Matador Resources Co (MTDR) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the third quarter 2024 Matador Resources Company earnings conference call. My name is Gigi, and I'll be serving 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 earnings press release issued yesterday.

早安，女士們先生們。歡迎參加鬥牛士資源公司 2024 年第三季財報電話會議。我叫 Gigi，今天我將擔任接線生。（操作員說明）謹此提醒，本次會議正在錄製用於重播，並且正如公司昨天發布的收益新聞稿中所討論的那樣，重播將在公司網站上提供一年。

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

我現在將把電話轉給 Matador 投資者關係高級副總裁 Mac Schmitz 先生。施密茨先生，您可以繼續了。

Thank you, Gigi. Good morning, everyone, and thank you for joining us for Matador's third quarter 2024 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.

謝謝你，吉吉。大家早安，謝謝您參加我們的 Matador 2024 年第三季財報電話會議。今天的一些講者將參考 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 everyone that you can find a slide presentation in connection with the third quarter 2024 earnings release under the Investor Relations tab on our website. And with that, I would now like to turn the call over to Mr. Joe Foran, our Founder, Chairman and CEO. Joe?

除了我們昨天發布的收益新聞稿外，我想提醒大家，您可以在我們網站的「投資者關係」標籤下找到與 2024 年第三季收益發布相關的幻燈片演示。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. It's great to be with everybody again, the analysts and others for this question-and-answer time. And we want to be sure to talk about the matters that are most important to you. The things I'd like to emphasize here are first is that we've got a lot of questions about the Ameredev acquisition. It's being integrated very well. It's ahead of schedule and doing better than expected.

謝謝你，麥克。很高興能再次與大家、分析師和其他人一起度過這個問答時間。我們希望確保談論對您來說最重要的事情。我想在這裡強調的第一件事是，我們對 Ameredev 的收購有很多疑問。它整合得非常好。它比計劃提前，而且比預期的要好。

The same thing throughout the company. All the teams have worked in their areas as you will hear from the various answers to your questions, that each of the departments are contributing to the good performance that we had this quarter, and I'm very proud of the way that -- and pleased the way everybody is working together and helping each other and coordinating these things because each department is not an island but works with the other departments. And it sounds corny, but it's really nice to see everybody working together and helping each other as events unfold, and it was a big quarter for us.

整個公司都是這樣。所有團隊都在各自的領域工作，您將從對問題的各種答案中聽到，每個部門都為我們本季度的良好業績做出了貢獻，我對此感到非常自豪 - 並且我很高興每個人一起工作、互相幫助和協調這些事情，因為每個部門不是一個孤島，而是與其他部門合作。這聽起來很老套，但很高興看到每個人隨著事件的發展一起工作並互相幫助，這對我們來說是一個重要的季度。

We did the Ameredev. We did bond offering, two bond offerings. We did a stock offering. All these things came to pass, and we drilled some very exciting wells that we think, are setting up 2025. So the bottom line, my message is, if you like this quarter, I think you'll like the fourth quarter even better.

我們做了阿梅德夫。我們發行了債券，兩次債券發行。我們進行了股票發行。所有這些事情都發生了，我們鑽了一些非常令人興奮的油井，我們認為這些油井將在 2025 年建成。所以最重要的是，我的信息是，如果您喜歡本季度，我認為您會更喜歡第四季度。

So with that, I'll turn it back to you, Gigi, and we'll take the first question.

那麼，我將把它轉回給你，吉吉，我們將回答第一個問題。

(Operator Instructions) First question is from the line of Neal Dingmann from Truist.

（操作員說明）第一個問題來自 Truist 的 Neal Dingmann。

Nice quarter. Joe, I can't help but notice, I would say it's very commendable how actively you and the team continue to add shutters in the open market, unlike what we're seeing from a lot of other companies like that slide that you put out highlighting this.

不錯的季度。喬，我忍不住注意到，我想說，您和團隊繼續在公開市場上積極增加百葉窗是非常值得稱讚的，這與我們從許多其他公司看到的情況不同，例如您發布的幻燈片強調這一點。

And I'm just wondering, these open market purchases, to me, demonstrate how cheap you think the shares continue to be. And I'm just wondering given this continued discount, would you all consider stock repurchases as a larger part of your shareholder return going forward, especially once you get that leverage quickly back under 1 times?

我只是想知道，對我來說，這些公開市場購買表明你認為這些股票仍然有多便宜。我只是想知道，考慮到這種持續的折扣，你們是否都會將股票回購視為未來股東回報的很大一部分，尤其是當你的槓桿率迅速恢復到 1 倍以下時？

Thanks, Neal. Thanks for noting the active buying, not just from Form 4, but from the whole staff is that I think that's the most gratifying complements that the Board and the Management group can have is -- to enjoy the confidence and the support of the staff. And I really think they're knocking it out of the park and try to get better everyday. And so it's fun to come to work.

謝謝，尼爾。感謝您注意到積極的購買，不僅來自 Form 4，而且來自全體員工，我認為董事會和管理團隊可以擁有的最令人欣慰的補充是——享受員工的信心和支持。我真的認為他們已經取得了巨大的成功，並且每天都在努力變得更好。所以上班很有趣。

Now we believe they can see the future and that this buying by us, and we've never sold a share of stock too, is that our best years are still ahead of us. Now to your specific question about buybacks, yes, we consider them and we talk with other companies that have implemented them.

現在我們相信他們可以看到未來，我們購買的股票（而且我們從未出售過任何股票）表明我們最好的時光仍在前方。現在，關於您關於回購的具體問題，是的，我們考慮了它們，並與其他已經實施回購的公司進行了交談。

And so far, we think the fixed dividend is the most effective way to return value to our long-term shareholders. The -- this problem I have with buybacks is sometimes you're just exiting your short-term shareholders. They are taking advantage of the jump. But we are open-minded about it, and we'll continue to study it.

到目前為止，我們認為固定股利是向長期股東回報價值的最有效方式。我在回購上遇到的問題是，有時你只是退出短期股東。他們正在利用跳躍的優勢。但我們對此持開放態度，我們將繼續研究它。

And that fixed dividend, I'm really pleased to get it to $1. And as that dividend grows, then buybacks may be considered may be more appropriate. But at present, the shareholders seem to like keeping the fixed dividend growing.

至於固定股息，我真的很高興能達到 1 美元。隨著股息的成長，回購可能會更合適。但目前，股東似乎希望維持固定股息成長。

And the second factor is that debt is with dividends, it doesn't require us to go into debt. We're able to do that from our free cash flow. So when we get our debt down things like buybacks can be given extra consideration.

第二個因素是債務是有股利的，它不需要我們負債。我們能夠利用我們的自由現金流來做到這一點。因此，當我們減少債務時，可以額外考慮回購等事情。

The last thing that I'd like to say is that at our annual meeting, we have generally 200 or more attend and there your rank can file long-term shareholders, and it hadn't been expressed to us to do buybacks. They have overwhelmingly indicated that preferred dividend races than buybacks because that moves them out and they don't get to enjoy the upside that we believe Matador offers.

最後我想說的是，我們的年會，一般都有200人以上參加，你的等級可以提交長期股東，而且沒有向我們表達要回購。他們絕大多數表示喜歡股息競賽而不是回購，因為這會讓他們退出，而且他們無法享受我們認為鬥牛士提供的好處。

But we don't rule anything out, and the one thing we have, we do feel also gratify that these variable dividends haven't worked out that much, and you see companies moving away from them. So to me, it's down to fixed dividends or buybacks. And at present, we think the fixed dividend helps all the shareholders. And it seems to be the best received by our particular shareholder group. I hope that answers your question, Neil. It's a good one.

