Magnolia Oil & Gas Corp (MGY) 2024 Q3 法說會逐字稿

Good morning, everyone. And thank you for participating in Magnolia Oil and Gas Corporation's third quarter, 2024 earnings conference call. My name is Cindy and I will be your moderator for today's call.

大家早安。感謝您參加 Magnolia 石油和天然氣公司 2024 年第三季財報電話會議。我叫辛迪，我將擔任今天電話會議的主持人。

At this time, all participants will be placed in a listen-only mode as our call is being recorded. 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.

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。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。

Thank you, Cindy and good morning, everyone. Welcome to Magnolia Oil & Gases third 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，辛迪，大家早安。歡迎參加木蘭石油和天然氣公司第三季財報電話會議。Magnolia 總裁兼執行長 Chris Stavros 參加了今天的電話會議；以及高級副總裁兼財務長 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.

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。

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 2 of the conference call slide presentation with the supplemental data on our website. You can download Magnolia's third quarter, 2024 earnings press release, as well as the conference call slides from the investors section of the company's website at www.magnoliaoilgas.com.

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，電話會議幻燈片演示的第二張幻燈片上可以找到完整的安全港，其中包含我們的補充數據網站。您可以從該公司網站 www.magnoliaoilgas.com 的投資者部分下載 Magnolia 2024 年第三季財報新聞稿以及電話會議投影片。

I will now turn the call over to Mr. Chris Stavros.

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 third quarter, 2024 financial and operating results. I will provide some comments on our quarterly results which demonstrate the continued execution of our full year 2024 plan and the consistency of our business model as well as highlighting some of our accomplishments and finally provide an early look into 2025.

謝謝你，湯姆，大家早安。感謝您今天加入我們討論我們 2024 年第三季的財務和營運表現。我將對我們的季度業績發表一些評論，這些評論展示了我們 2024 年全年計劃的持續執行和我們業務模式的一致性，並強調了我們的一些成就，最後對 2025 年進行了初步展望。

Brian will then review our third quarter financial results in greater detail and provide some additional guidance before we take your questions.

然後，布萊恩將更詳細地審查我們第三季的財務業績，並在我們回答您的問題之前提供一些額外的指導。

As I continually remind the financial community that Magnolia's primary goals and objectives are to be the most efficient operator of best in class oil and gas assets generate the highest return on those assets while employing the least amount of capital for drilling and completing wells. We also strive to return a substantial portion of our free cash flow to our shareholders in the form of ongoing share purchases and a secure and growing dividend.

正如我不斷提醒金融界的那樣，Magnolia 的主要目標和目標是成為一流石油和天然氣資產的最高效運營商，在這些資產上產生最高回報，同時使用最少的資金來鑽探和完井。我們也努力以持續股票購買和安全且不斷增長的股息的形式將大部分自由現金流返還給股東。

Finally, we plan to utilize some of the excess cash generated by the business to pursue attractive bolt on oil and gas property acquisitions where we have built a competitive advantage and leverage both our technical knowledge and experience in the base where we operate. Acquisitions are targeted not to simply replace the oil and gas that has already been produced, but importantly, to improve the opportunity set of our overall business, enhance the ongoing sustainability of our high returns and increase our dividend per share payout capacity.

最後，我們計劃利用業務產生的部分多餘現金，對我們已經建立競爭優勢的石油和天然氣資產進行有吸引力的收購，並利用我們在營運基地的技術知識和經驗。收購的目的不是簡單地取代已經生產的石油和天然氣，更重要的是，改善我們整體業務的機會集，增強我們高回報的持續可持續性，並提高我們的每股股息支付能力。

We look for acquisition opportunities to provide upside optionality with a lower cost of entry and that are both financially accretive and accretive to our stock. We firmly believe that our business model and strategy provide us with a durable competitive advantage to sustain our moderate growth over time and allowing us to act as serial compounders of value for our shareholders.

我們尋找收購機會，以較低的進入成本提供上行選擇權，這不僅能增加財務價值，也能增加我們的股票。我們堅信，我們的業務模式和策略為我們提供了持久的競爭優勢，以維持我們長期的適度成長，並使我們能夠成為股東價值的連續複合者。

Looking at slide 3 of the investor presentation, we delivered another consistent quarter of strong financial and operational performance which include our initiatives to lower our field level operating costs. I want to commend our operations team, field workers and supply chain team for their continual efforts through this year to reduce our operating costs and improve the efficiency of our capital program.

查看投資者簡報的幻燈片 3，我們又一個季度保持了強勁的財務和營運業績，其中包括我們降低現場營運成本的舉措。我要讚揚我們的營運團隊、現場工作人員和供應鏈團隊今年為降低營運成本和提高資本計畫效率所做的持續努力。

These actions have resulted in improved margins and additional free cash flow that can be used to enhance Magnolia's per share value. Total company production during the third quarter was approximately 91,000 barrels of oil equivalent per day and in line with our earlier guidance. Overall, our quarterly production was impacted by multiple unplanned third party midstream facility outages, some of which occurred late in the period.

這些行動提高了利潤率並增加了自由現金流，可用於提高 Magnolia 的每股價值。第三季公司總產量約為每天 91,000 桶油當量，與我們先前的指引一致。總體而言，我們的季度生產受到多個計劃外第三方中游設施中斷的影響，其中一些發生在該期間後期。

These outages primarily affected our natural gas and NGL production by approximately 1,000 per day during the quarter and were fully resolved by the end of the period. Total company oil production during the third quarter was nearly 39,000 barrels per day, which represented growth of 18% from year ago levels and we expect this level to remain resilient into the fourth quarter.

這些停電主要影響了我們本季每天約 1,000 份天然氣和液化天然氣的產量，並在本季度末完全解決了。第三季公司石油總產量接近 39,000 桶/日，較去年同期成長 18%，我們預計這一水準將在第四季度保持彈性。

Production in the Giddings area was 68.7000 barrels of oil equivalent per day during the quarter growing 12% compared to the year ago quarter with Giddings oil production growing 24% on a year over year basis. We continue to see strong overall well performance throughout our assets which underpins the strength in our earnings and free cash flow.

本季吉丁斯地區的產量為每天 68.7000 桶石油當量，與去年同期相比成長 12%，其中吉丁斯石油產量年增 24%。我們繼續看到整個資產的強勁整體表現，這支撐了我們的獲利和自由現金流的實力。

As we wind down the year, we continue to expect high single digit year over year total production growth for 2024, with this year's oil production now anticipated to exceed the total boe rate of growth.

隨著今年的臨近，我們繼續預計 2024 年總產量將年比將出現高個位數成長，目前預計今年的石油產量將超過桶油當量總成長率。

We spent $103 million drilling and completing wells during the third quarter which is well below our capital guidance of $120 million and represented just 42% of our adjusted EBITDA of $244 million. This lower than expected level of capital spending resulted from a mix of ongoing drilling and completion efficiencies are a decline in our overall low costs and a small amount of capital which is deferred into the fourth quarter.

