Gulfport Energy Corp (GPOR) 2022 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Gulfport Energy Corporation's third-quarter 2022 Earnings Call. (Operator Instructions) Please note this conference is being recorded.

早上好，女士們，先生們，感謝你們的支持。歡迎來到 Gulfport Energy Corporation 的 2022 年第三季度財報電話會議。 （操作員說明）請注意正在錄製此會議。

I will now turn the conference over to your host, Jessica Antle. Thank you. You may begin.

我現在將會議轉交給主持人 Jessica Antle。謝謝你。你可以開始了。

Thank you, and good morning. Welcome to Gulfport Energy Corporation's third-quarter 2022 earnings conference call. I am Jessica Antle, Director of Investor Relations.

謝謝，早上好。歡迎來到 Gulfport Energy Corporation 的 2022 年第三季度收益電話會議。我是投資者關係總監 Jessica Antle。

Tim Cutt, Gulfport's Chief Executive Officer, will not be on today's call due to a family emergency. Bill Buese, Executive Vice President and Chief Financial Officer, will provide today's scripted remarks and will be joined by Michael Sluiter, Senior Vice President of Reservoir Engineering; and RJ Moses, Senior Vice President of Operations and Drilling for the Q&A portion of the call.

由於家庭緊急情況，Gulfport 首席執行官蒂姆·卡特 (Tim Cutt) 將不會參加今天的電話會議。執行副總裁兼首席財務官 Bill Buese 將發表今天的演講稿，油藏工程高級副總裁 Michael Sluiter 也將出席；負責電話問答部分的運營和鑽井高級副總裁 RJ Moses。

I would like to remind everybody that during this conference call, the participants may make certain forward-looking statements relating to the company's financial conditions, results of operations, plans, objectives, future performance, and business. 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. Information concerning these factors can be found in the company's filings with the SEC.

我想提醒大家，在本次電話會議期間，與會者可能會就公司的財務狀況、經營業績、計劃、目標、未來業績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陳述中的結果存在重大差異。有關這些因素的信息可以在公司提交給美國證券交易委員會的文件中找到。

In addition, we may reference non-GAAP measures. Reconciliations to the comparable GAAP measures will be posted on our website. An updated Gulfport presentation was posted yesterday evening to our website in conjunction with the earnings announcement. Please review at your leisure.

此外，我們可能會參考非 GAAP 措施。與可比較的 GAAP 措施的調節將發佈在我們的網站上。昨天晚上，我們的網站連同收益公告一起發布了最新的格爾夫波特演示文稿。請閒暇時復習。

At this time, I would like to turn the call over to Bill.

這時候，我想把電話轉給比爾。

Thanks, Jessica, and good morning, everyone. I'll begin this morning with a brief summary of third-quarter highlights, followed by an operational update in both of our asset areas. I will then provide a high-level overview of our third-quarter financial results, liquidity position, return of capital initiatives, and address the guidance updates provided in yesterday's earnings announcement.

謝謝，傑西卡，大家早上好。今天早上我將首先簡要總結第三季度的亮點，然後是我們兩個資產領域的運營更新。然後，我將對我們第三季度的財務業績、流動性狀況、資本回報計劃進行高級概述，並解決昨天收益公告中提供的指導更新。

The third quarter marked the most active period of our 2022 operational plan, with us investing a total of $141 million of capital between our two operating areas. Our production averaged 915 million cubic feet equivalent per day for the quarter, which is down from the second quarter primarily due to the timing of our development program, but was in line with our expectations.

第三季度是我們 2022 年運營計劃中最活躍的時期，我們在兩個運營區域之間投入了總計 1.41 億美元的資金。本季度我們的產量平均為每天 9.15 億立方英尺當量，這主要是由於我們的開發計劃的時間安排而低於第二季度，但符合我們的預期。

Our financial position remains strong, and we exited the quarter at a leverage ratio of 0.9x and liquidity of more than $400 million. We continue to execute on our share repurchase program and have repurchased approximately $233 million year to date, decreasing our outstanding common share count by 10% and utilizing a significant percentage of forecasted 2022 free cash flow.

