Diamondback Energy Inc (FANG) 2025 Q3 法說會逐字稿

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

您好，感謝您的耐心等待。歡迎參加 Diamondback Energy 2025 年第三季財報電話會議。（操作人員指示）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.

現在我謹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。請繼續。

Thank you, Briana. Good morning, and welcome to Diamondback Energy's third quarter 2025 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 Kaes Van’t Hof, CEO; Danny Wesson, COO; and Jere Thompson, CFO.

謝謝你，布里安娜。早安，歡迎參加 Diamondback Energy 2025 年第三季電話會議。在今天的電話會議中，我們將提及一份更新的投資者簡報和致股東信，這些文件可以在 Diamondback 的網站上找到。今天代表 Diamondback 出席的有：執行長 Kaes VanâHof；營運長 Danny Wesson；以及財務長 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，與會者可能會就公司的財務狀況、經營業績、計劃、目標、未來表現和業務發表一些前瞻性聲明。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指出的結果有重大差異。

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，我們也會提及一些非GAAP指標。與相應的GAAP指標的核對情況可以在我們昨天下午發布的獲利報告中找到。

I'll now turn the call over to Kaes.

現在我將把電話交給凱斯。

Thanks, Adam, and I hope everybody read the letter last night. As we've done in the past, we're just going to move straight into Q&A. So operator, let's open the line for questions, please.

謝謝你，亞當，我希望昨晚大家都讀了那封信。和以往一樣，我們將直接進入問答環節。接線員，請開通提問通道。

(Operator Instructions) Neal Dingmann, William Blair.

（操作說明）尼爾·丁曼，威廉·布萊爾。

Morning, Kate. Nice quarter. Nice to be back on. My first question is on activity. Specifically, while I know you guys continue to talk about the stop sign scenario depending on the macro condition, it seemed like some other Permian operators here recently continue to accelerate even at these prices.

早安，凱特。不錯的街區。很高興能重新上線。我的第一個問題是關於活動的。具體來說，雖然我知道你們一直在根據宏觀情況討論停止信號的情況，但最近似乎有些二疊紀盆地的其他運營商即使在這樣的價格下也繼續加速發展。

So I'm just wondering, does this -- does sort of others, I guess, lack of capital discipline cause you to think about changing your plans given you all are a lower operator and I guess I'd say cash flow is cash flow.

所以我想知道，這——或者說其他一些原因，比如缺乏資金紀律，是否會導致你們考慮改變計劃，因為你們都是規模較小的運營商，而且我想說的是，現金流就是現金流。

Yes, Neal, I mean, I think we obviously track what everybody else is doing in the Permian. We have a lot of visibility into what's going on. But we also have a lot of conviction in where we stand and what our plan is. I think we can get into a game of who has the lowest cost structure reinvestment ratio, which we do. And on a year-to-date basis, we have a 36% reinvestment rate at mid-60s oil. I think that's something that would have been unheard of six or seven years ago as investors pushed us to generate more cash -- more free cash over cash flow.

是的，尼爾，我的意思是，我認為我們顯然會關註二疊紀盆地其他人的動向。我們對正在發生的事情非常了解。但我們也對自己的立場和計劃充滿信心。我認為我們可以展開一場比拼誰的成本結構再投資率最低的遊戲，而我們正是如此。截至目前，在油價 60 美元中段的情況下，我們的再投資率為 36%。我認為這在六、七年前是聞所未聞的，當時投資者敦促我們創造更多現金——更多自由現金而不是現金流。

And I think that's the key point, right? We are focused on generating free cash flow per share, growing free cash flow per share over growing cash flow into a tenuous macro environment. Now when the assumptions change and the macro changes, we have the flexibility to change that. We're just going to do it with a much lower share count, lower net debt and off of a lower cost structure.

我認為這是關鍵所在，對吧？我們專注於創造每股自由現金流，在不穩定的宏觀環境下，我們致力於提高每股自由現金流，而不是增加現金流。現在，當假設發生變化，宏觀環境發生變化時，我們也有彈性來做出相應的調整。我們將以更少的股份數量、更低的淨債務和更低的成本結構來實現這一目標。

No, I'm glad to see that. Glad you're not changing the stripes there. And then second question, I guess, more just generic, maybe, Kaes for you or Danny, around slide 8, specifically, continue to look at, I guess -- I'd call it your development styles versus others, and you continue to be lower. I'm just wondering specifically what differentiates your development style versus others? Is it the larger projects? I mean does that factor in? Or what is the driver when I'm looking at this slide?

不，我很高興看到這一點。很高興你沒有改變那裡的條紋。然後第二個問題，我想，可能更籠統一些，Kaes，對你或Danny來說，具體來說，在第8張幻燈片附近，繼續看看，我想——我會稱之為你的發展風格與其他人相比，而你仍然處於較低水平。我只是想知道，你的開發風格與其他人的開發風格具體有何不同？是大型專案嗎？我的意思是，這會考慮嗎？或者說，我看這張投影片時，驅動因素是什麼？

Yes. I mean listen, I think slide 8 is the most important slide in the deck. It explains a lot about what we've done to study development in the basin and improve our development over time. I think in our company history, Diamondback has been very well known to have the lowest cost structure and the best execution.

是的。我的意思是，聽著，我認為第 8 張投影片是整個簡報中最重要的一張投影片。它詳細解釋了我們為研究流域發展和隨著時間的推移改進發展所做的許多工作。我認為，在我們公司歷史上，Diamondback 一直以成本結構最低、執行力最強而聞名。

What I think has been lost -- not lost, but hasn't been highlighted, which we're trying to highlight here is that not only are we doing -- drilling more wells per section, but the performance we have per well in that section, meaning the full section is developed in a more capital-efficient manner is resulting in a lot higher overall returns per section, right? We famously moved to co-development in 2019.

我認為被忽略的一點——不是被忽略，而是沒有被強調，而我們在這裡正試圖強調這一點——是，我們不僅在每段鑽探更多的井，而且每口井在該段的性能，意味著整個段的開發方式更加資本高效，從而帶來了更高的每段總回報，對吧？2019年，我們率先轉向了合作開發模式。

Now we're codeveloping all zones in the Midland Basin. And instead of focusing on single well returns, we're really focused on what the return is per section and per DSU. And I'm really proud of what the two teams at Endeavor and Diamondback have merged together and created the best of both worlds, right?

現在我們正在對米德蘭盆地的所有區域進行合作開發。我們不再關注單井收益，而是真正關注每個區塊和每個DSU的收益。我為 Endeavor 和 Diamondback 這兩個團隊的融合感到非常自豪，他們創造了兩家公司最好的組合，對吧？

You have the combination of the best inventory and the best cost structure resulting in the lowest reinvestment rate and the outputs you see on slide 8. So I think it's a very important slide that I'd like investors to pay a lot of attention to.

您擁有最佳的庫存和最佳的成本結構組合，從而實現了最低的再投資率，並取得了您在第 8 頁幻燈片中看到的成果。所以我認為這是一張非常重要的投影片，希望投資人能高度關注。

Very good, thank you, buddy.

太好了，謝謝你，兄弟。

Thanks, Neil.

謝謝你，尼爾。

David Deckelbaum, TD Cowen.

David Deckelbaum，TD Cowen。

Thanks guys for taking my questions this morning. Kaes, maybe you can talk about -- you guys talked about fourth quarter guidance and that sort of $925 million CapEx for 4Q as you kind of get back into more of a maintenance mode. Generally, I guess, are those -- is that a decent kind of run rate for goalpost for '26 to sort of hold that 505,000 barrels a day of crude flat kind of pro forma for the Viper deal?

謝謝各位今天上午回答我的問題。Kaes，也許你可以談談——你們談到了第四季度的業績指引，以及第四季度約 9.25 億美元的資本支出，因為你們又回到了維護模式。一般來說，我認為這些——對於 2026 年的目標來說，這是一個合理的運行率，可以維持每天 505,000 桶原油的穩定產量，作為 Viper 交易的預估目標嗎？

Yes, David, that's kind of the new -- the new baseline is 510 mbo/d oil. We're going to sell some -- we announced the sale of some production at Viper. So we'll go down to 505,000 barrels a day kind of run rate in Q1. I think we decided to hold that production level flat, somewhere in the range of our Q4 CapEx, is a good bogey to look at.

是的，David，這算是新的——新的基準是 510 mbo/d 的油。我們將出售一部分——我們宣布將在 Viper 出售部分產品。因此，第一季我們的日產量將降至 505,000 桶左右。我認為我們決定將產量水準保持穩定，使其在第四季度資本支出範圍內，這是一個值得關注的目標。

And I'll kind of take you back to where we were in Q2. If you recall, our original budget this year for 2025 was $4 billion of CapEx that we cut by 10% immediately and then another $100 million after that. So CapEx was down $500 million from post-Liberation Day moves that we made. And we made those moves defensively thinking oil is going to get weaker a lot sooner. And as a result, production declined slightly.

