Diamondback Energy Inc (FANG) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the Diamondback Energy third quarter 2024 earnings conference call.

歡迎參加響尾蛇能源 2024 年第三季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to Adam Lawlis, VP of Investor Relations.

我現在想將會議交給投資者關係副總裁 Adam Lawlis。

Please go ahead.

請繼續。

Thank you, Julia.

謝謝你，茱莉亞。

Good morning, and welcome to Diamondback Energy's third quarter 2024 conference call.

早安，歡迎參加響尾蛇能源 2024 年第三季電話會議。

During our call today, we will reference an updated investor presentation and letter to stockholders, which can be found on Diamondback's website.

在今天的電話會議中，我們將參考更新的投資者介紹和致股東的信函，這些內容可以在響尾蛇的網站上找到。

Representing Diamondback today are Travis Stice, Chairman and CEO, Kaes Van't Hof, President and CFO; and Danny Wesson, COO.

今天代表 Diamondback 的是董事長兼執行長 Travis Stice、總裁兼財務長 Kaes Van't Hof；和首席營運長丹尼·韋森 (Danny Wesson)。

During this conference call, the participants may make certain forward-looking statements relating to the company's financial condition, results of operations, plans, objectives, future performance, and businesses.

在本次電話會議期間，與會者可能會就本公司的財務狀況、營運績效、計畫、目標、未來績效和業務做出某些前瞻性陳述。

We caution you that actual results could differ materially from those that are indicated in these forward-looking statements due to a variety of factors.

我們提醒您，由於多種因素，實際結果可能與這些前瞻性聲明中所示的結果有重大差異。

Information concerning these factors can be found in the company's filings with the SEC.

有關這些因素的資訊可以在該公司向 SEC 提交的文件中找到。

In addition, we will make reference to certain non-GAAP measures.

此外，我們也將參考某些非公認會計準則措施。

The reconciliations with the appropriate GAAP measures can be found in our earnings release issued yesterday afternoon.

與適當的公認會計準則措施的對帳可以在我們昨天下午發布的收益報告中找到。

I'll now turn the call over to Travis Stice.

我現在將把電話轉給 Travis Stice。

Thank you, Adam.

謝謝你，亞當。

Welcome, everyone, and thank you for joining our call this morning.

歡迎大家，感謝您今天早上加入我們的電話會議。

I hope you've had a chance to review both the shareholder letter that went out last night as well as the Investor Day, we'll be covering a lot of that material in today's question session.

我希望您有機會閱讀昨晚發出的股東信以及投資者日，我們將在今天的問題會議中涵蓋大量此類資料。

Operator, please open the line for questions.

接線員，請開通提問線。

(Operator Instructions) Neal Dingmann, Truist.

（操作員指令）Neal Dingmann，Truist。

Nice update last night, Travis.

昨晚更新得很好，特拉維斯。

Guys, I'll save all my AI and data center questions this morning for your year-end call, and I'll jump into my first question this morning on capital efficiency, which, again, I think by my calculation, you all continue to have better than the E&P.

夥計們，今天早上我將把我所有的人工智慧和資料中心問題保存起來，以便你們的年終電話會議，今天早上我將跳入我的第一個問題，關於資本效率，我再次認為，根據我的計算，你們都繼續擁有比 E&P 更好的資源。

And so specifically, could you -- Kaes for your or Travis, maybe speak to what you all believe could be your realistic free cash flow per barrel next year or actually looking at just -- looking at what your breakeven would be assuming cost operations and well results continue to trend as they've been year-to-date?

具體來說，你能否——代表你的凱斯或特拉維斯，談談您都認為明年每桶實際的自由現金流，或者實際上看看——假設成本運營和假設下你的盈虧平衡點是多少？

Yeah, Neil, we've really focused on free cash flow generation over CapEx spend in recent years, and I expect that trend to continue.

是的，尼爾，近年來我們確實專注於自由現金流的產生而不是資本支出，我預計這種趨勢將持續下去。

I think with the Endeavor assets under the hub -- that only improves our free cash flow margin, reinvestment rate goes lower.

我認為，以奮進資產為中心——這只會提高我們的自由現金流利潤率，再投資率會降低。

Our corporate breakeven, we highlighted, went down by $2 or $3 a barrel.

我們強調，我們公司的損益平衡點每桶下降了 2 或 3 美元。

And I think in a world of a tenuous macro, the lowest breakeven and the longest duration of inventory is going to pay dividends.

我認為，在宏觀經濟脆弱的世界中，最低的損益平衡和最長的庫存期限將會帶來紅利。

There's two things we really look at free cash flow margin, which is the outside of the reinvestment rate but also how much CapEx are we spending per barrel of oil produced.

我們真正關注自由現金流利潤率的因素有兩點，即再投資率以外的因素，以及我們生產每桶石油所花費的資本支出。

And we like to say that we have the highest amount of barrels produced per dollar of CapEx in the business and expect that trend to continue.

我們想說的是，我們擁有業內最高的每美元資本支出生產的桶數，並預計這種趨勢將持續下去。

So a lot of time, a lot of work has been done here, integrating two companies very, very quickly, ecstatic about the progress that's been made.

所以這裡已經做了很多時間、很多工作，非常非常快地整合了兩家公司，我們對所取得的進展感到欣喜若狂。

We've already learned some things from the Endeavor side and vice versa.

我們已經從 Endeavour 方面學到了一些東西，反之亦然。

I think that's all going to occur to the benefit of our shareholders through more free cash flow over a longer period of time.

我認為，透過在更長的時間內提供更多的自由現金流，這一切都會有利於我們股東的利益。

Kaes, are you willing to put a number on where you see breakeven going at some point next year?

凱斯，您願意給出一個數字，說明明年某個時候您認為損益平衡的情況嗎？

Yeah.

是的。

I mean I think we laid it out on slide 9, the post-dividend breakeven has gone from $40 a barrel to $37 a barrel by our math.

我的意思是，我認為我們在幻燈片 9 上列出了這一點，根據我們的計算，股息後盈虧平衡點已從每桶 40 美元升至每桶 37 美元。

I think we've always tried to say that we'd like our base to breakeven at $40 a barrel.

我認為我們一直試圖說我們希望我們的基礎能夠在每桶 40 美元的水平上實現盈虧平衡。

So either our breakeven has gone down or we have more implied capacity to look at the base dividend, which we expect to do early in 2025.

因此，要么我們的損益平衡點下降了，要么我們有更多的隱含能力來考慮基本股息，我們預計將在 2025 年初實現這一目標。

Outstanding.

傑出的。

Then my second question on the TRP asset trade, specifically, how you all thought about valuation on each side.

然後是我關於 TRP 資產交易的第二個問題，具體來說，你們如何看待雙方的估值。

I'm just wondering on that, was that one PDP side, was that base largely just on reserve value of the assets?

我只是想知道，PDP 方面是否主要基於資產的儲備價值？

And then looking at the Midland side, is that based on a per location?

然後看看米德蘭方面，這是基於每個位置的嗎？

Or maybe help me what else I'm missing when you're all thinking about that swap?

或者也許可以幫助我，當你們都在考慮交換時，我還缺少什麼？

Yeah.

是的。

So I'll give you a high level -- the operated acreage in the Permian is very, very valuable.

所以我會給你一個高水準的－二疊紀的作業面積非常非常有價值。

And since we did the Endeavor deal, we've been pretty vocal that we're not a seller of the Delaware Basin.

自從我們完成奮進交易以來，我們一直直言不諱地表示我們不是特拉華盆地的賣家。

I think this trade was pretty unique and that TRP gets to move into the Delaware Basin and test some things in secondary zones.

我認為這筆交易非常獨特，TRP 可以進入特拉華盆地並在次要區域測試一些東西。

But Diamondback gets 18 DUCs in the Midland Basin, a little more current production and 55 locations that compete for capital right away.

但響尾蛇在米德蘭盆地獲得了 18 個 DUC，目前的產量稍多一些，還有 55 個地點正在爭奪資本。

So we're basically moving third and fourth quartile inventory into first and second quartile inventory, all while getting the benefit of capital efficiency from 18 DUCs out into the program and assets in our backyard.

因此，我們基本上將第三和第四四分位庫存轉移到第一和第二四分位庫存，同時將 18 個 DUC 的資本效率優勢轉移到我們後院的計劃和資產中。

So we're looking at other options for other assets like this TRP Trade.

因此，我們正在尋找其他資產的其他選擇，例如 TRP Trade。

TRP was the first to move here, and we were excited to get a trade done with them because those are pretty hard to do.

TRP 是第一個搬到這裡的公司，我們很高興能與他們完成交易，因為這些很難做到。

From a valuation perspective, I'd say the high-level PDP values were pretty similar.

從估值的角度來看，我認為高層 PDP 的價值非常相似。

I would say we have a lower decline rate that we're selling.

我想說的是，我們銷售的下降率較低。

We're getting more current production at a higher decline rate but we're also paying for DUCs and these 55 top-quartile locations, which are worth a lot these days in the Midland Basin.

我們正在以更高的遞減率獲得更多的當前產量，但我們還要為 DUC 和這 55 個前四分之一的地點付費，這些地點如今在米德蘭盆地價值很高。

Arun Jayaram, JPMorgan Securities LLC.

阿倫‧賈亞拉姆 (Arun Jayaram)，摩根大通證券有限責任公司。

Travis, you have -- from a Diamondback perspective, it feels like the company has your hands in terms of several cookie jars in terms of your equity investments.

崔維斯，從響尾蛇的角度來看，就你的股權投資而言，感覺該公司掌握著你的幾個餅乾罐。

I was wondering if you could help us frame the value creation potential or embedded maybe asset value that we may not be giving you credit for as we think about investments in the EPIC crude line and Deep Blue?

我想知道您是否可以幫助我們建立價值創造潛力或嵌入資產價值，而當我們考慮對 EPIC 原油生產線和 Deep Blue 的投資時，我們可能不會給予您信任？

And obviously, maybe -- I don't know if I like Neil, I can wait until year and I wanted to get your thoughts on this data center opportunity with the surface takers because investors have noted how one of -- a company who's developing a data center res county has a pretty punchy evaluation in the equity market.

