Gulfport Energy Corp (GPOR) 2023 Q1 法說會逐字稿

Hello, and welcome to the Gulfport Energy Corporation first quarter 2023 earnings call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎來到 Gulfport Energy Corporation 2023 年第一季度財報電話會議和網絡直播。 （操作員說明）提醒一下，正在錄製此會議。

It's now my pleasure to turn the call over to your host, Jessica Antle, Director of Investor Relations. Please go ahead, Jessica.

現在我很高興將電話轉給你的主持人，投資者關係總監傑西卡安特爾。請繼續，傑西卡。

Thank you, Kevin, and good morning. Welcome to Gulfport Energy Corporation's first quarter 2023 earnings conference call. I am Jessica Antle, Director of Investor Relations. Speakers on today's call include John Reinhart, President and Chief Executive Officer; Michael Hodges, Executive Vice President and Chief Financial Officer. In addition, Matthew Rucker, Senior Vice President of Operations will be available for the Q&A portion of today's call.

謝謝你，凱文，早上好。歡迎來到格爾夫波特能源公司 2023 年第一季度收益電話會議。我是投資者關係總監 Jessica Antle。今天電話會議的發言人包括總裁兼首席執行官 John Reinhart； Michael Hodges，執行副總裁兼首席財務官。此外，運營高級副總裁 Matthew Rucker 將出席今天電話會議的問答部分。

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 condition, 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 make reference to non-GAAP measures. Reconciliations to the GAAP comparable 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 GAAP 可比較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 John Reinhart, President and CEO.

此時，我想將電話轉給總裁兼首席執行官 John Reinhart。

Thank you, Jessica, and thank you to everyone for listening to our call. I'm pleased to provide highlights today on the company's performance in the first quarter, which includes production, adjusted EBITDA and adjusted free cash flow, exceeding analyst estimates, capital cost deflation realizations, strong well productivity, and operational cycle times outpacing expectations. All of which facilitate high confidence in our 2023 program.

謝謝你，傑西卡，感謝大家聽我們的電話。我很高興今天重點介紹公司第一季度的業績，包括產量、調整後的 EBITDA 和調整後的自由現金流、超出分析師估計、資本成本通縮實現、強勁的油井生產率以及超出預期的運營週期時間。所有這些都有助於增強對我們 2023 計劃的信心。

To open, I would first like to welcome Michael and Matthew to the Gulfport team. Michael brings over 20 years of experience as a seasoned financial leader with deep expertise in the oil and gas industry and much of his career spent with companies operating in the Appalachian and Anadarko Basins. Matthew also possesses substantial knowledge of the Appalachian Basin and holds a decade of experience focused on operational excellence and low-cost leadership, which plays an integral role as we continue our efforts to improve capital efficiencies and enhance margins.

首先，我要歡迎邁克爾和馬修加入格爾夫波特團隊。 Michael 擁有超過 20 年的經驗，是一位經驗豐富的金融領導者，在石油和天然氣行業擁有深厚的專業知識，他的大部分職業生涯都是在阿巴拉契亞和阿納達科盆地的公司度過的。 Matthew 還對阿巴拉契亞盆地擁有豐富的知識，並擁有十年專注於卓越運營和低成本領導的經驗，這在我們繼續努力提高資本效率和提高利潤率的過程中發揮著不可或缺的作用。

I've had the pleasure of working with both Michael and Matthew. And when combined with the many talented operational and support individuals at Gulfport creates a team that is extremely experienced in both operating basins, holds a proven track record of operational execution, and is known for identifying and executing on opportunities for improvement that maximize value.

我很高興與邁克爾和馬修一起工作。與格爾夫波特眾多才華橫溢的運營和支持人員相結合，創建了一支在兩個運營盆地都非常有經驗的團隊，擁有經過驗證的運營執行記錄，並且以識別和執行可實現價值最大化的改進機會而聞名。

The company will remain focused on actions that facilitate the sustainable development of our quality inventory, enhance margins, and optimize efficiencies within our capital programs, all while maintaining an attractive balance sheet and utilizing our top-quartile free cash flow yield to enhance shareholder returns and position the company for success.

公司將繼續專注於促進我們優質庫存的可持續發展、提高利潤率和優化資本計劃效率的行動，同時保持有吸引力的資產負債表並利用我們排名前四分之一的自由現金流收益率來提高股東回報和為公司的成功定位。

Returning to our first-quarter highlight, the company generated $63.1 million of adjusted free cash flow during the quarter, allowing us to continue returning capital to our shareholders while improving our already strong financial position as evidenced by our debt reduction of $145 million and a decrease of our financial leverage ratio to 0.7 times.

回到我們第一季度的亮點，公司在本季度產生了 6310 萬美元的調整後自由現金流，這使我們能夠繼續向股東返還資本，同時改善我們本已強勁的財務狀況，我們的債務減少了 1.45 億美元，減少了我們的財務槓桿率降至0.7倍。

Our average daily production for the quarter totaled 1.057 billion cubic feet equivalent per day, ahead of analysts' expectations, driven by the continued outperformance of our 2022 development programs, well productivity, and strong base production. During the first quarter, the company drill and rig released eight gross wells, seven of which were in the Utica. On the completion side, we completed five gross wells during the quarter, all within the Utica.

