Northern Oil and Gas Inc (NOG) 2025 Q2 法說會逐字稿

Greeting, and welcome to the NOG's second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It's my pleasure to introduce your host, Evelyn Infurna, Vice President, Investor Relations. Thank you. You may begin.

您好，歡迎參加 NOG 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。我很高興向大家介紹主持人、投資者關係副總裁 Evelyn Infurna。謝謝。你可以開始了。

Good morning. Welcome to NOG's second quarter 2025 earnings conference call. Yesterday, after the close, we released our financial results. You can access our earnings release and presentation in the Investor Relations section of our website at noginc.com, who will be filing our June 30, 10-Q with the SEC within the next few days. I'm joined this morning by our Chief Executive Officer, Nick O'Grady; our President; Adam Dirlam; our Chief Financial Officer, Chad Allen; and our Chief Technical Officer, Jim Evans.

早安.歡迎參加 NOG 2025 年第二季財報電話會議。昨天收盤後，我們公佈了財務表現。您可以在我們網站 noginc.com 的投資者關係部分存取我們的收益報告和簡報，我們將在未來幾天內向美國證券交易委員會 (SEC) 提交 6 月 30 日的 10-Q 報告。今天早上與我一起出席的還有我們的執行長尼克·奧格雷迪 (Nick O'Grady)、我們的總裁亞當·迪拉姆 (Adam Dirlam)、我們的首席財務官查德·艾倫 (Chad Allen) 和我們的首席技術官吉姆·埃文斯 (Jim Evans)。

Our agenda for today's call is as follows, Nick will provide introductory remarks followed by Adam, who will share an overview of NOG's operations and business development activities, and Chad will review our financial results.

我們今天電話會議的議程如下，尼克將提供介紹性發言，隨後亞當將概述 NOG 的營運和業務發展活動，查德將審查我們的財務結果。

After our prepared remarks, the team, including Jim will be available to answer any questions. Before we begin, let me remind you of our safe harbor language. Please be advised that our remarks today, including the answers to your questions, may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from the expectations contemplated by our forward-looking statements.

在我們準備好發言之後，包括吉姆在內的團隊將回答任何問題。在我們開始之前，請允許我提醒您我們的安全港語言。請注意，我們今天的評論（包括對您的問題的回答）可能包含《私人證券訴訟改革法案》所定義的前瞻性陳述。這些前瞻性陳述受風險和不確定性的影響，可能導致實際結果與我們的前瞻性陳述所設想的預期有重大差異。

Those risks include, among others, matters that have been described in our earnings release as well as in our filings with the SEC, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. We disclaim any obligation to update these forward-looking statements. During today's call, we may discuss certain non-GAAP financial measures, including adjusted EBITDA, adjusted net income and free cash flow. Reconciliations of these measures to the closest GAAP measures can be found in our earnings release. With that, I'll turn the call over to Nick.

這些風險包括我們在收益報告以及向美國證券交易委員會提交的文件中所述的事項，包括我們的 10-K 表年度報告和 10-Q 表季度報告。我們不承擔更新這些前瞻性聲明的任何義務。在今天的電話會議中，我們可能會討論某些非公認會計準則財務指標，包括調整後的 EBITDA、調整後的淨收入和自由現金流。在我們的收益報告中可以找到這些指標與最接近的 GAAP 指標的對帳。說完這些，我會把電話轉給尼克。

Thanks, Evelyn. Welcome, and good morning, everyone, and thank you for your interest in our company. As usual, I'll give some highlights on our outlook in five key points. Number one, resiliency. NOG's business model is proving its resiliency every day.

謝謝，伊芙琳。歡迎大家，早安，感謝大家對我們公司的關注。像往常一樣，我將從五個重點來強調我們的展望。第一，彈性。NOG 的商業模式每天都在證明其彈性。

We've built a solid business that embodies a number of tenets, diversity, scale and risk optimization that consistently drives results. Our Uinta and Appalachian Basins are and will continue to be strong contributors as the Williston moderates during a period of lower prices.

我們已經建立了穩固的業務，體現了一系列原則、多樣性、規模和風險優化，這些原則不斷推動業績的成長。隨著威利斯頓河在價格較低時期趨於緩和，我們的尤因塔盆地和阿巴拉契亞盆地現在和將來都將是強有力的貢獻者。

Our commodity mix of oil and gas positions us to benefit or offset weakness in either or strength in both, and our conservative and disciplined approach to investing as well as downside protection supports our cash flow in the near term through hedging.

我們的石油和天然氣商品組合使我們能夠從中受益或抵消其中一種商品的弱點或兩種商品的優勢，而我們保守而嚴謹的投資方式以及下行保護通過對沖支持我們短期內的現金流。

And as we look through oil price cycles and take a longer-term risk-managed view as to how and where to deploy our capital. Our business activity continues to be solid with the D&C list building substantially this quarter as we have seen overall stable drilling activity on our lands.

當我們回顧石油價格週期，並從長期風險管理的角度來考慮如何以及在何處部署我們的資本。由於我們看到土地上的鑽探活動總體穩定，本季我們的業務活動持續保持穩健，D&C 清單大幅增加。

As I have said before and we'll reiterate now, our goal is to make money for investors, and we believe that our diverse portfolio of holdings will be a relative outperformer given the number of levers we have at our disposal.

正如我之前所說，我們現在重申，我們的目標是為投資者賺錢，我們相信，考慮到我們掌握的槓桿數量，我們多元化的投資組合將表現相對較好。

Number two, drilling versus acquiring organic, versus inorganic, the how and the why. In a period of flux for oil prices, it is a unique time for our model and the decisions we make. Many companies continue to modestly grow their volumes and continue to march forward even as price is signaling to do something else. I want to be clear that our tactics will likely differ depending on the commodity outlook.

第二，鑽探與取得有機物，與取得無機物，以及如何取得以及為何取得。在油價波動的時期，對於我們的模型和所做的決定來說，這是一個獨特的時期。儘管價格顯示出採取其他行動的跡象，但許多公司仍繼續適度增加產量並繼續向前邁進。我想明確指出的是，我們的策略可能會根據商品前景而有所不同。

We always tell investors that growth is the output of return-based decisions, not a front-end decision for our company. As prices have retracted, our view is that growth capital is better preserved for higher returns in the future at better prices or if spent today on acquisitions.

我們總是告訴投資者，成長是基於回報的決策的產出，而不是我們公司的前端決策。隨著價格回落，我們認為，最好保留成長資本，以便將來以更優惠的價格獲得更高的回報，或者如果今天用於收購。

Upwards of 80% of a well's return is delivered in the first year of its life. And acquisition, on the other hand, typically delivers its return over four to seven years. Drilling, while generally higher return in the short term is inherently riskier in this volatile price environment.

油井 80% 以上的收益是在其投產的第一年實現的。另一方面，收購通常會在四到七年內帶來回報。鑽井雖然在短期內通常能帶來較高的回報，但在這種動盪的價格環境下，風險本身就更大。

With acquisitions, we benefit in multiple ways, long-term upside convexity and the resiliency to the long-term return profile. This is the driving logic to our reduced near-term spending. To the extent we do spend additional capital, it will be through discretionary capital outlays through acquiring stable production and inventory. That inventory and production will have the aforementioned convexity of future prices. So we retain the option of ramping activity if the environment changes.

透過收購，我們可以獲得多方面利益，包括長期上行凸度和長期回報狀況的彈性。這是我們減少近期支出的驅動邏輯。如果我們確實花費了額外的資本，那麼我們將透過獲得穩定的生產和庫存來自由支配資本支出。庫存和產量將具有上述未來價格的凸性。因此，如果環境發生變化，我們保留增加活動的選擇。

Remember, the oil is still there on the ground and will adapt quickly. Number three, whatever the price of oil cash flow continues. We generated over $126 million in free cash flow this quarter, plus we have another nearly $50 million pending from a recent legal settlement.

請記住，石油仍然存在於地面上並且很快就會消失。第三，無論石油價格如何，現金流都會持續。本季我們產生了超過 1.26 億美元的自由現金流，另外，我們還有近 5,000 萬美元的現金流因最近的法律和解而尚未兌現。

Our debt balance has changed little since last quarter, mostly a function of the closing of our recent Midland acquisition, changes to working capital and the mechanics of our convert tack-on and simultaneous stock buyback. But the business itself through a very weak period of oil prices continues to shine while production has remained resilient and our careful risk management shines through.

我們的債務餘額自上個季度以來幾乎沒有變化，主要是由於我們最近完成對米德蘭的收購、營運資本的變化以及我們的轉換附加和同時股票回購的機制。但在油價非常疲軟的時期，業務本身繼續表現亮眼，生產保持彈性，我們謹慎的風險管理也同樣出色。

This is in spite of a significant amount of price-related shut-ins from price-sensitive operators and other deferments that are typical in a lower price environment. While not always the most popular, these decisions by our operators have proven time and time again to be value enhancing through patiently waiting out the cycles.

儘管大量對價格敏感的業者因價格原因停產，且在低價環境下還出現其他常見的延期情況，但情況仍然如此。雖然這些決定並不總是最受歡迎的，但我們的營運商做出的這些決定已經一次又一次地證明，透過耐心等待週期，它們可以提高價值。

With that said, the ground game is providing compelling offset opportunities, which brings me to my next point. Number four, ground game success. As I've mentioned in the past several quarters, the term ground game means many things from raw, unbound acreage to drill-ready projects and our competitiveness in all of these categories ebbs and flows at times.