但我們不排除任何可能性，我們所擁有的一件事是，我們確實感到高興的是，這些可變股息並沒有發揮多大作用，而且你看到公司正在放棄它們。所以對我來說，這取決於固定股息或回購。目前，我們認為固定股利對所有股東都有幫助。這似乎是我們特定股東群最認同的。我希望這能回答你的問題，尼爾。這是一件好事。

(Operator Instructions) Our next question comes from the line of Scott Hanold from RBC Capital Markets.

（操作員說明）我們的下一個問題來自 RBC 資本市場的 Scott Hanold。

Nice quarter. My question, and Joe, you all provided some framework on 2025, and I was hoping maybe to get a little bit more context and color if you can give us a sense of how you're thinking about like capital allocation in '25 to your respective areas, especially in light of, obviously, these new Ameredev assets that are performing really strongly out of the box. And what does that mean in terms of like when you think about nine rigs, how much capital would that potentially utilize for next year?

不錯的季度。我的問題，喬，你們都提供了一些關於 2025 年的框架，如果你們能讓我們了解你們如何考慮 25 年的資本分配，我希望也許能得到更多的背景和色彩。 ，這些新的Ameredev 資產開箱即用，表現非常強勁。當您考慮九台鑽孔機時，這意味著明年可能會使用多少資金？

Well, Scott, let me take your question in parts and share with Brian Willey, some of the answers to that or with Chris Calvert, our Chief Operating Officer. But the very first thing is that we think profitable growth at a measured pace is best. You've heard that. It's a corny expression, but we said it often.

好吧，斯科特，讓我分部分回答您的問題，並與布萊恩威利（Brian Willey）分享一些答案，或者與我們的首席營運官克里斯卡爾弗特（Chris Calvert）分享。但首先，我們認為以適度的速度實現獲利成長是最好的。你聽過。這是一個老生常談的說法，但我們常這麼說。

And I know you've heard it, that we think that no growth is not what Matador's culture has been. Having grown from $270,000 in 1983 to the present level, we've tried to grow every year. And on average, we've averaged during those 40 years, a 20% annual growth.

我知道你已經聽說過，我們認為沒有成長並不是鬥牛士的文化。從 1983 年的 27 萬美元成長到現在的水平，我們每年都在努力成長。平均而言，這 40 年裡我們的年增長率平均為 20%。

Now we know as we reach certain sizes, now we're over $11 billion in assets. Maybe 20% is maybe more than ideal, and we'll try to figure out as we grow, but we expect to grow. And we're fortunate that our staff, geology and engineering and land have all worked together to come up with a lot of inventory, 2,000 locations that we think will have a better than 50% rate of return on average.

現在我們知道，當我們達到一定規模時，我們的資產就超過 110 億美元。也許 20% 可能已經超出理想水平，隨著我們的成長，我們會嘗試找出答案，但我們預計會成長。我們很幸運，我們的員工、地質、工程和土地人員共同努力，提供了大量庫存，2,000 個地點，我們認為這些庫存的平均回報率將超過 50%。

So when you can drill and get those kind of returns, we think that needs to be an active part. Now we'll be alert for acquisitions, as you know. But you've known us for a long time now. All the acquisitions we made during that time, these last 15 years, it worked out that.

因此，當您可以鑽探並獲得此類回報時，我們認為這需要成為積極的一部分。如您所知，現在我們將對收購保持警惕。但你已經認識我們很久了。過去 15 年裡我們進行的所有收購都證明了這一點。

Again, I credit the team, Tom Elsener and all the other engineers, and we doing a good job on evaluating that and then Ned and Glenn finding ways to add new zones and increase -- make better fracs with Cliff that add to those reserves.

我再次感謝團隊、Tom Elsener 和所有其他工程師，我們在評估方面做得很好，然後Ned 和Glenn 找到了添加新區域和增加的方法- 與Cliff 一起製作更好的壓裂，從而增加了這些儲量。

So I'm -- it's a plan that's working, but we try to stay open to new ways to do it and to make course corrections even in the middle of the year to optimize growth and returns to shareholders. So it's not that we have a five-year plan and that we go into it. Well, this is year one, so we do this. In year two, we do that. It's much more sensitive to where the opportunity is, and we proceed along those lines is that stay flexible and look for those special opportunities.

所以我認為，這是一個有效的計劃，但我們嘗試對新的方法保持開放態度，甚至在年中也進行路線修正，以優化成長和股東回報。所以這並不是說我們有一個五年計劃並且我們會去執行它。嗯，這是第一年，所以我們這樣做。第二年，我們就這麼做了。它對機會在哪裡更加敏感，我們沿著這些路線前進，保持靈活性並尋找那些特殊的機會。

Yes. And Joe, this is Brian Willey, Executive Vice President and Chief Financial Officer. As Joe mentioned, profitable growth at a measured pace. And Scott, you made reference to it, but didn't exactly put out the number, but we do expect to have over 200,000 BOE per day next year. And if you look on Slide M, you can see that we're really excited about those opportunities, as Joe mentioned.

是的。喬，我是布萊恩‧威利，執行副總裁兼財務長。正如喬所提到的，利潤成長是有節奏的。Scott，您提到了這一點，但沒有確切地給出數字，但我們確實預計明年每天的產量將超過 200,000 BOE。如果您查看幻燈片 M，您會發現我們對這些機會感到非常興奮，正如喬提到的那樣。

From a capital perspective, Scott, for your question, I think you mentioned the nine rigs were running nine superspec great rigs. We like those rigs and hope to be able to keep them throughout the year next year. This year, we only had nine rigs for half the year, and so we expect to have a little bit more CapEx next year and having those nine rigs a full year.

從資本的角度來看，斯科特，對於你的問題，我認為你提到了九台鑽機正在運行九台超規格的大型鑽機。我們喜歡這些鑽孔機，並希望能夠在明年全年保留它們。今年，我們半年只擁有九台鑽孔機，因此我們預計明年的資本支出會更多一些，並且全年都會擁有這九台鑽孔機。

And then you had also mentioned the Ameredev properties, and we are very excited about those properties already performing better than our expectations. And we've mentioned in the past that those have a high working interest, over 85%.

然後您還提到了 Ameredev 房產，我們對這些房產的表現已經超出我們的預期感到非常興奮。我們過去曾提到過，這些人的工作興趣很高，超過 85%。

And so we'd expect that between the high working interest from some of the Ameredev wells and the 9 rigs for the full year. But directionally, CapEx will be a little bit higher than it was this year, $1.25 billion this year. It's a little bit higher than that, but the specifics will go into next year when we do our plan in February 2025.

因此，我們預計 Ameredev 的一些井和 9 個鑽機全年的高工作興趣之間會出現這種情況。但從方向來看，今年的資本支出將比今年略高一些，為 12.5 億美元。比這個高一點，但具體細節將在明年 2025 年 2 月我們制定計劃時討論。

(Operator Instructions) Our next question comes from the line of Zach Parham from JPMorgan.

（操作員指令）我們的下一個問題來自摩根大通的 Zach Parham。

You reported a tax refund this quarter and noted that you didn't expect to be subject to AMT in 2025. Can you just give us a little color on where you expect cash taxes to be in 2025 at this point? And maybe talk about how you would expect cash taxes to trend in future years?

您報告了本季的退稅，並指出您預計不會在 2025 年繳納 AMT。您能否簡單介紹一下您預計 2025 年現金稅的情況？也許可以談談您預計未來幾年現金稅的趨勢如何？

Zach, this is Rob Macalik, I'm the EVP and CAO. We're really proud of the work we did over the last three months, and the team has really been firing on all cylinders, not only with the Ameredev acquisition, but obviously, on this cash tax part. And like Joe referenced earlier, I do feel like the team is really firing on all cylinders there. So I just wanted to start with that.

