EOG Resources Inc (EOG) 2023 Q3 法說會逐字稿

Good day, everyone, and welcome to EOG Resources Third Quarter 2023 Earnings Results Conference Call. As a reminder, this call is being recorded.

大家好，歡迎參加 EOG Resources 2023 年第三季獲利結果電話會議。提醒一下，此通話正在錄音。

At this time, for opening remarks and introductions, I would like to turn the call over to the Chief Financial Officer of EOG's Resources, Mr. Tim Driggers. Please go ahead, sir.

現在，為了進行開場發言和介紹，我想將電話轉給 EOG 資源公司的財務長 Tim Driggers 先生。請繼續，先生。

Good morning, and thanks for joining us. This conference call includes forward-looking statements. Factors that could cause our actual results to differ materially from those in our forward-looking statements have been outlined in the earnings release and EOG's SEC filings.

早安，感謝您加入我們。本次電話會議包含前瞻性陳述。收益報告和 EOG 向 SEC 提交的文件中已概述了可能導致我們的實際結果與前瞻性聲明中的結果有重大差異的因素。

This conference call also contains certain non-GAAP financial measures. Definitions and reconciliations for these non-GAAP measures can be found on EOG's website. In addition, some of the reserve estimates on this conference call may include estimated potential reserves and estimated resource potential not necessarily calculated in accordance with the SEC's reserve reporting guidelines.

本次電話會議也包含某些非公認會計準則財務指標。這些非 GAAP 衡量標準的定義和調整可在 EOG 網站上找到。此外，本次電話會議上的一些儲量估計可能包括不一定根據 SEC 儲量報告指南計算的估計潛在儲量和估計資源潛力。

Participating on the call this morning are Ezra Yacob, Chairman and CEO; Billy Helms, President and Chief Operating Officer; Jeff Leitzell, EVP, Exploration and Production; Lance Terveen, Senior VP, Marketing; and Pearce Hammond, VP, Investor Relations.

今天早上參加電話會議的有董事長兼執行長 Ezra Yacob；比利‧赫爾姆斯 (Billy Helms)，總裁兼營運長； Jeff Leitzell，勘探與生產執行副總裁； Lance Terveen，行銷資深副總裁；和投資者關係副總裁 Pearce Hammond。

Here's Ezra.

這是以斯拉。

Thanks, Tim. Good morning, everyone. Over the past 5 years, EOG has increased production 33%, decreased per unit operating cost 17%, generated over $20 billion of free cash flow and over $20 billion in net income. We've increased our regular dividend rate nearly 350%, and including both regular and special dividends paid and committed to, have returned about $13 billion directly to shareholders, all while reducing total debt by more than 40%.

謝謝，蒂姆。大家，早安。過去5年裡，EOG產量增加了33%，單位營運成本降低了17%，產生了超過200億美元的自由現金流和超過200億美元的淨利。我們將定期股息率提高了近 350%，包括已支付和承諾的定期股息和特別股息，已直接向股東返還約 130 億美元，同時將總債務減少了 40% 以上。

At the core of our historical and future success are EOG's employees who embrace and embody the EOG culture, and our third quarter results continue to reflect our employees' outstanding execution. Strong performance in our foundational Delaware Basin and Eagle Ford assets as well as continued progress across our emerging plays have delivered production volumes, capital expenditures and per unit operating costs better than expectations and enabled us to raise our full year oil production guidance and reduce our full year cash operating cost guidance.

我們歷史和未來成功的核心是擁抱並體現 EOG 文化的 EOG 員工，我們第三季的業績繼續反映了我們員工的出色執行力。我們的特拉華盆地和伊格爾福特基礎資產的強勁表現以及新興油區的持續進展，使產量、資本支出和單位運營成本好於預期，使我們能夠提高全年石油產量指導並減少全年石油產量預期。年度現金營運成本指引。

In addition to announcing third quarter results yesterday, we demonstrated our confidence in the outlook for our business by increasing the regular dividend 10%, announcing a $1.50 per share special dividend and raising our cash return commitment to shareholders beginning in 2024 to a minimum of 70% of annual free cash flow.

除了昨天公佈第三季業績外，我們還透過將定期股息提高10%、宣布每股1.50 美元的特別股息以及將2024 年開始對股東的現金回報承諾提高到至少70 美元，展現了我們對業務前景的信心。年度自由現金流的百分比。

Our annualized regular dividend is now $3.64 per share, which represents the highest regular dividend yield amongst our peers and is competitive with the broader market. This dividend increase reflects 2 things: first, the progress we continue to make on our cost structure by leveraging technology and innovation sustainably improves EOG's capital efficiency.

目前，我們的年化定期股息為每股 3.64 美元，這是同業中最高的定期股息收益率，與大盤相比具有競爭力。此次股利增加反映了兩件事：首先，我們透過利用技術和創新在成本結構方面不斷取得進展，可持續提高 EOG 的資本效率。

Furthermore, we expect the advantages of operating in multiple basins will drive additional improvements to EOG's cost structure and returns and reduce the breakeven oil price to fund the dividend in the years ahead.

此外，我們預計在多個盆地營運的優勢將進一步改善 EOG 的成本結構和回報，並降低損益平衡油價，為未來幾年的股息提供資金。

Today, we estimate that we can maintain our current level of production and fund the $2.1 billion regular dividend commitment at an oil price as low as $45 WTI.

今天，我們估計我們可以維持目前的生產水平，並在 WTI 油價低至 45 美元的情況下為 21 億美元的定期股息承諾提供資金。

Second, this dividend increase reflects our confidence in EOG's expanding portfolio of premium plays to grow the company's future income and future free cash flow. This quarter, we've highlighted recent well performance results and the newest addition to our premium portfolio of assets, the Utica Combo play. Over the last several years, our success in organic exploration continues to add low-cost reserves and consistently drive down our DD&A rate, enabling EOG to create value through industry cycles.

其次，股利的增加反映了我們對 EOG 不斷擴大的優質股投資組合以增加公司未來收入和未來自由現金流的信心。本季度，我們重點介紹了最近的良好業績結果以及我們優質資產組合中的最新成員 Utica Combo 油田。過去幾年，我們在有機勘探方面取得的成功不斷增加低成本儲量，並持續降低我們的 DD&A 率，使 EOG 能夠在整個行業週期中創造價值。

Beyond our regular dividend, which we've never cut or suspended, we raised our cash return commitment to shareholders to a minimum of 70% of annual free cash flow beginning in 2024. Alongside our portfolio of premium assets and our cash flow margins, EOG's balance sheet continues to strengthen, allowing us to supplement the dividend with a larger commitment of future free cash flow through special dividends and share repurchases.

除了我們從未削減或暫停的定期股息之外，我們還將對股東的現金回報承諾從2024 年開始提高到至少佔年度自由現金流的70%。除了我們的優質資產組合和現金流利潤率外，EOG 的資產負債表繼續增強，使我們能夠透過特別股息和股票回購對未來自由現金流做出更大的承諾來補充股息。

In addition to the $1.50 per share special dividend declared yesterday, we executed additional opportunistic share repurchases for the third consecutive quarter. For 2023, we estimate our committed cash return will be about 75% of free cash flow.

除了昨天宣布的每股 1.50 美元特別股息外，我們還連續第三個季度執行了額外的機會性股票回購。到 2023 年，我們估計我們承諾的現金回報將約為自由現金流的 75%。

EOG continues to consistently execute, lower our cost structure through innovation and efficiencies and organically grow the quality of our portfolio to improve capital efficiency and free cash flow potential.

EOG 繼續一致地執行，透過創新和效率降低我們的成本結構，並有機地提高我們的投資組合質量，以提高資本效率和自由現金流潛力。

Our transparent cash return strategy is anchored to a sustainable, growing regular dividend and backstopped by an impeccable balance sheet. EOG is in a better position than ever to deliver value for our shareholders through industry cycles and play a leading role in the long-term future of energy.

我們透明的現金回報策略以可持續、不斷增長的定期股息為基礎，並以完美的資產負債表為後盾。 EOG 比以往任何時候都更有能力在產業週期中為股東創造價值，並在能源的長期未來中發揮主導作用。

Here's Tim to review our financial position.

蒂姆將回顧我們的財務狀況。

Thanks, Ezra. EOG delivered superb operating and financial performance in the third quarter. Oil production increased 4% year-over-year, while total production was up 9% year-over-year. Per unit cash operating costs declined by 5% from the prior year period. The DD&A rate fell by 9% year-over-year, driven by the addition of reserves at lower finding costs compared to our production base.

謝謝，以斯拉。 EOG 在第三季度取得了出色的營運和財務表現。石油產量較去年同期成長4%，總產量較去年同期成長9%。單位現金營運成本較上年同期下降 5%。與我們的生產基地相比，由於發現成本較低，增加了儲量，因此 DD&A 率比去年同期下降了 9%。

Capital expenditures came in at $1.52 billion, $140 million below our target, mostly due to the timing of non well-related expenditures such as infrastructure projects. Year-to-date, CapEx of $4.5 billion is 75% of the full year guidance. We earned adjusted net income of $3.44 per share in the third quarter and generated free cash flow of $1.5 billion.

資本支出為 15.2 億美元，比我們的目標低 1.4 億美元，主要是由於基礎設施項目等無關支出的時間安排。年初至今，資本支出為 45 億美元，佔全年指引的 75%。第三季調整後每股淨利為 3.44 美元，自由現金流為 15 億美元。

We announced a $1.50 per share special dividend, and during the third quarter, we spent $61 million on share repurchases, bringing total 2023 share repurchases through the third quarter to $671 million at an average price of $108 per share. In total, we are on track to return $4.1 billion of cash to shareholders this year in the form of regular dividends, special dividends and repurchases.

我們宣布派發每股1.50 美元的特別股息，第三季我們花了6,100 萬美元用於股票回購，使截至第三季的2023 年股票回購總額達到6.71 億美元，平均價格為每股108 美元。總的來說，今年我們預計以定期股息、特別股息和回購的形式向股東返還 41 億美元現金。

This equates to about 75% of our estimated 2023 free cash flow higher than our 2023 minimum commitment of 60% of annual free cash flow returned to shareholders. Overall, it was a strong quarter driven by solid operational execution and improving capital efficiency.

這相當於我們預期的 2023 年自由現金流的 75% 左右，高於我們 2023 年向股東返還年度自由現金流 60% 的最低承諾。總體而言，在穩健的營運執行和資本效率提高的推動下，這是一個強勁的季度。

Here's Billy to review operations.

比利來檢查操作情況。

Thanks, Tim. EOG's operational performance continues to improve, and this quarter is another example. We exceeded our third quarter forecast across the board on volumes, per unit operating cost and CapEx. Thanks goes to our employees for consistently delivering the EOG value proposition quarter after quarter.

