Coterra Energy Inc (CTRA) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is John, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coterra Energy Second Quarter 2025 Earnings Call. (Operator Instructions).

感謝您的支持。我叫約翰，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 年第二季財報電話會議。（操作員指令）。

I would now like to turn the call over to Dan Guffey, VP of Finance, Investor Relations and Treasurer. Please go ahead.

現在我想將電話轉給財務、投資者關係和財務主管副總裁 Dan Guffey。請繼續。

Thank you, John. Good morning, and thank you for joining Coterra Energy's Second 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; Blake Sirgo, Executive Vice President of Operations. Michael Deshazer, Executive 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，約翰。早安，感謝您參加 Coterra Energy 2025 年第二季財報電話會議。今天的準備好的演講將包括董事長、首席執行官兼總裁湯姆·喬登 (Tom Jorden)、執行副總裁兼首席財務官肖恩·楊 (Shane Young) 和運營執行副總裁布萊克·西爾戈 (Blake Sirgo) 的概述。業務部門執行副總裁 Michael Deshazer 也在場回答問題。在我們準備好發言之後，我們將在問答環節回答您的問題。

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

提醒一下，在今天的電話會議上，我們將根據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。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, all of you for joining us on the call this morning. I will provide an overview before handing it over to Shane for financial results and an operational update from Blake. Coterra had an excellent second quarter. We exceeded the high end of our guidance range for natural gas and total barrel of oil equivalent production and came in well above our midpoint on oil volumes.

謝謝你，丹，也謝謝大家今天早上參加我們的電話會議。我將提供概述，然後將其交給 Shane 以獲取財務結果和 Blake 的營運更新。科特拉在第二節表現出色。我們的天然氣和石油當量總產量超出了指導範圍的上限，石油產量也遠高於我們的中點。

Our revenues for the quarter were nicely balanced between oil and natural gas, inclusive of natural gas liquids. We generated outstanding returns on capital and are on track to finish the year investing approximately 50% of our cash flow. A low reinvestment rate is one of the primary measures of asset quality, and Coterra remains top tier in our ability to deliver consistent profitable growth with high capital efficiency.

本季我們的收入在石油和天然氣（包括天然氣液體）之間實現了良好的平衡。我們獲得了出色的資本回報，並預計在今年年底完成約 50% 的現金流投資。低再投資率是衡量資產品質的主要指標之一，而 Coterra 在實現持續獲利成長和高資本效率方面仍處於領先地位。

I would like to provide an update on our Culberson Harkey program. We are on track with our efforts to address the issues that cropped up in our Windham Harkey flowbacks last quarter. We have additional evidence that strongly indicates that the issues we encountered are localized around the Windham development and not widespread through our Culberson assets.

我想提供有關我們的 Culberson Harkey 計劃的最新進展。我們正在努力解決上個季度 Windham Harkey 回流中出現的問題。我們有更多證據有力地表明，我們遇到的問題僅限於溫德姆開發案周圍，而不是遍布我們的卡爾伯森資產。

Blake will give you more details around six new Harkey wells recently brought online that are in the immediate vicinity of the Windham Row. We're making meaningful progress and expect the Harkey to be a solid contributor to our program for years to come. We have seen some weakening in natural gas prices over the past quarter and the recent announcement of the cessation of the OPEC + curtailments have led to a softening of oil markets.

布萊克將向您詳細介紹溫德姆街 (Windham Row) 附近最近投入營運的六口新的哈基 (Harkey) 油井。我們正在取得有意義的進展，並期望 Harkey 在未來幾年成為我們計劃的堅實貢獻者。我們看到過去一個季度天然氣價格有所走弱，而最近歐佩克+宣布停止減產也導致石油市場疲軟。

We live in an environment of perpetual commodity uncertainty. Coterra's assets and capital allocation discipline allow us to maintain a steady operational cadence across modest peaks and valleys. Last quarter, during the uncertainty around the impact of tariffs, the Iranian enrichment response, the broader Middle East conflicts and the potential impact of these and other forces on the world economic outlook, we discussed the plan to lay down activity.

我們生活在一個商品永遠不確定的環境中。Coterra 的資產和資本配置紀律使我們能夠在適度的高峰和低谷中保持穩定的營運節奏。上個季度，在關稅影響、伊朗濃縮鈾反應、更廣泛的中東衝突以及這些因素和其他力量對世界經濟前景的潛在影響存在不確定性的情況下，我們討論了停止活動的計劃。

As we've seen this macro situation stabilize, we have decided to keep 9 rigs deployed in the Permian, 2 rigs in the Marcellus and oneto 2 rigs in the Anadarko. These decisions in aggregate will maintain consistent activity through the second half of 2025 and put us on solid footing for 2026. We look forward to updating our three-year outlook in February. As always, our outlook will be underwritten by steady cash flow, outstanding assets and investment returns that help to accomplish our mission of consistent profitable growth.

隨著宏觀情勢趨於穩定，我們決定繼續在二疊紀盆地部署 9 個鑽井平台，在馬塞勒斯盆地部署 2 個鑽井平台，在阿納達科盆地部署 1 至 2 個鑽井平台。總體而言，這些決定將使我們在 2025 年下半年保持持續的活動，並為 2026 年打下堅實的基礎。我們期待在二月更新我們的三年展望。與往常一樣，我們的前景將由穩定的現金流、未償資產和投資回報來保證，這有助於我們實現持續獲利成長的使命。

We seek to grow our free cash flow and demonstrate its durability. We see the quality and durability of our free cash flow as one of Coterra's differentiating features. Volume growth is an output, not an input. We are bullish on the long-term prospects for our industry and for Coterra in particular. Recently, there has been discussion about the industry being in the final chapter of tier oneinventory.

我們尋求增加我們的自由現金流並證明其持久性。我們認為自由現金流的品質和持久性是 Coterra 的差異化特徵之一。數量增長是一種輸出，而不是輸入。我們對我們的行業以及特別是 Coterra 的長期前景充滿信心。最近，有關於該行業正處於一級庫存最後階段的討論。

To that, we would like to make twocomments. First, although it is inevitable, it will happen to different companies at different times. With our deep inventory of low-cost assets, Coterra is best positioned to maintain its strong capital efficiency for many years to come. Second, a decline in Tier oneinventory will ultimately lead to an increase in cost structure and an increase in the clearing price for incremental volumes.

對此，我們想提出兩點評論。首先，雖然這種情況不可避免，但它會在不同的時間發生在不同的公司身上。憑藉我們豐富的低成本資產庫存，Coterra 在未來許多年內都能夠保持強大的資本效率。其次，一級庫存的下降最終將導致成本結構的上升和增量出清價格的上升。

A logical consequence will be commodity price increases necessary for our industry to keep pace with demand. These consequences will materialize differently for oil than for natural gas, furthering our thesis of having meaningful exposure to both commodities. And one final thought. Our industry will indeed face headwinds.

一個合乎邏輯的結果是，商品價格必須上漲，以便我們的行業能夠跟上需求的步伐。這些後果對於石油和天然氣而言將有所不同，這進一步證明了我們對這兩種商品都應進行有意義的投資的論點。最後一個想法。我們的產業確實會面臨阻力。

But if we have learned one lesson in the past 20 years, it is to never underestimate the ingenuity, adaptability and creativity of the American oil and gas producer. Our industry will find a way forward and Coterra will be there to help.

但如果說我們在過去20年學到了一個教訓，那就是永遠不要低估美國石油和天然氣生產商的聰明才智、適應性和創造力。我們的產業將找到前進的道路，而 Coterra 將會提供協助。

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

說完這些，我會把電話轉給 Shane。

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

謝謝你，湯姆，也謝謝大家參加我們今天早上的電話會議。今天，我想講三個話題。首先，我將快速總結我們第二季財務表現的重要要點。然後我將提供我們的指導更新，包括第三季以及 2025 年全年。最後，我將更新我們的資產負債表以及今年剩餘時間的現金流優先事項。

Turning to our strong performance during the quarter. During the second quarter, Coterra's oil production came in 2% above the midpoint of our guidance, while natural gas was above the high end of the guidance range due to outperformance in all threebusiness units. BOEs were also above the high end of the guidance range with strong NGL volumes as we were in ethane recovery for most of the quarter.

談談我們本季的強勁表現。在第二季度，Coterra 的石油產量比我們預期的中點高出 2%，而由於三個業務部門的出色表現，天然氣產量高於預期範圍的高端。由於本季大部分時間我們都在進行乙烷回收，因此 BOE 產量也高於指導範圍的高端，且 NGL 產量強勁。

The Permian had 49 net turn-in lines during the quarter, and the Anadarko and Marcellus had net turn-in lines of 9 and 3, respectively. We expect TILs for the year in all areas to continue to be in line with our annual guidance. Pre-hedge oil and gas revenues came in at $1.7 billion, with 52% of revenues coming from oil production. This is a 7% increase in oil contribution quarter-over-quarter, driven by higher oil volumes and is consistent with our balanced commodity strategy.

本季度，Permian 擁有 49 條淨上交線，Anadarko 和 Marcellus 擁有 9 條淨上交線和 3 條淨上交線。我們預計今年各地區 TIL 將繼續符合我們的年度指導。對沖前的石油和天然氣收入為 17 億美元，其中 52% 的收入來自石油生產。受石油產量增加的推動，石油貢獻比上一季成長了 7%，這與我們均衡的商品策略一致。

Cash operating costs totaled $9.34 per BOE, down 6% quarter-over-quarter on higher volumes and in line with our annual guidance midpoint. We reported net income of $511 million or $0.67 per share and adjusted net income of $367 million or $0.48 per share for the quarter. Capital expenditures in the second quarter were $44 million less or 7% below the midpoint and slightly below the low end of our guidance range.

現金營運成本總計為每桶油當量 9.34 美元，由於交易量增加，環比下降 6%，與我們的年度指導中點一致。我們報告本季淨收入為 5.11 億美元，即每股 0.67 美元，調整後淨收入為 3.67 億美元，即每股 0.48 美元。第二季的資本支出比中點少 4,400 萬美元，即低 7%，略低於我們指引範圍的低端。

This was driven primarily by timing and, to a lesser extent, additional cost savings relative to expectations. Discretionary cash flow for the quarter was $949 million, and free cash flow was $329 million after cash capital expenditures. Looking ahead to the third quarter and full year 2025. During the third quarter of 2025, we expect total production to average between 740 and 790 MBoe per day.