札克，​​我是 Rob Macalik，我是執行副總裁兼首席行政官。我們對過去三個月所做的工作感到非常自豪，團隊確實在全力以赴，不僅在收購 Ameredev 方面，而且顯然在現金稅方面也是如此。就像喬之前提到的那樣，我確實覺得團隊真的在全力以赴。所以我想從這個開始。

As you noted in the release, we did reduce our estimate of the cash taxes as a percentage of pretax income. And we're really confident in that answer for 2024. And our -- the second thing that you noted on the corporate alternative minimum tax for 2025, I think is another really big win for the company.

正如您在新聞稿中指出的那樣，我們確實降低了現金稅佔稅前收入的百分比的估計。我們對 2024 年的答案充滿信心。您提到的關於 2025 年企業替代最低稅的第二件事，我認為這是該公司的另一個真正的巨大勝利。

I think as we go through our planning, the actual cash tax rate for 2025 will be largely dependent on our plan and where we come out and the available deductions that Matador will have for 2025. And so as we go through the plan, we'll have more to say on that in February.

我認為，在我們進行規劃時，2025 年的實際現金稅率將在很大程度上取決於我們的計劃、我們的結果以及鬥牛士 2025 年的可用扣除額。因此，當我們完成該計劃時，我們將在二月對此進行更多討論。

(Operator Instructions) Our next question comes from the line of John Freeman from Raymond James.

（操作員說明）我們的下一個問題來自 Raymond James 的 John Freeman。

What I'm trying to think about what leverage you all can pull next year to continue this impressive run on the further efficiency gains to keep lowering that D&C per foot, obviously, expanding the use of Trimul-Frac seems pretty clear. Would another option possibly be shifting from kind of dual fuel the e-fleets and if that's something you've looked at just any sort of color on that topic potential savings, et cetera?

我正在嘗試思考明年大家可以利用什麼槓桿來繼續這種令人印象深刻的運行，進一步提高效率，以繼續降低每英尺的 D&C，顯然，擴大 Trimul-Frac 的使用似乎很清楚。另一種選擇是否可能是從雙燃料電子車隊轉向，如果這是您在該主題上看到的任何顏色的潛在節省等？

John, it's Chris Calvert, EVP and Chief Operating Officer. Yes, obviously, thank you for noticing that. We're referring to Slide F in the deck, and we're extremely proud of the fact that we've been able to pull our drilling completion cost per lateral foot down from our January estimates of $1,010 per foot down to now in the $930 range. It's about an 8% reduction.

約翰，我是執行副總裁兼營運長克里斯·卡爾弗特。是的，顯然，感謝您注意到這一點。我們指的是甲板上的 Slide F，我們感到非常自豪的是，我們已經能夠將每側英尺的鑽井完井成本從 1 月份估計的每英尺 1,010 美元降至目前的 930 美元範圍。大約減少了8%。

We've talked -- the second half of this year, we have seen a little bit of softening in the OFS market in the oilfield services market. However, the primary drivers have been capital efficiencies from the operational front that you've spoken to.

我們已經說過，今年下半年，我們看到油田服務市場的 OFS 市場略有疲軟。然而，主要驅動因素是您所談到的營運方面的資本效率。

Really looking at what can push forward, I think the effectiveness of pushing forward implementation of Trimul-Frac into our program, we pilot tested Trimul-Frac the first part of this year. We've successfully done two more Trimul-Fracs in the second half of this year, one of which was actually done using remote frac operations. And so I think when we look into 2025, the increase of remote operations is going to be even a larger part of our portfolio simply because as we're able to tie potentially non-Simul or non-Trimul-Frac wells together, that continues our efficiency push of $250,000 or $350,000 well savings, respectively.

真正著眼於推進什麼，我認為將 Trimul-Frac 推進到我們的計劃中的有效性，我們在今年第一部分對 Trimul-Frac 進行了試點測試。今年下半年，我們又成功完成了兩次 Trimul-Frac，其中一次實際上是使用遠端壓裂作業完成的。因此，我認為，當我們展望 2025 年時，遠端操作的增加將成為我們投資組合的更大一部分，因為我們能夠將潛在的非 Simul 或非 Trimul-Frac 井連接在一起，這將繼續我們的效率提升分別節省了250,000 美元或350,000 美元。

But it also continues to solidify vendor relationships because every time we can convert non-Simul or Trimul-Frac wells into a Trimul- or Simul-Frac batch, it reduces move times for our service companies on the completion side. So it really is a win-win situation for us.

但它也繼續鞏固了供應商關係，因為每次我們可以將非 Simul 或 Trimul-Frac 井轉換為 Trimul 或 Simul-Frac 批次時，它都會減少我們服務公司在完井方面的移動時間。所以這對我們來說確實是一個雙贏的局面。

And so increased optimization of both of those completion process is continuing to be a high priority, which will include a larger percentage of those being remote frac operations. And so from a completion standpoint, they should about cover it.

因此，加強對這兩個完井流程的最佳化仍然是一個高度優先事項，其中將包括更大比例的遠端壓裂作業。因此，從完成的角度來看，他們應該涵蓋它。

On the drilling side, it's continuing to use with the assistance of our MAXCOM operations center. Over 300 drilling records to date since the inception of Maxcom in 2018, that continues to reduce drilling times. So if we look at our U-Turn technologies, for example, which have continued to become a larger presence of our drilling portfolio, we've reduced our drill time specifically on five U-turn wells that expect to be turned in line in the back half of this year by 30% as compared to our 2023 U-Turn wells.

在鑽井方面，它在我們 MAXCOM 營運中心的協助下繼續使用。自 Maxcom 於 2018 年成立以來，迄今為止已有 300 多個鑽井記錄，這持續減少了鑽井時間。因此，例如，如果我們看看我們的掉頭技術，該技術已繼續成為我們鑽井產品組合中的一個更大的存在，我們已經減少了特別是五口掉頭井的鑽探時間，這些井預計將在與2023 年U-Turn 井相比，今年下半年產量減少了30%。

And so I think the efficiencies that we'll pull forward into 2025 is going to continue to be the same story, just continued improvement upon those processes. And so we appreciate the shout-out and the recognition for the accomplishments that we've made. But I think levers are still there to be pulled. I think we've proven ourselves.

因此，我認為，到 2025 年，我們將繼續提高效率，只是繼續改進這些流程。因此，我們感謝大家對我們所取得的成就的讚揚和認可。但我認為槓桿仍然存在。我想我們已經證明了自己。

If you refer to Slide H as one of the most efficient operators in the basin we've proven it from an operational standpoint as well. And so I think we're excited what 2025 holds, and we'll continue to look forward to telling that story in February.

如果您將 Slide H 視為流域內最高效的營運商之一，我們也從營運的角度證明了這一點。因此，我認為我們對 2025 年發生的事情感到興奮，我們將繼續期待在 2 月講述這個故事。

Chris, just to add on, I know I can see Glenn down there waving his hand. He wants his turn at that too. But you mentioned -- and I want to underscore about the savings in time because each time you save a day, it's about $100,000.

克里斯，補充一下，我知道我可以看到格倫在那裡揮手。他也想輪到他。但你提到——我想強調一下節省的時間，因為每節省一天，就節省了大約 10 萬美元。

And working closely with Patterson and our frac crews and the like, everybody has contributed to some time savings and it adds up, and that's why we're able to use nine rigs and not have to go to 10 or 12 because we're drilling these wells faster, which means you can get more wells drilled.

