Coterra Energy Inc (CTRA) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Kayla, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Coterra Energy first quarter 2025 earnings call. (Operator Instructions) I would now like to turn the call over to Dan Guffey, VP of Finance, Investor Relations and Treasurer. You may begin.

感謝您的支持。我叫凱拉 (Kayla)，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Coterra Energy 2025 年第一季財報電話會議。（操作員指示）現在，我想將電話轉給財務、投資者關係和財務主管 Dan Guffey。你可以開始了。

Thank you, Kayla. Good morning, and thank you for joining Coterra Energy's first quarter 2025 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; Michael Deshazer, Senior Vice President of Business units is also in the room.

謝謝你，凱拉。早安，感謝您參加 Coterra Energy 2025 年第一季財報電話會議。今天的準備好的發言將包括董事長、首席執行官兼總裁湯姆·喬登的概述； Shane Young，執行副總裁兼首席財務官；以及營運高級副總裁 Blake Sirgo；業務部門高級副總裁 Michael Deshazer 也在場。

Following our prepared remarks, we will take your questions during our Q&A session. As a reminder, on today's call, we will make forward-looking statements based on our current expectations. Additionally, some of our comments will reference non-GAAP financial measures.

在我們準備好發言之後，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，我們將根據我們目前的預期做出前瞻性的陳述。此外，我們的一些評論將參考非公認會計準則財務指標。

Forward-looking statements and other disclaimers as well as reconciliations to the most directly comparable GAAP financial measures are provided in our earnings release and updated investor presentation, both of which can be found on our website.

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 財務指標的對賬，這兩份報告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 thank you for all of you who are joining us on this call. Coterra had an excellent first quarter. We delivered oil production near the high end of our guidance and natural gas production that exceeded the high end of our guidance. CapEx came in near the low end of our guidance. Furthermore, we generated excellent financial results, returned a substantial portion of our free cash to our owners and retired $250 million of our term loans.

謝謝你，丹，也謝謝參加這次電話會議的所有人。科特拉在第一季表現出色。我們的石油產量接近預期上限，天然氣產量也超過了預期上限。資本支出接近我們預期的低端。此外，我們取得了出色的財務業績，將大部分自由現金返還給了我們的所有者，並償還了 2.5 億美元的定期貸款。

We closed on the Franklin Mountain and Avant acquisitions and immediately launched into the job of integrating these high-quality assets into our operations. We are pleased to report that we have identified and captured significant operational efficiencies are bringing these new assets into emissions performance consistent with Cote standards and have seen well performance on recent flowbacks that exceeds our expectations.

我們完成了對 Franklin Mountain 和 Avant 的收購，並立即著手將這些優質資產整合到我們的營運中。我們很高興地報告，我們已經確定並獲得了顯著的營運效率，使這些新資產的排放性能符合 Cote 標準，並且最近的回流表現良好，超出了我們的預期。

Shane and Blake will provide more detail on our financial and operational results and outlook. We hope that you will note that the opening slide in our updated investor deck discusses who is Coterra and why own Coterra.

Shane 和 Blake 將提供更多有關我們的財務和營運結果及前景的詳細資訊。我們希望您注意到，我們更新的投資者簡報中的開篇幻燈片討論了誰是 Coterra 以及為什麼擁有 Coterra。

We think that the recent volatility in the commodity markets, uncertainty over the impact of tariffs and fears of recession strengthened the core thesis of Why Coterra. Simply put, we were built for this. Coterra is an arc, not a party boat. Our diversified revenue, low-cost oil and natural gas supply technology-driven organization, economic focus and financial discipline make us tailor made to ride out this storm and thrive in it.

我們認為，近期大宗商品市場的波動、關稅影響的不確定性以及對經濟衰退的擔憂強化了《為什麼是 Coterra》的核心論點。簡而言之，我們就是為此而生的。Coterra 是一艘弧形船，而不是一艘派對船。我們多元化的收入、低成本的石油和天然氣供應技術驅動的組織、經濟重點和財務紀律使我們能夠安然度過這場風暴並在其中蓬勃發展。

Slide 4 in our deck illustrates the resiliency of our cash flow under various oil and natural gas price scenarios. None of us can predict the future. Nonetheless, Coterra is a company that can generate significant free cash flow through the cycles, generate outstanding returns and modest growth with a low reinvestment rate and maintain a pristine balance sheet. This is a testament to our organization, our assets and our culture. Why Coterra, the question answers itself in times like these.

我們的簡報中的第 4 張幻燈片展示了在各種石油和天然氣價格情境下我們的現金流的彈性。我們誰都無法預測未來。儘管如此，Coterra 是一家能夠在周期中產生大量自由現金流、以較低的再投資率產生出色的回報和適度增長並保持完美資產負債表的公司。這是對我們組織、資產和文化的證明。為什麼是 Coterra？在這樣的時刻，這個問題不言而喻。

Commodity downdrafts are a part of our business. They do not come pre-labeled with how long they will last nor how severe they will be. Our experience tells us that in times like these, it is better to err on the side of caution.

商品下跌是我們業務的一部分。它們並沒有預先標明會持續多久，或嚴重程度如何。我們的經驗告訴我們，在這種時候，最好謹慎行事。

We have more concern regarding the oil outlook rather than the outlook for natural gas. Consequently, we are modestly pulling back some activity in the Permian Basin and incrementally adding activity in the Marcellus shale.

我們更擔心石油的前景，而不是天然氣的前景。因此，我們正在適度減少二疊紀盆地的一些活動，並逐步增加馬塞勒斯頁岩的活動。

In aggregate, these moves will reduce our projected 2025 CapEx by $100 million. We have plans on the shelf to make further moves up or down if we see material changes in our outlook. Our team continues to put tremendous effort into planned iterations, and we are ready for a wide range of potential scenarios.

總體而言，這些措施將使我們預計 2025 年的資本支出減少 1 億美元。如果我們的前景發生重大變化，我們計劃進一步提高或降低產量。我們的團隊繼續為計劃的迭代投入巨大的努力，我們已經為各種潛在場景做好了準備。

In particular, the net $100 million reduction in 2025 CapEx is a combination of $150 million of reductions in the Permian, coupled with $50 million of increases in the Marcellus. We have contingency plans that would allow us to make additional cuts from the Permian if oil prices continue to weaken. We could redeploy to highly profitable gas opportunities, advanced debt retirement, pursue opportunistic buybacks or bank the savings. Shane will comment further on this.

具體來說，2025 年資本支出淨減少 1 億美元，是二疊紀減少 1.5 億美元和馬塞勒斯增加 5,000 萬美元的結果。如果油價繼續走弱，我們制定了應急計劃，可以從二疊紀盆地進一步減產。我們可以重新部署高利潤的天然氣機會、提前償還債務、尋求機會性回購或將儲蓄存入銀行。Shane 將對此進一步評論。

We have described our approach to capital allocation and planning as the difference between a rifle shot and the guided missile. Once the trigger is pulled, the rifle shot is unchangeable. The guided missile can be adjusted and repositioned along the way.

我們將資本配置和規劃的方法描述為步槍射擊和導彈之間的區別。一旦扣下板機，步槍射擊就無法改變。導彈可以在途中調整和重新定位。

In the case of our current macro environment, we not only have a guided missile, but we have a moving and unpredictable target. This screams for flexibility with low cost of supply, oil and natural gas assets robust drilling returns, few long-term vendor commitments and a culture that is adaptive, we will guide our way through 2025 and beyond.

就我們當前的宏觀環境而言，我們不僅有導彈，而且還有一個移動且難以預測的目標。這要求靈活性、低供應成本、石油和天然氣資產強勁的鑽探回報、少量的長期供應商承諾和適應性文化，我們將引領我們走向 2025 年及以後。

We are committed to debt reduction in 2025, particularly pertaining to the $1 billion term loan that we executed in conjunction with our recent acquisition. As we have said, we never lose a moment sleep worrying about our debt being too low. We have seen our peers go through existential crises during significant downdrafts, and we are committed to make sure that Coterra can sell through any storm and emerge stronger because of it.

我們致力於在 2025 年減少債務，特別是與我們最近的收購相關的 10 億美元定期貸款。正如我們所說的，我們從來不會因為擔心債務太低而失眠。我們看到我們的同行在嚴重的下滑過程中經歷了生存危機，我們致力於確保 Coterra 能夠安然度過任何風暴並因此變得更加強大。

Finally, I want to make a few remarks about our recently completed Windham Row project. To recap, the Windham Row infill project contains 73 total wells, 51 Wolfcamp wells and 22 Harkey wells. Our results on the Wolfcamp wells have been outstanding. While completing the Harkey wells, however, we noticed abnormally high water production on a handful of wells.

最後，我想就我們最近完成的 Windham Row 專案發表一些評論。概括來說，Windham Row 加密項目共包含 73 口井，其中 Wolfcamp 井 51 口，Harkey 井 22 口。我們在 Wolfcamp 油井的作業成果非常出色。然而，在完成哈基井的過程中，我們注意到少數幾口井的產水量異常高。

We have strong evidence to suggest that this is due to behind pipe water flow from shallower zones. We have drilled Harkey wells throughout our assets in New Mexico and Texas and have only observed this phenomenon in the eastern portion of our Culberson County acreage blocks. It is not a reservoir nor a spacing issue. This is also not a co-development or overfill issue. The evidence points to this being a near wellbore mechanical issue.

我們有強有力的證據表明，這是由於來自較淺區域的管道後方水流造成的。我們在新墨西哥州和德克薩斯州的資產範圍內鑽了哈基井，並且只在卡爾伯森縣土地區塊的東部觀察到了這種現象。這不是水庫問題，也不是間距問題。這也不是一個共同開發或過度填充的問題。證據顯示這是一個近井筒機械問題。

We think that it is fixable, and we have well remediation solutions underway. We are very encouraged by the results that we have seen thus far. While we work through wellbore remediation, we are pausing Harkey development in this local area. It doesn't make any sense for us to continue to drill and complete Harkey wells in this immediate area until we are fully satisfied that we have solved the issue. We expect to correct the issue during the second quarter and restore these Harkey wells to production.

