LandBridge Co LLC (LB) 2025 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I'd like to welcome everyone to the LandBridge second-quarter 2025 results conference call. (Operator Instructions) I would now like to turn the conference over to Mae Harrington, Director of Investor Relations. Please go ahead.

您好，感謝您的支持。我叫 Regina，今天我將擔任您的會議主持人。現在，我歡迎大家參加嵐橋集團2025年第二季業績電話會議。（操作員指示）現在，我想將會議交給投資者關係總監梅·哈林頓 (Mae Harrington)。請繼續。

Good morning, everyone, and thank you for joining the LandBridge second-quarter 2025 earnings call. I am joined today by our CEO, Jason Long; and our CFO, Scott McNeely. Before we begin, I'd like to remind you that in this call and the related presentation, we will make forward-looking statements regarding our current beliefs, plans and expectations, which are not guarantees of future performance and which are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from results and events contemplated by such forward-looking statements.

大家早安，感謝大家參加 LandBridge 2025 年第二季財報電話會議。今天與我一起出席的還有我們的執行長 Jason Long 和財務長 Scott McNeely。在我們開始之前，我想提醒您，在本次電話會議和相關演示中，我們將對我們當前的信念、計劃和期望做出前瞻性陳述，這些陳述並非對未來業績的保證，並且受許多已知和未知的風險和不確定性的影響，可能導致實際結果與此類前瞻性陳述所預期的結果和事件存在重大差異。

You are cautioned not to place undue reliance on forward-looking statements. Please refer to the risk factors and other cautionary statements included in our filings with the SEC. I would also like to point out that our investor presentation and today's conference call will contain discussions of non-GAAP financial measures, which we believe are useful in evaluating our performance.

請注意不要過度依賴前瞻性陳述。請參閱我們向美國證券交易委員會提交的文件中包含的風險因素和其他警告聲明。我還想指出，我們的投資者介紹和今天的電話會議將包含非公認會計準則財務指標的討論，我們認為這些指標對於評估我們的績效很有用。

These supplemental measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP. Reconciliations to the most directly comparable GAAP measures are included in our earnings release and the appendix of today's accompanying presentation. I'll now turn the call over to our Chief Executive Officer, Jason Long.

這些補充措施不應單獨考慮，也不應將其作為根據 GAAP 編制的財務措施的替代。我們的收益報告和今天隨附簡報的附錄中包含了與最直接可比較的 GAAP 指標的對帳。現在我將電話轉給我們的執行長 Jason Long。

Thank you, Mae. We're pleased to report strong second-quarter results, which drove year-over-year revenue and adjusted EBITDA growth of 83% and 81%, respectively. As we pass the anniversary of our listing, it's a good time to reflect on four key factors that continue to differentiate our business model and position us to create sustainable value for shareholders.

謝謝你，梅。我們很高興地報告第二季業績強勁，推動營收和調整後 EBITDA 分別年增 83% 和 81%。在上市週年之際，我們有必要反思四個關鍵因素，這些因素將繼續使我們的商業模式與眾不同，並使我們能夠為股東創造可持續的價值。

First, our business is capital-light, enabling us to benefit from continued growth in the Permian Basin without incurring meaningful operating and capital expenditures. This is reflected in our adjusted EBITDA margin of 89% during the second quarter. We remain excited about growth opportunities across the Permian and have increased our land holdings by more than 50,000 acres over the past 12 months to make sure we're in a position to capitalize on such opportunities.

首先，我們的業務是輕資本的，這使我們能夠從二疊紀盆地的持續成長中受益，而無需產生大量的營運和資本支出。這反映在我們第二季 89% 的調整後 EBITDA 利潤率。我們仍然對二疊紀盆地的成長機會感到興奮，並在過去 12 個月中將我們的土地持有量增加了 50,000 多英畝，以確保我們能夠利用這些機會。

Second, owning surface acreage provides significant optionality. Over the past year, we have deepened and developed relationships with clients and blue-chip operators across key industries, including renewable energy and digital infrastructure. That includes our first development agreement for a data center, which was signed in November of 2024, as well as the solar energy project development agreements with affiliates of DESRI earlier this year. We look forward to continuing to explore opportunities to support the development of data centers and other digital infrastructure in the region.

其次，擁有地表面積可以提供很大的選擇性。在過去的一年裡，我們深化並發展了與再生能源和數位基礎設施等關鍵產業的客戶和藍籌股營運商的關係。其中包括我們於 2024 年 11 月簽署的首份資料中心開發協議，以及今年稍早與 DESRI 附屬公司簽署的太陽能專案開發協議。我們期待繼續探索機會，支持該地區資料中心和其他數位基礎設施的發展。

While digital infrastructure has not to date represented a meaningful contribution to revenues or related projections, we are actively working to identify additional projects that will add incremental revenue. Third, our diversified revenue streams reduce commodity risk and provide numerous growth opportunities between surface use royalties and revenues, resource sales and royalties and oil and gas royalties.

雖然迄今為止數位基礎設施尚未對收入或相關預測做出有意義的貢獻，但我們正在積極努力尋找能夠增加增量收入的其他項目。第三，我們多樣化的收入來源降低了商品風險，並在地表使用權使用費和收入、資源銷售和權使用費以及石油和天然氣權使用費之間提供了大量成長機會。

And finally, our symbiotic relationship with WaterBridge, as we have discussed regularly since the launch of our IPO process in 2024, we see this relationship as one of LandBridge's biggest strategic advantages, providing superior visibility into long-term trends and ultimately, revenue growth. We provide WaterBridge access to underutilized pore space in exchange for market-driven surface royalties from each barrel of produced water handled by WaterBridge on our land as well as market-driven surface use payments for infrastructure constructed on our land.

最後，正如我們自 2024 年啟動 IPO 流程以來經常討論的那樣，我們與 WaterBridge 的共生關係是 LandBridge 最大的戰略優勢之一，它為長期趨勢提供了卓越的可視性，並最終實現了收入增長。我們向 WaterBridge 提供未充分利用的孔隙空間，以換取 WaterBridge 在我們的土地上處理的每桶採出水的市場驅動地表使用費，以及在我們的土地上建造的基礎設施的市場驅動地表使用費。

This relationship with the largest pure-play integrated water infrastructure company in the Delaware Basin helps to drive reliable recurring revenue for our business and compelling returns for our shareholders. Each agreement with WaterBridge is vetted and approved by an established, well-tested corporate government process and fully disclosed via public filings.

與特拉華盆地最大的純綜合水基礎設施公司建立合作關係有助於為我們的業務帶來可靠的經常性收入，並為我們的股東帶來豐厚的回報。與 WaterBridge 達成的每項協議均經過成熟且經過充分測試的公司管理流程的審查和批准，並透過公開文件全面揭露。

Turning to more recent developments. I'm pleased to share that our team has continued to make commercial progress, executing a number of new high-impact agreements this year. First, we recently executed a 10-year surface use and pore space reservation agreement with Devon Energy, securing 300,000 barrels a day of pore space capacity on our East Stateline and Speed Ranches to accommodate long-term water takeaway and disposal for developments concentrated in the core of the New Mexico Delaware Basin.

