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

Good day, and thank you for standing by for earnings conference call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session to ask a question. During this session, you'll need to press star one on your telephone bill done here unabated message advising your hand is raised. To withdraw your question. Please press star one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Adam Lawlis, VP of Investor Relations. Please go ahead.

美好的一天，感謝您出席財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。在此會議期間，您需要按電話帳單上的星號一號完成此處未減少的訊息，建議您舉手。撤回你的問題。請再按星號一。請注意，今天的會議正在錄製中。我現在想將會議交給投資者關係副總裁 Adam Lawlis。請繼續。

Thank you, Joe. Good morning and welcome to Diamondback Energy's third-quarter 2014 conference call. During our call today will reference an updated investor presentation. The letter to stockholders, which can be found on Diamondback's website revenues were down about today are Travis Vice Chairman and CEO, and Kaes Van't Hof, President and CFO, Dave Watson, CEO. 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. We caution you that actual results could be different materially from those that are indicated in these forward-looking statements due to a variety of information concerning these factors can be found in the Company's filings with the SEC. In addition, we will make reference to certain non-GAAP measures. The reconciliations with the appropriate GAAP measures can be found in our earnings release issued yesterday afternoon. I'll now turn the call over to Joe size.

謝謝你，喬。早安，歡迎參加響尾蛇能源 2014 年第三季電話會議。在我們今天的電話會議中，我們將參考最新的投資者介紹。在Diamondback 的網站上可以找到這封致股東的信，信中的內容是今天收入下降，其中包括Travis 副董事長兼首席執行官、總裁兼首席財務官Kaes Van't Hof 以及首席執行官Dave Watson 。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。我們提醒您，實際結果可能與這些前瞻性陳述中所示的結果有重大差異，因為有關這些因素的各種資訊可以在公司向 SEC 提交的文件中找到。此外，我們也將參考某些非公認會計準則措施。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。我現在將把電話轉給喬·尺寸。

Thank you, Adam, and welcome, everyone, and thank you for joining our call this morning. I hope you've had a chance to review both the shareholder letter that went out last night as well as the investor day will be covering a lot of that material in today's questions session. Operator, please open the line for questions. Thank you.

謝謝亞當，歡迎大家，並感謝您今天早上加入我們的電話會議。我希望您有機會閱讀昨晚發出的股東信以及投資者日將在今天的提問環節中涵蓋的大量資料。接線員，請開通提問線。謝謝。

At this time we will conduct a question-and-answer session. As a reminder, to ask a question, you'll need to press star one on your telephone and wait for your name to be announced to the joy of your question. Please press star one again, please stand by while we compile the Q&A roster.

這時我們將進行問答環節。提醒一下，要提問，您需要按電話上的星號一，然後等待您的名字被宣布，以便您可以愉快地提出問題。請再按星一號，我們正在整理問答名單，請稍候。

Our first question comes from the line of Neal Dingmann of Truist. Your line is now open.

我們的第一個問題來自 Truist 的 Neal Dingmann。您的線路現已開通。

Morning, guys. Nice update last night, Travis on guys. I'll save my AI and data center question. You said this morning for your year end call, and I'll jump in my first question this morning on capital efficiency, which again I think by my calculation, you'll continue to have better day yesterday and P & So specifically, could you all you have a case for your 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 is a bit year to date. Here, we really focused on free cash flow generation of our CapEx spend in recent years, and I expect that trend to continue. I think with the Endeavor assets under the under the hood, not only improves our free cash flow margin, our reinvestment rate rate goes lower. Our corporate breakeven we highlighted went down by two or $3 a barrel. And I think I think in a world of a tenuous macro, the lowest breakeven and the longest duration of inventory is going to pay dividends. I mean, there's two things. We really look at free cash flow margin, which is the output of the reinvestment rate, but also how much CapEx are we spending per barrel of oil produced. And you know, 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. So on a lot of time, what a lot of work's been done here, integrating two companies very, very quickly omics ecstatic about the progress that's been made. We've already learned some things from the Endeavor side and vice versa. I think that's all going to accrue to the benefit of our shareholders through more free cash flow over a longer period of time. How do you guys are you willing to put a number on where you see breakeven going at some point next year?

早安，夥計們。昨晚的更新不錯，特拉維斯，夥計們。我將保存我的人工智慧和資料中心問題。你今天早上說要參加年終電話會議，今天早上我將提出關於資本效率的第一個問題，我再次認為，根據我的計算，昨天你會繼續過上更好的日子，特別是P & So，你可以嗎？到目前為止有點一年了。在這裡，我們近年來真正關注的是資本支出支出的自由現金流生成，我預計這種趨勢將持續下去。我認為，憑藉幕後的奮進資產，不僅提高了我們的自由現金流利潤率，我們的再投資率也降低了。我們強調的公司損益平衡點每桶下降了兩到三美元。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。我的意思是，有兩件事。我們真正關注的是自由現金流邊際，它是再投資率的輸出，也是我們每生產一桶石油所花費的資本支出。你知道，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，並預期這種趨勢將持續下去。因此，在很長一段時間裡，這裡做了很多工作，非常非常快地整合了兩家公司，組學對所取得的進展感到欣喜若狂。我們已經從 Endeavour 方面學到了一些東西，反之亦然。我認為，這一切都將透過在更長時間內更多的自由現金流來為我們的股東帶來利益。你們願意給一個數字來說明明年某個時候的損益平衡點嗎？

Yes. I mean, I think we will wait it out on slide 9, flow post dividend breakeven has gone from $40 a barrel to $37 a barrel. By our math. I think we've always tried to say that we like our base dividend to breakeven at $40 a barrel. So you that our breakevens got to have gone down or we have more supply capacity to to look at the base dividend, which we expect to do early in 2025 Stanley. And then my second question on the TRP asset trades, specifically how you all thought about valuation on each side.

是的。我的意思是，我認為我們將在幻燈片 9 上等待，股息盈虧平衡後的流量已從每桶 40 美元升至每桶 37 美元。根據我們的數學計算。我認為我們一直試圖說我們希望我們的基本股息能夠在每桶 40 美元的水平上實現盈虧平衡。所以你認為我們的損益平衡點一定會下降，或者我們有更多的供應能力來考慮基本股息，我們預計在 2025 年初進行基本股息史丹利。然後是我關於 TRP 資產交易的第二個問題，特別是你們如何看待雙方的估值。

I'm just wondering on that because our PTVSPDP. side, was that base largely just on reserve value, the assets? And then looking at the Midland side, is that based on a per location? Or maybe help me what else I'm missing when when you're thinking about that swap?

我只是想知道這一點，因為我們的 PTVSPDP。一方面，這個基礎主要是基於儲備價值，也就是資產嗎？然後看看米德蘭方面，這是基於每個位置的嗎？或者也許可以幫助我，當你考慮交換時我還缺少什麼？

Yes, I'll give you a high level. You know, we we operated acreage in the Permian is very, very valuable. And since we know the Endeavor deal, we've been pretty vocal that we're not a seller of the Delaware Basin. I think this training was pretty unique in that. You know, TRP. gets to move into the Delaware Basin and test some things in secondary zones. But Diamondback is 18 docs in the Midland Basin, a little more current production and 55 locations that compete for capital right away. So we're basically moving third and fourth quartile inventory into first and second quartile inventory on all, while gain the benefit of capital efficiency from 18 docs out into the program. And assets in our backyard. So we're looking at other options for other assets like like this TRP. was the first to to move here, and we were excited to get at a tradeshow with them because those are pretty hard to do. No, no, not from a valuation perspective. I'd say at a high level, PDP. values were pretty similar. I would say we have a lower decline rate that we're selling. We're getting more for current production at a higher decline rate, but we're also paying paying for docs. And and these the top5 quartile locations, which are worth a lot these days in the Midland Basin.

是的，我會給你一個高水準。你知道，我們在二疊紀經營的土地非常非常有價值。自從我們知道奮進號交易以來，我們一直直言不諱地表示我們不是特拉華盆地的賣家。我認為這次培訓非常獨特。你知道，TRP。進入特拉華盆地並在次要區域測試一些東西。但 Diamondback 是米德蘭盆地的 18 個產地，目前的產量稍微多一些，還有 55 個地點正在爭奪資本。因此，我們基本上將第三和第四四分位庫存全部轉移到第一和第二四分位庫存，同時從 18 個文件移至該計劃中獲得資本效率的好處。還有我們後院的資產。因此，我們正在尋找其他資產的其他選擇，例如 TRP。是第一個搬到這裡的人，我們很高興能與他們一起參加貿易展，因為這些很難做到。不，不，從估值的角度來看不是。我想說的是，在高水準上，PDP。價值觀非常相似。我想說的是，我們銷售的下降率較低。我們以更高的下降率從當前的生產中獲得更多，但我們也為文件付費。這些是米德蘭盆地前 5 個四分位位置，這些位置如今非常有價值。

Great. Great detail. Thanks, guys.

偉大的。很棒的細節。謝謝，夥計們。

Thanks, Neil. Thank you.

謝謝，尼爾。謝謝。

Our next question comes from the line of Arun Jayaram of JPMorgan Securities LLC in line is now open.

我們的下一個問題來自摩根大通證券有限責任公司的 Arun Jayaram，排隊現已開放。

Good morning team. The premise you have enough from a Diamond Bank perspective, it feels like the company has your hands in terms of several cookie jars in terms of your equity investments. If you could help us frame kind of the value creation potential or embedded maybe asset value that we may not be giving you credit for as we think about investments and EPIC crude line, the blue. And obviously, maybe I don't have like Neil, I can wait until the year, and I wanted to get your thoughts on this data center kind of opportunity with the surface acres because investors have noted how one of the Company is developing a data center discounting has a pretty punchy evaluation in the equity market. Sure, lots and lots of questions there around, but thanks for your time this morning. Listen, on on this whole data center view, we've been listening to our shareholders to trying to figure out a way to respond to their for their questions about can we create more value from our gas stream? And when you look at what we have as a total company.

