德文能源 (DVN) 2025 Q2 法說會逐字稿

Welcome to Devon Energy's second-quarter 2025 conference call. (Operator Instructions) This call is being recorded.

歡迎參加 Devon Energy 2025 年第二季電話會議。（操作員指示）此通話正在錄音。

I'd now like to turn the call over to Mrs. Rosy Zuklic, Vice President of Investor Relations. You may begin.

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 second-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 investor 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 的第二季財報和簡報資料。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.

今天參加電話會議的還有總裁兼執行長 Clay Gaspar、財務長 Jeff Ritenour、資產管理資深副總裁 John Raines、E&P 營運資深副總裁 Tom Hellman 和技術資深副總裁兼技術長 Trey Lowe。

As a reminder, this conference call will include forward-looking statements as defined under US securities law. 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.

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。

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

說完這些，我會把電話轉給克萊。

Thank you, Rosy. Good morning, everyone. Thank you for joining us today. Devon delivered another quarter of production outperformance capital reduction, and improved 2025 outlook, driven by our unwavering commitment to operational excellence and financial discipline. Our strategic priorities on slide 3 remain steadfast. Operational excellence, advantaged asset portfolio, maintaining financial strength, delivering value to shareholders, and cultivating a culture to succeed.

謝謝你，Rosy。大家早安。感謝您今天加入我們。在我們對卓越營運和財務紀律的堅定承諾的推動下，德文郡再次實現了生產超額完成、資本削減，並改善了 2025 年的前景。投影片 3 中我們的策略重點仍堅定不移。卓越營運、優勢資產組合、維持財務實力、為股東創造價值、培養成功文化。

Amid market volatility, our veteran leadership team is not distracted by the headline or tweet du jour. We keep our eyes focused on the larger macro signals, and we've guided our teams to energy towards controlling the controllables. As you will hear, during the quarter, we avoided the distractions and have made significant progress towards our business optimization goals of making Devon a more efficient value-creation machine.

在市場波動的情況下，我們經驗豐富的領導團隊不會被當天的頭條新聞或推文所分散注意力。我們始終專注於更大的宏觀訊號，並引導我們的團隊集中精力控制可控因素。正如您所聽到的，在本季度，我們避免了乾擾，並在業務優化目標方面取得了重大進展，使 Devon 成為更有效率的價值創造機器。

Our optimization plan will create an incremental $1 billion of annual free cash flow by the end of next year. While cost cutting is part of the strategy, our focus is on driving value to the bottom line. Many of the wins are tied to production enhancements, inciting a culture of continuous improvement, and a heavy dose of technology. Only four months into this initiative, our team has already captured 40% of our target.

我們的優化計畫將在明年年底前創造每年10億美元的增量自由現金流。雖然削減成本是策略的一部分，但我們的重點是提高利潤價值。許多勝利都與生產改進、激發持續改進的文化和大量的技術有關。該計劃實施僅四個月，我們的團隊就已經實現了 40% 的目標。

As I sit here today, I'm highly confident in our ability to achieve our $1 billion target on time and, as a result, create significant and sustainable value for our shareholders. Consistent with our strategy to enhance our asset portfolio, we completed the sale of the Matterhorn pipeline in Q2. Then on August 1, we acquired the remaining non-controlling interest in Cotton Draw Midstream. These transactions are value-enhancing and strengthen our financial position to support future growth. By optimizing our midstream holding, these deals bolster our E&P operations and give us long-term value creation for our shareholders.

今天我坐在這裡，我對我們按時實現 10 億美元的目標並最終為股東創造重大且可持續的價值充滿信心。按照我們增強資產組合的策略，我們在第二季完成了馬特洪峰管道的出售。隨後在 8 月 1 日，我們收購了 Cotton Draw Midstream 剩餘的非控制權益。這些交易提高了價值並增強了我們的財務狀況以支持未來的成長。透過優化我們的中游控股，這些交易增強了我們的勘探與生產業務，並為我們的股東創造了長期價值。

Let's turn to slide 4 and discuss our quarterly highlights. The second quarter demonstrated the strength of our capital program and diversified portfolio. As I mentioned, our second-quarter production exceeded the top end of our guidance These results were driven by our franchise asset, the Delaware Basin, and strong performance across our other assets. Continued efficiency gains and effective supply chain management allowed us to outperform expectations with capital spending coming in 7% below guidance.

讓我們翻到幻燈片 4，討論一下我們的季度亮點。第二季展現了我們的資本計畫和多元化投資組合的實力。正如我所提到的，我們第二季度的產量超出了預期的最高水平，這些結果得益於我們的特許經營資產特拉華盆地以及我們其他資產的強勁表現。持續的效率提升和有效的供應鏈管理使我們的業績超出預期，資本支出比預期低 7%。

The impressive performance on both capital and production generated significant Q2 free cash flow of $589 million and further strengthened our financial foundation. Approximately 70% of the free cash flow was returned to shareholders via dividends and share repurchases, underscoring our reinvestment strategy and commitment to delivering meaningful long-term shareholder returns.

資本和生產方面的出色表現產生了 5.89 億美元的第二季度自由現金流，進一步增強了我們的財務基礎。約 70% 的自由現金流透過股利和股票回購返還給股東，凸顯了我們的再投資策略和致力於實現有意義的長期股東回報的承諾。

Let's take a closer look at some of our operational metrics. Slide 5 showcases the significant operational efficiencies we are achieving across our portfolio. In the Delaware, our teams have continued to push the envelope in both drilling and completions. By leveraging our existing -- excuse me, our extensive data streams and our proprietary in-frac and in-drill AI agents, we're able to capture operational enhancements in real-time and drive efficiency in our critical operations.

讓我們仔細看看我們的一些營運指標。投影片 5 展示了我們在整個產品組合中實現的顯著營運效率。在德拉瓦州，我們的團隊在鑽井和完井方面不斷突破極限。透過利用我們現有的——對不起，我們的廣泛數據流和我們專有的壓裂和鑽探 AI 代理，我們能夠即時捕捉營運增強並提高關鍵營運的效率。

And parallel to this real-time operational assistance, we're also leveraging design improvements, simul-frac implementation, and relentless focus on safety and execution. These enhancements have resulted in another 12% year-over-year improvement in drilling costs and a 15% improvement in completion costs. These are not just one-time gains. They reflect the ongoing commitment of our teams to drive meaningful, long-term improvements in how we operate.

除了提供即時營運援助之外，我們還在利用設計改進、同步壓裂實施以及對安全和執行的持續關注。這些改進使鑽井成本年減了 12%，完井成本下降了 15%。這些不僅僅是一次性的收益。它們體現了我們團隊對推動營運方式有意義的長期改善的持續承諾。

We are seeing similar momentum in the Williston, where our innovative approach has delivered $1 million in savings per well since the Grayson Mill acquisition last year. We've reduced total well costs through design enhancements, improved drilling and completion practices, and by leveraging technology. Finally, in the Eagle Ford, I'm pleased to report that we've fully captured the $2.7 million in savings per well that we set out to achieve as part of the dissolution of the JV in April. Overall, the operational highlights demonstrate how our teams are continuously seeking new ways to drive efficiency and deliver value.

我們在威利斯頓也看到了類似的勢頭，自去年收購格雷森磨坊以來，我們的創新方法已為每口井節省了 100 萬美元。我們透過改進設計、改進鑽井和完井實踐以及利用技術降低了總井成本。最後，在 Eagle Ford，我很高興地報告，我們已完全實現了 4 月合資公司解散時設定的每口井 270 萬美元的節省目標。總體而言，營運亮點表明我們的團隊如何不斷尋求新方法來提高效率和創造價值。

Let's turn to slide 6. You can see how these operational improvements are driving real capital efficiency gains. Since November, we've reduced our 2025 capital guidance by 10% or $400 million. We've achieved these capital reductions while regularly increasing our next quarter production guide and maintaining a strong 2026 production outlook. This outcome is a direct result of disciplined capital allocation, ongoing operational improvements, and importantly, our commitment to leveraging technology across the business.

讓我們翻到第 6 張投影片。您可以看到這些營運改善如何推動真正的資本效率提升。自 11 月以來，我們已將 2025 年資本指引減少了 10%，即 4 億美元。我們實現了這些資本削減，同時定期增加下一季的生產指南並保持強勁的 2026 年生產前景。這項成果直接歸功於嚴格的資本配置、持續的營運改進，更重要的是，我們致力於在整個業務中利用技術。

Our proprietary AI tools, agents, and models are embedded throughout our operations, from drilling and completions to real-time production optimization. These technologies enable us to quickly source and analyze vast amounts of data, make informed decisions faster, and continuously refine our workflows.

我們的專有 AI 工具、代理商和模型已嵌入我們的整個營運過程，從鑽井和完井到即時生產最佳化。這些技術使我們能夠快速獲取和分析大量數據，更快地做出明智的決策，並不斷改善我們的工作流程。

As I mentioned before, we're not just cutting costs. We're optimizing well performance, reducing cycle times, and streamlining field operations, all while delivering production performance and strengthening our financial position. These are sustainable, structural gains that will translate into more efficient capital deployment, stronger free cash flow, and long-term value.

正如我之前提到的，我們不只是削減成本。我們正在優化油井性能、縮短週期時間並簡化現場操作，同時提高生產性能並加強我們的財務狀況。這些是可持續的結構性收益，將轉化為更有效的資本配置、更強勁的自由現金流和長期價值。

With that, I'll hand the call over to Jeff.

說完這些，我就把電話交給傑夫。

Thanks, Clay. Turning to slide 7, where we highlight another quarter of strong financial performance for Devon, in the second quarter, we delivered core earnings of $0.84 per share, EBITDAX of $1.8 billion, and operating cash flow of $1.5 billion.

謝謝，克萊。轉到幻燈片 7，我們重點介紹了 Devon 另一個季度的強勁財務業績，在第二季度，我們實現的核心收益為每股 0.84 美元，EBITDAX 為 18 億美元，經營現金流為 15 億美元。

After funding our capital requirements, we generated $589 million in free cash flow. This was driven by production exceeding the top end of our guidance, reflecting the excellent operating performance highlighted by Clay, disciplined capital investment resulting in a 7% outperformance versus expectations, and production cost improving 5% from the prior period due to reduced downtime, lower workover expenses, and lower production taxes.

