Coterra Energy Inc (CTRA) 2025 Q3 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to today's Coterra Energy third quarter 2025 earnings call. (Operator Instructions) I would now like to turn the call over to Dan Guffey, Vice President of Finance, Investor Relations, and Treasurer. Dan?

感謝您的耐心等待。在此，我謹代表 Coterra Energy 向大家歡迎參加今天的 2025 年第三季財報電話會議。（操作員指示）現在我將把電話交給財務、投資者關係和財務主管副總裁丹·古菲。擔？

Thank you, Greg. Good morning, and thank you for joining Coterra Energy's third 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 Michael Deshazer, Executive Vice President of Operations. Blake Sirgo, 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，格雷格。早安，感謝各位參加 Coterra Energy 2025 年第三季財報電話會議。今天的演講將包括董事長、執行長兼總裁湯姆喬丹、執行副總裁兼財務長肖恩楊以及營運執行副總裁邁克爾德沙澤的概述。業務部門執行副總裁布萊克·西爾戈也在現場回答問題。在我們發言完畢後，我們將進入問答環節，回答大家的問題。

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

再次提醒大家，在今天的電話會議上，我們將根據目前的預期發表一些前瞻性聲明。此外，我們的一些評論會提及非GAAP財務指標。前瞻性聲明和其他免責聲明以及與最直接可比較的 GAAP 財務指標的調節表已在我們的盈利報告和更新的投資者演示文稿中提供，這兩份文件均可在我們的網站上找到。這樣，我就把電話交給湯姆了。

Thank you, Dan, and thank you to all who are listening this morning. Coterra had a strong third quarter and is on track to deliver on the ambitious annual goals that we set for ourselves for the full year 2025. Furthermore, we released a soft guide to our coming three-year plan update that shows that we remain committed to a long-term path of consistency, profitable growth, and value creation for shareholders.

謝謝你，丹，也謝謝今天早上所有收聽節目的朋友們。Coterra 第三季業績強勁，預計將實現我們為自己設定的 2025 年全年宏偉目標。此外，我們還發布了一份關於即將推出的三年計劃更新的簡要指南，其中表明我們仍然致力於走一條長期穩定、盈利增長並為股東創造價值的道路。

I want to give a shout out to our field and office personnel who have worked valiantly to deliver results as promised and to do so safely with environmental integrity and with a relentless focus on maximizing full cycle returns. We could not be prouder of our organization and their commitment to excellence.

我要特別感謝我們的現場和辦公室工作人員，他們英勇努力地兌現了承諾，在保證環境安全的前提下，始終堅持以最大化全週期收益為目標，並取得了預期成果。我們為我們的組織及其對卓越的追求感到無比自豪。

We delivered on all fronts during the third quarter. Our volumes on gas, oil, and barrel of oil equivalent came in above the midpoint of our guidance. We delivered outstanding returns on invested capital with great capital efficiency.

第三季度，我們在各方面都取得了成果。我們的天然氣、原油和原油當量銷售量均高於我們預期的中點。我們以極高的資本效率實現了優異的投資回報。

The integration of the Lea County assets that we acquired early in the year has gone well, and we are realizing significant uplift in asset performance, cost reductions and future inventory. Michael Deshazer will provide further details here.

今年年初我們收購的利縣資產的整合進展順利，我們在資產績效、成本降低和未來庫存方面都實現了顯著提升。Michael Deshazer 將在此提供更多詳情。

We plan to deliver a comprehensive updated three-year outlook with our fourth quarter release in February. Last night, however, we provided an early look into 2026, which demonstrates our multiyear commitment to growing revenue, cash flow, free cash flow, and profitability. As we see it today, we expect capital to be modestly down year over year while still achieving consistent profitable growth.

我們計劃在二月發布的第四季財報中，提供一份全面更新的三年展望報告。然而，昨晚我們提前展望了 2026 年，這表明我們致力於在未來多年內提高收入、現金流、自由現金流和盈利能力。根據我們目前的看法，我們預計資本支出將同比略有下降，但仍將實現持續獲利成長。

Our low breakevens and deep inventory, coupled with our balanced revenue between gas and oil assets, provides the opportunity to deliver through the cycles and maintain a degree of consistency that differentiates us.

我們較低的損益平衡點和充足的庫存，加上天然氣和石油資產之間的均衡收入，使我們有機會在週期性波動中保持穩定，從而脫穎而出。

We view our future entirely through a lens of increasing shareholder value, and we best achieve this by consistently making smart full-cycle investments through the commodity swings. I do want to emphasize that we are providing a soft guide for 2026 and final decisions are a work in progress.

我們完全從提高股東價值的角度看待未來，而實現這一目標的最佳方法就是在商品價格波動期間持續進行明智的全週期投資。我想強調的是，我們提供的只是 2026 年的初步指導，最終決定仍在製定中。

We are watching markets carefully. Oil markets have a lot of moving pieces. These include the timing and impact of Russian sanctions, the situation in Venezuela, Chinese and Indian behavior, and global economic robustness.

我們正在密切關注市場動態。石油市場涉及諸多變數。這些因素包括俄羅斯制裁的時機和影響、委內瑞拉局勢、中國和印度的行為以及全球經濟的穩健性。

While we have the projects and wherewithal to further increase our oil growth if warranted, we are remaining disciplined and not chasing growth in the current environment. Although capital may modestly flex up or down each year, our sole goal is to consistently grow our profitability and maximize our free cash flow.

雖然我們有能力也有資源在必要時進一步提高石油產量，但我們仍保持謹慎，在當前環境下不會盲目追求成長。儘管資本每年可能會有小幅波動，但我們唯一的目標就是持續提高獲利能力並最大限度地提高自由現金流。

We are living in rapidly changing times. The increase in LNG exports and growing electricity demand is constructive for the medium- and long-term outlook for natural gas. We are prepared to be patient and not front-run demand increases.

我們生活在一個快速變化的時代。液化天然氣出口增加和電力需求成長對天然氣的中長期前景具有正面意義。我們準備好保持耐心，不會搶先滿足市場需求。

Our marketing group is heavily engaged in discussions with counterparties seeking new natural gas supply arrangements to further diversify our portfolio, which already has committed 200 million cubic feet a day to recently announced LNG deals, 350 million cubic feet per day to (inaudible) Point LNG, 50 million cubic feet per day power -- Permian Power deal with CPV, and our 320 million cubic feet per day of natural gas supply deals to local power plants within the Marcellus.

我們的行銷團隊正積極與交易對手進行討論，尋求新的天然氣供應安排，以進一步實現投資組合多元化。目前，我們的投資組合已承諾每天供應 2 億立方英尺天然氣給最近宣布的液化天然氣交易，每天供應 3.5 億立方英尺天然氣給 Point LNG，每天供應 5000 萬立方英尺天然氣給 Permian Power（與 CPV 達成的電力交易），以及每天向馬塞勒斯頁岩氣田內的當地發電廠供應 3.2 億立方英尺。

While these deals total approximately 30% of Coterra's gas production, the team continues to bring fresh ideas to the table to further improve and diversify our portfolio. Our marketing team has a mandate to generate value, not press releases. We are confident that patience is prudent and that the future of natural gas will provide tremendous opportunities for Coterra. There is a lot happening under the hood.

雖然這些交易總計約佔 Coterra 天然氣產量的 30%，但團隊仍在不斷提出新的想法，以進一步改進和多元化我們的投資組合。我們的行銷團隊的任務是創造價值，而不是發布新聞稿。我們相信耐心是明智之舉，天然氣的未來將為 Coterra 帶來巨大的機會。這裡面有很多幕後操作。

We are also watching all markets carefully, as I said, the swing between optimism and pessimism here is remarkable. A tiny change in facts can drive huge swings in emotion. Coterra has a deep inventory of oil assets with one of the lowest breakeven portfolios in our sector. Our bias as steady as she goes without wild reactive swings.

正如我所說，我們也在密切關注所有市場，這裡樂觀和悲觀情緒之間的波動非常顯著。事實的微小變化就能引發巨大的情緒波動。Coterra擁有豐富的石油資產儲備，是業界損益平衡點最低的資產組合之一。我們的偏見像她一樣穩定，沒有劇烈的反應波動。

Before I turn the call over to Shane, you will note that Michael Deshazer will be delivering the operational summary today. Blake Sirgo is with us and will undoubtedly have the opportunity for comments. We recently switched the portfolios of Blake and Michael with Blake assuming oversight over our business units and Michael taking on our operational and marketing portfolios.

在我將電話轉交給 Shane 之前，請注意，Michael Deshazer 今天將作營運總結報告。布萊克·西爾戈也在我們這裡，他無疑有機會發表評論。我們最近調整了 Blake 和 Michael 的職責範圍，Blake 負責我們的業務部門，Michael 負責我們的營運和行銷工作。

This change was entirely driven by a desire to build redundancy in our skill sets and build broader depth of expertise on the executive team. We have a highly collaborative executive team that by design is broadly familiar with all aspects of our business. This change will further increase our flexibility, bring fresh eyes on critical issues, and provide an ability for both Michael and Blake to enlarge their impact. Every now and then, it is good to repot the plant.

這項變革完全是出於增強技能冗餘、提升高階主管團隊專業知識深度的願望。我們擁有一支高度協作的管理團隊，經過精心設計，對我們業務的各個方面都非常熟悉。這項變革將進一步提高我們的靈活性，為關鍵問題帶來新的視角，並使麥可和布萊克能夠擴大他們的影響力。時不時地幫植物換盆是件好事。

Finally, we know that many of you have seen the letter that (inaudible) released this morning. Although we think that it contains some factual errors, we have great respect for many of the thought pieces that the (inaudible) team has produced over the years and have had constructive engagement with them in the past.

最後，我們知道你們中的許多人都已經看到了今天早上發布的那封（聽不清楚）信。雖然我們認為其中存在一些事實錯誤，但我們非常尊重（聽不清楚）團隊多年來創作的許多思想性文章，並且過去曾與他們進行過建設性的交流。

We are disappointed that they have chosen to release a public letter without reaching out to us. Nonetheless, we are open to suggestions that can improve Coterra and as always, we will listen carefully consider ideas and be thoughtful in our response.

我們很失望，他們選擇在沒有聯絡我們的情況下就發表公開信。儘管如此，我們仍樂於接受任何能夠改進 Coterra 的建議，並且一如既往，我們會認真傾聽、考慮各種想法，並認真地回應。

With that, I will turn the call over to Shane for a financial summary.