我們認為這個問題是可以解決的，我們正在製定完善的補救方案。我們對迄今為止所看到的結果感到非常鼓舞。在我們進行井筒修復的同時，我們將暫停該地區的 Harkey 開發。在我們完全滿意我們已經解決了這個問題之前，繼續在這個區域鑽探和完成哈基井是沒有意義的。我們預計將在第二季解決該問題並恢復這些哈基油井的生產。

We believe the go-forward production forecast for the affected wells is conservative, providing potential upside for the remainder of the year. With this pause in local Harkey development, we are pivoting to our highly productive Wolfcamp. Ironically, this will increase our capital efficiency.

我們認為，受影響油井的未來產量預測是保守的，為今年剩餘時間的產量提供了潛在的上漲空間。隨著當地哈基 (Harkey) 開發的暫停，我們正轉向高效的沃爾夫坎普 (Wolfcamp)。諷刺的是，這將提高我們的資本效率。

Our full year production guide remains unchanged with our capital guide decreasing slightly. We have never managed our company with short-term production goals. We focus on full cycle value creation underwritten by sound science, objective data and tough and disciplined decision-making. This is the winning formula for long-term value creation.

我們的全年生產指南保持不變，但資本指南略有下降。我們從來沒有以短期生產目標來管理我們的公司。我們專注於以可靠的科學、客觀的數據和嚴謹的決策為基礎的全週期價值創造。這就是長期價值創造的成功秘訣。

With that, I'll turn the call over to Shane and Blake to discuss our results and outlook in greater detail.

接下來，我將把電話轉給 Shane 和 Blake，更詳細地討論我們的結果和前景。

Thank you, Tom, and thank you, everyone, for joining us today on this morning's call. Today, I'd like to cover three topics. First, I'll summarize the highlights of our first quarter financial results. Then I'll provide an update on our guidance, including the second quarter as well as the full year 2025. Finally, I'll provide an update on our balance sheet and cash flow priorities for the remainder of the year.

謝謝你，湯姆，也謝謝大家今天上午參加我們的電話會議。今天我想講三個話題。首先，我將總結我們第一季財務表現的亮點。然後我將提供我們的指導更新，包括第二季以及 2025 年全年。最後，我將提供今年剩餘時間的資產負債表和現金流優先事項的最新情況。

Turning to our strong performance during the first quarter. The first quarter's performance included just over two months of results from our recently acquired assets from Franklin Mountain and Avant. We are pleased with the rapid integration of these assets and their contributions have been in line to slightly better than our expectations.

談到我們第一季的強勁表現。第一季的業績包括我們最近從富蘭克林山和 Avant 收購的資產兩個多月的業績。我們對這些資產的快速整合感到高興，它們的貢獻符合甚至略好於我們的預期。

During the first quarter, Coterra's oil production came in about 2% above the midpoint of our guidance, with BOEs near and natural gas above the high end of the guidance ranges. Net turn in lines during the quarter were 37 in the Permian, below the guidance midpoint of 40, and the Marcellus was at 0 as expected.

第一季度，Coterra 的石油產量比我們預期的中點高出約 2%，其中桶油當量接近預期範圍的高端，天然氣產量則高於預期範圍的高端。本季度，二疊紀盆地的淨營運線路為 37 條，低於指導中點 40 條，而馬塞勒斯盆地的淨營運線路為 0 條，符合預期。

Free hedge revenues came in at $2 billion, up from $1.4 billion in the fourth quarter of 2024. A 45% -- and 45% of revenues came from natural gas, up significantly from prior quarter due to the strong production and a 64% increase in natural gas price realizations.

免費對沖收入達 20 億美元，高於 2024 年第四季的 14 億美元。45%－45%的營收來自天然氣，由於產量強勁以及天然氣價格實現成長 64%，與上一季相比大幅成長。

Cash operating cost per unit totaled $9.97 per BOE, inclusive of about $0.21 per BOE of nonrecurring costs related to the transaction. We reported net income of $516 million or $0.68 per share and adjusted net income of $608 million or $0.80 per share.

每單位現金營運成本總計為每桶油當量 9.97 美元，其中包括與交易相關的每桶油當量約 0.21 美元的非經常性成本。我們報告的淨收入為 5.16 億美元或每股 0.68 美元，調整後淨收入為 6.08 億美元或每股 0.80 美元。

Incurred capital expenditures in the first quarter were 4% below the midpoint of our guidance range with lower-than-expected drilling and midstream costs. Discretionary cash flow for the quarter was $1.135 billion, up significantly from $776 million in the prior quarter and free cash flow of $663 million after cash capital expenditures.

第一季發生的資本支出比我們的指導範圍中點低 4%，鑽井和中游成本低於預期。本季可自由支配現金流為 11.35 億美元，較上一季的 7.76 億美元大幅成長，扣除現金資本支出後的自由現金流為 6.63 億美元。

Looking ahead to the second quarter and full year 2025. Second quarter results will reflect a full quarter's contribution from the recent acquisitions. During the second quarter of 2025, we expect total production to average between 710 and 760 MBoe per day.

展望2025年第二季和全年。第二季的業績將反映近期收購對整個季度的貢獻。2025 年第二季度，我們預計總產量平均為每天 710 至 760 MBoe。

Oil is expected to be between 147 and 157 MBoe per day and natural gas is expected to be between 2.7 and 2.85 Bcf per day. These guidance ranges reflect updates in the Culberson, Harkey program including the deferment of a few projects as we begin to shift to additional Upper Wolfcamp development in Culberson Cap.

預計石油產量為每天147至157百萬桶油當量，天然氣產量為每天27至28.5億立方英尺。這些指導範圍反映了 Culberson、Harkey 計劃的最新情況，包括我們開始轉向 Culberson Cap 的 Upper Wolfcamp 額外開發項目時推遲一些項目。

The net result of these changes is a reduction in oil production by approximately 5,000 barrels per day in the second quarter relative to our February expectations. Despite these second quarter changes, we are maintaining the midpoint of our 2025 annual oil production guidance.

這些變化的最終結果是，第二季的石油產量相對於我們 2 月的預期減少了約 5,000 桶/天。儘管第二季發生了這些變化，我們仍維持 2025 年年度石油產量指引的中點。

In the second quarter, we expect incurred capital to be between $575 million and $650 million, which should be the highest quarter for the year as we will have increased sales in all three business units. Coterra was built to respond to market signals, and we have both the ability and willingness to adapt to changing conditions.

在第二季度，我們預計已發生資本將在 5.75 億美元至 6.5 億美元之間，這應該是今年最高的一個季度，因為我們三個業務部門的銷售額都將增加。Coterra 的建立是為了回應市場訊號，我們有能力也有意願適應不斷變化的條件。

For the full year 2025, we are optimizing our investment allocation while lowering the capital range by $100 million. We now expect incurred capital to be between $2 billion and $2.3 billion for the year, an over 4% reduction from February guidance.

針對2025年全年，我們將優化投資配置，同時將資本範圍降低1億美元。我們現在預計今年的已發生資本將在 20 億美元至 23 億美元之間，比 2 月的預期減少 4% 以上。

Given the continued constructive outlook for natural gas, we are maintaining the second rig in the Marcellus into the second half of 2025. As previously noted, this adds $50 million to the 2025 program. Should we choose to keep the second rig working for the full year, this could result in an incremental $50 million added to the program late in 2025, while still staying within our revised guidance range.

鑑於天然氣的持續建設性前景，我們將在 2025 年下半年保留馬塞勒斯的第二座鑽井平台。如前所述，這將為 2025 年計劃增加 5,000 萬美元。如果我們選擇讓第二座鑽井平台全年運行，這可能會導致該計劃在 2025 年末增加 5,000 萬美元，同時仍保持在我們修訂後的指導範圍內。

In addition, due to softness in crude pricing, we are slowing development and reducing Permian activity by $150 million. If warranted, we have the flexibility to make additional adjustments do our investments later in the year that would take total investments towards the lower end of our guidance range.

此外，由於原油價格疲軟，我們正在放緩開發速度，並將二疊紀活動削減 1.5 億美元。如果有必要，我們可以靈活地在今年稍後對我們的投資進行額外調整，使總投資達到我們指導範圍的低端。

For 2025, while lowering capital, we are maintaining our oil midpoint guidance and increasing the midpoint of production guidance for MBoes and natural gas, which highlights the capital efficiency of our diverse drilling opportunities. Simultaneously, we are tightening the range for MBoes oil and natural gas.

對於 2025 年，在降低資本的同時，我們將維持石油中點指導，並提高 MBoes 和天然氣的生產中點指導，這凸顯了我們多樣化鑽井機會的資本效率。同時，我們正在縮小MBoes石油和天然氣的範圍。

And Boes are now expected to be between 720 and 770 MBoe per day for the year. Oil is expected to be between 155 and 165 MBo per day for the year with significant increases in each subsequent quarter. Natural gas is expected to be between 2.725 Bcf and 2.875 Bcf per day, delivering over 1 Tcf of gas on an annualized basis and providing significant leverage to higher natural gas prices.

目前預計今年的石油產量將在每天 720 至 770 MBoe 之間。預計今年石油產量將在每天 155 至 165 MBo 之間，隨後每季都將大幅增加。預計天然氣日產量將在 27.25 億立方英尺至 28.75 億立方英尺之間，年產量將超過 1 兆立方英尺，為天然氣價格上漲提供顯著槓桿作用。

Having only a partial full quarter contribution from the new Permian assets impacts full year 2025 production by a little over 4 MBoe per day relative to the transactions had closed on January 1, 2025. In this environment, the benefits of our diverse and balanced commodity mix become increasingly evident.

由於二疊紀盆地新資產僅貢獻了部分季度產量，因此相對於 2025 年 1 月 1 日完成的交易，2025 年全年產量將僅下降 400 萬桶/日。在這種環境下，我們多樣化、均衡的商品結構的優勢日益明顯。

On page 4 of the new slide deck we published last night, we illustrate the durability of our free cash flow across multiple commodity price files. Coterra is positioned to thrive and maintain a reinvestment rate of around 50% of cash flow in a variety of commodity price scenarios and ranges of oil to gas price ratios.

在我們昨晚發布的新幻燈片的第 4 頁上，我們說明了我們的自由現金流在多個商品價格文件中的持久性。Coterra 的定位是蓬勃發展，並在各種商品價格情境和油氣價格比率範圍內維持約 50% 的現金流再投資率。

Regarding our three year outlook, we maintain our conviction in our ability to deliver consistent, profitable growth to our shareholders. As we've stated before, our deep project inventory can deliver 5% or greater oil volume growth and 0.5% BOE growth over this period by investing between $2.1 billion and $2.4 billion of capital per year.

