Gulfport Energy Corp (GPOR) 2023 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Gulfport Energy Corporation fourth quarter 2023 earnings call. (Operator Instructions) At this time, it is my pleasure to turn the floor over to your host, Jessica Antle. Welcome, Jessica, the floor is yours.

女士們先生們，美好的一天，歡迎參加格爾夫波特能源公司 2023 年第四季財報電話會議。（操作員指示）現在，我很高興將發言權交給主持人傑西卡·安特爾。歡迎，傑西卡，請發言。

Thank you, Karen, and good morning, and welcome to Gulfport Energy Corporation's fourth quarter and full year 2023 earnings conference call, and Jessica Antle, Vice President of Investor Relations. Speakers on today's call include John Reinhart, President and CEO; and Michael Hodges, Executive Vice President and CFO. In addition, Matthew Rucker, Senior Vice President of Operations, will be available for the Q&A portion of today's call.

謝謝凱倫，早安，歡迎參加格爾夫波特能源公司第四季度和 2023 年全年收益電話會議，歡迎投資者關係副總裁傑西卡·安特爾 (Jessica Antle)。今天電話會議的發言人包括總裁兼執行長 John Reinhart；執行副總裁兼財務長邁克爾霍奇斯 (Michael Hodges)。此外，營運資深副總裁 Matthew Rucker 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 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 the 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，在本次電話會議中，與會者可能會就公司的財務狀況、經營業績、計劃、目標、未來業績和業務做出某些前瞻性陳述。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 and updated Gulfport presentation was posted yesterday evening to our website. In conjunction with the earnings announcement, Please review at your leisure.

此外，我們可能會參考非公認會計準則衡量標準。與可比較公認會計準則措施的調節將發佈在我們的網站上，更新的格爾夫波特簡報已於昨天晚上發佈到我們的網站上。結合財報公告，請您閒暇時查閱。

At this time, I would like to turn the call over to John Reinhart, our President and CEO.

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. Taking a step back to reflect on the message we provided on our conference call in February of last year. I noted during 2023, we would be focused on actions that facilitate efficient and sustainable development of our quality inventory, enhance margins, optimize efficiencies within our capital programs, all while maintaining an attractive balance sheet and utilizing our free cash flow to position the company for value enhancement. The company delivered on those commitments.

謝謝你，潔西卡，也謝謝大家收聽我們的電話。退一步反思我們在去年 2 月的電話會議上提供的資訊。我指出，2023 年，我們將專注於促進優質庫存的高效和可持續發展、提高利潤率、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的自由現金流為公司定位價值提升。該公司兌現了這些承諾。

I'd like to highlight a few of the accomplishments the team achieved over the course of 2023. The company delivered net production above the high end of the initial guidance range while staying below the midpoint of our initial capital budget provided in February, despite adding incremental activity in the fourth quarter that was not included in our original capital guidance.

我想強調一下團隊在 2023 年所取得的一些成就。儘管第四季度增加了未包含在我們最初資本指導中的增量活動，但該公司的淨產量高於初始指導範圍的上限，同時低於我們 2 月提供的初始資本預算的中點。

We augmented our attractive acreage portfolio by allocating $48 million of our adjusted free cash flow to strategic acquisitions of Utica liquids-rich acreage that extended our inventory base by 1.5 years and also by delineating two years of liquids rich Marcellus locations, overlying our existing Utica acreage with no incremental Link acquisition costs to be our 2023 development program led to meaningful free cash flow generation totaling approximately $199 million for the year. And after adjusting for cash flow utilized for discretionary acreage acquisitions, we allocated approximately 99% of our adjusted free cash to repurchase our common stock, all of which was achieved while maintaining our strong balance sheet, ample liquidity and financial leverage below one times production for the year average 1,054 million cubic feet equivalent per day, roughly 3% above the high end of our initial guidance range provided in early 2023.

我們將調整後的自由現金流中的4800 萬美元用於戰略性收購Utica 液體豐富的土地，從而將我們的庫存基礎延長了1.5 年，並​​劃定了兩年液體豐富的Marcellus 地點，覆蓋了我們現有的Utica 土地，擴大了我們有吸引力的土地組合。我們的 2023 年開發計畫並沒有增加 Link 收購成本，導致當年產生了總計約 1.99 億美元的有意義的自由現金流。在對用於全權收購土地的現金流進行調整後，我們分配了大約99% 的調整後自由現金來回購我們的普通股，所有這些都是在保持我們強勁的資產負債表、充足的流動性和低於產量一倍的財務槓桿的情況下實現的。年平均每天 10.54 億立方英尺當量，比我們 2023 年初提供的初步指導範圍的上限高出約 3%。

The outperformance was driven by improved cycle times, accelerating the timing of wells brought online as well as continued strong well performance from our development program. We remain excited about our shift to a pressure managed flowback program, which drives longer production plateau periods, shallower declines and capital efficiencies associated with reduced facility costs farther more based on flowing pressures as a leading indicator, this program should contribute improved EURs and enhanced development economics while improving corporate base decline and lowering future capital intensity. Operationally, for the full year, the company drilled and turned to sales 24 gross wells, which included two Marcellus to SCOOP and 20 wells in the Utica on the drilling side, we achieved meaningful. We achieved meaningful cycle time improvements throughout the year, experiencing over a 60% year-over-year improvement in total footage drilled per day when compared to year end 2022. The company's fourth quarter average total footage drilled per day was the highest for the year, providing strong momentum as we commenced drilling on a three well pad in the SCOOP and look forward to applying our Utica learnings and operational efficiencies realized in 2023 to our 2020 for SCOOP development program.

業績優異的原因是周期時間縮短、油井投產時間加快以及我們的開發計劃持續保持強勁的油井表現。我們仍然對轉向壓力管理回流計劃感到興奮，該計劃將推動更長的生產平台期、更窄的產量下降以及與進一步降低設施成本相關的資本效率，更多地基於流動壓力作為領先指標，該計劃應有助於提高歐元並增強發展經濟，同時改善企業基礎下降並降低未來資本密集度。營運方面，全年公司共鑽探並轉售24口井，其中包括Marcellus至SCOOP的2口井和Utica鑽井方面的20口井，我們取得了有意義的成果。我們全年實現了有意義的週期時間改進，與 2022 年底相比，每天鑽進的總進尺同比增加了 60% 以上。該公司第四季的平均每天鑽探總進尺是今年最高的，為我們開始在SCOOP 的三井平台上鑽探提供了強勁動力，並期待將我們在2023 年實現的尤蒂卡經驗和營運效率應用到2020年SCOOP 開發計畫。

On the completion side, we also saw a significant efficiency improvement in the frac and draw phases of our operations, improving average frac pumping hours per day by 30% in 2023 and average plugs drilled per day by almost 50% exiting the year with a quarterly average of 20.8 frac pumping hours per day, again, our highest quarterly average for the year.