我們的財務狀況依然強勁，本季度末我們的槓桿率為 0.9 倍，流動資金超過 4 億美元。我們繼續執行我們的股票回購計劃，今年迄今已回購約 2.33 億美元，將我們流通在外的普通股數量減少 10%，並利用了預測 2022 年自由現金流的很大一部分。

Alongside yesterday's earnings announcement, we also issued our 2022 Corporate Sustainability Report. The report is a direct reflection of Gulfport's continuous improvement culture, and we are very proud of the progress made on several fronts, including reducing our greenhouse gas and methane emissions. We strive to reduce our environmental footprint. And as part of the analysis, we are conducting a formal GAAP assessment to improve our company practices and policies regarding emissions management. This analysis will also assess the measures required to comply with the monitoring requirements for gas certification. We look forward to continuing to share our ESG journey with you, and believe the CSR will serve as an important resource for investors in the future.

除了昨天的收益公告，我們還發布了 2022 年企業可持續發展報告。該報告直接反映了格爾夫波特持續改進的文化，我們對在多個方面取得的進展感到非常自豪，包括減少我們的溫室氣體和甲烷排放。我們努力減少我們的環境足跡。作為分析的一部分，我們正在進行正式的 GAAP 評估，以改進我們公司在排放管理方面的做法和政策。該分析還將評估遵守氣體認證監測要求所需的措施。我們期待繼續與您分享我們的 ESG 之旅，並相信 CSR 將成為未來投資者的重要資源。

Turning now to production. As shown on slide 9, our base production and 2022 development wells continue to perform at or above expectations. Year to date, our base production has outperformed our forecast by roughly 7%, with both the Utica and SCOOP performing above expectations. Our 2022 5-well Nelda Pad in the SCOOP has outperformed its forecast by over 80% year-to-date. And in aggregate, our 2022 Utica development wells are performing at a peer-leading average EUR of 2.2 Bcfe per 1,000 foot of lateral.

現在轉向生產。如幻燈片 9 所示，我們的基礎生產井和 2022 年開發井的表現繼續達到或超過預期。今年迄今為止，我們的基礎產量比我們的預測高出約 7%，其中 Utica 和 SCOOP 的表現均超出預期。迄今為止，我們在 SCOOP 中的 2022 年 5 井 Nelda Pad 的表現超出其預測 80% 以上。總的來說，我們的 2022 年尤蒂卡開發井的平均每 1,000 英尺水平井 2.2 Bcfe 歐元處於同行領先水平。

Our third quarter turn-in lines, several of which occurred in late September, coupled with the additional wells we plan to bring online during the fourth quarter, will result in over 15% quarter-over-quarter production growth, which allows us to reiterate our previously provided annual production guidance.

我們第三季度的上交線（其中有幾條發生在 9 月下旬），加上我們計劃在第四季度上線的額外油井，將導致產量環比增長 15% 以上，這使我們能夠重申我們之前提供了年度生產指導。

Turning to our 2022 development program. During the third quarter, we completed 18 wells across both operating areas. In the Utica, we turned in line seven wells and are projecting to bring five additional wells online during the fourth quarter. We continue to execute our wider-spaced development program, utilizing rightsized completions. And as shown on slide 11 of the IR deck, we now have a significant number of wells completed under this optimized design that are showing increased recovery factors when compared to our 1,000-foot spaced wells in the play.

轉向我們的 2022 年發展計劃。第三季度，我們在兩個作業區完成了 18 口井。在尤蒂卡，我們投產了 7 口井，併計劃在第四季度再增加 5 口井。我們繼續執行我們的更廣泛的開發計劃，利用合適的完工。正如 IR 甲板的幻燈片 11 所示，我們現在有大量井在這種優化設計下完工，與我們在該區的 1,000 英尺間距的井相比，這些井顯示出更高的採收率。

This illustrates the benefit of our current approach where every well is optimized for both placement and completion design, resulting in better overall recovery efficiencies. The recent results include our 4-well Extreme pad, brought online in late September, which are performing at a current average EUR of 2.2 Bcfe per 1,000 foot of lateral. The increase in recovery factors and EURs per well favorably impacts our development cost per Mcfe of reserves developed.

這說明了我們當前方法的好處，其中每口井都針對佈置和完井設計進行了優化，從而提高了整體採收率。最近的結果包括我們的 4 井 Extreme 平台，於 9 月下旬上線，目前平均每 1,000 英尺橫向井 2.2 Bcfe 歐元。採收率和每口井 EUR 的增加對我們開發儲量的每 Mcfe 開發成本產生了有利影響。

Our 2022 cost per Mcfe of reserves developed has increased approximately 3% over 2021, but the 2022 costs include the impact of approximately 25% of inflation on our D&C capital, so we are pleased with our continued progress on this front.

