Matador Resources Co (MTDR) 2022 Q4 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the Fourth Quarter and Full Year 2022 Matador Resources Company Earnings Conference Call. My name is Gerald, and I'll be serving you as the operator for today. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes and the replay will be available on the company's website for one year as discussed in the company's earning press release issued yesterday.

早上好，女士們，先生們。歡迎來到鬥牛士資源公司 2022 年第四季度和全年收益電話會議。我叫杰拉德，今天我將作為接線員為您服務。 （操作員說明）提醒一下，本次會議正在錄製以供重播之用，重播將在公司網站上提供一年，正如昨天發布的公司盈利新聞稿中所討論的那樣。

I will now turn the call over to Mr. Mac Schmitz, Vice President, Investor Relations for Matador. Mr. Schmitz, you may proceed.

我現在將把電話轉給 Matador 投資者關係副總裁 Mac Schmitz 先生。 Schmitz 先生，您可以繼續。

Thank you, Gerald, and good morning, everyone, and thank you for joining us for Matador's fourth quarter and full year 2022 earnings conference call. Some of the presenters today will be referencing certain non-GAAP financial measures regularly used by Matador Resources in measuring the company's financial performance. Reconciliations of such non-GAAP financial measures with the comparable financial measures calculated in accordance with GAAP are contained at the end of the company's earnings press release.

謝謝你，杰拉爾德，大家早上好，感謝你加入我們參加鬥牛士第四季度和 2022 年全年收益電話會議。今天的一些演講者將引用 Matador Resources 在衡量公司財務業績時經常使用的某些非 GAAP 財務指標。此類非 GAAP 財務指標與根據 GAAP 計算的可比財務指標的對賬包含在公司收益新聞稿的末尾。

As a reminder, certain statements included in this morning's presentation may be forward-looking and reflect the company's current expectations or forecasts of future events based on information that is now available. Actual results and future events could differ materially from those anticipated in such statements. Additional information concerning factors that could cause actual results to differ materially is contained in the company's earnings release and its most recent Annual Report on Form 10-K.

提醒一下，今天上午的演示文稿中包含的某些陳述可能是前瞻性的，反映了公司根據現有信息對未來事件的當前預期或預測。實際結果和未來事件可能與此類聲明中的預期存在重大差異。有關可能導致實際結果出現重大差異的因素的更多信息包含在公司的收益發布及其最新的 10-K 表格年度報告中。

In addition to our earnings press release issued yesterday, I would like to take a moment to remind everyone that you can find a slide presentation in connection with the fourth quarter and full year 2022 earnings release under the Investor Relations tab on our corporate website.

除了我們昨天發布的收益新聞稿外，我想花點時間提醒大家，您可以在我們公司網站的“投資者關係”選項卡下找到與第四季度和 2022 年全年收益發布相關的幻燈片演示。

With that, I would now like to turn the call over to Mr. Joe Foran, our Chairman and CEO. Joe?

有了這個，我現在想把電話轉給我們的董事長兼首席執行官 Joe Foran 先生。喬？

Thank you, Mac. It's pleasure to be here again and report to you our progress at Matador. And I'd like to begin with celebrating what happened in the fourth quarter of 2022 first, and then we'll get to the outlook for 2023 and 2024.

謝謝你，麥克。很高興再次來到這裡並向您報告我們在 Matador 的進展。我想首先慶祝 2022 年第四季度發生的事情，然後再談談 2023 年和 2024 年的展望。

But beginning with the fourth quarter is, we had over 100,000 BOEs per day, and we had records across -- performance records across our whole operating outlook, despite the bad weather or other complications, but 100,000 BOEs per day is a step forward and puts us at a different inflection point. We had notably free cash flow of 1.2 and $249 million just in the fourth quarter. Adjusted EBITDA for the year was $2.1 billion, and it was $460 million in the fourth quarter. This is important because when we went public, we weren't even $460 million. So you think about we weren't even $460 million in value, and we had more than that earned in one quarter alone.

但從第四季度開始，我們每天有超過 100,000 個 BOE，並且我們在整個運營前景中都有記錄，儘管天氣惡劣或其他並發症，但每天 100,000 個 BOE 是向前邁出的一步，並提出我們處於不同的拐點。僅在第四季度，我們的自由現金流就達到了 1.2 倍和 2.49 億美元。全年調整後的 EBITDA 為 21 億美元，第四季度為 4.6 億美元。這很重要，因為當我們上市時，我們甚至還不到 4.6 億美元。所以你想想我們的價值甚至還不到 4.6 億美元，而我們僅在一個季度的收入就超過了這一數字。

Now when I speak of quarters, we look at quarters here, but we prefer to look a little longer-term, six months to a year. In this instance, much of what we did in the fourth quarter was to help set us up for the end of 2023 and all of 2024. So that's coming together very well. And I think, it's important, we think long-term around here to look at more -- look at the quarter as much as you want, but we ask look longer too at one year, because some of the things that we're deferring on now sets us up for 2024.

現在，當我談到季度時，我們在這裡看季度，但我們更願意看得更長遠一點，六個月到一年。在這種情況下，我們在第四季度所做的大部分工作都是為了幫助我們為 2023 年底和 2024 年全年做好準備。所以這些進展非常順利。而且我認為，這很重要，我們認為長期來看更多 - 盡可能多地看這個季度，但我們要求在一年內也看得更久，因為我們正在推遲的一些事情現在讓我們為 2024 年做好準備。

As an example, we've got 85 -- by the end of the year, we'll have 85 wells drilled in the Rodney Robinson and the Boros and Voni properties with we have right now eight that are flowing back, we'll have eight more next year -- this year, and then four at the end of the year. Is that right, Tom?

例如，我們有 85 口——到今年年底，我們將在 Rodney Robinson 以及 Boros 和 Voni 物業鑽探 85 口井，現在有 8 口正在回流，我們將有明年再增加八個——今年，然後在年底再增加四個。是這樣嗎，湯姆？

Yes, Joe. That's approximately correct.

是的，喬。這大約是正確的。

All right. So, now remember, we bought that Rodney Robinson and the Boros leases over four years ago, and they are still contributing and if you add them all up, that's 89 wells and we still have more to go there.

好的。所以，現在請記住，我們在四年前購買了 Rodney Robinson 和 Boros 的租約，他們仍在貢獻，如果你把它們加起來，那就是 89 口井，我們還有更多的地方要去那裡。

So, this -- what happened here at this reading the analyst reports, concerned about the Advance deal, it really is very similar and comparable to what happened at BLM. I mean, if you remember when we bought the BLM tracks, our stock was hammered much as it was this morning and look how that has turned out and analysts -- lot of the analysts wrote, that was bad deal we paid too much, but they just failed to look at the quality of the rock that was in the BLM and what we could do with it, because that was a transformation.We went from -- drilling 98% of our wells as 1 mile laterals to go into 98% of our wells being 2 mile laterals or more, and which has been a great improvement that set us up to do this Advance deal, which is 4x potentially the carefully the value of the BLM acreage. So, I think that little adjustment and absorb in there is to be expected. But we're very excited here, if you were to go around and meet with all the staff, you'd say we're really excited about what it will do and the program, and we included in those slides of map showing how it fits in with our acreage and it's adjacent.

