Gulfport Energy Corp (GPOR) 2024 Q3 法說會逐字稿

Greetings and welcome to the Gulfport Energy Corporation third quarter, 2024 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jessica Antle. Thank.

歡迎參加格爾夫波特能源公司 2024 年第三季財報電話會議。此時，所有參與者都處於只聽模式。正式演講後將舉行問答環節。如果有人在會議期間需要接線員協助，請按下電話鍵盤上的星號零。提醒一下，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。感謝。

You. You may begin.

你。你可以開始了。

Thank you and good morning. Welcome to Gulfport Energy Corporation's third quarter, 2024 earnings conference call. I am Jessica Antle, Vice President 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. 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. In addition, we may reference non-GAAP measures, reconciliations to the comparable GAAP measures will be posted on our website. An updated Gulfport presentation was posted yesterday evening to our website. In conjunction with the earnings announcement. At this time, I would like to turn the call over to John Reinhart, President and CEO.

謝謝你，早安。歡迎參加格爾夫波特能源公司 2024 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。今天電話會議的發言人包括總裁兼執行長約翰·萊因哈特 (John Reinhart)、執行副總裁兼財務長邁克爾·霍奇斯 (Michael Hodges)。我想提醒大家的是，在本次電話會議中，與會者可能會就公司的財務狀況、經營計畫結果、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。此外，我們可能會參考非 GAAP 衡量標準，與可比較 GAAP 衡量標準的對帳將發佈在我們的網站上。昨天晚上，我們的網站上發布了更新的格爾夫波特簡報。與財報公告同時發布。現在，我想將電話轉給總裁兼執行長約翰·萊因哈特 (John Reinhart)。

Thank you Jessica and thank you to everyone for listening to our call. Gulfport's third quarter results highlight our continued commitment to enhancing shareholder value during the quarter. The company repurchased approximately $50 million of our common stock expanded the company's common stock repurchase authorization by 54% to $1 billion. Lower 2024 capital spend guidance midpoint by $15 million increased high margin condensate production by 68% quarter over quarter and added to the company's high quality inventory with approximately $20 million of discretionary acreage acquisitions, which when combined with the first half of 2024 activity adds approximately one year of incremental liquids rich drilling locations which have competitive returns with our high quality inventory and are targeted for near term development.

謝謝傑西卡，也謝謝大家收聽我們的電話。格爾夫波特第三季業績突顯了我們在本季提高股東價值的持續承諾。該公司回購了約 5,000 萬美元的普通股，使公司的普通股回購授權擴大了 54%，達到 10 億美元。2024 年資本支出指導中位數降低1500 萬美元，高利潤凝析油產量環比增加68%，並透過約2000 萬美元的可自由支配面積收購增加了公司的高品質庫存，與2024 年上半年的活動相結合，增加了約 1今年增量液體豐富的鑽井地點憑藉我們的高品質庫存具有具有競爭力的回報，並且是近期開發的目標。

All of this was accomplished while improving our balance sheet by extending maturities by more than three years, increasing liquidity by approximately $200 million and maintaining a very attractive leverage profile below one times.

所有這一切都是在透過將期限延長三年以上、增加流動性約 2 億美元以及將非常有吸引力的槓桿率維持在低於一倍的方式改善我們的資產負債表的同時實現的。

In addition to the strong financial performance, the company also issued our 2024 corporate sustainability report and announced the company recently achieved an A grade under the miq methane emission standard for all of our natural gas production in Appalachia for the second consecutive year as a leading natural gas producer, we are committed to emission intensity reductions throughout our operations and we are proud of our progress in delivering clean, safe, affordable and reliable energy.

除了強勁的財務業績外，該公司還發布了2024 年企業可持續發展報告，並宣布該公司最近連續第二年在阿巴拉契亞地區的所有天然氣生產中獲得了Miq 甲烷排放標準A 級，成為領先的天然氣生產商。

Moving to our third quarter results, the company delivered adjusted ebitda and adjusted free cash flow ahead of analyst expectations bolstered by the strong margins of our liquids rich turning lines. During the quarter, operating efficiency improvements and correspondent cycle time reductions have led to meaningful savings and we expect to realize over $25 million in capital savings on our drilling and completion activities during 2024.

轉向我們的第三季業績，該公司的調整後稅息折舊及攤銷前利潤和調整後自由現金流超出了分析師的預期，這得益於我們液體豐富的轉向線的強勁利潤率。本季度，營運效率的提高和相應週期時間的縮短帶來了顯著的節省，我們預計 2024 年鑽井和完井活動將實現超過 2500 萬美元的資本節省。

Based on the current commodity price environment, we have elected to allocate the majority of these savings to incremental shareholder returns with the remainder being deployed in high return capital projects that will position us well for 2025.

根據目前的大宗商品價格環境，我們選擇將大部分節​​省的資金用於增量股東回報，其餘部分則部署在高回報資本項目中，這將使我們在 2025 年保持良好的地位。

As a result, the company is lowering our full year 2024 capital guidance by approximately 4% at the midpoint. Now forecasting D&C capital to be in the range of 325 to $335 million and maintaining our maintenance leasehold guidance range of $50 million to $60 million for the calendar year.

因此，該公司將 2024 年全年資本指導中位數下調約 4%。現在預測 D&C 資本將在 325 至 3.35 億美元之間，並將我們的日曆年維護租賃指導範圍維持在 5000 萬至 6000 萬美元之間。

Operationally in Ohio during the third quarter, the company completed drilling on five gross wells with one horizontal drilling rig.

第三季度，該公司在俄亥俄州運營，使用一台水平鑽機完成了五口總井的鑽探。

In addition, we concluded our 2024 turn in line program in the Utica bringing online seven gross Utica wells during the third quarter and 16 gross Utica wells for the full year in the scoop. During the third quarter, the company completed and turned to sales three gross wells in late September concluding our 2024 turn in line program for the year.

此外，我們還完成了尤蒂卡的 2024 年上線計劃，在第三季度將 7 口尤蒂卡油井上線，並在全年將 16 口尤蒂卡油井上線。第三季度，該公司於 9 月下旬完成並轉售三口總井，結束了我們今年的 2024 年轉產計畫。

The company is currently running one rig in the Utica and one rig in the scoop with plans to add an additional rig in the Utica focused on liquids rich drilling late in the fourth quarter.

該公司目前在尤蒂卡運行一台鑽機，在湯匙中運行一台鑽機，並計劃在第四季度末在尤蒂卡增加一台鑽機，專注於富含液體的鑽探。

Turning to land capital expenditures through September 30th 2024 we have invested roughly $52 million on maintenance leasehold and land investment focusing on enhancing our near term drilling programs with increases in working interest and lateral footage.

至於土地資本支出，截至 2024 年 9 月 30 日，我們已投資約 5,200 萬美元用於維護租賃和土地投資，重點是透過增加工作興趣和橫向進尺來加強我們的近期鑽井計劃。

Our focus on maintenance lease sold and land spending over the last two years. In combination with our discretionary acreage, acquisitions have reinforced our future drilling programs and positioned the company for a future reduction of our anticipated maintenance. Land requirements going forward for 2025. Gulfport forecast maintenance lease hold and land spend will be approximately $45 million for the full year. A decrease of approximately 25% from the high end of our 2024 annual guidance.

