Expand Energy Corp (EXE) 2025 Q2 法說會逐字稿

Good day, and welcome to Expand Energy 2025 Second Quarter Earnings Teleconference. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Chris Ayres, Vice President of Investor Relations and Special Projects. Please go ahead.

大家好，歡迎參加 Expand Energy 2025 第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給投資者關係和特別項目副總裁克里斯艾爾斯 (Chris Ayres)。請繼續。

Thank you, Carmen. Good morning, everyone, and thank you for joining our call today to discuss Expand's 2025 second quarter financial and operating results. Hopefully, you've had a chance to review our press release and the updated investor presentation that we posted to our website yesterday.

謝謝你，卡門。大家早安，感謝您今天參加我們的電話會議，討論 Expand 2025 年第二季的財務和營運業績。希望您有機會閱讀我們昨天發佈到我們網站上的新聞稿和更新的投資者介紹。

During this morning's call, we will be making forward-looking statements, which consist of statements that cannot be confirmed by reference to existing information, including statements regarding our beliefs, goals, expectations, forecasts, projections and future performance and the assumptions underlying such statements.

在今天早上的電話會議中，我們將做出前瞻性陳述，這些陳述包括無法透過現有資訊證實的陳述，包括有關我們的信念、目標、期望、預測、預期和未來表現的陳述以及這些陳述背後的假設。

Please note there are a number of factors that will cause actual results to differ materially from our forward-looking statements including the factors identified and discussed in our press release yesterday and other SEC filings.

請注意，有許多因素會導致實際結果與我們的前瞻性聲明有重大差異，包括我們昨天的新聞稿和其他 SEC 文件中確定和討論的因素。

Please also recognize that as except required by law, we undertake no duty to update any forward-looking statements, and you should not place undue reliance on such statements. We may also refer to some non-GAAP financial measures, which facilitate comparisons across periods and with peers. For any non-GAAP measure we use a reconciliation to the nearest corresponding GAAP measure, which can be found on our website.

另請注意，除法律要求外，我們不承擔更新任何前瞻性陳述的義務，您不應過度依賴此類陳述。我們也可以參考一些非公認會計準則財務指標，以便於跨時期和與同業進行比較。對於任何非 GAAP 指標，我們都使用與最接近的 GAAP 指標對應的調整表，可在我們的網站上找到。

With me on the call today are Nick Dell'Osso, Mohit Singh, Josh Viets and Dan Turco. Nick will give a brief overview of our results, and then we'll open it up for Q&A. So with that, thank you again. Over to you, Nick.

今天與我一起參加電話會議的還有 Nick Dell'Osso、Mohit Singh、Josh Viets 和 Dan Turco。尼克將簡要概述我們的結果，然後我們將開始問答環節。因此，再次感謝您。交給你了，尼克。

Good morning, and thank you all for joining our call. When we combine Chesapeake and Southwestern to create Expand Energy, we did so with the intention of creating long-term value through reducing costs and developing a deep geographically diverse portfolio serving premium markets.

早安，感謝大家參加我們的電話會議。當我們將切薩皮克和西南能源合併成立 Expand Energy 時，我們的目的是透過降低成本和開發服務於高端市場的深度地理多樣化投資組合來創造長期價值。

Our business continues to deliver and outperform every expectation pegged at merger onset. We now expect to recognize approximately a 50% increase to annual synergies realizing $500 million and $600 million in 2025 and 2026, respectively.

我們的業務持續實現並超越合併之初的所有預期。我們現在預計年度綜效將增加約 50%，到 2025 年和 2026 年將分別實現 5 億美元和 6 億美元。

Relative to our expectations at the beginning of the year, this directly translates to approximately $425 million more free cash flow in 2025 and $500 million more in 2026 before accounting for NYMEX price changes.

相對於我們年初的預期，這直接意味著在考慮 NYMEX 價格變化之前，2025 年自由現金流將增加約 4.25 億美元，2026 年將增加 5 億美元。

Capturing synergies do not simply happen in a spreadsheet. We're drilling faster and smarter than ever before. Our team's innovative utilization of AI and machine learning is supporting record-breaking performance, as we drill the most productive wells in our collective company's histories.

捕捉協同效應並非簡單地發生在電子表格中。我們的鑽探速度比以往任何時候都更快、更聰明。我們團隊對人工智慧和機器學習的創新利用正在支持破紀錄的表現，因為我們鑽探了公司歷史上產量最高的油井。

In Southwest Appalachia, we drilled the longest lateral well and measured depth by a single bit in U.S. land history. In Northeast Appalachia, our team improved its drilled footage per day by 62%. And in the Haynesville, our team improved footage drilled per day by 25%.

在西南阿巴拉契亞地區，我們鑽出了美國陸地歷史上最長的水平井，並用單一鑽頭測量了深度。在阿巴拉契亞山脈東北部，我們的團隊每天的鑽孔進尺提高了 62%。在海恩斯維爾，我們的團隊每天的鑽探進度提高了 25%。

Setting individual well records is nice, but delivering actual financial results that highlight these improvements is especially gratifying and is what creates sustainable value. These tremendous efficiency gains, combined with the successful implementation of our productive capacity strategy, has allowed us to hit our production and well count targets with fewer rigs than originally forecasted.

創造個人記錄固然很好，但提供能夠凸顯這些改進的實際財務結果尤其令人欣慰，而且能夠創造可持續的價值。這些巨大的效率提升，加上我們生產能力策略的成功實施，使我們能夠以比最初預測更少的鑽機數量實現產量和井數目標。

Overall, we've reduced our 2025 capital investments by approximately $100 million, while maintaining production of approximately 7.1 Bcfe per day and building approximately 300 million cubic feet equivalent per day of productive capacity to deploy in 2026 should market conditions warrant.

總體而言，我們將 2025 年的資本投資減少了約 1 億美元，同時保持每天約 71 億立方英尺當量的產量，並建造每天約 3 億立方英尺當量的生產能力，以便在 2026 年市場條件允許時部署。

Simply put, we're spending less while producing more, the very definition of capital-efficient operations. We're encouraged by the long-term demand outlook for our industry, and we're excited about the opportunities provided by our diversified portfolio. We retain operational leverage to the largest gas demand center in North America through our Haynesville position.

簡而言之，我們花費更少但產出更多，這就是資本高效運作的定義。我們對我們行業的長期需求前景感到鼓舞，我們對多元化投資組合所提供的機會感到興奮。我們透過海恩斯維爾的地理位置保留了對北美最大天然氣需求中心的營運優勢。

Within a 300-mile radius of our assets, there is more than 12 Bcf per day of LNG demand under construction to be in service by 2030. No other operator is better positioned to deliver gas into this demand complex, driving meaningful value creation over time. Next to LNG, power generation is the most attractive growth prospect through the end of the decade, especially for constrained basins like Pennsylvania, where we produce over five Bcf gross per day.

在我們資產 300 英里半徑範圍內，每天有超過 120 億立方英尺的液化天然氣需求正在建設中，預計到 2030 年將投入使用。沒有其他業者比我們更適合向這一需求綜合體輸送天然氣，並隨著時間的推移推動有意義的價值創造。除液化天然氣外，發電量是本世紀末最具吸引力的成長前景，特別是對於賓州等受限的盆地而言，我們每天的產量超過 50 億立方英尺。

Our deep multi-basin portfolio with close access to demand centers and investment-grade balance sheet make us a preferred partner to deliver the energy needed to supply the growing LNG market and support data center power demand. We expect to have a meaningful portion of cash flows linked to lower volatility pricing over time, and we'll continue to assess all opportunities through a simple lens of making us better and creating a more attractive cash flow profile.

我們擁有豐富的多盆地產品組合，能夠緊密聯繫需求中心，並擁有投資等級資產負債表，這使我們成為提供不斷增長的液化天然氣市場所需能源和支援資料中心電力需求的首選合作夥伴。我們預計，隨著時間的推移，很大一部分現金流將與較低的波動性定價掛鉤，我們將繼續透過簡單的視角評估所有機會，以使我們變得更好並創造更具吸引力的現金流狀況。

We remain actively engaged with many parties today and any agreement we announced, whether LNG or power-related, will be accretive to our shareholders for the long term. In the short term, we expect market volatility to remain a prevailing theme in the space. We view our investment-grade balance sheet as one of our most important strategic assets. Like any asset, we will periodically utilize capital to enhance and fortify its strength to perform through cycles.

