Mach Natural Resources LP (MNR) 2025 Q3 法說會逐字稿

Good morning everyone. Thank you for joining us and welcome to Mach Natural Resources third-quarter 2025 earnings call.

大家早安。感謝您參加 Mach Natural Resources 2025 年第三季財報電話會議。

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. 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. 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.

在今天早上的電話會議上，發言者將發表一些前瞻性聲明，這些聲明無法透過參考現有資訊來證實，包括有關預期、預測、未來業績以及此類聲明所依據的假設的聲明。請注意，許多因素會導致實際結果與他們的前瞻性聲明有重大差異，包括他們在新聞稿和其他提交給美國證券交易委員會的文件中指出和討論的因素。有關可能導致實際結果與此類前瞻性聲明中的結果存在差異的風險和不確定性的進一步討論，請閱讀公司在公司網站或美國證券交易委員會網站上發布的 10-K 表格年度報告。

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. They may refer to some non-GAAP financial measures in today's discussion. For reconciliation from non-GAAP financial measures to the most directly comparable GAAP measures, please reference their press release and supplemental tables, which are available on Mach's website and their 10-Q, which will also be available on the website when filed.

請注意，除法律要求外，他們不承擔更新任何前瞻性聲明的義務，您不應過度依賴此類陳述。在今天的討論中，他們可能會提到一些非GAAP財務指標。如需了解非 GAAP 財務指標與最直接可比較的 GAAP 指標之間的調整情況，請參閱 Mach 網站上的新聞稿和補充表格，以及他們的 10-Q 表格（提交後也將在網站上提供）。

Today's speakers are Tom Ward, CEO; and Kevin White, CFO. Tom will give an introduction and overview, Kevin will discuss Mach's financial results, and then the call will be open for questions.

今天的演講嘉賓是執行長湯姆沃德和財務長凱文懷特。Tom 將作介紹和概述，Kevin 將討論 Mach 的財務業績，然後電話會議將開放提問環節。

With that, I will turn the call over to Mr. Tom Ward. Tom?

接下來，我將把電話交給湯姆沃德先生。湯姆？

Thank you, Brock. Welcome to Mach Natural Resources third quarter earnings update. Each quarter, it is important to reiterate the company's four strategic pillars. These are: number one, maintain financial strength. Our long-term goal is to have debt-to-EBITDA of around 1 times leverage.

謝謝你，布洛克。歡迎閱讀 Mach Natural Resources 第三季財報更新。每個季度，重申公司的四大策略支柱都非常重要。第一，維持財務實力。我們的長期目標是將債務與 EBITDA 的比率控制在 1 倍左右。

We believe that being around a turn levered leads to financial stability throughout different commodity cycles while also providing the ability to flex upward if unique and transformative opportunities become available on the M&A front. That is what we've done with the IKAV, Sabinal transactions by breaking into two new basins. Post the IKAV, Sabinal acquisitions, we've moved up to above 1.3 times leverage, a place that we would like to see come down over time in order to continue providing the best opportunities to toggle our acquisition lever and growing the company.

我們認為，透過槓桿融資，可以在不同的商品週期中保持財務穩定，同時，如果併購方面出現獨特且具有變革性的機會，還可以靈活地向上調整。這就是我們透過 IKAV 和 Sabinal 交易，將其拆分成兩個新盆地所做的。在收購 IKAV 和 Sabinal 之後，我們的槓桿率已經超過 1.3 倍，我們希望隨著時間的推移，槓桿率能夠下降，以便繼續為我們提供最佳的收購機會，並推動公司發展。

We will more than likely wait a few quarters to see where our debt-to-EBITDA levels shake out. The easiest of all paths to leverage reduction is to have our EBITDA move up. We would like to give the market a chance for that to happen before taking actions such as decreasing CapEx to reduce debt or to use some of our CAD to do the same. We also continue to receive inbounds from PE firms who would like to trade their production to participate in our upside. We continue to be interested in this approach if the combination reduces leverage.

我們很可能會等待幾個季度，看看我們的債務與 EBITDA 比率最終會是多少。降低槓桿率最簡單的方法就是提高我們的 EBITDA。我們希望給市場一個機會，讓這種情況發生，然後再採取諸如減少資本支出以減少債務或使用部分資本充裕度來達到同樣目的等措施。我們也不斷收到私募股權公司的來電，他們希望用自己的產量來參與我們的收益成長。如果這種組合能夠降低槓桿率，我們仍然對這種方法感興趣。

However, having sellers take equity and open Mach up to two additional basins was equally important, especially given the size of the acquisitions compared to the amount of additional debt that we have incurred. Each of these areas now allows us to review more acquisitions in the sub-$150 million range in areas where we have established scale. These smaller acquisitions are where we have the ability to purchase at the highest rate of return.

然而，讓賣方獲得股權並將 Mach 擴展到另外兩個盆地同樣重要，特別是考慮到收購規模與我們承擔的額外債務金額相比。現在，在這些領域，我們可以審查更多金額低於 1.5 億美元的收購項目，尤其是在我們已經建立起規模的領域。在這些規模較小的收購中，我們能夠以最高的回報率購買。

Additionally, we purchased Sabinal in a historically weak crude oil market with the strip in the low 60s, and IKAV has tremendous upside associated with the asset that we do not have to pay for or didn't have to pay for in our acquisition price. Number two, disciplined execution. We continue to only purchase assets that are available at discounts to PDP PV-10. We have accomplished this task 23 times and do not see an end to that requirement. If there does become a time where all assets are trading at a premium, that should be because of higher EBITDA.

此外，我們在原油市場歷史性疲軟、期貨價格在 60 美元左右的低點收購了 Sabinal，而 IKAV 擁有與該資產相關的巨大上漲潛力，我們無需為此支付費用，或者說，我們收購價格中並沒有包含這部分費用。第二，嚴格執行。我們繼續只購買比 PDP PV-10 價格更低的資產。我們已經完成了這項任務 23 次，而且看不到這項需求的盡頭。如果真的出現所有資產都以溢價交易的情況，那應該是因為更高的 EBITDA（息稅折舊攤提前利潤）所致。

In that case, we could pivot to keep our production flat to growing through increasing CapEx for drilling from our increased operating cash flow. In fact, we can do that now even at today's current prices post the acquisition of IKAV and Sabinal. We show an example of that capital efficiency by lowering our expected CapEx 8% for 2026 without affecting our production guidance. Our projection for year-end 2026 and year-end '27 show modest growth with our current less than 50% of CapEx spend on our projected operating cash flow.

在這種情況下，我們可以調整策略，透過增加營運現金流，增加鑽井資本支出，從而保持產量不變並實現成長。事實上，即使在收購 IKAV 和 Sabinal 之後，我們現在也可以按照當前的價格做到這一點。我們透過在不影響產量指引的情況下將 2026 年的預期資本支出降低 8% 來展示資本效率的例子。我們對 2026 年底和 2027 年底的預測顯示，成長將較為溫和，目前資本支出佔預期營運現金流的比例不到 50%。

Our company has been built on making acquisitions that provide free cash flow at distressed prices. That is why we continue to have an industry-leading cash return on capital invested. The most obvious example is the IKAV purchase. We not only bought the PDP at a discount, but we have targeted to move aggressively to drill both the Fruitland Coal and the Mancos Shale in our 2026 budget.

我們公司一直以來都以低價收購能帶來自由現金流的資產。正因如此，我們的投資報酬率才能持續保持在產業領先水準。最明顯的例子就是IKAV的收購案。我們不僅以折扣價買下了 PDP，而且在 2026 年的預算中，我們還計劃積極推進 Fruitland 煤礦和 Mancos 頁岩的鑽探。

Number three, disciplined reinvestment rate. We focus on returning cash to our unitholders. Therefore, we target a reinvestment rate of less than 50%. We are unique in being able to keep our production flat with such low reinvestment rate. The reason we can accomplish this is because our decline rate is only 15%.

