NGL Energy Partners LP (NGL) 2026 Q2 法說會逐字稿

Welcome to the NGL Energy Partners 2Q 2026 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation, but I want you to require operator assistance during the conference. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to your host, Brad Cooper, CFO. You may begin.

歡迎參加 NGL Energy Partners 2026 年第二季財報電話會議。目前，所有參與者均處於唯讀模式。正式演講結束後將進行問答環節，但我希望您在會議期間需要操作員協助。（操作員說明）請注意，本次會議正在錄音。現在我將把會議交給主持人，財務長布拉德庫柏。你可以開始了。

Good afternoon and thank you to everyone for joining us on the call today. Our comments today will include plans, forecasts, and estimates. They are forward-looking statements under the US securities law.

下午好，感謝各位今天參加我們的電話會議。我們今天的演講將包括計劃、預測和估算。這些屬於美國證券法意義上的前瞻性陳述。

These comments are subject to assumptions, risks, and uncertainties that could cause actual results to differ from the forward-looking statements. Please take note of the cautionary language and risk factors provided in our presentation materials and our other public disclosure materials.

這些評論受到假設、風險和不確定性的影響，可能導致實際結果與前瞻性陳述有差異。請注意我們在簡報資料和其他公開揭露資料中提供的警示性語言和風險因素。

NGL had another solid quarter with record water volumes and 30% growth in Grand Mesa volumes. Consolidated adjusted EBITDA from continuing operations came in at $167.3 million in the second quarter versus $149.4 million the prior year second quarter, or approximately 12% higher.

NGL 又迎來了一個穩健的季度，水產量創歷史新高，格蘭德梅薩的產量增加了 30%。第二季持續經營業務的合併調整後 EBITDA 為 1.673 億美元，去年同期為 1.494 億美元，成長約 12%。

The increase was primarily driven by the performance of our water solutions business segment. On the heels of this strong performance in water solutions and additional growth opportunities and water solutions that Mike will speak to later, we are increasing our full year adjusted EBITDA guidance range from $615 million to $625 million to $650 million to $660 million. With this increased guidance and operating cash flow associated with this increase, we project a 0 ABL balance at the end of the fiscal year and approximately 4 times leverage. Also, in the month of October, our water solution segment has averaged over 3 million barrels per day of physical disposal volume. Doug White, EVP of our water solution segment, will be providing a water solutions update following my comments. We continue to be focused on our capital structure and remain opportunistic with how we are addressing it.

這一增長主要得益於我們水處理業務部門的良好表現。鑑於水處理解決方案業務的強勁表現，以及麥克稍後將談到的其他成長機會和水處理解決方案業務，我們將全年調整後 EBITDA 預期範圍從 6.15 億美元至 6.25 億美元提高到 6.5 億美元至 6.6 億美元。鑑於業績指引的提高以及由此帶來的經營現金流增加，我們預計本財年末資產抵押貸款餘額為 0，槓桿率約為 4 倍。此外，在 10 月份，我們的水處理解決方案部門平均每天處理超過 300 萬桶的實體處置量。在我發言之後，我們水解決方案部門的執行副總裁道格懷特將提供水解決方案的最新進展報告。我們將繼續專注於資本結構，並保持靈活應變的態度來應對這個問題。

Since April, we have purchased 88,506 units of the Class D preferred, which represents approximately 15% of the outstanding units. Based on the last Class D distribution, the Class D's purchased represent $10.4 million in annual distribution savings going forward.

