EOG Resources Inc (EOG) 2024 Q2 法說會逐字稿

Good day, everyone, and welcome to the EOG Resources Second Quarter 2024 Earnings Results Conference Call. As a reminder, this call is being recorded.

大家好，歡迎參加 EOG Resources 2024 年第二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 Investor Relations Vice President of EOG Resources, Mr. Pearce Hammond. Please go ahead, sir.

現在，我想將會議轉給 EOG Resources 投資者關係副總裁 Pearce Hammond 先生進行開場演講和介紹。請繼續，先生。

Thank you, Danielle, and good morning and thank you for joining us for the EOG Resources Second Quarter 2024 Earnings Conference Call. An updated investor presentation has been posted to the Investor Relations section of our website, and we will reference certain slides during today's discussion. A replay of this call will be available on our website beginning later today.

謝謝丹妮爾，早安，謝謝您參加 EOG Resources 2024 年第二季財報電話會議。更新後的投資者簡報已發佈到我們網站的投資者關係部分，我們將在今天的討論中引用某些幻燈片。從今天晚些時候開始，我們的網站將提供本次電話會議的重播。

As a reminder, 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. This conference call may also contain certain historical and forward-looking non-GAAP financial measures. Definitions and reconciliation schedules for these non-GAAP measures and related discussion can be found on the Investor Relations section of EOG's website.

提醒一下，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。本次電話會議也可能包含某些歷史和前瞻性非公認會計準則財務指標。這些非公認會計原則措施的定義和調節表以及相關討論可以在 EOG 網站的投資者關係部分找到。

In addition, some of the reserve estimates on this conference call may include estimated potential reserves as well as estimated resource potential not necessarily calculated in accordance with the SEC's reserve reporting guidelines.

此外，本次電話會議上的一些儲量估計可能包括估計的潛在儲量以及不一定根據 SEC 儲量報告指南計算的估計資源潛力。

Participating on the call this morning are Ezra Yacob, Chairman and CEO; Jeff Leitzell, Chief Operating Officer; Ann Janssen, Chief Financial Officer; Keith Trasko, Senior Vice President, Exploration and Production; and Lance Terveen, Senior Vice President, Marketing.

今天早上參加電話會議的有董事長兼執行長 Ezra Yacob；傑夫·萊特塞爾，營運長；安‧詹森，財務長； Keith Trasko，勘探和生產資深副總裁；以及行銷資深副總裁 Lance Terveen。

Here's Ezra.

這是以斯拉。

Thanks, Pearce. Good morning, everyone, and thank you for joining us. We delivered exceptional second quarter results, reflecting outstanding execution by our employees throughout our multi-basin portfolio. We earned $1.8 billion of adjusted net income and generated $1.4 billion of free cash flow. Every metric, production volumes, CapEx and per unit operating costs beat targets, driving another quarter of excellent financial performance.

謝謝，皮爾斯。大家早安，感謝您加入我們。我們取得了出色的第二季度業績，反映出我們的員工在整個多流域投資組合中的出色執行力。我們獲得了 18 億美元的調整後淨利潤，並產生了 14 億美元的自由現金流。每個指標、產量、資本支出和單位營運成本都超過了目標，推動了另一個季度的出色財務表現。

Our outstanding results year-to-date allow EOG to update our full year forecast for liquids production, cash operating costs and free cash flow. As seen on slide 5 of our investor presentation, we increased our target for full year 2024 total liquids production by 11,800 barrels per day.

我們今年迄今的出色業績使 EOG 能夠更新我們對液體產量、現金營運成本和自由現金流的全年預測。正如我們投資者簡報的幻燈片 5 所示，我們將 2024 年全年液體總產量目標提高了 11,800 桶/日。

Increased production, coupled with a modest increase to forecasted operational efficiencies reduces per unit cash operating costs by $0.15, driving a $100 million increase to our forecasted free cash flow to $5.7 billion for the full year at the same strip prices of $80 oil and $2.50 natural gas.

產量的增加，加上預測營運效率的小幅提高，使每單位現金營運成本降低了0.15 美元，在石油價格為80 美元、天然氣價格為2.50 美元的情況下，全年預測自由現金流增加了1 億美元，達到57 億美元氣體。

Illustrating the benefits of EOG's unique culture and decentralized structure. There wasn't one single operation or play that drove our second quarter out performance. Our decentralized operating teams utilize technology and apply innovation across our portfolio of assets to improve unit costs, well costs and well productivity. We made gains in both drilling and completions and every asset contributed. Our foundational Delaware Basin and Eagle Ford plays as well as our emerging Wyoming Powder River Basin, South Texas Toronto and Ohio Utica shale plays.

說明 EOG 獨特文化和去中心化結構的優點。沒有任何一項操作或策略導致我們第二季的表現超出預期。我們的分散營運團隊利用技術並在我們的資產組合中應用創新，以提高單位成本、油井成本和油井生產率。我們在鑽探和完井方面都取得了進展，每項資產都做出了貢獻。我們的基礎特拉華盆地和 Eagle Ford 區塊以及新興的懷俄明州 Powder River 盆地、南德克薩斯多倫多和俄亥俄州 Utica 頁岩區塊。

The strength and depth of our multi-basin portfolio of premium assets is a tremendous advantage, and our focus on premium drilling means each of these assets competes against our premium price deck, measuring direct well investments against a $40 oil and $2.50 natural gas price for the life of the assets.

我們的多盆地優質資產組合的實力和深度是一個巨大的優勢，我們對優質鑽探的關注意味著這些資產中的每一項都與我們的優質價格平台競爭，以40 美元的石油和2.50 美元的天然氣價格衡量直接油井投資資產的壽命。

That capital discipline provides EOG the flexibility to invest thoughtfully across all of our assets to support the pace of operations that is optimal for each individual asset to continue improve. We can adjust to dynamic market conditions such as the broader macro environment and basin-specific economic factors.

這種資本紀律使 EOG 能夠靈活地對我們的所有資產進行深思熟慮的投資，以支持每項資產持續改進的最佳營運節奏。我們可以根據動態的市場條件進行調整，例如更廣泛的宏觀環境和特定流域的經濟因素。

As a result, we don't rely on any one basin, any one product or any one marketing outlet to drive our company's success. Capital discipline is core to EOG's value proposition, evidenced by our ability to generate free cash flow for eight years in a row and is what drives our ability to deliver the consistent performance that our shareholders have come to expect and to create long-term shareholder value through the cycle.

因此，我們不依賴任何一個盆地、任何一種產品或任何一個行銷管道來推動我們公司的成功。資本紀律是 EOG 價值主張的核心，我們連續八年產生自由現金流的能力就證明了這一點，也是我們有能力提供股東期望的一致業績並創造長期股東價值的動力通過循環。

EOG's outstanding and consistent operational and financial performance positions us to deliver on our cash return cash return commitments in 2024. Our strategy continues to be grounded in our regular dividend, which has never been suspended or reduced in 26 years and supplemented with special dividends and opportunistic share repurchases.

EOG 出色且一致的營運和財務表現使我們能夠在 2024 年兌現現金回報承諾。我們的策略仍以定期股息為基礎，26年來從未暫停或減少股息，並輔以特別股息和機會性股票回購。

Our disciplined and balanced investment in foundational plays, emerging assets, and strategic infrastructure, all supported with a pristine balance sheet is laying the path to increase near and long-term free cash flow.

我們對基礎業務、新興資產和戰略基礎設施進行嚴格且平衡的投資，所有這些都得到原始資產負債表的支持，為增加近期和長期自由現金流奠定了道路。

The overall macro environment remains constructive. Global oil demand continues to increase after a seasonally soft first quarter and is in line with our forecast. As anticipated, domestic oil supply growth has moderated since last year as a result of consolidation in the industry and reduced drilling and completions activity stemming from industry capital discipline.

整體宏觀環境仍然是建設性的。在第一季季節性疲軟之後，全球石油需求持續成長，符合我們的預測。正如預期的那樣，由於行業整合以及行業資本約束導致鑽井和完井活動減少，國內石油供應增長自去年以來有所放緩。

Activity levels, as reflected in rig count indicate continued lower oil production growth through at least mid-2025. We expect Lower 48 U.S. supply to exit 2024 at roughly the same level as year-end 2023, with only modest gains to total U.S. oil supply from offshore production increases.

鑽機數量所反映的活動水準表明，至少到 2025 年中期，石油產量成長將持續走低。我們預計 2024 年美國 48 個州的石油供應量將與 2023 年底大致相同，海上產量增加對美國石油總供應量的成長幅度不大。

Regarding North American natural gas. During the second quarter, inventory levels move closer to the five-year average, and we expect this trend to continue due in part to supply curtailments and increasing year-over-year demand.

關於北美天然氣。第二季度，庫存水準接近五年平均水平，我們預計這一趨勢將持續下去，部分原因是供應減少和年比需求增加。

We remain optimistic on the long-term outlook for gas demand beginning in 2025, as a result of additional LNG capacity coming online and continuing increases in demand from electricity generation.

由於額外的液化天然氣產能投產以及發電需求持續增加，我們對 2025 年開始的天然氣需求長期前景保持樂觀。

We will continue to prudently manage our Dorado activity as the current environment continues to highlight the importance of being a low-cost supplier of natural gas with access to multiple diverse markets.

我們將繼續謹慎管理我們的多拉多活動，因為當前環境繼續凸顯成為進入多個不同市場的低成本天然氣供應商的重要性。

This quarter, we have further expanded our marketing outlets, capturing additional interstate pipeline capacity to deliver natural gas to demand centers in the Southeastern U.S. In a moment, Lance will provide details on this exciting opportunity as well as updates on our ongoing infrastructure projects.

本季度，我們進一步擴大了行銷管道，獲得了額外的州際管道能力，將天然氣輸送到美國東南部的需求中心。正在進行的基礎設施項目的最新資訊。

EOG's performance this quarter can be summed up as exceptional operational execution drives exceptional financial performance, resulting in more volumes and lower per unit operating costs for the same CapEx, yielding higher free cash flow for the year.

EOG 本季的業績可概括為卓越的營運執行力推動卓越的財務業績，從而在相同的資本支出下實現更多的銷售和更低的單位營運成本，從而產生更高的年度自由現金流。

Anne is up next to provide an update on financials and cash return to shareholders. Here's Ann.

接下來，安妮將向股東提供有關財務和現金回報的最新資訊。這是安。

Thanks, Ezra. EOG continues to create long-term shareholder value. During the second quarter, we earned $1.8 billion of adjusted net income and generated $1.4 billion of free cash flow on $1.7 billion of capital expenditures. Second quarter capital expenditures finished lower than expected due to the timing of certain indirect and international projects, along with contributions from efficiency gains above what we forecasted at the start of the year. Jeff will discuss these operating efficiencies in a moment.

謝謝，以斯拉。EOG 持續創造長期股東價值。第二季度，我們獲得了 18 億美元的調整後淨利潤，並透過 17 億美元的資本支出產生了 14 億美元的自由現金流。由於某些間接和國際項目的時間安排，以及效率增益的貢獻高於我們年初的預測，第二季資本支出低於預期。傑夫稍後將討論這些營運效率。

We also paid a $0.91 per share dividend and repurchased 690 million of shares during the quarter. In the first half of 2024, we generated $2.6 billion free cash flow, helping fund cash return to shareholders of $2.5 billion. We have paid over $1 billion in regular dividends and repurchased more than $1.4 billion in stock through the second quarter while maintaining a pristine balance sheet. Taking into account our top-tier full year regular dividend, we have already committed to return $3.5 billion to shareholders in 2024.