早上好，團隊。從鑽石銀行的角度來看，前提是你有足夠的資金，就你的股權投資而言，感覺該公司掌握著你的幾個餅乾罐。如果您能幫助我們建立價值創造潛力或嵌入的資產價值，當我們考慮投資和 EPIC 原油生產線時，我們可能不會給您信任，即藍色。顯然，也許我沒有像尼爾那樣，我可以等到今年，我想了解您對這個數據中心類型的機會的看法，因為投資者已經注意到其中一家公司正在開發數據中心中心貼現在股票市場上有相當有力的評價。當然，還有很多很多問題，但感謝您今天早上抽出時間。聽著，從整個資料中心的角度來看，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的問題，即我們能否從天然氣流中創造更多價值？當你看看我們作為一個整體公司所擁有的東西。

we've got abundant natural gas, yes, we've got abundant surface acreage and there's a and there's a need for greater electricity. So rather than continuing to grow good, low margins on our gas and full vote on electricity. We're trying to figure out a way to be creative and creative on ways to term some of that natural gas into more value for our shareholders. The EPIC pipeline was was I was a move that allowed us to increase our ownership almost to a full for trying to recognize that there is ultimately going to be in the out of the Permian Basin for increased crude capacity. And so while it's probably not a long-term investment, we think like a lot of our other equity investment methods will be able to do turn that into a very nice, very nice return for our shareholders. And then the blue, we just continue to evaluate the sustainability of the so the efficiency of that business model and recognize that there's some 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.

我們有豐富的天然氣，是的，我們有豐富的地表面積，並且需要更多的電力。因此，我們的天然氣利潤率並沒有持續成長，而電力利潤率卻很低。我們正在努力尋找一種創意和創意的方法，為我們的股東創造更多的天然氣價值。 EPIC 管道是一項舉措，使我們能夠幾乎完全增加我們的所有權，因為我們試圖認識到最終將在二疊紀盆地之外增加原油產能。因此，雖然這可能不是一項長期投資，但我們認為，就像我們的許多其他股權投資方法一樣，它將能夠為我們的股東帶來非常非常好的回報。然後是藍色，我們只是繼續評估該商業模式的效率的可持續性，並認識到有一些努力資產可能適合這種模式，並且我們繼續從備考公司中挖掘價值創造。

Great. My follow-up is, I just wanted to maybe understand on the efficiency gain side of the equation. In your prepared remarks, you commented how you think you can kind of execute your 2025 program with 18 rigs versus that may be a previous expectation of 22 to 24, maybe four frac fleets versus five previously, understanding you're probably D and seeing the same amount of footage, what type of $1 per foot or or cost gains you get from just running less horsepower and rig and rig lines?

偉大的。我的後續行動是，我只是想了解方程式的效率增益方面。在您準備好的發言中，您評論了您認為如何使用18 台鑽機來執行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，了解您可能是D 並看到了相同數量的鏡頭，透過減少馬力、鑽孔機和鑽孔機線可以獲得什麼類型的每英尺 1 美元或成本收益？

Just trying to understand that dynamic, scaling our and we have we set out when we announced the Endeavor deal thinking that 2025 foot need between 22 and 24 rigs and a lot of efficiency on both sides of throughout the year. And you know that 18 rig number is still going to accomplish the same amount, a lateral footage, the higher retail.

只是想了解這種動態，擴大我們的規模，當我們宣布 Endeavour 交易時，我們就已經開始考慮，2025 年英尺需要 22 到 24 台鑽機，並且全年雙方都需要很高的效率。而且您知道 18 台鑽機數量仍將完成相同的數量、橫向鏡頭、更高的零售量。

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. We lost to use the raw materials, the same raw material throughout the basin. But Diamondback, they will do that a lot faster. And so if a rig line is 78000 a day, being able to execute with six less rigs translates to less variable costs in the business. Similar story on the frac side. We think on the frac side, we kind of learned from the Endeavor side about the higher pump rate because we increased our upgrade from 80 barrels a minute up to kind of 90 to 100. That allows us to one complete wells faster there that could be some benefits to the reservoir that we're studying very closely. But overall, you know, that also reduces the variable costs needed to run factors which are much more expensive than a rig on a day-to-day basis. So I think there will be periods of time where we need around five simul frac crews next year, high level, we can see we see the spinal fractures completing a little over 100 wells per year for crew. And I was just amazing the efficiencies that both sides of the ledger have had a squeeze out of the business here in a year where we keep saying out there close to the asymptotic curve of efficiency will figure that out a lot of this year. So kudos to the to the teams in the basin experts executing on our business reaches to add to that. I think the from a from a high-level perspective, a message that we really tried to emphasize that all of the things that case just outlined really described delivery of synergies, not only ahead of time, which we had originally contemplated, you know, through the year of 2025, we're effectively got all of the synergies delivered now in the fourth order of 2024 and in its. So it's faster and it's lower. We put a note in there. There were no Middle Bakken wells. We're now $600 a foot. And I think these guys get some momentum behind them that though we're going to continue to see an improvement in that number. So high-level really proud of the organizations that they've checked the radios and looked at the right way to do things from both both perspectives and what we're seeing early on is a significant synergy deliveries. And I just want I know I know you've already seen a bit on what you might want to just mention is that we've put our just like we don't pass. We put our synergy scorecard in our investor deck with some details behind it. So if you just look at Slide 6 and 7, you'll see a lot of the details that case was just highlighted some of the high-level comments that anomaly.

我們還將管道埋入地下。我們失去了使用原料的機會，整個盆地的原料都是一樣的。但是響尾蛇，他們會做得更快。因此，如果鑽機生產線每天 78,000 台，那麼能夠減少 6 台鑽機的執行意味著業務的可變成本更少。壓裂方面也有類似的故事。我們認為在壓裂方面，我們從 Endeavour 方面學到了更高的泵速，因為我們將升級從每分鐘 80 桶增加到 90 到 100 桶。水庫的一些好處。但總的來說，您知道，這也降低了運作因素所需的變動成本，而這些因素的日常運作成本比鑽孔機貴得多。因此，我認為明年我們將需要大約 5 名左右同時壓裂人員，高水平，我們可以看到脊椎骨折每年為人員完成 100 多口井。令我驚訝的是，在這一年裡，帳本雙方的效率都被擠出了業務，我們一直在說，接近效率的漸近曲線將在今年解決很多問題。因此，對流域內執行我們業務的專家團隊的榮譽更是錦上添花。我認為，從高層次的角度來看，我們確實試圖強調這一訊息，即剛才概述的所有事情都真正描述了協同效應的實現，而不僅僅是提前，這是我們最初考慮的，你知道，到2025 年，我們實際上已經在2024 年第四次訂單及其中實現了所有協同效應。所以它更快而且更低。我們在裡面放了一張紙條。中巴肯沒有井。我們現在每英尺 600 美元。我認為這些人背後有一些動力，儘管我們將繼續看到這個數字的改善。高層對這些組織感到非常自豪，他們檢查了無線電，從兩個角度尋找做事的正確方法，我們早期看到的是顯著的協同交付。我只是想讓我知道，我知道你已經看到了一些你可能只想提到的事情，那就是我們已經把我們的努力當作我們沒有通過。我們將協同記分卡放在投資人手中，並附有一些細節。因此，如果您只看投影片 6 和 7，您會看到很多細節，該案例只是突出顯示了一些異常的高層評論。

Thanks, Travis.

謝謝，崔維斯。

Thank you. Our next question comes from the line of David Deckelbaum of TD Cowen design is now open.

謝謝。我們的下一個問題來自 TD Cowen 設計公司的 David Deckelbaum，現已開放。

Thanks, guys. Service. And in case, I just wanted to ask just in the context of some of the synergy scorecard being achieved perhaps a little bit earlier than anticipated in obviously announcing some of the incremental savings you guys are sort of build kind of standing by the 4144 for budget for next year to kind of to keep this 475,000 barrels a day, flat at the point now, I guess at what sort of activity does that envision? 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? Or is there kind of a cushion built in there for some flexibility going into 26?

謝謝，夥計們。服務。以防萬一，我只是想問一下，在一些協同記分卡實現的背景下，可能比預期要早一點，明顯宣布了你們正在建立的一些增量節省，以支持 4144 的預算明年要保持每天475,000桶的產量，與現在持平，我猜這會是什麼樣的活動？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？或者是否有內建的緩衝墊可以讓 26 具有一定的靈活性？

Yes, good question, David Nieto. We all know we always like a little flexibility. I think given the macro environment, as Travis said in his letter, there's some things we're thinking about for next year. Again, always thinking about free cash flow generation over over spending CapEx dollars. But I think we're certainly near the lower end of that original range for one to 44 to get to 480,000 barrels of oil a day next year. That includes the 5,000 barrels a day, the Viper guided to in our Tumbleweed acquisition. I think generally if you see well costs down $25, a lot of thought that we're completing about 5 million lateral feet a year, that's under $25 million. So that's certainly going to be taken out of the budget. How do you think there's still some ancillary spend items that were refining our combined infrastructure budget, midstream budget for environmental budget, but in general, certainly moving towards the lower end of that range. We guided Q4 to 950 to 1050 million of CapEx. 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 the next year because I think a lot of things are heading the right direction, not only well costs but well performance. I mean, things like the TRP trade, all that's going to accrue to the benefit of the CapEx budget next year. Appreciate all that color mix makes sense. Perhaps you could 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. It seems like it in the deck.

