EQT Corp (EQT) 2013 Q2 法說會逐字稿

Good morning, and welcome to the EQT Corporation second-quarter 2013 earnings conference call.

早上好，歡迎參加殷拓集團 2013 年第二季度財報電話會議。

All participants will be in a listen-only mode.

所有參與者都將處於僅聽模式。

(Operator Instructions)

（操作員說明）

Please note that this event is being recorded.

請注意，該事件正在被記錄。

I would now like to turn the call conference over to Mr. Patrick Kane, Chief Investor Relations Officer.

我現在想將電話會議轉交給首席投資者關係官帕特里克·凱恩先生。

Please go ahead.

請繼續。

Thank you, Seth, and good morning everyone.

謝謝你，賽斯，大家早上好。

And thank you for participating in EQT Corporation's second-quarter 2013, earnings conference call.

感謝您參加 EQT Corporation 2013 年第二季度收益電話會議。

With me today are Dave Porges, President and Chief Executive Officer, Phil Conti, Senior Vice President and Chief Financial Officer, Randy Crawford, Senior Vice President and President of Midstream Distribution and Commercial, and Steve Schlotterbeck, Senior Vice President and President of Exploration and Production.

今天與我在一起的有總裁兼首席執行官 Dave Porges、高級副總裁兼首席財務官 Phil Conti、高級副總裁兼中游分銷和商業總裁 Randy Crawford，以及高級副總裁兼勘探和商業總裁 Steve Schlotterbeck。生產。

This call will be replayed for a seven-day period, beginning at approximately 1.30 PM Eastern time today.

該電話會議將從東部時間今天下午 1.30 左右開始重播，為期 7 天。

The telephone number for the replay is 412-317-0088.

重播電話號碼是 412-317-0088。

With the confirmation code of 10025410.

確認碼為10025410。

The call will also be replayed for seven days on our website.

該電話會議還將在我們的網站上重播 7 天。

To remind you, the results of EQT Midstream Partners, ticker EQM, are consolidated in EQT's results.

需要提醒您的是，殷拓中游合作夥伴（股票代碼 EQM）的業績已合併到殷拓的業績中。

There was a separate press release issued by EQM this morning, and there's a separate conference call today at 11.30 AM, which creates a hard stop for this call at 11.25.

今天早上 EQM 發布了一份單獨的新聞稿，今天上午 11.30 舉行了一次單獨的電話會議，這使得本次電話會議在 11.25 暫停。

If you are interested in the EQM call, the dial-in number is 412-317-6789, confirmation code 10025420.

如果您對 EQM 電話感興趣，請撥打 412-317-6789，確認碼 10025420。

In just a moment, Phil will summarize EQT's operational and financial results for the second quarter, which were released this morning, then Dave will provide an update on strategic and operational matters.

稍後，菲爾將總結今天上午發布的殷拓第二季度運營和財務業績，然後戴夫將提供有關戰略和運營事宜的最新信息。

Following Dave's remarks, Dave, Phil, Randy and Steve will be available to answer your questions.

在戴夫發表講話後，戴夫、菲爾、蘭迪和史蒂夫將回答您的問題。

I would like to remind you that today's call may contain forward-looking statements related to the future events and expectations.

我想提醒您，今天的電話會議可能包含與未來事件和預期相關的前瞻性陳述。

You can find factors that could cause the Company's actual results to differ materially from these forward-looking statements listed in today's press release, and under risk factors in EQT's Form 10-K for the year ended December 31, 2012, filed with the SEC, as updated by any subsequent form 10-Qs which are on file at the SEC as well.

您可以在今天的新聞稿中以及殷拓向 SEC 提交的截至 2012 年 12 月 31 日的年度 10-K 表格的風險因素中找到可能導致公司實際業績與這些前瞻性陳述存在重大差異的因素，由任何隨後的 10-Q 表格更新，該表格也已在 SEC 存檔。

Today's call may contain certain non-GAAP financial measures.

今天的電話會議可能包含某些非公認會計準則財務指標。

Please refer to this morning's press release for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measure.

請參閱今天上午的新聞稿，了解有關此類措施的重要披露，包括與最具可比性的公認會計原則財務措施的調節。

I would now like to turn the call over to Phil Conti.

我現在想把電話轉給菲爾·康蒂。

Thanks Pat, and good morning everyone.

謝謝帕特，大家早上好。

As you read in the press release this morning, EQT announced second-quarter 2013 earnings of $0.57 per diluted share, a $0.36 per share increase versus the second quarter of 2012 diluted earnings per share.

正如您在今天早上的新聞稿中看到的那樣，殷拓集團宣布 2013 年第二季度稀釋後每股收益為 0.57 美元，較 2012 年第二季度稀釋後每股收益增加 0.36 美元。

Those outstanding financial results were driven by another strong operating quarter at EQT.

這些出色的財務業績是由殷拓集團又一個強勁的運營季度推動的。

Production sales volumes in the quarter were 54% higher than last year, NGL volumes were 52% higher, and midstream gathering volumes were up 50%.

本季度生產銷量比去年增長 54%，液化天然氣銷量增長 52%，中游集油量增長 50%。

These very positive 2013 second-quarter results were slightly offset by the impact of $16 million in non-cash incentive compensation expense, that was about $6.7 million higher than last year, as a result of the increase in EQT stock price, improving our share to quarter return relative to a group of industry peers, which is a key driver for our incentive compensation plans.

這些非常積極的 2013 年第二季度業績被 1,600 萬美元非現金激勵補償費用的影響略微抵消，該費用比去年高出約 670 萬美元，這是由於 EQT 股價上漲，將我們的份額提高到相對於一群同行的季度回報，這是我們激勵薪酬計劃的關鍵驅動力。

In addition, exploration expense was $4.3 million higher, as result of a $5.2 million non-cash lease impairment.

此外，由於 520 萬美元的非現金租賃減值，勘探費用增加了 430 萬美元。

These two variances lowered EPS in the quarter by $0.05 versus last year, but had no impact on operating cash flow.

這兩項差異使本季度每股收益比去年同期降低了 0.05 美元，但對運營現金流沒有影響。

Operating cash flow in the quarter totaled $317 million, or nearly double last year's $166 million of cash flow.

本季度運營現金流總計 3.17 億美元，幾乎是去年 1.66 億美元現金流的兩倍。

As Pat reminded you, EQT Midstream Partners or EQM results are consolidated in EQT's results.

正如 Pat 提醒您的那樣，EQT 中游合作夥伴或 EQM 的結果會合併到 EQT 的結果中。

The impact of the non-controlling interest is a little more clear on the income statement than it is in the cash flow results.

非控股權益對損益表的影響比對現金流量結果的影響更為明顯。

Net cash provided by operating activities at EQM was $26.1 million in the quarter, and included in EQT's consolidated cash flow.

本季度 EQM 經營活動提供的淨現金為 2610 萬美元，並包含在 EQT 的合併現金流中。

However, please do note that not all that cash flow is available to EQT, as non-controlling unit holders owned approximately 40% of EQM during the second quarter 2013, and currently, they hold approximately 55.4%, post a recent follow-on offering.

然而，請注意，並非所有現金流都可供 EQT 使用，因為非控股單位持有人在 2013 年第二季度持有 EQM 約 40% 的股份，而在最近的後續發行中，目前他們持有約 55.4% 的股份。

Clearly, top line growth drove the relatively straightforward financial results in the quarter, and I will now briefly summarize those by business unit, starting with EQT production.

顯然，營收增長推動了本季度相對直接的財務業績，我現在將按業務部門簡要總結這些業績，首先從 EQT 生產開始。

In that production, sales volume continue to grow dramatically, as we mentioned.

正如我們提到的，在生產中，銷量繼續大幅增長。

Production volume was 54% higher, and that growth was driven by a 111% year-over-year increase in sales from our Marcellus shale play.

產量增長了 54%，這一增長是由 Marcellus 頁岩油區銷售額同比增長 111% 推動的。

Prices were also improved, with the realized price at EQT production of $3.30 per Mcf equivalent compared to $2.62 last year, or a 26% increase.

價格也有所改善，EQT 生產的實際價格為每 Mcf 當量 3.30 美元，而去年為 2.62 美元，漲幅為 26%。

At the corporate level, EQT received $4.37 per Mcf equivalent, compared to $3.83 received last year.

在公司層面，EQT 收到的每 Mcf 等值 4.37 美元，而去年則為 3.83 美元。

The average NYMEX gas price for the quarter was $4.09 per Mcf, compared to $2.22 last year.

