Evolution Petroleum Corp (EPM) 2026 Q3 法說會逐字稿

Good morning, and welcome to the Evolution Petroleum Third Quarter 2026 Earnings Release Conference Call.

早安，歡迎參加 Evolution Petroleum 2026 年第三季財報發布電話會議。

All participants are in a listen-only mode.

所有與會者目前皆為僅收聽模式。

Please also note, today's event is being recorded.

也請注意，今日活動將進行錄音。

At this time, I would now like to turn the conference over to Brandi Hudson, Investor Relations Manager. Please go ahead.

現在我想把會議交給投資人關係經理 Brandi Hudson。請開始。

Thank you. Welcome to Evolution Petroleum's fiscal Q3 2026 earnings call.

謝謝。歡迎參加 Evolution Petroleum 2026 會計年度第三季（Q3）財報電話會議。

I'm joined today by Kelly loyd, President and Chief Executive Officer Mark Bunch, Chief Operating Officer and Ryan Stash, Senior Vice President, Chief Financial Officer and Treasurer.

今天與我一同出席的有：總裁暨執行長 Kelly loyd、營運長 Mark Bunch，以及資深副總裁、財務長兼財務主管（Treasurer）Ryan Stash。

We released our fiscal third quarter 2026 financial results after the market closed yesterday. Please refer to our earnings press release for additional information containing these results.

我們已於昨日收盤後發布 2026 會計年度第三季財務結果。更多包含這些結果的補充資訊，請參閱我們的財報新聞稿。

You can access our earnings release in the Investors section of our website.

您可在我們網站的「投資人」專區取得財報新聞稿。

Please note that any statements and information provided in today's call speak only as of today's date, May 13, 2026, and any time-sensitive information may not be accurate at a later date.

請注意，今日電話會議中所提供的任何陳述與資訊僅截至今日（2026 年 5 月 13 日）為準，任何具時效性的資訊在日後可能不再準確。

Our discussion today will contain forward-looking statements of management's beliefs and assumptions based on currently available information.

我們今天的討論將包含前瞻性陳述，反映管理階層基於目前可得資訊所持的信念與假設。

These forward-looking statements are subject to the risks, assumptions, and uncertainties as described in our SEC filings.

這些前瞻性陳述受我們向 SEC 提交文件中所述之風險、假設與不確定性影響。

Actual results may differ materially from those expected.

實際結果可能與預期有重大差異。

We undertake no obligation to update any forward-looking statements.

我們不承擔更新任何前瞻性陳述之義務。

During today's call, we may discuss certain non-GAAP financial measures, including adjusted EBITDA and adjusted net income.

在今日電話會議中，我們可能會討論若干非 GAAP 財務衡量指標，包括調整後 EBITDA 與調整後淨利。

Reconciliations to the most directly comparable GAAP measures are included in our earnings release.

與最直接可比之 GAAP 指標的調節表已包含於我們的財報新聞稿中。

Kelly will begin with opening remarks, followed by Mark with an operational update, and then Ryan will review the financial results. After our prepared comments, the management team will open the call for questions.

Kelly 將先進行開場致詞，接著由 Mark 提供營運更新，然後 Ryan 將回顧財務結果。在我們的準備發言結束後，管理團隊將開放提問。

As a reminder, this conference call is being recorded.

提醒各位，本次電話會議正在錄音。

If you wish to listen to a webcast replay of today's call, it will be available on the Investors section of our website.

若您希望收聽今日電話會議的網路重播，將可於我們網站的「投資人」專區取得。

With that, I will turn the call over to Kelly.

接下來，我把電話交給 Kelly。

Thank you, Brandy, and good morning, everyone.

謝謝你，Brandy，各位早安。

Before walking through the quarter, I want to step back and provide some context on where we are as a company and how we're thinking about the path forward. Over the last seven years, we have deliberately reshaped Evolution's portfolio, expanding beyond our legacy asset base into a more diversified, capital-efficient platform designed to generate durable free cash flow through commodity cycles. That has meant adding long-life, low-decline assets, such as Jonah and Barnett. Expanding our non-operating working interest base through acquisitions like TexMex, and most recently, building a minerals and royalty platform that we believe can become a durable and growing component of our portfolio.

在帶大家回顧本季之前，我想先退一步，提供一些我們公司目前所處位置的背景，以及我們如何思考未來前進的路徑。過去七年來，我們有意識地重塑 Evolution 的資產組合，從既有的傳統資產基礎擴展到更多元、資本效率更高的平台，旨在穿越商品循環仍能產生持續的自由現金流。這意味著我們新增了壽命長、遞減率低的資產，例如 Jonah 與 Barnett。也透過像 TexMex 這樣的收購，擴大我們的非營運工作權益（working interest）基礎；而最近，我們建立了礦權與權利金平台，我們相信這能成為我們投資組合中持久且成長的組成部分。

The common thread across these decisions is the same, building a business with long-life assets, modest capital requirements, sustainable free cash flow, and the ability to support our dividend while compounding per share value over time.

這些決策背後的共同主軸一致：打造一個擁有長壽命資產、資本需求適度、可持續自由現金流，並具備在時間推移中支持股利、同時提升每股價值複利成長能力的企業。

That is the framework through which we evaluate every capital allocation decision, and it is the lens through which I would encourage investors to evaluate our results, including in quarters like this one, where reported results were impacted by items that do not reflect the underlying earnings power of the business.

這就是我們評估每一項資本配置決策的框架；我也鼓勵投資人以同樣的視角來評估我們的表現，包括像本季這樣，公告結果受到一些無法反映公司基本獲利能力之項目影響的季度。

With that context, let me address the fiscal third quarter directly. This is a more challenging period than the second quarter, and I want to be transparent about what drove the variance. A combination of isolated and largely non-operational items weighed on our reported results, including regional natural gas pricing dislocations that impacted realized prices at Jonah and Barnett.

有了上述背景，我直接談談 2026 會計年度第三季。相較第二季，這是一段更具挑戰的期間，我希望就造成差異的原因保持透明。若干孤立且多屬非營運性的因素拖累了我們的公告結果，包括區域性天然氣價格失衡，影響了 Jonah 與 Barnett 的實現價格。

A $1.2 million one-time prior period transportation adjustment at Delhi related to changes made by the operator dating back to 2024, and weather-related production disruptions across multiple fields during the January ice storms.

此外，Delhi 出現 120 萬美元的一次性前期運輸調整，與營運商追溯至 2024 年所做的變更有關；以及 1 月冰風暴期間，多個油氣田因天候造成的產量中斷。

These are not structural issues. They don't reflect any change in the underlying quality of our assets or our cost structure or our strategy.

這些並非結構性問題。它們不代表我們資產的基本品質、成本結構或策略有任何改變。

These were largely timing-related and one-time in nature, and we expect underlying performance to normalize as they roll off.

這些因素多屬時間點影響且為一次性事件，我們預期在其影響消退後，基本面表現將回歸正常。

Setting those items aside, what stands out to me is how the portfolio held up despite those headwinds. Production was essentially flat year-over-year at 6,700 BOE per day, a result we view as a meaningful sign of resilience, given the level of weather-related disruption and downtime we experienced in the quarter.

撇除上述因素，我最有感的是：即使面臨這些逆風，我們的資產組合仍展現出良好承受力。產量年增幾乎持平，為每日 6,700 桶油當量（BOE），考量本季我們遭遇的天候干擾與停工程度，我們認為這是韌性的明確訊號。

Contributions from our new acquisitions helped offset downtime and natural declines at certain assets, which is exactly the kind of portfolio level stability we have been working to build.

我們新收購資產的貢獻，協助抵消了部分資產的停工與自然遞減，這正是我們致力打造的投資組合層級穩定性。

This reflects the benefits of diversification across assets, commodities and operating partners.

這反映了我們在資產、商品種類與營運合作夥伴之間多元化所帶來的效益。

That diversification is not accidental. It is the direct result of the capital allocation discipline we have applied consistently over multiple years.

這種多元化並非偶然。它是我們多年來一貫落實資本配置紀律的直接成果。

On our mineral and royalty program.

關於我們的礦權與權利金計畫。

We continued to make progress during the quarter. We completed two additional Louisiana mineral and royalty acquisitions targeting the Haynesville and Bossier shales, bringing the total consideration for our Louisiana minerals to approximately $5 million. These assets are being actively developed by operators in the area. Wells are being drilled and completed, and we expect contributions from these positions to begin building as that activity translates into production.

