Matador Resources Co (MTDR) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the Third Quarter 2025 Matador Resources Company Earnings Conference Call. My name is Jonathan, and I will 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 公司 2025 年第三季財報電話會議。我叫喬納森，今天我將擔任接線生。（操作員說明）提醒各位，本次會議將進行錄音，以便重播。如本公司昨日發布的獲利新聞稿所述，回放內容將在公司網站上保留一年。

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

現在我將把電話轉交給 Matador 投資者關係資深副總裁 Mac Schmitz 先生。施密茨先生，您可以繼續前進了。

Thank you, Jonathan, and good morning, everyone, and thank you for joining us for Matador's third quarter 2025 earnings conference call.

謝謝喬納森，大家早安，謝謝各位參加 Matador 2025 年第三季財報電話會議。

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. 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.

今天的一些演講者將提及 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。本公司獲利新聞稿末附有此類非GAAP財務指標與依GAAP計算的可比較財務指標的調節表。提醒各位，今天早上的簡報中包含的某些陳述可能具有前瞻性，反映了公司根據目前可獲得的資訊對未來事件的預期或預測。實際結果和未來事件可能與此類聲明中預期的情況有重大差異。有關可能導致實際結果與預期結果存在重大差異的因素的更多信息，請參閱公司的盈利報告、最新的 10-K 表格年度報告以及任何後續的 10-Q 表格季度報告。

In addition to our earnings press release yesterday, I would like to remind everyone that you can find a slide presentation in connection with the third quarter 2025 earnings release under the Investor Relations tab on our website.

除了昨天發布的獲利新聞稿外，我還想提醒大家，您可以在我們網站的「投資者關係」標籤下找到與 2025 年第三季獲利發布相關的幻燈片簡報。

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

接下來，我想把電話交給我們的創辦人、董事長兼執行長喬‧福蘭先生。喬？

Thank you, Mac. It's good to talk to everybody again. We think we've had a heck of a quarter and really pleased with our process in all of our different areas and the progress, and we're going to try to go around the table so you can hear directly from a lot of the people doing the actual work. And -- but I think they've just done an outstanding job to date, and we're particularly excited on this quarter because any time you get to raise the dividend, you generally get a lot of attaboys from some -- from your shareholders, particularly the rank and file shareholders, but also pleased that recognized by the Dallas Morning News as one of the larger companies in the Dallas-Fort Worth area. But the nicest part of the deal is that when you do the calculations, we are -- although 36 in size, we are number 1 in profit per employee. So give a lot of credit to the staff and their contributions and look forward to this report.

謝謝你，麥克。很高興能再次和大家聊天。我們認為我們度過了一個非常棒的季度，對我們各個領域的工作流程和取得的進展都非常滿意，我們將盡量讓大家有機會直接聽取很多實際工作人員的意見。而且——但我認為他們迄今為止做得非常出色，我們對本季度尤其感到興奮，因為任何時候提高股息，你通常會得到一些股東的讚揚——特別是普通股東的讚揚，同時也很高興被《達拉斯晨報》認可為達拉斯-沃斯堡地區較大的公司之一。但這項交易最棒的地方在於，當你進行計算時，你會發現——儘管我們公司規模只有 36 家，但我們的人均利潤卻是第一名。所以，請對工作人員及其貢獻給予高度評價，並期待這份報告。

And I know everybody is interested in knowing about capital spending and the thought processes behind that. But I would tell you, if I were faced with the same situation, we would still spend this money just as we did this year. I think the teams really worked together on that and the Executive Committee of the Board and the Executive Committee of the company all went through this and said not only about this quarter, but setting up next year is going to be one of the most fruitful years we have as we have lots of inventory, lots of cash flow and good liquidity and room on our RBL.

我知道大家都很想了解資本支出以及背後的思考過程。但我可以告訴你，如果我面臨同樣的情況，我們仍然會像今年一樣花掉這筆錢。我認為團隊在這方面確實通力合作，董事會執行委員會和公司執行委員會都認真研究了這個問題，並表示不僅是本季度，而且明年也將是我們成果最豐碩的一年，因為我們有大量的庫存、充足的現金流和良好的流動性，並且我們的循環貸款額度也有空間。

So ask why, I might turn it over to Chris, our Chief Operating Officer, just to describe some of the thought and processes that we went through before deciding on this capital structure.

所以，如果你們問為什麼，我可能會把這個問題交給我們的營運長克里斯，讓他來描述一下我們在決定這個資本結構之前所經歷的一些思考和過程。

Yes. Thank you, Joe. This is Chris Calvert, Executive Vice President and Chief Operating Officer. Thank you, guys, for taking the time to be on the call. And really, I'd like to take a few minutes here to highlight the positives of what was written in the release last night surrounding the capital program and really focus on three things that I feel were probably maybe overlooked.

是的。謝謝你，喬。這位是克里斯·卡爾弗特，執行副總裁兼營運長。謝謝各位抽空參加電話會議。實際上，我想花幾分鐘時間，重點介紹一下昨晚發布的有關資本項目的積極方面，並專注於談談我認為可能被忽略的三件事。

First, I'd like to talk about the underlying economics related to the projects that came into this capital plan. Specifically, we mentioned 12 additional wells that were going to be brought into the 2025 program. To highlight these wells specifically, these wells are in excess of 50% rate of return, million BOE wells, half of which of these fourth quarters wells we're going to be talking about are in Antelope Ridge, which is what we talked about, some of the highest EURs, not only in our company profile, but also in the basin. And so really strong projects associated with this capital plan.

首先，我想談談納入這項資本計畫的項目背後的經濟原理。具體來說，我們提到了 2025 年計畫中將新增的 12 口油井。為了特別強調這些油井，這些油井的回報率超過 50%，產量達百萬桶油當量，其中我們將要討論的第四季度油井中有一半位於羚羊嶺，正如我們之前討論過的，這些油井的最終可採儲量 (EUR) 不僅在我們公司簡介中最高，而且在整個盆地中也最高。因此，與這項資本計劃相關的都是一些非常強大的項目。

Secondly, I think it was somewhat overlooked or taking for granted the advantages and the efficiencies that have been made at the well cost level. We initially came out in 2025 and guided to a midpoint of $880 per completed lateral foot. We've since revised that number down to $835 to $855 with a midpoint of $844. And as we turn on, we expect to turn on roughly 1.2 million net lateral feet this year, that $30 to $45 savings equate to about $50 million to $60 million in capital savings. So not only are we turning on extremely economic projects, we're doing it at a lower well cost level. So our initial investments are actually reduced, which in turn helped the economics of the wells.

其次，我認為人們在某種程度上忽視或理所當然地認為，在成本層面已經取得的優勢和效率是理所當然的。我們最初預測 2025 年的價格將達到每英尺完成的橫向價格中位數 880 美元。我們隨後將該數字下調至 835 美元至 855 美元，中間值為 844 美元。隨著我們投入運營，預計今年將新增約 120 萬淨橫向進水量，節省的 30 至 45 美元相當於節省約 5,000 萬至 6,000 萬美元的資本。因此，我們不僅啟動了非常經濟的項目，而且還降低了油井成本。因此，我們的初始投資實際上減少了​​，這反過來又提高了油井的經濟效益。

Thirdly, talking about the accelerated operations, I've already spoken to the 12 wells that we accelerated into 2025. We will also have a positive springboard looking into 2026 with 13.6 net wells that will be turned on at the beginning of January. And so as we look to that, that's going to provide extreme -- excuse me, positive momentum going into 2026 to achieve 2% to 5% organic growth rate of what we feel is somewhat of an inorganic growth rate in 2025. And so I think when you consider those three things: the economic -- underlying economic returns of the projects, the reduced cost at the well level, and then the positive momentum leading into 2026, I think it leads to a very strong report and a positive outlook for 2026.

