EQT Corp (EQT) 2024 Q2 法說會逐字稿

(Operator Instructions)

（操作員說明）

I'd now like to turn the call over to Cameron Horwitz, Managing Director, Investor Relations and Strategy. You may begin.

我現在想將電話轉給投資者關係和策略部董事總經理卡梅倫·霍維茨 (Cameron Horwitz)。你可以開始了。

Good morning, and thank you for joining our second quarter 2024 earnings results conference call. With me today are Toby Rice, President, Chief Executive Officer and Jeremy Knop, Chief Financial Officer. In a moment Toby and Jeremy will present their prepared remarks with a question-and-answer session to follo. An updated investor presentation has been posted to the Investor Relations portion of our website, and we will reference certain slides during today's discussion. A replay of today's call will be available on our website beginning this evening.

早安，感謝您參加我們的 2024 年第二季財報電話會議。今天與我在一起的有總裁兼執行長 Toby Rice 和財務長 Jeremy Knop。稍後托比和傑里米將發表他們準備好的發言，隨後進行問答環節。更新後的投資者簡報已發佈到我們網站的投資者關係部分，我們將在今天的討論中引用某些幻燈片。從今晚開始，我們的網站將提供今天電話會議的重播。

I'd like to remind you that today's call may contain forward looking statements. Actual results and future events could materially differ from these forward-looking statements because of the factors described in yesterday's earnings release and our investor presentation, the Risk Factors section of our most recent Form 10-K and Form 10-Q and in subsequent filings we make with the SEC. We do not undertake any duty to update forward looking statements.

我想提醒您，今天的電話會議可能包含前瞻性陳述。由於昨天的收益報告和我們的投資者介紹、我們最新的表格10-K 和表格10-Q 的風險因素部分以及後續文件中描述的因素，實際結果和未來事件可能與這些前瞻性陳述存在重大差異。我們不承擔任何更新前瞻性陳述的責任。

Today's call also contains certain non-GAAP financial measures. Please refer to our most recent earnings release and investor presentation for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measures.

今天的電話會議也包含某些非公認會計準則財務指標。請參閱我們最新的收益報告和投資者介紹，以了解有關此類措施的重要揭露，包括與最具可比性的公認會計原則財務措施的調節。

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

這樣，我就把電話轉給托比。

Thanks, Cam, and good morning, everyone.

謝謝卡姆，大家早安。

This week marked a significant milestone in the history of our company as we close the acquisition of Equitrans Midstream, transforming EQT into America's only large-scale, vertically integrated natural gas business. To put the significance of our combined company into perspective, EQT's assets now encompass nearly 2 million acres of leasehold, producing more than 6 Bcfe per day with almost 4,000 low costs remaining drilling locations.

本周是我們公司歷史上的一個重要里程碑，我們完成了對 Equitrans Midstream 的收購，將 EQT 轉變為美國唯一的大型垂直一體化天然氣企業。從我們合併後公司的重要性來看，EQT 的資產現在涵蓋近 200 萬英畝的租賃土地，每天生產超過 6 Bcfe，還有近 4,000 個低成本剩餘鑽井地點。

More than 2,000 miles of gathering lines with greater than 8 Bcf a day of throughput, nearly 500 miles of water lines, 43 Bcf of natural gas storage, 800,000 horsepower of compression, almost 950 miles of critical transmission infrastructure, plus the newly commissioned 300 mile Mountain Valley Pipeline, all of which are located at the gateway of Appalachia and ideally positioned to serve growing US and international natural gas demand for decades to come.

超過 2,000 英里的集輸管線，每天吞吐量超過 8 Bcf，近 500 英里的輸水管線，43 Bcf 的天然氣存儲，800,000 馬力的壓縮，近 950 英里的關鍵傳輸基礎設施，加上新投產的 300 英里山谷管道，所有這些管道都位於阿巴拉契亞的門戶，地理位置優越，可以滿足未來幾十年不斷增長的美國和國際天然氣需求。

This combination creates a differentiated business model among the US energy landscape as EQT is now at the absolute low end of the North American natural gas cost curve. A low cost structure is the only competitive advantage one can have in a commodity business. And with the closing of Equitrans acquisition, EQT's unlevered free cash flow breakeven price is projected to be $2 per million Btu which further downside potential upon synergy capture. This cost profile structurally derisks our business in the low parts of the commodity cycle, which in turn eliminates the longer term needs to defensively hedge, thus unlocking unmatched upside to higher price environments.

這種組合在美國能源格局中創造了一種差異化的商業模式，因為殷拓目前處於北美天然氣成本曲線的絕對低端。低成本結構是商品業務中唯一的競爭優勢。隨著 Equitrans 收購的完成，EQT 的無槓桿自由現金流盈虧平衡價格預計為每百萬英熱單位 2 美元，這在獲取協同效應時存在進一步的下行潛力。這種成本狀況從結構上降低了我們在大宗商品週期低迷時期的業務風險，從而消除了防禦性對沖的長期需求，從而為更高的價格環境釋放了無與倫比的上行空間。

We believe this sustainable cost structure advantage, combined with our scale, peer-leading inventory depth, low emissions profile, and world-class operating team offers the best risk adjusted exposure to natural gas prices of any publicly investable asset in the world. I also want to welcome Equitrans' employees and shareholders to the EQT crew. We are excited to get to work unlocking the full potential of our combined company's asset base .

我們相信，這種可持續的成本結構優勢，加上我們的規模、同業領先的庫存深度、低排放狀況和世界級的營運團隊，為世界上任何公開投資資產提供了最佳的天然氣價格風險調整敞口。我還要歡迎 Equitrans 的員工和股東加入 EQT 團隊。我們很高興能夠開始釋放合併後公司資產基礎的全部潛力。

With the acquisition closing a full quarter ahead of our original time line, we estimate savings of nearly $150 million relative to our initial underwriting assumptions, even before synergies. We're also able to more rapidly mobilize our integration team, which has a proven track record of turning around EQT and efficiently integrating three large scale acquisitions over the past several years, including seamlessly onboarding and entire midstream division with the XcL acquisition last fall.

由於此次收購比原定時間表提前了整整一個季​​度，我們預計，即使在協同效應之前，相對於我們最初的承保假設，也能節省近 1.5 億美元。我們還能夠更快速地動員我們的整合團隊，該團隊在過去幾年扭轉 EQT 和高效整合三項大規模收購方面擁有良好的記錄，包括去年秋天收購 XcL 時的無縫入職和整個中游部門。

This accelerated closing amplifies our momentum and pulls forward our timeline to synergy capture. We have continued to study synergy potential since announcement and have identified further upside potential driven by completion efficiency gains through water asset integration, which is on top of early compression uplift results that are exceeding our high end synergy assumption. And we plan to share additional details as our teams worked through the integration process.

這次加速交割增強了我們的動力，並提前了我們實現協同效應的時間表。自宣布以來，我們一直在繼續研究協同潛力，並發現了透過水務資產整合完成效率提升所驅動的進一步上行潛力，這是在早期壓縮提升結果超出我們高端協同假設的基礎上實現的。我們計劃在我們的團隊完成整合過程時分享更多細節。

Shifting gears, June 14, 2024, marked a historic moment of progress for our country as natural gas began flowing through Mountain Valley Pipeline. The gas moving through this critical infrastructure will provide low cost, low emission energy to millions of Americans while strengthening our National Security. The upstream development underpinning flows on MVP will generate hundreds of millions of dollars of royalties every year to local communities in the Appalachian region, while supporting well-paying private sector jobs.

2024 年 6 月 14 日，隨著天然氣開始透過山谷管道輸送，標誌著我國進步的歷史性時刻。通過這項關鍵基礎設施的天然氣將為數百萬美國人提供低成本、低排放的能源，同時加強我們的國家安全。支持 MVP 的上游開發每年將為阿巴拉契亞地區的當地社區帶來數億美元的特許權使用費，同時支持私營部門的高薪工作。

Downstream, the delivery of low cost Appalachian gas will strengthen the competitiveness of American manufacturers whose energy input costs will be a fraction of the price paid by global competitors, which should further support our manufacturing renaissance in America.

在下游，低成本阿巴拉契亞天然氣的輸送將增強美國製造商的競爭力，這些製造商的能源投入成本將只是全球競爭對手所支付價格的一小部分，這將進一步支持我們在美國的製造業復興。

MVP will also provide utilities access to cheap, reliable fuel to power Americas data center and artificial intelligence buildout, which is one of the strongest secular growth stories in the world. Since announcing the Equitrans acquisition earlier this year, we have fielded significant inbound interest from end users of gas in the region, underscoring the depth of demand in the value of EQT's MVP capacity.

MVP 也將為公用事業公司提供廉價、可靠的燃料，為美國資料中心和人工智慧建設提供動力，這是世界上最強勁的長期成長故事之一。自從今年稍早宣布收購 Equitrans 以來，我們對該地區天然氣終端用戶產生了濃厚的興趣，突顯了 EQT MVP 產能價值的需求深度。

MVPS volumes alone are estimated to reduce carbon emissions by up to 60 million tons per year via displacement of legacy coal generation, which to put in context, is 5 times the emission reductions associated with Tesla's electric vehicles. In fact, thanks to MVPs completion, EVs in the Southeast region can now run on low emission EQT gas delivered through MVP rather than the coal generation powering many of them today.

據估計，透過取代傳統燃煤發電，光是 MVPS 每年就可減少高達 6,000 萬噸的碳排放，這是特斯拉電動車相關減排量的 5 倍。事實上，由於 MVP 的完成，東南地區的電動車現在可以使用透過 MVP 提供的低排放 EQT 天然氣，而不是目前為許多電動車提供動力的燃煤發電。

Given the regional exposure, upstream inventory depth and counterparty quality, we believe MVP is among the most valuable natural gas pipelines in the world, and EQT is honored to be the operator and steward of this critical infrastructure.

考慮到區域風險、上游庫存深度和交易對手質量，我們相信 MVP 是世界上最有價值的天然氣管道之一，殷拓很榮幸成為這項關鍵基礎設施的營運商和管理者。

Turning to second quarter results, we experienced yet another quarter of operational outperformance marked again by incremental efficiency gains. A tangible example of this on a recent Mallory C Pad in Lycoming County, Pennsylvania, where our top hole rigs recently drilled the fastest well to kickoff point in EQT history, with the overall average drilling time to kick off point across the pad being 25% faster than the offset wells we drilled in 2022.

談到第二季的業績，我們又經歷了一個季度的營運表現優異，這再次以效率的提升為標誌。賓州萊康明縣最近的 Mallory C 平台就是一個具體的例子，我們的頂孔鑽機最近在 EQT 歷史上鑽出了最快的井到啟動點，整個平台到啟動點的總體平均鑽井時間為 25%比我們2022 年鑽探的偏置井還要快。

This efficiency improvement is resulting intangible well cost savings as the average top-hole drilling costs on the Mallory C Pad came in at 14% below our pre-drill estimate. Within completions, recent improvements in logistics planning and water throughput have driven materially faster completion times on our latest wells. Our average footage completed per day is up 6% year over year thus far in 2024. But our most recent pads implementing new logistics techniques have outpaced our average 2023 completion speed by more than 35%, indicating the potential for material future capital efficiency improvements.

