Diversified Energy Co (DEC) 2022 Q4 法說會逐字稿

Greetings. Welcome to Diversified Energy Company's 2022 Final Results Conference Call. A question-and-answer session will follow the formal presentation. (Operator Instructions) Please note that this conference is being recorded. At this time, I'll turn the conference over to Douglas Kris, Vice President of Investor Relations. Douglas, you may now begin.

問候。歡迎參加多元化能源公司 2022 年最終業績電話會議。正式演講後將舉行問答環節。 （操作員說明）請注意，本次會議正在錄製中。這次，我將把會議交給投資人關係副總裁道格拉斯‧克里斯 (Douglas Kris)。道格拉斯，你現在可以開始了。

Good morning, and thank you for everyone who is joining us here in person as well as on the line. We are doing a hybrid call here this morning. So we have a number of our research analysts here in the room with us. Joining me here today for our year-end 2022 call is Rusty Hutson, our CEO; Eric Williams, our CFO; and Brad Gray, our COO. And I will turn the call over to Rusty here to get started with our presentation.

早上好，感謝所有親自和透過電話加入我們的人。今天早上我們在這裡進行混合通話。所以我們有一些研究分析師和我們一起在房間裡。今天與我一起參加 2022 年底電話會議的是我們的執行長 Rusty Hutson；艾瑞克‧威廉斯，我們的財務長；和我們的營運長布拉德·格雷 (Brad Gray)。我將把電話轉給 Rusty，開始我們的演示。

Good morning. Thanks for everybody coming in person and also joining by phone. I'm going to go through a -- from the end of the presentation, talk a little bit about 2022. This was a record year for us in a lot of ways, give some real quick notes about some of the accomplishments from '22, talk a little bit about the natural gas macro, kind of how we see the remainder of '23 and forward playing out, and then finish up with a quick comment or 2 regarding the rest of the year and a forward-looking of Diversified.

早安.感謝大家親自前來並透過電話參加。我將在演示結束時談談 2022 年。從很多方面來說，這對我們來說都是創紀錄的一年，對 22 年取得的一些成就給出一些真正的快速說明，談談一些關於天然氣宏觀的問題，以及我們如何看待23 年剩餘時間和未來的發展，然後最後對今年剩餘時間進行一兩點簡短的評論以及多元化的前瞻性。

I'm going to start here on Page 4, talk a little bit about the strategic objectives that were met in 2022. Obviously, a record year across the board, record production, record revenue, record shareholder returns. If you take a look at all 3 of those, those are the 3 most important things that we look at on a day-to-day basis.

我將從第 4 頁開始，談談 2022 年實現的策略目標。顯然，這是全面創紀錄的一年，創紀錄的產量、創紀錄的收入、創紀錄的股東回報。如果您查看所有這 3 件事，您會發現它們是我們每天關注的 3 件最重要的事情。

We obviously completed $566 million in complementary acquisitions, including the one we just announced a month ago. With those acquisitions, we expanded the scale and the capacity of our Appalachian asset retirement program and our company that we started there last year. We scaled it up. We also added a lot of additional scale in vertical integration in our central region area, which is extremely important. We've talked about that as we move forward, that we will continue to scale that area to duplicate what we've done in Appalachia.

顯然，我們完成了 5.66 億美元的補充收購，包括我們一個月前剛剛宣布的收購。透過這些收購，我們擴大了阿巴拉契亞資產退休計畫以及我們去年在那裡啟動的公司的規模和能力。我們擴大了規模。我們還在中部地區增加了許多垂直整合的額外規模，這是極為重要的。我們已經討論過，隨著我們的前進，我們將繼續擴大該地區的規模，以複製我們在阿巴拉契亞所做的事情。

So we're able to do that in 2022 with the acquisitions that we did. We advanced our emissions reduction programs, made a lot of progress there. You probably saw this morning that our methane intensity rate was down. It's now lower than previous year at 1.2, which is tremendous and puts us in a very enviable position across our industry in the U.S. Completed emission surveys, way ahead of schedule. We talked about our Appalachian assets and completing that in a certain timeline. We were able to do that far in advance of what our specific targets were. So we now have done over 100% of that and have done duplicate visits to those same sites throughout the year in 2022.

因此，我們能夠透過我們所做的收購在 2022 年做到這一點。我們推進了減排計劃，並且取得了很大進展。今天早上您可能會看到我們的甲烷強度率下降了。現在比去年低了 1.2，這是一個巨大的數字，使我們在美國整個行業中處於非常令人羨慕的地位。提前完成了排放調查。我們討論了我們的阿巴拉契亞資產並在一定的時間內完成它。我們能夠遠遠超出我們的具體目標。現在我們已經完成了 100% 以上，並且在 2022 年全年對這些相同的網站進行了重複訪問。

We also progressed our aerial surveillance with over 11,000 miles flown over our midstream assets. We delivered record operational and financial performance. We obviously had a record year of production, 135,000 Boe per day with an exit rate of about 141,000 with the Conoco deal that we did in late third quarter.

我們還改進了空中監視，在中游資產上空飛行了超過 11,000 英里。我們取得了創紀錄的營運和財務表現。顯然，我們今年的產量創下了紀錄，每天 135,000 桶油當量，第三季末與康菲石油公司的交易退出率約為 141,000 桶油當量。

We generated over $503 million or generated $503 million in adjusted EBITDA, approximately 50% cash margins, which has been the norm for us now since our IPO back in 2017. Continue to utilize our hedging strategy and our operational efficiencies to maintain that cash margin. This is the one that we're most proud of. Obviously, not only are we focused on our shareholders, but I'm also [a big one] So being able to return capital to our shareholders is what we really put our time and attention to. We paid the company's high $0.17 in 2022, which is 6% above the 2021 mark. And we distributed over $178 million in dividends and share buybacks to our shareholders. So that was a record for us also.

我們創造了超過5.03 億美元或調整後EBITDA 為5.03 億美元，現金利潤率約為50%，自2017 年IPO 以來，這一直是我們的常態。繼續利用我們的對沖策略和營運效率來維持現金利潤率。這是我們最引以為傲的一點。顯然，我們不僅關注我們的股東，而且我也是一個大人物，因此能夠向股東返還資本才是我們真正投入時間和精力的事情。 2022 年我們支付了該公司最高的 0.17 美元，比 2021 年高出 6%。我們向股東分配了超過 1.78 億美元的股利和股票回購。所以這對我們來說也是一個記錄。

We maintained a strong and differentiated balance sheet. We obviously finance our business differently than most E&P companies. We use ABS amortizing notes to fund and create liquidity, which we have been very successful in doing. We maintain leverage. It's a long-term financing with a (inaudible) principal amortization allows us to maintain a 2x -- in that ballpark of 2x levered over the course of those notes. And also in 2022, we were able to align those notes and also our RBL with long-term ESG commitments. So that was tremendous for us to accomplish also in 2022.

我們維持了強勁且差異化的資產負債表。顯然，我們的業務融資方式與大多數勘探與生產公司不同。我們使用 ABS 攤提票據來融資和創造流動性，我們在這方面非常成功。我們維持槓桿。這是一項具有（聽不清楚）本金攤銷的長期融資，使我們能夠在這些票據的發行過程中維持 2 倍的槓桿水平。同樣在 2022 年，我們能夠將這些註釋以及我們的 RBL 與長期 ESG 承諾保持一致。因此，對我們來說，在 2022 年實現這一目標也是巨大的。

I think the box to the right says a lot on this slide. If you look over the last 3 years, increase in our PV-10 PDP reserves, only PDP. It's about 166% average increase. And if you look at it on a per share basis, which we started to do here recently. You can see, and this is net of ARO and hedges and assets et cetera, you can see that, that on a per share basis, a tremendous increase in value that should be starting to flow through to the share price. We're lagging that significantly as you look at our reserve increase, which is at a record $6.1 billion at the end of 2022.

我認為右邊的方框在這張投影片上說明了很多內容。如果您回顧過去 3 年，我們的 PV-10 PDP 儲備有所增加，只有 PDP。平均增幅約 166%。如果你以每股為基礎來看的話，我們最近開始這樣做。你可以看到，這是扣除ARO、對沖和資產等之後的淨值，你可以看到，以每股為基礎，價值的巨大增長應該開始流向股價。從我們的準備金增加情況來看，我們遠遠落後於這一點，到 2022 年底，準備金增加額達到創紀錄的 61 億美元。

Looking to Page 5. The hallmark of our business model has been our hedging strategy. Sometimes, as I said last year, sometimes it makes you look foolish, other times it makes you look great. We came out of 2022 with people asking us if we were going to reduce our hedge strategy moving forward. I obviously said no. And 2023 makes me look good. So hedging has always been integral for what we do as a business, making sure that we're locking in our cash flows. That's the most important part of what we do.

請參閱第 5 頁。我們商業模式的標誌是我們的避險策略。有時，正如我去年所說，有時它會讓你看起來很愚蠢，有時它會讓你看起來很棒。 2022 年結束後，人們問我們是否會減少未來的對沖策略。我明明說不。 2023 年讓我看起來不錯。因此，對沖一直是我們業務不可或缺的一部分，以確保我們鎖定現金流。這是我們所做的最重要的部分。

So we derisked it, derisked the model, taking that pricing volatility out of it, and it helps us to generate pretty robust margins. I think the key thing, and this is as we look at 2023, we're 85% hedged at about $3.39 on average. If you look at our peers in the U.S. gas market, there are 7 of them on this page, or 8 of them, I'm sorry. You can see the differences in how the companies are approaching the hedging their portfolios. And I think what you're going to see, especially now, I think the next closest peer was hedged at around 80%. On average, around 50% of their production is hedged. That's going to put a pretty nice drag on -- from what they're able to accomplish as these prices have rolled off over the last few months, and it has been a substantial drop in a very short period of time.

因此，我們消除了它的風險，消除了模型的風險，消除了定價波動性，這有助於我們產生相當強勁的利潤。我認為關鍵的是，當我們展望 2023 年時，我們 85% 的對沖平均價格約為 3.39 美元。如果你看看我們在美國天然氣市場的同行，這個頁面上有 7 個，或者 8 個，我很抱歉。您可以看到各公司在對沖其投資組合方面的差異。我認為你將會看到，尤其是現在，我認為第二接近的同行的對沖利率約為 80%。平均而言，大約 50% 的產量都進行了對沖。這將對他們能夠實現的目標造成相當大的拖累，因為這些價格在過去幾個月中已經下降，而且在很短的時間內大幅下降。

So there, I think period #8 is going to be really having a difficult season or a difficult year as they only have 6%. So we've managed to continue to hedge at a pretty high rate, making sure that we're locking in our -- the margins we need to be successful.