我們還支付了每股 0.91 美元的股息，並在本季回購了 6.9 億股股票。2024 年上半年，我們產生了 26 億美元的自由現金流，幫助向股東返還了 25 億美元的資金現金。在整個第二季度，我們支付了超過 10 億美元的定期股息，並回購了超過 14 億美元的股票，同時保持了原始的資產負債表。考慮到我們的頂級全年定期股息，我們承諾在 2024 年向股東返還 35 億美元。

We are on track exceed not only our minimum cash return commitment of 70% of annual free cash flow, but also last year's cash return of 85%. EOG's commitment to high-return investments is delivering high return to our shareholders.

我們預計不僅超過年度自由現金流 70% 的最低現金回報承諾，還將超過去年 85% 的現金回報。EOG 對高回報投資的承諾正在為我們的股東帶來高回報。

A growing sustainable regular dividend remains the foundation of our cash return commitment and is the best indicator of the company's confidence in its future performance. Special dividends and share repurchases are employed opportunistically to supplement our top-tier regular dividend. Since putting the $5 billion share repurchase authorization in place over two years ago, the fundamental strength of our business has improved as demonstrated most recently by our exceptional second quarter and year-to-date performance. We continue to get better through consistent execution of EOG's value proposition.

不斷增長的可持續定期股息仍然是我們現金回報承諾的基礎，也是公司對其未來業績信心的最佳指標。機會性地使用特別股息和股票回購來補充我們的頂級定期股息。自從兩年前授予 50 億美元的股票回購授權以來，我們業務的基本實力得到了改善，正如我們最近第二季和年初至今的出色業績所證明的那樣。透過持續執行 EOG 的價值主張，我們不斷取得進展。

As a result, over the last several quarters, we have favored buybacks and we will continue to monitor the market for opportunities to step in and repurchase shares throughout the year. Since the authorization has been put in place, we have repurchased nearly 21 million shares, which is more than 3% of shares outstanding at an average price of about $118 per share, totaling about $2.4 billion worth of shares repurchased.

因此，在過去的幾個季度中，我們青睞回購，並將在全年繼續監控市場，尋找介入和回購股票的機會。自授權到位以來，我們已回購近2,100萬股股票，佔已發行股票的3%以上，平均價格約為每股118美元，回購股票總價值約24億美元。

Now here's Jeff to review our operating results.

現在請傑夫回顧我們的經營績效。

Thanks, Anne. I'd like to first thank our employees for their outstanding execution this quarter. Your dedication to and focus on operational excellence extends our momentum from the first quarter and puts EOG in great position to finish the year strong and deliver exceptional value to our shareholders. In the second quarter, we beat targets across the board, including production volumes, per unit operating costs and CapEx.

謝謝，安妮。我首先要感謝我們的員工本季的出色執行力。你們對卓越營運的奉獻和關注延續了我們從第一季開始的勢頭，使 EOG 處於有利地位，能夠在今年取得強勁表現，並為我們的股東帶來卓越的價值。第二季度，我們全面超越了目標，包括產量、單位營運成本和資本支出。

Oil volumes came in above target due to a couple of drivers. Production in our foundational Delaware Basin and Eagle Ford plays is outpacing our forecast due to better well performance on a collection of packages. Also, our base production performance continues to improve due to the application of proprietary EOG technology.

由於幾個驅動因素，石油產量高於目標。由於一系列油井表現較好，我們的特拉華盆地和 Eagle Ford 基礎區塊的產量超出了我們的預期。此外，由於專有 EOG 技術的應用，我們的基礎生產性能不斷提高。

Over the last several years, we have developed in-house artificial lift optimizers for several functions, including gas lift, plunger lift and rod pump operations. These state-of-the-art optimizers use algorithms to automate the set points of artificial lift and cost factors that allow for real-time adjustments to maximize production and reduce interruptions of third-party downtime. These cross-functional efforts by our production, marketing and information systems teams continue to improve and pay dividends.

在過去的幾年中，我們開發了多種功能的內部人工舉升優化器，包括氣舉、柱塞舉升和桿泵操作。這些最先進的優化器使用演算法自動設定人工舉升和成本因素的設定點，從而可以進行即時調整，以最大限度地提高產量並減少第三方停機的中斷。我們的生產、行銷和資訊系統團隊的這些跨職能努力不斷改進並帶來回報。

The final driver of our second quarter volume beat was timing. We were able to bring online a package of wells a full month earlier than anticipated. As a result of volume performance beats to date and updates to our full year forecast for Delaware Basin and Eagle Ford production, we are increasing our annual volume guidance by 1,800 barrels of oil per day and 10,000 barrels per day of natural gas liquids. The volume uplift helps lower our per unit cash operating cost guidance for the full year, as well as generates additional free flow.

第二季銷售成長的最後一個驅動因素是時機。我們比預期提前了整整一個月將一組油井投入使用。由於迄今為止的產量表現超出了預期，並且更新了我們對特拉華盆地和伊格爾福特產量的全年預測，我們將年度產量指導值提高了1,800 桶/日石油和10,000 桶/日液化天然氣。銷售量的提升有助於降低全年單位現金營運成本指導，並產生額外的自由流動。

Total well costs are trending in line with our expectations and resulting in a low single-digit year-over-year decrease. Driven by both moderate market deflation and drilling efficiency gains, we are seeing these cost improvements across our entire multi-basin portfolio.

油井總成本的趨勢符合我們的預期，並導致年減個位數。在適度的市場通貨緊縮和鑽井效率提高的推動下，我們看到整個多盆地投資組合的成本有所改善。

Regarding service costs, depletion is playing out as we had forecasted at the start of the year. Spot prices for certain services have trended lower, while high-spec rigs and frac equipment remain relatively stable. We have secured 50% to 60% of our service costs with contracts in 2024, primarily for high-spec high-demand services to ensure consistent performance throughout our program. By securing these resources, we're able to focus on sustainable efficiency improvements to progress each one of our plays at a measured pace.

至於服務成本，正如我們年初預測的那樣，消耗正在顯現。某些服務的現貨價格呈下降趨勢，而高規格鑽孔機和壓裂設備則保持相對穩定。我們已透過 2024 年合約確保了 50% 至 60% 的服務成本，主要用於高規格高需求服務，以確保整個計劃的性能一致。透過確保這些資源，我們能夠專注於可持續的效率改進，以有序的速度推進我們的每一項工作。

In our foundational Delaware Basin and Eagle Ford plays, Operational efficiencies are driven primarily by longer laterals, improving drilled feet per day. Longer laterals allow for more time being spent drilling downhole and less time moving equipment on the surface. In addition, the more we extend laterals, the more benefit we derive from our in-house drilling motor program. EOG motors drill faster and are more reliable, which becomes more impactful on our drilling performance as lateral length increases.

在我們的特拉華盆地和 Eagle Ford 的基礎作業區中，營運效率主要由更長的支管、每天的鑽探英尺數的提高所驅動。較長的支管可以將更多的時間花在井下鑽探上，並減少在地面上移動設備的時間。此外，我們延伸的支管越多，我們從內部鑽井馬達計畫中獲得的好處就越大。EOG 馬達鑽探速度更快、更可靠，隨著橫向長度的增加，這對我們的鑽探性能影響更大。

In the Eagle Ford, we are on target to extend laterals by 20% on average and the year-to-date results has been a 7% increase in drilled feet per day. In the Delaware Basin, more than 50 wells or nearly 15% of our 2024 drilling program will use 3-mile laterals compared to four 3-mile laterals last year. Year-to-date, the efficiency impact from our 3-mile program in the Delaware Basin is a 10% increase in drilled feet per day.

在 Eagle Ford，我們的目標是將支線平均延長 20%，今年迄今的結果是每天的鑽孔英尺數增加了 7%。在特拉華盆地，超過 50 口井或我們 2024 年鑽井計劃的近 15% 將使用 3 英里支管，而去年只有 4 口 3 英里支管。今年迄今為止，我們在特拉華盆地的 3 英里計劃的效率影響是每天鑽進英尺數增加了 10%。

In the Utica Shale, we continue to collect data from our new packages and evaluate production history from existing wells as we test spacing patterns and completion designs across our 140-mile acreage position. Two new well packages, the Northern shadow wells and Southern White Rhino wells, as seen on Slide 12 of our investor presentation, have delivered strong initial results and continue to demonstrate the premium quality of this play.

在尤蒂卡頁岩，我們在 140 英里面積位置測試間距模式和完井設計時，繼續從新包收集數據並評估現有油井的生產歷史。正如投資者簡報投影片 12 所示，兩個新的油井組合，即北部影子井和南部白犀牛井，已經取得了強勁的初步成果，並繼續證明了該油田的優質品質。

In addition to strong well results, since last quarter, we have added another 10,000 net acres to our Utica Shale position, bringing our total to 445,000, while we continue to make delineation progress, our focus in the near future for Utica development will be on the 225,000 net acres in the volatile oil window, where we have a more comprehensive geologic data set.

除了強勁的油井業績外，自上季度以來，我們在尤蒂卡頁岩油田中又增加了10,000 英畝淨面積，使我們的總面積達到445,000 英畝，在我們繼續取得勘探進展的同時，我們近期尤蒂卡開發的重點將是揮發油窗口的淨面積為 225,000 英畝，我們在這裡擁有更全面的地質資料集。

Our large contiguous acreage position in the Utica lends itself to developing a long-life, repeatable, low-cost play competitive with the premier unconventional plays across North America. For 2024, we are on target to complete 20 net wells in the Utica across our northern, central and southern acreage, which supports a full rig program and enables significant well cost reductions.

我們在尤蒂卡地區擁有大量連續的土地，有助於開發壽命長、可重複、低成本的礦區，與北美首屈一指的非常規礦區相媲美。到 2024 年，我們的目標是在尤蒂卡北部、中部和南部區域完成 20 口淨井，這將支援完整的鑽機計畫並大幅降低油井成本。

In Dorado, we continue to leverage the operational flexibility provided by our multi-basin portfolio to moderate and manage activity through the summer. Earlier this year, we decided to defer completions while retaining a full rig program to maintain operational momentum.

在多拉多，我們繼續利用多流域投資組合提供的營運彈性來調節和管理整個夏季的活動。今年早些時候，我們決定推遲完工，同時保留完整的鑽機計劃以保持營運動能。

As a result, the drilling team has achieved a 13% increase in drilled feet per day year-to-date. Maintaining a steady drilling program allows us to capture corresponding efficiencies in advance and improve the play, while we continue to monitor the natural gas market. Gas prices are improving into the second half of the year, and we remain flexible to respond to the market.

結果，今年迄今為止，鑽井團隊每天的鑽探英尺數增加了 13%。保持穩定的鑽探計劃使我們能夠提前獲得相應的效率並改善作業，同時我們繼續監控天然氣市場。下半年天然氣價格正在改善，我們仍然靈活應對市場。

As the year unfolds, we will continue to maintain capital discipline and leverage the flexibility of our multi-basin portfolio to ensure consistent execution across all operating areas. We also remain highly focused on sustainable cost reductions through innovation, operational performance and efficiency improvements to further drive down our cost structure and expand EOG's capacity to generate free cash flow.

隨著這一年的展開，我們將繼續保持資本紀律，並利用我們多盆地投資組合的靈活性，確保所有營運領域的一致執行。我們也高度關注透過創新、營運績效和效率提高來永續降低成本，以進一步降低我們的成本結構並擴大 EOG 產生自由現金流的能力。

Here's Lance for a marketing update.

