Matador Resources Co (MTDR) 2023 Q4 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the Fourth Quarter and Full Year 2023 Matador Resources Company Earnings Conference Call. My name is Tanya, and I'll be serving as the operator for today.

早安，女士們，先生們。歡迎參加 Matador Resources 公司 2023 年第四季和全年財報電話會議。我叫 Tanya，今天我將擔任接線生。

(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 1 year as discussed in the company's earnings press release issued yesterday.

（操作員指示）謹此提醒，本次會議正在錄製中。出於重播目的，重播將在公司網站上提供一年，正如公司昨天發布的收益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, may begin.

我現在將把電話轉給 Matador 投資者關係副總裁 Mac Schmitz 先生。施密茲先生，可以開始了。

Thank you, Tanya, and good morning, everyone, and thank you for joining us for Matador's Fourth Quarter and Full Year 2023 Earnings Conference Call. Some of the presenters today will reference 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 Tanya，大家早安，謝謝您參加我們的 Matador 2023 年第四季和全年收益電話會議。今天的一些演講者將參考 Matador Resources 在衡量公司財務表現時經常使用的某些非 GAAP 財務指標。此類非公認會計原則財務指標與根據公認會計原則計算的可比較財務指標的調節表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 the 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 and any subsequent quarterly reports on Form 10-Q.

提醒一下，今天早上的演示中包含的某些陳述可能具有前瞻性，反映了公司根據現有資訊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有重大差異。有關可能導致實際結果出現重大差異的因素的更多資​​訊包含在公司的收益報告和最新的 10-K 表年度報告以及 10-Q 表中的任何後續季度報告中。

In addition to our earnings press release issued yesterday, I would like to remind everybody that we can -- that you can find a slide presentation in connection with the fourth quarter and full year 2023 earnings release under the Investor Relations tab on our corporate website.

除了昨天發布的收益新聞稿外，我想提醒大家，您可以在我們公司網站的「投資者關係」標籤下找到與第四季度和 2023 年全年收益發布相關的幻燈片演示。

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

現在，我想將電話轉給我們的創辦人、董事長兼執行長 Joe Foran 先生。喬？

Thank you, Mac, and thank you all for taking the time to listen in. This has been -- last year was a very important year for us. And this year has taken on growing importance, too. The first thing that I'd like to mention is simply that it's been a remarkable year in that production is up, revenues are up, lease acreage is up 18%, inventory, of course, is up and our dividends are up. While costs are down, including LOE is down, drilling costs are down, G&A is down and the debt is down. So that's the big picture now but we're trying to improve around all the edges on that. But that's the basic story, things are headed in the right avenue.

謝謝 Mac，也謝謝大家抽出時間來聆聽。去年對我們來說是非常重要的一年。今年也變得越來越重要。我想提到的第一件事是，今年是非凡的一年，產量增加，收入增加，租賃面積增加 18%，庫存當然增加，我們的股息也增加。雖然成本下降，包括 LOE 下降、鑽井成本下降、一般管理費用下降以及債務下降。這就是現在的大局，但我們正在努力改進所有方面。但這是基本的故事，事情正在朝著正確的方向發展。

The second thing, I'd just like to point out that we've sorted the Advance acreage and acquisition. That's the largest to date and it's integrated very well. We always shout out to the professionalism. The Matador people were very professional in the hand off. It went very smoothly and we're delighted by how efficient and how the production and the rock have exceeded expectations. So thanks to them. We're trying to put those assets to full work, and we'll be getting a report on that. And those were 2 of the main points that I wanted to get across to start the conversation, and now we're ready for your questions.

第二件事，我想指出的是，我們已經對預購面積和收購進行了分類。這是迄今為止最大的，並且整合得非常好。我們總是大聲疾呼專業精神。鬥牛士的交接工作非常專業。進展非常順利，我們對生產和岩石的效率以及製作和岩石超出預期感到高興。所以要感謝他們。我們正在努力讓這些資產充分發揮作用，我們將收到相關報告。這些是我在開始對話時想要表達的兩個要點，現在我們已準備好回答您的問題。

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

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

Up in the northern part of the Delaware, I mean, midstream constraint has been an industry issue. You guys alluded to some third-party tightness. Can you give a little more color on what that is and how much it impacts you in your solutions going forward?

我的意思是，在特拉華州北部，中游限制一直是產業問題。你們提到了一些第三方的緊張。您能否詳細說明一下這是什麼以及它對您未來的解決方案有何影響？

Well, Scott, that's a really good question, and I'll start it off and others around the table can fill in. But constraints is probably not the best word for it. It's more about maintenance that the older systems they're going to have a leak here or there. There's going to be some part of the equipment that needs to be attended to. And they have every reason to get it repaired as quickly as they can because they're not receiving revenues while it's down for maintenance.

嗯，斯科特，這是一個非常好的問題，我將首先提出這個問題，桌旁的其他人可以補充。但約束可能不是最好的詞。更重要的是維護，舊系統會在各處出現洩漏。設備的某些部分需要注意。他們有充分的理由盡快修復它，因為在維修期間他們無法獲得收入。

And of course, we're eager for them to get it repaired as quickly but that's just part of the business and operations that they're going to have a few more, but we appreciate the way they've gotten after it. We appreciate their communications. We've been fortunate on our part of our midstream system. We have not been down. But of course, we -- our equipment is out of the later vintage.

當然，我們渴望他們盡快修復它，但這只是他們將擁有更多業務和營運的一部分，但我們欣賞他們在修復之後的方式。我們感謝他們的溝通。我們在中游系統方面很幸運。我們還沒倒下。但當然，我們——我們的設備已經過時了。

So everybody is working on the problem. And it didn't matter of well productivity. It's just these things go down, they need to be attended to. And -- but we have fairly limited exposure there but it has had the effect of about 5,500 barrels a day for this month. When you put that in perspective of the whole year, this is one quarter that we're experiencing it. And if you put in the whole year, you're talking about maybe 1% of our expected annual production, and we think we'll make that up in the quarters to come fairly easily. We haven't taken into account any acquisitions and our projected production are very little. So you have that upside and you have the other efficiencies that our production group seems to come up with each year.

所以每個人都在努力解決這個問題。這與生產力無關。只是這些事情會發生，需要注意。而且——但我們在那裡的敞口相當有限，但本月的影響是每天約 5,500 桶。當你從全年的角度來看時，這只是我們正在經歷的一個季度。如果你把全年的產量計算在內，你談論的可能是我們預期年產量的 1%，我們認為我們將在接下來的幾個季度中相當容易地彌補這一點。我們沒有考慮任何收購，我們預期的產量也很少。所以你有這個優勢，你也有我們的生產團隊似乎每年都能提出的其他效率。

Scott, this is Glenn. I'll just pile on to what Joe was saying in just the temporary nature of these this reduction in production for Q1. We do feel very confident that the issues will be resolved by the end of this quarter, and we'll be -- set ourselves up very nicely for the rest of the year. I do want to highlight that the connectors between the Pronto system and the Advance properties is very well underway. We have the permits in the right of way and the construction is very well underway there and same on the Pronto to the San Mateo connector.

史考特，這是格倫。我將繼續補充喬所說的第一季產量減少的暫時性質。我們確實非常有信心這些問題將在本季末得到解決，而且我們將為今年剩餘時間做好準備。我確實想強調的是，Pronto 系統和 Advance 屬性之間的連接器正在順利進行。我們擁有通行權許可，施工進展順利，Pronto 至 San Mateo 連接器的施工也進展順利。

And we did highlight in the release but just to say that the uptime that we experience with San Mateo and Pronto is, we feel second to none and that communication that goes on between the teams is daily, and we have a lot of visibility into the operations, both on the maintenance side and what our development plans are. And those 2 -- really 3 businesses do go very well hand-in-hand with each others.

我們確實在發布中強調了這一點，但只是想說，我們在 San Mateo 和 Pronto 體驗到的正常運行時間是首屈一指的，並且團隊之間每天都進行溝通，並且我們對運營，無論是維護方面還是我們的發展計劃。這 2 家——實際上 3 家企業確實攜手並進，發展得很好。

Got it. Appreciate the color. And as my follow-up question, you've had the Advance wells online for probably getting close to 6 months now. Can you give us a sense of how those wells are performing relative to your expectation? And with the next batch of Advance wells, which I think are the Dagger wells, remind us like any differences we should expect there? And if you had any color on the timing within the second quarter, you do expect to bring those on.

