Comstock Resources Inc (CRK) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Q1 2025. Comstock Resources and it's conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Jay Allison, Chairman and CEO, please go ahead.

您好，感謝您的支持。歡迎來到 2025 年第一季。康斯托克資源公司及其電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給今天的第一位發言者，董事長兼執行長傑伊·艾利森 (Jay Allison)，請發言。

All right, thank you for the introduction. Welcome to the Comstock Resources first quarter of 2025 Financial and operating results conference call. You can view a slide presentation during or after this call by going to our website at www.commstockresources.com and downloading the quarterly results presentations. There you'll find a presentation entitled quote, first quarter 2025 Results.

好的，謝謝您的介紹。歡迎參加康斯托克資源 2025 年第一季財務與經營業績電話會議。您可以在本次電話會議期間或之後造訪我們的網站 www.commstockresources.com 並下載季度業績簡報來觀看幻燈片簡報。您會在那裡看到一份題為「2025 年第一季業績引述」的簡報。

I am 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.

我是康斯托克執行長傑伊·艾利森 (Jay Allison)，與我一起的是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 2 in our presentation and note that our discussions today will include forward-looking statements within the meanings of securities laws. While we believe the expectations and such statements to be reasonable, there can be no assurance that such expectations will prove to be correct.

請參閱我們簡報中的第 2 張投影片，並注意我們今天的討論將包括證券法意義內的前瞻性陳述。雖然我們相信這些預期和陳述是合理的，但不能保證這些預期將被證明是正確的。

On slide 3, we're going to summarize the highlights of the first quarter. But before we start in the financial results, I'd like to make a few opening comments.

在投影片 3 上，我們將總結第一季的亮點。但在我們開始討論財務結果之前，我想先講幾點開場白。

First of all, most, if not all of you know Jerry Johnson and his family owns 71% of Comstock. And yes, he loves football and his Dallas Cowboys, but you need to know now that he's rediscovered his great love for basketball, especially players named Elijah one.

首先，大多數人（如果不是全部的話）都知道傑瑞·約翰遜和他的家族擁有康斯托克 71% 的股份。是的，他熱愛足球和達拉斯牛仔隊，但你現在需要知道，他重新發現了自己對籃球的熱愛，尤其是名叫以利亞一號的球員。

Now as we review the first quarter of 2025 results today. I would like you to focus on what should be the holy grail that every ENP company is seeking to create long-term shareholder value. Drilling inventory is that holy grail.

現在讓我們來回顧一下 2025 年第一季的業績。我希望你們能專注於每個 ENP 公司為創造長期股東價值所追求的終極目標。鑽探庫存就是這個聖杯。

For the past 5 years, we have chosen to pursue exploration to find our holy grail. Growing demand for natural gas for power generation for AI and for feedstock for LNG has created a need for our emerging natural gas play in the Western Haynesville.

過去五年來，我們選擇繼續探索，尋找我們的聖杯。人工智慧發電和液化天然氣原料對天然氣的需求不斷增長，使得我們在海恩斯維爾西部的新興天然氣業務成為可能。

Today, we will talk about our latest successful well, the Elijah one, which is our first well drilled in Freestone County. Now, the Elijah one, think about this, is 24.4 miles away from the closest producing Western Haynesville well and almost 50 miles away from our brother's producing well to the south in Robertson County.

今天，我們將討論我們最新成功的井，以利亞井，這是我們在弗里斯通縣鑽的第一口井。現在，想想看，以利亞井距離最近的西海恩斯維爾生產井有 24.4 英里，距離我們兄弟在羅伯遜縣南部的生產井有近 50 英里。

The Elijah I is further confirmation of our geologic work involving studying hundreds of well logs in 3D seismic to outline our new play. We have invested over a billion dollars to build and develop the 520,000 acres comprising our western Haynesville plague.

Elijah I 進一步證實了我們的地質工作，包括研究數百條 3D 地震測井曲線以概述我們的新開發計劃。我們已投資超過 10 億美元來建造和開發西部海恩斯維爾地區的 52 萬英畝土地。

We turned the Elijah one to sales about a week ago with the initial production rate of $41 million cubic feet per day.

大約一週前，我們將 Elijah 一號礦場投入銷售，初始產量為每天 4,100 萬立方英尺。

This major step out represents another milestone achievement in our efforts to delineate the Western Haynesville. Our acreage has the potential to have thousands of future drilling locations in multiple benches in Haynesville and Boulsier shells.

這項重大舉措代表著我們在劃定西海恩斯維爾的努力中取得了又一個里程碑式的成就。我們的土地有潛力在 Haynesville 和 Boulsier 殼層的多個台階上設置數千個鑽井位置。

The geologic success has been matched by our drilling group. They figured out how to drill and complete some of the deepest and highest-pressure horizontal shell wells in the world.

我們的鑽井小組也取得了同樣地質的成功。他們研究如何鑽探和完成世界上一些最深、壓力最高的水平井。

They have also materially reduced the cost of the wells and continue to adjust our drilling and completion design to maximize performance and well returns. We also are capturing more of the value chain by developing our own midstream for the Western angel assets. Now, moving on to the financial results for the first quarter.

他們還大幅降低了油井成本，並不斷調整我們的鑽井和完井設計，以最大限度地提高性能和油井回報。我們也透過為西方天使資產開發我們自己的中游來獲取更多的價值鏈。現在，讓我們來看看第一季的財務表現。

Higher natural gas prices in the first quarter drove much improved financial results in the quarter. Our natural gas and oil sales grew to $405 million. We generated $239 million of operating cash flow, or $0.81 per diluted share. Adjusted EBITDA for the quarter was $293 million and we reported adjusted net income of $53.8 million or $0.18 per diluted share.

第一季天然氣價格上漲推動本季財務表現大幅改善。我們的天然氣和石油銷售額成長至 4.05 億美元。我們產生了 2.39 億美元的營運現金流，即每股攤薄現金流 0.81 美元。本季調整後的 EBITDA 為 2.93 億美元，我們報告調整後的淨收入為 5,380 萬美元或每股攤薄收益 0.18 美元。

We resumed completion activities in late 2024, allowing us to turn 14 or about 11.3 net operated wells to sales since our last update with an average per well initial production rate of about 25 million cubic feet per day. Now I've turned over Roland to discuss financial results we reported yesterday. Roland.

我們於 2024 年底恢復了完井活動，自上次更新以來，我們已將 14 口或約 11.3 口淨營運井轉化為銷售井，每口井的平均初始產量約為每天 2500 萬立方英尺。現在我請羅蘭來討論我們昨天報告的財務結果。羅蘭。

All right, thanks, Jay. On slide 4, we cover our first quarter financial results. Our production in the first quarter averaged 1.28 BCFE per day, which is 17% lower than the first quarter of 2024, reflecting our decision last year to drop two rigs early and our deferral of completion activity last year into this year.

好的，謝謝，傑伊。在投影片 4 上，我們介紹了第一季的財務表現。我們第一季的產量平均為每天 1.28 BCFE，比 2024 年第一季低 17%，這反映了我們去年決定提前放棄兩座鑽機，並將去年的完井活動推遲到今年。

All the wells turned to sales in the 1st quarter were located in our legacy Haynesville area. In April, the Olajuwuan well was turned to sales in the western Haynesville. With the substantial improvement in natural gas prices, our oil and gas sales in the quarter increased 21% to $405 million.

第一季所有實現銷售的油井均位於我們原有的海恩斯維爾地區。今年 4 月，Olajuwuan 油井開始在 Haynesville 西部進行銷售。隨著天然氣價格的大​​幅上漲，我們本季的石油和天然氣銷售額成長了21%，達到4.05億美元。

Even DAX for the quarter was $293 million. We generated $239 million of cash flow in the first quarter. We reported adjusted net income of $54 million for the quarter or $0.18 per share, as compared to a loss in the first quarter of 2024.

就連本季的 DAX 指數也達到了 2.93 億美元。我們在第一季產生了 2.39 億美元的現金流。我們報告本季調整後淨收入為 5,400 萬美元，即每股 0.18 美元，而 2024 年第一季則出現虧損。

Slide 5, we break down our natural gas price realizations in the quarter. The quarterly IMEX settlement price averaged $3.65 in the first quarter, and the average Henry have spot price averaged $4.27. 37% of our gas was sold in the spot market in the quarter, so the appropriate NIMex reference price was $3.88 for our production.

投影片 5，我們細分了本季的天然氣價格實現。第一季度，IMEX 季度結算價平均為 3.65 美元，亨利現貨價格平均為 4.27 美元。本季度，我們的 37% 的天然氣在現貨市場上銷售，因此，對於我們的產量來說，合適的 NIMex 參考價格為 3.88 美元。

Our realized gas price in the first quarter was $3.58 reflecting a $0.07 differential from the IMEX price and about a $0.30 differential from the reference price for the quarter. The high spot prices we had in the quarter were really only for a limited a very limited number of days that we had in the quarter and there was a lot of volatility around bases in the first quarter with the high spot prices.

我們第一季實現的天然氣價格為 3.58 美元，與 IMEX 價格相差 0.07 美元，與本季參考價格相差約 0.30 美元。本季現貨價格的高企實際上只持續了非常有限的幾天，而且由於第一季現貨價格高企，基數附近波動很大。

In the first quarter we were also 54% hedge, which lowered our gas rela price to $3.52 for the first quarter. Given this high volatility in gas prices we had in the quarter, we did lose $16 billion on third party gas marketing, which is mainly gas bought to fill our transport obligations.

在第一季度，我們還進行了 54% 的對沖，這使得第一季的天然氣相關價格降至 3.52 美元。鑑於本季天然氣價格的劇烈波動，我們在第三方天然氣行銷上損失了 160 億美元，這些天然氣主要是為了履行我們的運輸義務而購買的。

On slide 6, we detail our operating costs for MCFE and our EBA DAX margin. Our operating cost for MCFE averaged $0.83 in the first quarter, $0.11 higher than the 4th quarter rate.

在第 6 張投影片中，我們詳細說明了 MCFE 的營運成本和 EBA DAX 利潤率。我們第一季的 MCFE 營運成本平均為 0.83 美元，比第四季高出 0.11 美元。

Our EBITDAX margin improved to 60 to 76% in the first quarter as compared to 73% in the fourth quarter of last year. Our production and alarm taxes were up about $0.04 from our fourth quarter rate, all really driven by the much improved natural gas prices. Our lifting costs were up $0.05 in the quarter, mainly due to the lower production level we had in the quarter, and much of our base lifting costs are fixed cost versus variable.

我們的 EBITDAX 利潤率在第一季提高至 60% 至 76%，而去年第四季為 73%。我們的生產稅和警報稅比第四季度上漲了約 0.04 美元，這實際上都是受到天然氣價格大幅上漲的推動。本季我們的起重成本上漲了 0.05 美元，主要是因為本季我們的產量較低，而且我們大部分的基本起重成本是固定成本而不是變動成本。

Then our gathering costs were up $0.01 in the quarter and GNA costs were up $0.01 in the quarter. On slide 7, we recap our spending on our drilling and other development activity, and we spent a total of $250 million on development activities in the first quarter.

那麼我們的收集成本在本季上漲了 0.01 美元，GNA 成本在本季上漲了 0.01 美元。在第 7 張投影片上，我們回顧了我們在鑽井和其他開發活動上的支出，第一季我們在開發活動上總共花費了 2.5 億美元。

We drilled 4 or 3.9. Net horizontal painsel wells and 3 or 3 net Bossier wells. We turned 11 or 8.3 net operated wells to sales in the quarter, which had an average initial production rate of $23 million cubic feet per day.

