Coterra Energy Inc (CTRA) 2024 Q3 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 third-quarter 2024 earnings conference call. Today's conference is being recorded. (Operator Instructions) 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.

早安.我叫奧德拉，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加Coterra Energy 2024年第三季財報電話會議。今天的會議正在錄製中。（操作員指示） 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, operator. Good morning, and thank you for joining Coterra Energy's third-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. As a reminder, on today's call, we will make forward-looking statements based on current expectations.

謝謝你，接線生。早安，感謝您參加 Coterra Energy 2024 年第三季財報電話會議。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。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。

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

此外，我們的一些評論將參考非公認會計準則財務指標。我們的收益報告和更新的投資者介紹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準則財務指標的對賬，這兩者都可以在我們的網站上找到。這樣，我就把電話轉給湯姆。

Thank you, Dan, and welcome to all of you who are joining our call this morning. As you saw from our release last night, Coterra had an excellent third quarter. Our volumes for oil, gas and barrel of oil equivalent came in above the high end of our guidance with capital coming in below the low end of our guidance range. Furthermore, we raised our production guidance and lowered our capital guidance for the full year. We expect 2024 to be our third consecutive year of delivering differentiated organic oil growth.

謝謝丹，歡迎今天早上加入我們電話會議的所有人。正如您從我們昨晚發布的新聞稿中看到的那樣，Coterra 第三季的表現非常出色。我們的石油、天然氣和每桶石油當量的交易量高於我們指導範圍的上限，而資本則低於我們指導範圍的下限。此外，我們也上調了全年的生產指引並下調了資本指引。我們預計 2024 年將是我們連續第三年實現差異化有機油成長。

This is made possible by our asset quality and growing capital efficiency, which are related to one another. Shane and Blake will walk you through our financial and operational results in some detail. Blake will also give you an update on our Windham Row project in Culberson County. In a nutshell, our results have been outstanding, and we expect similar projects to be a part of our program for many years to come. Slide 13 in our earnings presentation lists a few upcoming Culberson projects for future years.

我們的資產品質和不斷提高的資本效率使這一目標成為可能，兩者是相互關聯的。肖恩和布萊克將向您詳細介紹我們的財務和營運表現。布萊克也將向您介紹我們在卡爾伯森縣 Windham Row 計畫的最新情況。簡而言之，我們的成果非常出色，我們預計類似的項目將成為我們未來許多年計畫的一部分。我們收益簡報中的幻燈片 13 列出了未來幾年即將推出的幾個 Culberson 項目。

Our Windham Row has confirmed what we have stated all along. These projects are well calibrated and highly predictable. Although we are not prepared to be granular on 2025 plans, as you would expect, we hold significant optionality and flexibility. As an example, if we were to continue simul fracking in Culberson County through 2025, it would increase our capital efficiency and result in an ongoing cadence of regular quarterly oil growth.

我們的溫德姆街證實了我們一直以來所說的話。這些項目經過精心校準且高度可預測。儘管我們不准備像您所期望的那樣詳細制定 2025 年計劃，但我們擁有很大的選擇性和靈活性。舉例來說，如果我們要在 2025 年之前繼續在卡爾伯森縣進行同步水力壓裂，這將提高我們的資本效率，並導致定期季度石油增長的持續節奏。

We could achieve this within our framework of capital discipline and a conservative reinvestment rate. We are also pleased to highlight some of our recent New Mexico results in our earnings presentation. More to come on that from Blake. Although we remain constructive on natural gas markets, current prices have not recovered to the extent that would justify incremental drilling and completion activity in the Marcellus.

我們可以在資本紀律和保守的再投資率框架內實現這一目標。我們也很高興在收益報告中強調我們最近在新墨西哥州的一些業績。布萊克還將提供更多內容。儘管我們對天然氣市場仍然持建設性態度，但目前的價格尚未恢復到足以證明馬塞勒斯地區增量鑽探和完井活動的合理程度。

We currently have no drilling or completion activity on our Marcellus assets. Additionally, we continue to curtail and shut-in volumes and we'll do so until we see materially better spot natural gas prices in the Northeast. Promises to deliver a more constructive natural gas market. The combination of growing LNG exports, increased electrical generation demand and the prospect of winter weather suggests a tighter supply-demand picture for natural gas in 2025 and beyond.

目前，我們的 Marcellus 資產沒有鑽井或完井活動。此外，我們將繼續削減和關閉產量，直到我們看到東北地區的現貨天然氣價格大幅改善為止。承諾提供更具建設性的天然氣市場。液化天然氣出口不斷增長、發電需求增加以及冬季天氣的前景表明，2025 年及以後天然氣供需情況將更加緊張。

In the meantime, we have other assets that are generating superior returns on our investments, and we have pivoted to them in 2024. You may also notice that we have recently entered into a handful of LNG sales agreements as illustrated by slide 5 in our earnings presentation. These agreements are the result of our multiyear effort to further diversify our natural gas marketing portfolio by gaining price exposure to international markets. We are continuing to explore further opportunities along these lines. Blake will provide details on this.

同時，我們擁有其他資產，可以為我們的投資帶來豐厚的回報，我們已在 2024 年轉向這些資產。您可能還注意到，我們最近簽訂了一些液化天然氣銷售協議，如我們收益簡報中幻燈片 5 所示。這些協議是我們多年來努力透過獲得國際市場價格敞口來進一步實現天然氣行銷組合多元化的結果。我們正在沿著這些方向繼續探索更多機會。布萊克將提供有關此事的詳細資訊。

As we have repeatedly said, we manage our company by disciplined capital allocation, not by production goals. We have the luxury of doing so because we have top-tier oil and natural gas assets with a low cost of supply. These assets, coupled with our operational capabilities can consistently deliver leading-edge returns on low corporate reinvestment rates through the cycles. Slide 6, which provides a snapshot of our inventory shows that we can do this for many, many years to come.

正如我們一再說過的，我們透過嚴格的資本配置而不是生產目標來管理我們的公司。我們很榮幸能這樣做，因為我們擁有供應成本較低的頂級石油和天然氣資產。這些資產加上我們的營運能力，可以在整個週期內以較低的企業再投資率持續提供領先的回報。幻燈片 6 提供了我們庫存的快照，表明我們可以在未來很多年裡做到這一點。

The robustness of our assets underwrites our shareholder-friendly return of capital program and our fortress balance sheet. Our approach to the business is simple. Build a top-tier operational team, a top-tier subsurface team develop a portfolio of top-tier assets that offer geographic and commodity diversity and let data, value creation and sound financial analysis guide capital allocation decisions. Through it all, maintained a relentless focus on continuous improvement.

我們資產的穩健性保證了我們有利於股東的資本回報計畫和堡壘資產負債表。我們的業務方針很簡單。建立頂級營運團隊，頂級地下團隊開發頂級資產組合，提供地理和商品多樣性，並讓數據、價值創造和健全的財務分析指導資本配置決策。在這一切過程中，我們始終堅持不懈地致力於持續改進。

At Coterra, its progress over comfort. It's that simple, and we live by it. With that, I will turn the call over to Shane.

在Coterra，它的進步超越了舒適性。就這麼簡單，我們就靠它過活。這樣，我就把電話轉給謝恩。

Thank you, Tom, and thank you, everyone, for making time to join us on today's call. This morning, I'll focus on three areas. First, I'll summarize the financial highlights of our third quarter results, including where we finished the quarter from a credit and liquidity perspective, then I'll provide production and capital guidance for the fourth quarter as well as provide an update for the full year 2024 guide. Finally, I'll provide highlights from our continued progress on our shareholder return program.

謝謝湯姆，也謝謝大家抽空參加我們今天的電話會議。今天上午，我將重點放在三個領域。首先，我將總結我們第三季業績的財務亮點，包括我們從信貸和流動性角度完成本季度的情況，然後我將提供第四季度的生產和資本指導，並提供完整報告的更新。指南。最後，我將重點介紹我們在股東回報計畫方面的持續進展。

Turning to our strong performance during the third quarter. Third quarter total production averaged 669 MBoe per day with oil averaging 112.3 MBO per day and natural gas averaging 2.68 Bcf per day. All three came in slightly above the high end of guidance. driven by timing of operated and non-operated volumes as well as strong well performance. In the Permian, we brought online 24 net wells near the high end of our 15 to 25 net well guidance.

轉向我們第三季的強勁表現。第三季總產量平均為 669 MBOe/天，其中石油平均為 112.3 MBO/天，天然氣平均為 2.68 Bcf/天。這三個指標都略高於指導值的上限。受到作業量和非作業量時間以及強勁油井表現的推動。在二疊紀，我們上線了 24 口淨井，接近 15 至 25 口淨井指導的上限。

This includes 16 net Bone Spring wells across Lea and Eddy Counties and eight net Windham Row wells in Culberson County. In the Anadarko, we brought online five net wells in our liquids-rich updip area. While in the Marcellus, we brought online seven net wells in mid-September. During the third quarter, prehedge revenues were approximately $1.3 billion, of which 75% were generated by oil and NGL sales.

其中包括 Lea 縣和 Eddy 縣的 16 個淨 Bone Spring 井以及卡爾伯森縣的 8 個 Windham Row 淨井。在阿納達科，我們在液體豐富的上傾區域投入了五口淨井。在馬塞勒斯，我們在 9 月中旬上線了 7 個淨井。第三季度，對沖前收入約為 13 億美元，其中 75% 來自石油和液化天然氣銷售。

In the quarter, we reported net income of $252 million or $0.34 per share and adjusted net income of $233 million or $0.32 per share. Total unit cost during the quarter, including LOE, transportation, production taxes and G&A totaled $8.73 per BOE. Near the midpoint of our annual guidance range of $7.45 to $9.55 per BOE. Cash hedge gains during the quarter totaled $28 million. Accrued capital expenditures in the third quarter were $418 million, below the low end of our guidance range as we spent less on midstream infrastructure and SWD capital and also made the decision early in the quarter to drop our Marcellus rig.