知道了。欣賞顏色。作為我的後續問題，您在線使用 Advance 井現在可能已經接近 6 個月了。您能否讓我們了解這些井的表現與您的預期相比如何？下一批 Advance 井（我認為是 Dagger 井）提醒我們，我們應該期待那裡有什麼差異？如果你對第二季的時間安排有任何看法，你確實希望能實現這些。

Sure, Scott. This is Tom Elsener. The first part of your question regarding the 21 Margarita wells we brought online back in August of 2023. We've been very pleased with those results, just as we've always said, those wells would come online with very high oil cuts, and I think we've certainly gotten that at average oil cuts of over 84%. They've gone very smoothly into integrating with the production facilities teams. And those wells are off to a great start.

當然，斯科特。這是湯姆·埃爾森納。你的問題的第一部分是關於我們於2023 年8 月上線的21 口瑪格麗塔油井。我們對這些結果非常滿意，正如我們一直所說的那樣，這些油井將在含油量非常高的情況下上線，我認為，平均石油削減量超過 84%，我們肯定已經實現了這一點。他們非常順利地與生產設施團隊整合。這些井已經有了一個好的開始。

The next wells we've got the Dagger Lake South wells, as we said in the slide deck on Page 11, those wells are very close to the Margarita wells with very similar rock quality, going to have very high oil cuts just like the Margaritas. And those wells will come online in the second quarter of 2024, similar to how we brought the Margaritas online in a staggered fashion. It still is a very big project for us. Those wells are 1.5-mile laterals as opposed to the 2.25 long Margaritas but still at a very high working interest. I believe it's 21 growth in about 19 net wells and we're feeling very strong about those results, and I can't wait to get them online soon.

接下來的井我們有 Dagger Lake South 井，正如我們在第 11 頁的幻燈片中所說，這些井非常接近 Margarita 井，岩石質量非常相似，就像 Margaritas 一樣，石油開採率非常高。這些油井將於 2024 年第二季上線，類似於我們以交錯方式上線瑪格麗塔酒的方式。對我們來說這仍然是一個非常大的項目。這些井的支管長度為 1.5 英里，而 Margaritas 的支管長度為 2.25 英里，但仍具有很高的工作興趣。我相信大約 19 口淨井增長了 21 口，我們對這些結果感覺非常強烈，我迫不及待地想讓它們盡快上線。

And our next question will be coming from Neal Dingmann of Truist.

我們的下一個問題將來自 Truist 的 Neal Dingmann。

Joe, nice quarter. My question is around (technical difficulty) your regional focus. I'm just wondering could you specifically talk about -- it seemed like that Northern Lea area, you had very strong activity. I'm just wondering in that -- is that going to be the focus of this area? And could you talk about how this great area sort of compares to that very, very strong Rodney Robinson Stateline there.

喬，不錯的季度。我的問題是關於（技術難度）你們的區域重點。我只是想知道你能否具體談談——北利地區似乎有非常活躍的活動。我只是想知道——這會成為這個領域的焦點嗎？您能談談這個偉大的地區與那裡非常非常強大的羅德尼羅賓遜州線相比如何嗎？

Neal, if you could repeat your question, you cut out in the middle of it. So if you restate the question, I feel better than trying to guess.

尼爾，如果你可以重複你的問題，你就從中間刪除了。因此，如果你重述這個問題，我感覺比試圖猜測要好。

Okay. Joe, what I'm getting at is, specifically, you suggested '24 oil production is growing faster boosted, I think, by that Northern Lea County activity. And I'm just wondering, can I assume that post the natural gas connection that much of the visors activity will be in that Northern Lea area? I'm just wondering how do you all think this Northern Lea area compares to that very strong Stateline of Roddy Robinson?

好的。喬，我的意思是，具體來說，你建議「24 石油產量成長得更快，我認為，這得益於北利縣的活動」。我只是想知道，我是否可以假設天然氣連接後，大部分遮陽板活動將在北利地區進行？我只是想知道你們覺得這個北利地區與羅迪·羅賓遜那條非常強大的州線相比怎麼樣？

Neal, this is Tom. I'll take the first part of that and then Ned or Glenn may want to chime in as well. But as we've kind of talked for quite some time, the bulk of this kind of Advance acreage that's in the kind of like Lea County area is sandwiched between the Rodney Robinson acreage to the south and some of the Mallon acreage to the North and East. We've been very pleased with the results, not just from those 2 tracks, but also some of the other properties that we have been drilling in that same area. The oil cuts on all of those are very high. They're not exactly the same amongst all areas but very strong oil cut, and we expect to continue to focus there.

尼爾，這是湯姆。我會先講第一部分，然後內德或格倫可能也想插話。但正如我們已經討論了很長一段時間的那樣，這種高級土地的大部分位於利縣地區，夾在南部的羅德尼·羅賓遜土地和北部的一些馬隆土地之間，東方。我們對結果非常滿意，不僅是這兩條軌道，還有我們在同一區域鑽探的其他一些礦產。所有這些的石油削減量都非常高。所有地區的情況並不完全相同，但石油減產非常強勁，我們預計將繼續關注這些地區。

I will highlight that this is one of the areas where we've been very happy with the 3rd Bone Spring carbonate wells, where we highlighted that one of our 3rd Bone Spring carbonate well had IP-ed at approximately 2,600 BOE per day, and I believe at about 86% oil. That's the zone that we added to our inventory over the last year. And also, we've also added the second one Spring carbonate to our inventory this year based on the strength of several wells drilled in and around that area. I believe we have about 19 wells that we have an interest in that helped kind of donate that zone for us. But we've always been proud of that Ranger area and also kind of the Antelope Ridge area.

我要強調的是，這是我們對第三個 Bone Spring 碳酸鹽井非常滿意的領域之一，我們強調我們的第三個 Bone Spring 碳酸鹽井之一的 IP 產量約為每天 2,600 BOE，而且我相信含油量約86%。這是我們去年添加到庫存中的區域。此外，我們還根據該地區及其周圍鑽探的幾口井的強度，在今年的庫存中添加了第二個 Spring 碳酸鹽岩。我相信我們對大約 19 口井感興趣，這在某種程度上幫助我們捐贈了該區域。但我們一直為 Ranger 地區和羚羊嶺地區感到自豪。

But I would add that all of our assets are contributing all around the basin. And even we brought online 17 wells in the Arrowhead asset area in the last quarter that we're very proud of and we're also connected to the San Mateo system and also located generally speaking, where that Pronto to San Mateo connector line is. Hopefully, that helps.

但我想補充一點，我們所有的資產都在為整個盆地做出貢獻。甚至我們在上個季度在 Arrowhead 資產區域上線了 17 口井，我們對此感到非常自豪，並且我們還連接到 San Mateo 系統，並且一般來說也位於 Pronto 到 San Mateo 連接線所在的位置。希望這會有所幫助。

I think, Neal, a good point at this time since come up as we got some questions last night from people asking about the connector lines, would they be on or not? And I want to just say again, for the record that we have a very high confidence level that they'll be on in the next quarter.

我認為，尼爾，這是一個很好的觀點，因為昨晚我們收到了一些關於連接器線路的問題，它們會打開還是關閉？我想再次強調，我們對他們在下個季度的表現抱有很高的信心。

Glenn, do you want to elaborate?

格倫，你想詳細說明一下嗎？

Yes. Just as said, and Joe said, I mean, we're very confident that those will be complete by the end of the first quarter and we'll be ready to go there. And another advantage to that system is just by tying those 2 together is really taking advantage of all 520 million cubic feet a day of processing and gathering. So we're excited it's getting put in the ground right now and excited to put them in service.

是的。正如喬所說，我的意思是，我們非常有信心這些工作將在第一季末完成，我們將做好準備。該系統的另一個優勢是將兩者結合在一起，真正利用了每天 5.2 億立方英尺的處理和收集量。因此，我們很高興它現在投入使用，也很高興將它們投入使用。

Well, all the permits are taken, all the surface use agreements are done, all the paperwork's done. They're out there working on it, 2 crews. So we're in control of our fate. It's just continue, they've already done a substantial amount of the work. So again, we have a high degree. It will be finished in the same way with the other connector that's coming together nicely. And again, we'll have -- if we need to, to bring to expedite matters, we'll have a couple of extra crews. So they won't be waiting on us.

好吧，所有的許可證都已獲得，所有的地面使用協議都已完成，所有的文書工作也已完成。他們在那裡工作，有兩個工作人員。所以我們掌控著自己的命運。只是繼續，他們已經做了大量的工作。再說一次，我們有很高的學位。它將以相同的方式與另一個很好地組合在一起的連接器完成。再說一次，如果我們需要的話，為了加快進程，我們將有一些額外的工作人員。所以他們不會等我們。

Go ahead, Glenn.

來吧，格倫。

At this point, it's on us, and we're very good at building pipeline. So...

此時，重任就在我們身上，我們非常擅長建構管道。所以...

