Mach Natural Resources LP (MNR) 2024 Q2 法說會逐字稿

Good morning, everyone.

大家早安。

Thank you for joining today's call to discuss Mach Natural Resources second quarter 2024 financial operational results.

感謝您參加今天的電話會議，討論馬赫自然資源 2024 年第二季的財務營運表現。

During this morning's call, the speakers will be making forward-looking statements that cannot be confirmed by reference to existing information, including statements regarding expectations, projections, future performance and the assumptions underlying such statements.

在今天早上的電話會議中，發言者將做出無法透過參考現有資訊確認的前瞻性陳述，包括有關期望、預測、未來績效的陳述以及此類陳述背後的假設。

Please note a number of factors will cause actual results to differ materially from those forward-looking statements, including the factors identified and discussed in the press release this morning and other SEC filings.

請注意，許多因素將導致實際結果與這些前瞻性陳述有重大差異，包括今天上午的新聞稿和其他 SEC 文件中確定和討論的因素。

For a further discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements, please read the company's annual report on Form 10-K, which is available on the company's website or the SEC's website.

如需進一步討論可能導致實際結果與此類前瞻性聲明中的結果不同的風險和不確定性，請閱讀公司 10-K 表格年度報告，該報告可在公司網站或 SEC 網站上取得。

Please recognize that except as required by law, we undertake no duty to update any forward-looking statements, and you should not place undue reliance on such statements.

請注意，除非法律要求，我們不承擔更新任何前瞻性聲明的義務，且您不應過度依賴此類陳述。

They may refer to some non-GAAP financial measures in today's discussion.

他們可能會在今天的討論中提到一些非公認會計原則的財務指標。

For reconciliation from non-GAAP financial measures to the most directly comparable GAAP measures, please reference the press release, which is available on Mach's website and thier10-Q, which will also be available on the website when filed.

有關非 GAAP 財務指標與最直接可比較的 GAAP 指標之間的調節，請參考新聞稿，該新聞稿可在 Mach 網站和 thier10-Q 上獲取，提交後也可在該網站上獲取。

Today's speakers are Tom Ward, CEO; and Kevin White, CFO.

今天的演講者是執行長 Tom Ward；和首席財務官凱文懷特。

Tom will give an introduction and overview, Kevin will discuss Mech's financial results, then the call will be opened up for questions.

湯姆將進行介紹和概述，凱文將討論 Mech 的財務業績，然後將開始電話提問。

With that, I'll turn the call over to Mr. Tom Ward.

這樣，我會將電話轉給湯姆·沃德先生。

Tom?

湯姆？

Thank you, Kevin, and welcome to Mach Natural Resources second quarter earnings update.

謝謝凱文，歡迎來到馬赫自然資源公司第二季財報更新。

I started the call describing our company framework or our four key pillars.

我在電話會議開始時描述了我們公司的框架或我們的四個關鍵支柱。

These pillars are focused on being a distribution company as follows: number one, maintain financial strength.

這些支柱的重點是成為一家分銷公司：第一，保持財務實力。

Our goal is to have a long-term debt to EBITDA ratio of 1 times or less by maintaining a low leverage profile, we give ourselves opportunities when markets experience, high volatility.

我們的目標是透過保持低槓桿狀況，將長期債務與 EBITDA 比率保持在 1 倍或更低，當市場經歷高波動時，我們為自己提供機會。

Number two, disciplined execution.

第二，嚴格執行。

We acquire only cash-flowing assets of a discount to PDP PV-10 that are accretive to our distribution.

我們只購買比 PDP PV-10 折扣的現金流資產，這些資產會增加我們的分配。

Number three, disciplined reinvestment rate.

第三，嚴格的再投資率。

We maintain a reinvestment rate of less than 50% of our operating cash flow.

我們的再投資率維持在經營現金流量的 50% 以下。

By keeping our reinvestment rate low, we optimize our distributions to unit holders.

透過保持較低的再投資率，我們優化了對單位持有人的分配。

Number four, maximize cash distributions.

第四，最大化現金分配。

We target peer-leading distributions.