在滿足我們的資本需求後，我們產生了 5.89 億美元的自由現金流。這是由於產量超出了我們預期的最高值，反映了 Clay 強調的出色營運業績，嚴格的資本投資導致業績超出預期 7%，並且由於停機時間減少、修井費用降低和生產稅降低，生產成本較上一時期提高了 5%。

In addition to strong organic free cash flow, we closed the $372 million divestiture of our equity interest in the Matterhorn pipeline, resulting in $307 million pre-tax gain. With the associated taxes from this divestiture, our current tax rate was approximately 21% for the quarter above our recent run rate. With this robust cash generation, we delivered significant value to shareholders, paying $156 million in dividends and allocating $249 million to share repurchases. We remain firmly committed to our capital allocation framework, balancing high return investments with substantial cash returns to shareholders.

除了強勁的有機自由現金流外，我們還完成了價值 3.72 億美元的馬特洪峰管道股權剝離，獲得了 3.07 億美元的稅前收益。加上此次資產剝離的相關稅費，我們本季的當前稅率比近期的稅率高出約 21%。憑藉強勁的現金創造能力，我們為股東創造了巨大的價值，支付了 1.56 億美元的股息，並撥出 2.49 億美元用於股票回購。我們始終堅定地致力於我們的資本配置框架，平衡高回報投資和股東的大量現金回報。

Moving to slide 8, our financial strength and liquidity position remain a clear differentiator for Devon. We exited the quarter with $4.8 billion in total liquidity, including $1.8 billion in cash on hand. Our net debt to EBITDAX ratio improved to 0.9 times, reflecting our ongoing focus on maintaining a strong balance sheet. Our $2.5 billion debt reduction plan is progressing well, with $500 million already retired.

轉到投影片 8，我們的財務實力和流動性狀況仍然是 Devon 的明顯差異化因素。本季末，我們的總流動資金為 48 億美元，其中包括 18 億美元的現金。我們的淨債務與 EBITDAX 比率改善至 0.9 倍，反映出我們持續致力於維持強勁的資產負債表。我們的25億美元債務削減計畫進展順利，其中5億美元已經償還。

Additionally, we plan to accelerate the retirement of our $485 million senior notes maturing in December. Taking advantage of the no-penalty call option, we've elected to retire these notes in September, one quarter earlier than originally planned, saving $7 million in interest expense in 2025.

此外，我們計劃加速償還12月份到期的4.85億美元優先票據。利用無罰款買權，我們選擇在 9 月贖回這些票據，比原計劃提前一個季度，從而節省了 2025 年 700 萬美元的利息支出。

Another differentiator for Devon is our success on the midstream and marketing front. After quarter end, we acquired all outstanding non-controlling interest in Cotton Draw Midstream for $260 million. This transaction gives us 100% ownership of the asset and full access to its cash flows, resulting in savings of over $50 million in projected annual distributions that would have been paid to our partner. These savings are incremental to our $1 billion business optimization plan announced earlier in the year, further improving our multi-year cash inflows.

德文郡的另一個優點是我們在中游和行銷方面的成功。季度末之後，我們以 2.6 億美元收購了 Cotton Draw Midstream 的所有未償非控制權益。這筆交易使我們擁有該資產的 100% 所有權以及對其現金流的完全使用權，從而節省了原本要支付給我們合作夥伴的預計年度分配金額 5000 多萬美元。這些節省是我們今年稍早宣布的 10 億美元業務優化計畫的增量，進一步改善了我們的多年現金流入。

Full ownership of Cotton Draw Midstream strengthens our competitive position in the basin and supports future growth in one of our most prolific areas. Alongside the Matterhorn pipeline divestiture, this acquisition demonstrates our commitment to creating value and enhancing our EMP operations through our strategic midstream investments. With these transactions, we've successfully created value as both a buyer and seller of midstream assets. Moving forward, we will remain open to additional opportunities in the midstream space and creating additional value with our investments.

完全擁有 Cotton Draw Midstream 增強了我們在該盆地的競爭地位，並支持了我們在最豐富地區之一的未來成長。除馬特洪峰管道資產剝離外，此次收購還表明了我們致力於透過策略性中游投資創造價值並增強 EMP 營運的承諾。透過這些交易，我們作為中游資產的買方和賣方成功地創造了價值。展望未來，我們將繼續對中游領域的更多機會持開放態度，並透過投資創造更多價值。

On the gas marketing front, we're focused on maximizing realizations and positioning our gas production to benefit from increasing demand driven by LNG expansion and power generation. In the second quarter, we executed two new agreements that advance these objectives and further diversify our natural gas sales portfolio.

在天然氣行銷方面，我們專注於最大限度地實現目標，並定位我們的天然氣生產，以從液化天然氣擴張和發電推動的需求成長中受益。在第二季度，我們執行了兩項新協議，以推進這些目標並進一步豐富我們的天然氣銷售組合。

The first is a 10-year gas sales agreement to an LNG counterparty starting in 2028, under which Devon will sell 50 million cubic feet a day of natural gas at a Gulf Coast delivery point with pricing indexed to international markets. As LNG buildout creates additional demand for natural gas, we expect to pursue more opportunities to add exposure to international price markers.

第一項是與液化天然氣交易對手簽訂的為期 10 年的天然氣銷售協議，從 2028 年開始，根據該協議，德文郡將在墨西哥灣沿岸交貨點每天銷售 5,000 萬立方英尺的天然氣，價格與國際市場掛鉤。隨著液化天然氣的建設創造了對天然氣的額外需求，我們期望尋求更多機會來增加對國際價格市場的曝光。

The second is a Permian gas sales agreement with Competitive Power Ventures Basin Ranch Energy Center report its proposed 1,350-megawatt power plant. With an expected start in 2028, Devon will supply 65 million cubic feet per day of natural gas for a seven-year term, with pricing indexed to ERCOT West power prices. This pricing construct further limits Devon's exposure to the Waha price weakness we've seen in the basin for some time.

第二個是與 Competitive Power Ventures Basin Ranch Energy Center 簽訂的二疊紀天然氣銷售協議，報告其擬建的 1,350 兆瓦發電廠。預計該項目將於 2028 年開始，在七年內每天供應 6,500 萬立方英尺的天然氣，價格與 ERCOT West 電價掛鉤。這種定價結構進一步限制了德文郡對盆地一段時間以來出現的瓦哈油價疲軟的影響。

Now turning to slide 9 to touch on guidance, for the second consecutive quarter, we're raising our oil production outlook while lowering capital spending. We now expect full-year oil volumes to range from 384,000 to 390,000 barrels per day, reflecting continued strong well productivity and base performance across our portfolio. Total capital guidance is being reduced by $100 million to a range of $3.6 billion to $3.8 billion.

現在翻到第 9 張投影片來談談指導，連續第二個季度，我們提高了石油產量預期，同時降低了資本支出。我們現在預計全年石油產量將在每天 384,000 至 390,000 桶之間，這反映了我們整個投資組合持續強勁的油井生產力和基礎表現。總資本指引減少了 1 億美元，至 36 億美元至 38 億美元之間。

Importantly, our breakeven funding level remains highly competitive at less than $45 WTI, including the dividend. At today's strip pricing, this positions us to generate approximately $3 billion in free cash flow for the year, underscoring the resilience and flexibility of our business model. I'd also like to highlight the positive impact of the recently passed federal legislation, which provides meaningful tax benefits for Devon. These changes are expected to enhance our free cash flow profile in 2025 and beyond, further strengthening our ability to reinvest in the business and return capital to shareholders.

重要的是，我們的損益平衡融資水準仍然極具競爭力，低於 45 美元 WTI（包括股息）。以今天的條形定價，這將使我們今年產生約 30 億美元的自由現金流，凸顯了我們商業模式的彈性和靈活性。我還想強調最近通過的聯邦立法的積極影響，該立法為德文郡提供了有意義的稅收優惠。預計這些變化將在 2025 年及以後增強我們的自由現金流狀況，進一步增強我們再投資業務和向股東返還資本的能力。

While our tax rate will be somewhat volatile over the next few quarters as we incorporate the new legislation, we now expect our full-year 2025 current tax rate to be around 10%, down from our previous estimate of 15%, adding nearly $300 million in projected cash flow for the year. Looking beyond 2025, we expect to no longer be subject to the corporate alternative minimum.

雖然隨著新立法的實施，未來幾季我們的稅率會有些波動，但我們目前預計 2025 年全年的現行稅率將在 10% 左右，低於先前估計的 15%，預計全年現金流將增加近 3 億美元。展望 2025 年以後，我們預計不再受企業替代最低工資的約束。

As a result, we anticipate our ongoing current tax rate will be significantly lower than previous estimates, ranging between 5% and 10%. This reduction will provide Devon with increased cash flow of approximately $1 billion over the next three years, assuming a similar pricing environment and capital spend. This is in addition to the $1 billion of incremental free cash flow from our business optimization plan.

因此，我們預計當前稅率將大幅低於先前的估計，介於 5% 至 10% 之間。假設定價環境和資本支出相似，此次減價將為德文郡未來三年增加約 10 億美元的現金流。這是除了我們的業務優化計劃所獲得的 10 億美元增量自由現金流之外的額外收入。

Looking ahead to the third quarter, we expect to build on the momentum established in the first half of the year. Our operational execution remains strong, and we anticipate stable production of 387,000 barrels of oil per day. With the capital efficiency improvements and as new wells come online and optimization initiatives take effect, we expect lower capital costs compared to the first two quarters. As our teams continue to deliver on key milestones, we're confident that Devon is well-positioned to deliver another quarter of strong results and create additional value for our shareholders.

展望第三季度，我們預計將延續上半年的良好勢頭。我們的營運執行力依然強勁，我們預計每天穩定生產 387,000 桶石油。隨著資本效率的提高、新油井的投產以及優化措施的實施，我們預計資本成本將比前兩季降低。隨著我們的團隊繼續實現關鍵里程碑，我們相信 Devon 已做好準備，再創佳績，為股東創造更多價值。

Shifting gears now to talk about the business optimization plan on slide 10. On the right side of the slide, you'll see a scorecard tracking our progress. As we achieve milestones that generate additional cash flow, we'll update this graph to provide clear visibility into the timing and impact of these benefits. In the course of only four months, we've achieved 40% of our $1 billion goal.

現在轉換話題，討論第 10 張投影片上的業務優化計畫。在投影片的右側，您將看到追蹤我們進度的記分卡。當我們實現產生額外現金流的里程碑時，我們將更新此圖表，以清楚了解這些收益的時間和影響。僅花了四個月的時間，我們就達成了 10 億美元目標的 40%。

From the dark blue bars on the graph, you can see the progress we've made by category to date. This quarter, we're reducing 2025 capital by another $100 million, roughly $75 million of which is directly attributable to our business optimization efforts, with the remaining $25 million resulting from deflationary pressures. As Clay mentioned, our drilling and completion teams are leveraging artificial intelligence to drive capital efficiency while our production teams continue to innovate lift techniques to sustain production levels.

