但他們做到了——他們一直在努力。

What we had to circle in well on since April last year, we were fine when we put the case in and obviously, we exceeded that capacity, not by a whole lot, but we had the facility kind of max out. And in December, they were having a lot of up and downtime. So we basically curtail the wells back just a little bit more just to make sure we could keep the plant running full time, which they have.

自去年 4 月以來，我們必須好好考慮的事情是，當我們把這個案子放進去時我們很好，很明顯，我們超出了那個容量，不是很多，但我們的設施已經達到了極限。在 12 月，他們有很多起伏時間。因此，我們基本上將水井縮減了一點，以確保我們可以讓工廠全天候運行，他們已經做到了。

But the plant is actually down today doing some of the upgrade work, and they're going to have basically all their additional capacity that's been planned will be basically up and on by April. We've got some of the capacity that's being basically added right now. And so, we should be -- for everything that we've got forecasted, all our production for the rest of this year, we're going to be in good shape after these upgrades are completed.

但該工廠今天實際上正在停機進行一些升級工作，他們基本上計劃的所有額外產能將在 4 月份之前基本啟動。我們已經有了一些現在基本上正在增加的能力。因此，我們應該——對於我們所預測的一切，我們今年剩餘時間的所有生產，在這些升級完成後，我們將處於良好狀態。

And Derrick, we're drilling some of these wells we'll be drilling along that Pinnacle pipeline, which we bought that plant and a 145-mile pipeline so, some of the wells that we'll be drilling in the Western Haynesville will connect to our own pipeline. And I think right now, we think the capacity of that is about 300 million a day.

Derrick，我們正在鑽探其中一些井，我們將沿著 Pinnacle 管道鑽探，我們購買了該工廠和一條 145 英里的管道，因此，我們將在西海恩斯維爾鑽探的一些井將連接到我們自己的管道。我認為現在，我們認為每天的產能約為 3 億。

And we have 3 other sources for takeaway that may double that amount. That's what we're working toward. We don't think we'll need that much. We're working toward that. And that's another reason Derrick production is a little softer in the first quarter versus second, third and fourth quarter. It's the gathering plant.

我們還有其他 3 個外賣來源，數量可能會增加一倍。這就是我們正在努力的方向。我們認為我們不需要那麼多。我們正在為此努力。這也是 Derrick 的產量在第一季度比第二、第三和第四季度稍微疲軟的另一個原因。是採集植物。

Terrific. And then Jay is it safe to assume as we kind of look at these DUCs flowing through and as we're modeling out the forecast with 7 rigs, I mean, it looks to us that you guys can at least hold production flat with those 7 rigs, 5 being in the legacy, 2 being in the Western Haynesville?

了不起。然後 Jay 可以安全地假設，當我們觀察這些 DUC 流動時，當我們用 7 個鑽機模擬預測時，我的意思是，在我們看來，你們至少可以用這 7 個來保持生產持平鑽井平台，5 個在遺產中，2 個在西海恩斯維爾？

We've -- we're one of the few that hadn't had really any well degradation. In fact, if you look at our wells, our wells are performing nearly 20% better versus the 2020 and '21 production. So if you look at that and you model it forward and then you look at the amount of pretty stable production we're getting from Western Haynesville, we think we can have a 6% production growth within cash flow and give the dividend and have material reserve growth, at the same time, add material inventory without -- having to go to the M&A market.

我們 - 我們是少數沒有真正退化的國家之一。事實上，如果你看看我們的油井，我們的油井的性能比 2020 年和 21 年的產量高近 20%。因此，如果你看看它並對其進行建模，然後看看我們從西海恩斯維爾獲得的相當穩定的產量，我們認為我們可以在現金流中實現 6% 的產量增長，並提供股息和材料儲備增長，同時增加材料庫存，而無需進入併購市場。

Yes. And maybe just as my follow-up, I wanted to lean into your last point there and congratulate you guys on what appears to be one of the better organic leasing programs across the industry in recent years. Regarding the Western Haynesville, now that your 3-ish wells into your delineation program, what can you tell us about how the wells are performing against your pre-drill expectations and the progress you're making from a D&C learning curve perspective?

是的。也許就像我的後續行動一樣，我想談談你的最後一點，並祝賀你們這似乎是近年來整個行業更好的有機租賃計劃之一。關於 Western Haynesville，既然您的 3 口井進入了您的描繪計劃，您能告訴我們這些井的表現如何與您的鑽前預期相悖，以及您從 D&C 學習曲線的角度取得的進展嗎？

So Derrick I'd say, I mean, as far as our expectations were -- they basically have exceeded our expectations to-date. Now we haven't had KZ Black on for very long, the Circle M. We've got basically still a 30 million a day well. It was flat as a pancake up through December, at which time we started having some of the plant capacity issues, and we had to basically pull everything back a little bit.

所以 Derrick 我會說，我的意思是，就我們的預期而言——他們基本上已經超出了我們迄今為止的預期。現在我們已經很久沒有使用 KZ Black 了，Circle M。我們基本上每天還有 3000 萬。直到 12 月它都像煎餅一樣平淡，那時我們開始遇到一些工廠產能問題，我們不得不基本上把所有東西都拉回來一點。

It's been pulled back through today to when the plant is -- they're doing the upgrades on the plant, but we totally expect that well to be basically backup to when the plant is back and running we'll have it back up to that 30 million a day rate flat. So that well has obviously been really good. It has exceeded our expectations. The KZ Black well line, we got it IP looks just as good, but obviously, with the -- plant issues, the full capacity that we haven't been able to basically flow that well at a full capacity for a length of time.

今天它已經被拉回到工廠的時候 - 他們正在對工廠進行升級，但我們完全希望這口井基本上可以備份到工廠恢復運行時我們會把它備份到那個時候每天3000萬的速度持平。所以那口井顯然非常好。它超出了我們的預期。 KZ Black 油井線，我們得到它的 IP 看起來一樣好，但顯然，由於 - 工廠問題，我們無法在很長一段時間內以滿負荷運轉的滿負荷運轉。

So we'll have to get the plant upgrades done and get everything back on to see how that one looks. The third well is coming on. And as soon as the upgrades are done, we're going to have this Campbell well coming on. It's actually plan to come on about mid-March if everything goes well on the completion. We're currently fracking it now.

所以我們必須完成工廠升級，讓一切恢復正常，看看它看起來如何。第三口井來了。一旦升級完成，我們就會讓這個 Campbell 井井有條。如果一切順利的話，實際上計劃在三月中旬左右完成。我們目前正在壓裂它。

So and then we really don't have anything else coming on there until July, which time we got 2 wells coming on. We'll have a big jump there and then early '24. As Jay mentioned, we've got other wells we're drilling, but they'll go into our Pinnacle gathering system and not this existing treating facility we're going in now.

