Coterra Energy Inc (CTRA) 2024 Q4 法說會逐字稿

Hello, and welcome to Coterra Energy fourth quarter 2024 earnings conference call. Please note that this call is being recorded. (Operator Instructions). I'd now like to hand the call over to Dan Guffey, Vice President of Finance, Investor Relations and Treasury. You may now begin.

您好，歡迎參加 Coterra Energy 2024 年第四季財報電話會議。請注意，本次通話正在錄音。（操作員指令）。現在我想將電話交給財務、投資者關係和財務部副總裁 Dan Guffey。現在您就可以開始了。

Thank you, Ellie. Good morning, and thank you for joining Coterra Energy's fourth quarter '24 earnings and 2025 outlook 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; Michael DeShazer, Senior Vice President of Business Units, is also in the room to answer questions. Following our prepared remarks, we will take your questions during our Q&A session.

謝謝你，艾莉。早安，感謝您參加 Coterra Energy 24 年第四季財報和 2025 年展望電話會議。今天的準備好的發言將包括董事長、執行長兼總裁湯姆喬登的概述； Shane Young，執行副總裁兼財務長；以及營運高級副總裁 Blake Sirgo；業務部高級副總裁 Michael DeShazer 也在場回答問題。在我們發表準備好的發言後，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。我們的收益報告和更新的投資者報告中提供了前瞻性聲明和其他免責聲明以及與最直接可比較的 GAAP 財務指標的對帳。兩者都可以在我們的網站上找到。

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

說完這些，我會把電話轉給湯姆。

Thank you, Dan, and welcome to everyone joining us this morning. We're pleased to discuss our fourth quarter and full year 2024 results our plans for 2025 and our updated three year outlook. First, Coterra had an excellent fourth quarter. We achieved production levels above the high end of our guidance range for oil and natural gas with capital expenditures coming in near the low end of our guidance. We returned 61% of our free cash flow in the fourth quarter through dividends and share buybacks.

謝謝你，丹，歡迎大家今天早上加入我們。我們很高興討論我們的 2024 年第四季和全年業績、2025 年計劃以及我們更新的三年展望。首先，科特拉在第四節表現出色。我們的石油和天然氣產量達到了預期範圍的高端以上，而資本支出則接近預期範圍的低端。我們第四季透過股利和股票回購返還了 61% 的自由現金流。

For the full year 2024, we returned 89% of our free cash flow. Most importantly, we generated outstanding results on our capital investments in 2024, achieving financial returns that are robust, durable and repeatable. I want to commend our entire organization for delivering these exceptional results.

2024年全年，我們回饋了89%的自由現金流。最重要的是，我們在 2024 年的資本投資中取得了出色的業績，實現了穩健、持久和可重複的財務回報。我要讚揚我們整個組織所取得的這些卓越成果。

Our 2025 capital plan aligns with the preliminary guidance we provided during our November announcement regarding the Franklin Mountain and Avant acquisitions. In 2025, after folding in the newly acquired Permian assets, we expect to run a consistent and highly capital-efficient program across each of our three operating regions. As always, we maintain flexibility to pivot and reallocate capital as conditions warrant. We are closely monitoring gas markets and remain prepared to modestly accelerate our Marcellus program if the current positive outlook were to persist through midyear.

我們的 2025 年資本計畫與 11 月宣布收購 Franklin Mountain 和 Avant 時提供的初步指引一致。2025 年，在收購新收購的二疊紀資產後，我們預計將在三個營運區域分別運作一致且高度資本高效的專案。像往常一樣，我們保持靈活性，根據情況調整和重新分配資本。我們正密切關注天然氣市場，如果目前的積極前景能夠持續到年中，我們仍準備適度加快我們的 Marcellus 計劃。

This acceleration could add $50 million to our 2025 capital program allowing Coterra to deliver incremental natural gas production volumes by early 2026 in time to capture winter pricing and respond to projected demand increases.

此次加速可以為我們的 2025 年資本計畫增加 5,000 萬美元，使 Coterra 能夠在 2026 年初之前提供增量天然氣產量，以便及時掌握冬季價格並應對預計的需求成長。

Although our 2025 plan includes significant oil investments, we also have flexibility if oil markets were to wobble. Rest assured, if we need to adjust our capital plan during the year, we will do so thoughtfully and explain it thoroughly. Flexibility is the coin of the realm.

儘管我們的 2025 年計畫包括大量石油投資，但如果石油市場出現波動，我們也能靈活應對。請放心，如果我們在年內需要調整資金計劃，我們會深思熟慮，並進行徹底的解釋。靈活性是這個領域的貨幣。

Regarding the Franklin Mountain and Avant acquisitions, we successfully closed both transactions in late January and are actively integrating these assets to optimize our capital and operational efficiency throughout our Permian operations. I want to congratulate our team for successfully completing these transactions and acknowledge the professionalism of the Franklin Mountain and Avant teams during the final stages.

關於富蘭克林山和 Avant 的收購，我們於 1 月底成功完成了兩筆交易，並正在積極整合這些資產，以優化我們整個二疊紀業務的資本和營運效率。我要祝賀我們的團隊成功完成這些交易，並承認富蘭克林山和 Avant 團隊在最後階段的專業。

We also updated our three year outlook in yesterday's release. Two years ago, we were cautious in releasing our initial three year plan because of our experience in seeing others three year plans evaporate quickly with changing conditions. At that time, we communicated that our three year outlook was not a definitive plan, but a guide to what we could achieve under prevailing conditions. Since then, we are pleased to have delivered and exceeded on our rolling three year projections.

我們也在昨天的發布中更新了我們的三年展望。兩年前，我們在發布最初的三年計劃時非常謹慎，因為我們有經驗看到其他人的三年計劃隨著情況的變化而很快消失。當時，我們表示，我們的三年展望並不是一個明確的計劃，而是一個在現有條件下我們能夠實現的目標的指南。自那時起，我們很高興能夠實現並超越我們連續三年的預測。

Our updated three year outlook released last night positions Coterra for industry-leading profitable growth capital efficiency and reinvestment rates. Together, these stem from our outstanding assets, high-performing organization and commitment to capital discipline. The team continues to be laser-focused on maximizing return on capital and increasing per-share value for our owners.

我們昨晚發布的最新三年展望顯示，Coterra 的獲利成長資本效率和再投資率位居行業領先地位。這些都源自於我們優秀的資產、高效率的組織和對資本紀律的承諾。該團隊將繼續致力於最大化資本回報率並提高股東的每股價值。

With that, I will turn the call over to Shane for further details.

說完這些，我將把電話轉給 Shane 以了解更多詳細資訊。

Thank you, Tom, and thank you, everyone, for joining us on today's call. This morning, I'll focus on four areas. First, I'll discuss highlights from our fourth quarter and full year 2024 results. Then I'll provide production and capital guidance for the first quarter and full year 2025. Next, I'll provide a new and updated three year production and capital outlook for 2025 through 2027 and incorporating our recent acquisitions. Finally, I will discuss our shareholder return program and outlook for deleveraging.

謝謝湯姆，也謝謝大家參加今天的電話會議。今天上午，我將重點談四個面向。首先，我將討論我們第四季和 2024 年全年業績的亮點。然後我將為 2025 年第一季和全年提供生產和資本指導。接下來，我將提供 2025 年至 2027 年的全新和更新的三年生產和資本展望，並結合我們最近的收購。最後，我將討論我們的股東回報計劃和去槓桿的前景。

Turning to our strong performance during the fourth quarter. During the fourth quarter, oil and natural gas production each came in over 3% above the high end of guidance. We saw outperformance in new wells that came online in both the Permian as well as our new wells that came online in December in the Marcellus.

談談我們第四季的強勁表現。第四季度，石油和天然氣產量均比預期高出 3% 以上。我們發現二疊紀盆地的新油井以及 12 月在馬塞勒斯投產的新油井都表現優異。

Turning lines during the quarter were in line with expectations, totaling just under 35 net wells with the Permian, Anadarko and Marcellus, all near the midpoint of guidance. Additionally, we brought back all of our curtailed volumes in the Marcellus in early December. Pre-hedge revenue were over $1.4 billion, with oil being right at 50% of total revenue during the quarter. We reported net income of $297 million or $0.40 per share and adjusted net income of $358 million or $0.49 per share.

本季的轉折線符合預期，二疊紀、阿納達科和馬塞勒斯的淨井總數略低於 35 口，兩者都接近預期的中點。此外，我們在 12 月初將所有削減的庫存都帶回了 Marcellus。對沖前收入超過 14 億美元，其中石油收入佔本季總收入的 50%。我們報告的淨收入為 2.97 億美元或每股 0.40 美元，調整後淨收入為 3.58 億美元或每股 0.49 美元。

Incurred capital in the fourth quarter were just above the low end of our guidance range with lower-than-expected outside operated activity as well as lower completion and post completion costs. discretionary cash flow for the quarter was $776 million, and free cash flow was $351 million after cash capital expenditures.

第四季的已發生資本略高於我們指引範圍的低端，外部營運活動低於預期，且完工和竣工後成本較低。本季可自由支配現金流為 7.76 億美元，扣除現金資本支出後自由現金流為 3.51 億美元。

For the full year 2024, Coterra generated outstanding results. Total equivalent production beat the high end of our guidance range, coming in at 677 MBOE per day. Oil production for the year exceeded the high end of our initial guidance by about 4%, growing organically 13% year-over-year, and natural gas production was in line with the high end of our initial guide. This outperformance was driven by a combination of beats on expected well productivity and to a lesser extent, accelerated timing.

2024年全年，Coterra 取得了出色的業績。總當量產量超過了我們預期範圍的上限，達到每天 677 MBOE。全年石油產量超出我們最初預期的高點約 4%，較上年有機成長 13%，天然氣產量與我們最初預期的高點一致。這種優異表現是由預期油井產能超過預期以及在較小程度上加速時間安排等因素共同推動的。

Capital costs were just above the low end of the guidance range, coming in at $1.76 billion, driven by better-than-expected service costs and lower activity in the Marcellus and Anadarko basins. This represents a 16% decrease in capital spending year-over-year, as we continue to see greater capital efficiency across our program. Cash operating cost per unit were near our guidance midpoint, totaling $8.66 per BOE for the year.

