Comstock Resources Inc (CRK) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the fourth quarter, 2024 Comstock Resource earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持。歡迎參加康斯托克資源 2024 年第四季財報電話會議。（操作員指示）

I would like now to turn the conference over to your speaker today, Jay Allison, Chairman and CEO. Please go ahead, sir.

現在，我想將會議交給今天的演講者、董事長兼執行長傑伊·艾利森 (Jay Allison)。先生，請繼續。

Thank you and good morning, everyone. What a fantastic morning here in Frisco, Texas, with snowflakes coming down when I woke up. I looked at the temperatures in Frisco. It was 15 degrees, feeling like a minus two. I scrolled and look at New York. It was 19, feeling like five. Chicago four, feeling like a minus 4, and in Boston it was 15, feeling like two.

謝謝大家，早安。當我醒來時，德克薩斯州弗里斯科的早晨飄落著雪花，真是美妙。我查看了弗里斯科的氣溫。氣溫是 15 度，感覺像零下 2 度。我滾動瀏覽紐約。當時是 19 歲，但感覺像 5 歲。芝加哥的氣溫為 4 度，體感溫度為零下 4 度；波士頓的氣溫為 15 度，體感溫度為 2 度。

So now let me tell you the story, the latest news about Comstock Resources, which is a pure natural gas company. We're excited to report today the great success we've had to date in our Western Haynesville play in Texas.

現在讓我告訴你這個故事，關於康斯托克資源公司的最新消息，這是一家純天然氣公司。今天，我們很高興地報告我們在德克薩斯州西海恩斯維爾的演出迄今為止所取得的巨大成功。

Over the past five years, we have been acquiring acreage in the Western Haynesville based on geologic data we put together, including well logs from the many producing vertical wells in the area. Today, we hold 518,000 net acres in our Western Haynesville area in addition to our 301,000 net acres in our legacy Haynesville area.

在過去的五年裡，我們根據我們收集的地質數據（包括該地區許多生產垂直井的測井曲線）收購了海恩斯維爾西部的土地。如今，我們在海恩斯維爾西部地區擁有 518,000 淨英畝土地，此外，我們在原有的海恩斯維爾地區還擁有 301,000 淨英畝土地。

These 518,000 net acres in the western Haynesville represents a massive footprint that is fairly contiguous, allowing us to drill two wells from a single pad to hold two separate units as we drill north and south from the same pad. Our initial Western Haynesville well, the Circle M well, was turned to cells in April of 2022.

位於海恩斯維爾西部的這片淨面積為 518,000 英畝的土地代表著相當連續的巨大佔地面積，使我們能夠從一個平台鑽兩口井，以容納兩個獨立的單元，因為我們可以從同一個平台向南和向北進行鑽探。我們最初的西海恩斯維爾井 Circle M 井於 2022 年 4 月改用鑽井液。

We waited five months before we spotted our second well, evaluating the Circle M's performance. By the end of 2023, we had seven wells producing and today we have 18 Western Haynesville wells producing.

我們等了五個月才發現第二口井，並評估了 Circle M 的性能。到 2023 年底，我們有 7 口油井投入生產，目前西海恩斯維爾有 18 口油井投入生產。

During our leasing phase, our hardworking land team never lost perspective or focus as they built our position. With acquisitions and grassroots leasing, we now have around 20,000 leases that make up the 518,000 net Western Haynesville acres. Fortunately, 80% of this acreage is HPP from our acquisitions of deep rights that leaves us around 70 wells to be drilled over the next five years to HPP, the entire footprint.

在我們的租賃階段，我們勤奮的土地團隊在建立我們的地位時從未失去遠見或專注。透過收購和基層租賃，我們現在擁有約 20,000 份租約，佔西海恩斯維爾淨面積的 518,000 英畝。幸運的是，由於我們收購了深層開採權，這片土地的 80% 都是 HPP，這意味著我們在未來五年內將鑽探約 70 口井，以覆蓋整個 HPP 區域。

At the beginning of our undertaking to de-risk the Western Haynesville well by well, we made sure that 100% of our team held no distorted view of reality. Reality is truth. There's an old cowboy saying, quote, If the horse is dead, dismount, end quote.

當我們開始逐口降低西海恩斯維爾油井的風險時，我們確保團隊 100% 的成員都不會對現實抱持扭曲的看法。現實就是真理。有一句古老的牛仔諺語，引用，「如果馬死了，就下馬，結束引用」。

Well, our Western hazel horse looks to be very much alive and potentially a Triple Crown winner, even a secretariat in the making. Given the success we saw, we decided to forego the M&A market and focus on organic growth.

嗯，我們的西部榛馬看起來非常有活力，有潛力成為三冠王，甚至成為秘書處的一員。鑑於我們所看到的成功，我們決定放棄併購市場並專注於有機成長。

The challenge in the Western angel was not geological, as we are confident the shell is there. The challenge was drilling 10,000 feet horizontal wells at vertical depths of 19,000 feet where temperatures can exceed 400 degrees. As we will report today, our operations team led by Dan Harrison has met the challenge with the first 18 successful wells.

西方天使的挑戰不是地質問題，因為我們確信貝殼就在那裡。挑戰在於在 19,000 英尺的垂直深度上鑽探 10,000 英尺的水平井，溫度可能超過 400 度。正如我們今天將要報道的那樣，由 Dan Harrison 領導的營運團隊已經成功應對了前 18 口井的挑戰。

They've continued to get better and better as we H1 in on the formula to drill and complete either Bossier or Haynesville wells in this area. We have substantially reduced the well cost as then we'll review later today, which puts the returns from these wells superior to the returns we see in our legacy Haynesville area.

隨著我們深入研究在該地區鑽探和完成 Bossier 或 Haynesville 井的方法，他們的工作也變得越來越好。我們大幅降低了油井成本，我們將在今天晚些時候進行審查，這使得這些油井的回報高於我們在傳統的海恩斯維爾地區看到的回報。

We've been very cautious as we developed our Western Haynesville footprint. 2020 and 2021 were mainly focused on leasing. In 2023, we reached out to Quantum Capital Solutions to help us fund the mid-spring buildout for the new play.

我們在開發西海恩斯維爾業務時一直非常謹慎。 2020年和2021年主要專注於租賃。2023 年，我們聯繫了 Quantum Capital Solutions，希望他們能為我們新劇的仲春建設提供資金支持。

Quantum committed up to $300 million for the build out of the gathering and treating systems in the Western Haynesville. In 2024, we kept two rigs busy in the Western Haynesville and turned 11 new wells to cells, and now we have 4 rigs in the new plate and we'll drill 20 more wells this year.

Quantum 承諾投資高達 3 億美元用於建造西海恩斯維爾的收集和處理系統。2024 年，我們在西海恩斯維爾保留了兩台鑽機，並將 11 口新井改造成單元，現在我們在新板塊有 4 台鑽機，今年我們將再鑽 20 口井。

The creation of the Western Haynesville opportunity is quite a feat for a company of our size. This could not have happened without the total support of Jerry Jones and his family, who owns 71% of Cos stock. They saw the vision. They got into the weeds with us as we kept our focus to capture the prize of proving a vast natural gas reserves beneath our two 518,000 net acre footprint.

對於我們這種規模的公司來說，創造西海恩斯維爾的機會是一項了不起的成就。如果沒有傑瑞瓊斯及其家人的全力支持，這一切不可能發生，他們擁有 Cos 71% 的股份。他們看到了這個景象。他們與我們一起努力，而我們則集中精力，爭取在我們兩個淨面積為 518,000 英畝的土地下探明巨大的天然氣儲量。

Today we feel the land grab is over with us holding the 518,000 net acres. We also own and control our midstream system with Quantum as our partner. Our Western Haynesville well results look very promising at a time when America needs more natural gas to meet the growing demand for LNG, AI, and all the industrial growth along the Gulf Coast.

今天，我們感覺土地掠奪已經結束，我們擁有了 518,000 淨英畝的土地。我們也與 Quantum 合作擁有並控制我們的中游系統。在美國需要更多天然氣來滿足日益增長的液化天然氣、人工智慧以及墨西哥灣沿岸所有工業成長的需求之際，我們的西海恩斯維爾油井的成果看起來非常有希望。

Our western Haynesville is located several 100 miles from the Gulf Coast where $100 billion plus of LNG facilities are located. Our location is why LNG companies, utilities, data centers, and industrial users are contacting us to be a future supplier.

我們西部的海恩斯維爾距離墨西哥灣沿岸有幾百英里，而那裡有價值 1000 多億美元的液化天然氣設施。我們的位置是液化天然氣公司、公用事業公司、資料中心和工業用戶聯繫我們成為未來供應商的原因。

To have substantial natural gas reserves near the proximity of the growing demand on the Gulf Coast will serve us well in the next decade. The golden age of natural gas is here, and we're on the leading edge of technology to unlock the value of the Western Haynesville.

在墨西哥灣沿岸日益增長的需求附近擁有大量天然氣儲備將在未來十年為我們帶來好處。天然氣的黃金時代已經到來，我們正站在技術前沿，釋放西部海恩斯維爾的價值。

Today is the very first day we've shown the location of our 518,000 net western Haynesville acres as we have closed the large acquisitions we have been working on and captured much of the leases that we wanted. We also are providing specific well data on the first 18 wells as we now have a large enough sample size to evaluate the results.

今天是我們首次展示位於海恩斯維爾西部的 518,000 英畝淨土地位置，因為我們已經完成了一直在進行的大型收購，並獲得了我們想要的大部分租約。我們還提供了前 18 口井的具體井數據，因為我們現在有足夠大的樣本量來評估結果。

So now I'll open up this call with our standard introduction and disclaimer. If you would all go to slide one. Welcome to the Comstock Resources fourth quarter 2024 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 present.

現在我將以我們的標準介紹和免責聲明來開始本次電話會議。如果你們都去看第一張投影片。歡迎參加康斯托克資源 2024 年第四季財務與經營業績電話會議。您可以在通話期間或通話結束後造訪我們的網站 www. 觀看幻燈片簡報。Comstockresources.com 並下載季度業績報告。

There you'll find a presentation entitled Fourth quarter 2024 Results. I have Jay Allison, Chief Executive Officer of Comstock, and 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.

您會在那裡看到一份題為「2024 年第四季業績」的簡報。我請到了康斯托克的執行長傑伊·艾利森 (Jay Allison)，和我一起的還有我們的總裁兼首席財務官羅蘭·伯恩斯 (Roland Burns)、我們的首席營運官丹·哈里森 (Dan Harrison) 和我們的財務和投資者關係副總裁羅恩·米爾斯 (Ron Mills)。

Please refer to slide two in our presentations and note that our discussions today will include forward-looking statements within the meeting of securities laws. While we believe the expectations in such statements to be reasonable. There could be no assurance that such expectations will prove to be correct. Now, if you would go over to slide four or slide three, which is our 2024 accomplishments.

請參閱我們簡報中的第二張投影片，並注意我們今天的討論將包括證券法會議中的前瞻性陳述。雖然我們相信此類聲明中的預期是合理的。沒有人能保證這種預期一定是正確的。現在，請翻到第四張或第三張投影片，這是我們 2024 年的成就。

On slide three, we highlight our major 2024 accomplishments. Most importantly, we successfully navigated last year's very low natural gas prices. I realized gas price before aging of $0.198 per MCF in 2024 represented a 30-year low if you exclude the 2020 COVID year.

在第三張投影片上，我們重點介紹了 2024 年的主要成就。最重要的是，我們成功度過了去年極低的天然氣價格。我意識到，如果不考慮 2020 年的新冠疫情，2024 年老化前的天然氣價格為每 MCF 0.198 美元，是 30 年來的最低水準。

We acted early in 2024 to significantly reduce our capital spending by releasing two operated rigs and one frac spread. We also suspended our quarterly dividend to conserve cash flow. We increased our hedging program, which improved our 2024 realized gas price by 20%.

我們在 2024 年初採取行動，透過釋放兩個營運鑽機和一個壓裂裝置，大幅減少了資本支出。我們還暫停了季度股息以節省現金流。我們增加了對沖計劃，這使 2024 年實現的天然氣價格提高了 20%。

It also safeguards our 2025 and 2026 drilling programs. By targeting 50% of our expected production, we shored up our balance sheet by adding $100.5 million to an equity private placement with our majority stockholder and enhanced our liquidity with a $400 million senior notes offering during this year of low natural gas prices, we were also able to grow our Western Haynesville footprint.

它也保障了我們 2025 年和 2026 年的鑽探計畫。透過瞄準預期產量的 50%，我們透過向大股東進行股權私募增加了 1.005 億美元來鞏固我們的資產負債表，並且在今年天然氣價格低迷的時期透過發行 4 億美元的優先票據來增強我們的流動性，我們還能夠擴大我們在西海恩斯維爾的業務範圍。

We more than doubled our acres position to 518,000 net acres by acquiring 265,000 net acres at a cost of [$4 $401] per acre. We made terrific progress proving up our Western Haynesville exploratory play. We successfully turned 11 wells to cells with an average IP rate of $38 million cubic feet per day and now have a total of 18 wells producing in the play. In the fourth quarter.

我們以每英畝 [$4 $401] 的成本收購了 265,000 淨英畝土地，使我們的土地持有量增加了一倍多，達到 518,000 淨英畝。我們在證明西海恩斯維爾勘探潛力方面取得了巨大進展。我們成功地將 11 口井改造成單元井，平均 IP 速率為每天 3,800 萬立方英尺，現在油田共有 18 口井在產。在第四季。

We were able to significantly reduce our drilling and completion costs in the western Haynesville compared to the 2022 level. The drilling cost for lateral foot in our new play are down 33%, and the completion costs for lateral foot are down 28%. Overall, our 2024 drilling program delivered solid results and improved reserve growth despite the lower activity last year.

與 2022 年的水準相比，我們能夠大幅降低海恩斯維爾西部的鑽井和完井成本。我們新油田側腳鑽井成本下降了 33%，側腳完井成本下降了 28%。總體而言，儘管去年活動較少，但我們的 2024 年鑽探計畫仍取得了穩健的成果並提高了儲量成長。

We drilled 50 or 42.9 net wells successfully operated Haynesville Bossier wells with a strong average IP rate of $26 billion per day. Our 2024 drilling program replaced 107% of our 2024 production and drove 6% reserve growth with 899 BCF of drilling related reserve additions and achieved an overall finding cost of $1 per MCFA.

