Epsilon Energy Ltd (EPSN) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Epsilon Energy first quarter 2026 earnings conference call. (Operator Instructions) Please note that today's event is being recorded.

大家好，感謝各位撥冗等候。歡迎參加 Epsilon Energy 2026 年第一季財報電話會議。(接線員指示) 請注意，今天的活動將被錄音。

I would now like to turn the conference over to Andrew Williamson, the company's CFO. Please go ahead.

現在我想把會議交給公司財務長 Andrew Williamson。請開始。

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 first quarter 2026 financial and operational results. 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. Today's call may also contain certain non-GAAP financial measures.

謝謝，接線員。我謹代表管理團隊，歡迎各位參加今天的電話會議，一同回顧 Epsilon 2026 年第一季的財務與營運成果。在開始之前，我想提醒各位，我們的發言可能包含前瞻性陳述。請注意，多項因素可能導致 Epsilon 的實際結果與這些前瞻性陳述中所表達的預期結果或期望出現重大差異。今天的電話會議也可能包含某些非 GAAP 財務衡量指標。

Please refer to the press release that we issued yesterday for disclosures on forward-looking statements and reconciliations of non-GAAP measures.

有關前瞻性陳述的揭露以及非 GAAP 指標的調節，請參閱我們於昨日發布的新聞稿。

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

接下來，我想把電話會議交給我們的執行長 Jason Stabell。

Thank you, Andrew, and good morning, everyone. Joining me today are Andrew Williamson, our CFO; and Henry Clanton, COO. We'll be available for questions after our remarks. We're off to a solid start in 2026 and remain firmly on track with the development plan we outlined earlier this year.

謝謝你，Andrew，各位早安。今天與我一同出席的有：財務長 Andrew Williamson，以及營運長 Henry Clanton。在我們發言結束後，我們將開放提問。我們在 2026 年有一個穩健的開局，並且仍然堅定地按著今年稍早所提出的開發計畫持續推進。

The key message today is simple. We are in execution mode, and we expect to deliver meaningful production growth year over year, with the oil-weighted ramp in the Permian and Powder River basins beginning in the second quarter and building through the back half of the year.

今天的重點訊息很簡單。我們正處於執行階段，並預期可實現具意義的年對年產量成長；其中，以石油為主的增產將自第二季起在二疊紀盆地（Permian）與粉河盆地（Powder River）啟動，並在下半年持續擴大。

Across the portfolio, activity is progressing as planned. In the Permian, our ninth well in the project and our first 3-plus mile Barnett well is expected online in the second quarter. In the Powder River Basin, two Niobrara DUCs, which we acquired in last year's acquisition, will be completed in June and turn to sales in the third quarter, followed by a 3-well Parkman development in the fourth quarter. This activity sets up material oil-weighted production growth in both basins starting in the second half of the year and carrying into 2027. These new volumes will have full exposure to higher oil prices.

在整體資產組合方面，各項作業正按計畫推進。在二疊紀盆地，我們該專案的第九口井、也是我們第一口超過 3 英里的 Barnett 井，預計於第二季投產。在粉河盆地，去年併購取得的兩口 Niobrara DUC 井將於 6 月完井，並於第三季開始銷售；其後，第四季將進行一個 3 口井的 Parkman 開發計畫。這些作業將帶動兩個盆地自下半年起出現顯著、以石油為主的產量成長，並延續至 2027 年。這些新增產量將可完全受惠於較高的油價。

From a financial standpoint, the first quarter reflects a combination of strong gas pricing and a full quarter of contribution from our Powder River Basin assets. We have also recently taken steps during the second quarter to strengthen the balance sheet, including further debt reduction and monetizing noncore assets at attractive values. Looking ahead, the path forward is clear, a focus on production growth in our oily assets while maintaining a strong balance sheet. We believe we are well positioned to deliver a strong year.

從財務角度來看，第一季反映了強勁的天然氣價格，以及我們粉河盆地資產貢獻的完整一季。此外，我們近期也在第二季採取措施強化資產負債表，包括進一步降低負債，以及以具吸引力的估值將非核心資產變現。展望未來，前進路徑很清楚：在維持強健資產負債表的同時，聚焦於我們含油資產的產量成長。我們相信公司已具備條件交出強勁的一年。

I'll now turn it over to Andrew and Henry for additional comments.