所以，這 - 在閱讀分析報告時發生的事情，關注 Advance 交易，它確實與 BLM 發生的事情非常相似和可比。我的意思是，如果你還記得我們購買 BLM tracks 的時候，我們的股票像今天早上一樣受到重創，看看結果如何，分析師——很多分析師寫道，這是一筆糟糕的交易，我們付出了太多，但他們只是沒有考慮 BLM 中岩石的質量以及我們可以用它做什麼，因為那是一種轉變。我們從——鑽探 98% 的井作為 1 英里的分支井進入 98%我們的井是 2 英里或更多的橫向井，這是一個很大的改進，使我們能夠進行這項提前交易，這可能是 BLM 面積價值的 4 倍。所以，我認為很少有調整和吸收是可以預料的。但我們在這裡非常興奮，如果你四處走走並與所有員工會面，你會說我們對它的功能和程序感到非常興奮，我們在地圖幻燈片中展示了它是如何實現的適合我們的面積，它是相鄰的。

And this is some of the best rock in the whole basin. And we're making great wells on what we're drilling, we're going to have this. And then when we spend the extra CapEx to connect it to our pipeline systems, Pronto and Five Point, you're going to see that much more strategic value coming out of these properties. And that just sets us up for 2024.

這是整個盆地中最好的岩石之一。我們正在鑽井，我們正在鑽井，我們將擁有這個。然後，當我們花費額外的資本支出將其連接到我們的管道系統 Pronto 和 Five Point 時，您將看到這些資產帶來的戰略價值要大得多。這讓我們為 2024 年做好了準備。

In 2022, just to remind you, we drilled 64.5 net wells. In the first quarter of 2024, at the end of the year, we'll be turning on 49 net wells. So we have a practice, if we're going to connect wells, we -- if possible, we try to set them up for the first quarter of the year, so we get a full year's benefit. So, think about that, the proportion that we are going from 64.5 net wells in a given year to 49 net wells of similar quality and the interest in the first quarter 2024. Some of the analysts noted that we were getting things set up for 2024, and I commend you for noting that.And the last saying in talking about -- there seemed to be some question is on the midstream of 2023, that we have heavier CapEx and part of that is integrating the Advance properties into our system. And if you go to the next slide, which shows where our pipelines are, we intend to connect up the pipelines, so you have that system can go all across the best areas of the Permian. So you add that additional CapEx to connect all the systems and to build out other pipelines to Advance and other third-party customers, they were signing up as we extend these pipelines, the CapEx -- the additional CapEx, we believe, will be returned several times over.

提醒一下，2022 年我們淨鑽了 64.5 口井。 2024 年第一季度，即年底，我們將啟用 49 口淨井。所以我們有一種做法，如果我們要連接油井，我們 - 如果可能的話，我們會嘗試在今年第一季度進行設置，這樣我們就能獲得全年的收益。所以，想一想，我們將從給定年份的 64.5 口淨井增加到 49 口質量相似的淨井的比例，以及 2024 年第一季度的興趣。一些分析師指出，我們正在為 2024 年做好準備，我讚揚你注意到這一點。在談論的最後一句話 - 似乎有一些問題是在 2023 年中期，我們有更重的資本支出，其中一部分是將 Advance 屬性集成到我們的系統中。如果你轉到下一張幻燈片，它顯示了我們的管道在哪裡，我們打算連接管道，這樣你就可以讓這個系統跨越二疊紀最好的地區。因此，您添加額外的資本支出以連接所有系統並為 Advance 和其他第三方客戶構建其他管道，他們在我們擴展這些管道時註冊，資本支出——我們相信額外的資本支出將被退回好幾次了。

Finally, I want to just remind everybody, we're kind of signal to you that we're putting our money where our mouth is. We've increased the dividend 50% to $0.15 a share per quarter. Now, I'm the largest share -- individual shareholder, I believe, and I'd like dividends, and the other officers here are large shareholders, have much of their net worth, and they like dividends too.

最後，我想提醒大家，我們是在向你們發出信號，表明我們正在把錢花在嘴邊。我們已將股息提高 50% 至每季度每股 0.15 美元。現在，我是最大的股份——個人股東，我相信，我想要分紅，這裡的其他官員都是大股東，擁有大部分淨資產，他們也喜歡分紅。

And our staff, we implemented a buying program for them, and we got over 90% participation. So, we like dividends, we want to keep increasing dividends over time, as our financial situation continues to improve, because we believe it's the fairest way to reward long-term shareholders. And so, now, it's about 1% -- little over 1% of the value and I think it's a great buying opportunity because you can clearly see the vision ahead 2020 -- this year is going to be a very strong year, but 2024 is going to be even better as everything gets set up.

還有我們的員工，我們為他們實施了一個購買計劃，我們獲得了超過 90% 的參與。因此，我們喜歡分紅，隨著我們財務狀況的不斷改善，我們希望隨著時間的推移繼續增加分紅，因為我們相信這是回報長期股東的最公平方式。所以，現在，它大約是價值的 1%——略高於價值的 1%，我認為這是一個很好的買入機會，因為你可以清楚地看到 2020 年的願景——今年將是非常強勁的一年，但 2024 年一切都準備就緒後會變得更好。

So with that, let me turn it over to you all for questions.

因此，讓我將其轉交給大家提問。

(Operator Instructions) Our first question is from Scott Hanold of RBC Capital Markets.

（操作員說明）我們的第一個問題來自 RBC 資本市場的 Scott Hanold。

Joe, I appreciate some of the commentaries upfront. The question I have is, you talked about setting up for 2024, it looks like you guys are going to have, I think, it's 62 drilled and uncompleted wells at the back half of this year, which, I believe, is a little bit in excess of what you normally carry. Can you give us a sense of somewhat -- how much of a tailwind does that provide you into 2024?

喬，我很欣賞一些預先的評論。我的問題是，你談到了為 2024 年做準備，我認為你們將在今年下半年擁有 62 口鑽井和未完工的井，我相信這有點超過你通常攜帶的東西。你能給我們一些感覺——這對你進入 2024 年有多大的推動作用？

Scott, this is Tom. Yes, just to paint little color on that. That -- those 49 net wells that are going to be in progress at the end of the year, that's almost double the number of net wells that we had at the same period last year. So it's quite a big influence on the calendar year going forward. We're very excited about these wells, some of which are the wells that Advance is drilling currently in Southern Ranger Northern end of the bridge. So there should be very high oil cut and very low water cut. So we just can't wait to get these online.

斯科特，這是湯姆。是的，只是在上面塗上一點顏色。那 - 那些將在年底進行的 49 口淨井，幾乎是我們去年同期淨井數量的兩倍。所以這對未來的日曆年有很大的影響。我們對這些井感到非常興奮，其中一些是 Advance 目前正在橋樑南游俠北端鑽探的井。所以應該有非常高的含油量和非常低的含水量。所以我們迫不及待地想把這些上線。

Right. So, in theory, that should help some of the capital efficiency, I guess, next year, right? And -- because I would assume you'd work that down to normal levels. Is that a fair way to look at it?

正確的。所以，從理論上講，這應該有助於一些資本效率，我想，明年，對吧？而且——因為我假設你會把它降低到正常水平。這是一個公平的方式來看待它嗎？

Yes sir.

是的先生。

Okay. And as my follow-up question, is on the Midstream, the other point that you touch base with Joe and that there is some capital spent to connect all those pieces. Can you give us a little bit of color on what the plan is to try to specifically accomplish with that capital? And is it possible to connect like San Mateo to Pronto? I know one is in a JV, and one is obviously fully owned, but is there a way to integrate those two together in the benefits of doing that?