是的，好問題，大衛涅托。我們都知道我們總是喜歡一點彈性。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。再次強調，始終考慮自由現金流的產生，而不是過度支出資本支出。但我認為我們肯定已經接近最初範圍的下限，即明年 1 至 44 日產量達到 48 萬桶石油。其中包括 Viper 在我們收購 Tumbleweed 時所引導的每天 5,000 桶的產量。我認為，一般來說，如果你看到成本下降了 25 美元，很多人認為我們每年要完成大約 500 萬橫向英尺，那就低於 2500 萬美元。所以這肯定會從預算中扣除。您認為仍然有一些輔助支出項目正在完善我們的綜合基礎設施預算、環境預算的中游預算，但總的來說，肯定會朝著該範圍的下限移動。我們預計第四季的資本支出為 950 至 10.5 億美元。我不想將該數字的下限乘以 4 來得出 2025 年預算。但我當然會著眼於中點或高端來引導您明年，因為我認為很多事情都在朝著正確的方向發展，不僅是良好的成本，而且還有良好的性能。我的意思是，像 TRP 交易這樣的事情，所有這些都將帶來明年資本支出預算的好處。欣賞所有有意義的色彩搭配。也許你可以在一些我知道其他人談論過的一些其他中游資產上添加一點顏色，你們已經強調了，顯然版稅下降了。看起來就像是在甲板上。

There's some expectation that some monetization is coming in 25. Can you give a little bit of color on where those processes stand now and when you be expecting to see some inflows from there?

有人預計 25 年後會出現一些貨幣化。

Yes. Another the big item is the drop-down mineral interests to Viper. That's actively ongoing. We've been pretty vocal that early 2025 Omnia taken us off off that track on. Second is the midstream discussion with our partners have deep blue. I think that's a little less than four. And then the Viper drop down at the moment. And I know it's been interesting closing this deal, Mr. Stevens was notorious for having a technology, a lot of assets throughout the throughout the country. We've got some small assets in the Bakken. We had a small piece of some offshore wells and in the Gulf of Mexico. So we're excited to continue to monetize some of those sort of smaller assets. I don't think they're going to make a huge dent in the cash number, but there are little things that you'd expect us to monetize with the right. I mean, I think the other big big item is about 15,000 acres in the Delaware Basin of both operated and non-operated position. So we're going to look at that kind of trade and blocked up where we can flip them. We're not in our business given our cost structure and we'd likely monitor how does that into a very healthy market at some point.

是的。另一個大項目是 Viper 的下拉式礦產權益。這正在積極進行中。我們一直直言不諱地表示，2025 年初 Omnia 讓我們偏離了這條軌道。其次是中游與我們合作夥伴的討論有深藍。我認為這個數字還不到四個。然後毒蛇此刻就掉下來了。我知道完成這筆交易很有趣，史蒂文斯先生因在全國各地擁有技術和大量資產而臭名昭著。我們在巴肯有一些小資產。我們在墨西哥灣擁有一小部分近海油井。因此，我們很高興能夠繼續將一些較小的資產貨幣化。我認為他們不會對現金數量產生巨大影響，但你會期望我們用權利來貨幣化一些小東西。我的意思是，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。因此，我們將研究這種交易並封鎖我們可以翻轉它們的地方。考慮到我們的成本結構，我們不從事我們的業務，我們可能會在某個時候監控如何將其帶入一個非常健康的市場。

Thank you. Yes, thanks, David. Thank you.

謝謝。是的，謝謝，大衛。謝謝。

Our next question comes from the line of Bob Brackett of Bernstein Research. Line is now open.

我們的下一個問題來自伯恩斯坦研究公司的鮑勃·布拉克特。線路現已開通。

Good morning. And your 2025 base plan is clear and you mentioned the ability to refine that plan based on the macro environment. Can you talk about how dial that plant is before this efficiencies kick in?

早安.您的 2025 年基本計劃很明確，並且您提到了根據宏觀環境完善該計劃的能力。您能談談在這種效率發揮之前該工廠的運作情況嗎？

Yes, Bob, I think we got a lot of flexibility. You know, I don't think it's the, um, the tools, the tools installment, right? So we can sell things up and back very, very, very easily. I think just generally if other companies are seeing what we're seeing, it is not as strong macro environment. So I don't know why the discussion of growth are multi-year growth needs to be in the equation. I mean, I think the time back, I've learned that our growth profile impacts the macro, and we're very focused on the macro here where we had almost universally the Street is calling for oversupply in 2025. So I think we're building in flexibility to spend less should that come to fruition, but it's not hard to grow volumes in the Permian Basin with the assets that we have. So I think what you would expect as you know, what looks easy on the outside as hard on the inside, but we make it happen.

是的，鮑勃，我認為我們有很大的靈活性。你知道，我不認為這是，嗯，工具，工具分期付款，對吧？所以我們可以非常、非常、非常輕鬆地出售和回饋東西。我認為，一般來說，如果其他公司看到我們所看到的情況，那麼宏觀環境就不那麼強勁。所以我不知道為什麼需要在等式中討論多年增長的增長。我的意思是，我想回想起來，我已經了解到我們的成長狀況會影響宏觀經濟，而且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。 ，以便在實現這一目標時減少支出，但利用我們擁有的資產來增加二疊紀盆地的產量並不難。所以我認為您所期望的，正如您所知道的，表面看起來容易但內部困難，但我們讓它成為現實。

But can it be gradual? Can it be like deferring some wells or doesn't have to be dropping a rig lined are dropping a frac spread? What's the can you tweak things around the edge?

但可以循序漸進嗎？是否可以像推遲一些油井或不必放棄鑽井平台來放棄壓裂差價一樣？你能在邊緣調整什麼？

I guess I'll yes, I mean, we are we already do that, Bob. You know, we went into the year running 15 rigs and there was running 10. Our team was or 12, our team was ahead of schedule. We dropped to 10 rigs mid-year because we can we drill more wells than we expected in the first six months of the year or so dropping rigs, adding rates drop and accrue swap and accrue. That's just what you expect us to do. And Bob, this advantage and we our supply chain setups such that we don't really have any, you know, really firm obligations with any kind of significant term. So they got us flexibility built into our supply chain to that, we can pivot to a tough market.

我想我會的，我的意思是，我們已經這樣做了，鮑勃。你知道，我們今年運行了 15 台鑽孔機，後來運行了 10 台。我們在年中將鑽機數量減少到 10 個，因為我們可以在今年前六個月左右鑽探比預期更多的井，從而減少鑽機數量，增加利率下降並增加掉期和應計費用。這正是您期望我們所做的。鮑勃，這種優勢和我們的供應鏈設置，使我們實際上沒有任何，你知道的，具有任何重要條款的真正堅定的義務。因此，他們為我們的供應鏈提供了靈活性，這樣我們就可以轉向艱難的市場。

Conditions are signals that we need to. It won't be on a week-by-week basis. But if we see a certain point, it longer term trend and the market will pivot our activity levels and protect our free cash flow and a focus on driving shareholder returns over over any kind of growth there. Production output. Very clear.

條件是我們需要這樣做的訊號。它不會是每週的。但如果我們看到某個點，它是長期趨勢，市場將調整我們的活動水平，保護我們的自由現金流，並專注於推動股東回報，而不是任何形式的成長。生產產量。非常清楚。

Thanks. Thanks, Bob. Thank you. Our next question comes from the line of Neil Mehta of Goldman Sachs. Your line is now open.

謝謝。謝謝，鮑伯。謝謝。我們的下一個問題來自高盛的尼爾·梅塔。您的線路現已開通。

Yes. Good morning, team. I'd just love your perspective on the macro. I think, Travis, in your letter and these comments, you've kind of shared a more cautious view for 2020 side that the demand driven the supply-driven here. And then you've taken a different tact and some of the majors and other independents and taking a little bit more from a growth orientation into 2025 in the Permian. Why do you think your strategy is the right strategy?

是的。早上好，團隊。我只是喜歡你對宏觀的看法。我認為，Travis，在你的信和這些評論中，你對 2020 年持更加謹慎的觀點，即需求驅動供應驅動。然後，你們採取了不同的策略，一些專業人士和其他獨立人士，在二疊紀 2025 年採取了更多的成長方向。為什麼您認為您的策略是正確的策略？

Well, you know, as case outlined, our strategy really is for flexibility. And when you look at the macro right now, it's kind of hard to look at a world that has 4 to 6 million barrels a day of surplus capacity on the sidelines and trying to think we can grow effective effectively into that. We learned as an industry endodontic back from the hard way that you really need to focus on shareholder returns and free cash flow generation in this end history. And though there may be a call for growth at some point in the future events and I expect our shareholders with would look to us to respond to that call. But there's certainly nothing that we hear or see today. And as Andy alluded to, we've got the flexibility to go any direction we need to go. But with this macro, the macro view, we're going to we're going to just say conservative inlet volume will be the outcome of cash flow generation quite enough. Finally, we're focused on per-share cash flow and free cash flow, right? So So if the macros tenuous in 2025 wells per-share metrics are going to grow through lower share count. And we've always been about per-share metrics, both cash flow and free cash flow. We have a slide deck that shows that growth over time. So that's not going to stop. I just think being cognizant of your impact to the global market is is important. And it's a lesson that dialed that learned through 2020. And we help the industry also learned that lesson.

