德文能源 (DVN) 2024 Q4 法說會逐字稿

Welcome to Devon Energy's Fourth Quarter 2024 Conference Call. (Operator Instructions) This call is being recorded. I'd now like to turn the call over to Mrs. Rosy Zuklic, Vice President of Investor Relations. You may begin.

歡迎參加德文能源 2024 年第四季電話會議。（操作員指示）此通話正在錄音。現在，我想將電話轉給投資者關係副總裁 Rosy Zuklic 女士。你可以開始了。

Good morning, and thank you for joining us on the call today. Last night, we issued Devon's fourth quarter earnings release and presentation materials. Throughout the call today, we will make references to these materials to support prepared remarks.

早上好，感謝您今天的電話會議。昨晚，我們發布了德文郡第四季度收益報告和演示材料。在今天的整個電話會議中，我們將引用這些資料來支持準備好的發言。

The release and slides can be found in the Investors section of the Devon website. Joining me on the call today are Rick Muncrief, President and Chief Executive Officer; Clay Gaspar, Chief Operating Officer; Jeff Ritenour, Chief Financial Officer; John Raines, SVP, Asset Management; Tom Hellman, SVP, E&P Operations; and Trey Lowe, SVP, Technology and Chief Technology Officer.

新聞稿和幻燈片可在 Devon 網站的投資者部分找到。今天與我一起參加電話會議的還有總裁兼首席執行官 Rick Muncrief；克萊·加斯帕（Clay Gaspar），首席營運官；傑夫·里特諾 (Jeff Ritenour)，首席財務官；約翰·雷恩斯（John Raines），資產管理高級副總裁； Tom Hellman，E&P 運營高級副總裁；以及技術高級副總裁兼首席技術官 Trey Lowe。

As a reminder, this conference call will include forward-looking statements as defined under US securities laws. These statements involve risks and uncertainties that may cause actual results to differ materially from our forecast. Please refer to the cautionary language and risk factors provided in our SEC filings and earnings materials. With that, I'll turn the call over to Rick.

提醒一下，本次電話會議將包括美國證券法定義的前瞻性陳述。這些聲明涉及風險和不確定性，可能導致實際結果與我們的預測有重大差異。請參閱我們的美國證券交易委員會文件和收益資料中提供的警告語言和風險因素。說完這些，我會把電話轉給里克。

Thank you, Rosy. I appreciate everyone taking the time to join us this morning. I'm very proud to report the Devon ended 2024 with exceptionally strong results.

謝謝你，Rosy。我感謝大家今天早上抽出時間來參加我們的活動。我很自豪地向大家報告，德文郡在 2024 年取得了異常強勁的成績。

Let's start with slide 2. We had outstanding operational performance which underpin the robust financial outcomes and significant free cash flow generation. This success is a testament to the dedication and hard work of our entire team. We produced record volumes, delivered 154% proved replacement -- reserve replacement ratio and made nice strides on continuing our resource assessment of our existing assets.

讓我們從第二張投影片開始。我們擁有出色的營運業績，這支撐了強勁的財務業績和大量的自由現金流產生。這次成功證明了我們整個團隊的奉獻和辛勤工作。我們生產了創紀錄的產量，實現了 154% 的探明替代品——儲量替代率，並在繼續對現有資產進行資源評估方面取得了良好進展。

We generated $3 billion of free cash flow, of which we returned $2 billion of that to our shareholders. Consistent with our strategic priority of delivering value to shareholders through a sustainable annually growing fixed dividend, this month, our Board approved an increase to $0.24 per share. This represents a 9% improvement over the 2024 rate.

我們產生了 30 億美元的自由現金流，其中 20 億美元回饋給了股東。按照我們透過可持續的每年增長的固定股息為股東創造價值的戰略重點，本月，我們的董事會批准將股息提高至每股 0.24 美元。這比 2024 年的比率提高了 9%。

And to fortify our advantaged portfolio even more, we executed the Williston Basin acquisition this past year, and it is performing quite nicely. Throughout the year, we've maintained financial strength with ample liquidity and low leverage. We are well positioned for the future. You'll hear more from details from Clay and Jeff in a few moments.

為了進一步鞏固我們的優勢投資組合，我們去年進行了威利斯頓盆地的收購，目前表現相當不錯。全年我們保持了財務實力，流動性充足，槓桿率較低。我們已經為未來做好準備了。稍後您將從 Clay 和 Jeff 那裡聽到更多細節。

For me, it's been an honor to lead this company for the past four years, serving our shareholders, our Board of Directors and our dedicated employees. Together, we've built a very strong company with a solid foundation for future success. I want to thank everyone for their trust and support.

對我來說，過去四年來能夠領導這家公司，為我們的股東、董事會和敬業的員工服務是我的榮幸。我們共同創建了一家非常強大的公司，為未來的成功奠定了堅實的基礎。我要感謝大家的信任與支持。

I look forward to watching the company's continued achievements under Clay's capable leadership and have complete confidence in him and his management team. I look forward to the many organic catalysts they will continue to create by remaining true to Devon's values and remaining focused on its strategic priorities. And with that, I'll now turn it over to Clay.

我期待著公司在克萊的卓越領導下繼續取得成就，並對他和他的管理團隊充滿信心。我期待他們能夠繼續創造許多有機催化劑，堅持德文郡的價值觀並繼續專注於其戰略重點。現在我將把發言權交給 Clay。

Thank you, Rick. I've always appreciated your guidance, mentorship and insight, and I'm truly grateful for your confidence. Good morning, everyone. Let's start on Slide 3, where I can cover the outstanding fourth quarter results.

謝謝你，里克。我始終感謝您的指導、輔導和見解，我真的很感激您的信任。大家早安。讓我們從投影片 3 開始，在這裡我可以介紹出色的第四季業績。

For the fifth quarter in a row, we have again beaten consensus and delivered outsized returns to our shareholders. Fourth quarter oil production reached an all-time high of 398,000 barrels per day. Fourth quarter production outperformance was largely driven by the timing and productivity of our Eagle Ford wells. A second major contributor was from the acquired Grayson Mill assets, confirming how well that integration is going.

連續第五個季度，我們再次超越預期，為股東帶來超額報酬。第四季石油產量達到每天398,000桶的歷史最高水準。第四季產量的優異表現主要得益於 Eagle Ford 油井的時機和生產力。第二個主要貢獻者是收購的 Grayson Mill 資產，證實了整合進展順利。

The newly combined Rockies team is doing a fantastic job of learning from each other and creating additional value. From a capital perspective, we also had an outstanding quarter. This performance was primarily driven by the good work of the Delaware team. In addition, lower workover costs, combined with higher volumes, drove our per unit expenses significantly lower, boosting our margins and free cash flow generation.

新組成的落磯隊在相互學習和創造附加價值方面做得非常出色。從資本角度來看，我們也度過了一個出色的季度。這項成績主要歸功於德拉瓦團隊的出色表現。此外，較低的修井成本加上較高的產量使我們的單位費用大幅降低，從而提高了我們的利潤率和自由現金流的產生。

Thanks to our strong operating performance, we generated $738 million in free cash flow, of which we returned $444 million to shareholders via our fixed dividend and share repurchase program. We strongly believe that Devon presents a compelling investment opportunity. And thus, we leaned into our share repurchase program this quarter by buying $300 million of Devon stock. Additionally, we strengthened our financial position by building cash this quarter to about $850 million, up 25% from last quarter.

由於強勁的營運業績，我們產生了 7.38 億美元的自由現金流，其中透過固定股息和股票回購計畫向股東返還了 4.44 億美元。我們堅信德文郡擁有極具吸引力的投資機會。因此，本季我們依靠股票回購計畫購買了價值 3 億美元的 Devon 股票。此外，我們本季的現金餘額約為 8.5 億美元，較上一季成長 25%，從而增強了我們的財務狀況。

Now let's turn to Slide 4 and talk about some of the exciting news related to the Eagle Ford. On January 31, Devon and BPX signed an agreement to dissolve our partnership in the Blackhawk Field. We expect to close on April 1, at which time we will hold approximately 46,000 Blackhawk net acres with greater than 95% working interest in these assets, primarily in DeWitt County. This will be a high quality, high working interest, fully controlled and concentrated position. After close, we will have approximately 700 undrilled locations remaining in the Eagle Ford, 550 of which will be in the Blackhawk Field. This is nearly a decade of drilling inventory at the current pace.

現在讓我們翻到投影片 4，討論一些與 Eagle Ford 相關的令人興奮的消息。1月31日，德文郡和BPX簽署協議，解除在黑鷹油田的合作關係。我們預計交易將於 4 月 1 日完成，屆時我們將持有約 46,000 英畝的 Blackhawk 淨土地，並擁有這些資產 95% 以上的經營權益，主要位於德威特縣。這將是一個高品質、高工作權益、完全受控和集中的職位。交易完成後，Eagle Ford 地區仍有約 700 個未鑽探位置，其中 550 個位於 Blackhawk 油田。以目前的速度計算，這相當於近十年的鑽井庫存。

A key value driver for us to dissolve this JV was that we are confident that we can save more than $2 million in D&C cost per well with improved well design, supply chain and application of operational technology from our other basins. The combination of this cost reduction and control of the go-forward development significantly enhances returns and provides a material uplift to the NPV of our position.

我們解散這家合資公司的一個關鍵價值驅動因素是，我們相信，透過改進油井設計、供應鏈和應用我們其他盆地的作業技術，我們可以節省每口油井 200 多萬美元的 D&C 成本。成本降低與未來發展控制相結合，顯著提高了回報，並大大提升了我們部位的淨現值。

Now let's turn to Slide 5 and talk about the updated and improved 2025 outlook. Moving forward, we remain committed to creating value to our shareholders with disciplined investment and growth per share basis. You should also note that we're bumping our 2025 production and reducing our capital from the soft guide that we provided on the last call. We now expect to deliver 815,000 BOE per day, including -- excuse me, 383,000 barrels of oil per day. For capital, we expect to invest $3.9 billion or $200 million lower than the soft guidance we provided back in November. We expect these improvements to drive more than $300 million in additional free cash flow this year. As displayed on the right side of the slide, these numbers add up to a very impressive capital efficiency as compared to our peers of this highly competitive industry.

