Intrepid Potash Inc (IPI) 2025 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Intrepid Potash, Inc. fourth quarter 2025 results conference call. (Operator Instructions) The conference is being recorded. (Operator Instructions) I would now like to turn the conference over to Evan Mapes, Investor Relations. Please go ahead.

感謝您的耐心等待。這是會議接線員。歡迎參加 Intrepid Potash, Inc. 2025 年第四季業績電話會議。（操作員指示）會議正在錄音。（操作員指示）現在我將把會議交給投資者關係部門的埃文·梅普斯。請繼續。

Good morning, everyone. Thank you for joining us to discuss and review Intrepid's fourth quarter 2025 results. With me today is Intrepid's CEO, Kevin Crutchfield; and CFO, Matt Preston. During the Q&A session, our VP of Sales and Marketing, Zachary Adams; and VP of Operations, Rick Kim will also be available. Please be advised that comments we will make today include forward-looking statements as defined by US securities laws.

各位早安。感謝您參加本次會議，共同探討並回顧 Intrepid 公司 2025 年第四季業績。今天陪同我的是 Intrepid 的執行長 Kevin Crutchfield 和財務長 Matt Preston。在問答環節，我們的銷售和行銷副總裁 Zachary Adams 和營運副總裁 Rick Kim 也將出席。請注意，我們今天發表的評論包含美國證券法定義的前瞻性陳述。

These are based upon information available to us today and are subject to risks and uncertainties, which are described in the reports we have filed with the SEC. These could cause our actual results to be different from those currently anticipated, and we assume no obligation to update them.

這些預測是基於我們目前掌握的信息，但存在風險和不確定性，這些風險和不確定性已在我們向美國證券交易委員會提交的報告中進行了描述。這些因素可能導致我們的實際結果與目前預期的結果有所不同，我們不承擔更新這些結果的義務。

During today's call, we will also refer to certain non-GAAP financial and operational measures. Reconciliations to the most directly comparable GAAP measures are included in yesterday's press release and along with our SEC filings are available on intrepidpotash.com.

在今天的電話會議中，我們也將提及一些非GAAP財務和營運指標。昨天的新聞稿中包含了與最直接可比較的 GAAP 指標的調節表，並且與我們的 SEC 文件一起可在 intrepidpotash.com 上查閱。

I'll now turn the call over to our CEO, Kevin Crutchfield.

現在我將把電話交給我們的執行長凱文·克拉奇菲爾德。

Thanks, Evan, and good morning, everyone. We appreciate your interest and attendance for today's earnings call. Intrepid again delivered strong results in the fourth quarter with adjusted net income and adjusted EBITDA of $6.5 million and $18.1 million, respectively, both of which were significant improvements compared to last year.

謝謝你，埃文，大家早安。感謝您對今天財報電話會議的關注與出席。Intrepid 第四季再次取得強勁業績，調整後淨收入和調整後 EBITDA 分別為 650 萬美元和 1810 萬美元，與去年相比均有顯著改善。

For 2025 as a whole, our adjusted EBITDA of $63 million is one of the best prints since 2016 and represents an almost 80% improvement compared to 2024. We're very proud of these results, which we also accomplished with best-in-class safety performance with just one recordable incident in 2025 across over 1.1 million hours worked.

2025 年全年，我們調整後的 EBITDA 為 6,300 萬美元，是自 2016 年以來最好的業績之一，與 2024 年相比成長了近 80%。我們為取得這些成果感到非常自豪，同時我們也實現了業界最佳的安全績效，在 2025 年超過 110 萬個工作小時中僅發生一起可記錄的事故。

I'd like to thank and congratulate our site leaders and all of our team members for their hard work and dedication and want to encourage them to continue to stay focused and continue to deliver good results in 2026.

我要感謝並祝賀我們的站點負責人和所有團隊成員的辛勤工作和奉獻精神，並鼓勵他們繼續保持專注，在 2026 年繼續取得好成績。

Our solid 2025 performance was driven by several factors. First, steady demand for our core fertilizer products drove strong sales volumes. In 2025, our combined potash and Trio sales volumes of just over 590,000 tons was 20% higher compared to 2024 with 303,000 tons of Trio sales being a company record.

