Coterra Energy Inc (CTRA) 2024 Q2 法說會逐字稿

Hello! Good morning, and welcome to the Coterra Energy 2024 earnings call. At this time, all participants are in a listen-only mode until the question-and-answer session at the end of today's conference.

你好！早安，歡迎參加 Coterra Energy 2024 年財報電話會議。此時，所有與會者都處於只聽模式，直到今天會議結束的問答環節。

I will now turn the call over to Dan Guffey, Vice President in Finance, Investor Relations and Treasury.

我現在將把電話轉給財務、投資者關係和財務副總裁 Dan Guffey。

Thank you, operator. Good morning, and thank you for joining Coterra Energy's second 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. Following our prepared remarks, we will take your questions during our Q&A session.

謝謝你，接線生。早安，感謝您參加 Coterra Energy 2024 年第二季財報電話會議。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。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。

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.

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，我們的一些評論將參考非公認會計準則財務指標。我們的收益發布和更新的投資者簡報中提供了前瞻性陳述和其他免責聲明，以及與最直接可比較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. Thank you to all that are joining us this morning. We're pleased to discuss our second quarter results with you this morning.

謝謝你，丹。感謝今天早上加入我們的所有人。我們很高興今天早上與您討論我們的第二季業績。

Coterra had an excellent second quarter. We delivered strong financial results and a robust return of capital to our owners. We beat production guidance on all three streams. Oil, natural gas, and natural gas liquids, came in on the low end of our capital guidance range, and delivered capital efficiency that demonstrates the quality of our assets and our organization.

Coterra 在第二季度表現出色。我們為所有者帶來了強勁的財務業績和強勁的資本回報。我們在所有三個流程上都超越了生產指導。石油、天然氣和液化天然氣處於我們資本指導範圍的低端，並提供了證明我們資產和組織品質的資本效率。

Shane and Blake will walk you through the details of our quarterly results and updated guidance. I would like to make a few comments regarding our positioning in the marketplace, gas, macro outlook, and perspectives on M&A.

肖恩和布萊克將引導您詳細了解我們的季度業績和更新的指導。我想就我們的市場定位、天然氣、宏觀前景以及併購觀點發表一些評論。

First, we've never felt better about our portfolio of assets. Coterra is uniquely positioned in the marketplace. Although we saw a 42% drop in realized natural gas prices between Q1 and Q2 2024, our revenue only declined a modest 12%. This financial resiliency affords us the opportunity to make sustained long-term capital allocation decisions without being buffeted by short-term commodity swings.

首先，我們對我們的資產組合的感覺從未如此好過。Coterra 在市場中具有獨特的地位。儘管我們看到 2024 年第一季至第二季的天然氣實際價格下降了 42%，但我們的收入僅小幅下降了 12%。這種財務彈性使我們有機會做出持續的長期資本配置決策，而不會受到短期商品波動的影響。

In a cyclic business, flexibility is the coin of the realm. The combination of our balanced revenue stream, as well as our geographic and geologic diversity, gives us market flexibility. Additionally, our inventory depth and lack of long-term service contracts affords us the luxury to focus solely on the best capital allocation decisions. We can pivot between the Marcellus, the Anadarko, and the Permian as conditions and opportunities warrant.

在週期性業務中，靈活性是最重要的。我們平衡的收入流以及地理和地質多樣性的結合為我們提供了市場靈活性。此外，我們的庫存深度和缺乏長期服務合約使我們能夠專注於最佳資本配置決策。如果條件和機會允許，我們可以在馬塞勒斯盆地、阿納達科盆地和二疊紀盆地之間進行轉向。

Next, a few thoughts on the gas macro. Simply put, gas markets are oversupplied. After bottoming out near 97 Bcf per day in May, U.S. natural gas production has rebounded to over 102 Bcf per day. This increase has come primarily from the Marcellus and the Permian, with the Marcellus contributing the lion's share.

接下來，關於天然氣宏觀的一些想法。簡而言之，天然氣市場供應過剩。美國天然氣產量在 5 月觸底接近每天 97 Bcf 後，已反彈至每天 102 Bcf 以上。這一增長主要來自馬塞勒斯盆地和二疊紀盆地，其中馬塞勒斯盆地貢獻了最大份額。

Although natural gas power demand has steadily increased over the past four years, largely driven by the retirement of coal-fired generation, a mild winter and inconsistent run time in LNG facilities have contributed to a near-term oversupply.

儘管天然氣電力需求在過去四年中穩步增長，主要是由於燃煤發電的退役，但溫和的冬季和液化天然氣設施的運行時間不一致導致了近期的供應過剩。

Northeast storage is trending at or near the five-year max. Although we remain bullish on gas long-term, near-term supply-demand dynamics are placing downward pressure on natural gas prices and likely will continue to do so throughout the remainder of injection season.

東北地區的儲存趨勢已達到或接近五年最高水準。儘管我們長期看好天然氣，但近期供需動態正在給天然氣價格帶來下行壓力，而這種壓力可能會在整個注入季節的剩餘時間內繼續存在。

To that end, we have made the decision to curtail production once again in the third quarter. Additionally, we are exploring the option of delaying upcoming Marcellus turn-in lines and curtailing planned drilling and completion activity. We do not expect any of these decisions to materially impact our 2024 cash flow.

為此，我們決定在第三季再次減產。此外，我們正在探索推遲即將到來的馬塞勒斯交付線並減少計劃中的鑽井和完井活動的選擇。我們預計這些決定不會對我們 2024 年的現金流產生重大影響。

These curtailments of potential capital changes are tactical responses to a temporary situation. Our capital allocation decisions are not made in response to fluctuations in the near-term strip. They are in response to macro market conditions. We have plans in place to rapidly restore or curtail activity in response to these changing macro conditions.

這些潛在資本變化的限制是對臨時情況的戰術反應。我們的資本配置決策並不是根據近期的波動做出的。它們是對宏觀市場狀況的回應。我們已製定計劃，以迅速恢復或削減活動，以應對這些不斷變化的宏觀條件。

With increasing LNG exports and growing natural gas power demand, we have a line of sight to a materially better natural gas market. Our industry does not need $5 gas to have a healthy runway. We do, however, need sustainable price support in the mid-$3s or better to motivate producers to bring incremental gas to market to meet growing demand. We remain ready and willing to do our part. When natural gas prices recover, and they will recover, Coterra is nicely positioned with significant exposure to the upside.

隨著液化天然氣出口的增加和天然氣電力需求的成長，我們看到了天然氣市場的實質改善。我們的行業不需要 5 美元的汽油來擁有健康的跑道。然而，我們確實需要 3 美元左右或更好的可持續價格支持，以激勵生產商將增量天然氣推向市場，以滿足不斷增長的需求。我們隨時準備好並願意盡自己的一份心力。當天然氣價格回升時，並且將會回升，Coterra 處於有利位置，具有顯著的上行空間。

Drilling and completion dollars are far and away the most significant expenditures we make. Rather than just curtailing existing production, the biggest impact on Coterra in responding to an oversupplied market will come from delaying or deferring drilling and completion investments.

鑽井和完井費用無疑是我們最重要的支出。Coterra 在應對市場供應過剩方面所受到的最大影響將不僅僅是削減現有產量，而是推遲或推遲鑽井和完井投資。

Remember, we do not manage Coterra around production goals. Production is an outcome of sound investment decisions. Our existing production is the consequence of yesterday's capital allocation decisions. We believe that it is never wise to make poor investment decisions to maintain or increase production, nor to assign any of our business units a budget that is there, fair share of capital.

請記住，我們不會圍繞生產目標來管理 Coterra。生產是明智投資決策的結果。我們現有的生產是昨天資本配置決策的結果。我們認為，為維持或增加產量而做出糟糕的投資決策，或為我們的任何業務部門分配現有的預算、公平的資本份額，都是不明智的。

Today's decisions should be based upon today's reality. At current commodity prices, much of the Marcellus does not compete with other opportunities in our portfolio. Our core mission is to allocate capital prudently and prioritize our most profitable programs. The most profitable long-term Coterra will best be built by this disciplined capital allocation.

今天的決定應該是基於今天的現實。按照目前的商品價格，Marcellus 的大部分產品不會與我們投資組合中的其他機會競爭。我們的核心使命是謹慎分配資本並優先考慮最有利可圖的項目。最有利可圖的長期 Coterra 最好透過這種嚴格的資本配置來建立。

We maintain the option to redirect capital to multiple other opportunities within our portfolio or to reduce capital expenditures. We remain focused on per share value creation through the cycles.

我們保留將資本重新定向到我們投資組合中的多個其他機會或減少資本支出的選擇。我們仍然專注於整個週期中每股價值的創造。

Now, a few thoughts on M&A. Coterra has established a track record of outstanding execution, consistent top-Tier financial returns, and disciplined capital allocation among a diverse portfolio of assets. Adding quality assets to our portfolio would play to our strengths, and we have confidence that our organization would manage them exceptionally well. However, quality assets are only half the equation. The assets must come at a reasonable price, including a margin of safety. Buying assets at discount rates that are at or near our cost of capital at high commodity prices can be a recipe for disaster.

現在，談談關於併購的一些想法。Coterra 建立了出色的執行力、持續的頂級財務回報以及在多元化資產組合中嚴格的資本配置的記錄。將優質資產添加到我們的投資組合中將發揮我們的優勢，我們相信我們的組織將出色地管理它們。然而，優質資產只是等式的一半。資產必須以合理的價格出售，包括安全邊際。以高商品價格以等於或接近我們資本成本的折扣率購買資產可能會導致災難。

Upswings in commodity prices, new technology or new geologic zones can save the purchaser, but disaster waits patiently on the other side. It will wait for a significant sustained downdraft in commodity prices and strike with lethal precision. Furthermore, disaster loves deals that are measured on single metrics, such as near-term free cash flow. We have seen this movie play out repeatedly in our industry. This is not a commentary on any particular deal, but a reflection on lessons learned through the years.