話雖如此，地面比賽提供了令人信服的抵消機會，這讓我想到了下一點。第四，地面比賽成功。正如我在過去幾季中提到的那樣，「地面遊戲」一詞意味著很多東西，從原始的、不受約束的土地到準備鑽探的項目，我們在所有這些類別中的競爭力有時會起伏不定。

Our discipline means we evaluate across basins, structures and commodity type, depending on the returns and opportunity. In the past year, we focused particularly on acreage as it's become a lost art to take longer-dated positions on undeveloped acreage, and the results have been stellar.

我們的紀律意味著我們根據回報和機會對盆地、結構和商品類型進行評估。在過去的一年裡，我們特別關注土地使用權，因為對未開發土地採取長期投資已成為一門失傳的藝術，而且結果非常出色。

We've seen large portions of our acreage in the Uinta become unitized rapidly. And in short order, we're seeing our concentrated working interest getting well proposals on those lands. And in the second quarter with the weakness in oil all portions of the ground game saw more success across each of our active basins.

我們已經看到尤因塔的大部分土地正在迅速實現單元化。很快，我們就看到我們集中的工作興趣在這些土地上獲得了良好的提案。而在第二季度，由於石油價格疲軟，我們各個活躍盆地的地面活動各個部分都取得了更大的成功。

If we see further weakness in the oil markets in the later innings of 2025, expect to see even further success for us in this arena as that's when we tend to have the most traction. Number five, with great power comes great responsibility. As the largest and best capitalized nonoperator, we have found ourselves uniquely situated by being involved in most major M&A processes that are going on in the marketplace today.

如果我們看到 2025 年後期石油市場進一步疲軟，那麼我們有望在這一領域取得進一步的成功，因為那時我們往往擁有最大的吸引力。第五，能力越大，責任越大。作為規模最大、資本最雄厚的非營運商，我們發現自己具有獨特的優勢，可以參與當今市場上大多數主要的併購過程。

This is being driven by the breadth of our capabilities, our reputation in the marketplace and the increasing need for our capital. I mentioned the difference between drilling for returns versus acquiring and our view that ultimately, from a long-term perspective, acquiring today has the best future potential.

這是由我們的能力廣度、我們在市場上的聲譽以及對我們資本日益增長的需求所推動的。我提到了鑽探回報與收購之間的區別，以及我們的觀點，即從長遠來看，今天的收購最終具有最佳的未來潛力。

I'm pleased to note that our backlog of potential acquisitions from bolt-ons to truly transform -- transformational transactions is at an all-time peak both in value and in many cases, impacting quality. These potential transactions cover almost every structure, basin of operation and variance of scale. Should we be successful on our terms, these opportunities could be highly beneficial to our stakeholders on almost every measure.

我很高興地註意到，我們積壓的潛在收購（從附加交易到真正的轉型交易）在價值上達到了歷史最高水平，並且在許多情況下影響了品質。這些潛在交易幾乎涵蓋了所有結構、作業範圍和規模變化。如果我們按照自己的方式取得成功，這些機會幾乎在各個方面都會為我們的利害關係人帶來極大利益。

As I'll remind you, every transaction goes through incredible rigor and scrutiny here at NOG, not to mention our low level of actual conversion success rate. That being said, we are working hard to find value-accretive ways to continue to drive our business forward, and I'm highly confident that we'll find meaningful ways to do so this year and beyond.

我要提醒您的是，NOG 的每筆交易都要經過極其嚴格的審查，更不用說我們實際轉換成功率很低了。話雖如此，我們正在努力尋找增值的方式來繼續推動我們的業務向前發展，我非常有信心，我們將在今年及以後找到有意義的方式。

NOG's Q2 results highlight the flexibility of the business model and our returns-based philosophy. These factors have translated into significant cash flow generation and excellent capital efficiency over time. While overall growth dynamics have slowed in US shale, we are hard at work to find accretive opportunities for our stakeholders and believe we can deliver over the long term. Let me be absolutely clear.

NOG 第二季的業績凸顯了其商業模式的靈活性和基於回報的理念。隨著時間的推移，這些因素轉化為大量的現金流和出色的資本效率。儘管美國頁岩氣的整體成長動能已經放緩，但我們仍在努力為利害關係人尋找增值機會，並相信我們能夠實現長期目標。讓我把話說得非常清楚。

As it pertains to 2026 and beyond, our goal is to maximize returns for our investors and find the optimal path to differentiated growth in value. And we have incredible opportunities to do so beyond just our drilling capital but we will allocate our capital in the way that creates the most value for our investors.

對於 2026 年及以後而言，我們的目標是為投資者實現回報最大化，並找到實現價值差異化成長的最佳途徑。除了鑽井資本之外，我們還有令人難以置信的機會來實現這一目標，但我們將以給投資者創造最大價值的方式分配我們的資本。

We remain focused on the same simple tenets, which is to grow our profits on a per share basis and build scale for our investors, all the while focusing on strong returns on capital and keeping a strong balance sheet. I often mention that NOG is different. We are different in so many ways.

我們始終專注於相同的簡單原則，即增加每股利潤並為我們的投資者擴大規模，同時專注於強勁的資本回報並保持強勁的資產負債表。我經常提到 NOG 與眾不同。我們在很多方面都不同。

But I think we're most different in that we do things almost exclusively focused on long-term thinking, on long-term value creation through cycle, sometimes these measures may differ from our peers but seizing on market opportunities will ultimately drive more value in the end. Thank you again for listening and your continued interest in our company. Adam?

但我認為我們最大的不同之處在於，我們所做的事情幾乎只注重長期思考，注重透過週期創造長期價值，有時這些措施可能與我們的同行不同，但抓住市場機會最終將帶來更多價值。再次感謝您的聆聽以及對我們公司的持續關注。亞當？

Thank you, Nick. Operationally, the second quarter finished as expected, even in the face of continued commodity price volatility. Our operating partners have, for the most part, maintain their development cadence with the exception of a few operators in the Williston who have pulled back.

謝謝你，尼克。從營運角度來看，儘管大宗商品價格持續波動，但第二季的業績仍符合預期。我們的營運合作夥伴大部分都保持了他們的開發節奏，除了威利斯頓的少數運營商退出之外。

As a result, we saw one net well deferred in approximately 3,800 barrels per day shut-in due to pricing pressure from a single operator. Notwithstanding the deferrals and shut-ins, current Williston results continue to outperform internal estimates and well productivity is appreciably higher compared to 2024 TILs.

結果，由於單一業者的價格壓力，我們看到一口井的淨產量被推遲，每天約有 3,800 桶的產量被關閉。儘管存在延期和停產，威利斯頓目前的業績仍然超出內部預期，油井產能與 2024 年 TIL 相比明顯更高。

While we've seen some expected IP dates pushed out as operators take a more cautious stance on bringing wells online, overall activity levels across our core basins remain robust. The Permian held steady, while both the Uinta and Appalachia saw the anticipated uptick in drilling activity.

雖然由於營運商對油井投產採取了更加謹慎的態度，我們看到一些預期的 IP 日期被推遲，但我們核心盆地的整體活動水平仍然強勁。二疊紀盆地維持穩定，而尤因塔盆地和阿巴拉契亞盆地的鑽探活動則如預期上升。

In the Uinta, we spud 4.8 net wells during the quarter, up from 1.4 net wells in Q1. Meanwhile, our joint development program in Appalachia is now in full swing. Wells were spud on time and on budget and with both programs, wells are performing consistent with internal expectations.

在尤因塔，我們本季鑽探了 4.8 口淨井，高於第一季的 1.4 口淨井。同時，我們在阿巴拉契亞地區的聯合開發計畫目前正全面展開。油井按時、按預算開鑽，並且透過這兩個項目，油井的表現與內部預期一致。

We're encouraged by the execution we're seeing across the board. Despite modest deferrals on the TILs front, drilling and AFE activity remained strong. The Permian, Uinta and Appalachia now account for 80% of our wells in process, which totaled 53.2 net wells at quarter end.

我們看到的全面執行情況令我們感到鼓舞。儘管 TIL 方面略有延期，但鑽探和 AFE 活動仍然強勁。目前，二疊紀、尤因塔和阿巴拉契亞地區在建油井占到我們在建油井的 80%，本季末淨油井總數達到 53.2 口。

That represents a 70% increase in drilling activity quarter-over-quarter with 27.1 net wells added to the D&C list in Q2. This drove a net build of 14.3 net wells, with the Permian contributing roughly half of the total wells in process and 60% of the oil-weighted wells in process.

這意味著鑽井活動季增了 70%，第二季鑽井和修井清單上增加了 27.1 口淨井。這帶動了 14.3 口淨井的建設，其中二疊紀佔了總在建井數的約一半，以及石油加權在建井數的 60%。

We also see a continued push for improvement in capital efficiency. Normalized well costs on our D&C list are now averaging approximately $800 per lateral foot and our oil-weighted basins saw cost decline 6% sequentially on a normalized basis.

