Ovintiv Inc (OVV) 2024 Q4 法說會逐字稿

Welcome to Ovintiv's 2024 fourth quarter and year results conference call. As a reminder, today's call is being recorded. (Operator Instructions)

歡迎參加 Ovintiv 2024 年第四季和年度業績電話會議。提醒一下，今天的通話正在錄音。（操作員指令）

Please be advised that this conference call may not be recorded or be broadcast without the express consent of Oventive.

請注意，未經 Oventive 明確同意，不得錄製或廣播本次電話會議。

I would now extend the conference over to Jason Berheist from Investor Relations. Please go ahead, Mr. Burheist.

現在我想將會議轉交給投資人關係部的 Jason Berheist。請繼續，伯海斯特先生。

Thanks, Joanna, and welcome everyone to our fourth quarter and year-end '24 conference call. This call is being webcast and the slides are available on our website at oventive.com. Please take note of the advisory regarding forward-looking statements at the beginning of our slides and in the disclosure documents filed on EDGAR and SEDAR Plus

謝謝，喬安娜，歡迎大家參加我們的第四季和 2024 年年終電話會議。本次電話會議正在進行網路直播，幻燈片可在我們的網站 oventive.com 上取得。請注意我們幻燈片開頭以及在 EDGAR 和 SEDAR Plus 上提交的揭露文件中有關前瞻性陳述的建議

Following prepared remarks, we will be available to take your questions. I'll now turn the call over to our President CEO Brendan McCracken.

在發表準備好的發言後，我們將回答您的問題。現在我將電話轉給我們的總裁兼執行長布倫丹·麥克拉肯。

Thanks, Jason. Good morning, everybody. Thank you for joining us. We are very pleased with our 2024 results, and we are very excited about 2025 in our future. Over the past several years, we have executed on our durable return strategy, and we begin this year with one of the most valuable premium inventory positions in our industry.

謝謝，傑森。大家早安。感謝您加入我們。我們對 2024 年的業績感到非常滿意，對 2025 年的未來感到非常興奮。過去幾年來，我們一直執行持久回報策略，今年我們以業界最有價值的優質庫存地位之一開啟新的一年。

We combine that with our team's culture and expertise to convert resource to free cash very efficiently. We've built this position in a very shareholder-friendly way that sets us up to generate exceptional return on capital for a long time to come. We now have a more focused and more profitable portfolio with anchor positions in the Permian and Montney, the two largest remaining undeveloped oil resources in North America. These assets are complemented by our low cost, low decline, high free cash generating asset in the Anadarko Basin. Our work to build inventory depth over the past several years means we now have close to 15 years of premium inventory in the Permian, close to 20 years of premium oil inventory in the Montney, and over a decade in the Anadarko.

我們將其與我們團隊的文化和專業知識相結合，非常有效地將資源轉化為免費現金。我們以非常有利於股東的方式建立了這一地位，這使我們能夠在未來很長一段時間內獲得卓越的資本回報。現在，我們擁有更專注、更有利可圖的投資組合，並在北美剩餘的兩個最大的未開發石油資源——二疊紀和蒙特尼——佔據主導地位。這些資產與我們在阿納達科盆地的低成本、低衰減、高自由現金生成資產相得益彰。我們過去幾年來致力於增加庫存深度，現在我們在二疊紀擁有近 15 年的優質庫存，在蒙特尼擁有近 20 年的優質石油庫存，在阿納達科擁有十多年的優質石油庫存。

We are also seeing the benefits of our efficiency gains show up in our capital and cash costs. We're delivering oil type curves on a barrel per foot basis that are as good or better year-over-year in each of the three assets. Those efficiency gains are how we are holding our 2025 guidance at 205,000 barrels a day, completely making up the gap from selling 29,000 barrels a day in the Uinta and buying 25,000 barrels a day in the Montney. We believe our ability to continue to generate superior returns will be differentiating. With this inventory and our demonstrated execution excellence were set to generate over $2 billion of free cash flow this year, and we are confident we can continue to do this durably for years to come.

我們也看到效率提升帶來的好處體現在我們的資本和現金成本上。我們以桶/英尺為基礎提供的石油類型曲線對於這三種資產都同樣好或比去年同期更好。這些效率的提高使我們能夠將 2025 年的產量目標維持在 205,000 桶/天，完全彌補了 Uinta 每天銷售 29,000 桶與 Montney 每天購買 25,000 桶之間的差距。我們相信，我們繼續創造優異回報的能力將會使我們與眾不同。憑藉這些庫存和我們出色的執行力，我們今年將產生超過 20 億美元的自由現金流，我們有信心在未來幾年繼續持久地做到這一點。

Our 2024 results show another year of execution excellence and delivery against our strategy. In short, we delivered tremendous profitability, enhanced our capital efficiency, bolstered our financial strength and high-graded our portfolio. These results demonstrate that our strategy is working our execution excellence is translating into increased value for our shareholders. We beat and reset our targets three times over the course of the year, enabling us to produce more of our products without investing more capital. Our initial guidance for 2024 had us delivering 205,000 barrels a day of oil and condensate for $2.3 billion.

我們的 2024 年業績表明，我們又一年按照策略出色地執行並交付成果。簡而言之，我們實現了巨大的盈利，提高了資本效率，增強了財務實力，並提高了投資組合的評級。這些結果表明我們的策略正在發揮作用，我們的卓越執行正在為我們的股東帶來更高的價值。我們在這一年中三次超越並重新設定目標，這使我們能夠在不投入更多資本的情況下生產更多的產品。我們對 2024 年的初步預期是，每天交付 205,000 桶石油和凝析油，價值 23 億美元。

We came in right at the capital guide but it came with an additional 6,000 barrels a day of oil and 25,000 MBoe per day of total production. Our full year free cash flow -- our full year cash flow was $4 billion. We generated free cash flow of approximately $1.7 billion, up 50% year-over-year of which more than $900 million was returned directly to our shareholders. We continue to lead the industry by delivering efficiency gains in each of our assets, completion design innovations record-setting execution performance, leading productivity per lateral foot and base decline management are a few of the areas contributing to our exceptional return on invested capital. In November, we high-graded our portfolio with the announcement of an oil-rich acquisition in the core of the Alberta Montney and the divestiture of our Uinta assets.