我們2025年的穩健業績是由多種因素所推動的。首先，市場對我們核心肥料產品的穩定需求推動了強勁的銷售量。2025 年，我們的鉀肥和 Trio 的總銷量略高於 59 萬噸，比 2024 年增長了 20%，其中 Trio 的銷量為 30.3 萬噸，創公司紀錄。

Second, we again delivered solid unit economics from higher overall production with our 2025 potash COGS per ton improving by approximately 5% versus last year and our Trio COGS per ton improving by over 10%. And thirdly, we benefited from increasing pricing. This was most pronounced in Trio, where fourth quarter average realized price of $379 per ton was 20% higher than the first quarter of 2025.

其次，我們再次透過提高整體產量實現了穩健的單位經濟效益，2025 年鉀肥每噸銷售成本比去年降低了約 5%，三元鉀肥每噸銷售成本降低了 10% 以上。第三，我們從價格上漲中獲益。這一點在 Trio 最為明顯，第四季平均實現價格為每噸 379 美元，比 2025 年第一季高出 20%。

The solid sales volumes and pricing have continued into 2026 ahead of the spring application season and agricultural markets have also shown signs of optimism. For corn, year-to-date domestic exports are up almost 50% versus last year. And for soybeans, recent trade deals have improved the outlook with futures for both crops up by about 15% since the August lows.

強勁的銷售量和價格一直延續到 2026 年春季應用季之前，農業市場也表現出樂觀的跡象。今年迄今為止，玉米國內出口量比去年同期成長了近 50%。至於大豆，最近的貿易協定改善了前景，自 8 月的低點以來，兩種作物的期貨價格均上漲了約 15%。

Moreover, the $12 billion in government bridge payments to farmers are expected in the coming weeks, which should help further support solid fertilizer demand this spring. For the broader potash market, global supply and demand remains mostly balanced, where demand in key international markets has been resilient. In 2025, global potash shipments were estimated at roughly 75 million tons and 2026 is expected to see additional growth of about 1.5 million tons.

此外，政府預計將在未來幾週內向農民發放 120 億美元的過渡補貼，這將有助於進一步支撐今年春季對化肥的強勁需求。就更廣泛的鉀肥市場而言，全球供需基本上保持平衡，主要國際市場的需求一直保持韌性。2025 年全球鉀肥出貨量預計約 7,500 萬噸，預計 2026 年將再增加約 150 萬噸。

Moreover, by the end of the decade, third parties are forecasting global potash demand to be about 6 million tons higher than it was in 2025, which should help absorb additional supply coming from some of the larger-scale potash projects like Jansen.

此外，第三方預測，到本十年末，全球鉀肥需求將比 2025 年增加約 600 萬噸，這將有助於吸收來自 Jansen 等一些大型鉀肥項目的額外供應。

Before passing the call to Matt, I'll end my remarks with a couple of key project and operational updates. In potash, we've deferred a decision on our AMAX cavern into at least 2027 as we continue to evaluate the project.

在將電話交給 Matt 之前，我以幾個重要的項目和營運更新來結束我的演講。在鉀肥方面，我們將 AMAX 礦洞計畫的決定推遲到至少 2027 年，因為我們將繼續評估該計畫。

Since we've never mined this cavern, which still requires additional investment, we want to be very sure we completely understand the mineralogy and the geology and feel it's most prudent to continue to demonstrate strong capital discipline until this evaluation is complete. In addition, we feel confident we can sustain our HB production over the next several years even without AMAX.

由於我們從未開採過這個洞穴，而且還需要額外的投資，我們希望確保我們完全了解其礦物學和地質情況，並認為在完成這項評估之前，繼續保持嚴格的資金紀律是最謹慎的做法。此外，我們有信心即使沒有 AMAX，也能在未來幾年維持 HB 的生產。

For Trio, our operational performance continues to be very strong, and we recently placed another new continuous miner into service, which should further improve our mining rates and continue our trend of year-over-year production increases.

