Mach Natural Resources LP (MNR) 2024 Q3 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 third quarter 2024 financial and operational results.

感謝您參加今天的電話會議，討論馬赫自然資源公司 2024 年第三季的財務和營運業績。

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 their forward-looking statements, including the factors identified and discussed in their press release and in other SEC filings.

請注意，許多因素將導致實際結果與其前瞻性陳述有重大差異，包括在新聞稿和其他 SEC 文件中確定和討論的因素。

For a further discussion of risks and uncertainties that can 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陳述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, they 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，否則他們不承擔更新任何前瞻性聲明的義務，並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 refer to their press release, which is available on Mach's website, and their 10-Q, which will also be available on their website when filed.

有關非 GAAP 財務指標與最直接可比較的 GAAP 指標的調節，請參閱他們的新聞稿（可在 Mach 網站上取得）以及 10-Q（提交後也可在其網站上取得）。

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.

Tom 將進行介紹和概述。

Kevin will discuss Mach's financial results, and then the call will be open for questions.

凱文將討論馬赫的財務業績，然後電話會議將開放提問。

With that, I will 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, Darryl.

謝謝你，達裡爾。

Welcome to Mach Natural Resources third quarter earnings update.

歡迎來到馬赫自然資源公司第三季財報更新。

As a reminder to anyone listening who might not know too much about Mach, we are an upstream energy MLP.

提醒那些可能不太了解馬赫的聽眾，我們是上游能源 MLP。

We like the attributes of the MLP model for unitholders, the tax benefits and the focus on returning cash.

我們喜歡 MLP 模型對於單位持有人的屬性、稅收優惠以及對現金回饋的關注。

We also remember and acknowledge the misgivings that others made during the previous period, now a decade ago due to chasing growth with runaway leverage and fixed distributions along with misalignment between the unitholders and the general partner.

我們也記得並承認其他人在十年前的上一個時期所產生的疑慮，原因是透過失控的槓桿和固定分配來追逐成長，以及單位持有者和普通合夥人之間的不一致。

Our strategy from the beginning was to buy distressed cash-flowing properties when others were seeking growth through leasing and drilling and outspending cash flow.

我們從一開始的策略就是在其他人透過租賃、鑽探和超支現金流來尋求成長時購買陷入困境的現金流資產。

We were certain the growth model was flawed.

我們確信這種成長模式是有缺陷的。

And as a result of their failure, we were able to purchase the bulk of our cash-flowing assets at steep discounts to PDP PV-10.

由於他們的失敗，我們能夠以 PDP PV-10 的大幅折扣購買我們的大部分現金流資產。

It was not the assets that were bad, but the execution of the asset.

糟糕的不是資產，而是資產的執行情形。

We feel the same way about the upstream MLP model.

我們對上游 MLP 模型也有同樣的感覺。

Therefore, we came up with 4 pillars to build a successful company as follows.

因此，我們提出了建立一家成功公司的四大支柱：

Number one, maintain financial strength.

第一，維持財務實力。

Our goal is to have a long-term debt-to-EBITDA ratio of 1x or less.

我們的目標是長期債務與 EBITDA 比率為 1 倍或更低。

By maintaining a low leverage profile, we give ourselves opportunities when the markets experience high volatility.

透過保持低槓桿率，我們可以在市場劇烈波動時為自己提供機會。

Number two, disciplined execution.

第二，嚴格執行。

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

我們僅以 PDP PV-10 的折扣價收購現金流資產，這會增加我們的分配。

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 distribution to unitholders.

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 decisions.

這個支柱驅動所有決策。

In order to maintain the 4 pillars of our company, we also need to emphasize that our distributions are variable.

為了維持我們公司的四大支柱，我們還需要強調我們的分配是可變的。

Therefore, we distribute more cash to our unitholders in times of rising prices.

因此，當價格上漲時，我們會向單位持有人分配更多現金。

We want exposure to energy for the long term and like being invested in a company that has upside to commodity pricing.

我們希望長期投資能源，並喜歡投資一家對大宗商品定價有上升空間的公司。

We believe that the poor 7 billion people on earth want to achieve the same standard of living as the wealthy 1 billion.

