Magnolia Oil & Gas Corp (MGY) 2024 Q4 法說會逐字稿

Good morning, everyone, and thank you for participating in Magnolia Oil & Gas Corporation's fourth quarter 2024 earnings conference call. My name is Megan, and I will be your moderator for today's call. (Operator Instructions) Our call is being recorded.

各位早安，感謝各位參加 Magnolia Oil & Gas Corporation 2024 年第四季財報電話會議。我叫梅根，我將擔任今天電話會議的主持人。（操作員指示）本次通話正在錄音。

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.

現在我將把電話交給木蘭公司的管理層，請他們發表事先準備好的講話，之後將進行一個簡短的問答環節。

Thank you, Megan, and good morning, everyone. Welcome to Magnolia Oil & Gas' fourth quarter 2024 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，梅根，大家早安。歡迎參加 Magnolia Oil & Gas 2024 年第四季財報電話會議。今天參加電話會議的有 Magnolia 總裁兼執行長 Chris Stavros，以及資深副總裁兼財務長 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. 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.

提醒各位，今天的電話會議包含聯邦證券法意義上的某些預測和其他前瞻性陳述。這些聲明存在風險和不確定性，可能導致實際結果與這些聲明中明示或暗示的結果有重大差異。有關可能導致結果出現差異的風險因素的更多信息，請參閱公司向美國證券交易委員會提交的 10-K 表格年度報告。完整的安全港條款可在電話會議幻燈片簡報的第 2 張投影片中找到，補充資料可在我們的網站上找到。

You can download Magnolia's fourth 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.

您可以從 Magnolia 公司網站 www.magnoliaoilgas.com 的投資者關係部分下載 Magnolia 2024 年第四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.

現在我將把電話交給克里斯·斯塔夫羅斯先生。

Thanks, Tom, and good morning, everyone. We appreciate you joining us for our discussion of our fourth quarter and full year 2024 financial and operating results.

謝謝你，湯姆，大家早安。感謝您參加我們對 2024 年第四季及全年財務及經營業績的討論。

I plan to briefly speak to our full year results and fourth quarter, which closed out another year of strong, reliable performance and execution aligned with Magnolia's business model and helped by some conscious actions taken around reducing our field level operating costs. I'll briefly highlight how our business model and core principles continue to deliver results that compound per share value and is evidenced through Magnolia's performance since its founding.

我計劃簡要地談談我們的全年業績和第四季度業績，第四季度業績和執行力又持續強勁可靠，符合 Magnolia 的商業模式，這得益於我們在降低現場運營成本方面採取的一些有意識的措施。我將簡要介紹我們的商業模式和核心原則如何持續帶來每股價值的複合成長，而 Magnolia 自成立以來的表現也證明了這一點。

Finally, I'll conclude by providing an outlook of Magnolia's 2025 capital and operating plan, which is expected to deliver moderate growth with a similar level of capital spending while providing additional capture of low-cost resource opportunities. Brian will then review our financial results in greater detail and provide some additional guidance before we take your questions.

最後，我將展望 Magnolia 2025 年的資本和營運計劃，預計該計劃將在保持類似水平的資本支出的同時實現適度增長，並進一步把握低成本資源機會。接下來，布萊恩將更詳細地回顧我們的財務業績，並在回答您的問題之前提供一些額外的指導。

Starting on slide 3 of the investor presentation and looking at the highlights. Magnolia ended 2024 on a high note with across-the-board strength in both financially and in our operations. Record quarterly production volume during the fourth quarter of 93.1 million barrels of oil equivalent per day lifted full year 2024 total production to 89.7 Mboe per day. This amounted to annual total company production growth of 9% for second consecutive year and with full year oil production growth of 11%, exceeding our original expectations. Our total production at Giddings grew 16%, with oil growing 21% and partially supported by our prior year acquisition in addition to strong well productivity and the continued expansion of our development area in this field.

從投資者簡報的第 3 頁開始，重點放在其中的內容。Magnolia 在 2024 年末取得了優異的成績，財務和營運方面都表現強勁。第四季創紀錄的季度產量達到每天 9,310 萬桶油當量，使 2024 年全年總產量達到每天 8,970 萬桶油當量。這意味著公司年度總產量連續第二年成長 9%，全年石油產量成長 11%，超出我們最初的預期。我們在吉丁斯的總產量成長了 16%，其中石油產量增加了 21%，這部分得益於我們前一年的收購，以及強勁的油井產能和我們在該油田開發區域的持續擴張。

Total adjusted net income for the year was approximately $401 million and adjusted EBITDAX was $953 million and our D&C capital spending of $477 million led to a reinvestment rate of just 50%. This allowed the company to generate free cash flow of $430 million last year, and we returned 88% of the free cash flow or approximately $378 million to our shareholders through our growing base dividend and ongoing share repurchase program.

本年度調整後淨收入總額約為 4.01 億美元，調整後 EBITDAX 為 9.53 億美元，而我們的 D&C 資本支出為 4.77 億美元，導致再投資率僅 50%。這使得該公司去年產生了 4.3 億美元的自由現金流，我們透過不斷增長的基本股息和持續的股票回購計劃，將 88% 的自由現金流（約 3.78 億美元）返還給了股東。

Our asset teams and field employees embraced our asset optimization at field level cost reduction initiatives implemented early last year and were successful in lowering our lease operating costs by 10% per BOE through the year. This, in combination with our efforts in continuing to work with our materials vendors and oilfield service providers lowered our overall finding and development costs, helping us achieve a return on capital employed of 22% last year and places Magnolia's overall cost structure and the position of strength into 2025.

我們的資產團隊和現場員工積極響應了去年年初實施的現場資產優化成本削減計劃，並成功地將租賃營運成本降低了10%（每桶油當量）。這一點，再加上我們繼續與材料供應商和油田服務提供商合作，降低了我們的整體勘探和開發成本，幫助我們去年實現了 22% 的資本回報率，並使 Magnolia 的整體成本結構和優勢地位延續到 2025 年。

The confidence and strength in Magnolia's outlook supported our Board's approval of a 15% increase to our quarterly dividend payment earlier this month to $0.15 per share or an annualized payment of $0.60 per share. Magnolia's Board also authorized an increase of 10 million shares to our existing share repurchase program designated for open market repurchases and as we continue with our plan to repurchase 1% of our shares outstanding per quarter.