對於 Trio 而言，我們的營運表現依然非常強勁，我們最近又投入使用一台新的連續採礦機，這將進一步提高我們的採礦效率，並延續我們逐年提高產量的趨勢。

For 2026, we expect our Trio production to be in the range of 285,000 to 300,000 tons, which represents a year-over-year increase of about 7% at the midpoint. This will help offset what should be flat to slightly down potash production in '26, which is primarily due to the below average evaporation at HB over the summer.

預計到 2026 年，我們的 Trio 產量將在 285,000 至 300,000 噸之間，其中值表示同比增長約 7%。這將有助於抵消 2026 年鉀肥產量預計持平或略有下降的情況，這主要是由於夏季 HB 的蒸發量低於平均水平所致。

Moving on to our lithium project in Wendover. We've published quite a bit of detail in recent press releases, but I'll provide a quick summary. For those new to the story, one of our key byproducts after producing potash at Wendover is magnesium chloride brine. This brine also contains lithium but requires a highly technical direct lithium extraction process. We've looked at various DLE options over the past several years and just recently, new technologies have made significant strides, which should now make the project viable at scale.

接下來談談我們在溫多弗的鋰計畫。我們在最近的新聞稿中發布了相當多的細節，但我將提供一個簡要概述。對於不熟悉這個故事的人來說，我們在溫多弗生產鉀肥後的主要副產品之一是氯化鎂鹽水。這種鹽水也含有鋰，但需要採用技術含量很高的直接鋰萃取製程。過去幾年，我們研究了各種 DLE 方案，而最近，新技術取得了重大進展，現在應該能夠使該專案大規模實施。

As for project updates, in January, we announced that we have a joint development agreement in place with Aquatech and Adionics, whereby our partners have already produced a sample of battery-grade lithium carbonate from our brine.

至於專案進展，1 月我們宣布與 Aquatech 和 Adionics 達成聯合開發協議，我們的合作夥伴已從我們的鹽水中生產出電池級碳酸鋰樣品。

As we noted in yesterday's press release, we'll be providing an updated technical report summary for Wendover along with our 2025 10-K, which will include maiden resource estimates for lithium and will show a measured and indicated resource of approximately 119,000 tons of lithium carbonate equivalent.

正如我們在昨天的新聞稿中提到的，我們將提供 Wendover 的最新技術報告摘要，以及我們的 2025 年 10-K 報告，其中將包括首次鋰資源估算，並顯示已探明和指示的資源量約為 119,000 噸碳酸鋰當量。

At the current estimated production capacity of 5,000 tons per year, this would support a project life of roughly 25 years. There's still plenty of work to be done, but we have high confidence in our partners, and we're optimistic we can move quickly with a goal for a definitive feasibility study later this year.

以目前估計的年產能 5000 噸計算，這將支持該項目約 25 年的壽命。還有很多工作要做，但我們對我們的合作夥伴充滿信心，我們樂觀地認為我們可以迅速推進，目標是在今年稍後完成一項最終的可行性研究。

Lastly, we're now under exclusivity with a potential buyer for the South Ranch. Negotiations are ongoing and subject to confidentiality provisions, but we're holding an $8 million deposit from the potential buyer, which demonstrates their very serious intent. Although we're still negotiating definitive agreements, we believe the potential deal will likely close sometime in the first half of 2026, and we'll update the market as appropriate.

最後，我們現在已經與南牧場的潛在買家簽訂了獨家協議。談判仍在進行中，並受保密條款約束，但我們已經收到潛在買家支付的 800 萬美元定金，這表明他們非常認真地想要達成交易。雖然我們仍在就最終協議進行談判，但我們相信這筆潛在交易可能會在 2026 年上半年完成，我們將在適當的時候向市場更新資訊。

Overall, it's an exciting time for Intrepid. We're delivering strong results and remain constructive on the outlook. With very strong support for critical minerals in the United States, there's probably been no better time to be a domestic producer of potash and Trio, while lithium provides significant potential upside.

總的來說，對於Intrepid來說，這是一個激動人心的時刻。我們取得了強勁的業績，並且對前景保持樂觀。由於美國對關鍵礦產的支持力度非常大，現在可能是美國鉀肥和三碘化鉀國內生產商的最佳時機，而鋰則提供了巨大的潛在成長空間。

In addition, we want to highlight that our core products have long-term staying power, which is further enhanced by our multi-decade reserve lives, and we look forward to capitalizing on our unique positioning in 2026 and beyond.

