馬拉松石油 (MRO) 2024 Q1 法說會逐字稿

Good day, and welcome to the Marathon Oil First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加馬拉松石油公司2024年第一季財報電話會議。 （操作員指示）請注意，此活動正在錄製中。

I would now like to turn the conference over to Guy Baber, Vice President of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁蓋伊·巴伯（Guy Baber）。請開始。

Thank you very much, Danielle, and thank you as well to everyone for joining us on our call this morning. Yesterday, after the close, we issued a press release, a slide presentation and investor pack that address our first quarter 2024 results. Those documents can be found on our website at marathonoil.com.

非常感謝Danielle，也感謝各位今天上午參加我們的電話會議。昨天收盤後，我們發布了一份新聞稿、一份幻燈片簡報和一份投資者資料包，介紹了我們2024年第一季的業績。這些文件可以在我們的網站marathonoil.com上找到。

Joining me on today's call are Lee Tillman, our Chairman, President and CEO; Dane Whitehead, who, as of yesterday, is now our adviser to the CEO; Dane's successor as our EVP and CFO, also effective yesterday, Rob White, welcome Rob; Pat Wagner, Executive VP of Corporate Development and Strategy; and Mike Henderson, our Executive VP of Operations.

參加今天電話會議的還有我們的董事長、總裁兼首席執行官 Lee Tillman；Dane Whitehead，他從昨天起擔任我們的首席執行官顧問；Dane 的繼任者，我們的執行副總裁兼首席財務官，也是從昨天開始，Rob White，歡迎 Rob；企業發展和戰略執行副總裁 Pat Wagner；以及我們的運營執行副總裁 Mike Henderson。

As a reminder, today's call will contain forward-looking statements, subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. I'll refer everyone to the cautionary language included in the press release and presentation materials as well as to the risk factors described in our SEC filings. We'll also reference certain non-GAAP terms in today's discussion, which have been reconciled and defined in our earnings materials.

提醒一下，今天的電話會議將包含前瞻性陳述，這些陳述可能包含風險和不確定性，導致實際結果與此類陳述明示或暗示的結果有重大差異。我將提醒大家參閱新聞稿和簡報資料中的警示性措辭，以及我們提交給美國證券交易委員會 (SEC) 的文件中所述的風險因素。我們還將在今天的討論中引用某些非公認會計準則 (non-GAAP) 術語，這些術語已在我們的收益材料中進行了調整和定義。

So with that, I'll turn the call over to Lee and the rest of the team, who will provide prepared remarks. After the completion of their remarks, we'll move to a question-and-answer session. And in the interest of time, we have a lot to cover today, so we ask that you all limit yourselves to one question and a follow-up. Lee?

那麼，我將把電話交給李先生和團隊的其他成員，他們將提供準備好的演講稿。發言結束後，我們將進入問答環節。由於時間有限，我們今天要討論的內容很多，所以請大家只提一個問題，然後再進行後續提問。李先生？

Thank you, Guy, and good morning to everyone joining us on the call. I want to start by again extending my heartfelt thanks to our employees and contractors. We built a track record of execution excellence that is differentiated in our peer space and the S&P 500, a track record that now spans multiple years through the ups and downs of the commodity cycle.

謝謝Guy，大家早安！首先，我要再次向我們的員工和承包商表達衷心的感謝。我們建立了卓越的執行記錄，在同行和標準普爾500指數中脫穎而出，這一記錄至今已跨越了多年的大宗商品週期的起伏。

Such execution is only made possible through the hard work and dedication of our talented people, who, through it all, remain committed to our core values, including safety and environmental excellence.

這樣的執行只有透過我們優秀員工的辛勤工作和奉獻才能實現，他們始終致力於我們的核心價值觀，包括安全和環境卓越。

Now turning to first quarter results. We have a lot to cover today. I'll start with 3 key takeaways. First, first quarter was another strong financial and operational quarter. We executed our plan, and we built on our multiyear track record of sustainable free cash flow generation, meaningful return of capital to shareholders and strong capital and operating efficiency.

現在來看看第一季的業績。今天我們要講的內容很豐富。我先從三個關鍵點開始。首先，第一季的財務和營運表現再次強勁。我們執行了計劃，並延續了多年來可持續的自由現金流創造、股東可觀的資本回報以及強勁的資本和營運效率的良好記錄。

More specifically, we returned 41% or $350 million of our cash flow from operations back to our investors, consistent with our cash flow-driven return of capital framework that provides our investors with the first call on capital.

更具體地說，我們將 41% 或 3.5 億美元的營運現金流返還給了投資者，這符合我們以現金流為導向的資本回報框架，該框架為我們的投資者提供了第一資本需求。

Oil production of 181,000 barrels of oil per day was just above our guidance. And free cash flow generation was solid, despite not receiving any EG cash distributions from equity affiliates. This is purely due to timing, and we expect to receive a catch-up in EG cash distributions during the second quarter.

日產量18.1萬桶，略高於我們的預期。儘管沒有收到任何來自股權關聯公司的EG現金分配，但自由現金流產生仍然穩健。這純粹是時間安排問題，我們預計第二季EG現金分配將有所回升。

Importantly, and similar to last year, first quarter marked the trough for both our oil production and free cash flow generation for 2024. Free cash flow momentum should build significantly as the year progresses, starting with the second quarter.

重要的是，與去年類似，第一季標誌著我們 2024 年石油產量和自由現金流產生的低谷。從第二季開始，隨著時間的推移，自由現金流勢頭應該會顯著增強。

This is driven by several factors, including the expected catch-up in EG cash distributions, a significant increase to our oil production, especially into the second and third quarters, and a moderating capital spending profile over the second half of the year, consistent with the phasing of our capital program.

這是由多種因素推動的，包括埃及現金分配的預期追趕、石油產量的大幅增加（尤其是在第二季度和第三季度），以及下半年資本支出狀況的放緩（與我們資本計劃的分階段實施一致）。

My second key takeaway this morning: we continued to make important strides to organically enhance our asset base, making Marathon Oil a stronger, more resilient and more sustainable company. More specifically, we're improving our capital efficiency through extended lateral drilling. About 25% of our first quarter wells to sales were 3-mile laterals, spread across the Permian, Bakken and Eagle Ford. Execution on this program was excellent, including a record pad in the Permian basin.

我今天早上的第二個重要收穫是：我們繼續在有機提升資產基礎方面取得重要進展，使馬拉松石油公司成為一家實力更強、韌性更強、可持續發展能力更強的公司。更具體地說，我們正在透過擴展水平段鑽井來提高資本效率。第一季度，我們約有25%的井長為3英哩的水平段，分佈在二疊紀、巴肯和鷹福特地區。該計畫的執行非常出色，包括在二疊紀盆地創紀錄的平台。

We continue to bolster the strength of our asset base through refracs and redevelopment, disclosing approximately 600 opportunities across the Bakken and Eagle Ford. These opportunities are complementary and additive to our company's decade-plus of primary development inventory life and have been derisked through multiple years of technical work by our teams and actual results generated in the field. Notably, 30% of these opportunities are concentrated in the acquired Ensign acreage an upside to our acquisition basis.

我們持續透過重複壓裂和再開發增強資產基礎，在巴肯和鷹福特地區發現了約600個油田開發機會。這些機會與公司十多年的主要開發庫存壽命相輔相成，並透過我們團隊多年的技術工作和現場實際取得的成果降低了風險。值得注意的是，其中30%的機會集中在已收購的Ensign油田，這將增加我們的收購基準。

And we continue to progress the E.G. Gas Mega Hub, a key competitive differentiator for our company.

我們將繼續推進 E.G. Gas Mega Hub，這是我們公司的關鍵競爭優勢。

During the first quarter, we realized the long-awaited shift to global LNG pricing for our Alba LNG. We started optimizing our integrated gas operations by diverting a portion of our Alba Gas away from methanol production and towards higher-margin LNG sales. And we sanctioned a high-confidence, low-execution risk Alba infill program that offers risk-adjusted full-cycle returns that are competitive with our U.S. onshore portfolio.

第一季度，我們實現了期待已久的Alba LNG專案向全球液化天然氣定價的轉變。我們開始優化一體化天然氣運營，將部分Alba天然氣業務從甲醇生產轉向利潤率更高的液化天然氣銷售。此外，我們還批准了一項高信心、低執行風險的Alba補充項目，該項目可提供經風險調整後的全週期回報，與我們美國陸上投資組合相比具有競爭力。

So not only are we realizing improved financial performance this year on the back of our shift to global LNG price realizations, but we believe this improvement is sustainable due to all the great work our teams continue to do to advance the E.G. Mega Hub concept.

因此，我們不僅在今年透過轉向全球液化天然氣價格實現而實現了財務表現的改善，而且我們相信，由於我們的團隊繼續為推進 E.G. Mega Hub 概念所做的出色工作，這種改善是可持續的。

My third and final key takeaway this morning: we remain fully on track to deliver a 2024 business plan that once again benchmarks at the top of the E&P sector on the metrics that I believe matter most, free cash flow generation, capital efficiency and shareholder returns. This is demonstrated by the strength of our first quarter execution, supporting no changes to our annual guidance.

今天早上我的第三個也是最後一個關鍵要點是：我們正全力以赴地實現2024年業務規劃，該規劃將再次在勘探生產領域，在我認為最重要的指標——自由現金流生成、資本效率和股東回報——上達到行業領先水平。我們第一季的強勁執行力證明了這一點，這支持我們維持年度業績指引不變。

This data is comprehensively summarized on Slides 8 and 9 of our deck and is a compelling endorsement of our value proposition in the marketplace. No peer offers such comprehensive top quartile performance across this powerful combination of metrics. More specifically, we're expecting $2.2 billion of free cash flow generation this year, equivalent to a mid-teens free cash flow yield.

我們簡報的第8和9張投影片全面總結了這些數據，有力地證明了我們在市場上的價值主張。沒有任何同行能夠如此全面地、在如此強大的指標組合中提供如此高水準的上四分位表現。更具體地說，我們預計今年將產生22億美元的自由現金流，相當於15%左右的自由現金流收益率。

We'll stay true to our CFO-driven return of capital framework and expect to again return at least 40% of our CFO back to investors through the combination of our base dividend and material share repurchases, providing visibility to both double-digit distribution yield and significant growth in per share metrics.