嗯，你知道，正如案例所述，我們的策略實際上是為了靈活性。當你現在審視宏觀經濟時，你很難看到一個每天有 400 至 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。身為業界牙髓病專家，我們從慘痛的教訓中認識到，在這段歷史的最後階段，你確實需要關注股東回報和自由現金流的產生。儘管在未來的某個時刻可能會出現成長的呼聲，但我預計我們的股東會期待我們回應這一呼聲。但我們今天肯定沒有聽到或看到任何東西。正如安迪所提到的，我們可以靈活地選擇我們需要的任何方向。但從這個宏觀角度來看，我們只能說保守的入口量將是現金流產生的結果。最後，我們關注每股現金流和自由現金流，對吧？因此，如果到 2025 年宏觀經濟脆弱，那麼每股指標將透過減少份額數量而成長。我們一直關注每股指標，包括現金流和自由現金流。我們有一個幻燈片展示了隨著時間的推移的增長。所以這不會停止。我只是認為認識到您對全球市場的影響很重要。這是我們在 2020 年學到的教訓。

Thanks, Kaes, and thanks. Trying to say that the follow-up is just around share buybacks at different points in the cycle. You've elected towards the variable or given oriented strategy versus the buyback. But it was notable that you're you're really leaning back into the share repurchase programs. Or can you can talk about that evolution? Maybe it's the reflection of your thoughts on valuation that may be being countercyclical if you do think we're in a softer period in 2020, but just your thoughts on the best way to allocate capital and why you're leaning towards buyback?

謝謝，凱斯，謝謝。試圖說後續行動只是圍繞週期中不同點的股票回購。您選擇了可變或給定導向的策略而不是回購。但值得注意的是，您確實正在回歸股票回購計畫。或者您能談談這種演變嗎？如果您確實認為2020 年我們正處於較疲軟的時期，那麼這可能反映了您對估值的看法，這可能是反週期的，但這只是您對分配資本的最佳方式以及為什麼您傾向於回購的看法？

Yes. I mean, I think I would echo those comments about capital allocations are most important job and not a flexible capital allocation philosophy. Since we started this lower growth, high free cash flow generation business, we've always been able to flex between buyback and a variable dividend. I would say, you know, post endeavor, we certainly have a business that's worth more combined on the Diamondback standalone per share. And so that's increased kind of our warrants for buying back shares at these levels. I mean, I think should things get improved from here. We buyback last should things get significantly worse from here. We lean in and use more of our free cash flow to buy back shares. That's you'd expect us to do think the only thing that's really I'm 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 than I think new of the countercyclicality of share repurchases of has proven to be the right strategy in a commodity base business. Our industry over the past 10 years probably has many instances where oil price was high. Free cash flow was in share repurchases were high and an oil price cycles down in the end of either issuing shares at the bottom or for other on anticipate like we've got on our flexibility of our return program. We're trying to learn from the past and I'll repeat any any mistakes. And that's certainly a foundational to our share repurchase program. Makes a lot of sense.

是的。我的意思是，我想我會同意那些關於資本配置是最重要的工作而不是靈活的資本配置理念的評論。自從我們開始這項低成長、高自由現金流生成業務以來，我們一直能夠在回購和可變股息之間進行靈活調整。我想說，你知道，經過努力，我們當然擁有一項比響尾蛇獨立每股價值更高的業務。因此，我們在這些水準上回購股票的認股權證有所增加。我的意思是，我認為事情應該從這裡得到改善。如果情況從現在開始變得更加糟糕，我們會最後回購。我們投入更多的自由現金流來回購股票。你會期望我們確實認為唯一真正能維持基本股息和基本股息成長穩定的事情。但你應該期望我們在回購和可變之間保持靈活性，儘管我們的規模比我認為的新股票回購的反週期已被證明是商品基礎業務的正確策略。我們這個行業過去10年大概有許多油價高的例子。股票回購中的自由現金流量很高，而油價在底部發行股票或其他預期的情況下循環下跌，就像我們的回報計劃的靈活性一樣。我們正在努力從過去吸取教訓，我會重複任何錯誤。這無疑是我們股票回購計畫的基礎。很有道理。

Thanks. Thanks, Neil. Thank you.

謝謝。謝謝，尼爾。謝謝。

Our next question comes from the line of Betty Jiang Barcodes design is now open.

我們的下一個問題來自 Betty Jiang 條碼設計現已開放。

Good morning. So I was wondering if you guys can talk a bit more about the opportunities with the surface acreage and water on that, that being a provider of water in the Permian. I mean, these are recurring our revenue stream. That's clearly getting a fairly high multiple in the market. So what does it take for you to capture the type of new revenue streams? And how meaningful could that be?

早安.所以我想知道你們是否可以多談談地表面積和水的機會，即二疊紀的水提供者。我的意思是，這些都是我們的經常性收入來源。這顯然在市場上獲得了相當高的倍數。那麼，您需要怎麼才能獲得新的收入來源類型呢？這有多大意義？

Yes, I think there's a lot of land out here in West Texas lost surface. We have about 65,000 acres in our portfolio and also control a lot of molecules. So I think from the mandate, as Travis mentioned earlier from our investors is to stop selling your gas for zero and painful both for power. And so we're going to find ways to benefit Dynamex shareholders by finding a new local market for our gas, but also on insulating part of our business from, we believe, to be an increasing power price in Texas over the next 10 years. So we can cut off that cycle and benefit on by shareholders. We're going to do it. I think the message we kind of put out there is the West Texas has a lot of land. A lot of surface has a lot of gas that's that's being sold for less than it should if you got a lot of water production with the with that, the oil production that we have in the basin, and I think that results in a very cheap way to come developed power and the data center operators have not been focused on the Permian yet. Certainly some conversations that are happening and we're kind of put the flag out there that this is a very cheap way to execute their business model while benefiting direct shareholder. So more to come on that we're getting started, but we put a little teaser in the presentation this quarter. Yes, and I appreciate that I made. My follow-up is just how you're thinking about funding the capital investment, whether it be a JV partner with an infrastructure provider infrastructure sponsor or. Yes, it could be some gas power plants are pretty capital intensive intensive to belt. Yes. And I think I think you'd expect us to do what we've done. Similar things to what we've done in the past around 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. And we think this can be a similar, a similar ramp. I think it's still early, but I think you'd expect us to lean on the experts as our partners. I think we provide a lot of expertise in how to navigate the basin and navigate the rock, and we'll let our partners on the power side and others there portion of the business makes sense.

是的，我認為德克薩斯州西部有很多土地失去了地表。我們的投資組合擁有約 65,000 英畝的土地，也控制著許多分子。因此，我認為從授權來看，正如特拉維斯之前從我們的投資者那裡提到的那樣，停止以零價格出售天然氣，並停止以痛苦的價格出售電力。因此，我們將找到讓 Dynamex 股東受益的方法，為我們的天然氣尋找新的當地市場，同時我們相信，我們的部分業務將免受德克薩斯州未來 10 年電價上漲的影響。這樣我們就可以切斷這個循環並讓股東受益。我們會這麼做的。我認為我們傳達的訊息是西德克薩斯州有很多土地。很多地表都有大量的天然氣，如果你能生產大量的水，那麼我們盆地裡的石油產量就會以低於應有的價格出售，我認為這會導致非常便宜的價格。發達，而資料中心營運商尚未將重點放在二疊紀盆地。當然，一些對話正在發生，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，同時使直接股東受益。我們即將開始，但我們在本季度的演示中放了一些預告片。是的，我很感激我所做的。我的後續內容是您如何考慮為資本投資提供資金，無論是與基礎設施提供者基礎設施贊助商還是合資夥伴。是的，一些天然氣發電廠可能是資本密集的。是的。我想你會期望我們做我們已經在做的事情。與我們過去圍繞第一波權益法投資所做的事情類似，為我們的股東創造了大量價值，這是基於中游和管道不在盆地之外。我們認為這可能是一個類似的斜坡。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。我認為我們在如何駕馭盆地和岩石方面提供了大量專業知識，我們將讓電力方面的合作夥伴和其他方面的業務部分變得有意義。

Thank you for that.

謝謝你。

Thanks very much.

非常感謝。

Our next question comes from the line of Kevin McCarthy of Pickering Energy Partners. Your line is now open.

我們的下一個問題來自皮克林能源合作夥伴公司的凱文麥卡錫。您的線路現已開通。

Hey, good morning. First, congratulations on closing the deal, and I know you've been working on that for a long time. Thank you. In your shareholder letter, you highlight the two big operational changes of using clear fluids and drilling and using simul-fracs for completions of all wells. I'm wondering if you could expand on that a little bit on where those same practices that you're bringing to Endeavour acreage? And do you have a rough estimate of what percentage of your wells use those techniques in 2024?

嘿，早安。首先，恭喜您完成交易，我知道您已經為此努力了很長時間。謝謝。在您的股東信中，您強調了使用透明流體和鑽井以及使用同步壓裂完成所有油井的兩大營運變化。我想知道您是否可以稍微擴展一下您將在 Endeavour 區域採用的相同做法？您是否粗略估計了 2024 年使用這些技術的油井百分比？

Yes. Well, of the value of Exxon, all of the wells we drilled and completed in 2020 for reducing clear fluid. And as of the fourth quarter of today, all the rigs that are running are using clear, so drilling system. And yes, that's a that's a definite bring over from them of X. But simul-frac, all of wells were completed on a stand-alone basis. Besides the occasional spot crew in 2024, we envision simul-frac And as of today on a pro forma company will use it all some frac operations of four rigs were four crews and three of those are of electric.

是的。嗯，就埃克森美孚的價值而言，我們在 2020 年鑽探和完成的所有井都用於減少透明液體。截至今天第四季度，所有正在運作的鑽機都在使用清晰的鑽井系統。是的，這絕對是 X 帶來的。除了2024 年偶爾的現場工作人員之外，我們還設想了模擬壓裂，從今天開始，一家備考公司將使用它，四台鑽機的所有壓裂操作均由四名工作人員組成，其中三名是電動工作人員。

Great. Thanks for the detail that that's all for me. Sure.