我們正好達到了資本指南的要求，但每天還額外產出 6,000 桶石油，總產量達到 25,000 MBoe。我們的全年自由現金流——我們的全年現金流為 40 億美元。我們產生了約 17 億美元的自由現金流，年增 50%，其中超過 9 億美元直接回饋給了我們的股東。我們繼續引領業界，提高每項資產的效率，完井設計創新、創紀​​錄的執行業績、領先的每水平英尺生產力和基底衰減管理只是為我們帶來卓越投資回報的幾個方面。11 月份，我們宣布收購阿爾伯塔蒙特尼核心區的一項石油資源豐富的資產，並剝離我們的尤因塔資產，從而提高了我們的投資組合的評級。

Both deals have since closed in addition to adding 900 high-quality Montney drilling locations, these transactions significantly enhance our capital efficiency and free cash generation, allowing us to pay down debt faster and increase returns to shareholders. Importantly, we also continued to make progress on debt reduction during the year, ending the year with $5.4 billion of net debt, a decrease of more than $320 million. Our strong execution in 2024 has set us up for continued success in 2025. Our strong operational performance during the fourth quarter delivered oil and condensate volumes averaged approximately 210,000 barrels 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.

兩筆交易都已完成，除了增加 900 個高品質的 Montney 鑽井地點之外，這些交易還大大提高了我們的資本效率和自由現金產生能力，使我們能夠更快地償還債務並增加股東回報。重要的是，我們今年在減債方面也繼續取得進展，年底淨債務為 54 億美元，減少了 3.2 億多美元。我們在 2024 年的強勁執行力為我們在 2025 年的持續成功奠定了基礎。我們第四季的營運表現強勁，石油和凝析油產量平均達到約 210,000 桶/天，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。

We did commence slightly below the low end of our guidance range on natural gas and NGLs due to a value-based decision to reject ethane in the Anadarko and some temporary winter weather impacts in the Montney. Our fourth quarter capital investment was approximately $552 million, in line with the midpoint of our guidance range. We also meet or beat per unit cost guidance on every item, continuing to build on our track record as an industry-leading operator. Our fourth quarter cash flow per share at $3.86 beat consensus estimates by about 7%, and our free cash flow totaled more than $450 million. All in all, another strong quarter, both operationally and financially, which allowed us to enter 2025 with significant momentum.

由於基於價值的決定拒絕阿納達科的乙烷，以及蒙特尼的一些暫時的冬季天氣影響，我們在天然氣和天然氣液體方面的開局確實略低於我們的指導範圍的低端。我們第四季的資本投資約為 5.52 億美元，與我們的指導範圍中點一致。我們也達到或超過了每件產品的單位成本指導，繼續鞏固我們作為行業領先運營商的業績。我們第四季的每股現金流為 3.86 美元，比普遍預期高出約 7%，我們的自由現金流總額超過 4.5 億美元。總而言之，這又是一個強勁的季度，無論從營運還是財務角度而言，這都使我們能夠以強勁的勢頭進入 2025 年。

I'll now turn the call over to Corey to discuss our 2025 plan in more detail.

現在我將把電話轉給科里，更詳細地討論我們的 2025 年計畫。

Thanks, Brendan. In 2025, we will continue to focus on maximizing the returns on our invested capital to increase our free cash flow, our shareholder returns and further reduce our debt. This means we are leveraging our multi-basin portfolio and focusing 100% of our investment in our most oil and condensate rich areas. Each of these three areas is expected to generate program level after-tax returns of approximately 65% to 75%. Although the value drivers for each asset are different, they all compete for capital within our portfolio.

謝謝，布倫丹。2025年，我們將繼續致力於最大化我們的投資資本回報，以增加我們的自由現金流、股東回報並進一步減少我們的債務。這意味著我們正在利用我們的多盆地投資組合，並將 100% 的投資集中在石油和凝析油最豐富的地區。預計這三個領域將分別產生約 65% 至 75% 的項目級稅後回報。儘管每種資產的價值驅動因素不同，但它們都在我們的投資組合中爭奪資本。

We expect to generate about $2.1 billion of free cash flow in 2025 and assuming commodity prices of $70 WTI and $4 NYMEX gas. This represents an increase of more than $300 million year-over-year and a near doubling of free cash flow from 2023. Our 2025 free cash flow yield of approximately 18% and a cash return yield of 10% are very competitive in today's market across both industry peers and the broader economy. As a reminder, we expect to restart our share buyback program in the quarter with first quarter free cash flow. Our enhanced capital efficiency will allow us to optimize our capital structure at a faster pace, decreasing our debt and reducing interest expense.

我們預計 2025 年將產生約 21 億美元的自由現金流，假設大宗商品價格為 WTI 70 美元和 NYMEX 天然氣 4 美元。這意味著比去年同期增加了 3 億多美元，比 2023 年自由現金流增加了近一倍。我們 2025 年的自由現金流收益率約為 18%，現金回報率為 10%，在當今市場中，無論是在同行中還是在整個經濟中，都極具競爭力。提醒一下，我們預計將在第一季的自由現金流下在本季重啟我們的股票回購計畫。我們提高的資本效率將使我們能夠更快地優化資本結構，減少債務並降低利息支出。

By year-end, we expect our total debt to be well below $5 billion making significant progress towards our $4 billion debt -- total debt target. Even though we're investing in the most oil-rich parts of our acreage, our production profile is about 50%.

到年底，我們預計我們的總債務將遠低於 50 億美元，朝著 40 億美元的總債務目標邁進。儘管我們投資的是石油資源最豐富的地區，但我們的產量只有 50% 左右。

And as a result, we have significant torque to higher gas prices. We've been very intentional in moving our price exposure away from weaker pricing hubs like AECO and Waha to diversified downstream markets in the US and Canada.

