德文能源 (DVN) 2026 Q3 法說會逐字稿

Welcome to Devon Energy's third Quarter 2026 conference call. (Operator Instructions) This call is being recorded. After today's prepared remarks, we will host a question-and-answer session. I'd now like to turn the call over to Mr. Dan Guffey. Dan, you may begin.

歡迎參加德文能源（Devon Energy）2026年第三季財報電話會議。(接線員指示) 本次通話將被錄音。在今天的預備發言之後，我們將進行問答環節。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. Last night, we issued our third quarter earnings press release, a letter to shareholders and our investor presentation, all of which are available on our Investors section of our website. Joining me 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.

各位早安，感謝各位加入我們。昨晚，我們發布了第三季盈餘新聞稿、致股東信以及投資人簡報，以上資料皆可在我們網站的投資人專區取得。今天與我一同出席的有：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 in our SEC filings and earnings materials.

提醒各位，本次電話會議將包含依據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出現重大差異。請參閱我們向 SEC 提交的文件及盈餘資料中的警示性用語與風險因素。

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

接下來，我把電話交給 Clay。

Thank you, Dan, and good morning, everyone. I'm excited to talk to you this morning. Today, we will define Devon's strategy and value proposition, discuss the results of our portfolio review, highlight our 2027 outlook and outline the three strategic pillars that will create additional value for our shareholders. Shane will discuss the financial results and the guidance and provide an update on our accelerated buyback and shareholder returns plan.

謝謝你，Dan，各位早安。我很高興今天早上能與各位交流。今天我們將闡述 Devon 的策略與價值主張，討論我們投資組合檢視的結果，重點說明 2027 年展望，並概述將為股東創造額外價值的三大策略支柱。Shane 將說明財務結果與指引，並更新我們加速回購及股東報酬計畫的進展。

Tomorrow will mark six months since the closing of our Coterra merger. I'd like to first thank the entire Devon team for the incredible hard work and focus during this very demanding and productive time. While balancing challenging day jobs, the team has made massive progress on the integration of two very large companies, conducted a rigorous and objective portfolio review, executed a major divestiture of the Eagle Ford, made a strategic acquisition of core Permian acreage, entered into a value-enhancing pipeline agreement, advanced our acreage ground game and made significant progress in capturing synergies. We have not and we will not stand still at Devon.

明天將是我們完成與 Coterra 合併交割滿六個月。我首先要感謝整個 Devon 團隊在這段極具挑戰且成果豐碩的期間所展現的驚人努力與專注。在兼顧繁重日常工作的同時，團隊在兩家大型公司的整合上取得巨大進展，完成嚴謹且客觀的投資組合檢視，執行了 Eagle Ford 的重大資產剝離，在二疊紀核心區進行策略性併購，簽訂提升價值的管線協議，推進我們的地面作業（ground game）以強化土地布局，並在協同效益的實現上取得顯著進展。在 Devon，我們過去不會、未來也不會停滯不前。

First, let me define who Devon is because it frames every decision we make. The short version is that Devon is an operations-focused technology-forward energy powerhouse. Let's go deeper on what that means. First and foremost, we're operations focused. Differential value in our business is created by how we find, drill, complete and produce our assets. Our teams share best practices and compete for capital, which sends every dollar to its best and most productive use and pushes each business unit to drive continuous improvement.

首先，讓我界定 Devon 是一家什麼樣的公司，因為這將框定我們所做的每一項決策。簡而言之，Devon 是一家以營運為核心、以科技為先的能源強權。讓我們更深入說明其意涵。最重要的是，我們以營運為核心。在我們的產業中，差異化價值來自於我們如何尋找、鑽井、完井並生產我們的資產。我們的團隊分享最佳實務並競爭資本配置，讓每一美元都投入到最佳且最具生產力的用途，並推動各事業單位持續改善。

Next, technology. Operational and digital technology is our value multiplier. Devon continues to be an industry leader in applying AI to create value. This includes our proprietary subsurface models, real-time monitoring, smart gas lift, enterprise-wide adoption and hundreds of homegrown apps. Put together, Devon is an energy powerhouse, one of the largest producers of both oil and natural gas in the United States with a deep and high-quality inventory, a fortress balance sheet and industry-leading cost structure built to compete throughout the commodity cycle.

接著是科技。營運與數位科技是我們的價值倍增器。Devon 持續在運用 AI 創造價值方面領先業界。這包括我們的專有地下模型、即時監測、智慧氣舉（smart gas lift）、全企業導入，以及數百個自研應用程式。綜合而言，Devon 是一家能源強權，是美國最大的石油與天然氣生產商之一，擁有深厚且高品質的庫存、堅若磐石的資產負債表，以及可在商品循環中競爭的業界領先成本結構。

Next, I'd like to discuss the results of our post-merger portfolio review. Leveraging the benefit of two independent perspectives from Devon and Coterra, we ran a comprehensive and objective review of each asset. This review included a rigorous internal analysis, multiple third-party views and feedback from our shareholders so that we could better understand each competitive positioning and potential role in our portfolio.

接下來，我想討論我們合併後投資組合檢視的結果。藉由 Devon 與 Coterra 兩個獨立視角的優勢，我們對每項資產進行了全面且客觀的檢視。本次檢視包含嚴謹的內部分析、多家第三方觀點，以及股東的回饋，以便我們更好地理解各資產的競爭定位及其在我們投資組合中的潛在角色。

As a result of the work, we have defined our assets into two buckets. The Permian Basin is our cornerstone and the Anadarko, Marcellus and Rockies play complementary roles. Finally, we saw an opportunity to capture enhanced market value and quickly acted to monetize the Eagle Ford, resulting in meaningful accretion for our shareholders.

基於上述工作成果，我們將資產劃分為兩大類。二疊紀盆地是我們的基石，而 Anadarko、Marcellus 與 Rockies 則扮演互補角色。最後，我們看到了可提升市場價值的機會，並迅速採取行動將 Eagle Ford 變現，為股東帶來顯著的增值效益。

Cornerstone. Let me be clear, the Permian is the gold standard for any resource play on the planet, and our position in the Delaware is truly industry-leading. In 2026, we more than doubled our Permian footprint through a series of intentional moves. The first and most significant was the combination with Coterra. Then just two weeks after we closed, we acquired a once-in-a-generation acreage position via the federal lease sale, which is completely untouched from grass to granite and it boasts some of the highest returns in the industry.

基石。我想說清楚：二疊紀是地球上任何資源開發區的黃金標準，而我們在 Delaware 的布局確實是業界領先。在 2026 年，我們透過一系列有意識的行動，使我們在二疊紀的版圖擴大了一倍以上。第一項也是最重要的一項，是與 Coterra 的合併。接著在交割完成僅兩週後，我們透過聯邦租賃拍賣取得了世代難逢的土地部位，該區域從地表到基岩完全未被開發，並具備業界最高報酬率之一。

Additionally, we were the lead E&P company in making the Solitude Pipeline a reality, taking a 25% equity stake in firm transportation that will enhance our future natural gas netbacks, moving prolific Permian gas to the premium priced Gulf Coast region. We continue to expand our inventory in the basin by delineating new landing zones across our expansive multi-target position, adding locations organically through the application of technology and executing a ground game acreage of leasing and trades as well as ongoing exploration and the incredible downhole potential.

此外，我們作為主要的上游勘探與生產（E&P）公司，推動 Solitude 管線落地成真，並在確定性運輸（firm transportation）中持有 25% 股權，將高產的二疊紀天然氣輸送至價格更優的墨西哥灣沿岸地區，從而提升我們未來天然氣的淨回收（netbacks）。我們也持續透過在廣泛的多目標部位上界定新的著陸層位（landing zones）、運用科技有機增加井位、執行地面作業的租賃與交換，以及持續勘探與令人振奮的井下潛力，來擴充盆地內的庫存。

We also continue to benefit from our integrated infrastructure model. With our extensive gas gathering and processing, water super system and electrical infrastructure across New Mexico and Texas, we are able to lower our cost of supply and capture more margin across the value chain. Our complementary assets in the Anadarko, Marcellus and Rockies provide high-return investment opportunities that generate significant and durable free cash flow at low reinvestment rates. We expect to create meaningful upside from the continued application of technology, operational efficiencies and synergy capture. Projected well economics in these basins are highly competitive and provide significant optionality between oil and gas investments.

我們也持續受益於整合式基礎設施模式。憑藉我們在新墨西哥州與德州的廣泛集氣與處理系統、水務超級系統以及電力基礎設施，我們得以降低供應成本，並在整個價值鏈中擷取更多利潤。我們在 Anadarko、Marcellus 與 Rockies 的互補資產，提供高報酬的投資機會，並在低再投資率下產生可觀且持久的自由現金流。我們預期透過持續運用科技、提升營運效率與實現協同效益，創造顯著上行空間。這些盆地的預估單井經濟性極具競爭力，並在石油與天然氣投資之間提供顯著的選擇權。

The Eagle Ford divestiture fits the same logic. Over the past several years, we have created substantial value in the Eagle Ford by lowering costs, increasing productivity and coring up our acreage position. The market valued the asset meaningfully above our internal view, so we opportunistically chose to divest the position and create immediate shareholder value. This strategic sale actually increases inventory life, lowers our breakeven, reduces our base decline and is accretive to per share cash -- free cash flow and NAV.

Eagle Ford 的資產剝離也符合相同邏輯。過去幾年，我們透過降低成本、提升生產力並優化（coring up）我們的土地部位，在 Eagle Ford 創造了可觀價值。市場對該資產的估值顯著高於我們的內部評估，因此我們把握時機選擇出售該部位，立即為股東創造價值。這項策略性出售實際上延長了庫存年限、降低了損益兩平點、減緩了基礎遞減率，並對每股現金——自由現金流與淨資產價值（NAV）具有增益效果。

While our post-combination portfolio review is complete, our active portfolio management remains one of our 3 pillars to enhance go-forward value. We will not stand pat. We will continue to explore and execute ideas that are in the best interest of our shareholders. High-grading our portfolio has long been a core competency of our strategy and the multiple actions that we have executed in 2026 have further strengthened the quality, depth and returns of our portfolio.

雖然我們的合併後投資組合檢視已完成，但主動式投資組合管理仍是我們提升未來價值的三大支柱之一。我們不會按兵不動。我們將持續探索並執行符合股東最佳利益的想法。提升投資組合品質（high-grading）長期以來一直是我們策略的核心能力，而我們在 2026 年所執行的多項行動，進一步強化了投資組合的品質、深度與報酬。

Next, I'd like to spend some time discussing our go-forward plans to enhance shareholder value through strong execution and disciplined growth underwritten by our deep high-quality inventory. Over the next few years and beyond, we expect to generate low single-digit oil growth with conservative reinvestment rates of 45% to 60% of free cash -- of cash flow. This will result in 5% to 10% annual growth in free cash flow per share, fueling accelerated shareholder returns. This modest oil growth will be driven by the Permian, where we will direct roughly 75% of our 2027 capital program.

