德文能源 (DVN) 2025 Q1 法說會逐字稿

Welcome to Devon Energy's first quarter 2025 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 Devon Energy 2025 年第一季電話會議。（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 first-quarter earnings release and presentation materials. Throughout the call today, we will make references to these materials to support prepared remarks. The release and slides can be found in the Investors section of the Devon website.

早安，感謝您今天參加我們的電話會議。昨晚，我們發布了 Devon 第一季的收益報告和簡報資料。在今天的整個通話過程中，我們將參考這些資料來支援準備好的發言。新聞稿和幻燈片可在 Devon 網站的投資者部分找到。

Joining me on the call today are Clay Gaspar, President and Chief Executive 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.

今天與我一起參加電話會議的還有總裁兼首席執行官 Clay Gaspar；傑夫·里特諾爾 (Jeff Ritenour)，首席財務官；資產管理高級副總裁 John Raines； 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 Clay.

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。請參閱我們向美國證券交易委員會提交的文件和收益資料中提供的警示性語言和風險因素。說完這些，我會把電話轉給克萊。

Thank you, Rosy. Good morning, everyone, and thank you for joining us. Devon delivered a very strong first quarter, driven by a focus on operational excellence and financial discipline. Today, we will share how we're accelerating our strategy to drive sustainable shareholder value.

謝謝你，Rosy。大家早安，感謝大家的收看。由於注重卓越營運和財務紀律，德文郡第一季業績表現非常強勁。今天，我們將分享如何加速我們的策略以推動永續股東價值。

Our strategic priorities on slide 3 are clear: executing on our high-quality portfolio through operational excellence, maintaining financial strength, returning value to our shareholders, and cultivating a culture of success. In a market characterized by dynamic headwinds, Devon stays focused first on what we can control.

投影片 3 上的策略重點很明確：透過卓越的營運來執行我們的高品質產品組合、維持財務實力、為股東帶來價值回報以及培育成功的文化。在充滿動態逆風的市場中，Devon 首先關注的是我們可以控制的事情。

Leveraging Devon's 50-year history and an experienced leadership team prepared to handle the uncertainty of commodity price cycles, we remain confident in our value creation strategy. We're committed to our capital return framework, underpinned by our high-quality portfolio, and our robust financial strength.

憑藉德文郡 50 年的歷史和經驗豐富的領導團隊，我們準備好應對商品價格週期的不確定性，我們對我們的價值創造策略充滿信心。我們致力於我們的資本回報框架，以我們的高品質投資組合和強大的財務實力為基礎。

With an investment-grade balance sheet and a $45 corporate breakeven, we are well positioned to generate value even in a low price environment. With the recent changes in leadership across our organization and the resulting fresh perspectives, we believe that this is an opportune time for us to accelerate our business optimization efforts and deliver an additional $1 billion in annual free cash flow by year-end '26.

憑藉投資等級資產負債表和 45 美元的企業損益平衡點，即使在低價環境下，我們也完全有能力創造價值。隨著我們組織領導層的近期變動以及隨之而來的新視角，我們相信，現在是我們加快業務優化工作並在 26 年底前實現額外 10 億美元年度自由現金流的絕佳時機。

This undertaking demonstrates the creativity, dedication and talent of our employees whose continued efforts advance Devon's success. We laid out our targets in our press release last month and look forward to providing additional details on today's call.

這項工作體現了我們員工的創造力、奉獻精神和才華，他們的持續努力推動了德文郡的成功。我們在上個月的新聞稿中闡述了我們的目標，並期待在今天的電話會議上提供更多細節。

Our initial expectation was for the material benefits to start to accrue in 2026. We now believe that we can pull forward some progress into this year, and we're cutting 2025 full year capital by $100 million while maintaining our productive capacity for the remainder of the year. Jeff will provide more details on this optimization plan later in our call.

我們最初的預期是物質利益將在 2026 年開始累積。我們現在相信，我們可以在今年取得一些進展，並且我們將 2025 年全年資本削減 1 億美元，同時保持今年剩餘時間的生產能力。Jeff 將在我們稍後的通話中提供有關此優化計劃的更多細節。

In parallel with our business optimization efforts, we will continue to monitor the broader market dynamics and adjust our plans as needed to maintain our financial strength and deliver top-tier returns for our shareholders.

在優化業務的同時，我們將繼續專注於更廣泛的市場動態，並根據需要調整計劃，以保持我們的財務實力並為股東帶來頂級回報。

Now let's turn to slide 4 and discuss our quarterly results. Our first quarter results reflect consistent exceptional performance, showcasing the strength of our diversified portfolio. Oil production exceeded the upper limit of our guidance range, reaching an impressive 388,000 barrels per day. This achievement was largely attributed to stronger-than-anticipated base performance in the Rockies and outstanding early well results in the Eagle Ford.

現在讓我們翻到投影片 4，討論一下我們的季度業績。我們第一季的業績體現了持續的卓越表現，展現了我們多元化投資組合的實力。石油產量超過了我們指導範圍的上限，達到了令人印象深刻的每天388,000桶。這項成就很大程度上歸功於落基山脈超越預期的基礎表現以及鷹福特早期出色的油井表現。

From a capital perspective, we also delivered another solid quarter. Effective cost management and reduced infrastructure spending in the Delaware Basin allowed us to keep total capital below our guidance range. Overall, our production performance and capital discipline resulted in $1 billion of free cash flow generated in Q1.

從資本角度來看，我們也實現了另一個穩健的季度。有效的成本管理和減少特拉華盆地的基礎設施支出使我們能夠將總資本保持在指導範圍以下。總體而言，我們的生產績效和資本紀律使得第一季產生了 10 億美元的自由現金流。

With this significant free cash flow, we returned nearly half to shareholders through dividends and share buybacks. We maintained a sharp focus on disciplined capital allocation, balancing high-return investments with substantial dividends, and share repurchases to create sustainable value for our shareholders.

憑藉這一可觀的自由現金流，我們透過股利和股票回購的方式向股東返還了近一半的現金。我們高度重視嚴格的資本配置，平衡高回報投資與大量股利以及股票回購，為股東創造永續價值。

Moving to slide 5. The Delaware Basin continues to deliver exceptional performance, driven by operational improvements year after year. The expanded implementation of simul-frac across the asset has been a key contributor with up to 60% utilization in our 2025 program. This increased adoption has enhanced completion efficiencies by 12% year-to-date and continues to accelerate our days online.

移至投影片 5。特拉華盆地在逐年營運改善的推動下繼續保持卓越的表現。在整個資產範圍內擴大同步壓裂的實施是關鍵因素，在我們的 2025 年計畫中，利用率高達 60%。這種採用率的提高使年初至今的完成效率提高了 12%，並繼續加快我們的線上速度。

On the drilling front, our teams continue to improve efficiency and optimize our rig fleet, achieving a 7% increase in drilling speeds year-to-date. These improvements have yielded meaningful operational changes, enabling us to reduce our rig count once again this quarter.

在鑽井方面，我們的團隊不斷提高效率並優化鑽井隊，今年迄今鑽井速度提高了 7%。這些改進帶來了有意義的營運變化，使我們能夠在本季度再次減少鑽機數量。

As a reminder, we started the year expecting to run 14 rigs across the Delaware position, but now expect to reduce activity to 11 rigs in the second half of the year. Along with this reduction in rigs in the Delaware, we expect to build in some frac gaps both in Delaware and Williston given the improvement to our completion efficiency.

提醒一下，我們今年年初預計在特拉華州運行 14 個鑽井平台，但現在預計下半年活動將減少到 11 個鑽井平台。隨著特拉華州鑽機數量的減少，鑑於完井效率的提高，我們預計特拉華州和威利斯頓都會出現一些壓裂間隙。

Importantly, despite the reduction in rigs and frac activity, we're able to maintain our productive capacity and confidence in our production outlook. This plan highlights our commitment to capturing these improvements through capital discipline rather than growing production in a saturated oil market.

重要的是，儘管鑽機和壓裂活動減少，我們仍然能夠保持生產能力和對生產前景的信心。該計劃強調了我們致力於透過資本紀律而不是在飽和的石油市場中增加產量來實現這些改進。

Now let's turn to slide 6 and talk about the Eagle Ford. As announced last quarter, Devon and BPX agreed to dissolve the partnership in the Blackhawk field. I'm pleased to share that this transaction successfully closed on April 1, 2025. Prior to close, Devon assumed operations of one of the legacy drilling rigs and our teams have already delivered significant drilling improvements.

現在我們翻到第 6 張投影片，討論一下 Eagle Ford。正如上個季度宣布的那樣，Devon 和 BPX 同意解除在 Blackhawk 油田的合作關係。我很高興地告訴大家，這筆交易於 2025 年 4 月 1 日成功完成。在交易完成之前，Devon 接管了其中一台傳統鑽井平台的運營，我們的團隊已經實現了重大的鑽井改進。

On our first Devon-operated pad, drilling speeds increased by more than 40% compared to recent legacy performance. These efficiencies, coupled with improved well design and supply chain enhancements have amounted to nearly 50% reduction in costs. With the cost savings seen to date, Devon is effectively incurring the same drilling capital with double the working interest in the Blackhawk field.

在我們第一個由 Devon 營運的平台上，鑽井速度與最近的傳統性能相比提高了 40% 以上。這些效率，加上改進的井設計和供應鏈增強，已使成本降低了近 50%。透過迄今為止所節省的成本，Devon 實際上以相同的鑽井資本獲得了雙倍的 Blackhawk 油田作業權益。

Going forward, we expect to realize $2.7 million per well in savings as completions will commence on our first operated pad here in the second quarter. I have confidence that our team will continue to innovate and drive further improvements as we build operational momentum.

展望未來，我們預計每口井可節省 270 萬美元，因為我們的第一口營運平台將於第二季開始完井。我相信，隨著營運勢頭的增強，我們的團隊將繼續創新並推動進一步的改進。

With these early results, we are delivering on our plan to significantly enhance returns while providing a material uplift to the value of our position. With that, I'll now hand the call over to Jeff.

憑藉這些早期成果，我們正在實施我們的計劃，大幅提高回報，同時大幅提升我們部位的價值。說完這些，我現在將電話交給傑夫。

Thanks, Clay. Turning to slide 7, highlighting our first quarter financial performance. Devon's core earnings totaled $779 million or $1.21 per share. EBITDAX was $2.1 billion, and we generated operating cash flow of $1.9 billion, which exceeded consensus estimates by a healthy margin. After funding our capital requirements, we generated $1 billion in free cash flow for the quarter, reaching the highest level since the third quarter of 2022.