顯然，也許 - 我不知道我是否喜歡尼爾，我可以等到一年，我想了解你對錶面接受者的這個數據中心機會的看法，因為投資者已經註意到 - 一家正在開發的公司數據中心資源縣在股票市場上的評價相當有力。

Sure.

當然。

Lots of questions there, Arun, but thanks for your time this morning.

阿倫，有很多問題，但感謝您今天早上抽出時間。

Listen, on this whole data center deal, we've been listening to our shareholders to try to figure out a way to respond to their questions about can, we create more value from our gas stream.

聽著，在整個資料中心交易中，我們一直在傾聽股東的意見，試圖找出一種方法來回答他們關於我們可以從天然氣流中創造更多價值的問題。

And when you look at what we had as a total company, we've got abundant natural gas.

當你看到我們作為一個整體公司所擁有的東西時，我們擁有豐富的天然氣。

We've got abundant surface acreage, over 65,000 acres on a proforma basis.

我們擁有豐富的土地面積，按預計面積超過 65,000 英畝。

And there's a need for greater electricity.

並且需要更多的電力。

So rather than continuing to get low margins on our gas and full boat on electricity, we're trying to figure out a way to be creative on ways to turn some of that natural gas into more value for our shareholders.

因此，我們不是繼續在天然氣和電力上獲得低利潤，而是試圖找到一種創意的方法，將部分天然氣轉化為股東的更多價值。

The EPIC pipeline was a move that allowed us to increase our ownership almost to a full third trying to recognize that there's ultimately going to be a need out of the Permian Basin for increased crude capacity.

EPIC 管道這項舉措使我們能夠將我們的所有權增加到幾乎三分之一，試圖認識到二疊紀盆地最終需要增加原油產能。

And so -- well, it's probably not a long-term investment.

所以——嗯，這可能不是一項長期投資。

We think like a lot of our other equity investment methods, we'll be able to turn that into a very nice return for our shareholders.

我們認為，像我們許多其他股權投資方法一樣，我們將能夠將其轉化為股東的非常好的回報。

And in Deep Blue, we just continue to evaluate the sustainability of the efficiency of that business model and recognize that there's some endeavor assets that could potentially fit into that as well as we continue to unpack value creation from the pro forma companies.

在深藍，我們只是繼續評估該商業模式效率的可持續性，並認識到有一些努力資產可能適合該模式，並且我們繼續從備考公司中挖掘價值創造。

Great.

偉大的。

My follow-up is, I just wanted to maybe understand on the efficiency gain side of the equation.

我的後續行動是，我只是想了解方程式的效率增益方面。

In your prepared remarks, you commented how you think you can execute your 2025 program with 18 rigs versus maybe a previous expectation of 22 to 24, maybe 4 frac fleets versus 5 previously.

在您準備好的發言中，您評論瞭如何使用 18 台鑽機執行 2025 年計劃，而之前的預期可能是 22 到 24 台，也許是 4 台壓裂船隊，而之前是 5 台。

Understanding you're probably D&Cing the same amount of footage, what type of dollar per foot or cost gains you get from just running less horsepower and rig lines?

了解您可能正在 D&Cing 相同數量的鏡頭，每英尺的美元或成本收益是多少，您只需運行更少的馬力和鑽機線即可獲得收益？

Just trying to understand that dynamic.

只是想了解這種動態。

I mean, Arun, we set out when we announced the Endeavor deal -- I think it's 2025 -- would need between 22 and 24 rigs.

我的意思是，阿倫，當我們宣布 Endeavour 交易時——我認為是 2025 年——我們就確定了需要 22 到 24 台鑽孔機。

There has been a lot of efficiency on both sides throughout the year, and that 18 rig number is still going to accomplish the same amount of lateral footage as the higher rig count.

全年雙方的效率都很高，18 台鑽機數量仍將完成與更多鑽機數量相同的橫向進尺量。

I think from a rate perspective, it's all about controlling variable costs, right?

我認為從費率的角度來看，這都是為了控制變動成本，對吧？

We also put pipe in the ground.

我們還將管道埋入地下。

We also use the raw materials, the same raw materials throughout the basin but Diamondback is able to do that a lot faster.

我們也使用原料，整個盆地的原料相同，但 Diamondback 能夠更快做到這一點。

And so if a rig line is $70,000, $80,000 a day, being able to execute with six less rigs translates to less variable costs in the business.

因此，如果一條鑽機生產線的價格為每天 70,000 美元、80,000 美元，那麼能夠使用更少的 6 台鑽機執行任務，就意味著業務的可變成本更少。

Similar story on the frac side, we think on the frac side, we learned from the Endeavor side about the higher pump rate.

壓裂方面的類似情況，我們認為在壓裂方面，我們從 Endeavour 方面了解到更高的泵送速率。

We kind of increased our pump rate from 80 barrels a minute up to kind of 90 to 100.

我們將泵速從每分鐘 80 桶提高到 90 到 100 桶。

That allows us to, one, complete wells faster, there could be some benefits to the reservoir that we're studying very, very closely.

第一，這使我們能夠更快地完井，這可能會為我們正在非常非常密切研究的油藏帶來一些好處。

But overall, that also reduces the variable costs needed to run frac crews, which are much more expensive than a rig on a day-to-day basis.

但總體而言，這也降低了壓裂人員運作所需的變動成本，而日常壓裂人員的成本比鑽井平台貴得多。

So I think there will be periods of time where we need to run five SimulFRAC crews next year.

因此，我認為明年某些時候我們需要運行 5 個 SimulFRAC 工作人員。

High level, we can see -- we see the SimulFRAC crew is completing a little over 100 wells per year per crew.

我們可以看到，高水準 - 我們看到 SimulFRAC 工作人員每年每人完成 100 多口井。

And it's just amazing the efficiencies that both sides of the ledger have squeezed out of the business here in a year where we keep saying, oh, they're close to the asymptote curve of efficiency.

在我們不斷說，哦，他們接近效率漸近線的一年裡，帳本雙方都從這裡的業務中擠出了令人驚訝的效率。

Well, they've moved that out of the water this year.

嗯，今年他們已經把它從水中移走了。

So kudos to the to the teams and the basin experts executing on our business.

感謝執行我們業務的團隊和流域專家。

Arun, just to add to that, I think from a high-level perspective, the message that we really tried to emphasize was that all of the things that Kaes just outlined, really describe delivery of synergies, not only ahead of time, which we had originally contemplated through the year of 2025, we effectively got all of these synergies delivered now in the fourth quarter of 2024, and it's -- so it's faster and it's lower.

阿倫，補充一點，我認為從高層次的角度來看，我們真正想強調的信息是，凱斯剛才概述的所有事情都真正描述了協同效應的交付，而不僅僅是提前，我們最初考慮到2025 年，我們現在實際上在2024 年第四季實現了所有這些協同效應，所以它更快、更低。

We put a note in there that we're on our Midland Basin wells, we're now at $600 a foot.

我們在那裡寫了一張紙條，說我們在米德蘭盆地的油井上，現在的價格是每英尺 600 美元。

And I think these guys got some momentum behind them that we're going to continue to see an improvement in that number.

我認為這些人背後有一些動力，我們將繼續看到這個數字的改善。

So high level, really proud of the organization that they've checked their egos and looked at the right way to do things from both perspectives and what we're seeing early on is a significant synergy deliveries.

如此高的水平，真的為這個組織感到自豪，他們檢查了自己的自負，並從兩個角度尋找正確的做事方式，我們早期看到的是顯著的協同交付。

And I just want to -- I know you've already seen these but I want you to -- I want to just mention it that we've put our -- like we've done in the past, we've put our synergy scorecard in our investor deck with some details behind it.

我只是想——我知道你已經看過這些，但我希望你——我只想提一下，我們已經把我們的——就像我們過去所做的那樣，我們已經把我們的我們的投資者平台中的協同記分卡及其背後的一些細節。

So if you just look at slide 6 and 7, you'll see a lot of the details that Kaes was just highlighting and some of the high-level comments that I made.

因此，如果您只看幻燈片 6 和 7，您將看到 Kaes 剛剛強調的許多細節以及我所做的一些高級評論。

David Deckelbaum, TD Cowen.

大衛·德克爾鮑姆，TD·考恩。

Travis and Kaes, I just wanted to ask just in the context of some of the synergy scorecard being achieved perhaps a little bit earlier than anticipated and obviously, announcing some of the incremental savings.

特拉維斯和凱斯，我只是想在一些協同記分卡實現的背景下提問，這可能比預期早一點，而且顯然宣布了一些增量節省。

You guys are still standing by that $4.1 billion to $4.4 billion budget for next year to keep this 475,000 barrels a day flat.

你們仍然堅持明年 41 億至 44 億美元的預算，以保持每天 475,000 桶的產量不變。

Are we at the point now, I guess, what sort of activity does that envision?

我想我們現在正處於這個階段，設想什麼樣的活動？

And just given some of the incremental cost savings that we're seeing, are we trending now to be all the way at the lower end?

考慮到我們所看到的一些增量成本節省，我們現在是否有一直處於低端的趨勢？

Or is there cushion built in there for some flexibility going into '26?

或者是否內建了緩衝墊，以便在進入 26 年後具有一定的靈活性？

Yes.

是的。

Good question, David.

好問題，大衛。

We always like a little flexibility.

我們總是喜歡一點靈活性。

I think given the macro environment, as Travis said in his letter, there's some things we're thinking about for next year.

我認為，鑑於宏觀環境，正如特拉維斯在信中所說，我們正在考慮明年的一些事情。

Again, always thinking about free cash flow generation over spending CapEx dollars.

再次強調，始終考慮自由現金流的產生而不是花費資本支出。

But I think we're certainly near the lower end of that original range $4.1 billion to $4.4 billion to get to 480,000 barrels of oil a day next year.

但我認為明年石油產量將達到 48 萬桶/日，我們肯定已經接近最初 41 億至 44 億美元範圍的下限。

That includes the 5,000 barrels a day that Viper guided to in our Tumbleweed acquisition.

其中包括 Viper 在我們收購 Tumbleweed 時指導的每天 5,000 桶的產量。

I think generally, if you see well costs down, $25 a lateral foot, we're completing about 5 million lateral feet a year, that's $125 million.