第三，嚴格的再投資率。我們專注於為基金持有者返還現金。因此，我們的目標是再投資率低於 50%。我們的獨特之處在於，在如此低的再投資率下，我們仍能維持產量穩定。我們之所以能夠做到這一點，是因為我們的下降率只有 15%。

Therefore, it doesn't take a lot of reinvestment to keep our production flat while sending cash back to unitholders. We also have the luxury of choosing whether we drill natural gas or crude oil depending on the price. In May of this year, we ceased drilling our high rate of return Oswego inventory in favor of our drilling program to focus on gas.

因此，我們不需要進行大量的再投資就能維持產量不變，同時也能向單位持有人回饋現金。我們也可以根據價格狀況，靈活選擇開採天然氣還是原油。今年五月，我們停止了對奧斯威戈高回報率油氣田的鑽探，轉而將鑽探計劃重點放在天然氣上。

Our oil inventory is almost entirely HBP, so we can patiently wait for oil markets to recover to reintegrate those projects into our development plans. Our development plan for 2026 is currently targeting dry gas projects in the Deep Anadarko and the San Juan. We make drilling decisions every month by maintaining contracts that can be altered or eliminated quickly with our service providers. We also have the ability to increase or lower our CapEx depending on pricing as we did this year. By making acquisitions that focus on free cash flow and acquiring future locations at no additional cost, we have built a tremendous amount of backlog of both oil and natural gas locations.

我們的石油庫存幾乎都是高潛力石油項目，因此我們可以耐心等待石油市場復甦，再將這些項目重新納入我們的發展計畫。我們 2026 年的發展計畫目前的目標是阿納達科深層和聖胡安的乾氣計畫。我們每月都會透過與服務提供者簽訂可以快速更改或取消的合約來做出鑽井決策。我們還可以根據價格情況增加或減少資本支出，就像我們今年所做的那樣。透過專注於自由現金流的收購以及以零成本收購未來的地點，我們已經累積了大量的石油和天然氣地點儲備。

We now have an inventory on our nearly 3 million acres that will be hard to drill in any reasonable time frame while maintaining our reinvestment rate. We do not plan to alter our plan to reinvest less than 50% of our operating cash flow. Therefore, we might look for a drilling partner in our massive holdings of land in the Deep Anadarko and the Mancos Shale drilling. If we do, this would add revenue from our non-EBITDA producing land assets while continuing to achieve our high level of distributions.

我們現在擁有近 300 萬英畝的土地，在保持再投資率的同時，很難在合理的時間範圍內進行鑽探。我們不打算改變將營運現金流的50%用於再投資的計畫。因此，我們可能會在我們位於阿納達科深層和曼科斯頁岩的大量土地上尋找鑽井合作夥伴。如果我們這樣做，這將增加我們從非 EBITDA 產生土地資產中獲得的收入，同時繼續實現我們高水準的分紅。

Of all the name pillars, they lead to our fourth and most important pillar, delivering industry-leading cash returns on capital invested through distributions to our unitholders. With our announced distribution of $0.27 per unit in the third quarter, we have sent back $5.14 per unit to our unitholders since our public offering in October 2023 and more than $1.2 billion in total since our inception in 2018. This rate of distribution return dwarfs our public company peers.

在所有名稱支柱中，它們指向我們的第四個也是最重要的支柱，即透過向我們的單位持有人分配資金，實現行業領先的投資資本現金回報。隨著我們宣布第三季每單位發放 0.27 美元，自 2023 年 10 月公開發行以來，我們已向單位持有人返還了每單位 5.14 美元，自 2018 年成立以來，累計返還金額超過 12 億美元。這種分配報酬率遠超過我們上市同行。

Even with this massive return, we have grown our business to more than $3 billion -- $3.5 billion of enterprise value without selling any material assets while maintaining a cash return on capital invested of more than 30% per year over the past five years. We've never had a year where our cash return on capital invested was less than 20% since our company was founded. This one statistic is what we were formed to accomplish.

即使獲得瞭如此巨大的回報，我們的業務規模也增長到了超過 30 億美元——35 億美元的企業價值，而且沒有出售任何實質性資產，同時在過去五年中保持了每年超過 30% 的投資資本現金回報率。自公司成立以來，我們從未出現過投資資本現金回報率低於 20% 的年份。我們成立的宗旨就是實現這個目標。

We continue to believe that we are nearing the end of a 2.5-year cyclical downturn in crude oil that will reverse in the next few quarters. When that happens, we'll be harvesting the Sabinal crude production at higher prices. The production decline is less than 10% a year. Therefore, our returns will be enhanced. We continue to believe that any time we buy -- we can buy low decline crude assets in the 60s that will be ultimately rewarded.

我們仍相信，原油價格即將結束長達2.5年的周期性下跌，未來幾季將出現逆轉。到那時，我們將以更高的價格收穫薩比納爾原油產量。產量下降幅度不到每年10%。因此，我們的收益將會提高。我們仍然相信，任何時候我們都可以買入價格在 60 美元左右的低衰減原油資產，這些資產最終都會獲得回報。

With regard to natural gas, we are nearing a time when demand will start to accelerate.

就天然氣而言，我們即將迎來需求加速成長的時期。

We've been cautious on pricing since early spring and continue to believe that we are entering winter in a precarious position of full storage and relying on weather conditions to move the market forward. However, starting in 2026, the US will begin to add demand through LNG exports.

自早春以來，我們對定價一直持謹慎態度，並且仍然認為，我們進入冬季時將處於庫存飽和的危險境地，只能依靠天氣狀況來推動市場發展。然而，從 2026 年開始，美國將透過液化天然氣出口增加需求。

We see 24 Bcf a day of demand materializing between 2026 and 2030 just from LNG. This is a much larger story than data center growth for the US market. However, data center growth is real and could equate to between 5 and 10 Bcf a day of additional growth if you assume that half of the load will come from natural gas.

我們預計，僅液化天然氣 (LNG) 一項，在 2026 年至 2030 年間，每日需求量將達到 240 億立方英尺。這遠比美國資料中心市場的成長意義大得多。然而，資料中心的成長是真實存在的，如果假設一半的負載將來自天然氣，那麼每天可能會增加 50 億至 100 億立方英尺的額外需求。

I realize that some are concerned about associated gas in the Permian as 4.6 Bcf a day of takeaway capacity comes online by Q4 2027. However, we believe there is more -- this is more of a basis issue with the potential of gas being stranded at [Cat] or being passed, trying to make its way around to Henry Hub. The Haynesville remains the only direct path to Henry Hub with the Mid-Con coming in close behind. In any event, there's enough demand being generated to not fear the Permian in our opinion.

我意識到，隨著 2027 年第四季每天新增 46 億立方英尺的天然氣外輸能力投入使用，有些人開始擔心二疊紀盆地的伴生氣問題。然而，我們認為還有更多問題——這更多的是一個基礎問題，即天然氣有可能滯留在[Cat]或被繞過，試圖到達亨利樞紐。海恩斯維爾公路仍然是通往亨利樞紐的唯一直達路線，中部樞紐公路緊追在後。總之，我們認為目前市場需求充足，無需擔心二疊紀盆地。

Now it's a great time to have purchased $1.3 billion of low declining oil and natural gas assets that will contribute more and more to our long-term cash available for distribution. The IKAV and Sabinal deals were transformational in terms of scale and diversification. You can see the compounding effect on our business by adding operating cash flow. We anticipate having the opportunity to continue to add these areas and in the Anadarko by purchasing smaller-sized assets that are sub-$150 million in size. However, we cannot make acquisitions with all debt.

現在正是購買價值 13 億美元、產量下降幅度較小的石油和天然氣資產的好時機，這些資產將為我們可用於分配的長期現金做出越來越大的貢獻。IKAV 和 Sabinal 的交易在規模和多元化方面具有變革性意義。透過加上經營現金流，您可以看到它對我們業務的複利效應。我們預計有機會繼續擴大這些區域以及阿納達科地區的資產規模，方法是收購規模小於 1.5 億美元的小型資產。但是，我們不能完全依賴債務來收購。

Therefore, equity holders need to see the larger picture of adding reserves that are accretive to our cash available for distribution, plus increasing our CapEx budget and supercharging our distributions over time. The IKAV, Sabinal acquisitions are a good example. IKAV and Cane took equity for a large part of the purchase price, which made them available for us to pursue. Once completed, they are now accretive to our CAD by 8% in year 1, rising to 28% in year 5. We now have early results from both the Deep Anadarko and the Mancos shale.