我們鑽了 50 口或 42.9 口淨井，成功運作了 Haynesville Bossier 井，平均 IP 率高達每天 260 億美元。我們的 2024 年鑽探計畫取代了 2024 年產量的 107%，推動了 6% 的儲量成長，鑽探相關儲量增加了 8,990 億立方英尺，實現了每 MCFA 1 美元的總體發現成本。

Despite suspending our quarterly dividend, we still deliver the highest 2024 total shareholder return among public ENP companies trading on a major exchange. If you would flip over to page four. It's the Haynesville Shell footprint. Slide four is an overview, first time ever, of our acreage footprint position in the Haynesville Bossier Shell in East Texas and North Louisiana. Note that this map is to scale. It's not distorted.

儘管暫停了季度股息，但我們仍然在主要交易所交易的 ENP 上市公司中實現了最高的 2024 年股東總回報。如果你翻到第四頁。這是海恩斯維爾殼牌公司的足跡。第四張投影片首次概述了我們在德州東部和路易斯安那州北部的 Haynesville Bossier Shell 的土地覆蓋。請注意，該地圖是按比例繪製的。它沒有變化。

We have 199,000 gross and 819,000 net acres that is perspective for commercial development of the Haynesville and Bossier Hills. On the left is our emerging Western Haynesville, and on the right is our legacy Haynesville area. Since the beginning, our leasing program in the Western Haynesville flag in 2020, we have grown our acreage position to 518,000 net acres.

我們擁有 199,000 英畝總面積和 819,000 英畝淨面積，為 Haynesville 和 Bossier Hills 的商業開發提供了前景。左邊是我們新興的西部海恩斯維爾，右邊是我們傳統的海恩斯維爾地區。自 2020 年我們在西海恩斯維爾旗實施租賃計畫以來，我們的土地面積已成長至 518,000 淨英畝。

We still have around 1,300 net locations to drill on our 301,000 net acres in the legacy Haynesville, which currently has 895 net producing wells. Our legacy Haynesville acreage is 48%. Developed for the Haysville shale and 8% developed for the Bossier hall. In comparison, our Western Haynesville has only 18 net producing wells and is virtually undeveloped compared to our legacy Haynesville.

我們在原海恩斯維爾的 301,000 淨英畝土地上仍有大約 1,300 個淨位置可供鑽探，目前共有 895 口淨生產井。我們原有的海恩斯維爾土地面積為 48%。為 Haysville 頁岩開發，8% 為 Bossier 大廳開發。相比之下，我們的西部海恩斯維爾只有 18 口淨生產井，與我們傳統的海恩斯維爾相比幾乎沒有開發。

We expect our Western Haynesville acreage to provide more inventory per acre versus the legacy Haynesville. Given the higher paid thickness and pressures we encounter in the Western Haynesville, we expect the Western Haynesville to yield significantly more resource potential per section than our legacy Haynesville. I will now turn it over to Roland to discuss the financial results reported today, Roland.

我們預計，與傳統的海恩斯維爾相比，西部海恩斯維爾的土地每英畝將提供更多的庫存。鑑於我們在西海恩斯維爾遇到的更高的付費厚度和壓力，我們預計西海恩斯維爾每個部分的資源潛力將比我們傳統的海恩斯維爾大得多。現在我將把時間交給羅蘭來討論今天報告的財務結果，羅蘭。

All right, thanks, gay. On slide five, we cover our fourth quarter financial results. Our production of the fourth quarter averaged 1.35 BCFE per day, which was 12% lower than the fourth quarter of 2023, reflecting our decision to drop two rigs early in 24 and drop and have that frac holiday that we had in the third quarter.

好的，謝謝，同性戀。在第五張投影片中，我們介紹了第四季的財務表現。我們第四季的產量平均為每天 1.35 BCFE，比 2023 年第四季低 12%，這反映了我們決定在 24 年初放棄兩座鑽機，並放棄並享受我們在第三季度的壓裂假期。

The only well we turned to sales in our legacy Haynesville area in the quarter was our horseshoe well that we discussed last quarter. So, oil and gas sales in the quarter declined 5% to $336 million due to the lower production level, which was partially offset by better natural gas prices.

本季度，我們在傳統的海恩斯維爾地區唯一實現銷售的油井是我們上個季度討論過的馬蹄井。因此，由於產量下降，本季石油和天然氣銷售額下降 5% 至 3.36 億美元，但天然氣價格上漲部分抵消了這一影響。

EIAX for the quarter was $252 million and we generated $223 million of cash flow during the quarter. The report had adjusted an income of $46 million for the fourth quarter or $0.16 per share. In the fourth quarter, we recognized the $52 million dollar tax benefit related primarily to R&D credits and other credits and also due to a reduction in the Louisiana state corporate tax rate.

本季的 EIAX 為 2.52 億美元，我們在本季產生了 2.23 億美元的現金流。該報告調整了第四季度的收入為 4,600 萬美元，即每股 0.16 美元。在第四季度，我們確認了 5,200 萬美元的稅收優惠，主要與研發抵免和其他抵免有關，同時也歸因於路易斯安那州企業稅率的降低。

A higher provision for depreciation, depletion, and amortization accounted for the loss before income taxes in the quarter. The higher amortization rate resulted from the decreased or approved undeveloped reserves which were determined under SEC rules where you have to use the first of the month average price looking back for the previous 12 months. Of course, that price was very low in 2024.

折舊、耗竭和攤提準備金的增加導致了本季所得稅前虧損。攤銷率較高是由於未開發儲量減少或獲得批准所致，這些儲量是根據美國證券交易委員會 (SEC) 規則確定的，必須使用前 12 個月每月的第一個月平均價格。當然，2024 年這個價格已經很低了。

On slide six, we recap the annual 2024 financial results. Production for the full year averaged 1.4 BCF per day, which is very comparable to the production we had in 2023. Natural gas prices that we realized in 2024 fell by 7%, resulting in our oil and gas sales decreasing 7% to $1.3 billion. EIAX in 2024 totaled $850 million and we generated $675 million of cash flow.

在第六張投影片上，我們回顧了 2024 年年度財務表現。全年平均產量為每天 1.4 BCF，與 2023 年的產量非常相似。2024年我們實現的天然氣價格下跌了7%，導致我們的石油和天然氣銷售額下降7%至13億美元。 EIAX2024 年總計 8.5 億美元，我們產生了 6.75 億美元的現金流。

With weaker natural gas prices and a higher DDA expense, we reported an adjusted net loss of $69 million in 2024 or $0.24 per share compared to the $133 million net income we had in 2023. On slide seven, we further break down our natural gas price realizations in the quarter and for the previous quarters. The quarterly NEX settlement price averaged $0.279 per MCF in the fourth quarter, and the average Henry He spot price in the quarter averaged $0.242.

由於天然氣價格疲軟和 DDA 費用增加，我們報告 2024 年調整後淨虧損為 6,900 萬美元，即每股 0.24 美元，而 2023 年的淨收入為 1.33 億美元。在第七張投影片中，我們進一步細分了本季和前幾季的天然氣價格實現。第四季NEX結算價平均為每MCF 0.279美元，本季Henry He現貨價格平均為0.242美元。

The 45% of our gas in the fourth quarter was sold in the spot market, so the appropriate market price reference price for our gas that quarter was $0.262. I realized gas price during the fourth quarter averaged $2.32 reflecting a $0.30 differential for the quarter.

我們第四季的45%的天然氣是在現貨市場上銷售的，因此該季度我們天然氣的適當市場價格參考價格為0.262美元。我意識到第四季的汽油價格平均為 2.32 美元，反映出該季度的差價為 0.30 美元。

We were 51% hedged in the fourth quarter, so that improved our gas price to $0.270. We also had a $0.05 uplift to our overall gas price utilization from purchasing third party gas to utilize our available transport. On slot eight, we detail our natural gas hedge position that we have to protect cash flows and.

我們在第四季度進行了 51% 的對沖，因此我們的天然氣價格提高了 0.270 美元。透過購買第三方天然氣來利用我們現有的運輸方式，我們的整體天然氣價格也上漲了 0.05 美元。在第八欄，我們詳細說明了我們必須保護現金流的天然氣對沖頭寸。

This year and in 2026. We have approximately 50% of our gas production heads for this year at an average price of $0.348 or better. 22% is in price swaps and the and the and the remaining is the form of cost costless collars with a floor of $0.350 and a ceiling of $0.380. For 26. 59% of our hedge position is in collars with the same floor level of $0.350 but a higher ceiling price of $0.435.

今年和2026年。我們今年約有 50% 的天然氣產量平均價格為 0.348 美元或更高。 22% 為價格互換，其餘為無成本領圈選擇權，下限為 0.350 美元，上限為 0.380 美元。對於 26.59% 的對沖頭寸，我們採用的是領子選擇權，其下限價格同樣為 0.350 美元，但上限價格更高，為 0.435 美元。

And then the remaining 41% of our 26-hedge position are in. Gas price swaps, which averaged $0.351 per MCF. On slide nine, we detail our operating cost for MCFE and our EBITDAX margin. Our operating cost averaged $0.72 in the fourth quarter, which was $0.05 lower than the third quarter rate. Our EIDAX margin improved to 73% in the fourth quarter as compared to 67% in the third quarter.

然後，我們剩下的 26 個對沖部位中的 41% 都已入市。天然氣價格互換，平均每 MCF 0.351 美元。在第九張投影片中，我們詳細說明了 MCFE 的營運成本和 EBITDAX 利潤率。我們第四季的營運成本平均為 0.72 美元，比第三季低 0.05 美元。我們的 EIDAX 利潤率在第四季度提高至 73%，而第三季為 67%。

So, our production and a taxes were down $0.03 in the quarter, primarily reflecting the lower statutory [severage] tax rate we have in Louisiana, which went into effect in the middle of the year. And our lifting cost in the quarter increased $0.03 while our gathering costs were down $0.05 in the quarter. Overall, our GNA costs were unchanged at $0.05 in the fourth quarter.

因此，本季我們的產量和稅收下降了 0.03 美元，主要反映了路易斯安那州法定的較低[污水處理]稅率，該稅率於今年年中生效。本季我們的起重成本增加了 0.03 美元，而收集成本則下降了 0.05 美元。總體而言，我們的第四季 GNA 成本保持不變，為 0.05 美元。

510, we recap our spending on drilling and other development activity that we had in the fourth quarter and for all of last year. We spent a total of $240 million on development activities in the fourth quarter, and we spent $902 billion for the full year.

510，我們回顧了第四季和去年全年在鑽井和其他開發活動上的支出。我們在第四季的開發活動上總共花費了 2.4 億美元，全年的開發活動花費了 9,020 億美元。

In 2024 we drilled 32 or 25.8 net horizontal Haynesville wells and 18 or 17.1 net [posure] wells. We turned 48 wells or 42.9 net operated wells to sales, which had an average initial production rate of $26 million per day. On plot 11, we recap our food reserves at the end of 2024 determined based on year-end NIMEX market prices,

2024 年，我們鑽了 32 口（淨 25.8 口）Haynesville 水平井和 18 口（淨 17.1 口）[暴露] 井。我們將 48 口井（或 42.9 口淨營運井）轉換為銷售井，平均初始產量為每天 2,600 萬美元。在圖 11 中，我們根據年末 NIMEX 市場價格，概括了 2024 年底的糧食儲備，

which have been adjusted for our differentials as compared to the much lower prices that we'd have to use for SEC purposes and to determine DDNA in the financial statements. Using year-end IMAX prices, we're able to grow our crude reserves about 6%, even though we had reduced overall drilling activity last year.

與我們必須用於 SEC 目的和確定財務報表中的 DDNA 的低得多的價格相比，這些價格已根據我們的差異進行了調整。根據年底的 IMAX 價格，儘管我們去年減少了整體鑽井活動，但我們的原油儲量仍能增加約 6%。

So, our approved reserves totaled seven TCFE. We added 899 BCF of drilling additions which replaced 170% of what we produced last year, 528 BCFE. We spent $902 million on that drilling program, which gives us a finding cost of right at a dollar for 2024.

因此，我們批准的儲備總額為七十億法郎。我們增加了 899 BCF 的鑽井產量，取代了去年 528 BCFE 產量的 170%。我們在該鑽探項目上花費了 9.02 億美元，這意味著 2024 年的勘探成本僅為 1 美元。

In addition to the approved reserves, there's an additional 2.1 TCFE of approved undeveloped reserves which are not included because they're not expected to be drilled within the next five year period as required by SEC rules. Otherwise they could be included in proved reserves.

除了已批准的儲量外，還有另外 2.1 TCFE 的已批准未開發儲量，這些儲量未包括在內，因為根據美國證券交易委員會 (SEC) 的規定，這些儲量預計不會在未來五年內進行鑽探。否則，它們可能會被計入已探明儲量。

Then we also have another 2.4 TCFE of 2% or probable reserves. And 6.9 TCFE of 3% or possible reserves gives the total reserve base of 18.4 TCFE on a P3 basis. This does not include the reserve potential for much of the western Haynesville acreage.

然後我們還有另外 2.4 TCFE 的 2% 或可能儲量。而 6.9 TCFE 的 3% 或可能儲備使得總儲備基礎在 P3 基礎上達到 18.4 TCFE。這還不包括海恩斯維爾西部大部分土地的儲量潛力。

Slide 12 recaps our capitalization at the end of 2024. We ended the quarter with $415 million of borrowings outstanding under our credit facility, giving us $3 billion in total debt, including our outstanding senior notes. Our borrowing base is currently at $2 billion and our elected commitment under our credit facility remains at $1.5 billion.

投影片 12 概括了我們 2024 年底的資本化。本季末，我們的信貸安排下的未償還借款為 4.15 億美元，包括未償還的優先票據在內，我們的總債務為 30 億美元。我們的借款基礎目前為 20 億美元，而我們的信貸安排下的選定承諾仍為 15 億美元。

With improved natural gas prices and the strong hedge position, we expect our leverage ratio to improve significantly as we start to report the 2025 financial results. At the end of the fourth quarter, we had approximately $1.1 billion of financial liquidity.

隨著天然氣價格的上漲和對沖頭寸的增強，我們預計在開始報告 2025 年財務表現時，我們的槓桿率將顯著改善。截至第四季末，我們的財務流動資金約為 11 億美元。

On slide 13, we summarize the market hubs that we sell our natural gas at. Our proximity to the growing natural gas demand from LNG terminals, petrochemical and industrial complexes along the Gulf Coast provides us with advantaged gas price realizations compared to most of our natural gas peers.

在投影片 13 上，我們總結了我們銷售天然氣的市場中心。我們靠近墨西哥灣沿岸液化天然氣終端、石化和工業綜合體不斷增長的天然氣需求，與大多數天然氣同行相比，這為我們提供了優勢的天然氣價格實現。

68% of our gas production is sold at Gulf Coast markets using our long-term transport agreements, with the balance sold at the regional hubs at Perryville, Carthage, and Bethel. Selling directly to end users and having access to various Gulf Coast hubs provides.

