Coterra Energy Inc (CTRA) 2024 Q1 法說會逐字稿

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coterra Energy Inc.'s First Quarter 2024 Earnings Conference Call. Today's conference is being recorded.

早安.我叫奧德拉，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Coterra Energy Inc. 2024 年第一季財報電話會議。今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

At this time, I would like to turn the conference over to Dan Guffey, Vice President of Finance, Investor Relations and Treasurer. Please go ahead.

現在，我想將會議交給財務、投資者關係副總裁兼財務主管 Dan Guffey。請繼續。

Thank you, Audra. Good morning, and thank you for joining Coterra Energy's First Quarter 2024 Earnings Conference Call. Today's prepared remarks will include an overview from Tom Jorden, Chairman, CEO and President; Shane Young, Executive Vice President and CFO; and Blake Sirgo, Senior Vice President of Operations.

謝謝你，奧德拉。早安，感謝您參加 Coterra Energy 2024 年第一季財報電話會議。今天準備好的講話將包括董事長、執行長兼總裁 Tom Jorden 的概述； Shane Young，執行副總裁兼財務長；和 Blake Sirgo，營運資深副總裁。

Following our prepared remarks, we will take your questions during our Q&A session. As a reminder, on today's call, we will make forward-looking statements based on our current expectations. Additionally, some of our comments will reference non-GAAP financial measures, forward-looking statements and other disclaimers, as well as reconciliations to the most directly comparable GAAP financial measures were provided in our earnings release and updated investor presentation, both of which can be found on our website.

在我們準備好的發言之後，我們將在問答環節回答您的問題。提醒一下，在今天的電話會議上，我們將根據目前的預期做出前瞻性陳述。此外，我們的一些評論將引用非公認會計原則財務指標、前瞻性陳述和其他免責聲明，以及我們的收益發布和更新的投資者演示中提供的最直接可比的公認會計原則財務指標的調節，兩者都可以在我們的網站上找到。

With that, I'll turn the call over to Tom.

這樣，我就把電話轉給湯姆。

Thank you, Dan, and welcome to all of you who are joining us on the call this morning. We're pleased to report that Coterra had an excellent first quarter. Our total equivalent production for the quarter was 686,000 barrels of oil equivalent per day, which was near the high end of our guidance.

謝謝丹，並歡迎今天早上加入我們電話會議的所有人。我們很高興地報告 Coterra 第一季表現出色。我們本季的總當量產量為每天 686,000 桶油當量，接近我們指導的上限。

Oil production averaged 102,500 barrels of oil per day, which was 3,500 barrels of oil per day above the high end of our guidance. This beat in oil production was driven by a combination of well performance that exceeded expectations, production optimization and timing.

石油產量平均為每天 102,500 桶石油，比我們指導的上限高出 3,500 桶石油。石油產量的成長是由超出預期的油井表現、生產優化和時機的結合所推動的。

Natural gas production averaged 2.96 billion cubic feet a day, which was slightly above the high end of our guidance. Capital expenditures came in at $450 million, which was below the guidance range. This was a combination of timing and cost reductions and completions. Blake will provide further detail on this. We have raised our full year oil guidance while leaving our natural gas guidance unchanged. Shane will provide commentary here.

天然氣產量平均每天 29.6 億立方英尺，略高於我們指引的上限。資本支出為 4.5 億美元，低於指引範圍。這是時間和成本減少以及完成的組合。布萊克將提供有關此事的更多細節。我們上調了全年石油指引，同時保持天然氣指引不變。 Shane 將在這裡提供評論。

As we previously said, our capital guidance for 2024 includes room for adding additional Marcellus activity, if our received prices in the Marcellus were to rebound. Of course, any additional activity will be evaluated against other shovel-ready opportunities in our portfolio. Rapid and severe commodity price swings are feature of our business. As much as we try to anticipate and predict market movements, there is an inherent humbling unpredictability to them.

正如我們之前所說，如果我們收到的 Marcellus 價格反彈，我們對 2024 年的資本指引包括增加額外 Marcellus 活動的空間。當然，任何額外的活動都將根據我們投資組合中的其他準備就緒的機會進行評估。快速而劇烈的商品價格波動是我們業務的特點。儘管我們試圖預測和預測市場趨勢，但它們存在著固有的令人謙卑的不可預測性。

During Q1, we saw upward movement in Oil, coupled with downward movement in Gas. Despite these swings, Revenue at Coterra for Q1 2024 came in roughly flat with revenue for Q4 2023. This stability in revenue allows us the luxury of maintaining a consistent level of activity, while retaining significant upside exposure to a gas price recovery.

在第一季度，我們看到石油價格上漲，而天然氣價格下跌。儘管存在這些波動，Coterra 2024 年第一季的營收與 2023 年第四季的營收大致持平。

We did, however, delay some Marcellus turn-in-lines during Q1. We currently have 2 pads comprising 12 wells completed and waiting to be brought online. We have ongoing completion activity and are making the go/no-go decision on bringing wells online on a monthly basis. Blake will provide further detail on this.

然而，我們確實在第一季推遲了一些 Marcellus 的提交。目前，我們有 2 個平台（包括 12 口井）已完工，等待上線。我們正在進行完井活動，並每月做出是否將油井上線的決定。布萊克將提供有關此事的更多細節。

In spite of near-term headwinds, we remain wholly optimistic on natural gas. With coming LNG export capacity, near-term power demand and the evolving discussion about the long-term power demands of AI-driven data center needs, it is hard not to be constructive on the future of Natural Gas. We watch this conversation closely and have heard forecast for incremental Natural Gas demand driven by growing data center consumption that range from 3 Bcf per day to 30-plus Bcf per day, by the year 2030. We will welcome increased demand anywhere within that range.

儘管近期存在阻力，我們仍然對天然氣完全樂觀。隨著液化天然氣出口能力的不斷提高、近期電力需求以及人工智慧驅動的資料中心需求的長期電力需求的不斷討論，我們很難不對天然氣的未來持建設性態度。我們密切關注這次對話，並聽到了對資料中心消耗量不斷增長所驅動的天然氣需求增量的預測，到2030 年，天然氣需求量將達到每天3 Bcf 到每天30 多Bcf。範圍內任何地方的需求成長。

Finally, we are pleased to once again be reporting results that exceed expectations. Our organization is highly focused on operational excellence, costs, safety, emission reduction and on being responsible members of our communities. I want to acknowledge the tremendous work and dedication of our entire organization from the field on up. This includes, in addition to field office staff, contractors and service partners.

最後，我們很高興再次報告超出預期的結果。我們的組織高度關注卓越營運、成本、安全、減排以及成為社區負責任的成員。我要感謝我們整個組織從現場開始所做的巨大工作和奉獻精神。除了現場辦事處工作人員之外，這還包括承包商和服務合作夥伴。

At Coterra, we continually choose progress over comfort. And our strong culture of optimization, innovation and financial discipline continues to be an important competitive advantage.

在 Coterra，我們不斷選擇進步而不是舒適。我們強大的最佳化、創新和財務紀律文化仍然是重要的競爭優勢。

With that, I'll turn the call over to Shane.

這樣，我就把電話轉給謝恩。

Thank you, Tom, and thank you, everyone, for joining us on today's call. This morning, I'll focus on 3 areas: first, I will summarize financial highlights from the first quarter results, then I will provide production and capital guidance for the second quarter, as well as update our full year 2024 guide. Finally, I'll provide highlights for our recent bond offering and the progress we're making on our shareholder return program.

謝謝湯姆，也謝謝大家參加今天的電話會議。今天早上，我將重點關注 3 個領域：首先，我將總結第一季業績的財務亮點，然後我將提供第二季的生產和資本指導，並更新我們的 2024 年全年指南。最後，我將重點介紹我們最近的債券發行以及我們在股東回報計劃方面的進展。

Turning to our strong performance during the first quarter. First quarter total production averaged 686 MBoe per day, with Oil averaging 102.5 MBo per day and Natural Gas averaging 2.96 Bcf per day. Oil and natural gas production came in above the high end of guidance, driven by strong well performance and a modest acceleration of Permian TIL timing.

轉向我們第一季的強勁表現。第一季總產量平均為 686 MBoe/天，其中石油平均為 102.5 MBo/天，天然氣平均為 2.96 Bcf/天。在強勁的油井表現和二疊紀 TIL 時間適度加速的推動下，石油和天然氣產量高於指導上限。

In the Permian, we brought on 22 wells versus 21 wells at the midpoint of our guidance. In contrast, in the Marcellus, we tilled 11 wells below our guidance of 23 wells. I will discuss this further later in my remarks.

在二疊紀，我們開發了 22 口井，而我們的指導中點為 21 口井。相較之下，在馬塞勒斯，我們耕種了 11 口井，低於我們指導的 23 口井。我將在稍後的發言中進一步討論這一點。

During the first quarter, prehedge revenues were approximately $1.4 billion, of which 62% were generated by Oil and NGL sales. In the quarter, we reported net income of $352 million or $0.47 per share and adjusted net income of $383 million or $0.51 per share. Total unit costs during the quarter, including LOE, transportation, production taxes and G&A totaled $8.68 per BOE, near the midpoint of our annual guidance range of $7.45 to $9.55 per BOE.

第一季度，對沖前收入約為 14 億美元，其中 62% 來自石油和液化天然氣銷售。本季度，我們報告淨利潤為 3.52 億美元，即每股 0.47 美元，調整後淨利潤為 3.83 億美元，即每股 0.51 美元。本季的總單位成本（包括 LOE、運輸、生產稅和 G&A）總計為每桶油當量 8.68 美元，接近我們年度指導範圍（每桶油當量 7.45 至 9.55 美元）的中點。

Cash hedge gains during the quarter totaled $26 million. In current capital expenditures in the first quarter totaled $450 million, just below the low end of our guidance range. Lower-than-expected capital was driven primarily by timing and we are maintaining our full year capital guide. Discretionary cash flow was $797 million, and free cash flow was $340 million after cash capital expenditures of $457 million.

