Epsilon Energy Ltd (EPSN) 2025 Q4 法說會逐字稿

Good morning, everyone, and welcome to the Epsilon Energy 2025 year-end earnings conference call. (Operator Instructions) Please also note today's event is being recorded.

各位早安，歡迎參加 Epsilon Energy 2025 年終收益電話會議。（操作說明）也請注意，今天的活動正在錄製中。

At this time, I'd like to turn the floor over to Andrew Williamson, CFO. Please go ahead.

此時，我想把發言權交給財務長安德魯威廉森。請繼續。

Thank you, operator. And on behalf of the management team, I would like to welcome all of you to today's conference call to review Epsilon's full year and fourth quarter 2025 financial and operational results.

謝謝接線生。我謹代表管理團隊，歡迎各位參加今天的電話會議，共同回顧 Epsilon 2025 年全年及第四季的財務和營運表現。

Before we begin, I would like to remind you that our comments may include forward-looking statements. It should be noted that a variety of factors could cause Epsilon's actual results to differ materially from the anticipated results or expectations expressed in these forward-looking statements.

在開始之前，我想提醒各位，我們的評論可能包含前瞻性陳述。需要注意的是，多種因素可能導致 Epsilon 的實際表現與這些前瞻性聲明中表達的預期表現或期望有重大差異。

Today's call may also contain certain non-GAAP financial measures. Please refer to the earnings release that we issued yesterday for disclosures on forward-looking statements and reconciliations of non-GAAP measures.

今天的電話會議可能還會涉及一些非GAAP財務指標。有關前瞻性陳述的揭露以及非GAAP指標的調整，請參閱我們昨天發布的獲利報告。

With that, I would like to turn the call over to Jason Stabell, our Chief Executive Officer.

接下來，我將把電話交給我們的執行長傑森·斯塔貝爾。

Thank you, Andrew. Good morning, everyone, and thank you for joining us. With me today are Andrew Williamson, our CFO; and Henry Clanton, our COO. We will be available to answer questions later in the call.

謝謝你，安德魯。各位早安，感謝各位的參與。今天陪我一起來的有我們的財務長安德魯威廉森和我們的營運長亨利克蘭頓。我們稍後會在通話中回答您的問題。

Epsilon delivered a standout year, growing adjusted EBITDA 75% and production 54% year-over-year. In the fourth quarter, we closed the acquisition of the Peak companies, bringing us new production, more than 100 net high rate of return drilling locations, largely held by production undeveloped acreage and a highly experienced Powder River Basin operating team. Through a combination of development drilling and the Peak acquisition, we achieved 69% growth in proved developed producing reserves and an 86% increase in total proved reserves.

Epsilon 取得了卓越的一年業績，調整後 EBITDA 年成長 75%，產量年增 54%。第四季度，我們完成了對 Peak 公司的收購，為我們帶來了新的產量、100 多個淨高回報鑽井位置（主要為未開發的生產用地）以及一支經驗豐富的 Powder River Basin 營運團隊。透過開發鑽探和收購 Peak，我們實現了已探明已開發生產儲量成長 69%，總探明儲量成長 86%。

The Board recently declared our 17th consecutive quarterly dividend and renewed the share buyback program covering up to 10% of shares outstanding, underscoring our commitment to returning capital to shareholders.

董事會最近宣布了我們連續第 17 個季度派發股息，並續簽了股票回購計劃，回購股份最多可達已發行股份的 10%，這凸顯了我們對股東返還資本的承諾。

Looking at 2026 to date, our portfolio is performing exceptionally well. In late January, we realized extremely favorable natural gas pricing in Pennsylvania, generating over $4.8 million in net natural gas sales in a single week, including sales one day at over $66 per MMBtu. Our current PDP production is approximately 60% hedged for the rest of the year. But importantly, the incremental oil volumes we expect to add through the drill bit starting in the second quarter are unhedged, providing meaningful upside exposure.