我們 2022 年開發儲量的每 Mcfe 成本比 2021 年增加了約 3%，但 2022 年的成本包括約 25% 的通貨膨脹對我們的 D&C 資本的影響，因此我們對我們在這方面的持續進展感到高興。

Furthermore, despite these inflationary pressures, we believe our target of $0.50 per Mcfe remains achievable using wider spacing and more intense frac jobs in 2023 and beyond. We have updated the charts on slide 12 to include the results of our recent wells.

此外，儘管存在這些通脹壓力，但我們相信，在 2023 年及以後，使用更寬的間距和更密集的壓裂作業，我們仍然可以實現每 Mcfe 0.50 美元的目標。我們更新了幻燈片 12 上的圖表，以包括我們最近鑽井的結果。

We are currently running one rig in the Utica. And to improve the efficiency of our 2023 development program, we have elected to add a top-hole rig during the fourth quarter of 2022, which will allow us to begin drilling seven additional wells in the Utica before year-end. We currently expect to continue with this top-hole rig for roughly half of 2023 before we return to one continuous rig for the balance of the year. This level of activity should allow us to execute a continuous eight-month frac program in the Utica, eliminating the risk of releasing crews in today's tight service market and providing the opportunity for increased efficiencies and cost savings.

我們目前正在尤蒂卡運行一個鑽井平台。為了提高我們 2023 年開發計劃的效率，我們選擇在 2022 年第四季度增加一個頂孔鑽機，這將使我們能夠在年底前開始在尤蒂卡鑽探另外 7 口井。我們目前預計將在 2023 年的大約一半時間裡繼續使用這種頂孔鑽井平台，然後在今年餘下時間恢復使用連續鑽井平台。這種活動水平應該允許我們在尤蒂卡執行連續八個月的壓裂計劃，消除在當今緊張的服務市場中釋放工作人員的風險，並提供提高效率和節約成本的機會。

Turning to the SCOOP. We turned in line two wells during the third quarter and plan to bring online an incremental six wells during the fourth quarter. On slide 14 of the IR deck, you can see how our Nelda Pad has continued to outperform expectations and is now expected to remain on flat-time production for nearly eight months. Slide 15 illustrates the significant improvement in development costs and well performance generated by these Nelda wells.

轉向 SCOOP。我們在第三季度投產了兩口井，併計劃在第四季度增加投產 6 口井。在 IR 平台的幻燈片 14 上，您可以看到我們的 Nelda Pad 如何繼續超出預期，現在預計將保持近八個月的平穩生產。幻燈片 15 說明了這些內爾達井在開發成本和油井性能方面的顯著改善。

We plan to return to drilling in the SCOOP with one rig in January of 2023. And as we have done in the Utica to improve the efficiency of our drilling program, we plan to run the rig continuously throughout the year. We anticipate this will result in a similar number of wells drilled and drilling capital as compared to 2022. However, our completion program will not begin until midway through the year, resulting in less wells brought online in the SCOOP during 2023.

我們計劃在 2023 年 1 月使用一台鑽井平台恢復在 SCOOP 的鑽探。正如我們在尤蒂卡所做的那樣，以提高鑽井計劃的效率，我們計劃全年連續運行鑽井平台。我們預計這將導致鑽井數量和鑽井資本與 2022 年相似。但是，我們的完井計劃要到年中才會開始，導致 2023 年 SCOOP 上線的油井數量減少。

Turning now to our third-quarter financial results. We reported a net loss of $18 million and generated $173 million of adjusted EBITDA during the third quarter. A key driver of the net loss was $109 million unrealized loss associated with our commodity derivatives portfolio.

現在轉向我們的第三季度財務業績。我們報告第三季度淨虧損為 1800 萬美元，調整後的 EBITDA 為 1.73 億美元。淨虧損的一個主要驅動因素是與我們的商品衍生品投資組合相關的 1.09 億美元未實現虧損。

Net cash provided by operating activities totaled $168 million during the third quarter, and we generated free cash flow of $11 million for the same period. Despite the third quarter being negatively impacted by basis differentials that were wider than our guidance, we were still able to generate positive free cash flow for the quarter and have now done so in every quarter since our emergence from bankruptcy in May of 2021.