我們生產的天然氣有 68% 透過長期運輸協議銷往墨西哥灣沿岸市場，其餘的則銷往佩里維爾、迦太基和伯特利的區域樞紐。直接向最終用戶銷售並可訪問墨西哥灣沿岸的各個樞紐。

The ability to take advantage of changing market conditions, on a daily basis and then starting this year we have access to a storage facility near our Bethel plant, giving us greater operational flexibility and the ability to take advantage of seasonal pricing.

我們能夠每天利用不斷變化的市場條件，然後從今年開始，我們可以使用伯特利工廠附近的儲存設施，這為我們提供了更大的營運靈活性和利用季節性定價的能力。

On slide 14, we show the footprint of our midstream system in our western Haynesville area. In late 2023, we partnered with Quantum Capital Solutions to create Pinnacle ga Services to fund the needed expansion of our existing midstream assets in the Western Haynesville to handle the growing production from this area.

在幻燈片 14 上，我們展示了我們西部 Haynesville 地區的中游系統的足跡。2023 年末，我們與 Quantum Capital Solutions 合作成立了 Pinnacle ga Services，為我們在西海恩斯維爾的現有中游資產的擴建提供資金，以應對該地區不斷增長的產量。

So we contributed our pinnacle gathering and treating system to the partnership, and then Quantum is contributing the capital to build out the gathering and treating system in this area.

因此，我們向合作夥伴貢獻了我們頂尖的收集和處理系統，然後 Quantum 投入資金來建立該地區的收集和處理系統。

We currently have 246 miles of high-pressure pipelines that run across the middle of our acreage, as you can see on slide 14, and we have a gas treating plant at Bethel at the north end of our system, and we're currently constructing a new $400 million a day treating plant at Marquey, Texas on our southern end. So now I turn over to Dan to discuss our operations.

我們目前擁有 246 英里的高壓管道，貫穿我們土地的中部，正如您在第 14 張幻燈片上看到的，我們在系統北端的伯特利擁有一座天然氣處理廠，我們目前正在南端的德克薩斯州馬基建造一座新的日產 4 億美元的處理廠。現在我請丹來討論我們的營運。

Okay, thanks rolling. If you look at slide 15, this is our updated drilling inventory, at the end of last year, 2024. Our total operated inventory year-end stands at 1,548 gross locations and 1,211 net locations which equates to a 78% average working interest. Our non-operated inventory, we have 1,110 gross locations or 139 net locations which represents a 13% average working interest.

好的，謝謝滾動。如果您看投影片 15，這是我們截至去年年底（即 2024 年）的最新鑽井庫存。我們年末的總營運庫存為 1,548 個總位置和 1,211 個淨位置，相當於 78% 的平均工作權益。我們的非營運庫存共有 1,110 個總位置或 139 個淨位置，平均工作權益為 13%。

The drilling inventory is split between Haynesville and Bossier Wells, divided into our four categories by length. Our short laterals are less than 5,000 feet. Our medium laterals are between 5,000 and 8,500 feet. Our long laterals are between 8,500 and 10,000 feet, and our extra-long laterals are all laterals over 10,000 feet. In our gross operated inventory, we now have 53 short laterals, 337 medium laterals.

鑽井庫存分佈在海恩斯維爾和博西爾威爾斯，依長度分為四類。我們的短水平管長度不到 5,000 英尺。我們的中型水平井長度在 5,000 至 8,500 英尺之間。我們的長水平管長度在 8,500 至 10,000 英尺之間，我們的超長水平管長度均超過 10,000 英尺。在我們的總營運庫存中，我們現在擁有 53 個短水平井和 337 個中水平井。

570 long laterals and 588 extra long laterals. A gross operated inventory is evenly split with 51% in the Haynesville and 49% in the Bossier. The updated drilling inventory also includes the impact of identifying 113 horseshoe locations. The average lateral length that our inventory is now at 9,603.

570 條長平移管道和 588 條超長平移管道。總營運庫存量平均分配，海恩斯維爾佔 51%，博西爾佔 49%。更新後的鑽探清單還包括確定 113 個馬蹄鐵位置的影響。我們庫存的平均橫向長度目前為 9,603。

This is up from 9,261 feet at the end of the third quarter due to converting more of our short laterals to the long lateral horseshoe wells. 75% of our inventory is now composed of las greater than 10,000 feet.

由於我們將更多的短水平井轉換為長水平馬蹄井，這一數字比第三季末的 9,261 英尺有所上升。目前，我們 75% 的庫存都由長度超過 10,000 英尺的木材組成。

And our inventory provides us with over 30 years of future drilling locations based on our current activity levels. On slide 16 is a chart outlining our average lateral length drilled based on the wells that have been drilled and have reached TD or total depth.

根據我們目前的活動水平，我們的庫存為我們提供了未來 30 多年的鑽井位置。投影片 16 上的圖表概述了根據已鑽探並達到 TD 或總深度的井所鑽探的平均水平長度。

We have split out the data between both our legacy Haynesville and western Haynesville areas. In 2024, the 39 wells that reached the total depth in the legacy hangs at an average lateral length of 10,922 feet. The individual lengths range from 4,222 feet to 17,400 feet. So, our record longest slider now stands at these 17,400 feet.

我們已經將數據劃分到我們傳統的 Haynesville 地區和西部 Haynesville 地區。到 2024 年，達到遺留深度的 39 口井的平均水平長度為 10,922 英尺。單一長度範圍從 4,222 英尺到 17,400 英尺。因此，我們的最長滑行紀錄目前是 17,400 英尺。

In 2024, the 11 wells that reached total depth in the western Haynesville had an average la length of 10,182 feet. The longest ladder we've drilled today in the western Haynesville had a la length of 12,763 feet. In the fourth quarter, we only turned one well to sales in the legacy Haynesville area, and this was our Sebastian [#5] horseshoe well that we discussed on our third quarter conference call.

2024 年，海恩斯維爾西部達到總深度的 11 口井的平均長度為 10,182 英尺。我們今天在海恩斯維爾西部鑽探的最長的梯子長度為 12,763 英尺。在第四季度，我們僅在 Haynesville 地區的一口井實現了銷售，這就是我們在第三季度電話會議上討論過的 Sebastian [#5] 馬蹄井。

In the western Haynesville, we turned six wells to sales during the fourth quarter and five of these wells were turned to sales over the last 10 days of the quarter of the year. To recap our long lateral activity today, we've drilled 110 wells with laterals, longer than 10,000 feet, and we have 40 wells with laterals over 14,000 feet.

在海恩斯維爾西部，我們在第四季將六口井轉變為銷售井，其中五口井在本季的最後 10 天內轉變為銷售井。回顧我們今天的長水平井活動，我們已經鑽了 110 口水平井，長度超過 10,000 英尺，還有 40 口水平井長度超過 14,000 英尺。

17 outlines the wells that were turned the cells in the legacy Haynesville in 2024. In 2024, we turned 37 wells in the legacy Haynesville to sales. The individual IP rates on these wells range from $9 million a day up to $42 million cubic feet a day with an average test rate of $23 million a day. The average laal length was 10,104 feet, and the individual laterals ranged from 4,222 feet to 15,303 feet.

17 概述了 2024 年 Haynesville 遺留計畫中的細胞轉變井。2024 年，我們將位於 Haynesville 的 37 口油井投入銷售。這些油井的單一 IP 費率從每天 900 萬美元到每天 4,200 萬立方英尺不等，平均測試費率為每天 2,300 萬美元。平均支管長度為 10,104 英尺，單支管長度從 4,222 英尺到 15,303 英尺不等。

This list includes our first horse, you will, the Sebastian 11 HU number five that was turned to sales in October with an IP rate of $31 million a day. Which we discussed on the third quarter call. Other than the horseshoe well, we did not turn any new wells to sales in the fourth quarter, so we deferred that completion activity to wait for the improved natural gas prices.

這份名單包括我們的第一匹馬，Sebastian 11 HU 五號，它在 10 月開始銷售，每天的 IP 費率為 3100 萬美元。我們在第三季電話會議上討論過這個問題。除馬蹄井外，我們在第四季度沒有將任何新井轉化為銷售，因此我們推遲了完井活動以等待天然氣價格上漲。

Two of our six rigs are currently drilling on our legacy Haynesville acreage. We do expect to add another rig to the legacy area later this year, if the gas prices remain attractive. Slide 18 outlines the wells that we turned the cells in the western Haynesville in 2024.

在我們的六台鑽孔機中，有兩台目前正在我們原有的 Haynesville 油田上鑽探。如果天然氣價格仍然具有吸引力，我們確實希望在今年稍後在傳統區域增加另一個鑽井平台。幻燈片 18 概述了我們在 2024 年將細胞轉變成海恩斯維爾西部細胞的孔。

In 2024, we had 11 wells turned to sales. The individual IP rates on these wells ranged from $31 million a day up to $44 million cubic feet a day with an average test rate of $38 million cubic feet per day. The average la length was 10,0032 feet, and the individual levels range from 7,764 feet up to 12,0055 feet.

2024年，我們有11口油井實現銷售。這些油井的單一 IP 費率從每天 3,100 萬美元到每天 4,400 萬立方英尺不等，平均測試費率為每天 3,800 萬立方英尺。平均長度為 10,0032 英尺，各個層級的高度範圍從 7,764 英尺到 12,0055 英尺。

6 of the 11 wells were returned to sales in the fourth quarter and five of those turned sales the last 10 days of the year. We do have four of our six rigs are currently drilling on our western Haynesville acreage. Slide 19 highlights the total drilling days and the footage per day drilled in the legacy Haynesville.

11 口油井中有 6 口在第四季恢復銷售，其中 5 口在去年最後 10 天恢復銷售。在我們的六台鑽孔機中，目前有四台正在海恩斯維爾西部的油田上進行鑽探。投影片 19 重點介紹了 Haynesville 遺留鑽井的總天數和每天的鑽井進尺。

In 2024, our wells in the legacy Haynesville area averaged 26 days, the total depth. This represents a 10% improvement over 2023. Over the last eight years, our drilling time in the legacy Haynesville area has averaged 27.5 days. The improvement in the drilling days is a function of the footage of drilled per day.

2024 年，我們在 Haynesville 地區的油井平均總深度為 26 天。這比 2023 年提高了 10%。在過去的八年裡，我們在 Haynesville 地區的鑽井時間平均為 27.5 天。鑽井天數的增加取決於每天鑽井進尺的增加。

In 2024, we averaged 920 feet per day drilled in the legacy Haynesville, representing a 6% improvement over the 2023 average of 867 feet per day. Since 2017, the footage you wrote per day has increased 35% with the fourth quarter of 24. The footage drilled per day of 1,0012 feet is up 49% since 2017.

2024 年，我們在 Haynesville 原有油田的平均日鑽探深度為 920 英尺，比 2023 年的平均日鑽探深度 867 英尺提高了 6%。自 2017 年以來，您每天編寫的腳本數量已增加了 35%，其中第四季度為 24 個。每日鑽井進尺為 1,012 英尺，自 2017 年以來成長了 49%。

Our best well drilled to date in the legacy Haynesville average 1,461 feet per day. There's a number of drivers to the recently improved drill times in the legacy Haynesville. The main driver has been drilling the longer laterals since 2017, our average lateral length has increased by nearly 4,000 feet.

迄今為止，我們在海恩斯維爾鑽探的最好的井平均每天深 1,461 英尺。在傳統的海恩斯維爾地區，最近改進的鑽探時間有多種驅動因素​​。自 2017 年以來，主要驅動力一直是鑽探更長的水平井，我們的平均水平井長度增加了近 4,000 英尺。

In addition to just the normal things that minimizing problems and maintaining consistency or other factors leading the drilling efficiencies and then the application of managed pressure drillings, rig upgrades, and the continued improvement in our downhole motor performance.

除了正常的事情，例如盡量減少問題、保持一致性或其他因素，從而提高鑽井效率，然後應用控制壓力鑽井、鑽機升級以及持續改進我們的井下馬達性能。

Slide 20 highlights the significant improvements achieved in our drilling times in the western Haynesville. Since we split our initial well in the fourth quarter of 2021, we have seen significant and continuous improvement in our drilling times. Our first three wells were drilled in 2022 and averaged 95 days to reach TD and this includes executing a very difficult sidetrack we had on our second well.

幻燈片 20 重點介紹了我們在海恩斯維爾西部鑽井時間方面取得的顯著進展。自 2021 年第四季拆分第一口井以來，我們的鑽井時間得到了顯著且持續的改善。我們的前三口井於 2022 年鑽探，平均耗時 95 天才達到 TD，其中包括執行第二口井的非常困難的側鑽。

Our average drilling time improved 26% down to 70 days in 2022 and we improved another 19% down to 57 days in 2024. We've drilled 21 wells to total depth through the end of the year. The fastest well was drilled to TD in 41 days, and that was during the fourth quarter.

2022 年，我們的平均鑽井時間縮短了 26%，降至 70 天；2024 年，我們的平均鑽井時間又縮短了 19%，降至 57 天。截至今年年底，我們已鑽探了 21 口井。最快的一口井在 41 天內就鑽到了總深度，這發生在第四季度。

This represents an improvement of 45% or 35 days compared to our first well. Our first well it was drilled to total depth in 75 days. The improvement in drilling days is a function of the footage drilled per day, and our first three wells in 2022 averaged 281 feet per day, and that has steadily improved to 487 feet per day in 2024.

與我們的第一口井相比，這提高了 45% 或 35 天。我們的第一口井在 75 天內就鑽到全深了。鑽井天數的改善取決於每日鑽井進尺，我們 2022 年的前三口井平均每日鑽井進尺為 281 英尺，而到 2024 年則穩步提高到每日 487 英尺。

We averaged 547 feet per day in the fourth quarter of 24, and the fastest well in this group drilled a record 608 feet per day. On average, our daily drilling footage has doubled since we started in 2022 through the end of 24.

在 24 年的第四季度，我們平均每天鑽探 547 英尺，而該組中最快的井每天鑽探速度創下了 608 英尺的記錄。自 2022 年開始到 2024 年底，我們的每日鑽井進尺平均增加了一倍。

And there's several drivers behind, our improved drilling performance, in the Western Haynesville. Starting in the vertical hole, we've improved our casing point selections, we've streamlined our casing designs.

我們在西部海恩斯維爾的鑽井業績有所提高，這背後有幾個驅動因素。從垂直孔開始，我們改進了套管點選擇，簡化了套管設計。

We've achieved faster drilling in the vertical improved bit selection, and the, and in the ladders, we're utilizing thermal drill pipe and continue to see more consistent downhole motor performance as we continue to have, just with the additional drilling activity.