請聽聽蘭斯的報道，了解行銷動態。

Thanks, Jeff. I'll be updating on our strategic infrastructure investments in the Delaware Basin and Dorado, as well as the exciting progress we have made expanding access to premium natural gas markets.

謝謝，傑夫。我將介紹我們在特拉華盆地和多拉多的戰略基礎設施投資的最新情況，以及我們在擴大優質天然氣市場准入方面取得的令人興奮的進展。

First, in the Delaware Basin, our Janus Gas Processing Plant is on schedule to start up in the first half of 2025. This 300 million cubic feet per day plant will be instrumental and lowering our cash operating costs and improving netbacks. The Janus plant will have connectivity to the new Matterhorn Express Pipeline estimated to be in service the fourth quarter of this year.

首先，在特拉華盆地，我們的 Janus 天然氣加工廠已按計劃於 2025 年上半年啟動。這座每天 3 億立方英尺的工廠將有助於降低我們的現金營運成本並改善淨回報。Janus 工廠將連接到新的馬特洪峰快速管道，預計今年第四季投入使用。

EOG has firm capacity on Matterhorn, which will allow us to move additional residue gas out of Waha to the Katy Houston Market Center. Most importantly, we expect our Waha gas exposure on a total company production basis to be only 5% in 2025. Furthermore, our new Matterhorn capacity already has in place term sales, along with additional downstream connectivity.

EOG 在馬特洪峰擁有穩定的產能，這將使我們能夠將額外的殘餘氣體從瓦哈轉移到凱蒂休斯頓市場中心。最重要的是，我們預計 2025 年瓦哈天然氣產量占公司總產量的比例僅 5%。此外，我們新的馬特宏峰產能已實現定期銷售，以及額外的下游連接。

Next, in our emerging South Texas Dorado natural gas play, Phase 1 of 36-inch Verde Pipeline is in service with safe, consistent operations, and we are on schedule to bring online Phase 2 in the second half of 2024. We are excited that Phase 2 of the Verde Pipelines terminus is the Agua Dulce market hub. While our current cash costs in Dorado are approximately $1 per Mcf, we expect the combination of Verde Phase 2 and the premium markets accessed at Agua Dulce will further expand our margins, positioning Dorado as one of the most competitive, lowest cost and highest return natural gas plays in North America.

接下來，在我們新興的南德克薩斯多拉多天然氣區，36 英寸 Verde 管道的第一期工程已投入安全、持續運行，我們計劃於 2024 年下半年上線二期工程。我們很高興 Verde 管道二期終點站成為 Agua Dulce 市場中心。雖然我們目前在Dorado 的現金成本約為每Mcf 1 美元，但我們預計Verde 第2 期和Agua Dulce 進入的優質市場的結合將進一步擴大我們的利潤，使Dorado 成為最具競爭力、成本最低和回報最高的天然產品之一。

At Agua Dulce, we have executed agreements for three interconnects directly from our Verde pipeline, including White Water's new ADCC pipeline, supplying Cheniere's Corpus Christi LNG terminal. Enbridge's Valley Crossing pipeline with access to industrial, LNG and Mexico markets and Williams Transco pipeline expansion, the Texas to Louisiana Energy Pathway Project, or TLEPP, reaching entire Gulf Coast corridor, which is illustrated on slide 10 in our investor presentation.

在Agua Dulce，我們已經簽署了直接從我們的Verde管道進行三個互連的協議，其中包括White Water的新ADCC管道，為Cheniere的Corpus Christi液化天然氣終端供應。Enbridge 的Valley Crossing 管道可進入工業、液化天然氣和墨西哥市場，Williams Transco 管道擴建、德克薩斯州至路易斯安那州能源通道項目（TLEPP）可到達整個墨西哥灣沿岸走廊，這在我們的投資者演示文稿中的投影片10 中有所說明。

TLEPP received FERC approval at the end of June and is currently under construction and expected to be in service in the first quarter of 2025 EOG is contracted for the entire 364,400Btu per day of firm capacity. Through TLEP, we expand our access to a valuable liquid market center that serves robust southeastern power generation and additional future demand.

TLEPP 於 6 月底獲得 FERC 批准，目前正在建設中，預計將於 2025 年第一季投入使用。透過 TLEP，我們擴大了進入有價值的流動性市場中心的機會，該市場服務於強勁的東南部發電和額外的未來需求。

Our capacity on TLEP is in path for supply from multiple EOG assets, including Dorado from our Verde pipeline and the Permian Basin from our capacity on the Matterhorn pipeline. Securing capacity on TLEP is consistent with our broader marketing strategy to diversify our end market options. We continue to expand our access to multiple premium markets, serving customers from LNG to industrials to utilities and more while optimizing our valuable transportation position.

我們的 TLEP 產能可透過多個 EOG 資產進行供應，其中包括來自 Verde 管道的 Dorado 以及來自 Matterhorn 管道的二疊紀盆地產能。確保 TLEP 的容量符合我們實現終端市場選擇多樣化的更廣泛的行銷策略。我們繼續擴大進入多個高端市場的機會，為從液化天然氣到工業再到公用事業等領域的客戶提供服務，同時優化我們寶貴的運輸地位。

Now here's Ezra to wrap up.

現在以斯拉來總結一下。

Thanks, Lance. I'd like to note the following important takeaways. EOG has delivered another outstanding quarter. Strong employee-driven operational performance produced strong financial performance. Our multi-basin asset teams continue to drive innovation and increase capital efficiency, not only on new wells, but by applying technology to our base production. We are delivering more volumes and lower per unit costs for the same CapEx resulting in higher free cash flow for the year. Capital allocation across our foundational plays, emerging assets and strategic infrastructure is delivering strong near-term free cash flow while also laying a path to future free cash flow generation.

謝謝，蘭斯。我想指出以下重要要點。EOG 又迎來了一個出色的季度。員工驅動的強勁營運績效帶來了強勁的財務表現。我們的多盆地資產團隊不僅在新井上，而且透過將技術應用於我們的基地生產，繼續推動創新並提高資本效率。我們在相同的資本支出下交付了更多的銷售和更低的單位成本，從而導致了今年更高的自由現金流。我們的基礎業務、新興資產和戰略基礎設施的資本配置正在帶來強勁的短期自由現金流，同時也為未來自由現金流的產生奠定了道路。

EOG continues to expand an already diverse marketing strategy. Following our announcement of a new Brent-linked gas sales agreement earlier this year, this quarter, we have announced additional natural gas pipeline connections further reducing our exposure to in-basin differentials and exposing us to multiple demand centers.

EOG 持續擴展本已多元化的行銷策略。繼今年稍早宣布新的布倫特天然氣銷售協議後，本季度我們又宣布了更多的天然氣管道連接，進一步減少了我們面臨的盆地內差異的風險，並使我們面臨多個需求中心的風險。

And lastly, EOG continues to deliver on its cash return commitment. While our regular dividend is the foundation of our cash return strategy, we are well positioned to continue delivering additional cash return through share repurchases and special dividends, supported with the strength of our balance sheet and low-cost operations.

最後，EOG 繼續兌現其現金回報承諾。雖然我們的定期股利是我們現金回報策略的基礎，但在我們的資產負債表實力和低成本營運的支持下，我們有能力透過股票回購和特別股利繼續提供額外的現金回報。

Including our annual regular dividend and share repurchases in the first half of the year, we have already committed to $3.5 billion in cash return and are well positioned to exceed our minimum cash return commitment.

包括上半年的年度定期股息和股票回購，我們已經承諾了 35 億美元的現金回報，並且有能力超過我們的最低現金回報承諾。

Thanks for listening. We'll now go to Q&A.

感謝您的聆聽。我們現在進入問答環節。

(Operator Instructions) The first question comes from Arun Jayaram from JPMorgan. Please go ahead.

（操作員說明）第一個問題來自摩根大通的 Arun Jayaram。請繼續。

Good morning. I wanted to start in the Utica Shale, I was wondering if you could give us a sense of some of the key learnings thus far, including your initial test in the South and perhaps discuss maybe the glide path towards shifting into development mode. What are some of the key risks from here that you need to get comfortable with before shifting into development?

早安.我想從尤蒂卡頁岩開始，我想知道您是否能讓我們了解迄今為止的一些關鍵知識，包括您在南方的初步測試，也許還可以討論轉向開發模式的滑行路徑。在轉向開發之前，您需要適應哪些主要風險？

Yes, Arun. This is Ezra. Let me start the last part of your question there, and then I'll hand it off to Keith Trasko for a few more of the details on the Utica play. What I'd say in the Utica overall is that we're very happy with the results that we've seen to date. The Southern wells, the White Rhino's that we've talked about are right in line with the expectations in Northern Wells are consistently strong results and very repeatable.

是的，阿倫。這是以斯拉。讓我從這裡開始你問題的最後一部分，然後我將把它交給基思·特拉斯科（Keith Trasko），以了解有關尤蒂卡比賽的更多細節。我在尤蒂卡總體上要說的是，我們對迄今為止所看到的結果非常滿意。我們所討論的南井、白犀牛井與北井的預期一致，結果始終如一，非常可重複。

So ramping up the Utica, I mean, it's going to be like any other play that we have in our portfolio. We want to invest in it at the right pace so that we can continue to learn and embed those learnings into the next well, and Keith will mention some of those learnings here in a minute.

因此，我的意思是，加強尤蒂卡，它將像我們投資組合中的任何其他遊戲一樣。我們希望以正確的速度對其進行投資，以便我們可以繼續學習並將這些知識嵌入到下一口井中，基斯稍後會在這裡提到其中的一些知識。

Ultimately, as we do continue to delineate and invest more capital out there, it's going to be at a level of reinvestment that really reflects the maturity of that asset. And when we do that across our multi-basin portfolio, that's when we really start to drive down the cost of all plays and expand the margins at the corporate level.

最終，隨著我們繼續劃定並投資更多資本，其再投資水準將真正反映該資產的成熟度。當我們在多流域投資組合中做到這一點時，我們就真正開始降低所有業務的成本並擴大公司層面的利潤。

Yes. This is Keith. On the well results so far, the recent ones, we're very pleased overall, I feel like we're making great delineation progress. Some of the key learnings so far, White Rhino, that is our prospects down the south, the performance we're seeing to date meeting expectations has a little bit lower BOE IP30. That was something we were expecting because of a little bit of thinner reservoir down there, but it really benefits from the strategic mineral ownership which really enhances the returns by voting the royalties down there. That has a really big financial impact.

是的。這是基斯。就到目前為止的井結果以及最近的井結果而言，我們總體上非常滿意，我覺得我們正在取得巨大的劃定進展。到目前為止，白犀牛，我們得到的一些關鍵經驗是我們在南方的前景，我們迄今為止所看到的滿足預期的性能具有略低的 BOE IP30。這是我們所期待的，因為那裡的水庫有點薄，但它確實受益於戰略礦產所有權，透過投票那裡的特許權使用費確實提高了回報。這對財務影響非常大。

The Shadow package that we just recently brought on, that's an offset to the Timberwolf’s. We're seeing consistently strong results at tighter spacing there. We did a 700-foot spacing test there versus 1,000. Spacing overall, I'd say, so far so good. We're excited about the consistency so far there. We're going to keep incorporating data, as future development decisions go there. But we're still early in the play. We need a little bit longer production history. We look at a lot of different things as far as the two and three stream production, the pressure, we're taking a lot of real-time measurements, choke schedules, those sorts of things. And we expect this basin will probably change across the play based on geology. It's just a really large acreage position.