我們將堅持以財務長為主導的資本回報框架，並期望透過基本股息和實質股票回購相結合的方式再次向投資者返還至少 40% 的首席財務官，從而實現兩位數的分配收益率和每股指標的顯著增長。

We'll keep improving our capital efficiency, delivering flat year-on-year total oil production with fewer net wells to sales. And perhaps most importantly, we believe all these results are sustainable. That's true for our U.S. multi-basin portfolio, and that's true for our Integrated Gas business in EG.

我們將持續提升資本效率，實現石油總產量與去年同期持平，淨井銷售比下降。或許最重要的是，我們相信所有這些成果都是可持續的。這對於我們在美國的多盆地組合以及我們在埃及的綜合天然氣業務都是如此。

Before I close my introductory remarks, I'd be remiss if I didn't use this time to recognize Dane Whitehead and his contributions to Marathon Oil as our Executive VP and CFO over the last 7 years.

在我結束開場白之前，如果我不利用這段時間來表彰 Dane Whitehead 以及他在過去 7 年裡作為我們的執行副總裁和首席財務官對馬拉松石油公司做出的貢獻，那我就太失職了。

Under Dane's watch, we've established a truly differentiated track record of sustainable free cash flow generation and return of capital to our shareholders, underpinned by an investment-grade balance sheet. Dane's contributions to this success have been invaluable. But more than that, he's led this organization with the utmost integrity and humility. Dane, on behalf of the entire organization, thank you, and you'll be missed.

在Dane的領導下，我們建立了真正差異化的業績記錄，實現了可持續的自由現金流產生和股東資本回報，並以投資級資產負債表為支撐。 Dane對這項成功的貢獻是無價的。更重要的是，他以極高的誠信和謙遜領導著這家公司。 Dane，我代表整個公司感謝您，我們會想念您的。

Well, Lee, thank you for those kind words. I really appreciate it. The past 7 years at Marathon Oil has certainly been the highlight in my 40-year career, working with you, our executive leadership team and Board and with all of our talented employees and in forums like this with our analysts and investors.

好吧，李，謝謝你的讚美。我真的很感激。過去7年在馬拉松石油公司的工作無疑是我40年職業生涯中最精彩的部分，我和你、我們的執行領導團隊、董事會以及我們所有才華橫溢的員工一起工作，也和我們的分析師和投資者在這樣的論壇上共事。

Rob and I have been working very closely together in recent months, and that will continue for a while as we ensure a seamless transition. Rob has been with the company for more than 30 years, and I have all the confidence in the world in his leadership.

近幾個月來，我和Rob一直保持著密切的合作，為了確保順利交接，這種合作還會持續一段時間。 Rob在公司工作了30多年，我對他的領導能力充滿信心。

With that, I'll pass the CFO torch to Rob, who will be handling our prepared commentary today on our financial performance and return of capital initiatives. Rob, welcome to the show.

好了，我將財務長的職位交給羅布，他將負責我們今天準備好的財務表現和資本回報計劃的評論。羅布，歡迎參加今天的節目。

Thanks, Dane. As Lee mentioned, under Dane's leadership, our company has built a track record of providing a truly compelling shareholder return proposition, while at the same time continuing to enhance our investment-grade balance sheet. You can expect more of the same going forward with continuity in our long-held capital allocation framework and conservative financial policies.

謝謝，Dane。正如Lee所說，在Dane的領導下，我們公司在提供真正令人信服的股東回報方案方面建立了良好的業績記錄，同時持續提升了我們投資級的資產負債表。未來，隨著我們長期堅持的資本配置框架和保守的財務政策的延續，您可以期待公司繼續保持同樣的表現。

I'll now walk through a few key highlights regarding our first quarter performance and reiterate our key financial priorities for this year.

現在，我將介紹我們第一季業績的幾個關鍵亮點，並重申我們今年的主要財務重點。

First quarter cash flow and free cash flow generation were solid and consistent with our plan, despite not receiving any EG equity affiliate cash distributions in the quarter. As Lee mentioned, this is purely a timing issue. For the full year, we expect total EG cash distributions to approximate our annual equity earnings, starting with catch-up payments during 2Q.

儘管第一季沒有收到任何EG股權關聯公司現金分配，但現金流和自由現金流生成情況穩健，符合我們的計劃。正如Lee所說，這純粹是時間問題。從第二季的補繳款項開始，我們預計全年EG現金分配總額將接近我們的年度股權收益。

The EG catch-up distributions during the second quarter will contribute to an overall significant improvement in our free cash flow momentum as 2024 progresses. This is driven primarily by a significant production increase, especially in the second and third quarters, and a moderation of our capital spending starting in the third quarter, given the front half-weighted nature of our capital program.

第二季的EG補發分配將有助於我們2024年自由現金流勢頭的全面顯著改善。這主要得益於產量的大幅增長，尤其是在第二季度和第三季度，以及考慮到我們資本計劃的前半部分加權性質，我們從第三季度開始資本支出有所放緩。

Turning now to our key financial priorities for this year. Priority 1 is clear: continuing to return at least 40% of our cash flow from operations to shareholders, consistent with our return of capital framework, which represents one of the strongest shareholder return commitments in our peer space and across the entire S&P 500.

現在談談我們今年的主要財務重點。首要任務很明確：繼續將至少40%的營運現金流返還給股東，這與我們的資本回報框架相一致，這是我們在同行乃至整個標普500指數中對股東回報承諾最強的之一。

For 2024, our minimum 40% commitment translates to $1.7 billion of total distributions to shareholders at $80 per barrel WTI price tag, providing our investors visibility to double-digit shareholder distribution yield, a truly compelling shareholder return proposition.

對於 2024 年，我們最低 40% 的承諾相當於以每桶 80 美元的 WTI 價格向股東分配 17 億美元，為我們的投資者提供兩位數的股東分配收益率，這是一個真正引人注目的股東回報主張。

During 1Q, we returned $350 million, 41% of CFO to shareholders. We believe our commitment to shareholder returns and the consistency and transparency of our approach have positively differentiated our company. Over the trailing 10 quarters, we've now returned $5.8 billion to equity holders, including $5.2 billion of share repurchases, reducing our outstanding share count by 29% and contributing to peer-leading growth in our per share metrics.

第一季度，我們向股東返還了3.5億美元，佔CFO淨利的41%。我們相信，我們對股東回報的承諾以及我們方法的一致性和透明度，使公司脫穎而出。在過去的10個季度中，我們已向股東返還了58億美元，其中包括52億美元的股票回購，這使我們的流通股數量減少了29%，並推動了每股收益指標在同業中領先的成長。

We continue to see share repurchases as the preferred return vehicle with our stock trading at a free cash flow yield in the mid-teens. Repurchases remain value accretive, are a very efficient means to continue driving per share growth and are highly synergistic with sustainable base dividend growth. Regarding the base dividend, as we've messaged before, our focus remains on competitiveness and sustainability.

我們繼續將股票回購視為首選的回報工具，因為我們股票的自由現金流收益率約為15%。回購仍具有增值功能，是持續推動每股收益成長的有效手段，並且與可持續的基本股息成長高度協同。關於基本股息，正如我們之前所說，我們的重點仍然是競爭力和永續性。

Given the ongoing benefits of our material share repurchase program as well as the interest expense savings from our gross debt reduction initiatives, we see clear potential for further base dividend growth while protecting the lowest enterprise free cash flow breakeven in the peer group.

鑑於我們實質股票回購計畫的持續效益以及總債務削減措施帶來的利息支出節省，我們看到進一步基本股利成長的明顯潛力，同時保護同業中最低的企業自由現金流損益平衡點。

After meeting our shareholder return commitment, our second priority this year remains continued enhancement of our investment-grade balance sheet through gross debt reduction. Last year, we returned meaningful capital to shareholders and also reduced our gross debt by $500 million. My expectation is that you'll see more of the same from us in 2024.

在履行股東回報承諾後，我們今年的第二項重點仍然是透過削減總債務來持續提升我們的投資等級資產負債表。去年，我們向股東返還了可觀的資本，同時也減少了5億美元的總債務。我預計，在2024年，我們將繼續保持同樣的表現。

During first quarter, we strengthened our financial flexibility by completing a $1.2 billion offering of 5- to 10-year bonds. Investor demand was strong at greater than 7x oversubscribed, which enabled us to achieve a timely and competitive weighted average interest rate of 5.5%.

第一季度，我們完成了12億美元的5至10年期債券發行，增強了財務彈性。投資者需求強勁，超額認購超過7倍，這使我們能夠及時且具有競爭力地實現5.5%的加權平均利率。

Proceeds from the offering were used to repay the remaining balance on our variable rate term loan facility in its entirety, which in turn delivers $20 million of annual interest savings.

此次發行所得款項用於償還我們全部浮動利率定期貸款的剩餘餘額，從而每年節省 2000 萬美元的利息。

With the term loan facility paid off, our focus now turns to the $400 million of tax-exempt bonds that are due in July. As a reminder, this is a very unique vehicle in our capital structure, with advantaged interest rates relative to taxable debt instruments. As such, we will likely remarket those bonds as we've done previously.

隨著定期貸款的償還，我們現在的重點轉向將於7月到期的4億美元免稅債券。需要提醒的是，這是我們資本結構中非常獨特的工具，其利率相對於應稅債務工具更具優勢。因此，我們可能會像以前一樣重新行銷這些債券。

As the bottom right graphic on Slide 11 of our deck shows, after having paid off the term loan, we have minimal bond maturities over the next 5 years. We do, however, retain the ability to efficiently de-lever down to our medium-term gross debt objective of $4 billion, which would make our current debt-to-EBITDA of 1x at strip durable down to a more conservative $50 to $60 WTI pricing environment.

正如我們簡報第11張投影片右下角的圖表所示，在償還定期貸款後，未來5年我們的債券到期日極少。然而，我們仍然有能力有效地將槓桿率降至40億美元的中期總債務目標，這將使我們目前1倍的債務與EBITDA比率在更為保守的50至60美元的WTI價格環境下能夠持續。

To be clear, our balance sheet is in great shape and provides us with tremendous financial flexibility, including $2.2 billion of liquidity at quarter end. Our top priority remains consistently meeting our 40% of CFO shareholder return commitment. We are also committed to reducing debt over the medium term down to our $4 billion gross debt objective. We can do both.