現在讓我們翻到投影片 5，討論更新和改進的 2025 年展望。展望未來，我們將繼續致力於透過嚴謹的投資和每股成長為股東創造價值。您還應該注意到，我們正在提高 2025 年的產量，並根據上次電話會議提供的軟指南減少資本。我們現在預計每天交付 815,000 桶油當量，其中包括——對不起，每天 383,000 桶石油。對於資本，我們預計投資 39 億美元，比 11 月提供的軟指導低 2 億美元。我們預計這些改進今年將帶來超過 3 億美元的額外自由現金流。正如幻燈片右側所示，與這個競爭激烈的行業中的同行相比，這些數字加起來的資本效率非常令人印象深刻。

Turning to Slide 6. Let's discuss the 2025 outlook from an asset perspective. The Delaware Basin will account for greater than 50% of our total investment for the year. We expect another year of strong performance and plan to operate 14 rigs and 3 completion crews while bringing online about 265 gross wells.

翻到幻燈片 6。讓我們從資產角度來討論2025年的前景。特拉華盆地將占我們今年總投資的50%以上。我們預計今年的業績將再創佳績，並計劃營運 14 座鑽機和 3 支完井隊，同時投產約 265 口井。

As we have touched on in the past, we are leaning into a higher allocation of multi-zone projects as compared to historical levels, allowing us to balance rate of return, NPV and inventory. Based on the success of 2024, we see tremendous benefits from the multi-zone developments by minimizing depletion effects between depleted dependent zones, feathering in derisked secondary targets and results that yield a more robust and sustainable inventory over time. An area that I've been extremely impressed with is our ability to continue to find ways to accelerate our operational efficiencies. In 2024, we saw about 15% improvement in both our [feet] drilled and completed [feet] per day metrics. This operational efficiency drives higher well returns and free cash flow generation. For 2025, I expect this momentum to continue, and I'm excited to see additional value creation from this work.

正如我們過去提到的，與歷史水準相比，我們傾向於更高地分配多區域項目，從而讓我們能夠平衡回報率、淨現值和庫存。基於 2024 年的成功，我們看到了多區域開發帶來的巨大好處，透過最大限度地減少枯竭的依賴區域之間的枯竭效應，在去風險的次要目標中進行羽化，並隨著時間的推移產生更加穩健和可持續的庫存。令我印象深刻的是，我們能夠不斷尋找方法來提高營運效率。2024 年，我們的每日鑽井 [英尺] 和完井 [英尺] 指標均提高了約 15%。這種營運效率可以帶來更高的油井回報和自由現金流的產生。到 2025 年，我預計這種勢頭將會持續下去，我很高興看到這項工作創造更多的價值。

Shifting to the Rockies. We possess a unique combination of assets that can provide growth and free cash flow. Approximately 3/4 of the Rockies capital spend will be directed towards the Williston Basin. With the impressive results to date, strong progress on the integration and a long inventory runway, most of the capital will be focused on the western part of the Williston Basin. We believe that this 3-rig program balances flat production, impressive returns and an impressive inventory life.

轉移到落基山脈。我們擁有獨特的資產組合，可以帶來成長和自由現金流。落基山脈資本支出的約 3/4 將用於威利斯頓盆地。憑藉迄今為止令人印象深刻的成果、整合方面的強勁進展和長期的庫存跑道，大部分資金將集中在威利斯頓盆地的西部。我們相信，這個 3 台鑽機計畫實現了平穩生產、可觀回報和可觀庫存壽命的平衡。

Since taking over the Grayson Mill asset, the organization has identified many opportunities to further enhance our investment. In just a few months since closing, we've already identified $50 million in capital and expense savings for the year, fully capturing our announced synergy target.

自從接管格雷森米爾資產以來，該組織已經發現了許多進一步增加投資的機會。自交易完成後的短短幾個月內，我們已確定今年可節省 5,000 萬美元的資本和費用，完全實現了我們宣布的協同目標。

We're not done, and expect additional savings on operating expenses as well as capital savings. The early wins of $600,000 in savings per well on D&C cost tie back to the drilling and completion pace, supply chain wins and leveraging operational improvements such as self-sourcing sand and simul-frac.

我們還沒有完成，我們期望在營運費用和資本方面進一步節省。早期每口井在鑽井和完井成本上節省 60 萬美元，這與鑽井和完井速度、供應鏈優勢以及利用自備砂和同步壓裂等營運改進有關。

In the Anadarko Basin, the past few years have benefited from the Dow JV, which was set in mid-2025. With the success of this partnership, we have agreed to extend the JV for another 49 drilling locations for $40 million in drilling carry. Activity for the new agreement is planned to start in the second quarter of this year.

在阿納達科盆地，過去幾年受惠於陶氏合資公司的成立，該合資公司成立於2025年中期。隨著合作的成功，我們同意將合資公司的範圍擴大到另外 49 個鑽井地點，鑽井費用為 4,000 萬美元。新協議的實施活動計劃於今年第二季開始。

Turning to slide 7. And before I hand the call off to Jeff, I want to address a common question that I've been asked since the leadership change was announced, and that is what will be different for Devon going forward.

翻到幻燈片 7。在我將電話轉交給傑夫之前，我想先回答一下自從宣布領導層變動以來一直被問到的一個常見問題，那就是德文郡未來的發展將會有什麼不同。

If I had to capture the transition in two words, it would be continuity and opportunity. As many of you know, Rick and I have worked together for over 10 years and come from a similar background. Together, we built a strong foundation for Devon, and we're both excited about the next chapter for this great company.

如果我必須用兩個字來形容這種轉變，那就是連續性和機會。你們很多人都知道，里克和我已經一起工作了十多年，而且我們有相似的背景。我們共同為德文郡奠定了堅實的基礎，我們都對這家偉大公司的下一篇章感到興奮。

Under continuity, I see continuing to focus on the following: first, Devon's strategic priorities and values will continue to be central for the company; second, operating excellence will remain foundational. In order to succeed in this industry, we must deliver on the fundamental aspects of how we convert resource to value. And third, we remain committed to delivering value to our shareholders and maintaining a fortress balance sheet. We will continue to deliver sustainable, growing fixed dividend as well as executing on our share repurchase program.

在連續性方面，我認為將繼續關注以下幾點：首先，德文郡的戰略重點和價值觀將繼續成為公司的核心；第二，卓越營運仍將是基礎。為了在這個行業取得成功，我們必須實現將資源轉化為價值的基本面向。第三，我們仍然致力於為股東創造價值並維持穩健的資產負債表。我們將繼續提供可持續、成長的固定股息並執行我們的股票回購計劃。

As far as the opportunity, I see several needle-moving prospects. First, we will focus inward to further improve our capital efficiency and margin expansion. Second, we will enhance our base production and organically expand our deep inventory.

就機會而言，我看到了幾個令人興奮的前景。首先，我們將重點放在內部，進一步提高資本效率和擴大利潤率。第二，我們將提高基礎產量並有機擴大深度庫存。

Third, we will further embrace our value-creating technology across the company and promote innovative thinking from our outstanding employees. We are already working on several value-focused opportunities, and you will hear more about this in the coming quarters. With that, I'll now hand the call over to Jeff.

第三，我們將在全公司範圍內進一步擁抱創造價值的技術，並促進優秀員工的創新思維。我們已經在研究幾個以價值為重點的機會，您將在接下來的幾季中聽到更多有關這方面的資訊。說完這些，我現在將電話交給傑夫。

Thanks, Clay. Moving now to Slide 8 to talk about our gas portfolio. With upward momentum in natural gas pricing, we see significant upside from our natural gas resource and wanted to highlight the value potential of our diverse portfolio. Although today, our capital is largely allocated to oil projects driven by returns, the associated gas production and untapped natural gas resource underlying our acreage position provides a significant upside opportunity.

謝謝，克萊。現在轉到投影片 8 來討論我們的天然氣產品組合。隨著天然氣價格的上漲勢頭，我們看到天然氣資源具有巨大的上漲空間，並希望能凸顯我們多元化投資組合的價值潛力。儘管如今我們的資本主要被配置到受回報驅動的石油項目上，但我們土地使用權背後的伴生氣產量和未開發的天然氣資源提供了巨大的上行機會。

As highlighted on the slide, we produced more than 1.3 billion cubic feet per day of natural gas. And with the move higher in pricing, our natural gas revenue will more than double year-over-year. With the majority of gas production residing in the Delaware, our marketing team has done an exceptional job of diversifying our exposure to maximize value. Through a variety of arrangements, a large portion of our Delaware gas has access to Gulf Coast markets and pricing, driven by growing industrial and LNG demand. For the remaining Delaware production exposed to in-basin pricing, we've utilized regional basis swaps for protection. This strategy helps us mitigate risk and stabilize our revenue streams.

正如幻燈片上所強調的，我們每天生產超過 13 億立方英尺的天然氣。隨著價格上漲，我們的天然氣收入將比去年同期成長一倍以上。由於大部分天然氣產量位於德拉瓦州，我們的行銷團隊在多元化我們的業務以實現價值最大化方面做得非常出色。透過各種安排，在不斷增長的工業和液化天然氣需求的推動下，我們大部分的特拉華州天然氣可以進入墨西哥灣沿岸市場並獲得定價。對於受盆地內定價影響的其餘特拉華州產量，我們利用區域基礎掉期來保護。這項策略有助於我們降低風險並穩定收入來源。

In the Anadarko Basin, our gas has access to Southeastern markets, which have recently traded at a premium to Henry Hub prices as more and more companies point their molecules to the Gulf Coast. We expect increased demand for our gas in the Southeast as the need for power moves higher in this growing region of the country. And we're always looking for new demand outlets for our natural gas volumes. We have an experienced and innovative marketing team that are actively assessing LNG, power producer and data center supply opportunities. We look forward to sharing specifics on these opportunities as they develop and firm up over the coming year.

在阿納達科盆地，我們的天然氣可以進入東南部市場，隨著越來越多的公司將天然氣出口到墨西哥灣沿岸，這些市場的天然氣交易價格最近高於亨利中心價格。隨著美國東南部地區對電力的需求不斷增加，我們預計東南部地區對天然氣的需求將會增加。我們一直在尋找新的天然氣需求管道。我們擁有一支經驗豐富且富有創新精神的行銷團隊，正在積極評估液化天然氣、電力生產商和資料中心的供應機會。我們期待在未來一年內分享這些機會的發展和鞏固的具體細節。

To summarize, while our primary focus remains on oil, our gas portfolio offers significant optionality and value. Our marketing and risk management efforts ensure that we're well positioned to capitalize on growing demand and favorable market conditions.