因此，股東需要從更宏觀的角度來看待問題，即增加儲備金以增加可供分配的現金，同時增加資本支出預算，並隨著時間的推移大幅提高分紅。IKAV 和 Sabinal 的收購就是一個很好的例子。IKAV 和 Cane 獲得了大部分收購價款的股權，這使得我們可以對他們進行收購。一旦建成，它們將使我們的 CAD 在第一年增加 8%，到第五年增加 28%。我們現在已經獲得了阿納達科深層頁岩和曼科斯頁岩的初步勘探結果。

In the Deep Anadarko, we brought on our first two well pads. These wells have a combined 25,000 horizontal section and are currently producing more than 40 million cubic feet of gas a day. At these rates, we anticipate finding more than 20 Bcf per 3-mile lateral with a PV-10 of approximately $15 million per location. We spent $14 million per well so far in our program.

在阿納達科深層，我們引進了首批兩個井場。這些油井共有 25,000 英尺水平段，目前每天生產超過 4,000 萬立方英尺的天然氣。以此速率，我們預計每 3 英里水平井可找到超過 200 億立方英尺的天然氣，每個地點的 PV-10 約為 1500 萬美元。到目前為止，我們的專案每口井的成本為1400萬美元。

We've also participated in three deep Anadarko wells with Continental and these wells, we have approximately a 20% working interest. They're in the early stages of flowback, and we anticipate them to be equal to our initial pad. In the Mancos, we brought on five wells that were drilled by IKAV over the summer. Two of these are 10,000 feet of lateral length and three are 15,000 feet. The 2-mile laterals have come in just above our expectations of 30 million per day for the pad and expected EOR of 18 Bcf per well.

我們也與大陸能源公司合作參與了阿納達科公司的三口深井，在這些井中，我們擁有約 20% 的工作權益。它們正處於回流的早期階段，我們預計它們的產量將與我們最初的墊層產量持平。在曼科斯地區，我們引進了 IKAV 在夏季鑽探的五口井。其中兩條線路的橫向長度為 10,000 英尺，三條線路的橫向長度為 15,000 英尺。2 英里長的水平井段的產量略高於我們預期的每天 3000 萬立方英尺，預計每口井的提高採收率 (EOR) 為 180 億立方英尺。

Our three-well 3-mile pad started production in late October. The pad is now producing more than 70 million cubic feet of gas per day. We expect a 3-mile lateral to have an EOR of 24 Bcf of gas and PV-10 of around $14 million. Currently, the combined five wells are producing more than 100 million cubic feet of gas per day. The current cost to drill Mancos wells is too high in our opinion.

我們佔地 3 英里、擁有 3 口井的井場於 10 月下旬開始投產。該採氣場目前每天可生產超過7,000萬立方英尺的天然氣。我們預計 3 英里長的水平井將實現 240 億立方英尺的天然氣增產，PV-10 約為 1400 萬美元。目前，這五口井每天共生產超過 1 億立方英尺天然氣。我們認為，目前鑽探曼科斯油井的成本太高了。

These wells are 7,000 feet of TVD with laterals that drill very easily because of the shale reservoir. The industry is currently spending $16 million to $20 million on each 3-mile well.

這些井的垂深為 7,000 英尺，由於頁岩儲層的存在，水平井的鑽探非常容易。目前，該產業在每口3英里長的油井上花費1,600萬美元至2,000萬美元。

We have initially prepared AFEs to spend $15 million for each 3-mile lateral. However, I believe we will achieve well cost in the $12 million range next year. IKAV drilled all five of the wells that we are producing. IKAV completed the two 2-mile laterals, and we completed the three 3-mile laterals. IKAV spent $13.75 million on their two drilled and completed locations.

我們最初準備的預算支出計劃是，每3英里長的支線管道將花費1500萬美元。但我相信我們明年能夠將成本控制在 1200 萬美元左右。我們正在生產的五口井全部由 IKAV 鑽探。IKAV 完成了兩條 2 英里長的支線，我們完成了三個 3 英里長的支線。IKAV 在其兩個已鑽探並完工的地點花費了 1375 萬美元。

We saved approximately $2 million on each 3-mile completion that we inherited.

我們接手的每個 3 英里長的完工項目都節省了大約 200 萬美元。

These wells will now average $15 million for the 3-mile locations. I get asked a lot about how we're going to achieve these reductions. We have a firm belief that our -- in general, our industry overstimulates wells and doesn't do a great job of maximizing profits. We can reduce cost by using more aggressive bidding practices, reducing acid, sand sweeps, diverters, location size, amount of rentals, et cetera. Or said another way, just about everything on the location.

這些油井在3英里範圍內的平均造價將達到1500萬美元。很多人問我我們將如何實現這些減排目標。我們堅信，總的來說，我們這個行業過度開採油井，並沒有很好地實現利潤最大化。我們可以透過更積極的競標方式、減少酸液、沙礫、分流器、場地規模、租賃數量等來降低成本。換句話說，幾乎所有東西都在這個地點。

This adds up.

加起來就這麼多了。

There is a multiplier effect when pumping a job. The larger the frac, the more horsepower is used and more sand and water. All that equates to more cost. The easiest way to gain a rate of return is to spend less. If we are successful in our attempt to lower cost, we can add an additional 30 percentage points per location by moving from $15 million to $20 million -- from $15 million to $12 million in every play, we have been involved in drilling at Mach.

增加工作崗位會產生倍增效應。水力壓裂規模越大，所需的馬力就越大，使用的沙子和水也越多。所有這些都意味著更高的成本。獲得投資報酬率最簡單的方法就是減少支出。如果我們成功降低了成本，我們可以將每個地點的成本從 1500 萬美元提高到 2000 萬美元，從而增加 30 個百分點——也就是將每個油田的成本從 1500 萬美元降低到 1200 萬美元，我們在 Mach 參與了所有油田的鑽探工作。

We've used this approach. For example, when we started drilling the Oswego, the wells cost twice as much as we were able to spend, and we still have the same outcome on production. I believe we'll also be very effective at lowering costs in the San Juan.

我們採用了這種方法。例如，當我們開始鑽探奧斯威戈油田時，油井的成本是我們能夠投入的兩倍，但我們仍然獲得了相同的產量結果。我相信我們也能非常有效地降低聖胡安的成本。

During the quarter, we also completed two Red Fork sand wells. These wells are coming on at just over 600 barrels a day and 1.5 million cubic feet of gas. We anticipate the IRR to be in the high 30s at today's oil strip. We're in the final completion stage of our next Deep Anadarko location. This location is a one-well pad.

本季我們也完成了兩口紅色叉砂井。這些油井的日產量略高於 600 桶原油和 150 萬立方英尺天然氣。我們預計，在今天的油價水準下，內部報酬率將達到30%以上。我們的下一個深海阿納達科礦址即將完工。這是一個單井井場。

We currently have two rigs running in the Deep Anadarko. The production plan through the first half of '26 is to have one location coming on this month, a two-well pad in January 2026, a two-well pad in March of 2026 and a three-well pad in June of 2026.

我們目前在阿納達科深海有兩台鑽孔機正在運作。2026 年上半年的生產計畫是：本月投產一個油井，2026 年 1 月投產一個雙井井場，2026 年 3 月投產一個雙井井場，2026 年 6 月投產一個三井井場。

The Mancos shale program for 2026 will begin in May of 2026. We anticipate bringing on 7 Mancos locations in the fall. We only target natural gas as our commodity of choice for 2026. We also have targeted areas where there's ample gas takeaway. The Mid-Con is well connected to major interstate systems, including Panhandle Eastern, Mid-Con Express and Mid-Chip.

曼科斯頁岩氣開採計畫將於 2026 年 5 月啟動。我們預計今年秋季將新增 7 家 Mancos 門市。2026年，我們只選擇天然氣作為我們的目標商品。我們也重點關注了加油站便利的區域。Mid-Con 與主要州際公路系統連接良好，包括 Panhandle Eastern、Mid-Con Express 和 Mid-Chip。

Currently, the Mid-Con produces about 9 Bcf a day of gas with gas takeaway of approximately 12 Bcf a day. Midship and Southern Star announced planned expansions of approximately 400 million cubic feet of gas each.