謝謝，蒂姆。 EOG的營運績效持續改善，本季是另一個例子。我們在銷售、單位營運成本和資本支出方面全面超出了第三季的預測。感謝我們的員工每季始終如一地交付 EOG 價值主張。

Third quarter volumes exceeded guidance largely due to accelerated timing of activity within the quarter driven primarily by improved efficiencies as well as some benefits from better well productivity. Efficiencies in our completion efforts have reduced the time to bring wells to sales. For example, in our Eagle Ford play, the completed lateral feet per day has increased 19% year-over-year. The team has also reduced nonproductive time by 31%, which is the added benefit of lowering total well cost.

第三季產量超出預期，主要是由於效率提高以及油井產能提高帶來的一些好處推動了本季活動時間的加快。我們完井工作的效率縮短了油井銷售的時間。例如，在我們的 Eagle Ford 比賽中，每天完成的側腳次數比去年同期增加了 19%。該團隊還將非生產時間減少了 31%，這是降低油井總成本的額外好處。

In addition, our new completion design continues to drive performance improvements in the Delaware Basin with targeted laterals realizing a 20% increase in productivity. Well productivity improvements is the primary reason we were able to increase the full year oil guidance by 1,500 barrels of oil per day.

此外，我們的新完井設計繼續推動特拉華盆地的性能改進，有針對性的分支實現了生產率提高 20%。油井產能的提高是我們能夠將全年石油指導產量提高 1,500 桶/日的主要原因。

Last quarter, we reduced our full year guidance for total unit cash operating costs, mostly due to lower lease operating expense and reduced transportation cost. Our third quarter performance continued that trend. Our production teams are optimizing both production and cost through our many technology applications that allow for real-time decisions to maximize production and reduce interruptions of third-party downtime.

上季度，我們降低了單位現金營運成本總額的全年指引，主要是由於租賃營運費用降低和運輸成本降低。我們第三季的業績延續了這一趨勢。我們的生產團隊正在透過我們的許多技術應用程式來優化生產和成本，這些應用程式允許即時決策，以最大限度地提高生產並減少第三方停機的中斷。

These cross-functional efforts by our production, marketing and information systems teams continue to pay dividends. Once again, we are lowering our guidance for full year cash operating cost by approximately 2% this quarter, bringing our total reduction since the start of the year to 3% or nearly $0.30 per BOE.

我們的生產、行銷和資訊系統團隊的這些跨職能努力持續帶來回報。本季我們再次將全年現金營運成本指引下調約 2%，使年初以來的總削減額達到 3%，即每桶油當量近 0.30 美元。

Capital expenditures in the third quarter were lower than expected due to timing of infrastructure projects as well as variances in activity across our multi-basin portfolio. We expect to maintain our current levels of activity for the remainder of the year, and our full year capital guidance is unchanged.

由於基礎設施項目的時間表以及我們多流域投資組合的活動差異，第三季的資本支出低於預期。我們預計今年剩餘時間內將維持目前的活動水平，並且我們的全年資本指引保持不變。

For 2024, we are currently evaluating this year's results as we develop our plans for each of our plays. As a reminder, we invest to generate returns, and growth is a byproduct of the investments in our highly economic multi-basin portfolio. We are very pleased that the levels of activity across our portfolio are at a pace that allows for continuous learning and improvements, and thus, would expect to maintain similar levels of activity through 2024.

對於 2024 年，我們目前正在評估今年的結果，同時為每場比賽制定計劃。提醒一下，我們投資是為了產生回報，而成長是我們高度經濟的多流域投資組合投資的副產品。我們非常高興的是，我們整個投資組合的活動水準能夠持續學習和改進，因此，預計到 2024 年將保持類似的活動水準。

With the strong results we're achieving in our emerging plays, we anticipate a few additional wells in both the Utica and Dorado. As we typically do each year, we will remain focused on managing costs through the cycle by contracting for about 50% of services and leveraging our scale and consistent activity levels to build and maintain strong partnerships with service providers.

隨著我們在新興油田中取得的強勁成果，我們預計在尤蒂卡和多拉多都會增加一些油井。正如我們每年通常所做的那樣，我們將繼續專注於整個週期的成本管理，透過承包約50% 的服務，並利用我們的規模和一致的活動水平來與服務提供者建立和維持牢固的合作夥伴關係。

As a result, we're able to take a longer-term view to sustainably lower well cost over time. This year is shaping up to be another solid year of performance for EOG, and I remain excited about the opportunities we see through the remainder of the year and into 2024.

因此，我們能夠以更長遠的眼光來看，隨著時間的推移持續降低油井成本。今年將是 EOG 業績強勁的一年，我對今年剩餘時間和 2024 年我們看到的機會仍然感到興奮。

Now here is Jeff to talk about the updates on the Utica play.

現在傑夫來談談尤蒂卡比賽的最新情況。

Thanks, Billy. In addition to sharing new well results, I'd like to review a few unique characteristics of our Utica asset that provide distinct advantages, including our low cost of entry, our mineral rights position held by production status, geologic operating environment and downstream infrastructure status.

謝謝，比利。除了分享新的油井成果之外，我還想回顧我們尤蒂卡資產的一些獨特特徵，這些特徵提供了明顯的優勢，包括我們的低成本進入、我們的礦權地位由生產狀況、地質運營環境和下游基礎設施狀況決定。

This year, we added 25,000 net acres and have now accumulated 430,000 net acres, predominantly in the volatile oil window across 140-mile trend running north to south. Our leasehold cost of entry remains less than $600 per net acre. We have also acquired 100% of the mineral rights across 135,000 acres of our leasehold.

今年，我們增加了 25,000 淨英畝，目前已累積 43 萬淨英畝，主要位於從北到南 140 英里趨勢的揮發性石油窗口。我們的租賃成本仍低於每淨英畝 600 美元。我們還收購了 135,000 英畝租賃地的 100% 採礦權。

Mineral rights significantly enhance the value of this play by adding 25% to our production and reserve streams for no additional well cost or operating expense. Furthermore, over 90% of the Utica acreage is held by production and requires only a handful of wells to be drilled every year to maintain.

礦權顯著提高了該區塊的價值，使我們的產量和儲量增加了 25%，而無需額外的油井成本或營運費用。此外，尤蒂卡超過 90% 的土地用於生產，每年只需要鑽幾口井即可維持。

The result is more control over our development to allow us to invest at an appropriate pace to capture and incorporate technical learnings and continually improve the play. Another unique advantage of the Utica is its geologic operating environment.

其結果是我們能夠更好地控制我們的發展，使我們能夠以適當的速度進行投資，以捕捉和整合技術知識並不斷改進遊戲。尤蒂卡號的另一個獨特優點是其地質作業環境。

Due to the play's favorable geologic properties, the opportunity to drive down costs through efficiencies is significant. The target zone is both shallow and consistent, which lends itself easy to drilling 3-mile laterals. And we anticipate testing even longer laterals as we continue to delineate and collect more data.

由於該區域具有有利的地質特性，因此透過提高效率來降低成本的機會非常大。目標區域淺且一致，因此很容易鑽 3 英里的支管。隨著我們繼續描繪和收集更多數據，我們預計會測試更長的支線。

Consistent geology also allows for precise targeting of the very best, most productive rock. We're able to regularly drill 99-plus percent in zone within a narrow 10-foot window. As a result, this play provides an excellent geologic environment for significant efficiency improvements in low-cost operations.

一致的地質條件還可以精確定位最好、最多產的岩石。我們能夠在 10 英尺的狹窄窗口內定期進行 99% 以上的鑽探。因此，該礦區提供了良好的地質環境，可顯著提高低成本作業的效率。

On Slide 11 of this quarter's investor presentation, we highlighted our strong and consistent well results to span our acreage position from the North and to the South. Our initial 4 Timber Wolf package was drilled at 1,000-foot spacing and has been performing well above type curve. These 3-mile laterals each deliver an initial 30-day production averaging 2,150 barrels of oil equivalents and an 85% liquid cut.

在本季投資者簡報的幻燈片 11 中，我們強調了我們強勁且一致的油井業績，涵蓋了從北部到南部的油田面積。我們最初的 4 Timber Wolf 套件以 1,000 英尺的間距進行鑽孔，並且表現一直遠高於類型曲線。這些 3 英里的支線每條最初 30 天的產量平均為 2,150 桶油當量，液體產量減少 85%。

With a large amount of liquid in the product mix, all of the wells we have drilled to date support double premium potential across our acreage position. The Utica also has the advantage of abundant midstream infrastructure. The existing processing, fractionation and residue build-out eliminates the need for significant new build commitments, which was a well-recognized advantage when we evaluated the play.

由於產品組合中含有大量液體，我們迄今為止鑽探的所有油井都支持我們區域的雙倍溢價潛力。尤蒂卡還具有豐富的中游基礎設施的優勢。現有的加工、分餾和殘渣擴建消除了對重大新建設承諾的需要，這是我們評估該項目時公認的優勢。

In the North, we have placed into service a pipeline that runs east of our acreage into the market center. In the South, we have an established, reliable third-party building out a new pipeline that is expected to be in service late this year.

在北部，我們已投入使用一條管道，該管道從我們的土地以東延伸至市場中心。在南方，我們有一個成熟、可靠的第三方正在建造一條新管道，預計今年底投入使用。

With these trunk lines in place, investment will be limited to infield gathering as we prepare for a modest increase in activity next year. Our current plans for 2024 are to run approximately one full drilling rig that will continue to test optimal well spacing and improve operational efficiencies.

隨著這些幹線的到位，投資將僅限於內場聚集，因為我們準備明年的活動適度增加。我們目前的 2024 年計畫是運行大約一台完整的鑽機，繼續測試最佳井距並提高營運效率。

Our Utica asset is another textbook example of our differentiated approach to build a diverse portfolio of premium assets predominantly through low-cost organic exploration, which adds reserves at lower finding and development costs and lowers the overall cost basis of the company.

我們的尤蒂卡資產是我們主要透過低成本有機勘探建立多元化優質資產組合的差異化方法的另一個教科書例子，這以較低的發現和開發成本增加了儲量，並降低了公司的總體成本基礎。

The end result is continuous improvement to EOG's company-wide capital efficiency. Our track record of successful exploration and strong operational execution has positioned the company to create shareholder value through the industry cycles.

最終結果是 EOG 整個公司的資本效率不斷提高。我們成功探索的記錄和強大的營運執行力使公司能夠在整個行業週期中創造股東價值。

Here's Lance with a marketing update.

請聽蘭斯的行銷更新。

Thanks, Jeff. In our South Texas Dorado play, we recently completed 2 projects to service future gas flows from this premium dry natural gas play, a natural gas treating facility and the first phase of a 36-inch pipeline. The facility was recently placed into service to treat gas from the Dorado play prior to transportation through our 36-inch natural gas pipeline to sales near freer Texas.