本季度 NYMEX 平均天然氣價格為每 Mcf 4.09 美元，而去年為 2.22 美元。

Basis was approximately flat with NYMEX both years.

這兩年基差與 NYMEX 基本持平。

Two items impact the realized price this quarter.

有兩個項目影響本季度的實現價格。

First was the ineffectiveness of hedges, totaling about $7.5 million, which reduced our hedge gain in this quarter.

首先是對沖無效，總計約 750 萬美元，這減少了我們本季度的對沖收益。

Second was the loss on the resale of unused capacity not under long-term contracts, which totaled $8.3 million in the quarter.

其次是轉售非長期合同未使用產能的損失，本季度總計 830 萬美元。

We've been adding that number back to adjusted earnings as initially we saw noticable swings from gains to losses quarter-to-quarter.

我們一直在將這個數字加回調整後的收益中，因為最初我們看到季度與季度之間從收益到虧損的明顯波動。

However, this is the fifth quarter in a row where the loss has been relatively stable, so we stopped adding the costs back to core earnings, beginning this quarter.

然而，這是連續第五個季度虧損相對穩定，因此我們從本季度開始停止將成本計入核心收益。

This shows up in our price reconciliation as third-party gathering and transmission.

這在我們的價格調節中顯示為第三方收集和傳輸。

Produced NGL volume was 52% higher than last year, and as a reminder, we do not include ethane in this calculation, as it is currently sold mostly as methane.

NGL 產量比去年增加 52%，提醒一下，我們在此計算中不包括乙烷，因為目前乙烷主要以甲烷形式出售。

Total operating expenses at EQT Production were higher quarter-over-quarter, as result of higher DD&A, exploration expense, LOE and production taxes.

由於 DD&A、勘探費用、LOE 和生產稅增加，EQT Production 的總運營費用環比增加。

At the same time, per unit LOE, excluding production taxes, was down 20% to $0.16 per unit, further improving our cost structure that is already among the best in the industry.

與此同時，每單位 LOE（不包括生產稅）下降了 20%，至每單位 0.16 美元，進一步改善了我們已經處於行業最佳水平的成本結構。

SG&A was also down on a unit basis.

按單位計算，SG&A 也有所下降。

Those decreases were the result of produced volume growth, that vastly outpaced higher costs.

這些下降是產量增長的結果，產量增長遠遠超過了成本上漲。

Midstream results in the quarter, operating income here was up 21%, due to the growth of gathered volumes and increased capacity-based transmission revenues.

本季度中游業績中，由於聚集量的增長和基於容量的傳輸收入的增加，營業收入增長了 21%。

Gathering net revenues increased by $14.99, as gathering volumes increased by 50%, somewhat offset by a decrease in the average gathering rate of 19%, due to the increase in Marcellus gathered volumes, which are relatively less expensive to gather, and therefore get charged th lower rate.

採集淨收入增加了 14.99 美元，採集量增加了 50%，但由於 Marcellus 採集量的增加（採集成本相對較低，因此需要付費），平均採集率下降 19%，在一定程度上抵消了這一下降。利率較低。

As Marcellus production continues to grow as a percentage of our total production mix, the average gathering rate paid by EQT production and other producers will continue to decline.

隨著 Marcellus 產量占我們總產量的比例繼續增長，EQT 生產和其他生產商支付的平均採集率將繼續下降。

We expect our fourth-quarter 2013 average rate to be $0.75 per MMBtu, however, EQT Midstream margins are expected to continue to be strong.

我們預計 2013 年第四季度的平均利率為每 MMBtu 0.75 美元，但殷拓中游利潤率預計將繼續強勁。

Midstream transmission net revenues also increased by 81% in the quarter, driven by higher capacity charges and throughput.

在容量費用和吞吐量增加的推動下，本季度中游傳輸淨收入也增長了 81%。

Storage, marketing and other net operating revenues was $9.2 million lower in the second quarter, and as I've mentioned several times before, the storage and marketing part of the midstream business relies on natural gas price volatility, and seasonal spreads on a forward curve, and those have continued to decline.

第二季度存儲、營銷和其他淨運營收入減少了 920 萬美元，正如我之前多次提到的，中游業務的存儲和營銷部分依賴於天然氣價格波動以及遠期曲線上的季節性利差，而且這些數字還在繼續下降。

Given current market conditions, we currently expect full-year 2013 net revenues in storage, marketing, and other will total approximately $30 million.

鑑於當前的市場狀況，我們目前預計 2013 年全年存儲、營銷和其他方面的淨收入總計約為 3000 萬美元。

That operating expenses at Midstream were up quarter-over-quarter.

中游的運營支出環比增長。

However, as in production, per unit gathering and transmission expense was 32% lower, driven by the tremendous volume growth.

然而，與生產一樣，在容量大幅增長的推動下，每單位收集和傳輸費用降低了 32%。

Just a couple quick notes on the balance sheet, we closed the quarter with approximately $55 million in short-term debt, but subsequent to quarter-end we received $508 million in cash, as well as some additional LP and GP units from the sale of Sunrise Pipeline to EQT Midstream Partners.

在資產負債表上簡單說明一下，本季度結束時，我們有大約 5500 萬美元的短期債務，但在季度末之後，我們收到了 5.08 億美元的現金，以及通過出售殷拓中游合作夥伴的 Sunrise 管道。

Dave will would go into a more detail in a minute, but that gave us a current cash balance of approximately $400 million as of July 22.

Dave 稍後會詳細介紹，但截至 7 月 22 日，我們目前的現金餘額約為 4 億美元。

We continued to a have full availability under our $1.5 billion revolving credit facility.

我們繼續充分利用 15 億美元的循環信貸額度。

Our operating cash flow estimate for 2013 is slightly higher at approximately $1.2 billion, using the current strip and revised volume forecast.

根據當前的帶鋼產量和修訂後的產量預測，我們對 2013 年的經營現金流量估計略高，約為 12 億美元。

That's versus a CapEx forecast for the year of $1.7 billion, and that includes the asset purchase we made from Chesapeake that we announced earlier in the second quarter.

相比之下，今年的資本支出預測為 17 億美元，其中包括我們在第二季度早些時候宣布的從切薩皮克購買的資產。

So along with the proceeds we received from the sale of Sunrise, we're clearly in very good shape from a liquidity perspective heading into the rest of the year.

因此，加上我們從出售 Sunrise 中獲得的收益，從流動性的角度來看，我們在今年剩餘時間裡顯然處於非常良好的狀態。

With that, I'll turn the call over to Dave Porges.

這樣，我會將電話轉給 Dave Porges。

Thank you, Phil.

謝謝你，菲爾。

As Phil summarized, operationally, we are coming off another record quarter with record volumes in production and midstream.

正如菲爾總結的那樣，在運營方面，我們即將迎來又一個創紀錄的季度，生產量和中游產量均創歷史新高。

We hit a significant milestone in the quarter, our first day of sales above 1 Bcfe.

我們在本季度達到了一個重要的里程碑，即我們的第一天銷售額超過 1 Bcfe。

In fact, we averaged over 1 Bcfe per day for the entire quarter.

事實上，整個季度我們平均每天超過 1 Bcfe。

So congratulations to the EQT production folks who made that happen, along with the midstream folks who moved those volumes, and the commercial folks who sold them.

因此，祝賀實現這一目標的 EQT 製作人員、推動這些銷量的中游人員以及銷售這些產品的商業人員。

Production volumes were higher than expected because we turned hedge and line faster than planned.

產量高於預期，因為我們比計劃更快地轉向對沖和生產線。

We have discussed the lumpiness of volume growth resulting from the timing of turning pads in line, midstream projects, et cetera, and this lumpiness was again evident in the second quarter, with some anticipated third-quarter production being accelerated into the second quarter because of the timing of some specific pads.

我們已經討論了由於生產線轉向墊、中游項目等的時間而導致的銷量增長的不穩定性，這種不穩定性在第二季度再次明顯，一些預期的第三季度生產由於以下原因而加速到第二季度：一些特定焊盤的時序。

Much of this increased volume flowed through our gathering and transmission systems, driving the growth in those businesses also.

增加的流量大部分流經我們的收集和傳輸系統，也推動了這些業務的增長。

We finished tracking our third Utica well during the quarter, but since we were waiting for a gathering line, we just turned our first Utica well hours ago.

我們在本季度完成了對第三個尤蒂卡井的追踪，但由於我們正在等待聚集線，所以我們幾個小時前剛剛轉向了我們的第一個尤蒂卡井。

The other two Utica wells should be turned in line next month.