本季度，我們報告淨利潤為 2.52 億美元，即每股 0.34 美元，調整後淨利潤為 2.33 億美元，即每股 0.32 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 BOE 8.73 美元。接近我們年度指導範圍每桶油 7.45 美元至 9.55 美元的中點。本季現金對沖收益總計 2,800 萬美元。第三季的應計資本支出為 4.18 億美元，低於我們指引範圍的下限，因為我們在中游基礎設施和 SWD 資本上的支出減少，並且在本季度初決定放棄我們的 Marcellus 鑽機。

We had originally planned to have the rig running through year-end. Discretionary cash flow for the quarter was $670 million and free cash flow was $277 million after cash capital expenditures of $393 million. We ended the third quarter very well positioned from a balance sheet perspective. Having 0.3 times net debt to LTM EBITDA ratio and approximately $2.8 billion of liquidity after retiring a $575 million dollar debt maturity during September.

我們原本計劃讓該鑽機運行到年底。本季可自由支配現金流為 6.7 億美元，扣除現金資本支出 3.93 億美元後自由現金流為 2.77 億美元。從資產負債表的角度來看，我們在第三季結束時處於非常有利的位置。淨債務與 LTM EBITDA 比率為 0.3 倍，在 9 月償還到期的 5.75 億美元債務後，其流動性約為 28 億美元。

Looking ahead to the remainder of 2024, during the fourth quarter of 2024, we expect total production to average between 630 and 660 669 MBoe per day. Oil to be between 106 and 110 MBO per day and natural gas to be between 2.53 and 2.66 Bcf per day. In other words, we expect oil volumes to be down approximately 4% quarter-over-quarter as part of the natural cadence of our operations. This is a product of a combination of TIL timing during the fourth quarter, completing a portion of the Windham Row that was not simul-frac as well as having limited frac activity in the Anadarko during the fourth quarter.

展望 2024 年剩餘時間，在 2024 年第四季度，我們預計總產量平均為每天 630 至 660 669 MBoe。石油產量為每天 106 至 110 MBO，天然氣產量為每天 2.53 至 2.66 Bcf。換句話說，我們預計石油產量將環比下降約 4%，這是我們營運自然節奏的一部分。這是第四季度 TIL 時間組合的產物，完成了溫德姆羅 (Windham Row) 的部分非同步壓裂，以及第四季度阿納達科 (Anadarko) 的壓裂活動有限。

Given our curtailed volumes, we expect natural gas to be down approximately 3% quarter-over-quarter. We continue to monitor gas fundamentals to maintain the optionality to respond to signals on a month-to-month basis. Regarding investment, we expect total capital expenditures in the fourth quarter to be between $410 million and $500 million. Yesterday, we increased our full year 2024 oil production guidance range to between 107 and 108 MBO per day for the year up approximately 0.5% at the midpoint from our August guidance and up 5% from our original guidance released in February.

鑑於我們的產量減少，我們預計天然氣季度將季減約 3%。我們繼續監控天然氣基本面，以保持每月對訊號做出反應的選擇性。在投資方面，我們預期第四季的總資本支出將在4.1億美元至5億美元之間。昨天，我們將 2024 年全年石油產量指導範圍上調至每日 107 至 108 MBO，較 8 月份指導值的中位數提高約 0.5%，較 2 月份發布的原始指導值提高 5%。

We also tightened our full year 2024 BOE and natural gas production guidance ranges, both up 1% at the midpoint from the August guide. Based on what we see the full year today, we are lowering our capital guide by $100 million at high end and $50 million at the midpoint to $1.75 billion to $1.85 billion for 2024. This is 14% lower at the midpoint than our 2023 capital spend. This change, along with increased production, reflects continued meaningful improvement in Coterra's capital efficiency.

我們也收緊了 2024 年全年 BOE 和天然氣產量指引範圍，均較 8 月份指引值的中點上調 1%。根據我們今天看到的全年情況，我們將 2024 年的資本指引上限下調 1 億美元，中位數下調 5,000 萬美元，至 17.5 億美元至 18.5 億美元。這比我們 2023 年資本支出的中位數低 14%。這一變化以及產量的增加反映了 Coterra 資本效率的持續有意義的提高。

Our 2024 program now modestly increases capital allocation to the liquids-rich Permian and Anadarko basins while decreasing capital by approximately 65% in the Marcellus year-over-year. Moving on to shareholder returns. During the third quarter, we continued to see attractive value in our own shares and repurchased 4.3 million shares for $111 million at an average price of $25.15 per share. Last night, we also announced a $0.21 per share base dividend for the third quarter, which annualizes to $0.84 per share for the year. This remains one of the highest yielding base dividends of our peer group at over 3%.

我們的 2024 年計畫現在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同比減少約 65%。接下來是股東回報。第三季度，我們繼續看到自己股票的吸引力，並以 1.11 億美元的價格回購了 430 萬股股票，平均價格為每股 25.15 美元。昨晚，我們也宣布第三季每股基本股利 0.21 美元，全年每股基本股利為 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%。

In total, we returned $265 million to shareholders during the quarter or 96% 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 in our share repurchase program. Year-to-date, we have returned 100% of free cash flow to our shareholders. In summary, the third quarter again delivered excellent operational and financial results.

本季我們總共向股東返還了 2.65 億美元，也就是自由現金流的 96%。我們仍然致力於透過在股票回購計畫中結合健康的基本股息，將 50% 或更多的年度自由現金流返還給股東的策略。年初至今，我們已將 100% 的自由現金流返還給股東。總而言之，第三季再次取得了出色的營運和財務表現。

Our fourth quarter activity schedule will position us for a strong start heading into 2025 and where we maintain significant flexibility with regard to capital allocation. With that, I'll hand the call over to Blake. Blake?

我們的第四季活動計畫將使我們在進入 2025 年時有一個良好的開端，並在資本配置方面保持顯著的靈活性。這樣，我就把電話轉給布萊克。布萊克？

Thanks, Shane. Our third quarter was another active quarter at Coterra. This morning, I plan to cover our new LNG agreements, Permian activity and cost update, along with overviews of Marcellus and Anadarko activity. This quarter, Coterra executed 200,000 MMBtu per day of LNG sales commitments split evenly between European and Asian markets with first sales in 2027 and 2028. These agreements represent almost two years of work by our marketing team to survey the LNG landscape and find deals that best enhance our portfolio.

謝謝，謝恩。第三季是 Coterra 另一個活躍的季度。今天早上，我計劃介紹我們新的液化天然氣協議、二疊紀活動和成本更新，以及馬塞勒斯和阿納達科活動的概述。本季度，Coterra 履行了每天 200,000 MMBtu 的液化天然氣銷售承諾，在歐洲和亞洲市場之間平分，首次銷售將於 2027 年和 2028 年進行。這些協議代表了我們的行銷團隊近兩年的工作，旨在調查液化天然氣格局並尋找最能增強我們產品組合的交易。

These commitments are netback sales deals directly linked to JKM, TTF and MVP indexes and will be sourced from Coterra gas in the Permian, Anadarko, and Marcellus. The gas sold under these agreements has no FID risk as our counter-parties are currently lifting cargoes from existing and operating facilities along the US Gulf Coast. Lastly, these deals are with strong established counterparties. That Coterra is excited to partner with for many years to come.

這些承諾是與 JKM、TTF 和 MVP 指數直接相關的淨回售交易，並將來自二疊紀、阿納達科和馬塞勒斯的 Coterra 天然氣。根據這些協議出售的天然氣不存在最終決定風險，因為我們的交易對手目前正在從美國墨西哥灣沿岸現有和運營的設施中提貨。最後，這些交易是與實力雄厚的老對手方進行的。Coterra 很高興能在未來的許多年裡與之合作。

When we combine these agreements with our existing LNG deal at Cove Point, Coterra will have over half of ECF of gas per day on the water starting in 2028. This is another step for Coterra as we continue to leverage our multi-basin gas portfolio to maximize premium pricing and diversify our future revenues. In the Permian, we are currently running eight drilling rigs and two frac crews and our ops team posted another quarter of outstanding results. While our operated production came in where we expected with our increased efficiencies, we did see a nice bump in our Permian non-operated production with several projects coming in sooner than expected.

當我們將這些協議與 Cove Point 現有的液化天然氣交易結合時，從 2028 年開始，Coterra 每天將有超過一半的 ECF 天然氣用於水上。這是 Coterra 邁出的又一步，我們將繼續利用我們的多盆地天然氣投資組合來最大限度地提高溢價並使我們未來的收入多樣化。在二疊紀，我們目前正在運行八台鑽機和兩名壓裂人員，我們的營運團隊又取得了四分之一的出色表現。雖然我們的營運產量隨著效率的提高而達到了我們的預期，但我們確實看到二疊紀非營運產量出現了大幅增長，幾個項目的投產時間早於預期。

Leading to a beat above our high end of guidance. As Shane noted, due to the planned transition from simul-frac to zipper-frac for a portion of Windham Row during Q3 and limited Anadarko frac activity, we are forecasting a reduction in volumes for Q4. However, I am pleased to report that Windham Row is ahead of schedule, below cost and initial production results look strong. We look forward to sharing a final Windham Row update next quarter when all 57 wells are online.