謝謝，克萊。翻到第 7 張投影片，重點介紹我們的第一季財務表現。德文郡的核心收益總計 7.79 億美元，即每股 1.21 美元。EBITDAX 為 21 億美元，我們產生的營運現金流為 19 億美元，大大超越了普遍預期。在滿足我們的資本需求後，我們本季產生了 10 億美元的自由現金流，達到 2022 年第三季以來的最高水準。

Our free cash flow generation was underpinned by oil production that exceeded the top end of our guidance, driven by the excellent operating performance highlighted by Clay, improving gas revenues that increased two-fold from the prior quarter and disciplined capital investment that resulted in an impressive reinvestment rate of 50%.

我們的自由現金流產生受到石油產量的支撐，石油產量超出了我們的預期上限，這得益於克萊強調的出色營運業績、較上一季度增長兩倍的天然氣收入增加以及嚴格的資本投資，導致再投資率達到了令人印象深刻的 50%。

Our strong financial results supported another quarter of substantial cash returns to shareholders. We distributed $464 million through dividends and share repurchases. Notably, we hit the upper end of our target buyback range for the quarter, spending $301 million on share repurchases and bringing the total value of our buyback program to $3.6 billion.

我們強勁的財務表現支持了股東又一個季度的巨額現金回報。我們透過股利和股票回購分配了 4.64 億美元。值得注意的是，我們達到了本季目標回購範圍的上限，花費 3.01 億美元進行股票回購，使我們的回購計畫總價值達到 36 億美元。

Moving to slide 8, we touch on the outlook for the remainder of 2025. Even with the recent downturn in commodity pricing, we're well positioned to generate attractive free cash flow for the remainder of the year. As highlighted on the slide, at today's strip pricing, we're on track to deliver greater than $2 billion of free cash flow and have a tremendous margin of safety with our breakeven funding at around $45 WTI, including our fixed dividend.

轉到第 8 張投影片，我們討論 2025 年剩餘時間的前景。即使最近大宗商品價格下滑，我們仍有能力在今年剩餘時間內產生可觀的自由現金流。正如幻燈片上所強調的，按照今天的條形定價，我們預計將實現超過 20 億美元的自由現金流，並且我們的盈虧平衡資金（包括固定股息）約為 45 美元 WTI，具有巨大的安全邊際。

Furthermore, with our production exceeding expectations in the first quarter, we're increasing our full year oil production outlook to be in the range of 382,000 to 388,000 barrels per day. This higher production equates to a 1% increase to our full year outlook.

此外，由於第一季的產量超出預期，我們將全年石油產量預期上調至每天 382,​​000 至 388,000 桶。產量的提高相當於我們全年產量預期增加 1%。

In addition, reflecting the responsiveness of the organization to an acceleration of the business optimization plan, we're reducing our full year capital investment by $100 million to a range of $3.7 billion to $3.9 billion. This reduction is driven by better performance on base and wedge production and the acceleration of capital efficiencies.

此外，為了反映組織對加速業務優化計畫的回應能力，我們將全年資本投資減少 1 億美元，至 37 億美元至 39 億美元之間。此次減產是由於基礎和楔形生產表現較好以及資本效率的提升。

Turning to slide 9. In the first quarter, our cash balances increased by $388 million, reaching $1.2 billion. This strengthened liquidity position allowed Devon to exit the quarter with a healthy net debt-to-EBITDA ratio of 1 times. Looking ahead, we intend to use excess free cash flow to further build liquidity and retire upcoming debt maturities.

翻到第 9 張投影片。第一季度，我們的現金餘額增加了3.88億美元，達到12億美元。流動性狀況的增強使得 Devon 在本季度結束時擁有健康的淨債務與 EBITDA 比率 1 倍。展望未來，我們打算利用過剩的自由現金流進一步建立流動性並償還即將到期的債務。

After quarter end, we reached an agreement to sell our interest in the Matterhorn pipeline for approximately $375 million. We expect the transaction to close late in the second quarter with proceeds further enhancing our cash position and liquidity. Our next debt maturity of $485 million is due in December, and we also have the opportunity to retire our $1 billion term loan in 2026.

季度末之後，我們達成協議，以約 3.75 億美元的價格出售我們在馬特洪峰管道中的權益。我們預計該交易將在第二季末完成，收益將進一步增強我們的現金狀況和流動性。我們的下一筆 4.85 億美元的債務將於 12 月到期，我們也有機會在 2026 年償還 10 億美元的定期貸款。

As Clay mentioned earlier, our broader shareholder return framework remains unchanged. Backed by strong financial positioning, we have the flexibility to advance our debt reduction goals, fund our capital program and continue delivering significant cash return to shareholders through our fixed dividend and share repurchase program.

正如克萊之前提到的，我們更廣泛的股東回報框架保持不變。在強大的財務狀況的支持下，我們可以靈活地推進我們的減債目標，為我們的資本計劃提供資金，並繼續透過我們的固定股息和股票回購計劃為股東帶來可觀的現金回報。

Now shifting gears to slide 10 to discuss our recently announced business optimization plan. While we maintain a top-tier portfolio and investment-grade balance sheet, our focus remains on continuous improvement and delivering greater value to our shareholders. This initiative is designed to enhance operating margins, boost capital efficiency, and increase free cash flow generation.

現在轉到第 10 張投影片來討論我們最近宣布的業務優化計劃。在我們維持頂級投資組合和投資等級資產負債表的同時，我們的重點仍然是持續改進和為股東創造更大的價值。該計劃旨在提高營業利潤率、提升資本效率並增加自由現金流。

Our plan outlines a range of targeted actions to drive more efficient field-level operations, including lowering drilling and completion costs, renegotiating contracts, and reducing corporate costs. Importantly, these efforts extend beyond financial metrics. They reflect the strategic integration of technology across our operations and reinforce our commitment to achieving industry-leading returns.

我們的計劃概述了一系列有針對性的行動，以推動更有效率的油田級運營，包括降低鑽井和完井成本、重新談判合約以及降低企業成本。重要的是，這些努力不僅限於財務指標。它們體現了我們營運中技術的策略整合，並加強了我們實現行業領先回報的承諾。

We believe the impact of these initiatives is substantial and unlocks meaningful long-term value for our shareholders. At our current valuation multiples, capitalizing the after-tax impact of the targeted $1 billion of incremental free cash flow could translate to an estimated $10 per share in value, highlighting the significance of this work.

我們相信這些舉措的影響是巨大的，並將為我們的股東帶來有意義的長期價值。按照我們目前的估值倍數，將目標 10 億美元增量自由現金流的稅後影響資本化可轉化為每股 10 美元的價值，凸顯了這項工作的重要性。

Turning to slide 11. We outlined the improvements by category and the timeline for achieving them. As you can see on the pie chart, we expect our business to achieve $1 billion pretax free cash flow and sustainable annual improvements by year-end 2026 as compared to our previously guided 2025 baseline.

翻到第 11 張投影片。我們按類別概述了改進內容以及實現改進的時間表。正如您在餅圖上看到的，與我們之前指導的 2025 年基準相比，我們預計我們的業務到 2026 年底將實現 10 億美元的稅前現金流和可持續的年度改善。

Beginning at the top with capital efficiency, we're targeting $300 million of improvements by year-end 2026. These capital enhancements are structural and assume steady service and supply cost. Said another way, we have not assumed the benefit of any deflation from current price levels.

從資本效率開始，我們的目標是到 2026 年底實現 3 億美元的改善。這些資本增強是結構性的，並假設服務和供應成本穩定。換句話說，我們並沒有假設當前物價水準會帶來通貨緊縮的好處。

Moving clockwise on the chart to production optimization, we expect to achieve $250 million of improvements by reducing downtime, flattening production declines, and optimizing our operating cost structure. For commercial opportunities, our marketing team's contracting strategies are expected to deliver $300 million in total improvements by increasing realizations and lowering GP&T cost. And finally, corporate cost reductions are expected to be $150 million derived from lower interest expense, corporate capital, and G&A.

按照圖表上的順時針方向移動到生產優化，我們預計透過減少停機時間、平緩生產下降和優化營運成本結構來實現 2.5 億美元的改進。對於商業機會，我們的行銷團隊的承包策略預計將透過提高實現率和降低 GP&T 成本帶來 3 億美元的總改進。最後，由於利息支出、企業資本和一般行政費用的降低，企業成本預計將減少 1.5 億美元。

From a timing perspective, we are acting with a sense of urgency. As shown in the bar chart to the right, these combined initiatives are expected to deliver approximately $400 million of cash flow uplift by year-end 2025.

從時間角度來看，我們的行動是緊迫的。如右側長條圖所示，這些綜合措施預計到 2025 年底將帶來約 4 億美元的現金流成長。

Half of this uplift stems from renegotiated contracts already secured by our marketing organization, which would generate over $200 million in improved margins, primarily benefiting the Delaware Basin through lower gathering, processing, transportation and fractionation costs. These savings will begin to materialize in late 2025 with full year impact in 2026. To be clear, we have not included any benefit related to the sale of our interest in Matterhorn pipeline in our business transformation uplift potential.

這一增長的一半源於我們的行銷組織已經獲得的重新談判的合同，這將產生超過 2 億美元的利潤增長，主要透過降低收集、加工、運輸和分餾成本使特拉華盆地受益。這些節省將在 2025 年底開始實現，並在 2026 年全年產生影響。需要明確的是，我們沒有將出售我們在與馬特洪峰管道中的權益相關的任何收益納入我們的業務轉型提升潛力中。

Of the $400 million in expected uplift to be captured by year-end, $100 million is attributable to our capital efficiency and production optimization efforts and represents the capital reduction to our 2025 guide disclosed earlier in our comments.

在年底前預計實現的 4 億美元增幅中，有 1 億美元歸功於我們的資本效率和生產優化工作，並代表了我們先前在評論中披露的 2025 年指南的資本減少。

Beyond 2025, we anticipate a steady cadence of improvements with all initiatives fully realized by year-end 2026, providing the full run rate $1 billion pretax free cash flow improvement in 2027. With the increased free cash flow, we will remain committed to rewarding shareholders through share repurchases and growth in our fixed dividend, while also strengthening our financial position through continued debt reduction.