這主要是由於時間因素，其次是相對於預期的額外成本節省。本季可自由支配現金流為 9.49 億美元，扣除現金資本支出後的自由現金流為 3.29 億美元。展望2025年第三季和全年。2025 年第三季度，我們預計總產量平均為每天 740 至 790 MBoe。

Oil is expected to be between 158 and 168 MBoe per day, and natural gas is expected to be between 2.75 and 2.9 Bcf per day. We expect capital for the quarter to be $650 million at the midpoint of guidance, and we anticipate that this will be the high quarter for capital for the year. This quarter-on-quarter increase is driven largely by an increase in the Anadarko, where we plan to continuously run a frac crew during the quarter.

預計石油產量為每天158至168百萬桶油當量，天然氣產量為每天27.5至29億立方英尺。我們預計本季資本將達到指導中位數的 6.5 億美元，我們預計這將是今年資本最高的季度。這一季度環比增長主要得益於阿納達科產量的增長，我們計劃在本季度繼續運行壓裂隊。

For the full year 2025, we are increasing annual MBoe per day production guidance midpoint by 4% from 740 to 768. We are maintaining the oil guidance midpoint while tightening the guidance range slightly. Importantly, we're increasing our natural gas volume guidance midpoint 5% from 2.78 to 2.9 Bcf per day. As previously indicated, we expect full year capital to be about $2.threebillion or a reinvestment rate of around 50% of 2025 cash flow.

對於 2025 年全年，我們將年均日產量指引中點提高 4%，從 740 MBoe 提高到 768 MBoe。我們維持石油指導中點，同時稍微收緊指導範圍。重要的是，我們將天然氣產量指導中點提高 5%，從每天 27.8 億立方英尺增加到 29 億立方英尺。如前所述，我們預計全年資本約為 23 億美元，或再投資率約為 2025 年現金流的 50%。

This level of spend maintains consistent activity in all threebusiness units during the second half of 2025, which we believe gives us good momentum going into 2026. As a result of recent US tax law changes, we now expect our current tax percentage of total tax expense for the full year of 2025 to be between 40% and 60%. As a result, we expect minimal current taxes in the second half of the year.

這一支出水準將在 2025 年下半年保持三個業務部門的持續活躍，我們相信這將為我們進入 2026 年提供良好的發展勢頭。由於美國稅法最近的變化，我們目前預計 2025 年全年的當前稅率佔總稅費的百分比將在 40% 至 60% 之間。因此，我們預計今年下半年的現行稅率將很低。

Looking forward, we would expect the current percentage to move closer to 70% to 90% of total tax expense. With regard to our 3-year outlook provided in February, we remain highly confident. This outlook is underpinned with a low reinvestment rate, improving capital efficiency, and we believe delivers attractive value with modest production growth.

展望未來，我們預計目前的比例將接近總稅費的 70% 至 90%。對於我們二月提供的三年展望，我們仍然非常有信心。這一前景受到低再投資率、資本效率提高的支撐，我們相信適度的生產成長將帶來有吸引力的價值。

Turning to shareholder returns on the balance sheet. Yesterday, we announced a $0.22 per share dividend for the quarter. It was one of the highest yielding base dividends in the industry at over 3.5%, and we remain committed to reviewing increases to the base dividend on an annual basis. During the second quarter, we repaid an additional $100 million of our outstanding term loans that were used as part of the financing of our acquisitions earlier this year.

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。這是業內收益率最高的基本股息之一，超過 3.5%，我們仍致力於每年審查基本股息的成長。在第二季度，我們償還了額外的 1 億美元未償還定期貸款，這些貸款是我們今年稍早收購融資的一部分。

This brings our total term loan pay down to $350 million in the first half of 2025. In addition, we returned $191 million directly to shareholders through our base dividend and share repurchases or 58% of our free cash flow. We ended the quarter with an undrawn $2 billion credit facility and total liquidity, including cash of $2.2 billion. We expect to continue prioritizing deleveraging.

這使得我們的定期貸款償還總額在 2025 年上半年降至 3.5 億美元。此外，我們也透過基本股利和股票回購直接向股東返還了 1.91 億美元，佔自由現金流的 58%。本季末，我們擁有未提取的 20 億美元信貸額度和總流動資金，其中包括 22 億美元現金。我們預計將繼續優先考慮去槓桿。

And in the current environment, we expect to fully repay the remaining $650 million of term loans during 2025. We are quickly executing on getting our leverage back to home to around 0.5x net debt to EBITDA. At the same time, as previously indicated, we expect our share repurchase activity to be weighted towards the back half of the year particularly in light of current share price.

在當前環境下，我們預計將在 2025 年全額償還剩餘的 6.5 億美元定期貸款。我們正在迅速採取措施，將槓桿率恢復到淨債務與 EBITDA 比率的 0.5 倍左右。同時，如前所述，我們預計我們的股票回購活動將集中在下半年，特別是考慮到目前的股價。

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 protecting our shareholder return goals. In summary, Coterra's team delivered another quarter of high-quality results, both operationally and financially across all threebusiness units. For 2025, we continue to expect consistent oil production growth throughout the year, substantial free cash flow generation at over $2 billion and rapid deleveraging.

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。總而言之，Coterra 的團隊在三個業務部門的營運和財務方面又取得了一個季度的高品質業績。對於 2025 年，我們繼續預計全年石油產量將持續成長，產生超過 20 億美元的大量自由現金流，並快速去槓桿。

With that, I'll hand the call over to Blake to provide additional color and detail 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. On the activity front, we are focused on consistency which, in turn, helps optimize our dollar per foot cost and project economics. We expect to maintain 9 rigs in the Permian in the second half of the year, which is 1 rig less than we originally guided to in February. Our current plan allows us to consistently run 3 frac crews in the Permian, including our Culberson simul-frac fleet for the remainder of '25 and into '26.

謝謝，肖恩。在活動方面，我們注重一致性，這反過來有助於優化我們的每英尺成本和專案經濟性。我們預計下半年二疊紀盆地將維持 9 座鑽井平台，比我們 2 月最初預測的少 1 座。我們目前的計劃使我們能夠在二疊紀持續運行 3 個壓裂隊，包括我們的 Culberson 同步壓裂隊，運行時間為 25 年剩餘時間和 26 年。

In the Marcellus, we have elected to take our second on-ramp and keep 2 rigs running throughout the year. This activity pushes Marcellus capital up $100 million from our original guidance. In aggregate, we expect full year capital to be approximately $2.3 billion. Our consistent activity in the second half of '25 positions Coterra for a highly capital-efficient 2026.

在馬塞勒斯，我們選擇採用第二個入口坡道，並全年保持兩台鑽孔機運作。這項活動使 Marcellus 資本比我們最初的指導金額增加了 1 億美元。總體而言，我們預計全年資本約為 23 億美元。我們在 25 年下半年的持續活動為 Coterra 奠定了高度資本效率的基礎，即 2026 年。

With the first half of 2025 behind us, we are realizing some wins in the field that are beginning to impact our costs. In the Permian, we are currently projecting an all-in cost of $940 per foot, which is down 2% from the first of the year and down 12% year-over-year. These cost reductions are driven by a continued focus on drilling and completion efficiencies as well as some reductions in our market rates for the second half of the year.

2025 年上半年已經過去，我們在該領域取得了一些勝利，這些勝利開始對我們的成本產生影響。在二疊紀盆地，我們目前預計總成本為每英尺 940 美元，比今年年初下降 2%，比去年同期下降 12%。成本降低的原因是我們對鑽井和完井效率的持續關注以及下半年市場價格的降低。

We are seeing an increase in rig and frac availability, which is leading to competitive pricing in our bids. Our 2025 program is delivering the strong capital efficiency that we have come to expect from our Permian assets. Integration of the Franklin and Avant assets is complete and results continue to beat expectations as we continue to lower our cost structure and delineate new landing zones across the Northern Delaware. We remain on track to hit our annual oil guide.

我們看到鑽孔機和壓裂設備的可用性不斷增加，這使得我們的投標具有競爭力。我們的 2025 計畫正在實現我們對二疊紀資產所期望的強大資本效率。富蘭克林和 Avant 資產的整合已經完成，隨著我們繼續降低成本結構並在北特拉華州劃定新的著陸區，業績繼續超出預期。我們仍有望實現年度石油指南目標。

Turning to Culberson County. The Wolfcamp wells at Windham Row continue to exceed expectations with a projected PVI 10 north of 2.3 at strip pricing and an all-in cost of $894 per foot, an exceptional outcome across the road. Remediation efforts on the Windham Harkey wells are almost complete. We're seeing improved pressure drawdown, declining water cuts and a modest oil response.

轉向卡爾伯森縣。Windham Row 的 Wolfcamp 油井繼續超出預期，預計 PVI 10 以北 2.3（按條帶定價），全成本為每英尺 894 美元，這是一個非凡的結果。溫德姆哈基油井的修復工作已接近完成。我們看到壓力下降有所改善，含水量下降，石油反應也趨於溫和。

However, in aggregate, the remediated wells are not yet contributing material incremental oil volumes. As such, we do not expect Windham Harkey to impact our current full year 2025 oil guidance. The water introduced from the shallow disposal zone will take time to recover. And although we expect to see gradual oil recovery over time, we may not fully achieve our original predrill volumes.

然而，總體而言，修復後的油井尚未貢獻實質的增量石油產量。因此，我們預計溫德姆哈基不會影響我們目前 2025 年的全年石油指引。從淺層處置區引入的水需要時間來恢復。儘管我們預計隨著時間的推移石油產量會逐漸恢復，但我們可能無法完全達到鑽探前的產量。

Importantly, during the quarter, we brought sixnew Harkey wells online in Culberson County that were immediately adjacent to Windham Row. These wells are in flight while we were bringing on Windham Row Harkey wells, and we are able to adjust the wellbore designs to ensure mechanical isolation. These wells have come on strong and are meeting or exceeding expectations.

