Gulfport Energy Corp (GPOR) 2023 Q3 法說會逐字稿

Welcome to the Gulfport Energy Corporation's third quarter 2023 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jessica Antle. Thank you. You may begin.

歡迎參加格爾夫波特能源公司 2023 年第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向大家介紹你們的主持人傑西卡·安特爾。謝謝。你可以開始了。

Thank you. And good morning. Welcome to Gulfport Energy Corporation's Third Quarter 2023 earnings conference call. I am Jessica Antle, Vice President of Investor Relations.

謝謝。早安.歡迎參加格爾夫波特能源公司 2023 年第三季財報電話會議。我是傑西卡·安特爾，投資者關係副總裁。

Speakers on today's call include John Reinhart, President and CEO; Michael Hodges, Executive Vice President and CFO. In addition, we also have Matt Rucker, Senior Vice President of Operations, who will be available for the Q&A portion of today's call.

今天電話會議的發言人包括總裁兼執行長 John Reinhart；邁克爾·霍奇斯，執行副總裁兼財務長。此外，我們還有營運資深副總裁 Matt Rucker，他將參加今天電話會議的問答部分。

I would like to remind everybody that during this conference call, the company may make certain forward-looking statements relating to 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，在這次電話會議中，公司可能會做出一些有關財務狀況、經營業績、計劃、目標、未來業績和業務的前瞻性陳述。我們提醒您，由於多種因素，實際結果可能與這些前瞻性聲明中所示的結果有重大差異。有關這些因素的資訊可以在該公司向 SEC 提交的文件中找到。

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 the website in conjunction with the earnings announcement. Please review at your leisure. At this time, I would like to turn the call over to John Reinhart, our President and CEO.

此外，我們可能會參考非公認會計準則衡量標準。與可比較 GAAP 衡量標準的調整表將發佈在我們的網站上。昨天晚上，格爾夫波特更新的簡報與收益公告一起發佈在網站上。請您閒暇時回顧一下。現在，我想將電話轉給我們的總裁兼執行長約翰·萊因哈特 (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 third quarter results as we continue to make steady progress demonstrated by our strong production profile, robust margins, improvement in operational efficiencies, high-quality inventory additions, and the continued focus on returning capital to shareholders through our common share repurchase program.

謝謝你，潔西卡。感謝大家收聽我們的電話。我很高興今天重點介紹公司第三季度的業績，我們強勁的生產狀況、強勁的利潤率、運營效率的提高、高質量的庫存增加以及持續關注資本返還，證明了我們繼續取得穩步進展。股東通過我們的普通股回購計畫。

Moving to our third quarter results, our financial performance remained strong, generating $160 million of adjusted EBITDA and $49 million of adjusted free cash flow excluding discretionary acreage acquisitions. Our average daily production totaled 1.056 billion cubic feet equivalent per day ahead of analysts' expectations and driven by improved cycle times, accelerating the timing of wells brought online in the quarter, as well as the continued strong well performance from our development programs.

轉向第三季業績，我們的財務業績依然強勁，產生 1.6 億美元的調整後 EBITDA 和 4,900 萬美元的調整後自由現金流（不包括可自由支配的土地收購）。我們的平均日產量總計為 10.56 億立方英尺當量，超出了分析師的預期，這得益於週期時間的縮短、本季度油井投產時間的加快以及我們的開發項目持續強勁的油井表現。

During the third quarter, the company spud five gross wells all within Ohio, including two Marcellus wells in Belmont County. This Marcellus pad was drilled and completed during the quarter, marking the company's first operated Marcellus development on our stacked pay acreage.

第三季度，該公司在俄亥俄州境內開鑽了五口總井，其中包括貝爾蒙特縣的兩口馬塞勒斯井。該 Marcellus 平台已在本季度鑽探並完成，標誌著該公司在我們的堆疊付費區域上首次運營 Marcellus 開發項目。

We began flowback operations in late October and look forward to further discussing the results, as well as potential future Marcellus development as we gain meaningful production history from the current wells. As a reminder, we see significant upside value here, with our Marcellus acreage holding the potential to unlock approximately 40 to 50 wells of incremental inventory for the company.

我們在 10 月下旬開始回流作業，並期待進一步討論結果以及 Marcellus 未來潛在的開發，因為我們從當前油井獲得了有意義的生產歷史。提醒一下，我們在這裡看到了巨大的上行價值，我們的 Marcellus 區塊有潛力為公司釋放大約 40 至 50 口增量庫存。

On the completions front, we brought online five gross wells during the quarter, all targeting the Utica. These wells were turned in line 17 days ahead of our original budget. We continue to deliver strong operational execution and realize consistent cycle-time improvements on both the drilling and completions front in the third quarter.

在完井方面，我們在本季上線了五口總井，全部針對尤蒂卡。這些井比我們最初的預算提前了 17 天。第三季度，我們繼續提供強大的營運執行力，並在鑽井和完井方面實現持續的周期時間改進。

On the drilling side, we experienced a 13% quarter-over-quarter improvement in footage drilled per day. And when compared to year end 2022, we have increased our footage drilled per day by over 45%. The team recently completed the most efficient well in Gulfport's Utica history relative to lateral lengths greater than 15,000 feet, achieving a record 22 days spud to rig release performance on a Utica well that reached approximately 21,000 feet of lateral.

在鑽井方面，我們的每日鑽井進尺環比提高了 13%。與 2022 年底相比，我們每天的鑽探進尺增加了 45% 以上。該團隊最近完成了格爾夫波特尤蒂卡歷史上橫向長度超過15,000 英尺的最高效井，在尤蒂卡井上實現了創紀錄的22 天開鑽到鑽機釋放性能，橫向長度達到約21,000 英尺。

On the completion side, we continue to see significant efficiency improvements in the frack and drill-out phases of our operations, improving average frack pumping hours per day by 16% in the third quarter and average plugs drilled per day by almost 90%, resulting in quarterly average of 18.4 frack pumping hours per day and 35 plugs drilled out per day. These efficiencies and corresponding cycle time reductions play an integral role in our corporate-level returns, significantly improving turn-in-line timing and ultimately accelerating cash flows.