That's fantastic detail. And guys, my second question is land acquisition. Specifically, you all continue to be highly successful just bolting on assets like the -- I think you mentioned about the -- besides the assets that added about 1,000 BOE per day that came with the latest additions? I'm just wondering, will this continue to be a priority going forward and do you see these opportunities?

這是非常棒的細節。各位，我的第二個問題是土地徵用。具體來說，除了每天增加約 1,000 BOE 的資產（最新增加的資產）之外，你們都繼續取得了非常成功的資產，例如——我想你們提到過——？我只是想知道，這會繼續成為未來的優先事項嗎？您看到這些機會了嗎？

Yes. Neal, thank you for asking that question is, yes -- the answer is, yes. Last year, of course, Advance was our biggest deal ever and has drawn a lot of attention but our land group, our business development group did another 200 transactions. Most of them are -- some of them were very, very small. Some of them were a little larger. But they're out there -- our land men, in particular out there all the time making deals, what the deals last couple of years have grown increasingly. It's just a rationalization of assets between companies. We -- you trade out of your non-op for somebody else's non-op pant that you operate. And so things like that are a little orphans out by themselves.

是的。尼爾，謝謝你提出這個問題，是的——答案是，是的。當然，去年，Advance 是我們有史以來最大的一筆交易，引起了許多關注，但我們的土地集團、我們的業務開發集團又進行了 200 筆交易。它們中的大多數——其中一些非常非常小。其中一些更大一些。但他們就在那裡——我們的土地人員，特別是一直在那裡進行交易，過去幾年的交易越來越多。這只是公司之間資產的合理化。我們——你用你的非手術換取你經營的別人的非手術。所以像這樣的事情本身就是一個小孤兒。

So I think those will come along. Companies are being very cooperative with each other. And these are small transactions that don't have that kind of by themselves a big material impact. But in the aggregate, they add up and they make your operations that much more efficient. So there's a real rationale to do that.

所以我認為這些都會隨之而來。公司之間的合作非常密切。這些都是小交易，本身不會產生重大的實質影響。但總的來說，它們加起來會讓您的營運更有效率。所以這樣做是有真正理由的。

And then at the same time, some of the bigger outfits are wanting to concentrate their assets in one area or another. So those opportunities come up. And then you have private equity has always got a few things coming out. So I think it will continue and Van's group may want to say a word but he has them out there on the road a lot. And -- and they've -- they're building relationships and just trying to do things that make sense for both sides.

同時，一些較大的公司希望將其資產集中在一個或另一個領域。所以這些機會就出現了。然後，私募股權總是會推出一些東西。所以我認為這會繼續下去，範的團隊可能想說一句話，但他讓他們經常在路上。他們正在建立關係，並嘗試做對雙方都有意義的事情。

Yes. This is Ben. I'll echo what Joe just said and add a little bit that we try to make these win-win deals for both sides. I think we've got a long track record of our brick-by-brick approach. I think you can expect to see that to continue. We're off to a great start so far this year and have a pretty favorable outlook for the rest of the year. But also want to give a shout out to our counterparts that we do these deals too. It takes both sides to make it a win-win.

是的。這是本。我會回應喬剛才所說的話，並補充一點，我們努力為雙方達成雙贏的協議。我認為我們在一磚一瓦的方法方面有著悠久的歷史記錄。我想你可以期待看到這種情況繼續下去。今年到目前為止，我們已經有了一個良好的開端，並且對今年剩餘時間的前景也非常樂觀。但也想向我們的同行大聲喊叫，我們也做了這些交易。需要雙方共同努力，才能達到雙贏。

And as Joe mentioned earlier, the professionalism that we saw on the other side for the Advance deal, I think we see that on the smaller deals, too. And relationships, as you know, are important to us, and we want to be able to say that we did what we said we're going to do. And I think you could just, as I said, expect to see more of the same going forward. That's our bread and butter. And we're constantly evaluating different deals and trying to keep our pipeline full.

正如喬之前提到的，我們在高級交易中看到了對方的專業精神，我認為我們在較小的交易中也看到了這一點。如你所知，關係對我們很重要，我們希望能夠說我們做了我們說過要做的事。我認為，正如我所說，你可以期待看到更多相同的事情發生。這就是我們的麵包和黃油。我們不斷評估不同的交易，並努力保持我們的管道充足。

Well, that's been the other key Neal is at Van and his group, hadn't done one deal and then just stopped to let the pipeline run dry. They just managed to keep deals floating on the pipeline, some of fall out for one reason or another. But by keeping deals in the pipeline all the time, there's that brick-by-brick approach. It happens each month. And it's been effective, and we like our chances. We like our ability of our land men to build those relationships and make those deals.

好吧，這是尼爾在範和他的團隊中的另一個關鍵，他沒有完成一筆交易，然後就停下來讓管道枯竭。他們只是設法讓交易繼續進行，其中一些交易由於這樣或那樣的原因而失敗。但透過始終保持交易在進行中，就有了這種一磚一瓦的方法。每個月都會發生這種情況。這是有效的，我們喜歡我們的機會。我們喜歡土地人員建立這些關係並達成這些交易的能力。

Our next question will be coming from Tim Rezvan of KeyBanc Capital Markets.

我們的下一個問題將來自 KeyBanc Capital Markets 的 Tim Rezvan。

I wanted to circle back on the 21 Dagger Lake wells. You provided some comments on them earlier. They clearly look like they're going to underpin what's going to be a pretty big steep production ramp in the back half of the year. So they're obviously pivotal to the guide you have out there. Can you give us a specificity on exactly what's happening there? Have you started completions? Or what is sort of the schedule over the next couple of months to get those online with expectations?

我想繞回 Dagger Lake 的 21 口井。您之前對它們提供了一些評論。顯然，它們將支撐今年下半年相當大的陡峭產量成長。因此，它們顯然對於您現有的指南至關重要。您能給我們具體介紹一下那裡到底發生了什麼事嗎？你開始完成了嗎？或者未來幾個月的時間表是什麼，以使這些人能夠按預期上網？

Tim, this is Chris Calvert, EVP Co-COO. It's a great question. If you look at Slide 11 in our deck, we have a pretty good summary slide on the Advance integration. But as far as timing on these 21 Dagger Lake South wells, everything is going as planned. It's a very similar story to the to the Pronto connector down to some of this acreage. It's kind of business as usual on the operations front. We messaged that we are pilot testing -- or excuse me, our Trimul-frac, that's actually going on this Dagger Lake South project. And so we're very excited about Trimul-frac in and of itself but just more specific to your question, operations are moving forward as planned. And we're pushing forward for that kind of Q2 turn-in line date but everything operationally seems to be going according to plan.

提姆，我是克里斯‧卡爾弗特，執行副總裁兼營運長。這是一個很好的問題。如果您查看我們投影片中的投影片 11，您會發現我們有一張關於 Advance 整合的非常好的總結投影片。但就這 21 口 Dagger Lake South 井的時間而言，一切都按計畫進行。這與 Pronto 連接器的故事非常相似，甚至到了部分區域。營運方面一切如常。我們表示我們正在進行試點測試——或者對不起，我們的 Trimul-frac，實際上正在 Dagger Lake South 項目中進行。因此，我們對 Trimul-frac 本身感到非常興奮，但更具體地說，對於您的問題，營運正在按計劃進行。我們正在推進第二季的交貨日期，但一切似乎都按計劃進行。

And Tim, this is Glenn Stetson. I just wanted to highlight that when we bought the Advance properties, they had built out a water gathering system and they had to dispose a well there too. And so we'll be tying into that on the water side. And then on the gas side, as I mentioned, that gas is planned to go to Pronto with the connector. So we're all set up there from a takeaway standpoint.

提姆，這是格倫·斯泰森。我只是想強調一下，當我們購買 Advance 房產時，他們已經建造了一個集水系統，並且還必須在那裡設置一口井。所以我們將把它與水的一面聯繫起來。然後在天然氣方面，正如我所提到的，天然氣計劃通過連接器輸送到 Pronto。因此，從外賣的角度來看，我們都在那裡做好了準備。

Okay. And then I know you staggered those [tills], do you have any timing you can provide on when that will happen? Like in April or June? Just trying to understand.

好的。然後我知道你交錯了這些[直到]，你能提供什麼時間嗎？例如四月或六月？只是想了解一下。

Yes, Tim, this is Tom again. Very similar to how we did things on the Margarita side. We'll probably have a little bit of a compressed ramp-up compared to Margarita, since many of these facilities are a little bit further along in the integration process. But probably mid- to late Q2 is probably my guess. And these forecasts, they do tend to change but I agree with Chris, things are going very well, and we have great confidence in the second quarter.