我們在垂直改進鑽頭選擇方面實現了更快的鑽井速度，並且在梯子中，我們正在利用熱鑽桿，並且隨著鑽井活動的增加，我們將繼續看到更一致的井下馬達性能。

We also started incorporating two well pads in our drilling program in mid, in the middle of last year. Slide 21 is a summary of our, is the summary of our DNC cost through the 4th quarter for Bits marked long lateral wells, located on the East Texas, North Louisiana legacy acreage position.

我們也於去年年中開始在鑽井計畫中加入兩個井場。投影片 21 是我們對位於德州東部、路易斯安那州北部傳統開採區域長水平井鑽頭第四季 DNC 成本的總結。

This covers all the wells with las greater than 8,500 feet in length. Our drilling costs are based on when the wells reach TD. This better aligns with when the drilling dollars are spent. Our completion cost perfo continues to use the turn to sales dates.

這涵蓋了所有長度超過 8,500 英尺的油井。我們的鑽井成本取決於井達到鑽井深度的時間。這與鑽井資金的使用時間更一致。我們的完成成本表現繼續使用銷售日期。

In the fourth quarter, our drilling cost averaged $660 a foot. This is a 1% decrease compared to the third quarter. And in the fourth quarter, our completion costs came in at $863 a foot. Which represents a 7.5% increase compared to the third quarter.

第四季度，我們的鑽井成本平均為每英尺 660 美元。與第三季相比下降了 1%。第四季度，我們的完工成本為每英尺 863 美元。與第三季相比成長了7.5%。

During the fourth quarter, we only turned the one well to sales in the legacy Haynesville, and that was that Sebastian, 11 HU number five single horseshoe. That we turn to sales in October. Both the drilling and completion cost trends show the impact of the significant inflation that took place starting in 2022.

在第四季度，我們僅在 Haynesville 的舊款中實現了一口井的銷售，那就是 Sebastian，11 HU 五號單馬蹄鐵。我們將在十月開始銷售。鑽井和完井成本趨勢均顯示出自 2022 年開始的大幅通膨的影響。

And looking ahead, we're anticipating our D&C cost on the legacy Haynesville acreage to remain relatively flat to slightly lower for the next couple of quarters. We just start seeing our pipe prices come down late last year. We do expect to maintain these cost savings through the next couple of quarters.

展望未來，我們預計未來幾個季度內，Haynesville 原有土地的 D&C 成本將保持相對穩定或略低。我們剛剛看到管道價格在去年年底下降。我們確實希望在接下來的幾個季度內保持這些成本節約。

The cost expectations are a little more uncertain out past mid-year with the potential uptick in activity looming with the higher gas prices. And the possible tariff discussions that are weighing on pipe prices. We are currently running two rigs on our legs to Haynesville acreage, and we anticipate adding a third rig later this year if the gas prices stay attractive.

隨著汽油價格上漲，活動可能會出現上升趨勢，因此年中之後的成本預期會變得更加不確定。可能的關稅討論也對管道價格產生影響。目前，我們在海恩斯維爾油田運行兩台鑽機，如果天然氣價格保持吸引力，我們預計今年稍後將增加第三台鑽機。

On slide 22, this is a summary of our DNC costs through the fourth quarter for all the wells we've drilled in the Western High School. This slide provides the drilling and completion costs for all the wells we've drilled into the play to date. We have spent a large amount of exploratory capital on our first 10 to 12 wells drilled in the western Haynesville, as evidenced by the higher drilling and completion costs.

第 22 張投影片總結了我們在西部高中鑽探的所有油井在第四季度的 DNC 成本。這張投影片提供了我們迄今為止在該油田鑽探的所有油井的鑽井和完井成本。我們在海恩斯維爾西部鑽探的前 10 到 12 口井上投入了大量的勘探資金，鑽井和完井成本較高就是明證。

Through the early part of 2024, we've accumulated a wealth of knowledge, drilling those early wells, that is now paying big dividends for us. The early exploratory DNC capital allowed us to H1 in on the good well designed for future wells, and as a result, we've been able to reduce our latest DNC capital to a point lower than our original estimates of roughly double, what our legacy Haynesville wells cost.

到 2024 年初，我們累積了豐富的知識，鑽探了那些早期的油井，現在這些油井正在為我們帶來巨大的回報。早期的探索性 DNC 資本使我們能夠在為未來油井設計的優質油井上進行 H1 投資，因此，我們能夠將最新的 DNC 資本降低到低於我們最初估計的水平，即大約是我們傳統的 Haynesville 油井成本的兩倍。

Our fourth quarter drilling costs averaged $1,396 a foot, while our fourth quarter completion costs came at $1,315 a foot. In addition to some of the main drivers affecting our drilling efficiency, such as the streamlined casing design, faster drilling.

我們第四季的鑽井成本平均為每英尺 1,396 美元，而第四季的完井成本為每英尺 1,315 美元。除了影響我們鑽井效率的一些主要驅動因素，例如流線型套管設計、更快的鑽井速度。

In the vertical hole, utilization of the thermal drill pipe and our improved run times in the lateral, this also, comes from the impacts of starting our two well pads in our drilling program in the middle of last year, which help us to save additional days off our drill times.

在垂直井中，熱鑽桿的利用和水平井運行時間的改善，也來自於去年年中啟動鑽井計畫的兩個井場的影響，這有助於我們節省額外的鑽井時間。

We've also had great execution on our completions and integrating the two well pads into our program has allowed us to be much more efficient with our freight crews and our wildland crews.

我們的完井工作也執行得非常出色，將兩個井場整合到我們的計畫中，使我們的貨運人員和野外作業人員的效率大大提高。

We do currently have the four rigs running in the Western Haynesville, and we do anticipate staying with the four rigs in the Western Haynesville for the near future. Also means, all our Western Haynesville rigs are new rigs that we had purpose built with our Western Haynesville drilling program in mind.

我們目前確實有四台鑽機在西海恩斯維爾運行，並且我們預計在不久的將來仍將繼續使用這四台鑽機在西海恩斯維爾運行。這也意味著，我們所有的 Western Haynesville 鑽井平台都是新鑽井平台，我們專門為 Western Haynesville 鑽井計畫建造了這些鑽井平台。

In closing, I just want to say to get where we are today has been highly rewarding. It's been a total team effort across the board. Everybody pushing to improve in all phases of our operations. I'll now turn the call back over to Jay.

最後，我只想說，我們能有今天的成就是非常值得的。這是整個團隊共同努力的成果。每個人都在努力改進我們營運的各個階段。我現在將電話轉回給傑伊。

As all of that's a lot of data when you include the Western Haynesville, rolling down, thank you for the transparency for the fourth quarter and the full year 2024. If everyone would go to slide 23. I direct you to slide 23 where we summarize our outlook for 2025.

如果把西海恩斯維爾也算上的話，那麼這些數據就非常龐大了，感謝您對第四季和 2024 年全年數據的透明度。如果每個人都去看投影片 23。請看第 23 張投影片，我們在此總結了 2025 年的展望。

In 2025, we will remain primarily focused on building a great asset in the Western Haynesville that will position us to benefit from the longer-term growth in natural gas demand. We currently have four operated rigs drilling in the western Haynesville, as Dan said, to continue to delineate the new play.

2025 年，我們將繼續主要致力於在海恩斯維爾西部打造優質資產，這將使我們能夠從天然氣需求的長期成長中受益。正如丹所說，我們目前在海恩斯維爾西部有四台鑽機在運行，以繼續劃定新的油氣儲量地段。

We expect to drill 20 or 19.9 net wells and turn 17 or 16.9 net wells to cells in the western Haynesville this year. We will continue to build out the Western Haynesville midstream assets to keep up with the growing production from the area.

我們預計今年將在海恩斯維爾西部鑽探 20 口或 19.9 口淨井，並將 17 口或 16.9 口淨井轉變為單元。我們將繼續建造西部海恩斯維爾中游資產，以跟上該地區不斷增長的產量。

Midstream expenditures are expected to be $130 million to $150 million. They will all be funded by our midstream partner. In the legacy Haynesville, we will run two or three rigs depending upon prices, to build production back up by the fourth quarter. We expect to drill 26 or 20.4 net wells and turn 29 or 22.8 net wells to sales in the legacy angel this year.

中游支出預計為1.3億至1.5億美元。它們都將由我們的中游合作夥伴資助。在傳統的海恩斯維爾，我們將根據價格運行兩到三個鑽機，以便在第四季度恢復產量。我們預計今年將在傳統天使中鑽探 26 口或 20.4 口淨井，並將 29 口或 22.8 口淨井轉化為銷售井。

We anticipate funding our drilling program, as Roland said, out of operating cash flow and use any excess cash flow to pay down debt. We continue to have the industry's lowest producing cost structure and expect drilling efficiencies to continue to drive down DNC costs in 2025 in both the Western and Legacy angel assets.

正如羅蘭所說，我們預計利用經營現金流為我們的鑽探計劃提供資金，並使用任何多餘的現金流來償還債務。我們繼續擁有業內最低的生產成本結構，並預計到 2025 年，鑽井效率將繼續降低 Western 和 Legacy 天使資產的 DNC 成本。

With strong financial liquidity totaling almost $1.1 billion. Note on slides 24 and 25, we provide some specific guidance for the rest of the year. We'll now turn the call back to the operator to answer questions from analysts who follow the company.

擁有強大的財務流動性，總額近11億美元。請注意幻燈片 24 和 25，我們為今年剩餘時間提供了一些具體指導。我們現在將電話轉回給接線員，以回答關注該公司的分析師的問題。

Thank you. (Operator Instructions).

謝謝。（操作員指令）。

And our first question will come from Derek Kapavik with Texas Capital. Your line is open.

我們的第一個問題來自德州資本的 Derek Kapavik。您的線路已開通。

Well, good morning all and thanks for your time. Also, congratulations on the position you assembled in the Western Haynesville as your math is a dream scenario for anyone pursuing an organic leasing program in a new basin.

大家早安，感謝你們抽出時間。此外，恭喜您在西海恩斯維爾取得的成就，因為對於任何在新盆地中推行有機租賃計劃的人來說，您的數學都是一個夢想的場景。

Thank you.

謝謝。

I have two questions that are both related to Western Haynesville. So, referencing slide 18, you're drilling arguably the deepest and most complex parts of your position today as we understand the geology. Do you have a view on reservoir quality as you move to the west to the shallower portions of the subbasin. Surely D&C costs would decrease, but there's, is there a chance that reservoir quality would support recoveries in the 2.5 to 3 BCF perfo zip code?

我有兩個問題都與 Western Haynesville 有關。因此，請參考投影片 18，根據我們了解的地質情況，您正在鑽探的位置可以說是最深、最複雜的部分。當您向西移動到盆地較淺的部分時，您對儲層品質有何看法？當然，D&C 成本會降低，但是，儲層品質是否有可能支持 2.5 至 3 BCF 穿孔郵遞區號的採收率？

There, this is, I think that that's a very good question. We are drilling the deeper, the deepest, hottest stuff, if you look at where the well locations are across the acreage, we haven't drilled anything, up there on that part of the acreage. A lot of that stuff is HBP acreage. So, we're drilling the stuff that we've leased in the hole and so that'll kind of keep us down in that.

這就是，我認為這是一個非常好的問題。我們正在鑽探更深、最深、最熱的東西，如果你看看整個土地上的井位，你會發現我們在那部分土地上還沒有鑽任何東西。其中很多都是 HBP 土地。所以，我們正在鑽探我們在洞中租賃的東西，這樣可以讓我們保持低調。

General area and as we found up to the northeast for the kind of the near-term activity in the next couple of years.

總體而言，正如我們所發現的，未來幾年東北地區將會出現類似的短期活動。

But kind of answer your question, I think, as you get up in that acreage you're talking about, it does get shallower, the TBDs get shallower and a little bit cooler.

但是回答你的問題，我認為，當你到達你談論的那個區域時，它確實會變淺，TBD也會變淺並且變得更涼爽。

So, I think it just remains to be seen what the EURs are going to look like, but I would certainly think maybe, a hair less just if you just correlate it to depth, but we also expect our DNC costs are going to be a lot lower, when we drill up there in the future.

因此，我認為 EUR 將會是什麼樣子還有待觀察，但我肯定會認為，如果只是將其與深度相關聯，那麼可能會少一點，但我們也預計，當我們在未來在那裡鑽探時，我們的 DNC 成本將會低很多。

And I think our DNC costs are going to be a lot lower just drilling where we're at now in the future. We're still kind of going up the learning curve. We haven't plateaued yet on even the lower costs that we're at today.

我認為，未來只要在我們現在所在的地方鑽探，我們的 DNC 成本就會低很多。我們仍在不斷學習。即使目前成本較低，我們的成本也尚未達到穩定水準。

And to your point, I think it's really good. We didn't start out with the easy depths. We started out with the deeper depths, the hottest depths, and we looked at what reality looked like, and they look really good and that's where we ended up with these 18 wells.

就你的觀點而言，我認為這真的很好。我們一開始並不是從容易的深度開始的。我們從更深的深度、最熱的深度開始，然後我們觀察了實際情況，它們看起來非常好，最終我們得到了這 18 口井。

It was a big enough data set so that we could actually come out and talk about the cost and in all major tier one plays. The more you drill the wells and complete them, typically the cost structure comes down exactly like it did in the core of the hands of Bossier going back to 2008 to 2011.

這是一個足夠大的數據集，因此我們實際上可以討論所有主要一級劇目的成本。鑽井和完井越多，成本結構通常就會下降，就像 2008 年至 2011 年博西爾手中的核心部分。

And that's my follow up. I wanted to focus on the DNC cost compression you're highlighting on page 22, specifically focusing on the completion side. The degree of the step down in Q4 suggests there's more opportunities there, which is kind of what Dan suggested as well.

這就是我的後續行動。我想重點關注您在第 22 頁強調的 DNC 成本壓縮，特別是專注於完成方面。第四季的下降程度表明那裡有更多的機會，這也是丹所建議的。

But in comparison to your legacy handful, is the added cost largely associated with higher treating pressures? Are there or are there other considerations? And I guess more broadly how much lower could you drive that?

但與你們原有的少數產品相比，增加的成本是否主要與更高的處理壓力有關？有沒有或有其他的考量？我想更廣泛地說，你能把這個數字降低多少？

I think we have more room to probably lower our cost on the drilling side. I mean, we've seen a bigger drop on the drilling side than the completion side. I think, we have room to lower the completion cost a little bit further. I think that Q4 cost we have in there at $1,315 a foot. That's kind of a number that we're planning with for the future wells just for forecasting.

