Infinity Natural Resources Inc (INR) 2025 Q3 法說會逐字稿

Greetings, and welcome to Infinity Natural Resources third-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Infinity Natural Resources 2025 年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Greg Pipkin, Senior Vice President, Corporate Development and Strategy. Sir, you may begin.

現在，我很高興向大家介紹主持人格雷格·皮普金，他是公司發展與策略資深副總裁。先生，您可以開始了。

Thank you, operator. Good morning and thank you for joining our third-quarter 2025 earnings results conference call.

謝謝接線生。早安，感謝各位參加我們2025年第三季財報電話會議。

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.

今天陪同我的是總裁兼執行長扎克·阿諾德，以及執行副總裁兼財務長大衛·斯普勞爾。稍後，扎克和戴維將發表準備好的講話，隨後進行問答環節。更新後的投資者簡報已發佈在我們網站的投資者關係部分，我們可能會在今天的討論中引用其中的一些幻燈片。今天電話會議的錄音回放將於今晚開始在我們的網站上提供。

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.

我想提醒各位，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。前瞻性陳述受多種風險和不確定因素的影響，其中許多因素超出我們的控制範圍，可能導致實際結果與這些前瞻性陳述有重大差異。請查閱我們的獲利報告以及我們在提交給美國證券交易委員會的文件中討論的風險因素。

We will 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.

我們也會提及一些非GAAP財務指標。有關這些措施的重要披露信息，請參閱我們的盈利報告和投資者演示文稿，包括定義以及與最可比較的 GAAP 財務指標的調節表。

Now over to Zack.

現在輪到札克了。

Thank you, Greg, and welcome to Infinity Natural Resources third-quarter 2025 earnings call. We're pleased to share our quarterly operational and financial performance with you today, along with an overview of our ongoing development program and our perspective on the remainder of 2025.

謝謝格雷格，歡迎參加 Infinity Natural Resources 2025 年第三季財報電話會議。今天，我們很高興與大家分享我們的季度營運和財務業績，以及我們正在進行的發展計劃概述和我們對 2025 年剩餘時間的展望。

Starting with the highlights from the third quarter. We delivered exceptional results that demonstrate our continued momentum across the Appalachian Basin. We achieved 39% total production growth year over year to 36.0 MBOE per day during the quarter. This included 70% growth in natural gas production compared to the third quarter of 2024, reflecting our increased focus on natural gas development during 2025.

首先回顧第三節的精彩瞬間。我們取得了卓越的成果，展現了我們在阿巴拉契亞盆地持續的發展勢頭。本季度，我們實現了總產量年增 39%，達到每天 36.0 萬桶油當量。與 2024 年第三季相比，天然氣產量增加了 70%，這反映出我們在 2025 年更加重視天然氣開發。

Our continued execution is driving operational momentum. We have experienced strong results on our recent projects, including our best producing projects in each of Ohio and Pennsylvania to date. Most notably, we achieved a single day net production record of 47.9 MBOE per day in October. This milestone reflects the consistent execution and commitment to operational excellence that has driven several new company records.

我們持續的執行力正在推動營運勢頭。我們最近的項目都取得了顯著成果，包括迄今為止我們在俄亥俄州和賓夕法尼亞州取得的最佳業績項目。最值得一提的是，我們在 10 月創下了單日淨產量紀錄，達到 47.9 萬桶油當量/天。這項里程碑體現了公司在追求卓越營運方面始終如一的執行力和承諾，也正是這些因素推動了公司多項新紀錄的誕生。

Operationally, we had yet again a very strong quarter, demonstrating our consistent execution throughout 2025. In total, we placed 10 wells into sales during the third quarter comprised of 6 oil-weighted wells in the Ohio Utica and 4 natural gas wells in the Pennsylvania Marcellus. We drilled 93,000 lateral feet and completed 442 stages across six wells during the quarter. We continued to emphasize extended lateral development with an average well length of nearly 15,000 feet during the quarter.

在營運方面，我們又迎來了一個非常強勁的季度，展現了我們在 2025 年的持續高效執行力。第三季度，我們共投放了 10 口油井，其中包括俄亥俄州尤蒂卡頁岩油田的 6 口原油井和賓州馬塞勒斯頁岩油田的 4 口天然氣井。本季度，我們在六口井中鑽探了 93,000 英尺水平段，完成了 442 個鑽井段。本季我們繼續強調橫向延伸開發，平均井長接近 15,000 英尺。

On the drilling side, our team improved efficiencies on casing running speed, decreasing the average time by more than 25%. On the completion side, we set a new record for stages pumped in 24 hours on one of our projects in Guernsey County, exceeding 16 stages in a 24-hour period, reflecting both the quality of our completions design and our team's operational expertise.