目前，中部天然氣管道每天生產約 90 億立方英尺天然氣，每天天然氣外運量約 120 億立方英尺。Midship 和 Southern Star 宣布計劃分別擴建約 4 億立方英尺天然氣管道。

The San Juan also has ample takeaway capacity for the near term. Growth from the Mancos shale development is coming. However, Energy Transfer's Transwestern expansion is also projected to add capacity by 1.5 to 3 Bcf a day to meet demand from the West by year-end 2029. Total surely thought about the ability to add gas when they decided to partner with Continental on their Deep Anadarko inventory. I believe that joint venture is ample proof that the Deep Anadarko inventory is going to provide the necessary help to move natural gas to the hub where LNG demand is exploding.

聖胡安餐廳近期也有充足的外帶服務能力。曼科斯頁岩氣開發帶來的成長即將到來。然而，能源傳輸公司 (Energy Transfer) 的 Transwestern 擴建計畫預計到 2029 年底將每天增加 15 億至 30 億立方英尺的產能，以滿足西部地區的需求。道達爾在決定與大陸集團合作開發其阿納達科深層油田庫存時，肯定考慮到了添加天然氣的能力。我認為，合資企業充分證明，阿納達科深層氣田的天然氣儲量將為向液化天然氣需求激增的樞紐輸送天然氣提供必要的幫助。

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

我將把電話轉給凱文，由他來討論財務表現。

Thanks, Tom. For the quarter, our production of 94,000 BOE per day was 21% oil, 56% natural gas and 23% NGLs. Our average realized prices were $64.79 per barrel of oil, $2.54 per Mcf of gas and $21.78 per barrel of NGLs. Of the $235 million total oil and gas revenues, the relative contribution for oil was 50%, 32% for gas and 18% for NGLs.

謝謝你，湯姆。本季度，我們的日產量為 94,000 桶油當量，其中石油占 21%，天然氣佔 56%，凝析油佔 23%。我們的平均實際成交價為每桶原油 64.79 美元，每千立方英尺天然氣 2.54 美元，每桶液化天然氣 21.78 美元。在 2.35 億美元的石油和天然氣總收入中，石油的相對貢獻為 50%，天然氣為 32%，液化天然氣為 18%。

On the expense side, our lease operating expense was $50 million or $6.52 per BOE. Cash G&A was $21 million. It's an important point this quarter to note that the deal costs associated with IKAV of approximately $13 million are a bit unique. First and foremost, they are nonrecurring. Secondly, due to nuanced GAAP rules, they are required to be expensed whereas in the history of our acquisitions, including Sabinal, the deal costs have been capitalized.

在支出方面，我們的租賃營運費用為 5,000 萬美元，即每桶油當量 6.52 美元。現金一般及行政費用為2100萬美元。值得注意的是，本季與 IKAV 相關的交易成本約為 1,300 萬美元，這有點特別。首先，它們是非重複性的。其次，由於 GAAP 規則的細微差別，這些費用必須計入當期損益，而根據我們以往的收購歷史（包括 Sabinal 的收購），交易成本都是資本化的。

Additionally, with the IKAV deal, we engaged an outside adviser, which again is out of the norm for our acquisition history. As a point of reference, the Sabinal deal costs were approximately $4 million and by the way, were capitalized. Excluding the deal costs, recurring cash G&A was around $7.2 million or $0.83 per BOE.

此外，在收購 IKAV 的過程中，我們還聘請了外部顧問，這在我們以往的收購歷史中也是不同尋常的。作為參考，Sabinal 的交易成本約為 400 萬美元，而且順便說一句，這些成本都已資本化。不計交易成本，經常性現金一般及行政費用約為 720 萬美元，即每桶油當量 0.83 美元。

As we analyze this quarter's distribution more closely, the free cash flow from our legacy assets performed as we expected. The free cash flow from the acquired assets only contributed for a couple of weeks during the quarter, but also performed as expected. And with a higher outstanding unit count associated with the units issued for the acquisitions, the distributions before the G&A impact would have been approximately $0.35 per unit. The nonrecurring $13 million deal costs reduced the distribution by about $0.08 per unit. It is straightforward to expect higher distributions in the immediate upcoming quarters with the benefit of the acquired assets contributing for the full quarter and the absence of expensed deal costs.

當我們更仔細地分析本季的分配情況時，我們發現來自我們傳統資產的自由現金流表現符合預期。收購資產產生的自由現金流在本季僅有幾週時間貢獻，但表現也符合預期。由於收購發行的股份單位數量較多，在扣除一般及行政費用影響之前，每單位的分配額約為 0.35 美元。一次性的 1300 萬美元交易成本使每單位分紅減少了約 0.08 美元。由於收購的資產將在整個季度內產生收益，且沒有交易費用，因此可以預見，在接下來的幾個季度中，分紅將會更高。

We ended the quarter with $54 million in cash and $295 million of availability under the credit facility. Total revenues, including our hedges and midstream activities totaled $273 million, adjusted EBITDA of $134 million and $106 million of operating cash flow and development CapEx of $59 million or 56% for the quarter. Year-to-date, our development costs are approximately 48% of our operating cash flow. We generated $46 million of cash available for distribution, resulting in an approved distribution of $0.27 per unit, which will be paid out December 4 to record holders as of November 20.

本季末，我們擁有 5,400 萬美元現金，並有 2.95 億美元的信貸額度可用。本季總收入（包括對沖和中游業務）為 2.73 億美元，調整後 EBITDA 為 1.34 億美元，營運現金流為 1.06 億美元，開發資本支出為 5,900 萬美元，佔本季的 56%。今年迄今為止，我們的研發成本約占我們營運現金流的 48%。我們產生了可供分配的 4,600 萬美元現金，因此批准每單位分配 0.27 美元，將於 12 月 4 日支付給截至 11 月 20 日登記在冊的持有人。

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

布洛克，我把電話轉回給你，好讓大家提問。

(Operator Instructions) Neal Dingmann, William Blair.

（操作說明）尼爾·丁曼，威廉·布萊爾。

Tom, nice quarter. Tom, my first question is in the Mid-Con operations. Specifically, you highlighted some really nice notable well upside in the play and while things have always been going nice there. It seems like more recently, you're seeing some just commendable upside. Is that attributable to going after some new zones? Or what's driving this upside, particularly in that -- some of this Mid-Con upside?

湯姆，這塊地不錯。湯姆，我的第一個問題是關於中期大會的運作。具體來說，你強調了這支球隊一些非常好的、值得關注的上漲潛力，而且這支球隊的表現一直都很不錯。最近似乎出現了一些令人稱讚的上升趨勢。這是否與開拓新區域有關？或者說，是什麼因素推動了這種上漲趨勢，尤其是一些中期展會的上漲趨勢？

Thanks, Neal. It's just really just moving deeper into -- moving away from a condensate zone into deep gas. It's always been known in the Anadarko. There's a tremendous gas potential as I think it has been noted also that Continental was drilling in Custer County Deep gas in 2017. We picked up Millennial Energy Partners acreage out there in 2020.

謝謝你，尼爾。實際上，這只是從凝析油層往深層天然氣層移動而已。在阿納達科，這早已是眾所周知的事。這裡有巨大的天然氣潛力，正如人們所注意到的，大陸天然氣公司在 2017 年曾在卡斯特縣深層進行天然氣鑽探。2020年，我們收購了千禧能源合作夥伴公司在那裡的土地。

And since that time, we've been studying the Deep Anadarko. The issue for natural gas producers as you just haven't had a strip that has been competitive with oil.

從那時起，我們就一直在研究阿納達科深海。對天然氣生產商來說，問題在於他們一直沒有找到一條能夠與石油競爭的天然氣貿易帶。

And so now that we're getting a strip above $4, we can have rates of return north of 50%, which meets our threshold, especially if oil prices are down. So that's the reason we moved into the Deep Anadarko wasn't because of any really new news other than there's been a number of wells that have been drilled over the years in the deep gas area. It's that the efficiencies of drilling 3-mile laterals and having 15,000 feet of TVD with 15,000 feet of lateral isn't for the faint of heart, but there is plenty of gas there.

