Diamondback Energy Inc (FANG) 2024 Q4 法說會逐字稿

Hello, and welcome to Diamondback Energy fourth quarter 2024 earnings call. (Operator Instructions) I would now like to turn the conference over to Adam Lawlis, Vice President of Investor Relations. You may begin.

您好，歡迎參加 Diamondback Energy 2024 年第四季財報電話會議。（操作員指示）現在，我想將會議交給投資者關係副總裁 Adam Lawlis。你可以開始了。

Thank you, Tawanda. Good morning, and welcome to Diamondback Energy's fourth quarter 2024 conference call. During our call today, we will reference an updated investor presentation and letter to stockholders, which can be found on Diamondback's website. Representing Diamondback today are Travis Stice, Chairman and CEO; Kaes Van't Hof, President; Danny Wesson, COO; and Jere Thompson, CFO.

謝謝你，Tawanda。早安，歡迎參加 Diamondback Energy 2024 年第四季電話會議。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，可在 Diamondback 的網站上找到。今天代表 Diamondback 的是董事長兼首席執行官 Travis Stice； Kaes Van't Hof，總裁；丹尼·韋森（Danny Wesson），首席營運官；以及首席財務官傑爾湯普森（Jere Thompson）。

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 differ materially from those that are indicated in these forward-looking statements due to a variety of factors.

在本次電話會議中，參與者可能會對公司財務狀況、營運績效、計畫、目標、未來表現和業務做出某些前瞻性陳述。我們提醒您，由於各種因素，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. 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 Travis Stice.

有關這些因素的資訊可以在該公司向美國證券交易委員會提交的文件中找到。此外，我們也將參考某些非公認會計準則指標。在我們昨天下午發布的收益報告中可以找到與適當的 GAAP 指標的對帳表。現在我將電話轉給 Travis Stice。

Thank you, Adam, and welcome, everyone, and I appreciate you joining this morning. I hope you find the shareholder letter a meaningful way to communicate. And also, as Adam pointed out, we've got an updated investor deck out there that we can reference during our questions this morning. Operator, if you'll please open the line for questions.

謝謝你，亞當，歡迎大家，謝謝你們今天早上的參加。我希望您發現股東信是一種有意義的溝通方式。而且，正如亞當指出的那樣，我們已經準備好了更新的投資者演示文稿，可以在今天早上提問時參考。接線員，請您打開熱線來回答問題。

(Operator Instructions)

（操作員指令）

Neal Dingmann, Truist Securities.

Truist Securities 的 Neal Dingmann。

Travis, congratulations on it to you, but obviously Kaes and Jere, but especially fantastic career. I look forward to seeing you soon. My first question maybe just around, again, another great quarter. My first question is really around the free cash flow sensitivity that you all show on slide 13. And specifically, when looking at that, I'm just wondering -- you put a comment that I noticed on the bottom of the slide suggesting now around $67 a barrel produced the same free cash flow at $76 last year. I'm just wondering, is this continued to achieve through the larger scale? Is this a lot of the completion driver? I'm just wondering maybe if you could talk and discuss the drivers behind all this.

崔維斯，恭喜你，但顯然凱斯和傑雷的職業生涯尤其出色。我期待很快見到你。我的第一個問題可能即將到來，又一個偉大的季度。我的第一個問題其實是關於你們在第 13 張投影片上展示的自由現金流敏感度。具體來說，當我看到這一點時，我只是想知道 - 我在幻燈片底部注意到了一條評論，表明現在每桶 67 美元左右的價格產生了與去年每桶 76 美元相同的自由現金流。我只是想知道，這是否會透過更大規模持續實現？這是很多完成驅動程式嗎？我只是想知道您是否可以談談並討論這一切背後的驅動因素。

Yes, Neal, it's a new number that we're going to start to look at here. I kind of equate that number to your the same thing as a dividend breakeven. It's basically what oil price gets you the same free cash flow per share as the prior year. And if that number is going down, capital efficiency is improving where you've done an accretive deal. And when we announced the Endeavor deal a little over a year ago, we said we'd have 10% plus free cash flow per share accretion.

是的，尼爾，這是一個新的數字，我們將在這裡開始研究它。我認為該數字與股息盈虧平衡點是一樣的。這基本上就是哪種油價能為您帶來與前一年相同的每股自由現金流。如果這個數字下降，則表示您完成增值交易後的資本效率正在提高。當我們在一年多前宣布 Endeavor 交易時，我們說過每股自由現金流將增加 10% 以上。

And here you are, a year later, showing that free cash flow per share is going down by $9 a barrel to equal the same number as last year. So it's going to be tough to keep moving that number down $9 a barrel every year, but I think through a lower share count, lower cost structure and quality inventory, that's certainly going to be the goal.

而一年之後，我們看到每股自由現金流下降了 9 美元/桶，與去年持平。因此，每年將這一數字降低 9 美元/桶將會非常困難，但我認為，透過降低股份數量、降低成本結構和優質庫存，這肯定是目標。

No, great direction. I think it just keeps dropping. And then my second question, maybe on your D&C plans, I'm just wondering, can you talk about -- maybe, I don't know, Kaes, do you look at it, completions for SimulFRAC crew or maybe talk I'm just noticing the amount of completed wells and you all talk about sort of four to five of these SimulFRACs. And then secondly, I noticed you all continue to complete several more wells than you drill like you did last year? Maybe just discuss that.

不，很棒的方向。我認為它會持續下降。然後我的第二個問題是，也許關於您的 D&C 計劃，我只是想知道，您能否談談 - 也許，我不知道，Kaes，您是否看過 SimulFRAC 團隊的完井情況，或者也許談談我只是注意到已完井的數量，而你們都談到了其中四到五個 SimulFRAC。其次，我注意到你們繼續像去年一樣完成比鑽探更多的井？也許只是討論一下。

Yeah. So on the DUC drawdown, we're drilling less wells and we're completing a combination of things we were ahead of plan last year. So we drilled more wells than we expected. And then we also acquired a lot of DUCs with the Endeavor deal and a smaller amount with the TRP deal that closed earlier this year. So there's a pretty significant DUC drawdown planned in the CapEx budget. I would just say if we're ahead of schedule and CapEx is looking good for the year, we'll probably reduce that drawdown and drill a few more wells, particularly right now given that putting pipe in the ground on the drilling side is almost as cheap as it's been in the last five or six years.