偉大的。感謝您提供的詳細信息，這對我來說就是全部。當然。

Thank you.

謝謝。

Our next question comes from the line of John Freeman, Raymond James. Your line is now open.

我們的下一個問題來自約翰·弗里曼、雷蒙·詹姆斯。您的線路現已開通。

Good morning, guys. That each of the first question I had just wondering sort of think about like long time about trying to improve the realized gas price of in the Permian? I believe pounds from now we have done acquisitions. A lot of those came with marketing contracting. I'll kind of had a weak plans to roll off the plane and control, I believe, in data. I didn't really have any kind of binding Marketing and Contracts since you sort of think about just the big benefit you're getting our game, which has been dramatically bigger scale. I mean, the ability to kind of get space on future payments, et cetera. Maybe just tell you can talk to our abilities to kind of leverage that scale and to improve price?

早安，夥計們。我想知道的第一個問題中的每一個問題都想了很長時間來嘗試提高二疊紀的實際天然氣價格？我相信英鎊從現在開始我們已經完成了收購。其中很多都是透過行銷合約來實現的。我相信，我會有一個薄弱的計劃來下飛機並控制數據。我實際上沒有任何類型的具有約束力的營銷和合同，因為你會想到我們的遊戲所帶來的巨大好處，它的規模已經大大擴大。我的意思是，能夠為未來的付款等獲得空間。也許只是告訴您可以談談我們利用這種規模並提高價格的能力？

Yes, good question, John. You know, we do have a certainly some flexibility, particularly on the residue gas natural gas side as well as the crude side. 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. So you know, that's that fits with our prior strategy of driving value through their midstream but protecting ourselves commercially. On the gas side, we're we've got a good amount of space on a combination of Whistler and Matterhorn. We have about 250 million a day of space on on those pipes. You know, those are decisions made a couple of years ago. We expect to have a good amount of space, about 10% of pipe on blackout, which is the next the next five from the one of our crude that's coming out in any in a couple of years. And I leave some gas for other opportunities in our friends at Energy Transfer who bought the WTG. And we're talking to them about found some things about our gas out of the basin. And that any kind of leaves a little bit again for us to make some of these capital allocation decisions in the base and related to power also related to our very nice clean fuels investment. So you know, we are in our investors loud and clear, it's time to stop selling gas to zero and diversify our risk. And that's we're going to do, particularly as more and more gaskets produced in this basin. That's great. And then just my final question in the prepared comments, and I'll talk about point out some of the opportunity to implement these kind of share best practices. And if you will, that have the two companies and you're constantly studying kind of variance completion designs on and how does that kind of working in practice, Tianjin sort of start to against quite frankly, testes and feel kind of what's the process for maybe implementing some of these changes and see if there is something that's sort of lanes now can implement across the board? For the first thing we do did was we had a post it on a post close onboarded, a 1,000 employees. And so we're physically located a lot of the GGRA. teams together in. And we've since since the physical integration, we started the team integration as well to our teams are getting together actually having conversations about, okay, here's here's what reward and here's what you were doing and outlets, trying to figure out how we can put those things together in the best way to go forward. And I'm real proud of the organization. And as I mentioned earlier, that kind of just directory goes out the door. And we're really trying to learn trying to learn the best from both sides. Honestly, some of the basin requirements for a public company that many of these scorecards 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 Grace and charges seek to understand as we put the synergies together. And then the synergies are going to be delivered as we put these teams together. And I think the scorecard than you've seen, we'll figure out a way to communicate some of these some of these wins over time. But the big ones that we promised in February of this year, we've already delivered. And again, that's that's also a credit to the organization.

是的，好問題，約翰。你知道，我們確實有一定的彈性，特別是在渣油天然氣方面和原油方面。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。所以你知道，這符合我們之前的策略，即透過中游推動價值，但在商業上保護我們自己。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空間。這些管道每天有大約 2.5 億個空間。你知道，這些都是幾年前做出的決定。我們預計將有足夠的空間，大約 10% 的管道停電，這是我們幾年內生產的原油的下一個五年。我還為購買了 WTG 的 Energy Transfer 朋友留下了一些汽油，以供其他機會使用。我們正在與他們談論從盆地中發現的一些關於我們的天然氣的資訊。任何一種方式都為我們留下了一點點，讓我們在基礎上做出一些與電力相關的資本分配決策，也與我們非常好的清潔燃料投資有關。所以你知道，我們對投資者的態度是響亮而明確的，是時候停止向零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墊圈。那太棒了。然後是我在準備好的評論中的最後一個問題，我將討論指出實施此類共享最佳實踐的一些機會。如果你願意的話，那有兩家公司，你一直在研究某種差異完成設計，以及這種在實踐中如何工作，坦率地說，天津開始反對，測試並感覺流程是什麼也許實施其中一些改變，看看現在是否有一些車道可以全面實施？我們做的第一件事就是在一個 1,000 名員工的已入職貼文上發布了該資訊。因此，我們在許多 GGRA 中都有物理位置。團隊在一起。以最好的方式將這些事情整合在一起以繼續前進。我為這個組織感到非常自豪。正如我之前提到的，這種純粹的目錄已經被淘汰了。我們真的在努力學習，努力從雙方身上學到最好的。老實說，上市公司的一些記分卡要求與私人公司的工作略有不同。但考慮到所有因素，我對組織響應給予和接受恩典的方式感到非常自豪，並且在我們將協同作用放在一起時，費用尋求理解。當我們將這些團隊組合在一起時，就會產生協同效應。我認為，與您所看到的記分卡相比，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。但我們在今年二月承諾的重大目標已經兌現了。再說一遍，這也是組織的功勞。

Thanks. I appreciate it. Thank you.

謝謝。我很感激。謝謝。

Our next question comes from the line of Roger Read of Wells Fargo Securities. Line is now open.

我們的下一個問題來自富國銀行證券公司的羅傑·里德。線路現已開通。

Hey, thanks. Good morning. A lot of it's been here, but I thought I'd come back on the productivity and efficiency side of things on maybe just a quick look back for a look for. 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 side, how much of it do you think is call it mechanical changes, meaning going to mean electric fracs or the higher spec drilling rigs relative to experience and learning curves, the decrease themselves? And the reason I'm asking is I'm trying to think about if it's mostly mechanical, that kind of runs its course. But if it's a combination of factors that would indicate we do have further to go in terms of more cost reductions.

嘿，謝謝。早安.其中很多內容已經在這裡，但我想我會回到生產力和效率方面，也許只是快速回顧一下。但當你想到這些改進時，無論是在鑽井速度、鑽井能力、更低的鑽井成本方面，還是在壓裂方面採用類似的方法，你認為其中有多少可以稱之為機械變化，這意味著意味著電動壓裂或更高規格的鑽孔機相對於經驗和學習曲線，本身會減少嗎？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。但如果綜合考慮這些因素，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. It's not pay. We think this works. Let's talk about it next fall works, let's do it now and that's happened on both sides. Genomic on the non-bank side, clearly on the simul-frac plus drilling fluids meant on the Endeavor side, you know, some of their post completion work well was really intriguing to us and we've put that into a new effect right away.

我認為這是一種組合，但這也是一種心態，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。這不是工資。我們認為這有效。讓我們談談明年秋季的工作，讓我們現在就開始吧，雙方都發生了這種情況。非銀行方面的基因組，顯然是奮進方面的同步壓裂加鑽井液，你知道，他們的一些完井後工作對我們來說確實很有趣，我們立即將其轉化為新的效果。

So I would say also that consistency of the business model going on not having to change the plan for every $10 move in oil prices allowed for large scale, consistent development with a lot of crews having having worked for us for three or four years now and the Halliburton side and on the rig side, we have some given and I think design work that's going on between the two teams is what is probably most exciting to me personally, eight weeks in on what what can be done to improve hours vaults going forward.

因此，我還要說的是，業務模式的一致性持續下去，不必為油價每波動 10 美元而改變計劃，從而可以實現大規模、持續的發展，許多工作人員已經為我們工作了三四年，哈里伯頓方面和鑽機方面，我們有一些給定的，我認為兩個團隊之間正在進行的設計工作對我個人來說可能是最令人興奮的，八週後可以採取哪些措施來改善未來的跳馬時間。

No, it makes sense. 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 want to get an oversupply. And 25. When you think about productivity and efficiency, it's clear, you know, 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. So as you think about making tweaks along the edge, shows protein efficiency track and could be counterproductive to actually saving money in the very near term.

不，這是有道理的。這可能有點回到鮑伯之前關於你會做什麼的問題。如果油價下跌，我們希望出現供應過剩。 25. 當您考慮生產力和效率時，很明顯，您知道，我們已經從您和其他公司那裡聽到了，對吧，一個一致的計劃，使您能夠鑽探和完井，並最大限度地減少非生產時間等等。因此，當您考慮進行邊緣調整時，會顯示蛋白質效率軌跡，並且可能會在短期內對實際節省資金產生反效果。

What's the right way for us to think about how you weigh those decisions if they do have market does forced upon you next year for Rod Day? I think it goes back to what John said. It all of us have lowered, right? And I think we have decided scale and balance sheet to be able to withstand a size or should it happen. And I think the only thing that we would probably change is the low point of the cycle you're going to be putting pipe in the ground cheaper than any point across the entire cycle.