在我們 2022 年開發計劃的持續出色表現、良好的生產力和強大的基礎生產的推動下，我們本季度的平均日產量總計為 10.57 億立方英尺當量/天，超出了分析師的預期。第一季度，該公司的鑽探和鑽井平台發布了 8 口總油井，其中 7 口位於尤蒂卡 (Utica)。在完井方面，我們在本季度完成了五口總井，全部位於尤蒂卡。

Cycle-time efficiency improvements were realized on the operational planning, drilling, and completions front during the first quarter, which resulted in the team accelerating our first Utica pad turn-in-line two weeks ahead of schedule. This was our three-well Barber Ridge pad located in Monroe County, which began flowing in early April with encouraging results compared to historic wells in the same area. Optimized completions and a pressure-managed production approach has contributed to strong pad production rates with minimal average initial pressure drawdown.

第一季度在運營規劃、鑽井和完井方面實現了周期時間效率的改進，這導致團隊提前兩週加速了我們的第一個 Utica 平台上線。這是我們位於門羅縣的三井 Barber Ridge 墊，與同一地區的歷史井相比，它於 4 月初開始流動，結果令人鼓舞。優化的完井和壓力管理生產方法有助於實現強勁的墊生產率，同時最小的平均初始壓力下降。

The company's development approach continues to yield repeatable consistent results, and we forecast these Monroe County wells to be in line on an EUR per foot of lateral basis with our top-tier developments in other areas of the play.

該公司的開發方法繼續產生可重複的一致結果，我們預測這些 Monroe County 油井在每英尺橫向基礎上與我們在該區域其他地區的頂級開發項目保持一致。

In terms of activity, we are currently running one drilling rig in Ohio and remain on track to spud Gulfport's first two Marcellus wells in Belmont County, Ohio during the third quarter of 2023. We look forward to discussing more about this development later in the year, which has the potential to unlock approximately 40 to 50 wells of incremental inventory additions for the company.

就活動而言，我們目前正在俄亥俄州運行一個鑽井平台，並有望在 2023 年第三季度在俄亥俄州貝爾蒙特縣開鑽 Gulfport 的前兩口 Marcellus 井。我們期待在今年晚些時候討論更多關於這一發展的信息，這有可能為公司解鎖大約 40 至 50 口井的增量庫存增加。

In the SCOOP, we recently concluded our drilling program for 2023 and plan to return to a more historic level of activity in Oklahoma in 2024. The company currently has active frac crews in both asset areas and expects to turn-in-line over 50% of our forecasted 2023 activity in the second quarter of this year.

在 SCOOP 中，我們最近完成了 2023 年的鑽探計劃，併計劃在 2024 年恢復到俄克拉荷馬州更具歷史意義的活動水平。該公司目前在兩個資產領域都有活躍的壓裂工作人員，預計上線率超過 50%我們預測今年第二季度的 2023 年活動。

Strong well productivity, based production performance, and expected continuation of cycle-time improvements in 2023 leave us confident in realizing our expected production for the full year, and we are reiterating our 2023 guidance range of 1.0 billion to 1.04 billion cubic feet equivalent per day, and currently forecast the company to average toward the high end of the range for the full year.

強大的油井生產力、基礎生產性能以及 2023 年周期時間的預期持續改進使我們有信心實現全年的預期產量，我們重申我們 2023 年的指導範圍為每天 10 億至 10.4 億立方英尺當量，目前預測該公司全年的平均水平將達到該範圍的高端。

The company is beginning to realize modest service cost reductions in our 2023 capital program, primarily relating to savings in the mid-single-digit range on certain high spend completion services and combined with the expected operational efficiency improvements, facilitates confidence in our full year guidance range for capital expenditure of $425 million to $475 million. The team will continue to focus on operational improvements that are expected to translate into further savings in 2023 and we will provide updates in future quarters.

公司開始在我們的 2023 年資本計劃中實現適度的服務成本降低，這主要與某些高支出完成服務的中等個位數範圍的節省有關，並結合預期的運營效率提高，增強了我們對全年指導的信心資本支出範圍為 4.25 億美元至 4.75 億美元。該團隊將繼續專注於預計將在 2023 年轉化為進一步節省的運營改進，我們將在未來幾個季度提供更新。

In our investor deck on slide 10, we have included a more detailed outlook on our expected 2023 capital and production cadence.

在我們幻燈片 10 的投資者平台中，我們對我們預期的 2023 年資本和生產節奏進行了更詳細的展望。

Production costs for the first quarter were $1.24 per million cubic feet equivalent, below the midpoint of our full-year guidance range of $1.21 to $1.29 per million cubic feet equivalent. Lease operating expenditures for the quarter were primarily driven by non-operated charges and higher-than-forecasted water volumes and associated disposal costs driven by our strong production. The teams continue to aggressively work opportunities to optimize and reduce our per-unit operating costs to improve on both LOE and midstream costs during the year.