第三季度，我們在鑽井和完井方面花費了 1.03 億美元，遠低於我們 1.2 億美元的資本指導，僅占我們調整後 EBITDA 2.44 億美元的 42%。資本支出低於預期水準是由於持續鑽探和完井效率的提高、整體低成本的下降以及少量資本被推遲到第四季度所致。

The improvements in well costs and ongoing overall spending efficiencies have provided us with spare capacity within our capital plan which will allow us to drill an additional four well pad in Giddings during the fourth quarter. That was not part of our originally planned 2024 capital and activity.

油井成本的改善和持續的整體支出效率為我們的資本計畫提供了閒置產能，這將使我們能夠在第四季度在吉丁斯額外鑽探四個井場。這不屬於我們最初計劃的 2024 年資本和活動的一部分。

We expect this additional pad to be a dock at year end with anticipated completion sometime in the first half of 2025. This pad should provide us with some additional operational flexibility into next year.

我們預計這個額外的碼頭將在年底建成碼頭，預計在 2025 年上半年的某個時候完工。這個墊應該為我們明年提供一些額外的操作靈活性。

As I said, I'm very proud of the hard work shown by our operating personnel in the field. Their continual efforts have helped us further reduce our field level operating costs to $5.33 per boe in the third quarter, a decline of 11% compared to this year's first quarter and exceeding our earlier target to lower our lease operating costs by 5% to 10% during the second half of 2024.

正如我所說，我對我們現場操作人員的辛勤工作感到非常自豪。他們的持續努力幫助我們在第三季將油田營運成本進一步降低至每桶油當量5.33 美元，與今年第一季相比下降了11%，超出了我們先前將租賃營運成本降低5% 至10%的目標2024 年下半年。

Realized savings over this period came from a mix of improved pricing and product substitutions for workovers, water hauling chemicals and replacement parts in the field.

在此期間實現的節省來自修井作業、運水化學品和現場更換零件的定價改進和產品替代。

Additional savings are being seen from optimizing our contract labor needs for some of our field rental equipment through the implementation of field management software which has reduced our cost for water hauling and will be further utilized to lower costs from other field services over time and into next year.

透過實施現場管理軟體，優化我們對一些現場租賃設備的合約勞動力需求，從而節省了額外的費用，該軟體降低了我們的運水成本，並且隨著時間的推移和未來的發展，將進一步用於降低其他現場服務的成本年。

Low capital spending and further reductions in our lease operating costs led to improve free cash flow generation of $126 million during the third quarter. We returned $88 million of 70% of our free cash flow to shareholders through a combination of our quarterly base dividend and ongoing share repurchase program.

較低的資本支出和租賃營運成本的進一步降低使第三季的自由現金流量增加了 1.26 億美元。透過季度基本股利和持續的股票回購計劃，我們將 70% 的自由現金流中的 8,800 萬美元返還給股東。

Our high quality assets and the capital discipline inherent in our business model provides for a low reinvestment rate and consistent free cash flow generation. Our plan is to continue to return a significant portion of this free cash flow to our shareholders through our share repurchases and growing base dividend.

我們的高品質資產和商業模式固有的資本紀律保證了低再投資率和持續的自由現金流產生。我們的計劃是透過股票回購和增加基本股息，繼續將自由現金流的很大一部分返還給股東。

We also continue to look for attractive bolt on acquisitions that utilize our knowledge and experience have the ability to generate returns well above our cost of capital and can work to sustain the durability of our business model. During the third quarter, we completed several small transactions in both our Giddings and cons operating areas, acquiring royalty, leasehold and incremental working interest totaling $15 million. These deals increase the value of our future development locations in these areas.

我們也繼續尋找有吸引力的收購，這些收購利用我們的知識和經驗，能夠產生遠高於我們資本成本的回報，並能夠努力維持我們業務模式的持久性。第三季度，我們在 Giddings 和 cons 營運區域完成了幾筆小額交易，收購了總計 1,500 萬美元的特許權使用費、租賃權和增量工作權益。這些交易增加了我們在這些地區未來開發地點的價值。

As we close out 2024 and look forward to next year, we plan to execute the same business model that has delivered both strong operating and financial results over the past six years. The recent initiatives we have taken this year focusing on reducing both our field level LOE and our well costs allow us to endure product price volatility and position us for success into 2025.

在 2024 年即將結束並展望明年之際，我們計劃執行過去六年中實現強勁營運和財務業績的相同業務模式。我們今年採取的近期措施專注於降低現場 LOE 和油井成本，使我們能夠承受產品價格波動，並為我們在 2025 年取得成功做好準備。

I'll now turn the call over to Brian for further details on our third quarter, financial and operating results, in addition to fourth quarter guidance.

現在我將把電話轉給布萊恩，以了解有關我們第三季財務和營運業績以及第四季度指導的更多詳細資訊。

Thanks Chris and good morning everyone. I will review some items from our third quarter results and refer to the presentation slides found on our website. Also provide some additional guidance for the fourth quarter of 2024 before turning it over for questions.

謝謝克里斯，大家早安。我將回顧我們第三季業績的一些項目，並參考我們網站上的簡報幻燈片。在提交問題之前，也為 2024 年第四季提供一些額外的指導。

Again on slide 4, as Chris discussed, Magnolia had an excellent third quarter. During the quarter, we generated total net income of $106 million and total adjusted net income of $100 million or $0.51 per dilute share. Our adjusted EBITDAX for the quarter was $244 million with total capital associated with drilling completion and associated facilities of $103 million or just 42% of our adjusted EBIDAX.

再次在幻燈片 4 上，正如 Chris 所討論的，Magnolia 在第三季度表現出色。本季度，我們的淨利潤總額為 1.06 億美元，調整後淨利潤總額為 1 億美元，即稀釋每股收益 0.51 美元。我們本季調整後的 EBIDAX 為 2.44 億美元，與鑽井完井和相關設施相關的總資本為 1.03 億美元，僅占我們調整後的 EBIDAX 的 42%。

Third quarter, total production volumes grew 10% year over year to 90.7000 barrels of oil equivalent per day. And our diluted share count fell by 5% year-over-year to 198.4 million shares. Our annualized return on capital employed during the third quarter was 22% showing our continued capital efficiency.

第三季度，總產量年增 10%，達到每天 90.7000 桶油當量。我們的稀釋後股票數量年減 5%，至 1.984 億股。第三季我們的年化資本報酬率為 22%，這顯示我們持續保持資本效率。

Looking at the quarterly cash flow waterfall chart on slide 5, we started the quarter with $276 million of cash. Cash flow from operations before changes in working capital for the third quarter was $241 million with working capital changes and other small items impacting cash by $33 million.

查看幻燈片 5 上的季度現金流瀑布圖，我們在本季開始時擁有 2.76 億美元的現金。第三季營運資本變動前的營運現金流為 2.41 億美元，其中營運資本變動和其他小型專案影響現金 3,300 萬美元。

Total drilling completion and associated facilities capital incurred including leasehold was $105 million. As Chris mentioned, we closed multiple small royalty and working interest deals during the third quarter for $15 million. We paid dividends of $27 million and allocated $61 million towards share repurchases hitting the quarter with $276 million of cash.