是的，提姆，這又是湯姆。與我們在瑪格麗塔方面的做法非常相似。與瑪格麗塔相比，我們可能會有一點壓縮的提升，因為其中許多設施在整合過程中走得更遠。但我的猜測可能是第二季中後期。這些預測確實會發生變化，但我同意克里斯的觀點，事情進展順利，我們對第二季充滿信心。

Our next question will be coming from Leo Mariani.

我們的下一個問題將來自利奧·馬裡亞尼。

So just kind of wanted to kind of get a little bit more color on the midstream. I think you guys obviously seem very confident the issues will sort of be behind you at the end of the first quarter here. So once everything is kind of connected in terms of Advance to Pronto and Pronto to San Mateo, do you feel like this gives you a lot more redundancies in the system, you're not as dependent upon third parties. And then could you also just address kind of where you stand on potential partner conversations for the new $200 million to your plan?

所以只是想在中流獲得更多的色彩。我認為你們顯然非常有信心這些問題將在第一季末得到解決。因此，一旦一切都以 Advance 到 Pronto 和 Pronto 到 San Mateo 的方式連接起來，您是否覺得這會給您系統帶來更多冗餘，您就不再那麼依賴第三方了。然後，您能否就新的 2 億美元計劃談談您在潛在合作夥伴對話中的立場？

Leo, I'll start. This is Glenn. The short answer is yes. So the Pronto to San Mateo connector will be set up such that those 2 systems can flow one way or the other. And so today, it looks like it's more Pronto to San Mateo but once the second plant -- the $200 million a day plant expansion that we're -- that is underway today on the Pronto system, that will expand the capacity of the system as a whole and gas can swing back and forth between those 2 systems and provide more flexibility and more flow assurance for times where there's either preventative maintenance going on or whatever the situation might be.

利奧，我要開始了。這是格倫。簡短的回答是肯定的。因此，Pronto 到 San Mateo 連接器的設定將確保這兩個系統可以以一種方式流動。所以今天，看起來更多的是從 Pronto 到聖馬特奧，但一旦第二個工廠——我們每天耗資 2 億美元的工廠擴建——今天在 Pronto 系統上進行，這將擴大系統的容量作為一個整體，天然氣可以在這兩個系統之間來回擺動，並在進行預防性維護或任何情況下提供更大的靈活性和更多的流量保證。

And that second plant is scheduled for the second half of -- or excuse me, the first half of 2025. And our BD teams are -- we're going to fill a lot of that plant expansion up with Matador's equity volumes but certainly, there'll be extra capacity there. And our teams are actively working on what opportunities there are for third-party volumes that will deliver to that system, and we feel like there is a lot of opportunity given the nature of what exists today in that northern part of the basin.

第二家工廠計劃於 2025 年下半年——或者對不起，上半年。我們的 BD 團隊——我們將用鬥牛士的股權來填補工廠擴建的大部分空間，但當然，那裡會有額外的容量。我們的團隊正在積極研究向該系統交付第三方量的機會，考慮到該盆地北部地區目前存在的性質，我們認為存在許多機會。

Okay. That's helpful. And just any color on kind of where you stand with partner discussions, potential partners for that new $200 million plant?

好的。這很有幫助。以及您在合作夥伴討論中的立場，以及價值 2 億美元的新工廠的潛在合作夥伴？

Yes. Leo, I'll take that question -- is that -- look, we are in a position. We have plenty of money on our RBL to fund it. We paid down our RBL over $200 million for what we borrowed on the advantage acquisition. So that's the use of that is that it's there. We have over $1 billion on our RBL. We have good standing.

是的。利奧，我來回答這個問題──就是──看，我們處於有利位置。我們的 RBL 有足夠的資金來資助它。我們還清了 2 億多美元的 RBL，用於收購優勢所藉的資金。這就是它的用途。我們的 RBL 資金超過 10 億美元。我們有良好的信譽。

So it's not a problem. Our criteria is not because we need some partner, we're interested in somebody that helps bring something extra to the table that in some way that enhances the value or the efficiency of the system and the plant, so -- or gives drilling incentives like what we have with San Mateo. So is out there. If we can find a partner who can enhance it, we're interested in talking but we're not just trying to get financing. And that doesn't have a lot of appeal because we already have that in place with our RBL.

所以這不是問題。我們的標準不是因為我們需要一些合作夥伴，我們感興趣的是那些能夠幫助帶來額外的東西的人，這些東西以某種方式提高系統和工廠的價值或效率，所以——或者給予鑽探激勵，例如我們與聖馬刁的關係。外面也是如此。如果我們能找到一個可以增強它的合作夥伴，我們有興趣進行交談，但我們不僅僅是試圖獲得融資。這並沒有太多吸引力，因為我們已經在 RBL 中實現了這一點。

And our next question will be coming from Zach Parham of JPM.

我們的下一個問題將來自摩根大通 (JPM) 的 Zach Parham。

I guess first just on your cash taxes, the guidance at 5% to 10% of pretax income was a bit better than we were modeling as we had assumed you'd be subject to the AMT. Can you give us some color on how you're able to still defer a majority of your taxes in 2024? And any thoughts on how cash taxes will trend in 2025 in future years?

我想先就您的現金稅而言，稅前收入 5% 至 10% 的指導比我們建模的要好一些，因為我們假設您需要繳納 AMT。您能否告訴我們一些關於您如何在 2024 年仍然能夠推遲繳納大部分稅款的信息？對於未來幾年 2025 年現金稅的趨勢有何想法？

Sure. This is Rob Macalik. I'm the Chief Accounting Officer. We continue to work really hard, both internally and with our external tax providers and we try and take every deduction in tax credit that we're allowed to take under law. In 2023, as you noted, we were down about 1% on our current tax rate. We knew that, that was going to go up for 2024. I think it is a little bit better than even what we were anticipating just as we continue to work through the kind of vague guidance that's out there but we feel very confident in our current estimation that we won't be subject to the KMP, that alternative minimum tax that you referenced for 2024.

當然。這是羅布·麥卡利克。我是首席會計官。我們繼續在內部和與外部稅務提供者一起努力工作，並嘗試根據法律允許我們扣除所有稅收抵免。正如您所指出的，2023 年我們的稅率比目前稅率下降了約 1%。我們知道，到 2024 年，這個數字將會上升。我認為這比我們的預期要好一些，就像我們繼續努力解決現有的模糊指導一樣，但我們對當前的情況非常有信心估計我們不會受到KMP（您提到的2024 年替代最低稅）的約束。

We continue to evaluate that and look through just there are so many factors that can go into whether we'll be subject to that in 2025, and we'll continue to monitor that. But at the moment, like you said, we feel very good about the 5% to 10% of our pretax income would be cash taxes. But like I said, we'll continue to work and drive that down as much as we can.

我們將繼續對此進行評估並進行調查，因為有許多因素可以影響我們是否會在 2025 年受到這種影響，我們將繼續對此進行監控。但目前，正如您所說，我們對稅前收入的 5% 到 10% 是現金稅感到非常滿意。但就像我說的，我們將繼續努力並盡可能地降低這種情況。

And then one just quick follow-up. On the cash flow statement, there's a $68 million payment to Advance this quarter. Can you detail what exactly that was and if there are any future expected payments in regards to that deal?

然後是快速跟進。在現金流量表上，本季向 Advance 支付了 6,800 萬美元。您能否詳細說明具體內容以及該交易未來是否有任何預期付款？

Sure, Zach. This is Van. That was actually a tack-on deal for some additional interest in the basin that was very complementary to what we had closed on last year. And so Brian, I don't know if you want to expand on that, but it was just more additional acreage from the same deal, which I think goes towards what we said earlier that these relationships are important. They had this interest that they wanted to move out and called us, and we were able to make a deal.

當然，扎克。這是范。這實際上是一項附加協議，旨在增加對該盆地的興趣，這與我們去年達成的協議非常互補。所以布萊恩，我不知道你是否想擴大這一點，但這只是同一筆交易中更多的額外面積，我認為這符合我們之前所說的這些關係很重要。他們有興趣搬出去並給我們打電話，我們就達成了交易。

Yes, Van, this is Brian. I think that's exactly right. And so on the cash flow statement, it's -- fourth is Advance because it's really -- for accounting rules, they treated as almost a continuation of the business combination we did before. But it's a great deal, continue to add interest in some of the similar acres that we bought. And we're really excited about. We already talked about the wells coming online this year as we expect to come on the 21 additional wells and the 21 Margarita wells that came on last year. So great acreage, and we really enjoy working with the (inaudible) folks and being able to continue to complete these transactions.