我們今天仍然積極與多方合作，我們宣布的任何協議，無論是液化天然氣還是電力相關協議，都將為我們的股東帶來長期增值。短期內，我們預期市場波動仍將是該領域的主流主題。我們將投資等級資產負債表視為我們最重要的策略資產之一。與任何資產一樣，我們將定期利用資本來增強和鞏固其在整個週期中的表現實力。

Our balance sheet can withstand cycles today, but we believe opportunistically using a portion of near-term cash flows will put us in an even greater position of strength in the future. With our improving cash flow profile, we're electing to increase our 2025 net debt reduction to $1 billion.

我們的資產負債表目前可以承受週期變化，但我們相信，適時使用部分短期現金流將使我們在未來處於更有利的地位。隨著現金流狀況的改善，我們選擇將 2025 年淨負債削減額增加至 10 億美元。

In addition, we will be returning $585 million to shareholders in the first half of the year through our quarterly base dividend, variable dividend and share repurchases. Should near-term cash flow ultimately retract, we retain the option to redirect and utilize our balance sheet's current strength to enhance returns. We firmly believe that our attractive and connected portfolio, diverse and agile production and resilient financial foundation equip us to thrive in today's macro landscape.

此外，我們將在今年上半年透過季度基本股利、浮動股利和股票回購向股東返還 5.85 億美元。如果短期現金流最終減少，我們仍可以選擇重新定向並利用資產負債表的當前實力來提高回報。我們堅信，我們具有吸引力且互聯互通的投資組合、多樣化且靈活的生產以及有韌性的財務基礎使我們能夠在當今的宏觀環境中蓬勃發展。

We look forward to continuing to update you on our progress. And operator, we'll now open the call up for questions.

我們期待繼續向您通報我們的進展。接線員，我們現在開始回答問題。

Thank you so much. (Operator Instructions)

太感謝了。（操作員指示）

Scott Hanold, RBC.

斯科特·漢諾德，RBC。

Yes. Good morning, thanks. Yes. A few of your peers have signed gas contracts related to power growth opportunities. Can you talk about Expand's strategy? And what are your goals that you're looking for in a commercial agreement? And how do you think about the pricing mechanism for that?

是的。早安，謝謝。是的。您的一些同行已經簽署了與電力成長機會相關的天然氣合約。您能談談 Expand 的策略嗎？您在商業協議中尋求的目標是什麼？您如何看待它的定價機制？

Yes. Great question, Scott. So we're really excited about the opportunities in this space, and we have had a lot of conversations with a lot of folks. I would say our goals are really, like I said in my comments, about making our business better. And one of the things we believe we can do with contracts like this is try to reduce the volatility of our cash flow.

是的。很好的問題，斯科特。因此，我們對這個領域的機會感到非常興奮，並且我們已經與許多人進行了交談。我想說，我們的目標實際上是，就像我在評論中所說的那樣，讓我們的業務變得更好。我們相信，透過這樣的合約我們可以做到的一件事就是盡量減少現金流的波動性。

So there's a couple of things that you could accomplish with a long-term contract like this. You could achieve just better pricing than you otherwise would expect to receive because you can deliver gas in a way that is more reliable to a location that might be constrained or you can structure something that can be a win for both parties that reduces volatility. All of those things remain on the table and things that we're interested in.

因此，透過這樣的長期合同，您可以實現一些目標。您可以獲得比預期更好的定價，因為您可以以更可靠的方式將天然氣輸送到可能受到限制的地點，或者您可以建造某種對雙方都有利的方案，以減少波動性。所有這些事情都還在討論中，而且都是我們感興趣的。

Dan, do you have anything else to add there?

丹，你還有什麼要補充的嗎？

Yes. Thanks for the question, Scott. I'm personally excited about this area because we start with a great footprint. Obviously, we have the size, we have the balance sheet and we have a very interconnected portfolio. And so I'm trying to do multiple things to bring picture value and realizations that I believe are there and truly add bottom line value to our company.

是的。謝謝你的提問，斯科特。我個人對這個領域感到非常興奮，因為我們從一開始就擁有偉大的足跡。顯然，我們有規模，有資產負債表，而且我們有一個高度互聯的投資組合。因此，我正在嘗試做多件事來帶來我相信存在的圖像價值和實現，並真正為我們的公司增加底線價值。

And one is just increasing that optimization at scale. I think Page 13 of our deck did a good job of showing how we are positioned to these premium markets. It's really around Haynesville and LNG focus, but that's also in Appalachia and power.

其中之一就是大規模地增加優化。我認為我們的簡報第 13 頁很好地展示了我們如何定位這些高端市場。它確實圍繞著海恩斯維爾和液化天然氣，但也涉及阿巴拉契亞和電力。

And as Nick alluded to, we're looking at some of these longer-term tenured deals that provide some more structured terms, again, trying to lower the cash flow volatility, but also participate in the upside.

正如尼克所提到的，我們正在研究一些提供更結構化條款的長期交易，再次試圖降低現金流波動，同時也參與上行。

And then the third thing I'm trying to do with that is make sure it's accretive to that portfolio we already have. So we're building more scale, integration and optionality. So we can do things like move molecules to the best price market on any given day. So it's about getting to premium markets, structuring it to lower that cash flow volatility, but also increasing on any day where we can add just daily optimization value to increase realizations in the bottom line.

然後，我想做的第三件事是確保它能夠增值我們現有的投資組合。因此，我們正在建立更具規模、整合度和可選性的產品。因此，我們可以做一些事情，例如在任何一天將分子轉移到最佳價格市場。因此，這是為了進入高端市場，建造它以降低現金流波動，但同時也在任何時候增加，我們可以增加每日優化價值以增加底線的實現。

Yes. And my follow-up question is still going to be on the same line because I think it's important, obviously, for a lot of gas companies, how they structure these deals going forward to maximize the value to the company. But can you talk about like 2 things here additionally? Number one, I alluded to the fact that a lot of your gas peers have done a few deals here.

是的。我的後續問題仍然是同樣的，因為我認為，對於許多天然氣公司來說，如何建構這些交易以最大化公司的價值顯然很重要。但是您能在這裡另外談論兩件事嗎？首先，我提到過，你們的許多天然氣同行已經在這裡做過一些交易。

Do you feel there's a need to be -- do you have some urgency in signing deals? And then with respect to, again, the commercial side of the agreement, if I look at, like, say, an LNG opportunity, would you be willing to kind of -- how do you want to structure the deal? Would you be willing to sell it to like an end user overseas or to a middleman? How do you see the best way to optimize that price?

您是否覺得有必要—您是否迫切需要簽署協議？然後再次談到協議的商業方面，如果我看一下，比如說，液化天然氣機會，您是否願意—您想如何建立交易？您願意將其出售給海外的最終用戶或中間商嗎？您認為優化該價格的最佳方法是什麼？

Yes, thanks. I would start with -- there is no real urgency, right? We take a long-term look especially at the LNG and this power markets. And there is no set what we wanted to structure. We're looking at everything down the value chain. So we're looking at selling gas domestically and internationally in all kind of different forms. The key to me in all this is, again, the risk reward. And how do we protect the downside and make sure we're participating in the upside.

是的，謝謝。我首先要說的是——沒有什麼真正的緊迫性，對吧？我們特別關注液化天然氣和電力市場。我們想要的結構還沒確定。我們正在關注價值鏈上的一切。因此，我們正在考慮以各種不同的形式在國內和國際銷售天然氣。對我來說，這一切的關鍵還是風險報酬。我們如何避免不利因素，並確保我們能夠參與有利因素。

And again, there's many ways to structure those deals. We can do them, as you said, direct sales. We can do them through partnerships or tolling. But we're looking at a wide lens of these deals at the moment and continue to work and talk with many people at the moment, and we're in different areas and different time frames of those discussions.