謝謝，傑夫。在南德克薩斯州 Dorado 區塊，我們最近完成了 2 個項目，為該優質乾燥天然氣區塊的未來天然氣流量提供服務、天然氣處理設施和 36 英寸管道的第一階段。該設施最近投入使用，用於處理來自 Dorado 礦區的天然氣，然後通過我們的 36 英寸天然氣管道運輸到更自由的德克薩斯州附近的銷售。

Both projects were delivered on time and under budget, a testament to our operational team and foresight to procure a pipe countercyclically along with other long lead time materials.

這兩個項目均按時且低於預算交付，證明了我們的營運團隊和遠見卓識，以反週期方式採購管道以及其他長交貨期材料。

The second phase of the natural gas pipeline will kick off construction in early 2024 and is expected to be complete late next year. Phase 2 of the pipeline will terminate in the Agua Dulce, Texas, which provides access to 3 other pipelines with connectivity to the growing demand along the Gulf Coast and Mexico and potential premium pricing relative to Henry Hub.

天然氣管道二期工程將於2024年初動工建設，預計明年底完工。該管道的第二階段將終止於德克薩斯州的阿瓜杜爾塞，該管道將提供通往其他3 條管道的通道，這些管道可滿足墨西哥灣沿岸和墨西哥不斷增長的需求，並具有相對於亨利樞紐的潛在溢價。

Our pipeline will be instrumental in expanding our gas sales options for the 21 Tcf of net resource potential we've captured in Dorado and perhaps, more importantly, save $0.20 to $0.30 per Mcf in transportation costs over the life of the asset versus third-party alternatives.

我們的管道將有助於擴大我們在多拉多捕獲的21 Tcf 淨資源潛力的天然氣銷售選擇，也許更重要的是，與第三方相比，在資產生命週期內每Mcf 的運輸成本可節省0.20至0.30 美元備擇方案。

Now here's Ezra to wrap up.

現在以斯拉來總結一下。

Thanks, Lance. EOG continues to deliver on our value proposition, and our approach remains differentiated for several reasons.

謝謝，蘭斯。 EOG 繼續兌現我們的價值主張，並且出於多種原因，我們的方法仍然保持差異化。

First, our premium return standard. Investments are governed by one of the highest hurdle rates in the industry: 30% direct after-tax rate of return using $40 oil and $2.50 natural gas pricing.

首先，我們的保費回報標準。投資受到業內最高門檻之一的控制：使用 40 美元的石油和 2.50 美元的天然氣定價，獲得 30% 的直接稅後回報率。

Second is organic exploration. By prioritizing organic exploration, we add inventory and reserves at lower finding and development costs.

二是有機探索。透過優先考慮有機勘探，我們以較低的發現和開發成本增加庫存和儲量。

Third, our assets are unique. By remaining focused on the first 2, returns and organic exploration, we have built one of the largest, highest-return, lowest-cost and most diverse portfolios of assets in the business.

第三，我們的資產是獨一無二的。透過繼續專注於前兩個，即回報和有機探索，我們已經建立了業內最大、回報最高、成本最低和最多樣化的資產組合之一。

We operate in 16 plays across 9 basins and have amassed resources of 10 billion barrels of equivalents with an average finding and development cost of just $5 per barrel. At our current production level, that's equivalent to about 30 years of low-cost, high-margin inventory and our assets continue to grow.

我們在 9 個盆地的 16 個區塊開展業務，累積了 100 億桶當量的資源，平均發現和開發成本僅為每桶 5 美元。按照我們目前的生產水平，這相當於大約 30 年的低成本、高利潤庫存，而且我們的資產還在持續成長。

Fourth is technology. We have never considered this a manufacturing process. We leverage both infield technology and information technology to improve well productivity and efficiencies. Our goal is to lower costs and expand our margins to constantly improve our existing assets and new discoveries.

第四是技術。我們從未將其視為製造過程。我們利用內場技術和資訊技術來提高油井生產力和效率。我們的目標是降低成本並擴大利潤，以不斷改善我們現有的資產和新發現。

Thanks for listening. Now we will go to Q&A.

感謝收聽。現在我們將進入問答環節。

(Operator Instructions) And our first question comes from Scott Hanold of RBC Capital Markets.

（操作員說明）我們的第一個問題來自 RBC 資本市場的 Scott Hanold。

Congrats on the strong quarter. Ezra, I think it was pretty notable the way you all took a step up in your fixed dividend payment. I mean, you've got a history of for doing that, but it was a good step-up this quarter, in addition to boosting the shareholder return program to 70%.

恭喜季度表現強勁。以斯拉，我認為你們在固定股利支付方面的進步是非常值得注意的。我的意思是，你們有這樣做的歷史，但除了將股東回報計劃提高到 70% 之外，本季度這是一個很好的進步。

So can you talk about some of the more significant factors like why make those pretty pronounced moves now? Is there something in the business model you guys get more confidence in at this point to make those moves?

那麼您能否談談一些更重要的因素，例如為什麼現在要採取這些相當明顯的舉措？此時你們對商業模式中的某些東西是否更有信心採取這些措施？

Yes, Scott, thanks for the question. The decision to raise minimum cash return to 70%, overall, it just demonstrates our commitment to our shareholders. It reflects our continual improvement since the initial commitment was made nearly 2 years ago. And really, to your question on the business model change, it's really just our ability to deliver that shareholder value.

是的，斯科特，謝謝你的提問。總體而言，將最低現金回報率提高至 70% 的決定反映了我們對股東的承諾。它反映了我們自近兩年前做出最初承諾以來的持續改進。事實上，對於你關於商業模式變革的問題，這其實只是我們提供股東價值的能力。

It's grounded in the fact that our strong cash return generation capacity continues to improve, the strength of our industry-leading balance sheet continues to improve. And our commitment, again, to just being disciplined with our reinvestment across the entire portfolio. So we're in a position now where we feel very confident that -- and proud that we can increase that minimum commitment to 70%, and we look forward to being able to deliver that to the shareholders.

其基礎是我們強大的現金回報產生能力不斷提高，業界領先的資產負債表實力不斷增強。我們再次承諾，在整個投資組合中嚴格執行再投資。因此，我們現在的處境非常有信心，並為我們能夠將最低承諾提高到 70% 感到自豪，我們期待能夠將這一目標交付給股東。

So when you look at those breakeven points to do that, is there -- sort of this base business, is that breakeven point then lowered from, say, where you were a year or 2 ago to where it is now?

因此，當你考慮這些損益平衡點時，是否存在某種基本業務，損益平衡點是否從一兩年前的位置降低到現在的位置？

Yes, that's right, Scott. As we continue to invest in these higher-return, lower-cost reserves and bring them into the base business, we continue to do some strategic infrastructure spending to lower the overall cost of the company going forward. That continues to expand the free cash flow potential of the company. And that, in addition to strengthening the balance sheet, is -- everyone knows we retired a $1.25 billion bond earlier this year, and we've been able to be not only net zero but actually put a little bit of cash on the balance sheet.

是的，沒錯，史考特。隨著我們繼續投資這些回報率更高、成本更低的儲備並將其納入基礎業務，我們將繼續進行一些戰略基礎設施支出，以降低公司未來的整體成本。這繼續擴大了公司的自由現金流潛力。除了加強資產負債表之外，眾所周知，我們今年稍早退休了 12.5 億美元的債券，我們不僅能夠淨零，而且實際上在資產負債表上投入了一點現金。

All of those things are what gives us confidence in the base business going forward and the fact that we can continue to increase this minimum rate of return -- minimum cash return to our shareholders from the 60% up to the 70%.

所有這些都讓我們對基礎業務的未來充滿信心，而且我們可以繼續提高最低迴報率——股東的最低現金回報率從 60% 提高到 70%。

The next question comes from Leo Mariani of ROTH MKM.

下一個問題來自 ROTH MKM 的 Leo Mariani。

You guys spoke about sort of similar '24 activity versus 2023, but also kind of said that there may be a handful of more wells in the Utica, in the Dorado. So I just kind of wanted to get a sense there. I mean, do you see this as kind of a give-and-take proposition, where if you do a little bit more in some place, you might have kind of a few less wells and some other plays? And just trying to get a sense of how maybe costs are trending overall in wells today.

你們談到了 24 年與 2023 年類似的活動，但也說在多拉多的尤蒂卡可能會有更多的油井。所以我只是想了解那裡的情況。我的意思是，你是否認為這是一種互惠互利的提議，如果你在某個地方多做一點，你可能會少一些井和一些其他的作業？只是想了解當今油井成本的整體趨勢。

Yes, Leo, this is Billy. Yes, as far as 2024, certainly, it's too early to get into many specifics about the plan. But I would say that our plan will be based on a couple of different factors. One would be the macro environment, kind of what that looks like going into next year. The other one is really governed by what's the optimum level of activity across each of our plays that supports the objective of having continuous improvement.

是的，利奧，這是比利。是的，就 2024 年而言，現在討論該計劃的許多細節當然還為時過早。但我想說，我們的計劃將基於幾個不同的因素。其中之一是宏觀環境，類似明年的情況。另一個因素實際上取決於我們每場比賽的最佳活動水平，以支持持續改進的目標。

And so on that, on our core plays are -- say, our foundational plays, the Eagle Ford and the Delaware Basin, we're very pleased with the activity levels we currently have there. And we'd expect to maintain similar levels of activity in those plays. We see the advantage of that is we are seeing continued improvement in each one of those plays, as we've talked about already on this call, And then for our emerging plays, the Utica and the Dorado, for instance, we're very pleased with the results we're seeing to date.

等等，我們的核心區域是——比如說，我們的基礎區域，鷹灘和特拉華盆地，我們對目前那裡的活動水平非常滿意。我們預計這些遊戲將保持類似的活動水平。我們看到這樣做的好處是我們看到每一個戲劇都在持續改進，正如我們在這次電話會議中已經討論過的那樣，然後對於我們的新興戲劇，例如尤蒂卡和多拉多，我們非常我們對迄今為止所看到的結果感到滿意。

And so as we move into next year, we certainly want to continue that learning, and you may see some -- a few additional wells in those plays on top of what we've done this year. As far as the cost trends, that's one reason we like to maintain these levels of activity.

因此，當我們進入明年時，我們當然希望繼續這種學習，您可能會在我們今年所做的基礎上看到一些油井。就成本趨勢而言，這是我們希望維持這些活動水準的原因之一。

It allows us to improve our cost basis, improve operationally on how we're executing these wells, and we're seeing the benefits of that play out. So I'll maybe leave it at that and see what your follow-up is.