所以，我認為第 8 期將是一個非常艱難的賽季或艱難的一年，因為他們只有 6%。因此，我們設法繼續以相當高的利率進行對沖，確保我們鎖定成功所需的利潤。

Moving on to Page 6. Just talking a little bit as we enhanced our operational scale in the central region. You can see here, we've done the 2 upstream assets in 2022, the Texas bolt-on, the ConocoPhillips assets in late third quarter of 2022. Obviously, those were at very attractive multiples. PB values, which is, again, a hallmark of what we do as a business. We actually added some strategic midstream assets in that central region to help enhance control of the product, flow of where we want to put our gas and to take out some of the margin that we're paying others to move gas. And then we obviously scaled up our asset retirement company, now adding around 12 retirement rigs and giving us the ability to do up to 350 wells per year, which some of those will be for external parties like the State with the federal money that they're getting to reduce their orphan wells in the State's portfolios.

轉到第六頁，簡單說一下我們在中部地區擴大營運規模的情況。您可以在這裡看到，我們已經在2022 年完成了2 個上游資產，即德克薩斯州的補充資產，以及康菲石油公司在2022 年第三季末的資產。顯然，這些資產的倍數非常有吸引力。 PB 價值觀，這又是我們作為一個企業所做的一個標誌。實際上，我們在該中心地區增加了一些策略性中游資產，以幫助加強對產品、我們想要放置天然氣的地方的流動的控制，並消除我們向其他人支付天然氣運輸費用的一些利潤。然後我們顯然擴大了我們的資產報廢公司規模，現在增加了大約 12 個報廢鑽井平台，使我們能夠每年開採多達 350 口井，其中一些將由州政府等外部團體使用他們的聯邦資金提供。我們正在減少州投資組合中的孤井。

We also did the Tanos acquisition in the first quarter of 2023. And if you flip to Page 7, a lot of you have seen this slide. But again, very attractive multiple in a lower price environment. We were looking at this asset in 2022, and we're looking at $350 million to $400 million purchase price. We were able to get it for $250 million by waiting to the first quarter, prices rolled off and gave us the ability to buy it at a much more attractive price than what we would have been otherwise.

我們也在 2023 年第一季收購了 Tanos。如果你翻到第 7 頁，很多人都看過這張投影片。但同樣，在較低的價格環境下，倍數非常有吸引力。我們預計 2022 年該資產的購買價格為 3.5 億至 4 億美元。透過等待第一季度，我們能夠以 2.5 億美元的價格買到它，價格下跌，使我們能夠以比其他情況更具吸引力的價格購買它。

And again, I think the important thing about this transaction was it continued to beef up our undeveloped capabilities and value in the central region, adding about 50 new undeveloped locations. And when you combine that with what we already had in the central region, we now have over 300 undeveloped locations that we will be looking to monetize and determine how to create value for our shareholders moving forward. So all in all, a very attractive acquisition that will add value on a going-forward basis.

再說一次，我認為這項交易的重要之處在於它繼續增強我們在中部地區未開發的能力和價值，增加了約 50 個新的未開發地點。當你將其與我們在中部地區已有的資源結合起來時，我們現在有 300 多個未開發的地點，我們將尋求將其貨幣化，並確定如何為我們的股東創造未來的價值。總而言之，這是一次非常有吸引力的收購，將在未來的基礎上增加價值。

Page 8, we talk a lot about our undeveloped. We've really started here recently to leg in and try to determine what's the best way to get value for our shareholders out of that and developed. This is an illustrative example of one of the things that we've been looking at. It's an acreage position in Louisiana, where we would essentially divest about 50% of the PDP on a certain -- on a lease acreage position, also be carried in a drilling program of 1 to 4 wells, get carried interest, and this will be shared with Oaktree, obviously, as our partner in this area. But giving us the ability to sell the assets, the 50% of the assets are much better and more attractive price than what we bought them at, and also to be able to participate without any capital in a drilling program in that -- on that leasehold that would then kind of risk out that leasehold and give us the ability to be part of it going forward if the wells turned out to be profitable.

第8頁，我們談論了很多關於我們未開發的事情。我們最近確實開始介入並嘗試確定為我們的股東從中獲取價值並發展的最佳方式。這是我們一直在關注的事情之一的說明性範例。這是路易斯安那州的一個區塊，我們基本上會在某個租賃區塊上剝離大約 50% 的 PDP，也將在 1 到 4 口井的鑽探計劃中進行，獲得附帶權益，這將是顯然，橡樹資本是我們在這領域的合作夥伴。但是，如果我們有能力出售資產，那麼 50% 的資產比我們購買時的價格要好得多，也更具吸引力，並且能夠在沒有任何資本的情況下參與鑽探計劃——在這一點上租賃權會帶來租賃權的風險，如果這些油井能夠獲利，我們就有能力參與其中。

So it keeps us out of the capital expenditure for the wells, gives us the ability to monetize at a more attractive price than what we acquired them at and then also be carried in some of the wells that they're drilling on them. So it's a win-win across the board. And this is just 1 example of how we're approaching the undeveloped acreage in this region and parts of the portfolio.

因此，它使我們擺脫了油井的資本支出，使我們能夠以比我們收購它們時更具吸引力的價格獲利，然後也可以將其用於他們正在鑽探的一些油井中。所以這是一個全面的雙贏。這只是我們如何處理該地區未開發土地和部分投資組合的例子之一。

Turning to Page 9. Again, we generated a lot of cash flow and shareholder returns. $503 million of EBITDA, $178 million of dividends and shareholder -- share repurchases. Paid over $230 million of debt amortization, continue to see 50% cash margin, free cash flow yield 18% and a too high 15% dividend yield. The dividend yield is too high based on the share price, it should be lower. And we've been doing this now for -- going on 7 years. We've proven the model. We've proven that it's doable, sustainable. We feel like that the share price should reflect that.

翻到第 9 頁。我們再次創造了大量現金流和股東回報。 5.03 億美元的 EBITDA、1.78 億美元的股利和股東股票回購。支付了超過 2.3 億美元的債務攤銷，現金利潤率為 50%，自由現金流收益率為 18%，股息收益率過高，為 15%。從股價來看，股利率太高了，應該要低一些。我們這樣做已經有七年了。我們已經證明了這個模型。我們已經證明這是可行的、可持續的。我們認為股價應該要反映出這一點。

You can see over the course of -- since 2017, total shareholder return of 204%. Some of that has been affected by the share price reduction here recently, which has kind of tailed off, obviously, with the nat gas price. But at the end of the day, we're still returning a lot of capital to our shareholders over a long period of time.

你可以看到，自 2017 年以來，股東總回報率為 204%。其中一些受到最近股價下跌的影響，顯然，隨著天然氣價格的上漲，股價下跌已經減弱。但歸根究底，我們仍然會在很長一段時間內向股東返還大量資本。

Flipping to Page 11, let's talk quickly about the natural gas macro. The macro -- don't let the price of natural gas that we're seeing right now pull you into what it's going to be long term. There definitely has been a very mild winter, especially in the U.S. I know it has been in Europe also. We also had 2 Bcf a day of natural gas production at Freeport LNG facility offline for almost 8 months. Those 2 things together, if you put the LNG capacity back online for that period of time, even with the mild winter, the storage story in the U.S. will be average. It would be right on par with where it normally is. That says a lot. If we would have had any kind of winter, if that would have been online and we would have had any kind of winter at all, natural gas prices would be very, very high right now. So we need to look at it in terms of the macro. The macro steel is very strong.

翻到第 11 頁，讓我們快速討論一下天然氣宏觀情勢。宏觀方面－不要讓我們現在看到的天然氣價格把你拖入長期的困境。確實有一個非常溫和的冬天，尤其是在美國。我知道歐洲也是如此。我們還在自由港液化天然氣工廠關閉了近 8 個月，每天生產 2 Bcf 的天然氣。這兩件事加在一起，如果在這段時間內恢復液化天然氣產能，即使在溫和的冬季，美國的儲存情況也將是平均水平。它將與通常的位置相當。這說明了很多。如果我們有任何類型的冬天，如果那是在線的，我們會有任何類型的冬天，天然氣價格現在會非常非常高。所以我們需要從宏觀的角度來看。宏鋼非常堅固。

On Page 11, you can kind of see that right now, we're doing about 12 Bcf a day off the Gulf Coast of Louisiana and Texas in LNG exports. By 2025, that's going to increase by another 6 Bcf a day. By 2030, were more than doubling. That's a lot of capacity coming online over the next few years. Production is not expected to grow that much. The infrastructure situation in the U.S., a lot of tier -- what we consider to be Tier 1 drilling has been -- we've come through that already. And so I believe that we're setting up for a very, very strong macro for natural gas in the next few years. And this year just kind of shows you -- gives you an idea of the stuff -- the LNG export facilities that are coming online by 2030.

在第 11 頁上，您現在可以看到，我們每天在路易斯安那州和德克薩斯州墨西哥灣沿岸的液化天然氣出口量約為 12 Bcf。到 2025 年，每天將再增加 6 Bcf。到 2030 年，這一數字將增加一倍以上。未來幾年將有大量容量上線。預計產量不會增加那麼多。美國的基礎設施狀況，很多級別——我們認為是一級鑽探——我們已經經歷過這個問題。因此，我相信我們正在為未來幾年制定一個非常非常強勁的天然氣宏觀政策。今年只是向您展示 - 讓您了解一些東西 - 液化天然氣出口設施將於 2030 年上線。

Page 12, I thought this was very interesting. And I think especially for those who aren't real educated on how the situation in the U.S. works. This was the Christmas holiday weekend, where we had some of the coldest weather. We called it Winter Storm Elliott. It pretty much covered the whole Continental U.S. in terms of the cold spell that went through. It was all over the weekend of Christmas.

第12頁，我覺得這很有趣。我認為特別是對於那些沒有真正了解美國局勢如何運作的人來說。這是聖誕節假期週末，我們經歷了最冷的天氣。我們稱之為冬季風暴埃利奧特。就經歷的寒流而言，它幾乎覆蓋了整個美國大陸。整個聖誕節的週末。

You can see here that during that 24-hour period, which was the strongest power demand that we had, on December 23, that the peak time, natural gas represented over 70% of the demand -- of the power demand. It kicked in the wind and the solar and all the other types of renewables kicked off. And I believe this is indicative of where we're going not only in the country, but across the globe, is that natural gas will be part of the equation, and we're going to show some slides in here that will show that. But natural gas is not going anywhere. It's going to be part of the equation for a long period of time, and it's going to be a strong supply of power, not only in the U.S. but across the globe. And we'll talk a little bit more about why that's important.

