Mach Natural Resources LP (MNR) 2025 Q4 法說會逐字稿

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

各位早安。感謝您參加本次活動，歡迎您來到 Mach Natural Resources 2025 年第四季財報電話會議。

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 may 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.

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，許多因素可能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。

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 filings with the SEC. 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.

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，請閱讀公司向美國證券交易委員會提交的文件。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。

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 the company's annual report on Form 10-K, which will also be available on their website or the SEC's website when filed.

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 指標之間的調節情況，請參閱 Mach 網站上的新聞稿和補充表格，以及該公司提交的 10-K 表格年度報告（該報告提交後也可在其網站或美國證券交易委員會網站上查閱）。

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 opened 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。湯姆將作介紹和概述。Kevin 將討論 Mach 的財務業績，然後將開放問答環節。

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, Rob. Welcome to Mach Natural Resources fourth-quarter earnings update. Each quarter, we reiterate the company's four strategic pillars that have guided us since our founding in 2018. Since inception, the company has put a distinct emphasis on delivering exceptional cash returns through distributions. We have distributed back to our unitholders a total of $1.3 billion starting in the fourth quarter of 2018 after our first acquisition, showcasing our consistent and dependable nature across a variety of commodity cycles.

謝謝你，羅布。歡迎閱讀 Mach Natural Resources 第四季財報更新。每個季度，我們都會重申公司自 2018 年成立以來一直指導我們的四大策略支柱。自成立以來，該公司一直非常重視透過分紅提供卓越的現金回報。自 2018 年第四季完成首次收購以來，我們已累積向股東返還了 13 億美元，這體現了我們在各種商品週期中始終如一的可靠性。

We also have remained a consistent distributor of cash to our unitholders post our public offering. Mach has delivered distributions totaling $5.67 per unit from the beginning of 2024 through our last announced distribution of $0.53. This is an annualized yield of 15%. I doubt that you'll hear another energy company talk about cash returns. However, that is the lifeblood of our business and what makes us different.

上市後，我們也一直持續向單位持有人派發現金。自 2024 年初以來，Mach 已累計派發每單位 5.67 美元的股息，直至最近一次宣布派發 0.53 美元。這相當於年化報酬率 15%。我懷疑你還會聽到其他能源公司談論現金回報。然而，這正是我們業務的命脈，也是我們與眾不同的地方。

Additionally, we have delivered an average cash return on capital invested of greater than 30% over the last five years and 23% in 2025 during a down cycle. Clearly, one of the best records of all public equities, not just energy. Therefore, of our four pillars, maximizing distributions is the culmination of the other three and the most important.

此外，過去五年，我們的平均投資資本現金回報率超過 30%，即使在經濟下行週期中，2025 年的回報率也達到了 23%。顯然，這是所有上市股票中業績最好的股票之一，而不僅僅是能源股。因此，在我們四大支柱中，最大化分配是其他三者的最終目標，也是最重要的。

The second pillar is disciplined execution. Mach has never acquired an asset by paying more than PDP PV-10. In other words, all the blue sky of the company, the acreage, midstream, equipment, offices are part of our purchase price. We have accomplished this goal 23 times and do not see an end to the requirement.

第二大支柱是嚴謹的執行。Mach 從未透過支付超過 PDP PV-10 的價格來收購資產。換句話說，公司的所有資產，包括土地、中游業務、設備、辦公室等等，都包含在我們的收購價格中。我們已經實現了這個目標 23 次，而且看不到這種需求的盡頭。

Through this method of deploying capital, we've been diligent in assembling a set of assets across the Mid-Con and San Juan Basin that have drilling opportunities that we did not have to pay for. Most of our contemporaries are willing to pay millions of dollars per location when they buy into fashionable areas.

透過這種資本部署方式，我們一直在努力整合中部康乃狄克盆地和聖胡安盆地的一系列資產，這些資產擁有鑽井機會，而我們無需為此支付任何費用。我們的大多數同齡人願意在時尚地段購買房產時，為每個地段支付數百萬美元。

What we have done is to buy in at least two areas that were seen as distressed when actually they were not. Since 2018, we've spent $1.4 billion developing assets that others thought were worth zero while compiling acreage that now amounts to nearly 3 million acres. An additional luxury of having so much acreage with a very low cost basis is the ability to sell to generate cash.

我們所做的，是在至少兩個當時被認為是經濟困難的地區進行收購，但實際上這些地區並非如此。自 2018 年以來，我們已投入 14 億美元開發其他人認為毫無價值的資產，同時累積了近 300 萬英畝的土地。擁有如此大面積土地且成本非常低的另一個好處是能夠出售土地來獲得現金。

Currently, both the Mid-Con and San Juan are seeing renewed outside investment searching for drilling rights. Also, the Deep Anadarko is the only place we've expended capital to lease land. The vast majority of our acreage is held by production from the purchases that we've made.

目前，中康油田和聖胡安油田都迎來了新的外部投資，這些投資旨在獲取鑽探權。此外，阿納達科深海是我們唯一投入資金租賃土地的地方。我們絕大部分的耕地面積都用來生產我們已購買的土地。

We will test the market and see if we can recoup any of our costs for acreage seismic and other expenses associated with the Deep Anadarko. As I mentioned, the San Juan is also now very active with additional sales processes, which are paying for upside where we did not. However, our land in the San Juan is all held by production, and we are not in any hurry to sell there.