接下來，我將帶大家回顧我們在第二季的位置。如果你還記得的話，我們今年最初的 2025 年資本支出預算是 40 億美元，我們立即削減了 10%，之後又削減了 1 億美元。因此，自解放日以來，資本支出減少了 5 億美元。我們採取這些防禦性措施，是因為我們認為油價很快就會走弱。因此，產量略有下降。

So this year's number is a very good number. Any time we slow down activity, CapEx is going to outperform the change in production. And now we're just kind of leveling off in this kind of, call it, $875 million to $975 million range to hold that new baseline of 510,000 barrels a day going down to 505,000 in Q1 of next year flat.

所以今年的數字非常好。任何時候我們放慢生產活動的速度，資本支出都會超過生產變化所帶來的影響。現在，我們正努力將產量穩定在這個區間，大概在 8.75 億美元到 9.75 億美元之間，以維持每天 51 萬桶的新基準產量，預計明年第一季將降至 50.5 萬桶。

So a lot of moving parts this year, but we felt like it was a year where we had to pivot midyear given the concerns on both oversupply and the potential demand weakness. But overall, demand looks strong and supply is the hot debate now.

所以今年有很多變數，但考慮到供應過剩和潛在需求疲軟的擔憂，我們覺得今年年中必須做出調整。但整體而言，需求強勁，供應問題是目前的熱門話題。

I appreciate that color. Considering it's the best slide in the deck, slide 8, or most important slide, I feel compelled to ask a question on it. But when you look at those three graphs, as you move into more of the Endeavor acquired Acreage in '26, should we anticipate any significant changes to those three graphs?

我喜歡這個顏色。考慮到這是投影片中最好的一張，也就是第 8 張投影片，或者說是最重要的一張投影片，我覺得有必要就此提出一個問題。但是，當你觀察這三張圖表時，隨著 Endeavor 在 2026 年收購的面積進一步擴大，我們是否應該預期這三張圖表會有任何重大變化？

Is it fair to assume that, that -- or can you talk to your confidence levels around well productivity as you kind of start harvesting and putting together these plans around some of the acquired pieces?

假設這一點是否合理？或者，隨著你開始收集和製定圍繞已收購部分資源的計劃，你能談談你對油井生產力的信心水平嗎？

Yes, I'll let Al talk about the specifics, but I'll go back to the announcement when we merged with Endeavor, and we told our investors that basically, if you took our pro forma average PV-10 per well and looked at it at the time of the deal, our next five years at the time of the deal was going to improve by almost 20%.

是的，我會讓 Al 來談談具體細節，但我還是要回顧一下我們與 Endeavor 合併時的公告，我們當時告訴投資者，基本上，如果你看看我們每口井的備考平均 PV-10，以及交易時的情況，那麼我們未來五年的業績將會提高近 20%。

And I think what you're seeing in slide 8 is that synergy coming through because not only did we get bigger, but we got better when we did that deal. And Al do you want to talk about '26?

我認為你在第 8 張投影片中看到的正是這種協同效應，因為我們不僅規模擴大了，而且透過那筆交易，我們也變得更好了。艾爾，你想聊聊2026年的事嗎？

Yes, David. I think if you look at the '25 well performance and compare that back to '23 and '24, it's very consistent. And as we look forward to '26, we expect that to be very consistent with the '24 and '25 program.

是的，大衛。我認為，如果你看一下 2025 年的油井表現，並將其與 2023 年和 2024 年的表現進行比較，你會發現它非常穩定。展望 2026 年，我們預計這將與 2024 年和 2025 年的計畫非常一致。

Appreciate it guys. Good luck.

謝謝各位。祝你好運。

Thanks, David.

謝謝你，大衛。

Arun Jayaram, JPMorgan Securities LLC.

Arun Jayaram，摩根大通證券有限公司。

Good morning, gentlemen. Kaes, I was wondering if you could start a little bit on the efficiency gains front and maybe elaborate a little bit on your further improvements on the drilling side and love to get a little bit more insights on this continuous pumping design that you're now implementing on your houses fleets?

早安，先生們。Kaes，我想請你先談談效率提升方面的情況，再詳細說說你​​在鑽井方面的進一步改進。另外，我很想了解你現在在自家鑽井隊中實施的這種連續泵送設計，希望能獲得更多見解。

And what could that do for your dollar per foot, which I think has been in that $550 to $580 range in the Midland Basin?

那麼，這能為米德蘭盆地每英尺的土地帶來什麼好處呢？我認為每英尺的土地價格一直在 550 到 580 美元之間。

Yes. Let me give you some high level and then pass it to Danny. But from a high-level perspective, this year, well costs have come down even in the face of steel tariffs hitting our business to the tune of about 20% on our steel costs.

是的。我先簡單概括一下，然後交給丹尼。但從宏觀角度來看，今年即使鋼鐵關稅使我們的鋼鐵成本下降了約 20%，油井成本仍然下降。

So it's a credit to the team that with the headwinds of something we can't control, steel tariffs hurting us, we've been able to find ways to increase efficiencies even without service costs kind of plummeting throughout the year.

因此，值得稱讚的是，儘管面臨我們無法控制的不利因素（例如鋼鐵關稅對我們造成的損害），我們仍然能夠找到提高效率的方法，即使全年服務成本沒有大幅下降。

So Danny, I don't know if you want to give some detail on continuous pumping and the drilling side.

丹尼，我不知道你是否願意詳細介紹一下連續抽水和鑽井方面的情況。

Yes. On the drilling side, it's really been a story of getting more consistent with those kind of top 10% performance wells. And this quarter, we did about -- 1 out of every 10 wells was under 5 days, and we were talking about one or two wells in previous quarters that were under 5 days. So it's just getting more consistent, delivering those really, really impressive drilling results and continue to drive down the average spud to TD days.

是的。在鑽井方面，真正的挑戰在於如何更穩定地獲得排名前 10% 的優質油井。本季度，我們大約每 10 口井中就有 1 口井的作業時間不到 5 天，而前幾季我們只有一兩口井的作業時間不到 5 天。所以它變得越來越穩定，取得了非常非常令人印象深刻的鑽井成果，並不斷縮短從開鑽到完鑽的平均天數。

And on the completions front, the continuous pumping, we're really excited about. While we're not modeling any material cost savings today, we do believe that getting 20% more lateral footage completed in a day on a pad level, we should see some savings flow through to that. It's just hard to model that today with the additional equipment and everything that we have to set up to get the crews all running on continuous pumping.

在完井方面，我們非常興奮能夠持續泵送。雖然我們今天沒有模擬任何材料成本節省，但我們相信，如果一天內地面水平面上的橫向進給量增加 20%，我們應該會看到一些成本節省。如今，由於需要額外的設備以及為了讓所有工作人員持續抽水而必須進行的各種設置，很難對此進行模擬。

But I do think the one thing that continuous pumping and more lateral footage per day does for us is it improves the cycle times and gets any production that we've watered out when we go in and frac in a contiguous field, that production comes back online faster. And that's kind of one of the key benefits that will accrue to our shareholders over the long haul.

但我認為，持續抽水和每天更多的橫向進尺對我們來說的好處是，它可以縮短生產週期，並讓我們在相鄰油田進行壓裂作業時因水浸而損失的產量更快地恢復生產。從長遠來看，這正是我們的股東將獲得的關鍵利益之一。

Super interesting. My follow-up is, Kaes, you brought back slide 25, which is on power gen and some of the opportunities perhaps for Diamondback just given your surface acreage, your natural gas output in West Texas as well as the fact that you do consume power for your own internal operations. Wondering thoughts on bringing back that slide and maybe just an update on your corporate development activities around this important topic, at least for investors.

非常有趣。Kaes，我的後續問題是，你提到了第 25 張幻燈片，內容是關於發電以及 Diamondback 公司可能面臨的一些機會，考慮到你們的地面面積、在西德克薩斯州的天然氣產量，以及你們自身內部運營消耗電力的事實。想知道關於重新推出那張幻燈片的想法，以及貴公司圍繞這一重要議題開展的企業發展活動的最新進展，至少對投資者而言是如此。

Yes, Jere is going to give you all the details, Arun. I would just say, generally, we did that for a reason, and we're starting to get a lot more confidence in what could be an interesting story for Diamondback's development and gas pricing over the coming years.

是的，傑瑞會把所有細節告訴你，阿倫。我想說的是，總的來說，我們這樣做是有原因的，而且我們越來越有信心，未來幾年鑽石背油田的發展和天然氣定價可能會出現有趣的變化。

Yes. Good observation, Arun. Last week, you may have seen that we committed up to 50 million a day of our nat gas to competitive power ventures for their new 1.3 gigawatt Basin Ranch power plant in Ward County. We expect this to be operational in 2029. This was done under a long-term supply agreement with pricing indexed to ERCOT.