導致高於我們指導的高端。正如 Shane 指出的那樣，由於計劃在第三季度將 Windham Row 的一部分從同步壓裂過渡到拉鍊壓裂，並且阿納達科壓裂活動有限，我們預計第四季度的產量將減少。然而，我很高興地向大家報告，Windham Row 的進度比計劃提前，成本低於成本，而且初步生產結果看起來很強勁。我們期待在下個季度所有 57 口井全部上線時分享 Windham Row 的最終更新。

While Windham Row has been a critical project for Coterra in 2024, the rest of the Permian portfolio has also had a banner year. Our drilling and completion operations in our New Mexico Bone Spring program is having a great year with our drilling feet per day up 26% and frac pumping hours up 23% compared to a year ago. This has been accomplished by focusing on increasing our wells per pad and lateral lengths as well as a new zipper frac initiative focused on reducing transition times between stages. This competitive cost structure is paired with some strong well results we are seeing in our New Mexico program.

雖然 Windham Row 是 Coterra 2024 年的一個關鍵項目，但二疊紀盆地的其他項目也迎來了輝煌的一年。我們新墨西哥州 Bone Spring 專案的鑽井和完井作業今年表現出色，與去年同期相比，每天的鑽探英尺數增加了 26%，壓裂泵抽時數增加了 23%。這是透過專注於增加每個墊的井數和橫向長度以及專注於減少階段之間過渡時間的新拉鍊壓裂計劃來實現的。這種具有競爭力的成本結構與我們在新墨西哥州計畫中看到的一些強勁的油井成果相結合。

While Coterra has had great success in our Wolfcamp program in New Mexico, going back to 2010, a we are still learning new things as we expand our developments across the liquids-rich track come available to us in our New Mexico assets. A recent result we are highlighting is our dose Eckes project in Lea County, where we brought on two First Bone Spring wells at four wells per section and are seeing initial per well results comparable to the Upper Wolfcamp. This result, along with several great Second Bone Spring Sand results in the county are underscoring the value we see across our New Mexico position. Turning to Permian costs, in 2023, our Permian average well cost was $1,200 per foot. Driven by efficiency gains and moderately lower service costs over the last year, our 2024 Permian dollar per foot is expected to be $10.50 per foot, down 12% year-over-year.

儘管 Coterra 在新墨西哥州的 Wolfcamp 項目中取得了巨大成功，但追溯到 2010 年，隨著我們在新墨西哥州資產中擴大我們在液體豐富的軌道上的開發，我們仍在學習新事物。我們最近強調的一個結果是我們在 Lea 縣的 Dose Eckes 項目，我們在該項目中安裝了兩口 First Bone Spring 井，每個部分有 4 口井，每口井的初始結果與 Upper Wolfcamp 相當。這一結果，以及該縣幾項出色的第二骨泉沙結果，都強調了我們在新墨西哥州的地位所看到的價值。談到二疊紀成本，到 2023 年，我們二疊紀的平均油井成本為每英尺 1,200 美元。在去年效率提升和服務成本適度降低的推動下，我們的 2024 年二疊紀每英尺美元預計為每英尺 10.50 美元，年減 12%。

As we look forward, our leading edge costs are below $1,000 per foot, 5% to 10% lower than 2024. We define leading edge as current market rates and efficiencies and with no projected deflation or further performance gains. As a reminder, when we share our full year total well cost dollar per foot, we are including our all-in cost which include drilling, completion, facilities and flowback. These are actual costs based on frac in date and not type curves, which directly reflect the capital spent on each project.

展望未來，我們的領先成本將低於每英尺 1,000 美元，比 2024 年降低 5% 至 10%。我們將領先優勢定義為目前的市場利率和效率，並且沒有預期的通貨緊縮或進一步的績效收益。提醒一下，當我們分享全年每英尺井總成本時，我們包括了全部成本，其中包括鑽井、完井、設施和返排成本。這些是基於日期壓裂而不是曲線類型的實際成本，直接反映每個項目的資本支出。

While we are proud of our cost performance and always looking to do more with less, cost is not the sole driving metric at Coterra. Our goal is not just to be low cost, it is to generate maximum value. Total return on investment is the only lens we use at Coterra. In cooperation with our machine learning team, our reservoir engineers iterate frac design and well spacing to maximize the capital efficiency and net present value of every development.

雖然我們對我們的性價比感到自豪，並且始終希望用更少的資源做更多的事情，但成本並不是 Coterra 的唯一驅動指標。我們的目標不僅是降低成本，而是創造最大價值。總投資回報是我們在 Coterra 使用的唯一鏡頭。我們的油藏工程師與我們的機器學習團隊合作，迭代壓裂設計和井距，以最大限度地提高每個開發專案的資本效率和淨現值。

As you can see on Page 14 of our newly released deck, the result of this rigorous analysis is the combination of competitive costs, and top-tier productivity in the Delaware Basin. One component of our fully burdened reported well costs are our facilities, which are constantly evolving to ensure compliance with an ever-changing regulatory landscape. Our new tankless battery designs comprise all our greenfield in most of our brownfield battery projects. This new design eliminates over 90% of the emission devices compared to a standard tank battery and greatly reduces the risk of fugitive emissions.

正如您在我們新發布的幻燈片第 14 頁上看到的那樣，嚴格分析的結果是特拉華盆地具有競爭力的成本和頂級生產力的結合。我們完全承擔的報告油井成本的組成部分是我們的設施，這些設施不斷發展，以確保遵守不斷變化的監管環境。我們的新型無罐電池設計涵蓋了我們大多數棕地電池專案中的所有綠地。與標準罐式電池相比，這種新設計消除了 90% 以上的排放裝置，並大大降低了無組織排放的風險。

Coterra has been implementing this design over the last five years. And today, almost 60% of our Permian oil production is flowing through tankless facilities. Innovations like this are part of our unwavering standards of operational excellence to ensure we are responsibly developing our assets in and around the communities where we operate. In the Marcellus, as a response to severely depressed pricing in the Northeast markets, we are currently at zero drilling or frac activity.

Coterra 在過去五年中一直在實施這項設計。如今，我們二疊紀石油產量的近 60% 是透過無槽設施生產的。此類創新是我們堅定不移的卓越營運標準的一部分，以確保我們負責任地開發我們經營所在社區及其周邊的資產。在馬塞勒斯，為了因應東北市場價格嚴重低迷的情況，我們目前的鑽井或壓裂活動為零。

Going to zero activity would not be possible without our Marcellus operations team developing new and creative methods to transport and dispose of produced water without relying on continuous frac activity. This thoughtful water strategy is what has allowed us to obtain the full capital flexibility we price in our multi-basin portfolio and has allowed for improved capital efficiency across the Coterra platform. Our first round of lower Marcellus projects in the Demic Township are complete with strong execution from our drilling and completion teams. We look forward to bringing these wells online in the coming months. pending an improvement in Northeast gas pricing.

如果我們的 Marcellus 營運團隊不開發新的、創造性的方法來運輸和處理採出水而不依賴連續壓裂活動，那麼就不可能實現零活動。這種深思熟慮的水資源策略使我們能夠在多流域投資組合中獲得充分的資本靈活性，並提高整個 Coterra 平台的資本效率。我們在德米克鎮的第一輪下馬塞勒斯計畫在我們的鑽井和完井團隊的強大執行下已經完成。我們期待在未來幾個月內將這些油井上線。東北地區天然氣定價有待改善。

We are continuing our month-to-month curtailment in the Marcellus with a planned 340,000 MMBtu per day gross and 288,000 MMBtu per day net shut in for the month of November. This volume represents a part of our sales portfolio tied directly to Northeast local pricing. We will continue to monitor pricing and make our curtailment decision one month at a time. We remain constructive on long-term gas markets.

我們將繼續對 Marcellus 進行逐月限電，計劃 11 月份每天總發電量 340,000 MMBtu，淨發電量 288,000 MMBtu。這一銷售代表了我們與東北當地定價直接相關的銷售組合的一部分。我們將繼續監控定價並每月做出一次限電決定。我們對長期天然氣市場仍持建設性態度。

However, until demand catches up with plentiful pent-up supply, you can expect Coterra to continue to leverage its multi-basin, multi-commodity portfolio and continue to be disciplined allocators of capital. With a focus on full cycle returns. In the Anadarko, we continue to run one rig and completed five wells in the third quarter. Operational consistency is paying off in the Anadarko, with several strong projects coming online in 2024.

然而，在需求趕上被壓抑的充足供應之前，您可以預期 Coterra 將繼續利用其多流域、多商品投資組合，並繼續成為紀律嚴明的資本配置者。重點關注全週期回報。在阿納達科，我們繼續運行一台鑽機，並在第三季完成了五口井。營運一致性在阿納達科得到了回報，幾個強大的項目將於 2024 年上線。

Keeping a rig running and stacking together completion activity has allowed us to gain efficiency and minimize well problems. Despite natural gas headwinds, the liquids production in the Anadarko revenue stream has buoyed well economics and returns. Lastly, I'd like to commend our operating teams in all threebusiness units as they continue the trend of excellent execution and set us up for a great 2025. With that, I'll turn it back to Tom.

保持鑽機運作並將完井活動疊加在一起使我們能夠提高效率並最大限度地減少油井問題。儘管天然氣面臨逆風，阿納達科收入流中的液體生產仍然提振了良好的經濟效益和回報。最後，我要讚揚我們所有三個業務部門的營運團隊，他們延續了卓越執行力的趨勢，為我們創造了一個偉大的 2025 年。有了這個，我會把它轉回給湯姆。

Thank you, Shane and Blake. As you can see, we've got a great momentum behind us. And with that, we'd be delighted to take your questions.