資本成本略高於指引範圍的低端，達到 17.6 億美元，這得益於服務成本優於預期，以及馬塞勒斯和阿納達科盆地的活動減少。這意味著資本支出比去年同期下降了 16%，因為我們整個專案的資本效率不斷提高。每單位現金營運成本接近我們的指導中點，全年總計為每桶油當量 8.66 美元。

Looking ahead to 2025. We've already made significant progress integrating our newly acquired Permian assets into the Coterra program. Both transactions closed in late January, and therefore, our 2025 results will only reflect the partial month of January production from each of those assets. During the first quarter of 2025, we expect total production to average between 710 and 750 MBOE per day. Oil is expected to be between 134 and 144 MBL per day and natural gas is expected to be between 2.85 and 3 Bcf per day.

展望2025年。我們在將新收購的 Permian 資產整合到 Coterra 計劃中已經取得了重大進展。兩筆交易均於 1 月底完成，因此，我們的 2025 年業績將僅反映每項資產 1 月的部分產量。在 2025 年第一季度，我們預計總產量平均每天在 710 至 750 MBOE 之間。預計石油產量在每天1340至1440億桶之間，天然氣產量在每天28.5至30億立方英尺之間。

Regarding investment, we expect incurred capital in the first quarter to be between $525 million and $625 million. For the full year 2025, we expect incurred capital to be between $2.1 billion and $2.4 billion. as we increase activity and capital in the Permian Basin with the assets from our recent transactions. This range is consistent with the 2025 preview release in November, but with a few changes.

關於投資，我們預期第一季的已發生資本在 5.25 億美元至 6.25 億美元之間。就 2025 年全年而言，我們預計已發生資本將在 21 億美元至 24 億美元之間。隨著我們利用最近交易的資產增加二疊紀盆地的活動和資本。該範圍與 11 月發布的 2025 預覽版一致，但有一些變化。

Specifically, Permian spending is lower, reflecting additional expected cost savings as well as capital synergies on our acquired properties. While we won't realize all of these in a we expect to achieve run rate synergies on these new assets of roughly $50 million. This savings is not from reduced activity, but rather savings on expected activity relative to cost achieved by the previous operators.

具體而言，二疊紀支出較低，反映了預期的額外成本節約以及我們收購資產的資本綜效。雖然我們無法實現所有這些目標，但我們預計這些新資產的運行率綜效將達到約 5,000 萬美元。這種節省不是來自活動的減少，而是相對於以前的運營商所實現的成本而言的預期活動的節省。

At the same time, we have added activity and capital in the Marcellus, reflecting improved natural gas fundamentals and a lower cost structure. We have the flexibility, if warranted, to increase our investment later in the year while staying within our guidance range. This additional capital will allow us to bring on incremental volumes next winter and stabilize our Marcellus production volume levels.

同時，我們增加了馬塞勒斯的活動和資本，這反映出天然氣基本面的改善和成本結構的降低。如果有必要，我們可以靈活地在今年稍後增加投資，同時保持在我們的指導範圍內。這些額外的資金將使我們能夠在明年冬季增加產量並穩定馬塞勒斯的產量水準。

Also consistent with our 2025 preview, we expect total production for the year will average 710 to 770 MBOE per day and oil is expected to be between 152 and 168 MBO per day or 47% higher year-over-year at the midpoint of oil guidance. Natural gas is expected to be between $2.675 billion and $2.875 million Bcf per day, relatively flat year-over-year at the midpoint. This delivers just over 1 Tcf of gas on an annualized basis, providing significant leverage to an improving natural gas market. Having only a partial month of January on the new assets impacts full year 2025 production by a little over 4 MBOE per day relative to the guidance we previewed in November, which assumed an illustrative January 1, 2025 closing date.

與我們對 2025 年的預測一致，我們預計今年的總產量平均為每天 710 至 770 MBOE，石油產量預計在每天 152 至 168 MBO 之間，或比去年同期增長 47%（石油指導值的中位數）。預計天然氣日均價格介於 26.75 億美元至 28.75 億美元之間，與去年同期相比基本持平。這將全年輸送略多於 1 兆立方英尺的天然氣，為不斷改善的天然氣市場提供巨大槓桿。由於新資產只有 1 月份的部分月份產量，因此對 2025 年全年產量的影響將略高於 4 MBOE/天，而我們在 11 月份預覽的指引假設截止日期為 2025 年 1 月 1 日。

Reflecting on our new three year outlook. As we have done over the past several years, yesterday, we announced our new three year outlook for 2025 through 2027. We believe is a robust capital-efficient plan that delivers consistent, profitable growth for our shareholders. We anticipate that we can deliver 5% or greater oil volume growth over this period and 0% to 5% per BOE growth by investing between $2.1 billion and $2.4 billion of capital per year.

反思我們新的三年展望。正如我們過去幾年所做的那樣，昨天，我們宣布了 2025 年至 2027 年的新三年展望。我們相信，這是一個強勁的資本效率計劃，能夠為我們的股東帶來持續的獲利成長。我們預計，透過每年投資 21 億美元至 24 億美元，我們可以在此期間實現 5% 或更高的石油產量成長以及 0% 至 5% 的每桶油當量成長率。

These growth rates include legacy Coterra organic growth in 2025 and include our recent acquisitions for 2026 and 2027. This outlook reflects increased capital efficiency and is designed to afford Coterra the flexibility to reallocate capital between our business units as market conditions change. We believe this outlook has an attractive level of reinvestment and delivered meaningful free cash flow to underpin our shareholder returns and deleveraging goals.

這些成長率包括 2025 年傳統 Coterra 的有機成長，也包括我們最近的 2026 年和 2027 年收購。這一前景反映了資本效率的提高，旨在使 Coterra 能夠隨著市場條件的變化靈活地在我們的業務部門之間重新分配資本。我們相信，這種前景具有吸引人的再投資水平，並帶來了有意義的自由現金流，為我們的股東回報和去槓桿目標提供了支持。

Turning to shareholder returns and deleveraging. Last night, we announced a $0.22 per share dividend for the fourth quarter, increasing our annual base dividend by 5% to $0.88 per share. This remains one of the highest yielding base dividends in the industry at over 3%. We Management and the board remain committed to reviewing increases in the base dividend on an annual cadence.

轉向股東回報和去槓桿。昨晚，我們宣布第四季度每股股息為 0.22 美元，年度基本股息增加 5% 至每股 0.88 美元。這仍然是業內收益率最高的基本股息之一，超過 3%。我們管理階層和董事會仍然致力於每年審查基本股利的成長。

During 2024, despite soft natural gas prices and their impact on cash flow, Coterra continued to execute on its shareholder return program. by repurchasing 17 million shares for $464 million at an average price of approximately $26.41. In total, we returned 89% of free cash flow during the year or $1.1 billion through our repurchases and dividends.

2024 年，儘管天然氣價格疲軟且對現金流產生影響，但 Coterra 仍繼續執行其股東回報計畫。以平均價格約 26.41 美元的價格回購 1,700 萬股，耗資 4.64 億美元。總體而言，我們透過回購和股息返還了當年 89% 的自由現金流，即 11 億美元。

During 2025, Coterra expects to prioritize deleveraging and under current conditions, we expect to repay our $1 billion of term loans. We are focused on quickly getting our leverage back to home around 0.5 times net debt to EBITDA. Coterra is committed to maintaining a fortress balance sheet that is strong in all phases of the commodity cycle, enabling us to take advantage of market opportunities and protects our shareholder return goals. Assuming our current outlook, we would expect to return 50% or more of annual free cash flow to shareholders in 2025 with a combination of our healthy base dividend and our share repurchase program.

2025 年，Coterra 預計將優先去槓桿，在當前條件下，我們預計將償還 10 億美元的定期貸款。我們重點是迅速將我們的槓桿率恢復到淨債務與 EBITDA 比率的 0.5 倍左右。Coterra 致力於在商品週期的各個階段保持強勁的資產負債表，使我們能夠利用市場機會並保護我們的股東回報目標。按照我們目前的前景，我們預計到 2025 年，透過健康的基本股利和股票回購計劃，我們將向股東返還 50% 或更多的年度自由現金流。

In summary, Coterra's team delivered another exceptional fourth quarter and full year of high-quality results, both operationally and financially and across all three business units. We've hit the ground running during the first few months of the year and expect to deliver solid first quarter results in 2025, which should set the foundation for full year 2025 and beyond.

總而言之，Coterra 的團隊在第四季度和全年再次取得了出色的成績，無論是在營運、財務還是在三個業務部門。我們在今年頭幾個月就已開始全力以赴，預計 2025 年第一季將取得穩健的業績，為 2025 年全年及以後奠定基礎。

With that, I'll hand the call over to Blake to provide additional color and details on our operations. Blake?

說完這些，我會把電話交給布萊克，讓他提供更多關於我們行動的細節。布萊克？

Thanks, Shane. As we closed out 2024 with another great quarter and lay out our new plan for 2025, we continue our mission of consistent improvement. Whether it's our execution in the field, the efficiency of our operations or the productivity of our assets, we are striving for consistent improvement on all fronts. This is a shared mission from the Houston office to the wellhead to constantly chase improvement and never settle for the status quo.

謝謝，肖恩。隨著我們以又一個出色的季度結束 2024 年並製定出 2025 年的新計劃，我們將繼續不斷改進的使命。無論是我們在現場的執行力、我們營運的效率或是我們資產的生產力，我們都在努力在各方面不斷進步。這是從休士頓辦公室到井口的共同使命：不斷追求進步，永不滿足於現狀。

The 2025 plan we have laid out set several new bars with the most Permian activity we've ever deployed, including a full year of Culberson simul-frac, a consistent program in the Anadarko and a return to the Marcellus. Where we are armed with a new record low cost structure. As Shane noted, our 2024 capital came in on the low end, driven by cost reductions and efficiencies, while our production came in above the high end thanks to improved cycle times and strong asset productivity.

我們制定的 2025 年計畫設定了幾個新的標準，其中包含了我們部署過的最多的二疊紀活動，包括全年的卡爾伯森模擬壓裂、阿納達科的一致計畫以及重返馬塞勒斯。我們擁有創紀錄的新低成本結構。正如 Shane 所說，由於成本降低和效率提高，我們的 2024 年資本處於較低水平，而由於週期時間的縮短和資產生產率的提高，我們的產量處於較高水平。

Importantly, Coterra operations executed on several key milestones in 2024. We deployed and executed on our first grid-powered electric simul-frac in Culberson County. We partnered with our frac providers to develop new pumping strategies and automation, which set records in pumping hours across our fleets. After years of hard work and careful planning by our Marcellus team, we drilled and completed wells in the Demic box, which could rank as one of the best lower Marcellus developments in field history.

