Infinity Natural Resources Inc (INR) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Infinity Natural Resources second-quarter 2025 earnings results conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

早安，歡迎參加 Infinity Natural Resources 2025 年第二季財報結果電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。

I would now like to turn the call over to Greg Pipkin, Senior Vice President of Corporate Development and Strategy. Thank you. Please go ahead.

現在我想將電話轉給企業發展和策略資深副總裁 Greg Pipkin。謝謝。請繼續。

Thank you, operator. Good morning, and thank you for joining our second-quarter 2025 earnings results conference call. With me today are Zack Arnold, President and Chief Executive Officer, and David Sproule, Executive Vice President and Chief Financial Officer. In a moment, Zack and David will present their prepared remarks with a question and answer session to follow. An updated investor presentation has been posted to the Investor Relations portion of our website, and we may reference certain slides during today's discussion. A replay of today's call will be available on our website beginning this evening.

謝謝您，接線生。早安，感謝您參加我們的 2025 年第二季財報電話會議。今天與我一起的有總裁兼執行長 Zack Arnold 和執行副總裁兼財務長大衛‧斯普勞爾 (David Sproule)。稍後，札克和大衛將發表準備好的發言，隨後進行問答環節。更新後的投資者介紹已發佈到我們網站的投資者關係部分，我們可能會在今天的討論中參考某些幻燈片。今天晚上開始，我們的網站將提供今天電話會議的重播。

I'd like to remind you that today's call may contain forward-looking statements. All statements that are not historical facts are forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, that could cause actual results to materially differ from these forward-looking statements. Please review our earnings release and the risk factors discussed in our SEC filings.

我想提醒您，今天的電話會議可能包含前瞻性陳述。所有非歷史事實的陳述均為前瞻性陳述。前瞻性陳述受到許多風險和不確定因素的影響，其中許多是我們無法控制的，可能導致實際結果與這些前瞻性陳述有重大差異。請查看我們的收益報告和美國證券交易委員會文件中討論的風險因素。

We'll also be referring to certain non-GAAP financial measures. Please refer to our earnings release and investor presentation for important disclosures regarding such measures, including definitions and reconciliations to the most comparable GAAP financial measures.

我們也將參考某些非公認會計準則財務指標。請參閱我們的收益報告和投資者介紹，以了解有關此類指標的重要揭露，包括定義和與最具可比性的 GAAP 財務指標的對帳。

Now over to Zack.

現在交給札克。

Thank you, Greg, and welcome to Infinity Natural Resources second-quarter 2025 earnings call. We are excited to present the quarter's operational and financial results and provide you with an update on our development activities and outlook for the balance of the year. Our dedicated team in Appalachia once again delivered, and my gratitude goes out to my team for the results they drive time and time again. Let's begin with a review of our second-quarter performance.

謝謝你，格雷格，歡迎參加 Infinity Natural Resources 2025 年第二季財報電話會議。我們很高興地公佈本季的營運和財務業績，並向您提供有關我們今年發展活動和展望的最新情況。我們在阿巴拉契亞的敬業團隊再次發揮了作用，我對我的團隊一次又一次的成果表示感謝。讓我們先回顧一下我們第二季的業績。

During the period, we delivered production growth of 25%, averaging 33.1 MBOE per day versus Q1's 26.5. The period's increase in overall production was primarily attributable to a full-quarter impact from five natural gas Marcellus Shale wells in Pennsylvania that we turned into sales only days prior to the end of the first quarter. As a reminder, our Marcellus natural gas-weighted wells deliver significantly higher production volumes than our Utica oil wells on a BOE basis.

本季度，我們的產量增加了25%，平均每日33.1百萬桶油當量，而第一季為26.5百萬桶油當量。本季總產量的成長主要得益於賓州馬塞勒斯頁岩氣田的五口天然氣井對整個季度的貢獻，我們在第一季結束前幾天將這些井的產量轉化為銷售。提醒一下，我們的馬塞勒斯天然氣加權井的產量（以桶油當量計算）比尤蒂卡油井高得多。

In May, we turned into sales one oil-weighted well from our Rubel Dodd pad in Ohio. It is important to note that we experienced some minor third-party midstream delays during the period. These constraints limited our ability to freely flow the well and restricted our ability to turn two additional oil-weighted wells from the same pad into sales in Q2. Today, we are happy to report that in July, the midstream constraints abated, allowing Infinity to freely flow all three wells from this pad. Across our entire asset base, we drilled seven wells totaling 118,000 lateral feet.