大宗商品價格上漲、新技術或新地質區域可以拯救購買者，但災難卻在耐心等待。它將等待大宗商品價格大幅持續下跌，並以致命的精準打擊。此外，災難喜歡以單一指標衡量的交易，例如短期自由現金流。我們已經看到這部電影在我們的行業中反覆播放。這不是對任何特定交易的評論，而是對多年來經驗教訓的反思。

Coterra has a deep and diverse inventory, significant and sufficient scale, and a pristine balance sheet that we will defend vigorously. We would love to add assets to our portfolio, but they must offer a combination of quality and value. We are willing to be patient, disciplined, and counter-cyclical. We are also willing to be lonely.

Coterra擁有深度且多樣化的庫存、顯著且充足的規模以及我們將大力捍衛的原始資產負債表。我們很樂意在我們的投資組合中添加資產，但它們必須提供品質和價值的結合。我們願意保持耐心、遵守紀律、反週期。我們也甘願孤獨。

Finally, last night we also released our 2024 sustainability report. We hope that you will find it to be a readable, fact-based discussion of the tremendous progress we have made, as well as the ongoing challenges we face. We remain committed to operational excellence with emissions reduction as a central tenant.

最後，昨晚我們也發布了2024年永續發展報告。我們希望您會發現這是對我們所取得的巨大進步以及我們面臨的持續挑戰的可讀的、基於事實的討論。我們仍然致力於以減少排放為核心的卓越營運。

Our organization is focused on this mission from the field to the C-Suite. We are deeply proud of this commitment and of the progress that we have delivered. We strive for an authentic voice when discussing these topics, and we hope you will find that our sustainability report reflects this.

我們的組織從現場到最高管理階層都專注於此使命。我們對這項承諾和我們所取得的進展深感自豪。在討論這些主題時，我們力求發出真實的聲音，我們希望您會發現我們的永續發展報告反映了這一點。

With that, I will turn to call over to Shane and Blake, who will provide detail on our quarterly results and outlook. First, let's hear it from Shane.

接下來，我將致電肖恩和布萊克，他們將提供有關我們季度業績和前景的詳細資訊。首先，讓我們聽聽謝恩的說法。

Thank you, Tom. Thank you, everyone, for joining us on today's call.

謝謝你，湯姆。謝謝大家參加今天的電話會議。

This morning, I will focus my comments on three areas. First, I will summarize the financial highlights from our second quarter results. Then, I will provide production and capital guidance for the third quarter, as well as an update of the full year 2024 guide. Finally, I will provide highlights from the progress of our shareholder returns program.

今天上午，我將重點放在三個方面發表評論。首先，我將總結第二季業績的財務亮點。然後，我將提供第三季的生產和資本指導，以及 2024 年全年指南的更新。最後，我將重點介紹我們股東回報計畫的進展。

Turning to our strong performance during the second quarter. Second quarter total production averaged 669 MBoepd, with oil averaging 107.2 MBopd and natural gas averaging 2.78 Bcf per day. Oil, natural gas, and BOE production each came in just above the high end of guidance, driven by a combination of a modest acceleration of timing and strong well performance.

轉向我們第二季的強勁表現。第二季總產量平均為 669 MBoepd，其中石油平均為 107.2 MBoepd，天然氣平均為 2.78 Bcf 每天。在適度加速和強勁的油井表現共同推動下，石油、天然氣和京東方產量均略高於指導上限。

In the Permian, we brought online 23 net wells during the quarter, in line with our 23 net well midpoint guidance. In the Marcellus, we brought online 12 previously deferred wells for a few days in June to de-water the development, but they contributed negligible volumes during the quarter, approximately 18 million cubic feet per day, or less than 0.1% of second quarter gas volumes.

在二疊紀盆地，本季我們上線了 23 口淨井，符合我們 23 口淨井的中點指引。在Marcellus，我們在6 月將12 口先前推遲幾天的井投入運行，以對開發項目進行脫水，但它們在本季度貢獻的量可以忽略不計，約為每天1800 萬立方英尺，或不到第第二季天然氣的0.1%卷。

The higher than expected gas production in the quarter was primarily due to strong base production and outperformance of wells turned in line during the first quarter. We also turned in line 15 net wells in the Anadarko region, just above the high end of our guidance range.

本季天然氣產量高於預期，主要是由於基礎產量強勁以及第一季投產的油井表現出色。我們也在阿納達科地區上交了第 15 口淨井，略高於我們指引範圍的上限。

During the second quarter, pre-hedge revenues were approximately $1.3 billion, of which 75% was generated by oil and NGL sales. We reported net income of $220 million or $0.30 per share, and adjusted net income $272 million or $0.37 per share.

第二季度，對沖前收入約為 13 億美元，其中 75% 來自石油和 NGL 銷售。我們公佈的淨利潤為 2.2 億美元，即每股 0.30 美元，調整後淨利潤為 2.72 億美元，即每股 0.37 美元。

Total unit cost during the quarter, including LOE, transportation, production taxes, and G&A, totaled $8.35 per BOE, near the midpoint of our annual guidance range of $7.45 to $9.55 per BOE.

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 8.35 美元，接近我們的年度指導範圍（每桶油當量 7.45 至 9.55 美元）的中點。

Cash hedge gains during the quarter totaled $36 million. Incurred capital expenditures in the second quarter were $477 million, near the low end of our guidance range. Lower than expected capital was driven primarily by timing, and we are maintaining our full-year capital guidance.

本季現金對沖收益總計 3,600 萬美元。第二季發生的資本支出為 4.77 億美元，接近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。

Discretionary cash flow was $725 million, and free cash flow was $246 million after cash capital expenditures of $479 million. Our credit and liquidity ended the quarter very well positioned. Cash and short-term investments stood at $1.32 billion, $575 million of which will be used to retire notes coming due to September. After this debt retirement, total debt will stand at approximately $2.07 billion.

可自由支配現金流為 7.25 億美元，扣除現金資本支出 4.79 億美元後自由現金流為 2.46 億美元。本季結束時，我們的信貸和流動性狀況非常好。現金和短期投資為 13.2 億美元，其中 5.75 億美元將用於償還 9 月到期的票據。此次債務清償後，債務總額將約為 20.7 億美元。

Looking ahead to the remainder of 2024. During the third quarter of 2024, we expect total production to average between 620 to 650 MBoepd. Oil to be between 107.0 and 111.0 MBopd, and natural gas to be between 2.5 and 2.63 Bcf per day.

展望 2024 年剩餘時間。2024 年第三季度，我們預計總產量平均為 620 至 650 MBoepd。石油產量為每天 107.0 至 111.0 MBopd，天然氣產量為每天 2.5 至 2.63 Bcf。

Continued strong execution and well performance is expected to drive oil volume growth of approximately 2% quarter-over-quarter. Third quarter gas production will be impacted by our plan to curtail approximately 275 million cubic feet per day net in the Marcellus for August and September due to low expected in-basin pricing.

持續強勁的執行力和油井表現預計將推動石油產量較上季成長約 2%。由於盆地內預期價格較低，我們計劃在 8 月和 9 月減少馬塞勒斯地區每天約 2.75 億立方英尺的淨產量，因此第三季天然氣產量將受到影響。

This will drive a decline in natural gas volumes quarter-over-quarter, but not have a material impact on our cash flow. We will continue to monitor gas fundamentals closely and retain the optionality to respond to market signals on a month-to-month basis.

這將導致天然氣產量環比下降，但不會對我們的現金流產生重大影響。我們將繼續密切關注天然氣基本面，並保留每月對市場訊號做出反應的選擇權。

Regarding investments, we expect total incurred capital during the third quarter to be between $450 million and $530 million. Turning to full year guidance, yesterday we increased our 2024 oil production guidance range to be between 105.5 to 108.5 MBopd for the year, up approximately 2.4% from our May guidance. Despite the shut-ins, we are maintaining our full year 2024 natural gas production guidance at the midpoint.

在投資方面，我們預計第三季發生的資本總額將在 4.5 億美元至 5.3 億美元之間。談到全年指導，昨天我們將 2024 年石油產量指導範圍上調至 105.5 至 108.5 MBopd，比 5 月份指導提高約 2.4%。儘管出現了停產，我們仍將 2024 年全年天然氣產量指引維持在中位數。

Lastly, we are increasing our 2024 BOE guidance by 5 MBoepd at the midpoint from May. During the full year 2024, we are reiterating our incurred capital guidance to be between $1.75 billion and $1.95 billion, which is 12% lower at the midpoint than our 2023 capital spend.

最後，我們將從 5 月中點起將 2024 年英國央行指引上調 5 MBoepd。在 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，比 2023 年資本支出的中位數低 12%。

As previously discussed, our 2024 program modestly increases capital allocation to the liquids rich Permian and Anadarko Basins while decreasing capital by more than 50% in the Marcellus year-over-year. Finally, there are no changes to our 2024 per BOE cost guidance.

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 Marcellus 盆地的資本配置同比減少 50% 以上。最後，我們的 2024 年每桶油當量成本指引沒有改變。

Moving to shareholder returns. Last night we announced a $0.21 per share base dividend for the second quarter, or annualized at $0.84 per share. This remains one of the highest yielding base dividends of our peers at over 3%. Also during the quarter, Coterra continued to execute on its shareholder return program by repurchasing 5 million shares for $140 million at an average price of approximately $27.72 per share.

轉向股東回報。昨晚，我們宣布第二季每股基本股利為 0.21 美元，年化股利為每股 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，超過 3%。同樣在本季度，Coterra 繼續執行其股東回報計劃，以 1.4 億美元的價格回購 500 萬股股票，平均價格約為每股 27.72 美元。

In total, we returned $295 million to shareholders during the quarter for 120% of free cash flow. We remain committed to our strategy of returning 50% or more of our annual free cash flow to shareholders through a combination of our healthy base dividend and our share repurchase program.

本季我們總共向股東返還了 2.95 億美元，相當於自由現金流的 120%。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。

However, in response to low natural gas prices, we have counter cyclically increased our buyback during the first six months of 2024 and have returned over 100% of free cash flow. We continue to see our shares as a highly attractive use of capital.

