Granite Ridge Resources Inc (GRNT) 2024 Q1 法說會逐字稿

Good morning and welcome to Granite Ridge Resources first-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded. I will now turn the call over to Wes Harris, Investor Relations representative for Granite Ridge. Please go ahead.

早安，歡迎參加 Granite Ridge Resources 2024 年第一季財報電話會議。（操作員說明）謹此提醒，此通話正在錄音。我現在將把電話轉給 Granite Ridge 投資者關係代表 Wes Harris。請繼續。

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 first quarter and an outlook for 2024. 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 the call up for questions.

謝謝接線員，大家早安。我們感謝您對花崗岩嶺資源的興趣。我們將首先聽取總裁兼執行長 Luke Brandenberg 的評論，他將概述第一季的關鍵事項以及 2024 年的展望。然後，我們將電話轉給我們的財務長泰勒法誇森 (Tyler Farquharson)，他將審查我們的財務表現。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 risks 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有所不同。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 in 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已在我們向美國證券交易委員會提交的文件中昨天的新聞稿中進行了描述。

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 a 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 appreciate everyone joining this call. It seems like we just did this, but I'm always glad to have an opportunity to share an update on the Granite Ridge story. The first quarter built on our track record of working like quarters, nothing flashy just continued solid execution. Today, I'd like to talk about some of our accomplishments, things to look forward to and share a bit more about what our strategic partnership initiative looks like as we continue to bridge the gap between operated and non-op.

謝謝你，韋斯，並感謝大家加入這次電話會議。看起來我們剛剛做到了這一點，但我總是很高興有機會分享花崗岩嶺故事的最新動態。第一季建立在我們像季度一樣的工作記錄的基礎上，沒有什麼華而不實的東西，只是繼續紮實的執行。今天，我想談談我們的一些成就、值得期待的事情，並更多地分享我們在繼續縮小營運和非營運之間差距時的策略合作夥伴計劃。

I'll start with the credit side. We announced last month that we successfully expanded our credit facility to both the $300 million borrowing base and elected commitment. The bigger story is that we were successful in fully syndicating the facility taking it from 6 to 14 banks. Commitments came in nearly two times our target and with the financial strength and capacity of our partners, we believe we can triple our credit facility within this group.

我將從信用方面開始。上個月我們宣布，我們成功地將信貸額度擴大到 3 億美元的借款基礎和選定的承諾。更大的故事是，我們成功地將這項貸款從 6 家銀行擴展到 14 家銀行。承諾的金額幾乎是我們目標的兩倍，憑藉我們合作夥伴的財務實力和能力，我們相信我們可以在該集團內將信貸額度增加三倍。

Now, this expansion does not change our views on leverage. We still target net debt to EBITDA of 0.5x and expect that we'll balance between about a third turn and two-thirds of a turn. To put round numbers to that based on about $300 million of trailing EBITDA. I expect we will balance between $100 million to $200 million of net debt and average around $150 million or less. I want to extend a heartfelt thank you to our existing banking relationships for your support, and I'm excited to welcome our new banking partners.

現在，這種擴張並沒有改變我們對槓桿的看法。我們仍將淨債務與 EBITDA 比率設定為 0.5 倍，並預計我們將在大約三分之一到三分之二之間保持平衡。根據約 3 億美元的往績 EBITDA 進行四捨五入。我預計我們的淨債務將達到 1 億至 2 億美元之間的平衡，平均約為 1.5 億美元或更少。我想對我們現有的銀行關係的支持表示衷心的感謝，並且我很高興歡迎我們新的銀行合作夥伴。

I'll now briefly hit on Vital. As I mentioned last quarter, we received 1.1 billion shares of BTLD, the about 50/50 common and preferred when we sold certain Permian assets to Vital as part of a tag right we had on Vital's acquisition of assets from Henry Resources. This was a compelling opportunity to sell production at an operator premium, and we will look to exit this position in an orderly fashion this year and pay down debt to ultimately recycle the proceeds into development opportunities.

現在我將簡短地談談Vital。正如我上季度提到的，我們收到了11 億股BTLD 股票，當我們將某些二疊紀資產出售給Vital 時，我們獲得了11 億股BTLD 股票，這是我們從Henry Resources 收購資產時所擁有的標籤權利的一部分。這是一個以運營商溢價出售產品的絕佳機會，我們將尋求今年有序退出這一職位並償還債務，最終將收益回收到發展機會中。

Now let's talk about results. Tyler will get into the details, but I'd like to hit on the results as compared to our expectations as well as what we are looking at for the coming quarters.

現在我們來談談結果。泰勒將詳細介紹細節，但我想談談與我們的預期以及我們對未來幾季的預期相比的結果。

Production came in slightly higher than expected at 23,800 barrels of oil equivalent per day. That was down 8% from last quarter's reported compared with an expected 10% decline. Now both of those are unadjusted for the sale of Vital. Adjusted numbers or as Tyler likes to call it same store sales are down 3% compared to an expected 5%.

產量略高於預期，為每天 23,800 桶油當量。該數字比上季報告下降 8%，而預期下降 10%。現在，這兩項均未因 Vital 的出售而進行調整。調整後的數字（或泰勒喜歡稱之為同店銷售額）比預期的 5% 下降了 3%。

Primary drivers for the beat, albeit minor, are a bit about performance on the oil side offset by deferrals on the gas side. That is a theme we expect more of as some of our operating partners have elected to deferred dry gas production in this price environment, specifically in the Haynesville and dry gas Eagle Ford. This may impact our gas production for the year, but we have opportunities in the works to reallocate that capital to oil weighted projects expected to come online this year.

推動這一成長的主要驅動因素雖然較小，但在一定程度上是石油方面的表現被天然氣方面的延期所抵消。這是我們更期待的主題，因為我們的一些營運合作夥伴已經選擇在這種價格環境下推遲乾氣生產，特別是在海恩斯維爾和鷹福特乾氣。這可能會影響我們今年的天然氣產量，但我們有機會將資金重新分配給預計今年上線的石油加權項目。

We will keep you in the loop on that as the year progresses. We turned to an adjusted EBITDAX of $64 million, which was a bit higher than expected due to help on both oil prices and production.