它使我們能夠改善我們的成本基礎，改進我們執行這些井的操作方式，並且我們正在看到這種好處的體現。所以我可能會就此擱置，看看你的後續行動是什麼。

Okay. No, that's helpful. So maybe just to kind of jump over to the Utica. Obviously, you brought a new package of wells online here. I know it's sort of early days, but when you look at these wells, do you tell yourself that you've already been able to see some improvement over the last year? Just trying to get a sense, are these wells a little better than they were, say, a year ago?

好的。不，這很有幫助。所以也許只是跳到尤蒂卡。顯然，您在這裡在線帶來了一包新的油井。我知道現在還為時過早，但是當您看到這些井時，您是否告訴自己，在過去的一年裡您已經看到了一些進步？只是想了解一下，這些井是否比一年前好一點？

And then on the cost side, in the Utica, are you starting to see maybe the cost come down a little bit here? Or maybe it's kind of early. I think you've had a target of sort of sub-$5 F&D, just not really sure kind of where you're at today.

然後在成本方面，在尤蒂卡，您是否開始看到這裡的成本可能會下降一點？或者也許還為時過早。我認為你的目標是 5 美元以下的 F&D，只是不太確定你今天處於什麼位置。

Yes. Thanks, Leo. No, we're really excited about the latest package that we brought on. That's our Timber Wolf package that we highlighted on Slide 11. It's in a 1,000-foot space test. And of note there, as we've talked about our new completion design down there in the Permian and the Wolfcamp, we were able to go ahead and implement that on that, and as you can see from the initial results that we talked about, the 30-day IPs on that or 2,150 BOE per day over that 30-day period.

是的。謝謝，利奧。不，我們對我們帶來的最新軟體包感到非常興奮。這就是我們在幻燈片 11 中強調的 Timber Wolf 套件。它在 1,000 英尺的太空中進行測試。值得注意的是，正如我們已經討論過二疊紀和 Wolfcamp 的新完井設計一樣，我們能夠繼續實施該設計，正如您從我們討論的初步結果中看到的那樣，該30 天的IP 或該30 天內每天2,150 個BOE。

So really excited about how that's turning out from the spacing test, We have an additional package. We actually highlighted in our slide deck to Xavier. We're going to tighten the spacing on that to 800 foot, and we should have results coming on here fairly shortly.

對於間距測試的結果感到非常興奮，我們有一個額外的包。實際上，我們在幻燈片中向澤維爾強調了這一點。我們將把間距縮小到 800 英尺，很快就會得到結果。

So we're very excited with the results. And with that application of new completion design, it's going to be tough to tell if that's really what the big mover is, but we're extremely excited about the results that we're seeing so far.

所以我們對結果感到非常興奮。隨著新完井設計的應用，很難判斷這是否真的是重大推動者，但我們對迄今為止所看到的結果感到非常興奮。

And then from a cost standpoint, we really haven't disclosed specific costs in the Utica. We're still in the early stages, as we talked about in learning in this play. We've got a lot of room for operational efficiency gains. We've got some infrastructure, small infrastructure to develop that we can install like water gathering, reuse and sand to drive down costs. And then as we said, with the well results we're seeing, we feel really confident in supporting that sub-$5 F&D cost.

然後從成本的角度來看，我們確實沒有透露尤蒂卡的具體成本。正如我們在這部劇中的學習中談到的，我們仍處於早期階段。我們還有很大的營運效率提升空間。我們有一些基礎設施，需要開發的小型基礎設施，例如集水、再利用和沙子，以降低成本。正如我們所說，鑑於我們所看到的良好結果，我們對支援低於 5 美元的研發成本非常有信心。

The next question comes from Arun Jayaram of JPMorgan Securities.

下一個問題來自摩根大通證券的 Arun Jayaram。

Ezra, I wanted to get your thoughts maybe at a high level on 2024. On the third quarter call of last year, you provided some soft (inaudible). I was wondering if you could maybe give us some thoughts on overall, how you see the year kind of playing out. If I look at consensus forecast, it's for about $6.1 billion of CapEx with (inaudible) $500 million. So I want to get your thoughts if you could give us some soft guidance around next year.

Ezra，我想了解您對 2024 年的高水準想法。在去年第三季的電話會議上，您提供了一些軟性資訊（聽不清楚）。我想知道您是否可以給我們一些整體的想法，以及您如何看待這一年的發展。如果我看一下共識預測，資本支出約 61 億美元，其中（聽不清楚）為 5 億美元。因此，我想了解您的想法，看看您能否在明年左右給我們一些軟性指導。

Yes, Arun, this is Billy. Let me try to weigh in on that for you. And I apologize if I missed some of your question, you were breaking up a little bit there. As far as 2024, as I said earlier, it's a little bit early to give specifics on the plan, but I would say just look at our activity levels we're seeing today.

是的，阿倫，這是比利。讓我試著為你權衡一下。如果我錯過了你的一些問題，我深表歉意，因為你在那裡有點分手了。就 2024 年而言，正如我之前所說，現在給出計劃的具體細節還為時過早，但我想說，只要看看我們今天看到的活動水平即可。

And I would expect to see similar levels of activity on our core foundational plays going into next year, give you some hint as to what activity levels we might have. I would expect a few additional wells next year in our emerging plays, such as the Utica and maybe Dorado.

我預計明年我們的核心基礎遊戲會出現類似的活動水平，這會給您一些關於我們可能有哪些活動水平的提示。我預計明年我們的新興油田還會有一些油井，例如 Utica，也許還有 Dorado。

And then as far as service costs, let me just weigh in a little bit on that while we're talking about that. We certainly understand service costs have moderated in the industry as industry activity has dropped throughout the year. The magnitude of those declines certainly varies between the services and in which basins we're operating in.

至於服務成本，讓我在我們討論這個問題時稍微權衡一下。我們當然知道，隨著全年行業活動的減少，該行業的服務成本已經下降。這些下降的幅度肯定因服務和我們營運所在的盆地而異。

We remain focused on just continuous improvement that we see in our efficiency gains throughout our operations. So we tend to use the latest technology in the highest-performing crews, which includes super-spec rigs and frac fleets. That equipment continues, as you know, to be in high demand with service pricing proving to be more resilient.

我們仍然專注於持續改進，我們在整個營運過程中看到了效率的提升。因此，我們傾向於在表現最好的團隊中使用最新技術，其中包括超規格的鑽井平台和壓裂車隊。如您所知，該設備的需求仍然很高，而且服務定價被證明更具彈性。

We have seen drops in tubular and casing costs for next year that will tend to reduce overall well cost. But again, the magnitude of that effect on overall well cost is yet to be quantified. So as we go into next year, certainly, we expect to see -- maintain our activity levels that we see in our core plays, a few extra wells, some softening on well cost. Overall, I think that's kind of where we're headed.

我們已經看到明年管材和套管成本下降，這往往會降低整體油井成本。但同樣，這種影響對整體油井成本的影響程度仍有待量化。因此，當我們進入明年時，我們當然希望看到——維持我們在核心油田中看到的活動水平，一些額外的油井，以及油井成本的一些軟化。總的來說，我認為這就是我們的發展方向。

Okay. Fair enough. Maybe one for Jeff. Jeff, I want you to give -- if you can give some more details. You've provided your Utica type curve on Slide 11. Just wanted to get a sense of is that type curve for the entire play? Is it for the volatile oil window only? And would that be representative of both the North and the Southern portions of the play?

好的。很公平。也許是給傑夫的。傑夫，我希望你能提供更多細節。您已在幻燈片 11 上提供了 Utica 類型曲線。只是想了解整部劇的類型曲線是否一致？是不是只針對揮發油窗口？這能同時代表該劇的北方部分和南方部分嗎？

Yes. That would just be the general type curve in mix across the 140 miles kind of from North to South there in the play. So it's pretty consistent. You can see on the slide that we put our first handful of wells on there, and that's really what a lot of the type curve was going to be built off. And you can see the Timber Wolf package is the most recent one that we brought on, and the outperformance in that one.

是的。這就是劇中從北到南 140 英里的混合曲線的一般類型。所以這是非常一致的。您可以在幻燈片上看到我們在那裡放置了第一批井，這確實是許多類型曲線的基礎。您可以看到，Timber Wolf 套件是我們最新推出的套件，並且表現出色。

The next question comes from Philips Johnston of Capital One Securities.

下一個問題來自第一資本證券公司的菲利普·約翰斯頓。

Just a few quick follow-ups for Jeff on the Utica. First, on the 55% oil cut, what sort of API are we talking about on that crew? Or is it more of a quasi-condensate type of mix there?

傑夫在尤蒂卡的一些快速跟進。首先，關於 55% 的石油削減，我們在討論船員的 API 是什麼樣的？或者它更像是一種準冷凝類型的混合物？

Philip, this is Lance. Yes, what we're seeing is still early, but what we're seeing is kind of APIs in kind of the 40s to 50s.

菲利普，這是蘭斯。是的，我們看到的還為時過早，但我們看到的是 40 年代到 50 年代的 API。

Okay. Sounds good. And then the wells so far are pretty much all been up along the eastern edge of the acreage. And I'm pretty sure you guys have previously cited the black oil window. It's sort of in the exploratory phase still. But how does the geology change as you go West? And when would you expect to test other parts of your acreage?

好的。聽起來不錯。到目前為止，油井幾乎都沿著該地區的東部邊緣開採。我很確定你們之前已經提到過黑油窗口。目前仍處於探索階段。但是，當你向西行進時，地質會發生怎樣的變化呢？您預計什麼時候測試您土地的其他部分？

Yes. Good question. So to kind of start off, why do we started off on the East? Really the big reason with that is just we had good quality seismic data over on the east side of it when we were first starting out.

是的。好問題。首先，我們為什麼要從東方開始？真正重要的原因是，當我們剛開始時，我們在其東側擁有高品質的地震資料。

And obviously, that's really important so you can get a really good look at the detailed subsurface, any kind of drilling hazards to make sure you perform really, really clean tests. So where we started, where that seismic's at, obviously, we started the delineation. We've got spacing tests in place.

顯然，這非常重要，這樣您就可以很好地了解地下的詳細情況以及任何類型的鑽井危險，以確保您執行真正非常乾淨的測試。因此，顯然，我們從地震發生的地方開始進行描繪。我們已經進行了間距測試。

And then as we start to zero in on that spacing, we'll be able to kind of step out more to the west and be able to apply some of those spacing techniques to start developing out there. But we do know there's going to be variation in productivity. And as you did state, we do expect it to get more oilier as you do move out to the west.

然後，當我們開始將間距歸零時，我們將能夠更多地向西邁出，並能夠應用其中一些間距技術來開始在那裡發展。但我們確實知道生產力會改變。正如您所說，我們確實預計，當您向西移動時，它會變得更加油膩。

The next question comes from Neal Dingmann of Truist Securities.