鑑於 Magnolia 的前景充滿信心和實力，董事會於本月初批准將季度股息支付提高 15%，至每股 0.15 美元，或年化支付每股 0.60 美元。Magnolia 董事會也批准將現有股票回購計畫的股份數量增加 1,000 萬股，用於公開市場回購，同時我們將繼續執行每季回購已發行 1% 的計畫。

Turning to slide 4. Magnolia's business model has remained reliably consistent and steady since the company was founded. As I've stated before, our objective has been and continues to be to operate a highly investable attractive E&P business that is enduring and focused on generating absolute per share value over the long term. Our objective is to be the most efficient operator of best-in-class oil and gas assets generating the highest returns on those assets while deploying the least amount of capital for drilling and completing our wells.

翻到第4張投影片。自公司成立以來，Magnolia 的商業模式一直保持著可靠的一致性和穩定性。正如我之前所說，我們的目標一直是並將繼續是經營一家具有高度投資價值、前景廣闊且可持續發展的油氣勘探開發企業，專注於在長期內創造絕對的每股價值。我們的目標是成為最高效的一流油氣資產營運商，在鑽井和完井過程中投入最少的資金，從而獲得最高的資產回報。

Our continued low and reinvestment rate, which has delivered moderate growth and significant free cash flow generation services evidence of achieving that goal. This formula enables a significant portion of the free cash flow to be returned to our shareholders in our case, through our consistent and ongoing share repurchases and a secure and growing base dividend.

我們持續保持較低的再投資率，實現了適度成長和顯著的自由現金流，這證明了我們實現了這一目標。透過這個模式，我們可以將相當一部分自由現金流返還給股東，具體方式是透過持續不斷的股票回購以及穩定成長的基本股利。

The combination of reducing our total share count, moderate production growth and low-cost structure creates an investment proposition that provides average annual dividend growth of approximately 10%. Additional free cash flow accrues to the balance sheet, allowing us to opportunistically pursue attractive bolt-on oil and gas property acquisitions that can improve and extend our high-return business. The results of our model and strategy are apparent when examining what we've achieved over the longer term.

減少總股本、適度生產成長和低成本結構相結合，創造了一種投資方案，可提供約 10% 的年均股息成長。額外的自由現金流將計入資產負債表，使我們能夠抓住機會，進行有吸引力的附加石油和天然氣資產收購，從而改善和擴展我們的高回報業務。從長期來看，我們所取得的成就證明了我們模式和策略的有效性。

As shown on slide 5, Magnolia has had one of the lowest capital reinvestment rates while realizing one of the highest rates of production per share growth among US oil and gas producers over the past four years.

如投影片 5 所示，在過去四年中，Magnolia 的資本再投資率是美國石油和天然氣生產商中最低的之一，同時其每股產量成長率卻是最高的之一。

Turning to slide 6. Magnolia continues to generate high pretax operating margins, largely a result of our high-quality assets, our emphasis around efficiencies and cost containment. We successfully lowered our overall well cost and D&C capital during 2023 and reduced field level operating cost last year, which at current product prices, should lead to improved full-cycle operating margins in 2025.

翻到第6張投影片。Magnolia 持續創造較高的稅前營業利潤率，這主要得益於我們高品質的資產、我們對效率和成本控制的重視。我們在 2023 年成功降低了整體油井成本和鑽井資本，並在去年降低了油田營運成本，以目前的產品價格，這應該會在 2025 年帶來全週期營運利潤率的提高。

As shown on slide 7, the strength of our balance sheet remains best-in-class. Maintaining low leverage is a key component of our business model, minimizing overall financial risk while providing flexibility and optionality for the company. The absence of any oil and gas hedges provides us with the ability to accrue a significant amount of excess cash flow to the balance sheet during a period of higher product prices, which can then gradually be deployed as product prices recede.

如投影片 7 所示，我們的資產負債表實力依然是業界最佳。維持低槓桿率是我們商業模式的關鍵組成部分，它既能最大限度地降低整體財務風險，又能為公司提供靈活性和選擇權。由於沒有進行任何石油和天然氣避險，我們能夠在產品價格較高時期在資產負債表上累積大量超額現金流，然後隨著產品價格回落，這些現金流可以逐步投入使用。

Deploying this countercyclical strategy has been in our experience benefiting the company and our shareholders by executing on accretive bolt-on acquisition opportunities during more modest product prices. While other producers have shown the ability to capitalize on one or two of these metrics, it is uncommon to have a low reinvestment rate with above average growth per share combined with high operating margins and low debt. This effective and potent combination allows us to maximize free cash flow generation and continue to support our highly competitive capital return program.

根據我們的經驗，採用這種反週期策略，可以在產品價格較為溫和的時候抓住增值收購機會，從而使公司和股東受益。雖然其他生產商已經展現出利用其中一兩項指標的能力，但要同時實現較低的再投資率、高於平均水平的每股增長、較高的營業利潤率和較低的債務，這種情況並不常見。這種有效且強有力的組合使我們能夠最大限度地產生自由現金流，並繼續支持我們極具競爭力的資本回報計劃。

Slide 8 shows our returns at the corporate level or the overall financial outcome of our business model. As I mentioned, our return on capital employed delivered another solid result with ROCE of 22% during 2024 and despite lower year over year product prices. Magnolia's return on capital employed on average over the past six years or approximately since the company's inception was 26% or roughly 3 times our weighted average cost of capital. These superior returns are a function of our high-quality assets, our strategy around disciplined capital allocation, maintaining our low debt, a low cost structure and further enhanced by our ongoing share repurchase program. This combination has proven to be a successful recipe.

第 8 張投影片展示了我們在公司層面的回報，或是我們商業模式的整體財務成果。正如我之前提到的，儘管產品價格同比下降，但我們的資本回報率在 2024 年仍取得了 22% 的穩健成績。Magnolia 過去六年（或自公司成立以來）的平均資本回報率為 26%，約為我們加權平均資本成本的 3 倍。這些優異的回報得益於我們高品質的資產、我們圍繞嚴謹的資本配置而製定的策略、我們維持的低負債、低成本結構，以及我們持續進行的股票回購計畫的進一步加強。事實證明，這種組合是一個成功的配方。

Finally, on slide 9, Magnolia's business model continues to result in consistent and reliable free cash flow through the cycle with a significant portion of that free cash return to our shareholders. Since inception, Magnolia has returned nearly $1.6 billion or approximately 35% of its current market capitalization through a combination of share repurchases and dividends.