本季我們持續取得進展。我們在路易斯安那州完成另外兩筆礦權與權利金收購，鎖定 Haynesville 與 Bossier 頁岩，使我們在路易斯安那州礦權的總對價約達 500 萬美元。這些資產正由當地營運商積極開發。目前已有井在鑽探與完井，我們預期隨著這些活動轉化為產量，這些部位的貢獻將開始逐步增加。

All of that to say, the financial contribution from our minerals platform is still in early stages. However, the activity we see from operators gives us confidence that the production ramp we underwrote when we made these acquisitions is right on track. We will provide more specific updates as those results come through.

總而言之，我們礦權平台的財務貢獻仍處於早期階段。然而，我們看到營運商的活動，使我們對於收購時所承作（underwrote）的產量爬坡進度充滿信心，且目前完全符合預期。待相關成果逐步反映後，我們將提供更具體的更新。

As we move into the fiscal fourth quarter, we expect the picture to look meaningfully different. The prior period Delhi adjustment is behind us. The February gas dislocation at Jonah was a singular weather event. Differentials are returning to more normal levels. The TexMex workover program is in its final phase, and we expect that asset to be a more meaningful contributor as that work is completed.

隨著我們進入 2026 會計年度第四季，我們預期整體情況將顯著不同。前期的 Delhi 調整已告一段落。Jonah 在 2 月的天然氣價格失衡屬單一的天候事件。價差正回到較正常的水準。TexMex 的修井（workover）計畫已進入最後階段，我們預期隨著相關作業完成，該資產將成為更具意義的貢獻來源。

The combination of these factors alongside the continued ramp of our minerals and royalty assets gives us confidence that the fourth quarter will better reflect the underlying earnings power of this business. We expect to generate robust cash flow in the fourth quarter and beyond, which reinforces our continued confidence in the dividend. In addition, we believe the current commodity price environment provides incremental upside from here.

上述因素，加上我們礦權與權利金資產持續爬坡的進展，使我們有信心第四季將更能反映本業的基本獲利能力。我們預期第四季及其後將產生強勁的現金流，這也強化了我們對股利的持續信心。此外，我們認為目前的商品價格環境，將帶來額外的上行空間。

On May 11, our Board declared our 51st consecutive quarterly dividend and 16th consecutive dividend at $0.12 per share, a milestone that reflects the durability of our underlying cash generation across a range of commodity environments.

5 月 11 日，我們董事會宣告第 51 次連續季度股利，以及第 16 次連續維持每股 0.12 美元的股利；這一里程碑反映了我們在各種商品環境下，基礎現金創造能力的持久性。

Our capital allocation framework has not changed. Protect the balance sheet, support a dividend we believe is sustainable through cycles, and deploy capital where we see compelling risk-adjusted returns. As always, dividends are paid at levels that are meant to be sustainable given the current outlook for multiple years to come. This portfolio has always been designed to withstand any ill effects of the odd difficult quarter, and it is this same framework that gives us confidence in what we expect to be a strong finish to fiscal 2026.

我們的資本配置框架沒有改變。保護資產負債表、支持我們認為可穿越景氣循環且可持續的股利，並在我們看到具吸引力的風險調整後報酬之處部署資本。一如既往，股利支付水準旨在在目前對未來數年的展望下仍可維持可持續性。本投資組合一向以能承受偶發艱難季度的任何不利影響為設計目標，而正是同一套框架讓我們對 2026 財政年度強勁收官的預期充滿信心。

Before I hand it over to Mark.

在我把電話交給 Mark 之前。

For more detail on our operations, I want to leave you with one final thought. Looking at the broader picture for commodity prices, in March of 2026, WTI oil prices reached their highest levels since 2022 and remain at elevated, although highly backwardated risk premium levels.

為了讓各位更了解我們的營運，我想以最後一點想法作結。從更宏觀的商品價格來看，2026 年 3 月，WTI 原油價格達到自 2022 年以來的最高水準，且仍維持在高檔，儘管其風險溢價水準呈現高度逆價差（backwardation）。

The significant increase in forward oil commodity prices as of March 31 resulted in an unrealized loss on the mark-to-market value of our hedges for the quarter.

截至 3 月 31 日，遠期原油商品價格大幅上升，導致本季我們避險部位按市價（mark-to-market）評價的未實現損失。

Additionally, the large non-cash loss associated with unrealized hedge losses was based off of a crude oil strip at the end of March where spot prices for WTI were over $100 per barrel.

此外，與避險未實現損失相關的大額非現金損失，是以 3 月底的原油期貨曲線（strip）為基礎計算，當時 WTI 現貨價格每桶超過 100 美元。

No one knows where WTI will be at 6/30/2026, but where we sit today, we think it is likely that the unrealized losses will show a reversal in the next quarter.

沒有人知道 WTI 在 2026/6/30 會落在哪裡，但以我們目前所見，我們認為未實現損失很可能在下一季出現回轉。

Although our unrealized gains and losses on hedges will fluctuate as forward commodity prices change, I sometimes think that people forget that selling oil for higher prices than our hedges is a really good thing. The current oil price environment will provide incremental upside in the fourth quarter as we expect to benefit from the higher pricing to the extent that prices exceed our applicable oil hedges. Additionally, our NGLs, which are priced as a percentage of crude oil. Remain unhedged and should receive the full benefit of pricing.

雖然我們在避險上的未實現損益會隨遠期商品價格變動而波動，但我有時覺得人們忘了：以高於避險價格的價格賣油其實是一件非常好的事。目前的油價環境將在第四季帶來額外上行空間，因為我們預期在價格高於我們適用的原油避險水準時，將受惠於較高的定價。此外，我們的 NGL（天然氣液），其定價以原油價格的一定比例計算。目前未進行避險，應可完整享受價格帶來的效益。

As far as our natural gas hedges are concerned, we expect to realize a benefit as our hedges are priced at levels higher than current strip pricing. With that, I'll turn the call over to Mark.

至於我們的天然氣避險，我們預期將實現收益，因為我們的避險定價高於目前的期貨曲線（strip）價格。接下來我把電話交給 Mark。

Thank you, Kelly, and good morning, everyone. I will focus my remarks on key operational highlights from the quarter and encourage listeners to review our earnings press release and filings for additional details across our asset base.

謝謝你，Kelly，各位早安。我將把重點放在本季幾項關鍵營運亮點，並建議各位聽眾查閱我們的財報新聞稿與申報文件，以取得我們資產組合更多細節。

Overall, our operations continued to demonstrate steady base performance across portfolio during the quarter. The results were impacted by the weather-related disruptions and one-time items Kelly described.

整體而言，本季我們的營運持續展現投資組合各項資產穩健的基礎表現。結果受到 Kelly 所描述的天候相關干擾與一次性項目的影響。

Now on to our assets.

接下來談我們的資產。

At our Painesville and Bossier shells, we continue to build scale and are prioritizing value on wells that are either currently producing or expected to be producing within one year of purchase. To that end, we expect 23 wells to be brought online and meaningfully contribute to revenue and cash flow in the fiscal fourth quarter.

在我們的 Painesville 與 Bossier 殼層資產，我們持續擴大規模，並優先聚焦於那些目前已在生產、或預期在收購後一年內投入生產的井之價值。為此，我們預期將有 23 口井上線，並在 2026 財政年度第四季對營收與現金流做出顯著貢獻。

At Scooch Stack, production from the mineral and royalty interests acquired in August 2025 modestly contributed to overall volumes during the quarter.

在 Scooch Stack，於 2025 年 8 月收購的礦權與權利金權益之產量，本季對整體產量帶來小幅貢獻。

Additionally, there are seven gross wells in progress and 12 gross wells on production that we are still awaiting first production and revenue data.

此外，目前有 7 口總井數（gross）正在進行中，另有 12 口總井數（gross）已完井投產，但我們仍在等待其首次產量與營收資料。

At Chavaru, production increased year-over-year, reflecting the benefit of wells brought online over the past 12 months.

在 Chavaru，產量較去年同期增加，反映過去 12 個月上線投產之井帶來的效益。

The January winter storm and gas interference on the wells with ESPs decreased production by a 30 net BOE per day quarter-over-quarter.

1 月冬季風暴以及裝有 ESP（電潛泵）的井出現氣體干擾，使產量較前一季下降每日 30 淨 BOE。

Subsequent to quarter end, we converted one well from ESP to rod pump.