總而言之，雖然我們的主要重點仍然是石油，但我們的天然氣產品組合提供了重要的可選性和價值。我們的行銷和風險管理工作確保我們能夠充分利用不斷增長的需求和有利的市場條件。

Turning to slide 9. As Clay said earlier, there's no change on our commitment to delivering value to shareholders while maintaining our financial strength. For 2025, we're targeting up to 70% cash return payout for shareholders from generated free cash flow at current strip pricing. Our cash returns will be delivered via our growing fixed dividend and share repurchases.

翻到第 9 張投影片。正如克萊之前所說，我們致力於在保持財務實力的同時為股東創造價值，而這項承諾並沒有改變。到 2025 年，我們的目標是按照目前的股價從產生的自由現金流中為股東帶來高達 70% 的現金回報。我們的現金回報將透過不斷增長的固定股息和股票回購實現。

Effective in the first quarter, the quarterly dividend is increasing to $0.24, and we expect a cadence of about $200 million to $300 million a quarter for share repurchases throughout the year. The balance of our free cash flow will accrue to the balance sheet for further debt pay down as we aim to drive our net debt-to-EBITDA ratio below 1 times and build upon our investment-grade financial strength. With that, I'll now turn the call back to Rosy for Q&A.

從第一季開始，季度股息將增加至 0.24 美元，我們預計全年股票回購節奏約為每季 2 億至 3 億美元。我們自由現金流的餘額將計入資產負債表，用於進一步償還債務，因為我們的目標是將淨債務與 EBITDA 比率降至 1 倍以下，並增強我們的投資級財務實力。說完這些，我現在將電話轉回給 Rosy 進行問答。

Thanks, Jeff. We ask that everyone limit yourself to one question and one follow-up. So Emily, we are ready to take our first question.

謝謝，傑夫。我們要求每個人只提出一個問題並進行一次跟進。那麼艾米麗，我們準備好回答第一個問題了。

Scott Hanold with RBC.

加拿大皇家銀行的 Scott Hanold。

Strong quarter. And Rick, congrats on the retirement and play on the promotion. Maybe I'm going to start with the Grayson Mill. It seems like there's been some strong outperformance here over the last couple of quarters. And it seems like you've got a lot of focus on that asset here in 2025. Could you remind us the inventory duration you see within the Grayson Mill asset and sort of how that compares with your sort of legacy, boxing.

本季表現強勁。里克，恭喜你退休並繼續晉級。也許我要從格雷森磨坊開始。在過去幾個季度裡，這裡的表現似乎非常強勁。看起來你在 2025 年將非常關注該資產。您能否提醒我們一下格雷森米爾資產的庫存期限，以及它與您傳統的拳擊相比如何。

Yes, Scott, thanks for the kind words. It's a great time for Devon, and I know Rick and I are fully aligned on -- the best times are still yet ahead. Specific to Grayson, I think this is an important acquisition for Devon to just absolutely stake. When I think back on our portfolio pre-Grayson, we had a hole in the portfolio. We were not shy about admitting that. We have a great Williston team. We're really excited about the brand that we had built within that basin and what it could allow us to do. But objectively, we were just short on inventory.

是的，斯科特，謝謝你的好意。對於德文來說，這是一個偉大的時刻，我知道里克和我完全一致——最好的時光仍然在前方。具體到格雷森，我認為這對德文來說是一項非常重要的收購。當我回想起格雷森之前的投資組合時，我們發現投資組合中有一個漏洞。我們並不羞於承認這一點。我們擁有一支出色的威利斯頓團隊。我們對在這個盆地內建立的品牌以及它能讓我們做的事情感到非常興奮。但客觀地說，我們只是缺少庫存。

Grayson really filled that inventory. And secondarily, we needed to absolutely nail the execution. And so we've done that. We've seen costs come down. We've seen that productivity stay up. What we've guided the Street towards is we're not going to run at the same pace of the previous Grayson team. So we'll see that productivity -- excuse me, the production on absolute rate come down a little bit over time.

格雷森確實滿足了這項要求。其次，我們需要絕對確保執行。所以我們就這麼做了。我們看到成本下降了。我們看到生產力持續上升。我們引導華爾街的思路是，我們不會按照之前的格雷森團隊的步伐前進。因此，我們會看到生產力——對不起，絕對生產力會隨著時間的推移而略有下降。

What we've seen from both the cost side and the productivity side is that base decline has flattened out. These productivity of these wells have continued to improve. And now what we're saying is this a run rate that we are experiencing today is we think much more sustainable at the level we're at and that runway continues to expand. There's more organic things to do, trades, 0 cost opportunities to further expand that runway. But we're approaching close to a decade of opportunity in the Williston Basin now, including Grayson. So we're really excited about where that position fits in our portfolio.

我們從成本和生產力兩個方面看到，基數下降已經趨於平穩。這些油井的生產力持續提高。現在我們要說的是，我們認為我們今天所經歷的運行率在我們目前的水平上是更具可持續性的，而且跑道還在不斷擴大。還有更多有機的事情可以做、交易、零成本機會來進一步擴大跑道。但現在，包括格雷森在內的威利斯頓盆地正面臨近十年的機會。因此，我們對該職位在我們的投資組合中的地位感到非常興奮。

Appreciate that. And my follow-up question, it's going to be on the Eagle Ford split with BPX. Could you give us a little bit of color on some of the background regarding that? How did you all think about splitting the assets? And did you guys, I guess, look for more inventory versus PDP? Could you just tell us how that allocation back and forth went?

非常感謝。我的後續問題是關於 Eagle Ford 與 BPX 的拆分。您能否向我們簡單介紹一下有關該事的背景？你們是怎麼考慮分割財產的？我想，你們是否在尋找比 PDP 更多的庫存？能告訴我們分配過程是怎麼樣的嗎？

Yes, it's interesting. I mean, I think this is a classic win-win opportunity. When I summarize it, we displayed a map. When you think about the assets that BPX is going to inherit and then the assets that we inherit, objectively, they valued more of those assets than we do. And we valued more of the assets that we're going to inherit. And so there was a natural accretion associated -- mutual accretion associated with this deal.

是的，很有趣。我的意思是，我認為這是一個典型的雙贏機會。當我總結的時候，我們展示了一張地圖。當你考慮 BPX 將要繼承的資產以及我們繼承的資產時，客觀地說，他們對這些資產的估價比我們更高。我們對將要繼承的資產的估價較高。因此，這筆交易帶來了自然的增值——相互增值。

I think above and beyond that, I think about our ability to control pace to really direct the operations. And then as I pointed out in the prepared remarks, we see material operational improvement, and we've already displayed that. We've got -- since we've taken over the rig, we have 1 well down. We have another well exactly on pace where we thought it should be, and that yields more than $2 million per well and value creation straight from the top on all the remaining opportunities ahead, which obviously is a massive needle mover.

我認為除此之外，我還考慮了我們控制節奏的能力，以真正指導營運。正如我在準備好的演講中指出的那樣，我們看到了實質的營運改善，而且我們已經展示了這一點。自從我們接管鑽井平台以來，我們已經鑽了一口井。我們還有另一口井，其進度與我們預想的完全一致，每口井的收益超過 200 萬美元，並直接從未來所有剩餘機會的頂部創造了價值，這顯然是一個巨大的推動力。

Thank you.

謝謝。

Neal Dingmann with Truist.

Truist 的 Neal Dingmann。

Again, Rick, just congrats on the stellar clear, and Clay, look forward to continuing to run the ship. And guys, my first question really just a little bit was asked earlier on the Bakken and I guess what you're calling the Rockies now specifically, Clay, I've noticed, appropriately, you've stepped up the CapEx a little bit. I think you were saying around $1 billion with 4 rigs.

再次，里克，祝賀你取得瞭如此出色的成績，而克萊，期待繼續掌舵這艘船。夥計們，我的第一個問題其實只是早些時候關於巴肯的問題，我想你現在具體稱之為落基山脈，克萊，我注意到，你適當地增加了資本支出。我認為您說的是 4 個鑽孔機的成本約為 10 億美元。

And I'm just wondering, given your planned focus here on Grayson Mill and I think the continued operational efficiencies, do you anticipate potentially seeing more growth here later in the year? Or is the plan just to kind of to keep things stable? What ideally would you like to see here?

我只是想知道，鑑於您計劃重點關注格雷森米爾，並且我認為持續的運營效率，您是否預計今年晚些時候這裡可能會看到更多的增長？或者這個計劃只是為了保持事態穩定？您最希望在這裡看到什麼？

Yes. Good point on the Rockies versus the Williston and Powder. We've combined those. We think it simplifies the story. It really is interesting assets. So we've got the legacy Williston position. We have the Grayson, Williston position, and then we have the legacy Powder position. And so really, when we think about overall Williston -- excuse me, let's start with Grayson. When you think about Grayson, it's going to be pretty flat to where it's at now. We're going to run three rigs there.

是的。關於落基山脈與威利斯頓和波德山脈的比賽，觀點很正確。我們將它們合併了。我們認為它簡化了故事。這確實是有趣的資產。因此我們保留了威利斯頓的傳統地位。我們有格雷森、威利斯頓的位置，然後我們有傳統的火藥位置。所以實際上，當我們考慮整個威利斯頓時——對不起，讓我們從格雷森開始。當你想到格雷森時，你會發現它現在的位置相當平坦。我們將在那裡運行三台鑽機。

We see efficiencies we were talking about, not just in the capital cost, but the timing associated with that. That certainly helps productivity, yield really nice capital efficiency. When we flip down to the Powder and we started looking at that asset, that was an interesting one. I think that one's -- again, having more support of not needing that asset today allows that team to do a little bit more of the science work to really unlock that potential. And I think it has a tremendous part of our value as we think forward and where it fits in the portfolio in coming years.

我們看到了所談論的效率，不僅在資本成本方面，而且在與此相關的時間方面。這無疑有助於提高生產力，並帶來非常好的資本效率。當我們轉向 Powder 並開始研究該資產時，我們發現它很有趣。我認為，再說一次，如果今天有更多的支持，不再需要那項資產，那麼團隊就可以做更多的科學工作，以真正釋放這項潛力。而且我認為，當我們考慮未來以及它在未來幾年在投資組合中的位置時，它具有巨大的價值。

No. I'd love to hear it and look forward to seeing what you're going to do there. And then secondly, just on the Delaware operate specifically, you all continue. I think it's demonstrated how efficient the program continues to be there. I'm just wondering what's noticeable is versus maybe some others is that your midstream infrastructure situation appears to continue to be very strong with no takeaway issues. So I'm just wondering, is this performance largely due to contracts? I know you've got some good surface acreage that you've taken care of in the past. What is -- again, been able to efficiently drive this premier takeaway?