是的。阿倫，觀察得很仔細。上週，您可能已經看到，我們承諾每天向競爭性電力企業提供高達 5000 萬美元的天然氣，用於他們在沃德縣新建的 1.3 吉瓦 Basin Ranch 發電廠。我們預計該項目將於 2029 年投入營運。這是根據一項長期供應協議完成的，價格與ERCOT掛鉤。

And we view it as a creative in-basin egress solution for our natural gas supply. And although in this particular scenario, it is low volumes, we feel it's a small piece and a much larger story for us, which is consciously moving away from Waha. And for reference there, by year-end 2026, we expect Waha exposure to be down to just over 40% of gas sales as compared to a little over 70% today.

我們認為這是盆地內天然氣供應的創新出口解決方案。雖然在這種特殊情況下，銷量很低，但我們覺得這只是其中的一小部分，而對我們來說，這是一個更大的故事，那就是有意識地遠離 Waha。作為參考，我們預計到 2026 年底，Waha 的天然氣銷售額佔比將降至略高於 40%，而目前這一比例略高於 70%。

And additionally, we continue to work on other power projects that could potentially use cheap Diamondback gas and surface, deep blue water and near-term generation solutions to bring data centers to the Midland Basin. And as I mentioned last quarter, it's a long process, but we look forward to updating the market when we have a firm project to discuss.

此外，我們也持續推動其他電力項目，這些項目可能會利用廉價的鑽石背天然氣和地面、深海和近期發電解決方案，將資料中心帶到米德蘭盆地。正如我上個季度提到的，這是一個漫長的過程，但我們期待在有了確切的專案方案可以討論時向市場更新資訊。

Great, thanks a lot, Jere.

太好了，非常感謝你，傑瑞。

Thanks, Arun.

謝謝你，阿倫。

Neil Mehta, Goldman Sachs and Co.

尼爾梅塔，高盛公司

Yeah, thank you so much. And Kaes, maybe I get you to share your perspective on where we are with the macro. I think you indicated in the letter, you think we are at the yellow light right now. So maybe spend some time thinking about how you're thinking about the moving pieces as we move into 2026.

是的，非常感謝。Kaes，或許我可以請你分享一下你對當前宏觀情勢的看法。我認為你在信中已經表明，你認為我們現在正處於危險的境地。所以，或許可以花點時間思考一下，隨著我們邁入 2026 年，你是如何看待各種變化因素的。

Yes, Neil, I mean, we spent a lot of time, I think more time than ever this year on the macro. Unfortunately, we did have to put the yellow light in the release for the third time in a row. I would just say, generally, the outlook kind of remains murky. I think, fortunately, it's a debate on the supply side. And it seems that, that debate will be resolved sometime in the next couple of quarters.

是的，尼爾，我的意思是，我們花了很多時間，我認為今年花在宏觀經濟上的時間比以往任何時候都多。很遺憾，我們不得不連續第三次在發佈時啟用黃燈。總的來說，前景仍然不明朗。我覺得，幸運的是，這只是供應的爭論。看來，這場爭論將在未來幾季內得到解決。

But a couple of things, right? I would say our attitude is we don't control the price of the product we produce. And as an organization, we have 1,700 people focused on producing more oil with less cost every day, and that's what they've done, right? We've been able to generate more free cash this year, 15% more per share despite oil prices being down 14%.

但是有幾點需要說明，對吧？我認為我們的態度是，我們不控制我們生產的產品的價格。作為一個組織，我們有 1700 名員工致力於每天以更低的成本生產更多的石油，而他們也確實做到了這一點，對吧？儘管油價下跌了 14%，但我們今年仍能產生更多自由現金流，每股盈餘增加了 15%。

So I kind of turn the tone from, -- hey, this isn't great to we're going to figure it out and find a way because I think the longer this kind of murky macro lasts, the better things will be on the other end. And Diamondback, in my mind, is going to be one of the long-term winners of whatever the macro presents to us.

所以我把語氣從“嘿，這不太好”轉變為“我們會想辦法解決的”，因為我認為這種不明朗的宏觀局面持續的時間越長，另一端的情況就會越好。在我看來，無論宏觀經濟情勢如何變化，Diamondback 都將是長期的贏家之一。

Thanks Kaes, and the follow-up is just on M&A, and there's, I guess, two components to it. One, you guys have done a great job selling noncore assets. So just your perspective of -- are there other opportunities within the portfolio?

謝謝 Kaes，後續問題是關於併購的，我想，它包含兩個面向。第一，你們在出售非核心資產方面做得非常出色。所以，您認為－投資組合中是否還有其他機會？

And I think last quarter, you got -- there was a lot of tension on some of the comments about not being a seller, but I think you clarified your perspective on that. So just on those two points, comments would be great.

我認為上個季度，你——關於你不是賣家的一些評論引起了很多緊張氣氛，但我認為你已經澄清了你對此的看法。所以，就這兩點而言，歡迎大家發表意見。

Yes. I think on the noncore sales, first off, credit to Jere and the team. We sold $1.5 billion of primarily 90% non-E&P producing assets at higher multiples than we trade. And that, in my mind, accrues straight to the balance sheet, puts our debt load in a good position for whatever the next couple of quarters may hold.

是的。我認為，在非核心銷售方面，首先要感謝 Jere 和他的團隊。我們出售了價值 15 億美元的資產，其中 90% 主要為非勘探與生產資產，出售價格倍數高於我們的交易價格。在我看來，這會直接反映在資產負債表上，使我們的債務負擔處於一個良好的狀態，以應對未來幾季可能發生的任何情況。

So I think we've exhausted the majority of it. Viper, as you might know, also executed a noncore or non-Permian asset sale with a good number that we'll talk about in a couple of hours. But all-in-all, I feel really good about being able to execute on these in a challenging macro at good valuations.

所以我覺得我們已經用盡了大部分資源。如您所知，Viper 還進行了一筆非核心或非二疊紀資產出售，金額相當可觀，我們將在幾個小時後討論此事。但總的來說，我感覺在充滿挑戰的宏觀經濟環境下，以良好的估值執行這些投資項目會讓我非常滿意。

And then on the other side of the question, we get that question a lot on our position in the industry. And I think generally, Diamondback has the most coveted asset base in North America, and that's a very privileged position to be in. But we didn't just fall into it, right? We had to earn it acre by acre. And so we take a lot of pride in our execution and our execution machine and what that means for long-term shareholder value.

另一方面，我們經常被問到我們在行業中的定位。而且我認為，總的來說，Diamondback 擁有北美最令人垂涎​​的資產基礎，這是一個非常優越的地位。但我們並非無緣無故陷入其中，對吧？我們必須一英畝一英畝地賺得它。因此，我們對我們的執行力、我們的執行機制以及這對股東長期價值的意義感到非常自豪。

Thanks, Kaes. Appreciate that

謝謝，凱斯。感謝。

Phillip Jungwirth, BMO.

Phillip Jungwirth，BMO。

Thanks. Good morning. Circling back on the macro, I mean everyone's gotten more capital efficient this downturn. Maybe it takes until '27, but curious how you see a green light scenario playing out for the Permian broadly. Can you just talk about how less capital efficient it is to grow first stay and maintenance as we saw in 2022? And do you think the industry has the capacity to really accelerate if called upon?

謝謝。早安.回到宏觀層面，我的意思是，在這次經濟衰退中，每個人都提高了資本效率。或許要等到 2027 年，但我很好奇您如何看待二疊紀盆地整體的綠燈效應。你能談談像我們在 2022 年看到的那樣，增加首住和維護成本的資本效率有多低嗎？你認為如果需要，這個產業是否有能力真正加速發展？

Yes. Phil, good question. I mean we're pontificating here, but I certainly believe the industry has the capability to do it. It's just a matter of how capital efficient it is. And my thesis is when it is time for the green light, which feels like going back to more of that $70 to $80 range on crude, the capital that you're spending is going to be -- have a much higher rate of return than it does at $60 oil.

是的。菲爾，問得好。我的意思是，我們現在是在空談，但我堅信這個行業有能力做到這一點。這只是資本效率的問題。我的論點是，當時機成熟，油價回升到每桶 70 至 80 美元時，你所投入的資本的回報率將會比油價 60 美元時高得多。

And it's going to be spent on a balance sheet that's shrunk as well as a share count that shrunk. So that's kind of our thesis there. I mean we're certainly generating good returns at $60. But I think today, we're conscious of the fact that adding crude to a market that is clearly oversupplied, the debate is how oversupplied is not a prudent decision today.

而且，這些錢將用於彌補資產負債表和股份數量雙雙縮水的損失。這就是我們的論點。我的意思是，我們以 60 美元的價格肯定能獲得不錯的回報。但我認為，如今我們都意識到，向一個明顯供應過剩的市場（論點的焦點在於供應過剩的程度）增加原油供應，在今天並不是一個明智的決定。

Okay. Great. And then coming back to slide 8 here in the deck, I mean, we did note that your relative ranking on well productivity improved versus the peers. The question is more when you look at benchmarking on average wells per section, how much of FANG's leadership do you think can be attributed to you guys just have more core acreage, maybe less power, less Southern Midland exposure where you have peer zones? Or do you think peers are still leaving behind quite a bit of child wells targeting best zones, which you also have unique perspective in given the Viper?

