EQT Corp (EQT) 2025 Q1 法說會逐字稿

Hello, and welcome to the EQT Q1 2025 quarterly results conference call. (Operator instructions) Just a reminder, this call is being recorded.

您好，歡迎參加 EQT 2025 年第一季業績電話會議。（操作員指示）提醒一下，此通話正在被錄音。

Now I would like to turn the call over to Cameron Horwitz, Managing Director of Investor Relations and Strategy. Cameron, please go ahead.

現在我想把電話轉給投資人關係和策略董事總經理卡梅倫‧霍維茲 (Cameron Horwitz)。卡梅倫，請繼續。

Good morning, and thank you for joining our first quarter 2025 earnings results conference call. With me today are Toby Rice, President and 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 follow. 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 2025 年第一季財報電話會議。今天與我一起的還有總裁兼執行長 Toby Rice；以及財務長 Jeremy Knop。稍後，托比和傑里米將發表準備好的發言，隨後進行問答環節。更新後的投資者介紹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參考某些幻燈片。今天晚上開始，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 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 any 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投資者介紹中描述的因素、我們最新的 10-K 表和 10-Q 表的風險因素部分以及我們隨後向美國證券交易委員會提交的文件中所述的因素，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。我們不承擔更新任何前瞻性陳述的義務。

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，以了解有關此類指標的重要揭露，包括與最具可比性的 GAAP 財務指標的對帳。

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

說完這些，我會把電話轉給托比。

Thanks, Cam, and good morning, everyone. 2025 is off to an exceptional start at EQT, with the first quarter generating the strongest financial results in the recent company's history. Production was at the high end of guidance robust well performance and minimal winter impact, thanks to the proactive collaboration between our opting teams.

謝謝，Cam，大家早安。 2025 年對 EQT 來說是一個非凡的開端，第一季創造了公司近期歷史上最強勁的財務表現。由於我們選擇團隊之間的積極合作，產量達到了指導值的高端，井性能強勁，冬季影響極小。

We tactically surged our production by 300 million cubic feet per day during the quarter by opening chokes into strong winter demand and capitalized on robust Appalachian pricing, driving our core parental $0.16 tighter than expectations. Our differentiated strategy of volumes during periods of oversupply and surge in production reprice environment underscores our capital-efficient approach to maximising value amid price volitality and was a key driver behind this quarter's record-setting performance.

本季度，我們透過打開節流口來滿足強勁的冬季需求，策略性地將日產量提高了 3 億立方英尺，並利用強勁的阿巴拉契亞定價，導致我們的核心母公司價格比預期收緊 0.16 美元。在供應過剩和產量激增的重新定價環境下，我們採取了差異化的產量策略，這凸顯了我們在價格波動中實現價值最大化的資本效率方法，也是本季創紀錄業績的關鍵驅動力。

Operating expenses and capital spending during the quarter were below the low end of guidance as efficiencies and synergies continue to perform expectations. These stellar results drove more than $1 billion of free cash flow during the quarter with natural gas prices averaging just $3.60 per million Btu. This level of free cash flow generation is nearly 2 times consensus free cash flow estimates of the next closest natural gas producer and underscores the differentiated earnings power of our low-cost integrated platform.

由於效率和協同效應持續達到預期，本季的營運費用和資本支出低於指導值的低端。這些出色的業績在本季度帶來了超過 10 億美元的自由現金流，而天然氣價格平均僅為每百萬英熱單位 3.60 美元。這一水平的自由現金流產生幾乎是排名第二的天然氣生產商的普遍自由現金流估計值的兩倍，並凸顯了我們低成本綜合平台的差異化盈利能力。

These results are a tangible demonstration of the impact of our strategic decisions over the past several years, creating a peerless natural gas business that generates durable free cash flow during down cycles while also having the greatest ability to capture upside pricing.

這些結果實際證明了我們過去幾年戰略決策的影響，創造了無與倫比的天然氣業務，在經濟下行週期產生持久的自由現金流，同時也具有最大的捕捉上行定價的能力。

Shifting gears. We announced our agreement for the highly accretive bolt-on acquisition of Olympus Energy's upstream and midstream assets for $1.8 billion comprise of 26 million shares and $500 million of cash. The purchase price equates to an attractive 3.4 times adjusted EBITDA multiple and a 15% unlevered free cash flow yield at strip pricing on average over the next three years. We forecast the three-year cumulative free cash flow per share accretion of 4% to 8% from the acquisition at natural gas prices ranging from $2.50 to $5 per million Btu.

換擋。我們宣布達成協議，以 18 億美元的價格（包括 2,600 萬股股票和 5 億美元現金）對奧林巴斯能源的上游和中游資產進行高增值附加收購。該收購價格相當於極具吸引力的 3.4 倍調整後 EBITDA 倍數，以及未來三年平均 15% 的無槓桿自由現金流收益率（按剝離定價計算）。我們預測，在天然氣價格為每百萬英熱單位 2.50 美元至 5 美元的範圍內，此次收購將使每股自由現金流在三年內累積增加 4% 至 8%。

The Olympus assets comprise a vertically integrated contiguous 90,000 net acre position offsetting EQT's acreage in Southwest Appalachia, net production of approximately 500 million cubic feet per day. The assets are positioned adjacent to several proposed power generation projects in the region, providing potential strategic value upside through future gas supply deals. The acreage position has over 10 years of core Marcellus inventory, assuming activity levels with an additional seven years of upside from the Utica. The integrated nature of Olympus' assets and high-quality inventory drives an unlevered free cash flow breakeven price that is compelled to EQT's peer-leading cost structure.

奧林巴斯資產包括垂直整合的連續 90,000 淨英畝土地，抵消了 EQT 在西南阿巴拉契亞地區的土地面積，淨產量約為每天 5 億立方英尺。這些資產位於該地區幾個擬建的發電項目附近，透過未來的天然氣供應交易提供潛在的戰略價值上升空間。假設活動水準與尤蒂卡相比還有 7 年的上升空間，那麼該地塊擁有超過 10 年的核心馬塞勒斯庫存。奧林巴斯資產的綜合性質和高品質庫存推動了無槓桿自由現金流盈虧平衡價格，這迫使 EQT 的成本結構處於同行領先地位。

Pro forma for the Olympus transaction, year-end 2025 net debt at recent strip pricing is forecast to be approximately $7 billion. The deal is modestly deleveraging from a credit metric perspective with pro forma 2025 net debt to adjusted EBITDA dropping by 0.1 times at recent strip pricing. We expect the transaction to close in early Q3 and plan to issue pro forma guidance as part of our second quarter earnings.

根據奧林巴斯交易的預測，以最近的剝離定價計算，2025 年年底的淨債務預計約為 70 億美元。從信用指標角度來看，這筆交易正在適度去槓桿，根據最近的定價，預計 2025 年淨債務與調整後 EBITDA 比率下降了 0.1 倍。我們預計該交易將在第三季初完成，並計劃在第二季財報中發布備考指引。

Turning to our 2025 forecast. We continue to capture synergies from the Equitrans acquisition with actions taken to date, resulting in approximately $360 million of annual savings, an increase of $85 million relative to our last update driven by CapEx savings and system and receipt optimization. We have now captured 85% of guided total synergies and see the potential for ongoing initiatives to drive upside beyond our original forecast.

轉向我們的 2025 年預測。我們繼續透過迄今為止採取的行動來獲得 Equitrans 收購帶來的協同效應，從而每年節省約 3.6 億美元，與上次更新相比增加了 8500 萬美元，這得益於資本支出節省以及系統和收據優化。我們現在已經實現了指導性整體協同效應的 85%，並且看到了持續舉措推動超越我們最初預測的成長潛力。

Importantly, these synergy numbers do not include the upside optionality created through integration that has allowed us to beat our differential guidance three quarters in a row, which represents additional value created beyond our stated synergies.

重要的是，這些協同效應數字不包括透過整合創造的上行選擇性，這種選擇性使我們連續三個季度超越了我們的差異化指導，這代表了在我們所述的協同效應之外創造的額外價值。

With robust synergy capture, ongoing operational efficiencies and strong well performance, we are raising our full year production outlook by 25 Bcfe while simultaneously lowering the midpoint of 2025 capital spending guidance by $25 million, both of which are prior to the impact of Olympus. It's worth noting our updated 2025 volume guidance is roughly in line with our maintenance production prior to the sale of our Northeast PA non-operated assets last year, which means efficiency gains asset outperformance and the repressuring of wells from our curtailment strategy have backfilled nearly half of Bcf a day of production in 2025, all while reducing capital, spending and activity levels. This illustrates the tremendous momentum we've experienced at EQT over the past 12 months, and we see no signs of slowing down as we look ahead.

憑藉強大的協同效應、持續的營運效率和強勁的油井表現，我們將全年產量預期上調了 250 億立方英尺當量，同時將 2025 年資本支出指引的中點下調了 2500 萬美元，這兩個數字均在奧林巴斯的影響之前。值得注意的是，我們更新後的 2025 年產量指引與我們去年出售賓州東北部非營運資產之前的維護產量大致相符，這意味著效率收益資產表現優異以及我們削減戰略中油井的再加壓已在 2025 年回填了每天近一半的 0.6 億立方英尺的產量，同時降低了資本、支出和活動水平。這體現了 EQT 在過去 12 個月中所經歷的巨大發展勢頭，並且展望未來，我們看不到任何放緩的跡象。

As we continue to de-risk our balance sheet, we expect to steadily grow our base dividend and positioned to opportunistically and countercyclically repurchase shares. We have built a solid foundation underpinned by a peer-leading cost structure drives durable free cash flow

隨著我們繼續降低資產負債表的風險，我們預計基本股利將穩定成長，並有機會和逆週期回購股票。我們建立了堅實的基礎，以同行領先的成本結構為基礎，推動持久的自由現金流

The next leg of our strategy is built on the dual pillars of reducing cash flow risk and creating pathways for sustainable cash flow growth. Achievement of these two goals should result in both greater through-cycle free cash flow generation and a higher trading multiple, driving differentiated shareholder value creation.

我們的下一階段策略建立在降低現金流風險和創造永續現金流成長途徑的雙重支柱之上。實現這兩個目標將帶來更大的周期自由現金流和更高的交易倍數，從而推動差異化的股東價值創造。

As it relates to organic growth, we have a rapidly expanding pipeline of in-basin demand opportunities, which could provide us with the option to sustainably grow both our midstream and upstream businesses to serve these new facilities. Recent media reports of sizable gas-fired power generation and data centre projects in Appalachia substantiate our expectations for 6 to 7 Bcf per day of local demand growth by 2030.

就有機成長而言，我們擁有快速擴展的盆地內需求機會，這可以為我們提供可持續發展中游和上游業務以服務這些新設施的選擇。最近媒體通報了阿巴拉契亞地區大規模的燃氣發電和資料中心項目，這證實了我們對到 2030 年當地天然氣需求每天增長 60 至 70 億立方英尺的預期。

We are in discussions with roughly a dozen proposed power projects in the region for midstream and firm gas supply solutions and see EQT exceptionally well positioned to capitalize on this setup given our production scale, inventory duration, well class infrastructure, investment-grade credit ratings and low emissions credentials.