我們相信，地球上 70 億窮人希望達到與 10 億富人相同的生活水準。

Energy will be the key catalyst for them to do so.

能源將是他們實現這一目標的關鍵催化劑。

Over time, this shift will drive demand for our products, not to mention the increased demand for power generation that's already widely discussed.

隨著時間的推移，這種轉變將推動對我們產品的需求，更不用說已經廣泛討論的發電需求的增加。

However, in quarters of lower pricing, our distribution will also be lower.

然而，在定價較低的季度，我們的分配也會較低。

To offset large risk to falling prices while maintaining exposure to gains, we have chosen to hedge 50% of our next 12 months' production and 25% of the second 12 months.

為了抵​​消價格下跌的巨大風險，同時保持收益敞口，我們選擇對沖未來 12 個月產量的 50% 和後 12 個月產量的 25%。

Since 2018, Mach has invested $1.9 billion by raising $520 million of equity.

自2018年以來，馬赫籌集了5.2億美元的股權，已投資19億美元。

We have $600 million of net debt, and we will have distributed $962 million to unitholders.

我們有 6 億美元的淨債務，我們將向單位持有人分配 9.62 億美元。

This results in an actualized MOIC of 1.9x and an average CROCI over the last 5 years of 31%.

這導致過去 5 年的實際 MOIC 為 1.9 倍，平均 CROCI 為 31%。

We did all of this without selling any producing properties and built a company that has $2.3 billion of enterprise value.

我們在沒有出售任何生產資產的情況下完成了這一切，並建立了一家企業價值 23 億美元的公司。

In the third quarter, we realized average prices of $74.55 per barrel of oil, which is 6% lower than Q2 and $1.73 per Mcf of natural gas.

第三季度，我們實現的石油平均價格為每桶 74.55 美元，比第二季度低 6%，天然氣平均價格為每立方英尺 1.73 美元。

If crude prices or natural gas prices were to deteriorate even further, we are positioned to make acquisitions that ultimately will be accretive to our distribution due to maintaining low amounts of leverage.

如果原油價格或天然氣價格進一步惡化，我們將進行收購，由於保持較低的槓桿率，這些收購最終將增加我們的分配。

If prices move up, we are positioned to use more than -- our more than 1 million acres of land across the Anadarko Basin to drill more aggressively while staying within our 50% reinvestment rate.

如果價格上漲，我們將利用阿納達科盆地超過 100 萬英畝的土地進行更積極的鑽探，同時保持 50% 的再投資率。

This ability to pivot is one of our unique strengths and will continue to underpin our success regardless of which stage of the commodity cycle we are in.

這種轉變能力是我們獨特的優勢之一，無論我們處於商品週期的哪個階段，這種能力都會繼續支撐我們的成功。

Another point of pride is the ability to assimilate acquisitions into our company at very low cost.

另一個值得驕傲的點是能夠以非常低的成本將收購融入我們公司。

Our lease operating expense for the third quarter was $5.85 per Boe, which is at the low end of guidance.

我們第三季的租賃營運費用為每桶油當量 5.85 美元，處於指導價值的低端。

For the third quarter, we drilled and brought online 11 gross and 9 net wells while running 2 rigs.

第三季度，我們在運行 2 台鑽機的同時，鑽探並上線了 11 口總井和 9 口淨井。

We also had 5 gross and 4 net operated wells in various stages of drilling and completion.

我們還有 5 口總作業井和 4 口淨作業井處於不同的鑽井和完井階段。

Our guidance for 2025 increases our rig count to 3 rigs with 2 drilling deeper wells and 1 drilling the shallow Oswego wells.

我們對 2025 年的指導將鑽機數量增加到 3 台，其中 2 台鑽探更深的井，1 台鑽探奧斯威戈淺井。

We plan to expand our drilling in 2025 to locations in the Ardmore Basin on our recently announced acquisition lands in Stephens County, Oklahoma, drilling the Mississippian Sycamore formation and Woodford wells, plus in previously held Custer County, Oklahoma drilling deep Miss and Red Fork locations, along with the locations in Canadian County, Oklahoma.