我們鑽了 4 口或 3.9 口淨水平潘塞爾井和 3 口或 3 口淨博西爾井。本季度，我們將 11 口（或 8.3 口淨營運油井）轉化為銷售油井，平均初始產量為每天 2,300 萬立方英尺。

Slide 8, we recap our, what our balance sheet looks like at the end of the first quarter. We ended the quarter with $510 million of borrowings outstanding at our credit facility, giving us $3.1 billion in total debt, including our outstanding senior notes.

投影片 8，我們回顧第一季末的資產負債表。本季末，我們的信貸額度中未償還借款為 5.1 億美元，包括未償還的優先票據在內，我們的總債務為 31 億美元。

The increase in borrowings from year end is mainly due to working capital changes as our drilling and completion activities were covered by operating cash flow in the quarter. When natural gas prices increase a lot, our actual collection of those really is out a couple of months from when we accrue the sales, so we'll see those working capital changes kind of turn around as the year progresses.

年末借款增加主要是由於營運資金變化，因為本季我們的鑽井和完井活動已由營運現金流覆蓋。當天然氣價格大幅上漲時，我們實際收取的款項實際上是在我們累積銷售額後的幾個月內，因此隨著時間的推移，我們會看到這些營運資金的變化有所改善。

We did just complete our spring borrowing base redetermination and our borrowing base was reaffirmed on April 29th at $2 billion and our elected commitment under the credit facility remains at $1.5 billion.

我們剛完成了春季借款基數的重新確定，我們的借款基數於 4 月 29 日重申為 20 億美元，而我們在信貸安排下的選定承諾仍為 15 億美元。

With the improved natural gas prices that we're seeing for 2025 and a strong hedge position, we do expect our leverage ratio to continue to improve significantly as we report the 2025 financial results. At the end of the quarter, we had about $1 billion of liquidity, and now I'll turn it over to Dan to kind of discuss our drilling results in more detail.

隨著 2025 年天然氣價格的上漲和強大的對沖頭寸，我們預計在報告 2025 年財務表現時我們的槓桿率將繼續顯著改善。在本季末，我們擁有約 10 億美元的流動資金，現在我將把時間交給丹，讓他更詳細地討論我們的鑽探結果。

Okay, thanks Roland. If you look over on slide 9, this is just an overview of our acreage footprint position in the Hazel Boser Hill in East Texas and North Louisiana. We have now $1.1 million gross and 822,000 net acres that are perspective for commercial development of the Haysville and Bossier halls.

好的，謝謝羅蘭。如果您看幻燈片 9，這只是我們在德克薩斯州東部和路易斯安那州北部的 Hazel Boser Hill 的土地覆蓋範圍的概覽。我們現在擁有價值 110 萬美元的總土地和 822,000 英畝的淨土地，可用於 Haysville 和 Bossier 大廳的商業開發。

If you look over on the left, this is our emerging Western Haynesville acreage, and on the right is our legacy Haynesville area. Since we began our leasing program in the Western Haysville in 2020, we've grown our acreage-to-acreage position to 520,000 net acres.

如果你看左邊，這是我們新興的西部海恩斯維爾土地，右邊是我們傳統的海恩斯維爾地區。自 2020 年我們在海斯維爾西部開始租賃計劃以來，我們的土地面積已增長至 520,000 淨英畝。

We still have around 1,300 net locations to drill on our 302,000 net acres in the Legacy Haynesville, which currently has 904 net producing wells. Our legacy Haysville acreage is 48% developed for the Haynesville and 9% developed for the Bossier. In comparison, our Western Haynesville has only 19 net producing wells and is virtually undeveloped compared to our legacy Haynesville.

我們在 Legacy Haynesville 的 302,000 淨英畝土地上仍有大約 1,300 個淨位置可供鑽探，目前共有 904 口淨生產井。我們原有的 Haysville 土地有 48% 是為 Haynesville 開發的，9% 是為 Bossier 開發的。相比之下，我們的西部海恩斯維爾只有 19 口淨生產井，與我們傳統的海恩斯維爾相比幾乎沒有開發。

Given the higher pay thickness and the pressures we encounter in the Western hazel, we expect the Western Hazel to yield significantly more resource potential per section than our legacy Haynesville will. On slide 10 is our updated drilling inventory. That's the end of the 1st quarter.

考慮到西部榛樹礦床更高的產層厚度和麵臨的壓力，我們預計西部榛樹礦床每個區塊的資源潛力將遠高於我們原有的海恩斯維爾礦床。幻燈片 10 是我們更新的鑽井庫存。第一季就此結束。

The total operated inventory now stands at 1,527 gross locations and 1,197 net locations. This equates to a 78% average working interest and then our non-operated inventory, we have 1,114 gross locations and 138 net locations which represents a 12% average working interest.

目前總營運庫存為 1,527 家總門市和 1,197 家淨門市。這相當於 78% 的平均工作權益，然後是我們的未營運庫存，我們有 1,114 個總位置和 138 個淨位置，這代表著 12% 的平均工作權益。

The drilling inventory is split between the Haynesville and Bossier, and then our four categories. We now have gross operated inventory. We have 49 short laterals, 331 medium laterals, 569 long laterals, and 578 extra long laterals. This gives us 75% of our laterals are now greater than 8,500 ft long and the inventory is split evenly 50/50 between the Haynesville and the Bossier.

鑽井庫存分為 Haynesville 和 Bossier，然後分為四個類別。我們現在有總營運庫存。我們有 49 條短橫管、331 條中橫管、569 條長橫管和 578 條超長橫管。這使得我們 75% 的水平井長度超過 8,500 英尺，庫存在 Haynesville 和 Bossier 之間平均分配 50/50。

The drilling inventory also includes our 113 horseshoe locations that we've identified, and these are also split 50/50 between the Haysville and the Bossier. The average lateral length now stands at 9,601 ft, which is basically unchanged from the end of last year.

鑽井庫存還包括我們已確定的 113 個馬蹄形位置，這些位置也以 50/50 的比例分佈在 Haysville 和 Bossier 之間。目前平均水平長度為 9,601 英尺，與去年年底基本保持不變。

The cemetery provides us over 30 years of future drilling locations based on our current activity levels. On slide 11 is a chart that outlines our average lale that we drilled based on the wells that we have drilled and have reached total depth.

根據我們目前的活動水平，該墓地為我們提供了未來 30 多年的鑽井地點。投影片 11 上的圖表概述了我們根據已鑽探並達到總深度的井所鑽探的平均深度。

The average lateral links are shown separately for both our legacy Haynesville and our western Haynesville acreage areas. In the first quarter we drilled 3 wells to total depth in the legacy Haynesville, and these wells had an average lateral length of 12,903 ft.

我們原有的 Haynesville 和我們西部 Haynesville 土地區域的平均橫向連接分別顯示。第一季度，我們在 Haynesville 原區鑽探了 3 口井，平均水平長度為 12,903 英尺。

The individual lengths ranged from 9,673 up to 15,0023 ft. The record longest lateral on our legacy, Haynesville Acres stands at 17,409 ft also in the first quarter we drilled 4 wells the total depth in the western Haynesville, and these wells had an average la length of 10,728 ft.

單一長度範圍從 9,673 英尺到 15,0023 英尺。我們史上最長的水平井記錄是 Haynesville Acres，長度為 17,409 英尺，第一季我們在 Haynesville 西部鑽了 4 口井，總深度為 10,728 英尺。

The individual lengths on those wells range from 9,100 ft up to 12,0045 ft. Our longest lateral drill to date on the western hazel acreage has a lateral length of 12,763 ft. I just kind of summarizing on the long lateral activity, we now drill 117 wells.

這些井的單一長度從 9,100 英尺到 12,0045 英尺不等。迄今為止，我們在西部榛樹種植區進行的最長的水平鑽井的水平長度為 12,763 英尺。我只是對長水平井活動進行總結，我們現在鑽了 117 口井。

Laterals longer than 10,000 ft, and we have 44 wells that have laterals over 14,000 ft. On slide 12, this outlines the wells that have been turned to sales on our legacy Haysville acreage since we last reported our earnings.

水平段長度超過 10,000 英尺，我們有 44 口井的水平段長度超過 14,000 英尺。幻燈片 12 概述了自我們上次報告收益以來，我們在 Haysville 土地上已轉為銷售的油井。

So far this year we've turned 13 wells to sales on our Legacy Haynesville acreage. The individual IP rates range from $16 million a day up to $37 million a day, with an average IP rate of $24 million a day. The average lateral length was 12,367 ft and the individual laterals range from 90 to 52 up to 17,409.

今年到目前為止，我們已經將 Legacy Haynesville 土地上的 13 口油井轉為銷售油井。單一 IP 費率從每天 1600 萬美元到每天 3700 萬美元不等，平均 IP 費率為每天 2400 萬美元。平均水平井長度為 12,367 英尺，單一水平井數量範圍從 90 到 52，最多為 17,409。

During the first quarter, the Wellsby turn to sales were more focused in the legacy Haynesville area compared to the 4th quarter, where our completions were focused in the Western Haynesville after we resumed our completion activity that followed the third quarter frac holiday.

在第一季度，韋爾斯比的銷售重點更集中在傳統的海恩斯維爾地區，而第四季度，在我們恢復第三季度壓裂假期後的完井活動後，我們的完井重點則集中在海恩斯維爾西部。

We do have 3 of our 7 rigs currently drilling on our legacy Haynesville acreage. Slide 13 outlines the one well that we've turned to sales in our Western Haynesville acreage since we last reported earnings in in February. The Olajuwon number 18 well was turned to sales early last month.

目前，我們的 7 台鑽孔機中已有 3 台正在我們原有的 Haynesville 油田上進行鑽探。幻燈片 13 概述了自從我們上次在二月報告收益以來，我們在西海恩斯維爾地區銷售的一口油井。奧拉朱旺18號球鞋已於上月初開始販售。

This represents our first step out test to the northeast up in Freestone County. This well is located 24 miles away from our nearest producing well. The Olajuwan well was completed with a 10,306 ft lateral and the well was tested with an IP rate of $41 million cubic feet per day and so 4 of our 7 rigs are currently running on the Western Hinesville acreage.

這是我們首次向弗里斯通縣東北部進行測試。該井距離我們最近的生產井 24 英里。Olajuwan 井已完井，水平段長度為 10,306 英尺，經測試，IP 速率為每天 4,100 萬立方英尺，因此，我們 7 台鑽機中有 4 台目前在 Western Hinesville 區塊運行。

14 highlights the average drilling days and the average footage drilled per day in our legacy Haynesville area. In the first quarter, we drilled 3 wells to total depth in the legacy Haynesville and we averaged 26 days to total depth. This is an increase of 3 days compared to the 4th quarter, but it's unchanged from the 20,244 year full year average of 26 drilling days.

14 突顯了我們傳統的 Haynesville 地區的平均鑽井天數和平均每天鑽井進尺。在第一季度，我們在原有的 Haynesville 地區鑽探了 3 口井，平均需要 26 天才能鑽完。與第四季度相比，這增加了 3 天，但與 20,244 年全年平均鑽井天數 26 天相比沒有變化。

The additional drilling days we experienced in the first quarter compared to the 4th quarter was due mainly to the longer lateral lengths. We drilled in the 1st quarter compared to the 4th quarter. I think the average la length was 2000 ft longer in Q1.