我們也看到資本效率的持續提高。我們的 D&C 清單上的標準化井成本目前平均為每水平英尺約 800 美元，而我們的石油加權盆地的成本按標準化方式連續下降 6%。

This reflects both longer laterals and exposure to some of the most efficient operators in our basins. Turning to well elections. We've seen a retreat to the core with estimated EURs up quarter-over-quarter, and as a result, our election percentage has remained elevated at 95-plus percent.

這不僅反映了更長的水平段，也反映了我們盆地中一些最高效的運營商的參與。轉向良好的選舉。我們看到了核心的回落，預計歐元將逐季上漲，因此，我們的選舉率仍然保持在 95% 以上的高點。

Quarterly net AFE elections also increased sequentially along with over a 50% increase in activity relative to 2024's quarterly average. As always, we remain highly selective and continue to stress test all elections against conservative price decks to ensure resilience in a lower-for-longer environment. Looking ahead, we expect to see more of the same from our operating partners as we move into the back half of the year.

季度淨 AFE 選舉數量也較上季增加，與 2024 年季度平均值相比，活動量增加了 50% 以上。像往常一樣，我們保持高度選擇性，並繼續根據保守的價格體系對所有選舉進行壓力測試，以確保在長期低迷的環境中保持韌性。展望未來，隨著進入下半年，我們預計我們的營運合作夥伴將有更多類似的表現。

Relative to Q2, we see a slight increase to TILs in Q3 before ramping through Q4 as the Permian and Appalachia increased completions compared to the first half of the year. Similar to anticipated TILs, we expect the Permian and Appalachia to drive the bulk of our drilling in the back half of the year while seeing the Williston slowdown absent a change in commodity pricing.

相對於第二季度，我們看到第三季度的 TIL 數量略有增加，然後在第四季度大幅增加，因為二疊紀和阿巴拉契亞地區的完井數量與上半年相比有所增加。與預期的 TIL 類似，我們預計二疊紀和阿巴拉契亞將推動我們下半年的大部分鑽探，如果大宗商品價格沒有變化，威利斯頓的鑽探活動將放緩。

On the business development front, we are seeing an accelerating number of opportunities and have been able to take advantage of the downward pressure on commodities to capitalize on ground game opportunities across all of our basins. In the second quarter alone, we reviewed over 170 transactions, over a 40% increase relative to the first quarter.

在業務發展方面，我們看到了越來越多的機遇，並且能夠利用大宗商品的下行壓力來利用我們所有盆地的地面遊戲機會。僅在第二季度，我們就審查了超過 170 筆交易，比第一季增加了 40% 以上。

In addition to closing our previously announced Upton County acquisition, we closed 22 transactions, up from seven deals in the first quarter for a total of 4.8 net wells and over 2,600 net acres across all of our respective basins.

除了完成先前宣布的厄普頓縣收購之外，我們還完成了 22 筆交易，高於第一季的 7 筆交易，共計涉及各自盆地的 4.8 口淨井和超過 2,600 英畝淨土地。

Our approach remains the same, targeting both near-term drilling opportunities as well as long-dated inventory. We're finding creative ways to put things together, whether through smaller joint development agreements in the Permian, acreage trades and farm-outs as well as old-fashioned leasing efforts.

我們的方法保持不變，既瞄準近期鑽探機會，也瞄準長期庫存。我們正在尋找創意的方法來整合一切，無論是透過二疊紀的小型聯合開發協議、土地交易和農場轉讓，還是傳統的租賃方式。

Regarding larger scale M&A, there has been an increase in gas-related opportunities entering the market alongside assets that have become available as commodity volatility has decreased. Currently, more than 10 ongoing processes are being assessed with a combined value exceeding $8 billion and additional opportunities are anticipated.

對於更大規模的併購而言，隨著大宗商品波動性的降低，進入市場的天然氣相關機會以及可用的資產也增加。目前，正在評估 10 多個正在進行的流程，總價值超過 80 億美元，預計會有更多機會。

As the largest non-operator of scale, we are having more strategic bilateral conversations, and we're optimistic that our flexible model and strong balance sheet position us well to capitalize in this environment. As always, we remain focused on total returns, disciplined capital allocation and leveraging the advantages of our non-operated model to navigate the current environment. With that, I'll turn it over to Chad.

作為規模最大的非營運商，我們正在進行更具策略性的雙邊對話，我們樂觀地認為，我們靈活的模式和強大的資產負債表使我們能夠在這種環境中獲得良好的收益。像往常一樣，我們仍然專注於總回報、嚴格的資本配置以及利用非營運模式的優勢來應對當前環境。說完這些，我就把發言權交給查德。

Thanks, Adam. NOG delivered another solid quarter against the noisy macro backdrop. Second quarter total average daily production was approximately 134,000 BOE per day, up 9% versus Q2 of 2024 and in line on a sequential quarter basis.

謝謝，亞當。在動盪的宏觀背景下，NOG 又取得了穩健的季度業績。第二季總平均日產量約為 134,000 桶油當量，較 2024 年第二季成長 9%，與上一季持平。

Oil production was approximately 77,000 barrels of oil per day, up 10.5% from Q2 of 2024 and down 2% sequentially, largely due to lower activity in the Williston. The Uinta turned in another strong contribution with volumes up 18.5% sequentially.

石油產量約為每天 77,000 桶，比 2024 年第二季增加 10.5%，比上一季下降 2%，主要原因是威利斯頓的活動減少。尤因塔 (Uinta) 再次做出強勁貢獻，貨運量較上季成長 18.5%。

Gas production continues to ramp. The first batch of wells from our Appalachian JV are online and started to contribute to volumes in the back half of the quarter. Overall, we had record gas volumes of approximately 343 mmcf per day. Adjusted EBITDA in the quarter was $440.4 million including the impact of a legal settlement of approximately $48.6 million. Free cash flow, excluding the legal settlement, was approximately $126 million, marking our 22nd consecutive quarter of positive free cash flow, exceeding $1.8 billion over that time period.

天然氣產量持續增加。我們的阿巴拉契亞合資公司的第一批油井已投入使用，並在本季後半段開始貢獻產量。總體而言，我們的天然氣產量創下了每天約 343 百萬立方英尺的紀錄。本季調整後的 EBITDA 為 4.404 億美元，其中包括約 4,860 萬美元的法律和解影響。不包括法律和解金的自由現金流約為 1.26 億美元，這標誌著我們連續第 22 個季度實現正自由現金流，在此期間超過 18 億美元。

Total differentials averaged $5.31 per barrel, excluding certain noncash revenue adjustments. Year-to-date, differentials were $5.50, leading us to adjust our guidance range. Natural gas realizations were 82% of benchmark prices, down from 100% last quarter due to ongoing Waha market weakness, lower NGL prices and weaker seasonal Appalachian pricing.

不包括某些非現金收入調整，總差價平均為每桶 5.31 美元。年初至今，差額為 5.50 美元，這促使我們調整了指導範圍。天然氣實現價格為基準價格的 82%，低於上一季的 100%，原因是 Waha 市場持續疲軟、NGL 價格下跌以及阿巴拉契亞季節性價格走弱。

Lease operating costs per BOE rose 6% to $9.95 and due to higher expenses in the Williston due to lower volumes and greater fixed cost absorption and in the Permian doing increased saltwater disposal costs. To account for higher cost year-to-date, we revised guidance on LOE.

每桶油當量的租賃營運成本上漲 6% 至 9.95 美元，這是由於威利斯頓的產量較低、固定成本吸收較大導致費用增加，以及二疊紀的海水處理成本增加。為了解釋年初至今的較高成本，我們修改了 LOE 指南。

We also revised guidance on production taxes to a lower run rate. CapEx in the quarter, excluding non-budgeted acquisitions and others was $210 million, 16% lower sequentially. Overall, the $210 million was allocated with 34% to the Permian, 25% of the Williston, 15% for Uinta and 26% in the Appalachian Basin, respectively. Approximately $185 million of total spend in the quarter was allocated to development CapEx. For the remainder of 2025, we are still anticipating a 50-50 split in terms of spend for the third and fourth quarters.

我們也將生產稅指導修改為較低的運作率。本季資本支出（不包括未列入預算的收購和其他支出）為 2.1 億美元，季減 16%。總體而言，這 2.1 億美元的投資中，34% 分配給了二疊紀盆地，25% 分配給了威利斯頓盆地，15% 分配給了尤因塔盆地，26% 分配給了阿巴拉契亞盆地。本季總支出中約有 1.85 億美元用於開發資本支出。對於 2025 年剩餘時間，我們仍然預計第三季和第四季的支出將各佔一半。

Given our outlook on commodity pricing, in our anticipation of deceleration in organic growth, we are reducing our 2025 CapEx guidance to a range of $925 million to $1.05 billion, which is a reduction of about $137.5 million at the midpoint.

鑑於我們對商品定價的展望，我們預計有機成長將放緩，因此我們將 2025 年資本支出指引下調至 9.25 億美元至 10.5 億美元之間，中間值減少了約 1.375 億美元。

With the acceleration of potential investment opportunities Adam's team is evaluating, we anticipate the growth wedge initially built into our CapEx guidance will be pivoted into discretionary acquisitions from ground game to bolt-ons.

