德文能源 (DVN) 2026 Q2 法說會逐字稿

Welcome to Devon Energy's second-quarter 2026 conference call. (Operator Instructions) This call is being recorded. After today's prepared remarks, we will host a question-and-answer session.

歡迎參加德文能源（Devon Energy）2026年第二季電話會議。(接線員指示) 本次通話將被錄音。在今天的預先準備發言之後，我們將進行問答環節。

I'd now like to turn the call over to Mr. Dan Guffey, Dan, you may begin.

現在我想把電話交給 Dan Guffey 先生。Dan，您可以開始了。

Good morning, and thank you for joining us on the call today. Last night, we issued Devon's second-quarter 2026 earnings release and presentation materials. Throughout the call today, we will make reference to these materials to support prepared remarks. The release and slides can be found in the Investors section of the Devon website.

各位早安，感謝今天加入我們的電話會議。昨晚，我們發布了德文能源2026年第二季財報新聞稿與簡報資料。在今天的電話會議中，我們將引用這些資料來支持預先準備的發言。新聞稿與投影片可在德文能源網站的「投資人」專區找到。

Joining me on the call today are Clay Gaspar, our President and Chief Executive Officer; Shane Young, our Executive Vice President and Chief Financial Officer; and other members of the executive management team.

今天與我一同參與電話會議的有：我們的總裁暨執行長 Clay Gaspar、執行副總裁暨財務長 Shane Young，以及其他執行管理團隊成員。

As a reminder, this 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.

提醒各位，本次電話會議將包含依美國證券法所定義的前瞻性陳述。這些陳述涉及風險與不確定性，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（SEC）提交的文件及財報資料中所提供的警示性語句與風險因素。

Also, please note Devon's second quarter results reflect legacy Devon operations for the full quarter plus Coterra beginning on May 7. With that, I'll turn the call over to Clay.

另外請注意，德文能源第二季業績反映：傳統德文業務涵蓋整個季度，加上自5月7日起納入 Coterra 的業績。接下來我把電話交給 Clay。

Thank you, Dan, and good morning, everyone. This morning, I'm excited to discuss our strong 2Q execution, the company's differentiated technology platform, assets and operational prowess and the significant progress we've made in just under 100 days since the close of our merger with Coterra.

謝謝你，Dan，各位早安。今天早上，我很高興與各位分享我們在第二季強勁的執行成果、公司具差異化的技術平台、資產與營運實力，以及在與 Coterra 合併完成後不到100天內所取得的重大進展。

But first, let's turn to slide 2 of our investor deck we published yesterday. I want to start with who Devon is, an operations-focused technology forward energy powerhouse. This description is supported by three attributes that defines Devon. First, everything is anchored around the company's culture of excellence. Second, technology is a genuine competitive advantage. And third, we have key investment differentiators in inventory, cost of supply and financial discipline. You will hear more about these themes throughout today's call.

不過首先，請翻到我們昨天發布的投資人簡報第2頁。我想先談談德文能源是什麼：一家以營運為核心、技術領先的能源強權。這個描述由三項特質支撐並定義德文能源。第一，一切都以公司追求卓越的文化為根基。第二，技術是真正的競爭優勢。第三，我們在庫存（開發儲備）、供應成本與財務紀律方面具備關鍵投資差異化優勢。在今天的電話會議中，您將會聽到更多關於這些主題的內容。

Now let's turn to slide 3. The merger closed on May 7, just 94 days after announcement with both legacy companies having recent integration experience, the combination has gone even better than we planned. I'm happy to report to you that I am very confident in our ability to deliver the $1 billion synergy target with more than 350 synergy initiatives already identified and taking shape.

接著請看第3頁。合併於5月7日完成，從宣布到交割僅94天；由於兩家原公司近期都具備整合經驗，這次結合的進展甚至比我們原先規劃得更好。我很高興向各位報告，我對於達成10億美元協同效益目標非常有信心，目前已辨識出超過350項協同計畫，並正逐步成形。

Along the way, we enhanced our Permian inventory through a once-in-a-generation federal lease sale and at the same time, we strengthened our balance sheet with debt retirement. Just as importantly, none of that activity distracted us from the day job. We outperformed our second quarter guidance across the key value drivers, and that execution translated into a $1.7 billion adjusted free cash flow. When I step back and look at what the Devon team accomplished in such a compressed time line, I couldn't be more proud.

在此過程中，我們透過一場世代難得的聯邦租賃拍賣，提升了我們在二疊紀盆地（Permian）的庫存，同時也透過償還債務強化了資產負債表。同樣重要的是，這些活動並未讓我們分心而忽略日常營運。我們在關鍵價值驅動因素上全面超越第二季指引，而這樣的執行成果轉化為17億美元的調整後自由現金流。當我回頭看德文團隊在如此緊湊的時間表內完成的成果，我感到無比自豪。

Slide 4, put those first 100 days on a time line. I want to pause here because the pace tells you something about who we are and what you can expect from Devon. It started on day 1 when we closed the merger with 95% of our core IT systems and processes already decided. We raised the dividend 33% and we put the $8 billion buyback program to work.

第4頁把前100天放在時間軸上。我想在這裡稍作停留，因為這樣的節奏能讓你了解我們是怎樣的公司，以及你可以對德文能源有何期待。從第1天開始，在合併交割時，我們95%的核心IT系統與流程就已經做出決定。我們將股利提高33%，並啟動80億美元的庫藏股回購計畫。

Importantly, we immediately kicked off a comprehensive portfolio review underscored by our commitment to maximizing short-, medium- and long-term shareholder value. Less than two weeks later, we captured value through our success in the Permian lease sale. By week 5, we had issued combined guidance that was better than the sum of the stand-alone plans. And by week 6, we finalized the new org structure for all of the office-based employees. From there, we closed out the quarter with a strong operational beat, and we have completed our $1.25 billion debt reduction target for 2026. Moving with speed and intention is not only a slogan, it's how Devon operates.

更重要的是，我們立即啟動全面性的投資組合檢視，並以最大化股東短期、中期與長期價值的承諾為核心。不到兩週後，我們在二疊紀盆地租賃拍賣中成功取得資產，進而捕捉到價值。到第5週，我們發布了合併後的指引，表現優於兩家公司各自獨立計畫的加總。到第6週，我們完成了所有辦公室員工的新組織架構定案。之後，我們以強勁的營運超預期表現結束本季，並已完成2026年12.5億美元的減債目標。以速度與目的性推進不只是口號，而是德文能源的運作方式。

With that foundation set, let's get to the results on slide 5. Strong well performance allowed us to deliver oil production 2% above the midpoint of our guide and the total production reached the very top end of our guidance. On the spending side, capital came in 2% below the guide as we continue to capture drilling and completion efficiencies through our advanced technology and focused execution. Put those together, our reinvestment rate improved to 43% of cash flow, well below the mid-50s over the past twoyears.

在這樣的基礎之上，讓我們看第5頁的業績成果。強勁的單井表現使我們的原油產量較指引中點高出2%，總產量則達到指引區間的最上緣。在支出方面，資本支出較指引低2%，我們持續透過先進技術與聚焦執行，取得鑽井與完井效率提升。綜合以上，我們的再投資率改善至現金流的43%，明顯低於過去兩年約50%中段的水準。

All of that translated into $1.7 billion of adjusted free cash flow in the quarter, a powerful demonstration of what this platform can generate. I want to emphasize that these results are not just isolated wins, it's a direct outcome of the focus and the commitment of our teams to deliver world-class operational execution.

這些成果在本季轉化為17億美元的調整後自由現金流，強而有力地展現這個平台所能創造的能力。我要強調，這些結果並非零星的勝利，而是我們團隊專注與承諾、交付世界級營運執行的直接成果。

Now zooming in on the Permian. Let me spend a few minutes on Slide 6 and in Mexico federal lease sale because I know it generated a lot of discussion and because the more you understand this transaction, the more you will appreciate the value we captured in this unique opportunity, adding 400 top-tier locations in the heart of the basin.

接著聚焦二疊紀盆地。我想花幾分鐘談談第6頁以及新墨西哥州（New Mexico）的聯邦租賃拍賣，因為我知道這引發了許多討論；而且你越了解這筆交易，就越能體會我們在這個獨特機會中所捕捉到的價值——在盆地核心區新增400個頂級開發點位。

Let's start with the acquisition cost. The headline was $6.5 million per location, but let's make sure we understand the uniqueness of these locations. These federal leases with a 12.5% royalty, roughly half of the typical royalty burden of state and private acreage. That increased royalty ownership alone is worth about $2.5 million per location, which takes the effective cost of roughly $4 million per premium location. It is also important to understand the auction mechanics. The process was an ascending auction bid, think eBay, where the winning price was exactly $1 per acre higher than the second place bid through market price discovery.

先從收購成本談起。表面數字是每個點位650萬美元，但我們必須理解這些點位的獨特性。這些聯邦租約的權利金為12.5%，約為州有與私有土地典型權利金負擔的一半。僅權利金持有比例提高這一項，就約等同於每個點位250萬美元的價值，使得每個優質點位的有效成本約為400萬美元。同樣重要的是要理解拍賣機制。該流程為遞增式競標拍賣，可把它想成 eBay：透過市場價格發現，得標價恰好比第二名出價每英畝高1美元。

When you hear comparisons of price per location to negotiated private equity transaction, remember, those are a bit apples and oranges. The nature of private equity companies encourage them to partially develop the best opportunities first to build production, cherry picking the best opportunities takes them out of the inventory list but also can have a material impact to the remaining locations. In the federal lease sale these tracks were completely undeveloped from grass to granted, ensuring that we have the opportunity optimally and most economically develop the resource.

當你聽到有人把每個點位的價格拿去和私募股權協商交易相比時，請記得那有點像拿蘋果比橘子。私募股權公司的特性往往會鼓勵他們先部分開發最好的機會以建立產量；先挑最好的機會（cherry picking）不僅會把最佳點位從庫存清單中移除，也可能對剩餘點位造成實質影響。而在聯邦租賃拍賣中，這些區塊從草地到核准（從零到有）完全未開發，確保我們能以最佳且最具經濟效益的方式開發資源。

As I will talk about on the next slide, our industry-leading D&C performance leverages the value of this acreage. The adjacency of the existing footprint enables longer laterals and our significant water, gas gathering and electrical infrastructure means lower cost and higher margins on production. We are already filing permits, and this acreage will play a meaningful role in our 2027 program. I would love to tell you that we'll be able to do this kind of transaction again. But the fact is that this is the last Delaware Basin federal lease sale of this scale.

正如我在下一頁將會談到的，我們業界領先的鑽井與完井（D&C）表現能充分釋放這些土地的價值。與既有版圖相鄰使我們能打出更長的水平段（laterals），而我們完善的水務、集氣與電力基礎設施則意味著更低成本與更高的生產利潤率。我們已經在申請許可，這些土地將在我們2027年的計畫中扮演重要角色。我很希望能告訴各位，我們還能再做一次這類交易。但事實是，這是德拉瓦盆地（Delaware Basin）最後一次達到此規模的聯邦租賃拍賣。

As you've seen us increasingly do over the past few years, expect us to continue to strengthen our existing acreage footprint through highly accretive ground game focused on trades and small accretive bolt-ons. Of course, the reason that acreage is worth more in our hands than anyone else's is that we have a home field advantage, and that's displayed on slide 7.