從2026年至今來看，我們的投資組合表現非常出色。1 月下旬，我們在賓州獲得了極其有利的天然氣價格，一週內淨天然氣銷售額超過 480 萬美元，其中有一天的銷售額超過每百萬英熱單位 66 美元。我們目前的PDP產量約有60%已對沖至今年剩餘時間。但重要的是，我們預計從第二季開始透過鑽探增加的石油產量沒有進行對沖，這將帶來顯著的上漲空間。

I would like to add that our past commentary on the acquired Powder River Basin assets has focused on the very attractive high rate of return Parkman inventory, but I need to remind investors that we also acquired several hundred locations in the Niobrara and Mowry formations that are the focus of activity for most of our offset operators in the basin. While the average expected returns in these formations are currently below the Parkman, this inventory represents a material wedge of value that we acquired at less than $250,000 per location. We expect the returns on this inventory to improve dramatically as we scale operations and extend lateral lengths, particularly if oil prices remain at levels above $70.

我想補充一點，我們過去對收購的粉河盆地資產的評論主要集中在極具吸引力的高回報率的帕克曼庫存上，但我需要提醒投資者，我們還在尼奧布拉拉和莫里地層收購了數百個地點，這些地點是我們盆地內大多數鄰井運營商的活動重點。雖然這些地塊的平均預期收益目前低於帕克曼，但這些庫存代表著一筆巨大的價值，而我們每個地塊的收購價格不到 25 萬美元。我們預計，隨著我們擴大營運規模和延長水平井長度，特別是如果油價保持在 70 美元以上的水平，該庫存的回報將大幅提高。

Epsilon is now positioned as a unique multiyear organic growth story with strong visibility into per share growth in EPS, EBITDA, and production over the next few years, while maintaining a fixed dividend and targeting an average annual leverage ratio below 1.5 times.

Epsilon 目前被定位為一個獨特的多年有機成長故事，未來幾年每股收益、息稅折舊攤銷前利潤和產量的成長前景十分明朗，同時保持固定股息，並力爭將平均年度槓桿率控制在 1.5 倍以下。

Thank you for your continued support. I'll now turn it over to Andrew and Henry for additional comments.

感謝您一直以來的支持。現在我將把發言權交給安德魯和亨利，請他們補充說明。

Thanks, Jason. I'll start by elaborating on the Peak closing that occurred on November 14, 2025, with the release of the contingent consideration occurring a few days later on the 20th. The BLM permitting issues on the acquired acreage in Converse County were resolved right around closing and that the BLM resumed their approval of drilling permits in the affected area. And as it stands now, we have seven approved drilling permits that provide access to that acreage, which we believe holds some of the best inventory we have in the basin. We plan to start to develop there next year with some front-end facilities work this year. Now on to the year-end results.

謝謝你，傑森。首先，我將詳細說明 2025 年 11 月 14 日發生的 Peak 交易完成情況，以及幾天后的 20 日發生的或有對價的釋放情況。在康弗斯縣收購的土地的土地管理局許可問題在交易完成前後得到了解決，土地管理局也恢復了對受影響地區的鑽探許可證的審批。就目前而言，我們已經獲得了七份已批准的鑽井許可證，可以進入該區域，我們認為該區域擁有盆地內一些最好的油氣資源。我們計劃明年開始在那裡進行開發，今年將進行一些前端設施建設工作。接下來是年終總結。

Jason mentioned the year-over-year growth in production and cash flow, which was primarily driven by higher volumes, up 65% and better pricing with realized prices up over $1 per MMBtu year-over-year in the Marcellus with wells coming online in the first quarter that were paid for the prior year. Our operator has additional development planned this year and again, in '27 and '28 at an accelerated pace. We expect the vast majority of these volumes will flow through the Auburn Gathering System when developed, driving strong capital-efficient cash flow growth in our midstream asset over that period.

傑森提到產量和現金流同比增長，這主要得益於產量增加（增長 65%）和價格上漲，馬塞勒斯頁岩氣的實際價格同比上漲超過每百萬英熱單位 1 美元，這得益於第一季度投產的油井支付了上一年的款項。我們的營運商計劃今年以及 2027 年和 2028 年加快開發步伐。我們預計，這些流量中的絕大部分將在奧本集輸系統建成後透過該系統輸送，從而在這段時間內推動我們中游資產實現強勁的資本效率現金流增長。

We have several one-off items that impacted earnings this year, transaction costs from the Peak acquisition, which were $6.9 million in total, although half of these were expenses assumed from Peak that were unrelated to the deal and were adjusted for in the share consideration issued at closing. Also impacting the year were some impairments on our wellbores in Canada and New Mexico. The drivers were the oil strip we were required to use at 12/31/25, which was sub-$60 WTI, downward reserve revisions due to a frac hit in New Mexico. Note, the New Mexico interests are small with 10% in two wellbores.

