Magnolia Oil & Gas Corp (MGY) 2023 Q4 法說會逐字稿

Good morning, everyone, and thank you for participating in Magnolia Oil & Gas Corporation's fourth quarter 2023 earnings conference call. My name is Andrea, and I will be your moderator for today's call. At this time, all participants will be placed in a listen-only mode as our call is being recorded.

大家早安，謝謝您參加 Magnolia 石油天然氣公司 2023 年第四季財報電話會議。我叫安德里亞，我將擔任今天電話會議的主持人。此時，在錄製我們的通話時，所有參與者都將處於僅監聽模式。

I will now turn the call over to Magnolia's management for their prepared remarks, which will be followed by a brief question and answer session. Please go ahead.

我現在將把電話轉給 Magnolia 管理層，讓他們準備好講話，然後進行簡短的問答環節。請繼續。

Thank you, Andrea, and good morning, everyone. Welcome to Magnolia Oil & Gas's fourth quarter earnings conference call. Participating on the call today are Chris Stavros, Magnolia's President and Chief Executive Officer; and Brian Corales, Senior Vice President and Chief Financial Officer.

謝謝你，安德里亞，大家早安。歡迎參加木蘭石油天然氣公司第四季財報電話會議。Magnolia 總裁兼執行長 Chris Stavros 參加了今天的電話會議；以及資深副總裁兼財務長布萊恩·科拉萊斯 (Brian Corales)。

As a reminder, today's conference call contains certain projections and other forward-looking statements within the meaning of the federal securities laws. These statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in these statements. Additional information on risk factors that could cause results to differ is available in the company's annual report on Form 10-K filed with the SEC. A full Safe Harbor can be found on slide two of the conference call slide presentation with the supplemental data on our website.

提醒一下，今天的電話會議包含聯邦證券法含義內的某些預測和其他前瞻性陳述。這些陳述存在風險和不確定性，可能導致實際結果與這些陳述中明示或暗示的結果有重大差異。有關可能導致結果不同的風險因素的更多信息，請參閱該公司向 SEC 提交的 10-K 表格年度報告。完整的安全港可以在電話會議幻燈片演示的第二張幻燈片上找到，並在我們的網站上提供補充資料。

You can download Magnolia's fourth-quarter 2023 earnings press release, as well as the conference call slides from the investor section of the company's website at www.magnoliaoilgas.com. I will now turn the call over to Mr. Chris Stavros.

您可以從該公司網站 www.magnoliaoilgas.com 的投資者部分下載 Magnolia 2023 年第四季收益新聞稿以及電話會議投影片。我現在將把電話轉給克里斯·斯塔夫羅斯先生。

Thank you, Tom, and good morning, everyone. We appreciate you joining us today for a discussion of our fourth quarter and full-year 2023 financial and operating results. I plan to briefly speak to our results, which closed out a strong year for Magnolia. And during which, we took several actions to improve our overall business.

謝謝你，湯姆，大家早安。感謝您今天加入我們討論我們的第四季度和 2023 年全年財務和營運業績。我計劃簡要地談談我們的業績，該業績為 Magnolia 帶來了強勁的一年。在此期間，我們採取了多項行動來改善我們的整體業務。

I will also discuss our business model and our core principles in the context of some of last year's accomplishments and note how Magnolia stacks up compared to many other EMP companies on several key financial metrics.

我還將結合去年的一些成就討論我們的業務模式和核心原則，並指出 Magnolia 在幾個關鍵財務指標上與許多其他 EMP 公司相比的情況。

Lastly, I will provide an update on Magnolia's 2024 capital and operating plan, which follows the same principles on which the company was founded nearly six years ago. Brian will then review our fourth quarter and full-year financial results in greater detail, along with some additional first quarter guidance before we take your questions.

最後，我將提供 Magnolia 2024 年資本和營運計劃的最新信息，該計劃遵循該公司近六年前成立時所遵循的相同原則。然後，在回答您的問題之前，布萊恩將更詳細地回顧我們的第四季度和全年財務業績，以及一些額外的第一季指導。

Starting on slide 3 of the investor presentation and looking at some of the highlights, Magnolia ended 2023 on a high note with fourth-quarter production volumes at 85.4 million barrels of oil equivalent per day, bringing full-year 2023 production to 82.3 million BOE per day. This represented year-over-year production growth of 16% for the fourth quarter, and full-year 2023 volume growth of more than 9%.

從投資者簡報的幻燈片3 開始，我們來看看一些亮點，Magnolia 以高調結束2023 年，第四季度產量為每天8540 萬桶石油當量，使2023 年全年產量達到每天8230 萬桶油當量。天。這意味著第四季產量年增 16%，2023 年全年銷售量成長超過 9%。

Production at our Giddings asset grew 55% compared to the prior year fourth quarter, reaching 63,000 BOE per day, which included oil production growth of 59%. Giddings' production represented approximately 71% of overall Magnolia volumes last year, and the Giddings area continues to see operating efficiency improvements in the field, such as fewer drilling days per well and realizing significant gains in stimulation stages per day.

與去年第四季相比，我們吉丁斯資產的產量增加了 55%，達到每天 63,000 桶油當量，其中石油產量增加了 59%。去年，吉丁斯的產量約佔 Magnolia 總產量的 71%，吉丁斯地區的油田運作效率不斷提高，例如每口井的鑽井天數減少，每天的增產階段達到顯著成長。

D&C capital totaled $91 million for the quarter and $422 million for the year, representing 47% of adjusted EBITDAX for the year and leading to free cash flow generation of $413 million, or roughly 10% of our current enterprise value.

本季 D&C 資本總額為 9,100 萬美元，全年資本總額為 4.22 億美元，佔當年調整後 EBITDAX 的 47%，從而產生 4.13 億美元的自由現金流，約占我們當前企業價值的 10%。

We returned 74% of this free cash flow to shareholders through our dividend and share repurchase programs, with the remaining allocated to our balance sheet, which helps support attractive bolt-on oil and gas property acquisitions, geared toward improving the overall business.

我們透過股息和股票回購計畫將74% 的自由現金流返還給股東，其餘部分分配到我們的資產負債表中，這有助於支持有吸引力的補強石油和天然氣資產收購，從而改善整體業務。

Turning to slide 4, Magnolia's business model remains unique since it was devised in 2018 with the objective to create a highly investable, attractive E&P business that is enduring and focused on generating absolute per share value over the long term. As we've often expressed, Magnolia's primary objectives are to be the most efficient operator of best-in-class oil and gas assets, generating the highest returns on those assets while employing the least amount of capital for drilling and completing wells.

轉向幻燈片 4，Magnolia 的商業模式自 2018 年設計以來一直保持獨特，其目標是創建一個高度可投資、有吸引力的勘探與生產業務，該業務持久並專注於長期產生絕對每股價值。正如我們經常表示的那樣，Magnolia 的主要目標是成為一流石油和天然氣資產最高效的營運商，在這些資產上產生最高的回報，同時使用最少的資金來鑽探和完井。

Our high-quality asset base allows for a low reinvestment rate while still providing moderate growth for the business over time. This results in significant free cash flow generation, and we strive to return a significant portion of this to our shareholders in the form of share of purchases and a safe, sustainable, and growing dividend. Some of the excess cash may accrue to the balance sheet, helping us to opportunistically pursue bolt-on, attractive bolt-on oil and gas property acquisitions that improve the business, which help to sustain our returns and enhance the dividend-per-share payout capacity.

我們的優質資產基礎允許較低的再投資率，同時仍為業務提供適度的成長。這會產生大量的自由現金流，我們努力以購買份額和安全、可持續且不斷增長的股息的形式將其中很大一部分返還給股東。一些多餘的現金可能會計入資產負債表，幫助我們伺機進行補充性、有吸引力的補充性石油和天然氣資產收購，以改善業務，從而有助於維持我們的回報並提高每股股息支付容量。

We continue to adhere to our core principles and believe this is a sound formula for creating long-term value for our shareholders.

