National Fuel Gas Co (NFG) 2025 Q3 法說會逐字稿

Hello, and welcome to the National Fuel Gas Company Q3 Fiscal 2025 earnings conference call. My name is Alex, and I'll be coordinating today's call. (Operator Instructions)

您好，歡迎參加全國燃氣公司 2025 財年第三季財報電話會議。我叫亞歷克斯，我將負責協調今天的電話會議。（操作員指示）

I'll now hand over to Natalie Fischer to begin. Please go ahead.

現在我將把時間交給 Natalie Fischer 開始。請繼續。

Thank you, Alex, and good morning. We appreciate you joining us on today's conference call for a discussion of last evening's earnings release. With us on the call from National Fuel Gas Company are Dave Bauer, President and Chief Executive Officer; Tim Silverstein, Treasurer and Chief Financial Officer; and Justin Loweth, President of Seneca Resources and National Fuel Midstream.

謝謝你，亞歷克斯，早安。感謝您參加今天的電話會議，討論昨晚的收益報告。與我們一起參加電話會議的還有國家燃氣公司總裁兼首席執行官戴夫·鮑爾 (Dave Bauer)、財務主管兼首席財務官蒂姆·西爾弗斯坦 (Tim Silverstein) 以及塞內卡資源公司和國家燃料中游公司總裁賈斯汀·洛斯 (Justin Loweth)。

At the end of today's prepared remarks, we will open the discussion to questions. The third quarter fiscal 2025 earnings release and July investor presentation have been posted on our Investor Relations website. We may refer to these materials during today's call. We would like to remind you that today's teleconference will contain forward-looking statements.

在今天的準備好的發言結束時，我們將開始提問討論。2025 財年第三季財報和 7 月投資人報告已發佈在我們的投資人關係網站上。我們可能會在今天的電話會議中參考這些資料。我們想提醒您，今天的電話會議將包含前瞻性陳述。

While National Fuel's expectations, beliefs and projections are made in good faith and are believed to have a reasonable basis, actual results may differ materially. These statements speak only as of the date on which they are made, and you may refer to last evening's earnings release for a listing of certain specific risk factors.

儘管 National Fuel 的預期、信念和預測是真誠做出的，並被認為具有合理的基礎，但實際結果可能存在重大差異。這些聲明僅代表發布之日的觀點，您可以參考昨晚的收益報告，以了解某些特定風險因素的清單。

With that, I'll turn it over to Dave Bauer.

說完這些，我會把話題交給戴夫鮑爾 (Dave Bauer)。

Thank you, Natalie. Good morning, everyone. National Fuel had an excellent third quarter. We're seeing great execution across the company, and our momentum continues to build. At Seneca, our Eastern development area continues to exceed expectations. Production for the quarter was up 16% from last year. And based on our updated guidance, we expect full year production to be up approximately 8% versus fiscal 2024. We're also seeing ongoing improvements in cash operating costs, furthering our position as a low-cost operator with top-tier breakeven economics.

謝謝你，娜塔莉。大家早安。National Fuel 第三季表現出色。我們看到整個公司的執行力非常出色，而且我們的勢頭還在繼續增強。在塞內卡，我們的東部開發區繼續超出預期。本季產量比去年同期成長了 16%。根據我們最新的指導，我們預計全年產量將比 2024 財年增長約 8%。我們也看到現金營運成本不斷改善，進一步鞏固了我們作為具有頂級損益平衡經濟效益的低成本營運商的地位。

Looking to fiscal '26, I expect Seneca will deliver further improvements in capital efficiency. We've initiated production guidance of 440 to 455 Bcf, which is a projected increase of 6% at the midpoint. Equally as important, we expect to spend 4% less capital to achieve that growth. We have a great operational team that continues to improve well productivity, most recently with our Gen 3 well design, while at the same time, driving our D&C cost per foot lower and reducing overall capital expenditures.

展望 26 財年，我預期 Seneca 將進一步提高資本效率。我們已啟動 4,400 億立方英尺至 4,550 億立方英尺的生產指導，預計中位數將成長 6%。同樣重要的是，我們預計減少 4% 的資本支出即可實現這一成長。我們擁有一支優秀的營運團隊，他們不斷提高油井生產力，最近採用了我們的第三代油井設計，同時降低了每英尺的 D&C 成本並減少了整體資本支出。

It's clear that our E&P assets, which include more than 2 decades of high-quality inventory, will drive significant value creation in the years ahead. Justin will have more to say on our nonregulated operations later in the call. Our outlook on the regulated side of the business is equally exciting. We've recently seen significant growth through ratemaking activity. And looking forward, we expect to deliver mid-single-digit rate base growth over the next several years as we continue to invest in system modernization.

顯然，我們的 E&P 資產（包括超過 20 年的高品質庫存）將在未來幾年創造巨大的價值。賈斯汀稍後將在電話會議中詳細介紹我們的非監管業務。我們對受監管業務的展望同樣令人興奮。我們最近透過利率制定活動看到了顯著的成長。展望未來，隨著我們繼續投資於系統現代化，我們預計未來幾年將實現中等個位數的利率基礎成長。

On top of that, we've also seen meaningful pipeline expansion opportunities develop in recent months. On prior calls, I've talked about the need for infrastructure to support the growing demand for energy and about Pennsylvania's suitability for data center development. With over $90 billion of new investment in Pennsylvania announced two weeks ago, it's clear that this is becoming a reality, and National Fuel is as well positioned as anyone to participate in that growth.

除此之外，我們還看到近幾個月來有意義的管道擴張機會的發展。在先前的電話會議中，我談到了基礎設施需要滿足日益增長的能源需求，以及賓州是否適合開發資料中心。兩週前，賓州宣布將獲得超過 900 億美元的新投資，顯然這正在成為現實，而 National Fuel 也比其他公司更有能力參與這一成長。

To that point, earlier this month, we announced our Shippingport Lateral Project, which is an approximately 7-mile pipeline expansion off of our Line N system in Western Pennsylvania that's designed to deliver a significant portion of the natural gas supply for the Shippingport power station and a new co-located data center.

為此，本月早些時候，我們宣布了 Shippingport Lateral 項目，該項目是從賓夕法尼亞州西部的 N 線系統延伸約 7 英里的管道，旨在為 Shippingport 發電站和新的同地資料中心輸送大量天然氣。

Speed to market is critical on these types of projects. And thanks to FERC's recent increase in blanket certificate project cost limits, we should be able to build the project on an expedited basis and include more robust facilities that provide incremental capacity. We currently have a preceding agreement in place to provide 205,000 dekatherms per day of capacity starting in the fourth quarter of calendar 2026.

對於這類項目來說，上市速度至關重要。由於聯邦能源管理委員會 (FERC) 最近提高了綜合證書項目的成本限制，我們應該能夠加快建設該項目，並包括提供增量容量的更強大的設施。我們目前已達成一項先前協議，從 2026 年第四季開始每天提供 205,000 十億熱量單位的產能。

And again, this is the largest amount of capacity that we can build in the shortest amount of time. Over time, Shippingport plans to bring online over 3 gigawatts of generation. So there is the very real potential for us to provide significant additional pipeline capacity to the facility in future years.

再說一次，這是我們能在最短時間內建造的最大容量。隨著時間的推移，Shippingport 計劃實現超過 3 千兆瓦的發電量。因此，我們確實有潛力在未來幾年為該設施提供大量額外的管道容量。

In May, our Tioga Pathway project received FERC approval and remains on track for an early fiscal 2027 in-service date. As a reminder, this 190,000 dekatherm per day project provides an outlet for Seneca's EDA production volumes to more premium pricing markets. Construction for both the Tioga Pathway and Shippingport Lateral Projects is expected to begin in the first half of calendar 2026. While both expansions are individually modest in size, together, we expect they'll generate north of $30 million of new revenue annually, which represents about 7% of our current pipeline and storage segment revenues. So in short, between modernization and expansion projects, the outlook for our pipeline business is very strong.

