Magnolia Oil & Gas Corp (MGY) 2025 Q3 法說會逐字稿

Good morning everyone and thank you for participating in Magnolia Oil and Gas Corporation's 3rd quarter 2025 earnings conference call. My name is Danielle, and I will be our moderator for today's call. At this time, all participants will be in a listen-only mode as our call is being recorded. Evanel turned the call over to Magnolia's management for their prepared remarks, which will be followed by a brief question-and-answer session.

各位早安，感謝各位參加 Magnolia Oil and Gas Corporation 2025 年第三季財報電話會議。我叫丹妮爾，我將擔任今天電話會議的主持人。通話期間，所有參與者將處於只聽模式，因為通話正在錄音。埃瓦內爾將電話轉交給木蘭俱樂部的管理層，由他們發表事先準備好的講話，之後將進行簡短的問答環節。

Thank you, Danielle, and good morning everyone. Welcome to Magnolia Oil and Gas's 3rd quarter earnings conference call. Participating on the call today are Chris Stavros, Magnolia's Chairman, President and Chief Executive Officer, and Brian Corrales, senior Vice President and Chief Financial Officer. 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.

謝謝你，丹妮爾，大家早安。歡迎參加 Magnolia Oil and Gas 第三季財報電話會議。今天參加電話會議的有 Magnolia 董事長、總裁兼執行長 Chris Stavros，以及資深副總裁兼財務長 Brian Corrales。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。

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 3rd quarter 2025 earnings press release, as well as the conference call slides from the investor section of the company's website at www.mgnoliaoilgas.com. I will now turn the call over to Mr. Chris Stappers.

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。您可以從Magnolia公司網站www.mgnoliaoilgas.com的投資者關係頁面下載該公司2025年第三季收益新聞稿以及電話會議幻燈片。現在我將把電話會議交給克里斯·斯塔珀斯先生。

Thank you, Tom, and good morning everyone. Thanks everyone for joining us today for the discussion of our third quarter 2025 financial and operating results. I plan to highlight our quarterly results which represent another strong period of consistent execution for Magnolia and continues to deliver on the capital efficient program that we outlined during the first half of this year. And one that has provided us with more free cash flow. Brian will then review our 3rd quarter financial results in greater detail and provide some additional guidance before we take your questions.

謝謝你，湯姆，大家早安。感謝各位今天參加我們關於2025年第三季財務與營運績效的討論。我計劃重點介紹我們的季度業績，這代表了 Magnolia 又一個強勁的持續執行時期，並繼續實現我們在今年上半年制定的資本高效計劃。而且它也為我們提供了更多自由現金流。接下來，Brian 將更詳細地回顧我們第三季的財務業績，並在回答大家的問題之前提供一些額外的指導。

We continually remind the financial community that Magnolia's primary goals and objectives are to be the most efficient operator of our best in class oil and gas assets to generate the highest return returns on those assets and while employing the least amount of capital for drilling and completing wells. A substantial portion of the free cash flow Magnolia generates is returned to investors through our secure and growing cash dividend and ongoing share repurchas. And we continue to enhance and expand our asset base through bolt on acquisitions stemming from our accumulated subsurface knowledge and experience near areas where we operate and understand well.

我們不斷提醒金融界，Magnolia 的主要目標和宗旨是成為我們一流的油氣資產最高效的運營商，從而在這些資產上獲得最高的回報，同時在鑽井和完井方面投入最少的資本。Magnolia產生的自由現金流的很大一部分會透過安全且不斷增長的現金股息和持續的股票回購返還給投資者。我們不斷透過收購來增強和擴大我們的資產基礎，這些收購源於我們在我們營運和熟悉的地區附近積累的地下知識和經驗。

Magnolia's latest quarter is characterized by achieving these objectives, and our year-to-date performance demonstrates our ability to execute our business model despite the decline in product prices that we've seen recently.

Magnolia 最新季度的特點是實現了這些目標，而我們今年迄今為止的業績表明，儘管最近產品價格有所下降，但我們仍然有能力執行我們的商業模式。

We operate a focused business with an emphasis on driving financial returns and do not plan to add incremental activity at current product prices.

我們專注於推動財務回報，不打算以目前的產品價格增加額外的業務活動。

At Magnolia, our mission is straightforward, generating consistent and sustainable free cash flow through disciplined capital allocation, pursuing.

在 Magnolia，我們的使命很簡單，就是透過嚴格的資本配置，創造持續穩定的自由現金流。

All that said, and turning to slide 3 of our investor presentation, Magnolia delivered another strong quarter, and our overall business continues to operate exceptionally well. We achieved a record quarterly total production rate of 15,000 barrels of oil equivalent per day during the third quarter, representing year over year production growth of 11%, with total production.

綜上所述，翻到我們投資者簡報的第 3 頁，Magnolia 又實現了強勁的季度業績，我們的整體業務繼續保持著非常良好的營運狀態。第三季度，我們實現了創紀錄的季度總產量，日產量達到 15,000 桶油當量，年增 11%。

Quarters saw low digit low single-digit year over year growth despite a small sequential quarterly decline due to the timing of turning lines, while oil production at Giddings grew by nearly 5% compared to the prior year.

儘管由於生產線轉向時間的原因導致季度環比略有下降，但各季度仍實現了低個位數的同比增長，而吉丁斯油田的石油產量與上年相比增長了近 5%。

As we are now well into the 4th quarter, our production is off to a very strong start, and we anticipate both record total production and oil production in the current period.

現在已經進入第四季度，我們的生產開局非常強勁，我們預計本季總產量和石油產量都將創下歷史新高。

Continued strong well performance during the year is expected to provide us with full year 2025 total production growth of approximately 10% and well above our initial guidance of 5% to 7% at the start of the year.

今年油井預計持續強勁的產量將使我們 2025 年全年總產量成長約 10%，遠高於年初我們 5% 至 7% 的初步預期。

Are getting swell results have not only outperformed our expectations but have exceeded levels of the last couple of years and despite a similar drilling and activity program.

所取得的豐碩成果不僅超出了我們的預期，而且超過了過去幾年的水平，儘管鑽探和作業計劃類似。

The outperformance led us to defer the completion of several wells into next year, allowing for a reduction in our capital earlier this year and is expected to result in a roughly 5% savings and spending during 2025.

由於業績超出預期，我們得以將幾口油井的完工時間推遲到明年，從而在今年早些時候減少了資本支出，預計到 2025 年將節省約 5% 的資金並減少支出。

This had the dual benefit of improving our free cash flow during 2025 as well as enhancing our operational flexibility as we move and look into 2026.

這樣做既能改善我們 2025 年的自由現金流，又能增強我們展望 2026 年的營運彈性，可謂一舉兩得。

Our adjusted even DAX for the third quarter was $219 million and operating income margins were 31% during the period while our annualized return on capital employed was 17%.

我們第三季的調整後DAX為2.19億美元，該期間的營業利潤率為31%，而我們的年化資本回報率為17%。

Each of these metrics was supported by solid overall production volumes during the quarter, in addition to strong relative price realizations for both natural gas and NGL production.

本季整體產量穩健，天然氣和液化天然氣產量的相對價格也表現強勁，這些指標均得到了支撐。

Our disciplined approach around spending a focus on financial returns, including our efforts and initiatives to improve the efficiency of our DNC program, all contributed to limiting our capital reinvestment rate to 54% of our adjusted eIDEX during the third quarter.

我們以注重財務回報為重點的支出管理方法，包括我們為提高 DNC 專案效率所做的努力和採取的舉措，都促使我們在第三季將資本再投資率限制在調整後 eIDEX 的 54%。

Our low reinvestment rate helped generate a strong level of free cash flow in the quarter of $134 million.

我們較低的再投資率幫助我們在本季產生了 1.34 億美元的強勁自由現金流。

We returned 60% of this free cash, or approximately $80 million to our shareholders for the repurchase of more than 2.1 million Magnolia shares and the cash payment of our quarterly based dividend.

我們將這筆自由現金的 60%（約 8,000 萬美元）返還給了股東，用於回購超過 210 萬股 Magnolia 股票以及支付季度股息。

Both our consistent share repurchase program and the secure growing-based dividend are a mainstay of Magnolia's ongoing investment proposition.

我們持續的股票回購計畫和穩健成長的股利是 Magnolia 持續投資方案的支柱。

Incorporating these outlays, we entered the quarter with $28 million of additional cash and with a cash balance of $280 million at quarter end, which was the highest level of the year.

在計入這些支出後，我們本季初擁有 2,800 萬美元的額外現金，季末現金餘額為 2.8 億美元，這是今年的最高水準。

As I mentioned, we expect to end the year on a strong note and with record oil and gas production in the 4th quarter and with capital spending of approximately $110 million.