謝謝你們，肖恩和布萊克。正如您所看到的，我們背後有著巨大的動力。因此，我們很樂意回答您的問題。

(Operator Instructions) Doug Leggate, Wolfe Research.

（操作員說明）Doug Leggate，Wolfe Research。

Thank you, good morning, everyone. Gosh, Tom, your prepared remarks, it was quite intriguing to hear you say if we decided to continue with simul-frac, our capital efficiency will improve materially in 2025, just boots in your mouth a little bit. Why would you not continue to simul-frac in 2025?

謝謝大家，早安。天哪，湯姆，你準備好的發言，聽到你說如果我們決定繼續使用同步壓裂，我們的資本效率將在 2025 年大幅提高，這只是你嘴裡的靴子而已。為什麼不在 2025 年繼續進行同步壓裂？

Well, we do have a portfolio, Doug. I would say that is a great question, and we're asking that of ourselves. I will answer that saying we're watching the oil markets. We're very constructive on all markets. But we're also wanting to have contingency plans in place if we see recovery in gas markets.

好吧，我們確實有一個投資組合，道格。我想說這是一個很好的問題，我們也在問自己。我會回答說我們正在關注石油市場。我們對所有市場都非常有建設性。但如果我們看到天然氣市場復甦，也希望制定應急計畫。

So if we had to make the call today, which we do not, but if we had to make the call today, that's what we do. We have the program teed up, ready to go, and we're just going to -- we -- we really like to maintain flexibility up until that point where we had to make a rock-solid commitment and steer the ship.

因此，如果我們今天必須打電話，雖然我們沒有這樣做，但如果我們今天必須打電話，那就是我們所做的。我們已經把這個計劃準備好了，準備開始，我們真的很想保持靈活性，直到我們必須做出堅如磐石的承諾並掌舵。

I guess it's a tricky follow-up question, if I may then, Tom, which is really this this broader issue of capital allocation. And I guess you've kind of touched on it with the Marcellus optionality, but your oil production growth is again significantly beating I guess your indicated guidance, your three-year plan, I guess you'll roll out early '25 again. It seems to us that you've got a lot of options to perhaps drop the capital, maintain the original guidance. And I just wonder if you could walk us through what are the puts and takes on how you think about relative capital allocation across the three assets? Because it seems to me your optionality has probably never been better at this point?

我想這是一個棘手的後續問題，湯姆，這實際上是一個更廣泛的資本配置問題。我想你已經談到了馬塞勒斯的選擇性，但你的石油產量增長再次顯著超過了我想你指定的指導，你的三年計劃，我想你會再次推出 25 年初。在我們看來，你有很多選擇，也許可以放棄資本，維持原來的指導。我只是想知道您是否可以向我們介紹一下您如何看待這三種資產的相對資本配置？因為在我看來，你的選擇性可能從來沒有這麼好過？

Well, Doug, I just repeat what you've heard us say. First thing we do top line is make an estimate of what our cash flow will be given the forecast of commodity prices and activity and results and it's an iterative process, and then we decide how much we want to invest. And we want to maintain a return of capital commitment. So we're typically in that 40% to 70% band. We've been on the low end of that and probably will be on the lower end of that.

好吧，道格，我只是重複你聽到我們說的話。我們要做的第一件事是根據商品價格、活動和結果的預測來估計我們的現金流量，這是一個迭代過程，然後我們決定要投資多少。我們希望維持資本承諾的回報。所以我們通常處於 40% 到 70% 的範圍內。我們一直處於這個水平的低端，並且可能處於這個低端。

And then we calculate what our best returns are, and we see what our production will be. We'll also look at severe downside pricing and make sure that if we were to see the Cronin prices, we would still get well in advance of our cost of capital. And with our cost structure and asset performance and capital efficiency, we're currently in a situation where we can drive that oil price down to $50 some in many of our projects sub-$50, and we would still get a return on capital that looks attractive to us. So growth is an output, and our check against do we want to do that or throttle back forward throttle further is really based upon that draconian downside.

然後我們計算我們的最佳回報是多少，然後我們看看我們的產量是多少。我們也將關注嚴重的下行定價，並確保如果我們看到克羅寧的價格，我們仍然會遠遠超出我們的資本成本。憑藉我們的成本結構、資產績效和資本效率，我們目前的情況是，我們可以將石油價格降低至50 美元，在我們的許多項目中，有些項目低於50 美元，但我們仍然可以獲得看起來不錯的資本回報率。因此，成長是一種產出，我們檢查是否要這樣做或進一步抑制前進的油門實際上是基於這種嚴厲的負面影響。

If we are well above our cost of capital, and we feel confident about that at the most draconian downside pricing and we're within a capital return and cash flow reinvestment rate that we think maintains that discipline, we let the ship sale.

如果我們遠高於我們的資本成本，並且我們對最嚴厲的下行定價充滿信心，並且我們的資本回報率和現金流再投資率處於我們認為維持這一紀律的範圍內，那麼我們就會出售這艘船。

Arun Jayaram, JPMorgan.

阿倫‧賈亞拉姆，摩根大通。

Tom and team, I was wondering if you could give us a sense of how your returns from the Harkey shale interval are comparing and competing for capital with the Upper Wolfcamp and perhaps going on in the Permian, just talk a little bit about the implications of the First Bone second Bone results in Lea County and the implications for that?

湯姆和團隊，我想知道您能否讓我們了解一下您從哈基頁岩層段獲得的回報如何與上沃爾夫坎普（Upper Wolfcamp）以及二疊紀盆地的資本進行比較和競爭，請稍微談談以下影響：第一塊骨頭第二塊骨頭在利縣的結果及其影響？

Yes. Look, basin-wide and of course, averaging is always difficult. And based on why we would say the Harkey is outstanding, but slightly less than the Upper Wolfcamp. Depends where you are, but that's the answer. And then we're also seeing some, as we said, some really nice results from that section above the Harkey Second Bone, First Bone in particular areas of the basin. So look, it's just a question of A++, A+ or A, these are all A-grade returns and delighted to have them.

是的。看起來，整個流域，當然，平均總是很困難。基於我們為什麼會說 Harkey 非常出色，但略低於 Upper Wolfcamp。取決於你在哪裡，但這就是答案。然後，正如我們所說，我們也看到了一些非常好的結果，這些結果來自哈基第二骨、第一骨上方盆地特定區域的部分。所以看，這只是 A++、A+ 還是 A 的問題，這些都是 A 級回報，很高興擁有它們。

Fair enough. Tom, Coterra is a large employer community player in the state of New Mexico. I was wondering if you could just talk about some of the regulatory risk that was raised recently around potential setback rules in the New Mexico legislature. I think these are pretty preliminary in nature. But I was wondering if you could talk about your understanding the situation and potential risks to Coterra if you see them?

很公平。Tom, Coterra 是新墨西哥州的大型雇主社群參與者。我想知道您是否可以談談最近圍繞新墨西哥州立法機構潛在的挫折規則提出的一些監管風險。我認為這些本質上是相當初步的。但我想知道您能否談談您對情況的了解以及您看到 Coterra 面臨的潛在風險嗎？

Yes. I mean, in a nutshell, I think that story was very overblown. There's always legislative studies. There's always committee discussions going on. We don't expect the setback issues that were in the media a week ago to be materially implemented. New Mexico, 50% of the state revenue or just about 50% comes from oil and gas revenue. and a setback rule like that would be very damaging to state revenue.

是的。我的意思是，簡而言之，我認為這個故事太誇張了。總是有立法研究。委員會的討論總是在進行。我們預期一週前媒體通報的挫折問題不會實質落實。新墨西哥州50%的州收入或僅50%左右來自石油和天然氣收入。像這樣的挫折規則將對國家收入造成很大傷害。

That said, we think New Mexico is a very responsible regulatory environment they hold our feet to the fire, both on emissions and environmental compliance. New Mexico is not the easiest place to operate, but I'll say this, it's a fair regulatory environment with really tough standards. But from time to time, you're going to have these things crop up in any democracy. I mean, good lord, look at some of the go back three or four months and some of the proposals that have been made in the national media in the political campaign, and we all know that it's just talk.

也就是說，我們認為新墨西哥州是一個非常負責任的監管環境，無論是在排放還是環境合規方面，他們都讓我們陷入困境。新墨西哥州不是最容易運作的地方，但我要說的是，這是一個公平的監管環境，具有非常嚴格的標準。但在任何民主國家中，這些事情都會時不時出現。我的意思是，上帝啊，看看三、四個月前的一些情況以及國家媒體在政治競選中提出的一些建議，我們都知道這只是說說而已。

We don't think that the setback rule is a serious risk to our industry at this time.

我們認為目前的挫折規則不會對我們的產業構成嚴重風險。

Nitin Kumar, Mizuho.

尼廷·庫馬爾，瑞穗。

In your prepared remarks, you talked a lot about the capital efficiencies that you've seen, obviously, 12% higher oil production for 14% less CapEx. You mentioned faster wells or drilling efficiencies. You mentioned a little bit better productivity and I believe some OBO as well. Could we get a breakout of what are the real drivers of this incremental capital efficiency? And what I'm really trying to get at is how sustainable are these into '25 and beyond?