5 月，我們的 Tioga Pathway 專案獲得了 FERC 批准，預計將於 2027 財年年初投入使用。需要提醒的是，這個每天 19 萬十億分之一千卡的項目為 Seneca 的 EDA 產量進入更高定價市場提供了一個出口。泰奧加通道和 Shippingport 支線計畫的建設預計將於 2026 年上半年開始。雖然這兩次擴建的規模各自不大，但加在一起，我們預計每年將產生 3,000 萬美元以上的新收入，約占我們目前管道和儲存部門收入的 7%。簡而言之，在現代化和擴建專案之間，我們的管道業務前景非常強勁。

Turning to our capital return programs. Based on our strong results for the year and high degree of confidence in our long-term outlook, in June, we raised our dividend for the 55th consecutive year to an annual rate of $2.14 per share. With respect to the buyback program, we've made good progress with repurchases, but recently hit pause as we evaluate opportunities to grow the company, which, as I've said on earlier calls, is our top priority. Should those opportunities not come to fruition, I fully expect we'll complete the buyback program in 2026.

轉向我們的資本回報計劃。基於我們今年的強勁業績和對長期前景的高度信心，我們在 6 月連續第 55 年將股息提高至每股 2.14 美元的年利率。關於回購計劃，我們在回購方面取得了良好進展，但最近暫停了，因為我們正在評估發展公司的機會，正如我在之前的電話會議上所說的那樣，這是我們的首要任務。如果這些機會沒有實現，我完全預期我們將在 2026 年完成回購計畫。

Switching to state energy policy. Pennsylvania is clearly embracing economic development. The Energy and Innovation Summit held earlier this month in Pittsburgh was attended by leaders from top energy, technology and financial companies as well as President Trump and several cabinet members. The summit highlighted the tens of billions of dollars of investment in the state committed to by data center developers.

轉向國家能源政策。賓州顯然正在擁抱經濟發展。本月初在匹茲堡舉行的能源與創新高峰會，出席嘉賓包括來自頂級能源、科技和金融公司的領導人以及川普總統和多位內閣成員。此次峰會強調了資料中心開發商承諾在該州投資數百億美元。

With our unique set of assets, including a deep inventory of high-quality drilling locations and an integrated midstream and downstream business, we're very well positioned to support the infrastructure build-out that is anticipated across the Commonwealth. Hopefully, our Shippingport project is the first of many such projects. While New York hasn't quite taken the same steps as its neighbor, the pendulum there is starting to swing back towards a more pragmatic approach to energy policy.

憑藉我們獨特的資產組合，包括大量優質鑽井地點和綜合的中游和下游業務，我們完全有能力支持整個聯邦預期的基礎設施建設。希望我們的 Shippingport 專案是眾多此類專案中的第一個。儘管紐約尚未採取與其鄰國完全相同的措施，但那裡的能源政策鐘擺已開始擺回更務實的方向。

Last week, the State Energy Planning Board released their draft energy plan, something they're required to do every five years, but have not done since 2015. This draft plan acknowledges that the state will not meet some of its interim targets set in the 2019 Climate Act, and it takes positive steps towards acknowledging the importance of an all-the-above approach to energy.

上週，州能源規劃委員會發布了能源計畫草案，這是他們每五年必須發布一次的事情，但自 2015 年以來就沒有發布過。該計畫草案承認該州將無法實現《2019 年氣候法案》中設定的一些中期目標，並採取積極措施承認採取上述所有能源方法的重要性。

Instead of being driven solely by aggressive short-term decarbonization targets, the draft plan moves in a direction that will better balance the critical objectives of energy reliability, affordability and emission reductions. While it stops short of embracing new natural gas generation as a way to achieve the state's decarbonization goals, it clearly acknowledges the importance of continuing to invest in the natural gas system while leaving open the potential for new investment in natural gas generation.

該計畫草案並非僅僅受積極的短期脫碳目標驅動，而是朝著更好地平衡能源可靠性、可負擔性和減排等關鍵目標的方向發展。雖然它沒有採用新的天然氣發電作為實現該州脫碳目標的一種方式，但它明確承認繼續投資天然氣系統的重要性，同時也為天然氣發電的新投資留下了潛力。

In closing, it's a great time to be in the natural gas industry. Demand for natural gas is at all-time highs, both domestically and abroad, and production is increasing in lockstep. The notion that wind and solar can power everything in just a few short years is largely in the rearview mirror. Without question, natural gas is the foundational fuel that will be key to powering our nation's growth for decades to come.

最後，現在是進入天然氣產業的好時機。國內外對天然氣的需求都達到了歷史最高水平，產量也同步增加。風能和太陽能可以在短短幾年內為一切提供能源的想法基本上已經成為過去。毫無疑問，天然氣是未來幾十年推動我國經濟發展的關鍵基礎燃料。

National Fuel has some of the best acreage in the lowest cost basin lowest cost natural gas basin in the country. We have a pipeline network that's incredibly well located to support rising regional demand and a highly talented workforce that's eager to grow the company. All of this should translate to meaningful opportunities for the company and in turn, value creation for our shareholders.

國家燃料公司在該國成本最低的盆地（天然氣成本最低的盆地）中擁有一些最好的土地。我們擁有地理位置優越的管道網絡，可以滿足不斷增長的區域需求，並且擁有一支渴望發展公司的高素質員工隊伍。所有這些都將轉化為公司有意義的機遇，進而為我們的股東創造價值。

With that, I'll turn the call over to Tim.

說完這些，我就把電話轉給提姆。

Thanks, Dave, and good morning, everyone. We had a great third quarter with adjusted operating results increasing 66% versus last year. The main drivers were higher natural gas prices, lower per unit operating costs at Seneca and continued growth in production and gathering throughput.

謝謝，戴夫，大家早安。我們第三季表現優異，調整後的經營業績較去年同期成長了 66%。主要驅動因素是天然氣價格上漲、塞內卡單位營運成本下降以及產量和集輸吞吐量的持續成長。

Moving to the outlook for the business. I'll start with fiscal 2025, where we've narrowed our earnings guidance to a range of $6.80 to $6.95 per share. While we've reduced our NYMEX forecast from $3.50 to $3.25 for the fourth quarter, our other guidance updates highlight the positive momentum we are seeing across the company. Strong well results in the EDA allowed us to move up our production guidance to the high end of our previous range. We are also seeing tailwinds with respect to Seneca's cost structure, where both G&A and LOE are expected to be lower for the year.

轉向業務前景。我先從 2025 財年開始，我們已將獲利預期縮小至每股 6.80 美元至 6.95 美元的範圍。雖然我們已將第四季度的 NYMEX 預測從 3.50 美元下調至 3.25 美元，但我們的其他指導更新突顯了我們在整個公司看到的積極勢頭。EDA 的良好業績使我們能夠將生產指導提升至先前範圍的高端。我們也看到 Seneca 成本結構的順風，預計今年的 G&A 和 LOE 都會降低。

Looking at fiscal 2026, we've provided preliminary guidance. Given the evolving supply and demand fundamentals, we are showing earnings per share ranges at various NYMEX gas prices. Using a $4 price, which closely approximates the current strip, we'd expect earnings to be in a range of $8 to $8.50 per share. At the midpoint, this reflects a 20% increase from fiscal 2025. This anticipated earnings growth is supported by a solid hedge book with nearly 2/3 of our production protected at strong prices through a mix of swaps, collars and fixed price sales.