好的。正如我的後續問題，在中游，你與喬接觸的另一點是，有一些資金用於連接所有這些部分。你能給我們一些關於計劃用這筆資金具體實現什麼的顏色嗎？是否可以像 San Mateo 一樣連接到 Pronto？我知道一個在合資企業中，一個顯然是全資擁有的，但是有沒有辦法將這兩者整合在一起以獲得這樣做的好處？

Scott, this is Brian Willey, who serve as the CFO and also the President of Midstream here, it's good to hear from you. Yes, so look, we're really excited about the opportunities at Pronto and connecting those systems. And to your question, yes, we do plan to connect the San Mateo system and the Pronto system.

斯科特，我是 Brian Willey，他是 Midstream 的首席財務官兼總裁，很高興收到你的來信。是的，所以看，我們對 Pronto 的機會和連接這些系統感到非常興奮。對於你的問題，是的，我們確實計劃連接 San Mateo 系統和 Pronto 系統。

You're right, so one is a JV and one is wholly-owned. But we do plan to connect those two systems and also on the process side, we plan to go down and get the wells that are in the Advance area, and also some other wells for Matador that are and Lea County. And so, there's good opportunities for us there, both for Matador and for third-party.

你是對的，所以一個是合資企業，一個是獨資企業。但我們確實計劃將這兩個系統連接起來，而且在工藝方面，我們計劃向下鑽取 Advance 區域的油井，以及 Matador 和 Lea County 的其他一些油井。因此，對於我們來說，鬥牛士和第三方都有很好的機會。

And so, we're really excited about the chance we have to be able to do that this year and to spend that capital. And we've made good investments in the past. I think, as we build our Midstream business, I think, it's always been a good investment for us. And we've had lots of opportunities with third-parties and repeat customers and we expect that same thing on the Pronto side. This is what we have on the San Mateo side, as we build both those businesses together. So, we're looking-forward to it, it would be a great opportunity for us.

因此，我們對今年必須能夠做到這一點並花費這筆資金的機會感到非常興奮。我們過去進行了很好的投資。我認為，在我們建立中游業務時，我認為這對我們來說一直是一項很好的投資。我們與第三方和回頭客有很多機會，我們希望 Pronto 方面也有同樣的事情。這就是我們在 San Mateo 方面所擁有的，因為我們一起建立了這兩個業務。所以，我們很期待，這對我們來說是一個很好的機會。

We are now setting a question from Neal Dingmann of Truist.

我們現在提出來自 Truist 的 Neal Dingmann 的問題。

Maybe just a little follow-on Scott's on that future production specifically, certainly not expecting a '24 guide, but I'm just hoping maybe you can give a little bit more color on your view of either this year's exit rate or maybe asked another way, I mean, it definitely seems like you could have some really strong -- even maybe call it stronger than normal production growth through the end of the year into '24, I'm just wondering if you can give any sort of sense of that versus other years?

也許只是 Scott 關於未來製作的一點點後續，當然不期待 24 指南，但我只是希望你可以對今年的退出率或問另一個問題給出更多的顏色方式，我的意思是，看起來你確實可以有一些非常強勁的——甚至可以稱之為比正常產量增長更強勁到年底進入 24 年，我只是想知道你是否能給出任何一種感覺那與其他年份相比？

Well, the first thing I'd say is, we're at a point in time and especially this year, I'd be wary of looking at things just on a quarter basis, that you got to look a little longer rather than limited to an arbitrary deadline of this quarter or this year, but either we'll play it as the operations dictates exactly how we're going to do it. And so, we're not trying to have a target for the fourth quarter of this year or the first quarter of next year, but whatever is operationally make sense. Tom, you want to take that question again?

好吧，我要說的第一件事是，我們正處於一個時間點，尤其是今年，我會謹慎看待僅以季度為基礎的事情，你必須看得更久而不是有限到本季度或今年的任意截止日期，但我們會按照操作的確切方式進行操作。因此，我們不打算為今年第四季度或明年第一季度設定目標，但任何在運營上都有意義的目標。湯姆，你想再回答這個問題嗎？

Sure. Just add a little bit of color, in our slide deck, we have a slide that kind of shows our production growth by quarter. And as Joe mentioned, we don't want to emphasize every quarterly as opposed to the long-term kind of yearly rates, but you can see there in the fourth quarter, we get to about 143,000 BOE per day.

當然。只需添加一點顏色，在我們的幻燈片中，我們有一張幻燈片可以按季度顯示我們的產量增長。正如喬提到的那樣，我們不想強調每個季度而不是長期年利率，但你可以在第四季度看到，我們每天達到約 143,000 桶油當量。

Yes, now that makes sense. Okay, definitely like the ramp there. And then my second question is just on some of the frac shut-ins you all spoke about in the press release. Specifically, I'm just wondering is around that, Joe, you mentioned about the Rodney Robinson being around so long. So, is that the reason or should we think about that area has been the primary sort of typical area for shut-ins? Or is this really just a typical part of overall operations going forward as you continue to have your development plan?

是的，現在這是有道理的。好的，絕對喜歡那裡的坡道。然後我的第二個問題是關於你們在新聞稿中都談到的一些壓裂關井。具體來說，我只是想知道，Joe，你提到 Rodney Robinson 已經存在了這麼久。那麼，這是否是我們考慮該區域成為關閉的主要典型區域的原因或應該考慮的原因？或者這真的只是您繼續制定開發計劃時整體運營的典型部分嗎？

Yes. Neal, one thing, I want to make a point on the production side. It's affected a lot when you have these facilities in multiple wells, if the offset operator is undertaking fracking operations, too, because you got to shut-in your wells, and sometimes that has bigger impact than weather and you don't control it either. You get a call saying, we're going to frac and then you've got to make those adjustments. So, that might delay or you may get a call and you accelerate something for that reason. So, that's one other adjustment I wanted to note that we've had to work around and I think our staff has done a good job.

是的。尼爾，有一件事，我想在製作方面說明一點。當你在多口井中擁有這些設施時，它會受到很大影響，如果抵消運營商也在進行水力壓裂作業，因為你必須關閉你的井，有時這比天氣的影響更大而且你也無法控制它.你接到一個電話說，我們要進行壓裂，然後你必須做出這些調整。因此，這可能會延遲，或者您可能會接到電話，因此您會加速某些事情。所以，這是我想指出的另一個調整，我們必須解決這個問題，我認為我們的員工做得很好。

Now, the second part of your question, demand repeating it to me, because I've -- I was saying here the first question, since you were saying that second question. Neal, are you still there?

現在，你的問題的第二部分，需要向我重複一遍，因為我 - 我在這裡說的是第一個問題，因為你說的是第二個問題。尼爾，你還在嗎？

Gerald, did Neal drop off?

杰拉德，尼爾下車了嗎？

Unfortunately, I think, he did. Would you like me to proceed to the next question?

不幸的是，我想，他做到了。你想讓我繼續下一個問題嗎？

Yes, go on.

是的，繼續。

I would just say something to elaborate on that. This is Glenn Stetson, EVP of Production. Just as Joe mentioned, in this case, we have 19 existing Rodney wells, where the addition of the eight Rodney wells required us to shut-in 17 of the existing producers to be able to conduct hydraulic fracturing operations on the new wells. And so, it is just kind of a nature of this key development as we come in and fully develop these assets that we go in and shut-in the existing producers to protect them.