我們的目標是同業領先的發行版。

This pillar drives all of our decisions.

這個支柱驅動著我們所有的決定。

Now on the second quarter results.

現在談談第二季的業績。

In the second quarter, Mach averaged 89.3 MBOE per day of production.

第二季度，馬赫平均每天生產 89.3 MBOE。

This production exceeded our high end of guidance.

該產量超出了我們的指導上限。

Our drilling program continues to core perform in line with estimates.

我們的鑽探計劃的核心表現繼續符合預期。

We achieved another quarter of successful expense and cost control.

我們又成功控制了四分之一的費用和成本。

Lease operating expenses of $5.72 per barrel of oil equivalent were below the low end of guidance, and our new well costs have been below our initial projections, resulting in a drilling program to be invested more efficiently.

每桶油當量 5.72 美元的租賃營運費用低於指導低端，而且我們的新井成本低於我們最初的預測，從而使鑽井計劃的投資更加有效。

We also divested a small portion of our Western Anadarko acreage for $38 million during the quarter.

本季我們也以 3,800 萬美元的價格出售了西阿納達科的一小部分土地。

Mach controls approximately $1 million acres of land that are held by production.

馬赫控制著價值約 100 萬英畝的生產土地。

The Anadarko has become a focal point of many new and existing drilling programs.

阿納達科已成為許多新的和現有鑽探計劃的焦點。

And these new ideas responding attractive prospects on lands that we have owned for several years.

這些新想法回應了我們擁有多年的土地上誘人的前景。

We're utilizing land as an asset that can be used in times of lower prices to enhance our distribution while not affecting our near term drilling inventory.

我們正在利用土地作為一種資產，可以在價格較低的時候使用它來增強我們的分銷，同時不影響我們的近期鑽探庫存。

We captured some of the value from this asset in the second quarter by selling less than 13,000 acres in an area that we had not targeted for drilling.

我們在第二季度透過出售我們沒有瞄準鑽探的地區不到 13,000 英畝的土地，從該資產中獲得了部分價值。

We continue to hold large land positions in the area for future development or divestiture.

我們繼續在該地區持有大量土地，以供未來開發或剝離。

Also during the quarter, we used $21 million of cash to pay down existing debt.

同樣在本季度，我們使用了 2,100 萬美元現金來償還現有債務。

This debt payment was the first amortization payment on our first lien term loan.

這筆債務付款是我們第一筆留置權定期貸款的第一筆攤銷付款。

Lastly, we declared a quarterly cash distribution of $0.9 per unit.

最後，我們宣布季度現金分配為每單位 0.9 美元。

Mach is an acquisition company that focuses on investments accretive to our distribution, through this model we've been active acquirers since 2018.

Mach 是一家收購公司，專注於增加我們分銷的投資，透過這種模式，我們自 2018 年以來一直是積極的收購者。

Over the past five years, we have actualized a multiple on invested capital of 1.7 times and average that cash received on capital invested of 31%, which we believe is best in class.

在過去五年中，我們的投資資本實現了 1.7 倍的倍數，平均投資資本收到的現金為 31%，我們認為這是同類中最好的。

Through 17 acquisitions, we've acquired vast land holdings that we did not pay for, but now have become valuable assets.

透過 17 次收購，我們獲得了大片土地，這些土地原本是我們沒有支付的，但現在已成為寶貴的資產。

In fact, we have many more potential drilling locations than we have operating cash flow to satisfy.

事實上，我們擁有的潛在鑽探地點比我們能夠滿足的營運現金流要多得多。

Therefore, we have the ability to sell lands or grow our operating cash flow through acquisitions.

因此，我們有能力出售土地或透過收購增加我們的營運現金流。

We then use only 50% of our operating cash flow to drill with while distributing them our remainder.

然後，我們只使用 50% 的營運現金流進行鑽探，同時將剩餘的現金流分配給他們。

In this way, we can pivot more towards drilling in times of higher prices when acquisitions become expensive or more towards acquisitions in times of uncertainty, the largest driver to our distribution is the price we receive for our production.