好的。偉大的。回到簡報中的第 8 張投影片，我的意思是，我們確實注意到，與同行相比，您在油井生產力方面的相對排名有所提高。問題在於，當你以每個區塊的平均油井數量作為基準進行考察時，你認為 FANG 的領先地位有多少可以歸功於你們擁有更多核心油田面積，或許實力較弱，在南部米德蘭地區（你們有同行油田）的風險敞口較小？或者你認為同行們仍然在針對最佳區域留下相當多的兒童井，鑑於 Viper 的存在，你對此也有著獨特的見解？

Yes, actually listen, I think high level, geology matters a lot, right? And is a huge driver. As we develop our acreage, we have different patterns in different areas. And even across a couple of miles, things change very, very quickly.

是的，其實聽我說，我認為從宏觀層面來說，地質學非常重要，對吧？而且是一個巨大的驅動因素。隨著我們不斷擴大耕地面積，不同地區的耕作模式也各不相同。即使相隔幾英里，情況也會變化得非常非常快。

But I think the high-level takeaway, and I can let Al give some more details, though, the high-level takeaway is if you multiply wells per section times well productivity per well, you're getting more oil per section or per DSU at a lower cost structure. I think that means more PV per acre, and we got a lot of acres to do that on. Anything you want to add there, Al?

但我認為，從宏觀角度來看，（我可以讓 Al 提供更多細節）宏觀角度來看，如果你將每個區塊的井數乘以每口井的產量，你就能以更低的成本結構獲得每個區塊或每個 DSU 更多的石油。我認為這意味著每英畝可以安裝更多的光伏發電裝置，而我們有很多英畝的土地可以這樣做。艾爾，你還有什麼要補充的嗎？

Yes, Phillip, I think, generally, definitely agree with you there, Kaes. You look at geology obviously matters and Diamondback's position within the basin is very favorable. But I think if you dig into the details there, you'll find differences in development styles between operators just within similar geology. And I think we feel like the Diamondback development style is differential and really optimizes the return for every DSU and every dollar that we're investing there.

是的，菲利普，我想，總的來說，我絕對同意你的觀點，凱斯。從地質角度來看，地質條件顯然很重要，而鑽石背山在盆地中的位置非常有利。但我認為，如果你深入研究細節，你會發現即使在相似的地質條件下，不同營運商的開發方式也存在差異。我認為我們覺得響尾蛇隊的培養方式與眾不同，真正優化了我們投資的每一美元和每一個DSU的回報。

Great, thanks.

太好了，謝謝。

Bob Brackett, Bernstein Research.

Bob Brackett，伯恩斯坦研究公司。

Hey, good morning. I'm going to return to the theme around traffic lights. If I contrast the weeks where you wrote the 1Q shareholder letter around the weeks after Liberation Day versus you writing the shareholder letter now, the difference is Liberation Day was new. It was very kind of unusual strange environment.

嘿，早安。我打算再回到交通號誌這個話題上來。如果我比較一下您在解放日後幾週內撰寫第一季股東信和您現在撰寫股東信的情況，差別在於解放日是一個新的事件。這是一個非常奇特、不尋常的環境。

And right now, we're just kind of in a normal typical oil down cycle, and therefore, you have more confidence in taking that CapEx right. Is that CapEx up. Is that a fair assessment?

而現在，我們正處於典型的石油價格下行週期中，因此，您更有信心進行正確的資本支出。資本支出增加了嗎？這種評價公平嗎？

Yes, Bob, I think that's fair. I think naturally, we're not -- we don't like change, right? We don't like sudden changes that are unexpected. And I think I wouldn't call Liberation Day a black swan event for our industry, but it was certainly a change versus expectations going into the year. And I think high level, we were also pretty concerned with the potential demand shock that the numbers on the page of Liberation Day implied. I don't think that ended up happening in terms of trade and global trade, but the jury is still out.

是的，鮑勃，我覺得很公平。我認為，我們自然不會——我們不喜歡改變，對吧？我們不喜歡突如其來的、意料之外的變化。我認為我不會把「解放日」稱為我們行業的黑天鵝事件，但它肯定與年初的預期有所不同。而且我認為，從高層來看，我們也相當擔心解放日當天公佈的數據所暗示的潛在需求衝擊。我認為就貿易和全球貿易而言，這種情況最終並沒有發生，但目前還沒有定論。

But overall, I think, we ended up getting more comfortable with demand and not as much of a supply shock. And again, that's kind of why I kind of said the attitude said, this is what it is, and we're going to find a way to make more money despite macro headwinds.

但總的來說，我認為，我們最終對需求更加適應，而對供應衝擊則沒有那麼大。再說一遍，這就是我之前說的態度：這就是現狀，儘管面臨宏觀經濟逆風，我們也要找到辦法賺更多的錢。

And I think, one other thing, Bob, sorry to cut you off. But one other thing that I hope whenever we come out of this, whatever this is, is that our long-term shareholders and long-only shareholders say, what did Diamondback do through this down cycle, however bad it gets.

還有一件事，鮑勃，不好意思打斷你。但我希望，無論我們最終走出困境，我們的長期股東和只持有股票的股東都能說，無論經濟狀況多麼糟糕，Diamondback 在這次經濟下行週期中都做了些什麼。

And if they look back and say, they didn't fully -- they didn't compromise the balance sheet, they bought back shares, they paid a dividend and production held in there. I think that's a case study for this new business model of the low reinvestment rate, high free cash flow that our business will never be not volatile, but did we reduce some volatility by our actions through the cycle.

如果他們回顧過去，說他們並沒有完全——他們沒有損害資產負債表，他們回購了股票，他們支付了股息，而且生產也維持了下來。我認為這是一個關於低再投資率、高自由現金流的新商業模式的案例研究。我們的業務永遠不會完全穩定，但我們透過在整個週期中採取的行動是否降低了一些波動性？

Very clear. On the follow-up, you guys are hitting a shade over four zones per well, and that's -- the workhorses are the Middle Spraberry, Lower Spraberry and the Wolfcamp A and B. Year-to-date, you've got 6% of your wells hitting other zones. Is that a development strategy or an exploration strategy, if I can sort of crudely contrast. Like are you learning stuff? Or are you just folding in that sort of fifth zone in workhorse mode?

非常清楚。後續數據顯示，你們每口井平均鑽探到四個以上的地層，其中主力井層是中斯普拉伯里層、下斯普拉伯里層以及沃爾夫坎普A層和B層。今年迄今為止，你們有6%的井鑽探到了其他地層。如果我能粗略地比較一下，這究竟是發展策略還是探索策略？你在學習什麼嗎？或者你只是在那種第五區域以主力球員模式進行折疊？

Yes. I mean Al can give some details. At high level, most of that is moving into development. There are zones we've tested, but zones like the Upper Spraberry and the Wolfcamp D starting to get more capital while seeing less impact on overall productivity, I think, is a good thing for inventory duration.

是的。我的意思是，Al可以提供一些細節。從宏觀層面來看，大部分內容都在朝向開發方向發展。我們已經測試了一些區域，但像 Upper Spraberry 和 Wolfcamp D 這樣的區域開始獲得更多資金，同時對整體生產力的影響較小，我認為這對庫存週轉期來說是一件好事。

Yes, Bob, it's really a combination of both of those strategies, like Kaes mentioned, the Upper Spraberry, Wolfcamp D, where those zones are prospective, we're really allocating capital to those and co-developing them with the more traditional sort of co-development zones within the Midland Basin.

是的，鮑勃，這實際上是這兩種策略的結合，就像凱斯提到的那樣，上斯普拉伯里、沃爾夫坎普 D 等區域具有發展前景，我們正在向這些區域分配資金，並與米德蘭盆地內更傳統的合作開發區進行合作開發。

I think the other piece of that is a resource expansion story and looking at some of the deeper zones like the Barnett and the Woodford and delineating those around the basin. And, yes, I think we're really excited about the results of those two zones and have some really promising well performance that will be public coming pretty soon.

我認為另一部分是資源擴張的故事，需要專注於一些更深的地層，例如巴內特地層和伍德福德地層，並劃定盆地周圍的地層範圍。是的，我認為我們對這兩個區域的勘探結果感到非常興奮，我們有一些非常有前景的油井表現，這些結果很快就會公佈。

That's super interesting. Thanks for that.

這太有意思了。謝謝。

Thanks, Bob.

謝謝你，鮑伯。

Scott Hanold, RBC Capital Markets.