重要的是，Coterra 營運在 2024 年實現了幾個關鍵里程碑。我們在卡爾伯森縣部署並執行了首次電網供電的電動模擬壓裂。我們與壓裂供應商合作開發了新的泵送策略和自動化技術，從而創下了我們整個車隊的泵送小時數記錄。經過我們馬塞勒斯團隊多年的辛勤工作和精心規劃，我們在德米克箱體中鑽井併完井，這堪稱油田歷史上最好的馬塞勒斯下部開發項目之一。

In conjunction with planned gas curtailments, we were able to bring these wells online to full rate in December, capturing peak pricing for the winter months. We accomplished all this while improving upon our great safety performance in the field. Consistent improvement define 2024 and now becomes the foundation for our 2025 program.

結合計畫中的天然氣減產，我們能夠在 12 月使這些油井達到滿載生產，從而抓住冬季的峰值價格。我們在實現這一切的同時，也提高了現場的安全績效。持續改善定義了 2024 年，現在成為我們 2025 年計畫的基礎。

We entered 2025 in the Permian running three frac crews and 13 rigs. We plan to run three crews all year and reduced to 10 rigs as we bring our efficiencies to bear on our new assets. Our 2025 Permian program is forecasted to cost $960 per foot down 6% from 2024. This lower cost structure is driven by efficiency gains we made throughout 2024, along with new competitive service contracts. When pairing our fully burdened Delaware cost structure of $960 per foot with our strong asset productivity, we are projecting another strong year for capital efficiency in the Permian.

進入 2025 年，我們在二疊紀盆地運行了 3 個壓裂隊和 13 個鑽孔機。我們計劃全年運行三個作業隊，並將鑽機數量減少到 10 個，以提高新資產的效率。我們預計 2025 年二疊紀計畫的成本將為每英尺 960 美元，比 2024 年下降 6%。這種較低的成本結構是由我們在 2024 年全年實現的效率提升以及新的有競爭力的服務合約所推動的。當我們負擔沉重的特拉華州成本結構（每英尺 960 美元）與我們強大的資產生產力結合時，我們預計二疊紀盆地的資本效率將再創輝煌。

Our teams have been hard at work integrating our new assets into our Delaware ops machine. They have taken on the new assets and are already finding ways to enhance our efficiencies and returns. By optimizing the new assets onto one consistent frac line, we are able to drop multiple rigs without sacrificing any planned frac activity or production. Additionally, our teams have been hard at work optimizing frac designs, pad layouts and directional programs. Which, when combined with new service contracts, reduces 2025 CapEx by 10% per foot or approximately $50 million compared to the previous programs.

我們的團隊一直在努力將我們的新資產整合到我們的特拉華州營運機器中。他們已經接管了新資產，並且正在尋找提高我們的效率和回報的方法。透過將新資產優化到一條一致的壓裂管線上，我們能夠在不犧牲任何計劃的壓裂活動或生產的情況下放棄多個鑽機。此外，我們的團隊一直在努力優化壓裂設計、平台佈局和定向程序。與新的服務合約結合，與先前的項目相比，2025 年的資本支出將減少每英尺 10% 或約 5000 萬美元。

In Culberson County, we plan to run a simul-frac crew consistently all year as we continue to prosecute our row development. Our initial 57 well development of Wyndham Row is now complete. The completion of Wyndham Row represents a significant milestone for Cotera. In total, we invested $500 million in gross CapEx and and completed the project ahead of schedule with final costs coming in at $864 per foot, which is $10 per foot lower than we projected. These wells have been coming online over the last several months with our first three months of cumulative production exceeding expectations.

在卡爾伯森縣，我們計劃全年持續運作同步壓裂隊，同時繼續進行排採工作。我們對 Wyndham Row 的最初 57 口井的開發現已完成。Wyndham Row 的竣工對於 Cotera 來說是一個重要的里程碑。總的來說，我們投資了 5 億美元的總資本支出，並提前完成了該項目，最終成本為每英尺 864 美元，比我們預計的低 10 美元。這些油井在過去幾個月內陸續投產，前三個月的累積產量超出了預期。

We have already begun the next two row developments. The 28-well Barber Row and the 62-well Bowler row, both of which will co-develop the Upper Wolfcamp in parking. Culberson County Row developments are some of the largest and most efficient projects in the shale patch, and you can expect many more from Coterra in the coming years.

我們已經開始接下來兩排的開發。擁有 28 口井的 Barber Row 和 62 口井的 Bowler Row 將共同開發 Upper Wolfcamp 的停車場。卡爾伯森縣排開發案是頁岩區規模最大、效率最高的專案之一，未來幾年，您還可以期待 Coterra 推出更多專案。

Turning to the Anadarko. We are building on the consistent activity over the last few years, which continues to improve our cost structure. Our 2025 program in Anadarko is forecasted to come in at $1,070 per foot down 18% from the previous year. We are excited to bring on our first 3-mile developments in Anadarko in 2025. Lower cost and a good mix of liquids and gas inventory continues to make our Anadarko portfolio an attractive place to invest.

轉向阿納達科。我們在過去幾年的持續活動基礎上繼續改善我們的成本結構。我們在阿納達科的 2025 年專案預計成本為每英尺 1,070 美元，比前一年下降 18%。我們很高興能在 2025 年在阿納達科開展我們的第一個 3 英里開發項目。較低的成本以及液體和氣體庫存的良好組合繼續使我們的阿納達科投資組合成為具有吸引力的投資場所。

In August of 2024, when facing depressed in-basin pricing, we dropped all rigs in the Marcellus. We challenged our Marcellus team to attack our cost structure and improve our capital efficiency to help us restore activity. The team is delivered by providing us with a highly efficient plan in 2025, that is anchored by a record low cost structure of $800 per foot. This dramatic reduction in cost structure is anchored by structural changes and includes the reengineering of upcoming projects which increased our average lateral length by 60% compared to the prior plans.

2024 年 8 月，當面臨盆地內價格低迷時，我們放棄了馬塞勒斯的所有鑽井平台。我們要求 Marcellus 團隊攻克成本結構，提高資本效率，以幫助我們恢復活動。該團隊為我們提供了 2025 年的高效計劃，該計劃以每英尺 800 美元的創紀錄低成本結構為基礎。成本結構的大幅削減是由結構變化決定的，包括對即將實施的項目進行重新設計，與先前的計劃相比，這將使我們的平均水平長度增加 60％。

This long lateral program, combined with lower service costs structurally lowers our breakeven costs and generates a strong 2025 program that we are started to invest in. Our current plan calls for two rigs starting back up in April as well as distributed frac activity throughout the year. We also have on-ramps to increase activity throughout 2025, should gas markets continue to firm up.

這個長期橫向計劃，加上較低的服務成本，從結構上降低了我們的盈虧平衡成本，並產生了我們開始投資的強大的 2025 計劃。我們目前的計畫是讓兩台鑽機在四月重新啟動，並全年進行分散式壓裂活動。如果天然氣市場繼續走強，我們還將在 2025 年增加活動。

On the marketing front, we continue to work hard at maximizing our gas sales portfolio. A strong winter has pulled down storage below the five year average, bolstering the domestic indices we sell into. The ramp of Gulf Coast LNG has begun with record flows in February. We continue to explore potential export deals to add to our existing international portfolio. We are seeing new calls on natural gas for power generation in the basins we operate in.

在行銷方面，我們繼續努力最大化我們的天然氣銷售組合。寒冷的冬季導致庫存下降至五年平均以下，支撐了我們銷售的國內指數。墨西哥灣沿岸液化天然氣產量已於二月開始攀升，創下了歷史新高。我們將繼續探索潛在的出口交易，以擴大我們現有的國際投資組合。我們看到，在我們營運的盆地中，對天然氣發電的需求正在增加。

We are working with power providers and power consumers to see how Coterra gas can help generate the electrons they require. Coterra is well positioned and poised to take advantage of this expected power demand across our portfolio. We are excited to announce a highly capital-efficient 2025 plan and three year outlook. And you can expect we will continue to see consistent improvement in all facets of our business.

我們正在與電力供應商和電力消費者合作，以了解 Coterra 氣體如何幫助他們產生所需的電子。Coterra 已做好準備，能夠充分利用我們整個產品組合中預期的電力需求。我們很高興地宣布一項資本效率極高的 2025 年計劃和三年展望。您可以期待我們業務的各個方面將繼續持續改善。

With that, I'll turn it back to Tom for closing remarks.

最後，我將請湯姆作最後發言。

Thank you, Shane and Blake. We're pleased with our continued execution in 2024 and expect to deliver on our goals outlined in our plans. We appreciate your interest and look forward to taking your questions.

謝謝你，Shane 和 Blake。我們對 2024 年的持續執行感到滿意，並期望實現我們計劃中概述的目標。我們感謝您的關注並期待回答您的問題。

(Operator Instructions).

（操作員指令）。

Arun Jayaram from JPMorgan.

摩根大通的 Arun Jayaram。

My first question is I was wondering if you could discuss some of the key lessons learned from the Windham Row, including the interplay between the Wolfcamp and the Harkey programs and just some of the key learnings from that program as you look forward to a couple more projects within Culberson this year, the Barbara Row and the Bowler Row?

我的第一個問題是，我想知道您是否可以討論一下從 Windham Row 項目中學到的一些關鍵經驗教訓，包括 Wolfcamp 和 Harkey 項目之間的相互作用，以及從該項目中獲得的一些關鍵經驗教訓，您期待今年在 Culberson 內開展的另外幾個項目，即 Barbara Row 和 Bowler Row？

Yes. I'll take that one. Really came on as we had forecast. We see excellent reservoir performance. Our actual total production is right on top of our forecast outstanding results. We still have a data collection analyzing mode on the need to either co-develop or overfill later. But based on everything we've seen, we're very encouraged and we will continue to codevelop where we can. But it's still an open question. I'm going to invite Michael DeShazer to comment on that because he runs our business units. Michael, any learnings from Windham Row.

是的。我要那個。確實如我們預測的那樣。我們看到了優異的油藏表現。我們的實際總產量剛好高於我們預測的優異業績。我們仍然有一個資料收集分析模式，以確定是否需要共同開發或稍後填充。但基於我們所看到的一切，我們感到非常鼓舞，我們將繼續在力所能及的範圍內進行共同開發。但這仍然是一個懸而未決的問題。我將邀請 Michael DeShazer 對此發表評論，因為他負責管理我們的業務部門。邁克爾，從 Windham Row 學到了什麼嗎？

Yes. Thank you, Tom. Arun, we've drilled over 40 Harkey wells in Culberson to date, and we have 30 more planned this year. So the six that we've codeveloped on the Wyndham Row and the 16 that have been over filled, that data is still coming in. And like Tom said, we're going to be studying that over the next few months. and that will guide our decisions moving forward. But with the current plan being to default to codevelop, that's the path forward for now.