接下來我把時間交給 Andrew 與 Henry，請他們補充說明。

Thanks, Jason. I'll provide more commentary on the quarter, starting with CapEx. We spent just under $5 million through March, primarily through our participation in the drilling of the 3-mile Barnett well in Ector County and some facilities work preparing for Parkman drilling this summer on our Campbell County position in the PRB.

謝謝，Jason。我將就本季提供更多評論，先從資本支出（CapEx）談起。截至 3 月，我們的支出略低於 500 萬美元，主要用於參與德州 Ector 郡 3 英里 Barnett 井的鑽井作業，以及在粉河盆地（PRB）我們位於懷俄明州 Campbell 郡的區塊，為今年夏季 Parkman 鑽井所做的一些設施準備工作。

We plan to invest at a higher clip over the next three quarters of the year, driving the oil-weighted growth Jason mentioned. Those full year investment plans are rightsized to maintain our target leverage profile of 1 to 1.5x net debt to adjusted EBITDA.

我們計畫在今年接下來三個季度以更高的節奏投資，以推動 Jason 所提到、以石油為主的成長。這些全年投資計畫的規模已適度調整，以維持我們目標槓桿水準：淨負債對調整後 EBITDA 為 1 至 1.5 倍。

We expect unit operating costs and G&A to trend down over the remainder of the year as we add incremental volumes and roll off some of the integration costs associated with last year's Peak acquisition. I provided some additional color there in the press release issued yesterday.

隨著我們增加增量產量，並逐步結束去年 Peak 併購相關的部分整合成本，我們預期單位營運成本與一般及行政費用（G&A）在今年剩餘期間將呈下降趨勢。我已在昨日發布的新聞稿中就此提供更多補充說明。

Earnings for the quarter were materially impacted by unrealized or noncash hedge losses driven by the dramatic move in oil prices during the quarter. The revenue impact of higher pricing will primarily fall in subsequent quarters, so a bit of a mismatch on the P&L. Adjusting for that item, we earned $0.29 per share for the quarter. Since closing the acquisition in November of last year, we've paid down the outstanding debt balance by $10 million to $40.5 million currently. As mentioned, we have a disciplined approach to the balance sheet.

本季盈餘受到未實現或非現金避險損失的重大影響，該損失主要由於本季油價劇烈波動所致。較高價格對營收的正面影響將主要反映在後續季度，因此在損益表上出現些許不匹配。剔除該項目後，我們本季每股盈餘為 0.29 美元。自去年 11 月完成併購交割以來，我們已將未償債務餘額償還 1,000 萬美元，目前為 4,050 萬美元。如前所述，我們對資產負債表採取嚴謹自律的管理方式。

We've made several moves to help fund our investment plans by selling noncore assets. Earlier this month, we sold an overriding royalty interest package in PA for $3.9 million to a private buyer, which was approximately 6 times expected next 12 months cash flow coming from those assets. The overrides accounted for just 1.5% of the company's upstream revenue over the last four quarters. We also have the office building we acquired from Peak under contract for $3 million with closing expected in the next 30 days.

我們已採取多項行動，透過出售非核心資產來協助資助我們的投資計畫。本月稍早，我們將位於賓州（PA）的一組超額權利金權益（overriding royalty interest）以 390 萬美元出售給一位私人買家，約為該等資產未來 12 個月預期現金流的 6 倍。在過去四個季度中，這些超額權利金僅占公司上游營收的 1.5%。此外，我們也已就從 Peak 取得的辦公大樓簽訂 300 萬美元的出售合約，預計在未來 30 天內完成交割。

Now to Henry to provide more detail on the operations side.

接下來請 Henry 就營運面提供更多細節。

Thank you, Andrew, and good morning to everyone. Exciting times for Epsilon as we continue the integration of our newly acquired operating assets in the Powder River Basin in Wyoming. We have several initiatives underway, including both capital projects and optimization programs. Completion of two 2-mile Niobrara laterals are underway with pressure pumping services scheduled for the first week of next month. The facility construction has been completed and ready for service following flowback operations.

