Comstock Resources Inc (CRK) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Comstock Resources second-quarter 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加康斯托克資源公司2025年第二季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I'd now like to hand the conference over to Jay Allison, Chairman and CEO. Please go ahead.

現在我謹將會議交給董事長兼執行長傑伊·艾利森。請繼續。

Thank you. Welcome to the Comstock Resources second-quarter 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.comstockresources.com and downloading the quarterly results presentation. There, you'll find a presentation entitled Second Quarter 2025 Results.

謝謝。歡迎參加康斯托克資源公司2025年第二季財務與營運業績電話會議。您可以在本次電話會議期間或之後造訪我們的網站 www.comstockresources.com 下載季度業績簡報，查看幻燈片簡報。在那裡，你會找到一份題為「2025 年第二季業績」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. Please refer to slide 2 in our presentations and note that our discussions today will include forward-looking statements within the meaning of securities laws. While we believe the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct.

我是康斯托克公司的執行長傑伊·艾利森。與我一同出席的還有我們的總裁兼財務長羅蘭‧伯恩斯；我們的營運長丹‧哈里森；以及我們的財務與投資者關係副總裁羅恩‧米爾斯。請參考我們簡報中的第 2 頁，並注意我們今天的討論將包含證券法意義上的前瞻性陳述。雖然我們認為這些聲明中的預期是合理的，但不能保證這些預期最終會實現。

Five years ago, we made the decision to lease acreage and to drill an exploratory well in what we now call the Western Haynesville. Today, our Western Haynesville footprint has grown to nearly 525,000 net acres, and we have now drilled 29 wells with 24 of those currently producing; 10 are producing from the Haynesville shale and 14 from the Bossier Shale.

五年前，我們決定租賃土地，並在我們現在稱為西海恩斯維爾的地方鑽一口勘探井。如今，我們在西海恩斯維爾的業務範圍已擴大到近 525,000 淨英畝，目前已鑽探了 29 口井，其中 24 口正在生產；10 口井產自海恩斯維爾頁岩，14 口井產自博西爾頁岩。

The Western Haynesville wells vertical depths range from 14,000 feet to 19,200 feet with completed lateral lengths of 6,700 feet to 12,763 feet. Since we have put the first well online in 2022, we have made many changes to our drilling and completion design for this area. Both the Haynesville and Bossier shales in this area are rich in organic content, very thick, and have high pressure. This year, we have drilled two pilot holes, taken logs, and hold course to increase our knowledge about the best ways to complete the wells in the future to maximize the EURs of the wells.

西海恩斯維爾油井的垂直深度從 14,000 英尺到 19,200 英尺不等，已完成的水平段長度為 6,700 英尺到 12,763 英尺。自 2022 年我們投產第一口井以來，我們對該地區的鑽井和完井設計進行了許多更改。該地區的Haynesville頁岩和Bossier頁岩都富含有機質，厚度很大，壓力很高。今年，我們鑽了兩個導孔，進行了測井，並繼續推進，以增進我們對未來完井最佳​​方法的了解，從而最大限度地提高油井的最終採收率。

As we develop our vast acreage position in the Western Haynesville, we are also building out our own midstream to support it. To that end, we just put our new gas-treating plant in operations, which increased our treating capacity by 400 million cubic feet per day. In the second quarter, we turned five new Western Haynesville wells to sales. These wells include the Eliza 1 to the north and the Bell-Meyer to the South, which is 30 miles away. Both of these wells appear to be some of the best we have ever, ever drilled.

隨著我們在海恩斯維爾西部地區大片土地的開發，我們也在建造自己的中游設施來支持它。為此，我們剛剛投入營運新的天然氣處理廠，使我們的每日處理能力增加了 4 億立方英尺。第二季度，我們實現了西海恩斯維爾五口新油井的銷售。這些油井包括北部的 Eliza 1 號油井和南部的 Bell-Meyer 油井，後者距離此處 30 英里。這兩口井看起來是我們鑽過的所有井中最好的兩口。

The second-quarter wells were drilled and completed at an all-in cost of $2,647 per completed lateral foot, which is substantially less than the wells we completed in the last three years. Over the last three years, we have decided not to engage in the M&A market to build drilling inventory for the future. Instead, we have put resources into amassing the Western Haynesville land position and derisking this new play.

第二季鑽井和完井的總成本為每英尺完井水平段 2,647 美元，遠低於我們過去三年完井的成本。過去三年，我們決定不參與併購市場，以建立未來的鑽井儲備。相反，我們投入資源來鞏固西海恩斯維爾的土地地位，降低這項新計畫的風險。

The path we've chosen is not an easy one in a public company setting as future operating results are hard to predict, and many of our actions are aimed at creating long-term value versus creating immediate short-term results that benefit the next quarter. In order to protect our balance sheet, we pulled back from drilling wells in our Legacy Haynesville area, which still accounts for over 80% of our production.

在上市公司的環境下，我們選擇的道路並不容易，因為未來的經營業績難以預測，而且我們的許多行動旨在創造長期價值，而不是創造有利於下一季的短期業績。為了保護我們的資產負債表，我們停止了在 Legacy Haynesville 地區鑽井，該地區仍然占我們產量的 80% 以上。

We now have four rigs working in our Legacy Haynesville area, which will allow us to stabilize production there as we grow the Western Haynesville. So far this year, we have turned 21 wells to sales with an average lateral length of 11,803 feet and a per-well initial production rate of 25 million cubic feet per day. As Dan will go over in a few minutes, we're excited about the horseshoe wells that we are adding to our drilling program that the added rig will focus on. As Roland will cover in a few minutes, the second-quarter financial results benefited from the improved natural gas price we are seeing this year versus 2024.

我們現在在 Legacy Haynesville 地區有四台鑽機正在作業，這將使我們能夠在發展 Western Haynesville 的同時穩定那裡的生產。今年到目前為止，我們已經將 21 口井投入銷售，平均水平井長度為 11,803 英尺，每口井的初始日產量為 2,500 萬立方英尺。正如丹稍後將要介紹的那樣，我們很高興地宣布，我們將在鑽井計劃中增加馬蹄形井，新增的鑽機將專注於此。正如羅蘭稍後將要提到的，第二季的財務表現受益於今年天然氣價格較 2024 年有所改善。

Our natural gas and oil sales grew to $344 million, and we generated $210 million of operating cash flow or $0.71 per diluted share. Our adjusted net income for the quarter was $40 million or $0.13 per share. We're also excited to announce that we are working with NextEra Energy, who leads the nation in the development of power generation, to explore the development of gas-fired power generation assets near our growing Western Haynesville area that can power potential data center customers. We believe our location, which is 100 miles from the Dallas Metroplex, is an ideal site with natural gas, water, and electrical grid infrastructure resources that could support data center development.

我們的天然氣和石油銷售額成長至 3.44 億美元，我們產生了 2.1 億美元的營運現金流，即每股攤薄收益 0.71 美元。本季調整後淨收入為 4,000 萬美元，即每股 0.13 美元。我們也很高興地宣布，我們正在與全國領先的發電開發公司 NextEra Energy 合作，探索在我們不斷發展的西海恩斯維爾地區附近開發燃氣發電資產，這些資產可以為潛在的資料中心客戶提供電力。我們相信，我們位於距離達拉斯都會區 100 英里處的理想地點，擁有天然氣、水和電網基礎設施資源，可以支援資料中心的發展。

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

現在我將把發言權交給羅蘭，讓他來討論我們昨天公佈的財務表現。羅蘭？

Yes. Thanks, Jay. On slide 4, we cover the second-quarter financial results. Our production in the second quarter averaged 1.23 Bcfe per day, which is 14% lower than the second quarter of 2025, reflecting our decision to drop rigs in early 2024 and our deferral of completion activity last year into this year.

是的。謝謝，傑伊。第 4 張投影片介紹了第二季的財務表現。第二季我們的平均日產量為 12.3 億立方英尺當量，比 2025 年第二季下降了 14%，這反映了我們決定在 2024 年初撤出鑽井平台，並將去年的完井活動推遲到今年。

With the improvement in natural gas prices, our oil and gas sales in the quarter increased 24% to $344 million in the second quarter this year despite the lower production. EBITDAX for the quarter was $260 million, and we generated $210 million of cash flow in the quarter. As Jay said, we reported adjusted net income of $40 million for the second quarter or $0.13 per diluted share compared to a loss in the second quarter of 2024.

由於天然氣價格上漲，儘管產量下降，今年第二季我們的石油和天然氣銷售額仍增加了 24%，達到 3.44 億美元。本季 EBITDAX 為 2.6 億美元，本季我們產生了 2.1 億美元的現金流。正如傑伊所說，我們公佈的第二季調整後淨收入為 4,000 萬美元，即每股攤薄收益 0.13 美元，而 2024 年第二季則出現虧損。

Slide 5 is the financial results for the first half of this year. Production averaged 1.26 Bcfe per day in the first six months of the year, 15% lower than the same period in 2024. And our oil and gas sales in the first six months of this year increased 22% to $749 million. EBITDAX in the first six months was $553 million, and we generated $449 million of cash flow. For the first half of this year, our adjusted net income is $94 million or $0.32 per diluted share as compared to a loss in the same period of 2024.

第 5 張投影片是今年上半年的財務表現。今年前六個月的日均產量為 12.6 億立方英尺當量，比 2024 年同期下降 15%。今年上半年，我們的石油和天然氣銷售額成長了 22%，達到 7.49 億美元。前六個月的 EBITDAX 為 5.53 億美元，我們產生了 4.49 億美元的現金流。今年上半年，我們調整後的淨收入為 9,400 萬美元，即每股攤薄收益 0.32 美元，而 2024 年同期則出現虧損。

Slide 6 breaks down our natural gas price realizations for the year and the quarter. Our quarterly NYMEX settlement price for the second quarter averaged $3.44. However, the average Henry HubSpot price in the second quarter averaged to much lower at $3.16. So 32% of our gas is sold in the spot market. So the appropriate NYMEX kind of reference price for our activity was about $3.35 for the second quarter.

第 6 張投影片詳細列出了我們本年度和本季的天然氣價格實際實現情況。我們第二季的紐約商品交易所結算價平均為每加侖3.44美元。然而，第二季亨利HubSpot的平均價格要低得多，為每加侖3.16美元。因此，我們32%的天然氣是在現貨市場出售的。因此，我們業務的紐約商品交易所 (NYMEX) 參考價格在第二季約為 3.35 美元。

Our realized gas price for the second quarter was $3.02, reflecting a $0.42 basis differential compared to the NYMEX settlement price and a $0.33 differential compared to the reference price. We were at 56% hedged in the second quarter, so that improved our realized price to $3.06, and we earned a $4.4 million profit from third-party marketing activity, which improved our realized price to $3.10.