我認為一般來說，如果你看到成本下降，每側腳 25 美元，我們每年將完成約 500 萬側腳，即 1.25 億美元。

So that's certainly going to be taken out of the budget.

所以這肯定會從預算中扣除。

I do think there's still some of the ancillary spend items that we're refining, combined infrastructure budget, midstream budget, environmental budget.

我確實認為我們仍在完善一些輔助支出項目，綜合基礎設施預算、中游預算、環境預算。

But in general, certainly moving towards the lower end of that range, we guided Q4 to $950 million to $1050 million of CapEx.

但總的來說，我們預計第四季的資本支出將達到 9.5 億至 10.5 億美元，當然會朝著該範圍的下限移動。

I wouldn't want to multiply the lower end of that number by four to get to your 2025 budget but I certainly look at the midpoint or the high end to guide you to next year because I think a lot of things are heading the right direction, not only well costs but well performance, things like the TRP Trade, all of that's going to accrue to the benefit of the CapEx budget next year.

我不想將這個數字的下限乘以四來得出您的 2025 年預算，但我當然會考慮中點或上限來指導您明年，因為我認為很多事情都在朝著正確的方向發展，不僅是好的成本，還有好的性能，例如TRP Trade，所有這些都將帶來明年資本支出預算的好處。

Appreciate all that color.

欣賞所有這些顏色。

Makes sense.

有道理。

Perhaps you can get -- just add a little bit of color just on some of the -- I know some others talked about some of the other assets, midstream, you guys have highlighted, obviously, the royalty drop-down.

也許你可以得到——只需在其中一些上添加一點顏色——我知道其他一些人談論了一些其他資產，中流，你們顯然已經強調了版稅下拉菜單。

It seems like in the deck, there's some expectation that some monetization is coming in '25.

似乎在甲板上，人們預計 25 年會出現一些貨幣化。

Can you give a little bit of color on where those processes stand now and when you'd be expecting to see some inflows from there?

您能否透露一下這些流程現在的情況以及您預計何時會看到一些資金流入？

Yeah.

是的。

So the big item is the drop-down mineral interest to Viper.

因此，最大的項目是 Viper 的礦產興趣下降。

That's actively ongoing.

這正在積極進行中。

We've been pretty vocal that early 2025 is our goal there.

我們一直明確表示，2025 年初是我們的目標。

I don't see anything that's taken us off that track.

我沒有看到任何讓我們偏離軌道的事情。

Second is the midstream discussion with our partners at Deep Blue.

其次是與深藍合作夥伴的中游討論。

I think that's a little less important than the Viper drop-down at the moment.

我認為目前這沒有 Viper 下拉選單那麼重要。

And then it's been interesting closing this deal.

然後完成這筆交易很有趣。

Mr. Stevens was notorious for having -- owning a lot of assets throughout the country.

史蒂文斯先生因在全國各地擁有大量資產而臭名昭著。

We've got some small assets in the Bakken.

我們在巴肯有一些小資產。

We got a small piece of some offshore wells in the Gulf of Mexico.

我們在墨西哥灣獲得了一些海上油井的一小部分。

So we're excited to continue to monetize some of those smaller assets.

因此，我們很高興能夠繼續將其中一些較小的資產貨幣化。

I don't think they're going to make a huge dent in the cash number but they're all little things that you'd expect us to monetize at the right time.

我認為它們不會對現金數量產生巨大影響，但它們都是你希望我們在適當的時候貨幣化的小東西。

I think the other big item is about 15,000 acres in the Delaware Basin of both operated and non-operated positions.

我認為另一個大項目是特拉華盆地約 15,000 英畝的經營和非經營位置。

So we're going to look at that try to trade and block up where we can.

因此，我們將考慮嘗試進行交易並儘可能阻止。

But we're not in the non-op business given our cost structure, and we'd likely monetize that into a very healthy market at some point.

但鑑於我們的成本結構，我們並不從事非營運業務，我們可能會在某個時候將其貨幣化為一個非常健康的市場。

Bob Brackett, Bernstein Research.

鮑勃‧布拉克特，伯恩斯坦研究公司。

Good morning.

早安.

Your 2025 base plan is clear.

您的 2025 年基本計劃很明確。

And you mentioned the ability to refine that plan based on the macro environment.

您提到了根據宏觀環境完善該計劃的能力。

Can you talk about how dialable that plan is before dis-efficiencies kick in?

您能否談談在效率低下之前該計劃的可調整性如何？

Yeah.

是的。

Bob, I think we've got a lot of flexibility.

鮑勃，我認為我們有很大的靈活性。

I don't think it's the [tool] right?

我不認為這是[工具]吧？

So we can dial things up and back very, very easily.

所以我們可以非常非常輕鬆地進行撥回。

I think just generally, if other companies are seeing what we're seeing, this is not a strong macro environment.

我認為一般來說，如果其他公司也看到我們所看到的情況，那麼這並不是一個強勁的宏觀環境。

So I don't know why the discussion of growth or multiyear growth needs to be in the equation.

所以我不知道為什麼需要在等式中討論成長或多年成長。

I think Diamondback has learned that our growth profile impacts the macro, and we're very focused on the macro here where almost universally, the Street is calling for oversupply in 2025.

我認為響尾蛇已經了解到我們的成長狀況會影響宏觀經濟，我們非常關注宏觀經濟，華爾街幾乎普遍呼籲 2025 年出現供應過剩。

So I think we're building in flexibility to spend less should that come to fruition.

因此，我認為我們正在建立靈活性，以便在實現這一目標時減少支出。

But it's not hard to grow volumes in the Permian Basin with the assets that we have.

但要利用我們擁有的資產增加二疊紀盆地的產量並不難。

So I think what you would expect is it looks easy on the outside, it's hard on the inside but we make it happen.

所以我想你會期望的是，它看起來很容易，但裡面很難，但我們讓它發生。

But can it be gradual?

但可以循序漸進嗎？

Can it be like deferring some wells?

可以像推遲一些井一樣嗎？

Or does it have to be dropping a rig log or dropping a frac spread?

或是否必須放棄鑽井日誌或放棄壓裂價差？

What's the -- can you tweak things around the edge, I guess?

這是什麼——我猜你能稍微調整一下嗎？

Yeah.

是的。

I mean we already do that, Bob.

我的意思是我們已經這麼做了，鮑伯。

We went into the year running 15 rigs, Endeavor was running 10, our team was -- or 12.

今年我們運行了 15 台鑽機，Endeavor 運行了 10 台，我們的團隊運行了 12 台。

Our team was ahead of schedule.

我們的團隊比計劃提前了。

We dropped the 10 rigs midyear because we had drilled more wells than we expected in the first six months of the year.

年中我們放棄了 10 個鑽機，因為我們在今年前六個月鑽探的井比我們預期的要多。

So dropping rigs, adding rigs, dropping a crew, swapping a crew, that's just what you expect us to do.

因此，放棄鑽孔機、添加鑽孔機、放棄船員、更換船員，這正是您期望我們做的。

And Bob, this is Danny.

鮑勃，這是丹尼。

We -- our supply chain set up such that we don't really have any really firm obligations with any significant term.

我們－我們的供應鏈的建立使得我們實際上沒有任何重大條款的真正堅定的義務。

So we've got flexibility built into our supply chain so that we can pivot to any kind of market conditions or signals that we need to it won't be on a week-by-week basis.

因此，我們的供應鏈具有靈活性，以便我們可以根據任何類型的市場條件或我們需要的訊號進行調整，而不是每週都這樣做。

But if we see a certain longer-term trend in the market, we'll pivot our activity levels to protect our free cash flow and focus on driving shareholder returns over any growth or production output.

但如果我們看到市場出現某種長期趨勢，我們將調整我們的活動水平以保護我們的自由現金流，並專注於推動股東回報而不是任何成長或產量。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛。

I just love your perspective on the macro.

我只是喜歡你對宏觀的看法。

I think Travis in your letter and in these comments, you've shared a more cautious view for 2025.

我認為特拉維斯在你的信和這些評論中，你對 2025 年表達了更加謹慎的看法。

Is that a demand-driven view, supply-driven view?

這是需求驅動的觀點還是供應驅動的觀點？

And then you've taken a different tact than some of the majors and other independents it takes them a little bit more for a growth orientation into 2025 in the Permian.

然後，你採取了與一些專業公司和其他獨立公司不同的策略，他們需要更多的時間來確定二疊紀 2025 年的成長方向。

Why do you think your strategy is the right strategy?

為什麼您認為您的策略是正確的策略？

Well, as Kaes outlined, our strategy really is for flexibility.

嗯，正如凱斯所概述的那樣，我們的策略實際上是為了靈活性。

And when you look at the macro right now, it's kind of hard to look at a world that has 4 million to 6 million barrels a day of surplus capacity on the sidelines and try to think we can grow effectively into that.

當你現在審視宏觀經濟時，你很難看到一個每天有 400 萬到 600 萬桶過剩產能的世界，並試圖認為我們可以有效地實現這一目標。

We learned as an industry and at Diamondback, the hard way that you really need to focus on shareholder returns and free cash flow generation in this industry.

作為一個產業，在響尾蛇，我們經歷了慘痛的教訓，真正需要關注這個產業的股東回報和自由現金流的產生。

And there may be a call for growth at some point in the future, and I expect our shareholders would look to us to respond to that call but it's certainly nothing that we hear or see today.

未來某個時候可能會有成長的呼聲，我預計我們的股東會指望我們回應這一呼聲，但我們今天肯定沒有聽到或看到這一點。

And as Danny alluded to, we've got the flexibility to go in any direction we need to go.

正如丹尼所提到的，我們可以靈活地朝著我們需要的任何方向前進。

But with this macro view, we're going to just stay conservative and let volume be the output of cash flow generation.

但從宏觀角度來看，我們將保持保守，讓交易量成為現金流產生的產出。

And most importantly, we're focused on per share cash flow and free cash flow, right?

最重要的是，我們關注每股現金流和自由現金流，對吧？

So if the macro is tenuous in 2025, while per share metrics are going to have to grow through a lower share count.

