Matador Resources Co (MTDR) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the first-quarter 2025 Matador Resources Company earnings conference call. My name is Tanya, and I'll be serving as your operator for today. (Operator Instructions) We will facilitate a question-and-answer session at the end of the company's remarks. 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.

女士們、先生們，早安。歡迎參加 Matador Resources Company 2025 年第一季財報電話會議。我叫 Tanya，今天我將擔任您的接線生。（操作員指示）我們將在公司發言結束時安排問答環節。提醒一下，本次會議將被錄製以供重播，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述。

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

現在我將電話轉給 Matador 投資者關係資深副總裁 Mac Schmitz 先生。施密茨先生，您可以繼續。

Thank you, Latonia, and good morning, everyone, and thank you for joining us for Matador's first-quarter 2020 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.

謝謝你，拉托尼亞，大家早安，謝謝你們參加 Matador 2020 年第一季財報電話會議。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。

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. 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 are 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.

此類非 GAAP 財務指標與依照 GAAP 計算的可比較財務指標的對帳表包含在公司收益新聞稿的末尾。提醒一下，今天早上的簡報中包含的某些陳述可能是前瞻性的，並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預期的結果和事件有重大差異。有關可能導致實際結果出現重大差異的因素的更多信息，包含在公司的收益報告和最新的 10-K 表年度報告以及任何後續的 10-Q 表季度報告中。

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 first-quarter 2025 earnings release under the Investor Relations tab on our corporate website.

除了我們昨天發布的收益新聞稿外，我還想提醒大家，您可以在我們公司網站的「投資者關係」標籤下找到與 2025 年第一季財報相關的幻燈片簡報。

And finally, as a reminder, I would like to invite all of you to join us for our first ever town hall conference call on Monday, April 28 at 3:30 PM Central Time. Please send any questions that you have in advance by e-mail to investors@matadorresources.com, no later than 3:00 PM Central Time on Friday, April 25. The live conference call will be available under the Investor Relations tab on our corporate website.

最後，提醒一下，我想邀請大家參加我們首次市政廳電話會議，時間為 4 月 28 日星期一中部時間下午 3:30。如果您有任何問題，請提前透過電子郵件發送至 investors@matadorresources.com，最晚不得晚於美國中部時間 4 月 25 日星期五下午 3:00。現場電話會議將在我們公司網站的「投資者關係」標籤下提供。

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、董事長兼執行長喬·福蘭先生。喬？

Thank you, Mac. As we've often done in the past, I'd like to begin by insights and some of the themes that we expressed in our earnings release is that the first one is that we've been here before in challenging times, and we've come out of it each time stronger than we went in.

謝謝你，麥克。正如我們過去經常做的那樣，我想先談談一些見解，我們在收益報告中表達的一些主題是：第一個主題是，我們以前也經歷過充滿挑戰的時期，而且每次我們都比開始時更加強大。

So we have confidence in the plans that we've submitted to you today. We feel we have the right tools in the toolbox. They give us the flexibility and the optionality to make the plans work and advance Matador's interest and value regardless of the atmosphere or how much it changes throughout the year.

因此，我們對今天提交給您的計劃充滿信心。我們覺得我們的工具箱裡有合適的工具。它們為我們提供了靈活性和選擇性，使計劃能夠發揮作用，並提升 Matador 的興趣和價值，無論氣氛如何或一年中發生多大的變化。

Second is to call to the attention that not only we tried to make prudent decisions, but can really point to the operational excellence of our field people and our operating staff is that we've had growth in the revenues to a point that we were able to repay $190 million of our debt. We have record gas processing.

其次，需要注意的是，我們不僅試圖做出審慎的決策，而且我們的現場人員和營運人員的卓越營運也讓我們的收入成長到能夠償還 1.9 億美元債務的程度。我們的天然氣處理量創下了紀錄。

The Marlin plant is coming on line. And between the Marlin plant and Black River, we'll have processing capacity of 720 million, which is quite a bit better than the original Black River plant that was only 60 million. So -- and that provides us a large amount of flow assurance, which is critical these times to get all of it, you can to market. And finally, the point three is that we wanted to emphasize how we have an alignment of interest with our shareholders that -- that's one of the reasons that we have the Board authorized a repurchase of shares to be sure people knew of that alignment.