我認為我們還有更大的空間來降低鑽井方面的成本。我的意思是，我們看到鑽井方面的降幅比完井方面的降幅更大。我認為，我們還有進一步降低完工成本的空間。我認為 Q4 的成本是每英尺 1,315 美元。這是我們為未來油井規劃時使用的數字，僅用於預測。

Kind of, you asked about treating pressures, yes. So, as far as compared to the legacy Haynesville, the treating pressures are definitely much higher down here just based on the depth and the frac gradients.

是的，您問的是治療壓力的問題。因此，與傳統的 Haynesville 相比，僅從深度和壓裂梯度來看，這裡的處理壓力肯定要高得多。

The beauty is in the Western Haynesville, the fracs very consistently, so it's been really kind of trouble-free, but It's a lot more horsepower and we do pump slightly bigger jobs in the western Haynesville. On average, we pump about GBP4,000 per foot and in the core, we pump about GBP3,500 per foot. So that's also part of it.

最美妙的地方是在海恩斯維爾西部，壓裂非常穩定，所以幾乎沒有遇到什麼問題，但它的馬力要大得多，而且我們在海恩斯維爾西部的泵送作業也確實更大一些。平均而言，我們每英尺泵送約 4,000 英鎊，而在核心區，我們每英尺泵送約 3,500 英鎊。這也是其中的一部分。

Yeah, and then I, I'd have to just, yeah, you look at Comparing the Western Haynesville to the legacy Haynesville, I mean, we are having to build all the infrastructure, the new pads. I mean, we're really starting from scratch there and the legacy Haynesville, you've got a lot of infrastructure that we built a long time ago and we're often using pads we built a long time ago.

是的，然後我，我必須，是的，你看一下將西部海恩斯維爾與傳統的海恩斯維爾進行比較，我的意思是，我們必須建造所有的基礎設施，新的平台。我的意思是，我們真的是從零開始，而傳統的海恩斯維爾有很多我們很久以前建造的基礎設施，而且我們經常使用很久以前建造的平台。

So, there's a huge difference in the upfront cost. These early wells are bearing all that cost, in the numbers and then as you come back and Infill drill and continue to develop it, you'll have less and less of that cost, the future wells would be able to utilize that investment we're making today.

因此，前期成本存在巨大差異。從數量上看，這些早期油井承擔了所有的成本，然後隨著你回來進行加密鑽探並繼續開發，你的成本會越來越少，未來的油井將能夠利用我們今天所做的投資。

Yeah, and I just add to what Roland said, we are building larger paths in the western highs to be able to come back and drill future wells.

是的，我補充羅蘭所說的話，我們正在西部高地建造更大的道路，以便能夠回來鑽探未來的油井。

Great update guys.

很棒的更新，夥計們。

Thank you.

謝謝。

And the next question comes from Carlos Escalante with Wolf Research. Your line is open.

下一個問題來自 Wolf Research 的 Carlos Escalante。您的線路已開通。

Hey, good morning, gentlemen. I wanted to first congratulate you all on the incremental collar on the Western Angel. It's really encouraging to see the results. Let me start with a follow up to the last question, but more geared toward the development plan.

嘿，先生們，早安。首先，我要祝賀你們所有人獲得西方天使的增量領。看到這樣的結果確實令人鼓舞。讓我先回答上一個問題，但更專注於發展計劃。

Could you speak, this is perhaps for Dan, could you speak to what a typical development plan would look like for your average Western Haynesville pad in terms of how many wells you would expect on any given pad. And what your general assumption for spacing would be, knowing, of course, that it's probably too early to know what the right spacing is.

您能否說一下，這也許是給丹的，您能否談談對於西海恩斯維爾平台的平均開發計劃是什麼樣的，就任何給定平台預計會有多少口井而言。您對間距的一般假設是什麼，當然，要知道現在知道正確的間距可能還為時過早。

Yeah, I, the last piece of that is definitely too early, drilling the whole acres, the wells are spread out, so we haven't really H1d in on what the spacing's going to be. I think we're going to have to accumulate a lot of data in the future to H1 in on what the optimum spacing will be, in the Bossier versus in the Haynesville, areas where it's thicker versus thinner.

是的，我認為最後一點肯定還為時過早，鑽探整個土地，井分散開來，所以我們還沒有真正確定間距是多少。我認為我們將來必須累積大量數據來確定最佳間距，在博西爾和海恩斯維爾，在厚度較大和厚度較小區域。

I think we're going to all yield different answers. So, I don't have a direct answer to that question, but as far as future development, we strive to drill everything with two well pads that we can, we're drilling and we're holding acreages in some places you just can't, we just don't, the acreage doesn't give you the opportunity to drill two laterals, two wells on the pad.

我想我們都會得到不同的答案。所以，我沒有直接回答這個問題，但就未來的發展而言，我們努力用兩個井場鑽探所有東西，我們正在鑽探，並且我們在某些​​地方保留了土地，你就是不能，這些土地不會讓你有機會在井場上鑽兩個水平井、兩個井。

So, I think we're probably looking at about half 50% maybe 60% of our wells any given year will be on two well pads and the others will be singles. We strive to make as many two well pads as we can, but that's probably going to be our mix for the next couple of years.

因此，我認為我們每年大概有一半、50% 甚至 60% 的油井會採用雙井場，其餘的則是單井場。我們努力建造盡可能多的兩個井場，但這可能是我們未來幾年的計畫。

And one thing we TRY to do, you look, we de-risk maybe 26 miles of display, we show it on the map, and our goal is by the end of 2025 drilling 20 more wells. And hopefully all of those are to hold acreage, maybe one or two, we just have to drill outside of holding acreage.

我們嘗試做的一件事是，你看，我們降低了大約 26 英里的顯示風險，我們在地圖上顯示了它，我們的目標是到 2025 年底再鑽 20 口井。希望這一切都是為了控制面積，也許有一兩個，我們只需要在控制面積之外鑽探。

But the goal is to drill all of those wells to delineate what this footprint really looks like, what the value is, what the resource potential is, and along with our partner with Quantum, we will build the gathering treating in the midstream to complement the program of 2,526.

但我們的目標是鑽探所有這些井，以描繪出這個足跡的真實面貌、價值是什麼、資源潛力是什麼，並且我們將與 Quantum 合作夥伴一起在中游建立收集處理設施，以補充 2,526 個計劃。

I think by the end of 25, definitely by the end of 26. We'll have fully de-risked this whole 518,000-acre play, Dan had mentioned a lot of his HPP, so we don't plan on drilling on the HPP acreage until we hold and maybe 70 more wells, we need to drill in the next several years to HPP into our footprint.

我認為在 25 年底，肯定在 26 年底。我們將完全降低整個 518,000 英畝油田的風險，丹曾多次提到他的 HPP，因此我們不打算在 HPP 油田上進行鑽探，直到我們保有大約 70 口井，我們需要在未來幾年內進行鑽探，以將 HPP 納入我們的覆蓋範圍。

Gotcha. Thanks for the call. Jay. My second question is on the CapEx trend on a pro basis. I think that it's very encouraging to see that you've saved on both fronts the drilling and completion side.

明白了。謝謝您的來電。傑伊。我的第二個問題是關於專業基礎上的資本支出趨勢。我認為看到你們在鑽井和完井兩個方面都節省了成本是非常令人鼓舞的。

But given that the western Haynesville is materially hotter and deeper than legacy Haynesville, you'd almost think that your drilling savings will be, will hit a plateau soon, if you will, whereas on the completion side. You might, you haven't reaped the full benefits of a full development cycle.

但考慮到海恩斯維爾西部比傳統的海恩斯維爾更熱、更深，你幾乎會認為你的鑽井節省將很快達到穩定狀態，而在完井方面則不然。您可能還沒有享受到完整開發週期帶來的全部好處。

So, I was wondering if you can perhaps speak to how on the completion side, you, you'll achieve greater savings. What are you doing specifically in terms of your completion design and how much headroom do you see on the drilling side, as a whole?

所以，我想知道您是否可以談談在完成方面如何實現更大的節省。就完井設計而言，您具體做了哪些工作？整體而言，您認為鑽井方面有多少餘地？

I mean, so kind of alluded to that a little bit earlier, I think, we'll see. We haven't reached the plateau on the cost first of all in the western Haynesville. I mean, obviously with all the thousands of wells that we drilled up in the legacy area, it is, it's just small little tweaks here and there, it's minor things. It's great execution, just.

我的意思是，我之前已經提到過這一點，我想，我們拭目以待。首先，我們還沒有到達海恩斯維爾西部的成本高原。我的意思是，顯然我們在遺留區域鑽了數千口井，這只是一些小的調整，是小事。這只是一次出色的執行。

Shaves off just, a day here and a day there. That's not the case in the Western Haynesville. The Western Haynesville, we've been going up a steep learning curve. We've cut off a lot of days. We haven't reached a plateau yet. I think we're going to drive these costs, lower, we're going to knock more days off, in the future. More of that, I see more of a just a percent.

只是刮掉一天這裡和一天那裡。西部海恩斯維爾的情況並非如此。在西部海恩斯維爾，我們一直在經歷陡峭的學習曲線。我們已經減少了很多天。我們尚未達到穩定水平。我認為我們將來會降低這些成本，減少更多的休息日。更重要的是，我看到的只是一個百分比。

Reduction in cost on the drilling side and on the completion side. We are pumping the same frac job right now and all the Western Haynesville wells. I will make one note, on slide 22 there was there in Q2 it showed a high completion cost of. 1,970 bucks a foot and that is we just had one well that quarter and we pumped, what we call our big frac.

降低鑽井和完井的成本。我們現在正在對所有西海恩斯維爾油井進行相同的壓裂作業。我要做一點說明，第 22 張投影片顯示了 Q2 的高完成成本。每英尺 1,970 美元，那個季度我們只有一口井，我們進行了抽水，我們稱之為「大型壓裂」。

We pumped GBP6,000 per foot on that well for a data point just to monitor how that well produces in the future comp compared to all our others, which is why that one stands out, but. We've had really great execution on the completion side, really today, so that's why I don't see the completion costs coming down as much as the drilling on a percentage basis.

我們以每英尺 6,000 英鎊的價格向該井抽水，作為數據點，只是為了監測該井未來的產量與我們所有其他井相比如何，這就是為什麼該井脫穎而出的原因。今天，我們在完井的執行確實非常出色，所以我認為完井成本的下降幅度不如鑽井成本的下降幅度大。

Yeah, the other thing we have managed the wells a little different, each well, it's like a prototype, and we learn how to manage all the wells, we go back and we preview what circle in looked like, what we could do or didn't do, and how well it performed, and, I think, Dan, who wants to comment on just well management, we're getting better and better and better, which is a learning curve from having the one wells.

是的，另一件事是我們對油井的管理略有不同，每個油井都像一個原型，我們學習如何管理所有的油井，我們回過頭來預覽油井的循環是什麼樣的，我們可以做什麼或不做什麼，以及它的表現如何，而且，我認為，丹，他只想對油井管理發表評論，我們正在學習變得越來越好，這是從一口油井開始的曲線越來越好，這是從一口油井開始的曲線越來越好，這是從一口油井開始的曲線越來越好，這是從一口油井開始的曲線越來越好，這是從一口油井開始的曲線越來越好，這是從一口油井開始的曲線越來越好，這是從一口油井開始的曲線。

Yeah, I'd say we definitely have been conservative on how we're drawing the wells down and, based on a lot of the things we're seeing, we're just making adjustments, on how we do that, manage to draw down, how hard we pull the wells when we flow them back and clean them up, turn them to cells, and then, where we set the rate after that.

是的，我想說，我們在如何抽取井水方面絕對是保守的，而且，根據我們所看到的很多事情，我們只是在做一些調整，關於我們如何做到這一點，設法抽取，當我們將它們回流並清理它們，將它們變成細胞時，我們抽取井水的力度有多大，然後，我們在此之後設定的速率。

And what they'll do, they'll give more predictability, give more stability. It'll give us, what the real top curve may look like, what the drawdowns may look like when the wells have been produced in one or two or three years, we hadn't gotten to that point yet, but I think the goal today was when, you trusted us for five years and we haven't given you all the data, and today the goal was to tell you that we think the land grab is over.

而他們所做的將會提供更多的可預測性和更多的穩定性。它會告訴我們，真正的頂部曲線是什麼樣的，當油井在一兩年或三年內投入生產時，產量下降的情況是什麼樣的，我們還沒有達到那個程度，但我認為今天的目標是，當你信任我們五年了，我們還沒有給你所有的數據，今天的目標是告訴你，我們認為土地掠奪已經結束了。

So we can give you the footprint. We think that the mid frame is secure, so we can tell you a little more about it and particularly the data set is big enough so that you can at least look at that as a beginning point to see what we can improve from there. I would tell you that if you go back and you look at the first 18 wells ever drilled in the core, the Hasel Bossier in ['08] and you compare those to the wells we drilled today. Ours are like lights out better, so.

這樣我們就可以給你足跡。我們認為中間框架是安全的，所以我們可以告訴你更多關於它的信息，特別是數據集足夠大，以便你至少可以將其作為起點，看看我們可以從那裡改進什麼。我想告訴你，如果你回顧核心區有史以來鑽探的前 18 口井，即 ['08] 年的 Hasel Bossier 井，並將它們與我們今天鑽探的井進行比較。我們的就像熄燈一樣好，所以。

And our next question comes from Charles Mead with Johnson Rice. Your line is open.

我們的下一個問題來自 Johnson Rice 的 Charles Mead。您的線路已開通。

Good morning, Jay Roland and Dan and I had my voice to the course of congratulations, not just on assembling this position but also the great progress.

早安，傑伊·羅蘭 (Jay Roland)、丹 (Dan) 和我向大家表示祝賀，不僅祝賀這一職位的成立，也祝賀取得的巨大進步。

You've been screaming and yelling for us, and you've lost your voice. I know, I understand.

你一直在為我們尖叫、吶喊，但卻失聲了。我知道，我明白。

That, that's the least of my problems, Jay, you already anticipated one of my, or my first question when you started talking about the de-risking of the position. You talked about the, your first wells here you've deised along a kind of a 26 mile southwest to northeast axis. If I'm just eyeball on your map there on what is, I think it's page 18, yeah, I just eyeballed.

那是我最不擔心的問題，傑伊，當你開始談論降低頭寸風險時，你已經預料到了我的一個問題，或者說我的第一個問題。您談到了，您在這裡設計的第一口井是沿著一條 26 英里長的西南至東北軸線延伸的。如果我只是目測一下你的地圖，我想那是第 18 頁，是的，我只是目測了一下。

I would say that's maybe derisked. I don't know, 20%-30% of your position. I wondered if you could give an opinion on that and then maybe also wrap in. As you go up dip or you go north, what are the risks? Is it formation thickness, or is it just, is it porosity that is the risk that that's going to, determine exactly how much of this 518 really works?