在完井方面，我們繼續看到我們作業的壓裂和鑽井階段的效率顯著提高，第三季度每天的平均壓裂泵送時間提高了16%，每天的平均鑽探效率提高了近90%，從而季度平均每天 18.4 小時壓裂泵送，每天鑽出 35 個塞子。這些效率和相應的周期時間縮短在我們公司層面的回報中發揮著不可或缺的作用，顯著改善了交付時間並最終加速了現金流。

Driven by the team's outstanding performance with driving efficiencies up and costs down, we forecast the company has realized over $35 million in capital savings on our full year 2023 drilling and completion budget. We believe these improvements will result in lower maintenance capital expenditures going forward and translate into meaningful capital efficiency gains for our 2024 program.

在團隊出色表現以及提高效率和降低成本的推動下，我們預測該公司已在 2023 年全年鑽井和完井預算中實現了超過 3500 萬美元的資本節省。我們相信這些改進將降低未來的維護資本支出，並轉化為我們 2024 年計劃的有意義的資本效率收益。

As we have mentioned before, we continue to focus on our pressure managed production approach, which is generating strong results with minimal average initial pressure drawdown. In the Utica, our recent wells continue to outperform. And we currently forecast the average EUR estimates for our 2023 development program will be in excess of 2.2 billion cubic feet per 1,000 feet of lateral, representing a 60% improvement since 2020, as shown in our investor presentation on slide 13.

正如我們之前提到的，我們繼續專注於壓力管理生產方法，該方法以最小的平均初始壓力下降產生了強勁的結果。在尤蒂卡，我們最近的油井繼續表現出色。目前，我們預測 2023 年開發計畫的平均歐元預估將超過每 1,000 英尺橫向面積 22 億立方英尺，自 2020 年以來提高了 60%，如幻燈片 13 中的投資者演示所示。

We firmly believe our development planning with optimized well spacing, enhanced stimulation treatments, and pressure managed flowback will lead to longer production plateau periods, shallower declines, improved EURs, and improved economics and capital efficiencies relating to rightsizing of production facilities and compression. In the SCOOP, our development program also continues to respond very positively to our pressure managed production approach with higher than expected oil yields and lower average initial pressure drawdown.

我們堅信，我們的開發規劃包括優化井距、加強增產處理和壓力管理回流，將帶來更長的生產平台期、更窄的產量下降、更高的歐元以及與生產設施規模調整和壓縮相關的經濟和資本效率的提高。在 SCOOP 中，我們的開發計劃也繼續對我們的壓力管理生產方法做出非常積極的反應，石油產量高於預期，平均初始壓力下降較低。

Looking at slide 14 of our investor deck, you can see our program average EUR per 1,000 feet of lateral in the SCOOP has improved by over 80% since 2020. Our operation and reservoir teams have been actively reviewing our historical development practices for improvements. And we are confident in our ability to take our Utica efficiency gains realized this year and apply meaningful efficiency improvements to our upcoming development program in the SCOOP.

查看我們投資者平台的幻燈片14，您可以看到自2020 年以來，我們的專案在SCOOP 中每1,000 英尺橫向的平均歐元已提高了80% 以上。我們的營運和油藏團隊一直在積極審查我們的歷史開發實踐以尋求改進。我們相信我們有能力利用今年實現的尤蒂卡效率提升，並將有意義的效率改進應用於我們即將在 SCOOP 中的開發計劃。

In terms of current activity, as noted above, our operating team's high level of efficiency and cost reduction focus has resulted in over $35 million in capital savings year to date. And we have elected to reinvest these savings into the development of our high-quality assets.

就目前的活動而言，如上所述，我們的營運團隊注重高效率和降低成本，今年迄今已節省了超過 3500 萬美元的資本。我們選擇將這些儲蓄再投資於我們優質資產的開發。

As mentioned last quarter through our ongoing maintenance leasing efforts, applying a portion of these savings has facilitated the company's ability to improve our average working interest in nearly every well in our 2023 program. This results in an increase in our net well counts and further contributes to our expected production, and drilling, and completion capital results for the year.

如上季所提到的，透過我們持續的維護租賃工作，應用這些節省的一部分有助於公司提高 2023 年計畫中幾乎每口井的平均工作權益。這導致我們的淨井數增加，並進一步有助於我們今年的預期產量、鑽井和完井資本表現。

In addition, we have elected to accelerate future planned activity, predominantly focused in the liquids area of both the Utica and the SCOOP during the fourth quarter of 2023. Specifically, the company is accelerating planned drilling operations of four wells in the Utica, two of which will be completed in the fourth quarter, also commencing drilling of a three well scoop pad, and lastly, initiate fracturing operations on a multi-well pad in the Utica.

此外，我們也選擇加快未來計畫的活動，主要集中在2023 年第四季尤蒂卡和SCOOP 的液體區域。具體來說，該公司正在加快尤蒂卡四口井的計畫鑽探作業，其中兩口是尤蒂卡的鑽井作業。工程將於第四季完成，同時開始鑽探三井鏟平台，最後在尤蒂卡的一個多井平台上啟動壓裂作業。

Even with this acceleration of activity, the benefit of which will be realized in 2024 and beyond, we are pleased to be in a position to further lower our 2023 total capital budget while also increasing our 2023 production guidance, again highlighting the strong operational performance our team is delivering quarter over quarter. We now forecast the full year drilling and completion capital guidance range of $385 million to $395 million and full year production to be in the range of 1.045 to 1.055 billion cubic feet equivalent per day, an increase of approximately 7% when compared to full year 2022 production levels.

即使活動加速，其好處將在 2024 年及以後實現，我們很高興能夠進一步降低 2023 年總資本預算，同時提高 2023 年生產指導，再次凸顯我們強勁的營運業績團隊正在逐季交付。我們現在預測全年鑽井和完井資本指引範圍為 3.85 億美元至 3.95 億美元，全年產量將在 1.045 至 10.55 億立方英尺當量/日範圍內，與 2022 年全年相比增長約 7%生產水平。

Turning to land expenditures, we lowered our 2023 guidance and now plan to allocate $50 million to $60 million on maintenance leasehold and land investment. This spend is focused on bolstering our 2023 and 2024 drilling programs, and facilitating increases in our working interest in lateral footage and units we plan to drill near term.

談到土地支出，我們降低了 2023 年指導，現在計劃分配 5,000 萬至 6,000 萬美元用於維護租賃和土地投資。這筆支出的重點是支持我們 2023 年和 2024 年的鑽探計劃，並促進增加我們對近期計劃鑽探的橫向進尺和單位的工作興趣。

In addition, we announced last quarter we continue to actively pursue attractive discretionary acreage acquisition opportunities, funded through our robust adjusted free cash flow. Through September 30, 2023, we have invested roughly $25 million in these acquisition opportunities, primarily targeting the liquids-rich area of the Utica.