因此，直到 7 月，我們真的沒有其他任何事情發生，那時我們有 2 口井正在發生。我們將在那裡有一個很大的飛躍，然後是 24 年初。正如 Jay 提到的，我們還有其他正在鑽探的井，但它們將進入我們的 Pinnacle 收集系統，而不是我們現在要進入的現有處理設施。

Yes, Derrick and I think the big question is, could you really drill at this depth, the lateral length of 6,000 feet, 8,000 feet, much less 12,700 feet, which is what we did on the Campbell. In other words, could you really do that? And I know in 2008 and '09, in the core of the Haynesville, it took a consortium of companies, years to figure out how to drill long laterals, and we're really -- we're one company out there trying to derisk this. And I think the operations group is a Tier 1 group. They've done a really good job at that.

是的，Derrick 和我認為最大的問題是，你真的能在這個深度鑽井嗎，橫向長度為 6,000 英尺、8,000 英尺，更不用說 12,700 英尺了，這就是我們在 Campbell 所做的。換句話說，你真的能做到嗎？我知道在 2008 年和 09 年，在 Haynesville 的核心地帶，一個公司聯盟花費了數年的時間才弄清楚如何鑽長支路，我們真的 - 我們是一家試圖降低風險的公司這。我認為運營團隊是第 1 層團隊。他們在這方面做得非常好。

Our next question comes from the line of Charles Meade of Johnson Rice.

我們的下一個問題來自約翰遜賴斯的查爾斯米德。

Good morning, Jay, Roland and the rest of the Comstock team there.

早上好，傑伊、羅蘭和康斯托克團隊的其他成員。

Good morning, Charles.

早上好，查爾斯。

So Jay, I want to pick up on -- pick up on the thread that you comment you made in your prepared remarks about drilling within cash flow. And I was just wondering you get you to elaborate your thought process there and about how you can navigate the company in that way? Because as I look at it, the strip has moved so far so fast that no company could, can maneuver on a quarterly granularity, it seems like -- you couldn't decelerate 2Q enough to drill within 2Q cash flow?

所以傑伊，我想繼續——繼續你在準備好的關於現金流內鑽探的評論中發表的評論。我只是想知道你讓你在那裡詳細說明你的思維過程，以及你如何以這種方式駕馭公司？因為在我看來，地帶移動得如此之快，以至於沒有一家公司能夠、能夠在季度粒度上進行操作，似乎——你不能將第二季度的速度減速到足以在第二季度的現金流範圍內進行鑽探？

So how is it that you're looking at? Are you aiming to be within cash flow a couple -- a few quarters out? And is that kind of the market that you try to hit or if you could just elaborate on how you think about that target and what you can do to hit it?

那你看的怎麼樣？您的目標是在幾個季度內保持現金流嗎？是那種你試圖打入的市場，或者你是否可以詳細說明你是如何看待這個目標的，以及你可以做些什麼來實現它？

Yes, that's a great question, Charles. And it is a dynamic environment. And I think you saw some of the changes to our drilling program, was to try to achieve that. I mean we -- commodity prices could go a lot of different directions for the rest of this year. So that's a big unknown. And I think on the other side, the service costs are also -- we've kind of budgeted for kind of the very high service cost environment that we had last year with a lot of inflation. So we hope to see some de-inflation of some of those costs, especially in the second half of this year.

是的，這是一個很好的問題，查爾斯。這是一個動態的環境。我想你看到了我們鑽井計劃的一些變化，就是為了實現這一目標。我的意思是我們 - 在今年餘下的時間裡，大宗商品價格可能會有很多不同的方向。所以這是一個很大的未知數。我認為另一方面，服務成本也是——我們已經為去年通貨膨脹率很高的服務成本環境做了某種預算。因此，我們希望看到其中一些成本有所下降，尤其是在今年下半年。

I think the one additional kind of source of cash that's not as easy to model is the fact that we will have somewhere even about a couple of hundred million dollars of working capital that will -- that was really earned in our great 22-year that gets received this year. As you know, the way we had to settle hedges early. We don't -- et cetera, from last year and just the timing of gas receipts.

我認為另一種不那麼容易建模的現金來源是這樣一個事實，即我們將擁有大約幾億美元的營運資金，這將是我們偉大的 22 年中真正賺取的今年收到。如您所知，我們必須提前結算對沖的方式。我們沒有——等等，從去年開始，只是天然氣收據的時間。

There will be quite a bit of -- if you're just looking at the model, you don't pick that up. But I think that's a little bit of a cushion there too, that we see on -- as we look ahead for this year. But it will be something that we'll continue to monitor. We have tremendous liquidity and financial resources. So I think it's not -- it's just our goal to say our overall goal is not to overspend cash flow and we'll continue to try to change our program as the year progresses to do that.

會有很多——如果你只是看模型，你就不會把它撿起來。但我認為這也有一點緩衝作用，我們看到了這一點——我們展望今年。但這將是我們將繼續監控的事情。我們擁有巨大的流動性和財務資源。所以我認為這不是 - 這只是我們的目標是說我們的總體目標不是超支現金流，我們將隨著今年的進展繼續嘗試改變我們的計劃來做到這一點。

Yes, I think that's the messaging. I mean, if you go back even probably on the 9th of this month, natural gas had dropped 46% this year. And as to your point, it's all over the board. We do think that the Henry Hub sell-off is now overdone. We've accepted this seasonally warm weather. But we do think a big event changer in 2023 is the restart of the Freeport LNG. We looked at gas storage and you have all these numbers.

是的，我認為這就是消息傳遞。我的意思是，如果你回顧甚至可能在本月 9 日，天然氣今年已經下跌了 46%。至於你的觀點，它無處不在。我們確實認為 Henry Hub 的拋售現在已經過頭了。我們已經接受了這種季節性的溫暖天氣。但我們確實認為 2023 年的一個重大事件改變者是 Freeport LNG 的重啟。我們研究了儲氣庫，你有所有這些數字。

I mean, storage today is about 11% above 1 year, about 5% above 5-year, but if you were to add back that 2 Bcf of lost demand related to Freeport, those numbers shares have changed dramatically, would be 11.5% below 1 year would be 16% below the 5 years. So we look at that too and then we look at all this flexibility we have, we tell you we have a 6% production growth in 2023. And most of these companies have less than that.

我的意思是，今天的存儲量比 1 年高出約 11%，比 5 年高出約 5%，但如果你再加上與自由港相關的 2 Bcf 的需求損失，這些數字份額發生了巨大變化，將低於 11.5% 1 年將比 5 年低 16%。所以我們也關注這一點，然後我們關注我們擁有的所有這些靈活性，我們告訴你我們在 2023 年的產量增長了 6%。而這些公司中的大多數都低於這個水平。

So we could flex down and have less production and still probably have more production than the peers. And then I think it always shows up and you always point this out, I mean, we're a low-cost producer period, and we've been very -- I think we have managed our money properly in the past, and we will exactly do the exact same thing. We're going to manage our money just like we did in the past.