從圖表上的深藍色長條中，您可以看到我們迄今為止按類別取得的進展。本季度，我們將再減少 1 億美元的 2025 年資本，其中約 7,500 萬美元直接歸因於我們的業務優化工作，其餘 2,500 萬美元則來自通貨緊縮壓力。正如克萊所提到的，我們的鑽井和完井團隊正在利用人工智慧來提高資本效率，同時我們的生產團隊繼續創新提昇技術以維持生產水準。

On the corporate cost front, we'll retire our $485 million senior notes this year, resulting in $30 million in annual savings to our run rate cost structure. As a reminder, $100 million of the $150 million target in corporate costs will be met with debt retirement. We expect to achieve this target in the third quarter of 2026 with the paydown of the term loan. Finishing our business optimization discussion on slide 11, as we've said before, our intent is to be open and transparent with this plan, communicating often. We've included more details here on initiatives underway and milestones achieved.

在企業成本方面，我們今年將贖回價值 4.85 億美元的優先票據，這將使我們的營運成本結構每年節省 3,000 萬美元。提醒一下，在 1.5 億美元的企業成本目標中，有 1 億美元將透過債務償還來滿足。我們預計在 2026 年第三季償還定期貸款後實現這一目標。我們在第 11 張投影片上完成了業務優化討論，正如我們之前所說，我們的目的是讓這個計劃保持開放和透明，並經常進行溝通。我們在這裡提供了有關正在進行的計劃和取得的里程碑的更多詳細資訊。

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

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 to Q&A. Please limit yourself to one question and a follow-up. With that, operator, please will take the 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並進行後續跟進。這樣，接線生就接聽第一通電話了。

Neil Mehta, Goldman Sachs.

高盛的尼爾·梅塔。

Yes, thanks so much, team. Appreciate all the color here today. I would just love your perspective on the non-oil realizations. I think what's clear is you're executing very well on oil. The netbacks are good on oil. NGLs and local gas prices have continued to be a headwind for a lot of producers, including you guys. And so as you think about the back half of this year and into next year, and then even some of the marketing agreements that you announced here today, what are you doing to try to capture better on the non-oil side of the equation?

是的，非常感謝，團隊。欣賞今天這裡的所有色彩。我很想聽聽您對非石油領域的看法。我認為很明顯的是你們在石油問題上表現得非常好。石油的淨回值很好。NGL 和當地天然氣價格繼續對包括你們在內的許多生產商造成不利影響。那麼，當您考慮今年下半年和明年，甚至考慮您今天在這裡宣布的一些行銷協議時，您正在採取什麼措施來更好地掌握非石油方面的機會？

Hey, Neil. It's Clay, thanks for the question and the acknowledgement of the good work that our midstream marketing teams are doing every day. We highlighted a couple of deals this quarter, but it's on top of all the other good work that we've done. I'll let Jeff dig in a little bit more on those two particular deals, but I think it's a great opportunity just for us to continue to acknowledge the work that we've been doing in this space for quite some time now.

嘿，尼爾。我是克萊，感謝您的提問以及對我們中游行銷團隊每天所做的出色工作的認可。我們在本季度重點介紹了幾筆交易，但這是我們所做的所有其他出色工作的基礎。我會讓傑夫更深入地了解這兩筆具體交易，但我認為這對我們來說是一個很好的機會，讓我們繼續承認我們在這個領域已經做了相當長的工作。

Yes, Neil. This is Jeff. Yes, again, I appreciate the question. And as you know well, we've talked about this for a number of quarters in a row now. Our broader marketing philosophy specific to our natural gas -- and again, the bulk of our natural gas production obviously comes out of the Delaware Basin today, followed by our Oklahoma gas production. But specifically in the Delaware, our approach has been to move those molecules away from Waha.

是的，尼爾。這是傑夫。是的，我再次感謝你提出這個問題。正如你們所知，我們已經連續幾個季度討論這個問題了。我們的天然氣行銷理念更為廣泛——而且，我們目前的大部分天然氣產量顯然來自德拉瓦盆地，其次是俄克拉荷馬州的天然氣產量。但具體到特拉華州，我們的方法是將這些分子從瓦哈河中移除。

We talked about the weakness that we've seen in Waha for some time. We've been involved with some of our midstream investments and our broader commitment to firm transportation to move molecules away from Waha and to the demand center, specifically to the Gulf Coast. So where we sit today, when we look at our Waha exposure, less than 15% of our gas actually has direct Waha exposure in basin. The rest of that, we either hedge our exposure or our firm transportation and our firm sales to our counterparties, move those molecules away, mostly to the Gulf Coast again.

我們討論了一段時間以來我們在 Waha 中發現的弱點。我們參與了一些中游投資，並更廣泛地致力於堅定運輸，將分子從瓦哈運送到需求中心，特別是墨西哥灣沿岸。因此，就我們目前的情況來看，當我們查看 Waha 的暴露情況時，我們發現只有不到 15% 的天然氣實際上直接在盆地中與 Waha 暴露有關。其餘部分，我們要么對沖風險，要么透過公司運輸和公司銷售給我們的交易對手，將這些分子轉移走，大部分再次轉移到墨西哥灣沿岸。

As we look forward, between Matterhorn and our Blackcomb commitment that we've made, the pipeline that will come on in the second half of next year, we're going to be approaching over $1 billion of transport out of basin. So we feel really good about the work -- excuse me, $1 billion BCF a day -- sorry, BCF a day of transport out of basin, which makes us feel really good about the work the team's done, as Clay mentioned, to really limit our exposure to Waha on a go-forward basis.

展望未來，我們承諾的馬特洪峰和黑梳山之間的管道將於明年下半年投入使用，屆時我們的盆地運輸費用將超過 10 億美元。因此，我們對這項工作感到非常滿意 - 不好意思，每天 10 億美元 BCF - 抱歉，是每天 10 億美元 BCF 的油田運輸量，這讓我們對團隊所做的工作感到非常滿意，正如 Clay 提到的那樣，這確實限制了我們未來對 Waha 的投資。

On top of that, obviously, with the announcements that we mentioned today and our opening remarks, we're always happy to see incremental in-basin demand show up. And so the CPV power gen opportunity is something that we're excited about. Again, relatively small relative to our production profile in the Delaware, but every bit helps. And particularly like the idea of the the index to the power price, which we're bullish on, and think that, again, provides some real diversity to our gas sales portfolio.

除此之外，顯然，根據我們今天提到的公告和開場白，我們總是很高興看到盆地內需求的增加。因此，我們對 CPV 發電機會感到非常興奮。再次，與我們在特拉華州的生產概況相比，規模相對較小，但每一點都有幫助。我們特別喜歡電價指數的想法，我們對此很看好，並認為這再次為我們的天然氣銷售組合提供了一些真正的多樣性。

Yes, that's great color, guys. And then slide 10, always helpful to see how you guys are scorecarding across the buckets of business optimization. Just unpack this for us a little bit. How is that 40% that you've achieved in the first four months compared relative to your expectations? And what's the next key milestone you guys are really focused on here?

是的，夥計們，顏色真棒。然後是第 10 張投影片，了解你們如何在業務優化各個方面進行記分總是很有幫助的。請為我們稍微解釋一下。相對於您的預期，您在前四個月實現的 40% 呢？你們真正關注的下一個關鍵里程碑是什麼？

Yes, thanks for the question. This is Trey. We're really encouraged by all of the advances that we've seen so far. Obviously, we've made a ton of improvements across several of the categories, and we're going to continue to see a lot of the other categories. The ideas that are being implemented today show up in the financials in the coming quarters.

是的，謝謝你的提問。這是特雷。我們對迄今為止所看到的所有進步感到非常鼓舞。顯然，我們在多個類別上做出了大量改進，並且我們將繼續看到許多其他類別的改進。今天實施的想法將在未來幾季的財務業績中反映出來。

Some of the examples that I would share, we continue to see our teams lean on technology and AI. The way that all of our employees are working today is changing in real time, and we've seen the adoption and investment that we've made over a number of years really take fire. And our leadership team has set an expectation and table stakes, really, that we expect all of our employees to use these new tools. And that's showing up in a lot of these business optimization initiatives that we have across the company.

我想分享一些例子，我們繼續看到我們的團隊依賴技術和人工智慧。我們所有員工如今的工作方式都在即時發生變化，而且我們已經看到多年來所做的採用和投資確實取得了成功。我們的領導團隊已經設定了期望和標準，我們希望所有員工都能使用這些新工具。這體現在我們公司範圍內的許多業務優化措施中。

One that I would highlight is in our production space, and we've got a new analytics that we've just had a breakthrough in the last quarter of how we're tying all of our real-time streaming data from the field into our AI systems and into our agents and allowed us to come up with a new way of how we're analyzing our production faults across the company. This is going to result in millions of dollars of savings, and we've got many of those ideas that are being implemented today that we're going to continue to see grow legs and show up in the financials in the coming quarter.

我要強調的一點是在我們的生產領域，我們有了一個新的分析方法，我們在上個季度取得了突破，我們將所有來自現場的即時串流資料與我們的人工智慧系統和代理聯繫起來，並讓我們想出一種新的方式來分析整個公司的生產故障。這將帶來數百萬美元的節省，我們今天正在實施的許多想法，我們將繼續看到它們不斷發展並在下個季度的財務狀況中體現出來。

And Neil, I wanted to pile on that. I want to reiterate something that Jeff mentioned in his prepared remarks. The credibility of this program is really, really important to us. When we announced it back in four months or so ago, we knew we weren't going to get an instantaneous credit of $1 billion of incremental free cash flow baked into our share price, that we needed to earn it.

尼爾，我想補充這一點。我想重申傑夫在準備好的發言中提到的一點。該計劃的可信度對我們來說真的非常重要。當我們在大約四個月前宣布這一消息時，我們知道我們不會立即獲得計入股價的 10 億美元增量自由現金流，我們需要靠自己去賺取它。

And so there's four things that I wanted to point out that we have specifically set aside as incremental to this business optimization, the $1 billion of annual free cash flow. So last quarter, we talked about the proceeds are Matterhorn. We are not claiming credit for that in our business optimization model. This quarter, we talked about CDM and the benefits associated with $50 million plus of dollars not going out the door that we are not claiming credit.