在季末之後，我們已將其中一口井由 ESP 改為抽油桿泵（rod pump）。

Currently, all but one of our seven wells has now been converted to rod pumps. We continue to advance permitting for the next six wells. Expect to have those permits at hand before the end of fiscal 2026.

目前，我們 7 口井中除 1 口外皆已改為抽油桿泵。我們持續推進接下來 6 口井的許可申請。預期在 2026 財政年度結束前取得這些許可。

At Tex-Mex, oil production increased quarter over quarter due to a successful workover program. At the end of the prior quarter, however, January winter storms not only impacted production, but also caused power outages and surface equipment damages that required repairs. This led to higher expenses in the quarter.

在 Tex-Mex，由於修井（workover）計畫成功，原油產量較前一季增加。然而在上一季末，1 月冬季風暴不僅影響產量，也造成停電與地面設備損壞，需要進行修復。這導致本季費用較高。

We expect TexMex to continue to improve.

我們預期 TexMex 將持續改善。

Subsequent to quarter end, we began a new workover program, which we expect to increase production by an additional 100 net BOE per day by the end of fiscal Q4.

在季末之後，我們啟動新的修井計畫，預期到第四財季末可使產量再增加每日 100 淨 BOE。

At Delhi, revenues were impacted by the one-time prior period transportation adjustment Kelly described earlier, which is now behind us.

在 Delhi，營收受到 Kelly 先前提到的一次性前期運輸調整影響，而該事項目前已告一段落。

The January winter storm outages impacted production for six days during the quarter, and the CO2 recycled compressor, which is down for most of the prior quarter, remained down for 40 days during fiscal Q3, negatively affecting production.

1 月冬季風暴造成停機，使本季產量受影響 6 天；此外，CO2 回收壓縮機在上一季大部分時間停機後，本財政第三季又停機 40 天，對產量造成負面影響。

These issues were resolved during the quarter. Despite this, fuel level profitability remains strong, supported by lower operating costs, reflecting the continued benefit of the cessation of CO2 purchases that concluded late in fiscal Q3 of last year.

這些問題已在本季內解決。儘管如此，油田層級（field-level）獲利能力仍然強勁，受惠於較低的營運成本，反映我們在去年財政第三季末完成停止購買 CO2 所帶來的持續效益。

We expect production volumes to improve as operational stability continues.

隨著營運穩定性持續提升，我們預期產量將改善。

At Barnett, quarterly production was heavily impacted by the winter storm as well, resulting in a decline of approximately 160 BOE per day.

在 Barnett，本季產量同樣受到冬季風暴的重大影響，導致每日約 160 BOE 的下降。

The impacts carried into February and restored by March.

影響延續到 2 月，並在 3 月恢復。

Across the portfolio, production was heavily impacted by the January winter storm and other downtime accounting for over 300 net BOE per day.

就整體投資組合而言，1 月冬季風暴及其他停機時間對產量造成重大影響，合計超過每日 300 淨 BOE。

However, these have been resolved during the quarter, and we remain focused on maintaining operational flexibility, optimizing our cost structure, and deploying capital where returns are most attractive.

不過，這些問題已在本季內解決；我們仍專注於維持營運彈性、優化成本結構，並在報酬最具吸引力之處部署資本。

With that, I will turn it over to Ryan.

接下來我把電話交給 Ryan。

Thank you, Mark, and good morning, everyone. As Brandi mentioned earlier, we released our earnings yesterday, which contains more information on the results. For today, I'd like to go through our fiscal third quarter financial highlights.

謝謝你，Mark，各位早安。如 Brandi 先前提到，我們昨天發布了財報，其中包含更多關於結果的資訊。今天我想帶各位回顧我們財政第三季的財務重點。

In fiscal Q3, we had total revenues of $20.2 million, down 11% year-over-year. The decrease in revenues was primarily driven by an 11% decline in average realized equivalent prices, partially offset by a slight increase in production volumes. The decline in pricing reflected regional natural gas pricing dislocations at Jonah and Barnett during the quarter, but especially in the month of February. As well as $1.2 million and one-time prior period transportation adjustments at Delhi related to a new marketing contract entered into by the operator and dating back to December 2024.

在財政第三季，我們總營收為 2,020 萬美元，較去年同期下降 11%。營收下滑主要由平均實現等值價格下降 11% 所致，部分被產量小幅增加所抵銷。價格下滑反映本季 Jonah 與 Barnett 地區天然氣價格出現區域性失衡，尤其是在 2 月。以及 Delhi 因營運商簽訂新的行銷合約（可追溯至 2024 年 12 月）而產生的 120 萬美元一次性前期運輸調整。

Net loss for the quarter was $8.9 million or $0.26 per diluted share, compared to a net loss of $2.2 million or $0.07 per diluted share in the year-ago period.

本季淨損為 890 萬美元，或稀釋後每股淨損 0.26 美元；相較去年同期淨損 220 萬美元，或稀釋後每股淨損 0.07 美元。

This quarter was negatively impacted by $7.6 million in unrealized hedge losses due to the spike in crude oil prices with the war in Iran.

本季因伊朗戰爭導致原油價格飆升，產生7.6百萬美元的未實現避險損失，對本季業績造成負面影響。

Excluding the impact of selected items, including the unrealized hedge losses, adjusted net loss quarter was $2.9 million, compared to $0.8 million in adjusted net income in the year-ago period.

若排除包含未實現避險損失在內的特定項目影響，調整後本季淨損為2.9百萬美元，相較於去年同期調整後淨利0.8百萬美元。

Adjusted EBITDA was $3.1 million, compared to $7.4 million in the prior-year quarter. Reflecting lower revenues due to historically unfavorable differentials, production downtime in many of our assets, and realized losses on derivative contracts. More specifically, as it relates to differentials, in Jonah, the winter differentials were the worst since we have owned the asset and the lowest in the past 10 years due to the warmest winter on record for the West Coast.

調整後EBITDA為3.1百萬美元，較去年同期的7.4百萬美元下降。主要反映因歷史性不利的價差導致收入降低、我們多項資產的停產時間，以及衍生性合約的已實現損失。更具體而言，就價差而言，在Jonah，冬季價差是自我們持有該資產以來最差，亦為過去10年最低，原因是西岸出現有紀錄以來最暖的冬季。

Going forward, we would expect differentials at Jonah and our other natural gas assets to return to more historical levels.

展望未來，我們預期Jonah及其他天然氣資產的價差將回到較符合歷史水準的區間。

We estimate that the winter differentials negatively impacted our realized price per BOE by approximately $3.39 as compared to the prior year period.

我們估計，冬季價差使我們每桶油當量（BOE）的已實現價格較去年同期約減少3.39美元。

Lease operating expenses improved to $13 million, or $21.49 per BOE, compared to $22.32 per BOE in the prior year quarter.

租賃營運費用改善至13百萬美元，或每桶油當量21.49美元，較去年同期每桶油當量22.32美元下降。

The decrease was primarily driven by reduced ad valorem taxes at Barnett Shale and the continued benefit of the cessation of CO2 purchases at Delhi, partially offset by the addition of the Tex-Mex properties and incremental workover activity during the quarter.

下降主要由Barnett Shale的從價稅（ad valorem taxes）降低，以及Delhi停止購買CO2所帶來的持續效益所驅動；部分被本季新增Tex-Mex資產及額外修井（workover）活動所抵銷。

The addition of our royalty assets in Oklahoma and Louisiana have also contributed to higher margins and lower operating costs for our asset base.

我們在奧克拉荷馬州與路易斯安那州新增的礦權與權利金資產，也為資產組合帶來更高的利潤率與更低的營運成本。

On the hedging front, we have continued to add additional hedges to comply with our credit facility covenants.

在避險方面，我們持續新增避險部位，以符合我們信貸融資協議的契約條款（covenants）。

Our ongoing goal remains to reduce downside commodity price risk and protect cash flow for our shareholder return strategy, while preserving the maximum potential upside.

我們持續的目標仍是降低商品價格下行風險，並為股東回饋策略保護現金流，同時保留最大的上行潛力。

This strategy can result in realized and unrealized losses on our hedges in some periods, such as the current quarter, but benefit us in other periods and will provide more predictable and stable cash flows over time.