所以我們可以縮減產量，但仍然可能比同行有更多的產量。然後我認為它總是會出現並且你總是指出這一點，我的意思是，我們是一個低成本的生產時期，而且我們一直非常 - 我認為我們過去已經妥善管理了我們的資金，我們將完全做同樣的事情。我們將像過去一樣管理我們的資金。

We're going to manage it, be that responsible in the future. So our goal is net net-net, to get quarter-by-quarter-by-quarter, if you get through 2023, and it's a soft year, our goal is to not have borrowed net at the end of next year, $0.01 from our credit facility. So you can't look at it on a 90-day basis it drives you crazy. But that's our goal.

我們會管理它，在未來負責。所以我們的目標是 net net-net，一個季度一個季度地實現，如果你能熬過 2023 年，這是一個疲軟的年份，我們的目標是在明年年底沒有淨借入，從 0.01 美元我們的信貸設施。所以你不能在 90 天的基礎上查看它，它會讓你發瘋。但這是我們的目標。

Right, right, it is. And thank you for that elaboration because it's -- you can't affect it on a 90-day basis. And so that was a helpful exposition on the way you guys are approaching it. My second question, the Western Haynesville so it seems to me -- I always like maps, but I understand you guys don't want to put the maps in now because you say for competitive reasons?

對對對就是感謝您的詳盡闡述，因為您不能在 90 天的基礎上影響它。因此，這對你們處理它的方式很有幫助。我的第二個問題，西海恩斯維爾，所以在我看來——我總是喜歡地圖，但我知道你們現在不想把地圖放進去，因為你們說是出於競爭原因？

I look at that, you guys -- as Derrick pointed out, a great job as you guys picked up this almost 100,000 acres. But it looks to me like you guys -- if I look at that you don't want to show map, but you're also guiding to, I think, about $30 million of lease acquisition on the -- no, I'm sorry, more closer to 100. So that suggests to me you're not done building that position, but you're probably more than half done building that position. Is that a fair way to characterize it or how would you characterize it?

我看，你們——正如 Derrick 指出的那樣，幹得好，因為你們獲得了近 100,000 英畝的土地。但在我看來，你們這些傢伙——如果我看你們不想顯示地圖，但你們也在指導，我認為，大約 3000 萬美元的租賃收購——不，我是抱歉，更接近 100。所以這對我來說表明你還沒有完成建立那個職位，但你可能已經完成了一半以上。這是描述它的一種公平方式，還是你會如何描述它？

I think that we kind of -- we talked about spending roughly the $30 million was the right number for lease acquisition in '23. I think you're looking at the infrastructure...

我認為我們有點 - 我們談到花費大約 3000 萬美元是 23 年租賃收購的正確數字。我認為您正在研究基礎設施...

Oh right, you're right yes 30.

哦，對，你是對的，是的，30。

Exactly structure investments that we probably want to make, which are separate from that. So I think this is -- that we do feel like we will substantially complete capturing, we think the best part of this play this year. I would say that we're more than half done, though.

準確地構建我們可能想要進行的投資，這與投資是分開的。所以我認為這是 - 我們確實覺得我們將基本上完成捕獲，我們認為這是今年這部劇的最佳部分。不過，我會說我們已經完成了一半以上。

Charles, I would comment on this. We've disclosed the detail that in the Ks and Qs that we have to because we're a public company. And then we don't disclose the things that we don't have to disclose as a public company because we're still in that area. And then we disclosed the amount of money because you need to know that we think we're going to spend kind of closing out the checked flag on our acreage.

查爾斯，我會對此發表評論。我們已經在 Ks 和 Qs 中披露了我們必須披露的細節，因為我們是一家上市公司。然後我們不會披露我們作為一家上市公司不必披露的事情，因為我們仍然在那個領域。然後我們披露了金額，因為你需要知道我們認為我們將花費某種方式來關閉我們種植面積上的檢查標誌。

So we want to make sure that when you're on the team and you own the stock, like the Jones is converting that $175 million preferred into equity, because that's where the torque is. It's the equity ownership. We want you to know as a prospective stakeholder and an analyst that we do have a checkered flag. We got to know where our parameter is. We do have a budget for that spending. But we always do what it tells us to do, and that is how, is the drilling going?

所以我們想確保當你在團隊中並且你擁有股票時，就像瓊斯正在將 1.75 億美元的優先股轉換為股權，因為這就是扭矩所在。就是股權。作為潛在的利益相關者和分析師，我們希望您知道我們確實有一面方格旗。我們知道我們的參數在哪裡。我們確實有這筆支出的預算。但我們總是按照它告訴我們做的去做，這就是鑽井進行的方式？

How are the lateral lengths going? Do we have any takeaway there? And we monitor that. And then I think that kind of the crescendo is, when will all this kind of really materialize and be extremely valuable, it's in that 2025, 2026 timeframe, which is what -- that's when most of these companies need this natural gas. And if you need it as a shipper there's, not many companies that can provide you decades upon decades of inventory and drilling.

橫向長度如何？我們那裡有外賣嗎？我們對此進行監控。然後我認為那種漸強是，所有這些什麼時候真正實現並變得非常有價值，它是在 2025 年、2026 年的時間框架內，這就是這些公司中的大多數需要這種天然氣的時候。而且，如果您作為托運人需要它，那麼沒有多少公司可以為您提供數十年的庫存和鑽探。

And that is our vision. We can't fully explain it to you right now. We're still kind of marking it up all on the sheet of paper, but we want to make sure you're not left behind as we move in that direction. Thanks, Charles.

這就是我們的願景。我們現在無法向您完全解釋。我們仍在將其全部標記在紙上，但我們希望確保您不會在我們朝這個方向前進時落在後面。謝謝，查爾斯。

Our next question comes from the line of Umang Choudhary of Goldman Sachs.

我們的下一個問題來自高盛的 Umang Choudhary。

Good morning.

早上好。

Really appreciate all the color on your vision and how you're shaping the activity levels both in the near term, but also setting the company up from a long-term perspective. I wanted to kind of focus a little bit more on the near term. It sounds like your completions and your production growth this year is going to be more back half weighted, consistent with higher gas prices that we see in the future curve today?

真的很欣賞你願景中的所有色彩，以及你如何在短期內塑造活動水平，同時也從長期的角度來建立公司。我想更多地關注近期。聽起來你們今年的完工量和產量增長將更多地後半加權，與我們今天在未來曲線中看到的更高的天然氣價格一致？

You made a comment about tight oil field service market today. So I was wondering what kind of flexibility do you have with your rig and pressure pumping counterparties to add or drop activity if gas prices surprises to the upside or also to the downside?