2025 年以後，我們預計改進步伐將穩步推進，所有計劃將在 2026 年底全面實現，並在 2027 年實現 10 億美元的稅前自由現金流改善。隨著自由現金流的增加，我們將繼續致力於透過股票回購和增加固定股利來回報股東，同時透過持續削減債務來增強我們的財務狀況。

Slide 12 provides examples of the type of work our teams are pursuing to achieve the targets for each category. I won't talk through the detail now, but in our Q&A session, we're happy to provide some additional color on how we're driving change with our business optimization efforts and creating long-term value for Devon.

投影片 12 提供了我們的團隊為實現每個類別的目標而進行的工作類型的範例。我現在不會詳細討論，但在我們的問答環節中，我們很高興提供一些額外的信息，說明我們如何透過業務優化工作推動變革並為 Devon 創造長期價值。

Bottom line, as the teams have proactively begun implementing many of these initiatives, we're confident in our ability to achieve our targets and have clear line of sight to our objective. With that, I'll now turn the call back over to Rosy for Q&A.

歸根結底，由於團隊已經積極開始實施許多此類舉措，我們有信心實現我們的目標，並且對我們的目標有著清晰的認識。說完這些，我現在將電話轉回給 Rosy 進行問答。

Thank you, Jeff. We'll now open the call for Q&A. Please limit yourself to one question and one follow-up. With that, Emily, we will take our first call.

謝謝你，傑夫。我們現在開始問答環節。請限制自己只問一個問題和一個後續問題。就這樣，艾米麗，我們就可以接第一通電話了。

Neil Mehta, Goldman Sachs.

高盛的尼爾·梅塔。

Let's start off with unpacking the cost reductions here on slide 10 and 11 that you talk about, Clay, and to give you an opportunity to kind of talk about your confidence in terms of around achieving it, when we can really see the run rate and help us to really itemize some of these buckets.

克萊，讓我們先從幻燈片 10 和 11 中您談到的成本削減開始，讓您有機會談談您對實現這一目標的信心，當我們真正看到運行率並幫助我們真正列出其中的一些方面時。

I think people can kind of understand the corporate cost reductions, but some of the other things like commercial opportunities are a little harder to put our head around. So just kind of flesh it out a bit.

我認為人們可以理解企業成本削減，但其他一些事情，例如商業機會，就有點難以理解了。因此，稍微充實一下吧。

Yeah. Thanks, Neil. Appreciate the question. What I would tell you is, so we've done a good job of pointing to things that we can achieve in 2025 and again, pulling some of those values as you saw the capital reduction. As you start working through the list of the other items, I get that it becomes a little bit up too.

是的。謝謝，尼爾。感謝你的提問。我想告訴你的是，我們已經很好地指出了我們可以在 2025 年實現的目標，並且再次提取了其中的一些價值，正如你所看到的資本減少。當你開始處理其他項目的清單時，我發現它也變得有點多了。

So I'll tell you what, happy to follow up on that, but we've got a few of the experts in the room. I'll start with Jeff, and he can start talking about some of the commercial aspects of it.

所以我會告訴你，很高興能跟進這個問題，但我們房間裡有幾位專家。我先從傑夫開始，他可以開始談論它的一些商業方面。

Yeah, Neil, thanks for the question. Yeah, I'm happy to jump in and talk a little bit about commercial opportunities. Frankly, that's where we have the absolute highest confidence because we already have those contracts executed. They're in place, and they'll take effect at the end of this year. And really into 2026, you'll get the full run rate benefit of that.

是的，尼爾，謝謝你的提問。是的，我很高興加入並談論一些商業機會。坦白說，我們對此絕對有最大的信心，因為我們已經執行了這些合約。這些措施已經到位，並將於今年底生效。到 2026 年，您將獲得其全部運行率效益。

Just to give you a little bit of color on what we've done there. So not a surprise to you, we have multiple midstream partners in the Delaware in addition to the midstream infrastructure that we already own through our catalyst JV and our Cotton Draw midstream partnership. So that provides us a lot of leverage and opportunity and optionality, frankly, to work with all of our partners and attempt to maximize margins.

只是想讓你稍微了解一下我們在那裡所做的事情。因此，對您來說這並不奇怪，除了我們透過催化劑合資企業和 Cotton Draw 中游合作夥伴關係已經擁有的中游基礎設施之外，我們在特拉華州還有多個中游合作夥伴。坦白說，這為我們提供了許多槓桿、機會和選擇權，以便與所有合作夥伴合作並努力實現利潤最大化。

So we had the benefit of a couple of contracts running their course as far as term over the next couple of years. And we took advantage of the leverage that we have with our partners to really go in and look at how we could renegotiate those contracts and drive lower cost. So it's a combination of lower fees, higher recoveries. The bulk of that is related to NGLs, our NGL business in the Delaware.

因此，我們受益於未來幾年內幾份合約的到期期限。我們利用與合作夥伴之間的優勢，深入研究如何重新談判這些合約並降低成本。因此，這是較低費用和較高回收率的結合。其中大部分與 NGL 有關，即我們在特拉華州的 NGL 業務。

But bottom line, we've reduced our fees. In some cases, we had legacy contracts that were 2x of what we expect to move forward with going forward. So we've managed to reduce our fees on the gathering, processing, transportation and fractionation. And again, all of that will take effect at the beginning of 2026. So feel really confident in our ability to deliver on those outcomes.

但最重要的是，我們降低了費用。在某些情況下，我們遺留的合約金額是我們未來預期金額的兩倍。因此，我們設法降低了收集、加工、運輸和分餾的費用。再次強調，這一切都將於 2026 年初生效。因此，我們對我們實現這些成果的能力充滿信心。

Neil, in addition to that, John is here, he can talk a little bit about some of the opportunities in the production optimization.

尼爾，除此之外，約翰也在這裡，他可以稍微談談生產優化中的一些機會。

Yes, Neil, thanks for the question. So, so far, you've seen $100 million for 2025. Some of that's coming in the form of production optimization. We've seen an incredibly resilient base in the Rockies thus far this year. And so that's some of the good work that we're already taking credit for.

是的，尼爾，謝謝你的提問。所以，到目前為止，您已經看到 2025 年的金額為 1 億美元。其中一些是以生產優化的形式實現的。今年到目前為止，我們已經看到落基山脈的基地具有令人難以置信的韌性。這就是我們已經取得的一些優異成績。

Just to give you some ideas on the go forward. We've got projects that we listed in the slide deck. I'll hit on a few of those just to give you some more color.

只是為了給你一些前進的想法。我們在幻燈片中列出了一些項目。我將對其中的幾個進行介紹，以便給您更多的資訊。

So first, one that I'm pretty excited about is our LOE optimization through condition-based maintenance. Over the last several years, Devon sought to really improve our reliability through planned maintenance, but a lot of that maintenance has been calendar-based to date.

首先，讓我非常興奮的是我們透過基於條件的維護實現了 LOE 優化。在過去的幾年裡，德文郡試圖透過計畫維護來真正提高我們的可靠性，但迄今為止，許多維護都是基於日曆的。

So equipment essentially gets maintained whether it actually needs that maintenance at that time or not. And so what we're attempting to do there is use advanced analytics, KPIs and move that essentially to condition-based maintenance. So the idea that we could eliminate some of those ineffective or potentially wasteful maintenance activities. And so that will help us reduce on the LOE front.

因此，無論設備當時是否真的需要維護，基本上都會得到維護。因此，我們嘗試做的是使用進階分析、KPI，並將其轉換為基於條件的維護。因此，我們的想法是可以消除一些無效或潛在浪費的維護活動。這將有助於我們減少 LOE。

Another one I'd like to talk about is our smart gas lift calibration. Devon uses a lot of centralized gas lift in certain assets, predominantly in the Stateline area, in the Delaware Basin and also in the Williston Basin. And sometimes, these operations can be a little bit constrained on the gas lift injection. And so when that occurs, we've got suboptimal lift occurring.

我想談的另一個是我們的智慧氣舉校準。德文在某些資產中使用大量集中式氣舉，主要在 Stateline 地區、特拉華盆地和威利斯頓盆地。有時，這些操作可能會對氣舉注入造成一些限制。因此，當這種情況發生時，我們就會得到不理想的升力。

And so this is a project that we're already advancing. We're looking to use real-time analytics and AI models, essentially to determine how much gas to allocate to each well for optimal performance. Those recommended injection rates (technical difficulty)

這是一個我們正在推進的專案。我們希望使用即時分析和人工智慧模型，主要是為了確定為每個油井分配多少天然氣以實現最佳性能。那些推薦的注射率（技術難度）

Okay. So I'll continue with these. Real-time analytics and AI models essentially determine how much gas to allocate to each well for optimal performance. And so those injection rates are pushed directly to -- in device for adjustment. So again, where we have these big centralized gas lift operations, we expect to see some pretty significant uplift there.

好的。所以我會繼續這些。即時分析和人工智慧模型基本上決定了為每個油井分配多少氣體以實現最佳性能。因此，這些注入率會直接推送到設備中進行調整。因此，我們再次強調，在我們有這些大型集中式氣舉作業的地方，我們預計那裡會出現相當顯著的提升。

And as opposed to the project that I described earlier, this largely comes in the form of lowering our downtime and flattening our base decline curve. So it gives you a little flavor. We expect to see some of this on the LOE side and expect to see some of this through improved production, which would eventually come in the form of lower capital.

與我之前描述的項目相反，這主要體現在降低停機時間和拉平基數下降曲線上。所以它給你一點味道。我們預計在 LOE 方面會看到一些這樣的情況，並希望透過提高生產看到一些這樣的情況，最終以降低資本的形式實現。

Neil, are you still there?

尼爾，你還在嗎？

Arun Jayaram, JPMorgan

摩根大通阿倫·賈亞拉姆

Yeah. Jeff, just to follow up. I just wanted to see if you could just maybe clarify your comments on the lower GP&T rates in the Delaware. Could you maybe give us a sense of what this would do to your broad GP&T cost per unit if we were to translate that into our models in 2026?

是的。傑夫，只是想跟進一下。我只是想看看您是否可以澄清一下關於特拉華州較低的 GP&T 費率的評論。如果我們將其轉化為 2026 年的模型，您能否讓我們了解一下這會對您每單位的廣義 GP&T 成本產生什麼影響？

Yeah, you bet, Arun. Just to give you a little bit additional color. As I said, it's really specific to our NGL business. There's some on the gas side as well, but that's where the biggest driver of this is. Just to give you a sense, we had some legacy contracts that were call, it, $1.50 NM.