透過這種方式，我們可以在收購變得昂貴時更多地轉向鑽探，或者在不確定時期更多地轉向收購，我們分銷的最大驅動力是我們生產的價格。

In the second quarter, we received a very low realized price of $1.33 per Mcf for the natural gas we produce.

第二季度，我們生產的天然氣的實現價格非常低，為每立方英尺 1.33 美元。

Natural gas makes up 53% of our production and is important to our projected distributions.

天然氣占我們產量的 53%，對我們的預期分配非常重要。

Obviously, we look forward to receive a higher price for our natural gas production in the coming quarters and we received during this past quarter, our drilling program continues to achieve results in line with our expectations.

顯然，我們期待在未來幾季獲得更高的天然氣生產價格，並且在過去的一個季度中，我們的鑽探計劃繼續取得符合我們預期的結果。

Mach currently has two rigs running one of the rigs continues to drill.

馬赫目前有兩台鑽機正在運行，其中一台仍在繼續鑽探。

The Oswego formation in Kingfisher County, Oklahoma, and one rig is drilling in the condensate window of Canadian County, Oklahoma.

俄克拉荷馬州翠鳥縣的奧斯威戈地層和一台鑽孔機正在俄克拉荷馬州加拿大縣的凝析油窗鑽探。

Since May 2021, Mach has drilled over 200 Oswego locations and continues to hold a large inventory of wells to be drilled.

自 2021 年 5 月以來，Mach 已在奧斯威戈鑽探了 200 多個地點，並繼續持有大量待鑽探井庫存。

In the second quarter Mach's, but 12 gross wells and brought online 14 gross operated wells across the combination of both areas.

第二季度，這兩個地區總共有 12 口油井和 14 口油井上線。

This drilling cadence is in line with our expectations through the end of 2024.

這一鑽探節奏符合我們到 2024 年底的預期。

Our CapEx program continues to point towards a reinvestment rate of less than 50% of our operating cash flow for 2024, we reduced our rig count in the US.

我們的資本支出計畫繼續指出，到 2024 年，再投資率將低於我們營運現金流的 50%，我們減少了在美國的鑽機數量。

We go from two rigs to one rig during the quarter, which resulted in a reduction of CapEx by -- CapEx guidance by 15%.

本季我們從兩台鑽孔機減少到一台鑽孔機，這導致資本支出減少了 15%。

As mentioned earlier, operations team continues to cut expenses on drilling completions and lease operating, we adjusted lease operating expense guidance down by 3% per BOE.

如前所述，營運團隊繼續削減鑽井完井和租賃營運費用，我們將每桶油當量的租賃營運費用指導下調了 3%。

Our drilling costs have improved due to efficiencies gained through days on location and cost cutting.

由於透過幾天的現場工作和成本削減提高了效率，我們的鑽井成本有所改善。

We first projected our deeper locations in the condensate window to cost $8.6 million per well and costs have been coming in at $7.6 million per well.

我們首先預期凝析油窗口更深位置的成本為每口井 860 萬美元，而實際成本為每口井 760 萬美元。

This compares to our predecessor spending of $9.6 million per well.

相比之下，我們之前的每口井支出為 960 萬美元。

We moved our Oswego total cycle time per well down to 10.1 days and spent $2.6 million per location, we've added lateral length to further enhance our overall performance.

我們將奧斯威戈每口井的總週期時間縮短至 10.1 天，每個位置花費了 260 萬美元，我們還增加了橫向長度以進一步提高我們的整體性能。

Our average lateral length was extended from 5,400 feet to 6,000 feet during the quarter and the overall cost was lowered by $32 per lateral foot.

本季度，我們的平均橫向長度從 5,400 英尺延長至 6,000 英尺，每橫向英尺的總體成本降低了 32 美元。

We continue to look for ways to lower expenses while maintaining our expected results per well.

我們繼續尋找降低費用的方法，同時保持每口井的預期結果。

Mach's goal is to find the cheapest molecules to purchase and then convert those molecules into accretive distributions to our unitholders.

馬赫的目標是找到最便宜的分子來購買，然後將這些分子轉化為增值分配給我們的單位持有者。

In the past, the Mid-Con was area worth where the most value can be found per dollar spent.

