Murphy Oil Corp (MUR) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Murphy Oil Corporation third-quarter 2025 earnings conference call and webcast. (Operator Instructions)

女士們、先生們，早安，歡迎參加墨菲石油公司2025年第三季財報電話會議和網路直播。（操作說明）

I would now like to turn the conference over to Atif Riaz, Vice President, Investor Relations and Treasurer. Please go ahead.

現在我將把會議交給投資者關係副總裁兼財務主管阿提夫·裡亞茲 (Atif Riaz) 主持。請繼續。

Thank you, Ludi. Good morning, and welcome to our third-quarter 2025 earnings conference call. Joining me today are Eric Hambly, President and CEO; Tom Mireles, Executive Vice President and CFO; and Chris Lorino, Senior Vice President, Operations.

謝謝你，盧迪。早安，歡迎參加我們2025年第三季財報電話會議。今天與我一同出席的有：總裁兼執行長埃里克·漢布利；執行副總裁兼財務長湯姆·米雷萊斯；以及營運高級副總裁克里斯·洛里諾。

Yesterday after market close, we issued our third-quarter earnings release, a slide presentation, and a stockholder update. These documents can be found on Murphy's website, and we will reference them today throughout our call.

昨天收盤後，我們發布了第三季財報、投影片簡報和股東更新報告。這些文件可以在墨菲的網站上找到，我們今天在通話中會多次提到它們。

As a reminder, today's call contains forward-looking statements as defined under US securities laws. No assurances can be given that these events will occur or that the projections will be attained. A variety of factors exist that may cause actual results to differ.

提醒各位，今天的電話會議包含美國證券法定義的前瞻性陳述。無法保證這些事件一定會發生，也無法保證預測結果一定會實現。多種因素可能導致實際結果有所不同。

For further discussion of risk factors, please refer to our most recent annual report filed with the SEC. Murphy takes no duty to publicly update or revise any forward-looking statements except as required by law. Throughout today's call, production numbers, reserves, and financial amounts are adjusted to exclude non-controlling interest in the Gulf of America.

有關風險因素的進一步討論，請參閱我們向美國證券交易委員會提交的最新年度報告。除法律要求外，墨菲公司沒有義務公開更新或修改任何前瞻性聲明。在今天的電話會議中，產量數字、儲量和財務金額均已進行調整，以排除美洲灣的非控制權益。

I will now turn the call over to Eric for opening remarks.

現在我將把電話交給艾瑞克，請他致開幕詞。

Thank you, Atif, and thank you, everyone, for joining us this morning. Consistent with our approach last quarter, we released our quarterly stockholder update last night alongside our earnings release. This morning, I will share a few high-level insights and perspectives on our business before we move into Q&A.

謝謝阿提夫，也謝謝各位今天早上收看我們的節目。與上個季度的做法一致，我們昨晚在發布獲利報告的同時，也發布了季度股東更新報告。今天上午，在進入問答環節之前，我將分享一些關於我們業務的高層次見解和觀點。

I'd like to start by thanking our employees for delivering strong operational performance in the third quarter, exceeding the high end of our production guidance for the second quarter in a row. We achieved total production of 200,000 barrels of oil equivalents per day and oil production of 94,000 barrels per day, underscoring the strength and potential of our assets.

首先，我要感謝我們的員工在第三季取得了強勁的營運業績，連續第二季超過了我們生產預期的上限。我們實現了日產 20 萬桶油當量和日產 9.4 萬桶原油，凸顯了我們資產的實力和潛力。

It's always good to have a quarter where we deliver strong operational performance, both on the production and cost fronts. And we did exactly that in the third quarter. Operating costs in the quarter averaged $9.39 per BOE, 20% less than in the prior quarter.

能夠有一個季度在生產和成本方面都取得強勁的營運業績，總是令人欣喜的。我們在第三季正是這樣做的。本季營運成本平均為每桶油當量 9.39 美元，比上一季減少了 20%。

In the third quarter, capital expenditures totaled $164 million, which was below our guidance. While a large part of that lower CapEx was due to timing, it also reflects our ongoing efforts to drive capital efficiencies across our business.

第三季資本支出總額為 1.64 億美元，低於我們的預期。雖然資本支出減少很大程度上是由於時機因素，但也反映了我們為提高整個業務的資本效率而持續做出的努力。

On the international development and exploration front, we made significant progress in the third quarter. Our Lac Da Vang Golden Camel fuel development is progressing on track. And in fact, we started drilling our first development well earlier this week. This is a major milestone marking our first development in Vietnam.

在國際開發和勘探方面，我們在第三季度取得了重大進展。我們在 Lac Da Vang 的 Golden Camel 燃料開發專案進展順利。事實上，我們本週稍早就開始鑽探第一口開發井。這是我們在越南的第一個開發項目，具有重要的里程碑意義。

I commend the team for continuing to execute this project safely and ahead of schedule in collaboration with our multiple local and international partners. Our Hai Su Vang-2X appraisal well was spud in line with our plan. And Civette, the first of our three-well exploration program in Côte d'Ivoire, is also on track to be spud before year-end.

我讚揚團隊與眾多本地和國際合作夥伴通力合作，安全且提前地完成了這個專案。我們的海蘇旺-2X評價井已按計畫開鑽。我們在科特迪瓦的三口井勘探計劃中的第一口井 Civette 也按計劃將於年底前開鑽。

This quarter, our exploration teams are working very hard at exploring and appraising prospects across three continents, testing gross resource potential of over 1 billion barrels of oil equivalent. These projects showcase Murphy's international expertise, reputation, and partnerships, key differentiators that position us as a partner of choice for global exploration and development.

本季度，我們的勘探團隊正在三大洲努力勘探和評估油氣前景，測試超過 10 億桶石油當量的總資源潛力。這些專案展現了墨菲公司的國際專業知識、聲譽和合作夥伴關係，這些關鍵的差異化優勢使我們成為全球勘探和開發領域的首選合作夥伴。

We look forward to sharing the results from our exploration and appraisal program with you in the coming months. As we assess our operational plans for 2026, we are closely monitoring the commodity markets. We remain confident that our strong balance sheet and flexible multi-basin portfolio will allow us to manage near-term volatility while staying on track to achieve our long-term goals.

我們期待在未來幾個月與您分享我們的勘探和評估計劃的結果。在評估 2026 年營運計畫時，我們正在密切關注大宗商品市場。我們仍然相信，我們強大的資產負債表和靈活的多盆地投資組合將使我們能夠應對短期波動，同時保持實現長期目標的軌道。

Looking ahead, exploration continues to play a significant part in the Murphy story. And we're encouraged to see a renewed focus in the industry on the need for exploration and conventional resources to meet global energy demand.

展望未來，勘探在墨菲的故事中仍將扮演重要角色。我們很欣慰地看到，業界重新關注勘探和常規資源對於滿足全球能源需求的重要性。

With a robust portfolio of assets and decades of expertise, we are well positioned to capitalize on the opportunities ahead. That's a very brief summary of our quarter and key catalysts for our business. And we will now open the lines up for questions.

憑藉強大的資產組合和數十年的專業經驗，我們已做好充分準備，把握未來的機會。以上是我們本季業績和業務關鍵驅動因素的簡要總結。現在我們將開放提問環節。

(Operator Instructions) Arun Jayaram, JPMorgan.