是的，沒錯，阿倫。只是為了給你添加一點額外的色彩。正如我所說，它確實與我們的 NGL 業務有關。天然氣方面也有一些影響，但這才是最大的驅動力。只是為了讓您了解一下，我們有一些遺留合同，其價格為 1.50 美元 NM。

And now they're going to be almost half of that, right, in some cases. So it's going to be pretty material. Again, specific to the Delaware, not at a corporate level, but specific to the volumes in the Delaware, it's going to be pretty material to our overall business.

而現在，在某些情況下，它們的數量將幾乎只有這個數字的一半。所以這將是非常重要的。再次強調，具體到特拉華州，不是公司層面，而是具體到特拉華州的交易量，這對我們的整體業務至關重要。

And as we highlighted in the slide deck, $200 million of that is already locked up and captured. And then the team is working on the incremental, call it, $50 million to $100 million over the course of the rest of this year.

正如我們在幻燈片中所強調的那樣，其中 2 億美元已經被鎖定並扣押。然後，該團隊將在今年剩餘時間內努力實現增量資金，即 5,000 萬至 1 億美元。

So by the beginning of 2026, we should have that all locked down and in a good shape, and you'll start to see it flow through our financials. It will come through our financials in two ways. One, you'll see lower GP&T cost, but you'll also see, just given the nature of some of those contracts, it will show up in better realizations for us as well. So a combination on the financial statement between realizations and our GP&T costs.

因此，到 2026 年初，我們應該能夠把一切都鎖定在良好的狀態，然後你會開始看到它流入我們的財務狀況。它將透過兩種方式體現在我們的財務上。首先，你會看到 GP&T 成本降低，但你也會看到，考慮到其中一些合約的性質，它也會為我們帶來更好的實現。因此，財務報表上是實現情況和我們的 GP&T 成本的結合。

Thanks, Jeff. You guys highlighted some divestitures, your interest in Matterhorn and some real estate assets. So wondering, Clay, if you could highlight some of your incremental midstream investments that you have at Devon that could be subject to future monetization?

謝謝，傑夫。你們強調了一些資產剝離、對馬特洪峰的興趣以及一些房地產資產。所以，克萊，您能否重點介紹一下您在 Devon 進行的一些可能在未來實現貨幣化的增量中游投資？

Yeah. Thanks for the question, Arun. We have a lot of midstream assets, in particular, that hold various values to us. We've highlighted a few times the value that Grayson Mill brought along with the midstream assets and what that can mean to not just the individual well economics, but the increase related to the amount of portfolio options we have there. And so sometimes, it has really interesting and incremental value.

是的。謝謝你的提問，阿倫。特別是，我們擁有許多中游資產，它們對我們具有各種價值。我們已多次強調格雷森米爾以及中游資產帶來的價值，以及這不僅對單一油井經濟有意義，而且對我們在那裡擁有的投資組合選項數量的增加也有意義。所以有時候，它確實具有有趣和增量的價值。

I would say there's other parts of the midstream asset portfolio that we may question. Is this the right -- it's something for us to continue to hold on to. Without going into details, one for one, I would just tell you, we're taking a holistic look that maybe there's sometimes we need to expand our midstream footprint to replicate what we're doing there with the Grayson assets.

我想說的是，我們可能會對中游資產組合的其他部分提出質疑。這是正確的嗎——這是我們要繼續堅持的事情。我不會一一贅述細節，我只想告訴你，我們正在全面審視，也許有時我們需要擴大我們的中游足跡，以複製我們對格雷森資產所做的事情。

And I would say there's other times, for example, with Matterhorn, where it's kind of served its purpose, we continue to hold on to that capacity, which is incredibly valuable. But the equity ownership clearly wasn't reflected in our organizational value, and therefore, when we monetize, it's just additional cash. So I would say there's more of that to come, but it's too early to tell which direction we're going to be going overall as a corporation.

我想說還有其他時候，例如馬特洪峰，它在某種程度上已經達到了它的使命，我們繼續堅持這種能力，這是非常寶貴的。但股權所有權顯然沒有反映在我們的組織價值中，因此，當我們將其貨幣化時，它只是額外的現金。所以我想說未來還會有更多這樣的事情發生，但現在判斷我們作為一家公司將走向何方還為時過早。

Paul Cheng, Scotiabank.

加拿大豐業銀行的 Paul Cheng。

Two questions, please. First, I think Jeff and Clay, you guys talking about on the business optimization. It seems like technology is going to be a big piece of that. Can you give us some understanding that -- I mean how that the adoption now you're doing is different than what you've been doing?

請問兩個問題。首先，我認為 Jeff 和 Clay 你們正在談論業務優化。看起來技術將在其中發揮重要作用。您能否讓我們了解一下—我的意思是，您現在所做的收養與您以前所做的有何不同？

And also that how you are different from the rest of your peers in terms of the adoption of the technology? And can you give us some example that what's new adoption versus that what you guys have been doing? That's the first question.

在技​​術採用方面，您與其他同行有何不同？您能否舉一些例子來說明新採用的措施與您們一直在採取的措施有何不同？這是第一個問題。

Second question is that when we're looking at these in our model, look like the Delaware Basin, comparing to the number of wells that you brought on, the production is a little bit light for us. Wondering that is there some one-off item other than, say, the winter storm. Is it the cadence of the well coming on stream throughout the quarter is different than a more variable or is back-end loaded? Any kind of maybe the colors that you can provide, that would be great.

第二個問題是，當我們在模型中觀察這些時，看起來像特拉華盆地，與你們開採的油井數量相比，產量對我們來說有點少。想知道除了冬季風暴之外是否還有其他一次性事件。是整個季度投產的節奏與其他變化的節奏不同，或者是後端加載的節奏不同？如果您能提供任何顏色，那就太好了。

Yeah. Thanks, Paul. I love technology near and dear to my heart. And one of the changes that we made organizationally was promoting Trey Lowe, our Chief Technology Officer to the Executive Committee. And I think it's just already paying huge dividends.

是的。謝謝，保羅。我非常熱愛科技。我們在組織上做出的改變之一是將技術長 Trey Lowe 提拔到執行委員會。我認為它已經帶來了巨大的回報。

I have a ton of faith in our organization's ability to embrace technology across the board. But I'd love for Trey to expand a little bit on some of the things that he sees, one, as the leader of technology, but also the leader of our business optimization project.

我對我們組織全面擁抱科技的能力充滿信心。但我希望 Trey 能稍微闡述他所看到的一些事情，首先，他是科技的領導者，其次，他也是我們的商業優化專案的領導者。

Definitely, I appreciate the question, Paul. We view technology as a differentiator for Devon just as you highlighted, and the ability for us to use technology to improve our operations is kind of core to our culture that we have here. The things that are new, John highlighted a couple in the production space that will be underpinned by new technologies that we've been investing in over the last few years.

保羅，我非常感謝您提出這個問題。正如您所強調的，我們將科技視為 Devon 的差異化因素，而我們利用科技改善營運的能力是我們這裡文化的核心。對於新事物，約翰強調了生產領域的一些新事物，這些新事物將以我們過去幾年一直在投資的新技術為基礎。

The other one that I would highlight is we've made a substantial investment in all of our industrial systems, sensors that we have across the field. We've invested heavily in standardizing that across all of our wells -- thousands of wells that we have across the business. And when you mix that with the competency that we've built in our teams and the alignment that we have across our leadership group to use that data, we're going to continue to see those advantages on the production space.

我要強調的另一點是，我們對所有工業系統和整個領域的感測器進行了大量投資。我們投入巨資對所有油井進行標準化—我們整個業務中擁有數千口油井。當你將其與我們在團隊中建立的能力以及我們領導團隊使用該數據的一致性相結合時，我們將繼續在生產領域看到這些優勢。

One of the exciting projects that they have in our business optimization program is to take all of that real-time information and start running both physics-based models and algorithms in real time at scale across all of our wells to reach an optimal flowing condition for each well. And so we're going to see the implementation of that over the next year. And that's a significant portion of that $250 million of targets that we have in the production optimization space.

在我們的業務優化計劃中，一個令人興奮的項目是獲取所有實時信息，並開始在我們所有的油井中大規模實時運行基於物理的模型和算法，以達到每個油井的最佳流動條件。我們將在明年看到這項措施的實施。這是我們在生產優化領域 2.5 億美元目標中的一個重要部分。

And then the second example that I love to talk about is AI and what we think that will mean for our company and for our employee base. And this year, we've rolled out a brand-new platform for all of our employees. And honestly, it's caught on like wildfire across our employees.

我喜歡談論的第二個例子是人工智慧，以及我們認為它對我們的公司和員工群體意味著什麼。今年，我們為所有員工推出了一個全新的平台。說實話，這件事在我們的員工中迅速蔓延開來。

And so we've seen productivity boost from various domains up to 15% to 30% on the projects that they're working on. And these are real examples in our core business around things like how do you optimize final frac on a well? Or how do you take mud logs and cutting descriptions and use AI to give you a better geologic answer?

因此，我們看到各個領域的生產力在他們正在進行的項目上提高了 15％ 到 30％。這些都是我們核心業務中的真實例子，例如如何優化油井的最終壓裂？或者如何利用泥漿日誌和切割描述並使用人工智慧為您提供更好的地質答案？

And so we're starting to see all of those things kind of flow through the company and that productivity boost for our employees, and we've been powering a group of individuals that are already aligned to using these tools. And we're really excited about it.

因此，我們開始看到所有這些事情在公司中流動，員工的工作效率得到提高，並且我們一直在為已經習慣使用這些工具的個人提供支持。我們對此感到非常興奮。

And then, Paul, for your second question, John will pick that one up.

然後，保羅，對於你的第二個問題，約翰會回答這個問題。

Paul, to your question on the Delaware Basin, there's a few things I'll highlight there. One, yes, from a gross well standpoint, we brought on quite a few wells in the Delaware Basin. We did have a little bit lower working interest in Q1. So from a net wells perspective, we're pretty similar to what you saw in Q4.

保羅，關於你關於特拉華盆地的問題，我想強調幾點。是的，從整體井的角度來看，我們在特拉華盆地開採了不少井。我們第一季的工作興趣確實略低一些。因此，從淨井角度來看，我們的情況與您在第四季度看到的情況非常相似。

The second thing I would point to there is the cadence of those wells was later in the quarter, so you got less production contribution from those wells in the quarter, and that's a little bit of the phenomenon you're seeing. You mentioned the weather. That was certainly a factor.