因此，我想指出四件事，我們已特別留出四項作為此次業務優化的增量，即每年 10 億美元的自由現金流。上個季度，我們討論了馬特洪峰的收益。我們並沒有在我們的業務優化模型中居功。本季度，我們討論了 CDM 以及與 5,000 多萬美元不外流相關的益處，我們並未因此而邀功。

In addition, we've talked before about the deflationary dollars that will not accrue to this tally as well. And then the really big one in this quarter is the taxes. Obviously, $300 million plus a year will absolutely enhance our free cash flow, but we're not claiming credit on this business optimization for those four important things.

此外，我們之前也討論過不計入這一總數的通貨緊縮美元。本季真正重要的是稅收。顯然，每年 3 億多美元絕對可以增強我們的自由現金流，但我們不會將這四件重要的事情歸功於這次業務優化。

So think of it this way. We're going to achieve the $1 billion of incremental free cash flow by the end of next year in a sustainable, ratable way each year going forward, plus these other very, very significant items. And so I think the credibility is worth underscoring about 3 times just to make sure that you guys are hearing us. We're trying to be as transparent and open as we can on this and really holding ourselves accountable to achieving some really big things. And what I would tell you is that the team is crushing it. So thanks for the question.

所以請這樣想。我們將以可持續、可按比例的方式，在明年年底前實現 10 億美元的增量自由現金流，此外還有這些其他非常非常重要的項目。因此，我認為可信度值得強調三次，以確保你們聽到了我們的聲音。我們正努力在這件事上盡可能保持透明和開放，並真正承擔起責任，實現一些真正偉大的事情。我想告訴你的是，這支球隊正在取得勝利。感謝您的提問。

Scott Gruber, Citigroup.

花旗集團的史考特‧格魯伯。

Yes, good morning. It's nice to see the four-year oil volumes ticking higher here. Does the improvement in output drive you to shift higher? How do you think about the maintenance level of production in '26 to use the new run rate from this year?

是的，早安。很高興看到這裡的四年石油產量不斷上升。產量的提高是否會促使您提高產量？您認為使用今年的新運轉率可以維持 26 年的生產水準嗎？

Yes, thanks for the question, Scott. Look, obviously, next year's a little still too early to talk about. We're not providing guidance yet. But obviously, we're doing the work. The work that we do this year really sets up the work for next year. And what we're still doing is goal-seeking for that kind of mid-380s as the right run rate going forward. So don't think of this as the reset. We're going to have some quarters that are a little hotter and a little bit lower, but we're still running kind of that mid-380s as the right oil rate for us. So this is not a reset going forward.

是的，謝謝你的提問，斯科特。顯然，談論明年還為時過早。我們尚未提供指導。但顯然，我們正在做這項工作。我們今年所做的工作實際上為明年的工作奠定了基礎。我們仍在努力將 380 左右的速度作為未來正確的運行速度。所以不要認為這是重置。我們將會遇到一些季度溫度會稍微高一些或溫度會稍微低一些的情況，但我們仍然會將 380 左右的油價作為我們合適的價格。因此，這並不是向前的重置。

I guess with the production enhancement efforts, would that not take higher? Why keep it at the mid-380s, or is that just kind of baking in some conservatism?

我想，隨著產量提高，這個數字會不會更高？為什麼要將其保持在 380 年代中期，或者這只是某種保守主義的表現？

Yes, so obviously, we're thinking a lot about the macro. We feel like the oil market is just generally well-supplied. And what that translates into us is that we think maintenance capital is the right approach from an investment standpoint. So as we accrue benefits on the production side, on the capital side, on the LOE side, what we're attempting to do is accrue those benefits on the cost side of the equation, ultimately in a reduced capital benefit.

是的，顯然我們正在對宏觀問題進行大量思考。我們感覺石油市場整體供應充足。對我們來說，這意味著我們認為從投資的角度來看維護資本是正確的方法。因此，當我們在生產方面、資本方面、LOE 方面累積收益時，我們試圖做的是在等式的成本方面累積這些收益，最終減少資本收益。

Now it's hard to do that on a quarter-to-quarter basis, and so you see we've got it next quarter to the midpoint of 387,000. Don't think of that as a runaway growth. This is just the incredibly good work of the teams. What we're trying to do is make sure that we balance kind of moderating that activity, so we're not running away on production. But at the same time, we're being very thoughtful about trying to be ratable and smooth in that outlook, and that's what we're solving for when we're looking at '26 and really beyond. Yes, John's got one more point.

現在，按季度來做到這一點很困難，所以您會看到，下個季度我們的銷售額已經達到了中點 387,000。不要認為這是一種失控的成長。這只是團隊令人難以置信的出色工作。我們試圖做的是確保我們能夠平衡地調節這些活動，這樣我們就不會在生產上陷入困境。但同時，我們正在非常認真地嘗試實現這種前景的可評估性和平穩性，這就是我們在展望 26 年及以後時所要解決的問題。是的，約翰還有一點。

Yes, and I think just to add to Clay's comments, the downshift in rig and horsepower count that you saw us announce in Q1 is reflective of that. So as we have these production optimization gains, a lot of times they show up in a lot of small ways, and we see it more in real time. And to Clay's point, we see that in the next quarter. And so that's the reason you're seeing a little bit higher guide for the next quarter. But the behavior that Clay described really manifests in Q1 and Q2, and you're seeing those rig drops here in the second half of the year. And that's reflective of what I think you'll see us do go forward when we have these production wins.

是的，我認為補充克萊的評論，您看到我們在第一季宣布的鑽機和馬力數量的下降就反映了這一點。因此，當我們獲得這些生產優化收益時，很多時候它們會以很多細微的方式表現出來，而且我們可以即時看到更多。正如克萊所說，我們將在下一季看到這一點。這就是您看到下一季的指導價略高一些的原因。但克萊所描述的行為確實在第一季和第二季有所體現，並且您會在今年下半年看到鑽機數量的下降。我認為，當我們取得這些生產勝利時，您會看到我們繼續前進。

And think about the benefits of that, Scott. I mean, we are all just cherishing this amazing portfolio that we have. And each time we're able to kind of moderate that activity, flatten that base decline, lower the amount of maintenance capital that's required, that extends that runway even further. There's many magnitudes of benefit associated with the good work that we're doing on this business optimization.

想想這樣做的好處吧，史考特。我的意思是，我們都珍惜我們擁有的這個令人驚嘆的投資組合。每當我們能夠適度地進行這種活動，拉平基數下降，降低所需的維護資本金額，就可以進一步延長跑道。我們在業務優化方面所做的出色工作帶來了多方面的效益。

John Freeman, Raymond James.

約翰‧弗里曼、雷蒙‧詹姆斯。

Thank you. This morning, Landbridge announced a produced water-pour space agreement with you all starting in 2Q '27. It looks like you all are getting out ahead of what could potentially be an issue in the Permian. I'm just hoping you all could maybe elaborate on that deal and how much runway you see it providing you all.

謝謝。今天上午，嵐橋集團宣布與大家達成一項從2027年第二季開始的生產水傾注空間協議。看起來你們都已經提前解決了二疊紀可能的問題。我只是希望你們能夠詳細說明這筆交易以及你們認為它能為你們提供多少發展空間。

Yes, John, you're exactly right on us getting out ahead of it. I would just tell you this deal is very consistent with our water management strategy in the Delaware Basin, and maybe I'll hit that at a high level. So first, it's probably worth noting just the magnitude of the water production we have in the Delaware Basin. We're managing, at any given time, anywhere from 1 million to 1.2 million, 1.3 million barrels a day.

是的，約翰，你說得完全正確，我們應該走在前面。我只想告訴你，這筆交易與我們在特拉華盆地的水資源管理策略非常一致，也許我會在高層層面上談論這一點。因此首先，可能值得注意的是特拉華盆地的水產量。在任何時候，我們每天的產量都在 100 萬桶到 120 萬桶甚至 130 萬桶之間。

And so the first call on that water really for us is our water recycle and reuse. Depending on how many fractories we have running at any given time, how much third-party water demand may be out there, we can send maybe 25% to 35%, maybe on a really good day 40%, of our water back to recycle and we'll reuse that in our operations.

因此，對我們來說，第一個需要解決的問題就是水的回收和再利用。根據我們在任何特定時間內運行的耐火材料廠數量以及第三方用水需求量，我們可以將大約 25% 到 35%（在情況非常好的時候甚至可能是 40%）的水送回去回收，並在我們的運營中重複使用。

But beyond that, we've got to manage that water, and we've done a couple of things over the past few years to be really proactive in that space. One was our joint venture with WaterBridge, predominantly on the Texas side of the basin. We've since expanded that partnership a bit on the New Mexico side. The other thing that we've done, and more predominantly on the New Mexico side, is continue to build out our infrastructure into what we call a super system.

但除此之外，我們還必須管理水資源，過去幾年我們做了一些事情，在這一領域採取了積極主動的措施。一是與 WaterBridge 的合資企業，主要位於盆地的德克薩斯州一側。從那時起，我們在新墨西哥州方面稍微擴大了合作關係。我們所做的另一件事，主要是在新墨西哥州，就是繼續將我們的基礎建設成我們所謂的超級系統。

And specific to New Mexico, we now have the ability to move water from asset to asset bidirectionally. It gives us a lot of flexibility. And then what we do on the back end of that is we have a lot of strategic partnerships with third parties to be able to move that water around. And so the deal that you saw announced this morning is simply one of those strategic relationships with the third party. We really leverage a WaterBridge JV to allow us to do that.

具體到新墨西哥州，我們現在有能力將水從一個資產雙向輸送到另一個資產。它給了我們很大的靈活性。我們在後端所做的就是與許多第三方建立策略夥伴關係，以便能夠運輸這些水。因此，您今天上午看到的宣布的協議只是與第三方建立的策略關係之一。我們確實利用 WaterBridge JV 來實現這一點。

And so in 2027, when that deal really becomes effective, we'll now have the ability to move that water to a part of the basin that's much lower in terms of pore pressures in the Delaware Mountain Group. And so I see this as a strategic advantage for Devon going forward. It's a win-win for our partners on the deal and for Devon.

因此，當該協議在 2027 年真正生效時，我們將有能力將水輸送到特拉華山脈群中孔隙壓力低得多的盆地部分。因此，我認為這對 Devon 的未來發展來說是一個戰略優勢。對於我們的合作夥伴和德文郡來說，這是雙贏的。

I appreciate the color. And then just following up on the new gas marketing agreement with CPV, you've got a competitor that's also participating, and they disclosed the right to also purchase power from that facility for their own operations. Do you all have a similar agreement in place?

