Diversified Energy Co (DEC) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Diversified Energy 2025 interim results conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加多元化能源 2025 年中期業績電話會議和網路廣播。（操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to turn the call over to your host, Douglas Kris, Senior Vice President, Investor Relations and Corporate Communications. Please go ahead.

現在我很高興將電話轉給主持人、投資者關係和企業傳播高級副總裁道格拉斯·克里斯 (Douglas Kris)。請繼續。

Good morning, and thank you all for joining us today, and welcome to our second-quarter 2025 results conference call. With me today are Diversified's Founder and CEO, Rusty Hutson; and President and Chief Financial Officer, Brad Gray.

早安，感謝大家今天的到來，歡迎參加我們的 2025 年第二季業績電話會議。今天與我一起的還有 Diversified 的創辦人兼執行長 Rusty Hutson 和總裁兼財務長 Brad Gray。

Before we get started, I will remind everyone that the remarks on the call reflect the financial and operational outlook as of today, August 11, 2025. These outlooks entail assumptions and expectations that involve risks and uncertainties. A discussion of these risks can be found in our regulatory filings.

在我們開始之前，我要提醒大家，電話會議的評論反映了截至今天（2025 年 8 月 11 日）的財務和營運前景。這些展望包含涉及風險和不確定性的假設和期望。您可以在我們的監管文件中找到這些風險的討論。

During this call, we also reference certain non-GAAP and non-IFRS financial measures. Our disclosures regarding these items are found in our earnings materials, on our website, and in our regulatory filings.

在本次電話會議中，我們也參考了某些非 GAAP 和非 IFRS 財務指標。我們關於這些項目的揭露資訊可以在我們的收益資料、我們的網站和監管文件中找到。

I will now turn the call over to Rusty.

現在我將把電話轉給 Rusty。

Thank you, Doug, and thank you all for joining the call today. We believe Diversified Energy offers a unique investment opportunity, a resilient business model focused on optimizing cash flow from low-decline energy assets, enhanced by growth from strategic acquisitions and a disciplined capital allocation.

謝謝你，道格，也謝謝大家今天參加電話會議。我們相信多元化能源提供了一個獨特的投資機會，一種有彈性的商業模式，專注於優化低衰減能源資產的現金流，並透過策略性收購和嚴格的資本配置實現成長。

I want to highlight and emphasize that we have significantly transformed and strengthened our company since the start of the year, most notably with the Maverick Natural Resources acquisition. Our growth through the acquisition model has demonstrated how a material change in scale can provide the operational leverage to deliver robust cash flows that ultimately create value for all shareholders.

我想強調的是，自今年年初以來，我們已經對公司進行了重大轉型和加強，最顯著的就是對 Maverick Natural Resources 的收購。我們透過收購模式實現的成長證明了規模的重大變化如何能夠提供營運槓桿，從而產生強勁的現金流，最終為所有股東創造價值。

This generated value is evidenced by our growth in EBITDA and cash flow, which nearly doubled year-over-year and our increased guidance on run rate synergies following our first full quarter with Maverick, demonstrating our focused approach to driving operational efficiencies through the integration of new assets.

這一價值體現在我們的 EBITDA 和現金流的成長上，與去年同期相比幾乎翻了一番，並且在與 Maverick 合作的第一個完整季度之後，我們對運行率協同效應的指導也增加了，這表明我們專注於透過整合新資產來提高營運效率。

I want to commend the efforts of our employees. Their hard work and determination allow us to deliver outstanding results and live by our culture of getting stuff done, which is helping us to be want to know every day. Notably, during the quarter, Southern Appalachia experienced dramatic flood damage.

我要讚揚我們員工的努力。他們的辛勤工作和決心使我們能夠取得出色的成果，並秉持著完成任務的文化，這幫助我們每天都渴望了解情況。值得注意的是，本季度，南阿巴拉契亞山脈遭受了嚴重的洪災。

Yet while our operations were impacted, these committed employees not only worked to minimize production downtime but also devoted significant efforts to help those in the communities where they work and live. Our team has positioned Diversified for an exciting future. I am confident we will continue to deliver compelling operational and financial results.

儘管我們的營運受到了影響，但這些敬業的員工不僅努力最大限度地減少生產停工時間，而且還付出了巨大的努力來幫助他們工作和生活的社區的人們。我們的團隊已將多元化定位為令人興奮的未來。我相信我們將繼續取得令人矚目的營運和財務表現。

Additionally, while we recognize the increased volatility stemming from tariffs, geopolitical disturbances, and other external factors, we do not see a material impact on Diversified's fundamental business. Importantly, we continue to focus on what we can control, operating and optimizing our portfolio of assets to create a scalable business model with highly reliable production and consistent cash flow, which delivers certainty and dependable returns to debt and equity investors alike.

此外，雖然我們認識到關稅、地緣政治動亂和其他外部因素導致波動性增加，但我們並未看到對多元化公司基本業務產生重大影響。重要的是，我們繼續專注於我們能夠控制的領域，運作和優化我們的資產組合，以創建一個具有高度可靠生產和穩定現金流的可擴展商業模式，為債務和股權投資者帶來確定性和可靠的回報。

While the market for oil and natural gas producers has remained volatile throughout 2025, we know that if it's hard, there is opportunity. For those of you following along with our second quarter 2025 results slide deck, which we posted to our IR website this morning, I will cover a few slides and then turn the call over to Brad to discuss highlights from our financial results. After Brad's remarks, I will provide some additional thoughts on our valuation and guidance for 2025 before opening the call for your questions.

儘管 2025 年全年石油和天然氣生產商的市場一直動盪不定，但我們知道，即使困難重重，也蘊藏著機會。對於那些關注我們今天早上發佈到 IR 網站上的 2025 年第二季度業績幻燈片的人來說，我將介紹幾張幻燈片，然後將電話轉給布拉德，討論我們財務業績的亮點。在布拉德發言之後，我將就我們對 2025 年的估值和指導提供一些額外的想法，然後再開始回答大家的問題。

Starting on slide 3. We continue to focus our capital allocation strategy around four key pillars that are deliverables to judge us by: Systematic debt reduction, returning capital to shareholders through dividend distributions and share repurchases and growing our portfolio of cash-generating assets through accretive and strategic acquisitions. As you can see here, we continue to build that credibility in 2025. Debt principal reduction totaled approximately $130 million during the first half of 2025.

從投影片 3 開始。我們繼續將資本配置策略集中在四大支柱上，這些支柱是我們評判業績的標準：系統性地減少債務、透過股利分配和股票回購向股東返還資本、以及透過增值和策略性收購擴大我們的現金產生資產組合。正如您所看到的，我們將在 2025 年繼續建立這種信譽。2025 年上半年債務本金減少總額約 1.3 億美元。

Additionally, we returned approximately $105 million to shareholders in the form of dividends and strategic share repurchases. Worth noting, we have a demonstrated track record of shareholder returns with approximately $2 billion in shareholder returns and debt principal repayments since our IPO in 2017 or approximately 1.6 times our current market capitalization.

此外，我們也以股利和策略性股票回購的形式向股東返還了約 1.05 億美元。值得注意的是，我們擁有良好的股東回報記錄，自 2017 年 IPO 以來，股東回報和債務本金償還額約為 20 億美元，約為我們目前市值的 1.6 倍。

We have also increased our total proved reserves by 65% since year-end 2024, illustrating the strength, resilience, and value of our asset base. Importantly, we believe our shares remain a compelling investment at current levels, and we will continue to take advantage of the current cycle and market dislocation to opportunistically repurchase shares.