第三季度經營活動提供的現金淨額總計 1.68 億美元，同期我們產生了 1100 萬美元的自由現金流。儘管第三季度受到超出我們指導範圍的基差的負面影響，但我們仍然能夠在本季度產生正的自由現金流，而且自 2021 年 5 月擺脫破產以來，每個季度都這樣做了。

Moving on to derivatives. We believe that our 2023 natural gas production is appropriately covered as we move into the new year. As of the end of the third quarter, we had nearly 50% of our 23 natural gas production covered through a combination of swaps and collars at an average floor price of $3.19 per Mcf, which is more than $0.50 higher than our 2022 average floor price.

轉向衍生品。我們相信，隨著我們進入新的一年，我們 2023 年的天然氣產量將得到適當覆蓋。截至第三季度末，我們的 23 個天然氣產量中有近 50% 通過掉期和領子的組合覆蓋，平均底價為每千立方英尺 3.19 美元，比我們 2022 年的平均底價高出 0.50 美元以上.

We also have a sold call position in 2023 covering a portion of our expected production. We will continue to opportunistically enter into additional derivative contracts for 2024 and beyond in future quarters when appropriate.

我們在 2023 年還有一個已售出的看漲期權頭寸，涵蓋了我們預期產量的一部分。我們將在適當的時候在未來幾個季度繼續機會主義地簽訂 2024 年及以後的額外衍生品合約。

Turning to our balance sheet. At the end of the third quarter, total assets were approximately $2.5 billion, while total gross debt was approximately $729 million, consisting of $179 million outstanding under our credit facility, and $500 million -- $550 million of outstanding senior notes. We also had $8 million of cash on hand and $113 million of letters of credit outstanding at the end of the quarter.

轉向我們的資產負債表。截至第三季度末，總資產約為 25 億美元，而總債務約為 7.29 億美元，其中包括 1.79 億美元的未償還信貸額度和 5 億美元——5.5 億美元的未償還優先票據。截至本季度末，我們手頭還有 800 萬美元的現金和 1.13 億美元的未償信用證。

We exited the third quarter with $416 million of total liquidity, consisting of $8 million of cash and $408 million of borrowing capacity under our revolver. We believe our annual free cash flow generation, borrowing capacity under the facility, and cash on hand will provide sufficient liquidity to fund our operations, capital expenditures, and any return of capital to shareholder initiatives during the next 12 months.

我們以 4.16 億美元的總流動資金退出了第三季度，其中包括 800 萬美元的現金和 4.08 億美元的循環借貸能力。我們相信，我們每年產生的自由現金流量、借貸能力和手頭現金將為我們的運營、資本支出以及未來 12 個月內向股東返還資本的舉措提供充足的流動資金。

We continue to prioritize the return of capital to shareholders through our common stock repurchase program during the third quarter. During the quarter, we repurchased approximately 750,000 common shares at an average price of $85.69 for a total cost of $64 million. As of October 27, we have repurchased approximately 2.7 million shares of common stock at an average share price of $87.37, totaling $233 million since the inception of our $300 million share repurchase program.

我們在第三季度繼續優先通過我們的普通股回購計劃向股東返還資本。本季度，我們以平均 85.69 美元的價格回購了大約 750,000 股普通股，總成本為 6,400 萬美元。截至 10 月 27 日，我們已以 87.37 美元的平均股價回購了約 270 萬股普通股，自我們 3 億美元的股票回購計劃啟動以來總計 2.33 億美元。

Looking ahead, we still have approximately $67 million remaining on our buyback authorization, which provides us with the necessary dry powder to repurchase additional shares at extremely attractive valuations going forward. We will continue to evaluate all return of capital options and expect to return the 2023 free cash flow not utilized in any organic growth or acquisition-related activities to shareholders while maintaining a conservative leverage ratio.