展望 2026 財年，我們提供了初步指引。鑑於不斷變化的供需基本面，我們展示了不同 NYMEX 天然氣價格下的每股收益範圍。使用與當前價格非常接近的 4 美元價格，我們預計每股收益將在 8 美元至 8.50 美元之間。從中位數來看，這比 2025 財年成長了 20%。這一預期的獲利成長得到了穩健的對沖帳簿的支持，透過掉期、領圈和固定價格銷售等多種方式，我們近三分之二的產量得到了強勁價格的保護。

Our collars with an average floor of $3.50 and an average ceiling of $4.75 provide the opportunity to capture higher pricing, such that at $5 NYMEX, we would expect earnings of $10 per share at the midpoint, an increase of nearly 50% from our estimate this year. Sticking with the nonregulated businesses, I'll highlight a few other key assumptions. As Dave mentioned, we are guiding to a 6% increase in production at the midpoint of our range. While production is anticipated to grow, it is worth noting that next year, we're expecting a slight decrease in our gathering revenues.

我們的領圈選擇權平均下限為 3.50 美元，平均上限為 4.75 美元，這為我們獲取更高定價提供了機會，例如，當紐約商品交易所股價為 5 美元時，我們預計中間價每股收益為 10 美元，比我們今年的估計值增長近 50%。繼續討論不受監管的業務，我將強調其他一些關鍵假設。正如戴夫所提到的，我們預計產量將在中間值上成長 6%。雖然預計產量會成長，但值得注意的是，明年我們的採集收入預計會略有下降。

Our near-term development program includes a single six-well Tioga Utica pad scheduled to come online late this fiscal year, which will flow through a third-party system. After this pad, all of our TILes next year will utilize our own gathering system, which will drive volume growth into 2027. From a unit cost perspective, we anticipate maintaining the lower levels of cash unit costs achieved during the current year, while DD&A is set to increase. The impairments recognized over the past year temporarily lowered our DD&A rate below our long-term F&D cost.

我們的近期開發計畫包括一個六井的 Tioga Utica 平台，計畫於本財年末投入使用，並將透過第三方系統進行作業。在此之後，我們明年的所有 TILes 都將使用我們自己的收集系統，這將推動到 2027 年的銷售成長。從單位成本角度來看，我們預計本年度現金單位成本將維持在較低水平，而折舊及攤銷前利潤 (DD&A) 將會增加。過去一年確認的減損暫時使我們的 DD&A 率低於我們的長期 F&D 成本。

Over time, DD&A should trend back towards Seneca's F&D costs, which are approximately $0.70 per Mcf. Switching to our regulated subsidiaries. At the utility business, we are expecting a 5% to 6% increase in customer margin next year. This is due to the step-up in rates as part of our three-year rate settlement in New York, along with higher revenues from our modernization tracker in Pennsylvania.

隨著時間的推移，DD&A 應該會回歸到 Seneca 的 F&D 成本，即每 Mcf 約 0.70 美元。轉換至我們受監管的子公司。在公用事業業務方面，我們預計明年客戶利潤率將成長 5% 至 6%。這是由於我們在紐約的三年費率結算中費率的提高，以及我們在賓夕法尼亞州的現代化追蹤器的收入增加。

In the Pipeline and Storage segment, revenues are expected to remain relatively flat in fiscal 2026. We are evaluating the timing of a rate case in Supply Corporation, the larger of our 2 FERC-regulated companies. We will look to file at some point in fiscal 2026. But as of today, we are not projecting any incremental associated revenue from this rate case until early fiscal 2027.

在管道和儲存部門，預計 2026 財年的收入將保持相對穩定。我們正在評估供應公司（我們兩家受聯邦能源管理委員會監管的公司中規模較大的一家）的費率案件的時機。我們將在 2026 財年的某個時間點提交申請。但截至今天，我們預計直到 2027 財年年初，這種利率狀況都不會帶來任何增量相關收入。

On the cost side, outside of general inflationary trends, there are two factors driving the anticipated year-over-year increase. The first relates to utility customer receivables in arrears. In the New York rate settlement, we established an uncollectible tracker and agreed to accelerate write-offs. With this acceleration, we were able to write off a large amount of our arrears, a good portion of which were the result of statewide policies implemented during the pandemic.

在成本方面，除了整體通膨趨勢外，還有兩個因素推動預期的年成長。第一個問題涉及公用事業客戶拖欠的應收帳款。在紐約利率結算中，我們建立了壞帳追蹤系統並同意加速註銷。透過這種加速，我們能夠註銷大量欠款，其中很大一部分是疫情期間實施的全州政策的結果。

The uncollectible tracker permits us to defer and recover write-offs that exceed a certain threshold, both this year and next. We've exceeded that threshold this year, and as a result, have reversed a portion of the previously accrued bad debt expense. The second unique expense item relates to collective bargaining agreements with our unions. Between contract extensions with two of our unions earlier this year and upcoming negotiations in 2026 for the remaining covered employees, we expect to see year-over-year increases as wages true up to current market levels.

無法收回的款項追蹤器使我們能夠在今年和明年推遲和收回超過一定門檻的註銷款項。今年我們已經超過了這個門檻，因此，我們已經沖銷了一部分以前累積的壞帳費用。第二個獨特的開支項目與我們的工會達成的集體談判協議有關。在今年稍早我們與兩個工會續約合約以及 2026 年即將為剩餘受保員工進行的談判之間，我們預計隨著工資達到當前市場水平，工資將同比增長。

Taken together, we expect utility O&M to increase by approximately 5%, which for our spending levels in New York is generally in line with what was included in the second year of our three-year settlement. In the Pipeline and Storage segment, costs are projected to be up 4% to 5%. Longer term, regulated O&M increases should trend in the low single-digit range. From a cash tax perspective, the recently passed federal reconciliation bill provides several tailwinds for us. The reinstatement and permanent extension of 100% bonus depreciation will be a benefit to cash tax expense starting this year.

總的來說，我們預計公用事業營運和維護費用將增加約 5%，這對於我們在紐約的支出水準來說，與我們三年期和解協議第二年所包含的支出水準基本一致。在管道和儲存領域，成本預計將上漲 4% 至 5%。從長期來看，受監管的 O&M 增幅應會保持在較低的個位數範圍內。從現金稅的角度來看，最近通過的聯邦和解法案為我們提供了幾個有利因素。從今年開始恢復並永久延長 100% 獎金折舊將有利於現金稅費。

In addition, there were changes made to the calculation of the corporate AMT. Without these changes, our forecast would have had us paying higher cash taxes starting in fiscal 2027. But with the new law, we do not expect any corporate AMT payments for at least the next 5 years. Switching to capital. Our consolidated spending guidance for fiscal 2025 is unchanged. Given the timing of some projects, there was a modest shift in spending between the Utility and Pipeline segments. But other than that, we are still on track with our prior consolidated guidance level.

此外，企業AMT的計算也發生了變化。如果沒有這些變化，我們預測從 2027 財年開始我們將支付更高的現金稅。但根據新法律，我們預計至少未來 5 年內企業不會繳納任何 AMT。轉換為大本。我們對 2025 財年的綜合支出指引保持不變。考慮到一些項目的時間安排，公用事業和管道部門之間的支出出現了適度轉變。但除此之外，我們仍然按照先前的綜合指導水準進行。

Looking at fiscal 2026, Dave already highlighted the continued positive trend in capital efficiency across the nonregulated businesses. In the regulated subsidiaries, we are expecting a modest increase in utility spending, which is related to general cost inflation as our activity levels are consistent year-over-year. In the Pipeline and Storage segment, we are projecting an increase of $100 million at the midpoint. This increase is driven by spending on the Tioga Pathway and Shippingport lateral projects.

展望 2026 財年，戴夫已經強調了非監管業務的資本效率持續呈現正面趨勢。在受監管的子公司中，我們預計公用事業支出將適度增加，這與一般成本通膨有關，因為我們的活動水平與去年同期保持一致。在管道和儲存領域，我們預計中期將增加 1 億美元。這一增長是由 Tioga Pathway 和 Shippingport 橫向項目的支出所推動的。

On the rate-making front, as I said earlier, we anticipate filing a rate case next year for Supply Corporation. At the utility, our capital and O&M levels in New York are generally in line with what is embedded in our three-year settlement, allowing us to achieve our allowed returns. For Pennsylvania, our DIS mechanism covers the targeted fiscal 2026 modernization spending. But given we are approaching the cap on that mechanism, we are looking to file a rate case next year with new rates effective in early fiscal 2027.