我們將測試市場，看看能否收回我們在阿納達科深井勘探區塊地震勘探和其他相關費用方面的成本。正如我之前提到的，聖胡安現在也非常積極地進行額外的銷售流程，這些流程為我們帶來了我們之前沒有獲得的利益。然而，我們在聖胡安的土地全部用於生產，我們並不急於出售。

We've done extremely well buying distressed properties then finding them not in distress sometime later. For example, the Sabinal purchase, which closed last September, was bought when the market was certain, we would see oil prices below $50. We believe that any time you can buy stable crude production in the 60s, you'll be rewarded at some point.

我們透過購買陷入困境的房產，並在一段時間後發現它們並沒有陷入困境，取得了非常好的業績。例如，去年 9 月完成的 Sabinal 收購案，是在市場確信油價將低於 50 美元的情況下進行的。我們相信，任何時候只要你能以 60 美元左右的價格買入穩定的原油產量，你遲早都會得到回報。

This philosophy also drives our hedging decisions. We hedged 50% of our production in year one and 25% in year two on a rolling basis. We want to lock-in near-term cash flow while having exposure to higher prices in the future. We have a strong belief that our business will be critical to the world over the next few decades and prices will have the tendency to rise faster than the rate of inflation during this time. Our peers have moved to asset-backed securities to purchase production, which takes away future upside and introduces risk from higher prices rather than reward.

這種理念也指導著我們的對沖決策。第一年我們對 50% 的產量進行了避險，第二年對 25% 的產量進行了滾動避險。我們希望鎖定近期現金流，同時為未來更高的價格做好準備。我們堅信，在未來幾十年裡，我們的業務對世界至關重要，而且在此期間，物價上漲速度往往會超過通貨膨脹率。我們的同行已經轉向購買資產支持證券來生產，這剝奪了未來的上漲空間，並帶來了價格上漲的風險，而不是回報。

During the last year, we've moved from drilling oil-dominated assets in the Oswego and condensate window of the stack to dry gas locations in the Deep Anadarko and San Juan. Our reasoning is simple. The Bloomberg fair value price for West Texas Intermediate crude oil was $71.72 in 2024, that reduced to $57.42 in 2025. The Bloomberg fair value price for Henry Hub natural gas was $3.43 in 2024, that price improved to $4.42 in 2025. In 2026, our drilling is once again concentrating on drilling natural gas wells in the San Juan and Deep Anadarko through the first half of this year.

在過去一年裡，我們已經從在奧斯威戈和煙囪的凝析油窗口鑽探以石油為主的資產，轉向在阿納達科深層和聖胡安的干氣地點鑽探資產。我們的理由很簡單。彭博社預測，2024 年西德州中質原油的公允價值價格為每桶 71.72 美元，2025 年將降至每桶 57.42 美元。彭博社預測，2024 年亨利樞紐天然氣的公允價值價格為 3.43 美元，2025 年該價格將上漲至 4.42 美元。2026 年，我們的鑽探工作將再次集中在今年上半年在聖胡安和阿納達科深層鑽探天然氣井。

However, we are now preparing to bring back an oil rig in the Oswego and associated oil areas in the last half of 2026 if crude prices remain elevated. As you can see in the presentation updated this morning, Oswego drilling program is very good. Since 2021, we've drilled and completed more than 250 Oswego locations, which have consistently had rates of return above 50%.

但是，如果原油價格持續高位運行，我們目前正準備在 2026 年下半年在奧斯威戈及相關油田地區恢復鑽井作業。正如您在今天早上更新的簡報中看到的那樣，奧斯威戈鑽井計劃非常成功。自 2021 年以來，我們在奧斯威戈鑽探並完成了 250 多個地點的鑽井作業，這些地點的回報率一直保持在 50% 以上。

We also have locations on the Red Fork, Sycamore, and Osage that can be added to our drilling schedule. Therefore, we will plan to reduce the Deep Anadarko CapEx by moving from two rigs to one rig and bring back on the Oswego program if the market allows. The flexibility to choose which commodity to produce depending on the price is one of the hallmarks of our company.

我們在紅叉河、西卡莫河和奧塞奇河沿岸也有鑽井地點，可以添加到我們的鑽井計畫中。因此，我們將計劃減少阿納達科深海鑽井的資本支出，將鑽井平台從兩台減少到一台，如果市場允許，我們將恢復奧斯威戈專案。根據價格靈活選擇生產哪種商品是我們公司的標誌性特點之一。

The third pillar to discuss is disciplined reinvestment rate. Our goal is to return as much cash to our unitholders as possible while staying within the guidelines for our strategic principles. We target a reinvestment rate of no more than 50% to maximize cash distribution while maintaining production and profitability.

第三個要討論的支柱是嚴格的再投資率。我們的目標是在遵守戰略原則的前提下，盡可能多地向基金持有人返還現金。我們的目標是將再投資率控制在 50% 以最大限度地提高現金分配，同時保持生產和盈利能力。

In 2026, we anticipate slightly growing our barrels of oil equivalent while maintaining our desired reinvestment rate. It's a task that is difficult to accomplish, especially with a set of assets at the time of purchase, we're not supposed to have any upside value.

預計到 2026 年，我們的石油當量將略有成長，同時保持我們預期的再投資率。這是一項很難完成的任務，尤其是在購買時，我們擁有的資產不應該有任何增值空間。

However, we have not only accomplished this over the past eight years, but have thrived by drilling very high rates of return projects. In 2024, we projected our rate of return on drilling projects to be approximately 55%. In 2025, we made the move from oil to natural gas to maximize the rate of return in a difficult price environment. We succeeded by delivering rates of return of approximately 40%.