過去，Mid-Con 是每花費一美元就能獲得最大價值的區域。

Now the Mid-Con has become a highly sought-after has become highly sought after drilling area.

現在Mid-Con已經成為備受追捧的鑽井區域。

Therefore, the time has come for us to expand to other basins where production is less expensive for cash flowing assets.

因此，現在是我們向現金流資產的生產成本較低的其他盆地擴張的時候了。

We're actively reviewing projects outside of the Mid-Con as well as continuing to look at all Mid-Con opportunities.

我們正在積極審查中型企業以外的項目，並繼續尋找所有中型企業的機會。

We believe in the next few quarters, we will substantially add to our portfolio and distributions per unit.

我們相信在接下來的幾個季度中，我們將大幅增加我們的投資組合和單位分配。

I'll now turn the call over to Kevin to discuss our financial results.

我現在將電話轉給凱文，討論我們的財務表現。

Thanks, Tom.

謝謝，湯姆。

I'd like to open with a quick reminder that the comparative income and cash flow statements for both the second quarter and year to date for last year reflect only were the results of the predecessor entity Mach 3, whereas the 2024 results capture all of the entities and assets of Mach's Natural Resources.

首先，我想快速提醒一下，去年第二季和年初至今的比較收入和現金流量表僅反映了前身實體 Mach 3 的結果，而 2024 年的結果涵蓋了所有馬赫自然資源公司的實體和資產。

For the quarter, our production of 89,000 BOE per day was 23% oil, 53% natural gas and 24% NGLs.

本季度，我們每天生產 89,000 桶油當量，其中 23% 是石油，53% 是天然氣，24% 是液化天然氣。

Our average realized prices were $79.27 per barrel of oil and $1.33 per Mcf of gas in $23.83 per barrel of NGLs.

我們的平均實現價格為每桶石油 79.27 美元，每立方英尺天然氣 1.33 美元，每桶液化天然氣 23.83 美元。

Of the $232 million total oil and gas revenues, the relative contribution for oil was 65%, 15% for gas and 20% for NGLs.

在 2.32 億美元的石油和天然氣總收入中，石油的相對貢獻為 65%，天然氣佔 15%，液化天然氣佔 20%。

On the expense side, as Tom has mentioned, our lease operating expense of $46.5 million or $5.72 per BOE, again came in lower than predicted and was a catalyst for us to lower full year LOE guidance.

在費用方面，正如 Tom 所提到的，我們的租賃營運費用為 4,650 萬美元，即每桶油當量 5.72 美元，再次低於預期，並成為我們降低全年 LOE 指導的催化劑。

Cash G&A was slightly over $9 million or only $1.12 per BOE.

現金管理費用略高於 900 萬美元，即每桶當量僅 1.12 美元。

We ended the quarter with $145 million in cash.

本季結束時，我們擁有 1.45 億美元現金。

Our $75 million revolver was undrawn and our first lien term loan principal was approximately $804 million.

我們的 7,500 萬美元循環資金尚未提取，我們的第一筆留置權定期貸款本金約為 8.04 億美元。

Total revenues, including our hedges and midstream activities, totaled $240 million.

總收入（包括我們的對沖和中游活動）總計 2.4 億美元。

Adjusted EBITDA was $136 million $117 million of operating cash flow.

調整後 EBITDA 為 1.36 億美元，營運現金流為 1.17 億美元。

After our CapEx for the quarter of $45.6 million, we generated $67.5 million of cash available for distribution, which we used to pay $21 million principal in the first lien term loan and the remainder plus the $38 million of proceeds received from the acreage sale mentioned earlier, gives us a total distribution of $85.5 million or $0.9 per unit.

在本季4,560 萬美元的資本支出之後，我們產生了6,750 萬美元的可供分配的現金，我們用這些現金支付第一筆留置權定期貸款的2,100 萬美元本金，其餘部分加上前面提到的土地出售所得的3800 萬美元收益，給我們的總分配額為 8550 萬美元，即每單位 0.9 美元。

This will be paid on September 10 to holders of record as of August 27.