隨著時間的推移，我們將讓您隨時了解這種情況。我們的調整後 EBITDAX 為 6,400 萬美元，由於油價和產量的上漲，該數字略高於預期。

On the deal front, we closed four transactions during the quarter, all were in the Permian in the vast majority on the Delaware side. Total entry, including carries, was $6.8 million or 2.5 net locations that equates to $2.7 million per net location, which is a bit higher than our target of closer to $2 million.

在交易方面，我們在本季完成了四筆交易，所有交易都發生在二疊紀盆地，其中絕大多數位於特拉華州一側。包括套利在內的總入場額為 680 萬美元，即 2.5 個淨位置，相當於每個淨位置 270 萬美元，略高於我們接近 200 萬美元的目標。

But note not all net locations are created equal in terms of both quality and development timing. All 2.5 of these net locations have either been turned to sales or are in process, including a 1.4 net well pad that we are drilling through our controlled capital strategy.

但請注意，並非所有網路地點在品質和開發時機方面都是相同的。所有 2.5 個淨位置均已轉為銷售或正在進行中，其中包括我們正在透過控制資本策略進行鑽探的 1.4 個淨井場。

Additionally, we have nine deals that have either closed since quarter end were fully agreed to in the documentation stage with an aggregate entry, including carriers of $20 million across 10.5 net locations. While each of these transactions are accounted for in our acquisition guidance number, I would note that not all $20 million will hit in 2024, as some of those carry dollars will go out the door in subsequent years.

此外，我們還有 9 筆交易，這些交易要么自季度末以來已完成，要么在文件階段完全同意，並包含總計條目，其中包括跨 10.5 個網點的 2000 萬美元的運營商。雖然這些交易中的每筆交易都已計入我們的收購指導數字中，但我要指出的是，並非所有2000 萬美元都會在2024 年達到，因為其中一些套利資金將在隨後的幾年中消失。

On the production side, I mentioned in March that we expected to see a ramp beginning in the third quarter, the deferral of some dry gas production that we had expected to come online in the second quarter, which we are happy about, by the way, will likely slowdown that time line. We now expect production to be roughly flat for the next couple of quarters prior to a ramp in the fourth.

在生產方面，我在三月提到，我們預計將在第三季度開始增加產量，我們原本預計在第二季度上線的一些乾氣生產將被推遲，順便說一句，我們對此感到高興，可能會減慢該時間軸。我們現在預計未來幾季的產量將大致持平，然後第四季產量將增加。

On the CapEx side, the second quarter should be roughly a quarter of our D&C CapEx for the year, but it is setting up to be our largest quarter of acquisitions for the year. It can be tough to tell if the deal will close on June 30 or July 1. But based on deals closed quarter to date and those expected to close in the next two months, we are looking at about 75% of 2024 acquisition CapEx hitting in the second quarter. Note this number includes both cash paid in the quarter and carry dollars that hit in the quarter.

在資本支出方面，第二季應該大約是我們今年 D&C 資本支出的四分之一，但這將成為我們今年收購規模最大的季度。很難判斷交易是在 6 月 30 日還是 7 月 1 日完成。但根據本季迄今已完成的交易以及預計在未來兩個月內完成的交易，我們預計 2024 年收購資本支出的 75% 左右將在第二季實現。請注意，這個數字包括本季支付的現金和本季的套利美元。

I'll wrap up by talking a little more about our strategic partnership strategy. We defined a strategic partnership as more than just a deal. In other words, a partnership that gives Granite Ridge access to broader deal flow or more control over development time. Ideally, it is both are what we call controlled capital.

最後，我將更多地談論我們的策略合作夥伴策略。我們將戰略合作夥伴關係定義為不僅僅是一項交易。換句話說，這種合作關係使 Granite Ridge 能夠獲得更廣泛的交易流或對開發時間有更多的控制權。理想情況下，兩者都是我們所謂的受控資本。

With controlled capital our deal flow broadens to include operated opportunities where we have control specifically development time. Control capital not only represents operated inventory that we can develop with a strategic partner, it opens the door to a broader set of asset buyers as we can sell drilling units to operators, looking to add inventory.

透過控制資本，我們的交易流程擴大到包括我們可以具體控制開發時間的營運機會。控制資本不僅代表我們可以與策略合作夥伴開發的營運庫存，它還為更廣泛的資產買家打開了大門，因為我們可以向營運商出售鑽井裝置，希望增加庫存。

Operated inventory trades at a premium and will allow us to further build the case that Granite Ridge is undervalued from both a business and some of the parts value. To put some numbers to this, Granite Ridge controls, inventory of 40 gross or 21.9 net operated locations in the Permian. In Loving County, we plan to turn to sales a pad of 5.5 net single mile wells, early next month and a second pad of 1.4 net single mile wells late in the third quarter.

營運庫存的交易價格較高，這將使我們能夠進一步證明 Granite Ridge 的業務和部分零件價值均被低估。為了證明這一點，Granite Ridge 控制著二疊紀地區 40 個總營運地點或 21.9 個淨營運地點的庫存。在洛文縣，我們計劃在下個月初開始銷售 5.5 個淨單英里井的平台，並在第三季末銷售第二個 1.4 個淨單英里井的平台。

We are currently running one rig through a strategic partner and plan to pick up a second later this year. Traditional non-op is the cornerstone of the Granite Ridge foundation, but controlled CapEx is where we are going. While we now expect controlled CapEx to be upwards of 40% of our 2024 D&C. Our goal is for a super majority of our capital to be controlled in the next several years. We are bridging the gap between operated and non-operated by demonstrating that non-op does not mean non-control.

我們目前正在透過戰略合作夥伴運行一台鑽機，並計劃在今年稍後購買第二台。傳統的非營運是 Granite Ridge 基礎的基石，但控制資本支出是我們的目標。我們現在預計受控資本支出將佔 2024 年 D&C 的 40% 以上。我們的目標是在未來幾年內控制我們的絕大多數資本。我們正在透過證明非操作並不意味著非控制來縮小操作和非操作之間的差距。

With that, I'll ask Tyler to dive a bit deeper into the numbers.

