Comstock Resources Inc (CRK) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q3 2025 Comstock Resources earnings conference 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年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

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

現在，我謹將會議交給今天的第一位發言人，董事長兼執行長傑伊·艾利森先生。請繼續。

All right. Again, I want to thank you for the introduction and thank those that are on the call. It's been a really good morning. Welcome to the Comstock Resources third 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.

好的。再次感謝你的介紹，也感謝所有參加電話會議的人。今天早上過得真好。歡迎參加康斯托克資源公司2025年第三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。

There, you'll find a presentation entitled Third Quarter 2025 Results. I'm Jay Allison, Chief Executive Officer of Comstock. And with me is Roland Burns, our President and CFO; Dan Harrison, our COO; and Ron Mills, our VP of Finance and Investor Relations.

在那裡，你會找到一份題為「2025 年第三季業績」的簡報。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。

Please refer to slide 2 in our presentations and note that our discussions today will include forward-looking statements within the meaning of securities laws. While we believe the expectations of such statements to be reasonable, there can be no assurance that such expectations will prove to be correct.

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。雖然我們認為此類聲明的預期是合理的，但不能保證這些預期最終會得到證實。

If you'll flip over to slide 3. As we start today, we are really excited to update our stakeholders on the company's progress so far this year.

請翻到第 3 張投影片。今天，我們非常高興地向各位利害關係人報告公司今年以來的進展。

Comstock and our bold moves to create the Western extension of the Haynesville Shale have been the subject of several new stories recently as the interest in natural gas has never been greater. I don't believe we have ever seen a brighter future for natural gas. Natural gas has become the go-to energy source in the United States, driven by the growth in LNG exports and the push to generate power for AI and data center development.

最近，康斯托克公司及其大膽的舉措，即開發海恩斯維爾頁岩的西部延伸區，成為了幾個新故事的主題，因為人們對天然氣的興趣從未如此高漲。我認為天然氣的未來從未如此光明。天然氣已成為美國的主要能源來源，這主要得益於液化天然氣出口的成長以及人工智慧和資料中心發展對電力需求的迫切需求。

I noticed yesterday that LNG exports reached a record high of 18.7 Bcf and the journal is full of articles on the impact of AI and data centers on future power demand. The Haynesville Shale is on the front line to deliver the gas supply to meet the growing demand.

我昨天注意到，液化天然氣出口達到了創紀錄的 187 億立方英尺，而且期刊上充斥著關於人工智慧和資料中心對未來電力需求影響的文章。海恩斯維爾頁岩氣田處於供應天然氣以滿足日益增長的需求的最前線。

As one of the early pioneers in the Haynesville, we have focused our efforts over the last five years on being a leader in expanding the resource in the basin to be able to meet the new demand. The Western Haynesville story is more about utilizing advancements in technology than geologic prospecting as the existence of the Haynesville and Bossier shale in the area has been well known.

作為海恩斯維爾盆地的早期開拓者之一，在過去的五年裡，我們一直致力於成為盆地資源擴張的領導者，以滿足新的需求。西海恩斯維爾的故事更多的是關於利用技術進步，而不是地質勘探，因為該地區存在海恩斯維爾頁岩和博西爾頁岩早已是眾所周知的事。

Today, we're giving you a preview of the future by providing our estimates of the vast inventory of drilling locations and our emerging play in the Western Haynesville. We also announced the divestiture of some of our legacy Haynesville assets, which we will not need in the future as we shift more of our resources to the Western Haynesville.

今天，我們將透過提供我們對大量鑽井位置的估計以及我們在西海恩斯維爾新興地區的勘探活動，來展望未來。我們也宣布剝離一些我們位於海恩斯維爾的遺留資產，隨著我們將更多資源轉移到西海恩斯維爾，這些資產在未來將不再需要。

The sale allows us to improve our balance sheet as all of the proceeds to retire long-term debt. This was also a very efficient quarter in our legacy Haynesville drilling program fueled by the additional drilling rig we added at the beginning of the quarter.

此次出售使我們能夠改善資產負債表，因為所有收益都將用於償還長期債務。由於本季初新增了一台鑽機，我們位於海恩斯維爾的傳統鑽井工程也取得了非常高的效率。

Our drilling and completion costs in our legacy Haynesville area averaged $1,229 per lateral foot. That is an industry-leading number in the basin. The activity we added last quarter will drive production growth next year into a growing demand market.

我們在海恩斯維爾老城區的鑽井和完井成本平均為每水平英尺 1,229 美元。這是該流域內領先業界的數字。我們上季新增的業務將推動明年產量成長，以滿足不斷增長的市場需求。

On slide 3, we summarize the highlights of the third quarter. Higher natural gas prices in the third quarter drove the improved financial results in the quarter compared to the third quarter of 2024. Our natural gas and oil sales grew to $335 million. We generated $190 million of operating cash flow or $0.65 per diluted share.

在投影片 3 中，我們總結了第三季的亮點。第三季天然氣價格上漲推動了本季財務表現較 2024 年第三季有所改善。我們的天然氣和石油銷售額成長至 3.35 億美元。我們產生了 1.9 億美元的營運現金流，即每股攤薄收益 0.65 美元。

Adjusted EBITDAX for the quarter was $249 million, and we reported adjusted net income of $28 million or $0.09 per diluted share. During the third quarter, we put three new Western Haynesville wells online, increasing the number of wells turned to sales in 2025 in the Western Haynesville to eight wells.

本季調整後的 EBITDAX 為 2.49 億美元，我們報告的調整後淨收入為 2,800 萬美元，即每股攤薄收益 0.09 美元。第三季度，我們在西海恩斯維爾地區投產了三口新井，使西海恩斯維爾地區到 2025 年投入銷售的油井數量增加到八口。

Those three wells had an average lateral length of 8,566 feet and an average per well initial production rate of 32 million cubic feet per day. In our legacy Haynesville, we've now turned 28 wells to sales to date in 2025 with an average lateral length of 11,919 feet and a per well initial production rate of 25 million cubic feet per day.

這三口井的平均水平段長度為 8,566 英尺，平均每口井的初始日產量為 3,200 萬立方英尺。在我們傳承的海恩斯維爾油田，截至 2025 年，我們已將 28 口油井投入銷售，平均水平井長度為 11,919 英尺，每口井的初始日產量為 2,500 萬立方英尺。

In September, we divested of our nonstrategic Cotton Valley wells in East Texas and North Louisiana for net proceeds of $15.2 million. We also recently entered into agreement to divest of our Shelby Trough assets in East Texas for $430 million in cash, and that sale is expected to close in December. On the next slide, I will cover the divestitures in more detail.

9 月，我們出售了位於德州東部和路易斯安那州北部的非戰略性 Cotton Valley 油井，淨收益為 1,520 萬美元。我們最近也達成協議，將以 4.3 億美元現金出售我們在德州東部的 Shelby Trough 資產，預計交易將於 12 月完成。下一張投影片，我將更詳細地介紹資產剝離情況。

Slide 4, visually, you can see this. It summarizes our recent divestitures. In September, we sold our legacy Cotton Valley wells in East Texas, North Louisiana for net proceeds of $15.2 million. Our Cotton Valley properties, which we sold included 880 or 770.9 net wells producing 7.9 million cubic feet per day net to our interest and another 46 or 27.3 net inactive wells.

從投影片 4 的視覺效果中，您可以看到這一點。它總結了我們近期的資產剝離情況。9 月，我們出售了位於德州東部和路易斯安那州北部的 Cotton Valley 遺留油井，淨收益為 1,520 萬美元。我們出售的 Cotton Valley 資產包括 880 口或 770.9 口淨井，每天淨產 790 萬立方英尺天然氣（以我們的權益計算），以及另外 46 口或 27.3 口淨閒置井。

On October 10, we entered into an agreement to sell our Shelby Trough properties in Nacogdoches, San Augustine and Sabine counties for $430 million. These assets include 36,000 net acres with 155 or 74.5 net wells producing 9.3 million cubic feet per day net to our interest. The Shelby Trough still is expected to close in December.

10 月 10 日，我們達成協議，以 4.3 億美元的價格出售我們在納科多奇斯縣、聖奧古斯丁縣和薩賓縣的謝爾比槽地。這些資產包括 36,000 淨英畝土地，擁有 155 口或 74.5 口淨井，每天淨產量為 930 萬立方英尺（歸我方所有）。預計謝爾比槽仍將於12月關閉。

I'll now turn it over to Roland to discuss the financial results reported today. Roland?

現在我將把發言權交給羅蘭，讓他來討論今天公佈的財務表現。羅蘭？

All right. Thanks, Jay. Slide 5, we cover our third quarter financial results. Production in the third quarter averaged 1.22 Bcfe a day, and our oil and gas sales in the quarter increased 10% from the third quarter of last year to $335 million.

好的。謝謝你，傑伊。第 5 頁，我們將介紹我們第三季的財務表現。第三季平均日產量為 12.2 億立方英尺當量，該季石油和天然氣銷售額比去年第三季成長 10%，達到 3.35 億美元。

EBITDAX in the quarter was $249 million, and we generated $190 million of cash flow during the quarter. We reported adjusted net income of $28 million for the third quarter or $0.09 per diluted share compared to a loss in the same period in 2024.

本季 EBITDAX 為 2.49 億美元，本季我們產生了 1.9 億美元的現金流。我們公佈第三季調整後淨收入為 2,800 萬美元，即每股攤薄收益 0.09 美元，而 2024 年同期則出現虧損。

Slide 6 is the year-to-date results. Our production for the first nine months have averaged 1.24 Bcfe per day. And with improved natural gas prices, our oil and gas sales in the first nine months have increased 18% to $1.1 billion.

第 6 張投影片是年初至今的結果。前九個月，我們的日均產量為 1.24 Bcfe。隨著天然氣價格上漲，我們前九個月的石油和天然氣銷售額成長了 18%，達到 11 億美元。

EBITDAX for the first nine months of 2025 was $802 million, and we generated $639 million of cash flow. We reported net income of $122 million for the first nine months of 2025 or $0.41 per diluted share as compared to a net loss for the same period last year.

2025 年前九個月的 EBITDAX 為 8.02 億美元，我們產生了 6.39 億美元的現金流。我們公佈 2025 年前九個月的淨收入為 1.22 億美元，即每股攤薄收益 0.41 美元，而去年同期則出現淨虧損。

On slide 7, we break down our natural gas price realizations. The quarterly NYMEX settlement gas price averaged $3.07 in the third quarter, and the average Henry Hub spot price averaged $3.03, which is slightly below the settlement price. 28% of our gas was sold in the spot market and the balance was sold in the index market. So the appropriate reference price for our gas was $3.06.

在第 7 張投影片中，我們將詳細分析我們的天然氣價格實現。第三季紐約商品交易所（NYMEX）天然氣結算價均值為每加侖3.07美元，亨利樞紐現貨價格均值為每加侖3.03美元，略低於結算價。我們28%的天然氣在現貨市場售出，其餘部分在指數市場售出。因此，我們汽油的合適參考價格是每加侖 3.06 美元。

Our realized gas price during the third quarter averaged $2.75, reflecting a $0.32 basis differential compared to the NYMEX settlement price and a $0.31 differential compared to the reference price. In the third quarter, we were 57% hedged, which increased our realized gas price to $2.99. We broke even from our third-party gas marketing in the third quarter.