該款項將於 9 月 10 日支付給截至 8 月 27 日的記錄持有者。

Kevin, we'll turn the call back over to you to field questions.

凱文，我們會將電話轉回給您回答問題。

Thank you.

謝謝。

We'll now be conducting a question-and-answer session.

我們現在將進行問答環節。

(Operator Instructions)

（操作員說明）

Charles Meade, Johnson Rice.

查爾斯·米德，約翰遜·賴斯。

Good morning, Tom and Kevin into the whole team there.

早上好，湯姆和凱文進入了整個團隊。

Tom, I wanted to ask about the drop in the rig and the Oswego, it looks like you had a plan to drop that at some point this year, but that with the CapEx guide down, you did it a little earlier than they may be contemplated in your guidance back in February.

湯姆，我想問一下有關鑽機和奧斯威戈的下降的問題，看起來您計劃在今年的某個時候放棄它，但隨著資本支出指南的下降，您比他們可能要早一點做的您在二月份的指導中就考慮過這一點。

So I'm wondering if you could characterize whether that or tell me whether that's the right read on the change to your plan, I'd give a little insight into your decision process about why do it -- why drop the rig in 2Q and up?

所以我想知道你是否可以描述一下這是否是或告訴我這是否是對你計劃的改變的正確解讀，我會深入了解你的決策過程，了解為什麼要這麼做——為什麼在第二季度放棄鑽機，向上？

Or is it supposed to run it longer?

還是應該運行更長時間？

Sure.

當然。

It's very simple that we want to stay under 50% CapEx to our operating cash flow.

很簡單，我們希望將營運現金流的資本支出保持在 50% 以下。

And so that the Oswego regularly and to us with average running with that cut, then it moved us under 50% for the year of operating cash flow.

因此，奧斯威戈定期對我們進行平均削減，然後它使我們當年的營運現金流下降到 50% 以下。

I'd love to have two rigs running or three rigs running in Oswego once we get our operating cash flow up.

一旦我們的營運現金流增加，我希望在奧斯威戈運行兩台或三台鑽機。

Got it.

知道了。

That is that, for example.

舉例來說，就是這樣。

And then the follow up, you talked about your D&C performance versus acquisition case on those assets that you acquired from diploma.

接下來，您談到了您的 D&C 績效與您從文憑獲得的那些資產的收購案例。

I'm wondering if you could talk about the other side of the coin.

我想知道你能否談談硬幣的另一面。

I how those wells are producing in the early days of versus your acquisition case?

與您的收購案例相比，這些油井在早期的生產情況如何？

Yeah, in line with our acquisition case and really anything we acquire that we would drill them on or new drills.

是的，根據我們的收購案例以及我們收購的任何東西，我們都會對其進行鑽探或新鑽探。

I should just be in line with projections are.

我應該只是符合預測而已。

And if you look at Inveresk or others, we shouldn't be outperforming goes because usually we drill interior to other wells that have been drilled.

如果你看看 Inveresk 或其他公司，我們的表現不應優於 Go，因為通常我們會鑽探其他已鑽探井的內部。

So we don't do many step-outs, thus selling the first part of the cherokee acreage that we did because those wells are fairly new.

因此，我們沒有進行太多的退出，因此出售了我們所做的第一部分切羅基土地，因為這些井相當新。

So anything that we're drilling is in a fairly known area and we really shouldn't outperform those around us.

因此，我們正在鑽探的任何東西都在一個相當知名的領域，我們真的不應該超越我們周圍的人。

In fact, the risk would be though we have depletion.

事實上，風險在於我們已經耗盡了。

And so that's how come we're very careful with well spacing.

這就是為什麼我們對井間距非常小心。

Got it.

知道了。

That is helpful.

這很有幫助。

John Freeman, Raymond James.

約翰·弗里曼，雷蒙德·詹姆斯。

Good morning, guys.

早安，夥計們。

Good morning.

早安.

First topic last quarter.

上季的第一個主題。

Tom, you mentioned about the increased competition you've been seeing in Oklahoma, but others were willing to pay a substantial premium for undeveloped locations.