我想說這也許是去風險的。我不知道，佔你職位的 20%-30%。我想知道您是否可以對此發表意見，然後也許再補充一下。當你向上傾斜或向北移動時，會有什麼風險？是地層厚度，還是只是孔隙度，才是決定 518 真正發揮作用的關鍵因素？

Well, if what you noticed on the slide or kind of my introduction, I said that the slide on page four, it is to scale because sometimes there's trickery, you don't have many acres, but you don't put it to scale and you compare it to your other acreage, and it looks skewed. So, we said you we just want to make sure you know it's not distorted footprint because you would think it could be distorted because there's so much of it.

好吧，如果您注意到幻燈片或我的介紹，我說過第四頁的幻燈片是按比例繪製的，因為有時會有欺騙行為，您沒有很多英畝，但您沒有按比例繪製，而是將其與其他英畝進行比較，結果看起來是歪斜的。所以，我們告訴您，我們只是想確保您知道這不是扭曲的足跡，因為您會認為它可能會扭曲，因為它有太多了。

Because our legacy Haynesville, I mean, it's some of the most valuable acreage in North America we believe because where it's located and all the locations that we have left to drill in the Haynesville as well as only 8% of the Bossiers developed. So, when you go back to the beginning, in, 2020, 2021, '22, you can see we tried to outline the patience that we had.

因為我們的遺產海恩斯維爾，我的意思是，它是北美最有價值的土地之一，我們相信，因為它的所在地和我們在海恩斯維爾留下的所有鑽探地點以及僅 8% 的博西爾開發地點。因此，當你回到最初的時候，在 2020 年、2021 年、2022 年，你可以看到我們試圖概述我們所擁有的耐心。

That's why I give the dead horse scenario. In other words, we're looking to see if this thing works. If it doesn't work, we're going to get off of it. But if it continues to work and quite frankly, Jerry Jones and his family allow us to de-risk this thing, which is very hard to do.

這就是我給死馬情景的原因。換句話說，我們正在觀察這個東西是否有效。如果它不起作用，我們就會放棄它。但如果它繼續發揮作用，坦率地說，傑裡瓊斯和他的家人讓我們降低了這個風險，這是很難做到的。

It takes months and, some bad days, some good days, but you add it all up, what we TRY to do is we TRY to say, how many acres do we have that we have to drill wells right now in 2021, 2022, in order to hold leases that we had inherited from acquisitions? That's number one. And number two, we looked at, how many logs that we had that penetrated the different thicknesses in the Bossier and Haynesville.

這需要幾個月的時間，有好日子，也有壞日子，但你把所有事情加起來，我們試圖做的是，我們試圖說，為了持有我們從收購中繼承的租約，我們必須在 2021 年、2022 年鑽井多少英畝？這是第一點。第二，我們查看了有多少原木能夠穿透博西爾和海恩斯維爾的不同厚度。

Then we looked to see what seismic we owned or what we needed to buy, and then we didn't let the horses run wild. We drill the wells, circle in, we pulled the rig back for 5 months. We let the well tell us what to do. Then when we did move that rig back on, we kept it pretty busy, and now we were good stewards to the budget and liquidity. In 2024, we were going to add a third rig. We didn't, we kept it at two rigs.

然後我們看看我們擁有什麼地震或我們需要購買什麼，然後我們就不會讓馬亂跑。我們鑽井、盤旋，花了 5 個月的時間將鑽孔機拉回來。我們讓井告訴我們該做什麼。然後，當我們將鑽孔機重新開動時，我們讓它保持相當忙碌的狀態，現在我們是預算和流動資金的好管家。2024 年，我們計劃增加第三台鑽機。我們沒有，我們將其保留在兩個鑽孔機上。

And then Charles, what we did, we looked at acreage that was expiring. Now we didn't lease all this acreage in 2021, 2022, '23, '24. We leased it along the way. So, we avoided a big cliff where you had to drill a lot of acres because you had leased it all at the same time. We feathered it out so that we didn't have that issue and at the same time, we had several acquisitions that we bought deeper rights that are HPP.

然後查爾斯，我們所做的就是查看即將到期的土地面積。現在我們並沒有在 2021 年、2022 年、2023 年、2024 年租賃所有這些土地。我們一路上租了它。因此，我們避免了在懸崖上鑽探大片土地，因為你同時租賃了所有土地。我們對其進行了簡化，這樣就不會再出現這個問題，同時，我們進行了幾次收購，購買了更深層的 HPP 權利。

So, as we look at a drilling program in 2025, 2026, 2027, we kind of pair that up with quantum and we say how far are we away from our main pinnacle line? What's the cost structure, what's the gathering cost? We look at the depth, the thickness. And you do have different thickness, we've told you on some of the calls that we've got maybe, 13 1,400 feet of perspective pay in some areas.

因此，當我們考慮 2025 年、2026 年、2027 年的鑽探計劃時，我們會將其與量子結合起來，看看我們距離主要頂峰線還有多遠？成本結構是怎麼樣的，收集成本是多少？我們看的是深度、厚度。而且厚度確實不同，我們在一些電話中告訴過您，在某些地區，我們可能有 13 至 1,400 英尺的透視厚度。

Well, you look at that, that's not true for all of it. Some of it's going to be the same, pay thickness that we have in the tier of our legacy acreage.

嗯，你看看，這並不全然是事實。其中一些將是相同的，其厚度與我們傳統土地層中的厚度相同。

So, that's 200 300 feet, whatever, but yeah, it expands. We did choose to drill the deepest, hottest, hardest, first, because that would tell you whether we needed to pursue to spend more money on acreage and more money on seismic and to keep the land group leasing that acreage and feathered into the drilling program. It's a beautiful story to write when you see it because of like, Roland had come up 80% of this is HPP.

所以，那是 200 或 300 英尺，不管怎樣，但它確實會擴大。我們確實選擇先鑽探最深、最熱、最困難的油田，因為這將告訴你我們是否需要在油田面積上投入更多資金，在地震上投入更多資金，並讓土地集團繼續租賃這些油田，並將其納入鑽探計劃。當你看到它時，你會覺得這是一個美麗的故事，因為羅蘭 (Roland) 認為其中 80% 是 HPP。

I mean 80%, and this is the very first time we've ever shown it to you, and you might say, well, how come there's some white acreage in there? Well, a lot of that acreage, maybe one or two other companies own, and we encourage them to drill wells out there. Maybe there's some little spotty acreage that we don't want to own, but we're not afraid to have people come out there and de-risk this with us. That's why we show you once we think the land grab is over.

我的意思是 80%，這是我們第一次向您展示它，您可能會說，好吧，裡面怎麼會有一些白色土地？嗯，其中很大一部分土地可能由一兩家其他公司擁有，我們鼓勵他們在那裡鑽井。也許有一些我們不想擁有的小塊土地，但我們不害怕有人來和我們一起降低風險。這就是為什麼一旦我們認為土地掠奪已經結束，我們就會向你展示。

So, at the end of this quarter, I think we'll have some more results, but I want you, I mean, it's, if you, it's our banks, it's our analysts, that's our equity owners, it's our bondholders that believe in what we're doing. I want you to always know what we're doing, and our goal in 2025 is to materially de-risk the whole footprint and see what the thicknesses are.

因此，在本季末，我認為我們會取得更多成果，但我希望你們，我的意思是，如果你們，我們的銀行，我們的分析師，我們的股權所有者，我們的債券持有人相信我們所做的事情。我希望你們始終了解我們在做什麼，我們 2025 年的目標是從實質上降低整個足跡的風險，並了解其厚度。

Charles, I had to, if you look up in the, up in our core acreage up there, some of our best wells are in the areas that are not as thick like up around like, the Elm Grove area, so I. As far as just speculating, if it's something's thinner or thicker on how it's going to perform, I don't think there's any correlation there at all, really.

查爾斯，我必須這樣做，如果你查看我們的核心區域，你會發現我們最好的一些油井位於不那麼厚的地區，例如榆樹林地區，所以我。至於推測，如果某些東西的薄層或厚層與它的表現有關，我認為這兩者之間根本沒有任何關聯。

Is it really more just, gas filled porosity is the biggest determinant then? I mean, thicker, I mean, obviously more gas in place, right, thicker rot, but definitely that does not correlate to the to. You know how prolific it'll be.

那麼，充氣孔隙度是最大的決定因素，這真的比較公平嗎？我的意思是，更厚，我的意思是，顯然有更多的氣體，對，更厚的腐爛，但這絕對與沒有關係。你知道它會有多多產。

We have meaningful low-pressure differences.

我們有明顯的低壓差異。

Yeah. Interesting

是的。有趣的

. And then one follow up, Jay, you already, you touched on this also, I think Dan, you touched on this, a lot of focus on these newest batch of wells and rightfully so, but you continue to watch these other older vintage wells, and I'm wondering if you can talk about what you've learned from them, whether about.

。然後一個後續問題，傑伊，你已經談到了這一點，我想丹，你也談到了這一點，很多焦點都集中在這些最新一批油井上，這是理所當然的，但你繼續關注這些其他較老的油井，我想知道你是否可以談談你從它們中學到了什麼，無論是關於。

The right way to manage the pressure drawdown, the landing zones within these formations or the right completion jobs. I know there's, every day that ticks by you add to the data pile from those older finch as well. So can you just tell us what you've learned in that respect.

管理壓力下降的正確方法、這些地層內的著陸區或正確的完井工作。我知道，每過一天，你都會增加那些老雀科的資料堆。那麼你能告訴我們你在這方面學到了什麼嗎？

I think, we obviously have been really laser focused on the cost, just getting the wells down and TD, the landing zones, I think, a lot of these well, where we drill are in the, relatively thicker, part of the place. So, we haven't really, got real specific on, if the landing zone should be a little higher, a little lower. We just wanted to get the wells down, and basically just feeding these things as fast as we could.

我認為，我們顯然一直非常關注成本，只是將井下和 TD、著陸區，我認為，我們鑽探的許多井都位於相對較厚的部分。所以，我們還沒有真正、真正具體地確定著陸區是否應該高一點，還是低一點。我們只是想把水井挖下來，然後儘快提供這些東西水。

And, as far as the drawdown and, we've been pretty conservative, I think we'll probably tweak that a little bit in the future, these last few wells, we like to IP them. Pull them a little bit harder and get the wells clean, make sure they're getting clean before we get flow back off of them, and then, pull the rates back and start them, basically on the tight curve rate and just basically, let them go from there.

至於產量下降，我們一直非常保守，我想我們將來可能會對此進行一些調整，對於最後幾口井，我們喜歡對它們進行 IP 處理。稍微用力拉一下，把油井清理乾淨，確保在油流回井中之前油井已經清理乾淨，然後，將油流拉回來，啟動油井，基本上是在緊曲線油流上，然後基本上，從那裡開始放油。

Charles, some detail, but some of these wells we do, but some we don't. It's a big cost variance too, so we figure out what we need to do or not do, as we drill more of these wells.

查爾斯，有些細節，但有些井我們做到了，有些則沒有。成本差異也很大，因此，隨著我們鑽探更多這樣的井，我們會弄清楚需要做什麼或不需要做什麼。

Got it. Thank you, Dan and Jay.

知道了。謝謝你，丹和傑伊。

Thank you.

謝謝。

And the next question will come from Kalei Akamine with Bank of America. Your line is open.

下一個問題來自美國銀行的 Kalei Akamine。您的線路已開通。

Hey, good morning, guys. Jay, Roland. I think the update here is being received well, so I'm going to keep it quick here. Any early thoughts on 2026 on maybe holding activity here at 7n Rigs? It seems like the industry is falling in a rhythm with demand, and that's a really good place to be.

嘿，大家早安。傑伊，羅蘭。我認為這裡的更新很受歡迎，所以我會在這裡快速更新。關於 2026 年是否可能在 7n Rigs 舉辦活動，您有什麼初步想法嗎？看起來該行業正隨著需求的節奏而下降，這是一個非常好的狀態。

Right, no, I think that's the key, one thing we wanted to make sure is that we don't produce too much gas, especially in one region area. So, we've been looking at that. We think seven rigs was always a really good level for the company to kind of maintain. I think we dropped to five rigs. You can see the impact of that, that's really too low of an activity level, but it was needed to help balance the market.

對，不，我認為這是關鍵，我們要確保的一件事是我們不會生產過多的天然氣，特別是在一個地區。所以，我們一直在關注這個問題。我們認為，對於公司來說，維持七台鑽孔機一直是非常好的水準。我認為我們已經減少到五台鑽機了。你可以看到它的影響，這確實是活動水平太低了，但它有助於平衡市場。

So, we're going to get very comfortable with seven, we're going to focus on getting our balance sheet. Back to like it was in 2022, that's our biggest goal, and I think 26 will be a year that will have the level of production and good gas prices to drive the, get the balance sheet in perfect shape, and I think, 25, that level we're running now, we won't add any debt, we'll slowly pace them down, but then next year we'll be able to really reduce debt significantly.

因此，我們將對七感到非常滿意，我們將專注於獲取資產負債表。回到 2022 年的狀態，這是我們最大的目標，我認為 26 年將是具有生產水平和良好天然氣價格的一年，以推動資產負債表達到完美狀態，我認為 25 年，也就是我們現在的水平，我們不會增加任何債務，我們會慢慢減少債務，但明年我們將能夠真正大幅減少債務。

Well, in as far as the year end 26 bogey, you think somewhere under 1.5 times is where the balance sheet would end up.

好吧，就年底的 26 倍而言，您認為資產負債表最終會達到 1.5 倍以下。

Well, I think of course you'll see the leverage ratio improve rapidly as we can start to count the 25 results and take off the results of last year, we had this so low of gas prices, but, yeah, we definitely want to get it down as quickly as possible to the 1.5 times leverage area.

嗯，我想你當然會看到槓桿率迅速提高，因為我們可以開始計算 25 個結果，並扣除去年的結果，我們的汽油價格如此之低，但是，是的，我們絕對希望盡快將其降至 1.5 倍槓桿區域。

It's probably, that's probably something that we achieve in 206, but I think we'll be. Way in the very low, two times leverage numbers as we kind of work our way through 25. So, a lot will depend on, how strong gas prices are and then how, we do have to rebuild our production a little bit to kind of get. The leverage ratio, to its more optimal.