自 2024 年底以來，我們的總探明儲量也增加了 65%，這反映了我們資產基礎的實力、彈性和價值。重要的是，我們相信我們的股票在當前水準上仍然是一項引人注目的投資，並且我們將繼續利用當前的週期和市場錯位來機會性地回購股票。

Together, these actions in 2025 represent a return of approximately 20% of our current equity market cap, demonstrating the power of our disciplined and flexible capital allocation strategy and the quality and consistency of our portfolio of cash-generating assets. We accomplished all this while integrating our transformational Maverick acquisition.

總的來說，2025 年的這些行動將使我們目前的股票市值回報約 20%，證明了我們嚴謹且靈活的資本配置策略的威力，以及我們現金創收資產組合的品質和一致性。我們在整合轉型收購的 Maverick 的同時完成了所有這些工作。

With deal-related expenses behind us and a line of sight to synergy capture in the second half of the year, we are well positioned to continue to be a market leader in returning capital to stakeholders. We believe our capital allocation strategy balances investment in the business and portfolio growth initiatives while enabling a tangible shareholder return framework, all of which creates long-term value for our stakeholders. We continue to demonstrate that Diversified is a focused company that invests in cash-generating assets in the energy industry, and we will remain focused on our key strategic pillars.

由於我們已經支付了與交易相關的費用，並且預計在下半年實現協同效應，因此我們有能力繼續成為向利害關係人返還資本的市場領導者。我們相信，我們的資本配置策略平衡了對業務和投資組合成長計畫的投資，同時實現了有形的股東回報框架，所有這些都為我們的利害關係人創造了長期價值。我們繼續證明多元化是一家專注於投資能源產業現金產生資產的公司，我們將繼續專注於我們的關鍵策略支柱。

Turning to slide 4. With our strong liquidity and our recently announced capital deployment partnership with Carlyle, Diversified has unmatched operational scale as well as an advantageous cost of capital and surety of capital, positioning Diversified to support accretive acquisitions in a growing divestiture market.

翻到幻燈片 4。憑藉強大的流動性以及最近宣布的與凱雷的資本部署合作夥伴關係，Diversified 擁有無與倫比的營運規模以及有利的資本成本和資本擔保，使 Diversified 能夠在不斷增長的資產剝離市場中支持增值收購。

We have now coupled our operational excellence focused culture with a track record of margin enhancement and earnings growth with a global investment leader, the Carlyle Group. Through this partnership, we intend to prioritize the accretive acquisition investment capital to grow our PDP asset portfolio and optimize returns through synergy capture and portfolio optimizations.

現在，我們已將注重卓越營運的文化與全球投資領導者凱雷集團的利潤率提升和獲利成長記錄結合起來。透過此次合作，我們打算優先考慮增值收購投資資本，以擴大我們的 PDP 資產組合，並透過協同效應和投資組合優化來優化回報。

Carlyle has historically been an investor in our ABS securitizations, and we are pleased with the expanded relationship that we have created along with the shared vision of the potential opportunity set ahead. As the PDP champion in the United States, we continue to see a robust opportunity set ahead in the coming years.

凱雷歷來都是我們 ABS 證券化的投資者，我們對我們建立的擴展關係以及對未來潛在機會的共同願景感到高興。作為美國的 PDP 擁護者，我們繼續看到未來幾年的巨大機會。

The combination of maturing assets and M&A activity leading to growth- oriented E&Ps recycling capital through divestment of assets, in many cases, mature producing assets, there remains an ample opportunity for Diversified's continued growth. Additionally, given our industry-wide reputation as a professional and responsible operator of large portfolios of energy-producing assets and the current upstream market dynamic of E&Ps making acquisitions to backfill and expand undeveloped inventory, Diversified provides a creative and actionable solution as a PDP partner in a joint acquisition.

成熟資產和併購活動的結合導致以成長為導向的 E&P 透過剝離資產（在許多情況下是成熟的生產資產）來回收資本，這為多元化公司的持續成長提供了充足的機會。此外，鑑於我們作為大型能源生產資產組合的專業和負責任的運營商在業界享有的聲譽，以及當前 E&P 進行收購以填補和擴大未開發庫存的上游市場動態，Diversified 作為聯合收購的 PDP 合作夥伴提供了富有創意且可行的解決方案。

With this partnership with Carlyle, we now have line of sight to fund up to an initial $2 billion worth of acquisitions without raising a single new share of equity capital. That's a powerful endorsement of our abilities and our strategy and a clear path to non-dilutive growth.

透過與凱雷的合作，我們現在可以在不籌集任何新股本的情況下，為最初價值高達 20 億美元的收購提供資金。這是對我們的能力和策略的有力認可，也是一條實現非稀釋性成長的明確道路。

Turning to slide 5. I was pleased to have the opportunity to attend the inaugural Appalachian Energy and Innovation Summit held in Pittsburgh a few weeks ago. There continues to be growing excitement on the demand pool of data center development within the entirety of the Appalachian region.

翻到幻燈片 5。我很高興有機會參加幾週前在匹茲堡舉行的首屆阿巴拉契亞能源與創新高峰會。整個阿巴拉契亞地區對資料中心開發的需求持續成長。

The pledge headline investment within Pennsylvania alone has the potential to provide a generational economic impact, which can ultimately drive regulatory and legislative streamlining. Our proximity to emerging data center hubs positions us to benefit from rising natural gas demand, whether through direct supply agreements or improved basin pricing.

光是賓州的承諾頭條投資就有可能產生代際經濟影響，最終推動監管和立法的精簡。我們靠近新興資料中心樞紐，這使我們能夠從不斷增長的天然氣需求中受益，無論是透過直接供應協議還是改進的盆地定價。

Notably, in-basin natural gas differentials have already shown improvement. If you believe in the secular trends of natural gas power, energy demand, data center build-out, and LNG growth, then you should be bullish on Diversified.

值得注意的是，盆地內的天然氣差異已經改善。如果您相信天然氣發電、能源需求、資料中心建設和液化天然氣成長的長期趨勢，那麼您應該看好多元化。

With that, I'll turn it over to Brad to discuss our financial performance and portfolio optimization results in greater detail.

接下來，我將把主題交給布拉德，更詳細地討論我們的財務表現和投資組合優化結果。

Thank you, Rusty. We'll turn to slide 6 now. And before sharing the highlights of our financial and operational results for the second quarter, I would like to focus on the left side of this slide. This presentation very simply illustrates how our accretive growth of cash-generating energy assets paired with best-in-class operational and corporate infrastructure framework translates into material bottom line growth.

謝謝你，Rusty。我們現在翻到第 6 張投影片。在分享第二季財務和營運績效的亮點之前，我想先關註一下這張投影片的左側。這個演示非常簡單地說明了我們如何將產生現金的能源資產的增值增長與一流的營運和企業基礎設施框架相結合轉化為物質底線增長。

Over the last five years, we have experienced a greater than 310% increase in our adjusted EBITDA. For the second quarter, we'll start with production. The daily production exit rate for June was approximately 1.14 Bcf per day, and our quarterly production averaged over 1.15 Bcf per day.

在過去五年中，我們的調整後 EBITDA 成長了 310% 以上。第二季度，我們將開始生產。6 月的日產量約為 11.4 億立方英尺/天，而我們的季度產量平均為 11.5 億立方英尺/天。

Notably, approximately 65% of our produced volumes were generated in our expanded Central region. The growth in our low decline, resilient production base has put the company in a great position to participate in both LNG exports and data center energy demand while continuing to supply our local communities and our commercial customers.

