Gulfport Energy Corporation (GPOR) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Gulfport Energy Corporation first-quarter 2026 earnings call. (Operator Instructions) Please note, this conference is being recorded.

各位好，歡迎參加 Gulfport Energy Corporation 2026 年第一季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

I would now like to turn the conference over to your host, Jessica Antle. Please go ahead.

現在我想把會議交給主持人 Jessica Antle。請開始。

Thank you, Carrie, and good morning. Welcome to Gulfport Energy Corporation's first-quarter 2026 earnings conference call. I am Jessica Antle, Vice President of Investor Relations. Speakers on today's call include Michael Hodges, Executive Vice President and Chief Financial Officer; and Matthew Rucker, Executive Vice President and Chief Operating Officer.

謝謝你，Carrie，大家早安。歡迎參加 Gulfport Energy Corporation 2026 年第一季財報電話會議。我是投資人關係副總裁 Jessica Antle。今天的與會講者包括：執行副總裁兼財務長 Michael Hodges，以及執行副總裁兼營運長 Matthew Rucker。

I would like to remind everybody that during this conference call, the participants may make certain forward-looking statements. Actual results and future events 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.

我想提醒各位，在本次電話會議中，與會者可能會提出某些前瞻性陳述。由於多種因素，實際結果與未來事件可能與這些前瞻性陳述所示存在重大差異。有關這些因素的資訊可見於公司向美國證券交易委員會（SEC）提交的文件。

In addition, we may reference non-GAAP measures. Please refer to our most recent earnings release and investor presentation for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measures. An updated Gulfport presentation was posted yesterday evening to our website in conjunction with the earnings announcement.

此外，我們可能會提及非 GAAP 指標。請參閱我們最新的財報新聞稿與投資人簡報，以了解與此類指標相關的重要揭露事項，包括與最可比 GAAP 財務指標的調節表。配合財報公告，我們已於昨晚在公司網站上發布更新版 Gulfport 簡報。

Please review at your leisure. At this time, I would like to turn the call over to Michael Hodges.

請您在方便時自行查閱。現在我想把電話交給 Michael Hodges。

Thank you, Jessica, and thank you for joining our call today. Before we begin, I would like to take a moment to welcome a new leader to Gulfport that I know many of you are already familiar with. Last evening, we announced that Nick Dell'Osso will be joining Gulfport as our President and Chief Executive Officer beginning May 28. Following a thorough search process, the Board unanimously agreed that Nick is the right leader at the right time to propel Gulfport into its next chapter.

謝謝你，Jessica，也感謝各位今天加入我們的電話會議。在開始之前，我想花一點時間歡迎一位加入 Gulfport 的新領導者，我知道在座許多人已經對他很熟悉。昨晚我們宣布，Nick Dell'Osso 將自 5 月 28 日起加入 Gulfport，擔任總裁兼執行長。在經過全面的遴選程序後，董事會一致認為 Nick 是在正確的時間帶領 Gulfport 邁向下一階段的合適人選。

He brings more than two decades of energy industry experience, a sharp focus on operational and financial discipline and a proven track record of delivering value to shareholders. Nick is joining Gulfport at a time when the company has never been stronger, and we're excited to work with him to create long-term value for all stakeholders. Nick looks forward to engaging with our employees and shareholders in the coming months and joining us to take your questions on our next quarterly call in August.

他擁有超過二十年的能源產業經驗，對營運與財務紀律有敏銳的聚焦，並具備為股東創造價值的良好實績。Nick 加入 Gulfport 之際，公司實力前所未有地強勁，我們很期待與他合作，為所有利害關係人創造長期價值。Nick 期待在未來幾個月與員工及股東交流，並將於 8 月下一次季度電話會議與我們一同回答各位的提問。

With that said, we are off to a great start to 2026 at Gulfport, highlighted by the successful completion of our previously announced discretionary acreage acquisition program and a record quarter of share repurchase activity. I will share additional details on our land acquisition accomplishments a bit later, but we believe the swift and decisive actions we've taken over the past three years in the Ohio Utica have delivered significant value to the company as the demand for high-quality, low breakeven inventory across the industry continues to increase.

話說回來，Gulfport 在 2026 年有一個非常好的開局，亮點包括成功完成先前宣布的自主性（discretionary）土地增購計畫，以及創紀錄的一季庫藏股回購活動。稍後我會分享更多土地收購成果的細節，但我們相信，過去三年在俄亥俄州 Utica 的迅速且果斷行動，已為公司帶來顯著價值，因為全產業對高品質、低損益兩平（breakeven）庫存的需求持續增加。

When combining these initiatives to grow net asset value with our ability to repurchase nearly 10% of our market cap over the past two quarters at prices well below the underlying value of our business, it has been a very successful close to 2025 and start to 2026.

將這些提升淨資產價值的舉措，與我們在過去兩個季度以遠低於公司內在價值的價格回購近 10% 市值的能力相結合，2025 年的收官以及 2026 年的開局都非常成功。

Turning to our first quarter results. It was an especially strong kickoff to the year financially as the company generated $264 million of adjusted EBITDA and $119 million of adjusted free cash flow, driven by strong commodity pricing and the continued development of our high-quality asset base.

接著談第一季業績。在財務面，這是特別強勁的一年開局：公司創造了 2.64 億美元的調整後 EBITDA 與 1.19 億美元的調整後自由現金流，主要受惠於強勁的商品價格，以及我們高品質資產基礎的持續開發。

Average production totaled 997 million cubic feet equivalent per day, which was consistent with the expectations we provided in February and keeps us on track to deliver on our previously stated full year production guidance of 1.03 billion to 1.055 billion cubic feet equivalent per day. Cash operating costs for the first quarter totaled $1.38 per million cubic feet equivalent, also in line with our expectations and similar to last year, what we expect to be a quarterly high point for Gulfport as we anticipate declining per unit costs as we move through the year.

平均產量合計為每日 9.97 億立方英尺當量（cfe），符合我們 2 月提供的預期，並使我們持續朝先前所述的全年產量指引邁進：每日 10.3 億至 10.55 億立方英尺當量。第一季現金營運成本合計為每百萬立方英尺當量 1.38 美元，同樣符合我們的預期，且與去年相近；我們預期這將是 Gulfport 的季度高點，因為隨著年度推進，我們預期單位成本將下降。

With our production cadence expected to accelerate later in 2026, the fixed charges embedded in our operating costs are expected to decline on a per unit basis over the course of the year and land within the range of our full year guidance. For full year 2026, we are reaffirming our per unit operating cost guidance, which includes LOE, midstream and taxes other than income of $1.23 to $1.34 per Mcfe.

隨著我們預期 2026 年稍晚產量節奏將加快，營運成本中所包含的固定費用預期將在全年過程中以單位基礎下降，並落在我們全年指引區間內。就 2026 全年而言，我們重申單位營運成本指引，其中包含 LOE、集輸（midstream）以及所得稅以外之稅負，為每 Mcfe 1.23 至 1.34 美元。

On the capital front, we incurred a total of $118 million related to drilling and completion activity and $4 million related to maintenance land and seismic investment while achieving the significant operational success that Matt will address in his comments.

在資本支出方面，我們在鑽井與完井活動相關支出合計 1.18 億美元，另有 400 萬美元用於維護性土地與地震勘探投資，同時也達成 Matt 將在其評論中提到的重大營運成果。

Most importantly, and as I mentioned earlier in the call, we wrapped up our previously announced discretionary acreage program, investing approximately $102 million over the past four quarters to add more than two years of high-quality inventory adjacent to our core positions in Belmont and Monroe counties. These acquisitions were made at an average cost of just over $2 million per net locations, significantly below implied recent valuation metrics from larger inorganic transactions in the immediate area.

