Ovintiv Inc (OVV) 2024 Q3 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to Ovintiv's 2024 third quarter results conference call. As a reminder, today's call is being recorded. (Operator Instructions) Please be advised that this conference call may not be recorded or rebroadcast without the expressed consent of Ovintiv.

女士們、先生們，大家好，感謝你們的支持。歡迎參加 Ovintiv 2024 年第三季業績電話會議。提醒一下，今天的通話正在錄音。（操作員指示）請注意，未經 Ovintiv 明確同意，不得錄製或重播本次電話會議。

I would now like to turn the conference call over to Jason Verhaest from Investor Relations. Please go ahead, Mr. Verhaest.

現在，我想將電話會議轉給投資者關係部的 Jason Verhaest。請繼續，Verhaest 先生。

Thanks, Joanna, and welcome, everyone, to our third quarter conference call. This call is being webcast, and the slides are available on our website at ovintiv.com. Please take note of the advisory regarding forward-looking statements at the beginning of our slides and our disclosure documents filed on EDGAR and SEDAR+. Following the prepared remarks, we will be available to take your questions.

謝謝喬安娜，歡迎大家參加我們的第三季電話會議。本次電話會議正在進行網路直播，幻燈片可在我們的網站 ovintiv.com 上取得。請注意我們幻燈片開頭有關前瞻性陳述的建議以及我們在 EDGAR 和 SEDAR+ 上提交的揭露文件。在準備好發言之後，我們將回答您的問題。

I'll now turn the call over to our President, Brendan McCracken.

現在我將把電話轉給我們的總裁布倫丹·麥克拉肯。

Thanks, Jason. Good morning, everybody. Thank you for joining us. We announced another strong quarter yesterday, and we remain very pleased with our operational and financial execution across the business. We delivered net earnings of $507 million or $1.92 per share and cash flow of $978 million or $3.70 per share, beating consensus estimates.

謝謝，傑森。大家早安。感謝您加入我們。我們昨天宣布了另一個強勁的季度，我們對整個業務的營運和財務執行情況仍然非常滿意。我們實現淨利潤 5.07 億美元，即每股 1.92 美元，現金流為 9.78 億美元，即每股 3.70 美元，超過普遍預期。

The cash flow beat was driven by both production and cost outperformance as we exceeded the top end of our production guidance ranges on all products and came in below the bottom end of guidance range on combined TMP and LOE.

現金流超出預期是由生產和成本的優異表現推動的，因為我們所有產品的生產都超出了指導範圍的最高限度，而 TMP 和 LOE 的綜合產量則低於指導範圍的最低限度。

We generated free cash flow of $440 million, which was higher than the second quarter despite lower oil prices. We're excited about what we're doing to make sure that our operational excellence transfers all the way through to financial performance.

我們產生了 4.4 億美元的自由現金流，儘管油價下跌，但仍高於第二季。我們很高興我們正在做的事情能夠確保我們的卓越營運一直延續到財務表現。

With the extra production and lower costs we've delivered this year, we're on track to generate an incremental $200 million more free cash flow. We returned 60% of our second quarter free cash flow to our shareholders via our base dividend and our third quarter share buyback. Importantly, we continued to make progress on debt reduction during the quarter, repaying $210 million for total debt at the end of Q3 at $5.88 billion.

由於今年產量增加且成本降低，我們預計將產生 2 億美元的增量自由現金流。我們透過基本股利和第三季股票回購將第二​​季自由現金流的 60% 返還給股東。重要的是，我們在本季繼續在減債方面取得進展，償還了 2.1 億美元的債務，第三季末的總債務為 58.8 億美元。

I'll now turn the call over to Corey to discuss our third quarter results in more detail.

現在我將把電話轉給科里，更詳細地討論我們的第三季業績。

Thanks, Brendan. We delivered strong operational performance across the portfolio with third quarter oil and condensate volumes averaging approximately 212,000 barrels per day. And total production of about 593,000 barrels of equivalent per day, beating the high end of our guidance. The production beat was driven by the Permian and the Montney, where we continue to see strong well results and outperformance from our base volumes.

謝謝，布倫丹。我們整個投資組合的營運業績表現強勁，第三季的石油和凝析油產量平均達到約 212,000 桶/天。總產量約為每天 593,000 桶當量，超過了我們預期的最高水準。產量成長主要受二疊紀和蒙特尼盆地推動，我們持續看到這兩個盆地的井產出強勁，且產量表現優異。

Our third quarter capital investment was approximately $538 million, almost at the bottom end of our guidance range. We met or beat guidance on every item continuing to build on our track record as an industry-leading operator.

我們第三季的資本投資約為 5.38 億美元，幾乎處於我們指導範圍的底端。我們在每一項上都達到或超過了預期，繼續鞏固我們作為行業領先運營商的記錄。

Our shareholder returns framework continue to balance the allocation of free cash flow to share buybacks with debt repayment during the quarter. We returned $240 million to our shareholders through share repurchases of $162 million and base dividends of $78 million. This represents a competitive cash return yield of approximately 9%.

我們的股東回報框架持續平衡本季股票回購與債務償還的自由現金流分配。我們透過 1.62 億美元的股票回購和 7,800 萬美元的基本股息向股東返還了 2.4 億美元。這意味著約 9% 的現金回報率具有競爭力。

Since the inception of our buyback program in the third quarter of 2021 through the third quarter of 2024, we've repurchased more than 40 million shares and distributed approximately $850 million in base dividend payments for total shareholder returns of about $2.7 billion.

自 2021 年第三季啟動回購計畫以來至 2024 年第三季度，我們已回購超過 4,000 萬股股票，並發放了約 8.5 億美元的基本股息，股東總回報約為 27 億美元。

We reduced debt by more than $210 million, and our 12-month trailing leverage ratio was 1.2 times. In the fourth quarter, we expect to direct $150 million from our previously disclosed legacy disposition settlement to debt reduction. $50 million of this has already been received and applied to debt reduction in October.