因此，我們對汽油價格上漲有著很大的負擔能力。我們有意將我們的價格風險從 AECO 和 Waha 等較弱的定價中心轉移到美國和加拿大的多元化下游市場。

We have done that both physically by acquiring firm transportation out of the basin and financially with basis hedges. In 2025, about 3/4 of our natural gas will price outside of AECO and Waha. This means we stand to benefit significantly from higher gas prices, even if AECO and Waha prices remain weak. This year, for every $0.50 move in Henry Hub gas prices, we expect to generate $225 million more free cash flow. As a reminder, our price exposure gets even better in the fourth quarter with the commencement of our service on the Matterhorn pipeline in the Permian for 50 million cubic feet per day.

我們在物質上透過獲得盆地外的穩固運輸實現了這一點，在財務上透過基礎對沖實現了這一點。到 2025 年，我們大約 3/4 的天然氣價格將超出 AECO 和 Waha 的價格。這意味著，即使 AECO 和 Waha 價格仍然疲軟，我們也將從更高的天然氣價格中受益匪淺。今年，亨利中心天然氣價格每變動 0.50 美元，我們預計就會產生 2.25 億美元的自由現金流。提醒一下，隨著我們在二疊紀馬特洪管道上開始提供每天 5000 萬立方英尺的服務，我們的價格風險在第四季度會變得更好。

Access to premium resource is an essential component to generating durable returns. We recognized this early and have done a lot of work over the last few years to identify opportunities to extend our inventory runway through organic appraisal and assessment efforts and acquisitions. As Brendan highlighted earlier, we've built an enviable premium inventory position across our portfolio. As a result, we can execute our business plan and generate superior returns for our shareholders for a long time to come. We remain very pleased with the value accretion we've realized from our Permian acquisition in 2023, and we expect the same from our recent Montney acquisition.

取得優質資源是產生持久回報的關鍵要素。我們很早就意識到了這一點，並在過去幾年裡做了大量工作，透過有機評估和評估工作以及收購來尋找延長庫存的機會。正如布倫丹之前所強調的那樣，我們在整個投資組合中建立了令人羨慕的優質庫存地位。因此，我們能夠執行我們的業務計劃並在未來很長一段時間內為我們的股東創造豐厚的回報。我們對 2023 年收購 Permian 所實現的價值增值感到非常滿意，我們預計最近收購 Montney 也將取得相同的效果。

At roughly $1 million per well location, our Montney deal will deliver strong returns and compares favorably with many of the recent deals we've seen in the broader North American market. We've been very intentional in building a high-quality portfolio with a deep inventory in each asset and in each product, and we have demonstrated that we are disciplined stewards of our shareholders' capital. I'll now turn the call over to Greg, who will speak to our 2025 guidance and operational highlights.

我們的蒙特尼交易價格約為每口井 100 萬美元，將帶來豐厚的回報，與我們在更廣泛的北美市場上看到的許多近期交易相比具有優勢。我們一直致力於建立高品質的投資組合，對每項資產和每項產品都有深入的了解，並且我們已經證明我們是股東資本的嚴格管理者。現在我將電話轉給格雷格，他將介紹我們的 2025 年指導和營運亮點。

Thanks, Corey. Maximizing capital efficiency and free cash flow remains a primary focus for our teams in 2025. As Corey mentioned, we are focusing 100% of our investment on oil and condensate, but we also have significant free cash flow upside to stronger gas prices. About 85% of our capital will be focused on our two anchor assets, the Permian and the Montney, supported by free cash flow from the Anadarko. Our 2025 program will deliver 205,000 barrels of oil and condensate per day and total production volumes of 595,000 to 615,000 BOE per day for about $2.2 billion of capital investment.

謝謝，科里。最大限度地提高資本效率和自由現金流仍然是我們團隊在 2025 年的主要關注點。正如 Corey 所說，我們的 100% 投資都集中在石油和凝析油上，但隨著天然氣價格上漲，我們的自由現金流也有很大上升空間。我們將把大約 85% 的資金集中在我們的兩個支柱資產——二疊紀和蒙特尼，並由阿納達科的自由現金流提供支持。我們的 2025 年計畫將每天輸送 205,000 桶石油和凝析油，總產量為每天 595,000 至 615,000 桶油當量，資本投資約為 22 億美元。

Our full year total production will be slightly lower than if both the Montney and Uinta transactions had closed on January 1. Additionally, we've elected to reject ethane in the Anadarko for the majority of the year and we now expect higher Canadian royalties. These items will also modestly affect our volumes. The decision to reject ethane supports our realizations and the higher royalties are due to higher gas prices. So the net result is free cash flow accretive.

如果 Montney 和 Uinta 交易都在 1 月 1 日完成，我們的全年總產量將略低。此外，我們已決定在一年中的大部分時間拒絕在阿納達科使用乙烷，並且我們目前預計加拿大的特許權使用費將會提高。這些產品也會對我們的銷售產生一定影響。拒絕乙烷的決定支持了我們的認識，而更高的特許權使用費是由於更高的天然氣價格造成的。因此淨結果是自由現金流增加。

We expect our first quarter production to average approximately 585,000 BOE per day, including about 202,000 barrels per day of oil and condensate. The production impact from the Montney and Uinta transaction close timing is roughly 3,000 barrels per day during the quarter. Oil and condensate production will stabilize in the second quarter and remain flat through the end of the year. Our capital spend will be highest in the first quarter, largely due to transaction close timing impacts, higher completions activity in the Permian and temporary drilling activity in the Montney that we inherited from the seller. Importantly, the capital efficiency of our 2025 development program is repeatable in 2026 and beyond, allowing us to sustain approximately 205,000 barrels per day of oil and condensate production with capital investment of about $2.2 billion.

