Matador Resources Co (MTDR) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the Second Quarter 2025 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.

女士們、先生們，早安。歡迎參加 Matador Resources Company 2025 年第二季財報電話會議。我叫 Gigi，今天我將擔任接線生。（操作員指示）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，您可以繼續了。

Thank you, Gigi. Good morning, everyone, and thank you for joining us for Matador's second quarter 2025 earnings conference call.

謝謝你，吉吉。大家早安，謝謝您參加 Matador 2025 年第二季財報電話會議。

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 issued yesterday.

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 GAAP 財務指標與按照 GAAP 計算的可比較財務指標的對帳表包含在公司昨天發布的收益新聞稿末尾。

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，請參閱公司的收益報告、最新的 10-K 表年度報告以及任何後續的 10-Q 表季度報告。

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 second 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 年第二季財報相關的幻燈片簡報。

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, and thank you all for listening in. We appreciate it, and we look forward to your questions and comments and being able to report to you that we feel that we've had a very solid quarter, very well executed. And it's pleasing to us because we have some people in new leadership positions. And everybody else has really pitched in. And I think it's exciting to see some of the ideas and the programs that they've recommended, and it will be to everybody's benefit.

謝謝你，麥克，也謝謝大家的收聽。我們對此表示感謝，並期待您的提問和評論，並能夠向您報告，我們認為我們度過了一個非常穩健、執行得非常好的季度。我們對此感到高興，因為我們有一些新的領導職位。其他人也都做出了貢獻。我認為看到他們推薦的一些想法和計劃是令人興奮的，這將使每個人受益。

In particular, I'd like to introduce Bill Lambert to you. Bill is our CFO and Head of Strategy. And I think you'll find that he has a lot to offer, and you'll see smooth running from this point forward.

我特別想向你們介紹比爾‧蘭伯特 (Bill Lambert)。比爾是我們的財務長兼策略主管。我認為你會發現他有很多東西可以提供，而且從現在開始你會看到一切順利。

His aim and our aim when we were -- as we were getting to know each other was very similar. We come from very similar backgrounds and culture. We've laughed about that some, and that I think you all will enjoy getting to know him. I think many of you already know him. But our plan, our aim is to increase our production, but to also increase our free cash flow, not to do one at the expense of the other, but to work them in tandem as that if your production is going up, your cash flow needs to be going up, and vice versa. If your cash flow is going up, spend it wisely on some production and drilling opportunities, but be careful to keep that strong balance sheet in times like this where you have the turbulence and the volatility.

他的目標和我們互相了解時的目標非常相似。我們的背景和文化非常相似。我們對此有所嘲笑，我想你們都會很高興認識他。我想你們當中很多人已經認識他了。但我們的計畫和目標是增加產量，同時也增加自由現金流，不是以犧牲一方為代價，而是兩者協同作用，如果產量增加，現金流也需要增加，反之亦然。如果您的現金流正在增加，請明智地將其花在一些生產和鑽探機會上，但在動盪和波動的時期，請小心保持強勁的資產負債表。

The strong balance sheet is, I think you'll see, is a background for a lot of our initiatives and has helped us to achieve the progress that we have.

我想你會看到，強勁的資產負債表是我們許多舉措的基礎，並幫助我們取得了進展。

More specifically, we believe we're well positioned for the back half of the year with drilling opportunities, cash flow opportunities. We have $1.8 billion available on our line of credit. Our banks have been very supportive of us. We have all 19 banks reaffirmed their plans to stay in the group. And I think 15 -- or 16 of the banks are also in our Midstream facility. So thank you all very much for that support and vote of confidence.

更具體地說，我們相信，由於鑽探機會和現金流機會，我們已為下半年做好了準備。我們的信用額度為 18 億美元。我們的銀行一直都非常支持我們。所有 19 家銀行都重申了留在該集團的計劃。我認為其中 15 或 16 家銀行也在我們的中游設施中。非常感謝大家的支持與信任。

Obviously, as you have seen in the report, that we've increased our full year guidance for 2026 both in oil production growth and cash flow. Obviously, this is a result of successes in the drilling program, which pleases us. And we are now producing in the Delaware from 20 different zones. My whole career, 40 years, has been spent primarily in the Delaware. We consider that as a land of opportunity. But I'm also glad to report part of our time in Louisiana has resulted in us having, in our deal with Chesapeake, to reserve the Cotton Valley formations above the Haynesville, and we believe we have 200 billion cubic feet of gas there or more waiting, all HBP, and just waiting for more stability in gas prices.

顯然，正如您在報告中看到的，我們提高了 2026 年全年石油產量成長和現金流的預期。顯然，這是鑽探計劃成功的結果，我們對此感到高興。目前，我們在特拉華州的 20 個不同區域進行生產。我的整個職業生涯（40 年）主要在特拉華州度過。我們認為那是一片充滿機會的土地。但我也很高興地報告，我們在路易斯安那州的部分時間導致我們根據與切薩皮克的交易，保留了海恩斯維爾上方的棉花谷地層，我們相信我們在那裡有 2000 億立方英尺或更多的天然氣等待開採，全部是 HBP，只是在等待天然氣價格更加穩定。

Another opportunity that we're pleased to mention to you is our Midstream opportunities. That has been a game saver with the tightness in the Midstream markets out there in New Mexico. We got into it for flow assurance, and Gregg Krug has guided us in this regard. And we've grown our Midstream capacity from zero at the time of our original IPO to where we now have 720 million a day in capacity and recently turned that on. So it's about half full now, but we'll soon, we believe, we'll, before the end of the year, likely to be at full capacity or close to it.

我們很高興向您提及的另一個機會是我們的中游機會。在新墨西哥州中游市場緊張的情況下，這起到了挽救作用。我們參與其中是為了保證流量，Gregg Krug 在這方面為我們提供了指導。我們的中游產能從首次公開募股時的零成長到現在的每天 7.2 億的產能，最近又開始了這一進程。現在大約是半滿，但我們相信，很快，在年底之前，我們可能會達到滿載或接近滿載。

The team is, in that regard, we were faced with the choice of either building that plant, which was $200 million or more or putting that into drilling. And we concluded that it was best to build the plant, that that would balance our asset base so that we were in a fee-based business, along with the commodity-based business, which would be longer-lived assets and would be a ballast to our production, plus, and perhaps most importantly, provide flow assurance to us in our operations. And been very glad that Gregg suggested this and helped guide us along the way.

在這方面，我們團隊面臨的選擇是，要么建造耗資 2 億美元或更多的工廠，要么將其用於鑽探。我們得出的結論是，最好建造工廠，這樣可以平衡我們的資產基礎，讓我們既能從事收費業務，又能從事商品業務，這些資產將是壽命更長的資產，可以成為我們生產的壓艙石，而且，也許最重要的是，為我們的運營提供流量保證。我很高興 Gregg 提出這個建議並幫助指導我們。

In addition, in this regard, we've also -- are now recycling over half of our water production back in, which is a moneymaker for us. We're saving having to buy additional water.

此外，在這方面，我們還將一半以上的水生產進行回收利用，這對我們來說是一筆賺錢的生意。我們節省了購買額外水的費用。

In the meantime, we've grown our base dividend. We've raised it 6 times in four years. And as our habit is, is to review the base dividend at the end of each year. And we take a lot of pride in the base dividend and trying to make it be the right amount. We believe it's most fair to all the shareholders. We are very pleased with our results and our buyback of shares, but the base dividend is something that all enjoy and believes helps make people stickier.