是的，範，這是布萊恩。我認為這是完全正確的。因此，在現金流量表上，第四個是預付款，因為它確實是——對於會計規則而言，他們幾乎將其視為我們之前進行的業務合併的延續。但這是一筆很大的交易，繼續增加我們購買的一些類似土地的興趣。我們真的很興奮。我們已經討論過今年上線的油井，因為我們預計去年上線的 21 口井和 21 口 Margarita 井也會上線。面積如此之大，我們真的很喜歡與（聽不清楚）人們合作並能夠繼續完成這些交易。

Maybe if I could squeeze one more in. Can you detail any production that came with those acquisitions?

也許我可以再擠進去一個。您能詳細介紹一下這些收購帶來的任何產品嗎？

Yes. This is Brian. So I think really, that 1,000 BOE per day that we mentioned in the release, that really is due to that Advance acquisition, the additional Advance acreage and the interest that we got. And so I think that's a good feel for us. And I think if we look at going forward, it's 80% oil, 77% oil is what we got. And so it's really, really good acreage. And so good interest. So that's really for that specific deal.

是的。這是布萊恩。所以我認為，我們在新聞稿中提到的每天 1,000 BOE，確實是由於 Advance 收購、額外的 Advance 面積以及我們獲得的利息。所以我認為這對我們來說是一種很好的感覺。我認為，如果我們展望未來，我們會發現 80% 是石油，77% 是石油。所以這是非常非常好的面積。還有這麼好的興趣。這確實是針對特定交易的。

I think we mentioned earlier, we do blocking and tackling deals all the time. And our land group does a very good job at that, and they continue to add interest and add production that way. And so as we grow throughout this year, part of that growth, of course, is always that we we'll do deals. We think that the land group has done a great job the last few years doing 200 deals a year and expect they'll continue to do that this year.

我想我們之前提到過，我們一直在阻止和處理交易。我們的土地集團在這方面做得非常好，他們繼續以這種方式增加興趣並增加產量。因此，隨著我們今年的成長，當然，成長的一部分始終是我們將進行交易。我們認為，土地集團在過去幾年中做得很好，每年完成 200 筆交易，並預計今年他們將繼續這樣做。

We appreciated also that in (inaudible) Matador worked with us on that transaction. They were primarily some minerals and some overrides and it was a good fit for us. And so we appreciate the follow-up and that we got that. It isn't huge. But if we do nothing like this, they'll have a favorable impact.

我們也感謝（聽不清楚）Matador 在該交易中與我們合作。它們主要是一些礦物質和一些覆蓋物，這很適合我們。因此，我們感謝後續行動，並且我們得到了這個結果。它並不大。但如果我們不做這樣的事情，它們就會產生有利的影響。

Our next question will be coming from Oliver Huang of TPH & Company.

我們的下一個問題將來自 TPH & Company 的 Oliver Huang。

Just on the operational side, I think you all highlighted about 60% of completions this year are going to be using Simul- or Trimul-frac ops. Just how much of the expected cost benefit and also the efficiency benefit from a cycle time perspective have kind of been underwritten into your 2024 outlook as it sits today?

就操作而言，我想你們都強調了今年約 60% 的完工將使用 Simul 或 Trimul 壓裂操作。從週期時間的角度來看，預期的成本效益和效率效益有多少已經納入您目前的 2024 年展望中？

Yes, Oliver, this is Chris Calvert. That's a great question. You're referring to Slide 15 in the deck where we're talking about our completed lateral footage efficiencies. And really, that has kind of been the main focus of our operational teams is how do we put forward those capital efficiencies that really help insulate from any sort of OFS inflation or deflation. And so when we look at the cost savings associated with Simul-frac and/or Trimul-frac, a lot of those savings are baked into our capital budgets. We pilot-tested Simul-frac in 2021. So I think now that it has become such a large percentage of our portfolio, we do calculate that and factor that into our budget -- forward-looking budget.

是的，奧利佛，這是克里斯卡爾弗特。這是一個很好的問題。您指的是簡報中的投影片 15，我們在其中討論了已完成的橫向鏡頭效率。事實上，我們營運團隊的主要關注點是我們如何提高資本效率，真正有助於抵禦任何形式的 OFS 通膨或通貨緊縮。因此，當我們考慮與 Simul-frac 和/或 Trimul-frac 相關的成本節省時，其中許多節省都納入了我們的資本預算。我們在 2021 年對 Simul-frac 進行了試點測試。所以我認為現在它已經成為我們投資組合的很大一部分，我們確實計算了這一點並將其納入我們的預算——前瞻性預算。

Trimul-Frac from an efficiency standpoint, we still -- like I said, we're in process of doing that right now. And so as far as the efficiencies of what we will gain, I think we'll be talking about that more on the call in April. But we're excited about Trimul-frac. We saw about a 20% to 30% improvement in capital efficiencies from the completion standpoint when we move to Simul-frac. And so we're expecting some similar numbers, a significant improvement from an operational efficiency standpoint by incorporating Trimul-frac into the operational portfolio.

Trimul-Frac 從效率的角度來看，我們仍然 - 正如我所說，我們現在正在這樣做。至於我們將獲得的效率，我想我們將在四月份的電話會議上更多地討論這一點。但我們對 Trimul-frac 感到興奮。當我們轉向 Simul-frac 時，從完成的角度來看，我們看到資本效率提高了約 20% 到 30%。因此，我們預計會出現一些類似的數字，透過將 Trimul-frac 納入營運組合，從營運效率的角度來看，將取得顯著改善。

Chris, why you're on that area, I was going to ask Tom to talk about the U-turn wells and the capital savings there. The same thing, and you look at Slide M on Page 16.

克里斯，為什麼你在那個地區，我本來想請湯姆談談掉頭井和那裡的資本節省。同樣的事情，你看一下第 16 頁的幻燈片 M。

Sure. Thanks, Joe. Oliver, this is Tom Elsener. Yes, looking at Slide M on the U-turn wells. As we've kind of talked about before, we drilled our first 2 U-turn or first 2 wells as we've called them before done on our Wolf property in Texas. And we've had very successful production results from those wells that even though they're U-turn wells, they performed just like a straight 2-mile-long lateral, very high pressures and IP rates of between 2,100 and 2,400 BOE per day. You wouldn't know the difference if it was a U-Turn or 2-mile lateral from the production results. We monitor those wells for several months now. And combined with the great cost savings that the team seemed to execute down there, we're ready to kind of do a few more of those.

當然。謝謝，喬。奧利佛，這是湯姆·埃爾森納。是的，看看掉頭井上的幻燈片 M。正如我們之前談到的，我們在德克薩斯州的 Wolf 礦區鑽探了前 2 個 U 型轉彎井或前 2 個井，正如我們之前所說的那樣。我們從這些井中獲得了非常成功的生產結果，即使它們是 U 型轉彎井，它們的表現就像一條 2 英里長的筆直橫向井，壓力非常高，IP 產率在每天 2,100 到 2,400 BOE 之間。如果是 U 型轉彎或橫向 2 英里，您不會知道與生產結果有什麼區別。我們對這些井進行了幾個月的監測。結合團隊似乎在那裡執行的巨大成本節約，我們準備好做更多這樣的事情。

And I think we've highlighted that there may be up to 20 or so U-turn wells that we may mix into the drill schedule kind of -- over the next kind of 2 years. We had some really nice rock that we would like to put into the program, just want to drill more of U-turn. And so I think we're very excited for those. And that I think they'll be very successful. We still are kind of in the learning phase. We're going to learn about some different targets in different areas. So we still -- I still think we're kind of in the walking mode. We're not quite in the running mode yet but I think we're very optimistic about it.

我認為我們已經強調，在接下來的兩年內，可能會有多達 20 口左右的掉頭井，我們可能會將它們混合到鑽探計劃中。我們有一些非常好的岩石，我們想將其放入該計劃中，只是想鑽更多的 U 形轉彎。所以我認為我們對此感到非常興奮。我認為他們會非常成功。我們仍然處於學習階段。我們將了解不同領域的一些不同目標。所以我們仍然——我仍然認為我們處於步行模式。我們還沒有完全進入運行模式，但我認為我們對此非常樂觀。

Billy, your group and you've had a lot of innovations for managed pressure drilling to the rig design. Do you want to say anything else you're working on?

比利，您的團隊和您在控壓鑽井和鑽孔機設計方面取得了許多創新。你還想說說你正在做的其他事情嗎？

Yes, sir. I mean that was a good project, and we have Patterson rigs out there on it and had some good engineers and did a really good job there, getting those wells drilled and completed, and it was a great operation, just while we're at it, go ahead and give a little shout out to Patterson and everything they've done through the last couple of decades. They didn't just build a rig and leave it there, they've continued to add with their technology and their operating systems and techniques and this is another one they were out there with us, had extra people out there to make sure it's a good successful operation.