我們預計第一季的產量平均約為每天 585,000 桶油當量，其中包括每天約 202,000 桶石油和凝析油。蒙特尼和尤因塔交易結束時間對產量的影響為本季約每天 3,000 桶。石油和凝析油產量將在第二季度趨於穩定，並在年底前保持穩定。我們的資本支出將在第一季最高，這主要是由於交易結束時間的影響、二疊紀盆地的完井活動增加以及我們從賣方繼承的蒙特尼的臨時鑽井活動。重要的是，我們 2025 年發展計畫的資本效率在 2026 年及以後是可重複的，使我們能夠以約 22 億美元的資本投資維持每天約 205,000 桶的石油和凝析油產量。

Let's shift now to the asset level development programs. In the Permian, capital efficiency and free cash generation remain the top priorities for our program as we work to drive efficiency in every aspect of our operations. Ovintiv is consistently one of the highest productivity, lowest cost operators in the basin. We recently received third-party recognition of our basin leadership from JPMorgan by being awarded the 2024 Order of Merit for Midland Basin performance. Our 2024 drilling speed averaged more than 2,000 feet per day and was roughly 18% faster than the 2023 program average.

現在讓我們轉向資產級開發計劃。在二疊紀盆地，我們致力於提高各個營運環節的效率，資本效率和自由現金產生仍然是我們計畫的首要任務。Ovintiv 一直是該盆地中生產率最高、成本最低的營運商之一。我們最近獲得了摩根大通頒發的 2024 年米德蘭盆地績效功績勳章，這是對我們流域領導地位的第三方認可。我們 2024 年的鑽井速度平均每天超過 2,000 英尺，比 2023 年計畫的平均速度快約 18%。

On completions, our full year average completed feet per day was about 3,850. This was 20% faster than our 2023 program average. These cycle time improvements result in lower well costs. Our pace at our D&C cost is among the best in the industry at less than $600 per foot. The 145 gross wells we brought online in 2024 continue to paint the type curve.

就完工量而言，我們全年平均每天完成的工程量約為 3,850 英尺。這比我們 2023 年的計畫平均速度快 20%。這些循環時間的改進可降低井成本。我們的 D&C 成本速度在業界名列前茅，每英尺不到 600 美元。我們於 2024 年上線的 145 口總井繼續描繪出類型曲線。

This type curve was unchanged across 2024, and it remains unchanged in 2025. This year, we started with five rigs and will drop to four at the end of the first quarter to bring on 130 to 140 net wells and hold oil and condensate production at roughly 120,000 barrels per day on average for the year. Our D&C cost is expected to average $600 to $650 per foot and is about $25 per foot lower than last year. Our Permian team expects to deliver consistent year-over-year well performance from a similar number of turn in lines for less capital. Moving north to the Montney.

此類型曲線在 2024 年保持不變，在 2025 年也保持不變。今年，我們一開始有 5 座鑽井平台，到第一季末將減少到 4 座，從而帶來 130 至 140 口淨井，全年石油和凝析油產量平均保持在約 12 萬桶/天。我們的 D&C 成本預計平均為每英尺 600 至 650 美元，比去年每英尺低約 25 美元。我們的二疊紀團隊希望以更少的資本，透過相似數量的投入管線來實現同比一致的油井性能。向北移動到蒙特尼。

We are very excited to have the new Paramount assets in our portfolio, and we are working to integrate them into our business as safely and efficiently as possible. So far, the wells are performing very well as expected, and we are looking forward to delivering our first Ovintiv end-to-end design wells later in the year. As a reminder, we plan to deliver well cost savings of more than $1.5 million per well across the acquired assets by applying our industry-leading data-driven approach to drilling, completion and production operations. This approach continued to yield positive results in 2024 as we saw steady improvements in our daily average drilling and completion speed. The Montney has the lowest well cost in the portfolio, and in 2025, we expect our D&C cost to average $525 per foot.

我們非常高興將新的派拉蒙資產納入我們的投資組合，我們正在努力將它們盡可能安全、有效率地整合到我們的業務中。到目前為止，這些油井的表現正如預期的那樣好，我們期待在今年稍後交付第一口 Ovintiv 端到端設計油井。提醒一下，我們計劃透過將我們領先業界的數據驅動方法應用於鑽井、完井和生產作業，為所收購資產中的每口井節省超過 150 萬美元的成本。這種方法在 2024 年繼續產生積極成果，因為我們看到每日平均鑽井和完井速度穩定提高。Montney 的油井成本是投資組合中最低的，到 2025 年，我們預計 D&C 成本平均為每英尺 525 美元。

This is about $25 per foot less than our 2024 well cost. Our 2025 3- to 4-rig program of 75 to 85 net turn-in lines, we'll see roughly 1/3 of our activity in the newly acquired acreage, with the remaining activity split between our legacy Pipestone and Cutbank ridge areas. The primary driver of value in the Montney is condensate production. And since there is a structural long-term deficit in the Western Canadian market, it should continue to trade tightly to WTI for the foreseeable future. In 2024, the average price realization for our Montney condensate was 95% of WTI.

這比我們 2024 年的油井成本每英尺低約 25 美元。我們的 2025 年 3 至 4 台鑽機計畫包含 75 至 85 條淨上交線，其中約 1/3 的活動將在新收購的土地上進行，剩餘的活動將分佈在我們傳統的 Pipestone 和 Cutbank 山脊地區。蒙特尼的主要價值驅動力是凝析油的生產。而且由於加拿大西部市場存在結構性長期赤字，在可預見的未來，其與 WTI 的交易仍將保持緊密聯繫。2024 年，我們的 Montney 凝析油的平均實現價格為 WTI 的 95%。

In 2025, with the addition of the new assets, we expect to produce about 70% more condensate or about 55,000 barrels per day in total for only 40% more capital. This makes us the second largest condensate producer in the play. As Corey mentioned, we are receiving much higher prices for our Montney gas than the AECO benchmark would imply. In 2024, our average Montney gas price realization was 164% of AECO or 76% of the NYMEX benchmark. The underlying gas supply and demand fundamentals in Western Canada should continue to improve this year as LNG Canada comes online.