我們繼續堅持我們的核心原則，並相信這是為股東創造長期價值的良好公式。

I'd like to spend a moment reviewing how this model has helped us achieve our goals over the past several years, and as our operating program has shifted more to our Giddings asset. Slide 5 shows that Magnolia has had one of the lowest capital reinvestment rates in decades compared to most other E&P companies, while achieving a superior compound annual rate of growth in terms of production per share over the past three years. This is a powerful combination, allowing us to maximize our free cash flow generation.

我想花點時間回顧一下這個模型如何幫助我們在過去幾年中實現我們的目標，以及我們的營運計劃已更多地轉向我們的吉丁斯資產。投影片 5 顯示，與大多數其他勘探與生產公司相比，Magnolia 是數十年來資本再投資率最低的公司之一，同時在過去三年中每股產量實現了優異的複合年增長率。這是一個強大的組合，使我們能夠最大限度地產生自由現金流。

Turning to slide 6, our corporate-level returns, or return on capital employed, continue to be some of the best in the upstream energy sector, highlighting our strategy of disciplined capital spending, including last year's success in reducing our well costs and the beneficial impact of our ongoing share repurchases. Our cost reduction efforts in 2023 helped further support these returns as we were able to meaningfully grow our production per share with capital that was 17% less than what we had expected at the beginning of the year and 8% below full-year 2022 levels.

轉向幻燈片 6，我們的企業層面回報率或所用資本回報率仍然是上游能源行業中最好的，這凸顯了我們嚴格資本支出的策略，包括去年在降低油井成本和效益方面取得的成功。我們正在進行的股票回購的影響。我們在 2023 年的成本削減工作有助於進一步支持這些回報，因為我們能夠以比年初預期低 17%、比 2022 年全年水準低 8% 的資本大幅提高每股產量。

Two key elements of our business model are maintaining our low leverage and generating high operating margins. Slides 7 and 8 demonstrate that Magnolia is best in class when coupling one of the lowest leveraged profile in the industry with some of the highest operating margins. This is compared to EMT companies of similar size to Magnolia as well as much larger companies and is a testament to our underlying asset quality and the characteristics of our overall strategy and philosophy.

我們業務模式的兩個關鍵要素是維持低槓桿率和產生高營業利潤率。幻燈片 7 和 8 表明，Magnolia 將業內槓桿率最低的企業之一與營運利潤率最高的企業結合在一起，堪稱同類最佳。這是與 Magnolia 規模相似的 EMT 公司以及規模大得多的公司進行比較，證明了我們的基礎資產品質以及我們整體策略和理念的特徵。

Turning to our 2024 guidance shown on slide 9, we expect this year's plan to deliver similarly strong results in current product prices. Magnolia's capital and operating plan is expected to deliver high single-digit percentage growth this year, or approximately 7% to 9%, on both an oil and on a BOE basis, with a capital budget estimated in the range of $450 million to $480 million. This would result in a spending level below 55% of our EBITDAX for 2024, assuming current pricing for products.

轉向幻燈片 9 中顯示的 2024 年指導，我們預計今年的計劃將在當前產品價格上帶來同樣強勁的結果。Magnolia 的資本和營運計畫預計今年將實現高單位數百分比成長，即以石油和京東方為基礎的約 7% 至 9%，資本預算估計在 4.5 億至 4.8 億美元之間。假設目前的產品定價，這將導致我們 2024 年的支出水準低於 EBITDAX 的 55%。

Total production for the first quarter is estimated to be approximately 84,000 to 85,000 BOE per day, which includes production of facilities downtime caused by severe winter weather conditions during a portion of mid-January. Despite the transitory weather impact last month, our production is fully recovered and is running normally, and we are confident in our full-year plan and guidance of high single-digit production growth for the year.

第一季的總產量預計約為每天 84,000 至 85,000 桶油當量，其中包括 1 月中旬部分時間因嚴冬天氣條件造成的設施停產。儘管上個月受到短暫的天氣影響，但我們的生產已完全恢復並正常運行，我們對全年計劃和全年高單位數產量增長的指導充滿信心。

We expect first-quarter D&C capital expenditures to be approximately $130 million and anticipate this to be the highest quarterly rate in spending for the year. Most of the full-year 2024 production growth is expected to come from our development program in our Giddings area. And as the main driver, we'll receive approximately 80% of our overall capital and include some activity on our recently acquired assets. We plan to operate two drilling rigs and one completion crew during 2024 and expect to maintain this level of activity throughout the year.

我們預計第一季的 D&C 資本支出約為 1.3 億美元，並預計這將是今年支出的最高季度。2024 年全年產量成長的大部分預計將來自我們吉丁斯地區的開發計畫。作為主要驅動力，我們將獲得大約 80% 的總資本，並包括我們最近收購的資產的一些活動。我們計劃在 2024 年運營兩台鑽機和一支完井人員，並預計全年保持這一活動水準。

While this activity level is similar to last year's operating plan, lower well costs combined with improved production growth will be a key factor in our overall operating efficiencies, allowing for more net wells to be drilled, completed, and turned in line, helping us support Magnolia's overall high-margin growth.

雖然這項活動水準與去年的營運計畫類似，但油井成本的降低和產量成長的提高將成為我們整體營運效率的關鍵因素，從而允許鑽探、完井和上線更多淨井，幫助我們支持玉蘭整體高利潤成長。

Most of the development activity will consist of multi-well development pads in Giddings, with a smaller amount of development planned in the Karnes area in addition to some appraisal wells. For this year's development activity in Giddings, we currently expect to drill multi-well pads with somewhat longer lateral lengths of approximately 8,500 feet.

大部分開發活動將包括吉丁斯的多井開發平台，除了一些評估井外，還計劃在卡恩斯地區進行少量開發。今年吉丁斯的開發活動，我們目前預計鑽探橫向長度較長的多孔井場，約 8,500 英尺。

We continue to run a focus business and, in an industry, where operational execution and financial discipline are essential. The actions we took last year to reduce our well costs helped to significantly reduce our capital, improve our operating margins, and generate additional free cash flow.

我們繼續經營重點業務，並且在一個營運執行和財務紀律至關重要的行業中。我們去年為降低油井成本而採取的行動有助於大幅減少我們的資本，提高我們的營業利潤，並產生額外的自由現金流。

Together with the acquisitions completed last year, these accomplishments have strengthened our position into 2024 when we expect high single-digit growth, high margin, and high margin total company production growth with our oil volumes growing at similar rates. We have a strong five-year history of demonstrated operating financial results and expect our business model to enhance per share value over time.

加上去年完成的收購，這些成就鞏固了我們在2024 年的地位，屆時我們預計將實現高個位數成長、高利潤率和高利潤率的公司總產量成長，同時我們的石油產量將以類似的速度成長。我們擁有五年強勁的營運財務業績歷史，預計我們的業務模式將隨著時間的推移提高每股價值。

I'll now turn the call over to Brian to provide more details on our fourth-quarter 2023 financial and operating results.

我現在將電話轉給 Brian，提供有關我們 2023 年第四季度財務和營運業績的更多詳細資訊。

Thanks, Chris, and good morning, everyone. I'll review some items from our fourth quarter and full-year results and refer to the presentation found on our website. I'll also provide some additional guidance for the first quarter of 2024 and the remainder of the year, before turning it over for questions.

謝謝克里斯，大家早安。我將回顧我們第四季度和全年業績的一些項目，並參考我們網站上的簡報。在提出問題之前，我還將為 2024 年第一季和今年剩餘時間提供一些額外的指導。

I know you'll close out 2023 on a high note as we continue to execute on our business model. During the fourth quarter, we generated total net income attributable to Class A common stock of $98 million, with total adjusted net income of $108 million, or $0.52 per diluted share.