（操作說明）Arun Jayaram，摩根大通。

Hey, Eric and team, good morning. Eric, I was wondering if you could start a little bit around your exploration program in West Africa, maybe some details on the Civette well, which you mentioned should spread by year-end. And it looks like you've resequenced the program to include a different prospect for your third exploration program. So I was wondering if you could just give us some more color around that program.

嗨，埃里克和團隊，早安。艾瑞克，我想問你能不能先簡單介紹一下你在西非的勘探計劃，例如你提到的 Civette 油井的一些細節，你提到過這個油井應該會在年底前擴散開來。看來你們已經重新調整了計畫順序，將另一個勘探目標納入了第三個勘探計畫。所以我想知道您能否再詳細介紹一下這個項目。

Sure, Arun. Thanks for your question. We're really excited about our Côte d'Ivoire exploration program, which will start drilling before the end of the year, likely spud, so that in December. And that should put us in a position to have some results to discuss at our January fourth-quarter earnings call.

當然可以，阿倫。謝謝你的提問。我們對科特迪瓦勘探計畫感到非常興奮，該計畫將於今年年底前開始鑽探，很可能會在 12 月開工。這樣一來，我們就可以在1月的第四季財報電話會議上討論一些業績結果了。

The following two wells in the program likely not have results to report until later in the first quarter or possibly into the second quarter of 2026. This event prospect is very similar in terms of the geology to the Calao discovery from the Murene 1X well Eni announced in the second quarter of 2024. It's the same type of geology, just a slightly shallower interval, testing highly-perspective to a Cenomanian-Turonian interval, which we're really excited about.

該計劃中的接下來兩口井可能要到 2026 年第一季晚些時候，甚至可能要到第二季才能公佈結果。從地質學角度來看，此次勘探前景與埃尼集團於 2024 年第二季宣布的 Murene 1X 井 Calao 油田的發現非常相似。地質類型相同，只是層位稍淺一些，對塞諾曼階-圖倫階地層具有很高的前景，我們對此感到非常興奮。

We think, as we released in our slide decks in the past, the potential is significant. And the reason that we are really excited about it is it has the potential to be quite large, with a mean of over 400 million barrels, upside of 1 billion-barrel range. And we're able to test the wells. Our program of wells are going to be kind of in the $50 million to $60 million gross range.

正如我們過去在幻燈片中所述，我們認為其潛力巨大。我們對此感到非常興奮的原因是，它有可能發展得非常龐大，平均產量超過 4 億桶，最高可達 10 億桶。我們能夠對這些油井進行測試。我們的油井專案總投資額大概在 5,000 萬到 6,000 萬美元之間。

So really excited about it. It's definitely in the right neighborhood. There's been a lot of recent success from Eni in the area. And it's similar-looking geology, and we're pretty excited about it.

我真的非常興奮。它絕對位於正確的街區。埃尼集團最近在這個領域取得了巨大的成功。而且地質構造看起來也很相似，我們對此感到非常興奮。

Great. I just want to follow up.

偉大的。我只是想跟進一下。

Yeah, sorry. (multiple speakers) As we've kind of continued to work through our reprocessed seismic data set and kind of mature our assessment of the prospectivity, we decided to pivot from drilling Kobus to Bubale. And the reason we did that is we think that it offers lower cost to test and lower risk or a higher chance of a discovery and also a very large resource range.

抱歉。（多人發言）隨著我們不斷處理重新處理的地震資料集，並逐漸完善我們對勘探前景的評估，我們決定從鑽探 Kobus 轉向鑽探 Bubale。我們這樣做的原因是，我們認為它能降低測試成本，降低風險，提高發現的可能性，資源範圍非常廣。

So we're pretty excited about that. The Kobus discovery is definitely still something that's out there, and it might be the subject of follow-on exploration. Obviously, with some success, it would encourage us even more. It is a different play type than Kobus, one that we think has a higher chance of being successful. And that's why we made the switch.

所以我們對此感到非常興奮。科布斯發現的遺址無疑仍待發掘，它可能成為後續探索的主題。顯然，如果取得一些成功，將會更加鼓舞我們。這與 Kobus 的打法不同，我們認為這種打法成功的可能性更大。這就是我們做出改變的原因。

So there's nothing wrong with Kobus, just that we think that Bubale is slightly better. We're prioritizing sort of our top three exploration tests in the blocks. Those are the ones that we think are the most compelling near term.

所以 Kobus 本身並沒有什麼問題，只是我們認為 Bubale 稍微好一點。我們正在優先推進區塊中最重要的三個勘探測試。我們認為這些是近期最引人注目的舉措。

That makes total sense. And just maybe a follow-up. Obviously, you're drilling one of the more important appraisal wells at a very long time in terms of Murphy. Can you give us some of your key objectives? I know you shared with us the location of the appraisal well in Vietnam. But maybe give us some thoughts on what you're looking to test at the HSV field.

完全說得通。或許還需要後續報道。顯然，就墨菲而言，你正在鑽探一口非常重要的、耗時很長的評價井。您能告訴我們您的一些主要目標嗎？我知道您已經和我們分享了越南評估井的位置。不過，或許您可以跟我們說說您希望在 HSV 場地測試哪些方面。

Sure. Yeah, it's a good question. The main purpose of the HSV 2X well is to determine what the lateral continuity of the reservoir is. So away from the discovery location, what is the makeup and content of the sand in the major discovered reservoirs to potentially test for a thickened pay section and really critically determine, if we can, where the oil-water contact is.

當然。是的，這是個好問題。HSV 2X 井的主要目的是確定儲層的橫向連續性。因此，遠離發現地點，主要已發現儲層中的砂層成分和含量是什麼，以便測試是否存在增厚的含油層，並真正關鍵地確定（如果可能的話）油水界面在哪裡。

So we believe the location that we're testing has the potential to prove a thickened section in the primary reservoir of the discovery and also prove the known oil column deeper. And that's the main objective of the appraisal well, which the whole point is to determine what is the -- tighten the range of resources and figure out how large is the field and help us start to plan field development.

因此，我們相信我們正在測試的位置有可能證明該發現的主要油藏中存在增厚層，並能證明已知的油柱更深。這就是評估井的主要目標，其全部意義在於確定——縮小資源範圍，弄清楚油田有多大，並幫助我們開始規劃油田開發。

We need to know where the oil is, so we know where to put the development wells. And this is the first of what may be more than one appraisal well to determine how large the field is and how to optimally develop it.

我們需要知道石油在哪裡，才能知道在哪裡設置開發井。這可能是進行多次評估以確定油田規模以及如何進行最佳開發的第一口評估井。

But this one has a significant impact in that the major discovered reservoir that we flow-tested that we announced earlier this year, we're hoping to prove a deeper oil column with that and potentially expanded thicker section.

但這次發現意義重大，因為我們今年稍早宣布對一個大型油藏進行了流動測試，我們希望藉此證明該油藏存在更深的油柱，並有可能擴大油層厚度。

Great, Eric. Well, enjoy well watching because you have a lot of interesting things that you're testing over the next three to six months. Appreciate it.

太好了，埃里克。好好享受觀看的過程吧，因為在接下來的三到六個月裡，你們會測試很多有趣的東西。謝謝。

Thanks, Arun.

謝謝你，阿倫。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛集團。

Yeah, good morning, Eric and team. We're obviously working through a choppier macro right now. And there's a lot of reasons for long-term optimism, but of course, there's some reasons for near-term caution.