談談最近的事態發展。我很高興地告訴大家，我們的團隊在商業方面不斷取得進展，今年執行了多項新的具有重大影響力的協議。首先，我們最近與 Devon Energy 簽署了一項為期 10 年的地表使用和孔隙空間預留協議，確保我們東州界和 Speed Ranches 的孔隙空間容量為每天 30 萬桶，以滿足新墨西哥州特拉華盆地核心區集中開發項目的長期取水和處置需求。

This agreement will begin in the second quarter of 2027 and includes an obligation to deliver at least 175,000 barrels per day. We also executed an option agreement with a large public IPP for the development and construction of a natural gas-fired CCGT plant on our Reeves County acreage to service future prospective co-located data center load demand. This project marks a pivotal step in meeting West Texas' growing power needs, driving transformative in-basin power generation investments.

該協議將於 2027 年第二季開始生效，其中包括每天交付至少 175,000 桶石油的義務。我們也與一家大型公共 IPP 簽訂了選擇權協議，在里夫斯縣的土地上開發和建造一座天然氣 CCGT 電廠，以滿足未來潛在的共置資料中心負載需求。該計畫標誌著滿足西德州日益增長的電力需求邁出了關鍵一步，推動了盆地內發電投資的變革。

Finally, we're excited to announce a strategic partnership with a leading vertically integrated power generation and solutions provider to accelerate the development of scalable, resilient and sustainable energy infrastructure in West Texas. This collaboration strengthens our platform by aligning our assets with a trusted partner capable of delivering cost-effective long-term power through power purchase agreements. This initiative is expected to support energy-intensive customers, including data centers, while significantly enhancing the value of our asset portfolio.

最後，我們很高興地宣布與領先的垂直整合發電和解決方案提供者建立戰略合作夥伴關係，以加速西德克薩斯州可擴展、有彈性和可持續能源基礎設施的發展。此次合作透過將我們的資產與能夠透過電力購買協議提供具有成本效益的長期電力的值得信賴的合作夥伴結合起來，加強了我們的平台。預計這項措施將為包括資料中心在內的能源密集型客戶提供支持，同時大幅提升我們資產組合的價值。

Turning to recent regulatory developments in Texas. We're pleased to note that recently announced changes governing produced water handling facilities are not only beneficial for our company, but ones we fully support. These updates shine a spotlight on our responsible pore space management strategy, underscoring that pore space is not a simple commodity. Instead, our historical and current operating approach prioritizes sustainable use, resulting in superior asset longevity and flow assurance, which in turn delivers a truly differentiated value proposition for our stakeholders.

談談德州最近的監管發展。我們很高興地註意到，最近宣布的有關生產水處理設施管理的變化不僅對我們公司有利，而且我們全力支持。這些更新突顯了我們負責任的孔隙空間管理策略，強調孔隙空間不是簡單的商品。相反，我們的歷史和目前的營運方法優先考慮永續利用，從而實現卓越的資產壽命和流量保證，進而為我們的利害關係人提供真正差異化的價值主張。

Make no mistake, we are the solution to the issue these regulations aim to address, not part of the problem. Our approach is fundamentally different, and we believe essential for long-term success in this evolving landscape. We're looking forward to the second half of the year and continuing to identify new opportunities to increase revenues.

毫無疑問，我們是這些法規旨在解決的問題的解決方案，而不是問題的一部分。我們的方法從根本上是不同的，我們相信這對於在這個不斷變化的環境中取得長期成功至關重要。我們期待今年下半年並繼續尋找增加收入的新機會。

I'll now turn the call over to Scott to walk through the numbers.

我現在將電話轉給斯科特來介紹這些數字。

Thank you, Jason, and thanks, and welcome to everyone joining us on the call today. As Jason already stated, we're pleased with the quarter and performance throughout the first half of 2025. Our second quarter revenues increased to $47.5 million, up 8% sequentially and 83% year-over-year. Sequential revenue growth for the quarter was driven by surface use royalties and revenue, which increased 31% sequentially.

謝謝你，傑森，也謝謝大家，歡迎大家今天參加我們的電話會議。正如 Jason 所說，我們對本季以及 2025 年上半年的表現感到滿意。我們第二季的營收增至 4,750 萬美元，季增 8%，年增 83%。本季連續收入成長主要得益於地面使用權使用費和收入，季增 31%。

This growth was driven by an increase in easements and other service-related revenue, including several large renewal payments, multiple new projects and an overall increase in commercial activity on our acreage. Overall revenue growth was partially offset by sequential declines across our two other revenue categories. Resource sales royalties experienced a 26% sequential decline, driven by lower brackish water sales and royalty volumes and oil and gas royalties declined 19% sequentially, driven by a decrease in net royalty production with volumes falling from 923 BOE a day in Q1 2025 to 814 BOE a day in Q2 '25.

這一增長是由地役權和其他服務相關收入的增加所推動的，其中包括幾筆大筆續約付款、多個新項目以及我們土地上商業活動的整體增加​​。整體收入的成長被我們另外兩個收入類別的連續下降部分抵消。資源銷售特許權使用費環比下降 26%，原因是鹹水銷售額和特許權使用費減少；石油和天然氣特許權使用費環比下降 19%，原因是淨特許權使用費產量下降，產量從 2025 年第一季的每天 923 桶油當量下降到 2025 年第二季度油的當量。

Overall, we have successfully shifted our revenue mix in favor of fee-based arrangements versus royalties that fluctuate with commodity prices. Today, such arrangements account for a record 94% of total revenues. The efficiency of our capital model continues to deliver strong adjusted EBITDA, $42.5 million, representing a sequential increase of 9% and 81% year-over-year with an 89% adjusted EBITDA margin.

整體而言，我們已成功轉變收入結構，轉向以收費為基礎的安排，而不是隨商品價格波動的特許權使用費。如今，此類安排佔總收入的比例已達到創紀錄的 94%。我們的資本模型效率持續帶來強勁的調整後 EBITDA，達到 4,250 萬美元，季增 9%，年增 81%，調整後 EBITDA 利潤率為 89%。

We generated free cash flow of approximately $36.1 million and a free cash flow margin of 76%, which is in line with our previously discussed long-term free cash flow margin expectations of about 70%. We ended the quarter with total liquidity of $95.3 million, including cash and cash equivalents of $20.3 million and approximately $75 million under our revolving credit facility. Our capital allocation priorities remain the same for 2025, and we continue to execute these priorities, which, as a reminder, include maintaining a strong balance sheet to maximize financial flexibility over time.