鑽井完井和相關設施資本支出（包括租賃）總額為 1.05 億美元。正如 Chris 所提到的，我們在第三季完成了多筆小型特許權使用費和工作權益交易，價值 1500 萬美元。我們支付了 2,700 萬美元的股息，並分配了 6,100 萬美元用於股票回購，本季現金為 2.76 億美元。

Looking at slide 6, this chart illustrates the progress in reducing our total outstanding shares since we began our share repurchase program in the second half of 2019.

請看投影片 6，圖表顯示了自 2019 年下半年開始股票回購計畫以來，我們在減少流通股總數方面取得的進展。

Since that time, we have repurchased 70.7 million shares leading to a decrease in diluted shares outstanding of approximately 23%. Magnolia's weighted average fully diluted share count declined by more than 2 million shares sequentially averaging 198.4 million shares during the quarter. We have 3.9 million shares remaining under our current share repurchase authorization which are specifically directed toward repurchasing Class A shares in the open market.

自那時起，我們回購了 7,070 萬股股票，導致稀釋後的流通股減少了約 23%。Magnolia 的加權平均完全稀釋股票數量較上季減少超過 200 萬股，本季平均減少 1.984 億股。我們目前的股票回購授權尚有 390 萬股，專門用於在公開市場回購 A 類股票。

Turning to slide 7. Our dividend has grown substantially over the past few years including a 13% increase announced early this year to $013 per share on a quarterly basis. Our next quarterly dividend dividend is payable on December 2 and provides an annualized dividend payout rate of $0.52 per share.

轉到投影片 7。我們的股息在過去幾年中大幅增長，其中包括今年年初宣布的季度股息增長 13% 至每股 013 美元。我們的下一個季度股息將於 12 月 2 日支付，年化股息支付率為每股 0.52 美元。

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 payout capacity of the company.

我們的年化股利成長計畫是白玉蘭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股利支付能力的整體策略的支持。

Magnolia has the benefit of a very strong balance sheet and we ended the quarter with $276 million of cash and $400 million of senior notes which mature in 2026. Including our third quarter any cash balance and our undrawn $450 million revolving credit facility our total liquidity is $726 million.

Magnolia 擁有非常強勁的資產負債表，本季末我們擁有 2.76 億美元的現金和 4 億美元的優先票據，這些票據將於 2026 年到期。包括第三季的任何現金餘額和未提取的 4.5 億美元循環信貸額度，我們的總流動資金為 7.26 億美元。

Our condensed balance sheet as of September 30 is shown on slide 8. Turning to slide 9 and looking at a per unit cash costs and operating income margins. Total revenue per boe decreased year over year due to the decline in oil prices when compared to the third quarter of 2023.

我們截至 9 月 30 日的簡明資產負債表如投影片 8 所示。轉向投影片 9，查看每單位現金成本和營業利潤率。與 2023 年第三季相比，由於油價下跌，每桶油當量的總收入年減。

Our total adjusted cash operating costs including G&A were $10.83 per boe in the third quarter of 2024 an increase of $0.15 per boe or 1 1% compared to year ago levels and a decrease of $0.27 per boe or 2% sequentially from the second quarter of '24. The sequential decrease was primarily a function of lower LOE and production taxes. Our operating income margin for the third quarter was $15.45 per boe or 39% of our total revenue.

2024 年第三季度，包括一般及行政費用在內的調整後現金營運成本總額為每桶油當量10.83 美元，與去年同期水準相比，每桶油當量增加0.15 美元，即1.1%；與第二季度相比，每桶油當量減少0.27 美元，即2%。環比下降主要是由於 LOE 和生產稅降低。我們第三季的營業利潤率為每桶油當量 15.45 美元，占我們總收入的 39%。

Turning to guidance on slide 10, we expect our full year 2024 drilling completion and associated facilities capital spending to be approximately $470 million around the midpoint of our original guidance from February of $450 million to $480 million. This includes slightly more activity than originally planned with the addition of a four wheel pad being drilled and getting during the fourth quarter.

轉向幻燈片 10 的指導，我們預計 2024 年全年鑽井完井和相關設施資本支出約為 4.7 億美元，約為 2 月份我們最初指導的 4.5 億美元至 4.8 億美元的中點。這包括比原計劃稍多的活動，並在第四季度增加了一個四輪墊的鑽孔和獲取。

We expect fourth quarter drilling completion and associated facilities capital of approximately $125 million. Total production for the fourth quarter is estimated to be approximately 93,000 boe a day delivering high single digit total year over year production growth during '24 with annual oil production growth slightly higher than boe growth.

我們預計第四季鑽井完井和相關設施資本約為 1.25 億美元。第四季的總產量預計約為每天 93,000 桶油當量，24 年期間總產量年增高達個位數，年度石油產量增長略高於桶油當量增長。

Oil price differentials are anticipated to be approximately a $3 per barrel discount to Magellan, East Houston and Magnolia remains completely unhedged for all of its oil and natural gas production. The fully diluted share count for the fourth quarter of 2024 is expected to be approximately $197 million shares which is 5% lower than fourth quarter, 2023 levels.

與麥哲倫、東休士頓和木蘭的所有石油和天然氣生產相比，油價差異預計約為每桶 3 美元的折扣。2024 年第四季完全稀釋後的股數預計約為 1.97 億美元，比 2023 年第四季的水準減少 5%。

We expect our effective tax rate to be approximately 21% and our cash rate to be approximately 5% to 7% for both the fourth quarter and the total year. This is lower than our prior guidance due to a refund we received during the third quarter this year.

我們預計第四季和全年的有效稅率約為 21%，現金利率約為 5% 至 7%。由於我們在今年第三季收到了退款，這低於我們先前的指導。

We're now ready to take your questions.

我們現在準備好回答您的問題。

(Operator Instructions)

（操作員說明）

Neal Dingmann, Truist Securities.

尼爾‧丁曼 (Neal Dingmann)，Truist 證券公司。

Morning guys. Nice quarter. Happy Halloween. My first question is on your remarkable continued gids growth. Specifically, I realized much of the last quarter of growth was a result of that prior acquisition. But I'm just wondering, could you all discuss the continued drivers around the success of this, of these assets that enabled you to keep the reinvestment rate so low around this?

早安各位。不錯的季度。萬聖節快樂。我的第一個問題是關於你們的 gids 持續顯著成長。具體來說，我意識到上個季度的成長很大程度上是先前收購的結果。但我只是想知道，你們能否討論一下圍繞這一成功的持續驅動因素，這些資產使你們能夠將再投資率保持在如此低的水平？

Yeah, trick or treat, Neil, thanks. Thanks for the comments and questions. Look, I'll tell you, this takes a village. It's, never easy. And we've been working at this for a pretty good long time now, more than six years call it seven years. We have some fantastic talented people, geologists, geophysicists, reservoir engineers, drilling and completion, folks. All of them have been integral in getting us to where we are now. So I thank them for that.