此外，我們在上季度宣布，我們將繼續積極尋求有吸引力的可自由支配面積收購機會，並透過我們強勁的調整後自由現金流提供資金。截至 2023 年 9 月 30 日，我們已在這些收購機會中投資了約 2,500 萬美元，主要目標是尤蒂卡液體豐富的地區。

These acquisitions expand our high-quality resource depth, which is predominantly held long term by production and will provide further optionality to our near-term development plans. We continue to forecast approximately $40 million of discretionary acreage acquisitions during 2023, with expectations to add roughly 1.5 years of core, liquids-rich drilling inventory at our current development pace, with an average cost of approximately $1.5 million per location.

這些收購擴大了我們的優質資源深度，這些資源主要透過生產來長期持有，並將為我們的近期發展計劃提供更多選擇。我們繼續預測2023 年將收購約4,000 萬美元的可自由支配面積，並預計以我們目前的開發速度增加約1.5 年的岩心、富含液體的鑽井庫存，每個地點的平均成本約為150 萬美元。

In closing, looking ahead to 2024, our strong financial foundation, improved capital efficiency, lower cost structure, and strong well performance provides us with significant flexibility as we finalize our plans for our 2024 development program. We look forward to returning to our liquids-rich SCOOP asset. And given the increase in liquids pricing we have witnessed during 2023, we have significant optionality in the Utica to continue development of our natural gas acreage while also augmenting our development plan with several liquids rich Utica locations as part of our '24 program.

最後，展望 2024 年，我們強大的財務基礎、更高的資本效率、更低的成本結構和強勁的油井性能為我們最終確定 2024 年開發計劃提供了巨大的靈活性。我們期待回到我們富含液體的 SCOOP 資產。鑑於我們在2023 年見證了液體價格的上漲，我們在尤蒂卡有很大的選擇權來繼續開發我們的天然氣面積，同時作為我們24 計劃的一部分，通過幾個富含液體的尤蒂卡地點來擴大我們的開發計劃。

The company will continue to prioritize the return of capital to our shareholders through common stock repurchases as evidenced by the recent expansion of our share repurchase authorization by 63% and plan to continue allocating substantially all of our adjusted free cash flow to common share repurchases after discretionary acreage acquisitions. Now, I will turn the call over to Michael to discuss our financial results.

公司將繼續優先考慮透過普通股回購向股東返還資本，最近我們的股票回購授權擴大了 63%，並計劃在酌情決定後繼續將大部分調整後的自由現金流分配給普通股回購。土地收購。現在，我將把電話轉給邁克爾，討論我們的財務表現。

Thank you, John. And good morning, everyone. During the quarter with continued volatility in the commodity backdrop, the company achieved strong results in almost every area of the business. Net cash provided by operating activities before changes in working capital totaled approximately $147 million during the third quarter, more than funding our capital expenditures and our common share repurchases while maintaining our balance sheet strength.

謝謝你，約翰。大家早安。在大宗商品持續波動的本季度，該公司幾乎在每個業務領域都取得了強勁的業績。第三季營運資本變動前的營運活動提供的淨現金總額約為 1.47 億美元，超過了我們在維持資產負債表實力的同時為資本支出和普通股回購提供的資金。

We reported adjusted EBITDA of $160 million during the quarter and generated adjusted free cash flow of $49 million for the same period, better than analyst expectations driven by our strong production and operating cost performance. With less than 20% of our combined base, D&C, and maintenance leasehold and land spending left to occur in 2023, and an improving commodity price environment as we exit the shoulder season, we forecast meaningful cash flow generation during the fourth quarter, providing a strong tailwind for our business as we enter 2024.

我們報告本季調整後 EBITDA 為 1.6 億美元，同期調整後自由現金流為 4,900 萬美元，優於分析師預期，這是由於我們強勁的生產和營運成本績效所致。由於我們的基地、D&C、維護租賃和土地支出的總和到2023 年只剩下不到20%，而且隨著淡季結束，大宗商品價格環境不斷改善，我們預計第四季度將產生有意義的現金流，從而提供進入 2024 年，我們的業務將迎來強勁的推動力。

Production cost for the third quarter totaled $1.12 per million cubic feet equivalent, better than analyst consensus expectations and below our full year 2023 guidance range. The improvement is primarily a result of lower per unit LOE and midstream expenses driven by the company's continued focus to optimize and reduce costs in the field and our strong production performance, driving our per unit expenses lower. For full year 2023, we reaffirm our per unit operating cost guidance, which includes LOE, midstream, and taxes other than income of $1.16 to $1.24 per Mcfe, and currently anticipate averaging at the low end of the annual guidance range.

第三季的生產成本總計為每百萬立方英尺當量 1.12 美元，優於分析師的一致預期，但低於我們 2023 年全年指引範圍。這項改善主要是由於公司持續專注於優化和降低現場成本以及我們強勁的生產業績，導致單位 LOE 和中游費用降低，從而降低了單位費用。對於 2023 年全年，我們重申每單位營運成本指導，其中包括每 Mcfe 1.16 至 1.24 美元的 LOE、中游和收入以外的稅收，目前預計平均水平處於年度指導範圍的低端。

The company maintained our top quartile G&A during the quarter with our recurring cash G&A totaling $0.12 per million cubic feet equivalent. Our all-in realized pricing for the third quarter was $2.84 per Mcfe, including the impact of cash settled derivatives. This realized units price is $0.29 above NYMEX Henry Hub index price, highlighting the benefit of Gulfport's diverse marketing portfolio for natural gas and the pricing uplift from our liquids portfolio in both of our asset areas.

該公司在本季的一般管理費用保持在前四分之一，經常性現金管理費用總計為每百萬立方英尺當量 0.12 美元。我們第三季的總實現定價為每 Mcfe 2.84 美元，其中包括現金結算衍生性商品的影響。這一實現的單位價格比 NYMEX 亨利中心指數價格高出 0.29 美元，凸顯了格爾夫波特多樣化的天然氣營銷組合的優勢以及我們兩個資產領域的液體產品組合的定價提升。

We realized cash hedging gains of approximately $49 million for the quarter, demonstrating the strength of our hedge book and its impact on our cash flows. Our natural gas price differential before hedges was negative $0.57 per Mcf compared to the average daily NYMEX settled price during the quarter, driven by demand seasonality resulting in pressure on local pricing, especially in the Northeast.