我們計劃在2025 年將鑽探範圍擴大到我們最近宣布收購的俄克拉荷馬州斯蒂芬斯縣土地上的阿德莫爾盆地地點，鑽探密西西比州Sycamore 地層和伍德福德井，以及之前在俄克拉荷馬馬州卡斯特縣深密西州和雷德福克鑽探地點，以及俄克拉荷馬州加拿大縣的地點。

Drilling is important to us, generating attractive returns and offsetting natural production declines while keeping the reinvestment rate at or below 50%.

鑽探對我們很重要，可以產生有吸引力的回報並抵消自然產量下降，同時將再投資率保持在 50% 或以下。

However, acquisitions will be the primary driver for production growth and associated growth in future distributions.

然而，收購將成為未來發行量成長和相關成長的主要驅動力。

As I mentioned, in Q3, we had 2 rigs running.

正如我所提到的，在第三季度，我們有 2 台鑽孔機正在運作。

We continue to find ways to drill more lateral length while spending less per foot.

我們繼續尋找方法來增加鑽孔的橫向長度，同時減少每英尺的花費。

In the Oswego, we averaged spud to total depth, time of 7.43 days while spending $204 per lateral foot.

在 Oswego，我們平均開鑽至總深度，時間為 7.43 天，每側腳花費 204 美元。

This compares to an average of 10.1 days and $206 per lateral foot in Q2.

相比之下，第二季平均為 10.1 天，每側腳 206 美元。

We also increased our lateral length from 6,123 feet to 6,536 feet in Q3.

第三季度，我們還將橫向長度從 6,123 英尺增加到 6,536 英尺。

Our overall cost per completed foot fell from $248 to $231 from Q2 to Q3.

從第二季到第三季度，我們每英尺的總體成本從 248 美元下降到 231 美元。

In the Woodford, the average completed length was 10,222 feet compared to 10,122 feet in Q2, while the cost per completed foot moved down from $368 to $357.

在 Woodford，平均完成長度為 10,222 英尺，而第二季為 10,122 英尺，而每完成英尺的成本從 368 美元降至 357 美元。

The average drilling and completed -- completion cost was $7.7 million compared to our predecessor's $9.7 million.

平均鑽井和完井成本為 770 萬美元，而我們的前任為 970 萬美元。

In both areas, our service costs have remained constant, except for a small reduction in casing prices during the quarter.

在這兩個領域，除了本季腸衣價格小幅下降外，我們的服務成本保持不變。

In the third quarter, we completed a follow-on public offering, generating proceeds of $129 million to fund the 2 acquisitions announced.

第三季度，我們完成了後續公開發行，籌集了 1.29 億美元的資金，為宣布的兩項收購提供資金。

We continue to use equity as a useful tool to keep our leverage low while adding to our distribution per unit.

我們繼續使用股權作為一個有用的工具，以保持我們的槓桿率較低，同時增加我們的單位分配。

As a large unit owner, I'm pleased to fund acquisitions in this manner while increasing our distribution per unit, all the while maintaining our leverage at or below 1x.

作為一個大型單位所有者，我很高興以這種方式為收購提供資金，同時增加我們每單位的分配，同時將我們的槓桿率保持在或低於 1 倍。

During the quarter, we have noticed that our pipeline of deals continues to improve.

在本季度，我們注意到我們的交易管道持續改善。

We have more interest from parties willing to sell at prices that are moving into our range and also parties that are willing to engage in discussions regarding trading producing assets for our units.

我們對願意以進入我們範圍的價格出售的各方以及願意就我們單位的生產資產交易進行討論的各方產生了更大的興趣。

We will see if this materializes into deals that create higher distributions per unit in the coming year.

我們將看看這是否會具體化為在來年創造更高單位分配的交易。

With that, I'll turn the call over to Kevin to discuss our financial results.

這樣，我會將電話轉給凱文，討論我們的財務表現。

I would like to open with a quick reminder that the comparative income and cash flow statements for both the third quarter and year-to-date for last year reflect only the results of the predecessor entity, Mach III, whereas the 2024 reported results capture all of the entities and assets of Mach Natural Resources.

首先我想快速提醒一下，去年第三季和年初至今的比較收入和現金流量表僅反映了前身 Mach III 的業績，而 2024 年報告的業績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 82,000 Boe a day was 23% oil, 53% natural gas and 24% NGLs.