是的，不給糖就搗蛋，尼爾，謝謝。感謝您的評論和問題。聽著，我告訴你，這需要一個村莊。這從來都不容易。我們已經在這方面工作了很長一段時間，六年多，稱之為七年。我們有一些非常有才華的人，地質學家、地球物理學家、油藏工程師、鑽井和完井人員。所有這些都是我們現在成就的不可或缺的一部分。所以我為此感謝他們。

On day one, we didn't necessarily understand it, but we knew that we had a field with a lot of oil and hydrocarbons in place. And that through some time and work and practice, sort of like riding a bike that we could figure it out. And I think we have shown by the progress that we've made.

第一天，我們不一定理解它，但我們知道我們有一個含有大量石油和碳氫化合物的油田。透過一些時間、工作和練習，就像騎自行車一樣，我們可以弄清楚。我認為我們已經取得了進展。

So the point of the acquisitions that you mentioned is to expand off of our knowledge, our knowledge is sort of the springboard and a base. But the acquisitions sort of designed to take us beyond what we may already know and have figured out and act as sort of little tentacles or tributaries to get us even further beyond what we already know.

所以你提到的收購的目的是擴展我們的知識，我們的知識是跳板和基礎。但這些收購的目的是讓我們超越我們可能已經知道和已經弄清楚的範圍，並充當某種小觸角或支流，讓我們進一步超越我們已經知道的範圍。

So the benefit of, -- a little bit to your question, the benefit of the low reinvestment rate Giddings does have generally what we've seen anyway, is a subtler decline rate than a typical shale area, certainly a lower decline rate than what we see in Karns. The performance of the wells has, has typically exceeded our expectations over time.

因此，對於你的問題，吉丁斯低再投資率的好處總體上確實具有我們所看到的，是比典型頁岩地區更微妙的下降率，當然比頁岩地區更低的下降率我們在卡恩斯看到。隨著時間的推移，油井的表現通常超出了我們的預期。

We drilled more than 100 generic wells and Giddings and, we're often surprised typically over time in a positive way. So we continue to do what we're doing. We learn more every day, every time we put down a well. And I think we'll continue to benefit from that knowledge and experience and it'll take us further, not just through the field but provide us with other opportunities where we can utilize some of that understanding subsurface. So I hope that gives you a little color.

我們鑽探了 100 多口通用井和吉丁斯井，隨著時間的推移，我們經常以積極的方式感到驚訝。所以我們繼續做我們正在做的事情。每天，每次打井，我們都會學到更多。我認為我們將繼續受益於這些知識和經驗，它將帶我們走得更遠，不僅是在這個領域，而且為我們提供了其他機會，讓我們可以利用一些地下的理解。所以我希望這能給你一點色彩。

It does. Well said Chris. And then my second question just around your announced multiple unplanned third-party midstream facility outages all the recent outages I know you talked about have been completely rectified. Are you concerned about more of these reoccurring outages and further, would you consider spending any of your capital towards future infrastructure maybe to address some of this?

確實如此。克里斯說得好。然後我的第二個問題是關於您宣布的多個計劃外第三方中游設施中斷的問題，我知道您談到的所有最近的中斷都已完全糾正。您是否擔心更多此類反覆發生的中斷？ 此外，您是否會考慮將任何資金用於未來的基礎設施，以解決其中的一些問題？

Yeah. Well, all of this is around having control and in a perfect scenario, you'd love to have all of the control around your destiny in terms of being able to produce what you want to produce and take it to where you want to take it and from a pipeline and facility standpoint. So unfortunately, Magnolias of a size where we need to work with some larger midstream organizations that have the specific knowledge and capability and capitalization to do this.

是的。好吧，所有這一切都是圍繞著控制，在一個完美的場景中，你希望對你的命運擁有所有的控制權，能夠生產你想要生產的東西並將其帶到你想要的地方從管道和設施的角度來看。不幸的是，對於 Magnolias 的規模，我們需要與一些更大的中游組織合作，這些組織擁有特定的知識、能力和資本來做到這一點。

But I wouldn't exactly, if I was trying to set my watch to these guys, I wouldn't exactly feel overly confident around doing that. So, it is what it is and if I had some concern around predictability and reliability going forward, it might be more around power than anything else.

但我不會，如果我試圖將我的手錶設定為這些人，我不會對此感到過於自信。所以，事情就是這樣，如果我對未來的可預測性和可靠性有一些擔憂，那麼它可能更多地是圍繞功率而不是其他任何事情。

And because you just never know and some of the issues that, that they faced without calling out anything specifically, some of the issues that were, were faced were around power and that could be an ongoing issue going forward.

因為你永遠不知道，他們在沒有具體指出任何事情的情況下所面臨的一些問題，所面臨的一些問題是圍繞權力的，這可能是持續存在的問題。

I continue to be concerned about reliability related to power and we'll sort of see how that goes, but would we consider doing something in terms of our own capital going forward?

我仍然擔心與電力相關的可靠性，我們會看看情況如何，但我們會考慮在未來用我們自己的資本做些事情嗎？

I think in a big way unlikely right now, maybe over time, but I don't see it in a big broad fashion that would allow us to have ultimate control of what we would like to do. You sort of have to take it for what it is and, we work with them best we can and I know they try but there's weather issues, there's power issues, there's breakdowns and whatnot and which over time seems to become more of a common practice. So I would ask that they, they go try to go above and beyond what's been their recent history.

我認為現在在很大程度上不太可能，也許隨著時間的推移，但我不認為它會以一種大範圍的方式讓我們最終控制我們想做的事情。你必須接受它的本來面目，我們盡最大努力與他們合作，我知道他們嘗試過，但存在天氣問題、電力問題、故障等等，隨著時間的推移，這似乎變得更加常見。所以我要求他們嘗試超越他們最近的歷史。

Makes sense. Thank you so much, Chris.

有道理。非常感謝你，克里斯。

Sure.

當然。

Phillips Johnston, Capital One.

菲利普斯約翰斯頓，《第一資本》。

Hey, thanks for the question. It's pretty clear the LOE optimization program is paying off. I realize you guys don't have any guidance out there for next year, but just from a directional standpoint, where do you think both unit LOE costs and unit GP&T costs will trend in '25 relative to your second half kind of exit rate. And I guess with the natural gas strip, looking higher for next year, , how might that impact either cost item?

嘿，謝謝你的提問。很明顯，LOE 優化計劃正在取得成效。我知道你們對明年沒有任何指導，但僅從方向的角度來看，相對於下半年的退出率，你們認為單位 LOE 成本和單位 GP&T 成本在 25 年的趨勢如何。我猜想明年天然氣帶的前景會更高，這會對任何一個成本項目產生什麼影響？

Yeah, thanks for the question. We've done -- I think what's been a pretty decent job in terms of, reducing costs, as I said, double digit reductions from where we had been early in the year that can have -- we're always looking to improve and I will never say that we're done.

是的，謝謝你的提問。我們已經完成了——我認為在降低成本方面這是一項相當不錯的工作，正如我所說，與今年年初相比，我們可以實現兩位數的削減——我們一直在尋求改進和改進我永遠不會說我們已經完成了。

I would say that maintaining these levels is probably fair going forward and we'll continue to push beyond that. And we may see some additional small, modest to modest gains before the year is done and into next year, I certainly would, press for that, but you're constantly pushing back on underlying field inflation as well as increasing environmental and regulatory requirements.