如同您在過去幾年看到我們愈來愈常採取的作法，未來也請期待我們將持續透過高度增值的「地面作戰」來強化既有的土地（acreage）版圖，重點放在交易以及小型、具增值性的補強式併購（bolt-ons）。當然，之所以這些土地在我們手中比在任何其他人手中更有價值，是因為我們具備主場優勢，而這點在第 7 張投影片上有所呈現。

Our well productivity is top tier and our drilling and completion cost per foot are among the lowest in the basin. In addition, our inventory is the deep -- one of the deepest in the Delaware with a substantial base of low breakeven locations now including roughly 400 we just added. Productivity, cost and depth of inventory, that combination is what underwrites differentiated capital efficiency and free cash flow.

我們的單井生產力屬於頂尖水準，而我們每英尺的鑽井與完井（D&C）成本也位居盆地最低之列。此外，我們的庫存深度——是德拉瓦盆地（Delaware）最深的庫存之一，且擁有大量低損益兩平（breakeven）位置的基礎，其中現在包含我們剛新增的大約 400 個位置。生產力、成本與庫存深度，這樣的組合支撐了差異化的資本效率與自由現金流。

The same set of capabilities is exactly what gives us confidence in the integration, which brings me to slide 8 and synergies. We remain firmly on track to deliver at least $1 billion of annual synergy targets by year-end 2027 and our confidence is higher today than the day we announced the deal with more than 350 initiatives now underway across three roughly equal buckets.

同樣的一套能力也正是讓我們對整合充滿信心的原因，這也帶我來到第 8 張投影片與協同效益。我們仍堅定按計畫推進，目標在 2027 年底前實現至少每年 10 億美元的協同效益；而且我們今天的信心比宣布交易當天更高，因為目前已有超過 350 項倡議在推進中，分布於三個規模大致相當的類別。

On capital optimization, we're lowering D&C costs through well design and supply chain scale while reallocating 2027 capital to its most efficient use. On the margin -- on the operating margins, we are consolidating field operations, leveraging combined infrastructure and improving GP&T and revenue deducts. On the corporate costs, we're eliminating redundancies and lowering our cost of capital, which ties all three together is really technology. I believe technology is the most important competitive advantage for Devon.

在資本最佳化方面，我們透過井型設計與供應鏈規模來降低 D&C 成本，同時將 2027 年資本重新配置到效率最高的用途上。在利潤率——也就是營運利潤率方面，我們正在整併現場作業、運用合併後的基礎設施，並改善集輸與處理（GP&T）以及收入扣減（revenue deducts）。在公司成本方面，我們正在消除重複並降低資金成本；而把這三者串在一起的核心其實是科技。我相信科技是 Devon 最重要的競爭優勢。

So let's turn to slide 9, where technology is driving real-time performance improvements today. Four quick examples. First, closed-loop AI is something that we've talked about the last few quarters and the value to Devon is growing. With our AI-enabled system now autonomously optimizing 1,000 wells real-time 24 hours a day. The ability to immediately respond to constantly changing well conditions keeps the production on the efficient frontier and we have a clear path to broad deployment around the company. This is improving production trends and provides a path to lowering our corporate decline rate.

接著請看第 9 張投影片，科技正在推動我們今天的即時績效改善。四個快速例子。第一，閉環 AI（closed-loop AI）是我們過去幾季一直在談的主題，而它對 Devon 的價值正在提升。我們的 AI 賦能系統如今可在一天 24 小時即時自主最佳化 1,000 口井。能夠立即回應不斷變化的井況，使產量維持在效率前緣（efficient frontier），而我們也有清晰路徑在公司內廣泛部署。這正在改善產量趨勢，並提供一條降低公司整體遞減率（corporate decline rate）的路徑。

Second, AI is driving our subsurface advancement with a proprietary model integrating basin-wide data to predict well performance and optimized spacing and frac design with the aim of maximizing the value of every development. This enables our ability to scenario plan and reoptimize around the what-ifs of well cost, completion design improvements and even commodity price scenarios.

第二，AI 正在推動我們的地下（subsurface）能力進步；我們以專有模型整合全盆地資料，用於預測單井表現並最佳化井距（spacing）與壓裂（frac）設計，目標是將每一項開發的價值最大化。這讓我們能進行情境規劃，並針對井成本、完井設計改善，甚至商品價格情境等「假設情況」進行重新最佳化。

Third, our Surfactant tests are promising. The completion phase of surfactant chemistry is enhancing our well recovery. Our first 10 trial wells across six different landing zones delivered clear uplift versus offset controls, and we are increasing our test to more than 50 wells this year.

第三，我們的界面活性劑（Surfactant）測試結果令人鼓舞。在完井階段導入界面活性劑化學方案，正在提升我們的採收率。我們在六個不同著陸層位（landing zones）的前 10 口試驗井，相較於鄰井對照組（offset controls）呈現明顯提升；今年我們將把測試擴大到超過 50 口井。

And fourth, real-time analytics processes live D&C data to avoid costly failures and benchmark every operation against best-in-class performance. Devon is a technology-forward company that has seen significant benefits, and we remain on the cutting edge as we blend the best practices of both organizations. Technology is a key value compounder.

第四，即時分析可處理即時的 D&C 資料，以避免高成本失敗，並將每一項作業與同級最佳（best-in-class）表現進行對標。Devon 是一家以科技為先的公司，已經看到顯著效益；在我們融合兩個組織的最佳實務之際，我們仍站在技術前沿。科技是關鍵的價值複利器。

This is the operational story, a differentiated portfolio run with discipline, getting better through technology. To take you through what all that means financially, I'll hand the call over to our CFO, Shane. Shane, welcome to your first Devon earnings call. The floor is yours.

這就是營運面的故事：一個以紀律運作的差異化資產組合，並透過科技持續變得更好。接下來為了帶各位了解這些在財務上代表什麼，我將把電話交給我們的財務長 Shane。Shane，歡迎來到你在 Devon 的第一場法說會。舞台交給你。

Thank you, Clay, and good morning, everyone. It's a privilege to be speaking with you on my first earnings call as CFO of Devon Energy. I couldn't be more excited about the future of our company and the opportunities that lie ahead for the company and our owners.

謝謝你，Clay，各位早安。能以 Devon Energy 財務長的身分在我的第一場法說會與各位對話，是我的榮幸。我對公司未來以及公司與我們股東（owners）面前的機會感到無比振奮。

Clay just walked you through the operational story. So let me take it up on slide 10 with the scorecard. In summary, during the quarter, we beat guidance on every single measure. Oil production of 503,000 barrels per day came in 1.6% above the midpoint. Total production of 1.36 million barrels of oil equivalent per day reached the top end of guidance.

Clay 剛才已帶各位走過營運面的故事。那我就從第 10 張投影片的成績單（scorecard）開始。總結來說，本季我們在每一項指標上都優於財測指引。原油產量 503,000 桶/日，較指引中點高出 1.6%。總產量 136 萬桶油當量/日（BOE/d）達到指引區間上緣。

Total operating costs, including GP&T, of $8.23 per BOE were 2% better than the midpoint and capital of $1.3 billion was 2.4% favorable to the midpoint of the guidance as well. Our strong first half performance gives us increased confidence in our full year outlook and has allowed us to tighten our production guidance ranges for 2026. So what does that performance mean for shareholders?

總營運成本（含集輸與處理，GP&T）為每桶油當量 8.23 美元，較指引中點好 2%；資本支出 13 億美元也較指引中點有 2.4% 的有利差異。上半年強勁表現提升了我們對全年展望的信心，並使我們得以收斂 2026 年的產量指引區間。那麼，這樣的表現對股東意味著什麼？

Turning to slide 11. In the second quarter, really the last seven weeks of the second quarter, we returned over $1 billion through a combination of dividends, buybacks and debt reduction. Let me break that down. It starts with a sustainable dividend growth and we paid a quarterly dividend of $0.32 per share, up 33% from the first quarter. That totals $366 million of dividends paid during the second quarter. By keeping our dividend well within our target range of 10% to 15% of discretionary cash flow, we protect our intention to consistently grow the dividend on an annual cadence.

請看第 11 張投影片。在第二季——更精確地說是第二季最後七週——我們透過股利、庫藏股回購與減債的組合，回饋超過 10 億美元。我來拆解說明。首先是可持續的股利成長：我們支付每股 0.32 美元的季度股利，較第一季提高 33%。第二季合計支付股利 3.66 億美元。透過將股利維持在我們目標區間——可支配現金流（discretionary cash flow）的 10% 至 15%——之內，我們得以保障按年度節奏持續提高股利的意圖。

Next comes the disciplined buyback. I with repurchases suspended until the merger closed, we resumed buying quickly after post closing and retired 4.3 million shares in the last 7 weeks of the quarter. We continue to be active in the market in the third quarter and the remaining billion of repurchase authorization will be deployed through a dynamic blend of systematic and opportunistic repurchases going forward. Underpinning it all is the fortress balance sheet supported by a BBB+ credit rating.

接著是有紀律的回購。由於在併購完成前暫停回購，我們在交割後迅速恢復買回，並在本季最後 7 週註銷（retired）了 430 萬股。第三季我們仍持續在市場上進行操作；剩餘 10 億美元的回購授權，未來將透過系統性與機會型回購的動態組合來執行。支撐這一切的是由 BBB+ 信用評等所支持的堡壘式資產負債表。

During the quarter, we retired $250 million of senior notes, $250 million of our term loan and completed the Coterra bond exchange. Furthermore, in July, we retired the remaining $750 million of our term loan, which was scheduled to mature during the third quarter. Having completed these actions, I'm pleased to announce that we have met our 2026 debt reduction target through our existing maturities in the quarter.

本季我們償還了 2.5 億美元的優先票據（senior notes）、2.5 億美元的定期貸款（term loan），並完成 Coterra 債券交換。此外，在 7 月，我們償還了剩餘 7.5 億美元的定期貸款，該筆貸款原定於第三季到期。完成這些行動後，我很高興宣布：我們已在本季透過既有到期債務達成 2026 年的減債目標。

After delivering these returns and strengthening our Delaware inventory through the New Mexico lease sale, we ended the quarter with a strong liquidity position of $4 billion, including $1 billion of cash on hand. From here, our debt target of approximately $9 billion of total debt by year-end 2027 is achievable largely with maturities which occur during 2027, this will position Devon with a leverage ratio at or below 1x through the commodity cycle and will allow us to be opportunistic and countercyclical in our returns program in times of commodity softness.