最後，在第 9 張投影片中，Magnolia 的商業模式在整個週期中持續產生穩定可靠的自由現金流，並將其中很大一部分自由現金回饋給我們的股東。自成立以來，Magnolia 透過股票回購和分紅相結合的方式，已返還了近 16 億美元，約佔其當前市值的 35%。

We entered 2025 on South footing after a very solid year of operating performance and a strong financial position with an improved cost structure. Our business model and strategy remains largely unchanged. Magnolia's plants to operate two drilling rigs and one completion group during 2025, and expects to maintain this level of activity through the year with total D&C capital spending anticipated in the range of $460 million to $490 million. This level is roughly flat with last year and at current product prices represents a reinvestment rate of less than 55% of our adjusted EBITDAX. This also includes an estimate of nonoperating capital that is roughly the same as 2024 levels.

經過一年穩健的營運表現和強勁的財務狀況以及成本結構的改善，我們以良好的基礎進入了 2025 年。我們的商業模式和策略基本上保持不變。Magnolia 的工廠將在 2025 年運營兩台鑽機和一個完井機組，並預計將在全年保持這一活動水平，預計鑽井和完井總資本支出將在 4.6 億美元至 4.9 億美元之間。這一水準與去年大致持平，以目前產品價格計算，再投資率不到我們調整後 EBITDAX 的 55%。這也包括對非經營性資本的估計，該估計與 2024 年的水平大致相同。

Our activity and spending is expected to deliver total annual production growth of 5% to 7%, including low single-digit annual growth in oil production, with the overall characteristics and quality of this year's program expected to be very similar to what we experienced last year. Most of our oilfield service materials costs are under contract through at least mid-2025, and we continue to see some ongoing D&C efficiency improvements generated by our operations team at Giddings, inclusive of last year's 7% increase in drilling feet per day.

預計我們的活動和支出將帶來 5% 至 7% 的年度總產量增長，其中包括石油產量的個位數年增長率，預計今年計劃的總體特徵和質量將與去年非常相似。我們大部分油田服務材料成本至少在 2025 年年中之前都有合約保障，而且我們繼續看到吉丁斯油田的營運團隊在鑽井和完井效率方面取得一些持續的進步，包括去年每天鑽井英尺數增長了 7%。

While our D&C spending levels are expected to be similar to 2024, lower overall well costs combined with improved operating efficiencies allows more wells to be drilled, completed and turned in line, supporting Magnolia's high-margin growth while providing additional operational flexibility. Approximately 75% to 80% of this year's activity will consist of multi-well development pads in the Giddings area. Over the last several years, we have gained a much better understanding of the subsurface and normal technical knowledge through our own drilling and data gathering in Giddings.

雖然我們預計 2024 年的鑽井和完井支出水準與 2024 年相似，但較低的整體油井成本加上更高的營運效率，使得更多的油井可以鑽探、完井並投入生產，從而支持 Magnolia 的高利潤增長，同時提供更大的營運靈活性。今年約 75% 至 80% 的活動將包括吉丁斯地區的多井開發平台。過去幾年，透過在吉丁斯進行鑽探和資料收集，我們對地下情況和常規技術知識有了更深入的了解。

We plan to put some of this knowledge to work and allocate a portion of our capital to further delineate our significant acreage position at Giddings through some appraisal wells, deciding to test some concepts, further extend the balance sheets of the field and expand the competitive advantage that we have gained in the area.

我們計劃運用這些知識，並撥出一部分資金，透過一些評估井進一步明確我們在吉丁斯的重要油田面積，決定測試一些概念，進一步擴大油田的資產負債表，並擴大我們在該地區獲得的競爭優勢。

Our Karnes area assets continue to generate significant free cash flow, and we expect to allocate approximately 20% to 25% of our capital to this asset this year, including modest development as well as some appraisal activity. We 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 continue to add the serial compounders and value for our shareholders.

我們在卡恩斯地區的資產持續產生可觀的自由現金流，我們預計今年將把大約 20% 到 25% 的資本分配給該資產，包括適度的開發以及一些評估活動。我們相信，我們的商業模式和策略為我們提供了持久的競爭優勢，使我們能夠長期保持適度成長，並繼續為股東創造連續成長和價值。

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

現在我將把電話交給布萊恩，讓他詳細介紹我們的財務和營運表現。

Thanks, Chris, and good morning, everyone. I will review some items from our fourth quarter and full year results and refer to the presentation slides found on our website. Also provide some additional guidance for the first quarter of 2025 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中的一些項目，並參考我們網站上的簡報。此外，在提交提問之前，請對 2025 年第一季和剩餘時間提供一些額外的指導。

I know we ended 2024 on a strong note, highlighted by steady and consistent execution. During the fourth quarter, we generated total net income of $89 million with total adjusted net income of $95 million or $0.49 per diluted share. Our adjusted EBITDAX for the quarter was $236 million, with total capital associated with drilling completions and associated facilities of $132 million.

我知道我們在 2024 年以強勁的勢頭結束了這一年，這主要得益於我們穩定而持續的執行力。第四季度，我們實現了 8,900 萬美元的總淨收入，調整後的總淨收入為 9,500 萬美元，即每股攤薄收益 0.49 美元。本季調整後的 EBITDAX 為 2.36 億美元，與鑽井完工和相關設施相關的總資本為 1.32 億美元。

For the full year, adjusted EBITDAX was $953 million with D&C capital representing 50% of EBITDAX. Fourth quarter production volumes grew 9% year over year to 93.1 million barrels of oil equivalent a day. For the full year, production volumes grew 9% to 89.7 million barrels of oil equivalent a day, with oil growth of 11%. During the year, we repurchased a total of 11 million shares, and our diluted share count fell by 5% year over year.