透過與帕特森和我們的壓裂人員等密切合作，每個人都為節省時間做出了貢獻，而且這些時間加起來，這就是為什麼我們能夠使用9 台鑽機，而不必因為我們正在鑽井而使用10 或12 台鑽機這些井的速度更快，這意味著您可以鑽更多的井。

And you've all have done an outstanding job, but the size is that these savings are not coming because we're playing one vendor against the other. It's development or the basic belief is build a relationship with your vendors like our pipe and others, and it'll pay dividends, it'll pay -- it will be worthwhile over the years and over the long term.

你們都做得非常出色，但問題是這些節省並沒有實現，因為我們正在與一個供應商對抗另一個供應商。它的發展或基本信念是與您的供應商（例如我們的管道和其他供應商）建立關係，它會帶來紅利，它會帶來回報——多年來和長期來看，這都是值得的。

So I want to call attention to that as part of the efficiencies. And again, the shout out to the MAXCOM room, those guys go 24/7, two shifts, two week tranches and geologists and engineers, and they're also really collaborating and helping work with you all.

因此，我想提請大家注意這一點，這是提高效率的一部分。再次向 MAXCOM 房間大聲喊叫，這些人 24/7、兩班倒、兩週一次，還有地質學家和工程師，他們也確實與你們所有人合作和幫助工作。

And so the drilling team and the MAXCOM team, all these groups, the finance team, everybody has worked together on this, and I'm real pleased that you're making as much progress as you are. Glenn?

因此，鑽井團隊和 MAXCOM 團隊、所有這些團隊、財務團隊、每個人都在這方面共同努力，我很高興你們取得瞭如此大的進展。格倫？

John, I just wanted to pile on to what Chris and what Joe was saying, too, on the use of produced water for hydraulic fracturing operations is just another cost efficiency that we see.

約翰，我只是想補充克里斯和喬所說的內容，即使用採出水進行水力壓裂作業只是我們看到的另一種成本效率。

It helps a little bit on the CapEx, but it really does help on reducing OpEx and lease operating expenses, as we use the wells produced water for frac. So it's just another place that we can see some cost efficiencies and also has the added environmental benefit as well.

它對資本支出有一點幫助，但它確實有助於減少營運支出和租賃營運費用，因為我們使用井產出的水進行壓裂。因此，這只是我們可以看到一些成本效率並且還具有額外環境效益的另一個地方。

Well, and the last thing, as we look at this, one thing that has helped our LOE is that we have a group of lease operators and production staff in the field that's found ways to do more work with less people. So their costs are spread over more wells, and I think they're doing a terrific job.

好吧，最後一件事，當我們看到這一點時，對我們的LOE 有幫助的一件事是，我們在該領域擁有一群租賃運營商和生產人員，他們找到了用更少的人完成更多工作的方法。因此，他們的成本分攤到更多的油井上，我認為他們做得非常好。

(Operator Instructions) Our next question comes from the line of Kevin MacCurdy from Pickering Energy Partners.

（操作員說明）我們的下一個問題來自 Pickering Energy Partners 的 Kevin MacCurdy。

Good morning, Matador team, and congratulations on a good quarter. I wanted to ask about the Ameredev assets. It looks like production from those assets has increased pretty materially since you closed the deal up to 31,000 barrels a day from 26,000 barrels a day in the third quarter.

早安，鬥牛士團隊，恭喜本季表現出色。我想問一下阿梅德夫的資產。自從你們完成交易以來，這些資產的產量似乎已從第三季的每天 26,000 桶增加到每天 31,000 桶。

I wonder you could talk about what drove that increase? And how are you envisioning the trajectory of production and activity on those, the Maradev assets specifically over the medium term?

我想知道您能談談是什麼推動了這一成長嗎？您如何設想這些資產（特別是馬拉代夫資產）的中期生產和活動軌跡？

Kevin, this is Glenn again, EVP of Production. So yes, it's just as you noted, that the last 13 days of the quarter, the Ameredev assets averaged that 31,500 BOE per day.

凱文，我又是格倫，生產執行副總裁。所以，是的，正如您所指出的，本季的最後 13 天，Ameredev 資產平均每天為 31,500 BOE。

We are forecasting that to be down a little bit in Q4, but that is related to the shut-ins that will be as a result of the fracturing operations of the 11 new Ameredev wells that were in the middle of being drilled when we took over the asset.

我們預計第四季度會略有下降，但這與我們接管時正在鑽探的 11 口新 Ameredev 井進行壓裂作業導致的停產有關資產。

So a little bit -- also to answer your question about the outperformance really in the last 13 days of our expectations, a lot of that was related to the seven new Tea Olive wells that Ameredev brought on in the quarter before closing. And, those wells had are both, doing very well and better than our projections.

所以，也要回答你關於過去 13 天的表現確實超出我們預期的問題，其中很大一部分與 Ameredev 在關閉前的本季度新增的 7 個茶橄欖井有關。而且，這些油井的表現都非常好，而且比我們的預測還要好。

Kevin, this is Ned Frost, EVP of Geoscience, I think it's worth taking a moment to commend Ameredev for putting this position together. We have always liked the eastern side of the basin, our Antelope Ridge area as we call it.

凱文，我是地球科學執行副總裁內德·弗羅斯特（Ned Frost），我認為值得花點時間讚揚阿梅德夫將這一職位放在一起。我們一直很喜歡盆地的東側，也就是我們所說的羚羊嶺地區。

If you look at Slide 24, you can see a few of the well results called out here. our Cathy Brice wells, which are in the federal block in Eastern Antelope Ridge came on at a very strong rate. And then the Tea Olives, as Glenn mentioned, are also coming on at a strong rate.

如果您查看幻燈片 24，您可以看到此處列出的一些井結果。我們的 Cathy Brice 井位於東羚羊嶺的聯邦區塊，其運行速度非常快。然後，正如格倫所提到的，茶橄欖的上市速度也很強勁。

We had always been optimistic about this part of the basin, like I said, but I think these well results are really kind of confirming the quality of the rock over here. So we're really excited to keep developing this part of the basin and bring in more great wells forward in the next few years.

正如我所說，我們一直對盆地的這一部分持樂觀態度，但我認為這些井結果確實證實了這裡岩石的品質。因此，我們非常高興能夠繼續開發該盆地的這一部分，並在未來幾年內開發更多優質油井。

(Operator Instructions) Our next question comes from the line of Gabe Daoud from TD Cowen.

（操作員說明）我們的下一個問題來自 TD Cowen 的 Gabe Daoud。

Quick question. The $66 million in acquisitions this quarter, did that come in any volumes? And then the 200 MBOE/d target for next year, does that contemplate any inorganic opportunities?

快問。本季 6,600 萬美元的收購金額有多少嗎？那麼明年 200 MBOE/d 的目標是否考慮了任何無機機會？

This is Van Singleton on -- as far as the volumes go, the acquisitions came with a little bit of production. Brian, you may want to speak more to that piece of it, but it was a very small component of the kind of a brick-by-brick approach that we have done for many years and we'll continue to do.

這是范·辛格頓的觀點——就銷售而言，收購帶來了一點生產。布萊恩，你可能想對這一部分進行更多的討論，但它只是我們多年來所做的、並將繼續做的那種一磚一瓦方法中的一個非常小的組成部分。

Yes, this is Brian Willey, Vice President and Chief Financial Officer. As Dan said, it was -- the production was fairly minimal for the third quarter for those acquisitions. It was about roughly 600 BOE per day, but that was already baked into our July guidance. And so fairly minimal. And as we go into next year, we always look at what transactions are closed and build that into our guidance as we go forward.