另外兩口尤蒂卡井將於下個月投入使用。

So while we would like to provide Utica results on today's call, we instead ask that you be a little more patient.

因此，雖然我們希望在今天的電話會議上提供尤蒂卡的結果，但我們要求您多一點耐心。

We do have four upper Devonian wells in line, and are quite encouraged by the early results.

我們確實有四口泥盆紀上游井正在生產中，並且對早期結果感到非常鼓舞。

These four wells have an average EUR of 1.2 Bcfe per thousand feet, which is near the high end of our expected range.

這四口井的平均產油量為每千英尺 1.2 Bcfe，接近我們預期範圍的上限。

Put another way, the well with 4,800 feet of lateral pay would have an EUR of about 5.8 Bcfe.

換句話說，橫向產油層 4,800 英尺的油井的成本約為 5.8 Bcfe。

While the economics of the upper Devonian wells are not quite as high as the Marcellus wells, they are still quite good, with average after-tax IRRs in the mid-30s at a $4 gas price.

雖然上泥盆統油井的經濟效益不如馬塞勒斯油井那麼高，但它們仍然相當不錯，平均稅後 IRR 在 30 多美元左右，天然氣價格為 4 美元。

Also the overall economics for EQT are boosted by the efficiency involved with drilling these wells at the same time and place as Marcellus wells.

此外，與 Marcellus 井同時、同一地點鑽探這些井所涉及的效率也提高了 EQT 的整體經濟效益。

Based on the early success, we are tweaking our drilling program a bit.

基於早期的成功，我們正在稍微調整我們的鑽探計劃。

We are increasing the upper Devonian program by 11 wells to a new total of 22.

我們正在將上泥盆統項目增加 11 口井，總數達到 22 口。

That's in 2013.

那是2013年的事了。

At the same time, we are reducing our Marcellus program by 11 wells to a new total of 146.

與此同時，我們將 Marcellus 項目減少 11 口井，總數達到 146 口。

We will continue to drill Marcellus and upper Devonian wells on the same pad, using the same brace and completion equipment, so even though the well allocations are tweaked slightly, the overall activity is essentially unchanged.

我們將繼續在同一個平台上鑽探馬塞勒斯井和上泥盆統井，使用相同的支架和完井設備，因此，儘管井分配略有調整，但總體活動基本保持不變。

The increase in upper Devonian wells accomplishes two things.

上泥盆統井的增加實現了兩件事。

It accelerates the derisking of the play, and it allows us to improve productivity by increasing the total wells per pad, leveraging the surface cost across more wells.

它加速了油田風險的降低，並使我們能夠通過增加每個平台的總井數、利用更多井的地面成本來提高生產率。

If we had stuck with the original plan, we would have foregone some efficiencies, as we would have still drilled the Marcellus wells at those pads, but would then have moved the equipment off of those locations, and would've had to incur more costs to return to the pads in the future to drill upper Devonian wells.

如果我們堅持原來的計劃，我們就會放棄一些效率，因為我們仍然會在這些平台上鑽探馬塞勒斯井，但隨後會將設備移離這些地點，並且將不得不承擔更多成本將來返回油田鑽上泥盆統井。

Shifting gears, as you no doubt saw, we completed our first drop into our MLP.

換檔，正如您無疑所看到的，我們完成了第一次進入 MLP。

Last week we sold our Sunrise Pipeline to EQT Midstream Partners for $507.5 million in cash, and $32.5 million worth of common and general partnership units.

上週，我們以 5.075 億美元現金以及價值 3250 萬美元的普通合伙單位和普通合伙單位將 Sunrise Pipeline 出售給了 EQT Midstream Partners。

EQT Midstream Partners also agreed to pay additional consideration of $110 million to EQT upon the execution of a third-party transportation agreement, that we expect to close concurrent with the closing of utility sale.

殷拓中游合作夥伴還同意在執行第三方運輸協議時向殷拓支付 1.1 億美元的額外對價，我們預計該協議將與公用事業銷售完成同時完成。

To pay for the acquisition, EQM issued 12.65 million units.

為了支付收購費用，EQM 發行了 1,265 萬股。

Post-transaction EQT now owns 42.6% of the LP units, and a 2% general partnership interest.

交易後殷拓現擁有 42.6% 的有限合夥人單位以及 2% 的普通合夥人權益。

As a reminder, EQT does have intensive distribution rights, which means, once the quarterly distributions per unit hit pre-determined thresholds, percentage of incremental cash flows paid to the GP increases, up to a maximum of 50% of incremental cash flows.

需要提醒的是，殷拓確實擁有密集的分配權，這意味著，一旦每單位的季度分配達到預定閾值，支付給普通合夥人的增量現金流的百分比就會增加，最高可達增量現金流的50%。

There are two intermediate steps between the 2% and 50% levels, with those break points being at just over $0.40 per unit, just under $0.44 per unit, and then finally reaching a 50% split level at $0.52 per unit.

2% 和 50% 水平之間有兩個中間步驟，這些斷點分別為每單位 0.40 美元以上、每單位 0.44 美元以下，最後達到每單位 0.52 美元的 50% 分割水平。

Now assuming that EQT Midstream Partners increases the distribution by $0.03 per unit each quarter from its current $0.40, EQT would be into the 50% splits before the end of 2014.

現在假設 EQT Midstream Partners 每季度將分配額從目前的 0.40 美元每單位增加 0.03 美元，那麼 EQT 將在 2014 年底之前進行 50% 的分配。

Do recall that for each split, the higher share only applies on the amount above the base, so if there were ever a moment at which the distribution were exactly $0.525 per unit or that break point in the 50% splits, the GP would be receiving about 7.5% of that distribution, plus 50% of the amount over that level.

請記住，對於每次分割，較高份額僅適用於高於基數的金額，因此，如果某個時刻分配正好為每單位 0.525 美元，或者 50% 分割中的斷點，普通合夥人將收到該分配的約 7.5%，加上該水平之上金額的 50%。

Based on our internal estimates, cash flow to EQT just from its GP stake is projected to be about $33 million for 2015.

根據我們的內部估計，2015 年僅從普通合夥人股權流向殷拓的現金流預計約為 3,300 萬美元。

Applying publicly-traded GP multiples to that estimate would result in the potential value to EQT's shareholders of around $6 per share that time.

如果將公開交易的普通股倍數應用於這一估計，屆時殷拓股東的潛在價值將達到每股 6 美元左右。

The timing and size of EQT drops can materially impact this cash flow estimate higher or lower, and the trading multiples seen today could be higher or lower.

EQT 下跌的時間和規模可能會對現金流量估計產生重大影響，使其更高或更低，並且今天看到的交易倍數可能更高或更低。

That said, it is clear that there's significant value in our GP stake, and that is the reason why we wanted to give you some insight into how we look at that value.

也就是說，很明顯，我們的普通合夥人股權具有重大價值，這就是為什麼我們想讓您深入了解我們如何看待這一價值。

Switching topics we have nothing new to report on the regulatory reviews related to the sale of our gas utility, Equitable Gas.

換個話題，我們對與出售我們的天然氣公用事業公司 Equitable Gas 相關的監管審查沒有什麼新的報導。

As you already know, the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act expired, and we are free to proceed from the Federal Trade Commission perspective.

如您所知，《哈特-斯科特-羅迪諾反壟斷改進法案》規定的等待期已經到期，我們可以從聯邦貿易委員會的角度自由進行。

We have also submitted filings with the Pennsylvania Public Utility Commission, the West Virginia Public Service Commission, the Kentucky Public Service Commission and the Federal Energy Regulatory Commission, each of which must approve the transaction as part of the regulatory process.

我們還向賓夕法尼亞州公共事業委員會、西弗吉尼亞州公共服務委員會、肯塔基州公共服務委員會和聯邦能源監管委員會提交了文件，作為監管程序的一部分，每個委員會都必須批准該交易。

There have not been any unexpected developments in this lengthy process, and we still expect to receive all necessary approvals by around year-end.

在這個漫長的過程中並沒有出現任何意外的進展，我們仍然希望在年底左右獲得所有必要的批准。

Finally, as been our norm, we are providing production sales guidance for the current quarter.

最後，按照我們的慣例，我們將提供本季度的生產銷售指導。

So that means the third quarter, 2013.

這意味著 2013 年第三季度。

Based on our current pad completion schedule we expect third-quarter production sales to be flat with second quarter at 92.5 Bcfe, as the new pads provide volume that offsets declines from initial production at those wells we turned in line, during the recently completed.