在完井方面，我們也看到我們作業的壓裂和抽採階段的效率顯著提高，到2023 年，每天的平均壓裂泵送時間將提高30%，每天的平均鑽探量將增加近50 %，季度末將增加近50%。平均每天 20.8 小時壓裂泵送時間，再次創下我們今年最高的季度平均值。

Our operating team's high level of efficiency and cost reduction focus resulted in over $35 million in capital savings during 2023. And as previously announced, we elected to reinvest those savings into the development of our high-quality assets by adding incremental drilling and completion operations during the fourth quarter. Even with this acceleration of activity, we continue to deliver within expectations of full year 2023 capital expenditures, which totaled approximately $443 million, excluding discretionary acreage acquisitions.

我們的營運團隊注重高效率和降低成本，2023 年節省了超過 3,500 萬美元的資本。正如先前宣布的那樣，我們選擇透過在第四季度增加增量鑽井和完井作業，將這些節省的資金重新投資到我們優質資產的開發中。即使活動加速，我們仍繼續以 2023 年全年資本支出的預期交付，資本支出總額約為 4.43 億美元，不包括可自由支配的土地收購。

Specific to our Marcellus development, we drilled and completed the company's first two operated Marcellus wells on our stacked pay acreage in Belmont County. When normalized to a 15,000 foot lateral, the wells delivered an average 60 day initial production rate of approximately 860 barrels per day of oil and 5.2 million cubic feet a day of natural gas. As a reminder, these wells are located on an existing Utica pad, allowing significant midstream flexibility in our ability to blend the rich gas from the Marcellus wells with existing Utica dry gas production. We remain very encouraged as we continue to gain more production data and produce the wells under pressure manage flow currently experiencing less than six PSI pressure drop per day following 60 plus days of production. We believe the Hendershot development, along with existing industry offset development in Ohio and West Virginia has significantly derisked our Marcellus position and now estimate we have delineated approximately 50 to 60 gross wells, assuming a Marcellus development cadence of roughly 25 wells per year, this equates to approximately two years of liquids rich inventory. When considering these strong results and the attractive rates of return that compete for capital across our premier asset portfolio. We anticipate additional Marcellus development beginning in early 2025.

具體到我們的 Marcellus 開發，我們在貝爾蒙特縣的堆積產油區鑽探並完成了公司前兩口運營的 Marcellus 井。當橫向深度標準化為 15,000 英尺時，這些井的平均 60 天初始產量約為每天 860 桶石油和 520 萬立方英尺天然氣。需要提醒的是，這些井位於現有的尤蒂卡墊上，使我們能夠將馬塞勒斯井的富氣與現有的尤蒂卡乾氣生產混合在一起，從而具有顯著的中游靈活性。我們仍然非常鼓舞，因為我們繼續獲得更多生產數據，並在壓力管理流量下生產井，在生產 60 多天后，目前每天的壓力降低於 6 PSI。我們認為，Hendershot 的開發以及俄亥俄州和西弗吉尼亞州現有的行業補償開發已經大大降低了我們Marcellus 的地位，現在估計我們已經劃定了大約50 至60 口井，假設Marcellus 的開發節奏為每年大約25 口井，這相當於大約兩年的液體庫存豐富。考慮到這些強勁的業績以及在我們的主要資產組合中爭奪資本的有吸引力的回報率。我們預計 Marcellus 的額外開發將於 2025 年初開始。

On the discretionary acreage acquisition front, the company expanded our acreage position by investing $48 million in 2023 towards targeted Utica liquids-rich acreage within our Belmont County development footprint. With our current drilling pace, approximately 1.5 years of core liquids-rich locations were added at an average cost of approximately $1.7 million per net location. When coupled with the derisking of our Marcellus acreage, the additional inventory provides durable fundamental value to the Company as well as expanding optionality in our go-forward development plan. The Company is prioritizing development of the recently acquired Utica acreage and plans to begin pad construction in the area in late 2024 with plans to commence drilling in early 2025. The discretionary acreage acquisition spending in 2023 allowed us to organically invest and extend our high-quality inventory base at extremely attractive returns. We will continue to monitor opportunities to meaningfully increase our leasehold footprint to enhance resource depth and believe these opportunities are very high as we continuously assess and evaluate uses of free cash flow in 2024.

在可自由支配的土地收購方面，該公司透過在 2023 年投資 4,800 萬美元擴大了我們的土地地位，以擴大我們貝爾蒙特縣開發範圍內尤蒂卡液體豐富的目標土地。按照我們目前的鑽探速度，大約需要 1.5 年才能增加富含岩心液體的位置，每個淨位置的平均成本約為 170 萬美元。再加上我們馬塞勒斯面積的去風險化，額外的庫存為公司提供了持久的基本價值，並擴大了我們未來發展計畫的選擇範圍。該公司正在優先開發最近收購的尤蒂卡區塊，並計劃於 2024 年底開始在該地區建造平台，並計劃於 2025 年初開始鑽探。2023 年的可自由支配面積收購支出使我們能夠以極具吸引力的回報進行有機投資並擴大我們的高品質庫存基礎。我們將繼續專注於有意義地增加我們的租賃足跡以增強資源深度的機會，並相信隨著我們不斷評估和評估 2024 年自由現金流的使用，這些機會非常多。

As we move into 2024, the current volatile natural gas environment reinforces the importance of developing our assets in an efficient and sustainable manner. Building on the momentum from 2023, we plan to remain focused on further optimizing our margins, development program cycle times, and operating costs. The company forecast delivering relatively flat production year over year on 10% less capital invested. The total capital spending for the year is projected to be in the range of $380 million to $420 million, with more focus on liquids-rich development in both the Utica and SCOOP than prior programs.