此外，我們想強調的是，我們的核心產品具有長期的持久性，而我們長達數十年的儲備壽命進一步增強了這種持久性，我們期待在 2026 年及以後充分利用我們獨特的市場地位。

So with that, I'll now turn the call over to Matt. Please go ahead.

那麼，接下來我將把電話交給馬特。請繼續。

Thank you, Kevin. To echo Kevin's remarks, 2025 was a great year for Intrepid, where our total fertilizer sales volumes of 592,000 tons were almost 100,000 tons higher than 2024 and reached a level not seen since 2018. Our number 1 focus is driving higher production, increase our revenues and improve our unit economics, and it's very encouraging to see our hard work pay off with strong results.

謝謝你，凱文。正如凱文所說，2025 年對 Intrepid 來說是輝煌的一年，我們的化肥總銷量達到 592,000 噸，比 2024 年增加了近 100,000 噸，達到了 2018 年以來的最高水平。我們首要的目標是提高產量、增加收入並改善單位經濟效益，看到我們的努力取得了顯著成果，這令人非常鼓舞。

For segment highlights, in potash, our fourth quarter gross margin of $4.6 million was in line with the prior year as a higher average net realized sales price of $387 per ton was offset by a slight decrease in sales volumes due to a compressed fall application season and limited engagement on spring potash needs in the latter part of the quarter.

就各業務部門而言，鉀肥業務第四季毛利為 460 萬美元，與去年同期持平。平均淨實現售價上漲至每噸 387 美元，但秋季施用季節縮短，以及本季後半段春季鉀肥需求參與度有限，導致銷量略有下降，抵消了上述增長。

Full year 2025 segment gross margin of $18.2 million was modestly higher compared to last year as the higher production that started in 2024 allowed us to sell 289,000 tons, a 20% increase from 2024, which offset a pricing decline of about $25 per ton. As we noted on our third quarter earnings call, our fourth quarter potash production was impacted by a delayed start-up at HB, which resulted in our full year 2025 production coming in at 280,000 tons. For 2026, we expect our annual potash production to be in the range of 270,000 to 285,000 tons. So we do expect a slight degradation in our unit economics this year.

2025 年全年業務部門毛利為 1820 萬美元，比上年略有增長，因為 2024 年開始的更高產量使我們能夠銷售 289,000 噸，比 2024 年增長 20%，這抵消了每噸約 25 美元的價格下降。正如我們在第三季財報電話會議上提到的那樣，由於 HB 工廠啟動延遲，我們第四季度的鉀肥產量受到影響，導致我們 2025 年全年產量為 28 萬噸。預計到 2026 年，我們的鉀肥年產量將在 27 萬至 28.5 萬噸之間。因此，我們預計今年的單位經濟效益會略有下降。

That said, looking beyond 2026, we expect a recovery in our HB production and more tons out of our Wendover facility and project that our 2027 potash production will be in the range of 300,000 to 310,000 tons, which puts us back on track for our key potash production goal.

也就是說，展望 2026 年以後，我們預計 HB 產量將有所恢復，溫多弗工廠的產量也將增加，預計 2027 年鉀肥產量將在 30 萬至 31 萬噸之間，這將使我們重新走上實現關鍵鉀肥生產目標的軌道。

Moving on to Trio. The very strong performance continued as our fourth quarter and 2025 production, sales volumes and pricing were all higher compared to the respective prior year periods due to strong operational execution, modest market share gains and supportive sulfate values. This led to a $10.5 million in gross margin in the fourth quarter and $33.4 million in gross margin for 2025.

接下來是三重奏。由於營運執行力強勁、市場佔有率穩定成長以及硫酸鹽價格走高，我們第四季和 2025 年的產量、銷售和價格均高於上年同期，業績表現依然強勁。這使得第四季毛利達到 1,050 萬美元，2025 年毛利達到 3,340 萬美元。

Outside of the significantly elevated pricing in 2022, this is the best Trio performance in our history. For 2026, as Kevin mentioned, we expect to produce 285,000 to 300,000 tons of Trio and anticipate our cost of goods sold per ton to show modest improvements from 2025 as consistent production increases continue to improve our overall unit economics.