我們減少了超過 2.1 億美元的債務，過去 12 個月的槓桿率為 1.2 倍。第四季度，我們預計將從先前披露的遺留處置和解金中撥出 1.5 億美元用於減債。其中 5000 萬美元已經收到並用於 10 月份的債務減免。

We continue to make progress towards optimizing our capital structure, decreasing our leverage and reducing interest expense. We also remain committed to our mid-cycle leverage target of 1 times or about $4 billion of total debt, assuming mid-cycle prices. The maturity profile of our bonds will allow us to optimize our debt paydown schedule over the next couple of years as we work towards that target.

我們持續在優化資本結構、降低槓桿率和減少利息支出方面取得進展。我們也將繼續致力於實現中期週期槓桿率目標，即假設中期週期價格為 1 倍或約 40 億美元的總債務。我們債券的到期情況將使我們能夠在未來幾年內優化我們的債務償還計劃，以實現這一目標。

Our continuous improvement in capital efficiency will allow us to generate additional cash flow and reach our debt target sooner. This bolsters the resiliency of our business and enables us to withstand market volatility. We remain investment-grade rated with a stable outlook from all four credit rating agencies.

我們不斷提高資本效率，這將使我們能夠產生額外的現金流並更快地實現我們的債務目標。這增強了我們業務的彈性，使我們能夠抵禦市場波動。我們仍獲得四大信用評級機構的投資等級評級，展望為穩定。

I'll now turn the call over to Greg to discuss our operational highlights.

現在我將把電話轉給格雷格，討論我們的營運亮點。

Thanks, Corey. Our teams continue to drive efficiency gains in every part of our business during the quarter. Across the portfolio, we've made significant strides in increasing the speed of our drilling and completions activities and reducing cycle times as a result.

謝謝，科里。本季度，我們的團隊持續推動業務各環節的效率提升。在整個投資組合中，我們在提高鑽井和完井活動速度以及縮短週期時間方面取得了重大進展。

This is important for a couple of reasons. First, it shifts revenue earlier in time, which increases returns, but it also results in lower cost because many of the services in our business are built by the number of hours or days on location.

這很重要，原因如下。首先，它可以將收入提前轉移，從而增加回報，但同時也降低成本，因為我們業務中的許多服務都是根據現場的小時數或天數來建造的。

In the Permian, this was our fastest quarter ever for drilling speed, which averaged more than 2,170 feet per day and was roughly 28% faster than the program average last year. On completions, our third quarter average completed feet per day was about 3,875, this was 21% faster than our 2023 program average. These cycle time improvements mean that we continue to drive our well costs lower and during the quarter, our pacesetter well cost in the Permian was less than $600 per foot.

在二疊紀，這是我們有史以來鑽井速度最快的一個季度，平均每天超過 2,170 英尺，比去年的專案平均速度快了約 28%。在完工方面，我們第三季的平均每天完成量約為 3,875 英尺，比我們 2023 年的計畫平均值快 21%。這些週期時間的改進意味著我們繼續降低油井成本，在本季度，我們在二疊紀的領先油井成本低於每英尺 600 美元。

We recently dropped down to five rigs from six to better align the pace of our drilling and completion activities. We plan to run five rigs through the end of the year.

我們最近將鑽井平台數量從六個減少到了五個，以便更好地協調我們的鑽井和完井活動的節奏。我們計劃在年底前運行五座鑽機。

We continue to see our 2024 Permian well performance tracking our type curve, and we were able to essentially hold volumes flat quarter-over-quarter at approximately 124,000 barrels per day. We brought 154 wells online since the fourth quarter of last year, and the performance is right in line with our type curve.

我們繼續看到 2024 年二疊紀油井的表現追蹤我們的類型曲線，我們能夠基本保持產量與上一季度持平，約為每天 124,000 桶。自去年第四季以來，我們已投產 154 口油井，其表現與我們的類型曲線完全一致。

As a reminder, the 2024 type curve is higher than our 2023 well results incorporating all the improved well productivity we achieved last year. We remain fully confident in our ability to meet our type curve in the Permian, which is unchanged from the start of the year.

提醒一下，2024 年類型曲線高於我們 2023 年的井結果，該結果融合了我們去年實現的所有提高的井生產力。我們對於滿足二疊紀類型曲線的能力充滿信心，這曲線與今年年初相比沒有變化。

In the Montney, we drilled an average of 1,820 feet per day, which was about 6% faster than our 2023 program average. We also drilled the longest well ever in the play in more than 18,000 feet. In fact, Ovintiv has drilled 14 of the 20 longest wells on record in the Montney.

在蒙特尼，我們平均每天鑽探 1,820 英尺，比我們 2023 年的計畫平均速度快約 6%。我們還在該油田鑽探了迄今為止最長的井，深度超過 18,000 英尺。事實上，Ovintiv 在蒙特尼地區鑽探了有史以來最長的 20 口井中的 14 口。

On the completion side, our third quarter average of over 5,100 feet completed per day was 24% faster than the program average last year and is on par with our Trimulfrac averages in the Permian. Our Montney oil and condensate production averaged 32,000 barrels per day in the quarter, and we plan to run three rigs in the play through year-end. The Montney has the lowest well cost in the portfolio, and our pacesetter wells cost less than $500 per foot for drilling and completions.

在完井方面，我們第三季平均每天完成超過 5,100 英尺，比去年的專案平均值快 24%，與我們在二疊紀的 Trimulfrac 平均值相當。本季度，我們的 Montney 石油和凝析油產量平均為每天 32,000 桶，我們計劃在年底前在該油田運行三個鑽井平台。蒙特尼是投資組合中油井成本最低的，我們的領先油井的鑽井和完井成本每英尺不到 500 美元。

Supported by our oil and condensate productivity the economics on our Montney wells remain outstanding. Even at current strip pricing, we expect to generate a program level IRR of more than 60%. Note that, that over 60% IRR result assumes full exposure to strip AECO and our actual realized prices have been much better because of our price diversification strategy.