在鑽井方面，我們的團隊提高了套管下入速度的效率，平均時間縮短了 25% 以上。在完井方面，我們在格恩西縣的一個項目中創造了 24 小時內泵送階段數的新紀錄，在 24 小時內泵送了超過 16 個階段，這既體現了我們完井設計的質量，也體現了我們團隊的運營專業知識。

On the strategic front, we continue to have success in the ground game acquiring approximately 3,000 net acres during the quarter across approximately 350 transactions, increasing working interest in our active development projects and enhancing future projects. These working interest additions are among the highest returning dollars we invest as we acquire more of each project we are already executing.

在策略方面，我們在地面開發方面繼續取得成功，本季度透過約 350 筆交易收購了約 3,000 淨英畝土地，增加了我們在積極開發項目中的工作權益，並增強了未來項目的實力。隨著我們不斷收購正在執行的每個項目的更多份額，這些新增的工作權益是我們投資回報率最高的資金之一。

Looking at our activity by state. In the Ohio Utica, we drilled three wells and completed 377 stages during the quarter, all in Guernsey County. We also turned into sales a 57,000 foot three-well pad early in October resulting in the first production from our Muskingum Watershed Conservancy District acquisition we made earlier this year.

按州查看我們的活動。在俄亥俄州尤蒂卡地區，我們本季鑽探了三口井，完成了 377 個鑽井階段，全部位於格恩西縣。10 月初，我們還將一個 57,000 英尺的三井平台投入銷售，實現了我們今年稍早收購的馬斯金格姆流域保護區的首次生產。

In the Pennsylvania Marcellus, we drilled three wells and completed 65 stages. Specifically, in July, we began drilling operations on the 50,000-foot three-well natural gas project that we elected to advance early in the second quarter. We are excited to announce that we plan to turn these wells to sales in the coming weeks representing approximately 6 months from FID to revenue generation.

在賓州的馬塞勒斯頁岩氣田，我們鑽了三口井，完成了 65 個開採階段。具體來說，7 月份，我們開始了 50,000 英尺三井天然氣專案的鑽井作業，該專案是我們選擇在第二季度初推進的。我們很高興地宣布，我們計劃在未來幾週內將這些油井投入銷售，從最終投資決定到產生收入大約需要 6 個月。

Taking a step back to look at 2025 as a whole, our team's execution and strong well performance has allowed us to increase our production guidance for full-year 2025 to 33.5 to 35 MBOE per day, from 32 to 35 MBOE per day.

回顧 2025 年全年，我們團隊的執行力和強勁的油井表現使我們能夠將 2025 年全年的產量預期從每天 32 至 35 千桶油當量提高到每天 33.5 至 35 千桶油當量。

We are also updating our full-year total development capital expenditure guidance to a range of $270 million to $292 million, which is inside the higher end of our combined D&C and midstream CapEx guidance. We are on track to have turned to sales 23 wells this year, 12 natural gas weighted wells, and 11 oil-weighted wells. This nearly 50-50 split is slightly more gas-heavy than our expectations coming into the year but demonstrates the unique optionality our strategic positioning in Appalachia provides.

我們同時將全年開發資本支出總額預期更新為 2.7 億美元至 2.92 億美元，這處於我們綜合開發建設和中游資本支出預期的較高區間。我們今年預計將 23 口井轉為銷售井，其中 12 口為天然氣井，11 口為石油井。這種接近 50/50 的比例比我們年初的預期略微偏重汽油，但也體現了我們在阿巴拉契亞的戰略定位所帶來的獨特選擇權。

With a balanced portfolio across oil-weighted Utica assets in Ohio and natural gas-weighted assets in Pennsylvania, we can adapt to varying commodity price environments and execute projects that maximize shareholder returns.

我們擁有均衡的投資組合，涵蓋俄亥俄州以石油為主的尤蒂卡資產和賓州以天然氣為主的資產，能夠適應不斷變化的商品價格環境，並執行能夠最大限度提高股東回報的專案。

The operational momentum we've built throughout 2025 combined with our strategic asset positioning across both oil and natural gas assets provides a solid foundation as we look ahead to 2026. The strength of our balance sheet remains an invaluable asset, and we will continue to be thorough and thoughtful as we evaluate organic and inorganic growth opportunities.

我們在 2025 年建立的營運勢頭，加上我們在石油和天然氣資產方面的戰略資產配置，為我們展望 2026 年奠定了堅實的基礎。我們穩健的資產負債表仍然是一項寶貴的資產，我們將繼續認真、周全地評估有機和無機成長機會。

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

接下來，我將把電話交給大衛，讓他對我們的財務表現進行更詳細的分析。

Thank you, Zack. Our third-quarter results speak directly to the operational and financial execution during the period. As Zack noted, we delivered a 39% increase in net production to 36 MBOE per day year over year.

謝謝你，扎克。我們第三季的業績直接反映了該期間的營運和財務執行。正如 Zack 指出的那樣，我們的淨產量年增了 39%，達到每天 3,600 萬桶油當量。

Moreover, as noted earlier, our natural gas production increased 70% year over year to 138 MMCF per day for Q3 2025. We anticipate further production growth during the fourth quarter, driven by additional turn in lines in the period. While driving production growth, we also continue to drive cash operating costs lower, the $6.09 per BOE from $9.42 per BOE in the prior year's quarter.