最重要的是，如同我在電話會議稍早提到的，我們已完成先前宣布的自主性土地增購計畫；過去四個季度合計投資約 1.02 億美元，在 Belmont 與 Monroe 郡的核心持倉周邊新增超過兩年的高品質庫存。這些收購的平均成本為每個淨井位（net locations）略高於 200 萬美元，顯著低於該區域近期較大型外部併購交易所隱含的估值指標。

We have focused our efforts over the past few years in the wet gas and dry gas windows of the Ohio Utica, areas that generate some of the strongest returns in our portfolio and where we can convert these locations into producing assets in short order. As a reminder, since 2022, our targeted discretionary acreage acquisitions have added over 4.5 years of high-quality net locations, enhancing the durability of our asset base and reinforcing the significant value uplift we are achieving through the execution of our ground game leasing program. We continue to monitor opportunities to further strengthen our leasehold footprint and increase our resource depth, and we believe these opportunities continue to rank extremely high as we evaluate the uses of free cash flow in 2026 and beyond.

過去幾年，我們將重點放在俄亥俄州 Utica 的濕氣（wet gas）與乾氣（dry gas）區帶，這些區域在我們的投資組合中可創造最強勁的報酬之一，且我們能在短時間內將這些井位轉化為生產資產。提醒各位，自 2022 年以來，我們的目標性自主土地增購已新增超過 4.5 年的高品質淨井位，提升資產基礎的耐久性，並強化我們透過執行地面租賃（ground game leasing）計畫所實現的顯著價值提升。我們將持續關注進一步強化租賃權版圖並增加資源深度的機會；在評估 2026 年及未來自由現金流用途時，我們認為這些機會仍然名列前茅。

Turning to the balance sheet. Our financial position remains strong, and we recently completed our spring borrowing base redetermination, adding 10% to elected bank commitments and reaffirming the borrowing base at $1.1 billion. Our trailing 12-month net leverage exiting the quarter was approximately 0.9 times and pro forma for the increase in elected commitments at the end of the first quarter, Gulfport's liquidity increased by $100 million and totaled $872 million, comprised of $2.9 million of cash plus $869.3 million of borrowing capacity under our revolver.

接著談資產負債表。我們的財務狀況依然強勁，且近期完成春季借款基礎（borrowing base）重新評估，將選定的銀行承諾額度提高 10%，並重申借款基礎為 11 億美元。本季末過去 12 個月的淨槓桿約為 0.9 倍；若以第一季末選定承諾額度增加後的備考（pro forma）計算，Gulfport 的流動性增加 1 億美元至 8.72 億美元，其中包括 290 萬美元現金加上循環信貸（revolver）下 8.693 億美元的可借款額度。

We greatly appreciate the support of our bank group as we position the company to opportunistically deliver value to our shareholders and our liquidity position is more than sufficient to fund our development needs for the foreseeable future, providing significant financial flexibility as we continue executing on our capital allocation strategy.

我們非常感謝銀行團的支持；在我們定位公司以把握機會為股東創造價值之際，我們的流動性水位足以支應可預見未來的開發需求，並在持續執行資本配置策略的同時提供顯著的財務彈性。

As I mentioned earlier, with this balance sheet strength and liquidity in place, we continue to deploy capital towards shareholder returns through our share repurchase program. During the first quarter, we repurchased 866,000 shares of common stock for approximately $172.8 million, representing the highest quarterly investment in company history and well ahead of our previously announced plans in February.

如我先前所提到的，在具備這樣的資產負債表實力與流動性之下，我們持續透過股票回購計畫將資本投入股東報酬。第一季期間，我們以約 1.728 億美元回購 866,000 股普通股，為公司史上單季最高投入，且大幅超前我們 2 月先前公布的計畫。

As of March 31 and since the inception of the program, we have repurchased approximately 8.2 million shares of common stock, including the preferred redemption in 2025 at an average price of just over $133 per share, more than 30% below our current share price and totaling nearly $1.1 billion of capital returned to shareholders over the past four years. Over just the last two quarters alone, we have allocated over $300 million towards repurchasing what we believe to be our undervalued common stock, resulting in the retirement of nearly 10% of our shares outstanding.

截至 3 月 31 日，且自該計畫啟動以來，我們已回購約 820 萬股普通股（包含 2025 年的特別股贖回），平均價格每股略高於 133 美元，較目前股價低逾 30%；過去四年合計向股東返還資本近 11 億美元。僅在最近兩個季度，我們就已配置超過 3 億美元用於回購我們認為被低估的普通股，使得已註銷的股份接近流通在外股數的 10%。

Given our current valuation and the strength of our underlying fundamentals, we expect share repurchases to remain an attractive capital allocation priority and plan to maintain an active repurchase program through 2026, supported by adjusted free cash flow and available revolver capacity, all while maintaining leverage at or below 1 times.

鑑於我們目前的估值以及扎實的基本面實力，我們預期股票回購仍將是具吸引力的資本配置優先事項，並計劃在2026年前維持積極的回購計畫；該計畫將由調整後自由現金流與可用循環信貸額度提供支撐，同時將槓桿比率維持在1倍或以下。

In closing, Gulfport is delivering consistent financial results, maintaining disciplined capital allocation across asset bases and returning significant capital to our shareholders, all while preserving flexibility to navigate market conditions and pursue value-enhancing opportunities. With a strong foundation in place and a proven leader joining our company, we are confident in our ability to continue executing our strategy and creating durable long-term value for our shareholders.

總結而言，Gulfport 正持續交出穩健的財務成果，在各資產基礎上維持嚴謹的資本配置並向股東返還可觀資本，同時保有彈性以因應市場環境並把握提升價值的機會。在穩固基礎已就位且一位經驗證的領導者加入公司之際，我們對於持續落實策略並為股東創造長期且可持續的價值充滿信心。

Now I will turn the call over to Matt to discuss our operational highlights for the quarter.

接下來我將把電話會議交給 Matt，請他說明本季的營運重點。

Thank you, Michael. Operationally, during the first quarter, the company completed drilling of eight gross wells, comprising of two Utica wet gas wells, four Marcellus wells and two SCOOP Woodford wells. We entered the year with three operating drilling rigs running and as planned, released the SCOOP rig at the end of the first quarter and currently have two rigs drilling ahead in Ohio. We plan to release one rig at the end of the second quarter, transitioning to a one-rig program in Ohio for the remainder of 2026.

謝謝你，Michael。在營運方面，第一季公司完成鑽探8口總井數（gross wells），包括2口 Utica 濕氣井、4口 Marcellus 井以及2口 SCOOP Woodford 井。我們在年初有3座鑽機運轉；依計畫於第一季末釋出 SCOOP 鑽機，目前在俄亥俄州有2座鑽機持續鑽進。我們計劃在第二季末再釋出1座鑽機，並在2026年剩餘期間於俄亥俄州轉為單鑽機計畫。

On the completions front, we brought five gross Utica dry gas wells online during the first quarter, including our first two U-development wells, which continue to perform consistent with recently developed straight lateral offsets. Importantly, this activity has unlocked approximately one year of additional high-quality inventory that can be strategically placed in our future development plan, providing additional flexibility.

在完井方面，我們於第一季讓5口 Utica 乾氣井（gross）上線投產，其中包含我們首批2口 U-development 井，其表現持續與近期開發的直線水平段（straight lateral）對比井一致。重要的是，這些作業解鎖了約額外一年的高品質庫存井位，可策略性納入未來開發計畫，提供更多彈性。

Looking ahead, we have an active completion and turn-in-line schedule ahead of us with approximately 2/3 of our remaining 2026 turn-in-lines expected to include a significant liquids component in their production profile. This mix highlights the company's balanced approach to developing our assets and provides exposure to dynamic market conditions, allowing us to capture value across changing commodity price environments.

展望未來，我們有積極的完井與投產（turn-in-line）排程；預計2026年剩餘投產井中約有2/3 的產量結構將包含顯著的液體成分。此組合凸顯公司在資產開發上的均衡策略，並使我們能因應多變的市場狀況，在商品價格環境變動之際把握價值。

Lastly, I'd like to complement our team's continuous focus on operational improvements as we delivered strong results during the quarter. In the period with our highest level of activity, the operational teams executed with zero recordable incidents or spills, underlining our commitment to safety in the environment in tandem with best-in-class operations. Our drilling team delivered an exceptional quarter, achieving incremental efficiency gains in each area of our core operations.

