Falcon Minerals Corporation (FLMN) 2021 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Falcon Minerals Q3 2021 Earnings Call. (Operator Instructions) At this time, it is my pleasure to turn the floor over to your host, Matt Ockwood, CFO of Falcon Minerals. Sir, the floor is yours.

女士們、先生們，美好的一天，歡迎參加 Falcon Minerals 2021 年第三季財報電話會議。（操作員說明） 現在，我很高興將發言權交給東道主 Falcon Minerals 的財務長 Matt Ockwood。先生，地板是你的了。

Thank you, (inaudible), and good morning, everyone. Thank you for joining today's call to discuss the Falcon Minerals Third Quarter 2021 results. Before we begin, I would like to remind you that during this call, we will make certain forward-looking statements that address our expected future business, financial performance and financial conditions. Actual results achieved by the company may differ materially from those made or implied in any forward-looking statement due to a wide range of risks and uncertainties, including those set forth in our SEC filings.

謝謝（聽不清楚），大家早安。感謝您參加今天的電話會議，討論 Falcon Minerals 2021 年第三季業績。在開始之前，我想提醒您，在這次電話會議中，我們將做出某些前瞻性聲明，涉及我們預期的未來業務、財務表現和財務狀況。由於存在廣泛的風險和不確定性，包括我們在 SEC 文件中列出的風險和不確定性，公司實現的實際結果可能與任何前瞻性聲明中所做或暗示的結果有重大差異。

The company expressly disclaims any obligation to update or revise any forward-looking statements. Additionally, this discussion also includes non-GAAP measures Reconciliations of these measures to the most directly comparable GAAP measures are included in the earnings release, which is posted on our website. And with that, I will now turn the call over to Falcon's President and Chief Executive Officer; Bryan Gunderson, for his remarks. Bryan?

該公司明確不承擔更新或修改任何前瞻性陳述的義務。此外，本討論還包括非 GAAP 衡量標準。這些衡量標準與最直接可比較的 GAAP 衡量標準的對帳包含在我們網站上發布的收益發布中。現在，我將把電話轉給方墾總裁兼執行長；布萊恩·岡德森（Bryan Gunderson）的演講。布萊恩？

Thanks, Matt. Good morning to those on the line. We appreciate you joining Falcon Minerals Third Quarter 2021 Earnings Call. I'm joined today by Falcon's Chief Financial Officer, Matt Ockwood, who you just heard from; and Falcon's Chief Operating Officer, Mike Downs. After my remarks, Matt will speak to our financial results for the third quarter, and then we will take questions from those on the line. We were pleased with the way the business performed during the third quarter, which was in line with what we expected.

謝謝，馬特。在線的各位早安。我們感謝您參加 Falcon Minerals 2021 年第三季財報電話會議。今天，方墾首席財務官馬特·奧克伍德 (Matt Ockwood) 也加入了我的行列，您剛剛收到了他的來信。和方墾首席營運官麥克唐斯。在我的演講結束後，馬特將談論我們第三季度的財務業績，然後我們將回答線上人士的問題。我們對第三季的業務表現感到滿意，這符合我們的預期。

The business generated $0.16 of free cash flow per share, which exceeds the high end of our $0.13 to $0.15 cash flow per share guidance range that we shared in August. Production during the quarter was 4,535 BOE per day with approximately 47% crude oil and 61% total liquids. The business generated $14.7 million of EBITDA with greater than 70% EBITDA margins. These results are reflective of the quality of our position in the Karnes Trough, which continues to be among the best performing and lowest breakeven reservoirs in the United States. Additionally, we saw significant benefits from our position in the Marcellus Shale this quarter, including $1.1 million in lease bonus revenue as operators in the basin saw to take advantage of the rising prices for natural gas.