同時，我們增加了基本股利。四年內我們已經募集了六次資金。我們的習慣是，在每年年底審查基本股利。我們對基本股息感到非常自豪，並努力使其達到正確的數額。我們相信這對所有股東來說都是最公平的。我們對我們的業績和股票回購感到非常滿意，但基本股利是所有人都喜歡的，並且相信它有助於提高人們的黏性。

We continue our brick-by-brick program, and we paid down debt. So our debt level is now with a ratio of less than 1.

我們繼續我們的一磚一瓦計劃，並且還清了債務。因此我們的負債水準現在的比率小於1。

And finally, we've been reducing our lease operating expenses, principally through efficiencies and out there in our chemical program, which has been implemented, I think, in a very solid fashion and it's generating savings.

最後，我們一直在降低租賃營運費用，主要是透過提高效率和實施化學計劃，我認為該計劃已經以非常穩固的方式實施，並且正在產生節省。

And the last thing is the way we look at things, I know there are going to be questions on what is the quarter result and how that compared to the sequential quarter. And we tend to look more at how is it over the course of the year. So how does one year compare to the last year? And it's just that the cycle in oil and gas, we think, is more than a quarter-to-quarter business. We do like to look at the quarter numbers, but the year-over-year numbers are more important. For example, on production, is up a little now. But when you look at it year-over-year, which you don't have as much timing differences, is up 31%.

最後一點是我們看待事物的方式，我知道人們會問本季的結果如何，以及與上一季相比如何。我們更傾向於關註一年中的情況。那麼今年與去年相比如何呢？我們認為，石油和天然氣產業的周期不僅僅是季度間的業務。我們確實喜歡看季度數據，但同比數據更重要。例如，就生產而言，現在有所上升。但當你看與去年同期相比時，你會發現時間差異並不大，但成長了 31%。

So with that, let me open the floor for questions and give Bill a chance to talk about our strategy and financial plans.

因此，請允許我開放提問，並讓比爾有機會談談我們的策略和財務計劃。

Thank you, Joe. It's a pleasure to join the team here. I think really just before we jump into the Q&A, the opportunity to join Matador and the business that we have here, I think our integrated business is extremely well positioned to deliver on both a robust free cash flow margin as well as oil production growth. And being able to do both of those things is something that we think is unique in this world. So look forward to answering your questions, but very excited to join the team.

謝謝你，喬。很高興加入我們的團隊。我認為，在我們進入問答環節之前，加入 Matador 的機會以及我們在這裡開展的業務，我認為我們的綜合業務非常適合實現強勁的自由現金流利潤率以及石油產量增長。我們認為，能夠同時做到這兩件事是世界上獨一無二的。因此期待回答您的問題，但非常高興加入團隊。

Gigi, we'll turn it back to you for Q&A.

Gigi，我們會把話題交還給您問答。

(Operator Instructions) Tim Rezvan, KeyBanc Capital Markets.

（操作員指示）Tim Rezvan，KeyBanc 資本市場。

I wanted to start on Midstream. I was a little surprised to see there was no change to Midstream EBITDA guidance for the year. You had a record second quarter. You lowered Midstream OpEx guidance --

我想從 Midstream 開始。我有點驚訝地發現今年中游 EBITDA 指引沒有改變。你們的第二季創下了紀錄。您降低了中游營運支出指導--

Tim, I think we lost you.

提姆，我想我們失去你了。

Tim, this is Brian Willey. I'm happy to take that question about the record quarterly EBITDA. We appreciate you recognizing what a great quarter we had at San Mateo. And really, that starts with the men and women in the field, led by Thomas Green and Bryan Nicholson and some of the others as they brought the new Marlan plant online and increased processing capacity from 520 million cubic feet per day to 720 million cubic feet per day.

提姆，我是布萊恩‧威利。我很高興回答有關創紀錄的季度 EBITDA 的問題。感謝您對我們在聖馬刁所度過的美好季度的認可。事實上，這一切都始於一線的男男女女，在托馬斯·格林 (Thomas Green)、布萊恩·尼科爾森 (Bryan Nicholson) 和其他一些人的帶領下，他們讓新的馬蘭 (Marlan) 工廠上線，並將處理能力從每天 5.2 億立方英尺提高到每天 7.2 億立方英尺。

And really San Mateo's record performance during the second quarter was driven by Matador's record production growth during the quarter. And so San Mateo during the end of the first quarter and during the second quarter connected to approximately 30 new Matador wells. And those were areas where San Mateo provides oil, gas and water. And so as Matador's production increased and had record production, that was the same thing with San Mateo, we had record EBITDA.

事實上，聖馬刁第二季創紀錄的業績是由 Matador 本季創紀錄的產量成長所推動的。因此，聖馬刁在第一季末和第二季連接了大約 30 口新的 Matador 油井。這些地區都是聖馬刁提供石油、天然氣和水的地方。因此，隨著 Matador 產量的增加和創紀錄的產量，San Mateo 的情況也一樣，我們的 EBITDA 也創下了紀錄。

In addition, the team has been hard at work with third-party contracts and finding ways to save costs. For example, we often talk about the coordination between the upstream and the Midstream. The operations folks on the San Mateo side, led by Sean O'Grady and Justin Hosp worked closely with Glenn Stetson and his team and their chemical consultants. And we're actually able to save about $1 million on chemical costs during the quarter.

此外，該團隊一直在努力處理第三方合約並尋找節省成本的方法。例如我們常講上游和中游的協調。聖馬刁方面的營運人員由 Sean O'Grady 和 Justin Hosp 領導，與 Glenn Stetson 及其團隊以及他們的化學顧問密切合作。實際上，我們本季能夠節省約 100 萬美元的化學品成本。

So really, just a fantastic job on the coordination between the teams. And as we look at the EBITDA for the remainder of the year, the first half of the year EBITDA was about $145.5 million in total, which is about half of the expected EBITDA range for the year of $275 million to $295 million. And so we still expect that range as Matador just is drilling to Antelope Ridge and away from some of the areas where San Mateo operates. But we're excited to continue to provide flow assurance and great value for Matador shareholders.

所以，團隊之間的協調確實非常好。當我們查看今年剩餘時間的 EBITDA 時，今年上半年的 EBITDA 總額約為 1.455 億美元，約為預計全年 EBITDA 範圍（2.75 億美元至 2.95 億美元）的一半。因此，我們仍然預計該範圍，因為 Matador 只是在羚羊嶺鑽探，遠離聖馬刁作業的某些區域。但我們很高興能夠繼續為 Matador 股東提供流量保證和巨大價值。

Scott Hanold, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Scott Hanold。

I'm going to stick on the Midstream topic, and I know you all get asked this, it seems like almost every quarter. Just wondering what your view right now is on the progress of looking at options for that, including potential IPO. Just if you could set a view of how do you think about that timeline and what do you need to see from the Midstream entity to be ready for that potential value-creating opportunity? Is it a size and scale thing? Is it just one of those things you're just still assessing whether it makes best sense for Matador at this point and its shareholders?