值得注意的是，我們約 65% 的產量來自我們擴大的中部地區。我們的低衰減、有彈性的生產基地的成長使公司處於有利地位，可以參與液化天然氣出口和資料中心能源需求，同時繼續為當地社區和商業客戶提供服務。

Total revenue was approximately $510 million and adjusted EBITDA for the quarter was $280 million. Adjusted EBITDA was $418 million for the first half of 2025, and our second quarter adjusted EBITDA margin was 63%. As we continue our integration process and improve our combined company cost structure, we anticipate that we will be able to maintain our historical approximately 50% cash margins.

總營收約 5.1 億美元，本季調整後的 EBITDA 為 2.8 億美元。2025 年上半年調整後 EBITDA 為 4.18 億美元，第二季調整後 EBITDA 利潤率為 63%。隨著我們繼續整合進程並改善合併後的公司成本結構，我們預計我們將能夠維持歷史上約 50% 的現金利潤率。

Notably, our portfolio optimization processes in the second quarter allowed us to generate approximately $70 million in additional cash proceeds. These incremental proceeds increase our return on investment from the Maverick acquisition. And the best way that I can describe it is that it was highly impactful in the quarter.

值得注意的是，我們第二季的投資組合優化流程使我們獲得了約 7,000 萬美元的額外現金收益。這些增量收益增加了我們從 Maverick 收購中獲得的投資回報。我能描述它的最好方式是它對本季度產生了巨大影響。

The quarter's free cash flow was $88 million, which was burdened with approximately $25 million of nonrecurring transaction- related costs. And our net debt stood at approximately $2.6 billion for the quarter. We improved our overall leverage by 10%, making continued progress to our target level of 2.0x to 2.5x net debt to EBITDA.

本季的自由現金流為 8,800 萬美元，其中約 2,500 萬美元的非經常性交易相關成本。本季我們的淨債務約為 26 億美元。我們將整體槓桿率提高了 10%，繼續向淨債務與 EBITDA 比 2.0 倍至 2.5 倍的目標水準邁進。

With approximately $420 million in liquidity, our balance sheet strength is giving us the optionality and flexibility to navigate and potentially to take advantage of volatile markets and commodity price cycles. Additionally, our investment-grade rated nonrecourse, stable, longer-term ABS notes helped contribute to our financial resilience.

憑藉約 4.2 億美元的流動資金，我們的資產負債表實力為我們提供了選擇性和靈活性，可以應對並可能利用動盪的市場和商品價格週期。此外，我們的投資等級無追索權、穩定、長期 ABS 票據有助於增強我們的財務韌性。

In summary, our team's strong execution of our strategy to acquire stable, consistent cash-generating assets delivered positive results, enabling strong free cash flow generation and allowing us to continue to prioritize returning capital to shareholders and paying down debt.

總而言之，我們的團隊強有力地執行了收購穩定、持續產生現金的資產的策略，並取得了積極的成果，實現了強勁的自由現金流產生，並使我們能夠繼續優先向股東返還資本並償還債務。

Turning now to slide 7. One of the main benefits of the recently completed Maverick acquisition is that we now have multiple drivers of cash flow generation and growth. Our expanded asset portfolio will benefit from a low decline production profile, commodity diversification, our disciplined hedging program and the potential for additional upside from anticipated operational and administrative synergies. The chart on the bottom of this page highlights the results of our expanding asset portfolio. We have delivered both sequential and year-over-year growth in free cash flow.

現在翻到幻燈片 7。最近完成的 Maverick 收購的主要好處之一是，我們現在擁有多個現金流產生和成長的驅動力。我們擴大的資產組合將受益於低下降產量狀況、商品多樣化、我們嚴格的對沖計劃以及預期的營運和管理協同效應帶來的額外上漲潛力。本頁底部的圖表突出顯示了我們不斷擴大的資產組合的結果。我們的自由現金流實現了連續和同比增長。

Now turning to slide 8. On this slide, we have provided more details around our non-op joint venture partnership, which is located in the Western Anadarko Basin. This capital-light approach with an industry leader offers an elegant solution for adding production and ultimately free cash flow while delivering a compelling return profile.

現在翻到幻燈片 8。在這張投影片上，我們提供了有關位於西阿納達科盆地的非營運合資夥伴關係的更多詳細資訊。這種與行業領導者合作的輕資本方法提供了一種優雅的解決方案，可以增加產量並最終實現自由現金流，同時提供引人注目的回報狀況。

Year-to-date, we have seen an approximately 60% rate of return on these new wells, which are trending approximately 75% liquids. Notably, this additive production serves to meaningfully offset our stated 10% annual corporate production decline. Additionally, we have a very healthy inventory of approximately 245 additional identified locations for future development that will support future cash flow generation.

今年迄今為止，這些新井的回報率約為 60%，其中液體含量約為 75%。值得注意的是，這種增加的產量可以顯著抵消我們所說的每年 10% 的企業產量下降。此外，我們擁有約 245 個額外已確定地點的非常健康的庫存，可供未來開發，以支持未來的現金流產生。

We'll now turn to slide 9. Our proven approach to capturing additional value and achieving meaningful synergies continues to deliver upside to our original estimates. Our annual synergy run rate has been raised to approximately $60 million. We have integrated our field operations at this point, and we are in the late stages of finalizing our corporate level processes. We are very confident that our enhanced scale will provide additional opportunities for improvement.

我們現在翻到第 9 張投影片。我們已證明的獲取額外價值和實現有意義的協同效應的方法將繼續為我們最初的估計帶來好處。我們的年度協同效應運行率已提高至約 6000 萬美元。目前，我們已經整合了我們的現場運營，並且正處於最終確定公司級流程的後期階段。我們非常有信心，我們擴大的規模將提供更多的改進機會。

One example worth calling out is a pipeline swap transaction with a large midstream provider we completed in the second quarter. With our expanded Oklahoma operating footprint, we were able to acquire a gathering system infrastructure that allows us now to flow our molecules on a no-fee Diversified owned pipeline, along with a reduction in field level expenses, which has provided material margin enhancement.

值得一提的一個例子是我們在第二季度與一家大型中游供應商完成的管道互換交易。隨著我們在俄克拉荷馬州的營運範圍不斷擴大，我們能夠獲得一套收集系統基礎設施，這使得我們現在能夠在免費的多元化管道上輸送我們的分子，同時降低現場級費用，從而提高材料利潤率。

And with the ability to tie in additional fee-based volumes, wellhead compression eliminations and improved emissions performance, we are seeing the benefits of our expanded scale. The creative execution of our skilled field teams continue to generate cash flow just months after the closure of our acquisition.

透過結合額外的收費量、井口壓縮消除和改進的排放性能，我們看到了擴大規模帶來的好處。在我們收購完成後的幾個月內，我們熟練的現場團隊的創意執行繼續產生現金流。

Now turning to slide 10. Our stewardship operating model is supported by our long-tested smarter asset management practices, which optimize the cash flow from the assets we acquire through both production enhancements and expense efficiency. A great illustration of our team's efforts is the current workover program in our Oklahoma basin.

現在翻到第 10 張投影片。我們的管理營運模式以我們經過長期考驗的更聰明的資產管理實踐為支持，該實踐透過提高生產效率和費用效率來優化我們所收購資產的現金流。我們團隊的努力的一個很好的例證就是我們俄克拉荷馬盆地目前的修井計劃。

With low capital outlay and quick average paybacks, we are improving the productivity and profitability of these wells. And by leveraging our technology stack, we are confident that we are setting a course to manage these wells for many decades into the future.

透過較低的資本支出和快速的平均回報，我們正在提高這些油井的生產力和獲利能力。透過利用我們的技術堆棧，我們有信心為未來幾十年管理這些油井制定一條路線。

And now turning to slide 11. Over the past few years, we have highlighted our Black Bear processing plant, which is located on the Louisiana side of the Haynesville and Cotton Valley basins. We are happy to have recently struck a multifaceted, multiyear deal that provides a gas processing dedication from the purchaser who will pay third-party fees to Diversified. And we love third-party fees because they enhance our free cash flow.