這可能是我們在 206 年實現的目標，但我認為我們會實現的。當我們努力達到 25 時，槓桿率數字非常低，兩倍。因此，這很大程度上取決於天然氣價格有多強勁，以及我們如何重建我們的生產。槓桿率，達到更優化。

That's a really good point though. I mean, we said this, but other than COVID, gas price last year was the lowest it's been in 30 years. So, if you look at that and you look at us getting rid of two roofs, you look at us having a crack holiday. And then you look at us adding 265,000 acres in the western Haynesville, you can see that we really monitor our leverage and our balance sheet.

但這確實是一個好觀點。我的意思是，我們這麼說過，但除了 COVID 之外，去年的汽油價格是 30 年來的最低價。所以，如果你看到這一點，看到我們拆掉了兩個屋頂，你會發現我們度過了一個美好的假期。然後你看看我們在海恩斯維爾西部增加了 265,000 英畝土地，你可以看到我們確實監控我們的槓桿和資產負債表。

We do that even in a very difficult year and at the same time, instead of M&A, we said we'd like to see if we can't grow organically and typically that's what these companies used to do and because of the Joneses, they kind of uncuffed us.

即使在非常困難的一年裡，我們也會這樣做，同時，我們不想進行併購，而是說我們想看看我們是否不能實現有機增長，通常這些公司過去就是這麼做的，但由於瓊斯一家，他們有點放開了我們。

We could go in and as we were one of the first several companies to de-risk and discover the core of Haynesville, we just picked the same group down to the western Haynesville knowing what we were looking for and it took 5 years for it to turn out the way it's turned out right now. It's still preliminary.

我們可以進入，而且由於我們是首批降低風險並發現海恩斯維爾核心礦區的幾家公司之一，所以我們選擇了同一批人前往海恩斯維爾西部，因為我們知道我們在尋找什麼，而我們花了 5 年的時間才找到現在這樣的結果。這仍處於初步階段。

But if we're right, that these reserves will be, they'll be massive, our footprint is massive, and we're in the exact bright part of North America for all this demand, particularly for LNG. So, it's going to be a really beautiful story.

但如果我們是對的，那麼這些儲量將是巨大的，我們的足跡將是巨大的，而且我們正處於北美所有需求最旺盛的地區，特別是對液化天然氣的需求。所以，這將會是一個非常美麗的故事。

That's right, it's. Exciting to watch. Jay Rowland. I'll see you guys. In a couple weeks.

沒錯，就是如此。看起來很刺激。傑伊羅蘭。我會看到你們的。幾週後。

Yes, we look forward to it.

是的，我們期待著。

And our next question will come from Bertrand Donnes with Trust. Your line is now open.

我們的下一個問題來自 Trust 的 Bertrand Donnes。您的線路現已開通。

Hey morning team. I just want to follow up on that on that M&A topic, not necessarily on the on the western side, but with higher gas prices, you'd think most of the private owners are probably thinking about, potentially selling or, maybe does that incentivize you to look more aggressively or are those sellers seeing the strip move up and maybe they're already seeing a $5 price that they want to see or something like that.

嘿，早上好，團隊。我只是想跟進一下併購話題，不一定是在西部，但隨著汽油價格上漲，你會認為大多數私人業主可能正在考慮，可能出售，或者，也許這會激勵你更積極地尋找，或者那些賣家看到大道價格上漲，也許他們已經看到了他們想要看到的 5 美元價格或類似的東西。

And then the second part of that would just be. On the oil side, most of these private equity shops normally ramp up production before a sale. Do you see that happening or that's not exactly how it would work on a gas?

然後第二部分就是這樣。在石油方面，大多數私募股權公司通常會在出售前提高產量。您看到這種情況發生嗎？還是這與氣體的作用方式並不完全一致？

Well, it's hard to predict how, what you know what they're looking at, but obviously I think there are still some private companies out in the Haynesville that have invested a lot of capital and now that you're in a good gas price, situation that their business plan is to, sell that kind of like the same with the oil.

嗯，很難預測他們在關注什麼，但顯然我認為海恩斯維爾仍然有一些私營公司投入了大量資金，現在天然氣價格很好，他們的商業計劃就是像銷售石油一樣銷售天然氣。

The private companies, the Permian and so but we do see a very low level of activity in the Haynesville, so we certainly haven't seen any type of effort to ramp up at all from the public or private operators.

私人公司、二疊紀等等，但我們確實看到海恩斯維爾的活動水平非常低，所以我們當然沒有看到公共或私營運營商做出任何類型的加大努力。

We've seen great discipline, in the basin, and I think all the producers really want to get very comfortable that the gas is really needed and, we've seen very volatile gas prices. And so, I think everybody's been very cautious to say we're not going to oversupply this market and maybe we undersupply it because we're so cautious.

我們看到盆地內有非常嚴格的紀律，我認為所有生產商都希望確信天然氣是真正需要的，而且我們看到天然氣價格非常不穩定。因此，我認為每個人都非常謹慎地表示我們不會對這個市場供過於求，也許因為我們非常謹慎而導致供應不足。

Well, and you can even see the first quarter, we give guidance down and we're not going to overproduce, period. And that that guidance is a result of dropping those rigs and we're not adding the rigs in the western Haynesville to increase production right now. We're adding those rigs because that's the best place for us to drill because we need to drill more wells, the HPP more the footprint.

好吧，你甚至可以看到第一季度，我們給了較低的指導，我們不會過度生產，就是這樣。這項指導是放棄這些鑽孔機的結果，我們現在不會在海恩斯維爾西部增加鑽孔機來提高產量。我們增加這些鑽孔機是因為那是我們鑽探的最佳地點，因為我們需要鑽更多的井，HPP 的佔地面積也更大。

So that's why we're doing that even we don't see any ENP company out there out of control on their production rates, none of them.

這就是我們這樣做的原因，儘管我們沒有看到任何 ENP 公司的生產力失控，一家都沒有。

That's great. I think the market is happy to see that. And for my second question, several of your peers have started talking about potentially locking in a percentage of their production, the contracts, either Data Center or LNG, and it seems like most have fallen in a 10% to 20% of their volumes.

那太棒了。我認為市場樂見這一點。關於我的第二個問題，你們的幾位同行已經開始談論可能鎖定一定比例的產量，無論是數據中心還是液化天然氣合同，似乎大多數產量都下降了 10% 到 20%。

Is that where you guys feel like you'd fall, or you potentially have a larger appetite? Maybe you lock up, acreage dedication in the Western Haynesville or something like that for a, to backfill a demand project. Thanks.

你們是覺得自己會跌倒，或是你們的胃口可能會更大？也許你會鎖定西部海恩斯維爾的土地奉獻或類似的東西來填補需求項目。謝謝。

Yeah, that's a good question. We would also want to look at having a portfolio of purchasers for our gas and not putting, all our eggs in one basket. But we see, both being a major supplier to several of the LNG shippers and potentially, looking at some power generation projects to back too.

是的，這是個好問題。我們也希望尋找天然氣購買者，而不是把所有雞蛋放在一個籃子裡。但我們看到，作為幾家液化天然氣運輸商的主要供應商，兩家公司也有可能考慮支持一些發電項目。

But again, I think having a good balance of that activity because, their demand comes at different times of the year and so, but there are great good opportunities for the gas producers now to start to directly.

但是，我認為要實現這些活動的良好平衡，因為他們的需求出現在一年中的不同時間，所以，現在對於天然氣生產商來說，有很大機會直接開始生產。

Yeah, lock up with the industrial users and the exporters, and I think it's a good time for us to create good relationships where we could have more stable prices and also, know that we've got good, we've got that we balance out our production to what we know the market needs.

是的，與工業用戶和出口商建立聯繫，我認為現在是我們建立良好關係的好時機，這樣我們可以獲得更穩定的價格，而且我們知道我們已經取得了良好的成果，我們已經根據市場需求平衡了我們的生產。

So, particularly, probably 90% of our Western Haynesville is completely in dedicated, I mean. Completely, so it's free range out there. We can kind of do what we want to with it.

所以，具體來說，我們西部海恩斯維爾的 90% 地區都已完全投入使用。完全可以，所以那裡是自由範圍。我們可以用它做任何我們想做的事情。

I just want to clarify so that an acreage dedication for a for a demand project that is that coming back or we done with that.

我只是想澄清一下，對於需求項目而言，土地奉獻是回歸還是我們已經完成了。

Oh yeah, I'm not sure that, acreage dedication is probably, out there. I mean, typically that kind of comes to back up, a large amount of infrastructure, to make it, for the infrastructure partner to be comfortable that, they can get their capital out. But here I think, since we're going to own our the way we've structured things, we're going to be able to own all that.

哦，是的，我不確定土地奉獻是否在那裡。我的意思是，通常這種做法需要大量的基礎設施支持，以使基礎設施合作夥伴能夠放心地收回他們的資本。但我認為，既然我們要擁有我們建構事物的方式，我們就能夠擁有這一切。

And so, I think instead we want to kind of look out and say, hey, we can, we want to take up our portfolio of gas both from the legacy in the western Haynesville and then we want to portion it out to, these direct contracts as we felt comfortable that, it's a good fit.

因此，我認為我們應該向外看，然後說，嘿，我們可以，我們想從海恩斯維爾西部的遺產中獲取我們的天然氣組合，然後我們想將其分配到這些直接合約中，因為我們覺得這很合適。

And obviously we're looking for the, what's the best deal for Comstock, so who's going to pay the higher premium, they all have kind of different needs and so, but it's a very exciting time to be developing a new place like the Western Haynesville at the same time. There's a lot of market development opportunities that our gas industry hasn't seen in a long time. So, it's a great combination of those two together.

顯然，我們正在尋找對康斯托克來說最好的交易，誰來支付更高的保費，他們都有不同的需求，但是同時開發像西海恩斯維爾這樣的新地方是一個非常激動人心的時刻。我們的天然氣產業面臨許多長期未曾見過的市場發展機會。所以，這是兩者的完美結合。

.

。

It's probably a good time to talk about too the reason we were able to go look at the Western angel is because the value of our core, we don't want anyone to ever overlook that that 301,000 acres and that inventory with plenty of takeaway there that that gave us the ability to come look at the Western angel that along with the operational technical skill that we had. But the value of the legacy allowed us to do the Western Haynesville.

現在可能也是談論的好時機，我們能夠去看看西方天使的原因是因為我們的核心價值，我們不希望任何人忽視那 301,000 英畝的土地和那裡有大量外賣的庫存，這讓我們有能力去看看西方天使，以及我們擁有的運營技術技能。但遺產的價值使我們能夠建造西部海恩斯維爾。

Perfect, thanks for the answers, guys.

太好了，謝謝大家的回答。

Thank you.

謝謝。

And our next question will come from Jacob Roberts with TPH and Company. Your lines open.

我們的下一個問題來自 TPH and Company 的 Jacob Roberts。你的線路開通了。

Morning.

早晨。

Morning. Just.

早晨。只是。

I hate to ask about 2026 plus, but thinking about the 43 rig split as we kind of progress through 2025, is that a level that can meet any HVP needs, any NBC needs with quantum, or are you contemplating a, 5-2, a 5-3, just wondering, what are the commitments as we get into 26, 27 that we might need to be thinking about.

我不想問 2026 年以後的事情，但是想想我們在 2025 年取得的進展，43 個鑽機的分配情況，這個水平是否可以滿足任何 HVP 需求、任何 NBC 需求，或者您是否正在考慮 5-2、5-3，只是想知道，當我們進入 26、27 年時，我們可能需要考慮哪些承諾。

Well, the real positive, the way we structure things is that we don't even need to maintain that type of activity to kind of meet, any NBCs or other requirements. We've been, very conservative as you build something out, not to get over committed. So, I think it's a very comfortable level, the, for the company and so it's really going to be like what is the markets, where's the gas really needed.

嗯，真正的積極之處在於，我們構建事物的方式是我們甚至不需要維持那種類型的活動來滿足任何 NBC 或其他要求。在建構某些事物時，我們一直非常保守，不會做出過多的承諾。所以，我認為這對公司來說是一個非常舒適的水平，所以這實際上就像市場是什麼樣的，哪裡真正需要天然氣一樣。

And I think we will adjust that, based on kind of how we see these markets go out. I think we're very comfortable with the activity level and running, be able to run four rigs in the Haynesville will keep us on track to. HBP and all of our acreage and easily meeting, supporting. The belt out of the midstream.

我認為我們會根據這些市場發展的觀察做出調整。我認為我們對活動水平和運行情況非常滿意，能夠在海恩斯維爾運行四台鑽機將使我們保持在正軌上。HBP 和我們所有的土地都可以輕鬆滿足和支持。腰帶出中游。

Okay, perfect. And then maybe just a quick follow up. I appreciate some of the discussion about your understanding of the broader Western Haynesville acreage that you've disclosed. Can you just frame, the amount of seismic, the amount of historical work that's been done on this land that helps you understand it the way you do?

好的，完美。然後可能只是快速跟進。我很欣賞您對所披露的更廣泛的西海恩斯維爾土地面積的理解的一些討論。您能否簡單概括一下這片土地上發生的地震數量和開展的歷史工作數量，以幫助您以自己的方式理解這片土地？

Yeah, I'd say there's been a lot of 3D seismic shot across all of this acreage, just a lot of different vintage data that's out there that can be bought that has been tremendously, helpful and kind of planning out where we want to drill and we've got some future wells that we're going to be drilling some pilot holes on and getting, drilling all the way through the section.

是的，我想說，我們在這片土地上進行了大量 3D 地震勘探，可以購買到大量不同的老式數據，這些數據非常有幫助，可以規劃我們想要鑽探的位置，並且我們已經有一些未來的井，我們將在這些井上鑽一些導向孔，並鑽穿整個區域。

Through the bottom of the Haynesville for well-controlled purposes and geo steering and we've also got some future coring and stuff we're going to do as far as, just doing some more sites. And to get the performance properties on the rock. Excellent I'll echo the sentiment of appreciating the update guys.

透過 Haynesville 底部進行良好控制和地理導向，我們還進行了一些未來取芯工作，我們將盡我們所能，只是做更多的站點。並獲得岩石上的性能特性。非常好，我會回應對更新人員的讚賞。

Thank you.

謝謝。

And our next question will come from Gregg Brody with Bank of America. Your line is open.

我們的下一個問題來自美國銀行的 Gregg Brody。您的線路已開通。

Hey guys. Just as we think about midstream for next year, what type of capital should we pencil in and then when do you think you will exhaust the. The midstream JV and how do you think about funding it after that?

嘿，大家好。正如我們考慮明年的中期目標一樣，我們應該投入哪種類型的資本，然後您認為什麼時候會耗盡這些資本。中游合資企業以及之後您如何考慮為其提供資金？

Yeah, it's a great question. Yeah, we, this is a, with building the new treating plant, this is a big capital investment that we started making in the fourth quarter and, through this first half of the year, then we're going to have a lot of treating capacity that's going to be available to us starting, in the second quarter and so.