接下來，我將請泰勒更深入地研究這些數字。

Thanks, Luke, and good morning, everyone. Average daily production for the quarter was 23,800 BOE per day, up 3% compared to reported Q1 of 2023 and up nearly 11% after adjusting for divested assets. We expect production to be flat through the end of the third quarter before increasing in the fourth quarter and exiting 2024 at a high for the year.

謝謝盧克，大家早安。本季平均日產量為 23,800 桶油當量，較 2023 年第一季報告成長 3%，在對剝離資產進行調整後成長近 11%。我們預計產量將在第三季末持平，然後在第四季度增加，並在 2024 年達到全年最高水準。

Our annual production guidance range of 23,250 to 25,250 BOE per day remains unchanged and represents 7% midpoint growth for the year after adjusting for divestitures. Oil production mix for the quarter was 45% lower than our guidance expectation of 47% for the year, but as Luke mentioned, should drift higher throughout the remainder of the year as some of our natural gas-focused operators defer development projects.

我們的年度產量指導範圍為每天 23,250 至 25,250 桶油當量，保持不變，在資產剝離調整後，全年中點增長 7%。本季的石油產量組合比我們今年47% 的指導預期低45%，但正如盧克提到的，由於我們的一些以天然氣為主的運營商推遲了開發項目，今年剩餘時間石油產量應該會走高。

Our adjusted EBITDA was $64.5 million and adjusted EPS was $0.12 per diluted share for the first-quarter 2024. Adjusted EBITDA was down 8% from the prior year due to lower natural gas prices and the impact of divested assets. Per unit lease operating costs were $7.13 per BOE and production and ad valorem taxes were 6.5% of sales for this year's first quarter, both of which were within our guidance range for the full year 2024.

2024 年第一季調整後 EBITDA 為 6,450 萬美元，調整後每股攤薄每股收益為 0.12 美元。由於天然氣價格下降以及資產剝離的影響，調整後 EBITDA 較上年下降 8%。每單位租賃營運成本為每桶油當量 7.13 美元，生產稅和從價稅佔今年第一季銷售額的 6.5%，這兩項都在我們 2024 年全年的指導範圍內。

G&A expense, excluding noncash stock-based compensation, was $2.76 per BOE for the quarter. Our annual guidance range of $23 million to $26 million is unchanged. During the quarter, our operating partners completed and placed on production, a total of 58 gross or 5.1 net wells, with 57% of the activity occurring in the Eagle Ford and 30% in the Permian Basin.

本季的一般管理費用（不包括非現金股票薪酬）為每桶油當量 2.76 美元。我們 2300 萬至 2600 萬美元的年度指導範圍保持不變。本季度，我們的營運合作夥伴完成並投產了總計 58 口井或 5.1 口淨井，其中 57% 的活動發生在 Eagle Ford，30% 發生在二疊紀盆地。

In total, we continue to expect 22 to 24 net wells to be placed online during 2024 with nearly 80% of those wells being in the Permian Basin. Total capital spending during the first quarter of 2024 was $65 million, including $3 million of acquisitions that closed during the first quarter.

總的來說，我們仍然預計 2024 年將有 22 至 24 口淨井上線，其中近 80% 的井位於二疊紀盆地。2024 年第一季的總資本支出為 6,500 萬美元，其中包括第一季完成的 300 萬美元的收購。

For the year, we expect our total capital expenditures to remain in our previously guided range of $265 million to $285 million, including $35 million of budgeted acquisitions. We also continued our ongoing quarterly cash dividend. During the quarter, the Board declared an $0.11 per share cash dividend that on an annualized basis represents a 6.7% dividend yield measured against Tuesday's closing price.

今年，我們預計總資本支出將維持在先前指引的 2.65 億美元至 2.85 億美元範圍內，其中包括 3,500 萬美元的預算收購。我們也持續持續進行季度現金股利。本季度，董事會宣布派發每股 0.11 美元的現金股息，以週二收盤價計算，年化股息殖利率為 6.7%。

Finally, subsequent to quarter end, we successfully completed our semi-annual borrowing base redetermination, increasing both our borrowing base and elected commitments to $300 million in expanding our lender syndicate through the addition of nine new banks. Our balance sheet remains a strength with pro forma liquidity over $180 million and leverage of 0.4x net debt to trailing EBITDA, which remains below our half turn target.

最後，在季度末之後，我們成功完成了半年度借款基礎重新確定，增加了我們的借款基礎，並選擇承諾透過增加九家新銀行來擴大我們的貸款銀團，規模達到 3 億美元。我們的資產負債表仍然保持強勁，預計流動性超過 1.8 億美元，淨債務槓桿為追蹤 EBITDA 的 0.4 倍，仍低於我們的半週目標。

I will now hand it back to Luke for closing comments. Luke?

我現在將其交還給盧克以供結束評論。盧克？

Thank you, Tyler. I'll wrap up by sharing some takeaways from our company-wide town hall that I host each quarter. This quarter's theme was that there may be temporary dislocations, but ultimately, the law of supply and demand will determine the price of GRNT. I'll start with a temporary dislocation. I believe GRNT is in a period of temporary dislocation due to demand destruction or sustained decline in demand response to limited supply.

謝謝你，泰勒。最後，我將分享我每季主持的全公司市政廳的一些要點。本季的主題是，可能會出現暫時的錯位，但最終，供需法則將決定 GRNT 的價格。我將從暫時的脫臼開始。我認為 GRNT 正處於一個暫時混亂的時期，原因是需求破壞或對供應有限的需求反應持續下降。

In our case, this demand destruction is due to our tightly held shareholder base. We chat with investment firms on a regular basis. That's in the buyout we are selling, as demonstrated by their willingness to continue to share their time and followed the story for our trading volume is not quite enough to meet their investment mandate.