謝謝你，Andrew，也向各位道早安。對 Epsilon 而言，這是一段令人振奮的時期，我們正持續整合在懷俄明州粉河盆地新近收購的營運資產。我們正推動多項計畫，包括資本專案與最佳化方案。兩段 2 英里 Niobrara 水平段的完井作業正在進行中，壓裂泵送服務預計安排在下個月第一週。相關設施建置已完成，並在返排（flowback）作業後即可投入使用。

The company has a combined 0.7 net revenue interest in the two wells with a type curve-based pre-completion peak net production rate estimated to be 475 BOE per day in July.

公司在這兩口井合計持有 0.7 的淨收益權益（net revenue interest）；依據類型曲線（type curve）估算，完井前的峰值淨產量率預計於 7 月達到每日 475 桶油當量（BOE）。

Total net CapEx for the completion of the two wells is $6.8 million. Drilling-wise, first up in our development of the Parkman formation inventory is a 3-well development program in Campbell County with high working interest. Well planning has been completed with drilling rig and service providers being engaged in anticipation of an August spud. Gross CapEx is estimated to be $23 million. Similar to the two Niobrara wells mentioned above, preconstruction of the production facilities has been completed and ready for service.

兩口井完井的淨資本支出（net CapEx）合計為 680 萬美元。在鑽井方面，我們 Parkman 地層庫存的開發將首先從 Campbell 郡一個 3 口井的開發計畫開始，且我們持有較高的作業權益（working interest）。井位規劃已完成，並已與鑽機及服務供應商接洽，預計於 8 月開鑽（spud）。總資本支出（gross CapEx）估計為 2,300 萬美元。與上述兩口 Niobrara 井類似，生產設施的前期建置已完成，並已準備就緒可投入使用。

Completion operations are planned for October with forecasted peak rates of 1,060 BOE per day in December. In preparation for our 2027 development of the highly attractive Parkman inventory in the Inot unit in Converse County, we are finalizing the facility design and beginning construction planning for a multi-well water supply facility in the unit. This $3.5 million CapEx facility will include water supply with surface impoundment sized to handle the planned 6-well development in the unit next year. This facility will ensure cost-efficient and timely development of our near-term plans in the unit, then serve multiple well programs thereafter.

完井作業預計於 10 月進行，並預測於 12 月達到每日 1,060 桶油當量（BOE）的峰值產量。為了準備我們在 2027 年於 Converse 郡 Inot 單元開發極具吸引力的 Parkman 庫存，我們正完成設施設計定案，並開始規劃在該單元建置一座多井用供水設施的施工計畫。此一 350 萬美元資本支出（CapEx）的設施將包含供水系統與地表蓄水池（surface impoundment），其容量可支應明年該單元規劃的 6 口井開發。該設施將確保我們在該單元近期計畫得以具成本效率且及時地開發，並在其後支援多個井群開發計畫。

Also in Wyoming, the operating team has been diligently working on several production enhancement and cost improvement initiatives worthy of highlighting. First, a review of the 40-plus rental gas lift compressors in use today have identified multiple wells greater than 10 that are candidates for downsizing the compressors, capturing significant monthly savings, approximately 35%. They will be replaced with brand-new units that are fit for purpose in this application. Current productivity of these wells will not be impacted.

同樣在懷俄明州，營運團隊一直勤勉推動多項值得一提的增產與成本改善措施。首先，針對目前使用的40多台租賃氣舉壓縮機進行檢視後，已辨識出多口井（超過10口）適合將壓縮機降規，預計可帶來可觀的每月節省，約35%。這些設備將以全新、符合本應用需求的機組替換。這些井目前的生產力不會受到影響。

Second, several remaining gas-lifted wells have been identified for conversion to rod pump. Based upon results of the first pilot test earlier this year, conversion to rod pump will increase daily production rates on average greater than 10% per well and also lower lifting cost.

第二，已辨識出數口仍採氣舉的井可轉換為抽油桿泵（rod pump）。根據今年稍早首次試點測試的結果，轉為抽油桿泵可使每口井的日產量平均提升逾10%，並同時降低舉升成本。

And lastly, building from a detailed review of the production chemical program for every operated well, optimization of the program is underway with reductions to per unit treatment costs expected to begin next month.