如果明年的羅德日確實有市場迫使你做出這些決定，那麼我們思考你如何權衡這些決定的正確方法是什麼？我認為這可以追溯到約翰所說的。我們所有人都降低了，對吧？我認為我們已經決定了規模和資產負債表，以便能夠承受某種規模或應該發生的情況。我認為我們可能會改變的唯一一件事是周期的最低點，您將比整個週期中的任何點都更便宜地將管道埋入地下。

So I think we'd probably prefer to build more data than maybe in the past and at the balance sheet capacity to do so. But I think that would be the big, the big change, you know, the efficiencies on the frac side, we've proven we can stand up. We see up to simul-frac. There's just this quarter and they're running at KPI.s that are similar to the rest of our crews within the past. So I don't 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, Rodger, that's a physical natural element that you'll see throughout the I'm invited into the. And that's what I'm speaking to specifically as we don't ever received ground once we've taken and the best not a function of the service companies, that's not their responsibility for our business partners on that side. It's our it's our responsibilities as supervising leading those functions to bring back to the table ground that we had taken. So that isn't lost. And that's a very, very important cultural element to maintaining our best-in-class execution and low-cost operations. Note that makes sense. Roger, it does appreciate the clarity.

因此，我認為我們可能更願意建立比過去更多的數據，並利用資產負債表的能力來做到這一點。但我認為這將是一個巨大的變化，你知道，壓裂方面的效率，我們已經證明我們可以站起來。我們期待同時壓裂。就在這個季度，他們的 KPI 運作情況與我們過去其他團隊的情況類似。所以我不認為我真的不相信效率下降的論點，當我們總部設在米德蘭時，我們和任何人一樣了解這個盆地。我們之前已經這樣做過，羅傑，這是一種物理自然元素，你會在整個《我被邀請參加》中看到這一點。這就是我要特別說的，因為一旦我們採取了行動，我們就再也沒有獲得過支持，而且最好的不是服務公司的職能，這不是他們對我們業務夥伴的責任。我們有責任監督這些職能，讓它們回到我們已經採取的立場。所以這並沒有丟失。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。請注意，這是有道理的。羅傑，它確實很欣賞這種清晰度。

Thanks, guys.

謝謝，夥計們。

Thank you.

謝謝。

Our next question comes from the line of Paul Cheng of Scotiabank. Your line is now open.

我們的下一個問題來自豐業銀行的Paul Cheng。您的線路現已開通。

Thank you and good morning, guys. Finally, Paul or Tom and good morning, Jonathan and the team time when we put the two companies together and initial to you coming up with a synergy target, but that's basically saying that, okay, you know, and deepen the D and C quality is high it and use so you can bring it down but not cost and deep. Also, pulp, are you doing something better than you guys? Have you seen that you not going to have to pick ego? So over the past three months, can you identify a couple of the biggest maybe that what you found that they had done substantially better than you? And can you quantify that? What is the potential to saving from dose?

謝謝你們，早安，夥計們。最後，保羅或湯姆，早上好，喬納森和團隊時間，我們將兩家公司放在一起，並首先向您提出協同目標，但這基本上是說，好吧，你知道，並深化 D 和 C 質量它的使用率很高，所以你可以降低它，但不會降低成本和深度。還有，紙漿，你做得比你們更好嗎？你有沒有發現你不必選擇自我？那麼，在過去的三個月裡，你能找出幾個最大的可能是你發現他們做得比你好得多的人嗎？你能量化一下嗎？節省劑量的潛力有多大？

Okay. Sorry about the specific savings, but we're eight weeks into this and though we had our operations review a couple of weeks ago, and we're obviously seeing some of the benefits of the endeavor of a experience on the drill outs, particularly where they've got a better drill-out. It costs a little bit more money. But at that it's done quarter. And then the other one is on completion design flow.

好的。對於具體的節省，我們深表歉意，但我們已經進行了八週，儘管我們在幾週前進行了營運審查，但我們顯然看到了在演練中努力體驗的一些好處，特別是在他們有更好的鑽探方法。它花費的錢多一點。但到那時已經完成了四分之一。然後另一個是完成設計流程。

You have to mine to combine look at completion designs, right? So we've looked across metaphor. I wanted to get our was doing over 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?

你必須挖掘才能結合完成設計的外觀，對嗎？所以我們已經研究了隱喻。我想了解過去五年我們在做什麼，然後反之亦然並思考。現在我們可以回答幾年前無法回答的問題了，對嗎？

So if they're drilling better paying off in 2022 of them are drilling better. Jo Mill, Middle Spraberry wells with us. And we had a big study of, hey, let's endeavor doing. And I'm sure the innovative, similar things looking at us. So I guess it goes back to that comment that Travis, putting this letter, you can't you can 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. So better to buy well results with the lowest cost structure is going to be a pretty pretty impressive combination over here over the coming years. I think the other thing that we looked at, we have a huge production based almost 600,000 gross barrels of oil a day. 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. So more to come on that as probably slower to develop and D and C, which is front and center. But there's a lot of things coming our way. And Paul, if you step back from it, it's hard to make in any company any single company that has more base and expertise than the pro forma company down back and endeavor. And that's what we're seeing is we're seeing the space and experts come together collaboratively and come up with a better, a better solution to the problems. And those solutions are always underpinned by execution and cost. And so it's just alluded to maybe hard to articulate today, but they're going to see it over time as we continue to pick up the quarter sometimes and Nichols as we put these two companies together in this space and experts are trying to solve the same problem.

因此，如果他們鑽探得更好，那麼到 2022 年他們中的鑽探就會更好。喬·米爾（Jo Mill），中斯普拉貝裡（Middle Spraberry）和我們一起。我們進行了一項大型研究，嘿，讓我們努力去做。我確信我們也會看到類似的創新事物。所以我想這又回到了 Travis 的評論，在寫這封信時，你不能在 Excel 電子表格中模擬這些好處，但我可以向你保證，正在處理的數據量將會帶來長期好處。公司共享。這就是獲得更好的綜合油井結果的聖杯。因此，在未來幾年中，以最低的成本結構更好地購買良好的結果將是一個非常令人印象深刻的組合。我認為我們關注的另一件事是，我們每天生產近 60 萬桶石油，產量巨大。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。因此，更多的內容可能是開發速度較慢，而 D 和 C 是最前沿和中心的。但有很多事情正在向我們襲來。保羅，如果你退後一步，你會發現，在任何一家公司中，都很難找到比備考公司擁有更多基礎和專業知識的公司。這就是我們所看到的，我們看到空間和專家齊心協力，為問題提出更好、更好的解決方案。這些解決方案始終以執行和成本為基礎。因此，今天可能很難說清楚，但隨著時間的推移，他們會看到這一點，因為我們有時會繼續提振這個季度，尼科爾斯，因為我們將這兩家公司放在這個領域，專家們正在努力解決這個問題同樣的問題。

Thank you, guys. Second question, you stand on the PO. in the third quarter, you did 78% and of course, you've been seeing that now 50% on the free cash flow looking out over the next couple of quarters yet the share price, the win, it typically close to where we are, how you balance between your desire to quickly get down to 10 billion net debt and the payout ratio?

謝謝你們，夥計們。第二個問題，你站在PO上。在第三季度，你做到了 78%，當然，你已經看到現在自由現金流的 50%，展望未來幾個季度，但股價、勝利，通常接近我們的水平，您如何平衡淨負債快速降至100億的願望與派息率之間的關係？

Yes, Paul, good question. You know, I think I'll take the second part first. I think I've heard this in this kind of stock price environment, you're probably you're sticking to 50% of free cash getting returns. And then when you go back to the third quarter, we had a couple of things that impacted your free free cash flow for the quarter. one, we only on endeavor account for 20 days out of the quarter. So even though the effective date of the deal was January first on the public numbers, only account for 20 days over 21 days of Endeavour. So really the combined free cash flow of the business was a lot higher than that. But secondly, Steve and his family decided to sell down some of their shares post closing, we've been pretty vocal with our shareholders that those are opportunities for us to commit to a large buyback at one time. And that's what we did with 2 million shares repurchased at one time. So I think that's more the exception of the norm here in this price environment.

是的，保羅，好問題。你知道，我想我會先看第二部分。我想我在這種股價環境下聽過這樣的說法，你可能會堅持 50% 的自由現金來獲得回報。然後，當您回到第三季時，我們發現有幾件事影響了該季度的自由現金流。第一，我們只在本季內的 20 天進行努力帳戶。因此，儘管公眾號上該交易的生效日期是1月1日，但僅佔Endeavour 21天的20天。所以實際上，該業務的綜合自由現金流比這要高得多。但其次，史蒂夫和他的家人決定在交易結束後出售部分股票，我們一直向股東直言不諱地說，這些是我們一次承諾大規模回購的機會。我們就是這樣做的，一次性回購了 200 萬股股票。因此，我認為在當前的價格環境下，這更像是一個例外。

But Tom, that's we had a strong balance sheet to be flexible to do things like that to be things like the TERP trade home and still be on our way to 10 billion in net debt. Very, very quickly. Thank you. Can I sneak a quick follow-up? Sure. On any idea what's the time and the intention of voting share they so 14.4 a tonne, what that you think the data indicate that was being intention?

但是湯姆，我們擁有強大的資產負債表，可以靈活地進行諸如 TERP 貿易之家之類的事情，並且我們的淨債務仍將達到 100 億美元。非常非常快。謝謝。我可以快速跟進嗎？當然。無論如何，投票的時間和意圖是每噸 14.4，您認為數據顯示什麼是意圖？

Yes, I don't have an answer to that ball, but I do know that we have a lot of flexibility and a lot of capacity to participate and support our share of our public shareholders on a consistent basis. I think the only thing that we've said publicly about Siemens family stockholders is that over time they like to get down to where their voting rights equal their ownership, which is 25% of the of the business from about 35% today.