是的。謝謝你，湯姆。阿倫，到目前為止，我們已經在卡爾伯森鑽了 40 多口哈基井，今年我們計劃再鑽 30 口。因此，我們在溫德姆街共同開發的 6 家酒店和已經超員的 16 家酒店的數據仍在不斷湧現。正如湯姆所說，我們將在接下來的幾個月內對此進行研究。並將指導我們未來的決策。但由於目前的計劃是默認共同開發，所以這是目前前進的道路。

Okay. And my follow-up, there's some kind of nuances around the 2025 guide that we've gotten some questions on. Could you talk a little bit about maybe what's happening in 1Q on a sequential basis. But the broader comment was that it appears that you're kind of maintaining your guidance that you provided in November, but with one less month called production from the acquired assets, am I reading into that right? Is there just some -- you're basically maintaining that production guide. But with less days, call it, on the acquired assets. Just wanted to clarify that comment.

好的。我的後續問題是，我們對 2025 年指南中的一些細微差別提出了一些疑問。您能否按順序談談第一季發生的情況？但更廣泛的評論是，你似乎維持了 11 月提供的指導，但收購資產的產量減少了一個月，我理解得對嗎？是否有一些——你基本上在維護那個生產指南。但用不了幾天，就把收購的資產叫過來。只是想澄清一下這個評論。

Yes, Arun, this is Blake. You're reading that right. A lot of work has gone on since the deal announcement, and we were able to bolster some of the production, which helps overcome that partial month in January. So that's what you're seeing there. You also saw in the deck, we were able to pull out quite a bit of dollars in Permian once our team really got their arms around the asset, started driving some cost out of it. And we've chosen to reallocate some of that to the Marcellus to get activity going there. So that's really what's going on.

是的，阿倫，這是布萊克。你讀得對。自交易宣布以來，我們已經開展了大量工作，並且我們能夠加強部分生產，這有助於克服一月份的部分產量不足的問題。這就是你所看到的。你們還在簡報中看到，一旦我們的團隊真正掌握了資產，開始從中削減成本，我們就能夠在 Permian 中撤出相當多的資金。我們已選擇將其中一部分重新分配給馬塞勒斯，以便在那裡進行活動。事實就是這樣的。

1Q on a sequential basis, it's just really some noise from the acquisitions on closing time and production but also some TIL timing going on normal quarter-over-quarter type stuff that kind of -- sometimes it's a little lumpier than we like, but activity-wise, it's smooth and straight just like it always is.

從連續基礎來看，第一季實際上只是來自收購結束時間和生產的一些噪音，但也有一些 TIL 時間在正常的季度環比類型上進行，有時它比我們喜歡的要粗糙一些，但從活動方面來看，它和往常一樣平穩而直接。

Neil Mehta, Goldman Sachs.

高盛的尼爾梅塔 (Neil Mehta)。

A couple of gas related questions in the Marcellus. It looks like you're going to be restarting two rigs in April. And so just can you walk through your thought process of what's changed from November. And you talked about potentially increasing capital here in the Marcellus in the second half if conditions warrant. Can you talk about what are the milestones and goals post you're watching to say the market has given you a signal to accelerate that activity.

馬塞勒斯 (Marcellus) 中有幾個與天然氣相關的問題。看起來你將在四月重啟兩個鑽孔機。那麼，您能否簡要概括一下自 11 月以來發生了哪些變化？您談到如果條件允許的話，下半年可能會增加馬塞勒斯的資本。您能否談談您所關注的里程碑和目標是什麼，以表明市場已向您發出加速活動的信號。

Well, it's pretty simple. The returns we're seeing in our program are now competitive at our current price outlook. We've had a nice winter, and we continue to light candles for increasing cold. Storage is looking much more positive. The situation in Europe is looking interesting from a storage standpoint. We have LNG as like I said, opening up. So in many ways, the stars are aligning for constructive pricing throughout 2025 and into 2026. But we don't run our program on hold. So we're not going to make any decisions we don't have to make. If we see by spring, mid-spring that these things are coming to pass, we'll show storage ends. We're prepared to either hold our current course steady or pick up the pace a little bit. But very constructive outlook and we'd like to see that hold.

嗯，這很簡單。按照我們目前的價格前景，我們計劃中看到的回報具有競爭力。我們度過了一個美好的冬天，我們繼續點燃蠟燭來抵禦日益加劇的寒冷。儲存方面的情況看起來更加樂觀。從儲存的角度來看歐洲的情況看起來很有趣。正如我所說，我們有液化天然氣，正在開放。因此，從許多方面來看，2025 年至 2026 年的定價情勢都趨於正面。但我們不會暫停運行我們的程式。所以我們不會做任何不必要的決定。如果到春季或仲春時節我們看到這些事情正在發生，我們就會看到儲存的結束。我們準備要么保持目前的方針，要么稍微加快步伐。但這是極具建設性的觀點，我們希望能夠維持下去。

Yes, Neil, it's all driven by the fundamentals and the economics that Tom outlined there. But again, just to put it in perspective quickly, this increase in activity is from zero to some activity. This is not -- I wouldn't characterize this as a leaning into a gas market as much as just restarting activity based on current fundamentals and economics.

是的，尼爾，這一切都是由湯姆概述的基本面和經濟因素所驅動的。但是，再次強調，只是為了快速地看待它，這種活動的增加是從零到一些活動的。這並不是——我不會將此描述為對天然氣市場的傾向，而只是基於當前的基本面和經濟狀況重啟活動。

That's great. And then you talk about the 5% growth for oil on an organic basis and then less of that on a BOE basis. And so you've been active in the market here over the last five years. Just what's your perspective post Franklin Mountain, some of the other bolt-ons. Do you do you feel like you have enough to say grace over or do you expect to continue to be active from an acquisition perspective on the go forward?

那太棒了。然後您談到石油在有機基礎上的 5% 成長率，以及在桶油基礎上的較低成長率。過去五年來，你們一直活躍於這裡的市場。您對富蘭克林山和其他一些附加設施的看法是什麼？您是否覺得自己已經做得足夠好了，或者您期望在未來繼續從收購的角度保持活躍？

Well, we never target acquisitions strategically or tactically, we don't intend to be a habit of being a serial acquirer. We want to be opportunistic when we see things that make sense for our organization, for our asset mix and most importantly, for our owners, and that means we acquire them at a reasonable entry price. The Franklin Mountain and Avant assets checked all those boxes, and they were available, and we were really, really glad to pull both of those into our portfolio.

嗯，我們從來沒有從策略或戰術上瞄準收購，我們不打算成為連續收購的習慣。當我們看到對我們的組織、對我們的資產組合、最重要的是對我們的所有者有意義的事情時，我們就會抓住機會，這意味著我們會以合理的入場價格收購它們。Franklin Mountain 和 Avant 的資產滿足了所有條件，而且它們都是可用的，我們非常非常高興將它們都納入我們的投資組合。

We're already seeing, as Blake said, some operational advantages to having those as we've seen that into the overall program. And look, if we had the opportunity to do that again, we would. But only if the opportunity checked all those boxes, we're not out there shopping at any point in time. We're sitting on a really nice inventory, and we're not interested in diluting any of our value in the interest of getting bigger.

正如布萊克所說，我們已經看到了這些技術在整個計劃中帶來的一些營運優勢。如果我們有機會再這樣做，我們就會這麼做。但只有當機會滿足所有這些條件時，我們才會在任何時候出去購物。我們擁有非常好的庫存，我們不想為了擴大規模而稀釋我們的任何價值。

It's all about entry cost and an organization that can exploit what you have. So we're also looking at organic generation and leasing. We've got a couple of things underway, none of which we're prepared to talk about. But things where the entry cost is attractive and there's a little different risk profile. But for us, it's about creating value, and we'll create value in every direction we can.

這一切都與進入成本以及能夠利用您所擁有資源的組織有關。因此我們也在關注有機發電和租賃。我們正在進行一些事情，但我們都不準備好談論它們。但進入成本很有吸引力，風險狀況也略有不同。但對我們來說，這是為了創造價值，我們將盡一切努力創造價值。

Nitin Kumar, Mizuho.

瑞穗的尼廷庫馬爾 (Nitin Kumar)。

I want to follow up on the gas side to start with. You highlighted some really strong momentum in terms of capital efficiencies in the Marcellus, but even including the potential $150 million of acceleration later this year, you're still well below what you describe as your maintenance spend of about $450 million. So -- and you're only doing about 10 to 15 wells, which is a third of what you did last year. So when do you expect to get to sort of a run rate in the Marcellus where you're holding somewhere about two Bcf a day flat?

首先我想跟進一下天然氣方面的狀況。您強調了馬塞勒斯在資本效率方面的一些非常強勁的勢頭，但即使包括今年稍後可能出現的 1.5 億美元加速支出，也仍遠低於您所描述的約 4.5 億美元的維護支出。所以 — — 你只做了大約 10 到 15 口井，這只是去年數量的三分之一。那麼您預計什麼時候馬塞勒斯的產量能夠達到每天 20 億立方英尺左右呢？

Yes. Nitin, Shane made the key point in that is we shut all of our activity down in 2024. And that was the right answer. And don't have time on this call to go into it in great detail. But not every operator is able to do that because over the last year or two, we put a lot of effort into water handling in the Marcellus and put or owners in a position where we had complete flexibility there.

是的。Nitin，Shane 提出的關鍵點是，我們將在 2024 年停止所有活動。這就是正確答案。而且在這次通話中我沒有時間詳細討論這個問題。但並非每個業者都能夠做到這一點，因為在過去的一兩年裡，我們在馬塞勒斯的水處理方面投入了大量的精力，並讓業主處於完全靈活的地位。

And so as we restart the program, the restart, what it really does is arrest that decline because if you have zero activity in shale reservoirs, we all know they're high decline. And really puts us on a trajectory of growth. You mentioned that two Bcf per day target in the Marcellus, we'd be back on our way to that in mid- to late '26 in to '27. It would involve returning to something that's above that maintenance capital you quoted. But look, we're ready to go there or not, depending on conditions. But the conditions today tell us, you know what, these are great investments, they can beat for capital plus to rest that decline and have some incremental volumes ready for winter pricing next winter.