進入 2024 年，當前不穩定的天然氣環境凸顯了以高效、可持續的方式開發我們資產的重要性。在 2023 年的勢頭基礎上，我們計劃繼續專注於進一步優化我們的利潤、開發計劃週期時間和營運成本。該公司預計，由於資本投資減少 10%，產量將比去年同期持平。今年的總資本支出預計在 3.8 億至 4.2 億美元之間，與先前的計畫相比，更加註重尤蒂卡和 SCOOP 的液體豐富開發。

Our total capital spend includes $50 million to $60 million of maintenance, land and leasehold investment focused on bolstering our near term drilling program. With increases of working interest and lateral footage and units. We plan to drill near term, the company's 2024 Utica turn-in line operated working interest is anticipated to be 97%, an increase of 5% over 2020 three's program with the average lateral length of the planned activity of nearly 30% over 2023, increasing our exposure to our high return operated development program. Simply put our significant operational efficiencies and reinvestment in our asset base through our land maintenance program allows us to deliver a 2024 program in line with 2023 production results on less well activity and capital invested.

我們的總資本支出包括 5,000 萬至 6,000 萬美元的維護、土地和租賃投資，重點是支持我們的近期鑽探計劃。隨著工作興趣和橫向鏡頭和單位的增加。我們計劃近期進行鑽探，該公司 2024 年 Utica 上交線作業權益預計為 97%，比 2020 年三期計劃增加 5%，計劃活動的平均水平長度比 2023 年增加近 30%，增加我們對高回報營運開發計劃的接觸。簡而言之，我們透過土地維護計畫實現了顯著的營運效率和對資產基礎的再投資，這使我們能夠在油井活動和資本投資較少的情況下交付與2023 年生產結果一致的2024 年計劃。

It is worth highlighting that our 2024 program also includes roughly $30 million to $35 million of capital allocated towards building strategic ducts beyond our normal operating cadence, enhancing future capital program optionality and further highlighting our significant year-over-year efficiencies and our ability to deliver similar production in '24 on meaningfully lower capital. We currently forecast approximately 70% of our drilling and completion capital will be allocated in the first half of 2024 and trend lower in both the third and fourth quarters of the year.

值得強調的是，我們的2024 年計畫還包括分配約3,000 萬至3,500 萬美元的資本，用於建立超出正常營運節奏的戰略管道，增強未來資本計畫的選擇性，並進一步凸顯我們顯著的逐年效率和交付能力24 年的類似生產明顯降低了資本。我們目前預測約 70% 的鑽井和完井資本將在 2024 年上半年分配，今年第三季和第四季的趨勢將會下降。

Turning to production. We anticipate this level of spend will deliver 1.045 billion to 1.08 billion cubic feet equivalent per day in 2024, relatively flat over our full year 2023 average. We are remaining flexible in light of the commodity backdrop and possess the ability to moderately defer or accelerate completions should commodity prices and rates of return warrant in our investment deck.

轉向生產。我們預計這一支出水準將在 2024 年每天產生 10.45 億至 10.8 億立方英尺當量，與 2023 年全年平均值相比相對持平。鑑於大宗商品的背景，我們保持靈活性，如果大宗商品價格和回報率在我們的投資組合中得到保證，我們有能力適度推遲或加速完成。

On slide 11, we included a more detailed outlook of our expected 2024 capital and production cadence. We currently forecast our 2024 production to total 92% natural gas, which will be higher in the first half of 2024 as a result of our natural gas directed activity late last year and move slightly towards a higher liquids weighting towards the back half of 2024 and into 2025 as we bring online our more liquids rich developments in closing, despite a challenging commodity backdrop, we project Gulfport will continue to generate meaningful adjusted free cash flow in 2024 and currently forecast a top-decile free cash flow yield relative to our natural gas peers. We plan to continue to focus on the return of capital to our shareholders and excluding acquisitions, expect to allocate substantially all of our full year 2024 adjusted free cash flow towards common share repurchases.

在投影片 11 中，我們對 2024 年預期資本和生產節奏進行了更詳細的展望。我們目前預測 2024 年天然氣產量將達到 92%，由於去年年底我們以天然氣為導向的活動，該產量將在 2024 年上半年更高，並在 2024 年下半年略微轉向更高的液體比重，進入2025年，隨著我們將更多流動性豐富的開發項目交付使用，儘管大宗商品背景充滿挑戰，我們預計格爾夫波特將在2024 年繼續產生有意義的調整後自由現金流，目前預測相對於我們的天然氣，自由現金流收益率將達到前十分之一同行。我們計劃繼續關注股東的資本回報，不包括收購，預計將 2024 年全年調整後自由現金流的大部分用於普通股回購。

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

現在，我將把電話轉給邁克爾，討論我們的財務表現。

Thank you, John, and good morning, everyone. Since John hit on a number of the results for the full year of 2023, I'll start by summarizing our fourth quarter results, which further emphasize our operational momentum as we closed out the year and have positioned us to hit the ground running in 2024.

謝謝約翰，大家早安。由於 John 提出了 2023 年全年的一些業績，我將首先總結我們第四季度的業績，這進一步強調了我們在結束這一年時的營運勢頭，並為我們在 2024 年的起步奠定了基礎。

Net cash provided by operating activities before changes in working capital totaled approximately $184 million during the fourth quarter, more than doubling our capital expenditures and allowing us to make significant common share repurchases, all while maintaining our balance sheet strength. We reported adjusted EBITDA of $191 million during the quarter and generated adjusted free cash flow of $85 million for the same period, driven by our strong hedge position, consistent production base and low operating cost structure. Said another way. We delivered our best quarter of 2023 from an adjusted free cash flow perspective and leverage that outcome by adding incremental high-quality locations to our portfolio while buying back nearly 3% of our market capitalization and through our share repurchase program, it was a tremendous finish to what was an outstanding year for Gulfport. Production costs for the fourth quarter totaled $1.16 per million cubic feet equivalent better than analyst consensus expectations.