五月份，我們位於俄亥俄州 Rubel Dodd 平台的一口油加壓井成功實現銷售。值得注意的是，在此期間我們遇到了一些輕微的第三方中途延誤。這些限制限制了我們自由流動油井的能力，並限制了我們在第二季將同一平台的另外兩口油加權井轉化為銷售的能力。今天，我們很高興地報告，7 月中游限制已經減輕，Infinity 可以從這個平台自由開採所有三口井。在我們的整個資產基礎上，我們鑽了七口井，總深度為 118,000 英尺。

Our activity highlights our continued focus on long lateral development, where we drilled on average 16,900 feet per well during the quarter. We stimulated eight wells, completing 777 stages, roughly nine stages per day during the quarter. In Ohio, we drilled five wells and completed 504 stages during the quarter. We finished completion activities on a four-well pad in Guernsey County totaling 77,000 lateral feet that is anticipated to be online during the third quarter.

我們的活動凸顯了我們對長水平井開發的持續關注，本季我們平均每口井鑽探 16,900 英尺。本季度，我們對 8 口井進行了增產，共完成 777 個階段，大約每天 9 個階段。在俄亥俄州，我們本季鑽了五口井，完成了 504 個階段。我們完成了位於格恩西縣的四井平台的完井作業，總長度為 77,000 英尺，預計將於第三季投入使用。

Additionally, we drilled three wells from another pad location, representing another 57,000 lateral feet. We are currently stimulating this project today, and we anticipate turning these wells online subsequent to the end of the third quarter. On the Marcellus gas side, as discussed on our May call, the company decided to advance this next natural gas project and constructed that pad site during the second quarter. In addition, we drilled a four-well pad totaling 54,000 lateral feet and finished stimulating them in June.

此外，我們還從另一個平台位置鑽了三口井，相當於另外 57,000 英尺的水平深度。我們目前正在刺激這個項目，我們預計在第三季末之後這些油井將投入使用。在馬塞勒斯天然氣方面，正如我們在 5 月電話會議上討論的那樣，該公司決定推進下一個天然氣項目，並在第二季度建造了該平台站點。此外，我們還鑽了一個四口井平台，總長度為 54,000 水平英尺，並於 6 月完成了增產作業。

I am pleased to announce that those wells were turned into sales in July, less than 30 days after completion activities ended, which is remarkable. This was the project that was accelerated in November of last year. It took us eight months to go from constructing a pad to generating natural gas sales. Let me now provide more color on our third quarter operating plan.

我很高興地宣布，這些油井在 7 月就實現了銷售，這在完井活動結束後不到 30 天就實現了銷售，這是非常了不起的。這是去年11月加速推進的計畫。從建造發射台到開始銷售天然氣，我們花了八個月的時間。現在讓我詳細介紹一下我們的第三季營運計劃。

Our team continues to execute on its operational plan. Currently, our rig is developing three natural gas wells, roughly 45,000 lateral feet off the pad we constructed during the second quarter in Pennsylvania. Thereafter, we anticipate our rig to transition to Ohio to drill another two oil wells in Q3. As mentioned previously, our frac crew is currently stimulating three oil wells in Ohio. We anticipate that frac crew to transition to the natural gas pad we are currently drilling by early Q4.

我們的團隊繼續執行其營運計劃。目前，我們的鑽井平台正在開發三口天然氣井，距離我們第二季在賓州建造的平台約 45,000 英尺。此後，我們預計我們的鑽井平台將在第三季轉移到俄亥俄州鑽另外兩口油井。如前所述，我們的壓裂隊目前正在對俄亥俄州的三口油井進行壓裂作業。我們預計壓裂隊將在第四季初轉移到我們目前正在鑽探的天然氣平台。

Wrapping up my opening remarks, our results this quarter reinforce the strength of our diversified Appalachian strategy, which focuses on balancing capital allocation across our natural gas and oil opportunities. This flexibility is particularly valuable given today's dynamic commodity environment. We're well positioned for sustained organic growth while maintaining the financial flexibility to complement our core business with accretive acquisitions.

總結我的開場白，我們本季的業績增強了我們多元化阿巴拉契亞戰略的實力，該戰略專注於平衡天然氣和石油機會的資本配置。在當今動態的商品環境中，這種靈活性尤其寶貴。我們已做好充分準備，實現持續的有機成長，同時保持財務靈活性，透過增值收購來補充我們的核心業務。

With that, I'll turn the call over to David for a more detailed view of our financial results.

說完這些，我將把電話轉給大衛，讓他更詳細地了解我們的財務結果。

Thank you, Zack, and good morning. I wanted to start by reiterating some of the themes from Zack's earlier remarks. We continue to execute on our operating and development plans. As we have noted in the past, we are prudently developing our asset base, focusing always on discounted returns on investment and payback periods while preserving our balance sheet strength and mitigating commodity risk through an active hedge program.

謝謝你，扎克，早安。首先，我想重申一下札克先前演講中的一些主題。我們繼續執行我們的營運和發展計劃。正如我們過去所指出的，我們正在謹慎地發展我們的資產基礎，始終關注投資的折現回報和回收期，同時保持我們的資產負債表實力並透過積極的對沖計劃降低商品風險。

Turning to our second-quarter 2025 results, we are very proud of our team's performance during this period. We continue to execute on our plan. We increased our net production approximately 28% from the second quarter 2024 to 33.1 MBOE per day. We generated adjusted EBITDA of $49.6 million during the quarter.