是的，我是布萊恩‧威利，副總裁兼財務長。正如丹所說，第三季這些收購的產量相當少。大約每天 600 桶油當量，但這已經納入我們 7 月的指導中。所以相當少。當我們進入明年時，我們總是會關注哪些交易已完成，並將其納入我們前進的指導中。

Gabe, this is Joe. And I want to emphasize just what they said. It was primarily the inventory, the opportunity to have undeveloped acreage that drove most of these deals. We were happy to pay for what production was received. But one of the major things that we've gotten questions on all year long is what is our inventory.

加布，這是喬。我想強調的是他們所說的話。推動大部分交易的主要是庫存，即擁有未開發土地的機會。我們很樂意為收到的產品付款。但我們全年收到的主要問題之一是我們的庫存是多少。

And so as we evaluated acquisition opportunities, we were weighted a little bit -- not a little bit, but we were weighted more to the inventory opportunity than just buying PDP and adding that, not that we were disappointed in the cash flow that, that delivered, but the real target was adding to our well inventory and building up for the future.

因此，當我們評估收購機會時，我們的權重是一點點——不是一點點，但我們對庫存機會的權重更大，而不僅僅是購買PDP 並補充說，並不是說我們對現金流感到失望，已交付，但真正的目標是增加我們的油井庫存並為未來做好準備。

(Operator Instructions) Our next question comes from the line of Leo Mariani from ROTH.

（操作員說明）我們的下一個問題來自 ROTH 的 Leo Mariani。

I wanted to ask a little bit about the midstream side of the business here. So you guys kind of specifically called out midstream value in the company of greater than $1.5 billion, in the release. And I think this has been a source of frustration for a while for the company and I wanted to see if maybe there's a plan in the works to try to unlock some of that value.

我想問一下這裡的中游業務。所以你們在新聞稿中特別指出了公司的中游價值超過 15 億美元。我認為這段時間以來一直是該公司感到沮喪的一個原因，我想看看是否正在製定一項計劃來嘗試釋放其中的一些價值。

And then additionally, obviously, you spoke a little bit to CapEx next year, saying that DC&E CapEx would be up a little makes sense with a slightly higher rig count. But on infrastructure CapEx, you guys have spent some capital over the last couple of years. I mean, do you think that is in maybe a position to start to come down a little bit in '25?

另外，很明顯，您對明年的資本支出進行了一些討論，表示隨著鑽機數量的稍微增加，DC&E 資本支出將有所增加，這是有道理的。但在基礎設施資本支出方面，你們在過去幾年花了一些資本。我的意思是，你認為這可能會在 25 年開始下降嗎？

Leo, I'll take a stab at it and Brian or Greg can add to it or Chris. But the first thing is -- answer to your question is yes, we're always open to more opportunities on what to do with midstream, and several have been suggested.

Leo，我會嘗試一下，Brian 或 Greg 或 Chris 可以補充。但第一件事是——你的問題的答案是肯定的，我們總是對如何處理更多中游的機會持開放態度，並且已經提出了一些建議。

You may remember that we added Susan Ward to our Board. And Susan had been the Chief Financial Officer at Shell, for their midstream business. So she brings a wealth of knowledge, engineering background, great experience along her career to help us study the various alternatives and opportunities that are open to us.

您可能還記得我們將蘇珊沃德 (Susan Ward) 加入了董事會。蘇珊曾擔任殼牌公司中游業務的財務長。因此，她帶來了豐富的知識、工程背景和職業生涯中的豐富經驗，幫助我們研究向我們開放的各種替代方案和機會。

So we really value most highly about midstream is providing us with flow assurance because most of the equipment out there is a little older and maybe leaky at times. It's just older and we've come in. We've got new equipment, new pipe, and we thought that was very important.

因此，我們真正最重視的是中游為我們提供的流量保證，因為大多數設備都有點舊，有時可能會洩漏。它只是年紀大了，我們進來了。我們擁有新設備、新管道，我們認為這非常重要。

And it really proved itself during the time of Storm Uri. Everybody else was shutting in because of the freezing temperatures. And our guys, I don't know whether it is because I own some stock in it or whatever, but they were sleeping in their trucks.

在烏裡風暴期間，它確實證明了自己。由於氣溫極低，其他人都關門了。而我們的人，我不知道是因為我擁有一些股票還是其他原因，但他們睡在卡車裡。

Only 5% of the plants were still operating, and we were one of them, and they were sleeping in their trucks and doing everything to keep the gas flowing, which was very important to us and to our participants in our system outside third parties, and it really proved that value.

只有 5% 的工廠仍在運營，我們是其中之一，他們睡在卡車裡，盡一切努力保持天然氣流動，這對我們和我們系統中第三方以外的參與者來說非常重要，它確實證明了這一價值。

The second thing is when we talk about timing of money coming in, they're cooperating with the drillers and the completion team so that when they finish completing the well, the pipe is there waiting.

第二件事是，當我們談論資金進來的時間時，他們正在與鑽井人員和完井團隊合作，這樣當他們完成完井時，管道就在那裡等待。

And another one is area where they've really contributed is on the water disposal and reusing produced water. So we're not using hardly any fresh water these days, but it's the produced water. So it's good for the environment, good for the bottom line. Good to have the gas still flowing. And the oil is on pipeline, too. So our emissions are down to less than 2%, I think is right, Glenn. Is that right?

另一個是他們真正貢獻的領域是水處理和採出水的再利用。所以現在我們幾乎不使用任何淡水，而是使用產出水。所以這對環境、利潤都有好處。氣體仍然流動是件好事。石油也在管道上。因此，我們的排放量已降至 2% 以下，我認為這是正確的，格倫。是這樣嗎？

Yes, that's absolutely right. Yes, just there are so many benefits to operating the midstream business and definitely want to commend the staff on a record quarter for San Mateo in terms of throughput on the water gathering side in terms of throughput on the gas gathering side, same for Pronto and resulted in record EBITDA for San Mateo, so.

是的，這是絕對正確的。是的，經營中游業務有很多好處，並且肯定要讚揚聖馬特奧創紀錄季度的員工，在集水方面的吞吐量，在天然氣收集方面的吞吐量，Pronto 和 Pronto 的吞吐量也是如此。聖馬刁市的EBITDA 創歷史新高。

We often say we play a straight game, and we're open to propositions from other people that [indiscernible] in this business. We've had a good partner in Five Point on the San Mateo side. That has made us a better company, and we like working with them. And -- but we're open to others.

我們經常說我們玩的是正經遊戲，並且我們對這個行業中[音頻不清晰]的其他人的提議持開放態度。我們在聖馬刁隊的五點隊有一個很好的合作夥伴。這使我們成為一家更好的公司，我們喜歡與他們合作。而且——但我們對其他人持開放態度。

Pronto has come about in a really timely fashion for us. When we acquired it, we've got a second plant, as you know, going, again, reflecting the value. And if we have to divert some capital from our drilling budget to finish out the system. I think we'll all be glad that's good insurance money that our gas will be flowing and the others. And Brian has something he wants to say.

Pronto 對我們來說來得非常及時。當我們收購它時，我們就有了第二家工廠，正如你所知，再次反映了價值。如果我們必須從鑽井預算中轉移一些資金來完成系統。我想我們都會很高興這是一筆很好的保險資金，可以保證我們的天然氣和其他天然氣的流動。布萊恩有話要說。

Yes, Leo, great question. Maybe the second half of the question, and building upon what Joe said, the flow assurance, if you look on Slide I, you can see that our plant had over 99% uptime. And that new plant that we're building is on time and on budget for next year.