重要的是，在本季度，我們在緊鄰溫德姆街 (Windham Row) 的卡爾伯森縣 (Culberson County) 啟用了六口新的哈基 (Harkey) 井。當我們在 Windham Row Harkey 井中作業時，這些井也在飛行中，我們能夠調整井眼設計以確保機械隔離。這些油井產量強勁，達到或超越了預期。

This gives us confidence that the mechanical issues we encountered on Windham Row were localized and have been addressed. Across the basin, our broader Harkey program continues to perform well. The success of this 6 new wells in Culberson County reinforces our confidence in the long term potential of the Harkey interval across the asset. Outside Culberson, we drilled 21 gross Harkey wells in 2024 and plan to drill 10 to 20 gross wells annually from 2025 to 2027, driven by consistently strong returns.

這使我們相信，我們在 Windham Row 遇到的機械問題只是局部問題，並且已經解決。在整個流域，我們更廣泛的哈基計劃繼續表現良好。卡爾伯森縣這 6 口新井的成功增強了我們對整個資產 Harkey 層段長期潛力的信心。在卡爾伯森以外，我們於 2024 年鑽探了 21 口 Harkey 井，並計劃在 2025 年至 2027 年期間每年鑽探 10 至 20 口井，這得益於持續強勁的回報。

We continue to view Harkey as a valuable target across the basin for Coterra and other Delaware Basin operators. Results in the Marcellus continue to be strong. As Shane noted, we significantly beat our natural gas forecast during the quarter. A large component of this beat was the outperformance in our Marcellus production, with significant contribution from the box wells that came on last winter.

我們仍然認為哈基是科特拉和其他特拉華盆地營運商在整個盆地中一個有價值的目標。馬塞勒斯的業績持續強勁。正如 Shane 所指出的，我們本季的天然氣產量大大超出了預期。這一成績的很大一部分歸功於我們馬塞勒斯 (Marcellus) 產量的優異表現，其中去年冬天投產的箱井做出了重大貢獻。

The 11 wells we turned online in the box in December 2024 have been the most productive wells in our Marcellus history, with a peak 30-day rate of 450 million cubic feet per day across the 11 wells. Coterra is back to consistent work in the Marcellus with 2 rigs drilling and onefrac crew. We plan to bring on 7 to 12 more TILs between now and the end of the year with more completions in early 2026, giving us a nice ramp throughout winter.

我們在 2024 年 12 月投產的 11 口油井是我們馬塞勒斯歷史上產量最高的油井，這 11 口油井的 30 天峰值產量為每天 4.5 億立方英尺。Coterra 已恢復在 Marcellus 的穩定工作，擁有 2 個鑽機和 1 個壓裂隊。我們計劃從現在到年底再引進 7 到 12 個 TIL，並在 2026 年初完成更多 TIL，為我們整個冬季提供良好的基礎。

Our focus in the Marcellus continues to be improving capital efficiency through cost reductions and extended laterals. We currently expect an average lateral length of 17,000 feet across the program, which is helping to drive our go-forward cost structure of $800 per foot. Our Anadarko program continues to bring in strong results with the Roberts pad coming online in Q2 with stellar results.

我們在馬塞勒斯的重點仍然是透過降低成本和延伸水平井來提高資本效率。我們目前預計整個專案的平均水平長度為 17,000 英尺，這有助於推動我們每英尺 800 美元的未來成本結構。我們的阿納達科計畫繼續取得強勁成果，羅伯茨平台於第二季度上線並取得了優異的成績。

This 9-well project achieved a 30-day equivalent IP of 173 million cubic feet per day. This productivity paired with strong NGL yields makes us one of the best gas projects in our portfolio. We continue to gain efficiencies in our Anadarko program with our first 3-mile project coming online later this year, with an impressive all-in cost of $923 per foot. Our Anadarko team is laser-focused on driving capital efficiency and extending our laterals across the asset.

該項目由 9 口井組成，30 天當量開採量達到每天 1.73 億立方英尺。這種生產力加上強勁的 NGL 產量使我們成為投資組合中最好的天然氣項目之一。我們的阿納達科項目繼續提高效率，我們的第一個 3 英里項目將於今年稍後上線，總成本高達每英尺 923 美元。我們的阿納達科團隊專注於提高資本效率並擴大我們的資產範圍。

Lastly, an update on our gas marketing portfolio. We are excited to announce our new power netback deal in the Permian with a 50,000 MMBtu per day long-term sale to Competitive Power Ventures new Basin Ranch power plant in Ward County, Texas. This deal is the culmination of a multiyear collaboration between Coterra's marketing team and CPV to deliver a differentiated in-basin project that not only delivers a firm fuel supply to CPV's new facility.

最後，更新一下我們的天然氣行銷組合。我們很高興地宣布，我們在二疊紀盆地達成了新的電力淨回值交易，將向位於德克薩斯州沃德縣的 Competitive Power Ventures 新 Basin Ranch 發電廠長期出售 50,000 MMBtu/天的電力。這項交易是 Coterra 行銷團隊與 CPV 多年合作的成果，旨在提供差異化的盆地項目，不僅為 CPV 的新設施提供穩定的燃料供應。

But also adds additional power netback exposure to Coterra's gas sales portfolio. Similar to our recent LNG transactions, Coterra continues to execute on our strategy of pursuing differentiated gas sales across all of our 3 basins. We are not interested in making additional investments and commitments in markets that we already have ready access to. We will continue to focus our execution on sales that bring diversity and price enhancement to our portfolio.

而且還為 Coterra 的天然氣銷售組合增加了額外的電力淨回值敞口。與我們最近的液化天然氣交易類似，Coterra 繼續執行我們的策略，即在我們所有的 3 個盆地中實現差異化的天然氣銷售。我們對在已經可以進入的市場進行額外投資和承諾不感興趣。我們將繼續專注於為我們的投資組合帶來多樣性和價格提升的銷售。

And with that, I'll turn it back to the operator for Q&A.

說完這些，我將把話題交還給接線員進行問答。

(Operator Instructions) Neil Mehta, Goldman Sachs.

（操作員指示）高盛的 Neil Mehta。

I just want to start off on Harkey just round out this point. It sounds like you feel like you've gotten through it. So can you just give us a level set of how much conviction you have that you work through this issue, the timeline? And when do you see production really being at optimal level?

我只是想從哈基開始完善這一點。聽起來你覺得你已經渡過了難關。那麼，您能否給我們一個大致的印象，告訴我們您對解決這個問題有多大信心，以及時間表？您認為什麼時候生產才能真正達到最佳水準？

Yes, Neil, thank you for that question. As Blake said, remediation efforts look like they're highly successful, both shutting off water flow on existing wells, but also we did change our wellbore design. And I think that's really the key point here. These wells are in immediate vicinity, would have been exposed to the same phenomena and they're flowing back pretty as pink.

是的，尼爾，謝謝你的提問。正如布萊克所說，補救措施看起來非常成功，不僅切斷了現有水井的水流，而且我們也改變了井眼設計。我認為這才是真正的關鍵點。這些水井就在附近，可能會遭遇同樣的現象，而且它們流回的水呈現漂亮的粉紅色。

And so that's exactly what we hope for. As Blake said, go forward, it's going to take -- we put a lot of water in this formation, and it's going to take a while to dewater this. So we're being very conservative in our go-forward oil forecast from Windham Row. But we are full steam ahead on Harkey and really do look forward to getting this problem behind us.

這正是我們所希望的。正如布萊克所說，繼續前進，這需要——我們在這個地層中註入大量的水，需要一段時間來排水。因此，我們對 Windham Row 未來的石油預測非常保守。但我們已全力推動哈基項目，並真心希望能夠徹底解決這個問題。

Yes. And then just the $100 million of activity that you add to the Marcellus and the rig add. Can you talk about that there's been a big debate in the investment community about whether we're overproducing with some of these scrapes kind of around 108 Bs right now, which is probably oneto 2 Bs higher than most of us thought we would be. Does this feel like the optimal time to be leaning into the gas program? And how do you think about the risk of if the leaders are adding supply before the demand and inventory signals are there?

是的。然後，只需為 Marcellus 和鑽孔機添加 1 億美元的活動即可。您能否談談投資界是否存在生產過剩的問題，目前我們的產量約為 1080 億，這可能比我們大多數人認為的要高出 1 到 20 億。這是否是採用天然氣計畫的最佳時機？您如何看待如果領導者在需求和庫存訊號出現之前增加供應會帶來的風險？

Well, we do see growing demand with LNG exports. Of course, this whole power story is going to be ramping up. If we could pick optimum timing, we'd be -- so we stand alone in our industry if we could do that. I can tell you that when we look at our forecast of current pricing, our Marcellus program is our best returns right now. And that's because of the quality of these wells and the costs that we're bringing the supply on. Blake, do you want to comment on that?

嗯，我們確實看到液化天然氣出口的需求不斷增加。當然，整個權力故事將會不斷升溫。如果我們能夠選擇最佳時機，我們就會——如果我們能夠做到這一點，那麼我們在行業中就獨樹一幟。我可以告訴你，當我們查看當前價格預測時，我們的 Marcellus 計劃是我們目前最好的回報。這是因為這些油井的品質以及我們供應的成本。布萊克，你想對此發表評論嗎？

Yes. I'll just say that taking the market is a very difficult thing to do with the Giant D&C machine. And so we're pretty focused on consistent activity. We've really lowered our cost structure in the Marcellus, which has lowered our breakevens, and that gives us confidence when we go through these modest cycles. And so we feel really good about the projects we have coming online between now and the end of the year.

是的。我只想說，利用 Giant D&C 機器佔領市場是一件非常困難的事。因此，我們非常注重持續的活動。我們確實降低了馬塞勒斯的成本結構，從而降低了我們的損益平衡點，這讓我們在經歷這些適度的週期時充滿信心。因此，我們對從現在到年底上線的項目感到非常滿意。

And Neil, I think it's important to note that this activity this year comes off zero. I mean we sort of went to zero last year and kind of held that till April and now have picked up. And this level of activity we're talking about is very akin to kind of a maintenance level for what we're doing up in the Northeast.

尼爾，我認為值得注意的是，今年的這項活動是零。我的意思是，我們去年的產量就降到了零，並且一直保持到四月份，現在又回升了。我們所談論的這種活動水平與我們在東北地區所做活動的維護水平非常相似。

Arun Jayaram, JPMorgan.