是的，我沒有答案，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份額。我認為我們公開談論過的關於西門子家族股東的唯一一件事是，隨著時間的推移，他們希望投票權與所有權相等，從目前的 35% 左右增加到 25%。

Thank you for your next question comes from the line of Charles Meade of Johnson Rice & line is now open.

感謝您的下一個問題來自約翰遜·賴斯 (Johnson Rice) 的查爾斯·米德 (Charles Meade) 專線，線路現已開通。

Good morning, Travis casing and Danny, I could just have one question. I don't think it's been covered. You like your in your Q&A here, but it's really honed OpEx. And I noticed that you move down the midpoints of your of your you'd unit guidance.

早安，崔維斯凱斯和丹尼，我只想問一個問題。我認為它沒有被覆蓋。您喜歡這裡的問答，但這確實是經過磨練的營運支出。我注意到你向下移動了你的單位指導的中點。

I think we've seen since the middle we in $0.2 on GPT. And I'm wondering if you could give some maybe can apportion that up. How much of that is a is maybe diamond the Demag legacy assets doing better. How much of it is actually the contribution from the Endeavor asset base and you kind of in that case, it would suggest that the Endeavor assets are lower cost than legacy Diamondback. You are also maybe it's just early early realization of OpEx synergies and you kind of give us a sense for that.

我想我們從中期開始就已經看到 GPT 價格為 0.2 美元。我想知道你是否可以給予一些也許可以分攤。其中有多少可能是德馬格遺留資產做得更好的鑽石。其中有多少實際上是來自 Endeavor 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 更低。您也可能只是很早就意識到了營運支出綜效，您讓我們對此有所了解。

And then going back to a point you made in your shareholder letter, you guys are still really I guess you're optimizing really analyzing and optimizing for 25 in if the if that if your cost basis has already gotten better for 4Q, what does that suggest for 25 in your remarks?

然後回到你在股東信中提出的一點，你們仍然真的我猜你們正在優化真正分析和優化 25 如果如果如果你們的成本基礎已經在第四季度變得更好，那是什麼？評論中建議25？

Yes, I'll take the OpEx question first. And I think of so things have moved down as a result. We combination, I think we're going to be pretty conservative on on guiding to OpEx only having 20 days of a combined business. So we are going to do a lot of work. We're finding that over the next three months, and I'm confident that we'll find some things that combined will come down. On the OE side, I mean, obviously, it's a big difference between Diamondback's cost structure and endeavors on LOEs that Diamondback sold our water business. We're paying a a third party fee for water disposal and handling versus endeavor consolidating that internally. So that's, you know, that's a 50 $0.6 delta for BOE. fell by our estimations. That's going to help us combined. I mean, on the G&A side, we have a lot more VOE.s and and not a lot more G&A. So I'd expect that to come down a little bit. But all these things, I think we'll go ahead to refine here with the Q4 reporting that we see three months of the combined business. And then 25, Charles, I think we've got hammered that point. The well costs today there are at the low end of our prior range, in some cases where even below that. So on what we need to do is focus on a plan that maximizes free cash flow of produces a lot of a lot of oil and has a very, very low breakeven. So that work's ongoing. I think things like the TRP trade, getting worse into the plan are going to be free cash flow accretive to our stockholders.

是的，我將首先回答營運支出問題。我認為事情因此而下降了。我們合併後，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。所以我們要做很多工作。我們在接下來的三個月裡發現了這一點，我相信我們會發現一些事情結合起來會下降。在OE方面，我的意思是，顯然，Diamondback的成本結構與Diamondback出售我們的水業務後在LOE上的努力之間存在很大差異。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。所以，你知道，對於京東方來說，這是 50 美元 0.6 美元的增量。低於我們的估計。這將有助於我們合併。我的意思是，在 G&A 方面，我們有更多的 VOE，但 G&A 卻不多。所以我預計這個數字會下降一點。但所有這些事情，我認為我們將繼續在第四季度的報告中進行完善，我們看到了三個月的合併業務。然後是 25，查爾斯，我想我們已經敲定了這一點。今天的油井成本處於我們先前範圍的低端，在某些情況下甚至低於該範圍。因此，我們需要做的是專注於一項計劃，該計劃可以最大化生產大量石油的自由現金流，並且收支平衡非常非常低。所以這項工作正在進行中。我認為像 TRP 交易這樣的事情，在計劃中變得更糟，將會為我們的股東帶來自由現金流的增加。

Thanks for that detail, guys.

謝謝你的詳細信息，夥計們。

Thanks, Charles. Thank you.

謝謝，查爾斯。謝謝。

Our next question comes from the line of Leo Mariani of La <unk>. Your line is now open.

我們的下一個問題來自 La 的 Leo Mariani。您的線路現已開通。

I am just wanted to ask a little bit more on 2025. I know it's not official guidance and still the outlook, but just kind of looking at where you are, you know, for Q4 on production at week 48, 50, you basically saying we're reaffirming 800 to 825. You know, for next year it feels like maybe it's a little conservative. I think maybe gas has been outperforming you a bit here. And then also just on 25, I think kind of pro forma plans always been to be sort of flattish on oil for the macro. That kind of makes sense. But certainly sounds like you guys be willing to kind of let them declined nominally one year end. So just wanted to kind of verify that is, you know that EBITDA is a bad macro? Do you see kind of a small decline in a pullback? Or would you be willing to have a more meaningful decline in oil prices are disaster and extreme?

我只是想多問一些關於2025 年的問題。說我們重申 800 到 825。我想也許天然氣在這裡的表現比你好一些。然後就在 25 日，我認為某種形式的計劃總是對宏觀石油持平。這是有道理的。但聽起來你們似乎願意讓他們名義上在年底拒絕。所以只是想驗證一下，你知道 EBITDA 是個糟糕的巨集嗎？您是否認為回呼會出現小幅下滑？或者你願意讓石油價格出現更有意義的下跌，這是災難性的、極端的嗎？

Yes, it was only our base case is we still had 480,000 barrels of oil a day. We got a Q4 to for 74,000- 75,000 barrels of oil a day. So base case stood at two for 80 next year for low fours of CapEx, I think become the macro is going to dictate the decision closer to January and on what ends up happening. But I mean, on your comment about the BOE.s, yes, you're where you're probably right. We're very conservative on the the BOE. number. I think you can certainly assume closer to a 850 BOEs versus 825 at the end of the day, the oil drives the decision here. So we're very, very focused on oil guidance on. But, you know, theories probably will end up being closer to 50 versus versus that 825. Okay. And then just on that the tax side, wanted to see if there's any incremental cash tax benefit at all from Endeavor main 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 kind of incremental there benefit at all there? Is it going to be roughly, you know, kind of the same rate going forward? Yes, I don't we're going to be material. Tom will still be in that kind of high 10s. Can, you know, mid to high 10s cash tax rate.

是的，這只是我們的基本情況，我們每天仍有 48 萬桶石油。我們的第四季產量為每天 74,000-75,000 桶石油。因此，明年資本支出較低的情況下，基本情境為 80 的 2，我認為宏觀因素將決定接近 1 月的決定以及最終發生的情況。但我的意思是，關於你對英國央行的評論，是的，你可能是對的。我們對英國央行非常保守。數字。我認為你當然可以假設最終的 BOE 值接近 850 而不是 825，這是石油驅動的決定。因此，我們非常非常關注石油指導。但是，你知道，理論結果可能會更接近 50，而不是 825。然後就稅收方面而言，我想看看 Endeavour 是否有任何增量現金稅收優惠，我認為主要是你的現金稅收低於你們在第三季度指導的水平。我知道這只是 21 天左右的努力，但您是否期望獲得任何增量收益？你知道，未來的成長率會大致相同嗎？是的，我不認為我們會變成物質。湯姆仍將保持在 10 多歲的水平。可以，你知道，中高十的現金稅率。

Okay, thank you. Thanks, Leo. Thank you.

好的，謝謝。謝謝，利奧。謝謝。

Our next question comes from the line of Scott Gruber of Citigroup. Your line is now open.

我們的下一個問題來自花旗集團的 Scott Gruber。您的線路現已開通。

Yes, good morning. When we 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 that, but just given your low break-even and with what price do you think about shifting at a maintenance mode, you know, when do you start turning the dial?

是的，早安。當我們回到靈活的 25 計劃時。關於如何進行的很多問題，但我沒有聽說什麼時候，除非我錯過了，但只是考慮到你的盈虧平衡點很低，以及你認為在維護模式下換檔的價格是多少，你知道，你什麼時候開始轉向錶盤？

Well, I mean, I would really not a maintenance mode right now. We're at for 74, 75 oil today. We guided to for 80 next year, while that's a 2% growth. That is something. So that's kind of the first goalpost. I think I think the key point is not necessarily how or when it's that data that is cognizant of this new business model as David and cognizant of the macro. And if we're not, we're not doing our jobs. So I think I think being being cautious when things are wells in the high 60s and you have pockets of geopolitical premium coming in and out is a prudent thing to do. So at the end of the day, the lowest cost operator should be producing the last several in the basin. But I think that that that spreadsheet math is what's gotten this industry and trouble in the past and feels like we're getting ourselves in trouble again. So I think again, in Amarin up and free cash flow trumps CapEx exit at Diamondback these days.