我知道，隨著我們繼續執行我們的業務模式，您將以高調結束 2023 年。第四季度，我們歸屬於 A 類普通股的淨利潤總額為 9,800 萬美元，調整後淨利潤總額為 1.08 億美元，即稀釋後每股收益 0.52 美元。

Our adjusted EBITDAX for the quarter was $240 million, with total capital associated with drilling, completions, and associated facilities of $91 million, or just 38% of our adjusted EBITDAX in the lower guidance. For the full year, adjusted EBITDAX was $899 million, with D&C capital representing 47% of EBITDAX. Fourth-quarter production volumes grew 16% year-over-year to 85,400 barrels of oil equivalent per day. For the full year, production volumes grew 9% to 82,300 barrels of oil equivalent per day. During the year, we repurchased a total of 9.6 million shares, and our diluted share count fell by 5% year over year.

我們本季調整後的 EBITDAX 為 2.4 億美元，與鑽井、完井和相關設施相關的總資本為 9,100 萬美元，僅占我們調整後的 EBITDAX 較低指引值的 38%。全年調整後 EBITDAX 為 8.99 億美元，其中 D&C 資本佔 EBITDAX 的 47%。第四季產量年增 16%，達到每天 85,400 桶油當量。全年產量成長 9%，達到每天 82,300 桶油當量。年內，我們共回購960萬股，稀釋後股份數量較去年同期下降5%。

Looking at the annual cash flow waterfall chart on slide 11, we started the year with $675 million of cash. Cash flow from operations before changes in working capital was $872 million, with working capital changes and other small items impacting cash by $59 million. During the year, we paid dividends of $102 million and allocated $205 million towards share repurchases. We added $355 million of bolt-on acquisitions, primarily in Giddings, and spent $425 million on D&C and facilities capital, and we ended the year with $401 million of cash.

查看幻燈片 11 上的年度現金流量瀑布圖，我們年初的現金為 6.75 億美元。營運資本變動前的營運現金流為 8.72 億美元，其中營運資本變動和其他小型專案對現金的影響為 5,900 萬美元。這一年，我們支付了 1.02 億美元的股息，並分配了 2.05 億美元用於股票回購。我們增加了 3.55 億美元的補充收購，主要是在吉丁斯，並在 D&C 和設施資本上花費了 4.25 億美元，年底我們擁有 4.01 億美元的現金。

Looking at slide 12, this chart illustrates the progress in reducing our total shares since we began our repurchase program in the second half of 2019. Since that time, we repurchased 61.9 million shares, leading to a change in diluted share outstanding of over 20% net of issuances. This is one of the largest decreases in the upstream energy space but the majority of the company is increasing their diluted shares outstanding over the past five years.

請看投影片 12，圖表顯示了自 2019 年下半年開始回購計畫以來我們減少總股本的進展。自那時起，我們回購了 6,190 萬股，導致稀釋後流通股淨發行量變化超過 20%。這是上游能源領域跌幅最大的公司之一，但該公司的大部分股份在過去五年中都在增加稀釋後的流通股。

Magnolia's weighted average fully diluted share count declined by more than 2 million shares sequentially, averaging 206.5 million shares during the fourth quarter. We have 9.2 million shares remaining under our current share repurchase authorization, which are specifically directed toward repurchasing Class A shares in the open market.

Magnolia 的加權平均完全稀釋股票數量連續下降超過 200 萬股，第四季平均為 2.065 億股。我們目前的股票回購授權尚有 920 萬股，專門用於在公開市場回購 A 類股票。

Turning to slide 13, our dividend has grown substantially over the past few years, including a 13% increase announced earlier this year to $0.13 per share on a quarterly basis. Our next quarterly dividend is payable on March 1 and provides an annualized dividend payout rate of $0.52 per share. Our plan for annualized dividend growth is an important part of Magnolia's investment proposition and supported by our overall strategy of achieving moderate annual production growth, reducing our outstanding shares, and increasing the dividend per share payout capacity of the company.

轉向幻燈片 13，我們的股息在過去幾年中大幅增長，包括今年早些時候宣布的季度股息增長 13%，達到每股 0.13 美元。我們的下一個季度股息將於 3 月 1 日支付，年化股息支付率為每股 0.52 美元。我們的年化股息成長計畫是 Magnolia 投資主張的重要組成部分，並得到我們實現適度的年度產量成長、減少流通股和提高公司每股股息支付能力的整體策略的支持。

Magnolia has the benefit of very strong balance sheet, and we ended the quarter with zero net debt and $401 million of cash on the balance sheet. Our $400 million of principal debt is reflected in our senior notes, which do not mature until 2026. Including our fourth quarter ending cash balance of $401 million and our undrawn $450 million revolving credit facility, our total liquidity is approximately $850 million. Our condensed balance sheet as of December 31 is shown on slide 14.

Magnolia 擁有非常強勁的資產負債表，本季結束時，我們的淨債務為零，資產負債表上有 4.01 億美元的現金。我們的 4 億美元本金債務反映在我們的優先票據中，這些票據要到 2026 年才會到期。包括第四季末 4.01 億美元的現金餘額和未提取的 4.5 億美元循環信貸額度，我們的總流動資金約為 8.5 億美元。我們截至 12 月 31 日的簡明資產負債表如投影片 14 所示。

Turning to slide 15 and looking at our per unit cash cost in operating income margins. Total revenue per BOE declined due to the substantial decrease in product prices and especially natural gas prices when compared to fourth quarter of 2022. Our total adjusted cash operating costs, including G&A, were $10.55 per BOE in the fourth quarter of 2023, a decrease of $1.60 for BOE or 13% compared to year-ago levels.

轉向投影片 15，看看我們營業利潤率中的單位現金成本。與 2022 年第四季相比，由於產品價格，尤其是天然氣價格大幅下降，每桶油當量總收入下降。2023 年第四季度，包括 G&A 在內的調整後現金營運成本總額為每 BOE 10.55 美元，與去年同期相比減少 1.60 美元，即 13%。

The year-over-year decrease was primarily due to lower production taxes and GP&T. Our operating income margin for the fourth quarter was $17.56 per BOE or 43% of our total revenue. The year-over-year decrease in pretax operating margins was driven by the significant decrease in commodity prices.

年比下降主要是由於生產稅和 GP&T 的降低。我們第四季的營業利潤率為每桶油當量 17.56 美元，占我們總收入的 43%。稅前營業利益率年減是由於大宗商品價格大幅下跌。

On slide 16, Magnolia had a very successful organic drilling program during last year. The total approved developed reserves at year end 2023 were 135 million barrels of oil equivalent. Excluding acquisitions, sales, and price-related revisions, the company added 44 million barrels of oil equivalent approved developed reserves during the year.

在幻燈片 16 上，Magnolia 去年的有機鑽探計劃非常成功。截至2023年底，核准開發儲量總額為1.35億桶油當量。不包括收購、銷售和價格相關的調整，該公司年內增加了4,400萬桶油當量的核准開發儲量。

Total drilling completion capital was $422 million in 2023, resulting in organic approved developed F&D costs of $9.60 per BOE and reflective of our drilling program. Organic approved developed F&D costs declined by approximately 40% compared to last year as a result of our well-cost reduction efforts and strong loan results.

到 2023 年，鑽井完井資本總額為 4.22 億美元，有機核准的開發 F&D 成本為每桶油量 9.60 美元，反映了我們的鑽井計畫。由於我們努力降低成本和強勁的貸款業績，有機核准的開發 F&D 成本與去年相比下降了約 40%。

Turning to guidance, we expect our 2024 D&C capital spending to be in the range of $450 million to $480 million, which includes an estimate of non-operated capital that is about the same as 2023 levels. We expect first quarter D&C capital expenditures to be approximately $130 million and expect this to be the highest quarterly rate of spending for the year.

談到指導，我們預計 2024 年的 D&C 資本支出將在 4.5 億至 4.8 億美元之間，其中包括與 2023 年水準大致相同的非營運資本估計。我們預計第一季的 D&C 資本支出約為 1.3 億美元，並預計這將是今年最高的季度支出率。

Total production for the first quarter is estimated to be approximately 84,000 to 85,000 barrels equivalent a day, which incorporates the impact of production and facilities downtime caused by severe winter weather conditions in January. Despite this impact, our production has fully recovered and we are maintaining our guidance for high single-digit production growth in 2024. Most of this growth is expected to come from our development program in our Giddings area.

