EOG Resources Inc (EOG) 2024 Q3 法說會逐字稿

Good day, everyone, and welcome to EOG Resources third quarter 2024 earnings results conference call. As a reminder, this call is being recorded.

大家好，歡迎參加 EOG Resources 2024 年第三季財報電話會議。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 Investor Relations Vice President of EOG Resources, Mr. Pearce Hammond. Please go ahead, sir.

現在，我想將電話轉給 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。

Good morning, and thank you for joining us for the EOG Resources third 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.

早安，感謝您參加 EOG Resources 2024 年第三季財報電話會議。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.

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。

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.

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 and Midstream.

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；以及行銷和中游高級副總裁 Lance Terveen。

Here's Ezra.

這是以斯拉。

Thanks, Pearce. Good morning, everyone, and thank you for joining us.

謝謝，皮爾斯。大家早安，感謝您加入我們。

Since the end of 2020, EOG has generated more than $22 billion of free cash flow and more than $25 billion in adjusted net income. We've increased our regular dividend rate 160% and including both regular and special dividends paid or committed to pay more than $13 billion directly to shareholders and $3.2 billion indirectly through share repurchases, all while reducing debt 35%.

自 2020 年底以來，EOG 已產生超過 220 億美元的自由現金流和超過 250 億美元的調整後淨利。我們將定期股息率提高了160%，其中包括已支付或承諾直接向股東支付超過130 億美元的定期股息和特別股息，以及透過股票回購間接支付的32 億美元，同時減少了35% 的債務。

EOG has a history of delivering consistently strong financial and operational results, and the third quarter is simply more of the same. Led by our employees' commitment to operational excellence and capital discipline, we outperformed on oil, natural gas and NGL volumes for the quarter as well as beating expectations on per unit cash operating costs.

EOG 一直以來都提供持續強勁的財務和營運業績，第三季的情況也基本如此。在我們員工對卓越營運和資本紀律的承諾的帶領下，我們本季的石油、天然氣和液化天然氣產量表現優於預期，單位現金營運成本也超出了預期。

We generated $1.6 billion of adjusted net income and $1.5 billion of free cash flow and returned $1.3 billion of that free cash flow back to our shareholders through a mix of our regular dividend and opportunistic share repurchases.

我們產生了 16 億美元的調整後淨利潤和 15 億美元的自由現金流，並透過定期股息和機會性股票回購的結合，將其中 13 億美元的自由現金流返還給股東。

In addition to announcing third quarter results yesterday, we demonstrated confidence in our ability to generate strong free cash flow in the future as well as our continued commitment to return a significant portion of cash to our shareholders by increasing the regular dividend 7% and boosting our share repurchase authorization by $5 billion.

除了昨天公佈第三季業績外，我們還對未來產生強勁自由現金流的能力充滿信心，並繼續致力於透過將定期股息提高 7% 並提高我們的業績，將大部分現金返還給股東。購股份50 億美元。

Cash return to shareholders begins with our focus on the regular dividend, which has never been reduced or suspended in the 27 years since we've been paying one, and it reflects our confidence in the increasing capital efficiency of our business going forward. And we continue to improve our capital efficiency by leveraging technology and innovation across both our foundational and emerging assets.

對股東的現金回報始於我們對定期股息的關注，自從我們支付股息以來，27 年來從未減少或暫停過定期股息，這反映了我們對未來業務不斷提高的資本效率的信心。我們透過利用基礎資產和新興資產的技術和創新，持續提高資本效率。

That is one of the key advantages of operating in multiple basins. We are able to drive improvements to operational performance through technology transfer between those basins. We are drilling further and faster than at any time in our history, completing wells with fewer people and less equipment due to efficient operations. And we continue to capture additional value through our marketing strategy.

這是在多個盆地運作的關鍵優勢之一。我們能夠透過這些流域之間的技術轉移來推動營運績效的改善。我們比歷史上任何時候都鑽得更遠、更快，由於高效的作業，用更少的人員和設備完成完井。我們繼續透過我們的行銷策略獲取額外價值。

EOG's performance is sustainable because it's driven by our culture, empowering each employee to be a business person first focusing on returns and seeking ways to improve the business every day. Our culture is our competitive advantage and combined with our focus on sustainable value creation through the cycles, gives us confidence in our ongoing performance as we finish 2024 and position ourselves for 2025.

EOG 的表現是可持續的，因為它是由我們的文化驅動的，使每位員工成為首先專注於回報並尋求每天改善業務的方法的業務人員。我們的文化是我們的競爭優勢，再加上我們對整個週期可持續價值創造的關注，讓我們對 2024 年結束並為 2025 年做好準備時的持續表現充滿信心。

In a moment, Jeff will provide some early commentary on our 2025 capital program, but our investment strategy always begins with capital discipline, balancing short- and long-term free cash flow generation, return on capital employed and return of capital to shareholders. We also consider the macro environment in which we are operating. And currently, the overall macro environment remains dynamic.

稍後，傑夫將對我們的 2025 年資本計畫提供一些早期評論，但我們的投資策略始終從資本紀律開始，平衡短期和長期自由現金流的產生、已用資本回報率和股東資本回報率。我們也考慮我們所處的宏觀環境。目前，宏觀環境整體仍處於動態變化之中。

Oil inventory levels are below the five-year average with both supply and demand showing moderate growth year over year. We expect to finish 2024 with strong demand slowing into a seasonally lower first quarter and then increasing throughout the rest of 2025. Domestically, while efficiency gains continue across the industry, we anticipate another year of slower US liquids growth grounded in the lower number of active drilling rigs and drilled but uncompleted wells.

石油庫存水準低於五年平均水平，供需均較去年同期溫和成長。我們預計 2024 年結束時，強勁的需求將放緩至第一季的季節性下降，然後在 2025 年剩餘時間內成長。在國內，雖然整個產業的效率持續提高，但我們預計美國液體成長又將放緩，因為活躍鑽機和已鑽但未完工的油井數量減少。

Regarding North American natural gas, inventory levels have moved closer to the five-year average throughout the year due to a combination of producer discipline and increased demand driven primarily by power generation. We remain optimistic on the long-term outlook for gas demand beginning in and increasing throughout 2025 from additional LNG projects coming online and ongoing increases in power generation.

至於北美天然氣，由於生產商紀律和主要由發電驅動的需求增加，全年庫存水準已接近五年平均值。我們對從 2025 年開始並在整個 2025 年因更多液化天然氣項目上線和發電量持續增加而不斷增加的天然氣需求的長期前景保持樂觀。

Finally, last month, we released our annual sustainability report for 2023, highlighting our leading environmental performance and commitment to safe operations. We achieved a GHG intensity rate below our 2025 target for the second year in a row and achieved a methane emissions percentage at or below our 2025 target for the third consecutive year.

最後，上個月，我們發布了 2023 年年度永續發展報告，強調了我們領先的環境績效和對安全營運的承諾。我們連續第二年實現了低於 2025 年目標的溫室氣體強度率，並連續第三年實現了甲烷排放百分比等於或低於 2025 年目標。

Our in-house methane monitoring solution has progressed beyond the pilot phase and is integrated into our standard operating procedures. And our carbon capture and storage pilot project is operational, and we stand ready to deploy our learnings to future operations.

我們的內部甲烷監測解決方案已經超越了試點階段，並已整合到我們的標準作業程序中。我們的碳捕獲和封存試點計畫已經投入運行，我們隨時準備將我們的經驗運用到未來的營運中。

Our consistent sustainability performance is a result of our empowered and collaborative workforce and our continued investment in innovation and technology to achieve not only leading environmental performance, but also strong and consistent safety performance throughout our operations. This year's report highlights our innovative culture that drives EOG's mission to be among the highest return, lowest cost and lowest emissions producers playing a significant role in the long-term future of energy.

我們始終如一的永續發展績效得益於我們授權和協作的員工隊伍以及我們對創新和技術的持續投資，不僅實現了領先的環境績效，而且在整個營運過程中實現了強大且一致的安全績效。今年的報告強調了我們的創新文化，這種文化推動 EOG 的使命成為回報最高、成本最低和排放最低的生產商之一，在能源的長期未來中發揮重要作用。

Now here's Ann with details on our financial performance.

現在，安將詳細介紹我們的財務業績。

Thanks, Ezra. EOG continues to create long-term shareholder value. During the third quarter, we earned $1.6 billion of adjusted net income and generated $1.5 billion of free cash flow on $1.5 billion of capital expenditures.

謝謝，以斯拉。EOG 持續創造長期股東價值。第三季度，我們獲得了 16 億美元的調整後淨利潤，並透過 15 億美元的資本支出產生了 15 億美元的自由現金流。

Third quarter capital expenditures were in line with forecast, and we still expect our full year capital expenditures to be about $6.2 billion. Cash on the balance sheet at quarter end is temporarily higher due to the postponement of certain tax payments until the first quarter of next year from disaster relief granted for severe weather events in Texas, including Hurricane Barrel.

第三季資本支出符合預期，我們仍預期全年資本支出約 62 億美元。季度末資產負債表上的現金暫時較高，因為德州為包括颶風「桶」在內的惡劣天氣事件提供的救災援助將某些稅款的繳納推遲到明年第一季。

Our ongoing marketing strategy to diversify and expand our access to premium markets also delivered exceptional results during the third quarter with peer-leading US price realizations of $76.95 per barrel of oil and $1.84 per Mcf for natural gas. Finally, we paid a $0.91 per share dividend and repurchased $758 million of shares during the quarter.

我們持續實施的多元化行銷策略以及擴大進入高端市場的機會也在第三季度取得了出色的成果，美國石油價格達到每桶 76.95 美元，天然氣價格達到每立方英尺 1.84 美元，處於同行領先地位。最後，我們在本季支付了每股 0.91 美元的股息並回購了 7.58 億美元的股票。

Year-to-date, we have generated $4.1 billion of free cash flow which helped fund $3.8 billion of cash returned to shareholders. Of that $3.8 billion, $1.6 billion was paid in regular dividends and was complemented by $2.2 billion in share repurchases through the third quarter.

年初至今，我們已產生 41 億美元的自由現金流，幫助為股東返還 38 億美元的現金。在這 38 億美元中，16 億美元用於定期股息支付，並在第三季透過股票回購補充了 22 億美元。

Taking into account our full year regular dividend, we have committed to return $4.3 billion to shareholders in 2024 and we are on track to exceed not only our minimum cash return commitment of 70% of annual free cash flow, but also last year's cash return of 85%. The EOG's commitment to high-return investments is delivering high returns to our shareholders.