在製定費率方面，正如我之前所說，我們預計明年將為 Supply Corporation 提起費率訴訟。在公用事業方面，我們在紐約的資本和營運維護水準通常與我們的三年和解協議中的水準一致，這使我們能夠實現允許的回報。對於賓州，我們的 DIS 機制涵蓋了 2026 財年現代化支出目標。但鑑於我們正在接近該機制的上限，我們希望明年提起利率訴訟，並在 2027 財年初實施新的利率。

Bringing it all together, next year is expected to be a great one for National Fuel. Earnings are projected to be meaningfully higher, up approximately 20% at current strip pricing. And we have a great hedge book that protects to the downside, while leaving significant opportunity to capture higher prices. The outlook for free cash flow is strong. At $4 NYMEX, we project to generate between $350 million and $400 million, all while investing in significant growth.

總而言之，明年對於 National Fuel 來說將是輝煌的一年。預計收益將大幅增加，以當前價格計算，將成長約 20%。我們擁有出色的對沖帳簿，可以防止不利因素，同時也能留下獲得更高價格的重大機會。自由現金流前景強勁。在紐約商品交易所 (NYMEX) 股價為 4 美元的情況下，我們預計將產生 3.5 億至 4 億美元的收入，同時投資於顯著的成長。

And looking further ahead, we remain confident in our ability to deliver mid-single-digit production growth on decreasing capital spending and to grow rate base by an average of 5% to 7% annually through the end of the decade. In addition, the strength of our investment-grade balance sheet, disciplined approach to capital allocation and consistent returns of cash to shareholders further support the ability of National Fuel to create meaningful long-term value in the years to come.

展望未來，我們仍然有信心，在減少資本支出的同時，實現中等個位數的生產增長，並在本世紀末實現年均 5% 至 7% 的利率增長。此外，我們投資等級資產負債表的實力、嚴謹的資本配置方法以及持續的股東現金回報進一步支持了 National Fuel 在未來幾年創造有意義的長期價值的能力。

With that, I'll turn the call over to Justin.

說完這些，我會把電話轉給賈斯汀。

Thanks, Tim, and good morning, everyone. Last night, we reported another quarter of record production and throughput at Seneca and NFG Midstream, underscoring the quality of our prolific Eastern development area wells, excellent operational planning and continued strong execution in the field. Production increased 6% from the prior quarter to 112 Bcf, driving gathering throughput to a new quarterly high of 133 Bcf.

謝謝，提姆，大家早安。昨晚，我們報告了塞內卡和 NFG Midstream 的另一個季度的產量和吞吐量創紀錄，凸顯了我們東部開發區多產油井的品質、出色的營運規劃以及持續強勁的現場執行力。產量較上一季成長 6%，達到 1,120 億立方英尺，推動集輸量創下 1,330 億立方英尺的季度新高。

As shown on slide 21 of our latest investor presentation, enhanced Tioga Utica, Tioga Utica well designs are delivering significantly improved results with both estimated ultimate recoveries and cumulative production per 1,000 feet increasing by 20% to 25% with our Gen 3 well design. Based on our strong performance year-to-date and expectations for the remainder of the year, we are updating our production, capital and cash operating expense guidance for fiscal '25. For production, we have raised our guidance to a new target range of 420 to 425 Bcf, an 8% increase at the midpoint year-over-year.

正如我們最新的投資者簡報的第 21 張幻燈片所示，經過增強的 Tioga Utica、Tioga Utica 油井設計正在帶來顯著改善的結果，採用我們的 Gen 3 油井設計，預計最終採收率和每 1,000 英尺的累積產量都提高了 20% 至 25%。根據我們今年迄今的強勁表現以及對今年剩餘時間的預期，我們正在更新 25 財年的生產、資本和現金營運費用指引。對於產量，我們已將預期提高至 4200 億立方英尺至 4250 億立方英尺的新目標範圍，並按中點計算同比增長 8%。

In terms of capital, we have tightened guidance by $5 million on both ends to a new range of $500 million to $510 million. We forecast a meaningful step-up in fourth quarter spending as we enter our peak construction season with substantial activity focused on pads, roads and infrastructure projects as well as two rigs running. Regarding expenses, we have revised our LOE guidance to reflect successful cost management initiatives and higher production expectations, lowering the range to $0.67 to $0.68 per Mcf, a $0.01 reduction on both ends. Additionally, we anticipate projected per unit G&A of $0.18 per Mcf, which represents the low end of our prior guidance range.

在資本方面，我們將兩端的指導金額都收緊了 500 萬美元，達到 5 億至 5.1 億美元的新範圍。我們預測，隨著我們進入建設旺季，第四季度的支出將大幅增加，大量活動集中在平台、道路和基礎設施項目以及兩台鑽機的運作。關於費用，我們修改了 LOE 指導，以反映成功的成本管理措施和更高的生產預期，將範圍降低至每 Mcf 0.67 美元至 0.68 美元，兩端均減少 0.01 美元。此外，我們預計每單位 G&A 成本為每 Mcf 0.18 美元，這代表了我們先前指導範圍的低端。

Looking ahead to next year, our initial guidance highlights continued progress across key operational and financial metrics. For production, we are establishing a range of 440 to 455 Bcf, representing a 6% increase at the midpoint year-over-year. We plan to drill and turn in line approximately 25 to 27 wells with a steady cadence for most of the year before a modest decline in the fourth quarter. With respect to capital, we forecast to spend $470 million to $500 million next year, a $20 million or 4% reduction relative to the midpoint of our fiscal 2025 range.

展望明年，我們的初步指導強調了關鍵營運和財務指標的持續進展。對於產量，我們設定的產量範圍為 4400 億立方英尺至 4550 億立方英尺，相當於同比增長 6%。我們計劃在第四季度適度下降之前，在全年大部分時間以穩定的節奏鑽探和投產約 25 至 27 口井。在資本方面，我們預計明年將花費 4.7 億至 5 億美元，相對於 2025 財年範圍的中點減少 2,000 萬美元或 4%。

Our development plan includes a 1- to 2-rig program with capital expenditures expected to decline in the second half of the year based on planned activity levels. Going forward, we anticipate continued gains in capital efficiency as our long-term development program remains on track to deliver mid-single-digit production growth alongside further reductions in capital spending. Comparing fiscal 2023, when we began our transition to an EDA-focused development strategy to our fiscal 2026 guidance, we project 20% production growth against an 18% overall capital reduction.

我們的開發計劃包括 1 到 2 個鑽機計劃，根據計劃的活動水平，預計下半年資本支出將下降。展望未來，我們預計資本效率將繼續提高，因為我們的長期發展計畫仍有望實現中等個位數的生產成長，同時進一步減少資本支出。將 2023 財年（當時我們開始轉向以 EDA 為重點的發展策略）與 2026 財年的指導進行比較，我們預計產量將成長 20%，而整體資本將減少 18%。

This multiyear trend of continuous significant capital efficiency improvements is unique among peers and complemented by our multi-decade inventory of core development locations. A recent independent analysis by Enverus rank Seneca's inventory at the top of the Appalachian peer group with nearly 20 years of drilling locations at breakeven NYMEX prices below $2.50 per MMBtu. This third-party analysis is consistent with our internal assessments and a testament to our competitive position in the industry.