此策略可能在某些期間（例如本季）使避險產生已實現與未實現損失，但在其他期間則會帶來效益，並將隨時間推移提供更可預測且更穩定的現金流。

Turning to the balance sheet, as of March 31, 2026, cash on hand totaled $2.6 million. Borrowings under our credit facilities stood at $56.5 million, with $0.8 million in letters of credit outstanding. Total liquidity, including cash and available borrowing capacity, was approximately $10.3 million, providing us with the flexibility to support our ongoing operations, capital allocation priorities, and selective growth initiatives.

轉向資產負債表，截至2026年3月31日，手頭現金合計為2.6百萬美元。我們信貸融資項下借款為56.5百萬美元，且尚有0.8百萬美元的信用狀未清償。總流動性（包含現金與可用借款額度）約為10.3百萬美元，使我們得以彈性支應持續營運、資本配置優先事項，以及選擇性的成長計畫。

During the quarter, we paid dividends totaling $4.3 million.

本季我們支付股利合計4.3百萬美元。

As previously announced, the Board declared a quarterly cash dividend of $0.12 per share, reflecting our continued commitment to returning capital to shareholders.

如先前公告，董事會宣告每股0.12美元的季度現金股利，反映我們持續致力於回饋股東資本。

Overall, our asset base and balance sheet strength positioned us to continue returning capital to shareholders, while selectively deploying capital into opportunities that we expect to be accretive over the long-term, just as we have done over the past seven years.

整體而言，我們的資產組合與資產負債表強度，使我們得以持續回饋股東資本，同時選擇性地將資本投入我們預期長期具增益（accretive）的機會，正如過去七年我們一貫所為。

I'll now hand it back over to Kelly for closing comments.

我現在把時間交回給Kelly做結語。

Thanks, Ryan.

謝謝，Ryan。

To sum it up, fiscal Q3 was a quarter shaped by temporary headwinds rather than structural weakness. The portfolio held up well at the asset level. Our minerals and royalty strategy continued to advance, and we maintained the dividend for the 51st consecutive quarter, which we believe speaks to the durability of our underlying cash flow. As these one-time items roll off and our recent acquisitions contribute more fully, we expect our results to better reflect the earnings power we have built in this business in the fiscal Q4 and thereafter. We look forward to updating you on our progress.

總結來說，會計年度第三季是一個受暫時性逆風影響的季度，而非結構性疲弱。投資組合在資產層級的表現相當穩健。我們的礦權與權利金策略持續推進，且我們已連續第51個季度維持股利，我們認為這反映了基礎現金流的韌性。隨著這些一次性項目逐步消退，以及近期收購更全面地貢獻，我們預期在會計年度第四季及其後，我們的結果將更能反映我們在此業務中所建立的獲利能力。我們期待向各位更新我們的進展。

With that, I'll turn it over to the operator to begin the Q&A session.

接下來我把時間交給接線員，開始問答環節。

Thank you.

謝謝。

We will now begin the question-and-answer session.

我們現在開始問答環節。

To ask a question, you may press star then one on your touch-tone phone.

如欲提問，請在您的按鍵式電話上按星號再按1。

If you are using a speakerphone, please pick up your handset before pressing the keys.

若您使用擴音電話，請在按鍵前先拿起話筒。

If at any time your question has been addressed and you would like to withdraw the question, please press star then two.

若您的問題已獲回覆且您希望撤回提問，請按星號再按2。

At this time, we will pause momentarily to assemble our roster.

此刻我們將稍作停頓，以整理提問名單。

Our first question comes from Jeff Robertson with Water Tower Research. Please go ahead.

我們的第一個問題來自Water Tower Research的Jeff Robertson。請開始。

Mark, at Delhi with the new crude marketing agreement that the operator entered into, can you talk about how much flexibility Evolution has to and whether you want to do it as you leave us doing the press release to do anything different with respect to marketing your equity production from that field?

Mark，關於Delhi，隨著營運商簽訂新的原油行銷協議，你能談談Evolution有多大的彈性、以及你們是否想在我們看到新聞稿時對該油田的權益產量行銷方式做出任何不同的安排嗎？

Hey, yeah, Jeff, I'm going to flip that actually, I know you asked me, but I'm going to flip it over to Ryan to answer.

嗨，Jeff，是的，我其實要把這題轉一下。我知道你問的是我，但我把它交給Ryan來回答。

Yeah, so that's part of the thing we've actually been kind of actively looking at, and we do actually have a lot of flexibility in the JOA to take the production in kind, which we're actively looking at now.

是的，這確實是我們一直在積極評估的一部分；而且在聯合營運協議（JOA）下，我們其實有很大的彈性可以選擇以實物方式提取產量（take the production in kind），我們目前正在積極研究。

Yeah, the one point I'll make on the actual. Changes is obviously it was a move from Denbury to Exxon. The ultimate contract with Plane hasn't changed that much other than they're now trucking where in the past they had a pipeline that went down. So that's really the biggest difference in kind of charges. But to directly answer your question, we're definitely looking at that and it's something that we're actively considering and we think we probably can do a little bit better than what they are in the market.

是的，關於實際情況我補充一點。變動顯然是從Denbury轉到Exxon。與Plains的最終合約本身變化不大，主要差別是他們現在改用卡車運輸，而過去是透過一條向下延伸的管線。所以在費用結構上，這大概是最大的差異。但直接回答你的問題，我們確實正在評估，而且這是我們正在積極考慮的事項；我們認為在市場上我們可能可以做得比他們更好一些。

Brian, in the second quarter and going forward, do you expect the GPT charges to be similar to what they were last year as opposed to obviously the -- I'm sorry, in previous quarters as opposed to what they were in your second fiscal quarter?

Brian，第二季以及往後，你是否預期GPT費用會更接近去年水準，而不是你們會計年度第二季的水準？

Yeah, I mean, in Gathering, there's nothing that's been out of the ordinary that I'm aware of in the past quarter. I mean, those have been relatively constant. I mean, there are some contracts we mentioned in the past like Barnett that is tied a little bit to natural gas pricing, so it will move a bit. But overall, it's more volume-driven, right? And so I wouldn't expect those to vary much from historical.

是的，我的意思是，在集輸（Gathering）方面，我沒有注意到上個季度有任何異常。我的意思是，這些費用相對一直都很穩定。當然，有些合約我們過去提過，例如Barnett，會與天然氣價格有些連動，所以會有些波動。但整體而言，它更偏向由量（volume）驅動，對吧？因此我不預期它會相較歷史水準有太大變動。

Can you talk about. What kind of communications you're having from your operators with respect to any initiatives they might have to go out and do short cycle work over type projects or whether there are opportunities to bring wells back online to take advantage of the high oil prices we have at least for the next month, at least the next couple of months.

你能談談。你們與營運商之間就他們可能推動的任何措施所進行的溝通嗎？例如是否會外出做一些短週期的修井（workover）類專案，或是否有機會讓部分油井重新上線，以把握我們至少在接下來一個月、甚至接下來幾個月的高油價。

Yeah, so Jeff, this is Mark. And our operators are all working towards that. In fact, we actually mentioned one in particular, TexMex, they really accelerated their second round of.

是的，所以 Jeff，我是 Mark。我們的營運商都在朝那個方向努力。事實上，我們其實特別提到了一家，TexMex，他們確實加速了第二輪的

Of workovers to bring things online in New Mexico, largely because the prices went up, and so the timing was really good. So we speeded that up somewhat. So, yeah, everybody's looking at making sure that they keep as much oil production on as possible.

修井（workover）作業，以便讓新墨西哥州的產量上線，主要是因為價格上漲，所以時機非常好。因此我們把進度稍微加快了一些。所以，是的，大家都在確保盡可能維持更多的原油產量在線。

And Jeff, hey, this is Kelly. I'll just add on. Mark's right across the board, we're seeing it. And look, these are simple projects that are fast, right? Drilling takes longer to get on production, but if you do a workover that takes a week and things are. Up producing. I mean, we evaluate these. I mean, these are very high-return projects that can get done quickly and can be meaningful. So we've seen a lot of guys try to do that as much as they can. In Hamilton Dome, you're seeing activity increase really across the board.

Jeff，嗨，我是 Kelly。我再補充一下。Mark 說得沒錯，整體來看我們都看到了這種情況。而且你看，這些都是簡單、速度快的專案，對吧？鑽井要更久才能投產，但如果你做一次修井，只要一週，井就可以恢復並開始產出。我們會評估這些。這些是報酬率非常高、可以快速完成且影響顯著的專案。所以我們看到很多人都盡可能多做這類工作。在 Hamilton Dome，你會看到各方面的活動都在增加。

And then lastly, before getting back into the queue, Kelly, can you speak to the state of the.