是的。因此，在 DUC 減少方面，我們鑽探的井數減少了，我們正在完成一系列比去年計劃提前完成的工作。因此我們鑽的井比預期的多。然後，我們還透過 Endeavor 交易收購了大量 DUC，並在今年稍早完成的 TRP 交易中收購了少量 DUC。因此，在資本支出預算中規劃大幅減少 DUC。我只想說，如果我們提前完成了計劃，而且今年的資本支出看起來不錯，我們可能會減少產量下降，再鑽幾個井，特別是現在，因為在鑽井方面將管道放入地下的成本幾乎與過去五、六年一樣便宜。

So I think we have flexibility in the plan, but really seeing the efficiencies come through here, right, with drilling over 400 wells with 15 or 16 rigs this year versus last year. Going into the year, we thought we were going to drill 280 wells Diamondback stand-alone with 15 or 16 rigs.

所以我認為我們的計劃具有靈活性，但真正看到的是效率的提高，與去年相比，今年我們使用 15 或 16 個鑽機鑽探了 400 多口井。進入今年，我們計劃使用 15 或 16 台鑽機在 Diamondback 獨立鑽井 280 口井。

And then on the frac side, basically, the SimulFRAC fleets are digging about 100 wells per fleet per year. That's kind of up from 80 a year ago, just continued efficiencies in the field, and that's partly due to the higher comp rate that we've implemented from some of the learnings from Endeavor. And I think we're still looking at ways to push that even higher. We're trying some things that might get us closer to 110, 120 wells per year. Not in the plan today, but that's some upside that we could accrue to our shareholders.

在壓裂方面，基本上每個 SimulFRAC 作業隊每年挖約 100 口井。這比一年前增加了 80%，這只是現場效率的持續提升，部分原因是我們從 Endeavor 學到的一些經驗中實施了更高的薪資率。我認為我們仍在尋找進一步提高這一目標的方法。我們正在嘗試一些方法，以期實現每年鑽井 110 至 120 口的目標。不在今天的計畫中，但這是我們能夠為股東帶來的一些好處。

Perfect. Thanks. Look forward to seeing you all.

完美的。謝謝。期待與大家見面。

Operator

操作員

Neil Mehta, Goldman Sachs.

高盛的尼爾梅塔 (Neil Mehta)。

Congratulations, Travis, and congratulations to Kaes. I think 1 of the takeaways it seems from the deck is -- and post the Double Eagle acquisition is that there might be a pause as it relates to M&A, given that it feels like you've consolidated a lot of the quality positions in the Permian. So Kaes, Travis, just love your perspective on that? And if that's the case, how do you think about leaning into the share repurchase program at these valuation levels?

恭喜崔維斯，祝賀凱斯。我認為從這張照片中可以看出的一個要點是——在收購 Double Eagle 之後，與併購相關的活動可能會暫停，因為感覺你已經鞏固了 Permian 的許多優質倉位。那麼 Kaes、Travis，喜歡你對此的看法嗎？如果是這樣，您如何看待在這些估值水平上依賴股票回購計劃？

Neil, thank you for your comments as well, too. We tried to articulate during the announcement of the Double Eagle trade that this was really the last opportunity in the core of the Midland Basin. And if it, in fact, is the last opportunity, then there's really not much left on a go-forward basis. So -- that's our strategy is to -- we took advantage of probably what was among the last meaningful assets in the Midland Basin.

尼爾，也謝謝你的評論。在宣布雙鷹交易時，我們試圖表達出，這確實是米德蘭盆地核心區的最後機會。如果這確實是最後一次機會，那麼未來剩下的機會就不多了。所以 — — 我們的策略是 — — 我們利用米德蘭盆地最後的一些有意義的資產。

Yeah, Neil, not saying we're never going to do another deal again, but certainly you need to digest here the quality of the inventory that we have. Puts us in a really good position to move more towards the other side of the capital allocation discussion, which is the share repurchases and reducing the enterprise value. And I think at these levels, it's very obvious that share repurchases is a great use of capital.

是的，尼爾，並不是說我們永遠不會再做另一筆交易，但你肯定需要在這裡消化我們庫存的品質。這使我們處於非常有利的位置，可以更深入地討論資本配置的另一面，即股票回購和降低企業價值。我認為在這些層面上，股票回購顯然是一種很好的資本利用方式。

At $70 oil, this business generates $20 a share of free cash flow in 2025. At our current prices, that's essentially a 12.5%, 13% yield. So for us, that's cheap. And our goal is to continue to make our stock look cheap by improving per share metrics. And I think that's what we've laid out here with the 2025 plan.

當油價達到每桶70美元時，該業務將在2025年產生每股20美元的自由現金流。以我們目前的價格計算，這基本上是 12.5% 至 13% 的收益率。對我們來說，這很便宜。我們的目標是透過改善每股指標來繼續讓我們的股票看起來便宜。我認為這就是我們在 2025 年計畫中所闡述的。

Yeah. Kaes, on that buyback program, you have a very concentrated shareholder coming out of the Endeavor transaction. So how do you think about maintaining the dry powder for potential sell-downs there? And how should the market be thinking about your largest shareholder in general?

是的。Kaes，在那個回購計畫中，有一個非常集中的股東來自 Endeavor 交易。那麼您如何看待為潛在的拋售保留充足的儲備呢？市場整體上應該如何看待您的最大股東？

Yeah. I mean I think the market should realize that we have a long-term patient shareholder -- and the Stephens family that has known this basin for 45 years and is very, very comfortable with the decision they made in merging with Diamondback. This isn't a private equity investment that has to monetize for fund life. There's a lot of patients from their side, and we have conversations with them just like all of our other shareholders. And they, like our other shareholders, you could see on page 1 of our roster are encouraging us to lean into our buyback right now because the stock is cheap and the best use of capital is to buy back our shares.

是的。我的意思是，我認為市場應該意識到我們有一個長期耐心的股東——史蒂芬斯家族已經了解這個盆地 45 年了，並且對他們與 Diamondback 合併的決定感到非常非常滿意。這不是一項必須透過基金存續來實現貨幣化的私募股權投資。他們那邊有很多病人，我們像與所有其他股東一樣與他們交談。就像我們的其他股東一樣，您可以在我們的名冊第 1 頁看到，他們正在鼓勵我們現在傾向於回購，因為股票價格便宜，而資本的最佳用途就是回購我們的股票。

So lastly, I'd probably say that I think the market's got a little ahead of this lockup expirations over the coming months. And -- in my mind, there's a lot of other ways to reduce ownership that aren't well telegraphed marketed deals, and that's stuff that we're thinking about. I think we have the balance sheet capacity and the free cash flow generation, most importantly, to get creative on that front. We'll still buying back shares in the open market.