此外，如前面所提到的，我們的天然氣產量年增 70%，2025 年第三季達到每天 1.38 億立方英尺。我們預計第四季度產量將進一步成長，這主要得益於該季度更多生產線的投產。在推動產量成長的同時，我們也持續降低現金營運成本，從上一季的每桶油當量 9.42 美元降至每桶油當量 6.09 美元。

As expected, our LOE and GP&T per unit metrics continued to decline as we bring on additional natural gas volumes in Pennsylvania. As always, we are focused on EBITDA generation and capital efficiency, delivering best-in-basin adjusted EBITDA margins and capital efficiency when compared to our Appalachian peers.

正如預期的那樣，隨著我們在賓州增加天然氣供應量，我們的單位 LOE 和 GP&T 指標繼續下降。一如既往，我們專注於 EBITDA 的創造和資本效率，與阿巴拉契亞地區的同行相比，我們實現了盆地內最佳的調整後 EBITDA 利潤率和資本效率。

We generated adjusted EBITDA of $60 million during the quarter and an adjusted EBITDA margin of $18.12 per BOE, again a top-tier result compared to our Appalachian peers. The shift towards natural gas weighting continues to improve our operating cost structure while maintaining leading margins. We expect per-unit costs will continue to decline as we accelerate Pennsylvania production.

本季我們實現了 6000 萬美元的調整後 EBITDA，調整後 EBITDA 利潤率為每桶油當量 18.12 美元，與阿巴拉契亞地區的同行相比，這再次是一個頂尖的業績。天然氣佔比的提升持續改善了我們的營運成本結構，同時維持了領先的利潤率。我們預計隨著賓州生產速度的加快，單位成本將繼續下降。

On capital deployment, we invested $95 million into our business during the quarter, comprised of $83.2 million in development capital expenditures and $11.8 million in land acquisitions. Again, we anticipate capital spend to decline in the fourth quarter.

在資本部署方面，本季我們向業務投資了 9,500 萬美元，其中包括 8,320 萬美元的開發資本支出和 1,180 萬美元的土地收購。我們再次預期第四季資本支出將下降。

As Zack noted, our land acquisition strategy continues to deliver results, with approximately 3,000 net acres added during the third quarter and approximately 4,300 net acres acquired year-to-date. What makes these acquisitions particularly valuable to Infinity is that they increase our working interest in ongoing development projects while expanding our future drilling inventory.

正如扎克所指出的，我們的土地收購策略繼續取得成效，第三季新增淨土地約 3,000 英畝，今年迄今已收購淨土地約 4,300 英畝。這些收購對 Infinity 尤其有價值，因為它們增加了我們在正在進行的開發項目中的工作權益，同時擴大了我們未來的鑽井儲備。

From a practical standpoint, the increase in working interest on development wells has effectively added approximately one net well to our 2025 development program. Our development capital spend for the calendar year is anticipated to be within our prior 2025 guidance. This represents more value for investors at the same spend.

從實際角度來看，開發井工作權益的增加實際上使我們 2025 年的開發計畫淨增加了一口井。我們預期本年度的開發資本支出將符合我們先前對 2025 年的預期。這意味著投資者在投入相同資金的情況下能獲得更高的價值。

Turning to the balance sheet, our leverage profile remains exceptionally strong, with approximately $71 million in net debt. On October 1, we expanded our borrowing base yet again to $375 million, providing us with $304 million in liquidity.

從資產負債表來看，我們的槓桿狀況依然非常強勁，淨債務約為 7,100 萬美元。10 月 1 日，我們再次擴大了借款規模至 3.75 億美元，為我們提供了 3.04 億美元的流動資金。

Turning to 2025 guidance, we are raising our full-year net daily production guidance to 33.5 to 35 MBOE per day, from 32 to 35 MBOE per day. This is driven by strong well performance and operational successes across our portfolio. We are updating our full-year total development capital expenditure guidance to a range of $270 million to $292 million, inside the higher end of our previous combined D&C and midstream CapEx guidance of $249 million to $292 million. Again, we are inside the 2025 CapEx guidance while delivering more net wells for our investors.

展望 2025 年，我們將全年淨日產量預期從每天 32 至 35 萬桶油當量 (MBOE) 上調至每天 33.5 至 35 萬桶油當量 (MBOE)。這得益於我們旗下各油井的強勁表現與營運成功。我們將全年開發資本支出總額預期更新為 2.7 億美元至 2.92 億美元，處於我們先前綜合開發建設和中游資本支出預期 2.49 億美元至 2.92 億美元的較高區間。我們再次確保在 2025 年資本支出目標範圍內，同時為投資者帶來更多淨井數。

Lastly, our Board of Directors has authorized a $75 million share repurchase program, reflecting confidence in our underlying long-term value for our business, the strength of our balance sheet, and the undervalued nature of our stock price relative to our performance.