隨著亞當團隊對潛在投資機會的評估加速，我們預計最初納入資本支出指導中的成長楔子將轉向從地面遊戲到附加的自由收購。

At the end of the quarter, we maintained over $1.1 billion in liquidity, consisting of $26 million in cash on hand and $1.1 billion available on our revolving credit facility. Our asset base continues to generate solid cash flow. We expect to grow this over time.

截至本季末，我們維持了超過 11 億美元的流動資金，其中包括 2,600 萬美元的現金和 11 億美元的循環信貸額度。我們的資產基礎持續產生穩健的現金流。我們期望隨著時間的推移，這一數字會不斷增長。

As a testament to the confidence of our asset base and credit profile, we were recently upgraded to BB- by Fitch. In mid-June, we successfully completed a reopening of our 2029 convertible notes, issuing an additional $200 million under the same terms as the original 2022 offering, including a cap call with an effective conversion price exceeding $50 per share.

惠譽最近將我們的評級上調至 BB-，這證明了我們資產基礎和信用狀況的信心。6 月中旬，我們成功完成了 2029 年可轉換票據的重新發行，並按照與 2022 年原始發行相同的條款額外發行了 2 億美元，其中包括有效轉換價格超過每股 50 美元的上限要求。

The proceeds were used to partially repay our revolver and in conjunction with the offering, we repurchased 1.1 million shares. This opportunistic transaction enabled us to generate incremental annual interest and dividend savings of approximately $5 million. During my prepared remarks, I mentioned changes in guidance on differentials, LOE, production taxes and CapEx.

所得款項用於部分償還我們的循環信貸，並結合發行，我們回購了 110 萬股。這次機會交易使我們每年可以節省約 500 萬美元的利息和股息。在我準備好的發言中，我提到了差異、LOE、生產稅和資本支出指導的變化。

We also have made changes to our guidance for total annual production and annual oil production that align with our outlook on activity for the remainder of the year. Before moving to Q&A, I'd like to briefly address impairment and cash taxes.

我們也對年度總產量和年度石油產量的指導做出了修改，以符合我們對今年剩餘時間活動的展望。在進入問答環節之前，我想先簡單談談減損稅和現金稅。

Due to lower oil prices in the second quarter. NOG recorded a $115.6 million noncash impairment charge, leading us to reduce our DD&A guidance per BOE. Regarding cash taxes, based on our current analysis of the One Big Beautiful Bill Act.

由於第二季油價下跌。NOG 記錄了 1.156 億美元的非現金減損費用，導致我們根據 BOE 降低了 DD&A 指引。關於現金稅，基於我們目前對《一項偉大的美麗法案》的分析。

NOG will not be subject to federal cash taxes in 2025, and we do not anticipate having a federal cash tax liability through 2028 based on our current forecast. With that, I'll turn it back to the operator for Q&A.

NOG 在 2025 年將無需繳納聯邦現金稅，根據我們目前的預測，我們預計到 2028 年不會產生聯邦現金稅負債。說完這些，我將把話題交還給操作員進行問答。

(Operator Instructions)

（操作員指示）

Scott Hanold with RBC Capital Markets.

加拿大皇家銀行資本市場的 Scott Hanold。

Yeah, thanks. I was wondering if you could help me think about the cadence into 2026. And it sounds like most of your operators have been drilling more core wells, results have been good. We did take down oil production guidance, is that really solely related to just lower activity in the Williston? And what should we expect into '26 there?

是的，謝謝。我想知道您是否可以幫助我思考 2026 年的節奏。聽起來你們的操作員大多已經鑽了更多的岩心井，效果也很好。我們確實下調了石油產量指導，這真的僅僅與威利斯頓的活動減少有關嗎？那麼，我們對 26 年該抱持著怎樣的期待呢？

And as you think about the setup for '26, and you did mention, obviously, having a very similar TIL level could do maintenance production. But is that view in organic view? Or would that be a combination of organic and inorganic activity?

當您考慮 26 年的設定時，您確實提到，顯然，擁有非常相似的 TIL 等級可以進行維護生產。但這種觀點符合有機觀點嗎？還是那是有機和無機活動的結合？

Okay,I'll try to get all those questions, if I forget one of them, just remind me, Scott. As it pertains to the cadence for '25, as you noticed, our Q2 spending was materially lower, right? So as we've seen a bit lower spending, that will translate into modestly lower volumes in Q3. But as our D&C list is building, we should see levels in Q4 similar to where we were in Q2. So we should exit the year pretty similar to where we are today.

好的，我會嘗試回答所有這些問題，如果我忘記了其中一個，請提醒我，斯科特。至於 25 年的節奏，正如您所注意到的，我們第二季的支出大幅下降，對嗎？因此，正如我們所看到的，支出略有下降，這將導致第三季的交易量略有下降。但隨著我們的 D&C 清單不斷增加，我們應該會看到第四季度的水平與第二季度的水平相似。因此，我們今年的處境應該與今天的處境非常相似。

And as we mentioned in our prepared documents that we could certainly spend a level lower than this year in a lower TIL count, so -- and keep roughly the same as '25 volumes. If we spend a similar level, that would translate into certain growth.

正如我們在準備好的文件中提到的那樣，我們當然可以在較低的 TIL 數量下花費比今年更低的水平，因此 - 並且大致與 25 卷保持相同。如果我們支出類似的水平，那將轉化為一定的成長。

Look, it's July, I think it's a little bit premature. Look, we are a return-driven the number one factor in which we are compensated on is return on capital employed, and that's what drives our decisions. And so growth is the output of those.

瞧，現在已經是七月了，我覺得有點太早。你看，我們是回報驅動的，我們獲得報酬的首要因素是資本使用報酬率，這也是驅動我們做出決定的因素。因此，成長就是這些的產出。

And so our spending will be dictated by the price environment and all those things. And so whether we spend less money or more money next year and whether that translates into growth or more of a maintenance activity level will be driven by the commodity price environment as we get to the end of the year.

因此，我們的支出將取決於價格環境和所有這些因素。因此，明年我們支出是減少還是增加，以及這是否會轉化為成長或更多的維持活動水平，都將取決於年底的商品價格環境。

I appreciate that. And as my follow-up --

我很感激。我的後續問題是——

In terms of the organic or inorganic, we're talking our normal course spending, which would be a combination of what we would -- acreage replacement and which we embed our ground game capital in there and a typical organic spend.

就有機或無機而言，我們談論的是我們的正常球場支出，它將是我們所做的——土地更換、我們在其中嵌入地面遊戲資本以及典型的有機支出的組合。

Okay. And as a quick follow-up, it sounds like your comments alluded to the fact that you like some of the return profiles on the inorganic type of activity is being a little bit more -- I won't say predictable but more controllable, is that right? I mean, is there a sort of a strategy to look at some of the inorganic piece a little bit more? And could that become a higher blend going forward?

好的。作為一個快速的跟進，聽起來您的評論暗示了這樣一個事實，即您喜歡無機類型活動的一些回報概況，這種概況有點——我不會說是可預測的，而是更可控的，對嗎？我的意思是，是否有某種策略可以進一步觀察一些無機部分？未來這是否會成為一種更高級的混合？

Yeah, I mean I think, Scott, like I think, look, what I think you should take away from this is, number one, look, our operators are doing what they should be doing, which is we are going to be governed by not just the price of oil that you see on the screen today but by the future strip and by a risk factor on that future strip, right?

是的，我的意思是，斯科特，就像我認為的那樣，看，我認為你應該從中得到的是，第一，看，我們的操作員正在做他們應該做的事情，那就是我們不僅要受你今天在屏幕上看到的石油價格的支配，還要受未來地帶和未來地帶的風險因素的支配，對嗎？

And if you look at the fundamentals of oil today, they are in question, right? You have significant volumes coming online. And so the risk profile to that strip, of course, it could be better, but it could be worse, and it is simultaneous.

如果你看一下當今石油的基本面，你會發現它們有問題，對嗎？您有大量數據即將上線。因此，該地帶的風險狀況當然可能會更好，但也可能會更糟，而且是同時發生的。

And so we're seeing many of our operators pull back on activity and defer that activity until the environment is more clear, and they want to make money on that inventory. And there's -- as I said, the oil is still in the ground, so they'd rather preserve that until there's a better day. And so while everybody wants to see linear growth, the real key is to drill those wells when it's most profitable.

因此，我們看到許多業者減少活動並推遲活動，直到環境更加明朗，他們希望透過庫存賺錢。而且 — — 正如我所說，石油仍然埋在地下，所以他們寧願將其保存起來，直到情況好轉。因此，雖然每個人都希望看到線性成長，但真正的關鍵是在利潤最高的時候鑽探這些油井。

When we look at an acquisition, on the other hand, if you think about long-dated inventory and stable long-term production that isn't really just a singular well that's being drilled in that singular period where that return is dependent on that short-dated period.

另一方面，當我們檢視一項收購時，如果你考慮長期庫存和穩定的長期生產，這實際上不僅僅是在那個單一時期鑽探的單一油井，而該油井的回報取決於那個短期時期。

We can allocate that same amount of capital to something that is much more resilient to a longer period of time and provides convexity because we do believe, regardless of what happens in the next 12 months, that the long-term profile for oil for natural gas and all those things is very, very strong.