是的，早安，艾瑞克和各位同事。顯然，我們目前正經歷著宏觀經濟波動較大的時期。有很多理由對長期前景保持樂觀，但當然，也有一些理由在短期內保持謹慎。

So just talk about your downcycle playbook and how you ultimately use a period of potential commodity weakness to make the business better a couple years out?

那麼，請談談你們的下行週期應對策略，以及你們如何最終利用潛在的大宗商品疲軟期來改善未來幾年的業務狀況？

Great question. Obviously, we're paying very close attention to what's going on with commodity markets, watching both oil and gas. We're still working to put together a plan for our 2026 budget, which we'll discuss like normal at our fourth-quarter call in January.

問得好。顯然，我們非常關注大宗商品市場的動態，包括石油和天然氣。我們仍在努力製定 2026 年預算計劃，我們將像往常一樣在 1 月的第四季度電話會議上討論該計劃。

We're factoring in things like what do we think will happen with oil price in the first part of the year versus potentially the later part of '26 heading into '27. We're trying to develop a plan, not just for the year, but a multi-year plan that supports our strategy, that balances near-term production and free cash flow with investing for longer-term resource additions, primarily for our offshore business.

我們正在考慮一些因素，例如我們認為今年上半年石油價格的走勢會如何，以及2026年下半年到2027年石油價格的走勢可能會如何。我們正在努力製定一項計劃，不僅是針對今年的計劃，而是一項支持我們策略的多年計劃，該計劃旨在平衡近期生產和自由現金流與長期資源增加的投資，主要針對我們的海上業務。

We do have significant flexibility in our capital program. We could run quite a bit smaller onshore program for sure. In our offshore business, there are a few things that I think we're likely to do in almost all oil price scenarios. There are things that we have a lot of flexibility to have an altered program.

我們的資本支出計劃具有很大的靈活性。我們肯定可以開展規模小得多的陸上項目。在我們的海上業務中，我認為在幾乎所有油價情況下，我們都可能會做以下幾件事。有些事情我們有很大的彈性，可以對計劃進行調整。

I think the things that are likely to be a little more sticky for us and that we probably choose to do, our Vietnam appraisal program that we're doing now and our Côte d'Ivoire three-well program. I think you could see us doing those in most cases. You'd have to probably have a very, very low oil price where we decide to alter those plans.

我認為對我們來說可能更棘手、我們可能會選擇去做的事情，是我們現在正在進行的越南評估計劃和我們的科特迪瓦三井計劃。我認為在大多數情況下，我們都會這樣做。可能只有在油價非常非常低的情況下，我們才會決定改變這些計畫。

The other one is our Lac Da Vang Golden Camel fuel development. It's something that we likely see through to conclusion of the first phase in most oil price scenarios. As we talked about last quarter, I'll kind of reiterate, we're very comfortable with our sort of base plan in line with our communicated multi-year range of CapEx.

另一個項目是我們在 Lac Da Vang 開發的 Golden Camel 燃料。在大多數油價預測情境下，我們很可能會看到這種情況持續到第一階段結束。正如我們上個季度討論的那樣，我再重申一遍，我們對符合我們多年資本支出範圍的基本計劃非常滿意。

If oil price is $60 or so, the longer that we think we'll see a sustained oil price that might be lower, like say $55 or lower for a long time, we might start to get more aggressive in altering and lowering our capital plan. And again, we have quite a bit of flexibility.

如果油價在 60 美元左右，而我們認為油價可能會持續走低，例如長期維持在 55 美元或更低，那麼我們可能會開始更積極地調整和降低我們的資本計劃。而且，我們還有相當大的彈性。

Obviously, the sooner we start making changes, the more we could affect next-year CapEx. But we feel like we're well positioned. We also feel like we have a very strong balance sheet. So we're able to kind of -- if we wanted to, we could lean into a little bit of investor to cycle.

顯然，我們越早開始做出改變，就越能影響明年的資本支出。但我們感覺我們已經佔據了有利位置。我們也覺得我們的資產負債表非常穩健。所以，如果我們願意的話，我們可以稍微借助一些投資者的力量來調整週期。

But like I said earlier, we're going to be pretty cautious around protecting a strong balance sheet, investing with kind of a balance of short term, medium term, long term. And I think we've acted in the past with quite a bit of discipline, and you can expect to see that from us going forward.

但就像我之前說的，我們會非常謹慎地保護穩健的資產負債表，並採取短期、中期和長期投資的平衡策略。我認為我們過去一直表現得相當自律，你們可以期待我們今後也繼續保持這種自律。

Yeah, very clear, Eric. And then that brings up the follow-up, which is, as we think about the '26 CapEx, the midpoint of your guide this year is $1.21 billion, of which offshore's 36% and the balance is outside of it.

是的，非常清楚，艾瑞克。然後這就引出了後續問題，即，當我們考慮 2026 年的資本支出時，你們今年的指導方針的中點是 12.1 億美元，其中 36% 為海外支出，其餘部分為海外支出。

So just how do you think about the buckets of CapEx as you go into '26? Recognizing we'll get more color early next year, but what are some of the moving pieces as we anchor six versus five?

那麼，您是如何看待2026年資本支出預算的呢？我們意識到明年年初色彩會更加豐富，但當我們把六天和五天的色彩結合時，有哪些因素會影響最終結果呢？

Very good question. Again, we're still working the details. I'll give you kind of directionally that is kind of provisional. I think with our active program exploring in Côte d'Ivoire, you might see a little more spending from us in exploration than this year or past years, just by a little bit.

問得好。我們仍在敲定細節。我只能給你一些初步的方向建議。我認為，隨著我們在科特迪瓦積極開展探索項目，今年我們在探索方面的支出可能會比今年或往年略有增加。

In terms of onshore spending, we'll probably have a slightly lower capital program in Tupper and Eagle Ford than we had in 2025. Offshore, we have a really compelling set of investments to pursue, with strong returns and very low breakevens, one of which we highlighted is the Chinook 8 well, which is a development well in our currently producing Chinook field, that we expect to bring online in the second half of the year.

就陸上支出而言，我們在 Tupper 和 Eagle Ford 的資本項目可能會比 2025 年略低。在海上，我們有一系列極具吸引力的投資項目值得追求，這些項目回報豐厚，盈虧平衡點非常低。其中一項重點是 Chinook 8 井，這是我們目前正在生產的 Chinook 油田的一口開發井，我們預計將在今年下半年投產。

And we think it'll have a gross oil production rate somewhere in the 15,000-barrel-a-day range. So those are very compelling investments that we're likely to do. The rest of the details around exactly what the rest of our offshore program and do we fine-tune our Eagle Ford program with potentially lower commodity price.

我們認為它的石油日產量將在 15,000 桶左右。所以這些都是我們很可能會進行的非常有吸引力的投資。其餘細節將圍繞我們海上項目的其餘部分展開，以及我們是否會在商品價格可能走低的情況下微調我們的 Eagle Ford 項目。

That's something that we're going to be looking at, paying attention to, and kind of thinking about as we head into next year. I would say, overall, it would be reasonable to expect us to have a capital program next year of a similar scale as we've communicated in the past, which is a $1.1 billion to $1.3 billion range.