現在翻到第 11 張投影片。在過去幾年裡，我們重點介紹了位於路易斯安那州海恩斯維爾和棉花谷盆地一側的黑熊加工廠。我們很高興最近達成了一項多方面的多年期協議，該協議規定購買者必須承擔天然氣加工義務，而購買者將向 Diversified 支付第三方費用。我們喜歡第三方費用，因為它們可以增強我們的自由現金流。

And with this contract, the Black Bear plant will be fully utilized, providing fixed operational cost absorption. These three cash-generating examples demonstrate our focus on optimizing and increasing return from our expanded portfolio of assets. Our daily priorities require us to look for, find, and execute activities that enhance our margins.

透過這份合同，黑熊工廠將充分利用，提供固定的營運成本吸收。這三個現金產生的例子顯示我們專注於優化和增加擴大的資產組合的回報。我們的日常工作重點要求我們尋找、發現並執行能夠提高利潤的活動。

Our daily priorities drive additional cash flow and long-term, they create value for our shareholders. These daily priorities, which are safety, production, efficiency, and enjoyment are unique to Diversified, and they will allow the company to continue to generate a resilient, consistent free cash flow as the PDP champion of the upstream sector.

我們的日常重點是推動額外的現金流，從長遠來看，它們為我們的股東創造價值。這些日常優先事項，即安全、生產、效率和享受，是多元化公司獨有的，它們將使公司作為上游行業的 PDP 冠軍，繼續產生有彈性、持續的自由現金流。

And to wrap up my comments, I want to say thank you to all of our teams for their excellent work during the first half of 2025. Our company is the strongest it has ever been, and this position is due to the hard and smart work from our skilled team of professionals. The American Energy worker is a special class of people, and our teams are at the top.

最後，我要感謝我們所有團隊在 2025 年上半年的出色工作。我們的公司比以往任何時候都更加強大，這一地位歸功於我們技術嫻熟的專業團隊的辛勤和智慧工作。美國能源工人是一個特殊的群體，我們的團隊處於頂尖水平。

I will now turn the call over to Rusty for some final thoughts.

現在我將把電話轉給 Rusty，請他發表一些最後的想法。

Thanks, Brad. Before we take questions, let me provide some thoughts on our current valuation, company outlook for the balance of 2025, and how we believe our success strategy for the future will look in the coming year. Turning to slide 12. Translating these results into comparable data points, you can clearly see that Diversified is a leader in several valuation categories, not only with upstream and natural gas peers, but also across various sectors and market cap sizes.

謝謝，布拉德。在回答問題之前，請允許我先就我們目前的估值、2025 年剩餘時間的公司前景以及我們認為未來一年的成功策略提供一些看法。翻到第 12 張投影片。將這些結果轉化為可比較的數據點，您可以清楚地看到，多元化公司在多個估值類別中處於領先地位，不僅在上游和天然氣同行中，而且在各個行業和市值規模中也處於領先地位。

Since our IPO, we have returned approximately $2 billion in shareholder returns and debt payments, which shows the strength of our strategy to acquire cash-generating assets and to operate them with operational excellence. These shareholder returns show our commitment to create value. However, the current share price does not reflect these attributes and our consistent results.

自首次公開募股以來，我們已向股東返還了約 20 億美元的股東回報和債務償還，這體現了我們收購現金產生資產並以卓越營運方式運營這些資產的策略的實力。這些股東回報反映了我們創造價值的承諾。然而，目前股價並未反映這些屬性和我們一貫的業績。

Turning to slide 13. We believe our share price is undervalued and has been impacted by macro headwinds that are not connected with our company's compelling fundamentals or our consistent performance. We have demonstrated EBITDA growth of 310% over the past five years or over 60% annually as we highlighted earlier.

翻到第 13 張投影片。我們認為我們的股價被低估了，並且受到了與我們公司強勁的基本面或持續表現無關的宏觀不利因素的影響。正如我們之前所強調的，過去五年我們的 EBITDA 成長率為 310%，即每年超過 60%。

Based on the EV to EBITDA metrics where we historically traded and compared to multiples of natural gas peers, the calculation would yield a much higher share price. We strongly believe there's a real opportunity for a re-rate of our shares to create a meaningful increase in our share price.

根據我們歷史上交易的企業價值與息稅折舊攤銷前利潤 (EV/EBITDA) 指標，並與天然氣同業的倍數進行比較，計算結果將得出更高的股價。我們堅信，我們確實有機會重新評估我們的股票價格，從而實現股價的大幅上漲。

With a number of near-term catalysts on the horizon, including the full integration of identified and quantified synergies, the cash generation proceeds from continued portfolio optimization, our emerging coal mine methane opportunity, and the continually consolidating landscape of North American operators, we believe that our proven cash-generating business strategy, coupled with our significant capabilities and scale, has us positioned to generate meaningful shareholder value.

隨著一系列近期催化劑的出現，包括已確定和量化的協同效應的全面整合、持續投資組合優化帶來的現金生成收益、我們新興的煤礦甲烷機會以及北美運營商的不斷整合格局，我們相信，我們成熟的現金生成業務戰略，加上我們強大的能力和規模，使我們能夠為股東創造有意義的價值。

Turning to slide 14. We continue to maintain momentum into the second half of the year. And with the Maverick integration progress nearly complete, we have increased our targeted run rate synergies to approximately $60 million. Importantly, with our targeted daily production of over 1 Bcf and more than $420 million in free cash flow, the company is positioned on a path that creates a unique and compelling investment opportunity.

翻到第 14 張投影片。我們將在下半年繼續保持這一勢頭。隨著 Maverick 整合進程接近完成，我們將目標運行率綜效提高至約 6,000 萬美元。重要的是，我們的目標是日產量超過 10 億立方英尺，自由現金流超過 4.2 億美元，這使公司走上了一條創造獨特且引人注目的投資機會的道路。

We are pleased with how we started the year and confident in our ability to execute for the balance of the year. My commitment to our shareholders is that we will continue executing each day while building a resilient portfolio of cash-generating assets for tomorrow.

我們對今年的開局感到滿意，並對我們完成今年剩餘時間的任務的能力充滿信心。我對股東的承諾是，我們將繼續執行每一天的任務，同時為明天建立一個具有彈性的現金產生資產組合。

On slide 15, as we continue to emphasize, we are a differentiated energy producer that seeks to optimize existing long life and often overlooked and undervalued cash-generating US energy assets. We seek to maximize value that drives shareholder returns in a unique way by minimizing traditional E&P risk, growing our revenue streams, optimizing our asset portfolio, and being good stewards of our capital while generating meaningful and consistent cash flow.

在第 15 張投影片上，正如我們繼續強調的那樣，我們是一家差異化的能源生產商，致力於優化現有的長壽命且經常被忽視和低估的美國現金生成能源資產。我們力求透過最大限度地降低傳統的 E&P 風險、增加我們的收入來源、優化我們的資產組合、做好我們的資本管理並產生有意義且持續的現金流，以獨特的方式實現價值最大化，從而推動股東回報。

Our results reflect our continued focus on building a strategic, resilient manager and operator of energy-producing assets. We believe we are the champion of the PDP subsector within the upstream E&P space. As the only publicly traded company focused exclusively on PDP assets, Diversified offers investors access to a proven private equity roll-up strategy with the added advantage of Diversified scale and vertical integration to drive superior returns.

