Granite Ridge Resources Inc (GRNT) 2023 Q3 法說會逐字稿

Good morning. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the Granite Ridge Resources' Third Quarter 2023 Earnings Conference Call.

早安.我叫羅布，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Granite Ridge Resources 2023 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

Thank you. Wes Harris, Investor Relations representative for Granite Ridge. You may begin your conference.

謝謝。 Wes Harris，Granite Ridge 投資人關係代表。您可以開始您的會議了。

Thank you, operator. And good morning, everyone. We appreciate your interest in Granite Ridge Resources. We will begin our call with comments from Luke Brandenberg, our President and Chief Executive Officer, who will provide an overview of key matters for the third quarter and our outlook for the remainder of 2023. We will then turn the call over to Tyler Farquharson, our Chief Financial Officer, who will review our financial results. Luke will then return to provide some closing comments before we open up the call for questions.

謝謝你，接線生。大家早安。我們感謝您對花崗岩嶺資源的興趣。我們將首先聽取我們的總裁兼首席執行官 Luke Brandenberg 的評論，他將概述第三季度的關鍵事項以及我們對 2023 年剩餘時間的展望。 ，他將審查我們的財務業績。然後，在我們開始提問之前，盧克將返回提供一些總結評論。

Today's conference call contains certain projections and other forward looking statements within the meaning of federal securities laws. These statements are subject to risk and uncertainties that may cause actual results to differ from those expressed or implied in these statements. We would ask that you also review the cautionary statement in our earnings release.

今天的電話會議包含聯邦證券法含義內的某些預測和其他前瞻性陳述。這些陳述存在風險和不確定性，可能導致實際結果與這些陳述中明示或暗示的結果不同。我們要求您也查看我們收益報告中的警示聲明。

Granite Ridge disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise. Accordingly, you should not place undue reliance on forward looking statements. These and other risks are described in yesterday's press release and our filings with the Securities and Exchange Commission.

Granite Ridge 不承擔任何更新或修改任何前瞻性聲明的意圖或義務，無論是由於新資訊、未來事件或其他原因。因此，您不應過度依賴前瞻性陳述。這些風險和其他風險在昨天的新聞稿和我們向美國證券交易委員會提交的文件中進行了描述。

This conference call also includes references to certain non-GAAP financial measures. Information reconciling non-GAAP financial measures discussed to the most directly comparable GAAP financial measures is available in our earnings release that is posted on our website.

本次電話會議也提到了某些非公認會計準則財務指標。我們網站上發布的收益報告中提供了將討論的非公認會計原則財務指標與最直接可比較的公認會計原則財務指標進行協調的資訊。

Finally, as a reminder, this conference call is being recorded. A replay and transcript will be made available on our website following today's call.

最後，提醒一下，本次電話會議正在錄音。今天的電話會議後，我們的網站上將提供重播和文字記錄。

So with that, I'll turn the call over to Luke. Luke?

因此，我會將電話轉給盧克。盧克？

Thank you, Wes. And thanks to everyone for joining our third quarter call. A lot of excitement over here as we crossed the 1-year mark as a public company a couple of weeks ago. By dialing into this call, you are all part of the celebration and I hope that you'll join me in, one, thanking our team for all their hard work to continue to grow the business and to complete the transition from private to public; our legal, accounting and banking partners are keeping the wheels of capitalism turning. The folks on the research and IR side are helping us to spread the Granite Ridge story; our operating partners for fighting the good fight in the field every day and finally, for our investors for trusting us to be good stewards of your capital.

謝謝你，韋斯。感謝大家參加我們的第三季電話會議。幾週前，當我們上市公司成立一周年時，這裡充滿了興奮。透過撥打這個電話，你們都是慶祝活動的一部分，我希望你們能和我一起參加，第一，感謝我們的團隊為繼續發展業務和完成從私人到公共的轉變而付出的辛勤工作；我們的法律、會計和銀行合作夥伴正在推動資本主義的車輪轉動。研究和投資者關係的人們正在幫助我們傳播 Granite Ridge 的故事；感謝我們的營運夥伴每天都在現場奮力拼搏，最後感謝我們的投資人相信我們會成為您資本的好管家。

Now this is one of those fun quarters to talk about. On the asset side, we outperformed our internal expectations. On the business side, we're firing on all cylinders. And on the corporate side, the company is more investable than ever. My plan for this morning is to walk through each of those in a little more detail then to discuss how this impacts the remainder of 2023.

現在這是值得談論的有趣的地方之一。在資產方面，我們的表現超出了我們的內部預期。在業務方面，我們正在全力以赴。在企業方面，該公司比以往任何時候都更具投資價值。我今天早上的計劃是更詳細地討論每一個問題，然後討論這對 2023 年剩餘時間的影響。

And while we plan to issue 2024 guidance when we report year-end earnings in March, I would also like to share a bit about where we see 2024 heading.

雖然我們計劃在 3 月報告年終收益時發布 2024 年指引，但我也想分享一些關於我們對 2024 年前景的看法。

Starting with the assets, we want to give credit where credit is due to our operating partners for a great quarter of execution. These folks turned 77 gross or just over 8.5 net wells to sales this quarter, which drove over 20% quarter-over-quarter production growth. A lot of moving pieces in 77 gross wells, but ultimately, 2 development units led to the beat.

從資產開始，我們希望將功勞歸功於我們的營運合作夥伴在一個季度的出色執行。這些人本季共銷售了 77 口井，即略高於 8.5 口淨井，帶動產量較上季增加超過 20%。 77 口井中有很多移動部件，但最終，2 個開發單元取得了進展。

We had 3.5 net wells in the core Delaware unit that turned to sales a month earlier than expected and came in under budget. Additionally, we have 1 net well in a Haynesville unit that hit the trifecta by coming in about a month early, exceeding internal production expectations and coming in significantly under AFE.

我們在特拉華州的核心部門擁有 3.5 口淨井，比預期提前一個月實現銷售，且未超出預算。此外，我們在 Haynesville 的一個裝置中擁有 1 口淨井，該井提前大約一個月投產，超出了內部產量預期，並且產量顯著低於 AFE，從而實現了三連勝。

Now, before I shift to the business, I should mention something about cost. While we have seen green shoots of costs coming in below expectations, we are not modeling and cost declines going forward. On the business side, the opportunity set continues to be robust, both on the traditional non-op or burgers and beers front, as well as the controlled CapEx or strategic partnership front. We have closed on 23 transactions year-to-date and have another handful that we expect to close by the end of the year.