不。我很高興聽到這個消息，並期待看到你在那裡要做什麼。其次，就特拉華州的具體行動而言，大家繼續。我認為這表明該計劃仍然十分高效。我只是想知道，與其他人相比，值得注意的是，你們的中游基礎設施狀況似乎繼續保持強勁，沒有任何外賣問題。所以我只是想知道，這種表現很大程度上是否歸功於合約？我知道您過去曾精心照料過一些良好的地表面積。再說一遍，什麼能夠有效地推動這首要的外送業務？

Neal, this is Jeff. Yes, you're exactly right. We've done a lot of work over the last couple of years, our marketing team and the business unit collectively together, working with our third-party providers on making sure that -- we've got the gathering. We've got the processing capacity that we need and then ultimately, the takeaway as it relates to both the gas, NGLs and oil. So that's been a really big team effort over the last couple of years. If you go back two or three years ago, there were certainly some more challenges in the basin. Today, we feel really good about the position that we're in and really don't see any roadblocks on that front.

尼爾，這是傑夫。是的，你完全正確。在過去幾年裡，我們做了很多工作，我們的行銷團隊和業務部門共同努力，與第三方供應商合作，確保我們能夠聚集在一起。我們已經擁有了所需的加工能力，並且最終獲得了與天然氣、天然氣液體和石油相關的收益。所以，在過去幾年裡，這是一個非常大的團隊努力。如果回顧兩三年前，盆地中肯定還存在更多的挑戰。今天，我們對所處的地位感到非常滿意，並且確實沒有看到任何障礙。

So I feel really good about our ability to move the gas. I should mention as well, water is not a light issue that the team is absolutely focused on as well. And so combined, they've done a really great job to make sure that we've got the takeaway that we need for all those products and excited about the pricing improvement that we've seen just over the last six months in that basin.

所以我對我們的天然氣輸送能力感到非常滿意。我還應該提一下，水問題不是小問題，團隊也絕對關注這個問題。總而言之，他們做得非常出色，確保我們獲得了所有這些產品所需的收益，並且對我們在過去六個月中看到該盆地的價格改善感到興奮。

Guys, great quarter.

夥計們，這一季度表現棒極了。

Thanks, Neil.

謝謝，尼爾。

Neil Mehta with Goldman Sachs.

高盛的 Neil Mehta。

Yes. And Rick, congrats on an amazing 45-year career. And Clay, congratulations to you. And Clay, maybe that's a good place to kick off. A couple of times in the prepared remarks, you talked about the organic opportunity set. Are we reading into your early strategy as you step into the CEO role to really pursue more of an organic versus an M&A-focused strategy and that the optimal thing to be buying back here is your own stock versus incremental assets?

是的。里克，恭喜你 45 年的輝煌職業生涯。克萊，祝賀你。克萊，也許這是一個很好的起點。在準備好的發言中，您幾次談到了有機機會集。當您踏入執行長職位時，我們是否能理解您早期的策略，即真正追求有機發展而非併購策略，而此時回購的最佳資產是您自己的股票而不是增量資產？

Yes, Neil, thanks for the comments again, and I think you're reading that right. I just see real tremendous value creation kind of underfoot the portfolio we have today, and that can come in many different forms. I mean, small land trades that will never make the earnings presentations to more material things like we just announced with BPX. Those are real massive value creation opportunities that are typically no cash out the door.

是的，尼爾，再次感謝您的評論，我想您讀得對。我只是看到我們今天擁有的投資組合中創造了真正的巨大價值，而且這種價值可以以多種不同的形式出現。我的意思是，小規模的土地交易永遠不會使收益報告成為我們剛剛與 BPX 宣布的更實質的事情。這些都是真正的、巨大的價值創造機會，但通常不涉及現金流出。

In addition to that, we think about the technology application. Flattening the base decline on our business is a massive opportunity. And I can tell you that the teams that are working on things like artificial lift and really applying kind of real-time diagnostics to those opportunities is, again, hard to put and describe on a slide, but have the biggest value creation opportunities as we think about the coming decade and beyond for the organization. So really excited about that.

除此之外，我們也考慮技術應用。減緩我們業務基礎的下滑是一個巨大的機會。我可以告訴你，那些致力於人工升力等領域並真正將即時診斷應用於這些機會的團隊，雖然很難在幻燈片上描述出來，但當我們考慮未來十年及以後組織的發展時，他們擁有最大的價值創造機會。我對此真的很興奮。

Objectively, look, we're always going to stay close. We believe in consolidation. If there's a right opportunity for us, we'll remain open to that. But I think our primary focus is just making Devon a heck of a lot better Devon.

客觀地說，我們會一直保持密切聯繫。我們相信整合。如果有適合我們的機會，我們會持開放態度。但我認為我們的主要重點是讓德文郡變得更好。

That's very clear. And then just a follow-up on slide 4 -- slide 4 and to it, particularly in the Eagle Ford. Can you just talk about why you think, ultimately, the partnership dissolution makes sense, How we should think about the uplift in value and where does it ultimately come from? Is it from volumes? Is it from capital efficiency? And -- or is it about how you ultimately prosecute this acreage?

這非常清楚。然後只是對投影片 4 的後續討論 - 投影片 4 及其後續內容，特別是在 Eagle Ford。您能否談談為什麼您認為最終解散合夥關係是合理的，我們應該如何看待價值的提升以及它最終從何而來？是來自卷嗎？是從資本效率的角度來說的嗎？並且——或者是關於您最終如何起訴這些土地？

I would have to say first on the list as we run the waterfall and think about the value creation for us. There's no doubt about it, $72 million plus per well off the top is roughly about $2 million of NPV for every single well out there. So it's -- that's a real opportunity for us and certainly is the headline approach for us.

當我們運行瀑布並思考為我們創造的價值時，我必須先說這一點。毫無疑問，每口井 7,200 萬美元以上的最高收益大約相當於每口井 200 萬美元的淨現值。所以，這對我們來說是一個真正的機會，而且無疑是我們的主要方法。

But controlling the pace is really valuable. As we think about how quick these wells -- we drill these wells in 7 days. And so being able to control that when we need to, being able to back off when we have the opportunity to. I know refracs aren't the hottest topic du jour, but I can tell you there is real material value. And as we see more and more value creation from this what we call as magic rock, it continues to yield more and more opportunities. And that's what we're really excited about.

但控制節奏確實很有價值。我們想想這些井有多快——我們在 7 天內就鑽了這些井。因此，當我們需要時，我們能夠控制它，當有機會時，我們能夠退出。我知道重複壓裂不是當下最熱門的話題，但我可以告訴你，它確實具有材料價值。隨著我們從這塊被我們稱為「魔法石」的東西中看到越來越多的價值創造，它也將繼續帶來越來越多的機會。這才是我們真正興奮的事。

But again, I'll reiterate. I think this is a mutual win-win. Sometimes you bring together these joint ventures and you see the opportunities there. By the same token, opportunities can change, valuations can change, technology can change, motivations can change, and it can be time to dissolution. I mean, a similar analogy is selling midstream assets and buying midstream assets back in. Both can be right at the given time. I would say, when I think about the BPX opportunity, this is the right move for them now, and this is the right move for us now.

但我還是要重申。我認為這是一個雙贏的局面。有時當你把這些合資企業聚集在一起時，你就會看到其中的機會。同樣，機會可以改變，估值可以改變，技術可以改變，動機可以改變，也可能是解散的時候。我的意思是，類似的類比是出售中游資產並重新購買中游資產。兩者都可以在給定的時間內正確。我想說，當我想到 BPX 的機會時，這對他們來說現在是正確的舉措，對我們來說也是正確的舉措。

Arun Jayaram with JPMorgan.

摩根大通的 Arun Jayaram。

Good morning, gentlemen. I was wondering if you could maybe highlight -- I wanted to see if you could highlight the strong sequential performance in the Eagle Ford, I think your volumes were up over 20% sequentially. The well count didn't seem like that was the driver. So maybe just help us understand kind of what drove that and thoughts on kind of sustaining that above 90 MBoe per day kind of a figure as we think about 2025 because it was the key driver, I think, of the beat, as you highlighted

先生們，早安。我想知道您是否可以強調一下——我想看看您是否可以強調一下 Eagle Ford 的強勁連續表現，我認為您的銷量連續增長了 20% 以上。油井數量似乎不是主要驅動因素。因此，也許可以幫助我們理解是什麼推動了這一趨勢，以及在 2025 年維持每天 90 MBoe 以上數字的想法，因為我認為這是推動這一趨勢的關鍵因素，正如您所強調的那樣

Yes, Arun, thanks for the question. I want to commend the team on the incredibly value-creating work around D&C efficiency. That's where some of this starts and the compounding effect of just shaving off time on the drilling side, on the completion side, we highlighted that in 2024. We've certainly seen some of those benefits there. I think as we move into the driver seat on those operational efficiencies, I think it will take a different pace and really add a whole different level of opportunity.

是的，阿倫，謝謝你的提問。我要對團隊在 D&C 效率方面所做的創造巨大價值的工作表示讚揚。這就是其中一些的開始，以及在鑽井方面和完井方面縮短時間的複合效應，我們在 2024 年強調了這一點。我們確實看到了其中的一些好處。我認為，隨著我們在營運效率方面取得更大進步，我認為它將會以不同的速度發展，並真正帶來不同層次的機會。

Also from the production side, again, these wells, we continue to see incremental value creation even as we space these wells and what looks like fully developed DSUs, we can subsequently bring additional wells in, stimulate these, and this rock continues to produce and continue to give back to us.

同樣從生產方面來看，即使我們將這些油井間隔開來，我們仍能繼續看到增量價值的創造，而且這些油井看起來已經完全開發了 DSU，我們隨後可以引入更多的油井，對這些油井進行刺激，而這些岩石將繼續生產並繼續回饋我們。

One thing I want to caution you on is we did bring on a significant amount of wells in the fourth quarter, early in the quarter. And so there's a little bit of tailwind on that that's probably not fully -- we're able to replicate every quarter going forward. So I would caution you a little bit on extrapolating the fourth quarter run rate. But certainly, the operational momentum, the savvy, the hard work that the team is doing, I feel like we're about to grab another year on, so hang on.