這種多年來持續顯著提高資本效率的趨勢在同行中是獨一無二的，並且與我們數十年來的核心開發地點庫存相輔相成。Enverus 最近進行的獨立分析將 Seneca 的庫存排在阿巴拉契亞同類庫存之首，其鑽井地點擁有近 20 年的使用壽命，紐約商品交易所 (NYMEX) 的盈虧平衡價格低於每百萬英熱單位 2.50 美元。此第三方分析與我們的內部評估一致，並證明了我們在產業中的競爭地位。

Turning to the natural gas market. We maintain a constructive outlook for prices, supported by strong supply and demand fundamentals. While US gas production has increased over the past 12 months, much of that growth appears to be driven by the drawdown of DUC inventories and deferred TILes accumulated during the period of lower prices experienced in 2024.

轉向天然氣市場。在強勁的供需基本面的支持下，我們對價格前景保持樂觀。儘管美國天然氣產量在過去 12 個月中有所增加，但大部分增長似乎是由 2024 年價格較低時期積累的 DUC 庫存和遞延 TILes 的減少所推動的。

Despite this added supply, storage levels have remained near the 5-year average, highlighting resilient structural demand. LNG exports and gas-fired power generation have reached record highs with US LNG demand recently exceeding 16 Bcf per day and power sector gas burn hitting record seasonal peaks.

儘管供應增加，但庫存水準仍保持在五年平均值附近，凸顯結構性需求的韌性。液化天然氣出口和燃氣發電量均創歷史新高，美國液化天然氣需求近期超過每天160億立方英尺，電力業天然氣消耗量創下季節性高峰。

Against this backdrop, we are well positioned through our marketing and hedging strategy, which offers price stability while maintaining upside exposure. Over 85% of our expected volumes through the end of fiscal 2026 are backed by our marketing portfolio of firm transportation and firm sales, ensuring both financial resilience and positive leverage to potentially higher prices.

在此背景下，我們透過行銷和避險策略佔據了有利地位，既能確保價格穩定，又能維持上行風險。到 2026 財年末，我們預計 85% 以上的銷售將由我們穩定的運輸和穩定的銷售行銷組合支撐，從而確保財務韌性和對潛在更高價格的積極槓桿作用。

Pivoting to NFG Midstream, we continue to gather increasing volumes through our system. To support our EDA development, we were installing additional gathering pipelines, expanding existing stations and building centralized facilities in multiple locations to enable future growth. We are also continuing to advance the engineering designs for our 2026 projects to accommodate Seneca's increasing well productivity and deliverability.

轉向 NFG Midstream，我們繼續透過我們的系統收集越來越多的數據。為了支持我們的 EDA 開發，我們正在安裝額外的收集管道、擴大現有站點並在多個地點建造集中設施，以實現未來的成長。我們也將繼續推進 2026 年專案的工程設計，以適應塞內卡不斷提高的油井生產力和交付能力。

We've moved from designing infrastructure based on individual well rates of 18 million to 20 million per day to now 25 million to 30 million per day. Additionally, not only are the individual well rates higher, but the wells are sustaining at those choke-restricted rates for long periods of time, in some instances, for well over one year, highlighting the prolific nature and deliverability of our Tioga Utica inventory.

我們已經從基於每天 1800 萬到 2000 萬的單井產量來設計基礎設施，轉變為現在的每天 2500 萬到 3000 萬的單井產量。此外，不僅單一油井的產量更高，而且這些油井在很長一段時間內都維持著受節流限制的產量，在某些情況下，甚至超過一年，這凸顯了我們蒂奧加尤蒂卡庫存的多產性和可交付性。

With respect to third-party volumes, we're actively working with the Tioga County producer to gather new production as part of a recently signed interconnect agreement and continue to advance discussions with other third-party producers to leverage and fully utilize our significant gathering infrastructure and associated facilities. We see opportunity to further grow this business over time.

對於第三方產量，我們正在積極與蒂奧加縣生產商合作，收集新的產量，這是最近簽署的互連協議的一部分，並繼續與其他第三方生產商推進討論，以利用和充分利用我們重要的收集基礎設施和相關設施。我們看到了隨著時間的推移進一步發展這項業務的機會。

In closing, our strong results reflect the strength of our team and the quality of our assets, both of which continue to exceed expectations. Our focus on development planning, operational excellence, combined with an integrated business model and a deep inventory of high-quality drilling locations is driving greater capital efficiency and growing free cash flow.

最後，我們強勁的業績反映了我們團隊的實力和資產的質量，這兩者都繼續超越預期。我們專注於發展規劃、卓越運營，結合綜合業務模式和豐富的優質鑽井地點庫存，從而提高資本效率並增加自由現金流。

Over the past five years, we have transformed the nonregulated business of National Fuel through our acquisition of Shell's upstream and midstream business, divestiture of our California division and transition to an EDA-focused development strategy. In fiscal 2026, we expect to build on that momentum and reinforce a long-term trajectory of sustained operational and financial growth.

在過去五年中，我們透過收購殼牌的上游和中游業務、剝離加州分部以及轉向以 EDA 為重點的發展策略，改變了國家燃料的非監管業務。在 2026 財年，我們期望在此基礎上繼續發展，鞏固長期持續的營運和財務成長軌跡。

With that, I'll ask the operator to open the line for questions.

這樣，我就請接線生開通熱線來回答問題。

(Operator Instructions)

（操作員指示）

Zach Parham, JPMorgan.

摩根大通的紮克·帕勒姆。

Hey thanks for taking my questions. First, I just wanted to ask on the buyback, which you paused this quarter. Can you talk about the drivers of that? The stock has moved significantly higher. It's now pretty close to all-time highs. But you also mentioned preserving balance sheet flexibility for optionality for growth projects. Can you just talk about the moving pieces on the decision to pause that buyback program?

嘿，謝謝你回答我的問題。首先，我只想問一下你們本季暫停的回購事宜。您能談談其驅動因素嗎？該股已大幅上漲。現在它已經非常接近歷史最高水平。但您也提到保留資產負債表的靈活性，以便為成長項目提供選擇性。您能否談談暫停回購計畫的決定背後的動因？

Yeah, it's entirely driven by our capital allocation priorities. Our philosophy on capital return hasn't changed where we have our dividend that's funded largely by the regulated businesses and then a buyback program that is largely funded by the free cash flows of the nonregulated businesses.

是的，這完全取決於我們的資本配置優先順序。我們對資本回報的理念沒有改變，我們的股利主要由受監管的企業提供資金，而回購計畫主要由非監管企業的自由現金流提供資金。

When you look at our capital allocation priorities, as we've said consistently, is first, get our balance sheet in good shape, which is we've done. And then second, grow the company. And then but absent growth opportunities, we have excess free cash flow, give the cash back to shareholders. Of late, we've been looking at different opportunities. And as you said, want to keep balance sheet flexibility.

當您查看我們的資本配置優先事項時，正如我們一直所說的那樣，首先，讓我們的資產負債表保持良好狀態，我們已經做到了這一點。其次，發展公司。然後，儘管缺乏成長機會，我們仍有過剩的自由現金流，並將現金回饋給股東。最近，我們一直在尋找不同的機會。正如您所說，希望保持資產負債表的靈活性。

And then, Tim, maybe a follow-up on cash taxes. Can you just quantify that impact of cash taxes in 2026 and beyond? I think, previously, you talked about mid- to high teens cash taxes. Where does that move with the passage of the tax bill?

然後，提姆，也許可以跟進現金稅。您能量化 2026 年及以後現金稅的影響嗎？我認為，之前您談到了中高年齡層的現金稅。隨著稅收法案的通過，情況又將如何改變？

Yeah. So Zach, what ultimately will happen is, as I alluded to, we were expecting to be a corporate AMT payer starting around 2027. So the impact will be bigger as you move out in time. Call it, 400, 500 basis points of cash tax rate. In the near term, it's probably, say, in the 200 to 300 basis point area. So I think as we look out to this year, we're in the high single digits from a cash tax perspective. Next year, we'll be in the sort of low to mid-single-digit cash tax rate, ultimately, depending on where prices go, that can cause it to move around a little bit.