我很欣賞這個顏色。然後，就在與 CPV 達成新的天然氣行銷協議之後，您又有一個競爭對手參與其中，他們披露了從該設施購買電力用於自己運營的權利。你們都有類似的協議嗎？

Yes, John, appreciate the question. We have not negotiated an agreement to purchase power from them at this point in time, but that's absolutely something that our option, frankly. And John can just speak to this in more detail. We just don't have the load on the Texas side of the border and the need for it at this point in time, as maybe compared to what we're doing on the New Mexico side. John, you want to add some color to that?

是的，約翰，我很感謝你的提問。目前我們還沒有與他們達成購買電力的協議，但坦白說，這絕對是我們的選擇。約翰可以更詳細地談談這個問題。與新墨西哥州邊境的情況相比，我們目前在德州邊境的負擔不大，而且也不需要這樣做。約翰，你想添加一些顏色嗎？

Yes, I think that's right. I don't have a lot of color to add there, but over on the Texas side, we haven't fully electrified a number of our facilities, and that includes some of our midstream compression, which would really cause our load demand to be significantly higher. To that, we also have dedicated substations on the Texas side, good partnership and relationship with Encore, so on a relative need basis, that's not simply something that we have as much of.

是的，我認為是這樣。我沒有太多細節可以補充，但在德克薩斯州這邊，我們的許多設施尚未完全電氣化，其中包括我們的一些中游壓縮設施，這確實會導致我們的負載需求顯著提高。除此之外，我們在德州還有專用變電站，與 Encore 建立了良好的合作夥伴關係，因此從相對需求的角度來看，這並不是我們擁有的全部。

Paul Cheng, Scotiabank.

加拿大豐業銀行的 Paul Cheng。

Thank you. Good morning. Maybe if we can we look at Bakken? Maybe the data is wrong, but it does look like the well productivities has maybe come down a bit and also from the third-party data. So can you give us some idea that -- are we seeing that is just a dip or that the deterioration is something that need to work on? And also whether you have a sufficient scale now after the Grayson acquisition that you think you have?

謝謝。早安.也許我們可以看看巴肯？也許數據是錯誤的，但從第三方數據來看，油井生產率似乎確實有所下降。那麼，您能否告訴我們—我們看到的只是一種下降趨勢，還是說這種惡化是需要努力解決的問題？另外，在收購格雷森之後，您是否已經擁有足夠的規模了？

And the second question is that on Eagle Ford, that after the dissolve of the joint venture, can you give us some idea that now you reset -- I suppose that you reset the base? And how is the cadence on your activity and also your production outlook for that over the next several quarters? Thank you.

第二個問題是關於 Eagle Ford 的，在合資企業解散後，您能否告訴我們現在您是如何重置的——我想您重置了基礎？您的活動節奏如何？未來幾季的生產前景如何？謝謝。

Yes, Paul, this is John. I'll do my best to answer both those questions. So starting in the Williston, really, the phenomenon you're seeing there is back in what would be probably some of the newer public data you're seeing coming from Q4. That was largely our Missouri River pad on the east side of the basin, which is our legacy asset.

是的，保羅，這是約翰。我會盡力回答這兩個問題。因此，從威利斯頓開始，您在那裡看到的現像實際上又回到了您從第四季度看到的一些較新的公開數據。那主要是我們位於盆地東側的密蘇里河平台，也是我們的遺留資產。

Simply put, the geology's higher quality there. You're going to see more productive wells. So as we've shifted our activity over to the west side of the basin on the newly acquired Grayson asset, on a relative basis, you're going to see well productivity be a bit lower. What I would tell you, though, relative to our expectations, our well productivity has been quite good on the west side of the basin, so very consistent with our expectations and really no concerns on our part with Williston productivity.

簡單來說，那裡的地質品質更高。你會看到產量更高的油井。因此，當我們將活動轉移到新收購的格雷森資產盆地西側時，相對而言，你會看到生產力會稍微低一些。不過，我想告訴你的是，相對於我們的預期，我們在盆地西側的油井生產力相當不錯，因此與我們的預期非常一致，我們對威利斯頓的生產力確實沒有任何擔憂。

I think, second, on your question on the Eagle Ford, if I heard you correctly, yes, there's absolutely been sort of a reset on our production there. As we closed the BPX dissolution on the first day of the quarter, BPX took a disproportionate amount of the production on that deal while we took more of the upside.

其次，關於你提到的 Eagle Ford 的問題，如果我沒聽錯的話，是的，我們在那裡的生產確實進行了某種重置。由於我們在本季度的第一天就完成了 BPX 的解散，因此 BPX 在該交易中獲得了不成比例的產量，而我們獲得了更多的收益。

And so, really, when you look post BPX dissolution closure, we've got about 55 more wells that we want to bring on throughout the course of the year on that asset. That's about 90% in DeWitt County on the Blackhawk field, formerly part of that JV. And we feel really good about our ability to continue to grow production back to the levels sort of pre-split.

因此，實際上，當您回顧 BPX 解散關閉後的情況時，我們還有大約 55 口油井希望在今年全年在該資產上投入使用。其中，德威特縣的 Blackhawk 油田約佔 90%，該油田以前是該合資企業的一部分。我們對自己能夠繼續將產量恢復到分裂前的水平感到非常滿意。

Scott Hanold, RBC.

斯科特·漢諾德（RBC）。

Yes, thanks. Hey, Jeff, you kind of mentioned the windfall you all are going to get from the OBBBA. I think you said $1 billion over the next few years. What is the plan on allocating that cash? What are you targeting to do with that? Could that be for incremental shareholder returns? Would you rather focus on maybe paying off the term loan faster? But just give me your thoughts on how to allocate that.

是的，謝謝。嘿，傑夫，你提到了你們將從 OBBBA 獲得的意外之財。我想您說的是未來幾年 10 億美元。這筆現金的分配計畫是什麼？您打算用它做什麼？這能增加股東回報嗎？您是否更願意集中精力盡快償還定期貸款？但請告訴我你對如何分配的想法。

Yes, Scott, it's a great question, and I appreciate you highlighting the optionality that we're going to have with the incremental free cash flow. Really a great position to be in on a go-forward basis. When we look at our financial framework and shareholder return kind of approach, as of today, no change to that going forward.

是的，斯科特，這是一個很好的問題，我很感謝你強調我們在增量自由現金流方面將擁有的可選性。從前進的角度來看，這確實是一個很好的位置。當我們審視我們的財務框架和股東回報方法時，截至今天，未來不會發生任何變化。

So as you know, the priority there is for us to grow and sustain our fixed dividend as kind of the first priority. We've set out a range on the share repo by quarter of about $200 million to $300 million per quarter. We don't expect to change that at all. And then, of course, as you know, we've got the $2.5 billion debt reduction target out in front of us as well.

因此，如您所知，我們的首要任務是增加並維持固定股利。我們設定的股票回購範圍是每季約 2 億至 3 億美元。我們根本不希望改變這一點。當然，如你所知，我們也設定了 25 億美元的債務削減目標。

So as we accrue this incremental free cash flow from our business optimization game plan, from the tax savings that we've seen or expect to see, that will accrue to our balance sheet and will likely accelerate some of the debt reduction that we have planned here over the course of the next 18 months or so.

因此，當我們從業務優化計劃中累積增量自由現金流時，從我們已經看到或預期看到的稅收節省中，這些增量自由現金流將累積到我們的資產負債表中，並可能加速我們在未來 18 個月左右計劃的部分債務削減。

Okay, I appreciate that. My follow up is on the Anadarko. And Paul highlighted, obviously, there's some moving parts on both Bakken and Eagle Ford production. But I think Anadarko stepped up pretty strongly this quarter as well. Can you tell us where you all are with the JV there and how to think about that production? And obviously, it's got a little bit more of a gas mix. So it would be interesting to hear your thoughts on investing in that area and your views on the gas macro.

好的，我很感激。我的後續關注點是阿納達科。保羅強調，顯然，巴肯和鷹福特的生產都有一些活動部件。但我認為阿納達科本季的表現也相當強勁。您能告訴我們你們在那裡的合資企業情況以及如何考慮生產嗎？顯然，它含有更多的氣體混合物。因此，我很想聽聽您對投資該地區的想法以及對天然氣宏觀的看法。

Yes, as far as the Anadarko, a lot of what we're doing there is really prosecuting our Dow JV. So as you recall, that's a 49-well commitment we kicked off, I believe, here in the second quarter. And so we've been prosecuting that activity with that. The production growth that you've seen, sort of quarter over quarter there, would have largely been tied to the new well IDs associated with that activity. Now we'll say relative to Q1, we did have some weather impacts in Q1, so the growth probably appears to be a little bit more than what it otherwise would be, but we've been consistently running two rigs in that basin now for much of the year. I'd say the activity is pretty consistent.

是的，就阿納達科而言，我們在那裡做的很多事情實際上都是為了起訴我們的陶氏合資企業。所以，正如你們所記得的，這是我們在第二季度啟動的一項 49 口井的承諾。因此我們一直在起訴該行為。您所看到的產量成長（按季度計算）很大程度上與該活動相關的新井 ID 有關。現在我們要說的是，相對於第一季度，我們在第一季度確實受到了一些天氣影響，因此增長可能看起來比其他情況下要多一點，但我們在一年中的大部分時間裡一直在該盆地運行兩座鑽井平台。我想說活動相當一致。

Doug Leggate, Wolf Research.

道格‧萊格特（Doug Leggate），沃爾夫研究公司。

Thank you. Good morning. Clay, can you hear me okay?

謝謝。早安.克萊，你聽得到我說話嗎？

Thank you, Doug. I can hear you fantastically.

謝謝你，道格。我可以清楚地聽到你的聲音。

Okay, great. I just wanted to check that there were no connection issues this time around. Thanks for your patience.

好的，太好了。我只是想檢查一下這次是否有連接問題。感謝您的耐心。

I sincerely appreciate you checking.

我真誠地感謝您的檢查。

Good stuff. You have no idea how many times I said that last time around. But anyway, I did actually want to ask a question last call, and I didn't get to for some reason. And it was about the BP separation. And I want to address one specific issue. When BP talks about this, they said that they chose their acreage because they had problems with the Wilcox, the instability of the Wilcox sand in the eastern part of the play, which caused sidetracks, all sorts of operating problems, and so on. And they wanted to avoid that going forward. I wonder if you could address that as it relates to your experience of operating in that part of the Eagle Ford. And I've got a follow-up for Jeff, if that's okay.

