Diamondback Energy Inc (FANG) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Diamondback Energy second quarter 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Diamondback Energy 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Adam Lawlis, VP of Investor Relations. Please go ahead.

現在，我想將會議交給今天的第一位發言人，投資者關係副總裁亞當·勞利斯 (Adam Lawlis)。請繼續。

Thank you, Briana. Good morning, and welcome to Diamondback Energy's second quarter 2025 conference call.

謝謝你，布萊娜。早安，歡迎參加 Diamondback Energy 2025 年第二季電話會議。

During our call today, we will reference an updated investor presentation and letter to stockholders, which can be found on our website. Representing Diamondback today are Kaes Van’t Hof, CEO; Danny Wesson, COO; and Jere Thompson, CFO.

在今天的電話會議中，我們將參考更新後的投資者介紹和致股東的信，可在我們的網站上找到。今天代表 Diamondback 的是執行長 Kaes Van't Hof、營運長 Danny Wesson 和財務長 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，參與者可能會對本公司的財務狀況、經營績效、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，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.

有關這些因素的資訊可以在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。

I'll now turn the call over to Kaes.

現在我將把電話轉給 Kaes。

Great. Thank you, Adam, and good morning, everyone, and thanks for taking the time to listen to our earnings call. We're in our conference room in Midland, Texas with no air conditioning and truly valuing the importance of American Energy this morning with no air conditioning in its office.

偉大的。謝謝你，亞當，大家早安，謝謝你們抽出時間聆聽我們的財報電話會議。今天早上，我們在德州米德蘭的會議室裡，沒有空調，辦公室裡沒有空調，我們真正認識到美國能源的重要性。

So we'll get it started. I hope you read our letter and investor presentation and release last night, and we're going to go straight into Q&A.

那我們就開始吧。我希望您閱讀了我們昨晚的信函和投資者介紹和發布，我們將直接進入問答環節。

(Operator Instructions) Arun Jayaram, JPMorgan Securities LLC.

（操作員指示） Arun Jayaram，摩根大通證券有限責任公司。

Sorry about the AC situation. I hope you have a couple of fans because it can get hot and midland in the middle of the summer. Yes. Hopefully, this is not part of -- Kaes, your thoughts on reducing costs at the company because AC is important. Yes.

對於空調的問題，我們深感抱歉。我希望你有幾個風扇，因為仲夏時節天氣會很熱。是的。希望這不是——Kaes，你關於降低公司成本的想法，因為空調很重要。是的。

But let me shift gears a little bit. Kaes, I want to hit this one head on. There's been a lot of consolidation talk in the industry, particularly from some of your big cap peers who've highlighted some of the benefits they've received from synergy capture from previous deals.

但請讓我稍微轉變一下話題。Kaes，我想正面解決這個問題。業內有很多關於整合的討論，特別是一些大型同行，他們強調了從先前的交易中獲得的協同效應所帶來的一些好處。

I was wondering if you could comment on how you think about the consolidation road map in the Permian and FANG's role within the industry and just overall M&A thoughts.

我想知道您是否可以評論一下您對二疊紀盆地整合路線圖以及 FANG 在行業中的作用以及整體併購想法的看法。

Yes. I mean good question, Arun. I mean I think, first and foremost, we have to remind everybody that our job is to maximize shareholder value. And I think we've done that very successfully at Diamondback over the last 15 years. And what I think and I think investors would agree is an extremely -- has been an extremely tough tape.

是的。我問得好，阿倫。我的意思是，我認為首先，我們必須提醒每個人，我們的工作是實現股東價值最大化。我認為，過去 15 年來，我們在 Diamondback 已經非常成功地做到了這一點。我認為，而且我認為投資者都會同意，這是一個極其艱難的過程。

So generating alpha and creating value in a tough tape is what we've done. And we've done that via an acquire and exploit strategy in the Permian, where we've been able to cut costs and execute better than anybody else on the assets we acquired. And I think that ability to integrate acquisitions and not have any issues executing post doing it.

因此，我們所做的就是在艱難的環境中產生阿爾法並創造價值。我們透過在二疊紀盆地實施收購和開發策略實現了這一目標，在收購資產方面，我們能夠削減成本，並且比其他任何人都做得更好。我認為，這種整合收購的能力，執行後不會有任何問題。

The most recent example is endeavor, almost doubled the size of the company and outside to investors, it looked like we didn't skip a beat. So listen, we've got a young team executing at the highest level in the prime of all of our careers, and we're only getting better quarter in, quarter out as proven with the results today.

最近的例子就是努力，公司規模幾乎擴大了一倍，在投資人看來，我們似乎沒有錯過任何一個節拍。所以聽著，我們擁有一支年輕的團隊，他們正處於職業生涯的巔峰時期，發揮著最高水平，而且正如今天的成績所證明的那樣，我們每個季度都會取得更好的成績。

So I think the way we see it is we're -- we should naturally be the consolidator of choice as we execute at a lower cost and better overall development strategy, some slides we put in the deck today that are pretty interesting. And until someone else can prove they can do it better than us and we lose our edge, then we should be the consolidator of choice.

所以我認為我們的看法是——我們自然應該成為首選的整合者，因為我們以更低的成本和更好的整體發展策略執行，我們今天在演講台上展示的一些幻燈片非常有趣。除非其他人能夠證明他們能比我們做得更好，而我們失去優勢，否則我們就應該是首選的整合者。

So that's what I spend my time thinking about. I think it's interesting to see larger peers get bigger in the basin and talk about M&A. But I think we're singularly focused on continuing to execute at the highest level, and we exhibited that today.

這就是我花時間思考的事情。我認為看到規模更大的同行在盆地中發展壯大並談論併購是很有趣的。但我認為我們唯一關注的是繼續在最高水準上執行，今天我們就展現了這一點。

Great. My follow-up, you announced some non-core non-op Delaware Basin property sales in the quarter. I was wondering if you could maybe give us some thoughts on the broader asset sale target of $1.5 billion, in particular, maybe an update on the Endeavor water drop?

偉大的。我的後續問題是，您在本季度宣布了一些非核心非經營特拉華盆地房地產的銷售。我想知道您是否可以就 15 億美元的更廣泛資產出售目標給我們一些看法，特別是關於 Endeavor 水滴火箭的最新消息？

Yes. So we announced a $1.5 billion non-core asset sale target with the Double Eagle transaction that closed early in the second quarter. We're a small way through it with two small sales, non-op sale and the BANGL sale, getting us to about $250 million, $260 million of cash in the door coming in this quarter.

是的。因此，我們宣布了 15 億美元的非核心資產出售目標，Double Eagle 交易於第二季初完成。我們透過兩次小型銷售、非經營性銷售和 BANGL 銷售取得了小小的進展，本季我們的現金流入約為 2.5 億美元、2.6 億美元。

The other two big pieces of non-core assets that we see as on the block are our EPI pipeline stake, which we've increased to 27.5% of that pipe. It's a pretty valuable pipe now with the last remaining expansion out of the basin.

我們認為待出售的另外兩大非核心資產是我們的 EPI 管道股份，我們已將其持股比例增至 27.5%。現在它是一根非常有價值的管道，是盆地中最後剩下的延伸部分。

And then the other piece being our Endeavor Water assets that we feel make a ton of sense in our Deep Blue JV. So we're working on both of those projects imminently.

另一部分是我們的 Endeavor Water 資產，我們認為它對我們的 Deep Blue JV 來說非常有意義。因此我們正著手進行這兩個項目。

It's hard for us to put too much detail when we don't have binding documents done, but we are working on binding documents for both of those. So expect to have a very fulsome update for our shareholders at some point in the next quarter or two on hitting that target and getting that cash in the door.

當我們沒有完成具有約束力的文件時，我們很難提供太多細節，但我們正在為這兩者制定具有約束力的文件。因此，我們期望在下一兩個季度的某個時候向我們的股東提供一個非常詳細的更新，以達到這一目標並獲得現金。

David Deckelbaum, TD Cowen.

大衛·德克爾鮑姆（David Deckelbaum），TD Cowen。

I'll keep it short in the interest of comfort. I'm wondering if you can contextualize a bit more Kaes, the opportunity to address some of the production downtime and focus on the production tail. Can you quantify the size of that opportunity that you think can be addressed over the next couple of years?

為了讓您舒服，我會長話短說。我想知道您是否可以更詳細地介紹 Kaes，即解決部分生產停機問題並專注於生產尾部的機會。您能否量化未來幾年內可以解決的這一機會的規模？

Yes, I'll give it a high level. This commentary is new to us, right? I mean if you look back at the development of Shale or Diamondback, it used to be 80% of our spend was on capital and 20% was on op costs. And now here we are at the size that we are, capital is 65% or so of our spend. Op costs are 35% and we think it's going to 50-50.

是的，我會給它高分。這個評論對我們來說很新鮮吧？我的意思是，如果你回顧 Shale 或 Diamondback 的發展，我們過去 80% 的支出用於資本，20% 用於營運成本。現在，就我們的規模而言，資本占我們支出的 65％ 左右。營運成本為 35%，我們認為這個比例將達到 50-50。

And I think there's a lot of things to work on, on the tail of our production, some of which came over from ideas the Endeavor team had, and we're seeing some interesting results on some of our -- we call them HTL jobs.