自 4 月以來，我們已購買了 88,506 股 D 類優先股，約佔已發行股份的 15%。根據上次 D 類股分配情況，購買的 D 類股將在未來每年節省 1,040 萬美元的分配費用。

We have opportunistically taken advantage of the ability to reprice our term loan B as permitted in the documents. In September, we launched a repricing and reduced the SOFR margin from 375 basis points to 350 basis points. This was the second repricing of the term loan be since February 2024. When you consider the two repricing's and Fed rate cuts, we have achieved annual interest savings of $15 million on the term loan B. Under the board authorized unit repurchase plan, we have purchased an additional 4.4 million units in the quarter for a total of approximately 6.8 million units, which equates to about 5% of the outstanding units. The average price for the units repurchased since the inception of the plan is $4.57. With the additional water growth capital projects and the Class D preferred and common unit repurchases, we are demonstrating the optionality we have with our capital allocation. All three of these provide attractive returns to the partnership and our investors. Water solutions adjusted EBITDA was 151.9 million in the second quarter versus 128.9 million in the prior second quarter, an 18% increase. Physical water disposal volumes were 2.8 million barrels per day in the second quarter versus 2.68 million barrels per day in the prior year second quarter, a 4% increase. Total volumes we will pay to dispose that includes deficiency volumes were 3.15 million barrels per day in the second quarter. Versus 2.77 million barrels per day in the prior year second quarter. So total volumes we were paid to dispose were up approximately 14%, second quarter of fiscal '26 over second quarter of fiscal 2025. The increase in EBITDA was primarily driven by higher disposal revenues due to an increase in produced water volumes processed from contracted customers, as well as higher water pipeline revenue due to the Lex 2 pipeline commencing operations during the quarter ending December 31, 2024, as well as higher revenues for skim oil. The increase in skim oil revenue was due to an increase in skim oil barrels sold due to more skim oil recovered from receiving more produced water. Operating expenses for the quarter were $0.22 per barrel in line with previous quarters. Crude oil logistics suggested EBITDA was 16.6 million in the second quarter of fiscal 2026. During the quarter, physical volumes on the Grand Mesa pipeline averaged approximately 72,000 barrels per day, compared to approximately 63,000 barrels per day for the for the quarter ended September 30, 2024. When compared to our previous fiscal quarter, Grand Mesa volumes are up 17,000 barrels, or approximately 30% higher fiscal Q2 over fiscal Q1. Volumes for the fiscal third quarter were strong, with October over 80,000 barrels per day for the month. It's early in the fiscal year for the butane blending business. A bulk of their EBITDA generated for the fiscal year is occurring right now. We will have a better read on the fiscal year for this group at our next earnings call.

我們利用文件允許的重新定價定期貸款 B 的機會，採取了行動。9 月份，我們啟動了重新定價，將 SOFR 利差從 375 個基點降至 350 個基點。這是自 2024 年 2 月以來該定期貸款的第二次重新定價。考慮到兩次重新定價和聯準會降息，我們在B類定期貸款上實現了每年1500萬美元的利息節省。根據董事會批准的單位回購計劃，我們在本季度額外購買了440萬單位，總計約680萬單位，約佔未償單位的5%。自計劃啟動以來，回購單位的平均價格為 4.57 美元。透過額外的水利成長資本項目以及 D 類優先股和普通股的回購，我們正在展示我們在資本配置方面的靈活性。這三者都能為合夥企業和我們的投資者帶來可觀的回報。第二季水處理解決方案調整後 EBITDA 為 1.519 億美元，而去年同期為 1.289 億美元，成長了 18%。第二季實際污水處理量為每天 280 萬桶，而去年同期為每天 268 萬桶，成長了 4%。第二季度，我們將支付處置費用的總量（包括短缺量）為每天 315 萬桶。而上年同期為每天 277 萬桶。因此，2026 財年第二季我們收到的處置款項總額比 2025 財年第二季增加了約 14%。EBITDA 的成長主要得益於處理合約客戶生產的水量增加，從而提高了處置收入；此外，由於 Lex 2 管道在截至 2024 年 12 月 31 日的季度開始運營，水管道收入也隨之增加；以及脫脂油收入的增加。脫脂油收入的增加是由於從獲得更多的採出水中回收的脫脂油增加，從而導致脫脂油桶的銷量增加。本季營運費用為每桶0.22美元，與前幾季持平。原油物流部門預計，2026 財年第二季 EBITDA 為 1,660 萬美元。本季度，格蘭德梅薩管道的實際輸送量平均約為每天 72,000 桶，而截至 2024 年 9 月 30 日的季度，實際輸送量約為每天 63,000 桶。與我們上一個財政季度相比，格蘭德梅薩油田的產量增加了 17,000 桶，即第二財政季度比第一財政季度增長了約 30%。第三財季銷售強勁，10 月份日銷售超過 8 萬桶。丁烷混合業務的財年才剛開始。他們本財政年度產生的大部分 EBITDA 都發生在當前時期。我們將在下次財報電話會議上對該集團本財年的表現有更清晰的了解。