與第四季相比，第一季的鑽井天數增加，主要是因為水平段長度較長。與第四季度相比，我們在第一季進行了鑽探。我認為 Q1 的平均長度要長 2000 英尺。

In the first quarter, we have 1,0027 ft drilled per day which represents a 1.5% improvement over the fourth quarter and a 12% improvement over the 2024 full year average of 920 ft per day. Since 2017, our footage drill per day has increased by 51%.

第一季度，我們每天鑽探 1,0027 英尺，比第四季度提高了 1.5%，比 2024 年全年平均每天 920 英尺提高了 12%。自 2017 年以來，我們每天的鑽進尺數增加了 51%。

The best well drill to date on our legacy Haynesville acre was averaged 1,461 ft per day, and we drilled it to TD in 14 days. So slide 15, this highlights the ongoing progress we've achieved in our drilling times in the western Haynesville.

到目前為止，我們在 Haynesville 土地上鑽出的最佳井深平均為每天 1,461 英尺，我們在 14 天內就鑽到了深度。第 15 張投影片重點介紹了我們在海恩斯維爾西部鑽井過程中取得的持續進展。

During the first quarter, we drilled four wells to total depth in the western Haynesville to give us a total of 25 wells. We've drilled the total depth through the end of the first quarter. Since we sped our initial well in the fourth quarter of 21, we have seen significant and continuous improvement in our drilling times.

第一季度，我們在海恩斯維爾西部鑽探了 4 口井，總深度達到 25 口井。截至第一季末，我們已經鑽探了總深度。自從我們在 21 年第四季加速鑽探第一口井以來，我們的鑽井時間已經顯著且持續地改善。

Our first three wells were drilled in 2022 and we averaged 95 days to reach TD. This average dropped to 70 days in 2023 and dropping in to 59 days for the 2024 full year average. We averaged 55 drilling days for the 4 wells drilled the TD in the first quarter.

我們的前三口井於 2022 年鑽探，平均用時 95 天才達到 TD。2023 年這一平均值下降至 70 天，2024 年全年平均值下降至 59 天。第一季度，我們鑽探了 4 口井，平均鑽探時間為 55 天。

This this is a decrease of four days compared to the 2024 full year average of 59. That reflects an increase of six days compared to the 4th quarter. Most of the increase compared to the 4th quarter can be attributed to the lower efficiency of mostly single wells we drilled in the 1st quarter compared to the 2 well pads we drilled in the 4th quarter.

與 2024 年全年平均值 59 天相比，減少了 4 天。與第四季相比，增加了六天。與第四季度相比，大部分增幅可歸因於我們在第一季鑽探的大部分單井的效率低於我們在第四季度鑽探的 2 個井場。

Also during the first quarter we drilled our fastest well to date in the western Haynesville at 37 drilling days. And this record well was drilled with a 12,0045 to lateral. So this represents a 50% reduction compared to our first well that was drilled to TD in 74 days. This progress is also reflected in the average footage of drill per day.

此外，在第一季度，我們在海恩斯維爾西部鑽探了迄今為止最快的井，鑽井時間為 37 天。這口創紀錄的井的水平段長度為 12,0045 公尺。與我們第一口井在 74 天內鑽完的井相比，這減少了 50%。這項進步也體現在每天平均鑽進的進尺上。

Our 1st 3 wells in 22 averaged 281 ft per day, which has improved to the current average of 524 ft per day in the first quarter a record fastest well drilled at 741 ft per day and some of the primary factors behind the improved drilling performance, includes the shift to drilling or two well pads, our improvement in our casing designs, the utilization of the insulated drill pipe and we've just had better downhole performance from our bottom hole assemblies as we continue to drill more wells.

我們在 22 個油田中的前 3 口井平均每天鑽探 281 英尺，第一季度已提高到目前的平均每天 524 英尺，創下了每天 741 英尺的鑽井記錄，鑽井性能提高的一些主要因素包括轉向鑽兩個井場、改進套管設計、利用最快鑽井桿，並且隨著我們繼續鑽井性能提高的更多組件，我們繼續鑽井性能了井的性能。

On slide 16 is a summary of our DNC costs through the first quarter, for our benchmark long lateral wells, located on our legacy acreage. These represent all our wells that have laterals over 8,500 ft long. Our drilling costs are based on when the wells reach TD. This better aligns with when the drilling dollars are being spent and our completion cost per foot continues to use the term to sales date.

投影片 16 是我們第一季位於我們原有土地上的基準長水平井的 DNC 成本摘要。這些代表了我們所有水平段長度超過 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。這與鑽井費用的支出時間更加一致，並且我們的每英尺完井成本繼續使用“到銷售日期”這一術語。

During the first quarter, we drilled 3 wells to total depth. The first quarter drilling cost averaged $523 a foot. This is a 21% decrease compared to the fourth quarter. Most of this can be attributed to drilling longer laterals in the first quarter. And as two of these three wells were drilled to TD, as two of the three wells were 15,000 ft lateral.

第一季度，我們共鑽探了 3 口井。第一季的鑽井成本平均為每英尺 523 美元。與第四季相比下降了21%。這主要歸功於第一季度鑽探了更長的水平井。其中兩口井已鑽至總深度，且其中兩口井的水平深度為 15,000 英尺。

Also during the first quarter, we turned 11 wells to sales on our legacy Hinesville acreage. The first quarter completion costs came in at $855 a foot. This is just a 1% decrease compared to the 4th quarter. As we look ahead, we're anticipating our DMC cost on the legacy Haynesville acres will stay flat to slightly lower, for at least mid-year.

此外，在第一季度，我們已將位於 Hinesville 的原有土地上的 11 口油井轉為銷售井。第一季的完工成本為每英尺 855 美元。與第四季相比，這僅下降了1%。展望未來，我們預計至少在年中，Haynesville 遺留土地的 DMC 成本將保持穩定或略低。

Our pipe prices also started coming down late last year and we expect to maintain these lower cost levels through mid-year and into the 3rd quarter. Our cost expectations, in the back half of the year, further out, are a little more uncertain just with the potential for the uptick in activity, coming from the higher gas prices and, still some lingering potential impacts from the ongoing tariffs.

我們的管道價格也在去年年底開始下降，我們預計到今年年中和第三季這些較低的成本水準將得以維持。我們對下半年的成本預期更加不確定，因為活動可能會增加，這源自於汽油價格上漲，以及持續的關稅仍可能帶來一些揮之不去的潛在影響。

We currently have three rigs running again on our legacy Haynesville Acreage and slide 17 is the summary of our decency costs through the first quarter for all the wells drilled in the western Haynesville.

目前，我們已有三座鑽機在 Haynesville 原有油田上重新投入運行，第 17 張投影片總結了第一季在 Haynesville 西部鑽探的所有油井的體面成本。

For the western hazel, our drilling costs are also based on when the wells reached TD and then our completion costs are based on when the wells are turned to cells. So during the 1st quarter we were able to carry forward the really great progress and the results we achieved during the 4th quarter of last year.

對於西部榛樹，我們的鑽井成本也是基於井達到 TD 的時間，而完井成本則是基於井變成單元的時間。因此，在第一季度，我們能夠延續去年第四季的巨大進步和成果。

During the first quarter, we drilled four wells to total depth in the western Haynesville. The drilling cost averaged $1,374 a foot. This represents a 2% decrease compared to the fourth quarter, and contributing to this performance was drilling our record fast as well in the first quarter that we drilled the TD in 37 days.

第一季度，我們在海恩斯維爾西部鑽了四口井。鑽井成本平均為每英尺 1,374 美元。與第四季度相比，這一數字下降了 2%，而這一業績的取得也得益於我們在第一季度創下的鑽井速度記錄，即 37 天內就完成了 TD 鑽探。

Since drilling our first wells in 2022, our drilling cost has now decreased by 34% in the first quarter. We did not have any wells in the Western Haynesville that were returned to sales in the first quarter. We continue to have superb execution from our frac crews and the two well pads have allowed us to be much more efficient with the crews.

自 2022 年鑽探第一口井以來，我們的鑽井成本在第一季已下降了 34%。第一季度，我們在西海恩斯維爾沒有任何油井恢復銷售。我們的壓裂作業隊繼續表現出色，兩個井場使我們的作業隊更有效率。

We've also started implementing the use of natural gas diesel, blend to fuel our frac fleets, which has also led to additional cost savings and less emissions.

我們也開始使用天然氣柴油混合物為我們的壓裂船隊提供燃料，這也帶來了額外的成本節約和減少排放。

All the exploratory capital we spent during the early time frame of our programs definitely allowed us to significantly expand our knowledge base of this area. We've zeroed in on a good well designed and, we continue to improve upon our job executions.

我們在專案早期投入的所有探索性資本確實讓我們大大擴展了這一領域的知識基礎。我們專注於精心設計，並不斷改進我們的工作執行。

And again, we got 4 rigs running in the western Haynesville of our seven rigs. On slide 18, we're going to highlight our continued improvement related to greenhouse gas and methane emissions. For 2024, we reported a greenhouse gas intensity of 2.5, this is kilograms of CO2 equivalent for BOE of production.

我們有七台鑽機，其中四台在海恩斯維爾西部運行。在第 18 張投影片上，我們將重點介紹我們在溫室氣體和甲烷排放方面所取得的持續改進。我們報告的 2024 年溫室氣體強度為 2.5，即每桶油當量生產的二氧化碳當量公斤。

This is a 28% improvement versus 2023 and 28% over the past two years. We reported a methane emission intensity rate of 0.039%. This is a 2.5% improvement versus 2023 and a 14% improvement over the last two years.

與 2023 年相比提高了 28%，與過去兩年相比提高了 28%。我們報告的甲烷排放強度率為0.039%。與 2023 年相比提高了 2.5%，與過去兩年相比提高了 14%。

We achieved those emissions despite our increased focus on the higher intensity, Western Haynesville. On an absolute basis, our CO2 emissions decreased to 174,000 metric tons in 2024. This is down 44% from the 2023 levels and 39% over the last two years.

儘管我們更加關注強度更高的西海恩斯維爾，但我們仍然實現了這些排放。從絕對值來看，到 2024 年，我們的二氧化碳排放量將減少到 174,000 公噸。這比 2023 年的水準下降了 44%，比過去兩年下降了 39%。

In addition, our methane emissions decreased to 5,499 metric tons in 2024. This is down 3% from 2023 and down 11% over the last two years. We have deployed optical gas imaging and aircraft leak monitoring technology at 100% of our production sites.

此外，到 2024 年，我們的甲烷排放量將減少至 5,499 公噸。這比 2023 年下降了 3%，比過去兩年下降了 11%。我們在100%的生產基地部署了光學氣體成像和飛機洩漏監測技術。

Which has earned us the ability to certify our gas as responsibly sourced. Our natural gas and dual fuel powered frac fleets eliminated $1 million gallons of diesel by utilizing natural gas, which also said that approximately 2000 metric tons of CO2 equivalent.

這使我們有能力證明我們的天然氣來源可靠。我們的天然氣和雙燃料驅動的壓裂車隊透過使用天然氣節省了價值 100 萬加侖的柴油，這也意味著減少了約 2000 公噸的二氧化碳當量。

Our dual fuel drilling rigs eliminated 250,000 gallons of diesel, utilizing natural gas, and this offset approximately 790 metric tons of CO2 equivalent. We've installed instrument air on 100% of our newly constructed production facilities, mitigating approximately 6,500 metric tons of CO2 equivalent and lastly.