我們關注過去兩年的維護租賃銷售和土地支出。結合我們的可自由支配面積，收購加強了我們未來的鑽探計劃，並使公司能夠減少我們未來的預期維護工作。2025 年的土地需求。格爾夫波特預計全年維護租賃和土地支出約為 4500 萬美元。較我們 2024 年年度指導的上限下降約 25%。

This lower level of maintenance, land spending will further support golf boards robust free cash flow generation going forward.

較低的維護和土地支出將進一步支持高爾夫球委員會未來強勁的自由現金流產生。

We're excited to announce the strong well performance results from our four well pad in the condensate window of the UTICA.

我們很高興地宣布 UTICA 凝析油窗口的四個井場取得了強勁的油井性能結果。

As we noted on our second quarter call, the company turned to sales our lake seven pad in Harrison County, Ohio in mid July.

正如我們在第二季電話會議中指出的那樣，該公司於 7 月中旬開始銷售位於俄亥俄州哈里森縣的七湖墊。

This development represents Gulfport's first knee pad since the second quarter of 2020 referring to slide 12 of our investor deck, we are pleased to provide an update on the early well performance.

這項進展代表了格爾夫波特自 2020 年第二季以來的第一個護膝，參考我們投資者平台的幻燈片 12，我們很高興提供有關早期油井表現的最新資訊。

All four wells have exhibited attractive condensate and NGO production rates. In combination with minimal pressure drawdown during the initial 90 day period.

所有四口井都表現出有吸引力的凝析油和非政府組織生產力。與最初 90 天期間的最小壓力下降相結合。

Current flowing parameters indicate similar productive capacity as nearby offsets and given the well strong performance during the cleanup phase, we are now testing increased production rates to determine the optimal production profile for this pad as well as subsequent pads aimed at optimizing long term well performance. While maximizing risk adjusted returns, we're very encouraged by these early production results and believe the Utica condensate window in combination with the Utica lean condensate and Ohio Marcellus had the potential to provide a meaningful impact to the company's liquids production in the coming quarters and years.

目前的流動參數顯示生產能力與附近的偏移量相似，並且考慮到井在清理階段的強勁性能，我們現在正在測試提高的生產率，以確定該墊以及後續墊的最佳生產曲線，旨在優化長期油井性能。在最大化風險調整回報的同時，我們對這些早期生產結果感到非常鼓舞，並相信尤蒂卡凝析油窗口與尤蒂卡貧凝析油和俄亥俄州馬塞勒斯相結合，有可能在未來幾個季度對公司的液體生產產生有意義的影響，年。

As previously communicated, the company also completed drilling on four additional Utica condensate wells near our lake seven pad that are targeting completions and turn a line for the first quarter of 2025. As well as development of a four well, Marcellus pad beginning in the first quarter of 2025.

如同先前所傳達的，該公司還完成了七湖平台附近另外四口尤蒂卡凝析油井的鑽探，目標是在 2025 年第一季完成並轉產。Marcellus 油田將於 2025 年第一季開始開發四口井。

We currently forecast over 60% of our total company turn lines will be liquids rich weighted during 2025. An increase from approximately 37% in 2024.

我們目前預測，到 2025 年，我們公司總週轉線的 60% 以上將是富含液體的加權。較 2024 年約 37% 增加。

When considering the operational performance attractive early production results and expected economics, the prudent shift towards increased liquids rich development highlights the optionality and flexibility of our asset base as well as reinforces the company's continuous optimization of our development program targeting enhanced cash flows and improved returns.

考慮到營運績效、有吸引力的早期生產結果和預期經濟效益，向增加液體豐富開發的審慎轉變凸顯了我們資產基礎的選擇性和靈活性，並加強了公司針對增強現金流和提高回報的開發計劃的持續優化。

Lastly in our investor deck on slide 11, we have provided an update on our pressure managed production results which we enacted in early 2023 when compared to Gulfport's historical Utica dry gas well performance, the recent 2023 development program which is being produced under a managed pressure approach yields higher cumulative recoveries per 1,000 ft of lateral after an extended production period.

最後，在幻燈片11 的投資者平台上，我們提供了我們在2023 年初制定的壓力管理生產結果的最新信息，與格爾夫波特歷史上的Utica 幹氣井表現進行比較，最近的2023 年開發計劃是在壓力管理下制定的在延長生產期後，該方法可產生更高的每 1,000 英尺橫向累積採收率。

As we have noted since the rollout of this program, we firmly believe this approach leads to lower upfront capital requirements, longer production plateau periods, shallower declines improved reserves, lower lease operating expenses, lower water recoveries, less midstream and offset legacy production impacts from new pads being brought online and overall lower production downtime.

正如我們自該計劃推出以來所指出的，我們堅信這種方法會降低前期資本要求，延長生產平台期，減少儲量下降，降低租賃運營費用，降低水回收率，減少中游並抵消遺留生產影響新墊上線，整體生產停機時間減少。

In addition to the well performance results, prudent production from development wells allows the company to provide consistent repeatable results and ultimately improves overall corporate decline rates and lowers future maintenance capital requirements to summarize 2024 has been a year where the company delivered results that highlighted our focus on shareholder returns, capital reductions, operational efficiency improvements, inventory additions, balance sheet improvements, and a shift towards high margin liquids development. Each of these efforts deliver fundamental value improvements for the company and we believe are aligned with enhancing shareholder value. Our focus on these key tenants will remain as the company enters 2025.

除了油井表現結果外，開發井的審慎生產使公司能夠提供一致的可重複結果，並最終提高公司整體遞減率並降低未來維護資本要求。一年股東回報、資本削減、營運效率提高、庫存增加、資產負債表改善以及向高利潤液體發展的轉變。所有這些努力都為公司帶來了根本性的價值提升，我們相信這與提高股東價值是一致的。隨著公司進入 2025 年，我們仍將專注於這些關鍵租戶。

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

現在我將把電話轉給麥可討論我們的財務表現。

Thank you John and good morning, everyone during a quarter with continued volatility in the commodity backdrop, the company achieved strong results across all facets of the business net cash provided by operating activities before changes in working capital totaled approximately $160 million during the third quarter. More than funding our capital expenditures and common share repurchases while maintaining our balance sheet strength. We reported adjusted ebitda of approximately $178 million during the quarter and generated adjusted free cash flow of approximately $73 million for the same period. Both better than analyst expectations driven by our strong liquids production, gas realizations and operating cost, performance production for the third quarter averaged 1.06 billion cubic feet equivalent per day in line with analyst expectations and consistent with the first half of 2024 results but included a meaningful 68% increase in high margin oil volumes. Given the current commodity environment, we elected to bring online recent production at restricted rates as well as work collaboratively with our midstream partners on the timing of periodic maintenance, providing flexibility to quickly add production in the future if warranted by commodity prices. For the remainder of 2024 we anticipate our daily production to remain relatively flat on an MMCFE per day basis. As we look ahead to what we believe will be an improving gas macro in 2025 our all in realized price for the third quarter was $3.09 per MC fe including the impact of cash settled derivatives. This realized price is 93 cents or 43% above the Nymex Henry hub index price highlighting the benefit of Gulfport's differentiated hedge position, diverse marketing portfolio for natural gas and the pricing uplift from our liquids portfolio in both of our asset areas. We realize the cash hedging gain of approximately $85 million for the quarter demonstrating the value of our hedge book and its impact to our cash flows with respect to our current hedge position. We are pleased to have downside protection covering nearly 65% of our remaining 2024 natural gas production at an average floor price of $3.63 per MM BT and natural gas swap and collar contracts totaling approximately 470 million cubic feet per day at an average floor price of $3.61 per MM BT for 2025. Securing a significant portion of our forecasted natural gas production.