考慮到我們的全年定期股息，我們承諾在 2024 年向股東返還 43 億美元，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，而且還將超過去年的現金回報85%。EOG 對高回報投資的承諾正在為我們的股東帶來高回報。

Yesterday, we were pleased to announce a 7% increase to what is already a top-tier regular dividend, not only for our industry but the broader market. This increase reflects our confidence in the fundamental strength of our business which continues to get better through consistent execution of EOG's value proposition.

昨天，我們很高興地宣布將頂級定期股息提高 7%，不僅針對我們的行業，而且針對更廣泛的市場。這一成長反映了我們對我們業務基本實力的信心，透過持續執行 EOG 的價值主張，我們的業務將不斷變得更好。

Efficiencies and technology applied throughout our multi-basin portfolio continue to sustainably improve EOG's capital efficiency. A growing sustainable regular dividend remains the foundation of our cash return commitment and we believe is the best indicator of the company's confidence in its future performance.

我們多盆地投資組合中應用的效率和技術持續提高 EOG 的資本效率。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，我們相信這是公司對其未來業績信心的最佳指標。

In addition to the dividend increase, the Board approved a $5 billion increase in our share repurchase authorization to supplement the $1.8 billion remaining on the authorization as of quarter end. The total $6.8 billion buyback capacity retains our flexibility to deliver on our cash return commitment to shareholders.

除了增加股息外，董事會還批准增加 50 億美元的股票回購授權，以補充截至季末授權剩餘的 18 億美元。總計 68 億美元的回購能力保留了我們兌現對股東現金回報承諾的彈性。

Over the last several quarters, we have favored buybacks to complement our regular dividend and we will continue to monitor the market for opportunities to step in and repurchase shares for the remainder of the year. EOG's balance sheet underpins the financial strength of the company and remains a strategic priority.

在過去的幾個季度中，我們傾向於回購以補充我們的定期股息，我們將繼續監控市場，尋找在今年剩餘時間內介入和回購股票的機會。EOG 的資產負債表支撐了公司的財務實力，並且仍然是策略重點。

To optimize EOG's capital structure going forward, we intend to position our balance sheet such that our total debt-to-EBITDA ratio equals less than 1 times at $45 WTI. We believe this is an efficient and prudent long-term capital structure for a cyclical industry that will support our commitment to deliver shareholder value.

為了優化 EOG 未來的資本結構，我們打算調整我們的資產負債表，使我們的總債務與 EBITDA 比率小於 45 美元的 WTI 的 1 倍。我們相信，對於週期性產業來說，這是一種高效率、審慎的長期資本結構，將支持我們實現股東價值的承諾。

As a result, we anticipate refinancing upcoming debt maturities and increasing our debt balance to $5 billion to $6 billion range in the next 12 to 18 months and maintaining our cash balance at levels similar to what we have carried for the last two years. By managing our debt levels toward this more efficient capital structure, we are increasing our capacity to return cash to shareholders.

因此，我們預計將在未來 12 至 18 個月內為即將到期的債務進行再融資，並將債務餘額增加至 50 億至 60 億美元，並將現金餘額維持在與過去兩年類似的水平。透過管理我們的債務水準以實現更有效率的資本結構，我們正在提高向股東返還現金的能力。

Now here's Jeff to review operating results.

現在傑夫將回顧營運表現。

Thanks, Ann. We delivered another outstanding quarter, thanks to our employees and their consistent execution across our multi-basin portfolio.

謝謝，安。感謝我們的員工以及他們在多流域投資組合中的一貫執行力，我們又實現了出色的季度表現。

Our focus on continued improvement through innovation, technology advancements and operational control is why our third quarter volumes and per unit cash operating costs beat expectations. Oil volumes beat our forecast primarily due to better-than-expected productivity from new wells, driven by continuous improvement to our completion designs.

我們專注於透過創新、技術進步和營運控制來持續改進，這就是我們第三季銷售和單位現金營運成本超出預期的原因。石油產量超過我們的預期，主要是由於我們完井設計的不斷改進推動了新井的生產力比預期好。

Year over year, we have increased our maximum pumping rate capacity by approximately 15% per frac fleet on average. The benefit is twofold: faster pump times and better well performance.

與去年同期相比，我們將每個壓裂船隊的最大泵送能力平均提高了約 15%。好處是雙重的：更快的泵送時間和更好的油井性能。

Higher pumping rates provides our team with the flexibility to tailor each high-intensity completion design around the unique geological characteristics of every target. This, in turn, has helped to maximize the stimulated rock volume in the reservoir, resulting in improved well performance.

更高的抽速使我們的團隊能夠靈活地圍繞每個目標的獨特地質特徵定制每個高強度完井設計。這反過來又有助於最大限度地提高儲層中受改造岩石的體積，從而改善油井性能。

Efficiency improvements due to faster pump times, combined with stronger well performance have more than offset the additional cost for these increased pumping rates. As a result of third quarter volume performance beats, we are once again raising full year guidance.

更快的泵送時間帶來的效率提高，再加上更強的井性能，足以抵消這些增加的泵送速率帶來的額外成本。由於第三季銷售量表現優於預期，我們再次調高全年指引。

Our oil production midpoint has increased by 800 barrels per day, natural gas liquids by 2,800 barrels per day and natural gas by 24 million standard cubic feet per day. We also beat per unit cash operating cost targets during the third quarter.

我們的石油產量中點每天增加 800 桶，液化天然氣每天增加 2,800 桶，天然氣每天增加 2,400 萬標準立方英尺。第三季我們也超越了單位現金營運成本目標。

The primary drivers were lower lease operating expense due to less workover expense and fuel savings. We now expect our full year per unit cash operating cost to be lower than forecasted and have reduced guidance accordingly.

主要驅動因素是由於修井費用減少和燃料節省而導致租賃營運費用降低。我們現在預計全年每單位現金營運成本將低於預測，並相應降低了指引。

Our capital expenditures in the third quarter were in line with our forecast with only minor differences primarily due to timing of operations. In addition, well cost deflation driven primarily by efficiencies is playing out as we had forecasted at the start of the year, resulting in a 3% to 5% year-over-year decrease in well cost.

我們第三季的資本支出與我們的預測一致，僅因營運時間表而存在細微差異。此外，正如我們年初預測的那樣，主要由效率驅動的油井成本下降正在上演，導致油井成本年減 3% 至 5%。

As a result, our expectations for full year CapEx remain unchanged at $6.2 billion at the midpoint. The efficiency gains we continue to realize this year demonstrate the value of our multi-basin portfolio and decentralized structure.

因此，我們對全年資本支出的預期保持在 62 億美元的中位數不變。我們今年持續實現的效率提升證明了我們多流域投資組合和分散結構的價值。

Ideas born in one operating area are replicated across multiple basins through technology transfer. Two examples of innovation, expanding through our portfolio and driving efficiencies this year are extended laterals and our in-house motor program.

在一個作業區域產生的想法可以透過技術轉移在多個流域複製。今年透過我們的產品組合進行擴展並提高效率的兩個創新例子是擴展橫向系統和我們的內部馬達計劃。

Average lateral lengths for our domestic drilling program continued to increase. In the Delaware Basin, we now expect to drill more than 70 3-mile laterals this year compared to our original forecast of 50. We've also set a new lateral length record in the Eagle Ford not only for EOG but for all of Texas.

我們國內鑽井工程的平均橫向長度持續增加。在特拉華盆地，我們現在預計今年將鑽探 70 多個 3 英里的支管，而我們最初預測為 50 個。我們還在 Eagle Ford 中創造了新的橫向長度記錄，不僅為 EOG，而且為整個德克薩斯州。

Our Aspen A 1H well was drilled in our western acreage and has a lateral length of over 22,000 feet. As we highlighted last quarter, longer laterals allow for more time focused on drilling downhole and less time moving equipment on surface, decreasing overall downtime in days to drill.

我們的 Aspen A 1H 井在我們的西部區域鑽探，橫向長度超過 22,000 英尺。正如我們在上季度所強調的那樣，較長的支管可以讓我們有更多的時間專注於井下鑽井，並減少在地面上移動設備的時間，從而減少鑽井所需的總停機時間。

In addition, longer laterals help unlock new potential from acreage that might not otherwise meet our economic thresholds. EOG's in-house motor program also continues to pay dividends. In the Delaware Basin, we are testing the limits of our drilling motors in the shallower Leonard Shale and Bone Spring formations.

此外，較長的支管有助於釋放面積的新潛力，否則這些潛力可能無法滿足我們的經濟門檻。EOG 的內部運動也繼續帶來紅利。在特拉華盆地，我們正在較淺的 Leonard 頁岩和 Bone Spring 地層中測試鑽井馬達的極限。

While drilling the production hole section, we attempt to drill as much of the vertical curve and lateral portions of the wellbore with one motor run. Historically, this operation requires a minimum of three motor runs and two trips, which is a pause in drilling to pull a motor out of the wellbore and replace it with a new one.

在鑽生產孔部分時，我們嘗試透過一台馬達運行盡可能鑽探井眼的垂直曲線和橫向部分。從歷史上看，此操作至少需要三次電機運行和兩次起下鑽，即在鑽井過程中暫停，將電機從井眼中拉出並更換為新電機。

As a result, we have eliminated over one full trip per well in the shallower Delaware Basin targets. Given that each trip can cost $150,000 or more, the cost savings and efficiency gains from using better designed higher-quality motors continues to add significant value to our drilling program. This is just one of several examples of the value the EOG Motor program has created.

因此，我們在較淺的特拉華盆地目標中每口井都消除了一次以上的全程行程。鑑於每次行程可能花費 150,000 美元或更多，使用設計更好、更高品質的馬達所節省的成本和提高的效率將繼續為我們的鑽井計劃增加顯著的價值。這只是 EOG Motor 計劃創造的價值的幾個例子之一。

Looking company-wide since the start of 2023, we have increased our drilled footage per motor run by over 20% versus third-party rental options. As we continue to test, learn and redesign our drilling motors we see substantial upside to our future drilling performance as we expand motor innovation throughout our multi-basin portfolio.