我們的雙燃料鑽機利用天然氣消耗了 25 萬加侖柴油，抵消了約 790 公噸二氧化碳當量。我們在 100% 新建的生產設施上安裝了儀表空氣，減少了約 6,500 公噸二氧化碳當量。

We announced yesterday a partnership with BKV Corporation to study the potential to develop carbon capture projects that our methyl and Mara, natural gas treating facilities in the Western Haynesville and these projects have the potential to significantly reduce our greenhouse gas emissions in the future. I'll now turn the call back over to Jay.

我們昨天宣布與 BKV 公司合作，研究開發碳捕獲項目的潛力，這些項目位於西海恩斯維爾的甲基和馬拉天然氣處理設施，有可能在未來顯著減少我們的溫室氣體排放。我現在將電話轉回給傑伊。

All right, thank you, Dan. Thank you, Roland. If everyone please for a slide 19, we will summarize our outlook for 2025. In 2025 we're primarily focused on building our great assets in the Western Haynesville that will position us to benefit from the longer-term growth in natural gas demand. We currently have 4 operated rigs in Western Haynesville to continue to delineate the new play. We expect to drill 20 wells and turn 15 wells to sales in western Haynesville this year. We'll continue to build out our Western Avi midstream assets to keep up with the growing production from the area. Midstream expenditures are expected to be between $130 and $150 million. They will all be funded by our midstream partners in the legacy Haynesville, we're currently running 3 rigs, as Dan said, to build production back up by the end of the year. We expect to drill 25 or 20 net wells and turn 31 or 24.1 net wells to cells in our legacy Haynesville this year.

好的，謝謝你，丹。謝謝你，羅蘭。請大家看第 19 張投影片，我們將總結我們對 2025 年的展望。2025 年，我們主要致力於在海恩斯維爾西部建設優質資產，這將使我們能夠從天然氣需求的長期成長中受益。我們目前在海恩斯維爾西部運營 4 台鑽機，以繼續劃定新的油氣儲量。我們預計今年將在海恩斯維爾西部鑽 20 口井，並將 15 口井投入銷售。我們將繼續建造西阿維中游資產，以跟上該地區不斷增長的產量。中游支出預計在1.3億至1.5億美元之間。它們都將由我們在海恩斯維爾的中游合作夥伴資助，正如丹所說，我們目前正在運行 3 個鑽機，以便在年底前恢復產量。我們預計今年將在我們原有的 Haynesville 地區鑽探 25 或 20 口淨井，並將 31 或 24.1 口淨井轉變為單元。

We anticipate funding our drilling program out of operating cash flow depending upon natural gas prices and use.

我們預計根據天然氣價格和使用情況從營運現金流中為我們的鑽探計劃提供資金。

We continue to have the industry's lowest producing cost structure and expect drilling efficiencies to continue to drive down drilling and completion costs in 2025 in both the Western and legacy Angelville areas.

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西部和傳統 Angelville 地區的鑽井和完井成本。

As Roland said, we have strong financial liquidity totaling almost a billion dollars.

正如羅蘭所說，我們擁有強大的財務流動性，總額近10億美元。

We have several slides that provide some specific guidance for the rest of the year. So if you want to discuss that, please reach out to Ron Mills to discuss.

我們有幾張幻燈片為今年剩餘時間提供一些具體指導。因此，如果您想討論這個問題，請聯絡 Ron Mills 進行討論。

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

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. At this time, we will conduct a question and answer session. (Operator Instructions) Our first question comes from Derek Whitfield from Texas Capital. Please go ahead.

謝謝。此時，我們將進行問答環節。（操作員指示）我們的第一個問題來自德克薩斯首府的德里克·惠特菲爾德。請繼續。

Good morning all and thanks for your time.

大家早安，感謝你們的時間。

Morning. Thank you. I have two.

早晨。謝謝。我有兩個。

Questions, and they're both related to the Western Haynesville, as you noted in your prepared remarks, Theologicon well is a material step out for you guys.

問題，而且它們都與西部海恩斯維爾有關，正如您在準備好的發言中提到的那樣，神學井對你們來說是一個實質性的進步。

Maybe perhaps for Dan, could you just directionally speak to reservoir quality there versus the wells you drilled to the south and then quantitatively speak to the amount of your position you've now delineated following this well result?

也許對於丹來說，您能否僅從方向上談談那裡的儲層質量與您在南部鑽探的井相比，然後定量地說出您根據該井的結果現在劃定的位置數量？

Yeah, so we, the wells 24 miles away from the nearest well we have, probably, all the way down to the other end of where we drill the wells, you can probably double that, probably almost, I'd say 45.

是的，所以我們，距離我們最近的油井 24 英里的油井，可能一直到我們鑽井的另一端，你可能會將這個數字翻倍，可能差不多，我想是 45 英里。

Miles, down into Robertson County. So as far as the reservoir quality in the Olajuwan looks, I say every bit as good as the ones we drilled down in the core area looks really good. It's a, it is a Haynesville well, not a Bossier.

邁爾斯，前往羅伯森縣。因此，就奧拉朱萬儲層的品質而言，我認為與我們在核心區域鑽探的儲層品質一樣好。這是一口 Haynesville 井，不是 Bossier 井。

We've got good thickness there. And we did, of course, we drilled the Olajuwan in that area for a reason because we had some nearby well logs that had drilled through that section years ago that we're able to look at and we could, see the, we could see the reservoir quality, so we weren't drilling totally blind up there, but the logs looked really good. That's why we targeted the Haynesville and of course the well results have supported, what our expectations were, looks really good.

我們那裡的厚度很好。當然，我們在那個地區鑽探奧拉朱萬是有原因的，因為我們有一些附近的鑽井日誌，這些日誌幾年前曾鑽過那個區域，我們可以看到，我們可以看到，我們可以看到儲層質量，所以我們在那裡鑽探並不是完全盲目的，但日誌看起來真的很好。這就是我們瞄準海恩斯維爾的原因，當然，良好的結果也支持了我們的預期，看起來非常好。

As far as the area up there, I mean, that's up on the northeast end of our footprint and so, I mean, I think that kind of that and really figure the percentage of the acres, I think maybe is what you was asking, Derek, but A substantial chunk of our acreage up on the northeast end, yeah, looks, I'd say it definitely puts it in play and greatly de-risk that entire area up there.

至於那裡的區域，我的意思是，那是在我們足跡的東北端，所以，我的意思是，我認為那種，並且真正計算出英畝的百分比，我想也許這就是你所問的，德里克，但是我們的相當一部分土地在東北端，是的，看起來，我想說它肯定會發揮作用，並大大降低那裡整個區域的風險。

One other comment, Derek, we were, initially looking to drill a Bossier well. We thought the thickness of the bossier would be a little thicker than what we drill, but we deepened the well, the geological group that we should go ahead and deepen that well since we were, 24.4 miles away, and we did deepen it and. Just like Dan said, the rock quality was exemplary.

另一則評論，德瑞克，我們最初想鑽一口博西爾井。我們原以為博西爾岩層的厚度會比我們鑽探的要厚一些，但我們加深了井，地質小組表示我們應該繼續加深這口井，因為我們距離這裡 24.4 英里，而且我們確實加深了它。正如丹所說，岩石的品質堪稱典範。

And we do we have additional wells obviously that are on the drill schedule plan to further, drill up in that area.

顯然，我們的鑽探計劃中還有額外的井，將在該地區進一步鑽探。

And again, not to put a firm number, but I mean it looks like eyeball and it's like 40% to 50% of your position and arguably some of the riskier parts as it relates to being deeper that you've delineating now across a position. I mean, is that a good kind of spitball if you will?

再說一次，我不是要給出一個確切的數字，但我的意思是，它看起來像是肉眼可見的，它佔你倉位的 40% 到 50%，可以說是一些風險較高的部分，因為它與你現在劃定的部位更深層次有關。我的意思是，如果你願意的話，這是一種很好的紙團嗎？

Yeah, I'd say, I'd somewhat agree with that. We the depth of the well was probably maybe about 1,000 ft deeper. This was about a 17,500 ft TVVD well up here where this well is located compared to the deepest ones we drilled, 185, between 185 and 19 at the very high end or deep end, however you want to look at it. So, this looks really stout. I mean, we can be happier with it.

是的，我想說，我有點同意這一點。我們認為井的深度大概有 1,000 英尺深。這是一個深度約為 17,500 英尺的 TVVD 井，與我們鑽過的最深井（185 英尺）相比，這個井的深度在 185 到 19 英尺之間，處於最高端或最深端，無論你怎麼看。所以，這看起來確實很堅固。我的意思是，我們可以因此而更加快樂。

But if you look on a map and you go, kind of east and west. You look where the large one well is, we probably have control of most of the acres for about 30 miles. So that's the if you look on the map, I mean that's the broader part of our acreage position.

但如果你看地圖，你會發現它大致向東和向西。你看那口大井在哪裡，我們可能已經控制了方圓 30 英里內的大部分土地。所以如果你看地圖，那就是我們土地面積的更廣闊的部分。

That's great. And then as my follow up, I wanted to see if you guys could speak to the structure of the BKB partnership and the value you see in this arrangement.

那太棒了。然後作為我的後續問題，我想看看您是否可以談談 BKB 合作夥伴關係的結構以及您在這種安排中看到的價值。

I mean from my view, the market appears to value lower carbon intensity power solutions based on the recent Chevron and ExxonMobil announcements and again, while you guys aren't in the power business, I suppose there's a scenario where you could co-locate a CCGT on site and offer a lower CI power solution to a data center industrial client. Is that really the aim here?

我的意思是，從我的角度來看，根據雪佛龍和埃克森美孚最近的公告，市場似乎更看重低碳強度的電力解決方案，而且，雖然你們不從事電力業務，但我認為有一種情況是，你們可以在現場共置一台 CCGT，並為數據中心工業客戶提供較低 CI 的電力解決方案。這真的是我們的目標嗎？

Yeah, Eric, this is rolling, yeah, that is the aim that's one of the reasons why we're excited about the partnership with BKV who, has already has a proven track record here, has a very successful project in the Barnet Shell with their Barnett Zero project.

是的，艾瑞克，這是正在進行的，是的，這就是目標，這也是我們對與 BKV 合作感到興奮的原因之一，BKV 在這裡已經擁有良好的業績記錄，他們的 Barnett Zero 項目在 Barnet Shell 非常成功。

So we were impressed with that, impressed with their capabilities, and wanted to partner for them to be the lead there in developing a carbon capture and sequestration project for us there for our two plants. So we think that makes the our location, about 100 miles from Dallas, 100 miles from Houston, the location next to gas storage.

因此，我們對此印象深刻，對他們的能力印象深刻，並希望與他們合作，在那裡為我們的兩家工廠開發碳捕獲和封存項目。因此我們認為，我們的位置距離達拉斯約 100 英里，距離休士頓 100 英里，位於天然氣儲存庫旁。

The vast gas resource we have in the western Haynesville, then add, a low carbon footprint to that, just makes it an ideal area we think for potential power generation facilities to support a data center, in that area. So that's all part of what we'd like to see and so it's, another A piece in the puzzle that we're hoping to put together and develop that, but still a lot of work to do there.

我們在海恩斯維爾西部擁有豐富的天然氣資源，再加上低碳足跡，這使得該地區成為支援資料中心的潛在發電設施的理想區域。這些都是我們希望看到的一部分，也是我們希望拼湊和開發的拼圖中的另一個部分，但仍有許多工作要做。

We had looked at Chris and his group at BKV. We've been watching them before they went public and afterwards, and we actually cured their injection of well and in the Barnet and that whole group, is tier one and we said, our Western angel is similar in size to what they're doing at the Barnet. They've already got a proven model.