我只想說一些話來詳細說明這一點。我是生產執行副總裁 Glenn Stetson。正如 Joe 提到的，在這種情況下，我們有 19 口現有的 Rodney 油井，其中 8 口 Rodney 油井的增加要求我們關閉 17 口現有生產商，以便能夠在新井上進行水力壓裂作業。因此，隨著我們進入並充分開發這些資產，我們進入並關閉現有生產商以保護它們，這只是這一關鍵發展的一種性質。

And so, similarly at Stateline, when we're going to complete these eight new wells at Stateline, there's a similar operation. And so, we do forecast that and account for it. And so really, then it just comes down to the timing of it. And so, we shut-in, we started hydraulic fracturing operations on the eight new Rodney wells right at the beginning of the year.

因此，與 Stateline 類似，當我們要在 Stateline 完成這八口新井時，也會進行類似的操作。因此，我們確實對此進行了預測並加以說明。所以真的，然後它只是歸結為它的時間。因此，我們關閉了，我們在年初開始對八個新的羅德尼油井進行水力壓裂作業。

So we shut all those wells in, and as Tom mentioned or Joe, that we're beginning flowback operations on those eight new wells and so, all the existing producers come along with it. So, it really is a timing thing and the fact that these wells are so productive and have high working interest and high NRI. So, it does have an impact, but really just a timing thing.

因此，我們關閉了所有這些油井，正如湯姆或喬提到的那樣，我們正在開始對這八口新油井進行回流作業，因此，所有現有的生產商都隨之而來。因此，這確實是一個時機問題，而且這些井的產量如此之高，並且具有很高的工作興趣和高 NRI。所以，它確實有影響，但實際上只是時間問題。

The other side is to note that when you do this, it doesn't impair either the proved reserves of any individual wells when you shut them in and -- or any effect on the future production. And so, it's become more of a part of the operation in any long-term effects.

另一方面要注意，當你這樣做時，當你關閉它們時，它不會損害任何單個井的探明儲量 - 或對未來生產的任何影響。因此，它已成為任何長期影響中操作的一部分。

Our next question comes from Leo Mariani of Roth.

我們的下一個問題來自 Roth 的 Leo Mariani。

I wanted to dive a little bit more into the production guidance here for 2023. I understand that a lot of what you guys are doing is setting up for 2024 and it sounds like you're going to have some high growth to start the year next year. But if I just kind of look at some of the high-level math here, it looks like you added around 25,000 BOE per day from the Advance deals. I guess, if I assume that closes sometime early in the second quarter of '23 per your guidance and kind of back out those volumes in '23, and just kind of looking what that leaves me, it looks to me like your base production in '23 is kind of flattish with '22 per your guidance, despite having kind of a couple of more turn-in lines on the base property.

我想在這裡更深入地了解 2023 年的生產指南。我知道你們正在做的很多事情都是為 2024 年做準備，聽起來你們明年開始會有一些高增長年。但如果我只是看一下這裡的一些高級數學，看起來你每天從 Advance 交易中增加了大約 25,000 BOE。我想，如果我假設根據你的指導在 23 年第二季度早些時候關閉，並在 23 年收回這些數量，然後看看剩下的東西，在我看來你的基礎生產根據您的指導，'23 與 '22 有點平淡，儘管在基本財產上有更多的上交線。

So, I just wanted to kind of understand that a little bit more. If I look at last year, you guys added 70 net wells. You grew production 20% and now, it looks like outside of the Advance deal, you're adding a few more than 70 wells this year, but it looks like the base production is closer to flattish, if I back-out Advance. So, can just help me kind of understand that a little bit? I guess, I would have thought it would have been a little better.

所以，我只是想多了解一點。如果我看去年，你們增加了 70 口淨井。你的產量增長了 20%，現在，看起來在 Advance 交易之外，你今年增加了 70 多口井，但如果我退出 Advance，看起來基礎產量接近持平。那麼，可以幫助我稍微了解一下嗎？我想，我本以為它會好一點。

Well, Leo, I can understand that, because you're not taking into account that when we're doing the Advance deal, we are shifting some of our staff resources and rigs, and other ways that we would have production. If we weren't doing the Advance deal, it wouldn't be flattish. You would have -- our staff will be fully operated on drilling some of our inventory, which the quality of the rock in our inventory is outstanding and we got over a decade worth of inventory.

好吧，Leo，我能理解，因為你沒有考慮到當我們進行 Advance 交易時，我們正在轉移我們的一些員工資源和鑽機，以及我們生產的其他方式。如果我們不做 Advance 交易，它就不會平淡無奇。你會 - 我們的員工將全力鑽探我們的一些庫存，我們庫存中的岩石質量非常出色，我們獲得了十多年的庫存。

So when we've been on the road, we've gotten inventory questions, and we have plenty and we could've -- we would be addressing that instead of Advance, and connecting up the pipeline our Midstream system. So, we rate, again, but I think it's important to look the quality of rock that we're obtaining. And if we don't obtain it now, we will never have a chance to add on adjacent to our acreage that kind of quality rock.

因此，當我們在路上時，我們遇到了庫存問題，我們有很多而且我們可以 - 我們將解決這個問題而不是 Advance，並連接我們的 Midstream 系統的管道。所以，我們再次評價，但我認為重要的是要看我們獲得的岩石質量。如果我們現在不獲得它，我們將永遠沒有機會在我們的種植面積附近增加這種優質岩石。

So, it would be like calling a football coach, hey, your running back only gained 50 yards this game, because you're through five touch down passes. If the passes weren't working, you would've used the running game more. And we're in that situation. Fortunately, we got Advance, so have a choice to do in Advance or some of our own properties. Our properties are HBP, where we're going to work in the Advance, particularly where they have DUCs, because that will accelerate production coming off of that.

所以，這就像打電話給足球教練，嘿，你的跑衛本場比賽只跑了 50 碼，因為你完成了五次達陣傳球。如果通行證不起作用，你會更多地使用跑步遊戲。而我們正處於那種情況。幸運的是，我們拿到了Advance，所以可以選擇做in Advance或者我們自己的一些properties。我們的財產是 HBP，我們將在 Advance 工作，特別是在他們擁有 DUC 的地方，因為這將加速生產。

And so, looking at our asset base and our options, it made sense to focus more on Advance and bringing in less of our inventory. But if we didn't have Advance, you'd see growth much better than the 3% that you're talking about, and -- but you take out a couple of rigs, puts your focus on the new properties and taking advantage of that opportunity to connect up your pipeline, we think that's a better program.

因此，看看我們的資產基礎和我們的選擇，更多地關注 Advance 並減少我們的庫存是有意義的。但如果我們沒有 Advance，你會看到比你所說的 3% 更好的增長，而且 - 但你拿出幾個鑽機，把你的注意力放在新的屬性上並利用有機會連接您的管道，我們認為這是一個更好的計劃。

Okay. I appreciate that color. And then just around the Midstream, obviously your Midstream CapEx is up a fair bit this year in '23. You guys kind of explained what you're doing there. So that was helpful. But just as we look into, say next year, do you expect to have Midstream expense still kind of be elevated on the capital or do you think it kind of comes down a bit? Is -- a lot of this is more, I'll just call it near-term kind of one-time spending on the Midstream?