我們正在與該地區大約十幾個擬議的電力項目討論中游和穩定的天然氣供應解決方案，我們認為，鑑於我們的生產規模、庫存持續時間、井級基礎設施、投資級信用評級和低排放資質，EQT 非常有能力利用這一設置。

As these discussions mature, we have significant supply flexibility, thanks to our nearly 2 Bcf per day of gross production sold locally in Appalachia. This provides volumes that we can redirect into attractive firm supply arrangements while creating a longer-term growth option to partially or fully backfill this production. This opens up a differentiated avenue for EQT to drive sustainable production growth directly linked to end-user demand.

隨著這些討論的成熟，我們擁有很大的供應彈性，這要歸功於我們每天在阿巴拉契亞當地銷售近20億立方英尺的總產量。這為我們提供了可重新定向到有吸引力的公司供應安排的數量，同時創建了更長期的增長選擇來部分或全部填補這一生產空缺。這為 EQT 開闢了一條差異化途徑，以推動與最終用戶需求直接相關的可持續生產成長。

I'd like to remind everyone that even before any in-basin supply arrangements, EQT already has a significant realized pricing tailwind from the firm sales deals we signed with the major Southeastern utilities at the end of 2023.

我想提醒大家，即使在任何盆地供應安排之前，EQT 已經從我們在 2023 年底與東南部主要公用事業公司簽署的固定銷售協議中獲得了顯著的實現定價順風。

These deals are the main driver behind the upcoming tightening of our corporate gas price differential, which is forecasted to drop from around $0.60 this year to around $0.30 in 2028. This means that EQT is to projected have a $600 million pre-tax annual free cash flow tailwind and when we believe many of our peers will see free cash flow margin degradation into core inventory exhaustion.

這些交易是即將縮小企業天然氣價差的主要驅動力，預計到 2028 年，企業天然氣價差將從今年的 0.60 美元左右降至 0.30 美元左右。這意味著 EQT 預計每年將有 6 億美元的稅前自由現金流順風，而我們相信我們的許多同行將看到自由現金流利潤率下降到核心庫存耗盡。

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

現在，我將把電話交給傑里米。

Thanks, Toby. Our stellar first quarter results and more than $1 billion of free cash flow generated during the quarter drove significant delevering of our balance sheet. We exited the quarter with $8.1 billion of net debt, down from $9.1 billion at year-end 2024,and $13.7 billion at the end of the third quarter. We tendered for approximately $750 million of notes during the quarter and completed a successful exchange offer for outstanding EQM Midstream notes, which simplifies our balance sheet and reporting requirements moving forward.

謝謝，托比。我們第一季的出色業績以及當季產生的超過 10 億美元的自由現金流推動了我們資產負債表的大幅去槓桿。本季末，我們的淨債務為 81 億美元，低於 2024 年底的 91 億美元和第三季末的 137 億美元。我們在本季投標了約 7.5 億美元的票據，並成功完成了未償還 EQM Midstream 票據的交換要約，這簡化了我們未來的資產負債表和報告要求。

As Toby mentioned, the accretive acquisition of Olympus Energy's upstream and midstream assets accelerates our delevering plan as pro forma net debt increases by 6% while free cash flow increases by 8%, thus enhancing our debt to free cash flow metrics.

正如托比所提到的，對奧林匹斯能源上游和中游資產的增值收購加速了我們的去槓桿計劃，因為預計淨債務增加了 6%，而自由現金流增加了 8%，從而提高了我們的債務與自由現金流指標。

The acquisition has an immaterial impact on our absolute debt balance as we forecast exiting the year at $7 billion of net debt on a pro forma basis. We continue to target $5 billion of net debt on a medium-term basis and at recent strip pricing forecast achieving this goal by the middle of 2026.

此次收購對我們的絕對債務餘額影響不大，因為我們預計今年年底的淨債務將達到 70 億美元（以形式計算）。我們繼續以中期 50 億美元的淨債務為目標，並根據最近的條帶定價預測，在 2026 年中期實現這一目標。

Turning to hedging. Rapid delevering positioned us to add no incremental hedges during the quarter, and we remain unhedged in 2026 and beyond. Our position at the low end of the cost curve acts as a structural hedge, which in turn facilitates unmatched exposure to high-priced scenarios by limiting our need to financially hedge. Instead of defensively hedging, we can now patiently look for opportunities to capture asymmetric SKU in the options market, which positions EQT to realize higher than average gas prices through the cycle.

轉向對沖。快速去槓桿使我們在本季度不會增加增量對沖，並且在 2026 年及以後我們仍不會進行對沖。我們處於成本曲線低端的位置起到了結構性對沖的作用，這反過來又通過限制我們的財務對沖需求，促進了對高價情景的無可比擬的敞口。現在，我們可以耐心尋找機會在選擇市場中捕捉不對稱 SKU，而不是進行防禦性對沖，這使 EQT 能夠在整個週期內實現高於平均水平的天然氣價格。

Turning to the macro, amid the risk off sentiment sweeping through the market, I want to share some thoughts on the natural gas macro landscape, which is positioned as a safe haven with strengthening fundamentals. We have talked for some time about the natural gas market being structurally tighter than pricing indicated due to the successive (inaudible) events of LNG facilities going down in warm winters.

談到宏觀，在避險情緒席捲市場的情況下，我想分享一些關於天然氣宏觀格局的看法，天然氣被定位為基本面不斷增強的避風港。我們已經討論了一段時間，由於液化天然氣設施在溫暖的冬季連續發生（聽不清楚）故障，天然氣市場在結構上比定價顯示的更為緊張。

Despite consensus thinking that this past winter was particularly cold, as measured by heating degree days, winter was in fact in line with the 10-year average, and inventory balances have tightened rapidly. Importantly, this occurred on the eve of a step change increase in LNG demand in 2025 and 2026.

儘管人們普遍認為，以供暖度日數衡量，今年冬天特別寒冷，但事實上，這個冬天與十年平均水平一致，庫存餘額迅速收緊。重要的是，這發生在2025年和2026年液化天然氣需求大幅增加的前夕。

On the supply side, we believe US. gas production needs to exit 2025, near 108 Bcf per day and approach 114 Bcf a day by the end of 2026. Given current production levels in the 104 to 105 Bcf per day range, we need to see a rapid increase in activity levels in production or pricing will reset significantly higher to suppress demand and balanced inventories.

在供應方面，我們相信美國。天然氣產量需要在 2025 年達到每天 1,080 億立方英尺左右，到 2026 年底達到每天 1,140 億立方英尺。鑑於目前的生產水準在每天1040億至1050億立方英尺之間，我們需要看到生產活動水準的快速增長，否則價格將大幅上漲，以抑制需求並平衡庫存。

Our assumption has been that half of this growth would come from associated gas in the Permian and half from growth in the Haynesville. However, OPEC has decided to once again defend market share and start bringing back near record low of spare capacity, spending oil prices toward the 50s at the same time the trade war broke out.

我們的假設是，這一增長的一半將來自二疊紀的伴生氣，另一半將來自海恩斯維爾的成長。然而，在貿易戰爆發的同時，OPEC決定再次捍衛市場份額，並開始將閒置產能恢復到接近歷史最低水平，將油價推向50美元左右。

At this price level, we expect to see a slowdown in Permian activity in other less economic oil basins shifting to declines. Meanwhile, in the Haynesville, we still have nativity pickup and believe any activity additions will be disproportionately impacted by tariff-driven inflation. Thus, we are increasingly uncertain as to where this required production growth will come from in such a short time and are increasingly bullish gas prices.

在此價格水準下，我們預期其他經濟性較差的石油盆地的二疊紀活動將放緩並轉向下降。同時，在海恩斯維爾，我們仍然看到聖誕活動的回升，並相信任何活動的增加都將受到關稅驅動的通貨膨脹的嚴重影響。因此，我們越來越不確定在如此短的時間內所需的產量成長將從何而來，並且越來越看好天然氣價格。

On the demand side of the equation, we do not expect notable disruptions from recent macro events. As a reminder, natural gas demand is primarily driven by winter heating, power demand, industrial demand in LNG and pipeline exports, and has a negligible correlation to macroeconomic demand cycles.

從需求方面來看，我們預期近期宏觀事件不會造成顯著影響。需要提醒的是，天然氣需求主要受冬季暖氣、電力需求、液化天然氣工業需求和管道出口驅動，與宏觀經濟需求週期的相關性可忽略不計。

Looking back at a worst-case scenario from 2020, industrial demand declined by less than 1 Bcf per day or less than 1% of total demand, and we don't believe a modest recession that would have nearly the demand impact is COVID.

回顧 2020 年最糟糕的情況，工業需求每天下降不到 10 億立方英尺，或不到總需求的 1%，我們認為，對需求產生如此大影響的溫和衰退不會是 COVID。

Further, we do not expect any impact to LNG exports in the medium term due to low inventory levels in Europe and thus expect exports to flow at full capacity. We are also observing a faster than expected ramp up from the new Plaquemines LNG facility, which is operating above nameplate capacity. If this outperformance continues and Golden Pass comes online before year-end in accordance with Exxon's guidance and his recent FERC filings indicate as possible, substantially more production will be required to keep 2026 in balance. All told, we are more bullish medium-term gas prices today than we were last quarter.

此外，由於歐洲庫存水準低，我們預計中期液化天然氣出口不會受到任何影響，因此預計出口將滿載運作。我們也觀察到，新的普拉克明液化天然氣設施的產能提升速度快於預期，目前其產能已超過額定產能。如果這種優異表現持續下去，而 Golden Pass 按照埃克森美孚的指導方針及其最近提交給聯邦能源管理委員會的文件所表明的那樣在年底前上線，那麼將需要大幅增加產量才能保持 2026 年的平衡。總而言之，我們目前對中期天然氣價格的看漲程度比上一季更高。

During risk-off period like we've seen recently, the market has trouble distinguishing signal from noise. However, we are convinced that when the dust settles and the fundamental picture becomes more clear, natural gas prices are positioned to move materially higher, particularly in 2026. The longer this macro uncertainty remains and a slower the activity response, the more bullish we become.

在我們最近看到的風險規避時期，市場很難區分訊號和噪音。然而，我們確信，當塵埃落定、基本面變得更加清晰時，天然氣價格將大幅上漲，尤其是在 2026 年。這種宏觀不確定性持續的時間越長，經濟活動反應越慢，我們就越樂觀。

To wrap it up, as demonstrated through our record-breaking results, we continue to deliver on our promises tangibly proving the power of our integrated platform and the unique in power of our business in all market cycles. Our ability to quickly adapt to market conditions and a capital efficient there, while concurrently driving operational efficiencies is fueling outsized free cash flow generation. Looking ahead, we see a clear path for sustained momentum and continuing to create differentiated value for shareholders.