因此，現在我們能夠獲得高於 4 美元的期貨價格，我們的收益率可以超過 50%，這達到了我們的目標，尤其是在油價下跌的情況下。所以，我們進軍阿納達科深層油田的原因並不是因為有什麼真正的新消息，而是因為多年來在深層天然氣區域鑽探了許多油井。鑽探 3 英里長的水平井，並擁有 15,000 英尺的垂深和 15,000 英尺的水平井段，這種效率並不適合膽小的人，但那裡蘊藏著大量的天然氣。

And so that's -- it's really about keeping our costs down to -- and having a decent strip in the natural gas pricing in order to make the rates of return, we think we will. But the asset -- the natural gas has always been known to be there.

所以，關鍵在於降低成本，並在天然氣價格方面保持合理的波動，從而獲得我們認為能夠實現的回報率。但這項資產——天然氣——一直都在那裡。

Tom, that leads me to my second question, just on your gas strategy. In the Mid-Con or other areas, it doesn't seem -- do you all have any -- is there any takeaway constraints? And do you all use any sort of managed choke program because it seems like the rates are flowing really nicely. And so I'm just wondering when it comes to takeaway and chokes, how would you talk about that program?

湯姆，這引出了我的第二個問題，關於你的天然氣策略。在中期展會或其他地區，似乎沒有——你們有什麼——有任何外帶限制嗎？你們都使用某種形式的節流閥控製程式嗎？因為看起來流量非常順暢。所以我想知道，說到外賣和失誤，你會如何看待這個項目？

No, the Mid-Con is a great place to work, especially in Oklahoma. It's probably the second easiest state to drill in. We can have Kansas being the easiest and the ability to have gas waiting on you when you get a well done is there. Plenty of takeaway capacity. I think we estimate 3 Bcf a day of takeaway capacity now.

不，中部工業博覽會是一個很棒的工作場所，尤其是在俄克拉荷馬州。這可能是第二容易鑽探的州。堪薩斯州是最容易開採的，一旦油井建成，就能隨時獲得天然氣。外帶容量充足。我認為我們現在估計每天的外帶產能為 30 億立方英尺。

So there's just no issues with getting gas online and flowing without restrained rates.

因此，天然氣上線和供應不受價格限製完全沒有問題。

Charles Meade, Johnson Rice.

查爾斯·米德，約翰遜·賴斯。

Tom, forgive me, you went through a lot of good detail there, and I may have missed some of it. But I wanted to ask on the Deep Anadarko. I know you just said it's 15,000-foot TVD and then you do another 15,000-foot lateral. What is the D&C cost on those Deep Anadarko locations? That's kind of one.

湯姆，請原諒，你剛才講了很多細節，我可能漏掉了一些。但我原本想問的是阿納達科深海號。我知道你剛才說的是 15,000 英尺的垂線深度，然後你又做了 15,000 英尺的水平延伸。在阿納達科深海地區進行刮除手術的費用是多少？那算一種吧。

And then two, $20 million a day sounds pretty stout to me, but how did that fit versus your expectations?

其次，每天 2000 萬美元聽起來相當驚人，但這與你的預期相比如何？

Yes. Last thing first, it exactly as we anticipated if you want to have north of 50% rate of return and spend $14 million, which is what we've done. The PV on that is about $15 million each per well, but the rate of return is going to be in the 60s, more than likely depending on what strip is. And that's -- I mean when you look at that, all the wells that we're bringing on, you can see how come that we're able to keep our -- cut CapEx and keep our production flat. Just because of the rates we're getting out of these wells.

是的。最後一點，正如我們預期的那樣，如果你想要獲得超過 50% 的回報率並花費 1400 萬美元，那麼這就是我們所做的。每口井的現值約為 1500 萬美元，但投資回報率很可能在 60% 左右，具體取決於油氣田的狀況。我的意思是，當你看到我們正在開採的所有油井時，你就能明白為什麼我們能夠削減資本支出並保持產量不變。就因為我們從這些油井所獲得的產量。

And right now, the natural gas strip is good.

目前天然氣市場行情不錯。

So that's -- when we target the Deep Anadarko, we plan and have spent $14 million. I think that might improve over time just as we drill more wells, we get better at it. It's not the easiest place to drill. You've got very deep wells, very complicated completions just because of the amount of pressure you're using to get a frac established.

所以，當我們瞄準阿納達科深海時，我們制定了計劃，並花費了 1400 萬美元。我認為隨著時間的推移，這種情況可能會有所改善，就像我們鑽探的油井越多，我們的技術就會越好。這裡不是個容易鑽探的地方。因為壓裂過程需要施加很大的壓力，所以井深很大，完井過程也很複雜。

Got it. And then I wanted to -- this is a little bit bigger picture. The improvement in your '26 guide where you're spending 18% less on D&C and the volumes are essentially unchanged. My first instinct is to connect that better capital efficiency with what looks like these really good gas rates at both Western Anadarko and the Mancos. But is that really the driver that has enabled you to put forth this better, more capital-efficient '26 program? Or is there something else at work?

知道了。然後我想──這牽涉到一個更大的層次。您在 2026 年的指南中改進了，D&C 的花費減少了 18%，而卷數基本上保持不變。我的第一個反應是，將這種更高的資本效率與阿納達科西部和曼科斯地區看起來非常不錯的天然氣價格連結起來。但這真的是促使你們提出這個更好、更節省資金的 2026 年計畫的動力嗎？還是有其他原因？

No, that's it.

不，就是這樣。

Derrick Whitfield, Texas Capital.

德里克·惠特菲爾德，德克薩斯資本。

Starting with your distribution, despite the strength in operations this quarter, it did come in a touch lower than expected due to the nonrecurring factors you noted. If we assume a flattish price environment in the capital plan you've outlined for 2026, is it reasonable to assume your distribution would be flattish year-over-year?

首先說說你的分紅情況，儘管本季營運狀況良好，但由於你提到的非經常性因素，實際分紅略低於預期。如果我們假設您在 2026 年制定的資本計劃中價格環境保持平穩，那麼假設您的分配額與往年相比也保持平穩是否合理？

Gosh, Eric -- Derek, I think that you just have a little caveat to look at what price deck you're talking about for '26. But I think we're expecting -- I think we would actually just through the course of '26 as these wells come online, kind of expect an increasing distribution over the course of the year.

天哪，埃里克——德里克，我認為你只需要稍微注意一下你所說的 2026 年的價格表。但我認為我們預計——我認為實際上隨著這些油井在 2026 年陸續投產，我們預計全年產量將會增加。

And Derek, our natural gas volumes next year will be moving up to just over 70%. So if you're bullish natural gas, we should do pretty well.

德里克，我們明年的天然氣產量將成長到略高於 70%。所以，如果你看好天然氣，我們應該會表現不錯。

Yes, that was our thought as well, Tom, if you look at your hedges provided with the gas growth profile. But just wanted to confirm that was -- we were thinking about that right. And then on my follow-up, I wanted to focus on your prepared comments on private equity PDP exchanges for Mach shares. Regarding the kind of PDP exchanges, how large and in what basins are those opportunities in general? And would it be safe to assume that they would be both leverage and yield accretive?

是的，湯姆，我們也是這麼想的，如果你看看你提供的對沖樹的天然氣生長曲線就知道了。但我想確認一下──我們當時確實是這麼想的，對嗎？然後，在我的後續提問中，我想重點談談您之前準備好的關於私募股權 PDP 交換 Mach 股票的評論。關於PDP交換類型，這些機會通常有多大？這些機會一般分佈在哪些流域？是否可以合理假設它們既能提高槓桿率又能增加收益？

Do you want to take?

你想拿嗎？

Yes. So we're having people kind of contact us. I don't know -- I think it's rare -- I'd start with this. I think it's rare to have an IKAV, Sabinal happen very often, especially at once, just you have two pretty large groups that we're wanting to swap out. But at today's strip, especially in oil, and it's not out of the question that others they do reach out.

是的。所以現在有人聯絡我們。我不知道——我覺得這種情況很少見——我會從這裡開始。我認為 IKAV 和 Sabinal 的情況很少見，尤其是同時發生，因為我們有兩個相當大的群體想要交換。但就現今的市場而言，尤其是在石油業，他們與其他產業接觸也並非不可能。

But I'm stumbling here just because there is a cash market with all the ABS participants. And so if somebody wants cash today, they can get it.