展望未來，我們的回購授權仍有約 6700 萬美元，這為我們提供了必要的干火藥，以在未來以極具吸引力的估值回購更多股票。我們將繼續評估所有資本回報率，並期望將未用於任何有機增長或收購相關活動的 2023 年自由現金流返還給股東，同時保持保守的槓桿率。

Moving on to guidance. For the reasons and benefits I mentioned earlier, including the addition of the top hole rig in the Utica, Gulfport now expects to invest approximately $415 million on D&C capital during 2022. This, along with $35 million of land capital, takes our capital guidance to approximately $450 million for the year.

繼續指導。出於我之前提到的原因和好處，包括在尤蒂卡增加頂孔鑽機，格爾夫波特現在預計在 2022 年期間將在 D&C 資本上投資約 4.15 億美元。加上 3500 萬美元的土地資本，我們的資本指導將達到年約 4.5 億美元。

We have also updated guidance for our expected realized natural gas differential before hedges to between $0.30 and $0.40 off NYMEX from a previous range of $0.15 to $0.25 off NYMEX. The widening basis differential is driven by actual settled prices during the month of September and October, which were lower than our original forecast, as well as current expectations for the remainder of the fourth quarter of 2022.

我們還將對沖前預期已實現天然氣差價的指引更新為較 NYMEX 低 0.30 美元至 0.40 美元，之前的區間為較 NYMEX 低 0.15 美元至 0.25 美元。基差擴大的原因是 9 月和 10 月的實際結算價格低於我們最初的預測，以及目前對 2022 年第四季度剩餘時間的預期。

The primary factors contributing to the weaker differentials included weakened demand due to weather, LNG facility outage and maintenance, a pipeline force majeure in Appalachia, and the disruption from Hurricane Ian on the Gulf Coast. All of this occurred right as contracts were settling, creating significant pressure on first-of-month midweek pricing.

造成差異較小的主要因素包括天氣導致的需求減弱、液化天然氣設施停運和維護、阿巴拉契亞的管道不可抗力以及墨西哥灣沿岸的颶風伊恩造成的破壞。所有這一切都發生在合同結算時，給第一個月的周中定價帶來了巨大壓力。

While the recent volatility has impacted our prices near term, based on the current strip and pricing at the basis points where we sell our natural gas, we currently forecast our basis differentials to be back within the range of $0.15 to $0.25 off NYMEX in 2023.

雖然最近的波動影響了我們的短期價格，但根據當前的條帶和我們出售天然氣的基點定價，我們目前預測我們的基差將在 2023 年回到 NYMEX 0.15 至 0.25 美元的範圍內。

Our midstream line item, which includes transportation, gathering, processing, and compression, came in above the high end of our guidance in the third quarter, largely driven by timing of production volumes and minimum bond commitments in the Utica. We anticipate that the increase in production volumes during the fourth quarter will bring us back in line with our guidance, and we currently forecast 2022 full year will be at the top end of the previously provided range of $0.96 to $1 per Mcfe.

我們的中游線項目，包括運輸、收集、加工和壓縮，在第三季度高於我們指導的高端，這主要是由於產量的時間安排和尤蒂卡的最低債券承諾。我們預計第四季度產量的增加將使我們回到我們的指導方針，我們目前預測 2022 年全年將處於先前提供的每 Mcfe 0.96 美元至 1 美元範圍的高端。

The combination of the adjustments mentioned above, plus a decrease in forward natural gas strip, has impacted our free cash flow guidance, and we now expect to generate approximately $300 million for the full year of 2022 at strip pricing.

上述調整的結合，加上遠期天然氣剝離的減少，影響了我們的自由現金流指引，我們現在預計 2022 年全年以剝離定價產生約 3 億美元。

You can see a complete summary of our 2022 guidance on slide 17 of our IR deck.

您可以在 IR 平台的幻燈片 17 上看到我們 2022 年指南的完整摘要。

We continue to finalize the details of our 2023 plan, but assuming roughly 1.5 rigs in the Utica and a continuous rig program in the SCOOP, we are currently forecasting a less than 5% increase in D&C capital in 2023 when compared to 2022. This level of spend is expected to result in an increase in production of more than 5% over the midpoint of our 2022 production guidance.

我們繼續敲定 2023 年計劃的細節，但假設 Utica 大約有 1.5 個鑽井平台，SCOOP 有一個連續的鑽井平台計劃，我們目前預測與 2022 年相比，2023 年 D&C 資本增加不到 5%。這個水平的支出預計將使產量比我們 2022 年生產指導的中點增加 5% 以上。

On the land front, to stay ahead of our continuous rig programs while building inventory into the future, we currently anticipate increasing our leasehold spend by approximately $20 million in 2023 when compared to 2022.