總而言之，正如我們破紀錄的業績所證明的那樣，我們將繼續兌現我們的承諾，切實證明我們整合平台的強大功能以及我們業務在所有市場週期中的獨特實力。我們能夠快速適應市場條件和資本效率，同時提高營運效率，從而產生超額的自由現金流。展望未來，我們看到了持續發展動能和繼續為股東創造差異化價值的清晰道路。

With that, I'd now like to open call to questions.

好了，現在我想開始提問。

We will now begin the question and answer session. (Operator instructions)

我們現在開始問答環節。（操作員指示）

Doug Leggate, Wolfe Research.

道格‧萊格特（Doug Leggate），沃爾夫研究公司。

Hey, good morning, guys. Nice to embarrass everyone in the free cash flow number. So thanks for that, but congrats on a strong quarter. I have two unrelated questions, if I may.

嘿，大家早安。很高興在自由現金流數字上讓所有人感到難堪。所以，謝謝你，但也要恭喜你本季表現強勁。如果可以的話，我有兩個不相關的問題。

Toby, first, I'm addressing it to you. It might be Jeremy wants to answer this. But on Olympus, big equity component, 1% dividend yield. So a cheap way of doing the deal from a cash outflow standpoint. But I'm curious what it does to your levered breakeven? To the extent you can offer any color on post-deal sustaining capital and what that -- how you see the level breakeven today? Obviously, we're all watching your progress was debt reduction. So that's my first one. I've got a follow-up, please.

托比，首先，我要向你講述這件事。這可能是傑里米想要回答這個問題。但奧林巴斯的股票成分較大，股息殖利率為 1%。從現金流出的角度來看，這是一種廉價的交易方式。但我很好奇它對你的槓桿損益平衡有什麼影響？您能否對交易後的維持資本提供任何說明，以及您如何看待今天的損益兩平水準？顯然，我們都在關注您減債的進展。這是我的第一個。我有後續事宜，請告知。

Yes, Doug, I think it's a great question because you can see deals get printed and show strong financial accretion. But I think what's really exciting about the Olympus deal is we're seeing that accretion and doing it with a high-quality asset that has a cost structure that's going to equivalent to EQT. We think that's really special about this and what makes a good deal on the accretion number is a great deal for our shareholders in the long term. So we're really excited about that set up and being able to get that print.

是的，道格，我認為這是一個很好的問題，因為你可以看到交易被印出來並顯示出強勁的財務成長。但我認為奧林巴斯交易真正令人興奮的是，我們看到了這種增值，並且是透過成本結構與 EQT 相當的高品質資產來實現的。我們認為這真的很特別，從長遠來看，增值數字的良好交易對我們的股東來說也是一件好事。因此，我們對這一設置以及能夠獲得該印刷品感到非常興奮。

And Doug, in terms of specifics, I would say it doesn't really have an impact on the unlevered number. It's modestly delevering, as you noted, due to the equity component. So it marginally improves that. But on a levered basis, we see that breakeven at about $2.35 for 2025.

道格，就具體情況而言，我想說這對無槓桿數字並沒有太大的影響。正如您所說，由於股權成分，這是適度去槓桿。因此，它稍微改善了這一點。但從槓桿率來看，我們預計 2025 年的損益平衡點約為 2.35 美元。

Guys, just a quick follow-up. Toby, if I may, when you're comparing it to QP. Would that also apply to the inventory depth? You guys have got 20 years you've talked about. What does Olympus look like?

夥計們，只是一個快速的跟進。托比，如果可以的話，當你將它與 QP 進行比較時。這也適用於庫存深度嗎？你們已經談了 20 年。奧林巴斯是什麼樣子的？

Yes. So we've underwritten basically just the Marcellus. So the Utica out there is all upside. And so we think that's going to be more of the longer-term play that would get an inventory depth on par with what we're carrying here. But we didn't ascribe any value to it in underwriting this deal, and it's something that we'll work on over time.

是的。所以我們基本上只承保了 Marcellus。所以尤蒂卡的一切都充滿好處。因此，我們認為這將是更長期的行動，以使庫存深度與我們現在的庫存深度相當。但我們在承銷這筆交易時並沒有賦予它任何價值，我們會隨著時間的推移而努力。

But this is directly adjacent to some of the Utica activity, not just the Olympus team has done. They've done a handful of wells, but some of the other activity by other operators right there. So I mean, there are some things to get excited about with the deeper Utica in this area, and we think that will pull inventory levels up for the longer term.

但這與尤蒂卡的一些活動直接相鄰，而不僅僅是奧林巴斯團隊所做的。他們已經鑽了幾口井，但其他一些作業也由其他業者進行。所以我的意思是，這個地區尤蒂卡深處有一些令人興奮的事情，我們認為這將在長期內拉高庫存水準。

Thanks. My follow-up, Jeremy, is definitely for you. It's pricing strategy. The reason for the question is we obviously saw T5 and other regional hubs blowout in the quarter. And you guys, obviously, I've got a lot of -- you've got some constraints over how you allocate bid versus spot. So I'm just curious, as the balance sheet gets improved, as you own the -- obviously, you own the midstream now, you can allocate things a little differently. What are you thinking? Is there any reason to think -- consider whether you would change that bid versus spot mix in your gas? And I'll leave it there. Thanks.

謝謝。我的後續行動，傑里米，肯定適合你。這是定價策略。提出這個問題的原因是我們明顯看到 T5 和其他區域樞紐在本季出現井噴。各位，顯然，我有很多——你們在如何分配出價和現貨方面受到一些限制。所以我只是好奇，隨著資產負債表的改善，隨著你擁有——顯然，你現在擁有了中游，你可以以稍微不同的方式分配東西。你在想什麼？有什麼理由去思考—考慮一下您是否會改變天然氣的出價與現貨組合？我就把它留在那裡。謝謝。

Yes. It's an interesting question. So a lot of times, we elect a first of month because our financial hedges effectively settle against that first of month price. So for example, if you're 50% hedged, you probably want to have at least 50% of your production settled first of month to pair that up. As we move to a position where we are hedged less due to the fact that we do have the midstream cash flows and as our leverage drops lower and lower, we'll have a lot more flexibility to sell more into the dailies.

是的。這是一個有趣的問題。因此，很多時候，我們選擇月初，因為我們的金融對沖可以有效地根據月初的價格進行結算。舉例來說，如果您對沖了 50%，那麼您可能希望在月初結算至少 50% 的產量以進行配對。由於我們確實擁有中游現金流，而且我們的槓桿率越來越低，因此我們的對沖減少，我們將擁有更大的靈活性，可以每天出售更多產品。

And we changed that seasonally. So when you think about this past quarter and some of the winter storms that came through, the amount of value you can capture selling in the daily price market is pretty material. That's what you saw surge production into in the first quarter. So I think we'll have a lot more flexibility to do that, but that's really enabled by -- at a core, having the midstream foundational assets and the stability of cash flow, which then allows us to hedge less which then gives us that flexibility. So I think the opportunity is increasing.

我們會根據季節變化而做出改變。因此，當您考慮到上個季度以及經歷的一些冬季風暴時，您在每日價格市場上銷售所能獲得的價值量是相當可觀的。這就是第一季產量激增的原因。因此，我認為我們將擁有更大的靈活性來做到這一點，但這實際上是由——從根本上說，擁有中游基礎資產和穩定的現金流，使我們能夠減少對沖，從而為我們帶來靈活性。所以我認為機會正在增加。

Thank you so much, guys,

非常感謝你們，

Devin McDermott, Morgan Stanley.

摩根士丹利的戴文麥克德莫特。

Can you hear me? Sorry about that. So I wanted to ask first just building a bit on the M&A strategy. And Toby, do you want to just kind of think back at your tenure as CEO, you've built EQT into a premier gas company as you framed it in your opening remarks. It's been through a mix of organic improvement in strategic M&A. I think one of the impacts of the strong portfolio you have right now is it raises the bar on any incremental acquisitions.

你聽得到我嗎？很抱歉。因此，我想先問一下關於併購策略的一些問題。托比，您是否想回顧一下您擔任執行長的任期，正如您在開場白中所說的那樣，您已經將 EQT 打造成為一家一流的天然氣公司。它透過策略併購實現了有機改進。我認為您目前擁有的強大投資組合的影響之一是它提高了任何增量收購的標準。

So -- beyond just Olympus, I guess the question is probably both for you, Toby and Jeremy, is what strategic and financial boxes need to be checked for further M&A? And kind of how are you viewing EQT's role in additional consolidation from here?

那麼——除了奧林巴斯之外，我想對你們（托比和傑里米）來說，問題可能在於，進一步的併購需要檢視哪些策略和財務條件？您如何看待 EQT 在進一步整合中的作用？

Yes. Devin, I think for us, I mean, our track record, I think we've been very consistent. I think we'll continue to be consistent. And you're right, the bar has gotten higher and I think for us, we're looking at value. And I'd say, on the other hand, we're looking at just the power of the platform, and we are demonstrating an edge here.

是的。德文，我認為對我們來說，我的意思是，我們的記錄，我認為我們一直都非常穩定。我認為我們會繼續保持一致。你說得對，標準越來越高了，我認為對我們來說，我們關注的是價值。另一方面，我想說，我們只專注於平台的力量，並且我們在這裡展示了優勢。

But we could be patient, and we've got a great business that we're focused on. And it's one of the reasons why we want to highlight like. Our success has not been purely from the strategic M&A that we've done. We've transformed the operating this business. You're seeing us flex the asset base and continue to see operational efficiency gains. That momentum is going to continue, and it's going to continue to give us the ability to have opportunities in the future just working on this current asset base we have that we're pretty excited about.

但我們可以耐心等待，而且我們有一個偉大的事業，我們正在集中精力。這也是我們想要強調的原因之一。我們的成功並非僅來自於我們所做的策略性併購。我們已經改變了這項業務的運作方式。您會看到我們靈活運用資產基礎並持續提高營運效率。這種勢頭將會持續下去，並將繼續讓我們有能力在未來獲得機會，只需利用我們現有的資產基礎，我們對此感到非常興奮。

Devin, a lot of it just comes down to that North Star. We always talk about which is cost structure. And that's one of the unique things about Olympus, just that integrated model and actually really high-quality wells out there, that allows us to maintain the integrity of what we've always focused on and do it in a really value-accretive manner. And do it in a way that preserves our balance sheet strength and in this case, actually improved our leverage metrics on the margin. So I wish there were more opportunities like that.

德文，很多事情都歸結於那顆北極星。我們總是談論哪個是成本結構。這就是奧林巴斯的獨特之處之一，即整合模型和實際上非常高品質的油井，這使我們能夠保持我們一直關注的完整性，並以真正增值的方式做到這一點。並且以保持我們資產負債表實力的方式做到這一點，在這種情況下，實際上提高了我們的保證金槓桿指標。所以我希望有更多這樣的機會。

There's just fewer and fewer. So I think it's going to be pretty hard for us to find much going forward. But look, we're always active. We're looking -- we continue to be focused on Appalachia. And if there's a way to create outsized shareholder value by taking a strategic action, I think we're always interested in that. It's just becoming difficult because the opportunities have mostly been picked up.