第三季我們實際的天然氣價格平均為每加侖 2.75 美元，與紐約商品交易所結算價相比有 0.32 美元的差價，與參考價格相比有 0.31 美元的差價。第三季度，我們的避險率達到 57%，使我們的天然氣實際售價提高到 2.99 美元。第三季度，我們的第三方天然氣行銷業務實現了收支平衡。

On slide 8, we detail our operating cost per Mcfe and our EBITDAX margin. Our operating cost per Mcfe averaged $0.77 in the third quarter, $0.03 lower than last quarter. Our EBITDAX margin was 74% in the third quarter, which is unchanged from last quarter. Lifting costs improved by $0.02 in the quarter. Production and ad valorem taxes were up by $0.01 and gathering and cash G&A costs improved by $0.01 in the third quarter.

在第 8 頁，我們詳細列出了每 Mcfe 的營運成本和 EBITDAX 利潤率。第三季我們每千立方英尺當量 (Mcfe) 的平均營運成本為 0.77 美元，比上一季降低了 0.03 美元。第三季我們的 EBITDAX 利潤率為 74%，與上季持平。本季起重成本降低了0.02美元。第三季度，生產稅和從價稅增加了 0.01 美元，收集和現金一般管理費用減少了 0.01 美元。

On slide 9, we recap our spending on drilling and other development activity. We spent a total of $267 million on development activities in the third quarter and $785 million for the first nine months of this year.

在第 9 張投影片中，我們回顧了我們在鑽探和其他開發活動方面的支出。今年第三季度，我們在發展活動上總共花費了 2.67 億美元，而今年前九個月的總花費為 7.85 億美元。

In the first nine months of this year, we've drilled 25 or 21.8 net horizontal Haynesville wells and 11 or 10 net Bossier wells for a total of 36 wells. We also turned 36 wells or 30.9 net operated wells to sales, which had an average initial production rate of 27 million cubic feet per day.

今年前九個月，我們鑽探了 25 口（淨 21.8 口）Haynesville 水平井和 11 口（淨 10 口）Bossier 水平井，總共鑽探了 36 口井。我們還實現了 36 口井（或 30.9 口淨自營井）的銷售，這些井的平均初始日產量為 2700 萬立方英尺。

Slide 10 recaps our capitalization at the end of the third quarter. We ended the quarter with $580 million of borrowings outstanding under our credit facility. Our borrowing base is at $2 billion under the credit facility and the elected commitment is $1.5 billion. Our last 12 months leverage ratio has improved to 3 times and will continue to improve as you get away from the 2024 results, which are weighed down by low natural gas prices.

第 10 張投影片回顧了我們第三季末的資本狀況。本季末，我們根據信貸安排未償還的借款為 5.8 億美元。根據信貸安排，我們的借款基數為 20 億美元，已承諾的借款額為 15 億美元。過去 12 個月，我們的槓桿率已改善至 3 倍，隨著 2024 年業績的淡出（低天然氣價格拖累了業績），槓桿率也將繼續改善。

At the end of the third quarter, we had $239 million of liquidity. The sale of our Shelby Trough assets that is expected to close in December will improve the leverage ratio and enhance our liquidity since the cash flow that's associated with the properties being sold was minimal.

第三季末，我們的流動資金為 2.39 億美元。預計將於 12 月完成的 Shelby Trough 資產出售將改善槓桿率並增強我們的流動性，因為與待售物業相關的現金流極少。

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

現在我將把發言權交給丹，讓他來討論鑽探結果。

Okay. Thanks, Roland. If you look on slide 11, this is an overview of our latest acreage footprint in the Haynesville/Bossier Shale in East Texas and North Louisiana. We now have 1,055,386 gross and 797,440 net acres that are prospective for the commercial development of the Haynesville and Bossier shales.

好的。謝謝你，羅蘭。如果您查看第 11 張投影片，這裡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/博西爾頁岩的最新開採面積。我們現在擁有 1,055,386 英畝總面積和 797,440 英畝淨面積，預計將用於海恩斯維爾頁岩和博西爾頁岩的商業開發。

Over on the left, this is our Western Haynesville acreage footprint, which we've now grown over 530,000 net acres. On the right is our 266,711 net acres in our legacy Haynesville area. We have 27 gross or 26.9 net wells currently producing on our Western Haynesville acreage, which is virtually undeveloped compared to our legacy Haynesville area.

左邊是我們位於西海恩斯維爾的土地面積，目前淨面積已超過 53 萬英畝。右側是我們位於海恩斯維爾老城區的 266,711 淨英畝土地。我們目前在西海恩斯維爾地區有 27 口總井或 26.9 口淨井正在生產，與我們傳統的海恩斯維爾地區相比，該地區幾乎尚未開發。

Given the higher pay thickness and the higher pressures we encounter in the Western Haynesville, we expect the Western Haynesville will yield significantly more resource potential per section than our legacy Haynesville.

鑑於西海恩斯維爾頁岩層厚度較大且壓力較大，我們預期西海恩斯維爾頁岩層每區塊的資源潛力將比我們傳統的海恩斯維爾頁岩層大得多。

On slide 12, this outlines our new development plan utilizing the horseshoe lateral concept. The horseshoe well design concept combines the two separate and adjacent shorter laterals into a longer single lateral, which results in a much more efficient use of capital.

第 12 張投影片概述了我們利用馬蹄形側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井合併成一個較長的單側井，從而可以更有效地利用資金。

We realize approximately 35% savings in our drilling costs when we drill a 10,000 lateral horseshoe well compared to a 5,000-foot sectional lateral well. Our drilling inventory in our legacy Haynesville area now includes 118 horseshoe locations.

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以節省約 35% 的鑽井成本。我們在原有的海恩斯維爾地區目前擁有 118 個馬蹄形鑽井點。

During the third quarter, we completed our second horseshoe well to date, the Roberts 2623 number one had 11,453-foot lateral and a 26 million cubic feet per day IP rate. To date this year, we have one drilled additional horseshoe well, and we have another four horseshoe wells that are currently in progress. We plan to drill a total of eight horseshoe wells this year, and we plan to drill 10 horseshoe wells in 2026.

第三季度，我們完成了迄今為止的第二口馬蹄形井，羅伯茨 2623 號井的水平長度為 11,453 英尺，日產量為 2600 萬立方英尺。今年到目前為止，我們已經鑽了一口新的馬蹄形井，另有四口馬蹄形井目前正在鑽探中。我們計劃今年鑽探共 8 口馬蹄形井，並計劃在 2026 年鑽探 10 口馬蹄形井。

Slide 13 is our updated drilling inventory in our legacy Haynesville area at the end of the third quarter. This is adjusted to exclude the locations we're selling in the Shelby Trough. This quarter, we are now presenting our legacy Haynesville and our Western Haynesville drilling locations separately.

第 13 張投影片是我們第三季末在原有的海恩斯維爾地區更新的鑽井庫存。這已進行調整，排除了我們在謝爾比谷銷售的地點。本季度，我們將分別介紹我們傳統的海恩斯維爾鑽井地點和西海恩斯維爾鑽井地點。

Our total operated inventory in the legacy Haynesville consists of 1,039 gross locations, 809 net locations, which equates to a working interest of approximately 78%. Our non-operated inventory in the legacy Haynesville includes 873 gross locations, 108 net locations, and this represents a 12% average working interest.

我們在原海恩斯維爾營運的總庫存包括 1,039 個毛地點、809 個淨地點，相當於約 78% 的經營權益。我們在原海恩斯維爾的非營運庫存包括 873 個總位置、108 個淨位置，這代表了 12% 的平均工作權益。

Our drilling inventory is comprised of short laterals less than 5,000, medium laterals between 5,000 and 8,500 feet, our long laterals between 8,500 and 10,000 feet and our extra long laterals for all the wells over 10,000 feet. In our gross operated inventory in the legacy Haynesville, we have 36 short laterals, 157 medium laterals, 425 long laterals and 421 extra-long laterals.

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）、長水平井（8,500 至 10,000 英尺）以及超長水平井（超過 10,000 英尺）。在我們位於海恩斯維爾的舊址上，我們擁有 36 條短側線、157 條中側線、425 條長側線和 421 條超長側線。

Our gross operated inventory is split 51 in the Haynesville and 49% in the Bossier. Over 80% of our gross operated inventory in the legacy Haynesville consists of laterals, which are greater than 8,500 feet. The 118 horseshoe locations mentioned on the previous slide are all in our legacy area.

我們的總營運庫存中，51%在海恩斯維爾，49%在博西爾。在海恩斯維爾老礦區，我們營運的總庫存中超過 80% 是橫向支線，長度超過 8,500 英尺。上一張投影片中提到的 118 個馬蹄形位置都位於我們的傳統區域內。

The average lateral length on inventory is now up to 9,961 feet. This is up 275 feet from the end of the second quarter. So our inventory provides us with decades of future drilling locations based on our current activity levels.

目前庫存的平均橫向長度已達 9,961 英尺。這比第二節結束時高了 275 英尺。因此，根據我們目前的活動水平，我們的庫存可以為我們未來幾十年的鑽井地點提供保障。

On slide 14, we show our estimated drilling inventory in the Western Haynesville. This represents the first time we've disclosed our Western Haynesville inventory. And our total inventory in the Western Haynesville consists of 3,332 gross locations and 2,559 net locations. This equates to a working interest of about 77%.

在第 14 張幻燈片中，我們展示了我們對西海恩斯維爾地區鑽井庫存的估計。這是我們首次公開我們在海恩斯維爾西部的庫存資訊。我們在西海恩斯維爾的總庫存包括 3,332 個總位置和 2,559 個淨位置。這相當於約 77% 的工作權益。

As much as our Western Haynesville acreage is not unitized, the net locations here are estimated. In the Western Haynesville, the inventory is more weighted to the Bossier formation with 36% of the inventory in the Haynesville and 64% of the inventory in the Bossier. The same as our legacy Haynesville inventory.

儘管我們在西海恩斯維爾的土地面積尚未進行單位化劃分，但這裡的淨位置是估計的。在西海恩斯維爾地區，庫存較集中在博西爾地層，其中海恩斯維爾地層佔 36%，博西爾地層佔 64%。與我們之前的Haynesville庫存相同。

Our Western Haynesville inventory is broken down into groups of short laterals less than the 5,000 feet, our medium laterals between 5,000 and 8,500 feet, our long laterals between 8,500 and 10,000 feet and our strong laterals over 10,000 feet.

我們在西海恩斯維爾的庫存分為以下幾類：短側線（小於 5,000 英尺）、中側線（5,000 至 8,500 英尺）、長側線（8,500 至 10,000 英尺）和強側線（超過 10,000 英尺）。

In our Western Haynesville and the gross operated inventory, we assume we have no short laterals. We have 1,347 medium laterals, 642 long laterals and 1,343 extra-long laterals. So approximately 60% of this gross operated inventory in the Western Haynesville consists of laterals greater than 8,500 feet.