您可以在這裡看到，在 12 月 23 日的 24 小時期間，也就是我們電力需求最強勁的時期，天然氣佔電力需求的 70% 以上。它啟動了風能、太陽能和所有其他類型的可再生能源。我相信這表明我們不僅在國內，而且在全球範圍內，天然氣將成為方程式的一部分，我們將在這裡展示一些幻燈片來展示這一點。但天然氣不會消失。它將在很長一段時間內成為方程式的一部分，並將成為強大的電力供應，不僅在美國，而且在全球範圍內。我們將更多地討論為什麼這很重要。

If you flip to Page 13, emissions. You can see from 2005 to 2021 in the U.S., power generation has more than doubled from that in natural gas from 18% in 2005 to 37% in 2021. And over that same period of time, CO2 emissions have dropped in that same proportion. It's not a coincidence. Natural gas is the way that we're going to reduce emissions across the globe long term as we move coal.

如果你翻到第 13 頁，排放量。可以看到，從2005 年到2021 年，美國的發電量比天然氣發電量增加了一倍多，從2005 年的18% 增加到2021 年的37%。而在同一時期，二氧化碳排放量也以同樣的比例下降。這不是巧合。當我們運輸煤炭時，天然氣是我們在全球範圍內長期減少排放的一種方式。

Toby Rice, CEO of EQT, says this all time, we need to unleash the U.S. LNG. It will help to reduce emissions globally that we can't do otherwise. And so this is going to be the way we do it. So it's going to again contribute to a very strong natural gas macro as we move forward.

EQT 執行長 Toby Rice 一直表示，我們需要釋放美國液化天然氣的潛力。它將有助於減少全球排放，這是我們無法做到的。所以這將是我們這樣做的方式。因此，隨著我們的前進，它將再次為非常強勁的天然氣宏觀做出貢獻。

Moving to Page 14. You can see here, there's lots of these surveys and there's lots of these charts that show this. But they're all pretty -- they all look about the same, comparable. We're going to see a reduction between now and 2050. We're going to see a reduction in coal. Coal will come down. It will come down pretty substantially over that period of time in terms of power generation. Renewables will have a steep increase. There's no doubt about that. And we'll continue to -- and we're supportive of that. We think we need it. But the thing that will continue to go up is the natural gas. And you can see here the natural gas -- global natural gas demand is set to increase by 36% over that period of time.

轉到第 14 頁。您可以在這裡看到，有很多此類調查，也有很多圖表顯示了這一點。但它們都很漂亮——它們看起來都差不多，具有可比性。從現在到 2050 年，我們將看到煤炭用量減少。煤會下來。在此期間，發電量將大幅下降。再生能源將大幅成長。毫無疑問。我們將繼續——並且我們對此表示支持。我們認為我們需要它。但將繼續上漲的是天然氣。您可以在這裡看到天然氣——在此期間，全球天然氣需求將增加 36%。

Fossil fuels will be forecasted because oil doesn't really come down that much either over that period of time. But fossil fuels will be 63% of the market till 2050. So not much of a drop, even with the increase in renewables over that same period of time. I've seen multiple studies on this now. This is -- they're all very comparable in what they're showing.

化石燃料將被預測，因為石油在這段時間內也不會真正下降那麼多。但到 2050 年，化石燃料將佔市場的 63%。因此，即使同期再生能源增加，下降幅度也不會太大。我現在已經看到了多項關於此的研究。這是——它們所展示的內容都非常具有可比性。

On Page 15, as we look at our CO2 emissions in the United States, we've dropped. Since 2017, we dropped over 12% our CO2 emissions over that period of time. Again, mostly because of the coal to natural gas switching that we've seen. But over that same period of time, China has increased over 7%. China continues to build a significant amount of coal power generation and will continue to be on the increase. We've got to make changes across the globe if we're going to bring emissions down. It's going to be done utilizing natural gas over that same period. China's coal power generation was 5x what the U.S. was in 2022. So it's significant.

在第 15 頁，當我們查看美國的二氧化碳排放量時，我們發現我們的二氧化碳排放量有所下降。自 2017 年以來，我們在此期間的二氧化碳排放量減少了 12% 以上。同樣，這主要是因為我們看到了煤炭向天然氣的轉變。但同期，中國的增幅超過 7%。中國繼續建設大量煤炭發電並將繼續增加。如果我們要減少排放，就必須在全球範圍內做出改變。同期將使用天然氣來完成。到 2022 年，中國的煤炭發電量將是美國的 5 倍。因此意義重大。

On Page 16, I'll just finish up with a few comments here as we look at the future of Diversified. We obviously believe that the future is extremely bright. We think that there's going to be, and I made this comment multiple times, but 1 or 2 publicly traded consolidators of mature producing assets. We're going to be one of them. And I'll talk it in my closing remarks about the way that the strategies around that. We want to be the consolidator of mature producing assets, We're going to see opportunities to do that. We'll continue to focus on vertically integrating the business, becoming as efficient as an operator that possibly can, taking that production to end of life, deploying smarter asset management across our portfolio of assets and across our operations, to drive down cost to get every molecule of production we can out of these wells.

在第 16 頁，當我們展望多元化的未來時，我將在此發表一些評論。我們顯然相信未來是極度光明的。我們認為，將會有 1 到 2 家成熟生產資產的公開交易整合者，而且我曾多次發表過這項評論。我們將成為他們中的一員。我將在結束語中談論圍繞這一點的策略的方式。我們希望成為成熟生產資產的整合者，我們將看到這樣做的機會。我們將繼續專注於垂直整合業務，盡可能提高運營商的效率，使生產達到生命週期結束，在我們的資產組合和運營中部署更智能的資產管理，以降低成本我們可以從這些井中生產出每一個分子。

It's extremely important. We've got to keep all the existing wells producing as long as we can that the supply is needed. We can't continue just to drill our way through this. We've got to make sure that we're producing the mature assets just like we are the ones that are being drilled. And so -- and as a result of that, we're not only going to deploy smarter asset management to increase production, but we're also going to deploy it to lower our emissions. And we're highly, highly focused on that. And then lastly, we've expanded our retirement capacity where we want to be in the technology realm of leading the industry and finding ways to retire wells more -- with more innovation, more technology, lowering the cost of being able to do it long term so that the retirement will doesn't become burdens on companies, it becomes part of their process.

這非常重要。只要有供應需要，我們就必須維持所有現有油井的生產。我們不能繼續鑽探這個問題。我們必須確保我們正在生產成熟的資產，就像我們正在鑽探的資產一樣。因此，我們不僅將部署更聰明的資產管理來增加產量，而且還將部署它來降低排放。我們非常非常關注這一點。最後，我們擴大了退役能力，我們希望在技術領域處於領先地位，並找到更多退役井的方法——透過更多創新、更多技術，降低長期退役的成本以便退休不會成為公司的負擔，而是成為公司流程的一部分。

We believe we're in a very good position to work with regulators, State and even up to the EPA and finding ways to be able to do that and lead the industry from that perspective.

我們相信，我們處於非常有利的位置，可以與監管機構、州政府甚至美國環保局合作，找到能夠做到這一點的方法，並從這個角度引領產業。

So with that, I'm going to turn it over to Brad to talk to some of our operational updates in 2022.

因此，我將把它交給 Brad，討論我們 2022 年的一些營運更新。

All right, Rusty. As you said, we had a great year. Our teams had a great year in 2022. So I'm really pleased to share some additional highlights on the results that we had. And I know that many of our employees will be listening to this call later in the day. So I do want to say thank you to the teams that we all have the opportunity to work with that deliver these results each and every day. They're dedicated to our company. They're dedicated to our shareholders, and we're very proud of the great team that we have.

好吧，魯斯蒂。正如你所說，我們度過了美好的一年。我們的團隊在 2022 年度過了美好的一年。因此，我很高興分享我們所取得的成果的一些其他亮點。我知道我們的許多員工將在當天晚些時候收聽此電話會議。因此，我確實想對我們有機會合作的團隊表示感謝，他們每天都取得了這些成果。他們致力於我們公司。他們致力於為我們的股東服務，我們為我們擁有的優秀團隊感到非常自豪。

I'm going to start out here on Page 18. And we all know that our cash flows come from our production. And as Rusty said, we had record production. We had record reserves, record production. We ended the year with an average annual production of 135,000 Boe per day, which represented a 16% increase over 2021.

我將從第 18 頁開始。我們都知道我們的現金流量來自我們的生產。正如拉斯蒂所說，我們的產量創下了紀錄。我們的儲量和產量均創歷史新高。截至年底，我們的平均年產量為每天 135,000 桶油當量，比 2021 年增加 16%。

And since 2020, with our entry into the Central region, our production has increased to 35%. With that increase in production, we're also very proud to talk about our corporate decline rate, which we've maintained at an 8.5%, which is, if not the lowest, it's one of the lowest against our industry peers.

自2020年以來，隨著我們進入中部地區，我們的產量增加到35%。隨著產量的增加，我們也非常自豪地談論我們的企業下降率，我們將其維持在 8.5%，即使不是最低的，也是我們行業同行中最低的之一。

With the Tanos acquisition that we had in the first quarter this year, that corporate decline rate will slightly increase due to some newer vintage wells that are coming online. In addition, Rusty mentioned our reserves. And this is something that is, I believe, is very impressive for our company. So we've had increasing production. But if you look at our -- the PV-10 value of our reserves, it is now at $6.1 billion. And just 2 years ago, it was at $1.9 billion. So if you look at our company, and you look at the value of the future cash flows that we have available to us is significantly increased.

隨著我們今年第一季收購 Tanos，由於一些較新的老式油井即將上線，該公司的產量下降率將略有增加。另外，Rusty提到了我們的儲備。我相信，這對我們公司來說是非常令人印象深刻的。所以我們的產量有增加。但如果你看看我們的 PV-10 儲備價值，它現在為 61 億美元。就在 2 年前，這數字還達到 19 億美元。因此，如果你看看我們公司，你會發現我們可用的未來現金流量的價值顯著增加。

And then I also want to point out at the top of the page here on Page 18, Rusty already commented on this but this is the PV-10 value on a per share basis at $3.29 versus our stock price around $1.15. Our reserves and our assets are resilient, they're consistent, and they have a predictable future cash flow that we believe supports a much higher stock price.

然後我還想在第 18 頁的頂部指出，Rusty 已經對此發表了評論，但這是每股 3.29 美元的 PV-10 價值，而我們的股價約為 1.15 美元。我們的儲備和資產具有彈性、一致，並且具有可預測的未來現金流，我們相信這將支持更高的股價。

Moving on to Page 19. Like we said, we had a record year in many areas, but we had a tremendously successful year with our sustainability projects in 2022. and our teams are committed to diligent stewardship of our assets. And I'm going to highlight a few of the activities and accomplishments that we had in 2022 here on this page.

繼續第 19 頁。正如我們所說，我們在許多領域都創下了紀錄，但 2022 年的可持續發展項目取得了巨大成功。我們的團隊致力於勤勉地管理我們的資產。我將在此頁面重點介紹 2022 年我們所進行的一些活動和所取得的成就。

So we were 1 of 5 U.S. operators that received a gold standard for our emissions reporting by the United Nations led OGMP 2.0 organization. This is a tremendous accomplishment for our company. It's very appreciated recognition by the OGMP for all the work that our teams do each day to aggressively manage and lower our emissions.