需要明確的是，我們的資產負債表狀況良好，並為我們提供了巨大的財務靈活性，包括季度末22億美元的流動資金。我們的首要任務仍是持續履行40%的財務長股東回報承諾。我們也致力於在中期內將債務削減至40億美元的總債務目標。我們可以同時實現這兩個目標。

With that, I'll turn the call over to Mike to walk through the operational highlights.

接下來，我將把電話交給麥克，讓他介紹營運亮點。

Thanks, Rob. With strong first quarter execution consistent with our plan, we've made no changes to our annual guidance and remain fully on track to deliver a 2024 program that once again, benchmarks at the top of our sector on metrics that we believe matter most, the combination of free cash flow generation, capital efficiency and shareholder returns.

謝謝，羅布。第一季的執行情況強勁，與我們的計劃一致，我們沒有調整年度指引，並將繼續全力推進2024年的計劃，該計劃將再次在我們認為最重要的指標上達到行業領先水平，即自由現金流生成、資本效率和股東回報的結合。

During the first quarter, oil production of 181,000 barrels of oil per day was slightly better than our guidance, while capital expenditures of $603 million were in line. It's been a very strong start to the year for our asset teams. That's especially true in the Eagle Ford as our first quarter drilling rate of penetration was among the best it's been in the last 5 years. First quarter Eagle Ford completion efficiencies also continued to improve.

第一季度，石油產量為18.1萬桶/日，略高於我們的預期，資本支出為6.03億美元，符合預期。對於我們的資產團隊來說，這是一個非常強勁的開局。尤其是在鷹福特地區，我們第一季的鑽井滲透率達到了過去五年來的最高水準。第一季鷹福特地區的完井效率也持續提升。

And in the Bakken, despite the challenging winter weather, we held on to the same execution efficiencies on both the drilling and completion side that we were delivering during the second half of last year, a trend, which bodes very well for execution in future quarters.

在巴肯，儘管冬季天氣嚴峻，但我們在鑽井和完井方面的執行效率仍然與去年下半年保持一致，這一趨勢預示著未來幾季的執行情況良好。

Referencing Slide 14 of our deck. I'd like to highlight the performance of our Permian team. First quarter was another excellent execution quarter, marked by significant production growth. The primary driver of the production increase was our growth well outperformance. 3 upper Wolfcamp wells in core Red Hills with all at 100% working interest are significantly outperforming type curve, realizing early well productivity almost 4x that of the average Delaware Basin well.

參考我們簡報的第14張投影片。我想重點介紹一下我們二疊紀團隊的表現。第一季又是一個執行力極佳的季度，產量顯著成長。產量成長的主要驅動力是我們成長井的優異表現。位於核心紅山的3口Wolfcamp上井，全部以100%的權益率投入，其產量顯著優於典型曲線，早期產量幾乎是特拉華盆地平均產量的4倍。

The business isn't just about one pad or one quarter of performance. Our Permian team has now built up a clear track record of execution success. For all wells brought online since 2022, our Permian program has delivered among the best results of any Delaware Basin operator for oil productivity per foot. And the team has done so with very competitive drilling and completion execution, now almost exclusively bringing online 2-mile-plus laterals.

業務不僅僅是關乎一個平台或四分之一的業績。我們的二疊紀團隊現已累積了卓越的執行表現。自2022年以來，我們二疊紀專案所有投產的油井，其每英尺原油產量在特拉華盆地所有營運商中名列前茅。團隊憑藉著極具競爭力的鑽井和完井執行取得了這項成就，目前幾乎全部投產了2英里以上的水平段。

Additionally, after taking a 2-year break in the Permian during the 2020 pandemic, we now have one of the more lightly developed acreage positions in the play, with over 2 decades of high-quality drilling inventory at current activity levels.

此外，在 2020 年疫情期間暫停在二疊紀盆地的開發兩年後，我們現在擁有該油田中開發程度較低的區塊之一，按照目前的活動水平，擁有超過 20 年的高品質鑽井庫存。

We're allocating more capital to the Permian, and the asset will continue to be a growth driver for us. But we'll continue to increase our capital investment at a disciplined pace, with an eye on maintaining our execution excellence. With this exceptionally strong start across our U.S. asset base, our annual guidance midpoints for both production and capital expenditures remain unchanged. And my confidence in delivering on our full-year guidance commitment is high.

我們正在向二疊紀盆地投入更多資金，該資產將繼續成為我們的成長動力。但我們將繼續以穩健的步伐增加資本投資，並著眼於維持卓越的執行力。鑑於我們美國資產基礎的強勁開局，我們年度生產和資本支出的指導中點保持不變。我對實現全年指導承諾充滿信心。

Consistent with our initial outlook, we expect our 2024 capital program to be heavily weighted in the first half of the year, similar to the profile you've seen from us before. Driven by realized execution efficiencies, we're pulling forward some of our activity. This should result in a slight increase to both our expected capital spending and our oil production during second quarter versus our original assumptions.

與最初的展望一致，我們預計2024年的資本計畫將在上半年佔比較大，與您之前看到的類似。受已實現的執行效率的推動，我們將提前進行部分活動。這將導致我們第二季的預期資本支出和石油產量較我們最初的假設略有增加。

We now expect our capital spending to be just over 60% weighted to the first half of the year, which will drive a significant sequential increase in second quarter oil for production up to the midpoint of our annual guidance range, 190,000 barrels of oil per day.

我們現在預計，我們的資本支出將佔上半年的 60% 多一點，這將推動第二季度石油產量環比大幅增長，達到我們年度指導範圍的中點，即每天 190,000 桶石油。

In addition to delivering on our guidance commitments, we also remain focused on continuing to enhance our capital efficiency and the strength of our underlying asset base through both the application of extended laterals and other organic enhancement initiatives summarized in more detail on Slide 13 of our deck.

除了履行我們的指導承諾之外，我們還將繼續致力於透過應用擴展橫向井和其他有機增強舉措來繼續提高我們的資本效率和基礎資產基礎的實力，這些舉措在我們的幻燈片第 13 張中進行了更詳細的總結。

Extended laterals remain a compelling opportunity to continue enhancing our capital efficiency. At a high level, we're expecting significantly lower total well cost per foot yet similar EUR per foot and thus, better returns and higher per well NPV in comparison to shorter laterals. And that's exactly what our initial cohort of 12 3-milers during first quarter, representing 25% of our total well set, is delivering.

延長水平段仍然是我們持續提升資本效率的絕佳機會。總體而言，我們預計每英尺總井成本將顯著降低，但每英尺成本與歐元相似，因此與較短的水平段相比，我們的回報更高，單井淨現值也更高。這正是我們第一季首批12個3英哩水平段井（占我們總井數的25%）所取得的成果。

Execution on the cost front is a clear positive as we're consistently realizing well cost savings on a per foot basis of more than 20% versus comparable 2-mile laterals. While early time production in the Bakken and Eagle Ford has been consistent with our expectations, our first 3-mile pad in the Permian Basin, as previously mentioned, has dramatically outperformed. It's shaping up to be one of the strongest pads in basin history.

成本方面的執行效果明顯，因為我們持續實現每英尺井成本節約，相比同類2英里水平井，節約了20%以上。雖然巴肯和鷹福特早期的產量符合我們的預期，但如前所述，我們在二疊紀盆地的第一個3英里平台的產量表現遠超預期。它有望成為盆地歷史上最堅固的平台之一。

In addition to extending laterals, we also continue to further bolster the strength of our asset base through refracs and redevelopment. More specifically, we're disclosing approximately 600 high-quality refrac and redevelopment opportunities across the Bakken and Eagle Ford. Approximately 30% of these opportunities are concentrated in our Ensign acreage in the Eagle Ford, representing upside to our acquisition basis.

除了延伸水平井，我們也透過重複壓裂和再開發繼續增強資產基礎。更具體地說，我們在巴肯和鷹福特地區披露了約600個高品質的重複壓裂和再開發項目。其中約30%的專案集中在鷹福特的Ensign油田，這為我們的收購基準帶來了上漲空間。

These refrac and redevelopment opportunities are complementary and additive to our decade-plus primary drilling inventory at the total company level. It's derisked through multiple years of technical work, numerous trials over the last 5-plus years and a recent track record of very strong bottom line results. Importantly, we progressed this opportunity set with tremendous discipline and intentionality.

這些重複壓裂和再開發機會與我們公司十多年的主要鑽井庫存形成互補和補充。這些機會經過多年的技術攻關、過去五年多的多次試驗以及近期非常強勁的盈利業績記錄，已成功降低風險。重要的是，我們以高度的紀律和專注力推進了這一機會組合。

Redev and refrac testing has been a key part of what we've long described as our organic enhancement program, which typically comprises 5% to 10% of our total capital budget for a given year. This capital is dedicated to enhancing the returns and resource recovery of our existing asset base through targeted testing of the best concepts the asset teams bring forward each year.

再開發和再壓裂測試一直是我們長期以來所稱的「有機提升」計畫的重要組成部分，該計畫通常占我們年度總資本預算的5%到10%。這筆資金將用於透過有針對性地測試資產團隊每年提出的最佳方案，來提高我們現有資產的回報和資源回收率。

For redevs and refracs, we've specifically identified potentially stranded resource from early vintage completions that we can economically access through integration into our primary plan of development. In total, we've brought online over 100 refracs and 50 redevelopment wells across the Bakken and Eagle Ford to date. So we've compiled a rich technical dataset and amassed a deep operational understanding.

對於再開發和重複壓裂，我們專門從早期完井中識別出潛在的擱淺資源，透過將其整合到我們的主要開發計劃中，我們可以經濟地利用這些資源。到目前為止，我們在巴肯和鷹福特地區共投產了100多口重複壓裂井和50口再開發井。因此，我們彙編了豐富的技術資料集，並累積了深入的營運理解。

All 600 of the future opportunities we are disclosing are strongly economic at prevailing commodity prices. And about half of the 600, we believe, are directly competitive with the Tier 1 primary development inventory industry is drilling today.

我們揭露的這600個未來探勘機會，在現行大宗商品價格下都具有極高的經濟效益。我們認為，這600個勘探機會中約有一半與目前產業正在鑽探的一級主要開發庫存直接競爭。

More recently, we've been bringing online around 20 or so of these opportunities per year. This year, we're expecting to bring online just over 25. Again, this can account for around 10% of our activity in the Bakken and Eagle Ford.