然而，在過去的八年裡，我們不僅實現了這個目標，而且透過鑽探高回報率的專案而蓬勃發展。2024年，我們預計鑽井專案的回報率約為55%。2025年，我們決定從石油轉向天然氣，以在艱難的價格環境下最大化投資報酬率。我們取得了成功，實現了約 40% 的回報率。

Since our last earnings release, we have brought on production three additional Deep Anadarko locations. These three locations combined for approximately 40 million cubic feet of gas per day. In the Deep Anadarko, we anticipate an estimated ultimate recovery of approximately 19.5 Bcf or 6.5 Bcf per mile of lateral. We believe ranges will be between 5 to 8 Bcf per mile of lateral.

自上次發布財報以來，我們已在阿納達科深海油田新增三個生產點投入生產。這三個地點每天加起來大約消耗 4,000 萬立方英尺天然氣。在阿納達科深層，我們預計最終可採天然氣量約為 195 億立方英尺，即每英里水平井段可採天然氣 65 億立方英尺。我們認為每英里水平井的儲氣量將在 5 至 8 億立方英尺之間。

The Deep Anadarko is located, as the name implies, at a true vertical depth of between 14,000 to 17,000 feet. Drilling an additional 15,000 feet of lateral projects make total depth between 29,000 to 32,000 feet. Our cost to drill and complete are projected to be between $14 million to $15 million per location.

顧名思義，阿納達科深井位於 14,000 至 17,000 英尺的真實垂直深度處。再鑽探 15,000 英尺的水平井，總深度將達到 29,000 至 32,000 英尺。預計每個地點的鑽探和完工成本將在 1400 萬美元到 1500 萬美元之間。

In the San Juan, we plan to drill seven to eight Dry Gas Mancos wells. The true vertical depth of the Mancos is approximately 7,000 feet and laterals are projected to be a mixture of two and three miles. A three-mile horizontal lateral Mancos well is projected to cost $15 million and recover approximately 24 Bcf of reserves with a 60% first year decline. Our goal is to lower the drilling and completion cost to approximately $13 million during the 2026 drilling season. The drilling season starts on April 1 and runs through the end of November.

在聖胡安海域，我們計畫鑽探七到八口乾氣曼科斯井。Mancos 井的真實垂直深度約為 7,000 英尺，預計水平井段長度為兩英里至三英里不等。預計一口三英里長的水平側向曼科斯井將耗資 1500 萬美元，可回收約 240 億立方英尺的儲量，第一年產量將下降 60%。我們的目標是在 2026 年鑽井季將鑽井和完井成本降低到約 1,300 萬美元。鑽井季從4月1日開始，一直持續到11月底。

The fourth pillar to discuss is to maintain financial strength. Our long-term goal is to have a debt-to-EBITDA ratio of 1 times. When we're at that level of leverage, we start to look for additional acquisitions that fit the pillar of disciplined execution. This is a self-imposed guideline to provide financial strength in any commodity price environment.

第四個要討論的支柱是維持財務實力。我們的長期目標是使債務與 EBITDA 比率達到 1 倍。當我們達到那種槓桿水平時，我們就會開始尋找符合「嚴謹執行」這一支柱的其他收購目標。這是公司為在任何商品價格環境下保持財務實力而自行製定的準則。

Keeping our leverage low also enables us to flex upwards as we did for the transformative IKAV and Sabinal acquisitions that closed in Q3 2025. By maintaining low leverage, we can toggle between drilling and acquisitions when opportunities arise in either direction.

保持較低的槓桿率也使我們能夠像在 2025 年第三季完成的具有變革意義的 IKAV 和 Sabinal 收購那樣，向上靈活調整。透過保持低槓桿率，我們可以在鑽探和收購之間靈活切換，抓住任何機會。

Currently, during a time when we're not looking to make an acquisition, we can maintain our production levels through drilling due to our low corporate decline of 17%. In other words, we do not have to make any acquisitions unless they fit within the parameters we have set to achieve our goal of maintaining production while deploying only 50% of our operating cash flow while sending home all of our excess cash.

目前，在我們暫不尋求收購之際，由於公司資產流失率僅為 17%，我們可以透過鑽探來維持生產水準。換句話說，除非收購符合我們設定的參數，否則我們不必進行任何收購，以實現我們的目標：在維持生產的同時，僅投入 50% 的營運現金流，並將所有剩餘現金匯回公司。

We continue to believe in the long-term value of oil and natural gas. Our acquisition strategy continues to achieve the results we desire. We believe in patience and resilience. Rushing and forcing outcomes may not yield the best results. It is often good to remind oneself to remain calm and persistent while waiting on our desired outcome. As the proverb says, good things come to those who wait.

我們依然相信石油和天然氣的長期價值。我們的收購策略持續取得預期成果。我們相信耐心和韌性。倉促行事、強行達成結果可能不會產生最佳結果。在等待理想結果的過程中，經常提醒自己保持冷靜和堅持。正如諺語所說，好事多磨。

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. 2025 year-end reserves capturing the results of 2025 drilling and acquisitions during the year more than doubled from 337 million to 705 million barrels of oil equivalent. Also worth noting the additions from the results of our development program exceeded the 2025 production by 18%.