自 2023 年初以來，從全公司範圍來看，與第三方租賃方案相比，我們每台馬達運轉的鑽孔長度增加了 20% 以上。隨著我們繼續測試、學習和重新設計我們的鑽井電機，我們看到了未來鑽井性能的巨大優勢，因為我們在整個多盆地產品組合中擴展了電機創新。

In Ohio, we've made significant progress this year transitioning the 225,000 net acres of the volatile oil window in the Utica play from delineation into development. We now have five packages online and producing for more than 100 days, three of which have been producing well over 180 days.

在俄亥俄州，我們今年取得了重大進展，將 Utica 區塊 225,000 淨英畝的揮發性石油窗口從劃定過渡到開發。我們現在有五個包裹在線，生產時間超過 100 天，其中三個包裹的生產時間遠遠超過 180 天。

Both oil and liquids performance continues to meet or exceed expectations demonstrating the premium quality of this play. We are also capturing sustainable operational efficiencies through multi-well pad development and continuous operations.

石油和液體的表現繼續達到或超過預期，證明了該油田的優質品質。我們也透過多孔平台開發和持續營運來提高永續營運效率。

On the drilling side, the Utica provides an ideal operational environment to make significant gains quickly. We have decreased drilling days to drill 3-mile laterals 29% year over year and have already achieved a record of drilling more than 2 miles in a single day.

在鑽井方面，尤蒂卡提供了理想的作業環境，可以快速獲得顯著收益。我們將鑽井天數減少到 3 英里支線，年減 29%，並已實現單日鑽井超過 2 英里的記錄。

We also have made significant gains on the completion side, achieving a nearly 13% increase in completed lateral feet per day compared to last year. Over the next few years, activity in the Utica will continue to be primarily focused in the volatile oil window, where we anticipate our well costs will average less than $650 per effective treated lateral foot with finding cost and development costs in the range of $6 to $8 per barrel of oil equivalent.

我們在完成方面也取得了顯著進展，與去年相比，每天完成的側腳數量增加了近 13%。在接下來的幾年中，尤蒂卡的活動將繼續主要集中在揮發性石油窗口，我們預計我們的油井成本將平均低於每有效處理側腳650 美元，成本和開發成本在6 至6 美元之間。

For 2025, we anticipate a 50% increase in Utica activity as we continue to leverage consistent operations to achieve additional economies of scale. Our large contiguous acreage position lends itself to developing a long-life, repeatable, low-cost play competitive with the premier unconventional plays across North America.

到 2025 年，我們預計尤蒂卡的活動將增加 50%，因為我們將繼續利用一致的營運來實現額外的規模經濟。我們龐大的連續種植面積有助於開發壽命長、可重複、低成本的項目，與北美首屈一指的非常規項目競爭。

Previewing 2025 company-wide, with the outstanding performance we have delivered this year, we do not see a need to significantly adjust activity next year. We do, however, expect very minor shifts in activity between basins with a continued increase in activity in the Utica and another year of actively managing our Dorado investment with a one-rig program.

展望 2025 年，鑑於我們今年取得的出色業績，我們認為明年不需要大幅調整活動。然而，我們確實預計盆地之間的活動變化非常小，尤蒂卡的活動將持續增加，並且又一年將透過單鑽機計畫積極管理我們的多拉多投資。

This will allow us to continue to capture some economies of scale across our emerging assets and advance our technological understanding of these plays while delivering the operational and financial performance that our shareholders appreciate.

這將使我們能夠繼續在新興資產中獲得一些規模經濟，並提高我們對這些業務的技術理解，同時提供股東讚賞的營運和財務表現。

Now here's Ezra to wrap up.

現在以斯拉來總結一下。

Thanks, Jeff. EOG recently celebrated our 25th anniversary as an independently traded public company. And while many things have changed across our industry, EOG's fundamental strategy and commitment to creating share value for our shareholders has remained consistent.

謝謝，傑夫。EOG 最近慶祝了我們作為獨立上市公司成立 25 週年。儘管整個行業發生了許多變化，但 EOG 的基本策略和為股東創造股票價值的承諾始終如一。

First, our commitment to capital discipline begins with reinvestment at a pace to support continuous improvement across our assets delivering returns through the cycle, generating free cash flow and maintaining a pristine balance sheet to support a sustainable growing regular dividend.

首先，我們對資本紀律的承諾始於再投資，以支持我們資產的持續改進，在整個週期內提供回報，產生自由現金流並保持原始的資產負債表，以支持可持續增長的定期股息。

Second, our strong operational execution begins with being a first mover in exploration to maintain a low-cost, high-quality multi-basin inventory. We leverage in-house technical expertise proprietary information technology and self-sourced materials to help drive well performance and cost control, and we focus on a balanced approach to product, geographic and pricing diversification to drive margin expansion.

其次，我們強大的營運執行力始於成為勘探領域的先驅，以維持低成本、高品質的多盆地庫存。我們利用內部技術專長、專有資訊科技和自產材料來幫助推動油井績效和成本控制，並且我們專注於產品、地理和定價多元化的平衡方法，以推動利潤率擴張。

Third, we are committed to safe operations, leading environmental performance and stakeholder engagement. Our sustainability report highlights progress on our emissions reduction pathway as well as overall environmental stewardship. And finally, our culture is our competitive advantage.

第三，我們致力於安全營運、領先的環境績效和利害關係人參與。我們的永續發展報告強調了我們在減排途徑以及整體環境管理方面的進展。最後，我們的文化是我們的競爭優勢。

A decentralized nonbureaucratic organization places value creation in the field at the asset level and in the hands of each of our employees. We take pride in our collaborative multidisciplinary teams that drive innovation, utilizing our technology and real-time data collection to drive decision-making.

去中心化的非官僚組織將現場的價值創造置於資產層面並交到我們每位員工的手中。我們為我們的跨學科協作團隊感到自豪，他們推動創新，利用我們的技術和即時數據收集來推動決策。

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

感謝您的聆聽。現在我們將進入問答環節。

(Operator Instructions) Steve Richardson, Evercore ISI.

（操作員說明）Steve Richardson，Evercore ISI。

I was wondering if we could start as with the optimization of the balance sheet. This is a new wrinkle from the company.

我想知道我們是否可以從優化資產負債表開始。這是該公司的新難題。

And I wonder if you could just talk about this incremental gross debt that you're looking at adding the time frame? Should we think about that $2 billion coming concurrent when you would look to refi the existing maturities?

我想知道您是否可以談談您正在考慮增加時間框架的增量總債務？當您希望重新融資現有期限時，我們是否應該考慮同時到來的 20 億美元？

And then also the knock-on of that is -- how do you look at redeploying that cash, assuming into the buyback? And does this mean that you'll be taking shareholder returns above sustainably above that minimum commitment for the next couple of quarters. Maybe just talk about time frame around that, please?

隨之而來的連鎖反應是－你如何看待重新部署這些現金，並假設用於回購？這是否意味著您將在未來幾季將股東回報持續高於最低承諾。也許只是談談時間框架，好嗎？

Yes, Steve. Thanks for the question. The decision is aimed at really just making our capital structure more efficient. We're moving to a level of debt that's more appropriate for a company of our size and strength, still being respectful that we're in a cyclical industry.

是的，史蒂夫。謝謝你的提問。這個決定的真正目的只是為了提高我們的資本結構效率。我們正在將債務水平調整到更適合我們這樣規模和實力的公司，同時仍然尊重我們所處的周期性產業。

Ultimately, the move is designed to allow us to move more equity into the debt side. We've always talked about we've been pretty consistent that the goal of our company has never been to get to a zero absolute debt.

最終，此舉旨在讓我們將更多股權轉移到債務方面。我們一直在談論我們一直非常一致地認為，我們公司的目標從來都不是達到零絕對債務。

And so really, the timing right now looks pretty good as we have a couple of bonds coming into maturity in the next 12 to 18 months. The market is looking a little more favorable than it has in the last few quarters.

事實上，現在的時機看起來相當不錯，因為我們有幾隻債券將在未來 12 到 18 個月內到期。市場看起來比過去幾季更有利。

And so as we step into this -- as we talked about, as Ann mentioned, our debt target will be to keep our total debt to EBITDA at less than 1 times leverage ratio at a $45 WTI, which if you calculate that out is approximately a $5 billion to $6 billion range. And so you're right, that will free up some additional cash.

因此，當我們進入這個階段時，正如我們所討論的，正如安提到的，我們的債務目標將是將我們的總債務與EBITDA 的槓桿率保持在45 美元的WTI 的槓桿率以下，如果你計算出來大約是50 億至 60 億美元範圍。所以你是對的，這將釋放一些額外的現金。

And really, what I would look for is, yes, in the near term, that does imply that we'll definitely be in a position to exceed the 70% commitment and quite frankly, be closer to 100% and at times, more than 100% of return of free cash flow to the shareholders.

事實上，我想要的是，是的，在短期內，這確實意味著我們肯定能夠超過 70% 的承諾，坦白說，接近 100%，有時甚至超過自由現金流100%返還給股東。

But I want to put a more specific time target on it other than the next 12-month time frame, in the next 12 to 15 months is we look to be opportunistic in the market, not only with share repurchases, but also the timing of reaching out on these bonds.

但我想在未來12 個月的時間框架之外設定一個更具體的時間目標，在接下來的12 到15 個月中，我們希望在市場上投機取巧，不僅包括股票回購，還包括回購股票的時機。

That's great. Really strong choice capital allocation. If I could maybe just a follow-up on natural gas. You have arguably the lowest cost dry gas asset in the market and with the Verde pipeline finishing, you've got some real opportunities here.

那太棒了。真正強而有力的選擇資本配置。如果可以的話，也許只是天然氣的後續行動。您可以說擁有市場上成本最低的乾氣資產，隨著 Verde 管道的完工，您在這裡獲得了一些真正的機會。

I appreciate the comments on a one-rig program for 25, but you mentioned off the top as how optimistic the natural gas demand outlook looks. So how should we think about the contango of the gas curve and what signal you're looking for to apply more capital there, arguably that you are at the low end of the cost curve in North America?

我很欣賞對 25 台單鑽機計劃的評論，但您一開始就提到天然氣需求前景看起來多麼樂觀。那麼，我們應該如何考慮天然氣曲線的期貨溢價，以及您正在尋找什麼訊號來在那裡應用更多資本，可以說您正處於北美成本曲線的低端？

Yes, Steve, that's another great question on Dorado. We've highlighted last quarter that cash operating costs are right around that $1 already for the asset. And so we do consider it to be one of the lowest cost natural gas projects in all of the US and very well positioned.