接下來，我想花一些時間討論我們未來的推進計畫，透過強勁的執行力與嚴謹的成長策略，並以我們深厚且高品質的庫存作為支撐，來提升股東價值。在未來幾年及更長期，我們預期在保守的再投資率下（自由現金流的45%至60%）實現低個位數的原油成長——以現金流的自由現金為基礎。這將帶來每股自由現金流每年5%至10%的成長，進而推動加速的股東回報。這種溫和的原油成長將由二疊紀盆地（Permian）所帶動，我們將把約75%的2027年資本計畫投入該區。

Furthermore, as we look ahead, we're excited to get to work on the federal lease sale acreage acquired earlier this year. We expect to spud our first wells around midyear and will have meaningful production in early 2028, which will provide a noticeable step change in capital efficiency. Synergies from the Coterra combination compound these gains as we apply shared learnings and leverage our expanded scale and infrastructure across our Delaware and Anadarko positions. Shareholders should expect sustained multiyear improvement in our capital efficiency.

此外，展望未來，我們很期待著手開發今年稍早取得的聯邦租賃拍賣區塊。我們預期在年中左右鑽第一口井，並在2028年初形成具規模的產量，這將在資本效率上帶來明顯的躍升。隨著我們運用共同的經驗學習，並在德拉瓦（Delaware）與阿納達科（Anadarko）資產上利用擴大的規模與基礎設施，Coterra合併所帶來的綜效將進一步放大這些成果。股東應可期待我們資本效率在未來多年持續改善。

We are excited to accelerate and enhance our shareholder returns program through buybacks, future dividend increases and debt reduction. We see substantial value in our equity today and accelerating buybacks creates immediate and lasting value for our owners. Finally, I would like to discuss how Devon is fueling our future. As we show on Slide 4, we have 3 pillars that will guide us.

我們很高興能透過回購、未來股利提高以及降低負債，加速並強化我們的股東回報計畫。我們認為目前公司股權具有顯著價值，加速回購能為股東帶來即時且長期的價值。最後，我想談談Devon如何為我們的未來注入動能。如同我們在第4頁投影片所示，我們有三大支柱將引導我們前進。

Pillar 1, make Devon a better Devon. This is a focus on improving our core business every day through engineering, innovation and technology. As a top operating company, this means increasing productivity, driving down costs, improving our margins and never settling for status quo.

支柱一：讓Devon成為更好的Devon。這代表我們每天都專注於透過工程、創新與科技來改善核心業務。作為一家頂尖的營運公司，這意味著提升生產力、降低成本、改善利潤率，並且絕不滿足於現狀。

Pillar 2, organic growth opportunities. Leveraging our differentiated scale and skill set to capture ground floor value-creating opportunities have the potential to deliver the highest risked returns on anything we do. Examples include investing in our leasehold ground game, shale exploration, midstream enhanced value like Solitude.

支柱二：有機成長機會。運用我們具差異化的規模與能力組合，掌握能在起步階段創造價值的機會，這些機會有潛力帶來我們所做任何事情中最高的風險調整後報酬。例子包括投資於我們的租賃地塊拓展（leasehold ground game）、頁岩勘探，以及如Solitude等中游增值機會。

Pillar 3, active portfolio management. High-grading our portfolio has long been a core component of our strategy and the multiple actions we've executed in 2026 have further strengthened the quality, depth and returns of the assets we own. Our leadership team and Board remain objective and will not hesitate to explore and execute any future opportunities that are in the best interest of the shareholders. As I wrote in my letter to shareholders, I'm extremely proud of what the team has accomplished to date, but we are never satisfied. We will not settle for anything less than being the best E&P company.

支柱三：積極的投資組合管理。提升資產組合品質（high-grading）長期以來一直是我們策略的核心組成，而我們在2026年執行的多項行動，進一步強化了我們所擁有資產的品質、深度與報酬。我們的領導團隊與董事會將持續保持客觀，並且不會猶豫去評估並執行任何符合股東最佳利益的未來機會。正如我在致股東信中所寫，我對團隊迄今的成果感到非常自豪，但我們永不自滿。我們不會接受任何低於「成為最佳E&P公司」的目標。

With that, Shane, I'll let you take us through the numbers.

接下來，Shane，我把時間交給你帶大家看數字。

Thank you, Clay, and good morning, everyone. The third quarter was our first full quarter as a combined company, and we delivered strong results. Today, I will focus on how we increased free cash flow during the quarter, accelerated our share buyback program, developed our capital-efficient preliminary outlook for 2027 and how we continue to methodically improve on our fortress balance sheet and our liquidity position.

謝謝你，Clay，各位早安。第三季是我們合併後作為一家整合公司運作的第一個完整季度，我們交出了強勁的成果。今天我將聚焦於：我們如何在本季提升自由現金流、加速股票回購計畫、制定2027年以資本效率為核心的初步展望，以及我們如何持續有系統地強化我們堅實的資產負債表與流動性部位。

Let me first share a few thoughts on the third quarter numbers. Oil and total production were both within guidance and reached all-time highs. Importantly, we saw a strong rebound in natural gas realization to almost $2 per Mcf during the third quarter. This was largely driven by the Permian Basin, where realizations averaged $1.74 or almost 60% of Henry Hub. At the same time, we beat our cash cost guidance midpoint by 2%. This all resulted in discretionary cash flow for the quarter of $3.5 billion, which was over 20% higher than the prior period. At the same time, we invested $1.5 billion of capital for a disciplined 43% reinvestment rate, resulting in $2 billion of free cash flow during the quarter, up meaningly from both the first and second quarters.

我先分享幾點對第三季數字的看法。原油與總產量皆落在指引範圍內，並創下歷史新高。重要的是，我們看到第三季天然氣實現價格強勁反彈，接近每千立方英尺（Mcf）2美元。這主要由二疊紀盆地所帶動，該區實現價格平均為1.74美元，約為Henry Hub的60%。同時，我們的現金成本也比指引中位數低2%。綜合以上，使得本季可支配現金流達35億美元，較前一期間高出逾20%。同時，我們投入15億美元資本，對應嚴謹的43%再投資率，使本季自由現金流達20億美元，較第一季與第二季均有顯著提升。

Now turning to the remainder of the year. For the fourth quarter, we expect oil volumes of 550,000 to 560,000 barrels per day and total production of 1.66 million to 1.7 million BOE per day. We anticipate capital will be between $1.29 billion and $1.395 billion, which puts us right near the midpoint of our 2026 guide. For the full year 2026, we are reaffirming our production ranges as well as cost and capital guidance with efficiencies offsetting modest inflationary pressures. For clarity, we have included Eagle Ford activity for the remainder of the year in all of these figures.

接著談今年剩餘期間。第四季我們預期原油產量為每日55萬至56萬桶，總產量為每日166萬至170萬桶油當量（BOE）。我們預期資本支出介於12.9億至13.95億美元，這使我們大致落在2026年指引的中位數附近。就2026年全年而言，我們重申產量區間，以及成本與資本指引；效率提升可抵銷溫和的通膨壓力。為了清楚起見，我們已在所有這些數字中納入今年剩餘期間的Eagle Ford作業活動。

Now to our initial outlook for 2027, which is based on current market conditions. Assuming the Eagle Ford sale closes in early 2027, we expect oil volumes of approximately 525,000 barrels per day, total production of approximately 1.6 million BOE per day and capital of approximately $5.3 billion, of which 75% would be directed to the Permian Basin. This number excludes potential land acquisitions or ground game and our equity investment in the Solitude Pipeline, which we expect to be approximately $400 million next year. In total, we expect Devon's Solitude investment to be $500 million for the entire project, including almost $100 million we have invested year-to-date.

接下來是我們對2027年的初步展望，係以目前市場狀況為基礎。假設Eagle Ford出售案於2027年初完成交割，我們預期原油產量約為每日52.5萬桶，總產量約為每日160萬桶油當量（BOE），資本支出約為53億美元，其中75%將投入二疊紀盆地。此數字不包含潛在的土地收購或地塊拓展（ground game），也不包含我們對Solitude管線的股權投資；我們預期該投資明年約為4億美元。整體而言，我們預期Devon對Solitude投資在整個專案期間合計為5億美元，其中包含我們今年迄今已投入的近1億美元。

On a full year basis, we will have a disciplined low single-digit production growth on both oil and total volumes on less capital than the pro forma combined company spent on the same assets during 2026. In other words, 2027's capital program will show meaningful improvement in capital efficiency over 2026. That $5.3 billion of capital compares to a pro forma 2026 baseline of $5.9 billion. The Eagle Ford sale removes a little over $400 million and synergies and efficiencies, net of modest current inflation take out another $300 million. This is partially offset by a small increase in infrastructure spending in 2027 for an investment in our Permian water super system, which has a great return and will further enhance basin margins in the future.

以全年基礎來看，在資本支出低於合併後擬制（pro forma）公司於2026年在相同資產上所投入的水準下，我們在原油與總量方面都將維持嚴謹的低個位數產量成長。換言之，2027年的資本計畫相較2026年將展現資本效率的顯著改善。這53億美元的資本支出，對比擬制的2026年基準為59億美元。Eagle Ford出售案減少了略高於4億美元，而綜效與效率提升（扣除目前溫和通膨）再減少3億美元。部分抵銷因素是：2027年基礎設施支出小幅增加，用於投資我們在二疊紀的水務超級系統（water super system）；該投資報酬率很高，並將在未來進一步提升盆地利潤率。

As I'm sure many of you saw on Slide 15 of our investor deck, we project that based on current costs and commodity prices, we will generate approximately $12 billion of cash flow in 2027. And when paired with our $3.5 billion of Eagle Ford net proceeds expected in early 2027, we could have $15.5 billion of cash inflows during the year. After funding our capital program, paying our dividends, handling debt maturities and investing in the Solitude Pipeline and our ground game, we could have $6 billion of excess free cash flow that we could use to support our buybacks and for enhancing liquidity.