是的，利奧，好問題。也許是問題的後半部分，並且根據喬所說的流量保證，如果你看幻燈片 I，你可以看到我們的工廠有超過 99% 的正常運行時間。我們正在建造的新工廠明年將按時按預算建造。

As we think about the capital expenditures for next year, we, of course, will finish that plant. And then we'll also have other capital that we'll do as we build out the system. This year, we had about $225 million in capital expenditures on the midstream side.

當我們考慮明年的資本支出時，我們當然會完成工廠。然後我們還將擁有其他資本來建構系統。今年，我們在中游方面的資本支出約為 2.25 億美元。

I think a maintenance capital expenditure program is probably in the $50 million to $75 million range. I don't think we're quite there yet. I think next year, we're somewhere between that maintenance program of $50 million to $75 million and the $225 million from this year. But I do think it's less than this year.

我認為維護資本支出計畫可能在 5,000 萬至 7,500 萬美元範圍內。我認為我們還沒有完全做到這一點。我認為明年的維護計畫將介於 5,000 萬至 7,500 萬美元和今年的 2.25 億美元之間。但我確實認為這個數字比今年少。

And then when we get to 2026 with the system fully built out, then I think we'll be more to that maintenance cap level. If there's not any other great projects, of course. I think we always are looking for projects, and our guys do a fantastic job with the third parties and those opportunities. So -- but absent any of those types of opportunities in 2026, we'd expect we'd be more in that maintenance capital model.

然後，當我們到 2026 年系統完全建成時，我認為我們將達到維護上限水準。當然，如果沒有其他偉大的項目的話。我認為我們一直在尋找項目，我們的人員在第三方和這些機會方面做得非常出色。因此，如果 2026 年沒有任何此類機會，我們預計我們會更多地採用維護資本模式。

We'll also give a shout out to Ronnie Raines, and his work on building that plant, and to Justin and Sean that are here that have worked out there and spent days in the field to make sure it goes right. So a great effort by everybody in the Jason Thibodeaux and Greg [indiscernible] I'm sorry, [indiscernible] name, but I can't express that he and Jason just do a wonderful job and has got everybody working.

我們還要讚揚羅尼·雷恩斯(Ronnie Raines) 和他在建造該工廠方面所做的工作，以及賈斯汀(Justin) 和肖恩(Sean)，他們在這裡進行了鍛煉，並在現場度過了數天，以確保工廠順利進行。Jason Thibodeaux 和 Greg [音訊不清晰] 的每個人都付出了巨大的努力，我很抱歉，[音訊不清晰] 的名字，但我無法表達他和 Jason 做得非常出色，讓每個人都工作起來。

So again, that's just another illustration of the way there's been great collaboration between the teams to get to a good result. And Sam Thomas. And Sam is another one has been with us a long time that Sam Witten and Thomas Green have been with us a long time, and they've really contributed. So I know I've gone beyond your question and mentioned these guys, but they need to be credited with the job they've done.

再說一遍，這只是團隊之間透過良好合作取得良好結果的另一個例證。還有薩姆·托馬斯。薩姆是另一位與我們在一起很長時間的人，薩姆·維滕和托馬斯·格林已經與我們在一起很長時間了，他們確實做出了貢獻。所以我知道我已經超越了你的問題並提到了這些人，但他們所做的工作需要得到認可。

(Operator Instructions) Our next question comes from the line of Michael Scialla from Stephens.

（操作員說明）我們的下一個問題來自 Stephens 的 Michael Scialla。

Chris, you mentioned you expect more Trimul-Fracs going forward and more of the remote operations. So I was just wondering if you could maybe explain the mechanics behind and maybe some of the advantages of the remote aspect of the Simul-Frac and Trimul-Fracs.

Chris，您提到您期望未來有更多的 Trimul-Fracs 和更多的遠端操作。所以我只是想知道您是否可以解釋一下 Simul-Frac 和 Trimul-Fracs 背後的機制以及遠端方面的一些優勢。

Yes. Sure, Mike. That's a great question. It really starts with collaboration and teamwork between the teams, between the asset teams, the surface land team and then finally, kind of culminating with the operations team.

是的。當然，麥克。這是一個很好的問題。它實際上是從團隊之間、資產團隊、地面團隊之間的協作和團隊合作開始的，最後是營運團隊之間的協作和團隊合作。

And the fundamental thought behind it is if you have two surface locations that are some distance apart, maybe 1,000 feet or 2,000 feet, that you can take those two -- those two individual pads and use, whether it's surface casing, casing that's truly just laid on the surface to connect them together and complete those wells as a one operation with one frac fleet. And so that was really kind of the theme behind this.

背後的基本思想是，如果您有兩個相距一定距離（可能是1,000 英尺或2,000 英尺）的表面位置，那麼您可以使用這兩個- 這兩個單獨的墊並使用，無論它是表面外殼，還是真正的外殼鋪設在地面上，將它們連接在一起，並通過一支壓裂船隊一次性完成這些井的作業。這確實是這背後的主題。

We pilot tested it in 2021, successfully piloted down on -- actually on our Stateline acreage on the Voni pad, where we strung two, three well pads together that would not have been Simul-Frac candidates and made them a six-well pad that we were able to use Simul-Frac on.

我們在2021 年對其進行了試點測試，並成功試點測試，並成功試點測試——實際上是在我們Stateline 的Voni 平台上，我們將兩三個不屬於Simul-Frac 候選方案的井平台串在一起，並將它們制成了六井平台，我們能夠使用 Simul-Frac。

And so that's really kind of the fundamental theme behind it of where it's truly an engineering efficiency. We're taking two pads that otherwise would not be able to benefit from the process. And with engineering, collaborative teamwork with the land team and everybody else, we feel that we've been able to transition over 90 wells that otherwise would not have been Simul- or Trimul-Frac candidates into those type of well completions and the savings that has been tied to those has been upwards of $20 million.

因此，這確實是背後的基本主題，即真正的工程效率。我們正在採取兩個墊，否則將無法從該過程中受益。透過工程設計以及與土地團隊和其他所有人的協作團隊合作，我們認為我們已經能夠將90 多口井轉變為此類完井類型，而這些井本來不會是Simul 或Trimul-Frac 候選井，並且節省了與這些相關的資金已超過2000萬美元。

And so that's really the idea of we work with the teams to set up well pads that will naturally be able to be Simul or Trimul, but in the instance where it's not, we can tie those two pads together and convert them to a Simul or Trimul Frac well completion.

因此，這確實是我們與團隊合作建立井墊的想法，這些井墊自然能夠成為Simul 或Trimul，但在不能進行Simul 或Trimul 的情況下，我們可以將這兩個井墊綁在一起並將它們轉換為Simul 或Trimul。

(Operator Instructions) Our next question comes from the line of Oliver Huang from Tudor Pickering Holt & Company.

（操作員說明）我們的下一個問題來自 Tudor Pickering Holt & Company 的 Oliver Huang。

Just wanted to hit on LOE. You all point towards some trends as a result of Ameredev volumes flowing through for Q4 and into 2025. Just wanted to see how is the pending sale of your Pinyon interest being flow through within where the Q4 guidance range sits today? And also any more specifics of things that you all are planning to do in the area that would allow for you all to reduce this component on ops in the Ameredev area?

只是想打擊LOE。你們都指出了 Ameredev 從第四季到 2025 年的銷售所帶來的一些趨勢。只是想看看您的 Pinyon 權益的待售交易在今天第四季度的指導範圍內如何進行？還有你們計劃在該地區做的更多具體事情，以減少阿梅德夫地區行動的這一組成部分？

Oliver, this is Glenn. I'll take the question. So as it relates to Pinyon, that really doesn't have any effects. The sale opinion doesn't really have any effect on the OpEx for those properties. So I'll start with that.