With that, I would like to turn the call over to our EVP of our water solution segment, Doug White.

接下來，我想把電話交給我們的水處理解決方案部門執行副總裁道格懷特。

Thank you, Brad.

謝謝你，布拉德。

This has been a year of excellent growth both volumetrically and on an adjusted EBITDA basis.

今年無論從銷售量或調整後 EBITDA 來看，都是成長強勁的一年。

With respect to water disposal volumes during this year, we have recently surpassed 3 million barrels per day of physical volumes for an entire month and over 3 million barrels per day, including deficiency barrels related to volume commitments. We have underwritten new growth capital projects for approximately 750,000 barrels per day of newly contracted volume commitments. These projects are scheduled to be placed into service by the end of this calendar year. As a result of these contracts, we now have 1.5 million barrels per day of total volume commitments going into physical 2027. These commitments have an average remaining term of almost 9 years. Regarding our Delaware Basin asset position, we now have over 5 million barrels per day of permitted injection capacity at --1,331 injection wells and 57 water processing facilities.

就今年的水處理量而言，我們最近一個月的實際日處理量超過了 300 萬桶，加上與水量承諾相關的不足量，每日處理量也超過了 300 萬桶。我們為新的成長資本項目提供了承銷服務，這些項目的新合約量約為每天 75 萬桶。這些項目計劃於今年年底前投入使用。由於這些合同，我們現在有每天 150 萬桶的總產量承諾，直至 2027 年。這些承諾的平均剩餘期限接近9年。關於我們在特拉華盆地的資產狀況，我們現在擁有超過 500 萬桶/天的許可注入能力，包括 1331 口注入井和 57 個水處理設施。

We have the largest capacity pipeline system in the Delaware Basin with more than 800 miles of pipe, including approximately 700 miles of 12 to 30 inch diameter pipelines. This is a key metric as it determines the volume of water that is able to be transported directly affecting physical volumes and reliable takeaway. With respect to permits and poor space. We have maintained a large inventory of legacy injection well permits in Texas, and this year we have increased our inventory by almost 1 million barrels per day in Andrews County, Texas, where over a year ago we secured approximately 4 million barrels per day of poor space that is unburdened by legacy injection, legacy vertical production, or seismicity. This sets us apart from our competitors, creating a moat for future growth to more than double our current Delaware Basin volumes.

我們在特拉華盆地擁有容量最大的管道系統，管道總長超過 800 英里，其中包括約 700 英里直徑為 12 至 30 英寸的管道。這是一個關鍵指標，因為它決定了能夠直接運輸的水量，從而影響實際水量和可靠的取水量。關於許可證和空間不足的問題。我們在德克薩斯州保留了大量的傳統注水井許可證，今年我們在德克薩斯州安德魯斯縣的庫存增加了近 100 萬桶/天。一年多前，我們在那裡獲得了約 400 萬桶/天的優質空間，這些空間不受傳統注水、傳統垂直生產或地震活動的影響。這使我們與競爭對手區分開來，為未來的成長創造了護城河，使我們目前的德拉瓦盆地產量翻一番以上。

In addition to strategically increasing our for space portfolio, NGL has been pioneering the effort to bring the Delaware Basin, its first large scale produced water treatment plant, through the Texas Commission on Environmental Quality TPDES permitting process. We began this effort for a treated produced water discharge permit in 2023, and as of last month, received the first draft permit issued in the state of Texas. Our permit application is for influent volumes of approximately 800,000 barrels per day, which is a material amount of produced water that can be diverted to treatment for beneficial reuse and recharging the Pecos River basin. This shows our commitment to sustaining our poor space inventory and adding an alternative disposal option for our producer customers.