今年有幾項一次性項目影響了收益，其中包括收購 Peak 的交易成本，總計 690 萬美元，儘管其中一半是 Peak 承擔的與交易無關的費用，並在交易完成時發行的股票對價中進行了調整。此外，我們在加拿大和新墨西哥州的油井也出現了一些減值，這對今年的業績造成了影響。驅動因素是我們在 2025 年 12 月 31 日必須使用的油價，當時 WTI 原油價格低於 60 美元，以及由於新墨西哥州壓裂作業受阻而導致的儲量下調。請注意，新墨西哥州的權益很小，僅在兩口井中佔 10% 的份額。

And finally, well underperformance in Canada. In Canada, we've spent $11 million over the past two years, including approximately $4.5 million to earn into a large acreage position of over 100,000 net acres that we believe has great option value, although based on the results observed to date, the area does not currently compete for capital in our portfolio.

最後，加拿大的表現遠低於預期。在加拿大，過去兩年我們投入了 1,100 萬美元，其中包括約 450 萬美元，用於投資超過 10 萬淨英畝的大片土地。我們認為這片土地具有巨大的選擇權價值，但根據迄今為止觀察到的結果，該地區目前在我們的投資組合中並不具有資本競爭力。

The major adjustment was the loss on our sale of the Oklahoma assets. We also had a large tax basis there. And when you combine cash received at closing with the cash tax savings, the deal generated over 8 times the expected cash flow from those assets in 2026. So very accretive on a multiple basis. Also, we had no plans to allocate capital there with the portfolio we have, and it made sense to clear the decks and use those cash proceeds to pay down our debt balance, which we did in the first quarter by $5 million.

主要的調整是出售俄克拉荷馬州資產的虧損。我們在那裡也有較大的稅務基礎。如果將交易完成時收到的現金與現金稅收節省結合起來，則該交易產生的現金流量是這些資產在 2026 年預期現金流的 8 倍以上。因此，從倍數來看，其增值潛力非常大。此外，我們原本沒有計劃將資金投入到我們現有的投資組合中，因此清理這些資產並將所得現金用於償還債務餘額是明智之舉，我們在第一季度償還了 500 萬美元。

Adjusting for the items I just described, the company earned $0.92 per share in 2025. We're doing a couple of things to increase liquidity over the next few months given the larger capital program this year across the portfolio. We're in the market selling an overriding royalty interest package in the Marcellus, where we believe we can transact at an accretive multiple. We also have the Colorado office building we acquired with Peak under contract for $3 million.

剔除我剛才描述的項目後，該公司 2025 年每股收益為 0.92 美元。鑑於今年整個投資組合的資本計畫規模較大，我們將在未來幾個月採取一些措施來增加流動性。我們正在市場上出售馬塞勒斯頁岩氣田的超額特許權使用費權益包，我們相信我們可以以增值倍數進行交易。我們也與 Peak 公司簽訂了價值 300 萬美元的科羅拉多州辦公大樓收購合約。

Overall, this is an exciting time for the company with several value-enhancing developments that are in progress or will be in the next 12 to 18 months. These include our operated high-return Parkman development in the Powder River Basin, accelerated Barnett development in the Permian and steady development in the Marcellus with expected increases in gas production and midstream throughput in the '27, '28 timeframe. We showed the potential cash flow impact of some of these things in our first quarter 2026 corporate presentation, which is available on our website.

總的來說，對於公司而言，這是一個令人興奮的時期，有幾項提升價值的發展正在進行或將在未來 12 至 18 個月內進行。其中包括我們在粉紅河流域運營的高回報帕克曼開發項目、在二疊紀盆地加速開發的巴內特項目以及在馬塞勒斯盆地穩步開發的項目，預計在 2027 年、2028 年期間天然氣產量和中游吞吐量將有所增加。我們在 2026 年第一季公司報告中展示了其中一些事項可能對現金流產生的影響，該報告可在我們的網站上查閱。

Now to Henry for more detail on our investment plans this year and a look ahead to the next few years.