本季我們實現了約 4,900 萬美元的現金對沖收益，證明了我們對沖帳簿的實力及其對現金流的影響。與本季 NYMEX 日均結算價相比，我們對沖前的天然氣價差為每 Mcf 負 0.57 美元，原因是需求季節性導致當地定價面臨壓力，尤其是東北地區。

We expect our fourth quarter differential to narrow as we enter the colder months of the year. And we reaffirm our natural gas differential before hedges, guiding to an average of $0.2 to $0.35 per Mcf below NYMEX for the full year with expectations to average toward the wide end of the provided range on a full year basis. In addition, to reflect market impacts to pricing realized to date and the company's expectations for the remainder of the year, we have revised our realized oil differential guidance, anticipate realizing $3.50 to $4.50 off WTI for the calendar year.

我們預計，隨著進入一年中較冷的月份，第四季的差異將縮小。我們重申對沖前的天然氣價差，預計全年平均每立方英尺比 NYMEX 低 0.2 至 0.35 美元，預計全年平均價格將接近所提供範圍的最寬端。此外，為了反映市場對迄今為止實現的定價的影響以及公司對今年剩餘時間的預期，我們修改了已實現的石油差異指導，預計本日曆年 WTI 價格將實現 3.50 至 4.50 美元的折扣。

On the capital front, incurred capital expenditures before discretionary acreage acquisitions totaled $81.4 million relating to drilling and completion activity and $8.4 million related to maintenance leasehold and land investment. Our operational efficiency improvements, robust hedge position, healthy balance sheet, and strong cash margins provide significant flexibility as we enter 2024 and plan our activity in what we believe will be a stronger commodity price environment.

在資本方面，在酌情收購土地之前發生的與鑽井和完井活動相關的資本支出總計為 8,140 萬美元，與維護租賃和土地投資相關的資本支出為 840 萬美元。當我們進入2024 年時，我們的營運效率提高、穩健的對沖頭寸、健康的資產負債表和強勁的現金利潤率提供了巨大的靈活性，並在我們認為大宗商品價格環境將更加強勁的情況下規劃我們的活動。

Before I move on to discuss our hedge book, I wanted to take this opportunity to recap the outstanding financial performance of Gulfport this year. As John mentioned, we raised the midpoint of our full year production guidance and lowered the midpoint of our full year capital expenditure guidance as part of our earnings announcement yesterday.

在我繼續討論我們的對沖書籍之前，我想藉此機會回顧一下格爾夫波特今年出色的財務表現。正如約翰所提到的，作為昨天獲利公告的一部分，我們提高了全年生產指導的中點，並降低了全年資本支出指導的中點。

We now expect to deliver 3% more production for 2023 than our original guidance at a lower level of capital expenditures than originally announced, and with 4% lower cash operating costs than initially indicated. The financial results our team has delivered for 2023 have been exceptional. And we are poised to capitalize on the improving gas macro in 2024 and beyond.

我們現在預計 2023 年的產量將比最初的指導增加 3%，資本支出水準比最初宣布的要低，現金營運成本比最初預計的要低 4%。我們的團隊在 2023 年交付的財務表現非常出色。我們準備充分利用 2024 年及以後天然氣宏觀情勢的改善。

With respect to our current hedge position, we are pleased to have downside protection covering roughly 550 million cubic feet per day in 2024 at an average floor price of $3.77 per Mcf. We believe that the scale and quality of our natural gas hedge book for 2024 provide a derisked foundation for free cash flow generation that differentiates Gulfport from its peers.

就我們目前的對沖頭寸而言，我們很高興能夠在 2024 年以每立方英尺 3.77 美元的平均底價提供每天約 5.5 億立方英尺的下行保護。我們相信，我們 2024 年天然氣對沖帳簿的規模和品質為自由現金流的產生奠定了無風險的基礎，使格爾夫波特在同行中脫穎而出。

We have also begun opportunistically layering in hedges for 2025 and currently have natural gas swaps and collar contracts totaling approximately 250 million cubic feet per day at an average floor price of $3.89 per Mcf. On the basis front, we have locked in around 40% of our remaining 2023 natural gas basis exposure and a similar portion of our anticipated 2024 exposure, providing pricing security at our largest sales points, in addition to the risk mitigation offered by our diverse portfolio of firm transportation.

我們也開始在 2025 年機會主義地進行對沖，目前天然氣掉期和套期合約總量約為每天 2.5 億立方英尺，平均底價為每立方英尺 3.89 美元。在基差方面，我們鎖定了2023 年剩餘天然氣基差的約40% 以及預期2024 年基差的類似部分，除了我們多樣化的投資組合提供的風險緩解之外，還為我們最大的銷售點提供定價安全的堅定運輸。

We continue to believe there are better days ahead for natural gas. And we believe Gulfport delivers a differentiated combination of free cash flow generation capacity and downside protection over the next two to three years.

我們仍然相信天然氣的未來會更好。我們相信，格爾夫波特在未來兩到三年內將提供自由現金流產生能力和下行保護的差異化組合。

Turning to the balance sheet, our financial position remains very strong with trailing 12-month net leverage exiting the quarter at 0.9 times, and our liquidity totaling $746 million, comprised of $8.3 million of cash, plus $738.2 million of borrowing base availability. We recently completed our fall borrowing base redetermination. And our lenders unanimously reaffirmed our borrowing base of $1.1 billion, with the elected lender commitments remaining at $900 million.

就資產負債表而言，我們的財務狀況仍然非常強勁，本季過去12 個月的淨槓桿率為0.9 倍，我們的流動資金總額為7.46 億美元，其中包括830 萬美元的現金，加上7.382億美元的可用借款基礎。我們最近完成了秋季借款基礎的重新確定。我們的貸款人一致重申我們的借款基礎為 11 億美元，當選貸款人的承諾仍為 9 億美元。

Our liquidity today is more than sufficient to fund any development needs we might have for the foreseeable future and provides tremendous flexibility from a financial perspective going forward as we are positioned to be opportunistic should situations arise that allow us to capture value for our stakeholders. As we close out 2023 and look ahead to 2024, we forecast continued significant free cash flow generation. And common share repurchases will remain a key part of our return of capital strategy given the unrecognized value we believe remains in our equity.