再次強調，有很多方法可以建立這些交易。正如您所說，我們可以進行直接銷售。我們可以透過合作或收費的方式來實現這些目標。但我們目前正在從廣泛角度審視這些交易，並正在繼續與許多人合作和交談，而且我們在不同的領域和不同的時間範圍內進行討論。

Appreciate that. Thank you.

非常感謝。謝謝。

Doug Leggate, Wolfe Research.

道格‧萊格特（Doug Leggate），沃爾夫研究公司。

Oh, thanks. Good morning, everyone. So Nick, there's a lot of detail in the report, obviously, to talk about today with synergies and everything else. But I would like to focus, if I may, specifically on cash taxes. I think we've looked at you on a discounted cash flow basis for a very long time. And 70% deferred cash tax is the guidance for 2026, I believe.

噢，謝謝。大家早安。尼克，報告中有很多細節，顯然，今天要討論的是協同效應和其他一切。但如果可以的話，我想特別關注現金稅。我認為我們已經在折現現金流的基礎上觀察你很久了。我認為，70% 的遞延現金稅是 2026 年的指導目標。

My question is, what's the duration of that? Because that strip on our numbers at least that could be pretty material. So any color you can offer on duration and how you get there would be appreciated.

我的問題是，這個持續時間是多久？因為至少從我們的數字來看，那可能是相當重要的。因此，如果您能提供有關持續時間以及如何實現這一目標的任何詳細信息，我們將不勝感激。

Good morning, Doug. I'll take that. The preface, I'll say is, we are very excited about the passage of the Big Bill, which restores incentives for domestic capital investment. So the tax savings that you get they're generally impacted by their function of relative capital spend that we will make.

早安，道格。我會接受的。首先我想說的是，我們對《大法案》的通過感到非常興奮，該法案恢復了對國內資本投資的誘因。因此，您獲得的稅收節省通常會受到我們所做的相對資本支出的影響。

So with regards to your question around the longevity of that saving, as long as we keep investing at a similar cadence, we forecast bigger tax DD&A due to better tax planning and also the impact of the bill itself. So for all practical purposes, Doug, I would say the duration of the tax savings is fairly long.

因此，關於您對這種儲蓄的長期性的問題，只要我們繼續以類似的節奏進行投資，我們預測由於更好的稅務規劃以及法案本身的影響，稅務 DD&A 將會更大。因此，從所有實際目的來看，道格，我認為稅收節省的持續時間相當長。

I appreciate it, Mohit. I know it's complicated, but I think you've tried to distill it down to a fairly simple message, so thank you for that. My follow-up, Nick, this probably is for you, and it's a question of cash returns. Obviously, there was a variable dividend thrown in this quarter, but you also doubled the net debt reduction.

我很感激，莫希特。我知道這很複雜，但我認為您已經嘗試將其提煉為一個相當簡單的訊息，所以對此表示感謝。我的後續問題，尼克，這可能適合你，這是一個現金回報的問題。顯然，本季發放了浮動股息，但淨債務減少也增加了一倍。

So my question is, what's your appetite to continue doing that, reducing net debt; or put differently, putting cash on the balance sheet to the obvious benefit of your equity volatility?

所以我的問題是，您是否願意繼續這樣做，減少淨債務；或者換句話說，將現金放在資產負債表上，以明顯有利於您的股票波動？

Yes. Great question, Doug. And I like the way you phrased that question, right? We do think it's absolutely to the benefit of our equity volatility and our equity holders over time to create a stronger balance sheet. So our appetite to do it really is a function of where we are in the market. We believe that during strong markets, you should be strengthening your balance sheet, and you should be willing to use that to the benefit of shareholders when markets soften.

是的。好問題，道格。我喜歡你提出這個問題的方式，對嗎？我們確實認為，隨著時間的推移，這絕對有利於我們的股票波動性和我們的股東創建更強勁的資產負債表。因此，我們這樣做的意願實際上取決於我們在市場中的位置。我們相信，在市場強勁時，您應該加強資產負債表，而當市場疲軟時，您應該願意利用它來使股東受益。

The most obvious way, of course, is that you're prepared to buy your stock. And we think that right now, we're seeing really nice market conditions that are giving us the opportunity to accelerate the improvement in our balance sheet, relative to probably where we would have modeled it a year ago, and that's a great opportunity for us to create equity value through the reduction of leverage.

當然，最明顯的方式就是準備買股票。我們認為，目前，我們看到了非常好的市場條件，這為我們提供了加速改善資產負債表的機會，相對於我們一年前所模擬的水平，這對我們來說是一個透過降低槓桿率來創造股權價值的絕佳機會。

We can keep doing that. And we will keep doing that until there is an opportunity to do something better with the cash. But as we all know, that have followed this industry for a long time, a strong balance sheet is one of the most important assets that you'll have and one of the most unique ways that you can position yourself to create lasting value for shareholders through cycles.

我們可以繼續這樣做。我們會繼續這樣做，直到有機會更好地利用這些資金。但正如我們長期關注這個行業的人所知，強勁的資產負債表是你擁有的最重要的資產之一，也是你在各個週期中為股東創造持久價值的最獨特的方式之一。

Great. Thanks guys.

偉大的。謝謝大家。

Thank you.

謝謝。

Zach Parham, JPMorgan.

摩根大通的紮克·帕勒姆。

Thanks. You highlighted some significant increases in footage drilled per day over the last six months. Could you give us a little more detail on what's driven those increases? Maybe talk about where you could see those numbers going over the next few quarters? Do you see the ability to continue to increase that footage per day number going forward?

謝謝。您強調了過去六個月中每天鑽探的鏡頭數顯著增加。您能否向我們詳細介紹一下推動這些成長的原因？也許您可以談談未來幾季這些數字的變化？您是否認為未來有能力持續增加每天的拍攝數量？

Yes, this is Josh. We've had some just tremendous performance, of course, really just since the merger closed. And I would say a lot of that was, we really prioritized upfront the integration of our data sets across the combined companies and getting all of our rigs coming into a common platform in which we could then assess individual performance of each rig.

是的，這是喬希。當然，自從合併完成以來，我們的業績確實非常出色。我想說的是，我們確實優先考慮了合併後各公司的數據集的整合，並將所有鑽機納入一個共同的平台，以便我們可以評估每個鑽機的單獨性能。

And from there, it's really about in connecting the team. And this is a highly collaborative effort for us. It starts with the -- with our contractors, the people on the well site, our engineers, our operation support center and our data scientists, really all working together hand-in-hand to create better outcomes.

從那時起，這實際上就是為了連結團隊。對我們來說，這是一次高度協作的努力。首先是我們的承包商、井場人員、工程師、營運支援中心和資料科學家，大家齊心協力，共同創造更好的成果。

And then probably one of the things that continues to mature and maybe to kind of address how we think about upside going forward. It really centers around data analytics. And we've included a slide in the slide deck that talks a little bit about that.

然後，可能的事情之一就是繼續成熟，也許可以解決我們如何看待未來的優勢。它確實以數據分析為中心。我們在幻燈片中加入了一張投影片，稍微討論了這一點。

But we have 15 years of history of drilling in a place like the Haynesville and then also in Appalachia. So you think about combining that data set and using AI agents to go out and do the research effectively on your behalf, to be able to provide intelligent insights and provide better opportunities to optimize the assets in real-time.

但我們在海恩斯維爾和阿巴拉契亞地區鑽探已有 15 年的歷史。因此，您可以考慮結合該資料集並使用人工智慧代理代表您有效地進行研究，以便能夠提供智慧見解並提供更好的機會來即時優化資產。

And we think we're just scratching the surface with where we're at today, and we think we'll continue to find ways at which we improve the parameter optimization that's occurring by the minute. So pretty excited about what we've accomplished. But again, we think there's more to be done in the future.

我們認為我們目前所處的階段才剛開始，我們認為我們將繼續尋找方法來改進每分鐘都在發生的參數最佳化。對於我們所取得的成就，我感到非常興奮。但我們再次認為未來還有很多工作要做。

Thanks, Josh. My follow-up, in the slide deck, you provided an update on Haynesville well productivity that I think clears up some things on the state data. It also looks like you've seen better -- a little bit better productivity year-over-year in 2025. Anything specific you'd highlight that's driving that increase? Do you expect that to continue going forward?