謝謝，湯姆。 2025 年末的儲量反映了 2025 年鑽探和收購的成果，從 3.37 億桶油當量增長到 7.05 億桶油當量，翻了一番還多。值得注意的是，我們研發計畫的成果所帶來的新增產量比 2025 年的產量高出 18%。

For the quarter, our production of 154,000 Boe per day was 17% oil, 68% natural gas, and 15% NGLs. Our average realized prices were $58.14 per barrel of oil, $2.54 per Mcf of gas, and $21.28 per barrel of NGLs. Of the $331 million in total oil and gas revenues, the relative contribution for oil was 42%, 44% for gas, and 14% for NGLs.

本季度，我們的日產量為 154,000 桶油當量，其中石油占 17%，天然氣佔 68%，凝析油佔 15%。我們的平均實際成交價為每桶原油 58.14 美元，每千立方英尺天然氣 2.54 美元，每桶天然氣凝析液 21.28 美元。在 3.31 億美元的石油和天然氣總收入中，石油的相對貢獻為 42%，天然氣為 44%，液化天然氣為 14%。

On the expense side, our lease operating expenses was $106 million for the quarter or $7.50 per Boe. Cash G&A for the quarter was $11 million or $0.77 per Boe. We ended the quarter with $43 million in cash and $338 million of availability under the credit facility.

在支出方面，本季我們的租賃營運費用為 1.06 億美元，即每桶油當量 7.50 美元。本季現金一般及行政費用為 1,100 萬美元，即每桶油當量 0.77 美元。本季末，我們擁有 4,300 萬美元現金，並有 3.38 億美元的信貸額度可用。

Total revenues, including our hedges, which contributed $42 million and midstream activities totaled $388 million. Adjusted EBITDA was $187 million, and $169 million of operating cash flow, and development CapEx of $77 million or 46% of our operating cash flow.

總收入（包括我們的對沖收益）為 4,200 萬美元，中游業務收入總計 3.88 億美元。調整後的 EBITDA 為 1.87 億美元，營運現金流為 1.69 億美元，開發資本支出為 7,700 萬美元，佔營運現金流的 46%。

Full-year 2025 development costs of $252 million represented 47% of our operating cash flow. In the quarter, we generated $89 million of cash available for distribution, resulting in a distribution of $0.53 per unit, which was paid out yesterday.

2025 年全年開發成本為 2.52 億美元，占我們營運現金流的 47%。本季度，我們產生了 8,900 萬美元可供分配的現金，因此每單位分配 0.53 美元，並於昨日支付。

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

羅布，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 details this morning. Tom, just a question. You mentioned about possibly bringing the additional rig at Oswego to take advantage of higher oil. Just curious, are there other things? Is there a secondary activity? Are there other things that you're deliberating to do that you could do to continue to take advantage of oil prices as well?

湯姆，今天早上提供的細節很不錯。湯姆，問你個問題。您提到可能會在奧斯威戈增設鑽井平台，以利用更高的油價。只是好奇問問，還有其他的嗎？是否有其他活動？您是否正在考慮採取其他措施，以便繼續利用油價上漲獲利？

Yeah, Neal, I think right now, we only look to -- if we have one rig running for the last half of the year, it's only going to spend about $25 million. I would love for prices to stay where they are and give us a little more operating cash flow and maybe bring on another oil rig to drill some of the Red Fork locations that we had or even the Southern Oklahoma assets that we've not yet been able to get to because of lower prices after making the Flycatcher acquisition.

是的，尼爾，我認為目前我們只考慮——如果我們有一台鑽機在今年下半年運行，那也只會花費大約 2500 萬美元。我希望油價能保持在目前的水平，這樣我們就能有更多的營運現金流，或許還能引進另一座鑽井平台，鑽探我們之前在紅叉地區的一些油田，甚至是我們在收購 Flycatcher 之後由於油價下跌而尚未開發的俄克拉荷馬州南部資產。

So if we could, it all depends of staying within our 50% of operating cash flow. So as long as -- if our cash flow can move up a bit, we would put more -- maybe a second rig in and out to be bringing on more oil if it's staying in the 70s. As you know that during -- any time oil is up in the $70 range, we make very good rates of return and are compared -- are competitive with our IKAV and Deep Anadarko gas wells.

所以，如果可以的話，一切都取決於我們能否將營運現金流控制在 50% 以內。所以只要——如果我們的現金流能夠稍微增加一些，我們就會投入更多——也許會再添置一台鑽機，以便在油價保持在 70 美元/桶左右時開採更多石油。如您所知，每當油價上漲到 70 美元左右時，我們的回報率就非常高，與我們的 IKAV 和 Deep Anadarko 天然氣井相比，我們的回報率很有競爭力。

Great. Great details. And then just secondly, maybe a bit early on prices haven't been terribly high yet for just a couple of weeks. Have you seen anything in the M&A market? I mean, oftentimes, sometimes spreads start to widen when we see periods like this? Is it earlier, are you still seeing opportunities? Maybe just any generalities you can comment around the M&A market?

偉大的。細節處理得很好。其次，或許現在下結論還為時過早，因為在過去的幾周里，價格還沒有變得非常高。您在併購市場上看到什麼消息了嗎？我的意思是，很多時候，當這種情況出現時，價差就會開始擴大？現在時間更早，你還看到機會嗎？您能否就併購市場發表一些看法？

We're pretty much on the sidelines for M&A until we move down our debt. So we need to move from the 1.3 times leverage we have today down to a turn before we really start looking to bring on any more debt to make any acquisitions. So our focus is to pay down debt, and then we might be able to do that, though, by bringing in a partner in the Deep Anadarko. We'll see, we don't know yet. We're hopeful to do that.