這種效率的提高帶來了無形的井成本節省，因為 Mallory C 墊的平均頂孔鑽井成本比我們鑽前估計低 14%。在完井方面，最近物流規劃和水吞吐量的改進大大加快了我們最新油井的完井時間。到 2024 年，我們每天的平均完成速度同比增長 6%。

Notably, this average excludes a pad we are currently fracking, which to date has been completed footage per day that is a whopping 120% faster than our 2023 program average and set a new EQT record with more than 3,200 feet of lateral completed in a single day. As I mentioned previously, we believe the integration of EQT and Equitrans water systems can help sustain these completion efficiency improvements. And streamlining water logistics is one of the most imperative elements to systematically increasing completed [footage] per day.

值得注意的是，這個平均值不包括我們目前正在壓裂的一個平台，迄今為止，該平台每天完成的長度比我們2023 年計劃的平均速度快了120%，並創下了新的EQT 記錄，單次完成的橫向長度超過3,200 英尺天。正如我之前提到的，我們相信 EQT 和 Equitrans 水系統的整合有助於維持完井效率的提升。簡化水務物流是系統性地增加每天完成[素材]的最重要要素之一。

Despite efficiency gains accelerating activity into Q2, our second quarter CapEx still came in below the midpoint of our guidance range, highlighting how operational efficiency gains are driving tangible for a well-cost savings. Alongside well cost savings, we are also seeing strong well performance across our asset base base, which drove upside to our second quarter volumes despite price-related curtailments.

儘管效率提升加速了第二季度的活動，但我們第二季度的資本支出仍低於我們指導範圍的中點，這凸顯了營運效率提升如何切實推動成本節約。除了油井成本節省之外，我們還看到整個資產基礎的強勁油井表現，儘管價格相關的削減，但仍推動了我們第二季度銷售的成長。

As shown on slide 6 of our investor deck, this represents a continuation of the track record of productivity gains that have been a hallmark of EQT since new management took over in 2019. Over this period, third-party data shows, we have seen a nearly 40% improvement in average EUR per lateral foot, while most of our peers have seen productivity degradation as core inventory is exhausted. As a result, EQT is now generating the highest average EUR per foot of any major operator across the Appalachian Basin.

正如我們投資者平台的幻燈片 6 所示，這代表了自 2019 年新管理層接任以來殷拓的標誌性生產力增長記錄的延續。平均歐元提高了近40%，而我們的大多數同行都發現，隨著核心庫存耗盡，生產力下降。因此，殷拓目前的每英尺平均收入是阿巴拉契亞盆地所有主要業者中最高的。

I also want to highlight this productivity improvement has come despite a material increase in field pressures across Equitrans' gathering system over the same period, which essentially makes it more difficult to flow our wells. We see significant upside from investing in compression to lower system pressures, which in turn should be further improve well productivity and further reduce our upstream maintenance capital requirements in future years.

我還想強調的是，儘管同期 Equitrans 集油系統的現場壓力大幅增加，但生產率還是有所提高，這實際上使我們的油井更難流動。我們看到投資壓縮以降低系統壓力有顯著的好處，這反過來又應該進一步提高油井產能，並進一步降低未來幾年我們的上游維護資本需求。

On slide 7 of our investor deck, we highlight data from three recent infield examples showing how impactful adding compression and lowering line pressure can be on existing wells. After lowering system pressures by approximately 300 PSI, we saw per well production rates immediately jumped by roughly 50% on average across the three projects. Over the first 12 months post pressure reduction, we forecast cumulative production gains ranging from 18%, 27%, which in effect lowers our base PDP decline rate and we believe will translate to higher EURs per well.

在我們的投資者平台的幻燈片 7 上，我們重點介紹了最近三個內田範例的數據，這些數據顯示了增加壓縮和降低管線壓力對現有油井的影響有多大。在將系統壓力降低約 300 PSI 後，我們發現三個專案的每口井生產率立即平均躍升約 50%。在壓力降低後的前 12 個月中，我們預計累計產量將增加 18% 至 27%，這實際上降低了我們的基本 PDP 下降率，我們相信這將轉化為每口井的更高歐元。

Notably, the average production uplift from these projects is approximately 2 times more than what we assumed in our $175 million per annum of upside synergies with the E-Train deal, indicating potential for even more positive benefit than we originally expected.

值得注意的是，這些項目的平均產量提升大約是我們與 E-Train 交易每年 1.75 億美元的上行協同效應中假設的兩倍，這表明有可能比我們最初預期的更積極的效益。

These concrete examples underscore the impact of adding compression to lower system pressures on thousands of producing wells that comprise EQT's base production. This uplift on base volumes should in turn, allow us to drill and complete fewer wells to maintain production, driving sustainable improvements in long term capital efficiency. We are currently in the process of identifying optimal compression locations across the E-Train system and expected tailwinds from lower maintenance capital to begin accruing in 2026.

這些具體例子強調了增加壓縮以降低系統壓力對構成 EQT 基礎生產的數千口生產井的影響。基礎產量的增加反過來將使我們能夠鑽探和完井更少的井來維持生產，從而推動長期資本效率的可持續提高。我們目前正在確定整個 E-Train 系統的最佳壓縮位置，並預計維護成本降低將在 2026 年開始產生正面影響。

Turning to our recent ESG report, I am proud to highlight that we took another material step forward towards our ambitious environmental goals as our 2023 Scope 1 and 2 legacy production segment, greenhouse gas emissions declined by 35% year over year to approximately 281,000 tons. We have now reduced our historical Scope 1 and 2 production emissions by nearly 70% over the past five years and are squarely on track to achieve our ambitious and peer-leading net-zero goal by 2025.

談到我們最近的ESG 報告，我很自豪地強調，我們在實現雄心勃勃的環境目標方面又邁出了實質性一步，我們的2023 年範圍1 和2 遺留生產部門的溫室氣體排放量同比下降了35%，至約281,000 噸。現在，過去五年來，我們已將歷史範圍 1 和 2 生產排放量減少了近 70%，並預計在 2025 年實現雄心勃勃且領先同行的淨零排放目標。

From an emissions intense any perspective, we achieved our 2025 greenhouse gas emissions intensity goal of 160 tonnes per Bcf, a full year ahead of schedule. Looking at methane after significantly outperforming our pneumatic device replacement timeline, the methane intensity from our production operations is now 0.0074%, which is more than 60% below our 2025 goal and 97% below the one future 2025 target, making EQT among the lowest methane intensity producers of natural gas anywhere in the world.

從排放強度的任何角度來看，我們都提前一年實現了 2025 年溫室氣體排放強度目標 160 噸/Bcf。在顯著優於我們的氣動設備更換時間表後，我們的生產營運中的甲烷強度現在為0.0074%，比我們的2025 年目標低60% 以上，比未來2025 年目標低97%，使EQT 成為甲烷排放量最低的公司之一世界各地的天然氣強度生產商。

With that, I'll now turn the call over to Jeremy.

現在，我將把電話轉給傑里米。

Thanks, Toby.

謝謝，托比。

Before I summarize Q2 results, I want to take a moment to thank our shareholders for their tremendous show of support in last week's vote on the Equitrans acquisition. Of EQT shares cast, more than 99% voted in favor of the deal despite this being an unconventional acquisition relative to what investors have become accustomed to in upstream M&A over the past decade. We see this vote underscoring the strong support from investors they share a philosophical view that being at the absolute low end of the cost curve will create differentiated and sustainable long-term value and amid a volatile commodity price landscape.

在總結第二季業績之前，我想花點時間感謝我們的股東在上週對 Equitrans 收購的投票中所表現出的巨大支持。在殷拓持有的股票中，超過 99% 的人投票支持該交易，儘管相對於投資者過去十年在上游併購中所習慣的做法來說，這是一次非常規的收購。我們看到這次投票突顯了投資者的大力支持，他們擁有共同的哲學觀點，即在大宗商品價格波動的情況下，處於成本曲線的絕對低端將創造差異化和可持續的長期價值。

Since taking over EQT in 2019, we, as a management team have never been more convicted that this company is on the right strategic path, and we look forward to continuing our track record of execution on behalf of our shareholders.

自 2019 年接管 EQT 以來，作為管理團隊，我們從未如此堅信該公司正走在正確的策略道路上，我們期待代表股東繼續保持執行記錄。

Shifting to second quarter results. As planned, we curtailed 1 Bcf per day of gross production throughout most of the quarter, which, along with non-operated curtailments, impacted net production by approximately 60 Bcfe during Q2. Despite curtailments strong operational efficiency and well performance drove production of 508 Bcfe, above the high end of our guidance range.

轉向第二季業績。按照計劃，我們在本季度的大部分時間裡每天削減 1 Bcf 的總產量，加上非運營性削減，影響了第二季度淨產量約 60 Bcfe。儘管有減產，但強勁的營運效率和良好的業績推動產量達到 508 Bcfe，高於我們指導範圍的高端。

Per unit operating costs came in at $1.40 per Mcfe below the low end of guidance due to LOE and G&A expenses coming in below expectations. CapEx also came in below the midpoint of guidance despite an accelerated development pace as efficiency gains drove lower than expected well costs.

由於 LOE 和 G&A 費用低於預期，每單位營運成本為每 Mcfe 1.40 美元，低於指導低端。儘管由於效率提升導致油井成本低於預期，開發速度加快，但資本支出仍低於指導中點。

Turning to the balance sheet, we're off to a fast start on our deleveraging plan as we repaid $600 million of 2025 senior notes last month with cash on hand and proceeds from the Equinor transaction. We exited the quarter with net debt of roughly $4.9 billion, down from $5.7 billion at the end of 2023. Concurrent with the closing of Equitrans, we also upsized our revolver from $2.5 billion to $3.5 billion, which speaks to the depth of support for our bank group.

談到資產負債表，我們的去槓桿化計畫很快就開始了，上個月我們用手頭現金和 Equinor 交易的收益償還了 6 億美元的 2025 年優先票據。本季結束時，我們的淨債務約為49 億美元，低於2023 年底的57 億美元。我們的支援的深度。

This revolver is on par with the largest companies in the energy industry and gives us ample liquidity to handle any foreseeable natural gas price scenario moving forward. With the close of the Equitrans this week, pro forma gross debt is expected to be approximately $13.5 billion. inclusive of the redemption of Equitrans is 14% preferred equity at closing. With the deal closing sooner than we originally anticipated, we expect our deleveraging timetable to be pulled forward by approximately six months.