謝謝，喬希。我的後續問題是，在幻燈片中，您提供了有關 Haynesville 油井生產力的最新信息，我認為這澄清了州數據中的一些問題。看起來你也看到了更好的結果——2025 年的生產效率將比去年同期略有提高。您能指出哪些具體因素推動了這項成長嗎？您預計這種情況會持續下去嗎？

Yes, Zach. There is a little bit of movement between '24 and '25. What that's largely attributed to, of course, prices were pretty weak in '24. You had a relatively smaller data set, but probably one of the biggest drivers to the '24 relative to '25 is just how we think about drawdown in these wells.

是的，札克。'24 和 '25 之間有一些變動。當然，這很大程度上是因為 24 年的價格相當疲軟。您的資料集相對較小，但 24 年相對於 25 年的最大驅動因素之一可能是我們如何看待這些油井的產量下降。

In the Haynesville, you have oftentimes over 9,000 psi of flowing wellhead pressure. So really the wells could produce whatever you want them to produce. But in a poor price environment, it simply doesn't make sense to have aggressive drawdown strategies there. So obviously, in a little bit more constructive environment, that's been adapted.

在海恩斯維爾，井口流動壓力通常超過 9,000 psi。所以實際上油井可以生產任何你想要的石油。但在價格低迷的環境下，採取激進的減持策略根本沒有意義。因此，顯然，在更具建設性的環境中，這一點已經得到適應。

We continue to find opportunities as well to improve our completions. Right now, when we look at kind of relative to '22 and '23, our proppant intensity has moved up by, say, 15% to 20%. And of course, what makes that so economic for us is the fact that we've developed our own sand source as well. So we're able to go outsource cheaper sand, pump a little bit more into the wells. And of course, that starts to show up in the well performance as well.

我們也在繼續尋找機會來提高我們的完成度。現在，當我們觀察相對於 22 年和 23 年的情況時，我們的支撐劑強度已經上升了 15% 到 20%。當然，對我們來說，這樣做非常經濟的原因是我們也發展了自己的沙源。因此，我們可以外包更便宜的沙子，將更多的沙子泵入井中。當然，這也開始體現在良好的表現上。

Thank you.

謝謝。

John Freeman, Raymond James.

約翰‧弗里曼、雷蒙‧詹姆斯。

Thank you. Good morning. The first question, just kind of following up on Zach's question on the footage drilled. Obviously, pretty remarkable improvements in the footage drilled per day across the portfolio, even just from the first quarter. And I'm just trying to get a sense of what's currently baked into your full year guidance. Does that reflect those kind of leading edge 2Q cycle times?

謝謝。早安.第一個問題，只是對札克關於演練鏡頭的問題的後續回答。顯然，即使只是從第一季開始，整個投資組合每天的鑽探量就有了相當顯著的改善。我只是想了解一下您目前全年的指導內容是什麼。這是否反映了第二季的領先週期時間？

Yes, John, it would. I mean, in fact, we have some expectations that we continue to get better. So we'd have a modest learning curve going forward. But we really expect that, that performance that we've seen in the second quarter carries forward.

是的，約翰，確實如此。我的意思是，事實上，我們期望我們能繼續變得更好。因此，我們未來的學習曲線會比較適中。但我們確實希望，我們在第二季看到的表現能夠延續下去。

Okay. And then just the follow-up question I've got. When I look to kind of revisit that heat map table that you have got on optimizing free cash flow at various gas prices and we look at sort of the meaningful improvement you all have now got on the free cash flow, especially starting next year, both on the lower cost and then the tax and interest savings. And in the response to Doug's question, it does sound like this has got some legs in terms of that uplift on the tax side.

好的。然後我還有後續問題。當我重新審視你們在各種天然氣價格下優化自由現金流的熱圖表時，我們看到了你們現在在自由現金流方面取得的有意義的改善，特別是從明年開始，既降低了成本，又節省了稅收和利息。在回答道格的問題時，聽起來這在稅收方面的提升確實取得了一些進展。

I guess I'm surprised that the kind of the coloring of that chart like hasn't changed at all since the start of the year. And I guess I'm just trying to get a sense for if that includes sort of the uplift, especially on the tax side? And if it does, just what would potentially have to change for that chart to kind of shift at least in terms of that relationship?

我很驚訝，自從今年年初以來，該圖表的顏色根本沒有改變。我想我只是想了解這是否包括某種提升，特別是在稅收方面？如果確實如此，那麼至少在關係方面，圖表可能需要發生哪些變化才能改變？

Like what would change that would cause a 350 mid-cycle price to point to you all producing something above 7.5 Bs or just -- I'm trying to get a sense of what would maybe cause that chart to shift, if anything?

例如，什麼樣的變化會導致 350 的中期週期價格指向你們都生產出高於 7.5 B 的東西，或者只是——我試圖了解什麼可能會導致該圖表發生變化，如果有的話？

Yes. That's a great question, John. So what I would point you to is that the colors in the chart are all relative, right? So where are you going to produce the optimum relative to a different price? And then the other point here is what we've done in order to recognize the improvements in our cash flows, we've lowered the maintenance capital at every level.

是的。這是一個很好的問題，約翰。所以我想指出的是，圖表中的顏色都是相對的，對嗎？那麼，相對於不同的價格，您要在哪裡實現最優生產呢？這裡的另一點是，為了實現現金流的改善，我們降低了各個層面的維護資本。

So that's how you're seeing that show up. And the relative performance of each is reflected in the colors across the prices.

這就是你所看到的景象。每種顏色的相對錶現都反映在價格上。

So even though the -- it looks like the cash flow uplift is not like linear in terms of on the tax side, it doesn't necessarily have any change to this chart.

因此，儘管從稅收角度來看，現金流的成長看起來並不呈線性，但它並不一定會對這張圖表產生任何影響。

Yes, John, this is Chris. That's the right way to think of it. I mean, put simply, if you were to go on that chart to the $4 column in the 7.5 Bcf a day that light green, that's going to effectively correspond to the 2026 free cash flow of $3.1 billion. And so there would be a little bit of movement at the lower prices around -- or at the higher prices around what your absolute cash flow is because the tax is nonlinear as you highlight. But as Nick pointed out, it is just kind of relative one to another within the column.

是的，約翰，這是克里斯。這才是正確的思考方式。我的意思是，簡單地說，如果你在圖表上找到每天 75 億立方英尺中 4 美元的淺綠色列，這將有效對應於 2026 年 31 億美元的自由現金流。因此，在較低價格附近會出現一點波動 - 或者在較高價格附近會出現一點波動，因為正如您所強調的那樣，稅收是非線性的。但正如尼克指出的那樣，它只是在列中彼此相對而已。

And so the absolute free cash flow has increased, but the relative position of how you optimize production doesn't necessarily move large enough that you would see that on the output.

因此，絕對自由現金流增加了，但優化生產的相對位置不一定會發生足夠大的變化，以至於您會在產出上看到這一點。

Appreciate it. Thanks, guys.

非常感謝。謝謝大家。

Thank you.

謝謝。

Devin McDermott, Morgan Stanley.

摩根士丹利的 Devin McDermott。

Hey, good morning. Thanks for taking my question. So I wanted to ask kind of along a similar lines on capital allocation and optimizing for free cash flow with some of the weakness in Henry Hub over the last month or two, we're now back below -- at least on the prime contract below your mid-cycle price range.

嘿，早安。感謝您回答我的問題。因此，我想問類似的關於資本配置和優化自由現金流的問題，考慮到過去一兩個月亨利港的一些疲軟表現，我們現在又回到了低於 - 至少在主要合約低於你的中期價格範圍。

So question is more on kind of duration of price. At what point do you start to toggle things or move around within this heat map? What are you looking for as we head into 2026 to kind of reaffirm the constructive view in that 7.5 Bcf a day target you all have on production for next year?

所以問題更多的是關於價格持續時間。您什麼時候開始切換事物或在熱圖內移動？當我們邁入 2026 年時，您希望看到什麼來重申您對明年每天 75 億立方英尺產量目標的建設性看法？

Yes. Great question, Devin. And I think it's obviously timely. We're just not bothered by the volatility that we're seeing here this summer. If you think about where we are in the broader scheme of the year of the macro.