在降低債務之前，我們基本上不會參與併購活動。因此，我們需要將目前的 1.3 倍槓桿率降低到一個合適的水平，然後再真正開始考慮增加債務進行收購。因此，我們的重點是償還債務，而透過引入 Deep Anadarko 的合作夥伴，我們或許能夠實現這一目標。我們拭目以待，現在還不知道。我們希望能夠做到這一點。

That also, if we did in the Deep Anadarko, we'd be able to keep two rigs working and have just less working interest and still cut back our costs, remembering that we're going to spend over a couple of hundred million dollars this year drilling wells there.

此外，如果我們在阿納達科深層這樣做，我們就可以保持兩個鑽井平台運轉，只需減少工作權益，還能降低成本，要知道我們今年將在那裡花費數億美元鑽井。

So to answer your question directly, we're not really in the market looking. And really, we were never competitive for these larger transactions that are going on just because the amount of debt that requires for us to be competitive. So what we can do is buy a larger transaction by using some equity and some debt. And we hope to be back in market here this year as we pay down our debt.

所以直接回答你的問題，我們目前並沒有在市場上尋找合適的人選。事實上，我們從來沒有在這些正在進行的大型交易中具備競爭力，因為要保持競爭力，我們需要背負巨額債務。所以我們可以利用一些股權和一些債務來進行更大規模的交易。我們希望今年能夠重返市場，同時償還債務。

Tom, could you monetize midstream to get that debt down quicker?

湯姆，你能否利用中游業務獲利來更快地償還債務？

We could, but then you'd just pay for it in the long run. So the midstream systems that we paid nothing for give us a good string of cash flow. And so I personally don't like to sell those off, just because over the long term, they're good for the company.

我們可以這麼做，但從長遠來看，你最終會為此付出代價。因此，我們免費獲得的中游系統為我們帶來了持續且穩定的現金流。所以我個人不太喜歡賣掉這些股票，因為從長遠來看，它們對公司有好處。

Derrick Whitfield, Texas Capital.

德里克·惠特菲爾德，德克薩斯資本。

Great year-end update. In your prepared comments, you seem to highlight the desire to monetize assets across the portfolio that could be experiencing a re-rate in value based on the current macro environment. Could you place some parameters around the value of types of transactions you're looking at just to, again, help us calibrate the type of opportunities that you have?

年終總結很棒。在您準備好的評論中，您似乎強調了希望將投資組合中可能因當前宏觀環境而重新估值的資產貨幣化的願望。您能否為所關注的交易類型設定一些價值參數，以便我們更好地評估您擁有的機會類型？

Yeah, I'd like to. I don't really know what size we're talking about because we haven't really negotiated anything. So what I'd love to do is pay down some debt, so that we can get back in the acquisition market without affecting our distributions.

是的，我願意。我不太清楚我們說的尺寸是多少，因為我們還沒有真正進行任何談判。所以我很想償還一些債務，這樣我們就可以重返收購市場，而不會影響我們的分紅。

So obviously, there are three ways that we can bring our debt down, which debt-to-EBITDA would be prices moving up, that's a simple way, and it's happening now. And then along with that, you can cut your distributions back and pay down debt that way, which is not our preference, or we could sell some non-EBITDA generating assets.

顯然，我們可以透過三種方式降低債務，其中降低債務與 EBITDA 比率的方法之一是提高價格，這是一種簡單的方法，現在正在發生。此外，您還可以減少分紅並以此方式償還債務，但這並非我們的首選；或者我們可以出售一些不產生 EBITDA 的資產。

The Deep Anadarko is the only area that's not HBP and has leasehold to have some term on it. So it seems like the most likely place that we would sell some acreage. So the size, I can't really say. We'll know here very quickly, but I mean it has to be significant or else we would just do it ourselves.

深阿納達科河是唯一一個不屬於 HBP 且擁有租賃權並有一定期限的區域。所以這裡似乎是我們最有可能出售一些土地的地方。所以尺寸方面，我真的說不好。我們很快就會知道結果，但我的意思是，這肯定意義重大，否則我們自己就會做了。

And Tom, just on the Deep Anadarko, could you, I guess, frame where we are from an acreage position with that trend now?

湯姆，關於阿納達科深海油田，你能否根據目前的趨勢，從油田面積的角度來分析我們目前的狀況？

Yeah. We're about 50,000 acres, which is about -- is all we want if we're not going to bring in a partner. So we can effectively drill that out over the time -- of our term on the leasehold. So if we don't bring in a partner, we will not spend more in the second half of our leasehold CapEx. So that's -- the way we look at it is we'll bring in a partner and have some additional acreage that we'll be putting on drilling more wells over the course of the next five years or we'll just stop where we are and drill out what we have.

是的。我們擁有大約 5 萬英畝土地，如果我們不打算引入合作夥伴，這就是我們想要的一切了。因此，我們可以在租賃期間內有效地解決這個問題。因此，如果我們不引入合作夥伴，我們就不會在租賃資本支出的下半年投入更多資金。所以，我們的想法是，要么引入合作夥伴，增加一些土地面積，在未來五年內鑽探更多油井；要么就此止步，把現有的油井全部鑽完。

Makes sense. And maybe just shifting over to operations. I wanted to focus on your recent Deep Anadarko and Mancos wells. With the benefit of a few [edats] in these formations, could you speak to how you performed against pre-drill expectations and some of the levers you're planning to pull to drive lower completed well costs?