最後，我們的董事會批准了一項 7,500 萬美元的股票回購計劃，這反映了我們對公司長期潛在價值、資產負債表實力以及相對於公司業績而言股價被低估的信心。

With that, over to Zack to close out our opening remarks.

接下來，請札克為我們的開場致詞作結。

Thanks, David. To wrap up, our third quarter results reflect the strength and strategic value of our diversified Appalachian operations. Our success this quarter highlights what makes Infinity Natural Resources unique, our proven ability to optimize development across both our Ohio Utica oil properties and our Pennsylvania Marcellus natural gas assets.

謝謝你，大衛。綜上所述，我們第三季的業績反映了我們多元化阿巴拉契亞業務的實力和策略價值。本季的成功凸顯了 Infinity Natural Resources 的獨特之處，即我們有能力優化我們在俄亥俄州尤蒂卡頁岩油田和賓州馬塞勒斯頁岩氣資產的發展。

We demonstrated this flexibility by successfully executing our accelerated natural gas program while maintaining strong momentum on our oil development, positioning us to turn in line 23 wells in 2025 with a near 50/50 gas-to-oil production split. We are exceptionally well-positioned to sustain our active development pace into 2026 while continuing to deliver strong returns for our shareholders.

我們透過成功執行加速天然氣計劃，同時保持石油開發的強勁勢頭，證明了這種靈活性，使我們能夠在 2025 年投產 23 口油井，天然氣和石油的產量比例接近 50/50。我們擁有得天獨厚的優勢，能夠在2026年保持積極的發展步伐，同時繼續為股東帶來豐厚的回報。

Operator, you may now open up to Q&A.

操作員，現在可以開始問答環節了。

(Operator Instructions) Tim Rezvan, KeyBanc Capital Markets.

（操作員說明）Tim Rezvan，KeyBanc Capital Markets。

First of all, I wanted to dig in with natural gas, looking more attractive. I know you've sort of pushed back plans to test the deep Utica to 2026. There's been strong comments from public peers. Can you talk about any plans you may have to test that into what's looking like a stronger natural gas price environment?

首先，我想用天然氣進行挖掘，看起來更有吸引力。我知道你們已經將尤蒂卡深層礦藏的測試計畫推遲到 2026 年。來自公眾同行的評論非常強烈。您能否談談在天然氣價格似乎走強的環境下，您是否有任何測試計劃？

Sure. Thanks, Tim. I'll take that question. This is Zack. We haven't announced anything specific to the development plan of the Deep Dry Gas Utica, and we haven't given any guidance on our 2026 development program at all.

當然。謝謝你，提姆。我來回答這個問題。這是札克。我們沒有公佈任何關於尤蒂卡深層乾氣開發計劃的具體信息，也沒有對我們的 2026 年開發計劃給出任何指導。

As we continue to plan that, that will be a part of our development of that plan. We are always evaluating what other operators are doing, and we think there's continued momentum for the deep dry gas Utica in our South Bend area, and we're excited about that. It is important to remember that when we drill our first deep dry gas Utica well, it will be just one well of many spuds in that year, and we'll be excited about it, as we are excited about every project we develop.

在我們繼續進行規劃的過程中，這將是我們制定該計劃的一部分。我們一直在評估其他業者的做法，我們認為南本德地區的深層乾氣尤蒂卡氣田的發展勢頭依然強勁，對此我們感到非常興奮。重要的是要記住，當我們鑽探第一口深層乾氣尤蒂卡井時，這只是當年眾多開鑽井中的一口，我們會為此感到興奮，就像我們對開發的每一個項目都感到興奮一樣。

Okay. Okay. That's fair. We'll stay tuned. We'll stay tuned. I just wanted to dig in, make sure I heard you correctly, Zack. You said that 3,000 net acres that you added, I believe you said that's 350 transactions. I don't know if I heard that correctly, but you've added 4,300 year to date. Can you talk to what the ground game -- how that's evolving? I know it may be a little more challenging time to pursue larger opportunities, but can you talk about maybe how that's progressing and how you see that into next year.

好的。好的。這很合理。我們會繼續關注。我們會繼續關注。我只是想確認一下，確保我沒聽錯，扎克。您提到新增的 3,000 淨英畝土地，我記得您說過那是 350 筆交易。我不知道我是否聽得正確，但到目前為止，您已經增加了 4300 年。能談談地面戰的進展嗎？我知道現在尋求更大的發展機會可能更具挑戰性，但您能否談談這方面的進展情況，以及您對明年的展望？

Great question. I want to maintain the statement that we are focused on both, the ground game and larger scale transactions. To answer your ground game question, we added 3,000 acres over the 350 transactions. I think that is an incredible testament to our team's ability to stay focused in areas where we see value. I think we have a strategic advantage by being located in the basin that gives us a unique opportunity to be in the neighborhoods and in the communities as we go out and talk to folks.