我們曾考察過克里斯和他在 BKV 的團隊。在他們上市之前和之後，我們一直在關注他們，我們實際上治癒了他們的注射，在巴尼特和整個團體，都是第一層，我們說，我們的西方天使在規模上與他們在巴尼特所做的相似。他們已經有一個經過驗證的模型。

We like the people they're really great people, so we have mutually said let's go forward and, if we can have, zero emissions and BKB can do the carbon capture, then I think one day one and two, we win. And just like Derek, your question, I think we'll be more attractive for exporting gas, overseas with zero emissions. I think that's the next step.

我們喜歡這些人，他們真的是很棒的人，所以我們互相說讓我們繼續前進，如果我們能夠實現零排放，並且 BKB 可以進行碳捕獲，那麼我認為第一天和第二天，我們就會勝利。就像德瑞克問到的問題一樣，我認為我們在向海外出口零排放天然氣方面會更具吸引力。我認為這是下一步。

That's great, thanks. I'll turn it back to the operator.

太好了，謝謝。我會將其轉回給接線生。

Thank you. Our next question comes from Cali Akerman from Bank of America. Please go ahead.

謝謝。下一個問題來自美國銀行的卡利‧阿克曼 (Cali Akerman)。請繼續。

Hey, good morning guys.

嘿，大家早安。

Jay, Roland, Dan. Look, I like basketball too, and the Rockets are still alive, so I also got one on the Olajuwon. Step out here. I think I have to imagine that given the success that you've seen at the Olajuwon, that you're anxious to test other parts of the position. When do you think we should have expected a result in this area? And then when you zoom out, look at the map, where do you plan to step out to next?

傑伊、羅蘭、丹。你看，我也喜歡籃球，火箭隊還活著，所以我也買了一個奧拉朱旺。走出去吧。我想我必須想像，鑑於你在奧拉朱旺取得的成功，你急於測試這個位置的其他部分。您認為我們什麼時候應該期待這領域的成果？然後，當你縮小地圖時，看看地圖，你計劃下一步要去哪裡？

So good question. We have a The next well we're going to spot up in this area is going to be in Q4 and part of that how fast we can actually step out up in this area as we have it, it's just getting the midstream built out and getting ahead of where the locations are, being able to get them into the gathering system.

這個問題問得真好。我們計劃在第四季度在這個區域探明下一口油井，其中一部分是我們能夠多快在這個區域真正邁出這一步，這只是要建成中游並領先於位置，能夠將它們納入收集系統。

We obviously a lot of the midstream dollars we've spent have been down where we drilled all of the wells to date, so we, you have to be ahead of these things on that side, so. You can't just get out here and start getting after it right off the bat because you have to wait on that part to get done.

顯然，我們花費的大量中游資金都花在了迄今為止我們鑽探的所有油井上，所以我們，你必須在這方面領先一步，所以。您不能只是來到這裡並立即開始做這件事，因為您必須等待那部分完成。

But we do, like I said, Q4, we're going to drill a two well pad up here, actually pretty close to the Olajuwon, pretty nearby, close to the infrastructure again, like the Olajuwon was, and then next year, we got more wells that are actually be fanning out much wider across that footprint up there. We got eight wells somewhere on the order of 8 wells plans were up in that area in 2026.

但是，就像我在第四季度所說的那樣，我們將在這裡鑽兩個井台，實際上非常靠近奧拉朱旺，非常近，再次靠近基礎設施，就像奧拉朱旺一樣，然後明年，我們將有更多的井，這些井實際上會在那裡的覆蓋範圍內分佈得更廣。我們在該地區有大約 8 口井，計劃在 2026 年建成 8 口井。

Got it. I appreciate that. Next, I'd like to pick up on the comment that you made about picking up a spot rig later this year. I imagine that at a 5 rig pace you have some white space in the frag calendar, but at a 7 rig pace those two crews are probably fully booked.

知道了。我很感激。接下來，我想談談您關於今年稍後購買現貨鑽機的評論。我想，如果以 5 台鑽機的速度，碎片日曆中會有一些空白，但如果以 7 台鑽機的速度，這兩個團隊可能已經被預訂滿了。

So the contribution from the two new rigs, I think would be ready by sometime before the end of the year. So the question is, if you do pick up that spot crew, does that suggest that that the upper half of full year production guidance is still in play.

因此，我認為這兩座新鑽機的貢獻將在年底前的某個時候準備就緒。所以問題是，如果你確實選擇了那個臨時工作人員，這是否意味著全年生產指導的上半部分仍然有效。

Yeah, we did recently add that seventh rig. Kaylee with the and that just went to work here and, post here in April and so, and we do have that rigs just on a well to well type con short-term basis. So we so I think that's kind of expected in most of the production from adding, rigs, that rig and any rigs that we could, you could add at this point in the year, it's not going to come on until next year.

是的，我們最近確實增加了第七台鑽孔機。Kaylee 剛來這裡工作，四月就在這裡發帖，我們確實有那種鑽機，只是在短期內以井對井的方式進行。所以，我認為，在大多數生產中，透過添加鑽機，該鑽機以及我們可以在今年這個時候添加的任何鑽機，都是可以預料到的，但要到明年才會出現。

There's a really long cycle because we you know we're going to want to drill multi-well pads, we're going to, just to put it in the completion queue, there, there's really that activity level that we could add at this point in the year that would impact, this year's production. But yeah, we, we're looking at it 2026 and You see a lot of increasing demand and so we think it makes sense to add that rate here in April like we kind of talked about the last call.

這是一個非常長的周期，因為我們知道我們將要鑽多井平台，我們只是將它放入完井隊列中，我們確實可以在一年中的這個時候增加活動水平，這將影響今年的產量。但是的，我們正在考慮 2026 年，您會看到需求大幅增加，因此我們認為在 4 月增加該利率是有意義的，就像我們上次談到的那樣。

And we are still, we still have two frac crews pretty much running full time throughout the year. There may be a spot, maybe very infrequent though that we have to pick up a 3rdfrack crew, but we pretty much can cover most of that still with the recount we got with two freight crews. Which, I'll just say our frac crews that we've got a really good, very efficient, so while we're able to do that.

而且我們仍然有兩支壓裂隊伍幾乎全年全天候運作。可能偶爾我們會需要派遣第三支壓裂隊伍，但根據我們與兩支貨運隊伍的統計，我們基本上可以滿足大部分需求。我只想說，我們的壓裂隊伍非常優秀、有效率，所以我們能夠做到這一點。

Got it thanks guys.

明白了，謝謝大家。

Thank you, Cali.

謝謝你，卡利。

Thank you. Our next question comes from Charles Mead from Johnson Rice. Please go ahead.

謝謝。我們的下一個問題來自 Johnson Rice 的查爾斯·米德。請繼續。

Good morning, Jay Roland Dan. I want to ask what. I want to ask one more question about the Olajuwon, and Dan, I think you mentioned in your prepared comments that one of the reasons that that you guys were, I guess, chose this location or more confident is that you had some deep vertical well control there and I'm curious, I know that there was a lot of, there was historical vertical development in this area, but.

早安，傑伊·羅蘭·丹。我想問什麼。我想再問一個關於奧拉朱旺的問題，丹，我想你在準備好的評論中提到過，你們選擇這個位置或更有信心的原因之一是你們在那裡有一些深層垂直井控制，我很好奇，我知道這個地區有很多歷史性的垂直開發，但是。

How many other places will having offset vertical well control, will that be the kind of the dominant variable on picking locations when you when you step out, or is that was that just kind of a onetime thing with the Elian? Wow.

還有多少其他地方會採用偏置垂直井控制，這會成為您選擇地點時考慮的主要變數嗎？或者這只是 Elian 的一次性事件？哇。

So we did, when you do your first step out, obviously you want to have as much control as possible. You don't, if you don't, if you get away from the areas where you have well control, that's where we have to drill a pilot hole, and log it and get that, get see what that section looks like.

所以我們這樣做了，當你踏出第一步時，顯然你想擁有盡可能多的控制權。如果你不這樣做，如果你離開了你可以很好地控制的區域，我們就必須在那裡鑽一個導孔，記錄下來，然後看看那個部分是什麼樣子的。

So, we did kind of know generally where we wanted to drill up here, but with the vertical well control we did have, we were able, we wanted to get something fairly close to, kind of know for sure what the low quality was and that is how we picked the first one, but all the future wells obviously will be, will spread out and in some places we will be drilling.

所以，我們確實大致知道我們想要在這裡鑽探的位置，但是透過我們擁有的垂直井控制，我們能夠，我們想要獲得相當接近的東西，確定低質量是什麼，這就是我們選擇第一個的方式，但所有未來的井顯然都會擴散，並且我們會在一些地方進行鑽探。

We will need to drill some pilot holes. As we get further away from those control points, just to control your risk, you need to you need to drill those pilot holes and get some logs across them.

我們需要鑽一些引導孔。當我們離​​這些控制點越來越遠時，為了控制風險，您需要鑽那些導孔並在其上放置一些原木。

Charles, go back to the circle him, that area we have the most well controls. That's why we drilled it where we drilled it and then we marched that 23 miles up to the north, northeast, to the Leon well, the DR and Ellis wells, and then to answer your question, we had, we thought we had better well control near the Elijah one, so it's kind of a mirror image of the circle M.

查爾斯，回到包圍圈去，那是我們控制得最好的區域。這就是為什麼我們在原地鑽孔，然後向北、向東北推進 23 英里，到達 Leon 井、DR 井和 Ellis 井，然後回答你的問題，我們認為我們在 Elijah 井附近有更好的井控，所以它有點像圓圈 M 的鏡像。

We had 3D, we had well control, we didn't see a lot of static, in the 3D lines, etc. So, you have to go back and almost ask the question of why did you drill it. I mean, that was, 24.4 miles and even at the time we decided we wanted to drill it, we were probably 30 miles away from our closest producer, but the goal that we keep telling you and the world is. We do trust our geological department.

我們有 3D，我們有很好的控制，我們沒有看到很多靜態，在 3D 線等。所以，你必須回過頭來問你為什麼要鑽它。我的意思是，那是 24.4 英里，甚至在我們決定要鑽探的時候，我們可能距離最近的生產商還有 30 英里，但我們一直告訴您和全世界的目標是。我們確實信任我們的地質部門。

We trust the operations department, and we really want to de-risk this 520,000 acre footprint as quickly yet as prudently as possible. And we did take a chance that that the Elijah one would be a great well, we didn't know that.

我們信任營運部門，我們確實希望盡快但盡可能謹慎地降低這 52 萬英畝土地的風險。我們確實冒險認為以利亞井會是一口大井，但我們並不知道這一點。

But I do think that the results are transformational. We're glad we can report it. Other thing I think, Charles, is that even if you go back in February, we didn't really talk about the Elijah one. We did some road shows. We didn't tout something we said we're drilling a well.

但我確實認為結果是變革性的。我們很高興能夠報告此事。查爾斯，我認為另一件事是，即使你回到二月份，我們也沒有真正談論過以利亞的事情。我們做了一些路演。我們沒有吹噓什麼，我們說我們正在鑽井。

You almost had to go find that well and once we could report it, then we tell you the truth about it. Whether it's, good, bad or ugly, and this happened to be great. So that that's how we go about it. And when we decided to do the live one gas is probably $1.90. I mean this was many months ago we elected to go ahead and drill this well.