Scott Hanold，加拿大皇家銀行資本市場。

Thanks, Kaes, you obviously mentioned you hit your target asset sales. At this point, how do you view the equity ownership of those various interests you have? And maybe specifically on Deep Blue, where there are future capital calls, like strategically, does it make sense to own them? Is there a monetization opportunity there?

謝謝Kaes，你剛才也提到你達到了資產銷售目標。目前，您如何看待您所持有的各種權益的股權所有權？特別是對於 Deep Blue 而言，考慮到未來可能出現的資金需求，從策略角度來看，持有它是否有意義？這裡是否存在獲利機會？

Yes. Listen, I think the strategy at Deep Blue is playing out very nicely. I think they've done an incredible job building the third-party business. That was not something that we were probably built to do if it was 100% owned by Diamondback. So I think high level, we're very happy with our 30% ownership. It seems that market attention has increased on water and water management throughout the basin. And I think that's good for valuations.

是的。聽著，我認為深藍戰隊的策略執行得非常出色。我認為他們在建立第三方業務方面做得非常出色。如果公司100%由Diamondback所有，那可能就不是我們擅長的領域了。所以我覺得從整體來看，我們對目前持有的30%股份非常滿意。整個流域的市場對水資源和水資源管理的關注似乎有所提高。我認為這有利於估值。

And then I think -- lastly, I think there's some tangential opportunities for Deep Blue when it comes to water for power needs and some of the surface use management that we can do at Diamondback in conjunction with our partners. So I think high level, we're happy with the 30%. At some point, that business will monetize or look different than a large private investment. But right now, they're creating a lot of value in the shadows.

最後，我認為，對於深藍能源公司而言，在滿足電力用水需求以及我們可以與合作夥伴在鑽石背水道進行的一些地表利用管理方面，存在一些間接的機會。所以我覺得從整體來看，我們對30%這個數字感到滿意。在某個時候，這項業務將實現盈利，或者其形式將與大型私人投資有所不同。但現在，他們正在幕後創造很多價值。

Got it. And the capital range you generally get for maintenance, any kind of equity interest capital call would be sort of included in that? Or would that be outside of that?

知道了。而您通常獲得的維護資金範圍，任何類型的股權資本要求都應包含在內嗎？或者那會超出這個範圍？

That'll be outside of that, but we haven't seen one of those in a long time.

那不屬於這種情況，但我們已經很久沒見過這種情況了。

Got it. Okay. And my follow-up question is just -- you talked a little bit about like targeting zones and what you're all doing. But like can you -- with 2026, is there any kind of a shift in activity allocation across both like acreage regionally within the Midland or even does the Delaware get attention and do zones such as like the Woodford and Barnett get a little bit more attention as well?

知道了。好的。我的後續問題是——你剛才稍微談到了目標區域以及你們正在做的事情。但是，您能否預測一下——到 2026 年，米德蘭地區或特拉華州的活動分配是否會有任何變化，例如區域內的土地面積，或者像伍德福德和巴內特這樣的地區是否會得到更多關注？

Yes, I think at the high level, the Delaware is going to get less attention even than this year. We're pretty well held over there. And most of the development sits further down in our development stack. But I do think you'll continue to see, like you can see on slide 15, the average percentage by zone in the Midland Basin continue to evolve with new zones being added in.

是的，我認為從高層來看，德拉瓦州受到的關注度甚至會比今年更低。我們在那邊處境相當不錯。大部分開發工作都位於我們開發堆疊的更底層。但我認為，正如你在第 15 張幻燈片中看到的那樣，隨著新區域的加入，米德蘭盆地各區域的平均百分比將繼續變化。

And the challenge for the team is continuing to improve well productivity despite adding what people perceive as lower quality zones. But I do think we also have some more Barnett and Woodford tests and we look forward to a full kind of asset update on that zone at some point next year. Al, do you want to add anything on testing those zones?

團隊面臨的挑戰是如何在增加人們認為品質較低的區域的同時，繼續提高油井產量。但我認為我們還有一些巴內特和伍德福德的測試，我們期待明年某個時候對該地區的資產進行全面更新。Al，關於測試這些區域，還有什麼要補充的嗎？

No, I think that's right. I mean I think you'll see us continue to delineate those zones around the Midland Basin. And for '26, I would expect that percentage to tick up kind of like you've seen over the past couple of years as we figure out where the best well performance is throughout the basin and allocate capital appropriately.

不，我覺得是對的。我的意思是，我認為你會看到我們繼續劃分米德蘭盆地周圍的這些區域。對於 2026 年，我預計這個百分比會像過去幾年那樣略有上升，因為我們會弄清楚整個盆地中哪些油井的性能最佳，並適當地分配資金。

Look forward to that. Thank you.

期待那一天的到來。謝謝。

Thanks Scott.

謝謝你，斯科特。

Kalei Akamine, Bank of America.

卡雷‧阿卡明 (Kalei Akamine)，美國銀行。

Hey, good morning, guys. I want to follow up on the topic of maintenance capital at $925 million per quarter. Wondering if you can put some definition around that because headline production has moved around quite a bit in the last 18 months. So what is the associated maintenance oil production level maybe on an operated basis associated with that? And then is this spend level inclusive of all the ratable non-D&C spend?

嘿，大家早安。我想跟進每季9.25億美元的維護資金問題。我想知道您能否對此做一些定義，因為在過去的 18 個月裡，新聞標題的製作方式發生了很大的變化。那麼，與此相關的維護用油產量（以運轉標準計算）是多少？那麼，這個支出水準是否包含了所有應計入稅率的非設計與施工支出？

Yes, Kalei, I mean, high level, right, it's some range of Q4. We recognize that if the company stays flat for the following year, which is maybe the base case today, we'll see what happens in the next couple of months. We recognize that the Street likes to take Q4 numbers and multiply them by four. And that's kind of why we put capital out there where it is. I still think there's a lot of things that could go our way, efficiencies, steel prices, et cetera, that we have no visibility into today.

是的，Kalei，我的意思是，高水準的，對吧，大概是第四季的某個範圍。我們意識到，如果公司在未來一年保持平穩發展（這或許是目前的基本情況），我們將看看未來幾個月會發生什麼。我們知道華爾街喜歡把第四季的數據乘以四。這就是我們把資金投入這些地方的原因。我仍然認為有很多事情可能會對我們有利，例如效率提升、鋼鐵價格等等，而這些是我們目前無法預見的。

But high level, total DC&E plus non-DC&E CapEx is going to be somewhere in that range of outcomes we put out for Q4 multiplied by four. And I think if you normalize to where we were going into the year, right, last year, we were going to spend $4 billion for nearly 500,000 barrels of oil a day, and now we're going to spend somewhere in the range of less than that for about 510,000 barrels of oil a day. And I think I put that capital efficiency up with anyone as well as any year outside of this year in Diamondback's history.

但總體而言，DC&E 總支出加上非 DC&E 資本支出將達到我們第四季公佈結果的四倍左右。我認為，如果我們以年初時的水平來衡量，對吧？去年，我們原本計劃每天花費 40 億美元購買近 50 萬桶石油，而現在，我們每天花費的金額將少於這個數字，購買約 51 萬桶石油。我認為，就資本效率而言，今年的成績足以與 Diamondback 歷史上除今年以外的任何年份相提並論。

We definitely do like modeling by multiplying by four. For my second question, I appreciate that there's a lot of uncertainty around the '26 oil macro. But you guys do have a very large DUC backlog that gives you a lot of flexibility to shape a range of production outcomes for next year. So can you give us an update on where you expect to be with that backlog at year-end?

我們確實很喜歡用乘以四的方法來建模。關於我的第二個問題，我知道2026年石油宏觀經濟情勢有許多不確定性。但是你們確實有大量的DUC積壓訂單，這讓你們在明年可以靈活地制定一系列的生產成果。那麼，您能否向我們介紹一下您預計到年底積壓訂單的處理進度？

And then talk about activating that. Do you intend to reach into that bucket as you kind of reset the efficiency in your frac operations through what you guys are calling continuous drilling? Or do you actually need to add another frac to tap all those opportunities?

然後討論如何啟動它。你們打算透過所謂的連續鑽井來重置壓裂作業的效率，並利用這種資源嗎？或者，你真的需要再增加一個分形才能抓住所有這些機會嗎？

Well, I think on the continuous pumping thing, the exciting thing is that you use one less crew, most likely half to one less crew on an annual basis. But on the DUC backlog, I think what -- with oil prices being -- hanging in there all year and with the efficiencies where they are, we've actually drilled probably more wells than we originally expected in the year.

嗯，我認為關於連續抽水，令人興奮的是，每年可以少用一個或一半的工作人員。但就 DUC 積壓項目而言，我認為——由於油價全年保持穩定，加上目前的效率，我們實際上鑽探的油井數量可能比我們最初預期的要多。

And so we're still well positioned to pull that DUC lever if we need to. I think a lot goes on behind the scenes here to make sure we continue to execute flawlessly and hit numbers and make what looks easy on the outside is actually a lot harder on the inside. So I think maintaining that DUC backlog is a structural advantage for us, particularly with our size and scale, and we're putting pipe in the ground almost as cheap as the COVID era days that's -- I think that's good capital to spend.