馬林工廠即將投入生產。在馬林工廠和黑河工廠之間，我們的處理能力將達到 7.2 億，這比原來只有 6,000 萬的黑河工廠要好得多。所以 — — 這為我們提供了大量的流量保證，這對於將所有產品推向市場至關重要。最後，第三點是，我們想強調我們的利益與股東的利益是一致的——這也是我們讓董事會授權回購股票的原因之一，以確保人們知道這種一致性。

But second is to point out what we did in the first quarter, what we be in the management leadership team that we had over 31 transactions. Virtually, everybody on the management team bought shares, and then we had 100 other over 100 other employees buying stock, where others were not -- other companies were not as aggressive, but our guys like our leadership team recognize a good deal when they see it. So we felt it was important to offer the opportunity to have a repurchase of shares. At this price, we think it's a good buying opportunity and a good entry point that -- and so we welcome your questions.

其次要指出的是，我們在第一季做了什麼，我們的管理領導團隊進行了超過 31 筆交易。實際上，管理團隊中的每個人都購買了股票，然後我們還有另外 100 多名員工購買股票，而其他人沒有——其他公司沒有這麼積極，但我們的領導團隊一眼就能看出這是一筆好交易。因此我們認為提供回購股票的機會非常重要。我們認為，以這個價格，這是一個很好的購買機會和切入點——因此我們歡迎您的提問。

Finally, there has been some concern about production. Is it going up or it's going down? We slowed down a little bit on our production, but it wasn't because the wells were performing well. They've done better than they expected. But what you had was you had some shut-ins due to maintenance and in light of that, the maintenance and force majeure events, in light of that, we were off by 1% or 2%, which we could have easily made that up, but it was better to move slowly but surely to be sure to provide growth for this year, reduce expenses, and to wait for the processing to come online.

最後，人們對生產產生了一些擔憂。它是在上升還是在下降？我們的生產速度略有放緩，但這並不是因為油井表現良好。他們的表現比預期的要好。但實際情況是，由於維護，有些工廠停工了，考慮到維護和不可抗力事件，我們的產量下降了 1% 或 2%，我們本可以輕鬆彌補，但最好是緩慢但穩步地行動，確保今年能夠實現增長，減少開支，並等待加工上線。

So we've received the full economic benefit of our production. And we'll have growth at the end of the year. Remind everybody that if we're 1% down now by the end of the year, we'll be up 17%.

因此，我們從生產中獲得了全部的經濟效益。到年底我們將實現成長。提醒大家，如果現在我們下降 1%，到今年年底我們就會上升 17%。

Latonia, with that, we'd like to take a few questions. .

拉托尼亞，我們想回答幾個問題。。

(Operator Instructions) Tim Rezvan, KeyBanc Capital Markets.

（操作員指示）Tim Rezvan，KeyBanc 資本市場。

I'd like to start on the midstream. Obviously, there has been a lot of volatility in the broader market that may be impacting the decision on that. You did use the phrase IPO in your fourth-quarter earnings deck. We didn't see that in this deck. So -- can you talk maybe about what you're thinking about with the path forward on the midstream side, given you've been pretty candid that you're looking to kind of realize value from that segment.

我想從中游開始。顯然，大盤的波動性很大，可能會影響這個決定。您確實在第四季度收益報告中使用了“IPO”這個詞。我們沒有在這副牌上看到這一點。那麼——鑑於您已經非常坦率地表示希望從中游領域實現價值，您能否談談您對中游未來發展道路的看法？

Yeah. This is Gregg Krug, EVP of Marketing and Midstream Strategy. Yeah, we're looking at all these options as far as possibility of IPOs in various other things. We're looking at opportunities to grow our business.

是的。我是行銷和中游策略執行副總裁 Gregg Krug。是的，我們正在考慮所有這些選擇，以及在其他各種事物中 IPO 的可能性。我們正在尋找發展業務的機會。

And if we think about kind of where we started. We started at 60 million a day at the Black River plant. And as Joe mentioned, we're -- once we get this plant up and going, which is going to be this quarter, should be -- we should be up at 720 million a day of capacity.