你幾乎必須去找到那口井，一旦我們能夠報告它，我們就會告訴你真相。不管它是好是壞還是醜，這都是很棒的。這就是我們的處理方式。當我們決定開始鑽探時，一口氣的價格大概是1.90美元。我的意思是，這是幾個月前我們決定繼續鑽探這口井的時候。

God, that is, that's a helpful elaboration, Jay, and then perhaps following up on that idea of derisking more of the position. It looks to me, I'm not looking at any kind of, contours or anything, but it looks to me that if you look at the wells you've drilled and the permits that you have, it's mostly along that what looks like that kind of, southwest northeast strike axis.

天哪，那是非常有幫助的闡述，傑伊，然後也許可以繼續遵循降低更多職位風險的想法。在我看來，我沒有看任何類型的輪廓或任何東西，但在我看來，如果你看看你鑽過的井和你擁有的許可證，它主要沿著看起來像那種西南東北走向軸線。

So I wonder is that the is that in fact the case and if it is, when Or what's the right time to push it, push the de-risking kind of a northwesterly, updip direction?

所以我想知道事實是否如此，如果是的話，什麼時候或什麼時候才是推動它、推動降低風險的西北上傾方向的正確時機？

Well, when we started 5 years ago, you have a blank sheet of paper like you're in kindergarten. You got a sheet of paper. There's nothing on it and then all of a sudden we look and say, well, maybe we should drill this circle M well. Now all that acreage that you see that we present, we didn't own any of that and we said, okay, let's drill the circle M.

好吧，當我們五年前開始創業的時候，你手上有一張白紙，就像在幼兒園一樣。你拿到了一張紙。上面什麼都沒有，然後我們突然發現，也許我們應該鑽這個圓形 M 井。現在，您看到的我們所展示的所有土地都不屬於我們，我們說，好吧，讓我們鑽探 M 圈。

Well, as you progress, it's almost quarter by quarter, year by year, we're able to buy the big position. From Legacy Reserve, which had pinnacle. Well, we didn't know the pinnacle plant in that 145 mile high pressure pipeline, whether it was located at the right spot, but we did know that the logs that we had showed that on the, there was a boundary kind of on the east side, and we did with our hundreds of land men, we did find out that that was unleashed.

好吧，隨著你的進步，幾乎每季、每年，我們都能夠購買大部位。來自 Legacy Reserve，擁有巔峰之作。好吧，我們不知道那條 145 英里高壓管道的頂端工廠是否位於正確的位置，但我們確實知道，我們擁有的日誌顯示，在東側有一個邊界，我們與數百名土地工人一起，確實發現那是被釋放的。

So you go and you you aggressively get prudently, grab what is unleashed and then if you can add HPP acreage, which most of that is to the west. So 80+% of our acreage is HPP, but we didn't add that HPP acreage. It was March of last year, we added 185,000 acres.

所以你要積極謹慎地去獲取已經釋放的能量，然後增加 HPP 的面積，其中大部分位於西部。因此，我們的 80% 以上的土地都是 HPP，但我們沒有增加 HPP 土地面積。去年三月，我們增加了185,000英畝。

It was probably first quarter, we had another 62,000 acres. So the acreage that you're seeing to the west. Most of that's HPP, so we've said over and over we've got to drill about 70 wells to hold acreage that we leased in this 520,000 net acre play.

大概是第一季度，我們又獲得了 62,000 英畝土地。這就是您在西邊看到的土地面積。其中大部分是 HPP，因此我們一再表示，我們必須鑽大約 70 口井來覆蓋我們在這片 52 萬淨英畝油田中租賃的土地。

So we have focused our most part of drilling the whole acreage, and then we'll deviate over and drill some of the HPP acreage. Now, we will, we've had one pilot, well, cos, and we've got a second one. That we're working on right now.

因此，我們主要集中精力鑽探整個區域，然後再偏離目標鑽探部分 HPP 區域。現在，我們已經有一名飛行員了，嗯，因為，我們還有第二名。我們現在正在努力。

So as we go through 2025, 2026, we would like to have a core of our own on all four corners of the footprint and a few in the middle, and that will tell you the answer to the question that Derek has, what is the rock quality? Well, we're going to know that with the course.

因此，當我們進入 2025 年、2026 年時，我們希望在足跡的四個角落都有我們自己的核心，並在中間也有幾個核心，這將告訴你 Derek 的問題的答案，岩石質量如何？好吧，我們將透過課程了解這一點。

That is helpful detail.

這是很有幫助的細節。

Thank you, Jake. Sir, thank you.

謝謝你，傑克。先生，謝謝您。

Thank you. Our next question comes from Jacke Roberts from TPH & Company. Please go ahead.

謝謝。下一個問題來自 TPH & Company 的 Jacke Roberts。請繼續。

Good morning.

早安.

Morning Maybe a bit of a macro question, but if we see gas prices cooperate to the end of the decade, how many rigs do you envision the Western Haynesville being able to support over that time frame and maybe as a sidecar of that, is there an internal view to take a more method optical approach to growth and target high skill digits or low double digits at the end of the decade?

早上好，這可能是一個宏觀問題，但是如果我們看到天然氣價格在本世紀末保持合作，您預計西部海恩斯維爾在這段時間內能夠支持多少個鑽井平台，也許作為其中的附帶因素，是否有內部觀點採取更方法光學的增長方式並在本世紀末實現高技能數字或低兩位數的增長目標？

I think if you have, all of this except like 6,000 acres is un dedicated. So I think you have to look at that and say, well, we're going to probably connect 15 or 20 new wells to cells and then as Dan mentioned earlier, when Derek or maybe Cali asked the question of how many more wells you can drill around a large one. Fortunately, we have an incredible partner in Pinnacle with Quantum. So we do control a budget for our gathering, and then the other question was asked about AI, how about the data centers, etc.

我認為，如果你有的話，除了 6,000 英畝以外，所有這些都是未專用的。所以我認為你必須考慮這一點，然後說，好吧，我們可能會將 15 或 20 口新井連接到單元格，然後正如 Dan 之前提到的，當 Derek 或 Cali 問到在大井周圍還可以鑽多少口井的問題時。幸運的是，我們在 Pinnacle 和 Quantum 擁有出色的合作夥伴。因此，我們確實控制了聚會的預算，然後另一個問題是關於人工智慧、資料中心怎麼樣等等。

I think that we'll be able to control it we will never have to drill a well that we shouldn't be drilling. We'll never oversupply the market because of course you have to drill wells. I think you will see us very prudently develop this and de-risk all four corners in the middle of it.

我認為我們能夠控制它，我們永遠不會去鑽不該鑽的井。我們永遠不會出現市場供應過剩的情況，因為當然必須鑽井。我想你會看到我們非常謹慎地開發這個並且降低其中四個角落的風險。

With the Pinnacle ga Services, which makes our wells far more economic, and I think that'll serve data centers. I think you're going to see, we're 100 miles away from Dallas, 100 miles away from Houston. We're where you should have a data center, and I think with BKB and the carbon capture, we're going to be far more attractive, for companies that will look to approach us and we've already. In discussions with them, to create the data center, which goes back to this power demand.

有了 Pinnacle ga Services，我們的油井將變得更加經濟，而且我認為這將為資料中心提供服務。我想你會看到，我們距離達拉斯 100 英里，距離休士頓 100 英里。我們應該在您應該擁有資料中心的地方，而且我認為，有了 BKB 和碳捕獲技術，對於那些希望與我們接觸的公司來說，我們將更具吸引力，而且我們已經這樣做了。在與他們的討論中，創建資料中心又回到了這個電力需求。

I think we're going to be able to fulfill our share of the power demand and you look and you say, well, is it real? You always say where's Waldo? Is it, is this real? Do you really need this gas? And we looked in the world's largest electric utility this week said that US power demand will probably grow by 450 gigawatts. That's 71 BCF of gas, which is what that's 75 gigawatts with gas fired. That's 12 BCF of new gas that's needed.

我認為我們將能夠滿足我們的電力需求，你會想，這是真的嗎？你總是問沃爾多在哪裡？這是真的嗎？你真的需要這種汽油嗎？我們看到，本周全球最大的電力公司表示，美國的電力需求可能會增加 450 吉瓦。那是 710 億立方英尺的天然氣，也就是 75 千兆瓦的天然氣發電量。這意味著需要 120 億立方英尺的新天然氣。

You got Woodsides and now so you can probably have two BCF by 20,209 or 230 current permitted LNG projects for about 17 B. So this is a great question. Where are you going to get that gas? We think that Appalachians could strain, you'll get a bee or so. I think the par you don't drill there for gas.

您有了 Woodsides，那麼現在您可能可以擁有 20,209 億立方英尺或 230 個目前許可的液化天然氣項目，投資額約為 170 億。所以這是一個很好的問題。你要去哪裡弄到那麼多汽油？我們認為阿巴拉契亞山脈可能會緊張，你會得到一隻蜜蜂左右。我認為你不會在那裡鑽探天然氣。

This is this core area while we worked really hard and fought hard to de-risk this stuff to deliver it to you when we need to. So that, that's, we're always going to protect the balance sheet, but we're going to de-risk this thing and take risk, to de-risk it just like the Elijah one.

這是核心領域，我們非常努力地工作並竭盡全力降低風險，以便在需要時交付給您。所以，也就是說，我們總是要保護資產負債表，但我們會降低這個東西的風險，並承擔風險，就像以利亞一樣降低風險。

Great, I appreciate the answer. The second question kind of circling back to Freestone and some of the comments y'all made about timing it perhaps with the midstream build out as we progress in the Q4 into 2026. Is there anything we should be thinking about on the Elijahwan in terms of flow rate versus the IP rate or if that dynamic will apply to any other wells planned for this year?

太好了，我很感謝你的回答。第二個問題有點回到 Freestone 和你們提出的一些評論，關於時間安排，也許與我們在 2026 年第四季進入中游建設時的情況一樣。在以利亞灣 (Elijahwan) 上，我們是否應該考慮流量與 IP 速率之間的關係，或者這種動態是否適用於今年計劃的任何其他油井？

Well, so the flow rate on the Olajuwan is, I mean, we're flowing at basically the same type curves that we've got set up for all the wells back.

好吧，所以奧拉朱萬的流速，我的意思是，我們流動的曲線基本上與我們為所有油井設定的曲線相同。

To the core, I don't think anything on the midstream side is going to constrain us on, the ability to flow them, how we want to flow them. We just need to, be able to get the midstream in place to be able to drill these, which is why we don't, why we're not spreading another well until the end of this year and, really mostly into next year.

從本質上講，我認為中游方面的任何東西都不會限制我們流動它們的能力，也不會限制我們流動它們的方式。我們只需要將中游設施安裝到位，就可以進行鑽探，這就是為什麼我們在今年年底之前，甚至主要是在明年之前，不開設另一口井。

So no, I mean the well will look looks as good as everything else we have. We're going to flow it the same as the other wells we have, and I mean we don't have any constraints on the midstream side.

所以不，我的意思是這口井看起來和我們擁有的其他東西一樣好。我們將按照與現有的其他油井相同的方式對其進行流動，我的意思是，我們在中游方面沒有任何限制。

Excellent, appreciate the time.

非常好，感謝您抽出時間。

Thank you, great questions.

謝謝，很棒的問題。

Thank you. Our next question comes from Carlos Escalante from Wolf Research. Please go ahead.

謝謝。我們的下一個問題來自 Wolf Research 的 Carlos Escalante。請繼續。

Hey, good morning, gentlemen. Thank you for taking my question.