根據我們當前的平台完成計劃，我們預計第三季度的產量銷售將與第二季度持平，為 92.5 Bcfe，因為新的平台提供的產量可以抵消我們在最近完成的那些井的初始產量的下降。

We did increase our full-year forecast between 360 and 365 Bcfe, which is 40% higher than last year's.

我們確實將全年預測上調至 360 至 365 Bcfe，比去年高出 40%。

In summary, EQT is committed to increasing the value of our vast resource by accelerating the monetization of our reserves and opportunities.

總之，殷拓致力於通過加速我們的儲備和機會的貨幣化來增加我們豐富資源的價值。

We continue to be focused on earning the highest possible returns from our investments, and are doing what we can to increase the value of your shares.

我們將繼續專注於從投資中獲得盡可能高的回報，並儘我們所能來增加您的股票價值。

We look forward to continuing to execute on our commitment to our shareholders, and appreciate your continued support.

我們期待繼續履行對股東的承諾，並感謝您的持續支持。

With that, like to turn the call back over to Pat for the Q&A session.

這樣，我想將電話轉回給帕特進行問答環節。

Thank you Dave.

謝謝戴夫。

This concludes the comments portion of the call.

電話會議的評論部分到此結束。

Yusef, could we please now open the call up the call to questions.

尤瑟夫，我們現在可以開始提問提問嗎？

(Operator Instructions)

（操作員說明）

Our first question comes from Neal Dingmann with SunTrust.

我們的第一個問題來自 SunTrust 的 Neal Dingmann。

Good color.

顏色好。

Dave, maybe a first quick question I won't stay too long on the Utica.

戴夫，也許是第一個簡單的問題，我不會在尤蒂卡停留太久。

You mentioned about finished fracking the three wells.

您提到了三口井的水力壓裂工作已完成。

Did you mentioned that you tied the first well in the pipeline, did I understand the right?

你有沒有提到你把管道中的第一口井綁起來了，我理解對嗎？

Yes that was just hours ago.

是的，那是幾個小時前的事。

Yes.

是的。

And then, you think on a go-forward basis, now I know there's been some midstream delays so once you've got this first one on is it fair to say as you and Steve start rolling out these wells you'll be able to tie them in, in a timely fashion?

然後，你認為在前進的基礎上，現在我知道有一些中游延誤，所以一旦你啟動了第一個，可以公平地說，當你和史蒂夫開始推出這些井時，你將能夠及時將它們綁起來？

Certainly we would be able to tie them in, if it were just Steve and I tying them in.

當然，如果只有史蒂夫和我把他們綁起來，我們就能把他們綁起來。

There's other people doing it.

還有其他人在做。

The issue we are probably going to have on midstream with the Utica is going to be the same as others do, which is, we are in a window where we've anticipated that there's going to be -- there could be some wet gas and of course it will be the processing that's the issue.

我們在尤蒂卡河中游可能會遇到的問題與其他人一樣，也就是說，我們正處於一個我們預計會出現的窗口期——可能會有一些濕氣體，當然，問題在於處理。

So as far as the pipe, I think we're fine on that for our plans, and then the issue's going to be when we decide what we really need to do to extract the most economically is the strip, the liquids.

因此，就管道而言，我認為我們的計劃在這方面做得很好，然後問題將是當我們決定我們真正需要做什麼來最經濟地提取帶狀液體時。

Crude oil, of course, to the extent we have that, if something is coming out.

當然，只要我們有原油，如果有什麼東西出來的話。

If it is liquid it's surface pressures, and that's of course a different story.

如果它是液體，那就是表面壓力，這當然是一個不同的故事。

That's a little bit easier to deal with over time.

隨著時間的推移，這會更容易處理。

Okay and I know you all had said, reaching that, I don't know if it's 50,000, what your goal is now is there a certain time that if -- I know acreage is a bit tougher to come by there, what are your thoughts on that Dave?

好吧，我知道你們都說過，達到這個目標，我不知道是否是 50,000，你現在的目標是什麼，是否有某個時間，如果——我知道那裡的面積有點難實現，你的目標是多少？對那個戴夫有什麼想法嗎？

Would you still stick with what you have, or is it an all or nothing deal if you can't add a significant amount of acreage here in the near future?

您是否仍會堅持現有的土地，或者如果您在不久的將來無法在這裡增加大量種植面積，那麼這是一個全有或全無的交易嗎？

Well the 50,000 acres of course was always just kind of a benchmark.

當然，50,000 英畝始終只是一個基準。

What we really mean is something that is an economical size.

我們真正的意思是經濟尺寸的東西。

So at this point, we are encouraged that there are some pieces out there that we can look at, and we will just have to see how that plays out.

因此，在這一點上，我們感到鼓舞的是，有一些我們可以看看的作品，我們只需要看看效果如何。

I actually don't know that I'd say that acreage is not available.

我實際上不知道我會說面積不可用。

I think that a lot of folks are sorting through their portfolios.

我認為很多人都在整理他們的投資組合。

Okay.

好的。

I mean, I understand that is a routine thing to happen, maybe it's more normal that it's happening now after a lot of people have compiled portfolios, and now they're sorting, just as we are with our portfolio, of course.

我的意思是，我知道這是一種例行公事，也許現在發生這種情況更正常，因為很多人都編制了投資組合，現在他們正在排序，當然，就像我們對投資組合所做的那樣。

What fits, what doesn't fit, and that's just from the perspective of what looks good from a reserve perspective, but what helps you put together a development plan of reasonable scale.

什麼適合，什麼不適合，這只是從儲備角度看什麼好，但什麼可以幫助你制定合理規模的發展計劃。

I think we are all kind of going through that process.

我認為我們都在經歷這個過程。

I'm not discouraged, actually, about there being no opportunities out there.

事實上，我並不因為沒有機會而氣餒。

Got it, and then turning over to obviously the Marcellus.

明白了，然後顯然轉向了馬塞勒斯。

I was looking at your slide where you sort of outline the amount midstream as far as the transmission capacity over the 1.7 and the miles of transmission pipeline.

我正在看你的幻燈片，其中你概述了中游的傳輸能力以及 1.7 英里的傳輸管道的容量。

I guess what I'm getting at is, now that you're able to turn these pads and lines faster than expected, obviously, it's a nice problem to have.

我想我的意思是，既然你能夠比預期更快地轉動這些墊和線，顯然，這是一個很好的問題。

My question is, it seems like because you guys do control your own pipeline or your own midstream.

我的問題是，這似乎是因為你們確實控制著自己的管道或自己的中游。

Do you have, are you going to be ramping that up as far as how quick and how much money you'll be adding to the midstream, or are the plans already sufficient enough to factor in this faster pads and lines coming on?

你是否有，你打算以多快的速度和多少錢增加到中游，或者計劃是否已經足以考慮到即將出現的更快的墊和生產線？

We certainly have plans and lines that are consistent with the production plans.

我們當然有與生產計劃一致的計劃和生產線。

But it is a rapid rate there's no doubt about that.

但毫無疑問，這是一個很快的速度。

That does require a fair amount of hustling to keep going and if nothing worse -- we continue to be open to moving some of our volumes through other people's lines, just as we build our facilities to often times accommodate other producers.

這確實需要相當多的努力才能繼續下去，如果沒有更糟糕的話——我們繼續對通過其他人的生產線轉移我們的一些產量持開放態度，就像我們建造我們的設施來經常容納其他生產商一樣。

So yes, we have kept that in mind.

所以，是的，我們牢記這一點。

Now we don't, of course, control our own processing.

當然，現在我們無法控制自己的處理過程。

So that's one where I continue to work with -- we continue to work with folks who do that, to make sure that contractually, we are able to organize enough capacity.

所以這是我繼續合作的地方——我們繼續與這樣做的人合作，以確保根據合同，我們能夠組織足夠的能力。

The volumes are going up so quickly in this neck of the woods, that I'd say we are always feeling as if you're running pretty fast.

在這片樹林裡，音量增長得如此之快，我想說我們總是感覺好像你跑得很快。

I don't know that we'd ever want to feel that we are sanguine.

我不知道我們是否願意感到樂觀。

I think we feel optimistic that we can get things done, but we can't rest on our laurels, because the lines are just jumping up so quickly.

我認為我們對能夠完成任務感到樂觀，但我們不能滿足於現狀，因為排隊的速度太快了。

And last question, I think you've said this before, if I understand this right, as far as kind of potential for drop-down, it's in the midstream, whatever -- if you are able to bring on a little more, or you spend a little more in that area, is it always continued drop-down about 25% of what you have, or can you just remind us of kind of the plans of kind of an annual basis of what you could potentially drop-down?