如果我們思考一下我們從哪裡開始。我們在黑河工廠的起步產量為每天 6,000 萬。正如喬所提到的，一旦我們啟動並運作這個工廠，也就是本季度，我們的日產能應該可以達到 7.2 億。

So we like our growth that we're seeing now, and we see opportunities to go further. We've got a lot of inquiries on third-party gas that we're chasing and -- we think there's lots of opportunities there. So as far as your question on IPO, yes, that is always a possibility, and we're investigating all those opportunities.

因此，我們對現在所看到的成長感到滿意，並且看到了進一步發展的機會。我們收到了很多有關我們正在尋找的第三方天然氣的詢問，我們認為那裡有很多機會。至於您關於 IPO 的問題，是的，這始終是一種可能性，我們正在調查所有這些機會。

Zach Parham, JPMorgan.

摩根大通的紮克·帕勒姆。

Just given the changes in the operational plans, I wanted to talk about how you're thinking about longer term. I mean, historically, Matador has been a growth company. with this guidance update, your second half implied volumes are roughly in line with 4Q oil in more of a maintenance level. And in the current environment, how are you thinking about the longer-term outlook for the company in the current commodity price environment, would you continue at maintenance levels? Or would you anticipate growing again at some point?

鑑於營運計劃的變化，我想談談您對長期計劃的看法。我的意思是，從歷史上看，Matador 一直是一家成長型公司。根據此指引更新，下半年隱含產量與第四季石油產量大致持平，處於維持水準。在當前環境下，您如何看待公司在當前商品價格環境下的長期前景，您會繼續維持維持水準嗎？或者您期望在某個時候再次成長？

Well, thank you, Zach. It's a good question. And the answer is, yes. We're very open to and want to have reason to grow again. It's not that we're downsizing now because, as I mentioned, we're going to have 17% growth in oil production by year end. And this is primarily a timing matter.

好吧，謝謝你，扎克。這是個好問題。答案是肯定的。我們非常開放並且希望有理由再次成長。這並不是說我們現在正在縮減規模，因為正如我所提到的，到今年年底我們的石油產量將增加 17%。這主要是一個時間問題。

And is this a temporary thing on oil prices? Or is this a new world you live in, and we're going to do what's profitable. We've never been a growth for growth's sake -- it's always been our motto here has been profitable growth at a measured pace. And if you mean what you say about a measured pace, that means when prices get a little lower, you're a little more -- you take a few more moments to think about what you're doing and don't rush into things and to manage your contracts with your vendors, so you have optionality and flexibility to either add or to take down and you build relationships with them, that give you that kind of flexibility and optionality.

這對油價的影響是暫時的嗎？或者這是您生活的新世界，我們將做有利可圖的事情。我們從來不是為了成長而成長——我們的座右銘一直是以穩健的速度實現獲利成長。如果你指的是所謂的有節制的步伐，那就意味著當價格稍微低一點時，你會花更多的時間思考你在做什麼，不要倉促行事，並管理與供應商的合同，這樣你就有了選擇權和靈活性，可以增加或減少，並與他們建立關係，這給了你這種靈活性和選擇權。

So we're very much intend to grow, and we're shareholders, too. Nobody here wants to own stock. unless there is going to be increases in value over time. And I think we're very well positioned for it because you may say, well, your production was a little bit off this quarter. Yes, but we paid down $190 million in debt.

所以我們非常希望發展，我們也是股東。這裡沒有人想擁有股票。除非其價值隨著時間的推移而增加。我認為我們已經做好了充分的準備，因為你可能會說，本季你的產量有點下降。是的，但我們已經償還了 1.9 億美元的債務。

So that leaves us with a lot of optionality there is we want to speed up CapEx expenses as the year goes along, we want to make an acquisition.

因此，這給我們留下了許多選擇，我們希望隨著時間的推移加快資本支出，我們希望進行收購。

But either way, we've got the tools in the toolbox, including the share repurchase to make Matador more value quarter-by-quarter. What we don't want to do is to do it blindly or to rush in, in a time of turbulence. We're going to do it slow and steady, but that profitable growth at a measured pace is governing our approach, but we have lots 10 to 15 years of inventory.

但無論如何，我們擁有工具箱中的工具，包括股票回購，以使 Matador 的價值逐季度增加。我們不想做的是在動盪時期盲目行事或倉促行事。我們將緩慢而穩定地進行，但以適度的速度實現盈利增長將決定我們的方法，但我們擁有大量 10 至 15 年的庫存。

So there's no shortage of inventory and everywhere we drill these wells, they're going to have a high net rate of return, and it's just optimizing, those locations and our field staff and our midstream business to consistently generate growth and profitability. And if you look at our last -- since we went public, you see over and over again, we have generated profits per quarter, and we had a profit this quarter. So I don't know how many straight quarters that makes for it, but it's been very consistent, that we haven't had a losing quarter.