談到我們的 2025 年第二季業績，我們對團隊在此期間的表現感到非常自豪。我們繼續執行我們的計劃。我們的淨產量從 2024 年第二季起增加了約 28%，達到每天 33.1 MBOE。本季我們的調整後 EBITDA 為 4,960 萬美元。

Our adjusted EBITDA margin for the period fell to $16.48 per barrel of oil equivalent, driven predominantly by a greater weighting towards natural gas production during the period. Operating costs on a per unit basis further declined during the second quarter to $7.93 per barrel of oil equivalent compared with $8.14 in the second quarter 2024. Our overall per unit cost decline was largely attributable to the increase in natural gas development. As we continue to progress into the year, we anticipate further per unit cost decline as we increase our natural gas production from Pennsylvania.

本期間我們的調整後 EBITDA 利潤率降至每桶油當量 16.48 美元，主要原因是本期間天然氣產量佔比增加。第二季單位營運成本進一步下降至每桶油當量 7.93 美元，而 2024 年第二季為 8.14 美元。我們整體單位成本的下降主要歸因於天然氣開發的增加。隨著我們繼續進入新的一年，隨著賓州天然氣產量的增加，我們預計單位成本將進一步下降。

Turning to capital expenditures, we incurred $70.4 million in drilling and completion capital expenditures along with $2.7 million related to midstream activities during the quarter. We are continuing to execute on our development plan. I am very proud of the performance that our land, operations, and production teams have generated year to date. Our outlook for calendar year 2025 remains unchanged.

談到資本支出，本季我們發生了 7,040 萬美元的鑽井和完井資本支出以及 270 萬美元的中游活動相關支出。我們正在繼續執行我們的發展計劃。我對我們的土地、營運和生產團隊今年迄今所取得的表現感到非常自豪。我們對 2025 年的展望保持不變。

Net production is anticipated to be between 32 and 35 MBOE per day. Drilling and completion CapEx is targeted to be between $240 million and $280 million, while our midstream capital spend is estimated to be between $9 million and $12 million.

預計淨產量為每天 32 至 35 MBOE 之間。鑽井和完井資本支出目標在 2.4 億美元至 2.8 億美元之間，而我們的中游資本支出估計在 900 萬美元至 1,200 萬美元之間。

Turning to the balance sheet, our financial position remains very strong. We have approximately $28 million in net debt outstanding. We have ample liquidity of $322 million, affording us continued operational and strategic flexibility. We remain focused on developing out of cash flow and will continue to position the company to take advantage of opportunities as the market dictates. Thank you.

從資產負債表來看，我們的財務狀況依然非常強勁。我們的未償還淨債務約為 2800 萬美元。我們擁有 3.22 億美元的充足流動資金，為我們提供了持續的營運和策略靈活性。我們將繼續專注於現金流的開發，並將繼續根據市場需求定位公司，以抓住機會。謝謝。

Now I'll hand the call back to Zack to wrap up our prepared remarks. Zack?

現在我將把電話轉回給扎克，讓他結束我們準備好的演講。扎克？

Thanks, David. In conclusion, I'm pleased with our second-quarter performance, which delivered on our operational commitments while showcasing the strategic advantages of our diversified Appalachian platform. Our strong quarter-over-quarter production growth, driven primarily by our successful Marcellus development, demonstrates our ability to execute complex cross-basin programs efficiently and on schedule. What distinguishes Infinity Natural Resources is our proven operational flexibility across our oil and natural gas assets within Appalachia.

謝謝，大衛。總而言之，我對我們第二季的業績感到滿意，它兌現了我們的營運承諾，同時展示了我們多元化阿巴拉契亞平台的策略優勢。我們的產量環比強勁成長主要得益於我們成功的 Marcellus 開發，證明了我們能夠高效、按時地執行複雜的跨盆地計劃。Infinity Natural Resources 的與眾不同之處在於我們在阿巴拉契亞地區的石油和天然氣資產上擁有經過驗證的營運彈性。

This quarter we successfully accelerated a Pennsylvania natural gas project while maintaining steady progress on our Ohio oil development. Our strong balance sheet with minimal net debt and substantial liquidity provides the financial foundation to remain opportunistic. Combined with our deep inventory of premium drilling locations, we're well positioned to continue optimizing our development sequence based on market dynamics while maintaining our commitment to funding growth through free cash flow. The operational excellence demonstrated this quarter reinforces my confidence in our team's ability to deliver consistent value creation for our shareholders.