謝謝約翰，大家早上好，在大宗商品持續波動的一個季度中，公司在業務的各個方面都取得了強勁的業績，第三季度營運資本變化前運營活動提供的淨現金總計約為 1.6 億美元。不僅是為我們的資本支出和普通股回購提供資金，同時保持我們的資產負債表實力。我們報告本季調整後的稅息折舊及攤銷前利潤約為 1.78 億美元，同期調整後的自由現金流約為 7,300 萬美元。由於我們強勁的液體產量、天然氣實現和營運成本，第三季的業績產量均優於分析師預期，平均產量為每天10.6 億立方英尺當量，符合分析師預期，並與2024 年上半年業績一致，但包括有意義的產量高利潤油量增加 68%。鑑於當前的大宗商品環境，我們選擇以有限的速度上線近期生產，並與我們的中游合作夥伴合作確定定期維護的時間，從而在大宗商品價格保證的情況下，提供在未來快速增加產量的靈活性。在 2024 年剩餘時間內，我們預期每日產量以 MMCFE 計算將保持相對穩定。當我們展望 2025 年天然氣宏觀經濟將有所改善時，我們第三季的全部實現價格為每 MC fe 3.09 美元，包括現金結算衍生性商品的影響。這一實現價格比 Nymex Henry hub 指數價格高出 93 美分或 43%，凸顯了格爾夫波特差異化對沖頭寸、天然氣多元化營銷組合以及我們兩個資產領域液體產品組合定價提升的優勢。本季我們實現了約 8,500 萬美元的現金對沖收益，這證明了我們對沖帳簿的價值及其對我們目前對沖頭寸的現金流的影響。我們很高興能以每 MM BT 3.63 美元的平均底價獲得下行保護，涵蓋 2024 年剩餘天然氣產量的近 65%，並且天然氣互換和套期合約總計約每天 4.7 億立方英尺，平均底價為 3.61 美元2025年每MM BT。確保我們預測的天然氣產量的很大一部分。

We remain constructive on gas prices in 2025 and 2026. Carefully choosing to maintain significant upside by utilizing collar structures on a portion of our downside hedges that allow us to participate in prices well above $4 per M&B to you on the basis front, we continue to lock in our natural gas basis exposure, providing pricing security. Our largest sales points. In addition to the risk mitigation, our diverse portfolio of FT offers approximately 15% of our natural gas has firm delivery to the Gulf coast at TGP 500 leg pool and Transco Station 85. And during the third quarter, we locked in a portion of this exposure at very attractive premiums of Nymex Henry hub plus 30 cents and plus 50 cents for 2025 and 2026 respectively. We provide further details of our full derivative position on slide 22 of our investor presentation as well as later today, when we expect to file our 10-Q turning to the balance sheet, our financial position remains strong with trailing 12 month net leverage exiting the quarter below one time during the third quarter, we successfully tendered for approximately 95% of the company's $550 million of 8% senior notes due 2026 while concurrently issuing new Longterm senior notes totaling $650 million due 2029 priced at 6.75%. The completion of these transactions extended the weighted average maturity of the company's long term senior notes by about 3.2 years and lowered the company's weighted average interest rate on its long term senior notes by approximately 1.2%.

我們對 2025 年和 2026 年天然氣價格仍持建設性看法。我們謹慎地選擇在部分下行對沖中利用項圈結構來維持顯著的上行空間，使我們能夠在基差方面參與遠高於每M&B 4 美元的價格，我們繼續鎖定我們的天然氣基差敞口，提供定價安全。我們最大的銷售點。除了降低風險外，我們多樣化的 FT 組合將大約 15% 的天然氣透過 TGP 500 分支池和 Transco Station 85 穩定交付到墨西哥灣沿岸。在第三季度，我們以非常有吸引力的 Nymex Henry hub 溢價鎖定了部分敞口，2025 年和 2026 年分別加 30 美分和 50 美分。我們在投資者簡報的第22 幻燈片以及今天晚些時候提供了我們全部衍生品頭寸的更多詳細信息，當我們預計向資產負債表提交10 季度報表時，我們的財務狀況仍然強勁，過去12 個月的淨槓桿率退出了我們成功投標了該公司2026 年到期、年息8% 的5.5 億美元高級票據中的約95%，同時以6.75% 的利率發行了2029 年到期、總額為6.5 億美元的新長期高級票據。這些交易的完成使公司長期優先票據的加權平均期限延長約3.2年，並使公司長期優先票據的加權平均利率降低約1.2%。

In addition, we completed our fall borrowing base redetermination in September and amended our revolving credit facility. The amendment among other things increased elected commitments from$ 900 million to $1 billion. Reaffirmed our borrowing base of $1.1 billion reduced our borrowing costs by 50 basis points and extended the maturity of the credit facility to September of 2028 as of September 30th 2024. Our liquidity totaled approximately $909 million comprised of about $3.2 million of cash plus $906.2 million of borrowing base availability. 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 2024 and look ahead to 2025. 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. While others often talk about returning value to shareholders through share repurchases go port continues to deliver on our plan. And the third quarter was no exception as we purchased nearly 2% of our current market cap in this quarter alone.

此外，我們於 9 月完成了秋季借款基礎的重新確定，並修改了我們的循環信貸安排。除其他事項外，修正案將民選承諾從 9 億美元增加到 10 億美元。重申我們的借貸基礎為 11 億美元，將借貸成本降低了 50 個基點，並將信貸安排的期限從 2024 年 9 月 30 日起延長至 2028 年 9 月。我們的流動資金總額約為 9.09 億美元，其中包括約 320 萬美元的現金加上 9.062 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，並從財務角度來看提供了巨大的靈活性，因為如果出現情況，我們將處於機會主義狀態，使我們能夠為利益相關者獲取價值。我們預測持續大量的自由現金流產生和普通股回購仍將是我們資本回報策略的關鍵部分。鑑於其價值尚未得到認可，我們相信我們的股權仍然存在。雖然其他人經常談論透過股票回購為股東回報價值，但港口繼續實現我們的計劃。第三季也不例外，光是本季我們就購買了當前市值的近 2%。

As John mentioned earlier in the call, our board of directors increased our common stock repurchase authorization by 54% to $1 billion and extended the program by a full year so that we can continue our strategy of capturing unappreciated value in our equity as of October 28th. And since the inception of the program, we have repurchased approximately 5.2 million shares of our common stock at an average price of just over $100 per share. Lowering our share count by about 18% at a weighted average price, nearly 30% below our current share price. We currently have approximately $481 million available under the expanded $1 billion share repurchase program.