這是我們將在明年關注、留意並思考的問題。總的來說，我認為明年我們有理由期待一個與我們過去公佈的規模相似的資本項目，即 11 億至 13 億美元。

Okay. Yeah, that's a good summary. Thanks, Eric.

好的。是的，總結得很好。謝謝你，埃里克。

Carlos Escalante, Wolfe Research.

卡洛斯·埃斯卡蘭特，沃爾夫研究公司。

Yeah. Hey, team. Good morning. Thank you for having me on. First of all, congratulations. Quite the turnaround on sequential quarters, so congrats on that. If I may, I'd like to ask my first question on your operational improvements thus far this year.

是的。嘿，團隊成員們。早安.謝謝邀請我參加節目。首先，恭喜你。季度環比業績大幅好轉，恭喜！如果可以的話，我想問的第一個問題是關於您今年迄今為止在營運改善方面所做的工作。

So maybe you can perhaps frame and quantify how the improvements in both your Eagle Ford and Montney, how that success has translated in terms of corporate breakeven. And I know and I realize it's a small piece of your portfolio, but just wonder how that is manifesting in your underlying breakeven.

所以，或許您可以分析一下 Eagle Ford 和 Montney 兩處油田的改善情況，以及這些成功是如何轉化為公司的損益平衡點。我知道這只佔你投資組合的一小部分，但我只是想知道這會如何影響你的損益平衡點。

Great question. High level, I'm very impressed with and very happy with our team's ability, with a fairly limited onshore program, to be able to continue to make improvements in our capital efficiency, both Eagle Ford and Montney particularly, where in the second-quarter and third-quarter wells, we saw some of our strongest performance ever. Initial rates, 90-day cume oils, 90-day cume gas for Tupper, all been amongst some of the best wells we've brought online.

問得好。從宏觀層面來說，我對我們團隊的能力印象深刻，也非常滿意。儘管陸上項目相當有限，但我們仍然能夠持續提高資本效率，尤其是在 Eagle Ford 和 Montney 地區，我們在第二季和第三季的油井中取得了有史以來最強勁的業績。Tupper 的初始產量、90 天累積原油產量、90 天累積天然氣產量，都是我們投產的油井中最好的。

That's been through a combination of various things. In many cases, we're drilling longer laterals, which we're able to improve our drilling targeting. Our completion styles, we adjust kind of the completion design for each specific area to try to optimize what's going on there. Our flowback strategies have been really enhanced, and it's just driving a really strong outperformance.

這是多種因素共同作用的結果。在許多情況下，我們鑽探更長的水平井，這使我們能夠更好地進行鑽井定位。我們的完工風格，我們會針對每個特定區域調整完工設計，以盡量優化該區域的情況。我們的收益回流策略得到了極大的提升，這帶來了非常強勁的業績成長。

I think we've highlighted that in some cases, we're seeing production rates in terms of the first few months production that are 50% to 100% above what historical performance is, so really strong. In our Tupper asset, in 2025, we used a completion design that had significantly higher profit loading. And we think that's working for us and will likely feature that going forward.

我認為我們已經強調，在某些情況下，我們看到前幾個月的生產力比歷史水平高出 50% 到 100%，所以非常強勁。在我們的 Tupper 資產項目中，到 2025 年，我們採用了一種利潤加載顯著更高的完工設計。我們認為這種做法對我們有效，未來很可能會繼續採用這種做法。

What I'm also really proud about is that we were able to pump better fracs with CapEx neutral or, in fact, some CapEx savings across our program. So we're doing things that are not just spending more money to get more performance. We're actually getting better performance with equal or lower investment, which is really good for generating cash flow and, to your point, what our breakevens are.

我感到非常自豪的是，我們能夠在資本支出保持不變甚至節省一些資本支出的情況下，為專案提供更好的壓裂液。所以，我們正在做的事情不僅僅是花更多的錢來獲得更高的績效。實際上，我們用相同甚至更少的投資獲得了更好的業績，這對於產生現金流以及（正如您所說）我們的盈虧平衡點來說，都是非常好的。

In the stockholder update, we highlight just how low some of the breakevens are for the Catarina program we delivered. Obviously, when you can have breakevens that are $35 or less and sometimes, even in the 20s, that's awfully strong.

在股東更新報告中，我們重點介紹了我們交付的 Catarina 專案的某些損益平衡點有多低。顯然，當盈虧平衡點在 35 美元甚至更低，有時甚至在 20 美元左右時，這非常強勁。

So really happy with how all that's going, and it's led to significant performance -- outperformance. And I think it's durable in the sense that the remaining inventory we have to drill, we're going to keep doing the same sort of stuff. And we should continue to see that kind of outperformance as we progress the rest of our onshore program.

我對目前的一切進展都非常滿意，而且也取得了顯著的成績——超額完成任務。我認為它的持久性在於，對於我們剩餘的待鑽探庫存，我們將繼續做同樣的事情。隨著我們陸上專案其他部分的推進，我們應該會繼續看到這種優異的表現。

In offshore, I'm happy with the turnaround. We had a tough year, 1.5 years with wells offline in the Gulf requiring workovers. We've progressed through that. I think we're in a good spot. We did have a production beef for the quarter.

在離岸業務方面，我對目前的進展感到滿意。我們度過了艱難的一年，墨西哥灣的油井停產了一年半，需要進行修井作業。我們已經克服了那個難關。我認為我們處境不錯。本季我們確實出現了生產方面的不足。

Even when you adjust for no storm downtime in the Gulf, we still exceeded even beyond what the storm downtime provision was, with really impressive work by our team to have very low downtime in our operated major facilities, really top world-class performance in terms of our operating performance there.

即使考慮到墨西哥灣沒有風暴造成的停工時間，我們仍然遠遠超過了風暴停工時間的規定，這要歸功於我們團隊的出色工作，使我們運營的主要設施的停工時間非常低，就我們的運營績效而言，這確實是世界一流的表現。

That's very helpful color, Eric. And then for my follow-up, if I may follow up on Arun's question on West Africa, it looks like most of the historical exploration effort in the region has been done along the Upper Cretaceous with some success.

艾瑞克，這個顏色很有參考價值。然後，關於 Arun 關於西非的問題，我想補充一點，該地區歷史上大部分的勘探工作都是沿著上白堊紀進行的，並且取得了一定的成功。

But it was really Eni's Baleine and Calao discoveries, at least in our view, that have enlightened this new wave of excitement in the emergent, deeper Albian and Cenomanian intervals. Would you guys concur with that in terms of, is your seismic effort consistent with exploring that deeper potential, as well as the Cenomanian-Turonian interval that you mentioned, Eric?

但至少在我們看來，真正激發人們對新興的、更深的阿爾比階和塞諾曼階地層進行新一輪研究的，是埃尼集團在巴萊內和卡勞的發現。你們是否同意，你們的地震勘探工作是否與探索更深層的潛力以及你提到的塞諾曼階-圖倫階地層相一致，艾瑞克？

Yeah, it's a very good question, Carlos. So what has happened in this greater Tano Basin area is after the success of Jubilee, going back a decade, pretty much everybody drilled the same look-alike prospects as Jubilee until Eni did something different.

是的，卡洛斯，這是一個很好的問題。因此，在大塔諾盆地地區，繼 Jubilee 成功之後，十年來幾乎每個人都鑽探了與 Jubilee 類似的勘探目標，直到 Eni 採取了不同的做法。

And I would say it's a fair characterization that we see potential in the largely untested, slightly deeper intervals. And that's what we're pursuing in most of our prospects here that we're testing.