第三，談到加速作業，我已經和我們加速到 2025 年的 12 口油井談過了。展望 2026 年，我們將迎來一個積極的跳板，1 月將有 13.6 口淨井投產。因此，展望未來，這將為 2026 年帶來極大的——抱歉，是積極的勢頭，以實現 2% 至 5% 的有機增長率，而我們認為 2025 年的有機增長率在某種程度上是非有機增長率。因此，我認為，當你考慮到這三件事：經濟方面——項目的潛在經濟回報、油井層面的成本降低，以及到 2026 年的積極勢頭，我認為這將帶來一份非常強勁的報告和對 2026 年的積極展望。

Yes. And this is Rob, CFO. So I just wanted to pile on a little bit to what Chris is talking about. So even though I'm CFO today, I've been Chief Accounting Officer for the past 10 years, and I've been sitting here at this table with this management team, and we're really proud of what we've accomplished and created in a consistent manner over those past 10 years. And so I think, one, just to bring in an accounting metric, we've gone from accumulated deficit as early as just 3.5 years ago to, for the first time this quarter, over $3 billion in retained earnings.

是的。這位是羅伯，財務長。所以我想稍微補充一下克里斯正在談論的內容。所以，雖然我現在是財務官，但在過去 10 年裡我一直擔任首席會計官，我一直和這個管理團隊坐在這張桌子旁，我們為過去 10 年裡我們持續取得的成就和創造的成果感到非常自豪。因此，我認為，首先，引入一個會計指標，我們已經從僅僅 3 年半前的累積虧損，到本季首次實現超過 30 億美元的留存收益。

So that strong balance sheet, and I'll refer you, we have the slide deck out there. I refer you to slide 11. I think it highlights the strength of our balance sheet with a 0.4 (sic – see slide 11, "0.94x") leverage ratio. Over the past year, we paid $670 million of our revolving debt and have about $2 billion in liquidity. So that allows us the flexibility to take advantage of opportunities like what Chris is just talking about. And so really excited about the well returns and the results that we've had so far this year. And like Chris said, feel like that sets us up really nicely for 2026.

所以，我們擁有強勁的資產負債表，我建議您參考一下，我們已經發布了相關的幻燈片簡報。請參考第11張投影片。我認為這突顯了我們資產負債表的實力，槓桿比率為 0.4（原文如此，請參閱第 11 頁，「0.94x」）。過去一年，我們償還了 6.7 億美元的循環債務，目前擁有約 20 億美元的流動資金。這樣一來，我們就能夠靈活地抓住像克里斯剛才提到的那種機會。我對油井的回報以及今年迄今的成果感到非常興奮。正如克里斯所說，我覺得這為2026年奠定了非常好的基礎。

So -- and at the same time, we're able to accomplish the other priorities that we have for free cash flow. We -- as Joe mentioned, raised our dividend by 20% this quarter. Land spend, we continue to add on to our land position when we can find the accretive deals that we think make sense for us. And we don't need to do anything, but we have a really good, strong inventory of greater than 50% returns even at $50, as we mentioned in the release.

所以——同時，我們還能實現自由現金流的其他優先事項。正如喬提到的那樣，我們本季將股息提高了 20%。土地支出方面，我們會繼續增加土地儲備，只要我們能找到我們認為對我們有意義的增值交易。我們不需要做任何事，但正如我們在新聞稿中提到的，即使價格跌至 50 美元，我們的庫存也能保持 50% 以上的良好回報率。

And then the last kind of piece of that is the opportunistic share buyback. The management team are buyers. And so the company is as well. But overall, I think we were able to hit all those priorities this quarter, like Joe said, had an excellent quarter and really excited about how this sets us up for 2026.

最後一種情況是投機取巧的股票回購。管理團隊就是買家。公司也是如此。但總的來說，我認為我們本季實現了所有這些優先事項，就像喬說的那樣，本季表現出色，我們對這如何為 2026 年做好準備感到非常興奮。

Jonathan, with that, we'll turn it over to Q&A.

喬納森，接下來我們將進入問答環節。

(Operator Instructions) Neal Dingmann, William Blair.

（操作說明）尼爾·丁曼，威廉·布萊爾。

Nice to see another nice quarter and solid outlook. Joe, my question is really for you or Chris and the team, just on the op efficiency, something you were just getting at with the capital spend. I'm just wondering, as you all continue to see the improvement, I'm just wondering how do you all decide between continuing potentially with the same capital spend and likely increasing production growth or maybe continuing with the same production and decreasing capital spend? Is it one or the other? Or how do you all make that decision from a higher level?

很高興看到另一個季度業績良好，前景穩健。喬，我的問題其實是問你或克里斯和團隊的，關於營運效率，也就是你剛才提到的資本支出方面的問題。我只是好奇，隨著大家不斷看到改進，你們是如何決定是繼續保持相同的資本支出並可能提高產量成長，還是保持相同的產量並減少資本支出？二者必居其一嗎？或者說，你們高層是如何做出這個決定的？

Neal, thanks for the question. It's a good question, and I wish I could give you an easy always answer. But it's always a balance between those two areas and taking into account a number of other factors. It's just not a one variable question or one variable answer that is price of oil up or price of oil down because we've often made more money in the bad times than in more robust times by taking on some projects when others were out the sideline.

尼爾，謝謝你的提問。這是一個很好的問題，我真希望我能給你一個簡單的、永遠適用的答案。但這始終需要在這兩個方面之間取得平衡，並考慮到許多其他因素。這並非單一變數的問題或單一變數的答案，即油價上漲或下跌，因為我們經常在經濟不景氣時期比經濟繁榮時期賺到更多錢，方法是在其他專案被擱置的時候，我們承擔了一些專案。

And a great example of that, if I don't -- is going back in time to when we bought the Rodney Robinson lease and the Voni and those leases, they paid out at $20 a barrel during the COVID period, and that's one of the best deals we ever did and those are times of worse oil pricing. And they've really kept giving during that time. And come forward, the same thing can be applied to times where the drilling rigs were stacking up. We've kept the same rigs for 10, 15 years or more and have found that that's sometimes where you have good rig hands, good pricing on your rigs, good pricing on your completion is the time to build that foundation.

舉個很好的例子，如果我沒記錯的話——那就是回顧我們購買 Rodney Robinson 油田租賃權和 Voni 油田租賃權的時候，這些租賃權在新冠疫情期間的收益是每桶 20 美元，這是我們做過的最好的交易之一，而當時的油價還很低。而且在那段時間裡，他們真的一直都很慷慨。同樣的情況也適用於鑽井平台堆積的情況。我們已經使用同一套鑽機 10 年、15 年甚至更久，我們發現，有時候，當你擁有優秀的鑽機操作員、鑽機價格合理、完井價格合理時，正是打好基礎的時候。

So we talk about it in committee system, and it's pretty lively about what we want to do and who wants to do some slightly different. But we weigh when you start out with just $270,000 as I did to get to where we are today, you can be sure you've had lots of discussions and thoughts about how much to spend and where to spend. And we've kind of worked out a system among ourselves where we really try to stress test it and think about all the factors because there's other factors that weigh in on keeping a rig and keeping it going, what's going to happen next year, what is the quality of the prospects. And I'm pleased to say our geologists have really knocked it out of the park on some of their ideas on drilling here and there, as you all have seen. And so we've had steady rise in our engineering reports and reserve studies that we do twice a year for the banks. There's been steady growth there.