在我們的西海恩斯維爾和總營運庫存中，我們假設沒有短側線。我們有 1,347 個中等長度的側線，642 個較長的側線和 1,343 個超長的側線。因此，西海恩斯維爾地區總營運庫存中約有 60% 是長度超過 8,500 英尺的支線。

On slide 15 is a chart outlining our average lateral lengths that we drilled. This is based on wells that have reached total depth. The average lateral lengths are shown separately for both our legacy Haynesville and Western Haynesville areas.

第 15 張投影片是一個圖表，概述了我們鑽探的平均水平長度。這是根據已達到總深度的油井所得出的結論。圖中分別顯示了我們傳統的海恩斯維爾地區和西海恩斯維爾地區的平均橫向長度。

In the third quarter, we drilled 11 wells to total depth in the legacy Haynesville, and these had an average lateral length of 12,593 feet. The individual lengths ranged from 4,968 feet up to 15,466 feet. Our record long lateral in our legacy Haynesville area still stands at 17,409 feet.

第三季度，我們在海恩斯維爾老油田鑽探了 11 口井，達到總深度，這些井的平均水平長度為 12,593 英尺。單一物體的長度從 4,968 英尺到 15,466 英尺不等。我們在海恩斯維爾老城區的最長水平井紀錄仍為 17,409 英尺。

In the third quarter, we drilled six wells of total depth in the Western Haynesville. These wells had an average lateral length of 10,158 feet. The individual lengths here range from 7,809 feet up to 12,710 feet.

第三季度，我們在西海恩斯維爾鑽探了六口總深度為 的井。這些井的平均水平長度為 10,158 英尺。這裡單一物體的長度從 7,809 英尺到 12,710 英尺不等。

Our longest lateral drilled to date in the Western Haynesville still stands at 12,763 feet. To date in the Western Haynesville, we have drilled 15 wells with laterals longer than 10,000 feet, and we have drilled six wells with laterals over 12,000 feet.

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，在西海恩斯維爾地區，我們已經鑽探了 15 口水平井，井眼長度超過 10,000 英尺；我們已經鑽探了 6 口水平井，井眼長度超過 12,000 英尺。

Slide 16 outlines the wells that were turned to sales on our legacy Haynesville acreage this year. So far this year, we've turned 28 wells to sales in our legacy Haynesville area.

第 16 張幻燈片概述了今年在我們原有的 Haynesville 土地上轉為銷售的油井。今年到目前為止，我們在我們傳統的海恩斯維爾地區已經實現了 28 口油井的銷售。

The individual IP rates on these wells range from 16 million a day up to 37 million cubic feet a day, and the average was 25 million cubic feet a day. The average lateral length was 11,919 feet with the individual wells ranging from 9,252 feet up to 17,409 feet. Just to recap, four of our eight rigs are drilling on our legacy Haynesville acreage.

這些井的單井日產量從 1,600 萬立方英尺到 3,700 萬立方英尺不等，平均日產量為 2,500 萬立方英尺。平均水平井長度為 11,919 英尺，單井長度從 9,252 英尺到 17,409 英尺不等。簡單回顧一下，我們八台鑽機中有四台正在我們位於海恩斯維爾的舊礦區進行鑽探作業。

Slide 17 outlines the eight wells that we have turned to sales in the Western Haynesville this year. Since we last reported our earnings, we have turned three additional wells to sales. These three wells had an average lateral length of 8,566 feet and an average initial production rate of 32 million cubic feet per day.

第 17 張幻燈片概述了我們今年在西海恩斯維爾地區已轉售的八口油井。自從我們上次公佈收益以來，我們又將三口油井投入銷售。這三口井的平均水平段長度為 8,566 英尺，平均初始日產量為 3,200 萬立方英尺。

And four of our eight rigs are drilling on our Western Haynesville acreage. Slide 18 highlights the average drilling days and the average footage drilled per day in the legacy Haynesville area for our benchmark long lateral wells.

我們八台鑽孔機中有四台正在我們位於西海恩斯維爾的土地上進行鑽井作業。第 18 張投影片重點介紹了我們基準長水平井在海恩斯維爾地區的平均鑽井天數和平均每天鑽井長度。

These are wells that are greater than 8,500 feet long. In the third quarter, we drilled 10 benchmark long lateral wells to total depth in the legacy Haynesville, and these wells averaged 26 days to total depth. We've averaged 26 days consistently for the last three quarters.

這些油井的長度超過 8500 英尺。第三季度，我們在海恩斯維爾老油田鑽探了 10 口基準長水平井，達到總深度，這些井平均花費 26 天達到總深度。過去三個季度，我們的平均工期一直穩定在 26 天。

In the third quarter, we averaged 1,004 feet drilled per day on our legacy Haynesville acreage. This is a 4.5% increase versus the second quarter of 2025 and a 2% increase versus the 2024 full year average of 987 feet drilled per day.

第三季度，我們在原有的海恩斯維爾油田平均每天鑽探 1,004 英尺。與 2025 年第二季相比，成長了 4.5%；與 2024 年全年平均每天鑽井 987 英尺相比，成長了 2%。

The best well drilled to date in the legacy Haynesville still stands at 1,461 feet. which was drilled to TD in 14 days. Slide 19 just highlights our drilling progress in the Western Haynesville. During the third quarter, we drilled six wells to total depth in the Western Haynesville. We now have a total of 35 wells that we have drilled to total depth through the end of the quarter.

海恩斯維爾油田迄今為止鑽探得最好的一口井仍然是 1461 英尺深，花了 14 天就鑽到了井底。第 19 張投影片重點介紹了我們在海恩斯維爾西部的鑽探進展。第三季度，我們在西海恩斯維爾鑽探了六口井，達到總深度。截至本季末，我們已鑽探至總深度的井共 35 口。

We averaged 52 drilling days for the six wells drilled to total depth in the third quarter. This represents a decrease of three days compared to the second quarter and a decrease of seven days compared to our 2024 full year average of 59 days. Our fastest well drilled to date still stands at the 37-day mark, and that was drilled with a 12,045-foot lateral.

第三季度，我們鑽探了六口井，平均鑽井時間為 52 天。與第二季相比，這減少了三天；與我們 2024 年全年平均 59 天相比，這減少了七天。我們迄今為止鑽井速度最快的一口井仍然保持著 37 天的紀錄，而且這口井的水平段長度達到了 12,045 英尺。

Over on slide 20 is a summary of our D&C cost through the third quarter for our benchmark long lateral wells located on our legacy Haynesville acreage. These costs reflect all legacy area wells drilled with laterals greater than 8,500 feet long.

第 20 頁總結了我們位於 Haynesville 原有土地上的基準長水平井第三季的鑽井和完井成本。這些成本反映了所有歷史遺留區域鑽井的水平段長度超過 8,500 英尺的油井。

The drilling costs are based on when the wells reach TD and the completion costs are based on when the wells are turned to sales. During the third quarter, we drilled 10 of our benchmark long lateral wells to total depth.

鑽井成本以油井達到井底時為準，完井成本以油井投入銷售時為準。第三季度，我們鑽探了 10 口基準長水平井，達到總深度。

The third quarter drilling costs averaged $558 a foot. This is a 15% decrease compared to the second quarter. We had an abnormally high drilling cost in the second quarter due to drilling difficulties that were associated with some highly over pressured SWD zones.

第三季鑽井成本平均為每英尺 558 美元。與第二季相比，下降了15%。由於與一些高壓SWD區域相關的鑽井困難，我們第二季的鑽井成本異常高。

And during the third quarter, we turned nine wells to sales on our legacy Haynesville acreage. The third quarter completion costs came in at $671 a foot. This represents a 7% decrease compared to the second quarter.

第三季度，我們在海恩斯維爾老礦區實現了九口油井的銷售。第三季完工成本為每英尺 671 美元。這比第二季下降了7%。

These lower completion costs are due to a combination of we had lower frac pricing, lower fuel costs with all of our wells using natural gas blended fuel and also the longer laterals in the third quarter. Just -- we got four rigs running that are running on our legacy Haynesville acreage.

完井成本降低是由於多種因素共同作用的結果，包括壓裂價格降低、所有油井均使用天然氣混合燃料導致燃料成本降低，以及第三季水平井段長度增加。我們有四台鑽孔機正在我們位於海恩斯維爾的祖傳土地上運作。

Slide 21 is a summary of the D&C cost through the end of the third quarter for the wells drilled in the Western Haynesville. During the quarter, we drilled six wells to total depth with an average lateral length of 10,158 feet. T

第 21 頁總結了截至第三季末在西海恩斯維爾鑽探的油井的鑽井和完井成本。本季度，我們鑽探了六口井，總深度為 10,158 英尺，平均水平長度為 10,158 英尺。T

he third quarter drilling cost averaged $1,385 a foot. This represents a 24% decrease compared to the second quarter, but is more in line with our previous quarters. The primary factor for the lower drilling costs in the third quarter is the longer laterals.

第三季鑽井成本平均為每英尺 1385 美元。這比第二季下降了 24%，但與我們前幾季的情況更為一致。第三季鑽井成本降低的主要原因是水平井段長度增加。

Our average lateral length in the second quarter was very low at 7,933 feet compared to an average lateral length of 10,158 feet in the third quarter. During the quarter, we also turned three wells to sales on our Western Haynesville acreage.

第二季我們的平均橫向長度非常低，只有 7,933 英尺，而第三季的平均橫向長度為 10,158 英尺。本季度，我們在西海恩斯維爾的土地上也實現了三口油井的銷售。

These had an average lateral length of 8,566 feet. We didn't turn -- for this year, we didn't turn any wells to sales in the first quarter. The third quarter completion cost averaged $1,622 a foot. This is a 24% increase compared to the second quarter.

這些隧道的平均橫向長度為 8,566 英尺。今年第一季度，我們沒有將任何油井轉化為銷售。第三季完工成本平均為每英尺 1622 美元。與第二季相比，成長了24%。

And the higher completion cost was primarily due to the higher frac costs we had on the wells and a lesser extent -- to a lesser extent, the shorter average lateral length. We did have some higher-than-normal horsepower usage associated with frac in these wells, which were considerably deeper than our average Western Haynesville well and we reserve some higher frac gradients at these deeper depths.

較高的完井成本主要是因為油井壓裂成本較高，其次是平均水平段長度較短。這些井的壓裂作業確實使用了比正常情況更高的馬力，這些井的深度比我們西海恩斯維爾的平均井要深得多，因此我們在這些更深的深度預留了更高的壓裂梯度。

To recap our activity levels, we've got four rigs running in the Western Haynesville, and we got fourour rigs running in the -- on our legacy Haynesville acreage. We also have two full-time dedicated frac fleets that we are running between both our legacy Haynesville area and our Western Haynesville areas.