本季度，我們每天生產 82,000 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 $74.55 per barrel of oil, $1.73 per Mcf of gas and $22.61 per barrel of NGLs.

我們的平均實現價格為每桶石油 74.55 美元、每立方英尺天然氣 1.73 美元、每桶液化天然氣 22.61 美元。

Of the $209 million in total oil and gas revenues, the relative contribution for oil was 60%, 20% for gas and 20% for NGLs.

在 2.09 億美元的石油和天然氣總收入中，石油的相對貢獻為 60%，天然氣佔 20%，液化天然氣佔 20%。

On the expense side, our LOE of $44 million or $5.85 per Boe, again, came in at the low end of guidance.

在費用方面，我們的 LOE 為 4400 萬美元或每桶油當量 5.85 美元，再次處於指導值的低端。

Cash, G&A was approximately $8 million or only $1.08 per Boe.

現金、一般行政費用約為 800 萬美元，即每桶當量僅 1.08 美元。

We ended the quarter with $184 million in cash, a bit elevated since we did not close the Ardmore Basin acquisition until October 1, our $75 million revolver was undrawn and our first-lien term loan principal was approximately $784 million.

本季結束時，我們擁有1.84 億美元的現金，這筆金額略有增加，因為我們直到10 月1 日才完成對阿德莫爾盆地的收購，我們的7500 萬美元的左輪手槍尚未提取，我們的第一留置權定期貸款本金約為7.84 億美元。

Total revenues, including our hedges in midstream activities totaled $256 million.

包括中游活動的對沖在內的總收入總計 2.56 億美元。

Adjusted EBITDA of $134 million, and $111 million of operating cash flow.

調整後 EBITDA 為 1.34 億美元，營運現金流為 1.11 億美元。

After CapEx of $53 million, we generated $52 million of free cash, which we used to pay $21 million of principal on the first-lien term loan and the remainder plus excess balance sheet cash results of the $62 million or $0.60 per unit distribution for this quarter.

After CapEx of $53 million, we generated $52 million of free cash, which we used to pay $21 million of principal on the first-lien term loan and the remainder plus excess balance sheet cash results of the $62 million or $0.60 per unit distribution for this四分之一.

As we announced, this will be paid on December 10 to holders of record as of November 26.

正如我們所宣布的，這筆款項將於 12 月 10 日支付給截至 11 月 26 日在冊的持有人。

Darryl, I'll now turn the call back to you to open the line for questions.

達裡爾，我現在將電話轉回給您，以打開提問熱線。

(Operator Instructions)

（操作員說明）

John Freeman, Raymond James.

約翰·弗里曼，雷蒙德·詹姆斯。

First question.

第一個問題。

So the 2025 plan, you said assumes a 3-rig program, just given you all highlighted the improved cycle times and lower cost per foot, what is the 2025 program assumed for turn-in-lines?

那麼，您所說的 2025 年計劃假設有 3 台鑽機計劃，鑑於你們都強調了周期時間的改進和每英尺成本的降低，那麼 2025 年計劃的上交線假設是什麼？

For turn ons, how many wells we're turning on.

對於開啟次數，我們要開啟多少口井。

I'll get that for you in just a second.

我一會兒就給你拿過來。

I hear it's -- John, it's -- kid says it's a little over 40 gross wells.

我聽說──約翰，孩子說有 40 多口井。

Perfect.

完美的。

And then just sort of a tack on to that.

然後就是對此進行補充。

I know like the 2024 program, it was a lot heavier front-end program.

我知道像 2024 年計劃一樣，它是一個更重的前端計劃。

Obviously, 1Q was dramatically bigger sort of activity for you all for the year.

顯然，第一季對大家來說是一年中規模更大的活動。

Is the '25 program a little bit more smoothed out?

'25 計劃是否更加平滑一些？

Is there any lumpiness that we need to be aware of in that program.

在該程式中是否有任何我們需要注意的塊狀情況？

Well, it's not set up to be so -- as the '24 program really wasn't when we first went into it.

嗯，事情並非如此——因為當我們第一次進入“24 小時計劃”時，它確實不是這樣的。

It all depends on pricing and the 50% reinvestment rate.

這一切都取決於定價和 50% 的再投資率。

Right now, we plan to have the third rig coming in February, and that will go to the Ardmore Basin to start drilling.