我想指出的第二件事是這些油井的開採節奏在本季度晚些時候，因此本季度這些油井的產量貢獻較少，這就是您所看到的現象。您提到了天氣。這當然是一個因素。

We did see some minor weather downtime also in Q1 in the Delaware Basin. But what I would tell you is from a well productivity standpoint, going back to Q4, what we're seeing in Q1, we're really pleased with what we're seeing, especially early time. Most all of our projects and our major programs are meeting to exceeding expectations. So despite what you're seeing, we're really pumped about what's going on in the Delaware.

我們確實看到第一季特拉華盆地也出現了一些輕微的天氣停工現象。但我想告訴你的是，從生產力的角度來看，回顧第四季度，我們在第一季看到的情況，我們對所看到的情況感到非常滿意，尤其是早期的情況。我們的大多數項目和主要計劃都超出了預期。所以，不管你看到什麼，我們對特拉華州發生的事情感到非常興奮。

Scott Hanold, RBC.

斯科特·漢諾德（RBC）。

Clay, maybe give your view on sort of the broad macro trends. A lot of your peers have made some cuts to their activity levels, bringing down production relative to prior expectations. And I think part of the effort to is to continue to enhance free cash flow. Can you give us a sense of like how you're looking and thinking about the macro? I mean there were no specifically defined cuts related to weaker oil prices. But what would it take for Devon to sort of reevaluate its plan?

克萊，也許您可以就宏觀趨勢發表一下您的看法。許多同行已經削減了他們的活動水平，導致產量低於先前的預期。我認為部分努力就是繼續增強自由現金流。您能否讓我們了解您如何看待和思考宏觀問題？我的意思是，沒有針對油價下跌的具體減產措施。但是德文郡需要怎麼做才能重新評估其計劃呢？

Yeah. Thanks for the question. Very topical today. And certainly, the macro environment is not lost on us. When we first think about the macro and we think about the commodity price and how it affects our investment decisions, we think about things through really kind of 3 lenses. One is the corporate breakeven as we mentioned earlier, $45, including our dividends. That's kind of one test.

是的。謝謝你的提問。今天非常熱門。當然，我們並沒有忽視宏觀環境。當我們第一次思考宏觀問題，思考商品價格及其如何影響我們的投資決策時，我們實際上是透過三種視角來思考問題的。一是我們之前提到的企業損益平衡點，45美元，包括我們的股利。這是一種測試。

We think about the well returns, the economics. But we also think about the operational objectives and the associated distraction of making moves up and down, yo-yoing essentially the activity. All of the operational efficiencies we keep baking in quarter after quarter after quarter are on the back of that consistency. So we don't take changes like that lightly.

我們考慮的是良好的回報和經濟效益。但我們也會考慮營運目標以及隨之而來的上下波動、活動波動所帶來的干擾。我們每季持續提高的營運效率都是建立在這種一致性的基礎上的。所以我們不會輕易接受這樣的改變。

You've seen us gradually move down the rig count in the Delaware Basin 16 projecting going down to 11 with a similar output, and that's incredible efficiency. But as you mentioned, those are operational changes and not really a reaction to the macro.

你已經看到我們逐漸減少了特拉華盆地的鑽機數量，從 16 個預計減少到 11 個，但產量相似，這是令人難以置信的效率。但正如您所提到的，這些都是操作上的變化，而不是對宏觀的反應。

When I think about the macro today, the forward curve is relatively flat relative to the last couple of years, hovering around just under $60. We're watching that. We think about these incremental, these marginal investments really in the 12- to 24-month time frame. And when I look at that curve, it still passes the test.

當我思考今天的宏觀經濟時，遠期曲線相對於過去幾年而言相對平坦，徘徊在 60 美元左右。我們正在關注此事。我們考慮這些增量、這些邊際投資實際上是在 12 到 24 個月的時間範圍內。當我看著那條曲線時，它仍然通過了測試。

But I can tell you, we're very self-aware. We're thinking about what's going on. We understand our flexibility. We reviewed all of our contracts. We have a tremendous amount of flexibility. And I would say we're closer to taking those kind of actions but not quite there.

但我可以告訴你，我們非常有自我意識。我們正在思考到底發生了什麼事。我們了解我們的靈活性。我們審查了所有合約。我們擁有極大的靈活性。我想說我們已經接近採取這種行動，但還沒有完全實現。

I think when market gets a little closer to the low $50s, and we feel like that has some sustainability. I think we'd be more likely to take more aggressive actions addition to the maintenance capital mode that we're in now. As for now, we'll take the operational improvements, accrue that to capital savings, continue to build free cash flow related to that.

我認為，當市場稍微接近 50 美元出頭時，我們會覺得它具有一定的可持續性。我認為，除了我們現在的維護資本模式之外，我們更有可能採取更積極的行動。目前，我們將進行營運改進，將其累積為資本節省，並繼續建立與此相關的自由現金流。

And then again, the business optimization is our incredible focus on driving more and more free cash flow, which we think has a tremendous amount of uplift for the organization and ultimately for the investors and that's on the back of some really focused work by the organization and not yo-yoing them around too much.

再說一次，業務優化是我們高度重視的，旨在推動越來越多的自由現金流，我們認為這將為組織帶來巨大的提升，並最終為投資者帶來巨大的收益，而這建立在組織真正專注的工作之上，而不是讓他們過於搖擺不定。

Appreciate the comment. And I think this one is for Jeff. You all have pegged roughly, what, $200 million, $300 million per quarter on stock buybacks. And obviously, related to everything we were just talking about, a lot of the equities in energy have come down quite a bit, including Devon as well.

感謝您的評論。我認為這一個是給傑夫的。你們都大致估計每季股票回購金額為 2 億到 3 億美元。顯然，與我們剛才談論的一切相關，許多能源股票已經下跌了不少，包括 Devon 的股票。

Given that you're pulling forward some of this optimization value, you've got -- it sounds like very good visibility on achieving it. Does it make sense to maybe step up buybacks a little bit in the near term and utilize some of that free cash flow opportunistically?

鑑於您正在推進部分優化價值，您已經獲得了——聽起來實現這一目標的可見性非常好。在短期內稍微增加回購力道並適時利用部分自由現金流是否有意義？

Yeah, Scott, thanks. I appreciate the question. And yes, we thought a lot about that and do consistently debate that with our Board each quarter based on the macro environment and our broader strategic objectives. At this point, we feel very committed in not changing our game plan.

是的，斯科特，謝謝。我很感謝你提出這個問題。是的，我們對此進行了大量的思考，並且根據宏觀環境和更廣泛的策略目標，每季都會與董事會進行持續的討論。此時，我們決心不改變我們的比賽計劃。

So you're going to continue to see us execute on the $200 million to $300 million range of share repo each quarter. Obviously, the fixed dividend is in place, we expect to grow that annually. And then any incremental free cash flow that comes back to the balance sheet, we're going to use that to bolster our liquidity and then ultimately pay down our debt over time.

因此，您將繼續看到我們每季執行 2 億至 3 億美元的股票回購。顯然，固定股息已經到位，我們預計每年都會成長。然後，我們將使用回到資產負債表的任何增量自由現金流來增強我們的流動性，然後最終隨著時間的推移償還我們的債務。

So no change to our financial framework at this point in time. As Clay said, we're obviously not sticking our head and saying, we're going to watch the market and adjust accordingly. But we feel confident in our approach and don't have any plans to change that at this point.

因此目前我們的財務框架沒有改變。正如克萊所說，我們顯然不會堅持說，我們將觀察市場並做出相應調整。但我們對自己的方法充滿信心，目前沒有任何改變的計畫。

Kalei Akamine, Bank of America.

卡雷‧阿卡明 (Kalei Akamine)，美國銀行。

Hey, good morning, guys. I want to follow up on the Permian Basin. In the first quarter, you had the bulk of the tills in this year's program here in this quarter. And I have to imagine that there's a few Wolfcamp Bs in there. Can you talk about the productivity that you're seeing so far, i.e., how does it compare to Tier 1 zones like the A bench? And are there any noticeable differences in the oil rates in the oil and gas mix?

嘿，大家早安。我想跟進二疊紀盆地的情況。在第一季度，本季度的本年度計劃中的大部分收銀機都在這裡。我必須想像那裡面有幾輛 Wolfcamp B。您能談談目前看到的生產力嗎？例如，與 A 級區域等一級區域相比如何？石油和天然氣組合中的石油價格是否有明顯差異？

Kalei, this is John. What we're seeing right now from the Wolfcamp B is it's fairly consistent with our expectations. What I would tell you about the Wolfcamp B is you see a lot of variability in the oil cut or the oil production throughout the basin. And so when you think about our acreage footprint, we're quite diverse. We've got a step up north in Eddy County, step up north in Lea County.

卡萊伊，這是約翰。我們現在從 Wolfcamp B 看到的情況與我們的預期相當一致。我想告訴你的是，關於 Wolfcamp B，你會看到整個盆地的石油產量或石油產量有很大的變化。因此，當您考慮我們的種植面積時，您會發現我們是相當多樣化的。我們在埃迪縣 (Eddy County) 北部採取了行動，在利亞縣 (Lea County) 北部採取了行動。

You go down to our Stateline area across the border, and you get a little bit different contribution across all those assets. I'd say as you go further to the north, we see quite a bit higher oil cut. You see production characteristics that are more aligned to the Upper Wolfcamp.

當你越過邊境來到我們的州界地區時，你會對所有這些資產獲得略有不同的貢獻。我想說的是，當你進一步往北走時，我們會看到石油產量大幅增加。您會看到生產特徵與 Upper Wolfcamp 更加一致。

And as you go south into the Stateline area, maybe over to our Monument Draw area, you see a little bit gassier type oil contribution, more consistent to a condensate play. But I'd say, overall, what we're seeing, what we're bringing on from an oil standpoint is fairly consistent with our expectations.

當您向南進入 Stateline 地區，也許到達我們的 Monument Draw 地區時，您會看到少量氣態油的貢獻，與凝析油更加一致。但我想說，總的來說，我們所看到的、從石油角度來看我們所取得的成果與我們的預期相當一致。

Got it. I appreciate that color, John. Maybe this one is for Clay. Clay, in your business improvement plan, there's a GP&T piece that you've kind of discussed here on this call. But when you look at your position, particularly in the Delaware, do you see any other opportunities to remove fixed cost on the gathering and transportation side, maybe by buying in certain assets. And whether -- and do you think this could be maybe a good use of the Matterhorn proceeds?