下一個問題來自 Truist Securities 的 Neal Dingmann。

I'll maybe stick with the Utica. Just my first question, simply, would your AMI in the eastern side of the play limit in any way thoughts about incremental activity or potential additional acquisitions in that Eastern oil window?

我也許會堅持選擇尤蒂卡。我的第一個問題很簡單，您在東部地區的 AMI 是否會以任何方式限制對東部石油窗口增量活動或潛在額外收購的想法？

Yes, Neal, this is Ezra. We're pretty happy with the footprint that we've been able to put together since we entered the play. I think we highlighted on the call that we've added an additional 25,000 acres, bringing our total up to 425,000 acres at very low cost.

是的，尼爾，這是以斯拉。我們對自進入遊戲以來所留下的足跡感到非常滿意。我想我們在電話會議上強調，我們已經額外增加了 25,000 英畝土地，以非常低的成本使總面積達到 425,000 英畝。

And we also -- let me just highlight again that we actually own the minerals across 130,000 acres down -- mineral acres down in the southern portion of the play. So when we look at it right now, as Jeff said, we're drilling some initial spacing packages, some delineation tests where we currently have seismic.

我們也——讓我再次強調一下，我們實際上擁有 130,000 英畝的礦產——位於該區域南部的礦產英畝。因此，當我們現在看到它時，正如傑夫所說，我們正在鑽探一些初始間距包，以及我們目前進行地震的一些描繪測試。

We're also this year acquiring seismic in a couple of different parts of the play. So we can continue to step out and gather results on that and provide a bigger better estimate of what we've captured here for you guys.

今年我們還在劇中的幾個不同部分獲得了震撼效果。因此，我們可以繼續走出去，收集相關結果，並對我們在這裡捕獲的內容提供更全面、更好的估計。

As far as being limited on incremental activity. I want to think of it that way. Like I said, we've put together a very large contiguous acreage position. And really, our activity right now as far as investment in pace, as Billy said, is going to be determined on our ability to collect data and integrate the production data that we're seeing back into the front end of our geologic models.

至於增量活動受到限制。我想這樣想。就像我說的，我們已經建立了一個非常大的連續面積位置。實際上，正如比利所說，我們目前的活動速度投資將取決於我們收集數據並將我們看到的生產數據整合到地質模型前端的能力。

The activity is really always considered to be at a pace where we can continue to learn and incorporate those learnings on the next set of wells.

該活動實際上始終被認為是我們可以繼續學習並將這些知識融入下一組井中的步伐。

Great details, Ezra. And then just to follow up, I want to make sure, I'll stick with the Utica. Just it sounds like you have more than ample takeaway if I hear right, on the Southern Utica, but I just want to make sure it was clear for plans on the Northern portion that. Billy, I think you're one of the guys just talking about it.

很棒的細節，以斯拉。然後為了跟進，我想確保我會堅持選擇尤蒂卡。如果我沒聽錯的話，聽起來你在尤蒂卡南部有足夠的收穫，但我只是想確保北部部分的計劃很清楚。比利，我想你就是剛才談論這件事的人之一。

Maybe just talk about the infrastructure plans and if that would capture any of the upside if you decided to boost activity in that northern area.

也許只討論基礎設施計劃，以及如果您決定促進北部地區的活動，這是否會帶來任何好處。

Yes, Neal, this is Lance. I think what makes this place so unique is that it is just positioned to so much existing capacity. I mean, actually, in fact, when -- there's even some idle processing capacity and fractionation, idle processing capacity that's nearby on our acreage. So when we look at that just from an infrastructure standpoint, we've been focused on more just the gathering infrastructure.

是的，尼爾，這是蘭斯。我認為這個地方之所以如此獨特，是因為它正好滿足瞭如此多的現有容量。我的意思是，實際上，事實上，當我們的土地附近甚至有一些閒置的加工能力和分餾、閒置的加工能力時。因此，當我們僅從基礎設施的角度來看時，我們更關注的是收集基礎設施。

And as Jeff mentioned, we put into service our pipeline in the North and then we're going to have a pipeline in the South as well. So we're going to have plenty of running room, just long-term running room as we think about the infrastructure that we're putting in place along with third parties and then also the available capacity that's in place.

正如傑夫所提到的，我們在北部投入了管道，然後我們將在南部也有一條管道。因此，當我們考慮與第三方一起建立的基礎設施以及現有的可用容量時，我們將有足夠的運行空間，只是長期的運作空間。

The next question comes from Doug Leggate of Bank of America.

下一個問題來自美國銀行的 Doug Leggate。

I'm not loving the new dial-in system, but thanks for getting me on. Ezra, I wonder if I could hit first 2 things. I want to hit the cash return change and the evolution of the portfolio as you look forward. So dealing first with the 70% number, that obviously is subject to whatever the level of capital is.

我不喜歡新的撥入系統，但感謝您讓我使用。以斯拉，我想知道我是否能做到前兩件事。正如您所期望的那樣，我想談談現金回報的變化和投資組合的演變。因此，首先處理 70% 的數字，這顯然取決於資本水準。

And I guess, the flow on the machine is that 60% of free cash flow or 70% of free cash flow it's still free cash flow, which means it's entirely dependent on what you decide as a discretionary spending, which, to me, doesn't mean a whole lot.

我猜，機器上的流動是60% 的自由現金流或70% 的自由現金流仍然是自由現金流，這意味著它完全取決於你決定的可自由支配支出，對我來說，這並不重要並不意味著很多。

So what commitment can you give or at least guidance or framework for what the level of spending looks like in order for us to interpret what the increase in free cash flow commitment actually means?

那麼，您可以做出什麼承諾，或至少給出支出水準的指導或框架，以便我們解釋自由現金流承諾的增加實際上意味著什麼？

Yes, Doug, it's a good question. We based our cash return model on free cash flow for a couple of reasons. It's simple but it's also pretty dynamic, and it's close to the intentions that we have over a range of different price scenarios. So way, we're not entering into an area where we need to modify the commitment going forward. It's something that once we come out with that commitment, hopefully, our shareholders can see by our track record that once we come out with something, we're very consistent with it.

是的，道格，這是個好問題。我們基於自由現金流的現金回報模型有幾個原因。它很簡單，但也非常動態，並且接近我們對一系列不同價格場景的意圖。因此，我們不會進入需要修改未來承諾的領域。一旦我們做出承諾，希望我們的股東能夠從我們的業績記錄中看到，一旦我們做出某些事情，我們就會非常一致地履行它。

The 70% return is a minimum of free cash flow is pretty consistent with our long-standing strategy, I would say, to build shareholder value and position the company to be able to do it through industry cycles. And that means that reinvestment at the right pace in our high-return inventory, that's the best thing we can do to create shareholder value.

我想說，70% 的回報率是自現金流的最低限度，這與我們的長期策略非常一致，即建立股東價值並使公司能夠在整個行業週期中實現這一目標。這意味著以正確的速度對我們的高回報庫存進行再投資，這是我們創造股東價值所能做的最好的事情。

Ultimately, the cash return strategy, it begins with our commitment to a growing and sustainable regular dividend which, again, we raised that. We increased that just 10%. And that dividend has never been cut or suspended over the 25 years that we've been paying one.

最終，現金回報策略始於我們對不斷增長且可持續的定期股息的承諾，我們再次提出了這一點。我們只增加了 10%。在我們支付股息的 25 年來，該股息從未被削減或暫停過。

In addition, we've committed now to return either additional specials or buybacks to reach that 70% minimum commitment. For us, hopefully, the increased commitment, the reason we like the 70% of free cash flow is, it's consistent with our free cash flow return in that it puts the emphasis on our regular dividend, which we think is peer-leading and competitive with S&P 500.

此外，我們現在承諾退回額外的特價商品或回購，以達到 70% 的最低承諾。對我們來說，希望增加承諾，我們喜歡 70% 自由現金流的原因是，它與我們的自由現金流回報一致，因為它強調我們的定期股息，我們認為這是同行領先和有競爭力的與標準普爾500 指數。

And again, we can maintain -- we feel that we can maintain current levels of production and cover that base dividend at WTI prices as low as $45.

再說一次，我們可以維持——我們認為我們可以維持目前的生產水平，並以低至 45 美元的 WTI 價格支付基本股息。

I appreciate the new breakeven number, Ezra. That's very helpful. My follow-up is on portfolio evolution because, I guess, we all know that 10 years is not the number, I guess, for EOG. But yet your slide deck continues to refer to 10 years of double premium. So if I assume that's dominated by the Eagle Ford and the Permian given that you're happy with that level of activity, what is it -- how does it evolve if the next leg of growth is Dorado, Utica in terms of mix?

我很欣賞新的盈虧平衡數字，以斯拉。這非常有幫助。我的後續行動是關於投資組合的演變，因為我想，我們都知道對於 EOG 來說，10 年並不是一個數字。但您的投影片仍提到 10 年雙倍保費。因此，如果我假設以 Eagle Ford 和 Permian 為主，考慮到您對這種活動水平感到滿意，那麼它是什麼 - 如果下一個增長階段是 Dorado 和 Utica 就混合而言，它會如何演變？

And I guess what I'm really driving at is, our channel check on midstream suggests you could potentially be drilling north of 300 wells in the Utica in 2026. Does that sound reasonable to you? In which case, what's the implication for mix?

我想我真正的目的是，我們對中游的航道檢查表明，您可能會在 2026 年在尤蒂卡以北鑽探 300 口井。這對您來說聽起來合理嗎？在這種情況下，混合的含義是什麼？

Yes, Doug, I'm not going to speculate on 2026. As Billy said, it's a little bit early to be speculating on 2024. What I'd come back to is our disciplined base of investment. We have a lot of flexibility in the Utica.

是的，道格，我不會猜測 2026 年。正如比利所說，現在猜測 2024 年還為時過早。我要回到的是我們嚴格的投資基礎。我們在尤蒂卡有很大的靈活性。

Specifically, we've got over 90 -- or roughly 90% of the acreage there is held by preexisting production. We only have a minor drilling commitment there. So we're in a great spot where we can actually develop that asset in a disciplined ability to increase activity commensurate with the increase of our learnings.

具體來說，我們有超過 90 或大約 90% 的土地由現有生產佔據。我們在那裡只有少量的鑽探承諾。因此，我們處於一個很好的位置，我們實際上可以透過嚴格的能力來開發該資產，以增加與我們學習的增加相稱的活動。

Now overall, your question is recently our exploration efforts have yielded very high return, more combo plays, or in Dorado case, a gas play. And that's true. And there's something to be said for that. Our exploration and emphasis, I would say, is dominantly more oil-focused because the margins are a bit more forgiving on oil from what we see.