在完成上述回饋並透過新墨西哥州租賃拍賣強化我們在德拉瓦的庫存後，本季末我們的流動性部位強勁，達 40 億美元，其中包含 10 億美元的手上現金。從這裡往前看，我們在 2027 年底將總負債降至約 90 億美元的目標可望達成，主要依靠 2027 年到期的債務；這將使 Devon 在商品循環中維持槓桿比率（leverage ratio）在 1 倍或以下，並讓我們在商品價格走弱時，能在回饋計畫上更具機會性並採取逆週期操作。

Looking ahead, slide 12 shows why the cash flow engine keeps running through the second half on a fully combined basis. On a 20:1 value adjusted basis, our implied second half capital efficiency is 24% better than our peer average, which puts us among the most efficient producers in the industry. We see that dynamic continuing to improve into the future.

展望未來，第12頁投影片說明了為何在完全合併的基礎上，現金流引擎在下半年仍將持續運轉。以20:1價值調整基礎來看，我們隱含的下半年資本效率比同業平均高出24%，使我們躋身業界效率最高的生產商之列。我們看到這種態勢在未來仍將持續改善。

That efficiency compared with a disciplined reinvestment rate means the back half of 2026 should generate substantial free cash flow and support a robust shareholder return program. As synergies layer in through 2027, we expect that advantage to strengthen. Importantly, we see the second half of 2026 is at or above the guidance we set just 60 days ago.

這樣的效率再加上嚴謹的再投資率，意味著2026年下半年應可產生可觀的自由現金流，並支撐強勁的股東回饋計畫。隨著協同效益在2027年逐步疊加，我們預期這項優勢將進一步增強。重要的是，我們看到2026年下半年表現達到或高於我們僅在60天前所給出的指引。

That outlook is reflected on our guidance on slide 13. As I said on the scorecard, our first half gives us increased confidence in the full year plan. including a tightening of the oil range to 495,000 to 505,000 barrels per day. Total volumes of roughly 1.4 million barrels of oil equivalent per day and total capital of $4.8 billion to $5 billion. Within that full year, the third quarter steps up meaningfully as our front-loaded capital program turns into production, and we record a full quarter of combined results.

這樣的展望反映在第13頁投影片的指引中。如同我在計分卡上所說，我們上半年的表現讓我們對全年計畫更有信心，包括將原油區間收斂至每日49.5萬至50.5萬桶。總產量約為每日140萬桶油當量，總資本支出為48億至50億美元。在全年之中，第三季將明顯上升，因為我們前置的資本計畫開始轉化為產量，且我們將記錄完整一季的合併後業績。

We expect oil volumes of 550,000 to 560,000 barrels of oil per day during the third quarter, setting up nice momentum heading into the fourth quarter, which I expect to be at similar or higher oil production levels as compared to the third quarter.

我們預期第三季原油產量為每日55萬至56萬桶，為進入第四季奠定良好動能；我預期第四季的原油產量水準將與第三季相當或更高。

We also expect total volumes of 1.66 million to 1.69 million barrels of oil equivalent per day in the third quarter and total capital of $1.4 billion to $1.5 billion. which should be our highest capital quarter of 2026 and simply reflects a full quarter of combined activity and the timing of some capital that shifted from the second quarter. As a result of normal ebbs and flows in the business cadence, we expect capital spending to move down in the fourth quarter, driven by less activity at a number of our business units, including the Marcellus, the Anadarko and the Powder.

我們也預期第三季總產量為每日166萬至169萬桶油當量，總資本支出為14億至15億美元。這應會是2026年資本支出最高的一季，主要反映完整一季的合併後活動，以及部分從第二季移轉過來的資本支出時點。由於業務節奏的正常起伏，我們預期第四季資本支出將下降，原因是多個事業單位的活動減少，包括Marcellus、Anadarko與Powder。

We're successfully executing on our 2026 plan and look forward to sharing our initial 2027 views in November. Let me end where Clay began, because everything you've heard today ties back to a simple disciplined model, a premier Permian-anchored portfolio, top-tier capital efficiency, a fortress balance sheet and return framework that delivers cash to shareholders through the cycle.

我們正成功執行2026年計畫，並期待在11月分享我們對2027年的初步看法。讓我回到Clay一開始所說的，因為你們今天聽到的一切都回到一個簡單且自律的模式：以頂級的Permian為核心的投資組合、一流的資本效率、堅若磐石的資產負債表，以及能在景氣循環中向股東回饋現金的回報框架。

With that, I'll turn it to Clay for closing comments before Q&A.

接下來，在問答之前我把時間交給Clay做結語。

Thanks, Shane. That disciplined model extends to the portfolio itself. Our comprehensive portfolio review is well underway with a single objective, maximizing total shareholder value. It's a top organizational priority and we're moving with speed and intention to enhance the value of our company by leveraging our differentiated skill set, a hot market for quality assets and keeping an eye on the future value creation opportunities. We are evaluating every asset through a consistent framework of capital efficiency, the scale and durability of free cash flow and strategic fit.

謝謝，Shane。這套自律的模式也延伸到投資組合本身。我們的全面投資組合檢視正在順利推進，目標只有一個：最大化股東總回報。這是組織的最高優先事項之一，我們正以速度與明確目的推動，運用我們差異化的能力、優質資產的火熱市場，同時著眼於未來的價值創造機會，以提升公司價值。我們以一致的框架評估每一項資產：資本效率、自由現金流的規模與持久性，以及策略契合度。

As I said previously, I expect this exercise to be measured in months, not years, and we're making significant progress with an update expected this fall. That said, I don't think of this as a onetime event. After this initial reset related to the merger, the evolution of our asset base and taking advantage of market opportunities has been a longtime part of Devon's culture and will continue to be a critical deal.

如我先前所說，我預期這項工作將以「數月」而非「數年」為衡量單位，我們已取得顯著進展，並預計在今年秋季提供更新。不過，我不把這視為一次性的事件。在這次與併購相關的初步重整之後，資產基礎的演進以及把握市場機會，長期以來一直是Devon文化的一部分，未來也將持續是關鍵的交易動能。

Given the confidence in commercially sensitive nature of this work, as much as I would love to, we will not comment on specific rumors today. But the takeaway is simple. Every asset has to earn its place in the portfolio, and we are working to maximize the short-, mid- and long-term value for our shareholders.

鑑於這項工作的商業敏感性與保密性，儘管我很想，我們今天不會對特定傳聞發表評論。但重點很簡單。每一項資產都必須在投資組合中「證明其價值」，而我們正致力於為股東最大化短期、中期與長期價值。

When I sum it all up, we believe Devon is a catalyst-rich story. We will deliver quickly against our synergy targets, updating you quarter-by-quarter, making fast progress on our portfolio review and execution rolling out a capital-efficient 2027 plan, leaning in to repurchase the shares and enhancing our advantaged balance sheet. That is a differentiated investment proposition, and this team intends to prove it.

總結來說，我們相信Devon是一個充滿催化劑的故事。我們將迅速達成協同效益目標，並逐季向各位更新；同時在投資組合檢視上快速推進並落實執行，推出具資本效率的2027年計畫，加大力道回購股份，並強化我們具優勢的資產負債表。這是一個差異化的投資主張，而這個團隊打算用成果來證明。

Lastly, I wanted to say thank you to the Devon team. Integration is not easy, but every employee continues to exemplify our core values of integrity, courage, relationships and results. He merged two proud companies in record time without missing a beat in the field. This is the quarter is your proof. To everyone at Devon, the legacy Devon and legacy Coterra like, thank you. The best is ahead of us.

最後，我想對Devon團隊說聲謝謝。整合並不容易，但每位員工都持續展現我們的核心價值：誠信、勇氣、關係與成果。他們在創紀錄的時間內完成兩家令人自豪的公司合併，且現場營運絲毫未受影響。本季就是你們的證明。對Devon的每一位同仁、原Devon與原Coterra的同仁，謝謝你們。最好的還在前方。

With that, operator, I'll take our first question. We kindly ask that each caller limit themselves to one question so we can get more questions on the call.

接下來，接線員，我們開始第一個問題。我們敬請每位來電者將問題限制為一題，以便讓更多人能在電話會議中提問。

(Operator Instructions)

(接線員指示)

Arun Jayaram, JPMorgan.

Arun Jayaram，摩根大通。

Good morning, Clay, Shane. Clay, I will bite my tongue and I won't ask you about specific assets or market rumors for assets under your portfolio review, but what I do think will be helpful to the market is you to perhaps provide the criteria that you and the Board and management team are utilizing to identify which assets you view as core to Devon's go-forward portfolio, how does commodity mix between oil gas NGLs fit into that as well as tax implications?

早安，Clay、Shane。Clay，我會忍住不問你投資組合檢視中涉及的特定資產或市場傳聞，但我認為對市場有幫助的是，你或許可以說明你、董事會與管理團隊用來判斷哪些資產屬於Devon未來核心投資組合的標準；另外，大宗商品組合（原油、天然氣、NGLs）在其中如何納入考量，以及稅務影響如何評估？

Yeah. Thanks. And of course, all of that list is on the list and several things as well. When we think about it -- I think about it kind of through three lenses. First, what's the value of the asset to Devon. How do we think about the inventory? How do we think about our ability to extract value? What's that kind of core base hold position?

好的。謝謝。當然，你提到的那些都在清單上，另外還有幾項。我們在思考時——我大致從三個面向來看。第一，這項資產對Devon的價值是什麼。我們如何看待可開發庫存？我們如何看待自身提取價值的能力？那種核心基礎持有部位是什麼？

And then secondly, you'd be very observed in the market. There's no doubt about it. There's some really interested -- hotly interested parties in buying quality assets and we don't want to miss any of those opportunities. So the second view is what's the market value of the asset, and then third, I think it's an important consideration around the strategic fit. How does this asset fit in and enhance what really is a Permian-centric core business?

第二，你也很了解市場狀況。毫無疑問。確實有一些對購買優質資產非常感興趣——而且熱度很高的買家，我們不希望錯過任何這些機會。所以第二個角度是：這項資產的市場價值是多少；第三，我認為策略契合度也是重要考量。這項資產如何融入並強化我們以Permian為核心的主業？

How does it enhance that above and beyond the incredible qualities that we have on our core piece of business. So combine that with the specifics around inventory and capital efficiency and competition for capital, all of those things that you mentioned, do play a role in that evaluation.

它如何在我們核心業務本身已具備的卓越特質之上，進一步加值。因此，結合庫存與資本效率等具體因素，以及資本競爭等你提到的各項因素，確實都會在這項評估中扮演角色。

Thanks a lot.

非常感謝。

Neil Mehta, Goldman Sachs.

Neil Mehta，高盛。

Yeah, thanks so much. Clay, What your perspective on the federal lease sales. That was a very helpful commentary. Slide 6 that kind of walked us through sort of the royalty benefits and maybe while it's not as high as it optically looked. But how do you think about how you want to approach this acreage? Is this something that gets pulled forward in terms of the timing of how you prosecute it and maybe spend a little bit more time if you can talking about getting the market comfortable with the investment you made here.