我想提醒大家的一件事是，我們確實在第四季度，也就是本季初，開挖了大量油井。因此，這方面有一點順風，但可能不是完全順風——我們能夠複製未來每季的情況。因此，在推斷第四季的運行率時，我要提醒你一點。但可以肯定的是，憑藉團隊的營運動能、智慧和辛勤工作，我感覺我們還能再撐一年，所以堅持下去。

Great. Great. Maybe a follow-up for Jeff. Jeff, if we do the math around, call it, $250 million of buybacks per quarter, maybe up to $300 million. Based on your $3 billion free cash flow number that you put in the deck, that would imply returning somewhere between 53% to 60% of your free cash flow. Understanding that you use buybacks, maybe to be -- opportunistically. But is it the intention to maybe return a little bit or to focus a little bit on the balance sheet versus cash return in 2025? Just going through the math around that.

偉大的。偉大的。也許是 Jeff 的後續行動。傑夫，如果我們算一下，每季的回購金額為 2.5 億美元，可能高達 3 億美元。根據您在簡報中提出的 30 億美元自由現金流數字，這意味著返還 53% 到 60% 之間的自由現金流。了解到您使用回購，可能是出於機會主義的目的。但是，我們的意圖是否是可能稍微回報一點，或者在 2025 年將重點放在資產負債表而非現金回報上？只是進行一下數學計算。

Yes. I appreciate the question, Arun. Actually, it's 1 of the things we're talking a lot about with the internal focus that Clay described this morning, really, that's all a function of us driving our breakevens lower. And so what we're really excited about is, obviously, that makes it that much easier for us to sustain and grow our fixed dividend, and it also allows us to reevaluate that share repurchase range that we've laid out, the $200 million to $300 million. So as we work our way through the year, as Clay just mentioned, we catch another gear and we start to see these efficiencies continue to build into our numbers. I think that we'll likely reevaluate that range. And you absolutely see the potential for that to move higher as we work our way through the year.

是的。我很感謝你提出這個問題，阿倫。實際上，這是我們今天早上克萊談到的內部焦點問題中經常討論的事情之一，實際上，這都是為了降低我們的盈虧平衡點。因此，讓我們真正興奮的是，這顯然讓我們更容易維持和增加固定股息，也讓我們能夠重新評估我們制定的股票回購範圍，即 2 億至 3 億美元。因此，正如克萊剛才提到的那樣，隨著我們在這一年中不斷努力，我們進入了另一個階段，並開始看到這些效率繼續在我們的數字中累積。我認為我們可能會重新評估該範圍。而且，隨著我們全年的進展，您絕對可以看到這一數字還有上升的潛力。

Now that being said, we do have a $2.5 billion debt reduction target that we've laid out there last year. We've already hit $500 million of that last quarter with the maturities that came due in '24, but we'll have another $500 million this year of maturities, and then we've got our $1 billion term loan coming due next year. And so we'll have ample opportunities to pay down debt. And we agree with you with the cash flow, the free cash flow projection that we're looking at today, the efficiencies that we're seeing work their way into the numbers, we think there's upside on our ability on the cash returns to shareholders, specifically on the share repurchases.

話雖如此，我們確實有去年制定的 25 億美元減債目標。我們在上個季度的到期貸款已經達到 5 億美元，而今年我們還將有另外 5 億美元的到期貸款，然後我們還有 10 億美元的定期貸款將於明年到期。因此我們將有充足的機會償還債務。我們同意您關於現金流量、我們今天所關注的自由現金流預測以及我們看到的效率在數字中體現的觀點，我們認為我們在向股東提供現金回報方面的能力還有上升空間，特別是在股票回購方面。

Rick, I wanted to wish you the best as you approach retirement. I've enjoyed all the war stories with you over the years and hearing about how the industry has evolved. And Clay, it's also great to see you in the CEO seat and remember our time together as we used to follow Anadarko, but best wishes to both of you.

里克，在你接近退休之際，我祝福你一切順利。我很高興與您一起分享這些年來的戰爭故事並了解這個行業是如何發展的。克萊，我也很高興看到您坐上執行長的寶座，記得我們一起關注阿納達科的時光，祝你們倆一切順利。

Arun, thank you very much. Those are kind comments to both of us. And best wishes to you in the future as well, buddy.

阿倫，非常感謝。這些評論對我們雙方來說都是善意的。我也祝你未來一切順利，朋友。

Paul Cheng with Scotiabank

加拿大豐業銀行的 Paul Cheng

Can you just -- trying to understand that when you dissolved the JV with [DP], you're saying that you're going to save the cost by about $2 million per well. And from a design standpoint, I mean, as a JV, you are the partner. And is there any maybe bottleneck or hurdle that this allow you to achieve those savings all along? I'm trying to understand that, I mean, exactly how that -- why just dissolving in all the sudden debt, we will be able to see the $2 million saving?

您能否—試著理解一下，當您與 [DP] 解除合資關係時，您是說每口井將節省約 200 萬美元的成本。從設計的角度來看，身為合資企業，你是合作夥伴。是否有任何瓶頸或障礙，阻礙您實現這些節約？我試著去理解這一點，我的意思是，為什麼只要消除所有突然的債務，我們就能看到 200 萬美元的節省？

The second question is on the (technical difficulty) well. I think last year that you did about 230 wells and then before then, like 200 -- a little bit less than 240 wells. So you're now doing 250 to 270. One would think that as a result, your production for 2025 maybe is going to be higher than what you suggest in the guidance. Is it the -- I mean, can you tell us that the cadence on the well coming on stream? Is it leaning more towards the end of the year, that's why we're not seeing the full benefit this year? Or that's because it's the multizone and then you looking at a lot of the secondary bandages. So as a result, the production on those wells may be somewhat lower, even though the return is good?

第二個問題是關於技術難度的問題。我認為去年你們鑽了大約 230 口井，而在此之前，你們鑽了大約 200 口——略少於 240 口井。所以你現在要做的是250到270。人們可能會認為，因此，您 2025 年的產量可能會高於指導中建議的產量。這是——我的意思是，你能告訴我們井的節奏嗎？它是否更傾向於年底，這就是為什麼我們今年沒有看到全部好處？或者因為它是多區域，然後你會看到很多次要繃帶。那麼，儘管回報率不錯，但這些油井的產量可能略低一些？

Thank you.

謝謝。

Thanks, Paul. Let me start with the first question, the BPX D&C JV. So this JV was pretty unique. BPX handled the drilling and the completions and then Devon handled the facilities, design and the production. So there was a pretty good split. Now we certainly try to work with each other. We had different views on how to approach casing design, well design, frac design, lots of different things. And sometimes, we're able to come together, and sometimes, we weren't.

謝謝，保羅。讓我從第一個問題開始，即BPX D&C JV。所以這個合資企業非常獨特。BPX負責鑽井和完井，Devon負責設施、設計和生產。因此，分歧相當大。現在我們當然會嘗試相互合作。我們對如何進行套管設計、井設計、壓裂設計等許多不同的事情有不同的看法。有時我們能夠團結起來，有時則不能。

The advantage that we have and the reason I'm so confident in these numbers is after the Validus deal, that gave us the real opportunity to do our own D&C, run our own rigs and really compare side by side. And sometimes, we're seeing opportunities next door side-by-side DSUs. And so we've been able to extrapolate that, understand what it means to us. And this was a significant motivation for us. As I said, we've already got our hands on the wheel. We're seeing those -- that improvement come through. And we feel very, very confident in being able to achieve what I said was greater than $2 million.

我們的優勢以及我對這些數字如此有信心的原因是，在與 Validus 達成交易之後，這給了我們真正的機會來進行自己的 D&C、運行自己的鑽機並進行真正的並排比較。有時，我們會在 DSU 旁邊看到機會。因此我們能夠推斷並理解它對我們意味著什麼。這對我們來說是一個很大的激勵。正如我所說，我們已經開始掌控方向盤。我們看到了這些——這些改進已經實現。我們非常有信心能夠實現我所說的超過 200 萬美元的目標。

In addition to that, the amount of control that we'll have, our ability to dial down activity as we need to I think it's a huge value creator as well. So really excited about that. And again, we're really pleased. This has been a long conversation that we've had. And finally, the stars have aligned, where both sides feel really good about doing this.

除此之外，我們所擁有的控制量、根據需要減少活動的能力，我認為這也是一個巨大的價值創造者。我對此真的很興奮。再次，我們真的很高興。我們的談話已經持續很久了。最後，天意已決，雙方都對此感到十分滿意。

Your second question was to the Delaware. And I think the heart of the question is really -- seems like productivity on a per gross well basis is down. And what I want to caution you as is a little bit of a difference in working interest. So last year, on average, 2024, we were about 80% working interest. On average, '25 is about 73%. Don't see this as a trend. Don't extrapolate those numbers. That's just the way that the wells kind of fell to us. We've got a smattering of different working interest in the area, and it actually kind of alternates, 80s and 70s, even down to 60s and -- or high 60s in 1 quarter. But that's just the way these big pads come in and they can really influence the overall average for that quarter.

您的第二個問題是針對特拉華州的。我認為問題的核心是──似乎每口井的總生產率下降了。我想提醒你的是工作興趣有一點不同。所以去年，平均到 2024 年，我們的工作權益約 80%。平均而言，'25 約為 73%。不要將此視為一種趨勢。不要推斷這些數字。這就是水井帶給我們的結果。我們對這個領域有少量不同的工作興趣，而且它實際上是交替變化的，80 和 70，甚至在一個季度內下降到 60 和 - 或者 60 多。但這就是這些大墊子的作用方式，它們確實可以影響該季度的整體平均值。

So Anyway, I just want to make sure you're aware of that. It's not a productivity issue. As we think about the incredible productivity we displayed in 2024, we think 2025 is going to be like-for-like Wolfcamp As, Wolfcamp As, Cotton Draw to Cotton Draw, equally productive. Now we did caution in the prepared remarks that we have a slightly different well mix. We're digging in deeper into some of the Wolfcamp B zones we truly believe is the right value creation strategy for the organization and for the shareholders, which does provide a different mix. Sometimes that's in working interest, sometimes that's in GOR, but all of that is baked into our guidance. So thank you very much for the question, Paul.

所以無論如何，我只是想確保你知道這一點。這不是生產力問題。當我們思考我們在 2024 年展現出的令人難以置信的生產力時，我們認為 2025 年的 Wolfcamp As、Wolfcamp As、Cotton Draw 與 Cotton Draw 的生產力將同樣高。現在，我們確實在準備好的評論中提醒說，我們的組合略有不同。我們正在深入研究 Wolfcamp B 區域的一些內容，我們確實相信這是對組織和股東來說正確的價值創造策略，它確實提供了不同的組合。有時這是在工作利益中，有時這是在 GOR 中，但所有這些都包含在我們的指導中。非常感謝你的提問，保羅。

Thank you.