因此，當我們重新啟動該計劃時，它真正能做的就是阻止這種下降，因為如果頁岩油藏中的活動為零，我們都知道它們的下降幅度很大。並真正使我們走上了成長的軌道。您提到馬塞勒斯每天的目標是20億立方英尺，我們將在2026年中後期至2027年重新實現這一目標。這將涉及到返回高於您所引用的維護資本的金額。但是，我們是否準備好去那裡取決於具體情況。但今天的情況告訴我們，你知道嗎，這些都是很好的投資，它們可以帶來資本收益，還能平息下滑，並為明年冬天的冬季定價準備好一些增量。

Yes. And then one other point I can I take your point on sort of capital versus maintenance capital. But keep in mind, the team as they sort of reengineered the plan up in the Marcellus, significantly extended the lateral length of these. So if you look at the TILs in the 2025 plan, which we can outline, the link is a little better on page 21 of the deck we posted last night, you'll see that they're meaningfully longer than the historical averages.

是的。然後我可以再談一下您關於資本與維護資本的觀點。但請記住，團隊在 Marcellus 中重新設計了計劃，顯著延長了它們的橫向長度。因此，如果您查看我們可以概述的 2025 年計劃中的 TIL，我們昨晚發布的演示文稿第 21 頁上的鏈接稍微好一些，您會發現它們比歷史平均值要長得多。

Shane, speaking of the the deck, I noticed slide 19, you talked a little bit about your power and midstream infrastructure in the Permian. Some of your peers and partners have talked about power generation and supplying power for data centers out of the Permian you have some capacity. Is this an area where you are looking at opportunities? And maybe give us a lay of the land in terms of risk and opportunities there that you're seeing?

肖恩，說到演講稿，我注意到第 19 張投影片，你談到了二疊紀盆地的電力和中游基礎設施。您的一些同行和合作夥伴談到了利用二疊紀盆地發電和為資料中心供電，您有一定的發電能力。這是您正在尋找機會的領域嗎？您能向我們介紹一下您所看到的風險和機會嗎？

Yes, Nitin, this is Blake. I'll take that one. Short answer is yes. We are very much engaged in those discussions. The Waha gas molecule is very advantageous for power generation. And so it has brought in a lot of parties that are interested and not just generating baseload power but also data center loads. And so we're in discussions with all those, everything from good old-fashioned combined cycle plants to behind-the-meter type power solutions for data centers. It's not the clearest landscape to understand. I think everyone is still trying to figure out exactly what the end state looks like. But we have so many molecules in so many places that we're really well positioned to take advantage of some of this, and I'm hopeful we'll have some good announcements coming before too long on this.

是的，尼廷，這是布萊克。我要那個。簡短的回答是肯定的。我們非常參與這些討論。Waha氣體分子對於發電非常有利。因此，它吸引了許多感興趣的各方，不僅產生基載電力，還產生資料中心負荷。所以，我們正在討論所有這些問題，從傳統的聯合循環電廠到資料中心的電錶後電源解決方案。這並不是最清晰易懂的景觀。我認為每個人仍在試圖弄清楚最終狀態究竟是什麼樣的。但是我們在如此多的地方擁有如此多的分子，我們確實有能力利用其中的一些優勢，我希望我們很快就會發布一些好消息。

Neal Dingmann, Truist Securities.

Truist Securities 的 Neal Dingmann。

Guys, my first question, just on the continued operational efficiency improvement. Like in the slide, you clearly are demonstrating the upside you're seeing here. I'm just wondering maybe for Blake. Just -- like are you seeing this -- maybe talk about potential further opportunities, both in the Permian and are you expecting the same sort of upside in the Marcellus as well?

夥計們，我的第一個問題是關於持續的營運效率改善。就像在幻燈片中一樣，您清楚地展示了您在此處看到的優勢。我只是想知道也許對布萊克來說也是。就像您所看到的一樣，也許可以談談潛在的進一步機會，無論是在二疊紀，還是在馬塞勒斯，您是否也期待同樣的上行空間？

Yes. Sure, Neal. Happy to talk about efficiencies anytime. When I look back on '24, the three areas that we really focus on in drilling, drill fee per day, these huge projects, road drilling, but even outside of our roads in Culberson County. Our well counts on our projects are so large now that our rigs just stay camped out. We minimize modes, and we hit a record drilling fee per day across our whole fleet in '24. On the frac side, our frac efficiencies are up dramatically year-over-year.

是的。當然，尼爾。很高興隨時談論效率。當我回顧 24 年時，我們真正關注的三個領域是鑽探、每日鑽探費用、這些大型計畫、道路鑽探，甚至在卡爾伯森縣的道路之外。由於我們專案中的油井數量非常多，我們的鑽機現在只能待在外面。我們盡量減少模式，並在 24 年創下了整個船隊每日鑽井費用的最高紀錄。在壓裂方面，我們的壓裂效率逐年大幅提升。

And that's due to some strategies that we've been working with our frac partners on that really focus on maximizing all the available horsepower and minimizing transition times. We have transition times now that are averaging close to 20 minutes between stages, which is pretty unheard of from a few years ago. And then lastly, we're always really focused on well trouble. It's not a matter of if, it's a matter of when. We take a lot of holes in the ground and things go long sometimes. But we have a really rigorous program to deal with well trouble and to get out of it as quickly and cost effectively as we can.

這是因為我們一直與壓裂合作夥伴共同製定一些策略，這些策略真正注重最大限度地發揮所有可用的馬力並最大限度地縮短過渡時間。我們現在各個階段之間的過渡時間平均接近 20 分鐘，這在幾年前是聞所未聞的。最後，我們始終非常關注井下問題。這不是一個是否會發生的問題，而是一個時間問題。我們在地面上挖了很多洞，有時候東西會變長。但我們有一個非常嚴格的計劃來處理油井故障，並盡可能快速、經濟有效地解決問題。

And so those three things are always at play. They will continue to be at play throughout '25. Something new. We're spending a lot of time and energy on, not necessarily new, but I think it's gaining more traction is just our focus on frac design, particularly on the Bone Spring sands and shallower zones across New Mexico that we're prosecuting. With the help of our ML models, really rightsizing our fracs. You're seeing -- maybe in some cases, we can get the same productivity at a lower cost. Some of that made up, you saw in our synergies on the new assets, and that's just a really exciting frontier for us, and we're going to keep pushing frac design hard.

所以這三件事始終在運作。他們將會在整個25年繼續發揮作用。一些新的東西。我們投入了大量的時間和精力，不一定是新的，但我認為它越來越受到關注，只是我們對壓裂設計的關注，特別是我們正在起訴的新墨西哥州的 Bone Spring 砂層和較淺的區域。在我們的 ML 模型的幫助下，我們真正實現了分餾分的合理規模。您會看到—也許在某些情況下，我們可以以更低的成本獲得相同的生產力。其中一些，您可以在我們在新資產上的協同效應中看到，這對我們來說是一個非常令人興奮的領域，我們將繼續努力推動壓裂設計。

Great details. And then just a second on maybe the upcoming return of your Marcellus activity, I'm specifically wondering, will the focus continue to be primarily on lower Marcellus or you be able to co-develop several of the areas focused on both the lower and the upper.

很棒的細節。然後請問您即將恢復的馬塞勒斯活動，我特別想知道，重點是否會繼續主要放在馬塞勒斯的下游，或者您是否能夠共同開發下游和上游的幾個領域。

Yes, Neil, it's Michael here. Yes, we will be returning to the box in 2025 and overfilling with some Upper Marcellus wells. But development is also in the plans for the box as we move forward as well. So that we will see increasing amounts of Upper Marcellus as a part of our program. And I don't think it's a surprise to anyone that that's a little lower in terms of productivity than the lower Marcellus.

是的，尼爾，我是麥可。是的，我們將在 2025 年返回該箱體，並用一些上馬塞勒斯井進行過度填充。但隨著我們不斷前進，我們也計劃對該盒子進行開發。因此我們將看到越來越多的上馬塞勒斯成為我們計劃的一部分。我認為，就生產力而言，這個數字比馬塞勒斯低一點，這並不奇怪。

But I think the context is important and the lower Marcellus is some of the best shale rock in the lower 48. So you will see our program move more to the upper over time, but with lateral lengths, improving our capital efficiency, it will allow us still to hold our production flat at that 2 Bcf number that we've talked about. And I think that's better than a lot of the other gas shale plays that are out there.

但我認為背景很重要，下馬塞勒斯是美國本土 48 州中最好的頁岩之一。因此，你會看到我們的計劃隨著時間的推移而更多地向上移動，但隨著水平長度的增加，我們的資本效率得到提高，這將使我們仍然可以將產量保持在我們討論過的 20 億立方英尺的數字上。我認為這比其他很多現有的頁岩氣田好。

I also want to add, getting that cost structure down is huge for the Marcellus, really a testament to that team. It's part of why we like to be multi-basin because every now and then, you want to send teams back to the drawing board and have other places to take your capital. And they went back to the drawing board and they came up with some incredible innovations. We mentioned the long laterals, well-designed, water handling. I mean that cost really makes both the lower and upper much, much more attractive to us than they've been 12 or 18 months ago.

我還想補充一點，降低成本結構對馬塞勒斯來說意義重大，這確實證明了球隊的實力。這也是我們喜歡採用多盆地的原因之一，因為時不時地，你想讓團隊重新回到繪圖板上，並有其他地方來利用你的資本。他們重新開始構思並想出了一些令人難以置信的創新。我們提到了長側向結構、精心設計和防水性能。我的意思是，與 12 或 18 個月前相比，成本確實使得下限和上限對我們來說都更具吸引力。

David Deckelbaum, TD Cowen.

大衛·德克爾鮑姆（David Deckelbaum），TD Cowen 公司。

Tom, I was just curious if you talk about the Marcellus program a little bit more for '25. The lateral lengths are obviously significantly longer this year especially in the upper Marcellus. Should we think about that as the go-forward plan in future years? And I guess, how did you guys sort of approach that development plan versus perhaps like cannibalize or weighing that as a cannibalization of inventory? Or is this is just the most optimum kind of [PVOI]?