您今天對緻密油田服務市場發表了評論。所以我想知道，如果天然氣價格意外上漲或下跌，你的鑽井平台和壓力泵交易對手有什麼樣的靈活性來增加或減少活動？

Yes, so we're in really good shape there. We've got a few rigs on some just really kind of medium, short-term contracts. The majority of them are basically well-to-well contracts. So that's one of the reasons we were able to basically kind of implement our plan to drop down to these 7 rigs pretty quickly. I mean you can't -- we couldn't really do it any quicker than we did because, obviously, they're drilling on multi-well pads.

是的，所以我們在那裡的狀態非常好。我們在一些真正的中期、短期合同上有一些鑽井平台。他們中的大多數基本上都是井對井合同。因此，這就是我們能夠基本上實施我們的計劃以很快下降到這 7 個鑽井平台的原因之一。我的意思是你不能 - 我們真的不能比我們做的更快，因為很明顯，他們正在鑽井平台。

And I mean, just even just on one multi-well pad, you're there for 2 months. So we're in great shape there. We do have the ability to drop additional rigs quickly if we need to. And we're also very confident that we can add rigs pretty quickly in the back half of the year. We had a surprise to the upside, and that's the path we wanted to take. Same thing on the frac crews, we've got the one natural gas fleet that's on a long-term contract.

我的意思是，即使只是在一個多孔墊上，你也可以在那里呆 2 個月。所以我們在那裡的狀態很好。如果需要，我們確實有能力迅速放下額外的鑽機。我們也非常有信心我們可以在今年下半年迅速增加鑽井平台。我們有一個驚喜，這就是我們想要走的路。壓裂人員也是如此，我們擁有一支簽訂長期合同的天然氣船隊。

Other than that, our diesel fleet, our conventional fleets are just short-term contracts that we could think or turn south. We could obviously drop those pretty quick. And we've got -- we can kind of -- we've got, obviously, plans to go to the 4 frac fleet that I mentioned earlier when we picked up this new second gas fleet. So we've got the option to -- we could drop one and basically just stay at 3.

除此之外，我們的柴油機隊、我們的常規機隊只是我們可以考慮或轉向南方的短期合同。我們顯然可以很快放棄這些。我們已經 - 我們可以 - 顯然，我們已經計劃去我之前提到的 4 frac 艦隊，當我們拿起這個新的第二個天然氣艦隊時。所以我們可以選擇——我們可以放棄一個，基本上只停留在 3 個。

When the new fleet gets here or we can go to 4, which is what we have planned that basically kind of worked some of our DUCs down a little bit before we drop back to 3 at the end of the summer. And then obviously, we can go -- we could just drop down to the 2 gas fleets. So really, in summary, we've got really great flexibility to go up or down, rig and frac crews.

當新艦隊到達這里或者我們可以達到 4 時，這就是我們的計劃，基本上是在我們在夏季結束時回落到 3 之前稍微降低一些 DUC。然後很明顯，我們可以走了——我們可以下降到 2 個天然氣車隊。所以，總而言之，我們在鑽機和壓裂工作人員上下有很大的靈活性。

That is really helpful. And I guess just a follow-up on this activity levels point. As you talk to some of your non-operated partners in the Haynesville, any real-time color you can provide in terms of what they are thinking about from an activity perspective. The rig counts so far has been fairly resilient if you look at some of the rig data?

這真的很有幫助。我想這只是對這個活動水平點的跟進。當您與 Haynesville 的一些非運營合作夥伴交談時，您可以根據他們從活動角度考慮的內容提供任何實時顏色。如果您查看一些鑽機數據，到目前為止鑽機數量相當有彈性？

Well, they are definitely dropping rigs. We have talked to a few of them, not all of them, but everybody we have talked to is basically planning to drop rigs. We've already seen a few rigs drop here just in the last 2 to 3 weeks. So I think that's how many ultimately they drop remains to be seen. But definitely, everybody that we have talked to is dropping rigs, has dropped rigs.

好吧，他們肯定在放棄鑽井平台。我們已經和其中的一些人談過，不是全部，但我們談過的每個人基本上都在計劃放棄鑽井平台。就在過去的 2 到 3 週內，我們已經看到一些鑽機在這裡下降。所以我認為他們最終下降了多少還有待觀察。但可以肯定的是，我們與之交談的每個人都在放棄鑽機，已經放棄了鑽機。

Our next question comes from the line of Bertrand Donnes of Truist.

我們的下一個問題來自 Truist 的 Bertrand Donnes。

Jay, I'm sure you're tired of talking about how good the Western Haynesville is, but maybe I could ask one more on it.

傑伊，我敢肯定你已經厭倦了談論西海恩斯維爾有多好，但也許我可以再問一個。

I love it. Keep asking those questions.

我喜歡它。繼續問那些問題。

All right, so the first one came on at 37 a day and then the next one came out even higher at 42. And it sounds like that you surprised your midstream guide a little bit. Were you guys expecting that level of consistency? I know it's only 2 wells, but when you look at your core position, there's kind of a much larger variation. So I'm just trying to find out if that was also a surprise to you guys or if there's something different geologically that you knew this was going to happen?

好吧，所以第一個以每天 37 的速度出現，然後下一個以 42 的速度出現更高。聽起來你有點讓你的中游指南感到驚訝。你們期待那種程度的一致性嗎？我知道只有 2 口井，但是當您查看您的核心位置時，會有更大的變化。所以我只是想知道這是否也讓你們感到驚訝，或者是否有一些不同的地質因素讓你們知道這會發生？

No I think the geology -- I mean we, as far as variability, we expected the same out of both wells. We did both of these wells initially. We typically do flow our well completions of the casing for quite some time before we'll tube them up down here in the Western Haynesville, both of these wells were basically tubed up from the get-go. We did run -- we have 2 and 78s we ran in the Circle M. We ran 3.5-inch tubing in the KZ well.

不，我認為地質學——我的意思是，就可變性而言，我們期望兩口井的結果相同。我們最初做了這兩口井。在我們將它們安裝到西海恩斯維爾的這里之前，我們通常會在很長一段時間內流動完井的套管，這兩口井基本上都是從一開始就用管道安裝的。我們確實運行了——我們在 Circle M 中運行了 2 和 78s。我們在 KZ 井中運行了 3.5 英寸的油管。

We wanted to run through 3.5-inch tubing in the Circle M well. We just basically couldn't get our hands on a stream when we needed to. And so that's one of the reasons why we didn't really probably go to a higher IP rate on the Circle M was just -- we're just basically trying to manage technically critical velocities, erosional rates and all that. So that did let us -- so the KZ with a bigger tube and allowed us to basically test at a little bit higher rate.