我們產生了約 3,610 萬美元的自由現金流和 76% 的自由現金流利潤率，這與我們之前討論的約 70% 的長期自由現金流利潤率預期一致。本季末，我們的總流動資金為 9,530 萬美元，其中包括 2,030 萬美元的現金和現金等價物以及約 7,500 萬美元的循環信貸額度。我們的資本配置重點在 2025 年保持不變，我們將繼續執行這些重點，包括保持強勁的資產負債表以最大限度地提高長期財務靈活性。

We ended the quarter with $374.3 million of debt outstanding under our term loan and revolving credit facility, which is down from $379.3 million at the end of Q1 2025. Our net leverage ratio was 2.4 times compared to the 2.5 times at the end of the first quarter. We remain committed to returning capital to shareholders and have declared a quarterly dividend to shareholders of $0.10 per share. Our dividend provides shareholders with the opportunity to share in our successes.

本季末，我們的定期貸款和循環信貸額度下的未償還債務為 3.743 億美元，低於 2025 年第一季末的 3.793 億美元。我們的淨槓桿率為2.4倍，而第一季末為2.5倍。我們仍致力於向股東返還資本，並已宣布向股東派發每股 0.10 美元的季度股息。我們的股利為股東提供了分享我們成功的機會。

Finally, we will continue to evaluate a host of value-enhancing land acquisitions in the second half of the year, which will further solidify our standing in the marketplace. In anticipation of the execution of the DBR Solar opportunity with a large public renewable energy developer and operator, we are adjusting our adjusted EBITDA guidance range for full year 2025 to between $160 million and $180 million.

最後，我們將在下半年繼續評估一系列增值的土地收購，這將進一步鞏固我們在市場上的地位。為了與大型公共再生能源開發商和營運商合作實施 DBR Solar 機會，我們將 2025 年全年的調整後 EBITDA 指導範圍調整為 1.6 億美元至 1.8 億美元之間。

This adjustment is primarily driven by an expectation that the majority of the revenue associated with the DBR Solar opportunity will be recognized following year-end 2025, later than initial revenue expectations based on an earlier execution of this opportunity. And now we'd like to open up the line for questions. Operator?

此次調整主要是因為預計與 DBR Solar 機會相關的大部分收入將在 2025 年底之後確認，晚於基於早期執行此機會的初始收入預期。現在我們開始回答問題。操作員？

(Operator Instructions) Charles Meade, Johnson Rice.

（操作員指示）查爾斯·米德、約翰遜·賴斯。

Scott, I want to pick up right where you left off there, the DBR Solar. And can you just -- can you elaborate a little bit more on the history of this project and where you -- obviously, you had that $10 million of EBITDA revenue in '25. But can you just kind of put the overall timeline in context and what this -- I guess, what precipitated the shift? And perhaps as part of that, it seems like it's a shift in that it hasn't disappeared, but maybe you can just confirm that.

史考特，我想從上次中斷的地方繼續聊，DBR Solar。您能否更詳細地介紹一下這個項目的歷史以及您在哪裡——顯然，您在 25 年獲得了 1000 萬美元的 EBITDA 收入。但是，您能否將整個時間表放在上下文中，我想，是什麼促成了這種轉變？也許作為其中的一部分，它似乎是一種轉變，並沒有消失，但也許你可以證實這一點。

Yes. No, Charles, happy to. So if you recall, this solar project was one where we had worked through effectively all of the prep work, which includes the tax abatement work, the coordination with the mineral owners and so on, on part of our surface position that was part of the original acquisition we closed on in 2021.

是的。不，查爾斯，我很樂意。所以如果你還記得的話，這個太陽能項目是我們有效地完成了所有準備工作的項目，其中包括減稅工作、與礦產所有者的協調等等，這些都是我們在 2021 年完成的原始收購的一部分。

And so we had worked through the preparation for several years. We had planned to put it out to market to a developer last year. The site itself is located immediately adjacent to where the primary site is that's associated with the data center opportunity that we worked through last year. And so we punted on marketing that site to the solar developers until after that was wrapped up. So that was -- obviously, we got that option agreement in place with the data center at the end of '24 and as such, going to flip and put the -- excuse me, the solar facility to market here in early '25.

因此，我們花了好幾年的時間進行準備。我們原本計劃去年將其推向開發商市場。該站點本身位於與我們去年開展的資料中心機會相關的主站點的緊鄰位置。因此，我們決定先向太陽能開發商推銷網站，直到專案結束。所以那是——顯然，我們在 24 年底與資料中心達成了選擇權協議，因此，我們將在 25 年初將太陽能設施推向市場。

We had baked in about $10 million expected just based on input from our consultants in terms of what you could typically see for a project like that this year. But as I've spoken to in the past, all of that was obviously subject to commercial progress discussions and so on. And so ultimately, this was one where we got good traction with several really good brand-name developers, have landed on a great partner and look forward to sharing more details on that.

根據我們顧問的意見，對於今年此類專案通常需要投入的資金，我們預計投入約 1,000 萬美元。但正如我過去所說的那樣，所有這些顯然都取決於商業進展討論等等。因此，最終，我們與幾家非常優秀的品牌開發人員建立了良好的合作關係，找到了優秀的合作夥伴，並期待分享更多細節。

But just given how timing is playing out and when we expect those payments and that revenue to be made and recognized, kind of shifting out of this year is just kind of the reality at this point. And so we're really excited to get it done. We think it's -- again, it's another testament to our ability to execute on a wide variety of opportunities.

但考慮到時間表以及我們預計何時支付和確認這些款項和收入，目前的現實情況是，今年不再進行這些活動。因此我們非常高興能夠完成它。我們認為——這再次證明了我們有能力抓住各種各樣的機會。

But as I've said many times before, we're always focused here on long-term value creation, not on accelerating cash flows if that is just not the most economic outcome for the company. I think this is just a very good example of that.

但正如我之前多次說過的，我們始終專注於長期價值創造，而不是加速現金流，如果這對公司來說不是最經濟的結果。我認為這只是一個很好的例子。

Got it. That's helpful. I appreciate it. And then as a follow-up, I wanted to ask about the deal that you guys signed with Devon to bring produced water to East Stateline and Speed Ranch. And really, the -- my understanding is that Speedway Pipeline, which I guess secondly isn't LandBridge, but you guys are building capacity on that line. So can you just put that Devon deal in the context of the Speedway line that is going to be coming to your Speed Ranch?

知道了。這很有幫助。我很感激。然後作為後續問題，我想問一下你們與 Devon 簽署的將生產水輸送到 East Stateline 和 Speed Ranch 的協議。實際上，我的理解是 Speedway Pipeline，我猜它其次不是 LandBridge，但你們正在該管道上進行容量建設。那麼，您能否將 Devon 的交易與即將進入 Speed Ranch 的 Speedway 系列聯繫起來？

Yes. I mean you could see in the map, there are certainly some capital synergies for WaterBridge as it relates to this Devon project and the broader Speedway project. I think from LandBridge's perspective, it just is an incredibly exciting opportunity. I mean this was one where I think we clearly have a close relationship with the Devon team via WaterBridge and their interest in WaterBridge.