是的，這是一個很好的問題。是的，我們建造了新的處理廠，這是我們在第四季度開始進行的一項重大資本投資，到今年上半年，我們將擁有大量的處理能力，這些能力將從第二季度開始供我們使用。

Then we, continue to, look at our volumes and then decide when we want to add additional trains, to either a new plant or adding to our north or south plans. So, we also have some good partners nearby that we've secured additional capacity, in order to not have to build everything,

然後，我們繼續查看我們的運量，然後決定何時增加列車，無論是添加到新工廠還是添加到我們的北部或南部計劃中。因此，我們附近也有一些很好的合作夥伴，我們已經獲得了額外的產能，這樣就不必自己建造所有東西，

So, we feel really good about where that is. I think that we, the build out of the midstream is amazingly fit almost perfectly with our five-year plan for it so far, and so we've been really pleased, and I think our partner has been too, and. So, I think that eventually, there's the entity now has a lot of volumes and it's going to have a really good year this year.

因此，我們對此感到非常滿意。我認為，到目前為止，我們對中游的建設幾乎完美地契合了我們的五年計劃，因此我們感到非常高興，我想我們的合作夥伴也是如此。所以，我認為最終該實體現在擁有大量的交易量，今年將會是非常好的一個年份。

It's going to be able to maybe, you put in its own credit structure there so we can kind of get less expensive capital to fund some of its build out, but that's probably going to be, more later in the year after it's up and running and generating a very strong UBIAX, but we're very excited about what Pinnacle can become and the value it's going to be adding.

也許你可以把它自己的信用結構放在那裡，這樣我們就可以獲得更便宜的資本來資助它的部分建設，但這可能要在今年晚些時候它啟動並運行並產生非常強大的 UBIAX 之後，但我們對 Pinnacle 的未來以及它將增加的價值感到非常興奮。

I think you look down the road, it's going to be a very big asset for the company and under our structure, once we. You return that capital with the preferred return, that will revert 100% back, 70% back to the company, and then we can buy out the minority interest if we like in the future also.

我認為，從長遠來看，一旦我們實現這一點，它將成為公司和我們結構下一個非常大的資產。您以優先回報的形式返還該資本，即 100% 返還，70% 返還給公司，然後如果我們願意的話，將來我們也可以買斷少數股權。

Yeah, the goal was, we, as we were acquiring all the sacres, we wanted to control the mid frame. We trusted, Quantum as a company, in lending money and supporting plays like this, which we really trusted them. We wanted to see if there was something that we were missing.

是的，我們的目標是，當我們獲得所有的聖物時，我們想要控制中間框架。我們相信 Quantum 公司能夠借出資金並支持這樣的項目，我們真的信任他們。我們想看看是否有我們遺漏的東西。

So, when Quantum came in, look at the acreages, look at the well results of that point, which have only gotten better. I mean, they said we're back with $300 million. We wanted to make sure that we would control that, and it wouldn't be sold to some third party, which would then control what we'd be doing in the Western names we didn't want to lose control of that, and Quantum became the perfect partner.

因此，當 Quantum 進來時，看看面積，看看那個點的良好結果，結果只會變得更好。我的意思是，他們說我們帶著 3 億美元回來了。我們希望確保我們能夠控制它，並且它不會被出售給某些第三方，然後第三方會控制我們在西方名稱下所做的事情，我們不想失去對此的控制，而 Quantum 成為了完美的合作夥伴。

So, it's fair to say that between quantum's equity and potential credit facility at the at the JV that entity self-funding for the next several years.

因此，可以公平地說，量子股權和合資企業的潛在信貸額度之間將實現該實體未來幾年的自籌資金。

Right, we would see it hopefully transitioning in the next year. I mean really if you get through 26 that probably where it doesn't really need it, they'll start to be totally self-funding. And we are supposed to see maybe bringing in some of our nearby operators, could also help accelerate that if we can land some of those as customers as we build the system out.

是的，我們希望看到它在明年發生轉變。我的意思是，如果你真的通過了 26 個可能就不再需要它了，他們就會開始完全自籌資金。我們應該看到，也許可以引入一些附近的營運商，如果我們在建立系統時能夠吸引一些這樣的營運商作為客戶，這也有助於加速這一進程。

Great, thanks for your time, guys.

太好了，謝謝大家的時間。

And our next question will come from Noelle Parks with Tuy Brothers. Your line is now open.

我們的下一個問題來自 Tuy Brothers 的 Noelle Parks。您的線路現已開通。

Hi, good morning, just thinking about the drilling time improvements you've already, been able to achieve, I just wondered, could you just talk a bit about maybe what assumptions you have going in your early. Just well and whether there's anything different now that you're this far in sort of like what you know you talked about some of the things you tweaked but I was just wondering you know kind of what was your starting point like when you were approaching the play.

你好，早安，只是想想你已經能夠實現的鑽井時間改進，我只是想知道，你能否談談你早期所做的假設。很好，現在您已經到了這一步，是否有任何不同，就像您所說的那樣，您調整了一些事情，但我只是想知道，當您接近這個劇本時，您的起點是什麼。

It's an interesting question because when we looked at everything we had done in the legacy, on our legacy acreage in all of the years past and Kind of just one of the real general things, we had seen was before we ever started in the Western Haynesville.

這是一個有趣的問題，因為當我們回顧我們在遺產中所做的一切，回顧我們在過去幾年中在遺產土地上所做的一切，以及我們所看到的真正的普遍的事情之一，是在我們在西海恩斯維爾開始之前。

In general, in the core, all the wells were being drilled twice as long, you'll say 5 ks to 10Ks, and at the same time, they were getting twice as long, they were being drilled and half the time.

整體來說，在核心區，所有井的鑽探時間都是原來的兩倍，你會說是 5 千焦到 10 千焦，同時，它們的鑽探時間也增加了一倍，而鑽探時間卻減少了一半。

And there were a couple of, there was a couple of old wells that that had been drilled, old horizontals that had been drilled back in 2010 down here in the western Haynesville that was kind of provided some of the earliest data to take a look at, that we looked at, they had a lot of just a Just a lot of mechanical issues, collapse casing and just, really was pretty ugly, but, we just looked at how many days it took them to drill those wells, and those were essentially 5kish type wells.

這裡還有幾口舊井，這些舊水平井是 2010 年在海恩斯維爾西部鑽的，它們提供了一些最早的數據，我們查看了一下，發現它們存在很多機械問題、套管塌陷等問題，情況真的很不妙，但是，我們查看了他們鑽這些井花了多少天，這些井基本上都是 5kish 型井。

And so, if you just applied the same industry progression. Twice as long in half the days, that's kind of what we targeted, and it was around that 75 to 80 day time frame, and that's exactly where we landed, on average, if you take out that sidetrack we had on our second well, we landed at about 80 days starting out. And the good thing is that there's a lot of running room. These wells are deeper and harder and we just have so much more room to run down here to get better. Versus we did up in the core. So

因此，如果您只是應用相同的行業進展。用一半的時間完成兩倍的時間，這就是我們的目標，時間範圍大約是 75 到 80 天，而這正是我們平均所達到的，如果你拿出我們第二口井的側鑽，那麼我們一開始的時間大約是 80 天。好消息是，還有很大的運行空間。這些井更深、更硬，我們在這裡還有很大的空間可以挖掘，以便取得更好的成果。與我們在核心中所做的相比。所以

While our confidence level grew, we were going to drill to 16,000 feet vertical and then as our confidence grew with well after well after well, we did go to 19,000 feet. So, we wouldn't have done that had we not had more confidence in the 16,000 feet vertical.

隨著我們的信心水平不斷提高，我們計劃鑽至垂直深度 16,000 英尺，然後隨著我們的信心不斷增強，一口井又一口井地鑽探，我們確實鑽到了 19,000 英尺。所以，如果我們對 16,000 英尺的垂直高度沒有足夠的信心，我們就不會這麼做。

On anything you do, anywhere you drill, the longer if you can just, wells are good and you can keep drilling additional wells and you can increase your activity, field practice makes perfect. The more you drill, the better you're going to get. The more the industry drills, the better the industry gets, and that's what we're seeing.

無論您做什麼，無論您在何處鑽井，只要時間夠長，井就越好，您就可以繼續鑽更多的井，並且可以增加您的活動，現場實踐使一切變得完美。練習得越多，你就會做得越好。這個行業鑽得越多，就會變得越好，這就是我們所看到的。

Great, thanks and understandably there's been so much attention to us seeing the map for the first time and the results from the newest la of wealth. So, I just wonder if I could just talk a little bit about gas macro and you know looking at your hedges. I was just wondering, is there anything particular about the 350 mark as where your downside protection is that you've been gravitating toward and I also if you have any thoughts about. What things are going to look like or might look like as the LNG ramp up continues along. Well.

太好了，謝謝，可以理解大家對我們第一次看到地圖和最新財富結果的關注。所以，我只是想知道我是否可以稍微談一下有關天然氣宏觀以及您知道的對沖。我只是想知道，350 這個點位是否有什麼特別之處，您是否一直傾向於將其作為下行保護，以及您是否對此有什麼想法。隨著液化天然氣產量持續增加，情況將會如何發展？出色地。

We look today and I just looked and says the US LNG fleet hit a new record high of 16.47 [bes.] We are very positive on natural gas and latter part of 25, 2016, even 27.

我們今天看到，我剛剛看到美國液化天然氣船隊創下了 16.47 艘的新高。我們對天然氣以及 2016 年 25 日下半年甚至 27 日的前景非常樂觀。

So, when we, when we look at the Western angel, not the legacy, I mean, we do need to drill the legacy, of course, it provides us a very dependable revenue stream, but what we want to guarantee that we can drill all these wells that we need to drill in 25, 26 and still deliver the balance sheet.

因此，當我們從西方的角度看問題時，而不是從遺產的角度看問題時，我的意思是，我們確實需要鑽探遺產，當然，它為我們提供了非常可靠的收入來源，但我們希望保證我們能夠鑽探我們需要在 25、26 年鑽探的所有這些井，並且仍然提供資產負債表。

Our big land grab and a lot of money we spent on that it's over. We'll spend a little bit as we do even in the core cleaning it up all the time where that'll be perpetual, but we don't see any big acreage at their positions that we're chasing that we don't have. So, this is surely it's a protection of the balance sheet to get us back to have a dividend.

我們大規模掠奪土地、投入大量金錢，這一切都結束了。我們會花一點時間，即使在核心部分也一直進行清理，這將是永久性的，但我們沒有看到我們所追逐的他們的位置有任何我們沒有的大面積面積。所以，這肯定是對資產負債表的保護，讓我們重新獲得股利。

If we could have a dividend in the latter part of 26th grade, early 27, whatever, but we want to lever of the company now, drill these wells, stay true to the midstream partner with Quantum and deliver this gas, not when it's when it's needed. And the beauty of this is nobody tells us when to drill it, how to drill it, or we control it ourselves.

如果我們能在 26 年級後期或 27 年級初期獲得股息，無論什麼情況，但我們現在想利用公司的槓桿，鑽探這些油井，忠於與 Quantum 的中游合作夥伴並輸送這種天然氣，而不是在需要的時候。這種方法的美妙之處在於沒有人告訴我們何時鑽探、如何鑽探，或是我們自己控制。

It's something we birth; we control. And where it is perfect. You could pick a map. If you would look at where our pipeline is, which we showed that all went over it. We bought that a lot of that pipeline at one of our acquisitions. It is the backbone of where our footprint is. You could have a better location for that pipeline, and it's not there by mistake. 20 years ago, that was the core of the core where they were drilling.

這是我們誕生的東西；我們控制。並且它是完美的。您可以選擇一張地圖。如果你看一下我們的管道在哪裡，我們會發現所有的管道都經過了那裡。我們在一次收購中購買了大量這樣的管道。它是我們足跡所在的支柱。你可以為該管道選擇一個更好的位置，而且它不會錯誤地出現在那裡。 20年前，那裡就是他們鑽探的核心區域。

That's why that pipeline was there. It just wasn't worth anything when we bought it. Somebody had to, revigorate it and put some gas in it, and we're the only ones willing to do it. So, it has become a very valuable piece of the company.

這就是那條管道存在的原因。當我們買它的時候它根本不值錢。總得有人去讓它恢復生機，給它注入一些氣體，而我們是唯一願意這麼做的人。因此，它已經成為公司非常有價值的一部分。

Yeah. The replacement cost for 246 miles of high-pressure pipeline and a treating plant, it would be unbelievable to have to put all that in from scratch. I mean, you're talking about the amount of equity that's already there is pretty phenomenal, so.

是的。更換 246 英里的高壓管道和處理廠的成本，如果要從頭開始，那將是令人難以置信的。我的意思是，您談論的已經存在的股權數量是相當驚人的，所以。

Great thanks that's really helpful insight it's all for me.

非常感謝，這對我來說確實是很有幫助的見解。

This is all the time that we do have for questions. I would now like to turn the call back to Jay Allison for closing remarks.

這是我們回答問題的全部時間。現在我想請傑伊·艾利森 (Jay Allison) 致結束語。

I want to thank all of you. It's a much longer call than normal. It's almost an hour and a half. We knew it would go longer. We didn't want to cut anybody off, but again, I want to thank you. There's probably 250+ men and women who make up the Comstock team and a lot of them listen to the call. I want to thank all of you as well.

我要感謝你們所有人。這通電話比平常長很多。快有一個半小時​​了。我們知道它會持續更長時間。我們不想切斷任何人，但我還是想再次感謝你們。康斯托克團隊大概有 250 多名男女成員，其中許多人聽從了號召。我也要感謝你們所有人。

I want to thank our loyal banks, I mean, the banks that believed in us, the bondholders have believed in us, the equity owners have believed in us, the analysts have believed in us, and I want to say again, especially thanks to Jerry Jones and his family who are the backbone support.

我要感謝我們忠誠的銀行，我的意思是，那些相信我們的銀行、債券持有人、股權所有者、分析師都相信我們，我想再次說，特別感謝傑裡瓊斯和他的家人，他們是我們的支柱。

To unlocking the Western Haynesville value, I gave an old cowboy spirit. I'll give you another one. It says if you climb up on the saddle, you better be ready to ride and we at Comstock are ready and you can take that to the bank. Thank you.

為了釋放西部海恩斯維爾的價值，我賦予了一種古老的牛仔精神。我再給你一個。它說如果你爬上馬鞍，你最好做好騎行的準備，我們康斯托克已經準備好了，你可以把它帶到銀行。謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating. You may now disconnect.

感謝您的參與。您現在可以斷開連線。