總結一下我們的作業量，我們在西海恩斯維爾有四台鑽機在運行，我們在——在我們原有的海恩斯維爾土地上也有四台鑽機在運行。我們還擁有兩支全職專用壓裂車隊，分別在我們原有的海恩斯維爾地區和西海恩斯維爾地區之間運行。

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

現在我將把電話轉回給傑伊。

All right. Great job, Dan and Roland. Please refer to slide 22, where we summarize our outlook for 2025. In 2025, we remain primarily focused on building our great asset in Western Haynesville that will position us to benefit from the longer-term growth in natural gas demand.

好的。丹和羅蘭，幹得好！請參考第 22 頁投影片，其中我們總結了我們對 2025 年的展望。2025年，我們仍將主要專注於在西海恩斯維爾打造我們的龐大資產，這將使我們能夠從天然氣需求的長期成長中受益。

We currently have four operated rigs drilling in the Western Haynesville to continue to delineate the play. We expect to drill 19 wells and turn 13 wells to sales in the Western Haynesville this year. We'll continue to build out our Western Haynesville midstream assets to keep up with the growing production from the area.

我們目前有四台鑽孔機在西海恩斯維爾進行鑽探，以繼續勘探油氣藏。我們預計今年將在西海恩斯維爾鑽探 19 口井，並實現 13 口井的原油銷售。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。

Our new Marquez gas treating plant started operations in July, which more than doubled our gas treating capacity. In the legacy Haynesville, we are currently running four rigs to build production back up in 2026. We expect to drill 33 or 25.6 net wells and turn 35 or 28.2 net wells to sales in the legacy Haynesville this year.

我們新建的馬爾克斯天然氣處理廠於7月投入運營，使我們的天然氣處理能力增加了一倍以上。在歷史悠久的海恩斯維爾油田，我們目前正在運行四台鑽機，以期在 2026 年恢復生產。我們預計今年將在海恩斯維爾老油田鑽探 33 口（淨井數 25.6 口），並將 35 口（淨井數 28.2 口）油井投入銷售。

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.

我們繼續保持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地區和傳統海恩斯維爾地區的鑽井和完井成本。

As Roland stated earlier, we have strong financial liquidity totaling more than $900 million, which will be enhanced with proceeds from the Shelby Trough divestiture, which is expected to close in December 2025. If you have any specific questions on guidance for the rest of the year, please feel free to reach out to Ron Mills. Ron?

正如羅蘭之前所說，我們擁有超過 9 億美元的雄厚財務流動性，這將隨著 Shelby Trough 資產剝離所得的收益而得到增強，預計該剝離將於 2025 年 12 月完成。如果您對今年剩餘時間的指導有任何具體問題，請隨時聯繫 Ron Mills。羅恩？

Antoine, we can turn it over to Q&A.

安托萬，我們可以把這個問題交給問答環節了。

(Operator Instructions) Derrick Whitfield, Texas Capital.

（操作說明）德里克·惠特菲爾德，德克薩斯資本。

I wanted to start with a broader question around 2026 and not to pin you guys down on any numbers, but really just want to think about it from the standpoint of the higher level of activity you're carrying into 2026 and the operational efficiencies you've gained in both the Western Haynesville and legacy Haynesville. Could you speak to the broader capital efficiency gains you'd expect as you enter the year?

我想先提出一個關於 2026 年的更廣泛的問題，而不是要你們給出具體的數字，而是想從你們在 2026 年開展的更高水平的活動以及你們在西海恩斯維爾和傳統海恩斯維爾所獲得的運營效率的角度來思考這個問題。您能否談談您預計在新的一年裡，資本效率方面會有哪些更廣泛的提升？

Yes. I'd say we've -- if you -- the two different animals, the legacy Haynesville versus the Western Haynesville I mean the efficiency gains in the legacy area, we pretty much -- we're up at the top of the curve there.

是的。我覺得我們──如果你──把海恩斯維爾分成兩個不同的區域，一個是傳統的海恩斯維爾，另一個是西方的海恩斯維爾。我的意思是，在傳統區域，效率提升顯著，我們基本上——我們在這方面已經處於領先地位。

I think we've picked up a lot, obviously, since we've added the horseshoe wells. As far as just being able to convert a lot of our shorter wells to longer wells, I think we've seen more efficiency there. The horseshoe wells are going great for us.

顯然，自從我們增加了馬蹄形水井之後，我們收穫豐富。就將我們許多較短的油井改造成較長的油井而言，我認為我們已經看到了更高的效率。馬蹄形水井對我們來說非常有效。

Really, the efficiency gains that we're still looking to pick up and have been still up on the learning curve is in the Western Haynesville. We've got a lot of -- we've had a lot of improvements we've made to date.

實際上，我們仍在努力提高效率，並且仍在學習曲線上的提升點是西海恩斯維爾。到目前為止，我們已經取得了許多改進。

We still got some -- a few other things coming down the pike that we're going to be looking at implementing in the Western Haynesville to help our efficiencies there. But I think the four rigs that we got running in Western Haynesville has a good activity level for us. We're able to learn a lot from it.

我們還有一些其他的事情正在籌備中，我們將考慮在西海恩斯維爾實施這些事情，以提高那裡的效率。但我認為我們在海恩斯維爾西部投入運作的四台鑽機已經達到了我們理想的作業水平。我們可以從中學到很多。

We've got -- we've made a lot of improvements in our downhole performance. And like I said, we just got a few things in the mill that are turning that are going to help us out, we think, in this next year in 2026.

我們在井下作業表現方面取得了很大進展。正如我所說，我們有一些正在籌備的項目正在啟動，我們認為這些項目將在2026年幫助我們。

Derrick, you commented that we've had solid Western Haynesville well results. And I'd just like to comment on Dan. The very first Haynesville well we ever drilled back in '08, Dan was involved with it.

德瑞克，你曾說過我們在海恩斯維爾西部油井的產量相當不錯。我只想對丹說幾句。2008 年我們在海恩斯維爾鑽的第一口井，丹就參與其中。

So for 17 years, he's touched every Bossier or Haynesville well we've drilled, either be in the core or in the Western Haynesville. So he has complete authority to derisk and optimize the cost on the new Western Haynesville play. That's important.

因此，17 年來，我們鑽探的每一口 Bossier 或 Haynesville 油井，無論是在核心區域還是在西 Haynesville 油田，他都參與其中。因此，他擁有完全的權力來降低新西海恩斯維爾計畫的風險並優化成本。這很重要。

And just from a capital efficiency standpoint, we did -- we are carrying some capital this year for the addition of that eighth rig with no production really showing up until sometime in the first or second quarter of next year. So when you think about your typical capital efficiency, that should drive improved capital efficiency next year.

僅從資本效率的角度來看，我們確實——我們今年持有部分資本，用於增加第八台鑽機，但實際上要到明年第一季或第二季才會開始生產。所以，從典型的資本效率來看，這應該會推動明年資本效率的提升。

Great. And for my follow-up, I wanted to shift over to gas marking. More specifically, I'd love your perspective on how you see gas on gas competition unfolding along the Gulf Coast.

偉大的。接下來，我想轉到氣體標記領域。更具體地說，我很想聽聽您對墨西哥灣沿岸天然氣市場競爭發展的看法。

As you think about your supply advantage of being able to deliver gas into Sabine Pass and the competing demand opportunities between LNG and power gen, you're arguably in a great position to benefit from both in terms of gas realizations.

考慮到您在向薩賓山口輸送天然氣方面的供應優勢，以及液化天然氣和發電之間的競爭需求機會，可以說您在天然氣收益方面處於非常有利的地位。

Yes, that's a good observation, Derrick. Yes. I think that especially owning our own midstream in the Western Haynesville is going to be really a huge asset for us in the future as we're able to -- instead of having to go through other midstream companies and long-haul pipelines, we can create great markets right there that we can directly sell to end users and become a very reliable supplier.

是的，德瑞克，你的觀察很到位。是的。我認為，尤其是在西海恩斯維爾擁有我們自己的中游業務，將來對我們來說將是一筆巨大的資產，因為我們可以——不必通過其他中游公司和長途管道，我們可以在那裡創造巨大的市場，直接向終端用戶銷售，並成為一個非常可靠的供應商。

And I think that's what a lot of these large users with new demand are looking to establish direct relationships with the producers. And we've heard a lot of that about that in our industry.

我認為，許多有新需求的大用戶都在尋求與生產商建立直接聯繫。我們在業界也常聽到類似的說法。

So I think we're well positioned there, given that we control the infrastructure of the midstream and obviously, a great location where the gas can support all the growth in Texas and then with the Port Arthur LNG, very close to be able to connect to that.

所以我認為我們在那裡處於有利地位，因為我們控制著中游基礎設施，而且顯然，我們地理位置優越，天然氣可以支持德克薩斯州的所有增長，而且靠近亞瑟港液化天然氣項目，可以與之連接。

So yes, I think that's a big part of the future for natural gas is not only having the natural gas, but being able to get it directly to the end user.

所以，我認為天然氣未來發展的重要部分不僅在於擁有天然氣，還在於能夠直接輸送給最終用戶。

Well, Derrick, I think if you look at location, location, location, I mean, 100 miles from Dallas and the same distance from Houston and really close to LNG corridor, you're perfectly situated for both AI, data centers and LNG. So you couldn't be in a better area. And then the fact that this is not an exploration play, it's really a development play for the geology that was there.

德里克，我覺得如果你看看地理位置，地理位置，地理位置，我的意思是，距離達拉斯 100 英里，距離休斯頓也是 100 英里，而且非常靠近液化天然氣走廊，那麼無論對於人工智能、數據中心還是液化天然氣來說，你的地理位置都非常完美。所以你現在所處的區域再好不過了。而且，這並非勘探項目，而是針對現有地質條件進行的開發項目。

So it's been a very, very, very active oil and gas region for 30-plus years. So for us to just deepen these wells with the new technology and a great footprint where we're located and maybe 6,000 of these acres are dedicated, the rest are undedicated.

因此，在過去的30多年裡，這裡一直是一個非常非常活躍的石油和天然氣開採區。因此，我們可以利用新技術加深這些油井，並且我們擁有很大的生產基地，其中可能 6000 英畝是專門用於鑽井的，其餘的都是未開發的。

That's why we say we're around a big bright light bulb and then people are calling because of the inventory, which inventory is the holy grail. I mean that's why you see people expanding to look at this play. It is the holy grail. You got to have inventory.

這就是為什麼我們說我們正處於一個明亮的燈泡旁，然後人們打電話來詢問庫存，而庫存就是聖杯。我的意思是，這就是為什麼你會看到人們開始關注這部劇的原因。它是聖杯。你必須要有庫存。

Charles Meade, Johnson Rice.

查爾斯·米德，約翰遜·賴斯。

Warm welcome. Jay, I want to ask you about the Shelby Trough sale. That looks -- it looks to us like that's really a great outcome for you guys as far as what the seller paid for those undeveloped locations.

熱烈歡迎。傑伊，我想問你關於謝爾比水槽出售的事。在我們看來，就賣家為那些未開發地塊支付的價格而言，這對你們來說確實是一個非常好的結果。

So I wanted to see how you would characterize it, how happy you were with those proceeds and then ask if there's anything left in your portfolio that would -- that could fit that same appetite for people who are willing to pay for those undeveloped locations.