問得好。我想重申，我們既關注基層工作，也關注更大規模的交易。為了回答您關於地面交易的問題，我們在 350 筆交易中增加了 3000 英畝土地。我認為這充分證明了我們團隊能夠在我們認為有價值的領域中保持專注。我認為我們位於盆地內具有戰略優勢，這給我們提供了一個獨特的機會，讓我們能夠深入社區，與居民交談。

Those transactions that we closed and those acres that we added additional working interest to projects that are incredibly meaningful to us. Projects that we are already developing at the back half of this year, we were able to increase our working interest due to the work that folks did. Really excited about that work, and we'll keep doing those ground game attacks in both areas, in Ohio and in Pennsylvania, and we'll keep looking at the larger scale M&A also.

我們完成的那些交易，以及我們為那些對我們來說意義非凡的項目增加的額外工作權益的土地面積。今年下半年，我們已經開始開發一些項目，由於大家的努力，我們提高了工作熱情。我對這項工作感到非常興奮，我們將繼續在俄亥俄州和賓州這兩個地區進行地面攻勢，同時也將繼續關注更大規模的併購活動。

John Freeman, Raymond James.

約翰·弗里曼，雷蒙德·詹姆斯。

Nice to see the share repurchase plan, especially at these valuations. Just maybe how y'all think about the trade-off between share buybacks versus continued kind of ground game acquisitions.

很高興看到股票回購計劃，尤其是在目前的估值水準下。或許你們會如何看待股票回購與持續的地面收購之間的權衡？

Yes. John, this is David. I'll take that one. I think there's a couple of points on that. I think first and foremost, the share buyback will not impact our asset development or acquisition strategies at all. I think that's very much a testament to the team and the capabilities that we have and the assets that we're developing here.

是的。約翰，這是大衛。我選那個。我認為有幾點需要說明。我認為，首先，股票回購完全不會影響我們的資產開發或收購策略。我認為這充分證明了我們團隊的實力、我們擁有的能力以及我們正在開發的資源。

The second thing I'd say is the share price is significantly undervalued, and we're being opportunistic here given our long-term view of the business and our focus on allocating capital and maximizing shareholder returns at every step. It's a good opportunity for us, and we're excited about executing that alongside of all the other assets that we're developing.

第二點我想說的是，股價被嚴重低估了，鑑於我們對業務的長期看法以及我們專注於每一步都進行資本配置並最大化股東回報，我們在這裡採取的是一種機會主義策略。這對我們來說是一個很好的機會，我們很高興能夠將它與我們正在開發的所有其他資產一起執行。

Got it. And then my follow-up question, it looks like the amount of natural gas hedges kind of went down each quarter going forward. Maybe can you just speak to that decision?

知道了。然後我的後續問題是，看起來天然氣避險交易量似乎每季都在下降。您能否就這項決定談談您的看法？

Yes. We've been pretty well hedged on natural gas. The decline there on natural gas hedges as a percentage, is that your question, John, that a percentage of total natural gas bought?

是的。我們在天然氣方面已經做了相當不錯的對沖投資。約翰，你的問題是，天然氣避險交易量下降了多少百分比？是指天然氣總購買量的下降百分比嗎？

It looked like, David, at the absolute like volume amount that you all have hedged versus your prior update had gone down the rest of 3Q, 4Q and then also for full year '26. Just the actual volumes that you all have gas hedges on, it looked like that went down.

David，看起來你們對沖的絕對交易量與你們之前的更新相比，在第三季、第四季以及 2026 年全年都出現了下降。你們進行天然氣對沖的實際交易量似乎下降了。

Sure. We can circle back with you. I think first and foremost, we're pretty well hedged on natural gas through 2025, as you guys can see. I think the change in our percentages hedging has continued to highlight the strong well performance that we're having in Pennsylvania.

當然。我們可以稍後再聯絡您。我認為首先也是最重要的是，正如你們所看到的，我們在2025年之前對天然氣的配置相當不錯。我認為我們避險比例的變化持續凸顯了我們在賓州強勁的油井表現。

Our strategy overall with regards to hedges, as we've kind of talked about at length before, is to really look at this kind of return on investment that we get on these projects and lock in some of those at an FID, and then we have sort of uptick those when we have the completion crews come. We'll continue to execute on that plan there, but we're pretty well hedged through 2025 in particular on natural gas and then have great exposure to natural gas uptick in the coming years.

我們之前已經詳細討論過，關於對沖的總體策略是，真正關注這些項目的投資回報率，並在最終投資決定 (FID) 時鎖定其中一些，然後在完工隊伍到來時提高這些回報率。我們將繼續執行該計劃，但到 2025 年，尤其是在天然氣方面，我們已經做了相當不錯的對沖，並且在未來幾年天然氣價格上漲的情況下，我們也能很好地把握機會。

Scott Hanold, RBC.