接下來，我將把電話交給Shane，讓他做一份財務總結。

Thank you, Tom, and thank you, everyone, for joining us on this morning's call. Today, I'd like to cover three topics. First, I will quickly summarize a few key takeaways from our strong third quarter financial results. Then I'll provide our fourth quarter guidance and update to our full year 2025 guidance. Finally, I'll provide comments on our balance sheet and cash flow priorities for the remainder of the year.

謝謝湯姆，也謝謝各位參加今天上午的電話會議。今天，我想談三個話題。首先，我將快速總結我們強勁的第三季財務業績中的幾個關鍵要點。然後我將提供我們第四季的業績指引，並更新我們2025年全年的業績指引。最後，我將就我們今年剩餘時間的資產負債表和現金流量優先事項發表一些看法。

Turning to our performance during the quarter. Performance in all three business units exceeded expectations during the third quarter. Coterra's oil, natural gas, and BOE production each came in approximately 2.5% above the midpoint of our guidance.

接下來回顧我們本季的業績。第三季度，三大業務部門的業績均超乎預期。Coterra 的石油、天然氣和油當量產量均比我們預期的中位數高出約 2.5%。

Additionally, NGL production was strong, posting an all-time high for Coterra at around 136 MBO per day. In the Permian, we had 38 net turn in lines during the quarter, just below the low end of our guidance range. While the Anadarko and Marcellus had net turn in lines of [six and four], respectively, in line with expectations.

此外，NGL 產量強勁，Coterra 創下歷史新高，每日產量約 136 MBO。在二疊紀盆地，我們本季淨投產了 38 條生產線，略低於我們預期範圍的下限。阿納達科和馬塞勒斯分別有[6]和4]條淨轉角，符合預期。

We continue to expect TILs in all areas to be within our annual guidance ranges with the Permian being near the high end of the range. Pre-hedge oil and gas revenues came in at $1.7 billion, with 57% of revenues coming from oil production. This is up sequentially from 52% in the prior quarter and was driven by a substantial uptick in oil volumes of 11,300 barrels per day, an increase of above 7% above our second quarter levels. The Permian team continues to drive outstanding incremental production results.

我們繼續預計所有地區的TIL都將在我們年度指導範圍內，其中二疊紀盆地的TIL將接近該範圍的高端。對沖前的石油和天然氣收入為 17 億美元，其中 57% 的收入來自石油生產。這一比例較上一季的 52% 有所上升，主要得益於石油產量的大幅增長，日產量達到 11,300 桶，比第二季度水準增長超過 7%。二疊紀盆地團隊持續取得卓越的增產成果。

Cash operating costs totaled $9.81 per BOE, up 5% quarter over quarter due to production mix and higher workover activity, which we expect to moderate during the fourth quarter. Incurred capital in the third quarter were near the midpoint at $658 million.

現金營運成本總計為每桶油當量 9.81 美元，環比增長 5%，原因是產品組合變化和修井活動增加，我們預計這種情況將在第四季度有所緩解。第三季發生的資本支出接近中位數，為 6.58 億美元。

Discretionary cash flow for the quarter was $1.15 billion and free cash flow was $533 million after cash capital expenditures. Both of these figures benefited from negative current taxes for the quarter related to recent changes in US tax law.

本季可支配現金流為 11.5 億美元，扣除現金資本支出後，自由現金流為 5.33 億美元。這兩個數字都受惠於美國稅法近期變化導致的本季負當期稅額。

In summary, our strong third quarter results show continued improvement in capital efficiency as production exceeded expectations and capital remains on track. We continue to run a consistent and highly efficient activity cadence which we expect will continue to generate strong full cycle returns in the current price environment.

總而言之，我們強勁的第三季業績表明，資本效率持續提高，生產超出預期，資本運作也保持正常。我們將繼續保持穩定且高效的活動節奏，預計在當前的價格環境下，這將繼續產生強勁的全週期回報。

Looking ahead to the fourth quarter and the full year 2025. During the fourth quarter of 2025, oil production is expected to be 175 MBoe per day at the midpoint, an increase of over 8,000 barrels per day or another 5% increase quarter over quarter. We expect total production to average between 770 and 810 MBoe per day and natural gas to be between 2.78 and 2.93 Bcf per day.

展望2025年第四季和全年。預計 2025 年第四季石油日產量中位數為 17,500 萬桶，比上一季增加 8,000 多桶，增幅達 5%。我們預計總產量平均每天在 770 至 810 百萬桶油當量之間，天然氣產量平均每天在 27.8 億至 29.3 億立方英尺之間。

We expect capital for the quarter to be around $530 million, significantly below the third quarter results as we wrapped up frac activity in the Anadarko late in the third quarter. For full year 2025, we are increasing annual MBoe per day production guidance 777 at the midpoint, a 5% increase from our initial guidance in February. We are maintaining the oil guidance midpoint at 160 MBoe per day while tightening the guidance range.

我們預計本季資本支出約為 5.3 億美元，遠低於第三季的業績，因為我們在第三季末結束了阿納達科油田的壓裂作業。對於 2025 年全年，我們將每日油當量產量預期中位數上調至 777 MBoe，比 2 月的初步預期高出 5%。我們將原油日產量指引中點維持在 16,000 萬桶油當量，同時收緊指引範圍。

Oil volumes from our acquired assets have been in line to slightly better than expected. Our legacy assets oil volumes are expected to deliver a high single-digit percentage growth rate year over year. This is similar to the rate of growth we have delivered during the prior three years.

我們收購資產的石油產量符合預期，或略優於預期。預計我們原有資產的石油產量將實現逐年高個位數百分比的成長。這與我們過去三年所實現的成長速度相似。

On natural gas, we are increasing the midpoint of our volume range to 2.95 Bcf per day, an increase of over 6% from our initial full year guidance in February. As previously indicated, we expect capital for the year to be approximately $2.3 billion, just above the midpoint of our initial guidance range in February as we have maintained the second Marcellus rig into the second half of the year.

天然氣方面，我們將產量範圍的中點提高到每天 29.5 億立方英尺，比 2 月我們最初的全年指導值增加超過 6%。正如之前所指出的，我們預計今年的資本支出約為 23 億美元，略高於我們在 2 月份給出的初步指導範圍的中點，因為我們將第二個馬塞勒斯鑽井平台的運營延長到了下半年。

Our annual expense guidance ranges remain unchanged, and we expect to be near the midpoint of the aggregate expense range for the full year. With regard to our three-year outlook provided in February, we remain highly confident in our ability to deliver results within those ranges from 2025 through 2027. This outlook is underpinned with a low reinvestment rate and improving capital efficiency and delivers attractive long-term value creation for our shareholders.

我們的年度支出指導範圍保持不變，我們預計全年總支出將接近該範圍的中點。關於我們在二月提出的三年展望，我們仍然非常有信心在 2025 年至 2027 年期間實現這些範圍內的業績目標。這一前景得益於較低的再投資率和不斷提高的資本效率，並為我們的股東帶來具有吸引力的長期價值創造。

While we are not prepared to provide specific 2026 guidance, a current snapshot suggests that capital should be down modestly year over year, while still maintaining production parameters laid out in our three-year guide we released in February.

雖然我們目前無法提供具體的 2026 年指導意見，但目前的概況表明，資本支出應該會同比略有下降，同時仍將保持我們在 2 月發布的三年指導意見中列出的生產參數。

At the same time, our low breakevens, low leverage, and operational flexibility, coupled with our hedge book, have Coterra well positioned in the event of high commodity price volatility in 2026.

同時，我們較低的損益平衡點、較低的槓桿率和營運彈性，再加上我們的避險組合，使得 Coterra 在 2026 年大宗商品價格劇烈波動的情況下處於有利地位。

Turning to shareholder returns on the balance sheet. For the third quarter, we announced a dividend of $0.22 per share. Those are one of the highest-yielding dividends in the industry at over 3.5% and demonstrates our confidence in the long-term durability, depth, and quality of our future inventory and free cash flow.

接下來我們來看看資產負債表上的股東回報。第三季度，我們宣布派發每股 0.22 美元的股息。這些股息殖利率在業界名列前茅，超過 3.5%，這表明我們對未來庫存和自由現金流的長期持久性、深度和品質充滿信心。

Additionally, during the third quarter, we repaid $250 million of outstanding term loans that were used as part of the financing of our acquisitions earlier this year, bringing our total term loan pay down to $600 million through the third quarter of 2025.

此外，在第三季度，我們償還了 2.5 億美元的未償定期貸款，這些貸款是今年稍早用於收購融資的一部分，使我們到 2025 年第三季的定期貸款償還總額降至 6 億美元。

In October, based on the progress we have made in retiring our term loans and the trading levels of our shares, we reinitiated our share buyback program. While we continue to make progress on our debt retirement goals during the fourth quarter, we'll be opportunistic in purchasing our shares.

10 月份，根據我們在償還定期貸款方面取得的進展以及我們股票的交易水平，我們重新啟動了股票回購計劃。在第四季繼續推進債務償還目標的同時，我們將伺機回購公司股票。

We ended the quarter with an undrawn $2 billion credit facility and a cash balance of $98 million for total liquidity of $2.1 billion. As of September 30, we had total debt outstanding of $3.9 billion, down from $4.5 billion at the closing of the acquisitions in January.

本季末，我們擁有未提取的 20 億美元信貸額度和 9,800 萬美元現金餘額，總流動資金為 21 億美元。截至 9 月 30 日，我們的未償債務總額為 39 億美元，低於 1 月收購完成時的 45 億美元。

We're making meaningful progress in executing on our priority of getting our leverage back to around 0.5 times net debt to EBITDA. Coterra remains committed to maintaining a top-tier fortress balance sheet that is strong in all phases of the commodity cycle. We believe this enables us to take advantage of market opportunities while protecting our shareholder return goals.

我們在實現將槓桿率恢復到淨債務與 EBITDA 比率約 0.5 倍的首要目標方面取得了實質進展。Coterra 始終致力於維持一流的穩健資產負債表，使其在商品週期的各個階段都保持強勁。我們相信這使我們能夠在掌握市場機會的同時，保障股東回報目標的實現。

In summary, Coterra (inaudible) delivered another quarter of high-quality results across all three business units. We continue to enhance capital efficiency through higher productivity and lower cost per foot completed. Our consistent activity has continued to deliver meaningful oil production growth throughout the year while raising the bar on both natural gas and BOE production.