關於我們的三年展望，我們堅信我們有能力為股東帶來持續、獲利的成長。正如我們之前所說，透過每年投資 21 億美元至 24 億美元，我們豐富的專案庫存可以實現這段時期石油產量增加 5% 或更高，以及 0.5% 的油當量成長。

If we choose to do so, even with the changes to our 2025 that we announced today. These growth rates like legacy Cortera organic growth in 2025 and include our recent acquisitions for 2026 and 2027 growth. This outlook delivers increasing 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, repeatable level of reinvestment and generates meaningful free cash flow to underpin both our shareholder returns and our deleveraging goals.

如果我們選擇這樣做，即使我們今天宣布了 2025 年計劃的變更。這些成長率類似於 2025 年 Cortera 的有機成長，並包括我們最近收購的 2026 年和 2027 年的成長。這種前景可提高資本效率，並旨在使 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，這種前景具有吸引力、可重複的再投資水平，並產生有意義的自由現金流，以支持我們的股東回報和去槓桿目標。

Turning to shareholder returns on the balance sheet. Yesterday, we announced a $0.22 per share dividend for the quarter. This remains one of the highest yielding base dividends in the industry at over 3.4% and we remain committed to reviewing increasing the base dividend on an annual cadence.

轉向資產負債表上的股東回報。昨天，我們宣布本季每股派息 0.22 美元。這仍然是業內收益率最高的基本股息之一，超過 3.4%，我們仍然致力於每年審查增加基本股息。

During the first quarter, we repaid $250 million of our outstanding term loans that were used as part of the financing of our recent acquisitions. We ended the quarter with an undrawn $2 billion credit facility and a cash balance of $186 million for total liquidity of $2.2 billion.

在第一季度，我們償還了 2.5 億美元的未償還定期貸款，這些貸款是我們最近收購的融資的一部分。本季末，我們未提取的信貸額度為 20 億美元，現金餘額為 1.86 億美元，總流動資金為 22 億美元。

We expect to continue to prioritize deleveraging. And in the current environment, we expect to fully repay our $1 billion term loan during 2025. As a result, and as previously noted, share repurchases will be back-end weighted in the second half of 2025.

我們預計將繼續優先考慮去槓桿。在當前環境下，我們預計將在 2025 年全額償還 10 億美元的定期貸款。因此，如前所述，2025 年下半年的股票回購將採用後端加權。

We are focused on quickly getting our leverage back to home to 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 cycles, enables us to take advantage of market opportunities and protects our shareholder return goals.

我們致力於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。

In summary, Coterra's team delivered a quarter of high-quality results. both operationally and financially and across all three business units. These results show that we've hit the ground running in 2025. For the remainder of the year, we expect strong quarterly oil production increases substantial free cash flow generation and rapid deleveraging.

總而言之，Coterra 的團隊取得了四分之一的高品質成果。無論是在營運還是財務上，以及在所有三個業務部門。這些結果表明我們已經在 2025 年取得了顯著進展。對於今年剩餘時間，我們預計強勁的季度石油產量將帶來大量自由現金流的產生和快速的去槓桿化。

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. The first quarter of 2025 was marked by the integration of our new Delaware assets into our Permian operations program. Our teams have been hard at work, applying our best practices to these assets, and we are already seeing wins in the field.

謝謝，肖恩。2025 年第一季的標誌是我們將新的德拉瓦資產整合到我們的二疊紀營運計劃中。我們的團隊一直在努力工作，將我們的最佳實踐應用於這些資產，並且我們已經在該領域看到了勝利。

Our D&C team has been able to lower our dollar per foot by 10% from the previous operators by bringing our program efficiencies to bear. Initial productivity from these new assets is beating our expectations, and we are iterating on well spacing and frac design to further improve capital efficiency.

我們的 D&C 團隊透過提高專案效率，將每英尺的成本比之前的營運商降低了 10%。這些新資產的初始生產力超出了我們的預期，我們正在反覆調整井距和壓裂設計，以進一步提高資本效率。

Our production and midstream teams are focused on minimizing downtime and as such, have realized a substantial drop in flared volumes across the assets. We also see significant opportunities to optimize the infrastructure and midstream assets across our Northern Delaware position. Our updated Permian plan calls for a reduction in activity as we respond to headwinds in the oil market.

我們的生產和中游團隊致力於最大限度地減少停機時間，因此，所有資產的燃燒量都大幅下降。我們也看到了優化北特拉華州基礎設施和中游資產的重大機會。我們更新後的二疊紀計畫要求減少活動，以應對石油市場的逆風。

We now plan to run 7 rigs in the second half of 2025, down from our original guidance of 10 rigs. These changes in activity reduced CapEx in the Permian by $150 million. We maintained significant flexibility across our rig and frac fleets and have additional off ramps available to us throughout the year.

我們現在計劃在 2025 年下半年運行 7 座鑽井平台，低於最初指導的 10 座。這些活動的變化使二疊紀盆地的資本支出減少了 1.5 億美元。我們的鑽井和壓裂船隊保持了極大的靈活性，並且全年都擁有額外的可用坡道。

In Culberson County, we have finished completing our Windham Row Harkey wells. As Tom mentioned, we have encountered some mechanical issues on Windham Row, resulting in mixed results for our Harkey wells. We have collected data that indicates a lack of adequate cement on certain wellbores, which has allowed water from our shallow disposal zone to find its way into portions of the Upper Bone Spring interval. This has led to increased water production on roughly half of our Harkey wells on Windham Row.

在卡爾伯森縣，我們已經完成了溫德姆羅哈基井的建造。正如湯姆所提到的，我們在溫德姆街遇到了一些機械問題，導致我們的哈基井的結果好壞參半。我們收集的數據表明，某些井眼缺乏足夠的水泥，這使得來自我們淺層處置區的水能夠流入上骨泉間隔的部分區域。這使得我們位於 Windham Row 的哈基井大約一半的產水量增加。

It made it difficult for the affected wells to draw down reservoir pressure and produce the expected oil volume. We have kicked off a workover program to remediate these wells, and our early results are encouraging. This remediation campaign will continue over the next several months, and we will be closely monitoring the production response from these wells. While we are working through these remediation efforts, we will focus our row developments on the Upper Wolfcamp.

受影響的油井難以降低儲層壓力並產出預期的油量。我們已經啟動了修井計畫來修復這些油井，早期的成果令人鼓舞。這項修復活動將在接下來的幾個月持續進行，我們將密切監測這些油井的生產反應。在我們進行這些補救措施的同時，我們將重點放在上沃爾夫坎普地區的發展上。

The 51 Upper Wolfcamp wells brought on in Windham Row look very strong and continue to meet or exceed expectations. Our Permian team's ability to quickly adjust to the Upper Wolfcamp and continue our efficient operations is commendable. Their great work has allowed us to maintain our full year 2025 oil guide and improve our capital efficiency.

溫德姆街 (Windham Row) 的 51 口上沃爾夫坎普 (Upper Wolfcamp) 油井看起來非常強勁，並且繼續達到或超過預期。我們的二疊紀團隊能夠迅速適應上沃爾夫坎普並繼續高效運營，這是值得稱讚的。他們的出色工作使我們能夠維持 2025 年全年石油指南並提高我們的資本效率。

Importantly, we expect the efficiency gains captured on Windham Row will continue on future developments. In our next two row developments in Culberson, the Barbero and Bowler Row, we will focus on Upper Wolfcamp development, which has been the bread and butter of our Culberson project over the last decade.

重要的是，我們預期 Windham Row 所獲得的效率提升將在未來的發展中持續延續。在我們在卡爾伯森的接下來的兩排開發項目，即 Barbero 和 Bowler Row 中，我們將重點關注 Upper Wolfcamp 開發，這是我們過去十年來卡爾伯森項目的核心。

We expect no change to spacing or productivity in our Wolfcamp program. As you can see in our investor deck, by shifting more capital to the Upper Wolfcamp, our Permian asset productivity is expected to increase in 2025 and over the next few years.

我們預期 Wolfcamp 計畫的空間或生產力不會改變。正如您在我們的投資者報告中所看到的，透過向 Upper Wolfcamp 轉移更多資本，我們的二疊紀資產生產力預計將在 2025 年及未來幾年內提​​高。

Coupling this increased productivity with lower capital spend, we are seeing improving capital efficiency. Switching to our natural gas assets. Coterra is happy to be back to work in the Marcellus with 2 rigs that began drilling in April and the recent completion of our Jeffers Farm project.

生產力的提高與資本支出的降低相結合，我們看到資本效率的提高。轉向我們的天然氣資產。Coterra 很高興能夠回到 Marcellus 工作，擁有 2 台鑽機，這些鑽機於 4 月開始鑽探，並且最近完成了 Jeffers Farm 專案。

Gas macro conditions and Northeast storage volumes continue to support a robust 2025 and 2026 strip. And as such, we are electing to add $50 million to the Marcellus program. Should conditions warrant, we hold a second on-ramp option later this year that could add an incremental $50 million to the program.

天然氣宏觀條件和東北地區儲存量將繼續支撐 2025 年和 2026 年的強勁成長。因此，我們選擇向 Marcellus 計劃增加 5000 萬美元。如果條件允許，我們將在今年稍後推出第二個入口選項，為該計劃增加 5000 萬美元。

Our Marcellus team continues to improve capital efficiency with our full year 2025 Marcellus dollar per foot expected to come in at $800 per foot, a 22% reduction from 2024. This improved cost structure comes on the back of a 4-mile lateral program as well as reduced D&C service costs and water transfer costs. This plan picks up a frac crew later in 2025 and allows us to complete several great projects just in time for winter '25 and into '26.

我們的 Marcellus 團隊繼續提高資本效率，預計 2025 年全年 Marcellus 每英尺成本將達到 800 美元，比 2024 年減少 22%。這種成本結構的改善得益於 4 英里水平管道項目以及 D&C 服務成本和輸水成本的降低。該計劃將於 2025 年稍後組建一支壓裂隊伍，使我們能夠在 2025 年冬季和 2026 年冬季之前完成幾個偉大的項目。

In the Anadarko, we are executing on a strong 2025 program with a competitive cost structure and new 3-mile projects. Strong well performance and lower costs, paired with a premium local gas market are continuing to make this asset an attractive place for Coterra to invest. We are excited to report that we have begun flowing back one of the largest natural gas developments in the Anadarko and expect to discuss results later this year.