這把左輪手槍與能源產業最大的公司相當，為我們提供了充足的流動性來應對未來任何可預見的天然氣價格狀況。隨著本週 Equitrans 收盤，預估總債務預計約為 135 億美元。包括 Equitrans 的贖回在內，交易完成時的優先股為 14%。由於交易完成時間比我們最初預期的要早，我們預計去槓桿化時間表將提前約六個月。

On the midstream side, we plan to pursue a minority equity sale of Equitrans' regulated assets, which are projected to generate approximately $700 million of adjusted EBITDA. This strategy will allow EQT to retain full operational control and upside value associated with synergy capture and future pipeline expansions. We're also marketing the remaining 60% of our non-operated assets in Northeast Pennsylvania and are in active discussions with both domestic and international buyers.

在中游方面，我們計劃對 Equitrans 的受監管資產進行少數股權出售，預計將產生約 7 億美元的調整後 EBITDA。這項策略將使殷拓能夠保留全面的營運控制權以及與協同效應和未來管道擴張相關的上行價值。我們也在賓州東北部行銷剩餘 60% 的非經營資產，並與國內和國際買家進行積極討論。

We continue to target reducing our long-term debt to $5 billion to $7 billion and are highly confident in achieving our goal. Alongside planned asset sales, we have further derisked our deleveraging plan by increasing our near-term hedge position. We're approximately 60% hedged in the second half of 2024 with an average floor price of roughly $3.30 per MMBtu and approximately 60% hedged in the first half of 2025 at an average floor price of roughly $3.20 per MMBtu.

我們繼續致力於將長期債務減少至 50 億至 70 億美元，並對實現我們的目標充滿信心。除了計劃中的資產出售外，我們還透過增加近期對沖頭寸進一步降低了去槓桿化計劃的風險。我們約 60% 的資產在 2024 年下半年進行了對沖，平均底價約為 3.30 美元/MMBtu；約 60% 的資產在 2025 年上半年進行了對沖，平均底價約為 3.20 美元/MMBtu。

We are actively building our hedge position in the second half of 2025 in order to bulletproof our deleveraging plan in any reasonable that natural gas price scenario.

我們正在 2025 年下半年積極建立對沖頭寸，以便在任何合理的天然氣價格情況下確保我們的去槓桿化計畫。

Turning briefly to the Appalachia macro landscape while the pace of Eastern storage builds has moderated, absolute storage levels remain high on the back of a warm winter weather last year. That's pressuring Appalachia pricing this year. In response to market fundamentals, we continue to tactically curtailed production, including over the past weeks and expect to continue this tactical curtailment program during the upcoming fall shoulder season.

簡單地談談阿巴拉契亞宏觀景觀，雖然東部存儲建設的步伐有所放緩，但在去年溫暖的冬季天氣的支持下，絕對存儲水平仍然很高。這給阿巴拉契亞今年的定價帶來了壓力。為了應對市場基本面，我們繼續戰術性減產，包括過去幾週，並預計在即將到來的秋肩季節繼續實施這項戰術性減產計畫。

To this end our second half 2024 production guidance assumes 90 Bcfe of anticipated curtailments, which should have a meaningful impact on both Eastern and total US storage levels as the market wraps up injection season. I want to highlight that normalized for the roughly 180 Bcfe of total curtailments that we expect this year, our production would have been above the end of our original 2024 guidance range, which speaks to the productivity and operational efficiency gains that Toby spoke to a few minutes ago.

為此，我們的 2024 年下半年產量指引假設預期減產 90 Bcfe，隨著市場結束注水季節，這應該會對東部和美國總儲存水準產生有意義的影響。我想強調的是，按照我們預計今年大約180 Bcfe 的總削減量進行標準化，我們的產量將高於我們最初的2024 年指導範圍的末端，這說明托比與一些人交談時生產力和運營效率的提高幾分鐘前。

While Appalachian storage is elevated today, the startup of MVP last month should provide support to Appalachian differentials moving forward. To put MVP's impacting context, assuming MVP flows at just half of its capacity on average for the year implies 300 to 400 Bcf of gas that otherwise would end up in Eastern storage that now will be directed to the southeast demand centers.

雖然今天阿巴拉契亞存儲有所增加，但上個月 MVP 的啟動應該會為阿巴拉契亞差異的發展提供支持。為了說明 MVP 的影響背景，假設 MVP 全年流量僅為其平均容量的一半，則意味著有 300 至 400 Bcf 的天然氣最終會進入東部存儲，現在將被引導至東南需求中心。

Given total maximum Eastern storage is roughly 975 Bcf. MVP flows represents a material and structural shift and local supply-and-demand fundamentals, which in turn should help tighten local basis over the coming years. In fact, between MVP, coal retirements in organic loan growth, we see implied Appalachia demand approaching 41 Bcf per day by 2030 compared with 35 to 36 Bcf per day of current basin supply, which should translate to better local pricing and present a sustainable growth opportunity for EQT at some point in the coming years given we have the deepest, highest quality inventory rate of any operator in the basin.

鑑於東部最大總儲存量約為 975 Bcf。 MVP 的流動代表著物質和結構性的轉變以及當地的供需基本面，這反過來應該有助於在未來幾年收緊當地的基礎。事實上，在MVP 和有機貸款成長中的煤炭退役之間，我們看到到2030 年，阿巴拉契亞的隱含需求將接近每天41 Bcf，而當前流域供應量為每天35 至36 Bcf，這應該會轉化為更好的當地定價並呈現可持續增長鑑於我們擁有該盆地所有運營商中最深、最高質量的庫存率，殷拓在未來幾年的某個時候將迎來機會。

Turning to guidance, we have issued pro forma Q3 and Q4 metrics on slide 29 of our investor presentation. Our cash operating expenses are expected to range from approximately $1.10 to $1.25 per Mcfe in the second half of the year, which at the midpoint is roughly $0.25 per Mcfe below our stand-alone operating expenses in Q2. This reflects the benefit of eliminating expenses associated with the Equitrans acquisition of the most notable movement being our gathering rates, which are forecasted to decline from $0.59 per Mcfe in Q2 to just $0.05 to $0.09 per Mcfe in the second half of the year.

談到指導，我們在投資者簡報的第 29 投影片上發布了預計第三季和第四季指標。預計下半年我們的現金營運支出約為每 Mcfe 1.10 美元至 1.25 美元，中間值比我們第二季的獨立營運支出低約 0.25 美元。這反映了消除與 Equitrans 收購最顯著的運動相關的費用的好處，即我們的收集費率，預計將從第二季度的每 Mcfe 0.59 美元下降到今年下半年的每 Mcfe 0.05 至 0.09 美元。

Inclusive of the benefits from third-party revenue in the full run rate distributions from our MVP ownership, our net operating expense should equate to roughly $0.75 to $0.85 per Mcfe by the fourth quarter, which is approximately $0.60 per Mcfe lower in stand alone EQT and drives home the relative advantage of our vertically integrated cost structure. It's also worth highlighting that we do not embed any of the $250 million of base synergies into our Q3 or Q4 numbers as we have conservatively modeled based synergy capture beginning in mid-2025.

包括我們MVP 所有權的全部運行率分配中的第三方收入的收益，到第四季度，我們的淨運營費用應相當於每個Mcfe 約0.75 至0.85 美元，這比獨立EQT 和每個Mcfe 降低了約0.60 美元。另外值得強調的是，我們沒有將任何 2.5 億美元的基礎協同效應嵌入到第三季或第四季的數據中，因為我們從 2025 年中期開始對基於協同效應的捕獲進行了保守建模。

As I mentioned previously, our second half 2024 production outlook embeds approximately 98 Bcfe of strategic curtailments this fall, which we will opportunistically execute, should gas prices remain depressed. I'd note that curtailments are driving approximately $0.05 per Mcfe of upward pressure on our second half 2024 cost structure. So our 2025 expenses should be even lower in the range as I cited previously. While we still need to go through our full budgeting process for 2025, we preliminarily expect an all in pro forma capital budget in the range of $2.3 billion to $2.6 billion.

正如我之前提到的，我們對 2024 年下半年的產量展望包含今年秋季約 98 Bcfe 的策略性減產，如果天然氣價格持續低迷，我們將擇機執行。我注意到，削減給我們 2024 年下半年的成本結構帶來了每 Mcfe 約 0.05 美元的上行壓力。因此，我們 2025 年的支出應該會低於我之前提到的範圍。雖然我們仍需要完成 2025 年的完整預算流程，但我們初步預期預計資本預算將在 23 億至 26 億美元之間。

Beyond 2025, we forecast long term pro forma capital spending ranging from $2.1 billion $2.4 billion per [annum] prior to capturing the $175 million of upside annual synergies we laid out with the Equitrans acquisition announcement.

2025 年後，我們預計長期預期資本支出將在每年 21 億美元到 24 億美元之間，然後才能獲得我們在 Equitrans 收購公告中提出的 1.75 億美元的年度上行協同效應。

Said another way, our long-term capital spending, inclusive of Equitrans should essentially be in line with standalone EQT capital spend in 2024. And this is before capturing upside synergies, which speaks to the structural capital efficiency improvements accruing in our upstream business. At recent strip pricing, we forecast pro forma cumulative free cash flow of approximately $16.5 billion from 2025 to 2029 at an average annual gas price of roughly $3.60 per MMBtu over this period.

換句話說，我們的長期資本支出（包括 Equitrans）應該基本上與 2024 年的獨立 EQT 資本支出保持一致。根據最近的剝離定價，我們預測 2025 年至 2029 年預計累計自由現金流約為 165 億美元，在此期間平均年天然氣價格約為每 MMBtu 3.60 美元。

Even assuming a $2.75 natural gas price over this period, EQT will still generate north of $9 billion, a five-year cumulate free cash flow, while the bulk of our peers would be cash flow neutral or negative, underscoring the power of our low cost structure highlighting how EQT is uniquely positioned to create differentiated shareholder value in all parts of the commodity cycle.

即使假設在此期間天然氣價格為 2.75 美元，殷拓仍將產生超過 90 億美元的五年累積自由現金流，而我們的大部分同行現金流為中性或負數，這凸顯了我們低成本的力量結構突顯了殷拓如何在商品週期的各個部分創造差異化股東價值的獨特定位。

And with that, I'll turn the call back over to Toby for some concluding remarks.

然後，我會將電話轉回托比，讓其做一些總結性發言。

Thanks, Jeremy. In closing July 10 marks the five-year anniversary of the EQT takeover. It has been a lifetime of work, but passed by the blink of an eye. We have been reflecting recently on what this management team has accomplished together, taking a struggling company with great assets and transforming bring it into a best-in-class producer recognized as an industry leader. We have increased production over 50% from 4 Bcfe per day to 6.3 Bcfe per day and have transformed our free cash flow cost structure from $3 per million Btu through a peer-leading $2 per million Btu through operational improvements and thoughtful and accretive M&A deals.