我們可以將相同數量的資本配置到對長期更具彈性並提供凸性的項目上，因為我們確實相信，無論未來 12 個月發生什麼，石油、天然氣和所有這些東西的長期前景都非常非常強勁。

And so I think as we look at the risk profile for additional capital next year, to the extent that we do spend, as you saw as we came into this year, where we were going to spend up to $1.2 billion, and that would have been almost a similar level next year, whereas at a maintenance level, you're talking about $500 million to nearly $600 million difference, that $500 million to $600 million allocated towards acquisitions. Ultimately, if you were to spend that same amount of capital has a much more resilient growth profile should oil prices or natural gas prices collapse in the short term.

因此，我認為，當我們考慮明年額外資本的風險狀況時，就我們支出的程度而言，正如您在今年初看到的，我們將支出高達 12 億美元，而明年的水平幾乎相同，而在維持水平上，您談論的是 5 億到近 6 億美元的差額，這 5 億到 6 億美元用於收購。最終，如果你投入同樣數量的資本，那麼即使石油價格或天然氣價格在短期內暴跌，你的成長前景也將更具彈性。

Charles Meade, Johnson Rice.

查爾斯·米德、約翰遜·賴斯。

Good morning, Nick, to you and your whole team there. Nick, I'm going to try to go a little bit the same direction as Scott but perhaps from ask it a different way. Can you -- earlier in the year, you gave us an estimate for how much of your total capital budget? How much of it was growth CapEx? Can you give us an update on that now? How much growth CapEx for '26 is in your updated '25 capital budget?

早安，尼克，向你和你的整個團隊問好。尼克，我將嘗試與斯科特走同樣的方向，但也許會以不同的方式提問。您能否—在今年早些時候，向我們估算一下您的總資本預算是多少？其中有多少是成長資本支出？現在您可以向我們通報一下最新情況嗎？在您更新後的 25 年資本預算中，26 年的成長資本支出佔多少？

I'm not sure. Well, look, if you look at -- we've cut from peak to trough about $275 million, right? We said about $250 million to $300 million of growth capital. So to the extent that we spent the bottom end of our guidance, we would effectively not be spending that. Charles, does that make sense?

我不知道。好吧，你看，如果你看一下——我們已經從高峰削減到谷底約 2.75 億美元，對嗎？我們說的成長資本約為 2.5 億至 3 億美元。因此，就我們支出指導底線的程度而言，我們實際上不會花掉那麼多錢。查爾斯，這有道理嗎？

That makes sense. And that's what I was looking for. That's the way I looked to me but I just wanted to know if it looked kind of the same to you. And then, Nick, I want to ask a question about how the -- how you're reducing your CapEx. Is this -- I can think of at least three possibilities.

這很有道理。這正是我所尋找的。在我看來就是這樣，但我只是想知道在你看來是否也一樣。然後，尼克，我想問一個問題，關於你如何減少資本支出。這是──我能想到至少三種可能性。

There's one, which is maybe you're nonconsenting some wells? Or number two, you just -- your fewer wells are being proposed and your agreeing with that decision?

有一個，也許你不同意開採一些水井？或者第二，您只是—提議建造更少的井，而您同意這個決定？

Or maybe from your more recent JVs where you guys have these -- you have those provisions for input. I mean, how does it -- how does the reduction spending kind of break down on the mechanism, how you're pulling back?

或者也許從你們最近的合資企業中，你們有這些 - 你們有這些輸入的規定。我的意思是，削減支出在機制上是如何分解的，如何削減？

I'll let Adam discuss this a little bit further but it's really a combination. One, the beautiful thing about our business is that the rationale, especially, I'd say, from our private operators that are under the pressure of meeting public estimates and things like that and are more focused on profitability.

我會讓亞當進一步討論這個問題，但這實際上是一個組合。首先，我們業務的美妙之處在於，我認為，特別是對於我們的私人業者來說，他們面臨著滿足公眾預期等的壓力，並且更加重視獲利能力。

Our private operators are doing their thing, and we're seeing a reduction in activity. And that's one of the reasons like, for example, we have seen such stellar Williston results is because you're not seeing the marginal wells being drilled. So our consent rate is still very high.

我們的私人業者正在做他們的事情，我們看到活動正在減少。這就是原因之一，例如，我們看到如此出色的威利斯頓結果，因為您沒有看到正在鑽探的邊際井。所以我們的同意率還是很高的。

And that's important because ultimately, the nonconsent tool is not something you want to be using because, obviously, we're not foregoing any inventory instead that inventory is being preserved for a better day. So that makes up roughly half of the capital -- potential capital reduction.

這很重要，因為最終，不同意工具不是您想要使用的東西，因為顯然，我們不會放棄任何庫存，而是將庫存保留以備將來使用。因此，這大約佔資本的一半——潛在的資本減少。

The other half is really our discretionary spending. And those are projects and other ad hoc spending, things that we would otherwise have been spending. And we just frankly don't see -- from a risk-adjusted perspective, we don't see the returns in the forward price environment, right?

另一半實際上是我們的可自由支配的開支。這些都是專案和其他臨時支出，是我們本來要花的錢。坦白說，從風險調整的角度來看，我們看不到遠期價格環境中的回報，對嗎？

As we came into 2025 in a 70-plus environment world, that growth is predicated on the fact that, that's the right thing to do for your investors, and you're generating a strong return. So growth for the -- we certainly could do that and spend that money but ultimately, it's about doing the right thing for your investors.

當我們進入 2025 年，處於 70 多個環境因素的世界時，這種成長基於這樣的事實：這對您的投資者來說是正確的事情，而且您正在產生強勁的回報。因此，對於成長而言，我們當然可以做到這一點並花掉這筆錢，但最終，這是為了投資者做正確的事情。

So you want to grow, you can grow. But the question is, are you actually adding value by doing so. And I think our -- the answer that we've come to the conclusion is that capital is better preserved for a better day and it can be spent at any point in time. Adam?

所以你想成長，你就能成長。但問題是，你這樣做真的能增加價值嗎？我認為我們得出的結論是，最好將資本保存起來以備將來之需，並且可以在任何時間點使用。亞當？

Yeah. I mean the short answer is we're aligned with our operators. It's activity based, and it's generally driven by the Williston. Everything that we've elected to 95% to 98%, effectively in the second quarter is well above our hurdle rates even in down price environment. And so going back to Nick's comments, then it's a matter of what's the discretionary spending and what we're seeing on the ground game front.

是的。我的意思是，簡短的回答是我們與我們的運營商保持一致。它以活動為基礎，並且通常由威利斯頓驅動。我們選擇的所有產品在第二季的效率都達到了 95% 至 98%，即使在價格下跌的環境下，也遠高於我們的最低迴報率。所以回到尼克的評論，那麼問題就在於可自由支配的支出是多少，以及我們在實際行動中看到了什麼。

We're certainly seeing an acceleration and the conversion rate is going higher, booking 22 deals over seven in Q1. That being said, there's certain areas where people are looking to shed capital and when you start running expected full cycle rates of return, that's stuff that you're effectively just not going to pursue because the full cycle return isn't there. And so it's laser-focused on the assets in the near-term drilling opportunities as well as the long-dated inventory that's going to generate an acceptable rate of return on a full cycle basis.

我們確實看到了加速，轉換率也在提高，第一季的預訂交易量達到 22 筆，而去年同期為 7 筆。話雖如此，在某些領域人們還是希望減少資本，而當你開始計算預期的全週期回報率時，你實際上就不會去追求這些，因為全週期回報率並不存在。因此，它重點關注近期鑽探機會中的資產以及將在整個週期內產生可接受的回報率的長期庫存。

John Freeman, Raymond James.

約翰‧弗里曼、雷蒙‧詹姆斯。

Thanks, good morning guys. I'm kind of approaching, I guess, a little bit different when I look at the cadence. So I guess if we're seeing operators start to maybe sell activity some, maybe the privates, especially as you pointed out, I guess what's interesting is it's -- I look over the last four or five quarters, the AFEs have been really steady right around kind of 2021 for four or five quarters, your wells in process is basically either at or near like a record level of 53%.

謝謝，大家早安。我想，當我看節奏時，我的方法有點不同。因此，我想，如果我們看到營運商開始出售一些活動，也許是私人活動，特別是正如您所指出的，我想有趣的是——我回顧過去的四五個季度，AFE 在 2021 年左右的四五個季度裡一直非常穩定，您的在建油井基本上處於或接近創紀錄的 53% 水平。

I go back and look at the last couple of years, and there's obviously, as you would imagine, a pretty tight correlation with your wells in process and then what you all TIL the next quarter. I mean every time you have been around 50 wells in process, the following quarter, you're always 26 to 30 TILs.

我回顧過去幾年，顯然，正如您所想像的那樣，您的在建油井與下個季度的 TIL 之間存在著相當緊密的相關性。我的意思是，每次當你在處理大約 50 口井時，到下個季度，你總會有 26 到 30 個 TIL。

So I guess I'm trying to understand kind of the -- I don't want to call it a disconnect but what's sort of different where activity wells in process still looks really good but the second half guide of kind of, call it, 18 TILs on average in the second half relative to this really robust work in process number, like, I guess, try to help me reconcile that?