在阿納達科，我們正在執行一項強有力的 2025 計劃，該計劃具有具有競爭力的成本結構和新的 3 英里項目。強勁的油井性能和較低的成本，加上優質的當地天然氣市場，繼續使這項資產成為 Coterra 的投資熱點。我們很高興地報告，我們已經開始回流阿納達科最大的天然氣開發項目之一，並預計將在今年稍後討論結果。

Coterra has an organization, asset portfolio and balance sheet that is positioned for success in periods of volatility. Our ability to redirect capital and optimize for the current environment is a key strength of the company. Our teams remain as focused as ever. We are executing on our new assets in the Permian while improving their capital efficiency. We are reducing and reallocating activity in response to pressures in the crude market and taking advantage of structural natural gas macro tailwinds. We will remain nimble and focused on creating long-term value for our shareholders.

Coterra 擁有一個能夠在動盪時期取得成功的組織、資產組合和資產負債表。我們重新分配資本並針對當前環境進行最佳化的能力是公司的關鍵優勢。我們的團隊一如既往地專注。我們正在二疊紀盆地實施新資產，同時提高其資本效率。我們正在減少和重新分配活動以應對原油市場的壓力並利用結構性天然氣宏觀順風。我們將保持靈活並專注於為股東創造長期價值。

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

說完這些，我就把話題轉回給湯姆。

Thank you, and we're delighted to take your questions.

謝謝，我們很高興回答您的問題。

(Operator Instructions)

（操作員指示）

Douglas Leggate, Wolfe Research.

道格拉斯·萊格特（Douglas Leggate），沃爾夫研究公司。

Thanks, everybody. Thanks for taking my questions. So guys, obviously, there's a lot of attention on this Harkey shale issue. So I think, Blake, you've given a fairly thorough explanation as to what happened, but I just want to put a bow on this.

謝謝大家。感謝您回答我的問題。各位，顯然，哈基頁岩問題受到了廣泛關注。所以我認為，布萊克，你已經對所發生的事情給出了相當透徹的解釋，但我只是想就此打住。

So basically, this was a cementing issue. It sounds like -- that sounds like it's temporary. It doesn't sound like it's getting any read through, but what does it mean for your view of inventory debts as you think about your future development plans.

所以從根本上來說，這是一個鞏固問題。聽起來——聽起來這是暫時的。這聽起來好像沒有得到任何解讀，但是當您考慮未來發展計劃時，這對您對庫存債務的看法意味著什麼。

My follow-up is on the change. Obviously, the change in activity is somewhat transitory, I guess, given everything that's going on. But you did just lay out a 3-year plan a couple of months ago, that laid out sort of 5-plus percent oil growth. So I'm curious how does the thinking on that change and the associated capital that goes along with it? And I'll leave it there. Thank you.

我正在跟進這一變化。顯然，考慮到正在發生的一切，我認為活動的改變在某種程度上是暫時的。但幾個月前您確實制定了一項三年計劃，其中提出了 5% 以上的石油成長率。所以我很好奇這種想法以及隨之而來的相關資本是如何改變的？我就把它留在那裡。謝謝。

Yes, Doug, I'm going to start it and then Blake will add any comments. A lot of elements to that question. I'll take them in reverse order. Our 3-year plan is intact. We don't see any meaningful change to our 3-year plan. I'll also say we don't think this impacts our long-term inventory. We think this is a local mechanical issue that's fully solvable.

是的，道格，我要開始了，然後布萊克會添加任何評論。這個問題牽涉到很多因素。我將按相反的順序來做。我們的三年計劃完好無損。我們認為我們的三年計劃不會有任何重大變化。我還要說的是，我們認為這不會影響我們的長期庫存。我們認為這是一個完全可以解決的局部機械問題。

We have a couple of remediation steps underway. It's one that, as Blake said, we think is associated with some shallow saltwater disposal that is somewhat unique to the eastern Culberson County. But I'm going to just also say, Doug, we're a science-driven organization.

我們正在採取一些補救措施。正如布萊克所說，我們認為這與東部卡爾伯森縣獨有的淺層鹹水處理有關。但我還要說的是，道格，我們是一個以科學為導向的組織。

And much as I'd love to say we walk on water, we occasionally have operational problems and when we saw this, we said, look, we need to understand this fully. And so we shut this down. While we studied it further, we ran -- we collected a lot of data, but we said we really need to understand this before we move forward with this program.

儘管我很想說我們能在水上行走，但我們偶爾也會遇到一些操作問題，當我們看到這種情況時，我們會說，看，我們需要充分理解這一點。因此我們關閉了它。在我們進一步研究它的同時，我們收集了大量數據，但我們說在推進這個專案之前我們真的需要了解這一點。

We've got that data in hand. We think we understand the phenomenon. And we -- we're going to tell you what we know and tell you what we don't know. But right now, we're pretty optimistic that this is a mechanical operation that is solvable with a combination of revised pipe design and cementing program. Blake, do you want to comment on that?

我們已經掌握了這些數據。我們認為我們了解這個現象。我們將告訴你們我們所知道的，也告訴你們我們不知道的。但目前，我們非常樂觀地認為這是一個機械操作，可以透過修改管道設計和水泥灌漿方案來解決。布萊克，你想對此發表評論嗎？

Yes. I'll just say, Doug, coming into Windham Row, we had drilled and completed over 30 successful Harkey wells in Culberson County. We use the same wellbore designs and see many jobs. We always have. We thought we were well calibrated. Sometimes the oilfield still surprises us. And so that's what we're dealing with here. It's not a ubiquitous issue. We have several wells performing just fine. Our teams are hard at work solving this.

是的。我只想說，道格，來到溫德姆街，我們已經在卡爾伯森縣成功鑽探並完成了 30 多口哈基井。我們使用相同的井眼設計並完成許多工作。我們一直都是如此。我們以為我們已經調整好了。有時油田還是會帶給我們驚喜。這就是我們在這裡要處理的事情。這不是一個普遍存在的問題。我們有幾口井運作良好。我們的團隊正在努力解決這個問題。

We have other tools in the toolkit. We have different cement jobs. We have different wellbore designs. We're deploying all those right now. And we will figure out the optimal solution, and we will fix this, and we will move forward.

我們的工具包中還有其他工具。我們有不同的水泥工作。我們有不同的井眼設計。我們現在正在部署所有這些。我們將找到最佳解決方案，解決這個問題，然後繼續前進。

Thanks for your answers.

感謝您的回答。

Betty Jiang, Barclays.

巴克萊銀行的 Betty Jiang。

Hi, good morning. Thank you for taking my question. I appreciate all the color on Harkey earlier. But I do think it's important just to flesh out sort of the potential impact to the future development. So if you're focusing on the future roles just on Wolfcamp, are you going back to the huge on those roads? And does that have any impact on the mix of wells if we look out into 2026?

嗨，早安。感謝您回答我的問題。我很欣賞之前哈基的所有色彩。但我確實認為，明確其對未來發展的潛在影響非常重要。因此，如果您只專注於 Wolfcamp 上的未來角色，您會回到那些道路上嗎？如果我們展望 2026 年，這會對油井組合產生什麼影響嗎？

Yes, Betty, 2026 is a long ways away. Our expectation, I'll just say this, is that we remediate this issue and we get back to restoring our Harkey program as it was before we paused. Now we've talked in the past that we really think co-development is preferable to overfill, but the time lapse between when the Wolfcamp comes on production and when the Harkey comes on production is a critical variable.

是的，貝蒂，2026 年還很遙遠。我只想說，我們的期望是，我們能夠解決這個問題，並恢復到我們暫停之前的狀態。我們過去曾說過，我們確實認為共同開發比過度填充更好，但 Wolfcamp 投入生產和 Harkey 投入生產之間的時間間隔是一個關鍵變數。

And as we currently see it, we think we'll be back to completing and drilling these Harkey wells in months, not years and that overfill effect will not be significant. So we -- this is a mechanical issue but not a strategic issue in terms of how we're going to prosecute.

正如我們目前所看到的，我們認為我們將在幾個月內而不是幾年內重新完成和鑽探這些哈基井，並且溢出效應不會很顯著。所以，就我們如何起訴而言，這是一個機械問題，而不是戰略問題。

We don't think we've lost inventory. We think we just appropriately paused while we figured this out and come back with an approach that will allow us to develop these Harkey wells prudently, and without this water. But Blake, do you want to comment on that?

我們認為我們沒有丟失庫存。我們認為，我們只是適當地暫停了一下，弄清楚了這個問題，然後重新提出一種方法，讓我們能夠謹慎地開發這些哈基井，而無需使用這種水。但是布萊克，你想對此發表評論嗎？

Yes. I mean I would just echo what Tom said there. I mean we think this is a prudent step to adjust our mechanical process on how we construct well bore, cement wellbores, whatever the optimal solution is. In the meantime, we'll be executing of our Wolfcamp program. We have a long history in the Upper Wolfcamp and Windham Row has been very strong, excellent performance. We expect that to continue.

是的。我的意思是我只是想重複湯姆所說的話。我的意思是，我們認為這是一個謹慎的步驟，以調整我們如何建造井筒、水泥井筒的機械過程，無論最佳解決方案是什麼。同時，我們將執行我們的 Wolfcamp 計劃。我們在 Upper Wolfcamp 和 Windham Row 有著悠久的歷史，實力雄厚，業績出色。我們預計這種情況將會持續下去。

And meanwhile, all our row efficiencies are some fracking our electric crew, everything continues as is. So from a capital efficiency standpoint, it's actually slightly better in the near term just because of the productivity of the Upper Wolfcamp, but we are still very focused on solving the Harke and getting back to the original program if possible in vetting that out.

同時，我們所有的排線效率都是由我們的電力人員進行壓裂，一切照常進行。因此，從資本效率的角度來看，由於上沃爾夫坎普的生產力，短期內情況實際上會略有好轉，但我們仍然非常專注於解決哈克問題，並在可能的情況下回到原來的計劃來審查這個問題。

I really appreciate that. And then just on the production guide, the full year guidance will imply a fairly big ramp from second quarter, maybe to the mid-170s level in 4Q. Could you just help us get more comfort on that trajectory, the timing of the wells and what type of risking is being done within that guide? Thanks.