最後，基於對每一口自營井之生產化學品方案的詳細檢視，目前正進行方案優化，預期每單位處理成本的降低將自下個月開始顯現。

As previously reported in our Permian Basin project in the Barnett play, discussions with the new operator confirm transition from 2-mile to 3-mile laterals, including four wells per pad development. These locations will be along the development corridor, including the design and predrilling build-out of a multi-well source and production facility. We are fully aligned with these program changes and expect significant capital efficiencies as a result.

如先前在我們位於巴尼特（Barnett）層系的二疊紀盆地（Permian Basin）專案中所報告，與新營運商的討論確認將由2英里水平段轉為3英里水平段，並採每個井場（pad）開發四口井。這些位置將沿著開發走廊配置，並包含多井源頭與生產設施的設計及鑽前建置。我們已與這些方案變更完全一致，並預期因此帶來顯著的資本效率提升。

2026 activity to date includes the recently drilled and completed 3-plus mile Barnett lateral. Drillout operations will commence in a few days with flowback to follow. Net forecasted production from this new well is 226 BOE per day. Two additional 3-mile laterals offsetting this well are planned for later this year. Similar initial production rates are forecasted for these two wells.

截至目前，2026年的作業活動包括近期已鑽完並完井的一口超過3英里的巴尼特水平井。鑽塞清除（drillout）作業將於數日內開始，隨後進行返排（flowback）。此新井預估淨產量為每日226桶油當量（BOE）。今年稍晚規劃再鑽兩口與該井相鄰的3英里水平井。預估這兩口井的初期產量亦將相近。

Additionally, appraisal of a second interval in the Woodford Shale has been proposed by the new operator. This Woodford test is set to spud this month. While the company has elected to sell the wellbore-only interest in this well proposal, we remain ready to invest in future wells after the formation has been better delineated.

此外，新營運商提出對伍德福德頁岩（Woodford Shale）第二層段進行評估。此伍德福德測試井預計於本月開鑽（spud）。雖然公司已選擇出售該提案中僅井筒（wellbore-only）的權益，但在地層界定更清楚後，我們仍準備投資未來井位。

A successful result would increase our inventory meaningfully. The company has a 25% working interest across the project. In the Marcellus, the operator has completed drilling of the scheduled five wells, 0.4 net epsilon. Completion operations are planned for the second half of this year. First production from this development is scheduled in December and forecasted to add 6.5 million cubic foot a day rate.

若結果成功，將可大幅增加我們的井位庫存。公司在該專案中持有25%的作業權益（working interest）。在馬塞勒斯（Marcellus）區塊，營運商已完成原定五口井的鑽井，折合淨權益為0.4口（0.4 net）。完井作業計畫於今年下半年進行。此開發案的首次投產預定於12月，預估將新增每日650萬立方英尺的產量。

$3.8 million of CapEx was preapproved for this program with drilling costs below AFE. Four of the new drills will gather through the Auburn system and are forecasted to increase throughput of the midstream system by approximately 86 million cubic foot a day upon initial completion.

本計畫已預先核准資本支出（CapEx）380萬美元，且鑽井成本低於AFE（授權支出估算）。四口新井將透過Auburn系統集輸，預估在初次完井後可使中游系統的處理量提升約每日8,600萬立方英尺。

Thank you. And now I'll turn it back over to Jason.

謝謝。接下來我把時間交還給Jason。

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

謝謝各位。接線員，現在可以開放提問。

(Operator Instructions)

(接線員指示)

Anthony Perala, Punch & Associates.

Anthony Perala，Punch & Associates。

First question, I'd be curious some of the discussions among you guys at the Board level. You've seen some operators respond to the higher oil prices that we've seen persist and as the back half end of the curve has raised a little bit here since the Q4 call. Your guys' development schedule definitely is already busy as is. But just curious if there are any discussions in kind of what the tenor of them are like about potentially stepping on the gas a little bit more. And besides capital and leverage, maybe what other impediments there might be to that if the opportunity did arise?