是的，非常感謝。Clay，你對聯邦租賃出售（lease sales）的看法是什麼？那段評論非常有幫助。第6頁投影片帶我們梳理了權利金（royalty）的效益，以及也許它並沒有表面上看起來那麼高。但你如何看待要怎麼切入並開發這塊面積（acreage）？在你推進（prosecute）它的時程上，這是否會被提前？另外如果可以的話，也請多談一點：你們如何讓市場對你們在這裡所做的投資感到安心。

Yeah. Well, first of all, thanks for the acknowledgment. And what I'll tell you, there's a lot to brag on about the team, but we're not perfect. And I can tell you we didn't communicate that effectively enough on the rollout. So this is kind of our second attempt. Obviously, there's a whole lot to be proud of on the execution of that.

是的。首先，謝謝你的肯定。我可以告訴你，團隊有很多值得稱道的地方，但我們並不完美。我也可以坦白說，在發布（rollout）時我們的溝通做得不夠到位。所以這算是我們的第二次嘗試。顯然，在執行層面有非常多值得自豪的成果。

13 days post close. I was so incredibly excited to get to the finish line and successfully so. We forgot to really kind of nail the communications piece. So look, we learn every single day we improve to get -- we intend to get better every single day. And this is a better, more fulsome story. Certainly, that royalty piece, the undrilled nature of this acreage, the mechanics behind this bidding process, unlike some of the golf sealed bid processes, just it truly exhibits the market price reality.

在交割完成後第13天。我非常、非常興奮能夠衝到終點並且成功完成。我們卻忘了把溝通這一塊真正講清楚。所以你看，我們每天都在學習、改進——我們打算每天都變得更好。而這次是一個更完整、更充分的故事。當然，權利金那一塊、這片面積尚未鑽探（undrilled）的特性、這個競標流程背後的機制——不同於一些像高爾夫那種密封投標（sealed bid）流程——它確實呈現了市場價格的真實狀況。

And then it's in our backyard. We're incredibly proud of the operational prowess, the infrastructure that we have the extended laterals, the footprint that we have, and that's why we are incredibly proud to be the rightful owners of this.

而且它就在我們的後院。我們對自身的營運能力、既有基礎設施、延伸長水平段（extended laterals）、以及我們擁有的作業版圖（footprint）感到非常自豪，這也是為什麼我們非常自豪能成為這些資產名正言順的擁有者。

Now that it's in-house, it has to compete like everything else. The good news is, as you can see from the graphic depicted on the slide, it stacks up at the top of the list. This is our Delaware Basin potential depicted on the left side of that slide, slide 6. And you can see where the red bars line up. And it's very much top quartile, even top decile centric. What that means is we're full speed ahead, getting the permits, getting this in the queue, and we'll be executing, as I mentioned in the prepared remarks, very substantially in the 2027 program.

現在它已經納入公司內部，就必須像其他所有項目一樣競爭資本。好消息是，從投影片上的圖表你可以看到，它在清單中名列前茅。這是我們在德拉瓦盆地（Delaware Basin）的潛力，呈現在第6頁投影片左側。你可以看到紅色長條的位置。它非常明顯屬於前四分位，甚至更偏向前十分位。這代表我們會全速前進，取得許可、把它排進作業隊列，並且如同我在事先準備的發言中提到的，我們將在2027年的計畫中相當大幅度地執行。

Betty Jiang, Barclays.

Betty Jiang，巴克萊。

Good morning and congratulations on a strong first combined quarter. My question is on slide 7 and just on the Delaware well cost. What's good out? Is that now you're already at $800 per foot, and that is ahead of some of the additional synergies that you're expecting to capture. So if I could ask like -- where do you see an aspirational target of how that well cost could trend over time? And would you are working on to lower it? What's your confidence level? Just -- and also just given the suite of technologies that you're seeing out there, how low could that go over time?

早安，恭喜第一個合併後季度表現強勁。我的問題是關於第7頁投影片，以及德拉瓦的單井成本（well cost）。目前的亮點是什麼？也就是說，你們現在已經做到每英尺800美元，而且這還早於你們預期要捕捉的一些額外協同效益。所以我想問——你們對單井成本隨時間下降的理想目標（aspirational target）會看到哪裡？你們正在做哪些工作來降低它？你們的信心程度如何？另外，考量你們看到的各種技術組合，長期來看它可能降到多低？

Yeah. Thanks for the question, Betty. It's a fun topic because there's a lot going on there. I'll hand it over to [Blake] and get his perspective on this opportunity from a synergy standpoint, but also as the D&C executive leading that effort.

是的。謝謝你的問題，Betty。這是個很有趣的題目，因為裡面有很多事情正在發生。我先把問題交給[Blake]，請他從協同效益的角度，以及作為主導鑽完井（D&C）工作的主管，談談他對這個機會的看法。

Yeah. Thanks, Clay. I appreciate the question, Betty, because there's a ton of work that goes into just a number on a slide. If you don't mind, I'll give you a little deeper dive into some of the synergies we're already seeing.

好的。謝謝你，Clay。Betty，我很感謝這個問題，因為投影片上一個數字背後其實投入了大量工作。如果你不介意，我想更深入地說明一下我們已經看到的一些協同效益。

You can imagine it's been a ton of work, bringing these two words together, but it's also been really exciting, and we're gaining a lot of momentum. Our teams are finally getting to look under each others hood. And we've been operating across the lease line from each other for a long time, and it's leading to a lot of great gains.

你可以想像，把這兩家公司整合在一起需要非常多的工作，但同時也非常令人振奮，而且我們正在累積很大的動能。我們的團隊終於能夠彼此「打開引擎蓋」看看對方怎麼做。我們長期以來就在租約邊界（lease line）兩側相鄰作業，這也帶來了很多很棒的提升。

One of the first things we did is we immediately centralized our D&C teams post-merger, and that's already paid a bunch of dividends. The first one I would point to is on the supply chain side. Devon has a fully integrated supply chain team that can bundle or debundle services almost in real time to optimize whatever the current market presents to us. We brought that flexibility to the merger, particularly with our new scale and also with the legacy Coterra operation, which was more of a bundled model, they've been able to find a lot of value there.

我們做的第一件事之一，就是在合併後立刻把鑽完井（D&C）團隊集中化，而這已經帶來了不少成果。我首先要指出的是供應鏈端。Devon有一個完全整合的供應鏈團隊，能夠幾乎即時地把服務打包或拆包（bundle/debundle），以最佳化當前市場提供給我們的條件。我們把這種彈性帶進合併後的組織，特別是在我們新的規模之下；同時對於過去Coterra較偏向打包模式（bundled model）的作業，他們也因此找到了很多價值。

The second piece is just sharing best practices and techniques. They like to say there's no secrets in the oilfield, but I can tell you, every good operator has for you. And our teams have got to share some secrets. Devon figured out a really clever way to make some frac more efficient. We've been able to extrapolate that quickly across the whole platform.

第二個部分是分享最佳實務與技術。他們常說油田裡沒有秘密，但我可以告訴你，每個優秀的營運商都會保留一些。

So you'll see the number of simul-frac wells going up in our program whereas on the Coterra side, has been a lot of time and energy on long laterals, complex wellbores, 4 and 5-mile wells, 4-mile U turns in the Permian. All that knowledge is being applied, and you'll see our average lateral lengths start going out through time.

所以你會看到我們計畫中的同步壓裂（simul-frac）井數在增加；而在Coterra那一側，則長期投入大量時間與精力在長水平段（long laterals）、複雜井眼（complex wellbores）、4到5英里井、以及在二疊紀（Permian）的4英里U形轉向等。這些知識都正在被應用，你也會看到我們的平均水平段長度隨時間開始拉長。

And then the last one, which is really exciting. Clay hit on this earlier is the -- Devon's really invested a lot of time and energy and AI. And for me, this is nowhere more evident than in the D&C, the way I would explain it is Devon builds a best of the best performance curve with a micrometer. Every minute, every day across every rig, every crew, every well, every basin, constantly searching for best of the best performance and benchmarking against it.

最後一點也非常令人興奮。Clay先前提到過——Devon在AI上投入了大量時間與精力。對我來說，這在鑽完井（D&C）領域最為明顯；我會這樣形容：Devon用「微米尺」打造一條業界頂尖的績效曲線（best-of-the-best performance curve）。每一分鐘、每一天，跨每一座鑽機、每一個班組、每一口井、每一個盆地，不斷尋找最頂尖的表現，並以此作為標竿來對照。

and these AI tools are just coming these massive data sets, looking for the gaps, they highlight the gaps, they elevate the gaps and the team at tax it. It's a gap fill a gap, improve performance, reduce cost all day, every day. That's what the teams live and breathe in. It's been really fun to bring that into the Coterra operations that we've now combined. So these are some of the big synergies we're already realizing.

而這些AI工具會處理龐大的資料集，尋找差距、標示差距、放大差距，然後團隊就去把它解決。就是「找差距、補差距」，提升績效、降低成本，日復一日。這就是團隊每天所做、所呼吸的一切。把這套方法帶進我們現在已整合的Coterra作業中，真的非常有趣。以上是我們已經在實現的一些主要協同效益。

I can tell you only some of this is in that $800 per foot that we put out, that represents wells coming online between now and the end of the year. So you can think of that as a 9- to 12-month trailing cost structure behind those numbers. The synergies I talked about plus many more are not in that number. And as we look ahead to 2027, we're really excited to deliver an even more aggressive cost structure.

我可以告訴你，這些內容只有一部分反映在我們公布的每英尺800美元之中；那個數字代表的是從現在到年底之間投產（coming online）的井。所以你可以把它視為落後9到12個月的歷史成本結構（trailing cost structure）。我剛才談到的協同效益以及更多其他項目，都還沒有包含在那個數字裡。而展望2027年，我們非常期待能交付一個更具進取性的成本結構。

Thanks for the color.

謝謝你提供的補充說明。

Your next question comes from Gabe Daoud with Truist.

下一個問題來自 Truist 的 Gabe Daoud。

Apologies. Your next question actually comes from Neal Dingmann with William Blair.

抱歉。下一個問題其實來自 William Blair 的 Neal Dingmann。

Morning. What 100 days has been for you all, I want to say congrats. Clay, maybe I'll just take another shot. My question is maybe looking at the portfolio review a different way. Well, I know you certainly don't want to get into the asset specifics. Are you able to say, is there any time frame you all are targeting for this process, given certainly the market appears to be highly a seller's market today. There's no doubt about that. And I assume that bids always have a shelf life. So I'm just wondering, is there any sort of time frame around this?

早安。你們這 100 天的表現，我想先說聲恭喜。Clay，我可能再試著問一次。我的問題是，也許用不同角度來看投資組合檢視。我知道你們當然不想談到特定資產細節。你們能否說一下，考量到目前市場顯然非常偏向賣方市場，你們對這個流程是否有任何目標時程？這點毫無疑問。而且我假設出價通常都有有效期限。所以我只是想了解，這件事是否有任何大致的時間框架？

Yeah, absolutely. As I mentioned in the prepared remarks, we're exceptionally aware of the market. And I would tell you, every asset has a slightly different market. But one advantage of announcing across-the-board effort like this is there is no shortage of incoming phone calls. And so every intentional buyer, every JV partner, every bank, everything that you can conceptually think of is certainly coming our way.