本季現金對沖收益總計 2,600 萬美元。第一季目前資本支出總額為 4.5 億美元，略低於我們指引範圍的下限。低於預期的資本主要是由時機決定的，我們維持全年資本指引。可自由支配現金流為 7.97 億美元，扣除現金資本支出 4.57 億美元後自由現金流為 3.4 億美元。

Looking ahead to the remainder of 2024. During the second quarter of 2024, we expect total production to average between 625 and 655 MBoe per day. Oil to be between 103 and 107 MBo per day and Natural Gas to be between 2.6 and 2.7 Bcf per day. In other words, we expect Oil to be up approximately 2.5% quarter-over-quarter on continued strong execution. Regarding investment, we would expect total incurred capital during the second quarter to be between $470 million and $550 million.

展望 2024 年剩餘時間。石油產量為每天 103 至 107 MBo，天​​氣產量為每天 2.6 至 2.7 Bcf。換句話說，我們預計，由於持續強勁的執行力，石油價格將環比上漲約 2.5%。在投資方面，我們預計第二季發生的資本總額將在 4.7 億美元至 5.5 億美元之間。

As a result of low natural gas prices, we have chosen to defer the turn in line of 2 separate Marcellus projects totaling 12 wells. Based on current in-basin pricing, we don't anticipate bringing any projects online in the Marcellus during the second quarter, resulting in lower gas volumes quarter-over-quarter before flattening in the second half of the year.

由於天然氣價格較低，我們選擇推遲 2 個獨立的 Marcellus 專案（總計 12 口井）的交付。根據目前的流域內定價，我們預計第二季度不會在馬塞勒斯上線任何項目，從而導致天然氣產量環比下降，然後在下半年趨於平緩。

Yesterday, we increased our full year 2024 Oil production guidance range by 2.5 MBo per day to between 102 and 107 MBo per day for the year. Or up approximately 2.5% from our initial guide in February. There is no change to our full year 2024 BOE and natural gas production guidance. Similarly, there are no changes to our unit cost guidance or turn in well -- turn-in-line well counts for the year.

昨天，我們將 2024 年全年石油產量指導範圍提高了 2.5 MBo 每天，達到全年 102 至 107 MBo 之間。或較我們 2 月最初的指導值上漲約 2.5%。我們的 2024 年全年 BOE 和天然氣產量指引沒有變化。同樣，我們的單位成本指導或今年的轉井數量也沒有變化。

For the full year 2024, we are reiterating our incurred capital guidance to between $1.75 billion and $1.95 billion, which is 12% lower at the midpoint than our 2023 capital spend. As previously discussed, our 2024 program will modestly increase capital allocation to the liquids-rich Permian and Anadarko Basins, while decreasing capital by more than 50% in the Marcellus year-over-year.

對於 2024 年全年，我們重申我們的資本指引為 17.5 億至 19.5 億美元之間，比 2023 年資本支出的中位數低 12%。如前所述，我們的 2024 年計畫將適度增加對液體豐富的二疊紀和阿納達科盆地的資本配置，同時將馬塞勒斯盆地的資本年減 50% 以上。

Moving on to shareholder returns. As previously announced, during the first quarter, we successfully issued Coterra's inaugural bond offering of $500 million of senior notes carrying a coupon of 5.6% and a maturity of 2034. We were pleased with the timing of the transaction and the reception of the Coterra story in the market. We intend to use the proceeds of this offering along with cash on hand to retire a $575 million 2024 notes at maturity during the third quarter.

接下來是股東回報。正如先前宣布的，我們在第一季成功發行了 Coterra 首次債券發行，面值 5 億美元，票面利率為 5.6%，到期日為 2034 年。上。我們打算利用本次發行的收益以及手頭現金在第三季到期時償還 5.75 億美元的 2024 年票據。

Until the maturity, we have invested the proceeds and time deposits at a similar interest rate to the coupon of the notes. Coterra continues to maintain its low leverage profile with a ratio of 0.3x at the end of the first quarter. Our target leverage ratio remains below 1x even at lower price scenarios. This refinancing allowed us to extend our maturity profile, maintain a high liquidity position and affords us modest deleveraging, while maintaining a robust shareholder return program in 2024.

在到期之前，我們將收益和定期存款以與票據票面類似的利率進行投資。 Coterra 繼續保持其低槓桿狀況，第一季末的槓桿率為 0.3 倍。即使在價格較低的情況下，我們的目標槓桿率仍低於 1 倍。此次再融資使我們能夠延長期限、維持較高的流動性狀況，並為我們提供適度的去槓桿化，同時在 2024 年維持強勁的股東回報計畫。

During the first quarter, Coterra continued to execute on its shareholder return program by repurchasing 5.6 million shares for $150 million at an average price of $26.94 per share. In total, we returned $308 million to shareholders during the quarter or over 90% of free cash flow.

第一季度，Coterra 繼續執行股東回報計劃，以 1.5 億美元的價格回購 560 萬股股票，平均價格為每股 26.94 美元。本季我們總共向股東返還了 3.08 億美元，佔自由現金流的 90% 以上。

We remain committed to our strategy of returning 50% or more of annual free cash flow to shareholders through a combination of our healthy base dividend and our share repurchase program. Last night, we also announced a $0.21 per share base dividend for the first quarter, maintaining our annual base dividend at $0.84 per share. This remains one of the highest yielding base dividends of our peers at approximately 3%.

我們仍然致力於透過健康的基本股利和股票回購計畫相結合，將 50% 或更多的年度自由現金流返還給股東的策略。昨晚，我們也宣布第一季每股基本股利為 0.21 美元，年度基本股利維持在每股 0.84 美元。這仍然是我們同業中收益率最高的基本股息之一，約為 3%。

Management and the Board remain committed to responsibly increasing the base dividend on an annual cadence. In summary, the team delivered another quarter of high-quality results in the field, which resulted in another successful quarter financially. Our business has significant operating momentum and we are poised for a strong 2024 and are on track to meet or exceed the differentiated 3-year outlook we provided in February.

管理階層和董事會仍然致力於負責任地每年增加基本股利。總而言之，該團隊在該領域又取得了一個季度的高品質成果，從而在財務上又取得了成功。我們的業務擁有強勁的營運勢頭，我們已準備好迎接 2024 年的強勁表現，並有望達到或超過我們在 2 月份提供的差異化 3 年前景。

With that, I will hand the call over to Blake to provide details on our operations. Blake?

這樣，我會將電話轉交給布萊克，以提供有關我們運營的詳細資訊。布萊克？

Thanks, Shane. This morning, I will discuss our capital expenditures and provide an operational update. First quarter accrued capital expenditures totaled $450 million, coming in just below the low end of our guidance. Our strong execution in the field continued in Q1, with our oil production coming in at 102,500 barrels of oil per day, above the high end of our guidance.

謝謝，謝恩。今天早上，我將討論我們的資本支出並提供營運最新情況。第一季應計資本支出總計 4.5 億美元，略低於我們指引的下限。我們在第一季繼續在該領域保持強勁的執行力，石油產量達到每天 102,500 桶石油，高於我們指導的上限。

We are seeing continued completion gains in the Permian, led by reduced transition times on our diesel crew as well as strong initial performance from our electric simul-frac crew in Culberson County. During the first quarter, our 2 Permian crews and 1 Anadarko crew hit all-time highs in efficiency with record pumping hours per month. These efficiencies are coupled with new contracts that ensure when we gain efficiencies, it is realized in our dollar per foot and not just in our cycle times.

我們看到二疊紀的完井作業持續成長，這得益於我們的柴油機組過渡時間的縮短以及我們在卡爾伯森縣的電動模擬壓裂機組的初期表現強勁。在第一季度，我們的 2 個二疊紀船員和 1 個阿納達科船員的效率創下歷史新高，每月抽油時間創紀錄。這些效率與新合約相結合，確保我們在提高效率時，以每英尺美元的成本實現，而不僅僅是在周期時間內實現。

We are currently running 2 frac crews and 8 drilling rigs in the Permian. We continue to benefit from operational efficiencies, including cost savings on electrification, leveraging existing facilities and infrastructure as well as improved cycle times. Faster cycle times drives more footage in the year, also contributing to lower dollar per foot. As a result, we estimate our Permian cost around $10.75 per foot, roughly 8% below our 2023 dollar per foot.

目前，我們在二疊紀運行 2 名壓裂人員和 8 台鑽井平台。我們繼續受益於營運效率，包括電氣化成本節約、利用現有設施和基礎設施以及縮短週期時間。更快的周期時間推動了一年中更多的鏡頭，也有助於降低每英尺的價格。因此，我們估計二疊紀的成本約為每英尺 10.75 美元，比 2023 年每英尺的成本低約 8%。

Our Windham Row project is off and running with 34 wells now drilled and our simul-frac operations underway. Our electric simul-frac crew is powered directly off our Coterra-owned grid with no generation in the field required. We are seeing encouraging initial performance from our simul-frac crew with an increase of 1,000 completed feet per day versus our normal zipper performance with a decreased cost of $25 per foot.

我們的 Windham Row 專案已啟動並運行，現已鑽探 34 口井，同時正在進行同步壓裂作業。我們的電動同步壓裂機組直接由 Coterra 自有電網供電，無需現場發電。我們看到我們的模擬壓裂人員的初步表現令人鼓舞，每天完成的工作量增加了 1,000 英尺，而我們的正常拉鍊性能則每英尺成本降低了 25 美元。

When we combine our simul-frac efficiencies with the current cost spread between diesel and grid power, we are realizing a total cost savings of $75 per foot, compared to current diesel-powered zipper operations. One update to the Windham Row project is the addition of 3 Harkey wells to the western part of the Row, bringing the project total to 54 wells.