然而，為了應對低天然氣價格，我們在 2024 年前六個月逆週期增加了回購，並返還了超過 100% 的自由現金流。我們仍然認為我們的股票是一種極具吸引力的資本用途。

In summary, the team delivered another quarter of high quality results in the field, which resulted in another successful quarter financially for Coterra. Our business carries significant operational momentum into the second half of the year, and we are positioned for a strong finish to 2024. Moreover, we are on track to meet or exceed our differentiated three-year outlook we laid out back in February.

總之，該團隊在該領域又一個季度取得了高品質的成果，這為 Coterra 帶來了另一個財務上的成功季度。我們的業務在下半年將保持強勁的營運勢頭，並準備在 2024 年取得強勁的業績。此外，我們預計將達到或超過我們在二月制定的差異化三年展望。

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

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。

Thanks, Shane. Our team's had another strong quarter of execution in the field. We continue to see increases in our pace of operations. We are drilling faster, fracking faster, and our well performance is meeting or exceeding expectations. This is leading to shorter cycle times, which is supporting production beats.

謝謝，謝恩。我們的團隊在該領域的執行力又達到了一個強勁的季度。我們的營運步伐繼續加快。我們的鑽井速度更快，壓裂速度更快，我們的油井表現達到或超越了預期。這導致周期時間縮短，從而支持生產節拍。

In the Permian, we are currently running eight drilling rigs and two frack crews. Our plan to bring in a spot crew at the end of the year has evaporated due to the high efficiencies we have realized from both our electric crew and diesel crew operating in the basin. Both crews are achieving record pumping hours per day, which is allowing us to do more with less.

在二疊紀，我們目前正在運行八個鑽孔機和兩個壓裂人員。由於我們在流域內工作的電力工作人員和柴油工作人員都實現了高效率，我們在年底引入現場工作人員的計劃已經化為泡影。兩名工作人員每天的抽水時間都達到了創紀錄的水平，這使我們能夠事半功倍。

However, these gains are accelerating modest amounts of capital into the year. This capital acceleration is offsetting our cost savings, which is keeping our 2024 capital guide intact. Efficiency gains are also showing up on the cost side of the equation with our 2024 $1 per foot estimated to come in at $1,065 per foot, which is down 11% from our 2023 cost.

然而，這些收益正在加速少量資本進入今年。這種資本加速抵消了我們節省的成本，這使我們的 2024 年資本指南保持不變。效率提升也體現在成本方面，我們 2024 年每英尺 1 美元的成本預計為每英尺 1,065 美元，比 2023 年成本下降了 11%。

This 11% reduction is driven by the combination of year-over-year cost inflation and the efficiency gains we have discussed. In Culberson County, our Windham Row project is on track to meet or exceed our plan, both from a timing and cost perspective. To date, we have 21 wells producing, 25 wells completing, and 11 drilling.

11% 的下降是由逐年成本上漲和我們討論過的效率提升共同推動的。在卡爾伯森縣，從時間和成本角度來看，我們的 Windham Row 項目都有望達到或超越我們的計劃。迄今為止，我們已生產 21 口井、完井 25 口井、鑽探 11 口井。

Thanks to our drilling team's great performance executing the Row, including a new Culberson record of drilling 6,119 feet of lateral in a day, we were able to add three more Harkey wells to Windham Row. This brings our project well count to 57 wells, including six Harkey wells, which will be co-developed with the Upper Wolfcamp.

由於我們的鑽井團隊在 Row 執行中取得了出色的表現，包括創下了一天鑽探 6,119 英尺的卡爾伯森新紀錄，我們能夠在 Windham Row 上再增加三口 Harkey 井。這使得我們的專案井數達到 57 口，其中包括 6 口 Harkey 井，這些井將與 Upper Wolfcamp 共同開發。

Additionally, our team has moved the drilling rig to the eastern side of the Windham Row, where we have begun drilling the 16 remaining Harkey wells that overlay the Wolfcamp. These wells are expected to come online in early 2025. Windham Row and expected future row developments in Culberson are the definition of oil field efficiency on steroids.

此外，我們的團隊已將鑽機移至 Windham Row 的東側，並開始鑽探覆蓋 Wolfcamp 的剩餘 16 口 Harkey 井。這些井預計將於 2025 年初上線。Windham Row 和 Culberson 未來的預期開發項目是油田效率的巔峰之作。

The combination of our grid-powered rigs and frack fleet, centralized facilities and infrastructure, and the recent addition of simul-frac have lowered our Culberson cost structure 10% to 15% compared to our diesel zipper operations we previously ran in the county. Our simul-frac performance on Windham Row continues to beat our projections, and we see simul-fracing as a new weapon in the holster for Coterra in Culberson County.

與我們之前在該縣運營的柴油拉鍊業務相比，我們的電網供電鑽井平台和壓裂車隊、集中設施和基礎設施以及最近添加的同步壓裂技術相結合，使我們的卡爾伯森成本結構降低了10% 至15%。我們在 Windham Row 的同步壓裂性能繼續超出我們的預測，我們將同步壓裂視為卡爾伯森縣 Coterra 的新武器。

In the Marcellus, we are currently running one drilling rig and one frack crew. We have begun completion operations on our Rayias pad, which is the first of three Tier 1 lower Marcellus pads we will be completing from now through the end of October. We currently have no committed completion activity after these three pads.

在馬塞勒斯，我們目前正在運行一台鑽孔機和一名壓裂人員。我們已經開始對 Rayias 平台進行完井作業，這是我們將從現在到 10 月底完成的三個 1 級較低 Marcellus 平台中的第一個。目前，在這三個墊之後，我們沒有承諾的完成活動。

We have been watching northeast gas markets closely and responding to weak gas prices. Last quarter, we delayed 12 TILs due to softness in local gas markets. During the month of July, we brought on those TILs due to favorable pricing we were able to secure. Unfortunately, we were not able to obtain attractive pricing in August. So yesterday, we strategically curtailed 325 million cubic feet per day gross, 275 million cubic feet per day net across the field.

我們一直在密切關注東北天然氣市場並對疲軟的天然氣價格做出反應。上季度，由於當地天然氣市場疲軟，我們推遲了 12 個 TIL。在 7 月份，由於我們能夠獲得優惠的價格，我們引入了這些 TIL。不幸的是，我們在八月未能獲得有吸引力的價格。因此，昨天，我們策略性地削減了整個油田每天的總排放量 3.25 億立方英尺，淨排放量為 2.75 億立方英尺。

This volume represents the portion of our near-term portfolio, which is exposed to Marcellus in-basin pricing. We continue to monitor northeast pricing and will extend this curtailment as warranted on a month-to-month basis. Furthermore, we are prepared to make further cuts as some of our summer sales commitments roll off in the shoulder season. As you would expect from us, we will continue to make decisions based on economics and value, not volume.

這一數量代表了我們近期投資組合的一部分，該部分受到馬塞勒斯盆地定價的影響。我們將繼續監控東北地區的定價，並將按月延長限電時間。此外，隨著我們的一些夏季銷售承諾在淡季結束，我們準備進一步削減開支。正如您對我們的期望，我們將繼續根據經濟和價值而不是數量做出決策。

In the Anadarko, we are running one drilling rig and recently completed the bulk of our planned 2024 frack activity. Currently, we are flowing back three projects, which are located in liquids-rich portions of our assets. Initial results from these projects look strong, and we look forward to discussing the economics of these projects once we have more production history.

在阿納達科，我們正在運行一台鑽機，最近完成了計劃 2024 年壓裂活動的大部分。目前，我們正在回流三個項目，這些項目位於我們資產中流動性豐富的部分。這些項目的初步結果看起來很強勁，我們期待在掌握更多生產歷史後討論這些項目的經濟效益。

The Anadarko has shown its resiliency in 2024. The program remains competitive despite the headwinds in the natural gas market. Our Anadarko assets proximity to Henry Hub provides us some of the strongest gas realizations in our portfolio. Those realizations, combined with significant liquid contributions from NGLs and condensate, buoy our economics, making the Anadarko an attractive place to invest capital.

阿納達科號在 2024 年展現了它的韌性。儘管天然氣市場面臨阻力，該計畫仍具有競爭力。我們靠近亨利中心的阿納達科資產為我們的投資組合中提供了一些最強的天然氣變現。這些實現，再加上液化天然氣和凝析油的大量流動性貢獻，提振了我們的經濟，使阿納達科成為一個有吸引力的投資場所。

At Coterra, we strive for operational excellence in every part of our business. We believe in safety over production, being good neighbors where we operate, and improving capital efficiency, all of which drives value creation. Our team lives this culture every day. We focus on execution, delivering on what we promised, and never settling for the status quo.

在 Coterra，我們致力於在業務的每個部分實現卓越營運。我們相信安全高於生產、與經營所在地的好鄰居以及提高資本效率，所有這些都推動價值創造。我們的團隊每天都生活在這種文化中。我們注重執行，兌現我們的承諾，永不滿足於現狀。

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, Blake. We’ll now take questions. I'm delighted to hear what's on your mind.

謝謝你，布萊克。我們現在接受提問。我很高興聽到你的想法。

All right, we will now move into the question-and-answer session. [Operator Instructions] Our first question comes from the line of Nitin Kumar from Mizuho. Please go ahead.

好的，我們現在進入問答環節。[操作員說明] 我們的第一個問題來自 Mizuho 的 Nitin Kumar。請繼續。

Good morning, Tom and team. Thanks for taking my questions and congrats on a great quarter. Tom, you and Blake gave a pretty comprehensive overview of Windham Row. Two specific questions around that.

早上好，湯姆和團隊。感謝您回答我的問題，並祝賀您度過了一個美好的季度。湯姆，你和布萊克對溫德姆街進行了相當全面的概述。圍繞這個問題有兩個具體問題。

One, as you have kind of progressed through that project and have increased wells and simul-frac, any specific learnings that we should expect to be incorporated into your program, not only in row developments, but also in your smaller Permian projects going forward or across your other operating assets?