我們最近推出的 Shadow 套件是對灰狼套件的補償。我們在更緊密的間距下看到了持續強勁的結果。我們在那裡進行了 700 英尺間距測試和 1,000 英尺間距測試。我想說，整體間距到目前為止還不錯。我們對迄今為止的一致性感到興奮。隨著未來的開發決策的進行，我們將繼續整合數據。但我們還處於早期階段。我們需要更長一點的生產歷史。就兩流和三流生產、壓力而言，我們會考慮很多不同的事情，我們會進行大量即時測量、阻塞時間表等。我們預計該盆地可能會根據地質情況而改變。這只是一個非常大的面積位置。

But I'd say, with our learnings, we're constantly bringing those into our decisions. We are really pride ourselves on not getting into manufacturing mode and instead kind of developing the acreage package by package, integrating the latest data and learnings trying to maximize returns and the value capture.

但我想說，透過我們的學習，我們不斷地將這些納入我們的決策中。我們非常自豪沒有進入製造模式，而是逐一開發土地面積，整合最新的數據和經驗，試圖最大化回報和價值捕獲。

Okay. My follow-up is for Jeff, if you could elaborate on some of the technology on the artificial lift side that you've been incorporating. What are some of the potential financial implications? Does this have a positive impact on your decline rates, sustaining capital requirements, but give us a sense of the big picture in terms of the artificial lift technology?

好的。我的後續工作是傑夫（Jeff），如果您能詳細說明您所採用的人工舉升方面的一些技術。潛在的財務影響有哪些？這是否會對你們的下降率、維持資本需求產生正面影響，但能讓我們了解人工舉陞技術的全局？

Yes. Thanks, Arun. Well, as we talked about, we've been developing this technology over the last few years. And it's one of the big reasons. Obviously, we had the increase to guidance this quarter, and it really had to do with better base production kind of across the full portfolio. And it has to do with these artificial lift technologies that we're implementing.

是的。謝謝，阿倫。嗯，正如我們所說，過去幾年我們一直在開發這項技術。這是重要原因之一。顯然，我們本季的指導有所提高，這確實與整個產品組合中更好的基礎生產有關。這與我們正在實施的這些人工舉陞技術有關。

So for instance, and we've talked about it a little bit, we have a program that optimizes our gas lift. So it will basically monitor and through algorithms iterate how much gas we are injecting downhole to maximize production on the full bank of wells that it's supplying gas to.

舉例來說，我們已經討論過一點，我們有一個優化氣舉的程序。因此，它基本上會監控並透過演算法迭代我們在井下注入的天然氣量，以最大限度地提高其供應天然氣的整個井組的產量。

And then if we ever have any kind of downstream interruptions, it can it can divert gas and move it to the higher producing wells to make sure we're maximizing the production potential through that downtime event and then it can switch back to optimal normal operations. So we've done that exact same thing with a plunger lift optimization and then also on rod pump to run exactly how fast the rod pump is working and to optimize the lift of the oil on all of our wells out there.

然後，如果我們遇到任何類型的下游中斷，它可以轉移天然氣並將其轉移到產量較高的油井，以確保我們透過停機事件最大限度地提高生產潛力，然後可以切換回最佳正常運作狀態。因此，我們透過柱塞升力優化完成了完全相同的事情，然後還在桿式泵上精確運行桿式泵的工作速度，並優化我們所有油井的石油升力。

So yes, it's been absolutely a big mover, and we've implemented it pretty much around our multi-basin portfolio. And I think you're seeing the benefits of it right now in the base production. And we expect to obviously be moving forward to have less downtime and be able to maintain a better base production as we move into the future.

所以，是的，這絕對是一個巨大的推動力，我們已經在我們的多盆地投資組合中實施了它。我認為您現在已經在基礎生產中看到了它的好處。我們預計，隨著我們進入未來，我們顯然會減少停機時間，並能夠維持更好的基礎生產。

The next question comes from Neil Mehta from Goldman Sachs. Please go ahead.

下一個問題來自高盛的尼爾·梅塔。請繼續。

Yeah. Thank you, Ezra and team. Ezra, I always value your perspective on the oil macro, particularly around the Lower 48. What's your view of how exit to exit is tracking? It does seem from this earnings season, whether it's you or the super majors, the execution from a production standpoint has been very good and how do you think this plays out in '25? Especially given the fact that OPEC has that spare capacity and indicating the return of supply into the market? So macro thoughts on the shale trajectory would be terrific.

是的。謝謝你，以斯拉和團隊。Ezra，我一直很重視你對石油宏觀的看法，特別是圍繞 48 個州的石油宏觀情況。您對「退出到退出」的追蹤方式有何看法？從這個財報季來看，無論是你還是超級大公司，從製作的角度來看，執行力都非常好，你認為這在 25 年會如何？特別是考慮到歐佩克擁有閒置產能並表明供應返回市場的事實？因此，對頁岩軌蹟的宏觀思考將是非常棒的。

Yeah. Thanks, Neil. Appreciate the question, the opportunity to talk a little bit about the macro. If we started a little bit more of the broad level, I think what we're seeing is global demand is increasing year-over-year, essentially in line with our expectations, which is quite a bit less than 2023 over 2022. Even China, I'd say that has a lot of questions China demand is even kind of in line, demand is in line with our expectations the year.

是的。謝謝，尼爾。感謝這個問題，有機會談論宏觀。如果我們從更廣泛的層面開始，我認為我們看到的是全球需求逐年增長，基本上符合我們的預期，這比 2022 年的 2023 年要少得多。即使是中國，我想說也有很多問題，中國的需求甚至有點符合，需求符合我們今年的預期。

For us, on US supply, I think we've talked about on previous earnings calls for crude, we're looking -- we feel somewhere between 300,000 and 400,000 barrels a day annually would be the increase. In total liquids maybe closer to 500,000 barrels a day. When you look at what's happening in the Lower 48 specifically, as I said in the opening remarks, we think from December to December, it will be relatively flat. We've had relatively flat DUC counts for the past months. And even though, as you're highlighting, everybody seems to be reporting on the margin, some increased operational efficiency, it's really rig count that's remained flat and then completion spreads that have remained flat as well.

對於我們來說，關於美國的供應，我想我們已經在之前的原油收益電話會議上討論過，我們正在尋找——我們認為每年的增量將在 300,000 至 400,000 桶之間。每天的液體總量可能接近 50 萬桶。當你具體觀察 48 個州以下地區發生的情況時，正如我在開場白中所說，我們認為從 12 月到 12 月，情況將相對穩定。過去幾個月我們的 DUC 計數相對穩定。儘管正如您所強調的，每個人似乎都在報告利潤率，一些營運效率有所提高，但實際上鑽機數量保持不變，完成價差也保持不變。

And so when we roll all that up, we continue to see not only the effects of consolidation in the industry, but just overall industry discipline really being the drivers of that more moderate US growth. And we think that will continue not only into 2025, but really for the next few years moving forward.

因此，當我們將所有這些匯總起來時，我們不僅繼續看到行業整合的影響，而且整個行業紀律確實是美國經濟溫和成長的驅動力。我們認為這種情況不僅會持續到 2025 年，而且會持續到未來幾年。

Immediately, as I discussed with the current rig counts where they have been for the last eight, nine months, and where they look to be finishing the rest of this year at, that should drive moderate, potentially even less growth year-over-year than what we're seeing this year.

正如我與當前鑽機數量在過去八、九個月的情況以及今年剩餘時間的預期情況所討論的那樣，這應該會推動適度的、甚至可能更低的同比增長比我們今年看到的還要多。

And the last thing I think I'd point out is just the amount of decline. The US has grown so much in the last decade on the oil side and many of those barrels have been switched out from conventional resources into obviously more unconventional resources that come with a bit of a steeper decline. And so after years and years of growing, the US is finally looking at a spot where we have a very steep decline year-over-year as a country that needs to be filled in before new barrels can actually add to the growth. And those are the kind of key metrics that we continue to look at. But ultimately, it starts in the field at the asset level, looking at the activity and the capital efficiency of the plays.

我想我要指出的最後一件事就是下降幅度。過去十年來，美國在石油方面成長如此之快，其中許多石油已從常規資源轉向明顯更為非常規的資源，而這些資源的下降幅度更大。因此，經過多年的成長，美國終於看到了一個逐年大幅下滑的國家，需要在新的石油桶真正促進成長之前填補這一空白。這些是我們持續關注的關鍵指標。但最終，它從資產層面開始，著眼於戲劇的活動和資本效率。

Thank you, Ezra. That's really helpful perspective. And staying on the macro and then tie it into your business. On natural gas, we've seen a lot of volatility, good price to start the year, obviously, very weak prices now. This morning, we had the 6-month pushout of Golden Pass. So just as you think about the '25 plan, is it fair to say you're going to try keep it a little bit more oil-weighted versus gas? And how does it affect how you want to deploy capital in gassier areas?

謝謝你，以斯拉。這確實是很有幫助的觀點。專注於宏觀，然後將其與您的業務聯繫起來。在天然氣方面，我們看到了很大的波動，年初的價格很好，顯然，現在的價格非常疲軟。今天早上，我們迎來了為期 6 個月的 Golden Pass 淘汰賽。因此，正如您考慮 25 計劃時，是否可以公平地說您將嘗試保持石油比重高於天然氣比重？它如何影響您在天然氣含量較高的地區部署資本的方式？

Ezra Yacob

以斯拉·雅各布

Neil, it's another good question. We, at this point, Inventory levels are clearly above the 5-year average. Andcommensurate with that, the natural gas price is below the 5-year average. I will point out as we saw at the beginning of 2024, inventory levels can react very quickly on weather, specifically winter weather. But at this point, we do foresee that the inventory overhang will continue into 2025. I don't think we're alone with that idea.

尼爾，這是另一個好問題。目前，我們的庫存水準明顯高於 5 年平均值。與此相對應的是，天然氣價格低於五年平均值。我要指出的是，正如我們在 2024 年初看到的那樣，庫存水準對天氣（特別是冬季天氣）的反應非常快。但目前，我們確實預期庫存過剩將持續到 2025 年。我不認為我們是唯一有這種想法的人。

But we do forecast that we should bring down inventory levels to the 5-year average throughout 2025, assuming kind of a normal winter. And that's not only due to the increase in demand throughout the year from LNG and increased electricity demand certainly didn't help, but this summer, we did experience some off-line demand in LNG. But even with that, overall, we're still seeing an increase in year-over-year domestic demand. I think electricity is trending on about a 4.5% increase year-over-year and so all those things continue to be positive in the longer term.

但我們確實預測，假設冬季正常，我們應該在 2025 年將庫存水準降至 5 年平均值。這不僅是由於全年液化天然氣需求的增加和電力需求的增加當然沒有幫助，而且今年夏天，我們確實經歷了一些液化天然氣的離線需求。但即便如此，整體而言，我們仍然看到國內需求年增。我認為電力的趨勢是同比增長約 4.5%，因此從長遠來看，所有這些事情仍然是積極的。

So specific to what we're talking about in 2025, we're not prepared today to talk about 2025. I'm sure heading off a question that probably comes up later on the call with that. But what I'd say is we are actively managing our Dorado program. We've done that last year, and we did that this year. Longer term, as I said, we do expect we're very bullish on pricing through there.

具體到我們正在談論的 2025 年，我們今天不准備談論 2025 年。我肯定會解決稍後電話會議中可能會出現的問題。但我想說的是，我們正在積極管理我們的多拉多計畫。去年我們就這麼做了，今年我們也這麼做了。從長遠來看，正如我所說，我們確實預計我們非常看好那裡的定價。

And so we are managing the Dorado program to align with demand. We prefer to manage Dorado on the upfront kind of investment side. I think Jeff mentioned in the opening remarks, the benefits we've seen of running a consistent rig program there, increased drilled feet per day by 13% year-over-year. I think if you look at the past 2 years, it's closer to 30% over the past 2 years.