在您準備好的演講中，您談到了很多您所看到的資本效率，很明顯，石油產量提高了 12%，資本支出減少了 14%。您提到更快的井或鑽井效率。你提到了生產力的提高，我相信也有一些 OBO。我們能否突破資本效率增量的真正驅動因素？我真正想要了解的是，這些在 25 世紀及以後的可持續性如何？

Yes. I'm going to turn it over to Blake, but I want to make one comment for Blake jumps in. Part of our outperformance on oil volumes is because of our efficiency of operations. And one of the things at Coterra with our balance sheet and our stable cash flow, we have the luxury to have very stable field operations. And if we were to throttle back it would lead to loss of efficiencies and actually cost us something.

是的。我要把它交給布萊克，但我想對布萊克的插話發表評論。我們在石油產量方面表現出色的部分原因在於我們的營運效率。Coterra 的優勢之一是我們的資產負債表和穩定的現金流，我們有幸擁有非常穩定的現場營運。如果我們縮減開支，就會導致效率下降，而且實際上會讓我們付出一些代價。

So whether it's running a simul-frac crew full time or our current operational cadence. We have this organization and operation at a point where our oil growth is really a function of cost savings from our efficiencies. But Blake, I'm going to turn that over to you.

因此，無論是全職運行同步壓裂人員還是我們目前的操作節奏。在我們的組織和營運中，我們的石油成長實際上是我們效率提高所帶來的成本節約的函數。但是布萊克，我要把它交給你。

Yes. Thanks. It's a really good question, and to be honest, it's not always super easy to decompose because like Tom said, we focus on operational consistency, constantly improving our performance going faster all the time. But we do look back on all these things. And that's really how we ground truth our results if I really had to take '24 and look at it in a nutshell to date, I'd say about two-thirds of our beats are coming from timing, so going faster. But we do have some nice productivity beats coming as well, and that's really the other one-third.

是的。謝謝。這是一個非常好的問題，說實話，它並不總是那麼容易分解，因為就像湯姆說的那樣，我們專注於操作一致性，並不斷提高我們的效能，一直更快。但我們確實回顧了所有這些事情。這就是我們如何確定結果的真實方式，如果我真的必須採取 '24 並簡單地看一下迄今為止的情況，我會說我們大約三分之二的節拍來自計時，所以要更快。但我們確實也有一些不錯的生產力節拍，這實際上是另外三分之一。

And so we try to bucket those that way. Your other question, just how long can this go on. We're always asking that question. Our standard at Coterra is operational excellence. We want to be the best at everything we do, which means what we're doing today is not good enough.

所以我們嘗試用這種方式來分類。你的另一個問題是，這種情況還能持續多久。我們總是問這個問題。Coterra 的標準是卓越營運。我們希望在所做的每一件事上都做到最好，這意味著我們今天所做的還不夠好。

And so our teams are constantly challenged to find new ways. It always feels like there's not a lot of meat left on the bone. But if you told me a year ago, we'd be here today, I would have lost that our teams keep finding ways to push the envelope, and I won't be surprised if they find more in '25.

因此，我們的團隊不斷面臨尋找新方法的挑戰。總覺得骨頭上沒剩下多少肉了。但如果你一年前告訴我，我們今天會在這裡，我就會失去我們的團隊不斷尋找突破極限的方法，如果他們在 25 年找到更多，我不會感到驚訝。

Then we were asked that question around this time last year as we had sort of continued to up the guidance for the year. And last year, the answer was really closer to 50-50 between the 2. My sense is this year with simul-frac and with the increase in pump hours that the team has been able to achieve that, that's what's really skewed that and weighted into that two-thirds, one-third that Blake talks about in terms of outperformance in 2024.

然後我們在去年這個時候被問到這個問題，因為我們在某種程度上繼續提高了今年的指導。去年，兩者之間的答案確實接近 50-50。我的感覺是，今年透過同步壓裂，隨著泵工時數的增加，團隊已經能夠實現這一目標，這才是真正扭曲的原因，並加權到布萊克在表現出色方面談到的三分之二、三分之一2024年。

Great. I'm going to stick with costs and efficiencies. I imagine it will happen more as the call goes on. I couldn't help but notice that the Culberson County well costs are at $860 per foot, which, if I remember correctly, was the high end of the savings you expected from road development. So I just wanted to see if again, how repeatable is that sort of $860 per foot?

偉大的。我將堅持成本和效率。我想隨著通話的進行，這種情況會發生得更多。我忍不住注意到卡爾伯森縣的油井成本為每英尺 860 美元，如果我沒記錯的話，這是您期望透過道路開發節省的最高成本。所以我只是想再看看，每英尺 860 美元的價格是否可重複？

And then two, you talked about not being fully committed to simul-frac just yet. If you were not to use simul-frac on a pad or a project, what would be the savings you would lose?

第二，您談到尚未完全致力於同時壓裂。如果您不在平台或專案上使用同步壓裂，您會損失多少成本？

Well, that's about $30 million a year, give or take, it would cost us to simul-frac. And I want to be clear on what we said. We're not prepared to be granular on 2025 plans. Don't confuse that with anything other than literally what that means. So we'll release our 2025 plan next quarter. But Blake, why don't you.

好吧，每年大約需要 3000 萬美元，不管是多少，我們都需要花費同步壓裂的費用。我想澄清我們所說的話。我們不准備詳細制定 2025 年計畫。不要將其與字面意思以外的任何內容混淆。因此，我們將在下個季度發布 2025 年計劃。但是布萊克，你為什麼不呢？

Yes. I think you read into that well in. I would say we are comfortable saying we are at the high end of our projected savings on Windham Row. It's gone really, really well. And so the forecasting costs go forward in Culberson, if we chose to pursue that type of program, we've laid out other row developments we see coming, you would see that cost being repeated over and over.

是的。我想你讀得很好。我想說，我們可以放心地說，我們正處於 Windham Row 預計節省的高端。一切都過去了，真的非常好。因此，卡爾伯森的預測成本將繼續前進，如果我們選擇實施此類計劃，我們已經列出了我們看到的其他行開發，您會看到該成本一遍又一遍地重複。

And so that's really the tie between those two things. As far as what if we went back to zipper fracking and Culberson, what could that look like? We lose at least $25 per foot. That's our simul-frac games. There's also a few other gains in infrastructure and facilities that would back off of that, but that's probably about as close as I can get right now.

這確實是這兩件事之間的連結。如果我們回到拉鍊式水力壓裂和卡爾伯森，那會是什麼樣子？我們每英尺至少損失 25 美元。這就是我們的模擬壓裂遊戲。基礎設施和設施方面還有一些其他收益可以抵消這一點，但這可能是我現在能得到的最接近的收益。

Neal Dingmann, Truist Securities.

尼爾‧丁曼 (Neal Dingmann)，Truist 證券公司。

My first question is on your Anadarko Basin specifically, would you say that any of your future plans there, maybe next year, year after are at all limited by the total lease position? And if so, would you all consider bolting on or adding larger patches in order to run a steadier program there?

我的第一個問題是關於您的阿納達科盆地，您是否會說您在那裡的任何未來計劃，也許明年，後年都受到總租賃位置的限制？如果是這樣，你們都會考慮安裝或添加更大的補丁以便在那裡運行更穩定的程式嗎？

Well, Neil, at our current rate of investment, we've got a deep and long inventory in the Anadarko Basin. But to your real question, yes, if we could acquire additional assets in Anadarko and bolt-on capacity and they competed for capital with our existing inventory in some reasonable time frame. We would definitely consider that.

尼爾，以我們目前的投資速度，我們在阿納達科盆地擁有深厚而長期的庫存。但對於你真正的問題，是的，如果我們能夠在阿納達科獲得額外的資產和補充產能，並且他們在合理的時間範圍內與我們現有的庫存競爭資本。我們肯定會考慮這一點。

Okay. That makes sense. And then, Tom, just moving to just sort of broadly production shareholder returns, specifically you'll continue to nicely generate, I'd say, higher growth in the average E&P and continue to pay out a bit higher percent free cash flow than the average E&P. I'm just wondering, do you anticipate future production payout continuing to be a bit higher like this? Or again, is that as you were saying earlier, just sort of predicated on what the environment is next year on both those sides?

好的。這是有道理的。然後，湯姆，只是轉向廣泛的生產股東回報，具體來說，我想說的是，你將繼續很好地產生平均勘探與生產的更高增長，並繼續支付比公司更高的自由現金流百分比。我只是想知道，您預計未來的生產支出會繼續像這樣高一點嗎？或者，正如您之前所說，這只是基於明年雙方的環境？

Neil, I'll maybe start off on that a little bit. I mean the way we think about buybacks and the shareholder returns in aggregate, is starting with a base of 50% plus, so that we hold dear. Above and beyond that, as we think about buybacks, there's really two things. What are the other options outside of buyback. And with regard to the buyback in we've talked about focusing on three things.

尼爾，我也許會從這個開始。我的意思是，我們考慮回購和股東整體回報的方式是從 50% 以上的基數開始，這樣我們才能堅持下去。除此之外，當我們考慮回購時，實際上有兩件事。除了回購之外還有哪些選擇？關於回購，我們討論了重點關註三件事。

One, what's the intrinsic value? And is that attractive? And I think clearly, by our actions, we believe that to be the case and have all year. Two, what is the free cash flow profile looks like, not just in that quarter, but really over the next three or four quarters and does that support an active buyback program.

一、內在價值是什麼？這樣有吸引力嗎？我清楚地認為，透過我們的行動，我們相信這一年都是如此。第二，自由現金流狀況如何，不僅是該季度的情況，而且是未來三到四個季度的情況，這是否支持積極的回購計劃。

And then three, what's our liquidity position? Do we have enough liquidity. And as we talked about earlier in the year, we came into this year with about $1 billion of cash and we've been pulling that down a little bit slowly leaning into the buyback program. Today, we're around $840. But that still gives us more leverage and ability to lean in if we want to and potentially go down as low as the $0.5 billion area.