所以我們透過委員會制度來討論這個問題，大家對於我們想做什麼以及誰想做一些略有不同的事情都進行了非常熱烈的討論。但是，當我們像我一樣從只有 27 萬美元起步，走到今天這一步時，我們深知，我們肯定經歷過很多關於花多少錢以及在哪里花的討論和思考。我們已經摸索出一套內部機制，我們會認真地進行壓力測試，並考慮所有因素，因為還有其他因素會影響鑽井平台的維護和運行，例如明年會發生什麼，前景如何等等。我很高興地告訴大家，我們的地質學家在一些鑽探方面取得了巨大的成功，正如大家所看到的。因此，我們每年為銀行編制兩次的工程報告和儲備研究的數量穩步增長。那裡一直保持著穩定成長。

And so the capital spending is something that we weigh by itself, but in connection with everything else and the other capital requests from midstream and marketing, for example, is another area that they've come up with ideas and have pointed out, let's spend some money here on the midstream. And of course, with the flow assurance, the added flow assurance that you get out of the basin has been a lifesaver for us at times when the rest of the basin was more or less shut down. So it's a multifactor deal and it's lively discussions.

因此，資本支出是我們單獨權衡的事情，但也要結合其他所有因素，例如中游和行銷部門的其他資本需求，這是他們提出想法並指出的另一個領域，讓我們在中游方面投入一些資金。當然，有了流量保障，從盆地獲得的額外流量保障，在盆地其他部分幾乎關閉的時候，對我們來說簡直是救命稻草。所以這是一項涉及多方面因素的交易，目前討論非常熱烈。

And I think I got to give a lot of credit to all the guys on the team that are helping make these decisions. I think they've been very wise, and as Rob pointed out, look what it's done for our retained earnings. Over the last 3.5 years, we moved from a deficit to over $3 billion in retained earnings.

我認為我應該對團隊中所有幫助做出這些決定的人表示由衷的感謝。我認為他們的做法非常明智，正如羅布指出的那樣，看看這為我們的留存收益帶來了什麼。在過去的3.5年裡，我們從虧損轉變為擁有超過30億美元的留存收益。

So it's a pleasure to come back in light of those good decisions and say we're raising the dividend again, which, in fact, is now the fourth time in seven years. And getting up there to 3.5% or more, and we plan to keep going in that direction as long as Chris and his team and Tom and his team and the midstream guys are all making these, I think, very good capital decisions. So I think you can expect more of the same in the same manner, but we look at it more broadly than just looking at capital decisions based solely on oil price.

因此，鑑於這些正確的決定，我們很高興地宣布再次提高股息，事實上，這已經是七年來的第四次了。目標是達到 3.5% 甚至更高，只要 Chris 和他的團隊、Tom 和他的團隊以及中游企業人士都繼續做出我認為非常好的資本決策，我們就計劃繼續朝著這個方向努力。所以我認為，你可以預期未來還會出現更多類似的事情，但我們會從更廣泛的角度來看待這個問題，而不僅僅是基於油價的資本決策。

Yes. And Neal, this is Chris Calvert again. And I think Joe hit it on the head. And just to provide a little more color, I think when we look at specific project returns, you obviously -- like Joe said, you have two factors, really multiple factors, but one that has really what we feel dislocated in the back half of this year, and that is the cost component to those returns. And so that cost dislocation can come from efficiencies, which we have proven to be extremely good at to where whether it's simul-frac, trimul-frac U-turns, the efficiency-driven cost dislocation has been the large player in 2025.

是的。尼爾，我是克里斯‧卡爾弗特。我覺得喬說得很有道理。為了更詳細地說明情況，我認為當我們查看具體項目的回報時，很明顯——就像喬說的那樣，有兩個因素，實際上是多個因素，但其中一個因素確實導致了我們今年下半年的脫節，那就是這些回報的成本部分。因此，成本錯位可能源自於效率，而我們已經證明我們在這方面非常擅長，無論是同步壓裂、三重壓裂還是U型轉彎，效率驅動的成本錯位在2025年都扮演了重要角色。

Now as we look into the back half of this year, we are able to take advantage of some more competitive service cost pricing. And so when you have the confluence of efficiency and service cost reduction, you can really tip the scale on project economics.

現在展望今年下半年，我們可以利用一些更具競爭力的服務成本定價。因此，當效率和降低服務成本同時實現時，就能真正扭轉專案經濟效益的局面。

Now I would also say that as we look forward, the tenet of what we have always operated on is optionality. And so when we look at this, it is October right now, when we provide a more clear picture of 2026 in February, we have the ability to flex up, flex down to revise the soft guide for 2026 if market conditions have changed. And so I think that is something that is extremely important to where if we see this cost dislocation somewhat converge back, we have the ability to make that change moving forward.

現在我還想說，展望未來，我們一直以來奉行的原則是選擇權。因此，當我們審視這個問題時，現在是10月份，當我們在2月份提供更清晰的2026年展望時，如果市場狀況發生變化，我們有能力向上或向下調整2026年的預測。所以我認為這一點極為重要，如果我們看到這種成本錯位在某種程度上趨於穩定，我們就有能力在未來做出改變。

Derrick Whitfield, Texas Capital.

德里克·惠特菲爾德，德克薩斯資本。

Perhaps leaning in on some of the efficiency gains you've highlighted this quarter, where are you seeing the greatest opportunity for continued gains? And more broadly, how much of your recent projected gains have been factored into your soft guide for 2026?

鑑於您在本季重點提到的一些效率提升，您認為在哪些方面還有持續提升的空間？更廣泛地說，您最近預測的收益有多少已經計入您 2026 年的軟性預期中？

Yes, Derrick, this is Chris Calvert again. From an efficiency standpoint, I still think there's always going to be ground to be gained. We have talked a lot about completion operations, simul-frac, trimul-frac, 2025, we utilize those two processes on about 80%, 85% of our wells. Trimul-frac, there's still ground to be made to where we can get that number. Right now, it's about 40% for 2025, look to boost that in '26. There's going to be logistical operations to where we can look to utilize money. Partnerships with San Mateo play a key part in this when it comes to treated produced water and using recycled water for fracturing operations is going to be a large part of efficiency gains from a logistics perspective moving forward.

是的，德瑞克，我是克里斯卡爾弗特。從效率的角度來看，我認為總有進步的空間。我們已經討論了很多關於完井作業、同步壓裂、三重壓裂、2025 年的情況，我們在大約 80% 到 85% 的油井中採用了這兩種工藝。Trimul-frac，要達到那個數字，我們還有很長的路要走。目前，2025 年的實現率約為 40%，希望 2026 年能進一步提高。我們將進行一些後勤運作，在這方面我們可以考慮如何利用資金。與聖馬刁的合作在這方面發揮關鍵作用，尤其是在處理後的採出水方面，而利用再生水進行壓裂作業將是未來物流效率提升的重要組成部分。

On the drilling side, extending laterals, we're excited that as we move into the fourth quarter, we're going to have some of our longest laterals to date, 3.4-mile laterals at the Ameredev asset. So something where we are extremely excited to bring some of that value forward. So from an efficiency standpoint, it's really across the board with completions, drilling, production, facilities, measurement that we look to push forward.

在鑽井方面，關於延伸水平井，我們很高興地宣布，隨著我們進入第四季度，我們將擁有迄今為止最長的水平井，即 Ameredev 資產的 3.4 英里水平井。所以，我們非常興奮能夠將其中的一些價值帶給大家。因此，從效率的角度來看，我們希望在完井、鑽井、生產、設施、測量等各個方面都取得進展。

Now how does that play into 2026? Everybody on the call is very aware that this $50-commodity-price world that we live in is relatively recent. It's probably within the last 7 to 14 days. And so when we've looked at how we guide from a capital perspective, if oil continues to be in this $50 region, I think there's potential to where we could improve upon a D&C cost per foot range that we guided $835 to $855 for the back half of this year. So I think any sort of service cost reductions from a $50 oil commodity world, I think there's potentially grounds to improve upon.