我認為，這種描述是恰當的，即我們在那些尚未經過充分測試、略深一些的區間看到了潛力。而這正是我們在大多數測試項目中追求的目標。

Very helpful. Thank you, Eric, and congrats again.

很有幫助。謝謝你，艾瑞克，再次恭喜你。

Thanks a lot.

多謝。

Paul Cheng, Scotiabank.

Paul Cheng，加拿大豐業銀行。

Hey, guys. Good morning.

嘿，夥計們。早安.

Hi, Paul.

你好，保羅。

Two questions. One, I want to go back into the 2X appraisal well that you're going to drill in Vietnam. It is successful. Eric, can you tell us is that going to be sufficient for you to set the development plan, or that you think you actually would be better off because it's a large discovery?

兩個問題。第一，我想回到你們將在越南鑽探的 2X 評估井。它成功了。艾瑞克，你能告訴我們，這些資訊是否足以讓你制定開發計畫嗎？或者你認為由於這是一項重大發現，你實際上會做得更好？

So you're better off to drill an additional appraisal well to really get a confirm, and whether that you will go with a -- given the size that -- do you think that an early production system will work better and then that you will have a full development, or that you will just go ahead with a full development?

所以你最好再鑽一口評估井來真正確認一下，以及——考慮到這個規模——你認為早期生產系統會更有效，然後再進行全面開發，還是直接進行全面開發？

And trying to see that, I mean, what's the next step in 2026 after the completion of this well is going to look like? This is the first question. The second question is on the impairment charge. You're saying that it's because of an unfavorable disproportion expense allocation so that you write down the value in there. Does that have any implication for your other well or other fields in the area? Thank you.

我想知道，在2026年這口井完工之後，下一步會是什麼樣子？這是第一個問題。第二個問題是關於減損費用的。你的意思是，這是因為費用分配不合理，所以你才把那部分價值記下來。這是否會對您在該區域的其他油井或其他油田產生任何影響？謝謝。

Okay. Paul, on your first question, we're drilling the Hai Su Vang-2X well. And I mentioned earlier on the call kind of the purpose of what we're trying to accomplish. So the potential for future appraisal beyond this is somewhat dependent on what we find in the 2X well.

好的。保羅，關於你的第一個問題，我們正在鑽探海蘇旺-2X井。我在之前的電話會議中提到我們想要達成的目標。因此，未來進一步評估的可能性在某種程度上取決於我們在 2X 井中發現什麼。

If we find a deeper oil column than proven in the discovery well, we're likely to have other appraisal wells to kind of determine how much oil there is. If we drill just below the currently low proven oil in the Hai Su Vang-1X discovery well and find water level, then we may be less likely to pursue another appraisal well. So it somewhat depends on what we find.

如果我們發現的油柱比發現井中已證實的更深，我們可能需要鑽探其他評估井來確定石油儲量。如果我們在海蘇旺-1X發現井目前已探明的低油層下方鑽探，發現水位，那麼我們可能就不太可能再進行另一口評估井的鑽探了。所以這在某種程度上取決於我們發現了什麼。

What we will do -- what we typically do is sort of learn as we go and on a kind of point-forward basis determine what do we need to know about the field to move forward and have confidence that we have it described appropriately with an ability to commit the capital to go develop it?

我們將採取的做法——我們通常的做法是邊做邊學，並逐步確定我們需要了解哪些關於該領域的知識才能繼續前進，並確信我們已經對該領域進行了恰當的描述，並且有能力投入資金進行開發？

So I think it's likely that we will have an additional appraisal well beyond the 2X. But it'll be somewhat dependent on the results that we have and what we still have unknown about the field as we go forward. If we find only oil in the 2X well, it could imply that there's a deeper oil-water contact than we test in the 2X. And we'll likely go find it or try to find it with additional appraisal wells.

所以我認為，我們很可能需要進行一次遠超 2 倍的額外評估。但這在某種程度上取決於我們目前所取得的成果，以及我們未來在這個領域仍有哪些未知之處。如果我們只在 2X 井中發現石油，這可能意味著油水界面比我們在 2X 井中測試的要深。我們可能會去尋找它，或嘗試透過額外的評估井來尋找它。

One of the things, our appraisal program is pretty efficient here. These wells are not too expensive to drill to find out, so we're able to do that quite efficiently.

其中一點是，我們這裡的評估程序非常有效率。鑽探這些井的成本並不高，所以我們能夠很有效率地完成這項工作。

Just briefly on the impairment, the (multiple speakers) can you tell us what is you guys leaning towards into the development concept at this point?

關於缺陷，（多位發言者）你們能否簡單說明一下，目前你們在開發理念方面傾向於什麼？

Sure, yeah, Paul. So -- and I didn't fully answer part of your question, I guess. We will try to do what we can to appraise the field kind of in the coming months and understand what we think the size of the reservoir is and how to optimally develop it.

當然可以，保羅。所以——看來我並沒有完全回答你的問題的一部分。在接下來的幾個月裡，我們將盡力評估該油田的情況，了解我們認為油藏的規模以及如何最佳開發。

We will try to move forward to planning a field development plan and working with our partners and the government on that. And I would say, we don't know yet because we don't know what -- we haven't yet determined. But we'd probably be looking at targeting final investment decision in 2027 and looking at a kind of a standard mode to producing Hai Su Vang in, say, around 2030, possibly earlier with an early production system.

我們將努力推動油田開發計劃的製定，並與我們的合作夥伴和政府共同推動該計劃的製定。我想說，我們還不知道，因為我們不知道是什麼——我們還沒確定。但我們可能會在 2027 年做出最終投資決定，並考慮在 2030 年左右採用某種標準模式生產海蘇旺啤酒，如果採用早期生產系統，則可能更早。

We're looking at all opportunities we can to efficiently develop the field. A conventional development of the field would be similar to our Golden Camel Lac Da Vang, would be an FSO and a series of platforms, a main processing platform and wellhead platforms. There's also a possibility of redeploying an existing FPSO and doing some wellhead platform or subsea tieback type of opportunities.

我們正在尋找一切能夠有效開發該領域的機會。該油田的常規開發將類似於我們的金駱駝 Lac Da Vang 油田，將包括一艘浮式儲油船和一系列平台，一個主處理平台和井口平台。還有一種可能性是重新部署現有的 FPSO，並進行一些井口平台或海底回接之類的專案。

Those are all things that we're thinking about looking out. And we'll be trying to move as aggressively as we can to see first production, with potentially early production system. But that's not something that's been particularly common in Vietnam. So that'd be something we'd be sort of newly bringing to bear there. Before I move on to the impairment, did I address your question, Paul?

這些都是我們正在考慮需要注意的事項。我們將盡一切努力，爭取實現首次量產，並有可能實現早期生產系統。但這在越南並不常見。所以這將是我們新近引進到那個領域的一種做法。在我繼續討論損傷問題之前，保羅，我回答了你的問題嗎？

Yes. Very good. Thank you.

是的。非常好。謝謝。

Okay. On the impairment, we periodically review the projects in our portfolio and kind of reevaluate our plans of investment. In the Dalmatian field, we had planned to do two wells. And as we continue to study those and think about them, we saw that the operating expenses that those wells would be burdened with from the host facility that we do not operate, started to look like they were really high costs.