謝謝。

Roger Read with Wells Fargo

富國銀行的 Roger Read

Oh, well. Doug's loss, my gain. Good morning, everybody. Anyway, quick congrats to you, Rick. And Clay, we look forward to working with you going forward. So these transitions are always (technical difficulty) but be entertaining nonetheless. I just really wanted to follow up on kind of 1 key question the Eagle Ford. You mentioned the refracs, maybe not the most interesting or exciting, but we're hearing more and more about it. Where do you think you are in terms of working on some of the refracs and how should we think about that from a returns and an impact basis relative to -- just say, baseline operations?

那好吧。道格的損失就是我的收穫。大家早安。無論如何，我要向你表示祝賀，里克。克萊，我們期待今後與您合作。因此，這些轉變總是存在（技術難度），但仍然很有趣。我只是真的想跟進一下 Eagle Ford 這個關鍵問題。您提到了重複壓裂，也許不是最有趣或最令人興奮的，但我們聽到有關它的消息越來越多。您認為自己在重複壓裂方面的工作進度如何？相對於基線作業，我們該如何從回報和影響角度來考慮重複壓裂？

Yes. Roger, let me be clear. We are very pro refrac. I think the market just doesn't have a whole lot of excitement around it. So that's fine. We don't need to talk about it a whole lot, but know that we've got a huge inventory of opportunities ahead. And we have done a tremendous amount of work in that space, more than 40 in the Eagle Ford, more than 40 in Williston, and really have a good understanding of what works, what's the right recipe and how it fits in.

是的。羅傑，讓我說清楚。我們非常支持折射。我認為市場對此並沒有表現出太多的興趣。那就好了。我們不需要談論太多，但要知道，我們面前有大量的機會。我們在該領域做了大量工作，在鷹福特做了 40 多項，在威利斯頓做了 40 多項，我們真正了解了什麼方法有效、什麼是正確的方案以及如何將其融入其中。

The interesting thing with the dissolution of our joint venture is those refracs have actually moved down in our priority list because the well productivity and the well value creation has moved significantly up. So you'll probably see a little bit slower cadence of refracs, but know that we're just as confident as we were. We see tremendous value creation from those and remaining upside, which, again, this kind of falls into that organic value creation.

隨著我們合資企業解散，有趣的是這些重複壓裂實際上在我們的優先事項中下降了，因為油井生產力和油井價值創造已經顯著上升。因此，您可能會看到重複壓裂的節奏稍微慢一些，但要知道，我們的信心和以前一樣。我們從這些以及剩餘的上升空間中看到了巨大的價值創造，這又屬於有機價值創造。

Extracting more from the resources that we already have under foot is the name of the game. And the beauty of those refracs, just to tout that just a little bit, is the full cycle cost and economics of those refracs is exactly the half cycle cost. Because the primary well is already underwritten the entry cost of that land. So when you're really thinking about it on a full cycle like-for-like basis, these refracs are tremendously valuable. And I think there's more to come on thinking about how we do artificial lift strategy, how do we apply technology to continue to think about that, flatten those base declines, improve those recovery factors. We're still an overall 10% plus or minus recovery factor on these resource plays that there's tremendous value creation from the incredible position that we have. No accident were in these 5 particular basins, very prolific, lots of zones, uphole and downhole from where we sit. And by the way, lots of oil remaining in the zones that we're already producing from. So really excited about that, and you'll hear more about that in coming quarters.

從我們已有的資源中獲取更多資源是遊戲的名稱。稍微誇張一下，這些重複壓裂的美妙之處在於，這些重複壓裂的全循環成本和經濟性恰好是半循環成本。因為主井已經承保了該土地的入場費。因此，當您真正以完整的周期同類基礎來考慮時，這些重複壓裂具有極大的價值。我認為，我們還需要更多思考如何實施人工舉升策略，如何應用技術來繼續思考這個問題，以平抑基礎下降，提高回收率。這些資源的整體回收率仍有 10% 左右，我們所擁有的不可思議的地位可以創造巨大的價值。這 5 個特定盆地中沒有發生任何事故，產量非常豐富，從我們所在的位置來看，井上和井下都有很多區域。順便說一句，我們已經生產的地區還剩餘大量石油。我真的對此感到非常興奮，您將在接下來的幾個季度中聽到更多有關此消息的消息。

Appreciate that. Just a quick follow-up. Trump tariffs impacts on some of the materials that are used in wells, how is that reflected in your CapEx guidance? Or is there a plus/minus we should be paying attention to there?

非常感謝。只是一個快速的跟進。川普的關稅對油井使用的一些材料產生了影響，這在您的資本支出指引中是如何體現的？或者我們應該關注其優點/缺點嗎？

Yes, Roger, obviously, there's been a lot flying around on tariffs and your guess is as good as mine as to when those will land and what will be the go-forward game plan. But we have done some work with our supply chain team to try to understand what that could look like, what the impact would be. Frankly, as we've done the rough math, which I would describe as pretty aggressive but kind of assuming that the tariffs were in place today, all the tariffs that have been talked about are in place today and carried forward into the future, we view it as less than a 2% impact on our overall capital program for the year. So we really don't see it as a big impact at this point in time. And now that being said, we'll watch with everybody else, the news and see what ultimately gets printed. But we feel pretty good that it's going to have a minor impact on us at this point.

是的，羅傑，顯然，關於關稅的討論已經很多，對於這些關稅何時會生效以及未來的計劃是什麼，你和我一樣都不知道。但我們與供應鏈團隊一起做了一些工作，試圖了解這種情況會是什麼樣子，會產生什麼影響。坦白說，我們已經進行了粗略的計算，我認為這是相當激進的，但假設關稅今天已經到位，所有討論過的關稅今天都已經到位並延續到未來，我們認為它對我們今年的整體資本計劃的影響不到 2%。因此我們目前確實不認為它會產生很大的影響。話雖這麼說，我們會和大家一起關注新聞，看看最終會刊登什麼內容。但我們感覺很好，目前它對我們的影響很小。

Yes. Well, given the uncertainty, you can understand why I'd ask you the question instead of coming up with an answer on my own.

是的。好吧，考慮到不確定性，你可以理解為什麼我會問你這個問題而不是自己想出答案。

Thanks guys.

謝謝大家。

Yeah, we appreciate that. Thanks.

是的，我們很感激。謝謝。

Kevin MacCurdy with Pickering Energy Partners

Pickering Energy Partners 的 Kevin MacCurdy

Okay. First, I wanted to say to Rick that we'll miss you on these calls, and I personally appreciate all the answers you've given me over the years at Devon and WPX before that.

好的。首先，我想對里克說，我們會想念你的這些電話，我個人很感謝你多年來在 Devon 和 WPX 給我的所有答案。

Thanks, Kevin.

謝謝，凱文。

Only 1 question for me. I wanted to ask, what changed on your 2025 capital plan over the last several months that you were able to lower your guidance? Was it mostly just a reduction in Permian and Eagle Ford well costs? Or any specifics that you can give us on basin details would help.

對我來說只有一個問題。我想問一下，在過去幾個月裡，您的 2025 年資本計畫發生了哪些變化，以致您能夠下調預期？這主要是因為 Permian 和 Eagle Ford 油井成本降低嗎？或者您能向我們提供有關盆地細節的任何具體資訊都會有所幫助。

Yes. Thanks for that question, Kevin. I mean, there's a lot of things at work. We're always pushing the teams. We're encouraging. We're making sure that we capture those realized gains. As we provide a soft guide in November and then continue to own that, there's a few things that we felt very confident in at this point that we weren't as confident in capturing back in November. And top of that list is certainly the gains in the Williston. The $600,000 per well is a material improvement that we didn't have fully grasped at the time of the last call.

是的。謝謝你的提問，凱文。我的意思是，工作中有很多事情。我們始終在推動團隊進步。我們令人鼓舞。我們要確保獲得這些已實現的收益。由於我們在 11 月提供了一份軟指南，然後繼續擁有它，因此，有些事情我們目前非常有信心，但在 11 月我們卻沒有那麼有信心捕捉到它們。而名單上排在第一位的當然是威利斯頓的收穫。每口井 60 萬美元是一項實質性的改進，我們在上次通話時還沒有完全掌握。

And then second is this BPX dissolution. Certainly, that's a huge needle mover for us. Now across the board, as I mentioned in the prepared remarks, the operational efficiencies that we gained in 2024, we expect continued tailwind momentum on that. But we have not baked in any additional deflation or contract terms that we don't already have in place today. Basically, the -- from an inflationary, deflationary standpoint, we assume a little bit of essentially status quo. And we are pretty -- at least betting on the margin, we have an equal chance of going up or down at this point. We feel really good about where we stand for our '25 guide.

第二是BPX溶解。毫無疑問，這對我們來說是一個巨大的推動力。現在，正如我在準備好的演講中提到的那樣，就我們在 2024 年獲得的營運效率而言，我們預計這將繼續保持順風勢頭。但我們並未納入目前尚未實施的任何額外通貨緊縮或合約條款。基本上，從通貨膨脹和通貨緊縮的角度來看，我們假設基本上維持現狀。而且我們相當確信 — — 至少在保證金上，我們現在有同等的機會上漲或下跌。我們對我們的『25指南』的立場感到非常滿意。

Sorry if I cut you off earlier, Rick.

很抱歉我剛才打斷了你，里克。

No, Kevin, my only point was I've enjoyed working with you and a lot of your peers and colleagues through the years. It's just been a pleasure, and the change in our industry is just phenomenal. It really is, and the people are some of the best in the world. And I'm really proud of what we have done in these last 4 years post merger here at Devon. We have built just a fortress of a company, and so proud of the people here and the assets we have. Take care.

不，凱文，我唯一想說的是，多年來我很享受與你以及你的許多同行和同事一起工作。我很高興，我們產業的變化真是驚人。事實確實如此，那裡的人們是世界上最好的。我對我們德文郡合併後四年來所取得的成就感到非常自豪。我們建造了一座堅固的公司堡壘，我們為這裡的員工和我們擁有的資產感到自豪。小心。

John Freeman with Raymond James

約翰·弗里曼與雷蒙德·詹姆斯

Just echoing prior congratulations to both you, Rick and Clay, all the best. The first topic for me, just, obviously, we've seen a dramatic improvement in natural gas prices. Jeff, you did a good job showing on Slide 8 kind of improved all the options you've got on the marketing side, dramatically better realizations on the gas side. And I can appreciate the fact that months goes into coming up with like a 2025 plan. But I'm just curious, having like a diversified asset base like you all do, if there's any potential flexibility in the program, if gas prices remain strong, maybe improve further from here, if there'd be any potential kind of shift in the plan to certain assets that potentially benefit more from the really robust gas price strip we're looking at right now?