所以最後，我可能會說，我認為市場在未來幾個月內會稍微提前一點迎接這個鎖定期的到期。在我看來，還有很多其他方式可以減少所有權，而這些方式並不是透過行銷交易來達成的，而這些就是我們正在考慮的事情。我認為我們擁有資產負債表能力和自由現金流產生能力，最重要的是，在這方面發揮創意。我們仍將在公開市場回購股票。

John Freeman, Raymond James.

約翰·弗里曼、雷蒙·詹姆斯。

You have a remarkable career, Travis. And congratulations, Kaes, on the well-deserved promotion. I just want to start on looking at the midstream but roughly $415 million on midstream infrastructure budget. Is there anything that's sort of, I don't know, onetime in nature related to either kind of Double Eagle or Endeavor transactions where you kind of either had to put in some infrastructure, facility upgrades or anything like that that we should be aware of?

崔維斯，你的職業生涯非常出色。恭喜 Kaes 獲得當之無愧的晉升。我只是想開始看看中游，但中游基礎設施預算大約是 4.15 億美元。是否有任何一次性的事情與 Double Eagle 或 Endeavor 交易有關，例如您必須投入一些基礎設施、設施升級或任何我們應該知道的事情？

Yeah, John, I think one thing we highlighted is that there is $60 million of of midstream CapEx in there, traditional midstream CapEx from the Endeavor Water business, EDS. If that business were to monetize likely into our Deep Blue JV, that would reduce our CapEx burden depending on the timing of that deal.

是的，約翰，我認為我們強調的一件事是，其中有 6000 萬美元的中游資本支出，來自 Endeavor Water 業務、EDS 的傳統中游資本支出。如果該業務能夠貨幣化並融入我們的“深藍合資企業”，那麼根據交易時間的不同，我們的資本支出負擔將會減少。

And I think second to that, we have some kind of accelerated environmental CapEx this year and probably a little bit next, but that's to the tune of $60 million or $70 million of onetime this year. So a couple of things going away in the future. I'd say in general, we -- we'd like to get that midstream -- or sorry, that infrastructure and other budget down to kind of 5% to 7% of total capital from where it is today. And the team -- we've put it in Travis' letter. The teams have already worked on best-in-class combined facility design that we expect will save us $1.5 million or 10% or so per facility, and that will add up over the years as we develop the asset base.

其次，我認為今年我們的環境資本支出有所加速，明年可能也會有一點，但今年的一次性支出約為 6,000 萬美元或 7,000 萬美元。因此，未來會有幾件事消失。我想說，總的來說，我們希望將中游——或者抱歉，基礎設施和其他預算——從現在的水平降至總資本的 5% 到 7%。而團隊——我們已經把它寫在崔維斯的信裡了。這些團隊已經致力於一流的綜合設施設計，我們預計每個設施將為我們節省 150 萬美元或 10% 左右，隨著我們開發資產基礎，這些成本將逐年增加。

That's great. And then just a follow-up on Neil's earlier question on the DUCs. Can you just remind us just rough numbers, where you all sort of stood on DUCs kind of pro forma for the Double Eagle transaction?

那太棒了。然後是對 Neil 之前關於 DUC 的問題的後續回答。您能否提醒我們一些粗略的數字，你們對 Double Eagle 交易的 DUC 形式有何看法？

Yeah. We were carrying around just a little over 200 DUCs, total 200, 250 DUCs total, pro forma the Double Eagle transaction. The Double Eagle's coming over with about 50 with that -- what you would add to that number that we call it work in place wells that we don't expect that will be dug. They'll be brought online kind of sometime between now and close.

是的。我們隨身攜帶了略多於 200 枚 DUC，總計 200 到 250 枚 DUC，預計雙鷹金幣交易量。雙鷹號已經來了大約 50 個——你會在這個數字上加上我們稱之為就地作業井的數字，我們預計這些井不會被挖掘。它們將在現在到結束之間的某個時間上線。

David Deckelbaum, TD Cowen.

大衛·德克爾鮑姆（David Deckelbaum），TD Cowen 公司。

Just echo everyone's congrats to you Travis, Kaes and Jere. I was hoping just to step back a second, just to revisit, I mean, obviously, Kaes, you made some comments about the attractiveness of the valuation of shares right now in the context of Stephens family as well. You guys have this $1.5 billion commitment on asset sales, and I think you bridge that with free cash down to almost $10 billion of net debt by the end of the year. I guess, how do you think about the flexibility of getting above that 50% return of capital this year when you appreciate -- where your shares are now relative to how you see valuation? Or should we be looking for that net debt trigger before kind of getting away from the 50% -- at least 50% commitment?

只是想和大家一起向崔維斯、凱斯和傑雷表示祝賀。我希望稍微退一步，重新審視一下，我的意思是，顯然，凱斯，你也對史蒂芬斯家族背景下股票估值的吸引力發表了一些評論。你們已經承諾出售 15 億美元資產，我認為你們會利用自由現金彌補這一損失，到今年年底淨債務將降至近 100 億美元。我想，當您的股票升值時，您如何看待今年獲得超過 50% 的資本回報率的靈活性——相對於您所看到的估值，您的股票現在處於什麼位置？或者我們應該在擺脫 50%（至少 50% 的承諾）之前尋找淨債務觸發因素？

Yeah. I mean, I think that at least 50% commitment is going to remain regardless of the situation. Now the execution of that, whether it's above 50% or not, I think will depend on market conditions. And I think we -- in Q4, for instance, we leaned in a little bit. I think free cash flow beat even our internal expectations, but we were fully prepared to go over 50% of free cash return in Q4 given the volatility we saw in December. I probably mean against going to [75 or 100] in these market conditions. I don't think we're there. I think we got to get these noncore asset sales done and debt down. But we have a lot of levers to pull and I think we saw more volatility than we're seeing right now, we'd be leaning in.

是的。我的意思是，我認為無論情況如何，至少 50% 的承諾都會保留。現在，這一目標的執行，無論是否超過 50%，我認為都將取決於市場條件。而且我認為，例如在第四季度，我們稍微傾斜了一點。我認為自由現金流甚至超出了我們的內部預期，但考慮到 12 月的波動性，我們已經做好了在第四季度實現超過 50% 的自由現金回報的充分準備。我的意思可能是在目前的市場條件下不會達到 [75 或 100]。我認為我們還沒到達那裡。我認為我們必須完成這些非核心資產的出售並減少債務。但是我們有很多槓桿可以拉動，我認為我們看到了比現在更多的波動，我們會傾向於此。

I appreciate that. And then just a follow-up on the infrastructure spend. Obviously, a trajectory coming down with some of the synergies of facility design. You talked about the potential with the sale to Deep Blue. But just also wanted to bring up like the slide around surface acreage and power generation. How do you feel -- or how do you think about sort of financing your own internal power needs?