全年調整後的 EBITDAX 為 9.53 億美元，其中 D&C 資本佔 EBITDAX 的 50%。第四季產量年增 9%，達到每天 9,310 萬桶油當量。全年產量增加 9%，達到每天 8,970 萬桶油當量，其中原油產量增加 11%。年內，我們共回購了 1,100 萬股股票，稀釋後的股票數量較去年同期下降了 5%。

Looking at the quarterly cash flow waterfall chart on slide 11, we started the year with $401 million of cash. Cash flow from operations before changes in working capital was $919 million, with working capital changes and other small items impacting cash by $11 million. During the year, we paid dividends of $107 million and allocated $273 million towards share repurchases. We added $165 million of bolt-on acquisitions through the year. We incurred $487 million on drilling, completions, facilities and leasehold and ended the year with $260 million of cash.

從第 11 頁的季度現金流量瀑布圖可以看出，年初我們擁有 4.01 億美元的現金。營運資金變動前的營運活動現金流量為 9.19 億美元，營運資金變動和其他小型專案對現金的影響為 1,100 萬美元。年內，我們支付了 1.07 億美元的股息，並撥出 2.73 億美元用於股票回購。我們全年新增了價值 1.65 億美元的補充收購案。我們在鑽井、完井、設施和租賃方面支出 4.87 億美元，年底現金餘額為 2.6 億美元。

Looking at slide 12. This chart illustrates the progress in reducing our total outstanding shares since we began our repurchase program in the second half of '19. Since that time, we have repurchased 72.9 million shares, leading to a change in weighted average diluted shares outstanding of 23% net of issuances. Magnolia's weighted average diluted share count declined by more than 2 million shares sequentially, averaging 196.2 million shares during the fourth quarter. As Chris discussed, the Board recently approved a 10 million share increase to our share repurchase authorization, leaving 11.7 million shares remaining under our current repurchase authorization, which are specifically directed to repurchasing Class A shares in the open market.

請看第12張投影片。這張圖表顯示了自 2019 年下半年我們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。自那時以來，我們已回購了 7,290 萬股，導致加權平均稀釋流通股淨額變化 23%（扣除發行量）。Magnolia 的加權平均稀釋股數較上季減少了 200 多萬股，第四季平均為 1.962 億股。正如克里斯所討論的，董事會最近批准將我們的股票回購授權增加 1000 萬股，使我們目前的股票回購授權下還剩下 1,170 萬股，這些股票專門用於在公開市場上回購 A 類股票。

Turning to slide 13. Our dividend has grown substantially over the past few years, including a 15% increase announced earlier this month to $0.15 per share on a quarterly basis. Our next quarterly dividend is payable on March 3, and provides an annualized dividend payout rate of $0.60 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.

翻到第13張幻燈片。過去幾年，我們的股息大幅成長，包括本月初宣布的季度股息成長 15%，達到每股 0.15 美元。我們下一季的股息將於 3 月 3 日支付，年化股息支付率為每股 0.60 美元。我們的年度股息成長計畫是木蘭投資方案的重要組成部分，並得到了我們整體策略的支持，即實現適度的年度產量成長，減少流通股數量，並提高公司每股股息支付能力。

Magnolia continues to have a very strong balance sheet, and we ended the quarter with $260 million of cash. Our recently financed senior notes of $400 million do not mature until 2032. Including our fourth quarter ending cash balance of $260 million and our undrawn $450 million revolving credit facility, our total liquidity is approximately $710 million. Our condensed balance sheet as of December 31, is shown on slide 14.

Magnolia 的資產負債表依然非常穩健，截至本季末，我們擁有 2.6 億美元的現金。我們最近融資的 4 億美元高級票據要到 2032 年才會到期。包括我們第四季末的 2.6 億美元現金餘額和我們未提取的 4.5 億美元循環信貸額度在內，我們的總流動資金約為 7.1 億美元。截至 12 月 31 日的簡明資產負債表請見第 14 頁。

Turning to slide 15 and looking at our per unit cash cost and operating income margins. Total revenue per BOE declined year over year due to the decline in oil prices. Our total adjusted cash operating costs, including G&A, were $10.62 per BOE in the fourth quarter of '24. Our operating income margin for the fourth quarter was $14.48 per barrel or 38% of total revenue. 95% of the decrease in our quarter-over-quarter pretax operating margin was driven by the decrease in commodity prices.

翻到第 15 頁，看看我們的單位現金成本和營業收入利潤率。由於油價下跌，每桶油當量總收入較去年同期下降。2024 年第四季度，我們調整後的現金營運總成本（包括一般及行政費用）為每桶油當量 10.62 美元。第四季我們的營業利潤率為每桶14.48美元，佔總營收的38%。在環比下降的稅前營業利潤率中，95%是由大宗商品價格下跌造成的。

On slide 16, Magnolia had a very successful organic drilling program during the year. The total proved developed reserves at year-end 2024 were 149 million BOEs. Excluding acquisitions and price-related revisions, the company added 44 million barrels of oil equivalent of proved developed reserves during the year. Total drilling and completions capital was $477 million in '24, resulting in organic proved developed F&D cost of $10.77 per BOE and reflective of our current drilling program.

第 16 頁幻燈片顯示，Magnolia 在這一年中開展了一項非常成功的有機鑽探計劃。截至 2024 年底，已探明開發儲量總計為 1.49 億桶油當量。不計收購及價格相關調​​整，該公司本年度新增已探明開發儲量4,400萬桶油當量。2024 年鑽井和完井總資本為 4.77 億美元，由此得出有機已探明開發油氣田的鑽探和開發成本為每桶油當量 10.77 美元，反映了我們目前的鑽井計劃。

Turning to guidance. We expect our 2025 capital spending for drilling completions and associated facilities to be in the range of $460 million to $490 million, which includes an estimate of non-op capital that is about the same as 2024 levels. We expect first quarter D&C capital expenditures to be approximately $135 million and anticipate this to be the highest quarterly rate of spending for the year. Total production for the first quarter is estimated to be approximately 94 Mboe a day, with 2025 full year total production growth expected to be 5% to 7%. 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.