總而言之，Coterra（聽不清楚）在所有三個業務部門又一個季度取得了高品質的業績。我們透過提高生產力和降低每英尺完工成本，不斷提高資本效率。我們持續不斷的積極活動，在全年持續實現了石油產量的顯著增長，同時提高了天然氣和油當量產量的標準。

In 2025, we expect to generate substantial free cash flow of around $2 billion and approximately 60% increase over 2024, benefiting from both higher natural gas realizations and higher oil volumes from our acquired assets.

預計到 2025 年，我們將產生約 20 億美元的可觀自由現金流，比 2024 年增長約 60%，這得益於我們收購資產帶來的天然氣收益增加和石油產量增加。

While we continue to prioritize deleveraging, we see significant value in Cortera at current share prices. and are approaching buybacks opportunistically. In summary, Coterra has never been stronger or better positioned.

儘管我們仍將去槓桿化作為首要任務，但我們認為Cortera目前的股價具有巨大的價值，因此我們將伺機進行股票回購。總而言之，Coterra從未像現在這樣強大或處於如此有利的地位。

With that, I'm going to hand the call over to Michael to provide additional color and detail on our operations.

接下來，我將把電話交給邁克爾，讓他為我們提供有關我們行動的更多細節和資訊。

Thank you, Shane. Today, I will talk about our third quarter operational results and outlook will provide a business unit update, including the successful integration and upside to our Franklin Mountain and Avant acquisitions, and I will briefly touch on our marketing efforts.

謝謝你，肖恩。今天，我將談談我們第三季的營運表現和展望，並提供業務部門的最新情況，包括我們成功整合 Franklin Mountain 和 Avant 收購專案及其帶來的收益，我也會簡要地談談我們的行銷工作。

The third quarter was another well-executed quarter and we carried this operational momentum into the fourth quarter. On the activity front, we have a consistent nine-rig three crew program working in the Permian, one rig and one crew in the Marcellus, and one rig in the Anadarko. We expect to maintain this activity level during the fourth quarter.

第三季度又是一個執行良好的季度，我們將這種營運動能延續到了第四季。在作業方面，我們在二疊紀盆地有九台鑽機和三個作業隊持續作業，在馬塞勒斯盆地有一台鑽機和一個作業隊，在阿納達科盆地有一台鑽機。我們預計第四季將保持這一業務水平。

To reiterate what Shane touched on earlier, looking ahead to 2026, we expect 2026 capital to be down modestly year over year while still achieving the production ranges laid out in our 2025 through 2027 three-year outlook.

正如 Shane 先前提到的，展望 2026 年，我們預計 2026 年資本將同比略有下降，但仍將實現我們在 2025 年至 2027 年三年展望中製定的產量範圍。

While we are focused on consistent operations through the commodity cycles, we are maintaining maximum operational flexibility with no rigs or frac crews on long-term contracts. We expect to provide a comprehensive 2026 guidance and an updated three-year outlook in February.

雖然我們專注於在整個商品週期中保持穩定的運營，但我們保持最大的營運彈性，沒有簽訂長期合約的鑽井平台或壓裂作業隊。我們預計2月發布全面的2026年業績指引和更新後的三年展望。

The integration of our Franklin Mountain and Avant assets is complete, and our teams continued to outperform our expectations for synergies on these assets.

我們對富蘭克林山和阿凡特資產的整合已經完成，我們的團隊在這些資產的協同效應方面繼續超越預期。

I would like to spend a few minutes discussing our progress. When we announced the acquisition, there were many wells that were in various stages of development, and we made estimates of their productivity for our evaluation and for our full year production guidance.

我想花幾分鐘時間討論一下我們的進展。當我們宣布收購時，有許多油井處於不同的開發階段，我們對它們的產能進行了估算，以便進行評估並製定全年產量指導。

In November 2024, we announced a 2025 production estimate for the assets of 40,000 to 50,000 barrels of oil per day, assuming a full year contribution. When we updated our production guidance on our February call, after the actual close dates in late January of the assets were known, we maintained our annual production guidance because we liked how the assets were performing.

2024 年 11 月，我們宣布了 2025 年資產日產量預計為 4 萬至 5 萬桶石油，假設全年產量充足。在 2 月的電話會議上，我們更新了生產指導。當時，資產的實際交割日期已於 1 月下旬確定，我們維持了年度生產指導意見，因為我們對這些資產的表現感到滿意。

I am pleased to report that we continue to perform in line to above our production expectations for the acquired assets, giving us further confidence that there is upside relative to what was underpinned -- what underpinned the acquisition.

我很高興地報告，我們對收購資產的生產表現持續達到或超過預期，這讓我們更加確信，相對於收購所依據的基礎而言，還有成長空間。

On the capital side of the acquisition, we have realized a 10% reduction in our total well cost as measured in dollars per foot by applying our Coterra best practices at scale across the assets. A few of the efficiencies I would like to point out are our optimized and standardized whole size and casing designs, which have reduced our drilling times from 15 to 13 days for a standard 2-mile lateral.

在收購的資本方面，我們透過在所有資產中大規模應用 Coterra 最佳實踐，實現了每英尺油井總成本降低 10%（以美元計）。我想指出的幾項效率提升措施包括我們優化和標準化的整體尺寸和套管設計，這使得標準 2 英里水平井的鑽井時間從 15 天縮短到 13 天。

And on the completion front, we have seen that implementing our proven stimulation designs that have been evaluated across the basin and tailored for each landing zone as well as our scale in the Permian has allowed us to reduce service costs.

在完井方面，我們發現，實施我們經過驗證的增產設計（這些設計已在整個盆地進行評估，並針對每個著陸區以及我們在二疊紀盆地的規模進行了調整），使我們能夠降低服務成本。

In addition to capital savings, we now have line of sight to significant operating cost synergies. We have already reduced the inherited lease operating expense by approximately 5% or $8 million per year. These savings have been seen across most services, but the biggest savings are related to on-pad sour gas treating and electric generation.

除了節省資本外，我們現在還看到了顯著的營運成本綜效。我們已經將繼承的租賃營運費用減少了約 5%，即每年 800 萬美元。這些節省在大多數服務中都有體現，但最大的節省與現場酸性氣體處理和發電有關。

For example, at our Eagle central tank battery, we acquired a facility that treated sour gas to then be burned in gas turbines to generate power for our field. Working with our marketing team, we accelerated a residue gas connection to the site that allowed us to remove the gas-treating equipment and allow the turbines to burn clean low BTU gas, increasing reliability and saving over $2.5 million per year in expenses.

例如，在我們的 Eagle 中央儲罐電池中，我們收購了一家處理酸性氣體的設施，然後將酸性氣體送入燃氣渦輪機燃燒，為我們的油田發電。我們與行銷團隊合作，加快了現場殘餘氣體連接的建設，從而拆除了氣體處理設備，使渦輪機能夠燃燒清潔的低 BTU 氣體，提高了可靠性，每年節省了超過 250 萬美元的費用。

There are many more projects like this one, and we are currently projecting an additional $20 million per year in net operating cost savings related to on-pad sour treatment. Taking our projected total LOE savings on the acquired assets to 15% as a go-forward run rate.

像這樣的項目還有很多，我們目前預計每年可節省 2000 萬美元的淨營運成本，用於現場酸性物質處理。將我們預期收購資產的總營運支出節省額提高到 15% 作為未來的運作率。

In addition, we believe that the biggest future savings could come from using micro grids instead of wellsite generators to power our assets. We are in the final stages of planning for up to three microgrids across our Northern Delaware Basin assets. We think that these projects will have the potential to reduce our current power costs by 50% and saving an additional $25 million a year.

此外，我們認為，未來最大的節能效益可能來自於使用微電網而不是油井現場發電機為我們的資產供電。我們正在對位於特拉華州北部盆地的資產進行規劃，目前已進入最後階段，並計劃建造多達三個微電網。我們認為這些項目有可能將我們目前的電力成本降低 50%，每年節省 2,500 萬美元。

But as the asset and our power demand in the area grows, the projected savings will grow as well to nearly $50 million per year. This is all while we continue to work with our utility power providers to bring more grid power into the Permian Basin.

但隨著該地區資產和電力需求的增長，預計每年節省的費用也將增長至近 5,000 萬美元。同時，我們也持續與電力供應商合作，將更多的電網電力引入二疊紀盆地。

Now that we have integrated the assets, we expect not only to demonstrate capital and expense reduction, but also productivity enhancements as we pursue a development plan focused on maximizing capital efficiency.

現在我們已經整合了這些資產，我們期望不僅能夠降低資本和費用，而且能夠提高生產力，因為我們正在推行一項以最大限度地提高資本效率為重點的發展計劃。

Our subsurface teams have continued to delineate multiple landing zones. And this work has given us confidence that we have 10% more inventory as measured by net lateral footage than we estimated when acquiring the assets.

我們的地下作業團隊一直在劃定多個著陸區。這項工作使我們確信，以淨橫向面積計算，我們的庫存比我們在收購資產時估計的庫存多出 10%。

Furthermore, our increased scale in the Northern Delaware Basin has enabled us to make many value-added trades and small-scale acquisitions. We expect our team to prudently add valuable inventory as we continue to develop our highly profitable and low-cost resources in the Permian Basin.

此外，我們在特拉華盆地北部的規模不斷擴大，使我們能夠進行許多增值交易和小規模收購。我們期望我們的團隊能夠謹慎地增加有價值的庫存，同時繼續開發我們在二疊紀盆地的高利潤、低成本資源。

Moving on to the Marcellus business unit. This quarter, we drilled a new 4-mile lateral from spud to rig release in under nine days, averaging 2,400 feet per day. This sets a new high watermark for Coterra. In fact, it's becoming common for many of our recent wells to Eclipse 2,000 feet per day. This type of performance and longer laterals reaching over 20,000 feet have driven drilling costs down 24% year over year.