第三，我們的流動性狀況如何？我們有足夠的流動性嗎？正如我們今年早些時候談到的，我們今年帶著大約 10 億美元的現金，我們一直在慢慢地向回購計劃傾斜。今天，我們的價格約為 840 美元。但這仍然為我們提供了更多的槓桿和能力，如果我們願意的話，並且有可能跌至 5 億美元的區域。

Kalei Akamine, Bank of America.

卡雷‧阿卡明 (Kalei Akamine)，美國銀行。

Sorry about that. I was on mute. My first question is on capital efficiency. Slide 19, it's a nice one that shows the breakdown of the Rosay. And the frac operations are a big part of that the leading edge over is simul-frac. So wondering any thoughts on pushing those fracs even harder? Or do you think that would be too disruptive to the program that you guys have built?

對此感到抱歉。我當時處於靜音狀態。我的第一個問題是關於資本效率。第 19 張幻燈片很好地展示了 Rosay 的分解情況。壓裂作業是同步壓裂的重要組成部分。那麼想知道有什麼想法可以進一步推動這些壓裂嗎？或者你認為這會對你們建立的程式造成太大的破壞嗎？

No, that's a good question, Kalie. I can tell you, we look at everything. We're not scared at simul-frac or anything. As we've talked about before, most of our assets in the Delaware Basin are pretty deep and pretty high pumping pressures. And so there's a real balance between the simul-frac and simul-frac and really understanding your projected downtime versus your cost savings, and you have to walk into that very carefully or you can think you're saving money, but really you're just going faster, potentially at an even higher cost.

不，這是個好問題，凱莉。我可以告訴你，我們會考慮一切。我們不害怕同時壓裂或其他任何東西。正如我們之前談到的，我們在特拉華盆地的大部分資產都非常深且抽水壓力非常高。因此，同步壓裂和同步壓裂之間存在真正的平衡，並真正了解您的預計停機時間與節省的成本，您必須非常仔細地考慮這一點，否則您可能會認為自己在省錢，但實際上您是在省錢。

And so we're always studying those things. We think we've got simul-frac in a really good position in Culberson County. We've demonstrated the cost savings, and we know what those are go forward. But we'll always look at anything if we think it's really going to save money.

所以我們一直在研究這些事情。我們認為我們在卡爾伯森縣的同步壓裂技術處於非常有利的位置。我們已經展示了成本節約，並且我們知道未來會發生什麼。但如果我們認為真的能省錢，我們總是會考慮任何事情。

Our understanding is that water access is a big enabler of simul-fracs. Are you set up waterwise to pursue that kind of program?

我們的理解是，水的取得是同時壓裂的一大推動因素。您是否已設立 Waterwise 來推行此類計劃？

Yes. In Corson and Reeves County, we control our SWD systems completely. And these are on-demand live systems. We can deliver water anytime anywhere. We also control our power grids. And so we're able to deploy all the horsepower we need to move that water around. So that would not be an issue.

是的。在科森縣和里夫斯縣，我們完全控制我們的 SWD 系統。這些都是點播直播系統。我們可以隨時隨地送水。我們也控制我們的電網。這樣我們就能夠調動水流所需的所有動力。所以這不是問題。

My second question is about LNG. Our understanding is that your new contract or a synthetic arrangement, which isn't that familiar to us. Can you kind of help illustrate how the netbacks are going to work? For example, is it JKM less some kind of fixed cost does the buyer have the FTE on the pipelines, I think we're all looking for a way to value this?

我的第二個問題是關於液化天然氣的。我們的理解是，您的新合約或綜合安排，我們對此不太熟悉。您能幫忙說明一下網路後台將如何運作嗎？例如，買方在管道上擁有 FTE 是否是 JKM 減去某種固定成本，我認為我們都在尋找一種方法來評估這一點？

Yes, Kalie, I wish I could disclose those things to you. We've kind of put out as much as we can on these deals. What I'll say at a high level, these are physical gas sales directly tied from our wellhead to these foreign indexes. The path we're taking for each one is different on how we're getting there.

是的，凱莉，我希望我能向你透露這些事情。我們在這些交易上已經投入了盡可能多的資金。我要說的是，這些是從我們的井口直接與這些外國指數掛鉤的實體天然氣銷售。我們為每一個目標所採取的路徑都不同。

Our focus, though, was to minimize variability as much as possible so we're really just rising and falling with these foreign indexes. And we achieved that on all these deals, and they're true netback sales deals. I'll try the same question a little different way. At current global gas prices, would you be able to say how your gas realizations would improve if these contracts were enforced? Unfortunately, I can't quote that. I can tell you I wish they were enforced today.

不過，我們的重點是盡可能減少波動性，因此我們實際上只是隨著這些外國指數的漲跌而改變。我們在所有這些交易中都實現了這一目標，而且它們是真正的淨回銷銷售交易。我會用稍微不同的方式嘗試同樣的問題。按照目前的全球天然氣價格，您能否說出如果執行這些合同，您的天然氣變現將如何改善？不幸的是，我無法引用這一點。我可以告訴你，我希望它們今天就得到執行。

Yes. Okay. And maybe just turn to gas hedging strategy. You guys added a bit to your hedges here in the quarter, but just a little bit, can you just discuss how you're thinking about hedging on the gas side in the current environment? Obviously, the big debate around where gas prices go next year. I'm just curious about your updated thoughts on hedging in the current environment?

是的。好的。也許只是轉向天然氣對沖策略。你們在本季增加了一些對沖，但只是一點點，您能討論一下在當前環境下如何考慮天然氣的對沖嗎？顯然，圍繞著明年天然氣價格走向的大爭論。我只是好奇您在當前環境下對沖的最新想法？

Yes, absolutely. I'll start off with some comments that probably apply broadly around hedging as it would generally try to be 20%, 25% at the low end, up to 50% at the high end. In terms of the hedge position for the next 12 months, and then we may sort of begin to layer in even beyond that with some small volumes as we build up, and that's where we sit today really on both commodities. On gas, in particular, I would say, we've got a little bit of a blended strategy of financial hedges that you see that are roughly 15% of the portfolio's expected production today. But at the same time, Blake and his marketing team are constantly out thinking about physical hedges as well, direct deals with end users and trade houses and other parties.

是的，絕對是。我將從一些可能廣泛適用於對沖的評論開始，因為對沖通常會嘗試在低端達到 20%、25%，在高端達到 50%。就未來 12 個月的對沖頭寸而言，隨著我們的積累，我們可能會開始分層甚至超出這一水平，而這就是我們今天對這兩種商品的實際看法。我想說，特別是在天然氣方面，我們有一些混合的金融對沖策略，你可以看到，它大約佔今天投資組合預期產量的 15%。但同時，布萊克和他的行銷團隊也不斷考慮實體對沖，與最終用戶、貿易公司和其他各方的直接交易。

And that represents roughly another 15% of our volumes. So in combination, as we sit today, you see us kind of hovering around 30% for the next 12 months, maybe 12 months plus a little bit into 2026.

這大約占我們銷量的 15%。因此，綜合起來，當我們今天坐下來時，您會看到我們在未來 12 個月（也許是 12 個月加上一點點到 2026 年）徘徊在 30% 左右。

Matt Portillo, TPH.

馬特·波蒂略，TPH。

Two high-level questions for me. Maybe first, starting off in the Permian. In Q3, you had very strong gas volume growth quarter-over-quarter. Just curious if you might be able to expand a bit behind the drivers on that. And then as we look forward with Mateborne online, are you expecting any additional gas uplift in the coming quarters or because of your flow assurance, you had very little gas constraints year-to-date?

我有兩個高級問題。也許首先，從二疊紀開始。在第三季度，天然氣產量環比成長非常強勁。只是好奇您是否能夠在驅動程式後面對此進行一些擴展。然後，當我們展望 Mateborne 在線時，您是否預計未來幾季會有額外的天然氣增加，或者由於您的流量保證，您今年迄今為止幾乎沒有天然氣限制？

Yes, Matt, this is Blake. I'll take that one. Permian Q3 gas, there's really the only story there is some surprises in GOR to the upside, not a little stronger gas production than we were thinking from some wells. No real operational overprint going on there. As far as flow assurance and Matterhorn coming online, we've had flow assurance this whole time.

是的，馬特，這是布萊克。我會接受那個。二疊紀第三季天然氣，確實是唯一的故事，GOR 出現了一些意外的上升，一些井的天然氣產量比我們想像的要強一些。那裡沒有進行真正的操作疊印。至於流量保證和馬特宏峰上線，我們一直都有流量保證。

That's number one for our marketing team. We flow the MCF first and prices second. So it hasn't been a flow assurance concern, but we do have a piece of our portfolio that is settled at Waha. And so if nothing else, we're excited to maybe get a little something north of zero would be great.

這是我們行銷團隊的第一要務。我們先流動 MCF，然後流動價格。所以這並不是一個流量保證問題，但我們確實有一部分投資組合是在瓦哈結算的。因此，如果不出意外的話，我們很高興能得到一些零以上的東西就太好了。

Perfect. And then maybe turning to the Marcellus. Just curious if you might be able to comment on as we kind of think about the Q4 time frame, the wells you've got endemic, the 11 wells. When you bring those on, is the plan to dewater them and then shut them back in to kind of push the volumes into 2025. And I guess, specific to '25, with the lack of drilling and completion activity at the moment, how should we think about the time from which you pick up a rig to when we might see a volume impact if you do decide to pick back up activity next year?