是的。所以紮克，最終會發生的是，正如我所提到的，我們預計從 2027 年左右開始成為企業 AMT 納稅人。因此，隨著您及時搬出，影響會越來越大。稱為 400、500 個基點的現金稅率。短期內，它可能處於 200 至 300 個基點的範圍內。因此，我認為，展望今年，從現金稅的角度來看，我們的稅率將處於高個位數。明年，我們將採用低到中等個位數的現金稅率，最終，這取決於價格走勢，這可能會導致其略有波動。

Thanks.

謝謝。

Greta Drefke, Goldman Sachs.

高盛的 Greta Drefke。

Good morning all and thank you for taking my question. My first is just on the change in operations in fiscal '26 versus fiscal '25 and the ramp-up of the Tioga Pathway and Shippingport projects. I appreciate the details you provided of both in the slides. Just focusing in on the Tioga Pathway project, though, to the extent you're able to, can you talk about the cadence of spending for the project in fiscal '26, some key next steps and maybe the most impactful modernization pieces?

大家早安，感謝您回答我的問題。我首先想談談 26 財年與 25 財年相比的營運變化以及 Tioga Pathway 和 Shippingport 專案的推進。我很感謝您在幻燈片中提供的詳細資訊。不過，如果您只關注 Tioga Pathway 項目，您能否在力所能及的範圍內談談 26 財年該項目的支出節奏、一些關鍵的後續步驟以及可能最具影響力的現代化部分？

Well, we'll kick off construction in the spring and then with free clearings and other prep type work. And then the bulk of the spending will be in the summer on the contractors and installing the lines. In terms of modernization, there is an element of modernization to that project, and it's part of our ongoing roughly, call it, $75 million to $100 million a year type program.

好吧，我們將在春季開始施工，然後進行免費清理和其他準備工作。然後大部分的支出將用於夏季的承包商和線路安裝。就現代化而言，該專案具有現代化元素，它是我們正在進行的大約每年 7500 萬至 1 億美元計劃的一部分。

Great. Appreciate the detail. And then I just wanted to follow up maybe more broadly on industry trends. There's been a lot of moving pieces in the outlook for D&C costs across the industry. Can you speak a bit about your current sense of the balancing of potential service cost deflation, especially as oil rigs continue to come off and potentially higher input costs such as steel from tariff impacts?

偉大的。欣賞細節。然後我只是想更廣泛地關注行業趨勢。整個產業的 D&C 成本前景有許多變化。您能否談談您目前對平衡潛在服務成本通貨緊縮的看法，特別是在石油鑽井平台繼續減少以及關稅影響可能導致鋼鐵等投入成本上升的情況下？

Yeah, sure, happy to, Greta. So I'll start with the service cost inflation, for example, on steel. We had expectations going back when some of the tariffs talk really began and got moving that we would see prices move up. in part due to lower overall activity levels and in part due to the mills just keeping up with demand and things kind of lessening in terms of the impact, we're really not seeing a lot of inflationary pressure on the steel side of things.

是的，當然，很高興，格雷塔。因此，我將從服務成本通膨開始，例如鋼鐵。當一些關稅談判真正開始並取得進展時，我們就曾預期價格會上漲。部分原因是整體活動水準較低，部分原因是鋼廠只是滿足需求，影響有所減弱，我們確實沒有看到鋼鐵方面出現很大的通膨壓力。

We think kind of where we are is where we'll be as we look out over the coming months. I'd also just note, as a company, we're quite insulated from most of that, certainly over the near and intermediate term. More broadly across the industry, I think that there's probably more tailwinds than headwinds when you think about overall service costs. I'm not expecting any material increases really across the board. I'm not expecting big material decreases either. But if I had to gauge the overall direction, I'd say slightly down to neutral is kind of how we think about the world broadly across the services.

我們認為，我們現在的處境與未來幾個月的處境大致相同。我還要指出的是，作為一家公司，我們在很大程度上不受這些因素的影響，尤其是在短期和中期內。從更廣泛的角度來看，從整體服務成本來看，我認為整個產業面臨的順風因素可能多於逆風因素。我並不期望有全面實質的成長。我也不認為材料會大幅減少。但如果我必須判斷總體方向，我會說略微下降到中性是我們對整個服務領域世界的看法。

Noah Hungness, Bank of America.

諾亞·洪尼斯，美國銀行。

More, For my first question here, I was hoping to ask, how are you thinking about signing up for a supply agreement if we see new egress coming out of Northeast Pennsylvania? I mean, given that you're the only company in the area that is growing production, has really deep inventory along with an IG credit rating, just how does that position you in the event that this new egress some of these projects go?

此外，對於我在這裡的第一個問題，我想問的是，如果我們看到賓州東北部有新的出口，您如何考慮簽署供應協議？我的意思是，鑑於你們是該地區唯一一家產量不斷增長、庫存充足且擁有 IG 信用評級的公司，那麼如果這些新項目退出市場，你們將處於什麼位置？

Noah, thanks. Look, I mean, we're excited about those opportunities, and we've got lots of active dialogue. Your thesis and philosophy there on our company is exactly right. We've got the perfect trifecta when you think about all the things you need to be successful in being a supplier to a future data center and power infrastructure. So we're actively engaged in that sort of dialogue.

諾亞，謝謝。聽著，我的意思是，我們對這些機會感到興奮，我們進行了很多積極的對話。您關於我們公司的論點和理念是完全正確的。當您考慮成功成為未來資料中心和電力基礎設施供應商所需的一切時，我們就擁有了完美的三重奏。因此，我們積極參與此類對話。

As you mentioned, we've got a really deep inventory of, frankly, some of the best inventory across the basin, across the country. And it is broadly across national fuel, we've just got all the pieces to find ways to participate in that. So we're going to continue what we've done, which is move very methodically, have a lot of dialogue and then probably talk about things when they're done as opposed to when they're being speculated or potentially looked at.

正如您所說，我們擁有非常豐富的庫存，坦白說，是整個盆地和全國最好的庫存之一。它廣泛適用於全國燃料，我們已經準備好一切來尋找參與其中的方法。因此，我們將繼續我們一直在做的事情，即非常有條不紊地行動，進行大量對話，然後可能在事情完成後再討論，而不是在猜測或潛在地考慮時再討論。

So stay tuned, and we'll continue working it. And hopefully, we'll see some development over in our core upstream production areas, whereas this first kind of wave has been more on the western side of the state, which has also been great for our company.

因此請繼續關注，我們將繼續努力。希望我們能夠在核心上游生產領域看到一些發展，而第一波浪潮主要集中在該州的西部，這對我們公司來說也是一件好事。

That's great color. And then for my second question, I'm sure as you guys know, we're very constructive on the Tioga Utica as well. And I see you reiterated your productivity estimates for the Gen 3 design, but it does look like the two most recent pads are trending above that type curve. Should we think that there is upside risk to the current productivity estimates?

顏色真棒。然後對於我的第二個問題，我相信你們知道，我們對蒂奧加尤蒂卡也非常有建設性。我看到您重申了對 Gen 3 設計的生產力估計，但看起來最近的兩個墊子確實趨勢高於該類型曲線。我們是否應該認為目前的生產力估計值有上行風險？

Yeah. So no, I think what we'll do is we'll continue to assess those curves. We did want to be more transparent in part because of all the questions we've had. And so we wanted to include some more data in our investor materials and make sure we're really highlighting just how great these wells are.

是的。所以不，我認為我們要做的就是繼續評估這些曲線。我們確實希望更加透明，部分原因是我們遇到了很多問題。因此，我們希望在投資者材料中加入更多數據，並確保我們真正強調這些油井的優點。

In time, and you can see it, those last two pads have been excellent. We're continuing to tweak and modify and methodically evaluate completion design. And as I've alluded to previously, there might be a Gen beyond Gen 3. We've kind of already started testing

隨著時間的推移，您可以看到，最後兩個墊子已經非常出色了。我們正在繼續調整、修改並有條不紊地評估完井設計。正如我之前提到的，第三代之後可能還會有另一代。我們已經開始測試了

various variables on that. And so look, the rock we have is awesome. We're finding ways to get more gas out of it, both in terms of ultimate recoveries and near-term deliverability.