現在，在我轉向業務之前，我應該提到一些關於成本的事情。雖然我們已經看到成本的萌芽低於預期，但我們並沒有對未來的成本下降進行建模。在業務方面，無論是在傳統的非營運或漢堡和啤酒方面，還是在受控資本支出或戰略合作夥伴方面，機會集仍然強勁。今年迄今為止，我們已經完成了 23 筆交易，並預計在今年年底前完成少數交易。

These deals represent a nice blend of flowing production, near-term development and longer dated inventory. 7 of these are in the controlled CapEx or strategic partnership leg of our business development stool. As a reminder, these are opportunities where we take a controlling interest in well-defined areas through direct partnership with proven operators. These are higher concentration investments when we mitigate that concentration risk with higher expected returns and full control over development timing.

這些交易代表了流動生產、近期開發和較長期庫存的完美結合。其中 7 個屬於我們業務發展工具的受控資本支出或策略夥伴部分。提醒一下，我們有機會透過與成熟的運營商直接合作，在明確的領域獲得控股權。當我們透過更高的預期回報和對開發時機的完全控制來降低集中度風險時，這些投資就屬於更高集中度的投資。

Finally, I'll turn to the corporate side. Our big event for the quarter was a secondary sale of about 8 million shares from our largest shareholders. As this was all secondary, Granite Ridge did not make the determination to sell, nor did we receive any proceeds, but the offering did a lot to make GRNT more investable. We have seen a material increase in trading volume. We added over 40 new investors and we significantly increased research coverage with Bank of America, Water Tower and Stephens picking up coverage post-offering. Phillips at Capital One was a bit lonely as a consensus of one, and we sure appreciate all of you sharing your time and mind share with us.

最後，我要談談企業方面。本季我們的大事件是我們最大股東二次出售約 800 萬股股票。由於這都是次要的，Granite Ridge 沒有做出出售的決定，我們也沒有收到任何收益，但此次發行大大提高了 GRNT 的投資價值。我們看到交易量大幅增加。我們增加了 40 多名新投資者，並顯著增加了研究覆蓋範圍，美國銀行 (Bank of America)、水塔 (Water Tower) 和史蒂芬斯 (Stephens) 在發行後也開始覆蓋。第一資本的菲利普斯作為一個人的共識有點孤獨，我們非常感謝你們所有人與我們分享你們的時間和想法。

Now, all these benefits did not come without a cost. While we've recovered a bit, the secondary pricing was painful. But in addition to the trading volume increase, broader investor base and increase in research coverage, the offering demonstrated that our largest shareholder continues to be willing to make the hard decisions in order to make Granite Ridge more investable.

現在，所有這些好處並不是沒有代價的。雖然我們已經恢復了一點，但二次定價還是很痛苦。但除了交易量增加、投資者基礎更廣泛和研究覆蓋範圍擴大之外，此次發行還表明我們的最大股東仍然願意做出艱難的決定，以使 Granite Ridge 更具投資性。

Turning our attention to our updated outlook for full year 2023, we're making some adjustments to the full year to account for the third quarter outperformance. The first one is production, where we are increasing both the low and the high end of our 2023 production guidance by a 1,000 barrels of oil equivalent per day. This takes the midpoint up to 23,250 barrels of oil equivalent per day or about an 18% increase over the full year 2022 and a 4% higher than the midpoint of our previous full year 2023 guidance.

將我們的注意力轉向 2023 年全年的最新展望，我們正在對全年進行一些調整，以考慮到第三季的優異表現。第一個是產量，我們將 2023 年產量指引的低端和高端每天增加 1,000 桶石油當量。這使得中點達到每天 23,250 桶石油當量，即比 2022 年全年增長約 18%，比我們之前的 2023 年全年指導中點高出 4%。

A couple of things to keep in mind here. First, while some of the third quarter production beat was due to outperformance, some of it was due to acceleration, meaning less volumes from those wells in the fourth quarter. We mentioned in a previous call that the third quarter will be the high point for the year. Internally, we're looking at about a 7% production decline from the third to the fourth quarter.

這裡需要記住一些事情。首先，雖然第三季產量成長的部分原因是表現出色，但部分原因是產量加速成長，這意味著第四季度這些油井的產量減少。我們在先前的電話會議中提到，第三季將是今年的高點。從內部來看，我們預計第三季到第四季的產量將下降約 7%。

The second thing I would point out is while our oil production outperformed expectations a bit year-to-date, the outperformance has primarily been on the gas side. With that, we are taking our oil waiting for the year down to 47%.

我要指出的第二件事是，雖然我們的石油產量今年迄今略好於預期，但表現出色主要是在天然氣方面。這樣，我們將把今年等待的石油產量降低到 47%。

On the 2023 CapEx side, we are increasing our inventory acquisition and producing property acquisition bucket up from $50 million to $90 million. As a reminder, we only guide the transactions that are either closed or in definitive dots, not the future deals. The incremental $40 million is new deals since the last call that we have closed or expect to close by year end. About half of the $40 million increase is one acquisition in the Haynesville, and roughly a quarter of the increase is a couple of opportunistic diversified PDP buys.

在 2023 年資本支出方面，我們正在增加庫存收購，並將財產收購金額從 5,000 萬美元增加到 9,000 萬美元。提醒一下，我們只指導已結束或已確定的交易，而不是未來的交易。增加的 4000 萬美元是自上次電話會議以來我們已經完成或預計在年底完成的新交易。在增加的 4000 萬美元中，大約有一半是 Haynesville 的一項收購，大約四分之一的增長是幾次機會主義多元化 PDP 收購。

Now, while we are not typically buyers of PDP, part of the thesis for going public was that there may be some long in the tooth funds that may need to divest assets. We were able to offer ease and certainty of close in exchange for an attractive valuation. On the drilling side, we are taking the midpoint up $15 million. This is due primarily to beginning operations with a strategic partner during the fourth quarter, as well as some acceleration of wells that we thought would come online in 2024, but that we now expect in 2023. That acceleration has the impact of increasing 2023 net turn to sales, but we do not expect much in the way of production from this increase in well activity as they will be turned on so late in the year.