但我在這裡遇到困難，是因為所有ABS參與者都參與了現金市場交易。所以如果有人今天想要現金，就可以拿到。

But there is a group that prefer to take maybe because of their timing of a fund need to be moving out and they don't want to take today's prices at cash. Those are the types that will look for us. It's not -- I think you probably wouldn't see that out of the Marcellus or the Haynesville or core Permian, really anywhere where you can get paid more than PDP PV-10. But if you're in other areas, I think that we'll continue to have that. And yes, anything we do would be accretive to our cash flow for distribution and really can't be dilutive on a debt level -- a debt perspective.

但有一部分人更喜歡持有，可能是因為他們的資金需要轉移出去，他們不想以今天的現金價格購買。這些人會主動來找我們。不是這樣的——我認為你可能不會在馬塞勒斯頁岩、海恩斯維爾頁岩或二疊紀盆地核心區域看到這種情況，真的，在任何你能獲得比 PDP PV-10 更高報酬的地方都不會看到這種情況。但如果你在其他地區，我認為我們還會繼續這樣做。是的，我們所做的任何事情都會增加我們的現金流，用於分配，從債務角度來看，真的不會稀釋債務。

Sorry, I rambled about all that. If you want to ask me something to clarify, please do.

抱歉，我剛才說了這麼多。如果你有什麼問題需要我澄清，請儘管問。

I think you covered it well, Tom. I mean it's going to be leverage and yield accretive. So certainly, thanks for your comments on that, and I'll turn it back to the operator.

湯姆，我覺得你解釋得很好。我的意思是，這將提高槓桿率並增加收益。非常感謝您的評論，我會把問題轉回給操作員。

Michael Scialla, Stephens.

Michael Scialla，史蒂芬斯。

Tom, I wanted to ask about your comments that the industry tends to overstimulate wells. You mentioned the potential for cutting costs in the Mancos. I want to see if you have taken that approach with the Deep Anadarko as well. And do you have enough production history on either these wells in the Mancos or the deep play to give you the confidence that you're not impacting well productivity by cutting back on the proppant.

湯姆，我想問你關於石油業往往過度開採油井的評論。您提到了曼科斯公司削減成本的潛力。我想看看你們是否也對深海阿納達科油田採取了這種方法。你們在曼科斯頁岩油田或深層油田的這些油井中是否有足夠的生產歷史數據，足以讓你們確信減少支撐劑不會影響油井產量？

The Deep Anadarko, we just use a typical frac that's already been moved down. So the industry might have been at 3,000 pounds per foot of sand in the last couple of years ago that we've moved down and others didn't just us have moved down closer to 2,000 pounds. And I think that's how can you see other operators spending relatively in line with us on where costs are. That hasn't happened yet in the San Juan.

對於深層阿納達科頁岩，我們只是使用已經向下移動的典型壓裂片。所以，在過去幾年裡，沙子的價格可能達到了每英尺 3000 磅，而我們已經降價了，其他人並沒有，只有我們降價到了接近每英尺 2000 磅。我認為這就是為什麼你會看到其他運營商在成本方面與我們支出水平基本一致的原因。這種情況在聖胡安還沒有發生。

And I think chasing estimated ultimate recoveries is sometimes can be -- it can affect negatively the rates of return. And so what we try to do is to find a way to stimulate a well that we don't think will hurt it, but not spend as much money. I think that if you use a 2,000 pound per foot frac job in the Mancos shale, you're going to get that stimulated.

我認為，追求預期的最終收益有時會對收益率產生負面影響。因此，我們嘗試找到一種方法來刺激水井，我們認為這種方法不會對水井造成損害，但又不會花太多錢。我認為，如果在曼科斯頁岩層採用每英尺 2000 磅的壓裂壓力，就能達到增產效果。

To answer your question, we don't know. We haven't seen it. We have IP30s on wells that are a little bit more stimulated than we will next year. But I'm pretty comfortable that in the past, whenever we moved down our stimulations, we haven't seen a decrease in rate of return.

回答你的問題，我們不知道。我們還沒見過。我們有幾口油井的 IP30 值，這些油井的增產力度比明年還要大一些。但我相當確信，過去每當我們降低刺激水平時，我們都沒有看到回報率下降。

Sounds good. I want to see if you could talk about your potential inventory in both plays. I know you'd like to watch others sort of delineate your acreage for you. Is there an inventory number you can put on either the Deep Anadarko or the San Juan at this point and maybe look at some potential upside if there's more delineation by you or others there?

聽起來不錯。我想請您談談您在這兩部劇中的潛在庫存情況。我知道你想讓別人幫你分割土地面積。目前您能否為 Deep Anadarko 或 San Juan 標出一個庫存數字？如果您或其他相關人員能提供更多相關信息，或許可以考慮一下潛在的上漲空間？

Yes. So we just have too much acreage to effectively drill it all. We have 500,000 acres plus in the San Juan. And in the Deep Anadarko, we have more than 120 locations already under lease that we can drill. So that's how I mentioned that at some point, there's just more here to do than a company that's not going to invest 100% or more of your cash flow drilling for growth.

是的。所以我們擁有的土地面積太大，無法有效地全部鑽探。我們在聖胡安擁有超過50萬英畝的土地。在阿納達科深層，我們已經租賃了 120 多個可以鑽探的地點。所以，我之前提到過，在某種程度上，一家公司不能把 100% 甚至更多的現金流都投入到鑽井成長中，而應該把精力放在其他事情上。

That's just not what we do. So it's probably at least -- let's assume that we're successful in expanding the Deep Anadarko by a few more locations.

我們根本不會那樣做。所以至少——假設我們成功地將深海阿納達科河再擴展幾個地點。

You have Continental to the Southeast of us, Validus is drilling a few wells, and then we're intermixed. It's not out of the question that we would bring in a partner to help us to bring on more gas. And in that case, it would just be highly accretive to us. So again, I don't know if I answered your question, but that's kind of the way we look at it.

大陸石油公司在我們東南方向，瓦利杜斯石油公司正在鑽幾口井，然後我們就和它們混雜在一起了。我們引入合作夥伴來幫助我們增加天然氣供應，這並非不可能。在這種情況下，這對我們來說將是極大的利好。所以，我不知道我是否回答了你的問題，但這大概就是我們看待這個問題的方式。

No, that's perfect. I was wondering what the motivation behind bringing in a potential drilling partner was and that really explains it. I think you want to move that value forward without changing your reinvestment decision. So --

不，這正合適。我一直在想引入潛在的鑽井合作夥伴的動機是什麼，現在我終於明白了。我認為您希望在不改變再投資決策的前提下，提升該價值。所以--

John Freeman, Raymond James.

約翰·弗里曼，雷蒙德·詹姆斯。

Really impressive to see the 18% reduction in the D&C budget and still be able to maintain production. We did notice that the midstream and the land budget basically doubled from the prior update. Just wondering if you can -- choke up a little hold on. Yes, I think -- sorry -- I was just trying to --

看到設計與施工預算減少了 18%，還能維持生產，真是令人印象深刻。我們注意到，中游和土地預算基本上比上次更新翻了一番。我只是想知道你能不能──稍微哽咽一下，等等。是的，我想──抱歉──我只是想…--

The midstream and the land budget and just sort of what drove that. Sorry about that.

中游產業和土地預算，以及推動這一切的因素。抱歉。

Yes. And the land budget is mainly in the deep Anadarko. We are buying a few new leases. We trade around some acreage, putting together areas that we didn't have completely HBP through prior acquisitions. But it's -- in the whole scheme of the area, it's fairly small, the increase in land to do that.

是的。而土地預算主要集中在阿納達科深處。我們正在購買一些新的租賃權。我們交易了一些土地，將我們先前收購時沒有完全進行 HBP 的區域整合起來。但從整個區域來看，增加的土地面積相當小。

I think with the -- if you mentioned midstream, we inherited quite a bit of new midstream with the last two acquisitions and it's just more maintenance and getting them back up to speed, especially in the IKAV acquisition needed to have a little bit of upgrading.