第一季的總產量預計約為每天 84,000 至 85,000 桶當量，其中包括 1 月份惡劣冬季天氣條件造成的生產和設施停機的影響。儘管有這種影響，我們的生產已完全恢復，並維持 2024 年高單位數產量成長的指導。預計大部分成長將來自我們吉丁斯地區的開發計劃。

Oil price differentials are anticipated to be approximately a $3 per barrel discount to Magellan East Houston, or MEH, and Magnolia remains completely unhedged for all of its oil and natural gas production. The fully diluted share count for the first quarter of 2024 is expected to be approximately 205 million shares, which is 4% lower than first quarter 2023 levels. We expect our effective tax rate to be approximately 21%, with most of this being deferred. Our cash tax rate is expected to be between 6% and 9% for 2024.

與麥哲倫東休士頓 (MEH) 相比，預計油價差約為每桶 3 美元的折扣，而 Magnolia 的所有石油和天然氣生產仍完全沒有對沖。2024 年第一季完全稀釋後的股數預計約為 2.05 億股，比 2023 年第一季的水準減少 4%。我們預計有效稅率約為 21%，其中大部分將被遞延。2024 年我們的現金稅率預計在 6% 至 9% 之間。

We are now ready to take your questions.

我們現在準備好回答您的問題。

(Operator Instructions) Neal Dingmann, Truist.

（操作員指令）Neal Dingmann，Truist。

Morning, Chris and team. Another nice print and guide. My first question is on Giddings. Specifically, can you all talk about the recent Giddings acquisitions and how these assets are looking? Definitely realizing it's early days. And then maybe, Chris, anything we should be thinking about on the development plan specifically there.

早上好，克里斯和團隊。另一個很好的印刷品和指南。我的第一個問題是關於吉丁斯的。具體來說，你們能談談最近吉丁斯的收購以及這些資產的情況嗎？肯定意識到現在還為時過早。克里斯，也許我們應該在開發計劃中特別考慮一些事情。

Yeah, thanks, Neal. Good morning. Giddings is one of those fields, old fields, that it sort of just keeps getting better. And my level of confidence now versus, say, five, six years ago is quite a bit better. And a lot of that is born out of the results, obviously. And certainly, what we've learned and what we've been able to do with the field.

是的，謝謝，尼爾。早安.吉丁斯是那些不斷變得更好的領域之一，古老的領域。與五、六年前相比，我現在的信心水平要好得多。顯然，其中很多都是由結果產生的。當然，還有我們在該領域學到的東西以及我們能夠做的事情。

So the subsurface and -- as I said, it's one of those fields that where it's gone through different phases of its life over the last several decades. And we happened to get involved really prior to it going through this latest phase and utilizing modern frack techniques and design.

所以地下——正如我所說，它是在過去幾十年中經歷了不同生命階段的領域之一。我們碰巧在它經歷這個最新階段並利用現代壓裂技術和設計之前就參與其中。

So where this is headed is we've got a sizable position, more than 0.5 million acres. And we've done some recent acquisitions, and I think that's improved our position and will help us learn some more. There are some gassier areas of Giddings. There are some oilier areas of Giddings. But I think the proof is in the pudding in terms of the results having been born out.

因此，我們的發展方向是，我們擁有相當大的土地，超過 50 萬英畝。我們最近進行了一些收購，我認為這提高了我們的地位，並將幫助我們了解更多。吉丁斯有一些氣體較多的地區。吉丁斯有一些石油較多的地區。但我認為，證據就在布丁中，也就是已經出現的結果。

When we picked it up with the original acquisition, the field and the asset was producing maybe 10,000 a day equivalent or so. As I said, it's producing more than 60,000 a day now. And that will continue to grow. And this is really what -- the returns, the quality returns that we've seen in the business are really, in many cases, a function of the outcome of Giddings.

當我們透過最初的收購來收購它時，該油田和資產每天的產量可能約為 10,000 份左右。正如我所說，現在每天的產量超過 60,000 個。而且這數字還會持續成長。這就是我們在業務中看到的回報、品質回報，在許多情況下，實際上是吉丁斯結果的函數。

So where does it go? Frankly, I think there's more for us to go after here and there. I mean, some of them will be a little bit smaller. Some things might be a little bit larger. Like in similar terms to what we did or size what we did back in the fourth quarter of last year.

那麼它去哪裡了呢？坦白說，我認為我們還有更多值得追求的地方。我的意思是，其中一些會小一點。有些東西可能會大一點。就像我們在去年第四季所做的事情或調整我們所做的事情類似。

We'll just have to see. I can't tell you that we'll go after everything or anything and everything. But we'll go after some things. And we're starting to integrate the assets that we recently acquired. Early days look good. This particular asset happens to be a bit oilier. The wells that we plan to drill are shallower, several thousand feet shallower. As I said, a little bit oilier. With the economics broadly quite similar to Giddings as a whole overall.

我們只需要看看。我不能告訴你我們會追求一切。但我們會追求一些東西。我們開始整合最近收購的資產。早期的日子看起來不錯。這個特殊的資產剛好有點油膩。我們計劃鑽的井更淺，淺幾千英尺。正如我所說，有點油膩。整體而言，經濟學與吉丁斯非常相似。

So I remain real optimistic about our prospects going forward for the field and what it's going to mean to Magnolia going forward.

因此，我對該領域的前景以及它對 Magnolia 未來的意義仍然非常樂觀。

Yeah, definitely love the footprint there. And maybe following up a little bit with Giddings, noticeable, as you pointed out, the operating margins are certainly notable. And I'm just wondering when you look at the expanded Giddings results, I mean, is that potentially and will that even lead to, do you think, even lower reinvestment rates? Certainly, notable how good your reinvestment rate and as you highlighted, the operating margin. I'm just wondering, baked on maybe a higher Giddings plan, could we see even potential increases in this?

是的，絕對喜歡那裡的足跡。也許對吉丁斯進行了一些跟進，值得注意的是，正如您所指出的，營業利潤率肯定是值得注意的。我只是想知道，當您查看擴大的吉丁斯結果時，我的意思是，這是否有可能甚至會導致您認為更低的再投資率？當然，值得注意的是您的再投資率以及正如您所強調的營業利潤率。我只是想知道，根據可能更高的吉丁斯計劃，我們能否看到這方面的潛在增長？

Yes. That's a tough one. I mean, I think the results are pretty good over three-year, five-year type period. And if you want to say it's almost through a cycle, if you will. I don't think it's going to be meaningfully different. I mean, there might be some things around the edges as we learn more. But I think the outcome, if I had to look out, I think the outcome is not going to be meaningfully different, which I will take that sort of any day of the week.

是的。這是一項艱難的任務。我的意思是，我認為三年、五年期間的結果相當不錯。如果你想說的話，這幾乎已經經歷了一個週期。我認為這不會有什麼有意義的不同。我的意思是，隨著我們了解更多，可能會出現一些邊緣問題。但我認為，如果我必須留意，結果不會有太大的不同，我會在一周的任何一天採取這種方式。

Leo Mariani, MKM Partners.

利奧·馬裡亞尼 (Leo Mariani)，MKM 合夥人。

Hi, guys. I was hoping you could provide maybe a little bit more color on the increased activity in 2024. I think in the press release, you guys alluded to the fact that B, some more wells this year. Is there any way to quantify that? Is it kind of five or six wells? And just kind of any detail around any of the splits here? Is it primarily more of a development drilling program?

嗨，大家好。我希望您能為 2024 年增加的活動提供更多資訊。我認為在新聞稿中，你們提到了今年 B 井的更多事實。有什麼方法可以量化嗎？是五口井還是六口井？這裡有關於任何分裂的任何細節嗎？它主要是一個開發鑽井計劃嗎？

You did mention there would be some appraisals. Is it a fairly similar appraisal split versus last year? And I guess there's going to be some drilling on the newly acquired acquisition from the fourth quarter. Do you also consider that kind of an appraisal drilling? And is it just a handful of wells? Any color around the kind of complexion of the program this year versus last would be helpful.