正如約翰早些時候在電話會議中提到的那樣，我們的董事會將普通股回購授權增加了54%，達到10 億美元，並將該計劃延長了一整年，以便我們能夠繼續執行截至10月28 日捕獲未升值股權價值的策略。自計劃啟動以來，我們已以每股略高於 100 美元的平均價格回購了約 520 萬股普通股。以加權平均價格計算，我們的股票數量減少了約 18%，比目前股價低了近 30%。目前，我們在擴大後的 10 億美元股票回購計畫中擁有約 4.81 億美元的可用資金。

We remain steadfast in our free cash flow allocation framework and we'll continue to return substantially all of our adjusted free cash flow excluding discretionary acreage acquisitions to our shareholders through common stock repurchases. We believe the consistency of our committed reproach to share repurchases over the past few years has delivered tremendous value to our shareholders and changes to our capital allocation framework or other potential strategic considerations would need to be accretive to our fundamental value and compare favorably to repurchasing our undervalued stock.

我們仍然堅定地堅持我們的自由現金流分配框架，我們將繼續透過普通股回購向股東返還大部分調整後的自由現金流（不包括酌情收購的土地）。我們相信，過去幾年我們對股票回購的一貫譴責為我們的股東帶來了巨大的價值，我們的資本配置框架或其他潛在戰略考慮的變化需要增加我們的基本價值，並與回購我們的股票相比具有優勢。

In summary, our quarterly results reflect the same theme that has been communicated the past several quarters, continuous operational improvements, delivering excellent results while maintaining a healthy financial position. This year's program is delivering on all fronts and the capital efficiencies and operational improvements being realized are creating long lasting improvements allowing us to reduce our future maintenance, capital requirements on comparable drilling programs or simply put we're delivering more with less. This further supports the free cash flow generation potential of Gulfport. And as shown on slide, six of our investor presentation illustrates the peer leading free cash flow yields and 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.

總而言之，我們的季度業績反映了過去幾個季度傳達的同一主題：持續改進運營，在保持健康的財務狀況的同時提供出色的業績。今年的計劃在各個方面都取得了成效，所實現的資本效率和營運改進正在創造持久的改進，使我們能夠減少未來的維護和類似鑽井計劃的資本要求，或者簡單地說，我們正在以更少的投入提供更多的成果。這進一步支持了格爾夫波特的自由現金流產生潛力。如幻燈片所示，我們的六份投資者簡報展示了同業領先的自由現金流收益率和五年自由現金流能力，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。

Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. The confirmation tone will indicate your line is in the question queue. You may press star two to remove yourself from the queue, the participants using speaker equipment. It may be necessary to pick up the handset before pressing the star keys.

謝謝。我們現在將進行問答環節。如果您想提問，請按電話鍵盤上的星號一。確認音將表示您的線路已在問題佇列中。您可以按星號二將自己從佇列中刪除，參與者使用揚聲器設備。按星號鍵之前可能需要拿起聽筒。

Our first question comes from the line of Bert Donnis with true security. Please proceed with your question.

我們的第一個問題來自伯特·唐尼斯（Bert Donnis），具有真正的安全性。請繼續你的問題。

Hi, good morning team. The improved capital guide looks looks pretty strong at face value, but we've seen some of your peers, you know, update their guidance due to shifting activity plans rather than cost reductions. So could you maybe walk us through where the savings came from? Maybe how much was efficiencies or vendor costs? And were there any shifts in your plans?

嗨，早上好，團隊。改進後的資本指南從表面上看看起來相當強勁，但我們已經看到一些同行由於活動計劃的變化而不是成本的削減而更新了他們的指南。那麼您能否向我們介紹節省的費用從何而來？也許效率或供應商成本是多少？您的計劃有什麼變化嗎？

Hi, good morning. Bet John. Appreciate the question overall for 2024. We we've been very pleased with the operational efficiencies and cost reductions that we've seen and very specifically, there hasn't been any material shifts with regards to our planned activity out of 24 into 25 similar to other operators. So I would attribute, you know, the cost savings and capital savings this year really two thirds to efficiency gains. This is planning did time between operations execution and just cycle time improvements and probably about a third of these on the service cost side. So really pleased with the progress of the team's year-to-date with regards to capital reductions. And these two thirds savings again, these are long lived savings that will last throughout the year as we as we continue to progress. So I appreciate the question. Hopefully that answers your question.

嗨，早安。打賭約翰。整體上理解 2024 年的問題。我們對所看到的營運效率和成本降低感到非常滿意，特別是，與其他業者類似，我們計劃的活動從 24 項變為 25 項，沒有發生任何重大變化。因此，我認為今年的成本節省和資本節省實際上有三分之二歸功於效率的提高。這是營運執行和週期時間改善之間的規劃時間，其中大約三分之一是在服務成本方面。我們對團隊今年迄今在資本削減方面取得的進展感到非常滿意。這三分之二的節省又是長期節省，隨著我們不斷進步，這些節省將持續一整年。所以我很欣賞這個問題。希望這能回答你的問題。

That sure does. And then you had some pretty strong liquids growth as well in the quarter, you know, from your condensate wells and you put in a disclosure about more than half of your north northeast wells go into those locations. Just wanted to get an update on how you think about your inventory. Maybe ranking them. You know, you have the Utica condensate Marcellus wells, the dry gas, Utica and your scoop are any of them, you know, edging ahead of the rest.

確實如此。然後，在本季度，凝析油井中的液體也出現了相當強勁的增長，並且您披露了超過一半的東北東北井進入這些地點。只是想了解您對庫存的看法的最新資訊。也許對他們進行排名。你知道，你有尤蒂卡凝析油馬塞勒斯井、乾燥天然氣井、尤蒂卡和你的鏟子是其中任何一個，你知道，領先其他井。

No, it's a great, it's a great question to John again. You know, we're in a very you know, good position actually corporately, especially with our discretionary acreage acquisitions over the past two years to have a lot of toggles that the company can pull with regards to inventory. So, as you know, we have several liquids window options, whether it's the scoop, the Marcellus, the Utica. And, and there's various lean and regular condensate wells and you go along with the dry gas options. What I'll tell you is the high quality inventory really, they're within about 15 to 20% returns. Generally speaking. And we, as a company, as we look at, you know, how do we allocate that capital? It's really returns based and what drives the best margins and improves cash flow. So we're sitting on some options depending on where commodity prices go to have a lot of different levers to pull and right now, what I would tell you is you've seen us lean in on the liquids area, the wet gas and the condensate area with regards to acquisitions and capital moving that way. So we're going to continue to focus on that in the near term because it provides the largest uplift to the company. But we also remain pretty nimble and we have the ability and the flexibility to shift towards gas. Should those returns go the other way?