謝謝，傑里米。最後，7 月 10 日是 EQT 收購五週年。一輩子的心血，轉眼間就過去了。我們最近一直在反思這個管理團隊共同取得的成就，將一家擁有大量資產的陷入困境的公司轉型為公認的行業領導者的一流生產商。我們已將產量從每天4 Bcfe 增加到每天6.3 Bcfe，並透過營運改進和深思熟慮的增值併購交易，將我們的自由現金流成本結構從每百萬英熱單位3 美元轉變為同行領先的每百萬英熱單位2 美元。

Normalized for natural gas prices, we have grown the free cash flow generation of EQT by 5 times and increased free cash flow per share by nearly 2 times. And we have prepared our balance sheet and reattained investment grade credit ratings.

以天然氣價格標準化後，我們將 EQT 的自由現金流量增加了 5 倍，並將每股自由現金流量增加了近 2 倍。我們已經準備好資產負債表並重新獲得投資等級信用評級。

Today, we are executing at a high level operationally wth identified opportunities and completions and midstream set to drive yet another step change in operational improvements. We are executing financially with a fast start to our deleveraging plan and robust support from our bank group and shareholders. And we are executing strategically at an industry-leading pace as we continue to transform EQT into the energy company of the future.

今天，我們正在高水準地執行運營，確定了機會和完成情況，並在中游中推動營運改進的又一步變革。我們正在快速啟動去槓桿化計劃，並得到銀行集團和股東的大力支持，從而在財務上得到執行。隨著我們繼續將殷拓轉型為未來的能源公司，我們正以業界領先的速度執行策略。

I'd now like to open the call up for questions.

我現在想打開電話提問。

(Operator Instructions)

（操作員說明）

Arun Jayaram, JPMorgan.

阿倫‧賈亞拉姆，摩根大通。

Good morning, gentlemen. My questions are regarding kind of the asset sales or divestiture program. Jeremy, maybe I was wondering if you could start with the model or the process to sell some of your non-op in the Northeast. Could do gauge the level of interest that you're seeing for the remaining 60% and you still believe the market is supportive of a similar valuation marker as you've gotten in the Equinor transaction?

早安，先生們。我的問題是關於資產出售或剝離計劃的類型。傑里米，也許我想知道您是否可以從模型或流程開始，在東北部銷售一些非操作產品。您是否可以衡量您對剩餘 60% 的興趣水平，並且您仍然相信市場支持您在 Equinor 交易中獲得的類似估值標記？

Hey, Arun, and good morning. Yeah, we're seeing really good interest. I think I would characterize it as a really a renewed set of interest, a lot of new names actually in the process from the international space that we didn't see the first time around, so that's been really encouraging; a lot of great engagement side. I think our feeling towards that process remains really positive. And I hope to get that wrapped up by year end.

嘿，阿倫，早安。是的，我們看到了非常濃厚的興趣。我想我會把它描述為一系列真正的新興趣，實際上在國際空間的過程中出現了很多我們第一次沒有看到的新名字，所以這真的很令人鼓舞；很多很棒的參與面。我認為我們對這個過程的感覺仍然非常積極。我希望能在年底前解決這個問題。

Great. And then my follow-up is, you've highlighted kind of a structure you planned to pursue in terms of carving out your regulated assets and selling of minority interest in those assets. Do you plan to reduce gross debt at the EQT parent level as part of that process?

偉大的。然後我的後續行動是，您強調了您計劃在劃分受監管資產和出售這些資產中的少數股權方面尋求的結構。作為這個過程的一部分，您是否計劃減少殷拓母公司層面的總債務？

And just a question that's come up is what type of partner approval? Is there a reference on MVP, but could you just go through some of those types of things that you need to do to process that the next phase of your deleveraging program?

出現的一個問題是合作夥伴的批准類型是什麼？是否有關於 MVP 的參考，但您能否簡單介紹一下處理下一階段去槓桿化計劃所需要做的一些事情？

Yes, taking the route that we outlined in the prepared remarks actually bypasses most of the sort of considerations you might typically get hung up in with like drag rides, tag rides, and a deal like that. So it really simplifies it and I think it really provides a better, higher quality, more diverse set of assets to back an investment which drives the cost of capital down.

是的，採取我們在準備好的評論中概述的路線實際上繞過了您通常可能會遇到的大多數考慮因素，例如飆車、標籤騎行和類似的交易。所以它確實簡化了它，我認為它確實提供了更好、更高品質、更多樣化的資產來支持投資，從而降低資本成本。

So look, we've spent a lot of time, we've had a lot of discussions with a lot of parties on this already, even pre-closing. And so with closing happening a couple days ago, we're really in the thick of getting that data organized so we can kick that process off. And I hope to be able to get that wrapped up as soon as year end. It might bleed into early Q1 but I think there's a real chance that all gets wrapped up this year as well.

所以看，我們已經花了很多時間，我們已經與很多各方就這個問題進行了很多討論，甚至在結束前也是如此。因此，隨著幾天前的關閉，我們確實正在忙於組織數據，以便我們可以啟動該流程。我希望能夠在年底盡快完成這件事。它可能會滲透到第一季初期，但我認為今年也很有可能一切都結束了。

Great. Thanks a lot.

偉大的。多謝。

Doug Leggate, Wolfe Research.

道格‧萊蓋特，沃爾夫研究中心。

Hey, guys, thanks for having me on. Congratulations. I didn't quite realize it had been five years Toby. It has indeed flown by on higher. I've got two quick questions.

嘿，夥計們，謝謝你邀請我參加。恭喜。我並沒有意識到已經五年了，托比。它確實已經飛向更高的地方了。我有兩個簡單的問題。

The first one is on through budget for the next two or three years alongside the compression results that you've had. What we're trying to figure out is how much of the spending is related to that de-bottlenecking, if you like on when does the rollover so that you basically get back to a steady state level of spending associated with your growing program?

第一個是未來兩三年的預算以及您已經獲得的壓縮結果。我們想要弄清楚的是，有多少支出與消除瓶頸相關，如果您喜歡什麼時候進行展期，以便您基本上恢復到與您的成長計劃相關的穩定支出水平？

Yeah, Doug, thanks for the question. On the compression higher level we just referred to as pressure system optimization across our systems, we think this is going to be about a few hundred million dollars. The timing of that there's some lead time there so that's probably going to start maybe 12months from now, and that could span over a couple of years to determine on the type of pace that we see.

是的，道格，謝謝你的提問。在壓縮更高的層面上，我們剛剛提到了整個系統的壓力系統最佳化，我們認為這將是大約幾億美元。時間安排上有一些提前期，因此可能會在 12 個月後開始，這可能需要幾年的時間才能確定我們所看到的速度類型。

But that being said, we have in our '25 budget right now, we have included some cushion to be will that get those projects started as quickly as possible. And the results that we showed, the pilots that we showed today about the compression uplift is really encouraging and will lead to some really interact, really exciting returns that we'd like to accelerate as quickly as possible.

但話雖這麼說，我們現在在 25 年的預算中已經包含了一些緩衝措施，以便盡快啟動這些專案。我們展示的結果，我們今天展示的有關壓縮提升的試點確實令人鼓舞，並將帶來一些真正互動的、真正令人興奮的回報，我們希望盡快加速這些回報。

Yeah, Doug, and welcome back by the way. If you look at what we've put it on your slide deck that we put out last time, we put up a couple of case studies and from some recent pad level compression projects that we've installed at, these are not a perfect proxy to centralized compression, which is a lot is going to have a much broader impact superior to what these example show.

是的，道格，順便歡迎回來。如果您看看我們上次發布的幻燈片上的內容，我們提供了幾個案例研究以及我們最近安裝的一些墊級壓縮項目，這些並不是完美的代理到集中壓縮，這將產生比這些示例所顯示的更廣泛的影響。

But even those examples at $3 gas, I mean, these are you're generating 2.5 times to 3 times your money on that compression on just the PAD level. So again, on a centralized basis, it's going to be higher than that. And then beyond just uplifting that base PDP for the existing production, you're going to see an impact on all of our future development as well. So the rate of return on this compression is superior to probably any well we could take to drill.

但即使是那些 3 美元汽油的例子，我的意思是，僅在 PAD 等級的壓縮上，您就可以產生 2.5 到 3 倍的資金。因此，在集中化的基礎上，它會比這個更高。然後，除了提升現有生產的基礎 PDP 之外，您還將看到對我們所有未來開發的影響。因此，這種壓縮的回報率可能優於我們可以鑽探的任何井。

And as Toby said, the spend amount is really not that much when you space it out across a couple of years on an annual basis, it's mitigated even more. But if you look at slide 8 of our investor presentation, that delta between that 2025 guidance number and then what we call long term, right below that, you can kind of think about that is the annual difference in sort of an uplift in spending we might see in a given year what we're doing that before reverting to a much lower range long term.

正如托比所說，當你每年將支出間隔幾年時，支出金額實際上並沒有那麼多，甚至會減少更多。但是，如果你看一下我們投資者簡報的第8 張投影片，即2025 年指導數字與我們所說的長期（就在該數字下方）之間的增量，你可以認為這是我們支出增加的年度差異。

And as a reminder that lower range that we show from $2.1 billion to $2.4 billion long term, that excludes the $175 million synergies as we called upside synergies. So I would say that outside synergy assumption assumed a level of uplift from compression at less than what we're already seeing on even had level basis. So I think that number's probably biased higher as we see the benefits of these projects come to fruition.

需要提醒的是，我們顯示的長期較低範圍為 21 億美元至 24 億美元，其中不包括 1.75 億美元的協同效應，我們稱之為上行協同效應。所以我想說，外部協同假設假設壓縮帶來的提升水準低於我們已經看到的水平基礎。因此，我認為隨著我們看到這些項目的效益逐漸顯現，這個數字可能會偏高。

So guys, I'm sorry for the follow-up of simplifying. So would it be a stretch to say that when you're -- when you get to that point with the synergies, you run rate capital could be under $2 billion?

所以夥計們，我對後續的簡化感到抱歉。那麼，當你達到綜效時，你的營運資本可能會低於 20 億美元，這樣說是否有些牽強？

That's correct. That's a simple way to put it, Doug.

這是正確的。這是一個簡單的說法，道格。

Okay. That's what I'm trying to get to. Thank you, guys. My follow-up is a quick one. Hopefully, Jeremy, this is right on your fairway. Why is any ownership of the regulated assets makes sense?

好的。這就是我想要達到的目標。感謝你們。我的後續行動很快。希望傑里米，這就在你的球道上。為什麼受監管資產的所有權是有意義的？

Yeah, that's great question. Actually, some we've kind of debated internally as we've thought about the right structure here. So after the regulated assets, specifically, if you start with the transmission and storage segment of Equitrans, that is really an extension of the gathering system. There are a lot of big hitter pipes that cross state lines. And so they are regulated on maintaining the right rate pressures on those system has been able to control things like expansions on is really integral to manage in the gathering systems appropriately.