除了策略性地增加我們的太空投資組合外，NGL 還率先努力使特拉華盆地（其第一個大型採出水處理廠）通過德克薩斯州環境品質委員會的 TPDES 許可程序。我們從 2023 年開始申請處理後的採出水排放許可證，截至上個月，我們收到了德州頒發的第一份許可證草案。我們的許可證申請涉及每天約 80 萬桶的進水量，這是一個相當可觀的生產水量，可以將其轉移到處理廠進行有益的再利用，並補充佩科斯河流域的水量。這表明我們致力於維持我們的不良空間庫存，並為我們的生產商客戶增加一種替代處置方案。

Yeah.

是的。

Thank you, Doug.

謝謝你，道格。

This is Mike. As you've heard from Brad and Doug, NGL is firing on all cylinders, both operationally and financially.

這是麥克。正如你從布拉德和道格那裡聽到的，NGL 在營運和財務方面都火力全開。

First, some of this may be a repeat, but I think it's important. So first, let's discuss the operations. Last 60 to 90 days we've contracted the 500,000 barrels per day of volume commitments that require in-service dates no later than December 31. Our water solutions employees have also exceeded our adjusted guidance on the base business. In addition to the new business, these two business developments have allowed us to increase our fiscal year 2025 adjusted EBITDA to a range of $650 million to $660 million with potential further increases in subsequent quarters. We began the fiscal year with modest growth expectations as reflected in our initial growth CAPEX guidance of about $60 million.

首先，其中一些內容可能會重複出現，但我認為這很重要。首先，我們來討論一下操作流程。在過去 60 到 90 天裡，我們簽訂了每天 50 萬桶的產量承諾合同，要求最遲於 12 月 31 日投入使用。我們的水處理解決方案員工也超越了我們調整後的基礎業務預期。除了新業務之外，這兩項業務發展也使我們 2025 財年的調整後 EBITDA 達到 6.5 億美元至 6.6 億美元，並且在接下來的幾個季度中還有可能進一步增長。本財年開始時，我們對成長的預期較為溫和，最初的成長資本支出指引約為 6,000 萬美元。

The increase in contract volume requires an additional $100 million of growth capbacks, which we are pleased to spend. The majority of adjusted EBITDA will be generated in fiscal 2027 from these new projects. So, we are providing initial fiscal 2027 adjusted EBITDA guidance of at least $700 million. So, there'll be more to come to that.

合約量的增加需要額外1億美元的成長資金，我們很樂意投入這筆資金。2027 財年，大部分調整後的 EBITDA 將來自這些新項目。因此，我們初步給出的 2027 財年調整後 EBITDA 預期至少為 7 億美元。所以，這方面還會有更多進展。

As we progress through this year, I would like to congratulate the entire water solutions team led by Doug White and Christian Holcomb on their strong operational performance and positioning the business to capture new incremental business driven by the confidence producers have in NGL Water Solutions as the most reliable operator with the largest integrated water disposal network in the Delaware Basin.

今年以來，我要祝賀由 Doug White 和 Christian Holcomb 領導的整個水解決方案團隊，他們表現出色，運營穩健，並憑藉生產商對 NGL 水解決方案的信心，成功拓展了業務，成為特拉華盆地最大的綜合水處理網絡中最可靠的運營商。

Next, I believe there's been some misinformation and literature published recently, so I would like our unit holders to know that your NGL generates the most adjusted EBIDTA annually of any water company, transports the greatest volume of water for disposal of any water company, has the largest volume of water under volume commitments of any water company, operates its water business with the lowest cost per barrel of any water company. Provides the most capacity to move water predominantly through the pipes 12 to 30 inches.