第四季度，營運資本變動前的經營活動提供的淨現金總額約為 1.84 億美元，是我們資本支出的兩倍多，使我們能夠進行大量普通股回購，同時保持我們的資產負債表實力。在我們強大的對沖部位、穩定的生產基礎和較低的營運成本結構的推動下，本季調整後的 EBITDA 為 1.91 億美元，同期調整後的自由現金流為 8,500 萬美元。換個方式說。從調整後的自由現金流角度來看，我們實現了2023 年最好的季度，並透過在我們的投資組合中增加增量優質地點、同時回購近3% 的市值以及透過我們的股票回購計劃來利用這一成果，這是一個巨大的結局對格爾夫波特來說，這是輝煌的一年。第四季的生產成本總計為每百萬立方英尺當量 1.16 美元，優於分析師的一致預期。

The company continued to focus on optimizing and reducing costs in the field, combined with our strong production performance during 2023 drove our per unit expenses to the low end of our guidance on an annual basis, highlighting again our 2023 operational performance. As John mentioned, despite our focus on a more liquids-rich activity program in 2024, we currently forecast our per unit operating costs, including LOE, taxes other than income and midstream expenses will be in line with 2023 and total in the range of $1.15 to $1.23 per MCFE.

公司繼續專注於優化和降低該領域的成本，加上我們在 2023 年強勁的生產業績，將我們的單位成本逐年推至我們指導的低端，再次凸顯了我們 2023 年的營運業績。正如John 所提到的，儘管我們重點關注2024 年液體含量更高的活動計劃，但我們目前預測每單位營運成本（包括LOE、收入以外的稅收和中游費用）將與2023 年保持一致，總計在1.15美元範圍內每個 MCFE 為 1.23 美元。

Our all-in realized price during the first quarter fourth quarter was $3.20 per MCFE, including the impact of cash-settled derivatives. This realized unit price is $0.33 above the 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.

我們在第一季第四季的全部實現價格為每 MCFE 3.20 美元，包括現金結算衍生性商品的影響。這項實現的單價比 Nymex Henry Hub 指數價格高出 0.33 美元，凸顯了格爾夫波特天然氣多元化行銷組合的優勢以及我們兩個資產領域液體產品組合的定價提升。

We realized the cash hedging gain of approximately $50 million during the quarter, demonstrating the strength of our hedge book and its impact to our cash flows. Our natural gas price differential before hedges was negative $0.51 per Mcf compared to the average monthly Nymex settled price during the quarter, slightly tighter than the third quarter of 2023. However, basis prices have continued to be under pressure during the quarter, driven by elevated storage levels and rising production, especially in the Northeast as we expected and had previously communicated we ended the year near the wide end of our 2023 guidance of $0.2 to $0.35 per Mcf below the Nymex price and currently forecast a similar natural gas differential for the full year of 2024.

本季我們實現了約 5000 萬美元的現金對沖收益，這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 月平均結算價相比，我們對沖前的天然氣價差為每 Mcf 負 0.51 美元，比 2023 年第三季略窄。然而，由於儲存水準提高和產量增加，特別是在東北部地區，本季基差價格繼續面臨壓力，正如我們預期的那樣，並且我們之前曾表示，我們在接近2023 年指導值0.2 至0.35 美元的大端時結束了這一年。每立方英尺價格低於紐約商業交易所 (Nymex) 價格，目前預測 2024 年全年天然氣價格將出現類似的差異。

On the capital front, incurred capital expenditures during the fourth quarter before discretionary acreage acquisitions totaled $69.4 million related to drilling and completion activity and $13.4 million related to maintenance, leasehold and land investment. As a reminder, this includes accelerated activity, predominantly focused in the liquids areas of the Utica and the SCOOP. Even with this incremental activity, as John previously mentioned, we ended the year below the midpoint of our initial capital budget range provided in February as well as below the midpoint of the updated capital guidance range provided in October.

在資本方面，第四季在可自由支配面積收購之前發生的與鑽井和完井活動相關的資本支出總計為 6,940 萬美元，與維護、租賃和土地投資相關的資本支出為 1,340 萬美元。提醒一下，這包括加速活動，主要集中在尤蒂卡和 SCOOP 的液體區域。正如約翰之前提到的，即使有了這些增量活動，我們年底的資本預算仍低於 2 月份提供的初始資本預算範圍的中點，也低於 10 月份提供的更新資本指導範圍的中點。

Further highlighting the strong operational performance by the team over the course of 2023, the financial results our team has delivered for 2023 have been exceptional, and we're poised to capitalize on these improvements as we deliver more with less in 2024 and beyond.

我們的團隊在 2023 年交付的財務表現非常出色，這進一步凸顯了我們團隊在 2023 年的強勁營運績效，我們準備充分利用這些改進，在 2024 年及以後以更少的資源實現更多目標。

I want to focus some of my comments this morning on our hedge book, which I believe differentiates Gulfport and its ability to play offense in delivering value to shareholders during 2024, while others play defense fortifying their balance sheets or protecting their dividends.

今天早上我想重點談談我們的對沖帳簿，我認為這使得格爾夫波特與眾不同，它有能力在2024 年期間為股東提供進攻性的價值，而其他公司則採取防禦性的方式強化資產負債表或保護股利。

With respect to the current hedge position, we are pleased to have downside protection covering 590 million cubic feet per day in 2024 or over 60% of our gas production at an average floor plate price of $3.69 per Mcf. We have been opportunistically layering in hedges for 2025 and currently have natural gas swaps and collars contracts totaling approximately 310 million cubic feet per day at an average floor price of $3.80 per Mcf. On the basis front, we have locked in over 40% of our 2024 natural gas basis exposure and have a nice base of our anticipated 2025 basis exposure locked in as well, providing pricing security at our largest sales points.

就目前的對沖頭寸而言，我們很高興能在 2024 年獲得覆蓋每天 5.9 億立方英尺的下行保護，即占我們天然氣產量的 60% 以上，平均底板價格為每立方英尺 3.69 美元。我們一直在2025年機會主義地進行對沖，目前天然氣掉期和項圈合約總量約為每天3.1億立方英尺，平均底價為每立方英尺3.80美元。在基差方面，我們已經鎖定了 2024 年天然氣基差敞口的 40% 以上，並鎖定了預期 2025 年基差敞口的良好基數，為我們最大的銷售點提供了定價安全。

In addition to the risk mitigation, our diverse portfolio of firm transportation offers. We believe the scale and the quality of our natural gas hedge book provides the de-risks foundation for free cash flow expansion that differentiates Gulf work from its peers due to our premium hedge position, we are confident that the Company will generate adjusted free cash flow in 2020 24, while others are far more uncertain. In fact, before acquisitions or share repurchases. We project that Gulfport will generate adjusted free cash flow at Henry Hub prices down to approximately $1 per MMBTU for natural gas. This is a testament to not only our advantaged derivative position, but also to the improvement in capital efficiencies and focus on lowering operating costs. That is more than offsetting the weakness in the natural gas market today. While we continue to believe there are better days ahead for natural gas, we remain committed to a disciplined approach for hedging our cash flows, and we believe Gulfport delivers a differentiated combination of free cash flow generation capacity and downside protection over the next couple of years.