Scott Hanold，RBC。

Yes. I appreciate the fact that it's probably too early for 2026 guidance, but I don't know, Zack, could you kind of frame it up for us a little bit? Should we think about this kind of 1 to 1.5 rig pace you ran this year as a reasonable kind of trajectory in how you think about oil versus gas mix in general? Just help us frame up for what that means on the capital side too with the development efficiencies and everything else you're seeing.

是的。我知道現在給出 2026 年的指導意見可能為時過早，但是，扎克，你能稍微給我們解釋一下嗎？我們是否應該將您今年採取的 1 到 1.5 台鑽機的建設速度視為您總體上考慮石油與天然氣組合時的一種合理發展軌跡？請您也幫我們分析一下，從資本方面來看，考慮到開發效率以及其他您所看到的一切，這意味著什麼。

Sure. I'll start by saying we aren't giving soft guidance yet for what 2026 will look like. We will provide guidance in Q1 to let everybody understand how we're approaching next year in our capital allocation and our pace of business.

當然。首先我要說明的是，我們目前還不會對 2026 年的情況給予任何明確的預測。我們將在第一季提供指導，讓大家了解我們明年在資本配置和業務節奏方面的計劃。

To kind of back up from that and just kind of give some framework for folks to be able to think about what our business could look like, though, as we still formulate all of our development plans. If we ran 1.2 rigs in 2025, I think you should expect that we remain at least that active in 2026. We are providing splits to our capital allocation right now between gas or oil, but we have very attractive returns in both commodities, and I would expect us to be active in both states next year.

不過，為了從這個角度出發，為大家提供一個框架，讓大家能夠思考我們的業務未來會是什麼樣子，儘管我們仍在製定所有的發展計畫。如果我們在 2025 年運行了 1.2 台鑽機，我認為你應該預期我們在 2026 年至少會保持這樣的活躍度。我們目前在資本配置方面將資金分散投資於天然氣和石油，但這兩種商品的收益都非常可觀，我預計明年我們將在這兩個州都開展業務。

Okay. Got that. And then just to clarify too, I think you said you all reached 47.9 MBOE per day in October. Just could you clarify that? Was that a peak rate or was that an average? Just help me kind of square the circle with, I think you said you expect to see some growth through the fourth quarter. I think guidance for something around 43 MBOE a day. If you were up around 48 MBOE, just kind of help us walk through the time of the tills and natural declines coming off of some of the pads you've done.

好的。明白了。另外，為了澄清一下，我記得你們說過你們在 10 月的日產量達到了 47.9 MBOE。您能解釋一下嗎？那是峰值還是平均值？請幫我理清一下思路，我記得你說過你預計第四季會有一些成長。我認為指導意見是每天大約 43 MBOE。如果你當時的油價在 48 MBOE 左右，請幫我們回顧一下你曾經走過的幾段路程中，收銀台和自然下降的路程。

Sure. Specifically, that number was a daily spot rate that we reported there. We have six wells that we will be turning in line this quarter. Three of them have already happened. That number corresponded with those wells coming online.

當然。具體來說，這個數字是我們當時公佈的每日現貨價格。本季我們將啟動六口油井的生產線。其中三件已經發生了。這個數字與那些投產的油井數量相符。

We have three additional gas wells that will come online here in pretty fresh time here in the next couple of weeks. We do not give quarterly production guidance, so I cannot really help you specifically get to what this quarter is going to be, but I just point you back to the production range that we set. I think those production -- sorry, I was just going to make a comment that we have been very happy with our recent well performance too, and that helps us hit those production records as we go.

我們這裡還有三口天然氣井將在未來幾週內很快投入使用。我們不提供季度生產指導，所以我無法具體幫您確定本季的產量，但我可以向您指出我們設定的生產範圍。我認為這些產量——抱歉，我只是想說我們對最近的油井表現也非常滿意，這有助於我們不斷刷新產量記錄。

Yes. And just to clarify, am I correct, though, the implied kind of 4Q guidance is around 43-ish, somewhere around there? That if I take your full year or less, what you've done year to date?

是的。為了確認一下，我的理解是否正確，暗示的第四季業績指引在 43 左右？如果我把你一年的時間都算進去，或算上你一年的時間，你今年到目前為止都做了什麼？

Yes, I don't know. We don't have a specific quarter number because we haven't necessarily spoken about that, but I would just keep you thinking about how the 33.5 to 35 represents our view of production for the year.

是的，我不知道。我們沒有具體的季度數字，因為我們還沒有具體討論過這個問題，但我希望你們思考一下，33.5 到 35 這個數字代表了我們對全年產量的看法。

Mike Scialla, Stephens.

麥克夏拉，史蒂芬斯。

I wanted to ask on your D&C CapEx guide for the year. You took that up at the midpoint a bit. I just want to see how well costs and the pace of development are trending versus your prior expectations.