最後，在回到提問隊列之前，Kelly，你能談談目前的

The non-op market and the minerals market, just given the volatility in commodity prices and what that means for trying to value transactions.

非營運（non-op）市場與礦權（minerals）市場的狀況嗎？考量到大宗商品價格的波動，以及這對交易估值的影響。

Yeah, it's interesting. On the non-op side, I would almost argue it's kind of a dearth of availability. Like there isn't a whole lot that we've seen out there.

是的，這很有意思。在非營運這一側，我幾乎會說是供給相當稀缺。我們看到的可供交易標的其實不多。

On the minerals. Minerals side, again, working with some folks that we have a whole lot of confidence and trust in, we've been able to do sort of -- I don't know if you want to call it bespoke, but deals we put together along with them and go execute on. And minerals, just in general, especially when you're able to build them in little onesies and twosies like we have been.

至於礦權。礦權這一側，同樣地，我們與一些我們非常有信心、也很信任的夥伴合作，得以做一些算是——我不知道你要不要稱之為客製化（bespoke），但就是我們和他們一起組合出來、再去執行的交易。而礦權整體而言，尤其當你能像我們這樣用一小筆一小筆、零零散散地累積建倉（onesies and twosies）時，

They're more liquid, and we can find real dislocations and opportunities, which, like I said, we and the folks we're working with have been doing a great job of finding those, and we expect to see that continuing.

它們的流動性更好，我們也能找到真正的錯價與機會。就像我說的，我們以及我們合作的夥伴一直很擅長找出這些機會，我們也預期這種情況會持續。

There will be a flip, but at some point, the non-op will come back in vogue, and we'll start seeing better returns. But when you only have a couple of deals and a bunch of people bidding on them, it just hasn't -- in the last couple of quarters, it really hasn't been super attractive.

未來會有一個轉折點，但在某個時候，非營運會重新流行起來，我們也會開始看到更好的報酬。但當你只有少數幾筆案子、卻有一堆人競標時，過去幾個季度來看，確實就沒有——並不是特別有吸引力。

Thanks, Jeff.

謝謝，Jeff。

Our next question comes from Po Fratt with Alliance Global Partners. Please go ahead.

下一個問題來自 Alliance Global Partners 的 Po Fratt。請開始提問。

Thanks for taking my call.

謝謝接聽我的電話。

I'm trying to figure out what your run rate is for the June quarter right now.

我想弄清楚你們目前對 6 月季度的運行水準（run rate）大概是多少。

You reported 6,700 BOE. You talked about 300 BOE of impact on production from storms and other things. Are you above 7,000 right now? Is there a run rate for the June quarter? Or can you just help me calibrate that?

你們報告的是 6,700 BOE。你們提到風暴和其他因素對產量造成了 300 BOE 的影響。你們現在是否已經高於 7,000？6 月季度是否有一個 run rate？或者你能幫我校準一下嗎？

Sure. Hey, Poe, this is Kelly. Thanks for calling.

當然。嗨，Poe，我是 Kelly。謝謝來電。

Yeah, I think we made it clear. I don't want to speak out of school or Ryan will slap me, but the 300 is almost substantially all back online and was starting to get there before the end of the quarter. And if there was anything left over, it's pretty much there now.

是的，我想我們已經講得很清楚了。我不想講得太超出授權，不然 Ryan 會打我，但那 300 幾乎已經大致全部恢復上線，而且在季度結束前就已經開始恢復了。如果還有任何剩餘的部分，現在也幾乎都已經到位了。

We are well underway in our progress on adding about 100 net BOE per day in TexMex.

我們在 TexMex 方面也正順利推進，目標是增加約每日 100 淨 BOE。

And we also have, and I'll be a little cautious here, we have 12 wells in our royalty properties alone in the scoop stack that we know are on production, they have been completed, we just don't have data yet.

另外我們也有——我這裡會稍微保守一點——僅在我們位於 SCOOP/STACK 的權利金資產中，就有 12 口井我們知道已經投產，它們已經完井，但我們還沒有數據。

Again, in Oklahoma, it can take a while. So we expect to get data where we don't want to aggregate if we have no data. We have tight curves, but you need to actually get data before you put it on there. So we've got 12 wells that we're a part of there that we expect to get data on and be able to include in our fourth quarter results.

同樣地，在奧克拉荷馬州，取得數據可能需要一些時間。所以我們預期會拿到數據；在沒有數據的情況下，我們不想把它們加總進去。我們有很嚴謹的型態曲線（type curves），但你必須先拿到實際數據，才能把它納入。所以我們在那裡有 12 口井參與其中，預期會取得數據，並能把它們納入我們第四季的結果。

Same thing with our Haynesville and Bossier sale assets. We've got 24 wells that we expect to get data on and have production from. During the fourth quarter.

我們的 Haynesville 和 Bossier 出售資產也是同樣情況。我們有 24 口井預期會取得數據並有產量。在第四季期間。

We know that at least 20 of them have already been completed and others are sort of in process. So I can't really quantify that number.

我們知道至少有 20 口已經完井，其餘的也正在進行中。所以我沒辦法真正量化那個數字。

I mean, I could guess off my TypeCurve PO, but that wouldn't be appropriate. So again, we've got the 300 back online. We've got another 100 we fully expect and is in progress of working towards that TexMex plus additionals from new wells that we don't have data on that we're either already producing.

我的意思是，我可以用我的型態曲線去猜一個 PO（可能指產量/預測），但那不合適。所以再說一次，我們那 300 已經恢復上線。我們還有另外 100，我們完全預期會達成，而且正在推進中；此外還有一些新井的額外貢獻，我們還沒有數據，但它們要嘛已經在產出，

Or getting there very shortly.

要嘛很快就會達到。

Yes, it's probably helpful just sometimes to remind you guys, from the non-op perspective, how it works.

是的，可能也有幫助的是，有時候提醒各位，從非營運（non-op）的角度來看，運作方式是怎麼樣的。

There are some wells in some areas we have real-time data, but certainly not all across our portfolio. We won't probably really know true April production for another week or two until we actually start getting our revenue statements in from the month of April, right? So as we sit today.

有些地區的井我們有即時數據，但當然不是整個投資組合都能做到。我們可能要再過一到兩週，等到開始收到 4 月份的營收結算單（revenue statements）後，才會真正知道 4 月的實際產量，對吧？所以以我們今天的狀況來看。

We still don't have actual revenue statements yet for April production. We do know of some areas, obviously, as Kelly said, and we do know of things that have returned to normal, but we won't know for a fact like what production actually was for April yet.

我們還沒有收到 4 月產量的實際營收結算單。我們確實知道某些區域的情況，正如 Kelly 所說，我們也知道有些狀況已經恢復正常，但我們還無法確定 4 月的實際產量到底是多少。

And from the royalty side, Poe, it's even more delayed just because you're further removed from the operator. So those almost -- like in Oklahoma can be somewhat delayed like by 180 days.

而從權利金（royalty）角度來看，Poe，延遲會更大，因為你離營運商更遠一層。所以那些——像在奧克拉荷馬州，有時可能會延遲大約 180 天。

It's, where we get information, we start applying and occurring for it, but sometimes we don't know about it until it actually comes on.

我們一旦取得資訊，就會開始把它反映並做應計（accrue），但有時候直到它實際上線，我們才會知道。

Okay, so, and I, I'm not going to hold you to any guesses, but is there, it sounds like the scoop stack, you might get some data, maybe two months would potentially hit the production for the June quarter.

好的，所以——我不會要你們對任何猜測負責——但是否有可能，聽起來在 SCOOP/STACK 那邊，你們可能會拿到一些數據，也許兩個月後就可能反映到 6 月季度的產量？

And then the Hansfield and the Bossier is probably first quarter next year or the September quarter. But I guess a short question, what could potentially be the impact from Scoop Stack if you do get the data in the June quarter?

然後 Hansfield 和 Bossier 可能會在明年第一季或是 9 月季度。不過我想問個簡短的問題，如果你們在 6 月季度拿到 Scoop Stack 的資料，潛在影響可能會是什麼？

Is it 50, 25, sort of just -- I'm not going to hold you to any guesses that you make, but I'm just trying to calibrate.

是 50、25，還是類似——我不會拿你做的任何猜測來追究，但我只是想校準一下。

I understand. But I mean, I don't think I'm comfortable speculating on that.