第二季我們實際的天然氣價格為每加侖 3.02 美元，與紐約商品交易所結算價相比有 0.42 美元的差價，與參考價格相比有 0.33 美元的差價。第二季我們的避險率為 56%，因此我們的實際價格提高到 3.06 美元；此外，我們還透過第三方行銷活動獲得了 440 萬美元的利潤，這使我們的實際價格提高到 3.10 美元。

Slide 7, we detail our operating cost per Mcfe and our EBITDAX margin. Our operating cost per Mcfe averaged $0.80 in the second quarter, $0.03 lower than the first-quarter rate and $0.04 lower than the second quarter of 2024. Our EBITDAX margin was 74% in the second quarter compared to 76% in the first quarter. Production and Ad Valorem taxes were down $0.01 from the first-quarter rate due to lower natural gas prices and our lifting costs improved by $0.02 in the quarter. Gathering and G&A costs remained unchanged in the second quarter compared to the first quarter.

第 7 頁，我們詳細介紹了每 Mcfe 的營運成本和 EBITDAX 利潤率。第二季度，我們每千立方英尺當量 (Mcfe) 的營運成本平均為 0.80 美元，比第一季低 0.03 美元，比 2024 年第二季低 0.04 美元。第二季我們的 EBITDAX 利潤率為 74%，而第一季為 76%。由於天然氣價格下降，生產稅和從價稅比第一季下降了 0.01 美元，而且本季我們的起重成本降低了 0.02 美元。第二季收集和一般管理費用與第一季相比保持不變。

Slide 8, we recap our spending on drilling and other development activity. We spent $268 million development activity in the second quarter. And for the first six months of this year, we've now drilled 16 wells or 14.5 net wells. And those are in that target, the Haynesville Shale. And then we've also drilled another three gross wells or three net wells that target the Bossier Shale for a total of 19 wells drilled so far this year. We turned 24 or 20.3 net operated wells to sales, which had an average IP rate of 27 million cubic feet per day.

第 8 頁，我們回顧了我們在鑽探和其他開發活動方面的支出。第二季度，我們在研發活動上投入了 2.68 億美元。今年前六個月，我們已經鑽探了 16 口井，淨鑽井數為 14.5 口。而這些都位於目標層——海恩斯維爾頁岩層中。此外，我們還鑽探了另外三口毛井或三口淨井，目標是博西爾頁岩，今年到目前為止，我們總共鑽探了 19 口井。我們已將 24 口或 20.3 口淨營運井投入銷售，平均日產量為 2,700 萬立方英尺。

On slide 9, we recap our -- what our balance sheet looks like at the end of the second quarter. We ended the quarter with $475 million of borrowings outstanding under our credit facility, having paid down $35 million during the second quarter. Our borrowing base is $2 billion under the credit facility, and our elected commitment still is $1.5 billion. Our last 12 months leverage ratio has improved to 3 times and will continue to improve as we get away from the 2024 results, which are weighed down by low natural gas prices. At the end of the second quarter, we had approximately $1.1 billion of liquidity.

在第 9 張投影片中，我們回顧了我們的——我們第二季末的資產負債表狀況。本季末，我們根據信貸安排未償還的借款為 4.75 億美元，第二季償還了 3,500 萬美元。根據信貸安排，我們的借款基數為 20 億美元，我們承諾的借款額仍為 15 億美元。過去 12 個月，我們的槓桿率已改善至 3 倍，隨著我們逐漸擺脫受天然氣價格低迷影響的 2024 年業績預期，槓桿率還將繼續改善。第二季末，我們的流動資金約為 11 億美元。

I'll now turn it over to Dan to discuss the drilling and operating results.

現在我將把發言權交給丹，讓他來討論鑽井和作業結果。

Okay. Thanks, Roland. On slide 10, here is just an overview of our latest acreage footprint in the Haynesville/Bossier in East Texas and North Louisiana. We now have 1,105,000 gross and 826,741 net acres that are prospective for commercial development of the Haynesville and Bossier shales. Over on the left is our Western Haynesville acreage footprint, which we have grown to nearly 525,000 net acres. And over on the right is our 302,000 net acres in our Legacy Haynesville area.

好的。謝謝你，羅蘭。第 10 張幻燈片概述了我們在德克薩斯州東部和路易斯安那州北部的海恩斯維爾/博西爾地區的最新土地面積。我們現在擁有 1,105,000 英畝總面積和 826,741 英畝淨面積，這些土地預計將用於海恩斯維爾頁岩和博西爾頁岩的商業開發。左側是我們位於西海恩斯維爾的土地面積，目前已增長到近 525,000 淨英畝。右邊是我們位於 Legacy Haynesville 地區的 302,000 淨英畝土地。

We have 24 wells currently producing on our Western Haynesville acreage, which is virtually undeveloped compared to our Legacy Haynesville area. With the high pay thickness and pressures we encounter in the Western Haynesville, we expect the Western Haynesville will yield significantly more resource potential per section than our Legacy Haynesville.

我們目前在西海恩斯維爾地區有 24 口油井正在生產，與我們的萊格西海恩斯維爾地區相比，該地區幾乎尚未開發。由於西海恩斯維爾頁岩層厚度較大且含水層壓力高，我們預期西海恩斯維爾頁岩層每個區塊的資源潛力將比我們的傳統海恩斯維爾頁岩層大得多。

On slide 11, it outlines our new development plan, utilizing the horseshoe lateral concept. The horseshoe well design concept combines two separate and adjacent shorter laterals into a longer single lateral, which results in a much more efficient use of capital. We realized 35% savings in our drilling costs when drilling a 10,000 lateral horseshoe wells compared to a 5,000-foot sectional lateral well.

第 11 頁概述了我們採用馬蹄形橫向概念的新發展計畫。馬蹄形井設計概念將兩個獨立的相鄰較短的側向井合併成一個較長的單側向井，從而可以更有效地利用資金。與鑽一口 5,000 英尺的分段水平井相比，鑽一口 10,000 英尺的水平馬蹄形井可節省 35% 的鑽井成本。

Our drilling inventory in the Legacy Haynesville now includes 149 horseshoe locations. We completed our first horseshoe well last year, the Sebastian 11 Number 5. It had a 9,382-foot lateral, and we had an IP rate of 31 million cubic feet per day. To date, this year, we've drilled two additional horseshoe wells. So in 2025, we plan to drill a total of nine horseshoe wells, and we will drill 10 horseshoe wells in 2026.

我們在 Legacy Haynesville 的鑽井庫存目前包括 149 個馬蹄形井位。去年我們完成了第一口馬蹄形井，即塞巴斯蒂安 11 號 5 號井。它有一條 9,382 英尺長的水平井，日輸氣量為 3,100 萬立方英尺。今年到目前為止，我們已經鑽探了兩口馬蹄形井。因此，我們計劃在 2025 年鑽探 9 口馬蹄形井，並在 2026 年鑽探 10 口馬蹄形井。

On slide 12 is our updated drilling inventory at the end of the second quarter. Our total operated inventory consists of 1,538 gross locations and 1,222 net locations, which equates to a working interest of approximately 80%. Our non-operated inventory has 1,125 gross locations and 137 net locations, and this represents an average 12% working interest.

第 12 頁是我們第二季末更新的鑽井庫存。我們營運的總庫存包括 1,538 個毛地點和 1,222 個淨地點，相當於約 80% 的工作權益。我們非經營性庫存共有 1,125 個總地點和 137 個淨地點，平均經營權益為 12%。

The drilling inventory is split between the Haynesville and Bossier. Our drilling inventory is comprised of short laterals less than 5,000, our medium laterals are between 5,000- and 8,500-foot-long laterals between 8,500 foot and 10,000 foot and our extra-long laterals over 10,000 foot. Our gross operated inventory, we have 42 short laterals, 318 medium laterals, 573 long laterals, and 605 extra-long laterals. The gross operated inventory is evenly split with 50% in the Haynesville and 50% in the Bossier.

鑽井資源分別分配給了海恩斯維爾和博西爾兩地。我們的鑽井庫存包括：短水平井（少於 5,000 英尺）、中水平井（5,000 至 8,500 英尺）、中水平井（8,500 至 10,000 英尺）和超長水平井（超過 10,000 英尺）。在我們營運的總庫存中，有 42 條短側線、318 條中側線、573 條長側線和 605 條超長側線。總營運庫存平均分配，Haynesville 佔 50%，Bossier 佔 50%。

Over 75% of the gross operated inventory consists of laterals greater than 8,500 feet. Our drilling inventory includes the 149 horseshoe locations, which are also split half and half between the Haynesville and the Bossier. The average lateral length in the inventory is now up to 9,686 feet. This is up 85 feet from the end of the first quarter. So this inventory provides us with over 30 years of future drilling locations based on our current activity levels.

超過 75% 的總營運庫存由長度超過 8,500 英尺的支線組成。我們的鑽井庫存包括 149 個馬蹄形井位，這些井位在海恩斯維爾和博西爾之間各佔一半。目前庫存中的平均橫向長度已達 9,686 英尺。這比第一節結束時高了 85 英尺。因此，根據我們目前的活動水平，這份庫存為我們提供了未來 30 多年的鑽井地點。

On slide 13 is a chart outlining the average lateral length drilled. This is based on the wells that we have drilled to TD. The average lateral lengths are shown separately for our Legacy Haynesville area and our Western Haynesville area. In the second quarter, we drilled eight wells to total depth in the Legacy Haynesville, and these had an average lateral length of 11,705 feet. The individual laterals ranged from 7,782 feet up to 15,190 feet. Our record long laterals on our Legacy Haynesville acreage still stands at 17,409 feet.

第 13 張投影片是一個圖表，概述了平均水平鑽孔長度。這是根據我們已鑽至井底的油井得出的結論。我們分別列出了 Legacy Haynesville 地區和 Western Haynesville 地區的平均橫向長度。第二季度，我們在 Legacy Haynesville 鑽探了 8 口井，達到總深度，這些井的平均水平長度為 11,705 英尺。各支線的長度從 7,782 英尺到 15,190 英尺不等。我們在 Legacy Haynesville 礦區的最長水平井段記錄仍然保持著 17,409 英尺。

In the second quarter, we drilled four wells to total depth in the Western Haynesville, and these wells had an average lateral length of 7,933 feet. The individual lengths range from 6,708 feet up to 8,836 feet. Our longest lateral drilled to date in the Western Haynesville still stands at 12,763 feet. To date, we've drilled 122 wells with laterals longer than 10,000 feet, and we've drilled 47 wells with laterals longer than 14,000 feet.

第二季度，我們在西海恩斯維爾鑽探了四口井，達到總深度，這些井的平均水平長度為 7,933 英尺。單一物體的長度從 6,708 英尺到 8,836 英尺不等。迄今為止，我們在西海恩斯維爾鑽探的最長水平井仍為 12,763 英尺。到目前為止，我們已經鑽探了 122 口水平段長度超過 10,000 英尺的井，以及 47 口水平段長度超過 14,000 英尺的井。

Slide 14 outlines the wells that returned to sales on our Legacy Haynesville acreage this year. So far for the year, we've turned 21 wells to sales on our Legacy Haynesville acreage. The individual IPs for these wells range from 16 million a day up to 37 million a day, and our average IP was 25 million a day. The average lateral length for these wells was 11,803 feet, and the individual laterals range from 9,252 feet up to 17,409 feet. And four of our eight rigs that we have currently running are drilling on our Legacy Haynesville acreage.