是的，史蒂夫，這是關於多拉多的另一個好問題。我們在上個季度強調，該資產的現金營運成本已經約為 1 美元。因此，我們確實認為它是美國成本最低的天然氣項目之一，而且定位非常有利。

Verde is online, which we're very excited about. But the North American gas inventory, as you said, is it's currently about 5% above the five-year average still. And we'll see what happens with winter. But either way, whether it's warm or cold, the industry does appear to have not only some curtailed volumes, but there is also some gas DUCs that will likely come online pretty quickly.

Verde 上線了，我們對此感到非常興奮。但正如您所說，北美天然氣庫存目前仍比五年平均高出約 5%。我們將看看冬天會發生什麼。但無論哪種方式，無論是溫暖還是寒冷，該行業似乎不僅有一些產量減少，而且還有一些天然氣 DUC 可能很快就會上線。

And so what we see -- and this is somewhat in line with where we've been for the last two years is that 2025 is really going to be an inflection point. for North American gas demand with LNG beginning to come online and then coming online really '25, '26, '27. And when we think about that, it's -- as we calculated about 10 to 12 Bcf a day of LNG that's under construction and should come online in that time frame.

所以我們看到——這與我們過去兩年的情況有些一致，2025 年確實將成為一個轉折點。為了滿足北美的天然氣需求，液化天然氣開始投入使用，然後真正在「25」、「26」、「27」投入使用。當我們想到這一點時，我們計算出每天大約有 10 到 12 Bcf 的液化天然氣正在建設中，應該會在這段時間內上線。

And then above and beyond that, we actually see another almost 10 to 12 Bcf a day in demand growth between now and the end of the decade, that's really associated with power demand, a little bit of industrial, some Mexico exports, but really, it's power demand driven not only by new power demand from AI and electrification, but also coal power retirements.

除此之外，從現在到本世紀末，我們實際上看到每天的需求增長近 10 到 12 Bcf，這確實與電力需求、一點工業需求、一些墨西哥出口有關，但實際上，其電力需求不僅受到人工智慧和電氣化帶來的新電力需求的推動，也受到煤電退役的推動。

And so our goal with Dorado is to continue to invest at a pace where we can capture some of the economies of scale, as Jeff talked about, which in the last two years has really been a one-rig program. And as the market starts to open up for us, we'd like to increase that.

因此，我們對多拉多的目標是繼續以能夠實現一些規模經濟的速度進行投資，正如傑夫所說，這在過去兩年實際上是一個單一鑽機項目。隨著市場開始向我們開放，我們希望增加這一點。

The next critical point in these unconventional plays is to get to a continuous completion spread. But we're very excited about where we can go and the asset that we've captured there.

這些非常規策略的下一個關鍵點是實現連續的完成分佈。但我們對我們可以去的地方以及我們在那裡獲得的資產感到非常興奮。

Arun Jayaram, JPMorgan Securities LLC.

阿倫‧賈亞拉姆 (Arun Jayaram)，摩根大通證券有限責任公司。

Ezra, I was wondering if we could talk about puts and takes in terms of 2025 capital. Jeff mentioned that you expect to run relatively flattish activity but with the movements between some basins. So I was wondering if you could characterize how capital would move.

Ezra，我想知道我們是否可以討論 2025 年資本的看跌期權和賣出期權。傑夫提到，您預計活動將相對平穩，但會在一些盆地之間發生變化。所以我想知道你是否能描述資本如何流動。

You're going to be a little bit more active at Dorado, we think, in the Utica I think your strategic infrastructure spend is going to go down on a year-over-year basis, and there's obviously some of the efficiency gains that Jeff was highlighting.

我們認為，你們在多拉多（Dorado）會更加活躍，在尤蒂卡（Utica）我認為你們的戰略基礎設施支出將逐年下降，而且顯然傑夫（Jeff）帶來了一些效率提升正在強調。

Yes, Arun, this is Jeff. Yes. Thanks for the question. So yes, as you talked about, and we talked about in our opening comments, the plan right now, which is still early, is to maintain relatively flat activity next year. those minor shifts, I mean, they're going to be fairly small.

是的，阿倫，這是傑夫。是的。謝謝你的提問。所以，是的，正如您所談到的，以及我們在開場白中談到的，目前的計劃（還為時過早）是明年保持相對平穩的活動。我的意思是，這些微小的變化將相當小。

I mean a few wells here and there and pretty immaterial across the portfolio, which will lead to the modest increase in activity we talked about in the Utica. So what I'd first say is just about our current program and the activity levels we're at, we're extremely happy with the progress we've made.

我的意思是到處都有幾口井，在整個投資組合中相當無關緊要，這將導致我們在尤蒂卡談到的活動適度增加。因此，我首先要說的是我們目前的計劃和我們所處的活動水平，我們對所取得的進展非常滿意。

And the improvements we've seen across the whole portfolio by really focusing on that. And where we're at now is really we want to focus on the emerging plays and really getting them to that critical activity level to maximize our efficiencies, which the first step in that is getting it to one full drilling rig.

透過真正關注這一點，我們在整個產品組合中看到了改進。我們現在的處境是，我們確實希望專注於新興業務，並真正讓它們達到關鍵活動水平，以最大限度地提高我們的效率，而第一步就是將其安裝到一個完整的鑽機上。

And then really, the next hurdle is going to be getting those plays to one full frac fleet. So in the Utica, as we've touched on, we should be there next year. We're looking at about a 50% increase in activity. We'll be up to two full rigs and one full frac fleet by year-end.

事實上，下一個障礙是將這些作業納入一支完整的壓裂船隊。因此，正如我們所提到的，在尤蒂卡，我們明年應該會在那裡。我們預計活動會增加 50% 左右。到年底，我們將擁有兩台完整的鑽井平台和一支完整的壓裂船隊。

So we'll reach those critical points. And then in Dorado, which you talk about we really anticipate maintaining just the one full rig that we've been running. We've been seeing outstanding performance and efficiencies from that consistent operations.

所以我們將達到這些臨界點。然後在多拉多（Dorado），你提到我們真的希望只維護我們一直在運行的一台完整的鑽機。我們已經從持續的營運中看到了出色的性能和效率。

But we'll continue to manage the investments in our completion activity just as we watch the natural gas market and move through the winter. So I think by doing all this, this really allows us to continue to progress each one of those emerging plays but we'll still be able to deliver another year of strong results from the portfolio.

但我們將繼續管理完井活動的投資，就像我們觀察天然氣市場並度過冬天一樣。因此，我認為透過採取所有這些措施，這確實使我們能夠繼續推進每項新興業務，但我們仍然能夠從投資組合中獲得另一年的強勁業績。

And then just real quick on infrastructure. You did hit on it. Over the last few years, we've had a little bit of additional infrastructure spend that was strategic with the Janus gas plant and the Verde pipeline. This year, it was around $400 million.

然後基礎設施建設就非常快。你確實擊中了它。在過去的幾年裡，我們進行了一些額外的基礎設施支出，這些支出對於 Janus 天然氣廠和 Verde 管道具有戰略意義。今年約為 4 億美元。

And looking forward to 2025, really, we just -- we're going to be finishing up that Janus plant and a few little things from a facilities aspect on the Verde pipeline. So we expect the strategic spend there next year to be somewhere around $100 million. And then as those continue to roll off and we look in the future, we'll start moving back towards that 15% to 20% indirect level.

展望 2025 年，實際上，我們將完成 Janus 工廠以及 Verde 管道設施的一些小工程。因此，我們預計明年的戰略支出約為 1 億美元。然後，隨著這些繼續下降，我們展望未來，我們將開始回到 15% 到 20% 的間接水準。

Got it. That's helpful. Maybe just a follow-up to Steve's question on the optimization of the balance sheet. You mentioned Azure that this could maybe drive higher cash returns to investors.

知道了。這很有幫助。也許只是史蒂夫關於資產負債表優化問題的後續。您提到 Azure 這可能會為投資者帶來更高的現金回報。

How much does the potential to do A&D or bolt-ons, countercyclical A&D? How did that progress in terms of your thinking in terms of going to $5 billion to $6 billion of gross debt?

進行 A&D 或補充、反週期 A&D 的潛力有多大？您對於債務總額達到 50 億至 60 億美元的想法有何進展？

Yes, Arun, this is Ezra. Yes, I mean, I think you're right. While we're going to be making our capital structure more efficient, we'll be very well positioned still to have what we consider industry's leading balance sheet, quite frankly.

是的，阿倫，這是以斯拉。是的，我的意思是，我認為你是對的。雖然我們將提高我們的資本結構效率，但坦白說，我們仍將處於有利地位，並擁有我們認為行業領先的資產負債表。

And that does going to preserve -- it's going to preserve the financial strength of the business for us. That will give us the ability to still maintain the ability to continue to invest in countercyclic, low-cost property bolt-ons, other things that we've done in the past along those same lines.

這確實會保護我們的業務的財務實力。這將使我們能夠繼續投資於反週期、低成本的房地產附加項目，以及我們過去沿著相同的路線所做的其他事情。

And what I would say is the ability to return more than 100% of annual free cash flow in the near term and deliver more cash to shareholders over time, it's really just an effect of, again, shifting some of the equity into the debt side. Where we're starting at today is such a position of strength with a cash positive position that even leveraging up on this debt side, it still puts us in a great position to be able to continue to execute on a lot of our priorities.

我想說的是，能夠在短期內返還超過 100% 的年度自由現金流，並隨著時間的推移向股東提供更多現金，這實際上只是將部分股權轉移到債務方面的結果。我們今天的起點是如此強大，現金狀況良好，即使在債務方面增加槓桿，它仍然使我們處於有利地位，能夠繼續執行我們的許多優先事項。

Like I said, including low-cost property bolt-ons to be able to be in a position to opportunistically step into larger share repurchases if the opportunity presents itself. And so we really see this as a very shareholder-friendly maneuver that we're doing. And like I said, the timing of it is really just what we see in the market. and the fact that we do have some of the bonds maturing.

就像我說的，包括低成本的房地產附加項目，以便在機會出現時能夠趁機進行更大規模的股票回購。因此，我們確實認為這是我們正在做的一項非常有利於股東的舉措。正如我所說，它的時機確實正是我們在市場上看到的。事實上，我們確實有一些債券即將到期。

Scott Hanold, RBC Capital Markets.