那麼，這與2026年又有何關係呢？電話會議上的每個人都非常清楚，我們所處的這種商品價格每件 50 美元的世界是相對較新的現象。大概是最近7到14天內發生的。因此，從資本角度來看，如果油價繼續維持在 50 美元左右，我認為我們有可能將今年下半年的鑽井和建造成本每英尺範圍從 835 美元到 855 美元改善。所以我認為，在石油商品價格為 50 美元的情況下，任何形式的服務成本降低都有可能改進。

But I think from an efficiency standpoint, we started the year at $880. We're going to finish $835, $845, give or take. A large part of that is efficiencies. And so I think as we look into 2026, we look to improve upon that number. And hopefully, like we've said in the release, we'll turn in line a similar net lateral footage but do it on a cheaper capital budget from the D&C side or a more efficient capital budget from the D&C side.

但我認為從效率的角度來看，我們年初的成本是 880 美元。我們最終的成交價應該在 835 美元到 845 美元之間，上下浮動一點。很大一部分原因在於效率。因此，我認為展望 2026 年，我們希望能夠在此基礎上有所提升。正如我們在新聞稿中所說，希望我們能夠實現類似的淨橫向進尺，但透過設計與施工方面的更便宜的資本預算或更高效的資本預算來實現。

Leo Mariani, Roth.

利奧·馬裡亞尼，羅斯。

I don't want to continue to harp on the same sort of point here. But clearly, you folks do have flexibility in your plans, which you certainly spoke to that you certainly could adjust some things come kind of formal guide in February. I just wanted to kind of maybe get a better sense in terms of the variables that you guys are looking at, a number of folks out there are expecting kind of an oversupplied oil market in 2026. Just want to get a sense of how much kind of the oil macro kind of plays into your thought.

我不想再在這裡反覆強調同樣的觀點。但很顯然，你們的計劃是有彈性的，你們也確實說過，在二月份的正式指導方針中，你們肯定會對一些事情進行調整。我只是想更好地了解你們正在關注的變量，很多人都預計 2026 年石油市場將出現供應過剩。我只是想了解一下，石油宏觀經濟因素在你的思考中佔多大比重。

And I know you've certainly got some returns here, but if oil goes another leg lower here, is there kind of a price level where you maybe decide not to grow so much? Would that be kind of in the $50 to $55 range? Just trying to get a better sense of how you're kind of thinking about oil macro and how that factors in your decisions here on spending.

我知道你們肯定從中獲得了一些回報，但如果油價繼續下跌，你們是否會考慮在某個價格水平上停止擴張？那大概會在 50 到 55 美元之間吧？我只是想更了解您是如何看待石油宏觀經濟的，以及這如何影響您在支出方面的決策。

Yes. Leo, that is a great question. I think as we look -- and it will go back to Joe's answer, I think it was on Neal's first question. I think that's a story that we unfold, and we tell when we live in that world. As we get closer to February, if commodity continues to slide, I think that's how we have to approach it.

是的。利奧，這是一個很好的問題。我認為，當我們回顧——這要回到喬的回答，我認為那是在尼爾的第一個問題上。我認為這是一個我們生活在那個世界裡，並且逐步展開和講述的故事。隨著二月的臨近，如果大宗商品價格繼續下滑，我認為我們必須採取相應的應對措施。

And like Joe said, it's done at a committee level here with all teams participating with Board contribution. And it's really -- it's an internal discussion. However, I think as we look at that, the optionality that we maintain, whether it's at the rig level, even more flexibly at the completion level that we are able to reduce activity in that world if costs don't continue to go down in that reduced commodity price. And so I think that's how we would kind of look at it, but it is not a single variable. And so I don't know if Joe would like to chime in.

正如喬所說，這是在委員會層級進行的，所有團隊都參與其中，董事會也會做出貢獻。這其實是——這是一次內部討論。不過，我認為當我們審視這一點時，我們所保持的選擇權，無論是在鑽井平台層面，還是在完井層面，都讓我們能夠更加靈活地減少在該領域的活動，即使商品價格下降導致成本沒有繼續下降。所以我覺得我們應該這樣看待這個問題，但這並非單一變數。所以我不知道喬是否願意發表意見。

Well, Chris, yes, those are all good points. But remember that we don't look just at the oil price. One factor that has influenced us and made us more active is the fact we've reduced days on well that if you drill these wells faster, you save about $100,000 a day. And that makes a big difference in looking at your rate of return. So as each day you save, you improve what makes sense to drill at what particular rate of return.

克里斯，是的，這些都是很好的觀點。但請記住，我們不僅僅關注石油價格。影響我們並促使我們更加積極的一個因素是，我們減少了油井的作業天數，如果鑽井速度加快，每天可以節省約 10 萬美元。這會對你的投資報酬率產生重大影響。因此，隨著你每天的儲蓄，你就能更了解在何種回報率下進行鑽探是合理的。

The second thing that I'd say is that the drilling companies will use Patterson more often than anybody else. And Patterson is making improvements all the time on their equipment and their people that you have that also creating the efficiency. So price, some drops in price can be replaced by efficiency gains, but also these wells are going to produce for 30 years. So to look at it just on the price of oil, what the price of oil is today is narrow minded because, again, I'll point you back to the Rodney Robinson wells and the other wells we drilled in the COVID period, you had low oil prices then, but they were paying out within a year on the strength of its production, the low well cost. So they're just -- these other factors have to be not weighed once and then you wait six months to drill the well.

第二點我想說的是，鑽井公司會比其他任何人都更頻繁地使用帕特森的服務。帕特森公司一直在改進其設備和人員，這也提高了效率。所以價格方面，一些價格下降可以透過效率提高來彌補，但這些油井還要生產30年。所以，僅僅從石油價格來看，今天的石油價格是目光短淺的，因為，我再次指出羅德尼·羅賓遜油井和我們在新冠疫情期間鑽探的其他油井，當時的油價很低，但由於產量高、油井成本低，它們在一年內就收回了成本。所以，這些其他因素不能只考慮一次，然後你就得等六個月才能鑽井。

They're made close in time to when you spud, and you can always postpone, and you can just say we're not going to do it now. And if you have a long relationship with the service companies, they'll work with you. They don't want to lose the business. So everybody works together on these things to do it at more or less optimal time. So the capital decision really isn't one that drives it so much for a company like us that has the capital resources we do, $2 billion on our line of credit, paid down debt to a small amount, it really is a larger question on that is what efficiency gains -- taking into account what efficiency gains, what these other costs are and cost of price.

它們會在你種馬鈴薯的時候很接近的時候製作，你總是可以推遲，你可以說我們現在不做了。如果你與服務公司建立了長期合作關係，他們會與你合作。他們不想失去這筆生意。所以大家齊心協力，爭取在最佳時間完成這些事。所以對於像我們這樣擁有如此雄厚資本資源的公司來說，資本決策本身並不是主要驅動因素。我們有 20 億美元的信貸額度，債務也已償還到很小的水平。真正的問題是效率提升——考慮到效率提升的幅度、其他成本以及價格成本。

And I really commend Chris and his team for reducing that where your per foot cost is less now than it was -- it's considerably less in my mind, where you can save $60 million has to be taken into account on the decision, do you go ahead with this capital spending now, thinking that -- anticipating that with the efficiencies and the like, you're going to still come out ahead. And they're going to use their best equipment in best hands. And they all know that reducing cost is their major objective and ours is working for the long term, and we're not spending just to be spending, but we're spending fully intending to make money. And you can see that by the number of shares and participation by our employees in buying stock in the open period.

我真心讚揚克里斯和他的團隊，他們降低了每英尺的成本，現在比以前低了很多——在我看來，這節省了 6000 萬美元，在做決定時必須考慮到這一點，即現在是否要進行這項資本支出，考慮到效率的提高等等，你最終還是會盈利。他們將使用最好的設備，並交給最優秀的人員操作。他們都知道降低成本是他們的主要目標，而我們的目標是著眼長遠，我們花錢不是為了花錢而花錢，而是為了賺錢而花錢。從公開募股期間員工的持股數量和參與度可以看出這一點。

So I feel real comfortable that everybody is taking things into account and pointing out the positive of drilling these wells or doing other capital events at the same time and coordinating it. So it's a balance between what the choices you have to drill or to acquire properties or use them to keep building out your midstream, which has worked out to be a real good deal. So we have a lot of opportunities, a lot of choices, and there's a lot of thought and effort put into it.