嘿，先生們，早安。感謝您回答我的問題。

Morning. It's, so considering that 2025 is a an HDP driven program, so to speak. If I jump forward to 2026, what is y'all's underlying assumption?

早晨。所以，可以這麼說，2025 年是一個 HDP 驅動的計畫。如果我快轉到 2026 年，你們的基本假設是什麼？

For that year's program in terms of capital allocation in between HBP exclusive wells versus delineator slash appraisal wells, I think that I, to conclude the question, it would be tremendously helpful to understand and parse out the general geography of where these HDP wells are and their underlying impact to the perception of those well results as we move through the next 24 months.

對於當年在 HBP 專用井與界定斜線評估井之間的資本分配計劃，我認為，總結一下這個問題，了解和分析這些 HDP 井的總體地理位置以及它們對未來 24 個月內對這些井結果的看法的潛在影響將非常有幫助。

Yeah, I mean, we still want to focus on when we drill a well in the western Hainesville and holding acreage, and remember we have that 70 wells or so to hold this acreage that we leased versus the acreage we acquired that's held by the shallow production.

是的，我的意思是，我們仍然希望專注於在海恩斯維爾西部鑽井和持有土地，記住我們有大約 70 口井來持有我們租賃的土地，而不是我們獲得的淺層生產土地。

So that will always be a big priority over anything else. Yeah, that and this, the proximity and availability of midstream and acreage or, for the next 25, 26 to both be similar. Those will be the main drivers to where they drill these wells.

因此，這永遠是最重要的優先事項。是的，那個和這個，中游和土地的接近性和可用性，或者接下來的 25、26 年都相似。這些將成為他們鑽探這些油井的主要驅動力。

Yeah, thank you, Roland. I maybe should have clarified that I was asking specifically about the Western Hainesville, not to the Haynesville.

是的，謝謝你，羅蘭。我可能應該澄清一下，我問的是西部海恩斯維爾，而不是海恩斯維爾。

That is the Westernville, right? That, yeah, legacy Haynesville we have don't have any acreage to drill the hole, but, so that's very, price driven and takeaway is there are areas that the takeaway is more difficult than the legacy.

那是 Westernville，對嗎？是的，在海恩斯維爾，我們沒有任何土地可以鑽孔，但這很大程度上是由價格驅動的，而且有些地區的開採比傳統開採更困難。

Haynesville, there are different costs of the transporting the legacy Haynesville, so we take that into account, but generally we fill in the Legacy Haynesville, locations, and since we haven't been that active there, we're actually able to go back into some of our higher performing areas, with our, with the rig we just added and drill and the legacy of Haynesville around that since we've, created a lot of space about letting production kind of fall in that area.

海恩斯維爾，運輸遺留的海恩斯維爾的成本不同，所以我們會考慮到這一點，但一般來說，我們會填補遺留的海恩斯維爾地區，因為我們在那裡沒有那麼活躍，所以我們實際上能夠回到一些表現更好的地區，用我們剛剛添加的鑽機和鑽探，以及圍繞海恩斯維爾的遺留，因為我們已經創造了很大的空間，讓該地區的產量下降。

Yeah, thank you, Roland, appreciate it. My second question is turning to the macro real quick, and perhaps. Using one of the prior questions as a segue, are you, would you be concerned at all, if Permitting around the Permian, even though you rightly point out, Jay, those walls are drilled for the oil, but unfortunately have a ton of associated gas simply they don't have the necessary takeaway capacity to the necessary demand center.

是的，謝謝你，羅蘭，非常感謝。我的第二個問題是快速轉向宏觀，也許吧。使用先前的一個問題作為過渡，您是否會擔心，如果在二疊紀盆地周圍允許開採，儘管您正確地指出，傑伊，那些牆壁是為了石油而鑽的，但不幸的是，它們有大量的相關天然氣，根本沒有足夠的輸送能力到必要的需求中心。

So would you all be concerned or what do you view that premium gas if there was an outlay for that gas?from additional permitting at the government level that would take more of that molecule towards the Gulf Coast or the general demand area, is that something that you're thinking about or concerned about at all?

那麼，如果購買優質汽油需要支出，你們會擔心嗎？或者你們如何看待這種優質汽油？政府層級的額外許可將使更多的分子流向墨西哥灣沿岸或一般需求區域，這是您正在考慮或擔心的事情嗎？

I think that's all expected, as far as the, I mean, obviously the Permian gas supply has to grow in order to fuel the big demand for that's, coming from LNG and other power generation. So that, that's going to be a big contributor. So it's, we do think that the weak oil prices today kind of, stall a lot of the interest in drilling those wells since they are drilled mainly for oil prices.

我認為這一切都在意料之中，就此而言，顯然二疊紀盆地的天然氣供應必須成長，才能滿足來自液化天然氣和其他發電的龐大需求。所以，這將會是一個很大的貢獻者。因此，我們確實認為，如今疲軟的油​​價在某種程度上抑制了人們對鑽探這些油井的興趣，因為鑽探這些油井主要是為了油價。

Yeah, we do expect that growth. Thank you, gentlemen.

是的，我們確實期待這種成長。謝謝各位。

Thank you. Our next question comes from Phillips Johnston from Capital One. Please go ahead.

謝謝。下一個問題來自Capital One的Phillips Johnston。請提問。

Hey, thanks and congrats. I wanted to ask you about the quarterly shape of your tills and just assess your confidence in achieving the large ramp up in production in the second half of the year that your midpoint of the guidance implies.

嘿，謝謝，恭喜。我想問一下你們季度的收銀狀況，並評估一下你們對實現下半年產量大幅增長的信心，正如你們的指導中點所暗示的那樣。

It looks like you brought on 11 tills in Q1 and are planning 12 to 14 or so in the second quarter. So combined for the first half, it's about half the 46 wells or so. For the year, so the till cadence seems fairly rateable by quarter.

看起來您在第一季引進了 11 台收銀機，並計劃在第二季度引進 12 到 14 台左右。因此，就前半部而言，約佔 46 口井的一半左右。就全年而言，收銀節奏似乎可以按季度合理地衡量。

I'm just trying to reconcile that with the fairly flat production level in the first half and then sort of the large ramp up in the second half. Is that mainly a function of the timing of when those 12 to 14 tills occur here in the second quarter, or is it sort of a larger mix of Western hazel tills in the second half, or some sort of a combination of those factors?

我只是試圖將其與上半年相當平穩的生產水平以及下半年大幅上升的情況相協調。這主要取決於第二季度這 12 到 14 個冰磧出現的時間，還是下半年西部榛果冰磧的混合程度較大，或者是這些因素的某種組合？

It's a combination of the both. I mean, the problem that till related production models. Have there's no way to for people to outside to know the timing of when those are brought on. And so the tills in the 2nd quarter look to be more second half weighted. That's why the production is really you're starting to see the production, the sequential production growth return in both the 3rd and the 4th quarter.

這是兩者的結合。我的意思是，這個問題直到相關的生產模型。外面的人沒有辦法知道這些發生的時間。因此，第二季的收銀機看起來更受下半年的影響。這就是為什麼你開始看到產量、第三季和第四季的連續產量成長回歸。

And then if you, it's just a function of the types of wells that we're drilling and that we are completing at which time the third and fourth quarters like you said, will be a similar amount of total tills as the first half, but the profile would look pretty similar to the 1st and 2nd where the 3rd will be a lower number of tills and the 4th will be a higher number of tills.

然後，如果您認為這只是我們正在鑽探和完成的井類型的函數，那麼正如您所說，第三季度和第四季度的總收割機數量將與上半年相似，但概況看起來與第一和第二季度非常相似，其中第三季度的收割機數量較少，而第四季度的收割機數量較多。

Okay perfect thanks.

好的，非常感謝。

When they come on during the quarter.

當他們在本季上任時。

Yeah, okay. Appreciate that. And then obviously it's pretty early days regarding the DKV agreement. I'm sure a lot of details need to be hammered out. There's, tax credits to consider and whatnot, but looking at in the future, would you guys expect any incremental costs incurred by Comstock or any sort of net capital outlays funded by Comstock?

嗯，好的。非常感謝。顯然，DKV 協定還處於早期階段。我確信還有很多細節需要解決。還有稅收抵免等等需要考慮，但展望未來，你們是否預期康斯托克會產生任何增量成本或康斯托克資助的任何形式的淨資本支出？

No, we, yeah, our partnership is basically they will get the tax credits and they will make the capital outlays and then we'll participate by receiving, some, they'll purchase the CO2 from us there will be a reduction in our operating cost, net. So yeah, we don't see any big capital investment by ComStot.

不，是的，我們的合作關係基本上是，他們將獲得稅收抵免，他們將進行資本支出，然後我們將透過接收一些來參與，他們將從我們這裡購買二氧化碳，這將減少我們的淨營運成本。是的，我們沒有看到 ComStot 進行任何大規模的資本投資。

Excellent. Thanks all.

出色的。謝謝大家。

Thanks Phil.

謝謝菲爾。

Thank you. Our next question comes from Greta Dreft from Goldman Sachs. Please go ahead.

謝謝。下一個問題來自高盛的 Greta Dreft。請繼續。

Good morning and thank you for taking my questions. My first one is on your lateral links. You've seen pretty consistently continued improvements across operations, particularly in the legacy Haynesville. How much further upside do you see the laterals on a sustainable basis, and how would you characterize the applicability of these lateral links you realize in Q125 going forward this year and into next.

早上好，感謝您回答我的問題。我的第一個問題是有關你的橫向連結。您已經看到整個營運過程都在持續改進，特別是在傳統的 Haynesville。您認為橫向聯繫在可持續的基礎上還能有多少上行空間，以及您如何描述在 2025 年第一季實現的這些橫向聯繫在今年和明年的適用性。

So in the legacy Haynesville, yeah, we're, we've gotten actually pretty long, where we're at today. I don't see us getting a whole lot longer than this on average. I mean, we were at what, just under 13,000 ft for Q1.

所以在海恩斯維爾的遺產方面，是的，我們已經走了很長一段路，直到今天。我認為我們平均不會比這更長的時間。我的意思是，Q1 時我們的高度略低於 13,000 英尺。

We're our longest 1, 17,000. We still have several 15,000, 14, 15,000 footers in our inventory, but, when you just look at the mix of what we're going to be drilling as we go forward on the schedule, we're just getting pretty flat up there around that 12 to 13,000 ft average 1 length. So I don't think you're going to see us continually like keep climbing higher than that.

我們最長的記錄是 1，17,000。我們的庫存中仍然有幾條 15,000、14、15,000 英尺長的鑽井船，但是，當您查看我們按照計劃進行鑽探的組合時，您會發現，我們鑽探的長度在 12,000 至 13,000 英尺之間，平均長度基本持平。所以我不認為你會看到我們不斷地攀登到更高的高度。

The positive is that we will not have to drill a lot of the very short laterals for reasons because of the U-turn and horseshoe wells are now kind of replacing those. So where we had those scattered in the drilling programs and even last year in the first part of the year we had short lateral.

積極的一面是，由於 U 型轉彎和馬蹄井正在取代那些井，我們不必鑽很多非常短的水平井。因此，我們在鑽井計劃中分散了這些，甚至在去年上半年，我們也有短水平井。

Well, yeah, our averages should be a little bit better because we won't have the really short ones to weigh it down, right?

嗯，是的，我們的平均值應該會好一點，因為我們不會因為太短而影響它的計算，對嗎？

And most of the horseshoe wells we'll be drilling, they're going to be, they're 9,500 ft and we've got a few of them are going to be a little bit longer than that. But, as far as just the average, I think is what you were asking about doing in the future, I think we're probably getting close to a plateau point.