是的先生。我的意思是，這是一個很好的項目，我們有帕特森鑽井平台，還有一些優秀的工程師，做得非常好，鑽完這些井，這是一次很棒的操作，就在我們處於好吧，繼續向帕特森和他們在過去幾十年所做的一切大聲喊叫吧。他們不只是建造了一個鑽機然後把它放在那裡，他們還繼續添加他們的技術、操作系統和技術，這是他們和我們一起的另一個鑽機，有額外的人在那裡確保它是一個好的成功運作。

And also there frac side next year and all we've worked with them. They do a great job for us. I like to mention Halliburton, Schlumberger and others that work with us and help us stay on top of our game. But really have done a lot of good with Patterson from the U-turn wells, especially was a highlight. But also now we picked up the larger rig, 2,000-horsepower rig, and we're looking to do great things with that as well. We're just getting started with it and got our -- got the rig out there put together, got our surface hole and [intermediate] and fixing to get to the game time, showtime with getting after the production hole, and we're expecting to set some new records there.

明年還有壓裂方面以及我們與他們合作的一切。他們為我們做得很好。我想提及哈里伯頓、斯倫貝謝和其他與我們合作並幫助我們保持領先地位的公司。但在掉頭井中，帕特森確實做了很多好事，尤其是一個亮點。但現在我們又買了更大的鑽孔機，也就是 2,000 匹馬力的鑽孔機，我們也希望用它來做一些很棒的事情。我們剛開始使用它，並得到了我們的裝備，得到了我們的表面孔和[中間]並修復以達到遊戲時間，在生產孔之後的表演時間，我們正在期待在那裡創造一些新記錄。

And while we're talking about record at MAXCOM group, where our geologists and engineers work together. They've been doing a great job there and coming up on our Board week, a week or so ago, we had 262 records there since we started MAXCOM and we already upped that 3 more to 265. So they just continuously get better and better, and that's worked out to be just a great operation for us there. And all of our hands coming in. We try to work all of our new people, engineers and geologists spend a little time in there and get to know each other and it makes us a lot better on both sides of the operations.

當我們談論 MAXCOM 集團的記錄時，我們的地質學家和工程師在那裡一起工作。他們在那裡做得很好，並且即將出現在我們的董事會週上，大約一周前，自從我們成立MAXCOM 以來，我們在那裡有262 條記錄，我們已經將其增加了3 條，達到265 條。所以他們不斷變得越來越好，這對我們來說是個很棒的行動。我們所有的人都進來了。我們嘗試與所有新員工、工程師和地質學家一起工作，在那裡花一些時間並相互了解，這使我們在作業雙方都做得更好。

And we talk about the records and the money we're saving, drilling faster, but -- and staying in zone, and that staying in zone is a big part. We don't talk about a lot. We talk about all the money, $40 million we saved with all the records in the time. But also, when you drill a 10,000-foot lateral and you stay in zone, 99% to 100% of the time, and you get an extra 10 barrels of oil per foot, you get an extra 10,000 barrels of oil. I mean that's a lot of money right there. So all around just a great, efficient program and drilling and completion both have been doing a great job.

我們談論記錄和我們節省的資金，鑽探速度更快，但是 - 保持在區域中，保持在區域中是一個重要部分。我們談得不多。我們談論所有的錢，我們用當時的所有記錄節省了 4000 萬美元。而且，當您鑽探 10,000 英尺的側向井並在 99% 到 100% 的情況下保持在區域內時，每英尺額外獲得 10 桶石油，您將獲得額外的 10,000 桶石油。我的意思是那裡有很多錢。因此，圍繞著一個偉大、高效的計劃，鑽井和完井都做得很好。

Chris, do you want to add something to that?

克里斯，你想添加一些內容嗎？

Yes. Oliver, I'll just kind of close the loop. I think what it really comes down to operationally for us is we looked for technological improvements so we can continue to push every single year. And those come through relationships such as Patterson, NexTier and other vendors to help us drill and complete wells faster but then also just engineering and people efficiencies that we find here in the office. And that's -- you look at something like Trimul-frac or Simul-frac, and that's really just kind of reimagining a process. It's been around for a long time, and that comes from the people side. There's not a lot of new technology that goes into a Simul-frac or a Trimul-frac. It's just reimagining a process of how to make it better and more of a win-win situation for us and our partners, which in this case would be Patterson, NexTier, Halliburton. So I think it's a really good combination approach of how we look to maintain and maximize our capital efficiencies from the operations standpoint.

是的。奧利佛，我就結束這個循環。我認為對我們來說，真正的營運問題是我們尋求技術改進，這樣我們就可以每年繼續前進。這些來自 Patterson、NexTier 和其他供應商等關係，幫助我們更快地鑽探和完井，同時也提高了辦公室的工程和人員效率。那就是——你看看 Trimul-frac 或 Simul-frac 之類的東西，這實際上只是重新想像一個過程。它已經存在很長時間了，而且它來自於人們。 Simul-frac 或 Trimul-frac 並沒有太多新技術。這只是重新構想一個流程，讓我們和我們的合作夥伴（在本例中是 Patterson、NexTier、Halliburton）變得更好、更雙贏。因此，我認為從營運的角度來看，這是我們如何保持和最大化資本效率的一個非常好的組合方法。

Speaking of the efficiencies, we -- while we're giving shout-outs need to do some for Forrester Smith, who is out there all the time, pipe is there. We don't have to wait on it. I appreciate him and...

說到效率，我們——在我們大喊大叫的同時，需要為 Forrester Smith 做一些事情，他一直在那裡，管道就在那裡。我們不必等待。我很欣賞他並且...

Yes, correct, Joe. There's a lot of people. The list is numerous. But I think when we talk about anything that we're looking at as far as just timing and tills and things like that, if you don't have pipe ready on location when you're ready to case a well, you're going to be held up and our service provider has been really our casing provider for decades. And so I think you have relationships that go back that help weather the bad times and flourish in the good times.

是的，正確，喬。有很多人。這個名單很多。但我認為，當我們談論我們正在考慮的任何事情時，只要是時間和收銀機之類的事情，如果在準備打井時現場沒有準備好管道，那麼您就會幾十年來，我們的服務提供商一直是我們的外殼提供者。因此，我認為你擁有的人際關係可以幫助你渡過困難時期，並在美好時期蓬勃發展。

And so I think whether it's Halliburton, Patterson, NexTier, the casing companies, it is something that we value at a tremendous level, and we continue to kind of push forward to make a win-win situations for both the vendor partnerships and Matador itself.

因此，我認為無論是 Halliburton、Patterson、NexTier 還是外殼公司，我們都非常重視這一點，我們將繼續推動，為供應商合作夥伴和 Matador 本身創造雙贏的局面。

That's great detail. And for my follow-up, I know that you all have had extensive results and data kind of across the stack but the increase of capital for wells targeting the first Bone Spring caught our eye for the 2024 program. So any color with respect to just kind of the thought process behind that decision? And maybe if there's any sort of commentary on expectations for those wells and also assumptions embedded for year-over-year well productivity trends for the program as a whole.

這是非常詳細的。對於我的後續行動，我知道你們都已經獲得了廣泛的結果和數據，但針對第一個 Bone Spring 的油井增加資本引起了我們對 2024 年計劃的關注。那麼，關於該決定背後的思考過程有什麼顏色嗎？也許對這些油井的預期有任何評論，也可能對整個專案的逐年油井產能趨勢進行假設。

Sure. Oliver, this is Tom Elsener. Yes, we really like the First Bone Spring and the reason we're investing money in that specific interval is simply because the well results have been very solid. Even going back to many years ago with our kind of first tested the First Bone Spring at Marlan Downey in Eastern Antelope Ridge, we continue to delineate that zone kind of all -- kind of throughout the Northern Delaware Basin and feel very confident in those targets.

當然。奧利佛，這是湯姆·埃爾森納。是的，我們真的很喜歡第一骨泉，我們在這個特定時間段投資的原因很簡單，因為油井結果非常可靠。甚至可以追溯到多年前，我們在東羚羊嶺的馬蘭唐尼首次測試了第一個骨泉，我們繼續在整個北特拉華盆地劃定該區域，並對這些目標非常有信心。

Kind of going to your kind of well productivity question, yes, we put out Slide #6 or Slide C showing our average EOR over the last 4 years been a very, very successful program, and we could expect that to continue. There are -- there's a variety of different performances in all different asset areas but we continue to focus on investing the company's resources into the northern kind of the oilier portion, and you see that in the oil awards that we've generated in the First Bone Spring was certainly part of that.

有點像你的油井生產力問題，是的，我們推出了幻燈片 #6 或幻燈片 C，顯示過去 4 年我們的平均 EOR 是一個非常非常成功的計劃，我們可以預期這種情況會繼續下去。在所有不同的資產領域都有各種不同的表現，但我們繼續專注於將公司的資源投資到北部的石油部分，你可以在我們在第一屆石油獎中看到這一點Bone Spring 肯定是其中的一部分。

Our next question will be coming from John Freeman of Raymond James.