我認為，如果你提到中游業務，我們透過最近兩次收購繼承了相當多的新的中游業務，現在只需要進行更多的維護，讓它們恢復正常運轉，尤其是在收購 IKAV 之後，還需要進行一些升級。

And John, just for a little bit of detail, the land piece of that is about $32 million and midstream about $17 million.

約翰，我再補充一點細節，土地部分價值約 3,200 萬美元，中游部分價值約 1,700 萬美元。

That's great. And then just following up on some of the commentary prior commentary on the M&A front. When we sort of look at the basins that you're currently operating in, should we assume kind of the plan going forward from an M&A perspective is to sort of do kind of these bolt-on deals in the existing positions and basins you're in? Or are you all still open to considering expanding into new areas or basins?

那太棒了。然後，我想就之前關於併購方面的一些評論做一些補充說明。當我們審視您目前經營的盆地時，我們是否可以假設，從併購的角度來看，您未來的計劃是在您現有的地位和盆地中進行這些附加交易？或者你們仍然願意考慮拓展到新的地區或流域？

The only way we'd expand in any size is through an equity deal with another partner or the seller. I think that in the 23 acquisitions we've made, most of them, 20 of them probably have been in and around $100 million. So that's really the best area for us to compete. We can't -- we don't have the ability to compete against the ABS market and try to make the types of rates of return that we need to make through an acquisition that are accretive to our cash available for distribution.

我們只有透過與另一個合作夥伴或賣方進行股權交易才能擴大規模。我認為在我們進行的 23 項收購中，大部分（大概 20 項）的金額都在 1 億美元左右。所以這確實是我們最具競爭力的領域。我們不能——我們沒有能力與資產支持證券 (ABS) 市場競爭，也無法透過收購獲得我們需要的、能夠增加我們可用於分配的現金的回報率。

So we just stay away. We stay away from others that are going to be bidding upside. We stay away from those who have the ability to come in with a very low cost of capital and maybe bid it to a way to -- that we can't compete. And so that -- I think we look at a lot of deals, but we'll -- the ones we get tend to be in this $100 million to $150 million range where they're highly accretive to us. And keeping in mind that those can't be done with debt, though, because we've now used our debt card and are up over a turn of leverage, and we want to see that come back down.

所以我們乾脆就遠離了。我們會避開那些會提高價格的競標者。我們會遠離那些能夠以極低的資本成本進入市場，並可能透過競標的方式讓我們無法與之競爭的人。因此——我認為我們考察了很多交易，但我們最終達成的交易往往在 1 億美元到 1.5 億美元之間，這些交易對我們來說收益非常可觀。但請記住，這些事情不能靠債務來實現，因為我們現在已經使用了信用卡，槓桿率已經超過一倍，我們希望看到槓桿率下降。

Jeff Grampp, Northland Capital Markets.

Jeff Grampp，北地資本市場。

I wanted to expand on the drilling partnership opportunity. Any thoughts on what kind of size you're looking for in terms of a partner? I'm just kind of curious what stage of conversations these may be? And is this something that you guys are pretty definitively moving towards? Are we kind of more of an exploratory stage? Just any additional color there would be helpful.

我想進一步探討鑽井合作的機會。對於伴侶的身材尺寸，你有什麼想法嗎？我只是有點好奇這些對話可能會處於哪個階段？這是你們正在大力推進的方向嗎？我們是不是還處於探索階段？如果能添加一些其他顏色就更好了。

Yes, Jeff, it's just a thought. I hadn't really moved more from my brain to my mouth to you. So there's nothing really -- there's nothing going on. I just think we have too much. And so as I got prepared to write a spill to describe what we have like, my Lance, we have a lot of -- we have more here than I can ever get to.

是的，傑夫，這只是我的一個想法。我並沒有真正地從我的大腦到我的嘴巴再到你。所以其實什麼事都沒有──什麼事都沒發生。我覺得我們擁有的太多了。所以，當我準備寫一篇長文來描述我們所擁有的，例如，我的蘭斯，我們有很多——我們這裡擁有的東西比我能得到的要多得多。

And so that's -- we haven't talked to anyone. We haven't -- we have a Total Continental deal that's right beside us that I doubt they got that for free. So it seems like we probably have an asset that could be maybe profitable to us. We've done this in the past. You have a lot of buyers that are coming here. The Mid-Con, especially has a great takeaway. And I think that's what the Total deal is showing you is that you can get gas to the hub. And so it seems to me like to be a pretty attractive place to own acreage.

所以，我們還沒跟任何人談過。我們沒有——我們旁邊就有一家 Total Continental 餐廳，我懷疑他們不可能免費拿到那份合約。所以看來我們可能擁有一項對我們有利可圖的資產。我們以前也這樣做過。這裡有很多買家。中期大會尤其值得關注。我認為 Total 的交易表明，你可以把汽油運到樞紐站。因此，在我看來，這裡似乎是個擁有土地的好地方。

Agreed. That's helpful. And for my follow-up, we're a couple of months into operating the new properties here. Overall, how is integration going? Anything you've learned or that's been surprising in the couple of months that you guys have been taking over in both the Permian and the San Juan?

同意。那很有幫助。我的後續報導是，我們在這裡經營這些新物業已經幾個月了。整體而言，整合進展如何？在過去幾個月裡，你們接管了二疊紀盆地和聖胡安盆地的業務，有沒有學到什麼新東西或有什麼令你們感到驚訝的事情？

No, the good people that work hard. I think learning our desires to cut costs and watch what we spend is something that all people have to get used to. We focus on how much bidding. We focus a lot on details. And so yes, it's all going good. We have a new office in Durango, and that's -- I think is -- we'll find that to be an incredibly good place for us to do business.

不，是那些努力工作的好人。我認為，每個人都必須學會適應我們想要節省開支、精打細算的願望。我們關注的是競價金額。我們非常注重細節。是的，一切都很順利。我們在杜蘭戈設立了新的辦事處，我認為，我們會發現那裡是我們開展業務的絕佳地點。

Geoff Jay, Daniel Energy Partners.

Geoff Jay，Daniel Energy Partners。

Tom, just -- I guess I would have interpreted your comments earlier on the Mancos as constructive but cautious. And I guess in that light, given the strength of the strip in '26, are you sort of content with your hedging as it sits? I think if I did my math right, it's a little shade over 20% hedged for next year. Would you like to see that higher? Or is that a good level?

湯姆，我只是——我想我之前會把你對曼科斯的評論解讀為建設性的但謹慎的。我想從這個角度來看，考慮到 2026 年的強勁勢頭，你對目前的對沖策略感到滿意嗎？如果我沒算錯的話，明年對沖的金額應該略高於 20%。你希望這個數值更高嗎？或者說，這個水準不錯嗎？

Yes, Geoff, whenever you tie in the Mancos hedges or the San Juan hedges, we're in 2026 closer to over 60% hedged on natural gas. So we have gone in heavily hedged into 2026. I think there's risk coming into this. We're back to kind of a weather bet, which I don't like to make. So the -- I think when I say precarious, I do believe it's precarious, but there's no doubt that starting in January, demand is going to start going up.

是的，傑夫，無論何時將曼科斯對沖或聖胡安對沖納入考量，到 2026 年，我們的天然氣對沖率將接近 60% 以上。因此，我們已經對沖了2026年的風險。我認為這其中存在風險。我們又回到了類似天氣打賭的老套路，我不喜歡打賭。所以——我覺得當我說它不穩定的時候，我確實認為它不穩定，但毫無疑問，從一月開始，需求將會開始上升。

I don't see any way for 2027 not to be bullish.

我認為2027年沒有任何理由不看好股市。

And so that's -- whenever I look at '27 and beyond, you have -- there needs to be a lot more drilling activity than we're seeing today to overcome the demand. So I am bullish. I'm very bullish natural gas. It just is this winter season if we have a warm winter, you could be backed up into late '26 before you see a real recovery in prices.