第一季度的生產成本為每百萬立方英尺當量 1.24 美元，低於我們全年指導範圍每百萬立方英尺當量 1.21 美元至 1.29 美元的中點。本季度的租賃運營支出主要是由非運營費用和高於預期的水量以及我們強大的生產驅動的相關處置成本推動的。這些團隊繼續積極尋找機會來優化和降低我們的單位運營成本，以在這一年中改善 LOE 和中游成本。

During the quarter, the company maintained our top quartile G&A spend with our reoccurring cash G&A totaling $0.10 per million cubic feet equivalent. As previously discussed, the company's executing on accretively sold opportunities that increase our resource depth and provide optionality to our future development plans. We are actively pursuing these opportunities and will provide an update to our efforts as we progress throughout the year.

在本季度，公司的 G&A 支出保持在前四分之一，我們的經常性現金 G&A 總計為每百萬立方英尺等量 0.10 美元。如前所述，公司正在執行增值銷售機會，這些機會增加了我們的資源深度並為我們未來的發展計劃提供了選擇權。我們正在積極尋求這些機會，並將在我們全年取得進展的同時提供最新的努力。

In closing, the current commodity environment reinforces the importance of responsible, efficient, and sustainable development of our assets and the focus of our team to enhance margins, optimize efficiencies, and protect the financial strength of the company. Our intention is to return substantially all of our adjusted free cash flow to our shareholders through common share repurchases after accounting for opportunistic acquisitions of accretive leasehold opportunities to further support the company's development in the years ahead.

最後，當前的商品環境強化了我們資產負責任、高效和可持續發展的重要性，以及我們團隊提高利潤率、優化效率和保護公司財務實力的重點。我們的意圖是在考慮機會性收購增值租賃機會後，通過普通股回購將我們所有調整後的自由現金流返還給我們的股東，以進一步支持公司未來幾年的發展。

Our strong first quarter results, both financially and operationally, positioned the company to deliver attractive results while providing strategic optionality throughout 2023 and beyond.

我們在財務和運營方面的強勁第一季度業績使公司能夠提供有吸引力的業績，同時在整個 2023 年及以後提供戰略選擇。

Now, I'll turn the call over to Michael to discuss our financial results.

現在，我將把電話轉給邁克爾，討論我們的財務業績。

Thank you, John, and good morning, everyone.

謝謝約翰，大家早上好。

During the first quarter, the company continued to achieve strong results in almost every area of the business. Net cash provided by operating activities totaled $304 million during the first quarter, funding capital expenditures, total debt reduction of $145 million, and the repurchase of $32.9 million of common stock.

第一季度，公司在幾乎所有業務領域繼續取得強勁業績。第一季度經營活動提供的淨現金總計 3.04 億美元，用於資本支出、總債務減少 1.45 億美元以及回購 3290 萬美元的普通股。

We reported adjusted EBITDA of $230 million during the quarter. And as John mentioned, generated adjusted free cash flow of $63 million for the same period, above analysts' expectations and up sequentially, despite significantly lower prices quarter over quarter. The power of our business to generate EBITDA and free cash flow remains impressive as we have now generated $763 million and $188 million of adjusted EBITDA and adjusted free cash flow respectively, over the past 12 months. And we are on track to deliver similar cash results in 2023 despite what is shaping up to be a much softer natural gas price environment.

我們報告本季度調整後的 EBITDA 為 2.3 億美元。正如約翰所提到的，儘管價格環比大幅下降，但同期調整後的自由現金流為 6300 萬美元，高於分析師的預期且環比上升。我們業務產生 EBITDA 和自由現金流的能力仍然令人印象深刻，因為在過去 12 個月中，我們現在分別產生了 7.63 億美元和 1.88 億美元的調整後 EBITDA 和調整後自由現金流。儘管天然氣價格環境正在變得更加疲軟，但我們有望在 2023 年實現類似的現金業績。

Our all-in realized price during the first quarter was $3.71 per Mcfe before the impact of cash-settled derivatives and firm transportation. While our cash hedging gain for the quarter was minimal despite the volatility in gas prices, our hedging position for the remainder of 2023 should provide ample downside protection should prices remain at current levels.

在以現金結算的衍生品和固定運輸的影響之前，我們第一季度的全部實現價格為每 Mcfe 3.71 美元。儘管天然氣價格波動，但我們本季度的現金對沖收益微乎其微，但如果價格保持在當前水平，我們在 2023 年剩餘時間的對沖頭寸應該會提供充分的下行保護。

Our natural gas price differential before hedges was negative $0.11 per Mcfe compared to the average daily NYMEX settled price during the quarter, which was better than analysts' expectations and below the low end of our full-year guidance range. Driven by seasonality and strip pricing increasing as we progress through the year, we reaffirm our natural gas differential guidance before hedges to average $0.20 to $0.35 per Mcf below NYMEX for the full year.