我想說，保持這些水平可能是公平的，我們將繼續超越這一水平。在今年結束之前和明年，我們可能會看到一些額外的小幅、適度到適度的收益，我當然會敦促這樣做，但你會不斷地抵制潛在的油田通膨以及不斷增加的環境和監管要求。

So, like I said, we'll always look for more to improve our margins, but it would -- I think it would be great if we could at least hold these levels into 2025 and maybe see some modest improvement.

因此，就像我說的，我們將始終尋求更多措施來提高利潤率，但我認為，如果我們至少能夠將這些水平保持到2025 年，並​​且可能會看到一些適度的改善，那就太好了。

But I think it puts us in a good place for share product prices, we can -- even further into next year. So I think this has all been a good exercise for us.

但我認為這使我們在股票產品價格方面處於有利位置，我們可以——甚至可以持續到明年。所以我認為這對我們來說都是一個很好的練習。

Okay. Sounds good. And then on the $15 million worth of small deals that closed in the quarter, was there any significant production that came in the door? So, when in the quarter would that have closed?

好的。聽起來不錯。那麼，在本季完成的價值 1500 萬美元的小交易中，是否有任何重大生產即將到來？那麼，這個季度什麼時候會結束呢？

No, there was not. These were really incremental working interest, mineral interests and some things of that nature, but there was really nothing around production that was any consequence.

不，沒有。這些確實是增量的工作利益、礦產利益和一些類似性質的東西，但在生產方面確實沒有任何後果。

Yeah. Okay. Sounds good. Thank you.

是的。好的。聽起來不錯。謝謝。

Oliver Huang, Tudor, Pickering, Holt.

奧利佛黃、都鐸、皮克林、霍爾特。

Good morning Chris and Brian. And thanks for taking the questions. I wanted to start out on services was hoping that you all might be able to speak to how you all feel about where service costs sit today relative to the oil and gas commodities from an alignment perspective looks like it's continuing to trend in the right direction based off what you all saw this past quarter. But really just trying to get a better sense of how you all think costs might trend moving into 2025.

早上好，克里斯和布萊恩。感謝您提出問題。我想從服務開始，希望你們能夠談談你們對今天服務成本相對於石油和天然氣商品的看法，從調整的角度來看，看起來它繼續朝著正確的方向發展。到的情況不同。但其實只是想更了解大家對 2025 年成本趨勢的看法。

Yeah, thanks Oliver. It really -- it was, it worked partly into the capital savings that we are the lower capital that we had in the third quarter and to some extent provides us with a little bit of that flexibility for the fourth quarter to drill that, that extra pad.

是的，謝謝奧利佛。確實，它在一定程度上促進了資本節約，因為我們在第三季度擁有的資本較低，並且在某種程度上為我們在第四季度提供了一點靈活性來鑽探這一點，額外的軟墊。

I would tell you that things have been softer than I would have anticipated or expected from, say a month to two months ago. And the timing was such for us as well where we were kind of falling within a period where we had some recent renegotiations with some of our key services and materials contracts that I think, have allowed for some additional small incremental savings going into next year.

我想告訴你，事情比我預期或預期的要軟，例如一個月到兩個月前。對我們來說，時機也是如此，我們最近與一些關鍵服務和材料合約進行了一些重新談判，我認為這使得明年可以節省一些額外的小額增量成本。

And I'm talking, mid-single digit type savings into next year and again across the board, this OCTG, steel casing, pressure pumping, rigs, and the other categories as well, really, all of those are sort of averaging in the mid-single digits, plus or minus, depending on which one. So we're still seeing some of that.

我說的是，明年將再次全面節省個位數的中個位數，這種油井管、鋼套管、壓力泵、鑽機和其他類別，實際上，所有這些都在某種程度上是平均的中間個位數，加號或減號，取決於哪一個。所以我們仍然看到其中的一些。

And just on the capital going into next year, we'll, as I said we will be able to grow moderately into next year, I fully anticipate certainly in current commodity levels, pricing levels and sticking within our 55% cap on cash flow in terms of capital spend, we'll be able to grow sort of mid-single digits. But I -- tough for me to see our capital being higher, then we're certainly not much higher if at all, than 2024 going into next year, I think, we have a good amount of flexibility built in, but the way things stand right now, it's looking at sort of similar at worst or best.

就進入明年的資本而言，正如我所說，我們將能夠在明年實現適度增長，我完全預計當前的商品水平、定價水平以及堅持 55% 的現金流上限就資本支出而言，我們將能夠實現中個位數的成長。但我——我很難看到我們的資本更高，那麼我們肯定不會比 2024 年高出多少，進入明年，我認為，我們內置了很大的靈活性，但事情的方式現在看來，最壞或最好的情況看起來都差不多。

Perfect. That's super helpful color. And maybe just for a second question on your land position. I know the legacy position had been in the high 90% from HBP perspective when considering some of the bigger packages over the last year, both in April and that core Gidding area and even the one up North that closed late last year. Is there anything that we should be aware of in terms of just required drilling or lease obligations and how that might impact near term capital allocation decisions?

完美的。這是超級有用的顏色。也許只是關於你的土地位置的第二個問題。我知道，從 HBP 的角度來看，考慮到去年的一些較大的套餐，包括 4 月份的套餐和核心吉丁地區，甚至去年年底關閉的北部套餐，遺留位置一直處於 90% 以上。在所需的鑽探或租賃義務方面，我們應該注意什麼，以及這可能如何影響近期資本配置決策？

No, it's very similar to what it had been. There's nothing you meaningful that would have changed in terms of creating additional obligations necessarily at all really from those deals.

不，這和以前的情況非常相似。在從這些交易中產生額外義務方面，沒有任何有意義的改變。

Okay, perfect. Thanks for the time.

好的，完美。謝謝你的時間。

You're welcome.

不客氣。

Carlos Escalante, Wolfe Research.

卡洛斯·埃斯卡蘭特，沃爾夫研究中心。

Carlos, are you on here.

卡洛斯，你在嗎？

Yeah, I'm here now, I'm asking on behalf of Carlos. Thank you for taking my call. So the question is even though you pulled early the four well pad, it looks like the capital uptick is minimal, not a material deviation from your relatable quarterly D&C spend.

是的，我現在在這裡，我代表卡洛斯詢問。感謝您接聽我的電話。因此，問題是，即使您提早撤出了四井平台，但資本增加似乎很小，與您的相關季度 D&C 支出沒有重大偏差。

So, in that sense, how much of the D&C costs are accounted for? Is it only drilling? Is it both otherwise, is the incremental capital just a proxy for your continued capital efficiency improvements? Thank you.

那麼，就這個意義上來說，D&C 成本佔多少？難道只是鑽孔嗎？否則，增量資本是否只是您持續資本效率提高的代表？謝謝。

I don't know about it being a proxy for anything. Anything on a continual basis as that, you it can fluctuate from quarter to quarter, just depending on the timing of activity. But we did include in our forecast for the fourth quarter, we did include the drilling costs for that pad that we will drill, which I would tell you would be approximately $10 million to $15 million roughly. So that's all incorporated into that.