最後，我想肯定團隊對營運改善的持續專注，因為我們在本季交出強勁成果。在活動量最高的期間，營運團隊達成零可記錄事故或洩漏事件，凸顯我們在最佳營運實務下對環境安全的承諾。我們的鑽井團隊也交出卓越的一季，在核心作業的各個面向都取得進一步的效率提升。

In the Utica, we maintained our record all-in footage per day realized in 2025. And as we continue to extend lateral lengths across our asset base, we have concentrated our efforts on improving performance in the vertical section of the drilling phase to enhance overall cycle times. During the quarter, our average top hole drilling days improved by 8% compared to full year 2025, and we set a new company record for the fastest Utica top hole drilled for Gulfport to date, completing the section in just 5.4 days. Not only did we set a single well record, the four-well pad delivered an average top hole record of 5.9 days per well, demonstrating the opportunity for long-lived efficiency gains.

在 Utica，我們維持了2025年創下的每日全包（all-in）進尺紀錄。隨著我們持續在資產組合中延長水平段長度，我們將重點放在改善鑽井階段垂直段的表現，以縮短整體週期時間。本季我們平均表層井段（top hole）鑽探天數較2025全年改善8%，並創下 Gulfport 迄今最快的 Utica 表層井段新紀錄，僅用5.4天完成該段。不僅創下單井紀錄，該四井井場（pad）平均每口井表層井段也創下5.9天的新紀錄，展現長期效率提升的機會。

In the Marcellus, we finished drilling a 4-well pad during the first quarter and when compared to the prior two Gulfport operated pads in the area, we delivered a 20% improvement in footage drilled per day. Lastly and perhaps most notably, I'm extremely proud of our team's performance in the SCOOP and the drilling results achieved on our recent Hero pad.

在 Marcellus，我們於第一季完成鑽探一個四井井場；與該區域先前兩個由 Gulfport 操作的井場相比，我們每日進尺提升了20%。最後、也許最值得一提的是，我對團隊在 SCOOP 的表現以及近期 Hero 井場達成的鑽井成果感到非常自豪。

On average, the team delivered the pad with a spud-to-rig release time of approximately 40 days per well, beating our internal expectation of 55 days. These results highlight the team's ability to apply learnings from our best-in-class operations in Ohio and deliver more consistent execution in the SCOOP, where drilling is more challenging. Collectively, these results underscore the strength of our operating team's leadership and our ability to consistently deliver best-in-class execution across all of our operating areas.

平均而言，團隊將該井場每口井從開鑽（spud）到釋出鑽機（rig release）的時間控制在約40天，優於我們內部預期的55天。這些成果顯示團隊能將我們在俄亥俄州同級最佳（best-in-class）作業的經驗加以應用，並在鑽井更具挑戰性的 SCOOP 實現更一致的執行。整體而言，這些成果凸顯我們營運團隊領導力的強度，以及我們在所有作業區域持續交付同級最佳執行力的能力。

As we've discussed previously, the completion side of our operations has been continuing to perform at very high levels, and our emphasis there remains on maintaining those efficiencies. With that consistency, we've been able to deliver our first two pad turn-in-lines of the year on time and on budget.

如同我們先前討論過的，我們作業中的完井端持續維持在非常高的表現水準，而我們在此的重點仍是維持這些效率。在這樣的一致性之下，我們得以按時且在預算內完成今年前兩個井場的投產（turn-in-line）。

In summary, our operational results this quarter mirror the broader performance Michael outlined, disciplined execution, continuous improvement and a focus on creating long-term value. The consistency we're seeing across our operating areas positions us well to support Gulfport's strategy. And with Nick preparing to join our team, we're confident our operations are well aligned to support the next phase of execution and deliver durable returns over time.

總結來說，本季的營運成果呼應 Michael 所概述的整體表現：紀律執行、持續改善，以及專注於創造長期價值。我們在各作業區域看到的一致性，使我們具備良好條件來支撐 Gulfport 的策略。隨著 Nick 準備加入團隊，我們有信心營運已充分對齊，以支援下一階段的執行並隨時間推進交付可持續的報酬。

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

接下來，我將把電話會議交回給主持人，並開放提問。

(Operator Instructions)

（接線員指示）

Neal Dingmann, William Blair.

Neal Dingmann，William Blair。

My first question, Michael, is probably for you. It's on capital allocation. Specifically, how do you all think about kind of, I guess, more on a go-forward allocating for further discretionary acreage that, again, the stuff you've done seems to have fantastic upside versus your stock buybacks that you've been very active and maybe add one more twist to this, a quarter like that we're in now where probably your lowest free cash flow quarter of the year, would you consider using debt to do either of those if the opportunity exists?

我的第一個問題，Michael，可能是問你的。是關於資本配置。具體來說，你們如何看待未來在進一步取得可自由裁量的額外租地（acreage）上的配置——同樣地，你們已做的那些看起來相較於你們一直很積極進行的股票回購，具有極佳的上行空間——再加上一個變化：像我們現在所處的這種季度，可能是全年自由現金流最低的季度，如果有機會，你們會考慮用舉債來做其中任何一項嗎？

Yes. Neal, thanks for the question. I think it's an excellent one. So we -- I think our approach is consistent over the last few years, and it's been to capture as many of those high-quality locations as we can. The opportunity set there, obviously, is -- it's been available to us, and I think those generate some of the highest returns when you think about being able to drill those in the near term. So I think that's been a priority for us, and it continues to be a priority.

會的。Neal，謝謝你的問題。我認為這是個非常好的問題。我想我們的做法與過去幾年一致，也就是盡可能取得更多高品質井位。那方面的機會集合顯然一直對我們開放，而我認為當你考量能在短期內鑽探開發時，這些往往能帶來最高的報酬。因此我認為這一直是、且仍將是我們的優先事項。

We do believe there's still more running room there. We'll likely update the market a little bit later in the year on what we think that looks like for the rest of the year. So I would say that's been consistently a high priority. I think the equity is still undervalued. It's certainly been a good opportunity for us to get that back at what we think are attractive prices.

我們確實相信那方面仍有更多發揮空間。我們可能會在今年稍晚向市場更新我們對今年剩餘期間的看法。所以我會說，這一直都是高度優先事項。我認為股權仍被低估。以我們認為具吸引力的價格買回股票，對我們而言確實一直是個好機會。

So I'd say it's a combination of the two. The health of the balance sheet allows us that flexibility, as you pointed out, to lean on that a little bit in quarters where we may have a little bit less free cash flow. So to your point, as we go into the second quarter, we do still have quite an active development program that Matt talked about. I think if we see opportunities to use the revolver to get some equity back at a good value, we would consider doing that.

因此我會說這兩者是並行的。如你所指出，資產負債表的健康狀況讓我們具備彈性，在某些自由現金流較少的季度可以稍微倚重它。所以就你提到的，進入第二季時，我們仍有 Matt 所談到的相當積極的開發計畫。我認為如果我們看到機會能透過循環信貸（revolver）以良好價值買回一些股權，我們會考慮這麼做。

Our approach has been dynamic. I think we've stayed away from kind of formulaic approaches, and I think that's worked well for us as well. So I'd summarize it by saying it's a combination of all of them, and it's something we evaluate continuously.

我們的做法一直是動態的。我認為我們刻意避免採用那種公式化的方法，而我也認為這對我們很有效。所以我會總結為：這是多種選項的組合，而且我們會持續評估。

But the priority around locations over the last few years, we feel like it's been a strategically advantaged move for us. And we think others are actually starting to follow along more closely to that. So we'll keep you guys updated as we have more details there, but I think that that's going to continue to be one of the highest priorities.

不過，過去幾年我們對井位的優先順序，我們認為對我們而言是一項具策略優勢的舉措。而且我們認為其他公司其實也開始更緊密地跟進這樣的做法。因此，待我們有更多細節時會向各位更新，但我認為這將會持續是最優先的事項之一。

Great to hear. Yes, your inventory sort of speaks for itself now. And then secondly, on -- kind of around Slide 6 on the marketing, you talked about optimizing the market strategy. I'm just wondering, when doing that again, how has that sort of evolved? And when you're thinking about that marketing strategy, again, do you all ever have -- is there constraints if you wanted to crank up maybe not quite in the marketing group, but if you want to -- I'm thinking more about takeaway.