斯科特漢諾德，加拿大皇家銀行資本市場部。

And I'm going to hit on the balance sheet optimization. And Ezra, you just answered part of my question there with regards to like the why now. It's definitely unique to the sector. And just curious, was this a decision you've been contemplating for some time.

我將談到資產負債表的優化。以斯拉，你剛剛回答了我關於為什麼現在喜歡的問題的一部分。這對該行業來說絕對是獨一無二的。只是好奇，這是您已經考慮了一段時間的決定嗎？

Kind of what was the catalyst to move on it now? And also with respect to that, how much value creation from shifting to a lower cost capital structure like moving from equity to debt, some of that value. How much of a value improvement do you expect to see from that?

現在繼續前進的催化劑是什麼？就這一點而言，轉向低成本資本結構（例如從股權轉向債務）可以創造多少價值，其中一部分價值。您期望從中看到多少價值提升？

Yes, Scott, this is Ezra again. So on the strategic portion, and then maybe I'll hand over to Ann to get in a little bit more of the mechanics.

是的，斯科特，這又是埃茲拉。所以在策略部分，也許我會交給安來了解更多的機制。

But yes, I think this is really in line with where the management and board has been thinking for a long time as I started off the Q&A session with Steve, I mentioned that I think we've been pretty consistent talking about the goal of the company has never been to go to an absolute zero debt level. But really, we like to be positioned to create long-term shareholder value and having different measures, different abilities to do that.

但是，是的，我認為這確實符合管理層和董事會在我開始與史蒂夫進行問答時長期以來的思考，我提到我認為我們在談論該目標的目標方面一直非常一致。絕對是零債務水平。但實際上，我們希望能夠創造長期股東價值，並擁有不同的措施、不同的能力來做到這一點。

One thing that we love about having that pristine balance sheet that I should have just mentioned when speaking with Arun is also the peer leading regular dividend that we have. And this gives us confidence in being able to continue to grow that and maintain that dividend.

我們喜歡擁有原始資產負債表的一件事是，我在與阿倫交談時應該提到這一點，這也是我們擁有同業領先的定期股息。這讓我們有信心能夠繼續成長並維持股息。

As I said in my opening remarks, it's been 27 years that we've been paying that dividend without ever needing to suspend it or cut it. And that's something we're very proud about. So we really look at the entire priority of our cash flows when we were thinking about this.

正如我在開場白中所說，27 年來我們一直在支付股息，從未需要暫停或削減股息。這是我們非常自豪的事情。因此，當我們考慮這個問題時，我們確實考慮了現金流的全部優先事項。

And the trigger again, that's caused it right now is just where we're at in the macro environment. and not from the commodity side, but really from the financial side. If you recall, Scott, the last bond that we retired was about a $1.2 billion bond back in Q1 of 2023.

再次觸發，導致它現在正是我們在宏觀環境中所處的位置。不是從商品方面，而是從金融方面。史考特，如果您還記得的話，我們註銷的最後一張債券是 2023 年第一季發行的約 12 億美元的債券。

And that was the right decision at the time for us, but one of the reasons is not only were interest rates climbing at that time. But as we all recall, there was a -- what turned out to be a rather somewhat small banking crisis at the time, felt like it could maybe possibly balloon into something larger.

這對我們來說是當時正確的決定，但原因之一不僅僅是當時利率攀升。但我們都記得，當時發生了一場規模相當小的銀行業危機，但感覺它可能會演變成更大的危機。

So we refinanced that -- or I'm sorry, we paid that off with cash on hand. And essentially, since then, interest rates have always been climbing up until the recent last couple of quarters where things have plateaued, and we're starting to see them bend over a little bit.

所以我們進行了再融資——或者抱歉，我們用手頭上的現金還清了這筆錢。從本質上講，從那時起，利率一直在攀升，直到最近幾個季度，情況已趨於穩定，我們開始看到利率略有下降。

So those are really the things that have given us the confidence to go ahead and make this decision now. As far as moving the equity onto the debt side and the impact for us, I'll hand that off to Ann.

因此，這些確實給了我們信心，讓我們現在就做出這個決定。至於將股權轉移到債務方面以及對我們的影響，我會將其交給安。

Yes. The way we look at it is the optimal capital structure is one where the balance sheet has more debt than what we have today. So basically, we're looking at putting on a level of debt that is more appropriate for our company of our size and strength in this point in the cyclical industry.

是的。我們看待這個問題的方式是，最佳資本結構是資產負債表上的債務比我們今天擁有的更多。因此，基本上，我們正​​在考慮設定更適合我們公司在週期性行業的規模和實力的債務水平。

So if you want to look at those parameters as we mentioned, first, we wanted to be less than 1 times total debt-to-EBITDA leverage ratio at approximate bottom cycle prices around $45. And if you compute that out, that gives us a yield of total debt level of about $5 billion to $6 billion.

因此，如果您想查看我們提到的這些參數，首先，我們希望在大約 45 美元左右的底部週期價格下，總債務與 EBITDA 槓桿比率低於 1 倍。如果計算出來，總債務水準的收益率約為 50 億至 60 億美元。

Conversely, if you look at the cash side of the business, as we look at the appropriate level of cash, we think that's currently about the level we've held for the last two years. We need about a minimum of $2 billion in cash to run the business on a daily basis.

相反，如果你看看業務的現金方面，當我們考慮適當的現金水平時，我們認為目前這大約是我們過去兩年所持有的水平。我們每天至少需要大約 20 億美元的現金來經營業務。

And then that additional cash allows us to backstop the regular dividend as well as support additional cash return and take advantage of those countercyclical opportunities. So again, echoing Ezra's comments, our main objective is just to create long-term value for our shareholders.

然後，額外的現金使我們能夠支持定期股息以及支持額外的現金回報並利用這些反週期機會。因此，再次呼應以斯拉的評論，我們的主要目標只是為股東創造長期價值。

And we think setting up the balance sheet the way we are, will better position us to have an appropriate level of cash to run the business, continue to make those investments as they present themselves and backs up our regular dividend through the cycle.

我們認為，以我們現在的方式建立資產負債表，將使我們能夠更好地擁有適當水平的現金來運營業務，繼續進行這些投資，並支持我們在整個週期內的定期股息。

Understood. My follow-up is a little bit on the election. The outcomes certainly have created a lot of volatility in the markets.

明白了。我的後續行動是關於選舉的。結果無疑為市場帶來了很大的波動。

And as you look at what this means to the energy industry and specifically for EOG. What are some of your initial takeaways and the potential tailwinds at play?

當您了解這對能源產業，特別是 EOG 意味著什麼時。您最初的收穫和潛在的推動因素是什麼？

Yes, Scott. We still got obviously, the presidential and the Senate is getting close to -- you can see who's going to control those two portions of our Congress and then we'll see where the house finishes up after that. I think for us, what we really prepare for is this next couple of months.

是的，斯科特。顯然，我們仍然知道，總統和參議院正在接近——你可以看到誰將控制國會的這兩個部分，然後我們將看到眾議院的最終結果。我認為對我們來說，我們真正準備的是接下來的幾個月。

Whenever there's a change of administration, this is the time period when we really start to focus in, maybe take some steps to prepare just in case things can slow down. So we're feeling very good with where we're at right now.

每當政府更迭時，這就是我們真正開始關注的時期，也許會採取一些措施來做好準備，以防事情放緩。所以我們對現在的處境感覺非常好。

As far as going forward on the industry, I think the industry has come a long way as far as our relationship with not only at the federal level, but really at the local level, working alongside policymakers, regulators and such. And I think the industry is in a very good spot to continue the performance that we've had over the last few years.

就該行業的發展而言，我認為該行業已經取得了長足的進步，不僅與聯邦層級的關係，而且與地方層級的關係，與政策制定者、監管機構等的合作。我認為該行業處於非常好的位置，可以繼續我們過去幾年的表現。

When I know I can speak a little more directly for EOG but in the areas that we operate, even the new areas like in Ohio with our Utica play, we've really developed an outstanding relationship.

當我知道我可以更直接地代表 EOG 發言時，但在我們經營的地區，甚至是像俄亥俄州尤蒂卡這樣的新地區，我們確實建立了良好的關係。

I think many across industry policymakers, really just stakeholders, in general, see that there is a long -- that oil and natural gas are going to play along -- are going to play a part of the long-term energy solution. and that working with the industry is really the best way to achieve the goals of low cost, reliable and lower emissions type of energy sources.

我認為許多跨行業的政策制定者，實際上只是利益相關者，總的來說，都認為石油和天然氣將長期發揮作用，將成為長期能源解決方案的一部分。與業界合作確實是實現低成本、可靠和低排放能源目標的最佳方式。

Leo Mariani, Roth.

利奧·馬裡亞尼，羅斯。

Wanted to just touch base a little bit here on the Utica again. So just curious, you guys talked about $6 to $8 a BOE. I think that was exclusive to the volatile oil window. Do you think there's room to continue to get costs down over time?

我想再次在尤蒂卡這裡接觸一下。所以只是好奇，你們談到了每桶 6 至 8 美元。我認為這是揮發性油窗口獨有的。您認為隨著時間的推移，成本還有持續降低的空間嗎？

I know you guys have talked about a long-term goal of BOE finding cost, but I think that may have included some of the gassier windows as well. So where are you at in the cost cycle in the Utica? And do you think there's still significant room to take that down?

我知道你們已經談到了京東方尋找成本的長期目標，但我認為這可能也包括一些更氣體的窗戶。那麼，您在尤蒂卡的成本週期處於什麼位置？您認為還有很大的空間可以減少這一點嗎？

Yes, Leo, this is Keith. The finding cost range, yes, you're right. It is specific to the volatile oil window and the 225,000 net acres we have there. The range represents the expectations for the next two to three years of development. That's the same for the well cost range.

是的，利奧，這是基斯。尋找成本範圍，是的，你是對的。它特定於揮發油窗口和我們在那裡擁有的 225,000 英畝淨面積。該範圍代表了對未來兩到三年發展的預期。油井成本範圍也是如此。

If you back out science on some of our early wells, we've hit the upper end of this range multiple times, and we'll continue to drive it down with the economies of scale. Versus the $5 finding costs we previously disclosed, that reflects the entire 445,000 acre field.