我們想在 Circle M 井中穿過 3.5 英寸的油管。當我們需要時，我們基本上無法接觸到流媒體。因此，這就是為什麼我們沒有真正在 Circle M 上達到更高 IP 率的原因之一——我們只是基本上試圖管理技術上的臨界速度、侵蝕率等等。所以這確實讓我們——所以 KZ 有了更大的管子，讓我們基本上可以以更高的速度進行測試。

I'll tell you the well performance in our core area. Again, it's provided us with a cash flow to derisk the Western Haynesville. It's out of free cash flow that we bought all that acreage and to kind of your Western Haynesville questions, because the Western Haynesville has performed so well, I think that's one reason why Jerry Jones and his family that own 66% of the company said, you know what, we're going to demonstrate our confidence in the future of the company and the great potential is the upside in the equity.

我會告訴你我們核心領域的良好表現。再一次，它為我們提供了現金流來降低西海恩斯維爾的風險。我們用自由現金流購買了所有的土地，並回答了您關於西海恩斯維爾的問題，因為西海恩斯維爾的表現非常好，我認為這就是為什麼擁有公司 66% 股份的傑里·瓊斯和他的家人說的原因之一，你知道嗎，我們將展示我們對公司未來的信心，巨大的潛力是股票的上漲空間。

We're going to convert our preferred into common what -- maybe because the core is solid, but the real reason is we've got a lot of potential that we barely, barely talked about in the Western Haynesville. We just have 2 wells. I mean, it's a very beginning of the game. But if we can solidify that and continue to talk about it as brightly a year from now as we have today, then we will be the company that can provide this gas on a global basis because of where our footprint is where the LNG shippers are spending their money. That is the goal.

我們將把我們喜歡的變成普通的——也許是因為核心是堅實的，但真正的原因是我們有很多潛力，我們在西海恩斯維爾幾乎沒有談論過。我們只有 2 口井。我的意思是，這是遊戲的開始。但是，如果我們能夠鞏固這一點，並在一年後繼續像今天這樣積極地談論它，那麼我們將成為能夠在全球範圍內提供這種氣體的公司，因為我們的足跡就是液化天然氣托運人花費的地方他們的錢。這就是目標。

All right and just following up, the 2-rig program in the Western area is that just the best way to kind of not get over your skis. Is 2 rigs just the most efficient way to drill it? Why did you settle out on kind of 2 there and then 5 in the traditional?

好吧，接下來，西部地區的 2-rig 計劃是避免滑雪的最佳方式。 2 台鑽機只是最有效的鑽探方式嗎？你為什麼在那裡選擇 2 種，然後在傳統中選擇 5 種？

What - we did initially, we said, let's let the play tell us how many rigs we need. And so you have to have the 1 rig, we drill the well, we moved the rig off and we produced the well for a while to see whether we should drill a second well. All of a sudden, the first well, like Dan said, we tubed it up not to produce as much gas as it could have produced. All of a sudden, we moved that rig back on, and we're drilling, and it tells us to put a second rig on. Now you may look at the acreage footprint and say, well, at some point in time, you're going to put a whole lot of rigs on and that answer is no either.

什麼 - 我們最初做了什麼，我們說，讓戲劇告訴我們我們需要多少鑽機。所以你必須擁有 1 個鑽井平台，我們鑽井，我們將鑽井平台移開，我們生產了一段時間的井，看看我們是否應該鑽第二口井。突然之間，第一口井，就像 Dan 說的那樣，我們把它管起來，沒有生產出它本可以生產的那麼多天然氣。突然間，我們把那台鑽機搬回去，我們正在鑽井，它告訴我們要安裝第二台鑽機。現在你可能會看看佔地面積，然後說，好吧，在某個時間點，你將要安裝大量鑽井平台，但答案是否定的。

We write-down our model, we had a rig a year to hold the acreage that we've leased. Now if all that acreage ends up being Tier 1 acreage, which who knows, but if it did, then that's where we would have our drilling rigs anyhow. Most of our core acreage is HBPed, so we can have the swing back and forth, we can tackle this back and forth that's unusual, too. But that's how we looked at this, Dan.

我們記下了我們的模型，我們每年有一個鑽井平台來持有我們租用的土地。現在，如果所有的種植面積最終都成為一級種植面積，誰知道呢，但如果確實如此，那麼我們無論如何都會在那裡擁有鑽井平台。我們的大部分核心區域都是 HBPed，所以我們可以來回擺動，我們也可以來回解決這個不尋常的問題。但這就是我們看待這個問題的方式，丹。

Yes. I totally agree with that. Just one extra thing I would add is we knew this would be a little bit of a learning curve, drilling these wells down here versus our core. We've been drilling literally just the industry is thousands of wells up there pretty much very predictable and consistent. And so here in the Western Haynesville, we have seen some pretty good progress just on these first few wells that we've drilled as far as how fast we're drilling them and where we feel like we can go in the future, obviously get much faster.

是的。我完全同意。我要補充的一件事是，我們知道這將是一個學習曲線，將這些井鑽到這里而不是我們的核心。從字面上看，我們一直在鑽探這個行業，那裡有數千口井，幾乎可以預測和一致。因此，在西海恩斯維爾，我們已經看到在我們鑽探的前幾口井上取得了相當不錯的進展，就我們鑽探它們的速度以及我們認為我們未來可以去的地方而言，顯然得到快多了。

And so kind of where we think we're going to end up on speed, that's also going to change the cadence of our activity down here in the Western Haynesville as we do speed up and drill these wells faster, then at some point, you can drill at a speed that's essentially like adding another rig to the place. So we're just kind of going to keep an eye on that, and that will also factor into when we add the additional rigs.

所以我們認為我們最終會加快速度的地方，這也會改變我們在西海恩斯維爾這裡的活動節奏，因為我們確實會加快速度並更快地鑽井，然後在某個時候，你可以以基本上就像在該地方添加另一個鑽機的速度進行鑽探。所以我們只是要密切關注這一點，這也會影響我們何時添加額外的鑽機。

That's great color, guys. And then really my last one, just depending on where the gas trip falls out, you could have some free cash flow, especially because you're kind of committed to drilling within your cash flow. So you might have some free cash flow on top of it. With your revolver kind of paid down, is there a strategy that the rest of that cash would maybe fund an increase in the dividend, nice and slow or is it maybe you hold the cash or do you address the 29-30 notes a little ahead of schedule? I just -- where does that excess cash go?

伙計們，這是很棒的顏色。然後真的是我的最後一個，只取決於加油站在哪裡，你可能會有一些自由現金流，特別是因為你有點致力於在你的現金流範圍內鑽探。因此，您可能還有一些自由現金流。隨著你的左輪手槍付清，是否有一種策略可以讓剩餘的現金為增加股息提供資金，既好又慢，或者你是持有現金還是提前解決 29-30 票據時間表？我只是 - 多餘的現金去哪兒了？

Well, what we said publicly, and this is -- our goal is like we would want to hold the cash. We'd want to - we kind of set a goal of creating at least $0.5 billion of a cash kind of reserve that could fund acquisitions, et cetera. So I think that's kind of where we would -- once we kind of have that established, then we kind of will look at other return of capital.