好的。關於減值，我們會定期檢視我們投資組合中的項目，並重新評估我們的投資計畫。在達爾馬提亞油田，我們原計劃鑽兩口井。隨著我們繼續研究和思考這些問題，我們發現，我們不營運的母廠將承擔這些油井的營運費用，這些費用看起來確實很高。

And that high cost made it look like they may not be the best investments to make. So with the current cost estimates, those investments in new wells would definitely clear our cost of capital. But they start to become less attractive investments compared to other things we would choose to invest in. So we decided in our five-year plan in front of us to not invest in those two wells that were in our prior plan.

高昂的成本讓人覺得它們可能不是最佳的投資選擇。因此，按照目前的成本估算，對新油井的這些投資肯定會抵消我們的資本成本。但與我們選擇投資的其他項目相比，它們的吸引力開始下降。因此，在我們擺在我們面前的五年計劃中，我們決定不再投資先前計劃中的那兩口油井。

When we removed that assumed revenue and reserves from our plan, it led to an impairment. The producing wells are doing fine. The impact of the producing wells is really nothing. When you take the revenue and the reserves away from that plan, the future cash flow didn't compare favorably to the undepreciated book value, which led to an impairment.

當我們從計劃中移除預期收入和儲備金時，導致了減損。生產井運作良好。生產井的影響微乎其微。從該計劃中扣除收入和儲備後，未來的現金流量與未折舊的帳面價值相比並不理想，從而導致了減損。

So there's no significant read-through to the currently producing assets or any other fields in the area. We're choosing in our five-year plan to invest in better investments.

因此，目前在產資產或該地區的任何其他油田都不會受到顯著影響。我們在五年計畫中選擇投資更好的投資項目。

Right. I think that's my question because you're saying that, if related to an unoperated facility that the allocation of cost is higher, do you have other assets that will have a potential impact or potential risk to that that will change your development outlook?

正確的。我想我的問題在於，您是說，如果與未營運的設施相關的成本分配較高，那麼您是否有其他資產可能會對此產生潛在影響或潛在風險，從而改變您的發展前景？

That's a good question, Paul. So we are fortunate to be in a position where we operate the host facilities for most of our production. And the host facilities, other than the one that Dalmatian uses, that we do not operate, have very low operating expenses.

保羅，你問得好。因此，我們很幸運能夠擁有自己的生產設施，並滿足大部分生產需求。除了達爾馬提亞犬使用的、我們不經營的場地之外，其他場地的營運費用都非常低。

So the main non-operated ones would be, say, Malo and Lucius, which are very strong performing assets with very low operating expenses. The rest of our Gulf of America portfolio, effectively, we operate almost all of it. And we're happy with our expenses there.

因此，主要的非營運資產可能包括 Malo 和 Lucius，它們是業績非常強勁的資產，營運費用非常低。至於我們在美洲灣的其他業務，實際上我們幾乎都在運作。我們對那裡的開支很滿意。

It's really just this one Petronius facility that's late in life and experiencing escalating costs. And the operator hasn't been too willing to do much to make the cost structure go lower, which is really the only sore point from an escalating third-party operated cost issue.

實際上只有這一個 Petronius 工廠已經老舊，而且成本不斷上漲。營運商並不太願意採取太多措施來降低成本結構，而這正是第三方營運成本不斷攀升所帶來的唯一痛點。

Thank you.

謝謝。

Charles Meade, Johnson Rice.

查爾斯·米德，約翰遜·賴斯。

Good morning, Eric, to you and your team there. I want to ask a question about your US onshore guide for 4Q. And this might be coming down in the weeds a bit. And specific to the Eagle Ford, that asset's really outperformed in 2Q and again in 3Q.

艾瑞克，早安，也向你和你的團隊問好。我想問一個關於你們美國第四季在岸市場指南的問題。這可能有點離題了。具體到 Eagle Ford 地區，該資產在第二季和第三季表現都非常出色。

And I understand you're not bringing any new wells on in 4Q. But even just for the PDP decline, for that, your guy calls for that to drop by roughly 30% quarter over quarter. And I think you mentioned earlier in your prepared remarks that those recent wells that you brought online -- I think I wrote down -- you said those have been 50% to even 100% above type curve.

據我了解，你們第四季不會新增任何油井。但即使僅僅就 PDP 下降而言，你的人也預測它會環比下降約 30%。我想您在之前的發言稿中提到過，您最近投產的那些油井——我想我記下來了——您說過這些油井的產量比典型曲線高出 50% 到 100%。

I'm curious, that decline you're projecting for 4Q, is that the case where just internally people don't want to underwrite the idea that these wells are going to continue to outperform the type curve? Or alternatively, is this something where you've already seen here in October, maybe early November, that those wells that had been 50%, 100% over the type curve have reverted to the type curve? Where do we fall on that spectrum there?

我很好奇，你預測的第四季業績下滑，是不是因為公司內部有人不願意相信這些油井會繼續跑贏預期曲線？或者，您已經在 10 月份，也許是 11 月初，看到那些曾經超過典型曲線 50%、100% 的油井已經恢復到典型曲線？我們在這條光譜上處於什麼位置？

That's a good question. What I'll do is I'll give you my thoughts. And then if it's insufficiently answered, I'll have Chris jump in and help me out here. What we have seen in Eagle Ford is really strong early production performance from our second-quarter and third-quarter wells. In the third quarter, more than half of our Eagle Ford production was from wells that we brought online in 2025 in the second and third quarter.

這是個好問題。我會把我的想法告訴你。如果這個問題沒有得到充分解答，我會讓克里斯來幫我解答。我們在 Eagle Ford 地區看到，第二季和第三季的油井早期產量表現非常強勁。第三季度，我們 Eagle Ford 油田一半以上的產量來自我們在第二季和第三季投產的 2025 年油井。

So you're seeing more than half of our production come from essentially brand new wells, which as we know, shale wells, once they come off peak, they do have early, kind of in the first quarter or so, steep decline. And they sort of shallow out over time.

所以，你會看到我們超過一半的產量來自全新的油井，而我們知道，頁岩油井一旦過了產量高峰期，產量就會在早期，大約在第一季左右，出現急劇下降。隨著時間的推移，它們會逐漸變淺。

So what we are including in our guidance is an assumption that we will see significant decline in line with our kind of typical shale well performance that we see in Eagle Ford. Having said that, the early decline performance from our Eagle Ford wells is either in line or shallower than our historical decline performance from prior years.

因此，我們在指導意見中包含了一個假設，即我們將看到顯著的下降，這與我們在 Eagle Ford 看到的典型頁岩油井表現一致。也就是說，我們 Eagle Ford 油井的早期衰減表現與我們往年的歷史衰減表現持平或更緩。

Even though our initial rates are higher, the decline rates early on so far have been in line or in some cases shallower. So there's no big issue or got you. We're just modeling what we think will be a reasonable decline from what are really high initial rates.

儘管我們最初的成長率較高，但到目前為止，早期的下降率一直保持穩定，或在某些情況下下降幅度更小。所以沒什麼大問題，也沒抓到你。我們只是在模擬我們認為從目前非常高的初始利率來看將會出現的合理下降趨勢。

I'm really happy with the team performance. If you look at our Eagle Ford asset, roughly our fourth-quarter guide is something like 5,000 barrels a day above our fourth quarter of '24. So that performance is continuing to be strong heading into the fourth quarter. It's just that the last of our new wells came online in July, and we expect them to decline.