摩根大通的阿倫‧賈亞拉姆 (Arun Jayaram)。

I was wondering if you could talk a little bit about the trajectory of your oil growth expectations in the back half of the year? Obviously, you've given a third quarter guide. By our math, you'd have to average about 172,000 barrels in the second half to hit the midpoint of your oil guide of 160,000. Given Blake's commentary on consistent activity levels, talk to us about confidence level at the midpoint and how you expect to kind of achieve that fourth quarter run rate which would assume kind of an oil trajectory approaching 180,000 barrels a day.

我想知道您是否可以談談今年下半年石油成長預期的走勢？顯然，您已經給出了第三季的指南。根據我們的計算，下半年平均產量必須達到約 172,000 桶才能達到石油指導產量的中點 160,000 桶。鑑於布萊克對持續活動水平的評論，請與我們談談中點的信心水平，以及您預計如何實現第四季度的運行率，假設石油軌跡接近每天 180,000 桶。

Yes, Arun, high confidence on our part. And I'll just say, we've spent a lot of time on this data, and it's simple arithmetic. It's not necessarily a balance of operational things, all of which need to go right. This is simple arithmetic. We have the blessing of having a lot of high working interest projects coming online in the fourth quarter. And that's just sort of a statistical anomaly.

是的，阿倫，我們對此非常有信心。我只想說，我們在這些數據上花了很多時間，這只是簡單的算術。這不一定是操作事項之間的平衡，所有事項都需要正確進行。這是簡單的算術。我們很高興在第四季有很多高工作興趣的項目上線。這只是統計異常現象。

These are projects that we understand. Their names are well known to us. And as we review the on-ramp, some of these are already producing and building as we speak. So we have a high degree of confidence in our forecast. It is simple arithmetic. It does not require operational gymnastics. It's solid. We're going to deliver it.

這些是我們了解的項目。他們的名字我們都十分熟悉。當我們審查入口時，我們發現其中一些已在生產和建設中。因此我們對我們的預測有高度的信心。這是簡單的算術。它不需要操作體操。它很堅固。我們會把它送達。

Blake, anything you want to add?

布萊克，你還有什麼要補充的嗎？

Yes. I'll just say the only -- the operational cadence is not changing in any of our programs. It's very consistent. It's just a matter of really high working interest DSUs coming on relatively close together. And I'll just mention we are thrilled to have the high working interest in these DSUs.

是的。我只想說——我們的任何專案的營運節奏都沒有改變。非常一致。這只是一個真正高工作興趣 DSU 相對接近的問題。我只想說，我們很高興對這些 DSU 有很高的工作興趣。

Yes. And I think since we started guiding for the year, we've really tried to point the market towards a bit of a stair step over the course of the year and the trajectory being consistent, not necessarily a flat production over the course of that period.

是的。我認為，自從我們開始製定年度指導以來，我們確實試圖引導市場在一年內逐步發展，並且軌跡保持一致，而不一定是在此期間產量持平。

Fair enough. And my follow-up question is Tom thoughts on -- you announced that you believe that you have a new wellbore design, which has fixed maybe some of the issues you experienced in the Harkey in the 1Q conference call. But do you have enough confidence now to codevelop the zones in Culberson County?

很公平。我的後續問題是湯姆的想法——你宣布你相信你有一個新的井筒設計，它可能解決了你在第一季電話會議上在哈基遇到的一些問題。但是您現在是否有足夠的信心共同開發卡爾伯森縣的區域？

Well, yes, as we said in our last call, we don't think this is a co-development issue. So my answer to that is, yes.

嗯，是的，正如我們在上次電話會議中所說的那樣，我們不認為這是一個共同開發的問題。所以我的答案是，是的。

Doug Leggate, Wolfe Research.

道格‧萊格特（Doug Leggate），沃爾夫研究公司。

DouTom, I wonder if I could ask a kind of a high-level question. Forgive me for this, you're a leader in the industry, and I think your perspective on this could be worth everybody listening to. And it's really that -- the industry often justifies at the individual company level, drilling wells on the basis of wellhead returns, because it's the right thing for the company, but collectively, the industry ends up the ( slowing price ).

DouTom，我想知道我是否可以問一個高級問題。請原諒我，您是這個行業的領導者，我認為您對此的看法值得大家聽聽。事實上，產業通常認為，在單一公司層面，鑽井是基於井口收益的，因為這對公司來說是正確的，但總體而言，整個產業最終（價格放緩）。

So it's another way of asking why -- I mean you have the option to not spend out $100 million in the Marcellus. Is this a desire to maintain production because the risk, obviously, for the commodity, as it as Neil pointed out, production has been surprising on the upside, and the biggest part of that has been the Marcellus. So I guess I'm asking if you might be part of the problem on the commodity.

所以這是另一個問法——我的意思是你可以選擇不在 Marcellus 上花費 1 億美元。這是為了維持產量嗎？因為顯然，對於大宗商品而言，正如尼爾所指出的那樣，產量一直出乎意料地上升，其中最大的部分是馬塞勒斯。所以我想我問的是您是否是商品問題的一部分。

Well, Doug, the problem with our business is we don't manage it with a spreadsheet. And so we make decisions sometimes depending on the project, it can be 12 or 18 months in advance. And if we had, had this conversation 6 months ago, I think our conversation would have been very different on gas prices. So I'll just tell you that Coterra, one of the things that keeps us whole through this challenge, as you lay out, is having a very low cost of supply, and we run our CapEx down to very draconian pricing.

嗯，道格，我們的業務問題在於我們沒有使用電子表格來管理它。因此，我們有時會根據專案情況做出決策，可能提前 12 或 18 個月。如果我們 6 個月前就進行過這次談話，我想我們在汽油價格問題上的談話會非常不同。因此，我只想告訴您，正如您所說，Coterra 讓我們能夠順利度過這項挑戰的因素之一是擁有非常低的供應成本，並且我們將資本支出控制在非常嚴格的價格範圍內。

So I mean in the case of oil, will run at sub-$50 oil as if that's the only price that well will ever see through its life. In the case of natural gas, we'll even go sub-$2. And these investments we're making are really, really profitable even at that. Our long-term goal, as I said, is in production. It's generating free cash flow and demonstrating to the market that we have durability there.

所以我的意思是，就石油而言，油價將低於 50 美元，就好像這是油井在整個生命週期中唯一的價格。就天然氣而言，價格甚至會低於 2 美元。即便如此，我們所做的這些投資確實非常有利可圖。正如我所說，我們的長期目標是生產。它正在產生自由現金流並向市場證明我們具有持久性。

And so one of the things that our asset complexion and our mixture gives us the luxury of -- is having stable cash flow and the ability to ride through the cycles. And I'm going to make one final point, Doug. We recently did some analysis. We've talked a lot about our look back, our look back on our own program. And we go back 20 years and look at every investment we've ever made and we tear it apart.

因此，我們的資產結構和組合為我們帶來的優勢之一就是擁有穩定的現金流和渡過週期的能力。我還要強調最後一點，道格。我們最近做了一些分析。我們已經談了很多關於回顧、回顧我們自己的計劃。我們回顧 20 年前所做的每項投資，並將其徹底推翻。

And that analysis, we looked at our behavior in the troughs. And because of that lag time, our conclusion is that not only were the investments we made in the troughs, some of our most profitable in our history, but it really told us that a steady cadence of activity is the best way to manage a cyclic commodity business. So I take your question. I'll let others describe if we're part of the problem. But we think our behavior is representative strength of Coterra.

透過分析，我們觀察了我們在低谷時期的行為。由於存在這種滯後時間，我們的結論是，我們在低谷時期進行的投資不僅是我們歷史上最賺錢的投資，而且它確實告訴我們，穩定的活動節奏是管理週期性商品業務的最佳方式。我接受你的問題。我會讓其他人描述我們是否是問題的一部分。但我們認為我們的行為代表了Coterra的力量。

I appreciate the answer. And Tom, I was going to go in a different direction, but I'm going to -- actually don't mind, I'm going to ask a follow-up on this because another aspect of having that low cost of supply and a stellar balance sheet, frankly, is that some of your large pure-play gas peers have used that as a crux for managing their tills, almost like seasonally managing their production, shutting in production in the trough, bringing it on into winter and so on. So I guess my question is, is that a consideration for your gas strategy, if not, why not?

我很感謝你的回答。湯姆，我本來想換個話題，但是我打算——其實不介意，我想就此提出一個後續問題，因為坦率地說，低供應成本和出色資產負債表的另一個好處是，你們的一些大型純天然氣同行已經將其作為管理收銀機的關鍵，幾乎就像季節性地管理生產一樣，在低谷期關閉生產，進入冬季等等。所以我想我的問題是，這是你的天然氣策略的考慮因素嗎？如果不是，為什麼？

Blake, why don't you handle that one?

布萊克，你為什麼不處理這個呢？

Yes, Doug, I'd say that's absolutely in our toolkit. We have used that before. It really comes down to our sales portfolio. So we have long-term sales that are anchored to really good deals that are much better than we get in basin. But we do have in-basin cash sales also. And so we really look at that as the incremental molecule. And so you've seen us manage production. You've seen rolling curtailments and you would see delayed completions and things like that, if necessary. So those are tools we have in our toolkit, but it really has to be done in harmony with the long-term sales portfolio. It's really important.

是的，道格，我想說這絕對在我們的工具包中。我們以前用過這個。這實際上取決於我們的銷售組合。因此，我們的長期銷售是基於真正好的交易，比我們在盆地中獲得的要好得多。但我們也有盆地內現金銷售。因此，我們確實將其視為增量分子。所以您已經看到我們管理生產。你已經看到了滾動削減，如果有必要，你會看到延遲完成和類似的事情。這些都是我們工具包中擁有的工具，但必須與長期銷售組合協調進行。這真的很重要。

Yes, Doug, based on our behavior over the last year, I think anybody looking at us would know that we have the wherewithal to shut production in if pricing gets too hostile.

是的，道格，根據我們去年的行為，我想任何關注我們的人都知道，如果價格變得太激進，我們有足夠的資金來停止生產。

Betty Jiang, Barclays.

巴克萊銀行的 Betty Jiang。

Shane, I wanted to ask about cash taxes. Thank you for the color you provided earlier. Can you just give us a bit more detail around why the 2025 cash taxes is going down more? And then moving forward, you gave the range of 70% to 90%. How should we be thinking about that range over time?