就我們而言，這種需求破壞是由於我們牢牢掌握的股東基礎所造成的。我們定期與投資公司交談。這就是我們正在出售的收購中，他們願意繼續分享他們的時間並關注我們的交易量不足以滿足他們的投資任務的故事就證明了這一點。

There are plenty of green shoots to point to, but the fact is that time will solve this. We must be patient and continue to focus on the E or earnings unless the market worry about the P, our price. As a management team, we are a bit limited in what we can do on the supply side, absent issuing shares as part of an acquisition, we did not control the supply of GRNT shares.

有很多的萌芽可以指出，但事實是時間會解決這個問題。我們必須保持耐心並繼續關注 E 或收益，除非市場擔心 P（我們的價格）。作為管理團隊，我們在供應方面能做的事情有點有限，如果沒有發行股票作為收購的一部分，我們無法控制 GRNT 股票的供應。

Practically issuing shares as unlikely as it would be tough to find an accretive stock yield given where we currently trade. But there is a lot we can do on the demand front, primarily in two ways. The first is finding more folks to help tell the Granite Ridge story. Thanks to Steve and Chris at Evercore for picking up coverage and all the folks that invite us to their conferences and host us for non-deal road shows.

實際上發行股票的可能性不大，因為考慮到我們目前的交易情況，很難找到增值的股票收益率。但在需求方面我們可以做很多事情，主要有兩種方式。首先是尋找更多人來幫助講述 Granite Ridge 的故事。感謝 Evercore 的 Steve 和 Chris 進行報道，感謝所有邀請我們參加他們的會議並主辦我們進行非交易路演的人們。

A list of all our upcoming events can be found in our earnings release. The second is doing the research and pounding the pavement to find investors that we solve a problem for today. As we transition our shareholder base and demonstrate that what we are building and different, repeatable and resilient. I believe the Granite Ridge will re-rate and drive value for investors that put their trust in us.

我們所有即將舉辦的活動的清單可以在我們的財報中找到。第二是進行研究並努力尋找投資者來解決我們今天的問題。當我們轉變我們的股東基礎並證明我們正在建立的東西是不同的、可重複的和有彈性的。我相信 Granite Ridge 將重新評估並為信任我們的投資者帶來價值。

But today there's a particular group of investors, but I think we immediately solve a problem for and as generalists that benchmarked to the Russell 2000. The Russell 2000 is now 7.4% energy and has generally been trending up in the past several years. The NAV driven valuation of small-cap energy can be tough for the generalist investor.

但今天有一個特定的投資者群體，但我認為我們立即為並作為以羅素 2000 為基準的通才解決了一個問題。Russell 2000 目前為 7.4% 能量，並且在過去幾年中總體呈上升趨勢。對於普通投資者來說，由資產淨值驅動的小型能源估值可能會很困難。

Take the recent back and forth with SilverBow and Kimmeridge. If nothing else, this goes to show that it is difficult to ascribe current value for the long term oil and gas assets. Additionally, with the current reconstitution according to RBC, several highly traded Russell 2000 energy names may migrate from the Russell 2000 up to the Russell 1,000, including Permian Resources, Matador and Civitas.

以最近與 SilverBow 和 Kimmeridge 的來回交流為例。如果不出意外的話，這表明很難確定長期石油和天然氣資產的當前價值。此外，根據 RBC 目前的重組，一些交易量較高的 Russell 2000 能源公司可能會從 Russell 2000 遷移到 Russell 1,000，包括 Permian Resources、Matador 和 Civitas。

Granite Ridge can be a part of the reallocation solution by providing the purest asset level exposure to near term development in a diversified vehicle with low leverage and a current yield of over 6.5%. We are undervalued now for one day we won't be. It likely won't be a transformative event that causes Granite Ridge to re-rate.

Granite Ridge 可以成為重新分配解決方案的一部分，透過低槓桿且當前收益率超過 6.5% 的多元化工具，為短期發展提供最純粹的資產水平敞口。我們現在被低估了，但有一天我們不會被低估。這可能不會是導致 Granite Ridge 重新評級的變革性事件。

It will be a series of many catalysts transitioning of the shareholder base, increasing trading volume. Additional investors showing up on ownership reports continue to work on like quarters of consistent performance more and better information on strategic partnerships and our controlled CapEx strategy.

這將是一系列股東基礎轉型、交易量增加的催化劑。出現在所有權報告中的其他投資者將繼續致力於獲得有關戰略合作夥伴關係和我們的受控資本支出策略的更多更好的資訊。

We believe it will happen and I invite you to be a part of the Granite Ridge story that the great folks across our organization are working hard to right, please do not hesitate to reach out, and I hope to see many of you over the next several months.

我們相信這將會發生，我邀請您成為 Granite Ridge 故事的一部分，我們組織中的偉大人士正在努力糾正這個故事，請隨時與我們聯繫，我希望在接下來的時間裡見到你們中的許多人幾個月。

And with that we're happy to answer any questions folks may have on today's call. Operator?

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？

Thank you. We will now begin our question-and-answer session. (Operator Instructions)

謝謝。我們現在將開始問答環節。（操作員說明）

Phillips Johnston, Capital One.

菲利普斯約翰斯頓，《第一資本》。

Hey, guys. Thanks, I wanted to ask about your oil mix of Tyler, I think you mentioned the 45% mix for the quarter is below your guidance for the year. I realize you've got some deferred gas projects going forward that are going to improve that. But can you maybe walk us through some of the drivers that are going to move your absolute oil production in, I guess Q4 a little bit higher than that 45% mix.

嘿，夥計們。謝謝，我想問泰勒的油品組合，我想您提到了本季 45% 的油品組合低於您今年的指導。我意識到你們已經推遲了一些天然氣項目，這將改善這一情況。但您能否向我們介紹一些將提高絕對石油產量的驅動因素，我猜第四季度的產量比 45% 的混合產量要高一些。

Hey, good morning, Phillips thanks for the question. A couple of pieces. I mentioned we're seeing some deferrals on the gas side, I think that will help accelerate the oil mix increasing more quickly than we thought.

嘿，早上好，菲利普斯，謝謝你的提問。幾塊。我提到我們看到天然氣方面有一些延期，我認為這將有助於加速石油結構的成長，速度比我們想像的更快。

On the last call, I mentioned that just across the year, we start out in the mid-40s and slowly working our way up if the gas deferrals, some of this is more conversation that we're having operators saying, hey, we made data from wells.