目前，我們計劃在二月安裝第三台鑽機，該鑽機將前往阿德莫爾盆地開始鑽探。

So we anticipate keeping that rig in Southern Oklahoma basically throughout the year.

因此，我們預計基本上全年都會將該鑽機保留在俄克拉荷馬州南部。

And then having a rig working between Canadian County in Central Oklahoma to Western Oklahoma, the Red Fork sand play that's being developed.

然後，在俄克拉荷馬州中部的加拿大縣和俄克拉荷馬州西部之間有一個鑽井平台，正在開發紅叉沙地。

They're currently in some of our other deeper Mississippian wells in Custer County.

它們目前位於卡斯特縣密西西比州其他一些更深的油井中。

So I don't foresee anything being lumpy, but if crude prices were moved down or natural gas prices further and it looks like we'll be -- it would be over our 50% reinvestment rate, then we would move back on CapEx.

因此，我預計不會出現任何波動，但如果原油價格或天然氣價格進一步下跌，看起來我們會——這將超過我們 50% 的再投資率，那麼我們將重新調整資本支出。

I guess the opposite would be true if we made an acquisition or we had more operating cash flow through higher prices, we'd add a rig.

我想如果我們進行收購或我們透過更高的價格獲得更多的營運現金流，情況就會相反，我們會增加一個鑽孔機。

That definitely makes sense.

這絕對是有道理的。

And then if I could just sneak one more in on LOE.

然後如果我能再偷偷溜進LOE 就好了。

Obviously, for the year, you all have averaged well below that full year guidance.

顯然，今年你們的平均水準都遠低於全年指導。

I think you're right around a little over $5.5 of Boe relative to the guide of $5.80 to $6.10, obviously, implies kind of a step-up, a fairly meaningful step-up in 4Q.

我認為相對於 5.80 美元至 6.10 美元的指導價，英國央行的股價略高於 5.5 美元，顯然，這意味著第四季度的某種提升，相當有意義的提升。

Just any sort of color around that would be helpful.

只要周圍有任何顏色都會有幫助。

You go ahead and answer, Kevin.

你繼續回答吧，凱文。

Kevin is going to answer.

凱文要回答。

John, this is Kevin.

約翰，這是凱文。

I think the higher guide for LOE per Boe in '25 is driven mainly by flush production this year.

我認為 25 年每桶油當量 LOE 的較高指引主要是由今年的生產量所推動的。

With the newly acquired Paloma assets and that steeper decline profile, it drove down our LOE per Boe metric this year a little bit.

由於新收購的 Paloma 資產和更大幅度的跌幅，今年我們的每桶油當量 LOE 指標略有下降。

Yes, the Paloma wells that we inherited were very high producing, a lot of gas with them, too.

是的，我們繼承的帕洛瑪井產量非常高，也含有大量天然氣。

So that had low lifting costs.

因此，吊裝成本較低。

Charles Meade, Johnson Rice.

查爾斯·米德，約翰遜·賴斯。

My first question might be for Kevin, but obviously, you guys will decide.

我的第一個問題可能是問凱文的，但顯然，你們會決定。

You guys closed the most recent 2 acquisitions, I guess you closed the latter of the 2 on October 1.

你們完成了最近的 2 筆收購，我猜你們在 10 月 1 日完成了 2 筆收購中的後者。

Can you give us some sense of how the early days are going there and what we should be thinking about for the incremental volumes from that acquisition, which is, I guess, maybe a roundabout way of asking, what should we be thinking about for fourth quarter production?

您能否讓我們了解一下早期的進展情況，以及我們應該考慮從這次收購中獲得的增量量，我想，這可能是一種迂迴的方式來問，我們應該考慮第四階段的問題季度產量？

Yes, for both the Ardmore Basin and the Kansas assets, the grand total of the combined production, I think, was about 5,000 Boe a day when we acquired them.

是的，對於阿德莫爾盆地和堪薩斯州的資產，我認為當我們收購它們時，它們的總產量約為每天 5,000 桶油當量。

And that really wasn't high enough to push us in the fourth quarter to expect to be out of the guidance range.

這確實不足以讓我們在第四季度預期超出指導範圍。

Yes, Charles.