其次，我認為最近出現了一些錯誤訊息和文獻，所以我想讓我們的單位持有人知道，貴公司的 NGL 每年產生的調整後 EBITDA 是所有水務公司中最高的，輸送用於處置的水量是所有水務公司中最多的，擁有所有水務公司中最大的水量承諾，並且其水務業務的每桶成本是所有水務公司中最低的。能夠為直徑 12 至 30 英吋的管道提供最大的輸水能力。

That Doug mentioned of any water company and has millions of barrels of floor space, as Doug stated.

正如道格所說，任何一家水務公司都擁有數百萬桶的佔地面積。

We are not waiting until calendar '26, '27, or later to grow. Our growth is here today. Approximately 10% in fiscal '26, and another 10% estimated next year. So, let's jump to our long-term corporate strategy, and where we came from and where we sit today. So several years ago we were saddled with leverage above 4.75 times and a dividend arrears obligation that we needed to repay. So our first initiative was to remedy this situation, so we began identifying excess and idle assets that we sold.

我們不會等到 2026 年、2027 年或更晚才開始發展。我們今天的成長就是最好的證明。2026 財年約佔 10%，預計明年將佔 10%。那麼，讓我們直接進入長期企業策略，回顧一下我們從何而來，又走到了今天。幾年前，我們背負著超過 4.75 倍的槓桿，並且還有一筆需要償還的拖欠股息。因此，我們的首要舉措就是糾正這種情況，於是我們開始尋找多餘的閒置資產並將其出售。

Next, we sold our crude oil trucking marine divisions at very attract multiples. These were not businesses that provided a real competitive advantage or we could grow.

接下來，我們以非常誘人的倍數出售了我們的原油運輸海運部門。這些業務並不能提供真正的競爭優勢，也無法讓我們成長。

Then we sold the majority of our liquids logistics business that was the most volatile business in terms of adjusted EBITDA that fluctuated quite a bit from year to year. Not a great asset for an MLP.

然後我們出售了大部分液體物流業務，該業務是調整後 EBITDA 波動最大的業務，每年波動幅度都相當大。對於MLP（主有限合夥企業）而言，這不是一項很好的資產。

Finally, we sold our New Mexico ranches. All of this cash allowed us to eliminate the dividend arrearage and reduce leverage. So our next target were the Class D preferred units. As you've heard, we've redeemed 88,000 shares of them at this time, with more anticipated in the coming quarters. Under the terms of the PREF, we must redeem them in $50 million dollar tranches unless offered to us in small amounts. Each redemption or purchase should be accretive to our common unit holders. With the increase in adjusted EBITDA. we are deleveraging, which provides greater flexibility to finance our growth capital to attack the capital structure and purchase common units simultaneously. We believe our common purchases thus far have been an excellent investment by the partnership. In terms of valuation, we are seeing the market reward pure play water companies. We have been simplifying our business and focusing on the water business and providing substantial growth capital to this division. We anticipate becoming more and more a pure play water company as our adjusted EBITDA from water operations continues to grow. Our finance group led by Brad Cooper has done an outstanding job financing NGL and managing these equity purchases while reducing interest expense when the opportunity -- prevents itself. They are also reducing corporate overhead, not taking their eye off the ball, even in the good times. So finally, Barring a negative macro event, I believe we're in the final leg of our journey to finish strengthening balance sheet by limiting Class Ds and decreasing leverage to less than 4 times.