在陸地方面，為了在我們的連續鑽井計劃中保持領先地位，同時為未來建立庫存，我們目前預計與 2022 年相比，2023 年的租賃支出將增加約 2000 萬美元。

In summary, despite our busiest operational quarter, which resulted in our highest capital quarter of the year, and lower-than-expected realized natural gas differentials in pricing, we still delivered another quarter of positive free cash flow. This continued positive financial momentum allowed us to execute our share repurchase program throughout the third quarter while still maintaining a conservative leverage ratio.

總而言之，儘管我們最繁忙的運營季度導致了我們今年最高的資本季度，並且實現的天然氣定價差異低於預期，但我們仍然提供了另一個季度的正自由現金流。這種持續的積極財務勢頭使我們能夠在整個第三季度執行我們的股票回購計劃，同時仍保持保守的槓桿率。

We are confident that our strong asset base will continue to support our ability to generate free cash flow in the future quarters at a wide range of commodity prices, allowing us to continue to return capital to shareholders, all while maintaining a strong financial position.

我們相信，我們強大的資產基礎將繼續支持我們在未來幾個季度以各種商品價格產生自由現金流的能力，使我們能夠繼續向股東返還資本，同時保持強勁的財務狀況。

With that, we will now open the call up for discussion -- questions.

有了這個，我們現在將開始討論 - 問題。

(Operator Instructions) Neal Dingmann, Truist Securities.

（操作員說明）Truist Securities 的 Neal Dingmann。

Morning. Thanks for the time. Bill, just wondering how you, Tim, and the Board sort of think about when you think about shareholder return versus growth? Obviously, it's a heck of a shareholder return with the payback that you outlined in the release.

早晨。謝謝你的時間。比爾，只是想知道你、蒂姆和董事會在考慮股東回報與增長時是如何考慮的？顯然，這是一筆股東回報，您在新聞稿中概述了投資回報。

I guess my question is, given the size, you certainly have the inventory. It sounds like you are scaling up thoughts about maybe pushing growth versus -- maybe you're basically taking some of that free cash flow and growing more versus paying that out.

我想我的問題是，鑑於尺寸，您肯定有庫存。聽起來你正在擴大關於可能推動增長的想法——也許你基本上是在拿走一些自由現金流並增長更多而不是支付它。

Hey, Neal, good to hear from you. It's a good question. I mean, I will remind you that we are growing 5% next year and then we have that 5% CAGR for the next three years, so we are doing some growth. And we're always on the lookout, as we said in prior calls, for additional bolt-on and leasehold opportunities. We'll continue to do that and push that front as well as look at maybe slightly larger acquisitions as well.

嘿，尼爾，很高興收到你的來信。這是個好問題。我的意思是，我會提醒你，我們明年將增長 5%，然後在接下來的三年裡我們將有 5% 的複合年增長率，所以我們正在做一些增長。正如我們在之前的電話中所說，我們一直在尋找額外的補強和租賃機會。我們將繼續這樣做並推動這一前沿，同時也會考慮進行更大規模的收購。

So yes, I think growth is definitely on our mind. But what's left, we will certainly return to shareholders is our plan at this point, so --.

所以是的，我認為增長絕對是我們的想法。但剩下的，我們肯定會回報股東是我們目前的計劃，所以——。

And do you think buybacks will continue to be the primary allocation there?

你認為回購將繼續成為那裡的主要配置嗎？

Yes. I don't want to get too far over my skis, but I mean, we still have the buyback program going now. We have probably enough capacity to continue doing that into the fourth quarter and then early in the first. But we'll have some additional color probably on return to capital initiatives on our next call. It's something we continue to evaluate and discuss with the Board. So it is definitely front of mind, Neal, and we'll hopefully have more to share with you next time we gather.