很高興聽到。是的，你們的庫存現在某種程度上已經不言自明了。第二點，關於——大概在第 6 張投影片的行銷部分，你提到要優化市場策略。我只是想知道，再做一次這件事時，這方面是如何演進的？另外，當你們在思考那個行銷策略時，你們是否曾經——如果你們想把力道加大，會不會有任何限制？也許不是在行銷團隊本身，而是如果你想——我想得更多是外帶（takeaway）方面。

Is there any sort of constraints if you want to crank up production as well? So I'm kind of, I guess, twofold, maybe just how the marketing fits into if you want to expand production at all.

如果你們也想把產量拉高，會不會有任何限制？所以我想大概是兩個面向：行銷如何融入你們若要擴大產量的規劃。

Yes. It's a good question, Neal. I think there's really not any constraints around that. We've got a very strong firm transportation portfolio that gives us good access to various locations. And I think that's been really to our advantage over the last few years. We've got Gulf Coast access that gives us kind of LNG type pricing. We've got Midwest exposure that we think is advantaged certainly in the seasonal period, winter season, it tends to trade very well.

是的。Neal，這是個好問題。我認為在這方面其實沒有任何限制。我們有非常強健的長約運輸（firm transportation）組合，讓我們能很好地進入各個地點。我認為這在過去幾年對我們非常有利。我們有墨西哥灣沿岸（Gulf Coast）的通路，讓我們能取得某種 LNG 類型的定價。我們也有中西部（Midwest）的曝險，我們認為在季節性期間、冬季時通常交易表現非常好，具備優勢。

So we're able to sell gas locally as well. There's obviously a lot of excitement around data center demand, and we feel like I talked about on the last call, there's some improving outlook for prices even just in the Northeast.

因此我們也能在本地銷售天然氣。顯然市場對資料中心需求非常興奮，而我們覺得——就像我在上次電話會議提到的——即便只看東北部，價格前景也有一些改善。

So no constraints around being able to sell additional gas. I think we're always thinking about maximizing free cash flow. And so far, we feel like the right way to do that has been to keep our production relatively flat. Certainly, if there was a signal that, that would be rewarded or there's an opportunity to move the needle from a kind of a pricing perspective, it's something we could consider.

所以在銷售額外天然氣的能力上沒有任何限制。我想我們一直在思考如何最大化自由現金流。到目前為止，我們覺得達成這點的正確方式，是讓產量維持相對持平。當然，如果出現某種訊號顯示這樣做會得到回報，或從定價角度看有機會帶來顯著改善，那是我們可以考慮的事情。

But I think the strategy has been very successful the last few years and at least at this point, something that we feel like makes sense for our company. But yes, really no constraints around midstream or downstream markets that would keep us from considering that type of an option.

但我認為這個策略在過去幾年非常成功，至少在目前，我們覺得這對公司而言是合理的。不過是的，無論是中游或下游市場，都沒有任何限制會讓我們無法考慮這類選項。

Zach Parham, JPMorgan.

JPMorgan 的 Zach Parham。

First off, congrats on Nick joining the team. I think that's a great hire. But my first question, I just wanted to ask, Matt, you talked a lot about drilling gains in both the SCOOP and in Appalachia. Could you unpack that a little bit more? Like where do you think we are in the evolution of those drilling gains? Like what's the runway in front of you to continue to shave days and hours off?

首先，恭喜 Nick 加入團隊。我覺得這是個很棒的延攬。不過我的第一個問題是，Matt，你談了很多在 SCOOP 與 Appalachia 的鑽井效率提升。你能再多拆解一下嗎？例如你認為這些鑽井效率提升的演進目前到哪個階段？未來還有多長的跑道可以繼續把天數與小時數再削減下來？

Yes, sure. Thanks, Zach. I think I categorize that in kind of the sixth inning, if you will, on baseball analogy. We've talked for a while about our completion side of the business, achieving things like 22 hours pumping days. And obviously, there's only 24 hours in a day.

好的，當然。謝謝你，Zach。如果用棒球來比喻，我會把它歸類在大概第六局。我們談了好一陣子完井（completion）端的成果，例如達成 22 小時的泵送日（pumping days）。而且很明顯，一天也只有 24 小時。

So it's really about maintaining efficiencies there. We've talked a lot about the drilling side and the opportunity set in front of us. And I think this quarter just demonstrates that focus that the team has had and the ability for us to keep clawing at that.

所以重點其實是維持那裡的效率。我們也談了很多鑽井端，以及我們面前的機會集合。我認為本季就展現了團隊的專注，以及我們持續把這件事往前推進的能力。

And what I'm most proud of is just hitting that in all three core areas and finding those gains, right? So when you think about the Utica, we've been doing that for a long time. And so now outside the curb and lateral, we're finding opportunities in the top hole section of the wells, which, again, are incremental days that you can kind of gain back there.

而我最自豪的是，我們在三個核心區域都做到這點並找到這些增益，對吧？所以當你想到 Utica，我們做這件事已經很久了。因此現在除了曲線段（curve）與水平段（lateral）之外，我們也在井的上段（top hole section）找到機會；同樣地，那些都是你可以逐步拿回來的增量天數。

The Marcellus is relatively new to us, obviously, but as a company, but not as an operating team. And so just now on our third pad there, we've been able to see that 50% increase even with the longest laterals that we've drilled in that play to date.

Marcellus 對我們來說相對較新——就公司而言是如此——但對作業團隊而言並不是。因此現在在那邊的第三個井場（pad），即便是我們迄今在該區塊鑽過最長的水平段，我們仍能看到 50% 的提升。

And then obviously, the SCOOP being able to achieve kind of the 40-day cycle times there in a pretty challenging environment speaks to more of getting us in line with being a consistent program in that asset where we feel more comfortable about continuing to deploy capital there. So yes, I think there's more room to go to be fair, but great headway so far kind of heading into '26, where that's been a key focus area for us.

然後很明顯，SCOOP 能在相當具挑戰的環境下達成約 40 天的週期時間（cycle times），更能說明我們在那個資產上正逐步對齊成為一個穩定一致的計畫，讓我們更有信心持續在那裡部署資本。所以是的，公平地說，我認為還有進一步改善的空間，但到目前為止進展很大，尤其是邁向 2026 年之際，這一直是我們的關鍵聚焦領域。

And my follow-up, I just wanted to ask on inflation and if you all are seeing any inflation on service prices at this point. There's obviously been some volatility in the commodity, but we've seen some modest activity adds and talking to the service providers, they think there's more coming, maybe not so much in Appalachia, but in other parts of the US. Just curious what you're seeing there.

我的追問是，我想問一下通膨，以及你們目前是否看到服務價格有任何通膨。大宗商品顯然有一些波動，但我們看到一些小幅的活動增加；跟服務供應商聊，他們認為還會有更多增加，可能不是在 Appalachia，而是在美國其他地區。想請教你們那邊看到的是什麼情況。

Yes. I mean, certainly, we're seeing it around the diesel. That's not only just straight fuel price, but that can bleed into things like logistics and trucking as well. I'd say that's where we're seeing the biggest move. A lot of our heavy service contracts around pressure pumping and rigs and things like that, we do a good job of kind of locking that in kind of in the year ahead or being constructive around that.

是的。我的意思是，當然我們在柴油方面看到了。那不只是單純燃料價格，還可能外溢到物流與卡車運輸等項目。我會說那是我們看到變動最大的一塊。至於壓裂泵送（pressure pumping）、鑽機（rigs）等重型服務合約，我們在提前一年鎖定，或在這方面採取建設性作法上做得不錯。

So no real impact to the capital. We're not changing guidance. I think some of these efficiencies we've talked about, Zach, have helped offset those recent impacts that we've seen kind of around the diesel.

所以對資本支出沒有實質影響。我們不會調整指引。我認為我們談到的這些效率提升，Zach，已經幫助抵銷了我們最近在柴油方面看到的一些影響。

So again, we try to mitigate those things by our efficiencies and maintaining and improving those and continue to work with our service providers, certainly in this challenging fuel environment that we're in right now. But all in all, I'd say we're kind of net neutral at this point, but keeping an eye on it and certainly working with our providers as the year progresses.