最近，我們每年都會推出大約20個這樣的機會。今年，我們預計將推出略多於25個。這大約占我們在巴肯和鷹福特地區業務的10%。

In terms of our development approach, for the most part, we aren't doing refracs or redevelopment as part of a separate stand-alone program. Rather, these opportunities are mostly integrated into our primary plan of development, typically directly offsetting our primary activity with the goal of maximizing the capital efficiency and financial returns of our overall program. Recent results have been very strong, proving out the economic attractiveness of these opportunities, supporting the disclosure we're now providing.

就我們的開發方法而言，我們通常不會將重複壓裂或再開發作為單獨的獨立專案的一部分進行。相反，這些機會大多被整合到我們的主要開發計劃中，通常直接抵消我們的主要活動，目標是最大限度地提高我們整體專案的資本效率和財務回報。最近的業績非常強勁，證明了這些機會的經濟吸引力，也支持了我們現在提供的資訊揭露。

In the Bakken, our opportunity set is more heavily weighted to refracs, where we've had good success. Over the last couple of years, our refrac program has delivered 6-month oil productivity per foot that is competitive with the basin average for industry new drills. And we delivered this competitive productivity with a total well cost per foot more than 20% below the industry average for a new drill well.

在巴肯地區，我們的機會更集中在重複壓裂上，我們在這方面取得了良好的成功。過去幾年，我們的重複壓裂計畫實現了每英尺6個月的石油產量，與盆地新鑽井的平均水平相當。而且，我們實現了這項有競爭力的產量，而每英尺總成本比新鑽井的行業平均水平低20%以上。

Again, most of our Bakken refracs have not been stand-alone, rather they offset new development wells. This has had the added benefit of improving the productivity of direct offset Middle Bakken wells by around 10%.

再次強調，我們大部分的巴肯重複壓裂作業並非獨立作業，而是與新開發井配套作業。這帶來了額外的好處，即直接與中巴肯井配套作業的產能提高了約10%。

In the Eagle Ford, our opportunity set is a bit more balanced, split roughly 55% to refracs and 45% to redevelopment. Over the last couple of years, our refrac and redevelopment productivity has actually been even better than the basin average for industry new drills. In fact, it's been closer to top quartile. And with our refracs, we've realized the same positive impact to offset wells that we've see in the Bakken.

在鷹福特地區，我們的機會組合更加均衡，大約55%用於重複壓裂，45%用於再開發。過去幾年，我們的重複壓裂和再開發產能實際上甚至高於盆地新鑽井的平均值。事實上，我們的產能已經接近上四分位。而且，透過重複壓裂，我們對補償井也產生了與巴肯地區相同的正面影響。

To summarize, at approximately 10% of our activity in the Bakken, Eagle Ford, our refrac and redevelopment programs aren't primary drivers of our capital spend in those plays, but they still represent a very valuable opportunity set that is positively contributing to our bottom line results and extending effective inventory life. And they're a great example of our ability to extract the most value possible out of our existing high-quality resource base.

總而言之，我們在巴肯和鷹福特地區約10%的作業活動中，重複壓裂和再開發項目並非我們在這些油田資本支出的主要驅動力，但它們仍然代表著非常寶貴的機會，對我們的盈利業績和有效庫存壽命產生了積極貢獻。它們也充分體現了我們能夠從現有優質資源基礎中挖掘最大價值的能力。

I'll now turn the call back to Lee, who will wrap up with an EG update and some closing thoughts.

現在我將把電話轉回給李，他將總結 EG 的最新消息和一些結束語。

Thank you, Mike. Shifting to our E.G. operations on Slide 15. With the expiration of our legacy Henry Hub-linked LNG contract at the end of last year, first quarter marked the transition to fully realizing global LNG pricing for Alba Gas.

謝謝，麥克。前往投影片15上的EG業務。隨著我們與亨利港相關的傳統液化天然氣合約於去年年底到期，第一季標誌著Alba Gas全面實現全球液化天然氣定價的過渡。

Under the new contractual agreements effective this year, we began marketing our own share of Alba LNG directly into the global LNG market. During the first quarter, these LNG sales at $7.21 per mcf realization drove a significant increase to the international revenue within our consolidated financials.

根據今年生效的新合約協議，我們開始將自己持有的Alba LNG份額直接銷往全球液化天然氣市場。第一季度，這些液化天然氣的銷售價格為每千立方英尺7.21美元，推動了我們合併財務報表中的國際收入大幅成長。

In comparison to previous years, when our E.G. income was dominated by equity affiliates, a greater share of our E.G. profitability will accrue to the upstream through our Alba LNG sales and will, therefore, be consolidated in our financial statements. These reporting changes should all result in improved transparency into the underlying operations of our Integrated Gas business in E.G.

與前幾年相比，當時我們E.G.的收入主要來自權益關聯公司，而今年E.G.的盈利將透過Alba LNG的銷售，更大比例地歸屬於上游業務，因此將合併到我們的財務報表中。這些報告變更將提高我們在E.G.的綜合天然氣業務的營運透明度。

We see no change to our 2024 guidance as we continue to expect $550 million to $600 million of total E.G. EBITDAX this year, assuming $10 TTF. That's a significant increase from our actual 2023 EBITDAX generation of $309 million.

我們認為2024年的業績指引不會有變化，我們預計今年的EBITDAX總額（假設TTF為10美元）仍將達到5.5億至6億美元。這比我們2023年實際EBITDAX的3.09億美元有顯著成長。

Importantly, we don't expect this to be a 1-year financial event. For some time, we've been focused on sustaining this improved financial performance by progressing all elements of the E.G. Gas Mega Hub concept. The 5-year E.G. EBITDAX outlook we provided last quarter demonstrates the sustainability of our E.G cash flow generation.

重要的是，我們預計這不會是一年的財務事件。一段時間以來，我們一直致力於透過推進E.G.天然氣超級樞紐概念的各項要素來維持這項改善的財務表現。我們上季提供的5年E.G.EBITDAX展望證明了我們E.G.現金流產生的可持續性。

You'll recall the strength of our multiyear outlook is driven by a number of additional factors beyond realizing global LNG pricing, ongoing methanol volume optimization, which started during first quarter; our Alba infill program, which we just sanctioned; and further monetization of third-party gas through the Aseng gas cap.

您會記得，除了實現全球液化天然氣定價、第一季開始的持續甲醇產量優化、我們剛剛批准的 Alba 填充計劃以及透過 Aseng 氣頂進一步將第三方天然氣貨幣化之外，我們的多年期前景強勁，這還受到許多其他因素的驅動。

A few more details on our just-sanctioned Alba infill program. This is a high-confidence, low-execution-risk, shorter-cycle project with returns that are competitive with our high-quality U.S. onshore reinvestment opportunities.

關於剛剛批准的Alba填充項目，我再介紹一些細節。這是一個信心十足、執行風險低、週期較短的項目，其回報與我們高品質的美國境內再投資機會相比具有競爭力。

We successfully contracted a rig within the region and expect a first half of 2025 spud, with first gas from both wells expected during the second half of the year. These wells will largely mitigate Alba base decline, contributing to a flat production profile from full year 2024 to full year 2026.

我們成功在該地區簽訂了鑽井合同，預計將於2025年上半年開鑽，兩口井預計在下半年產出第一批天然氣。這些井將在很大程度上緩解阿爾巴（Alba）的產量遞減，從而有助於2024年全年至2026年全年的產量保持穩定。

Our 2024 capital spending for this program is limited but fully accounted for in the capital spending guidance we provided to the market in February. We expect 2025 capital for the program to be about $100 million.

我們對此專案2024年的資本支出有限，但已充分體現在我們2月向市場提供的資本支出指引中。我們預計該項目2025年的資本支出約為1億美元。

We covered a lot of ground today. All great stuff and all intended to further our more S&P mandate. Consistent with that mandate, for the last 3-plus years, we've been delivering financial performance highly competitive with the most attractive investment alternatives in the market, as measured by corporate returns, free cash flow generation and return of capital.

我們今天討論了很多內容。這些內容都很棒，旨在進一步推進我們更符合標準普爾準則的使命。秉承這項使命，在過去三年多的時間裡，我們一直保持著與市場上最具吸引力的投資選擇高度競爭的財務業績，以企業回報、自由現金流產生和資本回報率來衡量。

I fully expect 2024 to build on this track record, and we're off to a great start. Our compelling investment case is simple, a high-quality multi-basin U.S. portfolio and integrated global gas business that delivers peer-leading free cash flow, a unique and differentiated return of capital framework that provides our shareholders with the first call on cash flow, the output of which is clear visibility to compelling shareholder distributions across a broad range of commodity prices and sector-leading growth in per share metrics and a multiyear track record of consistent execution and proven discipline.

我完全相信2024年能夠在此基礎上再創佳績，而我們目前已取得良好開局。我們極具吸引力的投資案例很簡單：高品質的美國多盆地投資組合和一體化的全球天然氣業務，能夠提供業內領先的自由現金流；獨特且差異化的資本回報框架，讓股東能夠優先獲取現金流，其結果便是清晰可見的股東分紅，涵蓋廣泛的商品價格區間；每股收益實現行業領先增長；以及多年來始終如一的執行力指標和久經考驗的紀律指標。

And perhaps most importantly, everything we're doing is sustainable, with resilience through the commodity cycle. This is due to the quality and depth of our U.S. multi-basin portfolio, where we have over a decade of high-return inventory and a disciplined and multifaceted approach to portfolio renewal, including organic enhancement initiatives.

或許最重要的是，我們所做的一切都是可持續的，並且在整個商品週期中都具有韌性。這得益於我們美國多流域投資組合的高品質和深度，我們擁有超過十年的高回報庫存，並採取了嚴謹且多方面的投資組合更新方法，包括有機增值計劃。

It's also due to our differentiated Integrated Gas business that's now fully realizing global LNG pricing, as we continue to progress all elements of the Regional Gas Mega Hub concept. Rest assured, our commitment to our strategy is unwavering and is built upon our core values, resilience across the commodity cycle and our long-term track record of success.

這也得益於我們差異化的一體化天然氣業務，該業務現已全面實現全球液化天然氣定價，同時我們持續推進區域天然氣巨型樞紐概念的各項要素。請放心，我們堅定不移地致力於我們的策略，這建立在我們的核心價值、跨大宗商品週期的韌性以及我們長期的成功經驗之上。

With that, we can open up the line for Q&A.

這樣，我們就可以開通問答專線了。

(Operator Instructions) The next question -- the first question comes from Scott Hanold from RBC.