有道理。或許只是轉到營運部門。我想重點談談你們最近在阿納達科深層和曼科斯油井的鑽探情況。鑑於這些地層中已有一些[edat]數據，您能否談談您在鑽井前預期方面的表現如何，以及您計劃採取哪些措施來降低完井成本？

Yeah. The first few wells that we drilled in the Deep Anadarko were better than anticipated. The last three, I think, are right on our type curve. So that's -- I would say it's performing as expected. The Mancos is just better than expected.

是的。我們在阿納達科深層鑽探的前幾口井比預期效果好。我認為最後三個正好符合我們的類型曲線。所以，我認為它的表現符合預期。Mancos比預期的還要好。

It's -- I think it's a world-class reservoir that has been -- too much money has been spent on drilling, completing wells there over the past. And we look forward to -- I believe the Mancos will be our highest rate of return project as soon as we lower some costs. And I'm confident that our team will be able to do that.

我認為這是一個世界級的油藏，但過去在那裡鑽井和完井上花費了太多錢。我們期待——我相信，一旦我們降低一些成本，Mancos 專案將成為我們回報率最高的專案。我相信我們的團隊能夠做到這一點。

Thank you. And just expanding on, there's just no reason that Mancos well at 7,000 feet and an easy shale target to drill should cost more than one of the most difficult wells to drill in the country in the Deep Anadarko. So I just don't believe it will.

謝謝。再進一步說，曼科斯井位於 7000 英尺深處，是一口容易鑽探的頁岩井，其成本不應該比阿納達科深層最難鑽探的井之一更高，這是完全沒有道理的。所以我並不認為會這樣。

Charles Meade, Johnson Rice.

查爾斯·米德，約翰遜·賴斯。

Tom, I wanted to ask about the Oswego and I guess maybe two questions about the Oswego. First, I think you addressed this, but just to make it clear, you would need to -- what oil price would you need to see or do you need to see to make you want to go forward with that rig in the back half of the year, targeting the oil in Oswego?

湯姆，我想問關於奧斯威戈的事，我想問兩個關於奧斯威戈的問題。首先，我認為你已經談到了這一點，但為了更清楚地說明，你需要知道——你需要看到怎樣的油價，或者說你需要看到怎樣的油價，才能讓你在今年下半年推進那個鑽井平台的建設，目標是奧斯威戈的石油？

Yeah. I mean, right now the Oswego competes with the Deep Anadarko from rates of return. So I think any time that you have oil above $70, we have rates of return well north of 50%, and that meets the requirement of having capital shipped to it. And what we should do in a market like that is to distribute out to all three, the Deep Anadarko, the Mancos, and the Oswego, and that's what we're attempting to do.

是的。我的意思是，就目前而言，奧斯威戈河的回報率與阿納達科深水河不相上下。所以我認為，只要油價高於 70 美元，我們的回報率就會遠高於 50%，這就滿足了將資金投入該領域的要求。在這樣的市場中，我們應該做的就是將產品分銷到這三個地區：阿納達科河深水區、曼科斯河和奧斯威戈河，而這正是我們正在努力做的。

And I think, Charles, to look at our -- I'm sorry, to look at our Oswego program and say what we can achieve. Just look at the difference between the -- if you look at an old presentation of ours in 2024, we show every well we drilled. And then we show every well we drilled in 2025.

查爾斯，我認為，看看我們的——抱歉，看看我們的奧斯威戈項目，看看我們能取得怎樣的成就。看看現在和以前的區別——如果你看看我們 2024 年的舊演示文稿，我們會展示我們鑽探的每一口井。然後我們展示了我們在 2025 年鑽探的每一口井。

And the Oswego wells are equivalent overall, but just a higher rate of return in 2024 due to pricing. And so that -- it's very consistent. The wells are not consistent. There, you have good wells and bad wells; you do everywhere. But overall, you get a very consistent return.

奧斯威戈的油井總體上是相同的，但由於價格原因，2024 年的回報率更高。所以這一點——非常一致。這些水井的水質並不穩定。那裡既有好水井也有壞水井；到處都是如此。但總體而言，你會獲得非常穩定的回報。

Right. And that's actually a good lead into my follow-up question because that's one of the things that I noticed on your slide 14, is that you have some -- there's a wider variance on those Oswego wells and something I know we've spoken about before.

正確的。這其實很好地引出了我的後續問題，因為我在你的第 14 張幻燈片上註意到，奧斯威戈的那些油井的差異比較大，我知道我們以前也討論過這個問題。

But I wondered if you could tell me your -- these four really fabulous wells on the left side of your skyline chart here, are those all in the same section? And really, what I'm getting at is there room in the -- are there sticks on the map for you to come in and lay some wells in the back half of '26 that they're right alongside some of these four really fabulous ones?

但我很想知道，您能否告訴我，您這張天際線圖左側的這四口非常棒的水井，它們是否都屬於同一區域？實際上，我的意思是，地圖上是否有標記，可以讓你在 1926 年下半年進入該地區並打幾口井，而這些井就位於這四口非常棒的井旁邊？

Yeah. As in all things are a little more complex. So we're drilling with -- inside of a field that has vugular porosity and alglemount, so you have different thicknesses. So wells even that are fairly close together can have different amounts of porosity that has either been drained or not drained. And in the past, what we've seen is that if you stay 660 feet apart, you really don't have interference across the play.