該業務產生每股 0.16 美元的自由現金流，超出了我們 8 月分享的每股 0.13 美元至 0.15 美元現金流指導範圍的上限。本季產量為每天 4,535 桶油當量，其中約 47% 為原油，61% 為液體總量。該業務產生了 1,470 萬美元的 EBITDA，EBITDA 利潤率超過 70%。這些結果反映了我們在卡恩斯海槽的地位質量，該水庫仍然是美國表現最佳和盈虧平衡最低的水庫之一。此外，本季度我們在馬塞勒斯頁岩的地位也帶來了顯著的收益，包括由於該盆地的營運商希望利用天然氣價格上漲的機會而獲得 110 萬美元的租賃紅利收入。

The free cash flow that Falcon generated from this performance allowed us to declare a quarterly dividend of $0.155, which represents a payout ratio of approximately 97% in and sequential increase from the second quarter. We are excited to see our shareholders immediately benefiting from Falcon's industry-leading payout ratio and the strong commodity backdrop we've experienced in the second half this year. The third quarter dividend on an annualized basis translates to $0.62 per share, which we believe represents a compelling yield for investors.

Falcon 從這一業績中產生的自由現金流使我們能夠宣布季度股息為 0.155 美元，這意味著第二季度的派息率約為 97%，並且比第二季度連續增長。我們很高興看到我們的股東立即受益於方墾行業領先的派息率以及我們今年下半年經歷的強勁大宗商品背景。第三季股息按年化計算為每股 0.62 美元，我們認為這對投資者來說是一個令人信服的收益率。

Looking ahead to the remainder of 2021, we anticipate that production volumes will continue to moderate through year-end, while still allowing free cash flow to remain healthy in this supportive commodity price environment. Based on current strip pricing, we anticipate free cash flow to be 0per share to be approximately $0.13 to $0.14 in the fourth quarter of 2021. While we are excited for Falcon's prospects in 2022, it's too soon for us to give any specific guidance for the full year.

展望 2021 年剩餘時間，我們預計到年底產量將繼續放緩，同時在這種有利的大宗商品價格環境中仍允許自由現金流保持健康。根據目前的剝離定價，我們預計 2021 年第四季每股自由現金流約為 0.13 至 0.14 美元，為 0。雖然我們對 Falcon 2022 年的前景感到興奮，但現在給出全年的具體指導還為時過早。

However, we're optimistic knowing that the key operators on our assets are working to finalize their own capital budgets in the midst of very strong commodity prices. The component of 2022 will likely be development activity on our Hooks Ranch asset. The Hooks Ranch is a world-class shale asset with exceptionally strong operator economics, and we are pleased to own the entire mineral estate under this property. As we have previously discussed, ConocoPhillips permitted 6 wells in the third quarter 2020, which will be drilled across unit boundaries from the Hamilton Trust B unit into the Hooks Ranch, where Falcon holds material NRI.

然而，我們樂觀地知道，我們資產的主要營運商正在努力在大宗商品價格非常強勁的情況下最終確定自己的資本預算。2022 年的組成部分可能是我們的 Hooks Ranch 資產的開發活動。Hooks Ranch 是世界級的頁岩資產，具有異常強勁的營運商經濟效益，我們很高興擁有該資產下的整個礦產。正如我們之前討論的，康菲石油公司在 2020 年第三季批准了 6 口井，這些井將跨越單位邊界從 Hamilton Trust B 單位鑽探至 Falcon 持有 NRI 材料的 Hooks Ranch。

During our last conference call, I noted that ConocoPhillips development of these wells was delayed due to difficulties regarding the location of the pad with the surface owner on the Hamilton Trust B unit. While Falcon is not involved with this dispute, we are optimistic that the parties are nearing resolution and development activity could begin during the first half 2022. It is our strongly held belief that the Hooks Ranch assets will be developed over time and will deliver meaningful returns to shareholders.

在我們上次的電話會議中，我注意到康菲石油公司對這些油井的開發被推遲，原因是漢密爾頓信託 B 單位的地面所有者在確定油田位置方面存在困難。雖然 Falcon 並未捲入這場糾紛，但我們樂觀地認為，雙方即將達成解決方案，開發活動可能會在 2022 年上半年開始。我們堅信，Hooks Ranch 資產將隨著時間的推移而開發，並為股東帶來有意義的回報。

While we remain enthusiastic about our existing portfolio of core Eagle Ford acreage, I continue to believe that Falcon could benefit from being a larger entity with a more diverse portfolio of properties. Enhanced diversity and scale provided that it comes largely from Tier 1 assets and Tier 1 operators can serve as an engine to grow free cash flow on a per share basis. The market continues to provide avenues to express this view, and we will explore them as we seek to maximize shareholder value.