我理解。但我的意思是，我不太願意就此做推測。

I'm not going to beat the dead horse then.

那我就不再反覆追問了。

You talked about Chevaru that the permits are potentially in place for the next six wells or the next pad there by the end of June. Do you think the operator there will pull the trigger in the September quarter? Or is it more December quarter with potential impact in calendar '27?

你提到 Chevaru，那邊到 6 月底前，接下來六口井或下一個井場的許可可能就會到位。你覺得那邊的營運商會在 9 月季度扣下扳機嗎？還是更可能在 12 月季度，並在 2027 年曆年產生潛在影響？

So as the operator there has undergone a merger, and it is our understanding that they are prioritizing assets and coming up with schedules. We're working with them closely, and I would just -- it's just too early to say at this exact point in time, but we are working on that and trying to get things scheduled as quickly as we can and to understand from our own capital. Needs exactly when this is going to work out. So I don't want to, I don't want to speculate and answer for them. So I'm going to wait for that. But we will update you when we know. How about that?

由於那邊的營運商剛完成併購，我們的理解是他們正在重新排序資產優先順序並制定時程。我們正與他們密切合作，而我只能說——以目前這個時間點來看，現在下結論還太早，但我們正在推進這件事，並盡可能快速地把排程敲定，同時也從我們自身的資本需求角度去了解這件事究竟會在何時落地。需要精確地知道這會在什麼時點安排妥當。所以我不想——我不想替他們臆測並代為回答。所以我會先保留。但等我們知道了會更新你。這樣可以嗎？

Yeah, I guess so from a conceptual standpoint, those are shorter term, shorter lead time. They're permitted. There's, generally, you can drill a lot quicker there than you can in other places. But okay. And then on Delhi, is there any legal, recourse that you have? I mean, this is.

是的，我想從概念上來說，那些是較短期、前置時間較短的。它們已經拿到許可。一般而言，那邊的鑽井速度可以比其他地方快很多。不過好吧。另外關於 Delhi，你們有任何法律追索權嗎？我的意思是，這件事。

There's quite a delay between the time that the contract went in place and maybe, hit the quarter.

從合約生效到可能反映在季度上，中間有相當大的延遲。

Did I read in between the lines that you may have a legal recourse?

我是不是可以從字裡行間讀到，你們可能有法律追索權？

I'm officially not going to answer that.

我正式地不回答這個問題。

Okay. I think that's it.

好的。我想就這些了。

Thank you.

謝謝。

I appreciate it. Thanks. I really appreciate it both.

感謝。謝謝。我也非常感謝你們兩位。

Thank you.

謝謝。

Our next question comes from John Blair with Ascend Wealth Advisors. Please go ahead.

下一個問題來自 Ascend Wealth Advisors 的 John Blair。請發問。

Thanks. There's no L in there. That's Christmas time.

謝謝。那裡面沒有 L。那是聖誕節的時候。

Thank you. B-A-I-R. Thanks.

謝謝。B-A-I-R。謝謝。

Appreciate you taking my call, and you touched on a number of aspects of my questions.

感謝接聽我的來電，你已經觸及了我問題中的好幾個面向。

Is it fair to say that.

這樣說公平嗎？

Add back, I mean, this was a quarter, pardon a pun, but a really perfect storm, right? All five of your areas impacted here.

把它加回來看，我是說，這一季——雙關一下——真的是一場完美風暴，對吧？你們五個區域都受到影響。

Your comments are that the flow rates are back.

你們的說法是流量已經恢復。

And so I'm just wondering, do you have any -- was there any impact that is known as to.

所以我想問的是，你們是否有任何——是否已知有任何影響，例如。

Flow rates or any reservoir damage, anything like that while these wells were shut in.

在這些井關閉期間，流量或任何儲層損害之類的情況？

No, this is there weren't any damages. This is the typical thing we have happen in the wintertime when we have bad weather. So pardon me, getting over a cold, but.

沒有，沒有任何損害。這就是我們在冬季遇到惡劣天氣時常見的典型狀況。不好意思，我正在從感冒中恢復，不過。

We do it like typically we see it Barnett, which is it's the one that's slowest to come back, but it comes back. It just takes it a few weeks to get back, up to full rate. I mean, yeah.

我們通常會看到像 Barnett 那樣的情況，也就是它回來得最慢，但會回來。只是需要幾週時間才能恢復到滿載流量。我的意思是，是的。

And back to your perfect tone, we have one area where a lightning strike blew up a tank battery, right? I mean, yeah.

再回到你說的完美風暴，我們有一個區域是被雷擊把一組儲槽電池（tank battery）炸掉了，對吧？我的意思是，是的。

Again, all covered by insurance, all fixed, but, cause downtown for sure. And then one thing.

同樣地，全部都有保險理賠、也都修好了，但確實造成停產。然後還有一件事。

John, and it is Kelly, by the way. Thanks for calling.

John，順帶一提我是 Kelly。謝謝你來電。

On the West Coast, we talk about some of the impacts of differentials from our Jonah gas and how far from normal it was. I mean, Ryan talked about it a little bit. I mean, once in 100 years plus kind of winter, what did they draw on the West Coast for gas, Ryan?

在西岸，我們談到 Jonah 天然氣價差（differentials）的一些影響，以及它偏離常態有多遠。Ryan 也稍微提到了一點。我是說，這是百年一遇甚至更罕見的冬季，那西岸當時天然氣提取量（draw）是多少，Ryan？

I mean, it was probably about. 60, 65 BCF, which is, pretty much the lowest I can find for a long period of time, right?

我的意思是，大概。60、65 BCF，這幾乎是我能找到在很長一段時間內的最低水準，對吧？

Yeah.

是的。

I was going to say that it went the other way, I think, not long after you purchased that property.

我本來想說的是，我記得在你們買下那個資產不久之後，情況就往相反方向走了。

It did, sure. Yeah. So that was kind of another follow-on question I was going to say is, okay, so you got impacted because of warmer winter, but if it's a more hotter. More severe summer and there's higher demand, then this could flip the other way. Is that a fair way of looking at it?

確實是。是的。所以我接著想問的是，好，你們因為冬天較暖而受到影響，但如果夏天更炎熱、更極端、需求更高，那這可能就會反過來。這樣看合理嗎？這是一種公平的看法嗎？

Yeah, for sure. So Ryan and I, we're doing some research on this.

是的，當然。所以 Ryan 和我正在做一些研究。

On the West Coast, right, it's not just California. Let's look at the whole West Coast. When you have a good snowpack, right, a nice, wet, cold winter.

在西岸，對吧，不只是加州。我們看整個西岸。當你有很好的積雪量（snowpack），也就是一個濕冷的好冬天。

In the summer months, when it's hot, you get a lot of hydro. Hydro is the cheapest, best, easiest way for them to generate electricity.

到了夏季天氣炎熱時，你會有很多水力發電（hydro）。水力是他們發電最便宜、最好、也最容易的方式。

And it can be -- in a wet, cold winter, it can be up to 50% of the power in some of those areas.

而且在濕冷的冬季之後，在某些地區水力發電占比最高可達 50%。

When you have no snowpack, essentially, and you're expecting no hydro, Ryan, I think your research showed it can use an extra 1.1 plus kind of BCF a day of natural gas usage. So. There will be a bounce-back effect that's to our favor on this during the summer.

當你基本上沒有積雪量，並且預期沒有水力發電時，Ryan，我想你的研究顯示天然氣用量可能會額外增加每天 1.1 BCF 以上。所以。在夏季，這會出現一個對我們有利的反彈效果。

Yeah, no, we think there's definitely potential for -- the differentials that we see right now in the summer months might be overstating kind of the potential high stories that we're going into right now in the injection season. So, with kind of a normal to warm summer, a little snowpack could set up for hopefully a little bit better demand on the summer heating -- sorry, summer cooling.

是的，我們認為確實有潛力——我們現在在夏季看到的價差，可能高估了我們在目前注氣季（injection season）所面臨的潛在高庫存情境。所以，在一個正常到偏暖的夏季、且積雪量偏少的情況下，希望能帶來夏季降溫用電（抱歉，是夏季冷房）需求更好一些。

Seeing out there now, California is in a pretty bad state given they have to import just about everything, it seems, whether it's energy from Asia since they've run off the industry internally, their water and their electric. So, they're kind of in a bad spot there.