湯姆，您提到俄克拉荷馬州的競爭日益激烈，但其他人願意為未開發的地區支付大量溢價。

And obviously you reiterated kind of those comments again on this call, it sounds like what you're saying then is this divestiture that you all did we kind of took advantage of that kind of heightened competition by divesting some of those western and Anadarko package, it sounds like and that that may not be just a one-off that there could be opportunities in the future.

顯然，您在這次電話會議上再次重申了這些評論，聽起來您所說的是您所有人所做的剝離，我們通過剝離一些西方和阿納達科一攬子計劃來利用這種加劇的競爭，聽起來這可能不只是一次性的，未來可能有機會。

Just given your massive acreage position to take advantage of that additionally going forward?

考慮到您擁有巨大的土地面積，可以進一步利用這一點嗎？

Is that the right read?

這樣讀對嗎？

Yeah.

是的。

So in the proven area of the Cherokee shale play, we have probably another 40,000 acres and inside of Mach and then inside of Oklahoma and the Cherokee overall area closer to 100,000 total, including that 40,000 to 60,000 acres or so of that are outside of the proven area and 40,000.

因此，在切羅基頁岩油區已探明的區域中，我們可能還有另外40,000 英畝的土地，位於馬赫境內，然後位於俄克拉荷馬州境內，切羅基的總面積接近100,000 英畝，其中約40,000 至60,000 英畝位於俄克拉荷馬州以外。

And so as those wells are drilled, we only sold a small portion.

因此，當這些井鑽完後，我們只賣了一小部分。

So we can watch wells are being drilled and determine if they can then compete with other locations.

因此，我們可以觀察正在鑽探的油井，並確定它們是否可以與其他地點競爭。

So the fact is that we have a large amount of locations to drill and we need to increase operating cash flow in order to get to those locations.

因此，事實是我們有大量地點需要鑽探，我們需要增加營運現金流才能到達這些地點。

So we continue to look for ways to find PDP production or proved developed producing wells to bring in cash flow so that we can increase our these proven locations we have in known areas with good rates return.

因此，我們繼續尋找方法來尋找 PDP 生產或已證實已開發的生產井，以帶來現金流，以便我們能夠增加我們在已知地區擁有的這些已證實的位置，並獲得良好的回報率。

And so the reminder is that we don't use our drilling program to trying to grow production, we use it to stabilize or declines.

因此，需要提醒的是，我們不會利用鑽探計劃來嘗試增加產量，而是用它來穩定或下降。

Got it.

知道了。

And then you talked in the past, Tom, about your bullish outlook on natural gas over the over the coming years with LNG will increase kind of power burn, et cetera, as you kind of look at it at the gas strip and as we kind of start to roll through 2025.

湯姆，你過去談到你對未來幾年天然氣的樂觀前景，液化天然氣將增加電力消耗等等，就像你在天然氣地帶看到的那樣，我們也認為開始滾動到 2025 年。

Can you sort of talk about the flexibility you've got on your properties from kind of a capital allocation perspective?

您能否從資本配置的角度談談您的房產的靈活性？

And maybe just some insight into is there a certain gas price level where you think you might shift more into some of your gassier assets?

也許只是一些洞察，是否存在一定的天然氣價格水平，您認為您可能會更多地轉向一些天然氣資產？

Sure it's all just a rate of return driven, so we keep that we have a tremendous amount of acreage in the condensate window and then into the dry gas window if we choose to move that way because there's it's also improve in areas that have been drilled.

當然，這只是回報率驅動的，所以我們堅持認為，如果我們選擇那樣移動，我們在凝析油窗口中擁有大量面積，然後進入乾氣窗口，因為在已鑽探的區域中也有所改善。

So we watch pretty closely.

所以我們非常密切地觀察。

The only issue we have is that we have two different types of rigs.

我們唯一的問題是我們有兩種不同類型的鑽孔機。

We have a deep rig that works in the condensate and would also be in the dry gas window and then the smaller rigs that work the Oswego or more up on the shelf.

我們有一個在凝析油中工作的深層鑽機，也可以在乾氣窗口中工作，然後是在架子上工作的奧斯威戈或更多的較小鑽機。

And so though those are not interchangeable.