雖然我們仍然對現有的 Eagle Ford 核心土地組合充滿熱情，但我仍然相信 Falcon 可以從成為擁有更多樣化物業組合的更大實體中受益。增強多樣性和規模，前提是它主要來自一級資產，並且一級運營商可以作為每股自由現金流增長的引擎。市場繼續提供表達這一觀點的途徑，我們將在尋求股東價值最大化的過程中探索這些途徑。

Above all, our core focus remains an unwavering commitment to generate industry-leading shareholder returns to free cash flow growth on a per share basis and the distribution of this cash flow to our investors. We will continue to be thorough and disciplined as we manage the existing portfolio and as we consider opportunities to grow the business. With that, I'll now turn it (inaudible) to our CFO, Matt Ockwood. Matt?

最重要的是，我們的核心重點仍然是堅定不移地致力於產生行業領先的股東回報，實現每股自由現金流成長，並將這些現金流分配給我們的投資者。在管理現有投資組合以及考慮發展業務的機會時，我們將繼續保持徹底和嚴格的紀律。現在，我將把它轉給（聽不清楚）我們的財務長馬特奧克伍德。馬特？

Thank you, Bryan. During the third quarter, our assets generated $20.2 million in royalty and lease revenue. We recognized a cash loss of $1.3 million from our commodity derivative instruments during the period. Production for the third quarter was 4,535 BOEs per day compared to 5,034 BOEs per day in the second quarter. The sequential decline in production during the third quarter is consistent with our expectations from the second quarter earnings call as the robust pace of development activity in the early part of the year moderated into the summer and early fall on a net basis.

謝謝你，布萊恩。第三季度，我們的資產產生了 2,020 萬美元的特許權使用費和租賃收入。在此期間，我們的商品衍生工具確認了 130 萬美元的現金損失。第三季的產量為每天 4,535 個 BOE，而第二季的產量為每天 5,034 個 BOE。第三季產量的季減與我們對第二季財報電話會議的預期一致，因為今年年初開發活動的強勁步伐在淨基礎上放緩至夏季和初秋。

The sequential increase in revenue we experienced this quarter was driven by higher pricing and revenue associated with lease bonuses in the Marcellus. During the third quarter, we saw 0.31 net or 62 gross wells turned in line compared to 0.51 net for 55 gross wells during the second quarter. This brings our total wells turned in line year-to-date to 2.05 net wells or 177 on a gross basis. Falcon's average realized price for oil during the third quarter was $59.61 per barrel.

我們本季營收的環比成長是由 Marcellus 租賃獎金相關的更高定價和收入推動的。第三季度，我們看到 0.31 口淨井或 62 口油井符合預期，而第二季度有 55 口油井，淨值達到 0.51 口。這使得我們今年迄今的淨井總數達到 2.05 口，即總數 177 口。Falcon第三季石油平均實現價格為每桶59.61美元。

The average realized price for natural gas was $3.65 per Mcf and our NGL realizations averaged $33.92 per barrel. We have generally seen more favorable realized pricing as differentials have tightened across our assets in Texas, while Marcellus differentials widened as the benchmark Henry Hub prices rose during the third quarter. Also during the quarter, Falcon entered into new commodity derivative instruments through costless collars related to natural gas for the months of November 2021 through March 2022, which provide forward prices of $4.20 per MMBtu on the hedge volumes.

天然氣的平均實現價格為每立方英尺 3.65 美元，我們的液化天然氣平均實現價格為每桶 33.92 美元。由於我們在德克薩斯州的資產之間的價差收緊，我們普遍看到更有利的已實現定價，而隨著第三季度亨利中心基準價格的上漲，馬塞勒斯的價差擴大。同樣在本季度，Falcon 透過與天然氣相關的無成本項圈，在 2021 年 11 月至 2022 年 3 月期間簽訂了新的商品衍生工具，為對沖交易量提供每 MMBtu 4.20 美元的遠期價格。

Falcon is unhedged on crude oil volumes in 2022. Associated pricing and volumes for all of these hedges are laid out in our investor presentation, which is available on our website. Cash operating costs for the third quarter of 2021 were $1.5 million, ad valorem and production taxes comprised approximately $1.1 million of this figure for the quarter. Marketing and transportation expenses were the remaining $0.5 million or about $1.12 per BOE. Cash G&A expense was approximately $2.7 million for the third quarter, which excludes approximately $0.5 million of noncash stock-based compensation expense recognized in the period.