是的，這是一個很好的問題。實際上，當我們考慮這裡的正確結構時，我們已經在內部爭論了一些問題。因此，在受監管的資產之後，具體來說，如果從 Equitrans 的傳輸和儲存部分開始，那實際上是收集系統的延伸。有很多跨越州界的大型管道。因此，他們受到監管，以維持對這些系統的正確利率壓力，從而能夠控制諸如擴展之類的事情，這對於適當地管理收集系統來說確實是不可或缺的。

And then when you think about those pipes that are flowing into a longer distance regulated pipeline like MVP, maintaining that, that interconnection that pressure at an appropriate level, it all kind of works together as a single system.

然後，當您考慮那些流入較長距離的受監管管道（例如 MVP）的管道時，請將其互連、壓力保持在適當的水平，所有這些管道都作為一個系統一起工作。

And then as we think about MVP, as we talked about last quarter, the expansion on that project we think is a highly economic expansion. And that's something that we want to get done to evacuate more gas out of Appalachia and get it to a premium end market in the Southeast. We want to make sure that project happens. Whether 5 or 10 years from now it makes sense to still owned something like MVP once all that expansion is completed. I think that's something we'll always evaluate. But I think at this juncture, we do want to maintain operatorship and ownership of it.

然後，當我們考慮 MVP 時，正如我們上個季度談到的那樣，我們認為該項目的擴張是高度經濟的擴張。這就是我們希望完成的事情，以便從阿巴拉契亞抽出更多天然氣，並將其輸送到東南部的高端終端市場。我們希望確保該項目得以實施。無論是 5 年還是 10 年後，一旦所有擴展完成，仍然擁有 MVP 之類的東西是有意義的。我認為這是我們將始終評估的事情。但我認為在這個時候，我們確實想維持它的經營權和所有權。

Yeah, Doug, I'd say at a very high level, what we're doing here at EQT is creating a culture that is going to be able to take off every penny nickel and dime within our operating footprint. And one of the ways that we can drive the operative, the value creation is to expand the size of the operational footprint. And so there isn't out of having those transmissions is a bigger commercial system is going to make it a little bit easier for us to identify and capture some of those opportunities. So that's another factor that we have in the back, whereas as well.

是的，道格，我想說的是，在一個非常高的層面上，我們在殷拓所做的就是創造一種文化，這種文化將能夠在我們的營運足跡中節省每一分錢。我們推動營運、創造價值的方法之一是擴大營運足跡的規模。因此，擁有這些傳輸並不意味著更大的商業系統將使我們更容易識別和抓住其中的一些機會。這也是我們背後的另一個因素。

I guess that's very clear. Thanks for taking my questions in place and thanks for your comments, Jeremey.

我想這很清楚。感謝您提出我的問題並感謝您的評論，傑里米。

Neil Mehta Goldman Sachs.

尼爾·梅塔高盛。

Yeah, congratulations on closing the transaction team. Two questions on the macro here for versus just to talk through your hedging strategy, both near and long term and and how does the E-Train acquisition playing into your hedging decisions going forward as you want to take advantage of the volatile market that you talked about?

是的，恭喜你關閉了交易團隊。這裡有兩個關於宏觀的問題，而不是僅僅討論您的近期和長期對沖策略，以及當您想利用您所說的波動市場時，E-Train 收購如何影響您未來的對沖決策關於？

Good morning, Neil. I'll break it into kind of two pieces near term. It's really all focused on balance sheet, derisking and deleveraging. I call out through 2025 beyond 2025. I think our view is that deal. We just did not only unlocks the value we've been talking about it, but it really provides a structural hedge for our business. So I need to hedge beyond that.

早安，尼爾。近期我會把它分成兩個部分。實際上，一切都集中在資產負債表、去風險和去槓桿化。我呼籲在 2025 年後實現 2025 年。我們不僅釋放了我們一直在談論的價值，而且確實為我們的業務提供了結構性對沖。所以我需要對此進行對沖。

We won't have financial leverage to really protect. We won't have operating leverage to protect. And so we don't really have to hedge at all. I think if we do, it will be more opportunistic, but it will be pretty small in nature and probably at max around a 20% level if we just get really bearish on the outlook for some reason.

我們沒有財務槓桿來真正提供保護。我們將沒有營運槓桿來保護。所以我們根本不需要對沖。我認為如果我們這樣做，機會主義會更大，但本質上會很小，如果我們出於某種原因對前景感到非常悲觀，最多可能會達到 20% 左右的水平。

But otherwise, I think the goal strategically what we're trying to do is set ourselves up where we don't have to hedge because we see so much more upside than downside but I think as you've even seen this year, you've seen gas prices go as low as about $1.60 readout over $3 and now trade back towards $2. So you're already seeing this theme of volatility play out in the best way to capture value from that is to not have to hedge. So that's really the long-term plan and how we're trying to position.

但除此之外，我認為我們正在努力做的戰略目標是讓自己不必進行對沖，因為我們看到的好處多於壞處，但我認為正如你今年所看到的那樣，你'我們看到汽油價格低至約1.60 美元，讀數超過3 美元，現在又回升至2 美元。因此，您已經看到波動性的主題以從中獲取價值的最佳方式發揮作用，即不必進行對沖。這確實是長期計劃以及我們試圖定位的方式。

That's helpful. And can you just talk through you've done a great job walking us through your long term views around data centers and power demand growth, which we agree. It's a very compelling story, 2025, a little trickier. And just because you've got some pushout of some major projects, the Golden Pass and trying to digest that spare capacity that might be in the system to. So how do you think about the supply demand outlook for gas and as we think about 2025? And what are you guys watching as markers?

這很有幫助。您能否簡單談談您在向我們介紹您對資料中心和電力需求成長的長期看法方面所做的出色工作，我們對此表示同意。這是一個非常引人入勝的故事，2025 年，但有點棘手。僅僅因為您已經推出了一些重大項目，例如黃金通行證，並試圖消化系統中可能存在的閒置產能。那麼，您如何看待天然氣的供應需求前景以及我們對 2025 年的看法？你們在看什麼作為標記？

Yeah. So I think the key thing we're watching probably going to be here in this production. And I think this number hovering around one or two, if it's a healthy number. But if you see a surge into winter again, if other producers turn on a lot of volume, I think we are watching for that because that could be a near-term headwind to price on your I think it's most that would impact the first half of 2025.

是的。所以我認為我們正在觀看的關鍵內容可能會出現在這部作品中。我認為這個數字徘徊在一兩個左右，如果它是一個健康的數字的話。但如果你看到冬季再次出現激增，如果其他生產商開啟大量產量，我認為我們正在關注這一點，因為這可能會成為近期價格的阻力，我認為這對上半年的影響最大2025 年。

I know the team at Goldman has that been pushed out into 2026 for go impact in service date. I think with some of the updates that we've seen even this week with that bankruptcy process exactly holdings, it seems like that might get pulled back forward on a couple of these key factors on the LNG side are really going to drive that. And I see it really is a story of production and a story of LNG. I don't beyond that. See any sort of step change benefits necessarily in 2025 that are going to move the needle nearly as much as those two factors?

我知道高盛團隊已將服務日期推遲到 2026 年。我認為，從我們本週看到的一些更新來看，破產程序完全是控股，看來液化天然氣方面的幾個關鍵因素可能會被推遲，這確實會推動這一趨勢。我認為這確實是一個生產的故事和液化天然氣的故事。我不會超出這個範圍。您是否認為 2025 年一定會出現任何形式的階躍變革，其影響​​力幾乎與這兩個因素一樣大？

Scott Hanold, RBC.

斯科特·漢諾德，加拿大皇家銀行。

Good morning. Hey, a question on now that MVPs online I'm just kind of curious, you know, is there any change in the dynamics you're seeing in the Appalachian into the Southeast market now that that's flowing? And related that, have you seen any moves by some of the Appalachian and producers to increased activity, given the obviously the extraction of some of the volumes in the basin?

早安.嘿，關於 MVP 在線的一個問題，我只是有點好奇，你知道，你所看到的阿巴拉契亞山脈進入東南市場的動態是否有任何變化？與此相關的是，考慮到盆地中某些體積的明顯開採，您是否看到一些阿巴拉契亞和生產商採取了任何增加活動的舉措？

Yeah. So this is actually something really exciting that we've been really pleasantly surprised by. So I guess on the production side, we have not seen any reaction as we've productions continues to be flat, consistent with our expectations. What has surprised us, though, is that in that end market, as we model the way we sort of March that station 165 pricing or we're selling gas.

是的。所以這其實是一件非常令人興奮的事情，我們感到非常驚訝。所以我想在生產方面，我們沒有看到任何反應，因為我們的生產仍然持平，與我們的預期一致。然而，令我們驚訝的是，在終端市場中，我們以 3 月 165 站定價或銷售天然氣的方式進行建模。

We've sort of model that around a 20% premium depth to M2 pricing. We have seen pricing recently had an average $0.50 to $0.7 above, so significantly higher than what we have assumed. And there have been periods of time where it's well north of $1 above M2 until.

我們的模型認為 M2 定價的溢價深度約為 20%。我們發現最近的定價平均高出 0.50 至 0.7 美元，明顯高於我們的假設。有一段時間，M2 的價格遠高於 1 美元。

And so I think we've been really encouraged by how much gas that market has been taking part of it, and it has been impacted by some maintenance on Transco. And but I think for being of a mid summer period, seen that demand in that premium price already show up, I think is an awesome really early find marker. So I think that the benefit we might see in winter periods could be even better as well and certainly better than maybe what we have forecasted.

因此，我認為我們對市場參與的天然氣量感到非常鼓舞，而且它也受到了 Transco 的一些維護的影響。但我認為，在仲夏期間，看到溢價的需求已經出現，我認為這是一個很棒的早期發現標記。因此，我認為我們在冬季可能看到的好處可能會更好，而且肯定比我們的預測更好。

But it's still early. There is a new price market place put out for that station 165 market. So we're watching like everybody else to see how that develops. But I think all signs are pointing to a really positive direction on that.

但現在還早。 165 站市場有一個新的價格市場。所以我們和其他人一樣正在觀察事情的發展。但我認為所有跡像都指向了一個非常積極的方向。

Yeah. Scott, one of other thing I just have you take a look at on slide 6 where we talk about the improving [EURS] for EQT. If you look at sort of where the peers or are you seeing the EURs come down over time. This is the sign of some of the inventory, their core inventory depletion, the read-through there is there could be some pressure against operators and their willingness to go out there and accelerate or broke purely just a reserve inventory.

是的。 Scott，我剛剛讓您看一下幻燈片 6 上的另一件事，其中我們討論了 EQT 的改進 [EURS]。如果你看看同行的情況，或者你是否看到歐元隨著時間的推移而下跌。這是一些庫存的跡象，他們的核心庫存耗盡，通讀一下，運營商可能面臨一些壓力，他們願意出去加速或純粹打破儲備庫存。

So that's another thing that's happening in the background. And there's only a couple of operators that really have high-quality inventory like EQT and (Inaudible), we've been pretty vocal and staying in this maintenance mode, but can you describe the market. So I think that's an important backdrop (Inaudible).