我相信各位很多人在我們投資人簡報第15頁已看到：我們預估在目前成本與商品價格下，2027年將產生約120億美元的現金流。再加上我們預期於2027年初取得的Eagle Ford出售淨收益35億美元，我們在該年度可能有155億美元的現金流入。在支應資本計畫、支付股利、處理到期債務，以及投資Solitude管線與我們的地塊拓展後，我們可能仍有60億美元的超額自由現金流，可用於支持回購並提升流動性。

Turning to the balance sheet and shareholder returns. Our philosophy has not changed. Leverage at or below 1x through the cycle, strong investment-grade credit ratings, a gross debt target of approximately $9 billion, all while maintaining a strong liquidity position. In the third quarter, we retired the remaining $750 million of our term loan, bringing total debt reduction since the merger closed of $1.25 billion. In 2027, we plan to retire an additional $1.5 billion of long-term debt and achieve our gross debt target of roughly $9 billion.

接著談資產負債表與股東回報。我們的理念沒有改變。在整個景氣循環中，槓桿維持在 1 倍或以下、維持強勁的投資等級信用評等、總負債目標約 90 億美元，同時保持充裕的流動性部位。在第三季，我們償還了剩餘的 7.5 億美元定期貸款，使自併購完成以來的總負債削減達到 12.5 億美元。在 2027 年，我們計畫再償還 15 億美元的長期負債，並達成約 90 億美元的總負債目標。

Regarding third quarter shareholder returns, we paid our quarterly dividend of $0.32 per share or $366 million and repurchased nearly 9 million shares or $414 million of stock. This was over double the second quarter's buyback activity and when combined with dividends and debt retirements resulted in over 75% of free cash flow returned. We expect share repurchases to further increase to more than $1 billion during the fourth quarter, well over doubling again. We continue to view our shares as an attractive use of our free cash flow and expect to continue to lean into repurchases during 2027.

關於第三季股東回報，我們支付每股 0.32 美元的季度股利（合計 3.66 億美元），並回購近 900 萬股股票（合計 4.14 億美元）。這比第二季的回購活動多出一倍以上，且與股利及償債合併計算後，回饋給股東與債務減少合計已超過自由現金流的 75%。我們預期第四季的股票回購將進一步增加至超過 10 億美元，再度大幅倍增。我們仍認為本公司股票是自由現金流的具吸引力用途，並預期在 2027 年將持續加大回購力道。

To rehighlight our framework, we intend to use up to 70% of our annual free cash flow returns, including dividends, repurchases and debt repayments. With the net proceeds from our Eagle Ford sale, we will be differential towards buybacks and work closely with the Board on the pace and timing of those buybacks during 2027. Expect to hear more on this early next year.

再次強調我們的資本配置框架：我們打算將每年自由現金流回饋（包含股利、回購與償債）最高用到 70%。在出售 Eagle Ford 所得的淨收益支持下，我們將更偏向於回購，並與董事會密切合作，決定 2027 年回購的節奏與時點。預期明年年初會有更多說明。

In summary, we used our strong third quarter results to accelerate our buyback program, and Devon is set up for a great finish to 2026. Our outlook for 2027 provides disciplined growth with a conservative reinvestment rate and increased capital efficiency. That, coupled with our Eagle Ford sale sets up nicely for robust shareholder returns program in 2027. Our balance sheet and liquidity are in great shape and will position us to thrive throughout the commodity cycle.

總結而言，我們運用第三季強勁的業績加速了回購計畫，Devon 也已為 2026 年的亮眼收官做好準備。我們對 2027 年的展望是在保守再投資率下實現有紀律的成長，並提升資本效率。再加上 Eagle Ford 的出售，將為 2027 年強勁的股東回報計畫奠定良好基礎。我們的資產負債表與流動性狀況非常穩健，將使我們能在商品景氣循環中持續茁壯。

Finally, looking forward, Devon is a multiyear rate of change story with regards to improving capital efficiency. Capital reallocation to the Permian, activity starting on our recently acquired New Mexico leasehold beginning in the second half of '27, coupled with synergy capture hitting a run rate at year-end 2027, uniquely positions Devon with visible multiyear improvements in our capital efficiency.

最後，展望未來，Devon 在提升資本效率方面是一個跨多年的「變化率」故事。將資本重新配置至二疊紀盆地、於 2027 年下半年在近期取得的新墨西哥租賃礦權上啟動作業，再加上協同效益在 2027 年底達到穩態運行水準，這些因素共同使 Devon 具備可見的多年期資本效率改善。

With that, I'll turn the call back over to the operator for our first question.

接下來，我把電話交回給接線員，開始第一個提問。

Doug Leggate, Wolfe Research.

Wolfe Research 的 Doug Leggate。

Clay, the letter was quite informative. Obviously, there's a lot of news on the screen today. But I wonder if I could try and address the issue, the kind of 800-pound gorilla in the room, which is the decision after the portfolio review to basically, as you put it, we're not standing pat. But there seems to be an interpretation that the end of the portfolio review means the end of the portfolio high grading. There's a big difference between those two. So I wonder if you could address that and maybe share any color on how far down the road you got to exploring potential alternatives, whether it be selling other assets or whatever and what the barriers were that prevented you from doing that, whether it be value, gas prices or whatever.

Clay，這封信相當有資訊量。顯然，今天螢幕上有很多消息。但我想嘗試談談一個問題——有點像房間裡的「800 磅大猩猩」——也就是在投資組合檢視之後所做的決定：基本上，如你所說，我們不會按兵不動。但似乎有人解讀為，投資組合檢視結束就代表投資組合「汰弱留強」（high grading）也結束了。這兩者差異很大。所以我想請你談談這點，並分享一些細節：你們在探索潛在替代方案方面走到多深，例如出售其他資產或其他作法；以及是哪些障礙讓你們沒有那樣做——不論是估值、天然氣價格或其他因素。

Yes. Thanks, Doug. Great question. I know that's on everyone's mind. Let me address it. As I think about the portfolio review, the opportunity that we had, it's rare in a company's history where you have two high-quality teams that have been working so intently to evaluate each other. And so we took full advantage. We said, look, how do we take all of the best ideas and challenging perspective from the Coterra side of the family and the Devon side of the family, and let's do a fulsome review. And we're going to be very open and transparent with our investors that we're going to be open and transparent to new ideas.

是的，謝謝你，Doug。這是個很好的問題。我知道這是大家都在想的事。我來回應一下。當我思考這次投資組合檢視時，我們所擁有的機會是很罕見的——在一家公司的歷史中，很少有兩個高品質團隊能如此投入、密切地相互評估。因此我們充分把握了這個機會。我們說，看看，我們要如何把 Coterra 這一方與 Devon 這一方最好的想法，以及彼此挑戰的觀點都整合起來，做一次全面性的檢視。而且我們會非常公開透明地告訴投資人：我們也會對新想法保持開放與透明。

That served us in a couple of very strong and positive ways. First, we were honest about exactly what we're saying. This is incredibly objective. There were no -- nothing held back. We had rigorous debate internally. We had rigorous debate with our Board. We had great outside perspective. The other real significant advantage that we brought in is when you're so open and transparent, there's all kind of ideas that come out of the woodworks. We heard from everybody in the industry, Hey, Clay, old friend, old pal, let me help you out on this. And I can tell you, some of it, these are all wonderful people, but some of it was certainly trying to just take advantage of the situation.

這在幾個非常強而有力、且正面的方面幫助了我們。第一，我們對自己所說的話完全誠實。這個過程極其客觀。沒有——沒有任何保留。我們在內部進行了嚴謹的辯論。我們也與董事會進行了嚴謹的辯論。我們獲得了很好的外部觀點。另一個非常重要的優勢是：當你如此開放透明時，各式各樣的點子就會從四面八方冒出來。我們聽到產業裡每個人都說：嘿，Clay，老朋友、老夥伴，讓我來幫你一把。我可以告訴你，其中有些人都很棒，但有些建議確實只是想趁機占便宜。

We were absolutely clear that we were never desperate sellers on any of this. Starting with a really strong balance sheet and a strong financial position allowed us to capitalize on opportunities. And so it was easy to dismiss any of those that were just kind of way out of bounds on completely value destructive. But I would tell you, there was lots of ideas that came our way that we said, you know what, that's something we really need to evaluate. And the teams ran through, again, a very rigorous process to understand the validity of those opportunities, how would it ultimately make us a better company. And I can tell you, we went down several paths. That is a strong opportunity for the company, and we took full advantage of it.

我們非常清楚：在這些事情上，我們從來都不是急於出售的一方。以非常強健的資產負債表與財務狀況作為起點，讓我們能把握機會。因此，那些明顯離譜、完全破壞價值的提案，很容易就被我們排除。但我會說，確實有很多想法找上門來，我們認為：你知道嗎，這是我們真的需要評估的事情。而團隊再次以非常嚴謹的流程，去理解這些機會的有效性，以及它最終將如何讓我們成為一家更好的公司。我可以告訴你，我們確實沿著好幾條路徑深入探索。這對公司而言是一個很強的機會，而我們也充分加以利用。

Now the downside of running such an open and transparent process is it is taxing on the investors, and it is taxing on the organization in multiple levels. Let me start with the investors. From the investors' perspective, the question was very simply, are you this or you that? What's the go-forward company? Are you selling this? I hear from one angle, you're selling this asset or combining this asset or doubling the size of this asset. And what we had to say very routinely was, guys, we are in the process. We are wide open to who we are going to be. Okay?

現在，採取如此開放透明流程的缺點是：這會讓投資人感到疲憊，也會在多個層面讓組織承受壓力。我先從投資人談起。從投資人的角度，問題很簡單：你們到底是這個，還是那個？未來的公司樣貌是什麼？你們要賣這個嗎？我從某個角度聽說你們要賣這項資產、或把這項資產合併、或把這項資產規模加倍。而我們必須很常規地回應：各位，我們正在進行這個流程。我們對於我們將成為什麼樣的公司，是完全開放的。好嗎？

The second part I want to address is the challenge for the organization. As you can imagine, these are all exceptionally hard-working individuals that care about their families, that think about their own best interest and have to think -- and we're challenging them with day jobs and night jobs and how do you think about the best tool or process or even piece of software as we're doing this integration. This is 3,000 families that we're dealing with. It is a massive distraction and overhang to think that maybe it's my asset that they're talking about, sell it. So we owe it to our investors to, one, be thorough, very transparent and very open, but we also found it very important that we drew a line and said, this is the close of this period, this chapter, okay?