到 2025 年，隨著新資產的加入，我們預計凝析油產量將增加約 70%，即每天總產量約 55,000 桶，而資本投入僅增加 40%。這使我們成為該領域第二大凝析油生產商。正如 Corey 所提到的，我們的 Montney 天然氣價格比 AECO 基準價格高得多。2024 年，我們的平均 Montney 天然氣實現價格為 AECO 的 164% 或 NYMEX 基準的 76%。隨著加拿大液化天然氣計畫投入運營，今年加拿大西部的天然氣供需基本面將持續改善。

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 rate at about 16% per year. This asset is unique in providing a stable, well-priced stream of production with low operating costs and a minimal stay-flat capital requirement. In 2024, the team continued to make significant progress in lowering well costs by focusing on drilling speed, maximizing lateral length, minimizing casing strings and maximizing the number of wells per pad. They've taken nearly $100 per foot out of our average D&C cost, and are set to deliver an average of about $550 per foot in 2025, a reduction of $100 per foot year-over-year.

轉向阿納達科。我們繼續受益於該資產強勁的自由現金流，部分原因是其基本衰減率極低，約為每年 16%。該資產的獨特之處在於能夠提供穩定、價格合理的生產流、較低的營運成本和最低的資本需求。2024年，團隊繼續專注於鑽井速度、最大化水平段長度、最小化套管柱和最大化每個平台的井數，在降低井成本方面取得重大進展。他們從我們的平均 D&C 成本中抽出了近每英尺 100 美元，併計劃在 2025 年實現平均每英尺約 550 美元的水平，同比每英尺減少 100 美元。

Our efforts in the play have not gone unnoticed as our Anadarko asset also recently received the 2024 Order of Merit from JPMorgan. We plan to run an average of 1.5 rigs in the play this year, delivering 25 to 35 wells. This will essentially hold our oil and condensate volumes at around 30,000 barrels per day on average for the year. I'll now turn the call back to Brendan.

我們在這一領域的努力並沒有被忽視，因為我們的阿納達科資產最近還獲得了摩根大通頒發的 2024 年功績勳章。我們計劃今年在該油田平均運作 1.5 台鑽孔機，鑽探 25 至 35 口井。這將使我們全年的石油和凝析油產量基本上保持在平均每天 30,000 桶左右。我現在將電話轉回給布倫丹。

Thanks, Greg. In closing, we continue to deliver outstanding results. We're focused on maximizing the profitability of our business, generating significant free cash and generating -- and maintaining our strong balance sheet. Our focus on building premium inventory depth, execution excellence, disciplined capital allocation and driving profitability have positioned our business to thrive on the road ahead. This concludes our prepared remarks.

謝謝，格雷格。最後，我們持續取得優異的成績。我們專注於最大限度地提高業務的盈利能力，創造大量自由現金並保持強勁的資產負債表。我們專注於建立優質的庫存深度、卓越的執行力、嚴格的資本配置和提高盈利能力，這使我們的業務在未來的道路上蓬勃發展。我們的準備好的演講到此結束。

Gabe Daoud at TD Cowen

TD Cowen 的 Gabe Daoud

Thanks. Hey, morning, everyone. Thanks for taking my questions. Brendan, I was hoping if you could maybe first start with Montney versus Permian, you highlighted pretty attractive returns across the entire portfolio. But from an A&D standpoint, where -- given where acreage and location values are rising to in the Midland. Would you say maybe your bias from here would be to add more in the Montney versus Permian if there was a need to add some more inventory?

謝謝。大家早安。感謝您回答我的問題。布倫丹，我希望你能先從 Montney 與 Permian 開始，你強調了整個投資組合的回報相當可觀。但從 A&D 的角度來看，考慮到米德蘭地區的土地面積和位置價值正在上升。您是否認為，如果需要增加更多庫存，那麼您現在的傾向可能是在 Montney 而不是 Permian 增加更多庫存？

Yes, Gabe, thanks for the questions. I guess what I'd say at a high level before maybe making a comment on the relative market and the two assets for acquisitions. What I'd say at a high level is it feels really hard to beat what we've done so far. This has been a multiyear effort to assemble the portfolio and really I feel like what we're representing today is a new level of portfolio and inventory depth and quality for our investors. And we have a ton of confidence in that portfolio being able to generate the free cash flow that we pointed to for 2025 for a long time to come.

是的，加布，謝謝你的提問。我想在對相關市場和兩項待收購資產發表評論之前，我想先從高層次談談什麼。我想說的是，從更高層次來講，我們迄今為止所取得的成就真的很難被超越。我們經過多年的努力才組成了投資組合，我真的覺得我們今天為投資者呈現的是投資組合和庫存深度和品質的新水平。我們非常有信心，該投資組合能夠在未來很長一段時間內產生我們所預測的 2025 年的自由現金流。

And so it feels really difficult, I guess, you'd call it a high bar to beat that today. And so in general, our view is anything we would do would be coming from a position of strength, and we're excited about what we've done over the last several years. In terms of the relative -- I mean, you've hit it, there's just a massive arbitrage between the 2. And at the same time, as we were able to do our transaction for right around $1 million in undeveloped location, we've seen prints in the Permian for well north of that. So we think that's value to our shareholders that we're uniquely positioned to be able to access and create for them.

所以我想這真的很難，你可以說今天要打破這個紀錄是一個很高的標準。因此，總的來說，我們的觀點是，我們所做的任何事情都將源於實力，我們對過去幾年所取得的成就感到興奮。就相對而言——我的意思是，你已經明白了，兩者之間存在著巨大的套利。同時，由於我們能夠在未開發地區以約 100 萬美元的價格完成交易，我們已經在二疊紀盆地北部發現了印記。因此，我們認為，這對我們的股東來說是有價值的，我們擁有獨特的優勢，能夠為他們獲取和創造價值。

Thanks, Brendan. That's really helpful. And then I guess just as a follow-up, you mentioned on the slide, the Permian and Montney oil powerhouse. So I guess, good question then off the back of that would just be how does Anadarko fit into the portfolio longer term. Any updated thoughts there?