我真的很感激。然後，僅從生產指南來看，全年指導將意味著從第二季度開始出現相當大的增長，可能在第四季度達到 170 年代中期的水平。您能否幫助我們更清楚地了解該軌跡、油井的時間以及在該指南中進行的風險類型？謝謝。

Yes, Betty, Shane here. I'll speak to that again. And so look, I think you're right. And these all hold together in terms of the quarterly guidance for the annual guidance, et cetera. And we do anticipate seeing substantial sequential step-ups in production through the course of the year. And if you look at the TIL guidance that we provide for the second quarter, you'll see it's meaningfully up from where we were in the first quarter, which will lead to the very strong third and fourth quarter production.

是的，貝蒂，我是肖恩。我會再談這個問題。所以，我認為你是對的。所有這些都與季度指導、年度指導等內容一致。我們確實預計今年全年產量將大幅連續提升。如果你看我們為第二季度提供的 TIL 指導，你會發現它比第一季的水平有顯著上升，這將帶來第三季和第四季的強勁產量。

Nitin Kumar, Mizuho.

瑞穗的尼廷‧庫馬爾 (Nitin Kumar)。

Hi, good morning, guys. Thanks for taking my question. Tom, I want to start off a little bit broader. You mentioned in your opening remarks about the rifle shot and the guided missile. You and one of your peers today have cut activity in response to the current uncertainty. The current administration ran on an agenda of drill baby drill. So I'm just trying to understand, from your perspective, how long do you think this weak environment could continue between the demand that has been destroyed a little bit and then the supply that's coming on.

大家好，早安。感謝您回答我的問題。湯姆，我想先談一些更廣泛的話題。您在開場白中提到了步槍射擊和導彈。今天，您和您的一位同事已經削減了活動，以應對當前的不確定性。現任政府正在推行「演習，寶貝，演習」的議程。因此，我只是想從您的角度來看待這個問題，您認為這種疲軟的環境會持續多久？需求會受到一定程度的破壞，而供應則會逐漸恢復。

Is that all you.

這就是你嗎？

I just want to --

我只是想--

No, no. You asked, and this is not just my view, but I think the view of Coterra. I'll just say this, we're a little over 100 days into this new administration, and good lord. There's been a tremendous amount of volatility introduced. Whether we're talking about in the oil markets or tariffs in our relations around the world, all of these converge on forecast for our oil price.

不，不。你問了，這不只是我的觀點，我認為也是科特拉的觀點。我只想說，新政府上任才一百多天，天哪。已經出現了巨大的波動。無論我們談論的是石油市場還是與世界各地關係中的關稅，所有這些都與我們對石油價格的預測有關。

The President is trying to do a lot of difficult things upfront and the White House is in a hurry. And we have some sympathy for that sense of urgency. But I'll just say this, I think the White House has been fairly consistent that they want low oil prices that, that is a bit of a turbocharge to the economy, and we're expecting that to continue.

總統正試圖提前做很多困難的事情，白宮也很著急。我們對這種緊迫感深表同情。但我只想說，我認為白宮一直相當一致地希望油價低廉，這對經濟有一定的推動作用，我們預計這種情況將會持續下去。

We think that certainly a lot of what's going on with OPEC is perhaps all tied together in concert with what's happening in the Middle East broadly in some of these conflicts. And so we're prepared for this to last a while. We're hopeful that these tariffs get resolved and that the threat of recession is lifted. But our experience tells us that we can't run our program on hope and we better be prudent and make adjustments accordingly.

我們認為，歐佩克發生的許多事情可能都與中東地區發生的一些衝突密切相關。因此，我們已經做好了讓這種情況持續一段時間的準備。我們希望這些關稅問題能夠解決，經濟衰退的威脅能夠消除。但經驗告訴我們，我們不能靠希望來運行我們的計劃，我們最好謹慎並做出相應的調整。

The thing we're very grateful for is that this isn't a situation that shuts our capital program down. It just redirects it. And we have some really attractive gas opportunities we could pivot to. So we are battening down the hatches, expecting this to last for a while and answer to your question.

我們非常慶幸的是，這種情況並沒有導致我們的資本計畫停止。它只是將其重定向。我們有一些非常有吸引力的天然氣機會可以轉向。因此，我們正在做好充分準備，希望這種情況能持續一段時間並回答您的問題。

Great. And then, thanks for taking a shot that. I know it's a difficult question. My second question is around cash returns and maybe Shane can take it, but you've talked about returning at least 50% or more of free cash flow. Obviously, buybacks were second half weighted. You talked a little bit about the balance sheet. If commodity prices do weaken from here, how do you prioritize between buybacks and debt reduction?

偉大的。然後，感謝您拍攝這張照片。我知道這是一個很難回答的問題。我的第二個問題是關於現金回報，也許 Shane 可以接受，但您談到了返還至少 50% 或更多的自由現金流。顯然，回購是下半年的重點。您談了一些有關資產負債表的事情。如果大宗商品價格從現在開始走弱，您將如何優先考慮回購和減債？

Yes. No, I appreciate the question. And we for the plan and rolled it out back in February, we talked about sort of the ability to do it all. And since then, prices come in a little bit. And if you look at page 10 in our deck today where we talk about free cash flow and how much it is, we still have the ability to do it all, so to speak. But to be really clear, in 2025, our priority is going to be debt repayment. And we're not going to compromise that.

是的。不，我很感謝你提出這個問題。我們制定了這個計劃，並在二月推出了它，我們討論了實現這一切的能力。從那時起，價格就開始略有上漲。如果你看一下我們今天的簡報的第 10 頁，我們討論了自由現金流以及它的數額，可以說我們仍然有能力做到這一切。但要明確一點，到 2025 年，我們的首要任務是償還債務。我們不會對此妥協。

That doesn't mean that there's not going to be repurchases. We can be opportunistic, and we will be back-end weighted. But if you look at 2024, we returned 90% of cash flow to shareholders. '23, we returned 76% of cash flow to shareholders. Why were we able to do that? Because we had low leverage. And we believe that having low leverage is an enabler, and we're dead set focused on protecting our long-term shareholder return objectives. And we think the best way to do that is to reduce debt.

這並不意味著不會有回購。我們可以抓住機會，我們會重視後端。但如果你展望2024年，我們將向股東返還90%的現金流。 23年，我們向股東返還了76%的現金流。我們為什麼能夠做到這一點？因為我們的槓桿率很低。我們相信低槓桿率是一個推動因素，我們堅定地致力於保護我們的長期股東回報目標。我們認為實現這一目標的最佳方法就是減少債務。

Arun Jayaram, JPMorgan.

摩根大通的阿倫‧賈亞拉姆 (Arun Jayaram)。

Yes, good morning. I just wanted to get an update on the Barbero, and how does the issues that you've experienced on the Harkey program impact the development program there. I believe the original plan was to do 20 Wolfcamp wells and 8 Harkey wells. What is the status of perhaps of those 8 ARC those in the original plan?

是的，早安。我只是想了解 Barbero 的最新情況，以及您在 Harkey 計劃中遇到的問題對那裡的開發計劃有何影響。我相信最初的計劃是挖 20 口 Wolfcamp 井和 8 口 Harkey 井。原計劃中的 8 個 ARC 的現況如何？

Hey, Arun, it's Michael. Yes, you're correct. We have 20 Wolfcamp wells in at Harkey. We were -- we have completed 2 of the Harkey wells and there are 6 additional Harkey wells that we're going to [DUC] currently, and we will update you on those as we move forward. But at this point, they've been removed from the current frac schedule, and we'll proceed with the Wolfcamp completions.

嘿，阿倫，我是麥可。是的，你說得對。我們在哈基 (Harkey) 有 20 口 Wolfcamp 井。我們已經完成了 2 口 Harkey 井，目前還有 6 口 Harkey 井正在 [DUC] 中，我們將在後續工作中向大家通報進展。但目前，他們已經從目前的壓裂計劃中移除，我們將繼續進行 Wolfcamp 完井。

Yes. And I would just kind of add on to that, given the status of those, those do come back into the program, they're going to be highly capital efficient, just given that a portion of that capital has already been put into the ground.

是的。我想補充一點，考慮到這些項目的現狀，這些項目確實會重新回到計劃中，它們的資本效率將會很高，因為其中一部分資本已經投入到項目中。

Got it. That's helpful. And just maybe just a thought on how does the reduction in your rig count in the Permian. How is that impacting your thoughts on the 3-year program. Obviously, as Betty mentioned, the second half run rate for oil will be higher just given the shift to the Wolfcamp from the Harkey. But how is that help us square away the reduction in CapEx on the Permian and just maintaining that 3-year program.

知道了。這很有幫助。也許只是想了解二疊紀鑽機數量的減少情況。這對您對三年計畫的想法有何影響？顯然，正如貝蒂所提到的那樣，由於從哈基轉移到沃爾夫坎普，下半年石油的運行率將會更高。但這如何幫助我們平衡二疊紀盆地的資本支出減少並維持該 3 年計畫？

Yes. So I can take that. So first, we've reduced on -- in the Permian, $150 million, $120 million D&C. So it's we've gone from 10% to 7% in the second half of the year. So it does not alter the overall outlook over the 3-year window.

是的。所以我可以接受。首先，我們在二疊紀盆地的 D&C 支出減少了 1.5 億美元，減少了 1.2 億美元。因此，今年下半年我們的成長率從 10% 降至 7%。因此它不會改變三年內的整體前景。

We believe within the parameters that we've set out, which is $2.1 billion to $2.4 billion of capital over the next three years -- each year over the next three years that we still got the ability to do 5% plus oil volume growth and 0% to 5% BOE growth over that period, even with the changes that we've talked about today to the second half of 2025.

我們相信，在我們設定的參數範圍內，即未來三年每年 21 億美元至 24 億美元的資本——即使考慮到我們今天談到的到 2025 年下半年的變化，在未來三年內，我們仍然有能力實現 5% 以上的石油產量增長和 0% 至 5% 的桶油當量增長。

Neil Mehta, Goldman Sachs.

高盛的尼爾·梅塔。

Yes. Thanks for all the color here. Tom, we've talked a lot about oil today. Just curious on your perspective on natural gas, you are taking -- starting 2 rigs here in the Marcellus. Maybe talk about what your priorities are for the Marcellus plan for the balance of the year and how that ties into your macro view for gas?