我將堅持討論中游話題，我知道你們都被問到過這個問題，似乎幾乎每個季度都會被問到。只是想知道您目前對相關選擇的進展有何看法，包括潛在的 IPO。如果您可以設定一個觀點，您如何看待這個時間表，以及您需要從中游實體看到什麼才能為潛在的價值創造機會做好準備？這是尺寸和規模的問題嗎？您是否仍在評估這對 Matador 及其股東是否最有意義？

Scott, thank you for that. I think as we think about it, we do believe the value of our Midstream business is not reflected in Matador's share price today, and we continue to think about ways to highlight that appropriately for shareholders. I think as we think about that, there are a number of opportunities and things we think about with respect to that. And I'll let Brian Willey jump in here as well.

斯科特，謝謝你。我認為，當我們思考這個問題時，我們確實認為我們的中游業務的價值並沒有反映在 Matador 今天的股價中，我們將繼續思考如何向股東適當地強調這一點。我認為，當我們思考這個問題時，我們會想到很多與此相關的機會和事情。我也會讓 Brian Willey 加入進來。

Yes. Thanks, Bill. This is really an exciting time at Matador. Joe mentioned Bill joining the team earlier this year, and he's been just a fantastic addition to Matador. And it's allowed me to go and focus more on the Midstream business and really push forward evaluating some of those strategic transactions. And so whether that's something on the debt side or something on the equity side, there's a lot of opportunities in front of us.

是的。謝謝，比爾。這對 Matador 來說確實是一個令人興奮的時刻。喬提到比爾今年早些時候加入了球隊，他對 Matador 來說是一個非常棒的補充。這讓我能夠更加專注於中游業務，並真正推動對一些策略交易的評估。因此，無論是債務方面或股權方面，我們面前都有很多機會。

We can be patient at Matador and make sure we do the right transaction for Matador shareholders. We're free cash flow positive so we don't necessarily need to do any type of transaction at San Mateo. But we do recognize that the value of the Midstream business is not reflected in Matador's stock price.

我們可以在 Matador 保持耐心，並確保為 Matador 股東進行正確的交易。我們的自由現金流為正，因此我們不一定需要在聖馬刁進行任何類型的交易。但我們確實認識到中游業務的價值並未反映在 Matador 的股價中。

And so we look forward to continuing to provide excellent service to Matador, as I mentioned earlier, as we explore the right strategic alternatives to provide the most value for Matador shareholders over the long term.

因此，正如我之前提到的，我們期待繼續為 Matador 提供優質服務，同時探索正確的策略替代方案，為 Matador 股東提供長期最大的價值。

I would like to add, we're not just doing it for Matador and Matador shareholders, but the Midstream team has done an excellent job of developing some great relationships with third parties that are repeat business. That's one thing that we've considered, is how much of our third parties repeat, and they're almost all repeat. And they're so many of the really great companies of the basin, been there a long time, very strong companies financially and on production. So we're delighted by that progress and think it gives us a lot of options of how to optimize that value.

我想補充一點，我們這樣做不僅僅是為了 Matador 和 Matador 股東，而且 Midstream 團隊在與回頭客第三方建立良好關係方面做得非常出色。這是我們考慮過的一件事，那就是我們的第三方有多少重複，而且幾乎都是重複的。這些公司都是該盆地中非常優秀的公司，它們在那裡已經存在很長時間了，財務和生產實力都非常強大。因此，我們對這一進展感到非常高興，並認為它為我們提供了許多優化價值的選擇。

Gregg, would you add anything to that?

格雷格，你還有什麼要補充的嗎？

No, Joe, I think that's spot on. We're definitely looking at any way we can optimize our value for San Mateo and as far as that goes all to Midstream. And so we're trying to keep every -- look under every stone possible. So we're trying to position ourselves in a -- as far as to have the management staff there to be able to realize that.

不，喬，我認為這是正確的。我們肯定會尋找任何方法來優化我們對聖馬刁的價值，就此而言，這一切都將惠及中游。因此，我們正盡力查看每一塊石頭的底下。因此，我們正努力將自己定位為——讓管理人員能夠意識到這一點。

Zach Parham, JPM.

扎克·帕勒姆，JPM。

Just wanted to ask on activity levels. Can you give us some detail on how you're thinking about rig activity in the back half of the year and going into 2026? If you continued running that eight-rig program that you're going to be at shortly, what type of production growth does that deliver in 2026? Or is that more of a maintenance program? Do you need that ninth rig to deliver some production growth next year? And maybe talk about how you're thinking about the decision to add that rig back potentially.

只是想詢問活動水平。您能否詳細介紹一下您對今年下半年以及 2026 年鑽井活動的看法？如果您繼續運行即將開始的八鑽機計劃，那麼到 2026 年將帶來什麼樣的產量成長？或者這更像是一個維護程序？您是否需要第九台鑽孔機來實現明年的產量成長？也許可以談談您是如何考慮重新添加該鑽孔機的決定的。

Thank you, Zach. I think that's obviously very, very topical right now. And as we look at it, you're right that we will be at eight rigs here kind of basically the end of the week. And as we think about when we might potentially add back, I think we should really step back and think about what was the decision to ultimately change back in April. And what we looked at in April was a macro environment that was highly volatile, and we had the ability and flexibility in our program to optimize 2025 capital efficiency by moving some things around and reducing rig activity. With that, we were maintaining the free cash flow margin that we think is so important and balancing that against oil production growth.

謝謝你，扎克。我認為這顯然是目前非常熱門的話題。正如我們所看到的，您說得對，到本週末我們基本上會在這裡有八個鑽井平台。當我們考慮何時可能重新添加時，我認為我們應該退一步思考一下四月最終做出的改變決定是什麼。我們在四月看到的是一個高度不穩定的宏觀環境，我們的計劃有能力和靈活性，透過調整一些因素和減少鑽井活動來優化 2025 年的資本效率。這樣，我們就維持了我們認為非常重要的自由現金流利潤率，並將其與石油產量成長相平衡。

As we look into 2026, and I don't want to guide in detail at this point, but I think as we think about the second half of this year and 2026, what we really think about is how do those two metrics work in tandem? And if there are opportunities to add activity and drive incremental growth, we want to make sure that we can maintain those superior margins and have incremental free cash flow from doing it.

當我們展望 2026 年時，我現在不想提供詳細的指導，但我認為當我們考慮今年下半年和 2026 年時，我們真正考慮的是這兩個指標如何協同工作？如果有機會增加活動並推動增量成長，我們希望確保我們能夠保持這些優越的利潤率，並透過這樣做獲得增量的自由現金流。

What we think one of the strengths of our portfolio is we believe that we can defer making that decision until later this year or the beginning of next year, and still be able to drive relative growth in 2026 versus what we believe the industry average growth rate will be. And I think that is important because we do believe that Matador has traditionally been known as a growing oil company, and we believe maintaining that alongside the free cash flow generation is kind of the focus of how we think about things going forward.

我們認為，我們投資組合的優勢之一是，我們相信我們可以將這一決定推遲到今年晚些時候或明年年初，並且仍然能夠在 2026 年推動相對於我們認為的行業平均增長率的相對增長。我認為這很重要，因為我們確實相信 Matador 傳統上一直被稱為成長型石油公司，我們相信，保持這一點以及自由現金流的產生是我們思考未來發展的重點。

John Freeman, Raymond James.