與本季度 NYMEX 的平均每日結算價格相比，我們在對沖之前的天然氣價格差異為每 Mcfe 0.11 美元，這好於分析師的預期，並且低於我們全年指導範圍的低端。隨著我們全年的進展，受季節性因素和條帶價格上漲的推動，我們重申我們的天然氣差價指導在對沖之前平均比 NYMEX 低 0.20 美元至 0.35 美元/Mcf。

On the capital front, we incurred capital expenditures of $127.2 million related to drilling and completion activity, and $19.8 million related to leasehold and land investments. The trajectory of our drilling and completion capital as it relates to our full-year 2023 capital budget will be weighted to the front half of the year, as we expect approximately 60% to 65% of the drilling and completion capital for the year to occur during the first two quarters of 2023 and we are well positioned to remain within our capital expenditure guidance for the remainder of the year.

在資本方面，我們與鑽井和完井活動相關的資本支出為 1.272 億美元，與租賃和土地投資相關的資本支出為 1,980 萬美元。與我們 2023 年全年資本預算相關的鑽井和完井資本的軌跡將加權到今年上半年，因為我們預計今年鑽井和完井資本的大約 60% 至 65% 將發生在 2023 年前兩個季度，我們有能力在今年剩餘時間內保持在我們的資本支出指導範圍內。

While we maintain the flexibility in our capital program to toggle activity levels as industry conditions change, our robust hedge position, healthy balance sheet, and strong cash margins give us confidence that our capital program is rightsized for the current macro price environment.

雖然我們保持資本計劃的靈活性以隨著行業條件的變化來切換活動水平，但我們穩健的對沖頭寸、健康的資產負債表和強勁的現金利潤率讓我們相信我們的資本計劃適合當前的宏觀價格環境。

With respect to the current hedge position, we are pleased to have downside protection covering approximately 50% of our remaining 2023 natural gas production at an average floor price of $3.45 per Mcf and roughly 415 million cubic feet per day of downside protection in 2024 at an average floor price of $3.90 per Mcf.

關於當前的對沖頭寸，我們很高興以平均底價 3.45 美元/千立方英尺的價格為 2023 年剩余天然氣產量提供約 50% 的下行保護，並在 2024 年以每天約 4.15 億立方英尺的下行保護價格提供下行保護平均底價為每千立方英尺 3.90 美元。

We have also begun opportunistically layering in hedges for 2025 and currently have natural gas swap contracts totaling approximately 70 million cubic feet per day at an average price of $4.08 per Mcf. On the basis front, we have locked in around 40% of our 2023 natural gas basis exposure, providing pricing security at our largest sales points for the remainder of the year.

我們還開始在 2025 年機會主義地進行對沖分層，目前天然氣掉期合約總量約為每天 7000 萬立方英尺，平均價格為每千立方英尺 4.08 美元。在基差方面，我們已鎖定 2023 年天然氣基差敞口的 40% 左右，為今年剩餘時間我們最大的銷售點提供定價保障。

We believe there are better days ahead for natural gas and yet we remain committed to a disciplined approach to hedging our future cash flows with plans to layer in targeted amounts of incremental hedges primarily in 2024 and 2025 as opportunities present themselves.

我們相信天然氣的前景會更好，但我們仍然致力於採用有紀律的方法來對沖我們未來的現金流量，併計劃在機會出現時主要在 2024 年和 2025 年增加目標數量的增量對沖。

Perhaps most importantly, on the financial side of our business, we recently concluded our spring borrowing base redetermination and amended our revolving credit facility. The amendment resulted in, among other things, an increase to our borrowing base from $1.0 billion to $1.1 billion and an increase in elected commitments from $700 million to $900 million. In addition, the company added two financial institutions to the bank group, bringing the total financial institutions participating in the company's revolving credit facility to 16.

也許最重要的是，在我們業務的財務方面，我們最近完成了春季借款基礎的重新確定，並修改了我們的循環信貸額度。除其他外，修正案導致我們的借款基數從 10 億美元增加到 11 億美元，並將選定的承諾從 7 億美元增加到 9 億美元。此外，公司將兩家金融機構加入銀行集團，使參與公司循環授信的金融機構總數達到16家。

Lastly, we extended the maturity of the credit facility by more than 18 months to May 1, 2027, pushing the earliest maturity of any outstanding debt for the company to 2026. Pro forma for the amendment at the end of the first quarter, Gulfport's liquidity increased by $200 million and totaled $829.1 million, consisting of $3.5 million of cash and $825.6 million of borrowing capacity under our revolver.

最後，我們將信貸額度的期限延長超過 18 個月至 2027 年 5 月 1 日，將公司任何未償債務的最早到期期限推至 2026 年。增加了 2 億美元，總計 8.291 億美元，其中包括 350 萬美元的現金和 8.256 億美元的循環貸款能力。

We are very pleased to announce the result of the successful redetermination, which was driven by the underlying value of our high-quality resource base despite the current natural gas price environment. We greatly appreciate the support of our bank group as we position the company to opportunistically deliver value to our stakeholders.