現在，雖然我們通常不是 PDP 的買家，但上市的部分原因是，可能有一些長期存在的基金可能需要剝離資產。我們能夠提供輕鬆且確定的成交，以換取有吸引力的估值。在鑽探方面，我們將中間價提高了 1500 萬美元。這主要是由於第四季度與戰略合作夥伴開始運營，以及油井的一些加速，我們原以為將在2024 年上線，但我們現在預計在2023 年。影響銷售，但我們預計油井活動的增加不會對產量產生太大影響，因為油井活動將在今年稍後啟動。

Before I pass the ball to Tyler, I'll wrap up with a few thoughts on 2024. From a capital allocation standpoint, we have previously mentioned that our normal course of business debt target is half a turn to leverage. We are sitting at about a quarter turn now. So long as the opportunity set justifies it, our Board has been supportive of reinvesting all of our post-dividend cash flow and borrowing to fund compelling new opportunities. Once we get closer to that half a turn of leverage, I expect that you'll see us live within cash flow. The other thing I would note is where drilling dollars are going.

在我把球傳給泰勒之前，我將總結對 2024 年的一些想法。我們現在坐大約四分之一圈。只要機會證明是合理的，我們的董事會就一直支持將我們所有的股息後現金流進行再投資，並透過借款來為引人注目的新機會提供資金。一旦我們的槓桿率接近半圈，我希望您會看到我們生活在現金流之中。我要注意的另一件事是鑽探資金的去向。

As our strategic partnership program continues to gain traction, we will begin to have full control over the timing of some of our drilling capital. If we want to pause, we can pause. If we believe that conditions are right to accelerate, we can accelerate. Based on what we're seeing for 2024, we expect that roughly a quarter of our drilling dollars will be controlled. And with success, we hope to increase that in future years.

隨著我們的策略夥伴計劃繼續獲得關注，我們將開始完全控制部分鑽探資本的時間表。如果我們想暫停，我們可以暫停。如果我們認為加速的條件合適，我們就能加速。根據我們對 2024 年的預測，我們預計大約四分之一的鑽探費用將受到控制。隨著成功，我們希望在未來幾年能夠增加這一點。

So with that, I'll turn it over to Tyler to discuss our financial results in more detail. Tyler?

因此，我將把它交給泰勒，更詳細地討論我們的財務表現。泰勒？

Thanks, Luke. And good morning, everyone. During the third quarter, our Q3 average daily production was above the high end of our internal estimates at 26,433 Boe per day, a 20% increase compared to Q3 of 2022 and 23% higher than this year's second quarter. Both oil and natural gas volumes were higher versus Q2, as we experienced favorable timing adjustments on key wells in the Permian and Haynesville and production outperformance on gas wells recently turned to sales in the Haynesville.

謝謝，盧克。大家早安。第三季度，我們第三季的日均產量高於內部預測的上限，即每天 26,433 桶油當量，比 2022 年第三季成長 20%，比今年第二季成長 23%。石油和天然氣產量均較第二季度有所增加，因為我們在二疊紀和海恩斯維爾的關鍵井上經歷了有利的時機調整，並且氣井的產量表現最近轉向了海恩斯維爾的銷售。

As Luke mentioned, we increased our full year 2023 production midpoint of guidance to 23,250 Boe per day, which represents 18% growth, compared to last year. Our adjusted EBITDA was $83.2 million in Q3, up 19% from this year's second quarter. Adjusted EPS was $0.21 per diluted share for the quarter. Non-cash depletion and accretion expense for the third quarter totaled $44.3 million, impacting adjusted EPS by $0.33 per share.

正如盧克所提到的，我們將 2023 年全年產量指引中點提高至每天 23,250 桶油當量，與去年相比成長 18%。第三季調整後的 EBITDA 為 8,320 萬美元，比今年第二季成長 19%。本季調整後每股攤薄每股收益為 0.21 美元。第三季非現金消耗和增加費用總計 4,430 萬美元，影響調整後每股收益 0.33 美元。

Third quarter oil differential of negative $3.89 per barrel was higher than our historical trend due to less favorable local market pricing in the Bakken. Natural gas price realizations during the quarter were 99% of benchmark prices, lower than our historical trend and a result of weaker shoulder month pricing and lower NGL value net of processing costs.

由於巴肯當地市場定價較不利，第三季油價差為負 3.89 美元/桶，高於歷史趨勢。本季天然氣價格實現率為基準價格的 99%，低於我們的歷史趨勢，這是由於平月定價疲軟以及扣除加工成本後的 NGL 價值較低所致。

Per unit lease operating costs were $6.96 per Boe, a 5% decrease compared to the second quarter and within our guided range of $6.50 to $7.50 per Boe. Production and ad valorem taxes were 7% of sales, with our view for the remainder of 2023 unchanged at 7% to 8% of sales.

每單位租賃營運成本為每桶油當量 6.96 美元，比第二季度下降 5%，處於我們每桶油當量 6.50 至 7.50 美元的指導範圍內。生產稅和從價稅佔銷售額的 7%，我們對 2023 年剩餘時間的預期保持在銷售額的 7% 至 8% 不變。

G&A expense for the third quarter was $2.16 per Boe. Included in our third quarter G&A expense was $379,000 of non-cash stock-based compensation. Adjusting for this, our recurring cash G&A expense was $4.9 million or $2 per Boe. We continue to expect full year 2023 recurring cash G&A to be in the range of $20 million to $22 million, excluding the $2.5 million in warrant exchange transaction costs incurred in the second quarter.

第三季的一般管理費用為每桶油當量 2.16 美元。我們第三季的一般管理費用包括 379,000 美元的非現金股票薪酬。對此進行調整後，我們的經常性現金一般管理費用為 490 萬美元，即每桶油當量 2 美元。我們仍預期 2023 年全年經常性現金管理費用將在 2,000 萬美元至 2,200 萬美元之間，不包括第二季產生的 250 萬美元的權證交換交易成本。

Our operating partners completed and placed on production a total of 77 gross or 8.6 net wells with nearly 2/3 of the activity occurring in the Permian Basin. An additional 196 gross or 10.6 net wells were in progress at quarter end. We are increasing our full year expectation by 2 net wells on the low and high end to now target 21 to 23 net wells placed on production during full year 2023.