（操作員指示）下一個問題－第一個問題來自 RBC 的 Scott Hanold。

Mike, you spent a lot of time kind of going through the refracs and talking about that a lot. Obviously, it seems like it's going to be -- it has been an initiative, but it's got a little bit more prominence.

麥克，你花了很多時間研究重複壓裂，也談了很多。顯然，這看起來……這本來就是一項倡議，但它現在更受重視了。

But could you sort of dumb some of the sort of the economic and productive parameters down for us? Like what would a typical Bakken and then a typical Eagle Ford well be producing when you'd kind of play to refrac? And what would that bounce to after that? And could you just give us a sense of the cost associated with it?

但是，您能否為我們簡化一些經濟和生產參數？例如，當您進行重複壓裂作業時，典型的巴肯井和典型的鷹福特井的產量分別是多少？之後產量會反彈到多少？您能否為我們介紹一下相關的成本？

Yes. Let me start with the cost, Scott. So I mean typically, when you look at these refracs, I mean, refracs, we've got a deeper history in the Bakken than the Eagle Ford necessarily. But when you look at the cost, we're kind of thinking about it roughly 80% of a new grassroots well, and that's kind of how we'd be thinking about it on a go-forward basis.

是的。史考特，我先從成本說起。我的意思是，通常情況下，當你考慮這些重複壓裂作業時，我們在巴肯地區的歷史必然比鷹福特地區更悠久。但從成本來看，我們考慮的成本大約相當於新建基層油井的80%，這也是我們未來會考慮的。

And in terms of the well productivity, I think I covered that in some of the prepared comments that we just gave you. The refracs that we're seeing in the Bakken, pretty comparable from when we look at some of the new wells that the peers are bringing online.

關於油井產能，我想我在剛才準備好的一些評論中已經提到了這一點。我們在巴肯地區看到的重複壓裂效果，與同行投產的一些新油井相當。

In Eagle Ford, it's actually a more constructive story for -- we're seeing the refrac/redev well is actually outperforming some of the new wells that we are bringing online. In fact, if anything, there -- you're looking at kind of top quartile performance there.

在鷹福特，情況實際上更具建設性——我們看到重複壓裂/再開發井的表現實際上優於我們上線的一些新井。事實上，如果有什麼不同的話，那就是——你看到的是那裡的上四分位表現。

Yes. And I guess maybe the point I was trying to ask is, are these wells like producing like 50 or 100 a day and then they're going to get back to a new well and kind of continue the typical profile that you would see with the new well? That, I guess, that was my specific kind of question.

是的。我想問的重點可能是，這些油井每天的產量是不是在50到100噸之間，然後他們還會繼續開新井，繼續保持新井的典型產量曲線？我想，這正是我想問的具體問題。

Yes. I mean, very similar to new well, you get that initial production and then you get back on to that pretty regular decline rate that you would expect with the new well.

是的。我的意思是，這和新井非常相似，你會獲得初始產量，然後又回到新井預期的相當規律的遞減率。

Okay. And then my follow-up question is the Permian. Obviously, you guys really stood out this quarter with those Lea County wells. And you talked about having like 2 decades, roughly, of inventory but looking to maybe increase that pace.

好的。接下來我的問題是二疊紀盆地。顯然，本季你們在利縣的油井表現非常突出。您提到，你們的庫存大約有20年，但希望加快這一速度。

Like where should we think about like Marathon kind of moving the Permian terms of capital allocation as you think about 2025 and beyond? Because obviously, 20 years is nice. But optimally, it seems like your investment there should probably increase, given returns and your visibility of inventory.

例如，您設想2025年及以後，我們該如何考慮像馬拉松那樣調整二疊紀盆地的資本配置？因為顯然，20年已經很不錯了。但理想情況下，考慮到回報和庫存的可預見性，您在那裡的投資似乎應該會增加。

Yes. Maybe I'll start, Scott, and let see if Mike wants to add any additional color. I think we've been very methodical in our approach to the Permian. I think as we stated in the prepared comments, it's probably one of the more lightly developed positions in the basin because we have pace. I mean we have fantastic black oil assets right in the Bakken and the Eagle Ford that deliver superior, top of Tier 1 kind of returns.

是的。史考特，也許我先開始吧，看看麥克是否想補充一些細節。我認為我們在二疊紀盆地的開發非常有條理。正如我們在準備好的評論中所說，它可能是盆地中開發程度較低的地區之一，因為我們有節奏地前進。我的意思是，我們在巴肯和鷹福特擁有優質的黑油資產，可以帶來卓越的、頂級的一級回報。

And so it's taken a bit of time for Permian to kind of penetrate into the capital allocation. But based on the results that we've really seen kind of post, I'd say, the pandemic pause, they are now competing. What you've seen is a steady increase in the capital that is flowing into the Permian.

因此，二疊紀盆地花了一段時間才進入資本配置領域。但根據我們在疫情結束後看到的結果，我認為他們現在正在競爭。我們看到的是，流入二疊紀盆地的資本正在穩定成長。

And you should expect to see that continue. We don't view it as a -- it's going to be a step change increase in one given budget cycle, but you should expect to continue to see us drive more investment there as Permian, as you said, it is going to be a growth asset for us as we move into the future. And there's a tremendous amount of potential.

你應該會看到這種情況持續下去。我們不認為這會是某個預算週期內的階躍式成長，但你應該會看到我們繼續在那裡加大投資，正如你所說，二疊紀盆地將成為我們未來的成長資產。而且那裡潛力巨大。

And so with no doubt, as that consumption of wells to sales goes up, that 20-plus years of inventory will obviously moderate. But the strength of that inventory is unquestioned. And probably at least half of that inventory life we believe we can ascribe to extended lateral drilling as well. So it's -- we're very excited about it. I mean the Permian team has definitely earned their spot in capital allocation now.

因此，毫無疑問，隨著油井消耗量與銷售量的比率上升，這20多年的庫存量顯然會有所緩和。但庫存的強勁程度毋庸置疑。而且，我們認為至少一半的庫存壽命可以歸功於延長的水平鑽井。所以，我們對此感到非常興奮。我的意思是，二疊紀團隊現在絕對贏得了他們在資本配置中的地位。

I think the only other thing I can say is we've been very thoughtful in terms of both how we reengage with that asset. And I think I described in the prepared comments, we've been doing things at a very disciplined pace. I mean that's -- we've done that for a number of reasons. It certainly allows us to mitigate any potential execution risk in moving too quickly. It also provides us the ability to integrate any learnings into what we're doing.

我想我唯一能說的是，我們在如何重新利用這項資產方面一直非常深思熟慮。我記得我在準備好的評論中提到過，我們一直在以非常有紀律的節奏做事。我的意思是，我們這樣做有很多原因。這當然能讓我們降低任何因行動過快而產生的潛在執行風險。這也使我們能夠將經驗教訓融入我們正在做的事情中。

Maybe the final thing I'll say is when I think about our go-forward program in the Permian, I'd probably characterize it we have been focused on the Wolfcamp. But as I think about the go-forward program, I'd say we're going to be targeting -- it's going to be proven benches at a very proven well spacing, maybe even slightly conservative well spacing. So I think just to echo Lee's comments about it, we feel very, very good about the go-forward program there.

我最後想說的是，說到我們在二疊紀盆地的推進計劃，我可能會說我們一直專注於Wolfcamp專案。但說到推進計劃，我想說的是，我們的目標將是——以非常成熟的井距，甚至可能略微保守的井距，來開發已探明的油層。所以，我想呼應Lee的評論，我們對那裡的推進計劃感到非常非常滿意。

And the last thing I would maybe add, Scott, is this is also a great demonstration of the strength of the multi-basin portfolio and how we kind of feather these other assets. I mean, today, as you see the dislocation between value between oil and natural gas, obviously, the true black oil areas are very strong, the Eagle Ford and the Bakken.

史考特，我最後想補充的是，這也充分展現了多盆地投資組合的實力，以及我們如何將這些其他資產整合。我的意思是，今天，正如你所看到的，石油和天然氣的價值錯位，顯然，真正的黑油區非常強勁，例如鷹福特和巴肯。

And then even if you look at some of the realizations coming out of the Permian, which are challenged today on the gas side, very little of our revenue and production is being sourced or being exposed to that today. And again, it just really demonstrates the strength of having a multi-basin approach, where you can move capital allocation around.

即使你看看二疊紀盆地的一些成果，這些成果在天然氣方面目前面臨挑戰，但我們目前的收入和產量中只有很少一部分來自或暴露於此。這再次證明了多盆地方法的優勢，可以靈活調整資本配置。

The next question comes from Arun Jayaram from JPMorgan.

下一個問題來自摩根大通的 Arun Jayaram。

Mike, I wanted to get a little bit more details on the refrac program. As you know, the buy side has historically been a little reticent to give value for refracs versus, call it, primary sticks on the map. So you mentioned that you're doing kind of 25 refracs this year. I'd love to get a sense of what kind of NPVs per well do you see in this program versus a primary development? And how do you think about value creation potential? You highlighted 600 opportunities across the Bakken and the Eagle Ford.

麥克，我想了解更多關於重複壓裂項目的細節。如你所知，買方歷來不太願意給出重複壓裂相對於所謂的「一次壓裂」的價值。所以你提到今年要進行25次重複壓裂。我很想知道，與一次壓裂相比，你認為這個專案的單井淨現值是多少？你如何看待價值創造潛力？你強調了巴肯和鷹福特地區600個機會。

Yes. I mean as I mentioned to Scott in the last call, in terms of value, we're looking at these Bakken refracs being very comparable to industry new drills. So I think you could hang a number off that, Arun.

是的。正如我上次和史考特所提到的，就價值而言，我們認為巴肯頁岩油氣重複壓裂技術與業界新鑽井技術非常相似。所以阿倫，我想你可以從中得出一個數字。

And then similarly, in the Eagle Ford, again, we mentioned that refracs there were probably outcompeting some of the new drills that industry was bringing on. If anything, they're kind of top quartile. So again, I think you could get at a number there and you can do the math. 600x that number, it gets you to a potential value uplift.

同樣，在鷹福特，我們再次提到，那裡的重複壓裂技術可能比業界正在引進的一些新鑽井技術更具競爭力。如果有什麼不同的話，那就是它們處於前四分之一水平。所以，我想你可以得到一個數字，你可以算一下。乘以這個數字的600倍，就能獲得潛在的價值提升。

Yes. And maybe just to stress around, we're not looking at refrac and redevelopments as necessarily displacing primary development opportunities within our portfolio. But when we benchmark them against where others are drilling today, economic-wise, they're very, very competitive.