因此，我們正在管理多拉多計劃以滿足需求。我們更喜歡在前期投資方面管理多拉多。我認為傑夫在開場白中提到，我們已經看到在那裡運行一致的鑽機計劃的好處，每天的鑽探英尺數比去年同期增加了 13%。我想如果你看看過去兩年，過去兩年接近30%。

But then once we get the gas molecules online, as Lance mentioned, we do have a low cash operating cost of $1 per Mcf. That's a dynamic number as we sit here today. And so that gives us a lot of confidence and flexibility on how to invest and how to think about Dorado going forward.

但一旦我們將氣體分子在線化，正如 Lance 所提到的，我們的現金運營成本確實很低，為每 Mcf 1 美元。當我們今天坐在這裡時，這是一個動態數字。因此，這讓我們對如何投資以及如何思考多拉多的未來充滿了信心和靈活性。

The next question comes from Steve Richardson Evercore ISI. Please go ahead.

下一個問題來自 Steve Richardson Evercore ISI。請繼續。

Thank you. Good morning. Really impressive realizations in the quarter, particularly relative to what we're seeing from the broader industry and can't help, but think it's largely to do with how unique your marketing organization is. Ezra, I guess i would wonder if you could expound a little bit on the nature of the organization, right? You don't seem shy about deploying capital either in field or as we just heard with longer-haul pipes and everything else.

謝謝。早安.本季的實現確實令人印象深刻，特別是相對於我們從更廣泛的行業看到的情況而言，這無濟於事，但我認為這很大程度上與您的行銷組織的獨特性有關。以斯拉，我想你能否稍微解釋一下該組織的性質，對嗎？您似乎並不羞於在現場部署資本，或者正如我們剛剛聽到的那樣，在長途管道和其他方面部署資本。

But if you just take from the basis that you're trying to get the highest realization for your products and getting to the best sales point. How do you organize, how do you incentivize that organization on returns? And you think about capital deployed in that business? And performance of that business and how it adds value to EOG?

但如果你只是從你試圖獲得產品的最高實現並達到最佳銷售點的基礎出發。您如何組織，如何激勵該組織獲得回報？您考慮過在該業務中部署的資本嗎？該業務的表現以及它如何為 EOG 增加價值？

Steve, this is Ezra. I appreciate the remarks there and the question. Our marketing team is something we're extremely proud of and what we think is a real competitive advantage especially in a multi-basin portfolio a company such as ours.

史蒂夫，這是以斯拉。我很欣賞那裡的言論和問題。我們的行銷團隊是我們非常自豪的，我們認為這是真正的競爭優勢，特別是在像我們這樣的多流域投資組合中。

So, just maybe a few remarks by me, and then I'll hand it off to Lance to give some more details on it. Our overall marketing strategy, the first thing we always think about is really the netback pricing.

因此，我可能會發表一些評論，然後我會將其交給蘭斯提供更多詳細資訊。我們的整體行銷策略，我們首先考慮的實際上是淨回值定價。

And so taking on additional transportation is not a negative thing if it's getting you into premium markets, either for oil or gas. We like to have flexibility as we've talked about. Diversification, with access to multiple markets. We love to have control, where we get firm capacity from the wellhead to sales points.

因此，如果可以讓您進入石油或天然氣的高端市場，那麼採取額外的運輸並不是一件壞事。正如我們所討論的，我們希望具有靈活性。多元化，進入多個市場。我們喜歡擁有控制權，這樣我們就能獲得從井口到銷售點的穩定產能。

And then the duration. We've had times in the past where we've committed to long-term commitments, and we realize that's not what we want to do. We want to minimize those long-term kind of high cost commitments and really invest in with good partners that understand that we're trying to align our commitments with how we think about our growth of the individual assets.

然後是持續時間。過去，我們曾經一度做出長期承諾，但我們意識到這不是我們想要做的。我們希望最大限度地減少這些長期的高成本承諾，並真正與優秀的合作夥伴進行投資，這些合作夥伴了解我們正在努力使我們的承諾與我們對個人資產成長的看法保持一致。

And we're consistently challenging the marketing team to think about being a low-cost operator. And that's also how we invest in some of these strategic infrastructure projects is what will they do for us over the long term with margin expansion.

我們一直在挑戰行銷團隊考慮成為低成本營運商。這也是我們投資其中一些戰略基礎設施項目的方式，從長遠來看，它們將為我們帶來利潤擴張。

Yes. Right. And Steve, this is Lance. I think where I might add a little bit additional color too, when you think about how we're differentiated. It just goes back to the culture, too. I think like our marketing teams like we're integrated in with our division operations.

是的。正確的。史蒂夫，這是蘭斯。當你考慮我們如何與眾不同時，我想我也可以添加一點額外的色彩。這也可以追溯到文化。我認為就像我們的行銷團隊一樣，我們與我們的部門運作融為一體。

I mean our division operations, our marketing team, that's all integrated with our fundamentals. So, when we look at the global markets, as we think about LNG or exporting of our products. But then also when you get to like in-basin fundamentals, we have a strong grasp of that and what we see.

我的意思是我們的部門營運、我們的行銷團隊，這些都與我們的基本面融為一體。因此，當我們審視全球市場時，我們會想到液化天然氣或我們產品的出口。但當您開始喜歡盆內基本原理時，我們對此和我們所看到的東西有很強的把握。

And so then that way, we can set up and have multiple markets, and we can get to new markets like we announced with TLEPP that gets to a new premium market for the company to just further strengthen our netbacks long term. So, I'd say all what Ezra put together with his comments and then just the integration that we have internally to, I think, is a real differentiator.

這樣，我們就可以建立並擁有多個市場，我們可以進入新市場，就像我們與 TLEPP 宣布的那樣，該市場為公司進入一個新的高端市場，從而進一步加強我們的長期淨回報。所以，我想說的是，以斯拉（Ezra）的所有內容和他的評論放在一起，然後我們內部的整合，我認為，是一個真正的差異化因素。

Appreciate all that additional info, if I could just follow up really quickly on service costs. I appreciate the comments that you're 50% to 60% contracted for 2024. I would be curious to hear what you're seeing on the leading edge across the supply chain and thoughts on what the back half of the year could look like, at least on parts of the bill materials that isn't contracted at this point?

如果我能快速跟進服務成本，我將感謝所有這些附加資訊。我很欣賞你們關於 2024 年 50% 到 60% 合約的評論。我很想聽聽您對整個供應鏈前沿的看法，以及對下半年情況的看法，至少是目前尚未簽約的部分帳單資料？

Yes, Steve, this is Jeff. Thanks for the question. When we look at service costs, what we do is we really break them down into a couple of categories. So, we have like our standard services, and then we have what we refer to as like our high-spec services, which is the majority of what we utilize as a company.

是的，史蒂夫，這是傑夫。謝謝你的提問。當我們考慮服務成本時，我們所做的實際上是將它們分為幾類。因此，我們有標準服務，還有我們所說的高規格服務，這是我們作為一家公司所使用的大部分服務。

On the standard kind of rig and frac pricing out there, what we saw as it started to weaken at the second half of last year. And it really varied kind of basin to basin based on activity levels. And the Permian, I would say, definitely had the most resilient pricing for service costs since ahead like over half of the rig activity.

就標準類型的鑽孔機和壓裂定價而言，我們看到它在去年下半年開始走軟。根據活動水平，不同盆地的類型確實有所不同。我想說的是，二疊紀盆地的服務成本定價絕對是自提前以來最有彈性的，就像一半以上的鑽井活動一樣。

So, in general, I would say, since the middle of last year, standard rig and frac prices are down probably 15% to 20%. When you look at some of the support services over that same period, I'd say coiled tubing and wireline costs are probably down 15% and then then workover rigs have reduced about 10%.

因此，總的來說，我想說，自去年年中以來，標準鑽機和壓裂價格可能下降了 15% 至 20%。當您查看同一時期的一些支援服務時，我會說連續油管和電纜成本可能下降了 15%，然後修井機也減少了約 10%。

And just an additional thing that I'd point out is that through the first half of the year, we've really seen those reductions have kind of slowed as has Ezra talked about, with the rig count and the frac fleet count kind of stabilizing. So the big point out there, I'd say, is with the high-spec services that we utilize, we currently see relatively stable pricing and we probably will mostly through the rest of the year.

我要指出的另一件事是，在今年上半年，我們確實看到這些減少速度有所放緩，正如埃茲拉談到的那樣，鑽機數量和壓裂船隊數量趨於穩定。因此，我想說，最重要的一點是，透過我們使用的高規格服務，我們目前看到相對穩定的價格，並且我們可能會在今年剩餘的時間裡看到相對穩定的價格。

But we have started to see a few areas of moderation and a little bit of spot availability, and it's primarily around the gas plays and outside the Permian. And then as you talked about, we're just locking up to 50% to 60% of our services. The way we do that, our contracting strategy is very strategic to where we stagger out our contracts. So we aren't rolling contracts off all at once. So we're constantly renegotiating new contracts and also renegotiating the spot market to make sure we're taking the best advantage we can of pricing that's out there.

但我們已經開始看到一些區域的放緩和一些現貨供應，主要是在天然氣田周圍和二疊紀以外。然後正如您所說，我們只是鎖定了 50% 到 60% 的服務。我們這樣做的方式，我們的合約策略對於我們錯開合約的地方非常具有戰略意義。因此，我們不會立即取消所有合約。因此，我們不斷地重新談判新合同，並重新談判現貨市場，以確保我們充分利用現有的定價優勢。

The next question comes from Leo Mariani from ROTH Capital. Please go ahead.

下一個問題來自羅斯資本的 Leo Mariani。請繼續。

I just wanted to follow up a little bit on your comments around how you're going to be kind of prudently managing your Dorado activity. I just wanted to get a sense, are you pretty much committed to kind of the 1 rig this year, it sounds like you want to get the wells drilled, but is there a potential to maybe defer some of those turn in lines or maybe choke back some of those volumes until later this year, just based on the weak current pricing. Obviously, I know you got the second phase of your Verde pipeline coming on, which is going to improve netbacks. But I was just hoping to get a little more color on how you kind of prudently manage that activity and how you're thinking about it?

我只是想跟進一下您關於如何謹慎管理多拉多活動的評論。我只是想了解一下，今年您是否非常致力於 1 號鑽機，聽起來您想鑽探油井，但是否有可能推遲其中一些轉入生產線或可能堵塞僅基於當前疲軟的定價，將部分銷量推遲到今年晚些時候。顯然，我知道你們的 Verde 管道第二階段即將開始，這將改善淨收益。但我只是希望能更多地了解您如何謹慎地管理這項活動以及您如何看待它？

Yeah, Leo. This is Jeff. And as Ezra talked about earlier, there's really no change moving forward from what we had talked about last quarter. we're obviously managing the investment timing and it's primarily on the completion side where we just pushed a handful of wells into the second half of the year because we had some flexibility there. And as he said, we'll just be able to monitor those prices through kind of summer and fall and see what happens as we move into the back end of the year.

是的，利奧。這是傑夫。正如以斯拉早些時候談到的那樣，與我們上季度討論的情況相比，確實沒有任何變化。顯然，我們正在管理投資時機，主要是在完井方面，我們只是將一些油井推到了下半年，因為我們在那裡有一些靈活性。正如他所說，我們將能夠在夏季和秋季監控這些價格，並看看進入年底時會發生什麼。

With that, though, yeah, we're going to go ahead and maintain that 1-rig program really with no changes through the rest of the year. I mean the team has just done an exceptional job on building on their existing operational efficiencies. And as Ezra stated, I mean, they're already halfway through the year, they've seen a 13% improvement in their overall footage per day.