所以再說一次，我們會透過效率、維持並提升效率來盡量緩解這些因素，並且在目前這個具挑戰的燃料環境下，持續與服務供應商合作。但整體而言，我會說目前大致是淨中性（net neutral），不過我們會持續關注，並在一年進行過程中持續與供應商合作。

Tim Rezvan, KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Tim Rezvan。

Michael, I want to start on repurchases. You gave specific targets the last two quarters. I know you exceeded it in the first quarter. You didn't give one going forward. You used kind of ambiguous language about saying it's an attractive use of capital. And then we're looking at the first quarter, which was about half of the total for 2025.

Michael，我想先從庫藏股回購談起。你在前兩個季度給了具體目標。我知道你們在第一季超過了那個目標。但你沒有對未來再給一個目標。你用了比較模糊的措辭，說這是一個有吸引力的資本運用方式。然後我們看第一季，回購大概占了 2025 年全年總額的一半。

So should we just kind of think about what 100% of free cash flow is and kind of land there in the ballpark for this year? Just trying to kind of understand just I guess that's part A. And then part B is like, is there a reason you didn't put a number and a reason why you did put a number in the last couple of quarters?

所以我們是否可以大致用「自由現金流的 100%」來思考，並把它當作今年大概的落點？我想理解的是——我猜這是 A 部分。B 部分是：你這次沒有給數字、而前幾個季度有給數字，背後是否有原因？

Yes. Tim, thanks for the question. So I think if you think back to fourth quarter and first quarter, fourth quarter, we actually had some CapEx. We were doing some appraisal work and we had some acceleration of some capital. So I think there was logic around kind of giving a target and making sure the Street understood that we were not borrowing against what we'd otherwise allocated to share repurchases that we felt like that the accelerated capital was in addition to that.

是的。Tim，謝謝你的問題。所以我想如果你回想第四季和第一季，第四季我們其實有一些資本支出。我們在做一些評估（appraisal）工作，而且有一些資本支出提前。所以我認為給出一個目標是有其邏輯的，並確保市場理解：我們並不是透過舉債來支應原本會分配給股票回購的資金；我們認為那部分提前的資本支出是額外加上去的。

So I think that was really the thought process there. We got into the first quarter, saw some opportunity in the equity, of course, and also had the wrap-up of our discretionary acreage program. So those were really the quarters where we gave more of a target. And then to your point, we ended up exceeding it here in the first quarter because we saw some opportunities with a block that we were able to pick up and also just some changes in what we felt like was the underlying value versus what the opportunity to buy it at was.

所以我認為那確實就是當時的思考過程。進入第一季後，我們當然在股權方面看到一些機會，同時也完成了我們的自主性租地（acreage）計畫收尾。因此，那些確實是我們給出較明確目標的季度。然後如你所說，我們在第一季最終超過了該目標，因為我們看到一些機會，能夠取得一個區塊（block），另外也因為我們對其內在價值的判斷相較於可買入的價格出現了一些變化。

And so that was really the strategy there. I think if you think about us going forward for the rest of the year, really more consistent, I guess, with what we've done in the last four years, which is think about things on more of a full year basis, not marry ourselves to a formula of try and be dynamic around it. We won't kind of allocate quarter-by-quarter. We do think about it on more of an annual basis.

所以那就是當時的策略。我想如果你看我們今年剩餘時間的作法，會更一致地延續過去四年的方式，也就是以全年為基礎來思考，而不是把自己綁在某個公式上；我們會嘗試更具彈性、動態地調整。我們不會按季度逐一分配。我們確實是以更偏年度的角度來思考。

And then also the balance sheet, I mentioned being 0.9 of a turn gives us some opportunity with a lot of free cash flow coming later this year. So we talked about we've got a lot of liquids development coming up. We certainly see the environment for liquids pretty positive right now.

另外，資產負債表方面，我提到目前槓桿約為0.9倍，這讓我們在今年稍晚會有大量自由現金流進來時，具備一些操作空間。所以我們談到接下來會有很多液體（liquids）開發。我們確實認為目前液體市場環境相當正面。

So I don't think we will kind of allocate all to the later part of the year. I think we'll kind of see what near-term cash flows look like, whether that's second quarter, third quarter, even into fourth quarter, and we'll see where the equity trades and kind of allocate accordingly.

所以我不認為我們會把配置全部放到今年後半段。我想我們會觀察短期現金流的狀況，不論是第二季、第三季，甚至到第四季，並且看股價的交易水準，再相應地進行配置。

So I understand it's a little bit ambiguous. I think it's kind of intentionally that way because we want to be dynamic around it, but we do see a lot of value there and plan to continue with the repurchase activity.

所以我理解這聽起來有點模糊。我想這某種程度上是刻意的，因為我們希望能更動態地調整；但我們確實看到很大的價值，也計畫持續進行庫藏股回購。

Okay. Okay. That makes sense. And then as my follow-up, just on that theme of liquids. I know you put a bar chart on Slide 9 of your deck, kind of showing the increase in liquids skew. Can you just help us kind of ballpark think about that? Do you think about that as like a 15% sort of exit rate or a back half liquid skew? And then where I'm going with this is, I know it's early and you have a new CEO coming, but do you feel like that's a better rate? You talked about getting balanced, but you were about 9% liquids in the first quarter.

好的。好的。這樣就說得通。那我追問一下，還是圍繞液體（liquids）這個主題。我知道你們在簡報第9頁放了一張長條圖，顯示液體占比（liquids skew）的提升。你能不能幫我們大概估算一下該怎麼看？你們是把它想成例如15%左右的退出（exit）比率，或是下半年液體占比提高嗎？我之所以這樣問，是因為我知道現在還早，而且你們也即將迎來新CEO，但你們覺得那樣的比率更好嗎？你們談到要更平衡，但第一季液體大約是9%。

So should we assume you're kind of going to lean in and maybe that could be at a 15-plus percent level going forward? Just curious any thoughts around that.

所以我們是否可以假設你們會更偏向加碼，未來可能會到15%以上的水準？只是想聽聽你們對此有沒有什麼想法。

Yes. I think it's a good question. I think the nice thing as we sit here is that we have the option to make those changes. So I think thinking back a few years ago, Matt and I joined, I don't think Gulfport had that flexibility in the program. So in answer to your question, I think those things are available to us where they weren't previously.

是的。我覺得這是個好問題。我想我們現在所處的有利之處在於，我們有選擇權去做這些調整。所以回想幾年前，Matt和我加入時，我不認為Gulfport在計畫上有那樣的彈性。因此回答你的問題，這些選項現在對我們是可行的，而以前不是。

I think as you go through the rest of the year, you're right, we will become a little bit more liquids heavy. We've got a couple of wet gas Utica wells or pads coming up. We've got some Marcellus development coming up. Matt mentioned our SCOOP, which has a liquids component. So there's a fair amount of liquids coming online for us at a very opportune time. And obviously, as we go into '27, we can start to make those decisions as well.

我想隨著今年剩餘時間推進，你說得對，我們會變得稍微更偏液體。我們接下來會有幾口濕氣（wet gas）的Utica井或井場（pads）上線。我們也會有一些Marcellus的開發。Matt提到我們的SCOOP，那裡也有液體成分。所以在一個非常有利的時間點，我們會有相當多的液體產量上線。而且很明顯地，進入2027年後，我們也可以開始做那些決策。

In terms of can we be 15% liquids, I mean, certainly, we're a gas company, and so you've got a mature asset base that moving that needle maybe to that level is a bit ambitious. But I do think you'll see as we go through the year, us going to more of a low teens type of a liquids percentage with the opportunity, Neal -- or I'm sorry, Tim, over time to take that even higher. But I think, again, probably for this year, it's back half weighted, call it, low teens, and then we'll assess where we want to go for 2027.

至於能不能到15%液體占比，我的意思是，當然我們是一家天然氣公司，因此在成熟的資產基礎上，要把這個指標推到那個水準可能有點進取。但我確實認為，隨著今年推進，你會看到我們的液體占比提升到低十幾%的區間；並且隨著時間推移，Neal——抱歉，Tim——我們也有機會把它再提高。但我想同樣地，就今年而言，會偏向下半年權重較高；大致可稱為低十幾%，然後我們會再評估2027年要走到哪裡。

Carlos Escalante, Wolfe Research.