現在請亨利詳細介紹我們今年的投資計劃，並展望未來幾年。

Thank you, Andrew, and good morning to everybody. I'd like to share more detail on our development plans for 2026, beginning with our newly acquired operating assets in the Powder River Basin in Wyoming. We have initiated completion operations of two 2-mile Niobrara DUCs, 0.7 net working interest to Epsilon.

謝謝你，安德魯，大家早安。我想分享更多關於我們 2026 年發展計畫的細節，首先是我們在懷俄明州粉河盆地新收購的營運資產。我們已啟動兩座 2 英里長的尼奧布拉拉未完井油田的完井作業，Epsilon 公司擁有 0.7 的淨工作權益。

The net CapEx for these two completions is expected to be approximately $6 million. This includes the preconstruction build-out of the production facilities to be ready to put the wells into service after flowback. The frac is currently scheduled for Q2.

預計這兩個項目的淨資本支出約為 600 萬美元。這包括生產設施的施工前建設，以便在返排後將油井投入使用。此壓裂作業目前計劃於第二季進行。

As Jason mentioned earlier, we're focused on the Parkman drilling inventory with plans to drill three 2-mile laterals, 2.8 net beginning in Q3 with production online in Q4. Net capital for these three wells is expected to be approximately $22 million.

正如傑森之前提到的，我們專注於帕克曼鑽井庫存，並計劃從第三季度開始鑽探三條 2 英里長的水平井，淨井長 2.8 英里，並在第四季度上線生產。這三口井的淨資本預計約為 2,200 萬美元。

In preparation for our 2027 and 2028 development plans in the Parkman in Converse County, Wyoming, 12 gross wells, we will be building out a water supply and impoundment facility to support this program and drive development costs down. In our Permian Barnett asset, project management and operatorship has changed. Based upon discussions with the new operator, the project development will transition to 3-mile laterals with four wells per pad development along a development corridor.

為了籌備我們在懷俄明州康弗斯縣帕克曼地區 2027 年和 2028 年的開發計畫（共 12 口井），我們將建造供水和蓄水設施，以支持該計畫並降低開發成本。在我們位於二疊紀盆地的巴內特油田，專案管理和營運方式已經改變了。根據與新營運商的討論，該項目開發將過渡到沿開發走廊的 3 英里水平井段，每個井場開發 4 口井。

In addition to the drilling program, the new operator informs us that planning is underway for a multi-well production battery and a water recycling facility within the main development corridor. We are aligned with the operator and support these changes to the development plan and the facility approach, which is expected to drive cost savings on the wells moving forward. This month, the first 3-mile Barnett well was drilled on the position. The completion planning is in progress, and we expect the well online close to midyear.

除了鑽井計劃外，新的營運商還告知我們，他們正在規劃在主要開發走廊內建造多井生產池和水循環利用設施。我們與營運商立場一致，支持對開發計畫和設施方案的這些改變，預計這將降低未來油井的成本。本月，該位置鑽探了第一口 3 英里長的 Barnett 井。完井計畫正在進行中，我們預計該油井將於年中左右投產。

Net CapEx for the drilling and completion of this well is expected to be approximately $4 million. Based upon preliminary discussions with the new operator, an additional three wells, 0.75 net are planned in the second half of the year. We expect this to include two Barnett 3-milers offsetting our recently drilled well to minimize parent-child impacts. The third well is expected to be an appraisal test in the Woodford interval. A successful result there will increase our inventory meaningfully.

該井的鑽探和完井淨資本支出預計約為 400 萬美元。根據與新業者的初步討論，計劃在今年下半年再鑽三口井，淨產量為 0.75 噸。我們預計這將包括兩個 Barnett 3 英里井，用於抵消我們最近鑽探的井，以最大限度地減少母子井的影響。第三口井預計將是對伍德福德層段的評估測試井。如果那裡取得成功，我們的庫存將大幅增加。

Moving to the Marcellus. Development activity is restarting. We have received well proposals for the drilling of five wells, 0.4 net beginning in early Q2. Completions are currently scheduled for the second half of the year. Net CapEx for these five wells is expected to be approximately $4 million.