因此，我感到非常欣慰，因為每個人都考慮到了各種因素，並指出了同時鑽探這些油井或進行其他資本活動的積極方面，並進行了協調。所以，你需要在鑽探、收購資產或利用它們繼續發展你的中游業務之間找到平衡，而事實證明，這筆交易非常划算。所以我們有很多機會，很多選擇，而且為此投入了很多思考和努力。

Yes, Joe, this is Brian Willey, Exec Vice President of Midstream. I think you're exactly right. You mentioned the midstream business. And just a couple of items on that. That business is performing extremely well. We had a new processing record last quarter, 533 million cubic feet per day of natural gas was processed, and we continue to have that success as we get into the fourth quarter. It's been a great start to the fourth quarter.

是的，喬，這位是布萊恩·威利，中游業務執行副總裁。我覺得你說得完全正確。你提到了中游業務。關於這一點，還有幾點需要說明。這家公司業績非常好。上個季度我們創下了新的加工記錄，每天加工天然氣 5.33 億立方英尺，進入第四季度，我們將繼續保持這一成功勢頭。第四節開局不錯。

And not only is the business performing well, but we've talked a lot about the different options with that part -- with that business because we don't believe that the value of the midstream is fully reflected in Matador's share price. And so we continue to explore the options. And we can be patient there. We don't necessarily have to have that money at Matador, so we can be patient and make sure it's the right opportunity and the right transaction for Matador shareholders and provide the most value.

不僅業務表現良好，而且我們還討論了許多關於該業務的不同選擇——因為我們認為中游業務的價值尚未完全反映在 Matador 的股價中。因此，我們將繼續探索各種方案。我們可以在那裡保持耐心。我們不一定要在 Matador 投入這筆資金，所以我們可以耐心等待，確保這是對 Matador 股東來說合適的機會和交易，並能帶來最大的價值。

And maybe the last point I'd make is just Matador also has some wholly owned assets that they retain, and they continue to operate. And those are assets that we acquired in the Advance acquisition and the Ameredev acquisition. It's about 250 miles of pipeline altogether, great assets. And those assets are about $30 million to $40 million this year in EBITDA is what we expect.

最後我想補充一點，Matador 也擁有一些他們保留並繼續營運的全資資產。這些都是我們在收購 Advance 和 Ameredev 時所獲得的資產。這條管道總長約250英里，是一筆巨大的資產。我們預計這些資產今年的 EBITDA 約為 3,000 萬至 4,000 萬美元。

And we also next year, expect it to be between $40 million and $50 million in EBITDA for those assets. So those are great assets that we could drop down eventually down to San Mateo with the right situation. And it's a great business at San Mateo and the midstream business because it's a fee-based business. It's something that despite the ups and downs of commodity prices, we continue to get the fees from our customers, including Matador, but also including third parties. It's been a great year for third party.

我們也預計，明年這些資產的 EBITDA 將在 4,000 萬美元至 5,000 萬美元之間。所以這些都是非常寶貴的資產，在適當的條件下，我們最終可以把它們轉移到聖馬刁。在聖馬刁，中游業務是一項非常好的生意，因為它是按服務收費的。儘管大宗商品價格波動不定，我們仍然能夠向客戶（包括 Matador）以及第三方收取費用。對第三方來說，今年是碩果累累的一年。

We've had a new customer on the oil side, and we continue to expand the relationships with our existing customers and repeat customers as we move forward. And so the midstream business continues to perform very well and that relationship and partnership with Matador, the team there and team here at San Mateo, this really is a benefit that I think is hard to replicate and very unique for Matador and its shareholders.

我們在石油領域迎來了一位新客戶，我們將繼續拓展與現有客戶和回頭客的關係。因此，中游業務繼續表現良好，與 Matador、那裡的團隊以及聖馬刁的團隊建立的關係和夥伴關係，我認為這確實是一項難以複製且對 Matador 及其股東來說非常獨特的優勢。

This is Gregg Krug, EVP of Marketing and Midstream Strategy. I just wanted to pile on a little bit as far as the midstream business is concerned. As Brian mentioned, as far as it is a fee-based business and not commodity. So these lower commodity prices do not have an effect on the fees that we get on San Mateo.

這是行銷和中游策略執行副總裁 Gregg Krug。我只是想就中游業務再補充一點。正如布萊恩所提到的，只要它是收費業務而不是商品業務。因此，這些較低的商品價格不會影響我們在聖馬刁獲得的費用。

Also, I wanted to point out that as far as flow assurances, we parked on that every time we have an opportunity to do so just because it is so important to Matador and to our third-party customers. And we feel like we're a step above some of the other third-party midstream companies just for the simple reason, I mean, we're tied to those with some of our midstream -- our wells at Matador, those other companies. And they're just not as reliable as we are. We feel more comfortable with going to the San Mateo and Matador-owned systems. So I think that's a huge factor for us as well.

另外，我想指出的是，就流量保障而言，我們每次有機會都會專注於這一點，因為它對 Matador 和我們的第三方客戶來說非常重要。我們覺得自己比其他一些第三方中游公司高出一籌，原因很簡單，我的意思是，我們的一些中游業務——我們在Matador的油井，以及其他公司——都與他們有聯繫。他們遠不如我們可靠。我們覺得使用聖馬刁和馬塔多爾旗下的供水系統更放心。所以我認為這對我們來說也是一個非常重要的因素。

Yes. And this is Brian Willey. One other thing to add, slide 12 actually shows an outline of our assets. You can see the 650 miles of pipeline, the 720 million cubic feet per day of processing. And I think just generally, if you just look at the slides generally, if somebody took a minute to look at the slides, you'd be able to see what a great job Matador is doing altogether and what a fantastic job that we're doing. And so I think if you haven't taken the time to look at the slides, I think it's a great opportunity to be able to look at those and get a great summary of the progress that we are making at Matador. And so slide 12 has those Matador wholly owned assets. You can see those in blue on the map. But even all the different slides, they just really summarize the great progress that we're making.

是的。這位是布萊恩·威利。還有一點需要補充，第 12 張投影片實際上展示了我們的資產概況。你可以看到650英里的管道，以及每天7.2億立方英尺的處理量。我覺得總的來說，只要你看一下這些幻燈片，如果有人花點時間看一下這些幻燈片，你就能看出 Matador 整體上做得多麼出色，以及我們做得多麼棒。所以我覺得，如果你還沒有抽出時間查看幻燈片，那麼現在是一個很好的機會，可以查看這些幻燈片，並對我們在 Matador 取得的進展有一個全面的了解。因此，第 12 張幻燈片列出了 Matador 全資擁有的資產。您可以在地圖上看到藍色標記的那些位置。但即便所有投影片內容各不相同，它們實際上也只是概括了我們正在取得的巨大進展。

Right. I hope that answers your question. But another thing to look at is that look on slide number 4, and you can see the progress we've made over these 12 years since we went public in this Matador and where we sit and why having that midstream to service our area. And the other midstream companies have been very cooperative. We've all tried to cooperate with each other on offloads. So there's good -- having the midstream gives you -- puts you in that club where everybody helps each other if some is down for maintenance, and I want to thank everybody for the way they do that and get gas out of the market.

正確的。希望我的回答能解答你的疑問。但還有一點要注意，請看第 4 張幻燈片，您可以看到自從我們在 Matador 上市以來的 12 年裡我們取得的進展，以及我們目前所處的位置，以及為什麼我們需要這個中游設施來服務我們的地區。其他中游企業也都非常配合。我們都努力在卸貨過程中互相合作。所以，好處在於──擁有中游資源能讓你──讓你加入這樣一個俱樂部，如果有人需要維護，大家都會互相幫助，我想感謝大家這樣做，讓天然氣退出市場。

Gregg, do you want to add to that?