是的。凡事都比表面看起來複雜一些。所以我們正在鑽探——在一個具有孔隙孔隙度和厚度的油田中，因此厚度各不相同。因此，即使是距離很近的油井，其孔隙度也可能不同，有的油井的孔隙度已被排幹，有的則未被排幹。過去我們看到的情況是，如果保持 660 英尺的距離，比賽中就不會出現幹擾。

But you just -- you don't know until you drill a well. You can stay within the system and you can feel very comfortable that over the -- that you're going to have some really good wells like this. And again, we probably should have showed the '24 drilling results because we had the same thing. We have wells that have 300% or 400% rates of return and then others who might have just 10% to 20% rates of return.

但是，不打一口井你永遠不知道。你可以留在這個體系內，而且你可以非常放心，因為在接下來的時間裡，你會擁有一些像這樣非常好的水井。我們或許應該展示一下 2024 年的鑽探結果，因為我們也遇到了同樣的問題。有些油井的回報率高達 300% 或 400%，而有些油井的回報率可能只有 10% 到 20%。

And -- but they can be right next to each other or they can be in different sections. So to answer your question, yes, we have many, many locations left to drill. I feel comfortable that they're going to be north of 50% rate of return once we get the program done. I can't tell you which ones are going to be 200%.

而且——但它們可以緊挨著，也可以位於不同的區域。所以回答你的問題，是的，我們還有很多很多地方需要鑽探。我相信一旦專案完成，他們的回報率將超過 50%。我無法告訴你哪些會是 200%。

Michael Scialla, Stephens.

Michael Scialla，史蒂芬斯。

I wanted to ask on your guidance. You included wider differentials on natural gas. And it seems like there's ample takeaway capacity in both the Mid-Con and San Juan. So can you talk about what caused you to make that change? And what are you seeing in those local markets? And maybe tie that into how you're feeling about the gas macro in general?

我想請教您一些建議。你納入了更大的天然氣價差。看來 Mid-Con 和聖胡安的外帶容量都很充足。那麼，您能談談是什麼促使您做出這樣的改變嗎？你在當地市場看到了什麼？或許可以把這一點和你對整個天然氣宏觀經濟的看法連結起來？

I love gas macro in general. So I'll start with there. The -- we are seeing widening basis in the Anadarko and the San Juan. So we just -- all we do is try to estimate from the past what we've seen and bringing that in the future. Do I personally believe the San Juan, for example, is going to be wider going forward? I don't.

我總體上很喜歡氣體宏觀物質。那我就從這裡開始吧。我們看到阿納達科油田和聖胡安油田的油氣基礎正在擴大。所以我們所做的就是——我們所做的就是嘗試根據過去的經驗來估計未來。例如，我個人是否認為聖胡安河未來會變得更寬？我不。

I think the same reason that you have warm weather in the West has caused basis to widen. And I think that as you have no hydro in the West, you'll see basis tighten over the course of the year. That's just anybody's guess, but that's mine.

我認為，西方氣候溫暖也是導致債權基礎擴大的原因。我認為，由於西部地區沒有水力發電，今年的基差將會收緊。那隻是任何人的猜測，但這是我的看法。

And then I think the takeaway isn't an issue. So if you look back over five years in the San Juan, the production is the same. So it's not driven by oversupply to increase or loosen the basis. And the same way in the Anadarko. We're not seeing this from a supply perspective. So it's just a weather in for a fairly warm winter that has widened basis, in my opinion.

而且我覺得外帶也不是問題。所以，如果你回顧過去五年聖胡安的情況，你會發現產量沒有改變。所以，這並非因為供應過剩導致基差擴大或鬆脫。阿納達科的情況也是如此。從供應角度來看，我們並沒有看到這種情況。所以，在我看來，這只是預示著今年冬天會比較暖和的一種天氣現象，而且這種預示的影響範圍已經擴大了。

I appreciate that, Tom. And I wanted to ask on the Mancos. I know you talked about the well costs. You think you can drive those down with different completion style. And I know you completed those three-mile laterals, I think, with less proppant per foot than what has been done there previously. I wanted to just see how those are performing now that you've had a little bit more time to look at them relative to the other wells in the play.

謝謝你，湯姆。我想問關於曼科斯的事。我知道你們談到了水井成本。你認為你可以用不同的完成方式來擊敗它們。我知道你們完成了那三英里長的側向管道，而且我認為，你們每英尺使用的支撐劑比以前在那裡使用的要少。我想看看在你花更多時間觀察這些油井之後，它們相對於該油田其他油井的表現如何。

Yeah, they're the same. It's not a lack of property either. We're still using 2,000 pounds a foot. It's just that others have been using more, which, in my opinion, I don't think is needed. We can probably use less than we do. But we're going to save money is not only on how much proppant we use, but just to focus on saving, just really looking at the best ways to transport sand and chemicals and rig costs.

是的，它們是一樣的。也不是缺乏房產的問題。我們仍然使用每英尺 2000 磅的重量。只是其他人用得更多，而我認為沒有必要。我們或許可以減少用量。但我們省錢的方式不僅在於減少支撐劑的使用量，更在於專注於節約，真正尋找運輸沙子、化學品和鑽井平台成本的最佳方法。

Just the -- in my opinion, the San Juan over the course of time has been run by majors who spend too much money we need some independence in here to cut costs. No different than it would be if a major was trying to drill in the Anadarko Basin. They just can't do it as well as we can. So I think we'll just -- we'll save money just by watching what we do.