除了降低風險之外，我們還提供多元化的公司運輸服務。我們相信，我們的天然氣對沖帳簿的規模和品質為自由現金流的擴張提供了去風險的基礎，由於我們的優質對沖頭寸，海灣工作與同行區分開來，我們有信心公司將產生調整後的自由現金流2020 年 24 日，而其他的則更不確定。事實上，在收購或股票回購之前。我們預計，在亨利中心天然氣價格降至每 MMBTU 約 1 美元的情況下，格爾夫波特將產生調整後的自由現金流。這不僅證明了我們的衍生性商品優勢地位，也證明了資本效率的提高和專注於降低營運成本。這足以抵銷當今天然氣市場的疲軟。雖然我們仍然相信天然氣的前景會更好，但我們仍然致力於採取嚴格的方法來對沖我們的現金流，並且我們相信格爾夫波特在未來幾年內將提供自由現金流生成能力和下行保護的差異化組合。

Turning to the balance sheet, our financial position remains top tier with a 12-month net leverage exiting the quarter at 0.9 times and our liquidity totaling steadily $720.1 million, comprised of $1.9 million of cash plus $718.2 million of borrowing base availability. Our liquidity today is more than sufficient to fund any development need 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 low gas prices give rise to dislocations that allow us to capture value for our stakeholders.

就資產負債表而言，我們的財務狀況仍然名列前茅，本季12 個月淨槓桿率為0.9 倍，我們的流動性總額穩定在7.201 億美元，其中包括190 萬美元現金加上7.182 億美元的可用借款基礎。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，未來提供了巨大的靈活性，因為我們處於機會主義的位置，如果低油價導致混亂，使我們能夠為我們的利害關係人獲取價值。

During the fourth quarter, we repurchased 490,000 shares of common stock for approximately $66 million, which included direct repurchases of common stock from two of our largest shareholders totaling approximately 292,000 shares that allowed us to capture larger blocks of unrecognized equity value with limited impact to our public float. Since initially initiating the repurchase program in March 2022. And as of February 26, we have repurchased approximately 4.5 million shares of common stock at an average share price of $92.41, reducing our common shares outstanding by 15% at a weighted average price of more than 35% below our current share price. We currently have approximately $236 million of availability under the $650 million share repurchase program and plan to continue to use substantially all of our adjusted free cash flow back to shareholders through common share repurchases, excluding acquisitions for the foreseeable future.

在第四季度，我們以約6,600 萬美元的價格回購了490,000 股普通股，其中包括從我們的兩個最大股東直接回購了總計約292,000 股的普通股，這使我們能夠獲得更大的未確認股權價值，但對我們的影響有限。公眾持股。自2022年3月首次啟動回購計畫以來。截至 2 月 26 日，我們以平均股價 92.41 美元回購了約 450 萬股普通股，使我們的已發行普通股減少了 15%，加權平均價格比目前股價低了 35% 以上。目前，根據6.5 億美元的股票回購計劃，我們擁有約2.36 億美元的可用資金，並計劃繼續透過普通股回購（不包括可預見的未來的收購），繼續將我們調整後的自由現金流全部用於返還股東。

In summary, our operational efficiency improvements, robust hedging position, healthy balance sheet and strong cash margins provide significant flexibility as we navigate 2020 for the Gulfport team delivered on all fronts during 2023 and our push to demonstrate the fundamental value of our asset base and our company propels us into 2024 as we lay out a plan today to deliver more with less. We firmly believe our best days are still ahead of us. And perhaps most importantly, we continue to generate premium free cash flow yields relative to our peers and utilize that free cash flow to deliver value to our investors as we have the five year free cash flow capacity capable of retiring our current market capitalization at future gas prices below $4.

總而言之，我們的營運效率改進、穩健的對沖頭寸、健康的資產負債表和強勁的現金利潤率，為我們在2020 年為格爾夫波特團隊在2023 年各方面交付的成果以及我們努力展示我們的資產基礎和我們的資產的基本價值提供了巨大的靈活性。公司推動我們邁入 2024 年，我們今天制定了一項計劃，以更少的成本交付更多的成果。我們堅信，最好的日子還在前面。也許最重要的是，我們繼續產生相對於同行的溢價自由現金流收益率，並利用該自由現金流為我們的投資者創造價值，因為我們擁有五年自由現金流能力，能夠以未來的天然氣價格收回我們當前的市值價格低於 4 美元。

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

話雖如此，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.

（操作員指示）Bert Donnes，真理論者。

Hey, good morning, everybody, very morning. Just wanted to start off on the maybe a question on the new guidance. The 10% lower capital requirement is certainly impressive. Just wondering if you could isolate some of the drivers. Are those savings you're seeing? And then you mentioned the $30 million to $35 million. Maybe you could quantify where that program leaves you on a doc count or a well in progress count and how you utilize?

嘿，大家早上好，早安。只是想從新指南的可能問題開始。資本要求降低 10% 確實令人印象深刻。只是想知道是否可以隔離一些驅動程式。您看到的是這些節省嗎？然後你提到了3000萬到3500萬美元。也許您可以量化程式在文件計數或進度計數方面給您留下的位置以及您如何利用？

Yes, this is Matt. I'll talk a little bit on the capital efficiency side, as John highlighted in the call or that in the script there, we've seen quite a bit on the drilling side, obviously 50% kind of year over year on the frac side, the team's done an excellent job in the field, getting those pumping hours per day, pretty much at maximum at this point. We're over 20 hours a day on average. So all that translates into that sticky savings, we'd expect to see kind of going forward on a year over year basis.

是的，這是馬特。我會談談資本效率方面，正如約翰在電話會議或腳本中強調的那樣，我們在鑽井方面已經看到了很多，顯然在壓裂方面同比增長了 50% ，該團隊在該領域做得非常出色，每天的抽水時間幾乎達到了最大值。我們平均每天工作20多個小時。因此，所有這些都轉化為黏性節省，我們預計會逐年成長。

As you think about our decreased dollar per foot well cost from 2023, primarily 65% or so of that is on the efficiencies that's long lasting. And then we've done a really good job on the supply chain front, working towards a softening market and also restructuring. Some contracts are in place and we got here early in the year. So that kind of translates to the other 35% of those savings. So all and all those things can fluctuate on the commodity pricing side. But certainly those efficiencies are where we're focused because those are long lasting.