總的來說，你的問題是最近我們的勘探工作取得了非常高的回報，更多的組合遊戲，或者在多拉多的情況下，是天然氣遊戲。確實如此。對此有一些話要說。我想說，我們的勘探和重點主要集中在石油上，因為從我們所看到的來看，石油的利潤更為寬鬆。

But ultimately, with our premium investment hurdle rate, and that's at bottom cycle pricing of $40 oil and $2.50 natural gas through the life of the asset, we're somewhat agnostic to the product mix.

但最終，由於我們的投資門檻較高，而且是在資產生命週期內以 40 美元石油和 2.50 美元天然氣的底部週期定價，因此我們對產品組合有些不可知。

Now it does require a heavy lift, by Lance, to discover new market potentials for us. And we continue to invest in different parts of the infrastructure and supply chain to lower our costs and lower our breakevens.

蘭斯表示，現在確實需要付出艱鉅的努力才能為我們發現新的市場潛力。我們繼續投資基礎設施和供應鏈的不同部分，以降低成本並降低損益平衡。

But ultimately, we're investing in high-return assets and we continue to build out the inventory in a high return framework. More than the 10 years of double premium drilling, I think I'd steer you towards the 10 billion barrels of equivalents overall that is, at a finding and development cost, lower than our current DD&A rate.

但最終，我們投資高回報資產，並繼續在高回報框架內建立庫存。超過 10 年的雙溢價鑽探，我想我會引導您達到 100 億桶當量，即發現和開發成本低於我們目前的 DD&A 費率。

And as I said in the opening remarks, that contemplates maintenance levels at current levels of production, roughly 30 years of production. So we're very confident in the high-return inventory that we put together and believe that it's going to continue to deliver great shareholder value in the future.

正如我在開場白中所說，這考慮了當前生產水準（大約 30 年的生產）的維持水準。因此，我們對我們整合的高回報庫存非常有信心，並相信它將在未來繼續為股東帶來巨大的價值。

The next question comes from Charles Meade of Johnson Rice.

下一個問題來自約翰遜賴斯公司的查爾斯·米德。

Billy, I'm going to make one more run at the '24 outlook. I think you've laid out that the activity levels are going to be pretty similar to '23. If I look at the -- or if I try to think about the big moving pieces, you're going to have some efficiency gains -- some capital efficiency gains, especially as some costs come down.

比利，我將在 24 世紀展望中再跑一趟。我認為您已經指出活動量將與 23 年非常相似。如果我看看——或者如果我嘗試考慮一些大的移動部分，你將會獲得一些效率提升——一些資本效率提升，特別是當一些成本下降時。

On the other side, you have a slightly higher base production. So is it a reasonable stake in the ground to think that you guys can have similar results of '23 in the sense of low single-digit oil growth in kind of low-teens NGL and natural gas growth?

另一方面，基礎產量略高。那麼，從低個位數的石油成長、低十幾歲的液化天然氣和天然氣成長的意義上來說，你們認為你們可以得到與 23 年類似的結果，這是合理的嗎？

Thanks, Charles. Yes, this is Billy. For '24, we've kind of said it's a little early to get specifics about things. But I would point you to the fact that we're running at a pretty decent level of activity now. We're going to maintain that same level of activity going into next year.

謝謝，查爾斯。是的，這是比利。對於 24 週年，我們說過現在要了解具體細節還為時過早。但我想向您指出一個事實，即我們現在的活動水平相當不錯。進入明年，我們將保持同樣的活動水平。

Now just a reminder, we're spending about $6 billion on our CapEx program this year, and it has proved to be fairly ratable through each quarter of the year. Similar levels of activity, there will be some upward movement maybe on efficiency gains.

現在提醒一下，我們今年在資本支出計劃上花費了約 60 億美元，事實證明，該計劃在今年每個季度的評級都相當不錯。類似的活動水平，可能會在效率提升方面出現一些上升趨勢。

Like you said, we'll have a little bit more efficiency gains to factor in. Maybe some cost reductions due to casing cost, those kind of things. We'll still have some infrastructure spend. We may drill a few more wells in the Utica and Dorado plays.

就像你說的，我們會考慮更多的效率提升。也許因為外殼成本等原因會降低一些成本。我們仍然會有一些基礎設施支出。我們可能會在尤蒂卡和多拉多油田再鑽幾口井。

And we're trying to quantify that as we go towards the end of the year. But directionally, that kind of hopefully points you towards what next year might look like. We're not going to see a big ramp up in activity in any play as we see today, small changes in capital efficiency and well cost as we go into next year, we have some infrastructure spend.

隨著年底的臨近，我們正在嘗試量化這一點。但從方向上來說，這希望為你指明明年的情況。我們不會像今天看到的那樣看到任何活動的大幅增加，進入明年時資本效率和油井成本會發生微小變化，我們有一些基礎設施支出。

Got it. And then I'm not sure who this would be best for, but I'm curious about your 3-mile laterals in the Utica. It seems to me like you're pleased with the results because you mentioned that you're even considering longer laterals in the Utica.

知道了。然後我不確定這最適合誰，但我很好奇你們在尤蒂卡的 3 英里支線。在我看來，您對結果感到滿意，因為您提到您甚至正在考慮在尤蒂卡建造更長的支線。

But curious if you could address that point? And then also whether we can expect to see 3-mile laterals in other key plays for you guys? And if yes, where? Or if no, what's special about the Utica that it works there and not in other places?

但好奇你是否能解決這一點？然後我們是否可以期待在其他關鍵比賽中為你們看到 3 英里橫向跑？如果是的話，在哪裡？或者如果不是，尤蒂卡有什麼特別之處，它在那裡工作，而不是在其他地方？

Yes. Charles, this is Billy again. Let me give you kind of an overview and then Jeff may add some more color. The 3-mile laterals in the Utica, yes, we're very excited about that play and its ability to do these longer laterals very efficiently on the operational side.

是的。查爾斯，這又是比利。讓我給你一個概述，然後傑夫可能會添加更多的顏色。尤蒂卡的 3 英里側向比賽，是的，我們對這次比賽以及它在操作方面非常有效地完成這些更長的側向比賽的能力感到非常興奮。

We're drilling these things in record times and making progress with each pattern of wells we drill. And we feel we have line of sight on being able to continue to reduce cost over the longer-term period as we apply learnings from other plays into this area.

我們正在以創紀錄的時間鑽探這些東西，並且我們鑽探的每種井型都取得了進展。我們認為，當我們將其他業務的經驗應用到這一領域時，我們的目標是能夠在較長時期內繼續降低成本。

So that's going to continue. Now we're also drilling longer laterals in some other plays. We've drilled some 3-mile laterals in the Eagle Ford and we're drilling 3-mile laterals in the Delaware Basin.

所以這將繼續下去。現在我們也在其他一些區域鑽探更長的支管。我們已經在 Eagle Ford 鑽探了一些 3 英里的支管，並且正在特拉華盆地鑽探 3 英里的支管。

So we expect that trend to continue in each of our plays. Now Jeff might want to add some colors on what we're seeing on performance there, too.

因此，我們預計這種趨勢將在我們的每部劇中繼續下去。現在，傑夫可能也想為我們所看到的表現添加一些色彩。

Yes. Just a little bit to add in. In the Delaware, in the Eagle Ford and in Utica, we've had great operational efficiency with our 3-mile laterals. And that's one of the things, as you start stretching out the length of these laterals, you want to make sure that operationally you don't have any issues on the drilling side and you're able to optimally complete that. And we've seen really, really good results with that.

是的。需要補充一點。在特拉華州、伊格爾福特和尤蒂卡，我們的 3 英里支線都取得了很高的營運效率。這是其中一件事，當您開始延長這些支管的長度時，您需要確保在操作上鑽井方面沒有任何問題，並且能夠以最佳方式完成該任務。我們已經看到了非常非常好的結果。

The other thing we're also seeing is by drilling these longer laterals, we're able to supplement 1 vertical with a 3-mile lateral versus 2 verticals and a 2-mile and half lateral. So we're able to see substantial cost savings there anywhere from kind of 15% to 25%.

我們還看到的另一件事是，透過鑽探這些較長的橫向管道，我們能夠用 3 英里的橫向管道補充 1 個垂直管道，而不是 2 個垂直管道和 2 英里半的橫向管道。因此，我們可以看到成本節省了 15% 到 25%。

So we're definitely excited about where we're seeing it. Obviously, it ties in with our leasehold, and we have to see where we can actually drill 3-mile laterals. But we are looking to expand that across our plays moving into next year and beyond.

所以我們對在哪裡看到它絕對感到興奮。顯然，這與我們的租賃權有關，我們必須看看在哪裡可以實際鑽探 3 英里的支線。但我們希望將這一點擴展到明年及以後的遊戲。

The next question comes from Scott Gruber of Citigroup.

下一個問題來自花旗集團的史考特‧格魯伯。

The enhanced completion technique in the Delaware appears to be a success, if I heard correctly, 20% uplift in productivity. But there has been a question regarding applicability as you've talked about in the past. What's your latest thinking on how widely applicable the technique is across the play? And will there be an increase in the number of wells completed with the technique next year?

如果我沒聽錯的話，特拉華州的增強型完成技術似乎取得了成功，生產力提高了 20%。但正如您過去所談到的，存在一個關於適用性的問題。對於該技術在整個劇中的應用範圍有多廣，您的最新想法是什麼？明年採用該技術完井的數量會增加嗎？

Yes, Scott. Just there's no major updates this quarter, especially just in the Permian with the Wolfcamp. We're still seeing the outstanding strong results that we talked about earlier. Consistently 20% uplift in the first year production in EOR. The thing I would say is there in the Permian, we do have a handful of tests up in the shallower targets, and that's really where our focus is shifting out there.

是的，斯科特。只是本季沒有重大更新，尤其是在二疊紀的 Wolfcamp 中。我們仍然看到我們之前談到的出色的強勁業績。 EOR 第一年產量持續提高 20%。我想說的是，在二疊紀，我們確實在較淺的目標進行了一些測試，這確實是我們的重點轉移的地方。

We hope to bring those on towards the end of this year and kind of the first half of next year. And once we get those results, we'll go ahead and share those with. But then around the rest of the plays, we talked about in the Powder River Basin, we do have a test in the ground we're currently evaluating there.

我們希望在今年年底和明年上半年實現這些目標。一旦我們得到這些結果，我們將繼續分享這些結果。但是，圍繞著其餘的戲劇，我們在保德河盆地談到了，我們確實在當地進行了測試，目前我們正在那裡進行評估。

And then more so over in the Utica, obviously, we started applying that with all of our new designs there. So seeing good results, but we're still just kind of collecting data and we'll see exactly what formations that we have success with moving forward.