因此，儘管這些是不可互換的。

But out of let's for example, say that we've got to a place that we I think ultimately, we'd like to have two rigs running in both areas that that's I think a near term goal maybe in 2025, if we're fortunate enough to make some acquisitions that we were looking at.

但舉例來說，假設我們最終到達了一個地方，我們希望在這兩個區域都有兩台鑽機運行，我認為這可能是 2025 年的近期目標，如果我們很幸運能夠進行一些我們正在考慮的收購。

Thanks, Tom.

謝謝，湯姆。

Nice quarter.

不錯的季度。

Thank you.

謝謝。

Michael Scialla, Stephens.

麥可夏拉，史蒂芬斯。

Good morning, guys.

早安，夥計們。

On the trying to understand the your guidance a little bit better.

試圖更好地理解您的指導。

Is that change on the production guidance going forward, strictly due to that activity levels that I think, Tom, you had mentioned you expect the activity to drilling at least to be similar for the second half of the year as it was in the second quarter?

未來生產指導的變化是否嚴格歸因於我認為的活動水平，湯姆，您提到您預計下半年的鑽探活動至少與第二季度相似？

Is that the same for the new wells you expect to turn-in-line?

您預計將投入使用的新井也是如此嗎？

Is that kind of 12 net wells each quarter, a good run rate for third and fourth quarter?

每季 12 口淨井，第三季和第四季的運作率是否良好？

Yeah, this is Kevin and Michael.

是的，這是凱文和邁克爾。

Yes, as far as the rate of drilling and the wells turned in line expected to stay pretty consistent with what we had in the second quarter.

是的，就鑽井速度和油井轉產率而言，預計將與第二季的情況保持一致。

And then you're spot on with regard to the reduction in the oil production guidance, just as we a couple of things, we're going to drop that rig late in the first quarter.

然後，關於石油產量指導的減少，正如我們所做的幾件事一樣，我們將在第一季末放棄該鑽機。

In the Oswego and then just combined with a little bit of delays in some of the deeper wells coming online.

在奧斯威戈，然後加上一些更深的油井上線的一些延遲。

That is essentially what has driven that guidance down lower.

這本質上是導致指引下調的原因。

Okay.

好的。

So nothing really with well performance that surprised you or the mix of oil versus gas, it was just the activity level?

那麼，石油與天然氣的良好表現並沒有真正讓您感到驚訝，只是活動量？

That's correct.

這是正確的。

Got you.

明白你了。

And then, Tom, you mentioned the increased competition for deals within the basins.

然後，湯姆，您提到了盆地內交易競爭的加劇。

Thinking about we're looking outside of the basin without giving away too much.

想想我們正在尋找盆地之外的東西而不放棄太多。

Can you say where you may be seeing opportunities where you don't have to pay for undeveloped acreage?

您能說說您在哪些地方可能看到無需為未開發土地付費的機會嗎？

Or at least characterize, though what kind of assets you might be looking for?

或至少描述一下您可能正在尋找什麼樣的資產？

Yeah.

是的。

So we're just looking for cash flowing assets.

所以我們只是在尋找現金流資產。

We have all of the drilling opportunities we need.

我們擁有所需的所有鑽探機會。

So really if we can buy something at less than PDP PV-10, that is a steeper discount than what we can find in Oklahoma and put that money that operating cash flow to work back into the line of drilling that we have.

因此，實際上，如果我們能以低於PDP PV-10 的價格購買東西，這比我們在俄克拉荷馬州能找到的折扣更大，並將營運現金流的資金重新投入到我們現有的鑽探業務中。

I think that that's where we're searching.

我認為這就是我們正在尋找的地方。

So anywhere that dislocated, it could be for a number of reasons you might you might look in the second tier of what would be considered second, tier Eagle Ford or Permian.

因此，任何地方發生錯位，都可能出於多種原因，您可能會在被認為是第二層鷹福特或二疊紀的第二層中尋找。

That California is out of favor because of their regulatory environment so that any of those types of opportunities are lower PDP and tour discounts to PDP. are things we'll look at.