尋求指導。我們預計 2025 年鑽井完井及相關設施的資本支出將在 4.6 億美元至 4.9 億美元之間，其中包括與 2024 年水準大致相同的非營運資本的估計。我們預計第一季設計與施工資本支出約為 1.35 億美元，並預計這將是今年最高的季度支出水準。第一季總產量預計約為每天 9,400 萬桶油當量，預計 2025 年全年總產量將成長 5% 至 7%。預計油價與 Magellan East Houston 的價格相差約 3 美元/桶，而 Magnolia 的所有石油和天然氣產量均未進行對沖。

The fully diluted share count for the first quarter of 2025 is expected to be approximately 195 million shares, which is 5% lower than first quarter 2024 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 7% to 9% for 2025.

預計 2025 年第一季完全稀釋後的股份數量約為 1.95 億股，比 2024 年第一季的水準低 5%。我們預計實際稅率約為 21%，其中大部分稅款將被遞延繳納。預計2025年我們的現金稅率將在7%至9%之間。

We are now ready to take your questions.

現在我們可以回答你們的問題了。

(Operator Instructions)

（操作說明）

Neal Dingmann, Truist Securities.

Neal Dingmann，Truist Securities。

Congratulations, guys, another great quarter. Chris, my first question is just on your well cost. Specifically, one time I know you all had a good bit of -- your well costs included a number of tests that you performed downhole before actually producing the well. I'm just wondering, now when you look at the plan, are you still doing a fair amount of science as you drill some of these Giddings wells? Or is it now just strictly a development program?

恭喜各位，又一個精彩的季度！克里斯，我的第一個問題是關於你的油井成本。具體來說，我知道你們有一次都投入了不少資金——你們的油井成本包括了在實際生產油井之前進行的一系列井下測試。我只是想知道，現在你看一下這個計劃，在鑽探這些吉丁斯井的過程中，你是否仍在進行相當多的科學研究？或者它現在僅僅只是一個發展項目？

We're sort of down the path pretty good here. We've been doing this for a while, several years in getting certainly after COVID fairly consistently. So the science now is probably far and away more limited, maybe to some of the newer areas. And I would tell you that we're more down the development path in Giddings other than maybe some of the appraisal activity, which is a bit different. But as far as poring actual science down wells, it's more limited right now. So it's really more pure development.

我們現在進展得相當順利了。我們已經這樣做了有一段時間了，好幾年了，尤其是在新冠疫情之後，我們一直相當穩定地這樣做。所以現在的科學可能遠遠限於一些較新的領域。我可以告訴你，除了評估活動之外，我們在吉丁斯的發展道路上走得更遠了，評估活動的情況略有不同。但就目前而言，將真正的科學成果注入水井的做法還比較有限。所以這實際上是一種更純粹的開發。

No, that's what great to hear. And then second question, just on shareholder return. I believe I continue to think you'll have one of the more appropriate dividend and buyback policies. I'm just wondering assuming you don't probably spend too much totally on bolt-ons and other opportunities and the cash position continues to grow to, I don't know, $500 million, $600 million. Are you comfortable with keeping that on the balance sheet? Or would there be various other strategic plans?

不，聽到這個消息真是太好了。第二個問題，關於股東回報。我認為貴公司仍然會擁有比較合適的股利和股票回購政策之一。我只是在想，假設你不會在附加項目和其他機會上花太多錢，現金儲備繼續成長到，比如說，5億美元、6億美元。您是否願意將這筆款項保留在資產負債表上？還是有其他各種戰略計劃？

Well, we've seen this happen before, where the cash built to $700 million for a little bit of time, I called it the winnings during a period of very high product prices. And then with a little bit of patience, not believing that it would burn a hole in our pocket for too long. We deployed it when the time was right or when we saw attractive opportunities come along. So I'm not adverse to seeing it happen and holding on to the cash for a little bit of time, but not a lengthy period of time. I just don't think that it would occur for that long. So anyway, I think there'll be things that always come up.

我們以前也見過這種情況，現金在一段時間內積累到了 7 億美元，我稱之為產品價格非常高時期的盈利。然後，只要稍微有點耐心，不要以為它會讓我們的錢包長時間空空如也。我們會在時機成熟或出現有吸引力的機會時部署它。所以我並不反對看到這種情況發生，並暫時持有現金，但不會持有太久。我不認為這種情況會持續那麼長時間。總之，我覺得總是會有一些事情發生。

Oliver Huang, TPH.

Oliver Huang，TPH。

I know you all are fairly conservative when it comes to booking of reserves, but it would appear that you all have quite a bit of gas inventory that gets very little credit from the market. So just kind of wondering, what would it take to just lean into that acreage a bit more, just kind of given the trajectory of gas prices in the near term to maybe unlock some of that value there?

我知道你們在儲備金的提列方面都比較保守，但看起來你們似乎有很多天然氣庫存，卻很少從市場上獲得收益。所以我想知道，考慮到近期汽油價格的走勢，如果想更深入地開發這片土地，或許需要做些什麼才能釋放其中的一些價值？

Yean. I guess part of the answer is that we -- I think our cost structure has seen quite a bit of improvement. So it all starts with well economics. And some of the actions that we've taken in the last couple of years around reducing our well costs may have improved the returns in certain areas that might have been previously a little bit more marginal and puts us in a much better position. So we continuously revisit, review these areas to see if they could work and revisit them again as we further optimize just in terms of other efficiencies.

耶。我想部分原因在於──我認為我們的成本結構已經有了相當大的改善。所以這一切都始於經濟學。過去幾年，我們採取了一些措施來降低油井成本，這些措施可能提高了某些先前收益相對較低領域的收益，使我們處於更好的地位。因此，我們會不斷地重新審視、檢視這些領域，看看它們是否可行，並在進一步優化其他效率方面再次重新審視它們。

So look, I think it's exactly the same within our extensive position in Giddings, the 550,000 acres. Probably not. There's probably some variability in the performance or whatnot or any acreage. But -- will more of it work out over time? Probably yes, because we're learning more every day, and that's part of the -- going to be part of the appraisal work that we're doing this year. And so I think it's more along the lines of stay tuned. I probably have more to say about it or you'll just see it happen a little bit of time.