我不知道它是任何東西的代理。任何持續不斷的事情，都可能會根據活動的時間而逐季度波動。但我們確實包括在第四季度的預測中，我們確實包括了我們將要鑽探的平台的鑽探成本，我會告訴你，大約為 1000 萬至 1500 萬美元。所以這一切都被納入其中。

Okay, perfect. And my next question was regarding the LOE target reduction on top of what's the right go forward number and if you can add color on how you got there because in our view, depending on what it is, it can be a moving goal post instead of a fixed number.

好的，完美。我的下一個問題是關於LOE 目標減少，除了正確的前進數字之外，以及是否可以為如何到達那裡添加顏色，因為在我們看來，根據它是什麼，它可以是一個移動的球門柱，而不是一個會移動的球門柱。

Well, as I said, I expect that, there may be some modest fluctuation, the direct LOE is a lot of what we're working on, but there's a lot of components within there. So you've got worker over costs and workovers that depending on workover activity and what may be needed from time to time period to period that may, create some small modest fluctuation, quarter to quarter, that there's not a ton of control over that sometimes you just need to do what you need to do.

嗯，正如我所說，我預計可能會有一些適度的波動，直接 LOE 是我們正在研究的很多內容，但其中還有很多組件。因此，工人的成本和修井工作取決於修井活動以及不同時期可能需要的東西，這可能會在每個季度產生一些小的適度波動，有時對此沒有太多控制你只需要做你需要做的事。

But I would tell you that in almost every respect in every bucket of costs, we've made, positive inroads in terms of reducing those things, particularly around direct LOE and field management software implementation. So I think there's more to be had more to be picked up.

但我想告訴您，在幾乎所有方面、每一方面的成本方面，我們都在減少這些方面取得了積極進展，特別是在直接 LOE 和現場管理軟體實施方面。所以我認為還有更多的東西有待挖掘。

But again, there's always things that you're pushing back on as I mentioned, some regulatory matters and environmental items, things of that nature and some general field inflation. But I do believe that where we, where we were in the third quarter is at least as good of a proxy for going forward. And I do believe we can do better than that. So going into next year, you know, 525 to 535 is sort of feels pretty good to me?

但同樣，正如我所提到的，總有一些事情是你要推遲的，一些監管問題和環境問題，這種性質的事情和一些普遍的領域通貨膨脹。但我確實相信，我們第三季的情況至少可以作為未來發展的良好指標。我確實相信我們可以做得更好。那麼進入明年，你知道，525 到 535 對我來說感覺相當不錯嗎？

Perfect. Thank you, very much. Appreciate your answers.

完美的。非常感謝。感謝您的回答。

Welcome.

歡迎。

Noah Hugeness, Bank of America.

諾亞·胡吉內斯，美國銀行。

Morning guys. I wanted to ask first, just on the general M&A market and kind of how you see the opportunity set both at Giddings and in the broader Eagle Ford trend. Is it currently more of these small $5 million to $15 million bolt on acquisitions or are there larger opportunities in the hundreds of million dollars as well?

早安各位。我想先問一下，關於一般併購市場，以及您如何看待吉丁斯和更廣泛的伊格爾福特趨勢中的機會。目前是否有更多的 500 萬至 1500 萬美元的小規模收購，或者是否也有數億美元的更大機會？

I would tell you it's all of the above and I certainly hope so, because, you know, we look at a lot of things and, a lot of this or some, certainly some of it and the smaller items oftentimes are driven by our land group that, you know, has a, what I would call more of like a ground game and looks at, opportunities driven by sometimes our existing areas or things that are adjacent to where we've been, where we operate or where we're drilling.

我會告訴你，這就是以上所有內容，我當然希望如此，因為，你知道，我們會考慮很多事情，其中​​很多或一些，當然其中一些，而較小的項目通常是由我們的土地驅動的你知道，我們有一個，我稱之為更像是地面遊戲的團隊，它著眼於有時由我們現有的領域或與我們曾經去過的地方、我們經營的地方或我們所在的地方相鄰的事物所驅動的機會鑽孔。

So some of that is just small pickups to improve the value of things that will be drilling going forward. There are other, you know, larger asset packages that are certainly out there. Some that are being run through a process that, you know, we may look to drive ourselves if, possible.

因此，其中一些只是小規模的收購，以提高未來鑽探的價值。你知道，當然還有其他更大的資產包。有些正在經歷一個過程，你知道，如果可能的話，我們可能會尋求自我驅動。

But no, the three, there are, you know, certainly a number of opportunities that we continue to look at of varying quality. And what I would tell you is that, you know, we, we, we've got a very good quality hand and so I look at it from a sense of, I've got the deck in front of me and I want to pick up cards that positively add to my hand.

但不，這三個，你知道，我們肯定會繼續關注許多不同品質的機會。我要告訴你的是，你知道，我們，我們，我們有一手非常好的牌，所以我從一種感覺來看，我面前有一副牌，我想拿起那些對我的手牌有積極作用的牌。

If that's the way that, that I can kind of describe it. So you always want to try to improve the business. Not make it more difficult or complex for yourself. So we're, it's s a high bar but we, we kick a lot of tires and, and I think there's quite a few opportunities out there.

如果是這樣的話，我可以描述一下。所以你總是想嘗試改善業務。不要讓自己變得更困難或複雜。所以我們，這是一個很高的標準，但我們，我們踢了很多輪胎，我認為那裡有很多機會。

No, that makes a ton of sense. And then I guess the next one is just on your thought process around choosing to pull your activity forward with the continued D&C efficiency gains, you all have seen.

不，這很有道理。然後我想下一個問題只是關於你的思考過程，圍繞著選擇透過持續的 D&C 效率提升來推動你的活動，你們都已經看到了。

Why would you, why are you choosing to pull activity forward versus maybe take the CapEx savings? And then also if we move into '25 and we run into a similar issue in the fourth quarter of '25 sense would you also think about pulling activity forward then as well?

為什麼您會選擇推動活動而不是節省資本支出？然後，如果我們進入 25 年，並​​且在 25 年第四季遇到類似的問題，您是否也會考慮推動活動？

Well, I think a little bit is, is around, maybe our view in terms of how things are evolving with product prices as you go into next year, it still feels somewhat soft. And my view around, pulling it forward, providing ourselves with a little bit more operational flexibility optionality seems like a good idea given the maybe a little bit more uncertainty on product prices. So my view is why not? We're not short of money.

嗯，我認為有一點是，也許我們對明年產品價格如何演變的看法，仍然感覺有些疲軟。我的觀點是，考慮到產品價格可能有更多的不確定性，推動它向前發展，為我們自己提供更多的操作靈活性選擇似乎是一個好主意。所以我的觀點是為什麼不呢？我們不缺錢。

And this is -- we're talking about $10 million, $15 million. So I mean, banking it as opposed to creating more optionality flexibility in our program seems to me to be the better course of action decision. So I'll take it.