是的。或許只是想強調一下，我們不認為重複壓裂和再開發一定會取代我們投資組合中的主要開發機會。但當我們將它們與其他公司目前的鑽探情況進行比較時，從經濟角度來看，它們非常非常有競爭力。

But it's going to be mas-a-menos kind of 10% of the Eagle Ford, Bakken program. It's not a major driver necessarily in terms of capital, but it is very high value. And that's what I think is very exciting.

但這相當於鷹福特-巴肯專案總投資的10%。從資本角度來看，它不一定是主要驅動力，但價值很高。我認為這非常令人興奮。

The other thing that I'll just emphasize is if you rewind back to when we talked about the Ensign acquisition, we were very clear that we ascribed no value in that transaction to refrac and redevelopment. And here -- and so the importance to think of this disclosure is multifold, not only at an enterprise level, but even zooming in on that acquisition, 30% of these opportunities lie in the Ensign acreage, which is that upside that we referenced when we described that acquisition.

我要強調的另一件事是，如果你回顧我們討論 Ensign 收購時的情況，我們非常明確地表示，我們不認為這筆交易的再開發和再造有任何價值。因此，考慮這項資訊揭露的重要性是多方面的，不僅在企業層面，而且即使放大到那次收購，其中 30% 的機會都存在於 Ensign 的土地上，這就是我們在描述那次收購時提到的優勢。

[I'll take] it. When I think about we're doing 10% refracs, redevs every year, I think that talks to the quality of our primary inventory. The fact that we are undertaking the refracs we develop as part of the overall primary development, it's not a stand-alone program. Again, I think it just talks to the quality that we've got in the existing primary, hopefully.

我接受。考慮到我們每年進行10%的重複壓裂和再開發，我認為這說明了我們主要庫存的品質。事實上，我們將重複壓裂作為整體主要開發的一部分進行，這不是一個獨立的專案。再說一次，我認為這只是說明了我們現有主要庫存的質量，希望如此。

Great. And just my follow-up. I know that some of the accounting in EG will change. This year, you're giving the change in the marketing agreements. We'll have to spend some time with Guy to go through this in terms of our model. But one of the questions that comes in is, does it impact how you're recognizing cash flow from ops versus CFI? Just wanted to see if there's any changes to how you're -- how this will impact the reporting of cash flow on a go-forward basis?

好的。我接下來想問一下。我知道EG的一些會計處理方法會改變。今年，你們在行銷協議方面做出了調整。我們需要和Guy花點時間，根據我們的模型來討論這個問題。但其中一個問題是，這會影響你們確認營運現金流量和現金流（CFI）的方式嗎？我只是想看看，這會對你們未來的現金流報告方式產生什麼影響嗎？

I'll maybe hand over here in just a minute to Rob and/or Dane. But first of all, I want to be clear, don't let the accounting situation kind of take away from the results in EG. If you look at the bottom line results that we generated this quarter, they were very much in line with the expectations of capturing that global LNG pricing.

我可能一會兒就把時間交給Rob和/或Dane。但首先，我想先明確一點，不要讓會計狀況影響EG的表現。如果你看看我們本季的最終業績，你會發現它們非常符合我們捕捉全球液化天然氣定價的預期。

So we can get into the vagaries of consolidated versus equity accounting, but from a bottom line delivery standpoint, the asset is delivering exactly what we described.

因此，我們可以了解合併會計與權益會計的變幻莫測，但從底線交付的角度來看，資產正在交付我們所描述的內容。

Okay. So now I'll turn over to the green eyeshades here and let them talk a little bit about this piece.

好的。現在我要把話題轉到綠色眼罩那邊，讓她們稍微談談這件作品。

Arun, this is Rob. Just a quick point there. I think actually, a difference you would see would be a positive difference on a cash flow perspective with more of our business flowing through the consolidated side. It kind of eliminates the timing issue of the dividend.

阿倫，我是羅布。我簡單說一下。我認為實際上，從現金流的角度來看，您會看到一個積極的變化，因為我們更多的業務流向了合併報表。這在某種程度上消除了股息派發的時間問題。

So as we've migrated that from the EG LNG EMI earnings over to the consolidated side, these LNG liftings, the cash would come in without a dividend process. We'll be subject to lifting schedules. So the timing of some of those liftings might put us in under or overlift position at the end of any quarter, but would potentially be a positive on dividend timing.

因此，當我們將這些從EG LNG EMI收益轉移到合併報表時，這些LNG提現的現金將無需股利流程即可到達。我們將遵循提現時間表。因此，某些提現的時機可能會導致我們在任何季度末處於提現不足或過度的狀況，但這可能會對股息時機產生積極影響。

Great. Dane, I wanted to thank you for all of your counsel and help over the years, and glad you had a successful act after EPE, but great work. And we'll miss you.

太棒了。丹恩，我想感謝你這些年來的所有建議和幫助，很高興你在EPE之後的演出很成功，但你做得很好。我們會想念你的。

Thanks, Arun. I really appreciate it. Yes, thinking back to the early days of EP Energy, boy, there's been a lot of water under the bridge, but it's been a great run here at Marathon and really proud of where this company is right now. So thank you for all your support.

謝謝，Arun。我真的很感激。是的，回想起EP Energy的早期，天哪，經歷了很多風風雨雨，但馬拉松公司的發展非常順利，我為公司現在的狀況感到自豪。所以，感謝你們一直以來的支持。

The next question comes from Betty Jiang of Barclays.

下一個問題來自巴克萊銀行的 Betty Jiang。

I want to ask about the continued value maximization efforts that we're seeing here at EG Integrated Gas assets. Lee, perhaps if you could help us think about the value uplift from redirecting the volumes into the methanol plant instead of LNG sales? And basically, is there opportunity to do more of that before that gas contract expires in 2026, I believe?

我想問我們在EG綜合天然氣資產方面持續追求價值最大化的努力。 Lee，您能否幫助我們思考一下，將天然氣輸送到甲醇工廠而不是液化天然氣銷售會帶來什麼樣的價值提升？而且，在2026年天然氣合約到期之前，是否有機會做更多這樣的事？

Yes. No, thanks for the question, Betty. Yes, I think the overall approach in EG has been very comprehensive. We've always talked about EG in terms of a value proposition that consists of the Alba Gas condensate field, but also this world-class infrastructure and how we can maximize taking advantage of that. And so we're always looking to drive more opportunity here.

是的。不，謝謝你的提問，貝蒂。是的，我認為EG的整體方案非常全面。我們一直在談論EG的價值主張，這不僅包括Alba Gas凝析氣田，還包括這個世界級的基礎設施，以及我們如何最大限度地利用這些基礎設施。因此，我們一直在尋求在這裡創造更多機會。

And you just highlighted one of the very key ones as we look to optimize gas flows within this Integrated Gas asset. And for where methanol stands today and where obviously uplift to global LNG stands today, it makes a lot of sense to divert a large component of the gas feed into AMPCO or the methanol facility into LNG. It's best for our partners. It's also best for the state as well in terms of maximizing revenues.

您剛剛強調了我們尋求優化該綜合天然氣資產內天然氣流量的關鍵因素之一。鑑於目前甲醇的現狀以及全球液化天然氣供應的明顯提升，將大部分輸送至AMPCO或甲醇設施的天然氣轉化為液化天然氣是非常合理的。這對我們的合作夥伴最有利，對州政府最有利，因為它可以最大化收入。

The GSA, the Gas Sales Agreement, that we have with the methanol plant, runs its course in 2026. And obviously, at that point in time, we'll have another strategic decision to make, going forward, around what is the future of that facility. But again, we would not be subject to that Gas Sales Agreement in 2026. So maximizing flow to EG LNG becomes a real option for us at that stage.

我們與甲醇工廠簽訂的《天然氣銷售協議》（GSA）將於2026年到期。顯然，屆時我們將圍繞該工廠的未來做出另一個戰略決策。但需要再次強調的是，到2026年，我們將不再受該《天然氣銷售協議》的約束。因此，最大限度地增加EG LNG的流量將成為我們在這個階段的一個實際的選擇。

Today, you should really think about it as we're taking advantage of that arbitrage to the extent that we can while also keeping AMPCO running in good stead and continuing to meet our marketing obligations on the methanol side.

今天，您應該認真考慮一下，因為我們正在盡可能地利用這種套利機會，同時保持 AMPCO 的良好運作並繼續履行我們在甲醇方面的行銷義務。

Got it. That's clear. And then I have another question on the Permian. It's great to see that the 1Q results showcased the strength of the wells that were brought online during the quarter.

明白了。很清楚。然後我還有一個關於二疊紀盆地的問題。很高興看到第一季的業績展現了本季投產油井的強勁表現。

But I'm also wondering, how sustainable is this level of productivity that we're seeing in the Permian? Basically, as you start ramping up activities in the basin as the development approach potentially evolve, can we expect to see this level of productivity, going forward? Or would there be some level of dilution as you get into full development?

但我也想知道，我們在二疊紀盆地看到的這種生產力水準能持續多久？基本上，隨著開發方式的潛在演變，隨著盆地活動的增加，我們能否預期未來還能維持這種生產力水準？還是說，隨著全面開發，產量會被稀釋？

Betty, it's Mike here. I'll take that question. Yes. I mean we probably touched on that one a little bit, one of the earlier responses. But when I look at the Permian, we talk about over 20 years of inventory at the current drilling pace. When I look at what we're going to be targeting in the future, again, I'd describe it as it's -- we're going to be targeting proven benches at proven, if not conservative, well spacing so, when I think about the capital efficiency coming out of that basin, I think it's going to be pretty consistent certainly in the near term. So you should expect more of the same as we potentially look to even ramp up some activity there in the coming years.

貝蒂，我是麥克。我來回答這個問題。是的。我的意思是，我們可能稍微談過這個問題，這是之前的答案之一。但就二疊紀盆地而言，以目前的鑽井速度，庫存量超過20年。至於我們未來的目標，我會再次這樣描述──我們將以成熟的（即使不是保守的）井距，瞄準已探明的鑽井平台。所以，考慮到該盆地的資本效率，我認為短期內肯定會相當穩定。因此，你應該期待更多類似的情況，因為我們可能會在未來幾年加強那裡的開採力度。

Yes, Betty, I would just reference the fact again that when you look at our acreage position, just because of the way we've developed it, it is one of the more lightly developed position in the peer group, which I think just underpins what Mike says. We've got a lot of running room there with very high-quality inventory, a big chunk of which will still be subject to extended lateral drilling as well.