格雷格，你還有什麼要補充的嗎？

Yes, I do want to say -- have a shout out to our third -- some of our third-party offloads that we have, one of which is -- I want to congratulate MPLX for their acquisition of Northwind. We have a long relationship with MPLX, we're looking forward to working with them further on our -- the Northwind asset and the fact that's going to be a solution for us for our shale gas and CO2.

是的，我確實想說——特別感謝我們的一些第三方資產剝離，其中之一是——我想祝賀 MPLX 收購 Northwind。我們與 MPLX 有著長期的合作關係，我們期待與他們進一步合作開發 Northwind 資產，因為這將為我們解決頁岩氣和二氧化碳排放問題。

And I might add, as far as enterprise is concerned as well with their acquisition opinion, we'll have -- we've got quite a bit of gas dedicated to them as well, and we look forward to that. We're also doing quite a bit of business with Targa. And so we're looking forward to doing additional business with them. And we've got a great relationship with all those folks, so.

我還要補充一點，就企業收購事宜而言，我們也投入了大量精力，我們對此充滿期待。我們也和 Targa 公司有不少業務往來。因此，我們期待與他們開展更多業務合作。我們和這些人關係都很好。

I hope that answers your question. But if you need more, we again, invite everybody on the call to come see us. We'll devote more time to you and to see our operation because there's aspects of our operation such as our MAXCOM room, which is monitoring all of our drilling activity that has added to the efficiency gains that's led us to lower prices, which has opened up the door to more capital decisions and adds to the long-term nature of what we're trying to establish in New Mexico.

希望我的回答能解答你的疑問。但如果您需要更多幫助，我們再次邀請所有參加電話會議的人來拜訪我們。我們將投入更多時間與您交流，並讓您了解我們的營運情況，因為我們營運中的一些方面，例如我們的 MAXCOM 監控室，可以監控我們所有的鑽井活動，這提高了效率，使我們能夠降低價格，從而為更多資本決策打開了大門，並增強了我們在新墨西哥州努力建立的長期業務的性質。

Noah Hungness, BofA.

Noah Hungness，美國銀行。

For my question here, I was hoping to kind of ask on water handling. We've seen a lot of activity in the water handling sector this year. Obviously, San Mateo has a large watering handling business. And as you guys continue to leverage trimul-frac and simul-frac operations, it seems to be playing an increasingly important role there. But I guess, could you maybe talk about just general growth aspects for that company or growth outlook and how you're thinking about that business today?

我的問題主要是想問關於水處理的問題。今年我們看到水處理產業非常活躍。顯然，聖馬刁擁有龐大的澆水處理業務。隨著你們繼續利用三重壓裂和同步壓裂操作，它似乎在其中發揮著越來越重要的作用。不過，我想請您談談這家公司的整體成長或成長前景，以及您目前對這家公司的看法？

Yes. Noah, I'll start from the Matador side of things, and then Brian can also talk about it from the San Mateo side. But next year, there is going to be -- we're looking at roughly $40 million to $50 million investment in Matador's wholly owned midstream business.

是的。諾亞，我先從馬塔多爾這邊說起，然後布萊恩也可以從聖馬刁這邊說說。但明年，我們將看到對 Matador 全資擁有的中游業務進行約 4,000 萬至 5,000 萬美元的投資。

And a lot of that has to do with the build-out of our water gathering system, both in the Ameredev area and in our Hat Mesa kind of Ranger area. And so -- because that investment is really talks to -- speaks to the integrated nature of the upstream business with the midstream business and to be able to provide an increased percentage of produced water for these intense hydraulic fracturing operations.

這很大程度上與我們集水系統的建設有關，無論是在 Ameredev 地區還是在我們 Hat Mesa 類型的 Ranger 地區。因此，因為這項投資實際上體現了上游業務與中游業務的一體化性質，並且能夠為這些高強度的水力壓裂作業提供更高比例的採出水。

Chris talked about some of the efficiency gains that we've seen in that realm. And I think it is a great example of us working together to increase the amount of produced water. It lowers use for hydraulic fracturing operations, which reduces our lease operating expenses, and it reduces the capital spend for the -- on the frac side. And so yes, there is an investment there to increase our water handling capabilities.

克里斯談到了我們在該領域看到的一些效率提升。我認為這是我們共同努力增加產水量的絕佳例子。它降低了水力壓裂作業的使用量，從而降低了我們的租賃營運費用，並減少了壓裂方面的資本支出。所以，是的，我們確實在投資以提高我們的水處理能力。

John Abbott, Wolfe Research.

約翰‧阿博特，沃爾夫研究公司。

Our question is going to be on natural gas pricing. I mean we did see some negative -- Waha negative during the first part of October. And then as you sort of look out in the Permian, there's going to be additional takeaway capacity. Do you think that gets filled? So I just really sort of like how do you think about gas pricing in 4Q?

我們的問題將圍繞天然氣定價。我的意思是，我們在10月上半月確實看到了一些負面消息——哇，負面消息。然後，當你向二疊紀盆地眺望時，你會發現那裡將會有額外的外帶能力。你覺得這個空缺會被填滿嗎？所以，我真的很想知道您對第四季汽油價格的看法？

And then how do you think of gas pricing longer term? Do these pipes get filled? How do you think -- as you sort of report on a two-stream basis, how do you think about the gas price in your realizations?

那麼，您如何看待汽油價格的長期走勢？這些管道會被填滿嗎？您是如何看待——在您以雙流方式進行報告時，您是如何看待您實際感受到的天然氣價格的？

John, I'll start and if Gregg and Anton want to pile in here, that's great. But yes, so in Q4, as we highlighted in the release, we did elect to curtail some wells for a few weeks during this long-haul maintenance -- long-haul pipeline maintenance period. And in doing so, we avoided paying that kind of deep negative Waha pricing. I do think it speaks to Matador and our ability to be nimble and make sure that we have that lever as an option to pull in this sort of environment. And we saved a lot of money in doing so and really just deferred that production to where Waha prices are positive as they are today.

約翰，我先開始，如果格雷格和安東也想加入，那就太好了。是的，正如我們在新聞稿中所強調的那樣，在第四季度，我們確實選擇在這次長期維護期間（即長期管道維護期間）暫停一些油井的生產幾週。這樣一來，我們就避免了支付Waha那種巨額負價格。我認為這體現了 Matador 的實力，以及我們靈活應變的能力，確保我們能夠在這種環境下擁有應對挑戰的手段。這樣做我們省了很多錢，實際上只是把生產推遲到了瓦哈豆價格像今天這樣為正的時候。

And then on your question about these long-haul pipes that have been already decided to be funded for building, you've got Hugh Brinson that's coming on later this year and Blackcomb and GCX expansion, all of which will add roughly 4 Bcf towards the latter part of this year. And so we do think that the longer-term view -- and really, I mean, just 2026 that the capacity issues, if you call them, in the basin for Waha will be relieved by those pipelines.

至於你提到的那些已經決定撥款建設的長途輸氣管道，今年稍後將有 Hugh Brinson 管道投入使用，還有 Blackcomb 和 GCX 管道的擴建，所有這些項目都將在今年下半年增加大約 40 億立方英尺的輸氣量。因此我們認為，從長遠來看——實際上，我的意思是，到 2026 年，瓦哈盆地的產能問題（如果你稱之為產能問題的話）將透過這些管道得到緩解。

Yes. The other thing, Glenn, as you mentioned, weather still plays a role in the gas pipeline business. And so you hit October each year or end of September, you're faced with this risk. So you want to be sure you have the balance sheet that you can work through those periods.