奧利佛，這是格倫。我來回答這個問題。因此，就 Pinyon 而言，這確實沒有任何影響。出售意見實際上對這些房產的營運支出沒有任何影響。那我就從這個開始吧。

And then second, I do want to thank and express my appreciation for the professionalism of the Ameredev employees that helped us this quarter in transitioning and ensuring that we did have a smooth transition as we took over operations for those properties.

其次，我確實要感謝並感謝 Ameredev 員工的專業精神，他們在本季度幫助我們進行了過渡，並確保我們在接管這些物業的運營時確實能夠順利過渡。

As we mentioned in the release, the operating expenses for those properties are notionally higher than Matador's legacy production, base production. And so as a result, we did guide up slightly in Q4. I would say, Oliver, give us a little bit of time. We have recognized already $1 million a month in potential savings. A lot of that relates to the use of recycled produced water, as I mentioned, for hydraulic fracturing operations.

正如我們在新聞稿中所提到的，這些資產的營運費用理論上高於鬥牛士的傳統生產、基礎生產。因此，我們在第四季度確實略有上調。我想說，奧利佛，給我們一點時間。我們已經意識到每月可節省 100 萬美元。正如我所提到的，其中許多與水力壓裂作業中回收採出水的使用有關。

And then chemical, production chemical spend is a place where there's some room for optimization, we feel and are already implementing plans to get those costs reduced and more efficient chemical usage.

然後，化學品、生產化學品支出是一個有優化空間的地方，我們認為並且已經在實施計劃，以降低這些成本並提高化學品的使用效率。

And then also on the personnel front, we've seen optimization there as well as we've really kind of moved their operations center from Austin out to New Mexico, where it's field-based.

然後在人員方面，我們已經看到了那裡的優化，我們確實將他們的營運中心從奧斯汀搬到了新墨西哥州，在那裡它是基於現場的。

So there's three examples and we're looking at other ways to improve OpEx and looking forward to telling you a little bit more about it as we continue our operations out there. We're in about a month. So give us some time and it will be a lean machine.

以下有三個例子，我們正在尋找提高營運支出的其他方法，並期待在我們繼續營運時向您介紹更多相關資訊。我們還有一個月左右。所以給我們一些時間，它將成為一台精實機器。

Yes. emphasize it. We don't have any problems with the way Ameredev did it, but we lean towards the practice of having a field-based operations as opposed to more remote on that, but very pleased with the quality of work.

是的。強調它。我們對阿梅德夫的做法沒有任何問題，但我們傾向於進行現場操作，而不是進行遠端操作，但對工作品質非常滿意。

But again, what excites us most about Ameredev as well as the advance is the quality of the rock. I'm not a geologist, but our geological and engineering group to a person talk about that's good to have this kind of rock, it matches up with whatever we have advanced fit very perfectly adjacent to much of our properties and the same with Ameredev. It fits in adjacent to ours. So that was also an argument for that it'd be a good fit in the long run for us. And -- but it's a good question.

但同樣，阿梅德夫及其進步最讓我們興奮的是岩石的品質。我不是地質學家，但我們的地質和工程小組對一個人說，擁有這種岩石很好，它與我們先進的任何東西相匹配，非常完美地毗鄰我們的大部分財產，與阿梅德夫也是如此。它與我們的相鄰。所以這也是一個理由，從長遠來看，它對我們來說是一個很好的選擇。而且——但這是一個好問題。

And again, I would say to all of you, if you -- after this call is over, don't hesitate to call in, and we'll try to answer all your follow-ups and make sure you understand that this is -- was really a great quarter for us and really sets up 2025. So I think we have one more question. Go ahead.

再次，我想對你們所有人說，如果你們——在本次通話結束後，請不要猶豫打電話過來，我們將盡力回答你們的所有後續問題，並確保你們明白這是—— - 對我們來說確實是一個很棒的季度，並且真正為2025 年奠定了基礎。所以我想我們還有一個問題。前進。

(Operator Instructions) Our last question comes from the line of Scott Hanold from RBC Capital Markets.

（操作員說明）我們的最後一個問題來自 RBC 資本市場的 Scott Hanold。

Just hoping to get one follow-up. And obviously, the commodity market has been very volatile out there. And you all have very -- been very diligent in terms of looking at different ways of building the business and ground game is obviously a big component of that.

只是希望能得到一份後續行動。顯然，大宗商品市場一直非常不穩定。你們都非常努力地尋找建立業務的不同方式，而地面遊戲顯然是其中一個重要的組成部分。

And I'm just kind of curious, like what are you seeing on the ground game front right now? What's the appetite out there from kind of buyers and sellers? And do you think looking into 2025, do you feel good about like your ability to continue what you've done so far?

我只是有點好奇，例如你現在在地面遊戲方面看到了什麼？買家和賣家的興趣是什麼？您認為展望 2025 年，您對繼續目前所做工作的能力感到滿意嗎？

Yes. It's an interesting point, Scott. But what I'd like to emphasize what I've seen over my 40 years is that when you have a period of time where you have a lot of M&A, it's followed by a time of rationalization, particularly the larger the transaction by the big companies, for example, built by all of these, the whole bucket full of properties.

是的。這是一個有趣的觀點，斯科特。但我想強調的是，我在 40 年來所看到的是，當一段時期內進行大量併購時，隨之而來的是一段合理化時期，尤其是大型企業的交易規模越大。這些建立的公司，整個桶子裝滿了財產。

Some of those won't fit their plans and they will rationalize them and sell them, and that creates a buying opportunity not only for us, but others where they would fit. I think you'll see some of those come along, a fair amount of rationalization will lead to some.

其中一些不符合他們的計劃，他們會將其合理化並出售，這不僅為我們，也為其他適合的人創造了購買機會。我想你會看到其中一些的出現，相當多的合理化將會導致一些。

And the second is that there some people and then the private equity area, the private equity companies tend to turn over their assets ever four, five years or some period of time. So you always have some of those coming on the market.

第二個是有一些人，然後是私募股權領域，私募股權公司往往每四年、五年或某個時間週期就會將其資產週轉一次。所以市場上總是會有一些這樣的產品。

And then you have situations where proposed wells don't fit their plan or fit their budget, and we like to try to be that company they turn to when they need a quick answer or help that they have more interest than they really want and want to lay some off.

然後你會遇到這樣的情況：擬議的油井不符合他們的計劃或預算，當他們需要快速答案或幫助時，我們希望成為他們求助的公司，因為他們的興趣超出了他們真正想要和想要的解僱一些人。

So we always try to be open to that, and it's surprising that things are going on all the time. Same way in the agriculture, you have farms and ranches trading all the time. And there'll be some years where they're more, and some years where they're less.

所以我們總是嘗試對此持開放態度，令人驚訝的是事情一直在發生。在農業領域也是如此，農場和牧場一直在進行貿易。有些年份它們會更多，有些年份它們會更少。

But if you have a continuing presence and keep out there making deals and if you do a deal, and it ends on a happy note, like Advance and Ameredev, we hope that leads to other deals. We did a lot of deals last year, some were for more and some were for less, but I think our land department give a big shout out to Van and John that they ended those happy where a lot of repeat business. Van say that, right?

但如果你持續存在並持續進行交易，如果你達成了一項交易，並以愉快的方式結束，就像 Advance 和 Ameredev 一樣，我們希望這會帶來其他交易。去年我們做了很多交易，有些是更多的，有些是更少的，但我認為我們的土地部門向範和約翰大聲喊叫，他們結束了那些愉快的重複業務。範說的是吧？

No, you did. And I'll add just a little bit to that. Scott, you've not is a long time, and we've had this program consistently over the years the things we focus on are: one, creating situations that are a win-win for both sides, and I think that leads to keeping our pipeline of opportunities full.