不，這對約翰來說是一個很好的問題。你知道，我們實際上在企業中處於一個非常好的位置，特別是在過去兩年中我們酌情收購了土地，公司可以在庫存方面進行大量調整。所以，如您所知，我們有多種液體視窗選項，無論是湯匙、馬塞勒斯還是尤蒂卡。而且，還有各種貧油和常規凝析油井，您可以選擇乾氣。我要告訴你的是，真正的高品質庫存，它們的退貨率大約在 15% 到 20% 之內。一般來說。作為一家公司，我們如何分配資本？它確實是基於回報的，是推動最佳利潤並改善現金流的因素。因此，我們正在考慮一些選擇，取決於大宗商品價格的走向，有很多不同的槓桿可以拉動，現在，我要告訴你的是，你已經看到我們傾向於液體領域、濕氣體和凝區有關收購和資本的走向。因此，我們將在短期內繼續關注這一點，因為它為公司帶來了最大的提升。但我們也仍然非常靈活，我們有能力和靈活性轉向天然氣。這些回報應該走向其他方向嗎？

Makes sense. Thanks for your Update.

有道理。感謝您的更新。

All right, thanks, Bert.

好的，謝謝，伯特。

Thank you. Our next question comes from the line of the Lagae with Wolf Research. Please proceed with your question.

謝謝。我們的下一個問題來自 Lagae 與 Wolf Research 的合作。請繼續你的問題。

Thanks, good morning everybody. John, the 60% liquids weight on tills in 2025.

謝謝大家早安。約翰，到 2025 年，收銀機上 60% 的液體重量。

We, when we spoke last night, you talked about years and years of inventory. Should we consider this is the new normal for the next?

我們昨晚談話時，您談到了多年的庫存。我們是否應該認為這是未來的新常態？

Yeah, lagae, this is this is John. I appreciate the question. What I'll tell you is just considering you know, our investment in the liquids rich, considering the commodity price outlook and this the high quality acreage we've been able to pick up and that the company already had in its in its inventory. This this liquid shift will have a you know, a fairly continuous presence in the company's portfolio for years to come, you know, and overall, you might want to say, well, you're a gas company and we will always be a gas company, but it will be a meaningful shift in the near term. Let's just call it over the next 12 to 18 months, you know, to, you know, four or 5% shift towards more liquids versus dry gas and which is directly kind of resulting in higher margins and improved free cash flow. So the bottom line is yes, it will be a fairly continuous part of our programs, whether it's the Utica, condensate, Utica, lean condensate or Marcellus and continued scoop in some variation or form with regards to what's driving the best returns for, for the company. So hopefully that answers your question, lagae.

是的，lagae，這是約翰。我很欣賞這個問題。我要告訴你的是，考慮到你知道，我們對液體豐富的投資，考慮到大宗商品價格前景，以及我們已經能夠獲得的高品質土地，並且該公司已經在其庫存中擁有這些土地。這種流動性的轉變將在未來幾年內相當持續地出現在公司的投資組合中，你知道，總的來說，你可能想說，好吧，你是一家天然氣公司，而我們將永遠是一家天然氣公司公司，但這在短期內將是一個有意義的轉變。讓我們就這麼說吧，在接下來的12 到18 個月裡，你知道，你知道，有4% 或5% 的產品會轉向更多的液體產品而不是乾氣體，這會直接導致更高的利潤率和改善的自由現金流。因此，底線是肯定的，這將是我們計劃中相當連續的一部分，無論是尤蒂卡、凝析油、尤蒂卡、貧凝析油還是馬塞勒斯，以及以某種變化或形式持續挖掘什麼推動了最佳回報，對於公司。希望這能回答你的問題，lagae。

It does. Thanks John. I appreciate the detail but I wonder if I could have a quick follow up on the pressure management program. I, I guess I wonder if you could just characterize what the nature of that is now, obviously back pressure compression is one part of it. But are you also managing your flowback differently in terms of, you know, for example, choking back wells to moderate the clients, limit liquids uplift and all all the all the kind of stuff that goes into that? Can you just characterize what exactly is behind that and whether this is going to be how, how widely this can be applied across the portfolio?

確實如此。謝謝約翰。我很欣賞這些細節，但我想知道我是否可以快速跟進壓力管理計劃。我，我想我想知道你是否能描述一下現在的本質，顯然背壓壓縮是其中的一部分。但是，您是否也以不同的方式管理回流，例如，堵塞油井以調節客戶、限制液體上升以及所有與之相關的所有內容？您能否描述一下背後到底是什麼，以及這是否將如何、在多大範圍內應用於整個投資組合？

Yes. No, it's a great question. I think generally speaking, this philosophy is applied across the portfolio. But what I'll tell you is depending on commodity prices. There is some flexibility with what that actual rate will be. So it does vary with commodity prices and it does vary between gas and in the condensate window. But generally speaking to point, it is it has a lot of benefits that we tried to provide a slide out there that not only showed some of the benefits with bullet points but also showed you the actual production profile over the last 12 to 18 months. So many benefits from the program pinching it back, you know, reducing the potential damage, you know, increase in the plateau period. All the things I talked about in the script and it is is transferable to condensate to your point as well as lean condensate areas. So it's, it's a program that we're managing early flowback and initial production periods throughout the portfolio. But again, we're going to be very responsive to commodity prices and continue to assess. What exactly is that rate and pressure draw down. That's going to provide the best risk adjusted returns for the company.

是的。不，這是一個很好的問題。我認為一般來說，這理念適用於整個投資組合。但我要告訴你的是取決於商品價格。實際利率有一定的彈性。因此，它確實會隨著商品價格的變化而變化，並且在天然氣和凝析油窗口中也確實有所變化。但總的來說，它有很多好處，我們試圖提供一張幻燈片，不僅透過要點展示了一些好處，還向您展示了過去 12 到 18 個月的實際生產情況。該計劃帶來瞭如此多的好處，減少了平台期增加的潛在損害。我在腳本中談到的所有內容都可以轉移到您的觀點以及貧凝結區域。所以，這是一個我們正在管理整個投資組合的早期回流和初始生產期的計劃。但同樣，我們將對大宗商品價格非常敏感並繼續評估。速率和壓力下降到底是多少？這將為公司提供最佳的風險調整回報。

All right. Thanks for taking my questions guys.

好的。謝謝你們回答我的問題。

Thanks.

謝謝。

Thank you. Our next question comes from the line of Zach Parham with JP Morgan. Please proceed with your question.

謝謝。我們的下一個問題來自 Zach Parham 與摩根大通的對話。請繼續你的問題。

Thanks for taking my questions. First, I just wanted to talk about like, you know, last quarter, you talked about having the flexibility to take $25 million out of the budget. And this quarter you officially removed $15 million from the budget while spending that remaining $10 million. Can you just talk a little bit about the decision process there? Why were those the right amounts to, to reduce CapEx and the spend?

感謝您回答我的問題。首先，我只想談談，上個季度，您談到可以靈活地從預算中扣除 2500 萬美元。本季度，您正式從預算中削減了 1500 萬美元，同時支出了剩餘的 1000 萬美元。能簡單談談那裡的決策過程嗎？為什麼這些金額是減少資本支出和支出的正確金額？

Yeah. Hey Zach, this is my, I'll take the first shot and John can jump in. I think as we assess the various options, you know, we're continuously looking at the highest rates of return and you know, we do as I talked about in some of my comments, feel like our equity presents a compelling opportunity. So we did decide to take a bit of a hybrid approach. I would call it between allocating some of that savings back to shareholders and then actually redeploying a bit of it into a little bit of activity here late in the year with a drilling pad. So I think it's been, you know, just a continuous assessment. We certainly could have gone either direction with it. We could have accelerated further or put it all to shareholders. And I think that was the decision that made the most sense to us.