在我們的石油和凝析油產能的支持下，我們的蒙特尼油井的經濟效益仍然十分突出。即使以目前的條形定價，我們也預計會產生超過 60% 的計劃級 IRR。請注意，超過 60% 的 IRR 結果假設完全暴露於 AECO 帶，並且由於我們的價格多樣化策略，我們的實際實現價格要好得多。

Moving to the Anadarko. We continue to benefit from the strong free cash flow generation from the asset in part due to its exceptionally low base decline. Our 2024 program was designed to target the oiliest part of our acreage. The early production from these wells has displayed first year oil cuts of more than 55%, with about 85% of first year revenue coming from oil.

轉向阿納達科。我們持續受益於該資產強勁的自由現金流，部分原因是其基數下降幅度極低。我們的 2024 計畫旨在針對我們土地上油氣含量最高的部分。這些油井的早期產量顯示，第一年的石油產量下降了 55% 以上，而第一年收入的 85% 左右來自石油。

The team has made significant progress on drilling speed now averaging over 2,600 feet per day, less than eight days from spud to rig release or about 28% faster than the 2023 program average. This improvement contributed to our new pacesetter D&C cost in the Anadarko of about $500 per foot and enhance the economics of our eight-well program, which we completed during the quarter. We currently have one active rig in the play, which we will continue to run through the end of the year.

該團隊在鑽井速度方面取得了重大進展，目前平均每天超過 2,600 英尺，從開鑽到鑽機釋放不到八天，比 2023 年的計畫平均速度快約 28％。這項改進使我們在阿納達科新的領導者 D&C 成本降低至約 500 美元/英尺，並提高了我們在本季度完成的八井計劃的經濟效益。目前，我們在該油田中有一個活躍的鑽井平台，我們將繼續運行該鑽井平台直到今年年底。

In the Uinta, our strong well performance combined with our continued progress on cost reductions has made to play competitive in our portfolio, with margins similar to what we receive in the Permian. Our largely undeveloped land base of approximately 137,000 net acres with about 1,000 feet of collective pay means we have significant scale and running room in the play. Our third quarter oil and condensate production of 29,000 barrels per day is consistent with our expected go-forward run rate for production from the asset.

在尤因塔 (Uinta)，我們強勁的油井表現加上我們在降低成本方面的持續進展，使我們在投資組合中具有競爭力，利潤率與我們在二疊紀 (Permian) 獲得的利潤率相似。我們尚未開發的土地面積約為 137,000 淨英畝，集體礦層高度約為 1,000 英尺，這意味著我們在該領域擁有相當大的規模和發展空間。我們第三季的石油和凝析油產量為每天 29,000 桶，與我們預期的該資產未來產量運行率一致。

As of the end of the third quarter, we have brought online 27 net wells. Our total expected turn in lines for the year. We recently resumed drilling in the play, and we plan to run one rig through the end of the year.

截至第三季末，我們已投產 27 口淨井。我們預計今年的總營業額。我們最近恢復了該油田的鑽探，並計劃在年底前運行一台鑽機。

I'll now turn the call back to Brendan.

我現在將電話轉回給布倫丹。

Thanks, Greg. Capital efficiency and free cash generation remains the hallmark of our 2024 program as we work to generate superior and durable returns for our shareholders. For the third time this year, we're increasing our production guidance while maintaining our targeted capital spending.

謝謝，格雷格。我們致力於為股東創造卓越而持久的回報，資本效率和自由現金創造仍然是我們 2024 年計畫的標誌。今年，我們第三次上調生產預期，同時維持目標資本支出。

We expect to deliver higher volumes across all product streams. This includes 210,000 barrels a day of oil and condensate, up 5,000 barrels a day from our expectations at the start of the year and up 10,000 barrels a day from our original outlook in June of last year.

我們期望所有產品線的銷售量都能有更大提升。其中包括每天 21 萬桶石油和凝析油，比我們年初的預期高出 5,000 桶/日，比我們去年 6 月最初的預測高出 10,000 桶/日。

Fourth quarter production is set to average 575,000 to 595,000 BOEs per day. With oil and condensate volumes of about 205,000 barrels a day at the midpoint. We expect fourth quarter capital investment to come in around $550 million at the midpoint, and we remain committed to the midpoint of our full year guide at $2.3 billion. Our 2024 program is repeatable in '25 and beyond, allowing us to sustain approximately 205,000 barrels a day of oil and condensate production with capital investment of about $2.3 billion per year.

第四季的產量預計平均為每天 575,000 至 595,000 桶油當量。中間值石油和凝析油產量約為每天 205,000 桶。我們預計第四季度的資本投資中位數將在 5.5 億美元左右，並且我們仍將全年預期中位數定為 23 億美元。我們的 2024 計畫可以在 25 年及以後重複實施，使我們能夠維持每天約 205,000 桶的石油和凝析油產量，每年的資本投資約為 23 億美元。

In summary, we continue to deliver outstanding results. We're focused on maximizing the profitability of our business, generating significant free cash flow and maintaining our strong balance sheet. We take great pride in producing safe, affordable, reliable and secure energy while delivering superior returns to our shareholders.

總而言之，我們繼續取得優異的成績。我們專注於最大限度地提高業務盈利能力、產生大量自由現金流並保持強勁的資產負債表。我們為生產安全、實惠、可靠、有保障的能源並為股東帶來豐厚的回報而感到自豪。

This concludes our prepared remarks. Operator, we're now ready to open the line for questions.

我們的準備好的演講到此結束。接線員，我們現在可以開始回答問題了。

(Operator Instructions) Gabe Daoud, TD Cowen.