我對團隊的表現非常滿意。如果你看一下我們在 Eagle Ford 的資產，我們第四季的產量預期比 2024 年第四季的預期高出約 5000 桶/天。因此，進入第四季度，這一表現依然強勁。只是我們最後一口新井在7月才投產，我們預期產量會下降。

Got it. That is a helpful color.

知道了。這是一個很實用的顏色。

Hey, Charles. Just to add to that, when you're thinking about Q3 production, this is -- Eric mentioned it -- it's the highest new well production that we've had since 2019. So it is a little -- it is a big -- because we've outperformed so well, that's why you have more steep decline with the new wells versus the base.

嘿，查爾斯。補充一點，在考慮第三季產量時，正如艾瑞克所提到的，這是我們自 2019 年以來最高的新井產量。所以，這有點——其實很大——因為我們的表現非常出色，所以新井的產量下降幅度比基礎井更大。

But looking forward, we've got such a bright outlook on Eagle Ford wells and just continue to improve our long runway of Tier 1 inventory that just keeps getting better and better with lower breakevens.

但展望未來，我們對 Eagle Ford 油井的前景非常樂觀，並且我們將繼續改善我們長期的優質一級庫存，隨著盈虧平衡點的降低，庫存品質只會越來越好。

Right, right. That's helpful. Success can bring its own different issues. Eric, I want to go back to Vietnam, but ask about your Lac Da Vang development. And appropriately, there's a lot of attention on the HSV. But can you remind us what the -- I know that there was already discovery that you guys came into.

對，對。那很有幫助。成功也會帶來各種各樣的問題。艾瑞克，我想回越南，但請問一下你位於 Lac Da Vang 的開發案進度如何？因此，人們對 HSV 病毒給予了極大的關注。但你能提醒我們一下──我知道你們之前已經進行過一些發現嗎？

But can you remind us of the history of this field? And what I'm really curious about is when you're drilling your development wells there, is everything already very well characterized and there's no chance of a surprise? Or are there things that you're attuned to possible surprises or upside with this development drilling that's going to deliver more near-term volumes?

您能為我們介紹一下這個領域的歷史嗎？我真正好奇的是，當你們在那裡鑽探開發井時，所有情況是否都已得到很好的表徵，不會出現任何意外情況？或者，您注意到此次開發鑽井可能會帶來一些意想不到的驚喜或好處，從而在短期內帶來更多產量？

That's a great question. The Lac Da Vang Golden Camel field is one that has been significantly appraised up to the point prior to our investment decision. The initial phase development is targeting what is sort of the most appraised part of the reservoir.

這是一個很好的問題。在我們做出投資決定之前，Lac Da Vang Golden Camel礦區已經過大量的評估。初期開發階段的目標是油藏中最有價值的部分。

The second phase is sort of targeting, which will be wells online in probably '28, '29 -- sorry, drilling in '28 and online in '29. That part of the development has about half fairly well appraised and half kind of reaching out into the less appraised parts of the field. So near term, we're really comfortable that we're going to be developing something that we understand pretty well.

第二階段有點像是確定目標，油井可能會在 2028 年、2029 年上線——抱歉，是 2028 年鑽井，2029 年上線。該開發案的一半左右已經得到了較充分的評估，另一半則正在探索評估較少的領域。所以短期內，我們非常有信心，我們將開發出我們非常了解的產品。

Having said that, I think that there's always a little bit of uncertainty in terms of new field, how you expect wells to perform. So far, we continue as we learn more about the field to think it looks better and better versus worse and worse.

話雖如此，我認為在新油田方面總是會存在一些不確定性，例如你對油井性能的預期。到目前為止，隨著我們對該領域的了解加深，我們認為它只會越來越好，而不是越來越差。

And we'll certainly learn a lot from the initial development wells that we drill. And we'll be trying to optimize our development as we move forward. But yeah, I would characterize it as quite reasonably appraised, especially for what we're going to bring online for first oil.

我們肯定會從最初鑽探的開發井中學到很多。我們將努力優化未來的發展方向。是的，我認為它的估值相當合理，特別是考慮到我們將要投產的第一批石油。

That's great detail. Thank you, Eric.

細節很到位。謝謝你，埃里克。

Thanks a lot.

多謝。

Leo Mariani, Roth Capital.

Leo Mariani，Roth Capital。

Hey, guys. I wanted to ask a little about operating expenses. So very, very low here in 3Q, kind of certainly below the guidance range you guys had given. And now you guys are sort of kind of maybe guiding back up a little bit on OpEx and in 4Q.

嘿，夥計們。我想了解一下營運費用方面的情況。所以第三季業績非常非常低，肯定低於你們之前給的預期範圍。現在你們似乎正在引導營運支出在第四季有所回升。

So can you just provide some color there? Was it just like a total absence of workover spend in 3Q or something? Why did the number come out just a lot lower than it sort of has been, and is that sort of repeatable?

能補充一些細節嗎？是不是第三季完全沒有加班費支出之類的？為什麼最終的數字比以往低很多？這種情況可以重複出現嗎？

Yeah, great question. We did have some offshore workover spend in the third quarter. We talked about our onlines of kind of wrapping up our program. So we did have workover spend offshore, but it was of a little bit lesser amount than in prior quarters.

嗯，問得好。第三季我們確實有一些海外維修支出。我們在線上討論瞭如何結束我們的專案。所以，我們確實在海外進行了修井作業支出，但金額比前幾季略少。

The lack of large-scale offshore workovers helped improve our costs. We had significantly higher production across our onshore business, and we lowered costs. In our Eagle Ford business particularly, we really focused on reducing the dollars being spent.

缺乏大規模的海上修井作業幫助我們降低了成本。我們在陸上業務的產量顯著提高，成本也降低了。尤其是在我們位於 Eagle Ford 的業務中，我們真正專注於減少支出。

That's mostly driven by field labor, maintenance costs, rental equipment, water handling, some work from our supply chain team to kind of renegotiate contracts, and real serious focus on optimizing the work that we do in the field through our remote operations center working with the guys out there in the field.

這主要是由現場勞動力、維護成本、租賃設備、水處理、供應鏈團隊重新談判合約的工作以及我們透過遠端營運中心與現場工作人員合作，認真優化現場工作所驅動的。

Really happy with that. Those reductions in costs, which we kind of highlight in our stockholder update, those Eagle Ford reductions are durable. And that really helped. What also really helped for the quarter was our record Tupper Montney production has extremely low operating expenses.

非常滿意。我們在股東更新報告中重點強調了這些成本降低，Eagle Ford油田的成本降低是持久的。那真的很有幫助。本季業績的另一個重要原因是，我們創紀錄的 Tupper Montney 產量營運成本極低。

So when you blend in the sub-$4 operating expenses from Tupper, it really helps you have a total company fairly low operating expense. In the fourth quarter, we're guiding a $10 to $12 per barrel OpEx across the whole company.

因此，當把 Tupper 不到 4 美元的營運費用加在一起時，就能真正幫助公司實現相當低的整體營運費用。第四季度，我們預計全公司每桶營運成本為 10 至 12 美元。

And the reason it's going up is that not because costs in terms of dollars are going up, but we are modeling a little bit less production. So the cost per barrel will likely creep up into that kind of range, which really is sort of a typical range for us on the long haul.