是的。好問題，德文。我認為這顯然是及時的。我們只是沒有被今年夏天所見的波動所困擾。如果你思考一下我們在宏觀年度的更廣泛範圍內所處的位置。

Demand is still growing pretty attractively and forward price is at a level that is still well above our mid-cycle.

需求仍以相當誘人的速度成長，遠期價格仍遠高於我們的中期週期水準。

And again, we think a lot about capital cycles. And so the money we're spending today is all about bringing on production and delivering volumes into the pipe, 12 to 18, 24 months from now. So this kind of volatility we pay attention to because we want to understand the drivers of it, but it doesn't necessarily change our plans in any way.

再次強調，我們對資本週期進行了大量思考。因此，我們今天所花的錢都是為了在 12 到 18 個月或 24 個月內實現產量並輸送到管道。因此，我們關注這種波動，因為我們想了解其驅動因素，但它並不一定會以任何方式改變我們的計劃。

However, as you know, we have a super flexible business, and we really enjoy being able to use that flexibility, and we think we can create a lot of value by using that flexibility. So as conditions evolve throughout this year, if anything changes relative to what we may see as the prevailing conditions at this point, then we are absolutely ready to make changes to our business and adjust accordingly.

然而，正如你所知，我們的業務非常靈活，我們非常享受利用這種靈活性，我們認為我們可以利用這種靈活性創造很多價值。因此，隨著今年全年情況的變化，如果相對於我們目前所看到的普遍情況發生任何變化，那麼我們絕對準備好對我們的業務做出改變並進行相應的調整。

But look, we've got two Bcf a day of new LNG capacity coming online, more than two Bcf day of new LNG coming online between the rest of Parkman's, Corpus Christi before the end of the year. And then, of course, you have a return of maintenance and cooler weather that increases capacity there. So just that demand alone is pretty significant. So we feel pretty good about the macro.

但看看吧，我們每天有 20 億立方英尺的新液化天然氣產能上線，到今年年底，帕克曼和科珀斯克里斯蒂其他地區每天將有超過 20 億立方英尺的新液化天然氣上線。然後，當然，維護工作又會恢復，天氣也會變冷，從而增加那裡的容量。因此，僅此一項需求就相當大。所以我們對宏觀感覺很好。

Okay. Great. Makes a lot of sense. And then I wanted to come back to the Haynesville and well productivity, I know there's a question on that before. But -- your results are strong.

好的。偉大的。很有道理。然後我想回到海恩斯維爾，談談生產力，我知道之前有人對此提出疑問。但是——你的結果很好。

The state data also shows the degradation across other producers in the basin. So I guess my question is more broadly I guess, is the reporting issue unique to expand?

該州的數據也顯示了該盆地其他生產商的狀況惡化。所以我想我的問題更廣泛一些，報告問題是否獨一無二？

Is it broad across the basin? And what's your views on kind of marginal cost breakeven, Haynesville growth capacity as we kind of head into this tightening market over the next few years in that backdrop?

整個盆地寬闊嗎？在這種背景下，當我們在未來幾年進入這個緊縮的市場時，您對邊際成本損益平衡、海恩斯維爾的成長能力有何看法？

Yes. So I'll take that. We think this issue is specific to the state of Louisiana. It's not just related to Expand, it's likely impacting several other operators, specifically within the state.

是的。所以我會接受。我們認為這個問題是路易斯安那州特有的。這不僅與 Expand 有關，還可能影響其他幾家營運商，特別是在該州內。

We work pretty closely with the agencies there to try to ensure that -- the reporting process is as efficiently as it can be, but they're just a little bit behind there in the office. And so again, we'll continue to work with them to get that addressed.

我們與那裡的機構密切合作，試圖確保報告流程盡可能高效，但他們在辦公室方面還是有點落後。因此，我們將繼續與他們合作解決這個問題。

Really, what we can speak to is the fact that we have this incredibly long-lived durable inventory to go develop within the basin. And I think the strength of our inventory, we see it here in the data sets where we've seen relatively consistent year-over-year performance going all the way back to 2020.

事實上，我們可以說，我們擁有這種壽命極長的耐用庫存，可以在盆地內進行開發。我認為我們的庫存實力強勁，我們可以從數據集中看到這一點，從 2020 年開始，我們的庫存表現一直保持相對穩定的同比表現。

Now I do think that when you look at industry more broadly, you are going to see some level of degradation as you move outside of the core area. Not everybody has the inventory depth that we have. In fact, if you look at who's been adding activity of late, we believe that operator has a relatively short inventory level to go develop.

現在我確實認為，當你更廣泛地看待產業時，當你移出核心區域時，你會看到一定程度的退化。並不是每個人都有我們這樣的庫存深度。事實上，如果你看看最近誰增加了活動，我們相信運營商的庫存水平相對較低，無法進行開發。

You'll see well productivity degrade a little bit again as you move to the west over into East Texas as well. And so again, we just think, in general, we would anticipate some level of modest productivity decline as you move outside of the core and especially as you move into some of the more -- for the private operators in the basin.

當你向西移動到德克薩斯州東部時，你會發現生產力再次略有下降。因此，我們再次認為，總體而言，我們預計，當你移出核心區時，特別是當你移入盆地中的一些私人營運商時，生產力將出現一定程度的適度下降。

Yes. Devin, let me just add to that real quickly. I mean just think about that dynamic and the fact that as you move outside the core and the Haynesville needs to grow, the Haynesville needs to grow right now because of the fact that LNG demand is strong and it's going to continue to grow.

是的。德文，讓我快速補充一下。我的意思是，只要想想這種動態和事實，當你移出核心區時，海恩斯維爾需要發展，海恩斯維爾現在就需要發展，因為液化天然氣需求強勁，而且還會繼續增長。

Like I commented in my initial comments, there's well over 12 Bcf a day of demand growth showing up within 300 miles of our position. So that call on Haynesville is really significant and is going to continue to drive competitive tension into the supply-demand fundamentals around our assets for some extended period of time here.

正如我在最初的評論中所說的那樣，在我們位置 300 英里範圍內，每天的需求增長遠遠超過 120 億立方英尺。因此，對海恩斯維爾的呼籲確實意義重大，並將在一段較長的時間內繼續推動我們資產供需基本面的競爭緊張。

And just as a reminder, we deliver gas to a lot of different places from our Haynesville assets. We can go east to Perryville, we can go directly south to Gilles and then there are a number of other offtake points that we can deliver gas to along those routes. So we have a really flexible portfolio that's ready to do this. But clearly, the Haynesville is not going to deliver all 12 Bcf a day of that growth, but it is the closest and best positioned. And so we really like these dynamics.

提醒一下，我們從海恩斯維爾資產向許多不同的地方輸送天然氣。我們可以向東到佩里維爾，也可以直接向南到吉爾斯，然後我們可以沿著這些路線向許多其他的供氣點輸送天然氣。因此，我們擁有一個真正靈活的投資組合，可以實現這一目標。但顯然，海恩斯維爾無法輸送每天 120 億立方英尺的新增天然氣，但它距離最接近，位置也最好。所以我們真的很喜歡這些動態。

Makes a lot of sense. Thanks for all the details.

很有道理。感謝您提供所有詳細資訊。

Josh Silverstein, UBS.

瑞銀集團的喬希·西爾弗斯坦。

Good morning guys. Do you think it was challenging from a basis standpoint in both the Haynesville and Appalachia. Can you just give us an update on expectations for second half and maybe going into 2026. I know there's been some start-up of infrastructure in the Haynesville, so how that may impact some of your capital allocation thoughts later on this year and into next year? Thanks.

大家早安。您認為從海恩斯維爾和阿巴拉契亞的基礎角度來看這是否具有挑戰性？您能否向我們介紹一下對下半年甚至 2026 年的期待？我知道海恩斯維爾已經開始了一些基礎設施建設，那麼這會對您今年稍後和明年的一些資本配置想法產生什麼影響？謝謝。

Hey Josh, thanks for the question. In terms of basis, we look at structural basis, right? And when I talk about that, it's how these markets clear. So we can talk about Appalachia and the Haynesville. In Appalachia, the supply demand set up, yes, there's going to be whether that's going to change base over time.