Carlos Escalante，Wolfe Research。

I'd like to ask my first question to you, Matt, on the North Marcellus pad or appraisal that you're drilling later this year. What is -- if you can outline this for us, do you think it's the gross resource that the well spud is testing for? And what's the EUR you need to see to justify a programmatic Marcellus North development versus consider maybe a one-off Sci test. I know that there is some production from one of your competitors up there that looks good, but wondering if you see anything in particular in your specific area.

我想先問你第一個問題，Matt，關於你們今年稍晚要鑽的North Marcellus井場（pad）或評估（appraisal）。如果你能為我們概述一下，你認為這口井開鑽（spud）是在測試什麼樣的總資源量（gross resource）？以及你需要看到什麼樣的EUR，才足以支持以North Marcellus進行系統性（programmatic）的開發，而不是可能只做一次性的Sci測試？我知道你們有一位競爭對手在那邊有一些看起來不錯的產量，但我想了解你是否在你們特定區域看到任何特別之處。

Yes. Sure, Carlos. Thanks for the question. I would bracket that, Carlos, it's not as much delineation for us. I think when we think about what types of EURs and deliverability we'll see there, we approximate it very similarly to our Marcellus South. Quite simply for us, it's a new pocket of development with not an infrastructure component at the moment with a third party.

是的。當然，Carlos。謝謝你的問題。Carlos，我會這樣界定：對我們而言，這不太算是區域界定（delineation）。我想當我們思考那裡可能看到的EUR與產能（deliverability）時，我們的估算方式與Marcellus South非常相近。對我們來說很簡單：那是一個新的開發區塊，目前在基礎設施方面還沒有與第三方配套。

And so when you think about that, we're kind of going into there, not guns a-blazing, but we're going in with a two-well approach, kind of one north, one south to really just confirm our assumptions and make sure the liquids percentage, both NGLs and oil and composition of that are -- we understand it so that we can then go into a broader negotiation with our potential midstream providers to get the best economic output for that, that block of acreage that we have.

因此當你這樣去想，我們進去那裡不會大張旗鼓，而是採取兩口井的方式，一口偏北、一口偏南，主要是為了確認我們的假設，並確保液體占比——包括NGL與原油，以及其組成——我們都能理解，這樣我們就能與潛在的中游服務商展開更廣泛的談判，為我們持有的那一塊租地（acreage block）爭取最佳的經濟產出。

So nothing we need to see to pull the trigger. I would tell you, it's more of a let's just confirm our type curve from a liquids weighting perspective and then immediately go into kind of those contract negotiations with a midstream provider and a processing provider to really unlock that development and set good economic parameters around it.

所以沒有什麼是我們一定要看到才會按下開發按鈕的。我會說，這更像是：先從液體權重的角度確認我們的型態曲線（type curve），然後立刻進入與中游服務商及處理（processing）服務商的合約談判，真正解鎖那個開發，並為其建立良好的經濟條件參數。

That's very helpful. And then a quick follow-up and more miscellaneous question, Mike. On hedges, you're targeting roughly 30% to 40% of hedge coverage on 2027. Presumably, you would start to work on that in the near term.

這非常有幫助。接著一個簡短的追問、比較雜項的問題，Mike。關於避險（hedges），你們目標是在2027年做到約30%到40%的避險覆蓋率。推測你們會在近期開始著手。

But wondering at what NYMEX level do you accelerate that or you contract that? And is there a floor below which you choose to stay unhedged on the view that the curve is too low, which you can make an argument that there's a case to be made that, that could be true.

但我想知道在什麼NYMEX價位你們會加速進行或簽訂避險？以及是否存在一個底線（floor），低於那個水準你們會選擇不避險，因為你們認為遠期曲線太低——而且可以說確實有理由認為可能是這樣。

Yes, it's a good question, Carlos. I think on the hedging side, we try and remain flexible with that. So your observation on where we sit for 2027, I think we've talked previously, we kind of like to be in that 30% to 70% range as we enter a year. So we're near the lower end of that if you think about '27. Obviously, we've got 6, 7 months left here in 2026.

是的，這是個好問題，Carlos。我想在避險方面，我們會盡量保持彈性。所以你對我們2027年目前位置的觀察，我想我們之前談過，我們在進入某一年時，通常希望避險比例落在30%到70%的區間。所以如果看2027年，我們目前接近那個區間的下緣。很明顯地，2026年我們還有6到7個月。

I think we're pretty bullish on gas going into next year. I think the volatility that we saw earlier this year and that some of our peers have talked about really indicates that there's going to be opportunities to create value through the hedge program. So I think for us, we like that we have that baseline amount in place already for 2027. And from here, I think we can just nibble when there's opportunities.

我認為我們對明年天然氣的看法相當偏多。我認為我們今年稍早看到的波動、以及一些同業所談到的情況，確實顯示透過避險計畫創造價值將會有機會。所以對我們而言，我們喜歡的是：我們已經為 2027 年先建立了一定的基礎部位。接下來，只要有機會，我們就可以小幅加碼。

So I don't feel like we have to go do anything or that we're going to be kind of pushing to increase that, maybe as you mentioned, in the near term unless we see some of those. And typically, this time of year is perhaps not where you get a lot of those opportunities.

所以我不覺得我們必須現在就去做什麼，或是我們會在短期內（如你提到的）積極推高那個比例，除非我們看到一些那樣的機會。而通常一年中的這個時點，可能不是最容易出現很多這類機會的時候。

So as we get into next year, we'll continue to adjust. There's been years where we're a little bit more bearish and we're at the higher end of the range that I described, and there's been years where we're a little bit more bullish. Right now, I'd say we're a little on the bullish side. So we may keep that a little bit lower, but it will be kind of a dynamic process as we continue to assess what '27 looks like.

所以進入明年後，我們會持續調整。有些年份我們比較偏空，就會落在我剛才描述區間的較高端；也有些年份我們比較偏多。以目前來看，我會說我們稍微偏多一些。因此我們可能會把比例維持得稍微低一點，但這會是一個動態的過程，因為我們會持續評估 2027 年的情況會是什麼樣子。

Jacob Roberts, TPH.

Jacob Roberts，TPH。

I wanted to start on the SCOOP. Obviously, some decent results there. But just wondering, you guys have said in the past that the SCOOP was competitive with your Northeast assets and the implication here is that it's become even more competitive. Just wondering what you're needing to see in the market to allocate a more meaningful amount of capital to that asset and maybe even where you see this asset participating in that growth scenario or the market to call for it that you spoke about.

我想先從 SCOOP 談起。顯然那邊有一些不錯的成果。但我想問的是，你們過去曾說 SCOOP 與你們在東北部的資產具有競爭力，而這裡的含意似乎是它變得更具競爭力了。想請教你們需要在市場上看到什麼，才會把更有意義的資本配置到那個資產上？以及你們如何看待該資產在你們提到的成長情境中、或在市場需要它時，會扮演什麼角色？

Yes, sure. Thanks for the question, Jake. I'll start. Michael can add his comments. I think the results here that we're talking about on the drilling side are a great step in the right direction for us. We've talked about it for the last couple of years is really for that SCOOP asset is finding the operational execution consistency, and so if we're able to get those drilling days kind of 40 sub-40 and do it consistently and repeatably, it certainly gives us a lot more confidence in that asset if the time calls for us to accelerate some activity there.

好的，當然可以。謝謝你的問題，Jake。我先回答。Michael 也可以補充他的看法。我認為我們現在談到的鑽井端成果，對我們而言是朝正確方向邁出很大一步。我們過去幾年一直在談，對 SCOOP 這個資產來說，關鍵在於找到營運執行的一致性；因此如果我們能把鑽井天數降到 40 天以下、並且能夠穩定且可重複地做到，當時機需要我們加速那邊的活動時，這會讓我們對該資產更有信心。

And so as you think about it in our entire portfolio on a single well IRR, it certainly does compete. When you start to blend that in currently, it's still a capital-intensive asset with longer cycle times. And so we're very mindful of that as we think about kind of our calendar year cadence and what that does for the company.