一，隨著您在該專案中取得了一定的進展，並增加了井和同步壓裂，我們應該期望將任何具體的學習內容納入您的計劃中，不僅在行開發中，而且在您未來較小型的二疊紀專案中或您的其他營運資產？

And then I just wanted to check, I think Blake said 10% to 15% cost savings, whereas the slides still say 5% to 15%. So just maybe understanding what has this project done for your costs in the Permian?

然後我只是想檢查一下，我認為布萊克說可以節省 10% 到 15% 的成本，而幻燈片仍然說可以節省 5% 到 15%。那麼也許您可以了解這個專案為您在二疊紀的成本帶來了什麼？

Yeah Nitin, I'm going to let Blake handle that.

是的，尼廷，我會讓布萊克來處理這件事。

Yeah Nitin, really what we've seen in Windham Row is our simul-frac performance is meeting or exceeding our projections and that was a real question mark for us coming into it. Transition times on a simul-frac crew, is something we have never done before. And so we were all hoping we can hit the same efficiency we've seen in our zipper transition times, and we've been able to do that and bring that forward. And so, that's why we're increasing the amount of wells that we're simul-fracing on Windham Row.

是的，Nitin，實際上我們在 Windham Row 看到的是我們的模擬壓裂性能達到或超過了我們的預測，這對我們來說是一個真正的問號。同步壓裂人員的過渡時間是我們以前從未做過的事。因此，我們都希望能夠達到與拉鍊過渡時期相同的效率，並且我們已經能夠做到這一點並將其向前推進。因此，這就是我們增加 Windham Row 同步壓裂井數量的原因。

I do see this as something that we will use quite often in Culberson County specifically, because we have the contiguous acreage, we have the high well count per pad that really makes simul-frac work.

我確實認為這是我們在卡爾伯森縣經常使用的東西，因為我們擁有連續的面積，每個墊的井數很高，這確實使同步壓裂發揮作用。

As far as the other parts of the basin, we're absolutely looking at it. There is an economy of scale that you really want to get with the simul-frac crew. You need to be able to line up a whole lot of wells and have a big chunk of activity to tackle. And so we're looking where we can to use this even more.

至於盆地的其他部分，我們絕對會注意。您確實希望透過同時壓裂人員獲得規模經濟。您需要能夠排列大量的井並有大量的活動需要處理。因此，我們正在尋找可以更多使用它的地方。

Got it. And on the cost savings, is it returning to the higher end of that 5% to 15% range?

知道了。至於成本節省，是否會回到 5% 至 15% 範圍的高端？

Yeah, specifically when we're talking about the Windham Row savings, and it's a good market for future rows, we are turning to the higher end of that range, and that's why I quoted 10% to 15%.

是的，特別是當我們談論 Windham Row 的節省時，而且這對於未來的划船來說是一個很好的市場，我們正在轉向該範圍的高端，這就是為什麼我引用 10% 到 15% 的原因。

Got it.

知道了。

You know Nitin, if I could just close the gap here. You said, what did we learn? When we launched off on this project, we got a lot of questions. It started out being a 51 well project, and we all have memories of projects in our industry that were over-drilled, perhaps over-promised and under-delivered. And we said at the outset that no, this is very well calibrated. This is just an operational demonstration of what we've already proven to ourselves.

你知道尼廷，如果我能縮小差距就好了。你說，我們學到了什麼？當我們啟動這個專案時，我們遇到了很多問題。它最初是一個 51 口井的項目，我們都對我們行業中的項目有過度鑽探、可能過度承諾但交付不足的記憶。我們一開始就說過，不，這是經過很好的校準。這只是我們已經向自己證明的操作演示。

And I said here this morning, I'm looking at the production plot. We're obviously not sharing that, but I'm looking at a production plot of the 19 wells that are online. We have over half the wells completed in our initial 51 well bank. If there's anything, it's reaffirmed our operational ability to get this done. It's reaffirmed our calibration we've brought into it, reaffirmed the reservoir quality, and we are really pleased, and it's reaffirmed our commitment to do these kind of projects.

我今天早上在這裡說過，我正在查看生產地塊。我們顯然不會分享這一點，但我正在查看線上 19 口井的生產情況。我們最初的 51 口井庫已完成一半以上的井。如果有什麼不同的話，那就是重申了我們完成這項工作的營運能力。它重申了我們的校準，重申了儲層質量，我們真的很高興，它重申了我們對進行此類專案的承諾。

Yeah, and it's really helped you guys deliver some strong results. For my second question, and I hope I'm not extending my welcome here. Tom, you are trending above 100% cash return or free cash flow this year. You've said in the past, you don't want to get in an arms race. How should we think about the rest of the year? Obviously, based on your other comments, gas macro is likely to be weak. Cotera is positioned well in terms of free cash flow. So maybe just for the rest of the year, could we expect you to be closer to that 100% for the rest of the year? Or do we go, slide down a little bit because your minimum is 50?

是的，它確實幫助你們取得了一些出色的成果。對於我的第二個問題，我希望我沒有在這裡表示歡迎。湯姆，今年您的現金回報或自由現金流趨勢超過 100%。你過去說過，你不想參加軍備競賽。我們該如何思考今年剩下的時間？顯然，根據您的其他評論，天然氣宏觀可能會疲軟。Cotera 在自由現金流方面處於有利地位。那麼，也許在今年剩下的時間裡，我們是否可以期望您在今年剩餘的時間裡更接近 100%？或者我們可以稍微下滑一點，因為您的最低分數是 50？

Well, then we're not going to pre-telegraph any activity, but I'll always answer the question philosophically, and then you can connect the dots. We remain opportunistic. We don't like to box ourselves in with rules, that's why we didn't want to enter in an arms race.

好吧，那麼我們不會預先電報任何活動，但我總是會從哲學角度回答這個問題，然後你就可以把這些點連結起來。我們仍然保持機會主義。我們不喜歡把自己束縛在規則之中，這就是為什麼我們不想參加軍備競賽。

I think when people make rules like that, they do themselves a disservice. We're going to be opportunistic and right now we look everywhere, whether its assets or what have you, we look for market disconnects. Are there things where the market's not seeing the value and can we swoop in and take advantage of that? And our buyback is squarely in our sights on that.

我認為當人們制定這樣的規則時，他們就是在傷害自己。我們將採取機會主義態度，現在我們到處尋找，無論是資產還是你擁有的東西，我們都在尋找市場脫節。是否有些東西是市場看不到價值的，我們可以趁機介入利用它嗎？我們的回購正是我們的目標。

Shane, do you want to say anything?

謝恩，你有什麼想說的嗎？

Yeah, I would just add, we're trending as you said, kind of at or slightly above 100% in the first six months of the year. It's interesting, if you just look at our base dividend and assume no more buybacks for the rest of the year, it gets us to about 68%, almost 70% of return for the full year. And again, we're not going to pre-guide anything for the third quarter or the balance of the year, but I would say we continue to see our shares as a very attractive opportunity that we'll continue to talk about and we're likely to continue to be active in that market.

是的，我想補充一點，正如您所說，我們的趨勢在今年前六個月達到或略高於 100%。有趣的是，如果你只看我們的基本股息，並假設今年剩餘時間不再回購，那麼我們全年的回報率約為 68%，幾乎 70%。再說一次，我們不會對第三季或今年剩餘時間進行任何預先指導，但我想說，我們仍然認為我們的股票是一個非常有吸引力的機會，我們將繼續討論這一機會，我們可能會繼續活躍在該市場。

Great. Thanks for the color guys.

偉大的。謝謝各位的顏色。

Arun Jayaram, JP Morgan.

阿倫‧賈亞拉姆，摩根大通。

Yeah, good morning gentlemen, Tom and team. Tom, I wanted to get your, maybe your updated thoughts on the three-year outlook. Shane mentioned that you've obviously raised your 2024 oil guide by a couple of percent. If we go back to your previous three-year outlook, it contemplated 110,000 barrels of oil in 2025 and 115 in 2026. Yet your third quarter guide at the midpoint is 109, so you are almost effectively at the 2025 number, so.

是的，先生們早上好，湯姆和團隊。湯姆，我想了解您對三年展望的最新想法。Shane 提到，您顯然已將 2024 年石油指南提高了幾個百分點。如果我們回到先前的三年展望，預計 2025 年產量為 11 萬桶，2026 年產量為 115 桶。然而，你的第三季指南的中點是 109，所以你幾乎有效地達到了 2025 年的數字，所以。

I wanted to see if you could just talk about qualitatively how your views on that have evolved. You obviously have a new chart in the slide deck. And I guess the buy-side question is, do we use the 5% growth number on the revised higher 2024 outlook? Sorry, that was a little messy, but that was the main point, was just do we stack the growth rate on a higher 2024?

我想看看你是否可以定性地談談你對此的看法是如何演變的。顯然，幻燈片中有一個新圖表。我想買方的問題是，我們是否在修訂後的 2024 年展望中使用 5% 的成長數字？抱歉，這有點混亂，但這是重點，我們是否要將成長率疊加到更高的 2024 年？

Well look, we're going to update our three-year guide once a year. We're not going to be updating our three-year guide on an ongoing basis. But it's not a three-year plan, it's a three-year guide and this was an argument we had internally when we decided to release it. It's a snapshot of what we think our assets and our organization could deliver based on current conditions.

好吧，我們將每年更新一次三年期指南。我們不會持續更新我們的三年指南。但這不是一個三年計劃，而是一個三年指南，這是我們決定發布它時內部的爭論。這是我們認為我們的資產和組織根據當前條件可以提供的服務的快照。

It's not a capital plan that we have committed to in the out years. It's a real plan backed with real locations, real opportunities and real results. But it's also an organic beast, and as we outperform, we're not necessarily going to say, ‘oh my God, we're ahead of ourselves in our three-year plan. We have to pull back in the out years.’ That would be, I think, foolish on our part.