好吧，我們公開說過的，這是——我們的目標是我們想要持有現金。我們想要 - 我們設定了一個目標，即創造至少 5 億美元的現金儲備，為收購等提供資金。所以我認為這就是我們要做的——一旦我們確定了這一點，那麼我們就會考慮其他資本回報。

So given the tighter environment we're in now, obviously, the return of capital is probably push through all that out for the future, because I think we want to build this cash reserve first with additional free cash flow we generate this year.

因此，鑑於我們現在所處的環境更加緊張，顯然，資本回報可能會推動未來的所有這些，因為我認為我們希望首先用我們今年產生的額外自由現金流來建立現金儲備。

Okay. Does that maybe look materialize into like a tender offer for debt after you get that cushion or is it -- you're comfortable with your free cash flow and by the time you get to '25 and '26 and the gas demand comes back that won't really be a worry about notes?

好的。在你獲得緩衝後，這是否可能看起來像債務要約收購，或者它是——你對你的自由現金流感到滿意，到 25 年和 26 年，天然氣需求又回來了真的不會為筆記發愁嗎？

Well, I think those -- I think as far as looking at the retirement additional debt, I think that we -- really have to prioritize our free cash flow -- of those things you mentioned, the dividend, share repurchases or bond repurchases. And I think to the extent we would -- once we establish this cash reserve, I think then we will look at those 3 forms of return of capital and decide which one to pursue, which one is the best opportunity.

好吧，我認為那些 - 我認為就退休額外債務而言，我認為我們 - 真的必須優先考慮你提到的那些事情的自由現金流，股息，股票回購或債券回購。而且我認為我們會在某種程度上 - 一旦我們建立了這個現金儲備，我認為我們將研究這三種形式的資本回報並決定追求哪一種，哪一種是最好的機會。

Hi, you had to see where the bonds stayed at.

嗨，您必須查看債券的位置。

Yes, so again, we have great maturity runway, great interest cost of debt that we really the balance sheet. We just -- I think we got it in really great shape here in '22. That was what the year afforded us to do. And so we're able to navigate the lower prices because of our great cost structure, just like we navigated those low prices back when we didn't even have the great balance sheet. So that's how we're viewing it.

是的，所以我們有很好的到期跑道，我們真正的資產負債表的債務利息成本很高。我們只是 - 我認為我們在 22 年在這裡的狀態非常好。這就是這一年給我們的機會。因此，由於我們出色的成本結構，我們能夠以較低的價格導航，就像我們甚至沒有良好的資產負債表時就可以導航這些低價一樣。這就是我們看待它的方式。

Well, it sounds like you want to stay flexible and I think the markets reward you today for being flexible. So it sounds like you've good [time] guys.

好吧，聽起來你想保持靈活性，我認為今天的市場會獎勵你的靈活性。所以聽起來你們有很好的 [時間] 人。

Thank you. Thank you. Good questions.

謝謝。謝謝。好問題。

Our next question comes from the line of Jacob Roberts of Tudor Pickering Holt & Company.

我們的下一個問題來自 Tudor Pickering Holt & Company 的 Jacob Roberts。

Good morning.

早上好。

Good morning.

早上好。

Just curious, and I know it's very early days, but if you could provide any guidepost on the Western Haynesville D&C costs that you're seeing. And the comment you just made about the days to drill. Just curious if you could provide some context there and then maybe the trajectory that we might see from the Circle M and KZ Black to the 8th well?

只是好奇，我知道現在還很早，但如果你能提供任何關於你所看到的西海恩斯維爾 D&C 成本的指南。還有你剛才對鑽井天數的評論。只是好奇您是否可以在那裡提供一些背景信息，然後也許我們可以看到從 Circle M 和 KZ Black 到第 8 口井的軌跡？

Yes, it's a little too early to make any comments on that. Good question.

是的，現在對此發表任何評論還為時過早。好問題。

Fair enough, I guess, for my second one, 25 years of inventory is certainly a long runway, just the appetite, maybe not in the near term of bringing some of that value forward in the market?

很公平，我想，對於我的第二個，25 年的庫存肯定是一個漫長的跑道，只是胃口，也許不是在短期內將一些價值推向市場？

I think any company needs to have a lot of inventory. I mean I think even during COVID, there was billions and tens of billions of dollars of M&A to high-grade inventory. I think what we've done, we just said we turn to sales 55 wells a year. We've got a lot of inventory. It doesn't mean you have to drill a bunch of those wells. I think if we derisk our core areas, and we have thousands and thousands and thousands of locations.

我認為任何公司都需要有大量的庫存。我的意思是，我認為即使在 COVID 期間，也有數十億美元和數百億美元的高級庫存併購。我想我們所做的，我們只是說我們每年轉向銷售 55 口井。我們有很多存貨。這並不意味著您必須鑽一堆這樣的井。我認為，如果我們降低核心區域的風險，我們就會有成千上萬個地點。

I mean, who knows, and that's going to be worth a whole lot of money without having to drill all those wells. I'd like to have 40 years of inventory. I don't feel I have a need to sell anybody, any of my inventory just because I have a lot of it.

我的意思是，誰知道呢，如果不用鑽那麼多油井，那將值一大筆錢。我想要 40 年的存貨。我覺得我不需要賣掉任何人，我的任何庫存，只是因為我有很多。

And one of the most effective way is to -- which we've done to develop the Haynesville is -- but given the fact that the wells have a high decline initially, there's a lot -- they need a lot of takeaway when they come on. And then 5 years later, they're producing a lot less is the kind of space your development out over a long period of time. Otherwise, you have to make very, very large infrastructure investments, which are in a very prudent way to develop it.

最有效的方法之一是——我們開發 Haynesville 所做的是——但考慮到這些油井最初的下降幅度很大，有很多——他們來的時候需要大量的外賣在。然後 5 年後，他們的產量要少得多，這是你在很長一段時間內發展出來的空間。否則，你必須以非常謹慎的方式進行非常非常大的基礎設施投資來開發它。

So I mean, given the nature of our play, I think the way we develop it over this longer time frame is the most cost-effective way to get the reserves even though you don't get the net present value. But overall, you get, you don't have to either over-commit to a massive infrastructure build that you won't be able to use 5 years from now. So I think that's just the nature of the play we're in, and I think we've been prudent in the way that we do that.