因此，若以單井 IRR 來看，放在我們整體投資組合中，它確實具備競爭力。但當你把它納入目前的整體組合來看，它仍然是一個資本密集型資產，且週期時間較長。所以我們在思考年度節奏以及這對公司造成的影響時，會非常留意這一點。

So we still -- we look at that on an annual basis. I think for this year, we'll get these wells completed and turned to sales here sometime later in 2Q, and we'll evaluate those results. And then it will be part of our program moving forward. To the extent we look to flex into that more in the later years, I think that's something we'll always be looking at as part of just our overall capital allocation program.

所以我們仍然——我們會以年度為基礎來檢視它。我認為今年我們會把這些井完井，並在第二季稍晚某個時間點投產（turn to sales），然後我們會評估那些結果。接著它就會成為我們未來計畫的一部分。至於我們是否在較後面的年度把彈性更多地放到那邊，我想這會一直是我們整體資本配置計畫中會持續關注的一環。

But really, it's about just seeing that consistency every time we go to drill, Jake. And with this one being the best one we've done so far, we'd certainly like to see that again before we make any radical changes around that.

但重點其實就是每次去鑽井時，都要看到那種一致性，Jake。而這一口是我們目前做得最好的一口，所以在我們對此做出任何大幅調整之前，我們當然希望能再看到一次同樣的表現。

That's helpful. And then on the follow-up, I wanted to touch on the liquid hedging. I saw you guys added some swaps in addition to the collars on the oil side during 2027 as well as some propane swaps through 2027. So just wondering what the thinking is there? And then should we expect that number to move higher throughout this year?

這很有幫助。接著追問一下，我想談談液體（液態產品）的避險。我看到你們在 2027 年油品端除了領口（collars）之外也新增了一些互換（swaps），並且也做了一些一路到 2027 年的丙烷互換。想請教背後的考量是什麼？另外，我們是否應該預期今年這個數字會再提高？

Yes, it's a great observation there, Jake. I think, obviously, that market has improved here in the last couple of months, and we really didn't have a lot in place for that component of our revenue stream. So I think we saw an opportunity there to put a position in. And again, I think from our perspective, we like to be somewhere in that 30% to 70% range that I mentioned earlier. And so we saw that and kind of layered those in.

是的，Jake，你觀察得很好。我想很明顯地，這個市場在過去幾個月有所改善，而我們對於這一塊營收來源原本並沒有建立太多部位。所以我們認為看到了一個機會，可以先建立一些部位。同樣地，從我們的角度來看，我們希望落在我先前提到的 30% 到 70% 的區間。因此我們看到機會後，就分批把這些部位加進去。

I think that's an area where you kind of have to monitor all the geopolitical events and decide whether or not you think those get resolved in the near term or a little bit longer term. We're not going to try and get too cute with it. So I think if there's opportunities where we feel like we can capture a little bit more value, we could do that. But I do think we made some good progress looking out into next year at some prices that are, quite frankly, very attractive based on kind of where we've seen realizations for both WTI and NGLs.

我認為這是一個你必須監控所有地緣政治事件、並判斷你是否認為它們會在短期或較長期內得到解決的領域。我們不會想在這上面耍太多小聰明。所以如果有一些機會讓我們覺得可以多捕捉一點價值，我們可能會去做。但我確實認為，我們在展望明年時，以一些坦白說相當有吸引力的價格取得了不錯的進展，這些價格是基於我們對 WTI 與 NGLs 的實際實現價格（realizations）所看到的水準。

And then we'll kind of assess our program for 2027, as I mentioned earlier. And so to the extent that we want to continue to lean in on the liquid side, we have unhedged barrels potentially there that you could always kind of shift around. And of course, that's a way of kind of adjusting your hedge percentage just through your own activity. So I think that's one that we'll continue to monitor as we think about what the right blend for 2027 looks like.

接著我們會如我先前提到的，評估我們 2027 年的計畫。因此，如果我們想在液體端持續更積極一些，我們那邊可能還有未避險的桶數，可以隨時做一些調整與轉換。當然，這也是一種透過自身活動來調整避險比例的方法。所以我認為這會是我們持續監控的一塊，來思考 2027 年適當的組合應該長什麼樣子。

Peyton Dorne, UBS.

Peyton Dorne，UBS。

First question on my end, maybe for Mike. Gas pricing was really strong in the first quarter. I'm just curious if you could provide maybe some color on how you see differentials sort of trending here in 2Q and then maybe how you see them shaping up a bit as we progress into the summer months?

我這邊第一個問題，可能是問 Mike。第一季的天然氣價格非常強勁。我想請你分享一些看法：你如何看待第二季價差（differentials）走勢？以及隨著進入夏季月份，你覺得它們大致會如何發展？

Yes. Peyton, thanks for the question. I think I do want to give a pat on the back to our marketing team. So I know a number of the operators in the Northeast saw some opportunities with the setup going into February and capturing some of the first of the month pricing. I think our team did an excellent job following suit there and certainly led to some pretty outstanding differentials and overall realizations for the quarter.

好的。Peyton，謝謝你的問題。我想我確實要稱讚一下我們的行銷團隊。我知道東北部有不少營運商在進入二月前，看到一些市場結構帶來的機會，並抓住月初定價（first of the month pricing）。我認為我們團隊也做得非常出色、跟進得很好，這確實帶來了本季相當亮眼的價差表現與整體實現價格。

So that's something that we work on consistently here. It doesn't get a lot of airtime just because it's a pretty routine process, but we sit down and go through that. I think as you go out, I think we're still bullish on differentials overall, something that we talked about on the last quarterly call, and I think some of our peers are starting to talk about as well that a lot of the demand that we're seeing coming in the Northeast, specifically around the data centers and the power demand seems to be lifting that long-term view on basis in the Northeast.

所以這是我們一直持續在做的事情。它不太會被拿出來大談，因為這是一個相當例行的流程，但我們會坐下來逐項檢視。我認為往後看，我們整體上仍然看多價差；這也是我們在上一季法說會上談到的，我也認為一些同業開始在談：我們在東北部看到的許多需求進來，特別是資料中心與電力需求，似乎正在抬升市場對東北部基差（basis）的長期看法。

So again, it's an important component of our differential. We certainly have exposure to the Gulf Coast and the Midwest. But still do have some of that Northeastern exposure that we think is only going to rise going forward. So our full year guide on differentials, we feel is still appropriate. I'll be honest, I think that there's some opportunity for some improvement there as we go into later years, '27, '28, some of that demand starts to show up.

所以再說一次，這是我們價差的一個重要組成。我們確實也曝險於墨西哥灣沿岸與中西部市場。但我們仍然有一部分東北部的曝險，而我們認為這部分未來只會持續上升。因此，我們對全年價差的指引（guide）仍然覺得是合適的。坦白說，我認為隨著進入較後面的年度，像是 2027、2028 年，當部分需求開始浮現時，價差還有一些改善的空間。

And those are meaningful to our company. If you think about just even a $0.05 move in differentials and what that could mean to the bottom line in terms of free cash flow and EBITDA, it's pretty important to us. So yes, I think where we're setting up for the year is really good, but do feel bullish about where things are headed in the future.

而這些對我們公司而言都很有意義。如果你想想，僅僅是價差變動 0.05 美元，對自由現金流與 EBITDA 的底線可能意味著什麼，這對我們來說相當重要。所以是的，我認為我們今年的布局非常好，同時也確實對未來的走向感到樂觀。

Great. I just want to go back to the Valerie pad in the Marcellus. It was nice to see the drilling efficiencies that you guys, the team obtained there. And I know you had changed the completion design a bit in the Marcellus when you went from the Hendershot pad to the Yankee pad. You targeted the formation a bit differently, too.

很好。我想回到馬塞勒斯（Marcellus）的 Valerie 井場。很高興看到你們團隊在那裡取得的鑽井效率提升。我也知道，當你們從 Hendershot 井場轉到 Yankee 井場時，你們在馬塞勒斯的完井設計做了一些調整。你們對目標地層的鎖定方式也有些不同。

So I'm just curious how you might have attacked Valerie and then what learnings you kind of incorporate into that pad from both Hendershot and Yankee for this most recent one?