知道了。我很欣賞那個顏色，約翰。也許這個是給克萊的。克萊，在您的業務改進計劃中，有一個 GP&T 部分，您在這次電話會議上已經討論過。但是，當您審視自己的立場時，特別是在特拉華州，您是否看到了其他機會來消除收集和運輸方面的固定成本，也許可以透過購買某些資產來實現。您是否認為這也許是馬特洪峰收益的良好利用方式？

Yeah, I think it's a great question, and I'll go back to the comments around the earlier question about additional midstream actions. What I would say is, look, we're very objective about the value of midstream. And sometimes, it accrues to the positive for us to own those assets. Sometimes, it essentially has served its purpose and it makes sense to liquidate those and redeploy those proceeds into something else.

是的，我認為這是一個很好的問題，我將回到先前關於額外中游行動的問題的評論。我想說的是，看，我們對中游的價值非常客觀。有時，擁有這些資產會為我們帶來正面的影響。有時，它基本上已經達到了目的，將其變現並將收益重新部署到其他領域是有意義的。

With Matterhorn specifically, that's above and beyond. As Jeff mentioned on his prepared remarks, that is not part of our business optimization proceeds. Those are above and beyond, go straight to the balance sheet and then preserve that liquidity for future use.

尤其是馬特洪峰，這已經超出了預期。正如傑夫在他的準備好的發言中提到的那樣，這不是我們業務優化收益的一部分。這些都超出了範圍，直接進入資產負債表，然後保留流動性以備將來使用。

I would say other assets, maybe they become more valuable in someone else's hands. We continue to have those conversations remain objective about all of these midstream assets. And I would tell you at this point, it could go either way from us adding more interest in some of these asset to liquidating as we've done with some of those. So you've seen us kind of see the benefit from both sides of that, and we continue to explore all avenues to create incremental value for our shareholders.

我想說其他資產，也許它們在別人手中會變得更有價值。我們將繼續就所有這些中游資產保持客觀的對話。現在我想告訴你，事情可能會發生兩種情況：一是我們對其中一些資產增加更多興趣，二是像我們對其中一些資產所做的那樣將其清算。所以您已經看到我們從中看到了雙方的好處，我們將繼續探索所有途徑為股東創造增量價值。

John Freeman, Raymond James.

約翰‧弗里曼、雷蒙‧詹姆斯。

Thank you. I like the new presentation format that's in there. I was just looking at slide 4, where you all sort of showed the reinvestment rates you've had the last couple of years have kind of hovered around 60%. And I know in 1Q you got down to 50%.

謝謝。我喜歡其中的新演示格式。我剛剛看了投影片 4，上面顯示過去幾年的再投資率一直徘徊在 60% 左右。我知道在第一季度，這一比例已經下降到了 50%。

But just based on your outlook for the rest of the year at, call it, $60 oil, it looks like it's implying you'll end up with kind of a pretty similar kind of reinvestment rates what you've had the last couple of years, albeit at a more than $10 lower oil price.

但是，僅根據您對今年剩餘時間的展望，假設油價為 60 美元，這似乎意味著您最終將獲得與過去幾年非常相似的再投資利率，儘管油價低了 10 多美元。

And I'm just trying to think about like going forward, like how important the reinvestment rate is when you all come up with budgets. There are some of your peers that kind of target a reinvestment rate to get to their budget. Just maybe if you can kind of speak to that.

我只是試著思考一下，當你們制定預算時，再投資率有多重要。您的一些同行會以再投資率作為目標來實現他們的預算。也許你可以談談這個。

Yeah, John, as you know, a lot goes into that, and it can move pretty dynamically with commodity price, with service costs. Obviously, as we're -- and John's team specifically, trying to drill the very best wells from the opportunities we have, just tweaks on completion design and productivity can also accrue to that as well.

是的，約翰，如你所知，這其中涉及很多因素，而且它會隨著商品價格、服務成本而動態變化。顯然，當我們——特別是約翰的團隊——試圖利用我們擁有的機會鑽出最好的井時，只需對完井設計和生產力進行調整也可以達到相同的效果。

So I think the reinvestment rate is a consideration, but it's not what we goal seek for on the overall budgeting. We keep an eye on that. We watch that. We certainly have an intended objective to stay in this range, but it's not necessarily the singular thing we're focused on when we're talking about capital allocation within the assets.

所以我認為再投資率是一個考慮因素，但這不是我們在整體預算中追求的目標。我們會密切關注此事。我們看著那個。我們當然有保持在這個範圍內的目標，但當我們談論資產內的資本配置時，這並不一定是我們關注的唯一事情。

Understood. And then my follow-up question, you all highlighted during -- in the quarter for Q2, at least, that you're expecting $50 million of capital related to multiple land trades in the Delaware that's going to impact over 30 wells. Just curious if that's like a renewed focus for the company or this is just sort of a one-off or a few things kind of dominant during this upcoming quarter?

明白了。然後我的後續問題是，你們都強調過——至少在第二季度，你們預計將有 5000 萬美元的資金與特拉華州的多處土地交易有關，這將影響到 30 多口油井。我只是好奇這是否意味著公司將重新關注這個問題，還是這只是一次性事件，或者是下一季的幾個主要事件？

Yeah, John, thanks for noting that. I mean this is awesome ground game work by the team. We hope to have more and more of this. This is trades, low-cost bolt-on acquisitions, really focused right ahead of the drill bit.

是的，約翰，謝謝你注意到這一點。我的意思是，這是球隊出色的地面比賽表現。我們希望這樣的事越來越多。這是交易，低成本的附加收購，真正專注於鑽頭前方。

So think of this, we're trading out of something that may be a longer-dated development for us. We're trading into something that we know is right in front of us. We're ready to drill and that has an incredible value creation uplift for us.

所以想想看，我們正在交易一些對我們來說可能是一個長期發展的東西。我們正在交易一些我們知道就在我們眼前的東西。我們已準備好進行鑽探，這將為我們帶來令人難以置信的價值創造提升。

Now the challenge is in doing those trades, it also brings capital with it. And so it's a great point to highlight the $100 million of savings that we're talking about, moving from a midpoint of $3.9 billion to a $3.8 billion is additional to this $50 million that you pointed out from these trades. That's capital that was dragged into this year from some great work that the teams have done.

現在的挑戰在於進行這些交易，它也帶來了資本。因此，強調我們正在談論的 1 億美元節省非常重要，從中間的 39 億美元增加到 38 億美元，這比您從這些交易中指出的 5000 萬美元還要多。這是今年各團隊透過出色的工作累積起來的資本。

And then also remember, as we move faster, we continue to drill faster, complete faster, that would normally bring in additional capital. I would say, in years past, we've taken that -- we've kind of accrued that benefit through the production side. And so without any mitigation steps, that $3.9 billion would have moved to $4.0 billion. And then with that extra $50 million, it would have been $4.50 billion.

然後還要記住，隨著我們行動得更快，我們會繼續更快地鑽探，更快地完成，這通常會帶來額外的資本。我想說，在過去的幾年裡，我們已經透過生產方面獲得了這種利益。因此，如果不採取任何緩解措施，這 39 億美元將會變成 40 億美元。再加上這額外的 5,000 萬美元，總額將達到 45 億美元。

And so what we're doing is we're moving from that point down to a midpoint of $3.8 billion, it's really a change of about $250 million kind of point to point. And so things like that, we will continue to do. We're not always going to be able to do that level of scale but remain very opportunistic. The team is doing a great job of looking for those trades. It brings back the dissolution of the BPX deal.

因此，我們的做法是，從這個點向下移動到 38 億美元的中點，這實際上是一個大約 2.5 億美元的變化。我們會繼續做這樣的事情。我們並不總是能夠達到這種規模，但仍然會抓住機會。該團隊在尋找這些交易方面做得很好。這導致 BPX 交易再次解散。

That's $0 out the door, something we've been working on for a very long time, but accrues to a huge amount of value creation for the organization. We're looking for all of those things. And that could be in the form of midstream. It could be in the form of asset trades or a number of things.

這是零成本，這是我們長期以來致力於實現的目標，但卻為組織創造了巨大的價值。我們正在尋找所有這些東西。這可能是中游的形式。它可以採取資產交易或其他形式。

This is what the business optimization is really on the back of kind of where do we create value from all facets of the organization. And I can tell you, it's really empowering to the organization. There's a lot of excitement around the organization from North Dakota to South Texas in a singular goal really being focused and we're seeing a lot of momentum from this.

這就是業務優化的真正基礎，即我們如何從組織的各個方面創造價值。我可以告訴你，這確實增強了組織的力量。從北達科他州到南德克薩斯州，整個組織都為實現一個共同目標而興奮不已，我們也從中看到了巨大的發展勢頭。

Betty Jiang, Barclays.

巴克萊銀行的 Betty Jiang。

Good morning. Thank you for taking my question. I want to go back to the cost optimization and maybe ask differently that there are just many moving pieces that manifest in the financials. But it's clear that the benefit is going to accrue to a lower CapEx number.

早安.感謝您回答我的問題。我想回到成本優化問題，也許換個角度問，財務上有很多變動因素。但很明顯，收益將累積到較低的資本支出金額。

Between the efficiency gains, the production optimization and maybe any leading-edge cost deflation that you're seeing in the market, how much could we see maintenance CapEx coming down over the next couple of years?

在效率提高、生產優化以及您在市場上看到的任何前沿成本縮減之間，我們可以看到未來幾年維護資本支出下降多少？

Yeah. Let me start that and then I'll hand it over to Jeff to give you a little bit more color. One, I appreciate the acknowledgment of these many moving parts, one of the things in Jeff's prepared remarks that he said, I just want to underscore once more, we could be entering a period of deflation given rig drops and the macro environment. Those deflationary benefits that will accrue to free cash flow and accrue to our bottom line are not counted in business optimization project. They will be in addition to.

是的。讓我先開始，然後我會把它交給傑夫，讓他給你更多的細節。首先，我很欣賞對這些眾多活動部件的承認，傑夫在準備好的發言中說過，我只想再次強調，考慮到鑽井數量下降和宏觀環境，我們可能正在進入通貨緊縮時期。那些將累積到自由現金流併計入我們底線的通貨緊縮收益不計入業務優化項目。它們將會是附加的。

And so our goal going forward on a quarterly basis will be an attempt to update the investors on this progress trying to separate all of the moving parts, commodity price and inflation, deflation and all these other things, but it's our commitment to you to make sure that you know this is above and beyond.