是的，查爾斯。

Whenever we made guidance originally, we had 3 rigs running in the quarter -- first quarter of last year, and this kind of brought back up into the higher end of guidance.

每當我們最初制定指導意見時，去年第一季我們就有 3 台鑽機在運行，這種情況又回到了指導意見的較高端。

That makes sense.

這是有道理的。

That's helpful.

這很有幫助。

I didn't see it that way before.

我以前沒這麼看。

And then Tom, you mentioned drilling in Custer County, the Red Fork and the deeper Mississippi.

然後湯姆，你提到了在卡斯特縣、紅叉河和密西西比州更深的地區進行鑽探。

And I think that that's further west in the Anadarko than you've drilled at least as Mach.

我認為阿納達科的西邊比你們鑽探的至少馬赫數還要遠。

And I wonder if you could put that -- tell me if that's the right read and put those -- put that planned 2025 Custer drilling in context of what we should expect from those targets?

我想知道您是否可以將這一點——告訴我這是否正確，並將這些——將計劃中的 2025 年卡斯特鑽探放在我們對這些目標的期望的背景下？

Yes.

是的。

We have -- we participated in several Continental wells in Custer County over the past few years, and had a nice block of acreage.

過去幾年，我們參與了卡斯特縣的幾口大陸油井，並擁有一塊不錯的土地。

We purchased from MEP in 2021, I believe.

我相信我們是在 2021 年從 MEP 購買的。

And that acreage has been sitting there.

那塊土地一直坐在那裡。

And now with the deeper rig that we have operating, it is capable of drilling those types of wells.

現在，隨著我們運作的更深的鑽機，它能夠鑽探這些類型的井。

So we just incorporated really -- all as we look forward is rates of return and the Red Fork area for carry that's being developed by Mewbourne in Western Oklahoma has been good, all up and down [due] to Custer and on out the Cherokee shale that they have in, in Ellis and Roger Mills is being developed also.

因此，我們只是真正合併了——我們所期待的只是回報率，而俄克拉荷馬州西部的Mewbourne 正在開發的紅叉地區的運輸情況一直很好，這一切都歸功於卡斯特和切羅基頁岩的上下波動。

So all in all, as we're not usually and really don't pride ourselves on being first movers.

總而言之，我們通常並不為自己是先行者而感到自豪。

But once somebody establishes an area around our locations, if it can compete from a rate of return with our existing units to be drilled, we put it in our drilling plan.

但是，一旦有人在我們的地點周圍建立了一個區域，如果它可以在回報率上與我們現有的待鑽探單位競爭，我們就會將其納入我們的鑽探計劃中。

So that -- you might see a little more gas coming out of those locations also.

因此，您可能會看到更多的天然氣從這些位置流出。

The 2025 program is probably a little more lumpy from production just because of more pad drilling from actually even going 2 different directions in the Ardmore Basin.

2025 年的生產計劃可能會更加不穩定，因為實際上在阿德莫爾盆地的兩個不同方向進行了更多的墊鑽探。

We will drill Sycamore or the Mississippian and the Woodford, 2 different locations, but bringing them on at the same time and in the same basic unit.

我們將在 Sycamore 或 Mississippian 和 Woodford 兩個不同的地點進行鑽探，但同時在同一個基本單元中進行鑽探。

So we'll have from 2 to 5 locations at once coming online.

因此，我們將同時有 2 到 5 個地點上線。

And with the 2-rig program that we have at the Oswego, we'll continue to be a well at a time in 2025.

透過我們在奧斯威戈的 2 台鑽機計劃，我們將在 2025 年繼續成為一口井。

But that's -- as you kind of look at the oil guidance, it is deferred some out into 2026 from the actual -- the drilling delays that take place in 2025 from pad drilling.

但這是——當你看一下石油指導時，它被推遲到了2026年，而實際情況是——2025年因地面鑽井而發生的鑽井延遲。

Neal Dingmann, Truist Securities.

尼爾‧丁曼 (Neal Dingmann)，Truist 證券公司。

Tom, would love to hear just your thoughts again you guys have been great on some of the accretive M&A deals.

湯姆，很想再聽聽你的想法，你們在一些增值併購交易中表現出色。

I'm just wondering what you're seeing out there.