正如我之前提到的，我們預計今年將以強勁的勢頭結束，第四季度石油和天然氣產量將創歷史新高，資本支出約為 1.1 億美元。

As we did during 2024, we continue to focus on our field level operating costs, which have reduced our lease operating expenses through capturing additional production efficiencies in such areas as water handling and fluid fluid management as examples.

正如我們在 2024 年所做的那樣，我們繼續專注於現場營運成本，透過在水處理和流體管理等領域提高生產效率，降低了我們的租賃營運費用。

These and other initiatives are the result of continuous improvements in how we plan, drill, complete, and operate our wells.

這些舉措以及其他舉措，都是我們在規劃、鑽井、完井和營運油井方面不斷改進的成果。

Additional drilling and completion efficiencies that we expect to realize will accrue to the business through additional learnings and the further delineation of our gettings asset. We expect these efficiencies to accumulate at a measured pace and have no plan to accelerate our activity to pursue this.

我們期望透過進一步學習和更清晰地界定我們的資產，實現更高的鑽井和完井效率，這將為公司帶來收益。我們預計這些效率的提升將以穩定的速度積累，目前沒有計劃加快這項工作。

Looking ahead to 2026, we remain committed to our business model, which limits our capital spending to 55% of our adjusted EBITDAX or gross cash flow.

展望 2026 年，我們將繼續堅持我們的商業模式，將資本支出限制在調整後 EBITDAX 或總現金流的 55%。

Similar to 2025, we plan to operate two drilling rigs and one completion crew next year and expect to allocate a modest amount of capital toward appraisal activities in both Giddings and the Karnes area and to further enhance our resource opportunity set.

與 2025 年類似，我們計劃明年運營兩台鑽機和一個完井隊，並預計將撥出適量的資金用於吉丁斯和卡恩斯地區的評估活動，以進一步增強我們的資源機會。

Assuming current product prices, we expect that our 2026 program would deliver mid single-digit total production growth with capital spending at similar levels to 2025.

假設產品價格保持不變，我們預期 2026 年的計畫將實現中等個位數的總產量成長，資本支出與 2025 年的水準相似。

This also allows for significant free cash flow generation in support of our investment proposition, providing a secure and growing dividend and consistent share of purchases. We remain well positioned with ample financial and operational flexibility allowing us to adapt within a volatile product price environment.

這也為我們的投資方案提供了大量自由現金流，從而確保了股息的穩定成長和持續的份額購買。我們擁有充足的財務和營運彈性，能夠適應波動的產品價格環境，因此我們處於有利地位。

When we ask our larger shareholders why they're invested in Magnolia, a common reply is because you do what you say you're going to do.

當我們詢問我們的大股東為什麼投資 Magnolia 時，他們經常回答說，因為你們說到做到。

Since our founding more than 7 years ago, Magnolia has consistently executed around the principles of its differentiated business model, which includes our strong balance sheet and disciplined capital spending philosophy designed to maximize free cash flow generation from our high-quality assets. We remain committed to our business model and our strategy that has helped compound per share value for Magnolia shareholders.

自 7 年多前成立以來，Magnolia 一直秉承其差異化商業模式的原則，包括我們強大的資產負債表和嚴謹的資本支出理念，旨在最大限度地提高我們高品質資產的自由現金流。我們將繼續堅持我們的商業模式和策略，這有助於提升 Magnolia 股東的每股價值。

I'll now turn the call over to Brian and provide some further details on our 3rd quarter 2025 results and some additional guidance for the fourth quarter.

現在我將把電話交給布萊恩，讓他進一步介紹我們 2025 年第三季的業績，並對第四季給予一些額外的指導。

Thanks, Chris, and good morning, everyone. I'll review some items from our third quarter results and refer to the presentation slides found on the website. I'll also provide some additional guidance for the 4th quarter of 2025 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中的一些項目，並參考網站上的簡報。在提交提問之前，我也會就 2025 年第四季提供一些額外的指導意見。

Beginning on slide 5, Magnolia delivered a strong quarter as we continue to execute our differentiated business model. During the third quarter, we generated adjusted net income of $78 million or $0.41 per diluted share. Our adjusted EIDAX for the quarter was $219 million with total capital associated with drilling completions and associated facilities of 118 million, representing 54% of our adjusted eIDAX. Third quarter production volumes grew 11% year over year to 15,000 barrels of oil equivalent per day while generating free cash flow of $134 million.

從第 5 張投影片開始，Magnolia 在本季取得了強勁的業績，我們繼續執行我們差異化的商業模式。第三季度，我們實現調整後淨收入 7,800 萬美元，即每股攤薄收益 0.41 美元。本季調整後的 EIDAX 為 2.19 億美元，與鑽井完工和相關設施相關的總資本為 1.18 億美元，佔調整後 EIDAX 的 54%。第三季產量年增 11%，達到每天 15,000 桶油當量，同時產生 1.34 億美元的自由現金流。

Looking at the quarterly cash flow waterfall chart on slide 6, we started the quarter with $252 million of cash. Cash flow from operations before changing in changes in working capital was $247 million. With working capital changes and other small items impacting cash by $5 million we added $25 million of small bolt on acquisitions comprised of additional acreage, working interests, and royalties that we discussed last quarter.

從第 6 張投影片上的季度現金流量瀑布圖可以看出，我們本季初擁有 2.52 億美元的現金。未計入營運資本變動的經營活動現金流量為2.47億美元。由於營運資金變動和其他小型專案導致現金減少 500 萬美元，我們增加了 2,500 萬美元的小型附加收購，包括我們在上個季度討論過的額外土地面積、作業權益和特許權使用費。

During the quarter we paid dividends of $29 million and allocated $51 million to share repurchases. We incurred $119 million of drilling completions, associated facilities, and leasehold, and ended the quarter with $280 million of cash. Our cash position is the highest it has been all year, despite lower oil prices and acquiring approximately $65 million of bolt on acquisitions during the year.

本季我們支付了 2,900 萬美元的股息，並撥出 5,100 萬美元用於股票回購。我們投入了 1.19 億美元用於鑽井完井、相關設施和租賃，本季末現金餘額為 2.8 億美元。儘管油價走低，且年內進行了約 6,500 萬美元的補充收購，但我們的現金儲備仍達到全年最高水準。

Looking at slide 7, this chart illustrates the progress in reducing our total outstanding shares since we began our repurchase program in the second half of 2019.

從第 7 張投影片可以看出，自 2019 年下半年我們開始回購計畫以來，我們在減少流通股總數方面取得了進展。

Since that time, we have repurchased 79.4 million shares, leading to a change in weighted average diluted shares outstanding of 26% net of issuances. Magnolia's weighted average diluted share count declined by approximately 2 million shares sequentially, averaging 190.3 million shares during the third quarter. We currently have 5.2 million shares remaining under our repurchase authorization, which are specifically directed toward repurchasing Class A shares in the open market.

自那時以來，我們已回購了 7,940 萬股，導致加權平均稀釋流通股淨額變化 26%（扣除發行量）。Magnolia 的加權平均稀釋股數較上季減少了約 200 萬股，第三季平均為 1.903 億股。我們目前還有 520 萬股的回購授權額度，這些股份專門用於在公開市場上回購 A 類股份。

Turning to slide 8, our dividend has grown substantially over the past few years, including a 15% increase announced earlier this year to $0.15 per share on a quarterly basis.

翻到第 8 張投影片，我們的股息在過去幾年大幅成長，包括今年稍早宣布的季度股息成長 15%，達到每股 0.15 美元。

Our next quarterly dividend is payable on December 1st and provides an annualized dividend payout rate of $0.60 per share.

我們下一季的股息將於 12 月 1 日支付，年化股息支付率為每股 0.60 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、減少流通股數量以及提高公司的股息支付能力。

Magnolia continues to have a very strong balance sheet, and we ended the quarter of $280 million of cash. Our $400 million dollars of senior notes does not mature until 2032, including our third quarter cash balance of $280 million and our undrawn $450 million revolving credit facility, our total liquidity is approximately $730 million dollars. Our condensed balance sheet as of September 30 is shown on slide 9.

Magnolia 的資產負債表依然非常強勁，本季末我們擁有 2.8 億美元的現金。我們4億美元的優先票據要到2032年才會到期，加上我們第三季2.8億美元的現金餘額和我們未提取的4.5億美元循環信貸額度，我們的總流動資金約為7.3億美元。截至9月30日的簡明資產負債表請見第9頁。

Looking at slide 10 and looking at our per unit cash costs and operating income margins, total revenue per BOE declined approximately 12% year over year due to the decline in oil prices, partially offset by an increase in natural gas prices. Our total adjust. The cash operating costs, including G&A, were $11.36 per BOE in the third quarter of 2025, and our operating income margin for the third quarter was 10 $10.98 per BOE, or 31% of our total revenue.