是的。嘿，扎克，這是我的，我會先開槍，約翰可以加入。我認為，當我們評估各種選擇時，我們一直在尋找最高的回報率，正如我在一些評論中談到的那樣，我們覺得我們的股權提供了一個令人信服的機會。所以我們決定採取一些混合方法。我將其稱為將部分節省的資金分配給股東，然後實際將其中的一部分重新部署到今年稍後用鑽台進行的一點活動中。所以我認為這只是一個持續的評估。我們當然可以選擇任何一個方向。我們本可以進一步加速或將其全部交給股東。我認為這對我們來說是最有意義的決定。

Thanks a lot. And just my follow up wanted to talk about kind of oil and how it trades or how it trends from here. You grew oil significantly quarter over quarter off a relatively low base, just given what you're seeing from the early production from the condensate wells and your plans to add the, the four additional condensate wells in early 25. Can you talk a little bit about the trajectory of oil production? Premer?

多謝。我的後續行動想談談石油的種類及其交易方式或從這裡開始的趨勢。鑑於您從凝析油井的早期產量中看到的情況以及您計劃在 25 年初增加四個額外的凝析油井，您的石油產量在相對較低的基礎上逐季顯著增長。能談談石油生產的軌跡嗎？普雷默？

Yeah. Hey, Zach, I think, you know, you saw, like you said, a big jump here in the third quarter for our company from an oil perspective. I think, you know, as you think about the last quarter of the year, we will have a full quarter of the pad that we talked about this morning. So maybe a bit of upside there remaining, but most of that increase has probably been realized for this year. But going into next year, we're pretty excited as John talked about with the allocation that we're at least preliminarily planning for our capital program. I think you'll see us move from a low 90s gas company 92% I think was our official guide this year to kind of a high 80s. So you can think about, you know, exactly where that falls. I'm not exactly sure, but it's something, you know, 87,88, 89% gas and, and probably a similar mixture of oil and NGLS between the two on the liquid side. But again, that's going to be a meaningful increase from what we did here in 2024. So it's going to really juice the bottom line as John mentioned from a margin perspective. We see that as a pretty exciting catalyst for next year.

是的。嘿，扎克，我想，你知道，正如你所說，從石油的角度來看，我們公司第三季度出現了巨大的飛躍。我想，你知道，當你想到今年最後一個季度時，我們將擁有今天早上討論的整整四分之一的數據。因此，也許還有一點上行空間，但大部分成長可能在今年實現。但進入明年，當約翰談到我們至少為資本計畫初步規劃的分配時，我們感到非常興奮。我想你會看到我們從 90 年代低水平的天然氣公司 92%（我認為這是我們今年的官方指南）轉變為 80 年代的高水準。所以你可以思考，你知道，到底在哪裡。我不太確定，但你知道，87,88, 89% 是天然氣，而且可能是液體側兩者之間的石油和 NGLS 的類似混合物。但與 2024 年相比，這將是一個有意義的成長。因此，正如約翰從利潤角度提到的那樣，這將真正提高利潤。我們認為這是明年非常令人興奮的催化劑。

Thanks Michael. I appreciate the color.

謝謝邁克爾。我很欣賞它的顏色。

Thanks

謝謝

Thank you. Our next question comes from the line of Tim residents with ebay Capital Markets Inc, please proceed with your question.

謝謝。我們的下一個問題來自 eBay Capital Markets Inc 的 Tim 居民，請繼續回答您的問題。

Hey, good morning and thank you for taking my questions. There's a lot I could ask but I guess I'll start, as you think about your capital program next year, I know you don't have guidance out, but you've tended to have more front loaded programs. And I know there's a third grade coming in this year. Do you anticipate that sort of cadence next year? And then as we think about the free or the, the repurchase cadence, should we kind of think about that in line with quarterly free cash flow? Or you can be thinking it more on an annual basis just trying to understand that the free cash flow cadence as gas prices improve and you have that upsized authorization. Thanks.

嘿，早上好，謝謝你回答我的問題。我有很多問題可以問，但我想我會開始，當你考慮明年的資本計劃時，我知道你沒有指導，但你往往有更多的預先加載的計劃。我知道今年三年級即將入學。您預計明年也會有這樣的節奏嗎？然後，當我們考慮自由或回購節奏時，我們是否應該根據季度自由現金流來考慮？或者，您可以每年更多地思考，只是想了解隨著天然氣價格上漲，自由現金流的節奏，並且您擁有更大的授權。謝謝。

Yes, Tim, I'll, I'll comment on the, the D&C activity and Michael can chime in on the share of purchases. Appreciate the question. You know, with regards to the capital program, we will be very similarly to 2024 have a front loaded capital program. We're currently running two rigs, we'll be picking up that third rig. Let's just call it the late Q4 here in the Utica and in much or very similar, at least, although we haven't provided specific guidance, what you'll find is the drilling activity will go down to one rig likely in the Utica and the scoop will fall off sometime mid year and then we'll be at one rig continuously. So how I would characterize it is a very similar program. It's just going to be shifted more towards liquids and higher margin acreage versus historically, some dry gas stuff that we've drilled. So I'll turn to Michael. You want to address the share.

是的，蒂姆，我會，我會評論 D&C 活動，邁克爾可以插話購買份額。感謝這個問題。你知道，關於資本計劃，我們將與 2024 年非常相似，有一個前置資本計劃。我們目前正在運行兩個鑽孔機，我們將拿起第三個鑽孔機。讓我們將其稱為尤蒂卡第四季末，至少在很大程度上或非常相似，儘管我們沒有提供具體指導，但您會發現鑽井活動可能會減少到尤蒂卡的一台鑽機，鏟子會在年中的某個時候掉下來，然後我們就會一直在一個鑽孔機上。所以我會如何描述它是一個非常相似的程式。與歷史上我們鑽探的一些乾燥天然氣相比，它將更多地轉向液體和更高利潤的面積。所以我會轉向邁克爾。您想要解決共享問題。

I mean, I think it's a good question. I think to John's point similar to this year, you know, with the, with the capital being front loaded, you may see a bit of an impact. But I think on our share of approaches, we think of it more on an annual basis to answer your question. And then also, I just want to kind of remind folks that we are opportunistic in our approach as well. So if we have an opportunity, especially, you know, we've had a large shareholder in the past that has looked to look to monetize some of their position and we like that as an opportunity to step in and buy. So I don't think it will be necessarily in sync with the quarterly capital cadence. We do kind of keep an eye on that, but we do look at it on more of an annual basis and again, like to be able to step in when there's a unique opportunity like we've seen in the past.