這不是我們在未來幾年承諾的資本計劃。這是一個真實的計劃，有真實的地點、真實的機會和真實的結果。但它也是一頭有機野獸，當我們表現出色時，我們不一定會說，“天哪，我們的三年計劃超前了。”我們必須在未來幾年內撤退。我認為這對我們來說是愚蠢的。

So, I know I'm not directly answering your question, Arun, but if we end up blowing through a plan that we released in February, you are just going to have to forgive us for that.

所以，我知道我不會直接回答你的問題，阿倫，但如果我們最終破壞了我們二月份發布的計劃，你必須原諒我們。

Got it.

知道了。

As I said in my comments, I think we're well-positioned to meet or exceed the plan that we looked at, at the beginning of the year.

正如我在評論中所說，我認為我們處於有利地位，可以達到或超過我們在年初制定的計劃。

You know, we look at our returns. Obviously, you all, I hope, are really tired of hearing us say this, and we're going to continue to tire you out on this. We don't manage by production goals. Well, we look at the world oil markets, we look at U.S. supply, we look at all of that. But mostly, we look at the return on our investment and we say, how low can that oil price fall before we're at or near our cost to capital? And our cost of supply, we have very low-cost assets. We are really delivering robust returns that can stand a lot of price fluctuation.

你知道，我們關注我們的回報。顯然，我希望你們真的厭倦了聽我們這麼說，我們將繼續讓你們感到厭倦。我們不按生產目標進行管理。好吧，我們關注世界石油市場，我們關注美國的供應，我們關注所有這些。但最重要的是，我們著眼於投資回報，我們會說，在我們達到或接近資本成本之前，油價能跌到多低？就我們的供應成本而言，我們擁有非常低成本的資產。我們確實提供了強勁的回報，可以承受很大的價格波動。

So Arun, the only other point I'd make is, look, one thing we sort of learned over the first half of this year is we've continued to sort of push on capital efficiency and sort of what we deliver per dollar that we spend out there. And that wasn't necessarily, where we are today wasn't necessarily baked in to that plan when we rolled it out in February. We'll roll out another one until the next February, but we've certainly been continuing to incrementally improve on capital efficiency from the time we put that plan, or from the time we put that outlook out.

因此，阿倫，我要說的唯一另一點是，看，我們在今年上半年學到的一件事是，我們繼續推動資本效率以及我們每美元所提供的服務在那裡度過。但這不一定，我們今天所處的位置不一定是我們二月份推出該計劃時所考慮的。我們將在明年二月之前推出另一項計劃，但從我們提出該計劃或從我們提出該前景之時起，我們肯定會繼續逐步提高資本效率。

Great. And just maybe a follow-up on the 2024 program. Tom and team, you've designed this year to be kind of fairly balanced between your assets in Texas and New Mexico. But as we think about the well mix, about 60% of your first half 2024 program was concentrated in Culberson and Reeves. But as we look at the activity, the second half is going to be a little bit more New Mexico and Lee County.

偉大的。也許只是 2024 年計畫的後續行動。湯姆和團隊，今年的設計是在德克薩斯州和新墨西哥州的資產之間實現相當平衡。但當我們考慮良好的組合時，2024 年上半年計畫的大約 60% 集中在卡爾伯森和里夫斯。但當我們觀察活動時，下半場將更專注於新墨西哥州和李縣。

So I know all your rock is good, but are you going to be drilling, call it higher quality rock, just given how strong some of the acreage is in Southern Lee County, as we think about it on a second half versus first half basis? And maybe you could talk about some of the projects in Southern Lee that you plan to execute on.

所以我知道你們所有的岩石都很好，但是考慮到南李縣的一些面積有多強大，你們要鑽探嗎？ 稱之為更高質量的岩石，因為我們是在下半年與上半年的基礎上考慮的？也許您可以談談您計劃在南李執行的一些項目。

Yeah Arun, this is Blake. I'll take that one. I wish I could say we strategically put stronger rock throughout the year, but that's not really how we plan it. We have a lot of governors on our program. Obviously Windham Rose, a big concentrated project that demands a certain amount of CapEx.

是的，阿倫，這是布萊克。我會接受那個。我希望我能說我們全年策略性地放置更堅固的岩石，但這並不是我們真正的計劃。我們的計劃中有很多州長。顯然 Windham Rose 是一個大型集中項目，需要一定的資本支出。

New Mexico is governed by a lot of things. Chicken season is the big one, and so we're coming out of chicken season, so we'll increase D&C activity, but also third party infrastructure. We have to get very far ahead of that and make sure we can execute those projects. And so it's just falling out where it is more as a planning cycle, not any strategic initiative there.

新墨西哥州受很多事情管轄。雞肉季節是最重要的季節，因此我們即將結束雞肉季節，因此我們將增加 D&C 活動，同時也增加第三方基礎設施。我們必須走得更遠，並確保我們能夠執行這些項目。因此，它只是在更多地作為一個規劃週期而不是任何戰略舉措的地方出現了問題。

And I think most of you know what Blake is referring to, but we have the prairie chicken habitat in New Mexico, governed by federal rules that prevent us from operating during day like – evening hours in certain parts of the basin. It's something we have to manage around. By our observation, the prairie chicken is doing quite well, but we still respect their habitat and live by the regulations governing it.

我想你們大多數人都知道布萊克指的是什麼，但我們在新墨西哥州有草原雞棲息地，受聯邦法規管轄，這些法規禁止我們在盆地某些地區白天（例如晚上）運作。這是我們必須解決的問題。根據我們的觀察，草原雞的情況相當好，但我們仍然尊重它們的棲息地並遵守它們的規定。

Thanks for the clarification, Tom. I was getting some incoming on what chicken season was, so I appreciate that.

謝謝你的澄清，湯姆。我收到了一些關於雞肉季節的信息，所以我很感激。

Yeah, they roam free in New Mexico. If they cross the state line, they get barbecued. So it's...

是的，他們在新墨西哥州自由漫步。如果他們越過州界線，他們就會被燒烤。所以這是...

Sounds good. My sister-in-law's a vegan, she'll appreciate that. Thanks a lot, Tom.

聽起來不錯。我嫂子是素食主義者，她會很感激的。非常感謝，湯姆。

All right, yeah.

好吧，是的。

All right. Our next question comes from the line of Neal Dingmann from Truist Securities. Please go ahead.

好的。我們的下一個問題來自 Truist Securities 的 Neal Dingmann。請繼續。

Good morning, guys. Very nice quarter, Tom. My first question is around your operational flexibility. You all did a really nice job of curtailing gas production and delaying tills when prices justify, unlike many of the pure gas EPs that just seem to continue to operate. And so I'm just wondering, going forward, what type of gas prices do you think are, you and Shane and the gang, are satisfactory to become more active? And then if so, how quickly then could you all move once these gas prices rebound?

早安，夥計們。非常好的季度，湯姆。我的第一個問題是關於您的營運彈性。你們在削減天然氣產量和在價格合理時推遲收割方面做得非常好，這與許多似乎繼續運營的純天然氣EP不同。所以我只是想知道，展望未來，您和謝恩以及團夥認為什麼樣的汽油價格對變得更加活躍感到滿意？如果是這樣，一旦天然氣價格反彈，你們能多快採取行動？

Well, I'll take that in reverse order. We can move fairly quickly. We're looking at delaying turn-in lines, so that's almost instantaneous, depending on price response.

好吧，我會以相反的順序來考慮。我們可以相當快地行動。我們正在考慮延遲上交線，因此這幾乎是即時的，這取決於價格反應。

We would like to see netbacks north of a dollar. And yeah, we do have gathering fees, we have transportation fees. And so I would say, in the lower Marcellus, we're probably in a pretty good drilling window if we're north of three, competing with other places in our portfolio. That's on netback. Now I'm quoting in IMAX price there.

我們希望看到淨值超過一美元。是的，我們確實有收集費，我們有交通費。所以我想說，在馬塞勒斯下游，如果我們在三個以上，與我們投資組合中的其他地方競爭，我們可能處於相當好的鑽探窗口。那是在網回上。現在我在那裡引用 IMAX 價格。

But the upper Marcellus, I think we'd like to see something in the mid-threes before it's really in the game. And we do have the luxury. I don't want to comment on other companies, but I understand. If all you had was one play, one basin, you're in a bit of a box when things go against you. We've got the luxury of redirecting. And quite frankly, we have the discipline to redirect and I hope you heard my opening comments for what they are. And they are our truth statement of how we look at the business.

但是上層馬塞勒斯，我想我們希望在真正進入比賽之前看到一些三分中段的東西。我們確實有這種奢侈。我不想評論其他公司，但我理解。如果你所擁有的只是一場比賽、一個盆地，那麼當事情對你不利時，你就會陷入困境。我們有重定向的奢侈。坦白說，我們有重新定向的紀律，我希望您能聽到我的開場白。它們是我們如何看待業務的真實陳述。

If we have to lay all activity down to zero and our production declines, that's the right decision. And none of us like it, but the alternative is to destroy capital or to be inefficient with our shareholders' capital, and we're going to seek to our maximum efficiency and best returns. So we're willing to do what it takes.

如果我們必須將所有活動降至零並且產量下降，那麼這是正確的決定。我們都不喜歡這樣，但另一種選擇是破壞資本或使股東資本效率低下，而我們將尋求最高效率和最佳回報。所以我們願意做需要做的事情。

Well said, Tom. And then my second question, just moving over to Anadarko, I think you really basically finished some activity there and certainly I think its slide five that shows you still have a lot of inventory. Just wondering, do you all believe you have ample acreage there for future development than just wondering if you'd ever consider adding anything in the play?

說得好，湯姆。然後我的第二個問題，轉到阿納達科，我認為你們確實基本上完成了那裡的一些活動，當然我認為第五張幻燈片顯示你們仍然有很多庫存。只是想知道，你們是否都相信那裡有足夠的面積供未來發展，而不僅僅是想知道你們是否會考慮在劇中添加任何東西？

Well, look, we don't think we have ample acreage anywhere. My background is exploration. So look, we would seek to add assets throughout our portfolio if they create value and the problem is, some of the marketplace is just frothy and when you get into paying very low discount rates for future drilling, that's dangerous territory. And so we would seek places where we think we see value that the market doesn't recognize and we do that throughout our portfolio.