我們談論的是 1000 萬美元、1500 萬美元。所以我的意思是，在我看來，與在我們的計劃中創造更多的選擇性靈活性相比，將其存入銀行似乎是更好的行動決策。所以我會接受它。

Great to hear you guys. Thank you so much.

很高興聽到你們的聲音。太感謝了。

Thanks.

謝謝。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛。

Yeah, good morning, Chris, good morning team. I just have one tactical question was strategic tactical one. It looked like there was some midstream interruptions in the quarter that you called out. It sounds like those have largely been resolved. But do you feel good about those challenges going forward and you have confidence that you kind of work through it?

是的，早安，克里斯，團隊早安。我只有一個戰術問題，是戰略戰術問題。您所指出的季度中似乎出現了一些中流中斷。聽起來這些問題已經基本解決了。但您對未來的這些挑戰感覺良好嗎？

Yeah, I feel good. I mean, I responded a little bit earlier to it. I feel good about where we are. I mean, everything's been resolved and, we're all good to go and these things do happen from time to time and it's you work with your third party midstream providers as best you can and they've, I think done a reasonable job around responding to issues.

是的，我感覺很好。我的意思是，我早些時候對此做出了回應。我對我們所處的位置感覺很好。我的意思是，一切都已經解決了，我們都準備好了，這些事情確實會時不時地發生，你要盡可能地與第三方中游提供商合作，我認為他們已經做了合理的工作回應問題。

But as I said there's certainly sometimes, things that occur on the power side or unplanned unforeseen circumstances that where these, facilities can be exposed to issues and anyway they're fine, everything's fine now. And so I think we're good to go.

但正如我所說，有時肯定會發生在電力方面的事情或計劃外的不可預見的情況，這些設施可能會遇到問題，無論如何它們都很好，現在一切都很好。所以我認為我們可以開始了。

Good, good. All right. Very good. And then the second one, just the philosophy around hedging as you know, you're almost completely unhedged for your oil and gas production and just to step back and talk about why you think that is the right philosophy. And would that -- what would it take for you ever to be more aggressive in terms of managing the risk and hedging forward? So, I just thinking about your philosophy on hedging.

好，好。好的。非常好。然後是第二個，如你所知，圍繞著對沖的哲學，你的石油和天然氣生產幾乎完全沒有對沖，只是退後一步，談談為什麼你認為這是正確的哲學。那麼，您需要什麼才能在管理風險和對沖方面更加積極主動呢？所以，我只是在思考你的對沖哲學。

Yeah. The point, the point or the way you, you mentioned it about being almost completely unhedged. Now, we are unhedged, not almost unhedged, we are totally unhedged. Look, my philosophy around it is this is sort of like, fire insurance and that's always how we've, we thought about it. And, you know, it's, it's like trying to predict a fire and about your need for the insurance in the first place.

是的。你提到的這一點、這一點或方式幾乎完全不受對沖。現在，我們沒有對沖，不是幾乎沒有對沖，而是完全沒有對沖。聽著，我的理念是，這有點像火災保險，我們一直都是這麼想的。而且，你知道，這就像試圖預測一場火災以及你對保險的需求。

And, these are risks, inherent risks in the business and, we don't take a lot of financial risk, we don't have a lot of debt. And so there's a cost to, to the hedge, just like you pay a premium for insurance, there's a cost to the edge. And I think it complicates the business. I think it's something that we don't need.

而且，這些都是風險，是業務的固有風險，我們不會承擔太多的財務風險，我們沒有太多的債務。因此，對沖是有成本的，就像你支付保險費一樣，邊緣也是有成本的。我認為這使業務變得複雜。我認為這是我們不需要的東西。

And my view is that when I think about how folks who own us in terms of the investors, shareholders, who, who own us. They, wanted that exposure to the commodity with the understanding that they could also sleep at night. And that we won't have any issues on the financial side given our low leverage.

我的觀點是，當我思考擁有我們的人如何擁有我們的投資者、股東。他們希望接觸這種商品，同時了解他們也可以在晚上睡覺。鑑於我們的槓桿率較低，我們不會在財務方面出現任何問題。

So I think we have -- this allows for full exposure to commodity prices on the upside with protection on the downside given our low levels of debt. So I think it's an optimal position or situation to be in and that's, that's sort of the philosophy.

因此，我認為，鑑於我們的債務水平較低，這允許我們充分接觸大宗商品價格上漲的風險，並在下跌時提供保護。所以我認為這是一個最佳的位置或情況，這就是哲學。

Yeah. Yeah, thanks, Chris. That's very helpful.

是的。是的，謝謝，克里斯。這非常有幫助。

Thanks.

謝謝。

Tim Rezvan, KeyBanc Capital Markets.

Tim Rezvan，KeyBanc 資本市場。

Good morning folks. Thank you for taking my question. I'd like to follow up on the prior question. Obviously you don't need to have traditional hedges given the balance sheet strength, but I think the decision to hedge basis is really sort of independent of the balance sheet given a lot of the dynamics going on right now.

各位早安。感謝您回答我的問題。我想跟進之前的問題。顯然，考慮到資產負債表的實力，你不需要進行傳統的對沖，但我認為考慮到目前正在發生的許多動態，對沖基礎的決定實際上是獨立於資產負債表的。

We talked to your team recently and we heard that you're not concerned by be blown out at Houston shift channel. Some of your public have a have a different view, we've seen ship channel and Katie basis out about $.20 for the next couple of years. So if you could talk about Chris about why you're comfortable not doing basis swaps. Do you feel like there's overblown fears about what Matterhorn's going to do to the Gulf Coast area? Love your comments on that. Thank you.

我們最近與你們的團隊進行了交談，聽說你們並不擔心在休士頓輪班通道被炸毀。有些大眾有不同的看法，我們已經看到 Ship Channel 和 Katie 在接下來的幾年裡基差約為 0.20 美元。所以，如果你能談談克里斯，為什麼你願意不進行基差互換。您是否覺得人們對馬特宏峰將對墨西哥灣沿岸地區造成的影響過度擔心？喜歡你對此的評論。謝謝。

Yeah, I'll, on this one but, as you can imagine and understand it's obviously complicated. I think we're pretty confident, around ship channel and that look, it's the second best hub, I guess to sell our gas after Henry hub.

是的，我會，關於這一點，但是，正如你可以想像和理解的那樣，這顯然很複雜。我認為我們對船舶航道非常有信心，看起來，這是第二好的樞紐，我想在亨利樞紐之後出售我們的天然氣。

And as you said, it's about $0.20, so the additional volume coming into the Katy area on Matterhorn is probably at this point priced into the curve and it's best we, we think and, and our understanding of this is not, you know, better than necessarily anyone else's by any means. by any means.

正如你所說，大約是 0.20 美元，因此進入馬特宏峰凱蒂地區的額外交易量可能已計入曲線中，我們認為最好，而且我們對此的理解並不更好。比其他人更重要。無論如何。

You know, there's, I guess Permian is not 2.5 million BCF or BBCF a day long gas and we don't see an immediate flood of, of gas, you know, coming on to Matterhorn from like it's sort of like a dam breaking, you know, so the initial flows that happened in early October, I think it's about 250 million a day.