是的，當然。如同我在事先準備的發言中提到的，我們對市場狀況非常敏銳。我會告訴你，每一項資產都有略微不同的市場。但宣布這種全面性的行動有一個好處，就是來電詢問的人絡繹不絕。因此，任何有意願的買方、任何合資（JV）夥伴、任何銀行，以及你概念上想得到的各方，確實都在主動找上門。

And so that -- as you know from the first 100 days and the message here is we're not letting any grass grow under our feet. We are moving aggressively, but also thoroughly. I think the only thing more important than speed is making sure that we're making the right decision. And that is an absolute first priority is doing the right thing first. Secondly, with a speed intentionality and making sure that we're not slowing anything down.

所以——如你從這前 100 天以及我們傳達的訊息所知——我們不會讓事情拖延。我們推進得很積極，但也很周全。我認為比速度更重要的唯一事情，就是確保我們做出正確的決定。而這絕對是第一優先：先把事情做對。其次才是在有速度意識的前提下，確保我們不讓任何事情慢下來。

So I have a full -- the organization is coming together exceptionally well. the executive team, the alignment there is going exceptionally well. And I feel like I have the full backing of the Board on however we want to move forward. And I can tell you, it's moving forward quite well, we just want to avoid the trap of commenting on rumor du jour. And so we will effectively stop it there.

所以我有完整的——整個組織正在非常順利地整合；高階管理團隊、彼此的對齊也進展得非常好。我覺得董事會也完全支持我們以任何方式往前推進。我可以告訴你，進展相當順利，我們只是想避免落入對每日流言蜚語逐一評論的陷阱。所以我們就先說到這裡。

Appreciate it.

感謝。

Doug Leggate, Wolfe.

Wolfe 的 Doug Leggate。

Well, good morning, everyone. Thanks for taking my question. Clay or I guess it's probably directed to you clear rather than Shane, when you think about the use of free cash flow, you've laid out the story about the $9 billion of debt and so on. I think now, obviously, where I stand on this. But I'm particularly interested in what you do with the proceeds of any asset sales, does that go into a formula like buyback return of cash? Or does asset sale proceeds get treated differently than operating cash flow if and when they come. Thanks.

各位早安。謝謝讓我提問。Clay，或者我想這題可能是問你（Clear）而不是 Shane：當你思考自由現金流的運用時，你已經說明了 90 億美元的債務等等。我想你也很清楚我在這件事上的立場。但我特別想知道，任何資產出售的所得你們會怎麼用？會不會納入像是庫藏股回購、回饋現金這類的公式化安排？或者資產出售所得在實際發生時，會不會與營運現金流被不同方式對待？謝謝。

Shane, why don't you take a shot.

Shane，你來回答看看。

Yeah, I don't want to do that. Great question, Doug, and really appreciate it. So look, and I'm sure you're referring to this anyway, but that is net proceeds. Obviously, the first call we've got on any proceeds from any asset sales would be to fulfill our obligations to the government pay the tax bite from that. So that would come off the top.

好，我不想那樣做。Doug，這是個很好的問題，也非常感謝你。所以你看——我想你本來就是指這個——那是淨所得（net proceeds）。很明顯，任何資產出售所得的第一順位用途，是履行我們對政府的義務，支付因此產生的稅負。所以這部分會先從上面扣掉。

On the net proceeds, I think the next question we ask ourselves is what cash flow and credit capacity has been pulled out of the system. And therefore, if we're targeting somewhere around $9 billion of debt by year-end 2027, does that target move based on sort of the new complex or complexion of the portfolio going forward and it may. So we'll figure out what the right sort of next target could be, both in terms of a leverage reduction and/or adding to the balance sheet.

就淨所得而言，我認為我們接下來會問自己的是：系統中被抽走了多少現金流與信用額度（credit capacity）。因此，如果我們的目標是在 2027 年底把債務降到約 90 億美元，那麼這個目標是否會因為未來投資組合的新結構或樣貌而調整——而且確實可能會。所以我們會釐清下一個合適的目標，無論是在降低槓桿和／或強化資產負債表方面。

And then I think the third piece is the one that you're -- I think we're highly focused on in terms of formulaic on that is how to buybacks play a piece of that. And I said, look, it's going to be very situational specific. What size asset, what size proceeds, et cetera. And there's an array from on the one side of it, you could see this sort of supplementing an opportunistic buyback plan on another size of proceeds. You could see it maybe stacking onto the base dividend for some period of time, two quarters, four quarters, six quarters to buy back or if we're if it's a very large proceeds asset sale, you could see an accelerated buyback program being a part of the mix there.

然後我想第三部分就是你——我認為我們非常關注的、較偏公式化的部分：回購在其中扮演什麼角色。我說過，這會非常視情況而定。資產規模多大、所得規模多大，等等。可能的範圍很廣：一方面，你可能會看到這用來補充一個機會型的回購計畫（在某種規模的所得下）。在另一種規模的所得下，你可能會看到它在一段時間內疊加在基本股利之上——兩季、四季、六季——用來回購；或者如果是非常大筆的資產出售所得，你可能會看到加速回購計畫（accelerated buyback program）成為組合的一部分。

But that's something that is not formulaic at this point. It's something that's subject to conversation with Clay and the team and certainly with the Board in terms of getting alignment on that. But I think that whole suite is available, but it's going to be dependent on what the size of the net proceeds after sort of taking care of the obligations associated with that sale would be.

但目前這還不是公式化的安排。這需要與 Clay 和團隊討論，當然也要與董事會溝通，以便在這方面取得一致。不過我認為整套工具都可用，但會取決於在先處理與該交易相關的義務之後，淨所得的規模到底有多大。

Yeah. Here's what I would just add to it, Doug. I think this is -- obviously, what an incredible opportunity for us to figure out how do we return shareholders the best. Certainly, we've made significant progress with the opportunities near term on paying down debt. We like the way our balance sheet looks. We've got a little bit more work to do, but that will come in time. I don't feel a tremendous pressure. This is certainly a question, and I know you have a firm opinion on this. This is a question and a real active debate amongst our best and most informed shareholders, and we get varying opinions.

是的。Doug，我再補充一點。我認為這——顯然——對我們而言是個極佳的機會，去思考如何以最佳方式回饋股東。當然，我們在短期償債方面的機會已經取得顯著進展。我們喜歡目前資產負債表的樣子。我們還有一些工作要做，但會隨時間完成。我不覺得有很大的壓力。這確實是一個問題，而且我知道你對此有很明確的看法。這也是我們最優質、最了解情況的股東之間一個非常活躍的討論，我們也收到各種不同意見。

When I think about kind of a nominal sale. And I think about throwing that additional proceeds on to the significant free cash flow that we generate organically as a company. I think about all three options, essentially stacking a little bit of cash, paying down additional debt and then more aggressively going back and buying more shares. I think I have to be on the table. As I look at our share price today, I think -- can't help but think about what a compelling buyback opportunity that is. And certainly, as I think about the balance of the year, having checked the debt goal for the year, I think you'll see us differentially move towards buybacks.

當我想到某種名目上的出售。再想到把那筆額外所得加到我們公司有機產生的可觀自由現金流之上。我會想到三個選項：基本上是保留一些現金、再多償還一些債務，然後更積極地回頭買更多股票。我認為這些都必須納入考量。以我們今天的股價來看，我不禁會想到這是一個非常有吸引力的回購機會。而且，當我看今年剩餘時間，在我們已達成今年的債務目標之後，我想你會看到我們相對更偏向回購。

I appreciate the answer, fellas. I might not always agree with it, but I appreciate the answer. Thank you.

感謝你們的回答，各位。我可能不一定總是同意，但我很感謝你們的回答。謝謝。

Yeah. I appreciate that, Doug. And like I said, respect your opinion and like I said, this is one that we actively debate. This is an imprecise science, and we've got a lot of smart people that offer different views on this. So thanks for your perspective. Always appreciate it.

是的。我很感謝你，Doug。而且如我所說，我尊重你的意見；也如我所說，這是一個我們會積極辯論的議題。這不是一門精確的科學，我們有很多聰明的人對此提出不同觀點。所以謝謝你的觀點。一直都很感激。

John Freeman, Raymond James.

John Freeman，Raymond James。

Thanks. Clay, you've previously called the $1 billion sort of synergy target sort of more the floor and not the ceiling. And in the presentation, you did a great job of kind of elaborating and providing a lot more detail on all the various initiatives that are underway, how you're using technology and I'm just trying to get, I guess, a little better understanding of what's sort of embedded in the $1 billion target versus what would potentially serve as upside to things like the surfactant test, the autonomous artificial lift, like, are those sort of included in the $1 billion? Is that additional upside? Just any additional color, Clay, you could provide on that.

謝謝。Clay，你之前把10億美元左右的協同效益目標稱作比較像是下限而不是上限。而在簡報中，你很出色地進一步闡述並提供了更多細節，涵蓋各項正在推進的計畫、你們如何運用科技；我想更清楚了解的是，10億美元目標中到底「內含」了哪些項目，哪些又可能構成上行空間，例如界面活性劑測試、自治式人工舉升等——這些是否已包含在10億美元裡？還是那是額外的上行？Clay，若你能就此再補充一些說明就太好了。

Yeah. John, here's a little bit of color. And I'm trying to guard against getting too far ahead of ourselves. Look, these numbers aren't flowing through the financials yet. And that is where the real rubber hits the road. And so before we start accelerating the $1 billion or increasing the $1 billion target.

是的。John，我補充一點說明。我也想避免我們講得太超前。你看，這些數字目前還沒有反映到財務報表裡。而那才是真正見真章的地方。所以在我們開始把10億美元加速實現或提高10億美元目標之前。

We want to be real cautious about that because I think the most important thing about this $1 billion is not just delivering it, but doing it in a way that's credible and very transparent to the investors. And so we're going to hold back until we start seeing things flow through the financials, which will be coming in the near quarters, before we do any kind of more granular articulation.

我們會非常謹慎，因為我認為這10億美元最重要的不只是交付它，而是要以對投資人可信、且非常透明的方式來做到。因此，在我們看到這些效益開始反映到財務報表（未來幾個季度就會出現）之前，我們會先保留，不會做更細緻的拆解說明。

Certainly, there is upside to the numbers. the first order has got really good experience. We just did a business optimization with $1 billion, the first order of business is you don't shoot for $1 billion to get $1 billion. You shoot for a number that's much higher than that, because things look evaporate in time, the things get pushed, sometimes it doesn't exactly fall on the right timeline. And then sometimes, things are significantly better than you thought. And so we absolutely have that opportunity today.