我想談的第二部分是組織所面臨的挑戰。如你所想像，這些人都非常勤奮，關心自己的家庭，也會思考自身的最佳利益，而且必須思考——在我們進行整合的同時，我們用日常工作與夜間工作來挑戰他們，你要如何思考最好的工具、流程，甚至是軟體來支援這項整合。我們面對的是3,000個家庭。想到他們談的可能是我的資產、要把它賣掉，這會造成巨大的分心與心理負擔。因此我們對投資人有責任：第一，要徹底；非常透明、非常開放；但我們也認為非常重要的是，我們劃出一條界線並說：這就是這段期間、這個篇章的結束，好嗎？

This chapter being everything is on the table. We don't know who we are. We're going to be very open and transparent that we could go right or we could go left. What we wanted to do is close the box on this portion and then reiterate, there's great ideas that come through our door every single day, and we remain objective and very open to whatever those opportunities are to create shareholder value as we always have been, as we always will be. So while this is the end of this chapter, this in no way means you shall never see another opportunity for us to proactively move in the shareholders' best interest. That's core and part of who we are. And while we, it feels a little bit like we're talking out of both sides of our mouth, I think this is a clear and present turning of the page to our new go-forward 3-pillar strategy. And of course, one of those pillars is always thinking about how do we transactionally enhance shareholder value. So thanks for the question, Doug.

這個篇章指的是：一切都在檯面上。我們不知道自己是誰。我們會非常開放且透明地說，我們可能往右走，也可能往左走。我們想做的是把這一部分先畫下句點，然後重申：每天都有很棒的想法找上門，而我們會一如既往、也將一如既往地保持客觀，對任何能創造股東價值的機會都非常開放。所以，雖然這是這個篇章的結束，但這絕不代表你永遠不會再看到我們主動採取行動、以股東最佳利益為依歸的其他機會。那是我們的核心，也是我們的一部分。雖然聽起來有點像我們兩面都在說，但我認為這是清楚且立即的翻頁，邁向我們新的、未來推進的三大支柱策略。當然，其中一個支柱永遠是思考：我們如何透過交易性作為來提升股東價值。所以謝謝你的問題，Doug。

Neil Mehta with Goldman Sachs.

高盛的Neil Mehta。

I mean, Clay, I appreciate all those comments. I would just love your perspective on how you interpret the market, right? It's been a frustrating period, I think, since the close of the transaction and the stock has underperformed over the last six months, and you see in the valuation as well. Do you think it's just the market is looking for clarity of who Devon is going to be on a pro forma basis? What do you make of the market reaction? And then how do you build that confidence going forward?

我是說，Clay，我很感謝你剛才那些評論。我很想聽聽你如何解讀市場，對吧？我想自交易完成以來這段期間一直令人沮喪，過去六個月股價表現落後，你也從估值上看得出來。你覺得這只是市場在尋求更清楚的資訊：在備考（pro forma）基礎上Devon會成為什麼樣的公司嗎？你怎麼看市場的反應？接下來你要如何建立這種信心？

Yes. Again, great question. This is on the top of folks' mind. I appreciate us hitting this right upfront. Absolutely, we are not satisfied with where -- how our shares have performed. I personally have met with nearly 200 investors in the last six months. Our team has met with over 300 investors. What I would tell you is there is not a single monolithic view of here's what we need to do. But what we hear very often, especially from those investors that have probably better alignment with our long-term shareholder value creation focus is we need to know who you are and what you're doing.

是的。再次，這是個好問題。這是大家最關心的議題。我很感謝我們一開始就直接談到這點。毫無疑問，我們對——我們的股價表現——目前的狀況並不滿意。過去六個月我個人已經會見了將近200位投資人。我們團隊已經會見了超過300位投資人。我想告訴你的是，並不存在一個單一、整齊劃一的觀點說「我們需要做的就是這件事」。但我們經常聽到的，尤其是那些與我們長期股東價值創造焦點更一致的投資人，會說：我們需要知道你們是誰、你們在做什麼。

Are you pure play this or focused on that? Are you more gas-oriented or oil oriented? Are you doubling down in this basin in that basin? And meanwhile, we're going to sit on the sidelines, near the hoop and ready to understand who you are and then be able to make an intelligent investment decision. So what we hope is after this very methodical, very transparent process that we are open with the investors, this is it, this is who we are. This is the opportunity, the investment opportunity that we present. And by the way, we're going to work on getting better every single day for the best interest of the shareholders. So I think that clears the path to close this valuation gap, and we look forward to being on the road as soon as Monday to meet with more investors, get that feedback and really talk to the opportunity ahead and really, I think, excite the organization and the shareholders about our clear path forward.

你們是某一類型的純粹標的（pure play），還是聚焦在另一個方向？你們更偏向天然氣，還是更偏向原油？你們是在這個盆地加碼，還是在那個盆地加碼？同時，我們會先在場邊觀望、在籃框旁待命，準備好理解你們是誰，然後才能做出理性的投資決策。所以我們希望，在這個非常有方法、非常透明、並且對投資人保持開放的流程之後：就是這樣，這就是我們，這就是我們是誰。這就是我們所提供的機會——投資機會。順帶一提，我們會為了股東的最佳利益，每一天都努力做得更好。因此我認為這能夠清除障礙、縮小這個估值落差；我們也期待最早在週一就再次上路拜訪更多投資人，取得回饋，並真正談清楚前方的機會，並且我認為能讓組織與股東對我們清晰的前進路徑感到振奮。

Arun Jayaram, JPMorgan.

摩根大通的Arun Jayaram。

Clay, maybe just a follow-up to Neil's question. You've clearly done an exhaustive review of your asset base post the merger and as part of this portfolio review. I was wondering if you could help us think about your view of the intrinsic value of the company. Your stock right now is trading in the low 40s. And maybe just help us think about where you perceive that gap is? What do you think the market is missing? And maybe Shane could talk a little bit around your thoughts around the buyback and how you maybe take advantage of this perceived dislocation in the share price.

Clay，或許接續Neil的問題再追問一下。你們在併購後，已經對資產基礎做了非常徹底的檢視，也把這納入這次的投資組合檢討。我想請你幫我們理解一下你對公司內在價值的看法。你們的股價目前在40美元出頭交易。也請你協助我們思考：你認為那個落差在哪裡？你覺得市場忽略了什麼？另外也許Shane可以談談你們對庫藏股回購的想法，以及你們如何利用你們所認為的股價錯置（dislocation）。

Yes. Thanks for the question, Arun. This is, I think there's 2 points to it. One, I think what the shareholders have missed is a clearly articulated strategy on here's who we are and here's how we're going forward. And hopefully, we've taken the first step in delivering that today. I think the second piece, and Shane is welcome to pile on this. We've been very clear. We're going to move differentially towards share buybacks. We see our -- this is a great opportunity for us to buy back shares. We've talked about $1 billion-plus share buyback in the fourth quarter and then accelerating from there beyond that. We have a really a great opportunity to invest in ourselves in this period, and we're not going to lose that opportunity. Shane, other comments?

是的。謝謝你的問題，Arun。我想這裡面有兩點。第一，我認為股東所缺少的是一個清楚闡述的策略：我們是誰，以及我們接下來要如何前進。希望我們今天已經邁出第一步來交付這件事。第二點，Shane也歡迎補充。我們一直講得很清楚。我們會更有差異化地把資本配置轉向股票回購。我們認為——這對我們來說是回購股票的絕佳機會。我們談過第四季將進行超過10億美元的股票回購，之後再在此基礎上加速。在這段期間，我們有非常好的機會投資我們自己，而我們不會錯失這個機會。Shane，還有其他補充嗎？

Yes, Clay, and Arun, look, as we sit here today, we see very compelling value in our shares in the marketplace. And we believe that buying our stock is an attractive use of our free cash flow, and we just happen to be in a fortunate position where we have a lot of free cash flow coming. And so that's why we've accelerated. We've really leaned in leaning in last quarter, the third quarter, continuing to lean in this quarter and frankly, probably leaning in further in 2027 as we go. I mean I can tell you, for one, cannot wait to be out of our blackout period so that we can continue to get after it.

是的，Clay，還有Arun，你看，就我們今天所處的位置而言，我們在市場上看到我們的股票具有非常吸引人的價值。我們相信買回自家股票是我們自由現金流一個很有吸引力的用途，而我們也剛好處在一個有利的位置：未來會有大量自由現金流進來。所以這就是為什麼我們加快了步伐。我們在上一季，也就是第三季，已經大幅加碼，這一季會持續加碼；坦白說，隨著我們往前走，2027年可能還會進一步加碼。我的意思是，我可以告訴你，至少就我個人而言，我等不及走出我們的禁售期（blackout period），這樣我們就能繼續全力推進。

Devin McDermott, Morgan Stanley.

Devin McDermott，摩根士丹利。

So I wanted to shift over to that capital efficiency, attractive rate of change. And one of the drivers of that is just the synergy and integration opportunity. And alongside the release today, you did take up the 2027 expectations. So I was wondering if you can just talk about where you're seeing delivery of synergy faster than planned, some of the milestones you're focused on for next year? And should we take this progress and accelerated timing as potential upside to that $1 billion target as we look out over the next year or two?

所以我想把話題轉到資本效率、具吸引力的變動速率。而其中一個驅動因素就是協同效應與整合的機會。另外，隨著今天的發布，你們也上調了 2027 年的預期。因此我想請你談談，你們在哪些方面看到協同效應的落地速度快於原先規劃、以及你們明年聚焦的里程碑有哪些？另外，當我們展望未來一到兩年時，我們是否應將這些進展與加速的時程視為對 10 億美元目標的潛在上行空間？

Devin, I really appreciate the question. I was afraid we're going to have to just talk about the portfolio or the lack of moves on the portfolio all day. But I can tell you the team is doing some incredibly, incredibly good work that we probably get -- could get buried in all in this news flow. So man, I'm incredibly proud of the team. We are ahead of track. As you saw in the projections, and Blake is here, he can talk about some of the specifics on what's going on in his view of that rate of change that's incredibly exciting.

Devin，我非常感謝這個問題。我還擔心我們得整天只談投資組合，或是投資組合缺乏動作這件事。但我可以告訴你，團隊正在做一些非常、非常出色的工作，而這些可能會在這波新聞流中被掩蓋。所以，天啊，我對團隊感到無比自豪。我們的進度超前。正如你在預測中看到的，Blake 也在現場，他可以就一些具體細節談談他所看到、那個令人非常振奮的變動速率。

Yes. Thanks, Devin. Really excited to be here and be able to talk about just, frankly, a lot of the wins we've had since bringing these two companies together. Our operating teams have come together really fast, and it's really showing in our results. Right out of the gates, we leaned in hard to Devon's embedded AI tools. And really, what those have allowed us to do is just capture best practices, identify top performance and then immediately extrapolate it. We're currently running 34 rigs and 9 crews. There's a lot to extrapolate on, and we're seeing the results in the field. Just since coming together, the amount of wells we're simul-fracking has increased from 68% to 75%.