Falcon 未對 2022 年原油量進行避險。所有這些對沖的相關定價和交易量均在我們的投資者簡報中列出，該簡報可在我們的網站上找到。2021 年第三季的現金營運成本為 150 萬美元，其中從價稅和生產稅約佔該季度的 110 萬美元。行銷和運輸費用為剩餘的 50 萬美元，即每個 BOE 約 1.12 美元。第三季現金管理及行政費用約為 270 萬美元，其中不包括該期間確認的約 50 萬美元非現金股票補償費用。

Adjusted EBITDA for the third quarter was $14.7 million, which represents an increase of approximately $900,000 from the $13.8 million reported in the second quarter of 2021. The increase was largely attributable to increased realized pricing across all 3 product streams as well as an increase in lease bonus income. At the end of the third quarter, Falcon had $36.5 million of debt outstanding on its revolving credit facility and approximately $3.6 million of cash on hand resulting in net debt of approximately $32.9 million. Falcon continues to have a conservative approach to leverage.

第三季調整後 EBITDA 為 1,470 萬美元，較 2021 年第二季報告的 1,380 萬美元增加約 90 萬美元。這一成長主要歸因於所有 3 個產品流的實現定價增加以及租賃紅利收入的增加。截至第三季末，Falcon 的循環信貸額度未償還債務為 3,650 萬美元，手頭現金約 360 萬美元，淨債務約 3,290 萬美元。方墾繼續採取保守的槓桿方法。

We held the revolver balance flat quarter-over-quarter and Falcon's net debt to LTM EBITDA has decreased to 0.74x. We see that ratio tightening further as we close out 2021 under current commodity pricing. The reported third quarter net income of $5.8 million on a stand-alone basis and $10.5 million inclusive of noninterest. Reported third quarter net income of $5.8 million is inclusive of a gain of $1.7 million associated with the revaluation of the company's warrant liability.

我們保持左輪手槍餘額環比持平，Falcon 對 LTM EBITDA 的淨債務已降至 0.74 倍。在目前大宗商品定價下，隨著 2021 年的結束，這一比率將進一步收緊。報告的第三季獨立淨利潤為 580 萬美元，其中包括非利息在內的淨利潤為 1,050 萬美元。報告的第三季淨利潤為 580 萬美元，其中包括與公司認股權證負債重估相關的 170 萬美元收益。

GAAP income tax expense of $1.3 million for the quarter is mostly attributable to the utilization of our deferred tax asset. This is primarily due to the tax benefit of a basis step-up related to the assets that Falcon acquired as part of the transaction with Royal Resources in 2018. Falcon expects that more than 50% of the dividends paid to Class A shareholders for 2021 will be classified as nondividend distributions. This treatment will generally result in a nontaxable reduction to the tax basis of shareholders' common shares until the time when an investor basis is fully recovered.

本季 GAAP 所得稅費用為 130 萬美元，主要歸因於我們遞延稅資產的利用。這主要是由於 Falcon 在 2018 年與皇家資源交易中收購的資產相關的基礎上調帶來的稅收優惠。Falcon預計2021年支付給A類股東的股利中超過50%將被歸類為非股利分配。這種處理通常會導致股東普通股的稅基免稅減少，直到投資者基礎完全恢復為止。

This reduced tax basis will increase shareholder capital gain or decrease shareholders' capital loss when the shareholders sell their common shares. Pro forma free cash flow per share was approximately $0.16 for the quarter. On November 3, 2021, Falcon declared a third quarter dividend of $0.155 per share. This dividend is payable on December 8, 2021, to shareholders of record as of November 23, and reflects a payout ratio of approximately 97%. We define pro forma free cash flow as adjusted EBITDA inclusive of noncontrolling interests, less interest expense and cash payment. And with that, I will now turn the call back over to Bryan Gunderson.