我很感激。然後只是對基礎設施支出的後續關注。顯然，這一軌跡與一些設施設計的協同作用有關。您談到了將其出售給深藍公司的可能性。但也只是想提一下有關地表面積和發電量的幻燈片。您感覺如何—或者您如何看待為自己的內部電力需求提供資金？

How sort of imminent are these needs in terms of spend to expand what you would need just to service your own wells? And when do you think we would expect to hear some announcements around some of those solutions, whether it includes third-party commercial opportunities or just incremental spend to build out for your own operations?

就擴大您自己油井的服務所需的支出而言，這些需求有多迫切？您認為我們什麼時候可以聽到有關這些解決方案的一些公告，無論它包括第三方商業機會還是僅僅為您自己的營運而增加的支出？

Yesah. I'd say internally, we've spent probably on average, $70 million to $100 million a year on power for the last five or six years. So I think there's $70 million or $75 million in the budget this year for our power needs that's just poles and wires in the field. I kind of separate that from our power JV we're looking at. And I think there's been a lot of -- a lot of discussions around power in the basin. We obviously were short power in the basin. I think what we're trying to pull together with a large IPP is can we build a large behind the meter, gas plant -- power plant, the basin using Diamondback gas, but also having Diamondback receive some of that power back with hyperscaler data center operator taking on the lion's share of that power.

是的。我想說，就內部而言，過去五、六年來，我們每年在電力上的花費平均約為 7,000 萬至 1 億美元。因此我認為今年的預算中有 7000 萬美元或 7500 萬美元用於滿足我們的電力需求，而這些錢只是用於現場的電線桿和電線。我將其與我們正在考慮的電力合資企業區分開來。我認為關於盆地電力的討論已經很多了。我們盆地裡的電力顯然短缺。我認為，我們試圖與大型 IPP 合作的是，我們能否在儀表後面建造一個大型天然氣廠（發電廠），該盆地使用 Diamondback 天然氣，同時讓 Diamondback 回收部分電力，而超大規模資料中心營運商則承擔大部分電力。

So that's in the works. We're still confidentially discussing it with the hyperscalers, giving feedback. And I think what separates Diamondback from others in this space is our flexibility and how nimble we are and how quickly we can move to get something done, let alone how much gas we have that needs a better market. So two separate things, but we'll continue to build out power in the field because it increases uptime as well as reduces LOE.

這就是正在進行的事情。我們仍在與超大規模企業進行秘密討論並提供回饋。我認為 Diamondback 與該領域其他公司的不同之處在於我們的靈活性、敏捷性以及完成任務的速度，更不用說我們還有多少天然氣需要更好的市場。因此這是兩件獨立的事情，但我們將繼續在現場建造電力，因為它可以增加正常運行時間並減少 LOE。

Appreciate the color, guys.

欣賞這個顏色，夥計們。

Arun Jayaram, JPMorgan Securities.

摩根大通證券的阿倫‧賈亞拉姆 (Arun Jayaram)。

My first question, Travis and Kaes, I was wondering if you could talk about the asset sale divestiture program, do you anticipate to execute on in terms of the Double Eagle transaction? Are these going to represent primarily midstream assets, but give us a sense of what your plans are in terms of monetizations?

我的第一個問題，特拉維斯和凱斯，我想知道您是否可以談談資產出售剝離計劃，您是否預計會按照 Double Eagle 交易的條款執行？這些是否主要代表中游資產，但請讓我們了解您在貨幣化方面的計劃？

Yeah, I think what we've been done in the market is that we think we can get these non-core asset sales done without selling operated acreage. And I think the lion's share of the value would come from a couple of our equity method investments that we list in our deck that have kind of been built out or near monetization. And on top of that, our midstream business that we acquired from Endeavor, the EDS Water business, like we had some synergies to merge into our Deep Blue JV, which is doing very, very well and winning a lot of third-party business in the basin.

是的，我認為我們在市場上所做的是，我們認為我們可以在不出售經營土地的情況下完成這些非核心資產的銷售。我認為，最大部分價值將來自於我們在簡報中列出的幾項權益法投資，這些投資已經實現貨幣化或接近貨幣化。除此之外，我們從 Endeavor 收購的中游業務，即 EDS Water 業務，與我們合併到 Deep Blue JV 中產生了一些協同效應，該合資企業表現非常非常好，並在流域內贏得了許多第三方業務。

I think most of that, that gets you most of the way there. We've started to cover a lot of assets from Endeavor that we acquired that are all over the country. But the biggest one is probably a sizable non-op position in the Delaware Basin, and that's likely your last kind of monetization candidate to get to that $1.5 billion.

我認為，大部分這些都可以幫助你實現大部分目標。我們已經開始涵蓋從 Endeavor 收購的遍布全國的大量資產。但最大的一個可能是特拉華盆地的一個相當大的非經營性職位，這可能是你獲得 15 億美元的最後一種貨幣化候選人。

Great. And maybe the follow-up. Your overall -- you've topped down capital efficiency screens quite well relative to our model in the Street's expectation in terms of the CapEx or unit of oil output, that metric you mentioned in the shareholder letter. One kind of question is that the CapEx number is accompanied by more kind of gross [TILs]? Did field a few questions around what are some of the implications for well productivity as we think about the '25 program versus last year.

偉大的。或許還有後續行動。總體而言，就資本支出或石油產量單位而言，您相對於華爾街預期的模型，已經很好地降低了資本效率篩選，這是您在股東信中提到的指標。一個問題是，資本支出數字伴隨著更多的毛[TIL]？當我們思考 25 年計畫與去年相比時，確實回答了一些問題，關於這對油井生產力有何影響。

Yeah. I think overall, productivity is going to be as good as any year this year. We've had pretty -- a couple of pretty banner years the last few years. I think TIL number, while a lot of other peers don't even give that number, we put it out there for transparency purposes, but there's a lot of things that can move around in the TIL number, right? If 1 20 well pad is completed on December 30 of last year, the account for last year or this year. So there's some noise in that number.