我認為，在我們的生產過程中還有很多工作要做，其中一些工作來自 Endeavor 團隊的想法，我們在一些工作中看到了一些有趣的結果——我們稱之為 HTL 工作。

But I think if we can get a lot of little wins on the production side of the business, reduce downtime by 1% here, 1% there, do some of these workover jobs that bring some of the old wells back to life, so to speak, that adds up over a very large program. So I don't know, Danny or Chad, do you want to add anything that we've been doing on that and our focus on that, but that's the highlights.

但我認為，如果我們能在業務生產方面取得很多小胜利，在這裡減少 1%，在那裡減少 1% 的停機時間，做一些修井工作，讓一些老井恢復生機，可以說，這些加起來就是一個非常大的計劃。所以我不知道，丹尼或查德，你是否想補充我們在這方面所做的一切以及我們的重點，但這就是亮點。

Yes. I mean we've really leaned in a little bit more to our workover program this year. The spend -- the non-DC&E spend budget line item is a little larger this year than it has been in years past and really to allocate some more capital to working over older wells and trying to optimize the tail.

是的。我的意思是，我們今年確實更加重視修井計畫。今年的非 DC&E 支出預算項目比過去幾年略有增加，實際上是為了分配更多資金用於老井的修繕和尾部優化。

And we've seen some really encouraging stuff out of that program. We don't have anything we can really quantify today, but we're going to continue to work that and get some data around it so we can talk to it in the future.

我們從該計劃中看到了一些真正令人鼓舞的結果。我們今天還沒有任何可以真正量化的東西，但我們會繼續努力並獲得一些相關數據，以便我們將來可以討論它。

But I think some of these wells that are three, four, five years old that have been impacted by offset fracs and whatnot, when we go into them and clean them out and put some asset or some other chemical optimization into the reservoir or stimulation into the reservoir, we're seeing almost 20% to 50% to 100% improvement in production on lower production volumes, but it's very encouraging what we're seeing on some of the work we're doing on the tail end of the production curve.

但我認為，其中一些使用了三、四、五年的油井受到了補償壓裂等的影響，當我們進入這些油井並清理它們並向油藏中投入一些資產或其他化學優化或刺激措施時，我們看到產量在較低產量下提高了近 20% 到 50% 到 100%，但我們在生產曲線下提高了近 20% 到 50% 到 100%，但我們在生產曲線端所做的一些工作曲線所取得的非常令人鼓舞的結尾。

And maybe, Kaes, just following up on just Arun's comments with some of the non-core sales targeted for perhaps the back half of this year. How do you think about managing that cash coming in the door versus some of your debt targets by the end of the year and some shareholder returns?

也許，Kaes 只是在跟進 Arun 的評論，並提到一些非核心銷售可能是在今年下半年完成的。您如何考慮管理流入的現金與年底前的部分債務目標和股東回報？

Yes. I mean I think getting the cash in the door will help pay down our two-year term loan that we took out with the Double Eagle deal. That's really our big piece of debt that's due in 2027. We have another note due in 2026, but it's 3% interest. So we'll just build cash to be able to take that out and enjoy that 3% interest for the last year that we have it.

是的。我的意思是，我認為獲得現金將有助於償還我們在 Double Eagle 交易中獲得的兩年期貸款。這確實是我們一大筆債務，將於 2027 年到期。我們還有另一張 2026 年到期的票據，但利率為 3%。因此，我們只需累積現金，就可以取出這些現金，並享受最後一年 3% 的利息。

I think overall, we have some nice tailwinds here in Q3, a little lower CapEx, production strong, a pretty big cash tax tailwind with the one big beautiful bill flowing through. And so that should create more free cash or significantly more free cash in Q3, some of which can be used to pay down debt, but a combination of that plus non-core asset sales probably gets us into a really good spot where we think we could lean in on repurchases should things weaken further from here.

我認為總體而言，我們在第三季度有一些良好的順風，資本支出略低，生產強勁，現金稅收順風相當大，還有一張漂亮的大賬單流過。因此，這應該會在第三季創造更多的自由現金或顯著更多的自由現金，其中一些可以用來償還債務，但這些加上非核心資產的出售可能會讓我們處於一個非常好的位置，我們認為，如果情況進一步惡化，我們可以依靠回購。

Neil Mehta, Goldman Sachs & Co.

尼爾梅塔，高盛公司

If you can provide an update to the stoplight analogy, it sounds like you still think we're at yellow here, but your perspective on the macro and how that informs your activity decisions, there's some bifurcation in the industry about how they want -- how players want to approach the back half of the year, and you guys have definitely taken more guarded position here. So talk about the top-down view that informs how you're approaching your activity?

如果您可以對紅綠燈類比進行更新，聽起來您仍然認為我們在這裡處於黃色，但是您對宏觀的看法以及它如何影響您的活動決策，行業中存在一些分歧，關於他們想要什麼 - 玩家想要如何度過下半年，你們在這裡肯定採取了更加謹慎的立場。那麼，您能從自上而下的視角來談談您如何開展活動嗎？

Yes, Neil, good question. I think the stoplight is unveiled itself last quarter, and I don't think it's going anywhere anytime soon. Unfortunately, we still think we're in the yellow situation. But if you go back to May 5, May 4, when we released Q1 earnings, there's probably still more uncertainty then than there is today. And basically, we said we're prepared to go red if needed back then.

是的，尼爾，問得好。我認為紅綠燈在上個季度就已經揭開了面紗，而且我認為它不會很快消失。不幸的是，我們仍然認為我們處於黃色情況。但如果回顧我們發布第一季財報的 5 月 5 日、5 月 4 日，那時的不確定性可能比現在更大。基本上，我們當時就說過，如果需要的話，我們準備採取紅色行動。

And I think we're still ready to do that. But I think it seems that the double whammy of a demand shock and a supply shock anticipated for now. There's still a lot of firms, yours included, that see oil prices as much lower next year. I don't know if I believe that they're going to be that low, but it's certainly hard for me to get extremely bullish today, and that's why I think 2025 for us is a year of debt reduction and share count reduction, waiting for that spring to coil when commodity prices do rally at some point.

我認為我們仍然準備好這樣做。但我認為，目前看來，需求衝擊和供應衝擊的雙重打擊是可以預料到的。包括貴公司在內的許多公司都認為明年的油價將會更低。我不知道我是否相信它們會跌到那麼低，但今天我肯定很難變得非常樂觀，這就是為什麼我認為 2025 年對我們來說是減少債務和減少股票數量的一年，等待大宗商品價格在某個時候反彈時出現反彈。

And as that ties into the M&A in relation to -- last quarter, I think your message was Double Eagle represent an opportunity for you guys to pull at that point, you had consolidated a lot of the higher quality positions in the Permian and you want to stay a pure-play and then incremental M&A, if it's done, it would probably be done from a Viper Energy perspective where you view that as a roll-up story. Is that still the framework? Or are you suggesting a different posture year to date?

由於這與上個季度的併購有關，我認為你的訊息是 Double Eagle 代表你們在那個時候的一個機會，你們已經鞏固了二疊紀盆地的許多高品質職位，並且你們希望保持純粹的業務，然後進行增量併購，如果完成了，那麼很可能是從 Viper Energy 的角度來看的，你將其視為一個匯總故事。那還是框架嗎？或者您建議今年迄今為止採取不同的姿態？

No. That's still our base case. I mean I think if Diamondback, we're very fortunate to have the inventory quality and depth that we have today. There certainly is more consolidation to happen in the Permian. I think for Diamondback, we need to be a lot more selective than we've been in the past because there's not a lot of inventory out there that competes for capital in our top quartile that we have today.

不。這仍然是我們的基本情況。我的意思是，我認為如果是 Diamondback，我們很幸運擁有今天的庫存品質和深度。二疊紀盆地肯定會發生更多的整合。我認為對於 Diamondback 來說，我們需要比過去更加謹慎，因為目前我們前四分之一的庫存並不多，不足以與它們爭奪資本。

And that's why we were so aggressive on Double Eagle. And unfortunately, the timing wasn't great as that it closed right before Liberation Day, but we still feel very happy about the assets we acquired there, the sub-40 breakeven inventory we acquired there, and we really don't see that much sub-40 breakeven inventory in hands of potential targets.

這就是我們如此積極地開發 Double Eagle 的原因。不幸的是，時機不太好，因為它在解放日之前關閉，但我們仍然對我們在那裡收購的資產、我們在那裡收購的低於 40 的盈虧平衡庫存感到非常高興，而且我們確實沒有看到潛在目標手中有那麼多低於 40 的盈虧平衡庫存。

So I think we have to be a lot more selective. Now Viper on the other hand, we can talk about that on the Viper call, has had a great year consolidating and building that business. But I think your analysis is correct that Diamondback is going to be more patient and Viper is going to keep growing its business.

所以我認為我們必須更有選擇性。另一方面，我們可以在 Viper 電話會議上討論一下，Viper 在鞏固和發展業務方面度過了非常成功的一年。但我認為您的分析是正確的，Diamondback 將會更加耐心，而 Viper 將繼續發展其業務。

Great. We'll talk on the Viper call.