因此，如果 2025 年宏觀經濟形勢脆弱，而每股指標將不得不透過減少股票數量來實現成長。

And we've always been about per share metrics, both cash flow and free cash flow, we have a slide in our deck that shows that growth over time.

我們一直關注每股指標，包括現金流和自由現金流，我們的幻燈片中有一張幻燈片顯示了隨著時間的推移的增長。

So that's not going to stop.

所以這不會停止。

I just think being cognizant of your impact to the global market is important, and it's a lesson that Diamondback learned through 2020 and we hope the industry also learns that lesson.

我只是認為認識到您對全球市場的影響很重要，這是 Diamondback 在 2020 年學到的教訓，我們希望整個產業也能學到教訓。

Yeah.

是的。

That's the follow-up, just around share buybacks.

這就是後續行動，圍繞著股票回購。

At different points in the cycle, you've elected towards the variable or dividend-oriented strategy versus the buyback but it is notable that you're really leaning back into the share repurchase program.

在周期的不同階段，你選擇了可變或股息導向策略而不是回購，但值得注意的是，你確實傾向於股票回購計劃。

So can you get to talk about that evolution, maybe it's the reflection of your thoughts on valuation and maybe being countercyclical, if you do think we're in a softer period in 2025 but just your thoughts on the best way to allocate capital and why you're leaning towards the buyback?

那麼你能談談這種演變嗎？方式以及原因的看法你傾向於回購嗎？

Yeah.

是的。

I mean I think Travis would echo this comment, that capital allocation is our most important job.

我的意思是，我認為特拉維斯會回應這一評論，即資本配置是我們最重要的工作。

And we've had a flexible capital allocation philosophy since we started this lower growth, high free cash flow generation business.

自從我們開始這項低成長、高自由現金流生成業務以來，我們就採取了靈活的資本配置概念。

We've always been able to flex between a buyback and a variable dividend.

我們一直能夠在回購和可變股利之間進行彈性調整。

I would say, post Endeavor, we certainly have a business that's worth more combined than Diamondback stand-alone per share.

我想說，在奮進號之後，我們的業務合併起來的價值肯定比響尾蛇單獨的每股價值更高。

And so that's increased our tolerance for buying back shares at these levels.

因此，這增加了我們在這些水準上回購股票的容忍度。

I mean I think should things get improved from here, we buy back less.

我的意思是，我認為如果事情從這裡得到改善，我們就會減少回購。

Should things get significantly worse from here, we lean in and use more of our free cash flow to buy back shares.

如果情況從現在開始變得更加糟糕，我們會利用更多的自由現金流來回購股票。

That's what you'd expect us to do.

這就是您期望我們做的。

I think the only thing that's really going to be steady as base dividend and base dividend growth but you should expect us to maintain that flexibility between buyback and variable despite our larger size.

我認為唯一真正穩定的事情是基本股息和基本股息成長，但你應該期望我們在回購和可變之間保持靈活性，儘管我們規模較大。

And I think, Neil, the countercyclicality of share repurchases has proven to be the right strategy in a commodity-based business.

尼爾，我認為，股票回購的反週期性已被證明是基於商品的業務的正確策略。

Our industry over the last 10 years probably has many instances where oil price was high, free cash flow was high and share repurchases were high.

我們這個產業在過去10年可能有許多油價高、自由現金流高、股票回購高的例子。

And then oil price cycle is down and you end up either issuing shares at the bottom or rather on the anticipated results.

然後油價週期下降，你最終要么在底部發行股票，要么在預期結果上發行股票。

So again, just like we were talking about on our -- the flexibility of our return program, we try to learn from the past and not repeat any mistakes, and that's certainly foundational to our share repurchase program.

再說一次，就像我們談論我們的回報計劃的靈活性一樣，我們試圖從過去吸取教訓，不要重複任何錯誤，這當然是我們股票回購計劃的基礎。

Betty Jiang, Barclays.

蔣貝蒂，巴克萊銀行。

So I was wondering if you guys can talk a bit more about the opportunities with the surface acreage and the water -- being provider of water in the Permian.

所以我想知道你們是否可以多談談地表面積和水的機會——作為二疊紀的水提供者。

I mean these are recurring revenue streams that's clearly getting a fairly high table in the market.

我的意思是，這些是經常性收入流，顯然在市場上佔有相當高的地位。

So what does it take for you to capture these type of new revenue streams?

那麼，您需要怎麼才能獲得這些類型的新收入來源呢？

And how meaningful could it be?

這有多有意義？

Yes, Betty, I think there's a lot of land out here in West Texas, a lot of surface.

是的，貝蒂，我認為德州西部有很多土地，很多地表。

We have about 65,000 acres in our portfolio.

我們的投資組合中擁有約 65,000 英畝的土地。

We also control a lot of molecules.

我們也控制著很多分子。

So I think the mandate, as Travis mentioned earlier from our investors is to stop selling your gas for 0 and paying full boat for power.

所以我認為，正如特拉維斯之前從我們的投資者那裡提到的，任務是停止以 0 的價格出售天然氣並支付全額電力費用。

And so we're going to find ways to benefit Diamondback shareholders by finding a new local market for our gas but also insulating part of our business from what we believe to be an increasing power price in Texas over the next 10 years.

因此，我們將找到使響尾蛇股東受益的方法，為我們的天然氣尋找新的當地市場，同時使我們的部分業務免受我們認為未來 10 年德州電價上漲的影響。

So if we can cut off that cycle and benefit Diamondback back shareholders, we're going to do it.

因此，如果我們能夠切斷這個循環並使響尾蛇股東受益，我們就會這麼做。

I think the message we kind of put out there is that West Texas has a lot of land, a lot of surface.

我認為我們傳達的訊息是西德克薩斯州有很多土地、很多地表。

It has a lot of gas that's being sold for less than it should.

它有大量天然氣，但售價卻低於應有的價格。

If you got a lot of water production with that oil production that we have in the basin, and I think that results in a very cheap way to develop power.

如果我們盆地裡的石油生產能夠產生大量的水，我認為這會導致一種非常便宜的電力開發方式。

And the data center operators have not been focused on the Permian yet.

資料中心營運商還沒有關註二疊紀盆地。

There's certainly some conversations that are happening and we're kind of putting the flag out there that this is a very cheap way to execute their business model while benefiting Diamondback shareholders.

當然，正在進行一些對話，我們有點表明，這是一種非常便宜的方式來執行他們的商業模式，同時使響尾蛇股東受益。

So more to come on that.

所以還有更多的事情要做。

We're getting started but we put a little teaser in the presentation this quarter.

我們正在開始，但我們在本季的演示中放了一些預告片。

Yes.

是的。

No, I appreciate that.

不，我很欣賞這一點。

Maybe my follow-up is just how you're thinking about funding these type of investments?

也許我的後續問題是您如何考慮為此類投資提供資金？

Would it be a JV partner with an infrastructure provider -- infrastructure sponsor or -- yes, because these -- the gas power plants are pretty capital intensive to build.

是與基礎設施提供者（基礎設施贊助商）的合資夥伴還是——是的，因為這些——天然氣發電廠的建設資本相當密集。

Yes.

是的。

Listen, I think you'd expect us to do a week similar things to what we've done in the past, right?

聽著，我想你會期望我們一週做與過去類似的事情，對嗎？

Our first wave of equity method investments, which created a lot of value for our shareholders was based on midstream and pipeline being out of the basin.

我們的第一波權益法投資為我們的股東創造了許多價值，其基礎是中游和管道不在盆地之外。

And we think this can be a similar route.

我們認為這可能是一條類似的路線。

I think it's still early but I think you'd expect us to lean on the experts as our partners.

我認為現在還為時過早，但我想您會期望我們依靠專家作為我們的合作夥伴。

I think we provide a lot of expertise in how to navigate the basin and navigate the rock.

我認為我們在如何導航盆地和岩石方面提供了大量專業知識。

And we'll let our partners on the power side handle their portion of the business.

我們將讓我們的電力合作夥伴處理他們的部分業務。

Kevin MacCurdy, Pickering Energy Partners.

凱文·麥克科迪，皮克林能源合作夥伴。

First, congratulations on closing the deal.

首先，恭喜您完成交易。

I know you've been working on that for a long time.

我知道你已經為此努力了很長時間。

In your shareholder letter, you highlighted the two big operational changes of using clear fluids and drilling and using SimulFRACs for completions of all wells I wondered if you could expand on that a little bit.

在您的股東信中，您強調了使用透明流體和鑽井以及使用 SimulFRAC 完成所有油井的兩大營運變化，我想知道您是否可以對此進行一些擴展。

Were those same practices that you're bringing to Endeavor acreage?

你們在 Endeavour 種植區採用的做法是否相同？

And do you have a rough estimate of what percentage of your wells use those techniques in 2024?

您是否粗略估計了 2024 年使用這些技術的油井百分比？

Yes.

是的。

Well, for the Diamondback side, all of the wells we drilled and completed in 2024 were using clear fluid.

嗯，對於 Diamondback 方面，我們在 2024 年鑽探和完井的所有井都使用透明流體。

And as of the fourth quarter today, all the rigs that are running are using clear fluid drilling system.

截至今天第四季度，所有正在運作的鑽孔機都使用透明流體鑽井系統。

And yes, that's a definite bring over from the Diamondback side.

是的，這絕對是響尾蛇帶來的。

SimulFRAC all of the wells we completed on a stand-alone basis besides the occasional spot crew in 2024, we're using SimulFRAC.

SimulFRAC 除了 2024 年臨時現場工作人員之外，我們獨立完成的所有油井都使用 SimulFRAC。

And as of today, on a pro forma company, we're using all SimulFRAC operations, four rigs or four crews and three of those are electric.

截至今天，在一家備考公司中，我們正在使用所有 SimulFRAC 操作、四台鑽機或四名工作人員，其中三名是電動的。

John Freeman, Raymond James.

約翰·弗里曼，雷蒙德·詹姆斯。

The first question I had, just when we sort of think about like long term about trying to improve the realized gas price in the Permian.

我的第一個問題是，正當我們從長遠考慮試圖提高二疊紀的實際天然氣價格時。

I believe in the past, when you have done acquisitions, a lot of those came with marketing contracts, you all kind of had to wait for those to roll off before you get control.