肖恩，我想問現金稅。感謝您之前提供的顏色。您能否更詳細地解釋為什麼 2025 年現金稅會進一步下降？然後繼續前進，你給了 70% 到 90% 的範圍。我們該如何考慮這個範圍隨時間的變化？

Yes, Betty, thank you for the question. So look, we are benefiting from 2 primary things. There's a lot in the bill, but the 2 primary things are: one, a return up to 100% bonus depreciation where we can expense things in the year incurred; and two, the return of some of the R&D expenses that we're able to do. And really, by nature, those are more timing elements.

是的，貝蒂，謝謝你的提問。所以看，我們從兩個主要方面受益。法案中有很多內容，但主要有兩點：第一，返還高達 100% 的獎金折舊，我們可以在發生的當年將其作為費用；第二，返還我們能夠進行的部分研發費用。事實上，從本質上來說，這些都是時間因素。

And so in other words, we'll get them this year. But over time, those will sort of normalize. And so as we get out over the next two, three, four years, we will get back to where we are. The other thing I would point out on tax and a little bit of this, particularly when you combine it with the bonus depreciation comment I made earlier is the deals that we did earlier this year all got step-ups in basis.

換句話說，我們今年就會得到它們。但隨著時間的推移，這些都會逐漸正常化。因此，在接下來的兩年、三年、四年裡，我們將會回到原來的狀態。關於稅收，我想指出的另一件事是，特別是當你將它與我之前所做的獎金折舊評論結合時，我們今年早些時候達成的交易都得到了基礎的提升。

So it really sort of changed the profile and complexion and sort of our ability to offset some taxable income. But when you combine that with the bonus depreciation element on some of the fixed facilities and assets that we have, it really gives us an advantage in 2025. So again, I would say it's early days as we sort of get through, we'll refine our guidance a little bit more, but we knew that would be an important question for this call. So we wanted to be really, really dialed in on '25 and have a very -- a range, but a very educated range on a go-forward basis.

所以它確實改變了我們的形象和麵貌以及抵消部分應稅收入的能力。但是，當你將其與我們擁有的一些固定設施和資產的獎金折舊因素結合時，它確實會在 2025 年為我們帶來優勢。因此，我再說一遍，現在還處於早期階段，我們會進一步完善我們的指導，但我們知道這將是本次電話會議的一個重要問題。因此，我們希望在 25 年真正集中精力，並在未來的基礎上有一個非常大的範圍，但是一個非常有根據的範圍。

So this 80%, can we use that for the next -- going forward, that three, five years?

那麼，這 80% 我們可以在未來三到五年內使用嗎？

I'd say over the next several years, that's a good place to be. Over time, again, most of this is a question of timing, whether it's the R&D expenses or whether it's bonus depreciation and things will level out again when you get out past three, four years.

我想說在接下來的幾年裡，那會是一個好地方。隨著時間的推移，這大部分都是時間問題，無論是研發費用還是獎金折舊，當你經過三、四年後，情況就會再次趨於平穩。

My follow-up is on the buyback with the incremental free cash flow now the business is generating, should we expect once the term loan is paid off, you will start accelerating on the buyback again? And could we see it going back to that 100% cash return level towards later this year and into next year?

我的後續問題是，隨著業務正在產生增量自由現金流，我們是否應該預期，一旦定期貸款還清，你們將再次開始加速回購？我們是否可以看到它在今年晚些時候和明年回到 100% 的現金回報率水平？

Yes. That's a really, really fair question. I mean in 2024, we were about 90% of free cash flow in payout. In 2023, we're probably closer to 76%. So we've been at some really elevated levels, we weren't in debt reduction mode. As we look at the back half of the year, and this is all dependent on sort of the actual conditions. But based on sort of what we see today, we envision being able to pay off the last $650 million of the term loans and at the same time, being able to balance that with some back over the course.

是的。這是一個非常非常公平的問題。我的意思是，到 2024 年，我們的自由現金流中約有 90% 用於支出。到 2023 年，這一比例可能會接近 76%。因此，我們已經處於一些非常高的水平，我們並沒有處於減債模式。當我們展望下半年時，這一切都取決於實際情況。但根據我們今天看到的情況，我們預計能夠償還最後 6.5 億美元的定期貸款，同時能夠償還部分貸款。

Now when we get paid off, so let's say, we look into 2026, I think you're spot on that the focus can move back towards buybacks and direct shareholder returns. That being said, towards the end of '26, we do have a $250 million maturity. So we'll have to figure out sort of how that fits into our free cash flow profile in that year, nothing has been decided yet. But yes, absolutely. I think -- if you look at the behavior over the last few years and sort of that 75% to 100% range that we've been at. I think when we're out of that debt paydown mode, that's a place that all other things being equal, you should expect to see more buybacks.

現在，當我們獲得回報時，假設我們展望 2026 年，我認為您完全正確，重點可以重新轉向回購和直接股東回報。話雖如此，到 26 年底，我們確實有 2.5 億美元的到期債務。因此，我們必須弄清楚這如何融入我們當年的自由現金流狀況，目前還沒有任何決定。但確實如此。我認為——如果你看看過去幾年的行為，你會發現我們的成長率一直處於 75% 到 100% 的範圍內。我認為，當我們擺脫債務償還模式時，在其他所有條件相同的情況下，你應該會看到更多的回購。

Nitin Kumar, Mizuho.

瑞穗的尼廷‧庫馬爾 (Nitin Kumar)。

Tom, I want to maybe follow up to Arun's question. You have a pretty strong ramp-up in oil volumes for the rest of this year. Historically, just given your focus on bigger projects, a big ramp-up has been followed by maybe a little bit weaker or decline but you're also adding activity or at least retaining activity this year without increasing your guidance. So I'm not asking for guidance for 2026, but how do you see the trajectory sort of beyond fourth quarter? Do you expect a bit more ratable oil volumes in 2026?

湯姆，我想繼續回答阿倫的問題。今年剩餘時間內的石油產量將大幅增加。從歷史上看，鑑於您專注於更大的項目，大幅增長之後可能會出現稍微減弱或下降的情況，但您今年也會增加活動或至少保留活動，而不會增加指導。所以我並不是詢問 2026 年的指導，但您如何看待第四季之後的發展軌跡？您預計 2026 年的石油產量會略有增加嗎？

Yes. thank you for that. Look, fourth quarter is going to be a bit of a flush. We don't anticipate first quarter being up from fourth quarter. But I'm going to sound like a broken record here. We really don't worry about quarter-to-quarter as much as we do just the trend upward to the right on an annual basis. So we're going to have quarter-to-quarter fluctuations because of a lot of things.

是的，謝謝你。瞧，第四季將會有點繁榮。我們預計第一季的業績不會高於第四季。但我在這裡聽起來就像一張破唱片。我們實際上並不太擔心季度變化，我們只擔心年度基礎上向右上升的趨勢。因此，由於許多因素，我們的季度間會出現波動。

And we mentioned working interest, which just so happens in the fourth quarter, a lot of the contribution is high working interest. So we're steady as she goes, a constant level of activity. And -- but these kind of quarter-to-quarter fluctuations are just going to be part of the business. But we want to consistently grow, generate growing free cash flow over the duration.

我們提到了工作興趣，這恰好發生在第四季度，很多貢獻都是高工作興趣。因此，我們會隨著她的進展保持穩定，並保持持續的活動水平。但這種季度間的波動只是業務的一部分。但我們希望持續成長，並在整個期間產生不斷增長的自由現金流。

My follow-up is on the gas marketing side, and maybe, Blake, looking at slide 18, I think 31% or so of your current gas volumes are sold in basin across the threeoperating areas, and you mentioned the LNG contracts and you mentioned -- you announced this power deal. So on our math, it's roughly 8% or 9% of your total corporate gas volumes.

我的後續問題是關於天然氣營銷方面，布萊克，請看第 18 張幻燈片，我認為你們目前的天然氣產量的 31% 左右是在三個運營區域的盆地中銷售的，你提到了液化天然氣合同，你提到了——你宣布了這項電力交易。根據我們的計算，這大約占公司天然氣總量的 8% 或 9%。

Should we expect that these new volumes will be really met by sort of a reallocation of in-basin? And Part B is as you think about the longer-term mix for your gas marketing portfolio, is there an advantage of keeping some molecules priced in basin as well?

我們是否應該期望這些新的產量能夠透過盆地內的重新分配來真正滿足？B 部分是，當您考慮天然氣行銷組合的長期組合時，將某些分子保留在盆地中定價是否也有優勢？

That's a good question. And I'll answer the first part. Yes, I think of these as reallocation of existing sales. We've been on a mission for a while now to diversify away from Waha. And that's why we love this power deal so much. It's real in-basin demand, but it's not indexed to the local gas price. We actually get access now to the power strip, and that's something we really value in our portfolio.

這是個好問題。我將回答第一部分。是的，我認為這些是現有銷售額的重新分配。我們一直致力於擺脫對 Waha 的依賴，實現業務多元化。這就是我們如此喜愛這項電力交易的原因。這是真實的盆地內需求，但與當地天然氣價格無關。我們現在實際上可以使用電源板了，這是我們在產品組合中真正重視的東西。

So we like those deals. We're looking at more of those deals all the time, but it has to truly either give us diversity in pricing and then it has to give us enhancement -- some sort of enhancement to value over the long run. So that's really how we look at it.

所以我們喜歡這些交易。我們一直在尋找更多這樣的交易，但它必須真正為我們帶來定價的多樣性，然後它必須為我們帶來提升——從長遠來看，某種程度上提升價值。這就是我們真正看待它的方式。

Scott Gruber, Citigroup.

花旗集團的史考特‧格魯伯。

A lot of discussion on the gas strategy. I wanted to come back to the oil strategy, there's been some comments around preference for operational consistency. If we do see the macro shift again in oil dips back to the high 50s, would the preference be to maintain those 9 rigs in the Permian for that operational consistency. And I assume there's been some good benefit from lower service costs? Or would you look to pivot back to a lower rig count?

關於天然氣戰略的討論很多。我想回到石油策略，有一些關於偏好營運一致性的評論。如果我們確實再次看到宏觀轉變，油價回落至 50 多美元，那麼我們是否傾向於維持二疊紀盆地的 9 個鑽井平台，以保持營運的一致性。我認為降低服務成本會帶來一些好處嗎？或者您希望重新降低鑽孔機數量？

Yes. I mean this goes back to what Tom was discussing earlier. We -- this is the reason we stress test our projects to very low crude prices, and they're very resilient in the face of that. And our operational cadence is important to us. As you mentioned, when those things happen, we tend to get lower service cost. And so assuming we're in a $50 world and not a COVID world, then yes, I would expect some consistent activity.