所以我的意思是，考慮到我們遊戲的性質，我認為我們在更長的時間框架內開發它的方式是獲得儲備的最具成本效益的方式，即使你沒有獲得淨現值。但總的來說，您不必過度承諾構建一個 5 年後您將無法使用的大規模基礎架構。所以我認為這就是我們所處遊戲的本質，我認為我們在這樣做的方式上一直很謹慎。

And that's why given our large footprint, we actually move around areas, not because we're trying to -- we don't drill our very Tier-1 area all the time because we only have room for maybe a couple of wells a year to put into it based on the existing infrastructure. So we rotate the drilling program around to balance out the infrastructure needs. And given the activity level now is higher with, other operators that's even more critical than it used to be because there's only -- there's not a lot of extra capacity out there.

這就是為什麼鑑於我們的足跡很大，我們實際上在各個區域移動，而不是因為我們試圖 - 我們不會一直鑽探我們的一級區域，因為我們每年可能只有幾口井的空間以現有基礎設施為基礎投入其中。因此，我們輪換鑽井計劃以平衡基礎設施需求。考慮到現在的活動水平更高，其他運營商比以前更重要，因為只有 - 那裡沒有很多額外的容量。

I mean, again, I think we look at LNG build-out is going to run its course and this demand will pick up in the next several years, and we just want to be positioned to not oversupply the market to provide however much gas, the market needs we'd like to provide that in the Haynesville/Bossier.

我的意思是，再一次，我認為我們看到液化天然氣的擴建將順其自然，這種需求將在未來幾年內回升，我們只是想定位在不讓市場供應過剩的情況下，無論提供多少天然氣，我們希望在 Haynesville/Bossier 滿足市場需求。

Our next question comes from the line of Leo Mariani of MKM Partners.

我們的下一個問題來自 MKM Partners 的 Leo Mariani。

Yes guys. Was hoping you could talk a little bit more about just confidence in the Western Haynesville. Like you said, you've got 2 wells out there, but it sounds like you are committing to a fair bit of infrastructure dollars. It sounds like a decent chunk of that $100 million that you're spending on infrastructure in 2023. Are there other industry wells in and around you guys that have given you more confidence?

是的，伙計們。希望你能多談談對西海恩斯維爾的信心。就像你說的，你那裡有 2 口井，但聽起來你正在投入相當多的基礎設施資金。這聽起來像是你們在 2023 年花費在基礎設施上的 1 億美元中的一大筆錢。你們內部和周圍是否有其他行業井給了你們更多信心？

Is there a geologic model where you look at the position and think that a lot of what you have in the acreage is more homogenous and can produce homogeneous results? Can you just provide a little bit more color around confidence and the willingness to run a couple of rigs there and spend these infrastructure dollars?

是否有一個地質模型，您可以在其中查看位置並認為您在種植面積中擁有的很多東西更同質並且可以產生同質結果？您能否提供更多關於信心和在那裡運行幾個鑽井平台並花費這些基礎設施資金的意願的顏色？

Yes, I would comment, Leo, that we've done our own homework with our geological staff. We really, we had to see like in '08, technically, have we advanced enough to technically drill these wells vertically and laterally like in '08, '09, 2010, we did when we deepened the Cotton Valley to hit what is now the Haynesville Bossier in the core area. We looked at our own geology.

是的，Leo，我會評論說我們已經與地質人員一起完成了自己的作業。我們真的，我們必須像在 08 年那樣，從技術上看，我們是否已經足夠先進，可以像 2010 年 8 月、9 月那樣在技術上垂直和橫向鑽井，當我們加深棉花谷以達到現在的水平時，我們做到了Haynesville Bossier在核心區。我們研究了自己的地質情況。

We looked at our own seismic, look at our own well logs for wells that have been deepened in this particular area. And then we have leased part of that acreage. And there is another company that has drilled a couple of wells, but we don't go by what they've done or are doing. We're really doing this with our own team and with our own information, and we like the results.

我們查看了我們自己的地震，查看了我們自己的測井日誌，以了解在該特定區域已加深的油井。然後我們租用了那塊土地的一部分。還有另一家公司已經鑽了幾口井，但我們不相信他們已經做過或正在做的事情。我們真的在用我們自己的團隊和我們自己的信息來做這件事，我們喜歡結果。

So that's why we went ahead and bought the Pinnacle line at an acreage included in the Pinnacle line. So this is a kind of a self-created extension to the play that we think is going to provide the world with that extra gas that they need.

所以這就是為什麼我們繼續購買 Pinnacle 生產線的原因，該土地包括在 Pinnacle 生產線中。所以這是一種自我創造的戲劇延伸，我們認為它將為世界提供他們需要的額外氣體。

Yes, I appreciate that answer. And then just in terms of your D&C CapEx budget for 2023, it's kind of fairly wide from the low end to the high end. Can you provide a little bit of color in terms of what gets you to the low end or the high end?

是的，我很欣賞這個答案。然後就 2023 年的 D&C 資本支出預算而言，從低端到高端的範圍相當廣泛。你能提供一些關於是什麼讓你到達低端或高端的顏色嗎？

I think the -- it's wide mainly because of the exactly inflation, how much -- the high end, we assume inflation doesn't just continue to run rapid like it has and the low end, we hope to see some improvements in prices. So it's really service prices that are – it's not activity level, we think is fairly mapped out, at least based on what we want to do today, but the cost of services is where you're going to need a lot of maneuvering room, I think, to figure out what the ultimate CapEx is going to be?

我認為 - 它的範圍很廣，主要是因為通貨膨脹，有多少 - 高端，我們假設通貨膨脹不會像它那樣繼續快速運行，而低端，我們希望看到價格有所改善。所以這真的是服務價格——這不是活動水平，我們認為是相當規劃的，至少基於我們今天想做的事情，但服務成本是你需要大量操作的地方我認為，有空間弄清楚最終的資本支出是多少？

Okay, that's helpful for sure. And you guys alluded to this a little bit earlier in terms of flexibility and sort of add rigs or sort of drop rigs. But I'm just kind of curious as what would sort take for you guys to do that? And if we did get, let's say, a spike in prices later this year, would you maybe elect to kind of hedge some of that before adding rigs? I mean, it seems like the gas market has been probably the least predictable it's ever been, it feels like in the last year. It's been very hard to see kind of where it's been going here?

好的，這肯定有幫助。你們早些時候在靈活性和某種添加鑽機或某種下降鑽機方面提到了這一點。但我只是有點好奇，你們這樣做需要什麼？如果我們確實在今年晚些時候價格飆升，您是否會選擇在增加鑽井平台之前對沖其中的一部分？我的意思是，天然氣市場似乎是有史以來最不可預測的，感覺就像去年一樣。很難看出它的發展方向？

Well, I think that's -- I think the next couple of years, there's probably going to be a lot of volatility in gas and it's very little things can drive it up or down, I think. And so -- and you are assured just because you get a big spike in gas one month that it's going to stay. In the shale development, committing to a rig and committing to a program like that and the way we drill wells on pads in the development mode because it's much more cost effective, really is a longer-term decision.