因此，如果需要的話，我們仍然有能力採取DUC行動。我認為幕後有很多工作要做，以確保我們繼續完美執行並達到目標，讓那些看起來容易的事情，實際上在內部要困難得多。所以我認為，維持 DUC 積壓項目對我們來說是一個結構性優勢，特別是考慮到我們的規模，而且我們現在鋪設管道的成本幾乎和新冠疫情時代一樣低——我認為這是一筆值得花的好資金。

Thanks for the color. Thanks, Kaes.

謝謝你提供的色彩。謝謝，凱斯。

Kevin MacCurdy, Pickering Energy Partners.

Kevin MacCurdy，Pickering Energy Partners。

Hey, good morning. Kaes, in your shareholder letter, you mentioned the benefits of the Sitio acquisition for Viper and the potential M&A market for minerals and royalties. I wonder if you could just kind of expand on the benefits you see to FANG beyond just the cash flow contributions for the minerals.

嘿，早安。Kaes，你在致股東的信中提到了Viper收購Sitio的好處，以及礦產和特許權使用費的潛在併購市場。我想知道您能否詳細說明一下，除了礦產帶來的現金流貢獻之外，您認為FANG還能從中獲得哪些好處。

Yes, I think, I won't say for the first time, but I do think there's a huge asset at Viper that pays dividends at FANG that's not just royalty interest, and that's this private data, right? We have private well level data on half of the wells in the Permian. I mean probably every major development or every major change in development is something we can see on a private level. And I think for the engineers that allows us to study others faster than anybody else. It also allows us to change how we do things faster than everybody else.

是的，我想，雖然我不是第一次這麼說，但我確實認為 Viper 擁有一項巨大的資產，它能為 FANG 帶來收益，而不僅僅是特許權使用費，那就是這些私有數據，對吧？我們擁有二疊紀盆地一半油井的私有井級資料。我的意思是，可能每一次重大發展或每一次重大發展變化，我們都能在私人層面上看到。我認為這對工程師來說，使我們能夠比任何人都更快地了解他人。它還使我們能夠比其他人更快地改變做事方式。

And I think as the basin evolves, companies are going to be testing different things, some riskier than others and some things are going to work and some things aren't, and we can replicate that very quickly at scale at Diamondback.

我認為隨著盆地的發展，各公司將會嘗試不同的方法，有些方法風險更大，有些方法會奏效，有些方法則不會奏效，而我們可以在 Diamondback 上快速大規模地複製這些方法。

Al, do you want to add anything to that?

艾爾，你還有什麼要補充的嗎？

No, I think, it's a huge advantage, like Kaes is saying, to have the private data and have -- be able to understand not only what other operators are doing from a development standpoint, but also the actual well level performance and returns. And that's really differential to any other data source out there.

不，我認為，就像 Kaes 所說，擁有私有資料是一個巨大的優勢，不僅可以了解其他營運商在開發方面所做的事情，還可以了解實際的油井性能和回報。這一點與其他任何資料來源都截然不同。

I appreciate the details there. And then for my follow-up, you mentioned earlier that you had 70% of your current gas volumes going to Waha, and you expect by the year-end 2026 down to be -- that would be down to 40%. And I wonder if you could just walk through the pieces of what you've disclosed of where that gas will go, if not going to Waha.

我很欣賞你提供的細節。然後，我的後續問題是，您之前提到，您目前 70% 的天然氣輸送量都輸送到了瓦哈，您預計到 2026 年底，這一比例將下降到 40%。我想知道，您能否詳細解釋一下，如果您不去瓦哈，這些天然氣最終會流向哪裡。

Yes. Yes. We're going to be on two of the pipelines coming on next year. Right now, we have a good amount of space on Whistler and Blackcomb and then whatever -- what's the WhiteWater one coming on next year?

是的。是的。我們將參與明年投產的兩條輸油管計畫。目前，我們在惠斯勒和黑梳山還有相當多的空位，至於明年的激流勇進滑雪賽，又是什麼樣的呢？

Blackcomb.

黑梳山。

Blackcomb. Sorry, one Whistler, Matterhorn today. Blackcomb comes on next year, that's another probably 200, 250 a day. And then post Energy Transfer buying WTG, which we were an investor in, we've decided to work with them and commit some gas to that Hugh Brinson pipeline going east.

黑梳山。抱歉，今天只有惠斯勒和馬特洪峰。黑梳山滑雪場明年就要開放了，那一天可能又會新增 200 到 250 輛滑雪車。在 Energy Transfer 收購了我們曾經投資的 WTG 之後，我們決定與他們合作，並承諾向通往東部的 Hugh Brinson 管道輸送一些天然氣。

And I think we've also then saved some gas to potentially go west should one of those pipelines get built and we have an opportunity to put gas on it or contribute a good amount of gas to a power project. And I think our investors demand us to do better on our gas realization and we've listened to them, and I think it's coming.

而且我認為，這樣一來，我們也節省了一些天然氣，以備將來向西部輸送，如果其中一條管道建成，我們就有機會在上面輸送天然氣，或者為發電項目提供大量的天然氣。我認為我們的投資者要求我們在天然氣銷售方面做得更好，我們也聽取了他們的意見，我認為我們即將實現這一目標。

Thank you.

謝謝。

Doug Leggate, Wolfe Research.

道格‧萊格特，沃爾夫研究公司。

And thanks, Kaes for having me on. I wanted to go back to the question about the core inventory and the co-development. Obviously, when you talk about core, I think we've touched on this a couple of years ago, and I just wanted to get an update. When you talk about core, you're generally talking about your best inventory, but in the co-development, you're obviously bringing in lower than Tier 1 locations, I guess.

謝謝Kaes邀請我來。我想回到關於核心庫存和共同開發的問題。顯然，說到核心，我想我們幾年前就討論過這個問題了，我只是想了解最新情況。當你談到核心產品時，你通常指的是你最好的庫存，但在合作開發中，你顯然會引入低於一級地段的資源，我想是這樣。

So when we think about the 10 years of core inventory, what does that look like on a development cadence? In other words, is it 14, 15? Or how do you think about it?

那麼，當我們考慮未來 10 年的核心庫存時，其發展節奏是什麼樣的呢？換句話說，是 14 還是 15？還是你是怎麼看待這件事的？

Yes. I mean I'll let Al talk about what we put in a section to deem it core. But high level, we're completing about 500 wells a year and have about 5,000 -- 5,500 core locations, which, in my mind, is sub-40 type inventory. There's a lot of other inventory that opens up at higher oil prices, but that's the inventory we would model in an acquisition, and that's the inventory that we're developing today.

是的。我的意思是，我會讓艾爾來談談我們把哪些內容放進某個章節裡，才算使其成為核心內容。但總體而言，我們每年完成約 500 口井，擁有約 5000 至 5500 個核心井位，在我看來，這相當於 40 井以下的庫存。油價上漲會帶來更多其他庫存，但這是我們在收購中會考慮的庫存，也是我們今天正在開發的庫存。

Yes, Doug, I think when we kind of are thinking about how we design a DSU for development, we're looking at the zones, they are the highest rate of return -- have highest rate of return zones first and then looking at the zones that would -- we can codevelop and would interfere with those other zones.

是的，道格，我認為當我們考慮如何設計用於開發的DSU時，我們會考慮回報率最高的區域——首先考慮回報率最高的區域，然後再考慮那些我們可以共同開發但會幹擾其他區域的區域。

And so really holistically looking at the DSU, thinking about optimizing the landing points in the zones that are being developed within that DSU so that we don't degrade the well performance of those, maybe not secondary, but lower tier horizons when we develop the core zones, right?

因此，要真正全面地看待 DSU，考慮如何優化 DSU 內正在開發區域的著陸點，這樣我們在開發核心區域時就不會降低那些可能不是次要的，但較低層級的油井性能，對吧？

So really trying to optimize so that we don't leave children wells, we don't leave stranded wells that we would then have to come back to, they would be severely degraded from an economic standpoint.

所以，我們真的在努力優化，以免留下兒童水井，留下廢棄的水井，導致我們以後不得不重新利用這些水井，從經濟角度來看，這些水井的狀況會非常糟糕。

Yes. It's a use it or lose it situation like given the tank nature of the Midland Basin. And I think as Danny would say, we drill every fourth well for free relative to peers, and that allows us to add those zones and developments where others are not.

是的。鑑於米德蘭盆地的水庫性質，這就像是不用就等於浪費。正如丹尼會說的那樣，相對於同行，我們每鑽四口井就免費鑽一口，這使我們能夠開發其他公司無法開發的區域和項目。

So would that uplift the 10 years to a bigger number then? Or is that included in the 500 per year?