只是越來越少了。所以我認為我們很難找到前進的動力。但你看，我們一直都很活躍。我們正在尋找——我們將繼續關注阿巴拉契亞山脈。如果有辦法透過採取策略行動來創造超額股東價值，我想我們一直對此感興趣。這變得越來越困難，因為機會大多已經被奪走了。

Yes. That makes a lot of sense. And then I wanted to shift and ask about the in-basin demand opportunity. Toby, I think you mentioned you're currently in discussion on dozen different in-basin demand sources and gas sales opportunities. I was wondering if you could characterize these in a bit more detail, like size, time line, how you're thinking about potential contract structure and also whether or not you're still affecting that for announcement in 2025?

是的。這很有道理。然後我想轉換話題並詢問盆地內的需求機會。托比，我想你提到過，你們目前正在討論十幾種不同的盆地內需求來源和天然氣銷售機會。我想知道您是否可以更詳細地描述這些內容，例如規模、時間軸、您如何考慮潛在的合約結構，以及您是否仍會影響 2025 年的公告？

Yes. I mean, Doug, I think it's even -- I think it's important, yes, sorry, Devin. I think it's important just to step back and just look at the dynamics that have taken place in this country. I mean -- and this is what's driving a lot of in-basin demand. We've had over 5 Bcf a day of pipeline projects that have been blocked canceled or posed that would have taken low-cost, reliable, clean Appalachia gas and deliver it to other parts in the country.

是的。我的意思是，道格，我認為這甚至——我認為這很重要，是的，對不起，德文。我認為重要的是回顧並觀察這個國家發生的動態。我的意思是——這就是推動大量流域內需求的原因。我們每天有超過 50 億立方英尺的管道項目被阻止、取消或提出，這些項目原本可以將低成本、可靠、清潔的阿巴拉契亞天然氣輸送到該國其他地區。

And so you see the market opportunity for more natural gas and without these pipelines, that in-basin demand is going to grow. And that's what we're seeing. And specifically on the power generation front, one of those pipelines was Atlantic Coast Pipeline got blocked. That would have taken gas into data center ally for the AI build out. Well, without that pipeline, people that want that power are going to move back closer to basis into our basin.

因此，您看到了更多天然氣的市場機會，即使沒有這些管道，盆地內的需求也會成長。這就是我們所看到的。特別是在發電方面，其中一條管道——大西洋海岸管道——被堵塞了。這將天然氣帶入資料中心，用於人工智慧的建設。好吧，如果沒有那條管道，想要電力的人就會回到離我們盆地更近的地方。

So I mean that's the high-level theme that's taking place. What that's translating for us, obviously, I think EQT is well positioned just with the sprawl of our acreage position. We've got a lot of shots on goal. So we've got a lot of conversations that are taking place right now. This Olympus transaction positions us even closer to some of those opportunities. So we're excited about seeing how that could potentially translate to optimizing gas delivery to some of these opportunities.

所以我的意思是，這是正在發生的高層主題。這對我們來說意味著，顯然，我認為 EQT 憑藉我們廣闊的土地面積處於有利地位。我們有很多次射門。所以我們現在正在進行很多對話。此次與奧林巴斯的交易使我們更接近其中的一些機會。因此，我們很高興看到這可能轉化為優化這些機會的天然氣輸送。

These are deals that take a lot of people putting it together. We're still confident that it's going to -- we're going to have something by this year. We've got a lot of conversations happening, but it's going to take some time to put these through.

這些交易需要很多人共同努力才能完成。我們仍然相信，我們今年將會取得一些成果。我們正在進行很多對話，但需要一些時間才能完成。

Great, thanks so much.

太好了，非常感謝。

Arun Jayaram, JPMorgan.

摩根大通的阿倫‧賈亞拉姆 (Arun Jayaram)。

Good morning, gentlemen.

先生們，早安。

Morning.

早晨。

Quick question here. Toby, there's a lot you control as an E&P company, but ultimately, you're a price taker. And so I wanted to see if you could maybe address some of the benefits to EQT from having conversations with, call it, data center kind of counterparties. From their standpoint, I could see they get a benefit of a guarantee of supply -- supply surety. Just wondering if you may help us think about some of the benefits to EQT from doing clinical to data center deal. Obviously, it probably helped local basis, but what are the opportunity sets from a marketing standpoint to benefit your margins?

這裡有一個快速問題。托比，作為一家勘探與生產公司，你可以控制很多事情，但最終，你是價格接受者。因此，我想看看您是否可以談談 EQT 與資料中心類型的交易對手進行對話能帶來的一些好處。從他們的角度來看，我認為他們獲得了供應保證的好處——供應擔保。只是想知道您是否可以幫助我們思考 EQT 從臨床到資料中心交易能帶來哪些好處。顯然，它可能對當地有所幫助，但從行銷角度來看，有哪些機會可以提高您的利潤率？

Yes. So I think it's important for everybody to understand in a world where it's energy short and you're planning on building billions and billions of dollars in these data centers, having security of supply is critical. And that's what's having people come and look to go full path on their energy solutions, not just by natural gas on the spot market. So that's what's creating the opportunity for us to come in and talk. But I'd say the -- what are we looking to deliver.

是的。因此，我認為每個人都應該明白，在一個能源短缺的世界裡，你計劃在這些資料中心建造數十億美元，確保供應安全至關重要。這就是人們尋求全面能源解決方案的原因，而不僅僅是現貨市場上的天然氣。這就是為我們創造介入和交談的機會。但我想說的是──我們想要實現什麼。

I mean, these are competitive situations. There's going to be lots of options for EQT to be successful. We have to provide the best combination of cost, reliability and carbon footprint of the emissions associated with that energy. We're certainly very well positioned. Our location is in proximity to some of these opportunities, I think it's tough to replicate.

我的意思是，這些都是競爭情勢。EQT 要獲得成功，將會有許多選擇。我們必須提供與該能源相關的成本、可靠性和碳足跡的最佳組合。我們的定位確實非常有利。我們的位置靠近其中一些機會，我認為這很難複製。

And what will that ultimately will translate to, I think, will be opportunities like we've already shown the ability to capture. The deal we did back in '23, which will really start hitting in '27, '28 with MVP of the tail pipe. I mean, as an example, I mean it will be just -- I would look at it simply as just an uplift to just selling our gas locally.

我認為，這最終將轉化為我們已經展現出的抓住機會的能力。我們在 1923 年達成的交易將在 1927 年、1928 年真正開始發揮作用，屆時我們將獲得排氣管 MVP 的稱號。我的意思是，舉個例子，我認為這只是——我只是簡單地將其視為對當地天然氣銷售的一種提升。

And we've got, call it, around a couple of Bcf a day of gas that's already flowing above ground being sold in basin. That's an amount of gas that's ready today, that our commercial team is using to connect to some of these opportunities, and then we will have a decision strategically whether we want to backfill those volumes that we supply and that will create the opportunity for us to get sustainable growth. So it's really an exciting opportunity, not just for the margin enhancements we can get, but also triggering the sustainable growth opportunities for our massive inventory base.

我們每天有大約幾十億立方英尺的天然氣在地面上流動並在盆地內銷售。這是目前已經準備好的天然氣數量，我們的商業團隊正在利用這些天然氣來抓住一些機會，然後我們將從策略上決定是否要補充我們供應的這些天然氣量，這將為我們創造可持續成長的機會。所以這確實是一個令人興奮的機會，不僅可以提高我們的利潤率，還可以為我們龐大的庫存基礎帶來可持續的成長機會。

Great. That's super helpful. Maybe my follow-up is maybe, Jeremy, slide 11, you highlighted the ability for your basis differentials to narrow by $0.30, $600 million uplift. Can you give us a sense of, maybe break that out between what portion of that is just from M2 tightening versus the benefits or uplift from the long-term sales agreements?

偉大的。這非常有幫助。也許我的後續問題是，傑里米，第 11 張投影片，你強調了基礎差異縮小 0.30 美元、增加 6 億美元的能力。您能否告訴我們，也許可以將其分為幾個部分，一部分是來自 M2 緊縮，另一部分是來自長期銷售協議的收益或提升？

Yes, it's a great question. So if you think about the $600 million that Toby mentioned in some of the prepared remarks, that -- about half of that is coming from those sales deals and the other half is coming from these in-basin dynamics, what you're seeing on the forward curve right now. So I'd call half of that more or less contractually locked in and the other half just due to these fundamentals that we keep talking about.

是的，這是一個很好的問題。因此，如果你想想托比在一些準備好的發言中提到的 6 億美元，其中大約一半來自這些銷售交易，另一半來自這些盆地內動態，也就是你現在在遠期曲線上看到的。因此，我認為其中一半或多或少是合約鎖定的，而另一半只是由於我們一直在談論的這些基本原理。

Great. Thanks a lot gentlemen.

偉大的。非常感謝各位先生。

Alright, thanks, Arun.

好的，謝謝，阿倫。

Neil Mehta, Goldman Sachs.

高盛的尼爾·梅塔。

Yeah, thanks so much, Toby, Jeremy, for the comments. We agree with your view that the front month the gas curve looks a little oversold here. One of the questions that we've been getting is how you think about what that marginal molecule cost curve is?

是的，非常感謝 Toby、Jeremy 的評論。我們同意您的觀點，前一個月的天然氣曲線看起來有點超賣。我們一直在問的一個問題是，您如何看待邊際分子成本曲線？

And if we ultimately need to price the Haynesville, how do you think about the price breakeven of it? I'm curious if you guys have done some work around that. And is there a scenario where you need to actually price through non-core Haynesville and go hires. Just your framework as you think about the upside of the volatility being?

如果我們最終需要對 Haynesville 進行定價，您如何看待它的價格損益兩平？我很好奇你們是否已經針對此做了一些工作。是否存在需要透過非核心 Haynesville 進行定價並進行僱用的情況？您認為波動性的上行潛力是什麼？

Yes. We spent a lot of time on that. I saw your team put out a note last night on that, too, Neil. Look, I think our view is that with the dwindling inventory in the Haynesville and some of the more recent wells having much less productive results than what we saw a couple of years ago, that's at least in the mid-4s. And with the volatility you're seeing in the market right now and even really over the last 1.5 months, seeing how much pricing swings around.

是的。我們為此花費了很多時間。尼爾，我看到你的團隊昨晚也對此發表了聲明。看起來，我認為我們的觀點是，隨著海恩斯維爾庫存的減少和一些較新的油井的產量遠低於我們幾年前看到的水平，這至少在 4% 左右。從目前市場波動來看，甚至在過去 1.5 個月中，價格波動幅度都很大。

I think the bar to make that capital allocation decision towards growth where you don't see the return on those dollars for the past 1.5, 2 years. I think you need to see the back end of the curve rise more to really incentivize that. And you're just out there yet. I mean, CAL26 right now is just over $4, and you're seeing CAL27 below that.