我想諮詢一下你們今年的D&C資本支出指南。你在中間稍微提到了這一點。我只是想看看成本和開發進度是否符合您之前的預期。

I think a couple of things there. We've been really happy and proud of our operational team. They have not only delivered this year, but they delivered in an expedient fashion. We're kind of seeing some of that come through with the numbers there.

我覺得有兩點要考慮。我們對我們的營運團隊感到非常滿意和自豪。他們不僅今年完成了任務，而且完成得非常迅速。我們從這些數據中已經看到一些跡象。

Obviously, tariffs affect things, but I would tell you that our dollar per foot basis here is great and actually tracking extremely well to what we anticipated back in March. I think some of the things that you're seeing with a higher level of spend is reflecting a couple of fronts.

顯然，關稅會影響價格，但我可以告訴你，我們這裡的每英尺美元價格非常優惠，而且實際上與我們3月份的預期非常吻合。我認為，消費水準的提高反映出幾個方面的問題。

One is, Zack alluded to this in his comments, that we've added additional acreage and working interests. We kind of noted it in the prepared remarks that we provided. We've effectively added an additional well in that. So as you think about an additional well for us, it's a 15,000-foot lateral. It's a pretty impactful benefit to us from an economic perspective, but also kind of does affect the overall spending channel.

札克在他的評論中也提到了這一點，其中之一是我們增加了額外的土地面積和經營權益。我們在事先準備好的發言稿中已經提到了這一點。我們實際上在那裡增加了一口額外的油井。所以，如果您考慮為我們再打一口井，那將是一條 15,000 英尺的水平井。從經濟角度來看，這對我們來說是一個相當大的好處，但同時也對整體消費通路產生了一定的影響。

The second thing is we have pulled forward some of those natural gas projects and have spent some money to prepare us for 2026 with regards to our infrastructure aspect. You are seeing both of those kind of manifest here. Again, we are delivering better results. We are delivering more effective net wells at the same spend.

第二件事是，我們提前推進了一些天然氣項目，並投入了一些資金，為2026年的基礎建設做好準備。你在這裡可以看到這兩種情況的體現。我們再次取得了更好的成績。我們以相同的投入實現了更有效的淨井建設。

Sounds good. And I know you had some midstream constraints that you talked about last quarter. At this point, are you running into any kind of constraints midstream or otherwise that could impact your operations going forward?

聽起來不錯。我知道你們上個季度也談到了一些中游方面的限制。目前，您在營運過程中是否遇到任何可能影響未來營運的限製或其他問題？

No. No midstream constraints. We are really excited about the midstream that we are building out on our own for gas assets, as David talked about, spend money there preparing for this year's gas volumes and next year's gas volumes. We are well positioned there. Our near-term development in Ohio is all from pads that are tied into pipeline already. No anticipated midstream issues at all.

不。無中游限制。正如大衛所說，我們對正在自主建設的天然氣資產中游業務感到非常興奮，我們將在那裡投入資金，為今年和明年的天然氣產量做好準備。我們在那裡佔據了有利位置。我們在俄亥俄州的近期開發案全部來自已與管線連接的井場。預計不會有任何中游問題。

Paul Diamond, Citi.

保羅戴蒙德，花旗銀行。

Just wanted to touch back on the share buyback and just kind of the strategy around execution. I mean, you stated you think the shares are undervalued. I guess at what point would you lean further in? Is there a marker you have out there, or is it just more relative well or against an internal model? Just how to think about the pace and timing of that, I guess.

我想再簡單談談股票回購以及相關的執行策略。我的意思是，你曾說過你認為這些股票被低估了。我想問的是，你會在什麼情況下更進一步？是否有客觀的衡量標準，還是僅相對於內在模型而言？我想，關鍵在於如何掌握其中的節奏和時機。

Yes. Paul, this is David. I think first and foremost, I do not think it is surprising to anybody listening on this call that we think that our shares are undervalued. I do not think we are going to give today any view of where we would opportunistically utilize our buyback authorization, if you will, at this stage. We obviously are really happy and excited about the business that we have, the long-term generation of cash that we anticipate here, and think that the shares are significantly undervalued, and we are just going to be opportunistic about rolling them back into the company.

是的。保羅，這是大衛。首先，我認為對於正在收聽這次電話會議的任何人來說，我們認為我們的股票被低估這一點並不令人驚訝。我認為我們今天不會透露任何關於我們將在何處伺機利用回購授權的資訊。我們顯然對目前的業務感到非常高興和興奮，並對我們預期的長期現金流增長感到滿意，並認為這些股票被嚴重低估了，我們將伺機將它們重新投入公司。

Got it. Makes perfect sense. Since IPO early this year and kind of as you have really commenced on that 1, 1.5 kind of drill pace, can you talk about anything that might have either the upside or the downside surprised you about well results versus the original expectations, the decline rates in line, the IPs, EURs, all that stuff?