你確實提到會有一些評估。今年的評估比例與去年相當相似嗎？我猜想從第四季開始將對新收購的收購進行一些鑽探。您是否也考慮過這種評估演習？難道只是幾口井嗎？今年與去年相比，任何與膚色相關的顏色都會有所幫助。

Yeah, thanks, Leo. I think you repeated some of what I said and answered your own question in some ways. But anyway, yeah. So we'll probably drill maybe a little more than a half dozen additional wells this year versus last year, net wells. Most of that is, or part of it anyway, is some of the new assets that will be brought or integrated into the plan. Some is just the ongoing development in Giddings.

是的，謝謝，利奧。我認為你重複了我所說的一些內容並以某種方式回答了你自己的問題。但無論如何，是的。因此，與去年相比，今年我們可能會額外鑽探六口以上的淨井。其中大部分，或至少部分，是將被引入或整合到該計劃中的一些新資產。有些只是吉丁斯正在進行的開發。

Keep in mind that the average lateral length is a little longer in this year's program compared to last year. I would tell you also that the working interest in the wells is also a little bit higher. As far as appraisal goes, no. I wouldn't consider the drilling on the new assets as appraisal in Giddings. But there may be depending on product prices, there may be some appraisal drilling in Giddings just to sort of see if we can learn a little bit more. So we'll see how that goes.

請記住，今年專案的平均橫向長度比去年要長一些。我還想告訴你，油井的開採興趣也稍微高一點。就評價而言，沒有。我不會將新資產的鑽探視為吉丁斯的評估。但根據產品價格，吉丁斯可能會進行一些評估演習，看看我們是否可以了解更多資訊。所以我們會看看情況如何。

So that's by and large some of the color I would tell you. The current program will be fairly similar to what it had been, not really very different generally.

這就是我要告訴你的大部分顏色。目前的計劃將與以前的計劃非常相似，總體上並沒有太大不同。

Okay. That's helpful. And then just do you have any color you might provide on a few of the big picture expense items? I think that perhaps the new oily asset had a little kind of higher cost, any kind of range at all you can kind of throw out there, if LOE is going to continue to tick up a little bit, and maybe [DDNA] and maybe GNA has not really changed. Is there anything you can have high level on some of those kind of key cost items?

好的。這很有幫助。那麼您是否可以為一些重要的支出項目提供任何顏色？我認為，也許新的石油資產的成本有點高，如果 LOE 繼續小幅上漲，你可以拋出任何類型的範圍，也許 [DDNA] ，也許GNA並沒有真正改變。在某些關鍵成本項目上，您有什麼可以達到高水準的嗎？

Yeah, sure. Well, the new assets, especially the latter acquisition that we did in Giddings, considering that it is oilier in nature. Yeah, there is a little bit more in the way of LOE, as would be common or typical. And as we're also sort of bringing it up to Magnolia standards, if you will, where we're owners of the assets, where the prior folks might have been viewed as more renters of the assets. So there's some things that we need to do or probably will do to bring it up to our standards.

好，當然。嗯，新資產，特別是我們在吉丁斯進行的後一項收購，考慮到它本質上是石油。是的，LOE 的方式還有更多一點，就像常見或典型的那樣。如果你願意的話，我們也在某種程度上將其提高到 Magnolia 標準，我們是資產的所有者，以前的人可能被視為更多的資產租戶。因此，我們需要或可能會做一些事情來使其達到我們的標準。

However, I will tell you that my choice and my view is that we're going to pursue sort of a program to focus a little bit more on LOE broadly through the year to try to get that down a bit. So as we transition with the new asset into the first quarter, you might see a little bit more in terms of bump in LOE, not very meaningful, frankly, but a little bit.

然而，我會告訴你，我的選擇和我的觀點是，我們將推行一項計劃，在這一年中更加關注 LOE，試圖將其降低一點。因此，當我們將新資產過渡到第一季時，您可能會看到 LOE 有所增加，坦白說，意義不大，但還是有一點。

And then my hope and view is that we're going to try to attack this and manage it to the point where we could see some decline later into the year.

然後我的希望和觀點是，我們將嘗試解決這個問題並管理到今年稍後我們可以看到一些下降的程度。

Okay. Now, that's helpful. And I guess just anything on any of the other costs? Is the [G&P] barrel still pretty flat? I don't know if there's any impact on GP&T from the new asset either. Is that pretty ratably flat?

好的。現在，這很有幫助。我想除了其他費用之外還有什麼？[G&P] 槍管還很平嗎？我也不知道新資產是否會對 GP&T 產生任何影響。這是相當平坦的嗎？

Not really. I mean GP&T, actually, I think we're doing a pretty good job there. And we'll see how that goes. I'll just say we're doing a good job around that. G&A, not going to change very much, frankly, at all. Not meaningfully on a per barrel basis.

並不真地。我的意思是 GP&T，實際上，我認為我們在這方面做得非常好。我們將看看情況如何。我只想說我們在這方面做得很好。坦白說，G&A 根本不會有太大改變。以每桶為基礎沒有意義。

Charles Mead, Johnson Rice.

查爾斯·米德，約翰遜·賴斯。

Good morning, Chris and Brian and the rest of the Magnolia team there. Chris, at risk of frustrating you, I'm going to ask one more question about your activity on those recently acquired assets.

早安，Chris、Brian 以及 Magnolia 團隊的其他成員。克里斯，冒著讓你沮喪的風險，我要再問一個關於你最近收購的資產活動的問題。

That's all right. That's all right. You wouldn't be the first one.

沒關係。沒關係。你不會是第一個。

Well, maybe I'll be the best. Presumably, I think you indicated, actually, that you guys had a slightly different view of that asset. Or maybe you thought you had a differential insight on that asset. And so I'm curious if you could tell us what -- for the activity you have, maybe you just kind of characterize the number of wells that you're going to drill, the number of the pads you're going to drill on that newly acquired asset. And if there's any aspect of your well design that's going to test perhaps some of those differentiated ideas that you have. In which case, what's kind of a timeline for any kind of results or update there?

好吧，也許我會是最好的。據推測，我認為你們實際上表明你們對該資產的看法略有不同。或者也許您認為您對該資產有不同的見解。所以我很好奇你是否能告訴我們——對於你所進行的活動，也許你只是描述你要鑽探的井的數量，你要鑽探的墊片的數量新獲得的資產。如果您的良好設計的任何方面都將測試您所擁有的一些差異化想法。在這種情況下，任何類型的結果或更新的時間表是什麼樣的？

Yeah, thanks, Charles. It's a little early days to be too granular or specific around the -- how we're going to drill the well or wells. There will be a handful of wells that will be drilled later this year where we'll have some results that probably through some of this data, these data sets, you will be able to see over time.

是的，謝謝，查爾斯。現在就如何鑽探一口或多口井的問題過於細化或具體還為時過早。今年稍後將鑽探一些井，我們將透過一些數據、這些數據集獲得一些結果，隨著時間的推移，您將能夠看到這些結果。

I just don't know. We're still sort of studying it and looking at prior results to see how it's gone. We may make some smallish, modest changes going forward. But we're not at the point, frankly, where these are going to be probably more single wells, frankly, at this stage. So we're just not quite there yet.

我只是不知道。我們仍在研究它並查看先前的結果，看看它是如何消失的。未來我們可能會做出一些微小的、適度的改變。但坦白說，在現階段，我們還沒有到這些可能會成為更多單井的地步。所以我們還沒有完全做到這一點。

But frankly, we closed on the deal, about three months ago. So we're still integrating it and devising it, developing it, folding it into the plan. So it's still somewhat early days.

但坦白說，我們大約三個月前完成了這筆交易。因此，我們仍在整合它、設計它、開發它，並將其納入計劃中。所以現在還為時過早。

Okay. Well, thanks for that added detail. And then a second question. This is about, excuse me, A&D and the Eagle Ford more broadly. How do you characterize the opportunity set for Magnolia? And how much of your attention are you spending on looking at opportunities right around Giddings? And how much of it is directed to the larger Eagle Ford and also [talk] trend across Texas?