當我們將同步壓裂效率與當前柴油和電網之間的成本分佈相結合時，與當前柴油動力拉鍊作業相比，我們實現了每英尺 75 美元的總成本節省。 Windham Row 計畫的一項更新是在 Row 西部增加 3 口 Harkey 井，使項目總數達到 54 口井。

Recent tests in our Culberson asset have shown a possible benefit to codeveloping the Upper Wolfcamp with our Harkey Shale landings. This observation is different than what we've seen with our other Harkey projects across the basin. And these 3 new codeveloped wells will help us further understand the interaction between these zones.

最近對我們的卡爾伯森資產進行的測試表明，與我們的哈基頁岩登陸區共同開發上沃爾夫坎普可能會帶來好處。這項觀察結果與我們在流域內其他 Harkey 項目中看到的情況不同。這3口新的共同開發井將幫助我們進一步了解這些區域之間的相互作用。

Due to strong execution on the project so far, we were able to fit these 3 new wells to our existing schedule without incurring additional facility or infrastructure costs. As previously discussed, we expect to execute large Row development for many years to come in Culberson County. Our Permian team continues to build momentum and is off to a strong start in 2024.

由於迄今為止該項目的執行力強勁，我們能夠將這 3 口新井納入我們現有的計劃，而不會產生額外的設施或基礎設施成本。正如前面所討論的，我們預計在未來的許多年裡將在卡爾伯森縣進行大規模的 Row 開發。我們的二疊紀團隊繼續積蓄動力，並在 2024 年迎來一個強勁的開局。

In the Marcellus, we are currently running 1 rig and 1 reduced frac crew. Our focus in the Marcellus continues to be decelerating activity and reducing costs as near-term gas markets remain challenging. Our Marcellus program is buoyed by our long-term sales portfolio, which contains multiple indices and price floors, which come into play at lower NYMEX pricing.

在馬塞勒斯，我們目前正在運行 1 台鑽機和 1 名減少的壓裂人員。由於近期天然氣市場仍然充滿挑戰，我們在馬塞勒斯的重點仍然是減緩活動並降低成本。我們的 Marcellus 計劃受到我們長期銷售組合的推動，其中包含多個指數和價格下限，這些指數和價格下限在較低的 NYMEX 定價下發揮作用。

We currently have 2 pads consisting of 12 wells in total that we are delaying turn-in-lines. Each incremental molecule we bring on receives in-basin pricing compared to the rest of our portfolio. Therefore, we are choosing to delay these TILs until we see stronger local pricing. We have also chosen to delay a portion of our wellhead compression program into 2025, so as not to accelerate volumes into a weakened market. Our teams are focused on reducing costs in the field and looking for ways to optimize our capital spend.

目前，我們有 2 個油田，總共 12 口井，我們正在推遲交付。與我們投資組合的其他產品相比，我們推出的每個增量分子均獲得盆內定價。因此，我們選擇推遲這些 TIL，直到我們看到當地價格走強。我們也選擇將部分井口壓縮計畫延後到 2025 年，以免加速疲軟市場的產量。我們的團隊專注於降低現場成本並尋找優化資本支出的方法。

As we have discussed, our Marcellus business unit has several strong projects that are teed up and ready to execute later in the year, should macro conditions warrant. In the Anadarko, we are currently running 2 rigs and 1 frac crew. We are in the middle of a large block of completion activity, with 3 projects being fracked over the first half of 2024. These projects are focused on liquids-rich portions of our asset, which maintains strong economics in the current gas environment. Our consistent activity in the Anadarko is starting to bear fruit. As we have seen our drilled feet per day increased 15% year-over-year, as well as an increase of 10% in pumping hours per day compared to a year ago.

正如我們所討論的，我們的 Marcellus 業務部門有幾個強大的項目，如果宏觀條件允許的話，這些項目已經準備好在今年晚些時候執行。在阿納達科，我們目前正在運行 2 台鑽機和 1 名壓裂人員。我們正處於大型竣工活動之中，有 3 個項目將在 2024 年上半年進行壓裂。我們在阿納達科的一貫活動正在開始取得成果。正如我們所看到的，我們每天的鑽孔量比去年同期增加了 15%，每天的抽水時間也比一年前增加了 10%。

Our Anadarko team continues to compete for capital and the returns across the basin remains strong. Our operating teams at Coterra are firing on all cylinders. We continue to make positive strides across all areas of operations, including new initiatives that are materially reducing well trouble costs, minimizing production downtime, beating our emissions targets, improving our cycle times and gaining new efficiencies. Our field operations are the heartbeat of our company, and they continue to fuel our momentum.

我們的阿納達科團隊繼續爭奪資本，整個盆地的回報仍然強勁。我們 Coterra 的營運團隊正在全力以赴。我們繼續在所有營運領域取得積極進展，包括大幅降低油井故障成本、最大限度減少生產停機時間、實現排放目標、縮短週期時間並獲得新效率的新舉措。我們的現場營運是我們公司的核心，它們繼續推動我們的發展勢頭。

And with that, I'll turn it back to Tom.

說到這裡，我會把它轉回給湯姆。

Thank you, Shane and Blake. We're pleased with our continued execution momentum as we march through 2024. We appreciate your interest in Coterra and look forward to discussing our results and outlook. As always, we like talking about results, more the future promises, and we're always pleased to deliver them.

謝謝你們，肖恩和布萊克。我們對 2024 年持續的執行勢頭感到高興。一如既往，我們喜歡談論結果，更多的是未來的承諾，我們總是很高興兌現這些承諾。

With that, we'll turn it over to questions.

至此，我們將把它轉為問題。

(Operator Instructions)

（操作員說明）

We'll take our first question from Nitin Kumar at Mizuho.

我們將回答瑞穗銀行 (Mizuho) 的尼廷庫馬爾 (Nitin Kumar) 提出的第一個問題。

Tom and Shane, congrats on the great results. Tom, I want to start off in the Marcellus, and you deferred 12 completed wells for later in the year. The plan still calls for about 29 wells to be put online. Could you maybe talk us through how are -- what are the market conditions? Is there a specific price? Or is there a supply or demand equation that you're looking at to, one, bring on the 12 wells? And 2, how would you think about the rest of the program for the year?

湯姆和肖恩，恭喜取得的優異成績。湯姆，我想從 Marcellus 開始，而您推遲了今年晚些時候完成的 12 口井。該計劃仍要求將約 29 口井上線。您能否向我們介紹市場狀況如何？有具體價格嗎？或者您正在尋找供需方程，其中之一是為 12 口井帶來供給或需求方程？ 2，您如何看待今年剩餘的計畫？

Thank you, Nitin. Well, first, I'm going to say if there's a specific price or a complex formula, nobody has shared that with me yet. But we're looking at our received price. And quite frankly, we sell into indices. Leidy is the one that we typically point to. And when it's -- I would say, when it's sub $1.50, we really look at that and we say, okay, what's the outlook for that? And we do have transportation and LOE that comes off of that. And I wouldn't say there's a particular price. But I'll say this, we do have a very low cost of supply.

謝謝你，尼廷。好吧，首先，我要說的是，是否有具體的價格或複雜的公式，目前還沒有人與我分享。但我們正在查看收到的價格。坦白說，我們出售指數。 Leidy 就是我們通常指的。當它 - 我想說，當它低於 1.50 美元時，我們會真正關注這一點，然後我們會說，好吧，前景如何？我們確實有交通和由此而來的 LOE。我不會說有一個特定的價格。但我要說的是，我們的供應成本確實非常低。

But I think we probably would like to see our netback north of $1. And so we're watching that. We're making -- as I said in my remarks, we're making that on a month-to-month go/no-go basis. We -- our current model has us bringing additional wells online in July. Whether we do that or not, we're optimistic, but we're not going to be driven by our model. We will be driven by the way the terrain looks on the ground.

但我認為我們可能希望看到我們的淨利潤超過 1 美元。所以我們正在關注這一點。正如我在發言中所說，我們正在按月進行/不進行。我們目前的模式要求我們在 7 月上線更多油井。無論我們是否這樣做，我們都很樂觀，但我們不會被我們的模型所驅動。我們將被地面上的地形所驅動。

I want to say that there's 2 issues, when you ask what price. There's the price for when we bring wells online, but it's also the price of when we would increase our investments. As I said, our capital program has room for a ramp-up. And if we were to do that, we really see a strong rebound in our volumes going into 2025 and '26. And that's a whole different price comparison.

我想說，當你問價格時，有兩個問題。這是我們將油井投入生產時的價格，也是我們增加投資時的價格。正如我所說，我們的資本計畫還有提升的空間。如果我們這樣做，我們確實會看到我們的銷售在 2025 年和 26 年出現強勁反彈。這是完全不同的價格比較。

But as I said, we're really constructive on Natural Gas. But look, we're in a real hostile near-term environment, and we think just moderating these turn-in-lines just the way to go. We're also going to look and see what others do. There's a lot of gas, a lot of players doing what we're doing. And when we bring these wells online, we're going to be thoughtful and look at the market conditions and if there's a flood of gas coming online, that may impact our decision.

但正如我所說，我們對天然氣確實具有建設性。但你看，我們正處於一個真正充滿敵意的近期環境中，我們認為減緩這些輪流才是正確的出路。我們還將看看其他人做了什麼。有很多精力，很多球員都在做我們正在做的事情。當我們將這些井投入使用時，我們會深思熟慮並關注市場狀況，如果有大量天然氣投入使用，這可能會影響我們的決定。

Great. Tom, and I appreciate that. I want to shift to the Permian and talk about the Windham Row. Could you maybe talk a little bit about what have you seen, obviously, adding a few wells in the Harkey is a positive. But what are you seeing? And what are some of the lessons learned? And if you can walk us through the 5% to 15% cost reduction that you're seeing, if I think about $1 billion spend in the Permian this year, could we look at something which is 10% less capital spend in the Permian for the same result down the road?