是的，貝蒂，我想再次強調一下，就我們的油田而言，由於我們開發的方式，我們的油田在同行中屬於開發程度較低的，我認為這也印證了麥克的說法。我們擁有很大的開採空間，庫存品質很高，其中很大一部分仍將用於延長水平井鑽探。

The next question comes from Neal Dingmann from Truist Securities.

下一個問題來自 Truist Securities 的 Neal Dingmann。

My first question is on capital allocation. Specifically, I was hoping maybe you could just maybe give a broad comment on how you view the current value of your stock versus what you're seeing out there for potential assets in the market. I'm just wondering, I mean, I love how you continue to sort of dig in and keep repurchasing those shares. And I'm just wondering if that's still because of your view on the valuation versus where some of this external assets are at.

我的第一個問題是關於資本配置的。具體來說，我希望您能大致談談您如何看待目前股票的價值，以及您在市場上看到的那些潛在資產的價值。我只是想知道，我的意思是，我喜歡您持續深耕併回購這些股票的做法。我想知道這是否仍然源於您對估值以及一些外部資產現狀的看法。

Yes. Well, certainly, as you look at the efficiency of a share repurchase program, when you quickly go to the free cash flow yield that you're generating and being strongly in double-digit yields there, it still makes a lot of sense to see any discretionary cash flow above and beyond our base dividend flowing to that vehicle.

是的。嗯，當然，當你考察股票回購計劃的效率時，當你快速計算出你產生的自由現金流收益率，並且收益率高達兩位數時，看到任何超出我們基本股息的可自由支配現金流流向該計劃，仍然是非常合理的。

I mean, I think as we said in the opening remarks that, that still is our preferred vehicle, the combination of a competitive and sustainable base dividend as well as ratable share repurchases. We still believe in that.

我的意思是，正如我們在開場白中所說，這仍然是我們首選的投資方式，即有競爭力且可持續的基本股息與可按比例回購股票的組合。我們仍然相信這一點。

Now I wouldn't say -- there's really 2 independent questions there. I think that your shares can be a good value in the market, but we obviously continue to watch all of our basins for opportunities, inorganic opportunities to enhance our business, but we have a very strict criteria for that. And we've been very clear about that from the beginning. And that was really exemplified in the Ensign transaction.

現在我不會說——這實際上有兩個獨立的問題。我認為你們的股票在市場上可能很有價值，但我們顯然會繼續關注我們所有的盆地，尋找機會，尋找能夠提升我們業務的無機機會，但我們對此有非常嚴格的標準。我們從一開始就非常清楚這一點。 Ensign 交易就充分體現了這一點。

If anything, that criteria is even higher when you consider the addition of Ensign, some of the Permian performance that we just described and the length and duration of inventory there and even the refrac and redevelopment opportunity set that we've disclosed here. So that bar for that type of opportunity remains high as it should be in such a high-quality portfolio.

如果考慮到Ensign的加入、我們剛才描述的Permian的一些業績表現、那裡庫存的長度和持續時間，甚至我們在此披露的重複壓裂和再開發機會，這個標準會更高。因此，這類機會的門檻仍然很高，在如此高品質的投資組合中理應如此。

But I kind of view those a little bit as 2 independent decisions. I still think from a return of cash to shareholder standpoint, a 40% CFO commitment that reign supreme and the best vehicles for accomplishing that are base dividend and share repurchases.

但我多少覺得這兩個決定是獨立的。我仍然認為，從股東現金回報的角度來看，財務長40%的承諾至關重要，而實現這一目標的最佳途徑是基本股利和股票回購。

But we're going to continue to obviously watch and evaluate any and all high-quality opportunities that come into the market, but we're going to scrutinize those through the lens of a very exacting M&A criteria.

但我們顯然會繼續關注和評估進入市場的所有高品質機會，但我們會透過非常嚴格的併購標準來審查這些機會。

Very clear. And then just a quick second one on EG, I think I know the answer to I want to ask. Is there any room there to expand your current footprint? I'm just wondering given how positive the contractual terms and other things you have there, is there any opportunities for expansion over in EG?

很清楚。然後我想快速問一下EG的問題，我想我知道我想問的答案了。你們目前在EG還有擴展業務的空間嗎？我只是想知道，考慮到你們在EG的合約條款和其他方面都如此積極，你們在EG還有擴展的機會嗎？

Yes. I think when you say expansion, we continue to look at, I would say, gas aggregation in the area, both indigenous gas and EG, but also cross-border opportunities as well, particularly in Cameroon. So yes, I think there is opportunity there to expand our footprint. Now that may not necessarily look like upstream investment. It could look at -- look like maximizing throughput through EG LNG for an extended duration. But we see a lot of opportunity there.

是的。我想，當你提到擴張時，我們會繼續關注該地區的天然氣聚集，包括本土天然氣和乙二醇天然氣，以及跨境機會，尤其是在喀麥隆。所以，是的，我認為那裡有機會擴大我們的業務範圍。現在看來，這不一定是上游投資。它可能看起來像是——看起來像是——在較長時間內透過乙二醇液化天然氣最大化吞吐量。但我們在那裡看到了很多機會。

But right now, I think as you look at kind of the multiple phases and how we're executing those within the Gas Mega Hub, it really started with the Alen, third-party molecules that got infrastructure built using someone else's money, and we now have access to that infrastructure, and we're realizing both tolling plus profit share on those molecules.

但是現在，我認為，當您看到多個階段以及我們如何在天然氣巨型樞紐內執行這些階段時，它實際上始於 Alen，第三方分子使用其他人的錢建造了基礎設施，我們現在可以使用該基礎設施，並且我們正在實現這些分子的收費和利潤分享。

The next step was really coming into the global LNG market with our Alba equity molecules. We can now kind of tick that one off the list. Complementary to that was to get more Alba molecules, which the infill program will help us drive more high-value molecules, equity molecules there.

下一步是真正憑藉我們的Alba權益分子天然氣進入全球液化天然氣市場。現在，我們差不多可以把這個目標從清單上劃掉了。與此相輔相成的是，我們將獲得更多Alba權益分子天然氣，而填充項目將幫助我們在那裡投放更多高價值權益分子天然氣。

And then finally, we're right now in the throes of negotiating the Aseng gas processing, which that's the Aseng gas cap that we know is there. We're well positioned with the infrastructure that was built for Alen to bring those molecules to EG LNG.

最後，我們目前正處於Aseng天然氣加工項目的談判階段，我們知道那裡有Aseng氣頂。我們擁有為Alen計畫建造的基礎設施，可以將這些分子輸送到EG LNG。

And all of these are continuing to extend the runway of this world-class infrastructure. And by extending that runway, you just open up the aperture for even more opportunities, which may look like something like -- could be indigenous EG gas, but it could also very well be cross-border gas because this facility is going to be the natural aggregation point for regional gas in this area.

所有這些都在不斷延伸這個世界級基礎設施的跑道。透過延伸這條跑道，你就打開了更多機會的大門，這些機會可能看起來像是——可能是本土的乙二醇天然氣，也可能是跨國天然氣，因為該設施將成為該地區區域天然氣的天然聚集點。

The next question comes from Nitin Kumar from Mizuho Securities.

下一個問題來自瑞穗證券的 Nitin Kumar。

Lots of good updates this quarter. I just want to focus on the long laterals. Obviously, this quarter, you did, I think, about 8 long laterals in the Eagle Ford and the Bakken and a few less in Permian. Given that your Bakken and Eagle Ford are more developed than your Permian assets, what's the mix of your future inventory when it comes to these 3-mile laterals?

本季有很多好消息。我只想重點談談長水平井。顯然，本季你們在鷹福特和巴肯地區部署了大約8個長水平井，在二疊紀地區部署了幾個。鑑於你們在巴肯和鷹福特地區的資產比二疊紀地區的資產更成熟，那麼你們未來在這些3英里長水平井方面的庫存組合是怎樣的呢？

Yes. Maybe I'll take it at a high level, and I'll let Mike jump in and maybe talk a little bit about it at an asset level.

是的。也許我會從高層次來談，然後讓麥克插話，從資產層面稍微談一下。

Year-over-year, the portfolio is actually the lateral length has increased by about 5% to 10%. And so we are moving the entire portfolio toward longer laterals, some areas, some leases and some basins are more adaptable to an extended lateral 2-, 3-mile kind of approach. So it's going to be very dependent upon the lease form, our position in that particular basin.

與去年同期相比，我們的投資組合的水平井長度實際上增加了約5%到10%。因此，我們正在將整個投資組合轉向更長的水平井，有些地區、一些租賃地塊和一些盆地更適合採用2到3英里的延長水平井方法。所以這將在很大程度上取決於租賃形式以及我們在特定盆地的定位。

But we're definitely pressing hard to drive as much of our capital allocation toward extended level because we see just the efficiency of doing that, the reduction in costs on a per foot basis and then essentially very similar EUR per foot in the extended laterals. I mean, what we're seeing in the third mile is consistent with a lot of capture out of that third mile.

但我們確實在竭力推動盡可能多的資本配置用於延伸水平，因為我們看到了這樣做的效率，每英尺成本的降低，以及延伸水平井每英尺成本基本上相近。我的意思是，我們在第三英里看到的情況與從第三英里獲得的大量收益是一致的。

So there's a lot of incentive for us to continue to drive -- and other operators feel the same way. And so in areas where perhaps there are some trades or some swaps that you can make, it kind of benefits everyone to continue to consolidate and drive as much of their operated acreage toward extended laterals as they can.

所以，我們有很大動力繼續前進──其他業者也有同樣的感受。所以，在那些可能進行交易或互換的地區，繼續整合並盡可能將營運面積向延伸水平井推進，對每個人都有好處。

I think you've covered it, Lee. I think maybe the only thing I'd add in, our land team has done a great job. They've done a great job, continue to do a great job. I think as Lee mentioned, we see the capital efficiency enhancements. There's alignment there with offsetting operators.