本季度，我們成功加速了賓州天然氣計畫的推進，同時保持了俄亥俄州石油開發的穩定進展。我們擁有強勁的資產負債表、最低的淨債務和充足的流動性，為維持機會主義提供了財務基礎。結合我們豐富的優質鑽井地點庫存，我們完全有能力根據市場動態繼續優化我們的開發順序，同時保持透過自由現金流為成長提供資金的承諾。本季展現的卓越營運增強了我對我們團隊為股東持續創造價值的能力的信心。

Operator, please begin our Q&A session.

接線員，請開始我們的問答環節。

(Operator Instructions)

（操作員指示）

Kalei Akamine, Bank of America.

卡雷‧阿卡明 (Kalei Akamine)，美國銀行。

For my first question, wondering if you can give us any early thoughts on the 2026 activity program. Our base case assumes that capital moderates a bit year over year, sort of helping free cash flow, but at your size, growth still makes a lot of sense here. Any latest thoughts to share?

我的第一個問題，想知道您是否可以就 2026 年活動計劃給我們一些初步想法。我們的基本情況假設資本逐年放緩，這有助於自由現金流，但就您的規模而言，成長仍然很有意義。有什麼最新的想法可以分享嗎？

Where we sit in the current budgeting cycle, it's difficult for me to give much color on what types of wells we're going to be drilling next year, but a few snapshots. I mean, first of all, we've always been strongest when we develop our inventory in both commodities, gas and oil, so we're going to challenge our team to continue to deliver the assets that we can develop in both of those windows.

在目前的預算週期中，我很難詳細說明明年我們將要鑽探什麼類型的井，但可以簡單介紹一下。我的意思是，首先，當我們開發天然氣和石油這兩種商品的庫存時，我們一直都是最強大的，所以我們將挑戰我們的團隊繼續提供我們可以在這兩個窗口中開發的資產。

I think you touched on something that you're thinking about similarly to the way we think about it, which is that as we look at CapEx next year compared to this year, I would not expect it to decrease. I think we're going to continue to look to develop our inventory that we're very proud of and have very high returns and continue to grow the company. So I think we can't give -- we're not going to give 2026 CapEx guidance yet, but I think you are leaning towards the right spot where we're going to continue to stay focused on development and still maintain a strong cash flow.

我認為您提到的一些事情與我們的想法類似，那就是當我們將明年的資本支出與今年進行比較時，我預計它不會減少。我認為我們將繼續尋求開發我們引以為豪的庫存並獲得非常高的回報並繼續發展公司。所以我認為我們不能給出——我們暫時不會給出 2026 年的資本支出指導，但我認為你傾向於正確的位置，我們將繼續專注於發展，並仍然保持強勁的現金流。

I really appreciate those comments. For my second question, wondering what your latest thoughts are on in-basin demand and egress around your position in Ohio. There was a power plant acquisition recently, and the Borealis pipeline is in the pre-development stage. When you look at these forces, how do you see them shaping demand in the near to medium term?

我非常感謝這些評論。我的第二個問題是，想知道您對俄亥俄州週邊流域內需求和出口的最新看法。最近有一個發電廠收購，Borealis 管線正處於前期開發階段。當您觀察這些力量時，您認為它們會在短期到中期內如何影響需求？

Yeah, I get really excited when I think about in-basin demand and how it is being impacted by some of the power gen discussions and AI and all the positive movement there in gas demand. And I think as we look at these, each of these power plants is either converting or these data warehouses that are coming online, they represent some portion of a pipeline that doesn't have to be built to take gas out of the basin. Some of these are very big in their power demands and are basically supplanting a significant portion of what would have been multi-year, multi-billion dollar pipeline projects. So we look at Ohio, West Virginia, and Pennsylvania as great places to produce hydrocarbons, particularly natural gas right now, and we think that there's going to be some improvement in our ability to get better pricing compared to the historical differentials that we've seen over time.

是的，當我想到盆地內的需求以及它如何受到一些發電討論和人工智慧以及天然氣需求的所有積極變化的影響時，我感到非常興奮。我認為，當我們審視這些時，這些發電廠要么正在轉換，要么這些資料倉儲正在上線，它們代表了無需建造即可將天然氣從盆地中抽出的管道的一部分。其中一些項目的電力需求非常大，基本上取代了原本需要多年時間、數十億美元投入的管道項目的很大一部分。因此，我們將俄亥俄州、西維吉尼亞州和賓州視為生產碳氫化合物（尤其是天然氣）的絕佳地點，我們認為，與我們長期以來看到的歷史差異相比，我們獲得更優惠定價的能力將會有所提高。

Scott Hanold, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Scott Hanold。

Yeah, thanks. You all did some small ground game acquisitions this quarter. If you could give us a little bit of color on that. And then, more bigger picture, obviously a little bit of commodity price volatility, one of your big competitors has been acquired. Can you give us a view of what you see on the M&A landscape at this point in time?