價格上漲的原因不是因為美元成本上漲，而是因為我們預期產量會稍微減少。因此，每桶的成本可能會逐漸上升到那個範圍，這實際上是我們長期來看的典型範圍。

Okay, very thorough answer. Appreciate that. And then just kind of on the sort of operational side, obviously, gas prices have been quite low up in Alberta in terms of ACO. Are you guys factoring in any kind of shut-ins that may have occurred in the guide for 4Q?

好的，回答非常詳盡。謝謝。然後，就營運方面而言，顯然，就 ACO 而言，阿爾伯塔省的汽油價格一直很低。你們在製定第四季度業績指南時，是否考慮了可能出現的任何形式的停工停產？

Certainly, your Tupper volumes are down a decent amount. I know you haven't really drilled a well in a while, and you're getting some declines. But just what's the story with any kind of Montney shut-ins? How are you thinking about that? Is there some price level where it's better to kind of save some of the gas, or is it more just kind of keep the plant full?

當然，你們的特百惠銷售量確實下降了不少。我知道你已經很久沒有鑽井了，而且產量也出現了下降。但蒙特尼的那些隱居者究竟有什麼故事呢？你對此有何看法？是否存在某種價格水平，使得節省一些天然氣更有利，還是應該盡量保持工廠滿載運轉？

Yeah. What we're modeling in our fourth-quarter production for our Tupper Montney is just typical decline from our base and new wells. And also, we're estimating a higher royalty paid in the fourth quarter compared to prior couple quarters, driven by what we expect to be higher gas prices, pretty significantly higher.

是的。我們在 Tupper Montney 第四季的產量模型中預測的是，與現有基礎井和新井相比，產量會出現典型的下降趨勢。此外，我們預計第四季度支付的特許權使用費將比前幾季更高，這主要是由於我們預計天然氣價格將大幅上漲。

I won't get the numbers exactly right. But rough math, I think ACO in the second quarter was like $0.64 in MCF. And we're expecting a fourth quarter to be a little over $2, like a $2.05, something like that. That may not be the exact numbers, but they're awfully close.

我無法把數字弄得完全正確。但粗略計算一下，我認為第二季的 ACO 大約是 0.64 美元/MCF。我們預計第四季每股收益會略高於 2 美元，大概在 2.05 美元左右。雖然數字可能不完全準確，但非常接近。

Okay, that's helpful. And then just real quick on the buyback. In this type of oil market, call it, $60 hasn't been obviously great for anybody. Are you guys basically kind of saying that probably don't expect much of the way to buy back if this kind of price sort of holds as you really kind of prioritize capital spend and the dividend?

好的，這很有幫助。然後簡單說一下回購的事。在這種石油市場行情下，每桶 60 美元顯然對誰都沒有好處。你們的意思是，如果這種價格持續下去，可能就沒什麼回購的機會了，因為你們會優先考慮資本支出和分紅？

I think it's fair to say with the free cash flow we have available with current commodity prices, we're less likely to be particularly active in share repurchase. Having said that, if we think there's a big dislocation in terms of our valuation and where our stock trade's at, then we're not opposed to leaning into it as we've done in the past.

我認為，以我們目前的自由現金流和商品價格來看，我們不太可能特別積極地進行股票回購。話雖如此，如果我們認為公司估值與股票交易價格之間存在較大偏差，那麼我們並不反對像過去那樣積極應對。

Tom, if you want to add any color to that or --?

湯姆，如果你想給它添加任何顏色的話——？

I think you covered it. It's something that we think of on an annual basis. We did in the first quarter start off with $100 million of share repurchases. But as Eric said, we're kind of keeping an eye on the oil price and likely not going to go too heavy on that in the remainder of the year.

我覺得你已經說得很清楚了。這是我們每年都會考慮的事情。第一季度，我們啟動了1億美元的股票回購計畫。但正如艾瑞克所說，我們會密切關注油價，並且今年剩餘時間可能不會大量投資石油。

Okay, thank you.

好的，謝謝。

[Chep Che], Daniel Energy Partners.

[Chep Che]，丹尼爾能源合作夥伴。

Hey, guys. I guess, I'm just going to follow up on Neil and Charles' questions from earlier. But when you talk about how there could be a smaller onshore program next year, is that potentially in response to a lower kind of macro or lower oil price environment? Or is it kind of a confirmation that you think that the outperformance that you've seen onshore is repeatable?

嘿，夥計們。我想，我還是繼續回答尼爾和查爾斯之前提出的問題吧。但您提到明年陸上項目規模可能會縮小，這是否可能是為了因應宏觀經濟狀況惡化或油價下跌的環境？或者，這是否在某種程度上證實了你認為你在境內看到的優異表現是可以重複的？

Good question. In our base plan, it's mostly the latter that -- for example, our Tupper Montney, we kept the plant full for five months. The activity level we think it takes to refill and keep full from Tupper is less than this year because we're already coming in at a higher production level.

問得好。在我們的基本計劃中，主要是後者——例如，我們的 Tupper Montney，我們讓工廠保持滿載運作了五個月。我們認為，由於我們目前的生產水準已經較高，所以今年從特百惠產品中補充和維持滿貨所需的活動量會比今年少。

In Eagle Ford, we've been guiding for many years that we anticipate using the asset to produce it at 30,000 to 35,000-barrel-a-day range. And this year, we should be significantly higher than that, like around 37,000 for the year.

在鷹灘頁岩油田，我們多年來一直預計，我們將利用該油田的資源，以每天 30,000 至 35,000 桶的產量進行生產。而今年，我們的數字應該會遠高於此，預計全年約 37,000 人。

And we think that the repeatability of our strong well performance of our new investments will be there. And so we think it'll take a little bit less capital to deliver the same or higher kind of performance from our onshore assets. That's what's really driving it.

我們認為，我們新投資項目的強勁業績將能夠重複出現。因此，我們認為，要從我們的陸上資產中獲得相同或更高的業績，所需的資本會少一些。這才是真正的驅動力。

My other comment earlier in the response to the call was if we see significantly low commodity prices, we do have flexibility and even pulling the capital spend in those assets down below what our kind of base plan might look like, which would have production impacts, obviously.

我之前在回覆電話會議時也提到，如果我們看到大宗商品價格大幅走低，我們確實有靈活性，甚至可以將這些資產的資本支出削減到低於我們基本計劃的水平，這顯然會對生產產生影響。

Sure. Okay, great. Thank you.

當然。好的，太好了。謝謝。

Thank you. And we currently have no further questions at this time. I would like to turn it back to Eric Hambly for closing remarks.

謝謝。目前我們沒有其他問題。我謹將發言權交還給艾瑞克‧漢布利，請他作總結發言。

I'd like to close by again thanking our employees for their hard work and dedication, and our shareholders for their ongoing trust. Thank you, and this concludes our call.

最後，我再次感謝全體員工的辛勤工作和奉獻精神，以及股東們一直以來的信任。謝謝，我們的通話到此結束。

Thank you, presenters. And ladies and gentlemen, this now concludes today's presentation. Thank you, all, for joining. You may now disconnect.

謝謝各位主持人。女士們、先生們，今天的演講到此結束。謝謝各位的參與。您現在可以斷開連線了。