我們的業績反映了我們持續致力於打造具有策略性、彈性的能源生產資產管理者和營運商。我們相信我們是上游勘探與生產領域PDP子產業的冠軍。作為唯一一家專注於 PDP 資產的上市公司，Diversified 為投資者提供經過驗證的私募股權整合策略，並利用 Diversified 的規模和垂直整合優勢來獲得更高的回報。

We remain focused on building a portfolio of assets through value-accretive transactions while simultaneously unlocking hidden value through our unique operational framework, strategic development partnerships, and growing adjacent business segments. Diversified offers unique value creation attributes, which provide us with a competitive advantage.

我們仍然專注於透過增值交易來建立資產組合，同時透過我們獨特的營運框架、策略發展夥伴關係和不斷發展的鄰近業務部門釋放隱藏價值。多元化提供了獨特的價值創造屬性，這為我們提供了競爭優勢。

With our large operational scale, vertical integration, and corporate infrastructure that leverages a leading technology platform, we have a proven integration process that allows us to streamline and capture meaningful synergies. We have executed that playbook 30 times over the past seven years.

憑藉龐大的營運規模、垂直整合以及利用領先技術平台的企業基礎設施，我們擁有成熟的整合流程，可簡化流程並獲得有意義的協同效應。在過去的七年裡，我們已經執行了該劇本三十次。

Every internal investment, portfolio optimization, and acquisition is about accelerating progress, creating meaningful synergies and delivering real sustainable value. It's not about size, it's about outcomes, financial, operational, and strategic. We have been steadfast in executing our strategy since our IPO, driving strong financial and operational performance.

每項內部投資、投資組合優化和收購都是為了加速進步、創造有意義的綜效並提供真正的永續價值。這與規模無關，而是與結果、財務、營運和策略有關。自首次公開募股以來，我們一直堅定地執行我們的策略，推動了強勁的財務和營運表現。

The right company, right time mindset for the type of assets we manage delivers consistent free cash flow and returns to shareholders and serves a fundamental role in sustaining the US energy markets. Before I turn the call over to the operator for Q&A, I'd like to take a minute to again recognize our employees for their outstanding achievements and contributions. Without their excellent work in the field and in the corporate office, these results would not be achievable.

針對我們所管理的資產類型，選擇正確的公司、正確的時機，可以為股東帶來持續的自由現金流和回報，並在維持美國能源市場方面發揮根本性作用。在我將電話轉給接線員進行問答之前，我想花一點時間再次表彰我們員工的傑出成就和貢獻。如果沒有他們在現場和公司辦公室的出色工作，這些成果是不可能實現的。

With that, I'd like to turn it over to the operator for the Q&A portion of today's call. Operator?

接下來，我想將今天電話會議的問答部分交給接線生。操作員？

(Operator Instructions)

（操作員指示）

Jon Mardini, KeyBanc Capital Markets.

喬恩‧馬爾迪尼 (Jon Mardini)，KeyBanc 資本市場。

Hi, good morning. Thank you for taking my questions. Just on the Oklahoma JV, I appreciate the slide laying out some of the detail around the partnership. How do you see this JV fitting into the core of your portfolio, just given it's more liquids weighted along with the recurring CapEx associated with its growth?

嗨，早安。感謝您回答我的問題。就俄克拉荷馬州合資企業而言，我很欣賞幻燈片中列出的一些有關合作關係的細節。鑑於該合資企業的流動性更強，且伴隨其成長會產生經常性資本支出，您認為該合資企業如何融入您的投資組合核心？

Is it something you could look to maybe expand on beyond the current scope of the partnership? Is it more of a steady-state program? Just any framework around how you think about the partnership would be helpful.

您是否可以考慮在現有合作範圍之外進一步擴展？它更像是一個穩定狀態程序嗎？任何有關您如何看待合作關係的框架都會有所幫助。

Yes. I think that it's just kind of a steady-as-you-go type program. We have multi-year development here with our JV partner. We have a decent working exercise in this acreage position. We have a lot of running room, 240-some-odd locations still to go. The return thresholds have been great. So I think it's kind of a steady as you go, really just kind of the way that's laid out here on this slide.

是的。我認為這只是一種穩步推進的計劃。我們與合資夥伴在這裡進行了多年的開發。我們在這個土地位置有很好的工作活動。我們還有很大的營運空間，還有 240 多家門市需要拓展。回報門檻很高。所以我認為它是一種穩定的進展方式，實際上就像這張投影片上所展示的那樣。

I would say down the road that there's other opportunities in other basins that we could expand that partnership with. We definitely have a fairly large Permian Basin position now that we're currently evaluating to see if there's opportunities there to do something similar. So I would say this in Oklahoma, as it relates to Oklahoma, it's steady as you go, but there could be opportunities elsewhere as we evaluate our acreage position.

我想說的是，未來其他盆地還有機會讓我們擴大合作關係。我們現在確實擁有相當大的二疊紀盆地資源，目前正在評估那裡是否有機會做類似的事情。因此我想說，就俄克拉荷馬州而言，情況會一直穩定，但當我們評估我們的土地面積狀況時，其他地方可能會有機會。

Okay, I appreciate the detail there. Just on the Carlyle JV, there's been some industry activity recently related to some PDP-focused deals. Just curious how discussions have been going around deal procurement associated with the partnership? Has there been maybe an uptick in opportunities you've seen that may fit within the parameters of the structure?

好的，我很欣賞那裡的細節。就凱雷合資企業而言，最近行業中出現了一些與 PDP 為重點的交易相關的活動。只是好奇與合作相關的交易採購的討論進度如何？您是否發現有適合該結構參數的機會增加？

Yes. No, we're evaluating opportunities consistently with our partner, Carlyle. The key for us is the right type of acquisition, number one, the right type of assets, number two, and then making sure that we don't overpay for stuff. And some of the best deals you'll do are the ones you don't do, and we need to make sure that we're staying disciplined in our approach, getting the best value that we can, making sure that we're getting the returns that we need.

是的。不，我們正在與我們的合作夥伴凱雷集團一起持續評估機會。對我們來說，關鍵在於：首先，選擇正確的收購類型；其次，選擇正確的資產類型；最後，確保我們不會支付過高的費用。而一些你能做的最好的交易正是你沒有做的，我們需要確保我們的方法保持嚴謹，獲得我們所能獲得的最佳價值，確保我們獲得我們需要的回報。

But we'll definitely do deals here in the near term with Carlyle. There's a lot of momentum there. And so the other thing I would say is I love the commodity prices have come off quite a bit, both oil and natural gas. And as you guys know, that's typically a pretty good environment for our acquisition strategy as we see those assets or as we see those commodity prices come off that we can start to search for value out there again. So we'll get some deals done with them in the near term.

但我們近期肯定會與凱雷進行交易。那裡的勢頭很強勁。我想說的另一件事是，我很高興看到大宗商品價格大幅下跌，包括石油和天然氣。正如你們所知，這通常對我們的收購策略來說是一個非常好的環境，因為我們看到這些資產或商品價格下跌，我們就可以再次開始尋找價值。因此我們將在短期內與他們達成一些交易。

And I'll just add. We've been very encouraged and pleased with the level of engagement from Carlyle. They've been at the table with us evaluating potential transactions and very engaged. So as Rusty said, we're confident that we'll be able to put some money to work here in the future.

我再補充一點。凱雷的參與程度讓我們感到非常鼓舞和高興。他們一直與我們一起評估潛在的交易，並且非常投入。因此，正如 Rusty 所說，我們有信心將來能夠在這裡投入一些資金。

Appreciate the update. I'll leave it there, thanks.

感謝更新。我就把它留在那裡，謝謝。

Thank you.

謝謝。

David Round, Stifel.

大衛朗德（David Round），Stifel。

Great, thanks guys. First one for me, on the land sales, I think you're only expecting to sell $40 million of undeveloped acreage in the first half. So I mean, the question is, is there anything else in that $70 million number to be aware of?