我們將要鑽探的大多數馬蹄形井的深度為 9,500 英尺，其中一些井的深度會比這更長。但是，就平均值而言，我想這就是你所問的未來要做的事情，我認為我們可能已經接近一個平台點了。

Got it. I appreciate that color there. And then my second question is just on DNC cost. Do you think that there could be some meaningful pricing concessions on rigs or crews as we head towards 2026, just given the broader, more macro uncertainty, especially potentially also the implications from the oil macro more idiosyncratically.

知道了。我很欣賞那裡的顏色。我的第二個問題是關於 DNC 成本。您是否認為，隨著我們邁向 2026 年，鑽井平台或船員可能會有一些有意義的價格優惠，因為考慮到更廣泛、更宏觀的不確定性，尤其是石油宏觀可能帶來的更特殊的影響。

Yeah, I think that's a really good question, and I think the answer is yes, compared to, if we, if you would ask that question on the last call, obviously we're more optimistic we'll see some price concessions just with what we're seeing with the oil strip and, where the activity may be headed in the Permian, and I think we'll see that across the board, on all services.

是的，我認為這是一個非常好的問題，我認為答案是肯定的，相比之下，如果您在上次通話中提出這個問題，我們顯然更加樂觀，我們會看到一些價格優惠，就像我們在石油帶上看到的那樣，以及二疊紀的活動可能走向哪裡，我認為我們會在所有服務中全面看到這種情況。

Rigs, freight crews, I mean, obviously we got some of our rigs are turned up, but I think we'll see it on a lot of the smaller services, beyond region freight cruise, I think where you'll probably get a more meaningful percentage drop and vendor costs there and also hopefully on our pipe prices, depending on what happens with the tariffs.

鑽孔機、貨運人員，我的意思是，顯然我們的一些鑽機已經出現，但我認為我們會在許多較小的服務中看到它，除了區域貨運巡航之外，我認為你可能會在那裡獲得更有意義的百分比下降和供應商成本，並且希望我們的管道價格也會下降，這取決於關稅的情況。

Got it appreciate it thank you.

明白了，非常感謝。

Thank you. Our next question comes from Noelle Parks from Tui Brothers Investment Research. Please go ahead.

謝謝。我們的下一個問題來自 Tui Brothers Investment Research 的 Noelle Parks。請繼續。

Hi, good morning. I just have a couple. Looks like a pretty exciting quarter in terms of the lodging one well and everything going on. I guess I did want to ask about A maybe just overall. So you know it used to be that before the shale era rock that was too tight was off the table, and I'm just wondering, do you see there being plays now where formally the thinking was, well, it's too deep and too hot. That now could be available sort of to make a second wave in shale given what you've demonstrated you've been able to do in areas that a lot of, pretty much everyone dismissed as just not workable.

嗨，早安。我只有幾個。從住宿和一切進展來看，這似乎是一個非常令人興奮的季度。我想我確實想問一下關於 A 的問題，也許只是一個整體的問題。所以你知道，在頁岩時代之前，太緻密的岩石是不被考慮的，我只是想知道，你是否看到現在有一些地方正式的想法是，嗯，它太深了，太熱了。鑑於你們已經證明自己能夠在許多、幾乎所有人都認為不可行的領域做到這一點，現在這有可能在頁岩領域掀起第二波浪潮。

Yeah, I think we, we've obviously, I think made some big inroads, and I think a lot of people are looking at what we're doing and what we've been able to see, with the depths and the temperatures. I don't think there would have been a lot of takers on trying to, have a commercial development with these conditions just not too long ago.

是的，我認為我們顯然已經取得了一些重大進展，而且我認為很多人都在關注我們在做什麼以及我們在深度和溫度方面能夠看到什麼。我認為不久前不會有很多人願意在這樣的條件下進行商業開發。

And I think, with the price environment where it's headed over the next two years and the LNG demand. I can certainly see some, people looking a little bit deeper than what they would have just a year ago.

我認為，未來兩年的價格環境和液化天然氣需求將會改變。我確實看到一些人比一年前看得更深入一些。

Right. And when you're talking about also the great improvement you had in just the drilling time on the western Haynesville and you listed, using more pads. The drill pipe and but you also mentioned specifically casing design improvements and use of bottom hole assemblies, so I just wonder if you could just talk a little bit more about, some details on the influence of those.

正確的。當您談到在 Haynesville 西部的鑽井時間方面取得的巨大進步時，您也提到了使用更多的墊塊。鑽桿，但您也特別提到了套管設計的改進和井底組件的使用，所以我想知道您是否可以再多談談這些影響的一些細節。

Well, there, we've, so we, one thing I always kind of just, preach around here is obviously consistency. We've had some great results, we obviously keep we just want to be very repeatable and predictable, to be able to deliver that and some of that and, comes with time and practice. Practice just as you keep drilling wells, you keep getting better.

好吧，我們已經，所以我們，我總是在這裡宣揚的一件事顯然是一致性。我們已經取得了一些很好的成果，我們顯然仍然希望能夠重複和預測，能夠實現這一點，而其中一些需要時間和實踐。就像你不斷鑽井一樣不斷練習，你就會不斷進步。

The insulated drill pipe, is basically shaved days off drilling the la, I mean, obviously we we're deep and got a lot of high temperatures, our motors and MWD tools on bottom, obviously things don't perform well when you put a lot of heat on them, so insulated drill pipe cools those temperatures down a little bit. It makes our motors and our tools just last longer.

絕緣鑽桿基本上可以減少鑽井時間，我的意思是，顯然我們在很深的地方，並且溫度很高，我們的馬達和 MWD 工具在底部，當你給它們施加很大的熱量時，它們顯然不會表現得很好，所以絕緣鑽桿可以稍微降低這些溫度。它使我們的引擎和工具的使用壽命更長。

You don't have to make as many trips when you're drilling the lateral, so that's how you shave off days there. Casing designs, we've just basically been able to stream streamline the downsize our sizes a little bit and we just got a lot better at picking where our casing points are.

在鑽水平井時，你不需要進行多次往返，這樣就可以節省很多時間。套管設計，我們基本上已經能夠流線型地縮小我們的尺寸，而且我們在選擇套管點的位置方面也做得更好了。

So, bottom hole assemblies, just as we've drilled more wells and got more data on how the motors are performing, which motors perform better, basically how to, tweak the designs on the motors for the temperature we just delivered better runs with that.

因此，對於井底組件，正如我們鑽了更多的井並獲得了更多關於馬達性能的數據一樣，哪些馬達性能更好，基本上如何根據溫度調整馬達的設計，我們剛剛通過它實現了更好的運行。

You know what, we looked at the geology 30 years ago and said we thought the rocks were there and then when the Joneses came in, he said, I like to drill this circle in well. I said, okay, so you had to progress, day to day to day, just like our relationship with you, and you have to handicap people and say, Tuy does this, Compto does that, etc. Etc.

你知道嗎，我們 30 年前研究過地質情況，並說我們認為岩石就在那裡，然後當瓊斯一家來到這裡時，他說，我喜歡在井裡鑽這個圓圈。我說，好吧，所以你必須日復一日地進步，就像我們與你的關係一樣，你必須給人們設置障礙，然後說，Tuy 做這個，Compto 做那個，等等。等等。

Then you have to perform. You have to perform, and you have to get in the game, and then once you get in the game, you got to say, well, is that seismic real? Are those logs real? Is that core real? Can you really, how do you frac these wells and look at the performance, our in-house reservoir group, they have to look at, how hard do you draw these wells down, but it is a, this is a team sport of Comstock.

那你就必須表演。你必須表現出色，你必須參與遊戲中，然後一旦你參與遊戲中，你必須說，好吧，這種震撼是真實的嗎？這些日誌是真的嗎？那個核心是真的嗎？你真的能，你如何壓裂這些井並觀察其性能，我們的內部水庫組，他們必須看看，你如何用力地將這些井拉下去，但這是康斯托克的一項團隊運動。

You got to have a big backer saying, I want to own something big and you got to have some breaks where you get this HPP acreage.

你必須有一個強大的支持者，他會說，我想擁有一些大的東西，而且你必須有一些突破，才能獲得這些 HPP 土地。

You got to know how much you have to spend in order to hold all that acreage like Roland said, we're going to drill our 70 wells, then you got to have some people join the team for financing like quantum. And then you have to get the gathering and then you got all this stuff and then you, once you get a little bit comfortable in one area, you got to jump out 24 miles somewhere else because it is a very hard fought road.

你必須知道為了保住所有土地你需要花多少錢，就像羅蘭說的，我們要鑽 70 口井，然後你必須讓一些人加入團隊，以獲得量子融資。然後你必須聚集起來，然後你得到所有這些東西，然後你，一旦你在一個地方感到有點舒服，你就必須跳出 24 英里到其他地方，因為這是一條非常艱難的道路。

I don't think anybody when gas is at a 30-year low except for COVID was eager to jump in and drill the wells that we were drilling, which are some of the hardest in the world. When we drilled them last year. Nobody, we pushed the reset button on how to add inventory. We pursued exploration. That's what we did.

我認為，當天然氣產量處於 30 年來的最低水平時，除了 COVID 之外，沒有人會急於跳進去鑽我們正在鑽的井，這些井是世界上最難鑽的井之一。當我們去年鑽探它們時。沒有人，我們按下如何新增庫存的重置按鈕。我們進行探索。我們就是這麼做的。

Great. Thanks a lot.

偉大的。多謝。

Thank you. This concludes the question-and-answer session. I will now turn it back over to Jay Allison for final remarks.

謝謝。問答環節到此結束。現在我將把發言權交還給傑伊·艾利森 (Jay Allison) 進行最後的演講。

All right, again, I want to thank all of you that are still here listening, and we respect your time. I want you to know that ALL255 people here at Comstock, we relish and we're thankful for the incredible opportunity to unlock what we see is this tremendous wealth.

好的，我再次感謝所有仍在聆聽的各位，我們尊重你們的時間。我想讓你們知道，康斯托克的所有 255 名員工都很珍惜並感謝這個難得的機會，讓我們能夠解鎖我們所看到的巨大財富。

What we love the chance, that everybody's given us. It was almost 7.5 years ago when Jerry Jones's family started supporting and investing in the company and ultimately, they own 71% of the company, but they asked 3 questions at that time.

我們熱愛每個人給予我們的機會。大約 7.5 年前，傑瑞瓊斯 (Jerry Jones) 的家人開始支持和投資該公司，最終他們擁有該公司 71% 的股份，但當時他們提出了 3 個問題。

This is 7.5 years ago, what is your drilling inventory look like? If you drill a well, can you turn it to sales immediately and if LNG really materializes, can you use that natural gas as feed salt gas. Well, those same three questions is what we asked ourselves today over and over and over for this whole conference call.

這是 7.5 年前的事了，您的鑽井庫存如何？如果您鑽了一口井，您能否立即將其轉化為銷售？如果液化天然氣真的實現了，您能否使用該天然氣作為進料鹽氣？嗯，這三個問題也是我們今天在整個電話會議中一遍又一遍地問自己的。

So we've really come a long way in 7.5 years, but we want to thank you that are our equity owners, financial backers, and all the service companies we depend upon to create this value chain. Thank you.

因此，我們在 7.5 年內確實取得了長足的進步，但我們要感謝我們的股權所有者、財務支持者以及我們依賴的所有服務公司來創建這一價值鏈。謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。