從第 10 張投影片以及我們的單位現金成本和營業利潤率來看，由於油價下跌，每桶油當量總收入年減約 12%，但天然氣價格上漲部分抵銷了這一影響。我們的總調整。2025 年第三季度，現金營運成本（包括一般及行政費用）為每桶油當量 11.36 美元，第三季營業利潤率為每桶油當量 10.98 美元，佔總收入的 31%。

Turning to guidance, fourth quarter DNC capital expenditures are expected to be approximately $110 million which would bring the total capital for the year to about the midpoint of our previously reduced annual capital budget.

展望未來，預計第四季度民主黨全國委員會的資本支出約為 1.1 億美元，這將使全年資本支出達到我們先前削減的年度資本預算的中點左右。

This includes an estimate of non-operating capital that is similar to that of 2024. We are reiterating our full year 2025 outlook for total production growth of approximately 10% compared to our guidance at the beginning of the year of 5% to 7%.

這包括對非經營性資本的估計，與 2024 年的估計類似。我們重申對 2025 年全年總產量成長的預期，預計將成長約 10%，而年初的預期為成長 5% 至 7%。

Total production for the 4th quarter is estimated to be approximately 101,000 barrels equivalent a day, and we expect that total production and oil production for the quarter to be at the highest levels of the year and new magnolia records. Our price differentials are anticipated to be approximately a $3 per barrel discount to Magellan and East Houston, and Magnolia remains completely unhedged on all of its oil and natural gas production.

預計第四季度總產量約為每日 101,000 桶當量，我們預計該季度總產量和石油產量將達到全年最高水平，並創下新的木蘭州紀錄。預計我們的價格將比 Magellan 和 East Houston 的價格低約 3 美元/桶，而且 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 4th quarter of 2025 is expected to be approximately 189 million shares, which is about 4% lower than 4th quarter of 2024 levels. We expect our effective tax rate to be approximately 21%, and with the passing of new legislation during the third quarter, we expect zero cash taxes for full year 2025.

預計 2025 年第四季完全稀釋後的股份數量約為 1.89 億股，比 2024 年第四季的水平低約 4%。我們預計實際稅率約為 21%，隨著第三季新立法的通過，我們預計 2025 年全年現金稅額為零。

We are now ready to take your questions.

現在我們可以回答你們的問題了。

We will now begin the question-and-answer session. To ask a question, you may press star, then 1 on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then too.

現在開始問答環節。若要提問，您可以按星號鍵，然後在按鍵式電話上按 1。如果您正在使用免持通話，請在按鍵前拿起聽筒。如果你的問題已得到解答，並且你想撤回你的問題，也請按星號。

The first question comes from Neal Dingman from William Blair. Please go ahead.

第一個問題來自威廉布萊爾大學的尼爾丁曼。請繼續。

Morning guys. Nice quarter. Nice to be back on. Chris, my question for you Brian, you continue to have these pretty amazing operational efficiencies, and I'm just wondering if that continues at the pace that we've seen, driven by these getting wells. Could you envision, I mean, again, I think about would you keep, would you accelerate production potentially even more than 10%, would you be able to, or would you think more so about, you'd even be able to cut CapEx? I'm just wondering. When you toggle those two and if you keep having the same upside, where can we see those benefits lie next year?

早上好，各位。不錯的街區。很高興能重新上線。克里斯，布萊恩，我的問題是，你們一直保持著非常驚人的營運效率，我只是想知道，在新油井的推動下，這種效率能否繼續以我們看到的速度保持下去。你能想像嗎，我的意思是，我再次思考，你是否能夠保持，你是否能夠將生產速度提高到可能超過 10%，你是否能夠，或者更確切地說，你是否能夠削減資本支出？我只是好奇而已。當你切換這兩個選項，並且仍然能獲得相同的收益時，我們明年可以在哪些方面看到這些收益？

Neil, thanks for the question. Good to have you back. Look, we can do largely anything we'd like to do or we want to do, within the context of of or framework that you mentioned.

尼爾，謝謝你的提問。歡迎回來。你看，在你提到的框架或背景下，我們基本上可以做任何我們想做的事情。

I think the point is we want to stay true to the business model and it is, it works for us and it works for our shareholders in terms of maximizing the free cash flow that we have to give back to them. So rather than Elevating activity levels, if you will, or rushing to get there, they will get there with time and over time and as we continue to pursue new areas and probe around, the vast acreage position that we have in Giddings and also parts of Karnes and appraise more of it and bring more of it into the fold, we will have more of the way and realized efficiencies. I'm very confident of that.

我認為關鍵在於我們要堅持我們的商業模式，這種模式對我們和我們的股東都有好處，因為它能最大限度地提高我們可以回饋給他們的自由現金流。因此，與其說是提高活動水平，或者說是急於求成，不如說是隨著時間的推移，隨著我們不斷開拓新領域，探索我們在吉丁斯和卡恩斯部分地區的廣闊土地，並對其進行更多評估，將其納入版圖，我們將獲得更多途徑和實現效率。我對此非常有信心。

We've seen it, there's a litany of things that I could tell you that they're, the teams are working on that they currently see rather than I could spend, 20 minutes on talking just about that, and we're going to talk more about it as a team. So that will happen.

我們已經看到了，我可以告訴你團隊目前正在處理很多事情，但我沒辦法花20分鐘專門談論這些，所以我們將作為一個團隊進行更深入的討論。所以這件事一定會發生。

As we go forward, there's there's no real reason to rush the activity levels or rush the production volumes or reach or stretch for higher levels that, could get you into a situation where, you're forced to spend that much more.

展望未來，我們沒有真正的理由急於提高活動水平或生產量，或追求更高的水平，以免被迫花費更多。

As your volume sort of decline and get you on that sort of treadmill. So, we sort of live within the model, moderate, mid single-digit growth.

隨著你的銷售逐漸下降，你會陷入那種惡性循環。所以，我們基本上是按照這種模式來生活的，保持適度的、個位數的成長。

If the assets exceed that, which oftentimes they have over the life of Magnolia, we've seen that better than expected performance, we'll take it, but we're not going to overstretch or overreach on the capital or activity just because we'll live within the model and we'll live within our governor of the capital, and I think in that way, everyone will be satisfied.

如果資產超過預期（在 Magnolia 的發展歷程中，這種情況經常發生，我們已經看到業績超出預期，我們會欣然接受），但我們不會過度擴張或過度投入資本或業務，因為我們會遵循既定模式，並遵守資本管理規定，我認為這樣一來，每個人都會滿意。

No, I love that you'll be able to do that. And then just lastly, when you look at M&A, you guys have been doing a fantastic job of replacing your, more than replacing your inventory. When you look at just sort of white space in your general area, is there still plenty of white space or how would you describe the, I don't know, I guess the ability just to continue to do these strategic bolt ons you guys have done a nice job, as I said, replacing the inventory is there's still a lot of potential to do so.

不，我很高興你能做到這一點。最後，在併購方面，你們做得非常出色，不僅替換了庫存，而且替換得更多。當你觀察你所在區域的空白區域時，是否仍有許多空白區域？或者你會如何描述這種空白區域？我不知道，我想你們繼續進行這些策略性附加項目的能力，你們做得很好，正如我所說，更換庫存仍然有很大的潛力。

Yeah, no, good question. There, there's a fair amount of white space as you called it, and there's a fair amount of smaller private operators that things that, we will always evaluate.

嗯，問得好。正如你所說，那裡存在相當大的空白市場，也有相當多的小型私人運營商，我們會一直評估這些運營商的情況。

It has to be the right fit, and I will say that, first and foremost, it has to be the right fit for Magnolia. It has to at its essence actually improve the business, improve the company, improve our durability. To fit into the model and extend what we have been able to do over the last, however many years. So if we can find something that fits that way or looks like us, we will do that, or we will certainly consider it if it, presents the the proper fit. There may be some things like that not a day goes by where I don't get an email or a phone call from a banker, they're transactional, so they love to reach out, but, they may not like us very much because I, the answer is more likely no than yes, so we haven't found any of those things, but we continue to TRY and chip away and these are just overtime additive to our business. A lot of it, or certainly some of it has come through the appraisal program that we've had over the years where we learn about a certain area, we like it.