接下來是馬塞勒斯業務部門。本季度，我們鑽探了一條新的 4 英里水平井，從開鑽到鑽機卸井，用時不到 9 天，平均每天鑽 2400 英尺。這為Coterra樹立了一個新的高峰。事實上，我們最近許多油井的日產量都超過了 2000 英尺，這種情況已經很普遍了。這種性能以及超過 20,000 英尺的更長水平井段，使得鑽井成本比去年同期下降了 24%。

With these efficiencies, we no longer need two rigs to maintain production in our Marcellus asset. Our maintenance activity level over the next few years would require one to two rigs so we will manage our rig count to not build excessive DUC backlog.

憑藉這些效率提升，我們不再需要兩台鑽孔機來維持我們在馬塞勒斯頁岩氣資產的生產。未來幾年，我們的維護活動水準需要一到兩台鑽孔機，因此我們將控制鑽孔機數量，避免積壓過多的未完工設備。

While we hold the option to grow our Marcellus natural gas volumes, we are committed to being patient and expect to hold our production volumes relatively flat until additional demand materializes in the strip solidifies. Should we have a cold winter and prices increased into '26, we will fully participate from our approximately two Bcf a day of production in the Northeast and expect to generate substantial free cash flow from our Marcellus region.

雖然我們保留增加馬塞勒斯頁岩氣產量的選擇權，但我們承諾保持耐心，並預計在市場需求穩定之前，產量將保持相對穩定。如果 2026 年冬季寒冷，價格上漲，我們將充分利用我們在東北地區每天約 20 億立方英尺的天然氣產量，並期望從馬塞勒斯地區產生可觀的自由現金流。

In the Anadarko business unit, we brought online our last project of the year during the third quarter, the five 3-mile (inaudible) wells. These new wells, combined with our Roberts project from Q2, continue to drive strong region performance that has exceeded our expectations.

在阿納達科業務部門，我們在第三季啟動了今年的最後一個項目，即五口 3 英里（聽不清楚）的油井。這些新井，加上我們第二季度的羅伯茨項目，繼續推動該地區業績強勁增長，超出了我們的預期。

Turning to marketing. Our team continues to be active in the hunt for more deals and partnerships that can deliver flow assurance and price uplift for our products across our diverse portfolio. As Blake mentioned last quarter, the long-term gas sales to CPV's new basin Ranch power plant in Reeves County, Texas was the latest in a line of deals that our company has a history of delivering.

轉向市場行銷。我們的團隊將繼續積極尋找更多交易和合作夥伴關係，以確保我們多元化產品組合的流通性和價格提升。正如布萊克上個季度提到的那樣，向CPV位於德克薩斯州里夫斯縣的新盆地牧場發電廠長期銷售天然氣，是我們公司歷史上達成的一系列交易中的最新一筆。

As Tom mentioned, our Moxie and Lackawanna power deals in the Marcellus were put in place 10 years ago and have provided value well and above an in-basin price.

正如湯姆所提到的，我們在馬塞勒斯頁岩氣田的 Moxie 和 Lackawanna 電力交易是在 10 年前達成的，其價值遠高於盆地內的價格。

We will continue to find opportunities to improve the netback of our product and increase the value to our shareholders. A strength of our sales portfolio is a significant diversification, but we are not satisfied and will continue to optimize.

我們將繼續尋找機會來提高我們產品的淨收益，並增加股東價值。我們銷售組合的優勢在於其顯著的多元化，但我們並不滿足，並將繼續優化。

The teams in all three of our regions are firing on all cylinders and have remained focused on solid execution, making decisions to maximize full cycle returns and creating value for shareholders.

我們三個地區的團隊都全力以赴，始終專注於紮實的執行，做出決策以最大限度地提高全週期回報，並為股東創造價值。

With that, I'll turn the call back over to the operator for Q&A.

這樣，我就把電話轉回接線生進行問答環節。

(Operator Instructions) Doug Leggate, Wolfe Research.

（操作說明）Doug Leggate，Wolfe Research。

Tom, as always, you're very gracious to hit the 800-pound gorilla right in the head. (inaudible) the comment around the Kimmeridge letter. So I wonder if I could just ask you to elaborate on your perspective this morning. I guess the way I would phrase it is that when you look at the gas-levered E&Ps, particularly your larger peers, EQT and expand and compare your relative performance. It almost seems like you've been kind of orphaned by the mix of your portfolio.

湯姆，你一如既往地非常慷慨，一針見血地指出了那個棘手的問題。 （聽不清楚）關於金默里奇信件的評論。所以我想請您詳細闡述您今天早上的觀點。我想我的陳述方式是，當你檢視那些以天然氣為槓桿的勘探與生產公司，特別是那些規模較大的同行時，EQT 和擴展並比較你們的相對表現。你的投資組合組合似乎讓你有點孤立。

And I guess the basis of the (inaudible) letter is you're better as a stand-alone pure play in the Delaware and let someone else take care of the gas. So it would go 180 degrees against what you tried to build. How would you respond to that?

我猜這封（聽不清楚的）信的基本意思是，你最好在德拉瓦州做一家獨立的純石油公司，讓別人來負責天然氣業務。所以它會與你想要建立的東西完全相反。你會如何回應？

Well, first off, Doug, I don't want to get into a lot of discussion about the Kimmeridge letter. That's for another time. But we've spoken openly. We really believe Coterra is a premier outfit, and we like to see us trade at a premier multiple. But if you look at the trading over the last year, you'll find we've at the top of the stack of oil companies at lower level of gas companies and we think we're seeing benefits of it being a multi-basin, multi-commodity company. But I just think it would be inappropriate for me to get into any more than that, Doug.

首先，道格，我不想過多討論金默里奇的信。那是以後的事了。但我們已經坦誠交流過了。我們堅信 Coterra 是一家一流的公司，我們希望看到我們的股票以一流的市盈率交易。但如果你看看過去一年的交易情況，你會發現我們在石油公司中處於領先地位，在天然氣公司中處於較低水平，我們認為我們正在看到作為一家跨盆地、多商品公司的優勢。但我認為我再深入談論這件事就不合適了，道格。

Okay. I understand, and I appreciate you taking a stab at it. My follow-up is on operational question, and it's really related to what you saw in your LOE this quarter, obviously, is still elevated, but you also beat on your oil guidance.

好的。我明白了，也很感謝你嘗試解答。我的後續問題是關於營運方面的，這實際上與您本季的營運支出有關，顯然，營運支出仍然很高，但您也超出了石油業績預期。

So my question is, is this related to the workovers in the Harkey should we continue to expect your oil production to move up and then ultimately your LOE to move down as those workovers flow through the system?

所以我的問題是，這是否與哈基油田的修井作業有關？我們是否應該繼續預期你們的石油產量會上升，然後隨著這些修井作業在系統中進行，最終你們的營運成本會下降？

Yes, Doug, this is Michael. The LOE for the quarter was up a little bit. We have transitioned out of the Harkey remediation program that we talked about last quarter. and we have moved workover rigs into Lea County, where we do have some higher working interest. But overall, we do expect our LOE costs, especially the workover costs to decrease as we head into Q4.

是的，道格，我是麥可。本季支出略有上升。我們已經退出了上個季度討論過的哈基修復計劃，並將修井設備轉移到了利縣，我們在那裡擁有更高的作業權益。但總體而言，我們預計隨著進入第四季度，我們的營運成本，特別是修井成本將會下降。

Doug, Shane here. We do expect that number to settle for the year within range on the LOE. And expect to be probably in the middle in terms of total cash cost of where we are as well. But Michael hit on really well sort of the reason why it looked a touch up in the third quarter.

道格，我是肖恩。我們預計該數字將在今年的 LOE 範圍內穩定下來。在預計總現金成本方面，我們大概也會處於中等水準。但麥可很好地指出了第三節比賽出現小幅失誤的原因。

Betty Jiang, Barclays.

Betty Jiang，巴克萊銀行。

I want to ask about the cash return strategy just because we would agree that the stock -- it does look discounted in our view as well. Shane last quarter, you talked about really focusing on debt reduction. And then this quarter, Coterra is starting the buyback program again. How do you think about the allocation of your excess free cash flow between debt reduction and buyback going forward? Is there a reason not to think we can get back to that 100% return level into next year?

我想問現金回報策略，因為我們都認為這支股票——在我們看來——確實被低估了。Shane，上個季度你談到要專注在減少債務上。然後，本季 Coterra 將再次啟動股票回購計畫。您如何考慮未來將多餘的自由現金流分配到償還債務和股票回購？我們有什麼理由不認為明年就能恢復到 100% 的回報率水準？

Yes, Betty, Shane here. Thanks for the question. And as you noted, year-to-date, we prioritized deleveraging or paying off the term loans. And so that's why we lean in really hard in the third quarter on that. It's interesting.

是的，貝蒂，我是肖恩。謝謝你的提問。正如您所指出的，今年以來，我們優先考慮的是降低槓桿或償還定期貸款。所以這就是為什麼我們在第三節會專注於加強這方面的原因。很有意思。

When you're at sort of the last bit of the repayment, your feeling is a little different than when you're at the first bit of the repayment and the ability to sort of feather in both some buyback activity and continued deleveraging is as much more palatable at these states. So as we talked about, we reinitiated the program in this month -- sorry, last month and expect that we'll continue to be opportunistic, particularly at where prices have been over the course of the last weeks.

當你還款接近尾聲時，你的感受與還款初期有所不同，在這種情況下，適度進行一些股票回購活動和繼續去槓桿化就更容易接受了。正如我們之前討論過的，我們在上個月重新啟動了該計劃，並預計我們將繼續抓住機會，尤其是在過去幾週的價格走勢中。

In terms of the future levels that we get to, look, I would only say, look at our past. In 2024, we returned roughly 94% of free cash flow through the mix of dividends and buybacks and in the year before that. I think we're around 75% in 2023.

至於我們未來能達到的高度，我只想說，看看我們的過去就知道了。2024 年，我們以股利和股票回購的方式返還了約 94% 的自由現金流，而前一年也是如此。我認為到 2023 年，我們可以達到 75% 左右。

And look, that's a place we strive to get back to and think we're well on our way to being there. Is that exactly what it looks like in 2026. We're not going to pin ourselves in. But I think we'll have a robust return of capital program in 2026.

你看，那是我們努力想要重返的地方，而且我們認為我們正在朝著那個方向穩步前進。這就是2026年的樣子嗎？我們不會把自己逼入絕境。但我認為我們將在 2026 年推出強而有力的資本回報計畫。

That's great. And my follow-up is on the overall activity in the Permian. If we look at the Delaware versus your initial expectations, production is -- guidance is unchanged, while you are now completing wells toward the upper end of the guidance range.