完美的。然後也許轉向馬塞勒斯。只是好奇您是否能夠發表評論，因為我們正在考慮第四季度的時間框架，您所流行的井，即 11 口井。當你啟動這些設施時，請計劃將它們脫水，然後將它們關閉，以將產量推至 2025 年。我想，具體到 25 年，由於目前缺乏鑽井和完井活動，我們應該如何考慮從您拿起鑽機到我們可能會看到數量影響（如果您決定收回）的時間明年有活動嗎？

Well, first, yes, we are opening the wells to dewater them. That is part of our strategy. I think it's important to note, once we've drilled and completed wells, the capital spend, and we look at every molecule of gas in the Marcellus is the same. And so we manage the curtailment as a field, the most cost-effective way to do that is how we look at that.

嗯，首先，是的，我們正在打開井進行脫水。這是我們戰略的一部分。我認為重要的是要注意，一旦我們鑽完井，資本支出以及我們觀察馬塞勒斯中的每個氣體分子都是相同的。因此，我們將限電作為一個領域進行管理，最具成本效益的方法就是我們如何看待這個問題。

We don't really differentiate between TILs and base wells, so we will do water those. And like I said in my script, this is month-to-month. We're playing this month-to-month as our Northeast exposure moves up and down, we're making decisions on curtailments. As far as rig to volume, Tom has pounded into all of us.

我們並沒有真正區分 TIL 和基礎井，因此我們將為它們澆水。正如我在劇本中所說，這是逐月進行的。隨著我們東北地區的風險敞口上下波動，我們每個月都會進行投資，我們正在為削減產能做出決定。就裝備和音量而言，湯姆已經衝擊了我們所有人。

We have on-ramps and off-ramps. That's how we build our capital program. And so we have on-ramps in the Marcellus. So we should gas prices respond, we will be there to take advantage of it.

我們有入口匝道和出口匝道。這就是我們建立資本計劃的方式。所以我們在馬塞勒斯有入口匝道。因此，如果天然氣價格做出反應，我們就會利用它。

Leo Mariani, ROTH Capital Partners.

馬裡亞尼 (Leo Mariani)，羅仕資本合夥人。

I just wanted to ask a follow-up on the discussion around capital efficiency here. So obviously, your has been coming down here in '24, which is certainly a nice trend to see and your volumes have gone up. So I know you have kind of a three-year outlook out there, which presumably you'll update early next year. But should we be thinking at this point in time that the CapEx and the the three-year outlook is biased to the lower end based on the efficiencies. I assume a lot of these are going to be recurring over the next few years?

我只是想詢問有關資本效率討論的後續情況。很明顯，你的銷量在 24 年就出現了下滑，這當然是一個很好的趨勢，而且你的銷量有所上升。所以我知道你有一個三年的展望，大概你會在明年初更新。但我們此時是否應該考慮資本支出和三年前景基於效率而偏向較低端。我認為其中很多會在未來幾年重複出現？

Yes. Leo, this is Blake. I would just answer that with, yes, the efficiencies we are realizing are repeatable, and we bake them in as we go. And so if we updated that same three-year guide today, it would look better. But that's also highly dependent on what we choose to do in 2025, and we're not ready to disclose any of that yet.

是的。利奧，這是布萊克。我只想回答說，是的，我們實現的效率是可重複的，我們會邊做邊做。因此，如果我們今天更新相同的三年指南，它看起來會更好。但這也很大程度取決於我們選擇在 2025 年做什麼，而且我們還沒有準備好透露任何內容。

Yes. Let me just add to that. There are other elements in drilling completion efficiencies. We have midstream investments that we make. We have outside operated investments. And part of our capital reduction this year was due to laying down our Marcellus activity meant that we spent less on what we had planned on some water infrastructure to support our drilling program.

是的。讓我補充一下。鑽井完井效率還有其他因素。我們進行中游投資。我們有外部經營的投資。今年我們削減資本的部分原因是取消了 Marcellus 活動，這意味著我們計劃在一些水利基礎設施上的支出減少，以支持我們的鑽探計劃。

So there's a lot of moving parts to this. In general, yes, we're achieving greater and greater capital efficiencies. But you can't always just connect 2 points and draw a straight line in the future.

所以這裡面有很多變化的部分。總的來說，是的，我們正在實現越來越高的資本效率。但以後你不能總是只連接 2 個點並畫一條直線。

Okay. That's helpful to for sure. And then I just wanted to get a little bit more thorough thought on M&A strategy. Obviously, the balance sheet is in terrific shape. At this point in time, you just paid off another chunk of debt here. So as you're kind of thinking about allocating capital in terms of your free cash flow, how much does kind of M&A sort of to play into that?

好的。這肯定有幫助。然後我只想對併購策略有更深入的思考。顯然，資產負債表狀況非常好。此時，你剛剛還清了這裡的另一筆債務。因此，當您考慮根據自由現金流來分配資本時，併購在其中發揮了多大作用？

Are you still looking at kind of a number of deals out there. You did mention the Mid-Con deal could be possible. But do you think that there's other maybe deals also in the brand that could fit for you folks over time? And are you still kind of seeing a lot of deal flow?

您還在尋找大量優惠嗎？你確實提到了中期交易是可能的。但您認為隨著時間的推移，該品牌還有其他可能適合您的優惠嗎？您是否仍然看到大量交易流？

Yes. what I said on the Mid-Con deal was we would consider a smart bolt-on. Look, let me just answer that question broad. Context of what would really cause us to stretch. We talked about last quarter, I spent a fair amount of time in my opening remarks, talking about our position on value creation and how a lot of M&A as we see it, is flying a little too close to the ground. So the market has in our viewpoint, been pretty aggressive.

是的。我在 Mid-Con 交易中所說的是，我們會考慮進行明智的補充。聽著，讓我廣泛地回答這個問題。真正讓我們伸展的背景。我們談到了上個季度，我在開場白中花了相當多的時間談論我們在價值創造方面的立場，以及我們所看到的許多併購是如何離地面太近了。因此，在我們看來，市場相當激進。

Market pricing has been fairly leaned forward. We've also said we've been active in that marketplace. We've taken shots on goal, and we don't have any regrets. So I'm going to answer a question you didn't ask is what would cause us to stretch.

市場定價已經相當前傾。我們也說過我們一直活躍在該市場。我們已經射門了，我們沒有任何遺憾。所以我要回答一個你沒有問的問題，那就是什麼會導致我們伸展。

Well, if we saw something that we could really build a new focus area on, if we were a place that had really high-quality rock, in an area we felt very comfortable from an operating environment that we could do what we do best in terms of build a capital-efficient program. And (inaudible) could become another focus area of ours. We would consider stretching. But that's very theoretical.

好吧，如果我們看到一些東西，我們真的可以在上面建立一個新的重點區域，如果我們是一個擁有真正高品質岩石的地方，在一個我們感覺非常舒適的操作環境中，我們可以做我們最擅長的事情建立資本效率計劃的條款。而（聽不清楚）可能成為我們的另一個重點領域。我們會考慮拉伸。但這是非常理論化的。

I just want to give you an idea of how we think. If it's an asset that doesn't really do anything for us, and we'd have to stick our neck out. We'd probably say no, that's not going to fit our pistol.

我只是想讓您了解我們的想法。如果這是一項對我們沒有任何實際作用的資產，那麼我們就不得不冒險。我們可能會說不，那不適合我們的手槍。

Charles Meade, Johnson Rice.

查爾斯·米德，約翰遜·賴斯。

Yes. Tom, Shane & Blake and the rest of Coterra team there. Blake, I want to go back, I believe it was your comments talking about how you're managing the Marcellus, and I want to explore that a little bit more as a way to try to understand a bit better how you guys are going to approach the optionality you have for more gas volumes or more gas activity. When I look at your 3Q results, it looks at least on the surface, it seems a little bit at odds to have seven TILs in 3Q. But then you go back into a curtailment.

是的。Tom、Shane 和 Blake 以及 Coterra 團隊的其他成員都在那裡。布萊克，我想回去，我相信這是您在談論如何管理馬塞勒斯的評論，我想進一步探討這一點，以嘗試更好地理解您將如何管理接近您對更多氣體體積或更多氣體活動的選擇。當我查看你們的 3Q 結果時，至少從表面上看，3Q 有 7 個 TIL 似乎有點不一致。但隨後你又會陷入縮減狀態。

But I think an earlier questioner said maybe you brought those online just to you order and shut them back in. Can you tell us how and I know you made the point that you look at it on a month-to-month basis, but the sequencing of how whether it's TILs rigs, completion crews about how you would exercise your optionality if you chose to?

但我認為之前的提問者說過，也許你只是根據訂單將它們帶到網上，然後將它們重新關起來。您能告訴我們如何進行嗎？

Yes. Look, curtailments make to math hard. I get that. This is all operationally driven. We need to dewater new wells. And so we won't hold those back to be part of our curtailment. As I said, we look at every molecule once the capital has been sunk in the ground the same.

是的。看，縮減使數學變得困難。我明白了。這都是營運驅動的。我們需要對新井進行排水。因此，我們不會將這些限製作為我們削減的一部分。正如我所說，一旦資本沉入地下，我們就會以同樣的方式看待每一個分子。

And so we're managing these curtailments on a field level month-to-month. And that will include pinching back some new wells. It will include shutting in base production. So how would we respond to an increased gas market Obviously, the first is through curtailment. Lifting curtailments would be the first.