除了 2022 年大幅上漲的價格之外，這是我們歷史上 Trio 系列表現最好的產品。正如凱文所提到的，我們預計 2026 年 Trio 的產量將達到 285,000 至 300,000 噸，並且預計隨著持續增產改善整體單位經濟效益，每噸銷售成本將比 2025 年略有改善。

Our forecasted Trio production, coupled with continued strong pricing due to both the expected solid nutrient demand for spring application and supportive Trio component valuations should continue to result in strong Trio segment performance in 2026.

我們預測 Trio 的產量，加上春季施肥對營養物質的預期強勁需求以及 Trio 成分估值的支撐，將使 Trio 板塊在 2026 年繼續保持強勁的業績。

Turning to first quarter guidance. In potash, we expect our sales volumes to be between 95,000 to 105,000 tons at an average net realized sales price in the range of $345 to $355 per ton. For Trio, we expect our sales volumes to be between 105,000 to 115,000 tons at an average net realized sales price in the range of $380 to $390 per ton.

接下來是第一季業績展望。鉀肥方面，我們預計銷量將在 95,000 至 105,000 噸之間，平均淨實現售價在每噸 345 至 355 美元之間。對於 Trio，我們預計銷量將在 105,000 至 115,000 噸之間，平均淨實現銷售價格在每噸 380 至 390 美元之間。

For our 2026 capital program, we expect our capital investment will be in the range of $40 million to $50 million, with most of our spend related to sustaining capital, specifically at our East mine and for the beginning of a new primary pond at Wendover, which we expect will begin contributing to Wendover's production in 2028.

對於我們 2026 年的資本計劃，我們預計資本投資將在 4000 萬美元至 5000 萬美元之間，其中大部分支出將用於維持資本，特別是用於我們的東部礦山以及在 Wendover 開始建設一個新的主礦池，我們預計該主礦池將於 2028 年開始為 Wendover 的生產做出貢獻。

In summary, 2025 was a great year for Intrepid, and we look forward to carrying this momentum into 2026. Overall, fertilizer production and sales volumes look to be on par or slightly ahead of 2025 and pricing continues to be supportive. Production improvements in our Trio segment going from 216,000 tons in 2023 to nearly 300,000 tons in 2026 are sustainable and we see further upside as we continue to focus on improved mining and recovery rates. We will work through the recent weather and evaporation setbacks in potash during the 2026 spring season and remain confident in eclipsing 300,000 tons of potash production in upcoming production years.

總而言之，2025 年對 Intrepid 來說是輝煌的一年，我們期待將這種勢頭延續到 2026 年。總體而言，化肥的生產和銷售量預計將與 2025 年持平或略有增長，價格也將繼續保持支撐。我們 Trio 板塊的產量提升從 2023 年的 216,000 噸增長到 2026 年的近 300,000 噸，這一增長是可持續的，隨著我們繼續專注於提高採礦和回收率，我們看到了進一步的增長空間。我們將克服 2026 年春季鉀肥生產中近期天氣和蒸發方面的不利影響，並仍然有信心在未來的生產年份中實現鉀肥產量超過 30 萬噸的目標。

Operator, we're now ready for the Q&A portion of our call.

接線員，我們現在準備進入問答環節。

(Operator Instructions)

（操作說明）

Lucas Beaumont, UBS Investment Bank.

盧卡斯·博蒙特，瑞銀投資銀行。

Hi, this is Nicole Grueneberg on for Lucas. Firstly, I was just wondering if you can walk us through current potash demand dynamics and how your order book is looking for 1Q? Have you seen any evidence of demand disruption due to affordability issues?

大家好，我是妮可·格魯內伯格，為您報道盧卡斯。首先，我想請您介紹一下目前鉀肥的需求動態，以及您第一季的訂單狀況？您是否發現任何因價格承受能力問題而導致需求中斷的跡象？

Yeah. Thank you for the question. This is Zachary. We're almost fully committed for first quarter right now on potash, and we have not seen really any significant demand disruption at this time. Potash remains a very good value from the grower at the current price point, and we expect stable demand for the spring season amid strong acres of corn expected to be planted.