在最後一次電話會議上，我提到，就在這一年中，我們從40 年代中期開始，如果天然氣推遲，我們會慢慢努力，其中一些是我們讓運營商說的更多對話，嘿，我們做了來自油井的數據。

We may defer some drilling instead of drilling eight wells we'll drill four. We actually have an operator in the Permian. That's just simply curtailing gas production and Reeves County do that terrible Waha pricing. So is that continues, I that you'll see that oil percentage creep up, you may even break 50% as we get later in the year. We anticipate in the next several years, it'll be upwards of 50%, but we just expect to accrete from, call it 45% to 50% or (technical difficulty) across the next three quarters.

我們可能會推遲一些鑽探，而不是鑽八口井，我們將鑽四口井。我們實際上在二疊紀有一個作業者。這只是簡單地減少天然氣產量，而里夫斯縣的瓦哈定價卻很糟糕。如果這種情況繼續下去，我認為你會看到石油百分比逐漸上升，甚至可能會突破 50%，正如我們在今年稍後得到的那樣。我們預計在未來幾年內，這一數字將達到 50% 以上，但我們只是希望在接下來的三個季度內將其增加到 45% 至 50% 或（技術難度）。

Okay. Sounds good. And then I guess your Q1 oil realization was a nice premium to NYMEX. Can you maybe talk about what sort of drove that and how we should sort of think about that relationship going forward?

好的。聽起來不錯。然後我猜你第一季的石油變現比紐約商業交易所有不錯的溢價。您能否談談是什麼推動了這種關係，以及我們應該如何看待這種關係的發展？

Yeah, sure Phillips, it's Tyler, we have some lumpiness in our differentials if you look back historically over the last handful of quarters, and I think you're seeing some lumpiness again in the first quarter. We did have a small out of period adjustment in the first quarter that drove it a little higher. But moving forward, I still think on average over time, you should expect to see minus $2 to benchmark price.

是的，當然是菲利普斯，我是泰勒，如果你回顧過去幾季的歷史，我們的差異會出現一些波動，我認為你會在第一季再次看到一些波動。我們確實在第一季進行了一次小規模的期外調整，導致價格略高。但展望未來，我仍然認為，隨著時間的推移，平均基準價格應該會達到負 2 美元。

Okay, great. So I'll say that. Thank you.

好的，太好了。所以我會這麼說。謝謝。

Thank you Phillips.

謝謝菲利普斯。

Michael Scialla, Stephens.

麥可夏拉，史蒂芬斯。

Good morning guys wanted to get some more detail on the 5.5 (inaudible) that you're looking at what the partnership I think, Luke, you said those are coming online in the second quarter. Have any of those been completed yet? And I guess what needs to happen to bring those online?

早上好，夥計們想了解更多有關 5.5（聽不清）的詳細信息，您正在研究合作夥伴關係，我認為盧克，您說過這些將在第二季度上線。其中任何一個已經完成了嗎？我想需要做什麼才能讓這些內容上線？

Yeah. Morning, Mike, thanks for the call and thanks for the question. So that is 5.5 net single mile wells there in Loving County is that actually our completed got the Christmas trees on, they're ready to go actually got a picture two days ago. I have everything fully ready to turn them on, but really just waiting on pipe. And so the expected turn to sales date is June 1.

是的。早安，麥克，感謝您的來電，也感謝您提出的問題。所以，愛縣的 5.5 個淨單英里井實際上我們已經完成了聖誕樹的安裝，他們已經準備好了，實際上兩天前就拍了一張照片。我已準備好打開它們的一切，但實際上只是在等待管道。因此預計銷售日期為 6 月 1 日。

I love it for it to be earlier, but that's really what we're targeting right now. Again, it's just more, I think, issues everything on the operations side is done and frankly was done in tremendous fashion. We came in 14% under AFE on the drilling, 8.5% about on the completion side, just a data point, the drilling was really more driven by just drilling quickly, not necessarily by material price decreases. The completion side was pretty similar. We've just got great crews out there and they've really done a tremendous job.

我喜歡它早一點，但這確實是我們現在的目標。再說一次，我認為，這只是更多問題，營運方面的一切都已經完成，而且坦白說，是以一種非常時尚的方式完成的。我們在鑽探方面的 AFE 為 14%，在完井方面為 8.5%，這只是一個數據點，鑽探實際上更多地是由快速鑽探驅動的，不一定是材料價格下降。完成方面非常相似。我們有優秀的工作人員，他們確實做了出色的工作。

Sounds good. You mentioned the partnership CapEx now you're taking 40% of your target in the 30s, maybe 35% earlier and you see that going higher. Can you talk about where that may go next year and beyond?

聽起來不錯。您提到了合作夥伴資本支出，現在您將在 30 年代實現目標的 40%，也許更早 35%，您會發現這個數字會更高。能談談明年及以後的發展方向嗎？

Yeah, that's a good question, though. What we've talked about right now, Mike, is we had two rigs we were actually running earlier this year. We've laid down one rig or have another group that we're penetrating it back and forth with how there's a good chance we pick up another rig later this year. That's the plan.

是的，不過這是個好問題。麥克，我們現在談論的是我們今年早些時候實際運行的兩台鑽機。我們已經鋪設了一個鑽孔機，或者有另一個小組正在反覆研究如何在今年晚些時候我們很有可能再拿起另一個鑽孔機。這就是計劃。

And what I'd say is the second rig for us is really more opportunistic. What's allowing us to do is hit some of these short fuse opportunities. Frankly, this is the one that we're bringing on to kind of late third quarter, early fourth quarter and the 1.4 net well pad. That was a new deal where there was large independent who had an expiry come up and they were going to be able to hit it.