是的。感謝這裡所有的色彩。湯姆，我們今天談了很多有關石油的話題。只是好奇您對天然氣的看法，您正在馬塞勒斯啟動 2 個鑽井平台。也許可以談談您對今年剩餘時間的 Marcellus 計劃的優先事項是什麼，以及這與您對天然氣的宏觀看法有何關聯？

Yes. Thank you for that. I just want to remind the listeners that we produce just a [here] under 3 Bcf a day of natural gas. So the increase in natural gas outlook is wonderful, but the increase in natural gas prices is a remarkable turbo charge to our cash flow and provides the kind of resilience that we've talked about. We are getting back to work in the Marcellus.

是的。謝謝你。我只是想提醒聽眾，我們這裡每天的天然氣產量不到 30 億立方英尺。因此，天然氣前景的成長是美好的，但天然氣價格的上漲對我們的現金流來說是一個巨大的推動，並提供了我們所談論的那種彈性。我們正在返回馬塞勒斯工作。

We've made tremendous progress redesigning our Marcellus program. We've talked about that on past calls. But the net result is a more efficient way to handle water, the flexibility to be able to go to 0 activity or a full steam ahead, longer laterals. And it's just been a remarkable redesign that's also resulted in much lower cost structure.

我們在重新設計 Marcellus 計劃方面取得了巨大進展。我們在過去的通話中討論過這個問題。但最終結果是處理水的效率更高，能夠靈活地將活動量降至零或全速前進，並且水平段更長。這是一次非凡的重新設計，也大大降低了成本結構。

So go forward, I anticipate our Marcellus program to be back to a growth profile and how aggressively we grow is a function of all the moving parts that we've talked about in this call. But we are really encouraged by the economic and reservoir performance of our natural gas assets, both in the Marcellus and in the Anadarko.

因此，展望未來，我預計我們的 Marcellus 計劃將恢復成長態勢，而我們的成長速度取決於我們在本次電話會議中討論的所有活動部分。但我們對馬塞勒斯和阿納達科天然氣資產的經濟和儲層表現感到非常鼓舞。

And then Tom, I mean, it's been a couple of years now, but there has been discussion points about the depth natural gas portfolio as you've drilled out a lot of Northeast PA, maybe you can respond to that viewpoint about depth of inventory.

然後湯姆，我的意思是，現在已經有幾年了，但是由於你在賓夕法尼亞州東北部鑽探了很多天然氣，所以關於深度天然氣組合的討論點一直存在，也許你可以回應關於庫存深度的觀點。

Do you feel like you have the organic position that you want here now that you've done the Frankly Mountain deal on the oil side, does it make sense to think about gas M&A? Just your perspective in addressing that debate that's out there.

既然您已經在石油方面完成了 Frankly Mountain 交易，您是否覺得您已經擁有了想要的有機地位，考慮天然氣併購是否有意義？這只是您針對該爭論所持的觀點。

Well, we think about that throughout our portfolio. I mean if you ask me if we have enough inventory, my answer to that is determined about a decade ago, it's going to be no. I'm an exploration, that's at heart. But as we show on slide 11, we have about a dozen years of inventory at our current run rate and that production base that underpins that. That's inventory.

嗯，我們在整個投資組合中都會考慮這個問題。我的意思是，如果你問我我們是否有足夠的庫存，我的答案大約在十年前就確定了，那就是沒有。我是一個探索者，這是我的內心。但正如我們在第 11 張投影片上所展示的，按照我們目前的運行速度，我們有大約 12 年的庫存，並且有支撐這項庫存的生產基礎。這就是庫存。

But with that production base, we're really nicely positioned, but we're always want to be opportunistic, whether it's oil, natural gas or what have you, we're built to last. And I think we're going to be a survivor here. So inventory is important to us. We think we're -- we don't have a problem to solve, but we're going to be opportunistic. And that's not the telegraph that we -- like I say, we've got really solid plans and there's not a problem to solve there.

但有了這個生產基地，我們確實處於非常有利的位置，但我們總是想抓住機會，無論是石油、天然氣還是其他什麼，我們都會堅持下去。我認為我們會成為倖存者。所以庫存對我們很重要。我們認為——我們沒有需要解決的問題，但我們會抓住機會。這不是我們所傳達的訊息——就像我說的，我們有非常周全的計劃，而且沒有什麼問題需要解決。

David Deckelbaum, TD Cowen.

大衛·德克爾鮑姆（David Deckelbaum），TD Cowen。

Thanks for taking my questions, guys. Maybe just -- I wanted a clarification on just the ramp in the second half of the year with the Wolfcamp wells coming online. Does the guidance presume that, that 5,000 barrel a day impact in the second quarter from the Harkey wells, does that come back as a 5,000 barrel a day contribution into 3 and 4Q?

謝謝你們回答我的問題。也許只是——我只是想澄清一下下半年 Wolfcamp 油井投產後的情況。該指引是否假設哈基油井在第二季每天產生 5,000 桶的產量，這是否會在第三季和第四季每天貢獻 5,000 桶的產量？

Dave, it's Shane here. No, it doesn't. It doesn't assume that it comes back. Obviously, Blake walked through all the things the team is doing to get us to a different outcome, a better outcome than that, but the assumption that we're talking about in terms of the substantial, sequential step-ups that we see in production in the back half of the year does not at all rely on those volumes coming back.

戴夫，我是肖恩。不，不是這樣的。它並不認為它會回來。顯然，布萊克詳細介紹了團隊正在做的所有事情，以幫助我們獲得不同的結果，更好的結果，但我們所說的關於下半年產量大幅、連續提升的假設根本不依賴於產量的回升。

Yes. We've taken -- as I said in my opening remarks, we've taken a very conservative approach. We think we're going to bring those volumes back. But our current plan we've just taken them out. And we're looking at a fairly significant production growth ramp during the course of the year, and we're confident, hopeful and our technical analysis tells us that this problem is fixable and that a lot of those volumes are coming back.

是的。正如我在開場白中所說的那樣，我們採取了非常保守的做法。我們認為我們會把這些卷帶回來。但我們目前的計劃是將它們取出。我們預計今年的產量將大幅成長，我們充滿信心和希望，我們的技術分析告訴我們，這個問題是可以解決的，而且許多產量正在回升。

Appreciate that, Tom. And just my second question, you guys highlighted the flexibility that you have with your asset base and talked about, I think, the 15:1 oil to gas price ratio currently at strip pricing, and you're still seeing sort of the coincident 50% plow back in terms of CapEx. But as you enter in the next couple of years, I think you guys reiterated the 3-year outlook, but if you go back to that guided missile analogy, if that oil to gas price ratio holds as we enter into next year, should we presume that there's more reallocation from oil to guest weighted assets?

非常感謝，湯姆。我的第二個問題是，你們強調了資產基礎的靈活性，並且談到了目前按條帶定價的 15:1 的油氣價格比，而且你們仍然看到資本支出方面同步 50% 的回流。但隨著進入未來幾年，我認為你們重申了 3 年展望，但如果回到導彈類比，如果進入明年時石油與天然氣的價格比率保持不變，我們是否應該假設石油和客源加權資產的重新分配會更多？

Well, what you ought to presume is that we get up every day and make the best financial decisions in the interest of our shareholders that we think it's prudent. And we -- I'm hesitant to even use the word 3-year plan. It's a 3-year outlook of what we could execute if current conditions were to hold. And if current conditions don't hold. I think it's our responsibility, not just our opportunity but responsibility to say to our owners that we will readjust as conditions warrant.

好吧，你應該假設的是，我們每天起床後都會做出我們認為明智的、符合股東利益的最佳財務決策。而且我們——我甚至不願意使用「三年計畫」這個詞。這是在當前條件保持不變的情況下我們可以執行的 3 年展望。如果當前條件不成立。我認為這是我們的責任，不僅是我們的機會，而且是責任，我們要告訴我們的業主，我們將根據情況進行調整。

So the beauty of it is we have amazing flexibility. I mean, when we look across our landscape right now, we could barrel ahead at $50 oil and continue to invest in our oil assets and the returns are not bad. I mean, they're certainly better than if we rewind not too many years ago with anything we were experiencing.

所以它的美妙之處在於我們擁有驚人的靈活性。我的意思是，當我們放眼當前形勢時，我們可以在油價達到 50 美元時繼續投資我們的石油資產，而且回報還不錯。我的意思是，它們肯定比我們幾年前經歷的任何事情都要好。

But we're making these steps because we're concerned about future weakening in oil prices. And so it's a remarkable position to be able to say, look, we could invest in oil. We can invest in gas. We've got the NGL revenue. And everywhere we look in our portfolio, we have opportunity and not barriers. We're just trying to adjust to the macro condition as we think is appropriate, and that's what we're going to continue to do.

但我們採取這些措施是因為我們擔心未來油價走弱。因此，能夠說「看，我們可以投資石油」是一個了不起的立場。我們可以投資天然氣。我們獲得了 NGL 收入。在我們的投資組合中，到處都充滿著機遇，沒有障礙。我們只是試圖根據我們認為合適的宏觀條件進行調整，我們也將繼續這樣做。

Scott Gruber, Citi Capital.

花旗資本的史考特‧格魯伯。

Yes. Good morning. Just wanted to come back to the Harke production you said with the cement remediation you're working to bring those volumes back, but it's not in guidance. So what's the reasonable expectation for when those volumes could come back if the remediation work is successful?

是的。早安.只是想回到哈克 (Harke) 的生產，您說您正在透過水泥修復來恢復產量，但這並不是指導。那麼，如果修復工作成功，這些產量何時能恢復的合理預期是什麼？

Yes. We don't have a firm timeline on that just due to the nature of the workovers. These workovers will take months. It's a pretty big campaign to work through all the wells. Like we discussed, we have multiple things. We're trying to make sure we get good isolation. So it's months out, not weeks out.

是的。由於修井作業的性質，我們對此沒有明確的時間表。這些修井作業將耗時數月。對所有油井進行作業是一次相當大的工程。正如我們所討論的，我們有多種東西。我們正在努力確保獲得良好的隔離。所以這是幾個月後的事，而不是幾週後的事。

Got it. And I appreciate you guys are constant looking to adjust given changes in prevailing conditions. But curious just about kind of early thoughts on what would happen to the '26 if oil follows the curve here in the high 50s. Do you end up maintaining 7 active rigs in the Permian? And if you maintain 7, what does that mean for Permian tills in '26 in Permian production?