當你想到我們從 2023 年開始每英尺井成本的下降時，你會發現其中 65% 左右的成本主要來自於持久的效率。然後，我們在供應鏈方面做得非常好，並努力應對市場疲軟和重組。一些合約已經到位，我們在今年早些時候到達了這裡。因此，這相當於節省了另外 35%。因此，所有這些因素都可能在商品定價方面出現波動。但毫無疑問，這些效率是我們關注的重點，因為它們是持久的。

Yeah, Bert, and I'll take the of the question on the docs. I appreciate you asking that I think been carrying those six data, which is roughly the number that we would call your nonroutine type five duck inventory carried for the Company. It really holds a lot of strategic value. It provides optionality for us to actually accelerate completions, should commodity prices warrant, but whenever you think about that 30 to 35 million that you spent this year on it, I think to your point is that is incremental actual capital that if you look on a go forward type maintenance level program, not only are we realizing 10% year on year reductions, but also the non-reoccurring type duct just kind of reinforces how much efficiency gains and how much cost reductions the team has achieved over the past year. So we're pleased with the execution and performance and efficiencies and hopefully that kind of clarifies that count in the questions regarding them for capital

是的，伯特，我將回答文檔中的問題。感謝您詢問我認為已經攜帶了這六個數據，這大約是我們為公司攜帶的非常規五類鴨子庫存的數量。它確實具有很大的戰略價值。如果大宗商品價格有保證的話，它為我們提供了實際加速完工的選擇，但每當你想到今年在這方面花費的 30 到 3500 萬美元時，我認為你的觀點是，如果你看一下前進型維護水平計劃，我們不僅實現了同比10% 的削減，而且非重複型管道也強化了團隊在過去一年中實現的效率提升和成本降低。因此，我們對執行、績效和效率感到滿意，並希望這能澄清有關資本的問題

That sure does. And then my second question, if I'm not mistaken, on your slides, the new Marcellus oil rate seem to shake up the IRR ranking. I know there's certain commodity assumptions in there, but and you outlined 50 to 60 locations. I think in the prepared remarks, you mentioned maybe dipping your toe into it and 25. I just wasn't sure. Is there a role for this to become a bigger part of the program? And how does that work does pull capital away? Or is it incremental activity if pricing permits?

確實如此。然後是我的第二個問題，如果我沒記錯的話，在你的投影片上，新的馬塞勒斯石油利率似乎改變了內部報酬率排名。我知道其中存在某些商品假設，但是您概述了 50 到 60 個地點。我想在準備好的發言中，你提到可能會嘗試一下，25。我只是不確定。它是否可以成為該計劃的重要組成部分？這項工作是如何吸引資本的呢？或者如果定價允許的話，它是增量活動嗎？

Yes, it's a great question, and we're very excited about the Marcellus of spin. I spent a great deal of time actually talking about in the script, and it's certainly in the IR deck, a big value component for the Company.

是的，這是一個很好的問題，我們對旋轉的馬塞勒斯感到非常興奮。我花了很多時間在劇本中實際討論，這當然是在投資者關係甲板上，對公司來說是一個重要的價值組成部分。

With regards to the inventory counts into delineation efforts is zero. Land cost is we think about this to your point about returns. We're very pleased with how we're sitting with our investment in the Utica condensate window, the delineation efforts in the Marcellus condensate window. We've got the SCOOP, liquids-rich development, and you've got really high-quality Utica dry gas. So all of these, you can see, I think there's a slide in the investor deck that kind of gives you an approximate the return level. These all compete for capital, which is in a very good. It's a very good place to be for the Company. So it gives us a lot more optionality. So I think on a point forward perspective, you certainly will see into 24 into 25 a bit more balanced liquids participation within our portfolio.

就庫存計數而言，劃定工作量為零。土地成本是我們考慮到您關於回報的觀點。我們對尤蒂卡凝析油窗口的投資以及馬塞勒斯凝析油窗口的描繪工作的進展感到非常滿意。我們擁有 SCOOP、富含液體的開發產品，並且您擁有真正高品質的尤蒂卡乾燥氣體。所以，你可以看到，所有這些，我認為投資者的幻燈片中有一張投影片可以給你一個大概的回報水準。這些都在爭奪資本，這是非常好的。對於公司來說，這是一個非常好的地方。所以它給了我們更多的選擇。因此，我認為從長遠來看，您肯定會在我們的投資組合中看到 24 到 25 種更平衡的液體參與。

So yes, I would certainly consider as we talked about accelerating the Utica acquisitions recently and 25, we talked about accelerating to 25 activity for the Marcellus. You'll see a more balanced SCOOP liquids type rich on mix within the portfolio of development moving forward than what we've seen historically just sheerly because of economics. So great place to be, and it's nice to be able to delineate and spend some money on acreage that you can immediately kind of take the bid to within 12 to 18 months. It really juices the returns and real pleased with the program.

所以，是的，我當然會考慮，正如我們最近談論加速 Utica 收購和 25 項一樣，我們談論了將 Marcellus 的活動加速到 25 項。您將在開發組合中看到更平衡的 SCOOP 液體類型，其混合豐富，比我們歷史上純粹由於經濟原因所看到的更加豐富。這是一個很棒的地方，很高興能夠劃定並花一些錢購買面積，這樣您就可以在 12 到 18 個月內立即出價。它確實增加了回報，並且對該計劃非常滿意。

Great update. Thanks, guys.

很棒的更新。多謝你們。

Thanks.

謝謝。

Tim Rezvan, KeyBanc Capital.

雷茲萬 (Tim Rezvan)，KeyBanc Capital。

And good morning, folks. Some when we spoke recently, I know you all said you would balance repurchases against your ability to sort of find more inventory. So I was just kind of curious, you had line of sight last year on that on that $40 million $50 million. How does the ground game look today? Are you opportunistic? You carry opportunistically? I guess are you confident you can add more? And I'm just trying to think as you book, are you agnostic to oil versus gas or are you kind of focused on one area right now?