是的。我認為總體而言，今年的生產效率將與往年一樣好。過去幾年，我們取得了相當輝煌的成績。我認為 TIL 數字，雖然許多其他同行甚至沒有提供這個數字，但為了透明起見，我們把它放在那裡，但 TIL 數字中有很多東西可能會發生變化，對嗎？如果120井平台在去年12月30日完工，則記去年或今年的帳。因此，該數字中存在一些噪音。

I think a true run rate -- we kind of got into the Street to 500 wells a year ish before Double Eagle. And Double Eagle adds about 30 wells a year of development. So I think somewhere in that 525 to 540 wells per year, assuming flat capital efficiency is kind of an apples-to-apples number.

我認為真正的運行率——在 Double Eagle 之前，我們每年在街上鑽探的井數大約是 500 口。Double Eagle 每年的開發量增加約 30 口井。因此我認為，假設資本效率保持不變，每年的井數在 525 到 540 口之間，這是一個相當的數字。

And I think your other question on capital efficiency, we have posted this dollars of CapEx per VO produced. And I think that's a number that we want to hold ourselves to in the future. It's going to be tough to replicate the efficiency of 2025 given the DUC drawdown, but that's the mission to the team. I think there's a lot of ancillary CapEx that's going to come down to replace that. And capital efficiency is going to remain strong as particularly on a relative basis to where the market is today.

我認為您關於資本效率的另一個問題，我們已經公佈了每生產 VO 的資本支出金額。我認為這是我們未來想要維持的數字。考慮到 DUC 的減少，複製 2025 年的效率將會很困難，但這是團隊的使命。我認為會有大量輔助資本支出來取代它。資本效率將保持強勁，特別是相對於當前的市場水平而言。

Derek Whitfield, Texas Capital.

德瑞克·惠特菲爾德，德州首府。

I'll echo everyone's congrats as well.

我也會附和大家的祝賀。

Thank you, Derek.

謝謝你，德里克。

With regard to the Double Eagle transaction, how should we think about the capital and production impacts from your agreement with Double Eagle to accelerate noncore Southern Midland Basin development? And when would that start to -- or could that start to meaningfully impact your financials?

關於 Double Eagle 交易，我們應該如何看待您與 Double Eagle 達成的加速非核心南米德蘭盆地開發的協議對資本和生產的影響？那什麼時候會開始——或者會開始對您的財務狀況產生重大影響？

Yeah, Derek. On the capital side, there's 0 capital. We're getting a carry. So no impact to us. Further rationale for that part of the deal is we were going to have to move a few rigs down south to secure some leasehold that had lower working interest and needed some horizontal wells to maintain the leasehold. And we obviously have a good relationship with the Double Eagle guys. And they needed a place for their couple of rigs to go, and so they're going to accelerate some development down there.

是的，德里克。資本方面，資本為0。我們正在搬運。所以對我們沒有影響。該交易這部分的進一步理由是，我們必須將一些鑽井平台遷移到南部，以獲得一些工作權益較低且需要一些水平井來維持租賃權的租賃權。顯然，我們與 Double Eagle 的人關係很好。他們需要一個地方停放他們的幾台鑽孔機，所以他們要加快那裡的發展。

I think the color we've given the market is that it's about $100 million of free cash flow on a consolidated basis in 2026. And I'd probably say that 50% of that is for Viper. We'll talk about it on the Viper call, but the Raymond Towny piece was the second largest from an acreage perspective piece of the drop-down. And so this is kind of an unmodeled upside for the dropdown that in turn benefits Diamondback through Viper's outperformance.

我認為我們給予市場的預期是，到 2026 年，其合併後自由現金流約為 1 億美元。我大概會說其中 50% 是用在 Viper 的。我們將在 Viper 電話會議上討論這個問題，但從種植面積的角度來看，雷蒙德·湯尼 (Raymond Towny) 的部分是下拉清單中第二大的部分。所以，這對下拉清單來說是一種未建模的優勢，而透過 Viper 的優異表現，Diamondback 反過來又從中受益。

That's great. And then regarding your commentary on unmodeled synergies, where do you see the greatest remaining opportunities now that your organizations are fully integrated?

那太棒了。然後，關於您對未建模協同效應的評論，現在您的組織已經完全整合，您認為剩餘的最大機會是什麼？

I think we've really talked a lot about synergies around the drill bit and completions and the capital synergies. I think there's some longer-dated synergies in the field in the production world as we get teams integrated and continue to share learnings and best practices from the operating teams in the field and on the production and PDP side, where can we see improvements, shared resources. Those things take a little longer than just converting a drilling rig or a completion crew over to a program. So we're still in the middle of all that.

我認為我們已經討論了很多關於鑽頭和完井以及資本協同效應的協同效應。我認為，隨著我們整合團隊並繼續分享來自現場營運團隊以及生產和 PDP 方面的學習和最佳實踐，在生產領域的現場將會出現一些長期的協同效應，我們可以看到改進和共享資源。這些事情比僅僅將鑽井平台或完井隊轉換為一個專案要花費更長的時間。所以我們仍處於這一切之中。

And the integration of the field organization really is going to be hot and heavy this year, and we're excited to -- it will be smaller things that are harder to measure, but be a lot of things that will accrue, hopefully, to our LOE and OpEx budgets in future years.

今年，現場組織的整合確實會非常激烈，我們很高興——這將是一些較小的、更難衡量的事情，但希望很多事情將在未來幾年增加到我們的 LOE 和 OpEx 預算中。

Kevin MacCurdy, Pickering Energy Partners.

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

Do you have a breakdown of the 2025 CapEx plan for the legacy assets versus the CapEx for Double Eagle? Just trying to get a feel for how much lower the new legacy guide is compared to the prior commentary.

您是否有 2025 年遺留資產資本支出計畫與 Double Eagle 資本支出的詳細比較？只是想了解新的遺產指南與之前的評論相比低了多少。

Yeah. Kevin, we gave out Double Eagle $200 million of CapEx for Q2 to Q4 for 27,000 barrels a day of oil. Their assets a little earlier. So something like 40, something like that, 1,000 BOEs a day. So if you look at our [3.8% to 4.2%], you take [200] off down on each side, you're at [3.64%]. It kind of ties $3.6 billion -- $3.6 billion to $4 billion for the full year. And it kind of ties to where we guided Q1 of 2025, which is $900 million to $1 billion for [$4.70] oil to [$4.75] oil, which ironically looks a lot like Q4 of 2024.