因此，我們今後每個季度的目標都是嘗試向投資者通報這一進展，試圖將所有變動因素、商品價格和通貨膨脹、通貨緊縮以及所有其他因素分開，但我們向您承諾，確保您知道這超出了我們的預期。

We run this at a base mid-cycle price stack at the beginning of -- at the guidance we provided, the '25 base plan and then these other changes above and beyond that, one, will either fall into the business development or in the case of a deflationary benefit, that's separate and apart. Jeff, other comments?

我們在開始時以基本中期週期價格堆疊運行這個 - 按照我們提供的指導，'25 基本計劃，然後除此之外的其他變化，要么會落入業務發展，要么在通貨緊縮效益的情況下，這是分開的。傑夫，還有其他評論嗎？

Yeah. Betty, I would try to put it as simply as this. We've got a base level 2025 baseline guide today of $3.8 billion. When you put together capital efficiency and some of the corporate capital costs that we've highlighted in our business optimization plan, you get down to a maintenance number closer to kind of $3 million, $4.5 million, right, as it relates to the go-forward maintenance capital for the company.

是的。貝蒂，我盡量這樣簡單地說。我們今天得到的基準水準是 2025 年 38 億美元。當您將資本效率和我們在業務優化計劃中強調的一些企業資本成本放在一起時，您會發現維護數字接近 300 萬美元或 450 萬美元，因為這與公司未來的維護資本有關。

That's when you fast forward to 2027, obviously, after we've done all this work and executed and delivered on these efficiencies. But that's the kind of number that we're looking at and driving towards as we execute on this business optimization work and ultimately expect, all things being equal, right, when we fast forward to 2027, that would be the kind of maintenance capital profile that we'd look to be delivering on going forward.

顯然，那時我們將快進到 2027 年，那時我們已經完成了所有這些工作，並執行和實現了這些效率。但這就是我們在執行業務優化工作時所關注和努力實現的數字，最終預期，在所有條件相同的情況下，當我們快進到 2027 年時，這將是我們希望在未來實現的維護資本狀況。

All this effort around our business optimization is focused on driving that breakeven that we talk about a lot lower in our business, right? And so at the end of the day, that's got to manifest in a lower maintenance capital level for us going forward. And so that's how we're thinking about it.

我們圍繞業務優化所做的所有努力都集中在降低我們業務中所說的損益平衡點上，對嗎？因此，最終，這將體現為我們未來維護資本水準的降低。這就是我們的想法。

And one other thing I would just add to that, when you lower that breakeven and you're not drawing on that portfolio quite as hard, in effect, the side benefit is you extend that portfolio even further. So again, lots of business opportunities. We are very focused on this.

我還要補充一點，當你降低損益平衡點並且不再那麼依賴投資組合時，實際上，附帶的好處是你可以進一步擴大投資組合。所以，再次強調，有很多商機。我們非常關注這一點。

As I said, the organization is really fired up. There's so many additional benefits that the people sitting around this table are not going to -- can't see today and can't even predict. And that's where I get most excited is what the -- when the organization just organically is wanting to be part of that embracing technology, driving efficiencies, accruing that to value either through production or lower cost structure, ultimately driving our maintenance capital down and as a side benefit, continuing to benefit our portfolio and extend the runway on it.

正如我所說，該組織確實很活躍。還有這麼多額外的好處，是坐在這張桌子旁的人們今天無法預見甚至無法預測的。而這正是我最興奮的地方——當組織自然而然地想要成為擁抱技術的一部分時，提高效率，透過生產或降低成本結構來累積價值，最終降低我們的維護資本，並作為附帶好處，繼續使我們的投資組合受益並延長其跑道。

Great. No, that's super helpful. I appreciate all that color. And I understand the cost, the service cost deflation is really incremental. Maybe on my follow-up, Clay, you mentioned earlier that you're not looking to take more aggressive action unless prices go to the low $50s.

偉大的。不，這非常有幫助。我很欣賞所有這些顏色。我了解成本，服務成本的通貨緊縮確實是漸進的。克萊，也許在我的後續問題中，您之前提到過，除非價格跌至 50 美元以下，否則您不會採取更積極的行動。

And just acknowledging the momentum that you're seeing across all the basins, Permian, you're doing really well on efficiencies, you go for with the dissolution of the JV. Where -- which asset do you think has more flexibility to slow down? And I know it might be a more difficult question to answer right now but would love to get some color on how you think about it.

並且只要承認你在所有盆地中看到的勢頭，二疊紀盆地的效率就做得很好，你就會在合資企業的解散中繼續前進。您認為哪一種資產具有更大的放緩彈性？我知道現在回答這個問題可能比較困難，但我很想了解您對此的看法。

Well, Betty, I appreciate the question. I was -- I talked about the three lenses and how we think about -- how are we investing, at what level do we invest, how do we allocate that capital amongst our businesses. And I'll give you an interesting kind of parallel. So in the Powder River Basin, it's some of the most challenging economics. Objectively, it's just earlier in its development.

好吧，貝蒂，我很感謝你的提問。我談到了這三個角度以及我們如何思考——我們如何投資，我們在什麼水平上投資，我們如何在我們的業務之間分配這些資本。我會給你一個有趣的例子。因此，在粉紅河盆地，這是最具挑戰性的經濟問題之一。客觀來說，它只是發展較早而已。

We're still working on driving down cost structure, increasing the productivity and the consistency, which we're seeing a lot of wins. That operational momentum that we've generated over the last few years has been on the back of one rig, okay?

我們仍在努力降低成本結構、提高生產力和一致性，並且已經看到了許多成果。我們過去幾年所創造的營運動能都是依靠一台鑽孔機，對吧？

That is an area that probably, even though it's the most challenging on the single well rate of return state-of-the-art today, probably has the most upside potential from value creation for continuing to invest and assessing and understanding and really leveraging that incredible footprint that we have.

儘管這是當今單井回報率最具挑戰性的領域，但透過繼續投資、評估、理解和真正利用我們擁有的令人難以置信的足跡，它可能具有最大的價值創造上升潛力。

So there's a little bit of resistance to hold back on that. I can tell you, when you get into the low $50s, everything is again on the table. We need to make sure that we're doing the right thing for the organization. Contrast that with our highest rate of return in the Delaware Basin, you've seen us actually lower and flex the operations on it because we have the ability, the scale delivers to drop rigs, take a little bit more of a slower pace on some of the frac holidays that we're going to be baking in. And that allows us to deliver incredible productivity for our crown jewel asset and do it in a paced way that extends that inventory even longer.

因此，對此存在一些阻力。我可以告訴你，當價格跌至 50 美元出頭時，一切又都擺在桌面上了。我們需要確保我們所做的事情對組織有利。與我們在特拉華盆地的最高回報率形成對比的是，您會看到我們實際上降低並靈活地開展業務，因為我們有能力、有規模來放棄鑽機，在我們將要經歷的一些壓裂假期中放慢速度。這使我們能夠為我們的皇冠寶石資產提供令人難以置信的生產力，並以有節奏的方式進一步延長庫存。

So it is a complicated answer. What I would say is we'll continue to evaluate. We have lots of options. We don't have -- from years in the past, we're thinking about other burdens that we might have experienced a decade ago around long-term rig contracts or minimum volume commitments on pipes or trying to hold lease positions together. We're not burdened by any of that.

所以這是一個複雜的答案。我想說的是，我們會繼續評估。我們有很多選擇。我們沒有——從過去幾年來看，我們正在考慮十年前可能遇到的其他負擔，包括長期鑽機合約或管道最低產量承諾，或試圖保持租賃地位。我們並沒有受到任何這些因素的負擔。

So we have a tremendous amount of flexibility. We're very objective about this. But we're also very thoughtful about the costs and the consequences to the operational improvements that we're making. And right now, we're really focused on driving the value through that lens.

因此我們擁有極大的靈活性。我們對此非常客觀。但我們也非常認真地考慮了我們正在進行的營運改善的成本和後果。現在，我們真正專注於透過這種方式來推動價值。

Kevin MacCurdy, Pickering Energy Partners.

麥柯迪（Kevin MacCurdy），皮克林能源合夥公司（Pickering Energy Partners）。

od morning, team. You kind of touched on this earlier, but just to confirm, you've lowered your average rig count in the Delaware from 14 to about 12 this year. Your turn-in-line count is still the same. Will that have any impact to your wells in progress at the end of the year or your ability to grow in 2026?

早上好，團隊。您之前提到過這一點，但需要確認的是，今年您已將特拉華州的平均鑽井數量從 14 個降低到 12 個左右。您的排隊計數仍然相同。這會對您年底興建中的油井或 2026 年的成長能力產生影響嗎？

We're very thoughtful about looking ahead to '26 and any actions we take in '25. Clearly, the spuds that we have for the balance of the year, essentially all of the value accrues to '26. So to hit the question on the head, we are not sacrificing '26 productivity. We're doing this in a consistent approach. We're thinking about what maintenance capital looks like, continuing to invest in that.

我們非常認真地展望 26 年以及 25 年所採取的任何行動。顯然，我們今年剩下的馬鈴薯的價值基本上全部累積到了 26 年。所以，直截了當地說，我們並沒有犧牲 26 年的生產力。我們正以一致的方式做這件事。我們正在考慮維護資本是什麼樣子，並繼續投資。

And when we wind back, the graphic actually shows not too long ago, we were running 16 rigs. Beginning of the year, we were 14. And we expect to get to 11 rigs on the back of the same amount of productivity output.

當我們回顧時，圖表實際上顯示不久前我們還在運行 16 個鑽孔機。年初的時候，我們14歲。我們預計在同樣的生產力產出下，鑽孔機數量將達到 11 台。

So that accrues in a few different ways. We're drilling faster, much more efficiently. We've got the efficiency of the lateral length, how much productive lateral length we have. And then also the productivity of the wells continue to accrue to the upside. Some of the great work that John's team is doing understanding that subsurface is highly valuable and critical. And that's where we create a tremendous amount of value that's hard to put into a graphic form, but we're continuing to see the benefit there.

因此，這會以幾種不同的方式累積。我們的鑽探速度更快、效率更高。我們已經知道了橫向長度的效率，以及我們有多少生產性的橫向長度。而且油井的生產力也持續上升。約翰的團隊所做的一些偉大工作對地下水的理解具有極高的價值和關鍵性。這就是我們創造的巨大價值，很難用圖形形式表達，但我們仍在繼續看到其中的好處。

Great. I appreciate the clarification on that. And as a follow-up, as you look out on your portfolio, if oil prices continue to lag and gas stays strong, are there any areas where you would consider shifting activity towards or away from just given commodity mix?