因此，我們是獲得聯合國領導的 OGMP 2.0 組織排放報告黃金標準的 5 家美國營運商之一。這對我們公司來說是一項巨大的成就。我們非常感謝 OGMP 對我們團隊每天為積極管理和降低排放所做的所有工作的認可。

Rusty mentioned the mission detection surveys that we completed this past year. We had tremendous activity with great success. We did over 174,000 surveys in our Appalachia assets. And these surveys, they really validated the effectiveness of our zero tolerance policy that we've had for numerous years. And we determined with these surveys that over 90% ended up being around 95% of the wells that we surveyed had no unintended emissions or no leaks. And so that was a great result there.

拉斯蒂提到了我們去年完成的任務探測調查。我們開展了大量活動並取得了巨大成功。我們對阿巴拉契亞資產進行了超過 174,000 次調查。這些調查確實驗證了我們多年來實行的零容忍政策的有效性。透過這些調查，我們確定，超過 90% 的井在我們調查的井中大約 95% 沒有意外排放或洩漏。所以這是一個很好的結果。

We have a very robust aerial LiDAR program, where we were able to survey over 11,000 miles of our Appalachia Midstream. That represented about 65% of our midstream assets. These surveys were very effective in helping our teams identify leaks and be able to repair as necessary. Also down the graph here at the bottom of the page, our methane intensity ratio, our methane intensity ratio has declined significantly. In fact, 20% this year down to 1.2. And that's really reflective of the tremendous investment focus and projects that our company has implemented over the last several years as we really started to focus on reducing emissions.

我們有一個非常強大的空中 LiDAR 計劃，我們能夠對阿巴拉契亞中游超過 11,000 英里的地區進行測量。這約占我們中游資產的 65%。這些調查非常有效地幫助我們的團隊識別洩漏並能夠根據需要進行修復。同樣在頁面底部的圖表中，我們的甲烷強度比，我們的甲烷強度比顯著下降。事實上，今年下降了20%至1.2。這確實反映了我們公司在過去幾年中實施的巨大投資重點和項目，因為我們真正開始專注於減少排放。

We had a solid year with our safety results. Our safety metric ended at 0.73. And as you can see in this graph that over the last 3 years, our rolling 3-year average has continued to improve. This is extremely important to us. We talk about it every day with our employees, and we're very pleased with our continued improvement here. Finally, with our asset retirement program, since 2020, the number of wells that we've retired has increased by 117%, and we were able to retire 200 wells this past year.

我們在安全方面取得了堅實的一年。我們的安全指標最終為 0.73。正如您在此圖中看到的那樣，在過去 3 年中，我們的 3 年滾動平均值持續提高。這對我們來說極為重要。我們每天都與員工討論這個問題，我們對我們在這裡的持續改進感到非常滿意。最後，透過我們的資產報廢計劃，自 2020 年以來，我們報廢的油井數量增加了 117%，去年我們報廢了 200 口井。

Also in connection with our earnings release today, we issued our 2022 climate risk and resilience report, which includes our TCFD-related disclosures. Also, towards the end of April -- excuse me, the beginning of April, we'll be issuing our 2022 sustainability report, which we're very excited about. 2021, we earned numerous awards on a global basis. And we believe our 2022 report will provide additional disclosures about all the efforts that we're doing from a stewardship and a sustainability perspective.

此外，與我們今天發布的收益相關，我們還發布了 2022 年氣候風險和復原力報告，其中包括與 TCFD 相關的揭露。另外，在四月底——對不起，四月初，我們將發布 2022 年永續發展報告，對此我們感到非常興奮。 2021 年，我們在全球範圍內獲得了無數獎項。我們相信，我們的 2022 年報告將進一步揭露我們從管理和永續發展角度所做的所有努力。

Moving on to Page 20. We talked -- Rusty talked about our acquisitions that we did this past year, both in our upstream and our midstream business. One great thing about doing bolt-on acquisitions in our central region, just like we have in Appalachia, is we're able to leverage our G&A infrastructure. We're able to leverage the existing management team that's in place, which provides us great expense efficiencies.

轉到第 20 頁。我們談論了——Rusty 談論了我們去年在上游和中游業務中進行的收購。就像我們在阿巴拉契亞地區一樣，在中部地區進行補強收購的一大好處是我們能夠利用我們的 G&A 基礎設施。我們能夠利用現有的管理團隊，這為我們提供了巨大的費用效率。

One of the midstream opportunities that we have with one of the acquisitions was an NGL processing facility in Louisiana. And this is a -- we believe this has great revenue generating potential for us. It's an underutilized facility. And we're working right now to bring in additional volumes to that so that we can vertically integrate, lower our cost and increase our margins.

我們透過其中一項收購獲得的中游機會之一是位於路易斯安那州的液化天然氣處理設施。我們相信這對我們來說具有巨大的創收潛力。這是一個未充分利用的設施。我們現在正在努力增加產量，以便我們能夠垂直整合，降低成本並增加利潤。

Over the last several years, we've done 25-plus acquisitions. So our post-acquisition integration process is a very disciplined approach that we take to drive value as quick as possible. We start with on-boarding employees very early. We work on the integration and standardization of our business processes and our technology. And then we focus on optimization, consolidation, expense efficiency. And we're really -- and the ultimate goal of our integration process is to focus on our One DEC culture of operational excellence through people, process and systems.

在過去幾年中，我們完成了超過 25 次收購。因此，我們的收購後整合流程是一種非常嚴格的方法，我們採用這種方法來盡快創造價值。我們很早就開始員工入職工作。我們致力於業務流程和技術的整合和標準化。然後我們專注於優化、整合和費用效率。我們整合流程的最終目標是專注於透過人員、流程和系統實現卓越營運的 One DEC 文化。

Smarter Asset Management. This is a concept that we have implemented now for several years. And our teams were extremely busy in 2022. And they had some -- they had a very successful year in identifying and delivering some very, very strong and value-added projects. I'm going to highlight 4 of those categories of smarter asset management.

更智能的資產管理。這是我們多年來一直實施的概念。我們的團隊在 2022 年非常忙碌。他們在確定和交付一些非常非常強大和增值的專案方面度過了非常成功的一年。我將重點介紹其中 4 類更聰明的資產管理。

First category is RTP wells, that stands for return to production. We were able to return to production 340 wells in our central region during 2022. 340 wells in many cases is larger than a lot of private companies in the United States. These were wells that were producing zero the year before that we were able to bring back into production. So a great year with our RTP program.

第一類是RTP井，代表恢復生產。 2022 年，我們得以在中部地區恢復生產 340 口井。在許多情況下，340 口井的規模比美國許多私人公司的規模還要大。這些井在我們能夠恢復生產的前一年產量為零。我們的 RTP 計劃度過了美好的一年。

From a work-over standpoint, we also completed 305 work-over projects. A very successful year, added 40,000 Mcfe per day at an average cost of $45,000 and a cash-on-cash payback of 2 months. From an optimization and expense standpoint, our midstream just continually provide cost savings to our company. We were able to generate $1.5 million of expense reductions or annualized savings with the consolidation and reduction of compression assets in our central region. And we also were able to accomplish in our Appalachia area just a very successful, tremendous project where we were able to reroute some gas to a different processing facility, which allowed us to have a 10% uplift in our NGL volumes and provides an opportunity of about $15 million on an annual basis.

從修井工作來看，我們也完成了305個修井工程。這是非常成功的一年，每天增加 40,000 Mcfe，平均成本為 45,000 美元，現金回收期為 2 個月。從優化和費用的角度來看，我們的中游不斷為我們公司節省成本。透過整合和減少中部地區的壓縮資產，我們能夠減少 150 萬美元的費用或年度節省。我們還能夠在阿巴拉契亞地區完成一個非常成功、巨大的項目，我們能夠將一些天然氣重新輸送到不同的處理設施，這使我們的 NGL 產量增加了 10%，並提供了一個機會每年約1500萬美元。

Our smarter asset management programs are supported by our daily operating priorities. These priorities that we established several years ago, our safety, production, efficiency and enjoyment. And what these daily priorities have done for us, they've allowed us to connect our teams across the 10 different states in which we operate.

我們更聰明的資產管理計劃得到了我們日常營運優先事項的支持。我們幾年前確立的這些優先事項是我們的安全、生產、效率和享受。這些日常優先事項為我們帶來了好處，它們使我們能夠將我們營運所在的 10 個不同州的團隊聯繫起來。

So one of the specific projects I did want to highlight, and it really is an example of operating in multiple basins and having a vast pool of resources and experience. And this was an artificial lift technique that is used significantly in our central region, but we had not used it in our Appalachia region. We brought our teams together because we were having a -- one of our larger wells in the Appalachia Basin was having some loading issues, we needed to improve the production on it. We brought our central region upstream team together with our Appalachia team. And we said, let's look at this capillary string lift process that we use in our Central region and see if it will work in Appalachia. Up until this point, we had not used a capillary string lift method in Appalachia.

因此，我確實想強調的一個具體項目，它確實是一個在多個流域運作並擁有大量資源和經驗的例子。這是一種人工舉陞技術，在我們中部地區大量使用，但我們在阿巴拉契亞地區尚未使用。我們將我們的團隊聚集在一起，因為我們在阿巴拉契亞盆地的一口較大的油井遇到了一些裝載問題，我們需要提高其產量。我們將中部地區上游團隊與阿巴拉契亞團隊聚集在一起。我們說，讓我們看看我們在中部地區使用的毛細管柱舉升工藝，看看它是否適用於阿巴拉契亞。到目前為止，我們還沒有在阿巴拉契亞使用過毛細管柱舉升方法。

We've implemented it numerous times now. It's been a great success to allow us to efficiently improve production without a lot of capital expenditures. The charts on the right there shows the stabilization in the uplift that we received from that capillary stream project. So we're very pleased with that with that ability to share ideas across our different basins.

我們已經實施過很多次了。讓我們無需大量資本支出即可有效提高產量，這是一項巨大的成功。右邊的圖表顯示了我們從毛細流項目中獲得的抬升的穩定性。因此，我們對能夠在不同流域分享想法的能力感到非常滿意。

Moving on to Page 23. One thing we don't talk about often are really enough is the significant investment in efficient technology that we've deployed. We are a large data company. We've worked extremely hard to deploy safe, efficient and standardized technology across all of our operations. We are a 100% cloud-based company. We have no physical servers, and we do not maintain technical debt from the acquisitions that we complete. And this cloud strategy has provided us with significant flexibility in not only integrating assets but also operating at a very low cost with our cloud strategy, with our electronic measurement, we also have a very efficient telecommunications infrastructure that allows us to quickly aggregate and provide information to our teams in a real-time basis.