那太棒了。我的後續問題是二疊紀盆地的整體活動。如果我們看一下特拉華州與您最初的預期，產量——指導意見保持不變，而您現在正在按照指導範圍的上限完成油井。

I'm just wondering, relative to your internal expectations, how is the production profile on the well tracked versus your initial guide. And with activity now towards the high end, does that change your views on how the shape of 2026 shake out?

我只是想問一下，相對於你們內部的預期，目前追蹤的井的生產情況與你們最初的指導相比如何？鑑於目前市場活動已趨於高端，這是否會改變您對 2026 年市場格局的看法？

Betty, Shane here. I'll take a stab at that. I mean we don't comment specifically on (inaudible) timing within quarters, but we do give how many (inaudible) we expect for the quarters. And you'll note the third quarter and second quarter we were below -- kind of at the low end of where we thought we'd be to maybe slightly below there. And so that pushed some activity into the fourth quarter.

貝蒂，我是肖恩。我來試著回答一下。我的意思是，我們不具體評論季度內的（聽不清楚）時間安排，但我們會給出我們預計每個季度會有多少（聽不清楚）個數。你會注意到，第三季和第二季我們的業績都低於預期——差不多處於我們預期的低端，甚至可能略低於預期。因此，一些業務活動被推遲到了第四季度。

But yes, I think productivity from the (inaudible) online have been as expected or in some cases, maybe a touch better. But yes, as we get into next year, I think Tom was noted on the last call that, look, we will exit the year at [175] in the fourth quarter.

但是，我認為來自（聽不清楚）在線的生產力達到了預期，或者在某些情況下，可能還要略好一些。但是，是的，隨著我們進入明年，我認為湯姆在上次電話會議上提到，我們預計在第四季結束時，我們的業績將達到[175]。

And the expectation shouldn't be that we sort of maintain at that level throughout that quite possible, as you've seen in the past based on the timing of (inaudible) that we end up with a little (inaudible) lower and then begin to build from there.

而且我們不應該期望一直保持在這個水平，因為正如你過去根據（聽不清楚）的時間安排所看到的，我們最終可能會稍微（聽不清楚）低一些，然後從那裡開始上升。

Yes, Betty, I would just add to that, that so much of this is timing, as Shane said, and working interest changes. So there's just a lot of moving parts. But we're seeing very, very solid, really returns and performance of all of our assets and particularly in the new assets we acquired earlier this year, they're coming on strong.

是的，貝蒂，我還要補充一點，正如肖恩所說，這很大程度上取決於時機和工作興趣的變化。所以牽涉的環節很多。但我們看到所有資產的回報和表現都非常非常穩健，尤其是今年稍早收購的新資產，它們的表現非常強勁。

There's just no question in our mind as we reflect back on the last year, we'll exit the year a much stronger company than we entered the year, and we were able to do that because of our balanced portfolio our multi-revenue contribution to that balance and our strong and fortress balance sheet.

回顧過去一年，我們毫不懷疑，年底時我們將比年初時更加強大，而我們之所以能夠做到這一點，是因為我們均衡的業務組合、多元化的收入來源以及我們穩健的資產負債表。

So we're absolutely exiting the year stronger better company.

所以，我們絕對會以更強大、更優秀的公司形象來結束這一年。

Arun Jayaram, JPMorgan.

Arun Jayaram，摩根大通。

I wanted to see if you could provide any kind of overall commentary on your thoughts on CapEx reduction next year. You mentioned that you think you're done moderately, but maybe help us fill in the pieces of the drivers of that perhaps relative to your soft guide of delivering 5% year over year oil growth.

我想了解一下您對明年削減資本支出有何整體看法。您提到您認為已經基本完成了目標，但或許可以幫我們補充一些關於實現這一目標的驅動因素，特別是與您設定的石油年增長率 5% 的目標相關的因素。

Yes. Arun, I'll start that, and somebody else may want to comment. We're seeing good asset performance. And as we look ahead to the oil markets, we're kind of watching what happens. I mean I think that one can make a constructive observation about the strip but some of that is underpinned by cartel discipline, if you will, and geopolitical factors.

是的。阿倫，我先來，其他人可能也想發表意見。我們看到資產表現良好。展望石油市場，我們正密切關注事態發展。我的意思是，我認為人們可以對這條地帶提出一些建設性的意見，但其中一些意見是由卡特爾的紀律和地緣政治因素支撐的。

I think in balance, if you lean back, you say the world is fairly oversupplied if everybody supplied at their full capacity. And so we want to be prudent. I mean part of our ability to lower our capital is driven by our asset performance. We can deliver on our three-year plan guide handily. We do have the option to increase capital, as I said in my opening remarks, and stepped (inaudible) growth up.

我認為，總的來說，如果你退後一步，你會說，如果每個人都充分發揮自己的能力，那麼世界就相當供過於求了。所以我們希望謹慎行事。我的意思是，我們降低資本的能力部分取決於我們的資產表現。我們完全可以按計畫完成三年規劃。正如我在開場白中所說，我們確實可以選擇增加資本，並逐步（聽不清楚）成長。

But -- we really do think about it in terms of cash flow and profitability rather than volumes. And one of the best ways if you have price support in your commodity, the best way to grow your cash flow and free cash flow is to see some volume growth. But we're watching the markets thoughtfully.

但是——我們確實是從現金流和獲利能力的角度來考慮這個問題，而不是從銷售的角度。如果你的商品價格有支撐，那麼增加現金流和自由現金流的最佳方法之一就是實現銷售成長。但我們正在密切關注市場動態。

Yes. I mean the only thing I would say is, in addition to that is, look, nothing's set in 2026 yet. We've got a lot of flexibility as we see it today, would be modestly down. But I think you're going to see us when we come out in February, deliver a highly capital-efficient plan that generates a substantial amount of free cash flow.

是的。我的意思是，除此之外，我唯一想說的是，你看，2026 年還沒有定論。就目前來看，我們擁有很大的靈活性，可能會略有下降。但我認為，等到二月我們推出方案時，你們就會看到我們拿出一個資本效率極高的計劃，該計劃能夠產生大量的自由現金流。

As I noted in my earlier comments, cash flow this year was up 60% over 2023 on the back of higher oil volumes from the acquired assets as well as higher natural gas price realizations the two of those contributed and it's a really powerful combination.

正如我之前的評論中所提到的，由於收購資產帶來的石油產量增加以及天然氣價格上漲，今年的現金流比 2023 年增長了 60%，這兩者共同促成了強勁的增長。

Got it. And then maybe my follow-up, you highlighted some parts of the Franklin Avant acquisitions that closed in 1Q, maybe exceeding your expectations. Can you talk about some of the things that you're seeing post your review of those acquisition economics and maybe a little bit more insights on the ground game that you've done, I think you're investing about $86 million in leasehold, which is driving a little bit more of an inventory improvement there.

知道了。然後，我的後續問題是，您重點提到了 Franklin Avant 在第一季完成的一些收購，這些收購可能超出了您的預期。您能否談談您在審查收購經濟效益後看到的一些情況，以及您在實地運作方面取得的一些進展？我認為您在租賃方面投資了約 8600 萬美元，這在一定程度上改善了那裡的庫存狀況。

Yes, Arun, this is Blake. Happy to take that one. Frankly, our teams have done what we hope they do. They've taken this asset and they've made it a lot better. Our subsurface teams are delineating. So we're finding new zones that we didn't account for when we underwrote it, and we're adding net footage across the asset base.

是的，阿倫，這是布萊克。我樂意接受這個任務。坦白說，我們的團隊已經完成了我們希望他們完成的事情。他們利用了這項資產，並使其變得更好。我們的地下作業團隊正在進行勘測。因此，我們發現了一些在承保時沒有考慮到的新區域，並且我們正在增加整個資產基礎的淨面積。

Our D&C teams are attacking the program with all of our large efficiencies we built over the years. We're driving down dollar per foot and our production and midstream teams are attacking OpEx and they're dropping that as well. So we're really just seeing those efficiencies across the board. They're really starting to add up and this is a great add to our portfolio.

我們的設計與建造團隊正利用我們多年來累積的所有高效資源來推進專案。我們正在努力降低每英尺的成本，我們的生產和中游團隊也在努力降低營運成本，他們也在努力降低營運成本。所以我們看到的是各環節的效率提升。它們真的開始累積起來了，這對我們的投資組合來說是一個很好的補充。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛集團。

A couple of gas questions here, Tom. But first, just to expand on your initial comments. I guess one of the questions we get from investors, even beyond the letter this morning is what's the value of operating as a multi-basin portfolio versus being a pure play? And so just maybe you could spend some time now that's been a couple of years, you've had (inaudible) under your portfolio. What are some examples of the tangible upsides or synergies that you get from diversification. Obviously, the commodity is one of it -- but one of them, but I'm sure there's others.

湯姆，我有幾個關於氣體的問題。但首先，我想補充你最初的評論。我想，我們從投資者那裡收到的問題之一，甚至超過了今天早上的信函內容，就是多盆地投資組合的價值與單一盆地投資組合的價值相比如何？所以，或許你可以花點時間，畢竟已經過去好幾年了，你的作品集裡一直都有（聽不清楚）這樣的專案。多角化經營能帶來哪些實際的好處或綜效？舉例來說。顯然，商品是其中之一——但只是其中之一，我相信還有其他因素。

Yes. We're going to need a longer call for that question. One of the advantages -- odd as it may seem even though we're a broad industry, there tend to be regional pockets. And a lot of companies are single basin. And so techniques and operational efficiencies tend to be cloistered until they get understood and widely spread.

是的。我們需要更長的通話時間來討論這個問題。其中一個優點——雖然這看起來很奇怪，儘管我們是一個廣泛的行業，但往往存在區域性優勢。很多公司都是單一盆地企業。因此，各種技術和操作效率往往會被束之高閣，直到人們理解並廣泛傳播為止。

And you saw that in our history over and over. One example is the industry had gone to plug and (inaudible) completions. While there were still basins that were doing slotted liners, way after other areas had abandoned that, you saw that with many completion techniques.