好東西。你不知道我上次說過多少次了。但無論如何，我上次確實想問一個問題，但由於某種原因我沒有問到。這是關於 BP 分離的事情。我想討論一個具體問題。當英國石油公司談到這一點時，他們說，他們選擇這些區塊是因為威爾科克斯儲層存在問題，該區塊東部威爾科克斯儲層砂體不穩定，從而導致側鑽、各種作業問題等等。他們希望今後避免這種情況發生。我想知道您是否可以談談這個問題，因為這與您在 Eagle Ford 部分地區運營的經歷有關。如果可以的話，我會跟進傑夫的情況。

Sure, Doug. Yes, happy to address that. So I mean, this is a classic win-win. I think BPX was really happy to get the acreage that they did and satisfied some of the objectives that they had. As John mentioned, they've got a disproportionate share of the production, day one. But I can tell you, we were equally happy to get the acreage that we did. We have more running room, more upside. We've seen this very material savings and capital cost that completely changes the game.

當然，道格。是的，很高興解決這個問題。所以我的意思是，這是一個典型的雙贏。我認為 BPX 非常高興能夠獲得這些土地，並實現他們的一些目標。正如約翰所提到的，第一天，他們就佔據了不成比例的生產份額。但我可以告訴你，我們對獲得的土地面積同樣感到高興。我們擁有更大的發展空間，更大的上升空間。我們已經看到，正是這種材料節省和資本成本徹底改變了遊戲規則。

We feel very confident in our ability to execute as you move to that northeast area. It is more challenging drilling, but we are much more confident having our DNC team jump all over that. We see a lot of runway. We've executed that. We didn't have the slide this quarter, but if you look back at last quarter, we show that as we continue to move and take over, these material savings are real.

當您遷往東北地區時，我們對自己的執行能力非常有信心。鑽探更具挑戰性，但我們更有信心讓我們的 DNC 團隊全力以赴。我們看到很多跑道。我們已經執行了。本季我們沒有出現下滑，但如果你回顧上個季度，我們會發現，隨著我們繼續前進和接管，這些材料節省是真實的。

As we continue to move to the Northeast, there's an extra step that we will take in regards to the casing string. But what it does is at this lower cost structure, it continues to open up significant runway, and we just see so much more upside. So it's one of the things that we are super excited about. The team has done an exceptional job on executing on some of the objectives that we had, as I've mentioned in my prepared remarks.

隨著我們繼續向東北移動，我們將在套管柱方面採取額外措施。但它的作用是，在這種較低的成本結構下，它繼續開闢重要的跑道，我們看到了更多的上行空間。所以這是我們非常興奮的事情之一。正如我在準備好的發言中提到的那樣，團隊在執行我們的一些目標方面做得非常出色。

Our stated goal was north of $2 million. We had kind of whispered we really think it's $2.7 million. We've now achieved that $2.7 million per well. And as you know, that changes the game on the upside potential of that runway. And even the more challenging acreage to the northeast, we just have so much more running room and so much more upside value to create from there.

我們的既定目標是超過 200 萬美元。我們曾私下說過我們確實認為這個數字是 270 萬美元。現在我們已實現每口井 270 萬美元的目標。如你所知，這改變了該跑道的上行潛力。即使在東北部更具挑戰性的土地上，我們也擁有更大的發展空間和更大的上行價值可以創造。

Clay, that saving includes the additional strength?

克萊，節省的部分包括額外的力量嗎？

Yes, so the wells that we're comparing apples to apples, that's the $2.7 million. But we needed to be able to achieve that as we move to the Northeast. Most of those wells are going to be the same casing design, but where we apply the incremental casing designs, they were cost-prohibited before and so just had no value in our portfolio. With this improved savings, even if we have to add an extra casing string, which would require some extra cost, these remain value-creative and accrue to the positive on NPV4. So that incremental casing string, where necessary, is incremental, but know that that overall savings still allows these wells to be competitive in our portfolio.

是的，所以我們要比較的油井價值是 270 萬美元。但當我們向東北遷移時，我們需要能夠實現這一目標。大多數油井將採用相同的套管設計，但當我們採用增量套管設計時，由於成本原因，它們之前在我們的投資組合中沒有任何價值。有了這種改進的節省，即使我們必須添加額外的套管柱，這將需要一些額外的成本，但這些仍然具有價值創造力，並在 NPV4 上產生正值。因此，在必要時，增量套管柱是增量的，但要知道，整體節省仍然使這些油井在我們的投資組合中具有競爭力。

That's great. Thanks for the clarity. So my follow-up, Jeff, I guess there's a couple of pieces to this, and it starts with cash tax. You've given the next three years. My question is, I know there's no precision here, but this idea that you navigate IDCs on a kind of, I guess as long as the current administration is in place, for an extended period of time, what does it look like beyond the next three years? And I guess my part B would be, clearly this is kind of a windfall. I think I heard you say that you're prepared to put cash on the balance sheet and reduce net debt. Am I overthinking that?

那太棒了。謝謝你的澄清。所以我的後續問題，傑夫，我想這其中有幾個部分，首先是現金稅。您已給出了未來三年的時間。我的問題是，我知道這裡沒有精確的定義，但是你以某種方式導航 IDC 的想法，我想只要現任政府在位很長一段時間，那麼未來三年之後會是什麼樣子？我想我的 B 部分是，這顯然是一筆意外之財。我想我聽到您說過，您準備將現金放入資產負債表並減少淨債務。我是不是想太多了？

No, that's exactly right, Doug. Yes, as we continue to -- and obviously, the tax is impactful. But also the free cash flow, we're going to generate with our business optimization game plan and some of the other things that we've talked about here today that Clay mentioned previously. Again, things can change in the world, but based on our current forecast, we're going to be generating significant free cash flow going forward, incremental to what we would have thought of even just a few months ago.

不，完全正確，道格。是的，隨著我們繼續——顯然，稅收是有影響的。而且，我們還將透過業務優化計劃以及克萊之前提到的我們今天在這裡討論過的一些其他事情來產生自由現金流。再說一次，世界上的事情可能會發生變化，但根據我們目前的預測，我們將在未來產生大量的自由現金流，比我們幾個月前想到的還要多。

And so our game plan is not to change our shareholder return framework at this point in time, accrue that cash to the balance sheet, help us achieve that $2.5 billion debt reduction that we set out on the back of the Grayson Mill acquisition. That's absolutely our current thoughts around how we're going to allocate this capital going forward.

因此，我們的計劃是暫時不改變股東回報框架，將現金累積到資產負債表中，幫助我們實現在收購格雷森米爾後設定的 25 億美元債務削減目標。這絕對是我們目前關於未來如何分配這筆資本的想法。

And again, as we work through our capital budget here over the coming months, we'll obviously provide some incremental guidance in 2026, and things may change a bit. But the current thought process is continue to work towards that $2.5 billion debt reduction beyond the cash returns to shareholders.

再說一次，隨著我們在未來幾個月內完成資本預算，我們顯然會在 2026 年提供一些增量指導，情況可能會有所改變。但目前的想法是繼續努力，在向股東返還現金之外，再削減 25 億美元的債務。

To your question about longer-term kind of tax profile, as I highlighted in my opening remarks, the benefit of TMT going away, the corporate alt-min tax going away for us as a result of the IDC deductions will have a current tax rate closer to that 5% level as we look at 2026. It'll move a little higher in 2027, probably closer to that 10% that I highlighted in the comments. And then beyond then, again, assuming kind of current price structure, current capital investment, you'll likely see that current tax rate trend higher.

對於您關於長期稅收狀況的問題，正如我在開場白中強調的那樣，TMT 的好處是可以取消的，對於我們來說，由於 IDC 扣除，企業替代稅也將取消，到 2026 年，當前稅率將更接近 5% 的水平。到 2027 年，這一數字將會略有上升，可能更接近我在評論中強調的 10%。除此之外，再次假設當前的價格結構、當前的資本投資，您可能會看到當前稅率趨勢走高。

But as we look out in our projections, if we look at the current tax rate we had here in the second quarter was obviously elevated with the huge gain that we had on the Matterhorn sale. But if you go back another quarter and see us being in kind of the high teens, we don't get back to that kind of level in our projections until six, seven years out under the current construct. So definitely a benefit for us. Obviously, the bulk of that comes here over the next three years with the acceleration of the R&D expensing and the bonus depreciation but really carries forward even beyond the next three years until things level out.

但正如我們在預測中所看到的，如果我們看一下當前的稅率，就會發現第二季的稅率顯然由於我們在馬特洪峰銷售中獲得的巨大收益而上升了。但如果你回顧另一個季度，你會發現我們的成長率處於十幾歲左右，而按照目前的結構，我們預計要到六、七年後才能回到這個水平。所以這對我們來說絕對是一個好處。顯然，隨著研發費用和獎金折舊的加速，大部分收入將在未來三年內實現，但實際上將延續到未來三年之後，直到情況趨於穩定。

Arun Jayaram, JPMorgan.

摩根大通的阿倫‧賈亞拉姆 (Arun Jayaram)。

Yes, good morning, gentlemen. One follow up, Jeff, on the commercial opportunities or the $200 million that you've realized in that bucket. What is the timing of when you'll get those savings? Is that early in the year, but maybe just helpful because it is a pretty meaningful needle mover?

是的，先生們，早安。傑夫，請繼續關註一下您在這個領域中實現的商業機會或 2 億美元。您什麼時候能獲得這些節省？這是年初的事嗎？但也許只是有幫助，因為它是一個非常有意義的推動力？

Yes. So Arun, remember, I think we talked about this on the last call. We've basically got the contracts executed and in place to capture the bulk of that, right, which we've highlighted in our slide in our scorecard. Going forward, there's some incremental to go get, and we'll continue to work that forward over the course of the remainder of this year and into '26 a little bit as well. But that first tranche that we've already highlighted is kind of captured. Those go into effect at the end of this year. I think it's in the November-December timeframe. So you'll really get the full-year benefit of that as you look at our 2026 projection.

是的。所以阿倫，記住，我想我們在上次通話中討論過這個問題。我們基本上已經執行了合約並採取了措施來獲取大部分收益，對的，我們在記分卡的幻燈片中已經強調了這一點。展望未來，我們還有一些需要改進的地方，我們將在今年剩餘時間以及 26 年繼續努力。但我們已經強調的第一批已經被捕獲了。這些措施將於今年底生效。我認為是在十一月至十二月的時間範圍內。因此，當您查看我們的 2026 年預測時，您將真正獲得全年的利益。

Got it, got it. I just want to make sure because on the slide it says it's not captured in your 2025 outlook, but you'll get that later this year.

明白了，明白了。我只是想確認一下，因為幻燈片上說它沒有包含在你的 2025 年展望中，但你會在今年晚些時候得到它。

Yes, and the reason for that is it's not impacting 2025, so it's really a 2026 benefit.