這是背景中發生的另一件事。只有少數業者真正擁有高品質的庫存，例如 EQT 和（聽不清楚），我們一直在保持這種維護模式，但您能描述市場嗎？所以我認為這是一個重要的背景（聽不清楚）。

I appreciate that. Sounds good. Is my follow-up, Toby. Look at them, you've been never tried to discuss politics from time to time. And as it relates to being a gas producer, what do you think the biggest issues are in for the upcoming election? Like what are the things that are you really focused on.

我很感激。聽起來不錯。是我的後續行動，托比。看看他們，你從來沒有嘗試過時不時地討論政治。由於這與成為天然氣生產商有關，您認為即將到來的選舉最大的問題是什麼？例如你真正關注的事情是什麼。

I'd say, we align our politics with the politics of our customers, which is every American that use our products. So we don't trying to be to bias one way or the other is really centered on the facts. Listen, I think we're in a period of time where people are going to get smarter about energy. There are some from clips talking about from politicians talking about banning fracking.

我想說，我們將我們的政治與我們客戶的政治保持一致，即每個使用我們產品的美國人。因此，我們不會試圖以某種方式產生偏見，或以另一種方式真正以事實為中心。聽著，我認為我們正處於一個人們對能源越來越聰明的時期。有一些來自政治家談論禁止水力壓裂的剪輯。

And this is time for us as an industry leader and he's Americas to hold leaders accountable for statements that I think are really damaging and cause completely on attendant impacts. I mean, as it relates to hydraulic fracturing in the back of that, we cannot ignore the science on this over 10 years has been studied in under the Obama administration.

現在是我們作為行業領導者和他的美洲領導人對我認為真正具有破壞性並完全造成附帶影響的言論負責的時候了。我的意思是，由於它與水力壓裂有關，我們不能忽視歐巴馬政府十多年來對此進行的科學研究。

The EPA put out a report saying hydraulic fracturing safe. And understanding the implications of these type of decisions, 98% of the wells in this country require hydraulic fracturing. That goes away, the snap your fingers and a 30 production in the United States, which we thought for decades to create America as an energy powerhouse with sort of operate. And we see reductions in this country, we dropped 35%. That's going to lead to a lot of terrible things.

美國環保署發布了一份報告稱水力壓裂是安全的。在了解此類決策的影響後，該國 98% 的油井需要水力壓裂。打個響指，這一切就消失了，在美國生產 30 台，我們幾十年來一直認為這會讓美國成為一個能源強國，並在某種程度上發揮作用。我們看到這個國家的下降，下降了 35%。這會導致很多可怕的事情。

And the routing is or isn't oil and gas operator price times volume game, our production at EQT would go down , call it, 25%, our corporate decline ,but price would skyrocket.

路線是或不是石油和天然氣運營商價格乘以銷售的遊戲，我們殷拓集團的產量會下降，稱之為25%，我們的公司會下降，但價格會飆升。

And that's the tough part here is that we would actually be constructive for prices but it would be bad for Americans and that's why we need to make sure our politicians are putting the right policies, like all of the crazy things that are happening in this world, we're really encouraged to see that energy is still at the top of the list as a key issue for American voters. And it's something that we need to take very seriously.

這裡的困難在於，我們實際上會對價格持建設性態度，但這對美國人來說是不利的，這就是為什麼我們需要確保我們的政客制定正確的政策，就像這個世界上正在發生的所有瘋狂的事情一樣看到能源仍然是美國選民關注的首要問題，我們感到非常鼓舞。這是我們需要非常認真對待的事情。

Appreciate the color. Thanks.

欣賞顏色。謝謝。

Josh Silverstein from UBS.

瑞銀集團 (UBS) 的喬許‧西爾弗斯坦 (Josh Silverstein)。

Good morning, guys. Just on the outlook for next year, I'm trying to think about the trajectory of the natural gas volumes. Should we think about no kind of the second half run rate going forward with the curtailments coming back? Do you think you'd probably keep is the volumes curtailed as maybe a little bit more clarity there would be helpful. Thanks.

早上好傢伙。就明年的前景而言，我正在嘗試思考天然氣產量的軌跡。隨著削減的回來，我們是否應該考慮下半年的運行率不會如何？您認為您可能會保留減少的數量，因為可能更清晰一些會有所幫助。謝謝。

Yeah, Josh. I think in our view is it's just maintenance mode. I mean, I think in our prepared remarks, you commented that if we had not curtailed this year, we would have been above the high end of the range. Originally that was [2300] Bcf a day on the high end out. We're running our business in maintenance mode. I would expect looking into next year.

是的，喬許。我認為我們認為這只是維護模式。我的意思是，我認為在我們準備好的演講中，您評論說，如果我們今年沒有削減開支，我們的產量將會高於該範圍的高端。最初的上限是每天 [2300] Bcf。我們正在以維護模式運行我們的業務。我希望展望明年。

That's the volume look at level you look at is the only difference there is that the divestment of our non-op interest and some of the transaction impacts from that. But aside from that, we're running enough in a steady maintenance mode Cadence.

這就是您所看到的交易量水平，唯一的區別是我們非操作權益的剝離以及由此產生的一些交易影響。但除此之外，我們在穩定的維護模式 Cadence 下運作得夠好。

Got it. So that kind of around maybe like [550] or so kind of quarterly cadence or around them?

知道了。那麼這種大約可能像 [550] 或類似的季度節奏或圍繞它們？

Yeah call 550 to 600, depending on the quarter.

是的，撥打 550 到 600，取決於季度。

Right, got it, okay. So kind of (Inaudible) growth into next year relative to the back half. Got it. Okay. And then just on the pro forma kind of cash flow profile. When you first announced the transaction with the train, you mentioned about 30% of the pro forma cash flow we would be midstream. I'm wondering if that still holds, given the minority sale that you guys are looking at with the number actually be lower and if it is lower, would you want to we reduced debt even further and to where you guys want to be performing? Thanks.

對了，明白了，好。相對於下半年來說，明年會有這樣的（聽不清楚）成長。知道了。好的。然後只是形式上的現金流量概況。當您第一次宣布與火車的交易時，您提到我們將有大約 30% 的預計現金流量處於中游。我想知道這是否仍然成立，考慮到你們正在考慮的少數股權出售，數字實際上較低，如果較低，你們是否希望我們進一步減少債務，並達到你們想要的表現？謝謝。

Yeah, it really comes down to kind of what value and multiple we would sell that at. And but yes, I mean, all else equal, if you sell down some of that, it could drop a little bit, but that's factored into how look at pro forma leverage already. So I don't think it really impacts how we think about our plans. And the only other thing that's going to impact that next year or two is obviously gas prices at prices decline or go up a lot, that percent of midstream's that's going to oscillate with that as well.

是的，這實際上取決於我們出售它的價值和倍數。但是，是的，我的意思是，在其他條件相同的情況下，如果你拋售其中一些，它可能會下降一點，但這已經考慮到瞭如何看待備考槓桿率。所以我認為這不會真正影響我們對計劃的看法。唯一會影響明年或兩年的事情顯然是天然氣價格大幅下跌或上漲，中游的百分比也會隨之波動。

Roger Read, Wells Fargo.

羅傑·里德，富國銀行。

Yeah, thanks. Good morning, everybody. I'd like to take a look at Slide 11. You have the organic deleveraging in the free cash flow expectations '25 through '29. I'm just curious, clearly, you're not going to be on aggressive on the hedging side and in the future. So what sort of the underlying assay option on gas prices, gas volumes against us, the numbers you lay out there?

是的，謝謝。大家早安。我想看投影片 11。25 年至 29 年的自由現金流預期實現了有機去槓桿化。我只是很好奇，顯然，你不會在對沖方面和未來表現得激進。那麼，針對我們的天然氣價格、天然氣量以及您列出的數字，有什麼樣的潛在分析選項呢？

Yeah. So the numbers we look at on page 11 are really based on our internal assumptions around the asset sales and in our strip pricing is today. But that is look, that's the reason why we're also hedging, if you look at that, just organic free cash flow up really between now and the end of 2025, at [$2.75] gas prices are still generating over $1 billion of free cash flow.

是的。因此，我們在第 11 頁看到的數字實際上是基於我們對資產銷售和今天的剝離定價的內部假設。但這就是我們也在進行對沖的原因，如果你看一下，從現在到2025 年底，有機自由現金流確實會增加，在[2.75 美元] 的天然氣價格下，仍然會產生超過10 億美元的免費現金流現金週轉。

So I really in any case that we've laid out, if we take a more conservative lean to that things go wrong in the macro, for whatever reason, I think we still really good about that assumption. So that initial target, we have the specific target of $7.5 billion by the end of 2025. I'd call that our initial target level, I think that within a of a margin of safety added that rating agencies outline for us.

所以我真的無論如何，我們已經提出，如果我們對宏觀上出現問題採取更保守的態度，無論出於何種原因，我認為我們仍然對這個假設非常滿意。因此，我們的初始目標是到 2025 年底達到 75 億美元的具體目標。

But longer term, we would like to take that lower. It's where we talk about that $5 billion to $7 billion level that could oscillate in time, depending on where we are in a cycle, depending on the opportunities we're off to invest cash and look, we also won a very intentionally positioned ourselves.

但從長遠來看，我們希望降低這一水平。這就是我們談論的50 億至70 億美元水平可能會隨時間波動的情況，具體取決於我們所處的周期位置，取決於我們投資現金的機會，而且看起來，我們也贏得了一個非常有意的定位。

So we have ample liquidity so that if there is volatility in the macro landscape in our stock that we're positioned to step in and buy a lot of stock back counter-stick quickly. If you don't pay down our debt below mid-cycle level, if you don't have a lot of liquidity can't do that.

因此，我們擁有充足的流動性，因此，如果我們的股票宏觀環境出現波動，我們就可以介入並快速回購大量股票。如果你不將我們的債務償還到週期中期水平以下，如果你沒有大量的流動性，就無法做到這一點。

So another example of that, that that revolver, we just expanded by $1 billion to $3.5 billion size that also trying to tee up and position ourselves for volatility and to take advantage of those opportunities. So this is all kind of play hand-in-hand together with how we're trying to position ourselves to maximize value as we reallocate capital in the coming years.

另一個例子是左輪手槍，我們剛剛將規模擴大了 10 億美元，達到 35 億美元，我們也在努力為波動做好準備，並利用這些機會。因此，這一切與我們在未來幾年重新分配資本時如何定位自己以實現價值最大化是密切相關的。

I appreciate. That's very helpful. Thanks. I'll turn it back.

我很欣賞。這非常有幫助。謝謝。我會把它轉回來。

David Deckelbaum, TD Cowen.

大衛·德克爾鮑姆，TD·考恩。

Thanks, Toby and Jeremy for taking my questions. I wanted to go back to the capital progression from just in the context of the benefits that you've seen on the upstream side, I think you highlighted obviously the impressive achievement is getting your cycle times down on completions like 35%. How much of those reflected in the reduction in spend and '25 versus '24? And I guess just in conjunction with that, how much do you expect upstream CapEx to moderate next year?