我認為，做出資本配置決策的門檻是，如果在過去 1.5 到 2 年內看不到這些資金的回報，就無法成長。我認為你需要看到曲線的後端進一步上升才能真正激勵這一點。而你才剛離開。我的意思是，CAL26 現在剛好超過 4 美元，而你看到的 CAL27 卻低於這個價格。

From our perspective, I don't think that's nearly enough to get the level of activity back that's required to meet some of these demand growth estimates and what's effectively lock these LNG exports. So -- look, that's why we're being patient in terms of how we think about hedging if we hedge it all.

從我們的角度來看，我認為這遠遠不足以恢復到滿足部分需求成長預期所需的活動水平，也不足以有效鎖定這些液化天然氣出口。所以——你看，這就是為什麼我們在考慮如何對沖（如果我們對沖一切）方面保持耐心。

Near term, it's really about balancing the March '26 inventory balance in different winter scenarios. But then beyond that, as you get into mid-2026 unless you see that activity response and take production volumes materially higher. I think the market just gets upside down pretty quick.

短期內，這實際上是為了在不同的冬季情境下平衡 26 年 3 月的庫存餘額。但除此之外，除非你看到活動反應並使產量大幅提高，否則到 2026 年中期。我認為市場很快就會顛覆。

And it takes a little while, as you well know, between activity coming back and that production showing up. So I think if we go a couple of more months and we don't see a material increase, it's almost going to get -- it's going to become too late. And you almost crystalline that bullish inflection in 2026, where you kind of -- you have to hope winters warm to keep the market balanced.

眾所周知，從活動恢復到生產出現需要一段時間。所以我認為，如果再過幾個月我們還沒有看到實質的成長，那就幾乎要──要變得太晚了。2026 年的看漲拐點幾乎已經明確，屆時你必須希望冬天溫暖，以保持市場平衡。

All right. That's helpful. And as you think about the production that we've seen out of Appalachia to start the year, it has come in a little probably faster than some people expected. And I'd be curious, as you think about the production path for the US from here, particularly in the base that you operate in? And was that just a pull forward in response to strong pricing and we stabilize production from here, so demand catches up and then we drive inventory?

好的。這很有幫助。想想今年年初我們在阿巴拉契亞山脈看到的產量，它的成長速度可能比一些人預期的要快一些。我很好奇，您如何看待美國從這裡開始的生產路徑，特別是在您運營的基地？這是否只是為了應對強勁的定價而提前採取的措施？我們從這裡開始穩定生產，以便需求趕上來，然後我們推動庫存？

Yes. I would characterize it the same way you just did. I think it's a bit of a pull forward. But I think for the next two quarters at least. We don't see that growing much beyond where it's at, certainly in the Northeast. I think it's easy to extrapolate where you're at. I think what we're seeing every single year, it's funny to be like we have this conversation year after year.

是的。我會用和你剛才同樣的方式來描述它。我認為這有點向前拉。但我認為至少在接下來的兩個季度會如此。我們認為，除了目前所在地區以外，這種成長不會有太大的改善，尤其是在東北地區。我認為很容易推斷出你所處的位置。我認為我們每年都會看到這樣的事情，年復一年地進行這樣的對話是很有趣的。

You see Northeast product surge in the winter and then it comes back off at some point in Q2. I think due to some of the deferred tills and DUCs, you probably have more of a flat scenario, but -- again, I don't see that rising beyond where it is today. So again, it just kind of underpins part of the reason we're so constructive in addition to what's happening on the liquid side of the space right now.

你會看到東北地區的產品在冬季激增，然後在第二季的某個時候回落。我認為，由於一些延期付款和 DUC，您可能會看到更平穩的情況，但是——我再說一次，我認為它不會超過今天的水平。所以，除了目前流動性領域正在發生的事情之外，這只是我們如此具有建設性的原因之一。

I think we said this in the prepared remarks, but half the volume we assumed was coming from the Haynesville in terms of growth and half from the Permian. And it is harder and harder for us to see that showing up in the time frame you needed to show up. '25 and '26 is really is -- it's a unique time period because you do have that step change increase in demand so quickly.

我想我們在準備好的發言中提到了這一點，但我們認為一半的增長量來自海恩斯維爾，另一半來自二疊紀。我們越來越難以在你需要的時間範圍內看到這一點。 '25 和 '26 確實是一個獨特的時期，因為需求確實迅速發生了階躍變化。

And you normally never have events like that, and it's just -- it's very hard for production to keep up at that rapid of a pace. So in the same way in 2023 and '24, you didn't have enough demand and you had enough supply, that's going to flip on you and put the market into undersupplied scenario pretty quickly.

通常情況下，你不會遇到這樣的事件，而且——生產很難跟上如此快的速度。因此，就像 2023 年和 2024 年一樣，需求不足而供應不足，這種情況很快就會逆轉，導致市場很快就陷入供應不足的局面。

So again, we think that macro backdrop is really attractive. And if we're sitting here having the same conversation three months from now, on our Q2 earnings call, it's going to feel like, I think, in our view, how we model it, like it's a little too late and you're really crystallizing that bullish setup in 2026.

因此，我們再次認為宏觀背景確實很有吸引力。如果我們三個月後坐在這裡，在第二季度收益電話會議上進行同樣的對話，那麼我認為，在我們看來，我們對此的建模似乎有點太晚了，而你實際上要在 2026 年才能實現看漲的預期。

Great. Thanks, Jeremy.

偉大的。謝謝，傑里米。

Kalei Akamine, Bank of America.

卡雷‧阿卡明 (Kalei Akamine)，美國銀行。

Hey, good morning, guys. I've got two follow-ups, both on Olympus here. I guess, first, a good deal. We think it's accretive on multiple measures, and the industrial logic is there. Maybe first, can you talk a little bit about Olympus Midstream. We understand that business is integrated in the upstream and the midstream.

嘿，大家早安。我有兩個後續問題，兩者都與奧林巴斯有關。我想，首先，這是一筆好交易。我們認為它在多個方面都具有增值性，並且具有產業邏輯。首先，您能否簡單談談 Olympus Midstream 的情況？我們了解業務在上游和中游是整合的。

Wondering if there are any opportunities to link that system into Equitrans? So differently, are there any synergies from linking into Equitrans? And do you see any compression opportunities which have been a big driver of gains in your legacy assets?

想知道是否有機會將該系統連結到 Equitrans？那麼，與 Equitrans 合作是否會產生協同效應呢？您是否看到了任何壓縮機，這些機會對推動您的遺留資產的收益起到了很大的作用？

Yes. So great question. And the answer is yes, we will be looking to tie this midstream system into our Equitrans base set of pipes we got out there. I mean I think the picture on slide 10 just shows the proximity that we've got there. So that will definitely create opportunities for us to optimize delivery points.

是的。這個問題問得真好。答案是肯定的，我們將尋求將這個中游系統與我們在那裡得到的 Equitrans 基礎管道系統結合。我的意思是，我認為第 10 張投影片上的圖片正好顯示了我們到達那裡的距離。所以這肯定會為我們優化交付點創造機會。

I think the thing that's most interesting, though, is going to be seeing how we can leverage this asset base to service some new in-basin demand opportunities that we're working with. So that certainly would be a nice synergy upside, however you want to categorize it. But we'll be looking -- our midstream team will be looking to maximize value from this asset base we have here.

不過，我認為最有趣的事情是看我們如何利用這個資產基礎來滿足我們正在合作的一些新的盆地內需求機會。所以，無論你如何對其進行分類，這無疑將是一個很好的協同優勢​​。但我們會尋找——我們的中游團隊將尋求從我們現有的資產基礎中實現價值最大化。

Got it. Thanks, Toby. The second one is, we looked at the legacy Olympus wells and their well design looks a little bit different than yours, in fact, very different. Can you talk about whether you're making any upside in from your own best practices onto the Olympics assets?

知道了。謝謝，托比。第二個是，我們研究了傳統的奧林巴斯井，它們的井設計看起來與你們的井略有不同，事實上，非常不同。您能否談談您是否將自己的最佳實踐應用到奧運資產上？

Yes. No, we've been pretty conservative in our underwriting type curves here. So there will be opportunities for us to tweak the well designs, but that is not factored into our math right now. So things like well spacing and some of the completion intensity may be some tweaks, but that would be considered upside.

是的。不，我們的核保類型曲線一直相當保守。因此，我們將有機會調整井的設計，但目前這還沒有計入我們的計算中。因此，井距和完井強度等方面可能會有一些調整，但這將被視為好處。

Got it. Thank you, Toby.

知道了。謝謝你，托比。

You got it.

你明白了。

Roger Read, Wells Fargo.

富國銀行的羅傑‧里德 (Roger Read)。

Yeah, good morning. Yes. A lot of the big stuff has been hit here. But I think one of the questions we get kind of consistently is what are the out-of-basin opportunities that were not necessarily thinking of front page, but we should consider? I know long time we've talked about LNG in the Northeast that seems unlikely. But what are some of the other opportunities we should be paying attention to there?

是的，早安。是的。很多大件物品都在這裡受到撞擊。但我認為我們經常被問到的一個問題是，有哪些盆地外的機會是我們不一定在頭版考慮但應該考慮的？我知道我們很久以前就討論過東北地區的液化天然氣，但這似乎不太可能。但是我們還應該關注哪些其他機會呢？

Well, I think it's just important to note, like we've got, I think, the hottest trend happening in our backyard with the power gen. I mean a lot of the focus on LNG was really driven by the fact that, that was the a big source of demand for natural gas. But now, we've got a more bullish opportunity happening in our backyard with this AI data center thing. So I mean, I would say I'd be focusing on that, that's certainly where we're spending most of our time.

嗯，我認為值得注意的是，我認為，我們後院最熱門的趨勢就是發電。我的意思是，人們對液化天然氣的關注很大程度上是因為它是天然氣需求的一大來源。但現在，隨著人工智慧資料中心的出現，我們身邊出現了一個更樂觀的機會。所以我的意思是，我會集中精力於此，這肯定是我們花費大部分時間的地方。

Appreciate that. The other question I have, you've done a lot of acquisitions. There have been some dispositions along the way, maybe a little premature with Olympus here. But are there things we should think about that will be paired at different times to bring a little more focus to the operations?

非常感謝。我的另一個問題是，您進行過很多收購。一路上我們已經做出了一些安排，但對於奧林巴斯來說可能有點為時過早。但是，我們是否應該考慮在不同時間配對的事情，以便對操作更加集中？

Obviously, as you get the opportunity to really review everything, determine what is truly low cost and advantage within your portfolio. But is that part of the process we should presume? Or is there still just a lot more to grow within the Marcellus that we should -- in other words, it's too early to be taking any steps back?