第一個問題，我想了解你們在董事會層級的一些討論。你們看到一些營運商對我們近期持續的較高油價作出反應，而且自第四季電話會議以來，期貨曲線後半段也略有上移。你們的開發時程本來就已經相當忙碌。但我想請教，是否有討論過可能再更積極一點、加快腳步？除了資本與槓桿之外，如果機會出現，還可能有哪些其他阻礙？

Great. Thanks for the question, Anthony. Before I dive into that, I think there's one point we'd like to clarify on the prepared remarks and it relates to the Parkman CapEx that we had. I think Henry quoted $23 million of gross CapEx, and then he quoted a rate of close to 1,100 BOE per day on the rate. We're actually looking, as we always do, at the possibility of selling down some of that 95% working interest.

好的。謝謝你的提問，Anthony。在我深入回答之前，我們想先釐清一點與事先準備講稿相關的內容，涉及我們在Parkman的資本支出（CapEx）。我想Henry提到總資本支出為2,300萬美元，並引用接近每日1,100桶油當量（BOE）的產量。我們其實正在評估——一如既往——出售部分95%作業權益的可能性。

And so Henry, do you want to talk about the rate, what it assumes now.

所以Henry，你要不要談一下這個產量數字目前的假設是什麼？

Right. So the $23 million is our current ownership and what would be the capital expectations for that 3-well development. Should we keep all of that interest, the peak rates are estimated to be 1,600 barrels a day equivalent, not the lower 1,060 as was recorded in our comments.

好的。2,300萬美元是以我們目前持有的權益計算，亦即該三口井開發案在此權益下的資本預期。如果我們保留全部權益，估計峰值產量為每日1,600桶油當量，而不是我們先前評論中提到的較低的1,060。

Yes, that 1,060 assumes about a 33% sell-down. We're looking at that option, something in the 20% to 30% sell-down. If it's attractive, we might do it. If not, I think we'd also be happy to keep the higher figure there, but I thought that was worthwhile to clarify. All right.

是的，1,060這個數字是假設出售約33%的權益。我們正在評估這個選項，大概是出售20%到30%。如果條件具吸引力，我們可能會做。如果不具吸引力，我想我們也樂於保留較高的權益比例，但我認為有必要在此釐清。好。

Now to your question, yes, the Powder seems to be coming alive, maybe like a number of basins with the oil price move that we've seen. We've now been active there for six months roughly since the closing of the transaction. So we've had a number of conversations with offset operators. There are roughly 13 -- at any given time, there have been 12 to 14 rigs running in the basin, and we think there is probably room to add one or two more based on some conversations that we've had.

回到你的問題，是的，Powder（粉河盆地）似乎正在回溫，可能和其他一些盆地一樣，受我們看到的油價上行所帶動。自交易完成以來，我們在那裡已大約活躍了六個月。因此我們與鄰近營運商進行了多次對話。該盆地任何時點大約有13座——通常是12到14座——鑽機在運作；根據我們的一些對話，我們認為可能還有空間再增加一到兩座。

One of the ways that, yes, the gas pedal could be hit a little bit harder for us would be to partner on some of the acreage in -- particularly in the shales in Nio and Mowry interest that we have in offset leasehold. We've had some preliminary discussions with a number of operators about ways, things that we might not be getting to in our 5-year development plan until three, four, five, even beyond that window. So I think kind of stay tuned, Anthony, going forward, there could be some opportunities either for us to do drill-to-earn deals and/or partner with some other operators on some opportunities.

對我們而言，確實有一種方式可以把油門再踩深一點：在我們於鄰近租約地（offset leasehold）所持有的頁岩資產，特別是Nio與Mowry權益上，透過合作開發部分土地。我們已與多家營運商進行初步討論，探討一些在我們五年開發計畫中可能要到第三、第四、第五年，甚至更久之後才會推進的事項。所以我想請你持續關注，Anthony，未來可能會有一些機會，包含我們進行drill-to-earn交易，及／或與其他營運商就某些機會進行合作。

I don't see anything on the imminent horizon, but we're working all of those options. And we think there's a number of ways we could potentially provide incremental upside to the base CapEx plan that we have. So hopefully, that answers your question.