第 14 張幻燈片概述了今年我們在 Legacy Haynesville 土地上恢復銷售的油井。今年到目前為止，我們在 Legacy Haynesville 地塊上已經售出了 21 口油井。這些油井的單井日產量從 1,600 萬到 3,700 萬不等，平均日產量為 2,500 萬。這些井的平均水平段長度為 11,803 英尺，單一水平段的長度從 9,252 英尺到 17,409 英尺不等。我們目前運行的八台鑽機中有四台正在我們位於萊格西海恩斯維爾的土地上進行鑽井作業。

Slide 15 outlines the five wells that have been turned to sales on our Western Haynesville acreage this year. We discussed the 24-mile step-out well, the Olajuwon during our last quarter's conference call. Since we last reported earnings, we've turned four additional wells to sales. These four wells had an average lateral length of 11,044 feet and an average initial production rate of 35 million cubic feet a day. And four of our eight rigs are currently drilling on our Western Haynesville acreage.

第 15 張幻燈片概述了今年我們在西海恩斯維爾土地上已投入銷售的五口油井。我們在上一季的電話會議上討論了 24 英里長的奧拉朱旺井。自從我們上次公佈收益以來，我們又將四口油井投入銷售。這四口井的平均水平段長度為 11,044 英尺，平均初始日產量為 3,500 萬立方英尺。我們八台鑽孔機中有四台目前正在我們位於西海恩斯維爾的油田進行鑽探作業。

Slide 16 highlights the average drilling days and our average footage drilled per day in the Legacy Haynesville area. In the second quarter, we drilled eight wells to total depth in the Legacy Haynesville, and we averaged 28 days to total depth. This is two days slower than the prior quarter. In the second quarter, we averaged 921 feet per day on our Legacy Haynesville. This is a 10% decrease versus the first quarter of 2025 and a 7% decrease versus our 2024 full year average of 987 feet drilled per day.

第 16 張幻燈片重點介紹了 Legacy Haynesville 地區的平均鑽井天數和我們每天的平均鑽井長度。第二季度，我們在 Legacy Haynesville 鑽探了 8 口井，達到總深度，平均鑽井時間為 28 天。這比上一季慢了兩天。第二季度，我們的 Legacy Haynesville 平均每天行駛 921 英尺。與 2025 年第一季相比，下降了 10%；與我們 2024 年全年平均每天鑽井 987 英尺相比，下降了 7%。

The additional drilling days and the lower daily footage that we had drilled in the second quarter compared to the first quarter were really the result of two wells in our East Texas area that experienced some drilling difficulties associated with some highly over-pressured SWD zones. The best well drilled to date on our Legacy Haynesville acreage averaged 1,461 feet per day, and we drilled that well to TD in 14 days.

與第一季相比，第二季鑽井天數增加，每日鑽井量減少，這實際上是由於我們在東德州地區的兩口井遇到了一些與高壓SWD區域相關的鑽井困難。到目前為止，我們在 Legacy Haynesville 土地上鑽探的最好的一口井平均每天鑽進 1,461 英尺，我們用了 14 天就鑽完了這口井。

Slide 17 highlights our drilling progress in the Western Haynesville. During the second quarter, we drilled four wells to total depth in the Western Haynesville. This now gives us a total of 29 wells that we drilled to total depth through the end of the second quarter.

第 17 張投影片重點介紹了我們在海恩斯維爾西部的鑽探進展。第二季度，我們在西海恩斯維爾鑽探了四口井，達到總深度。截至第二季末，我們總共鑽探了 29 口井，達到總深度。

Since we started our initial well in the fourth quarter of '21, we have seen significant improvement in our drilling times. Our first three wells drilled in 2022 averaged 95 days to reach TD. Our average drilling time dropped to 70 days in 2023 and dropped again to 59 days for the full -- for the 2024 full-year average.

自 2021 年第四季我們開始鑽探第一口井以來，我們的鑽井時間已經得到了顯著改善。我們在 2022 年鑽探的前三口井平均花費 95 天到達 TD。2023 年我們的平均鑽井時間降至 70 天，2024 年全年平均鑽井時間再次降至 59 天。

In the second quarter, we averaged 58 drilling days for the four wells that we drilled to total depth. This is a decrease of one day compared to the 2024 full-year average but reflects an increase of three days compared to the first quarter. And the increase in the drilling days compared to the first quarter can really be attributed to two things, the first one being one of our wells in the second quarter had to be sidetracked up in the vertical due to a downhole motor that we had come apart.

第二季度，我們鑽探到總深度的四口井平均鑽井天數為 58 天。與 2024 年全年平均值相比，減少了一天；但與第一季相比，增加了三天。與第一季相比，鑽井天數的增加實際上可以歸因於兩件事，第一件事是，由於井下馬達發生故障，我們在第二季的一口井必須進行垂直側鑽。

And secondly, all four of the wells drilled in the second quarter were over 1,500 foot deeper vertically than the wells we drilled in the first quarter. The additional drilling days in the second quarter is also a reflection of the lower footage drilled per day. Our fastest well drilled to date in the Western Haynesville still stands at 37 days, and that well had a 12,045-foot lateral.

其次，第二季鑽探的四口井的垂直深度均比第一季鑽探的井深 1500 英尺以上。第二季增加的鑽井天數也反映出每日鑽井進尺減少的情況。到目前為止，我們在西海恩斯維爾鑽井速度最快的井仍保持著 37 天的紀錄，而且那口井的水平段長度為 12,045 英尺。

Slide 18 is a summary of our D&C costs through the second quarter for our benchmark long lateral wells that are located in our Legacy Haynesville area. These costs reflect all our Legacy area wells that had laterals greater than 8,500 feet. The drilling costs are based on when the wells reached TD, and our completion costs that we show here are based on when the wells are turned to sales.

第 18 頁總結了我們位於 Legacy Haynesville 地區的基準長水平井在第二季度的鑽井和完井成本。這些成本反映了我們所有 Legacy 區域井的水平段長度超過 8,500 英尺的成本。鑽井成本是根據油井達到總鑽井深度（TD）的時間計算的，而我們這裡顯示的完井成本是根據油井投入銷售的時間計算的。

So during the second quarter, we drilled seven of our benchmarked long lateral wells to total depth. The second-quarter drilling costs averaged $696 a foot, which is a 33% increase compared to the first quarter. Like I mentioned earlier on our second-quarter drilling efficiency, we incurred some additional drilling costs on a couple of our East Texas wells in the second quarter due to drilling difficulties that were associated with the localized highly over-pressured SWD zones.

因此，在第二季度，我們鑽探了七口基準長水平井，並達到了全部深度。第二季鑽井成本平均為每英尺 696 美元，比第一季增加了 33%。正如我之前提到的，由於局部高壓SWD區域帶來的鑽井困難，我們在第二季度東德克薩斯州的幾口井上產生了一些額外的鑽井成本。

During the second quarter, we also turned eight wells to sales on our Legacy Haynesville acreage. The second-quarter completion costs came in at $724 a foot. This represents a 15% decrease compared to the first quarter. And the lower completion costs in the second quarter were partially driven by lower frac costs that we had associated with lower fuel costs.

第二季度，我們在 Legacy Haynesville 油田的 8 口油井也實現了銷售。第二季完工成本為每英尺 724 美元。這比第一季下降了15%。第二季完工成本降低的部分原因是壓裂成本降低，而壓裂成本降低又與燃料成本降低有關。

And so we did have more of our fracs in the second quarter that utilized a higher percentage of natural gas for fuel. We also experienced much better efficiency drilling out frac plugs in the second quarter. We currently have the four rigs running on the Legacy Haynesville acreage, and as we look ahead, we believe our D&C costs will remain relatively flat to slightly lower for the remainder of the year.

因此，我們在第二季進行了更多使用較高比例天然氣作為燃料的壓裂作業。第二季度，我們在鑽除壓裂塞的效率也大大提升。目前，我們在 Legacy Haynesville 地塊上運行著四台鑽機。展望未來，我們相信今年剩餘時間裡，我們的鑽井和建造成本將保持相對穩定或略有下降。

On slide 19 is a summary of our D&C costs through the second quarter for all the wells drilled on our Western Haynesville acreage. During the second quarter, we drilled four wells to total depth. These had an average lateral length of 7,933 feet. The second-quarter drilling cost averaged $1,875 a foot, which represents a 36% increase compared to the first quarter.

第 19 頁總結了我們第二季度在西海恩斯維爾地區鑽探的所有油井的鑽井和完井成本。第二季度，我們鑽探了四口井，達到總深度。這些隧道的平均橫向長度為 7,933 英尺。第二季鑽井成本平均為每英尺 1875 美元，比第一季增加了 36%。

The dominant driver for the higher drilling cost in the second quarter was the shorter laterals. Our average lateral length in the second quarter was 7,933 feet, and this compares to an average lateral length of 10,728 feet for the wells we TD-ed in the first quarter. We do plan on targeting much longer laterals in the Western Haynesville as we go forward. Also, one of our four wells drilled during the second quarter had to be sidetracked in the vertical downhole due to a motor that came apart.

第二季鑽井成本上升的主要原因是水平井段長度縮短。第二季度我們的平均水平井長度為 7,933 英尺，相比之下，第一季我們鑽探的井的平均水平井長度為 10,728 英尺。隨著我們未來的發展，我們計劃在海恩斯維爾西部地區開發更長的橫向隧道。此外，我們在第二季度鑽探的四口井中，有一口井由於馬達故障，不得不進行垂直井下側鑽。

During the second quarter, we also turned six wells to sales on our Western Haynesville acreage that had an average lateral length of 10,445 feet. We did not turn any wells to sales in the first quarter, so second quarter completion cost averaged $1,305 a foot. This is a 1% decrease compared to the fourth quarter of 2024.

第二季度，我們在西海恩斯維爾油田的六口油井也實現了銷售，平均水平井長度為 10,445 英尺。第一季我們沒有將任何油井投入銷售，因此第二季完井成本平均為每英尺 1,305 美元。與 2024 年第四季相比，下降了 1%。

Our frac crews have continued to execute with very good efficiency. And during the second quarter, all but one of our six wells that we turned to sales were frac using a blended fuel of natural gas and diesel. We do currently have four of our rigs running in the Western Haynesville. We also have two full-time dedicated frac fleets, and both of these fleets do have the ability to run off a blend of natural gas and diesel.

我們的壓裂作業團隊一直保持著非常高的效率。在第二季度，我們投入銷售的六口油井中，除一口外，其餘全部採用天然氣和柴油混合燃料進行壓裂。目前我們有四台鑽孔機在西海恩斯維爾運作。我們還擁有兩支全職專用壓裂車隊，這兩支車隊都能夠使用天然氣和柴油的混合燃料運作。

So now I'll turn the call back over to Jay.