好的。嗯，謝謝您補充的細節。然後是第二個問題。對不起，這是關於 A&D 和更廣泛的鷹福特號。您如何描述 Magnolia 面臨的機會？您花了多少注意力來尋找吉丁斯周圍的機會？其中有多少是針對更大的伊格爾福特以及德克薩斯州的[談論]趨勢？

Yeah, it's a fair question. Percentage of my time. Pretty meaningful. I mean, because there's a lot of things out there. And, again, as I said earlier, much of this is born out of our own experiences and knowledge, and as we gain further understanding of the wells that we drill and directionally where we want to go, and what excites us, what is more attractive for us.

是的，這是一個公平的問題。我的時間百分比。蠻有意義的。我的意思是，因為那裡有很多東西。而且，正如我之前所說，這很大程度上源於我們自己的經驗和知識，當我們進一步了解我們鑽探的井以及我們想要去的方向以及什麼讓我們興奮時，更多對我們有吸引力。

And I've said this to folks before. At the end of the day, we're trying to -- and maybe this is why we're not overly open about what our plans are. But we're trying to build a little bit of a mosaic around the asset and fill in some of the blanks and improve the business based on some of the quality areas that we see.

我之前已經對人們說過這一點。歸根結底，我們正在努力——也許這就是為什麼我們沒有過度公開我們的計劃。但我們正在嘗試圍繞資產構建一些馬賽克，並填補一些空白，並根據我們看到的一些品質領域改進業務。

So we won't go after everything. It's not like I say, well, I'd like to own all the acreage everywhere. It's not that. But there are some areas that look interesting and will help us and will help the business where I can see this enhancing the runway, if you will. And provide more sustainability for the business over time. So I think the opportunity set is reasonably good.

所以我們不會追求一切。這並不是像我說的那樣，我想擁有各地的所有土地。這並不是說。但有一些領域看起來很有趣，它們將幫助我們，也將幫助我們的業務，如果你願意的話，我可以看到這會增強跑道。隨著時間的推移，為業務提供更多的可持續性。所以我認為這個機會相當不錯。

Oliver Huang, TPH & Co.

奧利佛‧黃，TPH & Co.

Good morning, Chris and Brian, and thanks for taking my questions. Just wanted to hit on the 2024 outlook really quick. Okay. I know you did a great job last year in being able to exceed initial expectations. CapEx, 17% lower for nearly in-line production volumes. And I know last year is probably a unique year, just kind of given the misalignment to start the year on service costs.

早安，克里斯和布萊恩，感謝您回答我的問題。只是想快速了解 2024 年的前景。好的。我知道你去年做得很好，超出了最初的期望。幾乎在線生產量的資本支出降低了 17%。我知道去年可能是獨特的一年，只是考慮到年初服務成本的失調。

But as we kind of look forward into 2024, what are some of the key levers or upside catalysts that you all foresee or are most excited about that could drive better than expected capital efficiency? And also any sort of color on what drives the lower and higher ends of the CapEx guidance range would be helpful as well.

但當我們展望 2024 年時，你們都預見或最興奮的一些關鍵槓桿或上行催化劑是什麼，可以推動比預期更好的資本效率？此外，任何有關推動資本支出指導範圍下限和上限的因素的顏色也會有所幫助。

Yeah. Thanks, Oliver. I don't know how much of a disconnect there was. But we got after this early and I credit our teams both on the supply chain side and on the operations side, [chilling] completions and working with everyone to make it happen. But it didn't just happen. It took a lot of work talking with the vendors and creating some linkage between us and them as being true partners. And we did benefit from some of the weakness and large gassier fields to the northeast of us where activity was slowing up. And we saw some benefit from that, the proximity to us.

是的。謝謝，奧利佛。我不知道有多少脫節。但我們很早就做到了這一點，我相信我們在供應鏈方面和運營方面的團隊，[令人心寒]完成並與每個人一起努力實現這一目標。但這並不是憑空發生的。與供應商交談並在我們和他們之間建立某種聯繫作為真正的合作夥伴需要做很多工作。我們確實受益於我們東北部的一些弱點和大型氣田，那裡的活動正在放緩。我們從中看到了一些好處，就是靠近我們。

So it did take a lot of work. In terms of what's left, we've locked in our costs for the -- certainly for the first half of the year, so I'm very comfortable with where things are headed in the first half of the year in terms of our outlook.

所以確實花了很多功夫。就剩下的而言，我們已經鎖定了今年上半年的成本，所以就我們的前景而言，我對今年上半年的發展感到非常滿意。

For the second half of the year, it doesn't seem to me as if activity is just going to soar away higher. In fact, maybe you sort of see things flat to a little bit lower or softer considering where gas prices are. It's not all that pleasant. And so we'll just have to see. It may provide us with a little bit of wiggle room for the back half of the year.

在我看來，今年下半年的活動似乎不會飆升。事實上，考慮到天然氣價格的水平，您可能會認為情況持平甚至略低或疲軟。這並不是那麼令人愉快。所以我們只能拭目以待。它可能為我們下半年提供一點迴旋餘地。

But generally, things feel pretty good. On the specific areas or items, we did a terrific job around efficiencies last year, especially on the completion side and completion stages per day. I'd like to think that we could see some improvements on the drilling side, and we'll work towards that with hopefully some efficiencies and maybe something on the cost side as well. But we'll see. So I hope that gives you a little bit of color.

但整體來說，感覺還不錯。在特定領域或專案上，我們去年在效率方面做得非常出色，特別是在完成方面和每天的完成階段。我認為我們可以在鑽井方面看到一些改進，我們將努力實現這一目標，希望能提高一些效率，也許在成本方面也會有所改善。但我們會看到。所以我希望這能給你一點色彩。

Yeah, that's definitely helpful. And just a quick follow-up on a comment you made earlier about potentially higher working interest in wells this year. Just wondering if there's any way to kind of quantify the magnitude of that shift, really just trying to get a sense of how the net lateral footage might have increased on a year-over-year basis.

是的，這絕對有幫助。我只是對您之前發表的有關今年油井工作興趣可能更高的評論進行快速跟進。只是想知道是否有任何方法可以量化這種轉變的幅度，實際上只是想了解淨橫向鏡頭如何同比增加。

We can get back to you and answer that more specifically.

我們可以回覆您並更具體地回答您的問題。

Ati Modak, Goldman Sachs.

阿蒂·莫達克，高盛。

Hi, good morning, team. Thank you for taking the questions. I guess you mentioned there's still a lot of opportunity in acquisitions in the Giddings area. I'm just wondering if these are largely smaller acreages, or are there entities that are relatively large as well? And what is the level of interest maybe that those players have to try and replicate what you are doing versus hand the asset over to you? And does that mean that you would be more active in M&A this year versus last?

嗨，早上好，團隊。感謝您提出問題。我想你提到吉丁斯地區仍然有很多收購機會。我只是想知道這些面積基本上是否較小，或者是否也有相對較大的實體？那些玩家必須嘗試複製你正在做的事情而不是把資產交給你，他們的興趣程度可能是多少？這是否意味著您今年會比去年更積極地進行併購？

Well, I don't know what the other operators are looking to do or willing to do or able to do, frankly, if they're looking to replicate our plan or whatever. I wouldn't think that this is necessarily going to be a more active year than what we just had in 2023. Our plan is to digest and integrate some of what we've done last year, which was overall, a bit of a heavier year in deal-related activity for us acquisitions. So there is some. Digestion and integration that needs to occur.

好吧，坦白說，我不知道其他運營商想要做什麼或願意做什麼或能夠做什麼，如果他們想要複製我們的計劃或其他什麼。我認為今年不一定會比 2023 年更活躍。我們的計劃是消化和整合去年所做的一些工作，總體而言，去年是我們收購交易相關活動較多的一年。所以有一些。需要發生的消化和整合。

So I think it'll if there are some things, they'll tend to be a bit smaller, but may hopefully pack a punch and really again, as I said, fill in that mosaic of what we've been trying to accomplish in recent history and going forward. So I don't think it's going to be larger. At least that's not my sense right now.