我們非常高興地宣布成功重新確定的結果，這是在當前天然氣價格環境下，我們優質資源基礎的潛在價值所推動的。我們非常感謝我們銀行集團的支持，因為我們將公司定位為機會主義地為我們的利益相關者創造價值。

As I mentioned previously, we reduced our outstanding debt by $145 million during the quarter and ended the quarter with no borrowings on our revolving credit facility. Consistent with our natural gas peers, we realized a positive working capital impact of approximately $75 million as the benefit of high commodity prices at the end of 2022 converted into cash during the first quarter.

正如我之前提到的，我們在本季度減少了 1.45 億美元的未償債務，並且在本季度結束時我們的循環信貸額度沒有借款。與我們的天然氣同行一樣，我們實現了約 7500 萬美元的積極營運資本影響，因為 2022 年底大宗商品價格高企的好處在第一季度轉化為現金。

John mentioned our financial leverage of 0.7 times at the end of the quarter, and we expect to remain less than one-times levered as we move through 2023, even with strip prices at their current depressed levels. We have tremendous flexibility from a financial perspective going forward, and we are positioned to be opportunistic should situations arise that allow us to capture value for our stakeholders.

John 在本季度末提到我們的財務槓桿為 0.7 倍，我們預計到 2023 年，即使帶材價格處於當前低迷水平，我們的槓桿率仍將低於 1 倍。從未來的財務角度來看，我們擁有巨大的靈活性，如果出現允許我們為利益相關者獲取價值的情況，我們將採取機會主義態度。

Finally, we continued to execute our common stock repurchase program during the first quarter during which we repurchased approximately 459,000 common shares at an average price of $71.61. As of April 26, we had cumulatively repurchased approximately 3.4 million shares of our common stock at an average share price of approximately $84.38, lowering our share count by 14%. We currently have approximately $112 million of availability under our $400-million program and plan to continue to return substantially all of our free cash flow in 2023 excluding accretive lease hold acquisitions to shareholders through common stock repurchases.

最後，我們在第一季度繼續執行我們的普通股回購計劃，在此期間我們以平均 71.61 美元的價格回購了大約 459,000 股普通股。截至 4 月 26 日，我們已累計以約 84.38 美元的平均股價回購了約 340 萬股普通股，使我們的股份數量減少了 14%。根據我們 4 億美元的計劃，我們目前有大約 1.12 億美元的可用資金，併計劃在 2023 年繼續返還我們幾乎所有的自由現金流，不包括通過普通股回購向股東收購的增值租賃資產。

In summary, this is an exciting time to be part of Gulfport. This year's program is off to a solid start and our first-quarter results highlight the company's ability to outperform expectations, and we look forward to continued progress both operationally and financially as we move forward.

總之，這是成為格爾夫波特一員的激動人心的時刻。今年的計劃有了一個堅實的開端，我們第一季度的業績突顯了公司超出預期的能力，我們期待著在我們前進的過程中在運營和財務方面繼續取得進展。

With that, I will turn the call back over to the operator to open up the call for questions.

有了這個，我會把電話轉回給接線員打開電話提問。

(Operator Instructions) Neal Dingmann, Truist Securities.

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

Morning, guys. Thanks for the time. My first question, maybe, Michael, for you is just on hedges. Given the materially improved balance sheet you'll have and then obviously the potential outlook for the positive gas prices, I think everybody's thinking about for late next year and certainly in '25. I'm just wondering, can you talk about plans you and John might have to add more hedges in the out years and is there certain levels, if you see a certain price levels where you would come in?

早上好，伙計們。謝謝你的時間。我的第一個問題，也許，邁克爾，因為你只是在樹籬上。鑑於您將擁有的資產負債表得到實質性改善，然後顯然是積極的天然氣價格的潛在前景，我認為每個人都在考慮明年年底，當然是在 25 年。我只是想知道，你能談談你和約翰在未來幾年可能不得不增加更多對沖的計劃嗎？如果你看到你會進入的某個價格水平，是否有一定的水平？

Yes, I think that's a great question, Neal. I think, we've just started on our 2025 program, as I mentioned. I think in general, I think as we get closer to that time period, we want to grow that hedge book to something in the 30% to 50% range, as we look out a couple of years. So like I mentioned on the call here, we're just about approaching 10% of 2025 right now. And I think we feel good about something with a four handle in front of it.

是的，我認為這是一個很好的問題，Neal。我認為，正如我提到的，我們剛剛開始我們的 2025 計劃。我認為總的來說，我認為隨著我們接近那個時間段，我們希望將對沖賬簿增加到 30% 到 50% 的範圍內，因為我們期待幾年。所以就像我在這裡的電話會議上提到的那樣，我們現在正接近 2025 年的 10%。而且我認為我們對前面有四個把手的東西感覺很好。

So we've used different structures to date. Some colors and some swaps. We'll probably look to include some colors in our blend just so that we retain some of that upside. But I think as long as we're feeling pretty good about where the price sits -- and again, I think so far that's been $4-ish and above and I think you'll see us continue to add. So that by the time we get a little bit closer to that time period, we're inside of the range that will give that 30% to 50%.