必須是合適的人選，而且我要說的是，首先，必須是適合 Magnolia 的人選。從本質上講，它必須真正改善業務、改善公司、提高我們的永續發展能力。為了適應這種模式，並擴展我們過去幾年所取得的成就。所以，如果我們能找到適合我們或看起來像我們的東西，我們就會去做；或者，如果它很合適，我們肯定會考慮。也許有些事情就是這樣，幾乎每天都會收到銀行家的電子郵件或電話，他們是交易型的，所以他們喜歡聯繫我，但是，他們可能不太喜歡我們，因為我，答案很可能是否定的，所以我們還沒有發現任何此類情況，但我們會繼續努力，一點一點地改進，這些只是隨著時間的推移，對我們業務的額外貢獻。其中很多，或者說肯定有一部分，都是透過我們多年來所進行的評估計畫獲得的，在這個計畫中，我們了解了某個領域，我們喜歡它。

We tend to figure it out and then we look for more of it in the way of filling it that white in that white space if it can be had. So, we'll continue to do some of those things.

我們往往會先弄清楚這一點，然後盡可能地尋找更多類似的東西來填補空白。所以，我們會繼續做其中的一些事情。

Well said. Thank you again, nice quarter.

說得好。再次感謝，這季度過得很好。

Thanks.

謝謝。

The next question comes from Tim Rezin from KeyBank Capital Markets. Please go ahead.

下一個問題來自 KeyBank Capital Markets 的 Tim Rezin。請繼續。

Hey, good morning, folks.

嘿，各位早安。

Thank you for taking my question. I want to start, Chris, you mentioned in your prepared comments and in that last response appraisal work going on at Karnes. There's a market perception that Karnes is sort of on its last legs. It's one of the earlier, shell plays. So can you talk about what you're referring to with the appraisal activity there? Is that non-op? Is it operated? Is it Austin chalk or something else? Just curious any color you can provide.

感謝您回答我的問題。我想先談談克里斯，你在準備好的評論和上次回覆中提到的卡恩斯正在進行的評估工作。市場普遍認為卡恩斯公司已經接近尾聲了。這是早期的殼牌遊戲之一。那麼，您能談談您所說的評估活動具體指的是什麼嗎？那算非手術操作嗎？它是否正在運行？是奧斯汀粉筆還是別的？只是好奇你們能提供哪些顏色。

Well, I wouldn't write Karnes off just yet. Certainly, good rock, is good and tends to have a long life, so that is good rock and some of the best area in Karnes.

嗯，我不會就此斷定卡恩斯不行。當然，好的岩石是好的，而且往往壽命很長，所以這是好岩石，也是卡恩斯最好的地區之一。

We're we're continuing to look at that and see what else we can do, what iteration of it that we're on, and, fortunately I think I still think it's relatively early for us, so there may be more to be had there. And we'll continue to probe around. I'm not going to say exactly what we're going to do, but you exactly what we're planning on doing, but there will be some things that we will test.

我們會繼續研究這個問題，看看我們還能做些什麼，我們目前處於哪個迭代階段，幸運的是，我認為對我們來說現在還處於相對早期階段，所以可能還有更多發展空間。我們將繼續進行調查。我不會具體說我們要做什麼，但我會告訴你我們計劃做什麼，不過我們會測試一些東西。

A that that may have some upside or provide some extended life, if you will, to Karnes. That would not surprise me in the least. The question is always when you do these appraisal things.

這或許對卡恩斯來說有一些好處，或者說可以延長他的壽命。那我一點也不覺得意外。問題總是在於何時進行這些評估工作。

You know what do the economics look like? There's no unlikelihood that we're not going to find producing quantities of oil and gas. That's certain, for sure. The question is can we do it economically and provide A good amount of duration around it. I think there's a reasonable chance around that. So I'm not certainly not going to write it off. And again, I would say the same thing with Giddings, although Giddings is, a lot bigger just in terms of its footprints, and we're quite active there too, and we have some things planned as well. So, I think. I'm optimistic.

你知道經濟情勢如何嗎？我們很有可能會發現大量的石油和天然氣儲量。那是肯定的，絕對的。問題是，我們能否在經濟上做到這一點，並為其提供足夠的緩衝時間。我認為這種可能性相當大。所以我肯定不會就此放棄。對於吉丁斯，我也想說同樣的話，儘管吉丁斯的佔地面積要大得多，而且我們在那裡也很活躍，我們也有一些計劃。所以，我想是這樣的。我很樂觀。

Okay, I guess we'll have to stay tuned into next year. Yeah, and then my follow-up is is sort of a similar theme, the Western Hainesville evolution, has been interesting, and now, there's folks leasing sort of up to your acreage line, I'd be shocked, I think if you did some, appraisal drilling there, but, is there a discussion at the board level about trying to understand if you think you have that resource and do you have the deep rights? Thank you.

好吧，看來我們只能等到明年了。是的，我的後續問題也與此類似，西海恩斯維爾的發展很有意思，現在有人把地租到了你們的土地邊界附近。如果你們在那裡進行一些評估鑽探，我會很驚訝的。但是，董事會層面是否討論過，試圖了解你們是否擁有這些資源以及你們是否擁有深層開採權？謝謝。

That that's a bit further afield in in the area that you're, referring to, compared to where we are.

你所指的那個地方比我們所在的地方還要遠。

We currently don't have an area up and around where you're talking about.

我們目前還沒有您所說的那個區域。

There are other areas within Giddings that have extensive amounts of natural gas exposure.

吉丁斯還有其他一些地區天然氣含量很高。

We've talked about that at at the organizational level throughout and again, as I mentioned earlier, it's more about to some extent economics as opposed to quantities of producible hydrocarbons. We know it's there. It's just, can we figure out a way to make it more economic.

我們在組織層面上一直都在討論這個問題，而且，正如我之前提到的，這在某種程度上更多地與經濟因素有關，而不是與可生產的碳氫化合物的數量有關。我們知道它在那裡。問題是，我們能不能想辦法讓它更經濟一些。

Okay, thank you.

好的，謝謝。

Thanks.

謝謝。

The next question comes from Carlos Escalante from Wolf Research LLC. Please go ahead.

下一個問題來自 Wolf Research LLC 的 Carlos Escalante。請繼續。

Yeah, thank you. Hey guys, thank you for taking my questions. I'd like to go back real quick to your discussion on appraisal on your appraisal program. So if Just taking an early look at how you intend to manage your appraisal program in 2026, particularly in the event of any weakness. I wonder how you would intend to to manage that and what are the levers that you could pull, because at your current adjusted EBITDA cap on caps, we certainly think that implies, at least in our view, that you won't touch your growth capital until perhaps. Anywhere close to 50 barrel, $50 per barrel WTI. So I wonder if you can frame the appraisal program in the context of those levers, and again in the event of a sustained oil weakness.

是啊，謝謝。大家好，感謝你們回答我的問題。我想快速回到你們關於評估程序中評估的討論。因此，不妨提前了解您打算如何在 2026 年管理您的評估計劃，尤其是在出現任何弱點的情況下。我想知道您打算如何管理這個問題，以及您可以採取哪些措施，因為按照您目前的調整後 EBITDA 上限，我們認為這至少意味著，在我們看來，您可能要等到…才能動用您的成長資本。接近 50 桶，WTI 原油價格為每桶 50 美元。所以我想知道，能否在這些槓桿的背景下建立評估方案，尤其是在石油價格持續疲軟的情況下。

Thank you.

謝謝。

Yeah, thanks for the question, Carlos. Look, the appraisal program has been, quite beneficial to Magnolia in terms of our resource and capabilities over time and expanding the footprint and getting, so.

謝謝你的提問，卡洛斯。你看，評估計劃對 Magnolia 來說非常有益，它幫助我們提升了資源和能力，並擴大了業務範圍等等。

I, I'd be somewhat reluctant to take a machete to that program and just cut it off too harshly you need to do what you need to do and some, mix of oil and gas prices, but, in the current outlook or in the current sort of price dynamics that we're seeing.

我不太願意用砍刀砍掉那個項目，把它砍得那麼徹底。你需要做你該做的事，還有一些石油和天然氣價格的混合因素，但是，就目前的情況或我們目前看到的這種價格動態而言。

There's still room for a reasonable amount of of that type of activity and we'll continue with that.

這類活動仍有一定規模的空間，我們將繼續進行這類活動。

Look, I say this internally all the time.

你看，我心裡一直都這麼說。

Few ways to find resource and you decline every day just like all our peers.

尋找資源的途徑寥寥無幾，而且你每天都在退步，就像我們所有的同齡人一樣。

You either you buy it or you find it, and we continue to look for ways to supplement our existing resource and the appraisal program for us up to now has worked out exceptionally well, and, particularly in Giddings.