所以我想看看你會如何評價它，你對這些收益有多滿意，然後問問你的投資組合中是否還有什麼可以滿足那些願意為未開發地塊買單的人的同樣需求。

Well, first of all, Charles, I think it's a total win-win for everybody. I mean we are really a unicorn out there because we have so much inventory.

首先，查爾斯，我認為這對所有人來說都是雙贏的局面。我的意思是，我們真的是市場上的獨角獸，因為我們的庫存非常多。

As we just announced, we almost have 2,600 locations net in the Western Haynesville. That's a big gift that we've been working on for five years. So if you look at other really good locations that might be for sale, I mean, I think it's a really smart buy by the buyer.

正如我們剛剛宣布的那樣，我們在海恩斯維爾西部地區淨擁有近 2600 個營業點。這是我們五年來一直在努力準備的一份大禮。所以，如果你看看其他可能出售的優質地段，我的意思是，我認為這對買家來說真是一筆非常明智的交易。

I think we needed to pay down the debt on our balance sheet because we had incurred a lot of money as our investment in the Western Haynesville. And we look at that. We trimmed some of the vertical wells, those 900 or so vertical wells, we sold those early on.

我認為我們需要償還資產負債表上的債務，因為我們在西海恩斯維爾的投資投入了大量資金。我們會關注這一點。我們削減了一些垂直井，大約900口垂直井，我們很早就把它們賣掉了。

So we are always looking as we derisk and fortify our acreage position in Western Haynesville. Is there anything else we can do, and that is to adjust the balance sheet because we need to get our leverage lower.

因此，我們一直在尋找降低風險、鞏固我們在海恩斯維爾西部土地所有權的方法。我們還能做些什麼呢？那就是調整資產負債表，因為我們需要降低槓桿率。

So I was pleased with how both of those transactions came about. And again, we always look to see, Charles, as you well know, what can we do as a company position where we think we are to become a stronger company in the light of AI, data center demand and LNG demand.

所以我對這兩筆交易的最終結果都很滿意。查爾斯，正如你所知，我們始終在思考，作為一家公司，在人工智慧、資料中心需求和液化天然氣需求方面，我們能做些什麼來讓自己變得更強大。

That's the only thing we do. And I think everybody won in the trade. Great locations and that we didn't need to be drilling them because we're drilling the Western Haynesville.

我們只做這件事。我認為這筆交易中人人都是贏家。絕佳的地點，而且我們不需要在那裡鑽探，因為我們正在鑽探西海恩斯維爾。

Got it. And then the follow-up, following on that same thread, I want to say thank you for sharing this Western Haynesville location count. And I just want to ask a couple of questions around your assumptions and the dynamics there.

知道了。然後，接著剛才的話題，我想說，感謝您分享西海恩斯維爾的地點數量。我只想就您的假設和其中的動態提出幾個問題。

Just using the back of the envelope math, it looks like you guys have been pretty conservative in your assumptions on number of zones and spacing across zones. But I wonder if you could share what the -- if you'd be willing to share what the important assumptions are in that, I think, the 2,500, 2,600 number.

僅憑粗略估算，你們在區域數量和區域間距的假設上似乎相當保守。但我很想知道，如果您願意分享一下，我認為，2500、2600這個數字中，有哪些重要的假設。

And also, I think Dan alluded to this in his prepared remarks that perhaps -- perhaps because not a lot of the acreage is unitized yet that's actually preventing you from counting location. And -- and my assumption is that would get worked out over time, but maybe you can fold that into the assumptions on the location count.

而且，我認為丹在他的準備好的發言稿中也暗示了這一點，也許——也許是因為很多土地還沒有被劃分成單位，這實際上阻止了你計算位置。而且——我的假設是隨著時間的推移，這個問題會得到解決，但也許你可以把這一點納入到地點數量的假設中。

I'm sure. I think we tried to be conservative on how we looked at well spacing and benches in the play because you obviously don't want to start out at a high number and bring it down. But we think they're very -- it's a very realistic view of the inventory.

我敢肯定。我認為我們在考慮場上站位和替補席時力求保守，因為你顯然不想一開始就投入大量資源，然後再慢慢減少。但我們認為他們的觀點非常——這是對庫存情況非常現實的看法。

The comment that was made about the working interest in our legacy Haynesville inventory, I mean, every single location there is pretty exact. We know the exact -- we know what the unit is in.

有人評論說，我們位於海恩斯維爾的舊庫存的工作權益，我的意思是，那裡的每個地點都非常精確。我們知道確切資訊——我們知道這個裝置位於哪裡。

We know our working interest with precision. In the Western Haynesville, those units are being put together still. So the exact working interest in the units is not 100% known. So far, most of the wells, we've had 100% working interest in. So we just looked at our acreage ownership and just made some rougher assumptions there.

我們對自己的工作興趣有著精準的了解。在西海恩斯維爾，這些單元房仍在組裝中。因此，這些單位的確切工作權益並不完全清楚。到目前為止，我們擁有大部分油井100%的作業權益。所以我們查看了我們擁有的土地面積，並做出了一些粗略的假設。

So it just doesn't have the level of precision, but I don't think it's a significant -- I think we're within the margin of error as far as looking at how we present the net numbers.

所以它的精確度不夠，但我認為這並不重要——我認為就我們呈現淨數字的方式而言，我們還在誤差範圍內。

Yes. And Charles, you always discount it back. You say, here's what you could have. Here's a high low number and then you discount it back and say, okay, what is a number that we can throw out right now that we think with some bookends on, we have a chance of achieving.

是的。查爾斯，你總是會把它打折。你說，這是你可以擁有的。這裡有一個高低不同的數字，然後你把它折算回來，然後說，好吧，我們現在可以拋出一個數字，我們認為在設定一些限制條件後，我們有機會實現這個數字。

And like Roland said, you don't want to be aggressive and then all of a sudden, you have a few less and you're a loser. So we want to throw that out and just say, again, with the asterisk that we've not unitize some of those locations. So that's a guesstimate.

就像羅蘭說的那樣，你不想一開始就咄咄逼人，結果突然間，你輸了幾個，成了失敗者。所以我們想把那件事排除在外，再次聲明，但需要注意的是，我們還沒有對其中一些地點進行單元化。所以這只是個估計值。

Kalei Akamine, Bank of America.

卡雷‧阿卡明 (Kalei Akamine)，美國銀行。

I want to start on the Western Haynesville disclosure. And maybe first off, I think putting your expectations in print really shows your conviction in the asset. For my question, I want to follow up on the unitization comment. You've got some short laterals in that table, 5,000 to 8,500 feet, but this is a large contiguous position.

我想先從西海恩斯維爾的資訊披露開始。首先，我認為將你的期望寫下來，確實能反映你對該資產的信心。我的問題是關於單元化的評論，我想就此進行補充說明。表格中有一些較短的橫向移動，5000 到 8500 英尺，但這是一個大型的連續位置。

So my question is, what's stopping you from doing the land work to optimize the entire position around 10,000-foot laterals? And if that's possible, how long would that work take?

所以我的問題是，是什麼阻止你進行土地平整工作，以優化 10,000 英尺水平井周圍的整個位置？如果可行，這項工作需要多長時間？

Yes, that's a great question, too. Look, but I think there are some areas that -- where there's ownership where there's some other operators that we've already identified that we're keeping out of our units.

是的，這也是個好問題。但我認為在某些領域——在某些所有權方面，我們已經確定了一些其他運營商，我們要把他們排除在我們的單元之外。

So we've chosen those shorter laterals. Just like the wells we completed this quarter and drilled last quarter, a lot of that was defined by the acreage ownership. And so we've honored that where we don't have it completely contiguous.

所以我們選擇了較短的側向線。就像我們本季完工和上季鑽探的油井一樣，許多因素都取決於土地所有權。因此，在無法完全連成一片的地方，我們都尊重了這一點。

So I think -- and then there's some -- there's obviously geologic structures that we have identified on seismic that we are avoiding and not wanting to develop and around. And so we've tried -- we've honored a lot of our geologic work too in those assumptions.

所以我認為——還有一些——顯然，我們在地震勘探中發現了一些地質構造，我們正在避開這些構造，不想在這些構造周圍進行開發。因此，我們嘗試過──在這些假設中，我們也尊重了許多地質研究成果。

But it's still early on, you'll be able to probably optimize that over time. And then a lot will depend on how long do you really want to go? Do you want to go to 15,000-foot laterals.

但現在還處於早期階段，隨著時間的推移，你或許能夠對其進行優化。然後，很大程度取決於你到底想走多久？你想去15000英尺長的支線嗎？

And some of that is -- I think there's room to optimize in the future. But I think this was a really good view of how we see the acreage we currently own. Now we could also lease additional acreage that will change the configuration in the future. And I'm sure that will happen.

其中一些方面——我認為未來還有優化的空間。但我認為這很好地展現了我們如何看待我們目前擁有的土地。現在我們還可以租賃額外的土地，這將在未來改變土地格局。我相信這一定會發生。

We're always picking up additional acreage as we put the units together. So there will be moving parts, but I do feel like this was a pretty thorough look at if we stop leasing what it could look like now.

我們在建造各個單元房的過程中，總是會不斷收購額外的土地。所以會有很多變數，但我感覺這次對如果我們停止租賃可能會變成什麼樣子進行了相當全面的探討。

Well, Kalei, you know we added 5,000 acres from the last time we reported. So we do cleanup stuff all the time in the Western Haynesville, just like we do in the core. This is a pretty safe conservative number.

卡萊，你知道我們比上次報告時增加了 5000 英畝土地。所以我們在西海恩斯維爾地區一直都在進行清理工作，就像我們在市中心地區所做的那樣。這是一個相當穩健保守的數字。

We think that we have leased 90% of what we think the real value is in the Western Haynesville, maybe that's expanded, and that will be a good thing. We hope it does expand.

我們認為，我們已經出租了西海恩斯維爾地區我們認為其真實價值的 90%，也許這個數字還會增加，那將是一件好事。我們希望它能發展壯大。

But based upon the control that we have and the size that we have and the well results we have, I think that we're in pretty good shape there. But we do -- we keep trying to make it better.

但根據我們擁有的控制權、規模以及油井的開採成果，我認為我們目前的情況相當不錯。但我們確實在努力——我們會不斷嘗試讓它變得更好。

And at some point in time, we won't own 100% of all the wells. But until that time is right, we'll drill the lateral lengths that we need to keep the information that we need to keep in our back pocket right now.

在某個時候，我們不可能擁有所有油井的全部所有權。但在時機成熟之前，我們會繼續練習橫向移動，以便現在能夠掌握我們需要掌握的資訊。

For my second question, I want to ask about the second train at the Marquez gas plant. That build looks like it's going to take you to about 1.3 Bs from 900 million cubic feet. So that's quite the scale. My question is, was this part of the original scope of the JV deal with Quantum?

我的第二個問題是關於馬爾克斯天然氣廠的第二列火車。看起來這個方案會將儲氣量從 9 億立方英尺增加到約 13 億立方英尺。規模相當大。我的問題是，這是否是與 Quantum 合資協議最初範圍的一部分？

And then can you talk about the capacity utilization at those plants? What is it today? And once Marquez 2 is online, perhaps in '27, where do you think the utilization rate will be at that time?