約翰‧弗里曼、雷蒙‧詹姆斯。

Just sort of following up on Zach's question. If hypothetically we're in sort of a lower for longer sort of oil price environment, I was going to touch on something you said earlier in the prepared remarks, Joe, about you all had a decision a couple of years ago whether to take the $200 million and putting towards just drilling more or putting it towards building that plant. And I'm just curious if you all sort of just, in a hypothetical kind of lower for longer environment, if, theoretically, your growth profile just naturally kind of is a little lower in that environment as maybe more of that quote-unquote growth capital potentially gets shifted into the Midstream business.

只是想回答一下札克的問題。如果假設我們處於長期較低的油價環境中，喬，我本來想談談你之前在準備好的發言中提到的一些事情，幾年前你們都做出了一個決定，是拿出 2 億美元用於鑽探更多石油，還是用於建造那個工廠。我只是好奇，如果你們都假設在長期較低的環境下，從理論上講，你們的成長概況在這種環境下自然會稍微低一些，因為也許更多的所謂的成長資本可能會轉移到中游業務。

So I think, John, to your point, we had the decision on investing in the Midstream. And I think really what it goes to is we believe our integrated business can drive best-in-class free cash flow margin. And so I think predicting commodity price has been a challenge for everyone, frankly. And so whether it is lower for longer or volatile, I think what we try to look at is how do we deliver best-in-class free cash flow margin.

所以我認為，約翰，正如你所說，我們已經決定投資中游。我認為，真正的原因是我們相信我們的綜合業務可以帶來一流的自由現金流利潤率。所以坦白說，我認為預測商品價格對每個人來說都是一個挑戰。因此，無論是長期處於低位還是波動，我認為我們要考慮的是如何實現一流的自由現金流利潤率。

And so one of the ways that we did that was traditionally investing in that Midstream to drive the flow assurance to recognize that we could sell our oil and capture that free cash flow margin. If we had not had the flow assurance that San Mateo provides us and the excellent service that they have, the reality is we wouldn't have had the oil production to have driven the free cash flow that we have today.

因此，我們這樣做的方法之一是傳統上投資中游以推動流量保證，以確保我們可以出售石油並獲得自由現金流利潤。如果我們沒有聖馬刁為我們提供的流量保證和他們提供的優質服務，那麼我們實際上就不會擁有能夠推動我們今天所擁有的自由現金流的石油產量。

And so we look to think about these things in tandem on a go-forward basis. And to the extent commodity price follows the forward curve and the steep backwardation that is within it, we'll obviously adjust and manage activity levels on both the upstream and the Midstream with that. I think one of the things that we look at though is we believe our relative free cash flow margin to the industry, alongside the depth of our inventory, means that not only can we deliver the exemplary free cash flow margin today, we believe we have duration because of our portfolio to do that. And the Midstream and the integrated nature of it helps sustain that over a longer period of time.

因此，我們希望在未來同時考慮這些事情。在商品價格遵循遠期曲線和其中的大幅現貨溢價的範圍內，我們顯然會據此調整和管理上游和中游的活動水準。我認為，我們考慮的一件事是，我們相信我們相對於行業的自由現金流利潤率，加上我們的庫存深度，意味著我們不僅可以在今天提供模範的自由現金流利潤率，而且我們相信，由於我們的投資組合，我們有足夠的時間來做到這一點。中游及其綜合性質有助於長期維持這種狀況。

This is Gregg Krug. I also wanted to emphasize the fact that we do have -- I mean, San Mateo has a 99% run rate. And that's huge in the Midstream business. And the assurance that we get as a producer is that we're going to have an outlook for our gas and oil and water takeaway on a regular basis, and something that runs really efficient. So that's another reason we elected to do what we did.

這是格雷格·克魯格。我還想強調一個事實，我們確實有——我的意思是，聖馬刁的運行率為 99%。這對於中游業務來說意義重大。作為生產商，我們得到的保證是，我們將定期展望天然氣、石油和水的輸送情況，並確保其運作效率。這是我們選擇這樣做的另一個原因。

Noah Hungness, Bank of America.

諾亞·洪尼斯，美國銀行。

I wanted to touch on D&C costs. This quarter, you guys had D&C per foot cost well below the low end of your guidance range. I was just wondering, what drove that? And then how sticky are those drivers?

我想談談 D&C 費用。本季度，你們每英尺的 D&C 成本遠低於指導範圍的低端。我只是想知道，是什麼導致了這種情況？那麼這些司機的黏性有多強呢？

So thank you, Noah, and I'll start and then Chris will probably jump in. I think one of the benefits of our portfolio is from east to west across the basin, we have varying depths and varying cost profiles within our portfolios, is how we think about it. And one of the things that took place in this quarter is we had exemplary performance in a lower cost area of the basin more to the westward side.

所以謝謝你，諾亞，我先開始，然後克里斯可能會加入。我認為我們的投資組合的優勢之一是從東到西跨越整個盆地，我們的投資組合具有不同的深度和不同的成本狀況，這就是我們的想法。本季發生的事情之一是，我們在盆地西側的低成本地區取得了出色的表現。

I think the reality, and Chris will jump in here is, as we look to the second half of the year, we have not incorporated significant service cost reductions. We have only thought about these things in terms of the cycle time efficiency at this point. I'll let Chris jump in and talk a little more.

我認為現實情況是，克里斯會在這裡指出，展望下半年，我們並沒有大幅削減服務成本。目前，我們僅從週期時間效率的角度來考慮這些事情。我讓克里斯插話再多說一點。

This is Chris Calvert, EVP and COO. I think it's a great question. Obviously, we appreciate you recognizing the D&C cost per foot number. I guess few things I would like to say to that. Obviously, the improvement year-over-year, if you look at second quarter in 2024, we're down about 11% from that. I mean we can refer to slide D in the presentation if you would like to look at it graphically. But I think the majority of that improvement comes from the efficiencies like Bill just spoke to. While we do potentially think there is potential for service costs -- more competitive service costs coming in the back half of this year kind of post April 2, these improvements have been drastically due to efficiencies both on the drilling and completion side.

我是執行副總裁兼營運長 Chris Calvert。我認為這是一個很好的問題。顯然，我們感謝您了解每英尺 D&C 的成本數字。我想對此說幾句話。顯然，與去年同期相比有所改善，如果你看 2024 年第二季度，我們會發現同比下降了約 11%。我的意思是，如果您想以圖形方式查看，我們可以參考簡報中的投影片 D。但我認為大部分改進來自於比爾剛才提到的效率。雖然我們確實認為服務成本有潛力——今年下半年（4 月 2 日之後）的服務成本將更具競爭力，但這些改進很大程度上歸功於鑽井和完井的效率提高。

And we can start on the drilling side, really kind of focusing on our U-Turn program. If we look at 2025 U-Turns versus even when we started in 2023, I'll refresh everybody's memory, we drilled two wells in the U-Turn style in 2023. On average, it took us about 25 days to drill those wells. And in 2025, on average, we've shaved 10 days off of drilling 2-mile U-Turns in a two-year period.