我相信在過去，當你進行收購時，很多收購都附帶行銷合同，你都必須等待這些收購完成才能獲得控制權。

I believe Endeavor didn't really have any kind of binding marketing contracts.

我相信奮進公司其實並沒有任何具有約束力的行銷合約。

So if you think about just the big benefit you're going to now get with just the dramatically bigger scale, maybe ability to get space on future pipe, et cetera.

因此，如果您考慮您現在將透過更大的規模獲得的巨大好處，也許能夠在未來的管道上獲得空間，等等。

Maybe just how you can talk to abilities to kind of leverage that scale to improve pricing.

也許只是你如何與能力交談，以利用這種規模來提高定價。

Yes.

是的。

Good question, John.

好問題，約翰。

We do have certainly some flexibility, particularly on the residue gas, natural gas side as well as the crude side.

我們確實有一定的彈性，特別是在渣油、天然氣和原油方面。

You've seen us make some moves already on the crude side with a little bit of an increased commitment to the EPIC pipeline as well as increased ownership.

您已經看到我們在原油方面採取了一些舉措，增加了對 EPIC 管道的承諾以及增加的所有權。

So that fits with our prior strategy of driving value through midstream but protecting ourselves commercially.

因此，這符合我們先前的策略，即透過中游推動價值，但在商業上保護我們自己。

I think on the gas side, we're -- we've got a good amount of space on a combination of Whistler and Matterhorn.

我認為在天然氣方面，我們在惠斯勒和馬特宏峰的組合上擁有大量的空間。

We have about 250 million a day of space on those pipes.

這些管道每天約有 2.5 億個空間。

Those were decisions made a couple of years ago.

這些是幾年前做出的決定。

We expect to have a good amount of space, about 10% of the pipe on Blackcomb, which is the next pipe from the White Water crew that's coming out in a couple of years.

我們預計會有足夠的空間，大約是 Blackcomb 管道的 10%，這是 White Water 工作人員幾年後推出的下一個管道。

And that leaves some gas for other opportunities.

這為其他機會留下了一些空間。

Our friends at Energy Transfer, who bought WTG, we're talking to them about some things about getting our gas out of the basin.

我們在 Energy Transfer 的朋友購買了 WTG，我們正在與他們討論有關將天然氣從盆地中取出的一些事情。

And that kind of leaves a little bit of gas for us to make some of these capital allocation decisions in the basin related to power, also related to our Verde Clean Fuels investment.

這樣就留下了一點天然氣，讓我們可以在流域內做出一些與電力相關的資本分配決策，也與我們的 Verde 清潔燃料投資有關。

So we heard our investors loud and clear.

因此，我們清楚地聽到了投資者的聲音。

It's time to stop selling gas at 0 and diversify our risk, and that's what we're going to do, particularly as more and more gas gets produced in this basin.

是時候停止以 0 價格出售天然氣並分散我們的風險了，這就是我們要做的，特別是隨著這個盆地生產越來越多的天然氣。

That's great.

那太棒了。

And then just my follow-up question.

然後是我的後續問題。

In the prepared comments, you'll talk about -- point out sort of the opportunity to implement these kind of shared best practices, if you will, of the 2 companies, and you're closely studying kind of various completion designs.

在準備好的評論中，您將談論 - 如果您願意的話，指出兩家公司實施此類共享最佳實踐的機會，並且您正在仔細研究各種完井設計。

Just how does that kind of work in practice?

這在實務上是如何運作的呢？

Do you all just sort of start to I guess, quite frankly, testes in the field?

我想，坦白說，你們都剛開始在野外鍛鍊睪丸嗎？

Or what's the process for maybe implementing some of these changes to see if there is something that sort of have legs that you all could implement across the board?

或者可能實施其中一些更改的流程是什麼，以查看是否有某種東西可以讓大家全面實施？

Well, the first thing we did was we had over 650 office moves in the first 6 days post close, onboarded 1,000 employees.

嗯，我們做的第一件事是，在交易結束後的前 6 天內，我們進行了超過 650 次辦公室搬遷，併入職了 1,000 名員工。

And so we physically located a lot of the GGRE teams together.

因此，我們將許多 GGRE 團隊集中在一起。

And then we've -- since the physical integration, we've started the team integration as well, too, where teams are getting together, actually having conversations about, okay, here's what we were doing, here's what you were doing and now let's try to figure out how we can put those things together in the best way to go forward.

然後我們——自從物理整合以來，我們也開始了團隊整合，團隊聚集在一起，實際上進行對話，好吧，這就是我們正在做的事情，這就是你們正在做的事情，現在讓我們嘗試找出如何以最好的方式將這些事情整合在一起以繼續前進。

And I'm real proud of the organization that, as I mentioned earlier, they've kind of just checked their egos at the door and we're really trying to learn the best from both sides.

我為這個組織感到非常自豪，正如我之前提到的，他們只是在門口檢查了自己的自負，我們真的在努力從雙方身上學習最好的東西。

And obviously, some of the pace and requirements for a public company in the 90-day scorecard is a little different than working for a private company but all things considered I couldn't be more proud of the way the organization is responding to giving and receiving grades and try to seek to understand as we put these synergies together.

顯然，90 天記分卡中上市公司的一些節奏和要求與在私人公司工作略有不同，但考慮到所有因素，我對組織對給予和回報的反應方式感到無比自豪。協同作用放在一起時嘗試尋求理解。

And the synergies are going to be delivered as we put these teams together.

當我們將這些團隊聚集在一起時，就會產生協同效應。

And I think the scorecard that you've seen, we'll figure out a way to communicate some of these wins over time.

我認為你已經看到的記分卡，隨著時間的推移，我們將找到一種方法來傳達其中的一些勝利。

But the big ones that we promised in February of this year, we've already delivered.

但我們在今年二月承諾的重大目標已經兌現了。

And again, that's also a credit to the organization.

再說一遍，這也是組織的功勞。

Roger Read, Wells Fargo Securities.

羅傑‧里德，富國銀行證券公司。

A lot of it's been hit but I thought I'd come back on the productivity and efficiency side of things.

很多都受到了打擊，但我想我會回到生產力和效率方面。

Maybe just a quick look back for a look forward.

也許只是快速回顧過去，展望未來。

But as you think about the improvements, both in terms of drilling speeds, drilling capabilities, lower drilling costs and then a similar kind of approach on the frac side, how much of it do you think is, call it, mechanical changes, meaning going to electric fracs or the higher-spec drilling rigs relative to experience and learning curves, the crews themselves.

但當你考慮這些改進時，無論是在鑽井速度、鑽井能力、更低的鑽井成本方面，還是在壓裂方面的類似方法，你認為其中有多少是機械變化，這意味著相對於經驗和學習曲線以及船員本身而言，電動壓裂或更高規格的鑽孔機。

And the reason I'm asking is I'm trying to think about if it's mostly mechanical, that kind of runs its course.

我問這個問題的原因是我試著思考它是否主要是機械性的，這是自然而然的。

But if it's a combination of factors, then that would indicate we do have further to go in terms of more cost reductions.

但如果這是多種因素的結合，那就顯示我們在進一步降低成本方面確實還有進一步的進步。

I think it's a combination, but it's also a mentality that we -- when we see something mechanical that works, it gets implemented right away across the whole portfolio.

我認為這是一種組合，但這也是我們的一種心態——當我們看到一些機械的東西有效時，它會立即在整個產品組合中實施。

It's not, "hey, we Think this works.

它不是，「嘿，我們認為這有效。

Let's talk about it next fall.

明年秋天我們再談吧。

If this works, let's do it now."

如果這有效的話，我們現在就開始吧。

And that's happened on both sides, on the Diamondback side, clearly on the SimulFRAC plus drilling fluids.

這種情況在兩側都發生了，在 Diamondback 側，顯然是在 SimulFRAC plus 鑽井液上。

And on the Endeavor side, some of their post completion work was really intriguing to us, and we've put that into effect right away.

在 Endeavor 方面，他們的一些完成後的工作確實讓我們很感興趣，我們已經立即將其付諸實施。

So I would say also the consistency of the business model.

所以我還要說商業模式的一致性。

We are not having to change the plan for every $10 move in oil price is allowed for large-scale consistent development with a lot of crews having worked for us for three or four years now on the Halliburton side.

我們不必因為油價每波動 10 美元而改變計劃，以進行大規模的持續開發，因為哈里伯頓方面的許多工作人員已經為我們工作了三四年。

And on the rig side, we have some preferred vendors that have worked with us for a long time.

在鑽孔機方面，我們有一些與我們合作了很長時間的首選供應商。

So I think there's certainly more to come.

所以我認為肯定還會有更多的事情發生。

We're not going to give any of these efficiencies back.

我們不會回饋任何這些效率。

And I think on top of that, the completion design work that's going on between the two teams is what is probably most exciting to me, personally 8 weeks in on what can be done to improve our results going forward.

我認為最重要的是，兩個團隊之間正在進行的竣工設計工作可能是最令我興奮的，就我個人而言，8 週後可以採取哪些措施來改善我們未來的結果。

That makes sense.

這是有道理的。

And this probably comes back a little bit towards Bob's question earlier about what you would do if oil prices were to fall, we were to get an oversupply in '25.

這可能有點回到鮑伯之前的問題，如果油價下跌，我們將在 25 年出現供應過剩，你會怎麼做。

When you think about the productivity and efficiency, it's clear, as we've heard from you and other companies, right, a consistent plan that allows you to drill and complete wells and minimize your nonproductive time and all that.

當您考慮生產力和效率時，正如我們從您和其他公司那裡聽到的那樣，很明顯，有一個一致的計劃可以讓您鑽探和完井，並最大限度地減少非生產時間等等。

So as you think about making tweaks along the edge, giving up those productivity and efficiency trends could be counterproductive to actually saving money in the very near term.

因此，當您考慮進行邊緣調整時，放棄這些生產力和效率趨勢可能會對短期內實際節省資金產生反效果。

What's the right way for us to think about how you'll weigh those decisions if they do -- if market does force that upon you next year?

如果明年市場真的迫使你做出這樣的決定，我們該如何考慮你將如何權衡這些決定？

Roger, I think it goes back to what Travis said about lessons learned, right?