是的。我的意思是，您可以在地圖上看到，WaterBridge 與 Devon 專案和更廣泛的 Speedway 專案之間肯定存在一些資本協同效應。我認為從 LandBridge 的角度來看，這是一個令人難以置信的令人興奮的機會。我的意思是，我認為我們透過 WaterBridge 及其對 WaterBridge 的興趣與 Devon 團隊建立了密切的關係。

But I think this is just a real reflection from a very smart, prudent operator who's looking out at kind of the realities of what's needed from a pore space perspective to accommodate future growth. From our view, this is somewhat of an inflection point, certainly in new contract structure where you've got an operator going directly to a landowner saying, I need to lock up large amounts of pore space over an extended period of time, and I'm willing to give you a meaningful guarantee to backstop that because that's how critical pore space is going to be to my development program going forward.

但我認為這只是一位非常聰明、謹慎的運營商的真實反映，他從孔隙空間的角度審視現實情況，以適應未來的成長。從我們的角度來看，這在某種程度上是一個轉折點，尤其是在新的合約結構中，營運商直接與土地所有者溝通，說我需要在較長時間內鎖定大量的孔隙空間，我願意給你一個有意義的保證來支持這一點，因為孔隙空間對於我未來的開發計劃至關重要。

And so that was ultimately what kind of catalyzed the discussion between LandBridge and Devon directly and led to this. Now how it relates to Speedway, this is, again, from WaterBridge's perspective, they complement each other, but not necessarily the same. I think this is great momentum both from the WaterBridge side and clearly from the LandBridge side.

這最終直接催化了 LandBridge 和 Devon 之間的討論，並導致了這一結果。現在它與 Speedway 有何關係？從 WaterBridge 的角度來看，它們相互補充，但不一定相同。我認為，無論從 WaterBridge 方面還是從 LandBridge 方面來看，這都是一個很大的進步。

Yes. The only thing I would add, Charles, is that this is -- there's definitely volumes and pore space is being reserved up on Speed Ranch, but also on our East Stateline. So it's a combination of both.

是的。查爾斯，我唯一要補充的是——Speed Ranch 和我們的東州界上肯定都保留了大量儲量和孔隙空間。所以這是兩者的結合。

Yes, I think it's right. I mean it gets back to the redundancy that we're able to offer producers is unmatched. And again, it gets back to that differentiated approach, that differentiated value proposition, and that was ultimately what got Devon excited about the opportunity here directly with LandBridge.

是的，我認為這是對的。我的意思是，我們能夠為生產商提供的冗餘是無與倫比的。再次，這又回到了差異化的方法、差異化的價值主張，最終讓 Devon 對與 LandBridge 直接合作的機會感到興奮。

Derrick Whitfield, Texas Capital.

德瑞克·惠特菲爾德，德州首府。

Congrats on your operational accomplishments over the last quarter. With my first question, I wanted to ask for your thoughts on the Aris acquisition by WES. While we question it from a value recognition perspective, it seems to support your thesis for the value of pore space. So I'd love to hear your thoughts on that.

恭喜您在上個季度取得的營運成就。我的第一個問題是想問您對 WES 收購 Aris 的看法。雖然我們從價值認知的角度對此提出質疑，但它似乎支持了你關於孔隙空間價值的論點。所以我很想聽聽你對此的看法。

Yes. Yes. I think that's -- I think we -- I'll answer this from LandBridge's perspective. I mean I think the biggest takeaway from LandBridge's perspective as you read through that is the criticality of pore space. And if you look at the headline that was put out, that first slide that was put out by Western, they flag the McNeill Ranch and the pore space offered by McNeill Ranch as being such a big piece of the value that's ultimately brought to the table here.

是的。是的。我認為——我認為我們——我將從 LandBridge 的角度來回答這個問題。我的意思是，我認為從 LandBridge 的角度來看，最大的收穫就是孔隙空間的重要性。如果你看一下發布的標題，即 Western 發布的第一張幻燈片，你會發現他們標明麥克尼爾牧場和麥克尼爾牧場提供的孔隙空間是最終帶來價值的很大一部分。

I think more broadly speaking, obviously, as they talk to valuation, there's a little bit to unpack there. As is very typical in M&A deals. But look, I mean, again, this shows Western is very focused on pore space. I mean that's shown not just through this deal. But if you recall, we announced our deal with them earlier as part of their Pathfinder pipeline. I mean -- and so it all kind of circles back to for responsible water handling, particularly going forward, this pore space, the surface access is just so, so critical.

我認為從更廣泛的角度來看，顯然，當他們談論估值時，還有一些問題需要解決。這在併購交易中非常常見。但是，我的意思是，這再次表明西方非常關注孔隙空間。我的意思是，這不僅僅是透過這筆交易表現出來。但如果您還記得的話，我們早些時候宣布了與他們達成的交易，作為其 Pathfinder 管道的一部分。我的意思是——所以一切都回到了負責任的水處理上，特別是向前看，這個孔隙空間，表面通道是非常非常關鍵的。

And you're seeing that manifest itself directly through deals with us, like we've seen with Devon, like we've done with Western previously, but you're also seeing it on the actual Midstream side where very smart, prudent Midstream operators as they look through M&A with folks like Aris are very much valuing the pore space that they have to offer. So all of this -- I think, reinforces the thesis and the narrative that we've been communicating to the market historically.

您會透過與我們的交易看到這一點直接體現出來，就像我們與 Devon 的交易一樣，就像我們之前與 Western 的交易一樣，但您也會在實際的中游方面看到這一點，非常聰明、謹慎的中游運營商在與 Aris 等公司進行併購時，非常重視他們所提供的孔隙空間。所以我認為，所有這些都強化了我們一直以來向市場傳達的觀點和敘事。

Great. And for my follow-up, I wanted to shift the focus to your power announcement for the quarter. Are we safe to assume the IPP reference would be a new development for the Delaware, i.e., not CPV Basin Energy or Basin Ranch Energy and that IPP has a line of sight to a combined cycle gas turbine given the tightness we're seeing right now among the OEMs.

偉大的。在我的後續行動中，我想將重點轉移到您本季的強力公告上。我們是否可以安全地假設 IPP 參考對於特拉華州來說是一個新發展，即不是 CPV Basin Energy 或 Basin Ranch Energy，並且考慮到我們目前在 OEM 之間看到的緊張局面，IPP 與聯合循環燃氣渦輪機有聯繫。

Yes. So this -- I hesitate to give too much detail now because the larger public IPP wants to put out a joint press release here in the coming weeks to speak to a lot of those details, Derrick. I'll just say it's a brand name and one, just when that release comes out, I think we will speak a lot to the offering. So I hate to put that one on pause, but I think we look forward to getting more details out here over the next few weeks.