如果你在我們的一些早期油井上放棄科學，我們已經多次達到這個範圍的上限，並且我們將繼續透過規模經濟來壓低它。與我們先前揭露的 5 美元勘探成本相比，這反映了整個 445,000 英畝土地的成本。

That includes the updip oil window and the down-dip condensate window. It also incorporates full field development. So we still see line of sight to that, but what we're doing here is giving more guidance in the near term.

其中包括上傾油窗和下傾凝析油窗。它還包含全領域開發。因此，我們仍然看到了這一點，但我們在這裡所做的是在短期內提供更多指導。

Overall, we've made great progress in the play, the well productivity and well cost continue to demonstrate the premium quality and it really highlights our organic exploration strategy.

總體而言，我們在該地區取得了巨大進展，井產能和井成本繼續展現出優質的品質，真正凸顯了我們的有機勘探策略。

Okay. Appreciate that. wanted to see if there was any update on the PRB. I feel like it's been a little time since we've heard on that. How are you viewing that play in terms of how it stacks up against others?

好的。很欣賞這一點。想看看 PRB 是否有任何更新。我覺得我們已經有一段時間沒有聽過這件事了。您如何看待這場比賽與其他比賽的比較？

And I think you're doing a little bit less on the well side this year than you did last year. You talked about adding a little bit of activity in the Utica for 2025. Just any update in terms of how the PRB is performing and how you're thinking about future activity levels there?

我認為今年你們在好的方面做得比去年少了一些。您談到了 2025 年在尤蒂卡增加一些活動。關於 PRB 的表現以及您對那裡未來活動水平的看法是否有任何更新？

Yes, Leo, this is Jeff. So yes, the powder is progressing nicely. As we've talked about for the past handful of years, we've really been focused on the Mowry formation, which is the deeper formation and really lining out our geologic model and what our development plans are there, and we had really good success with it.

是的，利奧，這是傑夫。所以是的，粉末進展順利。正如我們在過去幾年中談到的那樣，我們真正關注的是莫里地層，這是更深的地層，真正勾勒出我們的地質模型和我們的開發計劃，我們取得了巨大的成功與它。

So shifted over since we've gotten all that overlying geologic data in the Niobrara to where we're really doing a split program this year of about 25 wells split between the more and the Niobrara. And what I would say is we've applied the new geologic models and we're continuing to refine our completion techniques up there.

因此，自從我們獲得了 Niobrara 的所有上覆地質數據後，我們今年就真正進行了一項分割計劃，在 More 和 Niobrara 之間分割了大約 25 口井。我想說的是，我們已經應用了新的地質模型，我們正在繼續改進我們的完井技術。

And through the first part of the year, we brought on some of those diabera wells. And I mean, the results are very early right now, but they're very encouraging. We are seeing an uptick of greater than probably about 10% increase in productivity versus 2023 in the Niobrara.

今年上半年，我們引進了一些迪亞貝拉井。我的意思是，現在結果還很早，但非常令人鼓舞。與 2023 年相比，我們看到 Niobrara 的生產力增幅可能超過 10%。

So moving forward right now, I think we're in a very comfortable spot. We still have little to learn there in the Niobrara and just our development patterns and when to offset in depletion and space. And so I think we're probably going to be pretty consistent with our program as we move into 2025 as we continue to refine those models.

因此，現在繼續前進，我認為我們處於一個非常舒適的位置。我們在尼奧布拉拉仍然沒什麼可學的，只有我們的發展模式以及何時抵消消耗和空間。因此，我認為，隨著我們繼續完善這些模型，進入 2025 年，我們可能會與我們的計劃保持一致。

Kalei Akamine, Bank of America.

卡雷‧阿卡明 (Kalei Akamine)，美國銀行。

My first question is on the gas guide. So we've seen it go up every single quarter this year, and we think that, that's the Permian. I appreciate that the Janus plant is coming online. But I'm wondering if that gas outperformance pulls forward any of your additional midstream development time lines?

我的第一個問題是關於瓦斯指南。所以我們今年每季都看到它在上升，我們認為這就是二疊紀。我很高興 Janus 工廠上線。但我想知道天然氣的優異表現是否會提前任何額外的中游開發時間線？

Yes, Kalei, this is Jeff and no, our plans are pretty secure as far as that goes. And really, there shouldn't be any advancement. I mean all of any of the midstream or I should say, strategic infrastructure projects that we've talked about.

是的，卡雷，這是傑夫，不，就目前而言，我們的計劃相當安全。事實上，不應該有任何進步。我的意思是所有中游項目，或者我應該說，我們討論過的戰略基礎設施項目。

I mean they're on time and they're on pace to come online when we expected. With the Janus gas plant, as we've talked about, the plan is to complete that next year. So as we talked about, we'll have a little bit of strategic infrastructure dollars associated with that, about $100 million. But other than that, no, there will be really no acceleration in any of those projects.

我的意思是他們準時並且以我們預期的速度上線。正如我們所討論的，傑納斯天然氣廠計劃於明年完成。正如我們所討論的，我們將有一些與之相關的戰略基礎設施資金，約 1 億美元。但除此之外，這些項目實際上不會有任何加速。

Got it. For my follow-up, I'd like to go back to Dorado. I appreciate that it's got very low cash costs. I think in the past, we've talked about $1, and that falling by $0.50 to $0.60 because of Verde. And given its position on the coast, I imagine that it's going to be quite a resilient play.

知道了。對於我的後續行動，我想回到多拉多。我很欣賞它的現金成本非常低。我想過去我們談論的是 1 美元，但由於 Verde，價格下降了 0.50 美元至 0.60 美元。考慮到它在海岸的位置，我想這將是一個很有彈性的遊戲。

My question is, are you going to optimize production around that cash cost figure? Or do you think that there is a return threshold to consider that would cause you to maybe curtail production or maybe decelerate?

我的問題是，您會圍繞現金成本數字優化生產嗎？或者您認為存在一個需要考慮的回報門檻，這可能會導致您削減產量或減速？

Yes, Kalei, this is Ezra. Dorado, the way we look at Dorado, quite frankly, is similar to the way that we invest in any of our basins, and it starts with the returns profile. Are we investing at the right pace to optimize the returns and the ultimate NPV of that asset.

是的，卡雷，這是艾茲拉。坦白說，多拉多，我們看待多拉多的方式與我們投資任何盆地的方式相似，首先是回報情況。我們是否以正確的速度進行投資以優化該資產的回報和最終淨現值？

And quite frankly, what we found in Dorado, especially with its location there close to the demand center coupled with some of the strategic decisions we've been able to make on the marketing side is that this dry gas play from an economics perspective really competes with many of our oil plays. And so that's really what governs how quickly that we invest into that play.

坦白說，我們在多拉多發現，特別是它靠近需求中心的位置，加上我們在行銷方面能夠做出的一些策略決策，從經濟角度來看，這種乾氣業務確實具有競爭力我們的許多石油開採項目。因此，這確實決定了我們對該劇的投資速度。

On the lower level, as we've talked about with any of these unconventional resources or these emerging assets, we like to try and get to these critical points of where you capture the economies of scale. So the first is consistent rigs.

在較低的層面上，正如我們討論的任何這些非常規資源或這些新興資產一樣，我們喜歡嘗試並達到捕捉規模經濟的關鍵點。所以第一個是一致的裝備。

The second point would be a consistent completion spread where you're not mobilizing in and out of basin, a lot of crews and things like that. It gives you the ability to really know the crew that you're working with and the equipment and you can really start to leverage the learnings.

第二點是一致的完成分佈，你不會在盆地內外動員大量工作人員和類似的事情。它使您能夠真正了解與您一起工作的人員和設備，並且您可以真正開始利用您所學到的知識。

On the upper end of it, you can definitely outrun your pace of investment there and your ability to learn on each well and make each well a little bit better, whether it's finding cost or well performance. And then layered on top of that, obviously, is the macro environment.

從上限來看，您絕對可以超越您在那裡的投資速度以及您在每口井上學習並使每口井變得更好的能力，無論是尋找成本還是井性能。顯然，最重要的是宏觀環境。

Now we've done a great job with Dorado by strategically allowing that gas to reach multiple markets. It's got multiple outlets and it's well positioned along the Gulf Coast like we said.

現在，我們透過策略性地允許天然氣進入多個市場，在多拉多方面做得非常出色。它有多個銷售點，而且正如我們所說，它位於墨西哥灣沿岸。

And so that does bring to it an inherent opportunity to continue to deliver that gas. And we think that it will be a significant portion of the future supply that should grow into the North American growing gas demand.

因此，這確實為它帶來了繼續輸送天然氣的固有機會。我們認為，未來供應的很大一部分應該會隨著北美不斷增長的天然氣需求而成長。

Neal Dingmann, Truist.

尼爾丁曼，真理主義者。

I'm hoping I can ask another one on the Utica specifically. I'd love to hear your latest thoughts on how you're thinking about the prospectivity more on the west side of the play, either in that black oil or volatile oil in the play?

我希望我能具體詢問尤蒂卡的另一位。我很想聽聽你的最新想法，關於你如何思考更多西邊的前景，無論是黑油還是揮發油？

And then just one other question on this play. What's the latest on just the decline? I know it's still early, but I'm just wondering are these wells declining more like typical oil wells or like a Marcellus gas well?

然後還有一個關於這部劇的問題。下降的最新情況是什麼？我知道現在還為時過早，但我只是想知道這些井的衰退是否更像典型的油井或馬塞勒斯氣井？

Yes. This is this is Keith. On the prospectivity overall, we are still focused mainly on the volatile oil window and trying to dial down spacing there. We will eventually jump up to the west side or to the -- also to the condensate window at some point.

是的。這是這是基斯。就整體前景而言，我們仍然主要關注波動性較大的石油窗口，並試圖縮小該窗口的空間。我們最終會跳到西側或在某個時刻也跳到凝結水窗口。

We're still in the data-gathering phase there. On the decline side, I'd say we're not seeing anything out of the ordinary. It's a combo play, and we see the declines like a typical tight shale well similar to the Eagle Ford.

我們仍處於資料收集階段。在下降方面，我想說我們沒有看到任何異常情況。這是一個組合遊戲，我們看到像典型的緻密頁岩一樣的下降，與 Eagle Ford 非常相似。

Got it. Okay. Okay. And then maybe just a second one, a follow-up just on overall inventory. I'm just wondering, I understand no longer put out the well count in your slides like you previously had in the appendix.