移至馬塞勒斯頁岩氣田。開發活動正在重新啟動。我們已收到鑽探五口井的提案，淨產量為 0.4 口，將於第二季初開始鑽探。目前計劃於今年下半年完成。這五口井的淨資本支出預計約為 400 萬美元。

We have also begun LOE optimization efforts in Wyoming. This program includes downsizing gas lift compressors, 12 planned, focused efforts to reduce the treating cost per barrel from the production chemicals program and reducing and optimizing power usage in the field.

我們已在懷俄明州啟動了 LOE 優化工作。該計劃包括縮小氣舉壓縮機的尺寸，12項有計劃的重點工作，以降低生產化學品計劃中每桶的處理成本，以及減少和優化現場的電力使用。

These efforts are expected to remove fixed cost and improve variable costs without impacting production. Monthly savings for these initiatives are estimated to be 50,000 to 100,000 gross per month. Currently, no 2026 activity is planned in Canada. And finally, to add to what Jason mentioned earlier, the company's total reserves increased to 156 Bcf equivalent due primarily to the 78 Bcf of additions related to the acquisition of the Powder River Basin assets. For those interested in more details on the year-over-year changes, I would refer you to the detailed reserves reconciliation information provided in the 10-K and press release.

預計這些措施將在不影響生產的情況下消除固定成本並降低變動成本。這些措施預計每月可節省 5 萬至 10 萬英鎊（總金額）。目前，加拿大沒有2026年的活動計畫。最後，補充傑森之前提到的，由於收購了粉河流域資產，公司總儲量增加到 1560 億立方英尺當量，這主要是因為新增了 780 億立方英尺儲量。對於那些對同比變化的更多細節感興趣的人，我建議您參閱 10-K 表格和新聞稿中提供的詳細儲備金核對資訊。

Now I'll turn it back to Jason.

現在我把麥克風交還給傑森。

Thanks, guys. Operator, we can now open the lines for questions.

謝謝各位。操作員，現在可以開始接受提問了。

(Operator Instructions) Anthony Perala, Punch & Associates.

（操作說明）Anthony Perala，Punch & Associates。

Just wanted to ask on -- looking at kind of some of the details you gave around the Peak acquisition timing. And I think you still have referenced like a $65 oil level for returns and IRRs. Just curious if we're looking at it through a lens of today, whether it's the kind of front month or even going back to like the curve is in the mid-70s going through the back half of 2026. Just curious what returns look like under those oil assumptions rather than $65.

我只是想問一下——關於您之前提到的 Peak 收購時間的一些細節。我認為你們仍然以每桶 65 美元的油價作為回報率和內部收益率的基準。我只是好奇，如果我們從今天的角度來看這個問題，無論是指前一個月的情況，還是追溯到曲線在 70 多度的情況下，一直到 2026 年下半年的情況。我只是好奇，如果油價不是每桶 65 美元而是其他價格，收益會是多少。

Anthony, Jason here. Thanks for the question. I'll let Andrew address that one.

我是安東尼，我是傑森。謝謝你的提問。這個問題就讓安德魯來回答吧。

Yes. Thanks for the question, Anthony. So yesterday's forward averaged $77 through year-end '27. We run price sensitivities on our type curves and $5 increments. So at $75 WTI, returns for our oil-rated Inventory increased meaningfully.

是的。謝謝你的提問，安東尼。因此，昨天公佈的遠期合約到 2027 年底的平均價格為 77 美元。我們對類型曲線進行價格敏感度測試，增量為 5 美元。因此，當 WTI 原油價格達到 75 美元時，我們石油評級庫存的回報率顯著增加。

I'm going to add the Permian stuff alongside the question on the Powder. Barnett, 3-mile at $65, as mentioned in our corporate presentation, is 45% IRR with a two-year payout, roughly 3x multiple on invested capital. And at $70, those move into the 60% range, 18-month payouts and 3.5 times on the multiple.