轉到第 23 頁。我們經常不談論的一件事確實足夠，那就是我們對已部署的高效技術的大量投資。我們是一家大型數據公司。我們非常努力地在所有營運中部署安全、高效和標準化的技術。我們是一家 100% 基於雲端的公司。我們沒有實體伺服器，並且我們不會因完成的收購而承擔技術債。這種雲端策略為我們提供了巨大的靈活性，不僅可以整合資產，而且可以透過我們的雲端策略以非常低的成本運營，透過我們的電子測量，我們還擁有非常高效的電信基礎設施，使我們能夠快速聚合並提供資訊即時發送給我們的團隊。

We're leveraging this real-time information both in our midstream and our upstream operations with a centralized operations center and a centralized operation center, the way I'd like to describe it is like an [AUX] plane in the military. It provides reconnaissance information to the teams on the ground so that we can be very efficient with our operations and be able to address any issues whether it's production, environmental or safety in a much quicker manner.

我們透過一個集中運營中心和一個集中運營中心在中游和上游運營中利用這些實時信息，我想描述它的方式就像軍隊中的[AUX]飛機。它為現場團隊提供偵察訊息，以便我們能夠非常有效率地開展運營，並能夠更快地解決生產、環境或安全方面的任何問題。

Also, with this Tanos acquisition, Tanos had both Project Canary and Qube for a real-time continuous monitoring program. And we're also going to build that into our centralized operation centers. Finally, as we've talked about numerous times throughout the year, and as Rusty mentioned, we made a real tangible commitment to our asset retirement with the expansion of our plugging operations.

此外，透過收購 Tanos，Tanos 還擁有了 Project Canary 和 Qube 來實現即時連續監控計劃。我們也將把它建置到我們的集中營運中心中。最後，正如我們在一年中多次談論的那樣，正如 Rusty 所提到的那樣，我們透過擴大封鎖業務對資產報廢做出了真正切實的承諾。

This is -- our next level energy subsidiary we believe has tremendous opportunities to generate value for our company. Next Level Energy is a full service, well services company. We have construction, cementing, wireline, transportation, all the well plugging equipment. But also what we've done is we've invested in our land and our permitting resources so that we can provide a full service, both internally but also externally to third parties.

這是我們的下一級能源子公司，我們相信它有巨大的機會為我們公司創造價值。 Next Level Energy 是一家提供全方位服務的油井服務公司。我們擁有施工、固井、電纜、運輸、封堵等所有設備。但我們所做的是投資我們的土地和許可資源，以便我們能夠向內部和外部第三方提供全面的服務。

And as Rusty mentioned, we believe that the plugging industry in the United States and really across the world is ripe for innovation. We are very well positioned to not only participate in that innovation but also to benefit from it. And so it's going to be exciting to see what will happen in the U.S. and really across the world as to how we can participate in that innovation and see what happens. So the Next Level Energy has been a very nice addition to our team. We're really excited about it.

正如拉斯蒂所提到的，我們相信美國乃至全世界的堵漏產業創新的時機已經成熟。我們處於有利位置，不僅可以參與創新，還可以從中受益。因此，看到美國乃至全世界會發生什麼，我們如何參與創新並看看會發生什麼，這將是令人興奮的。因此，Next Level Energy 對我們團隊來說是一個非常好的補充。我們對此感到非常興奮。

So with that, I'll turn it over to Eric.

那麼，我會把它交給艾瑞克。

Thank you, Brad. So those following along, I'll pick up on Page 26 of the presentation, really, with more of a reminder that this morning, we did issue our full 2022 annual report that you can pull from our website in which we've included our full audited financial statements with the accompanying footnotes and all of the other accompanying parts that you would expect from a premium listed company on the exchange.

謝謝你，布拉德。因此，接下來的內容，我將繼續閱讀簡報的第26 頁，實際上，更多的是提醒大家，今天早上，我們確實發布了完整的2022 年年度報告，您可以從我們的網站上獲取該報告，其中我們包含了完整的經審計的財務報表，附有腳註以及您期望從交易所的優質上市公司獲得的所有其他隨附部分。

We do talk about alternative performance measures and throughout our results, and we've included reconciliations to the closest IFRS measure, both in the appendix of the presentation that we're going through this morning as well as within that annual report. So please refer to that as appropriate.

我們確實在整個結果中討論了替代績效衡量標準，並且我們在今天上午正在討論的演示文稿的附錄以及年度報告中都包含了與最接近的國際財務報告準則衡量標準的調節。所以請酌情參考。

I'm going to focus my prepared remarks more around the cash-generative nature of our business and what we do to mitigate the volatility that we find, whether it'd be in the macro, a lot of conversations around the banking environment right now. or more specific to our industry and commodity price volatility.

我將把我準備好的言論更多地集中在我們業務的現金生成性質以及我們如何減輕我們發現的波動性，無論是在宏觀層面，還是目前圍繞銀行環境的大量對話。或更具體地針對我們的產業和商品價格波動。

So you can see sort of featured in the center of our financial results is that 50% cash margin. So I'm going to talk about what we do to provide consistent cash flow and margin through the cycles.

所以你可以看到我們財務表現的核心特徵是 50% 的現金利潤。因此，我將討論我們如何在整個週期中提供一致的現金流和利潤。

So turning to Page 27. If we just look at the last 2 years alone, you can see consistent results across the period. 50% cash margin in dramatically different price environment. And we've done that by focusing on the components that both Rusty and Brad talked about, relentless focus on cost and a very -- a lot of intentionality around vertically integrating so that we have greater control over that cost structure and then a focus on maximizing realized prices. And we do that in a number of different ways. And when you do those 2 things in conjunction, you can drive consistent margins across periods. But if you look at those margins year-over-year, you can see that the components for the makeup has changed.

所以請翻到第 27 頁。如果我們只看過去兩年，您可以看到整個時期的結果是一致的。在截然不同的價格環境下，現金利潤率為 50%。我們透過專注於 Rusty 和 Brad 談到的組件、不懈地專注於成本以及圍繞垂直整合的大量意圖來做到這一點，以便我們更好地控製成本結構，然後專注於最大化實現價格。我們透過多種不同的方式做到這一點。當你結合做這兩件事時，你可以在不同時期內獲得一致的利潤。但如果你逐年查看這些利潤，你會發現化妝品的成分已經改變了。

In 2021, our cost structure was just under $8 per Boe versus realized price of just under $16 per Boe. That step change as we had the full annualization of our central region assets in 2022 and continue to grow in that region. It does have a notionally higher cost structure with cost moving closer to $10.50.

2021 年，我們的成本結構略低於每桶油當量 8 美元，而實際價格略低於每桶油當量 16 美元。隨著我們的中部地區資產在 2022 年全額年化並在該地區繼續增長，這一步驟發生了變化。它確實具有理論上更高的成本結構，成本接近 10.50 美元。

But importantly, and as Rusty talked about, that access to the Gulf Coast market realizes a premium price associated with its production. So correspondingly, you see that step up in our realized price to just under $21 in 2022. If we talk about the vertical integration, it has been a journey. Brad talked about the great work the team has done. You go all the way back to 2017, it started off as smarter well management when we were a company focused on aggregating wells. But with the acquisition of assets in midstream from EQT in 2018 and following on with Core Appalachia and then continuing to acquire midstream assets from midstream companies where we were the largest producer into that pipe or to vertically integrate a midstream system into our portfolio.

但重要的是，正如魯斯蒂所說，進入墨西哥灣沿岸市場可以實現與其生產相關的溢價。因此，相應地，您將看到我們的實現價格到 2022 年將升至略低於 21 美元。如果我們談論垂直整合，這是一個旅程。布拉德談到了團隊所做的出色工作。追溯到 2017 年，當時我們還是一家專注於聚合油井的公司，最初是為了實現更智慧的油井管理。但隨著 2018 年從 EQT 收購中游資產，繼而收購 Core Appalachia，然後繼續從我們是該管道最大生產商的中游公司收購中游資產，或將中游系統垂直整合到我們的投資組合中。

Today, with just under 18,000 miles of midstream and gathering, that allowed us not only to take third-party margin out of our cost structure, but ultimately have greater flow control over where those molecules go to realize higher prices on that production.

如今，憑藉近 18,000 英里的中游和集散距離，我們不僅能夠從成本結構中剔除第三方利潤，而且最終能夠更好地控制這些分子的流向，從而實現更高的生產價格。

We moved from midstream to marketing. We, previously back in 2018, used a third-party marketing firm to market our gas. We ended up buying that platform and significantly invested and grown it where today, it is a top 24 marketer in the United States. So once again, that not only allowed us to remove the margin associated with paying a third-party, but importantly, gives us the opportunity to maximize the return on that production by selling those molecules into the optimal market, whether it's selling high BTU gas or stripping the gas of its liquids content and monetizing the component.

我們從中游轉向行銷。早在 2018 年，我們就使用第三方行銷公司來行銷我們的天然氣。我們最終購買了該平台，並對其進行了大量投資和發展，如今，它已成為美國排名前 24 的營銷商。因此，這不僅使我們能夠消除與向第三方付款相關的利潤，而且重要的是，使我們有機會透過將這些分子銷售到最佳市場來最大化生產回報，無論是銷售高 BTU 氣體或汽提氣體中的液體成分並將其貨幣化。

And then you step all the way through to vertically integrating, as Brad just touched on, the asset retirement aspect of our business. We demonstrated visibility associated with our asset retirement program by working with the States to negotiate long-term agreements. We've demonstrated consistent costs associated with that program over the last several years. But I believe that the next step was to vertically integrate that to make sure we had control over the process, ultimately can maximize the ability to provide services to third parties and generate margin that will essentially cover the cash costs associated with our programs and ultimately just position us to meet that long-term obligation as we move forward.

然後，正如布拉德剛剛談到的那樣，您將一直進行垂直整合，即我們業務的資產報廢方面。透過與各州合作談判長期協議，我們展示了與我們的資產報廢計劃相關的可見性。在過去的幾年裡，我們已經證明了與該計劃相關的持續成本。但我相信下一步是垂直整合，以確保我們能夠控制整個流程，最終能夠最大限度地提高向第三方提供服務的能力，並產生利潤，這將基本上覆蓋與我們的計劃相關的現金成本，最終只是使我們能夠在前進的過程中履行這項長期義務。

So I'll move on to Page 28. And just remind that hedging is the last piece of the equation. So Rusty talked about our asset profile of long life, low decline assets. Brad talked about the cost structure of vertically integrating to make sure that we have consistent costs. So consistent cash flow is the last piece of that equation to make sure that we can deliver consistent results regardless of what's going on in the macro and hedging is how we do that. You can see that the cash flow that we generate has primarily 2 functions because we're not a development-oriented company, we simply steward the asset that we acquire responsibly into their lives, which allows us to focus the margins, the cash flow from our margin on delevering and making sure that we maintain a healthy balance sheet and returning value to shareholders through that dividend strategy that we talked about.