太好了，謝謝大家。首先，關於土地銷售，我認為您預計上半年僅能售出價值 4000 萬美元的未開發土地。所以我的意思是，問題是，7000 萬美元這個數字中還有其他什麼要注意的嗎？

Or can you help bridge the gap and just let us know what you were able to sell that maybe you weren't expecting to at the start of the year? And I know you're able to guide or at least help us sort of get a bit of a steer what that number could look like for the full year, please?

或者您能否幫助我們彌補差距，並讓我們知道您能夠銷售哪些年初可能沒有預料到的商品？我知道您可以指導一下，或至少能幫助我們了解全年的數字，可以嗎？

Yes. David, I think it was really just a combination of some higher realizations on the per acreage amount that we were anticipating. And then we did have some additional interest on some various and sundry acreage positions that as some of the developers are looking to put positions together, they need some of the blocks to put their drilling programs in place. And that gave us an opportunity to take advantage of some additional sales is the primary answer.

是的。大衛，我認為這實際上只是我們預期的每英畝產量的一些更高實現量的組合。然後，我們確實對一些各種各樣的土地位置產生了一些額外的興趣，因為一些開發人員正在尋求整合位置，他們需要一些區塊來實施他們的鑽探計劃。這給了我們一個利用額外銷售的機會，這是主要的答案。

I mean these were all primarily focused in the Western Anadarko Basin, where we are the largest leaseholder in that area. So that just continues to give us great opportunities. As we highlighted in numerous places in the presentation and in Rusty's comments, I mean, this is part of our asset optimization that we do when we get a portfolio, a new portfolio of assets.

我的意思是，這些主要集中在西阿納達科盆地，我們是該地區最大的租賃股東。所以這將繼續為我們帶來巨大的機會。正如我們在簡報和 Rusty 的評論中多次強調的那樣，我的意思是，這是我們在獲得投資組合，新的資產組合時所做的資產優化的一部分。

We're looking for all ways that we can enhance margins and drive additional returns. And this one has been a great one. I think I said in my comments, it was highly impactful. And so that was just a good opportunity that our land and legal teams were able to take advantage of.

我們正在尋找一切可以提高利潤率和增加回報的方法。這一次真是太棒了。我想我在評論中說過，它影響很大。所以這對我們的土地和法律團隊來說是一個很好的機會。

As we go forward for the second half of the year, and as Rusty indicated, we are looking at some of our Permian positions and looking for ways that we might be able to do some development, maybe some land opportunities or some affluent, but what I like to call is asset optimization opportunities in some of that acreage. But that's all under review at this point. And we're not at a point where we're ready to add some additional guidance on that front.

隨著我們進入下半年，正如 Rusty 所指出的，我們正在研究二疊紀的一些位置，並尋找可能進行一些開發的方法，也許是一些土地機會或一些富裕的，但我喜歡稱之為部分土地上的資產優化機會。但目前這一切都還在審查中。我們還沒有準備好在這方面增加一些額外的指導。

Yes, David, I'll just leave it with this is that as we evaluate all of our acreage positions and we determine which ones make sense to generate value externally versus coming up with a way to take advantage of that value organically, I am finding -- I'm being surprised by the level of interest, but also in the level of value that some people are willing to pay for some of these acreage positions as they look to generate more inventory to drill.

是的，大衛，我只想說，當我們評估我們所有的油田位置，並確定哪些油田可以從外部創造價值，而不是想辦法有機地利用這些價值時，我發現——我對人們的興趣程度感到驚訝，也對一些人願意為這些油田位置支付的價值水平感到驚訝，因為他們希望產生更多的庫存來鑽探。

So fingers crossed, we'll continue to market and figure out which positions we want to let it go. But we're pretty confident that there will be more. I just don't know what that amount is going to be at this point.

因此，我們將繼續行銷並確定我們想要放棄哪些職位。但我們非常有信心還會有更多。我只是不知道現在這個金額到底是多少。

Okay, thanks guys. As a second question, are you able to just provide a bit of information on the well retirements, please? And I'm thinking particularly the third-party part of that business, how that's tracking versus last year?

好的，謝謝大家。第二個問題，您能否提供一些有關油井退役的資訊？我特別想到的是該業務的第三方部分，與去年相比情況如何？

Sure. The first point I'd like to call out, and we had this in our announcement this morning is the fact that over the last several years, we plugged over 1,100 wells. That's a stat that we're extremely proud of. That's required a lot of investment. We've built up our next level energy plugging company in the Appalachia Basin. So we've been active. We continue to be active.

當然。我想指出的第一點，我們在今天早上的公告中已經提到，在過去幾年中，我們封鎖了 1,100 多口油井。這是一個令我們感到非常自豪的數據。這需要大量的投資。我們在阿巴拉契亞盆地建立了更高等級的能源封堵公司。所以我們一直很活躍。我們將繼續保持活躍。

Most of the -- as it relates to third-party activity, yes, we're getting our share of third-party revenue and plugging activity in the Appalachia Basin. It's not as robust as it was back in 2023 when the federal money was really flowing with the initial slug of cash that came out. But it's consistent and some of the state programs are rolling out as well.

大部分 — — 因為它與第三方活動有關，是的，我們在阿巴拉契亞盆地獲得了第三方收入和封堵活動的份額。它不像 2023 年那樣強勁，當時隨著最初大量現金的流出，聯邦資金確實不斷湧入。但它是一致的，一些國家計劃也正在推出。

So we're trying to be -- just like we do with all of our assets and all of our cash flow opportunities is we're trying to make good decisions with how we allocate our assets, either internally or externally. And we're going to plug close to 400 wells or so this year, I believe, is the pace that we're on. So very proud of all the wells that we've been able to impact here over the last several years.

因此，我們正在努力——就像我們對待所有資產和所有現金流機會一樣，我們正在努力就如何分配我們的資產（無論是內部還是外部）做出正確的決策。我相信，我們今年將封鎖近 400 口左右的油井，這是我們目前的進度。我們對過去幾年來在這裡所影響的所有油井感到非常自豪。

Paul Diamond, Citibank.

花旗銀行的保羅戴蒙德 (Paul Diamond)。

Thank you. Good morning, thanks for taking the call. I just wanted to quickly talk about, I know a large kind of macro theme in the space has been in the AI data center theme. Given your position in Appalachia, just wanted to talk about -- I want to get your idea on how you see your role in that opportunity set as it develops and if any conversations are ongoing or kind of how you're viewing recent announcements?

謝謝。早安，感謝您接聽電話。我只是想快速談談，我知道該領域的一種大型宏觀主題是人工智慧資料中心主題。鑑於您在阿巴拉契亞的地位，我只是想談談——我想知道您如何看待自己在該機遇集發展中所扮演的角色，以及是否有任何正在進行的對話，或者您如何看待最近的公告？

Yes, that's a great question. I'm highly enthused as to -- as I said, being in that Pennsylvania Summit, the amount of investment that was announced just on that day alone, $90 billion worth of power generation, natural gas power generation, data center build-outs. The way that I see us fitting in is we could definitely fit in on a small-scale, smaller power generation off-grid source type power generation sources. And we're constantly evaluating some opportunities there.

是的，這是一個很好的問題。我對此感到非常興奮——正如我所說，在賓州峰會上，僅在當天就宣布了價值 900 億美元的發電、天然氣發電和數據中心建設的投資。我認為我們適合的方式是，我們絕對可以適應小規模、小型發電離網源類型的發電源。我們正在不斷評估那裡的一些機會。

But I think the biggest impact for us is just purely on pricing alone. And so as natural gas demand increases, it will continue to put pressure, contraction pressure on basis differentials. And that to us is a big impact, and that significantly impacts our ability to hedge better pricing and get better net price in the basin.