偉大的。我們將在 Viper 通話中討論。

It will be hotter than in this room.

那裡會比這個房間更熱。

Scott Hanold, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Scott Hanold。

All every quarter seem to find ways of squeezing out more efficiency, getting drilled aids down and et cetera. look, how many more things can you do?

每個季度似乎都在尋找提高效率、減少鑽探輔助等的方法。看看你還能做多少事？

I mean drilling days can't go to zero, but like do you have a line of sight on how you can continue to improve efficiencies? Or are you getting to a point where you're more at the optimal level? And maybe if we understand what the leading-edge metrics right now are versus averages, that would be helpful.

我的意思是鑽井天數不可能降為零，但您是否知道如何才能繼續提高效率？或者您已經達到了最佳水平？如果我們了解目前的前沿指標與平均值相比如何，那可能會有所幫助。

Scott, yes, thanks for the question. I'd love to talk about the ops guys and the nice prion some of the stuff we talked about in these calls. So I think drilling guys, in particular, have done a phenomenal job of really chasing that leading edge well and getting to that leading edge well more consistently.

斯科特，是的，謝謝你的提問。我很樂意談論操作人員和友善的朊病毒以及我們在這些通話中談論的一些事情。因此，我認為鑽井人員在真正追逐前沿和更持續地達到前沿方面做得非常出色。

I think we've hit these four- and five-day wells that we talk about sporadically throughout quarters in the past, but they're getting to where they're hitting them more consistently. And I think that's the the real efficiency driver is how do we become more consistent and chasing those really record wells.

我認為，我們在過去幾個季度中偶爾會談到這些四天和五天的井，但他們正在更持續地實現這些目標。我認為真正的效率驅動力在於我們如何變得更加一致並追求那些真正的記錄。

We continue to push lateral lengths longer. We put in our letter highlighted a well that we drilled 30,000-plus feet, I think is a record well in Texas.

我們繼續延長橫向長度。我們在信中重點提到了我們鑽探的一口井，深度超過 30,000 英尺，我認為這是德克薩斯州創紀錄的井。

And so we're really pushing the limit of what we've known to be capable to do on the drilling side and I really don't know where the threshold limit is going to take us there. But the guys have done a really good job of just consistently eliminating the downtime out of the operation and chasing that leading edge well in every section of the drilling well. And on the completion side, they continue to do the same thing.

因此，我們確實在突破鑽探方面已知的能力極限，我真的不知道這個極限會把我們帶到哪裡。但這些工人確實做得非常出色，他們不斷消除了作業中的停機時間，並在鑽井的每個部分都追逐著前沿。在完成方面，他們繼續做同樣的事情。

They're just chasing that final frac efficiency, continuing to get better pad after pad and you see that in the results of the aggregate lateral footage per day, pushing 4,000 foot per day on the simul-frac crews. And look, I think there's opportunity to do some different things in the simul-frac world where we can grow that efficiency 15% to 20% more on top of that.

他們只是追求最終的壓裂效率，不斷地改進壓裂平台，您可以從每天的總橫向進尺結果中看到這一點，在模擬壓裂隊伍中每天推進 4,000 英尺。而且，我認為在模擬壓裂領域有機會做一些不同的事情，我們可以在此基礎上將效率提高 15% 到 20%。

So we're not done chasing those things. I think we'll continue to try and lead the pack in the Permian with regards to drilling and completion efficient. I think at some point in time, we will reach a plateau, but we don't see it here in the near future.

所以我們還沒追逐完這些東西。我認為我們將繼續努力在二疊紀鑽井和完井效率方面保持領先地位。我認為在某個時間點，我們會達到一個平台期，但我們在近期內還看不到它。

All right. That's good to hear. And my follow-up question is, you all had a bit stronger gas production this quarter. And it sounds like it came from more gas capture and processing improvements. Can you tell us how much more of that is yet to come?

好的。聽到這個消息真好。我的後續問題是，本季你們的天然氣產量都有增加。聽起來這來自於更多的氣體捕獲和處理的改進。您能告訴我們還有多少事情即將發生嗎？

And is that something where your midstream partners are investing more capital to improve it? Are you doing things differently with them or give us a little bit of color behind what drove that? And how much more can we see from that perspective?

您的中游合作夥伴是否正在投入更多資金來改善它？您是否對他們採取了不同的做法，或者能否稍微解釋一下背後的原因？從這個角度我們還能看到多少？

Yes, Scott, I mean, the back story there is a business that we invested in WTG, West Texas Gas sold to Energy Transfer a year ago. WTG has been spending a lot of capital, adding plants and capacity to a very high-growth area, Martin County, of which we were the largest producer on the system.

是的，史考特，我的意思是，背景故事是我們在 WTG 投資的一家企業，西德州天然氣公司一年前賣給了 Energy Transfer。WTG 投入了大量資金，在馬丁縣這個高成長地區增加工廠和產能，我們是該地區最大的生產商。

With that growth, there was some growing pains and some power issues that took both WTG and Energy Transfer some time to the world. Those plants operate a lot more efficiently. And the big increase was to our liquids yields.

隨著這種成長，WTG 和 Energy Transfer 也遇到了一些成長的煩惱和電力問題，這需要一些時間才能解決。這些工廠的運作效率更高。我們的液體產量大幅增加。

We've added 33,000 barrels a day of NGLs to our production in Q2 over Q1, like the snap of a finger. And I think that's very positive for long-term cash flow and as well as the production in that area makes it more economic. So big wins from the energy transfer team. That's why we put them in the letter. But we continue to do things on our side too.

與第一季相比，我們第二季的天然氣液體產量增加了 33,000 桶/天，就像彈指一揮間一樣。我認為這對長期現金流非常有利，而且該地區的生產也使其更具經濟效益。能源轉移團隊取得了巨大的勝利。這就是我們把它們寫進信裡的原因。但我們也會繼續做自己的事情。

I mean, our flaring was down, I don't know, 75 bps or 100 bps in the second quarter versus the first quarter that ties to the gas capture side. So really trying to get all three molecules generating as much revenue as possible for Diamondback here.

我的意思是，與天然氣捕獲方面相關的第一季相比，我們的第二季燃燒量下降了，我不知道，是 75 個基點還是 100 個基點。因此，我們真正想嘗試的是讓這三種分子為 Diamondback 創造盡可能多的收入。

John Freeman, Raymond James.

約翰‧弗里曼、雷蒙‧詹姆斯。

One of the majors has recently highlighted some pretty ambitious targets for dramatically improving oil recovery rates in the Permian? Just your all thoughts on that side of the equation. Obviously, you've done a fantastic on the cost side and just anything that you all are looking at on the recovery rate side of things?

其中一個主要石油公司最近強調了一些相當雄心勃勃的目標，即大幅提高二疊紀盆地的石油採收率？這只是你對等式那邊的所有想法。顯然，你們在成本方面做得非常出色，你們在回收率方面所關注的一切事情呢？

Yes. I mean, listen, we're always trying to drill better wells, right? We added an interesting slide this quarter, slide 9 about our development strategy. where we talk about how many zones per section, how many wells per section we're drilling. And I think it's well known that Diamondback is a cost leader in the basin, but I think it's less understood that we're also a technical leader in the basin drilling -- maximizing both returns and resource, right?

是的。我的意思是，聽著，我們一直在努力鑽更好的井，對吧？我們在本季增加了一個有趣的投影片，第 9 張投影片介紹了我們的發展策略。我們在其中討論了每個部分有多少個區域，每個部分有多少井。眾所周知，Diamondback 是該盆地的成本領先者，但人們不太了解的是，我們也是該盆地鑽探的技術領先者——能夠最大化回報和資源，對嗎？

With our cost structure, we're able to put another couple of wells in every section. And if we're getting the same production per well than peers that are space then we're naturally generating better returns and more recoveries for our shareholders.

憑藉我們的成本結構，我們可以在每個區域再鑽幾口井。如果我們每口井的產量與同行相同，那麼我們自然會為股東帶來更好的回報和更多的回收。

And I think with respect to your comments on the ambitious goals. I think that's amazing. I'm not going to knock technology developments in the basin because Diamondback is naturally going to be a beneficiary of that. And it's -- I think it's positive all around. So I hope it all works.

我認為，關於您對雄心勃勃的目標的評論。我認為這太神奇了。我不會批評該盆地的技術發展，因為 Diamondback 自然會從中受益。而且——我認為這總體上是積極的。所以我希望一切順利。

We're going to be -- continue to look across the fence line and try to drill the best well as possible, which I think we've done over the last 10 years and maybe some technology will help us combined with our low-cost structure over the next 10 years.

我們將繼續尋找突破界限的方法，並嘗試鑽出最好的井，我認為我們在過去 10 年裡已經這樣做了，也許某些技術將在未來 10 年內幫助我們結合低成本結構。

And then just one housekeeping item for me. Was there a production associated with the Delaware Basin divestiture.

然後對我來說只有一件家事。是否有與特拉華盆地資產剝離相關的生產。

Yes, there was a little bit, John, a little bit over 1,000 barrels a day of net oil production, a little bit more on the BOEs, but we just added it to the guidance going in the back half of the year.