現在我把電話轉回給傑伊。

Thank you, Dan. Thank you, Roland. If you would please refer to slide 20 where we summarize our outlook for 2025. In 2025, we remain primarily focused on building our 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 operating rigs drilling in the Western Haynesville and continue to delineate the new play. We expect to drill 19 or 18.9 net wells and turn 13 net wells to sales in the Western Haynesville this year.

謝謝你，丹。謝謝你，羅蘭。請參考第 20 頁投影片，其中我們總結了 2025 年的展望。2025 年，我們仍將主要專注於在西海恩斯維爾地區建造我們的巨大資產，這將使我們能夠從天然氣需求的長期增長中受益。我們目前有四台鑽孔機在西海恩斯維爾進行鑽探作業，並繼續勘探新的油氣藏。我們預計今年將在西海恩斯維爾鑽探 19 或 18.9 口淨井，並將 13 口淨井投入銷售。

We'll continue to build out our Western Haynesville midstream assets to keep up with the growing production from the area. Our new Marquez gas treating plant started operations this month, which more than doubled our gas treating capacity. In the Legacy Haynesville, we are currently running four rigs to build production back up for 2026. We expect to drill 32 or 24 net wells and turn 32 or 26.8 net wells to sales in the Legacy Haynesville this year.

我們將繼續擴大我們在西海恩斯維爾的中游資產，以滿足該地區不斷增長的產量需求。我們位於馬爾克斯的新天然氣處理廠本月開始運營，使我們的天然氣處理能力增加了一倍以上。在 Legacy Haynesville，我們目前正在運行四台鑽機，以期在 2026 年恢復生產。我們預計今年將在 Legacy Haynesville 鑽探 32 口或 24 口淨井，並實現 32 口或 26.8 口淨井的銷售。

Given the tremendous interest in acquiring properties in the Haynesville, we currently plan to divest certain non-core properties during 2025, which will allow us to accelerate deleveraging of our balance sheet. We continue to have the industry's lowest-producing cost structure and expect drilling efficiencies to continue to work toward driving down drilling and completion costs in 2025, in both the Western and Legacy Haynesville areas. We've strong financial liquidity, as Roland reported, totaling almost $1.1 billion. We now have a few slides that show some guidance for the rest of the year, so please reach out to Ron if you want to discuss those slides.

鑑於各方對收購海恩斯維爾地區的房產表現出極大的興趣，我們目前計劃在 2025 年剝離某些非核心房產，這將使我們能夠加快降低資產負債表的槓桿率。我們繼續保持著業內最低的生產成本結構，並預計到 2025 年，鑽井效率的提高將繼續降低西部和萊格西海恩斯維爾地區的鑽井和完井成本。正如羅蘭所報告的那樣，我們擁有雄厚的財務流動性，總額接近 11 億美元。我們現在有一些幻燈片，其中包含對今年剩餘時間的一些指導，如果您想討論這些幻燈片，請聯繫 Ron。

All right. Liz, we can go and open up to Q&A.

好的。莉茲，我們可以進入問答環節了。

(Operator Instructions) Carlos Escalante, Wolfe Research.

（操作說明）Carlos Escalante，Wolfe Research。

Hey, good morning team. Thank you for taking my question. I guess I'll start out by asking a question on the Western Haynesville, particularly on the step out to the Northwest, which you point out in your map. This well seems to be a relative step out from your current PDP, and it seems to us like it's another positive confirmation of initial reservoir pressure and therefore productivity.

嘿，大家早安。感謝您回答我的問題。我想先問一個關於西海恩斯維爾的問題，特別是關於您在地圖上指出的向西北方向延伸的那一段。這口井似乎比你目前的PDP（鑽井平台）位置稍遠，在我們看來，這再次肯定了初始儲層壓力，也證實了產能。

Now it also looks like through state data that it might be a shallow well, and so I think we should expect some cooler temperatures when you run those wells. All that to say is -- to say if you can perhaps walk us through what your key takeaways and learnings from drilling on that specific area have been, and obviously, what it means for your underlying capital local cost trend.

現在根據州政府的數據來看，這可能是一口淺井，所以我認為我們應該預料到運行這些井時溫度會比較低。總而言之，我想問的是，您能否向我們介紹一下您從該特定區域的鑽探中獲得的主要收穫和經驗，以及這對您當地資本成本趨勢意味著什麼。

Well, Dan, that's the Olajuwon to the north. You drop down to the Bell-Meyer, then to the left is the Jennings and then the Menn.

丹，那是北邊的奧拉朱旺。你往下走就是貝爾-邁耶，然後左邊是詹寧斯，再往前走是門恩。

Yes, that would be correct. And I think, Carl, I think the well you're -- when you say to the Northwest, I think that's -- if I'm just looking at the map here, that's probably our Jennings well. We drilled a two-well pad up there. And that well --

是的，確實如此。卡爾，我想，你說的西北方向的那個井，我想──如果我只看這裡的地圖，那可能就是我們的詹寧斯井。我們在那裡鑽了一個雙井平台。而那口井--

That's correct, yes.

是的，沒錯。

Yes, that well was shallower -- definitely on the shallower part of the acreage versus some of these other ones we drill. And Jay mentioned it earlier in his opening remarks, just the TVD depth ranges, and so that particular well is the 14,000-foot bookend of those -- he gave you 14,000 to 19,200. That's the 14,000-foot TVD well.

是的，那口井比較淺——與我們鑽探的其他一些井相比，它肯定位於這片區域較淺的部分。傑伊在開場白中也提到了這一點，就是 TVD 深度範圍，而那口井正好位於這些深度範圍的 14,000 英尺的兩端——他給出的範圍是 14,000 到 19,200 英尺。那是一口垂深14000英尺的油井。

Significantly, it's also our record fastest well that we drilled at 37 days to TD. So it does make a big difference on where you're drilling on the acreage on the number of drilling days and also the cost. That well was also our cheapest, fastest -- significantly cheaper, really. So we've got a pretty good range here of depth, temperatures, drilling cost across the acreage. So yes, just kind of point that out.

值得一提的是，這也是我們鑽井速度最快的一口井，只花了 37 天就鑽了井底。所以，鑽井位置對鑽井天數和成本有很大的影響。那口井也是我們最便宜、最快的——實際上便宜得多。因此，我們這裡有相當不錯的深度、溫度、鑽井成本範圍，涵蓋了整個油田。所以，是的，就指出來一下。

If you look ahead two blocks, some of the wells that were deeper, hotter -- and so Dan, you may talk about not having to TD some of these wells.

如果你往前看兩個街區，你會發現一些更深、更熱的井——所以丹，你可能會說不必對這些井進行TD測試。

So we have just due to the pressures on the initial wells we drilled, of course, are extremely high pressures. Everything that we flow up in the core flows -- we just flow the wells up the casing. We tube them up at a later date. We didn't do that down here just because of the extremely high shut-in pressures, flowing pressures. We didn't want to be flowing at those pressures up the production casing.

所以，由於我們最初鑽探的油井所承受的壓力，當然，壓力非常高。所有從井筒流出的物質都會透過套管流出－我們只是把井筒裡的物質通過套管輸送上來。我們稍後會用管子把它們裝起來。我們沒有在這裡作業，只是因為關井壓力和流動壓力都非常高。我們不想讓生產套管承受那麼大的壓力。

But when you get up in this area where these Jennings wells are because they are shallower and we do have a little bit less pressure, we're comfortable flowing those up the casing. We did run tubing in those, but in the future wells above, we kind of are looking at a cutoff depth. Those are definitely above it. We'll flow those -- those wells or the wells in that depth range up to casing in the future, and that will drop our cost probably at least another $150 a foot. So I think had we not run tubing in that well, I think we'd have been looking at a sub $2,000 per-foot well cost.

但是，在詹寧斯油井所在的這個區域，由於油井較淺，壓力也較小，所以我們可以放心地讓油通過套管向上流動。我們確實在這些井中進行了油管作業，但對於未來更高深度的井，我們正在考慮設定一個截止深度。那些肯定比它高得多。我們將來會把那些井——或者說那個深度範圍內的井——一直開採到套管處，這樣一來，我們的成本可能會至少再降低每英尺 150 美元。所以我覺得，如果我們沒有在那口井裡鋪設油管，那麼每英尺井的成本應該會低於 2000 美元。

Well, I think another comment on the Olajuwon, we completed it a little different than we did the other wells. But we came down to the Bell-Meyer, which is 30 miles away, really about 33 miles away from the Olajuwon, and we completed it the same way that we completed the Olajuwon. And both of those, as we reported, they're some of the two best wells we've ever drilled.

嗯，關於奧拉朱旺油井，我想再補充一點，我們完成它的方式與其他油井略有不同。但我們來到了貝爾-邁耶山，它距離奧拉朱旺山有 30 英里，實際上大約有 33 英里，我們以與征服奧拉朱旺山相同的方式征服了它。正如我們報導的那樣，這兩口井是我們鑽探過的最好的兩口井之一。

We did tweak the completions. And I think that's the whole focus on the program is we think we've captured our 525,000 net acres. We captured our reserve pool. Now what we're doing, which is what your question is, every 90 days, we're reporting on how we're tweaking this to derisk it to create this tremendous value for what? For the natural gas that's needed for LNG data, industrial demand, et cetera. And then the Menn well is a little different well. You may want to talk about that, Dan.

我們對完成部分進行了一些調整。我認為該計劃的重點在於，我們認為我們已經獲得了 525,000 淨英畝土地。我們拿下了儲備金。現在我們正在做的，也就是你的問題，是每隔 90 天，我們會報告我們如何調整這項措施以降低風險，從而創造巨大的價值，而這究竟是為了什麼？用於液化天然氣資料、工業需求等所需的天然氣。而門恩井則有點不一樣。丹，你或許想談談這件事。

Yes. The Menn well was also one that we tweaked, and Jay says we tweaked the completions. We just tightened up our stage spacing a little bit, which just gives us a little bit more intensity. Basically, we're fracking in just over shorter distance. The Menn well was also a well in -- on our shallower acreage kind of similar to the Jennings. The production looks fantastic on it. It's only been on for probably couple of months now. But low D&C costs, good results. We've had -- Jay mentioned -- so we've had the Olajuwon, the Bell-Meyer, and the Menn are really the three that we've probably tweaked the most on the completions with the tighter stage spacing.

是的。Menn 油井也是我們進行過調整的，Jay 說我們調整了完井部分。我們稍微收緊了舞台間距，這樣就增加了一些緊張感。基本上，我們只是在更短的距離內進行水力壓裂。Menn 井也是我們較淺地塊上的一口井，有點像 Jennings 井。這部影片的畫面效果非常棒。大概也就開播幾個月吧。但刮除手術費用低，效果好。我們已經——Jay提到過——所以我們已經有了Olajuwon、Bell-Meyer和Menn，這三個可能是我們在舞台間距更緊湊的情況下進行調整最多的。

Well, it's [$38 million] a day IP at a shallower depth.