最後一個問題，我想你之前已經說過了，如果我理解正確的話，就下拉的潛力而言，它處於中流，無論如何 - 如果你能夠帶來更多一點，或者你在這個領域多花一點錢，它是否總是持續下降你擁有的東西的 25% 左右，或者你能提醒我們每年你可能會下降的計劃嗎？

We don't really have a plan on an annual basis that goes out there.

我們實際上並沒有製定年度計劃。

We have said that over time, let's say the floor is that we would like to be generating proceeds at the EQT level from drops that equals the amount of spending EQT has on the midstream.

我們已經說過，隨著時間的推移，假設我們希望在 EQT 水平上從等於 EQT 在中游支出金額的下降中產生收益。

But over time, of course, we will want to be dropping more into EQM then we are spending.

但隨著時間的推移，當然，我們會希望在 EQM 上投入的資金超過我們的支出。

And the other thing to take into account when you're looking at what I gather from the market's perspective was a larger than expected drop is, a lot of these assets that will be dropping when we do drop a specific project or asset, they're going to be lumpy.

當你從市場的角度來看我收集到的數據時，要考慮的另一件事是，當我們確實放棄特定項目或資產時，很多這些資產都會下降，它們會比預期的下降更大。會變得凹凸不平。

So some of them are going to be larger and some of them are going to be smaller, but you should not take the size of that drop to be an indication that somehow we've ramped up over decisions on spending at midstream at the EQT level.

因此，其中一些會更大，一些會更小，但你不應該認為下降的幅度表明我們已經在 EQT 層面加大了中游支出的決策力度。 。

We're going to keep dropping as it looks economic to do so, and it's just that we've got this floor where over time we would like to make sure we're dropping enough so that the proceeds are going to be paying for the midstream expenditures.

我們將繼續下降，因為這樣做看起來很經濟，只是我們已經有了這個底線，隨著時間的推移，我們希望確保我們下降足夠多，以便收益將用於支付中流支出。

That's great details.

這是很棒的細節。

Thanks.

謝謝。

Next question comes from Phillip Jungwirth with BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Phillip Jungwirth。

With over $1 billion in cash coming in in the second half from EQM and the utilities sale, and then what looks to be a minimal outspend in 2014 and beyond, how are you thinking about capital allocation between one, accelerating in the Marcellus, two, share buybacks or three, increasing the dividend?

下半年，EQM 和公用事業銷售將帶來超過 10 億美元的現金，而且 2014 年及以後的支出看起來微乎其微，您如何考慮一者（在 Marcellus 加速）、二者之間的資本配置？股票回購還是三、增加股息？

We are looking at it, I don't want to be trite here, but we are looking at it the same way we always look at it.

我們正在審視它，我不想在這裡陳詞濫調，但我們正在以我們一貫看待它的方式看待它。

We don't believe our decisions are being, or should, be overly influenced by what the balance sheet says, unless of course we just didn't have enough money to do some of the things that we wanted to, but we should be investing in the projects that create value, and foregoing the projects that don't.

我們不認為我們的決策正在或應該受到資產負債表的過度影響，當然，除非我們沒有足夠的錢來做一些我們想做的事情，但我們應該投資參與創造​​價值的項目，放棄不創造價值的項目。

Being temporarily a little bit more liquid, we don't feel creates any pressure, burning holes in our pocket, et cetera.

暫時多一點液體，我們不會感到產生任何壓力，不會在我們的口袋裡燒洞等等。

So we do examine other ways to invest the money such as share buybacks and dividends, but we view it the same way I'd say that we always do.

因此，我們確實研究了其他投資方式，例如股票回購和股息，但我們以我一直以來的方式看待它。

We compare the investment opportunities and anybody who looks at our incentive comp plans knows that the way that this management gets paid is to have our share price perform over the course of time.

我們比較投資機會，任何關注我們激勵計劃的人都知道，管理層獲得報酬的方式是讓我們的股價隨著時間的推移而表現。

So hopefully, we are aligned with the shareholders in that regard.

因此，希望我們在這方面與股東保持一致。

We just want to create value, and I'd say from that perspective, it hasn't changed.

我們只是想創造價值，我想說從這個角度來看，它沒有改變。

When I became CEO, the strategy was, we need to pick what we want to invest in and what we want to offload.

當我成為首席執行官時，策略是，我們需要選擇我們想要投資的東西以及我們想要卸載的東西。

And I just say we are kind of in the midst of that process, so we will continue also to look at monetizing things, that whereby perhaps the value is greater in the hands of others.

我只是說我們正處於這個過程之中，所以我們還將繼續考慮貨幣化，這樣也許在其他人手中價值更大。

And then on EQM, with the GP potentially in the high end of the split in the next 18 months, and probably could be earlier, I'm assuming a lower coverage ratio of 1.1 times.

然後在 EQM 上，由於 GP 可能在未來 18 個月內處於分拆的高端，而且可能會更早，我假設覆蓋率較低，為 1.1 倍。

How would that impact the valuation and EQM's ability to raise capital to pay for future drop-downs, given that the GP will be at the high end of the split so early?

鑑於普通合夥人將如此早地處於分拆的高端，這將如何影響估值和 EQM 籌集資金以支付未來下跌的能力？

And then what was the BGP valued at in the $32.5 million of proceeds of EQM stock per unit?

那麼，在 EQM 股票每單位 3250 萬美元的收益中，BGP 的估值是多少？

Phil probably has answer to that or -- I answer the rest of it (multiple speakers) how much of the $32.5 million was extra LP units versus --?

Phil 可能對此有答案，或者——我回答其餘部分（多個發言者）3250 萬美元中有多少是額外的 LP 單元，而不是——？

The units that we got back in addition to the cash were 480,000 limited partner units, and then 268,000 GP units.

除了現金之外，我們還拿回了 480,000 個有限合夥人單位，然後是 268,000 個 GP 單位。

Another way to look at that would be the 400,000 LP units at the market price at the time, and then the rest is the GP.

另一種看待方式是按當時的市場價格計算 400,000 個 LP 單位，然後剩下的就是 GP。

Okay, and the next question, can you share with us your views, both near-term and long-term, on where you see Marcellus basis going, and how recent weakness will impact the third quarter?

好的，下一個問題，您能否與我們分享您對馬塞勒斯基差的近期和長期看法，以及最近的疲軟將如何影響第三季度？

Well for that one I've been doing a lot of the talking, so I will turn that over to Randy.

對於這一點，我已經說了很多，所以我將把它交給蘭迪。

Randy what are your thoughts on that basis?

蘭迪對此有何想法？

When you talk about short-term and long-term, in the short-term, the influx of supply and the natural gas in the region is for the purpose of blending higher BTU ethane, producers have put pressure on the basin.

當你談論短期和長期時，在短期內，該地區供應和天然氣的湧入是為了混合更高BTU的乙烷，生產商給該盆地帶來了壓力。

We think it will be somewhat alleviated by the Mariner West project that just came online this week and the ATEX product that is said to come on early in 2014.

我們認為本周剛剛上線的 Mariner West 項目和據說將於 2014 年初推出的 ATEX 產品將在一定程度上緩解這種情況。

Just to close the loop on that ethane topic, EQT has a tremendous dry gas resource in Western PA, as you know, and particularly in Green County, so that provides us the ability to blend our ethane with wet gas production for the foreseeable future.

為了結束乙烷主題的循環，如您所知，EQT 在賓夕法尼亞州西部擁有巨大的干氣資源，特別是在格林縣，因此這使我們能夠在可預見的未來將乙烷與濕氣生產混合。

Now in regard to the long-term, in the long term, we have stayed ahead of the curve in terms of planning our takeaway capacity, so currently we have almost 655 million decatherms per day of firm pipeline capacity that's out of the basin, and we've got approximately 400 million decatherms per day of firm sales, and so for a total of 1.05 BCF per day.

現在就長期而言，從長遠來看，我們在規劃我們的外運能力方面一直保持領先地位，因此目前我們每天有近 6.55 億管道的穩定管道能力，來自盆地，並且我們每天的固定銷售量約為 4 億支十導管，因此每天總計 1.05 BCF。

We recognize that the basin is in its growing stage, and we are remaining flexible with regard to making additional long-term commitments.