我們的營運夥伴共完成並投產了 77 口總井或 8.6 口淨井，其中近 2/3 的活動發生在二疊紀盆地。截至季末，另有 196 口總井或 10.6 口淨井正在施工。我們將全年預期提高了 2 口低端和高端淨井，目前的目標是 2023 年全年投產 21 至 23 口淨井。

Capital spending during the quarter was $95.1 million, including $20.1 million of acquisitions. Year-to-date, our spending totals $284.6 million, including $62.4 million of acquisitions. Primarily to reflect an increased level of company acquisitions, as well as the expanded development efforts by our operating partners on their respective acreage, we are increasing the midpoint of our annual capital guidance by $55 million.

該季度的資本支出為 9,510 萬美元，其中包括 2,010 萬美元的收購。年初至今，我們的支出總額為 2.846 億美元，其中包括 6,240 萬美元的收購支出。主要是為了反映公司收購水準的提高，以及我們的營運夥伴在各自土地上加大開發力度，我們將年度資本指引的中位數增加了 5,500 萬美元。

Our total capital spending guidance is now $345 million to $355 million for 2023. We also continued our ongoing quarterly cash dividend. During the quarter, the Board declared an $0.11 per share dividend that on an annualized basis represents a 7.2% dividend yield measured against Wednesday's closing price. In addition, we also repurchased 869,000 shares at an aggregate cost of $6.3 million during the quarter. As of September 30, we have repurchased a total of $1.8 million shares at a cost of approximately $12.3 million. Subsequent to quarter end, we completed our semi-annual bank redetermination, increasing our elected commitment amount from $150 million to $240 million.

目前，我們對 2023 年的總資本支出指引為 3.45 億美元至 3.55 億美元。本季度，董事會宣布派發每股 0.11 美元股息，以週三收盤價計算，年化股息殖利率為 7.2%。此外，本季我們還回購了 869,000 股股票，總成本為 630 萬美元。截至 9 月 30 日，我們已回購了總計 180 萬美元的股票，成本約為 1,230 萬美元。季度末後，我們完成了半年度銀行重新確定，將我們選定的承諾金額從 1.5 億美元增加到 2.4 億美元。

Pro forma for this redetermination, our liquidity at the end of Q3 was $161 million, with $85 million drawn on our revolving credit facility. Our leverage ratio at quarter end was approximately a quarter of a turn and below our half turn target.

根據此次重新確定的預計，第三季末我們的流動性為 1.61 億美元，其中 8,500 萬美元來自我們的循環信貸額度。季度末我們的槓桿率約為四分之一週，低於我們的半週目標。

Finally, over the past months, we have added a number of defensive hedges to where we now have approximately 75% of our current PDP hedged for 2024 oil and gas.

最後，在過去的幾個月裡，我們增加了一些防禦性對沖，目前我們大約 75% 的 PDP 對沖 2024 年的石油和天然氣。

I'll now hand it back to Luke for his closing comments. Luke?

現在我將把它交還給盧克，讓他發表結束語。盧克？

Thank you, Tyler. To sum it up, we are pleased with our third quarter results and believe we are strongly positioned as we enter 2024. And while it may sound like a broken record, I do think it is worth repeating that we believe Granite Ridge's investment thesis for non-op oil and gas companies differentiated is practically we're a hybrid oil and gas company and investment firm.

謝謝你，泰勒。總而言之，我們對第三季的業績感到滿意，並相信在進入2024 年時我們處於有利地位。是針對非-op 石油和天然氣公司的與眾不同之處在於，我們實際上是一家混合石油和天然氣公司和投資公司。

Our objective is to tighten the band of outcomes in oil and gas investing with high diversification, low leverage, and disciplined investment decision-making. While many of our small cap peers trade more like an asset than a business, we look forward to demonstrating in the public space, as we have in the private space for a decade, that there is real value in the Granite Ridge business above and beyond our asset value.

我們的目標是透過高度多元化、低槓桿和嚴格的投資決策來收緊石油和天然氣投資的成果範圍。雖然我們的許多小盤同行的交易更像是資產而不是企業，但我們期待在公共領域展示，正如我們十年來在私人領域所做的那樣，Granite Ridge 業務具有超越其他領域的真正價值我們的資產價值。

I'd also like to make the distinction that while we had a decline in stock price from the secondary, we did not have a decline in stock value. This decline in stock price does not increase risk, it decreases it. We have something special here, particularly at this price point.

我還想指出的是，雖然我們的股價比二級市場下降，但我們的股票價值並沒有下降。股價的下跌不會增加風險，反而會降低風險。我們這裡有一些特別的東西，特別是在這個價位上。

I'll wrap up by thanking all of our shareholders once again for your continued support. We appreciate. And with that, we're happy to answer any questions folks may have on today's call. Operator?

最後，我將再次感謝所有股東的持續支持。我們很感激。因此，我們很樂意回答人們在今天的電話會議上可能提出的任何問題。操作員？

(Operator Instructions)

（操作員說明）

And your first question comes from a line of Michael Scialla from Stephens.

你的第一個問題來自史蒂芬斯的麥可夏拉（Michael Scialla）。

Luke, you mentioned talking -- you mentioned you've got control of 25% of expenditures, or you think you're going to for next year. I guess, based on where strip prices are now, when do you think you would hit that leverage target of 0.5x? And what does that imply for growth next year relative to, call it the high-teens you'll do this year?

盧克，你提到談話——你提到你已經控制了 25% 的支出，或者你認為你明年會控制。我想，根據現在的帶鋼價格，您認為什麼時候會達到 0.5 倍的槓桿目標？相對於今年的高青少年成長，這對明年的成長意味著什麼？

Yeah. Mike. Good question. So, from a leverage perspective, at the pace that we're going, I'd anticipate that we would hit that half-turn target somewhere, call it middle of the year. That would be the best guess at this time. Again, prices will play a pretty big impact on that. As will acceleration on that control capital or strategic partnership side, as I mentioned, we'll be picking up a rig, and actually 2 rigs for a short period of time this year. But we're practically looking at about a rig full-time next year and so that will certainly play a role in it.

是的。麥克風。好問題。因此，從槓桿的角度來看，按照我們目前的步伐，我預計我們會在某個地方達到半週目標，稱之為年中。這將是目前最好的猜測。同樣，價格將對此產生相當大的影響。正如我所提到的，隨著控制資本或戰略合作夥伴的加速，我們將在今年的短時間內購買一台鑽機，實際上是兩台鑽機。但我們實際上正在考慮明年的全職鑽機，因此這肯定會在其中發揮作用。

Okay. And can you characterize kind of the percentage of working interests you take in those strategic partnerships versus your typical burgers and beer? And what's the pipeline of opportunities look like for more of the strategic partnerships?