我們可以從鑽探方面開始，並真正專注於我們的 U-Turn 計劃。如果我們把 2025 年的 U 型轉彎與我們 2023 年開始時的情況進行比較，我會提醒大家，我們在 2023 年以 U 型轉彎方式鑽了兩口井。平均而言，我們大約需要 25 天的時間來鑽這些井。到 2025 年，我們在兩年內鑽探 2 英里掉頭所需的時間平均減少了 10 天。

And so I think those drilling efficiencies are not just specific to the U-Turn program. We're drilling wells faster on the completion side. In February, we guided around 40 wells would be completed using trimul-frac, in the trimul-frac process. Year-to-date in 2025, we've already done 30 wells with trimul-frac, and now we expect that full year '25 number to be closer to 50

因此我認為這些鑽井效率並不限於 U-Turn 計劃。我們在完井方面鑽井速度更快。2 月份，我們指導了大約 40 口井在多水壓裂過程中採用多水壓裂完成的情況。截至 2025 年，我們已經完成了 30 口採用多角度壓裂技術的井，現在我們預計 2025 年全年的數字將接近 50 口

And so to refresh everyone on that, it's about a $350,000 cost savings every time you can trimul-frac versus zipper operations. And with that, you're also seeing efficiencies of about 20% or 30% faster even versus just simul-frac process. And so I think you have drilling efficiencies, completion efficiencies are speeding up that all kind of lead to this collective 10% to 15% improvement. From January 1 of this year, we're drilling and completing wells about 10% to 15% faster than we were six months ago.

因此，為了讓大家重新認識這一點，每次進行 trimul-frac 與 zipper 操作相比，可以節省約 35 萬美元的成本。除此之外，與同步壓裂過程相比，您還會看到效率提高了約 20% 或 30%。因此我認為鑽井效率和完井效率都在提高，這將帶來 10% 到 15% 的整體改善。從今年 1 月 1 日起，我們的鑽井和完井速度比六個月前提高了 10% 到 15%。

And so I think that leads to this improved D&C cost per foot number. And like Bill said, if we see that oilfield services come in, and there is some sort of deflationary pressure or more competitive pricing that has not been included in our forward-looking back half of 2025 estimates.

因此我認為這會提高每英尺 D&C 成本。正如比爾所說，如果我們看到油田服務進入市場，並且存在某種通貨緊縮壓力或更具競爭力的定價，而這些尚未納入我們對 2025 年下半年的前瞻性預測中。

And something I'd like to commend Chris has done very well with is we've -- in the 40 years that I've run Matador, going back to very inception, we've always taken the approach, when these times are, that we don't fit one vendor against the other vendor and just try to see which one will get down to the very lowest price. We've tried to build relationships. And we have found for whatever reason, that has worked better for the creating long-term reduction and finding of efficiencies. Because you're not trying to beat them down, but you're working together, and they have ideas how to do things faster and better, and we have them. And by working together, for example, our driller, either they or their predecessors who drilled virtually every well that I've drilled in this 40-year career. And they're finding ways to improve, and we are, and it's been a great collaboration.

我想讚揚克里斯做得非常好的一點是——在我經營 Matador 的 40 年裡，從一開始，我們就一直採取這樣的方法，在這種情況下，我們不會讓一個供應商與另一個供應商進行對比，而是試著看看哪一個供應商能降到最低的價格。我們一直努力建立關係。我們發現，無論出於何種原因，這對於實現長期減排和提高效率更為有效。因為你不是試圖打敗他們，而是在共同努力，他們有更快、更好地完成任務的想法，我們也有。例如，透過合作，我們的鑽井工人，無論是他們還是他們的前任，幾乎都鑽了我 40 年職業生涯中鑽過的每一口井。他們正在尋找改進的方法，我們也一樣，這是一次很棒的合作。

And the same thing on the pipe business, we're using the same guy for years and years. And then virtually all of our completion, our fracking, has been done either by Schlumberger or Halliburton. And in there, after each job, we do a postmortem on whatever area and say, how can we improve? How can we give you better notice? How can we create the efficiencies?

管道業務也是一樣，我們多年來一直使用同一個人。幾乎我們所有的完井工作、水力壓裂工作都是由斯倫貝謝或哈里伯頓完成的。在那裡，每次工作結束後，我們都會對任何領域進行事後分析，並思考如何改進？我們如何才能更好地通知您？我們如何提高效率？

And Chris and his team, and Cliff Humphreys, have done just a great job of building those relationships and the communication between them that has led to a lot of these efficiencies. And the crews. They -- that Chris and our drilling engineers have done a good job of training the crews to look for those little ways to make things more efficient and bring down the costs.

克里斯和他的團隊以及克里夫·漢弗萊斯在建立這些關係和溝通方面做得非常出色，從而帶來了許多效率的提高。還有船員們。他們——克里斯和我們的鑽井工程師在培訓工作人員方面做得很好，他們尋找一些小方法，以提高效率並降低成本。

Chris, I'm sorry for jumping in on you like that. But I just couldn't resist to brag on you all a little bit on how you've done it without beating people down, but getting them to suggest ways to and for you all to find ways.

克里斯，我很抱歉這樣打擾你。但我就是忍不住要稍微誇誇你們一下，告訴你們你們是如何做到的，沒有打擊別人，而是讓別人提出建議，然後你們自己去尋找方法。

Yes. Thank you, Joe. I appreciate you pointing that out. And one thing I would also just want to point to is, I think, back to even Zach's question about activity levels as we look into the back half of the year. We understand the headwinds of volatile commodity times, but we also see opportunities. And one of those opportunities is high-grading operational equipment, whether that's rigs, frac fleets. And so like Joe had mentioned, our primary pressure pumping providers, which is Halliburton next year, we've managed to high-grade a lot of equipment service personnel to where we are able to implement and integrate those simul and trimul-frac opportunities. And so like Joe said, it is all about relationships and something that Joe has cultivated over 40 years that we continue to push forward today.

是的。謝謝你，喬。我很感謝你指出了這一點。我還想指出的一件事是，當我們回顧下半年的活動量時，我想回到扎克提出的問題。我們了解大宗商品市場動盪時期的不利因素，但我們也看到了機會。其中一個機會是高級作業設備，無論是鑽井平台還是壓裂船隊。正如喬所提到的那樣，我們的主要壓力泵供應商，也就是明年的哈里伯頓，我們已經成功地將許多設備服務人員提升到高級水平，以便我們能夠實施和整合那些同步和多壓裂機會。所以就像喬所說的那樣，這一切都與人際關係有關，也是喬 40 多年來精心培育的，我們今天仍在繼續推動它的發展。

Phillip Jungwirth, BMO.

菲利普·榮格沃思（Phillip Jungwirth），BMO。

Recognizing that an IPO is just one of the options you could look at to unlock Midstream value. But as you think about San Mateo from a public investor standpoint, how important do you think it is that you have a competitive organic growth profile for Matador? Or is visibility around third-party volumes enough?

認識到 IPO 只是釋放中游價值的選項之一。但是，當您從公眾投資者的角度考慮聖馬刁時，您認為對於 Matador 來說，擁有具有競爭力的有機成長狀況有多重要？或者第三方交易量的可見度是否足夠？

And if it is important, do you think of that as more of an absolute type low, mid, high single-digit type number, or is it more relative to overall Permian Basin levels?

如果它很重要，您是否認為它更像是一個絕對類型的低、中、高個位數，還是與二疊紀盆地的整體水平有關？

Thanks, Phil. I think the -- to start that off, I think Matador thinks itself as a relative grower in the basin. And I think obviously, that growth rate is balanced with the free cash flow margin, as we've discussed previously. But I think our portfolio and the depth of our inventory life allows us to grow and sustain that growth with the type of returns we want to have over a long period of time.