因此，庫存並不短缺，而且無論我們在何處鑽探這些油井，它們都將獲得很高的淨回報率，而且我們只是在優化這些地點以及我們的現場工作人員和中游業務，以持續實現增長和盈利。如果你看一下我們上次上市以來的數據，你就會發現，我們每個季度都實現了盈利，而且本季度我們也實現了盈利。所以我不知道這是連續多少個季度出現這種情況，但我們的情況一直非常穩定，沒有一個季度出現虧損。

And that's because of the professional approach of our office staff, our field staff and that they have great properties to work with. The two big acquisitions we've made in the last couple of years, both of which were about $2 billion. They've been integrated very smoothly, and the performance has been better than expected. And so we're pretty excited, and that's why you saw as much buying from insiders as you did, and you can expect it again this quarter.

這是因為我們的辦公室員工和現場員工的專業態度，以及他們擁有優秀的工作資源。過去幾年我們進行了兩次大型收購，每次的金額都約為 20 億美元。它們的整合非常順利，而且性能比預期的要好。因此我們非常興奮，這就是為什麼您會看到內部人士大量購買，並且您可以期待本季再次出現這種情況。

For me, I've never sold a share. And I've had kids in college for that matter, not trying to be flippant, but we all have things like that, but this has been where the value is generated rising from -- we started with 270,000, and we feel we have over $11 billion in assets now.

對我來說，我從來沒有賣過股票。而且我的孩子也上大學了，我不是想開玩笑，但我們都有這樣的情況，但這就是價值產生的地方——我們從 27 萬開始，感覺現在我們的資產已經超過 110 億美元。

So this group collectively has made good decisions all along -- and we've encountered these times, numerous times, and we've always come out ahead. If you may -- you can -- exactly you've been around long enough to remember those, but each time we've come out, whether it's been COVID or the BLM leases that people were worried about that we paid too much for, but we're paying out at $20 a barrel oil in six months.

所以，這個團隊一直以來都做出了正確的決定——我們遇到過很多次這樣的情況，但我們總是能取得勝利。如果可以的話——你可以——你確實已經在這裡待了很長時間了，可以記住這些，但每次我們出來，無論是因為 COVID 還是 BLM 租約，人們都擔心我們支付的費用過高，但我們在六個月內支付的石油價格為每桶 20 美元。

And just consistently, and that's the nature of this business. is trying to be ready for whatever the circumstances are being thrown at you. And I feel this group has really done a good job, and we're all very confident in the plans and the way execution in the second quarter by turning on 40 wells, people were concerned about timing on those wells. We turned on 40 wells. So this second quarter should be a record quarter.

並且始終如一，這就是這個行業的本質。正在努力為即將遇到的任何情況做好準備。我覺得這個團隊確實做得很好，我們都對計劃以及第二季度啟用 40 口油井的執行方式非常有信心，人們擔心這些油井的開採時間。我們打開了40口井。因此第二季應該會是一個創紀錄的季度。

This is Van Singleton, I just wanted to add 1 thing to what Joe was saying that in the first quarter, we not only replaced the reserves that were produced, but we added to them. And so I think you see that over our history is that not only do we have 10- to 15-year runway of really good locations right now. But every year, we continue to replace those and grow the reserves.

我是范辛格頓，我只想補充一點喬所說的話，在第一季度，我們不僅補充了生產的儲備，而且還增加了儲備。所以我想你會看到，縱觀我們的歷史，我們不僅有現在擁有 10 到 15 年的真正好位置。但每年我們都會繼續替換它們並增加儲備。

And so I think what you see right now is -- as we've said before, there's never really one smoking gun decision that makes all of this happen. It's hundreds of small decisions. And we all work together as a team across the company, to figure out what's the best thing to do at the right time. And by preserving our optionality and balance sheet, we're going to be able to set ourselves up for more profitable growth in the near future.