我們今天的流動性足以滿足我們在可預見的未來可能出現的任何發展需求，並且從財務角度來看提供了巨大的靈活性，因為如果出現使我們能夠為利益相關者獲取價值的情況，我們將保持機會主義。當我們結束 2023 年並展望 2024 年時，我們預計將繼續產生大量自由現金流。鑑於我們認為我們的股權中仍然存在未被認可的價值，普通股回購仍將是我們資本回報策略的關鍵部分。

During the third quarter, as John mentioned previously, our Board of Directors increased our common stock repurchase authorization by 63% to $650 million. As of October 26, we had repurchased approximately 3.9 million shares of our common stock at an average share price of $86.14, lowering our share count by 13% at a weighted average price more than 30% below our current share price.

正如 John 先前提到的，第三季度，我們的董事會將普通股回購授權增加了 63%，達到 6.5 億美元。截至 10 月 26 日，我們以平均股價 86.14 美元回購了約 390 萬股普通股，使我們的股票數量減少了 13%，加權平均價格比目前股價低了 30% 以上。

We currently have approximately $315 million of availability under the 650-million share repurchase program and plan to continue to return substantially all of our adjusted free cash flow to shareholders through common share repurchases, excluding the discretionary acreage acquisitions John mentioned earlier for the foreseeable future.

目前，我們在6.5 億股股票回購計畫下擁有約3.15 億美元的可用資金，並計劃繼續透過普通股回購將我們的大部分調整後自由現金流返還給股東，不包括約翰之前提到的在可預見的未來的酌情收購面積。

To better highlight the free cash flow generation potential of Gulfport, we have provided additional details on slide 7 of our investor presentation, illustrating the peer-leading free cash flow potential and capacity of Gulfport to return value to shareholders over the next five years, all before taking into account the significant upside opportunities detailed on the slide. In short, the operational successes of 2023 should deliver best-in-class free cash flows for the years to come. And we have both the desire and the resources to continue returning cash to shareholders for the foreseeable future.

為了更好地突出格爾夫波特的自由現金流產生潛力，我們在投資者演示文稿的幻燈片7 中提供了更多詳細信息，說明了格爾夫波特同行領先的自由現金流潛力和在未來五年內向股東回報價值的能力，所有在考慮幻燈片中詳述的重大上行機會之前。簡而言之，2023 年的營運成功應該會在未來幾年帶來一流的自由現金流。我們有願望也有資源在可預見的未來繼續向股東返還現金。

In summary, this is an exciting time to be a part of Gulfport. This year's program is delivering on all fronts. And we look forward to continued progress both operationally and financially as we move forward. We have delivered more with less. And we believe our best days are still ahead of us.

總之，成為格爾夫波特的一員，這是一個令人興奮的時刻。今年的計劃在各方面都取得了成果。我們期待在前進的過程中在營運和財務上不斷取得進展。我們用更少的錢交付了更多的東西。我們相信最好的日子還在前面。

And perhaps most importantly, we generate premium free cash flow yields that deliver value to our investors. And we have the five-year free cash flow capacity capable of retiring our market cap at its current level. With that, I will turn the call back over to the operator to open up the call for questions.

也許最重要的是，我們產生優質的自由現金流收益率，為我們的投資者帶來價值。我們擁有五年的自由現金流能力，能夠使我們的市值回落到目前的水平。這樣，我會將電話轉回給接線員以打開電話詢問問題。

(Operator Instructions) Bert Donnes, Truist Securities.

（操作員指示）Bert Donnes，Truist Securities。

Hi, good morning, guys. Just wanted to get your thoughts on the M&A space. And you guys trade at a discount. Maybe you guys would be the next one for consolidation in the Northeast. Secondly, if you're considering out of basin opportunities. Thanks.

嗨，早上好，夥計們。只是想了解您對併購領域的想法。你們以折扣價進行交易。也許你們就是東北地區下一個整合者。其次，如果您正在考慮盆地外的機會。謝謝。

Hi, yeah, thanks, Bert. Appreciate the question. As we focus, I guess, twofold, first of all, inwardly, as far as the company goes to create value for our shareholders -- and we fundamentally believe by taking what we believe is a highly attractive asset base and developing this in a very prudent manner, delivering some high-quality margins, generating free cash flow positions the company very attractively, not only from a smaller scale space, but a very good free cash flow capability, and quite frankly, just an overall of that value opportunity in the general space. So we're very focused on optimizing the free cash flow position, the company, keeping it healthy, which gives us optionality to actually look strategically and tactically at things.

嗨，是的，謝謝，伯特。感謝這個問題。我想，當我們關注的重點是雙重的時，首先是在公司內部，就公司為股東創造價值而言，我們從根本上相信，通過利用我們認為具有高度吸引力的資產基礎，並以非常有吸引力的方式開發它，謹慎的態度，提供一些高品質的利潤，產生自由現金流，使該公司非常有吸引力，不僅來自較小的規模空間，而且來自非常好的自由現金流能力，而且坦白說，這只是該價值機會的整體一般空間。因此，我們非常專注於優化公司的自由現金流狀況，保持其健康，這使我們可以選擇實際從策略和戰術角度看待事物。

As far as the general space, we're very pleased as far as the discussions that are happening in general about consolidation. I think overall, we certainly believe that consolidation just across the US is going to happen and will continue to happen. And we want to position the company as best as we can in the future to be able to take advantage of anything that's going to meaningfully enhance the shareholder value for the company.

就總體而言，我們對正在進行的有關整合的總體討論感到非常高興。我認為總體而言，我們當然相信整個美國的整合將會發生並將繼續發生。我們希望在未來盡可能為公司定位，以便能夠利用任何能夠有意義地提高公司股東價值的東西。

Thanks. And just a second question, just on efficiencies, you guys continue to do very, very well. Could you just speak to maybe, is it more on just the completions side? Is it on the pad design? Maybe can you give me a little bit more color because again, it's certainly contributing, notably improved over the last several quarters, which is great to see? I'm just wondering where do you think most of that will continue to come from?

謝謝。第二個問題，關於效率，你們繼續做得非常非常好。您能否談談也許，更多的是在完成方面嗎？是在pad的設計上嗎？也許你能給我多一點色彩，因為它確實有所貢獻，在過去幾季中顯著改善，這很高興看到？我只是想知道你認為其中大部分將繼續來自哪裡？

Yeah, thanks. This is Matt. I'll take that one. We're certainly seeing it really across the board in our drilling side, as John mentioned. We set records subsequent to the quarter around the longest lateral drilled in the company and also the fastest days ever, 15,000 feet. We've seen meaningful improvement there with the teams.