謝謝，菲爾。我認為——首先，我認為 Matador 認為自己是盆地中的相對種植者。我認為，顯然，成長率與自由現金流利潤率是平衡的，正如我們之前討論過的。但我認為，我們的投資組合和庫存壽命深度使我們能夠實現成長，並維持這種成長，並獲得我們希望在長期內獲得的回報。

And I think within that, it does -- the partnership that we have with San Mateo, the integrated nature of that business, is key to Matador delivering on that and is key for San Mateo from a growth profile. So I'll let Brian talk more about kind of how we think about Matador growth versus third-party growth. But I think first and foremost, the nature of how this business has come into play has really been around driving a superior result for Matador's free cash flow.

我認為，我們與 San Mateo 的合作關係以及該業務的綜合性質是 Matador 實現這一目標的關鍵，也是 San Mateo 成長的關鍵。因此，我將讓 Brian 詳細談談我們如何看待 Matador 成長與第三方成長。但我認為，首先，這項業務的本質實際上是圍繞著推動 Matador 的自由現金流取得優異的表現。

Thank you, Bill. I think when we look at growth at San Mateo, we see opportunities both at Matador and with third parties, as Joe mentioned earlier. We have a lot of repeat customers on the third-party side in addition to new customers that we continue to look at and pursue.

謝謝你，比爾。我認為，當我們觀察聖馬刁的發展時，我們看到了 Matador 和第三方的機遇，正如喬之前提到的。除了我們持續關注和爭取的新客戶外，我們在第三方方面還有很多回頭客。

So especially up in that Northern Lea County area where the Marlan plant just came on, we think there's some really good opportunities there. As Joe mentioned earlier, the Marlan plant is about half-full right now. I think it's about fully committed on the reserve capacity side, and it will take a couple of years to fully go up, but it is fully committed.

因此，特別是在馬蘭工廠剛投產的北利縣地區，我們認為那裡有一些非常好的機會。正如喬之前提到的，馬蘭工廠目前產能大約是一半。我認為儲備能力方面已經完全投入，雖然需要幾年時間才能完全投入，但已經完全投入了。

And so those opportunities for growth present themselves on both Matador side and being able to continue to follow Matador and the drill bit, and then with third parties. We have just a great team and a BD team that's doing a fantastic job. So we see growth on both sides.

因此，Matador 雙方都面臨成長機會，能夠繼續關注 Matador 和鑽頭，然後與第三方合作。我們擁有一支優秀的團隊和一支出色的 BD 團隊。因此，我們看到雙方都在成長。

And I'd like to emphasize is that we got into this with a whole idea that, yes, we might be -- Matador might be the major customer, but to succeed and meet the test of quality, we needed to be sure to attract third-party business. And we have really tried very hard to be sure that the run time of 99%, they enjoy that benefit and all the other benefits the same as Matador. And I think that's why it's led to repeat business, is they did feel they were fairly treated and communicated and like the operations. And so, so far, that's been without problems. And we appreciate their involvement, and we appreciate the guys in the field who have really done the extra job to reach that 99%.

我想強調的是，我們開始做這件事時就有一個想法，是的，我們可能是——Matador 可能是主要客戶，但為了取得成功並滿足品質測試，我們需要確保吸引第三方業務。我們確實已經盡了最大的努力來確保 99% 的運行時間，他們能夠享受這一好處以及與 Matador 相同的所有其他好處。我認為這就是它導致回頭客的原因，因為他們確實感到自己受到了公平對待和溝通，並且喜歡這些運營。所以，到目前為止，一切都沒有問題。我們感謝他們的參與，也感謝那些為實現 99% 的目標而付出額外努力的現場人員。

So when you had high storm Yuri go through, they didn't shut it all in and say, we'll get back next week when it warms up. They slept in their trucks and kept the plants going. And in addition, we've improved the system by adding that connector line between the Black River system and the Marlan system. So we've had gas going in each direction on that connector line as the offloads are needed.

因此，當尤里風暴來臨時，他們並沒有把一切都封鎖起來，然後說，等到下週天氣變暖了我們再回來。他們睡在卡車裡，維持工廠的運作。此外，我們還透過在黑河系統和馬蘭系統之間添加連接線來改進系統。因此，我們讓天然氣透過此連接管線向各個方向輸送，以滿足卸載的需要。

So proud of that record and proud of the support that we've had. And I think that's given us additional opportunities of what we should do for the Midstream business and which drives the value of the Midstream business. So there are some good options that we have ahead of us. And so we're very glad we elected to build the plant, to take that $200 million, build the plant, which left us with enough money to pay down debt and not just putting in additional drilling. I mean that just adds to the inventory and why we feel we're well positioned to either keep building the Midstream and the regular oil and gas operations, and do them in tandem, to do that together and didn't do one to the exclusion of the other. We think that gives us more balance and more stability and gives a big upside to the stock.

我為這項記錄感到自豪，也為我們所得到的支持感到自豪。我認為這為我們提供了額外的機會，讓我們了解應該為中游業務做些什麼，並推動中游業務的價值。因此，我們面前有一些不錯的選擇。因此，我們很高興選擇建造這座工廠，用這 2 億美元建造這座工廠，這樣我們就有足夠的資金來償還債務，而不僅僅是投入額外的鑽探。我的意思是，這只是增加了庫存，也是為什麼我們覺得我們有能力繼續建造中游和常規的石油和天然氣業務，並同時進行，而不是只做其中一件事而排除另一件事。我們認為這會為我們帶來更多的平衡和穩定性，並為股票帶來巨大的上漲空間。

Kevin MacCurdy, Pickering Energy Partners.

麥柯迪（Kevin MacCurdy），皮克林能源合夥公司（Pickering Energy Partners）。

I appreciate the details on the cash tax reductions this year and the change to guidance. Any thoughts on when Matador might now become subject to the AMT and how cash taxes will trend on a yearly basis until then? This seems like maybe an underappreciated improvement to your free cash flow outlook.

我很欣賞今年現金減稅和指導方針變化的詳細資訊。您認為 Matador 何時會開始徵收 AMT 以及在此之前現金稅的年度趨勢如何？這似乎可能是對您的自由現金流前景的一個未被充分重視的改善。

Thanks, Kevin. Yes. This is Rob Macalik. I'm the EVP Administration and Finance. And as we did note in our release, we're very pleased with the tax act and are very optimistic on the cash tax savings that, that will bring us. We do believe that this pushes out our obligations under the alternative minimum tax for several years based upon our current rates, but we're still analyzing that part. So I do think that that is going to be a benefit for us starting in Q3 of 2025 and beyond.

謝謝，凱文。是的。這是 Rob Macalik。我是行政和財務執行副總裁。正如我們在新聞稿中指出的那樣，我們對這項稅法非常滿意，並且對其將為我們帶來的現金稅節省非常樂觀。我們確實認為，根據我們目前的稅率，這將使我們在替代性最低稅下的義務推遲幾年，但我們仍在分析這部分。因此我確實認為從 2025 年第三季開始這將對我們有利。

And also to show our seriousness of -- in these areas, is that Rob is moving over to do more strategy and chief financial work for the Midstream. And Ben Colodney has taken over the Chief Accounting Officer, and he's come in and done an excellent job. And he and Rob have really worked together, which is important. So Ben, thank you for joining us and doing good work.

為了表明我們對這些領域的重視，羅布將轉而為中游公司做更多的策略和財務工作。本·科洛德尼 (Ben Colodney) 已接任首席會計官，他上任後工作非常出色。他和羅布確實合作過，這很重要。所以，本，感謝你加入我們並做出出色的工作。

Oliver Huang, Tudor, Pickering, Holt & Company.