知道了。完全合情合理。自今年年初上市以來，你們已經真正開始以 1、1.5 倍的速度進行鑽井作業，能否談談油井結果與最初預期相比有哪些方面可能令你們感到意外，例如遞減率是否達標、初始產量、最終可採儲量等等？

I think it's important to note that we've been incredibly spot on with our budgeting of these projects from a CapEx perspective and a production perspective. We've been very pleased with the team's ability to predict and forecast what these wells are going to do.

我認為值得注意的是，從資本支出和生產角度來看，我們對這些項目的預算都非常準確。我們對團隊預測這些油井未來走勢的能力感到非常滿意。

We are really happy with a couple of the recent projects that are outperforming our base type of assumptions. Those are always nice to have, those surprises to the positive. I'll compliment the team that they've done a tremendous job in preparing for the IPO and executing this year at planning our business and putting out a budget that we can meet.

我們對最近幾個項目的表現非常滿意，它們超出了我們的基本預期。這些驚喜總是令人愉快的，它們帶來的都是正面的。我要讚揚團隊，他們在籌備IPO和執行今年的業務規劃以及製定我們能夠實現的預算方面做得非常出色。

(Operator Instructions) Nicholas Pope, Roth Capital.

（操作說明）Nicholas Pope，Roth Capital。

Another question about the share repurchase. I was just curious, and the comment is that it's for Class A shares. I was curious if there was a mechanism for conversion of the Class B shares to be a part of the share repurchase, or do they need to be completely separated in kind of the approval process?

關於股票回購的另一個問題。我只是好奇問，評論說這是針對A類股的。我很好奇是否有機制可以將 B 類股份轉換為股份回購的一部分，還是說它們需要在審批過程中完全分開？

I think, Nick, this is David. I think first and foremost, our investors, our legacy investors, I should say, are really bullish on this story for us. I do not think you should anticipate any of that anytime soon.

尼克，我想，這是大衛。我認為首先也是最重要的是，我們的投資者，應該說是我們的長期投資者，對我們公司的發展前景非常看好。我認為你近期內不應該期待發生任何此類事情。

I think with regards to the share repurchase, the program is targeted in around the Class A shares. Those are the economic shares that are trading, obviously. We have about 15.6 million shares that are trading. I think it is important to note at yesterday's close of roughly $11.50, that would be in the execution of a $75 million share repurchase program, that would effectively claw back or repurchase north of 40% of the Class A shares. It is a pretty impactful share repurchase program for us, but again, it is just targeted on the shares that are actively trading in the market today.

我認為就股票回購而言，該計劃主要針對 A 類股票。顯然，這些都是正在交易的經濟份額。我們目前約有1560萬股股票正在交易。我認為值得注意的是，昨天收盤價約為 11.50 美元，這筆款項將用於執行一項 7,500 萬美元的股票回購計劃，該計劃將有效地收回或回購超過 40% 的 A 類股票。對我們來說，這是一項影響相當大的股票回購計劃，但同樣，它只針對目前在市場上活躍交易的股票。

Makes sense. As you kind of look at that share repurchase and kind of how things are going to progress going forward, is it primarily going to be focused on the free cash flow that the company's generating? I just want to make sure it's not anything as you're going through the development process or spending development capital that this isn't something that's going to increase debt, that it's mostly going to be coming from the generation of free cash flow.

有道理。當你審視股票回購以及未來的發展方向時，它是否主要關注公司產生的自由現金流？我只是想確認一下，在您進行開發或投入開發資金的過程中，這不會增加債務，而是主要來自自由現金流的產生。

I think from our standpoint, Nick, none of the share repurchase program will impact the asset development and strategies of the development plans of the company. For us, I think that's the most critical aspect of the company that we have. We have a very strong balance sheet. We intend to maintain a very strong balance sheet. We think that it's a strategic strength of us to utilize that balance sheet, when appropriate and prudent. Again, none of the activities announced with the share repurchase program will impact our ability to execute on our plan.

尼克，我認為從我們的角度來看，任何股票回購計畫都不會影響公司的資產開發和發展計畫策略。我認為，對我們來說，這是我們公司最關鍵的方面。我們的資產負債表非常穩健。我們計劃保持非常穩健的資產負債表。我們認為，在適當和謹慎的情況下利用資產負債表是我們的一項策略優勢。再次聲明，與股票回購計劃相關的任何活動都不會影響我們執行計劃的能力。

And there are no further questions at this time. I will now turn the call back over to Zack Arnold for closing remarks.

目前沒有其他問題了。現在我將把電話交還給扎克·阿諾德，請他作總結發言。

Well, thank you very much for joining us today as we shared our Q3 results. We appreciate your time and your interest in INR. Have a great day.

非常感謝各位今天蒞臨現場，與我們一同分享我們的第三季業績。我們感謝您抽出時間並關注 INR。祝你有美好的一天。

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了。