嘿，喬希，謝謝你的提問。基礎方面，我們看結構基礎，對嗎？當我談論這個時，我指的是這些市場如何清算。所以我們可以談論阿巴拉契亞山脈和海恩斯維爾。在阿巴拉契亞，供應需求已經建立，是的，隨著時間的推移，它是否會改變。

But there is a bit of demand coming in basin with potential power generation and pipeline egress. But there's also a lot of supply behind that. So structurally demand is going to grow and the supply is going to catch up with it. So we do see it grinding up a basis over the medium, long term there in Appalachia.

但盆地內有潛在的發電和管道出口，因此存在一些需求。但這背後也有大量供應。因此，從結構上講，需求將會成長，而供應也會跟上。因此，我們確實看到它在中長期內在阿巴拉契亞地區奠定基礎。

But pivoting to Haynesville on your question specifically, I think, was around how we're going to see the basis come online with NG3 coming online in fourth quarter this year and all that LNG demand that Nick was referring to? So again, coming back to supply/demand, we really see the big demand pull in this area over the long term.

但是，當具體轉到海恩斯維爾，當回答您的問題時，我認為，是關於我們如何看到基礎的上線，以及今年第四季度 NG3 的上線以及尼克提到的所有液化天然氣需求？因此，再次回到供需問題，我們確實看到該領域長期存在巨大的需求拉動。

In the short term, quarter, what I think you were referring to on NG3, there's not going to be that much of a change. The basis -- when we put production down that line, we also have to pay for that capacity. So it's a bit of a wash, if you will, in terms of the uplift we're going to get and the capacity we're going to see. But over the medium term, again, with that demand pull from LNG, we're expecting an increase in realizations and basis in that area.

從短期來看，我認為您提到的 NG3 不會有太大的變化。基礎是──當我們將生產投入那條生產線時，我們也必須為該產能付費。因此，就我們將獲得的提升和我們將看到的容量而言，這有點像是一場洗禮。但從中期來看，隨著液化天然氣需求的拉動，我們預計該地區的實現量和基礎量將會增加。

And then I want to see if I can also get kind of your views on Lower 48 production in total. We've seen a real big step up recently kind of into that 108-109 area. Is the expectations that we maybe stay around here, do we come down or just given some of the rig count increases that we've seen in the Haynesville, there is still expectations of growth going forward into 2026?

然後我想看看我是否也可以了解您對美國本土 48 州整體生產的看法。我們最近看到了一個真正的大進步，進入了 108-109 區域。我們的預期是可能會保持在這裡，還是會下降，或者只是考慮到我們在海恩斯維爾看到的一些鑽機數量的增加，我們仍然預期到 2026 年還會增長？

Yes. We have been, I guess, a little bit surprised by the upside in the last month or two with the prints around 107 depending on what data sources you're looking at. But as we said, that demand is still growing through the balance of the year here with about four Bcfd of real LNG capacity coming online with Plaquemines, Corpus and then again, coming out of maintenance and the weather. So we do see that demand coming and there might be a bit of a tick up in production as we go through or remain flat, but we see the demand outpacing that supply.

是的。我想，我們對過去一兩個月的上漲感到有點驚訝，印刷量約為 107，具體取決於您所查看的資料來源。但正如我們所說，今年全年需求仍在增長，普拉克明和科珀斯克里斯蒂的實際液化天然氣產能約為 40 億立方英尺/天，之後由於維護和天氣原因，需求也將恢復正常。因此，我們確實看到了需求的到來，並且隨著我們經歷或保持平穩，產量可能會略有上升，但我們看到需求超過了供應。

Okay. Thank you.

好的。謝謝。

Neil Mehta, Goldman Sachs & Company.

高盛公司的尼爾梅塔 (Neil Mehta)。

Yes. Good morning, Nick and Mohit and team. I just want to start on Slide 6, the merger synergies. There's another $100 million here of outperformance. And I think you got four bullets that describes some of the pieces there. But could you unpack it, whether it's sand mine stuff or some of the things that you're doing in the Haynesville to help us get some color of what's happening on the ground?

是的。早安，尼克、莫希特和團隊。我只想從投影片 6 開始介紹合併綜效。這裡還有另外 1 億美元的優異表現。我認為您有四點要點可以描述其中的一些部分。但是您能否解釋一下，無論是沙礦的事情還是您在海恩斯維爾所做的一些事情，以幫助我們了解當地正在發生的事情？

Yes. Neil, this is Josh. Thanks for the question. Yes, the incremental $100 million is really kind of split between our drilling completions activity in the Haynesville, representing roughly half of that, and then the other half is going to be attributed to specifically G&A.

是的。尼爾，這是喬希。謝謝你的提問。是的，這 1 億美元的增量實際上是在 Haynesville 的鑽井完井活動中分配的，大約佔其中的一半，另一半則專門用於一般及行政費用。

And so maybe just unpack the D&C component. There's a portion of that, which is purely attributed to the fact that we're just simply drilling faster than what we thought we'd be doing at this point in time. So again, just been incredibly pleased with the results. We've demonstrated roughly a 25% improvement in footage per day if you kind of go back to the fourth quarter of last year.

因此也許只需解壓縮 D&C 組件。其中一部分原因純粹是因為我們鑽探的速度比我們目前預想的還要快。所以，我對結果感到非常滿意。如果回顧去年第四季度，我們發現每天的拍攝鏡頭數量大約提高了 25%。

Maybe just 1 thing I'll kind of put out there. In fact, one of the things that we're seeing right now in the Haynesville is our well costs are around $1,300 a foot. So just think about where we've been historically. So just a ton of progress has been made there. And a lot of that, again, is attributed to drilling.

也許我只想說一件事。事實上，我們目前在海恩斯維爾看到的情況之一是，我們的油井成本約為每英尺 1,300 美元。所以，只要想想我們的歷史就明白了。因此，那裡已經取得了巨大的進展。而這其中很大一部分又要歸咎於鑽探。

There is a portion of the incremental synergy that's attributed to the sand mine. So we got the sand plant started up in and around the first quarter. We had some expectations around how quickly we could ramp that up and how many frac crews that we could support. We're simply able to support more frac crews than we thought we would be at this point in the year. So that's contributing to some incremental synergies through the course of the year.

部分增量協同效應歸功於沙礦。因此，我們在第一季左右啟動了砂廠。我們對能夠多快提高產量以及能夠支援多少個壓裂隊伍有一些期望。我們能夠支援比我們今年此時預想的更多的壓裂隊伍。因此，這將在全年產生一些增量協同效應。

On the G&A component, that is largely attributed to non-comp G&A. I think the teams have done a phenomenal job rationalizing our IT cost. You think about things like software, subscriptions and license rationalization that's going to occur. And we've really just not only accelerated those synergies, but the quantum has gone up as well.

就 G&A 部分而言，這主要歸因於非同公司 G&A。我認為團隊在合理化我們的 IT 成本方面做得非常出色。您會考慮即將發生的軟體、訂閱和授權合理化等事情。我們不僅確實加速了這些協同效應，而且量子效應也得到了提升。

Thank you. And the follow-up is just around hedging strategy. You guys were aggressive in Q1 and -- for locking in '26 and almost at 40% now, and that has kind of aged well. But your perspective as the curve has come off as hard as it has for '26. How do you think about being opportunistic versus ratable in the hedge the wedge strategy?

謝謝。後續只是圍繞對沖策略。你們在第一季表現得很積極，鎖定了 26 年的份額，現在幾乎達到了 40%，而且這種勢頭已經持續很久了。但從你的角度來看，曲線已經和 26 年一樣艱難了。您如何看待對沖楔形策略中機會主義與可評級性之間的差異？

Neil, this is a great question. You're correct in identifying in Q1, we had signaled that we added 740 Bcf of hedges. Just for comparison, that number for 2Q is about 169 Bcf of hedges. So while our approach and program on hedging is very disciplined and programmatic, but it also takes into account windows of opportunities where we see spike up in volatility, which allows us to further capitalize on that volatility by buying more downside protection through buying those puts.