那麼，這樣一來，這10年的時間就會變成更長的數字嗎？還是這部分包含在每年500美元的限額裡？

It's a dynamic number, right? I mean there's going to be more wells added to it next year. I think the Barnett and Woodford will probably, given recent results, be, in my mind, a Tier 1 development zone. There needs to be more well control and proof, but that's what we're working on every day.

這是一個動態變化的數字，對吧？我的意思是，明年還會新增更多油井。根據最近的結果，我認為巴內特和伍德福德很可能會成為一級開發區。還需要加強管控和驗證，但這正是我們每天都在努力的方向。

Thank you for that. Kaes, my follow-up is on gas. I mean obviously, you touched on some of the pipes that are coming online. You guys do, I guess, about 500 wells a year. I'm trying to understand if you have your own solution outside of just waiting on someone else, adding infrastructure, whether it be a power deal or something else.

謝謝。Kaes，我的後續問題是關於汽油的。我的意思是，很顯然，你提到了一些即將投入使用的管道。我猜你們一年大概要開500口井。我想了解除了等待其他人、增加基礎設施、達成某種協議或其他方式之外，你是否還有其他解決方案。

But I mean, at the end of the day, $1 -- $500 million a year is pretty meaningful for you for every $1 change in gas price, and you're kind of giving it away right now. So I'm just curious what's going on in the background in terms of how you improve your gas realizations?

但我的意思是，歸根結底，汽油價格每變動 1 美元，每年 1 到 5 億美元對你來說就意義重大了，而你現在卻在白白送錢。所以我很好奇，在提高氣體實現效率方面，你們在後台做了哪些工作？

Yes. I mean we kind of laid out the new pipes that we're going to be on when they come on at the end of '26. I'll kind of take you back to the history of our company, unfortunately, whether we like it or not, we grew through acquisition. And as we grew through acquisition, most of the acreage that we bought was already dedicated sometimes to the sister midstream company of the upstream company. So we've been working through that.

是的。我的意思是，我們已經大致規劃了新管道的鋪設路線，這些管道將在 2026 年底投入使用。我帶大家回顧一下我們公司的歷史，遺憾的是，不管我們喜歡與否，我們都是透過收購發展壯大的。隨著我們透過收購不斷發展壯大，我們購買的大部分土地有時已經分配給了上游公司的姊妹中游公司。所以我們一直在努力解決這個問題。

I think with Endeavor, we actually got a lot of -- we actually had a lot of molecules free to make decisions on to move further downstream, which has been helpful. And we now have the size and scale to be able to contribute to these various pipes to get to different markets.

我認為，有了 Endeavor，我們實際上得到了很多——我們實際上有很多分子可以自由地做出決定，以便進一步向下游推進，這很有幫助。我們現在擁有足夠的規模和實力，能夠為通往不同市場的這些不同管道做出貢獻。

And I think it's going to move to making sure we have the right diversity of markets downstream versus here with the power kicker being something that's exciting as well. So I think it's -- over the long term, we're doing the right things. It's not great over the next 12 months. We protected that with hedges, knowing that we couldn't control the molecules further downstream, but that time is coming.

我認為接下來要確保下游市場擁有適當的多樣性，而電力驅動技術也令人興奮。所以我認為——從長遠來看，我們正在做正確的事情。接下來的12個月情況不太樂觀。我們透過對沖來保護它，因為我們知道我們無法控制下游的分子，但那一天終將到來。

Great stuff. Thanks, Kaes.

太棒了。謝謝，凱斯。

Thanks, Doug.

謝謝你，道格。

Geoff Jay, Daniel Energy Partners.

Geoff Jay，Daniel Energy Partners。

Hey guys, I just had a quick follow-up on the continuous pumping. Just wondering how many fleets it's deployed on today? And I think you're running five if memory serves and sort of how many will be rolled out in the next couple of quarters as you get to full deployment?

大家好，我只是想快速跟進一下關於持續泵奶的問題。想知道目前有多少支艦隊部署了這項技術？我記得你們目前運行著五個這樣的系統，隨著全面部署的進行，未來幾季大概會推出多少個系統呢？

Hey, Geoff, yes, we're running two today and planning on converting the additional fleets as soon as possible, as soon as we can get all the equipment lined out. So hopefully, in the next quarter. And anticipate that we'll probably kind of run four full-time fleets with the fifth fleet bouncing in and out as needed in a maintenance type scenario.

嘿，傑夫，是的，我們今天運行兩台，併計劃盡快改造其他車隊，只要我們能把所有設備都安排好。所以希望下個季度就能實現。預計我們可能會運行四個全職車隊，而第五個車隊則會在維護等情況下根據需要隨時加入或退出。

Excellent. And then one quick follow-up on sort of base production work that you guys talked about last quarter. Are there any updates there? Are you -- any changes to kind of what you're seeing, any improvements?

出色的。然後，我想快速跟進一下你們上個季度討論的基礎生產工作。那邊有任何最新消息嗎？你那邊的情況有改變嗎？有沒有什麼改進？

Yes. We continue to allocate capital into working over wells, older wells and optimizing the PDP tail and been really excited about some of the stuff we've seen, some of the results we've seen out of our acidization, oxidation, stimulation work. We're also trialing some other chemistries that we're doing some stimulation work downhole with and seeing some encouraging results early on.

是的。我們繼續投入資金用於油井改造、老井改造和優化 PDP 尾部，並且對我們所看到的一些成果感到非常興奮，這些成果來自我們的酸化、氧化、增產工作。我們也正在試驗一些其他化學物質，並正在進行一些井下增產作業，目前已經看到了一些令人鼓舞的結果。

We don't have enough data yet to really talk about anything, but we continue to focus on optimizing the tail and deploying capital there. And we feel like it's some of the highest return capital we can spend, albeit not large numbers. But if we can do the work to delineate what's working, we can scale it and hopefully become a significant part of our capital deployment in forward years.

我們目前還沒有足夠的數據來真正討論任何事情，但我們將繼續專注於優化尾部市場並將資金部署到那裡。我們認為這是我們能花出去的回報率最高的資本之一，儘管金額不大。但是，如果我們能夠找出哪些做法行之有效，我們就可以擴大規模，並有望在未來幾年成為我們資本部署的重要組成部分。

Yes, I think that's also huge potential upside is as some of this work gets done and developed, can you lower your reinvestment rate? Can you move more dollars from the D&C side to post-completion work or production work and lower that capital need to replace your production every year.

是的，我認為巨大的潛在收益是，隨著這些工作的完成和發展，你能否降低再投資率？能否將更多資金從設計建造方面轉移到竣工後工作或生產工作，從而降低每年更換生產所需的資金？

And I kind of said something in the letter, never underestimate the American engineer, and we got a lot of engineers here working on the tail end of our production as that becomes a much more important part of our plan here.

我在信中也說過類似的話，永遠不要低估美國工程師，我們這裡有很多工程師在生產後期工作，因為這在我們計畫中變得越來越重要。

Excellent. Thanks guys.

出色的。謝謝各位。

Leo Mariani, ROTH.

Leo Mariani，ROTH。

Yeah, hi. You guys laid out certainly the case for yellow light and certainly talked about a bit how you might get back to the green light. I was hoping you could provide maybe a little bit more commentary on what you would kind of view a red light scenario as you roll into 2026 at this point in terms of kind of costs and oil prices, any kind of high-level sort of indications to help would be great.

嗨，你好。你們確實闡述了黃燈的理由，也確實討論了一些如何才能恢復綠燈的情況。我希望您能就您認為在2026年到來之際，成本和油價方面可能出現的“危險信號”提供一些更詳細的評論，任何高層次的指示都將不勝感激。

Yes, Leo, it's really just oil price, right? And I think if we start to print months consecutively in the 50s and print a month near $50 oil, I think it's -- I think everybody should be looking at their plan and say, should I defer capital here at these prices. I think fortunately, given where Diamondback is positioned today, we don't need to be the first person to look at that. I think we can look at it behind the scenes.

是的，Leo，這真的只是石油價格的問題，對吧？我認為，如果我們連續幾個月印鈔價格在 50 美元左右，而且油價接近 50 美元，那麼——我認為每個人都應該審視一下自己的計劃，問問自己，在這種價格下，我是否應該推遲投資。我認為幸運的是，鑑於 Diamondback 目前的市場地位，我們不需要成為第一個關注這一點的人。我認為我們可以從幕後角度來看這件事。

But we're executing year-to-date at $63 oil with a 36%, 37% reinvestment ratio. That's a very, very solid place to be in. Our dividend is not in danger. In fact, it probably has room to grow. Balance sheet is strong. Maturities are getting handled and costs are at COVID lows. So I think we're doing all the things we need to do to be prepared for worse, but also shine when things get better.