當然，這些數字是有上行空間的。我們在第一輪就累積了很好的經驗。我們剛做過一次以10億美元為目標的業務優化；第一個原則是，你不會只瞄準10億美元來得到10億美元。你會瞄準遠高於此的數字，因為隨著時間推移，有些項目會被稀釋、會被延後，有時也不會剛好落在正確的時間軸上。但有時候，結果又會顯著優於你的預期。所以我們今天確實具備這樣的機會。

I mentioned 350 different initiatives, we're already in the process of that. Those things are starting to firm up. Got a lot of confidence. Absolutely, when you add up all of the kind of gross potential, it's a number well north of $1 billion. we're sticking with $1 billion.

我提到過大約350個不同的計畫，我們已經在推進當中。這些項目也開始逐步明朗。我很有信心。確實，若把所有「總體潛力」加總起來，會遠高於10億美元；但我們仍維持10億美元這個目標。

And what I would tell you is the degree of confidence that I have today as opposed to, say, 14 months ago, when we were kicking off our business optimization on the legacy Devon side, I feel so much more confident today and being able to deliver this number. We've got the right tools, we got the teams in place. We know and understand to quantify, how to hold these numbers with integrity and really deliver, I think, an outsized product to the investors, and that's absolutely our intention.

我想告訴你的是，相較於例如14個月前、我們在傳統Devon端啟動業務優化時，我今天對交付這個數字的信心高出非常多。我們有正確的工具，也有到位的團隊。我們知道並理解如何量化、如何以誠信維持這些數字並真正交付；我認為這能為投資人帶來超預期的成果，而這也絕對是我們的意圖。

Thanks, Clay.

謝謝，Clay。

Josh Silverstein, UBS.

Josh Silverstein，UBS。

Good morning, guys. You had mentioned that the initial 2027 views will come out in November on the 3Q call. I'm curious how you're setting up or how you set up a proper development plan and start allocating capital, knowing you're going through this asset review process. Are there multiple plans you have underway? Are you allying this based on a view of oil and gas prices? Will capital shift? I'm just curious how you're trying to put this together now knowing is just a few months away. Thanks.

各位早安。你們提到初步的2027年展望會在11月的第三季電話會議上公布。我想了解的是，在你們正在進行資產檢視流程的情況下，你們如何建立一個合適的開發計畫並開始配置資本？你們是否同時在推進多套計畫？你們是否會依據對油氣價格的看法來做配置？資本配置會移動嗎？我只是好奇，明明只剩幾個月，你們現在是如何把這些拼在一起的。謝謝。

Yeah. Thanks for the question, Josh. It's pretty iterative. And I think the advantage of having sophisticated systems that can move quickly, is you need to run all the scenarios. And certainly, as we think about asset rationalization and thinking what will life be like without asset X, Y and/or Z. Certainly, running that through a real-world scenario of house '27 going to shape up is something that we're doing in real time.

是的。謝謝你的問題，Josh。這是一個相當迭代式的過程。我認為擁有能快速運作的成熟系統的優勢在於，你需要跑遍所有情境。當然，當我們思考資產汰弱留強、以及假設沒有資產X、Y和／或Z之後的樣貌時，把這些放進「2027年整體規劃會如何成形」的真實世界情境中去推演，是我們正在即時進行的工作。

And so we have an upcoming strategy session with the Board. That's typically the first time we're showing the Board kind of the 5-, 10-year look. And of course, in that is their first kind of detailed view of the coming year. That usually gets us pretty close to being able to telegraph kind of pre-read by November. That was both legacy Coterra and Devon's kind of general best practice and so we expect to follow up on that. Again, this will be rough numbers. This will be kind of a soft guide as we've done before. But yeah, absolutely doing all of the iterations.

因此，我們即將與董事會進行一場策略會議。那通常是我們第一次向董事會展示5年、10年的展望。當然，其中也會包含他們第一次對來年有較為詳細的視角。這通常會讓我們非常接近能在11月對外釋出某種「預告式」資訊。這也是過去Coterra與Devon各自的通行最佳做法，因此我們預期會延續。再次強調，這會是粗略的數字。會像我們以前做過的那樣，屬於較為溫和的指引。但沒錯，我們確實在做所有迭代推演。

And then like I said in the prepared remarks, I don't think we just run through the tape and then we're static for the next decade. Devon has a long history of reinventing ourselves and thinking about how do we further enhance the portfolio. And so we've got a real opportunity with this combination. We're going to be very intentional about it. as was mentioned earlier, the market is exceptionally hot and interested because there's so much public talk about it, we're getting a lot of inbound phone calls. And so it takes a little bit of time to process that and really evaluate, again, most importantly, to make the right decision for shareholder value accretion. So thank you again for the question, Josh.

另外，就像我在事先準備的發言中提到的，我不認為我們只是跑完這一段就會在接下來十年都維持不變。Devon長期以來都有自我重塑的歷史，並持續思考如何進一步提升投資組合。因此，透過這次合併，我們有很大的機會。我們會非常有意識地推進；如先前提到的，市場熱度非常高、興趣也很強，因為外界公開討論很多，我們收到大量主動來電。所以需要一些時間來消化並真正評估；再次強調，最重要的是做出能為股東價值增厚的正確決策。再次謝謝你的問題，Josh。

Chris Baker, Evercore. Chris.

Chris Baker，Evercore。Chris。

Hey, thanks. Clay, I would love to -- some great detail around the Delaware Basin in the slides. Would love to just get a sense of how you think about optimal scale there. Obviously, it's bigger today, but just in terms of the forward opportunity set. And just any thoughts around potential use of proceeds to Doug's question just around further scaling up that position.

嗨，謝謝。Clay，投影片裡對Delaware盆地的說明非常詳盡。我想請你談談你們如何看待那裡的最適規模。顯然現在規模已經更大，但就未來的機會集合而言。另外也想呼應Doug的問題，談談若有處分所得，是否可能用於進一步擴大那個部位的規模。

Yeah. Thanks for the question, Chris. If you're going to be the dominant player in any basin, I can't think of a better basin than the Delaware Basin, from our asset footprint, from the infrastructure that I mentioned, all the way through there is just so much value creation. We're looking at deeper horizons. We're looking at improvements on the gas opportunities.

是的。謝謝你的問題，Chris。如果你要在任何一個盆地成為主導者，我想不出有哪個盆地會比Delaware盆地更好——從我們的資產版圖、到我提到的基礎設施，一路延伸下去，都有非常多的價值創造空間。我們正在看更深層的地層。我們也在看天然氣機會的改善。

We have an incredible gas opportunity there, how do we truly optimize the value creation from that. There's so much kind of synergistic opportunity upside from having a dominant position there. And of course, it is one of the least developed kind of least mature among the spectrum of the domestic -- the great domestic resource play. So we love that position there.

我們在那裡有一個極具吸引力的天然氣機會，我們要如何真正把價值創造最佳化。在那裡擁有主導地位，帶來非常多的協同機會上行空間。當然，在國內資源開發的光譜中——這些偉大的國內資源開發案——它也是開發程度最低、成熟度最不足的之一。所以我們非常喜歡我們在那裡的布局。

How do we think about additional bolt-ons? I certainly talked about the focus on trades, the focus on additional bolt-ons, any additional opportunities. We're always evaluating. But as always, we have to be very critical about what we bring in. We're incredibly proud of the federal lease sale.

我們如何看待額外的補強式併購（bolt-ons）？我確實談到了聚焦於資產交易、聚焦於額外的補強式併購，以及任何其他機會。我們一直都在評估。但一如既往，我們必須非常嚴格地審視我們要納入什麼。我們對聯邦租賃拍賣的成果感到無比自豪。

I think we've done a much better job of articulating the why behind that. And so you can kind of get an idea of there's the bar. We find an opportunity like that, you bet we're going to be aggressive and add incredible value to the portfolio.

我認為我們在闡述其背後的原因（why）方面做得更好了。因此你大概可以理解門檻在哪裡。如果我們找到那樣的機會，你可以打賭我們會積極出手，並為投資組合增添驚人的價值。

Great, thanks.

很好，謝謝。

Scott Gruber, Citi.

Scott Gruber，花旗（Citi）。

Yes, good morning. Clay, leveraging AI is obviously a core pillar in your operational strategy. The services industry has also been touting their AI-enabled offering. Can you discuss your AI strategy between in-house development versus third-party sourcing? How has that evolved as you continue to push AI deeper into your operations? And how are you working with the services industry on the intersection between the software and the hardware to really squeeze the most used AI.

是的，早安。Clay，運用 AI 顯然是你們營運策略的核心支柱。服務業也一直在宣傳他們的 AI 賦能方案。你能談談你們的 AI 策略：內部開發與第三方採購之間如何取捨嗎？隨著你們持續把 AI 更深入導入營運，這個策略如何演進？另外，你們如何與服務業者合作，在軟體與硬體的交會點上，真正把 AI 的使用效益榨到最大？

Yeah. Thanks for the question. You know I love me some serious AI. And it's I love talking about it. I'm a huge champion. But look, our -- a little bit of our secret sauce is Trey Lowe. Trey has got a strong operational background. He actually worked for a major service company for quite a while. He is a distinguished SPE lecture understands our business as well as anyone in this organization, and it happens to be a self-proclaimed technology geek, which I love all day. So Trey, why don't you tell us a little bit of your perspective on the question from Scott.

好的。謝謝你的問題。你知道我很愛認真的 AI。而且我很愛談這個。我是非常大的擁護者。不過你看，我們——我們的一點「秘密武器」是 Trey Lowe。Trey 有很強的營運背景。他其實在一家大型服務公司工作過相當長一段時間。他是 SPE 的傑出講者，對我們的業務理解不輸組織內任何人，而且他自稱是科技宅，我超愛。所以 Trey，你來跟我們分享一下你對 Scott 這個問題的看法。

Yeah. Thanks, Scott, for the question. We love to talk about what is happening here in this space. Clay mentioned it several times. We see technology as an advantage for the company. It's a differentiator. It's a place where we lean in. We've invested in our data sets for the better part of a decade, making -- really building that foundation and making them accessible to all of our employees and trusted whenever OpenAI launched ChatGPT about three years ago, Devon leaned in really hard and started applying AI across the entire enterprise and really focused on empowering our employees.

好的。Scott，謝謝你的問題。我們很喜歡談這個領域正在發生的事。Clay 提過好幾次。我們把科技視為公司的優勢。它是差異化因素。也是我們會加大投入的地方。我們在資料集上的投資已經將近十年——真正把基礎打好，並讓所有員工都能存取、且值得信賴；而在 OpenAI 大約三年前推出 ChatGPT 之後，Devon 就非常積極地投入，開始在整個企業範圍內應用 AI，並且重點放在賦能我們的員工。

When we announced the merger, we really ended up with the best of all worlds, in my opinion. And the places where Coterra had invested heavily around the use of AI and machine learning model for well prediction and helping us with our capital plans, married up really well with where Devon had invested, which was really heavily in the operational side of our business, production, drilling, completions and some other subsurface workflows.