所以我們迄今為止使用了不同的結構。一些顏色和一些交換。我們可能希望在我們的混合中加入一些顏色，以便我們保留一些優勢。但我認為，只要我們對價格的位置感覺很好——而且，我認為到目前為止，價格一直在 4 美元以上，我想你會看到我們繼續增加。因此，當我們稍微接近那個時間段時，我們就在 30% 到 50% 的範圍內。

Great point. Okay. And then just secondly, my question maybe for John, just on future Appalachian pad development. I'm just wondering, could you speak to any plans for -- I think when we spoke last, you talked about, I think, a two or three well pad size. I'm just wondering, could you talk about maybe plans for change in the pad size at all for -- to maybe help more -- to get more efficiencies? And then secondly, I think in the slides you talked about stacked Marcellus opportunities. I'm just wondering when you look at these pads, is that -- do you intend to incorporate that into these upcoming pads? So I guess my two questions are just on pad size and if you'd incorporate some Marcellus into these upcoming pads.

好點。好的。其次，我的問題可能是針對約翰的，只是關於未來阿巴拉契亞墊的開發。我只是想知道，你能談談任何計劃——我想當我們上次談話時，你談到了，我想，兩三個井墊尺寸。我只是想知道，您能否談談改變焊盤尺寸的計劃，以便——可能幫助更多——以獲得更高的效率？其次，我認為在幻燈片中你談到了堆疊的 Marcellus 機會。我只是想知道當你看到這些護墊時，你是否打算將其融入這些即將推出的護墊中？所以我想我的兩個問題只是關於墊子尺寸，以及你是否會在這些即將推出的墊子中加入一些 Marcellus。

Yeah, I appreciate it. Thanks for the question. With regards to pad sizes, we do have a pretty holistic approach and review when it comes to our development plans, and operations and cycle time is certainly a big part of that. As we look forward for this year, it's a blend of some four wells, three wells, and two-well pads. But I would say, as we look at the returns with regards to capital employed and the return on a pad level perspective, that midpoint of about three wells per pad initially and then coming back in subsequent years to round out the unit, is a size that we're very familiar with.

是的，我很感激。謝謝你的問題。關於焊盤尺寸，當涉及到我們的開發計劃時，我們確實有一個非常全面的方法和審查，而運營和周期時間無疑是其中的重要組成部分。正如我們對今年的期待，它是四口井、三口井和兩口井的混合體。但我要說的是，當我們查看有關已動用資本的回報和平台水平的回報時，最初每個平台約三口井的中點，然後在隨後幾年返回以完善該單元，是一個規模我們非常熟悉。

But keep in mind, too, there's always exceptions to that, just depending on the land situation. So we may add to four, we may go down to two just depending on how much running room we have in the area.

但也要記住，總有例外，這取決於土地情況。所以我們可能會增加到四個，我們可能會減少到兩個，這取決於我們在該地區有多少跑步空間。

With regards to the Marcellus, we're pretty excited about this overall in the company. We're just now -- I think the beginning of Q3 is when we're looking to spud this first two-well pad and it is on a current existing Utica pad. So as we look at our development moving forward and current PDP locations and pad locations throughout that area that we feel like is potentially prospective the Marcellus, we absolutely will take advantage of the current existing pads and any future pads in that eastern area of Belmont in northern Monroe. That's close to the river there where we feel like it.

關於 Marcellus，我們對公司的整體情況感到非常興奮。我們只是現在——我認為第三季度開始時我們正在尋找第一個雙井墊，它位於當前現有的 Utica 墊上。因此，當我們著眼於向前推進的開發以及整個該地區的當前 PDP 位置和墊片位置時，我們認為 Marcellus 具有潛在的前景，我們絕對會利用貝爾蒙特東部地區現有的墊片和任何未來的墊片北夢露。那離我們喜歡的河流很近。

So we're pretty bullish on the Marcellus. So we certainly consider those whenever we consider Marcellus in Utica development. In the cadence and pace of which one we would drill first, certainly depends on the delineation efforts of the Marcellus this year. So we're looking forward to getting those results and at the end of the year and assessing them. So appreciate the question.

所以我們非常看好 Marcellus。因此，每當我們在 Utica 開發中考慮 Marcellus 時，我們當然會考慮這些。至於先鑽哪一條的節奏和步調，當然要看今年Marcellus的圈定力度。因此，我們期待在年底獲得這些結果並對其進行評估。所以感謝這個問題。

Look forward to that activity. Thanks, guys.

期待那個活動。多謝你們。

Thanks.

謝謝。

Tim Rezvan, KeyBanc Capital Markets.