羅傑，我認為這可以追溯到特拉維斯所說的經驗教訓，對嗎？

And I think we have the size, scale and balance sheet to be able to withstand a size should it happen.

我認為我們有足夠的規模、規模和資產負債表來承受這種情況的發生。

I think the only thing that we would probably change is that at the low point of the cycle, you're going to be putting pipe in around cheaper than any point across that entire cycle.

我認為我們可能會改變的唯一一件事是，在周期的低點，你將比整個週期中的任何點都更便宜地安裝管道。

So I think we'd probably prefer to build more DUCs than maybe in the past and have the balance sheet capacity to do so.

因此，我認為我們可能更願意建立比過去更多的 DUC，並且擁有這樣做的資產負債表能力。

But I think that would be the big change.

但我認為這將是一個巨大的改變。

The efficiencies on the frac side, we've proven we can stand up.

壓裂方面的效率，我們已經證明我們可以站得住腳。

We spent up 2 SimulFRAC crews just this quarter, and they're running at KPIs that are similar to the rest of our crews within a pad.

就在本季度，我們僱用了 2 名 SimulFRAC 工作人員，他們的 KPI 與我們同一場地內的其他工作人員相似。

So I don't really buy into the losing efficiencies argument when you -- when we're based in Midland, we know this basin as well as anybody, and we've done this before.

因此，當我們總部設在米德蘭時，我並不真正相信效率下降的論點，我們和任何人一樣了解這個盆地，而且我們以前也這樣做過。

Yes, Roger, that's a cultural element that you'll see throughout Diamondback.

是的，羅傑，這是你在《響尾蛇》中會看到的文化元素。

And that's what I'm speaking to specifically is we don't ever seat ground once we've taken it.

這就是我要特別說的，一旦我們佔領了它，我們就不會再原地踏步。

And that's not a function of the service companies.

這不是服務公司的職責。

That's not their responsibility.

那不是他們的責任。

Our business partners on that side.

我們那邊的生意夥伴。

It's our responsibilities as supervised and leading those functions to bring back to the table the ground that we had taken, so that isn't lost.

我們的責任是監督和領導這些職能部門，將我們已經採取的立場帶回桌面上，這樣就不會遺失。

And that's a very, very important cultural element to maintaining our best-in-class execution and low-cost operations.

這是維持我們一流的執行力和低成本營運的非常非常重要的文化元素。

And I hope that make sense, Roger.

我希望這是有道理的，羅傑。

Paul Cheng, Scotiabank.

Paul Cheng，豐業銀行。

Travis and the team, when we put the two companies together initially, you're coming up with a synergy target, but that's basically saying that, okay, you know Endeavor, the D&C cost is higher than you, so you can bring it down.

Travis 和他的團隊，當我們最初將兩家公司合併在一起時，你會提出一個協同目標，但這基本上是說，好吧，你知道 Endeavor，D&C 成本比你高，所以你可以降低它。

But of course, Endeavor is also probably doing something better than you guys as you're saying that you're not going to have the big ego.

但當然，奮進也可能做得比你們更好，因為你們說你們不會擁有很大的自我。

So over the past three months, can you identify a couple of the biggest -- maybe that what you found that they have done substantially better than you?

那麼在過去的三個月裡，你能找出幾個最大的——也許你發現他們做得比你好得多嗎？

And can you quantify that?

你能量化一下嗎？

What is the potential saving from those?

這些可以節省多少成本？

Yes.

是的。

I'll let Kaes talk about the specific savings, but we're eight weeks into this, and we had our operations review a couple of weeks ago, and we're immediately seeing some of the benefits of the Endeavor experience on the drill outs, particularly where they've got a better drill out.

我會讓 Kaes 談談具體的節省，但我們已經進行了八週，幾週前我們進行了運營審查，我們立即看到了 Endeavor 體驗在演練中的一些好處，特別是在他們有更好的訓練的地方。

It costs a little bit more money but it's not quicker.

它花費更多的錢，但速度並不快。

And then the other one is on let

然後另一間出租

--

--

Combined -- it's combined, look at completion designs, right?

結合起來——結合起來，看看完成設計，對吧？

So we've looked across the fence line and what Endeavor was doing for the last five years and then vice versa, and think about it, now we get to answer the questions that could not be answered a couple of years ago, right?

因此，我們已經跨越了界限，看看奮進在過去五年裡做了什麼，然後反之亦然，想一想，現在我們可以回答幾年前無法回答的問題，對吧？

So if they're drilling better.

所以如果他們鑽得更好的話。

In 2022, they were drilling better Jo Mill, Middle Spraberry wells than us.

2022 年，他們在 Jo Mill、Middle Spraberry 井鑽探的效果比我們好。

And we had a big study on, hey, what's Endeavor doing.

我們對 Endeavour 正在做什麼進行了一項大型研究。

And I'm sure they did similar things looking at us.

我確信他們看著我們也做了類似的事情。

So again, it goes back to that comment that Travis put in his letter.

再一次，這又回到了崔維斯在信中提出的評論。

You can't model those benefits in an Excel spreadsheet but I can guarantee you that there will be long-term benefits to the amount of data that's being shared between the two companies, and that is kind of the holy grail of better combined well results.

您無法在 Excel 電子表格中對這些好處進行建模，但我可以向您保證，兩家公司之間共享的資料量將會帶來長期好處，這就是更好地組合油井結果的聖杯。

So better combined low results with the lowest cost structure is going to be a pretty impressive combination over the coming years.

因此，在未來幾年中，更好地將低結果與最​​低成本結構結合起來將是一個相當令人印象深刻的組合。

I think the other thing that we looked at, we have a huge production base, almost 600,000 gross barrels of oil a day.

我認為我們關注的另一件事是，我們擁有龐大的生產基地，每天生產近 60 萬桶石油。

I think there's a lot of work to be done between the two teams on efficiencies and economies of scale on the production operations department.

我認為兩個團隊在生產營運部門的效率和規模經濟方面還有很多工作要做。

So more to come on that.

所以還有更多的事情要做。

That's probably slower to develop in D&C, which is front and center but there's a lot of things coming our way.

這在《D&C》中的開發速度可能要慢一些，雖然它是最前沿和中心的，但我們還有很多事情要做。

And Paul, if you step back from it, it's hard to imagine any company, any single company that has more base and expertise than the pro forma company at Diamondback and Endeavor.

保羅，如果你退一步看，很難想像任何一家公司、任何一家公司比 Diamondback 和 Endeavor 的備考公司擁有更多的基礎和專業知識。

And that's what we're seeing is we're seeing these basin experts come together collaboratively and come up with a better solution to the problems, and those better solutions are always underpinned by execution and cost.

這就是我們所看到的，我們看到這些流域專家齊心協力，提出更好的問題解決方案，而這些更好的解決方案始終以執行和成本為基礎。

And so as Kaes just alluded to, it may be hard to articulate today but you're going to see it over time as we continue to pick up the quarters, and dimes, and nickels as we put these two companies together and the basin experts are trying to solve the same problem.

正如凱斯剛才提到的，今天可能很難說清楚，但隨著時間的推移，當我們將這兩家公司和流域專家放在一起時，你會看到這一點，因為我們將繼續獲得25 美分、10 美分和5 美分的收入。

And the second question is then on the payout.

第二個問題是關於支出。

In the third quarter, you did 78%.

第三季度，你完成了 78%。

And of course, you've been saying about 50% on the free cash flow.

當然，您一直說自由現金流佔 50% 左右。

If we're looking out over the next couple of quarters and if the share price the -- when it typically close to where we are, how do you balance between your desire to quickly get down to $10 billion net debt and the payout ratio?

如果我們展望未來幾個季度，如果股價通常接近我們目前的水平，您如何在快速降至 100 億美元淨債務的願望與支付率之間取得平衡？

Yes, Paul, good question.

是的，保羅，好問題。

I think I'll take the second part first.

我想我會先看第二部分。

I think for this in this kind of stock price environment, you're probably sticking to 50% of free cash getting returns.

我認為在這種股價環境下，你可能會堅持 50% 的自由現金來獲得回報。

And then when you go back to the third quarter, we had a couple of things that impacted free cash flow for the quarter, right?

然後，當您回到第三季時，我們有幾件事影響了該季度的自由現金流，對吧？

One, we only had endeavor count for 20 days out of the quarter.

第一，本季我們只統計了 20 天的努力。

So even though the effective date of the deal was January 1, the public numbers only account for 20 days or 21 days of Endeavor.

因此，儘管交易生效日期為1月1日，但公眾號只佔了Endeavour的20天或21天。

So really, the combined free cash flow of the business was a lot higher than that.

事實上，該業務的綜合自由現金流遠高於此。

But second, the Steven's family decided to sell down some of their shares post close.

但其次，史蒂文家族決定在收盤後出售部分股份。

And we've been pretty vocal with our shareholders that those are opportunities for us to commit to a large buyback at one time.

我們一直向股東明確表示，這些是我們承諾一次大規模回購的機會。

And that's what we did with 2 million shares repurchased at 1x.

這就是我們以 1 倍回購 200 萬股股票的做法。

So I think that's more the exception than the norm here in this price environment.

因此，我認為在當前的價格環境下，這更像是例外，而不是常態。

But that's why we have a strong balance sheet to be flexible to do things like that, to do things like the TRP Trade and still be on our way to $10 billion of net debt very, very quickly.

但這就是為什麼我們擁有強大的資產負債表，可以靈活地進行類似的事情，進行 TRP 交易等事情，並且仍然能夠非常非常快地達到 100 億美元的淨債務。

Can I sneak a quick follow-up?

我可以快速跟進嗎？

Sure.

當然。

Any idea what's the family intention about their share?

知道家人對他們的份額有何意圖嗎？

They sold 14.4, are they done?

他們賣了14.4，賣完了嗎？

Or that you think they -- did they indicate that what's their intention?

或者你認為他們──他們是否表明了他們的意圖？

Yes.

是的。

I don't have an answer to that, Paul, but I do know that we have a lot of flexibility and a lot of capacity to participate and support our public shareholders on a consistent basis.

保羅，我對此沒有答案，但我確實知道我們有很大的靈活性和能力來持續參與和支持我們的公眾股東。

I think the only thing that we've said publicly about Steven's family stockholders is that over time, they'd like to get down to where they're voting rights equal their ownership, which is 25% of the business from about 35% today.