是的。我的意思是這又回到了湯姆之前討論的內容。這就是我們對我們的專案進行壓力測試以應對非常低的原油價格的原因，面對這種情況，我們的專案表現得非常有彈性。我們的營運節奏對我們來說很重要。正如您所說，當這些事情發生時，我們往往會獲得更低的服務成本。因此，假設我們處在一個 50 美元的世界，而不是 COVID 世界，那麼是的，我預計會有一些持續的活動。

Yes, Scott, let me just add to that. Our business has changed. We still talk about rig numbers, and that's really not the way we think about it. It's how many completion crews can we keep running consistently. That completion now is the majority of our capital expenditure. And the biggest disruption we can have is if we have to release completion crews and then bring them back in. So we really think about this in terms of completion crews. We may talk about rigs, but that's the driver of completion crews.

是的，斯科特，讓我補充一下。我們的業務已經發生了變化。我們仍在談論鑽孔機數量，但這實際上並不是我們思考問題的方式。關鍵在於我們能夠維持多少個完井隊伍持續運作。現在完成的是我們的資本支出的大部分。我們可能遇到的最大干擾是，我們必須釋放完工隊伍，然後又讓他們回來。所以我們確實從完工隊伍的角度來考慮這個問題。我們可能會談論鑽孔機，但那是完井隊的驅動力。

I think also reinvestment rates is an advantaged part of our story and our strategy. And I think right now, we're hovering around 50%, and we've got some headroom as prices move down to absorb a little bit more reinvestment rate without having to cut capital.

我認為再投資率也是我們的故事和策略的優勢部分。我認為現在我們的利率徘徊在 50% 左右，隨著價格下降，我們還有一定的空間來吸收更多的再投資率，而不必削減資本。

I appreciate that. And then coming back to the Harkey wells, the new well design you made on the incremental Harkey wells on Windham Row, how much of that cost? And you mentioned that the water issue doesn't appear to be an issue across the broader Culberson County. But are you thinking about applying that well design -- the new enhanced well design across Culberson out of an abundance of caution? Or is that not really necessary?

我很感激。然後回到哈基井的問題，您在溫德姆街的增量哈基井上進行的新井設計花費了多少？您提到，水問題似乎不是整個卡爾伯森郡的問題。但是，您是否考慮過在卡爾伯森地區應用這種井設計—新的增強井設計，以確保謹慎？或者說這真的沒有必要？

Yes, Scott, I'd say, in general, we're very focused on making sure we always have great mechanical isolation across any disposal zone. And so for these wells we were talking about today, that was a change in cement design, but we're also looking at casing designs, casing set points, things like that. And then we have to be very specific about where we are in the field and where isolation points are. So we're very focused on that, but the goal is simple, make sure we have great mechanical isolation no matter where we put a well in the ground.

是的，斯科特，我想說，總的來說，我們非常注重確保在任何處置區始終具有良好的機械隔離。因此，對於我們今天討論的這些井，這是水泥設計的改變，但我們也在研究套管設計、套管設定點等。然後我們必須非常明確我們在現場的位置以及隔離點的位置。因此，我們非常關注這一點，但目標很簡單，確保無論我們在地下的哪個位置打井，都能獲得良好的機械隔離。

Kalei Akamine, Bank of America.

卡雷‧阿卡明 (Kalei Akamine)，美國銀行。

This first question is on use of cash. You kind of touched on this in your opening remarks that the term loan is a big near-term priority. The argument for a more aggressive buyback, however, is that your share price is currently at a discount and that you don't have a balance sheet problem, you're actually in really good shape. So why not shift priorities and focus more on the buyback?

第一個問題是關於現金的使用。您在開場白中提到了這一點，定期貸款是近期的一大優先事項。然而，更積極回購的理由是，你的股價目前處於折扣狀態，而且你沒有資產負債表問題，你的狀況實際上非常好。那麼為什麼不改變優先事項並更多地關注回購呢？

Well, I'll hit that one. But listen, we -- number one, we've been consistent about the priority and what it's -- look, it's part of our culture is to have a conservative financial profile and credit profile. But I think more importantly, to your question, we see repaying these term loans, getting back to home, as we call it, is really a facilitator for more -- one, taking volatility out of the system, which we think benefits our shareholders.

好吧，我就打那個。但聽著，我們——首先，我們始終堅持優先考慮的事情——看，這是我們文化的一部分，即擁有保守的財務狀況和信用狀況。但我認為，對於您的問題，更重要的是，我們認為償還這些定期貸款，回到家裡，正如我們所說的那樣，實際上可以促進更多的事情 - 第一，消除系統的波動性，我們認為這對我們的股東有利。

And then two, facilitating a return to a more robust and consistent buyback phase sort of along the lines of what we're discussing with Betty earlier. So we see actually debt paydown is consistent with long-term buyback strategy and getting there as quickly as we can. Now that being said, we've talked about having some back-end weighted repurchases in this year if cash flow holds up. Year-to-date, cash flow has held up.

其次，促進回歸更強勁且一致的回購階段，類似我們先前與貝蒂討論的內容。因此，我們看到，債務償還實際上與長期回購策略是一致的，而且我們會盡快實現這一目標。話雖如此，我們已經討論過如果現金流保持穩定，今年將進行一些後端加權回購。今年迄今為止，現金流保持穩定。

And so that's good. And to your point, at current prices, that relative attractiveness, it's not lost on us. So yes, I wouldn't be surprised if the pace of buybacks picks up relative to what it's been in the first half of the year.

這很好。正如您所說，以目前的價格來看，這種相對的吸引力我們並沒有忽視。所以，是的，如果回購速度相對於今年上半年加快，我不會感到驚訝。

I appreciate that perspective. My second question is on federal lease sales in New Mexico. Following the big day for bill, I think those lease sales tend to become more frequent. How do you think about using those lease sales to add to your position? Do you see it becoming a more material part of your capital budget going forward?

我很欣賞這種觀點。我的第二個問題是關於新墨西哥州的聯邦租賃銷售。在比爾的大日子之後，我認為這些租賃銷售將會變得更加頻繁。您如何考慮利用這些租賃銷售來增強您的地位？您是否認為它會成為您未來資本預算中更重要的一部分？

We hope so. There was a day not too many years ago when federal lease sales were a really important part of the calendar. And over the last few years, there's been a complete absence of them or near complete absence of them. They're going to be competitive. You're going to see some headline prices for acreage. Federal leases are highly desirable leases, but we're going to be in that game, and we're going to be competitive.

我們希望如此。不久前，有一天聯邦租賃銷售是日曆上非常重要的一環。但在過去的幾年裡，它們完全消失了，或者幾乎消失了。他們將會具有競爭力。您將會看到一些土地面積的整體價格。聯邦租賃是非常理想的租賃，但我們將參與其中，並且我們將具有競爭力。

David Deckelbaum, TD Cowen.

大衛·德克爾鮑姆（David Deckelbaum），TD Cowen。

Just was curious on just how you're thinking about the Mid-Con in terms of demand and capital over the next couple of years, particularly just given the movement to more 3 milers this year. How quickly can like a 3-miler program become part of the Mid-Con go forward?

只是很好奇，您如何看待未來幾年 Mid-Con 的需求和資本，特別是考慮到今年 3 英里跑的趨勢。3 英里跑項目多久能成為 Mid-Con 的一部分？

I'm going to throw that one to Michael Deshazer, who's over our business units.

我要把這個問題交給負責我們業務部門的 Michael Deshazer。

Thank you, David. Yes. The 3-mile projects are unique in that, a lot of the development is already in place in ( Hana field ), where we operate in our 3 different areas of Lone Rock, up dip and down dip. So we are going through all of our inventory right now and understanding where can we extend 3-mile laterals because we've seen the profitability increase of those in all of our basins.

謝謝你，大衛。是的。3 英里專案的獨特之處在於，許多開發工作已經在 Hana 油田進行，我們在 Lone Rock 的 3 個不同區域（上傾角和下傾角）開展業務。因此，我們現在正在檢查所有的庫存，並了解我們可以在哪裡延伸 3 英里的水平井，因為我們已經看到所有盆地中這些水平井的盈利能力都有所提高。

The project that's scheduled to come on in Q4 was an opportunity where we could easily add on that third mile lateral, and we were excited to do that. But I think it will be a longer-term transition and we will have -- because of the way the units have been set up as 2 miles in the past, we won't be able to move all of that program to 3 miles over time.

計劃於第四季度啟動的項目為我們提供了一個機會，讓我們可以輕鬆添加第三英里的橫向管道，我們很高興這樣做。但我認為這將是一個長期的過渡，而且由於過去單位的設置方式是 2 英里，因此我們無法隨著時間的推移將所有項目轉移到 3 英里。

Appreciate the color there, Michael. And maybe just Blake, on the remaining Harkey wells or the 22 that are dewatering, do you guys have an anticipated timeline on how long these wells would take to dewater before looking to go back and remediate and return to sales?

欣賞那裡的色彩，麥可。也許只是布萊克，關於剩下的哈基井或正在脫水的 22 口井，你們是否有一個預計的時間表，即這些井需要多長時間才能脫水，然後才能回去修復並恢復銷售？

No. I mean that's why we really -- we covered in the remarks, we mentioned the gradual build over time, and that's really what we're expecting. And that's also why we're not using it to add to our oil guide this year. We do think it's just going to be a slow gradual build over time. And so we've derisked those volumes this year, and we'll see how they clean up through time.

不。我的意思是，這就是為什麼我們真的——我們在評論中提到了隨著時間的推移而逐步建設，而這正是我們所期待的。這也是為什麼我們今年不使用它來補充石油指南的原因。我們確實認為這只是一個隨著時間的推移而緩慢漸進的過程。因此，我們今年已經降低了這些交易量的風險，我們將觀察它們隨著時間的推移如何清理。

Derrick Whitfield, Texas Capital.

德瑞克·惠特菲爾德，德州首府。

Congrats on your update. With my first question, I wanted to lean in on the power gen opportunity for Coterra and the success you've experienced in achieving power sales agreements. As this has been an elusive seat for many of your Permian peers, how would you characterize what's leading to your success and how you're positioning Coterra as a partner?