KeyBanc 資本市場的 Tim Rezvan。

Good morning, everybody. Thank you for taking my questions. I'm not sure if I count it accurately, but I thought I heard the word opportunistic three times in regards to leasing opportunities. Looks like you spent $20 million in the first quarter. You have a budget for, I believe, $50 million to $75 million. And just kind of curious with the balance sheet, where it is, how do you manage? What's the governor, I guess, on those acquisitions because we don't expect much EBITDA with that. What do you think about leverage at one time as sort of an upper bound or like would you go over it for the right package? Just understand kind of what's out there. It sounds like you have a real appetite and just trying to understand if we can think about the uplift to inventory.

大家早上好。謝謝你回答我的問題。我不確定我是否計算準確，但我想我在租賃機會方面聽到了三次機會主義這個詞。看起來你在第一季度花費了 2000 萬美元。我相信你有 5000 萬到 7500 萬美元的預算。只是對資產負債表有點好奇，它在哪裡，你是如何管理的？我猜，州長對這些收購有什麼看法，因為我們預計不會有太多的 EBITDA。你如何看待一次槓桿作為一種上限，或者你會為了合適的包裹而超過它？只是了解那裡有什麼。聽起來您很有胃口，只是想了解我們是否可以考慮增加庫存。

Yeah. No, I appreciate the question, Tim. First of all, I'll start out by saying that we're really pleased with the asset base of the company, whether it's the condensate window in the SCOOP or the condensate window in Ohio. Dry gas in Ohio and now the Marcellus, all these areas provide us a lot of toggles and optionality in the future.

是的。不，我很欣賞這個問題，蒂姆。首先，我首先要說的是，我們對公司的資產基礎非常滿意，無論是 SCOOP 的凝析油窗口還是俄亥俄州的凝析油窗口。俄亥俄州的干氣和現在的馬塞勒斯，所有這些地區在未來為我們提供了很多切換和選擇。

So as we look at adding in the quantity of inventory, this is a very good use of cash for us. And certainly any accretive acquisitions that we would be picking up, we wouldn't be putting at the back of the line with regards to the Q1 and drilling, it would be more front loaded just because of the quality in the tier of acreage that we'd be buying.

因此，當我們考慮增加庫存數量時，這對我們來說是一種非常好的現金使用方式。當然，我們將進行的任何增值收購，我們都不會在第一季度和鑽探方面放在生產線的後面，因為我們的種植面積質量，它會更靠前會買。

As we move forward throughout this year, those efforts are already starting to be underway. We do certainly like the word opportunistic; I suppose. I didn't catch that, but thanks for pointing it out. But it is a very important kind of tenant as we go through this year with regards to bolstering our inventory position in these high-quality areas.

在我們今年全年向前推進的過程中，這些努力已經開始進行。我們當然喜歡機會主義這個詞；我想。我沒聽清楚，但謝謝你指出來。但這是我們今年在加強我們在這些高質量地區的庫存狀況方面經歷的一種非常重要的租戶。

So as we get more spend with regards to the land and more definitive, actionable closed acreage, probably midyear, we'll be talking a little bit more about bifurcating that free cash flow use for some of these acquisitions versus the blocking and tackling of the $50 million to $75 million that we're currently undergoing.

因此，隨著我們在土地和更明確、可操作的封閉面積方面獲得更多支出，可能是在年中，我們將更多地討論將自由現金流用於其中一些收購與阻止和解決我們目前正在接受 5000 萬至 7500 萬美元。

We are actually pursuing both -- the blocking and tackling, filling in units, extending lateral links for near-term opportunities as well as these accretive opportunities. And I look forward to kind of discussing again that free cash flow use in particular and how much of that and quantifying it as we move into the second quarter call. So I hope it answers your question. Michael, if you have any more comment.

我們實際上正在追求兩者——攔截和攔截、填補單位、為近期機會擴展橫向鏈接以及這些增值機會。我期待著在我們進入第二季度電話會議時再次討論自由現金流的使用，以及其中的多少並對其進行量化。所以我希望它能回答你的問題。邁克爾，如果你有更多意見。

Yes, Kevin, it's Michael. I just I might add to that. You mentioned the balance sheet. I mean, I think this is really kind of when we talk about flexibility that we have. I think this is where it's kind of exciting, right. So the leverage, as you mentioned, is in a good place. I think -- we're in the right ZIP code for leverage that could move up or down a little bit depending on what happens to the strip and EBITDA in the denominator of that calculation.

是的，凱文，我是邁克爾。我只是想補充一點。你提到了資產負債表。我的意思是，當我們談論我們擁有的靈活性時，我認為這確實是一種。我認為這是令人興奮的地方，對吧。因此，正如您所提到的，槓桿處於一個很好的位置。我認為 - 我們處於正確的郵政編碼中，可以根據該計算的分母中條帶和 EBITDA 發生的情況向上或向下移動一點點。

But I think, we look at all the various opportunities internally, whether it's bolt-on acreage, whether it's returning cash to our shareholders or a number of other ways that we can use our free cash flow. And it's a consistent discussion with our Board, to identify the highest and best uses of our excess cash flow. So right now that's the accretive acquisitions of lease hold that John talked about, and share repurchases. But certainly as we go forward, we'll continue to assess that.