因此，我們每月都在現場管理這些削減。這將包括縮減一些新井的建設。它將包括關閉基地生產。那麼我們將如何應對天然氣市場的成長顯然，第一個是透過削減。取消限電將是首要任務。

We have some really great compression programs. We can speed up really quick. To increase production. That would be another way and then getting back after D&C. And we have shovel-ready projects ready to go, identified. The team is waiting for the phone call.

我們有一些非常棒的壓縮程式。我們可以很快地加快速度。以增加產量。那將是另一種方式，然後在 D&C 之後返回。我們已經確定了準備就緒的項目。團隊正在等待電話。

So if we see those signals, we'll cut them loose and we'll be able to respond. But I think it's really important, as Tom has said multiple times, we're willing to miss the front end of the return to not fully participate in the down cycle and that's really what we're doing right now.

因此，如果我們看到這些訊號，我們就會解除它們，然後我們就能做出反應。但我認為這非常重要，正如湯姆多次說過的那樣，我們願意錯過回歸的前端，不完全參與下行週期，而這正是我們現在正在做的事情。

Got it. That is helpful, particularly the compression projects. And then the follow-up, going back to the Delaware, and you guys seem pretty pleased with your Lee County Bone brings results. Can you give us a sense of the size of the road projects that you would choose to there versus your 57 well Windham Row project that you're working on right now?

知道了。這很有幫助，尤其是壓縮項目。然後是後續行動，回到特拉華州，你們似乎對李縣骨頭帶來的結果非常滿意。您能否向我們介紹一下您選擇在那裡的道路項目與您目前正在進行的 57 口 Windham Row 項目的規模？

Yes. I wish we could duplicate Windham Row across the Delaware Basin. It's really unique to Culberson County. That's our joint development area with Chevron, where together, we control four contiguous townships. We own all the infrastructure and midstream we have complete flexibility to operate at WIL, and that's how we're able to capitalize on those efficiencies.

是的。我希望我們能夠在特拉華盆地複製溫德姆街。這對卡爾伯森縣來說確實是獨一無二的。那是我們與雪佛龍的聯合開發區，我們共同控制四個相鄰的鄉鎮。我們擁有所有基礎設施，我們在 WIL 擁有完全的營運彈性，這就是我們能夠利用這些效率的方式。

So the roads are really unique to Coerson. I will say in New Mexico, because of all the stacked pay we have and all the benches, we can really maximize wells per pad. We can still get some great efficiencies on co-mingling and just sharing infrastructure. So it's a little more of a vertical road than it is a horizontal row, but we're seeing a lot of efficiencies just going back and prosecuting benches, frankly, in developments we've been after now for almost a decade.

所以這些道路對庫爾森來說確實很獨特。我想說的是，在新墨西哥州，由於我們擁有大量的工資和所有的長凳，我們確實可以最大限度地提高每個墊的井數。我們仍然可以在混合和共享基礎設施方面獲得很高的效率。因此，它更像是一條垂直道路，而不是水平行，但坦白說，在我們近十年來一直在追求的發展中，我們看到了很多效率，只是回去起訴長凳。

Paul Cheng, Scotiabank.

Paul Cheng，豐業銀行。

I just want to clarify a little bit. When you're talking about the LNG sales contracts, do you have the flexibility that not delivering your own physical molecule and instead buy from the market and just ship it or that the franchise is a (inaudible) sales and so you don't have that flexibility?

我只是想澄清一點。當您談論液化天然氣銷售合約時，您是否可以靈活地不提供自己的實體分子，而是從市場上購買並運輸它，或者特許經營權是（聽不清）銷售，因此您沒有那個靈活性？

Yes. Unfortunately, Paul, I can't give that kind of color on these deals. I just echo again. These are netback sales deals directly tied to the foreign indexes we've listed.

是的。不幸的是，保羅，我無法對這些交易給予這樣的色彩。我只是再次回應。這些是與我們列出的外國指數直接相關的淨回售交易。

Okay. And that for Waha, just curious that what you guys think we will Metehan be sufficient to really get the Waha gas price normal is it? I mean, even after the startup, we still see me Waha gas pricing in the red. So just curious that, I mean, what do you guys have in mind?

好的。對 Waha 來說，只是好奇你們認為我們 Metehan 足以真正讓 Waha 天然氣價格恢復正常，是嗎？我的意思是，即使在啟動之後，我們仍然看到瓦哈天然氣定價出現虧損。所以只是好奇，我的意思是，你們有什麼想法？

I think it will help for sure, but it's by no means the final solution for Waha. The gas growth in the Permian is separating from oil growth we are seeing higher gas growth year after year. You're seeing new projects already being announced and moving forward. And so growing gas is going to continue to be a concern for Waha and we're really focused on just how we manage our Permian portfolio and looking at all options to improve pricing there.

我認為這肯定會有幫助，但這絕對不是娃哈哈的最終解決方案。二疊紀的天然氣成長正在與石油成長分離，我們看到天然氣成長年復一年。您會看到新項目已經宣布並正在進行中。因此，不斷增長的天然氣將繼續成為瓦哈關注的問題，我們真正關注的是如何管理我們的二疊紀投資組合，並尋找所有提高那裡定價的選擇。

Grade Drake, Goldman Sachs.

德雷克級，高盛。

I was just wondering, do you see any opportunities for smaller acreage additions that can help further increase average lateral lengths across your portfolio? And how are you thinking about the outlook for cost per foot improvement on that front?

我只是想知道，您是否看到任何增加較小面積的機會，可以幫助進一步增加整個投資組合的平均橫向長度？您如何看待這方面每英尺成本改善的前景？

Yes, Grant, this is Blake. Yes, we see opportunities for smaller acreage traditions. Frankly, like in the Permian, our team there does this all day, every day. There's lots of blocking and tackling that goes on within the Basin. Is pretty much done in the form of trades.

是的，格蘭特，這是布萊克。是的，我們看到了小面積傳統的機會。坦白說，就像在二疊紀一樣，我們的團隊每天都在這樣做。盆地內發生了大量的攔截和攔截活動。幾乎都是以交易的形式完成的。

Really, acreage is the currency of the realm in the Delaware Basin, and you have to have some to participate, but we're constantly blocking up to get longer lateral (inaudible). We've put out our go-forward cost per foot that we see as it is today going if we had to AFE all these programs right now based on our current cost efficiencies and our current market rates.

確實，面積是特拉華盆地王國的貨幣，你必須有一些才能參與，但我們不斷封鎖以獲得更長的橫向面積（聽不清楚）。我們已經列出了我們所看到的每英尺的前進成本，如果我們現在必須根據我們當前的成本效率和當前的市場價格對所有這些計劃進行 AFE，那麼我們現在的情況就是這樣。

That's really helpful. And then for my next question, I was just wondering if you could speak a bit to your view on the call for natural gas from increased power demand over time. I guess, what are your latest thoughts on the incremental selectivity required from producers to meet this demand?

這真的很有幫助。對於我的下一個問題，我只是想知道您是否可以談談您對隨著時間的推移電力需求增加而需要天然氣的看法。我想，您對生產商為滿足這項需求而需要增加選擇性的最新想法是什麼？

Brad, yes, Shane here. Look, I'll take that and it's probably a variety of opinions in the room on that. We see that as a big driver, a big call on gas as we look through the rest of this decade, when it comes and exactly how big it is, the materials that we look at, the conversations that we have and study, there's a bit of a wide birth of where that could ultimately end up. But I think there is a feeling that there's probably in the 30% to 40% maybe a little greater than 40% of that incremental power demand could ultimately come natural gas-fired power.

布拉德，是的，肖恩在這裡。聽著，我會接受這一點，房間裡對此可能有各種各樣的意見。我們認為，作為一個重要的推動力，對天然氣的重大呼籲，當我們回顧這十年的剩餘時間時，它何時到來以及它到底有多大，我們所研究的材料，我們進行的對話和研究，有一個有點廣泛的誕生，最終可能會結束。但我認為，有一種感覺是，增量電力需求中的 30% 到 40% 甚至略高於 40% 最終可能來自天然氣發電。

And it's going to have to be something like that, that's got that kind of reliability and dispatchability. So we're really excited about it. We can't wait to see it materialize and that manifests itself into gas prices.

它必須是這樣的，具有那種可靠性和可調度性。所以我們對此感到非常興奮。我們迫不及待地想看到它成為現實，並體現在天然氣價格上。

We study this as well as anybody and we try to look at viewpoints that don't have economic or ideological investment in the outcome. And I might quote a slightly higher number than Shane in terms of the amount of the incremental power demand that must come from natural gas. There's no other solution in the time frame in which this power will be required and the reliability that will be required for there's no solution available other than natural gas for the bulk of it. So even if you're at the low end of the projection, it will be very, very constructive for natural gas demand. And we don't need much incremental demand to clear supply.

我們和任何人一樣研究這個問題，並試圖研究那些沒有對結果進行經濟或意識形態投資的觀點。就必須來自天然氣的增量電力需求量而言，我可能會引用比肖恩稍高的數字。在需要這種電力的時間範圍內沒有其他解決方案，並且除了天然氣之外沒有其他可用的解決方案來滿足大部分電力的可靠性。因此，即使您處於預測的低端，這對天然氣需求也將非常非常有建設性。我們不需要太多增量需求來清理供應。

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。

Well, I just want to thank everybody for your interest, your questions and your support of Coterra. We intend to continue our operational cadence, hopefully come to the market with clear and transparent communication of our long-term strategy and continue to be top-tier returns in all aspects. So thank you very much.

好吧，我只想感謝大家對 Coterra 的興趣、問題和支持。我們打算繼續我們的營運節奏，希望在進入市場時能夠清晰透明地傳達我們的長期策略，並繼續在各個方面獲得頂級回報。非常感謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。