我想說的是，我們的第二台鑽孔機確實更具機會主義色彩。我們要做的就是抓住其中一些易怒的機會。坦白說，這就是我們在第三季末、第四季初和 1.4 淨井墊上推出的產品。那是一項新協議，其中有大型獨立公司到期，他們將能夠達成該協議。

So we were able to then look, we'll pick up another rig. We were able to get it from an operator hot rig crew that we know. In fact, I think they're using the same drilling consultants able to pick it up to hit that unit. So I wouldn't assume two rigs running full-time, but I would assume 1.5-ish rigs next year. And so I'd expect that you'd see a relatively similar number, maybe a bit higher, call it, mid [125, 130] would be my guess right now.

所以我們能夠看看，我們會拿起另一個鑽孔機。我們可以從我們認識的操作員熱鑽機工作人員那裡得到它。事實上，我認為他們正在使用相同的鑽井顧問，能夠拿起它來擊中該裝置。因此，我不會假設有兩台鑽機全職運行，但我會假設明年會有 1.5 台左右的鑽機。所以我預期你會看到一個相對相似的數字，也許更高一點，我現在的猜測是中間 [125, 130]。

Got you. And then last one from me. I guess given that the partnership activity is probably going to dictate to a large extent your capital spend, it sounds like second quarter is going to be the high watermark for the year and is that come down in the second half?

明白你了。然後是我的最後一張。我想，鑑於合作夥伴活動可能會在很大程度上決定您的資本支出，聽起來第二季將成為今年的高水位線，下半年會下降嗎？

I guess any you haven't given formal guidance on second quarter, but something in the $80 million for development CapEx for second quarter kind of in the ballpark?

我想你們還沒有給出第二季的正式指導，但第二季的 8000 萬美元開發資本支出在某種程度上是多少？

That sounds a little high to me right out of the gate largely because we don't have that second rig running the whole second quarter is generally down the second quarter. We'll pick it up in the third. So I'd expect something pretty similar to what you're seeing in this first quarter or maybe slightly less.

這對我來說聽起來有點高，主要是因為我們沒有第二台設備運行整個第二季度，通常第二季度會下降。我們會在第三次把它撿起來。因此，我預計會出現與第一季非常相似的情況，或者可能會稍微少一些。

Got it. Okay. Thanks much.

知道了。好的。非常感謝。

Got it. Thanks, Mike.

知道了。謝謝，麥克。

Jeff Robertson, Water Tower Research.

傑夫·羅伯遜，水塔研究。

Thanks. Good morning, Luke, on the controlled capital efforts, are you looking at opportunities both to put together organic deals that Granite Ridge assembles and takes to an operator and look at operators who might be looking like a partner where essentially Granite Ridge comes in and works as a capital provider?

謝謝。早安，盧克，關於受控資本工作，您是否正在尋找機會，將Granite Ridge 組裝並交給運營商的有機交易整合在一起，並尋找可能看起來像是Granite Ridge 參與並運作的合作夥伴的營運商作為資本提供者？

Yeah. Great question, Jeff, and thanks for the call. The answer is yes, to both. And so we'll look at it from a few pieces, one in there with the controlled capital via strategic partnership, they're the ones generating the opportunities and really where the capital provider for that.

是的。很好的問題，傑夫，感謝您的來電。答案是肯定的，兩者都可以。因此，我們將從幾個方面來看待它，其中之一是透過策略夥伴關係控制資本，他們是創造機會的人，也是真正的資本提供者。

Another piece to it, we've put together unit just boots on the ground and one thing that we did last year, and we actually are finishing of documents for another unit this year where we've strayed into an area we thought EOG putting together position. And so it's great in their start picking up leases were the only ones that had the idea there was another non-op group.

另一件事情，我們已經把單位放在了地上，我們去年做了一件事，實際上我們今年正在完成另一個單位的文件，我們誤入了一個我們認為 EOG 放在一起的領域位置。因此，當他們開始獲得租約時，這是很棒的，因為他們是唯一知道還有另一個非營運團體的人。

We're doing a similar thing. And so we've turned the two of us. We had enough critical mass to get a drillable unit. And so what we did is combine forces went out and ran an RFP process, if you will, to talk to several different operators and said, hey, we'd like to see these zones drilled and here's the data we'd like to get them drilled by what would it take to get you to come in here and do that.

我們正在做類似的事情。所以我們兩個人都變了。我們有足夠的臨界質量來獲得可鑽單元。所以我們所做的就是聯合力量出去運行一個 RFP 流程，如果你願意的話，與幾個不同的操作員交談並說，嘿，我們希望看到這些區域的鑽探，這是我們想要獲得的數據他們透過如何才能讓你來這裡並做到這一點來進行訓練。

And so that was a really nice opportunity work. I'd call it that broader controlled capital budget because we did set the drilling plan, we did set the drilling time line and we were able to go take the arbitrator. So we're doing that as well. One thing that we're not really doing right now, not to say that we wouldn't, but is coming in and just being a capital source alongside an operator looking to stretch their dollar.

所以這是一個非常好的工作機會。我將其稱為更廣泛的受控資本預算，因為我們確實設定了鑽探計劃，我們確實設定了鑽探時間線，並且我們能夠接受仲裁員。所以我們也在這樣做。我們現在還沒有真正做一件事，並不是說我們不會做，而是進來並只是與希望擴大資金投入的運營商一起成為資本來源。

We could do that. And I think it's an interesting strategy, but we haven't really done that to date. Most of the opportunities that we've seen along those lines have a heavier production component than our typical opportunity. And so we've generally shied away from because we've said in the past were too -- we're not very good buyers of production because we just end up a way off the mark from valuation perspective, we just see more downside to upside buying production so we tend to be more conservative, which I appreciate.

我們可以做到這一點。我認為這是一個有趣的策略，但到目前為止我們還沒有真正做到這一點。我們在這些方面看到的大多數機會都比我們的典型機會具有更重的生產成分。因此，我們通常會迴避，因為我們過去也說過——我們不是很好的生產買家，因為從估值角度來看，我們最終偏離了目標，我們只是看到了更多的下行空間向上購買生產，因此我們傾向於更加保守，我對此表示讚賞。

Can you characterize how receptive some of the operators are to the terms and conditions and the type of capital that you all bring to bear in these --e in a partnership concept?