因此，我將繼續閱讀第 28 頁。並提醒一下，對沖是等式的最後一部分。 Rusty 談到了我們的長壽命、低損耗資產的資產概況。布拉德談到了垂直整合的成本結構，以確保我們具有一致的成本。因此，穩定的現金流是等式的最後一部分，以確保無論宏觀情況如何，我們都能提供一致的結果，而對沖就是我們做到這一點的方式。你可以看到，我們產生的現金流主要有兩個功能，因為我們不是一家以發展為導向的公司，我們只是將我們獲得的資產負責任地管理到他們的生活中，這使我們能夠集中利潤，現金流我們的去槓桿化保證金保持健康的資產負債表，並透過我們談到的股利策略為股東回報價值。

It's worth reminding that Rusty mentioned the growth in our PV-10 reserves. If you went back to 2017, the PV-10 value of our PDP was $260 million. And today, that's $6.1 billion. We have raised up to 2022, $1.2 billion of equity, but we've returned half of that through a dividend and share buyback. So if you think about, that's a net $600 million equity investment to take $300 million of reserves up to $6 billion. So it's tremendous value generation along that horizon. And if you look over that, zoom out from the last 2 years, where we talked about consistent 50% margin and look at the -- what we've done since the IPO, you see just the consistency that hedging has afforded us across the period.

值得提醒的是，Rusty 提到了我們 PV-10 儲備的成長。如果回到 2017 年，我們 PDP 的 PV-10 價值為 2.6 億美元。如今，這一數字已達 61 億美元。截至 2022 年，我們已籌集了 12 億美元的股本，但我們已透過股利和股票回購返還了其中的一半。因此，如果您想一想，這相當於 6 億美元的淨股權投資，將 3 億美元的儲備金提升至 60 億美元。因此，沿著這個方向，它會產生巨大的價值。如果你回顧一下這一點，把目光從過去兩年中我們談到的穩定的50% 利潤率看一下，看看自IPO 以來我們所做的事情，你就會看到對沖為我們在整個行業提供的一致性。時期。

The gray line that you see zig zagging through the bars is the price of natural gas. It's moved from $3 down to nearly $2 in 2020 and up to over $6.50 in 2022. And yet across that horizon, regardless of what's going on with the commodity, you see our margin, absent the very first year before that vertical integration strategy was really employed, 50% or better margins across the cycle. So really impressive place to be.

您看到的鋸齒狀穿過條形的灰線是天然氣的價格。它從3 美元下降到2020 年的近2 美元，並在2022 年上升到6.50 美元以上。然而，在這個範圍內，無論商品發生什麼情況，你都會看到我們的利潤，而在垂直整合策略真正實施前的第一年，我們的利潤率並不高。整個週期內的利潤率達到 50% 或更高。真是令人印象深刻的地方。

If you look at 2023, you can see that we've hedged a significant portion of our production, and Rusty talked about this is differentiated across our peer group. And by peer, really just other E&Ps, recognizing that our model is unique. But we're hedged anywhere from 85% to 90% at $3.83 on the natural gas side. And if you flip back a page and look back at where our realized price was in 2022, you'll see that, that price is 12% higher than last year's and certainly puts us in a very good position as we move into the current year.

如果你看看 2023 年，你會發現我們已經對沖了很大一部分生產，Rusty 談到這在我們的同行群體中是有區別的。同行們，其實只是其他勘探與生產公司，認識到我們的模式是獨一無二的。但我們在天然氣方面以 3.83 美元的價格進行了 85% 至 90% 的對沖。如果您翻回一頁並回顧我們在 2022 年實現的價格，您會發現該價格比去年高出 12%，這無疑使我們在進入今年時處於非常有利的位置。

Moving on to Page 29. This should look familiar, and it's just a reminder that we've been committed to hedging over the long term since we listed back in 2017. Although the -- we'll say the motivation or the construct around that hedging has evolved. You can see that the next 2 years, we're hedged at 85% to 90% in 2023, above the current strip price of $3.15, which is in line with our strategy of being anywhere from 70% to 90% hedged over the next 12 months. Always focused, really, on derisking the current period so that you have a clear line of sight to the dividend distributions and the delevering that we commit to.

轉到第 29 頁。這應該看起來很熟悉，這只是提醒我們，自 2017 年上市以來，我們一直致力於長期對沖。儘管——我們會說圍繞這一點的動機或結構對沖已經發展。您可以看到，未來兩年，到 2023 年，我們的對沖率為 85% 至 90%，高於目前 3.15 美元的帶鋼價格，這符合我們在未來 70% 至 90% 的對沖策略12個月。實際上，始終專注於降低當前時期的風險，以便您對我們承諾的股息分配和去槓桿化有清晰的認識。

Looking up to 2024, you can see that we're around 80% hedged at $3.32, while the strip is at $3.70. So we'll have the opportunity to opportunistically continue to layer in additional protection as that moves into the 12 month -- next 12-month horizon and move that notional price higher.

展望 2024 年，您可以看到我們大約 80% 的對沖價格為 3.32 美元，而條帶價格為 3.70 美元。因此，隨著進入 12 個月——下一個 12 個月的時間範圍，我們將有機會繼續提供額外的保護，並推高名義價格。

But our longer-term hedge strategy, you can see that 25-plus month portion is really linked to our financing strategy, we come on to that if we move to Page 30, which is to remind that our debt structure is quite simple. It used to simply be 100% credit facility, represented by the gray portion of the upper bars. You can see in 2017 and 2018, 100% of our financing was done with the credit facility. But we recognize that long-term assets needed a better home than living on the corporate credit card, but also recognize that the long-term structure for us was not high yield, not only does the name that it's expensive. But it isn't reflective of the low-risk nature of our business model with low decline assets.

但是我們的長期對沖策略，你可以看到25個月以上的部分確實與我們的融資策略相關，如果我們翻到第30頁，我們就會看到這一點，這提醒我們，我們的債務結構非常簡單。它過去只是 100% 的信貸額度，由上方條形的灰色部分錶示。你可以看到，2017年和2018年，我們100%的融資都是透過信用額度完成的。但我們意識到，長期資產需要一個比依賴公司信用卡更好的歸宿，但我們也意​​識到，我們的長期結構並不是高收益，不僅是因為它的名字很昂貴。但這並不能反映我們的業務模式的低風險性質和低衰退資產。

And so we pioneered a well-established financing class asset-backed securitization into the E&P space. And in 2019, initiated the first ever operated securitization in E&P and have since grown what you see by the blue bars to represent 95% of our borrowings at the end of 2022.

因此，我們在勘探與生產領域率先推出了成熟的融資類資產支持證券化。 2019 年，啟動了勘探與生產領域有史以來首次運營的證券化，此後，您所看到的藍條數量已增長到 2022 年底占我們借款的 95%。

And what's important about that is that, that the blue bar or the asset-backed securitization is investment grade, fixed rate, fully amortizing debt. So very different than either an RBL or certainly the high yield that would be at a much higher rate. We're proud of the fact that we did lock in our fixed rate debt at 5.7% on a blended basis. That sits well below where variable or certainly fixed rate debt would sit today.

重要的是，藍條或資產支持證券化是投資等級、固定利率、完全攤銷債務。與 RBL 或更高利率的高收益非常不同。令我們感到自豪的是，我們確實將混合利率債務鎖定在 5.7%。這遠低於目前可變利率或固定利率債務的水平。

And while you see an increasing debt stack as we move forward, remember, that's been matched with growing cash flows in tandem. So if you look at the orange boxes or the yellow boxes across the top, whether you're back in 2017, when we had $267 million of borrowing, or fast forward to $1.5 billion this year, that leverage profile of 2 to 2.2x has been very consistent across the period, which demonstrates the discipline with which we use to finance these assets.

雖然隨著我們的前進，你會看到債務不斷增加，但請記住，這與不斷增長的現金流相符。因此，如果你看一下頂部的橙色方框或黃色方框，無論你是回到2017 年，當時我們有2.67 億美元的借款，還是快進到今年的15 億美元，2 到2.2 倍的槓桿情況都已經發生了變化。整個時期非常一致，這表明我們為這些資產融資所遵循的紀律。

And importantly, with interest -- with investment-grade debt, not all debt is created equal. And it's the lower portion of this graph that really illustrates the power of that. But unlike high yield, it has a bullet maturity where you never know at what rate will be refinancing and in what market, whether the window will even be open.

重要的是，對於利息而言——對於投資等級債務，並非所有債務都是平等的。這張圖的下半部真正說明了它的力量。但與高收益不同的是，它有一個子彈期限，你永遠不知道再融資的利率是多少，在什麼市場，窗口是否會打開。

With ours, you can see that glide path to being debt free on a 50-year asset over just the next 9 years. In fact, in the next 4 years alone, we'll repay over $800 million of that debt with hedge protected cash flows that underpin that delevering, which is 55% of that stack. And then over the next 5 years, you see that remaining $600 million repaid.

透過我們的產品，您可以看到在接下來的 9 年內，50 年期資產將實現無負債。事實上，光是未來 4 年，我們就將透過支持去槓桿化的對沖保護現金流來償還超過 8 億美元的債務，佔該債務的 55%。然後在接下來的 5 年裡，您會看到剩餘的 6 億美元得到償還。

If we play that out, as it's illustrated here, then at year 9, you're essentially debt-free on an asset that still would have around 40 years of productive life, which means that all of the incremental cash flow rather than just a portion of that would be available to -- for an increase in the dividend. And so it's a differentiated model finance, a differentiated way that we believe has yielded that differentiated result that we walk through this morning.

如果我們這樣做，正如這裡所示，那麼在第 9 年，你的資產基本上沒有債務，而且仍然有大約 40 年的生產壽命，這意味著所有增量現金流而不僅僅是其中一部分將用於增加股利。因此，這是一種差異化的金融模式，一種差異化的方式，我們相信這種差異化的方式已經產生了我們今天早上所經歷的差異化結果。

So with that, I will hand it back to Rusty for some final comments.

因此，我會將其交還給 Rusty 以徵求一些最終意見。

Thanks, Eric. Appreciate it. Real quickly, I'll just close with a few things. 2023, of course, we're already 3 months in, but just it will be a transformational year for Diversified. I will make you that commitment. It will not be a quiet year by any stretch of imagination. In fact, I'm 100% focused on a 3-year strategic plan that will give investors comfort around sustainability of cash flow dividend, and we're highly focused on that.