偉大的。湯姆，我很感激。我想轉向二疊紀，談談溫德姆街。您能否談談您所看到的情況，顯然，在哈基河中增加幾口井是積極的。但你看到了什麼？吸取了哪些教訓？如果您能向我們介紹您所看到的 5% 到 15% 的成本削減，如果我考慮今年在二疊紀盆地的 10 億美元支出，我們是否可以考慮將二疊紀盆地的資本支出減少 10%以後的結果是一樣的嗎？

Yes. I'm going to hit the Harkey and let Blake look at the cost reduction. Our general observation in a lot of our Delaware program is that in our assets, our observation has been that whether we exploit these reservoirs 1 layer at a time or not that we don't really see any incremental recovery out of a drilling spacing unit.

是的。我要去哈基，讓布萊克看看成本削減狀況。我們對特拉華州許多項目的總體觀察是，在我們的資產中，我們的觀察是，無論我們是否一次開採這些儲層一層，我們都沒有真正看到鑽井間距單位有任何增量採收。

So doing them in stages allows us to really take full advantage of our infrastructure because we can stage volumes in and not have to build facilities for the absolute peak production because these wells do decline. And if you build your facilities for absolute peak production, you find that they're very early in the life underutilized. But we did on another project in Culberson County, where things are a little different. It's on the western side of the basin, a little lower pressure. We did see on an experiment we did over the last year or 2, that codeveloping the Harkey and the Wolfcamp at the same time versus waiting 12 to 18 months and coming back with the Harkey, I'd say 12 to 24 months, we did see what we think is an incremental boost in recovery.

因此，分階段進行這些工作使我們能夠真正充分利用我們的基礎設施，因為我們可以分階段投入產量，而不必為絕對尖峰生產建造設施，因為這些油井確實會下降。如果您為絕對高峰生產而建造設施，您會發現它們在生命週期的早期就沒有充分利用。但我們在卡爾伯森縣做了另一個項目，那裡的情況有點不同。位於盆地西側，氣壓稍低。我們確實在過去一兩年進行的一項實驗中看到，同時共同開發 Harkey 和 Wolfcamp，而不是等待 12 到 18 個月然後再與 Harkey 一起開發，我想說 12 到 24 個月，我們做到了看看我們認為復甦的增量推動是什麼。

We're not concluding that but we prudently added the Row and a few Harkey wells. And I'll say this, while we continue to learn, I think on new projects, you're going to see that in Culberson County is probably our default option. As we continue to learn, and we're not chiseling and granted final conclusions here.

我們還沒有得出結論，但我們謹慎地添加了 Row 和一些 Harkey 井。我想說的是，在我們繼續學習的同時，我認為在新項目中，你會看到卡爾伯森縣可能是我們的預設選擇。隨著我們不斷學習，我們不會在這裡鑿鑿並給出最終結論。

Yes. I'll take the cost question. When we talk about Windham Row and simul-frac. The simul-frac is going very well. I mean, right out of the gate, the performance has been strong. We were hoping we would see at least $20 per foot. To date, we've seen about $25. And there's room for that to go even further, but we're early in the game there. We're watching it very close.

是的。我來回答一下費用問題。當我們談論 Windham Row 和同步壓裂時。同步壓裂進展順利。我的意思是，從一開始，表現就很強。我們希望每英尺至少能看到 20 美元。迄今為止，我們看到的價格約為 25 美元。而且還有進一步發展的空間，但我們還處於早期階段。我們正在非常密切地觀察它。

As far as how we can expand these learnings, we're only simul-fracking 27 wells in the Permian this year as part of Windham Row. But with this initial success, our Permian team is looking hard at how we could exploit this across our whole drilling program. I wouldn't take that and slap a 10% cost change on the whole program because you got to have just the right number of wells per pad to make simul-frac really cost effective, but our teams are looking at that now, and we're excited to see where it goes.

至於我們如何擴展這些知識，今年我們僅在二疊紀地區同時進行了 27 口井的水力壓裂，作為 Windham Row 的一部分。但隨著初步的成功，我們的二疊紀團隊正在努力研究如何在整個鑽探計畫中利用這一點。我不會接受這一點並對整個計劃進行 10% 的成本變更，因為每個平台必須有正確數量的井才能使同步壓裂真正具有成本效益，但我們的團隊現在正在考慮這一點，我們很高興看到它的去向。

We'll go next to Arun Jayaram at JPMorgan.

接下來我們將採訪摩根大通的阿倫·賈亞拉姆 (Arun Jayaram)。

My first question is on cash return. You returned 90% of free cash flow this quarter. But I wanted to get maybe some broader thoughts on just the overall philosophy given your views on the valuation of the stock. You recently issued $500 million of notes to help refund the payment of the $575 million maturity later this year. How did cash return, Tom, attractiveness of the valuation of the stock play into that decision?

我的第一個問題是關於現金回饋。本季您返還了 90% 的自由現金流。但考慮到您對股票估值的看法，我想就整體理念獲得一些更廣泛的想法。您最近發行了 5 億美元的票據，以幫助償還今年稍後到期的 5.75 億美元的付款。湯姆，現金回報、股票估值的吸引力如何影響這個決定？

You have about $1 billion of net cash on the balance sheet today, excluding that recent notes issue. How do we think about the minimum cash balance and perhaps thoughts on leaning in the balance, on the balance sheet in addition to free cash flow to buy back the stock?

今天的資產負債表上有大約 10 億美元的淨現金，不包括最近發行的票據。除了回購股票的自由現金流之外，我們如何考慮最低現金餘額，以及資產負債表上的餘額傾斜的想法？

Yes, I'll let Shane handle that one.

是的，我會讓謝恩來處理那件事。

Yes, I appreciate the question. I'll take it. Look, we look at a variety of things. We think about the return program and the pace. And look, you've touched on many of them. First and foremost, we look at valuation, and we believe our stock is a compelling valuation.

是的，我很欣賞這個問題。我要買它。瞧，我們著眼於各種各樣的事情。我們會考慮回歸計劃和節奏。看，你已經觸及了其中的許多內容。首先也是最重要的是，我們著眼於估值，我們相信我們的股票具有令人信服的估值。

And if so, then we're going to be inclined to do more there. The second is liquidity and where does liquidity sit and you know what our target is and we're sitting above our target as of the end of the first quarter. And then the third is the free cash flow of the business in any given period. And there's other things, but I think if we triangulate around those, it's helpful.

如果是這樣，那麼我們將傾向於在那裡做更多的事情。第二個是流動性，流動性在哪裡，你知道我們的目標是什麼，截至第一季末我們的目標高於我們的目標。第三個是任何給定時期內企業的自由現金流。還有其他事情，但我認為如果我們圍繞這些進行三角測量，那會很有幫助。

As we were getting into late last year, we were having a discussion around here about how to handle the 2024 maturity. And we looked at a variety of scenarios. We had good cash on hand and liquidity. So that was one option to do cash. We had -- and as we got into the early part of this year, the market began to really improve for new issuances of debt and that's been an option for us, and that ended up being generally speaking, the path we took.

當我們進入去年底時，我們在這裡討論如何處理 2024 年的到期問題。我們研究了各種場景。我們手頭上有充足的現金和流動性。所以這是現金的一種選擇。當我們進入今年年初時，市場開始真正改善新發行的債務，這對我們來說是一個選擇，一般來說，這最終成為我們所採取的道路。

So we'll be repaying $575 million of debt later this year, largely with the proceeds of the $500 million new issue and a little bit of cash on hand. But that really clarified that question for us as to what kind of impact that maturity could have on our liquidity. And once it did, with a combination of free cash flow and attractive stock price, you saw us lean into the share buyback program in the first quarter.

因此，我們將在今年稍後償還 5.75 億美元的債務，主要用 5 億美元新發行的收益和少量手頭現金。但這確實為我們澄清了這個問題，即到期日可能會對我們的流動性產生什麼樣的影響。一旦實現，結合自由現金流和有吸引力的股價，你會看到我們在第一季傾向於股票回購計劃。

Great. And Shane, what do you view as the minimum cash you'd like to keep on the balance sheet?

偉大的。肖恩，您認為您希望在資產負債表上保留的最低現金是多少？

We've gone as low as $600 million over the last, call it, 7, 8 quarters. And -- and again, I think that probably as low as we go. We target $1 billion. We've been as high as $1.4 billion. And I think you'll continue to see us live somewhere in that range. It's a broad range. But I think you'll continue to see us reside within that range.

在過去的 7、8 個季度裡，我們的資金已經低至 6 億美元。而且——再一次，我認為這可能是我們所能達到的最低水平。我們的目標是 10 億美元。我們的金額已高達 14 億美元。我想你會繼續看到我們住在這個範圍內的某個地方。這是一個廣泛的範圍。但我認為你會繼續看到我們處於這個範圍內。

So it's -- If I could just add some color. We have relaxed a little bit our $1 billion number on cash on the balance sheet. We have plenty of liquidity. Our buyback is really because we see value in our stock, quite frankly, we look at net asset value, and we think our stock is a really prudent buy.

所以，如果我能添加一些顏色就好了。我們稍微放鬆了資產負債表上 10 億美元的現金金額。我們有充足的流動性。我們回購實際上是因為我們看到了我們股票的價值，坦白說，我們專注於資產淨值，我們認為我們的股票是一個非常謹慎的購買。

And then as far as our overall leverage, I don't think anybody is going to accuse Coterra being overlevered. You've heard me say before, I'll never lose a minute of the sleep worrying about how low our debt is. I know that somehow violates financial theory. I just have good balance sheet management. But when you live in a cyclic commodity business, you find that people that read those business school textbooks on financial theory into the filing on the way with their bankruptcy papers. And we're going to manage Coterra for the long run.