知道了。我很欣賞你們不斷根據當前局勢的變化進行調整。但我對早期的想法感到好奇，如果油價按照這裡的曲線上漲至 50 多美元，那麼 26 年會發生什麼。您最終會在二疊紀維持 7 個活躍鑽井平台嗎？如果保持 7，那麼這對 26 年二疊紀冰磧在二疊紀生產中意味著什麼？

Yes. Let me say that if oil were covering around 60 -- you said high 50s, low 60s. We have the opportunity to make investments in our oil assets. I mean it's not like that program is shut down. It's not a question of what the number is.

是的。假設油價在 60 左右——你會說 50 多，60 多。我們有機會對我們的石油資產進行投資。我的意思是，這並不意味著該程式被關閉了。問題不在於數字是多少。

It's a question of why the number is -- is it -- does it move up a little bit because OPEC decided to pause their reinstate their curtailments for a quarter and that it could happen again 3 months down the road or does it happen because this tariff situation is resolved. We're back to normal trade relations. The world economy is growing and demand increases. I mean, there's all kinds of moving parts here.

問題是，為什麼這個數字會稍微上升？是因為歐佩克決定暫停一個季度的減產，並且三個月後可能再次發生這種情況，還是因為關稅問題得到了解決？我們的貿易關係已恢復正常。世界經濟正在成長，需求正在增加。我的意思是，這裡有各種各樣的活動部件。

Right now, we're pausing our oil program -- pausing, I'd say we're relaxing slightly because we're concerned that oil prices could further weaken. I hope we're wrong on that. But our experience tells us that when you see these events and you see the possibility be prepared for the worst-case scenario, and that's kind of where we are. I hope we're overreacting on several of these issues. But that's -- you can use us being conservative and that's probably fair.

目前，我們正在暫停我們的石油計劃——暫停，我想說我們正在稍微放鬆，因為我們擔心油價可能會進一步走弱。我希望我們錯了。但我們的經驗告訴我們，當你看到這些事件並看到可能性時，要為最壞的情況做好準備，這就是我們現在的情況。我希望我們對其中幾個問題的反應過度了。但那是——你可以利用我們的保守態度，這可能是公平的。

Josh Silverstein, UBS.

瑞銀的喬希·西爾弗斯坦（Josh Silverstein）。

Yes. Thanks. Good morning, guys. So you're moving some CapEx over to the Marcellus. I'm wondering if there's any sort of limit into how much more capital you want to put there? Maybe is there not enough pipeline capacity for volumes to grow? Or is there some sort of trigger you're looking forward to continue to push that additional $50 million over.

是的。謝謝。大家早安。所以您要將一些資本支出轉移到 Marcellus。我想知道您想投入多少資本是否有任何限制？也許是管道容量不足以滿足產量的成長？或者您是否期待某種觸發因素來繼續推動這額外的 5000 萬美元。

No, there's really not a significant limit. But the constitution pipeline has been in the news lately. And yes, I just want to remind the listener that Constitution Pipeline is originally configured, originates in our field in Northeast Pennsylvania and goes into the New England market. And we're watching and participating in that conversation seriously. And we would -- if that were to go the expectation is that we would make a commitment to deliver long-term volumes into that line.

不，實際上並沒有什麼重大的限制。但憲法管道最近卻成為新聞焦點。是的，我只是想提醒聽眾，憲法管道最初的配置是源自於我們位於賓州東北部的油田，然後進入新英格蘭市場。我們正在認真觀察並參與這場對話。如果這項計劃得以實施，我們期望我們將承諾為該生產線提供長期供應。

And so that's kind of coloring what we want to do at this point in time. We think that issue will resolve itself here in the next few months. But we're looking at that as a potential future opportunity for growth in the Marcellus.

這就是我們此時此刻想要做的事情。我們認為這個問題將在未來幾個月內解決。但我們將其視為馬塞勒斯未來成長的潛在機會。

Alright. And then just on the pricing side, you guys already have some power exposure. I think it's high single digits for the Marcellus. Given that you guys already have this, I'm curious if you can give us kind of a backdrop as to maybe if you would add some more a little bit more about what's happening within that power pricing for the Marcellus for you guys?

好吧。然後就定價方面而言，你們已經擁有一些權力。我認為對於馬塞勒斯來說這是一個高個位數。鑑於你們已經有了這些信息，我很好奇您是否可以給我們提供一些背景信息，或者您是否可以為大家補充一些有關 Marcellus 電力定價方面的情況？

Yes, Josh, this is Blake. We're always looking for more power pricing. The two deals we have in Marcellus are excellent deals. They've paid very well over time. They're difficult to replicate so I think that's really the challenge we've been after. We're really interested in particularly greenfield projects where weakened capture upfront the long-term power strip that we're hoping to get into our gas portfolio.

是的，喬希，這是布萊克。我們一直在尋求更高的電價。我們在馬塞勒斯達成的兩筆交易都是非常好的交易。長期以來，他們的報酬一直很高。它們很難複製，所以我認為這才是我們真正追求的挑戰。我們真正感興趣的是特別綠地項目，這些項目前期對長期電力帶的捕獲能力較弱，我們希望將其納入我們的天然氣投資組合。

There are a few opportunities in the Marcellus, but we're looking at quite a few opportunities in the Permian as well. I think the market is waking up to the disadvantaged Waha molecule, and then it's a great place to generate electrons. And so we're looking at many different ways to participate in that.

馬塞勒斯地區存在一些機會，但我們也在尋找二疊紀地區的不少機會。我認為市場正在意識到處於不利地位的 Waha 分子，然後這裡就是產生電子的好地方。因此，我們正在尋找多種不同的方式來參與其中。

Kalei Akamine, Bank of America.

卡雷‧阿卡明 (Kalei Akamine)，美國銀行。

Sorry I was on mute. I've got a different question on the Harkey here. kind of looking beyond the water issue, where the wells long enough to get a read on the productivity and how it compares to the Wolfcamp?

抱歉，我靜音了。我對 Harkey 有不同的疑問。除了水問題之外，哪裡的井足夠長，可以讀取生產力，以及與 Wolfcamp 相比如何？

Yes. What we see in the Harkey that one of the things that gives us a high degree of confidence that this problem is solvable in that it's not on every well. We've got a couple of drilling spacing units that look like they're performing just fine and making oil volumes at -- are within a reasonable boundary of expectations. So this -- yes, we think the laterals are long enough.

是的。我們在哈基 (Harkey) 中看到的情況之一是，讓我們高度相信這個問題是可以解決的，因為並不是每個油井都存在這個問題。我們有幾個鑽井間隔裝置，看起來它們運作良好，產油量在合理的預期範圍內。所以這個——是的，我們認為橫向管道足夠長。

As I said in my opening remarks, we are highly confident that this is not a reservoir issue per se in this not a spacing issue. It's not an overfill versus co-development issue. It's a mechanical issue near wellbore fixable near wellbore. And that's our -- we have an overwhelming a bounty of evidence that's suggesting that, but we're a company that's -- we focus on results and we want to see the results of these remediations and we will communicate that along the way.

正如我在開場白中所說的那樣，我們非常有信心，這本身不是水庫問題，也不是間距問題。這並不是過度填充還是共同開發的問題。這是井筒附近的機械問題，可以在井筒附近修復。這就是我們的——我們有大量證據表明這一點，但我們是一家——我們專注於結果的公司，我們希望看到這些補救措施的結果，並且我們會在整個過程中傳達這一點。

Thanks. For the follow-up, kind of following up on one of the earlier questions here. If this is the new program, if this program is a new template kind of point forward, can you give us a sense of what the run rate capital and the oil plateau could look like. And if oil were to decline, would you still expect wet gas production to increase?

謝謝。對於後續問題，有點像是跟進這裡之前的一個問題。如果這是新的計劃，如果該計劃是一種新的模板類型的前進方向，您能否讓我們了解一下運行率資本和石油高原會是什麼樣子。如果石油價格下跌，您還預期濕氣產量會增加嗎？

Yes. I'll say, we don't expect oil to decline, but if I'm understanding your question properly, we see a good runway as our 3-year plan that outlined of reasonable growth in our assets broadly. Shane, do you want to cover the --

是的。我想說，我們不認為石油價格會下跌，但如果我理解你的問題的話，我們認為我們的三年計劃是一個很好的起點，其中概述了我們資產的合理增長。Shane，你想報道--

Yes. I mean just -- I understand the question correctly. I mean, I think if we were to stay on this path into the future, we would go well through the end of this decade in terms of the opportunity set that we have there, even if it was this past.

是的。我的意思是──我正確理解了這個問題。我的意思是，我認為如果我們繼續沿著這條道路前進，那麼就我們所擁有的機會而言，我們將能夠順利度過這個十年，即使它已經過去了。

Yes. We're not -- we're holding to our 3-year plan, as outlined with the changes that we've discussed in this call. I want to be really clear with everybody on that. We've got a very fulsome model that shows that, that 3-year plan is reaffirmed.

是的。我們不會——我們會堅持我們的三年計劃，正如我們在這次電話會議上討論的變更所概述的那樣。我想向大家清楚地說明這一點。我們有一個非常全面的模型表明，該三年計劃得到了重申。

Matt Portillo, TPH.

馬特·波蒂略，TPH。

Good morning, all. Tom, maybe just a question around maintenance capital. Given the outlook for the second half of 2025 with production potentially in the mid 170-ish range. Could you give us an update on what you think you might need to spend to hold oil volumes flat over a multiyear period? Just trying to get a sense of your maintenance capital program.

大家早安。湯姆，也許只是一個關於維護資本的問題。鑑於 2025 年下半年的前景，產量可能在 170 左右的範圍內。您能否向我們介紹一下，您認為在多年時間內保持石油產量平穩需要花費多少錢？只是想了解您的維護資本計劃。

Yes, I'm going to let Michael take that one.

是的，我要讓麥可拿走這個。

Yes. I appreciate the question. So as we're looking at the current program for 2025 and looking into the out years, as we've discussed, our 3-year plan has oil growth. So obviously, the capital levels that we're currently at can be shed. We can remove capital to maintain that oil production.