好的。我很欣賞那種顏色。然後就在中游附近，顯然你的中游資本支出今年在 23 年有了相當大的增長。你們有點解釋了你們在那裡做什麼。所以這很有幫助。但是正如我們所調查的那樣，比如說明年，您是否希望中游費用在資本上仍然有所增加，還是您認為它會有所下降？是 - 很多都是更多，我稱之為近期的中游一次性支出？

Leo, this is Brian Willey again, and I'm President of Midstream here, and thanks for the question. I think that we haven't said a lot about 2024 and relates to capital expenditures there. So, I don't know that we're prepared to go into a lot of detail about what that would look like. We're excited for 2023, we will want to take advantage in 2024 if there are opportunities. And so, as we go forward throughout the year, if there's third-party opportunities, we're opportunistic at Matador that we want to continue to take advantage of those. And so, we'll evaluate those as the year progresses and as we get closer to 2024.

Leo，我又是 Brian Willey，我是 Midstream 的總裁，謝謝你提出這個問題。我認為我們對 2024 年並沒有說太多與那裡的資本支出有關。所以，我不知道我們是否準備好深入了解它的外觀。我們對 2023 年感到興奮，如果有機會，我們希望在 2024 年利用。因此，隨著我們全年的前進，如果有第三方機會，我們在 Matador 是機會主義的，我們希望繼續利用這些機會。因此，隨著時間的推移和 2024 年的臨近，我們將對這些進行評估。

Yes, I'd say, I think it's good answer, Brian, is we are very opportunistic driven that we didn't know we were going to buying Pronto, but it was offered to us in April, I believe, in May, and of course, we did it. That was too good of a deal to turn down and it just fit in very well with our other assets. And so, as we go into these next years, whether it's an acquisition of oil properties or Midstream or a federal sale like BLM, the BLM measure, we're going to try to take advantage of it and that's why we build up our financial statement to be able to take advantage of those opportunities. And -- so we try not to do a five year plan and stick to it rigidly, but go where the opportunity lies.

是的，我想說，我認為這是一個很好的答案，布賴恩，我們是非常機會主義的，我們不知道我們要購買 Pronto，但它是在四月份提供給我們的，我相信，在五月份，和當然，我們做到了。這是一筆無法拒絕的好交易，而且它與我們的其他資產非常契合。因此，隨著我們進入未來幾年，無論是收購石油資產或中游資產，還是像 BLM 這樣的聯邦出售，BLM 措施，我們都將嘗試利用它，這就是我們建立財務的原因聲明能夠利用這些機會。而且——所以我們盡量不要製定一個五年計劃並嚴格遵守它，而是去尋找機會所在的地方。

Our next question comes from Gabe Daoud of Cowen.

我們的下一個問題來自 Cowen 的 Gabe Daoud。

Guys, I was just curious with the 49 net wells exiting the year, as you kind of beat expectations on cycle times, what's the likelihood that some of these wells could even come on or be pulled forward by the end of this year?

伙計們，我只是對今年退出的 49 口淨油井感到好奇，因為你們在周期時間上超出了預期，其中一些油井在今年年底之前出現或被推進的可能性有多大？

Gabe, this is Tom. To Joe's point about trying to keep our options open, we do expect these wells to be kind of end of 2024, but if the drilling guys go faster and the completions guys go faster, I think there's always a chance that they could cycle them forward, bringing on a little bit sooner, but it's just too early to tell at this point in the year.

加布，這是湯姆。對於 Joe 關於試圖保持我們的選擇開放的觀點，我們確實預計這些油井將在 2024 年底結束，但如果鑽探人員走得更快，完井人員走得更快，我認為他們總是有機會向前循環, 帶來了一點點，但在今年的這個時候說還為時過早。

And then maybe just a question on LOE. It looks like 1Q kind of turning the year low and then kind of increases on the back of Advance. Could you maybe just talk a little bit about what's driving the increase on the LOE side as a result of Advance? And is there the potential for that to be worked lower overtime?

然後可能只是關於 LOE 的問題。看起來 1Q 有點像今年低點，然後在 Advance 的支持下有所增加。您能否談談 Advance 導致 LOE 方面增加的原因？是否有可能減少加班時間？

Gabe, this is Glenn Stetson, EVP of Production. We did highlight a little bit of this in the slide deck. But ultimately, the increase that we've seen is primarily -- that we're forecasting is primarily due to us drilling a number of wells in Lea County, specifically, attributive them to the Advance acquisition as well. And so, part of that is a function of the fact that San Mateo isn't servicing those properties, but that is another reason why we're excited about Pronto coming and hooking up to the Advance properties and a lot of the properties in our Ranger asset area. And so, we do think that as we go forward, that those are -- that's certainly a metric that we can improve upon with the expense of Pronto and folding in the Advance properties into Matador.

Gabe，我是生產執行副總裁 Glenn Stetson。我們確實在幻燈片中強調了一點。但最終，我們看到的增長主要是 - 我們預測的主要是由於我們在 Lea 縣鑽了一些井，特別是將它們歸因於 Advance 收購。因此，部分原因是 San Mateo 不為這些房產提供服務，但這也是我們對 Pronto 的到來感到興奮並連接到 Advance 房產和我們的許多房產的另一個原因遊俠資產區。因此，我們確實認為，隨著我們的前進，這些是——這當然是一個我們可以改進的指標，我們可以以犧牲 Pronto 為代價，並將 Advance 屬性折疊到 Matador 中。

Our next question comes from John Freeman of Raymond James.

我們的下一個問題來自 Raymond James 的 John Freeman。

I just wanted to follow-up on Leo's question on the Midstream CapEx and obviously understand that '24 is little ways off. But I think, just to sort of maybe help us, so that we can kind of I guess not be caught by surprise, maybe when we're trying to fit our model for '24 on Midstream. Just if there certain things that you feel like are still going to need to be done versus one-off projects that may be or may or may not pursue for various reasons?

我只是想跟進 Leo 關於 Midstream CapEx 的問題，並且顯然明白 24 年已經不遠了。但我認為，可能只是為了幫助我們，這樣我們就不會感到驚訝，也許當我們試圖在 Midstream 上適應我們的 24 模型時。只是如果您覺得某些事情仍然需要完成，而不是出於各種原因可能會或可能會或可能不會進行的一次性項目？

Just trying to get a ballpark idea of the Midstream spend, is it a number that is meaningfully lower next year, is it similar to '22? Or just -- I think, just anything would kind of help us kind of frame our model just where we sit today when you all look out. Again, I realize that '24 is a ways off, but it would certainly kind of help us have a better idea?

只是想大致了解一下中游支出，明年這個數字是否會顯著降低，是否與 22 年相似？或者只是 - 我認為，任何事情都可以幫助我們構建我們今天坐著的模型，當你們都在看的時候。同樣，我意識到 24 年還有很長的路要走，但它肯定會幫助我們有一個更好的主意？

Well, John, this is Joe and I'd say, I'd like to help you up. I'll give Brian the opportunity to comment a little bit. But again, it's just hard to predict, its third-party business that we will get during that time, which will build-out to them. It's also probably highly likely that we will connect that our three system, so that there is only a -- as you see on that map, not much distance between connect points between the San Mateo and Pronto, and Pronto and the Advance system. So, that's more likely, it could be done. Can't see what would stop that.