要嘛你買，要嘛你找到，我們一直在尋找方法來補充我們現有的資源，到目前為止，我們的評估計畫已經取得了非常好的效果，尤其是在吉丁斯。

We've tested some new concepts. We've tested some of the boundaries. There's almost always really not almost but really always going to be reducible amounts again of oil and gas. When we drill, the question is can we make the economics of a particular area work well for us that fit into our Matrix of returns and and a competitive for other, for competitive for capital. So we'll continue to do that. It's an important element of what we do and we, we'll continue to examine different Parts of it and TRY to high grade the program if you will.

我們測試了一些新概念。我們已經測試了一些界限。幾乎總是會有可減少的石油和天然氣儲量，而不是真的總是會有。當我們鑽探時，問題是，我們能否使特定區域的經濟效益對我們有利，使其符合我們的回報矩陣，並對其他資本具有競爭力。所以我們會繼續這樣做。這是我們工作的重要組成部分，我們將繼續研究它的各個部分，並努力提高該專案的水平。

Wonderful. Thank you. I appreciate that, Chris. And then on my follow-up, I think that it certainly to us, at least from a vantage 0.1 of the many sell points that Magnolia has as an organization is its ability to capitalize on natural gas realizations compared to a lot of your oil levered peers, just, we just had a very interesting quarter in Wahi, for example. So just wondering.

精彩的。謝謝。謝謝你，克里斯。然後，就我的後續而言，我認為至少從 Magnolia 作為一家公司眾多賣點中，最吸引我們的一點是，與許多依賴石油的同行相比，它能夠充分利用天然氣的收益。例如，我們在 Wahi 剛剛經歷了一個非常有趣的季度。我只是好奇問。

Where you are today and considering all the reshuffling that you see in the just in the backyard of where you are with Gulf Coast LNG growing and growing, if there are any kind of initiatives that you have for sustain at your organizational level that may be aimed to further improve that and further gain that age that you have over some of your oil level peers.

鑑於您目前所處的位置，以及您所看到的墨西哥灣沿岸液化天然氣項目不斷發展壯大所帶來的種種變化，您是否有任何旨在進一步改善現狀、鞏固您在石油行業同行中領先地位的舉措？

Well, thanks for the commercial message. I really appreciate it on the natural gas realizations. I would agree with you that we've we've been able to Benefit from from some strong realizations on a year over year basis and into most of 25.

謝謝您的廣告。我非常感謝您對天然氣的認知。我同意你的觀點，我們已經從一些強烈的認識中受益，這些認識逐年遞增，並且在過去25年的大部分時間裡都是如此。

The answer is, I don't exactly know. I mean, there's a lot of complicated factors. Had we taken actions based on some impressions or opinions that we had heard say a year ago and done some things to perhaps consider hedging basis or even consider options such as that, we probably would have been wrong.

答案是，我也不太清楚。我的意思是，這裡面有很多複雜的因素。如果我們根據一年前聽到的一些印像或意見採取行動，並考慮對沖基差或考慮類似選擇權等措施，我們很可能就錯了。

The Impact of what you've seen up to now, coming out of the Permian, with with it and in some of the associated gas producing areas as we move more gas to Waha, etc.

到目前為止，你所看到的來自二疊紀盆地、與之相關的以及一些伴生天然氣產區的影響，例如我們將更多天然氣輸送到瓦哈等地。

Hasn't seemed to influence it yet. I don't know if it will, but I would have, others said that it would have and they were wrong and there's a lot of other.

目前看來尚未產生影響。我不知道會不會，但我本來會這麼做，其他人也說過會，但他們錯了，還有很多其他例子。

Variables and factors that may, offset that. So I, I'm not necessarily willing to lean in and and make something fully deterministic on somebody's view, because there, there's just so many moving parts.

可能抵消這種影響的變數和因素。所以，我不一定願意完全按照某人的觀點去做，因為其中涉及的因素太多了。

Wonderful.

精彩的。

Thank you Chris.

謝謝你，克里斯。

Thanks. The next question comes from Charles Mead from Johnson Rice & Co. Please go ahead.

謝謝。下一個問題來自 Johnson Rice & Co. 公司的 Charles Mead，請問問題。

Good morning, Chris. Brian and the rest of the Magnolia team there.

早上好，克里斯。布萊恩和木蘭花團隊的其他成員都在那裡。

Chris, yeah, I'd like to go back to the to the A&D market and ask a question there.

克里斯，是的，我想回到航空航天與國防市場，在那裡問一個問題。

Can you offer your view? Have you seen anything different on on the packages that you look at around getting either either in the quality of what? Is available what's being brought forward or the ask that you're seeing relative to the value.

能否分享一下您的看法？你有沒有註意到包裝上有什麼不同之處，例如品質方面？目前提出的方案或要求是否與其價值相符？

Are you referring to South Texas or getting specifically or just South Texas inclusive of, the entire trend?

您指的是德州南部，還是特別指德州南部，或包括整個德州南部地區？

I was asking more specifically about Giddings, but I'd be curious to hear whatever views you want to share on on the whole kind of equier awesome Austin cha trend if you care to. Yeah.

我主要是想問吉丁斯的情況，不過如果你願意的話，我也很想聽聽你對奧斯汀那種酷炫的馬術文化潮流的看法。是的。

Well, let's start with Giddings. Giddings is it, it's Fairly in terms of, the bigger packages are bigger concentrated assets, it's it's fairly concentrated, there's us and a large private player without naming names, and then there's probably a smattering scattered positions of a variety of private players. There are very few, if any, sizable, or even smaller. A packages and gettings that are operated by public companies.

好，我們先從吉丁斯說起。吉丁斯就是這樣，就資產集中度而言，較大的投資組合規模更大，資產也更集中，我們和一家大型私人投資者（不點名）都持有股份，此外可能還有一些零星分散的私人投資者的股份。規模較大的，甚至更小的，都很少見。由上市公司經營的包裹和包裹。

Just to to set that straight.

澄清一下。

In this environment, what may happen is that bigger packages may be, sort of holdouts for live to fight another day or live to see a better day, if you will, on Product prices, oil prices before.

在這種情況下，可能會出現的情況是，較大的包裹可能會成為某種形式的“苟延殘喘”，或者說是“希望看到更好的明天”，以應對產品價格和石油價格的下跌。

Considering a sale and smaller things may be more reasonable as far as connectivity and alignment between a buyer and a seller because the seller may run out of patience or money or whatever, and those are small things and they may just ultimately pop up somewhere else at the end of the day so that that smaller things may be more easy to move. I can't guarantee that, but certainly a better chance at that than a larger thing as prices come down because the The bit in the ass just widened apart between the players.

考慮到買賣雙方之間的聯繫和協調，出售和一些小事可能更合理，因為賣家可能會失去耐心或資金或其他什麼原因，而這些都是小事，最終可能會在其他地方出現，所以這些小事可能更容易解決。我不能保證這一點，但隨著價格下降，這種情況發生的可能性肯定比發生更大的事情要大，因為屁股上的那塊東西在玩家之間拉開了距離。

Broadly in South Texas, I would tell you that.

總的來說，在德州南部，我會這麼說。

Look, everything's getting generally gassier. GORs are rising.

你看，現在到處都充滿氣體。GOR正在上升。

And the quality is Waning there are pockets of things here and there, but I would characterize it as generally over time gassier.

而且品質正在下降，雖然偶爾還能看到一些亮點，但總的來說，隨著時間的推移，它的氣體含量越來越高。

Generally over time somewhat scattered and maybe less synergistic opportunities.

隨著時間的推移，機會整體上會變得有些分散，協同效應也可能較弱。

On occasion, you'll find a private player who's done a good job, but, true to form, many private equity player back players will press on the accelerator to, Push activity and volumes in order to create more cash and IA to TRY to sell an asset that typically doesn't work very well for a public buyer to acquire somebody else's decline rate while they run through the better part of their inventory. So that's sort of how I would just characterize things generally.

有時你會發現一些私人投資者做得很好，但正如常理一樣，許多私募股權投資者會加速推進，提高交易量和活躍度，以創造更多現金，並試圖出售一些資產，而這些資產通常對公開買家來說並不划算，因為他們無法在消化大部分庫存的同時，獲得他人資產的貶值收益。所以，我大致上就是這樣概括事物的。

Got it. Thank you for that. And then, a question about your, I guess your flexibility around your activity levels. When I look at you guys have been really steady at two rigs, 11 frac fleet, but at least from the outside looking in, it looks like if you were to have to drop from there, you're kind of sitting right above the minimum efficient threshold of keeping one frac crew pretty much continuously busy. So is that something that you guys, think about and is that something that you, I mean, do you agree that that it would be the case that you lose some efficiency if you had if you had to cut activity in response to lower commodity prices and how would you manage that?