在我們的歷史中，這種情況一次又一次地發生。例如，該行業已經轉向了插拔和（聽不清楚）完成。雖然在其他地區早已放棄開槽襯管技術之後，仍有一些盆地採用這種技術，但這種情況也出現在許多其他完井技術中。

And we're actually -- I'll just say, speaking for Cortera, there's a reason why we're recognized as a great operator in every basin we're in. And that's because we're a multi-basin company. We can take best practices from play to play and make our programs better.

實際上——我代表 Cortera 說——我們之所以在我們所涉足的每個盆地都被公認為優秀的運營商是有原因的。那是因為我們是一家跨盆地公司。我們可以藉鏡比賽中的最佳實踐，改進我們的專案。

A particular example I'll give you is, and you'll see this hopefully in this upcoming winter because we always light a candle and hope for a good or cold winter, we have made massive advances in winterization in the Permian Basin.

我舉個具體的例子，希望你們能在即將到來的冬天看到這一點，因為我們總是點燃蠟燭，期盼一個好冬天或寒冷的冬天，我們在二疊紀盆地的冬季保暖方面取得了巨大的進步。

We get insights to a lot of our competitors because we have interest in their wells. So when these winter storms pass through, we see the degree to which our competitor's production is knocked offline and decreased, while Coterra tends to sell through with only a wobble.

我們之所以能深入了解許多競爭對手的情況，是因為我們對他們的油井感興趣。因此，當這些冬季風暴過後，我們可以看到競爭對手的生產受到多大程度的影響而停產和減少，而 Coterra 往往只會受到輕微的影響而繼續銷售。

And that's because of the collaboration we've had with our Marcellus team for whom cold bidder winters are a regular event and our Permian team, and it has made us such a better operator and really strengthened our ability to sell product into winter pricing.

這要歸功於我們與馬塞勒斯頁岩油氣田團隊（他們經常要面對寒冷的冬季）以及二疊紀頁岩油氣田團隊的合作，這使我們成為更優秀的運營商，並真正增強了我們在冬季定價期間銷售產品的能力。

The list goes on and on, but I will just tell you that having collaboration among different play types really in largest technical thinking around problem-solving and has made this a better company.

這樣的例子不勝枚舉，但我只想說，不同類型玩家之間的合作真正促進了圍繞問題解決的最大技術思考，並使這家公司變得更好。

And then the follow-up is just on scale. I mean I think in the Permian, Franklin Mountain continued to give you the scale that you need to be competitive against the largest players in places like the Permian. In the Marcellus, we've seen a lot of consolidation here. Do you feel like you have sufficient scale to be first quartile in the Northeast?

然後後續工作就只是規模問題了。我的意思是，我認為在二疊紀盆地，富蘭克林山礦區持續提供著與二疊紀盆地等地最大的礦區競爭所需的規模。在馬塞勒斯頁岩氣田，我們看到了許多整合現象。你覺得你的規模夠大，能夠躋身東北地區前25%嗎？

Yes. I'll make a quick comment on that. Look, I do think we have the scale there. We produce about two Bs a day in a market up in the Northeast itself. It's probably closer to 11. But -- and really, one of the things just kind of building on what Tom said, when we negotiate with service providers from Blake and Michael sit down with them. It's not like we're just negotiating a frac crew for that area. So we have one active crew.

是的。我對此簡單評論一下。你看，我認為我們已經達到那個規模了。我們在東北部的一個市場裡，每天大約生產兩百億。可能更接近 11。但是——實際上，正如湯姆所說，當我們與布萊克和邁克爾的服務提供者進行談判時，其中一件事就是坐下來與他們交談。這不僅是我們在那個區域洽談壓裂作業隊的問題。所以我們目前只有一支在崗隊。

We're having a one-off negotiation because we have a broader portfolio, we're actually able to drive down costs, get better equipment, and better focus from the service providers. And so in a lot of ways, we have plenty of scale up in the Northeast. But frankly, the Northeast benefits from the larger scale of Coterra.

我們正在進行一次性談判，因為我們擁有更廣泛的業務組合，我們實際上能夠降低成本，獲得更好的設備，並讓服務提供者更加專注。因此，從許多方面來看，我們在東北地區有許多規模擴大的空間。但坦白說，東北地區受益於 Coterra 的更大規模。

Scott Gruber, Citigroup.

史考特‧格魯伯，花旗集團。

I want to come back to your active ground game here. Can you talk about your thoughts around running room to block up your positions in Lea County (inaudible) and the timing of doing so in the competitive market? And just how important is that in terms of compressing your cost structure in the Northern Delaware down towards Culberson? Or do you think you have kind of a good running room to further compress costs on your current acreage position?

我想回到你們積極的地面戰術上來。您能否談談您在利縣（聽不清楚）鞏固倉位以及在競爭激烈的市場中採取此類行動的時機選擇方面的想法？那麼，這對於將特拉華州北部的成本結構壓縮到庫爾伯森附近究竟有多重要呢？或者您認為您目前的土地持有情況還有很大的空間來進一步降低成本嗎？

Yes, Scott, this is Blake. I'll take that. the Frank Mountain, Avant assets really gave us a great footprint in the Northern Delaware. And what that's allowed us to do is now have a foothold in certain areas where we can start doing trades and additional small acquisitions in really what we're just chasing are the biggest DSUs, we can get our hands on, more wells per section, longer lateral lengths. That's how we drive efficiencies.

是的，斯科特，這是布萊克。我接受。弗蘭克山和Avant的資產確實讓我們在特拉華州北部建立了強大的業務基礎。這使得我們現在能夠在某些領域站穩腳跟，開始進行交易和額外的小規模收購，我們真正追求的是最大的DSU（可開採油田），我們能夠獲得這些油田，每個區塊都有更多的油井，更長的水平井段。這就是我們提高效率的方式。

And so really just building that footprint up there has kind of turbocharged our land efforts and I couldn't be happier with the deals the team has brought in over the year. They're very, very busy. We look at all those with a firm economic lens. But like I said, those capital efficiencies we can bring to bear, they make a lot of them really attractive to us.

因此，在那裡建立業務基礎確實極大地推動了我們的土地開發工作，我對團隊一年來達成的交易感到非常滿意。他們非常非常忙。我們以嚴謹的經濟視角來審視所有這些問題。但就像我說的，我們可以利用的那些資本效率，使得它們中的許多對我們來說都非常有吸引力。

And what is your color on the '26 budget reflects the trend in well cost in the Northern Delaware as you get more experience on the acreage and expand the position. Does that continue to step down? Would that be incremental benefit to the spend in '26? And does the well mix in the Delaware is they're probably the same in '26 kind of as you see it today?

您在 2026 年的預算中體現了什麼顏色，反映了隨著您在油田面積上積累更多經驗並擴大業務範圍，特拉華州北部油井成本的趨勢。這種情況還會繼續惡化嗎？這是否會為 2026 年的支出帶來額外收益？特拉華州的水井混合是否與 1926 年的情況類似，就像你今天看到的那樣？

Scott, this is Michael. Yes, we -- as I mentioned in my prepared remarks, we continue to drive down the capital cost of all the wells in the Northern Delaware Basin. And so we expect our teams to continue to work hard every day to try to drive that cost down.

斯科特，這是麥可。是的，正如我在準備好的演講稿中提到的，我們將繼續降低特拉華盆地北部所有油井的資本成本。因此，我們希望我們的團隊繼續每天努力工作，盡力降低成本。

We don't have a projection that we're ready to discuss here, but I did mention a lot of the same efficiencies that we see across our assets around consistent drilling rigs and frac fleets and being able to do longer laterals, all of those benefits would be available to us in that Northern Delaware Basin. And all the trades and blocking of acreage that Blake talked about really helps.

我們目前還沒有可以討論的預測，但我確實提到過，我們在所有資產中看到的許多相同的效率提升，例如一致的鑽井平台和壓裂設備，以及能夠進行更長的水平井作業，所有這些優勢都將在特拉華州北部盆地為我們帶來。布萊克提到的所有土地交易和土地分割都很有幫助。

The bigger these pads are and our ability to put more wells into the same facilities really helps us drive down costs on both the production side, the capital side, and on our midstream side

這些井場規模越大，我們在相同設施中安裝更多油井的能力就越強，這確實有助於我們降低生產成本、資本成本以及中游成本。

David Deckelbaum, TD Bank.

David Deckelbaum，TD銀行。

I wanted to ask perhaps for a little bit more color. It's just on the '26 high-level guide of spending kind of sub $2.3 billion. How do you sort of large projects impact that going into next year? Or as we think about this, is it being driven more by reallocation between basins or the inclusion of more Wolfcamp relative to what we saw in '25? Could you add a little bit more color there just on what's contributing to that trajectory the most? Or is it just general optimization?

我想請求增加一些色彩。2026 年的支出高水準指引中，支出預計低於 23 億美元。大型計畫對明年的發展有何影響？或者，當我們思考這個問題時，這更多是由於盆地之間的重新分配，還是由於相對於 2025 年我們看到的 Wolfcamp 盆地納入了更多水位？能否再詳細解釋一下，究竟是什麼因素對這種發展趨勢的影響最大？或只是進行一般性優化？

This is Michael. Yes, as I -- as we discussed earlier, we currently have our operations very steady across the business units, and we expect that to extend into 2026. We don't see a lot of dramatic changes from where we're at right now in Q4 in terms of the way we see the program into '26.

這是邁克爾。是的，正如我之前討論過的，我們目前各個業務部門的營運都非常穩定，我們預計這種情況將持續到 2026 年。就我們對 2026 年該計劃的看法而言，我們預計從現在到第四季度不會發生太大的變化。

I did mention that our Marcellus would be between one and two rigs. So we'll be making those decisions as we look at frac efficiency and drilling efficiency. And we're really excited to see the recent results of drilling these longer laterals in the Marcellus has allowed us to reduce that rig count. So we're not exactly focused on the resources around rig and frac as much as we are a consistent program within each of these business units from a capital perspective.

我之前提到過，我們的馬塞勒斯頁岩氣田將配備一到兩套鑽井設備。因此，我們將根據壓裂效率和鑽井效率來做出這些決定。我們很高興看到，在馬塞勒斯頁岩氣田鑽探這些更長的水平井段的最新成果，使我們能夠減少鑽機數量。因此，我們並沒有像關注鑽井平台和壓裂設備那樣關注資源，而是從資本角度在每個業務部門中製定了一致的計劃。

Yes, David, I want to just add there that I'll be a broken record, but it is a soft guide, not an announced plan. We're still looking at some of our options. I think depending on what happens with commodity markets, though, as we look at that soft guide, probably our bias would be to maybe slightly increase over what we're telegraphing than decrease, but we have the wherewithal, we have the projects and we have the willingness to step in. We're just watching carefully, and we want to be prudent in how we approach 2026.