李，我想你已經講完了。我想補充一點，我們的土地團隊做得非常好。他們一直做得很好，而且會繼續做得很好。正如李所提到的，我們看到了資本效率的提升。這與抵銷運營商的合作是一致的。

So the trend that we've been on in terms of increasing our average lateral lengths, obviously, gets a little bit more difficult every year. But see, the land team has done a phenomenal job. And all of the asset teams are very, very active in terms of engaging with those offset operators just to see if there are deals that we could do to just extend the average lateral length.

因此，我們一直以來增加平均水平井長度的趨勢顯然每年都會變得更加困難。不過，陸域團隊做得非常好。所有資產團隊都非常積極地與偏移作業運營商合作，看看是否有可以達成的交易，以延長平均水平井長度。

Great. And I just wanted to touch on the hedging. I noticed that you had added some gas hedges to your portfolio in 2025. They're pretty wide collars. But just to the thought process behind hedging some of the gas exposure, it's not like you have much of it anyway, but just any thoughts there?

太好了。我想談談對沖。我注意到你在2025年的時候在投資組合中增加了一些天然氣對沖產品。這些產品的避險範圍相當廣泛。但說到對沖部分天然氣風險敞口背後的思路，你持有的天然氣敞口並不多，有什麼想法嗎？

This is Pat. I'll take that one. I think we've covered our hedging strategy in the past. And we -- as you said, gas is not a big component of our revenue, but we did see a unique opportunity in the market for next year. Maybe seen weakness in the Prompt this year. And so we saw some really nice hedges available on a 2-way collar last sitting at a $2.50 floor. So we went ahead and took that.

我是帕特。我接這個。我想我們之前討論過對沖策略。正如你所說，天然氣在我們的收入中佔比不大，但我們確實看到了明年市場的一個獨特機會。今年的Prompt（即期貨）可能會表現疲軟。因此，我們看到一些非常好的雙向領式選擇權對沖機會，目前價格在2.50美元的底部。所以我們就抓住了這個機會。

I mean, hedging is a part of how we manage our commodity risk. We have a strong balance sheet, very low breakevens. We're in a good position. So we don't need to go into the market to protect our capital program. But when we see an opportunity like that, we'll do that. We meet regularly to look at those opportunities, and we're always ready to capitalize when we see them.

我的意思是，對沖是我們管理商品風險的一部分。我們的資產負債表強勁，損益平衡點很低。我們處於有利地位。所以我們不需要進入市場來保護我們的資本項目。但是，當我們發現這樣的機會時，我們就會去做。我們會定期開會探討這些機會，並隨時準備好把握機會。

The next question comes from Matt Portillo from TPH.

下一個問題來自 TPH 的 Matt Portillo。

Just maybe a follow-up to Nitin's question on the 3-mile laterals, I was actually curious on Ajax specifically, seeing some strong results there. With the lighter spacing and the 3-mile lateral development, wondering if you might be able to just speak to the return profile you're seeing at Ajax versus maybe the development program that's a bit more focused on Hector over the last year or so?

或許可以跟進Nitin關於3英哩水平段的問題。我其實對Ajax特別有興趣，在那裡看到了一些不錯的成果。由於間距較小，並且進行了3英里水平段的開發，您能否談談Ajax的回報情況，以及過去一年更側重於Hector的開發項目？

It's -- Matt, it's Mike here. It's certainly getting it more competitive. But as you know, we've had a pretty successful program there with 11 wells brought online between the fourth quarter of last year, first quarter of this year. We covered it in the prepared comments, over 20% reduction in TWC per foot savings. And you couple that with the solid initial production, it was very consistent with our expectations.

是……馬特，我是麥克。這確實提高了競爭力。但如你所知，我們在那裡的計畫相當成功，從去年第四季到今年第一季度，已有11口油井投產。我們在準備好的評論中提到了這一點，每英尺油井的TWC節省量減少了20%以上。再加上穩定的初始產量，這與我們的預期非常一致。

Now what I would say is we probably do need to see more on the longer-term production just to make sure that the shallower declines that we're expecting actually come to fruition. But with the enhanced capital efficiency that we expect is going to come from it, I'd certainly hope that the Ajax portfolio is going to get more competitive.

現在我想說的是，我們可能確實需要更多地關注長期產量，以確保我們預期的較淺的產量下降能夠真正實現。不過，隨著我們預期的資本效率提升，我當然希望阿賈克斯的投資組合能夠更具競爭力。

Great. And then maybe just a high-level question. Curious, if you might be able to speak to maybe the drilling and completion efficiency gains you've seen this year? I know that was a big theme for you all last year, but it seems like you're continuing to see success on that front, both on the drill bit and on the frac side.

好的。接下來我想問一個比較宏觀的問題。您能否談談今年鑽井和完井效率的提升？我知道這是您去年關注的一個重點，但看起來您在這方面繼續取得成功，無論是在鑽頭方面還是在壓裂方面。

And what that may mean I guess, as we think about the guidance range for the wells to sales? It's a little bit early, but should we be thinking about biasing our expectations towards the higher end of the range if you guys continue to see success on efficiency gains?

那麼，當我們考慮油井產量與銷售額的指導範圍時，這可能意味著什麼？現在說這還為時過早，但如果你們繼續看到效率提升方面的成功，我們是否應該考慮將預期偏向更高的範圍呢？

No, you shouldn't expect much of a change in terms of wells to sales. It's really just a phasing within the year, Matt, is how I'd describe it.

不，你不應該期待油井銷售會有太大的變化。馬特，我是這樣描述的，這實際上只是一年內的一個階段性變化。

Yes. I think just on your specific question, I think Mike had covered a little bit of this in his opening comments. But on the D and the C side, we've definitely seen improvements in rate of penetration. Certainly, Eagle Ford was a bit of a standout there on the drilling side. I mean we continue to find ways to drive execution and efficiency there.

是的。關於你的具體問題，我想麥克在開場白中已經提到了一些。但在D區和C區，我們確實看到了鑽井速度的提升。當然，鷹福特（Eagle Ford）在鑽井方面表現突出。我的意思是，我們將繼續尋找方法來提高那裡的執行力和效率。

And even on the frac side as well, I think we're continuing to see in terms of stages per day and hours -- pump hours, see improvements there. And I don't know, Mike, do you want to quantify that...

即使在壓裂方面，我認為我們在每日階段數和每小時（泵送小時數）方面也持續看到改善。麥克，你想量化一下嗎？

Yes. I think we touched on the Eagle Ford and the Bakken. I think Bakken, despite the winter weather challenges that we had in the first quarter, we held on to a lot of the efficiencies that we secured the second half of last year. That obviously bodes really well for future quarters.

是的。我想我們談到了鷹福特和巴肯。我認為，儘管第一季我們面臨冬季天氣挑戰，但我們仍然保持了去年下半年的許多效率。這顯然預示著未來幾季的良好表現。

Interestingly, in Permian, that first quarter 3-mile Wolfcamp program, when we look at peer data, it looks like we drilled those wells 40% faster than the peer average. We're also just completing up the drilling of the Texas, Delaware multi-well pad. Looking at some of the numbers there, our ROP 25% faster than the last time, we were drilling wells there.

有趣的是，在二疊紀盆地，第一季3英里長的Wolfcamp項目，當我們查看同行數據時，我們發現這些井的鑽井速度比同業平均快了40%。我們也剛完成了德州和德拉瓦州多井平台的鑽井工作。從那裡的一些數據來看，我們的鑽井速度比上次在那裡鑽井時快了25%。

Yes, I think there's a lot going into that. We certainly took advantage of the improved market situation towards the back-end of last year for a coordinated sense. We've high graded in certain areas of the business. I think you're seeing the benefits of that in the performance.

是的，我認為這有很多因素。我們確實利用了去年年底市場情勢好轉的機會，實現了協調一致。我們在某些​​業務領域獲得了高分。我想您已經從業績中看到了這種好處。

A lot of effort is going into the preplanning side of things. We actually brought on a couple of new rigs in Eagle Ford at the beginning of the year, and we have not missed a beat there. They very quickly got up to the expected pace.

我們在前期規劃方面投入了大量精力。實際上，我們年初就在鷹福特引進了幾台新鑽機，而且我們在那裡的進度非常順利。它們很快就達到了預期的速度。

And then just continuing to work with the longer-term program contractors, implementing a lot of changes with them. We're drilling these extended laterals. What we're finding, we're drilling a lot more of these laterals with a single trip, and that includes some of the 3-miles that we've recently drilled.

然後繼續與長期專案承包商合作，共同實施許多變更。我們正在鑽探這些延長的水平井。我們發現，我們一次鑽探就能鑽出更多這樣的水平井，其中包括我們最近鑽探的一些3英里長的水平井。

And that's a little bit of a balancing act, but we've had some success there just in terms of trying to get a little bit more probabilistic in terms of how we should manage the directional plan. So a lot going on in the execution space, but great to be off to such a solid start at the beginning of the year, and I think it bodes well for the rest of the year.

這有點像平衡之舉，但我們在方向性計畫的管理上，在嘗試提高機率方面取得了一些成功。所以在執行方面有很多事情要做，但很高興能在年初取得如此良好的開端，我認為這預示著今年餘下時間的良好發展。

And I think at the end of the day, it provides us very high confidence in delivery of our full-year guidance. It's more of a timing question, as Mike said, is pulling forward a little bit of activity. And that just enhances our confidence in overall delivery on both our financial and operating commitments this year.

我認為最終，這讓我們對實現全年業績指引充滿信心。正如麥克所說，這更多的是一個時間問題，就是提前一些活動。這增強了我們對今年整體財務和營運承諾兌現的信心。

This concludes our question-and-answer session. I would like to turn the conference back over to Lee Tillman for closing remarks.

我們的問答環節到此結束。我想將會議交還給李·蒂爾曼，請他致閉幕詞。

Thank you for your interest in Marathon Oil, and I'd like to close by again recognizing all our dedicated employees and contractors for their commitment, safely and responsibly delivering the energy the world needs now more than ever. And let me end also by just thanking Dane once again for his commitment as well to Marathon Oil. So thank you, and that concludes our call.

感謝您對馬拉松石油公司的關注。最後，我想再次感謝我們所有敬業的員工和承包商，感謝他們以安全負責的態度，為當今世界提供比以往任何時候都更需要的能源。最後，我還要再次感謝丹尼對馬拉松石油公司的貢獻。謝謝大家，我們的通話到此結束。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您可以斷開連線了。