湯姆，我只是好奇你能否多談一下 25 年的馬塞勒斯計劃。今年的橫向長度明顯更長，尤其是在馬塞勒斯上游。我們是否應該將其視為未來幾年的前進計劃？我想，你們是如何處理這個發展計畫的，而不是將其視為庫存的蠶食或蠶食？或者這只是最優化的一種[PVOI]？

Yes. Look, that's a great question. Cannibalization of inventory is -- that I just reject that premise. It's -- inventory is best exploited in the most capital-efficient way. So we don't count sticks. And we don't give ourselves metals for the number of sticks. In fact, if you can reduce the number of wells you drill and generate higher returns, spending lower and generate the same volumes. That's the right way to prosecute your inventory. And we've seen that -- I know your question is on the Marcellus, but you've seen us talk about that in the Permian, where we have examples where we're drilling fewer wells and offset operators and yet cumulative production is equal to our neighbors.

是的。瞧，這是一個很好的問題。庫存蠶食是──我只是拒絕這個前提。這是——以資本最有效的方式最好地利用庫存。所以我們不算棍子。我們不會根據棍棒的數量來給予自己金屬。事實上，如果你可以減少鑽井數量並產生更高的回報，那麼花費更少卻能產生相同的產量。這是起訴庫存的正確方法。我們已經看到——我知道你的問題是關於馬塞勒斯的，但你也看到我們在二疊紀盆地討論過這個問題，我們有這樣的例子，我們鑽探的井更少，並且抵消了運營商，但累計產量與我們的鄰國相同。

So we're very much. We love the long laterals -- it's also really good for that environment. This is not the Permian Basin. This is very pristine Ron Hills, there's a lot of farms and dairy operations going on there. We really try to minimize our impact on that community. And these longer laterals let us build fewer pads less capital on hookups. It's just a win-win in every direction you look. So we're going to continue to try to find that everywhere we can.

所以我們非常。我們喜歡長水平管——它也非常適合那種環境。這不是二疊紀盆地。這是非常原始的羅恩山，那裡有許多農場和乳牛場。我們確實盡力減少對該社區的影響。而這些更長的水平井讓我們能夠建造更少的平台，減少連接成本。無論從哪個角度來看，這都是一個雙贏的局面。因此，我們將繼續盡力尋找這項線索。

I appreciate that. And I guess I just wanted to clarify just the remarks just as a lot of the Marcellus activity appears to be more back half weighted. I guess, how much of that sort of overall budget should we think of as being kind of contingent on continued strength in the gas curve?

我很感激。我想我只是想澄清一下這些言論，因為馬塞勒斯的許多活動似乎都受到後半部分的影響。我想，我們應該把這種總體預算中的多大一部分視為取決於天然氣曲線的持續走強？

Well, we said in our opening remarks, the midpoint is not contingent. The midpoint says, we're probably going to lay some activity down midyear. But if we were to continue as a pace, they would add about $50 million to our capital program. And look, when we get there and make that decision, I think it will be obvious because we're all going to be watching strength in gas markets. It's just -- there have been times when that strengthening gas market has been a mirage. And we have the ability to not commit and that's kind of -- we're going to take that luxury to the very last day.

嗯，我們在開場白中說過，中點不是偶然的。中點表示，我們可能會在年中安排一些活動。但如果我們繼續保持這樣的步伐，他們會為我們的資本計畫增加約 5,000 萬美元。而且，當我們到達那裡並做出決定時，我認為這將是顯而易見的，因為我們都將專注於天然氣市場的實力。只是──有時候，天然氣市場的走強只是幻象。我們有能力不做出承諾，也就是說──我們將把這種奢侈保留到最後一天。

Derrick Whitfield, Texas Capital.

德州首府的德里克·惠特菲爾德。

I wanted to focus on the gas market with my first question. Regarding the three year outlook, there's clearly a lot of optionality built into your growth outlook. And while you're returning activity to the Marcellus and highlighting the potential to further add activity it would seem the macro environment we're seeing now is perhaps the most constructive one we've seen in well over a decade. With the understanding, there's capital tension between the Permian and gas assets. Would you expect both the Anadarko and Marcellus to return to growth over the next three years if the gas market plays out as the strip indicates?

我的第一個問題想重點討論天然氣市場。就三年展望而言，您的成長前景中顯然包含了許多可選性。當您將活動恢復到馬塞勒斯並強調進一步增加活動的潛力時，我們現在看到的宏觀環境似乎是十多年來最具建設性的環境。據了解，二疊紀和天然氣資產之間存在著資金緊張。如果天然氣市場表現如圖表所示，您是否預期阿納達科和馬塞勒斯將在未來三年內恢復成長？

Lord, I hope so. I mean that's why we have these assets. And it's just fascinating to see the components of our cash flow ebb and flow with company markets. But one consistency is our overall cash flow and our ability to maintain consistent programs across our platform. And I'm going to let Blake comment on this. But we just -- we love the competition between different parts of our portfolio. We love the tough decisions that it puts on us. and we love the way our teams fight for capital by trying to become more and more efficient.

主啊，我希望如此。我的意思是這就是我們擁有這些資產的原因。看到我們的現金流隨著公司市場的變化而變化，真是令人著迷。但有一點是一致的，那就是我們的整體現金流以及我們在整個平台上維持一致計劃的能力。我將讓布萊克對此發表評論。但我們只是——我們喜歡我們投資組合的不同部分之間的競爭。我們喜歡它給我們提出的艱難決定。我們熱愛我們的團隊透過努力提高效率來爭取資本的方式。

Yes. I mean I'd just echo, Tom, that would be a great problem to have if we had a record gas prices to drive these basins. But I always think it's important to reiterate, we're not targeting growth. We're targeting returns. That's what underlies our capital allocation program. If we saw sustained gas prices, which elevated those returns, naturally, capital would flow there and the result might be gas growth. But it is a very dynamic gas market that we're a part of now. We don't just worry about winter anymore. We watch LNG flows every day. We watch trains. We watch the power demand story very closely. And now we're watching international pricing because they can move Henry Hub. So the much more dynamic market than it used to be, and we position ourselves to be ready to take advantage of it if and when it plays out.

是的。我的意思是，我只是想重複一下，湯姆，如果我們以創紀錄的天然氣價格來驅動這些盆地，那將是一個大問題。但我一直認為有必要重申，我們的目標不是成長。我們的目標是回報。這就是我們的資本配置計畫的基礎。如果我們看到天然氣價格持續上漲，從而提高了回報，那麼資本自然就會流入，結果可能是天然氣價格成長。但我們現在所處的天然氣市場非常活躍。我們不再只擔心冬天。我們每天都會觀察液化天然氣的流動。我們看火車。我們密切關注電力需求情況。現在我們正在關注國際定價，因為他們可以運送亨利樞紐。因此，現在的市場比以前更活躍，我們已做好準備，在這種情況下充分利用它。

I think it's also important to add that the price ratios matter as well. It's not just the gas price itself, but we're allocating capital across all three business units. And so we're watching closely how those economics change in terms of Permian or Marcellus and Anadarko allocations based on the relative oil and gas strength. So that's an important component to also think about.

我認為還需要補充的是價格比率也很重要。這不僅僅是汽油價格本身，我們還在為所有三個業務部門分配資本。因此，我們正在密切關註二疊紀、馬塞勒斯和阿納達科的分配情況如何根據相對的石油和天然氣實力發生經濟變化。所以這也是需要考慮的重要因素。

Makes sense. And going back to slide 19 for my follow-up. There's been a lot of discussion on downstream partnerships to support the build-out of data centers. And as you guys have highlighted, Could you perhaps speak to where those conversations are for you and what basins and what role you'd like to play in that arena more broadly?

有道理。然後回到投影片 19 進行我的後續工作。關於支持資料中心建設的下游合作夥伴關係的討論已經很多。正如你們所強調的，您能否更廣泛地談談這些對話的內容以及你們希望在該領域扮演什麼角色？

Yes. The -- I'd say the Permian is probably the one we're spending the most time on, although we have inbound in the Anadarko and Marcellus as well. It's really that Waha gas molecules seem to be attracting a lot of the power providers. But like I mentioned earlier, commercially, this is still very uncharted waters. Trying to find long-term commercial deals and anchored gas supplies is a difficult task. So I still see a lot of room for negotiation in this space, and we'll see how it plays out.

是的。我想說，二疊紀盆地可能是我們花費時間最多的盆地，儘管我們也在阿納達科盆地和馬塞勒斯盆地進行研究。事實是，Waha 氣體分子似乎吸引了許多電力供應商。但就像我之前提到的，從商業角度來看，這仍然是未知領域。尋找長期商業交易和穩定的天然氣供應是一項艱鉅的任務。因此，我認為這個領域仍有很大談判空間，我們拭目以待。

I might remind the listener, we already have a fair amount of power pricing in our Marcellus gas portfolio, and we are working on bolstering that. We'd like to see a little more power pricing in our natural gas delivery Absolutely.

我想提醒聽眾，我們的馬塞勒斯天然氣組合中已經有相當數量的電力定價，我們正在努力加強這一點。我們希望看到天然氣輸送中的電價稍微高一些，絕對是如此。

Josh Silverstein, UBS Financial.

瑞銀金融的喬希‧西爾弗斯坦 (Josh Silverstein)。

Just sticking on the gas theme. If you did want to ramp gas volumes further, could you do it in the Marcellus? Or is that tapped out from a capacity standpoint and you'd have to start adding CapEx to the Anadarko?

只是堅持天然氣主題。如果您確實想進一步增加天然氣產量，您可以在馬塞勒斯實現嗎？或者從產能角度來看，這個數字已經用完了，您必須開始向阿納達科增加資本支出？

I mean as far as takeaway, no, it's not capped out. We're down quite a bit from our all-time highs. And so is the Northeast PA in general, volumes are down. So there's rooms in those pipes to grow. Generally, the more volumes we stack on we're getting into a little more expensive FT but that has to be accounted for in our drilling decisions. That's all taken into our incremental decisions. So -- but yes, we could grow volumes.

我的意思是，就外賣而言，沒有上限。我們與歷史最高水準相比已經下降了不少。總體而言，賓州東北部的交易量也下降了。因此這些管道還有成長的空間。一般來說，我們堆積的體積越大，FT 的成本就越高，但這必須在我們的鑽探決策中考慮。這一切都已考慮到我們的增量決策中。所以 — — 但是是的，我們可以增加產量。

Got it. And then, Shane, you mentioned the $1 billion debt reduction for this year. Is the buyback on hold until that's complete? Or will you do some buybacks during this process as well and then ramp the buyback after the $1 billion is achieved?