（操作員指示） Gabe Daoud，TD Cowen。

I was hoping, Brendan, we can maybe start with your capital budget. Obviously, you've highlighted your guidance evolution on the volume front, and you've increased that quite a bit moving through 2024. But the 2023 has been pretty static, at least the midpoint of your guidance ranges this year. So given any efficiency gains you've seen? Can you maybe talk a little bit about that 2.3 number and how that trends into 2025?

布倫丹，我希望我們可以從你的資本預算開始。顯然，您已經強調了在數量方面的指導演變，並且到 2024 年，您已經大大增加了這一數量。但 2023 年相當穩定，至少是今年指導範圍的中點。那麼，您看到了哪些效率提升呢？您能否稍微談談 2.3 這個數字以及到 2025 年的趨勢如何？

Yeah, for sure, Gabe. Yes, thanks for the question. I think what I'd say is we have definitely stepped the guidance up as we've gone through the year, and it's worth reminding ourselves of the production shape that we had planned for this year.

是的，當然了，加布。是的，謝謝你的提問。我想說的是，我們在過去一年確實加強了指導，值得我們提醒自己今年所規劃的生產狀況。

And when we closed the EnCap acquisition, we had a huge number of wells in progress, and we were significantly slowing the activity level down in the assets to run them for free cash and returns. Now obviously, that integration has gone very well and credit to the team. But we still have that overriding shape in our production profile on where we're landing the oil run rate at a new stable level of 205,000 barrels a day.

當我們完成對 EnCap 的收購時，我們有大量油井正在建設中，我們大幅減緩了資產的活動水平，以便運營它們來獲取免費現金和回報。顯然，現在的整合進展非常順利，這要歸功於團隊。但是，我們的生產狀況仍然處於主導地位，我們正在將石油產量維持在每天 205,000 桶的新穩定水平。

And so we originally guided that landing to come in the first half of this year, but outperformance has pushed that landing now into the fourth quarter, which is a fantastic outcome for free cash. And we'll continue to optimize and tune the '25 program and do our official guidance with our year-end results.

因此，我們最初預計這一目標將在今年上半年實現，但優異的表現已將這一目標推遲到第四季度，這對於免費現金來說是一個極好的結果。我們將繼續優化和調整‘25’計劃，並根據年終業績做出官方指導。

As you point out, lots of things going in the right direction, but we're still in the midst of pricing for next year on services and equipment and planning the detailed program. So I don't want to get out over our skis. And so for now, the 2.3 and 205 is the right way to think about next year. And remember, that's 5,000 barrels a day higher than our original guide.

正如您所指出的，很多事情都在朝著正確的方向發展，但我們仍在為明年的服務和設備定價並規劃詳細的計劃。所以我不想出去滑雪。因此就目前而言，2.3 和 205 是考慮明年的正確方式。請記住，這比我們最初的預期高出每天 5,000 桶。

Got it. Okay. That's helpful. Obviously, stay tuned for some more formal details. And then I guess just as a follow-up, maybe, can we get your updated comments on M&A and A&D markets generally. There's been obviously a number of media reports related to you guys. So I would love to just get your updated thoughts on all of that.

知道了。好的。這很有幫助。顯然，請繼續關注更多正式細節。然後我想作為後續問題，我們能否獲得您對 M&A 和 A&D 市場總體的最新評論。顯然已經有很多與你們有關的媒體報導。因此，我很想了解您對所有這些問題的最新想法。

Yeah, Gabe, for sure. So I mean, really a consistent message from us on this topic. What I'd say is acquisitions have an extremely high hurdle for us. We've built up a very high-quality portfolio with a deep inventory in each asset, and we're extremely disciplined about how we steward our shareholders' capital.

是的，加布，確實如此。所以我的意思是，我們確實在這個問題上傳達了一致的訊息。我想說的是，收購對我們來說門檻極高。我們建立了一個非常高品質的投資組合，每項資產都有大量庫存，我們對如何管理股東資本非常嚴格。

And as you can see from our results and our focus, we're really focused on execution and driving free cash flow out of the business. So that's kind of where I'd leave that.

從我們的業績和重點可以看出，我們真正注重的是執行和推動業務的自由現金流。這就是我要說的。

Neal Dingmann, Truist Securities.

Truist Securities 的 Neal Dingmann。

Brendan, team, another excellent quarter. My first question, Brendan is maybe on your notable continued efficiencies you even saw this last quarter. I'm just wondering specifically in the last few quarters, you all have notably outperformed production forecast using what I certainly would seem to be less expected capital.

布倫丹，團隊，又一個出色的季度。我的第一個問題是，布倫丹，您在上個季度是否看到了顯著的持續效率。我只是特別想知道，在過去幾個季度裡，你們使用看似低於預期的資本，生產表現是否明顯超出預期。

I'm just wondering can you give me an idea of maybe some of the bigger drivers around this? Is it certain areas of outperforming or different things that Greg and the operation teams are doing? I'm just wondering what would have been the drivers of this continued upside?

我只是想知道您能否告訴我一些有關這一問題的更大驅動因素？格雷格和營運團隊在某些領域表現優異，還是在做不同的事情？我只是想知道這種持續上漲的驅動因素是什麼？

Yeah. Thanks, Neil. And yes, really, it's been a very intentional exercise. And a lot of the -- well, really everything we are doing from an innovation perspective is driven in the service of generating more free cash from the business. And so I'll talk a bit about some of the operational things like you asked, but I would also say it extends all the way through the business to our bottom line financial performance to drive that incremental free cash.

是的。謝謝，尼爾。是的，這確實是一項有目的的練習。很多——實際上，從創新角度來看，我們所做的一切都是為了從企業創造更多的免費現金。因此，我會談論一些您所問到的營運方面的事情，但我還想說，它延伸到整個業務，直至我們的底線財務業績，以推動增量自由現金。

And -- but I would say, look, this is a skill we've built up over time. And like you pointed to, the results are speaking for themselves. We did investor tours in both the Permian and Montney this year and really, what we're doing there is showcasing the sophistication and cutting edge work that our teams are doing.