恭喜您更新。我的第一個問題是想了解 Coterra 的發電機會以及您在達成電力銷售協議方面取得的成功。由於這個席位對於您的許多 Permian 同行來說都是難以企及的，您如何描述導致您成功的因素以及您如何將 Coterra 定位為合作夥伴？

Yes. Thanks, Derrick. A lot of really hard work is really the only answer to that question. Our marketing team started talks to lots of folks and talks to folks all over the country. But this opportunity is years in the making. We had to find a wonderful partner in CPV who frankly just really understood the market for what it was. There's -- the Permian has a disadvantaged gas price and a strong power demand. It's a great place to build power plants. But for us, we have to have something differentiated also.

是的。謝謝，德里克。大量的艱苦工作才是這個問題的唯一答案。我們的行銷團隊開始與許多人交談，並與全國各地的人們進行交談。但這個機會需要多年的時間才能實現。我們必須在 CPV 中找到一個優秀的合作夥伴，坦白說，他真正了解這個市場。二疊紀盆地的天然氣價格處於劣勢，但電力需求旺盛。這裡是建造發電廠的絕佳地點。但對我們來說，我們也必須有一些差異化的東西。

We can't just sell gas at Waha. We already have that opportunity every day. And so those 2 things came together over lots and lots of negotiations, and we were able to find a deal that worked great for both parties. And so those tend to be more the exception than the rule or we would be announcing a lot more of them. But our team knows exactly what we're looking for, and we're very diligent. We stay at it.

我們不能只在 Waha 銷售汽油。我們每天都有這樣的機會。經過多次談判，這兩件事終於達成了，我們最終達成了對雙方都有利的協議。因此，這些往往是例外而不是規則，否則我們會宣布更多這樣的消息。但我們的團隊清楚地知道我們在尋找什麼，而且我們非常勤奮。我們堅持下去。

Let me add to that. Our experience, whether it's power or dealing with some of our LNG purchasers, if you don't have an investment- grade balance sheet and a good reputation, you don't get pass the initial conversations. So that's certainly been an asset for us. And then as far as this power deal, we're really thrilled to have it from a pricing standpoint.

讓我補充一下。我們的經驗是，無論是電力還是與一些液化天然氣購買者打交道，如果你沒有投資等級資產負債表和良好的聲譽，你就無法通過初步談判。所以這對我們來說無疑是一筆財富。就這項電力交易而言，從定價的角度來看，我們真的很高興能達成它。

But another element of this that hopefully is not lost is the access to power. In addition to the pricing, we have the ability to purchase additional power and availability of power is a growing concern in the Permian Basin. So it really ticks both those boxes.

但希望不會失去的另一個要素是權力的取得。除了定價之外，我們還有能力購買額外的電力，而電力的可用性是二疊紀盆地日益受到關注的問題。所以它確實滿足了這兩個條件。

Yes. I'll just as a reminder, we have 2 great power deals in the Marcellus. So this is now our third power deal. We now have access to PJM power pricing and ERCOT power pricing, which we love having in our portfolio.

是的。我只是想提醒一下，我們在馬塞勒斯有兩項偉大的權力交易。這是我們目前的第三筆電力交易。我們現在可以獲得 PJM 電力定價和 ERCOT 電力定價，我們很高興將它們納入我們的投資組合中。

Great. And then for my follow-up, I wanted to focus on the Anadarko. While capital costs are down 18% per foot year-over-year, Anadarko D&C is the highest among your 3 assets. If we were to think about a greater capital allocation and/or longer wells in general, how much further could you compress costs if you were to lean into that asset given the constructive gas backdrop we have?

偉大的。接下來，我想專注於阿納達科。儘管每英尺資本成本年減 18%，但 Anadarko D&C 的資本成本是三項資產中最高的。如果我們總體上考慮更大的資本配置和/或更長的油井，那麼在我們所擁有的建設性天然氣背景下，如果您依靠該資產，您還能將成本壓縮多少？

Yes. Thanks for that question, Derrick. I think the Anadarko is -- it has some huge advantages. One, it's a pressured basin with really highly productive wells. But that can be a negative on the cost side because they are more expensive to drill, as you've pointed out. The lateral length extensions that you see on our upcoming projects will definitely help drive that cost down as well as all of our technology that we're deploying from the Permian and the Marcellus in terms of getting our facilities costs and our completion costs down.

是的。謝謝你的提問，德里克。我認為阿納達科具有一些巨大的優勢。首先，這是一個壓力盆地，擁有高產量油井。但正如您所指出的，這對成本方面來說可能是不利的，因為鑽探成本更高。您在我們即將開展的專案中看到的橫向長度延伸肯定將有助於降低成本，以及我們在二疊紀和馬塞勒斯部署的所有技術，以降低我們的設施成本和完井成本。

As we continue to run our frac fleet through this 2- and 3-mile project that we're on right now, we're excited to see where that could go if we had that consistent frac crew. But in the Anadarko, with the scale of where we're at right now, we don't have a consistent crew. And I think that's another piece of that puzzle that's missing compared to, let's say, the Permian, where we have 3 active frac fleets.

隨著我們繼續在目前正在進行的這個 2 英里和 3 英里的項目中運行我們的壓裂船隊，我們很高興看到如果我們擁有一支穩定的壓裂隊伍，項目將取得怎樣的進展。但在阿納達科，就我們目前的規模而言，我們沒有一支穩定的工作人員。我認為，與二疊紀盆地相比，這是難題中缺少的另一部分，我們在二疊紀盆地有 3 個活躍的壓裂艦隊。

And I would say, while it may have the highest per foot cost, it also generally over the course of the year has the best price realizations on the gas side for us and the NGL side for us. Ultimately, we always look at returns of these assets, and we think that the returns even at these higher dollar per foot values you see compete heads up with the other basins.

我想說，雖然它的每英尺成本可能是最高的，但總體而言，它在一年中對我們來說，天然氣方面和 NGL 方面的價格實現情況也是最好的。最終，我們始終關注這些資產的回報，我們認為，即使每英尺價值更高，其回報仍可與其他盆地相媲美。

Matt Portillo, TPH.

馬特·波蒂略，TPH。

You've had some phenomenal success in results in the Dimock box. I was just curious if you might be able to provide some color on how many additional locations do you see in the area and maybe timing of development for those pads moving forward?

您在 Dimock 盒子中取得了一些非凡的成功。我只是好奇，您是否可以提供一些信息，說明您認為該地區還有多少其他地點，以及這些地點未來的開發時間？

Yes. We're -- I'll just answer it this way, Matt. We'll be Dimock box wells here for the next year or 2. We're not prepared to give well counts. But they are phenomenal wells. They're truly phenomenal wells. And the other thing I'll say is just from a community standpoint, we're really happy that a lot of royalty owners and landowners that hadn't been able to participate in the royalties are fully participating. And it's just nice. It's nice for the community. So we'll be drilling in the Dimock box here for the next year or 2.

是的。我們——我就這麼回答吧，馬特。未來一兩年內，我們將在這裡建造迪莫克箱井。我們還沒準備好給出井數。但它們確實是非凡的井。它們確實是非凡的井。我想說的另一件事是，從社區的角度來看，我們真的很高興看到許多之前無法參與特許權使用費徵收的特許權使用人和土地所有者都充分參與了。這真是太好了。這對社區來說是件好事。因此，我們將在未來一兩年內在迪莫克箱體中進行鑽探。

That's great. And then maybe just a follow-up on the Northeast. I was curious if you might be able to talk about your views specifically in Northeast PA on the opportunity set around power demand growth. A lot of your peers in the Southwest PA have provided context in terms of their opportunity set. And then in addition to that, I was curious if you might be able to talk about your updated views on infrastructure opportunities in the region and the ability to potentially market gas further away from the field.

那太棒了。然後也許只是對東北地區的後續關注。我很好奇您是否可以具體談談您對賓州東北部電力需求成長機會的看法。賓州西南部的許多同行都提供了他們的機會背景。除此之外，我很好奇您是否可以談談您對該地區基礎設施機會的最新看法，以及在油田以外地區銷售天然氣的潛在能力。

Well, I'll tee that up and Blake will comment. It's -- the opportunity set is rapidly evolving. Now others have said, and we will also say that a long-term commitment at in-basin pricing is not very interesting to us. We have access to in-basin pricing without making long- term commitment. So if we're going to make long-term commitment to generation -- power generation, we'd really like to have some kind of price structure that underwrites that investment.

好吧，我會開始，然後布萊克會發表評論。機會正在迅速演變。現在其他人已經說過，我們也會說，我們對流域內定價的長期承諾並不是很感興趣。我們無需做出長期承諾即可享受流域內定價。因此，如果我們要對發電做出長期承諾，我們真的希望有某種價格結構來承保這項投資。

As far as infrastructure, there's a lot of movement of infrastructure in the Northeast. We are optimistic. But again, we're going to need to have customers that are willing to make a commitment for the product. We're just not interested in committing to long-haul transportation without purchasers on the terminus of that, that are willing to have a price that's constructive.

就基礎設施而言，東北地區的基礎設施建設正在大力推進。我們很樂觀。但同樣，我們需要有願意對產品做出承諾的客戶。如果終點站沒有購買者，而且他們不願意接受合理的價格，那麼我們就不會對長途運輸感興趣。

Blake, do you want to add anything to that?

布萊克，你還有什麼要補充的嗎？

I just -- on the power side, what's going on in Pennsylvania is very exciting. We're seeing lots of movement and all the right players are coming to the table on these things. So the power growth looks real. But I'd just echo what Tom said. It still has to be differentiated for Coterra. We can't just sign up for long-term in-basin sales.

我只是——在電力方面，賓州發生的事情非常令人興奮。我們看到了很多動向，所有合適的參與者都參與這些事情。因此，電力成長看起來是真實的。但我只是想重複湯姆所說的話。對於 Coterra 來說，它仍然需要有所區別。我們不能僅僅簽署長期的盆地內銷售協議。

And really, the long-haul projects are the exact same math if we're going to move gas out of basin and take on those commitments, we need to have either a differentiated price, different market that we really believe in or we need to have a price structure that really helps underwrite those investments that are ultimately going to fill those pipes.