當股東出售普通股時，這種降低的稅基將增加股東資本利得或減少股東資本損失。本季預計每股自由現金流約為 0.16 美元。2021 年 11 月 3 日，Falcon 宣布第三季股利為每股 0.155 美元。該股將於 2021 年 12 月 8 日支付給截至 11 月 23 日在冊的股東，派息率約為 97%。我們將預期自由現金流定義為調整後的 EBITDA，包括非控股權益，減去利息費用和現金支付。現在，我將把電話轉回給 Bryan Gunderson。

Thanks, Matt. Dan, you can open up the line for questions.

謝謝，馬特。丹，你可以撥打電話提問。

(Operator Instructions). Our first question comes from Kyle May.

（操作員說明）。我們的第一個問題來自凱爾·梅。

Bryan, maybe to start out. One of your peers announced an acquisition this morning. And Bryan, you touched on scale in your opening remarks. Just wondering if you can give us an update on maybe the opportunities that you're seeing and how Falcon is thinking about potentially growing the asset base?

布萊恩，也許要開始了。今天早上，您的一位同行宣布了一項收購。布萊恩，您在開場白中談到了規模問題。只是想知道您是否可以向我們介紹一下您所看到的機會以及 Falcon 如何考慮潛在地擴大資產基礎的最新情況？

Yes. I mean it's a good question. We obviously saw in print this morning. Look, we're focused on driving free cash flow on a per share basis as we've said. I think that as we've said as well, there are a number of assets that are in private hands that are looking to migrate into the public hands. You're seeing that area unfold. I think for us, we continue to be focused on strategic level of transactions. We're being opportunistic on it, but we have our -- we don't bias towards core basins. And so that, for us, that really means the Midland and the dollar.

是的。我的意思是這是一個好問題。我們今天早上顯然在印刷品上看到了。看，正如我們所說，我們專注於推動每股自由現金流。我認為，正如我們所說，私人手中的許多資產正在尋求轉移到公眾手中。你會看到那個區域正在展開。我認為對我們來說，我們繼續關注交易的策略層面。我們對此持機會主義態度，但我們有我們的——我們不偏向核心盆地。因此，對我們來說，這實際上意味著米德蘭和美元。

Got it. Okay. That's helpful. And then you also touched on the dispute at Hooks Ranch, and I believe you mentioned development activity could begin in the first half of next year. Any preliminary thoughts about maybe when that production could begin to flow or kind of how you guys are thinking about the timing of that?

知道了。好的。這很有幫助。然後你也談到了胡克斯牧場的糾紛，我相信你提到開發活動可能會在明年上半年開始。關於製作何時開始進行有什麼初步想法嗎？或者你們是如何考慮這個時機的？

Yes. I mean, look, we're optimistic that it's nearing resolution. We anticipate -- we're optimistic and we anticipate that we're going to see development begin in 1H. I mean that implies a second half certain time line.

是的。我的意思是，看，我們樂觀地認為它已接近解決。我們預計 - 我們很樂觀，我們預計我們將在 1H 內看到開發工作。我的意思是，這意味著下半年一定的時間線。

Our next question comes from comes from Pearce Hammond with Piper Sandler.

我們的下一個問題來自皮爾斯·哈蒙德和派珀·桑德勒。

With the improvement in price of gas as well as the leases that you imported in the Marcellus, are you expecting a higher gas mix as we move forward into 2022?

隨著天然氣價格的提高以及您在 Marcellus 引入的租賃，您是否預計在 2022 年我們會出現更高的天然氣組合？

Pearce, it's Matt. I think the short answer is a consistent mix. We saw Marcellus volumes grow Q2 to Q3 by a low double-digit percentage, so not insignificant. It's not clear to us if that kind of growth rate will be sustained. But given what's going on in the Marcellus and the lease bonuses we've got, a lot of those have some nearer-term potential production associated with them. I would anticipate we'll continue to see a little more gas in the mix.