是的，謝謝。本季你們都進行了一些小型地面遊戲收購。如果您能給我們稍微解釋一下這一點的話。然後，從更大的角度來看，顯然商品價格有點波動，而你的一個大競爭對手已經被收購了。您能否向我們介紹目前併購情勢？

Sure, so starting on the smaller acquisitions that we've done, I'm really proud of our land team and their ability to focus the ground game in and around areas where we're operating. So what you've seen us do here over the last quarter has been to add key acreage in both areas, our oil window and our gas window, so helping us further solidify our near-term development, increase working interest in wells that we're going to drill, all things that are critical to our business plan. So very proud of that work that has been done there, and we'll continue to execute on that.

當然，從我們完成的小規模收購開始，我對我們的陸地團隊以及他們將地面遊戲重點放在我們營運區域及其周邊的能力感到非常自豪。因此，您看到我們在過去一個季度所做的就是在兩個區域（石油窗口和天然氣窗口）增加關鍵面積，從而幫助我們進一步鞏固近期發展，增加我們將要鑽探的油井的工作興趣，所有這些都對我們的商業計劃至關重要。我們對在那裡所做的工作感到非常自豪，我們將繼續執行這項工作。

As we think about broader M&A, we continue to be excited and focused on opportunities that come our way. Nothing that I can speak to specifically, but I do think it's an interesting time in the basin in which there have been some transactions that have gotten done, maybe a little more clarity in the market than what we've had in previous years. So we continue to maintain a great deal of focus on opportunity sets down to the ground game that we just talked about, and Brittany's had a lot of success there. Our land department's had a lot of success there in lengthening laterals and such, and we'll continue to do it on the asset side as well. As we see gas assets or oil assets or mixed assets come to the market, we'll be prepared to use that balance sheet that we're so proud of to go chase these acquisitions.

當我們考慮更廣泛的併購時，我們繼續感到興奮並專注於我們遇到的機會。我無法具體談論什麼，但我確實認為現在是盆地的一個有趣時期，已經完成了一些交易，市場可能比前幾年更加清晰一些。因此，我們繼續高度關注我們剛才談到的實地比賽機會，而布列塔尼在那裡取得了巨大成功。我們的土地部門在延長橫管等方面取得了巨大成功，我們也將繼續在資產方面這樣做。當我們看到天然氣資產、石油資產或混合資產進入市場時，我們將準備好使用我們引以為傲的資產負債表來追逐這些收購。

Got it. Thanks. And in my follow-up, I think this one's for David. Could you unpack the LOE cost a little bit? I mean, you gave a little bit of color, but year-to-date, it's run a little bit above my expectation, and it does sound like it's going to come down as some of the gas volumes and related LOE to that builds, but are there other drivers to help kind of drive that down? And what are some of the pushes and pulls that you've been seeing there?

知道了。謝謝。在我的後續行動中，我認為這是給大衛的。能稍微解釋一下 LOE 成本嗎？我的意思是，你給了一點細節，但從今年到目前為止，它的表現略高於我的預期，而且聽起來隨著一些天然氣產量和相關的 LOE 的增加，它確實會下降，但還有其他驅動因素可以幫助降低它嗎？您在那裡看到了哪些推拉因素？

Yeah, I think we would anticipate that the costs across the board, GP&T especially, to drive lower during the course of this year. We did incur some true-up adjustments from prior periods largely associated with some non-operated activities from some of our friends in Ohio that manifested in this period that we do not anticipate going forward. So you should anticipate us, as we continue to put on both oil and natural gas wells throughout the remainder of the period, to continue to drive down our cost structure across the board.

是的，我認為我們預計今年整體成本，尤其是 GP&T 成本將會下降。我們確實對前期進行了一些實際調整，主要與我們在俄亥俄州的一些朋友在此期間表現出的一些非營運活動有關，我們預計這些活動不會繼續進行。因此，您應該預料到，隨著我們在本季度剩餘時間內繼續開採石油和天然氣井，我們將繼續全面降低成本結構。

Mike Scialla, Stephens.

麥克·西亞拉，史蒂芬斯。

You mentioned you pulled the project forward from fourth quarter to third quarter, but you kept your budget the same for the year. Does that imply that the fourth quarter is going to have less activity now than you previously planned, or do you stay with the one rig, one crew setup for the remainder of the year?

您提到您將專案從第四季度提前到第三季度，但全年預算保持不變。這是否意味著第四季度的活動將比您之前計劃的要少，或者在今年剩餘時間內您是否會繼續採用一台鑽機、一組船員的設置？

Sure, so I'll give a little bit of clarity on what we anticipate CapEx doing. So we are still feeling a little bit of the effects of the two rigs and the two frac crews, so I would anticipate this quarter's CapEx to be sort of similar to what we've experienced in the last couple, and then it will come down in Q4 as those effects fully work through the system. The pulling forward of the gas pad and how that impacts our capital projections, I think it's really important to know that from a cost per foot perspective, our gas wells cost almost the exact same as our oil wells.