所以我認為你現在看到的是——正如我們之前所說的，從來沒有一個確鑿的證據可以導致這一切的發生。這是數百個小決定。我們全公司作為一個團隊共同努力，找出在正確的時間做最好的事情。透過保留我們的選擇性和資產負債表，我們將能夠在不久的將來實現更有利可圖的成長。

Gabe Daoud, TD Cowen.

加布·達烏德（Gabe Daoud），TD Cowen。

Thanks, tons for the time. I was hoping, Joe, maybe we could circle back to your comments around stock representing a good entry point. Is it fair to assume then you're maybe getting after it on the buyback relatively soon? Just how do you prioritize the buyback against potential inorganic opportunities this year as you've also noted, volatility presents typically good opportunities for active bolt-ons like you guys did with AECO maybe about 10 years ago.

非常感謝你抽出時間。喬，我希望，也許我們可以回到你關於股票代表良好切入點的評論。那麼，是否可以合理地假設您可能很快就會開始回購？正如您所說，您今年如何優先考慮回購和潛在的無機機會，波動性通常會為積極的附加投資提供良好的機會，就像您們大約 10 年前對 AECO 所做的那樣。

Gabe, I may need you to repeat part of your question, but let me try to answer as best I can, is that first thing is what's nice about where we are today is in our release, we mentioned five or six things that we did when we saw the fall enough turbulence and chaos and what does this mean and what what direction are prices going up or down and what the world situation is that we started taking steps from our experience, what do we need to be in to give us maximum flexibility and optionality on how our plan goes.

加布，我可能需要你重複部分問題，但請允許我盡力回答，首先，我們今天的發布令人欣喜，我們提到了當我們看到下跌時我們所做的五六件事，有足夠的動盪和混亂，這意味著什麼，價格將朝哪個方向上漲或下跌，世界形勢如何，我們開始根據經驗採取措施，我們需要做什麼才能讓我們的計劃具有最大的靈活性和靈活性。

So what you saw is we paid down debt, you know that we took these other steps to pay down debt. We had oil hedges implemented oil hedges to protect us on price. We sold noncore assets. And in the Eagle Ford, sold all of our -- the rest of our position there. And so part of our Pronto plant to our joint venture partner on San Mateo.

所以您看到的是，我們還清了債務，您知道我們採取了其他措施來償還債務。我們實施了石油對沖來保護我們的價格。我們出售了非核心資產。在 Eagle Ford，我們賣掉了那裡剩餘的所有資產。因此，我們將 Pronto 工廠的一部分轉讓給了位於聖馬刁的合資夥伴。

And we worked with our 19 banks, and they authorized bigger RBL for us, Reserve-Based Loan. And so now we're in a position to go either way. And it's not that we're forced to go either to the route of acquisitions or drilling or share buybacks. But I think we'll have to see which of those creates the most value for us. But it's nice to have all three options to go with.

我們與 19 家銀行合作，他們授權我們發放更大額度的 RBL（儲備金貸款）。所以現在我們可以選擇任何一種方式。這並不是說我們被迫採取收購、鑽探或股票回購的路線。但我認為我們必須看看哪一個能為我們創造最大的價值。但擁有這三種選擇還是不錯的。

This is Van again. Van Singleton, I think also to add to that, Joe, is just the dividend, six times in four years, we've increased it. And I think we want to preserve our optionality to continue to increase that at the appropriate times going forward.

我又是 Van。範辛格頓，我想還要補充一點，喬，只是股息，四年內我們已經增加了六次。我認為我們希望保留我們的選擇性，以便在未來適當的時候繼續增加這一點。

Yeah, we want to be known as that company that pays a regular dividend and tries to increase it year to year. So that's the other thing. So the alignment, a lot of this comes from that alignment that other companies haven't been as quick to buy their shares back or to buy them for themselves. And we have -- if you look at companies, I think ours is -- our ownership between officers and directors is 6.5%, 6%, some are going towards 7%.

是的，我們希望成為一家定期支付股息並努力逐年增加股息的公司。這就是另一件事。因此，這種一致性在很大程度上源於其他公司沒有那麼快地回購其股票或為自己購買股票。如果你看一下公司，我認為我們的公司是——高階主管和董事之間的所有權比例是 6.5%、6%，有些公司甚至會達到 7%。

Leo Mariani, ROTH Capital.