謝謝，布倫丹。這真的很有幫助。然後我想作為後續問題，您在幻燈片中提到了二疊紀和蒙特尼石油強國。所以我想，那麼好的問題是，阿納達科如何長期融入投資組合。有任何更新的想法嗎？

Yeah, and absolutely, if you look at where 85%, 90% of our capital is going into the Permian and the Montney, so that is a big part of how we're running the business and prosecuting the strategy and we put ourselves in a place here. We've got close to 15 years of premium oil inventory in the Permian, closer to 20% of oil inventory in the Montney and then over a decade in the Anadarko. And so we really like the role that the Anadarko is filling for us. It's a really valuable asset.

是的，絕對如此，如果你看看我們 85% 到 90% 的資本都投入了二疊紀和蒙特尼，那麼這就是我們經營業務、實施戰略以及將自己置於這裡的位置的重要組成部分。我們在二疊紀盆地擁有近 15 年的優質石油庫存，在蒙特尼擁有近 20% 的石油庫存，在阿納達科擁有十多年的石油庫存。因此，我們非常喜歡阿納達科為我們扮演的角色。這確實是一筆寶貴的財富。

And what's really unique about it, and we've highlighted it a couple of times but perhaps even underappreciated is the low decline nature of that play. And what that does is it supercharges the free cash that it's generating. So at a 16% base decline, that means we don't have to spend very much capital in there to level that asset out around the 30,000 barrel a day mark this year. It will start a little lower in Q1 and then build to that 30%. But but we're really excited about the role that the Anadarko is playing.

它的真正獨特之處在於，我們已經強調過幾次，但也許甚至被低估了，那就是該劇的低衰退性質。這樣做的目的是，增強其產生的免費現金。因此，在 16% 的基準下降率下，這意味著我們不需要投入太多資金就能在今年將資產穩定在 30,000 桶/日左右。一開始的增幅會略低一些，然後逐漸增加至 30%。但是我們對阿納達科所扮演的角色感到非常興奮。

I would also highlight that's a spot where our type curves are up year-over-year. And the team has done a great job of getting well cost down and type curves up, which boost returns. And so whether we're running a rig in the Anadarko or a rig in the Permian or the Montney, they're delivering the same financial outcome for the business, which is very important from a capital allocation perspective.

我還要強調的是，我們的類型曲線逐年上升。該團隊在降低成本和提高類型曲線方面做得非常出色，從而提高了回報率。因此，無論我們是在阿納達科、二疊紀或蒙特尼經營鑽井平台，它們都會為企業帶來相同的財務結果，這從資本配置的角度來看非常重要。

Yeah, no, for sure, it's good to see you. Awesome. Thanks, Brandon.

是的，不，當然，很高興見到你。驚人的。謝謝，布蘭登。

Doug Leggate at Wolfe Research.

Wolfe Research 的 Doug Leggate。

It's a [Mechem] for for Doug this morning, he is unavailable in this particular time. My first question would be regarding your net debt target, you have a long-term target of $4 billion. You guys reduced by $3.23 million for the past quarter. I guess what do you kind of project being your net debt target by end of 2025. If you can give me any color on that and how you get to that number?

今天早上是 Doug 的 [Mechem]，他此時不在。我的第一個問題是關於您的淨債務目標，您的長期目標是 40 億美元。你們上個季度減少了 323 萬美元。我想問一下，您預計 2025 年底的淨負債目標是多少？能詳細說明一下嗎？您是如何得出這個數字的？

Yes, absolutely. So I think what we've got in the material is we're going to get it well underneath the $5 billion mark by the end of this year. If you look at prices on the screen today, be in that $4.6 million, $4.7 million range by the end of the year, which we're really excited about because that now puts us within spitting distance to get into that 2020 -- or getting to that $4 billion target in 2026. So really excited about the trajectory they were on there. And we've pointed in the materials as well, we'll be resuming buybacks in the second quarter here following the pause off the back of the acquisition in the Montney and really excited that we've been able to kind of reduce that incremental debt that we took on with the acquisition very quickly.

是的，絕對是如此。因此我認為，根據我們的材料，到今年年底，我們的收入將遠低於 50 億美元大關。如果你今天看看螢幕上的價格，到今年年底價格將達到 460 萬美元、470 萬美元，我們對此感到非常興奮，因為這使我們距離 2020 年的目標只有一步之遙——或者在 2026 年實現 40 億美元的目標。我對他們在那裡的軌跡感到非常興奮。我們也指出了材料方面的問題，在蒙特尼收購案暫停之後，我們將在第二季度恢復回購，而且我們真的很高興能夠很快減少因收購而承擔的增量債務。

and get back into the buyback market because we're excited about buying shares at this level.

並重新進入回購市場，因為我們對以這樣的價格買進股票感到很興奮。

Arun Jayaram at JPMorgan.

摩根大通的 Arun Jayaram。

Brendan, you provided an updated inventory analysis across three of your core basins, which points to well into the double digits in terms of inventory depth on the oil side and beyond that on the gas side. Brendan, what do you think this does for you from a strategic standpoint, just having that durable inventory position as we think about future A&D and just other opportunities as we look forward, obviously, you highlighted maybe $2 billion of free cash flow, a little bit over that at strip and maybe the potential for that to continue over time.

布倫丹，您提供了三個核心盆地的最新庫存分析，結果顯示石油庫存深度已達到兩位數，天然氣庫存深度則超過了兩位數。布倫丹，從策略角度來看，您認為這對您有什麼作用？當我們考慮未來的 A&D 和我們展望的其他機會時，僅僅擁有這種持久的庫存狀況，顯然，您強調了可能是 20 億美元的自由現金流，略高於這個數字，也許這種趨勢會隨著時間的推移而持續下去。

Yes, Arun, I love the question. I think it really puts us into a new category here, and that's what we're trying to impress is the confidence that on behalf of our shareholders, we've built that inventory position. and it gives us the confidence in that free cash generation and the durability of it, which is the important point that you're flagging in addition to the inventory depth and quality, which we think is really enviable. We're also seeing lower capital in the business and lower cash costs, which means higher profitability and higher free cash that's coming with that. So it's really a combined effect of providing our shareholders the confidence in that inventory to be able to generate these returns durably and then just continuing to use our efficiency gains, both on the capital and the cash cost side to just drive free cash flow over time.