是的。謝謝你，Devin。很高興能在這裡，並能談談坦白說，自從把這兩家公司結合在一起以來，我們取得了許多勝利。我們的營運團隊非常快速地整合到一起，這也清楚反映在我們的成果上。一開始我們就大力導入 Devon 內建的 AI 工具。而這些工具真正讓我們能做的，是擷取最佳實務、辨識頂尖表現，然後立刻加以推廣複製。我們目前運行 34 部鑽機與 9 支作業隊。可推廣的空間很大，我們也在現場看到成果。自從合併以來，我們進行同步壓裂（simul-fracking）的井占比已從 68% 提升到 75%。

As we walk into 2027, our average lateral length is going up over 10%. That's on the back of 53 4-mile wells across four different basins. You roll all that up, and it's allowing us to deliver an expected dollar per foot in 2027 around $750 a foot. That's all in drilling, completions, facilities, flowback. That's the number we use to make an investment decision. And at the same time, we are leaning into larger fracs driven by our AI subsurface models. We're adding surfactants, and we're continuing to fight off cost pressures. So when you add all that up, it is truly more for less. That's what we're delivering in the field, and we just, we couldn't be more excited to see where the teams take us next.

展望 2027 年，我們的平均水平段長度將提升超過 10%。這是建立在四個不同盆地、共 53 口 4 英里井的基礎上。把這些全部加總起來，使我們在 2027 年預期每英尺成本約為每英尺 750 美元。這包含鑽井、完井、地面設施、返排（flowback）。這是我們用來做投資決策的指標。同時，我們也在 AI 地下模型的驅動下，採用更大規模的壓裂。我們正在加入界面活性劑（surfactants），並持續對抗成本壓力。所以把這些加總起來，確實是用更少做到更多。這就是我們在現場交付的成果，我們也非常期待看看團隊接下來會把我們帶到哪裡。

Betty Jiang, Barclays.

Betty Jiang，巴克萊。

I want to talk about and ask about the leasehold, ground game, the spending that you guys are doing. Can you maybe talk about how you underwrite the return of that investment? And how does that compare to drilling or buying back stock? And how does that, the durability of this leasehold spend? And how does that impact your long-term inventory or replenish what you guys draw down every year?

我想談談並請教你們的租賃地權（leasehold）、地面作戰（ground game）以及你們正在進行的支出。你們能否談談你們如何為這類投資的報酬進行承作評估（underwrite）？以及這與鑽井或回購股票相比如何？另外，這類租賃地權支出的持久性如何？它如何影響你們的長期庫存（inventory），或補充你們每年消耗的庫存？

Yes. Betty, this is Trey. Thank you for the question. We continue to be excited about what we're doing on the ground game across the board. We've really focused a lot of that investment in the Permian Basin and the Delaware where we already operate. And one of the things that we came out of the merger with was a really aggressive growth team based out of our Midland office, and they have been very active picking up what we think are some of the best returning dollars that we've spent.

好的。Betty，我是 Trey。謝謝你的問題。我們對於在各方面推進地面作戰所做的事情仍然感到振奮。我們把相當多的投資聚焦在我們既有營運的二疊紀盆地（Permian Basin）與特拉華盆地（Delaware）。而我們在合併後帶來的一項成果，是一支非常積極的成長團隊，駐在我們的米德蘭（Midland）辦公室；他們一直非常活躍地收購我們認為是我們花過、回報最好的資金配置之一。

And to the second point that you raised, all of these investments, whether it's our ground game, our infrastructure investments or whether or not we're drilling a new well, these all compete against each other on a heads-up basis. And we continue to look at all of those both on a PVI basis, rate of return and a net present value basis. And so the team has a really, I would say, sophisticated and now mature process for evaluating the financials on those. But you're going to continue, just as we signaled in this earnings release to lean in and to find new opportunities, and we're excited about the opportunities that the team has been able to uncover, and we expect to do more of that in the Permian.

至於你提出的第二點，所有這些投資——不論是我們的地面作戰、基礎設施投資，或是我們是否鑽一口新井——都會在同一基準下彼此競爭、逐案比較。我們持續以 PVI、報酬率以及淨現值（NPV）的角度來檢視這些選項。因此團隊在評估其財務表現方面，有一套我會說相當成熟且更為精密的流程。但你們會看到我們持續——正如我們在這次財報新聞稿中所傳達的——加大投入並尋找新機會；我們對團隊所挖掘出的機會感到興奮，也預期在二疊紀會做得更多。

Neal Dingmann, William Blair.

Neal Dingmann，William Blair。

Clay, my first question is -- or my only question is for the organic opportunity specifically. Could you speak to the type, you mentioned this, I think, in the prepared remarks that you listed, the type of some midstream investments. I know you have some current and maybe looking at some non-E&P ventures and then even exploration. I mean there's a host of things in there. I was wondering how, what type of things these days you find attractive out there.

Clay，我的第一個問題——或者說我唯一的問題——是關於有機成長機會（organic opportunity），特別是這一塊。你能否談談一些類型？我想你在事先準備的發言中提到並列出了一些中游（midstream）投資的類型。我知道你們目前有一些，可能也在看一些非勘探開採（non-E&P）的業務，甚至還有勘探。裡面有很多項目。我想請問，這些日子你們覺得外面哪些類型的事情具有吸引力？

Yes, Neal, I think this is really important. When we think about how do we expand the multiple, our trading multiple and really create value for the shareholders. I think one of the things that E&P companies can really do is, one, display a high-quality and deep inventory. And then as a complement to that, display a capability to creatively and constructively invest for the extension of that quantity and quality of inventory. And so when I think about that, we did a really strong exercise really over the last 1.5 years, kind of broadening what that can mean. Does that just mean how do we create more oil inventory or BOE inventory? And what we really came up with is how do we create more really strong investments so that the product we create is sustainable free cash flow.

是的，Neal，我認為這點非常重要。當我們思考如何擴大估值倍數、我們的交易倍數，並真正為股東創造價值時，我認為 E&P 公司真正能做的一件事是：第一，展現高品質且深厚的庫存（inventory）。接著作為補充，展現以創意且具建設性的方式投資，以延伸該庫存數量與品質的能力。因此當我思考這件事時，我們在過去一年半左右做了一個非常扎實的工作，去拓寬這可能代表的意義。這是否僅僅意味著：我們如何創造更多石油庫存或 BOE 庫存？而我們真正得出的結論是：我們如何創造更多非常強勁的投資，讓我們所產出的產品是可持續的自由現金流。

And so what are those opportunities as we broaden the sense to really think about how do we invest our precious dollars into systems, into processes into opportunities that allow a full cycle return that's competitive, that's accretive and that really extends the quantity and quality of inventory. And so that's how we started really opening up to think about, for example, the Solitude Pipeline. If we were just solely focused on driving oil production, Solitude would have never ranked. What we saw was an opportunity for us to lean in to some of the best gas inventory in the world was already under our feet in the Delaware Basin. The challenge was it was constrained by a limited infrastructure system. And so we went to our good friends and partners at WhiteWater, put this concept together and really created something that's groundbreaking, that's forward leaning and is incredibly value creative.

因此，當我們把視野擴大，真正去思考：我們如何把寶貴的資金投入到系統、流程與機會中，使其能帶來具競爭力、具增益（accretive）的全週期報酬，並真正延伸庫存的數量與品質時，這些機會是什麼？也正因如此，我們才開始更開放地思考，例如 Solitude 管線。如果我們只專注於推動石油產量，Solitude 根本不會被排上名次。我們看到的是一個機會：讓我們加大投入到全球最優質的一些天然氣庫存，而這些其實早已在我們腳下的特拉華盆地。挑戰在於，它受到有限的基礎設施系統所約束。因此我們與我們的好朋友與合作夥伴 WhiteWater 一起，把這個概念整合起來，真正打造出一個具突破性、前瞻性且極具價值創造力的方案。

As we look through the full cycle of that value creation, that's how we create value for our shareholders. There's lots of other things on the list. We'll have more to come in time. I just want to put that placeholder together that leveraging our scale, our differentiated scale and skill set can really create value above and beyond just drilling that next horizontal well. And so as we've opened that aperture, we have lots of exciting things kind of on the list as Trey just talked about, every one of these things has to compete full cycle on a fully risked basis for capital. And I think that's the work that we've done over the last year, in particular, has really differentiated our ability to compare apples and Chevrolets and really get to the heart of what's the best investment for our shareholders. And so more to come on that, some exciting opportunities, but know that we hold these to an exceptionally high standard that on a full cycle risk basis, they have to deliver return to the bottom line.

當我們檢視這一整個價值創造的完整週期時，這就是我們為股東創造價值的方式。清單上還有很多其他事項。未來我們會在適當時機帶來更多內容。我只是想先放一個註記：善用我們的規模、我們具差異化的規模與技能組合，確實能創造超越僅僅再鑽下一口水平井的價值。因此，當我們擴大視野後，正如Trey剛才提到的，我們清單上有許多令人振奮的事項；而這些每一項都必須在完整週期、充分納入風險的基礎上，競爭資本配置。我認為我們在過去一年所做的工作，特別是，確實讓我們在比較不同選項時更具辨識度——能把蘋果和Chevrolet放在同一個框架下比較，真正抓住對股東而言最佳投資的核心。所以後續還會有更多分享，有一些令人興奮的機會；但請理解，我們以極高標準來要求這些機會：在完整週期風險基礎上，必須能為最終盈餘帶來回報。

Phillip Jungwirth, BMO.

Phillip Jungwirth，BMO。

I think the multiyear outlook you presented here of low single-digit oil growth, 45%, 60% reinvestment with improving capital efficiency and 5% to 10% free cash flow per share is highly competitive across peers, can be achieved at a conservative price deck. The question is just more in the portfolio review. I know you ran a lot of different scenarios. So I was hoping you could talk about why this portfolio outlook is a better longer-term outcome for the company versus what you could have achieved with less scale or fewer assets.

我認為你們在此提出的多年展望——低個位數的石油成長、45%到60%的再投資率、資本效率提升，以及每股自由現金流5%到10%——在同業之間非常具競爭力，而且在保守的價格假設下也能達成。我的問題主要在投資組合檢視上。我知道你們跑了很多不同情境。所以我想請你談談，為什麼這個投資組合展望，對公司而言是更好的長期結果，相較於在規模較小或資產較少的情況下你們可能達成的成果。

Yes. I mean when you look at Slide 8 of our deck, the left side of it, we talk about some of the attributes of the Permian, and it's really the same attribute list that we started looking at when we start talking about other assets. We think about the scale, the depth of inventory, kind of that ability to create value. We have this recent merger. We're just on the front end of capturing all of these synergies, specifically in the Permian and the Anadarko, but I can tell you, it doesn't limit there. We're learning things and transferring skills every single day between all of these assets. And so when we think about how do we build a better company, we think about these characteristics and we think about how do they stack up, not just for this quarter or calendar year, but as we run through this next decade of opportunity and we continue to build for the future of Devon, how do these attributes really stack up?