皮爾斯，是馬特。我認為簡短的答案是一致的混合。我們看到 Marcellus 的銷量在第二季至第三季以較低的兩位數百分比成長，因此並非微不足道。我們不清楚這種成長率是否會持續。但考慮到馬塞勒斯的情況和我們獲得的租賃獎金，其中許多都有一些與之相關的近期潛在生產。我預計我們將繼續看到更多的天然氣。

Okay. And then line of sight wells have been ticking down ticked down this past quarter. So net wells at about 1.57 and then NRI at 1.12 and NRI's a little higher than it was last quarter. Just curious, number one, do you see the line of sight wells started to increase, maybe more from the permitting standpoint? Or what can you -- is there anything you can do? Or what's your preference on how much line of sight that you have in front of you? Because I think this quarter, you completed like 0.3 net wells. So it just seems like it's starting to narrow between the net wells and the line of sight versus how many were completed in the quarter.

好的。在過去的一個季度中，視線井一直在滴答作響。因此，淨井數約為 1.57，NRI 約為 1.12，NRI 略高於上季。只是好奇，第一，你是否看到視線井開始增加，也許從允許的角度來看更多？或者你能做什麼——你能做些什麼嗎？或是您對前方的視線範圍有何偏好？因為我認為本季您完成了 0.3 口淨井。因此，與本季完成的井數相比，淨井和視線之間的差距似乎開始縮小。

Yes, I'll start and then I'll let others jump in. I mean I think one of the things we're focused on is that at this time of year, we don't have the line of sight fully repopulated yet as our core operators are really in the middle of budgeting process, we would anticipate that -- it to come up as those budgeting processes unfold.

是的，我會開始，然後讓其他人加入。我的意思是，我認為我們關注的事情之一是，在每年的這個時候，我們的視線還沒有完全重新填充，因為我們的核心運營商確實處於預算過程中，我們預計——它會隨著預算流程的展開而出現。

(inaudible)

（聽不清楚）

(inaudible) more color. Sorry, go ahead.

（聽不清楚）更多顏色。抱歉，請繼續。

I think that's right. Yes. Well, I was -- that's right. On a gross basis, we've been pretty consistent. On a net basis, it was -- we had some really high NRI pads early this year, and it's -- the gross activity has just hit lower in our high pads in the summer and into the fall. So activity, broadly, is strong. We even saw EOG at a rig here very recently. It's a question of when and how that lands on us in a material net way. And that's really been the story of first half or second half in 2021.

我認為這是對的。是的。嗯，我是──沒錯。整體而言，我們的表現相當穩定。從淨值來看，今年早些時候我們有一些非常高的 NRI 墊，而且從夏季到秋季，我們的高墊的總活動剛剛下降。因此，總體而言，活動很強勁。最近我們甚至在這裡的鑽孔機上看到了 EOG。這是一個何時以及如何以物質網方式降臨到我們身上的問題。這是 2021 年上半年或下半年的情況。

(Operator Instructions). Our next question comes from TJ Schultz.

（操作員說明）。我們的下一個問題來自 TJ Schultz。

Okay. You keep a higher ratio on the dividend than some of your mineral peers. Just any thought on retaining more cash? If you see more acquisition opportunities or your kind of general view on where that payout ratio may trend to longer term for you all? And kind of how you're thinking about financing potential acquisitions?

好的。與一些礦業同業相比，您的股息比率更高。有沒有想過保留更多現金？如果您看到更多的收購機會，或者您對支付率可能走向長期的整體看法是什麼？您如何考慮為潛在收購融資？

I'll take the payout ratio portion, and then I'll let Matt jump in on the financing portion for acquisitions. I think with payout ratio, we've been really clear in the market that we want to keep that high payout ratio. And as you've seen, it's been 90-plus -- kind of averaging around that 95%. We see the way to hand back cash to shareholders and a constructive share price. I mean a constructive commodity price environment that we think it's an attractive value proposition on a yield basis to the -- to our shareholder base. As it relates to the financing acquisitions, Matt do you want to jump in?

我將採用支付率部分，然後我將讓馬特參與收購的融資部分。我認為就派息率而言，我們在市場上已經非常明確地表明我們希望保持高派息率。正如您所看到的，該比例已超過 90%，平均約為 95%。我們看到了向股東返還現金和建設性股價的方法。我的意思是一個建設性的大宗商品價格環境，我們認為這對我們的股東基礎而言，在收益基礎上是一個有吸引力的價值主張。因為牽涉到融資收購，Matt你想介入嗎？

Yes, sure. it really even dovetails with the payout ratio. There's some materiality portioning here that affects our thinking. Our focus, as Bryan articulated, has been on more strategic level opportunities where the payout ratio, even a little lower payout ratio wouldn't be very impactful relative to the size of strategic things that we're focused on. So we really wouldn't want withhold that cash for shareholders in the short term.