而且——但我想說，看，這是我們隨著時間的推移而累積起來的技能。正如您所指出的，結果不言而喻。今年，我們在二疊紀和蒙特尼進行了投資者巡迴訪問，實際上，我們在那裡所做的就是展示我們團隊正在進行的先進和前沿的工作。

So a few things I'd point to start of the foundation really has been our data strategy. So a lot of what we do is analytical and engineering and geoscience work and you have to have great data to do that with. And over a number of years here, we've built up a unique private data set across North America that I think has given us a real edge to understand true causality.

所以我想指出的幾件事實際上是我們的數據策略。因此，我們所做的許多工作是分析、工程和地球科學工作，你必須擁有大量的數據才能完成這些工作。多年來，我們在北美建立了一個獨特的私人數據集，我認為這為我們理解真正的因果關係提供了真正的優勢。

And then second, we've kind of combined that with a real lean in on our culture of innovation where throughout the entire team, everybody is engaged on being curious and trying to find those new opportunities. And one of the things we showcased on those, Montney and Permian tours this year was the AI machine learning automation that we've deployed, not only in our D&C operations, but also in our production operations and we're excited about how those things are leading to best-in-class drilling and completion speed and cost, but also lowering our base decline across the portfolio.

其次，我們將其與真正的創新文化結合，在整個團隊中，每個人都保持好奇心並嘗試尋找新的機會。我們在今年的 Montney 和 Permian 之旅中展示的一件事就是我們不僅在 D&C 運營中部署的人工智能機器學習自動化，而且在我們的生產運營中也部署了它，我們很高興這些東西能夠帶來一流的鑽井和完井速度和成本，同時也降低整個投資組合的基數下降。

And maybe the final thing I'd leave you with is really working hard to break down maybe a bit of an industry bad habit around being insular within the company walls. And one of the things we often say is the only infinite rate of return available to us is learning from another operator's risk capital. And we've been really outward focused at studying and watching the leading-edge things that our peers are doing and then backward incorporating those back into our business.

也許我最後要告訴你們的是，你們要真正努力打破這個產業中存在的一種不良習慣，也就是在公司內部與外界隔絕。我們常說的一句話是，我們唯一可獲得的無限報酬率就是向其他業者的創投學習。我們一直致力於研究和觀察同行所做的前沿事物，然後將其融入我們的業務中。

And finally, I would just say to your question, it's really spread across all the assets. We've been working hard to create collaboration across each asset in the portfolio and move those ideas rapidly around the company. So lot there, Neil, but it's an important part of the story.

最後，我只想回答你的問題，它確實遍布所有資產。我們一直在努力建立投資組合中每項資產之間的協作，並在公司範圍內迅速傳播這些想法。尼爾，有很多內容，但這是故事的重要部分。

No, very detail. I appreciate that. And then maybe a second question for Greg. Well maybe on the same line a little bit. Simply described your -- I like the slide that you talked about -- and it's notable to optimize Permian program.

不，非常詳細。我很感激。然後也許還有第二個問題想問格雷格。嗯，也許有一點是一樣的。簡單描述一下——我喜歡您所談論的幻燈片——並且它對於優化 Permian 計劃非常有意義。

I was just curious, when you look at it today versus maybe a year ago, are things like D&C activity or logistics. I'm just wondering where you're seeing -- you noticed a couple of wells that cost are now coming down, but the returns are at record levels. And I'm just wondering, is that largely driven through more e-fleets and completions? Or what are you doing to sort of set these records?

我只是好奇，當你將今天與一年前進行比較時，D&C 活動或物流等方面的情況如何。我只是想知道您看到了什麼——您注意到有幾口油井的成本正在下降，但回報達到了創紀錄的水平。我只是想知道，這是否主要是透過更多的電子車隊和完工來推動的？或者您正在做什麼來創下這些記錄？

Thanks for your question, Neil. And it's -- as Brendan was mentioning, it's really the combination of a lot of things that the teams are working on to improve our execution efficiency and drive down cycle times, which ultimately results in higher returns and more free cash flow.

謝謝你的提問，尼爾。正如布倫丹所提到的，這實際上是團隊正在努力進行的多項工作的結合，以提高我們的執行效率並縮短週期時間，最終帶來更高的回報和更多的自由現金流。

It's a combination of high-performance rigs. It's the better frac fleets. When it comes to e-fleets, they're a great part of the fleet and part of the improvement. But it really comes down to whatever equipment you're using, how well you can execute with it.

它是高性能鑽孔機的組合。這是更好的壓裂車隊。說到電子車隊，它們是車隊的重要組成部分，也是改進的一部分。但這實際上取決於您使用的設備以及您使用它的效果如何。

We always point to there's three things that you can do to improve returns that's placed laterals in the right place, design your jobs to optimize productivity per foot. We also look at increasing lateral whenever we can. And finally, just drilling and completing wells as quickly and efficiently as we possibly can.

我們總是指出，有三件事可以做來提高回報，即將水平井放置在正確的位置，設計您的工作以優化每英尺的生產率。只要有可能，我們也會考慮增加橫向影響力。最後，我們只需盡可能快速、有效率地鑽井和完井。

And the teams are working on all of those fronts, which is what's showing up in the strong execution and performance. As Brendan mentioned, that's allowed us to push back that landing zone in the Permian back to the fourth quarter.

各個團隊都在努力做好所有這些工作，而強大的執行力和表現力也體現了這一點。正如布倫丹所提到的，這使我們能夠將二疊紀的著陸區推遲到第四季。

And going forward, if we think about the Permian and specifically, we've gotten to a point where we feel like five rigs and one frac crew we'll get our whole program drilled. And that same match of rigs and frac fleet. We'll do a lot more fleet now than it would have done a year ago.