儘管如此，是的，我們將繼續保持 1 台鑽機計劃，在今年剩餘時間內保持不變。我的意思是，該團隊剛剛在現有營運效率的基礎上做了出色的工作。正如 Ezra 所說，我的意思是，今年已經過半了，他們每天的整體鏡頭品質提高了 13%。

So, the big thing is, if you look at the program, I mean, it's only a 20, 25 well program right now. We really want to build on that and continue to push the great technical and operational progress that we've made so far. And so we'll continue to do that through the year and stay on course with our current plan and just continue to make the best economic decision for the play as we move forward.

所以，最重要的是，如果你看看這個項目，我的意思是，它現在只是一個 20、25 孔的項目。我們真的希望以此為基礎，繼續推動我們迄今為止所取得的巨大技術和營運進步。因此，我們將在這一年中繼續這樣做，並堅持我們當前的計劃，並在我們前進的過程中繼續為該劇做出最佳的經濟決策。

Okay. I appreciate that. And then just with respect to the Utica, you made some comments that wells are sort of performing in line with expectations, but you also mentioned the fact that you continue to kind of experiment with spacing and completion design. So don't exactly know what the internal expectations are. But are you seeing the well performance trend better? Are the last two pads maybe just better EURs per foot versus where they were in 2023? Just trying to get a sense of trends on these wells and whether or not they're getting better and maybe that was what your internal expectation was?

好的。我很欣賞這一點。然後就尤蒂卡而言，您發表了一些評論，認為油井的表現符合預期，但您也提到了您繼續對間距和完井設計進行實驗的事實。所以不太清楚內部期望是什麼。但您是否更清楚看到油井性能趨勢？最後兩個墊是否可能只是比 2023 年的每英尺歐元更高？只是想了解這些油井的趨勢以及它們是否正在變得更好，也許這就是您的內部期望？

Yeah, this is Keith. I'd say they've met our internal expectation. We're expecting performance to vary over the 445,000 net acre position with the 140-mile span of it. We've been focused on our activity on the 225,000 net acres that we have in the volatile oil window? And we see changes in geology along there. We see we're going to have different spacing in different areas, different type curves in different areas, but we are constructive on the play overall everywhere that we've tested, and we think the variation that we're seeing is within the norm.

是的，這是基斯。我想說他們已經達到我們的內在期望了。我們預計在 445,000 淨英畝、跨度為 140 英里的範圍內，性能會有所不同。我們一直專注於我們在揮發性油窗口中擁有的 225,000 淨英畝的活動？我們看到了那裡地質的變化。我們看到我們將在不同的區域有不同的間距，在不同的區域有不同的類型曲線，但我們對我們測試過的所有地方的總體表現都是建設性的，我們認為我們看到的變化在正常範圍內。

The next question comes from Scott Hanold from RBC Capital Markets. Please go ahead.

下一個問題來自加拿大皇家銀行資本市場的史考特漢諾德。請繼續。

Yes. Thanks. Good morning. Maybe sticking with the Utica and how you think about like marketing gas and some of your NGLs. Can you talk about the strategy as you look to eventually get to more scale development in the Utica? How you think about marketing those gas and NGLs?

是的。謝謝。早安.也許堅持尤蒂卡以及你對行銷天然氣和一些液化天然氣的看法。您能否談談您希望最終在尤蒂卡實現更大規模開發的策略？您如何看待行銷這些天然氣和液化天然氣？

Hey, Scott, hey, good morning, this is Lance. Yes, when we look at the Utica, one of the things, it's very consistent. As we think about the early evaluation of the play. One of the things that's unique, again, I know we've commented on this in the past, but when you think about it, I mean, you don't really need a lot of major infrastructure build-out. So what we've really been focused on from a marketing, midstream and within our division up there is really just getting the local gathering systems in place and those are both commissioned and online, and we're getting to the markets.

嘿，史考特，嘿，早上好，我是蘭斯。是的，當我們觀察尤蒂卡時，其中之一是非常一致的。當我們思考該劇的早期評價時。其中一件獨特的事情是，我知道我們過去曾對此發表過評論，但當你考慮一下時，我的意思是，你實際上並不需要大量的主要基礎設施建設。因此，我們真正關注的是中游和部門內部的行銷，實際上只是讓本地收集系統就位，這些系統都是委託的和線上的，我們正在進入市場。

I know we've talked a lot about there's just a lot of ample redundant processing capacity. Again, going back to my earlier comment about you don't need to make a lot of real long-term commitments. It's a place where we have measured pace, right? A lot of the acreage is all HBP. We can have a measured pace of production up there.

我知道我們已經討論過很多關於存在大量冗餘處理能力的問題。再次回到我之前的評論，你不需要做出很多真正的長期承諾。這是我們衡量速度的地方，對吧？大部分土地都是 HBP。我們可以在那裡有一個可測量的生產速度。

But then from a commitment standpoint with being existing capacity and also very near to a pretty a pretty sizable local demand market on the crude oil side, too. So I think as you think about our strategy from a marketing standpoint, it will be very consistent with our other plays that we've had that have been very early in their development. So we'll be very measured. The crude oil will probably start with lease sales and then we'll kind of look at oil gathering. We're setting up and selling a lot of our crude into the local refineries today that's in that area. So I would say it aligns very much with what we've done in many of our other plays. Scott.

但從承諾的角度來看，現有產能也非常接近原油方面相當大的本地需求市場。所以我認為，當你從行銷的角度考慮我們的策略時，它將與我們早期開發的其他遊戲非常一致。所以我們會非常謹慎。原油可能會從租賃銷售開始，然後我們會考慮石油收集。今天，我們正在該地區建立並向當地煉油廠出售大量原油。所以我想說它與我們在許多其他戲劇中所做的非常一致。斯科特.

Yes. Yes. And I guess delving into a little bit more specific on that, do you expect to try to get the gas that you produce out of the basin to get better pricing in with the NGLs? Would you try to find a way to maybe get to the export market in that area where you get much stronger pricing? So just more so on the NGLs than in the gas, like do you expect to get those out of basin? Or what's sort of the short and longer-term plan there?

是的。是的。我想對此進行更具體的研究，您是否希望嘗試將您生產的天然氣從盆地中取出，以便透過液化天然氣獲得更好的定價？您是否會嘗試找到一種方法來進入該地區的出口市場，在那裡您可以獲得更強勁的定價？因此，天然氣凝析液的影響比天然氣凝析液的影響更大，您希望將這些天然氣從盆中取出嗎？或者那裡的短期和長期計劃是什麼？

No, that's a great question. I think, again, I mean, not to kind of go back to my earlier comments, it's going to be a function of just the pace of the development there. And so commitments, we're going to be very disciplined there. But as you think about the gas markets there, especially at the tailgate from a residue standpoint, into the markets, there's a significant amount of just demand that's there kind of going through the Midwest, you have a lot of interstate connectivity. It's an extremely liquid market.

不，這是一個很好的問題。我想，我的意思是，不要回到我之前的評論，這將取決於那裡的發展速度。因此，我們將嚴格遵守承諾。但當你考慮那裡的天然氣市場時，特別是從殘餘物的角度來看，進入市場時，有大量的公正需求穿過中西部，你有很多州際連通性。這是一個流動性極高的市場。

So I think we're going to be pretty disciplined there, and I've been using that word quite a bit, but it's just not a need to really reach too further downstream. And then as you think about the NGL markets, there's a lot of it's a little bit different than other plays in that you have a lot of the local fractionation is kind of there within the state, right?

所以我認為我們在那裡會非常有紀律，而且我已經經常使用這個詞了，但這並不需要真正到達下游太遠。然後當你想到 NGL 市場時，你會發現它與其他市場有很多不同，因為你在州內有很多本地分餾，對吧？

And so a lot of the purity is being exported. So we're kind of already kind of participating in some of those aspects as well, just because that's some of the natural markets avenues for the products there on NGLs, Scott.

因此，大量的純度正在出口。因此，我們已經開始參與其中的一些方面，因為這是 NGL 產品的一些自然市場途徑，Scott。

The next question comes from Charles Meade from Johnson Rice. Please go ahead.

下一個問題來自約翰遜賴斯公司的查爾斯·米德。請繼續。

Yes. Good morning, Ezra, to you and the whole EOG team there, I'd like to go back to the Utica and the ShadowPad. So it looks like a really attractive IP30 you showed us there, relative to the wider space wells. But I'm curious if you could maybe offer a little bit more detail or insight on how those spot rates are evolving from that pad. And if you have any sense of how long it will be before you're able to say that that the spacing policy is a success?

是的。早安，Ezra，您和整個 EOG 團隊，我想回到 Utica 和 ShadowPad。因此，相對於更寬的空間井來說，您在那裡向我們展示的 IP30 看起來非常有吸引力。但我很好奇您是否可以提供更多關於即期匯率如何從該墊演變的細節或見解。如果您知道需要多長時間才能說間隔政策是成功的？

This is Keith. So as far as how the rates are evolving question and talk a little bit about, like the product mix. So our IP30s are heavily oil weighted, heavily liquids weighted. We do see that in a lot of combo plays. So expect that early on, and we've seen that across all the well packages we have in the north and south.

這是基斯。至於費率如何演變的問題和討論，例如產品組合。因此，我們的 IP30 是重油、重液體。我們確實在許多組合遊戲中看到了這一點。因此，儘早期待這一點，我們已經在北部和南部的所有油井包中看到了這一點。

So we still estimate like a 60% to 70% liquids mix for the UR product. And so I'll tie back to a well that has a little more production history, which is the Timberwolf. So Timberwolf and also the Xavier package, that IP30 was around 55% oil cut. Those have been on for about a little over six months now, and we see closer to a 50% oil cut right now. So you see it moderate, but it's not a large drop overall.

因此，我們仍然估計 UR 產品含有 60% 到 70% 的液體混合物。因此，我將聯繫到一口具有更多生產歷史的井，即 Timberwolf。Timberwolf 和 Xavier 套件的 IP30 約為 55% 的減油量。這些措施已經實施了大約六個月多一點，我們現在看到石油減產接近 50%。所以你看到它是溫和的，但整體來說下降幅度並不大。

As far as how long to determine if the spacing is a success? It's going to vary in different places, but we just want to see more production data on the, I'd say, at least six months, nine months or so. And compare that to the data set that we have on some of our older packages, Timberwolf, Xavier, et cetera, and just see how they hang in there, see how the pressures look, et cetera.

至於間隔多久才能判斷是否成功？不同的地方會有所不同，但我們只是想看到更多的生產數據，我想說，至少六個月、九個月左右。並將其與我們的一些舊套件（Timberwolf、Xavier 等）上的資料集進行比較，看看它們如何堅持下去，看看壓力如何，等等。

Got it. That's helpful. So maybe midyear next year. And then a follow-up on the TLEPP project. I wonder if you could sticking on the theme with the midstream, but wondering if you could give us a narrative on how that project came together for you guys, particularly that I know a lot of people, a lot of marketers have been trying to get east from the ship channel to markets East of there and how this came together and how it came to be that you're the 100% of capacity there?