我們認識到該盆地正處於成長階段，我們在做出額外的長期承諾方面保持靈活。

Obviously, with that said, we have committed to an incremental 300 million a day pipeline capacity expansion into the Gulf Coast and the mid-Atlantic markets, which we have scheduled to come on in service by the end of 2014, so moving forward, we continue to add firm capacity to the portfolio and we add to the diversity of markets.

顯然，話雖如此，我們已承諾將每天 3 億的管道容量擴展到墨西哥灣沿岸和大西洋中部市場，我們計劃在 2014 年底前投入使用，因此，展望未來，我們繼續增加投資組合的堅定能力，並增加市場的多樣性。

And so we've been on this issue and we continuing to look at those diversity of markets and liquidity.

因此，我們一直在關注這個問題，並繼續關注市場和流動性的多樣性。

In the long run, we think that, including the growing Southeast markets, we should be in good shape.

從長遠來看，我們認為，包括不斷增長的東南市場，我們應該處於良好的狀態。

Great and last question, real quick on the upper Devonian wells, did you use RCS on those?

很好的最後一個問題，在泥盆紀上部的井上很快，你在這些井上使用了 RCS 嗎？

Phil, this is Steve.

菲爾，這是史蒂夫。

We used RCS on one of the four wells that we had production data on, so the results we are quoting are 75% based on 60 foot clusters, and 25% based on a 30 foot cluster test.

我們在擁有生產數據的四口井之一上使用了 RCS，因此我們引用的結果是 75% 基於 60 英尺集群測試，25% 基於 30 英尺集群測試。

So in our expectation is, just like we're seeing in the Marcellus, I think we will have to test is to find out, but I think we think it's likely that the upper Devonian will benefit from 30 foot cluster spacing.

所以我們的期望是，就像我們在馬塞勒斯看到的那樣，我認為我們必須進行測試才能找到答案，但我認為我們認為泥盆紀上部很可能會受益於 30 英尺的星團間距。

So, for the wells we are drilling this year, they'll be using the 30 foot clusters.

因此，對於我們今年鑽探的井，他們將使用 30 英尺的井組。

Great, thanks.

十分感謝。

Next question comes from Drew Venker, with Morgan Stanley

下一個問題來自摩根士丹利的 Drew Venker

With your updated 2013 outlook for higher production, do you have any update for what 2014 production will look like?

根據您對 2013 年更高產量的更新展望，您對 2014 年產量有何更新？

We haven't -- of course we introduced some guidance on that, but we are now getting to the point we are in the run-up to our annual capital budget and plan process, so we don't want to get out in front of our Board as far as what approvals we get for that.

當然，我們還沒有對此提出一些指導，但我們現在正處於年度資本預算和計劃流程的準備階段，因此我們不想走在前面我們的董事會對此獲得了哪些批准。

So at this point, this time of year, typically also, we would just as soon stick with the guidance that we put out there.

因此，在這一點上，每年的這個時候，通常情況下，我們也會盡快堅持我們在那裡發布的指導。

And then, of course, we'll think once we have a new capital budget

當然，一旦我們有了新的資本預算，我們就會考慮

Okay, so I guess presuming directionally higher is maybe getting ahead of ourselves, I guess?

好吧，所以我想假設方向更高可能有點超前了，我猜？

In case our board members are listening, I don't want to presumes something that assumes that they'll provide approvals for stuff that we are proposing to them that we haven't actually put in front of them yet.

如果我們的董事會成員正在傾聽，我不想假設他們會批准我們向他們提議的東西，而我們實際上尚未將其擺在他們面前。

Not really timing for that is all I would say

我想說的並不是真正的時機

That's fair.

這還算公平。

And then you talked about reducing your Marcellus program this year by 11 wells.

然後您談到今年將 Marcellus 項目減少 11 口井。

Is that pretty evenly distributed across your development areas?

這在您的開發領域中分佈得相當均勻嗎？

Yes that's really just really driven by the desire to maximize our rig efficiencies and drilling more upper Devonian wells while the rigs are on certain locations.

是的，這確實是由最大限度地提高我們的鑽機效率並在鑽機位於某些位置時鑽更多泥盆紀上部井的願望所驅動的。

Given the results we've seen in the upper Devonian, we think that's the prudent thing to do, so yet is it's pretty equally spread around.

考慮到我們在泥盆紀上部看到的結果，我們認為這是謹慎的做法，但它的分佈相當均勻。

Could you talk about initial rates on those upper Devonian wells?

您能談談泥盆紀上部油井的初始利率嗎？

I don't think we provided ITs but the average is about 1,200 or 1.2 Bcf per thousand feet EURs and for these wells, we actually have a fair amount of production history, so the oldest well gas been producing for three years, and another couple for two years and the fourth one for a year, so I think these are not as speculative EURs as you might have imagined that they are, in terms of how much data we had to look at.

我不認為我們提供了 IT，但平均每千英尺歐元約為 1,200 或 1.2 Bcf，對於這些井，我們實際上擁有相當多的生產歷史，因此最古老的氣井已經生產了三年，還有另外幾口井兩年一次，第四次一年一次，所以我認為，就我們必須查看的數據量而言，這些歐元並不像您想像的那樣具有投機性。

I'd also say that against -- since these wells were drilled two or three years ago, our drilling completion techniques in the Marcellus have improved pretty dramatically over that time.

我還要說的是，自從這些井是兩三年前鑽探以來，我們在馬塞勒斯的鑽井完井技術在那段時間得到了相當大的改進。

We are certainly hopeful that we will see that same kind of improvement in the wells we are drilling today in the upper Devonian.

我們當然希望我們今天在泥盆統上部鑽探的井中能夠看到同樣的改進。

Time will tell whether that is true or not, but we certainly are optimistic that we can improve on what we've seen.

時間會證明這是否屬實，但我們當然樂觀地認為我們可以改進我們所看到的。

Okay, thanks, that's all I had.

好的，謝謝，我就這麼多了。

Next question comes from Michael Hall with Tech and Energy Advisors

下一個問題來自技術和能源顧問邁克爾·霍爾 (Michael Hall)

Congratulations on another solid quarter.

祝賀又一個穩定的季度。

Couple of mine are first more near-term minded.

我的一些人首先更注重短期利益。

Just curious on the third quarter production volume guidance, are there any implicit assumptions around building up or drawing down of completion backlogs within that?

只是對第三季度產量指導感到好奇，其中是否存在關於增加或減少完成積壓的任何隱含假設？

All I'd say is you probably noticed in the second-quarter, we drew down the backlog pretty substantially.

我想說的是，您可能注意到在第二季度，我們大幅減少了積壓。

All of that is just driven by the timing of these large multi-well multi-stage pads.

所有這一切都是由這些大型多孔多級焊盤的時序驅動的。

It just worked out that a lot of them came on in the second quarter, which means there will probably be -- rigs will be moving to new multi-well pads, so there will be a bit of a hiatus in new TILs in the third quarter, so I would expect that you'll see that backlog build back up somewhat in the third quarter.

剛剛發現，其中很多是在第二季度投入使用的，這意味著鑽機可能會轉移到新的多孔平台，因此第三季度新的 TIL 將會有一些中斷季度，所以我預計您會看到積壓訂單在第三季度有所回升。

But it's all driven just by the timing of these big pads.

但這一切都是由這些大墊的時機驅動的。

Okay, so it is somewhat assumed that you'll have some increase in backlog again in the third quarter?

好的，那麼我們可以假設第三季度積壓訂單會再次增加？

Yes, I would expect that.

是的，我希望如此。

Which is why we are projecting basically flat volumes in the third quarter of the second -- the backlog should increase.

這就是為什麼我們預計第二季度第三季度的銷量基本持平——積壓訂單應該會增加。

That makes sense.

這就說得通了。

And can you just remind me where -- how many of your rigs are in each of your key areas at this point, meaning in northern West Virginia Southwestern PA and central PA?

您能否提醒我，目前您的每個關鍵區域有多少台鑽機，即西弗吉尼亞州北部、賓夕法尼亞州西南部和賓夕法尼亞州中部？

I believe now we have three in Southwestern PA and three in northern West Virginia, pretty sure that's right.

我相信現在我們在賓夕法尼亞州西南部有三個，在西弗吉尼亞州北部有三個，非常確定這是正確的。

They moved around a little bit so I'm not always completely up to speed.

他們稍微移動了一下，所以我並不總是完全跟上進度。

That kind of 50-50 split is pretty fair throughout the rest of the year?

在今年剩下的時間裡，這種 50-50 的分配相當公平嗎？

That will be pretty close.