是的，原因是它不會影響 2025 年，所以它實際上是 2026 年的福利。

Got it, got it. I got one follow up. Clay, as you have contemplated a higher degree of co-development between the Wolf Camp B and Wolf Camp A zones in the Delaware Basin, I think the mix is going to 30% this year versus 10% last year. I was wondering if you could comment on how you're seeing the interplay between the Wolf Camp B and Wolf Camp A zones. And just talk about -- are you seeing any impacts to productivity in that Wolf Camp Bay Zone?

明白了，明白了。我有一個後續行動。克萊，由於您已經考慮在特拉華盆地的狼營 B 區和狼營 A 區之間進行更高程度的聯合開發，我認為今年的佔比將達到 30%，而去年為 10%。我想知道您是否可以評論您如何看待狼營 B 區和狼營 A 區之間的相互作用。簡單談談—您是否看到狼營灣區生產力受到任何影響？

Arun, thanks for the question. When we think about these decisions, these are very macro portfolio-oriented. And so when we're doing the trade-off, we're thinking about rate of return, we're thinking about NPV, and we're thinking about quantification of the portfolio. And we're trying to balance and optimize all three of those. I'm going to kick it to John. He can talk a little bit more in detail about what we're seeing kind of well to well, and then importantly, how do we plan to continue on this path rolling forward?

阿倫，謝謝你的提問。當我們考慮這些決定時，它們都是非常注重宏觀投資組合的。因此，當我們進行權衡時，我們會考慮回報率、考慮淨現值 (NPV) 以及考慮投資組合的量化。我們正在努力平衡和優化這三者。我要把它踢給約翰。他可以更詳細地談談我們所看到的情況，然後重要的是，我們計劃如何繼續沿著這條道路前進？

Yes, Arun and Clay, thanks for the setup there because I do think it starts with the trade-offs. As Clay mentioned, as we shift more into this multi-zone co-development, we know we're taking a little bit of a near-term trade-off on a bit lower well productivity in exchange for a more optimized net present value across our inventory, but importantly, a more sustainable and longer-term inventory runway.

是的，Arun 和 Clay，感謝你們的設置，因為我確實認為這是從權衡開始的。正如克萊所提到的，隨著我們更多地轉向這種多區域共同開發，我們知道我們正在做出一些短期權衡，以較低的油井生產力來換取整個庫存更優化的淨現值，但重要的是，更可持續和更長期的庫存運行。

And so when you ask the question specifically, is the inclusion of the Wolf Camp B impacting the Wolf Camp A, I would tell you generally, no. That's not what we're seeing. We've appraised that potential impact now over a couple of years. We've really optimized both our landings and our spacings to get these large multi-zone developments right. And I'll tell you that the benefit we see is really avoiding the depletion effect on future inventory.

因此，當您具體詢問「狼營 B 的加入是否會影響狼營 A」時，我通常會告訴您，不會。我們看到的並不是這樣的。我們已經評估了幾年來的潛在影響。我們確實優化了我們的著陸和間距，以正確實現這些大型多區域開發。我要告訴你的是，我們看到的好處其實是避免了對未來庫存的消耗效應。

And so if we wanted to prop up our well productivity and just mow down our best zones, we could do that. and what we'd probably do is mow down our Wolf Camp A, but if we did that, we would be sacrificing the productivity of the Wolf Camp B later on. You'd see depletion effects in those wells, and those wells would be lower productivity out in time. So this is a good reason of why we're so convicted in this multi-zone co-development philosophy. So limited to no impacts on the A, but the real win there is we're maintaining the productivity of the B wells. I hope that answers your question.

因此，如果我們想要提高我們的油井生產力，而只砍掉我們最好的區域，我們可以這樣做。我們可能會做的是砍掉我們的狼營 A，但如果我們這樣做，我們以後就會犧牲狼營 B 的生產力。你會看到這些油井的枯竭效應，而這些油井的生產力會隨著時間的推移而降低。這就是為什麼我們如此堅信多區域共同發展概念的一個很好的理由。因此對 A 的影響有限甚至沒有影響，但真正的勝利是我們保持了 B 井的生產力。我希望這能回答你的問題。

Betty Jiang, Barclays.

巴克萊銀行的 Betty Jiang。

Good morning. It's great to see the operational momentum translating into free cash flow generation. Maybe a follow up to you, Jeff. We talked a lot about the balance of capital allocation. Maybe asked differently, you are grinding that or paying down that $2.5 billion in net debt reduction faster than previously expected with all these efficiency gains, lower CapEx, and tax savings. What do you think is the optimal debt level for this business going forward? We see you potentially reaching that $2.5 billion target by end of '26, maybe early '27. Is that -- after that, we could see a potential increase in cash return? Thanks.

早安.很高興看到營運動能轉化為自由現金流的產生。也許是對你的一個跟進，傑夫。我們討論了很多有關資本配置平衡的問題。換個角度問，透過提高效率、降低資本支出和節省稅款，你正在以比之前預期更快的速度償還 25 億美元的淨債務。您認為該企業未來的最佳債務水準是多少？我們預計你們有可能在 26 年底或 27 年初達到 25 億美元的目標。是不是說——此後，我們可以看到現金回報的潛在增加？謝謝。

Yes, absolutely, Betty. I think that's a great way to think about it. As you and I've talked about in the past, the $2.5 billion debt reduction that we have targeted really does get us to kind of what I think about as our optimal absolute debt level. So if you see -- obviously, today we sit at $8.9 billion of absolute debt. You take off the $2.5 billion and you're somewhere in the $6 billion to $6.5 billion range. When we run our downside sensitivities around pricing and cost structure, obviously that net debt to EBITDA ratio can flip on you pretty quickly.

是的，絕對是，貝蒂。我認為這是一種很好的思考方式。正如你我過去談到的，我們設定的 25 億美元債務削減目標確實讓我們達到了我認為的最佳絕對債務水平。所以如果你看到——顯然，今天我們的絕對債務為 89 億美元。減去 25 億美元，你的數字就在 60 億到 65 億美元之間。當我們對定價和成本結構進行下行敏感度分析時，顯然淨債務與 EBITDA 比率可能會很快發生逆轉。

But at that absolute debt level of $6 billion, $6.5 billion, we feel pretty comfortable and feel really good about maintaining our investment grade status, which is critical to us for all parts of our business. So I think about that as kind of the optimal absolute level. And again, I want to reiterate, that's certainly a priority for us. But the benefit of, again, accruing this cash to the balance sheet will absolutely consider some acceleration of the debt repayment, as I talked about earlier. But that cash on the balance sheet provides us optimal flexibility.

但在 60 億美元、65 億美元的絕對債務水平下，我們感覺相當舒服，並且對保持投資級地位感到非常滿意，這對我們業務的所有部分都至關重要。所以我認為這是最佳絕對水準。我想再次重申，這當然是我們的首要任務。但正如我之前提到的，再次將這些現金計入資產負債表的好處絕對會考慮加速債務償還。但資產負債表上的現金為我們提供了最佳的靈活性。

So without question, we're going to continue to be talking to our Board about how do we continue to build upon the cash returns to our shareholders. And so don't take any of my comments as precluding the option down the road of that increasing over time. But certainly in the near term, the priority is on the debt repayment.

因此，毫無疑問，我們將繼續與董事會討論如何繼續為股東帶來現金回報。因此，不要將我的任何評論視為排除未來隨著時間而增加的選擇。但短期內，首要任務肯定是償還債務。

That's very clear. Thanks. My follow up is on unlocking the next layer of resources. Given the lower cost structure, whether that's coming from midstream or upstream, do you see other resource opportunities that's getting unlocked now that was previously uneconomical under the prior higher cost structure? If so, where could be some of these opportunities?

這非常清楚。謝謝。我的後續工作是解鎖下一層資源。鑑於較低的成本結構，無論是來自中游還是上游，您是否看到現在正在釋放的其他資源機會，而這些機會以前在較高的成本結構下是不經濟的？如果是的話，這些機會可能在哪裡？

Yes, Betty, I think the best example that I would point you to there, and we've talked about this on previous calls, is our objectives, for instance, in the Powder River Basin. When you look at what we're doing there and what we're trying to accomplish there, I'd say there's really two deliverables. One, we want to deliver more consistent and competitive well results. So when you look back to 2024 and what we've done in 2025, we've delivered very consistent results. In fact, some of the more consistent results in our portfolio, and these are some of the best results we've delivered the Niobrara thus far.

是的，貝蒂，我認為我可以向你指出的最好的例子，我們在之前的電話會議中討論過這個問題，那就是我們的目標，例如在粉河盆地的目標。當你看到我們在那裡所做的事情以及我們試圖在那裡實現的目標時，我會說實際上有兩個可交付成果。首先，我們希望獲得更一致、更有競爭力的鑽井成果。因此，當你回顧 2024 年以及我們在 2025 年所取得的成就時，你會發現我們取得了非常一致的成果。事實上，這是我們投資組合中一些較一致的結果，也是我們迄今為止為尼奧布拉勒提供的一些最佳結果。

The second aspect of our strategic objective there is we've got to consistently lower our well costs. And so when you look specifically at some of these optimizations and the work we're doing, we've been historically north of $13 million on a three-mile Niobrara well. We've made a lot of progress. We've gotten closer to, call it, a $12 million-type well.

我們的策略目標的第二個面向是我們必須持續降低油井成本。因此，當您具體查看這些優化和我們正在做的工作時，我們會發現我們在三英里長的尼奧布拉勒油井上的投資歷史超過 1300 萬美元。我們已經取得了很大進步。我們已經接近打造一口價值 1200 萬美元的油井了。

And when you look forward at some of the upcoming programs, some of the design changes we're making, some of the scale benefits we'll achieve, we have a vision well concept out there that aligns very well with our business optimization to get to a $10 million type of DNC cost for a 3-mile Niobrara well. And that's the perfect example of taking something that's marginally competitive in our portfolio today and making it competitive.

當您展望一些即將實施的項目、我們正在進行的一些設計變更、我們將實現的一些規模效益時，我們有一個願景井概念，它與我們的業務優化非常吻合，以使 3 英里長的尼奧布拉勒井的 DNC 成本達到 1000 萬美元。這是一個完美的例子，將我們目前投資組合中競爭力較弱的產品變得更具競爭力。

Phillip Jungwirth, BMO.

菲利普·榮格沃思（BMO）。

Thanks. Good morning. You mentioned being open to additional investments in the midstream space and was just hoping you could expand on this and maybe what part of the value chain that could be. And what would the target level of investment be, assuming you're planning to fund this with Devon's balance sheet?