知道了。謝謝。然後，還有一個關於你，我想是關於你對活動量的彈性的問題。在我看來，你們一直保持著兩台鑽機、11台壓裂設備的狀態，但至少從外部來看，如果你們不得不減少規模，你們的規模似乎剛好高於維持一個壓裂作業隊持續運轉的最低效率閾值。所以，你們有沒有考慮過這個問題？你們是否同意，如果因為大宗商品價格下跌而不得不削減生產活動，就會損失一些效率？如果是這樣，你們會如何應對？

Not really. I'm not all that worried about it. We have very strong relationships with the crews and equipment that we use.

並不真地。我並不太擔心。我們與我們使用的工作人員和設備都保持著非常牢固的關係。

I don't see our activity pulling back dramatically, in this environment, if at all, we could certainly adapt and do some things, I, from an efficiency standpoint, I'm not all that worried about it. We we've entered into. You know some contracts that that give us quite a bit of flexibility to take advantage of some softness and pricing that we've seen recently, but at the same time.

在這種環境下，我不認為我們的業務會大幅縮減；即使有縮減，我們也肯定能夠適應並採取一些措施。從效率的角度來看，我並不太擔心。我們已經進入。你知道，有些合約給了我們相當大的彈性，可以利用我們最近看到的一些寬鬆的市場環境和定價，但同時。

Not so long as to, take us out of play and considering things that, if things should worsen in the in the market to take advantage of that later on. So I'm not very worried about it.

時間不會太長，以至於讓我們退出競爭，並且要考慮如果市場情況惡化，以後如何從中獲利。所以我並不太擔心。

Great, thanks for the Call.

太好了，謝謝你的來電。

Thanks.

謝謝。

The next question comes from Peyton Dorn from UBS. Please go ahead.

下一個問題來自瑞銀集團的佩頓·多恩。請繼續。

Hey, good morning, Christian team. I know earlier you gave the indications on the 2026 budget, but I just wondered if you have any details to share on how the plan theoretically might be shaped, and I asked just because you've highlighted those six wall deferrals and maybe targeting completions to benefit from higher winter gas prices. So we just infer from that that maybe the spending is going to be a bit more weighted to the first half or first quarter 26.

嘿，早上好，克里斯蒂安團隊。我知道您之前已經透露了 2026 年的預算情況，但我只是想知道您是否可以分享一下該計劃在理論上可能會如何制定，我這麼問是因為您強調了那六個牆體延期項目，並且可能會選擇在冬季天然氣價格上漲時完成這些項目。因此，我們可以推斷，支出可能會更集中在上半年或第一季。

Thank you.

謝謝。

Yeah, thanks for the question. I would say generally, and this is probably not maybe very different from many in the in the industry, the spending levels will probably be a little bit more skewed to the earlier part of the year to which will include some test areas and also.

謝謝你的提問。我想說，總的來說，這可能與業內許多人的看法並無太大不同，支出水平可能會更多地集中在年初，其中包括一些測試領域等等。

Just because we have a little bit more line of sight on on pricing sooner.

只是因為我們能更早對價格有更清晰的了解。

And we'll pull forward some activity and volumes into the, first half, first quarter of the year. So if I had to skew it that way.

我們將把一些業務活動和交易量提前到今年上半年或第一季。如果非要我那樣歪曲事實的話。

I would say it'll be a subtle heavier amount of activity and capital in the early part of the year, but I not a dramatic difference, say from one to or the back half. I mean it on a percentage basis it wouldn't look that way. It'll be more subtle.

我認為年初的活動和資本投入會稍微增加，但不會像上半年或下半年那樣有顯著差異。我的意思是，從百分比來看，情況並非如此。會更微妙一些。

Alright, great, thanks for getting me on.

好的，太好了，謝謝你讓我加入。

Thank you.

謝謝。

The next question comes from Phillips Johnston from Capital One Securities. Please go ahead.

下一個問題來自 Capital One Securities 的 Phillips Johnston。請繼續。

Hey, thanks for the time. First question on oil volumes, Chris, I think your comments on the second quarter calls suggested that oil production should grow in 26 at a rate that's a little bit be below the mid single-digit target for total BOE production. Is that still a good way to think about next year, which I think would sort of put you somewhere in the 40 to 41,000 a day range, give or take.

嘿，謝謝你抽出時間。關於石油產量，克里斯，我認為你在第二季度電話會議上的評論表明，2026 年石油產量的增長速度應該略低於石油當量總產量的個位數中段目標。這樣考慮明年是否仍然可行？我認為明年的日產量大概會在 4 萬到 4.1 萬之間，上下浮動一些。

Yeah, that's sort of what I would what I would think. I mean, like I said, the 4th quarter is off to a very strong start. I anticipate, sort of record volumes, BOEs, but also oil.

是的，我大概也是這麼想的。我的意思是，就像我說的，第四節開局非常強大。我預計，石油和原油的交易量都將創下紀錄。

In the 4th quarter, if I had to frame it, I would say, clearly the record was earlier in the second quarter, so we did 40,000 a day of oil, so I had to guess you sort of be.

如果要我概括第四季度的情況，我會說，很明顯，記錄是在第二季度早些時候創造的，當時我們每天生產 4 萬桶石油，所以我猜你們大概是吧。

40 to 41 is a fair number.

40到41是個比較合理的數字。

I would expect, lower single-digit oil growth, year on year, full year 26 over full year 25, call it 2% to 3%.

我預計石油產量將年減個位數成長，2026 年全年產量將比 2025 年全年產量增加 2% 至 3%。

Okay, perfect. And then for modeling purposes, if we assume you sort of remain at this current two rig program throughout next year, would that still imply somewhere around 55 gross wells next year, or is the annual run rate continued to sort of creep up some with the efficiencies?

好的，完美。那麼，為了建模的目的，如果我們假設你明年繼續維持目前的雙鑽井計劃，這是否仍然意味著明年大約會有 55 口總井，還是隨著效率的提高，年產量會繼續緩慢增長？

Yeah, I think plus or minus that's about right. There's not a dramatic shift or change in the number of actual gross wealth.

是的，我覺得正負這個範圍差不多。實際總財富的數量並沒有劇烈的變化。

Okay, great. Thanks, Chris.

好的，太好了。謝謝你，克里斯。

Thank you.

謝謝。

The next question comes from Zach Parham from JPMorgan. Please go ahead.

下一個問題來自摩根大通的紮克·帕勒姆。請繼續。

Hey, thanks for taking my question. You exited the quarter with the most cash on the balance sheet you've had since 124. Obviously that's a great problem to have, but how do you think about use of that cash? If you continue to build cash, do you consider potentially increasing your buyback case?

嘿，謝謝你回答我的問題。本季末，你的資產負債表上的現金餘額是自 124 年以來最多的。這當然是個幸福的煩惱，但您打算如何使用這筆錢呢？如果你繼續累積現金，你會考慮增加回購的可能性嗎？

Well, the goal is the goal is not only to generate free cash. It's it's ultimately, to your point, really find a way to put it back into the business or utilize it to generate more returns over time, properly allocate it.

其實，我們的目標不僅僅是賺取免費現金。歸根結底，正如你所說，關鍵在於找到一種方法，將資金重新投入企業中，或利用資金隨著時間的推移產生更多回報，並進行合理的分配。

We'll just have to see how things.

我們只能走一步看一步了。

Move out, or transpire into the Late into the year and into next year as far as the business and I don't, we're not going to sort of amp up activity if you will to, reach for more volumes necessarily. That's not the point. The point is to look for pockets of, maybe.

搬遷，或者說延續到今年稍晚甚至明年，就業務而言，我們不會加強活動力度，也不會追求更高的銷售量。這不是重點。關鍵是要尋找可能的蛛絲馬跡。

Underperformance or disruptions in the equity and if we had the opportunity to buy more shares, sure we'll do that or if we had the and the shares that we repurchase actually conveniently work in our favor and with the model in terms of providing us with a little bit of advantage on the base dividend.

如果股票表現不佳或出現波動，如果我們有機會購買更多股票，我們當然會這樣做；或者如果我們有回購股票的機會，而這些股票實際上恰好對我們有利，並且符合模型，可以為我們提供一些基本股息優勢。

So it just means we can grow the per share amount of the dividend a little bit more as a result of buying the shares and have less cash outlay that way. So it does provide us with a lot of flexibility Zack and.

所以這意味著，透過購買股票，我們可以稍微提高每股股息，同時減少現金支出。所以它確實給了我們很大的靈活性，扎克和。

I think we'll just sort of wait and see and take a lot of things into consideration on all those aspects of cash returns to shareholders and even ultimately into, looking at some bolt on opportunities if they if they come along and if we can find something that's attractive and the right fit for the business.