嗯，這是每天 3800 萬美元的 IP，但深度較淺。

Yes. And looking at our just -- even though they haven't been on long, when we look at the initial production rates and we look at the pressure decline just over that little, short period, those three wells we do are three of our best-looking wells.

是的。看看我們這三口井——儘管它們投產時間不長，但當我們觀察初始產量和在這麼短的時間內壓力下降情況時，就會發現它們是我們這三口井裡看起來最好的。

Terrific. Very helpful color, guys. I guess taking a step back now and looking at it from a more general perspective, considering that you started the year out guiding for 17 TILs in the Western Haynesville. And due to unforeseen issues, we're down to 13, what are the ramifications of this to your 2027 target of HVP all your leases through 17 wells? Is that pushed to the right? And also the 1B question, what is the run rate for TILs in the Western Haynesville? Yes, go ahead.

了不起。非常實用的顏色，夥計們。我想現在退一步，從更普遍的角度來看待這件事，考慮到你年初在西海恩斯維爾指導了 17 個 TIL。由於一些不可預見的問題，我們現在只剩下 13 口井了，這對您 2027 年實現所有租賃井（包括 17 口井）的高價值石油目標有何影響？那是被推到右邊了嗎？還有 1B 題，西海恩斯維爾 TIL 的運行率是多少？是的，繼續吧。

I mean, I'm not -- I don't know the number right off the top of my head, but I'm going to say it's not a big -- it's really not a big number. I mean, we've got -- obviously, our drilling speeds are getting faster. So that's pulling wells forward. We have the one well that has the midstream issue that we're waiting to get it connected. And then of course, we've drilled two pilot holes also. So that pushes the dates back a little bit. But overall, in general, like you asked in the general sense, it's not really pushing any of these wells back.

我的意思是，我——我一時想不起來具體數字，但我可以說它不是一個很大的數字——真的不是一個很大的數字。我的意思是，很顯然，我們的鑽井速度越來越快。所以這就等於是把油井往前推進了。我們有一口井有中間輸水問題，我們正在等待將其連接起來。當然，我們還鑽了兩個導孔。這樣一來，日期就稍微延後了一點。但總的來說，就像你問的一般情況一樣，它並沒有真正推動任何一口油井倒退。

No, I think that's more of a function of these wells could have come on in December and now they're forecast to be January. You're talking about a month or so kind of delay as far as how they fall this year, which could change again based on --

不，我認為這更多是因為這些油井原本可能在 12 月投產，但現在預計要到 1 月才會投產。你指的是今年的排名會延遲一個月左右，而且這可能會根據情況再次改變。--

Midstream issues, a little bit more randomness in that as far as if some of them are going to be delayed. But overall, our drilling times, I mean, in the greater sense and over a longer term, our drilling times is what's going to really drive those cadence of those numbers.

中途問題，其中有些問題可能會延遲，這方面存在一些隨機性。但總的來說，從更廣義、更長遠的角度來看，我們的鑽井時間才是真正決定這些數字節奏的因素。

Derrick Whitfield, Texas Capital.

德里克·惠特菲爾德，德克薩斯資本。

Good morning, all, and thanks for your time.

各位早安，感謝你們抽出時間。

Good morning.

早安.

So similarly, kind of taking a step back and looking at the Western Haynesville more holistically, you guys have had considerable exploration and delineation success and have drastically improved the commerciality of the play with limited missteps to date. To be clear, again, for the benefit of investors, the increase in capital allocation to the Legacy Haynesville is in no way an indication of change in relative value of the Western Haynesville, and was part of a broader initiative to return the Legacy play to maintenance levels of spending in a more constructive gas environment. Do I have that part right?

同樣地，從更全面的角度來看西海恩斯維爾地區，你們在勘探和劃定方面取得了相當大的成功，並且極大地提高了該地區的商業價值，迄今為止失誤很少。再次澄清，為了投資者的利益，增加對 Legacy Haynesville 的資本配置絕不表示 Western Haynesville 的相對價值發生了變化，而是一項更廣泛的計劃的一部分，旨在使 Legacy 項目的支出恢復到維持水平，並在更具建設性的天然氣環境中進行。我理解的對嗎？

Yes. You know what, I didn't even think about that. When you brought that up, I mean, we didn't add a rig in the Legacy area because we have any doubts about the Western Haynesville at all. In fact, you're the very first person I've ever heard say that. So I'm kind of shocked at that. I guess that's a common-sense question.

是的。你知道嗎，我根本沒想過這一點。你剛才提到這一點，我的意思是，我們沒有在 Legacy 地區增加鑽井平台，因為我們對 Western Haynesville 沒有任何疑慮。事實上，你是第一個這麼說的人。我對此感到有點震驚。我想這應該是個常識性的問題吧。

But what we did is we said the strength of our Legacy allowed us to want to drill the Circle M well even in 2021, 2022. And then when prices shot up in '23, most of the acreage that we acquired in Western Haynesville was from free cash flow because prices were high. But what got the Joneses and the shareholders in the game initially was the value and the predictability of our Legacy acreage.

但我們所做的，是表示我們傳承的力量使我們能夠即使在 2021 年、2022 年也想鑽探 Circle M 井。然後在 2023 年價格飆升時，我們在海恩斯維爾西部收購的大部分土地都是透過自由現金流獲得的，因為當時的價格很高。但最初吸引瓊斯家族和股東們參與的，是我們傳承土地的價值和可預測性。

And so when you start cutting the rig back from nine to eight to seven, six, five, four, to three, then the predictability of our growth is not there. So you've got to go ahead and add another rig in the core, which is the Legacy, in order just to offset some of the risk that you may have and the delays that you may have as why we derisk this giant footprint in the Western Haynesville. So Derrick, in no way at all does it imply that we pulled anything back as far as the attitude about the Western Haynesville at all. That is a great question, but it never even came into my mind ever. I mean, like ever.

因此，當你開始將鑽井平台從九個減少到八個，再到七個、六個、五個、四個，最後到三個時，我們成長的可預測性就消失了。所以你必須在核心區域（即 Legacy）再增加一台鑽機，以抵消你可能面臨的一些風險和延誤，這也是我們降低在西海恩斯維爾這個巨大項目風險的原因。所以德里克，這絕不意味著我們對西部海恩斯維爾的態度有任何退縮。這是一個很好的問題，但我之前從未想過這個問題。我的意思是，一直都是這樣。

I would add that it more reflects the fact that drilling and completion costs are down, and we can add this rig and stay in our original budget and the availability of those services is with the lower oil prices. And it also reflects kind of our decision to sell some non-core properties. And so this is getting kind of prepared to replace that production. And it also reflects kind of the excitement about the horseshoe wells and the ability to kind of add a lot of those to schedule, which are going to be in the Legacy Haynesville. So it kind of -- it's probably more reflects opportunity that we see in those areas versus any doubts about splitting the capital in the Western Haynesville.

我想補充的是，這更反映了鑽井和完井成本下降的事實，我們可以在原預算內增加這台鑽機，而這些服務的可用性也得益於較低的油價。這也反映了我們出售一些非核心資產的決定。所以，這個計畫正在逐步取代之前的生產方式。這也反映了人們對馬蹄形水井的興奮之情，以及將許多馬蹄形水井添加到日​​常安排中的能力，這些水井將位於 Legacy Haynesville。所以，這可能更反映了我們在這些地區看到的機遇，而不是對在西海恩斯維爾分割首都的任何疑慮。

Yes. I would say, again, 50% of our gas is hedged for '25, same in '26. That's risk adjustment. We've added a lot of horseshoe wells, 149. And we said, okay, we want to increase our budget in 2025 if we add this rig to drill wells, and mainly it's to drill horseshoe wells. And you saw the economics are incredible. So those are all new in the last year, that 149 list. So we just said, why don't we soften up the development of the Western Haynesville? Because like we said, it's exploration, exploitation, but we're going to -- we're scattered out.

是的。我再次強調，我們 50% 的天然氣已對沖 2025 年和 2026 年的風險。這就是風險調整。我們新增了許多馬蹄形水井，共 149 個。我們說，好的，如果我們要增加這​​台鑽機來鑽井，我們想在 2025 年增加預算，主要用於鑽馬蹄形井。你也看到了，這裡的經濟狀況令人難以置信。所以，那149筆記錄都是去年新增的。所以我們就說，為什麼不放慢西海恩斯維爾的開發速度呢？因為就像我們說的，這是探索和開發，但我們會——我們分散各地。

We're drilling 80 miles to the north and south and 20, 30 miles to the East and West because we're so comfortable with what we think we're finding and what we found. And at the same time, when the geological group says we need to core some wells, well, that does cost some time and money. We said, okay, well, let's core all those wells, and then we plan on really drilling one more pilot hole near the Olajuwon maybe this year. So you work that in the numbers too, and that gives you a little bit more time to tie, geologically, everything together.

我們正在南北方向鑽探 80 英里，東西向鑽探 20 到 30 英里，因為我們對我們認為正在發現的東西以及實際發現的東西都非常有信心。同時，當地質小組說我們需要鑽取一些井芯時，那確實會花一些時間和金錢。我們說，好吧，那就對所有這些井進行取芯，然後我們計劃今年可能在奧拉朱旺附近再鑽一個導向孔。所以你也要把這些因素考慮進去，這樣你就有更多的時間從地質學的角度把所有事情連結起來。

But no, no, no, we -- if anything, we have never ever been more encouraged about what we're sitting on in the Western Haynesville, period. And as I was talking to the Joneses today, he said, you need to broadcast for sure. We're not ever right now, in the foreseeable future, even thinking about issuing equity to grow this stuff at all, period. In other words, that would be another question that might be out there.

但是，不，不，不，我們——如果有什麼不同的話，那就是我們從未像現在這樣對我們在西海恩斯維爾所擁有的東西感到如此鼓舞，就這麼簡單。今天我和瓊斯一家聊天時，他說，你們絕對需要進行廣播宣傳。在可預見的未來，我們根本不會考慮發行股票來發展這項業務，絕對不會。換句話說，這可能是另一個值得探討的問題。

We're going to divest some non-core assets. We're going to use those dollars to pay down our debt. So we'll de-lever that way for a while. And then we'll let Dan and the group drill and complete these Western Haynesville wells with the big land grab, Derrick, being behind us. Now we do have probably $25 million or $30 million budgeted for land in 2025. Some of that's in the core. Some of it's just a cleanup in the Western Haynesville. But that's where we're going. And it is a different story, but it's such an incredible story. So great question.