是的。我的意思是，當你看我們簡報的第8頁左側時，我們談到二疊紀（Permian）的一些特質，而這其實就是我們在開始談其他資產時所採用的同一份特質清單。我們會思考規模、庫存深度，以及那種創造價值的能力。我們最近完成了合併。我們才剛開始捕捉所有這些協同效益，特別是在二疊紀與Anadarko，但我可以告訴你，這並不止於此。我們每天都在所有這些資產之間學習並移轉技能。因此，當我們思考如何打造一家更好的公司時，我們會看這些特徵，並思考它們的相對表現——不只是針對本季或本曆年，而是當我們跑過未來十年的機會、持續為Devon的未來建構時，這些特質究竟表現如何？

We love the Eagle Ford. It's a high-quality asset. But I can tell you that the steepness of the base decline was very challenging, and it dragged the overall maintenance capital of the organization. The inventory as it became challenged late in life, but teams are incredible. We're going to drive more value. We're going to get smarter every single day. But I can tell you that the differential value creation that we were able to make was probably in our rearview mirror, and this was more valuable to the market than internally. I have no hesitation. And when we see that opportunity, we're going to act on it, accelerate that value for shareholders and then go redeploy that into more share buybacks, future dividend funding and then, of course, building liquidity in this volatile industry displayed over the last few days in perfect form, you certainly want to have your financial house in order and a little bit of cash on the sidelines never hurts in this business as future opportunities come our way.

我們很喜歡Eagle Ford。它是一個高品質資產。但我可以告訴你，基礎產量遞減的陡峭程度非常具挑戰性，並且拉高了整個組織的維持性資本支出。隨著資產進入後期，庫存也變得更具挑戰，但團隊非常出色。我們會驅動更多價值。我們每天都會變得更聰明。但我可以告訴你，我們能夠創造的差異化價值，可能已經在後照鏡裡了；而這項資產對市場的價值高於對內部的價值。我毫不猶豫。當我們看到那個機會時，我們就會採取行動，加速為股東實現價值，然後把資金重新部署到更多庫藏股回購、未來股利資金來源，當然還包括在這個波動性產業中建立流動性——過去幾天已完美展現這點；在這個行業裡，你一定希望財務狀況維持良好，手邊留一些現金作為備用永遠不吃虧，因為未來機會可能隨時出現。

Josh Silverstein, UBS.

Josh Silverstein，UBS。

Clay, you mentioned the significant gas growth coming out of the Permian and your asset contributing to that. I'm curious how that makes you think about the value of your Marcellus asset, capital allocation there and the role that has in your portfolio.

Clay，你提到二疊紀將出現顯著的天然氣成長，而你們的資產也會對此有所貢獻。我想了解的是，這讓你如何看待你們Marcellus資產的價值、那裡的資本配置，以及它在你們投資組合中的角色。

Yes. To me, it's exciting. This is a perfect example of you have one side of the family that's lived with this asset that knows this asset. And then you have another side of the family that's brand new to the asset and have our own kind of maybe outside-in-looking perspectives. When those teams really sat down and started just tearing apart what's the inventory, what's the quality, how does it compete? What's the upside potential? Where do we take these synergies and apply them there? How do we think about the evolving technology, both operational and digital to further enhance value? How do we think about vertical integration and application of all of the tools in our toolbox to create more value, we get pretty excited.

是的。對我來說，這很令人振奮。這是一個完美的例子：一邊是長期與這項資產共事、非常了解它的「家族成員」。另一邊則是剛接觸這項資產、帶著我們自己某種由外而內的觀點。當這些團隊真正坐下來，開始把問題拆解——庫存是什麼、品質如何、競爭力如何？上行潛力在哪裡？我們要把這些協同效益帶到哪裡並套用？我們如何看待不斷演進的技術（營運與數位），以進一步提升價值？我們如何看待垂直整合，以及運用工具箱裡所有工具來創造更多價值——我們就會變得相當興奮。

And I think there is true incremental value creation in that asset. There's no doubt about it. It's a coveted asset that like all of our assets are. And so understanding how that the market values it. And what I could tell you is I feel very confident that we have exceptional upside value in this asset that we will create for the shareholders. And again, I'll go back to the words that we used in our prepared remarks, the leadership remains objective on any and all of these assets as opportunities present going forward. But man, our first and foremost priority it's Pillar 1, make Devon a better Devon. It's a perfect example of how do we drive even further value from this high-quality assets.

而且我認為在那項資產上確實存在真正的增量價值創造。毫無疑問。那是一項令人嚮往的資產，就像我們所有資產一樣。因此，要理解市場如何為它定價。我可以告訴你的是，我非常有信心：我們在這項資產上有卓越的上行價值，我們將為股東把它創造出來。同樣地，我會回到我們在事先準備的發言中使用的措辭：管理層對於任何與所有資產，在未來機會出現時都會保持客觀。但我們首要且最重要的優先事項——也就是支柱1——是讓Devon成為更好的Devon。這正是一個完美例子：我們如何從這些高品質資產中驅動更進一步的價值。

John Freeman, Raymond James.

John Freeman，Raymond James。

The Slides 19 and 20 are really interesting in the deck on the lateral lengths and the progress that you all are making. And just trying to make sure that I'm not, that these aren't like apples and oranges slides I'm looking at, but it would appear that based on the guidance for the Delaware in '27, it sort of implies about $765 a foot. And as you all move toward more and more of the program being three, four, five-mile laterals are all like the 4 miles you'll highlight $630 a foot. Like if we look out two, three years, I mean, is there anything I'm missing? Otherwise, just as the program gets longer on average, you've got a pretty good line of sight to where that cost per foot is going to go down, I mean, pretty dramatically.

簡報中的第19與第20頁關於水平段長度以及你們取得的進展非常有意思。我只是想確認我沒有看錯——這些不是我在拿蘋果比橘子——但看起來依照你們對Delaware在2027年的指引，似乎暗示每英尺約765美元。而當你們的計畫越來越多轉向三、四、五英里的水平段時，例如你們強調的4英里案例是每英尺630美元。如果我們往後看兩、三年，我是漏掉了什麼嗎？不然的話，隨著計畫的平均水平段變長，你們對每英尺成本將會下降、而且是相當明顯地下滑，應該有很高的能見度。

Go ahead Blake.

Blake，你先說。

Yes, John, this is Blake. Happy to take that one. Our teams just continue to push the edge on what we can do in the long lateral game. This really started up in the Marcellus, where kind of driven by our land position, you had to get creative on how you're going to access untouched rock, and we started putting 5-mile wells in the ground, and it wasn't long before the other basins were chomping to get there also. So the name of the game is try to grab that capital efficiency everywhere we can with lateral lengths.

是的，John，我是Blake。很樂意回答這題。我們的團隊持續在長水平段（long lateral）方面推進我們能做到的極限。這其實是從Marcellus開始的，某種程度上是受我們土地位置所驅動，你必須更有創意地思考如何進入尚未開發的岩層，因此我們開始把5英里井打進地層裡，沒過多久其他盆地也都迫不及待想做到同樣的事。所以關鍵就是：在我們能做到的每個地方，透過延長水平段長度來抓住資本效率。

We're really excited about the 4 milers going in the Permian. We're calling out with some pretty creative well geometries. They're 2x2 U-turns. So they're 4-mile wells, but it actually has a U-turn in the middle. And where our acreage position is really defined and maybe we don't have the opportunities to extend the acreage, we can still chase these long lateral efficiencies with really creative wellbore geometries. And so I think you see that in these numbers. You see it in the 53 4-mile wells we're going to execute next year. And my hope is exactly what you said. We're going to keep pushing the limits on this, which will, of course, drive our dollar per foot down.

我們對在Permian投放的4英里井感到非常興奮。我們採用了一些相當有創意的井型幾何設計。它們是2x2的U形迴轉。所以它們是4英里井，但實際上在中段有一個U-turn。在我們的礦權位置界線很明確、也許沒有機會再向外延伸礦權的地方，我們仍然可以透過非常有創意的井筒幾何設計，追求這些長水平段帶來的效率。所以我認為你在這些數字裡看得到。你也會在我們明年要執行的53口4英里井中看到。而我的希望正如你所說。我們會持續推進這方面的極限，當然也會把我們的每英尺成本（dollar per foot）壓低。

Scott Gruber, Citigroup.

Scott Gruber，花旗集團（Citigroup）。

It sounds like the low single-digit growth can be sustained here for several years at flattish capital. But I'm curious on the drivers and how would you compare the drivers? So how would you compare the benefit from developing the newly acquired federal acreage and overall well productivity relative to base decline management relative to more kind of process-driven efficiency gains? Kind of how would you rank the key drivers behind delivering some growth at flattish capital?

聽起來在資本支出大致持平的情況下，低個位數成長可以在這裡維持好幾年。但我想了解其驅動因素，以及你會如何比較這些驅動因素？也就是說，你會如何比較：開發新取得的聯邦礦權與整體單井生產力提升所帶來的效益，相對於基礎遞減（base decline）管理，以及相對於更偏流程驅動的效率提升？你會如何排序在資本大致持平下仍能帶來一些成長的關鍵驅動因素？

Yes. Scott, I appreciate the question. This is -- this was a difference between how Devon saw the world and Coterra saw the world. And this was one of the outstanding questions that honestly, we needed to do the work. Number one, you need to understand the portfolio. Two, you need to really think about the macro, what is the world calling for? Do these barrels really need to go incrementally, incremental barrels onto the market. And when we did the work, we came back together and we said, you know what, we got the quality and the longevity of the inventory. We got the confidence in our ability to recreate quantity and quality of inventory beyond this that we can lean in.