知道了。好的。好的。然後也許只是第二個，即總體庫存的後續行動。我只是想知道，我知道不再像以前在附錄中那樣在幻燈片中列出井數。

I'm just wondering -- I was hoping you could give a sense or maybe a ballpark of how many years you're thinking about of running room specifically in the Del, Eagle Ford and Bakken at the current rig paces.

我只是想知道——我希望你能大致說明一下，以目前的裝備速度，你正在考慮多少年的運行空間，特別是在德爾、伊格爾福特和巴肯。

Yes, Neal, this is Ezra. What we do disclose is our resource potential in -- as far as resource and we've continued to show that we've got about 10 billion barrels of equivalents of the premium resource across the multi-basin portfolio.

是的，尼爾，這是以斯拉。我們所揭露的是我們的資源潛力——就資源而言，我們繼續表明，我們在多盆地投資組合中擁有約 100 億桶優質資源當量。

The ones that you're highlighting are -- it's an interesting collection because you've got a mix of -- those are foundational plays, but they're all at different legacy aspects. So in the Bakken, we run basically a one-rig program, and we're at a point where we feel that we can continue to do that and generate similar returns for a number of years to come.

你強調的那些是——這是一個有趣的集合，因為你混合了——這些都是基礎戲劇，但它們都在不同的遺產方面。因此，在巴肯，我們基本上運行一個單一鑽機項目，我們認為我們可以繼續這樣做，並在未來幾年內產生類似的回報。

In the Eagle Ford, many things have changed in the Eagle Ford, and I think everyone has seen that we've slowed down our pace of investment just for lack of a better data point, say, pre-COVID until post COVID, where these days, we put the sales maybe 120 wells to sales every year or something like that.

在鷹福特，鷹福特的很多事情都發生了變化，我想每個人都看到我們放慢了投資步伐，只是因為缺乏更好的數據點，比如說，從新冠疫情之前到新冠疫情之後，這些數據天，我們把每年的銷售量估計為 120 口井之類的。

And again, the slowing down of that investment, it's less about the inventory that we have remaining, and it's more about what I was speaking with Kalei about as far as investing in each of these plays at the right pace. Slowing down there in the Eagle Ford, we've actually increased the returns and expanded the margin profile, and that's really the thing that we focus on.

再說一次，投資放緩，這與我們剩餘的庫存無關，而更多的是我與 Kalei 談論的以正確的速度投資每項業務的情況。在鷹福特放慢速度，我們實際上增加了回報並擴大了利潤率，這確實是我們關注的重點。

And then in the last one that I would mention is the Delaware Basin, of course, to be honest with the Delaware Basin, I think it's difficult. Industry has done a lot of drilling there over the past decade. But with the technology advancements, I think industry continues to unlock especially on the Delaware Basin side, unlock additional targets every year.

最後我要提到的是特拉華盆地，當然，說實話，特拉華盆地，我認為這很難。過去十年來，工業界在那裡進行了大量鑽探工作。但隨著技術的進步，我認為工業繼續解鎖，特別是在特拉華盆地一側，每年解鎖更多目標。

And so to be quite honest, it's a little bit difficult to quantify just how much inventory would be left in such a robust resource as the Delaware Basin. You're talking about literally a miles worth of oil and gas saturated reservoirs in that basin.

因此，說實話，要量化像特拉華盆地這樣豐富的資源中還剩下多少庫存有點困難。您所說的是該盆地中長達一英里的石油和天然氣飽和儲層。

And so we feel very good about the premium resource that we have in place. We've got a very high-quality, very deep bench of assets across multiple basins.

因此，我們對我們擁有的優質資源感到非常滿意。我們在多個盆地擁有非常高品質、非常深厚的資產基礎。

And really at the pace that we're operating in the last couple of years and where the macro environment looks right now, inventory is lack of inventory is not really something that we really ever makes our radar. What we continue to look for is improving the quality of that inventory through our organic exploration efforts which is one of the things that's driven the success there in the Utica.

實際上，按照我們過去幾年的營運速度以及目前的宏觀環境來看，庫存不足並不是我們真正關注的問題。我們繼續尋求的是透過我們的有機勘探工作來提高庫存質量，這是推動尤蒂卡成功的因素之一。

Charles Meade, Johnson Rice.

查爾斯·米德，約翰遜·賴斯。

I wanted to go back to your prepared comments, you spoke a bit about the commodity macro. And you gave a thought on the US supply picture.

我想回到你準備好的評論，你談到了一些關於商品宏觀的問題。您對美國的供應情況進行了思考。

But I wonder if you could share with us your point of view on what the range of possible outcomes is for '25? And not that we're looking for specific prediction, but more of just trying to get an understanding of your thinking that's informing your approach to '25?

但我想知道您是否可以與我們分享您對“25”可能結果範圍的看法？我們不是在尋找具體的預測，而是更試圖了解您的想法，這些想法可以為您的「25」之路提供資訊？

Yes, Charles, let me give you a little more background on that. As you guys know, we build our models. We start internally with the things that we know best, which are operationally in the field. And so the biggest thing that is driving our US numbers.

是的，查爾斯，讓我提供你更多背景知識。如你們所知，我們建構我們的模型。我們從內部開始，從我們最了解、在現場運作的事情開始。因此，推動美國數據成長的最重要因素是。

And just for historical 2023, I think the US was about 1.5 million barrels liquids growth. Last year, or I'm sorry, this year, it's looking more like it's going to be right around half of that, maybe about 700,000.

就歷史性的 2023 年而言，我認為美國的液體增長量約為 150 萬桶。去年，或者對不起，今年，看起來更像是這個數字的一半左右，也許是 70 萬左右。

And so in 2025, we see a little bit less than that, even moderated growth off of that number for the US. And it really begins with where the rig counts are at and where the oily drilled but uncompleted well levels are at. Both of those are relatively low.

因此，到 2025 年，我們預計美國的成長會比這個數字略少一些，甚至會放緩。這實際上是從鑽機數量以及已鑽探但未完成的油井水平開始的。兩者都相對較低。

And on the rig count side, it hasn't really moved. The rig count really hasn't moved in just about a year now. And so that's really the biggest thing that's informing our expectation for slightly less growth year over year in the US.

在鑽機數量方面，它並沒有真正改變。鑽機數量實際上已經一年左右沒有變化了。因此，這確實是我們對美國經濟年成長略有下降的預期的最重要因素。

Got it. Got it. And then could you give us a quick rundown of how or how or went (inaudible) our 2025 program?

知道了。知道了。然後您能給我們簡單介紹一下我們的 2025 年計畫是如何進行的（聽不清楚）嗎？

I'm sorry, Charles, you broke up there. I didn't catch that. How or when -- what was it?

對不起，查爾斯，你們在那裡分手了。我沒聽清楚。如何或何時——是什麼？

Beehive, the Australia well.

蜂巢，澳洲好。

Yes, sir. Yes, Jeff?

是的，先生。是的，傑夫？

Yes. Charles, this is Jeff. Yes. So we have secured the permit there, and we're really excited to be testing the prospect. The plan is to test it next year.

是的。查爾斯，這是傑夫。是的。因此，我們已經在那裡獲得了許可，並且我們非常高興能夠測試該前景。計劃明年進行測試。

So obviously, it's an oil prospect. It's a large untested structure there. It's really close to markets, and it's there on the Northwest Shelf of Australia. So the thing that I'd really point out is it's a prospect that's very similar in water depth and operations, the environment, I should say, is Trinidad.

顯然，這是一個石油前景。那裡有一個未經測試的大型結構。它非常靠近市場，位於澳洲西北大陸架。所以我真正要指出的是，這是一個在水深和操作方面非常相似的前景，我應該說，環境是特立尼達。

So we'll really be able to leverage all that shallow water expertise that we have there. So at this time right now, we've got a team in place there in Australia, and we're excited to go ahead and test that prospect sometime next year.

因此，我們將真正能夠利用我們在那裡擁有的所有淺水專業知識。因此，目前我們在澳洲已經組建了一支團隊，我們很高興能在明年某個時候繼續測試這一前景。

Scott Gruber, Citigroup.

史考特‧格魯伯，花旗集團。

You guys have mentioned keeping activity largely consistent for '25. Your oil volumes will be up about 2% year-on-year at the exit this year. Is that a number we should be expecting a similar figure for '25?

你們曾提到要在 25 年保持活動基本上一致。今年出口處的石油量將年增約 2%。我們應該期待 25 年的類似數字嗎？

And then obviously, there's some concerns on the macro side. Just curious, just wonder what conditions would you look to dial back activity to ensure more of a flattish trend on your oil production?

顯然，宏觀方面存在一些擔憂。只是好奇，只是想知道在什麼條件下您會尋求減少活動以確保石油產量趨於平穩？

Yes, Scott, this is Ezra. Like you said, it's -- I don't think we're at this point ready to talk about a percentage there on 2025, but you can go ahead and count on what we've talked about today with similar activity levels. I mean the way to really think about our capital allocation is it's not a it doesn't begin with that growth number.

是的，史考特，這是以斯拉。正如您所說，我認為我們目前還沒有準備好討論 2025 年的百分比，但您可以繼續並依靠我們今天討論的類似活動水平。我的意思是，真正考慮我們的資本配置的方法是，它不是從成長數字開始的。

It really is an output of our investment strategy. And as you highlighted, we're not really growing that much right now. I mean I think in the last 12 months, we've grown about 10,000 barrels of oil per day, which for a 490,000 barrel of oil per day company is really pretty soft.

這確實是我們投資策略的產物。正如您所強調的，我們現在並沒有真正成長那麼多。我的意思是，我認為在過去 12 個月中，我們每天生產約 10,000 桶石油，對於一家每天生產 49 萬桶石油的公司來說，這確實相當疲軟。

It's certainly something that we could grow more aggressively if we want to focus on it. But quite frankly, what we focus on is we invest to balance returns, NPV, free cash flow generation in both the short and long term and how we can best return that cash to shareholders.

如果我們想專注於它，我們當然可以更積極地發展它。但坦白說，我們關注的是我們的投資是為了平衡短期和長期的回報、淨現值、自由現金流的產生，以及如何最好地將現金回饋給股東。

That's really the focus of our disciplined investment strategy. And when we get it correct in each of our plays, you invest at the right pace as we've talked about today, that's when you really start to realize the operational efficiencies, the cost reductions and the performance improvement that Jeff really highlighted in his opening comments, so that's what you should expect for us.