好吧，約翰，這是喬，我會說，我想幫你起來。我會給 Brian 一點評論的機會。但同樣，很難預測我們將在那段時間獲得的第三方業務，這將擴展到他們。我們也很有可能將我們的三個系統連接起來，因此只有一個 - 正如您在該地圖上看到的那樣，San Mateo 和 Pronto 以及 Pronto 和 Advance 系統之間的連接點之間的距離不遠。所以，這更有可能完成。看不出有什麼能阻止它。

As far as third-party, that's hard to know. Certainly, easy to say, we connect if they're right along our round. And again, depends on the terms of the terms or as such, we would build a long way. But that doesn't happen very often. I -- if you will give us, say, another quarter or so, we'll have more definition for you, six months or -- and again, I invite all of you analysts to come here to Dallas and meet with us one time or another, and we'll try to have everybody here and you can have unlimited time to ask your questions, and we'll meet you.

至於第三方，這很難知道。當然，說起來容易，如果他們在我們的回合中是正確的，我們就會建立聯繫。再一次，取決於條款的條款，我們會走很長一段路。但這並不經常發生。我 - 如果你再給我們一個季度左右的時間，我們將為你提供更多定義，六個月或 - 我再次邀請所有分析師來達拉斯與我們會面一次或另一個，我們會盡量讓每個人都在這裡，你可以有無限的時間來提問，我們會見你。

But it's a fair question you've asked. And over in Lea County, there is a number of options that we might do, but it's just hard to -- I don't want to give you a number. You have to understand that there may be others that would hold us to that number and wouldn't understand that it's -- plans are still in the formation stage.

但你問的這個問題很公平。在 Lea County，我們可以做很多選擇，但很難——我不想給你一個數字。你必須明白，可能還有其他人會讓我們堅持這個數字，但他們不明白這是——計劃仍處於形成階段。

Joe, I appreciate how candid you're being.

喬，我很欣賞你的坦率。

And John, this is Brian Willey. And I'll just add on a little bit that, just as a reminder, San Mateo is on 51:49. So when we have capital projects at San Mateo, which we have a number of great ones, including building out our water system and some other opportunities for third-parties. We only pay 51% of those capital expenditures. However, over on Pronto, it's a 100% owned, and so we pay 100% of those capital expenditures. And so, that's just something that you're thinking through kind of into the future and otherwise, that -- as we expand into Lea County, those capital expenditures on the Midstream side are 100% Matador's, and not 51% like they are in San Mateo.

約翰，這是布賴恩威利。我要補充一點，提醒一下，聖馬特奧時間是 51:49。因此，當我們在 San Mateo 有資本項目時，我們有很多很棒的項目，包括建設我們的供水系統和為第三方提供的其他一些機會。我們只支付了這些資本支出的 51%。然而，在 Pronto 上，它是 100% 擁有的，因此我們支付了 100% 的資本支出。所以，這只是你在考慮未來的事情，否則，當我們擴展到 Lea County 時，中游方面的資本支出是 100% 鬥牛士的，而不是 51%，就像他們在聖馬特奧。

I appreciate it guys. And then just a follow-up question. As sort of baking in the 10% kind of the cost inflation versus 4Q '22 levels, obviously, just given the kind of pullback we've had in commodity prices, rig count, frac counts, down from kind of the November levels, we're starting to hear a lot more about service cost inflation maybe losing some momentum. And just trying to get a sense of maybe, as you all stand right now kind of you look at the rigs you got, the frac crews you're running, sort of the opportunity when things are kind of getting repriced kind of, I guess, how much maybe conservatism is built-in to that number? Just any additional details to kind of leading-edge service pricing would be helpful.

我很感激你們。然後只是一個後續問題。顯然，考慮到我們在商品價格、鑽機數量、壓裂數量方面的回調，從 11 月的水平下降，我們將成本通脹與 22 年第四季度的水平進行了 10% 的對比，我們'開始聽到更多關於服務成本通脹的消息，可能會失去一些動力。只是想了解一下也許，因為你們現在都站在那裡，看看你們擁有的鑽機，你們正在運行的壓裂工作人員，當事情有點重新定價時的機會，我想，這個數字可能包含多少保守主義？任何關於領先服務定價的額外細節都會有所幫助。

Yes, John, this is Chris Calvert, EVP and Co-COO. I think, to speak to the 10% to 20% inflation, we do pricings in a little bit conservatively. We would rather come to you guys and say that we beat these numbers versus a miss. And so, while we think that might be a little conservative towards the market, really has recently pulled back to. We still think that's a fairly good estimate for us.

是的，約翰，我是執行副總裁兼聯合首席運營官克里斯卡爾弗特。我認為，就 10% 到 20% 的通貨膨脹率而言，我們的定價有點保守。我們寧願來找你們，說我們擊敗了這些數字而不是錯過了。因此，雖然我們認為這對市場可能有點保守，但最近確實有所回落。我們仍然認為這對我們來說是一個相當不錯的估計。

Now to answer your question, we are happy with our rig fleets that we have with us, our frac crews that we have with us. It does feel like maybe there is a little bit of softening in the market. You had maybe some slowdowns in other basins. But really that brings competition to the Permian. We are in the best rock, we're in the best part of the Permian Basin. And so, we do see that inflation, there are some upward pressures on certain components of our operations, but you're right, there has been a little bit of slowdown.

現在回答你的問題，我們對我們擁有的鑽井船隊、我們擁有的壓裂船員感到滿意。確實感覺市場可能有點疲軟。你在其他盆地可能有一些放緩。但這確實給二疊紀帶來了競爭。我們在最好的岩石中，我們在二疊紀盆地最好的部分。因此，我們確實看到通貨膨脹，我們業務的某些組成部分存在一些上行壓力，但你是對的，有一點放緩。

And so, kind of like Brian said, we will speak more to this as the year progresses. But one thing that I do always like to mention, Simul-Frac, Remote Simul-Frac drilling wells faster, this is the fifth anniversary of our MaxCom room being in service. None of those efficiencies are priced in to these numbers that we released last night. And so, we do expect operationally to continued capital efficiencies going forward, whether that's increased use of Simul-Frac, dual-fuel technologies. So that's really kind of the story to inflation of where we see it going in 2023.

因此，就像 Brian 所說的那樣，隨著時間的推移，我們將對此進行更多討論。但是我總是想提一件事，Simul-Frac，Remote Simul-Frac 鑽井速度更快，這是我們 MaxCom 室投入使用五週年。這些效率都沒有計入我們昨晚發布的這些數字。因此，我們確實希望在運營上持續提高資本效率，無論是增加使用 Simul-Frac、雙燃料技術。所以這真的是我們看到的 2023 年通貨膨脹的故事。

John, I have one other personal footnote to put to it, is that, as someone who started Matador -- first Matador, $270,000, I am very sensitive, that every dollar spent on capital expands. And the only part of anybody's commentary on our quarters when they accuse us of being capital inefficient. That really hurt when you start a $270,000, every nickel and dime counts, and we started the second Matador at $6 million and now it's over [$10 billion,] but we still watch our money and sharpen our pencils.