所以我想我試著去理解那種——我不想稱之為脫節，但有什麼不同呢？在建活動井看起來仍然很好，但下半年的指南是，相對於這個非常強勁的在建工作數量，下半年平均有 18 個 TIL，我想，能幫我調和一下嗎？

Yeah, I mean I think what we're seeing from operators here is a conversation that we had in Q1, and it was we're going to maintain the schedule, right? We're going to keep our rigs for the most part, right? Every operator is a different philosophy. But by and large, they don't want to necessarily laid down a rig so that they have the optionality to the extent that oil extends the upside, right, because it's a lot harder getting that back.

是的，我的意思是，我認為我們從這裡的運營商那裡看到的是我們在第一季進行的一次對話，那就是我們將保持這個時間表，對嗎？我們大部分都會保留我們的鑽孔機，對嗎？每個運營商都有不同的理念。但總的來說，他們不一定要鋪設鑽井平台，這樣他們才有選擇權，讓石油延伸上行空間，對吧，因為收回成本要困難得多。

And so you're seeing a relatively steady cadence of drilling what we're seeing now are deferrals of some of these TILs that were in process, wells that were TIL prior to liberation day, and then just more of an elongation of the spud to sales timing.

因此，您會看到鑽探節奏相對穩定，我們現在看到的是一些正在進行的 TIL 的推遲，這些井是在解放日之前 TIL 的，然後只是開鑽到銷售時間的延長。

So I think that's starting to come into play, especially when you think about cube development, leave no location behind. You've got to come in drill six, eight wells, whatever it might be. Now they've got to come back and complete those wells effectively all at the same time. And so I think that's a piece of it as well.

所以我認為這開始發揮作用，特別是當你考慮立方體開發時，不要留下任何位置。你必須鑽六口、八口井，不管是什麼井。現在他們必須回來並同時有效地完成這些油井。所以我認為這也是其中的一部分。

So I think it's a combination of all three of those different variables.

所以我認為這是這三個不同變數的組合。

But I'd also point out, John, that the TIL count tends to follow the previous quarter, right? So if we put on a ton of wells in the third quarter, it oftentimes has more of an impact on our fourth quarter volume. So we should see an increase in our Q2, the lower spend in Q2 has more of an impact on 3Q than it does on 2Q, right? Because of the time cost averaging. It's all about the time of when those wells come online.

但約翰，我還想指出，TIL 數量往往與上一季持平，對嗎？因此，如果我們在第三季投入大量油井，這通常會對我們第四季的產量產生更大的影響。因此，我們應該看到第二季的支出增加，第二季的支出減少對第三季的影響比對第二季的影響更大，對嗎？因為時間成本平均。這一切都與這些油井的投產時間有關。

And so as our spending has been decelerating in the first half of the year, that's going to have an impact sort of in the third quarter but that building and the till count will obviously -- actually, our production should increase as we head to the end of the year. So you're not wrong. It's just a matter of time. And so the difference -- as you look at our previous guidance, we had a much larger acceleration of that D&C list embedded as was our spend in the back half of the year.

因此，由於我們的支出在上半年一直在減速，這將對第三季度產生一定影響，但建築和收銀機數量顯然會——實際上，隨著年底的臨近，我們的產量應該會增加。所以你沒錯。這只是時間問題。因此，差異在於——正如您查看我們先前的指導時所見，我們在 D&C 清單上的支出加速幅度更大，就像我們在下半年的支出一樣。

Yeah, and I guess what Adam touched on, I guess, kind of getting at, it seems like it would imply that you would end the year at a more elevated DUC level than I think what you all traditionally have, which is, I guess, what I'm kind of looking at. So that makes sense.

是的，我想亞當提到的內容似乎暗示著今年的 DUC 水平會比傳統水平更高，我想這就是我正在關注的。所以這是有道理的。

You don't see the same type of pull forwards that that you would have that, ironically, everyone, gets mad at us when we see the huge pull forwards and the capital acceleration, but they don't love, they don't care about the production the benefit you get, and then here it's the opposite, right? Can't win.

你不會看到那種類型的向前拉動，諷刺的是，當我們看到巨大的向前拉動和資本加速時，每個人都會對我們生氣，但他們不喜歡，他們不關心你得到的生產利益，而這裡的情況正好相反，對嗎？贏不了。

Right. And then just my other question, this quarter, pretty nice over 60% of the free cash flow that went to dividends and buybacks. How will you treat that nearly $50 million settlement you're getting in 3Q, does that kind of get put in a different bucket? Or does that get kind of considered part of the free cash flow in 3Q when you're kind of thinking about the allocation of shareholder returns?

正確的。然後我的另一個問題是，本季度，超過 60% 的自由現金流用於股息和回購。您將如何處理第三季獲得的近 5000 萬美元的和解金，這筆錢會歸入不同的類別嗎？或者當您考慮股東回報分配時，這是否會被視為第三季自由現金流的一部分？

I believe it's just working capital. So it goes into a receivable now, it will not be in the free cash flow. But, Chad.

我相信這只是營運資金。因此它現在進入應收帳款，不會進入自由現金流。但是，乍得。

No, it won't. But as far as what to do with it, John, I think we'll just -- we'll roll it into our normal kind of capital allocation process.

不，不會。但至於如何處理它，約翰，我認為我們只是 - 我們會將其納入我們正常的資本配置流程。

Noah Hungness, Bank of America.

諾亞·洪尼斯，美國銀行。

Morning, I wanted to start off here. You guys mentioned that '25 and '26 free cash flow should be higher under the revised plan. Can you maybe talk about the use of those funds? And just where you use it would be buybacks? Would it be debt reduction?

早上好，我想從這裡開始。你們提到，根據修訂後的計劃，25 年和 26 年的自由現金流應該會更高。能談談這些資金的用途嗎？您的用途是回購嗎？這會是減債嗎？

Yeah, I mean, the default -- no, the default uses, obviously, we sweep the revolver with every extra fund we get. To the extent we find inorganic opportunities, that is always. Generally, I don't ever want to think people to think that we think our stock is inexpensive but generally, from a value creation perspective and organic opportunities tend to have the highest return.

是的，我的意思是，預設的——不，預設的用途，顯然，我們會用我們得到的每一筆額外資金來掃除循環貸款。只要我們發現無機機會，情況總是如此。一般來說，我從不希望人們認為我們的股票很便宜，但一般來說，從價值創造的角度來看，有機機會往往有最高的回報。

So that would sort of rank as the first other use of proceeds and then followed by a stock buyback. I think we always want to be mindful of our overall leverage but I do think, as we look forward, depending on the price environment, commodity mix, et cetera.

因此，這可以算是收益的首要其他用途，然後才是股票回購。我認為我們始終要關注我們的整體槓桿率，但我確實認為，展望未來，這取決於價格環境、商品組合等等。

We, as I mentioned -- I mean, as Adam mentioned, the backlog is at record levels. So we would hope to be able to find the inorganic opportunities throughout this year and next year. If the cycle -- and I'd like to use 20 until 21, as examples, if the cycle does get nasty, one of the -- part of the logic of our recent convert offering is our liquidity is extremely high, and that's purposeful because we are in a situation where in almost virtually any price environment while our leverage multiple could possibly go up just because cash flows will go down, our absolute debt levels will keep falling.

正如我所提到的——我的意思是，正如亞當所提到的那樣，積壓量已達到創紀錄的水平。因此，我們希望能夠在今年和明年找到無機機會。如果週期——我想用 20 到 21 來舉例，如果週期確實變得糟糕，我們最近轉換發行的部分邏輯是我們的流動性非常高，這是有目的的，因為我們處於這樣一種情況：在幾乎任何價格環境下，我們的槓桿倍數都可能上升，只是因為現金流會下降，而我們的絕對債務水平會持續下降。

And so that means our liquidity will keep growing, and that means we will be able to find acquisitions and be able to continue to allocate through the cycle. And so I think our hope would be we can find true long-term value-added things to do because ultimately, that's how you create the most value in oil and gas.

這意味著我們的流動性將持續成長，這意味著我們將能夠找到收購機會並能夠在整個週期中繼續進行分配。因此，我認為我們的希望是能夠找到真正具有長期增值價值的事情來做，因為最終，這就是在石油和天然氣領域創造最大價值的方式。

No, it sounds like you guys have positioned yourself for countercyclical investment, which seems like a good setup. Then I guess, could you just give any color on the M&A market? I know you touched on it a bit. But I mean, how does it compare to a few months ago?

不，聽起來你們已經為逆週期投資做好了準備，這似乎是一個很好的設定。那我想，您能否對併購市場做出一些介紹？我知道你稍微提到了這一點。但我的意思是，與幾個月前相比如何？

And why do you think you are seeing such a robust list of assets on the market today?

您認為為什麼當今市場上會出現如此強勁的資產清單？

Yeah, So I mean, it's an interesting dynamic. I color -- I don't want to speak for Adam or Chad or Jim but it's color me a little bit surprised that within oil assets, it's still been fairly robust. And I think some of that is a combination of fund life. And frankly, even though prices are weaker, they are not that weak and people are still, in many cases, well in the money on their assets.

是的，我的意思是，這是一個有趣的動態。我認為——我不想代表亞當、查德或吉姆發言，但石油資產仍然相當強勁，這讓我有點驚訝。我認為其中一些是基金壽命的結合。坦白說，儘管價格走弱，但並沒有那麼弱，而且在許多情況下，人們的資產仍然盈利。

And we've seen everything from royalties on our book that overlay our own properties to just diversified non-op properties to some of the more partnership and drilling style things that you've seen us do. The natural gas market is obviously very robust just because you have a very strong forward strip, and we've frankly seen activity in almost every active basin that we have evaluated. I don't know if you want to add to it?