顯然，當您有機會真正審查所有內容時，請確定您的投資組合中什麼是真正低成本和有優勢的。但這是我們應該假設的過程的一部分嗎？或者說，馬塞勒斯 (Marcellus) 內部還有很大的發展空間——換句話說，現在採取任何後退措施還為時過早？

Roger, it's a good question. We're always looking at that. I think our divestitures of our non-op interest last year in those two transactions are a tangible example of that. And there's a number of things that we're always evaluating as a way to just continue to refocus on our core asset base and reallocate capital to what generates the highest returns.

羅傑，這是個好問題。我們一直在關注這一點。我認為我們去年在兩筆交易中剝離非經營性權益就是一個明顯的例子。我們一直在評估許多事情，以便繼續重新專注於我們的核心資產基礎，並將資本重新分配到能產生最高回報的領域。

So we're not going to talk about specifics at this time, but there's always things that we are looking at like the non-op last year. And I think that will be a continuous thing we explore as we grow the business, it's not all about growth and acquisitions. It's just simply about reallocating capital to maximize shareholder value.

因此，我們現在不會談論具體細節，但我們一直在關註一些事情，例如去年的非操作。我認為這將是我們隨著業務成長而不斷探索的事情，而不僅僅是成長和收購。這只是簡單地重新分配資本以最大化股東價值。

Appreciate that answer. Thank you.

感謝您的回答。謝謝。

Jake Roberts, TPH.

傑克羅伯茨，TPH。

Good morning.

早安.

Good morning, Jake.

早上好，傑克。

Start out with on the increase of the third-party revenue guidance relative to last quarter. If you could speak a little bit about what's driving that as well as if you see the update as kind of the upper bound on the potential?

首先，第三方收入預期相對於上一季有所增加。您能否稍微談談推動這一趨勢的因素，以及您是否認為更新是潛力的上限？

Yes. So one of the things that we've done, it's effectively encounting reallocation to some of what we had captured in the gathering line item before has been reallocated to that revenue line item, just a little bit more consistent apples-to-apples. And if you look back to how Equitrans accounted for that as well, is more consistent there, too. So that's effectively what's going on. But I wouldn't say it's a fundamental change in the business.

是的。因此，我們所做的事情之一就是有效地重新分配先前在收集項目中捕獲的一些內容，這些內容已重新分配給該收入項目，只是更加一致。如果你回顧一下 Equitrans 對此的解釋，你會發現它也更加一致。這就是實際發生的情況。但我並不認為這是業務的根本性變化。

Okay. Great. And then as a second question, maybe a follow-up to Devin's earlier question. Jeremy, you mentioned the limited opportunity set there for M&A. I was wondering if that applies to other vertically integrated businesses? Or if there's a case to be made looking at the pure plan midstream market and what could be applied to those businesses that you've done to E-train in the future?

好的。偉大的。然後作為第二個問題，也許是 Devin 之前問題的後續。傑里米，您提到了那裡的併購機會有限。我想知道這是否適用於其他垂直整合業務？或者，如果有案例可以研究純計劃中游市場，那麼未來您可以對您為 E-train 所做的業務應用什麼呢？

Yes. I mean, across anything we do strategically, it really starts with where do we have an edge. We're not looking to just buy things for the purpose of buying and growing and getting bigger. Equitrans was special in that sense because there are so many synergies between the two businesses, and we're seeing that on full display. I think if you look back at really each of the quarters that we've reported since closing that deal, we beat each quarter pretty handily.

是的。我的意思是，我們做任何策略性的事情，首先要考慮的是我們的優勢在哪裡。我們購買東西的目的不僅是為了購買、成長和壯大。從這個意義上來說，Equitrans 很特別，因為兩家公司之間有很多協同效應，而且我們已經充分看到了這一點。我認為，如果回顧一下自達成交易以來我們報告的每個季度，我們每季的業績都相當輕鬆。

And it's kind of funny when we're forecasting and giving guidance out. It's hard to account for the 30, 40 very small things individually that we're doing better. But I think what you're seeing in these beats is the collective result of all of those small things coming through and positioning us to outperform what we said we would do. I think that will continue. But it's hard to look at the midstream assets and say we can have the quite same result.

當我們預測並給出指導時，這有點好笑。我們很難逐一解釋為什麼我們在 30 到 40 件非常小的事情上做得更好。但我認為，您在這些節拍中看到的是所有這些小事的集體結果，這些小事的發生使我們能夠超越我們所說的目標。我認為這種情況將會持續下去。但從中游資產來看，我們很難說自己能得到完全相同的結果。

So look, we're open-minded about it. But I think our focus is at the core. We're an upstream business, but we want to be the best version of what we can with the lowest cost structure. If there was an opportunity like Equitrans with the same benefits and synergies, I think we'd love to explore it for the right value, but it's hard for me if this juncture to think about what that really would be.

所以，你看，我們對此持開放態度。但我認為我們的重點是核心。我們是一家上游企業，但我們希望以最低的成本結構，做到最好。如果有像 Equitrans 這樣具有相同優勢和協同效應的機會，我想我們會很樂意去探索它以獲得正確的價值，但如果在這個關鍵時刻我很難思考它到底是什麼。

Great. Appreciate the time.

偉大的。珍惜時間。

Scott Gruber, Citi Group.

花旗集團的史考特‧格魯伯。

Yes, good morning, A couple of questions upfront. The last call, you guys talked about behind-the-meter deals likely seeing contracts signed at premiums to either a regional marker or Henry Hub. We've heard recent interest in potentially signing fixed price sales agreements since it will help lock in the spark spread for the power producer, which in turn can help bend secure financing for the plant.

是的，早上好，我先問幾個問題。上次通話中，你們談到了電錶後交易，可能會看到以高於區域標記或亨利中心的價格簽訂的合約。我們最近聽說有人對簽署固定價格銷售協議感興趣，因為這將有助於鎖定電力生產商的火花價差，進而有助於為工廠獲得安全融資。

And then given hyperscalers desire for line of sight to power, it could be positive economics all the way down to the chain. Are you hearing about an interest in fixed-price deals? Is that picking up? And obviously, it's all price dependent. But if these types of deals are possible. Just any color on the price point that takes you to be more interested in fixed price over a premium to a regional market for hub pricing? Thanks.

然後考慮到超大規模企業對視線供電的需求，這可能會對整個鏈條產生積極的經濟效益。您是否聽過對固定價格交易的興趣？有好轉嗎？顯然，這一切都取決於價格。但如果這些類型的交易是可能的。價格點上的任何顏色都會讓您對固定價格比樞紐定價的區域市場溢價更感興趣嗎？謝謝。

Yes. I think -- so what's unique about each one of these power deals is that they all have different considerations. Some need help with siding, some need stream, some need gas, some need all of it. There's different counterparty credit qualities of these different, whether it's a developer or hyperscale or whoever we might be talking to. So I wouldn't say there's a one-size-fits-all approach.

是的。我認為——這些權力交易的獨特之處在於它們都有不同的考量。有些人需要幫助，有些人需要水流，有些人需要天然氣，有些人需要所有這些。不同的交易對手的信用品質不同，無論是開發商、超大規模企業或我們可能正在交談的任何人。所以我不會說有一種放諸四海皆準的方法。

Every one of these is going to be different. And we have the flexibility to structure around that. I think in the long run, what I would love to see is some sort of portfolio approach to this over the long term as they come together, where you have some of all of it.

每一個都是不同的。我們可以靈活地圍繞這一點進行構建。我認為從長遠來看，我希望看到的是，隨著他們走到一起，長期採取某種投資組合方式，你可以擁有其中的一部分。

I think where you have to be somewhat careful on a fixed-price deal, though, is, if it is priced at a level to factor in the upside asymmetry gas prices. And if you fast forward 10 years from now, just so you do a 20-year deal, where gas prices probably need to be to, incentivize the marginal molecule is the Haynesville is fully depleted. The Utica is probably fully depleted.

我認為，在固定價格交易中，你必須要小心，如果它的定價水準考慮到了上行不對稱天然氣價格。如果你從現在起快轉 10 年，只需簽訂 20 年的協議，天然氣價格可能需要達到激勵邊際分子的水平，因為 Haynesville 的資源已經完全枯竭。尤蒂卡河可能已經完全枯竭了。

And a lot of these legacy oil basins don't have a lot of inventory less or a decline. I think that gas price needs to look different. So what might look good today for a fixed-price deal, halfway your contract, you might not like very much. So I think one of the things we like about the index plus style deals that we've done with the Southeast utilities is it insulates you from that while also providing you a bit of extra margin for that reliability of long-term supply.

許多遺留的油盆地的石油庫存並沒有減少或下降。我認為汽油價格需要有所不同。因此，今天看起來不錯的固定價格交易，在合約中期，你可能不太喜歡。因此，我認為我們喜歡與東南公用事業公司達成的指數加式交易的原因之一是，它可以保護您免受這種影響，同時還為您提供一些額外的利潤，以確保長期供應的可靠性。

So I think we're open to all of it, but that's kind of where we gravitate to just as we think about it over the long term. But look, we'll see, we're having a lot of really fascinating discussions with different parties up and down the chain. And like Toby said, I think we're pretty optimistic we get something done this year. And I think Olympus advances our ability to do that.

所以我認為我們對所有這些都持開放態度，但這只是我們長期考慮時所傾向的。但是，你看，我們會看到，我們正在與鏈條上上下下的不同方進行許多非常有趣的討論。正如托比所說，我認為我們非常樂觀地認為今年我們會取得一些成就。我認為奧林巴斯提高了我們實現這一目標的能力。

Great. That was it for me. Thanks for all the cover, Jeremy.

偉大的。對我來說就是這樣。感謝傑里米的所有報道。

Kevin McCurdy, Pickering Energy.

凱文麥柯迪，皮克林能源公司。

Hey, good morning, guys. I wanted to ask another one on the Olympus acquisition. It looks like the deal came with a nice EBITDA contribution and what looks like high implied margins. Can you talk about the midstream assets that you acquired and the effect on the OpEx? And any information on the sales points for the acquired guests?

嘿，大家早安。我想再問一個有關奧林巴斯收購的問題。看起來這筆交易帶來了不錯的 EBITDA 貢獻和看似很高的隱含利潤率。您能談談您收購的中游資產及其對營運支出的影響嗎？還有關於已獲得客人的銷售點的資訊嗎？

Yes. So if you think about the total EBITDA of the business, about 15% of that, if you were to break it out, is attributable to midstream, so about $80 million roughly. I think one of the big benefits in terms of why the margins are so high is again that integrated nature of it.

是的。因此，如果您考慮該業務的總 EBITDA，其中約 15%（如果將其分開）可歸因於中游，因此約為 8000 萬美元。我認為利潤率如此高的一大優勢就在於它的綜合性。

It's being sold effectively all at M2 right now, but we do see opportunities to probably improve that. And certainly, if we were to link it to some of the adjacent data center power projects that are right there in that area, that could obviously be a huge improvement beyond that.