顯然，在尤蒂卡，我們開始將這一點應用到我們所有的新設計中。所以看到了好的結果，但我們仍然只是收集數據，我們將確切地看到我們在前進中取得了成功的陣型。

Got it. And then a follow-up on the South Texas pipeline. Does completion of Phase 2 of the pipeline later next year influence how you think about the cadence of activity in Dorado? Are you inclined to add rigs into the play later in '24 to set the stage for a stronger growth once the pipeline is complete?

知道了。然後是南德克薩斯管道的後續行動。明年晚些時候管道第二階段的完成是否會影響您對多拉多活動節奏的看法？您是否傾向於在 24 年晚些時候在遊戲中添加鑽機，以便在管道完成後為更強勁的增長奠定基礎？

Yes, Scott, this is Billy. Phase 2, we're -- first of all, we're very excited about that project. Getting that pipeline is going to give us access to multiple markets in that basin. The pace of activity in Dorado is really governed by our learnings and results more so than the pipeline date.

是的，史考特，這是比利。第二階段，首先，我們對該專案感到非常興奮。獲得這條管道將使我們能夠進入該盆地的多個市場。多拉多的活動節奏實際上更多地取決於我們的經驗和結果，而不是管道日期。

Certainly, we're excited about the pipeline, because as Lance laid out, it's going to allow us to save $0.20 or $0.30 in Mcf over the life of those reserves, which is 21 Tcf of reserves, But the pace of activity is really governed by how we see the macro and our learnings as we progress to play really independent of the pipeline.

當然，我們對管道感到興奮，因為正如蘭斯所規劃的那樣，它將允許我們在這些儲備的生命週期內節省 0.20 美元或 0.30 美元的 Mcf，即 21 Tcf 的儲備，但活動的節奏確實受到控制取決於我們如何看待宏觀以及我們在真正獨立於管道的過程中所學到的知識。

And then this is Lance, too. Some of the other strategic things we've done as you think about Phase II once we go in service, just to start, we already have existing capacity with other existing markets that are in place. But as Billy mentioned, really excited about getting to what we're going to potentially see as premium markets because we've got offtake agreements already in place, 2 of those which are very strategic.

這也是蘭斯。一旦我們投入使用，我們已經完成了第二階段的其他一些策略性工作，只是為了開始，我們已經擁有其他現有市場的現有能力。但正如比利所提到的，我們對進入我們可能認為的高端市場感到非常興奮，因為我們已經簽訂了承購協議，其中兩個協議非常具有戰略意義。

One of those, obviously, is with Cheniere and excited to see the development and momentum they're getting with the Stage 3 facility where we'll be a big piece of; and then just two, the Transco, we'll have a strategic connection there.

顯然，其中之一就是與 Cheniere 合作，他很高興看到他們在第三階段設施中所取得的發展和勢頭，我們將成為其中的重要組成部分；然後只有兩個，Transco，我們將在那裡建立戰略聯繫。

And that's going to give us access all the way up essentially the Gulf Coast Corridor, getting all the way into the premium market. So again, really excited about that as well, just from an offtake capability as well.

這將使我們能夠一路進入墨西哥灣沿岸走廊，一路進入高端市場。再說一次，我也對此感到非常興奮，也只是因為承購能力。

The next question comes from Derrick Whitfield of Stifel.

下一個問題來自 Stifel 的 Derrick Whitfield。

I have 2 questions related to topics not covered yet. So first question, I wanted to focus on your CCS pilot, was the benefit of a year of experience in the pilot. I wonder to see if you could speak to some of the learnings to date and applicability of the pilot to your larger operations as a means to achieve net zero.

我有 2 個與尚未涵蓋的主題相關的問題。所以第一個問題，我想專注於你們的 CCS 試點，是一年試辦經驗的好處。我想知道您是否可以談談迄今為止的一些經驗教訓以及該試點項目對您的大型營運的適用性，作為實現淨零排放的一種手段。

Yes, Derrick, this is Billy. Yes, the CCS pilot project, we're very excited about that project, what we've learned and how we can move forward with the play. So as far as how we've learned, there's a lot of operational things we've kind of uncovered as we develop that project, how we think about the CO2. We're sequestering, how we store it, how we move it, the pipeline infrastructure, the equipment we need, those kind of things. But also technically, what we've learned there as well.

是的，德瑞克，這是比利。是的，CCS 試點項目，我們對這個項目、我們學到的東西以及我們如何推進這個項目感到非常興奮。就我們的了解而言，在開發該專案時，我們發現了許多可操作的東西，以及我們如何看待二氧化碳。我們正在隔離，如何儲存它，如何移動它，管道基礎設施，我們需要的設備，諸如此類的東西。但從技術上講，我們也在那裡學到了什麼。

One thing we bring to the table on all these CCS projects, we have an immense amount of understanding of geological areas to store the carbon and our ability to map out those zones. And then we're also very good at drilling wells.

我們在所有這些 CCS 專案中提出的一件事是，我們對儲存碳的地質區域有大量的了解，並且有能力繪製這些區域。而且我們也非常擅長打井。

So applying those 2 things give us some advantage on projects as we move forward. But our -- what we've learned in some of the monitoring we've done so far is very supportive of our initial thoughts on the play and how we can stored the CO2 and observe its movement in the ground and be able to have confidence that we can store that for a sustainable period of time.

因此，應用這兩件事可以讓我們在專案進展過程中獲得一些優勢。但是，我們在迄今為止所做的一些監測中學到的知識非常支持我們對這一過程的初步想法，以及我們如何儲存二氧化碳並觀察其在地下的運動，並能夠有信心我們可以將其存儲一段可持續的時間。

So we're learning a lot. We're very pleased with the results we're seeing. Now we're also looking beyond our pilot project to see where else we can apply that technology. And it's early to say yet where we're going to take that, but needless to say, we're encouraged with what we're doing and excited about the opportunities moving forward.

所以我們學到了很多。我們對所看到的結果非常滿意。現在，我們還在試點計畫之外尋找其他可以應用該技術的地方。現在說我們將採取什麼行動還為時過早，但不用說，我們對我們正在做的事情感到鼓舞，並對未來的機會感到興奮。

Great. And then second, I wanted to lean in on your shallow water exploration schedule. With offshore drilling rig rates approaching historic levels and industry messaging sustained strength. How does that impact your views on the time line for exploration wells and, more importantly, development activities, assuming exploration success?

偉大的。其次，我想了解你們的淺水探索計畫。隨著海上鑽機率接近歷史水平，產業資訊持續強勁。假設勘探成功，這對您對勘探井以及更重要的是開發活動的時間表的看法有何影響？

Yes, Derrick, this is Billy again. Certainly, for offshore, as you mentioned there, the rig utilization is pretty tight -- or I'd say it's pretty high. So the market remains pretty tight on offshore rigs. We are very happy and pleased with the activity we have ongoing in Trinidad.

是的，德瑞克，這又是比利。當然，對於海上，正如您所提到的，鑽機利用率相當緊張——或者我想說它相當高。因此，海上鑽井平台市場仍相當緊張。我們對在特立尼達正在進行的活動感到非常高興和滿意。

We've been in the Trinidad -- just a reminder, we've been in Trinidad for over 30 years. And currently, we have line of sight on probably one of our longest running programs we've ever had in the history of that play.

我們已經在特立尼達 - 只是提醒一下，我們已經在特立尼達 30 多年了。目前，我們已經看到了該劇歷史上運行時間最長的節目之一。

And so we've secured a rig there for that operation and very pleased with the results we've seen to date. So now moving forward, as far as our exploration activity, certainly we're interested in pursuing other shallow water offshore opportunities in the company, and mainly because we've built quite a bit of expertise of drilling these offshore wells very efficiently and cost competitively compared to the industry. So we think that gives us a strategic advantage being able to pursue these kind of opportunities around the world.

因此，我們在那裡找到了一個用於該操作的鑽孔機，並且對迄今為止所看到的結果感到非常滿意。因此，現在就我們的勘探活動而言，我們當然有興趣在公司中尋求其他淺水離岸機會，這主要是因為我們已經建立了相當多的專業知識，可以非常有效且具有成本競爭力地鑽探這些離岸油井與業界相比。因此，我們認為這為我們帶來了戰略優勢，能夠在世界各地尋求此類機會。

So we're continuing to look for those opportunities. And certainly, those opportunities would factor in the cost of doing business today the current offshore rig environment. And they'd have to be competitive with what we're doing in the rest of our portfolio. So looking at it that way, we see opportunities to continue to pursue that and excited about what that looks like going forward.

因此，我們正在繼續尋找這些機會。當然，這些機會將影響當今海上鑽井平台的業務成本。他們必須與我們在其他產品組合中所做的事情具有競爭力。因此，從這個角度來看，我們看到了繼續追求這一目標的機會，並對未來的前景感到興奮。

The next question comes from Nitin Kumar of Mizuho.

下一個問題來自瑞穗銀行的 Nitin Kumar。

I'll go back to the Delaware for a minute? As I look at your slides, and there were 2 things that you were doing in the Delaware this year.

我要回德拉瓦州一下嗎？當我看你的幻燈片時，你今年在特拉華州做了兩件事。

You were also increasing the mix of your Wolfcamp oil in the drilling schedule and then there were the enhancements that you made. Could you break out the improvement that you're seeing between the mix and then the new technologies that you're talking about?

您還在鑽井計劃中增加了 Wolfcamp 石油的混合比例，然後進行了一些改進。您能否詳細介紹一下您所看到的混合技術與您所談論的新技術之間的改進？

Yes. This is Jeff. The first thing I'd say is in the Delaware or technical teams, they're doing an outstanding job of continuing to build on their understanding of the subsurface geology, their geologic models. And really what they're focused on is increasing value of each of our development units by maximizing the recovery of -- and improving the overall NPV.

是的。這是傑夫。我要說的第一件事是特拉華州或技術團隊，他們在繼續加深對地下地質和地質模型的理解方面做得非常出色。他們真正關注的是透過最大限度地提高回收率並提高整體淨現值來增加我們每個開發單位的價值。

So really, we look at it from kind of a total bench standpoint when we go into development. Now when we're looking at productivity and you talk about that, the wells are looking outstanding and we're kind of seeing a marked improvement year-over-year. We've seen good increase in productivity across the majority of our benches, and really the Wolfcamp as about a lot is kind of leading the way due to that new completion design.

所以，實際上，當我們進入開發階段時，我們會從整體的角度來看它。現在，當我們專注於生產力時，您談到這一點，油井看起來非常出色，我們看到了逐年顯著的改善。我們已經看到我們大多數工作台的生產力都有了很大的提高，而且由於新的完井設計，Wolfcamp 在很大程度上處於領先地位。

So -- but the one thing that we always want to go ahead and highlight is, we have a large acreage footprint, over 400,000 acres. We've got high number of unique targets that we co-develop based off the very unique geology in each one of these areas.