偉大的。我很感謝對此的澄清。接下來，當您審視自己的投資組合時，如果油價繼續落後而天然氣保持強勁，您是否會考慮將活動轉向或轉向給定的商品組合？

Yeah. We're always taking that consideration. We're pretty agnostic on where we create value being which basin, which commodity. And as the commodities move, you could even have inflation or deflation present in one basin relative to another. We certainly take all of that into account and regularly, essentially on a monthly basis, look to how we make those adjustments.

是的。我們始終在考慮這一點。我們不太清楚在哪個盆地、哪種商品上創造價值。隨著大宗商品的波動，一個地區相對於另一個地區甚至可能出現通膨或通貨緊縮。我們當然會考慮到所有這些因素，並且會定期（基本上是每月）研究如何進行這些調整。

Again, with the thinking in mind that we don't want to chase false positives or yo-yo the organization. Just in the last 24 months, we've seen all forms of commodity price front month, contango, backwardation, and we've refused to kind of chase the false positive. This feels a little different. There's a lot more stickiness. There's probably a compounding effect of the headwinds. And so I would consider us on -- essentially on high alert in regards to where commodity price is heading.

再次強調，我們不想追逐誤報或擾亂組織。僅在過去的 24 個月中，我們就見證了各種形式的商品價格近月價差、期貨溢價和現貨溢價，而我們拒絕追逐假陽性。這感覺有點不同。黏性更強。逆風可能會產生複合效應。因此，我認為我們應該高度警惕大宗商品價格的走向。

Again, you're starting to see a flat curve kind of reinforcing that this could be a little bit lower for longer. Again, we have the capabilities to step down activity, consider us on high alert at this point.

再次，你開始看到一種平坦的曲線，這進一步表明這種趨勢可能會在較長時間內保持較低水平。再次強調，我們有能力減少活動，請考慮我們目前處於高度戒備狀態。

Matthew Portillo, TPH.

馬修·波蒂略，TPH。

Good morning, all. I just wanted to unpack your capital allocation in the Rockies a bit. Looking at the program this year, I think the plan calls for about 70 to 75 gross wells in the Bakken. And in our math, that would probably translate to around $650 million to $700 million of capital. I was curious if that's a good number to think about for your Bakken program in 2025. And if you've been able to make any additional cost outs on the program since taking over the Grayson asset.

大家早安。我只是想稍微分析一下你在洛磯山脈的資本配置。從今年的計劃來看，我認為該計劃要求在巴肯地區鑽探約 70 至 75 口井。根據我們的計算，這可能相當於 6.5 億至 7 億美元的資本。我很好奇，對於您 2025 年的巴肯計劃來說，這是否是一個值得考慮的好數字。自從接管格雷森資產以來，您是否能夠在該計劃上做出任何額外的成本支出？

Yeah, Matthew, this is John. I think those numbers are still good. We're -- for total Rockies, we're targeting 80 to 90 wells. You're about right on what that's going to mean for the Williston Basin specifically. I'd say specific to Grayson, that integration continues to go great.

是的，馬修，這是約翰。我認為這些數字仍然不錯。我們的目標是在整個落基山脈地區開採 80 至 90 口油井。您對這對威利斯頓盆地的具體意義的理解基本上是正確。我想說的是，具體到格雷森，這種整合正在持續順利進行中。

We're continuing to see the synergies there, whether it be from refracs to all the way to infrastructure and facilities. We've talked about a $600,000 a well synergy there, I think, since the beginning.

我們將繼續看到那裡的協同效應，無論是從重複壓裂到基礎設施和設施。我認為，從一開始我們就談論過每口井 60 萬美元的協同效應。

I've got Tom Hellman sitting next to me. And I think it's a good opportunity for him to talk about some of the ongoing improvements that we've seen through the first quarter that might help you give a little bit better view of what's going on there.

湯姆·赫爾曼坐在我旁邊。我認為這對他來說是一個很好的機會，可以讓他談談我們在第一季看到的一些持續改進，這可能有助於您更好地了解那裡正在發生的事情。

Yeah. Matthew, this is Tom. Drilling pace actually is up an additional 19% to the plan and drill costs are down now 15%. We also have completion costs down an additional 8%. And so as John said, on a per-well basis, we're talking about an additional $600,000 to the plan.

是的。馬修，這是湯姆。鑽井速度實際上比計劃提高了 19%，而鑽井成本則下降了 15%。我們的完工成本也降低了 8%。正如約翰所說，以每口井計算，我們正在討論為該計劃額外投入 60 萬美元。

And a lot of that's just really pushing the ROPs, working with Trey's data and some real-time data, getting some record wells in the ground. And on the completion side, we've gone to full simul-frac and actually did a complete relook at the completion design, and we went to 100 mesh and self-sourcing that. So there was substantial savings on the completion side as well.

其中許多只是真正推動 ROP，利用 Trey 的數據和一些即時數據，在地下獲得一些記錄井。在完井方面，我們已經完全實現了同步壓裂，並且對完井設計進行了徹底的重新審視，我們採用了 100 目網格並自行採購。因此在完成方面也節省了大量資金。

Great. And then as my follow-up, I think the program for the full year in the Rockies was about $1 billion. That seems to leave about $300 million for the Powder on, call it, 15 to 20 wells. I was curious if you might be able to just help us understand what might be driving the elevated capital in the play this year. And is that potentially a lever you could pull down into 2026 to improve your corporate capital efficiency until the macro environment improves?

偉大的。然後作為我的後續問題，我認為落基山脈全年的項目投入約為 10 億美元。看來，還剩下大約 3 億美元用於 Powder 項目，也就是 15 到 20 口井。我很好奇您是否可以幫助我們了解今年推動該劇資本上漲的因素是什麼。這是否有可能成為您在 2026 年可以利用的槓桿，以提高企業資本效率，直到宏觀環境改善？

Yeah, Matt, I think my answer is going to be pretty consistent with what Clay talked about there. That Powder program this year at roughly 15 wells is entirely focused on the Niobrara. And so Clay talked about it being early innings in the play. Clay talked about there being significant upside in the play. And so any kind of relative change in capital you've seen probably relates to that program being 100% focused on the Niobrara.

是的，馬特，我認為我的回答與克萊所說的非常一致。今年的 Powder 計畫大約涉及 15 口井，全部集中在尼奧布拉勒。因此克萊談到了比賽的早期階段。克萊表示，該劇還有很大的進步空間。因此，您所看到的任何資本相對變化可能都與該計劃 100% 專注於尼奧布拉勒有關。

And so with that, our objectives are pretty clear. We've got a little bit of appraisal work that we're doing to see if we can improve the productivity of those wells. But suffice it to say, we're also working with our consistent program to drive down cost, and we've seen some really good benefits there. Obviously, what we see this year and as what Clay said on the macro, we'll have to look and see next year, but those are our strategic objectives at least for that program.

因此，我們的目標非常明確。我們正在做一些評估工作，看看是否可以提高這些油井的生產力。但可以說，我們也在努力實施一致的計劃來降低成本，我們已經看到了一些非常好的好處。顯然，我們今年看到的情況以及克萊在宏觀上所說的情況，我們必須關註明年的情況，但這些至少是該計劃的戰略目標。

And Matt, we're going to have to follow up with you. We're not getting the same math on a per well that you were kind of pointing to. So we'll follow up with you after the call. I think roughly, we're about $12 million or so per well. That's on an 8 days basis.

馬特，我們將跟進你的情況。我們沒有得到您所指出的關於每口井的相同計算結果。因此我們會在通話結束後與您聯繫。我粗略地估計，每口井的成本大約是 1200 萬美元左右。這是以 8 天為基礎的。

That's down from 15. And we have a line of sight vision to 11 and below. My personal line of sight is below 10, just to let the teams know. And so we'll continue to work that direction, but that's on the back of a lot of great work from the organization, continuing to drive efficiencies, record-setting wells. Tom, what's the latest?

從 15 下降了。我們的視線可以達到 11 及以下。我個人的視線低於 10，只是為了讓團隊知道。因此，我們將繼續朝著這個方向努力，但這建立在該組織的大量出色工作的基礎之上，繼續提高效率，創下紀錄。湯姆，有什麼最新狀況嗎？

$116 a foot.

每英尺 116 美元。

And what does that translate into days for a 3-mile well?

那麼對於一口 3 英里深的井來說，這意味著多少天呢？

9 or 10 days.

9或10天。

9- or 10-day 3-mile wells in the Niobrara, right about that one. That one is -- that's pretty impressive. And again, more to come on that from a completion cost. It's a light infrastructure. We have very little localized infrastructure.

尼奧布拉勒的 3 英里深的油井需要 9 天或 10 天才能鑽完，差不多就是這樣。那是——相當令人印象深刻。再次強調，關於完成成本還有更多內容。這是一種輕型基礎設施。我們的本地化基礎設施非常少。

So we're doing things like investing in a sand mine so we can get our local cost down. We've built a recycle facility so we dispose of no water in the basin. All of that goes back to -- back into frac water for the wells.

因此，我們正在採取投資沙礦等措施，以降低當地成本。我們建造了一個回收設施，因此我們不會將水排放到盆地。所有這些都將回歸到油井的壓裂水中。

Some of that cost money upfront. I'm sure that some of that will be baked into these numbers you're talking about, but excited about where we go from here. And again, tremendous asset with lots of running room, continue to run that, but everything is on the table as we move into a more distressed environment.

其中一些需要預先花錢。我確信其中一些內容將體現在您談論的這些數字中，但我對我們接下來的發展方向感到興奮。再次強調，巨大的資產擁有很大的運作空間，繼續運作下去，但隨著我們進入一個更困難的環境，一切都擺在桌面上。

Those are all the questions we have time for today. And so I'll turn the call back over to Rosy for closing remarks.

這些就是我們今天有時間討論的所有問題。因此我將把電話轉回給 Rosy 做最後發言。

Thank you for your participation in our call today and your interest in Devon. If you have additional questions, Chris and I are available, so please give us a call.

感謝您今天參加我們的電話會議以及對德文郡的關注。如果您還有其他問題，請與 Chris 和我聯繫，請致電。

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

感謝大家今天的參與。我們的通話到此結束，您可以掛斷電話了。