那將非常接近。

I guess a lot of my others have been addressed.

我想我的很多其他問題都已經得到解決。

I'm curious on the inclusion of additional upper Devonian wells, and doing those on the same pads as the Marcellus wells, is that -- how do we think about that in terms of cycle times for those pads?

我很好奇是否要包括額外的上泥盆紀井，並在與馬塞勒斯井相同的墊上進行這些工作，我們如何考慮這些墊的周期時間？

Is it just going to spread things out a bit more, or reducing the per-well costs you can spread it over the pad over more wells, spreading out the cycle times a bit as well?

是否只是將事情分散得更多一些，或者降低每口井的成本，您可以將其分散在更多的井上，同時也分散一點循環時間？

That's a good question, and if I can't give you a great answer yet.

這是一個很好的問題，如果我還不能給你一個很好的答案。

That's certainly a topic that we are actively studying now.

這當然是我們現在正在積極研究的一個話題。

Trying to determine what is the optimal scenario, especially for these very large pads.

試圖確定什麼是最佳方案，特別是對於這些非常大的焊盤。

So if we have a 10-well Marcellus pad in the opportunity to drill another 10 upper Devonian pads for a total of 20, we are currently modeling, does it make sense, is it optimal to drill all 20 right now, or it does it make sense to drill five Marcellus, five upper Devonian, leave and come back later, or should we drill all of the Marcellus now and come back, and some of the issues are just logistical in nature, but there's also some factors around -- some concerns around the effectiveness of the fracs particularly in the upper Devonian, if we would come back significantly later after fracking the Marcellus because of depletion and potential interference between the two.

因此，如果我們有一個 10 口 Marcellus 井場，有機會鑽探另外 10 個上泥盆紀井場，總共 20 個，我們目前正在建模，這是否有意義，現在鑽探所有 20 個井場是否是最佳選擇，還是確實如此鑽探五個馬塞勒斯，五個上泥盆紀，離開並稍後返回，或者我們應該現在鑽探所有馬塞勒斯然後回來，有些問題本質上只是後勤問題，但也有一些因素 - 一些人們擔心壓裂的有效性，特別是在上泥盆統，如果我們在馬塞勒斯河壓裂後回來得晚一些，因為兩者之間的枯竭和潛在的干擾。

So we are doing a lot of reservoir modeling combined with a lot of logistical study to sort -- bottom line is right now I don't, I can't tell you what the optimum is and what the impact will be.

因此，我們正在進行大量的油藏建模，並結合大量的邏輯研究來進行排序——最重要的是，現在我不知道，我無法告訴你最佳方案是什麼以及會產生什麼影響。

Part of the reason that we are drilling some more upper Devonian this year on existing pads, to help us figure out how that what the optimum's going to be.

今年我們要在現有的墊層上鑽探更多的上泥盆統，部分原因是為了幫助我們找出最佳方案。

Okay.

好的。

That makes sense.

這就說得通了。

And so, I'm correct in assuming you can't -- you're not doing any simultaneous completions while drilling, correct?

所以，我的假設是正確的——你在鑽井時沒有同時完成任何工作，對嗎？

Like you can't do both on the same pad?

就像你不能在同一個墊子上同時完成這兩項操作？

I don't know that -- we are not fracking while drilling, but we are doing a lot of other simultaneous operations, a lot more than we used to.

我不知道——我們不是在鑽井時進行水力壓裂，但我們正在同時進行許多其他操作，比以前多得多。

Okay.

好的。

And then I guess the last on my end is more kind of getting back to the corporate structure and thinking about unlocking some of the value.

然後我想我的最後一個任務更像是回到公司結構並思考釋放一些價值。

As we're getting close to the end of the year, you talked about a couple of other different ways to monetize some latent value, and you brought up in the past potentially bringing in or trying to find the third-party capital around the Huron program to restart that growth.

當我們接近年底時，您談到了將某些潛在價值貨幣化的其他幾種不同方式，並且您過去提到過可能引入或試圖在休倫河周圍找到第三方資本計劃重新啟動增長。

Also now with ONEOK's of spinning up the utility and having a standalone GP, that maybe raises an another interesting comp around EQT, in terms of unlocking value, you'll be hitting those splits relatively soon.

另外，現在隨著 ONEOK 的旋轉實用程序並擁有獨立的 GP，這可能會圍繞 EQT 引發另一個有趣的競爭，就解鎖價值而言，您將很快達到這些分裂。

So trying to think through, better understand what our current thoughts are today, particularly in the context of that ONEOK announcement?

那麼，嘗試思考一下，更好地理解我們當前的想法，特別是在 ONEOK 公告的背景下？

The ONEOK announcement itself, of course, doesn't really have much impact, so we look at the alternatives around LEC before we decided to sell, as opposed to doing some type of a spin-off and things like that cannot spend itself that of course doesn't really have much impact on is.

當然，ONEOK 的公告本身並沒有太大影響，所以我們在決定出售之前會考慮 LEC 的替代方案，而不是進行某種類型的分拆，而類似的事情不能花掉自己的錢當然對is並沒有太大影響。

We are obviously interested to read more, as we of any of our companies and are any of our peer groups, interested to read what they're up to, and look at their rationale, and see how it turns out for them.

我們顯然有興趣閱讀更多內容，就像我們的任何一家公司和我們的任何同行團體一樣，我們有興趣了解他們在做什麼，看看他們的理由，看看他們的結果如何。

But the thought process we have on monetizing other assets as of best way to create shareholder value, is really the same as it was.

但我們關於將其他資產貨幣化作為創造股東價值的最佳方式的思考過程實際上與以前相同。

If we are not going to be able to, or don't think it's economical for us to do the development of -- the optimal development of the system, we look at alternatives, whether it's selling to somebody else, as we've done a couple of times, or getting some other source of capital, as we have of course with the midstream with the MLP.

如果我們無法，或者認為開發系統的最佳開發對我們來說不經濟，我們就會考慮替代方案，是否像我們所做的那樣賣給其他人幾次，或者獲得其他資金來源，就像我們與 MLP 的中游一樣。

So I don't think there's anything magic about year-end for that.

所以我不認為年底有什麼神奇之處。

We are obviously not pressured from a liquidity perspective, and reasonable shape, I'd say.

我想說，從流動性角度和合理的形狀來看，我們顯然沒有受到壓力。

So we will continue to work on that.

所以我們將繼續努力。

I mean the urgency isn't raising capital, the urgency is doing the right thing to create value, and we continue to look at those alternatives.

我的意思是，緊迫性不是籌集資金，而是做正確的事情來創造價值，我們將繼續尋找這些替代方案。

I mean obviously Nora and Huron are ones that we talked about, the possibility of having different approaches to that.

我的意思是，顯然諾拉和休倫是我們討論過的，有可能採取不同的方法。

With midstream, I think the issue is going to be dropped, and I think a lot more of that is going to be driven by was going on in EQM then EQT, what the capacities are and things like that, since again we do think that the best owner of a lot of those assets is probably EQM, as opposed to EQT.

到了中游，我認為這個問題將會被放棄，而且我認為更多的問題將由 EQM 和 EQT 中發生的事情、產能以及類似的事情驅動，因為我們再次認為其中許多資產的最佳所有者可能是 EQM，而不是 EQT。

(multiple speakers) With the MLP generally, and the GP we started introducing the issue how much value could be there, and frankly we're going to be encouraging our shareholders to take a look at what that value is, and it's hard to tell whether there's going to be enough transparency there that things will be fine as we move through the splits, or whether the right thing to do will be to do something else.

（多名發言者）對於 MLP 和 GP，我們開始介紹其中可能有多少價值的問題，坦率地說，我們將鼓勵我們的股東看看這個價值是什麼，但很難說。是否會有足夠的透明度，以便在我們克服分歧時一切都會好起來，或者正確的做法是否是做其他事情。

The separate issue somebody else had raised about what you do when you get into a high splits with a GP, that's a real issue for MLPs when they grow that fast, and separate from EQT corporate structure issues, when we get to that point, we will have to address that issue so that EQM is able to make acquisitions that are accretive for its unit holders.

其他人提出的另一個問題是，當你與普通合夥人發生高度分歧時，你會做什麼，這對於 MLP 來說是一個真正的問題，當他們增長得如此之快時，並且與 EQT 公司結構問題分開，當我們到達這一點時，我們必須解決這個問題，以便 EQM 能夠進行對其單位持有人有利的收購。

That's helpful.

這很有幫助。

Can you remind me what the timing, or potential timing around when EQM would be more self-sufficient from a CapEx funding perspective?