知道了。然後，肖恩，您提到了今年 10 億美元的債務減免。回購會暫停直到完成嗎？或者你們也會在過程中進行一些回購，然後在達到 10 億美元後加大回購力道？

Yes. Thanks, Josh. The buyback is not on hold, but we are going to prioritize debt repayment. So if you think about it over the course of the year, and we sort of laid out some illustrative free cash flow scenarios and a few of the pages there. Some of which sort of leave room for both buybacks and term loan repayment like the current environment that we're in. But even in that case, I would expect to see the buyback more back-end loaded and the term loan paid down more front-end loaded just as we go through the year, but not necessarily the -- it's not turned off. I would tell you that. We would certainly look to be opportunistic, and we still have -- still do have a buyback program. So it's not turned off we're paying down our term loans.

是的。謝謝，喬希。回購並未暫停，但我們將優先償還債務。因此，如果您考慮這一年的情況，我們會列出一些說明性​​的自由現金流情景和其中的幾頁。其中一些為回購和定期貸款償還留出了空間，就像我們目前所處的環境一樣。但即使在這種情況下，我預計，隨著我們度過這一年，回購將更加後端負載，定期貸款償還將更加前端負載，但不一定是 - 它不會關閉。我會告訴你這一點。我們肯定會尋求機會，而且我們仍然有回購計劃。因此，我們並沒有停止償還定期貸款。

Scott Gruber, Citigroup.

花旗集團的史考特‧格魯伯。

I want to come back to the growth capital allocation, just given the macro backdrop. So if gas does stay constructive, let's say it's $4 along the curve and oil is kind of flattish at 70%. How would you allocate growth dollars between the Marcellus and the Anadarko in that environment?

考慮到宏觀背景，我想回到成長資本配置的議題。因此，如果天然氣價格保持上漲趨勢，假設其價格沿著曲線為 4 美元，而石油價格則持平於 70%。在這種環境下，您將如何在馬塞勒斯和阿納達科之間分配成長資金？

Well, it's not complicated. It's absolutely going to be on return on investment and what we think generates the best financial outcome. So it's always a horse trade. We have outstanding gas assets in Anadarko, and those assets also have natural gas liquids. So depending on where that pricing falls, returns can be competitive. So it's all about competition. And with current gas prices, current forecast and current outlook, our Marcellus dry gas is competing nicely.

嗯，這並不複雜。這絕對與投資回報以及我們認為能產生最佳財務結果有關。因此這始終是一場馬匹交易。我們在阿納達科擁有優秀的天然氣資產，這些資產也包含天然氣液。因此，根據定價的不同，回報可能會具有競爭力。所以一切都與競爭有關。按照目前的天然氣價格、目前的預測和目前的前景，我們的馬塞勒斯乾氣具有良好的競爭力。

Got it. And then turning to development costs. and looking across your Delaware position, Culberson obviously leads the pack with the road developments and all the infrastructure you have in place there with your partner. But as we count it becomes a bigger percentage of your activity set, can you talk about the path to close the cost gap. As you think about that three year plan, can we see that cost gap close materially?

知道了。然後轉向開發成本。縱觀特拉華州的情況，卡爾伯森在道路建設以及與合作夥伴共同建設的所有基礎設施方面顯然處於領先地位。但隨著我們計算，它在你們的活動集中所佔的比例越來越大，你能談談縮小成本差距的途徑嗎？當您考慮那個三年計劃時，我們是否能看到成本差距實質縮小？

I sure hopefully continue to see it close materially. That's what our teams are hard at work at. As we've talked about before, Culberson is pretty unique. We own and operate four consecutive townships and all the infrastructure inside of it. So it gives us tremendous flexibility in how we build capitally efficient programs. But we think we've created the bones of that with these new assets we just brought in, and we've built a large block.

我確實希望繼續看到它實質上結束。這就是我們的團隊努力工作的事情。正如我們之前談到的，卡爾伯森非常獨特。我們擁有並經營四個連續的鄉鎮及其內的所有基礎設施。因此，它為我們建構資本效率高的程序提供了極大的彈性。但我們認為，我們已經利用剛剛引入的這些新資產創建了它的骨架，並且已經建立了一個龐大的區塊。

There are some existing marketing contracts and things like that, that we're working through now to try to optimize long term. But there are some midstream assets that we now own and control that we're looking at very closely also. Power is a big story in that part of the world. We're looking very closely at power what kind of power we're going to need over the next several years and how we might be able to get a jump on that and expand it. So yes, have no delusions. Our goal is to use our same economies of scale in Lee County that we've used in Culberson over the years.

目前有一些現有的行銷合約和類似的東西，我們正在努力嘗試進行長期優化。但我們目前擁有並控制的一些中游資產也正在密切關注。在那個地區，電力是一個大問題。我們正在密切關注未來幾年我們需要什麼樣的電力，以及我們如何能夠搶佔先機並擴大電力。所以，是的，不要有妄想。我們的目標是在李縣發揮我們多年來在卡爾伯森所運用的同樣的規模經濟。

Kalei Akamine, Bank of America.

卡雷‧阿卡明 (Kalei Akamine)，美國銀行。

For my first question, can you talk about your unit OpEx guide? It seems to be moving up meaningfully year-over-year. I just want to understand what's driving that. Is that the new Permian assets? And if so, do you see a pathway here to grind it down?

我的第一個問題，您能談談您的單位 OpEx 指南嗎？它似乎在逐年顯著上升。我只是想了解造成這種情況的原因。這是新的二疊紀資產嗎？如果是這樣，您是否認為這裡有一條途徑可以將其磨平？

Yes, sure. This is Blake. Happy to take that. Yes, the -- a lot of it is the new assets. So the new assets are very oily. Low GOR, so higher per unit cost on LOE, but also fantastic margins. So that's impacting our overall unit cost. And then now just the way the mix works at Coterra with these new assets, more BOEs from oil compared to our BOEs from gas and Marcellus and Anadarko, it's tilting that per unit cost.

是的，當然。這是布萊克。很高興接受這個。是的，其中很多都是新資產。所以新資產非常油膩。低 GOR，因此 LOE 的單位成本較高，但利潤率也很高。這會影響我們的整體單位成本。現在，Coterra 有了這些新資產，其組合方式是，來自石油的桶油當量比來自天然氣、Marcellus 和 Anadarko 的桶油當量要多，這導致單位成本出現傾斜。

Got it. That makes sense. Blake, on your oil guide for 2025, $152 million to $168 million. The high end appears to imply Permian oil jumping significantly in the second half of this year. I know your thoughts on where Permian oil can exit the year?

知道了。這很有道理。布萊克，你對 2025 年石油價格的預測是 1.52 億至 1.68 億美元。這一高端價格似乎意味著二疊紀石油價格將在今年下半年大幅上漲。我知道您對二疊紀石油今年的產出前景有何看法？

No, not really going to quote an exit rate for 2025, but we -- steady enough to the right, consistent growth is what these programs generate steady activity is really what's turning all year long.

不，我們實際上不會引用 2025 年的退出率，但是我們 — — 足夠穩定，持續的增長是這些項目產生的穩定活動，這才是全年真正的轉折點。

Matt Portillo, TPH.

馬特·波蒂略（T.P.H.）。

Just circling back around on the gas assets. Tom, I think two quarters ago, you talked about the Upper Marcellus threshold from a return perspective, meeting kind of mid-three hurdle to allocate capital to the asset. Obviously, strips well above that today. But I was just curious, from a longer-term perspective, with the increased lateral length and the lower well costs that you guys have been able to achieve. Where do you think that new threshold is for the upper Marcellus specifically?

再次回顧一下天然氣資產。湯姆，我想兩個季度前，你從回報的角度談到了上馬塞勒斯門檻，即滿足中間三個障礙來為資產分配資本。顯然，今天的收益遠高於這個數字。但我只是好奇，從長遠來看，你們能夠實現水平段長度的增加和井成本的降低。您認為馬塞勒斯河上游的新門檻具體在哪裡？

Yes, Matt, I think I would still quote mid-threes. We're watching those gas markets carefully. We really like some of the fours that creep up into that price file. But it's -- as I've talked in the past, it's not just about our projected return at current prices. It's also about what could happen if that price would fall. And how much resiliency do you have in your program.

是的，馬特，我想我還是會引用中間三句。我們正在密切關注這些天然氣市場。我們真的很喜歡這個價格文件中的某些四款產品。但正如我過去所說的那樣，這不僅僅與我們按當前價格預期的回報有關。它還涉及如果價格下跌會發生什麼情況。您的程式具有多大的彈性？

We were looking at our Permian program recently. And we can take that received price in the Permian. And if it were to fall to $40 oil and stay there forever, our 2024 program fully burdened with all overhead still generates a return well in excess of our cost of capital. And so that's our -- we like that. That's resilience. That means you can make investments and you can have a high degree of confidence that the cycles in price file will not turn those investments south on you.

我們最近正在研究二疊紀計畫。我們可以在二疊紀盆地中獲得這個價格。如果油價跌至每桶40美元並永遠保持在這個水平，我們的2024計劃在承擔所有管理費用的情況下，仍然會產生遠超過我們資本成本的回報。這就是我們的——我們喜歡這個。這就是韌性。這意味著您可以進行投資，並且可以高度確信價格文件的週期不會讓這些投資對您產生不利影響。

And so it's not just pricing in the gas markets its resiliency. And that's why we're looking at increasing demand. We're looking at increasing LNG exports. We're looking at what's happening, not only domestically but globally. We're looking at our new energy team in Washington and some of the changes that they're bringing to the fore and we are very optimistic about a structural reset that increases the resiliency of gas investments.

因此，這不僅僅是天然氣市場定價的彈性。這就是我們關注需求成長的原因。我們正在考慮增加液化天然氣出口。我們正在關注正在發生的事情，不僅是國內，而且是全球。我們正在關注華盛頓的新能源團隊以及他們帶來的一些變化，我們對增強天然氣投資彈性的結構性調整感到非常樂觀。

Great. And then just as a follow-up for the Marcellus from one of the prior questions. With the two rigs that you guys have running starting in April, if you were to hold those in place, is there any color you might be able to provide in terms of how many wells you could drill for the remainder of this year? And then any incremental color you might be able to provide on the split between the upper and lower Marcellus program for that drilling program this year?

偉大的。然後，作為對先前問題之一中 Marcellus 的後續回答。你們的兩台鑽機從四月開始運行，如果讓它們繼續運行，能否透露一下今年剩餘時間內可以鑽多少口井？那麼，您能否提供有關今年鑽探計劃中上馬塞勒斯計劃和下馬塞勒斯計劃分割情況的任何補充資訊？

Yes, Matt, we're just not prepared to provide that kind of guidance around the future pivot point and not to -- I don't mean to dodge that. It's just, we have about five pivot points we've modeled, and it's just -- that's just more detail than I think would be productive.