歐利佛黃 (Oliver Huang)，都鐸、皮克林、霍爾特公司 (Tudor, Pickering, Holt & Company)。

Just wanted to circle back on activity. I understand the timing of the drop down to eight rigs as part of the full year plan here shortly. But the year's upstream spend trajectory would seem to imply another letdown in Q4. So I was hoping that you all might be able to walk through the cadence of frac activity anticipated for the rest of the year and any flow-through effects we should be aware of when thinking about the start of 2026.

只是想重新開始活動。我了解到，作為全年計劃的一部分，鑽機數量即將減少到 8 台。但今年上游支出的走勢似乎預示著第四季將再次下滑。因此，我希望大家能夠了解今年剩餘時間預計的壓裂活動節奏，以及在考慮 2026 年初時我們應該注意的任何流通效應。

Yes. I think, Oliver, to your point, we do see with the current level of activity that to be generally the case. And I think it's a function of, frankly, a lot of good work by the team to pull activity because of the efficiencies that we've mentioned before into the third quarter. And so you're seeing a little bit of higher third quarter capital with wells that are being turned on in, frankly, the last couple of weeks of the third quarter. So they're really not contributing to third quarter production as much as they are in the fourth. It's very similar to what we saw in the first and second quarter of this year.

是的。奧利佛，我認為，就你的觀點而言，從目前的活動水平來看，情況確實普遍如此。坦白說，我認為這是團隊大量出色工作的結果，因為我們之前提到的效率在第三季度得到了提升。因此，您會看到第三季的資本略有增加，坦白說，這是在第三季的最後幾週內開始使用的油井。因此，他們對第三季生產的貢獻實際上不如第四季那麼大。這與我們今年第一季和第二季看到的情況非常相似。

And with that, I think that is an important thing for our investors and for you all as analysts to understand about the go-forward nature of the Matador business, is because the Delaware has such prolific rock and multi-zone development is an important piece of how to develop that rock, there will be some larger batch sizes, and those larger batch sizes will naturally have some lumpiness to production as they come on because, when they come on, they're really, really prolific. But even with the efficiencies that we are capturing across drilling and completions, there's longer cycle time to having some of the bigger programs than there has been when it was kind of individual or paired developments.

因此，我認為對於我們的投資者和各位分析師來說，了解 Matador 業務的未來性質非常重要，因為特拉華州擁有如此豐富的岩石，而多區域開發是開發該岩石的重要組成部分，將會有一些更大的批量，而這些更大的批量自然會在生產過程中產生一些不均勻性，因為當它們出現時，它們的產量真的非常高。但即使我們在鑽井和完井過程中獲得了較高的效率，一些大型專案的周期時間也比單獨或成對開發時更長。

Leo Mariani, ROTH.

裡奧·馬裡亞尼，羅斯。

I was hoping you guys could talk a little bit to kind of uses of free cash flow here. Obviously, you guys referred to the brick-by-brick program here in terms of M&A. So I was hoping you could kind of comment a bit on what you're seeing in the M&A environment.

我希望你們能在這裡稍微談談自由現金流的用途。顯然，你們在併購方面提到了「一磚一瓦」的計畫。所以我希望您能對您在併購環境中看到的情況發表一些評論。

And then obviously, here in second quarter, you guys bought back a decent number of shares, I guess, for the first time in the company's history, roughly 1%. So could you maybe kind of talk to both of those and how you sort of balance that initiative? And is the buyback going to be fairly price-sensitive here?

顯然，在第二季度，你們回購了相當數量的股票，我想，這是公司歷史上第一次，大約 1%。那麼，您能否談談這兩者以及如何平衡這項舉措？這次回購對價格是否相當敏感？

Sure. Thank you, Leo. I think first off, just to kind of level set how we think about it. So we think about free cash flow post the dividend because we view the dividend as sacrosanct. And so with that, after you pay the dividend, the remaining free cash flow in any quarter, we think about as how are we going to drive the best value for shareholders over the long term. And with that, we kind of see a couple of different buckets. There's really three that we think about.

當然。謝謝你，Leo。我認為首先，我們先確定一下我們如何看待這個問題。因此，我們考慮股利後的自由現金流，因為我們認為股利是神聖不可侵犯的。因此，在您支付股息後，任何季度剩餘的自由現金流，我們都會考慮如何在長期內為股東創造最佳價值。這樣，我們就能看到幾個不同的桶子。我們真正想到的有三個。

The first of which is the brick-by-brick land acquisition to kind of reinvest and replenish our inventory life, which we think is very important and runs continuously. It's a strength of the Matador team. The second is, as you noted, the share repurchase program that we have a $400 million authorization on and we're active in the second quarter, in our first quarter of having it. And then the final is balance sheet management and paying down debt.

首先是逐塊收購土地，以進行再投資並補充我們的庫存壽命，我們認為這非常重要且持續進行。這是 Matador 團隊的強項。第二，正如您所說，我們有 4 億美元的股票回購計畫授權，而我們在第二季度，也就是實施該計畫的第一季度就積極開展這項計畫。最後是資產負債表管理和償還債務。

And I think really a lot of people have asked us about, is there going to be a formula or is there a specific way to think about how we do that in the future? And as we look at it, we think about the value that can happen. And frankly, the way that the brick-by-brick works, we want to make sure that when we have those opportunities, we can capitalize on them. Similarly, we can't predict the macroeconomic volatility, but when it happens, we want to use the share repurchase program to capture that. And within all of this, we always want to be mindful of kind of leverage and driving total debt down over time as well.

我認為確實有很多人問過我們，是否會有一個公式或是否有一個具體的方法來思考我們將來如何做到這一點？當我們觀察它時，我們會思考它可能發生的價值。坦白說，透過一步步的努力，我們希望確保當我們有這些機會時，我們能夠利用它們。同樣，我們無法預測宏觀經濟波動，但當它發生時，我們希望使用股票回購計劃來捕捉它。在這一切中，我們始終要留意槓桿率，並隨著時間的推移降低總債務。

So I think that's really how we think about it. I'll let Bryan Erman jump in on more of the A&D specific.

所以我認為這確實是我們的想法。我會讓 Bryan Erman 進一步介紹有關 A&D 的更多具體內容。

Thanks, Bill. This is Bryan Erman, Co-President, Chief Legal Officer and Head of M&A. And I think just to reemphasize what Bill said, we really do view the brick-by-brick approach as a strength of the company. That's something we've always done, it's something we've always had a lot of success at. And I think as the market currently is a little more focused on that versus the bigger deals. We view that as a competitive advantage for Matador.

謝謝，比爾。我是聯席總裁、首席法律長兼併購主管 Bryan Erman。我想再次強調比爾所說的話，我們確實將一磚一瓦的做法視為公司的優勢。這是我們一直在做的事情，也是我們一直在取得很大成功的事情。我認為，與更大的交易相比，市場目前更加關注這一點。我們認為這是 Matador 的競爭優勢。

As far as the quarter, it was just another typical execution on the brick-by-brick approach, all over the basin, focused mostly in and around our existing units, but really all over the area. And again, just something that we view as a real advantage to Matador.