那麼，您能否談談這些工廠的產能利用率情況？今天是什麼日子？當 Marquez 2 上線後（可能在 2027 年），你認為屆時的利用率會是多少？

I don't know if we want to forecast the utilization rate that's getting way out there. But we are -- when we originally put together the plan for Pinnacle, the Pinnacle Gas Services and how to service the development program.

我不知道我們是否應該預測目前越來越不可靠的利用率。但是，我們當初制定 Pinnacle 計劃、Pinnacle 天然氣服務以及如何為開發項目提供服務時，確實如此。

I mean, obviously, we saw -- and we've commented this a long time ago that we saw trying to create a treating infrastructure to handle up to 2 Bs of gross production over the next five, six, seven years. So I think this is the second phase of Marquez is just -- was the next step that was in our original plan. And then there's another either debating on either an expansion at Bethel or a third gas plant will probably be something way off next in the future.

我的意思是，很顯然，我們看到——而且我們很久以前就評論過——我們看到試圖建立一個處理基礎設施，以在未來五、六、七年內處理高達 20 億的總產量。所以我認為這是馬奎斯計劃的第二階段——是我們最初計劃中的下一步。接下來，關於貝瑟爾擴建或興建第三座天然氣發電廠的討論可能還遙遙無期。

But we do have to keep ahead. We obviously have to provide for the treating way ahead of when we're going to actually produce it. It's not going to be a just-in-time delivery, obviously, because it takes a good 12 to 18 months to put those together.

但我們必須保持領先。顯然，我們必須在實際生產之前很久就做好處理準備。顯然，這不會是即時交付，因為組裝這些設備需要 12 到 18 個月的時間。

So yes, right now on Marquez Phase 2, we've got a lot of long lead time components and equipment that are being manufactured that we have to go out and order. And so that's the big process going on now for something that we can hopefully open up next summer would be our goal for that.

是的，目前在馬奎斯二期工程中，我們有很多交貨週期很長的零件和設備需要生產，我們必須出去訂購。所以，這就是我們目前正在進行的重要工作，我們希望明年夏天能夠開放。

And yes, I think the key answer to that is we have a lot of inventory, but we own our midstream, as Roland mentioned in the beginning comments, and we have an incredible financial partner with Quantum, and we look to see what our drilling inventory looks like. We see what our performance looks like.

是的，我認為關鍵的答案是我們有很多庫存，但正如羅蘭在開頭提到的那樣，我們擁有自己的中游業務，而且我們與 Quantum 是一家非常棒的金融合作夥伴，我們會關注我們的鑽井庫存情況。我們來看看我們的表現如何。

We see what our acreage addition looks like. And then based upon all that, we control the gathering. And as far as the takeaway and the demand, as we said 45 minutes ago, it has never ever looked brighter out there for what the world needs, not just America, the world needs in the form of natural gas. I think we're right there at the right time.

我們來看看新增土地的樣子。然後，基於所有這些因素，我們控制了集會。至於出口和需求，正如我們 45 分鐘前所說，世界（不僅是美國，而是全世界）對天然氣的需求從未像現在這樣光明。我認為我們正處於最佳時機。

Addition -- other operators, there are a couple of other operators which are running rigs in the area. And so a lot of that will how we actually build out will also depend on do we end up picking up some of that gas or not.

補充說明－其他業者，該地區還有其他幾家業者在經營鑽井平台。因此，我們實際的建設方式很大程度上也取決於我們最終能否獲得一些天然氣。

And so that's all -- a lot of that is to remain to be seen in the future. But there's other activity in the area that hopefully that we see coming to Pinnacle over time, too, as we build out that great asset that underlies the Western Haynesville.

所以，就這些了──很多事情還有待未來觀察。但該地區還有其他活動，我們希望隨著時間的推移，這些活動也能發展到 Pinnacle，因為我們正在建立西海恩斯維爾的巨大資產。

Carlos Escalante, Wolfe Research.

卡洛斯·埃斯卡蘭特，沃爾夫研究公司。

I love the way the operator said my name. I want to go back to one of your comments, Jay. You said, hopefully, the Western Haynesville, the footprint that you guys have at least expands and nice work play, by the way.

我喜歡接線生念我名字的方式。傑伊，我想回到你之前的一則評論。你曾說過，希望西海恩斯維爾能擴大你們的版圖，順便說一句，工作和娛樂都做得很好。

But look, you've done a great job at establishing the core with just under 30 TILs across the play, especially in that southern corridor across Leon and Robertson with what I think that -- what is incremental data proving up acreage to the north of that as well. However, you've seen recent leasing and M&A activity load into the East and Southeast, particularly in Anderson and Houston.

但你看，你們在確定核心區域方面做得非常出色，在整個勘探區內擁有近 30 個 TIL，尤其是在 Leon 和 Robertson 之間的南部走廊，而且我認為——增量數據也證明了北部地區的面積。不過，最近東部和東南部地區的租賃和併購活動有所增加，尤其是在安德森和休士頓。

So I wonder, when you see that, do you think the core -- do you think there's likelihood that the core of the basin could actually be much larger and it extends into potentially some of your other wells that you drilled earlier this year?

所以我想知道，當你看到這種情況時，你是否認為盆地的核心區域實際上可能要大得多，並且可能延伸到你今年早些時候鑽探的其他一些井中？

So -- in part leads to the question, if I may, along the same lines, if you look at -- it looks like you have a permitted well near Olajuwon. And maybe you can touch on when you plan to go back to this area as well.

所以——如果可以的話，我想問一個類似的問題，如果你看一下——看起來你在奧拉朱旺附近有一口獲得許可的水井。或許您也可以談談您計劃何時重返這個地區。

Well, yes, the comments would be because of Jerry Jones and because of his $1 billion-plus investment in the company, we could literally think and not only think, Carlos, we could act out of the box. And because of the fact that we've always been leaning toward natural gas, I mean, we're one of the front runners in the core of the legacy Haynesville area.

是的，這些評論都是因為傑瑞瓊斯以及他對公司超過 10 億美元的投資，我們不僅可以思考，而且卡洛斯，我們還可以採取一些非常規的行動。因為我們一直傾向於使用天然氣，我的意思是，我們是海恩斯維爾傳統地區核心地帶的領導者之一。

Jerry Jones said, here's a well, we showed it, we could drill it, and that's a Circle M well. That over the last fiveive years has proved to be successful. So as we move to the call we have today over five years and looking at the seismic 2D, 3D, looking at the wellbore penetrations, looking at the performance of the 30 -- 40 wells we've either drilled, completed or drilling.

傑裡瓊斯說，這裡有一口井，我們已經看過了，我們可以鑽井，這是一口 Circle M 井。過去五年來，事實證明這種做法是成功的。因此，我們今天將回顧過去五年，查看 2D、3D 地震數據，查看井眼穿透情況，查看我們已經鑽探、完井或正在鑽探的 30 至 40 口井的性能。

What we look at, we say we're very comfortable that this is probably 90% of the real value. Now as you look at Aethon, Aethon says there are monster wells out there. I love that they'd say that. And we've hit a bunch of them. But that's an incredible company.

我們看到的情況是，我們非常有把握地說，這可能佔實際價值的 90%。現在，當你看到 Aethon 時，Aethon 說那裡存在著巨大的油井。我很高興他們會這麼說。我們已經擊中了其中很多。但那是一家非常了不起的公司。

(inaudible) to come in, they're smart, management is smart. They're money smart. They come in. Expand is -- they're doing what their name says, expanding. Their name says expanding, and they're expanding into the Western Haynesville because why?

（聽不清楚）進來之後，他們很聰明，管理階層也很聰明。他們很會理財。他們進來了。Expand－顧名思義，他們正在擴張。他們的名字代表著擴張，而他們現在正在向西海恩斯維爾擴張，這是為什麼呢？

As I said earlier, the locations are the holy grail. I mean you can do M&A, M&A, M&A, but that doesn't add any new locations on Planet Earth. It gives you more under your umbrella, but we've tried to address the problem and the problem is, can you really add new inventory.

正如我之前所說，這些地點才是關鍵。我的意思是，你可以進行併購、併購、再併購，但這並不會為地球上增加任何新的地點。它能讓你擁有更多保障，但我們已經嘗試解決這個問題，問題是，你真的能增加新的庫存嗎？

And that's where the prior question was asked, what's your inventory count? And I think we're pretty accurate on 2,500, 2,600 net locations.

於是，之前的問題就被問到了：你們的庫存數量是多少？我認為我們對 2500 到 2600 個淨位置的估計相當準確。

That's an incredible number. 2,600 locations is an incredible number. So we are always looking, Carlos, to see, do you go east, do you go south? Do you go -- everybody is always doing that.

這是一個驚人的數字。 2600個地點，這絕對是一個驚人的數字。所以卡洛斯，我們一直在觀察，你是向東走，還是往南走？你去嗎？大家都這麼做。

And you know what, there's going to be some gems out there. And I hope they are found because all that does is make our acreage more valuable in our opinion.

你知道嗎，這裡面一定會有一些精品。我希望他們能被找到，因為我們認為，這只會讓我們的土地更有價值。

You asked about a permitted well up by the Olajuwon. We do -- we actually did spud -- we got a two-well pad that's up there near the Olajuwon and that pad was spud last week.

你問的是奧拉朱旺附近一口獲得許可的水井。確實——我們確實已經開工了——我們在奧拉朱旺附近有一個雙井井場，那個井場上週已經開工了。

So it will be Bossier, one Haynesville.

所以，這裡會是博西爾，海恩斯維爾。

Yes, we got one -- the Olajuwon is producing from the Haynesville. And the new pad that we spud last week would be an additional Haynesville well and a Bossier test -- our first Bossier test up there.

是的，我們得到了一個——奧拉朱旺正在海恩斯維爾生產。我們上週開工的新井場將鑽一口新的海恩斯維爾井，並進行博西爾測試——這是我們在那裡進行的第一次博西爾測試。

Yes. And we're coring up in that area, too.

是的。我們也在那個區域進行岩心鑽探。

That's correct.

沒錯。

So that the cores we've had, and we're coring there also.

所以我們已經有了核心，而且我們也在那裡進行核心挖掘。

That's terrific color, guys. I appreciate that. And real quick, if I can sneak in my follow-up. You mentioned (inaudible) Jay. And if I may, I think one of your Tilled wells this quarter, the two wells, the McCullough wells are nearby that area.

這顏色太棒了，夥計們。我很感激。順便問一下，如果我能擠出時間補充的話。你提到了（聽不清楚）傑伊。如果可以的話，我認為你們這季度的兩口井中有一口是 Tilled 的，McCullough 的井就在附近。

We've seen their type curve to be quite outstanding in terms of production plateau. And obviously, this well is very strong in terms of initial production.

我們已經看到，他們的生產曲線在產量穩定方面非常出色。顯然，這口井的初期產量非常高。

So I guess my question is, is there anything that you're looking at in terms of what they're doing or any near-term collaboration that you can guys potentially benefit from in terms of what you do? Or has it been more a separate effort from that standpoint?