是的，馬特，我們只是還沒有準備好圍繞未來的關鍵點提供這種指導，而且——我並不是要迴避這一點。只是，我們已經建模了大約五個關鍵點，而且——這比我認為的富有成效的更詳細。

John Abbott, Wolfe Research.

約翰‧阿博特（John Abbott），沃爾夫研究公司。

I'm on for Doug Leggett. Maybe just a couple of quick ones here. You just did the acquisitions -- any thought on the impact to future cash taxes at this point in time? Maybe that goes to you there, Shane?

我支持 Doug Leggett。這裡可能僅舉幾個例子。您剛完成了收購案——您認為這會對未來的現金稅產生什麼影響嗎？也許這對你來說也適用，肖恩？

Yes. No, I appreciate that. So yes. Look, a couple of things I would say. One, from a tax perspective, we're still in the middle of sort of booking our allocations. So this will be refined over time. And I think as we get into the into the first quarter, we'll probably have something a little better. I would tell you, I would guide from an effective tax rate perspective in the 20% to 25% area. We're hoping to sort of be in the middle that range. And then I think we will see some improvement from bringing over all that basis into our tax base [exotera] and again, we're trying to refine our view on exactly what that impact will be.

是的。不，我很感激。所以是的。瞧，我想說幾件事。首先，從稅務角度來看，我們仍處於預訂分配的階段。因此，隨著時間的推移，這一點將會得到完善。我認為，當我們進入第一季時，我們的情況可能會好一些。我會告訴你，我會從 20% 到 25% 範圍內的有效稅率角度進行指導。我們希望能處於這個範圍的中間。然後我認為，將所有這些基礎納入我們的稅基 [exotera] 後，我們會看到一些改善，而且我們正試圖完善我們對這種影響究竟是什麼的看法。

I appreciate it. And just quickly for the second question here, I mean you continue to see strong efficiencies here. given you've given us your updated three year guide. When you sort of look at the Permian asset, so you have about 15 years of inventory. The inventory at the fund is always better than the back. At what point do you think looking out to the future that you could see a potential change in capital intensity at this point given the efficiencies that you've achieved?

我很感激。對於這裡的第二個問題，我的意思是您繼續看到這裡的強大效率。鑑於您已向我們提供了最新三年指南。當您查看二疊紀資產時，您會發現大約有 15 年的庫存。基金裡的庫存永遠比後台好。考慮到您已經實現的效率，展望未來您認為何時可以看到資本密集度的潛在變化？

Yes, John, this is Blake. I would say with what's interesting is this inventory we're drilling today didn't look as good as it is a few years ago. We are constantly improving our near-term inventory through all the different capital efficient things we've talked about. And so we don't really view it as some stark inflection point in the future. You will see us migrate to different zones besides just the Wolfcamp a throughout time. But I'm continually impressed at how our teams find ways to really generate capital efficiencies from these other zones, and I would expect that to continue.

是的，約翰，這是布萊克。我想說有趣的是，我們今天鑽探的庫存看起來不像幾年前那麼好。我們正在透過討論過的所有不同的資本效率措施不斷改善我們的近期庫存。因此，我們並不認為它是未來的某個明顯的轉捩點。您會看到我們隨著時間的推移遷移到除狼營之外的不同區域。但我一直對我們的團隊如何找到從這些其他區域真正創造資本效率的方法印象深刻，我希望這種情況能持續下去。

Leo Mariani, ROTH.

裡奧·馬裡亞尼（Leo Mariani），羅斯（ROTH）。

Wanted to continue to focus a little bit here on the Marcellus. I think you guys made some comments in your prepared remarks here that you guys were able to drill Dimmit again for the first time in a while. I know that's been kind of opened up a bit there. I was hoping you could basically help us out by kind of quantifying roughly kind of how much runway is there in Dimmit. I don't know if you want to talk about it in terms of wells or years to drill with, say, a one rig program or something?

想繼續關注馬塞勒斯 (Marcellus) 一點。我認為你們在準備好的發言中已經發表了一些評論，說你們能夠在一段時間內第一次再次訓練 Dimmit。我知道那裡已經稍微開放了一些。我希望你能透過量化 Dimmit 的跑道長度來幫助我們。我不知道您是否想從鑽井或鑽探年限的角度來談論這個問題，比如說一個鑽機計劃或類似的？

Yes. This is Michael. Like I said earlier, we will be going back into the Dimmit box in 2025 and drilling some overfill wells on top of our existing lower. So there'll be some upper Marcellus wells that we drilled, and we're excited to see those wells come on.

是的。這是邁克爾。正如我之前所說的，我們將在 2025 年回到 Dimmit 箱體，並在現有下部上方鑽一些溢流井。因此，我們將鑽探一些馬塞勒斯上部油井，我們很高興看到這些油井的投產。

And then moving into '26 in the out years, there is a north side of the box is still not developed fully. So we'll be able to come back in with new longer laterals and fewer wellbores than we anticipated at our original plan, and that's some of the cost efficiency and dollar per foot savings that we've been talking about. Is a team during this period where there wasn't as much activity, really spend a lot of time trying to optimize the developments in the box and make sure that we were able to make them as capitally efficient as possible. And they were able to reduce the capital cost in that development by over $50 million. So yes, you're going to see continued activity from us in the coming years in the box.

然後進入 26 年，盒子的北側仍然沒有完全開發。因此，我們將能夠獲得比我們原計劃預期的更長的新的水平井和更少的井眼，這就是我們一直在談論的成本效率和每英尺美元的節省。在這段時間裡，團隊沒有太多活動，我們確實花了很多時間嘗試優化盒子中的開發，並確保我們能夠盡可能地提高資本效率。他們成功將該開發案的資本成本降低了 5,000 多萬美元。所以是的，您將在未來幾年中繼續看到我們在該領域的活動。

Okay. And then just a follow-up here on the gas side. Just wanted to get a high-level sense. I know you guys said that you're obviously going to approach this with a little bit of caution have been hand fakes on gas over the years. But kind of at today's price is, call it, $4 Henry Hub and $70 WTI. How do the returns compare in your kind of traditional Permian program versus the lower Marcellus today?

好的。然後這裡只是對天然氣的後續關注。只是想獲得高層次的感覺。我知道你們說過，你們顯然會以謹慎的態度來處理這個問題，因為多年來你們一直在偽造天然氣。但以今天的價格計算，亨利港原油為 4 美元，WTI 原油為 70 美元。你們傳統的二疊紀計畫和今天的下馬塞勒斯計畫的回報相比如何？

They're very comparable. And if we had certainly assurance of that, we'd probably pull that lever, but they're quite comparable in the range you talked about.

它們非常具有可比性。如果我們確實確信這一點，我們可能會採取這項措施，但它們在您談到的範圍內是相當可比的。

Paul Cheng, Scotiabank.

加拿大豐業銀行的 Paul Cheng。

I have to apologize. I'm in the airport. So there's a little bit noise in the background. Tom and Blake in Marcellus, even if the economic is good, given the resource and you think that you have about 12 years of the inventory. What should we assume the maximum production that you could expect?

我必須道歉。我在機場。因此背景中會有一點噪音。馬塞勒斯的湯姆和布萊克，即使經濟狀況良好，考慮到資源，你認為你有大約 12 年的庫存。我們應該假設您預期的最大產量是多少？

I'll just -- we don't manage our company by production. I think we manage by returns. And this is -- one of the things that we're looking at right now is what is our market for that gas. We're trying to find new markets, trying to bolster our weighted average sales price. But I don't think you'd see us return to the growth trajectory that we had a decade ago, but very slow and steady single-digit growth is certainly something that might be an outcome. I say that. But look, even maintenance capital at twox Bcf level would be just fine with the right weighted average sales price.

我只是——我們不透過生產來管理我們的公司。我認為我們是透過回報來管理的。我們現在正在關注的事情之一是這種天然氣的市場是什麼樣的。我們正在努力尋找新的市場，試圖提高我們的加權平均銷售價格。但我不認為我們會看到回到十年前的成長軌跡，但非常緩慢而穩定的個位數成長肯定是可能的結果。我這麼說。但是，即使維護資本達到20億立方英尺的水平，只要有正確的加權平均銷售價格，就足夠了。

Great. And also that, can you give us some idea that for -- by quarter, how's the were coming on stream and also the CapEx is going to trend look like? Are they going to be real I know that in Marcela, you're going to start to waiting by April. But should we assume that subsequently, that is just going to be valuable and also help in the permit.

偉大的。另外，您能否告訴我們，按季度來看，我們的投入情況如何，資本支出的趨勢如何？這些會是真的嗎？我知道在馬塞拉，你將在四月開始等待。但我們是否應該隨後假設，這只會是有價值的，也有助於獲得許可證。

Yes, this is Blake. I'm not really going to give like quarter-to-quarter guys. I would just say to the plan and the Marcellus, you'll see those two rigs start. Naturally, there's a little lumpiness with getting back to work. I'm just bringing frac activity back. But in the Permian, it's really driven by our frackers. We run three city crews, and that tends to even out all our growth there.

是的，這是布萊克。我其實不會像各位一樣逐季度給予幫助。我只想說，根據計劃和馬塞勒斯號，你會看到這兩座鑽孔機啟動。當然，重返工作崗位肯定會遇到一些不順利。我只是讓壓裂活動恢復而已。但在二疊紀，這其實是由我們的水力壓裂法所推動的。我們管理著三個城市團隊，這往往能均衡我們在那裡的成長。

Yes. Paul, can at least visually give you an idea of sort of what the year looks like from an activity standpoint. Which should correlate a little bit towards capital over time.

是的。保羅，至少可以從活動的角度直觀地讓您了解這一年的情況。隨著時間的推移，這應該與資本有一點關聯。

Thank you. I'd now like to hand the call over back to Tom Jorden for final remarks.

謝謝。現在我想將電話轉回給湯姆喬登，請他做最後的演講。

Well, thank you, everybody. We appreciate your questions, and we look forward to delivering on all of our plans for 2025 and the out years. Thank you very much.

好吧，謝謝大家。我們感謝您的提問，並期待實現 2025 年及未來幾年的所有計劃。非常感謝。

Thank you for attending today's conference call. You may now disconnect.

感謝您參加今天的電話會議。您現在可以斷開連線。