約翰，我還有一個個人腳註要加進去，那就是，作為創辦鬥牛士的人——第一個鬥牛士，270,000 美元，我非常敏感，花在資本上的每一美元都會擴大。當任何人指責我們資本效率低下時，這也是他們對我們宿舍發表評論的唯一部分。當你開始投資 270,000 美元時，這真的很傷人，每一分錢和一分錢都很重要，我們以 600 萬美元開始了第二個鬥牛士，現在它已經超過 [100 億美元]，但我們仍然看好我們的錢並削尖我們的鉛筆。

And so, if there is any follow-up on the capital efficiency, blame me. But this staff really works hard to work with the vendors on the most economical way to do things and try to do things in a planned fashion that emphasizes it, and as I mentioned earlier, the BLM was done with a view of improving our capital efficiency. And then, we got knocked around for spending that kind of money, but now you've drilled -- we've drilled 78 wells or so, nobody is saying that and you've seen the results,

因此，如果在資本效率方面有任何後續行動，請怪我。但是這個員工真的很努力地與供應商合作，以最經濟的方式做事，並嘗試以強調它的計劃方式做事，正如我之前提到的，BLM 是為了提高我們的資本效率而完成的.然後，我們因為花那麼多錢而受到打擊，但現在你已經鑽了——我們已經鑽了大約 78 口井，沒有人這麼說，你已經看到了結果，

So, we hope there is a direct correlation between our reserves, which are now 350 million barrels, and our gas is nearly at 1 trillion cubic-feet that we had been capital efficient. And so, we're trying -- and once you know, there's a 100% effort to be capital efficient and we're always open to suggestions if there is a better way to do it.

因此，我們希望我們的儲量（現在為 3.5 億桶）與我們資本效率接近 1 萬億立方英尺的天然氣之間存在直接關聯。因此，我們正在嘗試 - 一旦你知道，就會 100% 努力提高資本效率，如果有更好的方法，我們總是樂於接受建議。

We'll be accepting our last question from Tim Rezvan of KeyBanc Capital Markets.

我們將接受來自 KeyBanc Capital Markets 的 Tim Rezvan 的最後一個問題。

I'd like to start on your plans to drill in on the northern part of your acreage this year. It looks like about 42% of your net turn-in lines are in Ranger and Arrowhead. I think, the stock price reaction today reflects concerns on overall efficiency and productivity. So, as you have a little less Stateline, and a little more Northern activity this year, can you talk about your expectations in the North? And if you view those wells as more development or exploratory in nature?

我想開始你今年在你的種植面積北部鑽探的計劃。看起來大約 42% 的淨上交線在 Ranger 和 Arrowhead 中。我認為，今天的股價反應反映了對整體效率和生產力的擔憂。所以，今年你的 Stateline 少了一點，北方的活動多了一點，你能談談你對北方的期望嗎？如果您認為這些油井在本質上更具開發性或勘探性？

This is Tom Elsener, EVP of Reservoir Engineering. I'm going to start and I'm going to pass off to Ned here in a minute. But this is an area where we drilled the Rodney Robinson wells four, five years ago. And those wells in the Third Bone Spring Sand and each of those three wells has now produced over 1 million barrels of oil. In this area, where the Advance acreage and Southern Ranger and Northern Bridge, as a place where we've been drilling of quite a bit.

我是油藏工程執行副總裁 Tom Elsener。我要開始了，我會在一分鐘內傳給 Ned。但這是我們四五年前在 Rodney Robinson 鑽井的地方。 Third Bone Spring Sand 中的那些油井以及這三個油井中的每一個現在已經生產了超過 100 萬桶的石油。在這個區域，Advance acreage 和 Southern Ranger 以及 Northern Bridge，作為我們已經進行了大量鑽探的地方。

And so, we're quite familiar with the area, so I wouldn't classify it as much exploration, it's more development. That being said, there is still some very exciting wells that I know, Ned and his team are excited to try out at some point. But this is an area between Rodney Robinson as well and we've drilled First Bone Spring at Avalon, and Second Bone Spring Sand and Third Bone Spring Sand and Wolfcamp A-XY, and we've got some Second Bone Carb and some Third Bone Spring Carb and Wolfcamp Bs coming online here in the first quarter.

因此，我們對該地區非常熟悉，所以我不會將其歸類為探索，更多的是開發。話雖如此，我仍然知道一些非常令人興奮的井，Ned 和他的團隊很高興在某個時候進行嘗試。但這也是 Rodney Robinson 之間的區域，我們在 Avalon 鑽探了 First Bone Spring、Second Bone Spring Sand 和 Third Bone Spring Sand 以及 Wolfcamp A-XY，我們還有一些 Second Bone Carb 和一些 Third Bone Spring Carb 和 Wolfcamp Bs 將在第一季度上線。

So, I think, we're -- Ned and his team have done a marvelous job exploring for a lot of different targets here, but today, we feel very comfortable with the productivity of these wells. They're known to have high oil cuts and not produce a lot of water. So, we'll be working that LOE down. That being said, these wells, they don't have quite the flashy high pressures of some of the places down for the South, but they have nice steady decline rates that will provide good long-term value. And with that, I'll pass it over to Ned.

所以，我認為，我們 - 內德和他的團隊在這里為許多不同的目標進行了出色的探索，但今天，我們對這些油井的生產率感到非常滿意。眾所周知，它們的含油率很高，而且不會產生大量的水。所以，我們將努力降低 LOE。話雖這麼說，這些油井並沒有南方某些地方的那種華而不實的高壓，但它們的遞減率非常穩定，可以提供良好的長期價值。有了這個，我會把它傳遞給內德。

Tim, this is Ned Frost, EVP at Geoscience. I think, Tom did a really nice job of kind of framing that. I mean, we've said it before, we kind of joke that the Advance acreage is a nice acreage block between Mallon and Rodney Robinson, and this is really an area of the basin that we've been focused on for a long time, very high quality, well results, again, tip our hat to Advance for developing a lot of quality benches on that asset and bringing a lot of value forward.

蒂姆，我是地球科學執行副總裁內德弗羅斯特。我認為，湯姆在構建框架方面做得非常好。我的意思是，我們之前說過，我們有點開玩笑說 Advance 面積是 Mallon 和 Rodney Robinson 之間的一個不錯的面積塊，這確實是我們長期以來一直關注的盆地區域，非常高質量，良好的結果，再次向 Advance 致敬，因為它在該資產上開發了許多高質量的工作台並帶來了很多價值。

We think that there is still a lot to do in this area that will be accretive to Matador and will generate long-term value for Matador's shareholders. We're very optimistic on this area. And you had also asked about Arrowhead. Arrowhead, we took a little bit of a break from. We're excited to get back there, and I think, you will see our rigs kind of spread across all our asset areas this year.

我們認為，在這一領域仍有許多工作要做，這將有助於 Matador 的發展，並為 Matador 的股東創造長期價值。我們對這個領域非常樂觀。你也問過Arrowhead。箭頭，我們稍作休息。我們很高興回到那裡，我想，今年你會看到我們的鑽井平台遍布我們所有的資產領域。

And I think, in many ways, that's a testimony to the high-quality projects that we're capable of bringing forward across our entire acreage footprint. So, I think, there is a great amount of stuff to get after this year and as we always do, we're always looking for that next exploration target to go after. So, I'd continue to watch this space and I'm sure, we'll have some more to bring forward in the future.

我認為，在很多方面，這證明了我們有能力在整個土地足跡中推進高質量的項目。所以，我認為，今年之後還有很多事情要做，而且一如既往，我們一直在尋找下一個勘探目標。所以，我會繼續關注這個空間，我相信，我們將來會有更多的東西可以提出來。

And as my follow-up, I'd like to add on a little bit to I guess John's question on cost inflation earlier. You put out that number, $1,125 per foot, obviously, it's calendar year average. But is there some sort of implied reduction you believe over the course of the year? I know you recognize it's conservative, but there is line of sight on steel prices softening and you could see rig count reductions. But just kind of curious how we could expect that to trend or what you've assumed for the year?