就我們的整體槓桿而言，我認為沒有人會指責 Coterra 槓桿過高。你以前聽我說過，我永遠不會因為擔心我們的債務有多低而失眠。我知道這在某種程度上違反了金融理論。我只是有良好的資產負債表管理。但當你生活在週期性大宗商品產業時，你會發現人們在提交破產文件的過程中，會閱讀商學院的金融理論教科書。我們將從長遠角度管理 Coterra。

Yes, it's a sleep [well] at night balance sheet. My follow-up is just maybe for Blake is your Marcellus well costs are guided down to $950 a foot in the second half versus $1,200 a foot in the first half. Talk to us about that decline? And what's the good go-forward run rate?

是的，這是一份晚上睡覺時的資產負債表。我的後續行動只是對布萊克來說，你的馬塞勒斯油井成本下半年會降至每英尺 950 美元，而上半年則是每英尺 1,200 美元。和我們談談這種下降嗎？好的前進速度是多少？

The decline is really just driven by the well set that we're bringing on that part of the year. We have some great, really long laterals that are in there and they trend on a lower dollar per foot. Run rate is kind of hard to pin down exactly, one, it depends if you're talking upper Marcellus lower Marcellus. I think it could be anywhere from $1,000 to $1,200 per foot. It's probably going to flow in there. Lateral lengths could drive that a little lower.

這種下降實際上是由我們在今年這段時間帶來的良好環境所推動的。我們有一些很棒的、非常長的支線，而且每英尺的價格趨勢較低。跑動率很難準確確定，一，這取決於你說的是上馬塞勒斯還是下馬塞勒斯。我認為每英尺可能在 1,000 美元到 1,200 美元之間。很可能會流到那裡。橫向長度可能會降低一點。

We'll move next to Neil Mehta at Goldman Sachs.

我們將接任高盛的尼爾梅塔 (Neil Mehta)。

Tom, really great quarter. The first question I had was just -- we've seen so much consolidation across the landscape -- the energy landscape. And certainly, you guys did your large deal a couple of years ago, but I just love your perspective on the role of Coterra and future consolidation and where do you see bid and ask and do you see any gaps in the portfolio?

湯姆，真是很棒的季度。我的第一個問題是——我們已經看到能源領域發生瞭如此多的整合。當然，你們幾年前做了一筆大交易，但我只是喜歡你們對 Coterra 的作用和未來整合的看法，以及你們在哪裡看到出價和要價，以及你們是否看到投資組合中存在任何差距？

Yes. I'll see that let Shane comment. We're -- the fact that we haven't announced the transaction. As you've heard me say before, shouldn't be misinterpreted that we're not active in the space. We're evaluating a lot of assets. We're looking at how they may fit into our portfolio and really evaluating them against what we think the market demands for those assets.

是的。我會看看讓謝恩發表評論。事實上，我們還沒有宣布這項交易。正如您之前聽我說過的，不應誤解為我們在該領域並不活躍。我們正在評估很多資產。我們正在研究它們如何融入我們的投資組合，並根據我們認為的市場對這些資產的需求來真正評估它們。

And I'll just slide out, say, as we've recently reviewed the landscape of deals, there's probably only 1 or 2 that we say, "Oh, we might have liked to have had that. But those were small bolt-ons. I think we feel pretty good about as we review the decisions we made on that. But we look at everything. And we have a lot of confidence in our operations team and would love to find more assets for them to say gray/silver. And we're going to remain curious and active on that. But I just don't want it to be misinterpreted that we're sleeping on the sidelines. We are actively engaged and have made tactical decisions to both firm.

我會滑出，比如說，正如我們最近回顧的交易情況一樣，可能只有一兩個我們會說，“哦，我們可能希望這樣。但那些都是小補充品我認為，當我們審查我們對此在做出的決定時，我們感覺非常好，但我們對我們的營運團隊充滿信心，並希望為他們找到更多的資產來表示灰色/銀色。被誤解為我們在袖手旁觀，我們正在積極參與並為兩家公司做出了戰術決策。

Shane, do you want to comment on that?

謝恩，你想對此發表評論嗎？

Yes. I'll just add on a couple of things. I wholeheartedly agree. The team has been executing incredibly well, and we'd love nothing more than to have an opportunity to put more assets and opportunity under their stewardship. And we think it helps in terms of execution in the field. We think it also plays into our strengths of capital allocation.

是的。我只補充幾件事。我完全同意。團隊的執行情況非常好，我們非常希望有機會將更多資產和機會置於他們的管理之下。我們認為這有助於現場執行。我們認為這也發揮了我們資本配置的優勢。

I think the bar has been and remains very high. And -- but I think if we were to find something that had the right strategic fit, the right valuation parameters and left the balance sheet in good shape, that would be something we'd be highly interested in.

我認為門檻一直很高，而且仍然很高。而且 - 但我認為，如果我們要找到具有正確戰略契合度、正確估值參數並且使資產負債表保持良好狀態的東西，那將是我們非常感興趣的東西。

And the follow-up also on M&A. You have been commodity agnostic. It seems to us and focus more on where you can generate the highest return. Is that the way you think about M&A as well? You're less focused on the product type and more focused on what's the best fit just perspective on Oil versus Gas and consolidation?

後續還有併購。你一直對商品不可知論。在我們看來，更專注於哪裡可以產生最高的回報。您也是這樣看待併購的嗎？您不太關注產品類型，而更關注石油與天然氣和整合的最佳視角是什麼？

Yes. I think our first lens is always financial on everything we do. Now all else being equal, things are never equal. And you get structural changes in the markets, both for Oil and Natural Gas. I would say all else being equal, we'd probably add a little more Oil to our portfolio. But check back with me 6 months from now on that. I mean we really have a history of feedback that if we focus on sound financials, we focus on asset quality, if we focus on the amount of windage we have between our price file and our cost of supply, that's the right focus.

是的。我認為我們所做的一切的第一個鏡頭始終是財務。現在，在其他條件都相同的情況下，事情永遠不會平等。石油和天然氣市場都會發生結構性變化。我想說的是，在其他條件相同的情況下，我們可能會在我們的投資組合中添加更多的石油。但請從現在起 6 個月後回來查看。我的意思是，我們確實有反饋歷史，如果我們關注穩健的財務狀況，我們就會關注資產質量，如果我們關注價格文件和供應成本之間的偏差，那就是正確的關注點。

And whether it's Gas, Oil or NGLs. I would say in our DNA, we have a fundamental indifference to that. But not to say we're not also interested in a balance. I mean completely, we want to balance our revenue mix.

無論是天然氣、石油或液化天然氣。我想說的是，在我們的基因中，我們對此有著根本的漠不關心。但這並不是說我們對平衡不感興趣。我的意思完全是，我們希望平衡我們的收入組合。

We'll go next to Betty Jiang at Barclays.

我們將去巴克萊銀行的 Betty Jiang 旁邊。

I want to ask about the 3-year outlook. You have beaten 2024, and that's flowing into a better 2025 and '26 numbers, which is great to see. With all the efficiency gains that you're talking about, is it fair to think that they would just continue to translate into a better outlook over the entire 3-year period and that you will just be delivering that 5-plus type of growth for maybe seeing to lower CapEx?

我想問一下3年的展望。你已經擊敗了 2024 年，並且正在進入更好的 2025 年和 26 年數字，這是很高興看到的。考慮到您所談論的所有效率提升，可以公平地認為它們會在整個 3 年期間繼續轉化為更好的前景，並且您將實現 5 倍以上的增長也許想降低資本支出？

Yes, I'll see that and I want Blake to comment. I think sometimes people give us credit for being better modelers than we are. We really do try to come out with outlooks that are aggressive and what we think we can achieve. We do not model in future cost reductions or future efficiencies unless we have line of sight to them. And that's kind of -- I have to kind of apologize for that because we are an innovative organization.

是的，我會看到的，我希望布萊克發表評論。我認為有時人們會稱讚我們是比我們更好的建模者。我們確實努力提出積極進取的前景以及我們認為我們能夠實現的目標。除非我們能夠預見未來的成本降低或未來的效率，否則我們不會對它們進行建模。這就是——我必須為此道歉，因為我們是一個創新組織。

We wake up every morning and we say, we've been highly successful and we're very sick of it because we never want success to get in our way of progress. You've heard us talk about progress versus comfort. So I'll tell you with great humility that when we laid out our 3-year plan in February, we were going to say 0 -- 5% oil growth, and we had a debate internally as to whether we say 5-plus percent. And that plus was hotly debated. And we said, "No, let's put the plus sign in because we might beat that."

我們每天早上醒來都會說，我們已經非常成功，但我們對此感到非常厭倦，因為我們從不希望成功阻礙我們的進步。您已經聽過我們談論進步與舒適。因此，我會非常謙虛地告訴你們，當我們在 2 月份制定 3 年計劃時，我們打算說石油增長 0 - 5%，我們內部就是否說 5% 以上進行了辯論。這一加號引起了激烈的爭論。我們說：“不，讓我們加上加號，因為我們可能會打敗它。”

And here in the last 2 years, we've added 10% Oil growth. It's not that we're sandbagging our model. It's that our organization is really innovative. But we can't -- we'd rather talk about results, than promise things that we can't solidly look in the eye and say, we will deliver it. So in some sense, it's a cultural issue, (inaudible) company. And if we end up under promising, we'd rather have that than overpromising.

在過去 2 年裡，我們的石油成長增加了 10%。這並不是說我們正在為我們的模型裝上沙袋。而是我們的組織確實具有創新性。但我們不能——我們寧願談論結果，也不願承諾那些我們無法堅定地看著並說我們會實現的事情。所以從某種意義上來說，這是一個文化問題（聽不清楚）的公司。如果我們最終承諾不足，我們寧願這樣也不願承諾太多。

Yes, Betty, I would just say, as I said in my earlier remarks, we still have strong conviction in the outlook that we put out in February. So 5% plus Oil growth, 0% to 5% BOE and Gas growth, all at $1.75 billion to $1.95 billion of annual capital. I think the results that we have delivered in the first quarter only gives us further conviction around that outlook. So we're still excited about it. And believe we'll be able to deliver it.