知道了。這很有幫助。所以也許明年年中。然後是 TLEPP 計畫的後續行動。我想知道你是否可以堅持中流主題，但想知道你是否可以向我們講述一下這個項目是如何為你們走到一起的，特別是我認識很多人，很多營銷人員一直在努力讓從船舶航道向東到那裡以東的市場，這是如何結合在一起的，以及如何成為那裡100% 的運力？

Hi, Charles, good morning. Thanks for the question. This is Lance. We could probably spend 30 minutes on that question, but I think Ezra is going to kick me over here if I spend too much time. But I'd say I talked earlier, one of the questions kind of related to just the marketing strategy and the integration that we have and we think about like the markets. And was something that we looked at as you asked the genesis of that. I mean that started all the way back in kind of 2022, right?

嗨，查爾斯，早安。謝謝你的提問。這是蘭斯。我們可能會花 30 分鐘來討論這個問題，但我想如果我花太多時間，Ezra 就會把我踢到這裡。但我想說我之前談過，其中一個問題與行銷策略和我們所擁有的整合以及我們像市場一樣思考的整合有關。當你問起它的起源時，我們就研究了這一點。我的意思是，這一切可以追溯到 2022 年，對吧？

And so we saw kind of that station 65 when you look kind of into that market was likely going to be very much premium market long-term. And so we worked alongside Williams there, went out for their open season, and we're able to capture all the capacity there through our precedent agreement. So that took a lot of time, I mean, I think you really have to have that foresight and then looking forward like into the markets.

因此，當您研究該市場時，我們看到了 65 號站，從長遠來看，該市場可能會成為非常優質的市場。因此，我們與威廉斯在那裡合作，參加了他們的公開賽季，我們能夠透過我們之前的協議獲得那裡的所有容量。所以這花了很多時間，我的意思是，我認為你真的必須有遠見，然後像進入市場一樣向前看。

And then I think other thing I really want to capture is just that is all in path right, Charles. So I mean, when you think about like South Texas all the way through our Eagle Ford asset, all the way up into the Gulf Coast market. I mean, we can kind of capture everything, the Delaware Basin with our existing transport, our new transport that we're going to have on Matterhorn, all that that kind of gets in the path can kind of get into that market. So that's a little bit of that all came together because, yes, you have a lot of these pipes that are coming in to the Gulf Coast.

然後我想我真正想要捕捉的另一件事就是一切都在正確的道路上，查爾斯。所以我的意思是，當你想到南德克薩斯州，一直到我們的 Eagle Ford 資產，一直到墨西哥灣沿岸市場。我的意思是，我們可以捕獲一切，特拉華盆地與我們現有的運輸，我們將在馬特洪峰上擁有的新運輸，所有這些阻礙的東西都可以進入那個市場。所以這是所有這些的一部分，因為，是的，有很多這樣的管道進入墨西哥灣沿岸。

And so as you've seen on some of our slides that we have there, especially related to gas sales agreements, you have to have end markets on the other side. So we've been very forward thinking there. You can see the ramp-up that we have in terms of other term sales that we have. So you need to have the transport position, Charles, but then you also need to be thinking about having strategic sales on the other side. And I think that's another thing that really differentiates us that we've got that in place now and then also looking forward.

正如您在我們的一些幻燈片中看到的那樣，特別是與天然氣銷售協議相關的幻燈片，您必須在另一邊擁有終端市場。所以我們在這方面一直都非常具有前瞻性。您可以看到我們在其他期限銷售方面的成長。因此，查爾斯，你需要擁有運輸地位，但你也需要考慮在另一邊進行策略性銷售。我認為這是我們真正與眾不同的另一件事，我們現在已經做到了這一點，然後也展望未來。

The next question comes from Paul Cheng from Scotiabank. Please go ahead.

下一個問題來自豐業銀行的 Paul Cheng。請繼續。

Thank you. Good morning, team. Maybe this is for Jeff or maybe Ezra. I want to go back into artificial lift. I want to see that, I mean, the technology you use and how is that different than what is commonly available in the market today by some of the oil services. So in other words, that do you think your adoption that what gives you the edge comparing to your competitor? And whether that you can quantify, you talked about the base operation become better, how that improves your base decline rate? That's the first question.

謝謝。早上好，團隊。也許這是給傑夫或以斯拉的。我想回到人工舉升領域。我想看看你們使用的技術，以及它與當今市場上一些石油服務公司常見的技術有何不同。換句話說，您認為您的採用是否為您帶來了與競爭對手相比的優勢？是否可以量化，您談到基數營運變得更好，如何改善您的基數下降率？這是第一個問題。

Thanks, Paul. This is Jeff. Yes, that's a great question. And with any of our technology that we developed. The beautiful thing about it is it's integrated within EOG with all of our different systems. So it communicates with all the data is getting all of our production data, all the all the pressures, all the flow rates, temperatures, everything real time. And so all that's flowing into the system, and you can see that, which with a lot of other third-party systems, that's not possible.

謝謝，保羅。這是傑夫。是的，這是一個很好的問題。以及我們開發的任何技術。它的美妙之處在於它與我們所有不同的系統整合在 EOG 中。因此，它與所有數據進行通信，獲取我們所有的生產數據、所有壓力、所有流量、溫度，所有即時數據。所以所有這些都流入系統，你可以看到，對於許多其他第三方系統來說，這是不可能的。

On top of that, it also ties directly into our centralized control rooms, which is in each one of basins that watches our production real-time 24/7. And as these systems are optimizing at the control room can watch it, monitor and make sure that the iterated set points are correct then notify any people in the field real time to be able to go out and check on a well or make any additional changes that need to be done. So really, it has to do with the integration within our systems, it really kind of sets us apart from that aspect.

最重要的是，它還直接連接到我們的集中控制室，該控制室位於每個盆地中，24/7 即時監控我們的生產。當這些系統在控制室進行最佳化時，控制室可以觀察、監控並確保迭代的設定點正確，然後即時通知現場的任何人員，以便能夠出去檢查油井或進行任何其他更改這需要完成。所以實際上，它與我們系統內的整合有關，它確實使我們在這方面與眾不同。

And then on the decline rate side or I should say, at least from a base production and what our forecast is, you always have a certain amount of downtime that goes along with normal operations of wells. And what these optimizers really do is they help minimize that downtime. So instead of having a handful of percentage, you're able to actually knock off a percentage to downtime be able to keep these wells flowing and maximize the production across our multi-basin portfolio.

然後在遞減率方面，或者我應該說，至少從基本產量和我們的預測來看，在油井的正常運作過程中總是會有一定量的停機時間。這些優化器的真正作用是幫助最大限度地減少停機時間。因此，您不必擁有少量的百分比，而是能夠實際減少一定比例的停機時間，從而保持這些油井的流動並最大限度地提高我們多盆地投資組合的產量。

That’s great. The second question that I think, Ezra, you talked about. You guys can do quickly the rate if you want to increase activity level, what will be the precondition? I mean what do you look for in order for you to determine when is the right time for you to accelerate the rig activity or that even how many wells that you bring on the market?

那太好了。我認為，以斯拉，你談到的第二個問題。如果你們想提高活動量的話，速度可以做得很快，前提是什麼？我的意思是，為了確定何時是加速鑽機活動的合適時機，或甚至確定將多少井推向市場，您需要尋找什麼？

Yes, Paul, this is Ezra. I think you broke up there just for a second. So I'm not sure if you're asking about the Bakken, Dorado or Utica, but obviously...

是的，保羅，這是以斯拉。我想你們就在那裡分手了一秒鐘。所以我不確定你是在問巴肯、多拉多還是尤蒂卡，但顯然...

I'm talking about Dorado. What will be the precondition for you to decide, okay, this is the right time, I want to increase activities and bring more gas to the market. Is it just simply price? Or are you looking for anything else? And it is simply the price or that you are looking for anything else? And increase of 5, is there price mix of that will be buying the impact trick upon?

我說的是多拉多。你決定的前提是什麼，好吧，現在是正確的時間，我想增加活動，為市場帶來更多的天然氣。難道只是單純的價格嗎？或者您還在尋找其他東西嗎？這僅僅是價格還是您正在尋找其他東西？而增加5，是否會對購買的價格組合產生影響？

Yeah. Thank you, Paul. So yes, with Drato, I think the biggest thing to continue to think about with any gas play, and for us, the dominant one is Drato. And you can see right now in the current environment, how volatile gas prices are is you've got to be committed to being the low-cost supplier. You've got to be a low-cost operator on the gas side because as we all know, the margins are pretty skinny, you can make up with it with low operating costs, gas is easier to operate in liquids. But then you need to make up for it with volumes.

是的。謝謝你，保羅。所以，是的，對於 Drato，我認為任何氣體遊戲中最需要繼續考慮的事情，對我們來說，主導的是 Drato。現在您可以看到，在當前的環境下，天然氣價格波動有多大，您必須致力於成為低成本供應商。你必須成為天然氣的低成本營運商，因為眾所周知，利潤相當微薄，你可以用較低的營運成本來彌補，天然氣在液體中更容易操作。但隨後你需要用銷量來彌補。

And then the second piece of it is you've got to be exposed to diverse markets because the volatility of gas means that you'll have arbitrages come and go very quickly. And if you've got the gas they're exposed to the market, you can capture those. If you try chase those arbitrages much like we saw in 2022 and 2023, by the time you can try to get your gas in position to capture an arbitrage, it might be gone. So those are the two things that we really focus on.

第二點是你必須接觸不同的市場，因為天然氣的波動性意味著套利來得快去得也快。如果你有他們暴露在市場上的天然氣，你就可以捕獲它們。如果你嘗試像我們在 2022 年和 2023 年看到的那樣追逐這些套利，那麼當你嘗試讓你的 Gas 到位以捕獲套利時，它可能會消失。所以這是我們真正關注的兩件事。

In general, when you start talking about capital allocation to it, those comments you should read into is why we've continued to stick with a rig activity down there, kind of a minimal level of activity. so that we can continue, as Jeff highlighted, to learn, embed those learning's in the very next well and continue to be confident that when we see the emerging demand hit, which is coming in next few years with a lot of the LNG coming online, we'll be in a position to be able to bring to market, low cost reserves low-cost gas reserves.

總的來說，當你開始談論資本分配時，你應該閱讀的那些評論就是我們繼續堅持在那裡進行鑽機活動的原因，這是最低水準的活動。這樣我們就可以像傑夫強調的那樣繼續學習，將這些知識融入到下一口井中，並繼續充滿信心，當我們看到新興需求的衝擊時，這種需求將在未來幾年內出現，大量液化天然氣將上線，我們將能夠將低成本天然氣儲備推向市場。

Now on that's on the drilling side. On the completion side, we do have a lot of flexibility there. A great way to kind of overspend is if you're bringing in a frac spread and sending it out of the basin and bringing it back picking up water lines, laying them back down and things like that.

現在是鑽井方面。在完成方面，我們確實有很大的彈性。一種超支的好方法是，如果你引入壓裂擴散並將其從盆地中取出，然後將其帶回，拾取水管，將其放回原處等等。

So that's why we try to keep a drilling rig going, as I've talked about in the past, that's kind of the first hurdle to capturing economies of scale. Then the second one is trying to get your packages lined up. So when you bring a completion spread in, you can actually keep it for a significant number of wells and bring that on.

這就是為什麼我們試圖保持鑽機運轉，正如我過去談到的那樣，這是實現規模經濟的第一個障礙。然後第二個是嘗試讓你的包裹排隊。因此，當您引入完井分佈時，您實際上可以將其保留在大量井中並繼續使用。

What we look for in general to when we could take that next step. It's not only internal learning's, it's not only the returns that we're generating. But it is also with respect to the macro market. As I said on a previous question, the price essentially follows inventory levels or it's very lined out with that. We're below the five-year average right now on pricing and above the five-year average on inventory levels.