好吧，看，我們認為我們任何地方都沒有足夠的面積。我的背景是探索。所以看，如果資產能夠創造價值，我們會尋求在整個投資組合中增加資產，但問題是，一些市場只是泡沫，當你為未來的鑽探支付非常低的折扣率時，這是一個危險的領域。因此，我們會尋找我們認為能夠看到市場未認識到的價值的地方，並且我們在整個投資組合中都這樣做。

Very good. Thank you, Tom.

非常好。謝謝你，湯姆。

John Abbott, Wolfe Research.

約翰‧阿博特，沃爾夫研究中心。

Hey, good morning, and I'm on for Doug Leggett. Tom, it is election year. As you and your team just sort of sit there and plan your business going forward, what are you watching? Where do you think you’re getting ahead of?

嘿，早安，我是道格·萊格特。湯姆，今年是選舉年。當您和您的團隊坐在那裡規劃未來的業務時，您在看什麼？您認為您在哪些方面領先？

Well, yeah, I don't want to get drawn into politics, but certainly we live in interesting times. We're going to approach this very constructively. You know, I'll say this. I think it would be naive of us to view the outcome of the election as a straight binary good versus bad. I think that the pressures on this will be different depending on the outcome of the election, but they'll be pressures on us regardless of who wins the election.

嗯，是的，我不想捲入政治，但我們確實生活在一個有趣的時代。我們將非常有建設性地處理這個問題。你知道，我會這麼說。我認為，如果我們將選舉結果視為直接的好與壞的二元對立，那就太天真了。我認為，根據選舉的結果，這方面的壓力會有所不同，但無論誰贏得選舉，這都會對我們造成壓力。

We have great faith that politicians, they campaign on one set of verbiage and then they get there and they realize, oh my goodness, we have an economy to manage and we have employment to manage, and we have geopolitical considerations and energy security, energy affordability and reality tends to temper a lot of electioneering. So, you know, we're Americans first, and whoever is in control of our government, we're going to show up as Americans and do our part to make this country strong.

我們堅信政治家們，他們用一套措辭進行競選，然後他們意識到，天哪，我們有經濟要管理，我們有就業要管理，我們有地緣政治考慮和能源安全、能源負擔能力和現實往往會緩和很多競選活動。所以，你知道，我們首先是美國人，無論誰控制了我們的政府，我們都會以美國人的身份出現，並盡自己的一份力量讓這個國家變得強大。

I know that may sound trite, but that's the way we view it. We don't think that it's a simple binary choice quite frankly. I think that this call probably isn't a detailed opportunity to discuss this, but we're going to pressure on this regardless of who wins. It’ll just come from different places and we're looking, thinking ahead. We'll be ready.

我知道這聽起來可能很老套，但這就是我們的看法。坦白說，我們不認為這是一個簡單的二元選擇。我認為這次電話會議可能不是一個詳細討論這個問題的機會，但無論誰獲勝，我們都會對此施加壓力。它只是來自不同的地方，我們正在尋找、思考未來。我們會準備好。

I appreciate it. And the next question is maybe for Shane here. So Shane, you are paying higher cash taxes this year and next. How do you kind of sort of think about your long-term cash tax rate?

我很感激。下一個問題可能是問謝恩的。所以肖恩，你今年和明年要繳更高的現金稅。您如何看待長期現金稅率？

Yeah. Well listen, I would say for the year we’re going to be a full cash tax payer. We anticipate that's what the latest quarter showed for us as well. I think a couple of calls ago we talked about some of the changes in the code, some of the 2017 tax reform roll off and first and foremost was the R&D tax credit and the R&D expense deduction process, and that's probably what moved us from being in that 10% to 20% range of deferred down to zero.

是的。聽著，我想說今年我們將成為全額現金納稅人。我們預計這也是最近一個季度向我們展示的情況。我想，在之前的幾次電話會議中，我們討論了代碼中的一些變化、2017 年稅收改革的一些內容，首先也是最重要的是研發稅收抵免和研發費用扣除流程，這可能是讓我們從在10% 到20% 的範圍內，延遲降至零。

That will ultimately unwind or normalized as it goes from a full year expense to a five-year straight line, but that's going to take a couple of years to get to that. So I think longer term, you'll see deferred tax move back up, but over the near term we're going to be a pretty full cash tax payer.

當它從全年支出變為五年直線支出時，這最終會放鬆或正常化，但這需要幾年時間才能實現。因此，我認為從長遠來看，你會看到遞延稅款回升，但在短期內，我們將成為一個相當全額的現金納稅人。

I appreciate it. Thank you very much for taking our questions.

我很感激。非常感謝您接受我們的提問。

Thanks John.

謝謝約翰。

Kalei Akamine, Bank of America.

卡雷‧阿卡明 (Kalei Akamine)，美國銀行。

Sorry guys, I was on mute. Good morning. Tom, my first question is on the better performance of the Marcellus base. And I think you had mentioned some help from the lower fuel pressures. And given where prices are, that may be a prevailing industry behavior in the second quarter as guys are holding some production back. So wondering if you can help quantify the beat versus your own expectation? And as we start thinking about ’25, is there a base level of drilling activity that you'd like to hold to keep that program running efficiently?

抱歉各位，我靜音了。早安.湯姆，我的第一個問題是關於馬塞勒斯基地的更好表現。我想你已經提到了較低燃油壓力帶來的一些幫助。考慮到價格水平，這可能是第二季度普遍的行業行為，因為人們抑制了部分生產。那麼想知道您是否可以幫助量化節拍與您自己的期望？當我們開始考慮 25 時，您是否希望保持鑽井活動的基本水準以保持該計劃的高效運作？

Yeah, this is Blake. I'll take that one. You know, I don't want to signal to ‘25, but I'll talk about what we're seeing in ‘24. Yes, we have seen some lower field pressures due to our decreased volumes from holding back tills, and that has helped the base production.

是的，這是布萊克。我會接受那個。你知道，我不想向 25 點發出信號，但我會談談我們在 24 點看到的內容。是的，由於我們因停耕而減少了產量，因此我們看到了一些較低的田間壓力，這有助於基地生產。

But we've also had a wellhead compression program that we started a couple years ago in the field. And we're still pretty early on into that, but it's outperforming our expectations as we came into the year. And so the team's really done a phenomenal job optimizing our wellhead program. And frankly, the volumes are just outperforming as we go into ’24, really strong base.

但我們還擁有幾年前在現場啟動的井口壓縮計畫。我們還處於起步階段，但今年的表現超出了我們的預期。因此，該團隊在優化我們的井口計劃方面確實做得非常出色。坦白說，當我們進入 24 小時時，成交量表現剛剛好，基數非常強勁。

On the second half of your question, there is not a level of activity where we think we need to hold momentum there. And that says if we were, and we haven't made this decision, but if we were to lay down drilling and completion activity, there's a certain ramp up to get that back.

關於你問題的後半部分，我們認為沒有任何活動水平需要保持動力。這就是說，如果我們是，而且我們還沒有做出這個決定，但如果我們要停止鑽探和完井活動，就會有一定的增加來恢復。

Now we'd have deferred turn in line, so we could respond. But you've heard me say before that we would do that, because we think it's prudent and we would rather miss some of the upside when we're on ramping than fully participate in the downside, and that's going to be our approach. All of our business units have zero-based budgeting. We look at the world fresh and we make the best decisions we can.

現在我們可以推遲排隊，這樣我們就可以做出回應。但你之前聽我說過，我們會這樣做，因為我們認為這是謹慎的，我們寧願在增長時錯過一些上行空間，也不願完全參與下行空間，這將是我們的方法。我們所有的業務部門都實行零基預算。我們以新鮮的眼光看待世界，並盡可能做出最好的決定。

Thanks for that. Next, maybe I'd like to follow-up on the Permian oil guidance, which to our mind, we're looking at the chart on page number seven, and it looks like ‘26 has been raised from maybe 115 to maybe 120. So as you sort of assess the performance that you saw here in the second quarter across the Permian well program, could you help allocate the performance across maybe a couple of items? We see that the wells are coming on faster, hence the Row development.

謝謝你。接下來，也許我想跟進二疊紀石油指南，在我們看來，我們正在查看第七頁的圖表，看起來 26 已經從 115 提高到了 115 120.因此，當您評估第二季二疊紀油井計畫的績效時，您能否協助將績效分配給幾個專案？我們看到油井的開採速度更快，因此進行了 Row 開發。

The wells to sales however were sort of at the midpoint, and the CapEx for the entire full corporate program was at the low end. So it seems unclear if the beat was activity led, efficiency led or productivity led. And as you assess all those things, how does that set up the ‘25 program? Could we actually see the same amount of activity for less capital?

然而，銷售量處於中點，整個公司計劃的資本支出處於低端。因此，似乎尚不清楚這種節拍是活動主導、效率主導還是生產力主導。當您評估所有這些事情時，如何制定 25 計劃？我們真的能用更少的資本看到同樣數量的活動嗎？

Yeah, this is Blake. I'll take that one. The slide on page seven, I mean, it shows a range of where we could land on that guide. But like Tom said earlier, that's a guide. We haven't committed to those plans that would generate that. Really what's driving our capital efficiency needs right now is the timing. It's efficiency in the field, going faster on all fronts.

是的，這是布萊克。我會接受那個。我的意思是，第七頁的幻燈片顯示了我們可以在該指南上找到的一系列內容。但正如湯姆之前所說，這是一個指南。我們還沒有承諾那些會產生這種情況的計劃。現在真正推動我們資本效率需求的是時機。它在現場效率很高，在各方面都進展得更快。

I'll give you an example. Our diesel zipper crew today completes 40% more footage in a year than it did five years ago. That same crew in Q2, it had a month that averaged 21 pumping hours per day and that was with two moves. We're just really in another step change of pumping efficiency.