我認為我們會靜觀其變，綜合考慮股東現金回報的各個方面，甚至最終還會考慮一些附加收購機會（如果出現的話），看看我們能否找到對公司有吸引力且合適的收購項目。

Thanks, Chris. and then my follow-up, just wanted to ask on OpEx, you got into 520 for BOE for LOE and 4Q. Can you just give some color on how you expect that to trend in the 2026? I know you've done a lot of work this year to TRY to bring that down.

謝謝，克里斯。然後我還有一個後續問題，想問一下關於營運支出 (OpEx)，您在 LOE 和 4Q 的 BOE 中是否達到了 520？您能否簡單介紹一下您預計2026年該趨勢將如何發展？我知道你今年做了很多工作來努力降低這個數字。

Yeah, I think as I mentioned in my comments, I think that there are some things that, we're looking at in terms of, saltwater disposal.

是的，正如我在評論中提到的，我認為在海水處理方面，我們正在研究一些問題。

Managing chemicals, fluid management generally.

化學品管理，以及一般的流體管理。

Managing our crews in the field somewhat more efficiently. So I think there's, so far we've had a lot of small wins and improvements in several areas, and I think some of that will stay with us, but in particular, as workovers continue to represent the largest variability in the field level operating costs from quarter to quarter, but we're doing some good work, I think, on surface facility expenses and other things in terms of moving around, both oil and gas, and I think that should generally help us, so I said 5 to 120 for the 4th quarter.

更有效地管理我們的現場工作人員。所以我認為，到目前為止，我們在幾個領域都取得了一些小的勝利和進步，我認為其中一些成果會一直保持下去，但特別是，由於修井作業仍然是油田運營成本季度間波動最大的因素，但我認為我們在地面設施費用和其他方面的運輸方面，無論是石油還是天然氣，都做得不錯，我認為這總體上應該對我們有所幫助，所以我說第四季度的目標。

I, seasonally, you start to, you pick up a little bit in the year seasonally into the first quarter, but once you get through that, I think you can come and come down a little bit from the 520 level into next year, I believe, at sort of current commodity prices.

我認為，從季節性角度來看，每年第一季價格會略有回升，但一旦過了第一季度，我認為價格就會從 520 的水平略微下降，到明年，我相信，以目前的商品價格來看，價格會有所回落。

Like Thank you.

謝謝你。

The next question comes from Tim Moore from Clear Street. Please go ahead.

下一個問題來自 Clear Street 的 Tim Moore。請繼續。

Thanks and congrats on a great free cash flow and execution. One of the questions I have for you, Chris, or maybe even Brian, is, how should we think about, the gathering, transportation and processing expense, going forward as a percentage of revenue, I know you commented earlier this year about, maybe uptaking a bit, oil price came down, it doesn't help, but are there any kind of drivers you can speak to that maybe get a little bit utilization benefit for it maybe next year if the current commodity prices hold up?

謝謝，恭喜你們擁有如此出色的自由現金流和執行力。克里斯，或布萊恩，我想問你的一個問題是，我們該如何看待收集、運輸和加工費用佔收入的百分比？我知道你今年早些時候評論過，也許會有一些費用被吸收，油價下跌，這無濟於事，但如果目前的商品價格保持穩定，明年是否有一些因素可以帶來一些利用率上的好處？

GP&T, I think you're referring to is not really a percent of revenue generally. I'm sorry, it's not a when you look at, it should be relatively as long as commodity prices are somewhat stable, it should be relatively stable. If you see increases in gas and NGL pricing, you could see that costs go higher. And on the flip side, if commodity prices, gas and NGLs go lower, you may see some savings there.

我想你指的是毛利和稅費，但通常來說，它並不是收入的百分比。抱歉，這不是一個問題。當你觀察時，它應該是相對穩定的，只要大宗商品價格保持相對穩定，它就應該相對穩定。如果天然氣和液化天然氣價格上漲，成本可能會增加。另一方面，如果大宗商品價格、天然氣和液化天然氣價格下跌，你可能會節省一些費用。

That that that's helpful. And then just to follow-up, I know Chris already gave some comment on, some of the improved efficiencies with water disposal, fluid handling, some of the chemicals. I was just wondering, working on getting, very well, and getting some efficiencies. Are there any other kind of, surface repairs or low hanging fruit there, what do you think it's mostly done in, 7th inning?

那很有幫助。然後，我想補充一點，我知道克里斯已經就水處理、流體處理和一些化學物質的效率提升發表了一些評論。我只是在想，我正在努力提高效率，而且做得非常好。還有其他類型的表面修補或容易解決的問題嗎？你認為這些問題大多是在第七局解決的嗎？

There's always going to be some things that we continue to look at in terms of process management and doing things better, so I, it, it's really never over. You're always turning over rocks and looking for for other things to create more more and more efficiencies over time, whether it's with personnel, crews.

在流程管理和改進方面，總是會有一些事情需要我們繼續關注，所以，我覺得，這件事永遠不會結束。你總是不斷翻找各種方法，尋找其他方法來提高效率，無論是人員配置還是團隊管理。

Moving things, it's the business of of moving things.

搬運東西，就是搬運東西的生意。

In many ways. And so, moving and managing equipment, moving and managing your products, so there's always things to pursue beyond just what what I mentioned.

很多方面。所以，除了我提到的這些之外，還有搬運和管理設備、搬運和管理產品等事情需要去做。

Great. Thanks, Chris and Brian. All my other questions were already answered.

偉大的。謝謝克里斯和布萊恩。我的其他問題都已經得到了解答。

Thank you.

謝謝。

The next question comes from Fu Pham from Boston Capital. Please go ahead.

下一個問題來自波士頓資本的傅範。請繼續。

Hey thanks for giving my Question. So, my first question is that about the heating expansions. So in the last quarter, we know that we expand by 40,000 acres. So, I'm just like wondering like if any new wells were drilled in the areas and also like if not, like, do you expect any known export potential expansion or any new wells in the future in that area?

嘿，謝謝你回答我的問題。所以，我的第一個問題是關於加熱膨脹的。所以，在上一季度，我們知道我們擴大了 40,000 英畝的面積。所以，我只是想了解一下，這些地區是否鑽探了任何新井，如果沒有，您是否預計該地區未來會有任何已知的出口潛力擴張或任何新井？

Thank you. Yeah, if you're, thanks for the question. If you're referring to some of the wells that we've drilled earlier this year and even late last year in a new area that provided us with quite a bit of the outperformance that we experienced.

謝謝。是的，如果你是的話，謝謝你的提問。如果你指的是我們今年早些時候甚至去年年底在新區域鑽探的一些油井，這些油井為我們帶來了相當一部分超額收益。

The answer is yes. We we do plan to go back there. Those wells are continuing to perform quite good and continue to outperform with time. We will plan to go back there next year and over time in the future there's there's more to go after there, and I expect it to be folded into the program partly into next year and beyond.

答案是肯定的。我們確實計劃再去那裡。這些油井持續表現良好，並且隨著時間的推移，其產量將繼續提高。我們計劃明年重返那裡，未來還有更多的地方值得探索，我預計明年及以後，它將部分融入我們的項目中。

All right. And my second question would be, about the, eagle production. So I saw that the production from Eagle like was a bit up this quarter. So I was wondering if like, was like any wells in the waters. If so, like, what was the performance of the wells.

好的。我的第二個問題是關於鷹的生產。我看到Eagle公司本季的產量略有上升。所以我想知道，水裡有沒有什麼水井之類的。如果屬實，那麼這些油井的性能如何？

I assume you're talking about the Karnes area. Look, we go to Karnes a couple of times a year, and again, we have one completion crew, so you will see some a little bit of volatility just in terms of corns production. So I think you can probably assume that if there was an increase, there was probably a little bit of activity, whether operated or not operated.

我猜你指的是卡恩斯地區。你看，我們每年去卡恩斯幾次，而且我們只有一個完井作業隊，所以你會看到玉米產量方面存在一些波動。所以我認為你可以推斷，如果數量增加，那麼可能就存在一些活動，無論這些活動是否由商家經營。

All right, thank you.

好的，謝謝。

The next question comes from Noah Hungis from Bank of America. Please go ahead.

下一個問題來自美國銀行的諾亞·洪吉斯。請繼續。

Good Morning, for my first question here, Chris, I was wondering how are you seeing service pricing right now and how do you see that? And do you think it's aligned with kind of where the current is for oil prices?

早安，克里斯，我的第一個問題是，您目前如何看待服務定價？你認為這與目前的油價走勢相符嗎？

Thanks for the question, Noah.