所以我認為，如果有一些事情，它們往往會更小一些，但可能會帶來衝擊力，並且再次，正如我所說，填寫我們一直在努力實現的目標的馬賽克最近的歷史和未來。所以我不認為它會更大。至少我現在的感覺不是這樣。

Got it. And then anything around the expectations for well productivity in '24 versus the prior years? If you can talk about oil per foot basis, how should we think about the trends this year?

知道了。那麼與前幾年相比，24 年的油井產能預期有何變化？如果您可以談論每英尺石油，我們應該如何看待今年的趨勢？

Yeah, I mean, it's been talked about, to be honest. And it's sort of an evolution of the program in Giddings over time. I mean, early days, there were -- the population set of wells was smaller, obviously, and much more focused and concentrated within a very, very limited area. And as that's broadened out, there may have been some movement around the productivity. But frankly, not in a major way or terrible way. I think that this year's program and results should yield similar results to what you saw in '23. I don't see any major change, frankly.

是的，老實說，我的意思是，已經討論過了。這是吉丁斯計畫隨著時間的推移而演變的。我的意思是，早期，井的人口數量顯然更小，而且更集中和集中在非常非常有限的區域內。隨著範圍的擴大，生產力可能會發生一些變化。但坦白說，不是以一種主要或可怕的方式。我認為今年的計劃和結果應該會產生與 23 年類似的結果。坦白說，我沒有看到任何重大變化。

Nicholas Pope, Seaport Research.

尼可拉斯波普，海港研究中心。

Quick question on the reserves. Details that you provided in the presentation. The price-related revisions, just wanted to make sure, is there anything specific there, or is that kind of balanced across the two assets? Is it just tail, the tail of some of those PDP reserves coming off? Just trying to make sure I understand that $15 million kind of hit the uptick there.

關於儲備的快速問題。您在簡報中提供的詳細資訊。與價格相關的修訂只是想確定一下，其中是否有任何具體內容，或者兩種資產之間是否平衡？難道只是尾巴，一些 PDP 儲備金的尾巴脫落了？只是想確保我明白 1500 萬美元的金額增加。

Yeah. When you roll forward from last year, which had significantly higher pricing, you do lose reserves. So the year-over-year change in the SEC-required pricing was relatively significant, both oil and gas.

是的。當你從去年的定價顯著提高的情況向前滾動時，你確實會損失準備金。因此，美國證券交易委員會要求的石油和天然氣定價的同比變化相對較大。

So it's across both assets, fairly?

那麼這兩種資產都是公平的嗎？

It's close assets into those assets. But I mean, just remember, I think we're at 75% plus of our -- or 75% of our production is Giddings, so it's probably proportionate.

它是那些資產的接近資產。但我的意思是，請記住，我認為我們 75% 以上的產品——或者說我們 75% 的產品都是吉丁斯產品，所以這可能是相稱的。

Got it. And on the Giddings acquisition, can you help me a little more specifically? What was the timing of the close of that acquisition?

知道了。關於吉丁斯收購，你能幫我更具體一點嗎？該收購完成的時間是什麼時候？

It was right around mid-November.

那時正是十一月中旬左右。

Geoff Jay, Daniel Energy Partners.

傑夫傑伊，丹尼爾能源合夥人。

Hey, guys. I was just kind of curious. You talk about the efficiency gains, particularly on the completion side. Can you help me understand, I guess, like, how significant that increase is? And if you've sort of looked around and benchmarked that against your peers, and if you think there's further efficiencies to come this year?

大家好。我只是有點好奇。您談到了效率提升，特別是在完成方面。我想你能幫助我理解這種成長有多顯著嗎？如果您環顧四周並與同行進行了基準比較，並且您是否認為今年會進一步提高效率？

We're looking into that now. I mean, we're going through that process right now. As we look to the latter portion, we're trying to think ahead into the back half of the year on our equipment and crews. I don't know how much I could really add on that specific item for you, Geoff. I just don't know.

我們現在正在調查此事。我的意思是，我們現在正在經歷這個過程。當我們展望後半部分時，我們正在努力提前考慮下半年我們的設備和人員。我不知道我能為你在那個特定項目上添加多少，傑夫。我只是不知道。

Geoff, I'll just maybe add one thing. And Chris talked about it a little bit earlier is we did a really, really good job on stages per day on the completion side. One of the focuses on more for this year is on the drilling side to improve more of those efficiencies.

傑夫，我也許會補充一件事。克里斯早些時候談到過，我們每天在舞台上的完成方面都做得非常非常好。今年的重點之一是在鑽井方面進一步提高效率。

Right. Got it. I guess when I saw in the press release that the cost of getting, as well costs were down about 20%, my curiosity was piqued about sort of how that might sort of break down between efficiency gains and sort of pricing. And I don't know if you could -- if there was a way that you could kind of help me understand the interplay there.

正確的。知道了。我想當我在新聞稿中看到獲取成本以及成本下降了約 20% 時，我對效率提升和定價之間如何分解產生了好奇。我不知道你是否可以——是否有一種方法可以幫助我理解其中的相互作用。

Well, a lot of it -- as you know, a lot of it was steel, OCTG. But there was a there were meaningful steps in [STEM] and FRAC. So there were meaningful benefits there as well.

嗯，很多——如你所知，很多都是鋼材、OCTG。但在 [STEM] 和 FRAC 方面採取了有意義的步驟。因此，這也帶來了有意義的好處。

Zach Farnham, JPMorgan.

札克法納姆，摩根大通。

Yes. Thanks for taking my question. I guess, first, just could you quantify where your leading-edge D&C costs are in Giddings and maybe give us some color on how much cheaper you expect the wells to be on the newly acquired shallower acreage?

是的。感謝您提出我的問題。我想，首先，您能否量化吉丁斯的領先 D&C 成本，也許可以告訴我們您預計新收購的較淺區域的油井成本會便宜多少？

Yeah, the wells now are running about 1,100 a foot, I would say. And that's about 20%. And that's lower than a year ago. And so that for the longer, some of the longer laterals that we'll drill this year, that's maybe $9 million, roughly, per well. The well costs for the newer stuff -- as I said, they're shallower, quite a bit shallower, 3,000, 4,000 feet shallower. But they're -- you don't get the exact efficiencies of pad development, too. So that's sort of what I know right now.

是的，我想說，現在井的流量約為每英尺 1,100 公尺。這大約是 20%。比一年前要低。因此，對於我們今年將鑽探的較長支管來說，每口井的成本可能約為 900 萬美元。新井的成本——正如我所說，它們更淺，淺很多，淺 3,000、4,000 英尺。但您也無法獲得墊開發的確切效率。這就是我現在所知道的。

And Zach, let's -- we need to drill one first before we can give you a better answer. But it is shallower. So on a per foot, it should be a little cheaper.

札克，​​我們需要先進行演練，然後才能給您更好的答案。但它比較淺。所以以每英尺計算，應該便宜一點。

Got it. Thanks for that color. I guess, also wanted to ask on, on natural gas, gas differentials have widened out a bit versus both Henry Hub and Ship Channel over the last couple of quarters. We've also heard some concerns on Ship Channel widening out further, given increasing Permian volumes flowing to the Gulf. Can you just give us your, your thoughts on how you expect gas differentials to trend in '24 and going forward?

知道了。謝謝那個顏色。我想，我還想問一下，在天然氣方面，過去幾季與亨利樞紐和船舶航道的天然氣差異有所擴大。鑑於流入海灣的二疊紀水量不斷增加，我們也聽到了一些對船舶航道進一步拓寬的擔憂。您能否告訴我們您對 24 年及未來天然氣差異趨勢的看法？

Yeah. Well, to be honest. I mean, all our gas goes to Ship Channel. We are a price taker. I still think it's the second probably best hub outside of Henry Hub to deliver your gas. We're closer to market than the Permian. We have all the infrastructure we need. Is gas in general challenged? Yes.