我們已經看到了一切，從覆蓋我們自己財產的書籍版稅到多樣化的非經營性財產，再到您看到我們所做的一些更具合作和鑽探風格的事情。天然氣市場顯然非常強勁，因為你擁有非常強大的前向帶，坦白說，我們已經看到幾乎每個我們評估過的活躍盆地都有活動。不知道您是否想補充？

The only other thing I would add, I think, is just overall seller expectations coming into the year, you're getting ready to launch a process in Q4 and Q1, and oil and commodities are at one price when you launch it and then you get the bid date and it's completely reset itself. And so the bid-ask spread there is inherently wide given the volatility.

我認為，我唯一要補充的是，今年的整體賣家預期是，你準備在第四季度和第一季度啟動一個流程，當你啟動它時，石油和大宗商品的價格是相同的，然後你得到投標日期，它會完全重置。因此，考慮到波動性，買賣價差本質上就很大。

Now that we've seen things settle down a bit more. I think people coming into these processes and being at relatively similar levels in terms of the commodity prices come bid, you can manage those seller expectations a bit as well. And so hopefully, that means that there's something to get done. But Obviously, we're going to continue to stick to our hurdle rates and the underwriting that we typically do.

現在我們看到事情已經稍微平靜下來了。我認為，如果人們參與這些流程，並且對商品價格的出價處於相對相似的水平，那麼你也可以稍微管理一下賣家的期望。所以希望這意味著有一些事情要做。但顯然，我們將繼續堅持我們的最低收益率和我們通常所做的承保。

Phillips Johnston, Capital One.

菲利普斯·約翰斯頓，第一資本公司。

Hey, thanks for the time. Sorry to ask another question on quarterly cadence. But I just wanted to clarify Nick's earlier comments on production cadence for the remainder of the year. It sounds like you're expecting fourth quarter volumes will look something like what you just printed for Q2. If that's the case, it seems like that would imply that Q3 volumes will be down fairly significantly from 2Q levels. I think you alluded to a slight decline in Q3 from Q2. So I just wanted to reconcile that.

嘿，謝謝你抽出時間。抱歉，我又問了另一個關於季度節奏的問題。但我只是想澄清尼克之前關於今年剩餘時間生產節奏的評論。聽起來您預計第四季度的銷售量將與您剛剛公佈的第二季銷售量類似。如果是這樣，這似乎意味著第三季的銷售量將較第二季大幅下降。我認為您提到了第三季度較第二季度略有下降。所以我只是想調和這一點。

Yeah, I mean I think, Phill, it really depends. When I say similar, it really is going to depend, as you know, for us, the TIL cadence can vary widely, right? So it could be a situation where Q3 is modest and Q4's increase is more modest or it could be where Q3 is a little bit deeper and Q4 is more significant. So it really just depends on the timing of those completions.

是的，我的意思是，菲爾，我認為這確實取決於情況。當我說類似時，它確實要取決於，正如你所知，對於我們來說，TIL 節奏可能會有很大差異，對嗎？因此，可能出現的情況是，第三季度成長溫和，而第四季的成長較為溫和；也可能出現的情況是，第三季成長稍深，而第四季成長更為顯著。所以這實際上只取決於完成的時間。

So the earlier the completions come online, it's just going to be -- and frankly, if we can -- so prices remain stronger. We may then see Q1 activity pull forward and Q4 may stay more robust, and that would ultimately drive upward pressure to our overall guidance.

因此，越早完工上線，坦白說，如果可以的話，價格就會保持堅挺。我們可能會看到第一季的活動提前，第四季可能會保持更加強勁，這最終將對我們的整體指導施加上行壓力。

So I think it's not necessarily all bad. I think, as always, there's a little bit of fog of war in terms of how ours goes. But what I will tell you is that just a function of the lower overall completion count in Q2, we will see a modest dip in Q3.

所以我認為這不一定都是壞事。我認為，就我們的進展而言，一如既往地存在一點戰爭迷霧。但我要告訴你的是，由於第二季整體完成數量較低，我們將看到第三季出現小幅下降。

The question is how -- I mean, I don't think it will be -- I would say, we look at it mid-single digits is something that looks more realistic than something -- if that makes sense.

問題是——我的意思是，我不認為會這樣——我想說，我們認為中等個位數看起來比某些數字更現實——如果這說得通的話。

And then throw in curtailments, right, that we're seeing from some of our private operators, and that's effectively getting managed on a month-to-month basis. So it would be the other variable to consider.

然後再加上我們從一些私人業者看到的減產，這實際上是按月進行管理的。因此這將是需要考慮的另一個變數。

So if prices are stronger, we could see those come off but we've made the assumption that those will continue.

因此，如果價格走強，我們可能會看到這些價格下跌，但我們假設這些價格將會持續下去。

Okay. That makes sense. And then just some clarification on some of your comments on '26. If you guys did determine that it's prudent to sort of operate in a maintenance mode, would you look to kind of maintain oil volumes pretty flat with the 25% average of around 75,000 a day or sort of second half levels that are closer to 72,000 a day?

好的。這很有道理。然後只是對你對 26 的一些評論進行一些澄清。如果你們確實認為以維護模式運作是明智之舉，那麼你們是否會將石油產量維持在相當平穩的水平，即每天 75,000 桶左右的 25% 平均值，或者下半年接近每天 72,000 桶的水平？

Well, I mean, I think the answer is when we talk about maintenance, we mean maintenance, so we mean versus our annual guidance. However, what I would say is that from a capital allocation perspective, if oil prices are $50 and gas prices are $450, we might allocate more money to gas, right? So I mean I think we'll do what's right for the business. But when we talk about a spend level today on a generic basis, and we're talking about that, it would be versus the annual '25 guide not versus where -- versus that lower level.

嗯，我的意思是，我認為答案是，當我們談論維護時，我們的意思是維護，所以我們的意思是相對於我們的年度指導。但是，我想說的是，從資本配置的角度來看，如果油價為 50 美元，而汽油價格為 450 美元，我們可能會將更多的資金分配給天然氣，對嗎？所以我的意思是，我認為我們會做對業務有利的事情。但是，當我們今天在一般基礎上談論支出水平時，我們談論的是與年度 25 年指南相比，而不是與較低水平相比。

Okay, sounds good, Nick, thank you.

好的，聽起來不錯，尼克，謝謝你。

Paul Diamond, Citi.

花旗銀行的保羅戴蒙德 (Paul Diamond)。

Thank you. Good morning. Thanks for taking the call.I just want to touch quickly on kind of the cost structure. You mentioned that absolute AFE costs were down 5% sequentially, somewhat split between oil and gas. But I guess how much -- do you guys see any further runway with that downward pressure? Or is pretty much everything baked at this point?

謝謝。早安.感謝您接聽電話。我只想快速談談成本結構。您提到絕對 AFE 成本季減 5%，其中石油和天然氣部分下降。但我想，你們認為這種下行壓力還有多大作用？或者此時所有東西都已經烤好了？

Yeah, so I mean, Paul, I'd rather let Jim or Adam talk about this. But the one thing I'd say is that -- we are -- we've obviously seen a pretty material reduction in the rig count. I got asked last question about the last quarter about steel costs and tariffs and stuff like that. And I said, I've never seen an environment where oil costs went down and well cost didn't and so far have been proven right.

是的，保羅，我的意思是，我寧願讓吉姆或亞當談論這個問題。但我想說的是，我們顯然已經看到鑽機數量大幅減少。我被問到的最後一個問題是關於上個季度的鋼鐵成本和關稅等。我說，我從未見過石油成本下降而油井成本卻沒有下降的情況，到目前為止，事實證明這是正確的。

And I think that where we are now as we were starting to see, for the first time, frac spreads usage come down materially. And we've seen a lot of consolidation in that sector. And so prices -- that's the biggest cost, right? Rig rates are not the biggest driver of that anymore. I think to see material cost reductions now, you'd have to see the frac spread count contract materially.

我認為，正如我們開始看到的那樣，我們現在第一次看到，壓裂價差的使用量大幅下降。我們看到該領域出現了很多整合。那麼價格——這是最大的成本，對吧？鑽機費率不再是最大的驅動因素。我認為，現在要看到材料成本的降低，就必須看到壓裂價差數量大幅收縮。

And I think if that happened, you might see margins there really collapsed and then you could see material relief. Otherwise, I think most of it has been small and incremental, either through modest efficiencies or through slight costs here and there. I don't know, Adam or Jim, if you want to add?

我認為，如果發生這種情況，你可能會看到那裡的利潤率真的崩潰，然後你會看到物質上的緩解。否則，我認為大部分都是小規模和漸進式的，要么通過適度的效率，要么通過這裡或那裡的輕微成本。我不知道，亞當或吉姆，如果你想補充的話？

The conversations that we've been having with a handful of our JV partners, they're certainly seeing downward pressure. That being said, we're a relatively conservative shop, right? So it's going to be a show me and it's going to come through the actuals when we start truing up our accruals.