是的。謝謝你的提問。這是紮克瑞。目前我們第一季的鉀肥訂單幾乎全部完成，而且目前還沒有看到任何明顯的市場需求中斷。以目前的價格來看，鉀肥對種植者來說仍然非常划算，而且我們預計春季玉米種植面積將大幅增加，因此對鉀肥的需求將保持穩定。

Great. Thanks. And then just on the lithium project, can you walk through the unit economics there? What cash cost of production would you expect on a per ton basis?

偉大的。謝謝。那麼，就鋰專案而言，您能否詳細介紹一下該專案的單位經濟效益？每噸產品的現金生產成本預計是多少？

We're not prepared to address that at this stage. We'll continue to provide updates to the marketplace. And as the engineering work progresses, we'll start laying those metrics out in the future.

我們目前還不準備討論這個問題。我們將繼續為市場提供最新資訊。隨著工程工作的推進，我們將在未來開始製定這些指標。

Got it. And then last one for me. So oilfield sales are pretty -- were down pretty meaningfully in 2025. What's your outlook there going forward compared to this year? Are you expecting growth or further declines from here?

知道了。最後，也是我最後一個問題。所以，油田銷售在2025年大幅下降。與今年相比，你對未來一年的前景有何看法？你預計未來會成長還是會進一步下滑？

Well, I mean, given the nature of the asset and lots of inbounds and interest in oilfield services business that we felt like testing the market for valuation of our asset was appropriate under the circumstances, which we did, which is why we entered a letter of intent with the prospective buyer. So I think any comment that I would have beyond that would be speculation and almost irrelevant given that it's our intent to transact on this asset.

嗯，我的意思是，考慮到該資產的性質，以及對油田服務業務的大量詢價和興趣，我們認為在當時的情況下，對我們的資產進行市場估值測試是合適的，我們也確實這樣做了，這就是為什麼我們與潛在買家簽訂了意向書。所以我覺得，除此之外我再發表任何評論都只是猜測，而且幾乎無關緊要，因為我們打算對這筆資產進行交易。

Great. Thank you.

偉大的。謝謝。

Vincent Andrews, Morgan Stanley.

文森安德魯斯，摩根士丹利。

Good morning, everybody. This is Justin Pellegrino on for Vincent. Congratulations on the results. My first question is kind of around sulfur prices. Given the conflict in the Middle East, we've seen a pretty significant increase in sulfur prices there. So -- and I know it's fairly recent, but could you just discuss any sort of increased interest you've had in Trio over the last few days? And any type of real-time update that you've seen there would be very helpful. And then likewise, could you just discuss expectations for prices relative to the potash products, how that will trend throughout the year? Thank you.

大家早安。這是賈斯汀·佩萊格里諾替補文森特上場。恭喜取得好成績。我的第一個問題是關於硫磺價格的。鑑於中東地區的衝突，我們看到那裡的硫磺價格出現了相當大的上漲。所以——我知道這件事發生的時間比較近，但您能否談談您在過去幾天裡對 Trio 的興趣是否有所增加？您在那裡看到的任何類型的即時更新都將非常有幫助。同樣地，您能否談談對鉀肥產品價格的預期，以及其全年的價格走勢？謝謝。

Yeah. First, Justin, on the sulfur component and kind of what that's kind of led to on Trio interest. I mean we're right in the heat of our kind of main Trio application season. So we're seeing really good response, I would say, just from a demand perspective for the rest of first quarter out into the second quarter at this point. I haven't seen those prices I'd say, roll through on sulfate values just yet. But I think to your point, that's something we're watching closely there as we move into the spring.