是的，約翰，石油淨產量有一點點，每天略高於 1,000 桶，比英國石油公司的產量高一點，但我們只是將其添加到下半年的指導中。

Phillip Jungwirth, BMO.

菲利普·榮格沃思（BMO）。

Wondering how you're viewing the cost of capital advantage right now for Viper vs FANG and how this shapes capital allocation decisions at the parent level looks like based on the deck, both stocks are yielding around 10% free cash right now at 70, but I know you guys look at it in a lot more detail.

想知道您現在如何看待 Viper 與 FANG 的資本成本優勢，以及這如何影響母公司層面的資本配置決策，根據圖表來看，這兩隻股票目前的收益率都在 70% 左右，可獲得 10% 左右的免費現金，但我知道你們會更詳細地看待這個問題。

Yes. I mean, listen, I think there's some technical things going on at Viper right now. We're trying to get a public merger close, and that limits some of the things we can do in terms of repurchases, but also I think, brings in a different investor for the period of time between sign and close.

是的。我的意思是，聽著，我認為 Viper 現在發生了一些技術問題。我們正在努力完成公開合併，這限制了我們在回購方面可以做的一些事情，但我認為，在簽署和完成之間的這段時間內會引入不同的投資者。

I think I look forward to the window opening at the Viper level and being able to repurchase some shares aggressively as I think it is a very unique investment in the space. Also another thing I'll note, from a debt cost to capital perspective, Viper just in its first investment-grade deal that priced basically at or inside some very large peers of ours showing that there is a lot of investor support for that business.

我認為我期待 Viper 級別的窗口打開，並能夠積極回購一些股票，因為我認為這是該領域非常獨特的投資。另外我要注意的另一件事是，從債務成本與資本的角度來看，Viper 在其第一筆投資級交易中，其定價基本上與我們的一些非常大的同行持平或處於同一水平，這表明該業務得到了大量投資者的支持。

But I think there's some things on the equity side that are temporary. They need to work themselves out.

但我認為股權方面的一些情況是暫時的。他們需要自己努力。

Okay. Great. And then maybe more from a macro perspective, can you talk about typical cycle times right now in the Permian, just considering efficiency gains, larger pad sizes, longer laterals and we're really just trying to understand how long it takes to start to see the production impact from some of the reduced activity rig and frac that we've seen in the basin?

好的。偉大的。然後也許從宏觀角度來看，您能否談談二疊紀目前的典型週期時間，僅考慮效率提高、更大的平台尺寸、更長的水平段，我們實際上只是想了解需要多長時間才能開始看到我們在盆地中看到的一些減少活動鑽機和壓裂對生產的影響？

Yes. I mean if you think about -- you could look at slide 9 in our deck, actually, and we highlight some of the average wells per section from ourselves and some peers. And if you look at 15 to 25-ish wells a section, call it 20, on average, 10 days a well, you're looking at 200 days of drilling time to cycle off that path.

是的。我的意思是，如果你想想——實際上，你可以看看我們簡報中的第 9 張幻燈片，我們重點介紹了我們自己和一些同行的每個部分的一些平均油井。如果你看每個區塊 15 到 25 口井，平均每口井 20 天，每口井 10 天，你就需要 200 天的鑽井時間來完成這條路徑的循環。

So somewhere in the neighborhood of six to nine months is a typical pad development or DSU development that may be broken down into multiple pads. But so it's really -- these projects are not as short cycle as I think they're often referred to as because to properly develop the whole DSU, it does take quite a bit of time.

因此，典型的 pad 開發或 DSU 開發大約需要六到九個月的時間，可能會分解為多個 pad。但事實上——這些專案的周期並不像我通常所說的那麼短，因為要正確開發整個 DSU，確實需要相當長的時間。

And the completion coming in following on that much lateral footage, it can be a month or two of completion timing. So I like to think of these things as 12-month cycles on a full DSU time frame. A lot of flexibility in there if you see volatility and brain in rigs at certain times or refractories at certain times, but these are not a short cycle as I think we regard them in the public markets.

在拍攝這麼多橫向鏡頭之後，可能需要一到兩個月的時間才能完成。所以我喜歡把這些事情看作是完整 DSU 時間範圍內的 12 個月週期。如果您看到鑽孔機或耐火材料在某些時候出現波動和波動，那麼其中就存在很大的靈活性，但這些並不是一個短週期，因為我認為我們在公開市場上看到了它們。

Yes. But I think from a macro perspective, you can't take 60 rigs out of the Permian in three months and 20 to 30 frac spreads out of the Permian in three months and not see -- eventually see a production response. So I think we we doubled down on our commentary. I think we're going to see US production roll a bit here at these prices.

是的。但我認為，從宏觀角度來看，你不可能在三個月內從二疊紀盆地中取出 60 個鑽機，並在三個月內從二疊紀盆地中取出 20 到 30 個壓裂裝置，而最終看不到生產反應。所以我認為我們對評論加倍重視。我認為，以這樣的價格，我們會看到美國的產量回升。

It is taking a little bit longer than we all expected. But maybe that was the price reprieve we had in June, but it's just -- there's just too much activity being taken out of the US basins.

這比我們預期的要花更長的時間。但也許那是我們在六月獲得的價格緩解，但這只是——美國盆地的活動實在是太多了。

Scott Gruber, Citigroup.

花旗集團的史考特‧格魯伯。

I had a question on your excess DUC balance. How big will that be at the end of the year? And what's the strategy going into '26 with the excess stocks. If oil is weak, would you pull it down because there's less incremental spend per well? Or would you like to maintain it for some quick to respond barrels in case oil moves higher?

我對您的超額 DUC 餘額有疑問。到年底這個數字會有多大？那麼，進入 26 年，應對過剩庫存的策略是什麼？如果石油價格疲軟，您會因為每口油井的增量支出減少而將其拉低嗎？或者您希望在油價上漲時維持一些快速反應的庫存？

Yes, good question, Scott. I came to DUC balance has gotten a little more attention than we expected. But listen, we're completing 500 to 550 wells a year. It's good to have 250 to 300 in the hopper especially with this large pad development waiting for completions. I think we'd be comfortable going as low as high 100s to 200 DUCs, but would still like to maintain flexibility in that range.

是的，斯科特，問得好。我認為 DUC 平衡比我們預期的受到了更多的關注。但聽著，我們每年要完成 500 到 550 口井。料斗中最好有 250 到 300 個，特別是對於等待完成的大型墊塊開發。我認為我們可以接受從 100 到 200 DUC 的低位，但仍希望保持該範圍內的靈活性。

I think what's happened this year is drilling efficiencies and well costs are very low. And what we decided was, given that we're still definitively in this yellow light analogy, we wanted to maintain that flexibility later through this year.

我認為今年的鑽井效率和鑽井成本非常低。我們決定，鑑於我們仍然處於黃燈類比中，我們希望在今年稍後保持這種靈活性。

And that, as you mentioned, gives us two options, right? If things are weak, we can slow down a bit. If things are strong, we can accelerate pretty quickly. So we've built a lot of flexibility into our entire plan, which is why our results are always consistent and best-in-class, and that's why you expect us to do that. Our investors expect us to do that.

正如您所說，這給了我們兩個選擇，對嗎？如果情況不好，我們可以放慢一點速度。如果情況良好，我們就能很快加速。因此，我們在整個計劃中建立了很大的靈活性，這就是為什麼我們的結果始終保持一致和一流，這也是為什麼您期望我們這樣做。我們的投資者希望我們這樣做。

So we're going to maintain that flexibility later in the year. There's certainly some drawdown coming in Q3 and Q4. But these drilling guys keep drilling wells in four days. We might not have any DUC drawdown by the end of the year.

因此我們將在今年稍後保持這種靈活性。第三季和第四季肯定會出現一些下滑。但這些鑽井工人四天就把井打完了。到今年年底我們可能不會有任何 DUC 縮減。

I got it. And then on cash taxes, you guys realized a good bit of savings this year following the One Big Beautiful Bill, I think some of that is a makeup in the second half. How do you think about '26 and beyond from a cash tax rate perspective?

我得到了它。然後關於現金稅，你們今年在《一項偉大的美麗法案》之後實現了相當多的節省，我認為其中一些是下半年的彌補。從現金稅率角度來看，您如何看待 26 年及以後的稅率？

Yes, Scott, this is Jere. 2026, we expect cash tax rate to level out at 18% to 20% of pretax income when we look at 2025, we're expecting a 15% to 18% cash tax rate down from roughly 19% to 22%. So a reduction of roughly $300 million in total.

是的，史考特，我是傑爾。到 2026 年，我們預計現金稅率將穩定在稅前收入的 18% 至 20% 之間；而到 2025 年，我們預計現金稅率將從約 19% 至 22% 降至 15% 至 18%。因此總共減少了約 3 億美元。

About $200 million of this is -- two components of the $200 million 2025. The vast majority is related to the accelerated recovery of remaining unamortized R&E expenditures that were capitalized over the last three years.

其中約 2 億美元是 2025 年 2 億美元計畫的兩個組成部分。絕大部分與過去三年內資本化的剩餘未攤銷的研發與工程支出的加速回收有關。

And then the remaining is related to the full expensing of depreciable equipment, primarily related to LWE we acquired earlier this year in the Double Eagle transaction.