是的，貝蒂，我只想說，正如我在之前的演講中所說，我們仍然對二月發布的前景充滿信心。因此，石油成長 5% 以上，BOE 和天然氣成長 0% 至 5%，年資本總計為 17.5 億美元至 19.5 億美元。我認為我們第一季交付的結果只會讓我們對這一前景更加確信。所以我們仍然對此感到興奮。並相信我們能夠實現它。

Blake, do you want to say anything about the future position?

Blake，你對未來的職位有什麼想說的嗎？

I would just echo what Tom said. We don't bake in any efficiency gains in our 3-year outlook. What we're doing today is what we show. But as Tom said, the expectation here is that we get better every single year. We have a culture of operational excellence. That means what we did yesterday, will not cut it for today.

我只是重複湯姆所說的。在我們的三年展望中，我們沒有考慮任何效率提升。我們今天所做的就是我們所展示的。但正如湯姆所說，我們的期望是我們每年都變得更好。我們擁有卓越營運的文化。這意味著我們昨天所做的事情不會適用於今天。

And our teams are constantly looking for ways to drive our cost structure and efficiencies are expected. Now there's lots of other things that affect costs, what's the market going to do? How many rigs are running, how many crews are running? There's lots of things around our cost structure, we don't control.

我們的團隊不斷尋找方法來推動我們的成本結構和預期效率。現在還有很多其他因素影響成本，市場會做什麼？有多少台鑽孔機在運行，有多少工作人員在運行？我們的成本結構中有許多因素是我們無法控制的。

So -- we don't bake in anything. We don't bake in inflation, we don't bake in deflation, we don't bake in further efficiency gains. When we put out a guide, it's the way we see the world today.

所以——我們不烘烤任何東西。我們不會助長通貨膨脹，不會助長通貨緊縮，更不會助長效率進一步提高。當我們推出指南時，這就是我們今天看待世界的方式。

That's great. And it definitely can see the operational momentum across the board, and that's not an issue at all from a culture perspective. On a -- my follow-up, I want to ask about the Harkey. I think in your slide deck, you mentioned that you will go back to the Harkey on the Windham Row in Phase 2 within the next 12 months.

那太棒了。它肯定可以看到全面的營運勢頭，從文化角度來看這根本不是問題。在我的後續行動中，我想詢問有關 Harkey 的情況。我想在您的幻燈片中，您提到您將在未來 12 個月內回到第二階段的 Windham Row 的 Harkey。

Just wondering, is there any incremental savings that you can extract from that second phase Harkey, both from shares facilities or anything along that line that you can expect on the cost side? And then secondarily, Tom, you mentioned that you saw some benefit from codevelopment. So what does that -- what could that mean for the Harkey pad -- Harkey road development?

只是想知道，您是否可以從第二階段 Harkey 中獲得任何增量節省，無論是從共享設施還是從成本方面您可以預期的任何類似方面？其次，湯姆，您提到您看到了共同開發的一些好處。那麼這對 Harkey pad 和 Harkey 道路開發意味著什麼？

Yes. This is Blake. I'll take that one. The -- there are cost efficiencies when we come back. The biggest ones our pads are built, our facilities are built. This is why, historically, we like if we can develop benches separately, you can let a bench decline in volume, come right back in at another bench for very little incremental cost. So we will enjoy some of those cost savings when we come back from the Harkey possible codeveloped benefits, that's really what we're interested in learning about.

是的。這是布萊克。我會接受那個。當我們回來時，成本效率會提高。我們建造了最大的基地，建造了我們的設施。這就是為什麼，從歷史上看，我們喜歡如果我們可以單獨開發長凳，你可以讓長凳的數量下降，然後以很少的增量成本回到另一個長凳上。因此，當我們從 Harkey 可能的共同開發收益中回來時，我們將享受其中的一些成本節省，這確實是我們有興趣了解的。

We've just seen some results lately that says the performance of the Harkey is better when we codevelop with the Upper Wolfcamp versus overfill. And we're interested in learning more about that. But as Tom said, until we do, we're leaning in. We're going where the data takes us, and we'll see what these next round of codeveloped wells tell us.

我們最近看到的一些結果表明，與 Overfill 相比，當我們與 Upper Wolfcamp 共同開發時，Harkey 的表現更好。我們有興趣了解更多相關資訊。但正如湯姆所說，在我們這樣做之前，我們正在努力。 我們將按照數據的方向前進，我們將看看下一輪共同開發的油井會告訴我們什麼。

We'll move next to David Deckelbaum with TD Cowen.

接下來我們將與 TD Cowen 一起討論 David Deckelbaum。

I wanted to ask maybe a little bit of just a cost benefit analysis. You guys have been beating production now steadily largely on what appears to be cycle times and just finding ways to do things faster in the field, which is quite commendable. I think you guys articulated the benefits of cost savings on things like the Windham Row in the 10% range.

我想問一下成本效益分析。你們現在已經在很大程度上在周期時間上穩步擊敗了生產，並且只是找到了在現場更快地完成工作的方法，這是非常值得稱讚的。我認為你們闡述了像 Windham Row 這樣的專案節省 10% 成本的好處。

As you get better with some of the smaller projects, how do you think about that balance versus larger project savings? Or should we think that even with some of the faster accomplishments that you've achieved with smaller developments that you would be able to exponentially improve upon that as you get to larger developments?

當您在一些較小的項目上做得更好時，您如何看待這種平衡與較大項目的節省？或者我們應該認為，即使您透過較小的開發取得了一些更快的成就，當您進行更大的開發時，您也能夠以指數方式改進？

Yes, David, this is Blake. I'll take that one. I think it's important to iterate cost is an output of our decision-making. And so while lower cost really helped drive some of our economics, we are focused on total returns of our projects and the highest PVI. And so, if that ends up being a 3-well project in Lea County versus a 54-well project in Culberson County, we go where the PVIs tell us to go. And obviously, continued cost gains really help. Cycle times really help, but it doesn't drive where the rigs go. It really drives us that full economic analysis, and that's what we lean into.

是的，大衛，這是布萊克。我會接受那個。我認為重要的是要重申成本是我們決策的結果。因此，雖然較低的成本確實有助於推動我們的一些經濟效益，但我們更關注專案的總回報和最高的 PVI。因此，如果最終在 Lea 縣實施 3 口井項目，而在卡爾伯森縣實施 54 口井項目，我們將按照 PVI 的要求進行操作。顯然，持續的成本成長確實有幫助。循環時間確實有幫助，但它並不能驅動鑽孔機去哪裡。它確實推動我們進行全面的經濟分析，而這正是我們所依賴的。

An example of that, I love what Blake said, the cost isn't a first order driver. For now and again, we'll have a project either underway or soon to be underway. And our teams through additional science analysis, we'll propose spending more on completions on a project and drives the cost up. But we always look at the incremental benefit financially and make the best decision we can. We learned -- we all learned early on that you can't save yourself rich. You have to create value.

舉個例子，我喜歡布萊克所說的，成本不是一階驅動程式。時不時地，我們將有一個項目正在進行或即將進行。我們的團隊透過額外的科學分析，建議在專案完成上投入更多資金，並推高成本。但我們總是著眼於經濟上的增量收益，並盡可能做出最佳決策。我們很早就知道，你無法讓自己變得富有。你必須創造價值。

I appreciate the color on that. Maybe just pivoting to the Marcellus, a similar line of questioning on just how you thought through deferring completion activity versus curtailing existing production and keeping up with the completion kins, if there is sort of the inefficiency of drilling programs and frac crews that gets lost in that process or how you guys approach that sort of thought train?

我很欣賞它的顏色。也許只是轉向馬塞勒斯，一個類似的問題，關於你如何思考推遲完井活動與削減現有生產並跟上完井工作的步伐，如果鑽井計劃和壓裂人員效率低下，迷失在其中那個過程或者你們如何處理這種思考方式？

Sure. This is Blake. I'll take that one. Yes, it absolutely as a trade-off, you're spot on. Our preference is to run a frac crew continuously. We know that's when we get our best efficiencies. But, once again, it's back to that investment case and what are the economics of the project.

當然。這是布萊克。我會接受那個。是的，這絕對是一種權衡，你說得對。我們的偏好是持續運作壓裂人員。我們知道那是我們獲得最佳效率的時候。但是，這又回到了投資案例以及專案的經濟效益。

And while that might give us better efficiencies, given where gas prices are, we just can't have that level of investment in the Marcellus right now. We need to slow down. We need to throttle down. And so that does mean usually giving up a little bit of efficiency but that's still the prudent capital decision to make, and that's why we're doing it.

雖然這可能會為我們帶來更高的效率，但考慮到天然氣價格，我們現在無法對馬塞勒斯進行如此程度的投資。我們需要放慢速度。我們需要節流。因此，這通常意味著要放棄一點效率，但這仍然是謹慎的資本決策，這就是我們這樣做的原因。

I want to give a little different spin on an answer here, David. The Marcellus is a great operating area, and we are very constructive on natural gas prices. But I'm also going to tell you that, as you know, we've reentered a part of the field that hasn't seen drilling over time. And we're very pleased to be doing that. And this just gets to my being a responsible operator and communities we operate.

大衛，我想在這裡對答案給出一些不同的解釋。馬塞勒斯是一個很棒的作業區，我們對天然氣價格非常有建設性。但我還要告訴你，正如你所知，我們已經重新進入了一段時間以來沒有進行過鑽探的領域。我們很高興這樣做。這讓我成為一個負責任的運營商和我們運營的社區。

Susquehanna County 20 years ago was one of the Forest Counties in Pennsylvania. And because of the resource development there, that county is thriving. And there's a whole group of landowners that have participated in that because we've been -- had an area we are precluded from drilling it. And so we want to be really thoughtful before we just defer completions there. And we're going to continue to have an ongoing activity and not that we're going to be financially reckless because we won't. But our impact on the community is part of our decision-making.