我們將剝離一些非核心資產。我們將用這些錢來償還債務。所以我們會暫時透過這種方式降低槓桿率。然後，我們就會讓丹和他的團隊鑽探並完成這些位於西海恩斯維爾的油井，而德里克的大片土地掠奪行動也將在我們身後展開。現在我們大概已經為2025年的土地採購預算了2500萬到3000萬美元。其中一些在核心部分。其中一些只是對海恩斯維爾西部地區的清理工作。但這就是我們的目的地。這是一個不同的故事，但卻是一個令人難以置信的故事。問得好。

Understood. It makes complete sense. And as my follow up, I wanted to see if you could offer some perspective on what you're seeing in the Western Haynesville that's leading you down the path of testing restricted choke management. I know it's been part of a broader optimization process in all plays. But I imagine there's a specific reason as to why you guys are approaching that in the second half from a testing perspective based on whether it's your data or competitive data, but some data.

明白了。完全合情合理。作為後續問題，我想看看您能否就您在西海恩斯維爾地區所看到的情況提供一些見解，正是這些情況促使您走上測試限制性窒息管理的道路。我知道這是所有戰術中更廣泛的最佳化過程的一部分。但我認為，你們在下半年從測驗的角度來處理這個問題，肯定有其特殊原因，無論是基於你們自己的數據還是競爭對手的數據，總之是一些數據。

Right. That's a good question. And so we are -- one of the things we knew kind of early on coming into this play was, obviously, it's deep and it's hot. And just if you look across the acreage up in the core of the play, you can see that when you get into the deeper parts of the core, you need to probably be a little bit more disciplined on how you draw the wells down. So down here, we're at the very end of that scale as far as with the depths and the pressures that we have.

正確的。這是個好問題。所以，我們——我們很早就知道，很明顯，這場戲很精彩也很火爆。如果你看看油氣藏核心區域的面積，你會發現，當你深入到核心區域的深處時，你可能需要更嚴格地控製油井的開採深度。所以，就深度和壓力而言，我們已經到了這個尺度的極限。

And so I think pressure-dependent perm, what we've seen on the wells is that we -- and we flowed our wells in a lot of different ways. We got wells kind of all the way across the board, trying to see what works. And what we see is that a little bit more of a decline in year one, just basically choking them back, which is part of the reason our production is low as this was just self-imposed. We've gotten more aggressive at choking the wells back, trying to maintain a real disciplined drawdown.

所以我認為壓力相關的滲透率，我們在油井中看到的是——我們以多種不同的方式進行油井流動。我們幾乎在所有地方都安裝了水井，想看看哪種方法有效。我們看到的是，第一年產量略有下降，基本上是被扼殺了，這也是我們產量低的部分原因，因為這是我們自己造成的。我們採取了更積極的措施來減少油井產量，並努力維持嚴格的減產。

And so that's in the results we see and when we model it out. And we do look at competitor wells, state data, lead you to think that you should get a little better EURs if you flow them at basically more conservative rates. And I do believe that. You just got to find the right balance as far as when you're modeling the economics for return and payout versus the long-term value in the PV-10s, and that's just what we're working through right now.

所以，這體現在我們看到的結果以及我們建立的模型中。我們查看競爭對手的油井和州政府數據，會讓你覺得，如果以更保守的速率開採，你應該可以獲得更好的最終採收率 (EUR)。我確實相信這一點。在對 PV-10 的回報和收益進行經濟建模時，你需要找到合適的平衡點，以及長期價值與回報和收益之間的平衡點，而這正是我們目前正在努力解決的問題。

And I think, Derrick, that's one reason we came up and adjusted the production. In other words, we said whatever we see every 90 days, we're going to tell you. We're going to tell you that we're going to adjust it accordingly. And that's just what it's telling us to do. And it's like Dan said, if you can choke it back a little bit more and have a much higher EUR and the IRR looks fantastic and the payout looks good, et cetera, and you've got this inventory on 525,000 net acres, and that's how we want to manage it. It is managing, like we said. It's taken care of today, but it's also managing for long term.

德瑞克，我認為，這就是我們調整製作流程的原因之一。換句話說，我們說，每 90 天我們看到的任何事情，我們都會告訴你們。我們會告訴你們，我們會做出相對應的調整。而這正是它告訴我們應該要做的事。就像丹說的那樣，如果你能再稍微控制一下，獲得更高的 EUR，IRR 看起來會非常棒，收益看起來也不錯等等，而且你還有 525,000 淨英畝的庫存，這就是我們想要管理的方式。正如我們所說，它正在應對。這個問題現在得到了解決，但同時也著眼於長遠發展。

Kalei Akamine, Bank of America.

卡雷‧阿卡明 (Kalei Akamine)，美國銀行。

Hey, good morning, guys, Jay, Roland.

嘿，早安，各位，傑伊，羅蘭。

Good morning.

早安.

My first question -- good morning. I want to ask you about the non-core sales effort here. Can you talk a little bit about how you think about sizing a sale, i.e., do you intend to minimize the associated PDP? I would imagine that you'd want to keep that because that's gas torque, and if gas prices go up, then that's your pathway to deleveraging. And then on top of that, are there any metrics that you can point to, to help us understand the value of locations in this market?

我的第一個問題是──早安。我想問您關於非核心銷售工作的情況。您能否談談您是如何考慮銷售規模的，例如，您是否打算盡量減少相關的產品開發成本？我想你會想​​保留它，因為那是汽油扭矩，如果汽油價格上漲，那就是你降低槓桿的途徑。此外，您能否提供一些指標，幫助我們了解該市場中各個地段的價值？

Yes, that's a good question. I mean, I think that we are looking to -- there's an opportunity, I think, in this market in our basin, where before, I think the last several years until this year, basically, the market was really around selling PDP. And out there, those are the type buyers that dominated the acquisition space. And it's changed a lot. This year, there's a lot of interest in our basin and new players coming in that are very interested in drilling locations. And with a higher gas price, some lower-return projects in the Haynesville now become very attractive and make a lot of money for folks.

是的，這是個好問題。我的意思是，我認為我們正在尋求——我認為，在我們盆地的這個市場中存在一個機會，在此之前，我認為直到今年，過去幾年，市場基本上都是圍繞著出售 PDP 展開的。而正是這類買家主導了收購市場。而且變化很大。今年，很多人對我們盆地感興趣，也有很多新玩家對鑽井地點非常感興趣。由於天然氣價格上漲，海恩斯維爾一些回報率較低的項目現在變得非常有吸引力，並為人們賺取了很多錢。

So we have a very deep inventory in the Legacy Haynesville, and some of it we just -- in our particular circumstance for the next 10 years, we just can't get to any of that. And so selling off some of that inventory that we view that we would not develop anytime soon can add a lot of NPV value to the company because we create value out of it. So yes, I think we're focused on more of that than really selling a lot of production or proved producing reserves.

所以我們在 Legacy Haynesville 有非常多的庫存，但就我們未來 10 年的具體情況而言，我們根本無法動​​用其中的一些庫存。因此，出售一些我們認為近期不會開發的庫存可以為公司增加許多淨現值，因為我們可以從中創造價值。所以，是的，我認為我們更關注的是這一點，而不是真正出售大量的產量或已探明的儲量。

Well, and remember, as we derisk the Western Haynesville, we add inventory. In other words, if we thought that we wouldn't potentially be adding material inventory in the Western Haynesville, we wouldn't be looking at divesting anything in our Legacy. But if you look at the Legacy and you say you have 30, 40 years of inventory, and the market tells you that there's a demand for some drilling inventory and they win and we win if we sell and they buy, then we should take a hard look at it, if it makes Comstock a much better company and it lock in somebody else into the area and mainly for LNG demand.

記住，隨著我們降低西海恩斯維爾的風險，我們也增加了庫存。換句話說，如果我們認為在西海恩斯維爾地區不會增加材料庫存，我們就不會考慮剝離我們傳承中的任何東西。但是，如果你看看 Legacy，你會發現你有 30 年、40 年的庫存，而市場告訴你對一些鑽井庫存有需求，如果我們賣出而他們買入，他們贏，我們也贏，那麼我們應該認真考慮一下，如果這能讓 Comstock 成為一家更好的公司，並鎖定其他公司進入該地區，主要是為了滿足液化天然氣需求。

Got it. I appreciate that. For my second question, I'm hoping that you can talk about your coring program and what you're attempting to learn here. Our kind of base case for the Western Haynesville is basically 3,000 locations across three fairways, each with a different number of drilling horizons. Does that kind of align with how you guys see it? And will this program help confirm that case?

知道了。我很感激。我的第二個問題是，我希望您能談談您的核心課程以及您在這裡試圖學習的內容。我們對西海恩斯維爾油田的基本設想是，在三個油田區域內設置 3000 個位置，每個位置的鑽井層數各不相同。你們的看法跟我一樣嗎？這個節目能否幫助證實這一點？

Yes. I think you’re kind of spot on there. So we have -- of course, there's two reasons to drill pilot holes out here for us. We -- and we've got kind of some tentative plans on where we want to drill our pilot holes across the entire footprint right now. Those will probably move around a little bit for various reasons.

是的。我覺得你說的基本沒錯。所以，當然，我們在這裡鑽導孔有兩個原因。我們——而且我們現在已經初步計劃好要在整個場地範圍內鑽導孔的位置。由於各種原因，這些位置可能會略有變動。

But we -- in some areas, we just need to drill a pilot hole just to get the logs just because we don't have any kind of well control in that area, and we need it to be able to steer our lateral and know where we're landing it in the zone. And then secondary reason is basically to cut cores and do all of that science work, get our TLCs, and basically let that help you back into kind of what an original gas in place number looks like. And also to basically just get all of the mechanical properties and maybe we can -- maybe it will help us make some tweaks to our completions.

但是，在某些區域，我們只需要鑽一個導向孔來獲取測井數據，因為我們在該區域沒有任何井控措施，我們需要它來引導我們的水平井，並知道我們在目標區域的哪個位置著陸。其次，主要原因是切割岩芯並進行所有科學研究，獲得薄層色譜，並利用這些研究結果來幫助你了解原始天然氣儲量數大概是什麼樣子。此外，我們還可以獲得所有機械性能數據，或許可以幫助我們對成品進行一些調整。

I would comment that remember, 80% of the Western Haynesville is HBP, and some of the cores that we would probably drill would be in the HBP acreage. Now the first ones will be in the acreage that we need to drill to continue to hold. But even if you look at the Olajuwon, you've got a really good company. That's a Japanese company that's drilling a well there. They're completing their well now, I believe, with the same frac crew we use to complete our wells, but we would still like to core a well closer to that Olajuwon.

我想補充一點，請記住，西海恩斯維爾80%的區域是HBP，我們可能會鑽探的一些岩芯就位於HBP的範圍內。現在，第一批種子將在我們需要鑽探以繼續保有的土地上播種。但即使只看奧拉朱旺，你也會發現他的公司非常優秀。那是一家正在那裡鑽井的日本公司。我相信他們現在正在用我們用來完成自己油井的同一組壓裂作業人員完成他們的油井作業，但我們仍然希望在奧拉朱旺附近鑽一口井進行取芯。

And we do have a 3D shoot in that area. That's the only area that we think we need to have a little bit more seismic work done. So we've implemented that program too. So this is proactive work. Now it costs money to do that, and that is all in our budget, too. And that goes back to -- we didn't grow through M&A.