是的，謝謝。這是馬特。我會接受那個。正如約翰所提到的，我們在鑽井方面確實全面看到了這一點。本季後，我們創下了公司最長橫向鑽探記錄以及有史以來最快的天數記錄（15,000 英尺）。我們已經看到團隊取得了有意義的進步。

On the frack side and the drill-out side, we continue quarter over quarter just enhance the capabilities there, really to my knowledge, some of the best hours in the basin. I think you'll see across the board on pumping hours and then drill out 35 plugs a day or 6,300 feet per day. It is pretty meaningful and impactful. And all of those things together help us reduce the cycle times and generate that cash flow much faster.

在壓裂方面和鑽探方面，我們每個季度都在繼續加強那裡的能力，據我所知，這是盆地中最好的一些時間。我認為您會全面了解抽水時間，然後每天鑽出 35 個塞子或每天 6,300 英尺。這是非常有意義和有影響力的。所有這些因素共同幫助我們縮短週期時間並更快地產生現金流。

So I've been really pleased with a lot of changes here. The new teams with the first full quarter under their belt have really delivered. And we continue to focus on ways to continue to optimize that.

所以我對這裡的許多變化感到非常滿意。新的球隊在第一個完整的季度中表現出色。我們將繼續關注如何繼續優化這一點。

Great to hear. Thanks.

很高興聽到。謝謝。

Tim Rezvan, KeyBanc Capital.

雷茲萬 (Tim Rezvan)，KeyBanc Capital。

Good morning, everybody. And thanks for taking my question. I wanted to start on what seems to be at the start of a pivot into more higher liquids skewing your production. We noticed 3Q, I think you were about 8% liquids, which was the lowest we've seen post-restructuring.

大家早安。感謝您提出我的問題。我想從似乎開始轉向更高級液體開始，這會影響您的生產。我們注意到第三季度，我認為流動性約為 8%，這是我們在重組後看到的最低水準。

So I'm just trying to understand, John, is that a well level returns decision? Is that an inventory opportunity set decision? Are you a little more less bullish on gas and maybe some others? Just trying to understand what's driving that pivot and how maybe -- I know you're not going to give 2024 guidance. But how we could think about the liquids skew growing? It's probably going to outpace total production, just to understand how that looks over the next one to two years and what's driving that decision.

所以我只是想了解，約翰，這是一個好的回報決定嗎？這是庫存機會集決策嗎？您對天然氣以及其他一些產品是否不太看好？只是想了解是什麼推動了這一轉變，以及可能如何推動——我知道你不會給出 2024 年的指導。但我們如何看待液體偏差的成長呢？它可能會超過總產量，只是為了了解未來一到兩年的情況以及推動這項決定的因素。

Yeah, thanks, Tim. Appreciate the questions. Appreciate your participation on the call. We're in a very fortunate position at the company to have many different titles that we can pull on. We have a very good, high-quality, liquids with Utica, as well as some new Marcellus and some great dry gas.

是的，謝謝，提姆。感謝您提出的問題。感謝您參與此通話。我們在公司處於一個非常幸運的位置，擁有許多不同的頭銜可供我們使用。我們有尤蒂卡（Utica）非常好的、高品質的液體，以及一些新的馬塞勒斯（Marcellus）和一些很棒的乾燥氣體。

So as the company sits today, there's just not a lot of external motivators for us outside of economics to drill one way or the other, meaning we don't have a lot of owners FT. We don't have a lot of MVCs. We're not out there holding acreage.

因此，就公司目前的情況而言，除了經濟因素之外，我們沒有太多外部激勵因素可以以某種方式進行鑽探，這意味著我們沒有很多 FT 所有者。我們沒有很多 MVC。我們沒有在那裡持有土地。

So for us, as we tend to look at capital allocation, it's truly an economic perspective. This is a process that we go through, of course, every budget time and even during the year. So as we have these many different options, it is more of an economic decision with the current pricing looking out one to two years, what that will deliver.

因此，對我們來說，當我們傾向於考慮資本配置時，這確實是一個經濟角度。當然，這是我們在每個預算時間甚至全年都會經歷的過程。因此，由於我們有許多不同的選擇，這更多的是一個經濟決策，目前的定價預計一到兩年後會帶來什麼。

And the great thing about having all these toggles as we move forward into '24 and into '25 is we see certainly the gas backwardation be realized in higher prices. That will most definitely lean towards or leaning in probably more on gas in the future.

當我們進入 24 世紀和 25 世紀時，擁有所有這些切換的好處是，我們肯定會看到天然氣現貨溢價以更高的價格實現。未來肯定會傾向於或更多地傾向於天然氣。

So for us, it's purely economics. Oils had a good run lately. We feel very confident in the well results and the high-quality asset base and the economics. So we're going to lean in on that more than likely when we come out with our '24 plan here in February. But certainly, we're open to adjusting and moving forward depending on what commodity price is doing, where economic stakes is.

所以對我們來說，這純粹是經濟學。近期石油表現良好。我們對良好的業績、高品質的資產基礎和經濟效益非常有信心。因此，當我們在 2 月推出「24 小時計畫」時，我們很可能會依靠這一點。但當然，我們願意根據大宗商品價格的走勢和經濟利益進行調整和前進。

And Tim, this is Michael. I might just add, as far as the production profile going forward, I think, 2024, a lot of the activity that John was describing likely doesn't impact our actual production until the second half of the year. So if you think about your comments around the liquids weighting, I think you start to see that change a little bit late in the year. But really, it's in 2025 where you likely see the impact and a little bit more of a liquids-weighted production profile for the company.

提姆，這是麥可。我可能只是補充一下，就未來的生產情況而言，我認為 2024 年，約翰描述的許多活動可能直到今年下半年才會影響我們的實際生產。因此，如果你考慮一下你對液體重量的評論，我想你會在今年晚些時候開始看到這種變化。但實際上，到 2025 年，您可能會看到影響以及公司更多的液體加權生產狀況。

So I'd say relatively similar in '24 to '23, gas versus liquids. And then you'll start to see a little bit of a pivot in '25, most likely.