展望未來，如果我們特別考慮二疊紀盆地，我們已經到了這樣的地步：我們覺得只需要五座鑽機和一支壓裂隊，我們就能完成整個鑽探計畫。鑽井平台和壓裂船隊的配對也是一樣的。與一年前相比，我們現在的機隊數量將大大增加。

And so that's why we dropped from six rigs down to five. But we feel like that's kind of the go-forward status quo for us is running five rigs and a frac crew and just being as efficient as we can using all the different technologies that are available to us.

這就是我們將鑽機數量從六台減少到五台的原因。但我們覺得，這對我們來說是一種前進的現狀，即運行五座鑽機和一支壓裂隊伍，並儘可能高效地使用我們可用的所有不同技術。

Neil Mehta, Goldman Sachs.

高盛的尼爾梅塔 (Neil Mehta)。

Yeah. Relatively easy questions for me. One is -- one of the big debates of this earnings season is how to get the most amount of value out of your natural gas molecule, not only just in the context of Waha, but given basis issues and then the long-term demand story that we see for natural gas.

是的。對我來說相對簡單的問題。一是——本財報季的一大爭論是如何從天然氣分子中獲取最大價值，不僅僅是在 Waha 的背景下，而且考慮到基礎問題以及我們對天然氣的長期需求。

So just curious, Brendan, how you guys are shaping your business to maximize the capture on natural gas?

所以我很好奇，布倫丹，你們是如何塑造自己的業務以最大程度地捕獲天然氣的？

Yeah, absolutely, Neil. We're very pleased to see even though it's a low number, it's probably better than industry number on gas realization for us the last couple of quarters. And I think that reflects the strategy you're pointing to. And really what we've been doing is basin diversification.

是的，絕對是，尼爾。我們非常高興地看到，儘管這個數字很低，但可能比過去幾季我們的天然氣實現產業數字要好。我認為這反映了您所指出的策略。我們實際上所做的是盆地多樣化。

So we produce a lot of gas in the Western Canada market and in the Permian. And both of those markets have been horrific for gas prices through the summer months. And so what we set up over the last several years is based on egress out of both of those places. So we really tried to minimize our exposure to those two markets and that has been paying off.

因此我們在加拿大西部市場和二疊紀盆地生產了大量天然氣。整個夏季，這兩個市場的汽油價格都表現慘淡。所以，過去幾年我們的設置都是以這兩個地方的出口為基礎的。因此，我們確實盡力減少對這兩個市場的曝險，而且此舉已取得成效。

And so really, we're kind of continuing to lean into that strategy. With the acquisition in the Permian, we picked up a bunch of Waha exposure with that -- with those assets. And we just recently secured some additional capacity starting late next year to egress gas out of the Permian.

所以實際上，我們還是會繼續傾向於這個策略。透過對二疊紀盆地的收購，我們利用這些資產獲得了大量 Waha 的投資機會。我們最近剛確保從明年年底開始將二疊紀盆地的天然氣輸送出去一些額外的產能。

So we'll be kind of bringing that pie chart that's in the appendix slides of ours back into kind of a more normal place for us where we're getting most of our gas outside of AECO and most of our gas outside of Waha.

因此，我們將把附錄幻燈片中的圓餅圖帶回更正常的位置，我們的大部分天然氣都來自 AECO 之外，大部分天然氣都來自 Waha 之外。

Okay. That makes sense, Brendan. And then you talked a little bit about the Uinta in the deck, but just curious on your perspective of monetization of that asset, how we should think about whether that asset could trade? And any comments you would have on the process there?

好的。這很有道理，布倫丹。然後您在演講中談到了 Uinta，但我只是好奇您對該資產貨幣化的看法，我們應該如何看待該資產是否可以交易？您對那裡的進程有什麼評論嗎？

Yeah. No, for sure, Neil. And I think a pretty consistent message here from us. We're always thinking about how we can create value with our portfolio. That's our job. And -- but we focus down to the four assets that we have today, and they're all great assets.

是的。不，當然了，尼爾。我認為我們傳達的訊息非常一致。我們一直在思考如何利用我們的投資組合創造價值。這就是我們的工作。而且 — — 但我們關注的是今天我們擁有的四項資產，它們都是寶貴的資產。

They're competitive for capital, delivering consistent returns across the portfolio and with the Uinta, what's really helped there is getting our margin competitive. And then the team has been working to drive down drilling costs. So yeah, I think that's where I'd leave it.

他們在資本方面具有競爭力，為整個投資組合和 Uinta 帶來持續的回報，真正幫助我們保持利潤競爭力。然後該團隊一直致力於降低鑽井成本。是的，我認為我就把它留在那裡了。

Doug Leggate, Wolfe Research.

道格‧萊格特（Doug Leggate），沃爾夫研究公司。

Brendan, two kind of philosophical questions, I guess. When you look at the extraordinary progress you've made with every other quarter, you're doing a new pacesetter well in one of your basins. It seems that as we look to 2025, there's a choice coming for Ovintiv, which is take the efficiency gains, and ultimately, I don't want to put words in your mouth, deliver a higher production number or take the efficiency gains and cut capital.

布倫丹，我猜是兩種哲學問題。當您回顧每個季度所取得的非凡進步時，您會發現您在其中一個盆地中創造了新的領先紀錄。看來，展望 2025 年，Ovintiv 面臨著一個選擇，要么提高效率，最終，我不想強迫你做出承諾，要么提供更高的產量，要么提高效率並削減資本。

And I'm not -- again, I'm not trying to get in front of the '25 guide, but it seems that you're going to have some options given to you by the strength of your operations, which of those two would you rather take higher production or lower capital?