最後，我們賣掉了我們在新墨西哥州的牧場。所有這些現金使我們能夠消除拖欠的股息並降低槓桿率。因此，我們的下一個目標是D類優選單位。正如你們所聽到的，我們目前已經贖回了 88,000 股，預計未來幾季還會贖回更多。根據 PREF 的條款，除非有人向我們提供小額贖回，否則我們必須分批贖回，每次贖回 5000 萬美元。每一次贖回或購買都應該使我們的普通股持有人受益。隨著調整後 EBITDA 的成長，我們正在降低槓桿率，這為我們提供了更大的靈活性，可以同時為我們的成長資本融資，從而改善資本結構併購買普通股。我們相信，迄今為止，我們共同進行的採購對合夥企業來說都是一項極好的投資。從估值角度來看，我們看到市場對純粹的水務公司給予了更高的回報。我們一直在簡化業務，專注於水務業務，並為該部門提供大量成長資金。隨著水務業務調整後 EBITDA 的持續成長，我們預計公司將越來越成為純粹的水務公司。由 Brad Cooper 領導的財務團隊在為 NGL 提供融資和管理這些股權收購方面做得非常出色，同時在機會出現時降低了利息支出。他們也在削減公司開支，即使在情況好的時候也沒有放鬆警戒。最後，除非發生不利的宏觀事件，我相信我們即將完成加強資產負債表的最後階段，我們將透過限制 D 類債務並將槓桿率降低到 4 倍以下來實現這一目標。

After that, anything is possible.

在那之後，一切都有可能。

Thank you. Question.

謝謝。問題。

Thank you. At this time, we will be conducting a question-and-answer session. (Operator Instructions)

謝謝。屆時我們將進行問答環節。（操作說明）

First question comes from Derek Whitfield, Texas Capital. Please proceed.

第一個問題來自德州資本公司的德里克·惠特菲爾德。請繼續。

Well, good afternoon and congrats on a solid quarter and update guys.

下午好，恭喜各位季度業績出色，並附上最新進度報告。

Thank you.

謝謝。

Thanks. Start, starting.

謝謝。開始，開始。

With the growth opportunities you're highlighting, as you guys know and. (inaudible)

正如你們所強調的，這些成長機會非常重要。（聽不清楚）

We are holes in the Delaware water kind of backdrop if you will.

如果你願意的話，我們可以把我們比喻為特拉華州水域上的一個洞。

Having said that, I would love if you could maybe just offer some color to the macro, micro events that's leading to this increase in activity from a customer acquisition perspective since your last update.

話雖如此，如果您能從客戶獲取的角度，對自上次更新以來導致活動量增加的宏觀和微觀事件進行一些詳細說明，那就太好了。

Is it fair to assume that you guys are picking up some opportunities now that Eris has been acquired by WES?

鑑於 Eris 已被 WES 收購，是否可以認為你們正在抓住一些機會？

Doug.

道格。

I'll take that. Yes, this is Doug.

我接受。是的，這是道格。

Thanks.

謝謝。

Where we see a lot of our growth is in our base customer mix, as many of you know, the larger producers have really been segmented mostly between the few different larger water midstream groups. Some of us have split some of the business between the super majors, but we also have large, very large customers that are mostly dedicated, to our system. We're really seeing from a macro perspective, the immense growth and commitment to growth from the, our larger customers. I think that speaks a lot to the maturation of the all infrastructure, including pipeline type takeaway, gas takeaway, but also in field processing, power availability, etc.

我們看到成長主要體現在我們基礎客戶群的組成上，正如你們許多人所知，大型生產商實際上主要分散在少數幾個不同的大型水務中游集團之間。我們中的一些人已經將部分業務分給了超級大公司，但我們也有一些非常大的客戶，他們大多是我們的忠實客戶。從宏觀角度來看，我們確實看到了大客戶的巨大成長和對成長的堅定承諾。我認為這充分說明了所有基礎設施的成熟，​​包括管道輸送、天然氣輸送，以及現場處理、電力供應等。

The efficiencies have been created. Within the basin have really shown to make them more economic, and we're just seeing a greater dependence on focus on economics that's creating lower econs on the cost side that really led to more development.

效率已經提高。盆地內的這些措施確實使其更具經濟效益，我們看到人們對經濟效益的關注度越來越高，這降低了成本方面的經濟效益，從而真正促進了更多的發展。

Perfect. And then maybe shifting over to core space, to your 0.4 million barrels of floor space in Andrews County is a tremendous amount of growth opportunity for you guys and not suggesting you're going to spend all the capital at once, but if you were to think about the amount of capital required to access that floor space, could you help frame that?