羅仕資本（ROTH Capital）的Leo Mariani。

I wanted to just ask a little about the kind of activity reductions here. If I'm looking at your slides, right, it looks like you guys ended cutting some of the activity on the new Ameredev asset and also at Antelope Ridge, but actually increased activity a little bit in West Texas. So I was just kind of curious about that from a turn in line perspective, if there was something maybe was kind of driving you to put a little bit more CapEx in West Texas in favor of some of these other areas?

我只是想問一下這裡的活動減少。如果我看你們的幻燈片，對的，看起來你們已經停止了對新 Ameredev 資產和 Antelope Ridge 的一些活動，但實際上在西德克薩斯州的活動有所增加。所以我只是從轉折點的角度對此感到好奇，是否有某種因素促使您將更多的資本支出投入到西德克薩斯州而不是其他一些地區？

And then just on your your production, obviously, like a record second quarter, but I just want to get a sense, should that be kind of peak production for the year? And does production roll off a little bit with the activity cuts in the second half?

然後就您的產量而言，顯然第二季創下了紀錄，但我只是想了解一下，這應該是今年的產量高峰嗎？下半年活動減少會導致產量略微下降嗎？

Leo, this is Tom Elsener, EVP of Reservoir Engineering. I'll probably take the first part of that, and then I'll pass the second part over the Glenn Stetson. But just in the normal course of funneling the operations from a 9-rig program down to an 8-rig program, there's just some shifting of the timing of the wells around all that.

利奧，這是油藏工程執行副總裁湯姆·埃爾森納。我可能會選擇第一部分，然後將第二部分交給 Glenn Stetson。但在將作業從 9 台鑽機計畫減少到 8 台鑽機計畫的正常過程中，油井的作業時間會發生一些變化。

I know Chris and the team are optimizing the completion schedule. And I think it's just shifting some wells around between different buckets, maybe carrying over some wells in different quarters. We're proud of all of our assets. Certainly, West Texas has been a big part of us for a very long time. But we're real happy with the returns of all the wells and things are going better than expected.

我知道克里斯和團隊正在優化完成時間表。我認為這只是在不同的桶之間轉移一些井，也許將一些井轉移到不同的區域。我們為我們的所有資產感到自豪。當然，西德克薩斯州長期以來一直是我們的重要組成部分。但我們對所有油井的回報感到非常高興，情況比預期的要好。

Yes. Leo, this is Glenn. I just wanted to pile on to what Tom was saying on the our Meredith properties is that we highlighted in the release, the 11 wells that we turned online that had an average IP of 1,450 BOE per day. All combined was around 15,000 altogether.

是的。利奧，這是格倫。我只是想補充湯姆對我們的梅雷迪斯資產的看法，我們在新聞稿中強調了我們已上線的 11 口油井，平均 IP 為每天 1,450 BOE。總計約有 15,000 人。

So we're really happy with those results and I think confirms the prospectivity of the eastern side of that acreage position. And so -- and then on your second question there. I would just say that Q3 will be lower than Q2, as you said. And then Q4 is projected to be slightly higher than Q3, but could change depending on the timing of these capital efficient batches that we're doing.

所以我們對這些結果非常滿意，我認為這證實了土地東側的前景。那麼——然後是你的第二個問題。我只想說，正如您所說，第三季的業績將低於第二季。預計第四季度將略高於第三季度，但可能會根據我們正在進行的這些資本高效批次的時間而變化。

Kevin MacCurdy, Pickering Energy Partners..

麥克柯迪（Kevin MacCurdy），皮克林能源合夥公司（Pickering Energy Partners）...

And I, for one, appreciate the leadership you're showing here by reducing activity amidst the macro uncertainty.

我個人非常欣賞你們在宏觀不確定性中減少活動所展現的領導力。

We appreciate that a lot. And I would like to say is that the fourth quarter may not go down, but we have the optionality to to ramp up production in that area or to keep it as is. We didn't want to promise something that we weren't certain of delivering. We can deliver. Feel very certain about that, but I don't want to do that unless the oil price is optional or is optimal and that -- so there's plenty of time left to bring that around if the incentive of higher commodity prices are there.