而且我不是——再說一次，我並不是想超越 25 年的指南，但看起來你會根據你的營運實力獲得一些選擇，在這兩個選擇中，你更願意選擇更高的產量還是更低的資本？

Yes, it's a great dilemma to have. And what I'd say is we'll be driven by value and really free cash generation. So the kind of a couple of the parameters that we'll look at as we make those decisions is going to be how do we feel about the macro. So is the world looking for more barrels and BTUs. And then also how do we look from a low-level perspective because we really feel like the efficiency gains that the low-level program that we're set up for is helpful.

是的，這是一個很大的困境。我想說的是，我們將以價值和真正免費的現金創造為動力。因此，我們在做出這些決定時要考慮的幾個參數是我們對宏觀的看法。世界也在尋求更多的桶子和英熱單位。然後我們從低階角度又該如何看待呢，因為我們確實覺得我們設定的低階程序對效率的提升是有幫助的。

So if you look at what we did this year, we chose to kind of let production float out and harvested the free cash flow there. We found that to be the more accretive choice. And so we'll do the same calculus next year. And if the world turns out a little more bearish and it makes sense to pull the capital back and just kind of keep the volumes flat, then that's the choice we would make in that instance.

所以如果你看看我們今年所做的事情，我們選擇讓生產浮動並收穫自由現金流。我們發現這是更具增值性的選擇。因此我們明年會進行同樣的計算。如果全球情況變得更加悲觀，撤回資本並保持交易量平穩是合理的，那麼這就是我們在這種情況下所做的選擇。

Okay. We will watch for the guidance. I had two philosophical questions, and you have to forgive me for the second one.

好的。我們將關注相關指導。我有兩個哲學問題，你們必須原諒我的第二個問題。

Your -- execution-wise, it's been flawless pretty much since you took the helm. You've done your share of deals. You're a $10 billion company in a $2 trillion sector. It's kind of tough from our discussions at least with investors, given the commodity backdrop to differentiate? And despite everything you're doing, your share price is ultimately exposed to the wins of the market. Are we going to buy energy. We're not going to buy energy or whatever.

從執行角度來看，自從您掌舵以來，一切幾乎都是完美無缺的。您已完成自己份額的交易。你們是一家價值 100 億美元的公司，處在價值 2 兆美元的行業中。至少從我們與投資人的討論來看，考慮到大宗商品的背景，要區分有點困難？不管你做什麼，你的股價最終都會受到市場收益的影響。我們要買能源嗎？我們不會購買能源或其他什麼東西。

So my question is, how do you gain relevance, putting good assets in the hands of good strong management is a way to create value. But I wonder, do you think you have the scale to compete for investor dollars? And if not, what might you do to change that?

所以我的問題是，你如何獲得相關性，將優質資產交到優秀、強大的管理階層手中是創造價值的一種方式。但我想知道，您是否認為您的規模足以爭取投資者的資金？如果不是，您會做什麼來改變這種狀況？

Yeah. And again, I would say the driver here is going to be shareholder value. We're always engaged in a strategic conversation around how we do that and what's the most effective way to do that. I would say philosophically, I think there is always going to be a space for a strong independent part of the E&P landscape. The innovation and efficiency gains tend to be driven from that group, and we're certainly at the forefront of doing that.

是的。我再說一遍，這裡的驅動力是股東價值。我們始終在進行策略對話，探討如何做到這一點以及最有效的方法。我想從哲學角度來說，我認為在勘探與生產領域總會有強大獨立部分的空間。創新和效率的提高往往是由該群體推動的，而我們在這方面無疑處於領先地位。

I think from a scale perspective, look, I think there is an investor relevancy scale, but I think we're there. We continue to have a lot of engagement and don't see that as a barrier as we sit here today. But look, we're always looking for how we create the most shareholder value.

我認為從規模角度來看，我認為存在一個投資者相關性規模，但我認為我們已經達到了這個水平。我們繼續保持著大量的參與，並且我們並不認為這成為我們今天在這裡的障礙。但是，我們一直在尋找如何創造最大的股東價值。

Would you -- could I maybe put a part B on that and ask you if you would care to comment about whether you're currently engaged in any particular M&A discussions?

您能否——我是否可以將 B 部分放在上面並問您是否願意評論一下您目前是否正在參與任何特定的併購討論？

As you know, Doug, we're not able to ever comment on that. So afraid I can't answer that one.

正如道格，你所知，我們無法對此發表評論。我恐怕無法回答這個問題。

Kalei Akamine, Bank of America.

美國銀行的 Kalei Akamine。

I guess my first question is on Permian oil. It seems to be holding up a little bit better than expected here. It's still above your soft guide of 115 to 120. So aesthetically, it looks like you've already mitigated the decline from the EnCap transaction. When do you think that you'll have a better understanding of where that's going to send out?

我想我的第一個問題是關於二疊紀石油的。這裡的情況似乎比預期的要好一些。它仍然高於 115 到 120 的軟指導值。因此從美學角度來看，您似乎已經減輕了 EnCap 交易帶來的下滑。您認為什麼時候才能更了解其發送目的地？

Well, yeah, I think a great question. What we pointed to here was landing at around 120,000 barrels a day and really seeing that landing happen in the fourth quarter here. So we pushed that kind of production up through the middle part of this year, which is great because it let us harvest more free cash and more value. And we're kind of in the midst of that landing right now.

嗯，是的，我認為這是一個好問題。我們這裡指出的是產量將達到每天 12 萬桶左右，而這一產量下降確實發生在第四季。因此，我們將這種產量提前到今年年中，這很好，因為它讓我們收穫了更多的免費現金和更多的價值。我們現在正處於著陸的過程中。

Got it. I appreciate that. My second is a follow-up on the operational improvement. The staff that jumped out this quarter was the drilling times in the Permian. If you were to extrapolate those cycle times for '25, how many more wells do you think to drill in '25 over (inaudible).