好的。您能否描述一下您在這些策略夥伴關係中所佔的工作利益與典型的漢堡和啤酒的比例？更多策略夥伴關係的機會管道是什麼樣的？

Yeah, great question. So, on the burgers and beer side, that varies quite a bit from the DJ basin where we brought on 32 wells, but only 0.07 net. So very small working interests generally across the DJ. And some areas of the Permian, we may be closer to 10%, but on the strategic partnership side, so that gets a lot higher. That's much more concentrated investments. And so, generally speaking, when we partner with a group, we may -- we being Granite Ridge, maybe 95% of the capital in that partnership. Now we generally have 100% control of the drilling unit, so maybe we're 60%, 70% of that. But net to Granite Ridge, so if you look at the drilling unit, we're probably somewhere between 50% and 60% typically. So much more concentration there.

是的，很好的問題。因此，在漢堡和啤酒方面，這與 DJ 盆地有很大不同，我們在 DJ 盆地引入了 32 口井，但淨值僅為 0.07。所以 DJ 的工作興趣通常很小。在二疊紀盆地的某些地區，我們可能接近 10%，但在戰略合作夥伴關係方面，這個數字會更高。這是更集中的投資。因此，一般來說，當我們與一個集團合作時，我們可能會——我們是 Granite Ridge，可能擁有該合作夥伴關係中 95% 的資本。現在我們通常對鑽井裝置有 100% 的控制，所以可能是 60%、70%。但就 Granite Ridge 而言，如果您查看鑽探設備，我們通常可能在 50% 到 60% 之間。那裡更加集中。

And as we talked about, we really like the balance there. You have higher concentration, but we expect higher rates of return there. And then also just that control piece, I think it's really differentiated for what we're doing. It just gives us the ability to pause if it makes sense, accelerate if it makes sense, and just look a lot more like an operator from that perspective.

正如我們所說，我們真的很喜歡那裡的平衡。你的專注度更高，但我們預期那裡的回報率更高。然後還有那個控制部分，我認為它對於我們正在做的事情來說確實是不同的。它只是讓我們能夠在有意義的情況下暫停，在有意義的情況下加速，從這個角度來看，它看起來更像一個操作員。

Great. And then, just one more if I could. You mentioned you're seeing some green shoots on pricing. You're not ready to change your official, I guess, well costs for next year. But anything you can say in general on where you think well costs are heading based on what you've seen with AFE so far relative to 2023?

偉大的。然後，如果可以的話，再多說一次。您提到您看到了定價方面的一些萌芽。我猜你還沒準備好改變明年的官方費用。但是，根據您迄今為止對 AFE 的觀察，相對於 2023 年，您認為成本將走向何方，您能概括地說一下嗎？

Yeah, I think basin by basin changes a lot. Where we've seen the best beats, if you will, is in the Haynesville. And I think a big factor of that was you probably just had a pretty big swing on the pendulum when prices for drilling really ramped in late ‘22. And like a lot of folks just got bit by that, I think you saw companies probably had AFEs a little bit more to make up for that. And we've seen them come in under. I mean, in one case we were -- gosh, we were almost 20% under, which was tremendous and certainly happy to be partnered with that operator there. But that said, it's -- I could tell you a handful of data points where we beat, but the majority of them were really coming in line pretty darn close to AFE.

是的，我認為每個盆地都有很大的變化。如果你願意的話，我們見過最好的節拍的地方是在海恩斯維爾。我認為其中一個重要因素是，當鑽探價格在 22 年底真正上漲時，鐘擺可能出現了相當大的擺動。就像很多人都被這個問題困擾一樣，我想你看到公司可能有更多的 AFE 來彌補這一點。我們已經看到他們陷入困境。我的意思是，在一個案例中，我們——天哪，我們的成本幾乎低於 20%，這真是太棒了，而且我們很高興能與那裡的運營商合作。但話雖如此，我可以告訴你一些我們擊敗的數據點，但其中大多數數據確實非常接近 AFE。

So again, there are some green shoots, but, rigs are getting a bit tighter in the Permian than they were 6 months ago. And so you're seeing some rig rates that are approaching low $30,000s a day. And so, I don't know that we're seeing any relief there. So I'd say steady as she goes is our expectation as we look towards ‘24.

再說一次，有一些萌芽，但是，二疊紀的鑽井平台比 6 個月前更緊張。因此，您會看到一些鑽孔機價格接近每天 30,000 美元。因此，我不知道我們是否看到了任何緩解。所以我想說，當我們展望 24 小時時，她的穩定發展是我們的期望。

Your next question comes from a line of Jeff Robertson from Water Tower Research. Your line is open.

您的下一個問題來自 Water Tower Research 的 Jeff Robertson。您的線路已開通。

Luke, with what you all have going on closing out the year with some of the incremental acquisitions, will that give you some production momentum as you start up in or as you head into the first quarter of 2024?

Luke，你們在今年結束時進行了一些增量收購，這會為你們在 2024 年啟動或進入 2024 年第一季時帶來一些生產動力嗎？

Yes. Jeff. So I'd say maybe a little bit, but most of the acquisitions, I referenced the one in the Haynesville that was, plus or minus $20 million. That was a little bit of production, but the vast majority of that is inventory weighted. That said, the group that we partnered with there, they'll actually be completing some wells late this year. And so I'd say we could see a little bit of acceleration, if you will, or increase going into '24 from the $40 million increase. But I don't think it's going to be a ton. Most of that is really inventory weighted, where we may start drilling that next year at some point, but not necessarily immediately.

是的。傑夫.所以我想說也許有一點，但大多數收購，我提到了海恩斯維爾的收購，金額正負 2000 萬美元。這只是一點點生產，但其中絕大多數是庫存加權的。也就是說，我們在那裡合作的團隊實際上將在今年稍後完成一些油井。所以我想說，如果你願意的話，我們可以看到一點加速，或者從 24 年開始，增加 4000 萬美元。但我認為不會有很多。其中大部分實際上是庫存加權的，我們可能會在明年的某個時候開始鑽探，但不一定立即開始。

We did have a little bit of a production buy that I also mentioned, I guess it was through 2 transactions that we were just fortunate to really get to capitalize on, hey, there's some, late life funds and they may need to get out of assets. The good funds, the fund made money, they just need to exit. And we were just a natural buyer and we could make it real easy for them. And so we did buy a little bit of production there, valuations that we're very happy with. But it's really de minimis in the big scheme of things.