我認為我們對史蒂文家族股東唯一公開表示的是，隨著時間的推移，他們希望投票權與所有權相等，從現在的 35% 左右，占公司的 25% 。

Charles Meade, Johnson Rice.

查爾斯·米德，約翰遜·賴斯。

I just have one question, and I don't think it's been covered.

我只有一個問題，我認為它沒有被涵蓋。

You've covered a lot in your Q&A here but it's really on OpEx.

您在此處的問答中討論了很多內容，但實際上是關於營運支出的。

And I noticed that you've moved down the midpoints of your unit guidance.

我注意到你已經將單位指導的中點向下移動了。

I think it was $0.10 on OE and $0.20 on GP&T.

我認為 OE 的價格為 0.10 美元，GP&T 的價格為 0.20 美元。

And I'm wondering if you could give some -- maybe kind of portion that up, how much of that is maybe the Diamondback legacy assets doing better?

我想知道您是否可以提供一些東西——也許是一部分，其中有多少可能是響尾蛇遺留資產做得更好？

How much of it is actually the contribution from the Endeavor asset base kind of -- in that case, it would suggest that the Endeavor assets are lower cost than legacy Diamondback here.

其中有多少實際上是來自 Endeavour 資產基礎的貢獻——在這種情況下，這表明 Endeavour 資產的成本比傳統 Diamondback 的成本更低。

Or also maybe it's just early realization of OpEx synergies.

或者也可能只是營運支出綜效的早期實現。

And if you kind of give us a sense for that?

如果你能給我們一點感覺嗎？

And then Travis going back to a point you made in your shareholder letter.

然後特拉維斯回到你在股東信中提出的觀點。

It's -- you guys are still really, I guess, really optimizing -- really analyzing and optimizing for '25 and if that -- if your cost basis has already got better for 4Q, what does that suggest for '25 in your minds?

我想，你們仍然在真正優化，真正為25 年進行分析和優化，如果那樣的話，如果你們的成本基礎已經在第四季度變得更好，那麼在你們看來，這對25 年意味著什麼？

Yes, I'll take OpEx question first.

是的，我先回答 OpEx 問題。

I think some things have moved down as a result of the combination.

我認為由於合併，有些事情已經下降了。

I think we are going to be pretty conservative on guiding to OpEx only having 20 days of a combined business.

我認為我們會非常保守地指導營運支出只有 20 天的合併業務。

So we're going to do a lot of work for finding that over the next three months.

因此，我們將在接下來的三個月內做大量工作來找到這一點。

I'm confident that we'll find some things that combined will come down on the LOE side.

我相信我們會發現一些東西結合起來會落在 LOE 方面。

Obviously, it's a big difference between Diamondback's cost structure and Endeavors on LOE is that Diamondback sold our water business.

顯然，Diamondback 的成本結構與 Endeavors on LOE 的一個很大的區別是，Diamondback 出售了我們的水業務。

So we're paying a third-party fee for water disposal and handling versus endeavor consolidating that internally.

因此，我們向第三方支付水處理和處理費用，而不是努力在內部整合。

So that's a $0.50, $0.60 delta per BOE by our estimation, it's going to help us combine.

因此，根據我們的估計，每個 BOE 的增量為 0.50 美元、0.60 美元，這將有助於我們合併。

On the G&A side, we have a lot more BOEs and not a lot more G&A, so I expect that to come down a little bit.

在一般行政費用方面，我們有更多的 BOE，但一般行政費用並不多，所以我預計這個數字會有所下降。

But all these things, I think we'll get to refine here with Q4 reporting, as we see three months of the combined business.

但所有這些事情，我認為我們將在第四季度報告中進行完善，因為我們看到了三個月的合併業務。

And on '25, Charles, I think we kind of hammered that point that well costs today are at the low end of our prior range.

查爾斯，我認為在 25 年，我們已經強調了這一點，即今天的油井成本處於我們之前範圍的低端。

In some cases, we're even below that.

在某些情況下，我們甚至低於這個水平。

So what we need to do is focus on the plan that maximizes free cash flow, produces a lot of oil and has a very, very low breakeven.

因此，我們需要做的是專注於最大化自由現金流、生產大量石油並且盈虧平衡非常非常低的計劃。

So that work is ongoing.

所以這項工作正在進行中。

I think things like the TRP Trade getting worked into the plan are going to be free cash flow accretive to our stockholders.

我認為像 TRP Trade 這樣的事情納入該計劃將為我們的股東帶來自由現金流。

Leo Mariani, ROTH.

利奧·馬裡亞尼，羅斯。

Just wanted to ask a little bit more in 2025.

只是想在 2025 年多問一點。

I know it's not official guidance, and is still the outlook.

我知道這不是官方指導，但仍然是展望。

But just kind of looking at where you are for fourth quarter on production at 840 to 850, and you're basically saying we're reaffirming 800 to 825 for next year, kind of feels like maybe that's a little conservative.

但只要看看第四季的產量在 840 到 850 之間，基本上就是說我們重申明年的產量是 800 到 825，感覺這可能有點保守。

I think maybe gas has been outperforming a bit here.

我認為天然氣在這裡的表現可能略勝一籌。

And then also just on '25, I think the pro forma plan has always been to be sort of flattish on oil for the macro that makes sense.

然後就在 25 年，我認為備考計劃一直是對宏觀石油持平，這是有道理的。

But it certainly sounds like you guys would be willing to let that decline on your end.

但聽起來你們一定願意讓這種拒絕落在你們這邊。

So I just wanted to verify that is if it is a bad macro, do you see a small decline and a pullback?

所以我只是想驗證一下，如果宏觀經濟狀況不好，你是否會看到小幅下跌和回檔？

Or would you be willing to have a more meaningful decline if oil prices are disaster next year?

或者，如果明年油價出現災難，您是否願意進行更有意義的下跌？

Yes.

是的。

Listen, our base case is still hit 480,000 barrels of oil a day.

聽著，我們的基本假設仍然是每天生產 48 萬桶石油。

We got Q4 to 470,000 to 475,000 barrels of oil a day.

第四季我們每天生產 47 萬至 47.5 萬桶石油。

So base case still to 480,000 next year for the low 4s of CapEx.

因此，明年資本支出的基本預期仍為 48 萬美元。

I think the macro is going to dictate the decision closer to January and on what ends up happening.

我認為宏觀經濟將在接近一月份的時候決定決定以及最終會發生什麼。

But -- and your comment about the BOEs, yes, you're probably right, we're very conservative on the BOE number.

但是——以及您對英國央行的評論，是的，您可能是對的，我們對英國央行的數字非常保守。

I think you can certainly assume closer to 840 to 850 BOEs versus that 800 to 825.

我認為您當然可以假設接近 840 到 850 個 BOE，而不是 800 到 825 個。

At the end of the day, the oil drives the decision here.

歸根結底，石油推動了這裡的決定。

So we're very, very focused on the oil guidance.

因此，我們非常非常關注石油指導。

But BOEs probably will end up being closer to 850 million versus that 800 million to 825.

但京東方最終可能會接近 8.5 億，而不是 8 億至 825。

Okay.

好的。

And then just on the tax side, I wanted to see if there's any incremental cash tax benefit at all from Endeavor.

然後在稅收方面，我想看看奮進公司是否有任何增量現金稅收優惠。

I mean your cash taxes came in, I think, below what you guys guided to in 3Q, I know it was only 21 days or so of Endeavor but do you expect any incremental benefit at all there?

我的意思是，我認為你們的現金稅低於你們在第三季度指導的水平，我知道奮進號只有 21 天左右，但你們期望那裡有任何增量收益嗎？

Or is it going to be roughly kind of the same rate going forward?

或者說未來的成長率會大致相同嗎？

Yes.

是的。

I don't think it will be material.

我認為這不會是實質的。

We'll still be in the kind of high teens -- mid- to high teens cash tax rate.

我們仍將處於十幾歲左右的現金稅率。

Scott Gruber, Citigroup.

史考特‧格魯伯，花旗集團。

I wanted to come back to being flexible with the '25 plan, a lot of questions on the how but I didn't hear about when unless I missed it.

我想重新靈活地執行「25」計劃，有很多關於如何實施的問題，但我沒有聽說什麼時候，除非我錯過了。

But just given your low breakeven, at what oil price do you think about shifting out of maintenance mode.

但考慮到您的損益平衡點較低，您認為在什麼油價下才能退出維護模式。

When do you start turning the dial?

你什麼時候開始轉動錶盤？

Well, I mean, high level really not in maintenance mode, right?

嗯，我的意思是，高等級確實不處於維護模式，對嗎？

We're at 470 to 475 oil today, we guided to 480 next year.

今天油價為 470 至 475，明年我們的指導價為 480。

Well, that's 2% growth, it is something.

嗯，這是 2% 的成長，這很了不起。

So that's kind of the first goal post.

這就是第一個球門柱。

I think the key point is not necessarily how or when.

我認為關鍵不一定是如何或何時。

It's that Diamondback is cognizant of this new business model and cognizant of the macro.

而是響尾蛇認識到了這種新的商業模式，並認識到了宏觀。

And if we're not, we're not doing our jobs.

如果我們不這樣做，我們就沒有做好我們的工作。

So I think being cautious when things are -- when oil is in the high 60s and you have pockets of geopolitical premium coming in and out is a prudent thing to do.

因此，我認為，當油價處於 60 多美元的高位，並且有大量地緣政治溢價進出時，保持謹慎是明智之舉。

So at the end of the day, the lowest cost operator should be producing the last barrel in the basin.

因此，最終，成本最低的營運商應該生產該盆地的最後一桶石油。

But I think that spreadsheet math is what's gotten this industry in trouble in the past and it feels like we're getting ourselves in trouble again.

但我認為電子表格數學是過去讓這個行業陷入困境的原因，而且感覺我們又陷入了麻煩。

So I think, again, I can't hammer enough that free cash flow trumps CapEx at Diamondback these days.

因此，我再次認為，如今響尾蛇的自由現金流勝過資本支出，這一點我再怎麼強調也不為過。

Got it.