就本季而言，這只是另一種典型的逐磚逐瓦式的執行方式，遍及整個盆地，主要集中在我們現有的單位及其周圍，但實際上遍及整個地區。再次強調，我們認為這對 Matador 來說是一個真正的優勢。

Thank you. Ladies and gentlemen, this ends --

謝謝。女士們，先生們，會議結束了--

Go ahead. Are you ready for closing remarks?

前進。您準備好發表結束語了嗎？

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

謝謝。女士們、先生們，今天早上電話會議的問答部分到此結束。我想將電話轉給管理階層，請他們做最後的總結發言。

Thank you very much. Thank you for all your questions. I thought all the questions today were very appropriate and good inquiries. I hope we've answered them. If not, call us back and we'll discuss them with you. So we invite you to do that to be sure that you've gotten your questions answered.

非常感謝。感謝您提出的所有問題。我認為今天的所有問題都非常恰當，而且詢問得很好。我希望我們已經回答了他們。如果沒有，請給我們回電，我們會與您討論。因此，我們邀請您這樣做，以確保您得到問題的答案。

The second thing I'd just like to note, I hope that you can see is that Matador has now grown to a part where we have appropriate approximately $10 billion to $12 billion in assets, depending on oil and gas prices and the other opportunities. But we have a team here, a true team of everybody pitching in. And we collaborate and work on this together. And it's been a steady process over 40 years. I started in 1983 with $270,000. And we've enjoyed over those 40 years approximately a 20% year-after-year growth in value. So 20%, $270,000 to $10 billion to $12 billion in assets.

我想指出的第二件事是，我希望你們能夠看到，Matador 現在已經發展到我們已撥付約 100 億至 120 億美元資產的階段，具體取決於石油和天然氣價格以及其他機會。但我們這裡有一個團隊，一個真正的團隊，每個人都盡心盡力。我們共同合作並致力於此。四十年來，這是一個穩定的過程。我於 1983 年以 27 萬美元的資金起步。在過去的 40 年裡，我們的價值每年都以大約 20% 的速度成長。因此，20% 即 27 萬美元到 100 億美元到 120 億美元的資產。

And obviously, you all know me, it wasn't because of my brilliance at all, but I've somehow been able to, year after year, attract the talent to spur that growth. And we're really very excited the way everybody has been pitching in and helping ideas and getting a little better every day.

顯然，你們都了解我，這根本不是因為我的才華，而是我能夠年復一年地吸引人才來推動這種成長。我們真的很高興看到每個人都積極參與，提出想法，每天都會進步。

We're in a more complex environment today than we have probably at any time in our past, where Washington is bouncing the ball around and you're not sure where it's going to land. And we're trying to maintain maximum flexibility, but continue that growth, not only in quality of production -- amount of production, but in the quality of the production, and creating the flow assurance that we can get our product out of the basin, and continue to try to upgrade our people and bring on young people.

我們今天所處的環境可能比過去任何時候都更加複雜，華盛頓正在四處拋球，你不確定它會落在哪裡。我們試圖保持最大的靈活性，但繼續成長，不僅在生產品質（生產數量）方面，而且在生產品質方面，創造流量保證，使我們的產品能夠從盆地中出來，並繼續努力提升我們的員工並引進年輕人。

We have a big internship program, 30 people this year. And the people in the field, we think they're remarkable and how they take the initiative and keep the plants and the wells going, and very grateful for them and the banks. And everything seems to be coming together, that we can continue to offer consistent growth over that time, industry-leading cost and the knowledge that we've been the first movers on a lot of new formations out there in the Delaware over the years.

我們有一個大型實習計劃，今年有 30 人。我們認為現場工作人員非常了不起，他們積極主動，保持工廠和水井的正常運轉，我們非常感謝他們和銀行。一切似乎都在匯集在一起，我們可以繼續提供持續的成長、行業領先的成本以及多年來我們在特拉華州許多新領域的先驅的知識。

So we think things look very promising to us. We're excited. And the real issue is there's a lot of things up in the air, as we know, in Washington, in the environment, in the market. And so we're trying to keep this balanced approach guided by the fact we don't want to increase production if we're not increasing cash flow. And we don't want to be just increasing cash flow and not replacing and adding to our reserves.

因此我們認為事情看起來非常有希望。我們很興奮。而真正的問題是，正如我們所知，華盛頓、環境、市場中都有很多事情懸而未決。因此，我們試圖保持這種平衡的方法，因為如果我們不增加現金流，我們就不會增加產量。我們不想僅僅增加現金流而不補充和增加我們的儲備。

So very pleased with the growth and continued growth in reserves, continued growth in profitability. And ideas, Andrew Parker and his group, VPs are doing a great job of coming up with more ideas all the time and refining their study.

我對儲備的成長和持續成長以及獲利能力的持續成長感到非常高興。還有想法，安德魯·帕克和他的團隊，副總裁們正在做著偉大的工作，不斷提出更多的想法並完善他們的研究。

So that's -- on this call, I know you've asked questions. I hope we've answered them, but at the same time, supplied you with the notion that internally we are very optimistic. And you probably saw that in the last open period where our leadership, we had more insider buying than any other company. And significantly, to me anyway, of having run this company for 40 years, we have shareholders, we have an employee share purchase plan, and we have over 95% participation. So tremendous support from the people on staff to take advantage of it and can see the growth.

所以——在這次通話中，我知道你已經問了一些問題。我希望我們已經回答了這些問題，但同時，也向您表明我們內部非常樂觀。您可能已經看到，在上一個開放期間，我們的領導層的內部購買量比任何其他公司都多。對我來說，重要的是，我已經經營這家公司 40 年了，我們有股東，我們有員工持股計劃，我們的參與率超過 95%。因此，員工們給予了極大的支持，充分利用了這一優勢，並看到了成長。

So we like our chances. The organization has come together, the finances are there, plenty of dry powder, some great technical work, and having worked all over the basin. We have, as Tom was prime to give you a rundown in all these different areas, we had good ideas and good plans.

所以我們喜歡我們的機會。該組織已經成立，資金到位，資源充足，並進行了一些出色的技術工作，並且已在整個盆地開展工作。我們有，因為湯姆能夠為你概述所有這些不同領域，我們有很好的想法和很好的計劃。

So once again, someone mentioned this, truly want to invite all of you all at one time or another, come visit with us, get to know us a little bit better. Have lunch or breakfast with us. Meet our young people. And we'll be -- we'll do our best to answer all of your questions, and just try to get to know each other better.

所以再次有人提到這一點，真心想邀請大家來拜訪我們，更了解我們。和我們一起吃午餐或早餐。見見我們的年輕人。我們將盡力回答你們的所有問題，並努力增進彼此的了解。

And I think you'll see that this is what's great about the oil and gas. It's a win-win business. And we're here to win it for our shareholders, but we're also here to win it for you and others and gain your trust and confidence.

我想你會發現這就是石油和天然氣的偉大之處。這是一項雙贏的生意。我們來這裡是為了我們的股東贏得勝利，但我們也來這裡是為了您和其他人贏得勝利並贏得您的信任和信心。

So with that, I'm going to sign off. But really offer the sincere invitation to come and see us. And take us up on that and let's continue to -- you all do your job, and we'll try to do ours.

就這樣，我就要結束了。但確實誠摯地邀請您來看我們。接受我們的建議，讓我們繼續——你們做好你們的工作，我們也會盡力做好我們的工作。

Back to you, Gigi.

回到你身邊，吉吉。

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。