是的，阿倫，我喜歡這個問題。我認為這確實將我們帶入了一個新的類別，而我們試圖表達的是，我們代表股東建立了這個庫存狀況。它讓我們對自由現金的產生及其持久性充滿信心，這是除了庫存深度和品質之外的另一個重要點，我們認為這真的令人羨慕。我們也看到業務資本減少和現金成本降低，這意味著更高的獲利能力和隨之而來的更多自由現金。因此，這實際上是一種綜合效應，即讓我們的股東對庫存有信心能夠持久地產生這些回報，然後繼續利用我們在資本和現金成本方面的效率收益，隨著時間的推移推動自由現金流。

And then like I say, we're getting a great cash flow per share boost with the buybacks and the value we're shifting to the equity holder by reducing debt. So it's really kind of an all-of-the-above attack. And you also -- I think you hinted at or asked in your question of how that frames it up in terms of A&D thoughts. And I would just say that this makes an already high bar even higher, given what we've been able to do with the portfolio.

然後就像我說的，透過回購和透過減少債務轉移給股東的價值，我們每股現金流得到了很大的提升。所以這其實是一種全方位的攻擊。而且您也 — — 我認為您在問題中暗示或詢問瞭如何從 A&D 思想的角度來闡述這一點。我只想說，考慮到我們利用投資組合所能做的事情，這使得原本就很高的標準變得更高了。

Great to hear. Maybe my follow-up, if there's one incoming question we've gotten just on the regulatory macro picture is just maybe the impact of potential Trump tariffs on Canada I was wondering if you've done some analysis on that and just provide some -- just some general thoughts because I know it's a pretty complicated question just given where we don't have a ton of details here, but I was wondering, Brendan and Corey, if you can maybe help us frame the potential impact.

很高興聽到這個消息。也許我的後續問題是，如果我們收到一個關於監管宏觀狀況的問題，那就是川普關稅對加拿大的潛在影響，我想知道您是否對此做過一些分析並提供一些 - 只是一些一般性想法，因為我知道這是一個相當複雜的問題，因為我們這裡沒有大量的細節，但我想知道，布倫丹和科里，您是否可以幫助我們描述潛在的影響。

Yes, absolutely. Look, the steering we give you at this point, we anticipate a pretty modest impact to our business. And let me kind of dig in and describe it a little bit more. as you flagged, there's still a fair bit of uncertainty about timing. Is there going to be any exceptions?

是的，絕對是如此。你看，我們目前給你的指導，我們預期會對我們的業務產生相當小的影響。讓我深入挖掘並進一步描述。正如您所指出的，時間安排方面仍然存在相當大的不確定性。會有例外嗎？

What are the magnitude of the impacts and how are they going to be expressed in the market? And so what we've done, as you might expect, sort of a ranging type scenario from sort of a more moderate tariff scenario to a more extreme tariff scenario. And even in the more extreme pictures that we contained it is a very modest impact to our cash flow in '25. Maybe I'll just flag because it might be helpful for folks to understand the different places that we would see tariffs potentially impacting our business. we'd expect to see something in the supply chain.

影響的程度有多大？又將如何在市場上體現？因此，正如您可能預料的那樣，我們所做的就是製定一種從較為溫和的關稅情景到更為極端的關稅情景的區間情景。即使在我們所控制的更極端的情況下，它對我們 25 年的現金流的影響也非常小。也許我只會標記一下，因為這可能有助於人們了解關稅可能對我們的業務產生不同影響的地方。我們希望在供應鏈中看到一些東西。

We already have this steel and aluminum tariffs in place. So that largely shows up as an OCTG impact. And remember here, we source all of our OCTG domestically in the US, but there could be some bleed through to domestic prices because of the tariffs on international imports. So we've been proactive in purchasing and pricing a significant part of that 2025 supply chain already. But we don't anticipate that to be a severe effect.

我們已經實施了鋼鐵和鋁關稅。所以這主要表現為油井管的影響。請記住，我們所有的油井管均在美國國內採購，但由於國際進口關稅，國內價格可能會有所波動。因此，我們已經積極主動地採購和定價2025供應鏈的相當一部分。但我們預計這不會產生嚴重影響。

On the gas side, of course, we export gas into Chicago and into the US West Coast. And so there could be impacts there. which also could see some bleed through into the AECO and the down markets. Again, all of this conditional on are the reciprocal tariffs for the gas that Canada import, there is a range.

在天然氣方面，當然，我們將天然氣出口到芝加哥和美國西海岸。因此這可能會產生影響。這也可能對 AECO 和低迷市場產生一定影響。再次重申，所有這些都取決於加拿大進口的天然氣的互惠關稅，這是一個範圍。

And then, of course, all of our condensate we sell that domestically within Canada. And then finally, the sort of counterbalance point is around foreign exchange. And I'd say the consensus view is that tariffs on Canadian imports into the US would strengthen the US dollar relative to the Canadian dollar.

當然，我們所有的凝析油都在加拿大國內銷售。最後，平衡點在於外匯。我認為普遍的觀點是，對美國進口的加拿大產品徵收關稅將會導緻美元兌加幣走強。

And for our business, a lower Canadian dollar is favorable for free cash generation. So you kind of put all those different categories together and their net-net scenarios suggest pretty neutral in terms of an impact to our 2025 cash flows, even that more extreme tariff scenario picture that we can paint today. So watching it closely. Clearly, there's a lot of dynamics, but don't anticipate it being a significant impact to '25 cash flows.

對於我們的業務來說，加幣貶值有利於產生自由現金。因此，如果你將所有這些不同類別放在一起，它們的淨情景表明，它們對我們 2025 年現金流的影響相當中性，即使是我們今天可以描繪的更極端的關稅情景也是如此。因此請密切注意。顯然，存在著許多動態因素，但不要預期它會對'25現金流產生重大影響。

Thanks, Brenda.

謝謝，布倫達。

Yeah, thanks, Arun.

是的，謝謝，阿倫。

Neil Dingman at Truest Securities. Please go ahead.