是的。我不想對我的滑雪闆說得太過火，但我的意思是，我們現在仍在進行回購計劃。我們可能有足夠的能力在第四季度和第一季度初繼續這樣做。但我們可能會在下次電話會議上回歸資本計劃時提供一些額外的顏色。這是我們繼續評估並與董事會討論的事情。所以這絕對是首要考慮因素，Neal，希望我們下次聚會時能與您分享更多內容。

Great, and then one -- just quick one if I could. Your -- it sounds like your fourth quarter op costs, you're pretty confident those will be down handily. Is that largely -- I think you talked about a lot of that due to the increased production. So I'm just trying to get a sense of, I think you've talked about this before, what portion is -- of cost is fixed versus variable that, obviously, production to be -- help driving that down?

太好了，然後是一個——如果可以的話就快點。你的 - 聽起來像是你的第四季度運營成本，你非常有信心這些成本會很容易下降。這主要是 - 我想你談到了很多，因為產量增加了。所以我只是想了解一下，我想你之前已經談過這個，成本的哪一部分是固定的而不是可變的，顯然，生產是——有助於降低成本？

I don't know if I have an exact number, but our GP&T is obviously the largest part of our cost structure, and there's MVCs tied to that. So as we bring these additional wells on in the fourth quarter, certainly on a unit rate, things will go down and our LOE will go down as well. But I mean, the GP&T is certainly the largest piece of our cost structure.

我不知道我是否有確切的數字，但我們的 GP&T 顯然是我們成本結構的最大部分，並且有與此相關的 MVC。因此，當我們在第四季度增加這些額外的油井時，當然是以單位速度，事情會下降，我們的 LOE 也會下降。但我的意思是，GP&T 肯定是我們成本結構中最大的一部分。

Got it. Okay, thank you.

知道了。好的謝謝。

Tim Rezvan, KeyBanc Capital Markets.

KeyBanc 資本市場的 Tim Rezvan。

Good morning, everybody. Neal kind of hit on, I guess, one of my questions, repurchases versus the dividend. And, Bill, I guess you will get more color on fourth-quarter earnings. But we see a stock that trades about $9 million worth of value per day. So I'm just wondering like how much is that a factor in kind of how sustainable repurchases are? Because I know there's -- it's countering -- the liquidity impact is probably detrimental in some regards, so just curious your thoughts on that.

大家早上好。我想，尼爾有點擊中我的問題之一，回購與股息。而且，比爾，我想你會對第四季度的收益有更多的了解。但我們看到一隻股票每天交易價值約 900 萬美元。所以我只是想知道這對可持續回購的影響有多大？因為我知道 - 它正在抵消 - 流動性影響在某些方面可能是有害的，所以只是好奇你對此的想法。

Yes, it's a good question, Tim. And it's nice to hear your voice again. It's been a while for me anyway. But it's definitely something we talked about, and it's real. When you're doing that, you're obviously impacting the liquidity, so it's something that is front and center. Our current authorization isn't going to cause any problems, isn't going to trip anything. We have enough liquidity out there to continue at least through that. And as I alluded to, we'll continue to evaluate things. And we can't do it -- in theory, we can't do it forever.

是的，提姆，這是個好問題。很高興再次聽到你的聲音。無論如何，這對我來說已經有一段時間了。但這絕對是我們談論過的事情，而且是真實的。當你這樣做時，你顯然會影響流動性，所以這是最重要的事情。我們目前的授權不會造成任何問題，不會絆倒任何東西。我們有足夠的流動性至少可以繼續下去。正如我提到的，我們將繼續評估事情。我們做不到——理論上，我們不能永遠這樣做。

So to your point, we'll have to branch out a bit, and that's something we look forward to sharing with you in the future.

因此，就您的觀點而言，我們必須進行一些擴展，這是我們期待在未來與您分享的內容。

Okay, okay. Thanks, Bill. And if I could pivot to the 2023, you put some guideposts out there. I'm just curious what gives you all -- in this high inflation environment, what gives you confidence of this kind of less than 5% increase in year-over-year CapEx? Are you pretty much contracted on that? Or just kind of curious why you felt confident to give that kind of range.

好吧好吧。謝謝，比爾。如果我能轉向 2023 年，你會在那裡放一些路標。我很好奇是什麼給了你們所有人——在這種高通脹環境下，是什麼讓你們對資本支出同比增長不到 5% 充滿信心？你對此很認同嗎？或者只是好奇為什麼你有信心給出這樣的範圍。

Yes, I'll start and I'll probably hand it to RJ to give a little more color.