是的，當然。它甚至與支付比率相吻合。這裡有一些物質性的分配會影響我們的思考。正如布萊恩所闡述的那樣，我們的重點是更具策略性的機會，相對於我們關注的策略事物的規模，即使支付率稍低一點，也不會產生很大的影響。因此，我們確實不想在短期內為股東扣留這筆現金。

As the financing is very dependent on the nature of an asset should we find the right one that we acquire. As you can imagine, we're looking for right asset, right basin and right value first, and we'll build the capital structure that fits around that with our guiding principles. Those principles being we aren't looking to over leverage the balance sheet and we're also not looking to unnecessarily dilute shareholders. So we'll let the asset lead and build the cap structure around that. Does that make sense?

由於融資很大程度上取決於資產的性質，我們是否應該找到合適的資產來收購。正如您可以想像的那樣，我們首先尋找合適的資產、合適的盆地和合適的價值，然後我們將根據我們的指導原則建立與之相適應的資本結構。這些原則是我們不希望過度利用資產負債表，也不希望不必要地稀釋股東權益。因此，我們將讓資產引領並圍繞其建立上限結構。那有意義嗎？

Yes. No, that all makes perfect sense. I guess just lastly for me. What's your expectation for hedging more or not hedging more moving forward into '22 and '23 prices?

是的。不，這一切都很有道理。我想最後對我來說。您對「22」和「23」價格進行更多對沖或不進行更多對沖有何預期？

Yes. Obviously, you saw that we layered on some winter gas hedges. So we do have hedges going into March on the gas side. We're totally unhedged on the crude side in '22. And I think that's where we're going to be. But Matt, anything to add?

是的。顯然，你看到我們分層鋪設了一些冬季天然氣樹籬。因此，進入三月份，我們確實在天然氣方面進行了對沖。22 年我們在原油方面完全沒有對沖。我認為這就是我們將要達到的目標。但是馬特，有什麼要補充的嗎？

Yes, just that we're not -- we're obviously completely unhedged on oil next year. The fact that we haven't decided to layer in hedges is a conscious decision that we've made. I tend to -- back to the acquisition question, we think a lot about hedges in the context of any outlays of capital. So there may be a distinction in our mind between what we do with, I'll call it, the base business. And if we have the opportunity to make a material investment, subject to the timing of the cash flows and how we've underwritten it, I think using hedges tactically to protect returns and underpin the investment that we're underwriting would make a lot of sense. But in the absence of that, we aren't, today, looking to put on oil hedges for 2022, at least not in the immediate term.

是的，只是我們明年顯然完全沒有對石油進行對沖。事實上，我們沒有決定分層樹籬，這是我們有意識地做出的決定。我傾向於——回到收購問題，我們在任何資本支出的背景下思考了很多對沖問題。因此，在我們的頭腦中，我們所做的事情（我稱之為基礎業務）之間可能存在區別。如果我們有機會進行重大投資，根據現金流的時間安排以及我們承保的方式，我認為戰術上使用對沖來保護回報並支撐我們承保的投資將會帶來很多好處。感覺。但如果沒有這一點，我們今天並不打算在 2022 年進行石油對沖，至少在短期內不會。

Our next question comes from Jon Evans.

我們的下一個問題來自喬恩·埃文斯。

Bryan, I was just curious, can you talk a little bit about -- I guess, because the curve is so backward aided -- I mean, it's unbelievably backward aided. And I'm just curious if that's cause bids asked to be pretty wide relative to the acquisition market? And then how should we think -- I know you've said that -- and acquisition is going to be accretive, but how do you think about -- I mean do you envision this that we'll see a couple of like smaller transactions? Or is it just a major transaction? Or what do you guys kind of planning for?