謝謝。早安.您提到願意在中游領域進行額外投資，只是希望您能夠進一步闡述這一點，並可能說明這可能是價值鏈的哪個部分。假設您計劃用 Devon 的資產負債表來為此提供資金，那麼目標投資水準是多少？

Yes, thanks for the question, Phillip. I think what's really interesting about this quarter is you see an example of us highlighting a midstream asset sale and a midstream asset acquisition. And both, we're really excited about. We think they are cost-beneficial, structurally beneficial, value-creating opportunities. And so don't think of us as maybe only going one direction on this but always trying to do the work to find out what is the better scenario to make us a better company.

是的，謝謝你的提問，菲利普。我認為本季真正有趣的是，你會看到我們強調中游資產出售和中游資產收購的例子。我們對這兩者都感到非常興奮。我們認為它們是具有成本效益、結構有利、創造價值的機會。所以，不要以為我們可能只會朝著一個方向發展，而應該始終努力尋找更好的方案，使我們成為一家更好的公司。

In the case of Matterhorn, we had a tremendous five-bagger return on that on that investment. We've held on to the capacity. And then importantly, we allowed the pipe to get put into the ground, which was the initial motivation. So check, check, check on that. We retain the capacity. We're doing a really good job there.

就馬特洪峰而言，我們的投資獲得了五倍的巨額回報。我們一直保持產能。然後重要的是，我們允許將管道放入地下，這是最初的動機。因此請檢查、檢查、再檢查。我們保留產能。我們在那裡做得很好。

When we think about something like CDM, that is one of our highest growth, highest value assets. Maintaining control of that, we continue to see gas volumes grow in the area. We see significant upside for that. And then we had an opportunity to take out the rest of it and then lower our cost structure going forward at a very, very competitive investment. Both of those, although they could appear moving in the opposite direction, the common theme is value creation. Jeff, do you have other comments?

當我們考慮 CDM 之類的資產時，它是我們成長速度最快、價值最高的資產之一。透過保持對此的控制，我們繼續看到該地區的天然氣產量成長。我們認為其具有顯著的優勢。然後，我們就有機會拿出剩餘的部分，然後以非常有競爭力的投資降低我們的成本結構。儘管這兩者似乎朝著相反的方向發展，但共同的主題是價值創造。傑夫，你還有其他意見嗎？

Yes, I would just -- I would echo your comment and just kind of just sum that up, say everything that we do related to our midstream investments is specific to our broader strategy, both on the EMP side of optimizing our business there and creating as low as cost structure as possible for our core business. And then on the midstream side, as Clay referenced this, it's really a thought process around our broader marketing portfolio and making sure that we can achieve the highest realized price for our molecules in all of our basins.

是的，我只是——我會回應你的評論，並總結一下，我們所做的與中游投資相關的一切都是針對我們更廣泛的戰略的，無論是在 EMP 方面優化我們的業務，還是為我們的核心業務創造盡可能低的成本結構。然後，在中游方面，正如克萊所提到的那樣，這實際上是圍繞我們更廣泛的營銷組合的思考過程，並確保我們可以在所有盆地中實現分子的最高實現價格。

So as Clay gave a great example with Matterhorn, we made an investment there. And as he said, we're ecstatic with the significant gain that we achieved there. But the real driver of that investment was to make sure that pipe got built and make sure we could get our molecules via firm transport to the demand center. That's really the broader strategic philosophy, if you will, of all things midstream investment for us.

正如克萊所舉的馬特洪峰的偉大例子一樣，我們在那裡進行了投資。正如他所說，我們對在那裡取得的重大成就感到非常欣喜。但這項投資的真正驅動力是確保管道建成，並確保我們能夠透過固定運輸將分子運送到需求中心。如果你願意的話，這實際上是我們所有中游投資的更廣泛的戰略理念。

Okay, great. And then you had strong Delaware production in the quarter. And just following up on the co-development question, now that we're halfway through the year, can you talk about just generally how performance has been versus expectations? Any key learnings so far, and then how optimized do you think you are at the moment as far as overall completion intensity per DSU?

好的，太好了。本季特拉華州的產量強勁。關於共同開發的問題，現在已經過去一半了，您能否談談整體表現與預期相比如何？到目前為止有什麼重要的學習成果嗎？然後您認為就每個 DSU 的整體完成強度而言，您目前進行了多大的最佳化？

Yes, I'll start with well productivity. So as you heard me mention earlier, we've developed more momentum into our multi-zone development philosophy. I think we've been talking about that for a number of quarters. When you look at the well productivity from the wells that we brought online this year, I think the public data set right now is Q1. And so what I would tell you generally is those well results are very consistent with our expectations.

是的，我將從良好的生產力開始。正如您之前聽到我提到的那樣，我們在多區域發展理念上已經獲得了更大的發展動力。我想我們已經討論這個問題好幾個季度了。當您查看我們今年上線的油井的產能時，我認為目前的公開資料集是 Q1。因此，我想告訴大家的是，這些結果與我們的預期非常一致。

Now I've also seen some newsletters, some data points, some chatter out there that well productivity is dropping off in a big way. So I do want to provide -- I would caution folks against calling that a trend, and I want to provide a little bit of context around our Q1 data set. So specifically, if you look at it, it's very weighted to the Wolf Camp B or the deeper Wolf Camp, as well as disproportionately weighted to the Avalon.

現在我也看到了一些新聞通訊、一些數據點、一些閒聊，顯示生產力正在大幅下降。所以我確實想提供——我會提醒大家不要將其稱為趨勢，我想提供一些有關我們第一季資料集的背景資訊。因此，具體來說，如果你看一下，你會發現它對狼營 B 或更深的狼營具有很大的權重，並且對阿瓦隆的權重也不成比例。

When you look at sort of our total well mix this year for the Delaware Basin, we anticipate 30% to be Wolf Camp B, yet we brought on 60% of our total Wolf Camp B wells here in the first quarter. So what we would really anticipate is returning a bit to a non-outlier, more normalized well mix throughout the next few quarters. With that, we're going to see well productivity increase. So we feel very good about what we're seeing there.

當您查看我們今年在特拉華盆地的整體油井組合時，我們預計 30% 將是 Wolf Camp B，但我們在第一季將 60% 的 Wolf Camp B 油井投入使用。因此，我們真正預期的是，在接下來的幾個季度中，油井組合將恢復到非異常狀態，更加正常化。這樣，我們將看到生產力的大幅提高。因此，我們對所見所聞感到非常滿意。

I think your second question was around optimized on completions. This is something that we're always looking at. We're always adopting different completion designs based on what we're seeing with our own appraisal. We're benchmarking against competitors. There are some completion design changes we're making in certain parts of our areas and other parts we feel that we're dialed in.

我認為您的第二個問題是關於完成優化的。這是我們一直在關注的事情。我們始終根據自己的評估結果採用不同的完井設計。我們正在與競爭對手進行比較。我們正在對某些區域的某些部分和其他我們認為已經完成的部分進行一些完成的設計更改。

For instance, we were talking to the team just earlier this week about completion design intensity in one of our zones and one of our assets, and we're going to dial that up based on what we're seeing. So we continue to optimize around completions as well as all aspects of our development planning, which would include landings and spacings and other design parameters.

例如，本週早些時候，我們正在與團隊討論我們其中一個區域和一項資產的完井設計強度，我們將根據所看到的情況進行調整。因此，我們將繼續優化完工情況以及開發規劃的各個方面，其中包括著陸、間距和其他設計參數。

David Deckelbaum, TD Securities.

道明證券 (TD Securities) 的大衛‧德克爾鮑姆 (David Deckelbaum)。

Thanks, everyone, for squeezing me on. Clay, I wanted to just get back to the initiatives, particularly on commercial opportunities. So far, it looks like the savings achieved have been in the Delaware. Do you anticipate focusing on other areas of the portfolio that might enhance some of the economics, specifically in areas like Anadarko? Or is there more work to be done more in the Delaware from a midstream renegotiation perspective?

謝謝大家對我的鼓勵。克萊，我只是想回到這些舉措，特別是關於商業機會的舉措。到目前為止，看起來特拉華州已經實現了節省。您是否計劃關注投資組合中可能增強經濟效益的其他領域，特別是阿納達科這樣的領域？或者從中游重新談判的角度來看，德拉瓦州還有更多的工作要做嗎？

Yes, David, for sure the big wins have been in the Delaware. It's where most of our activity is. There's an opportunity for active renegotiation there. But we have made wins in the Anadarko as well. We continue to focus there. We see the tremendous gas potential that we just need to unlock more value, make sure we're hanging on to the dollars that come in the door a little bit better. And so I'd say that's another area that we will continue to see and accrue benefits.

是的，大衛，最大的勝利肯定是在德拉瓦州。這是我們大部分活動的地方。這是一個積極重新談判的機會。但我們在阿納達科也取得了勝利。我們將繼續關注那裡。我們看到了巨大的天然氣潛力，我們只需要釋放更多的價值，確保我們能更好地抓住進入市場的資金。所以我想說這是我們將繼續看到並累積利益的另一個領域。

And I guess, are most of the quantified opportunities have been captured, are they more a function of better realizations or are you getting materially better rates here?

我想，大多數量化機會是否都已被抓住，它們是否更多地取決於更好的實現，還是您在這裡獲得了更好的利率？

Yes, David, it's a mix of both. So given the nature of the contracts, depending on where it is and how the contract is constructed, sometimes you'll see that run through our realizations on gas and NGLs in particular in the Delaware, but at other times it'll run through GPT. So it can be a little difficult to follow in the financials from time to time; but absolutely, it's a mix of all the above.

是的，大衛，兩者兼具。因此，考慮到合約的性質，根據合約所在地和合約的建造方式，有時您會看到它貫穿我們對天然氣和 NGL 的實現，特別是在特拉華州，但有時它會貫穿 GPT。因此，有時追蹤財務狀況可能會有點困難；但絕對是上述所有因素的混合。

Thank you. Those are all the questions we have time for today, and so I'll hand the call back over to Rosy for closing remarks.

謝謝。這些就是我們今天有時間回答的所有問題，因此我將把發言權交還給羅西，請她做最後發言。

Thank you, Emily, and I want to thank everyone for your interest in Devon and your participation in our call today. If you have further questions or for those of you who did not get through on the call today, please reach out to Chris or myself. Have a good day.

謝謝你，艾米麗，我想感謝大家對德文郡的關注以及今天參加我們的電話會議。如果您還有其他問題，或今天沒有接通電話，請聯絡克里斯或我本人。祝你有美好的一天。

Thank you all 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。