我只是再次向 Rick 和 Clay 表示祝賀，祝你們一切順利。對我來說，第一個主題顯然是我們看到天然氣價格的大​​幅上漲。傑夫，你在幻燈片 8 上很好地展示了你在行銷方面所擁有的所有選擇的改進，以及在天然氣方面的顯著更好的實現。我很欣賞花幾個月的時間來製定 2025 年計劃。但我只是好奇，像你們一樣擁有多元化資產基礎，如果計劃中有任何潛在的靈活性，如果汽油價格保持強勁，也許會進一步改善，計劃中是否有任何潛在的轉變，轉向某些資產，這些資產可能從我們現在正在關注的真正強勁的汽油價格帶中受益更多？

John, this is Jeff. Yes, thanks for those comments. And it's absolutely something that we'll monitor and be mindful of, but frankly, as we've done the analysis for a number of years, when we look across each of our different basins, they're all focused on that oil production and the high margin outcome that we get from producing the oil. So most of the gas upside, as we highlighted on the slide, we think will come from our associated gas. But there's a significant amount of additional resource underfoot in each of those basins that we could go prosecute in the future as we see continued momentum around pricing.

約翰，這是傑夫。是的，感謝您的評論。這絕對是我們會監控並留意的事情，但坦白說，正如我們多年來所做的分析一樣，當我們審視每個不同的盆地時，它們都專注於石油生產以及從生產石油中獲得的高利潤結果。因此，正如我們在幻燈片上所強調的那樣，我們認為大部分天然氣的上漲空間將來自我們的伴生氣。但隨著我們看到價格持續上漲的勢頭，每個盆地中都蘊藏著大量額外資源，我們未來可以開發這些資源。

So we feel really good about the position we have. We think it's 1 of the benefits of the multi-basin portfolio. It just gives you a lot of shots on goal and opportunities that a lot of other companies, frankly, just don't have. And again, I just want to thank the marketing team for doing such a great job of getting those molecules to market where we see the highest demand and the best opportunity to get the highest realized price.

因此，我們對自己所處的地位感到非常滿意。我們認為這是多盆地投資組合的優點之一。坦白說，它給你提供了很多其他公司沒有的機會和機會。我再次感謝行銷團隊的出色工作，將這些分子推向了需求量最大、獲得最高實現價格的最佳市場。

Thanks. And then just one quick one for me, the the 25 plan, the 22 rigs, how many frac crews does that assume? I was just looking around the 6 you all ran in 42.

謝謝。然後我只想快速問一個簡單的問題，25 個計劃，22 個鑽孔機，這需要多少個壓裂工作人員？我只是看了看你們在 42 中跑出的 6 場比賽。

And then just one quick one for me. The '25 plan, the 22 rigs, how many frac crews does that assume? I was just looking relative to (technical difficulty) in 4Q.

然後我只需快速說一句話。'25 計畫、22 個鑽孔機，假設需要多少個壓裂隊伍？我只是在關注第四季的相關技術難度。

Yes, 3 consistent crews in the Delaware. We may top that with a spot crew here and there and then about 2 to 3 other frac crews depending on how you count them during the time. But yes, so I'd call it ballpark, 6.

是的，特拉華州有 3 個穩定的工作人員。我們可能會在這裡或那裡安排一批現場作業人員，然後再安排 2 到 3 名其他壓裂作業人員，這取決於您當時如何計算他們。但是的，所以我稱之為大概數字，6。

Doug Leggate with Wolfe Research

Wolfe Research 的 Doug Leggate

I apologize for the comms problems earlier, but I wanted to make sure -- I'm traveling currently. I wanted to make sure I got a chance to come on and wish Rick well. Rick, it's been a pleasure and amazing to watch what all the changes have taken place. I wish you well. And Clay, looking forward to seeing you in the seat. But I do have a question for Clay and for Jeff, if I may. And as predictable as always, one of them is to do with the balance sheet. So let me start there, Jeff, if that's okay.

我為之前的通訊問題道歉，但我想確認一下——我目前正在旅行。我想確保我有機會上場並祝福里克一切順利。里克，看到發生的所有變化真是一件令人高興和驚奇的事情。祝你一切順利。克萊，期待著在座的各位的到來。但如果可以的話，我確實有一個問題要問克萊和傑夫。正如往常一樣可以預見，其中之一與資產負債表有關。那麼，傑夫，如果可以的話，讓我從那裡開始。

When we talk about inventory depth with Devon, we've talked about 10 years at 60 and maybe higher than 80 and so on, you guys have given us out before. And if I think about what that basically means if you've got a less than 3% dividend, you need 33 years to get your money back and you're telling us you've got 10 to 20 years of inventory. So I guess my question is, how do you stack the importance of the dividend, the buyback and the balance sheet when you think about free cash flow? Because you still have 25% of your capital structure as debt. And ultimately, that amplifies your equity volatility depending what happens with the commodity. So I guess my question is, why not target the balance sheet before you allocate $2 billion to the buyback? That's my first question.

當我們與 Devon 討論庫存深度時，我們討論的是 10 年內 60% 甚至可能高於 80% 等等，你們之前已經給過答案。如果我考慮一下這基本上意味著什麼，如果你的股息低於 3%，你需要 33 年才能收回你的資金，而你告訴我們你有 10 到 20 年的庫存。所以我想我的問題是，當您考慮自由現金流時，您如何權衡股息、回購和資產負債表的重要性？因為您的資本結構中仍有 25% 是債務。最終，這會根據商品的走勢放大你的股權波動。所以我想我的問題是，為什麼不在分配 20 億美元用於回購之前先瞄準資產負債表？這是我的第一個問題。

My second question, if I may, is a follow up on John's, actually. Clay, I don't know if you want to get into this in any detail. But I mean, gas markets are obviously changing in the U.S. It's been a view we've held for some time, and you have a lot of optionality to be more than -- then talk about second order derivative gas exposure, you could actually go direct. And for example, rather than just expand the Dow joint venture, you could probably go mic back to more direct spending in some of your gas plays. I'm just curious, what it would take for you to do that for those to be competitive versus your liquids targets? And I'll leave it there. But thanks and congrats.

我的第二個問題，如果可以的話，其實是對約翰問題的後續。克萊，我不知道你是否想詳細地談這個問題。但我的意思是，美國的天然氣市場顯然正在改變。這是我們一段時間以來一直持有的觀點，並且您有很多選擇，可以不僅僅是談論二階導數天然氣敞口，您實際上可以直接去做。舉例來說，你不僅可以擴大陶氏合資企業，還可以重新在一些天然氣業務上進行更多直接投資。我只是好奇，你要怎麼做才能讓它們與你的液體目標有競爭力？我就把它留在那裡了。但還是感謝並祝賀。

Yes. Thanks, Doug. I appreciate the question as always. And I'm probably going to sound like a broken record here because we talk about this every quarter with you. But for us, it continues to be all of the above. We think that the fixed dividend, the share repurchase program, which obviously drive our cash returns to shareholders is absolutely table stakes. And the balance sheet, without question, is a priority for us. You see from the framework that we lay out, the first 30% of our free cash flow goes right back to the balance sheet. So I think that underscores our priority for maintaining that strong investment-grade position that we have today. And you've seen us execute on that for a number of quarters now.

是的。謝謝，道格。我一如既往地感謝這個問題。我在這裡可能聽起來像一張老唱片，因為我們每季都會和你們談論這個問題。但對我們來說，情況仍然是上述所有情況。我們認為，固定股利和股票回購計畫顯然會推動我們為股東帶來現金回報，這絕對是賭注。毫無疑問，資產負債表對我們來說是首要任務。從我們制定的框架中您可以看到，我們的自由現金流的前 30% 直接回到了資產負債表。因此，我認為這強調了我們維持目前強勁的投資等級地位的首要任務。而且您已經看到我們在多個季度中執行了這一目標。

On top of that, though, again, what we've seen in the market, what we continue to hear from our shareholders is that the cash returns are important. Folks like the growing fixed dividend, and then we supplement that with the share repurchase program. So when you put it all together, we feel really good about the value proposition that we're delivering and plan to execute on that well into the future. I'll flip it over to Clay.

然而，最重要的是，我們在市場上看到的情況以及我們不斷從股東那裡聽到的情況是，現金回報很重要。人們喜歡不斷增長的固定股息，然後我們透過股票回購計劃對其進行補充。因此，當你把所有這些放在一起時，我們對我們所提供的價值主張感到非常滿意，併計劃在未來很好地執行這一主張。我將把它交給 Clay。

Yes. Thanks for the question, Doug. That sounds like the Doug we know. I was thinking we might be getting the pass on a easy -- not hard question from you.

是的。謝謝你的提問，道格。這聽起來就像是我們認識的道格。我在想我們可能會得到您提出的一個簡單而非難題的答案。

We got to ask the hard ones.

我們必須問那些難題。

Man, I'm all for it. I'll take that every day. Yes, you bet. So let me go back to the 10 years of derisked inventory that we've talked about, you've acknowledged and various and others acknowledge third-party. Please don't mistake that as we're in a blowdown mode and the 53-year-old company is going to live to be 63 and then we shut the whole thing down. There is no intention of that. We certainly plan to rejuvenate the inventory, continue to do some hard work to continue to be creative and extend the runway for decades out into the future.

哥們，我完全同意。我每天都會這樣做。是的，確實如此。所以，讓我回顧一下我們討論過的 10 年去風險庫存，您已經承認，而且其他人也都承認第三方。請不要誤會，因為我們正處於排污模式，這家擁有 53 年歷史的公司將存活到 63 年，然後我們就會關閉整個公司。沒有那樣的意圖。我們當然計劃重振庫存，繼續努力工作，保持創造力，並將跑道延伸到未來幾十年。

Now that's hard work to do. I've talked about some of the organic things that we have in hand today that we really think provides incredible value. But this company has been built on hard work and hard decisions, as I mentioned, for 53 years.