尼爾，這個問題問得非常好。您正確地指出，在第一季度，我們已表示增加了 7400 億立方英尺的對沖。僅供比較，第二季的對沖量約為 1,690 億立方英尺。因此，雖然我們的對沖方法和計劃非常嚴謹且程序化，但它也考慮到了波動性激增的機會窗口，這使我們能夠透過購買看跌期權來獲得更多下行保護，從而進一步利用這種波動性。

And also selling calls at a higher price, which are then used to pay for the puts. So most of the hedges that we have layered in are costless collars. And as a point of reference for 2Q, the 169 Bcf of new hedges that I had mentioned, those are of various tenures going into 2Q of 2027 and the weighted average floor price is $3.75, and then sealing is $4.77.

並且以更高的價格出售看漲期權，然後用來支付看跌期權。因此，我們分層設定的大多數對沖都是無成本的。作為第二季的參考點，我提到的 1,690 億立方英尺新對沖，是進入 2027 年第二季的不同期限的，加權平均底價為 3.75 美元，然後封口價為 4.77 美元。

So it still remains above what we deem as our corporate breakevens. And that's what we continue to attempt to do is to try and add more hedges at above our breakeven prices and still retaining some of the upside until the sold calls at $4.77. So overall, the program is working. There will be windows when we'll be more active, as you said, and there will be windows when we will just back away. But the overall structure and -- is still to do it on a rolling eight-quarter basis.

因此，它仍然高於我們認為的企業損益平衡點。我們持續嘗試的做法是，在高於損益平衡價位的情況下，增加更多對沖，同時在賣出買權價格達到4.77美元之前，仍保留一些上漲空間。所以，總體而言，該計劃正在發揮作用。正如您所說，有些時候我們會更加積極，有些時候我們會退縮。但總體結構仍將以滾動八個季度為基礎進行。

And as we roll from one quarter to the next, we look at opportunities to add more to it when we can.

隨著我們從一個季度過渡到下一個季度，我們會尋找機會盡可能增加更多內容。

Mohit, can I ask one quick follow-up on that, which is the '26 curve has come down, it feels like, in large part of a reflection of production, which is probably running to [period of] higher than most forecasters would have thought. Do you feel like that is structural in the sense that it could shift the way that we should be thinking about the '26 curve or is it just some of this production, which is deferred TILs just coming back at which point we should be less worried about the way that the '26 curve is moving?

Mohit，我可以快速問一下這個問題嗎？ 26 年的曲線已經下降，感覺這在很大程度上反映了產量，產量可能比大多數預測者想像的要高。您是否認為這是結構性的，因為它可能會改變我們對 26 年曲線的看法，或者這只是部分生產，即延期的 TIL 剛剛回來，此時我們應該不那麼擔心 26 年曲線的移動方式？

Yes. So that's a good follow-up, Neil. The -- we still remain excited about the demand, which is showing up. Nick mentioned about, Plaquemines will add another 1.5 Bcf and then the Corpus Christi will add some more and then obviously, Golden Pass should start taking some gas as well.

是的。所以這是一個很好的後續行動，尼爾。我們仍然對正在出現的需求感到興奮。尼克提到，普拉克明將再增加 15 億立方英尺天然氣，然後科珀斯克里斯蒂將再增加一些，然後顯然，金色山口也應該開始輸送一些天然氣。

So our view is to try and grow into durable demand, and we view LNG demand pull as a durable demand that we'd like to grow our production into. And that's why when you look at the curve out in [Cal 26] it's still close to $4, which is still, I mean, above breakeven. So it's still -- we have to remember, while it has traded off a little bit, these are still pretty healthy prices. And at those prices, our business generates a tremendous amount of free cash flow.

因此，我們的觀點是嘗試發展成為持久需求，並且我們將液化天然氣需求拉動視為一種持久需求，我們希望透過增加產量來滿足這種需求。這就是為什麼當你查看 [Cal 26] 中的曲線時它仍然接近 4 美元，也就是說，它仍然高於盈虧平衡點。所以，我們必須記住，雖然價格略有下降，但仍然是相當健康的價格。在這些價格下，我們的業務產生了大量的自由現金流。

Alright, thanks man.

好的，謝謝老兄。

Thank you.

謝謝。

Kevin MacCurdy, Pickering Energy Partners.

麥柯迪（Kevin MacCurdy），皮克林能源合夥公司（Pickering Energy Partners）。

Hey, good morning. There's some reports out there of assets being marketed in the basins you operate in. And do you feel like your balance sheet and organization are in a spot where you would consider more M&A? And is there any differentiation you see between M&A potential in the Haynesville versus Marcellus?

嘿，早安。有一些報導稱，您所在的盆地正在出售資產。您是否覺得您的資產負債表和組織狀況已經到了需要考慮進行更多併購的地步？您認為 Haynesville 和 Marcellus 的併購潛力有何不同？

Kevin, it's Nick. We're just finishing the integration of a very big merger. We have a lot to continue to do to improve upon our business. We're pretty satisfied with who we are today and what we have in front of us. We'll always consider opportunities, but I'd just remind you, we have our nonnegotiables, and they're a pretty high bar.

凱文，我是尼克。我們剛剛完成一項非常大的合併整合。我們還有很多工作要做，以改善我們的業務。我們對今天的自己以及我們所擁有的一切感到非常滿意。我們總是會考慮機會，但我只想提醒你，我們有不可談判的條件，而且標準相當高。

They've worked well for us historically. They'll continue to work well for us, and we're pretty focused on what we've got right now.

從歷史上看，它們為我們發揮了很好的作用。它們將繼續為我們帶來良好的效果，我們非常專注於我們現在所擁有的。

I appreciate that answer. And as a follow-up, your guidance includes productive capacity of up to $275 million CapEx this year. Your wording, while I know it's not changed, it seems to leave a little bit of optionality on not spending the full amount. You said earlier in the call that you're not concerned about the long-term macro. But is there anything in the near-term gas markets that would lead you to maybe pull back on that productive spending?

我很感謝這個回答。作為後續行動，您的指導包括今年高達 2.75 億美元資本支出的生產能力。雖然我知道您的措辭沒有改變，但它似乎留下了一點不花全部金額的選擇權。您之前在電話中說過，您並不擔心長期宏觀經濟。但是，近期天然氣市場是否有什麼情況可能導致您削減生產性支出？

And when would you need to make that decision?

什麼時候需要做出這個決定？

Yes. I think we feel pretty good about our plans right now, Kevin. The reason we think about it is productive capacity is that we want to set a plan to be able to execute on it and then have the flexibility to decide how and when to produce those volumes based on the near-term market conditions as those volumes become available.

是的。凱文，我認為我們現在對我們的計劃感覺很好。我們考慮生產能力的原因是，我們希望制定一個能夠執行的計劃，然後根據這些產量可用的近期市場狀況靈活地決定如何以及何時生產這些產量。

So it's -- if the conditions change, we would adjust production, not necessarily the capital spend because again, the long-term fundamentals here, we still think are super strong.

因此，如果情況發生變化，我們會調整生產，而不一定是調整資本支出，因為我們仍然認為這裡的長期基本面非常強勁。

Great thanks Nick. Thank you.

非常感謝尼克。謝謝。

Phillips Johnston, Capital One.

菲利普斯·約翰斯頓，第一資本公司。

Hey, thanks for the time. I also wanted to ask about M&A. I heard what you said, Nick, in terms of you guys are satisfied with what you have. But looking out over the next few years-or-so, I wanted to get a sense of whether or not you guys would consider Canada as an area to expand your footprint? Or would the AECO discount or any other factor would be something that could generally sort of rule that out?

嘿，謝謝你抽出時間。我還想問一下有關併購的問題。尼克，我聽到了你說的話，你們對所擁有的一切感到滿意。但展望未來幾年左右，我想了解你們是否會考慮將加拿大作為擴大足跡的地區？或者 AECO 折扣或任何其他因素通常可以排除這種可能性？

Yes. Look, we pay attention to all the trends of the industry. There's been a lot written about resource in Canada lately. And obviously, it's gotten a lot of attention. There's a lot of resource there.