是的，大衛，我還要補充一點，我又要老生常談了，但這只是個大致的指導，並非正式公佈的計劃。我們仍在研究一些方案。不過，我認為這取決於大宗商品市場的走勢，當我們參考這一軟性指導時，我們可能會傾向於略微提高而非降低我們預測的水平，但我們有能力，我們有項目，我們也願意介入。我們正在密切關注，希望在應對 2026 年時採取謹慎的態度。

I appreciate that color, Tom. And maybe just following up a bit on just the cadence of the program into the '26. You talked about sort of this 5% oil growth next year. And maybe, Michael, this one is for you. But the -- can you just kind of refresh us on how you kind of see the shape of the Delaware progressing throughout the year after some pretty aggressive growth that we've seen in the back half of '25.

湯姆，我喜歡這個顏色。或許可以稍微跟進一下 2026 年的節目節奏。你之前提到明年石油產量將成長5%。邁克爾，或許這首歌是為你而作的。但是——您能否簡要地向我們介紹一下，在經歷了 2025 年下半年的快速增長之後，您如何看待特拉華河在今年的發展趨勢？

Yes, we're not prepared to discuss any kind of TIL timing or that kind of granularity at this point in time.

是的，目前我們不打算討論任何關於 TIL 時間或類似細節的問題。

Matt Portillo, TPH.

Matt Portillo，TPH。

I wanted to start out on the power opportunity in the Permian. You mentioned the microgrids that seems like a great opportunity for you all to cut costs moving forward. I was curious if you might be able to provide a little bit more color around the timing of when those microgrids might come into service? And how many megawatts you're planning on deploying?

我想從二疊紀盆地的電力機遇入手。您提到了微電網，這似乎是你們未來降低成本的一個好機會。我想請教一下，能否詳細介紹一下這些微電網大概何時能夠投入使用？你們計劃部署多少兆瓦的電力？

Yes, Matt, this is Michael. We currently have some smaller scale microgrids that we inherited with the Franklin Mountain, Avant acquisition. I discussed in the prepared remarks that that Eagle's central tank battery has turbines located on it that are powering adjacent leasehold.

是的，馬特，這是麥可。我們目前有一些規模較小的微型電網，這些微型電網是我們從收購 Franklin Mountain 和 Avant 時繼承來的。我在準備好的發言稿中提到，Eagle 的中央儲槽電池上裝有渦輪機，為相鄰的租賃地點供電。

So we're already in this business, and we're really just looking for opportunities to expand it. As you know, the Northern Delaware Basin, and really, the Permian on the New Mexico side has been very constrained for power for some time. And many operators are using small reciprocal engines to and generate power on a well site by well site basis.

所以我們已經涉足這個行業，現在我們只是在尋找拓展業務的機會。如您所知，北特拉華盆地，乃至新墨西哥州一側的二疊紀盆地，長期以來一直面臨電力供應嚴重不足的問題。許多業者都在使用小型往復式發動機，逐一油井現場發電。

And where we see value is when we can connect multiple leases to a single permanent station that's run off turbines, we see a dramatic decrease in that electrical cost. So we're going to continue to expand the current microgrids that we have.

我們認為，當多個租賃項目連接到一個由渦輪機驅動的永久性電站時，其價值就體現出來了，因為電力成本會大幅下降。因此，我們將繼續擴大現有的微電網。

And like I mentioned in the remarks, we see opportunities for about three expanded microgrids across our assets.

正如我在演講中提到的，我們看到了在我們所有資產中擴大三個微電網的機會。

Great. And then maybe a follow-up on the Northeast. It sounds like the soft guide, as it stands today at strip, is for relatively flat volumes around that two Bcf a day. I just want to make sure I heard that correctly. But maybe over the medium term, I was hoping you might be able to comment on your updated thoughts around power demand growth regionally for Northeast PA?

偉大的。然後或許可以跟進報道東北地區的情況。聽起來，就目前市場行情來看，軟性指引認為，天然氣日成交量將相對平穩地維持在 20 億立方英尺左右。我只是想確認一下我沒聽錯。但從中長期來看，我希望您能就賓州東北部地區的電力需求成長發表一些最新看法？

And then any updated thoughts on maybe some of the longer haul infrastructure opportunities such as Constitution that had been discussed earlier in the year.

然後，對於今年早些時候討論過的一些長期基礎設施機會（例如憲法項目），您有什麼最新的想法嗎？

Yes. So I'll start with the second one first, which is Constitution, some of the other projects that are up there. And look, that project historically has originated out of our acreage and heads up towards the (inaudible) line about 124, 125 miles.

是的。那我就先從第二個項目開始，也就是憲法項目，以及其他一些相關的項目。你看，這個計畫從歷史上就起源於我們的土地，一直延伸到大約 124、125 英里外的（聽不清楚）線。

And so were something to happen there, obviously, we would be a logical partner in some regard in that. But frankly, until we have better clarity on the other end of that line in terms of markets and buyers and commitments. That's probably one that is going to remain a little bit challenged.

所以，如果那裡發生什麼事，顯然，我們在這方面會是個合乎邏輯的合作夥伴。但坦白說，在我們更清楚地了解市場、買家和承諾等另一端的情況之前，我們無法做出決定。這可能仍然是一個需要持續努力才能解決的問題。

Obviously, there's other projects in that part of the world, (inaudible) for example, that appear to have a little bit more momentum at this point. And while we wouldn't have the same direct linkage to it, we would expect that we would benefit from development in that area as well. I'm sorry, the first question -- the second question (inaudible)

顯然，在世界那個地區還有其他一些項目，（聽不清楚）例如，目前看來這些項目似乎更有發展勢頭。雖然我們與該地區沒有直接聯繫，但我們預計我們也會從該地區的發展中受益。抱歉，第一個問題——第二個問題（聽不清楚）

Just around the regional power demand growth opportunity specific to Northeast PA. Just how you see that market emerging and what that might mean maybe for the opportunity to add some volumes at some point in the future from a production standpoint?

正是圍繞著賓州東北部特有的區域電力需求成長機會展開的。您認為這個市場會如何發展？從生產角度來看，這可能意味著未來某個時候有機會增加產量嗎？

Yes. That's great. So a lot of activity in PA, a lot of announced activity, that's preliminary, not necessarily all with definitive agreements with intention, which is a good first step. I think as well, there's a lot of unannounced activity that up there right now in terms of dialogues that are going on. I think Michael and Tom sort of alluded to our team and being a part of those conversations.

是的。那太棒了。所以賓州有很多活動，很多活動都已宣布，但這只是初步的，不一定都達成了最終協議，但這仍然是一個好的開始。我認為，目前還有很多未公開的活動正在進行，例如一些對話。我認為麥可和湯姆似乎暗示了我們的團隊，以及參與這些對話的可能性。

And so we're very excited about the potential up to and we'll continue to work it hard. Some of these projects, whether we're involved or not take a long period of time to develop and get announced, for example, again, not in the PA, but in West Texas, those discussions that we have been in with CPV for the better part of two years.

因此，我們對未來的潛力感到非常興奮，我們將繼續努力奮鬥。有些項目，無論我們是否參與，都需要很長時間才能開發和公佈。例如，同樣不是在賓州，而是在西德州，我們與 CPV 的討論已經持續了近兩年。

And so these are just long lead time discussions and negotiations that are ongoing, and we have a history of involvement in all of our business units, frankly, and I would expect we'll continue to be active in those dialogues.

因此，這些都是需要很長時間才能完成的討論和談判，而且坦白說，我們所有業務部門都有參與其中的歷史，我預計我們將繼續積極參與這些對話。

Matt, we have a lot of flexibility in our marketing in the Northeast. We're watching carefully the development of these markets. We've talked about a couple of these pipelines that may offer opportunity for us. But our marketing team has done a really nice job of developing a weighted average sales price through a whole host of different arrangements.

馬特，我們在東北地區的營銷方面有很大的靈活性。我們正在密切關注這些市場的發展。我們已經討論過其中幾條可能為我們帶來機會的管道。但是我們的行銷團隊透過各種不同的安排，出色地制定出了加權平均銷售價格。

As we've discussed, some of that's LNG, some of that's direct power, and some of it's direct to industrial users. But what we really look at when we ask ourselves about growth is that incremental molecule against the incremental price.

正如我們討論過的，其中一部分是液化天然氣，一部分是直接發電，還有一部分是直接供應給工業用戶的。但當我們思考成長時，我們真正關注的是增量分子與增量價格之間的關係。

And although we're study hard what some of our competitors have done, we just don't see that now is the right time to bring on a lot of incremental volumes on that incremental price. We're going to be patient. We think opportunities will come and we'll be prepared to strike, and we have the opportunity to grow those volumes, both through increased activity but through some of our existing commitments that roll off give us more marketing flexibility as we go forward.

雖然我們正在認真研究一些競爭對手的做法，但我們認為現在並不是以更高的價格大幅增加銷售的合適時機。我們會保持耐心。我們認為機會終會到來，我們將做好準備抓住機會。我們有機會擴大銷量，這既可以透過增加業務活動來實現，也可以透過一些現有合約的到期來實現，這將使我們在未來的行銷方面擁有更大的靈活性。

So we're in a pretty nice position. And we're -- as I said in my opening remarks, we think patience and prudence is the right position right now.

所以我們處境相當不錯。正如我在開場白中所說，我們認為耐心和謹慎是目前正確的做法。

[Kalei Akamine], Bank of America.

[Kalei Akamine]，美國銀行。

I want to start on the Marcellus the deal with Cabot closed about four years ago, and you've made that position better through your operating efficiencies. So maybe you can start by calling out some key operating wins. And then when you look at the Marcellus landscape, do you think that the application of your best practices to create value through M&A?