我們確實有一點生產購買，我也提到過，我想這是透過兩筆交易，我們很幸運能夠真正利用，嘿，有一些晚年基金，他們可能需要退出資產。好的基金，基金賺錢了，就需要退出。我們是一個天生的買家，我們可以讓他們變得非常容易。所以我們確實在那裡購買了一些產品，我們對估值非常滿意。但這在大計劃中確實是微不足道的。

Is the Haynesville acquisition in nearby the well that was brought in recently under budget and overperforming in terms of production?

海恩斯維爾收購附近的油井是否是最近在預算範圍內進行的，並且在生產方面表現出色？

No, not particularly. This one is going to be on the Texas side.

不，不是特別。這個將在德克薩斯州一側。

And lastly, a question on the partnerships. I think you said you'd like to have 1 rig here in 2024. Is that 1 partnership, Luke? Or would that be spread over a couple of different projects?

最後，關於合作關係的問題。我想你說過你想在 2024 年在這裡擁有 1 台鑽孔機。或者會分散到幾個不同的項目嗎？

Yes, good question. Glad you asked that. So the goal is for each partnership to have effectively a rig full time. Now, that may not be a whole rig again, if we're, call it 70% of the unit. You're not multiplying the full rig rate x365 days, but it is 1 per group.

是的，好問題。很高興你這麼問。因此，我們的目標是讓每個合作夥伴都擁有一台有效的全職鑽孔機。現在，這可能不再是一個完整的鑽孔機，如果我們是的話，稱其為整個裝置的 70%。您沒有將完整的鑽孔機費率乘以 365 天，但每組 1。

And so really the objective is these guys are putting together deals or get creative, getting scrappy and putting together drilling units and stacking one on top of the other, such that they can run a rig full time and just really try to get some of the benefits of keeping a rig running, supposed to pick it up and putting it down.

因此，真正的目標是這些人正在整合交易或發揮創意，變得鬥志旺盛，將鑽井裝置組合在一起，並將一個疊放在另一個之上，這樣他們就可以全職運行一台鑽機，並真正嘗試獲得一些保持鑽孔機運作的好處是可以將其拿起和放下。

(Operator Instructions)

（操作員說明）

Your next question comes from a line of John Abbott from Bank of America.

您的下一個問題來自美國銀行的 John Abbott。

Just thinking stick with the strategic partnerships. So, if I understand it's going to be about 1 rig next year, related to basically one partnership 25% of CapEx. These partnerships, it requires a little bit since you have a higher working interest requires a bit more capital.

只是想堅持戰略夥伴關係。所以，如果我理解的話，明年將有大約 1 個鑽孔機，基本上與一個合作夥伴關係 25% 的資本支出有關。這些合作關係，它需要一點，因為你有更高的工作興趣，需要更多的資本。

I guess, just starting off here, and I know you want to grow that over time. But as you sort of think about -- I mean, how quickly do you want to grow that strategic partnership capital, since it is a bit more chunky and you do - you would be looking at a dedicated rig per partnership. Do you want to grow that gradually at 25%, then like 50% then 75%? Do you want to grow that over a multiyear basis? How do you think about comfortably as you grow the business? How much strategic capital do you want out there?

我想，這只是從這裡開始，我知道你希望隨著時間的推移不斷發展。但當你思考時——我的意思是，你希望以多快的速度增加戰略合作夥伴資本，因為它有點大，而且你確實這麼做了——你會為每個合作夥伴尋找一個專用的鑽機。您想以 25% 的速度逐漸成長，然後是 50%，然後是 75%？您想在多年的基礎上不斷發展嗎？當您發展業務時，您如何看待舒適？您想要多少策略資本？

Yeah, it's a great question. The way that we look at it, I'd say truth be told, it's less of a plan, okay, let's try to get 1 a year and increase from 25% to 50% to 75%. It's really more opportunity-driven. And so, our partners here, these are really unique opportunities in the sense that, we're not here trying to replace your large private equity firms.

是的，這是一個很好的問題。從我們的角度來看，說實話，這不是一個計劃，好吧，讓我們嘗試每年 1 個，從 25% 增加到 50% 再到 75%。這確實更多是機會驅動的。因此，我們這裡的合作夥伴，這些確實是獨特的機會，因為我們不是在這裡試圖取代你們的大型私募股權公司。

That's not the role that we play. It's really for folks who are more focused on putting together kind of drilling in about drilling in and not the large format acquisitions. And there are several criteria that really make a good partner for us and allow us to be a good partner for them. A lot of these folks that they need to be proven money makers and that's for 2 reasons. One, from a risk management for us, we know that they know how to build a business. They know how to execute.

這不是我們扮演的角色。它確實適合那些更專注於將鑽探放在一起鑽探而不是大幅面收購的人。有幾個標準可以真正成為我們的良好合作夥伴，並使我們成為他們的良好合作夥伴。很多人都需要證明自己是賺錢者，這有兩個原因。第一，從我們的風險管理來看，我們知道他們知道如何建立業務。他們知道如何執行。

But the other point is, we're not necessarily covering all the overhead of these groups. So these are folks that are willing to put their own money in a deal, real substantial dollars. If they're, 5-plus percent, we were running rig full time, and that’s over $5 million a year that they're reinvesting. So it's real dollars. So that's the criteria.

但另一點是，我們不一定涵蓋這些組的所有開銷。所以這些人願意在交易中投入自己的錢，真正的大筆資金。如果他們是，百分之五以上，我們全職運行鑽機，那麼他們每年再投資的金額就超過 500 萬美元。所以這是真正的美元。這就是標準。

The other piece is, again, we're not really competing with private equity in the sense of backing teams. And so a lot of this is really opportunity-driven. They're not finding opportunities to keep the rig running full time. Those are multi-hundred million dollar deals that are generally in the world of the mid-cap guys or the larger private equity firms.