謝謝，埃里克。欣賞它。很快，我將用幾件事來結束。當然，2023 年已經過去 3 個月了，但這對 Diversified 來說將是轉型的一年。我會給你這個承諾。無論怎麼想，今年都不會是平靜的一年。事實上，我百分之百專注於三年策略計劃，該計劃將使投資者對現金流股息的可持續性感到放心，我們對此高度關注。

Some of the main initiatives as I look at 2023. Obviously, the U.S. listing is the most important. It will get done. It will get done. That's #1. The market is very active right now. Lots of chatter, lots of stuff, lots of calls, lots of things going on. we'll be focused on strategic opportunities to acquire assets, to look at ways to, as we talked about earlier, enhance production, but also scale up in the regions we operate today. And there could be opportunities to merge and to do things that is a little bit outside the box of what we typically will do.

我展望 2023 年的一些主要舉措。顯然，美國上市是最重要的。它會完成的。它會完成的。那是#1。目前市場非常活躍。很多閒聊，很多事情，很多電話，很多事情發生。我們將專注於收購資產的策略機會，尋找方法，正如我們之前談到的那樣，提高產量，同時擴大我們今天經營的地區的規模。並且可能有機會合併並做一些超出我們通常會做的事情的機會。

But there's -- everything is on the table this year. We believe that the opportunity set is large. The other thing that we're going to really focus on heavily in 2023 is finding ways to get that value from our undeveloped assets. And so we're having conversations with multiple parties about ways to joint venture, to find ways to extract that value out of the end. So we will see opportunities there, and there will be ways to do that in announcements coming.

但今年一切都擺在桌面上了。我們相信機會很大。 2023 年我們要重點關注的另一件事是找到從未開發資產中獲取價值的方法。因此，我們正在與多方就合資方式進行對話，以找到最終提取價值的方法。因此，我們將在那裡看到機會，並且在即將發布的公告中將有辦法做到這一點。

For the analysts, you're going to be busy with us. There's going to be lots of activity that you're going to have to keep up with. For investors, it's going to be a big ride this year and an enjoyable one.

對分析師來說，你們將會為我們而忙碌。您必須跟上很多活動。對投資者來說，今年將是一次重大的旅程，也是一趟令人愉快的旅程。

So with that, I will stop, and I will open it up for any questions.

因此，我會停下來，我會打開它來回答任何問題。

Yes. So we'll take some questions here in the room first. We do have a somewhat short window here. We appreciate you guys coming in person and meeting with us, as well as spending the time to really go through the materials today with us. We did a very wholesome dive into a lot of the areas.

是的。因此，我們將首先在房間裡回答一些問題。我們這裡的窗口確實有點短。我們感謝你們親自來與我們會面，並花時間與我們一起仔細閱讀今天的資料。我們對許多領域進行了非常有益的深入研究。

So I'll just open the room. Matt, go ahead, why don't we start with you for questions, if you could hold it to 1 and maybe 1 follow-up, then we'll kind of go from there.

那我就直接開房間吧。馬特，繼續，我們為什麼不先向您提出問題，如果您可以將其保留到 1 個，也許還有 1 個後續跟進，那麼我們就從那裡開始。

Okay. Matthew for Peel Hunt. First question around the undeveloped assets. You mentioned excluding Tanos II, you've got 300 undeveloped locations. Can you give some idea of the potential PV-10 value?

好的。 《皮爾狩獵》的馬修。第一個問題是關於未開發資產的。你提到不包括 Tanos II，你還有 300 個未開發的地點。能否介紹一下 PV-10 的潛在價值？

Well, I think we -- Eric, we had some information.

嗯，我想我們——埃里克，我們有一些資訊。

We do. Well, on the 50 locations that are coming in with Tanos II, it's estimated to be about $280 million. Okay. So we do not have a valuation on the $300 million -- excuse me, the other $250 million or so that came with our Indigo, primarily with our Indigo transaction. There probably is some extrapolation or correlation that can be done there because it's in the same Cotton Valley area. And we've also got a lot of vertical integration opportunities in that drilling area as well. That's $280 million at a minimum, and it'd probably be up over $500 million.

我們的確是。嗯，在《Tanos II》即將推出的 50 個地點中，估計價值約為 2.8 億美元。好的。因此，我們沒有對 Indigo 附帶的 3 億美元（主要是 Indigo 交易帶來的另外 2.5 億美元左右）進行估值。那裡可能可以進行一些推論或關聯，因為它位於同一個棉花谷地區。我們在鑽井領域也有很多垂直整合的機會。這至少是 2.8 億美元，而且可能會增加超過 5 億美元。

Okay. That's great. So they're very similar wells, 280 (inaudible) comparison would not be miles.

好的。那太棒了。所以它們是非常相似的井，280（聽不清楚）比較不會是英哩。

It would not be miles on because it's the same formation. .

它不會相距數英里，因為它是相同的編隊。 。

Okay. That's useful. In terms of plugging. So what sort of plugging costs per well, do you think you might be able to realize this year? And how low do you think that price -- cost could have actually get to?

好的。這很有用。在堵漏方面。那麼，您認為今年能夠實現每口井的封堵成本是多少？您認為價格—成本實際上可以達到多低？

Well, we think we're going to maintain consistency with where we are. We're pretty low as it was in the $20,000 to $25,000 range. I don't want to step out and say that we can go lower, but we're very focused on maintaining that level even during inflationary periods as well, but a little bit of headwinds we had this past year. But I'm very comfortable in that $20,000 to $25,000 range for our Appalachia well site.

嗯，我們認為我們將與我們目前的情況保持一致。我們的價格相當低，在 20,000 美元到 25,000 美元之間。我不想站出來說我們可以走得更低，但我們非常注重維持這一水平，即使在通膨時期也是如此，但去年我們遇到了一些阻力。但我對阿巴拉契亞井場 20,000 美元到 25,000 美元的價格感到非常滿意。

Yes, I think just for context, last year, we plugged around 150 wells at around $20,800 per well. This year, we did 200 at about $23,100. So (inaudible) different in a challenging price environment and vertical integration (technical difficulty) very consistent year-over-year.

是的，我想僅供參考，去年，我們封鎖了大約 150 口井，每口井的成本約為 20,800 美元。今年，我們做了 200 次，價格約為 23,100 美元。因此（聽不清楚）在充滿挑戰的價格環境中有所不同，而垂直整合（技術難度）與去年同期非常一致。

David, go ahead.

大衛，繼續吧。

There's always some nice wins on the Smarter Asset Management. I'm just sort of thinking, though, you've got 70,000 wells and have a certain number of employees. I mean, are you constrained in terms of how quickly you can get after this? And would you like to get after it quicker if you have the man power?

智慧資產管理總是能帶來一些不錯的成果。不過，我只是想，你們有 70,000 口井，並且有一定數量的員工。我的意思是，你在這之後的速度是否受到限制？如果你有人力，你想更快找到它嗎？

Yes. I think I'll let Brad answer the overall question. But I think what we do is we look at it in terms of the impact. And you go after the highest impact on first or the easiest one first, whichever makes sense. But I've said this in prior years. I don't know if we can ever get to the bottom of the list on the -- I mean, every year just generates more opportunities to do these things. But I mean, Brad, you might...

是的。我想我會讓布拉德回答整個問題。但我認為我們所做的是從影響的角度來看它。你先追求影響最大的，或是先追求影響最簡單的，以有意義的為準。但我在前幾年就說過這一點。我不知道我們是否能找到清單的底部——我的意思是，每年都會產生更多做這些事情的機會。但我的意思是，布拉德，你可能...

Well, like Rusty said, just with our scale, we have a robust portfolio of opportunities. And one of the things that we also do is we really empower the team and challenge the team to come up with new creative ideas and they continue to deliver. So I think our manpower set up right now is fine.

嗯，就像 Rusty 所說，憑藉我們的規模，我們擁有強大的機會組合。我們還要做的一件事是，我們真正賦予團隊權力，並挑戰團隊提出新的創意，然後他們繼續交付。所以我認為我們現在的人力配置很好。

Looking at those high-impact opportunities, and really, with our move into the central region, where there's some newer vintage wells that had really been neglected. So that's a great opportunity for us to have newer vintage wells with a lot of reserve left on them, that we're either not producing or underperforming. So it's really not a manpower constraint. It's almost just like a number of days in the year constraint because there are so many opportunities.

看看那些具有高影響力的機會，實際上，隨著我們進入中部地區，那裡有一些確實被忽視的較新的老式井。因此，這對我們來說是一個很好的機會，可以擁有新的老式井，其中還留有大量儲量，但我們要么沒有生產，要么表現不佳。所以這其實不是人力限制。這幾乎就像一年中的幾天限制一樣，因為機會太多了。

And a very quick one. Just obviously, you had a nice reserve jump at the end of this year. Just -- I mean, any comments on that? Was that across the portfolio? Or do you see any particular asset performance?

而且速度非常快。顯然，今年年底你的儲備跳躍性不錯。只是——我的意思是，對此有什麼評論嗎？這是整個投資組合中的情況嗎？或是您看到任何特定的資產表現嗎？

I mean it was largely driven by a price increase. We know that. But with the addition of all the reserves that we've put on over the last several years and the type of assets that we have added. And when you couple in the fact that we've had the expense efficiencies that we've been able to build in, we're really seeing those pull through into our reserves. And our reserve team does a great job of really understanding the production profile, all the economic inputs. And so we've had some nice refinements in that process as well.

我的意思是，這主要是由價格上漲所推動的。我們知道。但加上我們過去幾年投入的所有儲備以及我們增加的資產類型。當你考慮到我們已經能夠建立費用效率時，我們確實看到這些費用已轉化為我們的儲備。我們的後備團隊在真正了解生產概況和所有經濟投入方面做得很好。因此，我們在這個過程中也做了一些很好的改進。

The great thing about our reserve base is that when you have a low-decline asset, that reserve base is stable with a lot of the drilling companies, it's a quick falloff in reserves because, I mean, Haynesville alone, for example, which is an area we do operate, had 70% decline in rate year 1, 70%. So you've got to maintain reserves on the drilling company you got to spend a lot of capital.

我們儲備基地的偉大之處在於，當你擁有低衰退資產時，該儲備基地對於許多鑽井公司來說都是穩定的，儲備基地會迅速下降，因為，我的意思是，僅海恩斯維爾，例如，我們經營的一個區域，第一年的利率下降了 70%，70%。所以你必須維持鑽井公司的儲備，你必須花費大量資金。

Ours are very steady and consistent. As Brad said, as prices move up, obviously, you have an increase, but you're also having a flattening curve that doesn't give up a lot of reserves year-over-year, which is extremely important to our business model. And so I think that obviously prices will come and go. But I think at the end of the day, our reserve base will stay pretty consistent over a period of time.