知道了。

I appreciate it.

我很感激。

And then a quick one on just the trends you're seeing in the marketplace.

然後快速介紹一下您在市場上看到的趨勢。

It's really nice to see you guys in that $600 a foot so quickly.

很高興看到你們這麼快就達到每英尺 600 美元的水平。

And you mentioned some additional deal synergy case caps.

您也提到了一些額外的交易協同案例上限。

But curious because we have a background here of deflation and service costs and tangible item costs.

但很好奇，因為我們有通貨緊縮、服務成本和有形項目成本的背景。

So just how much of that background deflation is baked into that $600 number?

那麼，600 美元的數字到底佔了多少背景通貨緊縮的成分呢？

Or could that number still continues to trend down above and beyond any additional efficiency and deal synergy caps just from deflation.

或者，這個數字是否仍會繼續下降，超出通貨緊縮帶來的任何額外效率和交易協同上限。

If you mark-to-market your service contracts today kind of where do you think you could see that $600 number go?

如果您今天按照市場價格計算您的服務合同，您認為 600 美元的數字會去哪裡？

I mean we're pretty mark-to-market.

我的意思是我們非常注重市場。

That $600 is a real-time number.

$600 是一個即時數字。

Certainly, there are wells that are below that number but we're adding more Wolfcamp D to the plan.

當然，有些井的數量低於這個數字，但我們正在計劃中添加更多的 Wolfcamp D。

That's a more expensive well to drill.

這是一口更昂貴的井。

There's a couple of Barnett Woodford wells throughout the portfolio.

整個投資組合中有幾口 Barnett Woodford 井。

I think in general, the core Wolfberry development is probably below that.

我認為總的來說，Wolfberry 的核心發展可能低於這個水平。

Longer laterals also helped us.

更長的支線也對我們有幫助。

But that's a pretty real-time look.

但這是非常即時的外觀。

We don't -- as Denny mentioned earlier, we don't have a lot of long-term contracts.

我們沒有——正如丹尼之前提到的，我們沒有很多長期合約。

We re-contract a lot.

我們重新簽訂了很多合約。

We get a lot of market intelligence on the service cost side.

我們在服務成本方面獲得了大量市場情報。

And I'd say above that, Scott, I don't see a rig count that's going up in the Permian over the next quarter or so.

史考特，我想說的是，我認為二疊紀地區的鑽孔機數量在下個季度左右不會增加。

And so that should continue to deflate prices, which should accrue to our shareholders' benefits.

因此，這應該會繼續壓低價格，這應該會為我們的股東帶來利益。

Kalei Akamine, Bank of America.

卡雷‧阿卡明 (Kalei Akamine)，美國銀行。

I want to take another shot at '25 CapEx.

我想再試一次 25 年的資本支出。

First, on the $600 per foot, it's a solid update.

首先，每英尺 600 美元的價格是一個可靠的更新。

And I think it shows the talent of your team to drive that low number even lower.

我認為這顯示了你們團隊的才華，可以將這個較低的數字進一步降低。

But wondering if you can help ground us.

但想知道你是否可以幫助我們接地。

So I'm looking for a couple of pieces.

所以我正在尋找幾件。

First, can you remind us what's in the original 2025 guide?

首先，您能提醒我們原始的 2025 年指南中有哪些內容嗎？

And then talk about the non-D&C piece embedded in that guide.

然後談談該指南中嵌入的非 D&C 部分。

Do you see any one-off spending to bring the Endeavor assets up to your standards?

您是否認為需要一次性支出來使奮進號資產達到您的標準？

And then whatever that piece is, does that roll in '26?

然後無論那首曲子是什麼，它會在 26 年推出嗎？

Yes.

是的。

I mean listen, I'll answer it again.

我的意思是聽著，我會再回答一次。

I think $625 was kind of our assumed well cost for '25.

我認為 625 美元是我們假設的 25 年井成本。

Now we're at $600.

現在我們的價格是 600 美元。

There are some wells below that.

下面有一些井。

So we'll see what happens over the next couple of months.

所以我們將看看接下來的幾個月會發生什麼。

I'm confident in this team's ability to drive out costs but we also like to guide fairly conservatively 15 months ahead of 2025 full year.

我對這個團隊降低成本的能力充滿信心，但我們也希望在 2025 年全年之前的 15 個月內進行相當保守的指導。

So we like to keep all flexibility on our side.

因此，我們希望保持所有靈活性。

I'd say on the non-DC&E CapEx, the Endeavor assets are as good as ours above ground.

我想說，就非 DC&E 資本支出而言，奮進號資產與我們的地面資產一樣好。

I think there's some things probably $50 million, $60 million of environmental CapEx we got to spend next year, which is kind of onetime in nature.

我認為明年我們可能需要花費 5,000 萬美元、6,000 萬美元的環境資本支出，這本質上是一次性的。

I think the combined infrastructure budget will probably be a little higher in '25 than it will in '26.

我認為 25 年的綜合基礎設施預算可能會比 26 年略高一些。

We like to think that the infrastructure budget eventually moves closer to 6%, 7% of total capital.

我們認為基礎設施預算最終將接近總資本的 6%、7%。

And Endeavor has a midstream business that has some CapEx that should we sell the midstream assets to our JV, that CapEx would be removed.

Endeavor 擁有一項中游業務，有一些資本支出，如果我們將中游資產出售給我們的合資企業，該資本支出將被取消。

So some moving parts.

所以一些活動部件。

I think high level, the key drivers are heading in the right direction.

我認為高層的關鍵驅動因素正朝著正確的方向前進。

And I think the combined acreage position should result in lower spend above ground over time than 2025.

我認為，隨著時間的推移，合併後的土地面積應該會導致地上支出低於 2025 年。

Awesome.

驚人的。

I appreciate the color.

我很欣賞它的顏色。

Second question is going to go to Deep Blue.

第二個問題將問深藍。

Here, you're targeting maybe Endeavor drop in first half of '25, it sounds like, in the first deal, you took back $500 million of cash, 30% equity.

在這裡，你的目標可能是 Endeavour 在 25 年上半年下跌，聽起來，在第一筆交易中，你收回了 5 億美元現金，30% 的股權。

Kind of wondering about deal structure, what should we expect for the upcoming drop?

有點想知道交易結構，我們對即將到來的下跌該期待什麼？

Will it be all cash?

會都是現金嗎？

Or do you take back even more equity.

或者你會收回更多的股權。

And then for the guys that don't follow that space, how does one think about the range of deal multiples on Water assets?

然後，對於那些不關注這一領域的人來說，如何看待水務資產的交易倍數範圍？

Yes.

是的。

I mean it's a lot of we'll see.

我的意思是我們會看到很多。

I think our preference is cash and more cash to accelerate deleveraging targets.

我認為我們更傾向於現金和更多現金來加速去槓桿化目標。

But we recognize we have a partnership with Deep Blue and they should recognize the same that we are going to work on this business to grow value together.

但我們認識到我們與深藍有合作夥伴關係，他們也應該認識到我們將致力於這項業務，共同成長價值。

And that doesn't mean -- that means we're not -- we've never been in the business of levering up a sub in exchange for cash at the parent.

這並不意味著——這意味著我們不是——我們從來沒有從事過利用子公司來換取母公司現金的業務。

And so we'll be flexible.

所以我們會保持靈活性。

I think we've been flexible to date and that business has created a good amount of value already in a year.

我認為迄今為止我們一直很靈活，並且該業務在一年內已經創造了大量價值。

So a lot of work to do.

所以還有很多工作要做。

I'd say that's less of a near-term objective than the drop down.

我想說，這與其說是近期目標，不如說是下降。

We have a lot of people working very hard on the mineral drop-down, which is a very significant deal for both Diamondback and Viper.

我們有很多人在礦物下拉方面非常努力，這對 Diamondback 和 Viper 來說都是非常重要的交易。

And maybe just a third one, just on the royalties

也許只是第三個，只是版稅

[drop].

[降低]。

It's a really big chunk when you think about the amount of EBITDA associated with that asset and 8 to 10x, you get to really big numbers real fast.

當您考慮與該資產相關的 EBITDA 金額時，這是一個非常大的數字，並且是 8 到 10 倍，您很快就會得到非常大的數字。

Are you still thinking that could be one package?

您是否仍然認為這可能是個包裹？

Or is there a scenario where you break it down into more bite-size pieces.

或是否存在將其分解為更小塊的情況。

I think our preference is to do most of it at once.

我認為我們的偏好是一次完成大部分工作。

I think Viper has a lot of strategic objectives that we'll talk about in about an hour on its call but I think getting the drop down behind us and showing the size and scale of that business on a combined basis is going to be important to future opportunities at Viper.

我認為 Viper 有很多戰略目標，我們將在大約一個小時的電話會議中討論這些目標，但我認為讓我們落後並在綜合基礎上展示該業務的規模和規模對於Viper 的未來機會。

I think it's amazing.

我覺得這太棒了。

Viper today has an interest in 11,000 horizontal wells across the basin.

如今，Viper 對整個盆地的 11,000 口水平井擁有權益。

And that's an information advantage that I don't think can be replicated.

這是我認為無法複製的資訊優勢。

So I think momentum is very strong at Viper.

所以我認為 Viper 的勢頭非常強勁。

That's also good for Diamondback shareholders because our ownership value has gone up dramatically this year.

這對響尾蛇股東來說也有好處，因為今年我們的所有權價值大幅上漲。

But I think our preference get most, if not all, of it done, and be off to the races in 2025.

但我認為我們更傾向於完成大部分（如果不是全部）任務，並在 2025 年開始比賽。

This concludes the question-and-answer session.

問答環節到此結束。

I would now like to turn it back to Travis Stice, CEO, for closing remarks.

現在我想請執行長 Travis Stice 發表結束語。

Thanks again for everyone listening in today and for the good questions.

再次感謝今天大家的收聽以及提出的好問題。

If there's any follow-up questions that you have, just reach out with using the numbers provided.

如果您還有任何後續問題，請使用提供的電話號碼與我們聯絡。

Thanks, and you all have a great day.

謝謝，祝大家有個愉快的一天。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This does conclude the program.

這確實結束了該程式。

You may now disconnect.

您現在可以斷開連線。