我打算把二疊紀的內容和關於粉末的問題一起補充進去。正如我們在公司簡報中提到的，Barnett 的 3 英里軌道，每英里 65 美元，內部收益率為 45%，兩年內可收回成本，投資資本約為 3 倍。而當價格達到 70 美元時，收益率將達到 60%，支付期限為 18 個月，倍數為 3.5 倍。

In the Powder, starting with the Parkman, and that's the focus of our development in the basin over the next 18 to 24 months. Again, in the presentation, we talk about the Parkman split into the inventory across the two counties. So in Converse, which is the best stuff, that's 150% return, 10-month payout, 2.5 times.

在 Powder 地區，我們將從 Parkman 開始，這也是我們未來 18 到 24 個月在該盆地開發工作的重點。在簡報中，我們再次討論了帕克曼庫存分配到兩個縣的情況。所以，匡威是最好的選擇，回報率高達 150%，10 個月即可回收成本，相當於 2.5 倍。

The Campbell County Parkman is in the 45% to 50% range of 20-month payouts. And at $75, those increase for Converse to over 200%, eight-month payouts 3 times and then Campbell increases to 80% less than 18 months on the payout and over 2 times.

坎貝爾縣公園人計畫的 20 個月賠付率在 45% 到 50% 之間。而當價格達到 75 美元時，匡威的漲幅將超過 200%，八個月的賠付期將增加 3 倍；坎貝爾的漲幅將增加到 80%，不到 18 個月的賠付期將增加 2 倍以上。

The largest component of the inventory in the basin and the powder is the upper Nio. We're at $65, that's in the 25% to 30% range, three-year payouts and 2 times at $75, that increases to 40%, 45%, two-year payout and 2.5 times. And we've got 46 net locations there in the Nio.

盆地和粉末中儲量最大的部分是上尼奧河。我們現在是 65 美元，收益率在 25% 到 30% 之間，三年支付一次，收益是原來的兩倍；現在是 75 美元，收益率增加到 40% 到 45%，兩年支付一次，收益是原來的 2.5 倍。我們在蔚來汽車那裡有 46 個網站。

That's really helpful. And just thinking, I guess, between those -- you can see that obviously, the Parkman stands out. I'm curious, it's a good problem to have, but just curious on how you guys look at how capital kind of competes with the variance of you controlling your own destiny with the Parkman and PRB locations and then having the non-op working interest and kind of dealing with the operator in the Barnett, the new operator.

這真的很有幫助。仔細想想，在這些產品中——很明顯，帕克曼脫穎而出。我很好奇，這當然是個好問題，但我只是好奇你們是如何看待資本與你們掌控帕克曼和PRB礦區命運的差異之間的競爭的，以及你們如何看待非運營權益和與巴內特礦區的新運營商打交道。

Yes. I mean it's going to go highest and best use. Right now, kind of looking at the portfolio, Anthony, we think about it at about 50% of our investment over the next two years is going to be Powder focused. And then the remainder is split between Marcellus and Barnett. So I think with pricing doing what they do, I don't see a huge change to that.

是的。我的意思是，它將得到最高效、最恰當的利用。安東尼，就目前來看，我們的投資組合預計在未來兩年內，將有約 50% 的投資集中於 Powder。然後剩餘部分由馬塞勒斯和巴內特平分。所以我覺得，鑑於目前的定價策略，我看不出價格會有太大的變動。

As we mentioned on the call, we're excited about the new operator that we have in the Barnett oil play. It's a large scaled private operator that has pretty aggressive plans for ramping this year, but really stepping up next year. So we think in addition to the PRB, that Barnett asset is going to be a nice source of liquids growth for us.

正如我們在電話會議中提到的，我們對巴內特油田的新營運商感到非常興奮。這是一家規模龐大的私人營運商，今年有相當激進的成長計劃，但明年將真正實現快速發展。因此，我們認為除了 PRB 之外，Barnett 資產也將是我們流動性成長的一個好來源。

And as Andrew quoted, the returns in a world $65 plus, those Barnett investments are quite attractive. And I think we get more excited, thinking about a 3-mile lateral world in the Barnett. We had our first well drilled there that we're going to complete, as we mentioned, mid this year. But -- so I think it's all shaping up how we would have liked.