但我認為對我們而言最大的影響僅僅在於定價。因此，隨著天然氣需求的增加，它將繼續對基差施加壓力，收縮壓力。這對我們來說影響很大，極大地影響了我們對沖更好定價和在盆地獲得更好淨價的能力。

So between all of that and then you throw in the constitution pipeline and some other things, I think that it will -- the biggest impact for us is in pricing. But there's no doubt that the demand for natural gas in Appalachia is going to increase substantially. And I think a lot of that will be for power generation, but then off-grid sources also.

因此，在所有這些因素以及憲法管道和其他一些因素的影響下，我認為它對我們最大的影響在於定價。但毫無疑問，阿巴拉契亞地區對天然氣的需求將大幅增加。我認為其中很大一部分將用於發電，但也包括離網能源。

And so we're on the lookout for ways that we can participate on a much smaller scale than, say, somebody like EQT is going to provide 1.2 Bcf a day to 2 power sources. But we think there's ways for us to be able to get involved smaller on a smaller scale but also reap the benefits of what the demand that's coming to market is going to do for pricing.

因此，我們正在尋找能夠以比 EQT 這樣的公司每天向 2 個電源提供 12 億立方英尺天然氣更小規模參與的方式。但我們認為，我們可以透過一些方法以較小的規模參與其中，同時也能從市場需求對定價的影響中獲益。

Got it. Appreciate the clarity. Makes sense. Just a quick follow-up, more bookkeeping than anything else. The bump in synergy capture you guys are expecting now to close to [$60 million]. Can you just give me an idea of what the delta is between prior expectations and what you're seeing now?

知道了。感謝您的清晰度。有道理。只是快速跟進，更多的是簿記。你們現在預期的協同效應捕獲量將接近[6000萬美元]。您能否告訴我之前的預期和現在看到的情況之間的差異是多少？

Are you talking about the synergies?

您是在談論協同效應嗎？

Yes, the synergy capture.

是的，協同效應捕獲。

Yes. So our initial estimates were related -- the [$50 million] mark was what we kind of identified during our due diligence process. But as we've gotten in, got on the ground, started to look at things a little closer, we were able to find other areas, it's really remarkable. When you sit down and you look at some of the things that we've been able to do and the creativity of our field employees and finding these things, it's truly been remarkable. And that $60 million, we're highly confident in the $60 million number. Did you want to add anything there?

是的。因此，我們最初的估計是相關的－[5000 萬美元] 這個標的是我們在盡職調查過程中確定的。但當我們深入其中，腳踏實地，開始更仔細地觀察事物時，我們能夠發現其他領域，這真的很了不起。當你坐下來，看看我們已經做到的一些事情，以及我們現場員工的創造力和發現這些東西時，你會發現這真是太了不起了。我們對 6000 萬美元這個數字非常有信心。您想添加什麼嗎？

Well, like Rusty said, the scale that we have in that Western Oklahoma area just continues to provide a lot of opportunities and synergies for us. So that's the primary driver of the increase.

嗯，就像拉斯蒂所說的那樣，我們在俄克拉荷馬州西部地區的規模繼續為我們提供了很多機會和協同效應。這是成長的主要驅動力。

Got it, understood. Appreciate the time. I'll leave it there.

明白了，了解了。珍惜時間。我就把它留在那裡。

Thank you.

謝謝。

Tim Moore, Clear Street.

蒂姆·摩爾，Clear Street。

Oh, thank you very much. I appreciate that. Congratulations on the quarter. Now that you've had a full quarter of Maverick Resources ownership completed and field operations integrated, can you maybe just speak a little bit more about the footprint expansion opportunities? I mean, you got Cherokee, Oklahoma, you mentioned, you got that great slide.

噢，非常感謝。我很感激。恭喜本季。現在您已經完成了對 Maverick Resources 整個季度的所有權並整合了現場運營，您能否再多談談足跡擴張機會？我的意思是，你提到了切羅基、俄克拉荷馬，你得到了那張很棒的幻燈片。

Any other areas you're looking to kind of optimize? You mentioned a little bit maybe in the Permian. And I know you just covered a little bit of the cost synergies upside for Western Oklahoma. But can you speak to like any other specifics that you're really identifying for optimization that might even give you some creep to that $60 million cost synergy number?

您還希望優化其他哪些方面？您提到了一點，也許在二疊紀。我知道您剛剛談到了西俄克拉荷馬州的成本協同效應。但是，您能否談談您真正確定的優化的其他細節，這些細節甚至可能使 6000 萬美元的成本協同效應數字給您帶來一些影響？

Well, I'll let Brad chime in. But from my perspective, the optimization of the portfolio, really, it changes every day. I mean we obviously are doing a portfolio review and looking at all of our acreage positions, as I said during the call. And then we looked at which ones we want to look external to create value.

好吧，我請布拉德插嘴一下。但從我的角度來看，投資組合的最佳化確實每天都在變化。我的意思是，正如我在電話會議中所說的那樣，我們顯然正在進行投資組合審查並查看我們所有的土地狀況。然後我們研究了哪些是我們希望從外部創造價值的。

But it also -- a lot of it comes from just people calling and saying, hey, you got this acreage position over here that we'd like to make an offer on. And then when we put it out and we start to make it competitive, it's amazing where those prices for those positions go. And so we've been pretty successful doing that.

但也有很多人打電話說，嘿，你這裡有一塊土地，我們想給你報價。然後，當我們將其推出並開始使其具有競爭力時，這些職位的價格變化是令人驚訝的。因此，我們在這方面做得相當成功。

The $60 million, like I said, it's come from a variety of areas. It's come from field. It's come from G&A. It's come from finding additional ways to mold the two portfolios together, both Maverick and Diversified. And so it's come from different angles. But look, the one thing I'm very confident in as we move forward, things that we don't know today will become opportunities tomorrow.

正如我所說，這 6000 萬美元來自各個領域。它來自田野。它來自 G&A。這是透過尋找額外的方法將 Maverick 和 Diversified 這兩個投資組合結合在一起而實現的。所以它是從不同的角度來的。但是，隨著我們不斷前進，有一件事我非常有信心，那就是我們今天不知道的事情明天就會變成機會。

And we're highly confident as our people start to really get on the ground and start doing things day-to-day that they're going to find ways to take the two portfolios and be more efficient in the way we're operating, release compression, add compression. There's all kinds of ways to create additional value. So we don't even know what it all is going to be yet. I mean the $60 million is stuff we've identified, but there could be more stuff coming down in the future.

我們非常有信心，隨著我們的員工開始真正腳踏實地地進行日常工作，他們將會找到方法來利用這兩個投資組合，並提高我們的營運效率，釋放壓縮，增加壓縮。有各種各樣的方法可以創造額外的價值。所以我們甚至還不知道這一切會是什麼。我的意思是，6000 萬美元是我們已經確定的東西，但未來可能會有更多的東西落下來。

Yes. And from a growth perspective standpoint, one of the things that I really like about our position at this point is the fact that we operate in five basins. So we've got significant Appalachian operations. We've got significant Oklahoma. We've got a very attractive franchise in the Cotton Valley, Haynesville area, and now we're in the Permian as well.

是的。從成長角度來看，我真正喜歡我們目前地位的一點是，我們在五個盆地開展業務。因此我們在阿巴拉契亞地區開展了大量業務。我們有重要的俄克拉荷馬州。我們在 Cotton Valley、Haynesville 地區擁有非常有吸引力的特許經營權，現在我們也進入了 Permian 地區。

And so as we look for ways and areas that we can grow and build additional scale, we have options. We've got a very active business development team. Rusty leads our M&A activities.