您能否描述一下一些業者對條款和條件以及您在合夥概念中所投入的資本類型的接受程度？

Yeah, that's a great question because it's one that we're really proud of. We came up with a bit of a new mouse trap on this controlled CapEx strategy. And I think it's very appealing to the right partners. Really what it looks like is, we're taking the approach that we're bringing the majority of the capital to the table.

是的，這是一個很好的問題，因為這是我們真正引以為傲的問題。我們在這個受控資本支出策略上想出了一個新的老鼠陷阱。我認為這對合適的合作夥伴來說非常有吸引力。事實上，我們正​​在採取將大部分資本帶到談判桌上的方法。

So we're going to control the asset. As you are partner, you're going to control your company. And so it really is more of a partnership just at the asset level to where we have control, but they fully manage their company. They own their assets outright. We don't determine if and when they sell. That's up to them. They really do like that.

所以我們要控制資產。作為合夥人，您將控制您的公司。因此，這實際上更像是一種夥伴關係，只是在我們擁有控制權的資產層面上，但他們完全管理他們的公司。他們完全擁有自己的資產。我們不確定它們是否以及何時出售。這取決於他們。他們確實喜歡那樣。

Another component I think that's very attractive is most of these deals are really at a unit by unit deal now. And we haven't an overall structure that we use, but they're on a unit by unit deal. And so what that means is the opportunity for the operating company, the folks that are out there sourcing the deals to earn incentives on a unit by unit basis, which is particularly helpful.

我認為非常有吸引力的另一個組成部分是，這些交易中的大多數現在實際上都是按單位進行的。我們還沒有使用的整體結構，但它們是逐個單位進行交易的。因此，這對經營公司來說意味著機會，那些在外面尋找交易的人可以逐個單位獲得獎勵，這特別有幫助。

Given this price environment where you just seemed a private equity-backed exits extent the two to four year deal is now five to seven. But when you have a unified unit carry, it really allows operators opportunity to start realizing the fruits of their labor sooner and continue to incentivize the team and then frankly continue to reinvest because that's what they're down. We're seeing partners that are really putting material dollars back into that business because they believe in it and they want to grow it.

考慮到這種價格環境，你似乎只是私募股權支持的退出範圍，兩到四年的交易現在是五到七年。但是，當你擁有統一的單位收益時，它確實讓操作員有機會更快地開始實現他們的勞動成果，並繼續激勵團隊，然後坦率地繼續進行再投資，因為這就是他們所面臨的問題。我們看到合作夥伴確實將物質資金投入到該業務中，因為他們相信它並希望發展它。

And last question on the controlled capital business model, the Permian accounts for almost 50% of Granite Ridge is first quarter '24 production. When do you think about the different regions that you operate? Or do you see greater opportunity in some regions versus others for these types of structures?

關於受控資本商業模式的最後一個問題，二疊紀盆地佔 Granite Ridge 24 年第一季產量的近 50%。您什麼時候考慮過您經營的不同地區？或者您認為某些地區與其他地區相比，此類結構的機會更大嗎？

Yeah, we absolutely do. And so what we talk about at the highest level, what is that representing investment where we are taking more concentration and we feel comfortable taking that higher concentration because we're mitigating that by one control, but also by higher expected returns. But what that means is if you're taking more concentrated investment risk, we want to be very sure that we're in areas that have the highest probability of success or said another way, the lowest variability.

是的，我們絕對願意。因此，我們在最高層面上談論的是什麼，代表著我們更集中的投資是什麼，我們對更集中的投資感到放心，因為我們正在透過一種控制以及更高的預期回報來緩解這種情況。但這意味著，如果您承擔更集中的投資風險，我們希望非常確定我們處於成功機率最高的領域，或者換句話說，波動性最低的領域。

And so other areas that I think are attractive are places like the Eagle Ford and places like the Bakken, where in the right areas, you have quite consistent results and just much less variability. I think that's a big piece of the strategy doesn't mean that we wouldn't go other places, but those are two basins that are again, are really not for their consistency and lots of development as such that you've got a lot of data points around you feel good about what you're underwriting. So I would think about basins that have low variability, that have plenty of development and just being able to de-risk the subsurface as much as possible.

因此，我認為其他有吸引力的地區是像鷹灘這樣的地方和像巴肯這樣的地方，在正確的區域，你會得到相當一致的結果，而且變化性要小得多。我認為這是該策略的重要組成部分，並不意味著我們不會去其他地方，但那是兩個盆地，實際上並不是因為它們的一致性和大量的開發，因此您有很多周圍的數據點對您所承保的項目感覺良好。因此，我會考慮變異性低、開發充分、能盡可能降低地下風險的盆地。

Thank you.

謝謝。

Thank you. Appreciate it.

謝謝。欣賞它。

Michael Scialla, Stephens.

麥可夏拉，史蒂芬斯。

I just want to follow up on the inventory. Luke said in the partnership, I think he said 29 net locations at the moment are all those in the Delaware and most of those in Loving County. I guess, just looking for a little bit more color on what that inventory looks like?

我只是想跟進庫存情況。盧克在合作中說，我想他說目前 29 個網點都在德拉瓦州，其中大部分在洛文縣。我想，只是想為庫存的外觀尋找更多的色彩？

A good question. I may have been talking to quickly just 40 gross or 21.9 net locations that we control. Most of it is in the Delaware, but I'd say not all of that. We have some other opportunities. We're working on the Midland, but the vast majority is in the Delaware. And of that, the vast majority is in Loving County. We have a couple of deals in Reeves. We have a deal that we're working in Ward.

這是個好問題。我可能很快就與我們控制的 40 個總位置或 21.9 個淨位置進行了交談。大部分都在特拉華州，但我想說不是全部。我們還有一些其他的機會。我們正在米德蘭開展工作，但絕大多數都在德拉瓦州。其中，絕大多數位於愛縣。我們在裡維斯有幾筆交易。我們在沃德達成了一項協議。

And so we're covering the broader Delaware Basin. And frankly, the driver of that is, this is one partner, in particular, their Midland base. They've been there a long time. They know everybody have a tremendous reputation in Midland. And so they're getting access to it. Some unique deal flow, which we're excited about.