是的。Scott，謝謝你的問題。這——這其實是Devon看待世界的方式與Coterra看待世界的方式之間的差異。而這也是一個懸而未決的問題，老實說，我們需要把功課做完。第一，你必須了解這個投資組合。第二，你必須真正思考宏觀環境：世界需要什麼？這些桶數（barrels）是否真的需要以增量方式、把增量桶數投放到市場上。當我們做完分析後，我們重新達成共識並說：你知道嗎，我們擁有高品質且具長期性的庫存（inventory）。我們也有信心，能在此之外再創造出數量與品質兼具的庫存，因此我們可以更積極投入。

And that was different than what we saw from Devon. What you heard from me, say, even a year ago was, man, it feels like the world is pretty saturated in oil. I don't know that there's an incremental need for our incremental barrels. And also objectively, we didn't have the length of inventory that the new combined company does. Part of that is certainly the benefit of the Coterra merger, certainly the acquisition of the federal lease sale. But I can tell you, it's also the incredible synergies that we're creating from this combined company extend that inventory run life. And what it gives you is the confidence to say, hey, we still have 12-plus years of fully understood delineated opportunities, really 15-plus when you start thinking about some of the downhole potential that we're continuing to work today, that gives us confidence that we can accelerate some of that for the shareholders in a market that I can tell you, looks pretty radically different than it did a year ago when it comes to inventory, global storage and supply-demand numbers.

而這與我們從Devon那邊看到的不同。你從我這裡聽到的——甚至就在一年前——是：天啊，感覺全球石油已經相當飽和。我不確定市場是否需要我們的增量桶數。而且客觀來說，我們當時的庫存年限也沒有新合併公司這麼長。其中一部分當然來自Coterra合併的好處，當然也包括取得聯邦租賃拍賣（federal lease sale）。但我可以告訴你，這也來自我們在這家合併公司中創造的驚人協同效應，延長了庫存可開發年限（inventory run life）。它帶來的，是讓你有信心說：嘿，我們仍有12年以上完全理解、已完成界定（delineated）的機會；當你開始考慮我們今天仍在持續推進的一些井下潛力（downhole potential）時，實際上是15年以上。這讓我們有信心，在我可以告訴你、就庫存、全球儲存與供需數據而言看起來與一年前相當不同的市場中，能為股東加速釋放其中一部分價值。

And so that's how we feel good about the low single-digit growth. You know that's a rough guide. The oil side is where we start. Certainly, BOEs are going to be even higher than that. And then, of course, we talked about the very impressive 5% to 10% growth when you talk about per share of free cash flow. Shane, is there something else you'd like to add on that?

所以這就是我們為何對低個位數成長感到踏實。你知道那只是個大致的指引。我們先從石油端開始。當然，以桶油當量（BOEs）來看，成長會更高。然後，當然，我們也談到以每股自由現金流來看非常亮眼的5%到10%成長。Shane，你還有什麼想補充的嗎？

Well, yes. Look, Scott, I would just say, as I was saying, we looked at a whole range of scenarios that we could potentially look at. And we found that low single-digit growth actually maximized free cash flow over the near and the longer term, particularly with, as you highlighted, some of the paybacks on some of the newer acreage acquired in New Mexico. The other thing I would say I want to just make sure it's clear, we didn't lean into low single-digit growth strategy because oil price was higher. This is something that's very durable. Down to $60, $70 a barrel. We still have very, very competitive reinvestment rates on this capital program. So it's something that's not just for the oil price we see today, but frankly, through the cycle.

嗯，是的。Scott，我想說的是，如同我剛才提到的，我們檢視了一整套我們可能採取的情境。我們發現低個位數成長其實能在短期與長期最大化自由現金流，尤其是如你所指出的，我們在新墨西哥州新取得的一些新礦權具有一定的回收期（paybacks）。另外我也想強調，務必讓大家清楚：我們採取低個位數成長策略，並不是因為油價更高。這是一個非常耐久（durable）的策略。即使油價降到每桶60、70美元。在這個資本方案下，我們仍然有非常、非常具競爭力的再投資率。所以這不只是針對我們今天看到的油價，而是坦白說，能穿越景氣循環。

Chris Baker, Evercore ISI.

Chris Baker，Evercore ISI。

You all described the Anadarko, Marcellus and Rockies as complementary assets that have strategic value to Devon. And you started to talk about this play a minute ago with the Marcellus. Would just love to hear more about the strategic value that you all see in the Anadarko and Rockies, and how you plan to capture it.

你們把Anadarko、Marcellus和Rockies描述為對Devon具有策略價值的互補資產。而你們剛才也用Marcellus稍微談到這個主題。我很想多聽一些你們在Anadarko和Rockies看到的策略價值是什麼，以及你們打算如何把它實現。

Yes. I think the Anadarko is one that's, it's just very obvious. There is so much synergy potential. You look at the quality of the wells that Coterra was drilling, you look at the D&C cost from the Devon side, you start marrying those things together and it's like, wow, I have to tell you, six months ago, I was excited about Anadarko Basin, but I feel much more excited today seeing what that combination, and this is a perfect synergy example, how do you combine two great teams and take the best of and really lean that together, it's pretty compelling. You compound that, we've talked for the last six months about the potential of the midstream opportunity both sides of the history have opportunities to renegotiate some pretty long-dated contracts. We're working with counterparties now. I think there's real value creation and more vertical integration.

是的。我認為Anadarko這一塊非常明顯。那裡有非常多的協同潛力。你看看Coterra正在鑽的井的品質，再看看Devon這邊的鑽完井（D&C）成本，把這些結合起來就會覺得：哇，我得說，六個月前我就對Anadarko盆地感到興奮，但今天看到這種組合後我更興奮了——這就是一個完美的協同案例：如何把兩個優秀團隊結合起來，取其所長並真正把它們整合發揮，這非常有吸引力。再加上，我們過去六個月一直在談中游（midstream）機會的潛力，雙方在歷史上都有機會重新談判一些期限很長的合約。我們目前正在與交易對手合作。我認為這裡有真正的價值創造，以及更多的垂直整合。

And there's no doubt about it. I mean the Anadarko Basin being more gas-oriented in a very good position in the country geographically can really satisfy a lot of that Gulf Coast call for gas as well as all of the electrification that we see a lot around the planet. So you put all that together and it's like, wow, this is really compelling. And there's no doubt about it. There's a lot of interest in the market. We are absolutely 100% aware. What I would tell you is we look at this as we can create more value than what we see in the market today. And as with anything, we remain really focused on driving value first.

而且這點毫無疑問。我的意思是，Anadarko 盆地在天然氣導向方面具備優勢，加上其在美國地理位置上處於非常有利的位置，確實能滿足墨西哥灣沿岸對天然氣的需求，同時也能滿足我們在全球各地看到的大量電氣化趨勢所帶來的需求。所以把這些因素加總起來，就會覺得，哇，這真的很有吸引力。而且這點毫無疑問。市場上有很高的興趣。我們絕對百分之百清楚。我想告訴你的是，我們看待這件事的方式是：我們能創造的價值，會高於我們今天在市場上看到的價值。而且如同任何事情一樣，我們仍然非常專注於先推動價值的提升。

When I think about the Rockies, we have two complementary pieces of business there. The Williston, man, still it's just the same story that Blake was talking about with the Williston -- excuse me, with the Marcellus. In the Williston, we're driving longer laterals. We're improving well cost. It's in that graphic. I think that might have been Slide 20 or so on what we're doing with well costs, extending those laterals. We do have a preferred, a little better midstream position there, extracting more value. And I think that just is a great opportunity for us to also create incremental value from a very oily-oriented asset that generates a ton of free cash flow.

當我想到落磯山地區時，我們在那裡有兩塊互補的業務。Williston，老兄，仍然就是 Blake 談到 Williston——抱歉，是談到 Marcellus——時所說的同樣故事。在 Williston，我們正在推動更長的水平段。我們正在改善單井成本。那張圖表裡有。我想那可能是第 20 張投影片左右，講的是我們如何降低井成本、延長水平段。我們在那裡確實有一個較優先、也稍微更好的中游位置，能萃取更多價值。我認為這也為我們帶來很好的機會，能從一個非常偏油的資產中創造增量價值，而該資產能產生大量自由現金流。

The Powder is unique. It's probably, it is the least mature of all of our assets. It gets the benefit of all of this knowledge and the technological innovation, both on the operational and digital side. And then those long laterals, I was in a meeting the other day and the team pointed to a map and they said, this is the shorter laterals over here. And I said, wait, I thought that was the 3-mile laterals. And they said, yes, yes, that's the 3-mile. And I said, wait, when did short become 3-mile? And they said, no, no, standard's now 4 mile, and we're going out further than that. So again, operational innovation is really unlocking future potential in these incredible portfolios.

Powder 很獨特。它可能——也確實——是我們所有資產中成熟度最低的。它能受益於所有這些知識與技術創新，包含營運面與數位面。然後談到那些長水平段，我前幾天在一個會議上，團隊指著地圖說，這邊是較短的水平段。我說，等等，我以為那是 3 英里的水平段。他們說，是的，是的，那就是 3 英里。我說，等等，什麼時候「短」變成 3 英里了？他們說，不不不，現在的標準是 4 英里，我們還要再更長。所以再一次，營運創新正在真正解鎖這些卓越資產組合的未來潛力。

Gabe Daoud, Truist.

Gabe Daoud，Truist。

I appreciate all the responses so far and the shareholder letter very informative. Yes. I was hoping we could maybe just talk a little bit about Permian inventory. You mentioned earlier the 12 years inventory overall. But could you maybe just unpack the Permian, some of the deeper zone testing that you guys are kind of embarking on and maybe just highlight what you're seeing in the Woodford and maybe even the Penn Shale.

我很感謝目前為止所有的回覆，股東信也非常有資訊量。是的。我希望我們或許可以稍微談一下 Permian 的庫存。你先前提到整體大約有 12 年的庫存。但你能否再拆解一下 Permian：你們正在著手的一些更深層層位測試，以及也請你們重點說明一下你們在 Woodford、甚至 Penn Shale 看到的情況？

Yes, Gabe, this is Trey. Appreciate the question. We continue to be just amazed all the time with what we're finding in the Permian from the entire stack. We are going to continue to work through our inventory. We're collecting data. We're obviously watching all of the industry activity that we see, both in the Woodford and the Penn and the, all the deep Wolfcamp as well. We will start to appraise that. We're going to start understanding where it fits in our longer-term portfolio as we derisk these things.

好的，Gabe，我是 Trey。謝謝你的問題。我們一直都對在 Permian 從整個地層堆疊中所發現的東西感到驚艷。我們會持續推進我們的庫存開發。我們正在蒐集資料。我們也顯然在觀察我們看到的所有產業活動，包含 Woodford、Penn，以及所有更深層的 Wolfcamp。我們將開始對其進行評估。在我們逐步降低這些項目風險的同時，我們也會開始理解它在我們長期資產組合中應該扮演的角色。

It will continue to be evaluated over the next year. But strategically, our development programs are going to move forward in the way that we have been, which is co-development, maximizing the value of the assets that we have. And we also, just as a reminder, we have a giant position in the BLM lease acreage that we just picked up last year that we're going to insert into the program this year as well. And so we've got lots of moving pieces. We're continually looking at the upside. We think it's promising. The asset teams are excited about it, and we're excited about where that will take us over a longer period of time.