是的。格倫，還有一點，正如你所提到的，天氣仍然對天然氣管道業務產生影響。因此，每年到了十月或九月底，你都會面臨這種風險。所以你需要確保你擁有能夠幫助你分析這些時期的資產負債表。

And the second thing is that solutions are coming that the industry -- midstream industry is very responsive to this and finding ways out. And I'm pleased to report today -- Anton, you have a better handle, but price of gas -- selling price is $1.50 now.

第二點是，解決方案正在湧現，中游產業對此反應非常積極，並正在尋找出路。今天我很高興地報告——安東，你掌握得更好了，但汽油價格——現在的售價是每加侖 1.50 美元。

This is Anton Langland, Executive Vice President of Marketing. Joe is correct. Gas has gotten a little bit stronger out there at Waha. And we anticipated some of this until we went out and put in hedges for 2026, where we have a big hedge position to protect downside risk on Waha. As we know, all these pipelines are coming online in '26, we'll have GCX expansion mid-'26 for 0.5 Bcf.

這位是行銷執行副總裁安東·朗蘭。喬說得對。瓦哈那邊的汽油濃度好像有點高了。我們預料到了其中的一些情況，並於 2026 年進行了對沖，我們建立了大量的對沖頭寸來保護 Waha 的下行風險。據我們所知，所有這些管道都將在 2026 年投入使用，2026 年年中 GCX 將擴建 0.5 Bcf。

Blackcomb will come on for 2.5 Bcf and Hugh Brinson will come on at 1.5 Bcf, and that's all going to happen in 2026, which should alleviate some of this pressure -- downward pressure on Waha prices going forward when you start looking at the end of '26 and '27 should be a great time for Waha production in our gas and give us a lot more opportunity to produce more of our gassy wells that we have in inventory that we haven't drilled yet because of the lower gas prices. But in '27, '28, we'll have a lot of opportunity to drill a lot of gas benches out there.

黑梳山氣田將於 2026 年投產，產量為 25 億立方英尺；休布林森氣田將於 2026 年投產，產量為 15 億立方英尺。這將緩解瓦哈天然氣價格的下行壓力。展望 2026 年底和 2027 年，瓦哈天然氣的產量將迎來良機，這將使我們有更多機會開採庫存中尚未鑽探的含氣井，因為天然氣價格較低。但在 2027 年、2028 年，我們將有很多機會在那裡鑽探許多天然氣層。

Zach Parham, J.P. Morgan.

Zach Parham，摩根大通。

I wanted to ask on well productivity. Just looking at the publicly available state data, your well productivity on a per lateral foot basis is down a little bit year-over-year in 2025, though relatively in line with where you were in '22 and '23 as '24 was a really strong year. I know there will always be some variability in productivity data just given the geographical mix of wells and various lateral lengths. But could you talk a little bit about your expectations for well productivity going forward and how you see that trending into 2026?

我想問關於生產效率的問題。僅從公開的州數據來看，2025 年您的油井每英尺水平長度的產量同比略有下降，但與 2022 年和 2023 年的情況基本持平，因為 2024 年是一個非常強勁的年份。我知道，由於油井的地理位置和水平井段長度的差異，生產力數據總是會有些波動。您能否談談您對未來油井生產力的預期，以及您認為到 2026 年油井生產力的發展趨勢？

Zach, this is Tom Elsener, EVP for Reservoir Engineering. Going into 2026, we have a very strong program. We expect the same or better BOE per foot in 2026 as we have seen in 2025. Coupled with the -- all the commentary about these longer laterals, we expect to see lateral lengths increase approximately 10% going into 2026. So that should be really positive for the total EURs, really positive for the capital efficiencies, lowering the well costs.

扎克，這位是油藏工程執行副總裁湯姆·埃爾塞納。展望2026年，我們擁有非常強大的計畫。我們預計 2026 年每英尺原油價格將與 2025 年持平或更高。結合所有這些關於更長側線的評論，我們預計到 2026 年，側線長度將增加約 10%。因此，這對總EUR（可採儲量）來說應該非常有利，對資本效率也非常有利，可以降低油井成本。

These are very strong projects, as we've talked about with rate of returns over 50%. And these are 1.1 million, 1.2 million BOE wells. These are very strong wells that are very durable at a wide variety of lower oil and gas prices. I think that the team should be committed for all the hard work and cooperation they put together. I think it's quite the opportunity to bring these wells forward.

這些都是非常優秀的項目，正如我們之前討論過的，回報率超過 50%。這些油井的儲量為 110 萬至 120 萬桶油當量。這些油井非常堅固耐用，即使在較低的油氣價格下也能保持良好的運作狀態。我認為團隊應該對他們共同付出的辛勤努力和合作表示敬意。我認為這是一個推進這些油井開發的絕佳機會。

As Chris mentioned, things have gone better than expected operationally. The team is coordinating with midstream to have all the permits, the pipelines, all the drilling and execution, all the completions, all the wells turned online on time and under budget, I think has really been something that we're proud of, and we expect to see that going forward. I think it will continue on beyond 2026.

正如克里斯所說，營運方面的情況比預期要好。團隊正在與中游企業協調，確保所有許可證、管道、鑽井和施工、完井、所有油井都能按時按預算上線，我認為這真的是一件讓我們感到自豪的事情，我們希望未來也能繼續保持這種勢頭。我認為這種情況會持續到2026年以後。

I think that a lot of these really high-quality Wolfcamp and Bone Spring wells have been pushed further north. And as one example of that has been our Avalon well that we highlighted in the release at Gavilon. That's a well that has produced over 280,000 barrels of oil in the first 12 months of life, and it's already paid out and will continue to pay out many more times into the future. So I think our inventory is very strong, and we're very, very excited for the wells we're putting up on the board for this year.

我認為很多高品質的沃爾夫坎普井和博恩斯普林井都向北遷移了。例如，我們在 Gavilon 的發布會上重點介紹了我們的 Avalon 水井。那口油井在投產後的前 12 個月就生產了超過 28 萬桶石油，而且已經收回了成本，未來還會繼續產出很多倍的石油。所以我認為我們的庫存非常充足，我們對今年即將投產的油井感到非常非常興奮。

Kevin MacCurdy, Pickering Energy Partners.

Kevin MacCurdy，Pickering Energy Partners。

Just continuing to touch on the midstream angle. What is the impact of the increased activity on the San Mateo volumes and EBITDA outlook?

繼續從中游角度探討。業務活動的增加對聖馬刁的業務量和 EBITDA 前景有何影響？

Yes. This is Brian Willey, Executive Vice President of midstream. That partnership we have with Matador is critical to us. It's about 70% to 80% of our revenues come from Matador. And so as Matador grows, oftentimes, that leads to growth in San Mateo as well, just depending on where the growth is. So I think we'll have more to talk specifically about that, of course, next year when we lay out our plan, but that's a great partnership that we have with Matador.

是的。這是布萊恩威利，中游業務執行副總裁。我們與Matador的合作關係對我們至關重要。我們約 70% 到 80% 的收入來自 Matador。因此，隨著 Matador 的發展，聖馬刁市往往也會隨之發展，這取決於發展發生在何處。所以，我想我們明年制定計劃的時候，當然會有更多具體的討論，但我們與 Matador 的合作非常棒。

And something as you look at the capital expenditures for next year, Glenn mentioned earlier the Matador-owned capital expenditures. I think we had mentioned in the release the 8% to 12% capital expenditure increase and approximately $90 million to $100 million of that is midstream, whether that's San Mateo and our share of the 51% or whether that's Matador owned. And so we have some really great projects on tap for next year to continue to grow the company and continue to expand the business as we support Matador.