是的。所以這個——我現在不願意透露太多細節，因為更大的公共 IPP 希望在未來幾週內發布一份聯合新聞稿來談論很多細節，德里克。我只想說這是一個品牌名稱，當該版本發佈時，我想我們會對該產品進行大量討論。所以我不想暫停這件事，但我想我們期待在接下來的幾週內獲得更多細節。

John Mackay, Goldman Sachs.

高盛的約翰·麥凱。

I wanted to start maybe just on the Devon deal. And if we look across the footprint right now, I guess, could you just catch us up on really like how much pore space you guys have is spoken for at this point? And then maybe on a related piece, how you're looking about -- looking around that kind of land acquisition market to add to that?

我可能只是想從德文郡的交易開始。如果我們現在看一下足跡，我想，您能否告訴我們目前有多少孔隙空間？然後也許在相關的文章中，您是如何看待 - 尋找那種土地收購市場來補充這一點的？

Yes. I mean as you think about what we've identified from a pore space standpoint, we've identified way more than 5 million barrels a day of potential access to capacity, and that's the underutilized pore space. As you think to answer your second question, we continue with our geological teams to look for additional pore space and underutilized access to land as we expand our position. So that's definitely top of mind.

是的。我的意思是，從孔隙空間的角度考慮我們已經發現的情況，我們已經發現每天有超過 500 萬桶的潛在產能，而這就是未充分利用的孔隙空間。當您思考如何回答第二個問題時，我們會繼續與地質團隊合作，在擴大勘探範圍的同時尋找額外的孔隙空間和未充分利用的土地通道。所以這絕對是最重要的。

That's fair. And then maybe just looking at the quarter, easements were stronger. You guys kind of touched on that. Were any of these renewal payments kind of one-offs in there? Or is this kind of a new good run rate? And then similarly, resource sales being a little softer, I think, makes sense given activity levels, but also just wondering if there's any kind of more one-offs in there.

這很公平。然後也許只看這個季度，地役權就更強了。你們多少已經觸及這一點了。這些續約付款都是一次性的嗎？或者這是一種新的良好運行率？同樣，我認為，考慮到活動水平，資源銷售略微疲軟是有道理的，但也只是想知道其中是否還有任何類型的一次性事件。

Yes. No, there's always going to be a mix of renewals versus upfront payments. And so kind of important to note that. I think the bulk of the upfront payments we get, though typically manifest themselves down the road as some type of renewal. Very rarely do we get like a one-off and then it's done, but certainly not never.

是的。不，續約和預付款總是會混合出現。因此註意這一點非常重要。我認為，我們收到的大部分預付款通常會在以後以某種形式的續約形式反映出來。我們很少會一次完成這件事，但肯定不會從來沒有過。

As you look through the rest, obviously, surface use royalties saw a great quarter there, I think, largely in line with our expectation. Yes, ultimately, I think the way you need to think about it is it's not going to be like a run rate going forward, so to speak, where that will be repeated, but I think you'll start to see it just compound over time. And there'll be a little bit of lumpiness, kind of quarter-over-quarter. But as we've seen historically and kind of continue to progress today, the slope is up to the right, and that will continue.

當你瀏覽其餘內容時，顯然，地表使用費在該季度表現良好，我認為這基本上符合我們的預期。是的，最終，我認為你需要思考的是，它不會像未來的運行率那樣，可以這麼說，它會重複出現，但我認為你會開始看到它隨著時間的推移而復合。與上一季相比，會出現一些波動。但正如我們在歷史上看到的那樣，並且今天仍在繼續發展，斜坡是向右上方傾斜的，這種情況還將繼續下去。

Kevin MacCurdy, Pickering Energy Partners.

麥柯迪（Kevin MacCurdy），皮克林能源合夥公司（Pickering Energy Partners）。

I wanted to ask for a little bit more color on the new Texas Railroad Commission guidelines on injection pressure. Can you maybe summarize the new rules and compare that to your internal view of water disposal and competitive position in the basin?

我想請您更詳細地介紹一下德州鐵路委員會關於注入壓力的新指南。您能否總結一下新規則，並將其與您對流域水處理和競爭地位的內部看法進行比較？

Yes, for sure. As we thought about this, if you put both the WaterBridge and the LandBridge side on, what puts us in a really unique position is our access to this large, contiguous block of acreage. And with that, we have the ability to make sure that we're spreading out the injection.

是的，當然。正如我們所想，如果把水橋和陸橋兩邊都考慮進去，我們真正獨特的地位就是我們可以進入這一大片連續的土地。這樣，我們就有能力確保注射的普及。

That really, for the most part, as you think through the new rules and regulations is what they're really, really focused on is making sure we're not concentrating that injection in specific areas. So really having the ability to spread that out, which in turn, gives you access to lower pressure.

實際上，在大多數情況下，當你思考新的規則和規定時，他們真正關注的是確保我們不會將注入集中在特定領域。因此，真正有能力將其擴散開來，從而讓你能夠降低壓力。

As you think through just our strategic ability, I would go back to the fact that our -- the contiguous nature of our footprint. There's -- that does not really exist along the state line in and around New Mexico. And so it puts us in a really good position to capitalize on a lot of these new volumes coming from New Mexico.

當你思考我們的策略能力時，我會回到這樣一個事實：我們的足跡具有連續性。在新墨西哥州及其周邊地區，這種情況實際上並不存在。因此，這讓我們處於非常有利的位置，可以利用來自新墨西哥州的大量新產量。

Yes. I mean I would just add, on the WaterBridge side, we put out a press release endorsing the new regulations. We think it's great for the industry. We think there's a real healthy focus now on how do we add longevity to the industry and how do we be more thoughtful about these longer-term approaches.

是的。我只是想補充一下，在 WaterBridge 方面，我們發布了一份新聞稿來支持新法規。我們認為這對業界來說是件好事。我們認為，現在真正關注的是如何延長產業的壽命，以及如何更深思熟慮這些長期方法。

I think we're really proud in the sense that both from the WaterBridge and the LandBridge side, it mirrors our operating philosophy and the kind of the philosophy we've always deployed when we think through building out our assets in our company. And it was the recognition of the problems from these differing approaches, this overconcentration of assets, that ultimately led us to start LandBridge back in 2020, 2021.

我認為我們真的感到自豪，因為無論是從 WaterBridge 還是 LandBridge 的角度來看，它都反映了我們的經營理念以及我們在考慮在公司中建立資產時始終採用的理念。正是認識到這些不同方法帶來的問題，即資產過度集中，最終促使我們在 2020 年、2021 年創立了 LandBridge。

We knew large contiguous pore space that had been unutilized or underutilized historically would be immensely valuable for WaterBridge, but again, for the broader industry. And so we think it's great. We think it's very smart for the regulators to be focused on that. Again, it's something that we have pushed ourselves both from our WaterBridge seats and our LandBridge seats.