是的。好吧，說實話。我的意思是，我們所有的天然氣都流向船舶航道。我們是價格接受者。我仍然認為它是亨利樞紐以外第二個可能輸送天然氣的最佳樞紐。我們比二疊紀更接近市場。我們擁有所需的所有基礎設施。天然氣總體上是否受到挑戰？是的。

Zach, it's going to be interesting to really see how this evolves in the market. You've probably seen already some of the comments from some of the independent producers, the gaseous producers here, maybe reducing their activity a bit. And so this is a market and, and the operators will respond to the economics. So it will be interesting to see that response and to the extent of that. I think it's going to be interesting to see how things are pulled in that may, over time, bring things into better balance. So we'll see.

札克，​​真正了解市場如何發展將會很有趣。您可能已經看到一些獨立生產商（這裡的氣體生產商）的一些評論，可能會稍微減少他們的活動。所以這是一個市場，運營商將對經濟做出反應。因此，看到這種反應及其程度將會很有趣。我認為看看事情是如何被拉進來的，隨著時間的推移，可能會讓事情變得更好的平衡，這將會很有趣。所以我們拭目以待。

Tim Rezvan, KeyBank Capital Markets.

Tim Rezvan，KeyBank 資本市場部。

Good morning, guys. Thanks for squeezing me in. I'd like to start on repurchases first, just trying to understand. If we sort of back into like a repurchase amount based on your 1Q shares outstanding kind of information, it suggests maybe a little lower than that, $50 million-ish range that you've run. Do you think about it as like not wanting to have a free cash flow deficit in the quarter? Just to understand kind of, you've been pretty methodical with the repurchases. Is anything changing or is it just because the heavy first quarter CapEx that maybe you're pulling back a bit?

早上好傢伙。謝謝你把我擠進去。我想先從回購開始，只是想了解一下。如果我們根據第一季流通股的資訊來確定回購金額，那麼這表示您的回購規模可能會略低於 5,000 萬美元左右。您是否認為這就像不想在本季出現自由現金流赤字一樣？只是為了了解，您的回購非常有條理。是否有什麼變化，或者僅僅是因為第一季資本支出沉重而導致您有所回撤？

Well, we didn't, we're not forecasting the share repurchases really. I mean, I think if I recall, I think we bought in 2.5 million shares exactly in the fourth quarter. And I think that was about the same, if not exactly the same as the third quarter. So sequentially, the amount of shares repurchased was the same dollar amount might have been a little different because the shares might have been bought in a little bit less expensively, which is fine.

好吧，我們沒有，我們並沒有真正預測股票回購。我的意思是，如果我沒記錯的話，我們正好在第四季買了 250 萬股。我認為這與第三季的情況即使不完全相同，也大致相同。因此，按順序回購的股票數量是相同的美元金額，可能會略有不同，因為股票的購買價格可能會稍微便宜一些，這很好。

I look at the share repurchase, I mean, just a broad comment. I look at the share repurchase program as sort of ongoing and opportunistic. And there might be some shares that come available in the market. And not that I know anything, but if that were to happen, we could certainly lean in. If I feel as if there's a disconnect in terms of perceived value, we could lean in. The share repurchase and the dividend are sort of symbiotic in a way. There's an integral relationship for us with that. The more shares I buy in, the more it supports our dividend payout per share capacity. So that's sort of how I think about it.

我看看股票回購，我的意思是，這只是一個廣泛的評論。我認為股票回購計劃是一種持續性的機會主義計劃。市場上可能會有一些股票。我並不是什麼都不知道，但如果真的發生了，我們當然可以幫忙。如果我覺得感知價值方面有脫節，我們可以依靠。股票回購和股利在某種程度上是共生的。我們與此有著密不可分的關係。我買的股票越多，就越能支持我們的每股股息支付能力。這就是我的想法。

Okay. Okay. If you do the math on that 2.05 million for the first quarter, it seems a little light. That's why I was just trying to understand if there's something there and I guess there's not. Thanks, Chris. I appreciate that.

好的。好的。如果你算一下第一季的 205 萬，似乎有點輕。這就是為什麼我只是想了解那裡是否有東西，但我猜沒有。謝謝，克里斯。我很感激。

As my follow-up, I thought it was interesting you said you should have a similar oil cut going through 2024. If we look at the Giddings asset in general, you've seen oil cuts, call it mid-'30s. Is your confidence that you have enough well control in Giddings that you're confident the oil spews you're going to be getting from the 2024 program? Is that what sort of gives you confidence in sort of that oil cut staying where it is? (multiple speakers)

作為我的後續行動，我認為您所說的在 2024 年應該進行類似的石油減產很有趣。如果我們從總體上看一下吉丁斯資產，就會看到石油減產，稱之為 30 年代中期。您對吉丁斯有足夠的油井控制能力是否有信心，對 2024 年計畫中的石油噴湧也有信心？這是否讓您對石油減產維持在現有水準充滿信心？（多個發言者）

Yeah, no, Tim, thanks. I'm pretty confident with this year's program on the oil volumes, if you will. I think we ran in a 41%, 42% mix of oil for the fourth quarter right in that range. If I had to take a view, I think it'll be somewhat similar through the year. Maybe a little movement, but not all that much. The oil volumes, they'll grow. As I said, they'll grow year on year for each quarter, and they'll grow on a similar basis to the overall BOE volumes. So I'm pretty confident with that. That's what the program is designed to deliver. And it's just in terms of the well control and the confidence in Giddings, yes, that's how I feel.

是的，不，提姆，謝謝。如果你願意的話，我對今年的石油產量計畫非常有信心。我認為第四季我們的石油混合比例是 41%、42%，就在這個範圍內。如果我必須採取一種觀點，我認為今年的情況會有些相似。也許有一點動靜，但不會那麼大。石油量將會增加。正如我所說，每個季度它們都會同比增長，並且它們的增長基礎與京東方的整體銷量相似。所以我對此非常有信心。這就是該計劃旨在實現的目標。這只是就吉丁斯的良好控制和信心而​​言，是的，這就是我的感覺。

Paul Diamond, Citi.

保羅戴蒙德，花旗銀行。

Thank you. Good morning, all. Thanks for taking my call. Just one quick one for you. As you guys think about Giddings going forward as far as the addressable, just the total addressable acreage and kind of your progress to that, what you see as like your -- the right size, the level you want to be at, I think that's something we should think about as like a single-year effort, or is that more kind of multiyear goal?

謝謝。大家早安。感謝您接聽我的電話。只是給你一個快速的。當你們考慮吉丁斯在可尋址方面的進展時，只是可尋址的總面積和進展情況，你們所看到的——合適的規模，你們想要達到的水平，我認為這就是我們應該將其視為一年的努力，還是更像是多年的目標？

I see this evolving over years. I don't see it necessarily all occurring at once or in a shorter term. The amount of learning that we picked up and experience has, over this five, six-year period, it's not all going to come at once here for us as a result. So we're still -- we have a large physician that we'll -- where we'll continue to learn through our own activity. And as an extension of that, we could and likely will pursue some other small opportunities that make sense.

我看到這種情況多年來不斷發展。我認為這一切不一定會同時發生或在短期內發生。在這五、六年的時間裡，我們所學到的知識和所經歷的一切，並不是一下子就能全部實現的。所以我們仍然——我們有一位大醫生——我們將繼續透過我們自己的活動來學習。作為其延伸，我們可以而且很可能會尋求其他一些有意義的小機會。

Understood. And do you think those are small opportunities are more kind of blocking on existing acreage or are there more kind of further-flung areas that you guys are really interested in exploring up there?

明白了。您是否認為這些機會只是對現有土地的阻礙，或者是否存在您真正有興趣探索的更廣泛的區域？

Mainly the former filling in.

主要是前者的填充。

Thank you. This concludes our question-and-answer session. The conference has now also concluded. Thank you for attending today's presentation. And you may now disconnect.

謝謝。我們的問答環節到此結束。會議現在也結束了。感謝您參加今天的演講。您現在可以斷開連線。