所以你看，我認為我們在吉丁斯的廣闊地塊（55萬英畝）的情況也完全一樣。可能不會。性能或其他方面，或任何面積，都可能存在一些差異。但是——隨著時間的推移，這種情況會越來越好嗎？可能吧，因為我們每天都在學習更多，而這正是我們今年評估工作的一部分。所以我覺得更像是「敬請期待」。我可能還有更多要說的，或者過段時間就會看到事情發生了。

Okay. Makes sense. And maybe for a follow-up question just on well cost. I know you all have done a good job of lowering well cost over the past couple of years, first, starting with the completion side, then moving to the drilling side last year. But just kind of wondering, are there any immediate levers or line of sight to things that you could potentially do maybe along the lines of longer laterals, just given how contiguous the acreage is? And if not, is there anything in particular that's keeping you all from kind of taking that step?

好的。有道理。或許還可以進一步詢問一下油井成本。我知道你們在過去幾年為降低油井成本做出了很大的貢獻，首先是從完井方面入手，然後去年又擴展到了鑽井方面。但我只是想知道，鑑於這片土地如此連片，是否有任何直接的措施或思路可以採取一些措施，例如建造更長的水平井？如果沒有，是什麼特別的原因阻止你們採取這一步呢？

No, nothing that's preventing us from taking the step. I mean, again, we continue -- as I said, it really all starts with the economics and that we're in a much better position right now. So we're examining different parts of the field and trying to test some new things and push the boundaries a little bit around the field. So it seems to me before we go out and pay $4 million, $5 million, $6 million or whatever per undrilled location that we should probably take a closer look within the acreage that we already own.

不，沒有任何事情阻止我們採取這一步驟。我的意思是，再說一遍，正如我所說，這一切都始於經濟，而我們現在的處境要好得多。所以我們正在研究該領域的不同部分，嘗試測試一些新東西，並稍微擴展一下該領域的邊界。所以我覺得，在我們花費 400 萬美元、500 萬美元、600 萬美元或其他任何價格購買未鑽探地點之前，我們應該仔細檢視我們已經擁有的土地。

So as I mentioned, we've gathered a lot of data, some surface and also from some of the base assets that we've acquired in the northern part of Giddings, southern part of Giddings and as we integrate and optimize some of the learnings from those assets, it should allow us to expand some of the balance sheets of the field. And actions that we've already taken around not just the cost, but also some of the optimization around inventory, et cetera, I think it has led to us adding tens of thousands of incremental lateral feet to our drilling inventory. And over time, it will likely amount to multiples of that. So we continue to test some concepts and I think it's going to go well for us over time.

正如我剛才提到的，我們已經收集了大量數據，一些來自地表，還有一些來自我們在吉丁斯北部和南部收購的一些基礎資產。隨著我們整合和優化從這些資產中獲得的一些經驗，應該能夠擴大該油田的資產負債表。我們已經採取了一些措施，不僅針對成本，還包括庫存等方面的最佳化，我認為這使我們的鑽井庫存增加了數萬英尺的水平進場能力。隨著時間的推移，這個數字很可能會倍增。所以我們繼續測試一些概念，我認為隨著時間的推移，這對我們會有好結果。

Carlos Escalante, Wolfe Research.

卡洛斯·埃斯卡蘭特，沃爾夫研究公司。

It's [McKinley] in for Carlos. So good, solid quarter for the team. So my question is what does your 2025 capital program of more sustaining capital, say about your long-term sustaining capital? And my second question is how close are you guys to drop in a rig even a partial going forward?

麥金利將代替卡洛斯上場。所以，對球隊來說，這是一個不錯的、穩健的季度。所以我的問題是，你們2025年的資本計劃，也就是增加永續資本投入，對你們的長期永續資本有何啟示？我的第二個問題是，你們距離投入使用哪怕部分投入使用還有多遠？

Yeah. I feel very comfortable with the range of capital spending, the $460 million to $490 million that we gave, sort of the midpoint is right around certainly at current product prices, what it will take to generate the type of growth that we talked about, the 5% to 7% and lower single-digit oil growth. I wouldn't imagine that we'd have to -- if your question was around slowing activity or dropping a rig, I wouldn't -- and certainly, at current product price is not going to happen, I would imagine that, that would have to be something below $60 before we even thought about that side on oil. I don't see that happening right now, but we're prepared to do it. We have a lot of optionality and flexibility in the program. We've done a lot to improve our cost structure. And so we're well set up to achieve what we plan to achieve for this year. So I think I expect the plan to be fairly steady.

是的。我對資本支出的範圍感到非常滿意，我們投入的 4.6 億美元到 4.9 億美元，大致是中點，當然，按照目前的產品價格，這筆錢足以產生我們所說的增長，即 5% 到 7% 以及更低個位數的石油增長。我不認為我們非得這麼做——如果你的問題是關於放慢活動速度或撤掉鑽井平台，我的答案是不會——而且當然，以目前的產品價格來看，這種情況不會發生，我想，油價必須低於 60 美元，我們才會考慮石油方面的那些措施。我認為目前還不會發生這種情況，但我們已經準備好了。我們的方案有很多選擇和靈活性。我們已採取諸多措施來改善成本結構。因此，我們已做好充分準備，以實現今年的計劃目標。所以我認為這個計劃應該會比較穩定。

Zach Parham, JPMorgan.

Zach Parham，摩根大通。

Just wanted to ask on the trajectory of your expected production through the year. You talked about 1Q CapEx being the high point of the year. Should that drive more growth in 2Q and then maybe flatten out in the back half? Just curious if you could provide some color there.

我想問一下您預計今年的產量走勢如何。你提到第一季資本支出是全年最高點。這是否會推動第二季度成長，然後在下半年趨於平穩？我只是好奇您能否提供一些細節上的資訊。

Thanks, Zach. Yes, so I expect it to grow ratably through the year. It may -- you may see some variability, but I expect it to grow fairly ratably through the year. You'll see growth in 4Q to 1Q, 1Q to 2Q generally. The percentage between quarters may jump around a bit, depending on the pace of activity. And as we said, the first quarter will be a little bit higher in the highest part of the year in terms of capital, which should see good first half volumes. But then I fully expect to end the year at a pretty good clip. We could start to see likely, frankly, maybe triple digits on overall volumes or certainly getting close to that. And then certainly in the year, maybe 40,000 a day of oil, if not a little bit better. I think these numbers are more or less in line with consensus maybe a little bit better.