我們的下一個問題將來自雷蒙德詹姆斯的約翰弗里曼。

On the Marlan processing plant, you laid out the return and the payback period that's expected. Can you also speak to how you all envision the volume split on that plant between Matador and third parties once it's up and running next year?

在馬蘭加工廠，您列出了預期的回報和投資回收期。您能否談談明年該工廠建成並投入運作後，您對 Matador 和第三方之間的產量分配有何看法？

Yes, John, this is Brian. I'm happy to take a shot at that, and then Glenn can clean up anything after. But really, I think right now at San Mateo, we're 70%, 80% Matador. I think as you move over to Pronto, it's almost the opposite right now. But I think going forward, you'll end up more with the new plant, almost 50-50 split with the new plant. So all in, we'll probably end up being 60% Matador, 65% Matador and the other third party.

是的，約翰，這是布萊恩。我很樂意嘗試一下，然後格倫就可以清理任何東西。但實際上，我認為現在在聖馬刁，我們有 70%、80% 的鬥牛士。我認為當你轉向 Pronto 時，現在的情況幾乎相反。但我認為，展望未來，您最終會更多地使用新工廠，幾乎 50-50 與新工廠分開。總而言之，我們最終可能會成為 60% 的鬥牛士、65% 的鬥牛士和其他第三方。

And we look forward to those third-party opportunities. We think there are a lot of them up in that area. And so a lot of good partnerships and a lot of repeat customers. And so as we build the plant, we think there's a lot of real opportunity there.

我們期待這些第三方機會。我們認為該地區有很多這樣的人。因此，我們建立了很多良好的合作夥伴關係和許多回頭客。因此，當我們建造工廠時，我們認為那裡有很多真正的機會。

That's great. And then my follow-up, and it kind of dovetails you just mentioned, Brian, which is you all talked about kind of the need in this area for more processing for -- it seems like for probably about a year. And so I guess once we think about the Marlan plant coming -- the expansion lease being completed next year, is there another area across all acreage footprint that you've already sort of identified is like another area that, at some point, you all would like to expand processing capability?

那太棒了。然後我的後續行動，與你剛才提到的相吻合，布萊恩，你們都談到了在這個領域需要更多的處理——看起來可能需要大約一年的時間。因此，我想，一旦我們考慮即將到來的馬蘭工廠——明年將完成擴建租賃，在所有佔地面積中是否還有另一個區域，你們已經確定了，就像另一個區域，在某個時候，你們所有人都一樣想擴大處理能力？

John, that's still in the thinking stage and give us a little time to firm up our ideas and plans, and we'll be happy to share them with you. And -- but it's a little too tenant to go out there and then be -- why did we do exactly what that is. We've -- we're in the planning stage, and there's a lot of factors. And when we come out, we'll have all that detail for you, but it certainly is a matter that's on our mind we think a good opportunity to go along with our other opportunities. But we've got to prioritize because we have some great drilling opportunities and great third party and reconciling those is part of the process, the guys around this table are -- we're all thinking about with each other.

約翰，這仍處於思考階段，請給我們一點時間來確定我們的想法和計劃，我們很樂意與您分享。而且——但它有點太租客了，不適合出去——為什麼我們要這麼做。我們正處於規劃階段，有很多因素。當我們出來時，我們將為您提供所有詳細信息，但這確實是我們考慮的問題，我們認為這是一個很好的機會，可以與我們的其他機會一起進行。但我們必須確定優先順序，因為我們有一些很好的鑽探機會和優秀的第三方，協調這些是過程的一部分，這張桌子周圍的人——我們都在互相考慮。

Our next question will be coming from Phillips Johnston of Capital One Securities.

我們的下一個問題將來自第一資本證券公司的菲利普斯約翰斯頓。

Most of my questions have been answered but maybe just a clarification on the additional Advance property acquisition in Q4. You mentioned about 1,000 a day impact to Q4. Just in terms of timing of when that closed? Was that a full quarter's impact or a partial quarter's impact, meaning that the current run rate impact is somewhere north of that number?

我的大部分問題都已得到解答，但也許只是對第四季度額外收購 Advance 財產的澄清。您提到對第四季每天約 1,000 個影響。只是就關閉時間而言？這是整個季度的影響還是部分季度的影響，這意味著當前的運行率影響高於該數字？

Yes, this is Brian. I'm happy to answer that. It really -- we're referring to the 1,000, we're really referring to the full quarter impact. On a go-forward basis, I think that deal will continue to have really good returns for us going forward into 2024. I mean I think, again, as I said, the land guys have done just a fantastic job. I think if you look at Page 12 of our deck, you'll see in 2012, we had 7,580 acres, and now we're over 152,000 net acres. And so they continue to build that brick-by-brick acquisition and add to our production, add to our reserves and do a fantastic job.

是的，這是布萊恩。我很高興回答這個問題。確實，我們指的是 1,000 個，我們實際上指的是整個季度的影響。從長遠來看，我認為這筆交易將繼續為我們帶來非常好的回報，直到 2024 年。我的意思是，我認為，正如我所說，土地人員做得非常出色。我想，如果您查看我們平台的第 12 頁，您會發現 2012 年，我們擁有 7,580 英畝的土地，而現在我們的淨面積超過 152,000 英畝。因此，他們繼續進行一磚一瓦的收購，增加我們的產量，增加我們的儲備，做得非常出色。

Okay. Great. And just to clarify what's embedded in your production guidance, does the fourth quarter '24 exit rate guidance assume any incremental volumes from these types of future small-scale acquisitions like the ones you've been doing? Or is it sort of organic from where we see today?

好的。偉大的。為了澄清你們的生產指引中包含的內容，24 年第四季的退出率指引是否假設這些類型的未來小規模收購（就像你們一直在進行的收購一樣）帶來了任何增量？或者從我們今天看到的情況來看，它是有機的嗎？

Yes. I think going forward this year, really, it's more acquisitions that we know that are close to being closed or being closed, we take those into account. But other than that, it's in large major, it's organic growth. And so I think that we do these brick-by-brick acquisitions. There's always some of that. And we know there will be some of that. So we take some of that into account. But really, it's more on just a straight organic growth for the year as we look at the exit rates 2024.

是的。我認為今年，實際上，我們知道有更多的收購即將完成或即將完成，我們會考慮到這些。但除此之外，它是一個大的專業，它是有機成長。所以我認為我們會進行這些一磚一瓦的收購。總有那麼一些。我們知道會有一些這樣的事情。所以我們考慮了其中的一些因素。但實際上，當我們考慮 2024 年的退出率時，更多的是今年的直接有機成長。

And the final question will be from Kevin MacCurdy of Pickering Energy Partners.

最後一個問題將由 Pickering Energy Partners 的 Kevin MacCurdy 提出。

I appreciate all the details on the first quarter turn lines and CapEx. You guided exit rate for 4Q oil was better than we expected. Can you kind of help us bridge that gap on how you hit that exit rate, any more color you can provide on the CapEx or the turn-in-line cadence throughout the year? I mean, you mentioned the 21 wells that come on in the second quarter. Is there another slug of wells? Or is that really -- what's going to drive the production higher?

我很欣賞第一季營收線和資本支出的所有細節。您所指導的第四季石油退出率比我們的預期好。您能否幫助我們縮小在如何達到退出率方面的差距，您可以在全年的資本支出或上交節奏上提供更多的顏色嗎？我的意思是，您提到了第二季開工的 21 口井。還有另一口井嗎？或者這真的是——什麼會推動產量更高？

Yes. This is Brian. Kevin, thanks for the question. I think going through the year, we talked about those 21 wells will come on in the second quarter, and those really do help drive production higher. In addition, this year, in total, we expect to turn to sales 94 net wells. And so those are spread out as well kind of throughout the second, third quarter as we go forward into the fourth quarter. And so it's really a mix there. It's kind of split between the 2 quarters from third quarter and second quarter with more weighted towards the second quarter just because those 21 wells will come online. And so that sets us up for that great fourth quarter that we've talked about. I think we're really excited about that exit rate and how it sets us up for next year.

是的。這是布萊恩。凱文，謝謝你的提問。我認為，縱觀這一年，我們談到這 21 口井將在第二季投產，這些確實有助於提高產量。此外，今年我們預計總共將銷售 94 口淨井。因此，當我們進入第四季時，這些也會分散在整個第​​二、第三季。所以這確實是一個混合體。這是第三季和第二季兩季之間的劃分，第二季的權重更大，因為這 21 口井將上線。這為我們已經討論過的出色的第四季度做好了準備。我認為我們對退出率以及它如何為我們明年做好準備感到非常興奮。

Great. And as my follow-up, you mentioned that you made some payments on the Marlan plant expansion in 4Q, how much of the 2024 midstream budget is allocated to the processing plant expansion? I think in the past, you've said that, that plant could cost $200 million overall.