另一方面，我們並沒有真正在支持團隊的意義上與私募股權競爭。因此，其中許多確實是機會驅動的。他們沒有找到機會讓鑽孔機保持全職運作。這些交易金額達數億美元，通常屬於中型企業或大型私募股權公司。

These are kind of unit by unit. So when I look at next year -- well, maybe let's rewind. We anticipate running a rig basically full time next year, but we've been working with this team for over a year to get that drill schedule built out. So if today, we found a team, it was a great partnership. Both sides are really excited about it and we hit the ground running. They might have identified an initial opportunity, but you're probably a year plus away from really running a rig full time. So that's bounced around with you there. But ultimately, I'd say it's more opportunity-driven than it is a specific formula for layering and 1 every year.

這些是逐個單元的。因此，當我展望明年時——好吧，也許讓我們回顧一下。我們預計明年基本上會全職運行鑽機，但我們已經與該團隊合作了一年多，以製定鑽井計劃。因此，如果今天我們找到了一個團隊，那麼這就是一個很好的合作關係。雙方都對此感到非常興奮，我們立即開始行動。他們可能已經找到了一個初步的機會，但你可能還需要一年多的時間才能真正全職運行鑽機。所以這和你一起跳來跳去。但最終，我想說，它更多的是機會驅動的，而不是每年分層的特定公式。

And, we're talking to groups and in the Bakken in the Midland Basin, in particular those are areas where I think there could be opportunities to put together units from folks that have had experience there and have deep relationships there. But I wouldn't anticipate next year's capital doubling, even if we shook hands with the team today. That would probably be later next year to early ‘25 that you really put dollars to work with that second team.

而且，我們正在與米德蘭盆地巴肯的團體進行交談，特別是在那些我認為可能有機會將有過那裡的經驗並在那裡有深厚關係的人們聚集在一起的地區。但即使我們今天與團隊握手，我也不會預期明年的資本會翻倍。可能要到明年晚些時候到 25 月初，你才能真正投入資金與第二支團隊合作。

Appreciate that color. And then the next question, I think, goes here to Tyler. And it's really on liquidity and strategic partnerships as well. So -- now the opportunity of the strategic partners is more control, more visibility on cash flow. But cash flow could be lumpier. I mean, you have to spend money for these calls, you have to wait for them to come online. And so when you sit and looking at -- it looks like you increased your credit facility up to about $240 million.

欣賞那個顏色。我認為下一個問題是泰勒提出的。這其實也取決於流動性和策略夥伴關係。因此，現在策略夥伴的機會是對現金流有更多的控制權和更多的可見度。但現金流可能會更加不穩定。我的意思是，你必須為這些電話花錢，你必須等待他們上線。因此，當您坐下來觀察時，您似乎將信貸額度增加到了約 2.4 億美元。

So I guess when you sort of think about the strategic partnership sort of model and you -- how you think about liquidity that you want to maintain? And how do you think about the possibility of further expansion to your revolver over time?

所以我想當你考慮到策略夥伴關係模式時，你如何看待你想要維持的流動性？您如何看待隨著時間的推移進一步擴展您的左輪手槍的可能性？

Yeah, so you're right. We did increase our revolver by $90 million added liquidity post quarter. And you nailed it. That's exactly why we did that. We wanted to get ahead of the big ramp up in strategic partnership capital that we expect next year. So I think we're comfortable there in that kind of $250 million range that allows us to start to fund those strategic partnerships and gives us the opportunity to get to our half turn leverage target while still giving us enough capacity to where if we do end up maybe getting a second team or deploying a team in the Bakken or somewhere else. We have the capacity to start that process as well. And then I think if we did -- were successful on getting a second strategic partnership, we'd have to go back to market to increase our RBL at that point.

是的，所以你是對的。我們確實增加了 9000 萬美元的左輪手槍，增加了季度後的流動性。你成功了。這正是我們這樣做的原因。我們希望搶在明年戰略合作夥伴資本大幅增加之前。因此，我認為我們對2.5 億美元的規模感到滿意，這使我們能夠開始為這些戰略合作夥伴關係提供資金，並使我們有機會實現我們的半週槓桿目標，同時仍然為我們提供足夠的能力，以達到我們最終的目標也許會組成第二支隊伍，或是在巴肯或其他地方部署一支隊伍。我們也有能力啟動這項進程。然後我認為，如果我們成功地獲得了第二個策略合作夥伴關係，那麼我們就必須回到市場來增加我們的 RBL。

Understood. Maybe just a quick follow-up on that. So if you got a second -- so the goal, not the goal, but one of the thresholds you talked about is getting up to 0.5x leverage. If you got another strategic partner, would that be a situation where you could possibly take leverage up to 1x? Or would that not qualify that?

明白了。也許只是對此進行快速跟進。因此，如果您有第二個機會，那麼目標，不是目標，而是您談到的閾值之一是達到 0.5 倍槓桿。如果你有另一個策略夥伴，在這種情況下你是否有可能獲得高達 1 倍的槓桿？或者說這不符合條件？

It could. I think we really view though, going up to 1x being more of a consolidation opportunity. So maybe a larger format transaction where we take it up to 1x if it had a clear pathway back down to our half turn target.

它可以。我認為我們確實認為，上漲至 1 倍更多的是一個整合機會。因此，如果有明確的路徑回到我們的半回合目標，那麼也許是一個更大的格式交易，我們會將其提高到 1 倍。

Yes, the only thing that I would add on is that if you think about adding a rig, just picking up a rig, right, you get a negative cash flow for a period of time and you get to be cash flow neutral. And so just depending on timing of those 2 partnerships or 3, I think you could paint a picture where you certainly would go over half a turn, but you'd want to have real clear line of sight frankly as you’d hear us talk about it on calls or in some sort of press release. So, hey, we talked about half a turn, we are going above that. Here is the line of sight to getting back to that comfortable level.

是的，我唯一要補充的是，如果你考慮添加一台鑽機，只需拿起一台鑽機，對吧，你會在一段時間內獲得負現金流，並且現金流呈中性。因此，僅取決於這2 個或3 個夥伴關係的時間安排，我認為您可以描繪一幅您肯定會超過半圈的圖片，但坦白說，當您聽到我們的聲音時，您希望擁有真正清晰的視線在電話會議或某種新聞稿中談論它。所以，嘿，我們討論了半圈，我們要超越這個。這是回到舒適水平的視線。

And the other piece of the 2, a neat thing about the non-op space is because we have control over these, but we're still non-op. And then if we get to a point where we've got more concentration and more capital than we're comfortable with, you can always sell down a piece of that. That's one of my favorite things about non-op is it's infinitely divisible. If I want to go set on 20% in a well that we're about to spud, there's a great market for that and we know those folks well. We compete with them day in and day out. It's a great way to lay off some capital to make sure that we're right-sizing our exposure in a quick way.