我的意思是，我認為這是一個很好的問題。我認為約翰的觀點與今年類似，你知道，隨著資本的提前加載，你可能會看到一些影響。但我認為，就我們所採取的方法而言，我們每年都會更多地考慮來回答您的問題。另外，我只是想提醒大家，我們的做法也是機會主義的。因此，如果我們有機會，特別是，你知道，我們過去有一個大股東，他們一直希望將他們的一些頭寸貨幣化，我們喜歡這是一個介入和購買的機會。所以我認為它不一定與季度資本節奏同步。我們確實在關注這一點，但我們確實每年都會關注它，並且希望能夠在出現像我們過去看到的獨特機會時介入。

Okay. That makes sense. And that's helpful and, and then on my follow up, I just wanted to, you dig a little more into the, you know, the liquids kind of commentary you gave. You know, I know you don't have production guidance out, but I'm sure in the back of your head you have a sense of, of where that'll, that'll shake out given that the big increase in, in liquids that's expected. Do you have a need to keep total BOE S flat or is the idea that if the liquids economics are so good and you allocate there, you know, is that really what matters over, over total production? You know, how do you, how do you think about that in 2025?

好的。這是有道理的。這很有幫助，然後在我的後續行動中，我只是想，你可以更深入地研究你給出的液體評論。你知道，我知道你沒有製定生產指南，但我確信在你的腦海裡，你有一種感覺，考慮到生產的大幅增長，這將會在哪裡發生變化。您是否需要保持 BOE S 總量持平，或者您的想法是，如果流動性經濟如此良好並且您在那裡進行分配，您知道，這真的比總產量更重要嗎？你知道，到 2025 年你會怎麼想？

Yeah, I mean, just I think at a high level, you know, we like to discuss a lot of people like to discuss kind of maintenance, capital, maintenance production. So, I mean, just by and large, the philosophy next year will be the same as, you know, low single digit or flattish production on an equivalent basis. But most certainly we are really focusing on enhancing our margins and free cash flow generation. And, you know, as I've articulated in the script, that really means a shift towards more meaningful way to turn in lines towards the liquids next year. So all that said generally equivalent production, you know, we we would be somewhere in the flattish range, but you'll see liquids growth and pretty, pretty significant liquids growth moving forward in the next year. Which will impact our cash flow capabilities.

是的，我的意思是，我認為從高層次來看，我們喜歡討論很多人喜歡討論維護、資本、維護生產。所以，我的意思是，總的來說，明年的理念將與同等基礎上的低個位數或持平產量相同。但最肯定的是，我們真正專注於提高利潤率和自由現金流的產生。而且，你知道，正如我在劇本中所闡述的那樣，這實際上意味著明年將轉向更有意義的方式來轉向液體。因此，所有這些都表明產量總體相當，你知道，我們將處於持平範圍內的某個位置，但你會看到液體增長，並且明年的液體增長非常非常顯著。這將影響我們的現金流能力。

I appreciate the details. Thank you.

我很欣賞細節。謝謝。

Thank you. Our next question comes from the line of Noah Hung with Bank of America. Please proceed with your question.

謝謝。我們的下一個問題來自美國銀行的Noah Hung。請繼續你的問題。

Hi morning all. I just had a question here on your your discretionary acreage opportunities and how you see that developing in 2025 this year. You guys have done a really good job adding inventory both in quality but also giving you guys extra optionality. And I was wondering if that would continue into next year.

大家早安。我剛才有一個關於您的可自由支配面積機會的問題，以及您如何看待今年 2025 年的發展。你們在增加庫存方面做得非常好，不僅在質量上，而且還為你們提供了額外的選擇。我想知道這種情況是否會持續到明年。

Yeah. No, this is John, I'll, I'll touch on that and Michael can chime in on anything he wishes to add. You know, this is a, this has been an opportunity over the past couple of years where where we've really taken advantage of some, you know, some high quality acreage opportunities that are bucketed in a way where we can kind of package together, you know, 3,4,5,6 pads together in highly economic and highly attractive areas. So over the past couple of years, we talked about adding about 2.5 years of total inventory to the company and the slick was rejected activity areas. I would say that there are, you know, subsequent opportunities available out there. Although we set the bar pretty high with regards to our expectations, but we're going to remain as I would call it opportunistic and less programmatic in how we approach these meaning if the land teams are pretty good at scouring the land and looking for good high quality acreage to add to our inventory. But we have a pretty good, you know, high quality set of inventory within the company. So we're, we're going to continue to to monitor the landscape, look for those opportunities and be opportunistic versus programmatic. But we're certainly open to adding anything that adds fundamental value to the company.

是的。不，這是約翰，我會，我會談到這一點，邁克爾可以插話他想補充的任何內容。你知道，這是過去幾年的一個機會，我們真正利用了一些高品質的土地機會，這些機會以一種我們可以打包在一起的方式進行存儲。墊在一起，在經濟性強、吸引力強的地方。因此，在過去的幾年裡，我們討論了為公司增加約 2.5 年的總庫存，而光滑的活動區域被拒絕了。我想說，你知道，還有後續的機會。儘管我們對我們的期望設定了相當高的標準，但如果土地團隊非常善於搜尋土地並尋找好的機會，我們將繼續保持機會主義，並且在我們如何實現這些意義方面減少程序性。土地可以添加到我們的庫存中。但我們公司內部擁有一套非常好的、高品質的庫存。因此，我們將繼續監控情勢，尋找這些機會，並採取機會主義而非程序化的方式。但我們當然願意添加任何能為公司增加基本價值的東西。

That makes sense. And then my second question is just on your oil differentials. This year you guys widened the oil differentials. I was just wondering what was driving that.

這是有道理的。我的第二個問題是關於你們的石油差異。今年你們擴大了石油差異。我只是想知道是什麼推動了這一點。

Yeah. Hey, no, this is Michael. It's a good question. Actually, it's really a math function to be totally H1st with you. So our production is obviously back half weighted this year. And because of that, the oil curve has come down in the second half of the year. But when we guide, we use a calendar month wt number that's flat, you know, a linear average of those months. So we did widen it out just to give folks kind of the right idea for the full year number. But I would tell you that actually our oil differentials themselves on a kind of month to month basis have actually remained very strong. You know, there is more oil production coming out of Ohio and certainly some folks are seeing a little bit of pressure, but we've actually been able to hold in that differential really well. So I think as you go into next year, we'll reassess it and get you some better numbers, but really not much of an operational change there. It's just simply a math function.

是的。嘿，不，這是麥可。這是一個好問題。事實上，這確實是一個數學函數，讓你完全成為 H1st。所以今年我們的產量明顯下降了一半。正因為如此，石油曲線在今年下半年有所下降。但當我們進行指導時，我們使用日曆月的 wt 數字，該數字是平坦的，您知道，這些月份的線性平均值。因此，我們確實擴大了範圍，只是為了讓人們對全年數字有一個正確的想法。但我想告訴你，實際上我們的石油差異本身在每月的基礎上實際上仍然非常強勁。你知道，俄亥俄州的石油產量有所增加，當然有些人會感受到一點壓力，但我們實際上能夠很好地保持這種差異。因此，我認為，當你進入明年時，我們將重新評估它並為你提供一些更好的數字，但實際上並沒有太大的營運變化。這只是一個簡單的數學函數。

Great. Thank you so much.