加州因其監管環境而失寵，因此任何此類機會的 PDP 和旅遊折扣都低於 PDP。是我們會關注的事情。

Appreciate the answers guys.

感謝各位的回答。

Geoff Jay, Energy Partners.

傑夫傑伊，能源合作夥伴。

Hey Tom and Kevin, just so it's kind of a curve ball, but the very, very long term, obviously, there's been a lot of attention to re-fracs and kind of the Eagle Ford Bakken Barnett.

嘿湯姆和凱文，這有點像一個曲線球，但從非常非常長期的角度來看，顯然，人們對重新壓裂和鷹福特巴肯巴內特（Eagle Ford Bakken Barnett）有很多關注。

I wonder if you think about your PDP assets over the next several years, if you think there might be an opportunity to do some refracs on your acreage?

我想知道您是否考慮過未來幾年您的 PDP 資產，是否認為可能有機會對您的土地進行一些重新壓裂？

I've never had a luck with it.

我從來沒有這麼幸運過。

I don't know, Rick, do you see?

我不知道，瑞克，你懂嗎？

No?

不？

Rick is shaking his head.

瑞克搖搖頭。

Our acreage doesn't really looked like if I could rephrase that maybe if other people came in and lead the way we will not be the instigator of refracking here.

如果我可以換句話說，也許如果其他人進來並帶路，我們就不會成為這裡重新壓裂的煽動者，我們的面積看起來並不像這樣。

Excellent.

出色的。

Thanks, guys.

謝謝，夥計們。

Thank you.

謝謝。

Jeff Robertson, Water Tower Research.

傑夫·羅伯遜，水塔研究。

Thanks.

謝謝。

Good morning.

早安.

Tom, on the competition question, do you anticipate more opportunity in 2025, 2026 as some of the consolidation that's taking place, causes people to rationalize their portfolios?

湯姆，關於競爭問題，您預計 2025 年、2026 年會出現更多機會，因為正在發生的一些整合會導致人們合理化其投資組合？

And then secondly, do you also think that will just bring in increased competition and have an impact on valuation?

其次，您是否也認為這只會加劇競爭並對估值產生影響？

Yeah the Mid-Con right now is kind of the second hottest area for exploration that there is outside of the Permian.

是的，Mid-Con 現在是二疊紀以外第二個最熱門的勘探區域。

It just is has changed very quickly in the last six to eight months, something that surprises if it's good for us because of how much acreage we have here and that as more people drill in different areas, it proves up a lot of acreage of ours that we have held by production but then I think the other part of the question is, as consolidation happens in the industries, the people were looking for new areas to go there, looking more at the Mid-Con because it was a cheaper area than other areas with the same type of drilling upside.

在過去的六到八個月裡，情況發生了非常快的變化，如果這對我們有利的話，我們會感到驚訝，因為我們這裡有多少面積，而且隨著越來越多的人在不同的地區鑽探，事實證明我們有很多面積我們一直透過生產來維持這一點，但我認為問題的另一部分是，隨著行業整合的發生，人們正在尋找新的區域去那裡，更多地關注中型地區，因為這是一個比中型地區更便宜的地區其他地區具有同類型的鑽探優勢。

So I think that leaves us with maybe the ability to zig when others are zagging and move into back into areas that are being left behind.

因此，我認為這可能會讓我們有能力在其他人迂迴前進時回到被拋在後面的區域。

And that's our goal.

這就是我們的目標。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

We reached the end of our question-and-answer session.

我們的問答環節結束了。

I'd like to turn the floor back over to management for any further or closing comments.

我想將發言權交還給管理階層，以徵求進一步的意見或結束意見。

No more comment.

不再發表評論。

So we appreciate everybody's interest in the company and look forward to speaking soon.

因此，我們感謝大家對公司的興趣，並期待盡快與您交談。

Thanks.

謝謝。

Thank you.

謝謝。

That does conclude today's teleconference and webcast.

今天的電話會議和網路廣播到此結束。

You may disconnect your line at this time and have a wonderful day.

此時您可以斷開線路並度過美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。