這確實是我們嚴格的投資策略的重點。當我們在每一個策略中都做到正確時，你就會按照我們今天討論的正確的節奏進行投資，那時你才真正開始意識到傑夫在他的文章中真正強調的運營效率、成本降低和效能改進。

When we think about the success this year of managing the investment in that way and how we manage our portfolio, the exceptional results that we're seeing across our wells, I think in just the Delaware Basin and Eagle Ford alone, are foundational plays. The wells that came on production in the first half of 2024, actually paid back their capital investment in aggregate by July 1.

當我們思考今年以這種方式管理投資所取得的成功以及我們如何管理我們的投資組合時，我們在油井中看到的卓越成果，我認為僅在特拉華盆地和伊格爾福特，就是基礎性的表現。2024年上半年投產的油井已於7月1日前累計收回投資。

And those results are the types that are flowing straight through to the shareholders because in the first nine months of the year, we've been able to return 92% of that free cash flow to our shareholders. So that's really the way that we approach it.

這些結果是直接流向股東的類型，因為在今年的前 9 個月，我們已經能夠將 92% 的自由現金流返還給股東。這就是我們處理問題的方式。

As far as what scenario would we do something dramatically different, we do have the flexibility to either increase or slow down our activity level. We have put out at the beginning of this year, that three-year scenario, which provides a little bit of -- I don't want to call it guidance.

至於我們會在什麼情況下做一些截然不同的事情，我們確實可以靈活地增加或放慢我們的活動水平。我們在今年年初提出了三年情景，它提供了一點——我不想稱之為指導。

But it gives you some scenarios between a $65 to $85 range and the type of financial performance that we could expect if we invested it at similar levels to what we're talking about today. And you can see even at a $65 case, it's a very compelling investment scenario where we've got a low reinvestment rate 6%, I think, is the cash flow and free cash flow growth per share, which doesn't include any share repurchases.

但它為您提供了 65 美元到 85 美元範圍之間的一些情景，以及如果我們以與我們今天討論的類似水平進行投資時我們可以預期的財務業績類型。你可以看到，即使在65 美元的情況下，這也是一個非常引人注目的投資場景，我們的再投資率很低，我認為6% 是每股現金流和自由現金流增長，其中不包括任何股票回購。

You're talking about a 20% to 30% double-digit ROCE and free cash flow generation, not only to support our regular dividend, but excess free cash flow to support either additional special dividends or opportunistic share repurchases as well.

你談論的是20% 到30% 兩位數的ROCE 和自由現金流的產生，不僅是為了支持我們的定期股息，而且還有超額的自由現金流來支持額外的特別股息或機會性股票回購。

I appreciate all that color. I had a follow-up on your carbon capture initiative. With the pilot project up and running, can you speak to your interest in doing additional projects and would these be confined to internal projects? Or would you consider third-party projects?

我很欣賞所有這些顏色。我對你們的碳捕獲計劃進行了跟進。隨著試點計畫的啟動和運行，您能否談談您對開展其他計畫的興趣？或是您會考慮第三方項目嗎？

Yes, Scott, that's a good question. Right now, we view our carbon capture and storage projects as something internal to help our operations and focus on that. We've had good success with our pilot project, as I talked about just briefly in the opening. And it's really just turning into more of a standard piece of our business.

是的，斯科特，這是個好問題。目前，我們將碳捕獲和封存項目視為內部項目，以幫助我們的營運並專注於此。正如我在開場白中簡要談到的那樣，我們的試點計畫取得了巨大成功。它實際上正在變成我們業務的一個標準部分。

And we are starting to look for other opportunities across our portfolio where we might be able to deploy that technology. But as far as looking at gathering third party or something like that, we've looked at it and evaluated it. But like most things, the real value for much of the technology that we develop is usually better kept inside.

我們開始在我們的產品組合中尋找其他機會來部署該技術。但就收集第三方或類似的事情而言，我們已經研究並評估了它。但與大多數事物一樣，我們開發的大部分技術的真正價值通常最好保留在內部。

Kevin MacCurdy, Pickering Energy Partners.

凱文·麥克科迪，皮克林能源合作夥伴。

I think the market is appreciating the reconsideration of your capital structure. My question is on how dynamic do you plan to be on managing that capital structure?

我認為市場正在欣賞你們對資本結構的重新考量。我的問題是，您計劃在管理資本結構方面保持多大的活力？

As EBITDA grows with higher production and better margins over time, it seems like you should have a more of a safety net on the downside leverage target. Would you keep would you plan to keep returning a higher percentage of your free cash flow in the future, even if that moves you to a net debt position?

隨著時間的推移，隨著產量的提高和利潤率的提高，息稅折舊攤銷前利潤 (EBITDA) 不斷增長，似乎您應該在下行槓桿目標方面擁有更多的安全網。您是否會繼續計劃在未來繼續返還更高比例的自由現金流，即使這會讓您陷入淨債務狀況？

We're Kevin, it's Ann. We're in a good place now. We have such a strong balance sheet that the level of debt we want to carry and the amount of cash we want to carry has some flexibility built into it. So that's the good side of it.

我們是凱文，這是安。我們現在處於一個很好的位置。我們擁有如此強大的資產負債表，以至於我們想要承擔的債務水準和我們想要攜帶的現金數量具有一定的靈活性。這就是它好的一面。

So as we're looking at how to return that free cash flow, we're going to stay in line with what our fundamentals are and how we want to return our free cash flow. We have the cash priorities schedule on how we look at just cash on the balance sheet and how we want to return that to shareholders.

因此，當我們研究如何返還自由現金流時，我們將與我們的基本面以及我們希望如何返還自由現金流保持一致。我們制定了現金優先順序表，說明我們如何看待資產負債表上的現金以及我們希望如何將其退還給股東。

And as far as the debt level we want to carry, we're comfortable going to a higher debt level, if that's what makes sense for the business at the time. But again, we have a lot of flexibility in managing those components, and we will move forward based on what the business needs are at the time.

就我們想要承擔的債務水平而言，如果這對當時的業務有意義的話，我們願意達到更高的債務水平。但同樣，我們在管理這些元件方面有很大的靈活性，我們將根據當時的業務需求向前推進。

Yes. I mean it seems like you highlighted the near-term shareholder return benefit, but this structure could set you up for potentially even higher percentage of returns in the future. I guess my follow-up here is, you mentioned low cost property bolt-ons as part of your balance sheet plans.

是的。我的意思是，您似乎強調了近期股東回報收益，但這種結構可能會讓您在未來獲得更高的回報百分比。我想我的後續行動是，您提到低成本房地產附加項目是您資產負債表計劃的一部分。

Do you have any color on where you see the most opportunities for that? And what is the dollar threshold between a low-cost bolt-on and significant M&A, which you've avoided in the past?

您認為哪裡最有機會做到這一點？低成本補強和您過去避免的重大併購之間的美元門檻是多少？

Yes, Kevin, this is Ezra. That's a good question. It's not really defined, I think as far as a low-cost property bolt-on or significant merger and acquisition. I mean, I think on the one end, everybody knows what a significant M&A would be.

是的，凱文，這是以斯拉。這是個好問題。我認為，就低成本房地產附加或重大併購而言，它並沒有真正定義。我的意思是，我認為一方面，每個人都知道什麼是重大的併購。

It would be something corporate of magnitude like that. Really, the way we think about it is on the value driver. And so maybe that's the best way to answer it is low PDP with high upside on drilled acreage is what we really look for.

這將是類似規模的企業活動。事實上，我們的思考方式就是價值驅動因素。因此，也許這是回答這個問題的最佳方法，即低 PDP 和高鑽探面積上升空間才是我們真正尋求的。

And that high upside on undrilled acreage typically comes on emerging assets, to be perfectly honest, because if you're buying quality of acreage in a play that's known and it's going to be additive to the quality of our inventory, odds are you're going to be paying a big premium for that. And that's going to erode your long-term margins, not your wellhead rates of return, but your full cycle margins.

老實說，未鑽探面積的高成長通常來自新興資產，因為如果您購買的是已知區域的優質面積，並且它將增加我們庫存的質量，那麼您很可能會將會為此支付一大筆溢價。這將侵蝕您的長期利潤，不是您的井口回報率，而是您的整個週期利潤。

So that's really what we look on. And I think that also speaks to where you're at with where are the opportunities for that. Typically, we find those opportunities more often than not in some of the emerging assets, just because, again, we tend -- we think we have the ability to potentially identify and unlock value that maybe gets bypassed by others.

這就是我們所看到的。我認為這也說明了你所處的位置以及機會所在。通常，我們經常在某些新興資產中發現這些機會，只是因為我們傾向於 - 我們認為我們有能力潛在地識別和釋放可能被其他人繞過的價值。

And when you think about building out our inventory that way and continuing to improve the quality of our inventory, that goes a long way to what you were just implying as far as the long-term return benefit with this capital structure. As you've seen, quite frankly, in the last couple of years is our emerging plays as we've gained more confidence in those, and those have come to fruition.

當你考慮以這種方式建立我們的庫存並繼續提高我們的庫存品質時，就這種資本結構的長期回報效益而言，這對你剛才暗示的有很大幫助。正如你所看到的，坦白說，在過去的幾年裡，我們的新興戲劇越來越多，我們對這些戲劇越來越有信心，而這些戲劇已經取得了成果。

We've increased the percentage of cash return from just below 70 -- down around 60% to making our commitment 70% to last year and this year basically at or exceeding 85% of the free cash flow. So as the strength of the business overall improves from the operational performance, that's what ultimately flows through to the financial performance.

我們將現金回報率從略低於 70 的百分比提高到了去年的 70% 左右，下降了約 60%，今年基本上等於或超過自由現金流的 85%。因此，隨著業務實力從營運績效整體提高，這最終會轉化為財務績效。

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

我們的問答環節到此結束。我想將會議轉回由 Ezra Yacob 先生發表閉幕詞。

We appreciate everyone's time today. I just want to say thank you to our shareholders. for your support and special thanks to our employees for delivering another exceptional quarter.

我們感謝大家今天抽出時間。我只想對我們的股東表示感謝。感謝您的支持，並特別感謝我們的員工，他們又創造了一個出色的季度。

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。