正如安德魯所說，在人均每股收益超過 65 美元的世界裡，巴內特的投資回報相當誘人。我覺得，想到巴內特河橫向延伸 3 英里的世界，我們會更加興奮。正如我們之前提到的，我們在那裡鑽的第一口井將於今年年中完工。但是——所以我覺得一切都在朝著我們想要的方向發展。

We've got options. We've got our operated position that we can flex up and down depending on macro. We've got a lot of inventory there, Parkman focused certainly. But as I mentioned, we want to remind people, we've also got this pretty deep Nio inventory, which is where most of the industry in the PRB is currently focused its capital.

我們還有其他選擇。我們已經確定了操作位置，可以根據宏觀情況靈活調整。我們在那裡有很多庫存，當然主要是帕克曼的產品。但正如我所提到的，我們想提醒大家，我們還有相當多的蔚來汽車股票，這也是PRB地區大多數企業目前將資金集中投入的地方。

Yes. It's kind of funny looking back on when you first took the role, the difference in just investment opportunities from primarily the Marcellus. Now you have a lot of different plays that compete for capital.

是的。回想當初你剛接手這個職位的時候，感覺挺有趣的，當時的投資機會主要來自馬塞勒斯頁岩氣田，與現在相比變化很大。現在有很多不同的投資項目都在爭取資金。

On that Nio piece, which, as you lay out, is probably 2028 before that really competes for capital given just the Parkman inventory. I'm curious, like you had said, it seems like people are getting more active there, and it's being proved out more by larger scaled operators. I'm curious what you're seeing and hearing from those that are really committing capital to the Nio and Mowry right now in the PRB.

至於蔚來汽車，正如你所指出的，考慮到帕克曼的庫存，可能要到 2028 年才能真正參與資本競爭。我很好奇，就像你剛才說的，似乎人們在那裡越來越活躍了，而且規模更大的運營商也越來越證實了這一點。我很想知道你從那些目前在PRB地區真正投入資金投資蔚來汽車和莫瑞汽車的人那裡看到了什麼、聽到了什麼。

Sure. I'll start maybe with some general comments and Henry can fill in anywhere that he sees fit. Yes, I think around us in Campbell and Converse, there are a number of rigs. Right now, the big operators, and I'll just name a few, Devon, EOG, Continental, Oxy, they're really focusing their capital on the Nio.

當然。我先說幾句整體看法，亨利可以根據需要補充。是的，我認為在我們坎貝爾和康弗斯附近有很多鑽井平台。目前，大型營運商，我僅舉幾例，Devon、EOG、Continental、Oxy，他們真的把資金集中投入在蔚來汽車上。

I think what you're seeing there is similar to what you're seeing in other basins. We're going from a 2-mile lateral world to the standard right now in the Nio, I think, for this year and forward is 3- to 3.5-mile laterals, which enhances economics quite a bit. We even have an offset operator that we know is planning a 4-mile lateral in the Nio, or a DSU of 4-milers. So I think the economics there as you start to extend laterals, batch drill wells, you're going to see that the Nio and the PRB is competing for capital in much larger portfolios of the companies I mentioned. So we're encouraged by that.

我認為你在那裡看到的現象與其他盆地看到的現象類似。我認為，蔚來汽車今年及以後的標準是水平距離 3 到 3.5 英里，而我們現在正從 2 英里水平距離的世界邁向 3 到 3.5 英里水平距離的世界，這將大大提高經濟效益。我們甚至知道有一家偏移輸電業者計劃在尼奧地區建造一條 4 英里長的水平輸電線路，或建造一條 4 英里長的輸電線路。所以我認為，隨著水平井的延伸和批量鑽井，你會發現蔚來和PRB正在爭奪我提到的那些公司規模更大的投資組合中的資金。我們因此備受鼓舞。

As we said, we're watching closely. I think our near-term focus is going to remain the Parkman. Probably over the next two years, we will have some non-op opportunities in some of these Nio wells in some of that offset acreage as well that I think we'd be interested in.

正如我們所說，我們正在密切關注。我認為我們近期的重點仍將是帕克曼。未來兩年內，我們可能會在一些鄰近區塊的蔚來石油油井中獲得一些非作業機會，我認為我們會對此感興趣。

So I'll stop there and let Henry add.