其餘部分與折舊設備的全部費用有關，主要與我們今年稍早在 Double Eagle 交易中收購的 LWE 有關。

Betty Jiang, Barclays.

巴克萊銀行的 Betty Jiang。

I want to ask about the development mix. If I look at the development mix provided in the back of the slide, there is an increase in other zones and also Wolfcamp B, yet at the same time, you're able to maintain performance, if not better performance, which is quite impressive.

我想問一下開發組合的情況。如果我看一下投影片背面提供的開發組合，其他區域和 Wolfcamp B 都有所增加，但同時，您能夠保持性能，如果不是更好的性能，這是相當令人印象深刻的。

So how do you see development mix evolving over time? And if you could just talk about what you're seeing in the other zone development performance wise versus the traditional zones?

那麼您認為開發組合會隨著時間的推移而發生怎樣的變化？您能否談談與傳統區域相比，其他區域的發展表現如何？

Yes, Betty, that's great question. We focused on delineating some of these upside zones over the past couple of years. And on the slide that you're talking about in the back of the deck there, you can see that mix changing over time.

是的，貝蒂，這個問題問得很好。過去幾年，我們專注於描繪其中一些上行區域。在您談到的位於甲板後面的幻燈片上，您可以看到混合物隨時間而變化。

I would expect that to increase over time as we delineate and rationalize where the highest returning areas are for those zones in the Upper Spraberry and in the Barnett and some of the deeper zones like the Wolfcamp B. So yes, I would expect that to continue as we progress through the year and then going into 2026.

我希望隨著時間的推移，這一數字還會增加，因為我們將劃定並合理化斯普拉貝里河上游和巴奈特河以及沃爾夫坎普 B 等一些較深區域的最高回報率區域。所以，是的，我希望這一數字會隨著我們今年的進展而持續下去，然後進入 2026 年。

Yes. I think also on top of that, Endeavour acreage probably had some better Wolfcamp D than our legacy acreage and probably better overall Wolfcamp B further south in the Midland Basin. So that's driving it a little bit. But as Al mentioned, being able to add these zones into the mix and not see productivity degradation as a company is a very impressive feat.

是的。我還認為，除此之外，Endeavour 土地上可能有一些比我們原有土地更好的 Wolfcamp D，而且米德蘭盆地更南部的 Wolfcamp B 總體上可能更好。所以這有點推動它。但正如 Al 所提到的那樣，能夠將這些區域添加到組合中並且不會看到公司生產力下降是一項非常了不起的成就。

Yes. My follow-up is on power. We started to see some gas power deals in the basin. Can you just give us an update on what you're seeing along that front? Where do you see the value-add opportunities for Diamondback?

是的。我的後續話題是關於權力。我們開始看到盆地內的一些天然氣電力交易。您能否向我們介紹一下您在這方面看到的最新情況？您認為 Diamondback 的加值機會在哪裡？

Yes, Betty. I mean I think the attribute value -- this is Jere. The two big value drivers for Diamondback are: one, finding an in-basin egress solution for our natural gas molecules and then two, lowering what we view as probably the most inflationary piece of our cash cost structure on a go-forward basis, which is electricity costs that you find within LOE.

是的，貝蒂。我的意思是我認為屬性值——這是 Jere。Diamondback 的兩大價值驅動因素是：第一，為我們的天然氣分子找到盆地內出口解決方案；第二，降低我們認為未來現金成本結構中通膨率最高的部分，即 LOE 內的電力成本。

So I think when you PV those two items, that's where you're seeing the greatest benefit to Diamondback if we could lock in a behind-the-meter solution here for power gen. We're not going to go out and build anything on spec here.

因此，我認為，當我們將這兩項光伏產品投入使用時，如果我們能夠鎖定一個用於發電的電錶後解決方案，那麼您就會看到 Diamondback 獲得最大的好處。我們不會在這裡按照規格建造任何東西。

We've continued to look at various opportunities on potentially advancing power gen within the basin. It's just taken a little longer. And I think there's going to be opportunities over the next 5 to 10 years. We're just being patient.

我們一直在尋找可能推動盆地內發電的各種機會。只是花的時間稍微長了一點。我認為未來5到10年仍將有機會。我們只是耐心等待。

Yes. I think there's some other little things we can do on our existing asset base, we don't do a large power trade. I mean just using the example today, right, NGL yield and gas capture went up in Martin County because the gas plants had a better power solution in place. So it just shows that there's power issues all throughout the basin with or without hyperscalers or data centers coming into the basin.

是的。我認為我們可以在現有資產基礎上做一些其他小事，我們不進行大規模的電力交易。我的意思是僅使用今天的例子，對吧，馬丁縣的 NGL 產量和天然氣捕獲量上升是因為天然氣工廠採用了更好的電力解決方案。因此，這表明無論是否有超大規模資料中心或資料中心進入盆地，整個盆地都存在電力問題。

Derrick Whitfield, Texas Capital.

德瑞克·惠特菲爾德，德州首府。

There's been a lot of industry discussion on your comments from the 1Q reporting cycle, both supportive and non-supportive as you've highlighted. How would you characterize the support from your peers out of basin and the pushback within the basin?

正如您所強調的，業界對您在第一季報告週期的評論進行了大量討論，既有支援的，也有不支援的。您如何看待盆地外同行的支持以及盆地內的阻力？

Well, I'll say those are all trapises. No, but moving on, we -- I would say most of the industry either it reached out and was supportive of what we were seeing at the time. I think there's been pushback and I'd also say most investors agree with what we said in Q1 at the time.

好吧，我想說這些都是陷阱。不，但繼續前進，我想說，大多數行業要么伸出援手，要么支持我們當時所看到的情況。我認為已經出現了阻力，而且我也想說大多數投資者都同意我們當時在第一季所說的話。

It's interesting to hear the pushback come from and we're okay accepting pushback come from some within the industry, some at different companies and in the basin. And I think that's just natural competition and we welcome that. But I think what we said in terms of activity has been spot on, right?

聽到反對意見很有趣，我們可以接受來自產業內部、不同公司和盆地的反對意見。我認為這只是自然的競爭，我們對此表示歡迎。但我認為我們在活動方面所說的話是正確的，對嗎？

I mean we said 15% of the rigs out of the Permian in Q2 and that number has been exceeded, right? 60 rigs are out, 20, 25 frac spreads are out. And I just think we know what's going on in the ground in the Permian and in the US, and it's inevitable that, that much activity being taken out of the plan results in production declines because of the natural high-decline nature of this business.

我的意思是，我們說第二季二疊紀盆地的鑽井數量有 15%，而這個數字已經超過了，對嗎？60 個鑽孔機已投入使用，20、25 個壓裂作業已投入使用。我認為我們知道二疊紀盆地和美國的情況，而且不可避免的是，由於這項業務自然的高衰退性質，計劃中取消的大量活動會導致產量下降。

So I wasn't trying to be all doom and gloom, but I think what we're trying to say is how sensitive shale has become to prices at probably a higher level than everybody expected three or four years ago when we were all burning through capital at $50 oil, I think the messaging and the demands of our shareholders have changed over that period of time.

所以我並不是想表達悲觀情緒，但我想我們想說的是，頁岩油對價格的敏感度可能比大家三四年前預期的要高，當時我們都在為 50 美元的油價而燒錢，我認為我們股東的信息和要求在那段時間內發生了變化。

Yes, completely fair. And then maybe shifting to operations. I wanted to lean in on Scott's earlier question on your four days spud to TD record. If you were to compare the segment performance of the four versus the average of the eight. Where do you guys see the greatest differences in performance?

是的，完全公平。然後也許轉向營運。我想順便談談斯科特之前關於你四天的土豆達陣記錄的問題。如果要比較這四個細分市場的表現與這八個市場的平均表現。你們認為性能上最大的差異在哪裡？

And more broadly, do most of your wells fall within a day or so the eight average?

更廣泛地說，你們的大多數油井的產量是否與八口井的平均值相差一天左右？

Yes. I mean I think the four-day well is -- it's in the top decile of our performance for sure. I mean I think we had 30-something wells we that we've spud in less -- I mean, spud to TD in less than five days, not in this quarter, but since in company history.

是的。我的意思是，我認為這四天的表現肯定是我們表現中最好的。我的意思是，我認為我們有 30 多口井，我們在不到五天的時間內就開鑽完成了——我的意思是，在不到五天的時間內就開鑽完成了 TD，這不是本季度的事，而是公司歷史上的事。

And so the eight days were all most of our wells are within a day or two of the eight day average. But again, I'll echo the point I made earlier with Scott, that look, the drilling team has done a phenomenal job of really chasing the consistency and trying to consistently deliver that top-tier well and they're getting better at it.

因此，在這八天中，我們的大多數油井的產量都與八天的平均值相差一兩天。但是，我再次重申我之前與斯科特提出的觀點，那就是，鑽井隊在追求一致性和不斷嘗試提供頂級鑽井方面做得非常出色，而且他們在這方面做得越來越好。

And so I think that's going to be the story and efficiency going forward is, hey, how do we continue to grab that four- and five-day well and work the things that caused us to go to eight days out of the system. A lot of times it's an extra trip or some bid selection or BHA selection optimization.