完美的。然後，或許可以考慮將業務轉移到核心空間，例如你們在安德魯斯縣的 40 萬桶儲罐空間，這對你們來說是一個巨大的成長機會。我並不是說你們會一次投入所有資金，但如果你們考慮一下獲得這些儲罐空間所需的資金量，能否幫我估算一下？

Sure, much like LEX, the LEX system.

當然，就像 LEX 系統一樣。

We see continued growth on the pipeline side out of New Mexico to our horse base in Andrews County. Those projects, those range in the $50 million to $150 million dollar project. Much of that includes infrastructure development on the power side, also anything around just the general development of disposal facilities. And the injection wells themselves. So, as we access that, we expect to pace that over several years' time, of course. I think the important item to note on that topic is we have secured the force base and is excellent for space, as I mentioned, unburdened by seismicity, existing injection, legacy vertical production. That, that's really important. And then as we continue to grow along with our customers, we'll layer in the capital side of things in order to respond to new deals.

我們看到從新墨西哥州到我們在安德魯斯縣的馬匹基地的管道運輸量持續增長。這些項目，其金額從 5000 萬美元到 1.5 億美元不等。其中大部分包括電力方面的基礎設施建設，以及與垃圾處理設施的總體建設相關的任何事項。還有註水井本身。所以，當我們著手獲取這些資訊時，我們當然希望這個過程能持續幾年。我認為關於這個主題需要注意的重要一點是，我們已經確保了力量基礎，而且正如我所提到的，它非常適合太空，不受地震活動、現有註水和傳統垂直生產的影響。這一點，這一點真的很重要。然後，隨著我們與客戶共同成長，我們將逐步增加資本投入，以應對新的交易。

Perfect. And one last if I could just with the increase in growth capital this year, is that largely just for drilling SWD wells?

完美的。最後，如果可以的話，我想問一下，今年成長資本的增加主要是用於鑽探SWD井嗎？

Brad, do you want to answer that?

布拉德，你想回答這個問題嗎？

Go ahead, Doug.

請便，道格。

Okay, so with our growth projects that we mentioned, you'll notice that we increased the capital spend from $50 million to $150 million or $160 million, not sure the exact number there, but that addition of the $100 million of capital is all growth related to the water side of the business.

好的，正如我們之前提到的成長項目，你會注意到我們將資本支出從 5000 萬美元增加到 1.5 億美元或 1.6 億美元，具體數字我不太確定，但這新增的 1 億美元資本全部用於與水務業務相關的增長。

Hey Doug, how many of SWDs.

嘿，道格，有多少個短管殺傷員？

Just give us some because you have saved these permits for many years, which is why Competitors don't necessarily see us applying for permits because we have so many, but is it?

給我們一些吧，因為你們已經把這些許可證存了很多年了，所以競爭對手不一定看到我們申請許可證，因為我們有很多，但真的是這樣嗎？

10? 15?

10？15？

We have 35 to 45 legacy permits.

我們有 35 到 45 個遺留許可證。

We, we're in the process of drilling, 15 to 20 new drills this this fiscal year.

我們正在進行鑽探作業，本財年將進行 15 至 20 個新的鑽井作業。

Okay.

好的。

Alright, well, terrific [Keller got] congrats on the and update. (inaudible)

好的，太棒了[Keller]，恭喜你並更新了訊息。（聽不清楚）

Thanks, Derek. Thank you.

謝謝你，德里克。謝謝。

We have reached the end of the question-and-answer session, and I will now turn the call over to Brad Cooper for closing remarks.

問答環節到此結束，現在我將把電話交給布拉德·庫珀，請他作總結發言。

Yeah, thank you everyone for joining us today. Have a safe end of the year and we'll talk to you guys' early next year.

是的，謝謝大家今天收看。祝大家平安度過年底，我們明年年初再見。

Thank you. This concludes today's conference, and you may disconnect your lines at this time.

謝謝。今天的會議到此結束，您可以斷開線路了。

Thank you for your participation.

感謝您的參與。