我只是想知道你在外面看到了什麼。

What -- how -- when you're looking at deals out there right now, I'm just wondering gas versus oil deals or I certainly -- I know it depends on the play.

什麼 - 如何 - 當你現在正在考慮那裡的交易時，我只是想知道天然氣與石油交易，或者我當然 - 我知道這取決於比賽。

I guess let me ask it this way.

我想讓我這樣問吧。

If you look at an area like just Barnet gas or something like that, it's a little bit off track versus maybe like Mid-Con, I'm just wondering how sort of prices compare when you're looking at sort of gassy versus oil assets.

如果你只關注巴尼特天然氣或類似的地區，那麼與中部地區相比，它有點偏離軌道，我只是想知道當你關注天然氣資產與石油資產時，價格會如何比較。

Sure, Neal.

當然，尼爾。

We are looking all around both for gas and oil now more outside of the Mid-Con than we have in the past.

與過去相比，我們現在正在中部地區之外四處尋找天然氣和石油。

We're working on a couple of small acquisitions that are -- one inside the Mid-Con, one just outside of it, that we'll see if they come across the finish line in the next couple of months.

我們正在進行幾項小型收購——一項在 Mid-Con 內部，一項在 Mid-Con 外部，我們將看看它們是否會在接下來的幾個月內完成。

But we see some kind of stranded areas that are not Tier 1, wouldn't be considered Tier 1 Marcellus.

但我們看到某些非 1 級滯留區域，不會被視為 1 級馬塞勒斯。

We see some areas even like ArkLaTex that you can find some other good potential acquisitions.

我們看到一些領域甚至像 ArkLaTex 一樣，您可以找到其他一些不錯的潛在收購。

On the gas side, maybe Southern Delaware and some other areas in and around the Permian.

在天然氣方面，可能是特拉華州南部和二疊紀及其周圍的其他一些地區。

Or from an oil perspective, we love to buy 60 -- the oil in the 60s and have it backwardated in the curve.

或者從石油的角度來看，我們喜歡購買 60——60 年代的石油，並在曲線中進行現貨溢價。

So we continue to look for oil opportunities also.

因此，我們也繼續尋找石油機會。

No, you guys have certainly done some nice deals.

不，你們確實做了一些不錯的交易。

And then just secondly, I would be curious to know, I don't -- I know you haven't drilled a ton of them yet, but just wondering how do -- you mentioned some of the deeper Mississippi wells and just wondering when it comes from a -- to generate a return, how does -- what's your thought on how those wells compete with some of your other leading wells?

其次，我很想知道，我不知道——我知道你還沒有鑽探大量的井，但只是想知道如何——你提到了一些更深的密西西比井，只是想知道什麼時候它來自——為了產生回報，你如何看待這些油井如何與你的其他一些領先油井競爭？

Yes.

是的。

Our Custer County deep gas wells are extraordinarily good.

我們卡斯特縣的深層氣井非常好。

So I think they -- I mean, from a rate perspective, so we look at these as being highly competitive to virtually anywhere in the lower 48 from a rate of return perspective.

所以我認為他們——我的意思是，從利率的角度來看，所以我們認為從回報率的角度來看，這些公司幾乎比 48 強中的任何地方都具有高度競爭力。

I'm -- also, as -- my guess, fairly bullish longer-term natural gas prices.

我猜，我也相當看好長期天然氣價格。

So if we can make a north of 50% rates of return here at these prices, we feel like we have a good chance to bring those on into a higher gas market.

因此，如果我們能夠以這些價格獲得超過 50% 的回報率，我們覺得我們有很好的機會將這些產品帶入更高的天然氣市場。

Michael Scialla, Stephens.

麥可夏拉，史蒂芬斯。

I want to see how the market looks now for potentially refinancing the term loan.

我想看看市場現在對定期貸款再融資的可能性有何看法。

I know that was something you guys were contemplating.

我知道這是你們正在考慮的事情。

Sure.

當然。

We look at it.

我們看看它。

We're always interested in having lower financing.

我們總是對較低的融資感興趣。

The RBL high-yield market, as you might guess, is fairly robust.

正如您可能猜到的那樣，RBL 高收益市場相當強勁。

So we look at that.