所以我想說，24 年到 23 年，氣體與液體的情況相對相似。然後你很可能會在 25 年開始看到一些轉變。

Okay, I appreciate that color. And then as we think about hedging, you have a pretty optimal position. It seems you're roughly half-hedged next year at $4. As you look out beyond 2024, you have a more attractive strip at roughly $4. Again, you've been hedging at that level.

好吧，我很欣賞這個顏色。然後當我們考慮對沖時，你就擁有了一個相當理想的部位。看來你明年大約以 4 美元的價格進行了一半對沖。當你展望 2024 年後，你會發現一條更有吸引力的條帶，價格約為 4 美元。再說一次，你一直在這個水平上進行對沖。

Do you see 50% is that target level. Or as you get bigger and your balance sheet strengthens, you feel less of a need to hedge? Just trying to understand how you're thinking about that longer term.

您看到 50% 就是那個目標等級了嗎？或者，隨著您規模的擴大和資產負債表的增強，您感覺不再需要對沖？只是想了解您如何看待更長期的問題。

Yeah, yeah, great question, Tim. So I think as a business, we feel really good about where the balance sheet sits with a low leverage profile. I think we feel really good about the fixed cost. John mentioned that we don't have a lot of external factors that force us into decisions. And so certainly, that derisks the operational side of the business a little bit.

是的，是的，很好的問題，提姆。因此，我認為作為一家企業，我們對資產負債表的低槓桿狀況感到非常滿意。我認為我們對固定成本感覺非常好。約翰提到，我們沒有太多外在因素迫使我們做出決定。當然，這會稍微降低業務運作方面的風險。

So I think to your point, we feel like 2024 is looking better than '23, but also a bit of a transition year for natural gas. So we do have what we feel like is a very attractive hedge book in place. And we've increased it slightly over the last quarter, but feel pretty good about where it sits.

因此，我認為就您的觀點而言，我們認為 2024 年看起來比 23 年更好，但也是天然氣的過渡年。因此，我們確實擁有一本我們認為非常有吸引力的對沖書籍。我們在上個季度略有增加，但對它所處的位置感覺很好。

For 2025, I think we're more bullish on gas. We've talked publicly before about wanting to be in the range of hedging percentages, something in that 30% to 70%, I think to the extent that we're bullish. And there's opportunities for gas prices to look strong.

對於 2025 年，我認為我們更看好天然氣。我們之前曾公開談論過希望達到對沖百分比的範圍，在 30% 到 70% 的範圍內，我認為我們是看漲的。天然氣價格有機會看起來堅挺。

We may lean a little bit towards the lower side. But as I mentioned in my comments, we have added some hedges in 2025 just to make sure that we're being prudent in protecting at least a certain amount of our cash flow.

我們可能會稍微向下方傾斜。但正如我在評論中提到的，我們在 2025 年增加了一些對沖，只是為了確保我們謹慎地保護至少一定數量的現金流。

So I guess I would say I'd buy us this a little bit towards the low end of our range, but certainly going to be monitoring in the macro. And if things start to change, we'll take the opportunity to adjust those decisions going forward.

所以我想我會說我會在我們的範圍的低端買入一點，但肯定會在宏觀上進行監控。如果情況開始發生變化，我們將藉此機會調整未來的決定。

Okay, I appreciate the comments. Thank you.

好的，我很欣賞這些評論。謝謝。

Doug Leggate, Bank of America.

道格·萊格特，美國銀行。

Good morning, guys. First of all, I think we've got to acknowledge the step change that you promised the market. The efficiency is obviously showing up compared to Legacy Gulfport. And I'm curious, whoever wants to take this, how much further do you think you have to go and where do you think you are in terms of that trajectory of you're down 35% on both basins at this point? What's the aspirational target?

早上好傢伙。首先，我認為我們必須承認您向市場承諾的逐步改變。與舊版格爾夫波特相比，效率明顯顯現。我很好奇，無論誰想採取這一行動，你認為你還需要走多遠？就目前兩個盆地都下跌 35% 的軌跡而言，你認為你處於什麼位置？理想的目標是什麼？

Well, I think, as we look at the efficiency gains, we're very pleased with the progress, to your point here today. And I appreciate the comment. It is the team start to mature and gel -- this team's been together probably, let's just say, nine months, probably seven months in the field. I would probably say we're 40% to 50% and to the efficiency cycles as we see opportunities to further improve.

嗯，我認為，當我們看到效率的提高時，我們對您今天在這裡所說的進展感到非常滿意。我很欣賞你的評論。這是團隊開始成熟和凝聚的過程——這個團隊可能已經在一起了九個月，也許七個月了。我可能會說，我們的效率週期為 40% 到 50%，因為我們看到了進一步改進的機會。

There's certainly some more wood to chop here as we move forward, service costs, addressing service costs, renegotiating contracts, farther eliminating dead time in between cycles and just overall shrinking that cycle time that spud to turn to sales time. So again, appreciate your comments and the acknowledgment on the improvements.

隨著我們前進，這裡肯定還有更多的事情需要砍伐，服務成本，解決服務成本，重新談判合同，進一步消除週期之間的停滯時間，以及總體縮短轉向銷售時間的周期時間。再次感謝您的評論和對改進的認可。

But there are certainly some more opportunities that we feel like especially looking down in the SCOOP as we've started, as we're looking forward to actually developing that asset this year. We're very happy about taking the learnings that we learned from the Utica and applying those to the SCOOP to make what is already an attractive asset and very good returns a lot better, so more to come on that this year as we start development in the SCOOP.

但肯定還有更多的機會，我們覺得特別是在我們開始的 SCOOP 中，因為我們期待今年實際開發該資產。我們很高興能夠吸取從尤蒂卡學到的經驗教訓，並將其應用到SCOOP 中，使已經是一項有吸引力的資產和非常好的回報變得更好，因此，隨著我們開始開發，今年還會有更多的事情發生。獨家新聞。

As you can imagine, there's an agenda behind my question. And it's basically your definition of maintenance capital, the $435 million to $455 million. So what I'm really trying to get a handle on is, if you deliver, if you're only halfway through what you think your efficiency gains could be, what does that imply then for the level of capital necessary to meet your program (multiple speakers)?

正如你所想像的，我的問題背後有一個議程。這基本上就是您對維護資本的定義，即 4.35 億至 4.55 億美元。所以我真正想要了解的是，如果你交付了，如果你只達到了你認為的效率增益的一半，那麼這對於滿足你的計劃所需的資本水平意味著什麼（多個發言者）？

It's a great question. What I would say is we're pleased with the results here today. We certainly see there's some more improvements as we look forward into '24 and beyond.