各種變數。所以你看，我們擁有的岩石真是太棒了。我們正在尋找從中獲取更多天然氣的方法，包括最終採收率和近期交付能力。

And I think we'll continue to move forward on that and credit to our broader subsurface team on really thinking through this and how we can be methodical and driving the best returns. And so yes, leading-edge wells are a bit better than our type curve, and we'll look to continue that performance. And when we think it makes sense to make adjustments, if that happens, we'll certainly do so. But we're -- we continue to be extremely encouraged with what we're seeing in the resource.

我認為我們將繼續在這方面取得進展，並感謝我們更廣泛的地下團隊認真思考這個問題，以及我們如何有條不紊地獲得最佳回報。是的，前井比我們的類型曲線要好一些，我們希望繼續保持這種表現。當我們認為進行調整是合理的時候，如果發生這種情況，我們肯定會這樣做。但我們——我們對所看到的資源仍然感到非常鼓舞。

For great stuff guys, thank you.

感謝你們提供的優秀作品。

John Freeman, Raymond James.

約翰‧弗里曼、雷蒙‧詹姆斯。

Good morning. Thanks. Both the Constitution and Northeast Supply Enhancement pipelines get more attention as Williams looks to try and revitalize those projects. I believe if you all had to pick, I believe NESE is sort of the bigger benefit to you all. But if you could maybe kind of elaborate on that sort of the gives and takes of those projects just as it relates to kind of you all's exposure?

早安.謝謝。威廉斯試圖重振憲法管道和東北供應增強管道，因此這兩個項目都受到了更多關注。我相信如果你們都必須選擇的話，我認為 NESE 對你們所有人來說都是更大的優勢。但是，您是否可以詳細說明這些項目的付出和收穫，以及它們與您所有人的曝光度之間的關係？

Thanks, John. So NESE, the Northeast Supply Enhancement project, that would be a great project to see that get completed. I mean, beyond even just ourselves, both these projects are really needed in New York and in New England broadly. NESE does have some pretty meaningful, we think, positive implications if it moves forward regarding some of our existing firm transportation and how that would likely significantly benefit just given it would create even incremental demand. That could not only free up the benefits we have on our existing FT, but also create an opportunity to have more firm sales or other FT projects that connect into it in time. So NESE is a great one.

謝謝，約翰。因此，NESE（東北供應增強項目）的完成將是一個偉大的項目。我的意思是，除了我們自己之外，紐約和整個新英格蘭地區都非常需要這兩個項目。我們認為，如果 NESE 繼續推進，它將對我們現有的一些公司運輸業務產生一些非常有意義的積極影響，考慮到它甚至可以創造增量需求，這可能會帶來顯著的利益。這不僅可以釋放我們在現有 FT 上的優勢，還可以創造機會，讓更多的公司銷售或其他 FT 項目及時與之連接。所以 NESE 是一個很棒的選擇。

On Constitution, that's interesting as well. That's a part of the basin that's had a lot of gas. There's certainly some challenges there that need to be worked through, but a lot of really good discussion and positive momentum and seemingly from both the shippers and the developer, a lot of encouraging news coming out of them in terms of what they're seeing in the possibility. So that would also benefit us. It would probably move more gas off -- would move more gas out of kind of Bradford, Susquehanna and in doing so, probably take in-basin pricing up, particularly on Tennessee 300 line Zone 4 and likely also some on Eastern, which would benefit our portfolio as well and create more pathways for additional growth. So both projects would be great. We're hugely supportive of all new infrastructure development and hopeful those start to move forward.

關於憲法，這也很有趣。那是盆地中含有大量天然氣的一部分。當然，這其中也存在一些需要克服的挑戰，但托運人和開發商雙方都進行了很多非常好的討論，表現出了積極的勢頭，就他們對這種可能性的看法而言，他們似乎都傳出了很多令人鼓舞的消息。這也對我們有利。它可能會將更多的天然氣從布拉德福德、薩斯奎哈納運出，這樣做可能會提高盆地內的價格，特別是在田納西 300 號線第 4 區，也可能包括東部的一些地區，這也將使我們的投資組合受益，並為進一步增長創造更多的途徑。所以這兩個項目都很棒。我們大力支持所有新的基礎設施建設，並希望它們能開始向前邁進。

And then I guess just following up on what you mentioned earlier, Justin, where you're continuing to sort of look at this kind of evolution of whether you want to call it Gen 3+ or Gen 4. And I guess I'm trying to think about in your -- in the '26 guidance, is there any sort of additional well productivity gains that are baked into that guidance? Or does it sort of reflect just kind of current -- where you currently sit on well productivity?

然後我想繼續你之前提到的內容，賈斯汀，你正在繼續研究這種演變，無論你想稱之為 Gen 3+ 還是 Gen 4。我想我正在嘗試思考 - 在您的 26 年指導中，是否有任何額外的油井生產力提升包含在該指導中？或者它只是反映了當前的某種狀況——您目前的生產力水平如何？

Yeah, it's a good question, John. I mean the short answer is the results, and as I mentioned, they've continued to exceed our expectations. So I think there's a couple of dynamics at play here that are really interesting to tease out. And one is the deliverability and the rates at which we restrict the wells. We generally are going to restrict these wells at around 25 million a day, at times 30 million a day, and we'll hold them flat. I think where we're seeing the biggest opportunity for continued positive bias upward is the time in which these wells hold flat.

是的，這是個好問題，約翰。我的意思是，簡短的回答是結果，正如我所提到的，它們繼續超出了我們的預期。所以我認為這裡有幾個動態因素在起作用，值得梳理一下。一是產能和我們限製油井的產量。我們通常會將這些油井的產量限制在每天 2,500 萬左右，有時甚至每天 3,000 萬，並保持產量穩定。我認為，我們看到持續向上正向偏差的最大機會是這些油井保持平穩的時間。

And so the pressure drawdown we've seen even at those very high per well rates has been low. And so we've been able to successfully hold these wells at flat levels for now at times in excess of a year. And so the productivity bias is more how long that flat period can last -- and I think we've got a lot of great engineering work going on, on this, and we're working through exactly what we think that's going to look like, both for the current wells and future wells.

因此，即使在單井產量非常高的情況下，我們看到的壓力下降也很低。因此，我們目前能夠成功地將這些油井的水位保持在平穩水平，有時甚至超過一年。因此，生產力偏差更多的是平穩期能持續多久——我認為我們在這方面已經進行了大量出色的工程工作，我們正在研究我們認為的平穩期將會是什麼樣子，無論是對於當前的油井還是未來的油井。

And so what I'm really getting at is the day 1 production and the day 90 production is probably about the same because we're going to deliver a lot of gas. And frankly, the day 180 production is about the same. It's really a question of what do we look like at day

所以我真正想知道的是第一天的產量和第 90 天的產量可能差不多，因為我們要輸送大量的天然氣。坦白說，第 180 天的產量大致相同。這實際上是一個問題，我們白天看起來像什麼樣子

270 and 365 and 1.5 years in, how long are these wells holding at flat rates and consistently doing so. That can create some further opportunity. We baked some of that in. But quite frankly, the jury is a bit out. So we're not -- we haven't maybe gone all the way.

270、365 和 1.5 年後，這些油井能以固定速率持續維持多久？這可以創造一些進一步的機會。我們把其中的一些烤進去了。但坦白說，陪審團對此還有些異議。所以我們還沒有——我們可能還沒完全走完。

Great, appreciate it. Thanks again.

太好了，非常感謝。再次感謝。

Timothy Winter, Gabelli.