目前它在 M2 上有效銷售，但我們確實看到了可能改善這種情況的機會。當然，如果我們將其與該地區的一些相鄰的數據中心電力項目連接起來，那顯然會有巨大的改進。

It kind of sits right at the junction between the M2 and M3 markets. So we're probably going to explore whether there's a way to move some volumes into that more premium market along TeCo. But that's something that, I'd say is a synergy that could develop in the coming years, but it's not a tomorrow type of event.

它恰好位於 M2 和 M3 市場之間的交界處。因此，我們可能會探索是否有辦法將部分產量轉移到 TeCo 沿線的更高端市場。但我想說，這是一種未來幾年可能產生的協同效應，但它不是明天就會發生的事件。

Great. I appreciate all that detail. And for my next question, I wanted to ask on the change on MVP capital contribution guidance. Is that just timing of spending? Or is there something on the cost of that project that is increasing?

偉大的。我很欣賞所有這些細節。我的下一個問題是有關 MVP 資本貢獻指導的變化。這僅僅是消費的時機嗎？或者該項目的成本是否有所增加？

Yes, I'm glad you asked that. That's an important clarification. So it's actually an accounting change. There's actually no difference. If you look at the change to distributions and that changed the contributions, they actually offset each other.

是的，我很高興你問這個問題。這是一個重要的澄清。所以這其實是一種會計變更。其實沒有什麼差別。如果您查看分佈的變化以及對貢獻的改變，它們實際上是相互抵消的。

It's just a difference between how we assumed, we would just recycle capital within the MVP JV before. So there wouldn't be an actual contribution. That's unchanged. Except from an accounting perspective, we still have to book it as a distribution out and a contribution in effectively. But net-net, I wouldn't -- I don't think at the bottom line, there's any real difference in how we forecast the contributions or what MVP will generate for us or our partners.

這只是與我們之前假設的不同，我們之前只是在 MVP JV 內回收資本。所以不會有實際的貢獻。這一點沒有改變。除了從會計角度來看，我們仍然必須有效地將其記為分配和貢獻。但總體而言，我不會——我認為從根本上講，我們如何預測貢獻或 MVP 將為我們或我們的合作夥伴帶來什麼，並沒有什麼真正的區別。

Appreciate that. Thanks, Jeremy.

非常感謝。謝謝，傑里米。

John Annis, Texas Capital.

約翰‧安尼斯，德州首府。

Hey, good morning guys, and thanks for taking my questions. For my first one, just on the synergy front. Can you elaborate on the specifics that drove that $85 million in savings since the last update? And the ongoing initiatives that could drive additional upside that you've highlighted in the presentation?

嘿，大家早安，感謝你們回答我的問題。對於我的第一個，只是在協同方面。您能否詳細說明自上次更新以來節省 8500 萬美元的具體原因？您在演講中強調的正在進行的舉措是否能帶來額外的好處？

Sure. Great question. Happy to provide some more color. So since last quarter, we've obviously revised our synergy capture up. Some of that is going to be on water disposal costs, CapEx synergies from us to seeing if we can optimize some of the spend that's happening on the CapEx projects.

當然。好問題。很高興能提供更多色彩。因此，自上個季度以來，我們顯然已經提高了協同效應捕獲率。其中一部分將用於水處理成本、資本支出綜效，看看我們是否可以優化資本支出項目上的一些支出。

But really the larger trunk real just comes on the receipt point and system optimization efforts that we're doing. So this is just moving volumes to optimize the receipts of the receipt points and capture some spreads there. So those are going to be some of the opportunities that we're going to be looking for also on the -- to recreate on the Olympus asset.

但實際上，更大的主幹實際上只是出現在我們正在進行的接收點和系統最佳化工作上。因此，這只是移動交易量以優化收據點的收據並獲取那裡的一些利差。因此，這些將是我們在奧林巴斯資產上尋找的一些機會。

Going forward, what we really are looking at on the upside there is going to be really more in the discrete projects bucket. So are there going to be some projects that we can identify that would allow us to continue this momentum is what would be making up the remainder of the upside there.

展望未來，我們真正看到的好的方面是離散專案領域將會有更多發展。那麼，我們是否可以確定一些項目可以讓我們繼續保持這種勢頭，從而彌補剩餘的上行空間。

Makes sense. For my follow-up, one of the questions we get most often is what market conditions would cause you to accelerate production growth. How would you frame your thought process in deciding to grow volumes if the market is calling for it?

有道理。在我的後續問題中，我們最常被問到的問題之一是什麼樣的市場條件會導致你們加速生產成長。如果市場需要增加產量，您會如何思考？

Yes. I think it's pretty simple. I think the market calling for it is not just price signal. It's going to be a demand signal. So we're going to have a firm supply deal. And we will make sure we grow volumes to meet that firm supply. I think it will be pretty simple. So that's sort of how we're looking at it right now.

是的。我認為這很簡單。我認為市場呼喚的不僅是價格訊號。這將是一個需求訊號。因此我們將達成一項確定的供應協議。我們將確保增加產量以滿足穩定的供應。我認為這會非常簡單。這就是我們現在所看到的情況。

And I think that's where we're going to be for a little bit until we get back to a place where we get a market that is more well connected with more pipeline infrastructure. I think we need to be more prudent in making sure that we see the demand before we bring volumes.

我認為，我們會暫時停留在這種狀態，直到我們回到一個擁有更多管道基礎設施、更緊密聯繫的市場。我認為我們需要更加謹慎，確保在增加產量之前了解需求。

Yes, John, I think I would distinguish the difference between growing to sell to the market versus sell to a customer. And we're trying to pivot our business to sell to a customer in a large scale way. And that's very different than, I think, the way a lot of our peers look at it, and I think the way operators have approached this in the past, and it's really only possible just due to the platform we've built a scale of EQT investment grade balance sheet and all the other attributes we talked about.

是的，約翰，我想我會區分向市場銷售和向客戶銷售之間的差異。我們正在嘗試調整業務方向，以便大規模地向客戶銷售產品。我認為，這與許多同行的看法非常不同，也與運營商過去處理這個問題的方式不同，這實際上只是因為我們構建的 EQT 投資級資產負債表規模以及我們討論過的所有其他屬性的平台才有可能實現。

So that's why we're so focused on these different power data center and other industrial opportunities because that's really what we're trying to turn the business more into is as opposed to one that just chases price and has to float up and down on the wave of volatility quite so much, trying to transform the business in a sense.We think that's just a much more durable, higher quality way to manage the company over the long term.

這就是為什麼我們如此關注這些不同的電力資料中心和其他工業機會，因為這才是我們真正想要改變的業務方向，而不是僅僅追逐價格，必須在波動的浪潮中上下浮動，試圖在某種意義上改變業務。我們認為，這只是一種更持久、更高品質的長期公司管理方式。

Yes. And I think it's worth pointing out, too, I mean, to take advantage, I mean, price signals, we are going to be taking advantage of that with our existing asset base. I mean, if you look at, I think it's slide 7. We're showing a -- over 2 Bcf a day of volumes swing. So we are being responsive to price and giving more volumes when the market is calling for it. But having that trip into activity levels, it's going to be more of the dynamics that Jeremy to just put color on.

是的。我認為也值得指出的是，為了利用價格訊號，我們將利用我們現有的資產基礎。我的意思是，如果你看一下，我認為它是第 7 張投影片。我們顯示每天的運輸量波動超過 20 億立方英尺。因此，當市場需要時，我們會對價格做出反應並提供更多產量。但是，隨著這次旅行進入活動層面，傑里米將更加動態地為其增添色彩。

Makes sense. Thanks guys.

有道理。謝謝大家。

David Deckelbaum, TD Cowen.

大衛·德克爾鮑姆（David Deckelbaum），TD Cowen。

Thanks for the time, guys. Toby, I'm curious, just as a data center opportunity develops here in basin. How do you square those opportunities or put it in context relative to your LNG strategy and those opportunities as it relates to contracting and the ability to improve commerciality of your products going forward?

謝謝大家的時間。托比，我很好奇，就像盆地裡資料中心的發展機會一樣。您如何平衡這些機會，或將其與您的液化天然氣策略以及與合約相關的機會以及未來提高產品商業化的能力聯繫起來？

Well, I think those opportunities are going to be much lower cost access to get there. I mean, I think that's the first consideration. These are going to be happening in our backyard not on the other half, on the other side of the country, ultimately with gas consumers across the world. So I think it's really easy for us to know the parties and create custom tail solutions that gives them the best combination of affordable reliable and clean energy. And there's just a lot of them over here.

嗯，我認為這些機會的實現成本會低很多。我的意思是，我認為這是首要考慮因素。這些都將發生在我們的後院，而不是在另一半，在國家的另一邊，最終將影響世界各地的天然氣消費者。因此，我認為我們很容易了解各方並創建客製化的最終解決方案，為他們提供經濟實惠、可靠和清潔能源的最佳組合。這裡有很多這樣的人。

So I mean, we've gone from a card where we were having to -- I think we're going to be needing to stretch the commercial footprint of our business, which is fine. We sell gas across the country. But having these opportunities in our backyard, I think, is going to be a little bit easier. And the cost associated to connect those opportunities is a much lower bar, and we're not going to be needing to sign up for big tolling fees to get access to these opportunities and margin uplifts

所以我的意思是，我們已經從一張卡片變成了我們必須擴大的商業版圖——我認為我們需要擴大我們業務的商業足跡，這很好。我們在全國各地銷售天然氣。但我認為，在我們自己的後院擁有這些機會會更容易一些。連結這些機會的成本門檻要低得多，而且我們不需要支付高額的通行費就能獲得這些機會和利潤提升

Yes. I think, David, to remember, we have 1.2 Bcf a day down into the Gulf market that LNG corridor as it is. That's probably more than we would ever look to sign up in those LNG contracts for the reasons Toby said it just creates too much financial risk for the company, which is why we've set that limit around 5% for the amount of LNG that we'd probably like to sign up for exports, at least the size and scope of our business today. We think beyond that, it just creates too much financial risk.

是的。大衛，我想，要記住，我們每天有 12 億立方英尺的液化天然氣通過現有的液化天然氣走廊進入墨西哥灣市場。這可能超出了我們在液化天然氣合約中希望簽署的數量，因為托比說這會給公司帶來太大的財務風險，這就是為什麼我們將希望簽署出口液化天然氣數量的限制設定在 5% 左右，至少就我們目前的業務規模和範圍而言。我們認為，除此之外，它還會造成太大的財務風險。

So that's why beyond that, we're looking back towards where that demand is domestically and to effectively take a very high-priced FT style commitment to export as around the world to sell to a utility, when we have utilities calling us virtually every day to supply their power plants, adjacent to our operating footprint.

因此，除此之外，我們還在回顧國內的需求，並有效地採取非常高價的 FT 式承諾，向世界各地出口並銷售給公用事業公司，而實際上，公用事業公司幾乎每天都會打電話給我們，要求我們為毗鄰我們運營地點的發電廠供貨。

I think for us, we can grow more quickly with less financial risk supplying that market domestically right now than we necessarily would be able to, on a much longer-term basis through LNG market. So it's going to be all of the above. We're obviously looking to serve any demand that shows up. But if we can serve the same in the market in essence and do it a lot more efficiently, cheaper and faster. I think we're going to look to do that before trying to chase an LNG project that takes years and years to even come online.