我目前看不到任何迫在眉睫的事項，但我們正在推進所有這些選項。我們認為有多種方式，可能為我們現有的基礎資本支出計畫帶來額外上行空間。希望這回答了你的問題。

Yes. Yes, it absolutely does. And I guess one follow-on to that, it's more probably from naive to on my side. But is there kind of when you're looking at securing rig availability for the 3-well pad in the Parkman this year, is that -- is it tougher and kind of are the rates higher given increased activity? Or is it pretty kind of run-of-the-mill transaction right now?

是的。是的，確實如此。我想接著問一個問題，可能從外行的角度來看。但當你們今年在 Parkman 的 3 口井井場要確保鑽機可用性時，是否——在活動增加的情況下——會更困難、而且費率更高？還是說目前其實算是相當常規的交易？

Henry, do you want to?

Henry，你要回答嗎？

Yes. So the rig availability is tightening up. We've seen that in our conversations with probably three different providers. We do have access to a couple of rigs that are workable for us that we're working now to fit with the timing of the development. But rig rates are creeping up.

是的。所以鑽機可用性正在收緊。我們在與大概三家不同供應商的對話中都看到了這點。我們確實可以取得幾台對我們可行的鑽機，目前正在配合開發時程來安排。但鑽機日費率正在緩步上升。

And so that's to be expected, yes.

所以這是可以預期的，是的。

But we feel confident we're going to find a rig that can do the job and do it cost efficiently and deliver those wellbores on time. So right now, as we said, we're targeting that August spud date and don't see an issue with that.

但我們有信心能找到一台能完成工作、且具成本效益並能按時交付井筒的鑽機。所以目前，如我們所說，我們目標仍是 8 月的開鑽日期，並不認為會有問題。

Okay. And then kind of on the flip side of that on funding some of these capital projects, it seems like you've maybe worked through more of the low-hanging fruit of noncore assets to divest. Just curious how you look at the broader portfolio and other areas you might explore similar to the Marcellus overriding royalty interest that you sold in May?

好的。那從另一面來看，關於為這些資本專案籌措資金，似乎你們可能已經處理掉較多容易出手的非核心資產可供剝離。想請教你們如何看待更廣泛的資產組合，以及是否還有其他領域可能會探索類似於你們在 5 月出售的 Marcellus 超額權利金權益（overriding royalty interest）的交易？

Yes. We're always looking at ways to optimize. I think that override we thought had the potential for some pretty strong interest based on conversations that we had. So we market tested it and got a good result on that deal.

是的。我們一直在尋找最佳化的方法。我認為那筆超額權利金，我們根據先前的對話，覺得可能會有相當強的市場興趣。所以我們做了市場測試，並在那筆交易上取得了不錯的結果。

As you know, we also sold the Anadarko position at the end of last year. So I think the portfolio is in a pretty good place. The trimming would probably be, yes, do we -- there is a pretty active AFE market. So do we find an attractive opportunity where we might sell down a small piece of some of our working interest in some of the program going forward. I think that will be opportunistic kind of depending on the appetite that we see, but that is a possibility. So I think it would be consistent kind of with what we've been doing, little small things around the edges.

如你所知，我們也在去年底出售了 Anadarko 的部位。所以我認為目前的資產組合處於相當不錯的位置。若要再做一些修剪，可能會是：是的，我們是否——目前 AFE 市場相當活躍。因此，我們是否能找到一個具吸引力的機會，在未來某些計畫中出售我們部分作業權益（working interest）的一小部分。我想這會是機會導向，取決於我們看到的市場胃納，但確實有這種可能。所以我認為這會與我們一直在做的事情一致，就是在邊緣做一些小型調整。

Okay. And then you highlighted in the PR and in the prepared commentary just about getting some scale on the fixed cost on the operating side. I think if you do back of the envelope math before this was roughly $12 per BOE on the LOE expense. And as you get greater scale heading into '27 and maybe beyond, just what expectations do you guys have on the cost side?