所以我只是好奇，你們是如何著手 Valerie 的？以及你們從 Hendershot 和 Yankee 兩個井場把哪些經驗教訓納入到這次最新的井場中？

Yes, sure. I mean some of the completion design changes or testing you spoke of was more around the Hendershot was kind of a two-well, one in each direction, unbounded delineation test initially. And then with the Yankee that we did last year, the four-well pad was more of a true development on our spacing assumptions.

是的，當然。我想你提到的一些完井設計變更或測試，更多是因為 Hendershot 一開始算是一個無邊界的界定測試（delineation test），大概是兩口井、各往一個方向。而我們去年做的 Yankee，四口井的井場則更像是在我們的井距假設下進行真正的開發。

I'd say we certainly learned a lot from that. I think it kind of confirmed our spacing assumptions where we wanted them to be. I would tell you that the designs around the Valerie are more about optimizing the economics of that. And so you think about the well spacing and how much sand you need, how much water you need, to effectively drain that wellbore.

我會說我們確實從中學到很多。我認為它某種程度上確認了我們希望採用的井距假設。我也會告訴你，Valerie 的設計更多是著眼於優化其經濟性。因此你會去思考井距，以及你需要多少砂、多少水，才能有效地把該井筒的儲層排採乾淨。

We took those learnings and kind of applied it here to look at the best economic outcome. And so on this pad, that's what we did. And then kind of with the ability to have four wells, there's -- we did a little bit of incremental testing on two of the inter laterals that we're looking at as well, just minor tweaks to, again, just continue to get more economically efficient there. So more to come with that, but that's kind of the evolution of what we've been doing there to your question and look forward to sharing those results later in the year.

我們把這些學習成果帶過來並應用在這裡，去尋找最佳的經濟結果。所以在這個井場上，我們就是這麼做的。另外，因為能做四口井，我們也在其中兩條內側水平段（inter laterals）上做了一點增量測試，只是一些小幅調整，目的同樣是持續提升那裡的經濟效率。所以後續還會有更多進展，但這就是我們在那裡演進的方向，以回應你的問題；也期待在今年稍晚與大家分享這些結果。

Gabe Daoud, Truist.

Gabe Daoud，Truist。

Congrats on bringing Nick aboard. I was wondering, maybe, Mike, on the back of your comments to the last question around in-basin pricing improving later this decade. I guess on the back of that, is there -- are there any transport agreements that could be rolling in that period where you would, I guess, let roll to provide a tailwind to the cost structure and margins?

恭喜把 Nick 延攬加入。我想請教一下，Mike，承接你對上一題的回應、關於本盆地（in-basin）定價在本十年後期改善的看法。在那個期間，是否有任何運輸協議可能到期，讓你們選擇不再續約（let roll），從而為成本結構與利潤率帶來順風？

Yes. I mean it's a good question, Gabe. I mean we're always assessing kind of what we have, and there's always smaller pieces within the portfolio that sometimes aren't as critical. And I would say that you consider letting go from time to time that do help a little bit. There's also opportunities you guys are probably aware to optimize your book and even offload some of those on a shorter-term basis to other operators maybe that need space.

是的。這是個好問題，Gabe。我們一直都在評估我們手上的合約組合，投資組合裡也總會有一些較小的部分，有時候沒那麼關鍵。我會說，我們確實會不時考慮放掉一些，多少能帶來一點幫助。另外，你們可能也知道，還有機會去優化你們的合約簿（book），甚至在較短期的基礎上把其中一些轉讓給其他可能需要容量的營運商。

So I think there's I think as basis improves in the Northeast, there's probably more of those kind of netback decisions that you can make around your firm portfolio and whether or not it makes sense to hold all of it. But I would tell you that just kind of from a strategic perspective, we feel really good about the diversity that we have and the exposure to the different basins.

所以我認為，隨著東北地區的基差（basis）改善，可能會出現更多這類關於淨回收（netback）的決策：針對你們的固定運輸（firm）合約組合，是否有必要全部保留。但我也會說，從策略角度來看，我們對自身的多元性以及對不同盆地的曝險感到非常滿意。

So I don't know that I would forecast us making significant changes. I mean, having the exposure in the Midwest, having the exposure in the Gulf Coast, just even the diversity from a risk mitigation perspective, I think, makes a lot of sense.

所以我不確定我會預測我們會做出重大的調整。我的意思是，擁有中西部的曝險、擁有墨西哥灣沿岸的曝險，甚至僅從風險緩解的多元化角度來看，我認為都很合理。

So I think, yes, maybe to summarize, there's probably some small improvements that you may see on the cost structure just even within our portfolio around our Northeastern position, but nothing that I would say would be a wholesale strategic shift for Gulfport at this point.

所以我想，是的，總結來說，你們可能會看到一些小幅的成本結構改善，即便只是來自我們投資組合中東北部部位的調整，但就目前而言，我不會說這會是 Gulfport 的全面性策略轉向。

Got it. Got it. That's helpful. Makes sense. And then I guess just as a follow-up, your discretionary land program has been pretty successful over the last several years, extending inventory life. Just curious, how should we think about that program for '26 and moving forward?

了解。了解。這很有幫助。有道理。那接著追問一下，你們的自主性土地計畫（discretionary land program）在過去幾年相當成功，延長了庫存年限。想請教，我們應該如何看待 2026 年以及之後這個計畫的走向？

Yes. I'm glad you asked, Gabe. It really has been a big part of our success over the last few years. I think we're actually in the process right now of formulating our thoughts around it. We do like to have a very clear path when we come out and talk about it. We do think there continues to be some exciting opportunities around the basin. So it's typically been something we talk about around the midyear.

是的。很高興你問到，Gabe。這確實是我們過去幾年成功的一大部分。我想我們目前其實正在形成對此的想法。我們確實希望在對外說明時有一個非常清晰的路徑。我們也認為在該盆地周邊仍然有一些令人振奮的機會。所以這通常是我們在年中會談到的事情。

I know our next call is likely to be in August. But over the last few years, I think we've done somewhere between $50 million and $100 million of discretionary acreage programs. I think to the extent that we've been successful, which we have, I think we like that allocation of capital, like I talked about earlier. And I think there's a strong likelihood that we'll have something to talk about midyear that's a pretty exciting opportunity to capture more land this year.

我知道我們下一次電話會議可能是在 8 月。但在過去幾年，我想我們的自主性增購土地計畫大約介於 5,000 萬到 1 億美元之間。如果我們能持續成功——而我們確實做到了——我想我們喜歡這樣的資本配置，就像我先前提到的。而且我認為很有可能在年中我們會有一些相當令人興奮的機會可以分享，來在今年取得更多土地。

So it's not unlimited. I mean, there's certainly -- you have to be smart about it. There's areas that we feel like we can find locations that move into the near-term development plan, which really is what enhances the economics the most. And so it's really not a carpet bombing exercise. It's us going out and trying to make sure that we have that line of sight before we allocate the dollars.

所以它不是無上限的。我的意思是，當然——你必須要精明地去做。有些區域我們覺得可以找到能納入近期開發計畫的井位，而這其實最能提升經濟性。因此這真的不是地毯式轟炸（carpet bombing）的作法。而是我們出去之前會先確保有清楚的可視性（line of sight），再去配置這些資金。

So we'll talk about it more later this year, but you can probably sense in my tone that I'm pretty excited about what we'll have to share later on.

所以我們會在今年稍晚再多談一些，但你大概也能從我的語氣感覺到，我對之後要分享的內容相當興奮。

And this now concludes our question-and-answer session. I would like to turn the floor back over to Michael Hodges for closing comments.

現在問答環節到此結束。我想把時間交回給 Michael Hodges 作結語。

Yes. Thank you, operator, and thanks to everyone for taking the time to join the call today. Should you have any questions, please do not hesitate to reach out to our Investor Relations team. This concludes our call. Thank you, and have a great day.

是的。謝謝主持人，也感謝各位今天撥冗參與本次電話會議。若您有任何問題，請隨時與我們的投資人關係團隊聯繫。本次電話會議到此結束。謝謝，祝各位有美好的一天。

Ladies and gentleman, thank you for your participation. This now concludes today's teleconference. You may disconnect your lines and have a wonderful day.

各位女士、先生，感謝您的參與。今天的電話會議到此結束。您現在可以掛線，祝您有美好的一天。