就目前外界所見，加州的處境相當糟，因為他們幾乎什麼都得進口；看起來不論是能源（由於他們把內部產業趕走了，現在得從亞洲進口）、用水，還是電力。所以，他們那邊算是處在一個相當不利的位置。

Yeah, and we talk about elevated storage there. I mean, Honestly.

是的，而且我們也談到那邊的儲存水位偏高。我是說，老實講。

They have so few days of coverage. I mean, just happened this particular winter, there was no sort of, gas on gas competition because they didn't hardly use any gas. So it goes away and switches very quickly. It's very light storage relative to usage there. As a matter of fact, I would say out of all the regions of the country, it has the least sort of storage relative to usage.

他們可用天數的覆蓋率非常少。我是說，就在這個冬天，幾乎沒有出現所謂的「氣對氣」競爭，因為他們幾乎沒怎麼用天然氣。所以情況會消失並且非常快速地切換。相對於那邊的用量，儲存量非常少。事實上，我會說在全國所有地區中，那裡的「相對於用量的儲存」是最少的。

So yeah, I mean, they've got around, assuming they wouldn't inject, which they will, they've got generally 30 days or less of storage based on typical demand out there, which is very low. They've also had storage come out of the system, right, over the past five years, which has kind of increased the volatility. As you mentioned, John, I mean, we're not benefiting from this winter, but we've definitely been a beneficiary of enterprising due to this volatility since we found the asset.

所以是的，我是說，他們大概——假設他們不注入（但他們會注入）——一般來說，依照那邊典型需求（而且需求很低）來看，他們的儲存大概只有30天或更少。而且在過去五年裡，也有部分儲存退出系統，對吧？這某種程度上提高了波動性。如你所提，John，我是說，我們沒有從這個冬天受益，但由於這種波動性，自從我們找到這項資產以來，我們確實一直是「進取操作」的受益者。

We can't complain that much.

我們也沒什麼好抱怨的。

Going back to Delhi for just a moment, is there any anticipation that CO2 purchases will need to be resumed or ramped up?

回到Delhi再談一下，是否預期需要恢復或提高CO2的採購？

Anytime soon that could be impactful.

近期是否會有可能產生影響？

John, this is Mark. And no, they don't have any plans currently to purchase any additional CO2. And honestly, with the reservoir work that we've done, we actually think CO2 utilization is probably improved by dropping the amount of CO2 that's being put in the system. So we don't have any disagreements with it, and it helps our operating costs.

John，我是Mark。沒有，他們目前沒有任何計畫要再採購額外的CO2。而且老實說，基於我們已完成的油藏工作，我們其實認為，降低注入系統的CO2量，可能反而能提升CO2利用效率。所以我們對此沒有異議，並且也有助於降低我們的營運成本。

A little disconcerting is I think it was referenced in an earlier caller there, questioner, the kind of lack of communication that you've had with or by the operator. So hopefully in all areas you'll be able to somehow improve that communication and updates.

有點令人不安的是，我想先前有位來電者／提問者提到，你們與營運商之間的溝通似乎有些不足。所以希望你們在各方面都能設法改善溝通與更新。

So that you're a little bit better aware of what's going on and what they anticipate and realize that as a non-op, it's perhaps a little more difficult, but still.

這樣你們就能更清楚掌握正在發生什麼、以及他們的預期；我也理解作為非營運方（non-op）可能比較困難，但仍然如此。

John, just FYI on that, just so we really actually have a very good relationship with Exxon, in my opinion, for I've worked with Exxon before and it's tough because they're a big company and big companies do different things differently, but we actually have a good relationship with them, I think, and they do talk to us. It's just they've had some difficult maintenance issues going on.

John，補充說明一下：其實我認為我們和Exxon的關係非常好。我以前也和Exxon合作過，確實比較棘手，因為他們是大公司，而大公司做事方式不一樣；但我認為我們和他們的關係是好的，而且他們也會和我們溝通。只是他們最近遇到一些棘手的維護問題。

And we treat them pretty much like the rest of our partners. And actually, I'd say they're definitely not the worst. So that's which a big plus because I was kind of afraid, they could have been.

而且我們基本上把他們當作其他合作夥伴一樣對待。其實我會說，他們絕對不是最糟的。所以這點是很大的加分，因為我原本有點擔心他們可能會是。

But we've been really happy with them what they're doing.

但我們對他們目前所做的事情非常滿意。

Okay. Well, that's good to hear. And I suppose that this field is kind of somewhat off their radar in the grand scheme of things for their.

好的。嗯，這很高興聽到。我想就整體而言，這個油田對他們來說可能有點不在雷達上。

Their size and so forth. So, thanks very much for taking the calls.

以他們的規模等等來看。所以，非常感謝你們接聽提問。

Our next question comes from Nicholas Pope with Roth.

下一個問題來自Roth的Nicholas Pope。

Please go ahead.

請開始提問。

Good morning, Nick.

早安，Nick。

Kelly, I think you made a comment that the non-op -- the market for kind of non-op assets has been. A little tight right now. So I thought it was kind of encouraging that you sold was a $3.3 million of scoop stacks non-ops assets post-quarter end.

Kelly，我記得你提到，非營運資產（non-op）的市場目前有點——有點緊。所以我覺得蠻令人鼓舞的是，你們在季後出售了價值330萬美元的SCOOP/STACK非營運資產。

I'm curious.

我很好奇。

Can I give you a little color on that?

你能不能多提供一些背景說明？

Yeah, that's exactly what I wanted. So go ahead.

對，這正是我想問的。請說。

Yeah. So just to be clear, it is scoop stack, but it was from our minerals package, right? If you recall, we paid $17 million before post-effective date. What was the ultimate adjusted price?

好的。先說清楚，確實是SCOOP/STACK，但它是來自我們的礦權（minerals）資產包，對吧？如果你還記得，我們在生效日（effective date）之前支付了1,700萬美元。最終調整後的價格是多少？

$16.1 million for that package of royalties. But when you factor in the difference between effective date and closing date cash flows.

那一包權利金（royalties）的價格是1,610萬美元。但當你把生效日與交割日（closing date）之間的現金流差異納入考量。

And we placed the vast majority of that on all the stuff we kept, right? There were some locations that were again, they could absolutely be viable home run candidates, but they were further out in time.

而且我們把其中絕大部分都歸到我們保留的那些資產上，對吧？有一些區位同樣——它們絕對可能是可行的「全壘打」候選，但時間點更靠後。

And so when we put most of our valuation work, we front-loaded that.

因此在我們做大部分估值工作時，我們把價值更偏向前期（front-loaded）。

So if you take that evaluation, which, again, we think has borne out to be a very good high-return project at 16.1, if you knock another 3.25, 3.3 off of that, it's an absolute home run. And so what do you do with that capital? Well, you go try to redeploy it, right? Sort of high-grade that portfolio from stuff that, again, we think is good. It has value. Clearly, we sold it.

所以如果你以那個估值來看——而且我們認為結果也證明這是一個在1,610萬美元價格下、回報很高的專案——如果你再從中扣掉325萬到330萬美元，那就真的是一個「全壘打」。那你要怎麼運用這筆資本？你就去嘗試重新配置它，對吧？把投資組合做「汰弱留強」（high-grade），從那些——我們再次強調，我們認為是好的、也有價值的資產。很明顯，我們也把它賣掉了。

But into stuff that is going to be completed, in our opinion.

轉到我們認為會被完成（完井/開發）的資產上。

More near-term and begin to add cash flows in the near-term. So that was the sort of process behind that. Let's see if we can put some of these potentially longer-dated to be completed stuff, flip that into stuff that we think is going to be more near-term and also very attractive rates which we were buying it. So that was the process there, Nick.

更偏近期，並在近期開始貢獻現金流。所以這就是背後的流程。看看能不能把這些可能完工時間較長的標的，換成我們認為更近期、而且以我們買入價格來看報酬率也非常吸引人的標的。Nick，這就是當時的思路。

I mean, I think it makes total sense. I mean, I think you've been active in the past to divestitures and it sounds like maybe the non-op market is a bit of a seller's market right now, just with how quickly commodity prices have moved.

我是說，我覺得這完全合理。我是說，我認為你們過去在資產處分上一直很積極；而且聽起來，考量到商品價格上漲得很快，現在非營運市場可能有點偏向賣方市場。

Is there other opportunities? I mean, is that something I know you're always active, kind of looking at your own assets and high-grade and stuff. I mean, is there other opportunities you think might be possible to divest here in the near-term with some non-op stuff?