因此，當我們尋找能夠發展和擴大規模的方法和領域時，我們有選擇。我們擁有一支非常活躍的業務開發團隊。Rusty 帶領我們的併購活動。

And so we're not forced into a two to three county area or one basin. We have the ability to drive synergies and increase scale in five different basins. And then you match that with our expanded liquidity and our very scalable corporate infrastructure, that puts us in a very positive position.

因此我們不會被迫進入兩到三個縣的區域或一個盆地。我們有能力在五個不同的盆地中發揮協同效應並擴大規模。然後，再加上我們擴大的流動性和高度可擴展的公司基礎設施，這將使我們處於非常積極的地位。

And that's terrific color. And we really appreciate that IRR slide on Cherokee. And just workovers, I think investors are really missing the workover opportunity to offset some of the production decline. So, thanks for taking my questions.

這顏色真漂亮。我們非常欣賞切諾基的 IRR 下滑。就修井而言，我認為投資者確實錯過了透過修井來抵消部分產量下降的機會。感謝您回答我的問題。

Yes. Just from a workover perspective, because we have such a vast asset base, we almost have an unlimited number of projects on a daily basis. What Rick Gideon, our Chief Operating Officer and team do to look for ways that they can optimize the capital that we're deploying into the best projects is that they're doing a phenomenal job there.

是的。僅從修井角度來看，由於我們擁有如此龐大的資產基礎，我們每天幾乎都有無限數量的項目。我們的營運長 Rick Gideon 和他的團隊一直在尋找方法來優化我們部署到最佳專案中的資本，他們在這方面做得非常出色。

Charles Meade, Johnson Rice.

查爾斯·米德、約翰遜·賴斯。

Yes, good morning, Rusty and Brad to the whole Diversified team there. I wanted to ask a question about the -- your slide 8, and this is about really the JV that came with Maverick. So you guys say on your kind of your second, I guess, block on the left there that you have the potential to meaningfully offset 10% corporate decline.

是的，Rusty 和 Brad，早安，向整個多元化團隊致意。我想問一個關於你的第 8 張幻燈片的問題，這實際上是關於 Maverick 附帶的合資企業。所以你們在第二個部分（我想是左邊的部分）說，你們有潛力顯著抵消 10% 的企業衰退。

I'm wondering if you could frame that up in terms of magnitude and also what time frame and not to say it's inconsistent, but you've reiterated your guide for the balance of '25. So should we be thinking about meaningful offset your decline in '26? And does that mean overall, the top line goes to an 8% decline? Or does it mean it goes to a 5%? If you could just kind of frame that up for me.

我想知道您是否可以從幅度和時間範圍的角度對此進行闡述，並不是說它不一致，但您重申了對 25 年平衡的指導。那麼我們是否應該考慮有意義地抵銷你在 26 年的衰退呢？這是否意味著整體營業收入將下降 8%？或者這意味著它會達到 5%？如果你能幫我把它框起來就好了。

Yes. I mean we're still trying to get our hands around that. But we do know that this program is going to give us a material amount of production next year that we don't have this year. And so we'll probably have more color on that as we get toward the end of the year in terms of what those production rates do to our overall decline.

是的。我的意思是我們仍在努力解決這個問題。但我們確實知道，該計劃明年將為我們帶來今年所沒有的大量產量。因此，隨著年底的臨近，我們可能會對這些生產力對整體下滑的影響有更深入的了解。

But as you can imagine, a 1% or 2% reduction in decline rates is substantial to our bottom line with the size and scale of the company as it is today. So we're excited about that. It's our first real or what I would consider to be organic other than just workovers and things that we do in the portfolio day-to-day. It's really our first true organic mechanism in the portfolio as a company to kind of stave off decline rates.

但正如您所想像的，以目前公司的規模和規格，下降率 1% 或 2% 對我們的底線而言是相當重要的。所以我們對此感到很興奮。這是我們的第一個真正的或我認為是有機的，而不僅僅是修井和我們日常在投資組合中所做的事情。這實際上是我們公司投資組合中第一個真正的有機機制，可以在一定程度上避免下降率。

Our JV partner is fantastic. Their top line, they do a fantastic job. We're really excited about it. The returns, the IRRs on these wells have been great, even in a lower commodity price environment like we've seen over the last couple of months. So it's just a great opportunity for us. We're excited about it. We'll have more information as we get to the end of the year in terms of how this thing is going to impact '26, but there's no doubt that it will have an impact on 2026.

我們的合資夥伴非常棒。他們的頂線工作做得非常出色。我們對此感到非常興奮。即使在過去幾個月我們所見的商品價格較低的情況下，這些油井的回報率和內部收益率 (IRR) 仍然很高。所以這對我們來說是一個很好的機會。我們對此感到很興奮。到今年年底，我們將獲得更多信息，了解這件事將如何影響 2026 年，但毫無疑問，它將對 2026 年產生影響。

Got it. That's good info. And can you offer -- has there been interest in other zones besides just the Cherokee? Are there people kind of knocking on your door asking for deeper rights? Or what's the evolution of the target horizons you see there in the Western Anadarko?

知道了。這是很好的訊​​息。您能否提供一些資訊—除了切諾基地區以外，還有其他地區也感興趣嗎？是否有人敲你的門，要求更深層的權利？或者您在阿納達科西部看到的目標地平線的​​演變是怎樣的？

Yes. No, we've seen a lot of interest in the Western Anadarko in different formations, different acreage areas. We have let a lot of those go to external parties through optimization efforts. Some we've participated on a smaller scale than, say, this JV. But look, what I would say is Oklahoma and Texas, everything seems to be an opportunity for companies if you find the right one.

是的。不，我們看到人們對西阿納達科不同地層、不同面積的油氣藏很感興趣。我們已透過優化工作將其中的許多部分轉讓給外部各方。我們參與的一些項目的規模比這個合資項目的規模要小。但是，我想說的是，在俄克拉荷馬州和德克薩斯州，只要你找到合適的機會，一切對公司來說似乎都是機會。

And so we have a great land group that does a fantastic job of taking our land positions, accumulating and summarizing them and then taking them out to see if there's value to be obtained. And so this will be a part of our business moving forward to some level as we take all this acreage and determine what we have.

因此，我們擁有一支出色的土地團隊，他們出色地完成了我們的土地持倉、積累和總結工作，然後將其取出以查看是否有可獲得的價值。因此，當我們佔領所有這些土地並確定我們擁有什麼時，這將成為我們業務向前發展的一部分。

And really through the Maverick transaction, we -- for the first time, we have great engineering support to be able to look at our acreage positions and really give us an analysis of what it represents to us if we do something with it ourselves or whether it's better off in the hands of someone else. And so it's just really a migrating process that is now starting to show and really create value.

實際上，透過 Maverick 交易，我們第一次獲得了強大的工程支持，能夠查看我們的土地狀況，並真正分析如果我們自己處理這些土地對我們意味著什麼，或者是否交給別人處理更好。所以這其實只是一個遷移過程，現在開始顯現並真正創造價值。

Great, thank you.

太好了，謝謝。

Thank you. We've reached the end of our question-and-answer session. I'd like to turn the floor back over to Rusty for any further or closing comments.

謝謝。我們的問答環節已經結束。我想將發言權交還給 Rusty，請他發表進一步的評論或結束評論。

Yes. So thank you all for attending today's call. We look forward to meeting later in the year to talk more about the numbers and have a great day.

是的。感謝大家參加今天的電話會議。我們期待今年稍後再次會面，進一步討論這些數字，並度過美好的一天。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路，祝您有美好的一天。我們感謝您今天的參與。