謝謝托比和傑里米回答我的問題。我想從您在上游看到的好處回到資本進展，我認為您顯然強調了令人印象深刻的成就，即使完成週期時間縮短了 35%。其中有多少反映在支出的減少以及「25 與 24」之間？我想與此相關的是，您預計明年上游資本支出會減少多少？

Yes, we have a small amount of that. Those completion efficiencies baked into our '25 plan right now, given the newness of this step change and completion efficiencies, we want to see a little bit more time, but we'll continue to add that back in there. And the second part of the question.

是的，我們有少量。這些完成效率現在已納入我們的 25 計劃中，考慮到此步驟變更和完成效率的新穎性，我們希望看到更多的時間，但我們將繼續將其添加到其中。以及問題的第二部分。

So just thinking about this, if you think year-over-year what you're spending on upstream and '25 in that $2.3 billion to $2.6 billion versus this year?

因此，只要考慮一下這一點，您是否會考慮與今年相比，您在上游和 25 年的 23 億至 26 億美元中的支出是多少？

Yeah, I would say we think the upstream spending profile, we're going to be pretty similar to what we had previous train. I'd say that the impacts of the reduced CapEx is going to really start once those compression projects targeting the front lines, which I'd say ballpark 12 to 18 months before that slowed down. So from everything that you're seeing and from the upstream spending now is really just driven by base operating efficiencies and balancing those service pricing we see.

是的，我想說，我們認為上游支出情況將與之前的火車非常相似。我想說，一旦那些針對前線的壓縮項目放緩，資本支出減少的影響就會真正開始，我想說的是，在這之前的 12 到 18 個月，這些項目放緩了。因此，從您所看到的一切以及上游支出來看，現在實際上只是由基本營運效率和平衡我們所看到的服務定價所驅動的。

David, it from a modeling perspective, I think about it this way at a high level, we've baked in the guidance we've given on those capital cost numbers. We' ve taken all the capital costs, but we haven't baked in the benefit. We had a decent and related completion benefits nearly to the level that we're actually seeing right now. We have baked in the $175 million of upside synergies. Even though the more work we do, I think our bias is to that, that number probably grows.

大衛，從建模的角度來看，我在高層次上這樣思考，我們已經對這些資本成本數字給出了指導。我們已經承擔了所有的資本成本，但我們還沒有享受到收益。我們獲得了相當不錯的相關完成效益，幾乎達到了我們現在實際看到的水平。我們已經實現了 1.75 億美元的上行綜效。儘管我們做的工作越多，但我認為我們的偏見是，這個數字可能會增加。

So I think there's a lot still on the table beyond what we have given out that we're hopeful to achieve, but it's still early innings. And so we want to see more definitive results there before we actually take that into our definitive guidance.

因此，我認為除了我們已經給出的目標之外，還有很多我們希望實現的目標，但現在還處於早期階段。因此，在我們真正將其納入我們的明確指導之前，我們希望看到更明確的結果。

Thanks, Jeremy. Just continuing on that. I guess that long-term guidance of $2.1 billion to $2.4 billion at the midpoint, is it fair to say that's just reflecting the benefits from the installed compression, bringing down that upstream budget relative to sort of the $2.3 billion, the $2.6 billion and '25?

謝謝，傑里米。只是繼續這樣做。我猜想中點 21 億至 24 億美元的長期指導，可以公平地說，這只是反映了已安裝的壓縮裝置的好處，相對於 23 億美元、26 億美元和“ 25？

No, we'd say that $2.1 billion to $2.4 billion really reflects that the spend on the compression is behind us, as we mentioned earlier in the call that $175 million of annual cost reductions as a result of that spending would be reduce that $2.1 billion to $2.4 billion lower so I think we're going to just continue to quantify this and then you see that come down in the future.

不，我們會說 21 億至 24 億美元確實反映出壓縮支出已經過去，正如我們之前在電話會議中提到的那樣，由於該支出，每年可減少 1.75 億美元的成本，從而減少 21 億美元降低24 億美元，所以我認為我們將繼續量化這一點，然後你會看到未來會下降。

Appreciate it, guys.

非常感謝，夥計們。

Kevin McCarthy, Pickering Energy Partners.

凱文·麥卡錫，皮克林能源合作夥伴。

Hey, good morning. Appreciate all the details in 2025 and included in slide 8 and the further commentary you've offered in the Q&A. I have just a few more clarifying questions on that slide. I guess my first question is, does the adjusted EBITDA number include that in VP distributions for next year? And it's just annualizing your 4Q guidance kind of a good run rate for that?

嗨，早安。感謝 2025 年投影片 8 中包含的所有細節以及您在問答中提供的進一步評論。我在那張投影片上還有幾個需要澄清的問題。我想我的第一個問題是，調整後的 EBITDA 數字是否包括在明年的副總裁分配中？這只是將你的第四季指導年化，這樣就算是一個不錯的運行率嗎？

That number, that EBITDA number actually does not include the MVP distributions because that's going to be more of an equity method investment and some will provide clarity on that as we go forward. And the second part of your question was what again?

這個數字，這個 EBITDA 數字實際上不包括 MVP 分配，因為這將更多是權益法投資，隨著我們的進展，有些人將對此進行澄清。你問題的第二部分又是什麼？

And if it's just a good estimate to annualize the fourth quarter guidance and MVP distribution for 2025?

如果 2025 年第四季指導和 MVP 分配年化只是一個好的估計？

Yeah, I think it is for MVP specifically. The I think drawn on our whole company basis, the main impact was what we noted in our remarks earlier, that curtailments are skewing the per unit cost metrics higher. So I think as you look into 2025, if you were to look at per unit metrics, those should scale lower, assuming no curtailments. But otherwise, I think it should be a pretty decent proxy, which is why we've broken out separately.

是的，我認為這是專門針對 MVP 的。我認為，從我們整個公司的角度來看，主要影響是我們先前在評論中指出的，即削減使單位成本指標變得更高。因此，我認為，當您展望 2025 年時，如果您要查看單位指標，那麼假設沒有削減，這些指標應該會降低。但除此之外，我認為它應該是一個相當不錯的代理，這就是我們單獨突破的原因。

Great. And then you mentioned that this outlook was building was built using and amendments production number. What is the risk of shut-ins coming back next year? And how have you thought about that in terms of your free cash flow? Or does the lower cost structure kind of reduce that shut-in-risk?

偉大的。然後你提到這個前景是使用和修改生產編號來建構的。明年再次關閉的風險有多大？您如何看待自由現金流？或者較低的成本結構會降低停產風險？

Yeah. We don't proactively on like a year ahead basis, bacon things like shut-ins, that's more of in response to the market. And so if we did, if we did say that whole thesis and '25, '26, analogy just got derailed for some reason and there was a need to curtail that would take production below, you know that this would have quarterly annualized number that I think you're getting at. But t hat's something that I think we would address more real-time as the market evolves.

是的。我們不會像未來一年那樣主動採取諸如停工之類的措施，這更多的是對市場的反應。因此，如果我們這樣做，如果我們確實說整個論文和“25”、“26”，類比由於某種原因而脫軌，並且需要減少產量，這將導致季度年化數字我想你已經明白了。但我認為隨著市場的發展，我們會更即時地解決這個問題。

Great. I appreciate the detail and congratulations on a good quarter.

偉大的。我很欣賞這些細節，並祝賀這個季度表現良好。

Jacob Roberts, TPH.

雅各羅伯茨，TPH。

Good morning. Maybe staying on that topic, is there any difference in how we should be thinking about the curtailments being baked into the guide of the back half of this year relative to what we saw in the first half?

早安.也許繼續討論這個主題，相對於我們上半年看到的情況，我們應該如何思考納入今年下半年指南的削減措施有什麼不同嗎？

And what we're trying to think about is if there's a change in EQT's elasticity of supply between the two periods, perhaps with MVP online?

我們正在嘗試思考的是，兩個時期之間 EQT 的供應彈性是否會發生變化，也許是因為 MVP 上線了？

No, I don't think MVP impacts that at all. I think we maintain that flexibility. I do think have a midstream, a wholly owned where those MVCs effectively have been integrated away. I think that does give us a tremendous amount, more flexibility to be a little more on the. Yes, I guess really to pursue curtailments at more than maybe we had in the past where we felt like we otherwise had a big debt obligation we're having to pay to the midstream service provider.

不，我認為 MVP 根本不會影響這一點。我認為我們保持這種靈活性。我確實認為有一個中游，一個全資擁有的 MVC，其中那些 MVC 已被有效地整合。我認為這確實給我們帶來了巨大的靈活性，讓我們可以多做一點。是的，我想確實是為了比過去更多地追求削減，否則我們覺得我們必須向中游服務提供者支付巨額債務。

But I think our reaction in the back half of this year is more just governed by pricing. We haven't changed sort of the pricing levels we outlined earlier this year. We're we would look to curtail just because we own the midstream. I think we still have that sort of floor threshold level are focused on earning returns on shareholder capital, not just well, CapEx, not just maintaining that realized pricing about cash costs. It's got to be higher than that. So that's why we're proactively trying to guide to that.

但我認為我們今年下半年的反應更取決於定價。我們沒有改變今年早些時候概述的定價水平。我們會因為擁有中游而尋求削減。我認為我們仍然有這樣的底線門檻水平，重點是賺取股東資本回報，而不僅僅是資本支出，而不僅僅是維持現金成本的已實現定價。它必須比這個更高。這就是為什麼我們積極嘗試引導這一點。

Got it. Thank you. Quick second one. On slide 7, the three sites you've highlighted, I think you mentioned that you see kind of thousands of opportunities to across the field to implement this. Can you give a sense of which how many wells each site touches so to speak?

知道了。謝謝。快點第二個。在投影片 7 上，您突出顯示的三個站點，我想您提到您看到了跨領域實施這一點的數千個機會。您能否大致了解每個地點涉及多少口井？

Well, I wouldn't say that wouldn't be the way we think about it. I would say at a very high level, we just look at the system pressures. We've got over a dozen gathering systems that are all hydraulically connected. Each one of those has a operating pressure that is sort of based on the amount of volume that's going through their vintage of the wells that feed that drive, that we also try and where our development program is going to go, and that will inform which pressures as well.

好吧，我不會說這不是我們思考問題的方式。我想說，在很高的層面上，我們只關注系統壓力。我們有十多個收集系統，全部透過液壓連接。每一個都有一個運行壓力，這在某種程度上取決於為該驅動器提供動力的油井的年份量，我們也嘗試過這一點，以及我們的開發計劃將走向何方，這將告訴我們哪些壓力也是如此。

So the exercise of the teams that run through is sort of forecasting what doses compressors look like and then assessing through compression what the productivity uplift will be if we lowered the system pressures 300, 400, 500 PSI and what that will look like.