我們知道，歷史上未利用或未充分利用的大型連續孔隙空間對於 WaterBridge 來說非常有價值，而且對於更廣泛的行業來說也是如此。所以我們認為這很棒。我們認為監管機構關注這一點是非常明智的。再說一次，這是我們從 WaterBridge 席位和 LandBridge 席位推動的事情。

And I think, again, it really reinforces the fact that we have this differentiated value proposition to offer, not just WaterBridge, but anyone in the industry that needs to have that surface and pore space access. And so it's great. It's great to see, call it, the spotlight shine on this now because we do think it's important. And again, we do think it highlights what it is we bring to the table.

我認為，這再次證明了我們可以提供這種差異化的價值主張，不僅僅是 WaterBridge，而且業內任何需要獲得表面和孔隙空間訪問權限的人都可以享受這種價值主張。這真是太棒了。很高興看到，現在人們關注的焦點都集中在這一點上，因為我們確實認為它很重要。再次強調，我們確實認為這凸顯了我們所能帶來的價值。

And I think those are important details. definitely important for the LandBridge story. For my follow-up, any thoughts on the long-term potential EBITDA impact of the Devon deal or even some high-level thoughts on the royalty rates compared to your current rates? I realize you may be hesitant to give too many details.

我認為這些都是重要的細節，對於 LandBridge 的故事來說絕對重要。作為我的後續提問，您對 Devon 交易的長期潛在 EBITDA 影響有何看法，或者與當前費率相比，您對特許權使用費率有何高層次的看法？我知道您可能不願意透露太多細節。

Yes. So we can't provide the exact royalty rate. I'll say that the rates we're getting today for deals, this one included, certainly align with our view of the prevailing market rate at the moment. And so we feel very confident that how we think through rate structure versus our differentiated value proposition is very much aligned to the commercial success that we would hope to see.

是的。所以我們無法提供準確的版稅率。我想說的是，我們今天獲得的交易利率（包括這筆交易）肯定與我們對當前市場利率的看法一致。因此，我們非常有信心，我們如何思考費率結構與差異化價值主張，與我們希望看到的商業成功非常一致。

And I think the market is kind of proving out our view. I'll leave it at that. But I mean, as you would imagine, great impact for us, obviously, from a financial perspective, as this comes online here in early '27.

我認為市場正在證明我們的觀點。我就不多說了。但我的意思是，正如你所想像的，從財務角度來看，這對我們來說顯然有很大的影響，因為它在 27 年初上線。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布、派珀·桑德勒。

Just have two questions. The first is on the power generation deal that you guys announced, is this tied directly to -- is there any relationship with Five Point? And is this tied directly to that specific data center project? Or this is a sort of generic power generation deal that would apply for any projects -- data center project down there?

我只有兩個問題。首先是關於你們宣布的發電協議，這是否與 Five Point 有直接關係？這是否與特定的資料中心項目直接相關？或者這是一種適用於任何項目的通用發電交易——那裡的數據中心項目？

No, good question. So the agreement that we're talking through here is directly between LandBridge and the IPP. There is the potential for Five Point's PowerBridge platform to step in, in some capacity, but that's by no means firm either way. I would say this was one where the IPP saw the value that LandBridge brought to the table, was happy to do a deal with us.

不，好問題。因此，我們在此討論的協議是 LandBridge 和 IPP 之間直接簽訂的。Five Point 的 PowerBridge 平台有可能在某種程度上介入，但無論如何都不是絕對的。我想說，這次 IPP 看到了 LandBridge 帶來的價值，很高興與我們達成交易。

I think that said, as we've said in the past, the beauty of the Five Point ecosystem is they've got these different enabling entities to ensure that deals can get across the finish line to the benefit of all companies.

我認為，正如我們過去所說的那樣，五點生態系統的美妙之處在於，它們擁有這些不同的支持實體，以確保交易能夠順利完成，從而使所有公司受益。

And so when we think through what PowerBridge could bring to the table here, it's really a question of is there a gap between LandBridge and the IPP where maybe PowerBridge stepping in could fill that gap to ensure this project gets brought online. Uncertain whether or not that's needed at this point in time. But again, it's a valuable tool, I think, that we have available to us.

因此，當我們思考 PowerBridge 能帶來什麼時，真正的問題是 LandBridge 和 IPP 之間是否存在差距，也許 PowerBridge 的介入可以填補這一差距，以確保該專案上線。不確定目前是否需要這樣做。但我認為，這是我們可以使用的一個有價值的工具。

Yes. And one thing I'd add is that the IPP is -- they saw the need for the power in the region just in general, not just as it related to data center opportunities. So we see this as a great opportunity on all fronts.

是的。我想補充一點，獨立電力供應商 (IPP) 認為該地區對電力的需求總體上是存在的，而不僅僅是與資料中心機會相關的需求。因此，我們認為這對各方面來說都是一個絕佳的機會。

And did you say the entity is called PowerBridge or you were just using that term --

您是否說過該實體名為 PowerBridge 或您只是使用這個術語--

That is -- no. So that is the Five Point's entity that was announced earlier this year that is run by Alex -- that is in IPP. No, this is a totally independent public IPP that is not in any way associated with Five Point outside of, again, the potential that PowerBridge, which is a separate Five Point entity, could step in if there is a need.

那是——不。這就是今年稍早宣布的 Five Point 實體，由 Alex 負責——位於 IPP。不，這是一個完全獨立的公共 IPP，與 Five Point 沒有任何關聯，除非有需要時，作為 Five Point 獨立實體的 PowerBridge 可以介入。

Okay. And then the second question is, you guys -- you announced the Devon deal. I don't know if you announced all the economics of that, but obviously, that doesn't take effect until 2027. The data center thing is announced, but obviously, that takes years. You guys clearly want to grow EBITDA.

好的。第二個問題是，你們──你們宣布了 Devon 交易。我不知道您是否宣布了所有相關經濟因素，但顯然，該政策要到 2027 年才會生效。資料中心的事情已經宣布，但顯然，這需要數年時間。你們顯然希望提高 EBITDA。

So as we think about announcements that you make, it sounds -- I mean, just based on what you've announced so far, there's like a 12 to 24 months sort of lead time, if you will, before the EBITDA starts flowing or more like 24 months, if you will. Is that the way we should think about it?

因此，當我們考慮您所做的公告時，聽起來——我的意思是，僅根據您迄今為止所宣布的內容，在 EBITDA 開始流動之前，大約需要 12 到 24 個月的準備時間，或者更像是 24 個月，如果您願意的話。我們該這樣思考嗎？

So if we want to -- as we model your growth over the next number of years, we should think about, hey, if the deal hasn't been announced by x date, that means that revenue growth is going to take two years longer than before. We're just trying to get a sense of -- you guys are very active. But obviously, these things take a while to manifest and drop to the bottom line. So just trying to understand the EBITDA ramp relative to project announcement timing.