是的。凱文，我們在第二季至第四季向 Double Eagle 提供了 2 億美元的資本支出，用於每天開採 27,000 桶石油。他們的資產稍早。所以每天大概是40，或是1,000桶油當量。因此，如果你看看我們的[3.8％到4.2％]，你從兩邊各減去[200]，你就會得到[3.64%]。這與全年的 36 億美元——36 億美元到 40 億美元——掛鉤。這與我們預期的 2025 年第一季的情況有點相似，即油價為 [4.70 美元] 至 [4.75 美元]，銷售額為 9 億美元至 10 億美元，具有諷刺意味的是，這與 2024 年第四季的情況非常相似。

So we're kind of moving towards -- given the volatility we've seen over the last quarter last year and certainly some more headlines and volatility this year to kick things off, we figured cutting capital and growing less or growing 0 prior to the Double Eagle deal made a lot of sense. And so Q1 is a pretty good look at what we were planning to do prior to DE. And we certainly had to change our plans pretty quickly as that deal moved quickly. But I think in general, we're seeing a more capital-efficient plan than expectations.

因此，我們有點朝著這個方向發展——考慮到去年最後一個季度我們看到的波動，以及今年肯定會出現的更多頭條新聞和波動，我們認為在 Double Eagle 交易之前削減資本、減少增長或零增長是非常有意義的。因此，Q1 很好地展現了我們在 DE 之前計劃要做的事情。由於交易進展迅速，我們不得不迅速改變計劃。但我認為總體而言，我們看到的計劃比預期的更具資本效率。

Great. I appreciate that detail. And as a follow-up, is there any CapEx associated with the assets that you might sell this year, both on the JV and the non-op?

偉大的。我很欣賞這個細節。接下來的問題是，您今年可能出售的合資和非經營資產中是否有任何資本支出？

The only thing we highlighted this midstream CapEx number, which is $60 million or so. There's certainly some CapEx associated with the non-op in the Delaware, but it's not a meaningful overall number.

我們唯一強調的是這個中游資本支出數字，約 6,000 萬美元。特拉華州的非營運業務肯定有一些資本支出，但這不是一個有意義的總體數字。

Paul Cheng, Scotiabank.

加拿大豐業銀行的 Paul Cheng。

And first, congratulations to Travis and Kaes and Jere. Maybe that's -- Kaes. Can you tell us that with the [drawdown]. How much you estimate is the saving in CapEx on those $120, $130?

首先，恭喜 Travis、Kaes 和 Jere。也許那是－－Kaes。你能告訴我們[縮編]。您估計這 120 美元、130 美元可以節省多少資本支出？

Yeah, Paul. Basically, on a gross basis, drilling right now is about $220 a foot. So on a net basis, our average working interest is about $200 a foot. So you're basically at $2.2 million to $2.4 million a well. So I'd say, overall, it's probably about a $200 million savings this year. And I think as I mentioned earlier in the call, the Gulf of the team is going to be how can we offset that in 2026, but reduce CapEx elsewhere.

是的，保羅。基本上，以總成本計算，目前的鑽探成本約為每英尺 220 美元。因此以淨值計算，我們的平均工作利益約為每英尺 200 美元。所以基本上每口井的成本是 220 萬美元到 240 萬美元。因此我認為，總的來說，今年大概可以省下 2 億美元。我認為，正如我在電話會議中早些時候提到的那樣，團隊面臨的困境是如何在 2026 年抵消這一損失，同時減少其他地方的資本支出。

Okay. And just curious that the cadence of the program, I mean, if we put Double Eagle aside, so we assume that it's roughly about prorate each quarter, the same number of where they're coming on stream. Because when we're looking at the number of wells that you expect to bring, one would think, given your strong productivity, that production will be somewhat higher than what you guide. So just curious that, is there anything we should be aware in terms of the timing of the wells or anything?

好的。我只是對計劃的節奏感到好奇，我的意思是，如果我們把 Double Eagle 放在一邊，那麼我們假設它大約是每個季度按比例分配的，數量與他們投入生產的數量相同。因為當我們查看您預計帶來的油井數量時，人們會認為，鑑於您強大的生產力，產量將略高於您的指導水平。所以我很好奇，關於油井的時間安排，我們是否該注意什麼？

No, I think we kind of said that 20 wells were brought into this year from last year. Who really knows what's going to happen at the end of this year. But I think this kind of low 500s before Double Eagle wells per year run rate is a pretty good number with 30 added wells from Double Eagle. But the program of 500 wells a year, wells moving forward and backward across the calendar line is not something we actively think about.

不，我想我們好像說過，今年比去年增加了 20 口井。誰真正知道今年年底會發生什麼。但我認為，在 Double Eagle 新增 30 口井的情況下，每年 Double Eagle 油井的運行率達到 500 口左右已經是一個相當不錯的數字了。但是，每年 500 口井的計劃，以及跨越日曆線的井的前進和後退並不是我們積極考慮的事情。

I see.

我懂了。

Leo Mariano, Roth.

裡奧·馬裡亞諾、羅斯。

I was hoping you could say a little bit more into the Double Eagle deal here and the synergies? You guys obviously spoke about it a little bit on the call and kind of alluded to some of this in the press release, but clearly, FANG is a low-cost operator in terms of being able to drill and complete wells nicely under $600 per foot in the Midland. Do you kind of have a number for those guys in terms of what their kind of run rate was? Just trying to get a sense of well cost savings over time here. And I'm also going to probably assume that maybe your LOE is also a bit lower than theirs. So I was hoping you could kind of quantify kind of the D&C and LOE numbers there to give us a sense of maybe some potential savings over time?

我希望您能更詳細地介紹一下 Double Eagle 交易及其綜效？你們顯然在電話會議上談到了這一點，並在新聞稿中提到了一些內容，但顯然，FANG 是一家低成本運營商，因為它能夠在米德蘭以每英尺低於 600 美元的價格鑽井和完井。你能大概知道這些人的跑動率是多少嗎？只是想了解一下隨著時間的推移成本節省的情況。而且我大概還會認為你的 LOE 也許也比他們的低一點。所以我希望您可以量化 D&C 和 LOE 數字，以便讓我們了解隨著時間的推移可能節省的一些潛在成本？

Yeah. For group known for their land prowess, those guys are actually pretty good operators over there at Double Eagle. They're doing a pretty good job. They were probably in the [$625, $650] range. But on a private deal, we're going to model it with our cost structure, and we put that new kind of well cost out last year when we announced the trade. So that's probably the biggest number we've put out.