所以我想問的是，就你們目前所做的事情，或是近期內有沒有任何合作機會，能讓你們從中受益？或者從這個角度來看，這更像是一項獨立的努力？

Well, we've done some -- or in the process in some acreage swaps with them, so they can drill longer laterals. We can drill some longer laterals in areas that we want to drill and they want to drill. But I don't have any other comments on that, Dan, on the McCullough, et cetera, versus --

嗯，我們已經和他們進行了一些土地交換，或者說正在進行一些土地交換，這樣他們就可以鑽更長的水平井。我們可以在我們想鑽探、他們也想鑽探的區域鑽探一些更長的水平井。但我對此沒有其他評論，丹，關於麥卡洛等人的情況。--

I mean -- It's always very -- when you have other operators doing things differently, it's always great learning for a basin. So that's one thing that the Western Haynesville hasn't had near as much of as the original Haynesville had.

我的意思是——當其他業者採取不同的做法時，這對盆地來說總是非常有益的學習機會。所以，西部海恩斯維爾在這方面遠不如原來的海恩斯維爾那麼豐富。

But as we have some new -- other operators, and they were the first one out there. And so it's going to be, I think, very incremental to us learning how to properly produce the wells and drill the wells, the more activity, the more learning is going to be better for all the operators.

但我們有一些新的——其他運營商，他們是第一批進入這個領域的。因此，我認為，對於我們學習如何正確地生產油井和鑽井來說，這將是一個循序漸進的過程，活動越多，學習就越多，這對所有操作人員來說就越有利。

If you have four or five more new operators come in, I think everybody, particularly Comstock, the learning curve has shortened. I think would be a great thing.

如果再有四、五個新操作員加入，我認為每個人，特別是康斯托克公司，學習曲線都會縮短。我覺得這會是件好事。

Yes. I think what you say is all the operators, obviously, they all do something a little bit different, bigger fracs, smaller fracs, how they draw their wells down, what casing design, bigger hole laterals, slimmer hole laterals. So all of those things, I think when you get more of that in the pot and start looking at the results, like we say, that's definitely going to help everybody.

是的。我認為你的意思是，所有運營商顯然都會做一些不同的事情，例如更大的壓裂、更小的壓裂、如何下放油井、套管設計、更大的水平井段、更小的水平井段。所以我覺得，當所有這些因素都考慮進去，並開始觀察結果時，就像我們說的，這肯定會對每個人都有幫助。

(Operator Instructions) Kevin MacCurdy, Pickering Energy Partners.

（操作員說明）凱文·麥克柯迪，皮克林能源合作夥伴。

I know you haven't put out a 2026 guide yet, but is there any color you can provide on how you plan to prosecute the Western Haynesville next year? I'm looking for any thoughts on holding acreage versus development, the size of the pads you might drill and lateral lengths as well as I think you touched on where you might be drilling, but any more color on that would be helpful, too.

我知道你們還沒有發布 2026 年的指南，但是你們能否透露一下明年將如何起訴西海恩斯維爾？我想了解關於持有土地面積與開發、鑽井平台的大小和水平井段長度等方面的想法，以及您可能提到的鑽井地點，但如果您能提供更多細節，那就更好了。

I think the 90% of the plan is going to be holding acreage, as we said, we still have a lot of term acreage that we lease in the play. And so that's a big part of where we want to drill the wells. So it's going to be following where we lease the time frame we leased.

我認為該計劃的 90% 將是持有土地，正如我們所說，我們仍然有很多長期租賃的土地。所以，這很大程度上決定了我們鑽井的地點。所以，租賃期限將按照我們租賃的期限執行。

And -- and so I think that's how we look at it. I think the activity level of four rigs that we have operating is sufficient to accomplish all that and not have to worry about losing any acreage that we don't drill, that we want to drill.

所以——我認為我們應該這樣看待這個問題。我認為我們目前運營的四台鑽機的作業量足以完成所有這些工作，而不必擔心失去任何我們想鑽但還沒鑽的土地。

And I think you're going to see in 2026, more of our wells will continue to push more in that normally northeastern direction along the trend of where the acreage is.

我認為到 2026 年，我們將看到更多油井繼續沿著油田面積分佈的趨勢，向東北方向推進。

Great. Appreciate that detail. And then just a question on slide 13 and 14 on your inventory. Just to confirm, were the changes in the legacy Haynesville and Bossier Shale, was that just driven by the asset sales? Or was there anything else that changed in those inventory numbers?

偉大的。我很欣賞這個細節。然後，關於你們的庫存，請回答第 13 和 14 頁的問題。請確認一下，Haynesville 和 Bossier 頁岩氣田的這些變化，僅僅是由資產出售引起的嗎？或者，庫存數據還有其他變化嗎？

Well, one time we had some of the Western Haynesville in there, probably a small amount that was based on just the wells we drilled and the other direct offsets, et cetera, that you obviously have in the inventory. And so that's why we chose to break it out. It really wasn't really represented much in the original chart.

嗯，有一次我們把一些西海恩斯維爾的油氣也放進去了，可能數量不多，那隻是基於我們鑽的井和其他直接偏移井等等，顯然你們庫存裡都有。所以這就是我們選擇把它拿出來的原因。它在原始圖表中並沒有充分體現。

So you had that plus you had -- obviously, we had the acreage that we sold or in the process of selling that we also removed those locations. And then there's always continued recalibration as wells are -- we find a way to make the laterals longer typically is you can see that the feet continues to get larger, average foot of the lateral. So that's always a process that we continue to optimize.

所以，除了這些，顯然，我們還有已經出售或正在出售的土地，我們也移除了那些地點。而且，我們總是會不斷地進行重新調整——我們找到了一種方法來延長側向移動，通常你可以看到腳部不斷變大，側向移動的平均腳部。所以，這是一個我們不斷優化的過程。

Jacob Roberts, TPH&Co.

Jacob Roberts，TPH&Co.

I wanted to circle back to a Q2 item. One of the things that was discussed was some experimentation on choke management in the Western Haynesville. And I understand that we probably don't have enough data to make a final call, but I'm just wondering if you could talk about maybe the varying methodologies you've applied to the three that came online last quarter and then the handful that are going to be coming online in the year.

我想再談談第二季的一個問題。討論的內容之一是對海恩斯維爾西部地區的堵塞管理進行一些試驗。我知道我們可能沒有足夠的數據來做出最終決定，但我只是想問問您能否談談您對上個季度上線的三個項目以及今年即將上線的幾個項目所採用的不同方法。

Yes. We got the threehree that we turned to sales in the last quarter. We've got four new wells that are turning to sales here in the fourth quarter. We have had some -- we have varied it a little bit. I'd say we haven't done anything that's been extremely conservative to date.

是的。我們在上個季度達成了三三的銷售目標。我們有四口新油井將在第四季開始投產銷售。我們已經做了一些調整——我們稍微改變了一下。我認為到目前為止，我們還沒有採取任何極度保守的措施。

We're taking some of the information from the cores, and we're still doing a lot of detailed rate transient analysis. And basically, I think it's telling us, obviously, the more conservative drawdown is what we need to be following. And I think for the future, we're still looking to transition more into that, probably more conservative approach from where we started at.

我們正在從核心獲取一些信息，並且仍在進行大量的詳細速率瞬態分析。基本上，我認為這顯然是在告訴我們，我們需要遵循更保守的撤資策略。我認為展望未來，我們仍然希望從最初的保守方式過渡到現在這種方式。

Great. Jay, earlier, you mentioned AI data centers, that type of stuff as well as LNG demand, which have both been hugely topical. But recently, we saw one of your peers sign a sizable industrial contract at a premium to NYMEX over in Louisiana. Curious if you could talk about that market, how you see it evolving and maybe Comstock's willingness to participate in industrial agreements moving forward?

偉大的。Jay，你之前提到了人工智慧資料中心以及液化天然氣需求等話題，這些都是非常熱門的話題。但最近，我們看到你們的一位同行在路易斯安那州以高於紐約商品交易所 (NYMEX) 的價格簽署了一份數額可觀的工業合約。我很想聽聽您對這個市場的看法，您認為它會如何發展，以及康斯托克公司未來參與產業協議的意願？

Sure. That's a great market, especially in the -- along the river corridor area and areas along the Gulf Coast where there are new industrial plastic plants, et cetera, that are being built, fertilizer plants. And they're competing, obviously, with the LNG feedstock gas.

當然。那是一個很大的市場，尤其是在河道沿岸地區和墨西哥灣沿岸地區，那裡正在建造新的工業塑膠廠、化肥廠等等。顯然，它們正在與液化天然氣原料氣競爭。

So those customers have been reaching out and interested in long-term supply deals where you know years ago, they were never interested in that. They would just go get gas in the monthly market, it was easy to get.

所以這些客戶一直在聯繫我們，對長期供貨協議表現出興趣，而你知道，幾年前他們對此根本不感興趣。他們只需去每月一次的市集買汽油就行了，很容易買到。

So I think you do see -- I think over time, we see a lot of our market and other producers in the area wanting to establish having more direct sales to end users, capturing more of the value, the value chain and better margins versus having the midstream companies take off a lot of that margin. And so a lot of us are working on long-term plans like that as we are, too.

所以我認為你會看到——我認為隨著時間的推移，我們看到我們市場上的許多企業和該地區的其他生產商都希望建立更多直接面向終端用戶的銷售管道，從而獲取更多的價值、價值鍊和更高的利潤，而不是讓中游公司拿走大部分利潤。所以，我們很多人也都在製定類似的長期計畫。

Phillips Johnston, Capital One.

菲利普斯·約翰斯頓，第一資本。

Congrats on the asset sales. My first question is really just a housekeeping question for Roland on the Shelby Trough sale. Would you expect any tax leakage on the gross proceeds?

恭喜資產出售成功。我的第一個問題其實只是關於 Shelby Trough 出售事宜的一個瑣碎問題，想問 Roland。您認為總收益中會有任何稅務流失嗎？

That's a good question. No, we really have lots of tax attributes to actually that -- and we do expect a fairly sizable gain on that transaction because of -- we acquired that acreage way back at the Covey Park acquisition and it wasn't a big part of the value that got allocated in.

這是個好問題。不，我們確實有很多稅收優惠可以實現——而且我們預計這筆交易會獲得相當大的收益，因為——我們早在收購 Covey Park 時就獲得了那片土地，但它在分配的價值中所佔比例並不大。

So there is a pretty sizable bookend tax gain that we expect. You'll see some of that in the 10-Q when we file it later today. But we think we have a lot of tax attributes that we'll just be able to utilize. And so we don't see any real -- cash tax impact of that.

因此，我們預期會有相當可觀的期末稅收收益。稍後我們提交 10-Q 表格時，您會看到其中的一些內容。但我們認為我們有很多稅收優惠政策可以利用。因此，我們沒有看到任何實際的—現金稅收影響。

Okay. Sounds good. Then a question for Dan. It's really a follow-up on Carlos’ and Kevin's questions. It sounds like the two-well pad near Olajuwon has kicked off, which is good to hear.