謝謝你，扎克。是的，所以我預計它全年將保持穩定成長。可能會有一些波動，但我預計它全年都會保持相當穩定的成長。一般來說，第四季到第一季以及第一季到第二季都會成長。各季度之間的百分比可能會略有波動，具體取決於業務活動的節奏。正如我們所說，第一季是一年中資本最充裕的時期，因此上半年的銷售應該會不錯。但我完全有信心以相當不錯的成績結束這一年。坦白說，我們可能會看到整體銷售達到三位數，或至少接近這個數字。然後，一年下來，石油日產量可能達到 4 萬噸，甚至可能更好。我認為這些數字與普遍預期基本一致，甚至可能略好一些。

Thanks for that color. My follow-up, I just want to ask about Karnes. You mentioned some appraisal work that you're doing there. Can you just give us a little more color on what you're testing in Karnes?

謝謝你提供的顏色。我還有一個問題，我想問關於卡恩斯的情況。你提到你在那裡進行一些評估工作。能否詳細介紹一下您在卡恩斯進行的測試內容？

Yeah, there was an opportunity that we got involved in about a year or so ago through a small acquisition, about 25,000 acres. I've mentioned it on previous calls. And again, I would describe it as an exploitation or appraisal option. It's an oily area. And if we can make it work, it could go together with some of the activity that we typically pursue in Karnes. We have had a couple of recent wells there that have performed quite good. But I do think we still need to study it a bit further before moving forward. So we'll just have to see how it goes. It's still a little early. But I'm encouraged by what we've seen so far.

是的，大約一年前，我們透過小規模收購（約 25,000 英畝）獲得了一個機會。我之前在電話裡提到過這件事。我再次將其描述為一種利用或評估選項。這是一個油污地區。如果我們能成功，它可以與我們通常在卡恩斯進行的一些活動結合。我們最近在那裡鑽了幾口井，產量都相當不錯。但我認為在繼續前進之前，我們還需要對此進行更深入的研究。所以，我們只能拭目以待了。現在還為時過早。但我對目前為止所看到的感到鼓舞。

Noah Hungness, Bank of America.

諾亞·洪尼斯，美國銀行。

My first question, I was just hoping to get your latest take on the M&A opportunity set across the Eagle Ford and where you see that greatest opportunity set, is it in the oily window or the natural gas or somewhere in the middle?

我的第一個問題是，我只是想了解您對 Eagle Ford 地區併購機會的最新看法，您認為最大的機會在哪裡？是在石油領域，還是天然氣領域，還是兩者之間？

Yeah. Look, over the last 6 to 12 months, there have been several opportunities and assets or packages that have popped up in the Eagle Ford, mainly west of Karnes and a varying quality and size. As we've said often times, we look at everything. We take a lot of tires, and we may or may not participate in some actual processes. But anyway, we look at a lot of things. And we'll just sort of see how it goes. There isn't anything that I would describe as massive or huge, but it certainly does have a varying degree of quality. And we've always talked about on M&A, not looking to just add existing volumes, but looking to add opportunities where we can -- we have the chance to improve our resource set and upside over time. So we carefully look at those things, too. But they are generally oilier. Yes, they are -- they have tended to be a bit oilier as you would imagine, in the lower Eagle Ford.

是的。你看，在過去的 6 到 12 個月裡，鷹福特地區出現了一些機會、資產或專案包，主要集中在卡恩斯以西，品質和規模各不相同。正如我們多次說過的那樣，我們會考慮所有因素。我們回收很多輪胎，但我們可能參與也可能不參與某些實際的生產過程。總之，我們會考慮很多方面。我們到時候看看情況如何吧。雖然沒有什麼能稱得上規模龐大或極其巨大，但它的品質確實參差不齊。我們一直在談論併購，不僅是為了增加現有的業務量，而是為了尋找機會——我們有機會隨著時間的推移改善我們的資源組合和成長空間。所以，我們也會仔細研究這些方面。但它們通常更油膩。是的，正如你所料，在下部的鷹福特頁岩層，它們的含油量往往更高一些。

It makes sense. And then for my second question, I was just wondering your current CapEx guidance has a range for splitting it out by area for Karnes between 20% and 25% and Giddings between 80% and 75%. How should we think about what would cause it to go one way or the other?

這很有道理。我的第二個問題是，您目前的資本支出指引中，卡恩斯地區的支出佔比在 20% 到 25% 之間，吉丁斯地區的支出佔比在 80% 到 75% 之間。我們該如何思考是什麼因素導致它朝這個方向發展或朝另一個方向發展？

I don't think you're going to see any subtleties that you might have appreciated or looked through into the wording of the remarks is really around the noise. I mean for Giddings as an example, last year, it represented 76%, I think, of our overall company volumes. I think it's within a range, 75% to 80%, same for Karnes. It might be slanted a little bit more around some appraisal work that we do in one area versus the other, et cetera. It could be partially timing. But I wouldn't tell you that there's going to be a sizable or significant shift one way or the other. I mean we still like both assets for what they're capable of delivering and providing to the organization, to the company. So I wouldn't expect a big change.

我認為你不會注意到任何你可能欣賞或仔細研究過的措辭中的微妙之處，這些都只是噪音而已。以吉丁斯為例，去年它占我們公司總銷量的 76%，我想是這樣。我認為這個範圍在 75% 到 80% 之間，卡恩斯的情況也是一樣。它可能會稍微偏重於我們在某些​​領域而非其他領域所做的一些評估工作，等等。這可能部分是時機問題。但我不會告訴你將會出現相當大的或顯著的朝某個方向的轉變。我的意思是，我們仍然喜歡這兩項資產，因為它們能夠為組織、為公司帶來價值和貢獻。所以我預計不會有太大變動。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛集團。

Yeah. And I apologize if this question was asked already. But just your perspective on the big focus areas around Giddings in the year ahead, what are some of the operational milestones that the market should be looking for in terms of continuing to assess how that project is developing?