是的。對於以陸地實力而聞名的團體來說，這些人實際上是 Double Eagle 那邊相當優秀的操作員。他們做得非常好。它們的價格可能在[625美元，650美元]左右。但在私人交易中，我們將根據我們的成本結構對其進行建模，並且我們在去年宣布交易時就公佈了這種新型油井的成本。這可能是我們公佈的最大數字。

I think second to that, because of the adjacencies, we're not going to have to build as much infrastructure to service those assets. And yes, I mean, I think from a timing perspective, those guys have been running 5 or 6 rigs and they ran them on in the southern portion of their asset, and we're about to move 4 or 5 rigs up to the north and choose through that inventory very, very quickly.

我認為其次，由於相鄰，我們不需要建造太多的基礎設施來服務這些資產。是的，我的意思是，我認為從時間角度來看，那些人已經運行了 5 到 6 個鑽機，並且他們在資產的南部運行它們，而我們即將把 4 到 5 個鑽機移到北部，並非常非常快速地選擇這些庫存。

And so we decided to move on the deal because so often in this business, you've seen companies buy deals that have high decline curves and have to chase that decline curve with too much capital and too many rigs. And the outcome of that is inventory duration being shortened rather than lengthened. So we timed it well, where we didn't acquire too much production and instead acquired a lot of upside that fits in well with our plan over the next 10 years.

因此，我們決定繼續這筆交易，因為在這個行業中，你經常會看到公司購買具有高衰退曲線的交易，並且必須投入過多的資本和鑽機來追逐這條衰退曲線。其結果是庫存週期縮短而不是延長。所以我們的時間安排得很好，沒有獲得過多的產量，反而獲得了很大的上升空間，這很符合我們未來 10 年的計畫。

Okay. That's helpful. I just wanted to take on the capital side here. So I certainly noted that your capitalized interest has kind of been going up the last few quarters. I'm sure a lot of that is related to the Endeavor deal. But just wanted to kind of check in on that. Is the capitalized interest included when you lay out the budget for 2025 here on the capital side?

好的。這很有幫助。我只是想在這裡談談資本方面的問題。因此我確實注意到，過去幾季你的資本化利息一直在上升。我確信其中很多都與 Endeavor 交易有關。但只是想檢查一下這一點。當您在資本方面製定 2025 年預算時，是否包括資本化利息？

Yeah. No. So capitalized interest seems to be the hot topic. I don't know if we've gone down to capitalized interest is something that's interesting in this business. But at the end of the day, we don't make the accounting rules. When you do a deal with a lot of undeveloped acreage, if you raise debt dollars to pay for it, those go in the capitalized section.

是的。不。因此，資本化利息似乎是個熱門話題。我不知道我們是否已經把資本化利息降到這個水平，這在這個行業中是一件有趣的事情。但歸根究底，我們並沒有製定會計規則。當你進行大量未開發土地的交易時，如果你籌集債務資金來支付款項，那麼這些資金將進入資本化部分。

For us, that runs through addition to oil and gas properties, which is not in our CapEx budget, we've got to put our CapEx budget as what it takes to run the business. But our shareholder commitments and return commitments and all the math we do on our side does include that. But from a free cash flow definition perspective, we excluded. And I think over the coming couple of years as we pay down a significant amount of that debt, that issue will be put to rest.

對我們來說，這涉及石油和天然氣資產的增加，這不在我們的資本支出預算中，我們必須將我們的資本支出預算作為經營業務所需的預算。但我們的股東承諾和回報承諾以及我們所做的所有計算都包括了這一點。但從自由現金流定義的角度來看，我們將其排除在外。我認為，在未來幾年裡，隨著我們還清大部分債務，這個問題將會得到解決。

(Operator Instructions)

（操作員指令）

Doug Leggate, Wolfe Research.

道格‧萊格特（Doug Leggate），沃爾夫研究公司。

Hey, gentlemen. Good morning. This is actually Carlos in for Doug. And he most definitely experienced congratulations to you, Travis, Jere and Kaes. Look, guys, what we're trying to figure out is we talk about a decade of inventory at the current pace and that's presumably associated to your highest return on screen. What would that look like if we applied the current strip to screen returns? Would that number change? And how much so?

嘿，先生們。早安.這實際上是卡洛斯 (Carlos) 代替道格 (Doug)。他絕對會向你、崔維斯、傑爾和凱斯表示祝賀。夥計們，我們想弄清楚的是，按照目前的速度，我們談論的是十年的庫存，這可能與您在螢幕上的最高回報有關。如果我們將目前的條帶套用到螢幕返回，結果會是什麼樣子？這個數字會改變嗎？那麼有多大呢？

Yeah. I think the gold standard in the industry right now is sub [40] breakeven, and that's what we've been focused on and saying, the decade reference. Obviously, inventory expands significantly as commodity prices go up. I think for us, that number is put in our deck on slide 12, we show kind of the $50 breakeven though, that's a 10% rate of return at $50 a barrel, right? We're not going to be wanting to drill that many wells in that situation. Instead, we'd like to have the balance sheet strength to be buying back shares in that situation.

是的。我認為，目前該行業的黃金標準是損益平衡點低於[40]，這就是我們一直關注的，也是十年的參考。顯然，隨著商品價格上漲，庫存會大幅增加。我認為對我們來說，這個數字已經放在第 12 頁的幻燈片中了，我們展示的是 50 美元的盈虧平衡點，也就是每桶 50 美元時的 10% 的回報率，對嗎？在這種情況下，我們不會想鑽那麼多井。相反，在這種情況下，我們希望擁有強勁的資產負債表來回購股票。

But I think from an overall strategy perspective, the inventory is there. It's just about at what time do you have to prosecute that inventory, and we've tried to position ourselves to be the last person to have to drill the lower returning inventory but also have the lowest cost structure to be able to do it.

但我認為從整體策略角度來看，庫存是存在的。問題只是在什麼時候你必須處理這些庫存，我們試圖將自己定位為最後一個必須鑽探較低迴報庫存的人，但同時也擁有能夠做到這一點的最低成本結構。

Got you. That's very helpful. And not to beat the dead horse here, but in terms of your DUCs and the capital associated with that, how much of that capital benefit or at what rate do you expect that capital to come back throughout 2026? What's the cadence associated with the capital benefit reverting back to normal levels?

明白了。這非常有幫助。我不是要在這裡重複老生常談，但就您的 DUC 及其相關資本而言，這些資本將獲得多少收益，或者您預計這些資本將在 2026 年以什麼樣的速度回流？資本利得恢復到正常水準的節奏是怎麼樣的？

It's pretty level loaded. We have a very good forward visibility into when we're completing and what we're drilling. I think we also went into this year running 18 or 19 rigs and realize that we were going to have a pretty sizable DUC balance we could draw down. So we're going to be down at kind of 15 rigs here in the next couple of weeks, and we'll probably keep that pace for most of the year.