我們對此非常感激。我想說的是，第四季的產量可能不會下降，但我們可以選擇提高該地區的產量或維持現狀。我們不想承諾一些我們不確定能否實現的事情。我們可以送貨。我對此非常確定，但我不想這樣做，除非油價是可選的或最佳的，所以如果有更高商品價格的激勵，那麼還有足夠的時間來實現這一目標。

My question is on the criteria for the buyback. Just conceptually, how would you think about the number of shares you're going to be buying back will you be looking at certain valuation metrics? And will it be governed by kind of a percentage of cash flow on a quarterly or an annual basis? .

我的問題是關於回購的標準。從概念上講，您如何考慮要回購的股票數量？您會考慮某些估值指標嗎？它會根據季度或年度現金流百分比來控制嗎？。

Yes. Kevin, this is Brian Willey, Exec Vice President and Chief Financial Officer. I appreciate the question. It's not a single metric or a single variable that we're looking at. I think it's a mix.

是的。凱文，這是執行副總裁兼財務長布萊恩威利。我很感謝你提出這個問題。我們關注的並不是單一指標或單一變數。我認為這是一種混合。

And so as Joe mentioned earlier, -- we really have a lot of great options in front of us, whether that's using our cash for debt repayment for the share repurchases, making opportunistic land acquisitions that Joe mentioned that we've often made in these times, and they've been challenging times. -- expansion in the midstream business, -- we could also add back the rig, as Joe mentioned earlier, and/or increase the dividend.

正如喬之前提到的那樣，我們面前確實有很多很好的選擇，無論是用我們的現金償還債務還是回購股票，還是進行喬提到的我們在這些時期經常進行的機會性土地收購，這些都是充滿挑戰的時期。 ——中游業務的擴張——我們還可以增加鑽孔機，正如喬之前提到的，和/或增加股息。

So there's a lot of opportunities for us to use our cash flow. And so really, what we'll do is we'll evaluate those. And and look at what is best for Matador in the long term and its shareholders. As Joe mentioned earlier, we're all very large shareholders. And so as we look at it, we want to provide the most value for us and our shareholders over the long term.

因此，我們有很多機會利用我們的現金流。所以實際上我們要做的就是評估這些。並考慮從長遠來看什麼對 Matador 及其股東最有利。正如喬之前提到的，我們都是大股東。因此，從長遠來看，我們希望為自己和股東提供最大的價值。

John Freeman, Raymond James.

約翰‧弗里曼、雷蒙‧詹姆斯。

I saw that you stepped up the hedging activity quite a bit both on oil and gas. But the other thing that sort of jumped out was you all are willing to lock in meaningfully wider gas gifts in 2026. So just interested in what you all are seeing on the marketing side that drove that decision.

我發現你們在石油和天然氣方面都加大了對沖活動。但另一件引人注目的事情是，你們都願意在 2026 年鎖定更廣泛的天然氣贈予。所以我只是對你們在行銷方面看到的促成這項決定的東西感興趣。

This is Gregg Krug. Again, -- we're constantly looking at those hedges. And we just saw that the -- we felt like there was an opportunity to layer on some. We just built like 26 heads some vulnerability there with because of the capacity issues that we're seeing. And we wanted this to some additional protection.

這是格雷格·克魯格。再說一次——我們一直在關注這些對沖。我們剛剛看到——我們覺得有機會進行一些分層。由於我們看到的容量問題，我們剛剛在那裡建立了 26 個頭，但存在一些漏洞。我們希望這能提供一些額外的保護。

So that was the driver behind that. is we felt like that we needed to have that extra protection insurance policy, so to speak.

這就是背後的驅動因素。就是我們覺得我們需要有額外的保障保險政策，可以這麼說。

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

謝謝各位，女士們、先生們。今天早上電話會議的問答部分到此結束。我想將電話轉回給管理階層，請他們做最後發言。

Thank you very much. And to those that ask questions is that if you have further inquiries, don't hesitate to call us, we'll be happy to visit with you. And once again, we want to invite all of you to come see us sometime and meet our people in person as well as see some what we think are the most latest tools in the toolbox, including the Maxcom room that goes 24/7 or our measurement room that does the same thing that has generated a lot of value. and also to emphasize to you because I don't want anybody to feel, oh, we're throwing in the towel towards the end of the year are worried by it.