布萊恩，我只是很好奇，你能談談——我想，因為曲線是如此向後輔助——我的意思是，它是令人難以置信的向後輔助。我只是好奇這是否是導致投標要求相對於收購市場相當廣泛的原因？然後我們應該如何思考——我知道你已經說過——收購將會增值，但你如何思考——我的意思是你是否設想我們會看到一些類似的小型交易？或者這只是一筆重大交易？或者說你們有什麼計畫嗎？

I mean on a bid to ask -- and Jon, I appreciate the question. about bid asking, the reality is that the industry value is at strip. And so with the backward-aided dimension of it's baked into every PV count that you would go through. And so I don't necessarily see that as being a big distinction. On the -- on a big deal versus small deal, I think we're focused on the bigger stuff, just because I think it will really move the strategic landscape for Falcon more.

我的意思是想問——喬恩，我很欣賞這個問題。關於招標，現實情況是產業價值已被剝奪。因此，透過向後輔助維度，它會融入您將經歷的每個 PV 計數中。所以我不一定認為這是一個很大的區別。關於大交易和小交易，我認為我們專注於更大的事情，只是因為我認為這將真正改變獵鷹的戰略格局。

We're not averse to something small and if things come across our desk, which they do that are really, really attractive, we'd be open to doing that. But it's really just not where we spend most of our time.

我們並不反對一些小事情，如果事情出現在我們的辦公桌上，他們所做的確實非常有吸引力，我們會願意這樣做。但這其實並不是我們花費大部分時間的地方。

Got it. And so when you think of that, is that $100 million or more? Or is it $50 million? Or what can you give us -- like what's a big deal in your guys' mind?

知道了。那麼當你想到這一點時，這是 1 億美元還是更多？還是5000萬美元？或者你能給我們什麼──例如你們認為什麼是大事？

Yes. 50-plus is like what we would think of as big. I mean -- when I say I'm not focused on the smaller things, I mean, I'm not focused on the $200,000, $500,000, $2 million type deals.

是的。50+就像我們想像的那麼大。我的意思是，當我說我不專注於較小的事情時，我的意思是，我不專注於 20 萬美元、50 萬美元、200 萬美元類型的交易。

Right. And I mean, before you've seen like you want to be in the Permian, you want to be pretty oily I mean, with what's happened to gas? Does that change at all? Or is it still primarily you want to be in the Permian and be oily?

正確的。我的意思是，在你意識到你想要進入二疊紀之前，你想要變得非常油膩，我的意思是，天然氣發生了什麼事？這有什麼改變嗎？還是你仍然主要想進入二疊紀並變得油膩？

Really primarily Permian and oil.

實際上主要是二疊紀和石油。

Our next question comes from Lee Cooperman.

我們的下一個問題來自李·庫柏曼。

It's Lee Cooperman. I guess the question I have with all the dialogue that's been on focused on buying, have you guys thought about the possibility of shelling since we saw the discount to private market value?

我是李·庫柏曼。我想我在所有關注購買的對話中提出的問題是，自從我們看到私人市場價值的折扣以來，你們是否考慮過砲轟的可能性？

Sure. we thought about it. I mean I think that the answer is that we're open to it if the right opportunity presents itself.

當然。我們考慮過。我的意思是，我認為答案是，如果合適的機會出現，我們對此持開放態度。

You're not concerned about this environment of high price that's about paying down your debt at all?

你根本不關心這種為了償還債務而付出的高價環境嗎？

No, we have a really conservative balance sheet, Lee -- we have really conservative balance sheet, Lee. And we see it trending down further over the course of the year.

不，我們的資產負債表非常保守，李——我們的資產負債表非常保守，李。我們看到它在一年中呈現進一步下降的趨勢。

It looks like that was our final question.

看起來這是我們的最後一個問題。

Thanks, (inaudible). Thanks for everybody for joining the line. I look forward to speaking to everybody over the coming months and on the 4Q call. Thanks, everybody.

謝謝，（聽不清楚）。感謝大家加入該行。我期待在未來幾個月和第四季電話會議上與大家交談。謝謝大家。

Thank you.

謝謝。

This concludes today's conference call. We thank you for your participation. You may disconnect your lines at this time, and have a great day.

今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路，祝您有個愉快的一天。