在我看來，聖胡安酒店長期以來一直由大型酒店集團經營，他們花費太多錢，我們需要一些獨立性來削減成本。這與大型石油公司試圖在阿納達科盆地鑽探的情況並無二致。他們就是做不到我們這麼好。所以我覺得我們只要注意自己的行為就能省錢。

John Freeman, Raymond James.

約翰·弗里曼，雷蒙德·詹姆斯。

The biggest change from your previous '26 guidance was the midstream profit where you raised the guidance by about 40%. Can you just speak to what drove that significant of an improvement?

與先前 2026 年的績效指引相比，最大的變化是中游利潤，您將指引提高了約 40%。您能否具體談談是什麼促成如此顯著的進步？

John, this is Ken. When we first came out with pro forma guidance to capture the effects of the two transactions last year, IKAV and Sabinal, we didn't anticipate some accounting treatment on our own throughput volumes through one of the plants on IKAV.

約翰，這位是肯。去年我們首次發布模擬指導意見，以反映 IKAV 和 Sabinal 兩項交易的影響時，我們並沒有預料到 IKAV 旗下某家工廠的吞吐量會受到一些會計處理的影響。

And as a result of looking at Q4, a full quarter of results, we're seeing that there's some MOE midstream operating expense being reclassed to GP&T. So we've captured both components of that in the new guidance and they're offsetting but it does improve midstream operating profit.

透過對第四季度（一個完整的季度）業績的分析，我們發現一些 MOE 中游營運費用被重新歸類為 GP&T。因此，我們在新的指導下考慮了這兩個因素，雖然它們相互抵消，但確實提高了中游業務的營業利潤。

And then just one quick one for me, following up. Are you all looking to take advantage right now of what we've seen on the oil move by adding more hedges? Or are you all like waiting to see how this plays out?

最後，我還有一個簡短的問題想問。你們是否都想利用目前油價波動的機會，增加對沖部位？還是你們都在等著看事情如何發展？

Yeah. If you look at the back of the curve, really anything outside of the next three to six months, the curve falls off fairly quickly. So no, we like to stay -- I like having access to commodity movement. And so we don't want to be more than 50% hedged in year one and 25% in year two.

是的。如果你觀察曲線的後半段，也就是未來三到六個月以外的任何時期，曲線都會迅速下降。所以，不，我們喜歡留下來——我喜歡能夠參與商品交易。因此，我們希望第一年的對沖比例不要超過 50%，第二年的對沖比例不超過 25%。

And that we use that as mainly a mechanical hedge just to guarantee cash flows. But we -- let's -- for example, if we had no debt like we did in 2023, we wouldn't have any hedges on. So I want exposure to the curve.

我們主要將其用作機械對沖手段，以確保現金流。但是，舉個例子，如果我們像 2023 年那樣沒有債務，我們就不會進行任何對沖交易。所以我想接觸曲線。

Jeff Grampp, Northland Capital Markets.

Jeff Grampp，北地資本市場。

First question, I just want to clarify the current guidance, does that contemplate that shift to the Oswego rig in the second half? Or is that just kind of, I guess, some optionality or some assessments that you guys will do over the next handful of months?

首先，我想澄清一下目前的指導意見，其中是否考慮到了下半年轉移到奧斯威戈​​鑽井平台的情況？或者這只是你們將在未來幾個月內進行的一些選擇或評估？

It did not.

沒有。

Okay. Perfect. And for my follow-up, it looks like the -- you guys, I think, last call, we're planning some Fruitland coal wells as well for '26. It looks like those have been removed. Is that just a function of the bullishness you guys have of the Mancos? Or were there any other factors playing into that?

好的。完美的。至於我的後續問題，看起來——各位，我想，這是最後一次通知了，我們還計劃在 2026 年開採一些 Fruitland 煤井。看起來那些東西已經被移除了。這僅僅是因為你們非常看好曼科斯隊嗎？或者有其他因素影響了這種情況？

Yeah, both. I said seven to eight wells in the Mancos. If we can pull in another well in the Mancos, we'd like to do that. Our Fruitland coal is a very good reservoir, consistent reservoir for us to drill. It will be easier next year in 2027 program to bring on more of those.

是的，兩者都有。我說曼科斯有七到八口井。如果我們能在曼科斯再打一口井，我們很樂意這樣做。我們的弗魯特蘭煤層是一個非常好的儲層，是一個穩定的儲層，適合我們鑽探。到 2027 年，該計劃將更容易招收更多此類人員。

And again, it's all associated with how much operating cash flow we have. So the restriction to any of this, we have too many locations that are good and not enough operating cash flow.

再說一遍，這一切都與我們的經營現金流多少有關。因此，所有這些限制都指向一個問題：我們有很多條件優越的地點，但營運現金流卻不足。

Thank you. At this time, we've reached the end of our question-and-answer session. That will also conclude today's conference. We thank you for your participation. You may now disconnect your lines at this time, and have a wonderful day.

謝謝。至此，我們的問答環節到此結束。今天的會議也就到此結束。感謝您的參與。現在您可以斷開線路了，祝您有美好的一天。

Thanks, Rob.

謝謝你，羅伯。