20 年前，薩斯奎哈納縣還是賓州的森林縣之一。由於那裡的資源開發，該縣正在蓬勃發展。有一大群土地所有者參與了這項工作，因為我們一直有一個區域被禁止鑽探。因此，在推遲竣工之前，我們要深思熟慮。我們將繼續進行持續的活動，而不是在財務上魯莽行事，因為我們不會。但我們對社區的影響是我們決策的一部分。

We'll go to our next question from Scott Gruber at Citigroup.

我們將回答花旗集團的史考特‧格魯伯提出的下一個問題。

Tom, long-dated gas because they have been moving higher on all the data center growth excitement, how would you think about capital allocation between Anadarko and the Marcellus, if the forward curve is right, and we're in the $3.50 to $4 range, in late '25, '26? And Oil is still healthy, call it, in the 70s. How would you think about that allocation?

湯姆，長期天然氣，因為他們一直在數據中心增長的興奮中走高，如果遠期曲線正確，並且我們在3.50 美元到4 美元的範圍內，您如何看待阿納達科和馬塞勒斯之間的資本分配，在 25 年末、26 年？石油在 70 年代仍然很健康。您如何看待這種分配？

Well, I wouldn't have to thank very hard. I'd look at the incremental economics and we go where the best economics are. We have tremendous gas resources in both basins. The -- and Anadarko has natural gas liquids, which really provides an economic boost. But the Marcellus has amazingly low cost of supply, and we produce pure methane, which we just have to compress and put into an air state line, so -- or a pipeline.

好吧，我不用非常感謝。我會研究增量經濟學，然後我們就會去最好的經濟學。我們在這兩個盆地都擁有豐富的天然氣資源。阿納達科擁有液化天然氣，確實促進了經濟發展。但馬塞勒斯的供應成本低得驚人，而且我們生產純甲烷，我們只需將其壓縮並放入空氣狀態管道或管道中。

And so we would look at the economics. I think if we were -- if some of the promise comes through on the increased need for natural gas and electricity generation, you probably see us increase activity in both basins and also seek creative long-term contracts that might give us exposure to electricity pricing.

所以我們會關注經濟學。我認為，如果我們的一些承諾兌現了天然氣和發電需求的增加，您可能會看到我們增加這兩個盆地的活動，並尋求創造性的長期合同，這可能會讓我們接觸到電價。

Blake, you want to comment on that?

布萊克，你想對此發表評論嗎？

Yes, sure. I mean we're all learning this AI power demand story together, and there's a lot of unknowns, but there's a lot of excitement the power gen that's going to be required is huge. Lots of it looks like it's going to come on the East Coast. That's very proximal to our asset. There's a lot of existing pipes there that we can easily get our gas to those markets. And we're very interested. We're talking to a lot of these folks directly trying to understand their business and their needs, and we will be ready to participate.

是的，當然。我的意思是，我們都在共同了解這個人工智慧電力需求的故事，有很多未知因素，但令人興奮的是，所需的發電量是巨大的。其中許多看起來都將出現在東海岸。這非常接近我們的資產。那裡有很多現有的管道，我們可以輕鬆地將天然氣輸送到這些市場。我們非常感興趣。我們正在與許多人直接交談，試圖了解他們的業務和需求，我們將準備好參與。

It's exciting. We'll wait for a word. And then just turning back to Windham Row. Just curious, you mentioned doing simul-frac on half the wells. What's the limitation there, why not doing on all the wells? Is it comfort with the technique or tag configuration or scheduling the frac crews? Just some color on the limitation there? And if there's any upside to doing it on more than half?

是興奮的。我們會等一個字。然後轉身回到溫德姆街。只是好奇，你提到要對一半的井進行同步壓裂。有什麼限制，為什麼不對所有的井都進行呢？對技術、標籤配置或壓裂人員的安排是否滿意？只是限制上有一些顏色嗎？如果超過一半的人這樣做有什麼好處嗎？

Yes, Scott, it's Blake. I'll take that. That's a great question. And I think it's something that gets missed sometimes in simul-frac is you really have to have an optimal pad with a lot of wellheads on one pad to optimize the cost savings. There is sometimes where you might some frac and save no money because a simul frac crew is just basically 2 frac crews smashed together. So you're paying a lot of money for that crew to be there. The efficiencies come when you have a lot of wells on one pad. And just the layout of these drill spacing units doesn't always give us enough wells per pad to use simul-frac optimally. So it's back to that whole cycle analysis. The goal is not to simul-frac everything. The goal is to make the most economic wells. And so we're only chasing it where it makes sense.

是的，史考特，是布萊克。我會接受的。這是一個很好的問題。我認為，在同步壓裂中有時會忽略的一點是，您確實必須擁有一個最佳的平台，一個平台上有很多井口，以優化成本節約。有時，您可能會進行一些壓裂，但卻無法省錢，因為同時壓裂人員基本上只是 2 個壓裂人員壓在一起。所以你要為那些工作人員付出很多錢。當一個墊上有很多孔時，效率就會提高。僅這些鑽距單元的佈局並不總是為我們提供足夠的井數以最佳地使用同時壓裂。所以回到整個週期分析。目標不是同時壓裂一切。目標是打出最經濟的油井。所以我們只在有意義的地方追逐它。

Our next question comes from Neal Dingmann at Truist.

我們的下一個問題來自 Truist 的 Neal Dingmann。

My first question comes for you or Blake, maybe on inventory, specifically. Looking at Slide 5, you had an interesting comment that I think makes a lot of sense, and that's you all suggest that the total fluctuates based on things like well spacing cost, cadence and the like. And I'm just wondering how aggressive or conservative would you consider your estimates versus what you've seen play out in the trends in recent quarters?

我的第一個問題是問你或布萊克的，可能是關於庫存的。看看投影片 5，你有一個有趣的評論，我認為這很有道理，那就是你們都建議總數根據井距成本、節奏等因素而波動。我只是想知道，與您在最近幾季看到的趨勢相比，您認為您的估計有多激進或保守？

Well, I'll just say, we have future landing zones that are not modeled in that inventory. But we want to be very careful with how we talk about inventory. And when I say that, I mean, we want to deliver what we promise. And so we don't throw the kitchen sink in, although our inventory today has zones that we didn't have in our inventory a few years ago. There are still zones to be tested, both shallow and deep. And we're pretty optimistic about our ability to extract maximum value out of an acre of land. But the inventory we published is one that we think we can deliver.

好吧，我只想說，我們未來的著陸區並未在該庫存中建模。但我們要非常小心地談論庫存。當我這麼說時，我的意思是，我們希望兌現我們的承諾。因此，我們不會把廚房水槽扔進去，儘管我們今天的庫存有一些幾年前我們的庫存中沒有的區域。仍有一些淺層和深層區域有待測試。我們對從一英畝土地中獲取最大價值的能力非常樂觀。但我們發布的庫存是我們認為可以提供的庫存。

Very good. And then just a second question on capital spend. Specifically, I noticed what I think now what is about 70% of CapEx is directly from Upper Marcellus. Is this a result of just productivity that you highlight on Slide 19 or what's driving the spend in the upper area?

非常好。然後是關於資本支出的第二個問題。具體來說，我注意到我現在認為大約 70% 的資本支出直接來自 Upper Marcellus。這僅僅是您在投影片 19 上強調的生產力的結果還是推動上部區域支出的因素？

Well, we have some great upper locations in the field. Our Tier 1 uppers really long lateral lengths, competitive economics. And so they're just competing for capital. But also the upper is the future of the assets. So we're -- we like having activity in the upper. We're still learning about it. We're still trying to understand our well spacing and our frac design. And it's important, we continue projects in that zone.

嗯，我們在球場上有一些很棒的位置。我們的 Tier 1 鞋面橫向長度非常長，具有競爭力的經濟性。所以他們只是在爭奪資本。但更重要的是資產的未來。所以我們——我們喜歡在上層進行活動。我們仍在了解它。我們仍在努力了解我們的井距和壓裂設計。重要的是，我們繼續在該地區開展專案。

We'll go next to Derrick Whitfield at Stifel.

我們將前往 Stifel 的 Derrick Whitfield 旁邊。

Tom or Shane, a bit of a build on an earlier question. If gas prices were to continue to underperform throughout 2024. How would you weigh or evaluate the decision between reallocation of CapEx and increased return of capital? I suspect your Anadarko and Permian teams would like more capital.

湯姆或謝恩，是在先前的問題的基礎上提出的。如果天然氣價格在 2024 年持續表現不佳。我懷疑你們的阿納達科和二疊紀團隊想要更多的資金。

Yes. You're saying the Marcellus pricing stays kind of in and around where it is like this through the rest of the year?

是的。您是說馬塞勒斯的定價在今年剩餘時間維持在這樣的水平？

That is correct.

那是對的。

Yes. Well, look, here's what I'd say is we do build in a lot of flexibility into our capital planning. And a couple of that's really foundational to that and a couple of things. One, some plans to accelerate if market environment changes and things get better and also to decelerate if they deteriorate or, in this case, don't firm up a little bit.

是的。好吧，我想說的是，我們確實在資本規劃中建立了巨大的彈性。其中有一些是真正的基礎，還有一些事情。第一，如果市場環境改變且情況好轉，有些計畫會加速；如果情況惡化，或在這種情況下不會稍微堅挺，有些計畫也會減速。

I think the second element is we don't engage in a lot of long-term contracting. And that's really what gives us the flexibility to make those adjustments as we go. And I would say we maintain that flexibility as we get to the end of this year and into next year, if that's what the market signals say, and that's what translates through into the economics. We certainly have a great set of inventory that we just talked about throughout the portfolio that would have a call on, on capital if prices remain like this for an extended period of time.