是的。你看，我們關注行業的所有趨勢。最近有很多關於加拿大資源的文章。顯然，它已經引起了很多關注。那裡有很多資源。

But frankly, at this point, our non-negotiables would drive us to feeling like understanding the aboveground economics of those assets today. It's not clear that we would be better off doing something like that. So that's not in our near-term plans.

但坦白說，在這一點上，我們的不可協商的條件會促使我們去理解當今這些資產的地上經濟學。我們並不清楚這樣做是否會更好。所以這不在我們的近期計劃中。

Okay. And I think the last time you all provided D&C well cost by area within your February presentation. At these new faster drilling speeds, can you just give us a general sense of how much your well costs have fallen in all three areas, I guess, relative to the figures that you guys provided back in February?

好的。我認為你們上次在二月份的演示中提供了按區域劃分的 D&C 成本。在新的更快鑽井速度下，您能否大致告訴我們，相對於您在二月提供的數據，這三個領域的鑽井成本下降了多少？

Yes. Phillips, Josh here. So I referenced the Haynesville cost earlier. When we compare back to the guide, we're probably closer to $1,200 a foot with our Haynesville formation wells, just under $1,500 a foot for Bossier. When we look at the cost relative to the guide in our two Appalachia business units, I would say we're within about 5% of where we guided to cost there.

是的。菲利普斯，我是喬​​希。所以我之前提到了 Haynesville 的成本。當我們與指南進行比較時，我們的 Haynesville 地層油井的成本可能接近每英尺 1,200 美元，而 Bossier 地層油井的成本略低於每英尺 1,500 美元。當我們查看我們兩個阿巴拉契亞業務部門相對於指導的成本時，我想說我們的成本與我們指導的成本相差約 5%。

And so really not a material movement. Just given how we forecasted improvements within those two basins, the move is just not simply as big. And of course, so much of that simply ties back to the merger synergies with the Haynesville specifically, and of course, those have shown up in a more material way, hence, a little bit lower well cost in the Haynesville.

所以這其實並不是物質運動。僅從我們對這兩個盆地改善情況的預測來看，這種變化幅度並不大。當然，這在很大程度上與與海恩斯維爾的合併協同效應有關，當然，這些協同效應以更實質的方式表現出來，因此，海恩斯維爾的油井成本略低一些。

Sounds good. Thanks guys.

聽起來不錯。謝謝大家。

Paul Diamond, Citi.

花旗銀行的保羅戴蒙德 (Paul Diamond)。

Just a quick question on kind of the larger portfolio dynamics. I guess from a longer-term perspective, how do you think about the right balance between LNG contracts, data center contracts and then just general delivery otherwise?

這只是關於更大投資組合動態的一個簡單問題。我想從長遠來看，您如何看待液化天然氣合約、資料中心合約和一般交付之間的適當平衡？

Yes. That's a great question, Paul. So again, we're really pleased with the fact that our portfolio sits in a place that we can be responsive to all of these elements of growing demand. It's a pretty exciting time for natural gas. I mean you have people recognizing the value that gas plays in the economy, the efficiency that gas creates for the growth in power demand, which is all tied to our growing economy fueled by the innovation associated with AI as well as a lot of other places where the economy is just putting capital to work.

是的。保羅，這個問題問得真好。因此，我們非常高興我們的投資組合能夠對所有不斷增長的需求因素做出反應。對於天然氣來說，這是一個非常令人興奮的時刻。我的意思是，人們認識到天然氣在經濟中發揮的價值，天然氣為電力需求增長創造的效率，這一切都與我們日益增長的經濟息息相關，而這種經濟是由與人工智能相關的創新推動的，也與許多其他經濟只是在投入資本的地方息息相關。

That's obviously a domestic story, but it's also very much an international story connected through the LNG markets. So we're in a place that we can be responsive to all of the above. And I think we're, again, unique in being able to do that. We know that our portfolio has the depth and quality so that we can continue to deliver resource to all of these very attractive, oftentimes constrained markets, constrained either in infrastructure or just constrained by the fact that demand is growing faster than supply.

這顯然是一個國內故事，但同時也是一個透過液化天然氣市場連結在一起的國際故事。因此，我們可以對上述所有問題做出反應。我認為我們能夠做到這一點，是獨一無二的。我們知道，我們的投資組合具有深度和質量，因此我們可以繼續向所有這些非常有吸引力、通常受到限制的市場提供資源，這些市場要么受到基礎設施的限制，要么僅僅受到需求增長速度快於供應的限制。

And so we're well positioned to be responsive to all of these customers. And then we have the financial flexibility and strength to be responsive to create solutions that are effective in how we supply gas and structure contracts in a way that's good for both us as a producer and the customers.

因此，我們已做好準備，為所有這些客戶提供服務。然後，我們擁有財務靈活性和實力，可以迅速創建有效的解決方案，以對我們作為生產商和客戶都有利的方式供應天然氣和建造合約。

So we really like these dynamics. We don't think it's an either/or in any way. We think, in fact, it is a story for our company of all of the above, and I think we're uniquely positioned to do that.

所以我們真的很喜歡這些動態。我們認為這絕對不是一個非此即彼的問題。事實上，我們認為這是我們公司的一個故事，涵蓋了上述所有方面，而且我認為我們具有獨特的優勢來做到這一點。

Understood. Makes perfect sense. Just a quick bookkeeping follow-up. Circling back to Slide 25 and Haynesville productivity. I know you said that they're working with local state agencies in Louisiana, but do you guys have any line of sight on the timing of when that data should be captured accurately?

明白了。非常有道理。只是快速的簿記跟進。回到幻燈片 25 和 Haynesville 生產力。我知道您說過他們正在與路易斯安那州的地方政府機構合作，但你們對何時應該準確捕捉這些數據有什麼看法嗎？

And is it a permanent fix or could this happen again?

這是一個永久性的解決方案嗎？還是這種情況會再發生？

Yes, we'd like to think it will be a permanent fix. Again, we work pretty closely with the state agencies. We have a really good relationship. They're working the best they can with the resources they have available to them. We're hoping this gets resolved over the next several months.

是的，我們希望這是一個永久的解決方案。再次強調，我們與國家機構的合作非常密切。我們的關係非常好。他們正在盡最大努力利用現有的資源。我們希望這個問題能夠在接下來的幾個月內解決。

But again, it's something that we hope we don't want to deal with again. But nonetheless, we see them as a critical partner for us, and we'll continue to engage in a constructive way.

但再次強調，我們希望不再遇到這樣的事情。但儘管如此，我們仍將他們視為我們的重要合作夥伴，我們將繼續以建設性的方式與他們合作。

Understood. It's a target. Thank you so much.

明白了。這是一個目標。太感謝了。

This concludes our Q&A session, and I will pass it back to Nick Dell'Osso for final remarks.

我們的問答環節到此結束，我將把它交還給 Nick Dell'Osso 進行最後的評論。

All right. Well, thanks, everyone, for taking the time to listen to our call today. We'll certainly be available for any follow-up questions. We think the second half of this year is setting up extremely well for Expand, and that, we believe, is just a start towards what 2026-'27 and the rest of the decade will look like.

好的。好吧，謝謝大家今天抽出時間來聽我們的電話。我們當然會解答任何後續問題。我們認為，今年下半年對 Expand 來說是一個極好的發展機遇，而且我們相信，這只是 2026-27 年以及未來十年發展的一個開端。

The dynamics for natural gas are very strong, and we are uniquely positioned to succeed. The creation of Expand Energy is putting us in a position where the benefits of this merger are showing up every day, and they're showing up in our financial results, not just through leading indicators. We're really excited about the future and look forward to continuing to talk to you about all of that in the coming days, weeks, quarters and years. Thank you.

天然氣的發展勢頭非常強勁，我們擁有獨特的優勢可以取得成功。Expand Energy 的成立使我們每天都能感受到此次合併帶來的好處，這些好處不僅體現在我們的財務表現中，也體現在我們的領先指標中。我們對未來充滿期待，並期待在未來幾天、幾週、幾個季度和幾年繼續與您討論所有這些問題。謝謝。

And with that, ladies and gentlemen, we conclude our conference. Thank you all for participating, and you may now disconnect.

女士們、先生們，本次會議到此結束。感謝大家的參與，現在您可以斷開連線了。