因此，如果我們想要——當我們模擬未來幾年的成長時，我們應該考慮，嘿，如果交易在 x 日期之前尚未宣布，那就意味著收入成長將比以前多花兩年。我們只是想了解一下——你們非常活躍。但顯然，這些事情需要一段時間才能顯現出來並落到底線。因此，只是想了解與專案公告時間相關的 EBITDA 成長。

So it very much depends on the project. I think when you think through power projects or renewable projects, those inherently have longer timelines. When you think through some of these more water infrastructure, energy infrastructure type projects, those can be a much quicker timeline.

所以這很大程度取決於項目。我認為，當你考慮電力項目或再生能源項目時，它們本質上具有更長的時間表。當你考慮這些更多的水利基礎設施、能源基礎設施類型的項目時，你會發現這些項目的時間表會快得多。

I mean the Devon example here, I think, is more a reflection of them very much wanting to get ahead of future needs and a willingness to backstop that with this minimum volume commitment. And so not necessarily reflective of, call it, a build-out timeline or anything along those lines, but much more so Devon wanting to stay ahead of things, which we think is a very prudent move on their part.

我認為，這裡的德文郡的例子更多地反映了他們非常希望滿足未來的需求，並願意透過最低限度的承諾來支持這一點。因此，這不一定反映出所謂的建設時間表或類似的東西，但更多的是德文郡想要保持領先地位，我們認為這是他們非常謹慎的舉動。

But when you look at other other commercial activity we have kind of in the hopper at the moment, you obviously have the BPX Kraken deal that was both announced at the beginning of this year, is already online today and we'll continue to ratchet over the next several years is a good example of a meaningfully, call it, meaningful EBITDA contribution that can come online quickly and ratchet up quickly. And that's one that we'll see continue.

但是，當您查看我們目前正在進行的其他商業活動時，您顯然會發現 BPX Kraken 交易，該交易於今年年初宣布，今天已經上線，並且我們將在未來幾年繼續推進，這是一個很好的例子，可以稱之為有意義的 EBITDA 貢獻，可以快速上線并快速提升。我們將會看到這種情況繼續下去。

I think the Speedway project is another great example where we would expect to have that fully FID-ed here within the next few weeks on the WaterBridge side, and you would start to see capital go out the door at the end of this year, going into early next year.

我認為 Speedway 專案是另一個很好的例子，我們預計在未來幾週內 WaterBridge 專案將完全完成 FID，並且您將在今年年底到明年年初開始看到資金流出。

And that will -- we'll start to see EBITDA contribution for that potentially at the end of this year, definitely early next year. So there -- again, like the sequencing and the timing, I think, is very much a byproduct of the type of activity it is, not necessarily indicative of all commercial activities that we work through.

我們將在今年年底，或明年年初開始看到 EBITDA 貢獻。所以 — — 再次強調，我認為，排序和時間安排很大程度上是活動類型的副產品，並不一定代表我們所進行的所有商業活動。

But can you just give us a sense of the EBITDA contribution from Speedway, Devon, that we can think about what's going to come online in the next 12 to 24 months?

但是，您能否向我們介紹一下 Speedway、Devon 對 EBITDA 的貢獻，以便我們思考未來 12 到 24 個月內會出現什麼？

So we haven't spoken to that publicly yet. I think once we get the opportunity to have Speedway through FID, we can start giving the Street a little better idea in terms of the ratcheting of the cash flow there. I know previously, we've discussed the potential for Speedway to be a 500,000 barrel a day project when it's fully online, which would equate to roughly $30 million of cash flow in terms of royalties, plus obviously the related surface activity that goes on.

所以我們還沒有公開談論這個問題。我認為，一旦我們有機會透過 FID 收購 Speedway，我們就可以開始讓華爾街更了解那裡的現金流。我知道之前我們討論過 Speedway 項目全面上線後，其日產量有可能達到 50 萬桶，這將相當於特許權使用費方面的現金流約為 3000 萬美元，另外顯然還有相關的地面活動。

Now there'll be a sequencing and timing of those step-ups. And once we get through FID, once we get that fully underwritten on the WaterBridge side, we can message that a bit more clearly.

現在，這些升級將有一個順序和時間安排。一旦我們通過了 FID，一旦我們在 WaterBridge 方面獲得完全承保，我們就可以更清楚地傳達這一點。

Okay. But you said $30 million plus some potential upside from that when fully online.

好的。但是您說，當完全上線時，可以獲得 3000 萬美元以及一些潛在的收益。

That's right.

這是正確的。

Thank you.

謝謝。

Lawrence Goldstein, Santa Monica Partners LP.

勞倫斯‧戈德斯坦，聖莫尼卡合夥公司。

I wonder what you could say about the fact that every single major, let's call them, high-tech company announces data centers all over the country, but we hear of nothing in the Permian Basin. Nothing with you. I'm not asking about your company specifically.

我想知道您對此有何看法：每家大型高科技公司都宣佈在全國各地建立資料中心，但我們卻沒有聽到有關二疊紀盆地的任何消息。和你沒關係。我並不是專門詢問貴公司的狀況。

I'm asking generically, your neighbor, big landowner, TPL. It astounds me that we don't hear a word. We hear data center, data center, data center, billions here, billions there. Why do you suppose we don't hear a word about the Permian Basin?

我通常會問，你的鄰居，大地主，TPL。令我驚訝的是，我們一句話也沒聽到。我們聽到資料中心、資料中心、資料中心，這裡有數十億，那裡有數十億。您認為我們為什麼沒有聽到任何關於二疊紀盆地的消息？

Lawrence, very good question. So I think ultimately here, we're talking about a step out into a new region away from major metropolitan areas, which is just different, different for what a lot of these data center players have done historically. And it's just taken time to get them familiar with the region, familiar with the risk, familiar with the opportunity set.

勞倫斯，這個問題問得非常好。所以我認為，最終我們談論的是走出大都市，進入一個新區域，這與許多資料中心參與者過去的做法不同。只是需要花一些時間讓他們熟悉該地區、熟悉風險、熟悉機會。

I mean, ultimately, we haven't gotten any pushback on just the fundamentals making so much sense where this is an inevitability. But you are talking about getting folks over the line in an area they're not just -- they're not familiar with yet or operating with or deploying large amounts of capital in this kind of new area. And so we feel good about the discussions we're having.

我的意思是，最終，我們並沒有遇到任何阻力，因為從根本上來說，這是不可避免的。但您談論的是讓人們跨入他們尚未熟悉的領域，或在這種新領域開展業務或部署大量資本。因此，我們對正在進行的討論感到滿意。

I imagine there are others in the Permian who feel the same way right now. It's just -- it's just taking the time to get these very large tech companies who are very risk-averse, comfortable with stepping out into a new region. But ultimately, the fundamentals work. I think they acknowledge that. And so from our point of view, it is an inevitability this gets across the finish line. And once that first domino falls, as you can appreciate, the rest of them start falling pretty quickly thereafter. It's just convincing that first player to ultimately be the one that announces the step out.