是的。首先，賈斯汀，關於硫元素以及它如何引起人們對 Trio 的興趣。我的意思是，我們正處於我們主要的 Trio 申請季的高峰期。所以，就目前來看，從需求角度來看，第一季剩餘時間以及第二季的市場反應都非常好。我認為，硫酸鹽價格還沒有真正上漲到那種水平。但我認為你說得對，隨著春天的到來，我們會密切關注這一點。

And then just as far as potash pricing throughout the rest of the year here, not prepared to kind of project what second half looks like. But I think globally, we're in a very balanced potash market. And particularly here in the US, the US potash prices are trading at a discount to almost all global benchmarks. So we think that supports stable pricing here in the US and certainly some room for upside to get in line with where other global markets are currently trading at.

至於今年剩餘時間的鉀肥價格，我目前還無法預測下半年的價格走勢。但我認為，從全球範圍來看，鉀肥市場非常平衡。尤其是在美國，美國的鉀肥價格幾乎低於所有全球基準價格。因此，我們認為這有利於美國市場的穩定定價，並且肯定還有一些上漲空間，以達到目前其他全球市場的交易水準。

Great. Thank you. And then just one more for me. If the South Ranch deal does go through, can you just kind of give us an update on any capital allocation priorities? Do you have any idea what you would do with the proceeds? Any thoughts there would be helpful. Thank you.

偉大的。謝謝。然後，就再給我一杯吧。如果 South Ranch 的交易最終達成，您能否簡單介紹一下資金分配的優先事項？你有沒有想過如何使用這筆收益？任何想法都將不勝感激。謝謝。

Yes, sure. Thank you. Yes, assuming the sale goes through, I mean, I think my answer would be the same whether the sale goes through or not that I've referenced on pretty much every call since I took the mantle of the CEO here 15 months ago.

當然可以。謝謝。是的，假設交易成功，我的意思是，無論交易是否成功，我的答案應該都一樣，自從15個月前我擔任CEO以來，我在幾乎每一次電話會議上都提到過這一點。

Our first priority is an intense focus on our core operations, sort of restoring those back to predictable, resilient state, making sure that they're generating consistent free cash flow and that we can appropriately capitalize them to continue that predictability and reliability into the future and perhaps even grow production volumes modestly over the coming years.

我們的首要任務是集中精力發展核心業務，使其恢復到可預測、有韌性的狀態，確保它們能夠持續產生自由現金流，並且我們能夠為其提供適當的資本，以在未來繼續保持這種可預測性和可靠性，甚至可能在未來幾年內適度提高產量。

And then from there, we obviously need to maintain sufficient liquidity to allocate capital internally to our operations. and address any sort of sustaining and growth capital requirements internally, but also to withstand any sort of body blow or shock that we take to the system on the pricing front.

然後，我們顯然需要保持足夠的流動性，以便在內部為營運分配資金，並滿足任何維持和增長所需的內部資金需求，同時也要能夠抵禦定價方面可能對系統造成的任何打擊或衝擊。

And then once we've satisfied those criteria, I think it's a very appropriate discussion for the Board to begin to think about capital allocations beyond that, that just entailed the internal needs. So to the extent that, that sale does go through, you can rest assured that, that discussion is top of mind and top of the agenda with the Board. So with that, I don't want to front run our Board any further than those comments, but that's our point of view on that.

一旦我們滿足了這些標準，我認為董事會就可以開始討論超出內部需求範圍的資本配置問題了。因此，如果這筆交易最終達成，您可以放心，董事會一定會將此事列為首要議題。所以，我不想搶在董事會前面透露更多信息，但這確實是我們對此的看法。

Great. Thank you for all the comments there.

偉大的。感謝大家的所有評論。

Thak you.

謝謝。

This concludes the question-and-answer session. I would like to turn the conference back over to Kevin Crutchfield for any closing remarks.

問答環節到此結束。我謹將會議交還給凱文·克拉奇菲爾德，請他作總結發言。

Thanks to everybody again for attending today's call. And I would like to again thank all of our employees across all of our sites for a really great year and especially thank them for just an outstanding safety performance. And we look forward to continuing to keep you updated in the coming quarters. Thanks for attending today.

再次感謝大家參加今天的電話會議。我再次感謝我們所有站點的所有員工，感謝他們過去一年來的辛勤付出，尤其要感謝他們在安全方面的傑出成就。我們期待在接下來的幾季繼續向您報告最新情況。謝謝各位今天的光臨。

This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。