所以我認為這將成為未來的故事和效率，嘿，我們如何繼續抓住四天和五天的井，並解決導致我們超出系統八天的事情。很多時候，這是一次額外的行程或一些出價選擇或 BHA 選擇優化。

And as we get more data and we're able to go back into the areas and optimize, we're going to see more consistent delivery of those ultrafast spud to TD times.

隨著我們獲得更多數據，我們能夠回到這些區域並進行最佳化，我們將看到這些超快鑽探到 TD 時間的更一致的交付。

Kevin MacCurdy, Pickering Energy Partners.

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

Kaes, your letter warrants of 25% casing cost inflation from tariffs. Can you remind us if you have any of that locked in? And how much of that inflation is baked into your 550 to 580-foot wall cost guidance?

Kaes，您的信函保證關稅將導致外殼成本上漲 25%。如果您已經鎖定了其中任何一項，您能提醒我們嗎？那麼，通貨膨脹率有多少被計入了您對 550 至 580 英尺牆體成本的預測中呢？

We've got -- we've taken about 15% inflation since Liberation Day was announced on casing. And so I think we're anticipating a little bit more of that to come. We have a procurement agreement with a caking supplier, but the pricing, it floats with regards to market pricing formulaically.

自從解放日宣布以來，我們的通膨率已經達到 15% 左右。所以我認為我們期待未來會發生更多這樣的事。我們與一家蛋糕供應商簽訂了採購協議，但定價會根據市場定價進行浮動。

So we're not necessarily locked into a casing supplies except on a quarterly basis. And so if the market increases because of tariffs, we will follow along with that -- with a little bit of discount to what we can get at the spot market.

因此，除了按季度之外，我們不一定會被鎖定在套管供應中。因此，如果市場因為關稅而上漲，我們也會跟著上漲──在現貨市場上給予一點折扣。

I think it will be interesting, Kevin, to see how the push full of a lower rig count and lower steel use in the industry compares to steel costs. It seems that steel costs are winning today but we'll see what happens over the next year or so.

凱文，我認為，看看鑽機數量減少和行業鋼材使用量減少與鋼材成本相比有何影響，將會很有趣。目前看來鋼鐵成本佔優勢，但我們將拭目以待未來一年左右會發生什麼事。

I appreciate that detail. And as a follow-up, I mean, it looks like lower OpEx is certainly beneficial to your 2Q financials. Can you walk through the moving parts of your changes to guidance in LOE and GP&T.

我很欣賞這個細節。作為後續問題，我的意思是，看起來較低的營運支出肯定對您的第二季財務狀況有利。您能否詳細介紹 LOE 和 GP&T 指南變更的具體部分？

Yes. I'll take GPT really quickly. Really, the GPT moves between when we're taking in kind or not taking in kind on the gas side. And so we've flipped some contracts to take in kind and that number goes up. On the LOE side, generally, the teams had a really good first half of the year.

是的。我很快就會參加 GPT。實際上，當我們在天然氣方面採取實體進口或不採取實體進口時，GPT 就會改變。因此，我們將一些合約轉換為實物形式，這個數字就上升了。從 LOE 方面來看，整體而言，各隊在上半年的表現都非常好。

We expect run rate LOE to be somewhere in the $5.60 to $5.80 range on a normalized basis. But I think we've generally been surprised to start to see some of those smaller synergies in the field between the Endeavor and Diamondback teams come through on the LOE side.

我們預計，正常情況下運行率 LOE 將在 5.60 美元至 5.80 美元之間。但我認為，我們普遍感到驚訝的是，Endeavor 隊和 Diamondback 隊之間的一些較小的協同作用在 LOE 方面得到了體現。

I think long term, should we get a water sale done to our JV partner at Deep Blue, LOE will go up slightly. But there's a lot of things going on, on the LOE side, where Danny talked about workover expense and management, production management. So not all LOE is lower turn. Some of it can be very high return.

我認為從長遠來看，如果我們向 Deep Blue 的合資夥伴出售水，LOE 將會略有上升。但在 LOE 方面有很多事情發生，Danny 談到了修井費用和管理、生產管理。因此並非所有 LOE 都是低轉彎。其中一些可以獲得非常高的回報。

And good luck with the AC situation over there.

祝那邊的冷氣一切順利。

It's getting hotter, Kevin.

天氣越來越熱了，凱文。

Geoff Jay, Daniel Energy Partners.

傑夫·傑伊（Geoff Jay），丹尼爾能源合作夥伴。

Just a follow-up to Neil's question from earlier. But I'm curious about the calculus around lowering activity. We've had some companies tell us that with service cost declines and efficiency gains, but returns are even in lower tier acres are pretty strong here. And obviously, you have super high-quality acreage and very low cost. So I'm just thinking about like what metric you're looking at to make the decision to lower even here?

這只是對 Neil 之前問題的後續答案。但我對降低活動的計算方法很好奇。一些公司告訴我們，隨著服務成本下降和效率提高，即使是低層級的土地，回報也相當可觀。顯然，你們擁有超高品質的土地，而且成本非常低。所以我只是在想，您正在考慮什麼指標來做出降低這一標準的決定？

Yes. I mean I wouldn't say we're lowering much from here, right? We actually increased well count, drilled wells are up 30 wells this quarter versus last for the full year. Completed wells are down a little bit, but that's just because volumes outperforming. I think going back to three months ago, again, there was a concern that we were lower -- going lower, headed lower.

是的。我的意思是我不會說我們從現在開始會降低很多，對吧？我們實際上增加了鑽井數量，本季鑽井數量與去年全年相比增加了 30 口。已完井數量略有下降，但這只是因為產量表現優異。我想回顧三個月前，人們再次擔心價格會進一步下跌，進一步下跌。

The calls for $50 and $40 oil were ramping and we are prepared to reduce further if needed. And I think as the price pressures have eased over the last three months, we decided that, hey, I think we can hold production here at 490 in I think all of our investors have been supportive of our decision.

對 50 美元和 40 美元油價的呼聲日益高漲，如果需要，我們準備進一步降低油價。我認為，隨著過去三個月價格壓力的緩解，我們決定，嘿，我認為我們可以將產量維持在 490，我認為我們所有的投資者都支持我們的決定。

We've always tried to make the right capital allocation decision. And I think that question back to you, Geoff, is as the higher cost operators why they're maintaining activity levels when the lowest cost operator is doing the right thing and waiting for a better day.

我們一直在努力做出正確的資本配置決策。傑夫，我想問你的問題是，作為成本較高的運營商，為什麼當成本最低的運營商做正確的事情並等待更好的一天時，他們還要保持活動水平。

Yes. That's fair. And then I guess my second question to you is when you do get the green light situation, is there any concern that you may lose some of the efficiencies, at least for a short period of time as you add activity back?

是的。這很公平。然後我想我要問您的第二個問題是，當您確實獲得綠燈時，是否擔心您可能會失去一些效率，至少在您重新添加活動時在短時間內會失去一些效率？

Not at all. That's not an excuse that is allowed inside the halls of Diamondback. I mean I think anybody using the efficiency excuse for why they're maintaining activity is not looking at their business in the right amount of detail. We change things every day, right? I think Danny uses a really good analogy that the Diamondback activity plan looks like a duck on a pond.

一點也不。在 Diamondback 的大廳裡，這是不允許的藉口。我的意思是，我認為任何人以效率為藉口來維持活動都是沒有以適當的細節來審視他們的業務。我們每天都會改變一些事情，對嗎？我認為丹尼使用了一個很好的比喻，Diamondback 活動計劃看起來就像池塘裡的鴨子。

The pond is calm and the duck looks calm above the water, but below the water, there's a lot going on. And we change out drilling rigs on an annual basis, we change out frac spreads on an annual basis. We increased activity, lower activity within to make sure that what you see on the outside is flawless execution, but that takes a lot of work from top to bottom in this organization.

池塘很平靜，鴨子在水面上看起來很平靜，但在水面下，發生了很多事情。我們每年更換鑽井機，每年更換壓裂裝置。我們增加了活動，減少了內部活動，以確保您在外部看到的是完美無缺的執行，但這需要組織從上到下進行大量的工作。

Kalei Akamine, Bank of America.

卡雷‧阿卡明 (Kalei Akamine)，美國銀行。

Two real quick ones for me. Number one, just looking at your hedge book for 2026. You look rather exposed on the oil side, does that marry up with your outlook for '26 oil prices?

對我來說，這是兩個非常快速的問題。首先，看看你 2026 年的對沖帳簿。看起來您在石油方面的風險敞口相當大，這與您對 26 年油價的展望相符嗎？

No, it's really just patients on adding puts. We've been buying puts, but 2026 puts are expensive today, right? So I think we're going to continue to slowly build that position. I think we're really well protected in the second half of this year and to build '26. But we really don't want to pay too much per barrel for the deferred premium puts.

不，這實際上只是增加看跌期權的耐心。我們一直在購買看跌期權，但是 2026 年看跌期權今天很貴，對嗎？所以我認為我們將繼續慢慢建立這個地位。我認為我們在今年下半年得到了很好的保護，並有望實現 26 年的宏偉目標。但我們確實不想為延期溢價看跌期權支付每桶過高的價格。

And I also think as balance sheet improves and non-core asset sales proceeds come in, the need to hedge reduces or the need to -- we could lower that hedge price to pay less for the puts. I think the base dividend is protected today at $37, $38 a barrel at maintenance CapEx.