接下來一年會持續評估。但在策略上，我們的開發計畫將會以我們一直以來的方式向前推進，也就是協同開發（co-development），把我們現有資產的價值最大化。另外提醒一下，我們在去年剛取得一大塊 BLM 租賃土地的部位，今年也會把它納入計畫之中。因此我們有很多變動中的拼圖。我們持續在看上行空間。我們認為很有前景。資產團隊對此感到興奮，我們也對它在更長時間尺度上將帶我們走到哪裡感到期待。

Matt Portillo, TPH.

Matt Portillo，TPH。

Picking up on your comments for Solitude and gas resource in the Permian. As we add up the pipeline capacity that's been announced and look at impacts to egress out of the Permian over the next five years, it looks like we'll probably see a 50% increase in capacity. I was just curious, given your size and scale in the basin and your position on pipes, what your perspective is for your oil cut for your assets through the end of the decade kind of thoughts around the zone mix moving forward, as I know that's been quite topical. And then should the market expect Devon's gas production to keep up with that industry CAGR from an egress perspective?

延續你對 Solitude 以及 Permian 天然氣資源的評論。當我們把已宣布的管線運能加總，並觀察未來五年 Permian 外運（egress）的影響，看起來運能可能會增加 50%。我想請教的是，考量你們在該盆地的規模與量體，以及你們在管線上的布局，你們對於你們資產到本十年末的含油率（oil cut）的看法是什麼？以及對未來層位組合（zone mix）的想法，因為我知道這一直是很熱門的話題。另外，從外運角度來看，市場是否應該預期 Devon 的天然氣產量會跟上產業的複合年成長率（CAGR）？

Yes. So Matt, there's a lot there. Let me start with, we are, the deep and high-quality inventory we have today is driven by the oil economics, okay? So right now, with the price realizations, even with a relative run-up in gas price, man, we are limiting our gas production for much over the last couple of years, we've tried to really, really limit our amount of gas production. And every quarter, it continues to increase. It is, there is such a hydrocarbon-rich environment in the Permian Basin that it's incredibly valuable. The challenge has been the realized prices aren't where we wanted them to be.

好的。Matt，這裡面有很多內容。我先從這點開始：我們今天擁有的深層且高品質庫存，是由原油經濟性所驅動的，好嗎？所以目前以實現價格來看，即便天然氣價格相對上漲，老實說，我們在過去幾年一直在限制天然氣產量，我們真的、真的試著把天然氣產量壓到最低。但每一季它仍持續增加。Permian 盆地是一個碳氫化合物非常豐富的環境，因此價值極高。挑戰在於實現價格沒有達到我們希望的水準。

So we made the proactive step. And then when we get this locked in, when the pipe is in place, we lock in our value, we're able to maximize the value potential of that, not on the Waha side, but on the Gulf Coast side, that really unlocks even further potential kind of firming up the realizations. And that's where I think the upside is just unlimited in the position that we have. So incredibly excited about that position. When I think about our current just under 50% oil cut, there's a few things at work. As we start going a little bit deeper into the section, certainly, that will be more gas oriented. And then the natural tendency of these, the gas oil ratios of these wells also get a little gassier in time. So that will continue to migrate that way.

所以我們採取了主動的步驟。當我們把這件事鎖定下來、當管線到位後，我們就能鎖定我們的價值，並能在墨西哥灣沿岸端（而不是 Waha 端）把價值潛力最大化，這也會進一步釋放潛力，等於把實現價格「穩固」起來。我認為這就是我們所處位置的上行空間幾乎沒有限制的地方。所以對這個部位感到非常興奮。當我想到我們目前略低於 50% 的含油率時，有幾個因素在起作用。當我們開始往地層更深處走，當然會更偏向天然氣。此外，這些井的氣油比（GOR）也有一個自然趨勢：隨著時間推移會變得更「偏氣」。因此這個方向會持續移動。

But until we have the real value creation steps in place, you're not going to see us move differentially into gas production. But when those real material steps are in place and we have the full realized prices, I don't know of another basin in the US that will compete for gas valuations because it's always going to come with a nice complement of oil that will probably carry the economics and you essentially get all the gas for free. So I think there's tremendous value creation. Our position, specifically on the Delaware side of the Permian, I think there's just so much more runway and we get so excited about the additional value creation and the steps that we're making proactively to really get the true value of these precious resources for the US's benefit and beyond. So we look forward to more steps on that and more value creation from this incredible resource.

但在我們把真正的價值創造步驟落實到位之前，你不會看到我們以差異化的方式轉向天然氣生產。但當那些真正具實質性的步驟到位、而且我們能完全實現價格之後，我不知道美國還有哪個盆地能在天然氣估值上與之競爭，因為它總是會搭配一個很好的原油組合，原油很可能支撐整體經濟性，而你基本上等於是免費得到所有的天然氣。所以我認為這裡有巨大的價值創造空間。我們的部位，特別是在二疊紀盆地（Permian）德拉瓦（Delaware）一側，我認為還有更長的跑道；我們對額外的價值創造以及我們主動採取的各項步驟感到非常振奮，這些步驟能真正把這些珍貴資源的真實價值釋放出來，造福美國乃至更廣泛的市場。因此我們期待在這方面採取更多步驟，並從這項不可思議的資源中創造更多價值。

Our final question comes from Kevin MacCurdy with Pickering Energy Partners.

我們的最後一個問題來自 Pickering Energy Partners 的 Kevin MacCurdy。

For my question, I wanted to come back to the ground game spending in 2027. If I'm doing the math right, I think you've implied about $500 million, which is higher than the historic run rate. And maybe you can expand on the opportunities you're seeing there and how that's different than before? And is this part of the lateral length increase? Or are these brand-new locations?

我的問題想回到 2027 年的地面作業（ground game）支出。如果我算得沒錯，我認為你們暗示大約是 5 億美元，這高於歷史的常態水準。也許你們可以進一步說明你們在那裡看到的機會，以及這與以前有何不同？這是否與水平段長度增加有關？還是這些是全新的區塊／位置？

Yes. I'll start and then Trey may want to add some comments. This is another, I would put it in the category of synergies. So Devon didn't have a Midland office. Coterra had a Midland office. And Trey talked about the outstanding team that we have on the ground doing this work, and we've really leaned in. In fact, in 2026, we'll have about $500 million, $600 million. Is that right, Shane?

是的。我先回答，然後 Trey 可能也想補充一些看法。這是另一個——我會把它歸類為協同效益。Devon 在米德蘭（Midland）沒有辦公室。Coterra 在米德蘭有辦公室。而 Trey 談到我們在當地執行這項工作的優秀團隊，我們確實加大投入。事實上，在 2026 年，我們大約會有 5 億到 6 億美元。對嗎，Shane？

That's right.

沒錯。

Yes. And on that bulk, about $500 million of investment. These are incredible -- over $600 million of investment in 2026. These are incredible returns. As you talked about, maybe it's extending that lateral, which we see from Blake's slides, the value creation opportunities there. Maybe it's some trade without even cash out the door that enhances our position that moves opportunities that a little further out in our portfolio to something more near term. We always have a little more incremental value creation perspective. We've talked about the very sophisticated infrastructure we have from gas gathering, processing, the water infrastructure, that can change the economics of these positions, and we're really leaning forward and that team in Midland is doing a fantastic job.

是的。而在那一大塊中，大約 5 億美元的投資。這些是非常驚人的——2026 年超過 6 億美元的投資。這些回報非常可觀。如你所說，也許是延長水平段（lateral），我們從 Blake 的投影片看到那裡的價值創造機會。也許是一些甚至不需要現金流出的交換（trade），用以強化我們的部位，把我們投資組合中稍微更遠期的機會推進成更近期期的機會。我們一向會從更增量的價值創造角度來看。我們也談過我們在天然氣集輸、處理以及水務基礎設施方面非常成熟的系統，這些都能改變這些部位的經濟性；我們正積極向前推進，而米德蘭的團隊做得非常出色。

So we'll continue to lean in. It counters about $500 million is the plan for next year. But honestly, I hope that, that team continues to be as successful as they are because it's such phenomenal returns, full cycle returns on those investments. We're taking stuff down at roughly about $2 million to $3 million per stick last time I looked at the math, which is highly competitive and exciting and something that, honestly, we're doing better than either legacy company, and it's a great synergistic win for the combined team.

所以我們會持續加大投入。大約 5 億美元是明年的計畫。但老實說，我希望那個團隊能像現在一樣持續成功，因為這些投資的全週期回報實在非常亮眼。就我上次算的數學來看，我們把每一口井（stick）的成本大約降到 200 萬到 300 萬美元左右，這非常有競爭力、也令人振奮；坦白說，我們做得比兩家前身公司任何一方都更好，這是合併團隊很棒的協同勝利。

The only thing I would add to that is the pace of change or the rate of change that we're seeing in the Permian right now continues to give us confidence. That performance improvement from the long laterals that Blake mentioned, the success we're having with surfactants today with a lot of the other subsurface work really gives us the ability to marry that up with our infrastructure and our scale position that we have in the basin, be really competitive in our ground game.

我唯一想補充的是，我們目前在二疊紀盆地看到的變化速度或變化幅度，持續讓我們更有信心。Blake 提到的長水平段帶來的表現提升、以及我們今天在界面活性劑（surfactants）方面的成功，加上許多其他地下（subsurface）工作，確實讓我們有能力把這些與我們的基礎設施以及我們在該盆地的規模部位結合起來，使我們在地面作業上具備很強的競爭力。

And you marry that with this team that we've got that have been, they have the mandate to go help find those opportunities, and that's driving some real success for us across the business. And we've got all of these synergies coming from the merger as well as just the cultural benefits that we're seeing right now around technical excellence and putting our people together and they're finding new opportunities for us to go pursue these new ideas, and that's what's paying off. And that's where we're trying to give everyone a peek at where we think we're headed with our ground game. Great question, though. Thank you.

再把這與我們這支團隊結合起來——他們被賦予任務去協助找出那些機會——這正在推動我們在整個業務上取得實質成功。我們也從合併中獲得各種協同效益，此外還有我們目前看到的文化層面的好處：圍繞技術卓越，把我們的人才整合在一起，他們正在為我們找到新的機會，去追求這些新想法，而這正是帶來回報的原因。這也是我們試著讓大家先睹為快、看看我們認為地面作業將走向何處的原因。不過這個問題問得很好。謝謝。

Thanks, everybody.

謝謝各位。

There are no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect.

目前沒有進一步的問題。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。