是的，我會開始，我可能會把它交給 RJ 來增加一點色彩。

But I mean, the short answer is yes. We saw most of our inflation already in '22. We didn't have a lot of -- coming out of bankers, you didn't have a lot of contracts in place as we entered into 2022, so we felt the full brunt of that, about 25%-ish, if you will, in 2022. So we're not anticipating additional -- and to your point, we do have most of our service contracts and tangibles locked down.

但我的意思是，簡短的回答是肯定的。我們已經在 22 年看到了大部分通貨膨脹。我們沒有很多——來自銀行家，當我們進入 2022 年時，你沒有很多合同，所以我們首當其衝，大約 25%，如果你願意的話，在 2022 年。因此，我們預計不會有更多——就您的觀點而言，我們確實鎖定了大部分服務合同和有形資產。

But I'll turn it over to RJ to see if he has any additional color or comments on that.

但我會把它交給 RJ，看看他是否有任何其他顏色或評論。

Yes. Thanks, Bill, and good morning. I'll just add, if you think about how our program's shaped for 2022, again, the back half, as you're aware, was really loaded with a lot of our activity. And really, what we're doing is kind of moving that same program forward, using a lot of the same services.

是的。謝謝，比爾，早上好。我只想補充一點，如果你想想我們的計劃是如何為 2022 年制定的，那麼，正如你所知，後半部分確實充滿了我們的很多活動。實際上，我們正在做的是使用大量相同的服務來推進相同的程序。

And today, we've got most all our services and tangibles either contracted or very significant line of sight on what that looks like going into next year. And so a lot of the inflationary pressures that we realized the back half of this year kind of already flown into next year. So we don't really see a significant uptick going into 2023 like others may.

今天，我們的大部分服務和有形資產都已簽約，或者對明年的情況有了非常重要的看法。因此，我們在今年下半年意識到的很多通脹壓力已經流入明年。因此，我們並沒有像其他人那樣真正看到 2023 年出現顯著上升。

Okay. Okay. Thank you. And then if I could sneak one more in. On that 2023 outlook, you've talked about this 5% growth CAGR for multiple years and 2023 being slightly above that. Is that a tactical decision based on prices, trying to get incremental on hedged volume? Or is that just more an output from sort of this heavy sequential growth in the fourth quarter of 2022?

好的。好的。謝謝你。然後，如果我能再偷偷說一句。關於 2023 年的前景，你已經談到了多年來 5% 的複合年增長率，而 2023 年略高於此。這是基於價格的戰術決策，試圖增加對沖交易量嗎？或者這只是 2022 年第四季度這種大幅連續增長的結果？

Yes. It's a little more just an output, Tim. We're obviously continuing to refine 2024 and 2025. But it's more of an output more than anything else, just with the way the development plan is laid out in the timing and whatnot into the fourth quarter and beyond.

是的。它只是一個輸出，蒂姆。顯然，我們將繼續完善 2024 年和 2025 年。但它更重要的是產出，只是在第四季度及以後的時間安排發展計劃的方式等等。

Okay, okay. Great. And if I could ask one final one. You talked about the MVC impacts in third quarter. We assume that would not be an issue going forward given the growth we're expecting in the next couple of quarters?

好吧好吧。偉大的。如果我能問最後一個。您在第三季度談到了 MVC 的影響。鑑於我們預計未來幾個季度的增長，我們認為這不會成為未來的問題？

That's correct. Going forward in the fourth quarter and actually beyond, we don't anticipate that being an issue for the next couple of years.

這是正確的。展望第四季度乃至以後，我們預計這不會成為未來幾年的問題。

Okay. Thanks so much for your time.

好的。非常感謝您的寶貴時間。

Ladies and gentlemen, we have reached the end of the question-and-answer session, and I would like to turn the call back to management for closing remarks.

女士們，先生們，我們的問答環節已經結束，我想把電話轉回給管理層，聽取結束語。

Thanks, and thank you for taking the time to join our call today. If you have any additional questions, please do not hesitate to reach out to our Investor Relations team. Thanks again, and this concludes our call.

謝謝，也感謝您今天抽出時間加入我們的電話會議。如果您有任何其他問題，請隨時聯繫我們的投資者關係團隊。再次感謝，我們的通話到此結束。

This concludes today's conference. Thank you for your participation. You may disconnect your lines at this time.

今天的會議到此結束。感謝您的參與。此時您可以斷開線路。