知道了。我很感激。我的第二個目標是跟進營運改善。本季最引人注目的是二疊紀的鑽井時間。如果你把這些週期時間推算到 2025 年，你認為 2025 年需要鑽多少口井？（聽不清楚）。

Yeah. I think if you looked at our TILs for this year, it would put us in the upper end of that TIL range year-over-year.

是的。我認為，如果您查看我們今年的 TIL，您會發現我們同比去年的 TIL 水平處於該範圍的上限。

Arun Jayaram, JPMorgan.

摩根大通的阿倫‧賈亞拉姆 (Arun Jayaram)。

Brendan, I was wondering if you could discuss your thoughts on the implications of LNG Canada, which could start mid next year? Implications do you think for the Canadian gas market and as well as your position in the Montney?

布倫丹，我想知道您是否可以談談對明年中期即將啟動的加拿大液化天然氣項目的影響的看法？您認為這對加拿大天然氣市場以及您在蒙特尼的地位有何影響？

Yeah. I think, look, this is going to be a long-term great thing for Canadian gas. I think LNG Canada could start up early 2025. We don't have any special insight there, but that would be kind of the best steering we would have and then ramp up through the year.

是的。我認為，這對加拿大天然氣來說將是一件長期的大事。我認為加拿大液化天然氣計畫將於 2025 年初啟動。我們對此沒有任何特別的見解，但這將是我們能夠採取的最佳指導措施，並將在全年不斷提升。

So you're talking about 2.2 Bcf a day of incremental takeaway which is a big share of the Canadian gas market. But what we see when we look at the landscape there is the number of gas leveraged operators have drilled into that upcoming capacity.

所以你說的是每天增量輸送量為 22 億立方英尺，這佔了加拿大天然氣市場的很大份額。但當我們縱觀形勢時，我們看到許多利用天然氣槓桿的業者已經投入了即將到來的產能。

So perhaps not unlike what we see in the Permian where egress fills relatively quickly new egress fills relatively quickly. That's probably going to be the dynamic that we see with LNG Canada. So we would say AECO's going to tighten, but it probably might have a bit of a transitory feature to it. So that's kind of been a cautious tone that we've taken and anything better than that is upside for us.

因此，這可能與我們在二疊紀看到的情況不同，那裡的出口相對較快地被填滿，新的出口也相對較快地被填滿。這可能就是我們在 LNG Canada 身上看到的動態。因此，我們會說 AECO 將會收緊，但它可能具有一些過渡性。因此，我們一直採取謹慎的態度，任何比這更好的事情對我們來說都是有利的。

And then, of course, what we're really excited about is some of the projects coming in behind LNG Canada Phase 1 that probably are more towards the end of the decade, but offer even more egress out of the basin, and we'll continue to support AECO pricing.

當然，我們真正感到興奮的是 LNG 加拿大第一階段之後的一些項目，這些項目可能更接近本世紀末，但提供了更多的盆地出口，我們將繼續支持 AECO 定價。

Brendan, I wondering if you could characterize what you're seeing in the A&D market, obviously, a large trade potentially in the Midland Basin. But just thoughts on what you're seeing and the ability to maybe leverage what looks to be one of the lower cost structure in the Permian Basin and other basins to your advantage?

布倫丹，我想知道您是否可以描述一下您在 A&D 市場看到的情況，顯然，米德蘭盆地潛在的大型貿易。但是，您認為您是否能夠利用二疊紀盆地和其他盆地中看似成本較低的結構來為自己謀利？

Yeah, Arun, for sure. I think probably the biggest notable feature has been the increase in valuations that have been paid in the A&D market from when we did our deal. And so for us, acquisitions have a very high hurdle because we've already built up a really high-quality portfolio with a deep inventory there. So we're just very disciplined with how we're stewarding the shareholder capital, and that's how you should expect us to behave.

是的，阿倫，確實如此。我認為可能最顯著的特點就是與我們達成交易時相比，A&D 市場的估值有所增加。因此對我們來說，收購的門檻非常高，因為我們已經建立了真正高品質的投資組合，並且擁有大量庫存。所以，我們對如何管理股東資本非常自律，你們也應該期待我們這麼做。

Geoff Jay, Daniel Energy Partners.

傑夫·傑伊（Geoff Jay），丹尼爾能源合作夥伴。

I just have one -- I noticed you said that 60% of your Permian completions were Trimulfrac, I'm wondering if that's sort of a good go-forward rate for your 2025 plan? Or if there's upside to that 60%?

我只有一個問題——我注意到您說過，二疊紀盆地 60% 的完井都是 Trimulfrac，我想知道這對您的 2025 年計劃來說是否是一個好的進展速度？或者這 60% 有沒有上升空間？

Yeah, I think that's a decent place to start. We're still putting final details on next year's plan. So it could move around a little bit. But clearly, we've marched up over the course of the year and with more and more of the program in Trimulfrac. So it's probably a decent place to start for '25.

是的，我認為這是一個不錯的起點。我們仍在製定明年計劃的最終細節。所以它可以稍微移動一下。但顯然，我們在過去的一年裡取得了進步，而且 Trimulfrac 的計畫也越來越多。因此，這可能是 25 年的一個不錯的起點。

Geoff, you donated your extra question to Doug, I guess.

傑夫，我想，你把你的額外問題捐給了道格。

Thank you. At this time, we have completed the question-and-answer session, and we'll turn the call back to Mr. Verhaest.

謝謝。至此，我們已經完成了問答環節，我們將把電話轉回給 Verhaest 先生。

Thanks, Joanna, and thanks, everyone, for joining us today. Our call is now complete.

謝謝喬安娜，也謝謝大家今天的參與。我們的通話現已完成。

Thanks, everybody.

謝謝大家。

Ladies and gentlemen, this concludes your conference for today. We thank you for participating, and we ask that you please disconnect your lines.

女士們、先生們，今天的會議到此結束。感謝您的參與，並請您斷開線路。