所以，但我們始終想要繼續強調的一件事是，我們擁有很大的佔地面積，超過 40 萬英畝。我們根據每個地區非常獨特的地質情況共同開發了大量獨特的目標。

So you're going to see when you look at individual well results or even roll-up for the play, you're going to see that quarter-to-quarter variations in productivity and well performance. But ultimately, we're really happy with all the results that we see and it's hitting all the expectations and we have all of that built into our forecast.

因此，當您查看單個油井結果甚至匯總該作業時，您將看到生產力和油井性能的季度與季度變化。但最終，我們對所看到的所有結果感到非常滿意，它達到了所有期望，我們將所有這些都納入了我們的預測中。

Great. I guess the reason I'm asking this question is one of your peers in the play has talked about improving recovery rates, not just optimizing the well but actually improving recovery rates with the application of technology. And they've talked about 20% gains.

偉大的。我想我問這個問題的原因是你的一位同行在劇中談到了提高採收率，不僅僅是優化油井，而是透過技術的應用實際上提高了採收率。他們談到了 20% 的收益。

So I guess, given your experience in shale and, of course, your track record, I'm curious to see if you have seen technologies or are seeing technologies that could help that recovery factor increase not, just optimizing the wells but really a step change in what you're drawing from the rock.

所以我想，鑑於您在頁岩方面的經驗，當然還有您的往績記錄，我很好奇您是否已經看到或正在看到可以幫助提高採收率的技術，不僅僅是優化油井，而是真正的一步改變你從岩石中汲取的東西。

Yes, Nitin, this is Billy. Let me give you a little more color on that in general. As far as the recovery factor, we're constantly improving or working to improve the long-term recovery in all of our plays, and it's something that goes really back to the foundation of the company and is something historically we've done, as you mentioned.

是的，尼丁，這是比利。讓我為您提供更多關於這一點的資訊。就恢復因素而言，我們正在不斷改進或努力改善所有遊戲的長期恢復，這實際上可以追溯到公司的基礎，也是我們歷史上所做的事情，因為你提到的。

We leverage a lot of technology to help us understand how we're targeting those plays and how we're completing each well. And so it involves a lot of things.

我們利用大量技術來幫助我們了解如何瞄準這些油田以及如何完成每口井。所以它涉及到很多東西。

And let me just talk about that in the sense of how we think about it. I mean, these unconventional plays, the completion efficiency is really important how we evolve over time. And so just thinking about how we've applied new technology, it goes back several years where we talked about the frac design itself, how we change the way we attack the well from the type of sand we pump.

讓我從我們如何看待它的意義上來談談這個問題。我的意思是，這些非常規的玩法，完成效率對於我們如何隨著時間的推移而發展非常重要。因此，只要想想我們如何應用新技術，就可以追溯到幾年前，我們討論了壓裂設計本身，以及我們如何改變我們泵送的沙子類型對井的攻擊方式。

The spacing of the perforations, the cluster spacing, the frac rate, how we target the reservoirs, understanding geologically of how we understand the best place to place the target so we can co-develop like zones and those kind of things.

射孔間距、簇間距、壓裂率、我們如何瞄準儲層、從地質角度理解我們如何了解放置目標的最佳位置，以便我們可以共同開發類似的區域和類似的東西。

So that evolution over time has caused us to see dramatic improvements in production, which is a proxy for a recovery factor over time. And the most recent example is as what Jeff just talked about, the improvements we've seen in our Wolfcamp play. And you can readily see, the 20% uplift we're seeing in completions is bringing -- or in production performance is due to the completion approaches. So all those things over time lead to improved recovery factor.

因此，隨著時間的推移，這種演變使我們看到了生產的巨大改進，這是隨著時間的推移恢復係數的代表。最近的例子就是傑夫剛才談到的，我們在 Wolfcamp 比賽中看到的改進。您可以很容易地看到，我們看到的竣工量提高了 20%，或者說生產績效的提高是由於竣工方法帶來的。因此，隨著時間的推移，所有這些都會導致恢復係數的增加。

Next question comes from Josh Silverstein of UBS.

下一個問題來自瑞銀集團的喬許·西爾弗斯坦。

Just on the updated 70% shareholder return level. How are you thinking about excess free cash flow beyond this? Will you look to increase the exploration budget? Or could you, in theory, increase the shareholder returns to 90%? Any thoughts would be helpful here just to get the cash balance can keep growing substantially next year and there's no maturity until 2025.

就在更新後的 70% 股東回報水準上。除此之外，您如何看待多餘的自由現金流？您會考慮增加勘探預算嗎？或者理論上你能將股東報酬率提高到 90% 嗎？任何想法都會有所幫助，只是為了讓現金餘額明年繼續大幅增長，並且直到 2025 年才會到期。

Yes, Josh, this is Ezra. Ultimately, I think the answer to your question is that, that 70% is a minimum hurdle. In the last couple of years since we first came out with the initial cash return guidance, we had a minimum cash return commitment of 60%. In 2022, we were at 67%, and this year you see that we're on track to be north of 70%, probably closer to 75%.

是的，喬什，這是以斯拉。最終，我認為你問題的答案是，70% 是最低障礙。自從我們首次發布最初的現金回報指導以來的過去幾年裡，我們的最低現金回報承諾為 60%。 2022 年，我們的比例為 67%，今年您會發現我們預計將超過 70%，甚至可能接近 75%。

So I think that's the way you should be thinking about the guidance on there. And really, the big thing with our free cash flow commitment, it's a minimum of that 70%. But again, it's really founded in -- and hopefully, it doesn't remove the focus from our regular dividend. The regular dividend, we feel, is the best indicator of a company's ongoing performance, the improved capital efficiency going forward.

所以我認為這就是你應該考慮那裡的指導的方式。事實上，我們的自由現金流承諾最重要的是，它至少達到 70%。但同樣，它確實是建立在——希望它不會轉移我們對定期股息的關注。我們認為，定期股利是公司持續績效和未來資本效率提高的最佳指標。

And it's a commitment that we give to our shareholders based on our ability to continue to lower the breakevens and expand the sustainable future free cash flow generation in the company. It's backstopped with a pristine balance sheet. And in this quarter, when we raised it to 10%, One of the ways that we raised is by looking at what does it take on a breakeven there. And as we talked about before, we can support this new $2.1 billion regular dividend commitment.

這是我們向股東所做的承諾，基於我們有能力繼續降低損益平衡並擴大公司未來可持續的自由現金流產生。它有原始的資產負債表作為支撐。在本季度，當我們將其提高到 10% 時，我們籌集資金的方法之一是考慮如何實現盈虧平衡。正如我們之前談到的，我們可以支持這項新的 21 億美元定期股息承諾。

At a range of maintenance CapEx scenarios, the higher end of that range would be with a $45 WTI price. And when I say a range of maintenance capital scenarios, let me be clear when I say that. For a company like ours that has multiple basins, differing amounts year-over-year of infrastructure spend or exploration, different product types.

在一系列維護資本支出場景中，該範圍的高端將是 45 美元的 WTI 價格。當我談到一系列維護資本方案時，請讓我說清楚。對於像我們這樣擁有多個盆地、每年基礎設施支出或勘探金額不同、產品類型不同的公司。

We look at maintenance capital through the lens of what does it take to keep production flat for a 5-year period, but also across those different investment scenarios. Are we investing in the health of the company longer term with exploration? Or are we really just narrowing it down to just a focus on maintaining production?

我們從如何在五年內保持產量穩定的角度來看待維護資本，也考慮了不同的投資情境。我們是否透過探索來投資公司的長期健康發展？或者我們真的只是將其範圍縮小到只專注於維持生產嗎？

And so we end up with basically a range of maintenance CapEx between $4.2 billion and $4.8 billion. And so a midpoint of about $4.5 million. And as I said, at the higher end, that's where we can maintain that level with the $45 WTI.

因此，我們最終的維護資本支出基本上在 42 億美元到 48 億美元之間。所以中點約 450 萬美元。正如我所說，在高端，我們可以維持 45 美元的 WTI 水平。

Got it. And last for me. As you guys are thinking about the portfolio, how are you thinking about any kind of long cycle or conventional opportunities like Trinidad to kind of add in relative to bringing on some additional unconventional growth opportunities?

知道了。最後對我來說。當你們考慮投資組合時，您如何考慮像特立尼達這樣的長週期或傳統機會，以相對於帶來一些額外的非常規增長機會進行補充？

Yes, Josh, this is Billy. Let me give you a little bit of hint maybe of kind of what we're looking at. Certainly, we have a deep portfolio of unconventional plays in the things we're currently drilling today.

是的，喬什，這是比利。讓我給你一點提示，也許是我們正在研究的內容。當然，在我們目前正在鑽探的區域中，我們擁有豐富的非常規油氣藏組合。

But our active exploration program is continuously looking for all opportunities. And they're geared towards, first of all, generating solid returns and being competitive with what we're investing in today. So they will include things that are conventional or unconventional, offshore or onshore, U.S. or not. So we're looking at all kinds of things that are competitive with what our portfolio is generating today.

但我們積極的探索計劃正在不斷尋找所有機會。首先，它們的目標是產生豐厚的回報，並與我們今天的投資相比具有競爭力。因此，它們將包括常規或非常規、海上或陸上、美國或非美國的事物。因此，我們正在尋找與我們今天的投資組合產生的競爭的各種事物。

This concludes the question-and-answer session. I would like to turn the conference back over to Mr. Yacob for any closing remarks.

問答環節到此結束。我想將會議轉回由雅各先生發表閉幕詞。

Yes. I'd just like to say that we appreciate everyone's time today. One final takeaway I'd like to leave you with is that EOG's cash return announcements in the third quarter demonstrate our commitment to creating long-term value for our shareholders. We've increased our free cash flow payout minimum to 70% and increased our regular dividend 10%, and we're confident in the sustainability of our regular dividend due to the consistent execution of our value proposition that improves the company year after year.

是的。我只想說，我們非常感謝大家今天抽出時間。我想留給大家的最後一個要點是，EOG 第三季的現金回報公告顯示了我們致力於為股東創造長期價值的承諾。我們已將自由現金流支付最低限度提高到70%，並將定期股息提高了10%，並且我們對定期股息的可持續性充滿信心，因為我們始終如一地執行我們的價值主張，年復一年地改善了公司。

EOG is in a better position than ever to deliver value for our shareholders through industry cycles and play a leading role in the long-term future of energy. Thank you.

EOG 比以往任何時候都更有能力在產業週期中為股東創造價值，並在能源的長期未來中發揮主導作用。謝謝。

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接了。