我給你舉個例子。如今，我們的柴油拉鍊團隊一年內完成的鏡頭比五年前多了 40%。在第二季度，同樣的工作人員在一個月內平均每天抽水 21 小時，並且進行了兩次搬遷。我們只是在泵送效率上​​又邁出了一步。

You see the same thing on our electric crew. You combine that with our pot savings on diesel versus grid power and throw our simul-frac efficiencies on top of that. We're just really in uncharted territory of efficiency gains that we've seen and it's increasing our capital efficiency.

您在我們的電力人員身上也看到了同樣的情況。您可以將其與我們在柴油與電網電力方面節省的成本結合起來，並在此基礎上提高我們的同步壓裂效率。我們確實處於效率提升的未知領域，並且它正在提高我們的資本效率。

And as we build our plans out, those things all get incorporated. We build in our actuals and what we've learned, and then we will – as Tom and Shane both said, when we give our next three-year guide, that will be incorporated.

當我們制定計劃時，這些事情都會被納入其中。我們以我們的實際情況和所學到的知識為基礎，然後我們就會——正如湯姆和謝恩所說，當我們給出下一個三年指南時，我們將把這些內容納入其中。

The natural question is always how far can this go? Our D&C team assures me we can't pump more than 24 hours in a day, but we're going to give it hell.

自然的問題始終是這能走多遠？我們的 D&C 團隊向我保證，一天的泵送時間不能超過 24 小時，但我們會全力以赴。

Thanks. I appreciate the comments.

謝謝。我很欣賞這些評論。

David Deckelbaum, TD Cohen.

大衛·德克爾鮑姆，TD·科恩。

Good morning, everyone. Thanks for taking my questions.

大家早安。感謝您回答我的問題。

Hi David.

嗨大衛。

Hey, how are you? I wanted to just ask specifically about the Harkey, which seems to be getting some incrementally positive sentiment right now. Obviously, you've added some wells in the Harky program. I'm curious what you've observed sort of in the first three that you've completed, that's giving you confidence to perhaps come back and do another 12 to 20 in ‘25 and how we should think about those remaining Harky wells being developed.

嘿，你怎麼樣？我想具體詢問 Harkey，它現在似乎正逐漸獲得一些正面的情緒。顯然，您已經在 Harky 程式中添加了一些井。我很好奇你在完成的前三個井中觀察到了什麼，這給了你信心，也許會在 25 年內回來再做 12 到 20 個井，以及我們應該如何考慮剩下的 Harky 井正在開發中。

Yeah David, on the Windham Row, we have not completed any of the Harky wells yet. We've got some drilling and as Blake said, we're coming back overfilling that row, but we don't have any completed Harky wells on Windham yet. Again, we do expect strong performance out of those based on calibration, but we haven't completed any yet.

是的，大衛，在 Windham Row，我們還沒有完成任何 Harky 井。我們已經進行了一些鑽探，正如布萊克所說，我們將滿載該排井，但我們在溫德姆還沒有任何已完成的 Harky 井。同樣，我們確實期望基於校準的那些具有強勁的性能，但我們還沒有完成任何工作。

I appreciate that. Just, on just the Marcellus curtailments, just perhaps curious on how you arrived at the specificity of what you're actually curtailing right now. I know initially you were deferring the TILs and then you brought some of those wells online. I guess, to some extent to dewater, but also to receive better pricing. How did you arrive at the 275 and would that number presumably expand if we don't see a recovery in the gas markets or is that the portion that you believe is not earning a margin right now?

我很欣賞這一點。只是，關於馬塞勒斯的削減，也許只是好奇你是如何得出你現在實際削減的具體內容的。我知道最初您推遲了 TIL，然後您將其中一些油井上線。我想，某種程度上是為了脫水，也是為了獲得更好的定價。您是如何達到 275 的？ 如果我們沒有看到天然氣市場復甦，或者您認為該部分目前無法賺取利潤，那麼這個數字可能會擴大嗎？

Yeah, David. This is Blake. I'll take that one. It's really what you are hinting at. The way our portfolio works is our incremental volumes, the ones that sit on top, are sold into the really short-term cash markets in the basin. So the rest of our portfolio is a diversified portfolio anchored to all kinds of different indexes, whether it's NYMEX or Power or physical deals with great floors in them. Those netbacks are much higher on the rest of the portfolio. This 275 net really represents the part of the portfolio currently exposed to in-basin pricing.

是的，大衛。這是布萊克。我會接受那個。這確實是你所暗示的。我們投資組合的運作方式是我們的增量交易量，即位於頂部的交易量，被出售到盆地內真正的短期現金市場。因此，我們投資組合的其餘部分是一個多元化的投資組合，以各種不同的指數為基礎，無論是 NYMEX 指數、Power 指數還是具有很大底線的實體交易。這些淨回報遠高於投資組合的其他部分。這個 275 淨值確實代表了目前面臨盆地內定價的投資組合的一部分。

As Tom mentioned, we're kind of looking for north of $1 is what we would like to receive to bring those volumes back on. We do have other parts of the portfolio that are in summer sales right now. Those will roll off in the shorter season, and so if needed, we will have the ability to increase the curtailment. Obviously, we hope it doesn't come to that, but we're ready to do it if it makes sense.

正如 Tom 所提到的，我們希望能獲得 1 美元以上的價格來恢復這些銷售。我們的產品組合中的其他部分目前正在夏季銷售。這些將在較短的季節內逐步減少，因此如果需要，我們將有能力增加削減。顯然，我們希望事情不會發展到這種地步，但如果有意義的話，我們已經準備好這樣做。

I appreciate the color.

我很欣賞它的顏色。

Michael Scialla, Stephens Inc.

麥可夏拉，史蒂芬斯公司

Good morning, everybody. You have said that you plan to do more of these multi-section developments like Windham Row. I was wondering if those are limited to Culberson County or do you have any thoughts about trying to launch those in any of your different operating areas in the Permian?

大家早安。您曾說過，您計劃進行更多此類多區域開發，例如 Windham Row。我想知道這些是否僅限於卡爾伯森縣，或者您是否有任何想法嘗試在二疊紀的任何不同作業區域啟動這些？

Yeah Michael, this is Blake. The giant rows like Windham Row, that's really going to be unique to Culberson County, just because of the acreage position we have to execute. But we chase economies of scale off our entire program.

是的，邁克爾，這是布萊克。像溫德姆行這樣的巨型行，對於卡爾伯森縣來說確實是獨一無二的，只是因為我們必須執行的面積位置。但我們在整個計劃中追求規模經濟。

Wells per pad is a huge driver for us. You go to New Mexico, where we have multiple bin chips to exploit. It might be a small acreage footprint, but we can get a lot of wells on a pad. A lot of these efficiencies, we can carry on to smaller projects, but just not quite the level we can in Culberson County, where we can string together six, seven DSUs and just go camp out, march across, and maximize every one of these little efficiencies. It's pretty unique to Culberson County.

每個墊的井數對我們來說是一個巨大的推動力。你去新墨西哥州，那裡我們有多個垃圾箱晶片可供利用。這可能是一個很小的佔地面積，但我們可以在一塊墊子上打很多口井。很多這樣的效率，我們可以繼續進行較小的項目，但只是達不到我們在卡爾伯森縣的水平，在那裡我們可以將六、七個DSU 串在一起，然後出去露營，遊行，並最大限度地提高每一個項目的效率效率很低。這對於卡爾伯森縣來說非常獨特。

Well, Culberson County is unique to Delaware Basin. When you get up into New Mexico, it's pretty crowded. But Culberson County is a huge contiguous block of acreage that we operate, and so it really provides amazing operational flexibility, not only for configuring drilling projects such as the Windham Row, but controlling our own infrastructure, and that would include saltwater disposal, gas gathering and compression, and our electrical grid has had benefits that quite frankly, we didn't fully anticipate when we made those decisions to control our own destiny there.

卡爾伯森縣是德拉瓦盆地獨有的。當你到達新墨西哥州時，那裡非常擁擠。但卡爾伯森縣是我們經營的一個巨大的連續區域，因此它確實提供了驚人的營運靈活性，不僅用於配置Windham Row 等鑽井項目，還用於控制我們自己的基礎設施，其中包括鹽水處理、天然氣收集和壓縮，我們的電網帶來了好處，坦白說，當我們做出這些決定來控制自己的命運時，我們並沒有完全預料到。

I appreciate that. I know you mentioned last quarter, looking at Windham Row, that you felt like it was better to co-develop the Harkey on, I believe, the western portion of that acreage. I think, Tom, you mentioned lower pressures in that area were part of that.

我很欣賞這一點。我知道您在上個季度提到，在考慮 Windham Row 時，您認為最好在該地區的西部地區共同開發 Harkey。我想，湯姆，你提到該地區壓力較低是其中的一部分。

I just wonder if that is, and I understand you haven't completed any of these wells yet, but just want to see if there's any better understanding of the key there to where you co-develop and where it's better to independently develop the Harkey and the Upper Wolfcamp.

我只是想知道是否是這樣，我知道您還沒有完成這些井中的任何一個，但只是想看看是否有更好的理解，其中的關鍵是您在哪里共同開發以及在哪裡獨立開發 Harkey 更好和上沃爾夫坎普。

Yeah, we don't have rock-solid conclusions, but some of the science experiments that we ran were actually on the eastern side of the row, and we did see a little bit of interference between the Harkey and Wolfcamp.

是的，我們沒有堅如磐石的結論，但我們進行的一些科學實驗實際上是在該行的東側，我們確實看到了哈基和沃爾夫坎普之間的一些幹擾。

Now, I said on our last call that even if we ignored this, these Harkey wells still are very, very attractive opportunities. But we believe that we may have a little better recovery if we co-develop.

現在，我在上次電話會議上說過，即使我們忽略了這一點，這些哈基井仍然是非常非常有吸引力的機會。但我們相信，如果我們共同開發，我們可能會得到更好的復甦。

Now, we had quite a debate, because we don't think we have rock-solid conclusions there, but we said, look, while we're still collecting data, let's change our default option to be co-developing, because we certainly don't think that does any harm. So therein lies our approach. Until we see otherwise, our default option is going to be co-develop where we can.