當然，所以我會稍微澄清一下我們預期的資本支出。因此，我們仍然感受到兩座鑽井平台和兩支壓裂隊的影響，因此我預計本季度的資本支出將與我們在過去幾年經歷的類似，然後隨著這些影響在系統中完全發揮作用，它將在第四季度下降。天然氣平台的提前建設以及這對我們的資本預測的影響，我認為，從每英尺成本的角度來看，我們的天然氣井的成本幾乎與油井完全相同，這一點非常重要。

So when we move projects back and forth, it doesn't really have a change in our capital need. From that perspective, we're relatively easy to keep track of as we're continuing to run that rig for the entire year. Even if we move one pad in front of the other, our overall CapEx need doesn't change.

因此，當我們來回移動項目時，我們的資本需求實際上並沒有改變。從這個角度來看，我們相對容易跟踪，因為我們會在全年持續運行該鑽機。即使我們將一個發射台移到另一個發射台前面，我們的整體資本支出需求也不會改變。

Okay, so you're just going from the two rig activity level in first half to one, so you're not really changing your fourth quarter from what you had previously anticipated, I guess that's it.

好的，所以你只是從上半年的兩個鑽機活動水平下降到一個，所以你並沒有真正改變你對第四季度的預期，我想就是這樣。

That's correct. Yes, that's correct. We'll maintain a one rig running for us through the remainder of the year. And one.

沒錯。是的，沒錯。在今年剩餘的時間裡，我們將維持一台鑽孔機的運作。還有一個。

Got you. And I guess just thinking along the lines longer term, I realize you have the flexibility to move the rigs and crews back and forth between the two plays. They're really interchangeable. I guess from an efficiency standpoint, it would be more ideal to have one in each play. Do you think that's in the cards in the next -- what is the time frame for kind of getting to that level, and what would the efficiency benefit be if you could achieve one rig each play, one crew each play?

明白了。我想，只要從長遠角度考慮，我就會意識到你可以靈活地在兩個劇目之間來回調動鑽孔機和工作人員。它們確實可以互換。我想從效率的角度來看，每場比賽都有一個會更理想。您認為下一步會實現這個目標嗎？達到這個水平需要多長時間？如果每場作業都使用一個鑽孔機、一個作業隊，效率效益會有多大？

So for us, we've always been really sort of a walk-before-run type of company. And we've been running one rig consistently for the last couple of years. This is the first time that for an extended period of time we've run two rigs and two frackers, so we effectively had 1.2 rigs that we ran for this calendar year. I think as we look at next year, two rigs for the entire year is probably more aggressive than what we'll budget and plan for, but I think that we probably will not look to do less than the 1.2 rigs that we ran.

所以對我們來說，我們一直都是一家先走後跑類型的公司。過去幾年來，我們一直在運行一台鑽孔機。這是我們第一次在較長時間內運行兩台鑽機和兩台水力壓裂機，因此今年我們實際上運行了 1.2 台鑽機。我認為，當我們展望明年時，全年運行兩台鑽機可能比我們的預算和計劃更為激進，但我認為我們可能不會運行少於 1.2 台鑽機的鑽機數量。

Your point of efficiencies of one gas rig and one oil rig—I think that's fair, that if you're not moving a rig as far, you do get a little bit of efficiencies. But when you look at the overall calendar and you look at how quickly we're able to move this rig from one pad to another, the moving from one state to another isn't additional days necessarily compared to an in-field move. So I agree with you that there will be efficiency gains. I just don't think it's going to materialize in multiple wells additionally drilled per year.

您提到的一個天然氣鑽井平台和一個石油鑽井平台的效率——我認為這是公平的，如果你不把鑽井平台移那麼遠，你確實會獲得一點效率。但是，當你查看整個日程表並查看我們能夠多快地將鑽機從一個平台移動到另一個平台時，你會發現，與現場移動相比，從一個州移動到另一個州並不一定需要額外的天數。所以我同意你的觀點，效率將會提高。我只是不認為每年額外鑽探多口井就能實現這一目標。

Sounds like your rig time movements are really pretty immaterial at this point, even going back and forth between the two plays. So is that --

聽起來，此時您的鑽孔機時間變動實際上並不重要，即使在兩個劇目之間來回移動也是如此。那麼是嗎--

Is that fair? Our operational team does a great job managing those logistics, and I think they've built a lot of experience now in moving that rig from one state to the other. So I think they do it quite efficiently.

這樣公平嗎？我們的營運團隊在管理這些物流方面做得非常出色，我認為他們在將鑽孔機從一個州運送到另一個州方面已經積累了豐富的經驗。所以我認為他們做得非常有效率。

(Operator Instructions) Paul Diamond, Citi.

（操作員指示）花旗銀行的 Paul Diamond。

I just wanted to quickly touch base on those third-party midstream constraints in Ohio during the quarter. Would you unpack a little bit what it was, how fast was the remediation, and what is the expectation that it could occur again?