好吧，我認為那是 - 我認為未來幾年，天然氣可能會出現很大的波動，而且我認為很少有因素可以推動它上漲或下跌。所以 - 你可以放心，僅僅因為你在一個月內得到了一個大的汽油峰值，它會一直存在。在頁岩開發中，致力於鑽井平台並致力於這樣的計劃以及我們在開發模式下在墊板上鑽井的方式因為它更具成本效益，確實是一個長期的決定。

So you got to kind of get very comfortable with a 6-month to 8-month plus kind of time horizon to want to add that activity versus be very reactive to just 1 month's spike. So because it takes -- if you add them, then it can take that kind of time to un-add them. So you have that flexibility, but they are -- our contracts will allow us to do it, but they're in the middle of drilling pads and all that. So it's not very practical to remove a rig in the middle of a project or something.

因此，您必須對 6 個月到 8 個月以上的時間範圍感到非常滿意才能添加該活動，而不是對僅 1 個月的峰值反應非常敏感。所以因為它需要 - 如果你添加它們，那麼取消添加它們可能需要那種時間。所以你有這種靈活性，但它們是 - 我們的合同將允許我們這樣做，但它們處於鑽井平台和所有這些中間。所以在項目或其他事情的中間移除鑽機不是很實際。

It's got to wrap it up. So yes, so it's a longer-term decision. So I think we kind of make those decisions kind of as we go into the year and then adjust as we have to. But that kind of try to overreact one way or the other, given our very strong balance sheet, great liquidity. I mean it's just, wanting to prudently meet our goals as our objective not a worry that we're going to outspend our resources.

它必須把它包起來。所以是的，所以這是一個長期的決定。所以我認為我們會在進入這一年時做出這些決定，然後根據需要進行調整。但鑑於我們非常強勁的資產負債表和巨大的流動性，這種嘗試以一種或另一種方式反應過度。我的意思是，只是希望謹慎地實現我們的目標作為我們的目標，而不是擔心我們會超出我們的資源。

Our next question comes from the line of Paul Diamond of Citi. Apologies, Paul.

我們的下一個問題來自花旗銀行的 Paul Diamond。抱歉，保羅。

Hello.

你好。

These are buying stock that's a good thing.

這些正在購買股票，這是一件好事。

Hi sir, can you hear me?

嗨，先生，你能聽到我說話嗎？

Yes.

是的。

Yes, go ahead.

好，去吧。

No, I kind of just want to just jump into -- so there's -- you said you have flexibility to add and drop additional rigs. I just wonder if you could get into a bit of color on where your priorities would be if that -- for that marginal rig or activity, whether that's to that came out of core, should we expect that next marginal want to either come out of or go back into that same core acreage or does that priorities kind of shift more towards the Western Haynesville the closer we get to the long term?

不，我只是想跳進——所以有——你說你可以靈活地添加和刪除額外的鑽機。我只是想知道你是否可以對你的優先事項有一些了解 - 對於那個邊際鑽機或活動，無論是從核心出來，我們是否應該期望下一個邊際想要從還是回到相同的核心區域，或者我們越接近長期，優先事項是否會更多地轉向西海恩斯維爾？

If we drop any rigs, they would come out of our core, not the Western Haynesville.

如果我們放棄任何鑽井平台，它們就會從我們的核心中出來，而不是西海恩斯維爾。

Understood. And then kind of the other point is, given the recent volatility we've talked about on the call today and kind of the longer-term view of much a much greater level of demand in the longer term. Has that shifted at all your guys' strategy around hedging? You recently added some more in the last quarter or is it still -- or is it still kind of a run rate to the kind of strategy you guys have been using for the last several quarters?

明白了。然後另一點是，考慮到我們今天在電話會議上談到的近期波動，以及從長遠來看需求水平要高得多的長期觀點。這是否改變了你們所有人圍繞對沖的策略？你最近在最後一個季度增加了一些，或者它仍然是 - 或者它仍然是你們過去幾個季度一直使用的那種策略的運行率？

Several months ago, we looked at, again, these 2-way collars with the Florida ceiling, and we did add another 250 million a day in the third quarter. I think we're like 34% hedged for the whole year. And we did look at the $3 floor and whatever the ceiling might be. We added at $250 million a day. I think we always, in Ron's in charge of that Ron Mills. We always look at putting some 2-way collar in.

幾個月前，我們再次研究了這些帶有佛羅里達天花板的雙向項圈，我們確實在第三季度每天又增加了 2.5 億。我認為我們全年對沖了 34%。我們確實查看了 3 美元的下限以及可能的上限。我們每天增加 2.5 億美元。我想我們總是在 Ron 的負責下，Ron Mills。我們總是考慮放入一些雙向項圈。

So we'll keep looking at that. We don't think that today is the day to do that. We did that a couple of months ago because when prices keep falling that's not when you need to make those actions. We will throttle back and forth to maintain our fortified balance sheet, and we can do that with the election -- to keep the rigs to have some DUCs et cetera. We've got a lot of controls on our panel. So we'll look at hedging.

所以我們會繼續關注這一點。我們不認為今天是這樣做的日子。我們幾個月前就這樣做了，因為當價格持續下跌時，你就不需要採取這些行動了。我們將來回節流以維持我們強化的資產負債表，我們可以通過選舉來做到這一點——讓鑽井平台擁有一些 DUC 等等。我們的面板上有很多控件。因此，我們將研究對沖。

At this time, I'd like to turn the call back over to Jay Allison for closing remarks sir?

在這個時候，我想把電話轉回 Jay Allison 的結束語，先生？

Again, it's -- we've been on this an hour or 16. I think you're still there after we hit for 16 minutes. I know they always say that your past actions probably predict your future actions. I think what we want to tell you is, that we have made responsible decisions in the past year-after-year-after-year, they've been responsible, and we will continue to make responsible decisions in the future why to protect our fortified balance sheet and to derisk the Western Haynesville.

再說一次，我們已經討論了一個小時或 16 分鐘。我認為在我們播放 16 分鐘後你還在那裡。我知道他們總是說你過去的行為可能預示著你未來的行為。我想我們想告訴你的是，我們在過去年復一年地做出了負責任的決定，他們一直在負責任，我們將來會繼續做出負責任的決定為什麼要保護我們的強化資產負債表並降低西海恩斯維爾的風險。

We thank you for supporting us in the past, and we thank you in advance for continued to support us in the future as we derisk the Western Haynesville and create the gas that the world needs and the spot that it needs in the United States. Thank all of you. Appreciate you.

我們感謝您過去對我們的支持，我們提前感謝您在未來繼續支持我們，因為我們擺脫了西海恩斯維爾的風險，並在美國創造了世界需要的天然氣和它需要的地方。謝謝大家。感謝你。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。