不，你做到了。我會補充一點。史考特，你已經很久沒有這樣做了，多年來我們一直在製定這個計劃，我們關注的重點是：第一，創造雙方雙贏的局面，我認為這會導致保持我們的機會管道已滿。

But also focusing on the best rock and focusing on the balance sheet and making sure that whatever deals we're looking at fit really well into what our operational plans are and again, our win-win on both sides.

但也要專注於最好的岩石和資產負債表，並確保我們正在考慮的任何交易都非常適合我們的營運計劃，再次實現雙方的雙贏。

So with that, I think we're going to continue these relationships and continue to keep our pipeline of opportunities full and then make the decision at the time that's appropriate, whether or not it's something right for us.

因此，我認為我們將繼續這些關係，並繼續保持我們的機會管道充足，然後在適當的時候做出決定，無論這是否適合我們。

Yes. This is Brian Willey. I think this is the last question. So just a couple of things for those that might be doing the models out there. First, as regards to the gas to oil ratio, we appreciate the Street's optimism about our gas to oil ratio. I think as we look at the Street, it's probably close to 62% going forward, which we appreciate that.

是的。這是布萊恩·威利。我想這是最後一個問題。對於那些可能正在做模型的人來說，只有幾件事。首先，關於天然氣與石油的比率，我們讚賞華爾街對我們的天然氣與石油的比率的樂觀態度。我認為，當我們觀察華爾街時，未來這一比例可能接近 62%，對此我們表示讚賞。

But I think once we factor in our Haynesville assets, that's probably closer to more of a 60% number, which really leads me to my second point, which is, I think there's been a lot of talk about gas recently, whether it's through AI or the new LNG terminals.

但我認為，一旦我們考慮到海恩斯維爾的資產，這個數字可能更接近60%，這確實引出了我的第二點，即，我認為最近有很多關於天然氣的討論，無論是透過人工智慧還是透過人工智慧或新的液化天然氣接收站。

And I just want to remind everybody that we have a significant gas bank that's in the Cotton Valley. I would expect over 200 to 300 and mcf of gas opportunities there. We obviously don't have those -- or Bcf, I'm sorry, Bcf of gas. We don't have those on our reserve report yet because we don't have a plan to drill those in the next five years. But if gas prices were to stabilize higher than we could, if we wanted to quickly pivot over there.

我只是想提醒大家，我們在棉花谷有一個重要的天然氣庫。我預計那裡有超過 200 到 300 mcf 的天然氣機會。我們顯然沒有這些——或者Bcf，對不起，Bcf 氣體。我們的儲備報告中還沒有這些內容，因為我們沒有在未來五年內鑽探這些內容的計畫。但如果天然氣價格穩定得比我們能達到的更高，如果我們想迅速轉向那裡。

In addition to the significant gas reserves we have that are over in the Delaware Basin. I think we have over 1.4 Tcf right now in gas reserves. And so we can we can increase those and become more gassy if that's what's needed.

除了特拉華盆地擁有的大量天然氣儲量之外。我認為我們現在的天然氣儲量超過 1.4 Tcf。因此，如果需要的話，我們可以增加這些並變得更加氣體。

And then maybe finally, I think Joe probably won't want me to say this, but I'm going to say it anyway. The CEO Magazine which is the leading magazine here in Dallas, has recently selected Joe to receive its Legacy Award. It will be presented as a special awards presentation next week.

也許最後，我想喬可能​​不想讓我這麼說，但無論如何我還是要說。達拉斯領先的雜誌《CEO 雜誌》最近選擇喬獲得其遺產獎。該獎項將於下周作為特別頒獎典禮頒發。

And so this is a very prestigious award. Prior legacy award winners include Kelcy Warren, Trevor Jones, Scott Sheffield and Boone Pickens. And just Joe's accomplishments over the last 40 years have put him right there with some of the best oil men that our country has known. And so congratulations to Joe.

所以這是一個非常有聲望的獎項。先前的遺產獎得主包括凱爾西·沃倫、特雷弗·瓊斯、斯科特·謝菲爾德和布恩·皮肯斯。喬在過去 40 年中所取得的成就使他與我們國家已知的一些最優秀的石油人齊名。祝賀喬。

I think it's well deserved as we've grown Matador from a company that started with $270,000 from friends and family to a public company with a market cap of $6.5 billion. So just wanted to say -- he probably won't like it, but I just wanted to mention that. And congratulations, Joe, on this great honor.

我認為這是當之無愧的，因為我們已經將 Matador 從一家從朋友和家人那裡獲得 27 萬美元起家的公司發展成為一家市值 65 億美元的上市公司。所以只是想說——他可能不會喜歡，但我只是想提一下。恭喜喬，獲得這項巨大榮譽。

Yes, there's a lot of disbelief among my friends for this, and they said they have to see it to believe it. So that -- I was really surprised by that, and it just shows you, if you have enough relatives, you can be elected to anything. But thank you, Brian.

是的，我的朋友對此有很多懷疑，他們說他們必須親眼看到才能相信。所以——我對此感到非常驚訝，它只是告訴你，如果你有足夠的親戚，你可以被選做任何事情。但謝謝你，布萊恩。

But again, I have to say that none of this would be possible without the participation of a lot of people over time, including some people from Mesa. We're sitting in the Jim Upchurch room, and he came from Mesa as Boone's top engineer, Marlin Downey. These are great men that really contributed a lot. Jack Sleeper, the former President of DeGolyer and MacNaughton, Marlin was President of both Shell and Arco and great staff members along the way working together.

但我必須再次強調，如果沒有很多人的參與，包括一些來自梅薩的人，這一切都是不可能的。我們坐在吉姆厄普徹奇 (Jim Upchurch) 的房間裡，他來自梅薩，飾演布恩的首席工程師馬林唐尼 (Marlin Downey)。這些都是偉大的人，確實做出了許多貢獻。Jack Sleeper 是 DeGolyer 和 MacNaughton 的前總裁，Marlin 是殼牌和 Arco 的總裁，他們是一路上一起工作的優秀員工。

So I really haven't done so much. I can credit myself as much as just directing traffic among all these guys who have gone out and made it happen. So that's the main reason I like our chances going forward. Economics may change, commodity prices may change, but it's this group of people that are in the habit and have gotten to the point where they're making good decisions and the process is working with the collaboration.

所以我真的沒有做那麼多。我可以相信自己，就像在所有這些走出去並實現這一目標的人中指揮交通一樣。這就是我喜歡我們未來的機會的主要原因。經濟可能會發生變化，大宗商品價格可能會發生變化，但正是這群人養成了習慣，並且已經達到了做出正確決策的地步，並且整個過程正在進行協作。

I'll agree to accept the award, but you got to know that I didn't do it without the help of everybody that's here in this room, and it's probably a good time to thank all of you all for making me look so good.

我會同意接受這個獎項，但你要知道，如果沒有在座的每個人的幫助，我就沒有做到這一點，現在可能是感謝你們所有人讓我看起來如此出色的好時機。

So I think that's -- Gigi, I think that's our closing remarks unless somebody else has a question, but thank you, and thank all of you.

所以我認為——吉吉，我想這就是我們的結束語，除非其他人有問題，但謝謝你，謝謝你們所有人。

Thank you, ladies and gentlemen. This ends the Q&A portion of this morning's conference call. And thank you for your participation today. This concludes today's program. You may now disconnect.

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。感謝您今天的參與。今天的節目到此結束。您現在可以斷開連線。