我們確實在該地區進行過3D拍攝。我們認為只有這片區域需要再加強一些地震探勘工作。所以我們也實施了這項計劃。這是一項積極主動的工作。現在這樣做需要花錢，而這些費用也都在我們的預算之內。而這要追溯到──我們並非透過併購來實現成長。

We're growing -- we own our asset base. We're just derisking it and proving it up. And then as you do that, to your first question, if there's something over in the Legacy that you won't drill for a long time, that's good. And you can get top dollar for it and both the buyer and the seller win, then we should be shuffling that around, too, and protect our balance sheet. That's exactly what we're doing.

我們正在發展壯大——我們擁有自己的資產基礎。我們只是在降低風險並驗證其可行性。然後，當你這樣做的時候，對於你的第一個問題，如果在 Legacy 中有一些你很長時間都不會深入研究的東西，那很好。如果能賣個好價錢，買賣雙方都能獲益，那麼我們也應該重新調整交易策略，保護我們的資產負債表。這正是我們正在做的事情。

Phillips Johnston, Capital One.

菲利普斯·約翰斯頓，第一資本。

Hey, thanks for the time. I wanted to ask a follow-up question on the non-core asset sale program. Can you maybe just give us a sense of what sort of order of magnitude we're talking about in terms of potential proceeds? And also, would you expect any sort of tax leakage on those sales?

嘿，謝謝你抽出時間。我想就非核心資產出售計劃提出一個後續問題。您能否大致估算一下潛在收益的規模？另外，您認為這些銷售額會有任何稅務漏洞嗎？

No, we really don't go into the details on what the divestiture would look like.

不，我們不會詳細說明資產剝離的具體細節。

Yes. I think next quarter, hopefully, we'll be able to kind of provide that. So we have an ongoing process, and so we just don't think that's helpful to the process. We don't believe on the tax side, though, that there's any significant tax liability. Matter of fact, the passage of the One Big Beautiful Bill is very supportive of -- especially, our situation and the ability to use, have future deductions for things like interest, et cetera. That's actually going to be a real positive benefit, I think, on our tax rates going forward and especially the third quarter when that was adopted, making adjustments to that. But I think we see that all very positive and probably reducing the future tax level that we might have seen before the bill was passed.

是的。我認為下個季度，希望我們能夠做到這一點。所以我們正在進行一個持續的過程，因此我們認為這對這個過程沒有幫助。不過，我們認為從稅務方面來看，不會有任何重大的稅務責任。事實上，這項「美好大法案」的通過對我們非常有利——尤其是對我們目前的情況以及未來能夠享受利息等費用扣除的能力。我認為，這實際上會對我們未來的稅率產生非常積極的影響，尤其是在第三季通過這項政策並進行調整之後。但我認為我們看到的都是非常積極的方面，而且可能會降低法案通過前我們可能看到的未來​​稅收水平。

Okay, good. And then your implied CapEx guidance for the second half of the year, it's relatively flat versus the first half of the year, and that's despite your rig count going to eight here in the back half of the year from seven in Q2 and something a little less than seven on average in Q1; and despite, I guess, the outlook for 32 wells drilled in the second half versus 19 in the first half. So what gives you guys confidence that CapEx won't increase in the second half of the year?

好的。然後，你們對下半年的隱含資本支出指引與上半年相比基本持平，儘管你們的鑽機數量從第二季度的7台增加到下半年的8台，而第一季度的平均鑽機數量略低於7台；而且，我想，儘管下半年預計鑽探32口井，而上半年預計鑽探19口井。那麼，你們憑什麼確信下半年資本支出不會增加呢？

I think if you look at where we're at really today and just in the second quarter versus end of last year, our D&C costs are down probably on the order of 10% or so in that neighborhood. A lot of that is the pipe prices. We started seeing significant savings in our pipe prices, mainly in the first quarter. We got a little bit in the fourth quarter.

我認為，如果你看看我們目前的狀況，特別是第二季與去年年底相比的情況，我們的設計與施工成本可能下降了約 10%。其中很大一部分原因是管道價格。我們從管道價格開始看到顯著的節省，主要是在第一季。我們在第四節稍微扳回了一些分數。

So as long as those -- hopefully, the tariff issues don't send that the other way. But as long as that continues, that's a big piece of that, lower cost for the remainder of the year. And then the rest of it is just basically spread out on vendor costs. The costs are just down a little bit. I think some of that may be the slowdown in the Permian with the lower oil prices and just the fact that the rigs haven't really just exploded and taken off on the gas side. So we just see it across all the services.

所以只要那些──希望關稅問題不會讓情況朝相反的方向發展。但只要這種情況持續下去，就能大幅降低今年剩餘時間的成本。剩下的部分基本上就都分攤到供應商身上了。成本略有下降。我認為部分原因可能是二疊紀盆地油價走低導致生產放緩，以及天然氣鑽井平台並沒有真正爆發式成長。所以我們在所有服務中都看到了這種情況。

There's also the cadence of completions. And so when that actually occurs and what period is also a big factor more so than when the wells are drilling. So I think that's actually probably a little bit less activity of completion activity in the second half of the year than was in the first budget.

還有完成的節奏。因此，這種情況實際發生的時間以及發生的時期也是一個重要因素，其重要性甚至超過了鑽井的時間。所以我認為，下半年完工活動的實際數量可能比上半年的預算少一些。

Charles Meade, Johnson Rice.

查爾斯·米德，約翰遜·賴斯。

Good morning, Jay, Roland, and Dan and the whole team there.

早安，傑伊、羅蘭、丹以及全體團隊成員。

Hello, Charles.

你好，查爾斯。

Jay, I believe you have talked in the past that you guys -- on the Olajuwon Pickens well that you guys had a little bit of a different completion design there. And I wonder if you could give us an update on how that well is performing with that different completion design and if you've used that sort of design subsequently in any of these more recent wells.

傑伊，我相信你以前說過，你們——關於奧拉朱旺·皮肯斯，你們在那裡採用了一種略有不同的完成設計。我想請您介紹一下採用這種不同完井設計的那口井的運作情況，以及您是否在之後的其他井中也使用了這種設計。

Hey, Charles. Yes, we have. The Olajuwon was the first well that we made the tweak on. And basically, we just went from 150-foot to 100-foot stages. We see on a lot of these wells, especially the deeper ones in this range, we are typically not quite at our frac design rate when we start out. And so just to basically address that, we decided to go to tighter stages. And we basically carried it out for the entire lateral on the Olajuwon.

嘿，查爾斯。是的，我們有。奧拉朱旺井是我們第一個進行改造的水井。基本上，我們只是從 150 英尺的舞台縮小到了 100 英尺的舞台。我們看到，在許多這樣的井中，尤其是在這個範圍內較深的井中，我們一開始通常無法達到我們設計的壓裂速率。所以為了解決這個問題，我們決定採用更嚴格的賽程。我們基本上在奧拉朱旺的整個側翼都執行了這項操作。

We wanted that to be -- we didn't want to have a mixed bag along the lateral of how we completed it. So the entire lateral was completed with 100-foot stages. We've done, really, two other wells since then, the Menn 1H and the Bell-Meyer. And I think it is making a difference. It's early. We've only had the Olajuwon on for about 3.5 months, but it's still flowing at just a hair under the $27 million starting rate that we set it on, and the pressure drop per day looks really, really good. So we're very encouraged by it. I think we'll be going more in that direction.

我們希望如此——我們不希望在完成過程中出現好壞參半的情況。因此，整個側線都是用 100 英尺長的平台建造的。從那以後，我們實際上又鑽了兩口井，分別是 Menn 1H 井和 Bell-Meyer 井。我認為這確實起到了作用。現在還早。奧拉朱旺水力發電廠投入使用才大約 3.5 個月，但其流量仍然略低於我們設定的 2700 萬美元的初始流量，而且每天的壓力下降情況看起來真的非常好。我們因此備受鼓舞。我認為我們會朝著那個方向發展。

Got it. Thank you for that detail. And then Roland, on the -- I get that for good reasons, you're a little reticent to talk about the divestiture program. But I'm curious, when I look at your acreage map, to me, the most obvious sale for Comstock, you guys being really deep in inventory with the rest of the industry, at least in the Haynesville, really short on inventory, it would be in that Angelina River trend. Is that a reasonable inference, or is that not the direction you're going?

知道了。謝謝你提供這個細節。然後羅蘭，關於——我知道出於種種原因，你不太願意談論資產剝離計劃。但我很好奇，當我查看你們的土地面積圖時，在我看來，對於康斯托克來說，最明顯的銷售地點應該是安吉麗娜河沿岸地區。你們的庫存非常充足，而其他行業，至少在海恩斯維爾地區，庫存非常短缺。這是合理的推論嗎？還是說你並沒有朝著這個方向發展？

No, that's a reasonable --

不，這很合理。--

I think from Einstein, that's a good guess. Right.

我認為根據愛因斯坦的說法，這應該是一個合理的猜測。正確的。

That's a reasonable -- look, you could also -- it's a scenario that we just haven't been active in, but it's active in the industry. So yes, hopefully, we'll have a good view of that at our next report. And we're kind of really hoping that really lets us accelerate our deleveraging goals this year while still being able to invest in the Western Haynesville.

這是一個合理的——你看，你也可以——這只是我們尚未積極參與的一種情況，但它在業界卻很活躍。所以，是的，希望我們能在下一份報告中對此進行詳細闡述。我們真心希望這能讓我們在今年加快去槓桿化目標的步伐，同時也能繼續投資西海恩斯維爾地區。

Paul Diamond, Citi.

保羅戴蒙德，花旗銀行。

Thank you. Good morning. Thanks for taking my call. Just wanted to touch a bit on the horseshoe well program. I know you guys have talked about 10 this year, 10 next. I just want to get an understanding of how -- what would cause you to move off that? Have you started to see better results? Could you lean in? Worse results, could you lean out? Just kind of how to think about your -- how about the strategy there?

謝謝。早安.謝謝您接聽我的電話。我想簡單談談馬蹄形水井項目。我知道你們今年討論過 10 個，明年也討論過 10 個。我只是想了解一下──是什麼原因導致你放棄那件事？你開始看到效果好轉了嗎？你能靠近一點嗎？結果更糟，你能抽身嗎？就是該怎麼考慮你的──你的策略怎麼樣？

So Paul, I think we're encouraged, excited about the horseshoe wells. We've had -- we put our first one on last year. We essentially see it as no different than a 10,000 straight well. I mean, a lot of our horseshoe wells that we have in the inventory are still in some of our better-type curve areas than just our regular straight wells that we're drilling. So that's one big thing that we like about them.