早安，夥計們。當我們最近交談時，我知道你們都說過，你們會平衡回購與尋找更多庫存的能力。所以我只是有點好奇，去年你就看到了那筆 4000 萬美元的 5000 萬美元。今天的地面比賽怎麼樣？你是機會主義者嗎？你帶著機會主義嗎？我想你有信心可以添加更多嗎？我只是想在您預訂時思考一下，您對石油與天然氣是否不可知，或者您現在是否專注於某個領域？

Hey, Tim, this is Michael. Great question. So I think as we look into 2024, the strategy really remains the same. So we've we've said last year that we're going to return substantially all of our free cash flow back to shareholders after discretionary acreage acquisitions that that's really a similar strategy this year, we're going to be opportunistic. There's still opportunities that we like out there. It's certainly getting more competitive as the basin has gained more attention. But as we look at the opportunity to generate the highest rates of return with our free cash flow. There's two particular categories that always rise to the top of that, that list and those are our shares, and that's also our opportunity to grab future locations. So we're not guiding to it this year. It's a it's something that we're always focused on. And we do think that it's a tremendous value back to the company when we can add those types of locations. So at the point that we have line of sight, we'll certainly update the market. It's not programmatic. And so we don't provide that guidance this morning, but we're still very focused on it. And I think we're optimistic that we can have similar levels of success. If that's not the case, our equity, we feel like it's a great place to spend money. So we'll continue to go there as well.

嘿，提姆，這是麥可。很好的問題。所以我認為，當我們展望 2024 年時，策略確實保持不變。因此，我們去年曾說過，在全權收購土地後，我們將把所有自由現金流返還給股東，今年這確實是類似的策略，我們將採取機會主義。那裡仍然有我們喜歡的機會。隨著該盆地受到更多關注，它的競爭肯定會變得更加激烈。但當我們尋找利用自由現金流產生最高報酬率的機會。有兩個特定類別總是排在首位，即該列表，這些是我們的股票，這也是我們抓住未來位置的機會。所以我們今年不會對此進行指導。這是我們一直在關注的事情。我們確實認為，當我們添加這些類型的地點時，會為公司帶來巨大的價值。因此，一旦我們有了視線，我們肯定會更新市場。這不是程序化的。因此，我們今天早上沒有提供該指導，但我們仍然非常關注它。我認為我們對能夠取得類似的成功持樂觀態度。如果情況並非如此，我們的股權，我們覺得這是一個花錢的好地方。所以我們也會繼續去那裡。

Okay. I was trying to get a number out of you, but I understand that you're not ready to give one now. So I appreciate the details, Michael, as my follow-up kind of wanted to pick up the topic from the prior question on the docks, you mentioned having strategic ducks, you mentioned the ability to defer or accelerate as needed in 2024. So I guess, you know, when you look at gas prices today at sub $2 and what what would keep you from E&O adjoining your neighbor at OKC and kind of letting production decline? Things seem pretty bleak here in the near term. So what would you look to to actually do more of a strategic deferral of volumes?

好的。我本來想從你那裡得到一個電話號碼，但我知道你現在還沒準備好給一個電話號碼。所以我很欣賞這些細節，邁克爾，因為我的後續人想要從碼頭上的上一個問題中選取主題，你提到了有戰略鴨子，你提到了 2024 年根據需要推遲或加速的能力。所以我想，你知道，當你看看今天低於 2 美元的天然氣價格時，什麼會阻止你與俄克拉荷馬城的鄰居 E&O 毗鄰並讓產量下降？短期內情況似乎相當黯淡。那麼，您希望如何真正採取更多策略性延後銷售的措施呢？

Yes, that's a good question. I think whenever we look at the Company and the scale and size in our in our footprint and the quite frankly, the quality of the assets and the execution. You know, we assess the PV and the returns on our total development program. And I mean if you kind of take a look at it where we stand, we kind of wanted to come out with a maintenance level program that was down the fairway with the ability to talk down or talk up without, but I'll tell you is sort of the question of what it would take to decline volumes. I would say we look at them on an economic basis. So if we're looking at, for instance, pricing that's materially lower turns out to be materially lower with upside a quarter later two quarters later. That's certainly something we're going to consider with regards to the value that the Company will realize on developing those assets. So it's a real-time kind of assessment as we look at the program and it really will depend on where we are in the commodity cycle.

是的，這是一個好問題。我認為，每當我們審視公司以及我們足跡的規模和規模，坦白說，資產的品質和執行力。您知道，我們評估整體開發計劃的 PV 和回報。我的意思是，如果你看看我們的立場，我們有點想推出一個維護級別的計劃，該計劃處於球道上，具有居高臨下的能力，但我會告訴你問題在於如何才能減少銷量。我想說，我們是從經濟角度來看它們的。因此，例如，如果我們觀察一下，大幅降低的定價實際上會大幅降低，並且在一個季度後兩個季度後還會出現上漲。關於公司在開發這些資產時將實現的價值，我們肯定會考慮這一點。因此，當我們查看該計劃時，這是一種即時評估，它實際上取決於我們處於商品週期中的位置。

We should should we choose to do something with regards to deferrals or a more acceleration. And it's very nice actually to have that toggle. I mean, it's may be a bad thing that we're in the environment that we're asking to consider those things. But what I will tell you is not having the requirements of owners in DCFT.'s drilling to hold acreage. I mean these are all things that you know that we are very fortunate not to be in a place to have to consider whenever we think about the cadence and control. And what we're going to deliver from production standpoint is truly based on PV and economics and returns. And we're also very mindful of just the cadence of the production and making sure that it flows year to year without any kind of dramatic decline. So hopefully that kind of buckets it for you. I think it's just more of an economic assessment real time as we go through the year. And if we see some potential with the in a quarter deferment, let's say on a turn in line where we can add some PV to those assets. That's certainly something that we're going to consider doing.

我們應該選擇延後或加速採取一些措施。實際上擁有這種切換功能真是太好了。我的意思是，我們所處的環境要求我們考慮這些事情，這可能是一件壞事。但我要告訴你的是，DCFT. 的鑽探並沒有滿足業主對持有面積的要求。我的意思是，這些都是你知道的事情，我們很幸運，每當我們考慮節奏和控制時，我們就不必考慮這些事情。從生產的角度來看，我們要提供的服務真正基於光伏、經濟和回報。我們也非常注意製作的節奏，並確保它年復一年地流暢，不會出現任何急劇下降。所以希望這種方式適合你。我認為這更像是我們全年的即時經濟評估。如果我們在一個季度的延期中看到一些潛力，那麼我們可以說在一個回合中我們可以為這些資產增加一些PV。這當然是我們要考慮要做的事情。

Thanks, John. I appreciate all the color there, I think.