我們的非常穩定和一致。正如布拉德所說，隨著價格上漲，顯然，價格上漲，但曲線也趨於平坦，不會逐年放棄大量儲備，這對我們的商業模式極為重要。所以我認為價格顯然會來來去去。但我認為最終，我們的儲備基礎將在一段時間內保持相當穩定。

And just 1 other addition to that. When we look at our reserves and our production profile, extremely consistent. We do not have surprises in our production profile. And it's also fun to see the impact of the smarter well -- Smarter Asset Management. When we do have production wins to see that pull through the reserves, and we definitely have been seeing -- for the engineers in the room and on the phone. When you have a reserve to production ratio that's 13% to 15%, that says a lot about the decline rates on your portfolio because a lot of the developers will be single digits.

除此之外還有另外 1 個補充。當我們查看我們的儲量和生產情況時，發現非常一致。我們的生產概況並沒有令人驚訝的地方。看到更聰明的井——更聰明的資產管理的影響也很有趣。當我們確實取得了生產勝利時，我們肯定已經看到了——對於房間裡和電話裡的工程師來說。當你的儲量與生產比率為 13% 到 15% 時，這說明了你的投資組合的下降率，因為許多開發商的數量都是個位數。

Just a quick one from me. In terms of where the share price is at the moment, are there any thoughts around reinitiating the share buyback program, particularly when you think about the dividend yield at the moment, is an argument for using or maybe being a bit more aggressive on the share buyback with kind of your liquidity position?

我只是簡單介紹一下。就目前的股價而言，是否有任何關於重新啟動股票回購計劃的想法，特別是當您考慮目前的股息收益率時，是否有理由使用或可能對股票採取更積極的態度回購與您的流動性狀況如何？

Yes, it's a juggling exercise for us because we do pay such substantial dividend. We've always been in the mindset, I'd rather give the cash back to our investors, like them to determine what they want to do with it to pay some amount of dividend and hold back to buy shares.

是的，這對我們來說是一項雜耍練習，因為我們確實支付瞭如此巨額的股息。我們一直以來的想法是，我寧願將現金回饋給我們的投資者，讓他們決定如何用它來支付一定數量的股息並保留購買股票。

I've never been a big share repurchase person. We want to be able to return to our shareholders' cash, but we also want to be able to reinvest in the business. Now that's not to say if there's some substantial reduction in the share price even further, that we wouldn't have to revisit because at some point, we're going to buy the company back at that rate. I mean that's just the way it is. I mean if you get so low that we're so undervalued just make some sense to continue to allow to happen.

我從來都不是一個大股票回購的人。我們希望能夠返還股東現金，但我們也希望能夠再投資業務。現在這並不是說如果股價進一步大幅下跌，我們就不必重新審視，因為在某個時候，我們將以這個價格回購該公司。我的意思是事情就是這樣。我的意思是，如果你的股價如此之低以至於我們被低估了，那麼繼續允許這種情況發生就有意義了。

But I think at the present time, obviously, the macro environment has just been terrible. It's caused massive sell-offs not only in our sector, but across banking and everything, even staples, you know that people thought were save. So I think that we need to let the dust settle to see where the markets rebound back to at some point, always on the table, but based on the amount of cash that we return to shareholders. It doesn't -- that's a tough situation for us to juggle those 2. But it's not to say that we wouldn't have we had.

但我認為目前的宏觀環境顯然很糟糕。它不僅導致了我們行業的大規模拋售，而且還導致了銀行業和其他所有行業的大規模拋售，甚至包括人們認為可以節省的必需品。因此，我認為我們需要讓塵埃落定，看看市場在某個時刻反彈到哪裡，總是在桌面上，但基於我們返還給股東的現金數量。事實並非如此——對我們來說，兼顧這兩個因素是一個艱難的處境。但這並不是說我們不會擁有這樣的情況。

Just wondering whether you can talk a bit to the M&A market and how things have moved over the last 3 to 6 months in terms of valuation and availability of assets?

只是想知道您是否可以談談併購市場以及過去 3 至 6 個月在資產估值和可用性方面如何變化？

It's amazing what 3 months can do. Last year, we were in a lot of -- we talked about this, but we were in a lot of transactions and a lot of conversations with people and assets.

3個月的時間能做到這麼多，真是太神奇了。去年，我們進行了很多討論，但我們進行了很多交易，並與人員和資產進行了許多對話。

But reconciling the buy -- buy-sell side was tough. Most people -- I heard this a lot last year. That's not -- I can do better if I hold it. They're not saying that so much anymore. Prices have dropped, oil prices have dropped, natural gas has dropped. People are revisiting their plans and their whole doesn't look as good. So I'm pretty confident this year is going to be, as I said, transformation I think there's going to be opportunities across the board. We're seeing it already. And from our perspective, what we told these guys stick to operations, continue to drive down costs, create as much liquidity as possible it's coming, and we've got to be prepared because it's a transformational year where either acquisition, merger, whatever, there's going to be something out there that's going to transform the company in 2023.

但要協調買賣雙方是很困難的。大多數人——去年我常聽到這樣的說法。那不是——如果我堅持下去，我可以做得更好。他們不再那麼說了。物價下降了，石油價格下降了，天然氣價格下降了。人們正在重新審視他們的計劃，但他們的整體看起來卻不那麼好。因此，正如我所說，我非常有信心今年將會發生轉型，我認為將會有全面的機會。我們已經看到了。從我們的角度來看，我們告訴這些人堅持營運、繼續降低成本、創造盡可能多的流動性的事情即將到來，我們必須做好準備，因為這是一個轉型的一年，無論是收購、合併還是其他什麼，到 2023 年，將會有一些事情能夠改變公司。

It's very, very active. I had investment banker tell me last night that they have never seen such a quick move into sell mode that they've seen in the last 2 months. The Permian, especially now, we're not Permian players, but the Permian has gotten extremely active in the last 30 days. And I guess that could be part of the oil price drop and such. But we're going to see a lot of activity this year. We're going to be in on a lot of it, which you're going to see a lot in the U.S.

它非常非常活躍。昨晚，投資銀行家告訴我，他們從未見過像過去兩個月那樣如此迅速地進入賣出模式。二疊紀，尤其是現在，我們不是二疊紀玩家，但二疊紀在過去 30 天變得異常活躍。我想這可能是油價下跌等的一部分。但今年我們將看到很多活動。我們將參與很多這樣的事情，你會在美國看到很多這樣的事。

And is that sort of your thinking Central region more than Appalachia in terms of expansion?

您認為中部地區在擴張方面是否比阿巴拉契亞地區更大？

We really don't care. I mean, we're open to both. I'd love to do more Appalachia asset acquisitions because it's just more scale. I mean we can just drive cost down like you would believe the more assets we do there. I think we'll have an opportunity there this year.

我們真的不在乎。我的意思是，我們對兩者都持開放態度。我很樂意進行更多阿巴拉契亞資產收購，因為它的規模更大。我的意思是，我們可以降低成本，就像您相信我們在那裡做的資產越多一樣。我想今年我們會有機會去那裡。

Just a question on maintaining the 50% cash margin that you've had for the past 3 years. I guess, 30% increase in cost this year, prices kind of tailing off the headcount locks you in, what can really give us confidence that you can maintain that margin for '23-'24 and any inflationary pressures going through the end of the year?

只是一個關於維持過去 3 年 50% 現金利潤的問題。我猜，今年成本增加了30%，價格在某種程度上減少了員工數量，這真正讓我們有信心，讓我們相信你可以在23-24 年間保持這一利潤率，並且在2020 年底期間保持任何通膨壓力。年？

I'll let Eric chime in on this, too. But you will see, we've already started to see it in '23, all those varied costs are rolled back down. Actually, in a lower price environment, our margins are higher. I know that's counterintuitive, but it is. It's because of these variable costs. We are hedged and when prices go up, we get a little squeeze on the margin. But when prices come back off, we actually get an increase in the margin.

我也會讓艾瑞克插話一下。但你會看到，我們已經在 23 年開始看到，所有這些不同的成本都回滾了。事實上，在較低的價格環境下，我們的利潤率更高。我知道這違反直覺，但事實確實如此。這是因為這些變動成本。我們進行對沖，當價格上漲時，我們的利潤會受到一點擠壓。但當價格回落時，我們的利潤實際上會增加。

Yes, that's exactly right. So the price linked expenses is a big part of that step-up year-over-year. I mean, gas prices maybe as high as $9, and you're paying a variable production tax on that. Yet if you had fixed your revenue, you feel the squeeze. I think it's impressive that in spite of, as you attributed 30% inflationary pressure, keep in mind, that's really a change in the composition moving from Appalachia to Central that has a corresponding higher price associated with it, that we did see a 4-point margin reduction going from as high as 54% to 50% over that horizon. So demonstrates just how durable they are.

是的，完全正確。因此，與價格相關的費用是同比增長的重要組成部分。我的意思是，汽油價格可能高達 9 美元，而你要為此支付可變生產稅。然而，如果你的收入是固定的，你會感到壓力。我認為令人印象深刻的是，儘管您將30% 的通膨壓力歸因於，但請記住，這實際上是從阿巴拉契亞到中部的組成變化，與之相關的是相應更高的價格，我們確實看到了4-在此期間，點差將從高達 54% 減少到 50%。這證明了它們的耐用性。

It's also important to remember that when you think about the inflationary pressure, much of that is in the service center. Supporting the industry. Prices have recovered to the vendors that are providing support, we insulate ourselves from that because we're not drilling and completing wells. So seeing a 2x, 3x increase and the total drilling and completion costs has no effect on our business. Most of the smarter asset management that we do, Brad's team vertically integrated. So we're not buying that off the shelf and paying that inflationary price. So even with the inflationary pressures that we saw last year, you saw margin pull in. And then I highlighted that we do see. We've got a higher hedge price this year relative to last year that will further inflate that cost back.

同樣重要的是要記住，當您考慮通膨壓力時，大部分壓力來自服務中心。支持產業。價格已經恢復到提供支援的供應商，我們免受這種情況的影響，因為我們沒有鑽探和完井。因此，鑽井和完井總成本增加 2 倍、3 倍對我們的業務沒有影響。我們所做的大部分的智慧資產管理都是由 Brad 的團隊進行垂直整合。因此，我們不會購買現成的產品並支付通貨膨脹的價格。因此，即使我們去年看到了通膨壓力，你也看到了利潤率的下降。然後我強調說，我們確實看到了。相對於去年，我們今年的對沖價格更高，這將進一步推高成本。

Well, listen, again, we appreciate everyone joining on the phone. We're over an hour here. Again, we appreciate everyone that came here in person and for your questions. And obviously, did a lot of work leading into that. If anyone has any follow-ups, we're happy to do that, but we're going to end the call here. So operator, please end the call. And everyone else, have a great day.

好吧，請再聽一遍，我們感謝大家透過電話加入。我們在這裡待了一個多小時。我們再次感謝每一位親自來到這裡提出問題的人。顯然，為此做了許多工作。如果有人有任何後續行動，我們很樂意這樣做，但我們將在此結束通話。那麼接線員，請結束通話。還有其他人，祝你有美好的一天。

Thank you. This concludes today's call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。