我想先談談馬塞勒斯頁岩氣田，也就是大約四年前與卡博特公司達成的交易，而你透過提高營運效率，讓這一領域變得更好。所以或許你可以先列舉一些關鍵的營運成果。那麼，當你審視馬塞勒斯頁岩氣田的現狀時，你認為運用你的最佳實踐透過併購創造價值是否可行？

Yes, Kalei, I'll take that, the first part. I'll let Shane talk M&A. Really how we have attacked the Marcellus is really fun when we got our hands around the asset because we kind of had a greenfield upper Marcellus bench to go prosecute and we had over a decade of developing shale basins in Oklahoma, Texas, New Mexico we just brought those same skills to bear.

是的，凱莉，我接受第一部分。我讓肖恩來談談併購吧。當我們掌握了馬塞勒斯頁岩氣資產後，我們開發馬塞勒斯頁岩氣的過程就變得非常有趣了，因為我們擁有一個全新的上馬塞勒斯頁岩氣田可以開發，而且我們在俄克拉荷馬州、德克薩斯州和新墨西哥州開發頁岩盆地已有十多年的經驗，我們只是把這些技能運用到了馬塞勒斯頁岩氣田的開發中。

And so one of my favorite maps to look at is the inventory at the time of the acquisition and the inventory now is dramatically in lateral length across the asset. We've optimized well spacing to increase productivity. And then we just attack the entire cost value chain.

因此，我最喜歡查看的地圖之一是收購時的庫存，而現在的庫存橫向長度在整個資產範圍內都發生了顯著變化。我們優化了井距，以提高生產力。然後我們就從整個成本價值鏈著手。

When we started that asset four years ago, we were still trucking the majority of our frac water. I'm really happy to say we pipe all our frac water now. And we've just been able to crush cost across the board. And so -- it's really a lot of those best practices, Tom talked about earlier. We learn all these things through a lot of grit. And once we learn them, they become institutionalized, and we spread them like wildfire.

四年前我們開始營運這個資產時，我們仍然需要用卡車運輸大部分壓裂用水。我很高興地告訴大家，我們現在已經全部透過管道輸送壓裂用水了。我們已經全面大幅降低了成本。所以——這其實就是湯姆之前提到的許多最佳實踐。我們都是靠著堅韌不拔的毅力學會這些事的。一旦我們學會了這些，它們就會被制度化，然後像野火一樣傳播開來。

The follow-up question, just on Marcellus inventory. I think you guys are still calling out 12 years of drilling in the slide deck. And this year, you're doing about 11 wells. Is the inventory math as simple as 8 times and would that include any of the delineation work that you guys have done in the New Mexico?

關於馬塞勒斯頁岩氣儲量的後續問題。我覺得你們還在投影片裡回顧過去12年的鑽探工作。今年，你們大約要鑽11口井。庫存計算是否像 8 倍那麼簡單？這是否包括你們在新墨西哥州所做的任何劃界工作？

So no, the math isn't just the current 2025 till count versus that that multiple of years. What we're looking at is our three-year average for how many wells we've drilled and then using that as the main proxy. We're also converting this into dollars and trying to keep the capital spend that we've had over the last three years as the metric.

所以，不，計算方法不僅僅是將目前的 2025 年計數與該年數的倍數進行比較。我們正在查看過去三年平均鑽井數量，並以此作為主要指標。我們也要將其換算成美元，並努力維持過去三年來的資本支出水準作為衡量標準。

As we drive down costs, we are able to drill more wells in a given period of time and keep that production at a given level so for the same amount of capital. So two things that are not as simple as what you described: one is we're looking at three-year average; two, we are looking at the capital spend and adjusting for our new go-forward costs.

隨著成本的降低，我們能夠在給定的時間內鑽更多的井，並在相同的資本投入下保持產量在給定的水平。所以有兩件事不像你描述的那麼簡單：一是我們著眼於三年平均值；二是著眼於資本支出，並根據我們新的未來成本進行調整。

Derrick Whitfield, Texas Capital.

德里克·惠特菲爾德，德克薩斯資本。

With respect to the shareholder letter, Tom, I'd like to go a different direction with it and ask for your perspective on how your PVIs compare across the basins while we all have inverse incremental assessments, (inaudible) quality and look back assessments are less accurate than yours, particularly on a leading edge basis.

關於股東信，湯姆，我想換個角度談談，請你談談你對各盆地PVI值比較的看法。雖然我們都採用反向增量評估，但（聽不清楚）品質和回顧性評估不如你的準確，尤其是在前沿評估方面。

Well, I think we've said publicly that in 2025, the highest PVI in our portfolio coming from our Marcellus project, and we're very happy to say that. And I just want to kind of reinforce comment, Blake made in one of the earlier questions.

嗯，我想我們已經公開表示，到 2025 年，我們投資組合中 PVI 最高的項目將來自我們的馬塞勒斯項目，我們對此感到非常高興。我只想重申布萊克在之前某個問題中提到的觀點。

We have made that project. Our team in Pittsburgh has made that project so much better. We've lowered our costs dramatically. We've gone through longer and longer laterals in many cases. That's 4-mile laterals that (inaudible) fewer pads, fewer intrusion into the community there. And we're seeing historically high well performance.

我們已經完成那個專案了。我們在匹茲堡的團隊讓這個計畫變得更好了。我們大幅降低了成本。在很多情況下，我們經歷了越來越長的橫向移動。那是 4 英里長的橫向管道，（聽不清楚）更少的墊子，對當地社區的干擾也更少。我們看到油井產量達到了歷史新高。

So very pleased to say that the highest return in our portfolio this year is the Marcellus.

非常高興告訴大家，今年我們投資組合中報酬率最高的是馬塞勒斯頁岩氣計畫。

Great. And then maybe for my follow-up, I wanted to focus on gas marketing in the Permian. In light of all the recent pipeline announcements that have achieved FID and the flurry of power announcements we're seeing, how are you guys thinking about managing your Waha exposure? And could this amount of incremental egress lead to favorable in-basin exposure if oil prices remain depressed?

偉大的。接下來，我想重點關註二疊紀盆地的天然氣行銷。鑑於近期所有已達成最終投資決定的管道項目以及我們看到的一系列電力項目公告，你們打算如何管理你們在瓦哈地區的投資？如果油價持續低迷，這種增量出口能否帶來盆地內有利的曝險？

This is Michael. I'll take that question. We have struggled in the third quarter with low Waha gas prices. I think everyone sees that. And so the long-haul pipes are important to reduce the basis between Waha and NYMEX.

這是邁克爾。我來回答這個問題。第三季度，由於瓦哈天然氣價格低迷，我們經營困難。我想大家都明白這一點。因此，長途管道對於減少瓦哈和紐約商品交易所之間的基差非常重要。

And we're a part of all the conversations with the new pipes that are being announced. So we're looking at opportunities to put some of our gas that we can take in kind on those pipes and provide ourselves not only the flow assurance that we want but also that increase in price at that NYMEX market.

我們參與了所有關於新管道的討論，這些管道都在陸續發布。因此，我們正在尋找機會，將我們能夠以實物形式接收的部分天然氣輸送到這些管道中，不僅可以為我們自己提供我們想要的流量保證，還可以提高紐約商品交易所 (NYMEX) 市場的價格。

Phillip Jungwirth, BMO Capital Markets.

Phillip Jungwirth，BMO資本市場。

I wanted to come back to some of the major projects in Culberson County this year, the Barba-Row, Phase 1 and the (inaudible) see if you had any updates or takeaways as far as cost efficiencies, early time productivity, I think Barba-Row is expecting second half wells online. And I know it's early that (inaudible) starting up in the fourth quarter.

我想回顧一下今年庫爾伯森縣的一些主要項目，例如 Barba-Row 項目的第一階段以及（聽不清楚），看看您在成本效益、早期生產力方面是否有任何更新或收穫，我認為 Barba-Row 項目預計下半年油井將投入運營。我知道現在才開始第四節比賽還為時過早。

Yes, Philip, this is Blake. I'll take that. Everything is coming on as expected, performing well, contributing mightily to the the oil beat we just announced for Q3, those projects are ramping up throughout the year. And we continue to enjoy the wonderful cost efficiencies in Culberson County, all the things we've highlighted in many previous decks, it is still the crown jewel of capital efficiency, so performing very well.

是的，菲利普，這是布萊克。我接受。一切都在按預期進行，表現良好，為我們剛剛宣布的第三季度石油產量超預期做出了巨大貢獻，這些項目正在全年逐步推進。我們繼續享受卡爾伯森縣帶來的絕佳成本效益，正如我們在之前的許多報告中所強調的那樣，它仍然是資本效率的典範，表現非常出色。

Okay. Great. And then we always think of Coterra as kind of cutting edge willing to implement new technologies. Curious if you've looked at lightweight proppant, is this something you'd consider implementing within your (inaudible) development? I understand you won't be producing this in your refineries, but using it more -- buying it more through third parties.

好的。偉大的。我們一直認為 Coterra 是一家願意採用新技術的尖端公司。我很好奇您是否研究過輕質支撐劑，您會考慮在您的（聽不清楚）開發中採用它嗎？我知道你們的煉油廠不會生產這種產品，但會更多地使用它——透過第三方更多地購買它。

Yes. So we have a trial ongoing, as a matter of fact, on new lightweight proppant. So we don't have any results to share today, but that's a technology that we're investigating, and we have a lot of hope to see improved productivity as other operators have discussed.

是的。事實上，我們正​​在對一種新型輕質支撐劑進行試驗。所以今天我們還沒有任何結果可以分享，但這是我們正在研究的一項技術，我們非常希望看到它能像其他業者所討論的那樣提高生產力。

And that concludes our Q&A session. So I will now turn the call back over to Tom Jordan for closing remarks. Tom?

我們的問答環節到此結束。現在我將把電話交還給湯姆·喬丹，請他作總結發言。湯姆？

Yes. I just want to, again, thank everybody for joining us. We had a great quarter. We've got a bright future. and we really intend to demonstrate the marketplace that the Coterra model is resilient through the commodity price swings, and we're going to continue to deliver excellence as I hope we're known for. So thank you all very much.

是的。我再次感謝大家的到來。我們這個季度表現出色。我們擁有光明的未來。我們真心希望向市場證明，Coterra 模式能夠承受大宗商品價格的波動，我們將繼續提供卓越的服務，正如我們希望大家所期待的那樣。非常感謝大家。

Thanks, Tom. And this concludes today's conference call. You may now disconnect. Have a great day, everyone.

謝謝你，湯姆。今天的電話會議到此結束。您現在可以斷開連線了。祝大家今天過得愉快。