偉大的。作為我的後續，您提到您在第四季度為馬蘭工廠擴建支付了一些款項，2024 年中游預算中有多少分配給加工廠擴建？我想，您曾經說過，工廠的總成本可能高達 2 億美元。

This is -- Kevin, this is Glenn. So for 2024, approximately $90 million to $100 million is associated with the actual Marlan 2 plant. And then there's obviously a CapEx that we've attributed to the build-out between the connectors that we're talking about there and the addition of compressor stations and then building out to some of the -- our properties on the Ranger North -- the Northern part of Ranger.

這是－凱文，這是格倫。因此，到 2024 年，大約 9,000 萬至 1 億美元與實際的 Marlan 2 工廠相關。然後顯然有一個資本支出，我們將其歸因於我們正在討論的連接器之間的擴建以及壓縮機站的增加，然後擴建到我們在 Ranger North 上的一些房產—— Ranger 的北部。

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

謝謝你們，女士們、先生們。今天早上的電話會議的問答部分到此結束。我現在想將電話轉回給管理階層，讓他們發表結束語。

Yes. I do have a few closing remarks. The first is just to refer you to Slide D, which summarizes our company highlights for last year. At this time last year, I was saying that we were beginning the year at about 100,000 barrels -- BOE per day and that I thought with the Advance and our other drilling programs, we would boost that during the year. and come up by 50%. And sure enough, we did. Our exit rate was 145,000 barrels. So great work by the team.

是的。我有幾句話結束語。第一個只是向您推薦幻燈片 D，它總結了我們公司去年的亮點。去年的這個時候，我說我們年初的產量約為每天 10 萬桶——BOE，我認為透過 Advance 和我們的其他鑽探計劃，我們將在今年提高產量。並上升了50%。果然，我們做到了。我們的退出率為 145,000 桶。團隊的工作非常出色。

Second -- and Slide D just shows that and also emphasize that our alignment of interest that the management group itself has about 6% of Matador, and we have over 90% participation in our employee stock purchase program. So everybody in this room and throughout the company, it's just like you, that we've got chips on the table.

其次，幻燈片 D 只是顯示了這一點，並強調了我們的利益一致，即管理團隊本身擁有鬥牛士約 6% 的股份，並且我們有超過 90% 的人參與了我們的員工股票購買計劃。因此，這個房間裡的每個人和整個公司的每個人，就像你們一樣，我們都有籌碼。

I'd also like to give a shout out to our measurement room. It runs 24/7 like our MAXCOM and keeps an eye to be sure we're getting paid for each barrel of oil and MCF. And over the years, time period, they've added tens of millions of dollars. I think $32 million was the number we discussed at our Board meeting. So it's great work by them in tracking that and checking each barrel of oil at each invoice. Some of that's tedious work, but they've stuck to it and it's paid off.

我還想讚揚我們的測量室。它像我們的 MAXCOM 一樣全天候 24/7 運行，並密切關注以確保我們從每桶石油和 MCF 中獲得報酬。多年來，他們增加了數千萬美元。我認為 3200 萬美元是我們在董事會會議上討論的數字。因此，他們在追蹤並檢查每張發票上的每桶石油方面做得非常出色。其中一些工作很乏味，但他們堅持了下來，並且得到了回報。

I'd also -- just you all have asked a lot of really good questions but I just want to shift some things that emphasize the reserve growth from $360 million to $460 million. And if price of oil hadn't slipped, there'd be more oil than that. Some of those, as you would probably be approaching $500 million. And then the growth of the acreage itself, I think the land group, Van and his guys and the women -- the men, women, affairs land group that they increased the Delaware Basin position from 119,000 acres to 152,000 acres, and if you remember, when we went public in 2012, and we're establishing this as an area of interest, we began with 7,500. So we've gone from 7,500 to 150 -- over 150,000. I didn't want that to go without being missed and that you have growing third-party revenues from customers out there in the basin. And these are really the blue-chip companies and we've tried to be careful.

我也想——你們都問了很多非常好的問題，但我只是想改變一些強調儲備成長的內容，從 3.6 億美元到 4.6 億美元。如果石油價格沒有下跌，石油的產量就會比這個多。其中一些，你可能會接近 5 億美元。然後是土地面積本身的增長，我認為土地集團、範和他的人和女人們——男人、女人、事務土地集團，他們將特拉華盆地的面積從119,000 英畝增加到152,000 英畝，如果你還記得的話，當我們在 2012 年上市時，我們將其作為一個感興趣的領域，我們從 7,500 開始。所以我們從 7,500 人增加到 150 人——超過 150,000 人。我不希望這種情況不被錯過，並且您從盆地客戶那裡獲得的第三方收入不斷增長。這些確實是藍籌公司，我們一直盡力保持謹慎。

Also, I've always believe I've been in this business 40 years. So I started with $270,000 today, and I think you put our assets altogether approaching $10 billion. And one thing is just kind of, we're more of a tortoise and a hare getting little bit by a little bit year after year. And Slide K on Page 14, shows you that it's been steady since we went public. And we see for the foreseeable with a number of locations that Tom and his team have been putting together the growth of the midstream, Vans acquisition team that this will continue and should be there. And Billy's group is saving money on the cost, but he's also doing innovations that make us more capital efficient, such as the using these modern rigs to come in. And as MAXCOM room is (inaudible), am I saying that right?

而且，我一直相信我已經從事這個行業 40 年了。所以我今天從 27 萬美元開始，我認為我們的資產總計接近 100 億美元。有一點是，我們更像是一隻烏龜和一隻兔子，年復一年地一點點成長。第 14 頁的幻燈片 K 向您展示了自我們上市以來一直保持穩定。我們看到，在可預見的情況下，Tom 和他的團隊已經在許多地點整合了中游的成長，Vans 收購團隊認為這種情況將持續下去，並且應該存在。 Billy 的團隊正在節省成本，但他也進行了一些創新，讓我們的資本效率更高，例如使用這些現代化的設備。而 MAXCOM 房間（聽不清楚），我說得對嗎？

You are Joe, yes.

你是喬，是的。

They gave me a hard time on my -- some of my pronunciation but that's been a big add. And you can see the outperformance that we've had over the years on Slide O compared to S&P 500 oil price ex-LP. And I think that's a lot of what we have to offer a consistent performance with a strong balance sheet with our leverage ratio less than 1, and we intend to continue to keep an eye on the balance sheet because we're shareholders, too, and look for ways to boost the dividend.

他們給我的一些發音帶來了困難，但這是一個很大的補充。您可以看到我們多年來在 Slide O 上的表現優於標準普爾 500 石油價格（不含有限合夥人）。我認為，我們必須在槓桿率低於 1 的情況下，透過強大的資產負債表提供一致的業績，並且我們打算繼續關注資產負債表，因為我們也是股東，並且尋找提高股息的方法。

So I do want you also to know that, look, we are available to you. If you've got questions, you need answers. Mac is really good. Welcome to your questions. Brian will take them. If you come visit us, we'll have -- we'll buy you lunch or breakfast and we'll have a more extensive. So we want to be open because we're proud of what we're getting done and it's kind of the old-fashioned pick and shovel bases and little by little. And we think our people on staff are working -- trying to get better every day.

所以我確實希望您也知道，看，我們隨時為您服務。如果您有疑問，您需要答案。麥克確實不錯。歡迎您提出問題。布萊恩會帶走他們。如果您來拜訪我們，我們將為您提供午餐或早餐，我們將為您提供更豐富的食物。所以我們想要開放，因為我們對我們所做的事情感到自豪，這是一種老式的鎬和鏟子底座，一點一點地進行。我們認為我們的員工正在努力工作——每天都在努力變得更好。

It's corny to say that, get better every day and help the team get better. But that's what we're -- that's what we aim for. And I think you can see it's from where we were a year ago to where we are today and the outlook going forward, we're still making very steady progress up and to the right.

這句話很老套，每天都變得更好，幫助球隊變得更好。但這就是我們的目標——這就是我們的目標。我想你可以看到，從我們一年前的情況到今天的情況以及未來的前景，我們仍然在向上和向右取得非常穩定的進展。

So with that, I'm going to sign off but now our phone lines are open. If you need further follow-up and information, and thank you for taking the time that you have talked to us as well as study.

因此，我要退出，但現在我們的電話線路已開通。如果您需要進一步的跟進和信息，感謝您抽出時間與我們交談和學習。

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。