它的級別相當高。我們對何時完成以及鑽探什麼有很好的前瞻性預見。我想我們今年也運行了 18 或 19 個鑽機，並且意識到我們將擁有相當可觀的 DUC 餘額可供使用。因此，未來幾週我們的鑽井數量將會達到 15 台左右，而且在今年的大部分時間裡，我們大概都會維持這個速度。

I think, as mentioned earlier, if things are going well on the year and we're towards the lower half of guidance, we'll probably drill 30 to 50 more wells and keep a relatively high DUC balance. We really like that because it gives us operational flexibility, particularly with the size of these pads and the size of the development. So it's good to have somewhere to go when things go south, and that DUC balance allows us to do that.

我認為，正如前面提到的，如果今年一切進展順利，並且我們接近指導目標的下半部分，我們可能會再鑽 30 到 50 口井，並保持相對較高的 DUC 平衡。我們真的很喜歡這一點，因為它給了我們操作靈活性，特別是在這些墊塊的大小和開發規模方面。因此，當情況變糟時，有個去處是件好事，而 DUC 平衡讓我們能夠做到這一點。

(Operator Instructions)

（操作員指令）

Kalei Akamine, Bank of America.

卡雷‧阿卡明 (Kalei Akamine)，美國銀行。

On slide 28, you're breaking out surface acres in the Permian for the first time, kind of suggests that you're getting close to securing maybe the Permian's first data center deal. How should we think about how the financial benefits are going to flow back? And I'm thinking in terms of land sale revenues, will there be maybe a fixed price for gas? Could you even be paid in kind or through discounted power prices?

在第 28 張投影片上，您首次公佈了二疊紀盆地的地表面積，這表明您即將獲得二疊紀盆地的第一個資料中心交易。我們應該如何思考財務利益將如何回流呢？我在考慮土地出售收入方面，天然氣是否會有一個固定價格？你甚至可以用實體或折扣電價來獲得報酬嗎？

Yeah, good questions. I think the land payment in my mind, is the least important of all of the payments given the size of the land needed. It's not a huge piece of property, but about 1,000 acres and you can buy a lot of surface out here in the Permian cheap. And fortunately, we have a lot of it. But I think the benefit to us would be participation from an equity perspective in the plant and on the power side, but also -- and also contributing all of the gas needed for the plant. And the debate is on between us and our partners on how we want to structure that.

是的，好問題。我認為，考慮到所需土地的面積，土地付款是所有付款中最重要的。這塊土地面積不算很大，但大約有 1,000 英畝，你可以以低價購買二疊紀盆地的大片地表。幸運的是，我們擁有很多。但我認為，對我們來說，好處不僅是從公平的角度參與工廠和電力方面，還能貢獻工廠所需的所有天然氣。我們和我們的合作夥伴正在討論如何建立這項架構。

You could look at things on a fixed price basis. You could look at a collar, you could look at an index. So I think what we're trying to do is kind of be more flexible than most here because in our situation, we're looking to take back a good amount of power ourselves, which I think will maintain our best-in-class LOE structure, particularly as power gets more scarce in the basin. So a lot of moving parts, but we're very actively working on it today. And I think it could be exciting for the Permian and exciting for Diamondback shareholders.

您可以按照固定價格來看待事物。您可以看看衣領，也可以看看索引。因此，我認為我們正在嘗試做的是比這裡的大多數人更加靈活，因為在我們的情況下，我們希望自己收回大量電力，我認為這將保持我們一流的 LOE 結構，特別是當盆地中的電力變得越來越稀缺時。因此有很多活動部件，但我們今天正在非常積極地致力於此。我認為這對 Permian 和 Diamondback 股東來說都是一件令人興奮的事情。

I appreciate that color. For my next question, I'm thinking about the Endeavor share overhang. Kind of go back to Neil's question, post drop-down, you guys are a lot longer [BENEM] stock. Do you think there's any opportunities to maybe creatively swap BENEM shares for the sellers' shares in FANG?

我很欣賞那個顏色。對於下一個問題，我正在考慮 Endeavor 的股票懸而未決的問題。有點回到 Neil 的問題，發布後，你們的 [BENEM] 庫存要多得多。您認為是否有機會以創造性的方式將 BENEM 股票換成賣方在 FANG 中的股票？

Yeah. Probably, that's something I can comment on. But I think Diamondback from Diamondback's perspective is happy with our ownership in BENEM. I think the stocks had a good run. I think the world is kind of waking up to the value of minerals. And Diamondback has a now $7.5 billion to $8 billion stake in -- [in BENEM] that I think is truly unique. But we structured that deal because we with as much equity as we did because we look at debt on a net debt on a consolidated basis. And in our mind, it didn't make sense to lever up Viper exchange for after-tax debt dollars at the parent.

是的。或許，我可以對此發表評論。但我認為，從 Diamondback 的角度來看，Diamondback 對我們對 BENEM 的所有權感到滿意。我認為股票走勢良好。我認為世界開始認識到礦物質的價值。目前，Diamondback 在 BENEM 持有價值 75 億至 80 億美元的股份，我認為這是非常獨特的。但是，我們建立了這筆交易，因為我們擁有盡可能多的股權，因為我們在合併基礎上以淨債務來看待債務。在我們看來，利用 Viper 交易所的槓桿來換取母公司的稅後債務是沒有意義的。

So we did a highly equitized trade. But I think from the Diamondback side, gets us back over 50% ownership of Viper and leaves Viper under levered to continue to consolidate its market. Because I think that mineral consolidation will be pretty significant over the coming years relative to upstream.

因此我們進行了高度公平的交易。但我認為從 Diamondback 的角度來看，我們可以重新獲得 Viper 50% 以上的所有權，並使 Viper 能夠繼續鞏固其市場。因為我認為，未來幾年礦產整合相對於上游而言將相當重要。

Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to CEO, Travis Stice, for closing remarks.

女士們、先生們，我表示隊列中沒有其他問題。現在，我想將電話轉回給執行長 Travis Stice，請他致最後總結。

Thanks, everyone, for listening in this morning. I appreciate your attention. If you've got any follow-up questions, please reach out to the numbers provided. Thanks again. You all have a great day.

感謝大家今天早上的收聽。感謝您的關注。如果您有任何後續問題，請撥打所提供的電話號碼。再次感謝。祝大家有個愉快的一天。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。