您能否提醒我從資本支出融資角度來看，EQM 何時或可能何時能夠更加自給自足？

Has it accelerated at all, given the size of the drop is a bit bigger than expected?

鑑於跌幅比預期大一些，它是否已經加速了？

Can you help me a little bit with what you mean by self-sufficient?

你能幫我解釋一下你所說的“自給自足”嗎？

Because that's a market where there -- unlike the C-COR market for oil and gas companies where issuing equities is not--.

因為這是一個存在的市場，與石油和天然氣公司的 C-COR 市場不同，後者不發行股票。

What I mean is a lot of the gross capital is being spent at EQT currently, and then matured under EQT, and then dropped down eventually to EQM?

我的意思是，目前很多總資本都花在了 EQT，然後在 EQT 下成熟，然後最終下降到 EQM？

The way I think of it is divisions are very rough and hopefully the team doesn't view this as some kind of a revelation, but it seems just from observation that spending roughly 10% of one's cash flow on organic investments is something that can be worn reasonably comfortably on an MLP.

我的想法是，部門劃分非常粗糙，希望團隊不會將此視為某種啟示，但僅從觀察來看，將大約 10% 的現金流用於有機投資是可以的在 MLP 上佩戴相當舒適。

The issue is more that it's able to continue to grow its distributable cash flow per unit, and that's just hard to do when you have capital tied up in long lead time projects.

問題更在於它能夠繼續增加每單位的可分配現金流，而當您的資金被長期項目佔用時，這是很難做到的。

So that's really the drive.

這就是真正的驅動力。

We spent a lot of money at EQM on multi-year projects.

我們在 EQM 的多年項目上投入了大量資金。

It would be tough for it to increase its distributable cash flow per unit.

它很難增加每單位的可分配現金流。

Obviously quick turnaround projects, debottlenecking and things like that, there's probably no great limit on that, but as far as bigger projects, I think it's much more can EQM continue to increase its distributions per unit, at let's say a constant coverage rate with money, tied up in long lead time projects

顯然，快速周轉項目、消除瓶頸之類的事情，可能沒有很大的限制，但就更大的項目而言，我認為 EQM 可以繼續增加每單位的分配，比方說貨幣的恆定覆蓋率, 受制於較長交付週期的項目

That's helpful I was just trying to think through this, when we could think about breaking up the midstream/MLP ownership within EQT, from the upstream, maybe better highlighted the value of the midstream units.

這很有幫助，我只是想思考一下這個問題，當我們可以考慮從上游拆分 EQT 內的中游/MLP 所有權時，也許可以更好地突顯中游單位的價值。

I don't think that issue of EQM being able to make the investments directly as opposed to EQT necessarily get in the way of restructuring issues.

我認為 EQM 能夠相對於 EQT 直接進行投資的問題不一定會妨礙重組問題。

Frankly the same thing is true of the GP going to higher splits.

坦率地說，對於 GP 來說，同樣的情況也是如此。

I think those are separable issues.

我認為這些是分開的問題。

That's helpful.

這很有幫助。

Great, I appreciate the color.

太棒了，我很欣賞這個顏色。

Thanks, guys.

多謝你們。

Congrats, again.

再次恭喜。

Next question comes from Becca Followill with US Capital Investors.

下一個問題來自美國資本投資者公司的 Becca Followill。

On the question of what you would do with the excess cash that you have at EQT could you talk about your capacity to increase drilling levels, in terms of the ability to get permits, crews, and by how much could you increase that capacity?

關於您將如何處理殷拓擁有的多餘現金的問題，您能否談談您提高鑽井水平的能力，包括獲得許可證、人員的能力，以及您可以將這種能力提高多少？

I will punt that to Steve, since I don't know the answer.

我會把這個轉告給史蒂夫，因為我不知道答案。

Thanks Dave, I don't have an answer either.

謝謝戴夫，我也沒有答案。

I think we certainly feel like we have the capacity to expand our program.

我認為我們確實覺得我們有能力擴展我們的計劃。

I can't give you specifics, but I will say, we don't really anticipate any issues on the service side, so access to rigs and frac crews and associated services, I think, we don't view as really troublesome to expand that.

我無法向您提供具體信息，但我會說，我們並沒有真正預計到服務方面會出現任何問題，因此我認為，我們認為獲得鑽機和壓裂人員以及相關服務並不存在真正的擴展麻煩那。

I think the governor of our pace expansion will likely be on the land side.

我認為我們擴張步伐的主導者可能會在陸地方面。

Our ability to permit wells and put together drilling units that make sense and to drill multi-well pads, and that's a difficult thing to predict too far in the future, to get too far ahead of where we are at.

我們有能力允許鑽井並組裝有意義的鑽井裝置，並鑽探多井平台，但很難對未來進行太遠的預測，也很難超出我們目前的水平。

But we are obviously very focused on that, and doing our best to make sure we have the opportunity to expand, and I think, certainly we can do more than we are currently doing.

但我們顯然非常關注這一點，並儘最大努力確保我們有機會擴張，而且我認為，我們當然可以比目前做的更多。

Thanks.

謝謝。

And then on -- just to go back to the GP stake.

然後——回到 GP 股份上來。

I think that you said, Dave, that you're expecting $33 million from the GP stake by 2015.

我想你說過，Dave，你期望到 2015 年從 GP 股份中獲得 3300 萬美元。

Is that just the GP stick alone and not the MLP distribution?

這只是 GP 棒而不是 MLP 分佈嗎？

That's exactly correct.

這是完全正確的。

That's just the GP stake given the assumptions that I had laid out.

考慮到我提出的假設，這只是普通合夥人的股份。

It was really designed to try to get a sense of where the GP value could be heading for EQT.

它的真正目的是試圖了解 EQT 的 GP 值的走向。

Got you, and then finally on Huron if you were to get a JV on that, any idea of the potential for midstream spend on that space?

明白了，最後是休倫湖，如果你要在這方面建立合資企業，你知道該領域中游支出的潛力嗎？

There certainly will be a need for midstream, whenever Huron development recommences, no matter whose money it is.

每當休倫開發重新開始時，無論是誰的錢，肯定都會需要中游。

You can go a little ways with very little midstream spend, and then we are going to have to get into -- they're going to have to be spending around it.

你可以用很少的中游支出來採取一些措施，然後我們將不得不進入——他們將不得不圍繞它進行支出。

But then the issue of, depending on what kind of structure happens at the Huron is that EQT stuff that gets dropped into EQM doesn't go into whatever vehicle it is, at this point, that's probably from our perspective, getting a little bit ahead of it.

但接下來的問題是，根據 Huron 的結構類型，EQT 的東西進入 EQM 不會進入任何車輛，在這一點上，這可能是從我們的角度來看，領先了一點它的。

We have observed that most producers don't -- most don't really want the midstream.

我們觀察到，大多數生產商並不真正想要中游。

So we --.

所以我們——。

I guess I'm asking, I think, a little different question.

我想我在問一個有點不同的問題。

Not so much structure but just saying in general, used to be when you focused on that area, there was, if you were to grow materially, there was going to be a need for a lot more material CapEx spend.

沒有太多的結構，只是一般來說，過去當你專注於該領域時，如果你要實現實質性增長，就需要更多的實質性資本支出支出。

It really doesn't matter who spends it, but just an idea that --.

誰花的並不重要，重要的是一個想法——。

That is still true, we can probably go a year or two without much spend or a low level of growth.

這仍然是事實，我們可能會在一兩年內沒有太多支出或低水平增長。

You could still get by with very little spend, and if there were material ramp-up, to use your word, Becca then you would have to get into spending more in the midstream again.

你仍然可以用很少的支出度過難關，如果材料增加，用你的話來說，貝卡，那麼你將不得不再次在中流支出更多。

More material money on the midstream

中游有更多物質資金

Any idea of magnitude, $200 million?

知道有多大嗎，2 億美元？

I really haven't looked at that case very closely, to be honest.

說實話，我還沒有仔細研究過這個案例。

Okay, thank you.

好的謝謝。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would now like to turn the conference back over to Mr. Patrick Kane for any closing remarks.

現在我想將會議轉回給帕特里克·凱恩先生髮表閉幕詞。

Thank you, Seth, and thank you, everybody, for participating in today's call.

謝謝賽斯，也謝謝大家參加今天的電話會議。

The conference has now concluded, thank you for attending today's presentation.

會議到此結束，感謝大家參加今天的報告。

You may now disconnect.

您現在可以斷開連接。