謝謝你的提問，諾亞。

Yeah, look, I mean, Things things have come down into throughout the better part of 2025.

是的，你看，我的意思是，2025 年的大部分時間裡，事情都朝著這個方向發展了。

Conditions are still relatively soft, but I think the rate of change has lessened here recently.

目前市場狀況仍然相對寬鬆，但我認為最近變化速度有所減緩。

For us and probably for the sector, for the industry, for us, I mean, I would tell you.

對我們而言，或許對整個產業、整個領域而言，我的意思是，我會告訴你。

We're obviously going to see some things on the OCTG side, steel that's tariff related that will have some underlying upside pressure most if not all of that, really probably all of that will be offset by the softness that we're seeing and the improvements that we're seeing a com a combination of some of our own efficiencies, but also some of the savings. That we're getting out of contractual arrangements and working with our vendors, so there still is some softness, but I would tell you that for the moment in this range of product prices, things have seemed to have found a bit of a a leveling out if you will.

顯然，在油田管材方面，與關稅相關的鋼材價格會面臨一些潛在的上漲壓力，但即便不是全部，大部分壓力也可能被我們目前看到的疲軟行情和我們自身效率提升以及成本節約等因素所抵消。我們正在擺脫合約安排，與供應商合作，所以市場仍然有些疲軟，但我可以告訴你，就目前這個產品價格範圍而言，情況似乎已經趨於穩定。

That's not to say that couldn't change if product prices were to turn south late this year or into next year, typically what's underpinning some of that is, the industry sort of prepping itself for more activity into early into the new year and so some of that is seasonal. If that were to dissipate or as it dissipates into 26, you could see some Further round of softness perhaps, but we'll see it remains to be seen.

這並不是說如果產品價格在今年稍晚或明年開始下跌，情況就不會改變。通常情況下，支撐這種情況的原因是，該行業正在為新年伊始的更多活動做準備，因此其中一些是季節性的。如果這種情況消散，或者消散到 26 的時候，你可能會看到一些進一步的柔和，但這還有待觀察。

That's really helpful. And then for my second question, could you, I know you're, I know you have the, 6 deferred completions that you'll be carrying 26, but could you maybe talk about, how many ducks that you're carrying into the new year and then also how many ducks do you think you'll be exiting at 2026 with?

這真的很有幫助。我的第二個問題是，我知道您有 6 個延期完成的項目，這些項目將持續到 2026 年，但您能否談談，您有多少個項目將延續到新的一年，以及您認為到 2026 年您將有多少個項目退出？

We generally know we don't really carry planned duck like ducks, that's why I guess we talked about the deferral of some of these earlier this year, but outside of kind of working process, well, we don't really plan to We don't Usually Carry ducks. We're not purposefully carrying ducks. I mean, it's really more it'll end up being more of a timing issue than anything else.

我們通常知道我們不會像計劃中的鴨子一樣攜帶鴨子，所以我想這就是為什麼我們今年早些時候討論過推遲其中一些鴨子的原因，但除了工作流程之外，我們通常不計劃攜帶鴨子。我們並非故意攜帶鴨子。我的意思是，這最終更多的是一個時機問題，而不是其他問題。

Okay, so would it be fair to, assume you know you're carrying the 6 deferred completions in the 26, but then you'd be exiting with, basically 00 deferred completions with the current plan.

好的，那麼假設你知道你在 26 個項目中有 6 個延期完成的項目，但按照目前的計劃，你最終的延期完成項目基本上為 0 個，這樣說公平嗎？

Right outside of wells that are kind of in process, correct, normal ducks.

就在正在施工的水井外面，沒錯，正常的鴨子。

The next question comes from Greta Drefke from Goldman Sachs. Please go ahead.

下一個問題來自高盛的格雷塔·德雷夫克。請繼續。

Good morning and thank you for taking my questions. I actually wanted to follow-up on the last one that was just asked there on your outlook for activity in the macro a little bit in a situation of a potentially, D rating in oil prices through the remainder of the year or into 2026. Can you provide any color around, what price potentially could you see some incremental deferred completions or activity adjustments or if you have any sort of framework for how you could, evaluate potential further completions or turn in line timing changes.

早上好，感謝您回答我的問題。我其實想就剛才提出的問題再補充一點，關於您對宏觀經濟活動的展望，尤其是在石油價格可能在今年剩餘時間或到 2026 年都處於 D 級評級的情況下。您能否提供一些相關信息，例如，考慮到一些增量延期完工或活動調整，您認為價格可能會如何變化？或者您是否有任何框架來評估潛在的進一步完工或交付時間變更？

Yeah, I mean, our program, it's not a static program, it's a dynamic program and we have, as I mentioned in my remarks and in response to the questions, I mean we have a lot of both financial and operational flexibility, especially, considering some of those deferrals that have snaked through the system in 2025. As I said, that's really provided us with a bit of a cushion, if you will, into 2026. That's a sizable benefit.

是的，我的意思是，我們的項目不是一個靜態的項目，而是一個動態的項目。正如我在發言和回答問題時提到的，我們在財務和營運方面都擁有很大的靈活性，特別是考慮到2025年一些延期付款的情況。正如我所說，這確實為我們提供了一定的緩衝期，可以延續到 2026 年。這是一個相當大的好處。

Look, if we continue to see some good performance, the object, as we exit the year and going into 26, that that could provide us with further cushioning and the ability for additional flexibility to respond to, odd movements in product prices if that were to occur, but overriding that we do have, sort of the business model governor of, our spending which sort of limits us to the 55%. We TRY to stay true to form to that and keep to that that plan because that does keep us H1st and straight and narrow.

你看，如果我們繼續看到一些良好的業績，那麼在年底和進入 2026 年之際，這將為我們提供進一步的緩衝和更大的靈活性，以應對產品價格可能出現的異常波動，但最重要的是，我們的商業模式控制著我們的支出，這在某種程度上將我們的支出限制在 55%。我們努力保持這種作風，堅持這個計劃，因為這能讓我們保持領先地位，走正道。

But, I, like I said, we have a lot of flexibility in the program to maneuver around product prices. I'm very comfortable with how the business is running right now and where we sit.

但是，就像我剛才說的，我們的方案有很大的彈性，可以靈活應對產品價格。我對公司目前的營運狀況和我們所處的位置都非常滿意。

So you know there's there's lots of capabilities that that we've built into that process. So I, you can look at the sensitivities for oil and gas prices and model it out as to, what the downside upside is, if you will, but I mean it generally right now at current prices I'm not concerned about where we are.

所以你知道，我們已經在這個過程中建立了很多功能。所以，你可以看看石油和天然氣價格的敏感性，並建立模型來預測其下行和上行的可能性，但我的意思是，就目前的價格而言，我並不擔心我們所處的位置。

Great, thank you. And then just for the follow-up, as you highlighted in your update, Magnolia's 2 rig 1 crew program over the past 4 years has supported about 50% production growth over that period of time. I was just curious, can you speak a bit about how much of that growth you view is attributable to improved rig and crew cycle time efficiencies versus acquisitions and versus well performance improvements potentially over the past few years?

太好了，謝謝。另外，正如您在更新中所強調的那樣，Magnolia 在過去 4 年中採用的 ​​2 台鑽機 1 個作業團隊的模式，在此期間實現了約 50% 的產量增長。我只是好奇，您能否談談您認為過去幾年中，鑽井平台和船員作業週期效率的提高，以及收購和油井性能的提升，對這種增長的貢獻程度有何不同？

Yeah, we, we've not acquired very much in the way of production over the 7 years we've been operating.

是的，在我們營運的這7年裡，我們的生產能力並沒有太大進展。

I mean, most of it, it's been maybe 1 or 2 transactions that provide us with any, measurable amount of volumes that we can speak to, but most of it has been done organically, so we probably produced over the on a compounded basis maybe.

我的意思是，大部分交易可能只有一兩筆，能為我們帶來可衡量的交易量，但大部分交易都是自然成長的，所以我們可能以複合方式實現了更高的交易量。

8% sort of Compound annual growth for the business.

該公司的複合年增長率約為 8%。

By and large, most of that has come from organic drilling completions of the business, not we haven't folded in a lot of PDP ads that we that I can speak to.

總的來說，大部分收入來自公司本身的鑽井業務完成情況，我們並沒有投入很多個人發展計畫 (PDP) 廣告，至少我可以這麼說。

Great thank you.

非常感謝。

This concludes our question-and-answer session, and the conference is now concluded.

問答環節到此結束，會議也正式閉幕。

Thank you for attending today's presentation. You may now disconnect.

感謝各位參加今天的報告會。您現在可以斷開連線了。