是的。如果這個問題之前已經有人問過了，我深感抱歉。但就您而言，對於吉丁斯計畫未來一年的重點領域，市場應該關注哪些營運里程碑，以便持續評估該計畫的進展？

Well, I hope to be able to talk about some further expansion of the field in terms of our appraisal work and some of the things in terms of further developing it and delineating it. As I said before, it all starts with well economics, and we're just in such a much better position or a really, really strong position from our cost side of things. And so more comes into the fold with some of that. And it provides us with more flexibility and optionality to pursue some things or take a little bit more risk around appraisal work and test some areas, test the balance sheet, expand the balance sheet of the field, if you will. So I hope to have more color and maybe provide some more actual feedback or data around our results, second half of this year. We're really just starting to get at it, so, in terms of this year. So hopefully, back half of the year, we'll have more to say.

我希望能夠談談該領域在評估工作方面的一些進一步拓展，以及在進一步發展和界定該領域的一些問題。正如我之前所說，這一切都始於經濟因素，而我們在成本方面處於非常有利的地位，或者說非常非常強大的地位。因此，更多的人也隨之加入進來。它為我們提供了更大的靈活性和選擇權，讓我們能夠追求一些事情，或者在評估工作中承擔更大的風險，測試一些領域，測試資產負債表，或者說，擴展該領域的資產負債表。所以我希望能夠提供更多細節，並可能就今年下半年的業績提供一些更實際的回饋或數據。就今年而言，我們才剛開始著手這項工作。所以，希望到下半年，我們能有更多消息要說。

That's great. We'll stay tuned. And then the follow-up is you got a really solid track record of dividend growth. I mean you're targeting $0.60 here in 2025, which is differentiated relative to lot of mid-cap E&P. And so just your perspective on the sustainability of that dividend growth and your ability to continue to achieve 10% type of numbers? And how do you balance whether dividends or buybacks are the right use of that incremental dollar?

那太棒了。我們會繼續關注。其次，你們在股息成長方面有著非常穩健的記錄。我的意思是，你們的目標是到 2025 年達到 0.60 美元，這與許多中型油氣勘探開發公司相比是有區別的。那麼，您對股息成長的可持續性以及能否繼續實現10%左右的成長率有何看法？那麼，如何權衡將這筆新增資金用於分紅還是股票回購才是更合適的用途呢？

Well, on the dividend, the safety and security of the dividend is a critical element of it. I don't want to be one of those small mid-cap or any E&P company for that matter that sort of promises dividend growth, implements a growing dividend, then it sort of somehow vanishes in the midst of a deteriorating portion of the cycle. So I don't want to be one of those companies that sort of has to fall back on that promise. So the dividend in our view is a promise to the shareholders. And so we thoroughly stress test the dividend at much lower product prices when we go to the Board for an increase every year whenever that happens. And so I'm comfortable knowing that we'll be able to grow it.

至於股息，股利的安全性和保障性是其中的關鍵因素。我不想成為那些小型中型公司，或任何勘探與生產公司，它們承諾股息成長，也確實提高了股息，然後在經濟週期惡化時期，股息卻莫名其妙地消失了。所以我不想成為那種不得不依靠承諾來兌現承諾的公司之一。因此，我們認為分紅是對股東的承諾。因此，每當我們向董事會申請提高股利時，我們都會以遠低於市價的產品價格對股利進行徹底的壓力測試。所以我很放心，知道我們能夠發展壯大它。

And remember, we talk about growing this dividend per share payout capacity. So the share repurchase program and the consistency of that sort of builds into that and works for you in terms of reducing the share count. So your actual cash dollars outlay doesn't increase as much as the percentage increase in the per share of the dividend. So it's sort of a natural benefit that and plays hand in hand in that growth.

記住，我們一直在討論如何提高每股股息支付能力。因此，股票回購計劃及其持續性有助於減少股票數量，從而對你有利。因此，您實際的現金支出不會像每股股息的百分比成長那樣大幅增加。所以這是一種自然而然的好處，並且與這種增長相輔相成。

And so I think it's -- on the share repurchases, the consistency of the program really is a good mix of ingredients, if you will, around the recipe of our overall shareholder return program. And I feel confident that it's -- we've done the right thing by our shareholders and sort of dollar cost averaging. And for share repurchases, and it's improved everything on a per share metric over time. So the balance of how we're doing it, I think, is a reasonable approach.

所以我認為——就股票回購而言，該計劃的穩定性確實是我們整體股東回報計劃中各種要素的良好組合。而且我確信，我們已經為股東做了正確的事情，並且採取了美元成本平均法。至於股票回購，隨著時間的推移，每股指標的各項指標都得到了改善。所以我認為，我們目前採取的這種平衡方式是合理的。

Geoff Jay, Daniel Energy Partners.

Geoff Jay，Daniel Energy Partners。

I was looking for some clarification around the Giddings appraisal work. If this works out and you find what you're looking for, how significant is it for your location count down there? I mean is it incremental? Or is this sort of a really big deal?

我想了解一下吉丁斯評估工作的相關情況。如果一切順利，你找到了你想要的東西，這對你在那裡的位置數量有多重要？我的意思是，這是漸進式的嗎？或者說，這其實是一件大事？

Well, it's a really big deal in terms of what the potential is because you got, as I said, 550,000 acres. And we always look to add more opportunistically if and when we can, and that might even include some additional lease opportunities with time and some bolt-ons as we've done in the past. Look, it doesn't take much. We continue to, as I said, press on the balance sheets of the field and by adding, as I mentioned, incremental lateral feet to that drilling inventory. It doesn't take much to make a sizable impact on our overall resource relative to our annual drilling program. So I think about it that way. But over time and over multiple years, it can be quite sizable.

嗯，就其潛力而言，這確實是一件大事，因為正如我所說，你們擁有 55 萬英畝的土地。我們總是會抓住一切機會增加投資，隨著時間的推移，這甚至可能包括一些額外的租賃機會和一些附加項目，就像我們過去所做的那樣。你看，其實不需要太多東西。正如我所說，我們將繼續努力改善油田的資產負債表，並透過增加鑽井儲備的橫向進近量來改善油田狀況。相對於我們的年度鑽探計畫而言，只需少量投入就能對我們的整體資源產生相當大的影響。我就是這麼想的。但隨著時間的推移和多年的積累，它可能會變得相當可觀。

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

我們的問答環節到此結束。會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。