你知道，我猜二疊紀一天的天然氣量不會達到 250 萬 BCF 或 BBCF，而且我們不會看到大量天然氣立即湧入馬特宏峰，就像大壩決堤一樣，你知道，十月初發生的最初流量，我認為每天大約有2.5 億。

That's only one interconnect completed, there'll, there'll be some additional interconnects that get completed and more and more gas will be able to find a home into the other interconnected pipeline storage facilities.

這只是完成了一個互連，還會有一些額外的互連完成，越來越多的天然氣將能夠在其他互連的管道儲存設施中找到一個家。

But as it ramps, this will likely take some time. And I think there's other factors that we probably, -- will probably benefit from the plaques L&G facility coming on in a commercial service and that will pull some gas that's coming south from the northeast, away from, you know, our market, the Texas market and, and maybe provide some off offset the matter horn.

但隨著它的發展，這可能需要一些時間。我認為還有其他因素，我們可能會受益於商業服務中即將投入使用的 L&G 設施，這將從東北部向南輸送一些天然氣，遠離我們的市場，德克薩斯州市場，也許會提供一些抵消問題的號角。

So whether or not this is all one for one offset, I just don't know. So there, there's just a lot of moving parts around this that I think could potentially offset impacts from the Matter Horn line. But what I would say is trying to hedge basis here is, as I said, challenging and probably would amount more speculation on our part, which is something that just we're not going to do.

所以這是否是一對一的抵消，我只是不知道。因此，圍繞這個問題有很多移動部件，我認為它們可能會抵消馬特霍恩線的影響。但我想說的是，正如我所說，試圖對沖基差是具有挑戰性的，並且可能會導致我們產生更多的投機，而這是我們不會做的事情。

Okay. That's, for a good answer. I appreciate that, that context. And then just I want to circle back on your prepared comments on oil Chris. I just want to make sure we understand what you're saying. You talked about oil exceeding boe growth. That that's pretty clear. You said you expect oil to remain resilient into the fourth quarter. Should we take that to mean like the current, low-40s, oil skew is something you think is sustainable. I'm just trying to understand what that means. Thank you.

好的。那就是，為了一個好的答案。我很欣賞這個背景。然後我想回顧一下你準備好的關於克里斯石油的評論。我只是想確保我們明白你在說什麼。您談到石油成長超過英國央行。這很清楚。您表示預計石油在第四季將保持彈性。我們是否應該將其理解為像當前 40 年代那樣，石油傾斜是您認為可持續的情況。我只是想理解這意味著什麼。謝謝。

Yeah, I think what it means for the -- well, what it means for the fourth quarter is that the oil volumes we anticipate will be about flat going into the fourth quarter. Now, maybe it'll be a little bit better, I just don't know yet. I -- but my guess is that it'll be about flattish from where we were third quarter on the volume side and, and the overall bes obviously will be up a little bit, but us in that generally that should hold us in.

是的，我認為這對第四季度意味著我們預計第四季度的石油產量將持平。現在，也許會好一點，我只是還不知道。我 - 但我的猜測是，與第三季度的銷量相比，它會持平，而且整體效益顯然會有所上升，但總的來說，這應該會阻止我們。

Okat. appreciate, thank you.

好的。欣賞，謝謝。

and around a similar percentage if you will.

如果你願意的話，大約有類似的百分比。

Okay, I appreciate that. Thank you. Sure.

好的，我很欣賞。謝謝。當然。

Sean Mitchell, Daniel Energy Partners.

肖恩·米切爾，丹尼爾能源合夥人。

Good morning guys. Thanks for squeezing me in here. You talked a little bit about it earlier, Chris, you guys have been very consistent in kind of finding these bolt on opportunities and you kind of referred to we like to, you know, make a good hand. Is it getting harder? I mean, you've been doing this for a while, I'm just thinking, are the bolt ONs going to get harder and to make a hand in kind of 25 and beyond or do you feel still feel pretty good about it?

早安，夥計們。謝謝你把我擠在這裡。克里斯，你早些時候談到過這一點，你們在尋找這些機會方面一直非常一致，你提到我們喜歡，你知道，打出一手好牌。是不是越來越難了？我的意思是，你已經這樣做有一段時間了，我只是在想，螺栓會變得更難，並在 25 及以上打出一手牌，還是你感覺仍然感覺很好？

No, I don't think it's harder. I just think you have to be, it silk You have to have some level of patience around it and you can't just, lunge at every opportunity like I said, we, we kick a lot of tires and there's a lot of things, a lot of smaller private folks out there or opportunities that sometimes you just have to think out of the box and, and try to create through, your understanding of what you have and relationships that you have in and around areas that you operate. So I think it's, you may have to be more thoughtful about it. But I'd be, yeah, I, I think, I think there's going to continue to be opportunities out there.

不，我不認為更難。我只是認為你必須如此，你必須有一定程度的耐心，你不能像我說的那樣抓住每一個機會，我們踢了很多輪胎，有很多事情，那裡有很多較小的個人或機會，有時你只需要跳出框框思考，並嘗試透過你對你所擁有的東西以及你所經營的領域內和周圍的關係的理解來創造。所以我認為，你可能需要更加深思熟慮。但我會，是的，我，我認為，我認為那裡將繼續存在機會。

Okay. And this's maybe one follow up, you mentioned in the earlier comments on the midstream facilities and power potentially being a problem if you saw something in the future. Are you thinking more in terms of power generation or transmission when you think about potential problems.

好的。這可能是後續行動，您在先前的評論中提到，如果您將來看到某些情況，中游設施和電力可能會成為問題。當你思考潛在的問題時，你更考慮的是發電還是輸電方面。

Sometimes when I think about it, it's probably all of the above and I wouldn't tell you it's necessarily just in our neck of the woods at all. It's you know, it's a lower 48 issue and you know, there's, there's increasing demands on obviously around pull on power and that will only grow. And so you just have to understand that, you know, the grid and, and power capabilities and generation are susceptible just like anything else.

有時當我想到這一點時，可能就是以上所有情況，但我不會告訴你它一定就在我們附近。這是你知道的，這是一個較低的 48 問題，你知道，對電力的拉動顯然有越來越多的需求，而且這種需求只會增長。所以你必須明白，你知道，電網、電力能力和發電能力就像其他任何東西一樣容易受到影響。

And, you know, we've seen it related to weather issues to some extent, partly that, but as demand and building facilities grows that makes things tighter over time. yeah, undemoted Parsippany only potentially more problematic. And I'm not speaking for us specifically. I just think this is AAA growing issue that folks need to consider.

而且，你知道，我們已經看到它在某種程度上與天氣問題有關，但隨著需求和建築設施的增長，隨著時間的推移，情況會變得更加緊張。是的，未降級的帕西帕尼可能會出現更多問題。我並不是專門為我們說話。我只是認為這是人們需要考慮的日益嚴重的問題。

Yeah, I agree with you. Thank you.

是的，我同意你的看法。謝謝。

Sure. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

當然。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。