好的。聽起來不錯。然後問丹一個問題。這其實是對 Carlos 和 Kevin 問題的後續問題。聽起來奧拉朱旺附近的雙井平台已經開工了，這真是個好消息。

Can you maybe just give us a guesstimate of how many wells up in that northern step-out area might be considered for next year or what percentage of the total might be up in that area?

您能否大致估算一下，明年在北部外圍地區可能會考慮開鑿多少口油井，或者該地區可能會開鑿多少口油井，佔總油井數量的百分比？

Good question. We do have more wells planned for up in the area up there. The number escapes me off the top of my head, but we do really like that area up there. The Olajuwon is performing extremely well, super happy with it. So our next step is on this two-well pad is to test the Bossier, which is much thicker up there.

問得好。我們計劃在那區域再鑽幾口井。我一時想不起具體數字了，但我們真的很喜歡那片區域。奧拉朱旺的表現非常出色，我非常滿意。因此，我們下一步是在這個雙井井台上測試 Bossier 井，那裡的井壁要厚得多。

So we want to get a good read on the Bossier and then we'll go from there as far as how we're going to develop out that bench in that area. But we do have, I'm going to say, five, six wells planned up in that area for next year, around -- just around that general area.

所以我們希望好好了解博西爾的情況，然後再根據情況決定如何在這個區域培養替補球員。但是，我可以說，我們計劃明年在那個區域附近，也就是那個大致區域附近，鑽五到六口井。

Noel Parks, Tuohy Brothers Investment Research.

Noel Parks，Tuohy Brothers投資研究公司。

You did touch a bit on it, but with the new treatment capacity you have, the new plant coming online, have you talked much about like the economics of it, the in-house economics versus the third-party opportunity while you're in the ramp-up mode?

您確實稍微提到了這一點，但是隨著您新的處理能力和新工廠的投產，您是否詳細討論過這方面的經濟效益，例如在產能提升階段，內部生產的經濟效益與第三方合作的經濟效益之間的比較？

Yes. And I think that's been something we've been studying, obviously, because we don't -- a large part of your cost for treating is really all the facilities you build. And then once you build them, if you can utilize them, your actual operating costs can be very, very, very low, just the actual operating costs associated with it, but you have to recover the capital. So that's where a lot of the costs are.

是的。顯然，我認為這是我們一直在研究的問題，因為治療成本的大部分實際上是你建造的所有設施。一旦你建成了它們，如果你能充分利用它們，你的實際營運成本就會非常非常低，僅僅是與它們相關的實際營運成本，但你必須收回資本。所以很多成本都集中在這裡。

So if you -- obviously, if you own it yourself, you can -- once you recover it, you don't have to keep recovering if you allow a third party to provide it, then they're going to continue to charge whatever they can for that area based on demand for their services in the area, and that cost will never go down unless there's just no demand for services in the area.

所以，如果你——顯然，如果你自己擁有它，你可以——一旦你收回了它，你就不必繼續收回了；如果你允許第三方提供它，那麼他們將繼續根據該地區對其服務的需求收取他們所能收取的任何費用，除非該地區對服務完全沒有需求，否則成本永遠不會下降。

So I think -- so these are long-term investments we're making now, but I think they're really going to really pay off in the future for us. They continue to preserve our already industry-leading low cost structure. So that's why we're really excited about what we're able to accomplish out there and be able to do it without too big of a strain on the company with our partnership there that's funding it.

所以我認為——這些都是我們現在進行的長期投資，但我認為它們將來一定會為我們帶來豐厚的回報。他們繼續保持我們行業領先的低成本結構。所以，正因如此，我們對能夠取得的成就感到非常興奮，而且由於我們的合作夥伴提供了資金，我們能夠在不給公司造成太大壓力的情況下完成這些工作。

Great. And this is a housekeeping item, but I did take a quick look at the gathering and transportation expense line, and it looks like it might have been down sequentially a bit in the quarter. And I just wonder if I had that right and if there are any drivers behind that?

偉大的。還有一點需要說明，我快速查看了一下集會和交通費用這一項，看起來這一項在本季度環比可能略有下降。我只是想知道我的理解是否正確，以及這背後是否有任何驅動因素？

Yes, it was down sequentially. It was just over $41 million in the second quarter. It was just under $40 million in the third quarter on -- but part of that is driven by we had lower volumes sequentially as well. So you look at it on a GTC per unit basis, it was $0.36 just versus $0.37 last quarter. So it's really -- that's driven by volumes.

是的，它是逐級下降的。第二季略高於4100萬美元。第三季略低於 4000 萬美元——但部分原因是銷量環比下降。所以，從每單位 GTC 來看，是 0.36 美元，而上一季是 0.37 美元。所以，這其實是由成交量驅動的。

Yes. I would say that's properly correct, right.

是的。我覺得這完全正確，對吧。

Paul Diamond, Citi.

保羅戴蒙德，花旗銀行。

Just wanted to touch quickly on your activity allocation between Western Haynesville and the legacy acreage. Currently split 50-50. If you guys were to add it a drop any activity over time, where do you think it would come from one or the other?

我只想簡單談談您在西海恩斯維爾和原有土地上的活動分配情況。目前雙方各佔一半。如果你們要添加它，並隨著時間的推移減少任何活動，你們認為它會來自哪一個？

Well, I think we'd like to keep the four operating rigs in the Western Haynesville because just because of the -- strategically, in order to hold all the acreage, that's a pace that makes that a comfortable program. And so I think obviously, we flex in the legacy area where there's no acreage considerations there and you're basing that on what's the supply-demand outlook, what's the price.

嗯，我認為我們希望保留西海恩斯維爾的四個作業鑽井平台，因為從戰略角度來看，為了保住所有耕地面積，這樣的進度安排比較適合。所以我覺得很明顯，我們在傳統領域會彈性調整，那裡沒有面積的考慮，而你是根據供需前景和價格來決定的。

So obviously, just like last year, we flexed very heavily in the legacy area. And we hope to continue just to steadily add activity in the Western Haynesville as we build that up. So they're two different -- I think we're very reactive on the legacy side to the situation, and then we want to be more steady on the Western Haynesville in order to continue to develop that asset and retain that asset.

很顯然，就像去年一樣，我們在傳統領域投入了大量資源。我們希望隨著西海恩斯維爾的發展，繼續穩步增加該地區的活動。所以它們是兩個不同的面向——我認為我們在處理遺留問題時反應非常迅速，而我們希望在西海恩斯維爾地區更加穩健，以便繼續開發和保留該資產。

Got it. Makes perfect sense. And now you guys have given the inventory assumptions in the Western Haynesville acreage. Can you talk about any progression you see on D&C still tracking towards about $30 million per well on 10,000-foot basis. I guess where do you guys see that going through time? What your target longer term?

知道了。完全合情合理。現在你們已經給了西海恩斯維爾地區的庫存假設。您能否談談您在鑽井和完井方面看到的任何進展，目前仍預計每口井（10,000英尺）的成本約為3000萬美元。我想問大家，你們覺得它未來會如何發展？你的長期目標是什麼？

I think we're going to definitely see the costs continue to come down. There's a pretty good spread depending on where you're drilling at on the acreage as far as what that D&C cost is. Our low end that we've achieved so far is about $2,100 a foot for the stuff that's a little bit shallower TVD.

我認為成本肯定會繼續下降。根據鑽井位置的不同，鑽井和完井成本會有相當大的差異。目前我們所能達到的最低價格是每英尺 2100 美元，適用於 TVD 稍淺的管道。

And then the $30 million mark or assuming like a 10,000 lateral, $3,000 a foot or a little bit higher than that, if you go all the way to the other end to the far deeper stuff, probably just a little bit over that. So as far as any quarter when we're reporting, it just depends on where those rigs have been and what the TVD areas we're drilling in as far as what the cost comes out to, but we're definitely going to see the cost continue to go down.

然後，如果水平距離達到 10,000 英尺，每英尺成本為 3,000 美元或略高於此，那麼成本將達到 3000 萬美元，如果一直挖到另一端更深的地方，成本可能還會略高於此。所以，每季我們報告的成本取決於鑽井平台的位置以及我們鑽探的垂深區域，但我們肯定會看到成本繼續下降。

I think we've gotten a big chunk of it down already and is naturally going time, I think the rate at which the costs come down probably slow a little bit. But we still see -- I mentioned it earlier, we still got a few things coming down the pike that we're going to be trying. We think that's going to help us continue to shave days off.

我認為我們已經完成了很大一部分工作，隨著時間的推移，成本下降的速度自然會放緩一些。但我們仍然看到——我之前提到過——我們還有一些事情正在籌備中，我們將嘗試去做。我們認為這將有助於我們繼續減少休假天數。

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

問答環節到此結束。現在我將把發言權交還給傑伊·艾利森，請他作總結發言。

Perfect. I want to thank everybody for listening for over an hour. And November 4, 2025 is a great day for the company when we can tell the stakeholders, which is you, and our financial bankers, which is you, that we've added this giant footprint in the Western Haynesville. So the debt that we have, that is the Western Haynesville acreage that we have been buying. It's 530,000 net acres.

完美的。感謝大家聆聽我一個多小時。2025 年 11 月 4 日對公司來說是一個重要的日子，屆時我們可以告訴利益相關者（也就是你們）和我們的金融銀行家（也就是你們），我們在西海恩斯維爾地區新增了這一巨大的業務。所以，我們所欠的債務，就是我們一直在購買的西海恩斯維爾土地的債務。淨面積為53萬英畝。

So -- but we can report on a day like today, we have over $900 million of liquidity, and that's going to grow. We have Kim report that we have 2,559 Western Haynesville locations at the very beginning of time. And then the legacy locations are 917. So we have a lot of inventory. We're not chasing inventory or we're not chasing M&A and that the management here has been pioneered the Haynesville/Bossier shale going back to 2008, 17 years.

所以——但就今天的情況來看，我們有超過 9 億美元的流動資金，而且這個數字還會成長。根據 Kim 報告，在歷史之初，我們在西海恩斯維爾有 2,559 個地點。然後，傳統地點有 917 個。所以我們有很多庫存。我們不追求庫存，也不追求併購，而且這裡的管理團隊早在 2008 年就開拓了 Haynesville/Bossier 頁岩氣領域，至今已有 17 年歷史。

So the man that's in charge of operations has been here the very first day we ever looked at the Haynesville/Bossier, which is Dan Harrison. And then you look at managing the balance sheet, the couple of divestitures that we will make and have made that just tells you that we're watching our balance sheet, which the major stockholder and everybody else wants us to do that. So I just want to thank you for believing in the company, and we'll give you a good day's work every day. So thank you for the call.

所以，負責營運的人從我們第一次考察海恩斯維爾/博西爾的那天起就一直在這裡，他就是丹哈里森。然後，看看資產負債表的管理，我們將要進行和已經進行的幾項資產剝離，這正好說明我們正在關注我們的資產負債表，而主要股東和其他所有人都希望我們這樣做。所以，我只想感謝您對公司的信任，我們將每天為您提供一份好工作。謝謝你的來電。

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

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。