還有其他機會嗎？我是說，我知道你們一直都很積極，會檢視自家資產、做汰弱留強等等。我是說，你覺得近期還有其他可能處分的機會嗎？例如一些非營運資產？

There are, for sure, yes, there are a couple that I would say need to sort of be seasoned a little more, but that could be very impactful. And then there's always little stuff on the margin that you could flip around with. So, if I were modeling, I probably wouldn't account for it, but it would call that, as the Cajun say, Lagnap, right?

確實有，沒錯，有幾個我會說還需要再「養」一段時間，但可能會非常有影響力。另外也總是有一些邊際的小標的可以拿來調整、翻轉。所以如果我在建模，我大概不會把它算進去，但會把它稱作——用卡津人的說法——Lagnap（額外的小驚喜），對吧？

All right, Kelly, I appreciate the time. Thanks for the question.

好的，Kelly，感謝你撥冗。謝謝你的提問。

Thank you, Nick.

謝謝你，Nick。

Up next, we have a follow-up from Jeff Robertson with Water Tower Research. Please go ahead.

接下來，我們有來自 Water Tower Research 的 Jeff Robertson 的追問。請開始。

Thank you. Ryan, on CapEx, do you have much visibility into the rest of calendar '26 from your operating partners?

謝謝。Ryan，關於資本支出（CapEx），你從營運合作夥伴那邊，對 2026 年曆年其餘期間有多少能見度？

No, I mean, I think at this point.

沒有，我是說，我想目前來看。

It's going to be probably -- we don't really on the scoop stack, which is the majority, as kind of our CapEx other than Chaberu.

大概會是——我們在 Scoop Stack（占大宗）那邊，其實沒有太多可視性；除了 Chaberu 之外，那算是我們的資本支出。

And at that, we're not getting a lot of drill schedules, unfortunately, from them. And we're seeing AFEs and activities, but we don't have a ton of insight there as to how much capital. So, we're not budgeting much more than we've probably spent this year right now.

而且就那部分而言，很遺憾，我們也沒有從他們那裡拿到太多鑽井排程。我們有看到 AFE（授權支出）和一些活動，但對於資金投入規模並沒有太多洞見。所以，目前我們的預算不會比今年已花的多太多。

We'll come out with our official kind of '27 budget here, probably on our next fiscal '27 that is on our next call. But at this point, no, we haven't seen a lot of activity that we would know of, really on the non-op side. Right now, I will say, as obviously, the activity we've talked about on the mineral side, I mean, that doesn't impact our capital budget, which is the nice thing about it. So, all those wells coming on for Skubstack are not going to impact our capital budget.

我們會在下一次電話會議上，公布我們正式的 2027 年預算，大概是在我們下一個 2027 財年的電話會議。但就目前而言，沒有，我們在非營運方那邊，並沒有看到太多我們能掌握的活動。我想說的是，顯然我們談到的礦權（mineral）那邊的活動，並不會影響我們的資本預算，這點很好。所以，Scoop Stack 的那些新井投產，不會影響我們的資本預算。

Thank you. I guess, to that note, the mineral interest production that you talk about that should come on near-term should have high margin addition to cash flow.

謝謝。我想就這點而言，你提到近期將上線的礦權權益產量，應該會以高毛利的方式增加現金流。

Yes, absolutely.

是的，絕對會。

And yes, we're excited about it, but again, we're going to gain more info this quarter and even more going forward as we get more wells being completed over time. So again, very excited about that.

是的，我們對此很興奮；但同樣地，我們會在本季獲得更多資訊，隨著時間推進、更多井陸續完井，我們也會得到更多資訊。所以，再次強調，我們對此非常期待。

Thank you.

謝謝。

Our next question is a follow-up with John Blair from Ascend Wealth Advisors. Please go ahead.

我們下一個問題是來自 Ascend Wealth Advisors 的 John Blair 的追問。請開始。

Thanks for taking the follow-up here.

謝謝讓我追問。

Just a quick question. Are you looking at any adjustments or any ways that you can, adjust your hedging program given the current elevated prices and whatever? Is there any way that you can kind of high-grade that?

一個很快的問題。在目前價格偏高、以及其他因素的情況下，你們是否在考慮對避險計畫做任何調整，或有沒有什麼方式可以調整？有沒有辦法把它做得更精準、更優化一些？

My personal take is these prices, even if, some solution to the.

我個人的看法是，這些價格，即使對……有某種解決方案。

Persian Gulf Straits of Hormuz thing was resolved, you got a long lead time to get all that cargo out of there. So I know the market response would probably try to reflect it, but given where we're at right now and all those uncertainties, are you looking at any, doing any high grading of the catching program?

即便波斯灣荷姆茲海峽（Straits of Hormuz）的問題解決了，把所有貨物運出去仍然需要很長的前置時間。所以我知道市場反應可能會試著反映這點，但以我們目前的位置和所有不確定性來看，你們是否在考慮做任何……對避險計畫做任何優化？

Yeah, John, it's Ryan. So, unfortunately, in the near term, right, we definitely have looked at restructuring, but most of the restructuring opportunities would be things like converting our collars to swaps, which isn't really that beneficial to create upside.

是的，John，我是 Ryan。所以，很遺憾，短期內，我們確實有看過重整（restructuring），但多數重整機會會是把我們的領口（collars）轉成掉期（swaps），這對創造上行空間其實幫助不大。

Given where the prices are, it'd be too expensive to take a lot of those swaps out or just take them off. What we are doing is we've taken the opportunity to start adding hedges in calendar '27, so we're able to get 70-plus swaps and floors in some instances with higher collars. And so those prices in the calendar '27 are pretty attractive, right? So to us, adding hedges out in the future at good prices is really what we're doing for the most part with this kind of. The other point I'd make is, while we do have, we're not completely hedged out on our crude, right, so we've still got for this kind of our fiscal fourth quarter, at least 30% unhedged on the crude side, all of our NGLs are unhedged, so we definitely have upside there from. The run and kind of the heavier parts of the barrel for the NGL. So we're still going to see some of that upside, as Kelly kind of mentioned in his comments. But really near-term, there's not a lot of restructuring opportunities. We're just going to take advantage of adding stuff in '27.

以目前價格水準來看，要把很多掉期解除或直接拿掉，成本會太高。我們正在做的是把握機會，開始在 2027 年曆年增加避險，因此在某些情況下，我們能做到 70 美元以上的掉期與底價（floors），並搭配較高的領口。所以 2027 年曆年的那些價格相當有吸引力，對吧？因此對我們而言，主要就是在未來以好價格增加避險部位。另外一點是，雖然我們確實有避險，但我們的原油並不是完全避到滿，對吧；所以在我們這個財政第四季，原油端至少仍有 30% 未避險；我們所有 NGL（天然氣液）都沒有避險，所以我們確實有上行空間。來自 NGL 的裂解價差（run）以及桶中較重的部分。所以我們仍會看到部分上行，如同 Kelly 在他的評論中提到的。但短期內，確實沒有太多重整機會。我們會把握在 2027 年增加一些部位。

Very good.

很好。

I think one of the big takeaways from what's been going on is domestic production, I think globally, you're going to be looking at more.

我想，從最近發生的事情來看，一個很大的重點是國內產量；我認為在全球範圍內，你會更……

More cautiously at where you source your crude from, right? So I think from that standpoint, being a domestic producer should be given a little bit of a premium, perhaps, I don't know, but just kind of food for thought there. So thanks again for taking the question.

會更謹慎地看待你從哪裡採購原油，對吧？所以從這個角度來看，作為國內生產商，或許應該享有一些溢價；我不確定，但只是提供一個思考方向。再次感謝你們回答問題。

Hi, John, really appreciate your interest and your call. And we agree, yeah, I think good old USA is the place to be.

嗨，John，非常感謝你的關注與來電。我們也同意，是的，我想老牌的美國確實是最適合的地方。

Very good.

很好。

This concludes our question-and-answer session. I would like to turn the call back over to Kelly Lloyd for any closing remarks.

我們的問答環節到此結束。我想把電話會議交回給 Kelly Lloyd，請他做結語。

Yes, thank you. And thank you, everybody, for attending. As we move forward, like I said, we're excited about the future here. So thanks again for your interest. Really appreciate it.

好的，謝謝。也謝謝各位今天的參與。展望未來，如我所說，我們對未來感到振奮。再次感謝各位的關注。真的非常感謝。

The conference is now concluded.

本次電話會議到此結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的簡報。您現在可以掛線。