因此，團隊的工作是預測壓縮機的劑量，然後透過壓縮評估如果我們將系統壓力降低 300、400、500 PSI 的話，生產力會得到怎樣的提升，以及會是什麼樣子。

So I would say as a whole is this is a pretty large opportunity for us at EQT and it's really exciting to look at the evolution of the improvements we've made in this business. That said, the last five years have really been focused on optimizing the efforts on site drilling, completing wells and being more efficient on the production side. But now the efficiencies that we're focused on are going to be really more on the midstream footprint and the actual field-wide improvements.

所以我想說，總的來說，這對殷拓來說是一個相當大的機會，看到我們在這項業務中所做的改進的演變真的很令人興奮。也就是說，過去五年的重點是優化現場鑽井、完井和提高生產效率。但現在我們關注的效率將更集中在中游足跡和實際的全領域改進。

Great. thank you. Appriciate the time guys.

偉大的。謝謝。珍惜時間吧夥伴們。

Michael Scialla, Stephens.

麥可夏拉，史蒂芬斯。

Good morning, everybody. I just wanted to ask on the expansion of MVP. Sounds like I heard you right, the timeframe, you're speaking, there's maybe five years down the road, even though you're seeing pricing, they're getting a pretty hefty premium to other parts of the basin. So just wanted to explore that the timing is that because you do don't think the demand there is there right now or just anymore color you could provide on the timing of that expansion?

大家早安。我只是想問MVP的擴充。聽起來我沒聽錯，你說的時間框架，可能還有五年的時間，即使你看到定價，他們也比盆地其他地區獲得了相當高的溢價。所以只是想探討這個時機是因為你認為現在沒有需求，或者你可以在擴張的時間上提供更多的顏色？

Yeah. I'm not sure where the five years came from. I think we're excited to tell pursue that expansion is possible. Actually, I think, again, the only thing that we would that would cause us any delays, just making sure that it was time to come on line with that expansion project on Transco to take all the gas. But beyond that, I think we are incentivized to get that that built as soon as possible.

是的。我不知道這五年是從哪裡來的。我認為我們很高興告訴追求者擴張是可能的。事實上，我再次認為，我們唯一會導致延誤的事情就是確保是時候啟動 Transco 的擴建項目以吸收所有天然氣。但除此之外，我認為我們有動力盡快建成。

And again, the Internet to EQT, that's a cost of probably $200 million to $250 million net to get that built. And I would say that the guidance that we have given out in our slide deck, that longer-term guidance today, I just say there's ample cushion built in. So I wouldn't expect that CapEx number lower term to really change it all out despite the timing that we decide to pursue that expansion project. So that remains on that being a higher priority list to get knocked out.

再說一次，對 EQT 來說，網路的建設成本可能為 2 億至 2.5 億美元。我想說的是，我們在幻燈片中給出的指導，即今天的長期指導，我只是說有足夠的緩衝。安排。因此，這仍然是一個更高優先順序的列表，需要被淘汰。

No, okay, great. (Inaudible) on the surge on that they have you started the open season there yet? Or is that those two down the road now?

不，好吧，太好了。 （聽不清楚）關於他們已經開始開放賽季了嗎？還是那兩個人現在就在路上？

I mean, we just closed two days ago, so it's a little quick to do that. But I think it's something that we're going to start exploring quickly.

我的意思是，我們兩天前才剛關門，所以這樣做有點快。但我認為我們很快就會開始探索這一點。

Got you. And just wanted to ask on the curtailments, can you say how much you're currently curtailing in that 90 Bcf in the second half? Is that all assumed in the third quarter team anymore color you can play there?

明白你了。只是想問一下關於削減的問題，你能說一下下半年你目前在 90 Bcf 中削減了多少嗎？這一切都是在第三節球隊中假設的嗎？

I always look at it in response to the market. If the if we can make money selling gas wouldn't curtail anything obviously. But our assumption rig ht now is that the majority of those curtailments probably to take place in September and October curtailed even over the past week, some volumes on given days, depending on whether depending on maybe it's over a weekend not up quite to 1 Bcf a day level, but we do on a very dynamic basis, optimizes our realized pricing to make sure that we're optimizing value creation and not just getting our product away for price where we can't make money. And that's what we'll continue to do.

我總是根據市場的反應來看待它。如果我們能靠賣天然氣賺錢的話，顯然不會減少任何事。但我們現在的假設是，大多數減產可能發生在 9 月和 10 月，甚至在過去一周內也有所減少，特定日期的一些數量取決於是否在周末，不完全達到 1 Bcf一天的水平，但我們在非常動態的基礎上優化我們的實現定價，以確保我們正在優化價值創造，而不是僅僅以我們無法賺錢的價格出售我們的產品。這就是我們將繼續做的事情。

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯、圖伊兄弟。

Hi, good morning. Just had a couple. I was wondering on you talked a bit about the impact of MVP and regional gas storage, especially in the east and where you say we are in some really offsetting the effect of seasonality as a big driver of some of gas pricing LNG eventually as it feeds and is going to offset that. But just some thoughts on where you think we are at this point.

早安.剛剛有一對。我想知道您談到了 MVP 和區域天然氣儲存的影響，特別是在東部，您說我們確實抵消了季節性的影響，因為它最終成為液化天然氣天然氣定價的主要推動力並將抵消這一點。但只是對您認為我們目前處於什麼位置的一些想法。

Yeah. I mean, look, I with winter has always been I expect to continue to be the biggest source of demand for natural gas. I think I'd love to see a rollover power-generation grows and helps increase that demand in the summertime as well. So you kind of see two peaks in the market, but I think it's probably a little too early to say exactly how quickly that develops .

是的。我的意思是，看，我一直預計冬季將繼續成為天然氣需求的最大來源。我想我很樂意看到翻轉發電量的成長，並有助於增加夏季的需求。因此，您會看到市場出現兩個峰值，但我認為現在判斷其發展速度可能還為時過早。

Now, I will say, if you look at our slides from last quarter, what we outlined in power demand growth for natural gas and the fact that over the past decade, you've had increase of about 10 Bcf a day just on the power side.

現在，我想說的是，如果你看一下我們上個季度的幻燈片，我們概述了天然氣的電力需求增長，以及在過去十年中，每天僅電力就增加了約 10 Bcf邊。

And now what's happening with load growth on top of that on top of coal retirements, I do think we are moving that direction in time. But yes, that doesn't mean you're getting away from seasonality. It just means that you had a lot of demand at peak summer and a lot of demand peak winter as I just think the nature that's going to evolve a little bit.

現在除了煤炭退役之外，負載成長正在發生什麼，我確實認為我們正在及時朝這個方向發展。但是，這並不意味著您就擺脫了季節性。這只是意味著在夏季高峰時有很多需求，在冬季高峰時有很多需求，因為我認為性質會發生一些變化。

And the LNG announcements of that, which also could be somewhat seasonally driven, I think only amplify that seasonality.

液化天然氣的公告也可能在某種程度上受到季節性驅動，我認為只會放大這種季節性。

Got it. And then I wondered, disappeared thoughts on the outlook for industrial demand on both sort of in region and out of region in terms of gas from Morgan energy security and resiliency level, just taking a greater role in some sort of on a microgrid level, some of those power demand overall keeps increasing.

知道了。然後我想知道，從摩根能源安全和彈性水平來看，對區域內和區域外天然氣工業需求前景的想法消失了，只是在微電網層面上發揮了更大的作用，一些其中電力需求總體持續增長。

Yeah. I mean, look, I think the theme of reshoring manufacturing on what is going to continue. It seems like there, but both sides of the aisle are very supportive of that. I think that the sort of the globalization movement out of Asia for manufacturing will be a tailwind of that.

是的。我的意思是，看，我認為製造業回流的主題將繼續下去。看起來確實如此，但兩黨都非常支持這一點。我認為，製造業走出亞洲的全球化運動將成為這趨勢的順風車。

I think energy energy policy and prices in Europe or a tailwind for that. That is something that is baked into our comments that we made early on about Appalachia demand growing upwards by the end of the decade, maybe to 40 Bcf, 41 Bcf a day.

我認為歐洲的能源政策和價格還是一個順風車。這是我們早期關於阿巴拉契亞需求在本世紀末增長的評論中所包含的內容，可能達到每天 40 Bcf、41 Bcf。

There is a component of that baked in, but I would say the beauty of industrial, it's pretty steady. It's pretty predictable. And I think if you look at recent history of that, it has been flat to slowly growing. And I think that trend should continue. But I wouldn't say there's any sort of big catalyst needle movers that should really skew of fundamentals model that much.

其中有一個成分是烘焙出來的，但我想說的是工業的美妙之處，它相當穩定。這是相當可預測的。我認為，如果你看看最近的歷史，你會發現它一直持平甚至緩慢增長。我認為這種趨勢應該要持續下去。但我不會說有任何一種大的催化劑推動因素真的會嚴重扭曲基本面模型。

Yeah, I'd say at a very high level, energy and security is going to continue to be a big theme around the world and even in parts of this country and the volatility that we see is only going to drive consumers of natural gas closer to the source of where that energy is produced t o reduce the number of things in between their manufacturing facility and the source of energy. That's one where they protect their their supply and protect their business. And that just is going to mean that we think this volatility is going to drive more in-basin demand for natural gas products.

是的，我想說，在很高的層面上，能源和安全將繼續成為世界各地乃至這個國家部分地區的一個大主題，我們看到的波動只會促使天然氣消費者更加親近到能源生產地，以減少製造設施和能源之間的物體數量。這是他們保護供應和業務的地方。這意味著我們認為這種波動將推動盆地內對天然氣產品的更多需求。

Great. Thanks a lot.

偉大的。多謝。

That concludes our question and answer session. I will now turn the call back over to Toby Rice for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回托比賴斯 (Toby Rice) 致閉幕詞。

Thanks, everybody, for being here today. You know that with this being our five year anniversary, I just want to reiterate to everybody that all of the progress that we've made at EQT would not have been possible without the shareholders and with you that voted 80% on to put in a new mine management team here and give us this opportunity to realize the full potential of EQT.

謝謝大家今天來到這裡。你們知道，今年是我們成立五週年紀念日，我只想向大家重申，如果沒有股東和你們以 80% 的投票支持，我們在 EQT 所取得的所有進步都是不可能實現的。團隊來到這裡，讓我們有機會充分發揮殷拓的潛能。

It was you all that voted, brought in a Board of Directors that has really been amazing and guiding us through this amazing transformation. And with this 99% shareholder vote supporting a transformative transaction with the E-Train assets, you've given us a platform to continue this momentum, and we're really excited about working hard for you going forward.

是你們所有人投票，組建了一個非常令人驚嘆的董事會，並指導我們完成了這一驚人的轉變。 99% 的股東投票支持 E-Train 資產的變革性交易，您為我們提供了一個繼續這一勢頭的平台，我們非常高興能夠為您的未來努力工作。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。