我想二疊紀的其他人現在也會有同樣的感受。只是──需要花一些時間讓這些非常厭惡風險的大型科技公司適應進軍新領域。但最終，基本面還是起作用的。我認為他們承認這一點。因此從我們的角度來看，跨越終點線是不可避免的。一旦第一張骨牌倒下，正如你所看到的，其餘的骨牌也會隨之迅速倒下。這只是說服第一個玩家最終成為宣布退出的人。

The only other thing I'd add is you are seeing growing comfort of folks heading into West Texas. So there's been a number of projects announced in places like Abilene and Lubbock. And so certainly, they're starting to get growing comfort moving away from major metropolitan areas into other still populated areas in West Texas, but certainly not the Permian. But all of these trends, we think, continue to work to our advantage here. And again, it's just -- it's going to take that first domino to fall. And we think the fundamentals are just too good for that not to happen.

我唯一想補充的是，你會看到越來越多的人願意前往西德克薩斯州。因此，阿比林和拉伯克等地已經宣布了許多項目。因此，他們開始越來越願意從大都會區搬到西德州其他仍然有人居住的地區，但肯定不是二疊紀地區。但我們認為，所有這些趨勢將繼續對我們有利。再說一次，這只是──第一張骨牌倒下而已。我們認為基本面非常好，這種情況不可能不發生。

Yes. And those fundamentals are easy to speak to, right? It's access to large contiguous land, access to cheap power, both on grid and behind the grid as we talked through this opportunity with the new IPP and then Access to Water for Cooling. So it checks all the boxes 100%. To Scott's point, once the first domino falls, I think there'll be a lot more heading our way.

是的。這些基本原理很容易講，對吧？正如我們與新的 IPP 討論的這個機會一樣，它可以獲得大片連續的土地，獲得廉價的電力，包括電網內和電網外的電力，然後獲得冷卻水。因此它 100% 檢查了所有箱子。正如斯科特所說，一旦第一張骨牌倒下，我認為將會有更多的災難降臨到我們頭上。

It sounds logical. But to me, personally, it sounds illogical. By the way, the one thing that you don't have, which is an asset population in the area. And I'm sure you're aware of the articles, particularly a lengthy one in the New York Times, I think, about two weeks ago, about how some towns turn on the water faucet or the toilet, no water.

這聽起來很有道理。但就我個人而言，這聽起來不合邏輯。順便說一句，您沒有的一件事就是該地區的資產人口。我相信您已經注意到這些文章，特別是大約兩週前《紐約時報》上的一篇長文，文章講述了一些城鎮如何打開水龍頭或馬桶，卻沒有水。

And yet you say they -- it takes a while to learn about what you have in the way of assets, everything available and everything at the lowest prices. And in Oregon or the Pacific Northwest, Washington, there, they never heard in those places either. But it's so obvious what your assets are, and yet we've not heard a single company. So when you say it takes a while for them to learn about it, -- with all due respect, come on. They haven't heard of Texas. They haven't heard --

但你說他們——需要一段時間才能了解你擁有的資產、所有可用的東西以及所有東西的最低價格。而在俄勒岡州或太平洋西北地區、華盛頓州，他們也從未聽過這些地方。但你的資產是如此明顯，但我們卻沒有聽到任何一家公司的消息。所以，當你說他們需要一段時間才能了解這一點時——恕我直言，來吧。他們沒有聽說過德克薩斯州。他們沒有聽說過--

We 100% agree. And I think from our seat, coming from an oil and gas background, I think we're very, very familiar with just how great the manpower and the talent is out in places like Midland. We've seen just some very, very smart folks continue to pile into West Texas to support the oil and gas industry. And so we do think that for folks who are used to working in, call it, more of these tech hubs, it's just -- it's a foreign environment when they think to places like Midland.

我們百分之百同意。我認為，從我們石油和天然氣行業的背景來看，我們非常非常了解米德蘭等地的人力和人才有多麼優秀。我們看到一些非常聰明的人繼續湧入西德州，支持石油和天然氣產業。因此，我們確實認為，對於那些習慣在這些技術中心工作的人來說，當他們想到像米德蘭這樣的地方時，那隻是一個陌生的環​​境。

But again, it's -- from our point of view, it's a quick education effort to show them like you've got people coming in from top-tier universities already stepping out in the West Texas to work in the oil and gas space. The talent is going to show up for data centers. In fact, it's already there. And so yes, look, we agree. All the pieces are there. The stage is set. The fundamentals ultimately are going to be what dictates this happening, and we think it's an inevitability.

但從我們的角度來看，這是一種快速的教育方式，向他們展示，已經有來自頂尖大學的人才來到西德州，在石油和天然氣領域工作。資料中心將會湧現大量人才。事實上，它已經存在了。是的，我們同意。所有的碎片都在那裡。舞台已經準備好了。基本面最終將決定這一情況的發生，我們認為這是不可避免的。

Yes. I understand you think it is. I think it is. A lot of people think it is. And I don't think what you've got every asset required for a data center. And by the way, you don't have population, which is obviously an asset, if you got the biggest city down there in the basin, 15 people or something like that. I can't believe they haven't heard of it that they aren't familiar with it. These are the smartest people in the country. So I accept what you're saying, but I find it hard to believe. Something else, I have no idea what just something else is.

是的。我知道你認為是的。我認為是的。很多人認為是的。我認為您還沒有擁有資料中心所需的所有資產。順便說一句，你沒有人口，這顯然是一項資產，如果你在盆地裡擁有最大的城市，那麼人口也就 15 人左右。我不敢相信他們沒有聽過它，也不熟悉它。他們是這個國家最聰明的人。所以我接受你所說的，但我發現很難相信。其他東西，我不知道其他東西是什麼。

But we feel great about where we're at in a lot of those talks right now and aim to bring the market some good news as it relates to that as quickly as we can here.

但我們對於目前在許多談判中所取得的進展感到非常滿意，並致力於盡快為市場帶來一些與此相關的好消息。

And that will conclude our question-and-answer session. I'll hand the call back over to Scott McNeely for any closing remarks.

我們的問答環節到此結束。我會將電話轉回給 Scott McNeely，讓他做最後的總結演講。

Yes. Thanks again for everyone participating today. As always, we very much appreciate the support and the engagement. Please feel free to reach out to us with any questions. But otherwise, we hope you all enjoy the rest of your summer.

是的。再次感謝大家今天的參與。像往常一樣，我們非常感謝您的支持和參與。如有任何疑問，請隨時與我們聯繫。但除此之外，我們希望大家能夠享受剩下的夏天。

Thanks.

謝謝。

This concludes today's call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。