好的。另外你們在新聞稿以及事先準備的說明中提到，透過營運端來攤提固定成本、取得一些規模效益。我想如果用粗略估算，在這之前 LOE 費用大約是每 BOE 12 美元。隨著規模擴大、邁向 2027 年甚至更久之後，你們對成本端有什麼樣的預期？

Yes, Anthony, this is Andrew. The big driver for the higher unit OpEx in the first quarter was full contribution of the PRB assets. That's all PDP production. They've not had new volumes come online there for over two years. So that fixed cost element is overrepresented in that production.

是的，Anthony，我是 Andrew。第一季單位營運費用（OpEx）較高的主要驅動因素，是 PRB 資產的完整貢獻。那全部都是 PDP 產量。那邊已經超過兩年沒有新的產量上線。因此固定成本的成分在那個產量中被放大了。

As we bring on incremental volumes in the Powder, we expect that to go from where we are now in the high teens to low 20s per BOE in the Powder for that to come into the mid-teens. And so where that washes out total company on a BOE basis, we should see several dollars of drop there and concentrated in the fourth quarter this year when we bring on the volumes in the Powder pad.

當我們在 Powder 帶來增量產量時，我們預期那邊每 BOE 的成本會從目前的高十幾到低二十幾美元，下降到十幾美元中段。至於換算到全公司每 BOE 的水準，我們應該會看到下降好幾美元，且會集中在今年第四季，因為我們會在 Powder 的井場把產量帶上來。

Jeff Robertson, Water Tower Research.

Jeff Robertson，Water Tower Research。

A question on the Powder River Basin. Are there any other infrastructure issues or needs that you foresee Epsilon needing to be involved with and fund other than the water facilities that you outlined?

關於 Powder River Basin 的問題。除了你們提到的水務設施之外，你們是否預見還有任何其他基礎設施問題或需求，需要 Epsilon 參與並出資？

In Converse County, which is where we are describing this Inot unit for development next year, there is some gas takeaway development that will be required beyond what's there. We'll have the option to participate in that should we want to or just have the gatherers come to us. So yes, there'll be some gas takeaway. But the majority of the cost for us will be related to supplying these completions and the frac water is necessary to do that. And that's what's our focus of that design of that facility was for.

在 Converse County，也就是我們所描述、明年將開發的這個 Inot 單元所在地，除了現有設施之外，還需要一些天然氣外運（takeaway）建設。我們可以選擇是否參與其中，或是讓集輸商（gatherers）把管線接到我們這裡。所以是的，會需要一些天然氣外運。但對我們而言，大部分成本會與支援這些完井作業相關，而壓裂用水是完成作業所必需的。這也是我們設計該設施時的重點。

In the Permian Basin on the Woodford test that you talked about, how much production -- assuming that well is a success, how much production history would you like to see before Epsilon would elect to participate in a follow-up well.

在 Permian Basin，關於你提到的 Woodford 測試井，假設那口井成功，你希望看到多少產量歷史之後，Epsilon 才會選擇參與後續的一口井？

Yes. I think it's not just -- it's around can they land in the Woodford, what's the cost there? Have they worked out well design? And then obviously, what kind of rate it delivers over time. Hard to say exactly, Jeff, but it's probably at least 180 days of production to get a real good sense of what the productivity looks like there.

是的。我想不只是——而是關於他們能否在 Woodford 層位成功落點（land），那裡的成本如何？他們是否已經把井的設計（well design）調整到位？然後當然，隨時間推移它能交付什麼樣的產量曲線。很難精確地說，Jeff，但可能至少需要 180 天的產量資料，才能真正掌握那裡的生產力表現。

And this does conclude our question-and-answer session for today. I would now like to turn the conference back over to Jason Stabell, CEO, for any closing remarks.

今天的問答環節到此結束。我現在想把電話會議交回給執行長 Jason Stabell，請他做結語。

Yes. Thank you, Chris. I appreciate everybody taking the time to join us today. Thanks for your interest and support of the company. And as always, please reach out to us in Houston if you have additional comments or questions.

是的。謝謝你，Chris。感謝各位今天撥冗參與。謝謝大家對公司的關注與支持。一如往常，如果你們有其他意見或問題，請與我們在休士頓的團隊聯繫。

If not, have a great day. Thank you for joining.

如果沒有的話，祝各位今天愉快。謝謝參與。

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

本次電話會議至此結束。感謝各位參加今天的簡報，現在可以掛線。