談到明年的資本支出，格倫之前提到馬塔多爾公司擁有的資本支出。我認為我們在新聞稿中提到資本支出成長 8% 至 12%，其中約 9,000 萬至 1 億美元是中游項目，無論是聖馬刁油田（我們佔 51% 的股份）還是馬塔多爾公司擁有的油田。因此，明年我們將啟動一些非常棒的項目，以繼續發展公司並擴大業務，同時支持 Matador。

Thank you. Ladies and gentlemen, this ends the Q&A portion of this morning's call. I'd like to hand the call back 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環節到此結束。我想把電話轉回給管理階層，請他們作總結發言。

Thank you very much, and thank you, everybody, for spending the time in here with us. And again, I repeat, if you want more information or have more questions, you'll find us successful. Rob will be happy to take your questions and get answers for you. And we try to pride. I came -- didn't come up through private equity but came up through friends and relatives. And with friends and relatives, they have a higher standard for communication and being accessible, and we want to maintain that.

非常感謝，也感謝大家抽空陪伴我們。我再次重申，如果您需要更多資訊或有任何疑問，歡迎隨時與我們聯繫。羅布很樂意回答您的問題並為您找到答案。我們努力追求自豪。我一路走來──不是透過私募股權投資，而是透過朋友和親戚的關係。對於朋友和親戚，他們對溝通和保持聯繫的要求更高，我們希望保持這種狀態。

A lot of people, as I said, I think one of the issues just confronted directly is, quote, capital spending. Are we outspending our cash flow? And I think the answer is clearly not. If you don't believe the accounting that we've grown from a deficit to over $3 billion, having made good decisions, then look at it this way. I've never sold a share of stock in Matador, and we have a whole group of executives that haven't either.

正如我所說，很多人面臨的直接問題之一就是資本支出。我們的支出是否超過了現金流？我認為答案顯然是否定的。如果你不相信我們已經從赤字成長到超過 30 億美元，並且做出了正確的決策，那麼請換個角度來看。我從未出售過 Matador 的任何一股股票，我們公司還有一大批高階主管也從未出售過股票。

And as far as the employees go, we have an employee share purchase plan with over 95% participation. So the people that know the company best, we're buyers basically, not sellers.

至於員工方面，我們有員工持股計劃，參與率超過 95%。所以最了解這家公司的人，我們基本上都是買家，而不是賣家。

And we see the future coming up. And we don't look upon it. We look more upon the quality of the rock and the quality of the operations as opposed to what the oil price per barrel is because you can have a very high oil price and the capital decisions. They don't have good operations or someone else can affect it that they're spending too much on their bank debt and are in a bad position. But over 40 years, remember, we started with just that $270,000. So over 40 years, we've grown to this point, and it's from having a good decision-making process, not that we've never made a bad decision, but not many of them have made a whole lot more in times of oil price being shaken for one reason or another and I have pointed out some of those instances.

我們看到了即將到來的未來。我們對此視而不見。我們更關注岩石的品質和作業的質量，而不是每桶石油的價格，因為即使油價很高，資本決策也會受到影響。他們要么營運不善，要么受到他人影響，導致他們過度償還銀行債務，陷入困境。但別忘了，40多年來，我們最初只有27萬美元。40多年來，我們發展到了今天這一步，這得益於我們擁有良好的決策過程。當然，我們並非從未做出過錯誤的決定，但在油價因各種原因波動時，我們做出的錯誤決定並不多，我已經指出了其中的一些例子。

But if you keep going and be that much more selective in your decisions, you can build an organization and there are more good people become available, and it's worked to our advantage. Not that I welcome $50 oil for a sustained period, but it's not fatal either if you've maintained your balance sheet all through time and your bank relationships. You just have to be a little more careful. The midstream has helped because it's a fee-based and it gives us further balance. So as we say around here, we like our chances.

但是，如果你堅持下去，並且在做決定時更加謹慎，你就能建立一個組織，也會有更多的優秀人才加入，這對我們有利。我當然不希望油價持續維持在 50 美元，但如果你一直以來都保持著良好的資產負債表和銀行關係，這也不是致命的。你只需要多加小心一點。中游業務對我們有幫助，因為它是按收費模式，這讓我們更加平衡了業務。正如我們這裡常說的，我們對自己的機會很有信心。

And I think if you come to visit and meet the staff, you'll say these are people I could trust with my -- I won't say it's your life savings, but you could trust your investment because we've come a long way. You've got a 40-year history to look at. And we're pretty optimistic, and we see the opportunities growing for us rather than being reduced. And I think this period going into the fourth quarter, frankly, we've never looked so good with more options than we had before and more targets of opportunity for 2026. So we're excited, but I do think that as helpful as these questions are on these kind of calls, it's even better to come see us, have breakfast or lunch with us or even dinner and meet the people behind these capital decisions and see that, hey, they're reasonable people, they're professional, and they wouldn't be spending the money on this well or that well if they didn't have a high degree of trust and confidence in it. And I think that's what you get for investing in Matador.

我認為，如果您來參觀並與我們的員工見面，您就會說，這些人值得信賴，我可以把我的——我不會說是您的畢生積蓄——託付給他們，但您可以信任您的投資，因為我們已經取得了長足的進步。你有長達40年的歷史可以參考。我們相當樂觀，我們認為機會不但不會減少，反而會增加。坦白說，我認為進入第四季後，我們比以往任何時候都更有優勢，擁有比以前更多的選擇，並為 2026 年創造了更多機會。所以我們很興奮，但我認為，儘管這些問題在電話會議中很有幫助，但最好還是親自來見見我們，和我們一起吃早餐、午餐甚至晚餐，與這些資本決策背後的人員見面，看看他們是否通情達理、專業敬業，如果他們對某個油井沒有高度的信任和信心，就不會把錢花在這個油井或那個油井上。我認為這就是投資Matador的回報。

We do have a sheet that says, why Matador? It's at the back of your -- of the earnings release and really encourage everybody to look through those exhibits. And I think they tell the story in 5 to 10 minutes of why Matador. And an original investor in First Matador was in at $0.85, and we sold for $18.95 and an original shareholder in this Matador was in for $3.56. So it's come a long way, and we like our chances and better today than ever.

我們有一張表格，上面寫著：為什麼要選鬥牛士？它位於盈利報告的背面，強烈建議大家仔細閱讀這些附件。我認為他們用 5 到 10 分鐘就講述了 Matador 的故事。第一代鬥牛士（First Matador）的原始投資者最初以 0.85 美元的價格買入，而我們最終以 18.95 美元的價格賣出；而這代鬥牛士（Matador）的原始股東最初以 3.56 美元的價格買入。所以，它已經走過了很長的路，我們對自己的機會充滿信心，而且現在比以往任何時候都更有信心。

And I think we thank the Board for working with us. We think they're distinguished, and it's a good process. We rank up there. Van can tell you more where we rank in New Mexico, but it's a Top-5, Top-10 type of company. So start out with -- you have on page 4, how little we started with back in the early '90s to where we are today. So please give it serious consideration. And if you want more information, we'll hear it. And if you want a personal -- in-person discussion to -- if that would give you greater comfort, just give Mac a call and he'll schedule it, and we'll enjoy meeting you. We would like to wish we could meet every one of our shareholders so they would have that personal relationship.

我想我們應該感謝董事會與我們合作。我們認為它們很出色，而且這是一個很好的過程。我們在這方面名列前茅。Van 可以告訴你我們在新墨西哥州的排名，但我們是一家排名前 5 或前 10 的公司。所以，首先要從第 4 頁的內容開始，看看我們從 90 年代初的匱乏到今天的成就。所以請認真考慮一下。如果您需要更多信息，我們很樂意聽取。如果您希望進行面對面的私人對話，以確保您感到更自在，請給 Mac 打個電話，他會安排時間，我們期待與您見面。我們希望能夠與每一位股東見面，建立起這段私人關係。

So thank you very much for your attention today and come see us. We like our chances, and we feel very comfortable that next year is going to be a good year for us one way or the other. Thank you.

非常感謝各位今天的關注，歡迎光臨。我們對自己的機會充滿信心，並且非常有把握明年無論如何都會是美好的一年。謝謝。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

感謝各位女士、先生參加今天的會議。節目到此結束。您現在可以斷開連線了。再會。