非常感謝。對於那些提出問題的人，如果您有進一步的疑問，請隨時致電我們，我們很樂意拜訪您。我們再次邀請大家有空來看看我們，親自見見我們的員工，看看我們認為工具箱裡的一些最新工具，包括全天候運行的 Maxcom 室或我們的測量室，它們做同樣的事情，創造了很多價值。並且也要向你們強調，因為我不想讓任何人覺得，哦，我們在年底就要放棄了，並為此擔心。

No, we think matters will straighten out over these next couple of quarters, and it will be clear what needs to be done in the fourth quarter to make optimal our year for our shareholders.

不，我們認為情況會在接下來的幾個季度中得到解決，而第四季度需要做什麼才能為我們的股東帶來最佳的業績也會變得非常清楚。

And Brian Willey made a lot of mention of the tools, including increasing the dividend as a way of returning value to the shareholders. And we can -- there's no shortage of rigs or vendors out there that we can get the work done in a first-class way. So I'm very optimistic about the year that it's going to get better from here.

Brian Willey 多次提到這些工具，包括增加股利作為向股東回報價值的一種方式。而且我們可以——那裡並不缺少鑽孔機或供應商，我們可以以一流的方式完成工作。因此，我對今年的情況非常樂觀，相信情況會越來越好。

We've said second quarter is going to be a record quarter. Third quarter will be strong, but there we will be making those concrete plans for the fourth quarter and for 2026. And -- as I said, we've done this for 40 years, rising from $270,000 to the present bill. So this is a group that's had to react to very rapid change in the business when we came in. You had Kelly drive type of rigs and now you've got top drive and you're drilling 3-mile laterals. That was unforeseen, but that's working out well for us.

我們說過第二季將會是個創紀錄的季度。第三季將會表現強勁，但我們將為第四季和 2026 年制定具體計畫。而且 — — 正如我所說，我們已經這樣做了 40 年，從 27 萬美元增加到現在的帳單。因此，當我們加入這個團隊時，我們必須對業務的快速變化做出反應。您曾經擁有凱利驅動類型的鑽孔機，現在您有了頂驅，並且可以鑽 3 英里長的水平井。這是無法預見的，但對我們來說結果很好。

So there's a lot of knobs to play with. And particularly when the outside factors of world prices, world governments, you got to be ready to shift as the atmosphere changes. And I think this is the group that is doing it now, and we have alternatives and -- but we see a lot of options in the past.

因此有很多旋鈕可以操作。特別是當世界價格、世界政府等外在因素改變時，你必須做好隨著環境變化而轉變的準備。我認為這個團體現在正在做這件事，我們有其他選擇——但我們過去看到過很多選擇。

That's what led to certain breakthroughs. You all mentioned the Yates transaction, but also the BLM when we bought those properties and all was -- you had [COVID] Those made a difference. And you go back to getting people that we start out --

這才導致了某些突破。你們都提到了耶茨交易，還有我們購買這些房產時的 BLM 交易，所有這些都是——你們遇到了 [COVID]，這些都產生了影響。然後你回到我們開始招募的人--

The big help was with Mesa and in our slide deck, we show some of those big events in the past have come back to help us, and they generally occurred in times where commodity prices were down. But right now, I feel the field is really open, and we've got more tools than we've ever had to use and to add value.

最大的幫助來自梅薩，在我們的幻燈片中，我們展示了過去的一些大事件如何再次幫助了我們，而且它們通常發生在大宗商品價格下跌的時候。但現在，我覺得這個領域確實開放了，我們擁有比以往更多的工具可以使用並增加價值。

So I think it's a great time to get in, and you'll see buying from us, but you also now see the company ready to put money on the line and buy back shares. If people can't see the value opportunities we've been creating, we'll buy their stock back. And we'll start with this amount, $400 million, and we'll go -- we're not going to do it all at once, but gradually and in a controlled fashion and be happy to buy back to whoever wants to sell at a price that we think is a bargain for our shareholders. And that's my last comments, I promise, unless you want to call in or come see us.

因此，我認為現在是進入的好時機，您會看到我們購買，但您現在也會看到公司準備投入資金並回購股票。如果人們看不到我們創造的價值機會，我們就會回購他們的股票。我們將從 4 億美元開始，然後我們不會一次全部完成，而是逐步地、有控制地進行，並且很樂意以我們認為對股東來說划算的價格回購給任何想要出售的人。我保證，這是我的最後評論，除非您想打電話或來看我們。

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

女士們、先生們，感謝你們今天的參與。今天的節目到此結束。祝您有美好的一天。