所以我們看看這個。

The -- we still have 101 on the term loan, so that plays into what our timing would be.

我們還有 101 筆定期貸款，所以這會影響我們的時機。

And then covenants that come along with the RBL high yield versus the term loan, and fees that you might incur to put those in place.

然後是 RBL 高收益與定期貸款的契約，以及落實這些契約可能產生的費用。

So everything that -- when we're reviewing whether we want to move towards an RBL high yield or keep our term loan for another year or refinance it, a term loan, they all play -- it all comes into play.

因此，當我們審查是否要邁向 RBL 高收益或將定期貸款再保留一年或對其進行再融資（定期貸款）時，所有這些都會發揮作用 - 一切都會發揮作用。

So it's not quite so easy is just to look at the yield -- excuse me, the interest rate and say that basically SOFR plus some number higher than a high-yield RBL is a better deal.

因此，僅僅看收益率並不那麼容易——對不起，利率，並說基本上 SOFR 加上一些高於高收益 RBL 的數字是更好的交易。

So that's a long-winded way to say we are looking, and we'll be making some decisions soon.

因此，這是一種冗長的方式來表達我們正在尋找，我們很快就會做出一些決定。

I think one of the things we probably would like to do is not have the amortization in place for 2025 and something we'll probably focus on.

我認為我們可能想做的事情之一就是不進行 2025 年攤銷，這也是我們可能會關注的重點。

I appreciate that detail.

我很欣賞這個細節。

Tom, you mentioned your ability to pivot pretty quickly, you've been kind of watching the Cherokee shale play.

湯姆，你提到了你快速轉向的能力，你一直在觀察切羅基頁岩的表現。

You mentioned the 3-rig program you're thinking about for 2025, and that's really not part of it at this point.

您提到了您正在考慮的 2025 年 3 台鑽機計劃，但目前這還不是其中的一部分。

But what would you need to see there to start putting some dollars to work in that play?

但是你需要在那裡看到什麼才能開始投入一些資金在那部戲中呢？

Or are you more likely to continue to sell more acreage there?

或者您更有可能繼續在那裡出售更多土地？

Yes.

是的。

Really, it's just rates of return that we look at.

實際上，我們關注的只是回報率。

So the -- right now, we just have so many potential locations to drill that -- and we want to see other people continue to drill more wells there near our acreage before we put any dollars to work.

所以，現在，我們有很多潛在的鑽探地點，我們希望看到其他人在我們投入資金之前繼續在我們的區域附近鑽更多的井。

So that has not yet been done in a way that I feel comfortable that, that would be development wells instead of more exploratory.

因此，這還沒有以一種我覺得舒服的方式完成，這將是開發井而不是更具探索性的。

And they would have -- I think, the Cherokee shale wells in particular there, I guess, would be challenged to have the same types of rates of return as the Southern Oklahoma or Ardmore Basin wells.

我認為，他們將面臨與南俄克拉荷馬州或阿德莫爾盆地井相同類型回報率的挑戰，我認為，尤其是那裡的切羅基頁岩井。

Geoff Jay, Daniel Energy Partners.

傑夫傑伊，丹尼爾能源合夥人。

Really quick for me, just a point of clarification.

對我來說真的很快，只是澄清一點。

Is the addition of the rig funded at strip from the recently closed deals?

增加鑽井平台的資金是否來自最近完成的交易？

Or is there some increase in oil and gas prices kind of contemplated in that addition.

或者是否考慮到石油和天然氣價格會有所上漲。

It's just strip.

這只是條帶。

We view it as strip.

我們將其視為條帶。

And this, the actually -- strip pricing in natural gas increased enough year-over-year to bring the rig back on and still stay within the 50% reinvestment rate.

事實上，天然氣的剝離定價年增率足以使鑽井平台恢復運行，並仍保持在 50% 的再投資率範圍內。

Thank you.

謝謝。

That does end our question-and-answer session.

我們的問答環節到此結束。

And with that, that does conclude today's teleconference.

今天的電話會議到此結束。

We do appreciate your participation.

我們非常感謝您的參與。

You may disconnect your lines at this time.

此時您可以斷開線路。

Enjoy the rest of your day.

享受你一天剩下的時間。