所以保羅，我覺得我們對馬蹄形水井感到鼓舞和興奮。我們已經有了——我們去年安裝了第一個。我們認為它與一口 10,000 英尺的直井並無本質區別。我的意思是，我們庫存中的許多馬蹄形井仍然位於我們一些比我們正在鑽探的普通直井更好的彎曲區域。所以這是我們喜歡它們的一大原因。

We've drilled three to date. We just TD-ed our third one here probably just last week. We've had zero problems drilling them. I've said before, add maybe two days to a 10,000-foot straight well, just add two days to bend it around and make it a horseshoe. Just zero issues drilling, zero issues completing that first one. We'll complete these next ones here probably in the next -- over this next quarter. But so really, there's nothing we don't like about them right now.

我們目前已經鑽探了三口井。我們大概就在上週在這裡第三次遭遇了TD（技術性失誤）。我們鑽孔時沒有遇到任何問題。我之前說過，給一口 10,000 英尺長的直井增加兩天時間，只需增加兩天時間就能把它彎成馬蹄形。鑽孔過程沒有任何問題，完成第一個鑽孔也沒有任何問題。我們可能會在接下來的一個季度內完成接下來的這些工作。但說真的，我們現在對他們沒有任何不滿。

Understood. Appreciate the clarity. And just a quick follow up, so you announced the NextEra agreement. I just want to get an understanding of how you guys are thinking about potential scale, structures, duration, timing, if any of that is kind of on the books yet? Or is it still just an agreement to kind of look and do it together?

明白了。感謝您的清晰解釋。最後再補充一點，您宣布了 NextEra 協議。我只是想了解你們對潛在規模、結構、持續時間、時間安排等方面的想法，這些方面是否已經有了初步計劃？或者這仍然只是雙方共同觀察和完成的協議？

We've done business with NextEra for at least 10 years, and we've got a big footprint, and most of our Western Haynesville is undedicated, and it is 100 miles away from both Houston and the Dallas Metroplex. So if we can collaborate, which we've done is in agreement, with the largest natural gas fleet in the United States, NextEra, it does bring experience in power generation development and operating natural gas power-generation facilities in what we think is an area that will need some data centers.

我們與 NextEra 合作至少 10 年了，我們的業務範圍很廣，而且我們在西海恩斯維爾的大部分地區尚未開發，距離休士頓和達拉斯都會區都有 100 英里。因此，如果我們能夠與美國最大的天然氣發電廠 NextEra 合作（我們已經達成了協議），它將帶來在發電開發和運營天然氣發電設施方面的經驗，我們認為這片區域需要一些資料中心。

So we've been working with them for months and months and months. And we said, well, let's just see if we can go forward on this. So we don't go into any more details of our customers, but we do think that we have a really good site for a data center near the Western Haynesville area. And I don't think we could pick a better partner.

所以我們已經和他們合作好幾個月了。於是我們說，好吧，讓我們看看能不能繼續推進這件事。因此，我們不再贅述客戶的具體情況，但我們確實認為我們在海恩斯維爾西部地區附近找到了一個非常適合建造資料中心的地點。我認為我們不可能找到比他更好的合作夥伴了。

Jacob Roberts, Tudor, Pickering Holt.

Jacob Roberts，都鐸，皮克林霍爾特。

Good morning.

早安.

Good morning.

早安.

I wanted to -- when we look at 2026, I think at current strip prices, we'd see you guys in $100 million to $150 million of free cash flow next year. Just curious, if pricing were to retrench to $3.75, can you give us your thoughts on potentially outspending cash flow to execute growth? And is there a price where we might see you guys reduce activity like we have in the past? And I apologize for the long question, but I'm wondering if that relative capital allocation has changed given the development of the Western Haynesville over the last 18 months?

我想說的是——當我們展望 2026 年時，我認為以目前的期貨價格，我們明年將會看到你們獲得 1 億至 1.5 億美元的自由現金流。我很好奇，如果價格回落到 3.75 美元，您能否談談您認為這可能會導致現金流不足以支撐成長的問題？那麼，是否存在一個價格區間，讓你們像過去一樣減少業務活動？很抱歉問題有點長，但我想知道，鑑於過去 18 個月西海恩斯維爾的發展，這種相對資本配置是否發生了變化？

Well, it's real early for us still to be talking about our '26 activity, which we haven't announced yet. But I think that we really like the -- where the company is now with the balance program and both the Legacy and the Western Haynesville, and we'll be reaping the benefit of the higher production from the money we're spending this year because it takes almost nine months really to get production when you kind of add a rig line. And so I don't think we'll see any case where we'd be outspending. So obviously, we would adjust activity level. So yes, we're very bullish about how 2026 will look for the company, both plays.

現在談論我們2026年的活動還為時過早，我們還沒有正式宣布。但我認為我們非常喜歡公司目前在平衡計劃以及 Legacy 和 Western Haynesville 方面所處的位置，我們將從今年投入的資金中獲得更高的產量，因為當你增加一條鑽井生產線時，實際上需要近九個月的時間才能真正實現生產。所以我認為我們不會遇到支出超過對方的情況。所以很顯然，我們會調整活動量。所以，是的，我們對公司在 2026 年的前景非常樂觀，無論是這兩項措施。

But yes, we'll be setting our budget later this year. It's usually late in the fall when we kind of gauge our activity. We have lots of flexibility in how we do that activity, especially in the -- obviously, the core where we have a lot of well-to-well rig contracts. So we always have the ability to flex activity based on the outlook that we see. But we're still very bullish about '26 and what you see in the future’s market and the demand we know that's coming on. And even with our direct talks about providing long-term supply to some of the really large users, a lot of that is starting to crank into '26.

是的，我們將在今年稍後制定預算。通常要到秋末我們才會對我們的活動進行評估。我們在進行這項活動方面擁有很大的靈活性，尤其是在核心區域——顯然，我們有很多油井到油井的鑽井合約。因此，我們始終能夠根據我們所看到的情況靈活調整業務活動。但我們仍然非常看好 2026 年以及未來的市場和我們知道即將到來的需求。即使我們直接與一些真正的大用戶洽談提供長期供應，但很多事情都要等到 2026 年才能開始。

Okay, thank you. And I wanted to circle back to some of the choke management in the Western Haynesville. I'm just trying to understand, in terms of trying different things or experimenting different ways, how should we be thinking about the timeline on that well data before you're able to make a decision as to what the optimal approach is? Is it you choke now and it's 14 months later that you're able to say this was good or bad? Just kind of any color around that would be great.

好的，謝謝。我想再談談海恩斯維爾西部的一些交通堵塞管理問題。我只是想了解，在嘗試不同方法或試驗不同方法的情況下，在確定最佳方法之前，我們應該如何考慮該油井資料的時間軸？是你現在感到哽咽，然後過了 14 個月你才能說這件事是好是壞嗎？任何類似的顏色都可以。

Well, that's a really good question on the timeline because it is a longer timeline because you definitely can't get quick answers. We've flowed on several different ways. We've been really aggressive on some. More of the wells, of late, we've been very proactive as far as starting to choke them back and basically bring the rigs back down a little bit. Just based on early modeling stuff we've done, we're definitely expecting a little bit better EURs with the conservative drawdown.

嗯，關於時間線，這確實是個很好的問題，因為時間線比較長，肯定無法快速得到答案。我們嘗試了幾種不同的方法。我們在某些​​方面採取了非常積極的策略。最近，我們對許多油井採取了非常積極主動的措施，開始限制它們的產量，基本上把鑽井平台的作業量減少一些。僅根據我們早期的建模工作，我們預計在保守回撤的情況下，歐元匯率肯定會略好一些。

We haven't done one yet that's really conservative. That's probably the next test that we're kind of looking at here in the near future is flowing one at a much lower rate straight out of the gate. And as far as the timeline to get that data, I mean, it's -- you're probably talking a minimum of a year to get an idea what it's going to do and maybe even 18 months to two years to really start dialing in on an exact answer.

我們還沒有做過真正保守的方案。接下來，我們可能要研究的下一個測試是，在不久的將來，以較低的速率直接進行測試。至於獲取這些數據的時間表，我的意思是，至少需要一年時間才能了解它的發展趨勢，甚至可能需要 18 個月到兩年才能真正開始得出確切的答案。

But you have your daily -- you have your feedback of the drawdowns as you produce, but that's given you clues -- I guess, are you on the right path?

但是，你每天都會收到回饋——你會在生產過程中感受到資金回撤，但這會給你一些線索——我想，你是否走在正確的道路上？

Yes. And there has been some other industry operators out there that have drilled a few wells and have some state data out there that's in our data set and we're looking at. So I think we're on the way to getting there, but it does -- you do kind of have to wait and let them play out a little bit, see where they're headed.

是的。還有一些其他的行業運營商也鑽了幾口井，並且有一些州級數據，這些數據也在我們的數據集中，我們正在研究這些數據。所以我覺得我們正在朝著目標前進，但是——你確實需要等待，讓他們發展一段時間，看看他們會走向何方。

That concludes today's question-and-answer session. I'd like to turn the call back to Jay Allison for closing remarks.

今天的問答環節到此結束。我想把電話轉回給傑伊·艾利森，請他作總結發言。

Again, thank you for your hour-plus time. I want to conclude it in that, one, we, the Joneses in particular, but all of us, we want to protect the balance sheet. That's number one, number one, number one. And then I think that we can deliver this non-core asset sale if it's a win-win for us and for the buyer, and we'll use those proceeds to de-lever.

再次感謝您抽出一個多小時的時間。最後我想說的是，第一，我們，特別是瓊斯一家，但我們所有人，我們都想保護資產負債表。這是第一，第一，第一。如果出售非核心資產對我們和買方來說是雙贏的，我認為我們可以完成這項交易，並將所得款項用於降低槓桿率。

But over and over and over, we have never been more positive about the Western Haynesville. We just want you to know how we're managing it every 90 days. But we do have that 545,000 net acres, 80% of the HBP, and we commit to you that we're managing it. At the same time, NextEra comes in, and we are really excited to work with them on potential data center area.

但是，我們始終對西海恩斯維爾充滿信心。我們只是想讓您了解我們每 90 天的管理情況。但我們確實擁有 545,000 英畝淨土地，佔 HBP 的 80%，我們向您承諾，我們將妥善管理這些土地。同時，NextEra也加入了進來，我們非常高興能與他們合作開發潛在的資料中心領域。

We want to grow our inventory. We're going to grow it organically, not with M&A. And when this LNG demand keeps growing and growing and growing, as other companies have said, the Haynesville needs to supply most of that growth, and we want to be a big part of that. So again, thank you for your patience. We always try to be very transparent with you in where we're going, and we'll report again in 90 days. Thank you.

我們希望增加庫存。我們將透過自身發展實現成長，而不是透過併購。正如其他公司所說，隨著液化天然氣需求不斷增長，海恩斯維爾需要滿足大部分成長需求，而我們希望成為其中的重要成員。再次感謝您的耐心等待。我們始終努力做到對你們保持高度透明，讓你們了解我們的發展方向，我們將在 90 天後再次報告。謝謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。