我只是想快速了解本季俄亥俄州的第三方中游限制情況。您能否稍微解釋一下它是什麼，補救的速度有多快，以及預計它會再次發生嗎？

Sure. First and foremost, I want to acknowledge that we had a 25% production growth quarter over quarter, so very proud of our team for executing on that, even despite a little bit of a midstream hiccup there from a third party. I'll also compliment our commercial team for finding a temporary midstream solution that allowed us to get that second well in line and produce it even though it was curtailed for that period of time. Basically, it boils down to a farmer didn't want a pipe going through his field, and we had to reroute around it.

當然。首先，我要承認，我們的產量較上季成長了 25%，儘管中途第三方出現了一些小問題，但我們對團隊能夠實現這一目標感到非常自豪。我還要讚揚我們的商業團隊找到了一個臨時的中游解決方案，使我們能夠使第二口井排成一行並進行生產，即使在那段時間內產量受到限制。基本上，這可以歸結為農民不想讓管道穿過他的田地，所以我們必須繞道而行。

The pipe has made it to location and the rest of the wells are now in line and flowing unconstrained. I think it's also important to know that our next several oil projects that we will drill already have pipe to location. They're sort of return-to-pad projects that we'd already intended to do and have midstreams there. So we really feel like this situation has been resolved and is behind us.

管道已到達指定位置，其餘油井現已排成一條線，水流暢通無阻。我認為了解我們接下來要鑽探的幾個石油項目是否已經將管道鋪設到位也很重要。它們有點像我們已經打算做的返回發射台項目，並且已經在那裡進行了中游。所以我們確實覺得這個問題已經解決並且已經成為過去。

I'm proud of our team in delivering the production that we did and overcoming this, and we're happy to have those wells flowing unconstrained now.

我為我們的團隊克服了這一困難並完成了生產任務而感到自豪，我們也很高興這些油井現在可以順利生產了。

Got it. Just touching next on how you see the drill between Ohio and Pennsylvania, I know currently the D&C costs are pretty even, but can you talk about any puts and takes and how you think about those potentially diverging over time, or is the geology all still pretty similar?

知道了。接下來想談談您如何看待俄亥俄州和賓夕法尼亞州之間的演習，我知道目前 D&C 成本相當均勻，但您能否談談任何利弊，以及您如何看待這些成本隨著時間的推移而可能出現的分歧，或者地質情況是否仍然非常相似？

Just to clarify, the question is between drilling and Marcellus gas D&C versus Ohio oil Utica?

只是為了澄清一下，問題是鑽探和馬塞勒斯天然氣 D&C 與俄亥俄州石油尤蒂卡之間的區別嗎？

Exactly, yes.

確實如此。

I think really what you see impacting D&C costs is whether it's a new pad or a return-to-pad, because when you look at the cost per foot on either of those wells, they are really laying on top of each other within a couple of percent. You're going to see D&C change based on lateral length and based on working interest. You're not going to really see a change based on which state we're drilling in. If you look at some of the projects that we've done recently where we've been drilling long laterals—21,000 to 22,000 lateral feet—those are higher D&C capital projects.

我認為，真正影響 D&C 成本的因素是它是新建平台還是返回平台，因為當您查看這兩口井每英尺的成本時，它們實際上是在幾個百分點的範圍內相互疊加的。您將看到 D&C 根據橫向長度和工作興趣而改變。無論我們在哪個州鑽探，你都不會真正看到改變。如果您看我們最近完成的一些項目，我們一直在鑽探長水平井（21,000 至 22,000 英尺），這些都是 D&C 資本較高的項目。

Typically, our Ohio wells are a little bit longer than our Pennsylvania wells. So that's where you'd see any difference in D&C spend between the two areas -- it's really just a change in lateral length.

通常，我們的俄亥俄州油井比賓州油井稍長。因此，您會看到兩個地區在 D&C 支出方面存在差異——這實際上只是橫向長度的變化。

Tim Rezvan, KeyBank Capital Markets.

Tim Rezvan，KeyBank 資本市場部。

I just had one, and it's maybe a request as much as it is a question. With the moving parts on the commodity mix, it looks like some oil that you thought might come online in Q2 has been deferred. It's adding a lot of complexity on understanding the different SKU changes we could expect with your production. So you said directionally natural gas will become a bigger part of total production. Can you maybe give a little more detail on that, and do you think that's something you should be including in guidance going forward to sort of help the analyst community?

我剛剛有一個問題，這既是一個請求，也是一個問題。隨著商品組合的變化，您認為可能在第二季上市的一些石油似乎已被推遲。這給我們理解生產中可能出現的不同 SKU 變化增加了很大的複雜性。所以您說天然氣在總產量中所佔的比例將會增加。您能否就此提供更多細節？您是否認為您應該將其納入未來的指導中以幫助分析師群體？

So first of all, I do recognize technology and modeling us is a challenge. We have a variable commodity mix, and we're dynamic and we're growing, so I recognize that it's not the easiest -- we're not the easiest company for you to model. But I'll say overall, we anticipate growth in the third quarter and then additional growth in the fourth quarter compared to Q3. So we're really continuing to see volumes ramp up throughout the year.