2 的另一部分，關於非操作空間的一個巧妙的事情是因為我們可以控制這些，但我們仍然是非操作空間。然後，如果我們達到了比我們滿意的程度更加集中和更多的資本，你總是可以賣掉其中的一部分。關於非操作，我最喜歡的事情之一是它是無限可分的。如果我想在我們即將開鑽的一口井中設定 20% 的產量，那麼這個市場有很大的市場，而且我們很了解這些人。我們日復一日地與他們競爭。這是削減一些資本的好方法，以確保我們快速調整我們的風險敞口。

Your next question comes from a line of Jeff Robertson from Water Tower Research.

您的下一個問題來自 Water Tower Research 的 Jeff Robertson。

Just to follow-up on the discussion around partnerships, Luke, why do you think Granite Ridge's capital is a better source of capital for some of the people you all are discussing opportunities with and some of the alternatives they have?

只是為了跟進有關合作夥伴關係的討論，盧克，為什麼您認為 Granite Ridge 的資本對於與您討論機會和他們擁有的一些替代方案的一些人來說是更好的資本來源？

Yeah, it's a great question because look, I talked about the characteristics of a good strategic partner and most private equity firms would probably chomp into this to get to partner with these folks as well. So it's really good question that the few things that Granite Ridge really offers when we think about how we can be a better partner to these folks are. One, if you think about a partnership with a private equity firm, a lot of times the private equity firms, they not only control the assets, but they also control the company. And most importantly, that means they control when to sell.

是的，這是一個很好的問題，因為看，我談到了優秀策略夥伴的特徵，大多數私募股權公司也可能會認真考慮與這些人合作。因此，當我們思考如何成為這些人更好的合作夥伴時，Granite Ridge 真正提供的一些東西確實是一個很好的問題。第一，如果你考慮與私募股權公司的合作，很多時候私募股權公司不僅控制資產，也控制公司。最重要的是，這意味著他們控制何時出售。

With our partnerships, everything's at the asset level. And so while we control the asset, we can never make the group sell. They can sell when they want to or they can hold on to the asset forever, which for a lot of these folks that, again, are proven moneymakers that really created some value, they want to build a long-term oil and gas company. We're a differentiated group for them.

透過我們的合作關係，一切都在資產層面。因此，雖然我們控制了資產，但我們永遠無法讓集團出售。他們可以在他們願意的時候出售，也可以永遠持有該資產，對於許多人來說，這些人再次被證明是真正創造了一些價值的賺錢者，他們希望建立一家長期的石油和天然氣公司。對他們來說，我們是一個與眾不同的群體。

The other thing that we do that we really think is important and different to teams really stands out is when we talk about a deal with a group, it's really almost a drilling unit by drilling unit basis. And each of those drilling units are their own project. And so the management teams have the opportunity to create value to get into the incentive piece of it on a unit-by-unit basis versus having to wait for an exit for an entire vehicle. That's a real differentiator. And I think something that separates us and management teams really like is that they can effectively get funding on a project-by-project basis.

我們所做的另一件事，我們認為非常重要，並且與團隊不同，真正突出的是，當我們談論與一個團隊的交易時，它實際上幾乎是一個逐個鑽探單元的基礎。每個鑽井裝置都是自己的專案。因此，管理團隊有機會創造價值，以逐個單位進入其中的激勵部分，而不必等待整個車輛退出。這是一個真正的差異化因素。我認為我們和管理團隊真正喜歡的一點是，他們可以在逐個專案的基礎上有效地獲得資金。

We get comfortable with that because, one, we're focused on proven areas. And two, we're doing a lot of these in addition to strategic partnerships. We're in many wells over the course of the year. So we're able to diversify our risk across our portfolio. So, again, 2 main reasons, more control over the company, also getting the opportunity for project-by-project payouts. I think those are 2 reasons that we can really be a better partner for the right folks.

我們對此感到滿意，因為，第一，我們專注於經過驗證的領域。第二，除了策略夥伴關係之外，我們還做了很多這樣的事情。一年中我們在許多油井中工作。因此，我們能夠在整個投資組合中分散風險。所以，再說一遍，有兩個主要原因，對公司有更多的控制權，還有獲得逐個專案支付的機會。我認為這是我們真正能夠成為合適人選的更好合作夥伴的兩個原因。

And then just a follow-up for Tyler. I think you said, Tyler, you're about 75% of 2024 PDP production is hedged today. Will Granite Ridge's hedging strategy change as you approach the half a turn of leverage or will it pretty much be to stay consistent with what it is today?

然後是泰勒的後續行動。我想你說過，Tyler，2024 年 PDP 產量的大約 75% 今天都被對沖了。當槓桿接近半圈時，Granite Ridge 的對沖策略會發生變化，還是會與現在保持一致？

No, I think we like is even at half a turn of leverage, that's pretty low leverage. So I think that we'd have to go quite a bit higher on the leverage side before we'd consider really adding a lot more hedges and thinking about moving into hedging some of the development opportunities, as well. So I think what you'll see from us is just consistency in that 50% to 75% range of current PDP.

不，我認為我們甚至喜歡半轉槓桿，這是相當低的槓桿。因此，我認為，在我們考慮真正增加更多對沖並考慮對沖一些發展機會之前，我們必須在槓桿方面提高相當多的水平。因此，我認為您將從我們這裡看到的只是當前 PDP 50% 到 75% 範圍內的一致性。

There are no further questions at this time. Mr. Luke Brandenberg, I turn the call back over to you for some final closing remarks.

目前沒有其他問題。盧克·勃蘭登堡先生，我將電話轉回給您，請您發表最後的結束語。

Excellent. Thanks, Rob. And I just want to say thank you to everyone on the call. This is a neat quarter for us. It's fun to talk about. I'm sure I appreciate everyone's interest. Tyler and I, we're perpetually on the road and we're always around. And so, please don't ever had...

出色的。謝謝，羅布。我只想對通話中的所有人表示感謝。這對我們來說是一個美好的季度。談論起來很有趣。我相信我很感激每個人的興趣。泰勒和我，我們永遠在路上，我們永遠在身邊。所以，請永遠不要...

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。