而且我還認為，隨著資產負債表的改善和非核心資產銷售收益的到來，對沖的需要會減少，或者說，我們可以降低對沖價格，以減少看跌期權的支付。我認為，目前基本股利在維護資本支出為每桶 37 至 38 美元時受到保護。

I think we're due for a dividend review at the beginning of the year next year. But as the balance sheet shrinks and the share count shrinks, and the breakeven stays low, the need for hedging reduces over time.

我認為我們應該在明年年初進行一次股息審查。但隨著資產負債表縮減、股票數量減少，且損益平衡點保持在較低水平，對沖的需求會隨著時間的推移而減少。

That makes sense. My second one is on maybe operations post the water sale. So the Endeavor asset will effectively fold into a bigger system. Does that create opportunities to improve your own operations with respect to water, i.e., being able to move more water to the right places or being able to move more water to different places that you currently don't have access to today?

這很有道理。我的第二個問題可能是關於水銷售後的營運。因此，Endeavor 資產將有效地融入更大的系統。這是否會為改善你們在水方面的運作創造機會，即能夠將更多的水輸送到正確的地方，或者能夠將更多的水輸送到你們目前無法到達的不同地方？

Not a meaningful way. I think we've set up the deals with our partners at Deep Blue to be able to simul-frac or use two simul-fracs across our position. So I don't think much of that changes. I do think getting a deal done and getting these two systems together will create some synergies, but you probably won't see it at the Diamondback level.

這不是一個有意義的方法。我認為我們已經與 Deep Blue 的合作夥伴達成了協議，以便能夠在我們的位置上進行同步壓裂或使用兩次同步壓裂。所以我認為這不會發生太大的變化。我確實認為達成協議並將這兩個系統結合在一起將產生一些協同效應，但你可能不會在 Diamondback 層級看到它。

Charles Meade, Johnson Rice.

查爾斯·米德、約翰遜·賴斯。

It sounds like you guys are holding up well. Really just one question for me, Kaes d you touched on this, but I just want to try to go right at it. Can you give us an update on what the green light conditions would be in your metaphor to reaccelerate?

聽起來你們表現不錯。對我來說真的只有一個問題，Kaes d 你提到了這一點，但我只是想嘗試直接去做。您能否向我們介紹一下您在比喻中重新加速的綠燈條件是什麼？

And have there been any changes to that in light of a lot of the dynamics that you've been talking about here today, whether casing costs up, service pricing, efficiency higher service pricing down and also, arguably, there's -- with impending decline of US oil volumes, that's a nascent bullish indicator, I think. So can you just give us a reminder of where you are and how that's changed?

鑑於您今天在這裡談論的許多動態因素，這種情況是否發生了變化，無論是套管成本上漲、服務價格上漲、效率提高、服務價格下降，可以說——隨著美國石油產量即將下降，我認為這是一個新興的看漲指標。那麼，您能否告訴我們您現在的情況以及發生了哪些變化？

Yes, that's a good question, Charles. I mean I think we're certainly closer to the second half of the year when a perceived supply wave is coming our way. We'll see what actually happens. We've now unwound or OPEC has unwound their initial cuts. And I think they're moving to a world where instead of as a discussion around who was cheating on their quota, it's who can hit their quota.

是的，這是個好問題，查爾斯。我的意思是，我認為我們肯定已經接近下半年，屆時一股明顯的供應浪潮即將到來。我們將看看究竟會發生什麼。我們現在已經解除或者說歐佩克已經解除了最初的減產。我認為他們正在走向一個這樣的世界：討論的不再是誰在逃避配額，而是誰能夠完成配額。

I think that's a huge difference in messaging, right? If production at OPEC hangs in there and you see US production start to struggle a little bit, and then the curve is going to have to react. And when the curve reacts, that's probably our biggest signal.

我認為訊息傳遞方面有很大差異，對嗎？如果歐佩克的產量保持不變，而美國產量開始出現一些困難，那麼曲線就必須做出反應。當曲線做出反應時，這可能是我們最大的訊號。

I think just generally, the tone over the last four months has been a lot of companies running $60 scenarios versus the traditional last three years, $60, $70 and $80 scenario. So I think when you start to see some changes in US production plus all of the OPEC barrels back, you start to look at what is a normalized market look like.

我認為總體而言，過去四個月的基調是許多公司都運行著 60 美元的情景，而過去三年的傳統情景是 60 美元、70 美元和 80 美元。因此，我認為，當你開始看到美國產量的一些變化以及所有歐佩克石油產量的回升時，你就會開始看看正常化的市場是什麼樣子。

And I think that resolves itself sooner rather than later in the commodity-based market. So I'm cautiously optimistic on' '26, but right now for the rest of '25 were hunkering down and maintaining our flexibility for next year.

我認為這個問題很快就會在商品市場上解決。因此，我對 26 年持謹慎樂觀的態度，但目前，對於 25 年剩餘的時間，我們正在努力為明年保持靈活性。

Doug Leggate, Wolfe Research.

道格‧萊格特（Doug Leggate），沃爾夫研究公司。

Kaes, I wonder if I could ask -- I guess, it's been asked multiple kinds to return to growth question, but maybe ask it a little more pointedly. It seemed under Travis, it was pretty clear that Diamondback would essentially be ex growth given for one of a better expression, a subsidized oil market.

Kaes，我想知道我是否可以問一下——我想，已經有多種關於成長的問題被問到，但也許可以更尖銳地問一下。看來，在崔維斯的領導下，Diamondback 基本上會實現成長，用更好的說法就是補貼石油市場。

Listening to you this morning, reading the letter, it sounds like there is a case where growth would make sense. Is that a change of stance on your case versus under Travis?

今天早上聽你說話，讀這封信，聽起來有一種情況是增長是有意義的。與特拉維斯相比，這是否改變了您的立場？

I wouldn't say it's a change of stance, Doug. I think we're closer to discussing it again. I think if you go back to why US shale or the big public went ex growth, it was coming out of 2020, and we went through a near extinction event as an industry. And the shareholders said time out.

我不會說這是立場的改變，道格。我認為我們很快就能再次討論這個問題了。我認為，如果你回顧為什麼美國頁岩油或大眾不再成長，那是在 2020 年，我們作為一個產業經歷了一場瀕臨滅絕的事件。股東們表示暫停。

It's time to give us our money back. We gave you a lot of money over the last 10 years to grow your business. And now we expect a return and the risk of that return almost went away in 2020. And coming out of that, a lot of the companies decided to exert capital discipline and spend less and return cash to shareholders. And I think that's been in general, a positive outcome for our shareholders.

是時候把錢還給我們了。在過去 10 年裡，我們給了你們很多資金來發展你們的業務。現在我們預計回報將會到來，而這種回報的風險在 2020 年幾乎消失了。由此，許多公司決定嚴格資本紀律，減少支出並向股東返還現金。我認為，總體而言，這對我們的股東來說是一個正面的結果。

So I think -- I don't think we're talking about going to spending all of our dollars growing the business. But I do think at some point, outside of your words on mind subsidized oil market, there's going to be an unsubsidized oil market that's going to call for growth from companies like Diamondback, and we're going to be there to answer that call. We're going to answer it cautiously and with high capital efficiency. But that cost coming at some point over the next couple of years.

所以我認為——我不認為我們會把所有的錢都花在發展業務上。但我確實認為，在某個時候，除了你提到的補貼石油市場之外，還會有一個無補貼石油市場，這將需要 Diamondback 等公司的成長，而我們將會響應這項號召。我們將以謹慎且有效率的資本效率來應對這個問題。但這成本將在未來幾年的某個時候產生。

It was very clear. Well, I guess my follow-up is related to that because although a lot of people might say, well, there'll be come a time to grow, not everybody can because of inventory. So I want to be careful how I ask this, but you've talked about 8 to 10 years of Tier 1 inventory.

非常清楚。好吧，我想我的後續行動與此有關，因為儘管很多人可能會說，嗯，總有一天會實現增長，但由於庫存問題，並不是每個人都能做到。所以我想謹慎地問這個問題，但您談到了 8 到 10 年的一級庫存。

But as you and I have talked about before, you don't just develop Tier 1 when you're doing a whatever. So from a practical development stance, meaning Tier 1 plus the other benches that you might develop alongside that, what would you say today is the consumption rate of your inventory, not 8 to 10 years, what's the real number?

但正如你我之前談到的，當你做任何事情時，你不會只開發第 1 層。因此，從實際的發展角度來看，這意味著第 1 層加上您可能同時開發的其他工作台，您認為今天的庫存消耗率是多少，而不是 8 到 10 年，實際數字是多少？

Yes. I mean I think it's a little higher than that, Doug, but I think we're fortunate that a lot of these secondary today before we have to get to true Tier 2, Tier 3 zones. I mean, I think we need to move away from individual well IRRs or breakevens and really start to look at -- and we do this internally, looking at pad-level breakevens or section level breakevens because you're really developing half a section or a section at a time, and that's really the rate of return you're achieving on that project.