偉大的。太感謝了。

Thank you. And our last question comes from the line of Jacob Roberts with TV. H Please proceed with your question.

謝謝。我們的最後一個問題來自雅各羅伯茲與電視的關係。H 請繼續您的問題。

Wondering if you could comment on your ability to be flexible relative to the liquids mix as we progress through the coming years. You know, and what you would need to see on the respective forward curves to make that shift from one way or the other. And if possible, the price points you guys look at to make that determination.

想知道您是否可以評論一下隨著我們未來幾年的進展，您對液體混合物的靈活性的能力。你知道，你需要在各自的遠期曲線上看到什麼，才能從一個方向或另一個方向進行轉變。如果可能的話，你們會考慮價格點來做決定。

Yes, Michael, I'll start out and John can jump in. I mean, I think a lot of our commentary has been around that flexibility, right? So there's certainly a lead time between, you know, turning a drill bit and turning oil and gas into sales and being able to make those changes. But I do think that, you know, if we see a significant fundamental change in commodity price coming, we do have the ability to move from one to the next. And quite frankly, the ads that we've made over the last couple of years have really enhanced our ability to do that. I don't know that that was always the case, but we have a deep dry gas inventory, both in Oklahoma and in Ohio and then now have a much more substantial and significant liquids portfolio. So as far as exactly where those prices go, again, the returns as John mentioned are not all that different, they're leaning a little bit towards the liquids right now. And that's why you see us go in that direction with our development, both in 2024 as well as in 2025. But if we saw the gas curve start to move meaningfully. And again, I don't know that I want to quantify meaningfully, but you know, it needs to be a sticky change as well. I do think we're going to see some volatility with gas. But if we saw kind of a sticky change with gas, I think you could see the company pivot in a in a 12 to 18 month time frame to be to be allocating more to a dry gas program than a liquids program. So it's a great position to be in to be able to make those changes in a pretty quick fashion. I know John if you wanted to add anything.

是的，邁克爾，我先開始，約翰可以加入。我的意思是，我認為我們的許多評論都是圍繞著這種靈活性，對吧？因此，您知道，從轉動鑽頭到將石油和天然氣轉化為銷售，再到能夠做出這些改變，之間肯定存在一個準備時間。但我確實認為，如果我們看到大宗商品價格即將發生重大根本性變化，我們確實有能力從一種轉向另一種。坦白說，我們過去幾年製作的廣告確實增強了我們做到這一點的能力。我不知道情況總是如此，但我們在俄克拉荷馬州和俄亥俄州都有大量的乾燥天然氣庫存，現在擁有更大量和更重要的液體產品組合。因此，就這些價格的具體方向而言，約翰提到的回報並沒有那麼不同，他們現在有點傾向於液體。這就是為什麼我們在 2024 年和 2025 年都朝著這個方向發展。但如果我們看到天然氣曲線開始有意義地移動。再說一次，我不知道我想要進行有意義的量化，但你知道，它也需要是一個黏性的變化。我確實認為天然氣將會出現一些波動。但如果我們看到天然氣方面出現某種黏性變化，我認為您可能會看到該公司在 12 至 18 個月的時間範圍內轉向為乾氣項目而不是液體項目分配更多資金。因此，能夠以相當快的方式做出這些改變是一個很好的位置。如果你想補充什麼，我認識約翰。

Thanks. I appreciate that.

謝謝。我很欣賞這一點。

No great answer. And my follow up would be on the efficiency that you guys have seen. You know, obviously lowering the capital guide. I'm just wondering as you transition more toward Marcellus or, or, or, or even this more liquids weighted program, do you expect those to continue flat line or, or even reverse as you kind of explore new so to speak areas.

沒有很好的答案。我的後續行動將是你們所看到的效率。你知道，明顯降低了資本指導價。我只是想知道，當你更多地轉向馬塞勒斯或、或、或，甚至這種更多液體加權的計劃時，你是否期望這些計劃會繼續持平，甚至在你探索新的可以說領域時逆轉。

Yeah. What I'll tell you is just generally speaking, the industry and our teams never cease to amaze me with regards to capital efficiencies and operational execution and improvements. So yes, you know, this industry, you know, continues to learn, you know, we just get better and better every year as we progress through things. So, will there be some opportunity and some upside for capital efficiencies, whether that's cost reductions or cycle time, you know, improvements? Yes. And certainly there is to your point, I think depending on your capital allocation, your well mix, you know, there's very different cycle times and very different capital intensities between the scoop, the U and the Marcellus. And it's our job basically to take that spend and that those levels and maximize that for the company's benefit to maximize free cash flow, shareholder returns and reinvest in the company. So I would expect more to come on the efficiencies. I would be disappointed if we didn't see more efficiencies moving forward. And I just know the teams are geared towards constantly beating records. We didn't talk about some of the records we broke this quarter because sometimes they sound like a broken record, but I'll tell you that there were a few more records operational and execution that we broke this quarter. So very proud of the guys out in the field. They're doing a great job and look for more efficiencies to come and certainly there's more opportunities to your point.

是的。我要告訴你的是，一般來說，產業和我們的團隊在資本效率、營運執行和改進方面總是讓我感到驚訝。所以，是的，你知道，這個行業不斷學習，隨著事情的進展，我們每年都變得越來越好。那麼，資本效率是否會有一些機會和一些好處，無論是降低成本還是週期時間，你知道，改進？是的。當然，這也符合你的觀點，我認為，根據你的資本配置、你的良好組合，你知道，獨家新聞、U 和 Marcellus 之間有非常不同的周期時間和非常不同的資本強度。我們的工作基本上是為了公司的利益而最大化這些支出和水平，從而最大化自由現金流、股東回報並對公司進行再投資。因此，我預計效率會更高。如果我們沒有看到更高的效率，我會感到失望。我只知道這些團隊正致力於不斷打破紀錄。我們沒有談論本季打破的一些記錄，因為有時它們聽起來像是破紀錄，但我會告訴你，本季我們也打破了一些營運和執行記錄。為現場的人們感到非常自豪。他們做得很好，並希望提高效率，當然還有更多機會支持您的觀點。

Thank you. Appreciate the time.

謝謝。珍惜時間。

Thanks, Jacob.

謝謝，雅各。

Thank you. We have reached the end of the question and answer session. I would like to turn the floor back to John Reinhart for closing remarks.

謝謝。我們的問答環節已經結束。我想請約翰‧萊因哈特 (John Reinhart) 致閉幕詞。

Thank you everyone for taking the time to join our call today. The team continues to improve business fundamentals which further positions. Gulfport energy is an attractive investment with a focus on continuing value enhancement. Should you have any questions? Please do not hesitate to reach out to our investor relations team. Thank you very much. This concludes our call.

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礎，進一步提升地位。格爾夫波特能源是一項有吸引力的投資，專注於持續價值提升。您還有什麼問題嗎？請隨時聯繫我們的投資者關係團隊。非常感謝。我們的通話到此結束。

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

謝謝。今天的電話會議到此結束。此時您可以斷開直播。感謝您的參與。