因此，我們正在覆蓋更廣闊的特拉華盆地。坦白說，其驅動力是，這是一個合作夥伴，特別是他們的米德蘭基地。他們已經在那裡很久了。他們知道每個人在米德蘭都享有盛譽。所以他們可以訪問它。一些獨特的交易流程，我們對此感到興奮。

And for the Delaware is far less consolidated than the Midland. You got the Midland Basin and you look around, it's just much harder to find undrilled units and frankly, anything that is undrilled there's generally a story to it as though it's a little bit more difficult. And as a result, there's more and more deal flow out of the Delaware relative to the Midland. That's not intentional. We'd love to continue to put capital to work in the Midland Basin as well. Again, just that quantity of deal flow versus hit rate, we're just seeing a lot higher quality excuse me, higher quantity in the Delaware.

特拉華州的鞏固程度遠不如米德蘭。你到了米德蘭盆地，環顧四周，發現未鑽探的單位要困難得多，坦白說，任何未鑽探的單位通常都有一個故事，就好像它有點困難一樣。因此，相對於米德蘭，德拉瓦州流出的交易量越來越多。那不是故意的。我們也很樂意繼續為米德蘭盆地投入資金。再說一遍，就交易量與命中率而言，我們只是看到特拉華州的品質更高，數量更高。

And most of those that are in the Delaware, are they the one mile type of the ones similar to what you just drilled?

大多數位於特拉華州的那些，它們是與您剛剛鑽探的類似的一英里類型嗎？

It's a mix. And so the couple that we've talked about are one mile, but we have some wells that are over 10,000. They're going to be a corner quarter, 1.5 (inaudible) 2.5. So we are looking at some extended laterals as well. But I would tell you it again, everybody's got no drilling in power and various these days. And they can look and find the white spot on the map with there's that whitespace 10,000 per unit, everybody looking at it, it's the stuff that got a little bit a hair, we can get scrappy and block and trade.

這是一個混合。我們討論的這對井長度為一英里，但我們有一些井長度超過 10,000 英里。他們將成為底角四分之一，1.5（聽不清楚）2.5。所以我們也在考慮一些擴充的支線。但我要再告訴你，現在每個人都沒有掌握權力，而且情況各不相同。他們可以查看並找到地圖上的白點，每個單位有 10,000 個空白，每個人都在看它，這是有一點頭髮的東西，我們可以鬥志旺盛，封鎖和交易。

And so I think our average well in that is probably somewhere around 7,000 feet. And so you have maybe a more one-mile versus two-mile, but there's a good number of extended laterals in there as well.

所以我認為我們的平均井深度可能在 7,000 英尺左右。因此，一英里可能比兩英里多，但也有大量延伸的支線。

And could you characterize the zones you're talking about the kind of the primary Wolfcamp A, Bone Springs or the more kind of secondary targets. Is that the reason that the you had the opportunity to get in there and capture?

您能否描述一下您正在談論的主​​要 Wolfcamp A、Bone Springs 或更多次要目標類型的區域。這就是你有機會進入那裡並捕獲的原因嗎？

Yeah, it bounces around a lot that's done, it's your primary zones. And in fact, if I were to say what's the majority of the targets, the majority of the targets that they were going to drill any way through the primary zone, and that's where we've allocated value type. But you do have some secondary opportunities as well. We have an opportunity with a large operator where they went in and made of the Bone Springs and Wolfcamp A.

是的，它圍繞著許多已經完成的事情來回跳，這是你的主要區域。事實上，如果我要說大多數目標是什麼，他們將透過主要區域以任何方式鑽探的大多數目標，這就是我們分配值類型的地方。但你也確實有一些次要的機會。我們有機會與一家大型業者合作，他們進去製作了 Bone Springs 和 Wolfcamp A。

And fast forward a few years. The B and C are now actively developed around them, but they have not been drilled yet. And so we were able to farm in on and drill those locations. The neat thing about that is what we're drilling beneath the existing wells, and there's just a lot of synergies from a cost perspective, we're able to leverage our facilities.

快進幾年。B、C現在正在圍繞它們積極開發，但還沒有鑽探。因此我們能夠在這些地點進行耕種和鑽探。最棒的是我們在現有井下鑽探，從成本角度來看有很多協同效應，我們能夠利用我們的設施。

In some place -- the cases we've talked about turning over operations once the wells are online, which is great in these folks are really good at what they do on the operations side. And so we don't have to spend the time energy and effort managing wells. But if I look at in the majority of the inventory, it's no Bone Springs X, Y and A, but there is a decent number in the B as well and some C.

在某些地方——我們已經討論過一旦油井上線就將作業移交的情況，這對這些人來說非常好，他們真的很擅長在作業方面所做的事情。這樣我們就不必花時間精力和精力來管理油井。但如果我查看大部分庫存，我會發現沒有 Bone Springs X、Y 和 A，但 B 和一些 C 中也有相當多的數量。

Excellent detailing. Just one last one, it looks like your share count went down about $2 million from the prior quarter. Your diluted share count. I know your buyback expired at the end of the year, I didn't see thing on repurchases, is that just some technical difference in the way that shares for Canada in the quarter or something else going on there?

優秀的細節。最後一點是，您的股票數量似乎比上一季減少了約 200 萬美元。您的稀釋後股份數量。我知道你的回購在年底到期，我沒有看到回購的情況，這只是本季加拿大股票方式的一些技術差異還是那裡發生了其他事情？

It might be the quarterly average, you're right with the share repurchase ended at 12/31/23. So it could be just average share counts between the fourth quarter in the first quarter that could have gone down by $2 million.

這可能是季度平均值，你是對的，股票回購於 23 年 12 月 31 日結束。因此，第一季第四季之間的平均股票數量可能會減少 200 萬美元。

Okay, got it. Thanks guys. Appreciate it.

好的，明白了。謝謝你們。欣賞它。

Absolutely. Thanks for the questions.

絕對地。感謝您的提問。

As there are no further questions at this time, this concludes today's conference call. Thank you for your participation. You may now disconnect.

由於目前沒有其他問題，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。