是的。我的意思是，我認為這個數字要高一點，道格，但我認為我們很幸運，在我們必須進入真正的 2 級、3 級區域之前，今天已經完成了許多次要任務。我的意思是，我認為我們需要擺脫單個油井的 IRR 或盈虧平衡點，真正開始關注——我們在內部這樣做，關注平台級盈虧平衡點或區塊級盈虧平衡點，因為你實際上一次開發半個區塊或一個區塊，而這實際上是你在該項目上實現的回報率。

Leo Maria Mariani, ROTH.

裡奧·瑪麗亞·馬裡亞尼，羅斯。

I wanted to ask a little bit about the red light scenario, a lot of focus on the green light scenario. But what causes you folks to maybe slow down and consider shrinking a bit. Obviously, oil price key thing, but what else would you be looking at apart from oil price here?

我想問一些有關紅燈情景的問題，很多焦點都集中在綠燈情景。但是什麼原因導致你們放慢速度並考慮縮小一點呢？顯然，油價是關鍵因素，但除了油價之外，您還會關注什麼呢？

Yes. It's really just oil price, Leo. I mean, I think if we're printing a month in the low 50s full month, then I think we have to have a discussion. But I think we did our part and cut a ton of CapEx out of the plan this year to generate more free cash and shrink the balance sheet and shrink the share count. But I'm not in a camp of being the first hit the red light if that comes because we've done our part here.

是的。這其實只是油價問題，Leo。我的意思是，我認為如果我們要以低於 50 美元的月度印刷量來計算整個月的印刷量，那麼我們必須進行討論。但我認為我們已經盡了自己的一份力，今年從計劃中削減了大量資本支出，以產生更多的自由現金，縮減資產負債表並減少股票數量。但如果發生這種情況，我不會第一個遇到紅燈，因為我們已經盡了自己的責任。

Okay. That makes sense. And then just with respect to targeted debt levels. For VNOM, you guys came out with a new target today of $1.5 billion in net debt at which point you guys would increase returns to shareholders. Can you provide any similar methodology at the FANG level in terms of how you're thinking about that to maybe boost some of the shareholder returns?

好的。這很有道理。然後只考慮目標債務水平。對於 VNOM，你們今天提出了新的目標，即 15 億美元的淨債務，屆時你們將增加股東回報。您能否在 FANG 層級提供任何類似的方法，說明您如何考慮透過這種方法來提高股東回報？

Yes. I think at the FANG level, having more flexibility is important, right? And right now, we're committed to at least 50% of free cash going to equity, combination of the base dividend and share repurchases. I think if there's share price weakness, that number should go higher than 50%, but things are strong, then it should stay around 50%.

是的。我認為在 FANG 層面，擁有更大的彈性很重要，對嗎？目前，我們承諾將至少 50% 的自由現金用於股權、基本股利和股票回購。我認為，如果股價疲軟，這個數字應該會高於 50%，但如果股價強勁，那麼這個數字應該會維持在 50% 左右。

I think at the E&P level, you have all the CapEx that's associated with the business. And so it's hard to put an exact number on where you'd like that because I think at Diamondback, we'd like to have lower debt, but also cash on the balance sheet for flexibility when the cycles do move against you.

我認為在 E&P 層面，您擁有與業務相關的所有資本支出。因此，很難給出一個確切的數字來表明你希望達到什麼程度，因為我認為在 Diamondback，我們希望降低債務，但同時也希望在資產負債表上保留現金，以便在經濟週期對你不利時能夠靈活應對。

Paul Cheng, Scotiabank.

加拿大豐業銀行的 Paul Cheng。

Kaes, just I want to look at the business on a longer-term basis. I mean since the formation, you guys have been always doing very good after the Gulf Coast acquisition. And as you say, until you prove them you are not good consolidator, you should continue to be.

Kaes，我只是想從更長遠的角度來看待這項業務。我的意思是，自從成立以來，在收購墨西哥灣沿岸公司之後，你們一直表現得非常好。正如您所說，除非您向他們證明您不是優秀的整合者，否則您應該繼續這樣做。

But at the same time, you also said that the assets available in Midland, where is your focus is getting scale and so from that standpoint, I mean, how the longer term, your business model let's say mid- to 5 to 10 years?

但同時，您也提到了米德蘭現有的資產，您的重點是擴大規模，因此從這個角度來看，從長遠來看，您的商業模式是怎樣的，比如說 5 年到 10 年中期？

Yes, good question, Paul. I mean, listen, I think we've obviously done a ton of consolidation, particularly in the last two years, Endeavour and Double Eagle, both very large trades relative to the other trades we've done in our company's history. And so I think we're in really good shape right now.

是的，保羅，問得好。我的意思是，聽著，我認為我們顯然已經做了大量的整合，特別是在過去兩年中，Endeavour 和 Double Eagle，相對於我們公司歷史上進行的其他交易而言，這兩筆交易都是非常大的交易。所以我認為我們現在的狀態非常好。

So I think over the next 5 to 10 years, I think there's going to be opportunities that present themselves, but they have to be presented at a value that's obvious by inspection to shareholders because as we -- as you know, and as you said, there aren't 15 private equity companies with 20,000 acres of Tier 1 rock available to be consolidated.

因此，我認為在未來 5 到 10 年內，將會出現很多機會，但這些機會必須以股東能夠明顯看出的價值呈現，因為正如我們——正如你所知，正如你所說，沒有 15 家私募股權公司擁有 20,000 英畝的一級岩石可供合併。

So I think for us, that means continue to explore in our existing asset base, which we've done with some of these secondary zones, starting to get more attention and perform well as well as continue to trade and block up and do all the little things to wait for opportunities when they present themselves.

所以我認為對我們來說，這意味著繼續探索我們現有的資產基礎，我們已經對一些次要區域進行了探索，開始獲得更多關注並表現良好，並繼續交易和阻止並做所有小事以等待機會出現。

But I think patience is going to be the key for us versus where we've been in the last 10 years or so.

但我認為，與過去 10 年的情況相比，耐心對我們來說是關鍵。

Do you think that you will need to move out Midland into some of your peers? We talk about international opportunity or that you think that you will just focus in Midland?

您是否認為需要將米德蘭 (Midland) 遷至其他一些同行公司？我們談論的是國際機遇，還是您認為您只會關注米德蘭？

I think we're very focused on Midland and the Permian in general today and going to continue to be so. I think there's still a lot of resource left to explore within our asset base and around the Permian and that's where we're committed from a G&A perspective today, Paul.

我認為我們今天非常關注米德蘭和二疊紀盆地，並且將繼續如此。保羅，我認為在我們的資產基礎內以及二疊紀周圍還有很多資源有待探索，這就是我們今天從一般及行政角度所致力於的。

Okay. Second question will 2026, I know it's still a little bit early. But if we assume your program would be relatively flat on the number of drilling rig and frac crew or a number of wells coming on stream. The plus and minus is that on the CapEx program may look like in terms of inflation or efficiency gain. Can you give us some idea that how that different factor will move that number comparing to this year number?

好的。第二個問題是 2026 年，我知道現在還有點早。但是，如果我們假設您的計劃在鑽井平台和壓裂人員的數量或投產油井的數量上相對持平。優點和缺點是，資本支出計劃可能看起來像通貨膨脹或效率增益。您能否告訴我們，與今年的數字相比，不同的因素將如何影響這個數字？

Yes. I mean I think CapEx has moved around a lot throughout the quarters this year with Q3 being the low and Q4 coming back up a little bit. But I think we can generally hold our oil production 490,000 barrels a day, plus or minus, with about $900 million a quarter going forward, maybe a little bit lower than that if things go our way. So it's still -- that's still a really good best-in-class capital efficiency on the oil side. And also, we have the flexibility to go higher or lower depending what the macro tells us.

是的。我的意思是，我認為今年各季度的資本支出都有很大的波動，其中第三季最低，而第四季略有回升。但我認為，我們總體上可以將石油產量保持在每天 49 萬桶左右，前後差額為每季 9 億美元左右，如果一切順利的話，可能會比這個數字略低一些。因此，這仍然是石油方面真正一流的資本效率。而且，我們還可以根據宏觀經濟情勢靈活地提高或降低利率。

And Kaes that's already including the Canada impact, right?

Kaes，這已經包括了加拿大的影響，對嗎？

Sorry, including what impact?

抱歉，包括哪些影響？

The tariff?

關稅？

Yes.

是的。

Thank you. This now concludes the question-and-answer session. I would now like to turn it back to Kaes Van’t Hof for closing remarks.

謝謝。問答環節到此結束。現在我想請凱斯·范特霍夫 (Kaes Van't Hof) 致最後總結。

Well, I'm proud of all the analysts who are still going a full hour despite the temperature rising 20 degrees in that hour in this office. But thank you for your interest in and Diamondback, and we look forward to discussing any questions anyone might have offline. Thank you.

好吧，我為所有的分析師感到驕傲，儘管辦公室裡的溫度在那一小時內上升了 20 度，他們仍然堅持工作了整整一個小時。但感謝您對 Diamondback 的關注，我們期待在線下討論任何人可能遇到的任何問題。謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。