所以，每當我展望 2027 年及以後時，我都會發現，為了滿足需求，我們需要比現在看到的更多的鑽探活動。所以我看好這檔股票。我非常看好天然氣。如果今年冬季氣溫偏暖，那麼價格真正回升可能要等到 2026 年底。

Got you. Well, I'm sorry, my math was lousy. But I guess a follow-on to that then. When you guys closed on these deals, can you refresh me like how many rigs in total were running for Mach and sort of what your plan is for next year? What does that sort of sub-$300 million D&C budget contemplate?

抓到你了。哦，對不起，我的數學太差了。但我想這應該算是後續。你們完成這些交易的時候，能不能告訴我一下總共有多少台設備在為 Mach 運行，以及你們明年的計劃是什麼？這種低於 3 億美元的設計與施工預算都包含哪些內容？

Sure. So the -- right now, we have two Deep Anadarko wells or rigs that are running will continue to run through 2026. And then we start our Mancos and Fruitland Coal drilling program next spring. We'll drill seven locations in the Mancos and two locations in the Fruitland Coal, and that takes up our total CapEx. That's -- keep in mind that that's subject to change every month.

當然。所以——目前，我們有兩口阿納達科深井或鑽井平台正在運行，並將繼續運行到 2026 年。然後，我們將於明年春天啟動曼科斯和弗魯特蘭煤礦鑽探計畫。我們將在曼科斯煤層鑽探七個地點，在弗魯特蘭煤層鑽探兩個地點，這將佔用我們全部的資本支出。需要注意的是，這個數字每個月都可能會改變。

Tim Rezvan, KeyBanc Capital Markets.

Tim Rezvan，KeyBanc 資本市場。

I was trying to understand the changes in 2026 guidance. You put a release out in mid-September, and then it's been pretty significant changes from there. So we saw CapEx all in down about 10% and production down about 1% to 2%. Is that change reflecting a pivot to 100% gas-focused drilling? I'm just curious, given the -- it's a 10% reduction in seven weeks is a big amount. So I'm just trying to understand what's changed on the modeling and sort of strategy forecasting side.

我試著去了解 2026 年指導方針中的變化。你們在九月中旬發布了一個版本，之後就發生了相當大的變化。因此，我們看到資本支出總額下降了約 10%，產量下降了約 1% 至 2%。這項變更是否意味著鑽探業務將100%專注於天然氣開採？我只是好奇，畢竟──七週內減少 10% 是一個很大的幅度。所以我想了解建模和策略預測方面發生了哪些變化。

Sure, Tim. This is Kevin. So good question. And as Tom just said, we look at our drilling schedule monthly, and we do have the ability to pivot quickly. And so the description that you threw out there is largely correct that we -- two things happen. We see the returns on our gas drilling as being better. And so much more heavily weighted towards gas.

當然可以，提姆。這是凱文。問得好。正如湯姆剛才所說，我們每個月都會查看鑽井計劃，我們有能力迅速調整。所以你剛才的描述基本上正確，也就是我們──發生了兩件事。我們認為天然氣鑽探的回報更好。而且天然氣的佔比更高。

And then secondly, kind of the reduction in CapEx is also reflective of basically lower strip prices than we put out the first guidance for 2026. We've seen forecasting with the lower strip, lower operating cash flow. And again, our company is run pretty simply and straightforward. As you see changes in the strip, we'll generally pivot and change our CapEx numbers. If it goes up, we'll look to add good IRR locations. And if it goes down, we probably throttle back some of our activity.

其次，資本支出的減少也反映出遠期價格比我們最初對 2026 年的預期低。我們看到，隨著市場規模縮小，營運現金流也會降低。再次強調，我們公司的運作方式非常簡單直接。隨著市場變化，我們通常會調整並改變我們的資本支出數字。如果利率上升，我們會尋找利率高的地點。如果情況惡化，我們可能會縮減一些業務活動。

Yes. Tim, I think of it as that one of our pillars is a 50% reinvestment rate. Production growth, the amount of production growth isn't. So whenever we have higher operating cash flow, we get to use half of that and put it directly to work in CapEx. And just luckily -- well, not luckily because we moved down that decline from 20% to 15%, that makes it much easier for us to effectuate this small single-digit growth by only spending 50% of our operating cash flow.

是的。提姆，我認為我們的支柱之一是 50% 的再投資率。生產成長，但生產成長的幅度卻不是。因此，每當我們有較高的營運現金流時，我們就可以把其中的一半直接用於資本支出。幸運的是——或者說，並非幸運，因為我們將降幅從 20% 降至 15%，這使得我們只需花費 50% 的經營現金流就能實現個位數的小幅增長。

Okay. That's very helpful context. And then again, I know this is subject to change as we've seen. But in this environment, where you're looking at maybe roughly two-thirds gas SKU in 4Q '25 and you're guiding to 71, we should be modeling, I guess, a steady increase in natural gas and you could be looking at maybe a mid-70s rate as we exit '26. Is that the right way to think about things?

好的。這些資訊很有幫助。但我也知道，正如我們所看到的，這種情況可能會改變。但在這種情況下，考慮到 2025 年第四季天然氣 SKU 可能佔三分之二左右，而你們的預期是 71，我認為我們應該模擬天然氣穩定成長，到 2026 年底，價格可能會達到 70 多。這種思考方式正確嗎？

I think just over 70% is where we're targeting year-end '26.

我認為到 2026 年底，我們的目標完成率應該略高於 70%。

Selman Akyol, Stifel.

Selman Akyol，Stifel。

This is Tim O'Toole on for Selman. In your prepared comments, you guys talked about the Desert Southwest expansion. It seems like there's just a lot of gas demand kind of coming out of the Southwest and in Arizona, but that project is not coming online until closer to the end of the decade. So just kind of curious how you guys see the San Juan kind of position there kind of short term and maybe longer term as that project comes online.

這是提姆‧奧圖爾替塞爾曼解說。在你們事先準備好的評論中，你們談到了沙漠西南部的擴張。看起來美國西南部和亞利桑那州對天然氣的需求量很大，但該項目要到十年末才能投入營運。所以，我很好奇你們如何看待聖胡安計畫短期和長期的發展前景。

Thank you, Tim. I think it really just depends on the amount of rigs that run. So the San Juan is seasonal. So you can only really move in and drill effectively through the spring and summer and be completing in the fall and need to move out by November. And so we kind of look at December to May as the 1st of May through April being a time that's more just getting ready for the next year's season to get permits, all the things that have to be done.

謝謝你，提姆。我認為這主要取決於運行的鑽井平台的數量。所以聖胡安是季節性的。所以你只能在春季和夏季有效地搬進去進行訓練，秋季完成訓練，並在11月之前搬出去。因此，我們把 12 月到 5 月這段時間看作是為下一年的賽季做準備，例如辦理許可證等等。而 5 月 1 日到 4 月這段時間更像是為下一年的賽季做準備。

I say all that just to say it's not as easy to increase production in the San Juan as it is in other places.

我說這些只是想說明，在聖胡安提高產量不像在其他地方那麼容易。

So it does -- the Mancos Shale obviously produces enough. We just brought on 100 million a day out of a five-well pad, and it only declines by 60% or so. So it's not a traditional extremely high decline. So it could overwhelm the system if there was a tremendous amount of new drilling. I don't see that happening, but you're exactly right that it is through the end of the decade.

確實如此——曼科斯頁岩的產量顯然足夠高。我們剛從一個擁有五口井的井場每天獲得 1 億美元的產量，而且產量只會下降 60% 左右。所以這不是傳統意義上的極高跌幅。因此，如果出現大量的新鑽井活動，可能會使系統不堪負荷。我不認為這種情況會發生，但你說的完全正確，這種情況會持續到十年末。

And one of the things it is at the end of the decade, end of '29, whenever Energy Transfer plans to expand. Right now, we have another couple of Bcf a day of availability of takeaway. So I don't think we're very close to having an issue. But as the caveat is there's a lot of gas to be brought on.

其中一件事情是，在十年末，也就是 2029 年底，Energy Transfer 計畫擴張的時候。目前，我們每天還有數十億立方英尺的外帶供應量。所以我覺得我們離出現問題還很遠。但要注意的是，還有很多氣體需要注入。

This now concludes our question-and-answer session. Thank you for your participation. You may disconnect your lines, and have a wonderful day.

我們的問答環節到此結束。感謝您的參與。您可以斷開線路了，祝您有美好的一天。