作為我的後續行動，我想補充一點我猜約翰早些時候關於成本通脹的問題。你給出的數字是每英尺 1,125 美元，顯然，這是日曆年的平均值。但是您認為在這一年中是否存在某種隱含的減少？我知道你知道這是保守的，但鋼鐵價格走軟的視線，你可以看到鑽機數量減少。但只是有點好奇我們如何期待這種趨勢或你對這一年的假設？

Yes, Tim, this is Chris Calvert again. I think, from an expectation standpoint, obviously our goal operationally is to go out and beat our estimates. We look to continuously improve upon operations whether that's drilling wells faster or increasing Simul-Frac percentage, things like that. And so, while it's difficult to say, to give you some sort of guard rails on 2023, I guess, we would just -- I simply look to past performance to where every year that we've gone out, whether we started Simul-Frac in 2021.

是的，蒂姆，我又是克里斯·卡爾弗特。我認為，從預期的角度來看，我們的運營目標顯然是超越我們的預期。我們希望不斷改進運營，無論是更快地鑽井還是增加 Simul-Frac 百分比，諸如此類。因此，雖然很難說，要在 2023 年給你一些護欄，但我想，我們只是——我只是看看過去的表現，看看我們每年的表現，無論我們是否開始 Simul- 2021 年壓裂。

We've increased the number of wells that we've done that on in 2021 then in 2022. And so while it's hard to give you an estimate on where we think we could beat, I think that we look to our past performance from an operating group and say that we always execute at an extremely high level. We continuously improve upon the areas that we know are our capital efficient areas whether that's redesigning casing strings, dual-fuel usage, things like that.

我們已經增加了我們在 2021 年和 2022 年完成的油井數量。因此，雖然很難估計我們認為我們可以超越的地方，但我認為我們從過去的表現來看運營團隊，並說我們始終以極高的水平執行。我們不斷改進我們知道的資本效率領域，無論是重新設計套管柱、雙燃料使用等等。

And so while it's hard to give you any sort of a guard rail, I would look to just continuously improve on the statistics that we put forward last year, and that's things such as increasing Simul-Frac. That still do have a very nice dollar savings when we do those procedures.

因此，雖然很難給你任何形式的護欄，但我希望不斷改進我們去年提出的統計數據，比如增加 Simul-Frac。當我們執行這些程序時，這仍然可以節省很多錢。

Thank you, ladies and gentlemen. This ends the Q&A portion of this morning's conference call. I'd like to turn the call over to management for any closing remarks.

謝謝你們，女士們，先生們。今天上午電話會議的問答部分到此結束。我想把電話轉給管理層聽取任何結束語。

This is Joe, the Founder and Chairman and CEO, and I'd first like to thank you for your interest in Matador, and extend once again our invitation to come by and see us and we'll have more extensive visit. The second thing I want to know is that, we try to look longer-term than just a quarter. I think, we had a great quarter in the fourth quarter of 2022, but we're not trying to rest on our laurels, but make plans, not just for the first quarter of this year to be good, but the whole year to be good. And to set it up in such a way that we'll get better and progress in value, but set it up again for 2024. We've seen that for some time that, that was really going to be a good year for us, and -- but we also think the rest of 2023 will be very productive.

我是喬，創始人兼董事長兼首席執行官，我首先要感謝您對鬥牛士的興趣，並再次發出我們的邀請，來看我們，我們將進行更廣泛的訪問。我想知道的第二件事是，我們試圖著眼於更長遠的目標，而不僅僅是一個季度。我認為，我們在 2022 年第四季度表現出色，但我們並不想固步自封，而是要製定計劃，不僅要讓今年第一季度表現出色，而且要讓全年都表現出色好的。並以一種我們會變得更好並在價值上取得進步的方式進行設置，但要在 2024 年再次進行設置。我們已經看到了一段時間，那對我們來說真的是個好年頭，並且 - 但我們也認為 2023 年剩餘時間將非常富有成效。

So on cost inflation, I do think that's we're getting a better handle on it, and I want to be conservative. I maybe overly conservative on that and overly conservative on production. But if we weren't doing the Advance, we'd have a lot bigger growth than 3%. And I think you all trust us with our history that we will be back more along the historic curve.

所以關於成本通脹，我確實認為我們正在更好地處理它，我想保守一點。我可能在這方面過於保守，在生產方面過於保守。但如果我們不做 Advance，我們的增長率將遠高於 3%。而且我認為你們都相信我們的歷史，我們將沿著歷史曲線更多地回歸。

And with the Midstream, that's strategic. And again, when you have different units that have been involved, it just takes a little more time and planning. But I think you're going to see -- companies with Midstream have a real advantage, because there is some capacity limits and you got to get your water disposed up. And if you own it and control it, you just have some advantages of getting your product to market or your saltwater disposed.

對於中游，這是戰略性的。而且，當你有不同的單位參與時，只需要更多的時間和計劃。但我認為你會看到——擁有 Midstream 的公司有真正的優勢，因為有一些能力限制，你必須處理你的水。如果您擁有並控制它，您就可以在將產品推向市場或處理鹽水方面獲得一些優勢。

And that's what we're trying to build, something that has real long-term value and have, what we say, proper growth at a measured pace. And some of that relates to the timing that you've got to wait for your neighbors to finish their fracking before you could come in and do it. And timing of the Midstream or getting a rig in, and when you have the high-class problem of all your -- we have six teams and each of them have wells they want to drill in their sector. And so, we've got to allocate capital and rigs to help them do that. That takes a little more planning and a little more timing.

這就是我們正在努力打造的東西，它具有真正的長期價值，並且我們所說的以有節制的速度實現適當的增長。其中一些與您必須等待鄰居完成水力壓裂才能進來進行操作的時間有關。以及中游或鑽井平台的時間安排，以及當您遇到所有高級問題時 - 我們有六個團隊，每個團隊都有他們想要在其部門鑽探的油井。因此，我們必須分配資金和鑽井平台來幫助他們做到這一點。這需要更多的計劃和更多的時間。

So, we've always tried to look -- we look at the quarter, but we also look at the year, and then the year-after to keep up this momentum. So, if you want more detail, we invite you to come in and see us, and I think, you'll see the plan make sense when you get to see it all at once and you'll get to meet the caliber of our staff, and I always like to emphasize the quality of our rock and the quality of our people is the best assurance of future success as Matador continues its growth to a $10 billion company.

所以，我們一直試圖看——我們看這個季度，但我們也看今年，然後是下一年，以保持這種勢頭。所以，如果你想要更多細節，我們邀請你來看看我們，我想，當你一次看到所有的東西時，你會發現這個計劃是有意義的，並且你會達到我們的水平工作人員，我總是喜歡強調我們搖滾的品質和我們員工的品質是未來成功的最佳保證，因為鬥牛士繼續成長為一家價值 100 億美元的公司。

So with that, I'll sign off. But don't hesitate to call us, we will always return calls.

因此，我將退出。但請隨時致電我們，我們將隨時回電。

Ladies and gentlemen, thank you for your participation today. This concludes today's program.

女士們，先生們，感謝你們今天的參與。今天的節目到此結束。