但我認為，我們在內部審視所有各種機會，無論是土地種植面積、向股東返還現金還是我們可以使用自由現金流的其他一些方式。這是與我們董事會的一致討論，以確定我們超額現金流量的最高和最佳用途。所以現在這就是約翰談到的租賃持有的增值收購，以及股票回購。但當然，隨著我們前進，我們將繼續評估這一點。

But as you mentioned, I think the balance sheet is really what gives us the flexibility to kind of play in different areas, and we'll continue to be kind of dynamic in the way that we think about that.

但正如你提到的，我認為資產負債表確實讓我們能夠靈活地在不同領域發揮作用，我們將繼續以我們思考的方式保持活力。

Okay. Okay. Yeah, that makes sense. And I guess we'll have to stay tuned next quarter.

好的。好的。是的，這是有道理的。我想我們將不得不在下個季度繼續關注。

And as my follow-up, I just wanted to dig in a little more. You talked about really strong early results from that three well in the Monroe County and how you're possibly early stages, outperforming that 2022 kind of average in terms of 2.1 Bcf of EUR per 1,000 feet. Can you just refresh my memory like what wells or how many wells are in their 2022 dataset? And are those kind of directly around that Monroe pad or do you feel like that's like an ideal kind of apples-to-apples comparison -- this pad versus 2022 vintage?

作為我的後續行動，我只是想再深入一點。你談到了門羅縣那三口井的非常強勁的早期結果，以及你如何可能處於早期階段，以每 1,000 英尺 2.1 Bcf 的歐元表現優於 2022 年的平均水平。你能不能讓我想起他們的 2022 數據集中有多少口井或多少口井？那些是直接圍繞著 Monroe 墊子，還是你覺得這是一種理想的同類比較——這個墊子與 2022 年的年份？

Yes, sure. This is Matt, and I appreciate the question. We do have approximately, I think it's six wells in the areas, the more scary pads. Nearby in that Central Monroe area, strong results from last year kind of trailing into this year. That's kind of the 2.1 Bcf per 1,000-foot benchmark. And so John mentioned these three wells that we just turned in line, very strong results, high initial pressures, very low drawdown. We're very excited about the productivity of these wells.

是的，當然。我是馬特，我很欣賞這個問題。我們確實有大約，我認為這是該地區的六口井，更可怕的墊子。在 Central Monroe 附近，去年的強勁業績有點拖到今年。這相當於每 1,000 英尺基準 2.1 Bcf。所以約翰提到了我們剛剛排成一行的這三口井，結果非常好，初始壓力高，水位下降非常低。我們對這些油井的生產力感到非常興奮。

Still very early on, but initial indications look to be slightly better than what those wells were. So I think for us, it's just getting those wells online and then looking forward to those results that help us bolster our inventory set in that area, which is quite expansive and probably hasn't had as much attention in the markets as we believe it should have. And so we're pretty excited about those results and look forward to sharing more as we get more data throughout the year.

還很早，但初步跡像看起來比那些井要好一些。所以我認為對我們來說，只是讓這些油井上線，然後期待那些有助於我們加強該地區庫存的結果，該地區相當廣泛，可能沒有像我們認為的那樣受到市場的關注應該有。因此，我們對這些結果感到非常興奮，並期待隨著我們全年獲得更多數據而分享更多。

Okay. Thanks. I appreciate the comments, everybody.

好的。謝謝。我感謝大家的評論。

Thank you.

謝謝。

Thank you. We reached the end question-and-answer session. I'd like to turn the floor back over to John for any further closing comments.

謝謝。我們到了最後的問答環節。我想將發言權轉回給 John，以徵求任何進一步的結束意見。

Yeah. I'd like to close out by just reiterating the company is positioned well for value. As we look out in for the gas fundamentals and the macro improvement over the next 18 months is a very positive thing. Our strong balance sheet is something we're leaning in on. Low debt, the quality of our assets; and quite frankly, the ability for the company to generate sustainable free cash flow at a variety of commodity prices. This cash flow that is targeted to the value of the company and enhancing that with regards to shareholder returns and quality adds for inventory.

是的。我想通過重申公司的價值定位來結束。當我們關注天然氣基本面時，未來 18 個月的宏觀改善是一件非常積極的事情。我們強大的資產負債表是我們所依賴的。低負債，我們資產的質量；坦率地說，公司以各種商品價格產生可持續自由現金流的能力。這種以公司價值為目標並提高股東回報和質量的現金流增加了存貨。

So we appreciate everybody's participation on the call. We're excited about the quarter and the year-to-date result, and we look forward to our next call to update you on the substantial amount of turn-in-lines that we had planned. Thank you very much.

因此，我們感謝大家參與電話會議。我們對本季度和年初至今的結果感到興奮，我們期待著我們的下一次電話向您更新我們計劃的大量上線。非常感謝。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網絡廣播到此結束。您可以在此時斷開您的線路並度過美好的一天。感謝您今天的參與。