謝謝，約翰。我想我很欣賞那裡的所有顏色。

Yes sir. Thanks.

是的先生。謝謝。

Jacob Roberts, TPH.

雅各羅伯茨，TPH。

Looking at slides 23 and 24, is there anything you could point to in terms of maybe well design and methodology that is driving the outperformance relative to the peer group?

看看投影片 23 和 24，您是否可以指出，在良好的設計和方法方面，哪些因素推動了相對於同業的優異表現？

Yes. Well, what I would point you to is, I think coming in here about a year ago, historically, the guys have done a good, really good job here of being very aggressive on completion intensity. So as we looked across and assess the development plan and development program on spacing was adjusted, you know, a bit wider and the teams really were aggressively stimulating those. And I've been very clear for the past year where our focus was was not going backwards on well productivity and not going backwards on EURs, manufacture, taking all those advantages of aggressive stimulations and moderating spacing and actually getting our capital efficiencies up and our capital costs down and our expenses down. So we're real pleased to have a solid footprint in very good rock. And in with that asset. If you go and employ a very aggressive stimulation program and you do it fairly efficiently from a capital perspective, that really just leads to overall economic results and the well, productivity results you're seeing on these slides is certainly driven by asset qualities and spacing in stimulation aggressiveness from the teams. And Matt, if you have anything else to add?

是的。好吧，我想向你指出的是，我認為大約一年前來到這裡，從歷史上看，這些傢伙在這裡做得很好，非常好，在完成強度方面非常積極。因此，當我們審視並評估開發計劃和開發計劃時，間距被調整了，你知道，更寬一些，團隊確實在積極地刺激這些。我在過去的一年裡一直非常明確，我們的重點不是在油井生產力上倒退，也不是在歐元、製造業上倒退，利用積極刺激和適度間距的所有優勢，實際上提高我們的資本效率和我們的生產效率。資本成本下降，我們的開支也下降。所以我們很高興能在非常好的岩石上留下堅實的足跡。並與該資產一起。如果你採取非常積極的刺激計劃，並且從資本角度來看相當有效，那麼這實際上只會帶來整體經濟結果，而你在這些幻燈片上看到的生產率結果肯定是由資產質量和間距驅動的激發團隊的攻擊性。馬特，你還有什麼要補充的嗎？

No, I think you know that John is certainly a little bit different development than some of our peers, which we think adds tremendous value to the Company. And then we have talked a few times about the pressure managed flowbacks and kind of lower for longer IP rates, which which we believe helps us to pressure maintenance over time and also to the recovery. So all of those things we feel like put us in a good position in each basin. It's going to be peer-leading there.

不，我想您知道約翰的發展肯定與我們的一些同行有所不同，我們認為這為公司增加了巨大的價值。然後我們多次討論了壓力管理回流以及較長 IP 速率較低的問題，我們相信這有助於我們隨著時間的推移向維護和恢復施加壓力。因此，我們認為所有這些事情都使我們在每個盆地中處於有利位置。它將在那裡處於同行領先地位。

Thanks. Appreciate that. Staying on the same topic, in the prepared remarks, you mentioned applying learnings to the SCOOP. Just curious on the timeline before you kind of settled in on a development program or the or the methodology that you think works going forward? And just in terms of applying completion design flowback, just would like to explore those aspects?

謝謝。感謝。回到同一主題，在準備好的發言中，您提到將學到的知識應用到 SCOOP 中。只是對您確定開發計劃之前的時間表或您認為未來有效的方法感到好奇嗎？就應用完成設計回流而言，只是想探索那些面向？

Yes, this is Matt. Again. I'll take then John can add comments if we have any. We're in the middle of kind of restarting up our SCOOP program development, we did kind of two wells early last year. And with the new team in place to kind of put a pause on that. The focus on Marcellus delineation and kind of get our get our arms wrapped around that asset in their review this year a lot of good things have come out of a lot of technical reviews. Team has been working pretty diligently on understanding how do we best get repeatability and this basin from an execution standpoint. And so right now, we're on that first three-well pad. We're kind of right smack in the middle of that development, trialing some new things that we've kind of taken from the Utica and applied here. So I would I would expect for us throughout the next quarter or two to be able to start sharing some of those progress updates but ultimately for us, if we can kind of execute on that plan this year and kind of prove that repeatability just de-risk our program and the way we look at that asset for future planning on on drilling cadence in that basin, if that helps.

是的，這是馬特。再次。我會接受，然後約翰可以添加評論（如果我們有的話）。我們正處於重新啟動 SCOOP 專案開發的階段，去年初我們已經鑽了兩口井。隨著新團隊的到位，這種情況可以暫時暫停。今年他們對馬塞勒斯的描繪進行了重點關注，並讓我們對這項資產展開了熱情的關注，許多技術審查都帶來了許多好的結果。團隊一直在非常努力地了解我們如何從執行的角度最好地獲得可重複性和這個盆地。現在，我們正處於第一個三井平台上。我們正處於該開發的中間，正在嘗試一些我們從尤蒂卡獲取並應用在這裡的新東西。因此，我希望我們在接下來的一兩個季度能夠開始分享其中一些進展更新，但最終對我們來說，如果我們今年能夠執行該計劃並證明可重複性只是去-如果有幫助的話，可以拿我們的計劃和我們看待該資產的方式來冒險，以用於未來規劃該盆地的鑽探節奏。

Absolutely appreciate.

絕對欣賞。

Thank you. And I'll turn the floor to John Reinhart for closing.

謝謝。我將請約翰·萊因哈特 (John Reinhart) 結束演講。

and thanks, everybody for participating on our call. Very pleased with the progress from the teams in 2023 and the performance. And I'm very happy with rolling out our plan for a very capital-efficient 2024 program, looking forward to our next call to share some results from from the first quarter. Thanks, and have a great day.

感謝大家參與我們的電話會議。對 2023 年團隊的進步和表現感到非常滿意。我很高興推出我們的 2024 年資本效率極高的計劃，並期待我們下次電話會議分享第一季的一些結果。謝謝，祝你有美好的一天。

Thank you. Ladies and gentlemen, this does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time and have.

謝謝。女士們、先生們，今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路並進行操作。