當我們宣布合併時，我認為我們最後真的集結了各方所長。Coterra 在 AI 與機器學習模型的應用上投入很深，例如用於井位預測、協助我們制定資本計畫；這與 Devon 的投資方向——更偏向營運端——高度互補，包括生產、鑽井、完井以及其他一些地下（subsurface）工作流程。

And so all of those systems are zippering together today, and it's going to put us in a great place. And we've seen it already reaping dividends for our teams that are working through the integration what just a year ago was taking us a couple of months to create new tables. Now we're doing these things in 2 days. And we see it in the results.

因此，所有這些系統現在正在逐步整合串接，這會讓我們處於非常有利的位置。我們也已經看到它為正在做整合的團隊帶來回報：就在一年前，我們建立新資料表還要花上幾個月。現在我們兩天就能完成。而且我們在成果中看得到。

We tried to give a flavor of what we're seeing through synergies from these AI tools things like the closed-loop AI gas lift systems that we have and the smart gas lift systems. we're able to scale these things at a pace, which just honestly, we've never seen in my career previously. And on those specific applications back to your original question, those are partnerships in many ways with some of our providers that are helping us with some of the puzzle pieces to put all these things together.

我們試著讓大家感受一下，這些 AI 工具帶來的協同效益，例如我們的閉環（closed-loop）AI 氣舉系統，以及智慧氣舉系統。我們能以一種坦白說在我職涯中從未見過的速度，把這些東西規模化。而就你原本的問題而言，在那些特定應用上，很多方面是與部分供應商的合作夥伴關係，他們協助我們補齊拼圖的一些關鍵零件，把所有東西整合起來。

But the real secret sauce is empowering our employees with the gas lift system we went from just a few months ago, only having a few wells running our mated fully closed loop. And then in March, we had a couple of hundred wells, and now we're at 1,000 and we know in the Permian Basin alone, we've got well over 2,000 still in front of us. And in fact, just a couple of weeks ago, we applied this to the first set of legacy Coterra wells. And so just the pace at which we can move is unprecedented. We're seeing great results out of all those things.

但真正的秘密武器，是讓員工被賦能：以氣舉系統為例，就在幾個月前，我們只有少數幾口井在運行我們配套的、完全閉環的系統。到了三月，我們有了幾百口井；現在我們已經到 1,000 口，而且我們知道光是在二疊紀盆地（Permian Basin），前面還有遠超過 2,000 口井等著我們導入。事實上，就在幾週前，我們把這套方法應用到第一批 Coterra 既有（legacy）井。所以我們推進的速度是前所未有的。我們從這些措施中看到了很好的成果。

And that's just an example. But across the board, whether it's our legal team, our production team, we're seeing the same sort of acceleration of ideas and innovations. And we're going to see it flow -- continue to flow through to the bottom line.

這只是一個例子。但整體而言，不管是法務團隊、生產團隊，我們都看到同樣的想法與創新加速。而且我們會看到這些效益——持續反映到最終盈餘上。

Yeah. And Scott, one thing I would just add, it's been incredibly fun for me to see our new Coterra side of the family really get unleashed on some of these tools. and the jaws on the ground, the eyes wide open, the leaning forward, saying, I need access to that now has just a really encouraging and exciting in affirming of the work that we've quietly been doing kind of under the radar. So great synergy opportunity and look forward to talking more about it in the coming quarters.

是的。Scott，我再補充一點：看到我們新的 Coterra 這一邊的家人，真的在這些工具上被「解放」出來，對我來說非常有趣——下巴都快掉到地上、眼睛睜得大大的、身體前傾，說「我現在就要用到那個」；這讓人非常振奮、興奮，也再次印證了我們一直低調、在雷達下默默做的工作。所以協同機會很大，也期待在接下來幾個季度再多談一些。

Appreciate the color. Thank you.

感謝這些補充說明。謝謝。

Nitin Kumar, Mizuho.

Nitin Kumar，瑞穗（Mizuho）。

Hi. Good morning, team and Clay. Thanks for taking my question. I wanted to focus on something you are doing versus what you might do in the coming weeks or months. So you talked a little bit about in your presentation about surfactants and recovery factor is a big focus for the industry right now. I was wondering if you could provide some more color on what have you tested? Has it been localized to the Permian? Or have you tested in other patients? And just one thing you're doing on that side of the house.

嗨。各位早安，Clay 以及團隊。謝謝讓我提問。我想聚焦在你們正在做的事情，而不是你們可能在未來幾週或幾個月會做的事。你們在簡報中稍微提到界面活性劑（surfactants），以及提高採收率（recovery factor）是目前產業很關注的重點。我想請你們多補充一些：你們測試了哪些內容？是否只在二疊紀（Permian）做了局部測試？還是也在其他區域做了測試？以及你們在這方面正在做的一件事。

Yeah. Thanks for the question. This is John. We've tested surfactants most broadly in the Permian Basin up to this point. And I think there's a distinction here we want to make. We've tested it both in the completion phase of our operation, but also the production phase of our operation.

好的。謝謝你的問題。我是 John。到目前為止，我們最廣泛的界面活性劑測試是在二疊紀盆地。我想這裡我們要做一個區分。我們在作業的完井階段，以及作業的生產階段，都有進行測試。

I think what Clay highlighted in his prepared remarks and what we highlighted in the deck was around the completions. And that's pretty exciting work that we've done to date. It's a fairly small data set up to this point, but I would emphasize that 90% of the wells that we trial, the surfactants had material uplift. We saw north of 15% at 180 days. So we're extremely excited about that technology.

我認為 Clay 在其事先準備的發言中所強調的，以及我們在簡報資料中所強調的，主要是關於完井。而這是我們迄今為止所做的相當令人振奮的工作。到目前為止資料集仍相對較小，但我要強調的是，我們試驗的井中有 90% 在使用界面活性劑後出現了顯著提升。在 180 天時我們看到超過 15% 的提升。因此我們對這項技術感到非常興奮。

You heard Clay mentioned that we're going to scale that beyond 50 wells in the very near future. I would tell you that we're putting pressure on the teams to pump it in all the wells and tell us why we shouldn't pump surfactants and really treat that more as an exception.

你也聽到 Clay 提到，我們在非常近期內會把規模擴大到超過 50 口井。我可以告訴你，我們正在對團隊施加壓力，要求在所有井都進行泵注，並讓他們說明為什麼不應該泵注界面活性劑，真正把它更多視為例外情況。

One thing we didn't talk about in the deck was the production phase. And so within the Delaware Basin over the past year, we've been active also pumping surfactants in the production phase. This is typically between six months and two years into the productive life of a well. We're also seeing uplift here. The results are a bit more variable. We see certain zones that perform better than others, but what I would generally say is we're seeing positive uplift here.

有一件我們在簡報資料裡沒有談到的是生產階段。因此，在過去一年裡，我們在德拉瓦盆地也一直很積極地在生產階段泵注界面活性劑。這通常發生在一口井投產後約六個月到兩年的期間。我們在這裡也看到提升。結果的變異性稍大。我們看到某些層段表現優於其他層段，但總體而言，我會說我們在這裡看到的是正向提升。

So this is also yet another program that we're planning on scaling in the Delaware Basin, looking at going to 20 jobs a month. And beyond the Delaware Basin, we've got plans to expand that as well. Looking at the year-end, we're looking at the Williston Basin. But to the extent we continue to dial in our chemistry and have successful results, you can see us expand that even further.

所以這也是我們計畫在德拉瓦盆地擴大規模的另一個專案，目標是提升到每月 20 次作業。而在德拉瓦盆地之外，我們也有擴展計畫。展望年底，我們在看威利斯頓盆地。但只要我們持續把化學配方調校到位並取得成功結果，你會看到我們進一步擴張得更遠。

Phillip Jungwirth, BMO.

Phillip Jungwirth，BMO。

Thanks. Good morning. With additional Permian egress starting up, how has the new Devon positioned in terms of takeaway remaining Waha exposure? I assume this should be a nice cash flow tailwind for the pro forma company next year.

謝謝。早安。隨著二疊紀更多外運能力開始啟用，新 Devon 在外運安排上、以及剩餘的 Waha 曝險方面，目前的定位如何？我想這應該會在明年為合併後的擬制公司帶來不錯的現金流順風。

And then you guys have always been really good on the marketing side, just wondering how you view market concerns that new gas pipeline capacity in the Permian could push some of the basis weakness to major hubs in East Texas. And do you think there's enough takeaway for gas to flow further downstream to LNG? And generally, how are you positioned here?

另外，你們在行銷端一向做得很好，我想請教你們如何看待市場的擔憂：二疊紀新增的天然氣管線輸送能力，可能會把部分基差走弱傳導到東德州的主要樞紐。你認為外運能力是否足以讓天然氣進一步往下游流向 LNG？整體而言，你們在這方面的布局如何？

Yeah. Phillip, well, I'll take that one to start off. Listen, yeah, we've been very pleased to see the recent Kinder-Morgan expansion and the impact that's had. The second quarter is obviously a tough quarter on Waha. But going forward for the balance of the year, we remain positioned well between firm takeaway capacity and our hedge position.

是的。Phillip，我先回答這題。聽著，是的，我們很高興看到近期 Kinder-Morgan 的擴建，以及它所帶來的影響。第二季在 Waha 顯然是艱難的一季。但展望今年剩餘期間，我們在確定性外運容量與避險部位之間的配置仍然相當到位。

We've got over 70% of our production either hedged or down to the coast, and we feel good about that. We've got additional egress coming in later in the year and in the first half of next year on [black home] And so we're excited about that. And so next year, again, we would hope to be in that same level.

我們有超過 70% 的產量不是已經避險，就是已經送到沿海地區，我們對此感覺良好。今年稍晚以及明年上半年在 [black home] 還會有額外的外運能力進來，因此我們對此感到興奮。所以明年，我們同樣希望能維持在相近的水準。

Some of that 70% is financial hedges that will roll off, but we do have some in '27 and we'll continue to build. It's a big issue. It's something that it's not just a near-term issue for us and for the basement. One, that Devon has been pretty forward leaning into. And I think as we think into the future, it's an issue that's not going away.

這 70% 的一部分是金融避險，之後會到期，但我們在 2027 年也有一些，並且會持續建立。這是一個重大議題。對我們以及對盆地而言，這不只是短期議題。第一，Devon 一直相當前瞻地在因應這件事。而且我認為，當我們思考未來時，這個議題不會消失。

So we'll continue to think about sort of multiple phases of way to deal with that one could be additional egress, two through the financial hedging opportunities that we've got. And three, we'll be to potentially look at continued opportunities in basin.

因此我們會持續思考以多個階段來處理：其一可能是增加外運能力；其二是透過我們所擁有的金融避險機會；其三則可能是持續尋找盆地內的機會。

For example, the CPV project that we've got coming online in '28 for 115 million a day that's going to be priced against ERCOT West will give us -- should give us an advantage pricing relative to in-basin pricing. So we will continue to look on it.

例如，我們的 CPV 專案預計在 2028 年上線，規模為每日 1.15 億，將以 ERCOT West 作為定價基準，這將帶給我們——應該會帶給我們——相較於盆地內定價的價格優勢。所以我們會持續關注。

Yeah, to your final question on how could this impact downstream along the Gulf Coast, absolutely. I mean, we're super excited about what's happening with LNG and power development. but a the industry has been really good. It's sort of meeting against those demands. And as LNG export capacity and supply ramps up, look, it could create more volatility in the long run.