現在，我們進行了一場相當大的辯論，因為我們認為我們沒有堅如磐石的結論，但我們說，看，當我們仍在收集數據時，讓我們將預設選項更改為共同開發，因為我們當然不要認為這有什麼壞處。這就是我們的方法。除非我們看到其他情況，否則我們的預設選擇將是盡可能共同開發。

So we don't expect to see any significant degradation because of the timing of when we're coming back there, and we'll continue to update you as we gather more data and make our conclusions.

因此，由於我們返回那裡的時間，我們預計不會出現任何顯著的退化，並且隨著我們收集更多數據並得出結論，我們將繼續向您通報最新情況。

Understood. Thank you.

明白了。謝謝。

Matt Portillo, TPH.

馬特·波蒂略，TPH。

Good morning, all.

大家早安。

Morning. Morning.

早晨。早晨。

Tom, I know it's probably a little bit too early to specifically talk about 2025, but you gave some great color on Marcellus drilling economics with the lower being in the money at strip and the upper probably needing a little bit higher prices to justify the drill bit for next year.

湯姆，我知道現在具體談論2025 年可能還為時過早，但您對Marcellus 鑽探經濟學給出了一些精彩的闡述，較低的鑽探資金來自於露天礦，而較高的鑽探可能需要更高的價格來證明鑽探的合理性明年的一點。

Just looking at the Anadarko program, it looks like you guys have had some great well results and strong returns. Just curious, is there potentially a scenario here where returns would justify dropping the remaining rig in the northeast, heading into 2025 and picking up a rig or two in the Anadarko to target that liquid rich development program that's driving strong returns for you all?

只要看看阿納達科項目，看起來你們已經取得了一些很好的成果和豐厚的回報。只是好奇，是否有可能出現這樣一種情況：在回報方面，放棄東北部剩餘的鑽機，進入2025 年，在阿納達科購買一兩個鑽機，以瞄準為大家帶來強勁回報的流動性豐富的開發計劃？

Well, Matt, we're not prepared to talk about ‘25 because we haven't – we just haven't crystallized those plans yet. But I hope I was clear from my opening remarks that my answer is hypothetically, yes. To the extent that we don't have lease commitments, to the extent we don't have vendor commitments or marketing commitments, we would be prepared to pivot capital anywhere to the highest productive use. So yeah, the scenario you laid out would be a possibility amongst many others.

好吧，馬特，我們不准備談論 25，因為我們還沒有——我們只是還沒有具體化這些計劃。但我希望從我的開場白中可以清楚地看出，我的答案是假設的，是的。如果我們沒有租賃承諾，如果我們沒有供應商承諾或行銷承諾，我們將準備將資本轉移到任何地方以實現最高的生產性用途。所以，是的，您提出的場景在許多其他場景中都是可能的。

Perfect. And then just as a follow-up question, as you mentioned, you have some summer contracts rolling off into the shoulder season. Is there any incremental color you might be able to provide in terms of how much you could potentially curtail? I know it's going to be price dependent and kind of market dependent, but just trying to get a sense of how much that magnitude might be able to increase in October and beyond if you guys so decide it.

完美的。正如您所提到的，作為一個後續問題，您將有一些夏季合約將延續到平季。就可能減少的數量而言，您是否可以提供任何增量顏色？我知道這將取決於價格和市場，但只是想了解一下，如果你們這麼決定的話，十月及以後這個幅度可能會增加多少。

Yeah, this is Blake. I can't give you exact volumes that we could increase. Obviously we have a layered portfolio. We haven't been putting in a lot of long term deals lately, just because of where the markets have been. But all that is considered every time we have anything coming up for expiration. But it'll be more volume. We're not ready to say how much.

是的，這是布萊克。我無法向您提供我們可以增加的確切數量。顯然我們有一個分層的投資組合。最近我們沒有進行大量長期交易，只是因為市場狀況。但每次我們有任何即將到期的東西時，都會考慮所有這些。但量會更大。我們還沒準備好透露多少。

Thank you.

謝謝。

You know, Matt, I just want to say one quick, make one quick point, that I don't want it lost on the audience. When we say flexibility is the coin of the realm, that means a lot of things to us. It obviously means quality of assets, ability to have online real calibration of your economic results, willingness to pivot your capital. But all of that is made possible by flexibility in our vendor commitments.

你知道，馬特，我只想快速說一件事，快速提出一點，我不想讓觀眾迷失。當我們說靈活性是這個領域的硬幣時，這對我們來說意味著很多事情。這顯然意味著資產品質、線上真實校準經濟成果的能力、轉移資本的意願。但這一切都得益於我們供應商承諾的靈活性。

Blake and his team worked really hard during the past year and the year before it, to make sure that we weren't locked down with annual contracts that prevented our flexibility. We have great relationships with our vendors that wouldn't have been easy with a different vendor set. But good relationships mean we trust them, but they also trust us, because of how we behave to one another.

布萊克和他的團隊在過去的一年和前一年非常努力地工作，以確保我們不會被年度合約所束縛，從而妨礙我們的靈活性。我們與我們的供應商有著良好的關係，這對其他供應商來說並不容易。但良好的關係意味著我們信任他們，而且他們也信任我們，因為我們對待彼此的方式。

So I just cannot tell you how important it is to us that we have vendor relationships that allow us to lay down activity and then pick it up. We're not locked into long term contracts. Quite frankly, if you look at the landscape, you are going to find that that is not universally true, but it's true for Coterra, and we worked hard to get ourselves in that position. It's a testament to Blake and his team.

因此，我無法告訴您，我們與供應商的關係使我們能夠放下活動然後再進行活動，這對我們有多重要。我們沒有被鎖定在長期合約中。坦白說，如果你觀察一下情況，你會發現這並不普遍，但對 Coterra 來說卻是這樣，我們努力工作才讓自己處於這個位置。這是對布萊克和他的團隊的證明。

Thank you.

謝謝。

Kevin McCurdy, Pickering Energy Partners.

凱文麥柯迪，皮克林能源合作夥伴。

Hey, good morning, team. I think you've hit on the Marcellus plenty, but maybe I'll just try to sneak one more in there. I know that you haven't traditionally delayed turn in lines after completion in the Marcellus. Is there anything that you learned from the last batch that would change your thinking heading forward on that?

嘿，早上好，團隊。我認為你已經多次提到馬塞勒斯了，但也許我會嘗試再偷偷地放進去一次。我知道按照慣例，您在 Marcellus 完成後不會延遲排隊。您從上一批學到的東西是否會改變您未來的想法？

No, nothing that would change our thinking. I will say the last batch did exceed our longest shut-in time that we've ever had in the Marcellus. So there was some questions going around on the team on, all right, we're kind of in uncharted waters here. What's going to happen?

不，沒有什麼可以改變我們的想法。我想說的是，最後一批確實超過了我們在馬塞勒斯有史以來最長的關閉時間。因此，團隊中存在一些問題，好吧，我們正處於未知領域。將會發生什麼事？

Luckily, the wells look great. When we opened them up, they performed wonderfully. We were able to get all the water off of them just like we hoped, and the production results were really strong. So I think if anything, maybe it kind of reinforces our ability to keep wells shut-in longer.

幸運的是，這些井看起來很棒。當我們打開它們時，它們表現得非常出色。正如我們所希望的那樣，我們能夠將它們中的所有水分去除，並且生產結果非常強勁。所以我認為，如果有的話，也許這會增強我們延長油井關閉時間的能力。

Great. And then touching on the Anadarko. I mean, we obviously noticed the positive results this quarter, and that certainly contributed to the beat. Was there anything specific that led to the acceleration there in turn-in lines, or is that just kind of cycle times improving?

偉大的。然後談到阿納達科。我的意思是，我們顯然注意到了本季度的積極成果，這無疑促進了成長。是否有什麼具體因素導致了上交線的加速，或者這只是周期時間的改善？

Some of the same cycle times we've been discussing in the Permian, we have one cohesive D&C team at Coterra. No one operates in silos around here, and best practices, they chase like wildfire.

我們在二疊紀討論了一些相同的週期時間，我們在 Coterra 擁有一支有凝聚力的 D&C 團隊。這裡沒有人在孤島中運作，他們像野火一樣追逐最佳實踐。

So all the same things we're doing in the Permian to improve our cycle times and our efficiencies, that's also going on in the Anadarko and the Marcellus. We just don't talk about it as much, because the capital spend is not as high. So you don't see it quite as much. But yes, all the same great things going on with those Permian crews, it's happening in Anadarko and Marcellus also.

因此，我們在二疊紀盆地所做的所有事情都是為了提高我們的循環時間和效率，這也在阿納達科和馬塞勒斯進行。我們只是不太談論它，因為資本支出沒有那麼高。所以你看不到它那麼多。但是，是的，所有同樣偉大的事情都發生在二疊紀船員身上，它也發生在阿納達科和馬塞勒斯。

That's a hidden benefit of being a multi-basin operator and being an operator that has fluid and open communication across our platform. That a good idea in any one part of our organization spreads like wildfire. Being a multi-basin operator makes us a better operator in all three basins.

這是作為多流域運營商以及在我們的平台上進行流暢和開放通信的運營商的一個隱藏好處。在我們組織的任何一個部門，一個好主意都會像野火一樣傳播。作為多流域運營商使我們在所有三個流域都成為更好的運營商。

Great. Appreciate the time.

偉大的。珍惜時間。

And we are at the allotted time. So I'll now turn it back over to Tom Jorden for closing remarks.

我們在指定的時間。現在我將把它轉回給湯姆喬丹做總結發言。

Well, I want to thank everybody for joining us. As always, we prefer talking about results than undifferentiated future promises, and we intend to work hard to continue to deliver them. So, thank you very much for joining us this morning.

嗯，我要感謝大家加入我們。一如既往，我們更喜歡談論結果，而不是一成不變的未來承諾，我們打算努力繼續兌現它們。非常感謝您今天早上加入我們。

That concludes today's conference. Have a pleasant day.

今天的會議到此結束。祝你有愉快的一天。