但我們今年迄今的執行情況是，油價為每桶 63 美元，再投資率為 36% 至 37%。那是一個非常非常穩固的位置。我們的股利不會受到影響。事實上，它可能還有發展空間。資產負債表穩健。到期債務正在妥善處理，成本處於新冠疫情期間的低點。所以我認為我們正在做所有需要做的事情，為更糟糕的情況做好準備，同時也能在情況好轉時大放異彩。

Okay. And then obviously, the yellow light scenario, you guys have detailed kind of a number of strategies. I wanted to kind of get a sense, just given the low reinvestment rate, obviously, kind of how other uses of capital may come into play here. The buybacks were very healthy this quarter, which is certainly nice to see.

好的。然後很明顯，對於黃燈情況，你們已經詳細介紹了一系列策略。鑑於再投資率很低，我想了解其他資本用途在這裡可能會如何發揮作用。本季股票回購情況非常良好，這當然令人欣喜。

But also wanted to see if you think in the yellow light scenario, perhaps other type of acquisitions, bolt-ons or whatever may emerge that also could benefit the company. So maybe just talk a little bit about M&A use of kind of free cash flow there. And it certainly seems like the buyback is going to continue to stay pretty healthy. I just wanted to confirm that.

但我還想看看，在這種「黃燈」情景下，您是否認為可能會出現其他類型的收購、附加收購或其他任何可能對公司有利的事情。所以或許可以稍微談談併購如何運用自由現金流。而且看起來股票回購計畫還會繼續保持相當健康的規模。我只是想確認一下。

Yes. I think the primary use of free cash is still the base dividend. Second is buying back in our minds, at least 1% of our public float per quarter. and that still needs free cash to do other things. I think the primary use after that would be continuing to pay down debt. But yes, we're still doing a little bolt-on deals here and there. I think there's a lot of big trades that we've been working on that are not -- they're cashless, but they're very value accretive.

是的。我認為自由現金流的主要用途仍然是支付基本股利。其次，我們認為回購股份至少要占我們每季流通股的1%。但這仍然需要自由現金流來進行其他業務。我認為之後的主要用途將是繼續償還債務。是的，我們仍然會不時做一些小的附加交易。我認為我們一直在進行的許多大額交易雖然不是現金交易，但卻能大大提升價值。

So yes, we're not sitting still here. There's a lot of things for us left to do. We're fortunate to have a very high working interest in everything that we develop. Viper continues to grow its business. But in terms of big M&A, I think Diamondback is going to be more selective. You've seen a few deals happen without our name on it. And I think we're in a good position.

所以，是的，我們並沒有坐以待斃。我們還有很多事情要做。我們很幸運，對我們開發的所有產品都有非常高的工作熱情。Viper的業務持續成長。但就大型併購而言，我認為Diamondback會更加謹慎。你們也看過一些交易，但上面並沒有我們的名字。我認為我們處境不錯。

Okay, thank you.

好的，謝謝。

Cheng Paul, Scotiabank.

鄭保羅，加拿大豐業銀行。

Hi, thankyou.Kaes, just curious that if we're looking at your program today, what percentage of the well that you are in the 3 miles or longer? And if we're looking at over the next several years based on your existing land position, how that program may shift?

您好，謝謝。 Kaes，我只是好奇，如果我們查看您今天的訓練計劃，您有多少百分比的訓練量達到或超過 3 英里？如果根據您現有的土地狀況，展望未來幾年，該計劃可能會如何調整？

Second is that one of your much larger person is talking about their proprietary technology using a lightweight proponent and that will help them to improve their recovery rate maybe by, say, up to 30%. I want to see if you guys have looked at that out there? Is there anything similar in the market you can deploy or test it or that this is truly proprietary that, that's really nothing out there that you guys will be able to deploy?

其次，你們當中一位體型較大的人正在談論他們使用輕型支架的專有技術，這將幫助他們提高康復率，比如說，最高可達 30%。我想看看你們有沒有研究過這方面的狀況？市場上是否有類似產品可以部署或測試？還是說這是你們的專有產品，市面上真的沒有你們可以部署的產品？

Thank you.

謝謝。

Yes, Al can take the longer laterals and talk about what we've been working on. I'll take the second one.

是的，Al 可以進行更長的橫向交流，談談我們一直在研究的內容。我選第二個。

Hey, Paul, yes. So looking at the '25 plan, 3-mile laterals and longer. It makes up about 20%, 25% of the total program. And really, I think the exciting part is kind of pushing to those extended laterals, right? So about 6% of the total is actually 17,500 or 20,000.

嘿，保羅，是的。所以看看 2025 年的計劃，3 英里長的支線及更長的支線。它約佔整個專案的 20% 到 25%。我覺得最令人興奮的部分其實就是努力做出那些橫向移動，對吧？所以總數的約 6% 其實就是 17,500 或 20,000。

Yes. I think we've done some things on the longer laterals with different casing designs and pumping plans to improve results on the longer laterals over time. And then on your second question, listen, I think it's great that there's a lot of technology being tested out in the basin. I wouldn't sleep on our ability to continue to test different technologies to not only improve recoveries on the front end, but also as wells deplete, increasing those recoveries longer that Danny talked about later in the tail and maybe some other things that we're working on as a group that we look forward to updating the market on.

是的。我認為我們已經針對較長的水平井段，採用不同的套管設計和泵送方案，隨著時間的推移，改進了較長水平井段的運作效果。至於你的第二個問題，聽著，我認為在盆地裡測試很多技術是一件好事。我不會低估我們繼續測試不同技術的能力，這不僅可以提高前端的回收率，還可以延長油井枯竭後的回收時間，就像丹尼後來在後端提到的那樣，以及我們團隊正在研究的其他一些事情，我們期待著向市場匯報。

But I'd just say, Paul, in slide 8, the results speak for themselves, and we're very proud of what we do at the cost structure we execute at. And those are the decisions we make to maximize returns and NPV per section.

但我只想說，保羅，在第 8 張幻燈片中，結果已經說明了一切，我們對以這樣的成本結構所取得的成就感到非常自豪。我們做出這些決定是為了最大化每個部分的收益和淨現值。

Great. And on my first question, when you're saying that it's 20%, 25% of 3-mile plus for 2025 over the next several years that how that progress is going to look like?

偉大的。關於我的第一個問題，您說到 2025 年，3 英里以上的跑步里程將達到 20% 或 25%，那麼未來幾年這項進展將如何實現？

Yes, it, Paul, continues to grow, and we continue to push lateral length. And I think one thing we continue to watch is how some peers in the basin are getting creative with pushing lateral length in DSUs with U-turn wells and J-hook wells and how can we -- think about how we can leverage that in longer DSUs to push lateral length even further beyond 3 miles.

是的，保羅，它還在繼續生長，我們也不斷增加橫向長度。我認為我們持續關注的一點是，盆地內的一些同行如何創造性地利用 U 形彎井和 J 形彎井來增加 DSU 的水平長度，以及我們如何才能創造性地利用這些技術在更長的 DSU 中進一步增加水平長度，使其超過 3 英里。

And they're doing it today to take a 5,000-foot DSU and make it a 10,000-foot DSU, but we're really contemplating can we take that and take a 10,000-foot DSU and make it a 20,000-foot DSU. And I think as operators continue to push the limits on this stuff, we're going to watch it and deploy that technology rapidly if we can do it successfully and continue to lower break-evens.

他們今天正在做的是將一個 5,000 英尺的 DSU 變成一個 10,000 英尺的 DSU，但我們真正在考慮的是，我們能否將一個 10,000 英尺的 DSU 變成一個 20,000 英尺的 DSU。我認為，隨著營運商不斷挑戰這項技術的極限，我們將密切關注，如果能夠成功並持續降低損益平衡點，我們將迅速部署這項技術。

Do you think that you can get to, say, 50% over the next five years?

你認為在未來五年內，你能達到比方說 50% 的目標嗎？

Never doubt us, but I think today, it's hard to see.

永遠不要懷疑我們，但我覺得今天，這點很難看清楚。

You have a lot of front-end engineers.

你們有很多前端工程師。

Yes. But today, I think -- I think next year, we expect lateral lengths to be up, and we're going to keep working on trades and other things to keep them as long as possible.

是的。但我認為，明年我們預計橫向距離會延長，我們將繼續努力進行交易和其他方面的工作，以盡可能延長橫向距離。

Okay. Perfect. Thank you.

好的。完美的。謝謝。

Thanks Paul.

謝謝保羅。

Thank you. I am showing no further questions at this time. I would now like to turn it back to Kaes Van’t Hof for closing remarks.

謝謝。我目前沒有其他問題要問。現在我想把時間交還給 Kaes Vanâchar t Hof，請他作總結發言。

Thanks, everybody, for taking the time today. We're always available to answer any questions you might have, and we'll talk to you in a few quarters or in a quarter.

謝謝大家今天抽出時間。我們隨時樂意解答您的任何疑問，我們會在幾個季度或一個季度後與您再次溝通。

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

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。