事實上，如果我們要將天然氣運出盆地並承擔這些承諾，那麼長期項目是完全相同的數學計算，我們需要有一個差異化的價格，一個我們真正相信的不同市場，或者我們需要有一個價格結構，真正有助於承保那些最終將填補這些管道的投資。

Phillip Jungwirth, BMO Capital Markets.

Phillip Jungwirth，BMO 資本市場。

Can you expand more on the comment about delineation of zones across the Avant acreage, what you've derisked to date or could by year-end? And then how does this compare to the acquisition underwriting on the upper end of locations?

您能否進一步闡述關於 Avant 土地區域劃分的評論，以及您迄今為止已經降低的風險或到年底可以降低的風險？那麼這與高端地點的收購承銷相比如何？

Yes, this is Michael. Obviously, the Northern Delaware Basin, the main intervals that operators have historically attacked have been in the Third Bone Spring sand and the Second Bone Spring sand. What we've seen is a lot of operators have focused that drilling activity in those 2 intervals. We're excited to see that some of the shallower intervals in the First Bone Spring and Avalon shown tremendous results as you move north.

是的，我是麥可。顯然，在北特拉華盆地，作業者歷史上攻擊的主要層段是第三骨泉砂層和第二骨泉砂層。我們看到很多操作員都將鑽井活動集中在這兩個間隔內。我們很高興地看到，隨著向北移動，First Bone Spring 和 Avalon 中的一些較淺的區間顯示出了巨大的效果。

And so that's -- but it's more geologically driven. In those reservoirs, you have to be more specific about where you're drilling. It's not a blanket play. We think that plays to our strengths of being highly geologically driven and that attention to detail where we place our laterals, what spacing looks like, what frac design looks like. And so that's what we're seeing in terms of results there.

但這是更受地質因素影響。在這些油藏中，你必須更具體地了解鑽探的位置。這不是一場一刀切的行動。我們認為，這充分發揮了我們高度重視地質工作的優勢，並且注重細節，包括水平井的放置位置、間距、壓裂設計等。這就是我們所看到的結果。

That's about as much details we want to get into in terms of what additional ideas we have. Obviously, the First Bone Spring and Avalon are well known at this point, but we're also excited about other intervals that we see that we're trying to attack up there as well.

就我們擁有的其他想法而言，這就是我們想要了解的全部細節。顯然，First Bone Spring 和 Avalon 目前已廣為人知，但我們也對我們試圖征服的其他區間感到興奮。

Okay. Great. And then maybe more specifically on Appalachia marketing. Williams did discuss a new agreement for Northeast Supply Enhancement, which we add $400 million a day to North Jersey and New York markets, more indirectly, but would you see this benefiting Coterra? And then would something like this make constitution less attractive from a producer standpoint?

好的。偉大的。然後也許更具體地討論阿巴拉契亞行銷。威廉斯確實討論了一項關於東北供應增強的新協議，我們以更間接的方式每天向新澤西北部和紐約市場增加 4 億美元，但您認為這會給科特拉帶來好處嗎？那麼從生產者的角度來看，這樣的事情是否會降低憲法的吸引力呢？

Yes. I mean we're very involved in all those discussions. I just kind of -- whether it's Constitution or (NYSE) or whatever FT deal is, it's the same math we've been talking about. It's got to provide us either diversity or price enhancement over and above what we can get in the current portfolio. And we're excited about these deals because that's bringing new markets to the table, and that's how we can possibly get some price enhancement in the portfolio. So we'll see where they go.

是的。我的意思是我們非常參與所有這些討論。我只是有點——無論是憲法還是（紐約證券交易所）或任何金融時報交易，我們談論的都是相同的數學。它必須為我們提供超出我們目前投資組合所能提供的多樣性或價格提升。我們對這些交易感到非常興奮，因為它們帶來了新的市場，而且這也是我們有可能提高投資組合價格的方式。所以我們會看看他們會去哪裡。

Yes. (NYSE) and Constitution are both top-of-mind items for a lot of people. It makes sense. The way it's been prioritized is (NYSE) has kind of been prioritized above constitution. And the reason for that is (NYSE) has more immediate access to a market. There are fewer dominoes that have to fall for (NYSE) to make sense. So we're watching both those with great interest.

是的。紐約證券交易所 (NYSE) 和憲法都是很多人最關心的事情。這是有道理的。它的優先順序（紐約證券交易所）在某種程度上已經高於憲法。原因是紐約證券交易所 (NYSE) 可以更直接進入市場。需要倒下的骨牌 (NYSE) 數量越少就越有意義。因此，我們非常感興趣地關注著這兩者。

Paul Cheng, Scotiabank.

加拿大豐業銀行的 Paul Cheng。

Two quick questions. First, based on the comment that you guys made earlier is that means that Anadarko could be an area of interest for M&A?

兩個簡單的問題。首先，根據你們先前的評論，這是否意味著阿納達科可能成為併購感興趣的領域？

Well, look, Anadarko had some great netbacks. We're bringing on a project now we've talked about in the past that is phenomenally productive from a gas standpoint. You also have natural gas liquids and the profitability is great. We're in a competitive environment. We're not going to comment on M&A in any particular area. But we have a great position, great inventory in Anadarko, and it really is a solid part of our portfolio.

嗯，你看，阿納達科有一些很棒的淨回報。我們現在正在啟動一個我們過去討論過的項目，從天然氣的角度來看，該項目非常富有成效。你們還有天然氣液體，而且獲利能力很強。我們處在一個競爭激烈的環境中。我們不會對任何特定領域的併購發表評論。但我們在阿納達科擁有良好的地位和豐富的庫存，它確實是我們投資組合中堅實的一部分。

And Tom, on the -- it looked like that you guys like value the power netback contracts. Is there a target in terms of percent of your gas volume, you would like to be in that type of contracts or that you think higher is better?

湯姆，看起來你們很重視電力淨回值合約。就您的天然氣量百分比而言，是否有一個目標，您希望簽訂這種類型的合同，或者您認為越高越好？

Well, let me bounce pass that to Blake. We do like power contracts. But Blake --

好吧，讓我把這個傳給布萊克。我們確實喜歡電力合約。但布萊克--

Yes, I wouldn't say we have a specific target. Really, what we're always doing with our entire sales portfolio is we're looking at long- term sales we can take on to give us diversity and price enhancement. And then we're balancing that with long-term growth plans and how many future volumes we want to commit to these deals. So that's a very dynamic thing that moves through time.

是的，我不會說我們有一個特定的目標。實際上，我們對整個銷售組合所做的始終是尋找可以承擔的長期銷售，以實現多樣性和價格提升。然後，我們將根據長期成長計劃以及我們希望在這些交易中投入多少未來交易量來平衡這一點。所以這是一個隨著時間而變化的非常動態的事物。

And you've seen us step into that more and more, and a lot of that's underwritten just in the confidence of our assets and deliver these volumes over the long haul.

你已經看到我們越來越多地涉足這一領域，其中許多都是基於我們對資產的信心而承保的，並且會在長期內交付這些數量。

Leo Mariani, ROTH Capital Partners.

羅仕證券資本合夥公司的 Leo Mariani。

I wanted to see if you can provide a little bit more color on the Franklin Mountain and Avant acquisitions here. It's made earlier comments, they've been kind of fully integrated. Can you speak and maybe quantify some of the recent results. You talked about testing some other zones there, which sounds encouraging. But can you kind of provide a little bit more of an update on how results have maybe trended on the wells versus the prior operator and how costs have trended versus the prior operator?

我想看看您是否可以提供更多有關富蘭克林山和 Avant 收購的詳細資訊。它已經做出了早期的評論，它們已經完全整合了。您能否談談並量化一些最近的結果？您談到在那裡測試一些其他區域，這聽起來令人鼓舞。但是，您能否提供更多有關與之前的運營商相比，油井結果趨勢如何以及與之前的運營商相比，成本趨勢如何的最新信息？

Leo, thanks for that question. Yes, when we said that the Franklin Mountain and Avant assets are now integrated. What we were really thinking about there is that our field operations, our safety procedures, our rigs and frac crews and everyone's on the same team now. And that's really important anytime you acquire assets or a company is getting that culture all the way through that new acquisition asset.

Leo，謝謝你的提問。是的，我們說過富蘭克林山和 Avant 資產現在已經整合。我們真正考慮的是，我們的現場作業、我們的安全程序、我們的鑽孔機和壓裂人員以及現在每個人都在同一個團隊中。無論何時，當您收購資產或公司透過新收購的資產來獲得這種文化時，這一點都非常重要。

In the case of the individual well results, obviously, we had an expectation for all of the wells that were in progress before the acquisition. And all of those wells are meeting those expectations. It's really about right now where Coterra has been able to put their stamp on all of the well results going forward because we're getting to choose well spacing and frac design from here on out.

就單一油井的結果而言，顯然，我們對收購前正在進行的所有油井都有預期。所有這些油井都滿足了這些預期。現在，Coterra 已經能夠對所有未來的油井結果產生影響，因為從現在開始，我們將可以選擇井距和壓裂設計。

And so our message is that the expectations we had entering into the acquisition, all of those wells that were in progress, we're meeting or exceeding those expectations. And from here on out, you should expect Coterra results.

因此，我們的訊息是，我們在收購時所抱持的期望，以及所有正在建設中的油井，我們都達到或超越了這些期望。從現在開始，您應該可以期待 Coterra 的結果。

And that is the end of the question-and-answer session. I would now like to pass the call over to Tom Jorden for closing remarks.

問答環節到此結束。現在我想請湯姆喬登 (Tom Jorden) 致閉幕詞。

Yes. I just want to thank everybody for joining us. And in closing, we are on delivering what we promise as always. And when we say consistent profitable growth, you've heard us say loud and clear, the growth we're going to deliver is growth in free cash flow, and we want Coterra to be known as free cash flow machine with great durability. With that, thank you very much.

是的。我只想感謝大家的加入我們。最後，我們將一如既往地兌現我們的承諾。當我們說持續獲利成長時，您已經聽到我們大聲且明確地表示，我們將要實現的成長是自由現金流的成長，我們希望 Coterra 被稱為具有強大持久力的自由現金流機器。非常感謝。

This concludes today's conference call. You may now disconnect your lines. Have a pleasant day, everyone.

今天的電話會議到此結束。現在您可以斷開線路了。祝大家有個愉快的一天。