當我們可以採取下一步行動時，我們一般會尋找什麼。這不僅僅是內部學習，也不僅僅是我們所產生的回報。但這也是針對宏觀市場而言的。正如我在上一個問題中所說，價格基本上取決於庫存水平，或者與之非常一致。目前我們的定價低於五年平均水平，庫存水準高於五年平均水平。

So inventory levels are a big driver of what we're looking for. But then we're also cognizant of the supply and demand fundamentals for really North America or really just the US.

因此，庫存水準是我們尋找的一個重要驅動因素。但我們也認識到北美或美國的供需基本面。

And again, what we see is a lot of increased demand coming in the next few years. You have 10 to 12 Bcf a day arguably under construction right now that should be on really beginning throughout 2025. And then in addition to that, as you look at the back half of the decade, I think on the last earnings call, we highlighted our forecast for potentially another 10 to 12 Bcf a day of demand increasing from things like electricity generation, coal power plant retirements, just an increase in Mexico exports and then finally, just overall industrial demand growth.

同樣，我們看到未來幾年需求將大量增加。您每天有 10 到 12 Bcf，可以說目前正在建設中，應該在 2025 年真正開始。除此之外，當你回顧這十年的後半段時，我認為在上次財報電話會議上，我們強調了我們的預測，即發電、煤電等領域的需求可能每天再增加10 至12 Bcf工廠退役，墨西哥出口增加，最後是整體工業需求成長。

So we really look at it internally. Our ability to generate higher returns and embed our learnings, so that we're investing at the right pace. And externally, we look at supply demand and ultimately, the inventory levels, Paul.

所以我們真的在內部審視它。我們有能力產生更高的回報並融入我們的知識，以便我們以正確的速度進行投資。在外部，我們專注於供應需求，最終專注於庫存水平，保羅。

The next question comes from Doug Leggate from Wolfe Research. Please go ahead.

下一個問題來自 Wolfe Research 的 Doug Leggate。請繼續。

Ezra, how are you? Thanks for having me on. Can you hear me okay?

以斯拉，你好嗎？謝謝你邀請我參加。你聽得到我說話嗎？

Yes, sir, Doug, it's good to hear from you again.

是的，道格先生，很高興再次收到您的來信。

Good. I wasn’t sure if I had gotten into there, but I wonder if I could pull you back to the Utica just for a second. I mean, delineation is kind of a glacial event for a lot of companies. You guys have moved very quickly not only to lock down the acreage, but to demonstrably show that at least on our numbers, this is starting to look competitive relative to your Permian position.

好的。我不確定我是否已經進入那裡，但我想知道我是否可以把你拉回尤蒂卡一會兒。我的意思是，對很多公司來說，分割是一種冰川事件。你們行動非常迅速，不僅鎖定了種植面積，而且至少從我們的數據來看，這相對於你們二疊紀的位置開始看起來具有競爭力。

I'm just wondering how you would frame the extent to which you've derisked the play at this point and when you would anticipate a more meaningful development plan as you move forward? Is it infrastructure constrained? Or is there another reason that you're waiting? Because it looks like geologically, at least you're figuring this thing out.

我只是想知道你會如何界定你目前已經在多大程度上避免了這部劇的風險，以及在你前進的過程中你什麼時候會預期一個更有意義的發展計劃？基礎建設是否受到限制？或是還有其他原因讓您等待？因為它看起來像地質學，至少你正在弄清楚這件事。

Yes, Doug, I appreciate that. I think everything you're saying is correct. It's how we feel about it, too. geologically, we're doing a great job fearing out. I will point out the only caveat, I'd maybe make is we have, as Jeff pointed out, concentrated right now in in the volatile oil window. So, roughly 225, 000 out of the 445,000 acres. But you can see our confidence the fact that we continue to put we continue to put together some leased acreage as we increase the footprint about 10,000 acres.

是的，道格，我很感激。我認為你說的一切都是正確的。我們對此也有這樣的感受。從地質角度來看，我們在恐懼方面做得很好。我要指出的唯一警告是，正如傑夫指出的那樣，我們現在集中在揮發性石油窗口中。因此，445,000 英畝土地中約有 225, 000 英畝。但你可以看到我們的信心，因為我們繼續增加一些租賃面積，增加了約 10,000 英畝的佔地面積。

And it's not overly complicated, Doug. We've got multiple packages now in the north, and we're seeing consistently strong results. So, I would say we're feeling very confident there in the North. Certainly, as Keith and Charles were speaking about, we're not 100% satisfied with a spacing number if you wanted to get down that path.

道格，這並不太複雜。我們現在在北部有多個包裹，並且我們看到了持續強勁的結果。所以，我想說我們對北方感到非常有信心。當然，正如基斯和查爾斯所說，如果你想走這條路，我們對間距數字並不是 100% 滿意。

But in any North American shale play, you know as well as I do, the spacing is going to be between 600-foot and 1,000-foot spacing, probably on average, depending on the play.

但在任何北美頁岩油田中，你和我一樣知道，間距將在 600 英尺到 1,000 英尺之間，可能是平均間距，這取決於油田。

And then in the South, we only have one package really with any amount of data on there. So, we're a little bit further behind on delineation down there, even though that package did come online with our expectations.

然後在南方，我們只有一個包裹，裡面確實有任何數量的數據。因此，儘管該軟體包確實符合我們的預期，但我們在劃分方面還有些落後。

So, it's too early to talk about 2025, but just to call back, we're planning on this year doubling the amount of wells to sales over what we did in 2023. And I think you're spot on, Doug, that we are seeing to-date with the early-time wells that we have, we're seeing that it's competitive with parts of the Permian Basin.

因此，現在談論 2025 年還為時過早，但回顧一下，我們計劃今年將油井銷量比 2023 年增加一倍。我認為你說得對，道格，我們看到迄今為止我們擁有的早期油井，我們看到它與二疊紀盆地的部分地區具有競爭力。

That's what we are seeing as well. And I think, to be honest, I think some of us were a little skeptical to begin with, and you're proving, as you're proving us wrong. So, congratulations on that.

這也是我們所看到的。我認為，說實話，我認為我們中的一些人一開始就有點懷疑，而你正在證明，正如你正在證明我們錯了一樣。那麼，恭喜你。

My follow-up, there's been a lot of questions this morning on gas and the extraordinary realizations you guys have had, I think it was pointed out earlier, but my question is on the proportion of gas that you're prepared to commit to international pricing.

我的後續行動，今天早上有很多關於天然氣的問題，以及你們所獲得的非凡認識，我認為早些時候已經指出了這一點，但我的問題是關於你們準備向國際承諾的天然氣比例定價。

I think right now, I want to say if I look out to the back end of the decade at your current volume, you're about halfway locked in, whether it be Brent-related or the other things that you pointed out.

我想現在，我想說的是，如果我以你目前的交易量展望本世紀末，你大約已經鎖定了一半，無論是與布倫特原油相關還是你指出的其他事情。

But in terms of your preparedness to step up your international exposure, what are you thinking as we see incremental LNG plants start to come out of the wood work, like the Woodside deal with Wheelan [ph], for example.

但就您準備好增加國際曝光度而言，當我們看到增量液化天然氣工廠開始逐步完成時，您在想什麼，例如伍德賽德與惠蘭的交易[ph]。

Where would you be comfortable in terms of international exposure? I'm losing my voice, but in terms of international exposure, Ezra, as it relates to your total proportion of your volumes?

就國際接觸而言，您在哪裡感到舒適？我失去了我的聲音，但就國際曝光率而言，以斯拉，因為它與你的總銷售比例有關？

Yes, Doug, I appreciate that. We got Slide 11 in our deck that kind of highlights what we've done with our gas sales agreements to expose us to pricing diversification, including the international.

是的，道格，我很感激。我們的幻燈片 11 強調了我們在天然氣銷售協議方面所做的工作，使我們能夠接觸到定價多元化，包括國際定價。

I'd point out, Doug, the biggest thing is when we entered into these agreements, as you'll recall, we entered , we started negotiations and really entered into most of these and kind of a counter-cyclic time period. And so the first thing to keep in mind is, when we look at these opportunities, we want to make sure that we're being a low cost, we're entering into a lower cost contract or gas sales agreement that's going to provide us with upside exposure.

我想指出的是，道格，最重要的是當我們簽訂這些協議時，正如你所記得的那樣，我們開始了談判，並真正進入了其中的大部分協議，並且進入了一個反週期時期。因此，首先要記住的是，當我們考慮這些機會時，我們要確保我們是低成本的，我們正在簽訂較低成本的合約或天然氣銷售協議，這將為我們提供具有上行風險敞口。

And then in the sales agreements that we've done to date, we feel like it limits our exposure to risk as well. One reason that we're able to enter into some of these agreements is just because of to be perfectly honest, the size and scale of what we've captured, mainly at Dorado, but also across other basins as Lance has talked about. So right now, as you pointed out, we're only really selling about 140 MMBtu per day that gets exposed to the uplift of JKM pricing. But from 2020 to 2023, as we highlighted on Slide 11, that's added about just over $1 billion worth of revenue uplift, which is outstanding. So even on small volumes, it can be a major impact on the revenue side.

然後，在我們迄今為止簽訂的銷售協議中，我們認為它也限制了我們面臨的風險。我們能夠簽署其中一些協議的原因之一是，說實話，我們所捕獲的區域的規模和規模，主要是在多拉多，但也像蘭斯談到的那樣跨越其他盆地。因此，正如您所指出的，目前我們每天僅實際銷售約 140 MMBtu，而這會受到 JKM 定價上漲的影響。但從 2020 年到 2023 年，正如我們在投影片 11 中所強調的那樣，收入增加了約 10 億美元以上，這是非常出色的。因此，即使產量很小，也可能對收入產生重大影響。

We're happy that, that's going to step up here in '25 and '26 as Corpus Christi brings on their Stage 3, and that will increase approximately to 720 MMBtu under a couple of different gas sales agreements that are outlined on that slide. And then as we've talked about last quarter, we made it yet another and I would call this countercyclic agreement because an agreement like this hasn't been done in North America for quite some time, but we actually have a Brent link now gas sales agreement.

我們很高興的是，隨著科珀斯克里斯蒂進入第三階段，這一數字將在25 年和26 年進一步提高，根據該幻燈片中概述的幾個不同的天然氣銷售協議，這一數字將增加到大約720 MMBtu。然後，正如我們在上個季度討論的那樣，我們又達成了一項協議，我將其稱為反週期協議，因為北美已經有一段時間沒有達成這樣的協議了，但我們實際上現在有一條布倫特原油連接銷售協議。

When we think about a percentage of our portfolio that we would necessarily like to have exposed to international, I'm not sure if we have a set percentage that we publicize right now because it really is dependent on the types of agreements and the marketing structures that we see available at the time. But ultimately, our strategy is to get more of our gas exposed to diverse market and to get our gas kind of offshore and exposed to the international markets.

當我們考慮我們必然希望接觸國際的投資組合的百分比時，我不確定我們現在是否有一個公開的固定百分比，因為它實際上取決於協議的類型和營銷結構我們當時看到的。但最終，我們的策略是讓更多的天然氣進入多元化市場，並將我們的天然氣轉移到海上並進入國際市場。

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

我們的問答環節到此結束。我想將會議轉回由雅各先生致閉幕詞。

We appreciate everyone's time today. Thank you to our shareholders for your support and especially thanks to our employees for delivering another exceptional quarter.

我們感謝大家今天抽出時間。感謝我們的股東的支持，特別感謝我們的員工再次提供了出色的季度業績。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。