我認為第二個要素是我們沒有簽訂大量的長期合約。這確實讓我們能夠靈活地進行調整。我想說的是，到今年年底和明年，我們將保持這種靈活性，如果市場訊號如此，並且這也將轉化為經濟。我們當然擁有大量庫存，我們剛才在整個投資組合中談到了這些庫存，如果價格長期保持這樣的水平，就會需要資本。

As my follow-up, regarding the deferred turn-in-lines in the Marcellus. How long would you technically be comfortable in deferring the wells before you'd be concerned with compromising the effectiveness or integrity of the completion?

作為我的後續行動，關於馬塞勒斯的延遲上交。從技術上來說，在您擔心完井的有效性或完整性受到損害之前，您願意將油井推遲多久？

We've looked at that long and hard and we don't see a degradation in shut-in time. There's a history as you go back a decade of fairly significant shut-ins. We don't really have a time clock attached to it. But I -- we're anticipating turning these wells online later in the year. And we're -- our data tells us that those reservoirs will not suffer because of it. And part of that is because we don't produce much water there. And so you don't really have the issues that you might have in the other basins.

我們對此進行了長期而艱苦的研究，我們沒有看到停工時間的惡化。回顧十年前，有一段相當嚴重的停工歷史。我們其實並沒有附上時鐘。但我們預計將在今年稍後將這些油井投入使用。我們的數據告訴我們，這些水庫不會因此而受到影響。部分原因是我們在那裡生產的水不多。因此，您實際上不會遇到其他盆地可能遇到的問題。

We'll go next to Leo Mariani at Roth MKM.

我們將前往 Roth MKM 的 Leo Mariani 旁邊。

I wanted to just dive in a little bit more to CapEx here. I wanted to kind of get a sense on sort of how the numbers are trending. See second quarter CapEx is going higher, do you expect CapEx to kind of come down a little bit in the second half versus the first half, is kind of second quarter, potentially the peak here and -- when you talk about flexibility in the program, I know you mentioned a couple of times, potentially room for more activity. Is that more just kind of a function of some of the savings you've seen year-to-date?

我想在這裡深入探討資本支出。我想了解一下這些數字的趨勢。看到第二季度的資本支出會更高，您是否預計下半年的資本支出會比上半年有所下降，是第二季度，可能是這裡的峰值，並且當您談論計劃的靈活性時，我知道您曾多次提到，可能有更多活動的空間。這是否更像是您今年迄今為止所節省的一些費用的函數？

Leo, thanks for the question. And look, there's a couple of things I would just point to, one, Hana put together a great slide, a new slide in the deck, in the appendix 33 that sort of shows where some of the activity is over the course of the year. And your point that you just made around, does it feel like the second quarter could be a peak capital quarter and then the back half of the year, if you take the residual and divide by 2, that may be a lower number than that.

利奧，謝謝你的提問。看，有幾件事我只想指出，一，Hana 在附錄 33 中整理了一張很棒的幻燈片，一張新幻燈片，顯示了一年中的一些活動。你剛才提出的觀點是，是否感覺第二季度可能是資本高峰季度，然後是今年下半年，如果你取餘數並除以 2，那可能會比這個數字更低。

And that sort of bears itself out, I think, on this page. So I don't -- yes, I think you're interpreting the data the right way in terms of what the pace could look like for 2024.

我認為這一點在這一頁上得到了證實。所以我不認為——是的，我認為你正在以正確的方式解釋數據，以了解 2024 年的成長速度。

Okay. I appreciate that. Then I just wanted to follow up a little bit on kind of Upper Marcellus. As you look out the next couple of years, do you see the Upper Marcellus becoming kind of a increasing percentage of your overall Marcellus activity. Is that going to be just kind of driven by somewhat the depletion of the lower Marcellus in the inventory stack here?

好的。我很感激。然後我只是想跟進一下上馬塞勒斯的情況。展望未來幾年，您是否會發現上馬塞勒斯在整個馬塞勒斯活動中所佔的比例越來越大。這是否只是由於這裡的庫存堆疊中較低的馬塞勒斯的耗盡所致？

Yes, Leo, you nailed it. It's -- the Lower Marcellus has been a wonderful zone, and we know all the remaining sticks, and we plan on drilling them here in the next few years. And the remaining is all the upper. That's the future of the asset. And so as we are chewing through our lower inventory, you'll see more upper come in each year. We're really focused on testing and delineating the upper and just proving it out. But yes, depending on capital spend, the upper will be a bigger and bigger portion of our program.

是的，利奧，你做到了。下馬塞勒斯是一個很棒的區域，我們知道所有剩餘的鑽桿，我們計劃在未來幾年內在這裡鑽探它們。而剩下的全是上層。這就是資產的未來。因此，當我們消化較低的庫存時，您會看到每年都會有更多的上層庫存進來。我們真正專注於測試和描繪鞋面並證明它。但是，是的，根據資本支出，上部將成為我們計劃中越來越大的部分。

Okay. No, that's helpful. But it sounds like the message is you think the upper can be very, very competitive with other gas assets as you look at it today?

好的。不，這很有幫助。但聽起來你認為鞋面與其他天然氣資產相比具有非常非常大的競爭力，就像你今天看到的那樣？

Yes. I mean there's parts of the field that are super competitive, but I'll just caveat the Lower Marcellus in this asset is some of the absolute best rock in all of the Lower 48. And I don't think it's going to compete with the cream with a crop lower that's been drilled. But there's -- it's still very competitive in our capital allocation.

是的。我的意思是，這個領域的某些部分競爭非常激烈，但我只是要警告一下，這個資產中的 Lower Marcellus 絕對是所有 Lower 48 中最好的搖滾之一。已鑽孔的作物下部的奶油。但我們的資本配置仍然非常有競爭力。

Yes. And Leo, competitiveness is always a function of well performance, but also price. And that's a nice thing about Coterra where we said is we really do have an asset mix allows us to shift capital and allocate it based on those changes. So competitiveness of assets is not a static thing.

是的。對於 Leo 而言，競爭力始終取決於良好的性能，但也取決於價格。 Coterra 的一個好處是，我們確實擁有資產組合，使我們能夠根據這些變化轉移資本並進行分配。所以資產競爭力不是靜態的東西。

Next, we'll go to Charles Meade at Johnson Rice.

接下來，我們將前往約翰遜萊斯 (Johnson Rice) 的查爾斯米德 (Charles Meade)。

Just one question for me, and it's around the way you guys are going to approach the Marcellus in the back half of the year. I think you -- I heard you mentioned in your prepared comments that your plan has you guys turning some wells on in July. And as I think about recent history up in the Marcellus, a lot of times, we can see a good price bounce in the summer, but then we see another bout of weakness in the fall when the cooling demand goes away.

只是問我一個問題，這與你們在今年下半年接近馬塞勒斯的方式有關。我想你——我聽到你在準備好的評論中提到，你的計劃讓你們在七月打開一些油井。當我思考馬塞勒斯最近的歷史時，很多時候，我們可以看到夏季價格的良好反彈，但隨後當需求降溫消失時，我們會在秋季看到另一輪疲軟。

So is there a scenario where you guys bring some wells on in July and then curtail them or kind of you shut them in again in the fall? Or is it more along the lines of once you guys decide to bring them on? You're just going to -- you're going to keep them on and does that bias you to turn them on later?

那麼，是否會出現這樣的情況：你們在七月開動一些油井，然後削減它們，或者在秋季再次關閉它們？或者說，一旦你們決定讓他們上場，情況就更類似了？你只是想要——你要讓它們保持打開狀態，這是否會導致你稍後再打開它們？

Yes. I'll just -- I'll answer your question with the analogy. We've said from day 1 that the way we manage our program is not a rifle shot, it's a guided missile. So sitting here and saying we're going to turn wells on in July, that's talking about a rifle shot. We're going to guide that missile every step of the way. We typically don't manage our production up and down with the near-term price file.

是的。我會用類比來回答你的問題。我們從第一天起就說過，我們管理專案的方式不是步槍射擊，而是飛彈。所以坐在這裡說我們將在七月打開水井，這是在談論步槍射擊。我們將全程引導導彈。我們通常不會根據近期價格文件來上下管理我們的產量。

It usually takes something structural for us to make production decisions around price. And that's the luxury of having low-cost supply, by the way. Right now, we have a structural issue with low gas prices, which is why we've turned those in line. And I'll just say that July is what we're carrying in our current model, and we're going to make the best business decision and model will be down.

我們通常需要一些結構性的東西來圍繞價格做出生產決策。順便說一句，這就是擁有低成本供應的奢侈。目前，我們面臨低油價的結構性問題，這就是我們調整這些政策的原因。我只想說，七月是我們目前模型中所採用的，我們將做出最好的業務決策，模型將會下降。

So I want to make sure of that. But I don't think you'd see us ramp our production up and down with a changing price file. We just like to get north of a place where with the low-cost supply, we don't have to worry about it.

所以我想確定這一點。但我認為你不會看到我們隨著價格文件的變化而上下調整產量。我們只是喜歡去北方一個有低成本供應的地方，我們不必擔心。

And that concludes our Q&A session. I will now turn the conference back over to Tom Jorden for closing remarks.

我們的問答環節到此結束。現在我將把會議轉回湯姆·喬丹致閉幕詞。

Yes. I just want to thank everybody. Great set of questions. We are very pleased to present the results we presented last night and look forward to repeating that. And as I said many times on this call, it's our -- talking about results is the conversation we want to have. So thank you all very much for your participation this morning.

是的。我只想感謝大家。很棒的一組問題。我們非常高興地展示昨晚的結果，並期待重複這一點。正如我在這次電話會議上多次說過的那樣，我們想要進行的對話是談論結果。非常感謝大家今天早上的參與。

And this concludes today's conference call. Again, thank you for your participation. You may now disconnect.

今天的電話會議到此結束。再次感謝您的參與。您現在可以斷開連線。