我們與少數合資夥伴進行的對話表明，他們確實看到了下行壓力。話雖如此，我們是一家相對保守的商店，對嗎？因此，這將是一個展示，當我們開始核實我們的應計項目時，它將透過實際情況來實現。

So we'll continue to accrue based on the AFEs that we get in the door. But anecdotally, I think we could potentially see something like that. That's probably something more of a 26% kind of realization to the extent that we see it continue in the direction that operators are guiding us.

因此，我們將繼續根據我們獲得的 AFE 進行累積。但從傳聞來看，我認為我們可能會看到類似的事情。這可能更像是一種 26% 的實現，因為我們看到它繼續按照運營商引導我們的方向發展。

Got it. Makes perfect sense. And then just one kind of quick one on the M&A market again. You all mentioned that there were 10 ongoing processes worth $8 billion give or take. Is there any concentration in the structure of those larger deals? Are they more non-op, are they more joint development, co-bids, et cetera?

知道了。非常有道理。然後再快速討論一下併購市場。你們都提到，有 10 個正在進行的進程，價值約為 80 億美元。這些較大交易的結構是否存在集中性？它們是否更多地採取非操作性措施，是否更多地採取共同開發、共同投標等措施？

Honestly, it's across the board. We're seeing a number of different non-op packages. We're also seeing a number of different kind of co-buying and minority interest buy down. So I don't think it's necessarily concentrated to any given basin or any given structure at this point. So we've got a buffet of options.

老實說，這是全面的。我們看到了許多不同的非操作包。我們也看到了許多不同類型的共同收購和少數股權收購。因此我認為它不一定集中在任何給定的盆地或任何給定的結構中。因此，我們有多種選擇。

I mean I think the one thing I would highlight and we really -- whether we're successful at all or on one or any of these processes is always a total crap shoot for us. But what I would say is that I get feedback from investors just because we've had more success on the co-bid over the last few years like, well, where are the traditional non-op assets.

我的意思是，我想強調的一件事是，我們真的——無論我們是否成功，或者在其中一個或任何一個過程中取得成功，對我們來說都是完全不確定的。但我想說的是，我之所以得到投資人的回饋，只是因為我們在過去幾年的共同競標中取得了更大的成功，那麼，傳統的非經營資產在哪裡呢？

Actually, we've seen and we even have had several that are coming to market, some of the largest just standard non-op assets we've seen in maybe ever. So some of the biggest just regular weight non-op assets we've ever seen come to market.

實際上，我們已經看到，甚至已經有好幾個項目進入市場，其中一些可能是我們有史以來見過的最大的標準非營運資產。因此，我們見過的一些最大的常規重量非營運資產進入了市場。

And so whether or not the efficacy of those transactions still needs to be tested. But it does tell you that as the natural consolidator, some of these assets we view ourselves as uniquely situated that if there was to be a buyer, which could be potentially one of a handful of people who could do it.

因此，這些交易的有效性是否仍有待檢驗。但它確實告訴你，作為天然的整合者，我們認為我們自己在某些資產方面具有獨特的優勢，如果有買家，那麼這個買家可能是少數幾個能夠做到這一點的人之一。

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯 (Noel Parks)、圖伊兄弟 (Tuohy Brothers)。

So just a lot of interesting topics and questions have come up. I guess, would you say that you're at a juncture where sort of specific post-deal related divestments are sort of receding as a driver of assets coming to market.

因此出現了許多有趣的話題和問題。我想，您是否會說，您正處於這樣一個關鍵時刻：作為資產進入市場的驅動力，某種特定的交易後相關資產剝離正在逐漸消退。

We certainly have some very large acquisitions, I think, especially in the Permian that have now been digested and could conceivably be at the point where they're now looking at non-op stuff they could spin off. But I just wonder, it's been such an unusual first half of the year if that's figuring in at all or whether those dynamics are not really affecting.

我認為，我們確實進行了一些非常大的收購，特別是在二疊紀盆地，這些收購現在已經被消化，並且可能正處於他們正在考慮可以剝離的非營運業務的階段。但我只是想知道，今年上半年如此不尋常，這是否有影響，或者這些動態是否沒有真正產生影響。

I don't think so. You might have seen that there was just a big ConocoPhillips Mid-Con package. That's a perfect example of a kind of post-merger that was sort of their marathon post-merger.

我不這麼認為。您可能已經看到，那裡有一個大型康菲石油公司 Mid-Con 包裹。這是合併後的完美例子，就像是合併後的馬拉松。

I mean I think the way that we think about it is you've got to merge, right? Then you've got to wrap your head around the assets and then -- only then can you bring a lot of these assets to market. And so yes, you've seen to Nick's point, some of these packages come out and fully marketed. A lot of other operators are taking a different tack, whether it's through the non-op market where 20% of these portfolios are all made up of non-operated properties.

我的意思是，我認為我們思考這個問題的方式是你必須合併，對嗎？然後你必須仔細考慮這些資產，然後──只有這樣你才能將這些資產推向市場。是的，您已經看到了尼克的觀點，其中一些套餐已經推出並全面推向市場。許多其他業者正在採取不同的策略，無論是透過非營運市場，其中 20% 的投資組合都是由非營運資產組成的。

They're also doing it in a way where they're selling down a minority interest on a unit-by-unit basis but still retaining operatorship. And so I think operators are getting creative and not necessarily just throwing a massive asset package into the market. And so we're seeing all of the above in terms of kind of the different structures as to how a lot of these operators are socializing their assets post-merger.

他們也採取了一種方式，即逐個單位出售少數股權，但仍保留營運權。因此我認為營運商正在變得富有創造力，而不一定只是向市場投入大量資產。因此，我們看到了上述各種不同結構，即許多業者在合併後如何實現資產社會化。

Got it. And I've been thinking about a lot of scrutiny, I hear from the gas side, the pure-play gas producers of associated gas in the Permian and what weaker oil might do there as far as activity. And I know you guys have talked about being pretty mindful of what gas takeaway looks like when you're looking at Permian assets. Is that correlating at all with what might be happening in Appalachia with in-basin power and so forth?

知道了。我一直在思考很多審查，我從天然氣方面聽說，二疊紀伴生氣的純天然氣生產商以及較弱的石油可能在那裡產生什麼活動。我知道你們已經談到，當你們關註二疊紀資產時，要非常注意天然氣外運的情況。這與阿巴拉契亞山脈盆地內電力等情況有關嗎？

Just wondering if those sort of concern about the -- ongoing concern about Permian gas and pricing versus maybe new opportunities that we're seeing in Appalachia. Is that playing out in the deals you see coming to market or in price expectations?

我只是想知道，這些擔憂是否與對二疊紀天然氣和定價的持續擔憂有關，還是與我們在阿巴拉契亞看到的新機會有關。您認為這是否反映在即將進入市場的交易或價格預期中？

I don't think that people ultimately, Noel, I think they can only price based on where the differentials. If it was priced into the forward differential strip in some form or fashion, I think then they can make an economic hit on it or if they had a direct contract.

我不認為人們最終只能根據差異來定價，諾埃爾。如果以某種形式或方式將其計入遠期差價帶，我認為他們可以對其產生經濟影響，或者如果他們有直接合約。

So perhaps there are certain scenarios where people can buy an asset because they might have some directly. That's more of an operator game than it would be for us, ultimately, unless we see something that's actually impacting those future prices directly. I don't think we're going to be able to see that.

因此，在某些情況下，人們可以購買資產，因為他們可能直接擁有一些資產。歸根結底，這對我們來說更像是一場運營商遊戲，除非我們看到某些東西實際上直接影響未來的價格。我認為我們不會看到這一幕。

I don't know if you have any -- I mean I do think, look, as you have what you would call like stranded gas and from a regional basis that can't really get hub related prices or may not have access to LNG, I think given the AI and data center boom, it does not surprise me that people are going to try to take advantage of that cheap source.

我不知道您是否有任何東西——我的意思是我確實認為，看，由於您擁有所謂的擱淺天然氣，並且從區域角度來看無法真正獲得樞紐相關價格或可能無法獲得液化天然氣，我認為鑑於人工智能和數據中心的繁榮，人們試圖利用這種廉價來源並不讓我感到驚訝。

And so it would not surprise me if you start to see a lot of this building, next thing you know, Midland might be the center of a huge data center boom because they'll want to use that gas. And you're seeing that, obviously, there's been a lot of hullabaloo going on in Appalachia about just that.

因此，如果您開始看到很多這樣的建築，我不會感到驚訝，接下來您會發現，米德蘭可能會成為巨大資料中心熱潮的中心，因為他們想要使用那種天然氣。顯然，你會看到阿巴拉契亞地區對此發生了很多喧囂。

And so I do think that over time, that can narrow those bands but it has not been enough to have some -- and remember the time to build these things super long and things like that, I mean. And so it has not been enough to actually impact those markets of any significance at this point.

因此我確實認為隨著時間的推移，這些範圍可以縮小，但這還不夠——記住建造這些東西的時間非常長，諸如此類。因此，目前這還不足以對這些市場產生任何重大影響。

I will now turn the call back over to, Nick for closing remarks.

現在我將把電話轉回給尼克，請他作最後發言。

Thank you all for joining us today. We look forward to talking to you in the coming weeks. And again, thanks for your interest in our company.

感謝大家今天的參與。我們期待在未來幾週與您交談。再次感謝您對我們公司的關注。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。