我就說到這裡，讓亨利來補充吧。

Yes. The only thing I could add to that is we've got 12 rigs running in Campbell and Converse and Johnson County around our acreage position. And 10 of those 12 are Niobrara focused. So that gives you some color on how focused the big guys that Jason mentioned are allocating their capital.

是的。我唯一能補充的是，我們在坎貝爾縣、康弗斯縣和約翰遜縣（就在我們耕地附近）有 12 台鑽機在運作。這 12 人中有 10 人以尼奧布拉拉為主題。這樣就能大致了解傑森提到的那些大公司是如何專注於配置資本的。

That's very helpful. Just one final one for me here. Just if you could add a little bit more color. You had mentioned you're in the market looking at selling an overriding royalty package on some of the Marcellus assets. Just if you could give some more color to that and just how best to think about that for potential proceeds.

那很有幫助。最後我還要補充一點。如果能再增添一些色彩就更好了。您曾提到您正在考慮出售馬塞勒斯頁岩氣部分資產的超額特許權使用費。如果您能再詳細解釋一下，以及如何才能最好地考慮潛在的收益，那就太好了。

Yes, I'm not going to guide on proceeds, but it's a small amount of production. So we're talking somewhere, I think, less than 1 million cubic feet a day of production. So it represents a pretty small overall piece of our production. It sits outside of our core Auburn area. These are some overrides we've picked up over the years due to acreage trades with some other area operators. There's a pretty robust interest as we understand it for override mineral interest. So we're doing a market test to see.

是的，我不會透露收益狀況，但產量確實不大。所以，我認為，我們說的產量大概是每天不到 100 萬立方英尺。所以它在我們整體產量中所佔比例很小。它位於我們奧本核心區域之外。這些是我們多年來因與其他地區營運商進行土地交易而獲得的一些額外權益。據我們了解，人們對超額礦產權益有著相當濃厚的興趣。所以我們正在進行市場測試，看看結果如何。

We believe, as Andrew mentioned, that we're going to have an opportunity to potentially sell it at a pretty attractive multiple. Nothing is locked in there until we get some bids next month and decide if it's something of interest to us or not. But so we're just kind of pruning around the edges on the portfolio.

正如安德魯提到的那樣，我們相信我們有機會以相當有吸引力的倍數出售它。在下個月收到一些報價並決定是否感興趣之前，一切都還沒有定論。所以我們只是對投資組合進行一些邊緣調整。

As we talked, we moved the Anadarko assets last year. There was some cash we brought on the balance sheet, but also had some positive tax -- after-tax impacts for us. That office building that came in the Peak deal. We thought it made sense to explore a sale of that.

在我們交談的過程中，我們去年轉移了阿納達科公司的資產。我們在資產負債表上增加了一些現金，但也為我們帶來了一些正面的稅後影響。在 Peak 交易中獲得的那棟辦公大樓。我們認為探討出售的可能性是合理的。

And as Andrew mentioned, that's $3 million that we've got under contract. So I expect that will close in the second quarter. So just as we've expanded the portfolio, we're trying to make sure that it's optimized as best as possible, and we're creating opportunities to reinvest in what we think are our best sources of inventory. So we feel good about it.

正如安德魯所提到的，我們已經簽訂了價值 300 萬美元的合約。所以我預計這將在第二季完成。因此，正如我們擴大了投資組合一樣，我們也在努力確保它得到盡可能最好的優化，並且我們正在創造機會，將資金再投資於我們認為最好的庫存來源。所以我們對此感到很滿意。

(Operator Instructions) And showing no questions at this time, I'd like to turn the conference call back over to Jason for any closing comments.

（操作員指示）鑑於目前還沒有人提問，我想把電話會議交還給傑森，請他做最後的總結發言。

Nothing to add, operator, other than to thank everybody for joining us today. And as always, if people have additional questions, feel free to contact us here at the Houston office. So everybody, have a good day. Thank you.

操作員，我沒什麼要補充的，感謝大家今天收看我們的節目。像往常一樣，如果大家還有其他問題，歡迎隨時聯絡我們休士頓辦事處。祝大家今天過得愉快。謝謝。

And with that, ladies and gentlemen, we'll conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議和演示就到此結束。非常感謝您的參與。現在您可以斷開線路了。