首先，我確實認識到技術和為我們建模是一個挑戰。我們的商品組合多種多樣，而且我們充滿活力，不斷成長，因此我認識到這並不是最容易的——我們不是最容易為您效仿的公司。但總的來說，我們預計第三季將實現成長，第四季將比第三季進一步成長。因此，我們確實看到全年銷量持續成長。

I think it's helpful to think about where we are in the year through our total turn-in-line schedule. Up to the end of Q2, we'd only turned in line two oil wells, and one of those was constrained, as we talked about just a second ago. Now when you look at the end of Q2 and forward, we've already turned in line two additional oil wells and removed the constraint from the third. We have four additional turn-in-lines that will happen inside of this quarter and we anticipate three additional oil wells at the end of Q4.

我認為透過我們的整體上線時間表來思考我們這一年所處的位置是有幫助的。截至第二季末，我們僅交付了兩口油井，其中一口受到了限制，正如我們剛才談到的。現在，當您回顧第二季末及以後時，我們已經投入了另外兩口油井，並消除了第三口油井的限制。本季我們將新增四條油井，預計第四季末將新增三口油井。

You're continuing to see us execute on cycle time and dial these projects in. With the midstream problems abated, as we talked about, you're going to be able to predict when we spot wells to just say seven months -- you start to see things come online thereafter. Similarly, on the gas side, by the end of Q2, we turned in line five wells, and here in August we turned in four more. We have three additional wells that we're targeting being in line before the end of the year.

您將繼續看到我們按週期執行並撥打這些項目。正如我們所討論的，隨著中游問題的減輕，您將能夠預測我們何時發現油井，也就是七個月後，您將開始看到一切恢復正常。同樣，在天然氣方面，到第二季末，我們已上線了五口井，而今年 8 月我們又上線了四口井。我們還有另外三口井，目標是在今年年底前投入使用。

Okay, so as we look to the end of the year, we should assume natural gas maybe somewhere between 65% and 70%. Does that seem reasonable, or you'resssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss not ready to commit to that?

好的，展望年底，我們應該假設天然氣的比例可能在 65% 到 70% 之間。這看起來合理嗎，還是你還沒準備好承諾這一點？

I don't think at this point we're giving that breakdown.

我認為目前我們還沒有給出這樣的細分。

Okay, that's fine. I think the market seems to be viewing this as a one-off and not a material impact from the oil delay, so I think that's a good thing, and I appreciate the comments. Thanks.

好的，沒問題。我認為市場似乎將此視為一次性事件，而不是石油延遲造成的重大影響，所以我認為這是一件好事，我很感謝這些評論。謝謝。

Scott Hanold, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Scott Hanold。

Just one follow-up. Those four wells that you all brought online a quarter or so ago—based on the state data, the production looks fairly strong and good. I think it'd be good to hear your comments on what you're seeing there. It seems like, at least through the first 60-plus days that we could see, production is actually holding pretty steady at a much higher rate than we would have anticipated. So any color or commentary on that and how that changes your view or your thoughts on your next gas completions as well?

僅一個後續行動。你們大約一個季度前投產的四口油井——根據州政府的數據，產量看起來相當強勁、良好。我認為聽到您對所見所聞的評論會很好。看起來，至少在我們看到的前 60 多天裡，產量實際上保持相當穩定，而且比我們預期的要高得多。那麼，您對此有何看法或評論？這又如何改變您對下一次天然氣完井的看法或想法？

I appreciate the compliment there on our well performance, and we won't get into specifics on how well it's performing, but what I will say is that we've been very happy with our recent gas development. I think it's reaffirming, and we're going to demonstrate to everybody else that we think we've got the right technical approach between how we drill the wells, complete them, and space them, etc., for that area so that you'll be able to see continuous, repeatable, predictable gas results there.

我很感謝大家對我們油井表現的讚揚，我們不會具體談論它的表現如何，但我要說的是，我們對最近的天然氣開發感到非常滿意。我認為這是重申，我們將向其他人證明，我們認為我們已經採取了正確的技術方法，包括如何在該地區鑽井、完井、間隔井等，以便您能夠在那裡看到連續、可重複、可預測的天然氣結果。

We have no further questions. Thank you. I'd like to turn the call back to Zack Arnold for closing remarks.

我們沒有其他問題了。謝謝。我想將電話轉回給扎克·阿諾德，請他做最後發言。

All right, well, once again, thank you all for your time this morning. I appreciate the detailed follow-up questions, and we look forward to continuing to explore this company together. So thank you.

好的，再次感謝大家今天早上抽出時間。我很感謝詳細的後續問題，我們期待繼續共同探索這家公司。所以謝謝你。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

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。