是的，至於你最後一個問題：這會如何影響墨西哥灣沿岸下游，絕對會。我的意思是，我們對 LNG 與電力開發正在發生的事情感到非常興奮，但產業整體也做得很好，某種程度上是在配合並滿足這些需求。而隨著 LNG 出口能力與供給逐步提升，長期來看，確實可能帶來更高的波動性。

We're not immune to weather, and we haven't added any storage in a long, long time in that part of the marketplace. And so -- so yes, it's a big issue, and it could cause greater volatility in the future in some of that Gulf Coast pricing.

我們無法免於天氣因素影響，而且在那個市場區域，我們已經很久、很久沒有新增任何儲存設施了。因此——所以是的，這是一個重大議題，未來可能會使部分墨西哥灣沿岸的定價波動更大。

Yeah. Last thing, just to wrap on that, Phillip. I mean what I would say is any time -- this is saying that Greg Horne, who runs all our marketing for the company, he says, look, where you see a challenge if you can identify it early, and the position that we have, the upstream position that we have can turn that challenge into an opportunity. So yes, there's interesting challenges out there and every single one of them we look through the lens of how do we turn that into a real opportunity for us to create incremental value from this incredible resource and world-class position that we have in the Permian Basin.

是的。最後補充一下作結，Phillip。我的意思是，我會說任何時候——這是我們負責公司所有行銷的 Greg Horne 常說的：你看，當你看到一個挑戰，如果能及早辨識，而我們所擁有的上游部位、我們所擁有的上游定位，就能把那個挑戰轉化為機會。所以是的，外面有一些有趣的挑戰，而我們看待每一個挑戰時，都會從「如何把它變成我們真正的機會，從我們在二疊紀盆地所擁有的這項驚人資源與世界級地位中創造增量價值」的角度來思考。

So thanks for the question, Phil.

所以謝謝你的問題，Phil。

Gabe Daoud, Truist.

Gabe Daoud，Truist。

Thanks, operator. Hey, everyone. Morning. Clay, maybe a higher-level question for you. Just since the deal has closed, stock has been a little bit of underperformer relative to a new large cap peer group. I think we would all agree is a pretty big value proposition here moving forward.

謝謝，接線員。各位好。早安。Clay，我想問你一個較高層次的問題。自從交易完成以來，股價相較於新的大型股同業群，表現有些落後。我想我們都同意，往後這裡有相當大的價值主張。

Maybe just curious, what do you think is -- what do you attribute that maybe underperformance to? Is it -- do you think the market's become impatient around asset sales? Do you think maybe not fully recognizing the free cash flow ability of the pro forma or the synergy capture? Would love to maybe get a little bit of color from your perspective on what you think the market is missing here? Thanks.

我只是好奇，你認為——你把這種相對落後歸因於什麼？是你覺得市場對資產出售變得不耐煩了嗎？你覺得市場可能沒有完全認知到合併後擬制公司的自由現金流能力或協同效益的實現嗎？很希望能從你的角度多聽一些看法：你覺得市場在這裡忽略了什麼？謝謝。

Yeah. Thanks for the question, Gabe. It is not lost on the team that we are underperforming and that is a clear focus. And hopefully, messages like this today on the progress that we're making, the objectiveness we're moving forward, the aggressiveness and the pace that we're moving with.

是的。謝謝你的問題，Gabe。團隊並沒有忽視我們表現落後這件事，這是一個明確的重點。也希望今天像這樣的訊息，能讓大家看到我們正在取得的進展、我們向前推進的明確目標、以及我們推進的積極性與速度。

I think the challenge right now for the investors, and my view is there's a lot of money kind of sitting around the hoop, waiting to jump in, they're looking for a clear direction. And where do we go from here? Is Devon go forward more of this or less of that.

我認為投資人目前面臨的挑戰是——以我的看法——有很多資金有點在場邊觀望，等著跳進來，他們在尋找一個明確的方向。那我們接下來要往哪裡走？Devon 會更往這個方向走，還是更少做那個？

And as I said, I would love to kind of telegraph that. I think it is the right thing to do for value optimization to make sure that we allow those processes to run. We don't and we have not historically telegraphed where we're going to move to. We really believe that the value creation opportunity and keeping those cards a little closer to our chest is the right move for the shareholders.

而且如我所說，我很希望能某種程度上預先釋放訊號。我認為，為了價值最佳化，確保我們讓那些流程自然運作，是正確的做法。我們不會，而且過去也從未預先透露我們將要往哪個方向移動。我們確實相信，價值創造的機會，以及把牌稍微更貼近胸口，才是對股東而言正確的做法。

In the short term, there's a little bit of pain. We have to deal with the rumor du jour and that's pointing investors into a different direction every day. I completely understand why that can be that can be confusing to the investor. What I would tell you is we've met with at least 100 investors all over since the time of -- since the close. And what I get is a lot of encouragement, make sure you're doing the right thing first, make sure you're thinking about value creation and don't just rush into a quick high, sugar high on a quick decision.

短期內，會有一點痛苦。我們必須面對每天的市場傳聞，而那些傳聞每天都把投資人指向不同的方向。我完全理解，為什麼這會讓投資人感到困惑。我想告訴你的是，自從——自從完成交割以來，我們已經在各地與至少 100 位投資人會面。我得到的是很多鼓勵：先確保你在做正確的事，確保你在思考價值創造，不要只是匆忙做出一個快速決定，追求短暫的高點、像糖分飆升那樣的快感。

So that's the approach we've always taken and that's the approach we'll continue to take, but it's not lost on us. We've got time constraint. And every single one of us, certainly including the feels the pressure of our share price, and we want to perform for our shareholders for the ultimate value creation, which is doing the right thing first. So thanks for the question, Gabe.

所以這一直是我們採取的方法，也會是我們持續採取的方法，但我們並非沒有意識到這點。我們有時間上的限制。我們每一個人——當然也包括——都感受到股價帶來的壓力；我們希望為股東交出表現，實現最終的價值創造，而那就是先把正確的事做好。所以謝謝你的問題，Gabe。

Scott Hanold, RBC.

Scott Hanold，RBC。

Yeah, thanks. You all have made some early-stage investments in some equity investments and have several of these equity interest. But that appears a pretty good value for everyone and a few others. Just kind of curious on your strategy with some of these equity investments and are there other opportunities you all are looking at?

是的，謝謝。你們在早期階段做了一些投資，包括一些股權投資，也持有好幾項這類股權權益。但看起來，這對你們以及其他幾方而言都是相當不錯的價值。我只是想了解一下，你們對其中一些股權投資的策略是什麼？另外你們是否也在看其他機會？

Yeah, thanks, Scott. Yeah, we had some home run opportunities. And again, I'll go back to the earlier line of where other see challenges we see opportunities. We want to be known as a company that's always open for business. You got a creative idea kind of bringing our way. As I said earlier, we're operations focused.

是的，謝謝你，Scott。是的，我們確實有一些「全壘打」式的機會。而且我再回到先前那句話：別人看到的是挑戰，我們看到的是機會。我們希望被視為一家隨時都願意做生意、隨時開放合作的公司。如果你有一個有創意的想法想帶來給我們。如我先前所說，我們以營運為核心。

We're technology forward. We're an energy powerhouse. And so that -- when you open that aperture just a little bit, things come your way. The water bridge opportunity, the [Furbo] opportunity, some of the investments we've made on the midstream are all of the mind that we know our skill set. We know what our position, meeting our portfolio, how we leverage that and has turned in some huge value-creating opportunities.

我們走在科技前沿。我們是一家能源強權。因此——當你把視野稍微打開一點，機會就會找上門。Water Bridge 的機會、[Furbo] 的機會、以及我們在中游領域所做的一些投資，都是基於我們了解自己的技能組合。我們知道我們的定位、我們的投資組合，知道如何加以槓桿運用，而這也帶來了一些巨大的價值創造機會。

There's more of that coming. I think those opportunities can turn into even further value enhancement. As we think about the current position that we hold, you've seen us buy a couple of quarters ago buy into the Cotton Draw midstream. We kind of bought partner there. At the same quarter, we were exiting our Matterhorn position. So the answer to the question, if we're a buyer or a seller, it's yes. We are in it for creating value for the shareholders. You'll see us continue to do innovative things. That's kind of core to our DNA.

未來還會有更多這樣的機會。我認為這些機會可以帶來更進一步的價值提升。就我們目前持有的部位來看，你們也看到我們在幾個季度前買入 Cotton Draw 的中游資產。我們算是在那裡買進成為合作夥伴。同一個季度，我們也在退出我們的 Matterhorn 部位。所以如果你問我們是買方還是賣方，答案是：兩者都是。我們的目標是為股東創造價值。你們會看到我們持續做一些創新的事情。那算是我們 DNA 的核心。

But don't think of any of these assets is something that we have to hold on to. Matterhorn, as an example, the real objective there was getting the pipe in the ground making sure that we had the takeaway capacity as an enhancement to that investment, we went ahead and owned an equity stake. That was a 5x return on that equity stake. We still kept that critical takeaway capacity and made a very, very nice return in the process on the equity position. I would do that every day. Those are just phenomenal enhancement to our existing Delaware position.

但不要把任何一項資產視為我們非得一直持有不可的東西。以 Matterhorn 為例，那裡真正的目標是把管線鋪設到位，確保我們有外運能力（takeaway capacity）；作為對該投資的加值，我們也進一步持有了一部分股權。那筆股權投資帶來了 5 倍回報。我們仍然保留了那個關鍵的外運能力，同時在股權部位上也取得了非常、非常可觀的報酬。我每天都願意做這樣的事。這些都只是對我們既有 Delaware 部位的極佳加值。

What I would tell you is that opportunity only comes our way because we have such an amazing position in the Delaware. So leveraging that to not just how do you get the best return on this next well, but thinking about this world-class positions in this world-class basin and how do you lever it into more and more opportunities. I think there's absolutely more of that to come. So thanks, everybody, for the questions. I'll tell you what, let's -- Dan, maybe you can wrap this up.

我想告訴你的是，這樣的機會之所以會找上門，只因為我們在 Delaware 擁有如此出色的部位。因此，運用這個優勢，不只是思考下一口井如何取得最佳回報，而是思考在這個世界級盆地中的世界級部位，如何把它槓桿成越來越多的機會。我認為未來絕對還會有更多這樣的機會。所以謝謝大家的提問。我想——Dan，也許你可以做個總結。

Yeah, I'd just like to thank everyone for their time and great questions. If anyone has follow-ups, please reach out to the team. We look forward to catching up over the next quarters. Thanks again for your time.

好的，我只想感謝大家撥冗參與並提出很棒的問題。如果有人有後續問題，請與團隊聯繫。我們期待在接下來幾個季度再與各位交流。再次感謝各位的時間。

That's it for today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以斷線。