提摩西溫特，加貝利。

Good morning and and congrats on another strong quarter. Thanks for taking my question. And congrats on another strong quarter. Dave, I'm trying to better understand the growth opportunities you guys are considering. Can you just talk a little bit more about what the potential for regulated pipeline investment is? Shippingport in Tioga are great, but are relatively small.

早安，恭喜您又一個季度取得強勁業績。感謝您回答我的問題。恭喜您又一個季度表現強勁。戴夫，我正在努力更了解你們正在考慮的成長機會。您能否再多談談受監管的管道投資的潛力？蒂奧加的裝運港很棒，但相對較小。

Are there more material opportunities of that are out there? And how do you weigh that as against other regulated investments like some of the LDCs that could be for sale? I know, ones in Ohio is for sale. And then also that against like the potential for behind-the- meter gas plants in the hot of Pennsylvania. If you could just talk a little bit about your thinking...

是否存在更多的物質機會？您如何看待這項投資與其他受監管的投資（例如一些可能出售的最不發達國家的投資）？我知道，俄亥俄州有出售。這也與賓州熱電廠電錶後方發電廠的潛力相違背。如果您能稍微談談您的想法…

Yeah. There's a lot in that question. I guess the way I would summarize it is that we look at a lot of things. Our top priority would be growing organically, right? I mean, to be able to spend $1 on rate base is the most cost-effective way to grow. And so shipping port and Tioga Pathways are certainly great projects. We call those the singles and doubles type projects that over time add up to a lot of growth for the company.

是的。這個問題包含很多內容。我想我的總結就是我們看了很多東西。我們的首要任務是實現有機成長，對嗎？我的意思是，能夠在費率基礎上花費 1 美元是最具成本效益的成長方式。因此，航運港口和蒂奧加通道無疑是偉大的項目。我們稱這些為單打和雙打類型的項目，隨著時間的推移，它們會為公司帶來很大的成長。

I do think there will be opportunities beyond those two projects. You look on a map that where existing coal-fired plants that have been retired are located. They're not far from our system, both in Pennsylvania and in New York. So I think there's going to be the real opportunity for that. And I think, if we, if the government got serious about permitting reform, the potential for larger-scale projects out of the basin are certainly there, right?

我確實認為除了這兩個項目之外還會有其他機會。您可以在地圖上查看已退役的現有燃煤電廠的位置。它們距離我們的系統並不遠，無論是在賓夕法尼亞州還是紐約州。所以我認為這將是一個真正的機會。我認為，如果我們，如果政府認真考慮允許改革，那麼在該流域開展更大規模計畫的潛力肯定存在，對嗎？

I mean you look at the demand that's forecasted for natural gas, we're going to need to get that production from somewhere. And Appalachian is the lowest cost natural gas basin and be able to get more pipes out of there, I think, is long run, a good thing. But I think we're going to need permitting reform before you see a lot of really big projects get built.

我的意思是，看看對天然氣的預測需求，我們需要從某個地方取得這些產量。阿巴拉契亞是成本最低的天然氣盆地，我認為，從長遠來看，能夠從那裡輸送更多的管道是一件好事。但我認為，在看到許多真正大型的項目建成之前，我們需要進行許可改革。

Okay. And just to emphasize, we agree organically is the best way to grow, and it's great to see utility that's getting free cash flow from the other businesses to grow rate base. But separately, given the increased sentiment for gas, the spotlight on Pennsylvania's energy hotbed, does it make any sense or have you considered, say, floating like a 15% piece of Seneca to the market to use as to help fund a regulated acquisition? Just talk a little bit about if that makes any sense.

好的。需要強調的是，我們同意有機成長是最好的成長方式，很高興看到公用事業公司從其他業務中獲得自由現金流來增加利率基礎。但另外，考慮到人們對天然氣的熱情日益高漲，賓州的能源熱點成為焦點，這是否有意義，或者您是否考慮過將塞內卡 15% 的股份投放到市場，以幫助資助受監管的收購？稍微討論一下這是否有意義。

Who knows? I mean, we look at when we approach financing the business, we look at all different options. And I wouldn't want to comment on one specific circumstance like that.

誰知道呢？我的意思是，當我們為企業融資時，我們會考慮所有不同的選擇。我不想對那樣的具體情況發表評論。

Okay, thank you.

好的，謝謝。

(Operator Instructions)

（操作員指示）

Geoff Jay, Daniel Energy Partners.

傑夫‧傑伊 (Geoff Jay)，丹尼爾能源合作夥伴。

Good morning. I guess looking at the capital efficiency, I'm just kind of curious, obviously, well productivity is playing a role and service costs are likely playing a role. I'm just wondering, if you can kind of help me frame the efficiencies you've seen year-to-date on both the drilling and completion side and how big a factor that's been.

早安.我想看看資本效率，我只是有點好奇，顯然，生產力正在發揮一定作用，服務成本也可能發揮一定作用。我只是想知道，您是否可以幫助我概括一下今年迄今為止您在鑽井和完井方面看到的效率以及這個因素有多大。

Yeah, Geoff, thanks for the question. Look, definitely, we have seen improvements in our overall costs in terms of D&C per foot over the last 12 months. And what I would tell you is, I mean, I think a lot of that we haven't seen a lot of service cost deflation over that 12-month period. And so that's largely just been driven by enhanced operational efficiencies. I think, the other thing I would note just generally and potentially uniquely to our company and our development is that we're still pretty early days in terms of the number of these Tioga, Utica wells we've drilled. And so there's still opportunity for us to get better and better.

是的，傑夫，謝謝你的提問。確實，在過去 12 個月中，我們每英尺 D&C 的整體成本有所改善。我想告訴你的是，我認為在 12 個月期間我們並沒有看到服務成本大幅下降。這很大程度上是由提高營運效率所推動的。我認為，我要指出的另一件事，總體上和可能對我們公司和我們的發展來說都是獨一無二的，那就是就我們在蒂奧加和尤蒂卡鑽探的油井數量而言，我們還處於早期階段。因此我們仍有機會變得越來越好。

And that evolution continues. We are very much focused on continuous improvement, and we'll have that mindset and culture within our business, looking to drive, continue to drive those dollar per foot cost down lower and lower, irrespective of changes in the overall service cost environment. So I'd say we're still -- we still see opportunity to get better that's just going to be driven by really, really good planning and work, particularly in our D&C teams to find ways to do more with less.

而這種演變仍在繼續。我們非常注重持續改進，我們將在我們的業務中秉持這種思維方式和文化，無論整體服務成本環境如何變化，我們都將努力推動並繼續降低每英尺的成本。所以我想說，我們仍然——我們仍然看到變得更好的機會，這只是由真正良好的規劃和工作推動的，特別是我們的 D&C 團隊，尋找用更少的資源做更多事情的方法。

Excellent. Thank you.

出色的。謝謝。

At this time, we currently have no further questions. So I'll hand back to Natalie Fischer for any further remarks.

目前，我們沒有其他問題。因此，我將把發言權交還給 Natalie Fischer，請她發表進一步的評論。

Thank you, Alex, and we'd like to thank everyone for taking the time to be with us today. A replay of this call will be available this afternoon on both our website and by telephone and will run through the close of business on Thursday, August 7. Please feel free to reach out, if you have any follow-up questions. Otherwise, we look forward to speaking with you again next quarter. Thank you, and have a nice day.

謝謝你，亞歷克斯，我們也感謝大家今天抽出時間來參加我們的節目。本次電話會議的重播將於今天下午在我們的網站和電話上提供，並將持續到 8 月 7 日星期四下班時間。如果您有任何後續問題，請隨時與我們聯繫。否則，我們期待下個季度再次與您交談。謝謝，祝您有愉快的一天。

Thank you all for joining today's call. You may now disconnect your lines.

感謝大家參加今天的電話會議。現在您可以斷開線路了。