這是一個很好的問題。我想說的是，我們對今天的結果感到滿意。展望 24 年及以後，我們當然會看到更多改進。

And right now, we're in the middle of finalizing some contract negotiations with regards to service price. So, as far as us coming out with what that will look like next year, that will have to wait until February when we roll out the '24 plan. But to your point, we feel very comfortable that the capital efficiencies that were gained this year will be carried into next year with further improvement.

目前，我們正在敲定一些有關服務價格的合約談判。因此，就我們明年公佈的情況而言，必須等到 2 月我們推出「24 小時計畫」。但就您的觀點而言，我們感到非常滿意的是，今年獲得的資本效率將延續到明年並進一步提高。

Fellas, if you don't mind, can I squeeze in a third one? It's a very quick one. You've made the comment about your cumulative free cash flow. You could retire your market capitalization.

夥計們，如果你不介意的話，我可以擠第三個嗎？這是一個非常快的過程。您已對累積自由現金流做出了評論。您可以退休您的市值。

Obviously, that's a big statement. How realistic, how aggressive do you really think you're going to be given your hedge position in '24 in particular as it relates to buybacks and return of capital? I'll leave it there.

顯然，這是一個很大的聲明。您認為在 24 年您將獲得對沖頭寸，尤其是與回購和資本回報相關的對沖頭寸有多現實、有多激進？我會把它留在那裡。

Yeah, hey, Doug. This is Michael. I'll take a shot at that one, appreciate the question.

是的，嘿，道格。這是邁克爾。我會嘗試一下，感謝這個問題。

I think 2024, again, a little early on any guidance, but as we sit here today, a similar strategy likely for the company is what we employed in 2023. So we go through a very rigorous process with our Board of Directors and evaluate all the potential uses of our free cash flow, whether that be additional acreage opportunities, whether it be share repurchases opportunities on the balance sheet side to improve there.

我再次認為2024 年對於任何指導都有點早，但當我們今天坐在這裡時，我們在2023 年採用的公司可能會採取類似的策略。因此，我們與董事會一起經歷了一個非常嚴格的流程，並評估了所有我們自由現金流的潛在用途，無論是額外的面積機會，還是資產負債表方面的股票回購機會以改善那裡。

And I think as we sit here today, our shares, we feel are undervalued. And we feel like that's an extremely attractive use of free cash flow. So I would expect that 2024 is very similar for 2023 from that strategy perspective.

我認為，當我們今天坐在這裡時，我們感覺我們的股票被低估了。我們認為這是對自由現金流的一種極具吸引力的利用。因此，從策略角度來看，我預計 2024 年與 2023 年非常相似。

And if we can capture opportunities like the discretionary acreage acquisitions we did this year, that's also very interesting and attractive to us. But to the extent that those are not available, I think our share has become one of our most exciting opportunities to return value. So I think long story short, likely very similar to where we sit today.

如果我們能夠抓住像我們今年進行的酌情收購面積這樣的機會，這對我們來說也是非常有趣和有吸引力的。但就這些而言，我認為我們的份額已成為我們回報價值的最令人興奮的機會之一。所以我認為長話短說，可能與我們今天所處的位置非常相似。

Thank you, guys, appreciate the answers.

謝謝你們，謝謝你們的回答。

Chris Baker, Evercore ISI.

克里斯貝克，Evercore ISI。

Hey, good morning. A lot of good questions asked already, but just wanted to touch on the strategic acquisition opportunity set from here. Just in terms of what you're seeing beyond, what's already been identified, I guess, should we think about this as a recurring piece of the story? Thanks.

嗨，早安。已經提出了很多很好的問題，但只是想談談這裡的策略性收購機會。就你所看到的之外、已經確定的內容而言，我想，我們是否應該將其視為故事中反覆出現的一部分？謝謝。

Yeah, no, Chris, that's a really good question. I think we've been very fortunate this year and very pleased with the results here to date with the $40 million targeted spin that we announced earlier in the year with the progress we've made.

是的，不，克里斯，這是一個非常好的問題。我認為我們今年非常幸運，並且對迄今為止的結果非常滿意，我們在今年早些時候宣布了 4000 萬美元的目標旋轉，並取得了進展。

This is really good, high quality, liquids-rich acreage that we've targeted this year. I wouldn't call it a unique opportunity set. But it was a very good position that allowed us to block up a lot of chunky positions to facilitate near-term drilling.

這是我們今年的目標，非常好的、高品質的、富含液體的土地。我不會稱之為獨特的機會集。但這是一個非常好的位置，使我們能夠封鎖大量的大頭寸，以促進近期的鑽探。

As we move forward, I think we'll certainly be mindful and aware of some of those opportunities. But I wouldn't necessarily classify it as an annual reoccurring land spend. These acquisitions, as they pop up, and they are an opportunity for the company to take advantage of, certainly the Board and management will consider the value proposition that proposes and consider it.

隨著我們的前進，我認為我們肯定會留意並意識到其中的一些機會。但我不一定將其歸類為年度經常性土地支出。這些收購一旦出現，就是公司利用的機會，董事會和管理階層當然會考慮提出並考慮的價值主張。

But as far as moving forward, I would definitely assume more of a normal cadence land spend, that typical $50 million to $60 million of maintenance type-land as we move forward. So hopefully, that answered your question.

但就前進而言，我肯定會假設更多的是正常節奏的土地支出，隨著我們的前進，典型的維護型土地支出為 5000 萬至 6000 萬美元。希望這能回答你的問題。

There are no further questions in queue at this time. I would like to turn the call back over to Mr. John Reinhart for closing comments, please.

目前隊列中沒有其他問題。我想將電話轉回給 John Reinhart 先生，請他發表結束意見。

Thank you for everyone for the time to take and joining our call today. The team continues to improve business fundamentals, which further positions Gulfport Energy as an attractive investment with optionality tactically and strategically for continuing value enhancement. Should you have any questions, please don't hesitate to reach out to our Investor Relations team.

感謝大家今天抽空參加我們的電話會議。團隊不斷改善業務基本面，這進一步將格爾夫波特能源定位為一項有吸引力的投資，在戰術和戰略上具有選擇性，可持續提升價值。如果您有任何疑問，請隨時聯繫我們的投資者關係團隊。

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time. And thank you for your participation. And have a great day.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。並感謝您的參與。祝你有美好的一天。