這項工作很難完成。我今天談到了我們手頭上的某些有機產品，我們確實認為它們具有不可思議的價值。但正如我剛才所說，53 年來，這家公司都是靠著辛勤工作和艱難決策建立起來的。

So second, let me shift to your second question on that, and you talked about the gas inventory. As Jeff mentioned, we do have a very substantial amount of gas inventory, specifically in the Anadarko Basin and in the Delaware Basin.

其次，讓我轉到你的第二個問題，你談到了天然氣庫存。正如傑夫所提到的，我們確實擁有大量的天然氣庫存，特別是在阿納達科盆地和特拉華盆地。

We love to test our portfolio. We've got a really cool black box model that you can put in whatever kind of scenario you want, and it tells you ideally this is how you should prosecute the opportunities that you have. And so we love to test that. We tested I think every oil and gas price combination you can think of.

我們喜歡測試我們的投資組合。我們有一個非常酷的黑盒子模型，你可以把它放入任何你想要的場景中，它會告訴你理想情況下你應該如何抓住你所擁有的機會。因此我們喜歡測試這一點。我想我們測試了您能想到的每種石油和天然氣價格組合。

And what it keeps telling us is that even in the foreseeable future, the gas prices we're seeing today, and even in the upside cases that we've run, it continues to point to our robust returns related to our oil processes -- sorry, oil opportunities. And so that is where our dollars are really being directed. But please know that we continue to keep our eyes wide open to those opportunities. And absolutely, there will come a time when the call for gas is strong enough relative to oil, and we'll be ready because we've got some really good inventory in our portfolio today.

它不斷告訴我們的是，即使在可預見的未來，我們今天看到的天然氣價格，甚至在我們已經遇到的上行情況下，它仍然指向與我們的石油加工相關的強勁回報——對不起，是石油機會。這就是我們的資金真正投入的地方。但請知道，我們將繼續密切關注這些機會。毫無疑問，總有一天，對天然氣的需求會相對於石油足夠強烈，我們會做好準備，因為我們今天的投資組合中有一些非常好的庫存。

It's very clear, guys. We'll see you in a couple of weeks, Clay. Thanks so much for that.

夥計們，很清楚。幾週後我們就會見面了，克萊。非常感謝。

Sounds great, doctor.

聽起來不錯，醫生。

Matthew Portillo with TPH. Please go ahead, Matt.

TPH 的 Matthew Portillo。請繼續，馬特。

Good morning. And I as well, I wanted to pass along congratulations to Rick and Clay in the new role. Maybe just a follow-up there, Clay, on the Anadarko. It's been a while since we've refreshed our thoughts on inventory depth in the basin. Just curious if you might be able to give us some context around how you think about inventory, especially in the context of higher natural gas and NGL prices, as you mentioned, progressing that program through the course of 2025 and beyond?

早安.我也想向里克和克雷擔任新職務表示祝賀。克萊，也許只是對阿納達科的後續關注。我們已經有一段時間沒有更新關於盆地庫存深度的想法了。我只是好奇，您是否可以向我們提供一些關於您對庫存的看法，特別是在天然氣和 NGL 價格上漲的背景下，正如您所說，該計劃將在 2025 年及以後繼續推進？

Yes. Thanks for the question, Matt. We have needed the partnership and Dow to really promote the economics of the opportunities that we've had so that they can viably compete in the portfolio relative to the other opportunities. And we think even in today's commodity price, that that's the right move going forward, displayed by our extension of the JV that we have with Dow.

是的。謝謝你的提問，馬特。我們需要合作夥伴和陶氏真正促進我們所擁有的機會的經濟效益，以便他們能夠在投資組合中與其他機會進行有效競爭。我們認為，即使在今天的大宗商品價格下，這也是正確的未來舉措，我們與陶氏化學延長合資關係就證明了這一點。

Now the team continues to look creatively, as I mentioned, up and down the whole -- thinking about the rest of the basin, the opportunities there, expand our footprint very methodically that we've done very well on that, and there will be a time when those opportunities really are on the more of the forefront. For now, we'll quietly keep working in the Anadarko Basin. We'll leverage resources like this financial arrangement so that we can make sure that we're being very prudent with the investor dollars and making sure that we are delivering the returns that we are expected to deliver in the organization that we have and competitively with the high-quality portfolio that we have in the other basins.

現在，正如我所提到的那樣，團隊正在繼續創造性地從上到下審視整個盆地——思考盆地的其餘部分和那裡的機遇，有條不紊地擴大我們的足跡，我們在這方面做得很好，總有一天，這些機遇會真正佔據更前沿的位置。目前，我們將繼續在阿納達科盆地默默地工作。我們將利用類似這種財務安排的資源，以確保我們非常謹慎地使用投資者的資金，並確保我們在現有的組織中實現預期的回報，並與我們在其他盆地的高品質投資組合保持競爭力。

Perfect. And then maybe just a follow-up question on the Permian. You mentioned, obviously, chasing the Wolfcamp B in a bigger program for 2025. I was curious if you could maybe provide some context around how much that program made up in '24, how you're thinking about it in 2025?

完美的。然後也許只是一個關於二疊紀的後續問題。您顯然提到了在 2025 年的更大計劃中追逐 Wolfcamp B。我很好奇，您是否可以提供一些背景信息，例如該計劃在 24 年的收入是多少，以及您對 2025 年的收入有何看法？

And then I guess for the Permian as a whole, how should we be thinking about the oil cut? I think you've been averaging around 46%, 47% through the course of the end of last year. Should that mix shift change dramatically? Or should we expect that to be pretty constant going forward?

那我想，對於整個二疊紀盆地來說，我們該如何考慮石油產量的下降呢？我認為截至去年年底，您的平均回報率約為 46%、47%。這種混合轉變是否應該發生巨大變化？或者我們應該預期這種情況在未來會持續下去？

Yes, Matt, great question. I love talking to the Delaware Basin. That's our crown jewel asset, and the team there is doing some very incredible work creating value. Jeff mentioned earlier some of the work that the marketing team did in ensuring that we had takeaway capacity. That's over the course of years, that kind of investment and relationships that we have to lean on to make sure that that happens.

是的，馬特，這個問題問得很好。我喜歡和特拉華盆地對話。這是我們最珍貴的資產，那裡的團隊正在做非常不可思議的工作，創造價值。傑夫之前提到了行銷團隊為確保我們擁有外送能力所做的一些工作。多年來，我們必須依靠這種投資和關係來確保這一點的實現。

Last year, we talked about digging deeper into the Wolfcamp B, really testing how best to prosecute those opportunities. Should we develop them now? Should we stay later with them? And so I'll let John Raines talk a little bit about -- since he was leading the team at the time, talk a little bit more about what we learned in '24 and how we're applying that to '25.

去年，我們討論了深入研究 Wolfcamp B，真正測試如何最好地利用這些機會。我們現在應該開發它們嗎？我們應該和他們一起待到晚些時候嗎？因此，我會讓約翰·雷恩斯 (John Raines) 稍微講一下——因為他當時正在領導這個團隊，稍微講一下我們在 24 年學到了什麼，以及我們如何將其應用到 25 年。

Yes, Matt, thanks for the question. As Clay said earlier, we're diving in more to these multi-zone developments since through appraisal, and we've gotten a lot more comfortable with the Wolfcamp B. And so we continue to lean in. We feel like this is the right development philosophy for us in the Delaware Basin.

是的，馬特，謝謝你的提問。正如克萊之前所說，自從通過評估以來，我們開始更加深入地研究這些多區域開發項目，我們對 Wolfcamp B 更加熟悉了。因此，我們會繼續努力。我們認為這是特拉華盆地正確的發展概念。

So when you think about Wolfcamp B from 2024 and 2025, I think your question was around allocation. And so we're moving from about 10% of our total program in 2024, up to about 30% in 2025 that we'll codevelop with Wolfcamp A. I think your second question, if I heard you correctly, was around oil mix. oil mix is going to be pretty consistent. The Delaware Basin year-over-year, I think we're somewhere around 47% last year and maybe slightly below that, but really consistent year-over-year.

因此，當您考慮 2024 年和 2025 年的 Wolfcamp B 時，我認為您的問題是關於分配的。因此，我們將從 2024 年總計劃的 10% 增加到 2025 年的 30% 左右，並與 Wolfcamp A 共同開發。如果我沒聽錯的話，你的第二個問題是關於石油組合的。油混合物將會非常一致。與去年同期相比，特拉華盆地的成長率約為 47%，可能略低於這個數字，但與去年同期相比基本上保持一致。

Paul Cheng with Scotiabank

加拿大豐業銀行的 Paul Cheng

Just a real quick follow-up. Okay, for the CapEx spending, do you have a cadence and also the number of wells coming on stream? Do you have a cadence that how it's going to look for the year? Thank you.

這只是非常快速的跟進。好的，對於資本支出，您有一個節奏嗎？還有投產的油井數量是多少？您是否對今年的節奏有大致的了解？謝謝。

Paul, tell me again, which basin were you talking about there, the cadence?

保羅，再告訴我一遍，你剛才說的是哪個盆地，節奏？

That -- actually on all of them, in general, that I mean I think that you guys -- do you expect that it's going to be [pro-rated] throughout the year? Because that your production outlook seems like that's what you suggest. But in terms of actual spending and also the number of wells that you're going to come on stream, is there anything that we should be aware that is not really prorated?

那 — — 實際上就所有這些而言，總的來說，我的意思是，我認為你們 — — 你們是否預計它會在全年按比例分配？因為您的生產前景看起來就像您所建議的一樣。但是就實際支出以及即將投產的油井數量而言，我們應該注意哪些沒有真正按比例分配的東西？

No. Paul, I would say, as a general statement, the IDs as they work their way through the year -- and this is on a gross basis -- are generally pretty consistent. The capital actually were -- we think it could trend down as we work our way through the year. First quarter is likely going to be the highest CapEx quarter for us, and you'll see that trend down over time.

不。保羅，我想說，總體而言，全年的 ID — — 這是總體情況 — — 總體來說相當一致。我們認為，隨著時間推移，資本實際上可能會呈下降趨勢。第一季可能將成為我們資本支出最高的季度，但隨著時間的推移，你會看到這一趨勢下降。

Thank you.

謝謝。

So we have reached the conclusion of our call. So thank you, everyone, for your interest in Devon. And if you have any further questions, please reach out to Chris or myself.

我們的通話已經結束。所以感謝大家對德文郡的關注。如果您還有其他問題，請聯絡 Chris 或我本人。

Thank you everyone for joining us today. This concludes our call, and you may now disconnect your lines.

感謝大家今天的參加。我們的通話到此結束，您可以掛斷電話了。