我認為，對我們來說，目前透過供應國內市場，我們可以以更小的財務風險實現更快的成長，而從長遠來看，透過液化天然氣市場則不一定能夠實現這一目標。所以，以上都是事實。我們顯然希望滿足出現的任何需求。但如果我們能夠在本質上在市場上提供相同的服務，並且做得更有效率、更便宜、更快捷。我認為，在嘗試實施需要多年時間才能上線的液化天然氣計畫之前，我們應該先考慮這一點。

Makes plenty of sense. And perhaps just for my follow-up, just on a clarification on how you view the Olympus assets strategically. You highlighted, obviously, you're picking up 0.5 Bcf a day in an area where there's some emerging demand on the power side. I guess how do you square those opportunities on the Eastern portion of your acreage versus sort of the Ohio side? Is this more responding to what you see as a, a more compressed time line in the Western Ireland area from maybe some brownfield projects? Or is this just more of a matter of balancing the production footprint between those two areas?

很有道理。也許只是為了我的後續問題，只是想澄清一下您如何從戰略上看待奧林巴斯資產。您顯然強調了這一點，在電力方面出現一些新興需求的地區，您每天可以獲得 0.5 億立方英尺的天然氣。我想問一下，您如何平衡東部地區和俄亥俄州地區的機會？這是否更符合您所看到的西愛爾蘭地區一些棕地項目的更緊湊的時間表？或者這只是平衡這兩個地區之間的生產足跡的問題？

I think this is more of just increases our ability to get more opportunities, closer in our operating footprint. We're going to be -- we're looking at opportunities across our entire operational footprint. Olympus is pretty special in the fact that it's close to the industrial corridor in Pittsburgh, where a lot of people are looking at opportunities. So it puts us right next to some of these opportunities. So we'll be exploring those.

我認為這只是增強了我們獲得更多機會的能力，擴大了我們的營運範圍。我們將在整個營運範圍內尋找機會。奧林巴斯的特別之處在於它靠近匹茲堡的工業走廊，許多人在那裡尋找機會。因此，它使我們有機會接觸這些機會。因此我們將對此進行探索。

Thanks, guys.

謝謝大家。

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯 (Noel Parks)、圖伊兄弟 (Tuohy Brothers)。

Hi, good morning. Actually, that last question was something I had been wondering about. So is it fair to say then that the timing of Olympus was just a -- because I'm assuming that these are assets you've been aware of for a long time, was sort of uniquely because of the anticipation of in-basin power industrial corridor?

嗨，早安。事實上，最後一個問題是我一直想知道的。那麼是否可以公平地說，奧林巴斯的時機只是一個——因為我假設這些是你很久以前就知道的資產，這在某種程度上是因為對盆地內電力工業走廊的預期而獨特的？

I think this deal would have made sense without the upside opportunities that the data center, potential data center opportunities would present. So we look at this as pure upside. And when we think about the volumes here with the Olympus asset base, I mean, when we are -- if we can tie in our systems, it will be a way for us to connect our entire asset base in Southwestern Pennsylvania up to the industrial corridor.

我認為，即使沒有資料中心和潛在資料中心帶來的上升機會，這筆交易仍然是有意義的。因此我們認為這純粹是好事。當我們考慮奧林巴斯資產基礎的數量時，我的意思是，如果我們能夠將我們的系統結合起來，這將是一種將我們在賓州西南部的整個資產基礎連接到工業走廊的方式。

So that $500 million a day of gas that's flowing today will be connected, will be supported with a huge amount of inventory that we could use to flex the service volumes way more than the $500 million a day that's coming from the Olympus asset base today. So I mean all to say, like people that are thinking about putting data centers in the Pittsburgh region. We're going to make sure that you have all the energy you need to achieve the power demand goals that you have.

因此，今天每天流動的價值 5 億美元的天然氣將得到連接，並將得到大量庫存的支持，我們可以使用這些庫存來靈活調整服務量，遠遠超過今天來自奧林巴斯資產基礎的每天 5 億美元的服務量。所以我的意思是，所有人都在考慮在匹茲堡地區建立資料中心。我們將確保您擁有實現電力需求目標所需的所有能源。

Well, I mean, we look at Olympus it was a value by right asset, right time is a win-win deal for both sides. I think Blackstone sees a lot of upside in our stock at the same time. And look, I think the optionality created both on the ground leasing in that area, which is pretty inexpensive can add some really attractive runway, just like we already do in our base business every year to really extend that inventory depth beyond the, call it, 15 years of really high-quality inventory that we already see right there.

嗯，我的意思是，我們看看奧林巴斯，它的價值在於正確的資產，正確的時間，對於雙方來說都是雙贏的交易。我認為黑石集團同時也看到了我們股票的巨大上漲空間。而且，我認為在該地區地面租賃上創造的選擇性非常便宜，可以增加一些真正有吸引力的跑道，就像我們每年在基礎業務中所做的那樣，真正將庫存深度擴展到我們已經看到的 15 年真正高品質的庫存之外。

We think is really competitive. And again, like Toby alluded to, I mean, two of them, probably higher probability power data center opportunities that we're in discussions with are located effectively right there, one of which could be one of the largest projects in the country.

我們認為這確實很有競爭力。再說一次，就像托比提到的那樣，我們正在討論的兩個可能具有更高機率的電力資料中心機會就位於那裡，其中一個可能是全國最大的專案之一。

So I think it positions us really, really well as we continue that dialogue. And again, as we just think about the region in total, in the way we're positioned, whether it's in the Ohio market, whether it's Pennsylvania market or even parts of West Virginia, where we're inductions on projects, I think we should really be looked at as the go-to supplier of choice for any gas needs for any of these facilities. So it's really just improving our positioning in those conversations.

因此，我認為這對我們繼續對話非常有利。再說一次，當我們從整體上考慮整個地區時，我們的定位，無論是在俄亥俄州市場，還是在賓夕法尼亞州市場，甚至是西弗吉尼亞州的部分地區，我們都在開展項目，我認為我們應該被視為這些設施中任何天然氣需求的首選供應商。因此，這實際上只是改善了我們在這些對話中的定位。

Great. Thanks, And I was wondering, I wanted to take your temperature on -- with the macro commentary you've made and looking at the setup was LNG over the next few years. Do you have a sense or a stance on whether we are heading into effectively a greater volatility in gas and maybe ultimately reflected in the strip? Or do you think that sort of the reduced seasonality net-net is going to lead to more stability? And just to follow on that, I was just sort of wondering if, if you have any appetite your balance sheet improves for investing inputs as part of your hedging strategy?

偉大的。謝謝，我很好奇，我想了解你的看法——結合你所做的宏觀評論，看看未來幾年液化天然氣的走勢。您是否認為或表明我們是否正走向天然氣價格大幅波動的局面，並可能最終反映在加氣帶上？或者您認為這種季節性淨減少將會帶來更大的穩定性？為了跟進這一點，我只是有點好奇，您是否有興趣透過投資投入作為對沖策略的一部分來改善您的資產負債表？

Yes. I think as we've been talking for a couple of years now, we think volatility is only going to increase. And that's the reason we're trying to position and scope the business how we have. I mean if you look back at early November, we had curtailed and we have a really interesting slide on this in our deck that you should look at because we get some pretty good granularity on this and what our curtailment program has allowed us to do. But we curtailed at least 1.6 Bcf a day in the first week of November.

是的。我認為，正如我們幾年來一直在談論的那樣，我們認為波動性只會增加。這就是我們嘗試定位和確定業務範圍的原因。我的意思是，如果你回顧一下 11 月初，我們已經進行了縮減，我們的簡報中有一張非常有趣的幻燈片，你應該看看，因為我們對此有相當詳細的介紹，以及我們的縮減計劃允許我們做什麼。但我們在 11 月的第一周每天至少減少了 16 億立方英尺。

Two months later, we not only had all that back, but we had actually surged production above our baseline. So you saw effectively a 2 Bcf a swing to make sure that we can actually capture the volatility, not be harmed by it on the downside, and actually a position to capture more of that upside value when you see theprice (inaudible)

兩個月後，我們不僅恢復了所有產能，而且產量實際上已經超過了基線。因此，您實際上看到了 20 億立方英尺的波動，以確保我們能夠真正抓住波動性，而不會受到下行的損害，並且實際上當您看到價格上漲時，可以捕捉到更多的上行價值（聽不清楚）

If you're in a position where you get completion crews out there and frac wells chasing pricing. I mean look, if you would have done that two months ago, all of a sudden, you're bringing wells online now at pricing that's $2 below actually more than that, if you look at just Appalachian pricing, where those price levels are. So we can be very prescripted, very tactical as we optimize around that volatility.

如果您的處境是讓完井隊和壓裂井追逐定價。我的意思是，如果你兩個月前就這麼做了，那麼突然之間，你現在就可以以比這低 2 美元的價格投產油井，如果你只看阿巴拉契亞的價格，就會發現價格實際上比這還要高。因此，我們可以非常有計劃、非常有策略地針對這種​​波動性進行最佳化。

And again, having the foundational assets of Equitrans with the operational flexibility of EQT to maximize profitability. It's sort of like this extrinsic value that doesn't get picked up easily in financial models. But as I noted before, it's important to just observe that every quarter since we have acquired Equitrans, we consistently beat. Part of that is operational and part of that is what we're able to do on the commercial side of things.

再次，擁有 Equitrans 的基礎資產和 EQT 的營運靈活性，可以實現盈利能力的最大化。這有點像是金融模式中不容易發現的外在價值。但正如我之前提到的，重要的是觀察自收購 Equitrans 以來的每個季度，我們的業績都持續超出預期。其中一部分是營運方面的，一部分是我們能夠在商業方面做的事情。

So we hope that continues. We expect it to continue, and that is just more and more important as we go through these ups and downs of volatility that we expect to probably get more extreme in the coming years.

所以我們希望這種情況能夠持續下去。我們預計這種情況會持續下去，而且隨著我們經歷波動的起伏，這一點變得越來越重要，我們預計未來幾年波動可能會變得更加極端。

Jeremy, I think that was very well set. And if I had to say it very simply, EQT is a business that is designed to evolve and align our operations with the current environment and EQT is a business that's going to thrive in volatility. And I think everything we've done that Jeremy just put color on is an example of that.

傑里米，我認為這個安排非常好。如果我必須簡單地說，EQT 是一家旨在發展並使我們的營運與當前環境保持一致的企業，EQT 是一家將在波動中蓬勃發展的企業。我認為我們所做的每件事，傑里米所添加的色彩就是一個例子。

Great, thanks a lot.

太好了，非常感謝。

There are no further questions at a time. That concludes today's conference call. You may now disconnect

目前沒有其他問題。今天的電話會議到此結束。現在您可以斷開連接