是的。我很感謝你提出這個問題。因此，當我們審視當前的 2025 年計劃並展望未來幾年時，正如我們所討論的，我們的三年計劃包括石油增長。顯然，我們目前的資本水準是可以降低的。我們可以撤出資本來維持石油產量。

We also have oil growth coming from both the Anadarko and the Permian in most of our plants. So it's important to think about that combination because we're funding in both programs. But in general, right now, we see our oil growth. We have to think about where are we going to keep the oil production flat at.

我們大多數工廠的石油產量都來自阿納達科和二疊紀。因此考慮這種組合很重要，因為我們對這兩個項目都提供了資金。但總體而言，目前我們看到了石油的成長。我們必須思考如何將石油產量保持穩定。

And right now, if we look at our 2025 volume of 160,000 barrels a day if we were to keep that flat, we would be somewhere around [15 billion] to [16 billion] between the Anadarko and the Permian. Obviously, the Marcellus capital is disconnected from any of that oil growth because it doesn't produce any oil.

現在，如果我們以 2025 年每天 16 萬桶的產量來計算，如果我們保持這一水平不變，那麼阿納達科和二疊紀之間的產量將在 [150 億] 到 [160 億] 之間。顯然，馬塞勒斯首都與石油成長沒有任何關係，因為它不生產任何石油。

It would be for a multiyear period at which you could hold it flat, not just a single 1-year hold.

這將是一段多年期的持倉平倉，而不是僅僅一年的持倉。

That's correct, yes. So that would be if we were to just go to a maintenance capital for a kind of 3-year period.

是的，沒錯。也就是說，如果我們只是去維持資本金 3 年左右的時間的話。

Perfect. And then just a follow-up question. I know your programs are extremely flexible. I was curious how you're thinking about the returns in the Anadarko in a strip price environment versus the Permian program? And is there an opportunity heading into 2026 if we stay at strip that you could further high grade your development between the 2 basins?

完美的。然後只是一個後續問題。我知道你們的程式非常靈活。我很好奇，您如何看待阿納達科在條帶價格環境下的回報與二疊紀專案的回報？如果我們繼續留在地帶，到 2026 年是否有機會進一步提高兩個盆地之間的開發品質？

Well, we high grade our development all the time. So yes, we have an opportunity. But it's really a function of that oil gas ratio and also NGLs, natural gas liquids. We've got some really nice Anadarko projects for which gas and natural gas liquids are combined to make the dominant revenue stores. So it's a function of the oil gas ratio. We've talked about when we're down 15:1 and lower, it starts getting to be a pretty serious horse race among our three of our basins.

嗯，我們一直高度評價我們的發展。是的，我們有機會。但它實際上是油氣比率以及天然氣液體 (NGL) 的函數。我們有一些非常好的阿納達科項目，這些項目將天然氣和天然氣液體結合起來，形成主要的收入來源。所以它是油氣比的函數。我們曾經討論過，當我們下降 15:1 甚至更低時，我們的三個盆地之間的競爭就會變得非常激烈。

Derrick Whitfield, Texas Capital.

德瑞克·惠特菲爾德，德州首府。

Good morning, all, and thanks for your time. A slight twist on David's earlier question referencing slide 4, this forward oil to gas ratio were to persist, would it change your view on the areas and intervals you develop in the Delaware over your 3-year forecast? And I'm primarily thinking of Culberson with this question?

大家早安，感謝你們的時間。對 David 先前在投影片 4 中提出的問題進行稍微的改動，如果這種遠期石油與天然氣的比例持續下去，它會改變您對未來 3 年在特拉華州開發的區域和間隔的看法嗎？我問這個問題時主要想到的是卡爾伯森？

I mean, no. I don't think it really changes our where we go into Delaware. All four of our operating areas, Eddy, Lee, Reeves and Culberson County have really nice competitive environments. Now Culberson tends to be a little gassier, which is -- which actually is good for our operating cost and our productivity. But if we had a little stronger Waha price, that might have an impact. But as we look out at the strip, I don't think that will really be a significant flex of capital within the Permian.

我的意思是，不。我認為這並沒有真正改變我們進入特拉華州的地方。我們所有的四個營運區域，埃迪縣、李縣、里夫斯縣和卡爾伯森縣都擁有非常好的競爭環境。現在卡爾伯森的氣體含量往往更高一些，這實際上對我們的營運成本和生產力有好處。但如果我們的 Waha 價格稍微高一點，可能會產生影響。但當我們放眼整個地帶時，我並不認為這會真正成為二疊紀盆地內重大的資本流動。

Great. And as my follow-up, regarding your contingency planning comments in your prepared remarks, what price do you see as the next tipping point in all activity, assuming current service costs, and that's to assume we're going lower in price, clearly.

偉大的。作為我的後續問題，關於您在準備好的發言中對應急計劃的評論，假設當前的服務成本，您認為所有活動的下一個轉折點是什麼價格，當然，這顯然是假設價格會降低。

I think we were seriously looking at the price below $50, you've seen their tipping point.

我認為我們正在認真考慮低於 50 美元的價格，你已經看到了它們的臨界點。

Kevin MacCurdy, Pickering Energy Partners.

麥柯迪（Kevin MacCurdy），皮克林能源合夥公司（Pickering Energy Partners）。

Hey, good morning. Looking out to the back half of 2025, what is the rate reduction due to your DUC backlog by the end of the year? And do you have to manage that operationally as you enter into 2026?

嘿，早安。展望 2025 年下半年，到年底，由於 DUC 積壓，費率將降低多少？進入 2026 年，您是否必須在營運上管理這一點？

Kevin, this is Michael. No, we move into 2025 with a nice DUC inventory. So even as we're swapping out from Harkey into Wolfcamp. We're not seeing any major issues on our frac lines. Obviously, our rig count is long term related to our frac fleet count. And so dropping down to 7 rigs, if that were to remain unchanged, holding the third frac crew consistently would be difficult.

凱文，這是麥可。不，我們將帶著良好的 DUC 庫存進入 2025 年。因此，即使我們將 Harkey 換成了 Wolfcamp。我們沒有發現壓裂管線上有任何重大問題。顯然，我們的鑽機數量與壓裂船隊數量長期相關。因此，如果數量保持不變，降至 7 台鑽孔機，那麼持續保留第三支壓裂隊伍將會非常困難。

That is shown in our deck that there might be more spot work late in the year if we hold that 7 rigs. But that's not a problem for us operationally. We think that there's ample capacity in the frac market right now, and so that's not necessarily a driving force for us.

我們的簡報表明，如果我們保留這 7 個鑽孔機，那麼今年稍後可能會有更多的現場工作。但這對我們的營運來說不是問題。我們認為，目前壓裂市場產能充足，因此不一定是我們的驅動力。

Kevin, we do a lot of planning and included in those plans as a look at what our DUC inventory looks like, both not only in terms of wells, but number of projects, number of pads and both of those are really important in terms of operational flexibility.

凱文，我們做了很多規劃，並在這些計劃中查看了我們的 DUC 庫存情況，不僅包括油井數量，還包括項目數量、平台數量，這兩者在營運靈活性方面都非常重要。

And so that's a real important planning. I don't know if you want to call it an input or output, but it's an important planning consideration. And then in the MBU, our DUCs are configured often to hit winter pricing. And so it's just a point of active consideration wherever we are.

所以這是一個非常重要的規劃。我不知道您是否想將其稱為輸入或輸出，但這是一個重要的規劃考慮因素。然後在 MBU，我們的 DUC 經常配置為達到冬季價格。因此，無論我們身在何處，這都是一個需要積極考慮的問題。

I appreciate that. And as a follow-up, just a clarification on the free cash flow for the remainder of the year, the uses of free cash flow to say. Will you pay off the term loan first and then buy back shares? Or can you do them concurrently. And are we reading it right that the 50% shareholder return is a multiyear goal and you may not get there in 2025. Thank you.

我很感激。作為後續問題，我只是想澄清一下今年剩餘時間的自由現金流，以及自由現金流的用途。您會先償還定期貸款，然後再回購股票嗎？或者您可以同時進行這些操作嗎？我們理解的是否正確？ 50% 的股東回報是一個多年目標，你可能無法在 2025 年實現它。謝謝。

Yes. So look, just as we've done the last couple of quarters, we can and likely will continue to do both in a parallel way. It's just what's the waiting is one front-end loaded, one back-end loaded. I don't know that we necessarily have to make a choice, one or the other as we go along. There's a lot of different considerations that go into the timing and amount of those buybacks.

是的。所以，正如我們在過去幾個季度所做的那樣，我們可以並且很可能會繼續以並行的方式進行這兩項工作。等待的只是前端加載，後端加載。我不知道我們是否必須做出選擇，在前進的過程中做出這一個或另一個的選擇。在決定回購的時間和數量時需要考慮許多不同的因素。

But no, we've not shut down the buyback program by any means. We'll continue to be opportunistic as we go through the rest of the year, but we'll also be focused on what is the cash flow profile look like for the rest of the year as well. And certainly, yes, if you look back over time, as I said earlier in response to the question, we've historically been well above 50%.

但我們並沒有以任何方式關閉回購計畫。在今年剩餘時間裡，我們將繼續抓住機會，但我們也將關註今年剩餘時間的現金流狀況。是的，如果回顧過去，正如我之前回答這個問題時所說，我們的歷史成長率一直遠高於 50%。

Again, we've been 90%, we've been in the mid-70s at various points in time. why were we able to be there? We're able to be there because we had low leverage. And so we think the getting the notes paid down early on really helps facilitate stability of shareholder returns for the long term.

再說一次，我們已經達到了 90%，在不同的時間點，我們達到了 70% 左右。我們為什麼能夠在那裡？我們之所以能夠達到這一水平，是因為我們的槓桿率較低。因此，我們認為儘早償還票據確實有助於促進股東長期回報的穩定。

And I would now like to turn the call back over to Tom Jordan.

現在我想把電話轉回湯姆喬丹。

Yes, I want to thank everybody for a series of great questions. I'll just say in closing, personally, I'm deeply proud of the way our organization has responded to not only this volatile time, but also this operational issue we're facing. I think we're on the right track. We have a solid plan, and we're going to perform in surprise to the upside. But thank you very much for your attention this morning.

是的，我要感謝大家提出的一系列精彩問題。最後我想說的是，就我個人而言，我對我們的組織不僅應對了這段動盪時期，而且也應對了我們面臨的營運問題的方式深感自豪。我認為我們走在正確的道路上。我們有一個周密的計劃，而且我們的表現將會出乎意料地好。但非常感謝您今天上午的關注。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。