嗯，我的意思是，我現在真的不會進入維護模式。今天油價為 74、75。我們預計明年將成長 80 個，即 2% 的成長。那是某事。這就是第一個球門柱。我認為關鍵點不一定是數據如何或何時像大衛一樣認識到這種新的商業模式並認識到宏觀。如果我們不這樣做，我們就沒有做好我們的工作。因此，我認為，當事情進展順利，並且有大量地緣政治溢價進出時，保持謹慎是明智之舉。因此，歸根結底，成本最低的營運商應該生產盆地中的最後幾個。但我認為電子表格數學是過去給這個行業帶來麻煩的原因，感覺我們又陷入了麻煩。所以我再次認為，在阿瑪林上漲和自由現金流勝過響尾蛇資本支出退出這些天。

Got it. Appreciate it. And then a quick one on them. The 23 in the marketplace, really nice to see you guys in that 600 a foot so quickly. And you mentioned some additional deal synergy capture. The curious because you have a background here, deflation in service costs in tangible item cost. Just how much of that kind of background deflation is baked into that $600 number, look at that number still confusing to pin down now above and beyond any news from deflation?

知道了。欣賞它。然後快速介紹一下它們。市場上的 23 人，很高興看到你們這麼快就達到了 600 英尺。您還提到了一些額外的交易協同效應捕獲。好奇是因為你有這裡的背景，有形專案成本中服務成本的通貨緊縮。 600 美元的數字到底有多少是這種背景通貨緊縮的影響，看看這個數字，現在仍然難以確定，除了任何通貨緊縮的消息之外？

I think mark to market your service contracts today and I will not do you think you could see that $600 number go. I mean we're pretty we're pretty mark to market and you know that 600 or a real-time number. I know certainly there are wells that are and you know, full well that number, but we're adding more Wolfcamp D to the plan. You know, that's and more expensive wells to drill a couple of Barnett Woodford wells throughout the portfolio. I think I think in general, the Core well for developments probably below that longer laterals also helped us, but that's a pretty real-time what we don't. As Danny mentioned earlier, we don't have a lot of long-term contracts. We recontract loss. We get a lot of market intelligence on the service cost side. 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. And so that should continue to deflate prices, which should accrue to our shareholders benefits. Thank you for the color.

我認為今天要對你的服務合約進行標價，我不會認為你會看到 600 美元的數字消失。我的意思是，我們非常注重市場，您知道 600 或即時數字。我知道肯定有一些井，而且你知道，這個數字非常好，但我們正在計劃中添加更多的 Wolfcamp D。您知道，在整個投資組合中鑽幾口 Barnett Woodford 井的成本更高。我想我認為總的來說，核心井的發展可能低於較長的支線也對我們有幫助，但這是一個非常即時的事情，我們沒有。正如丹尼之前提到的，我們沒有很多長期合約。我們重新承包損失。我們在服務成本方面獲得了大量市場情報。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。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。謝謝你的顏色。

Thanks, Scott. Thank you.

謝謝，斯科特。謝謝。

Our next question comes from the line of Phil Clay at the line of Bank of America. Your line is now open.

我們的下一個問題來自美國銀行的 Phil Clay 專線。您的線路現已開通。

Hey, good morning, guys. Thanks for letting me on how we're going to take another shot at 25 CapEx, SSI, first on the $600 per ounce, but it's a solid update. And I think it shows the calendar year team to drive down low, never even lower, but wondering if you can help ground as I'm looking for a couple of pieces. First, can you remind us was in the original 2025 guide and then talk about the non B and CP.s embedded in that endeavor assets up to your standards? And then whatever that pieces does that roll in 26?

嘿，早上好，夥計們。感謝您讓我了解我們將如何再次嘗試 25 資本支出 (SSI)，首先是每盎司 600 美元，但這是一個可靠的更新。我認為這表明日曆年團隊要壓低，永遠不會更低，但想知道你是否可以幫助我，因為我正在尋找幾件作品。首先，您能否提醒我們在最初的 2025 年指南中，然後談談該努力資產中嵌入的非 B 和 CP 是否符合您的標準？那麼 26 卷中的那些碎片是什麼呢？

Yes. I mean, listen, I'll answer I'll answer it again. I think six 25 was kind of our our our assumed well costs for 25, no, no, it's 600 doors and well below that. So we'll see what happens over the next couple of months. I'm confident this team's ability to drive to drive out cost. But we also like to guide fairly conservatively 15 months ahead of 2025 full year or so. We like to keep our flexibility on our side. I say on the non these unique aspects, the Endeavor assets are as good as ours above ground. I think there's some things, probably 50, 60 million of environmental CapEx we got to spend next year. I was just kind of one-time in nature. I think the combined infrastructure budget will probably be a little higher in 25 that it will. And 26, we'd like to think that the infrastructure budget eventually moves closer to 67% of total capital in May and into rather midstream business that has some CapEx that you should we be sell the midstream assets to our JV, that CapEx would be removed. So some moving parts that they have come far level. The key drivers are heading the right direction. And I think the combined acreage position should result in lower spend above ground over time then than 2025. I appreciate the color. Second question is going to go too deep blue here. You're targeting maybe being different drop in first half of 25.

是的。我的意思是，聽著，我會回答，我會再回答一次。我認為 6 個 25 門是我們假設的 25 門井成本，不，不，它是 600 扇門，遠低於這個數字。所以我們將看看接下來的幾個月會發生什麼。我相信這個團隊有能力降低成本。但我們也希望在 2025 年全年左右提前 15 個月做出相當保守的預測。我們希望保持靈活性。我想說的是，除了這些獨特的方面之外，奮進號的資產與我們的地面資產一樣好。我認為明年我們必須花費一些東西，可能是 50、6000 萬的環境資本支出。我本質上只是一次性的。我認為 25 年後基礎設施綜合預算可能會略高一些。 26，我們認為基礎設施預算最終會在 5 月接近總資本的 67%，並進入有一些資本支出的中游業務，我們應該將中游資產出售給我們的合資企業，資本支出將是已刪除。因此，一些活動部件已經達到了很高的水平。關鍵驅動因素正朝著正確的方向前進。我認為隨著時間的推移，合併後的面積位置應該會導致地上支出低於 2025 年。第二個問題在這裡會變得太深藍色。你的目標可能是在 25 上半年有所不同。

It sounds like in the first deal, you took back 500 in cash, 30% equity. Kind of wondering about deal structure. What should we expect for the upcoming drop would be all cash? Or do you take back even more equity? And then for the guys that don't all of that space.

聽起來第一筆交易你拿回了500現金，30%的股權。有點想知道交易結構。對於即將到來的全現金下跌，我們該期待什麼？或者你會收回更多的股權嗎？然後是那些沒有那麼多空間的人。

There's one thing about the range of deal multiples on water assets. I mean, it's a lot of you will see. I think our preference is cash and more cash to accelerate deleveraging targets. We recognize we have a partnership with Deep Blue and they should recognize the say that we are going to work on this business to grow value together. And it doesn't meaning that means we're not we've never been in the business of levering up a sub in exchange for cash at the parent. And so we'll be we'll be flexible. I think we've been flexible to date and our businesses has created a good amount of value already in any year. So a lot of work to do some. I'd say that's less of a lot less of a near-term objective. Then the drop-down earlier, we had a lot of people working very hard on the mineral dropped down, which, as you know, a very significant rent deal for both Diamondback and Viper. And maybe to the third one, just on the royalties, Rob, it's a really big chunk. When you think about the amount of EBITDA associated with that asset Ten-X, you get two really big numbers real fast. Are you still thinking that could be one package or is there a scenario where you break it down into more bite-size pieces? I think our preference is to us do most of it. It was Tom. You know, I think Viper has a lot of strategic objectives that we've talked about about an hour on its call. But for now and 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. If hyper, I think it's amazing. Viper today has an interest, and that's a information advantage that I don't think can be read allocated. So I think I'm momentum is very strong and vibrant. That's also good Prodomax shareholders because our ownership value has gone up dramatically this year. But I think our preference get get get most, if not all that done and and be off to the races in 2025.

水務資產的交易倍數範圍是一件事。我的意思是，你們很多人都會看到。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。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以共同增加價值。這並不意味著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。所以我們會保持靈活性。我認為迄今為止我們一直很靈活，我們的業務在任何一年都已經創造了大量的價值。所以還有很多工作要做。我想說，這並不是一個近期目標。然後早些時候的下降，我們有很多人在礦物上非常努力地工作，這對響尾蛇和毒蛇來說都是非常重要的租金交易。也許對於第三個，僅就版稅而言，羅布，這確實是一大塊。當您考慮與該資產 Ten-X 相關的 EBITDA 金額時，您很快就會得到兩個非常大的數字。您是否仍然認為這可能是一個包，或者是否存在將其分解為更多小塊的情況？我認為我們的偏好是我們做大部分工作。是湯姆。你知道，我認為 Viper 有很多戰略目標，我們在電話會議上討論了大約一個小時。但就目前而言，將下拉式選單拋在身後並在綜合基礎上顯示該業務的規模和規模對於未來的機會非常重要。如果超的話，我認為這太棒了。 Viper 今天有一個興趣，這是一個我認為無法讀取分配的資訊優勢。所以我覺得我的勢頭非常強勁，充滿活力。這也是 Prodomax 的好股東，因為今年我們的所有權價值大幅上漲。但我認為我們的偏好是得到大部分（如果不是全部完成的話）並在 2025 年開始比賽。

Great. Thanks. Thank you. This concludes the question and answer session. I would now like to turn it back to Thomas CEO for closing remarks.

偉大的。謝謝。謝謝。問答環節到此結束。現在我想請托馬斯執行長發表結束語。

Thanks again for everyone listening in today and for the good questions. If there's any follow-up questions, Jack, just reach out with using the numbers provided. Thanks and you'll have a great day. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

再次感謝今天大家的收聽以及提出的好問題。傑克，如果有任何後續問題，請使用提供的電話號碼與我們聯絡。謝謝，您將會度過愉快的一天。感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。