Truest Securities 的 Neil Dingman。請繼續。

Morning guys, thanks for the time. Right, my question maybe for you or Greg, just again, the ops efficiencies are notable. I'm just wondering, when you look at your guide and expectations for this year, I'm just wondering, what are you all thinking sort of service cost versus continued operational efficiencies. It looks like you might have a benefit of both. And I'm just wondering how Greg or yourself are sort of viewing that for at least the remainder of this year.

早安，大家，感謝你們的時間。是的，我的問題可能是針對您或 Greg 的，再說一次，操作效率非常顯著。我只是想知道，當您查看今年的指南和期望時，我只是想知道，你們都認為服務成本與持續營運效率如何。看起來你可能同時受益於這兩方面。我只是想知道格雷格或您自己至少在今年剩餘時間內對此有何看法。

Yes. Neal, absolutely. So I'm going to kick it to Greg. High level, we've got about a low single-digit deflation built into the 2025 program, and -- but the bulk of the gains are true efficiency gains, but I'll kick it to Greg to maybe just highlight a few of the really key ones.

是的。尼爾，絕對是。所以我要把它踢給格雷格。高層次上，我們在 2025 計劃中內置了低個位數通貨緊縮，並且 - 但大部分收益是真正的效率收益，但我將把它交給格雷格，也許只是強調其中幾個真正關鍵的收益。

Yes. Thanks for the question, Neal. I'm just continue to be impressed with our teams and what they're able to accomplish. 2024 was the fastest year we've ever had in drilling and completion, both in the Permian and in Canada. Maybe just a couple of stats.

是的。謝謝你的提問，尼爾。我對我們的團隊以及他們所取得的成就印象深刻。 2024 年是我們在二疊紀和加拿大鑽探和完井速度最快的一年。也許只是一些統計數據。

I mean, 30 of the 35 fastest wells we've ever drilled in the Permian were drilled in 2024. So the team just continues to get significantly better. And that's what allowed us to continue to drop rig count. We're constantly trying to match up the rigs with the right number of frac crews to be as efficient as possible and take white space off the calendar. Last year, we had six rigs running in the Permian, ended up dropping to five late in the year.

我的意思是，我們在二疊紀鑽探的 35 口最快的井中有 30 口是在 2024 年鑽探的。因此球隊的實力會不斷提升。這也使得我們能夠持續減少鑽機數量。我們一直在努力將鑽機與合適數量的壓裂人員相匹配，以盡可能提高效率並減少日曆上的空白。去年，我們在二疊紀盆地運行著六個鑽井平台，但到年底就減少到了五個。

And then as I mentioned in my prepared remarks, we'll be dropping to four rigs here at the end of the first quarter. And all of that is really just trying to sync up the right amount of frac activity. Something that was really impressive. If you were to take the four rigs that we're planning on running for the majority of this year and pair that with 1 trimul-frac crew. We could do 110 to 120 wells with that set up.

正如我在準備好的演講中提到的那樣，在第一季末，我們將把鑽機數量減少到 4 台。而所有這些其實只是為了同步適量的壓裂活動。確實有一些令人印象深刻的事情。如果您要使用我們計劃在今年大部分時間運行的四個鑽機，並將其與 1 個三重壓裂工作人員配對。利用這個裝置我們可以鑽110到120口井。

So almost our full program with what we think today could be accomplished with four rigs and 1 trimul-frac crew with the efficiencies we continue to see I wouldn't be surprised if that becomes the norm for us going forward. So just continue to be really proud of the teams and how fast they're going. But of course, then we believe strongly in level-loaded programs in a balanced schedule. So as we get these efficiencies that bring more activity into the year, well then some of those savings will be reallocated towards the end of the year to continue that level loaded program. But just continue to see great performance, and we think we're going to see even more here in '25.

因此，我們今天的整個計劃幾乎都可以透過四座鑽機和一支三重壓裂隊伍完成，而且我們繼續看到其效率，如果這成為我們未來的常態，我不會感到驚訝。所以，請繼續為這些團隊以及他們的快速進步感到自豪。但當然，我們堅信在平衡的時間安排中安排水平負載的計劃。因此，當我們獲得這些效率並在一年內帶來更多活動時，其中一些節省的資金將在年底重新分配，以繼續實施該水平加載計劃。但只要繼續看到出色的表現，我們認為在'25年我們將會看到更多的表現。

Great. And just one last thing, you guys have been busy on the M&A, obviously, with the Montney. I'm just wondering, Brendan, when you see for the Montney foot hit now in your Permian footprint. Is there still a fair amount of white space that you can fill in. Just wondering on smaller deals.

偉大的。最後一件事，你們一直忙於與 Montney 的併購。我只是想知道，布倫丹，當您看到蒙特尼腳印現在出現在您的二疊紀足跡中時。是否還存在相當數量的空白可以填滿？只是對一些小規模的交易感到好奇。

Thank you.

謝謝。

Yes, Neal, you're a little muscle there, but I think your question was just on are we going to continue to try and fill in some white space in the Permian and the Montney on map. And I just sort of -- yes. Okay. I heard that right. Good.

是的，尼爾，你確實有點實力，但我認為你的問題只是關於我們是否會繼續嘗試填補地圖上二疊紀和蒙特尼的一些空白。我只是有點——是的。好的。我沒聽錯。好的。

Yes. I think the answer there is kind of similar to what I described before. It's -- we're taking a high bar and raising it even higher in terms of allocating capital towards acquisitions, given the success we've had over the last several years and given the inventory depth and quality that we've created. So I think teams are going to be continuing to do a lot of work on swaps and coring up so that we can drill long laterals on the footprint that we've already got. I would expect that to continue at a pace.

是的。我認為那裡的答案與我之前描述的有點類似。鑑於我們過去幾年取得的成功以及我們創造的庫存深度和質量，我們在分配收購資本方面設定了很高的標準，並將其提高得更高。因此，我認為團隊將繼續進行大量的交換和取芯工作，以便我們可以在現有的覆蓋範圍內鑽出長水平井。我希望這種情況能夠持續下去。

And -- but pretty disciplined around how we're thinking about go-forward bolt-ons and acquisitions.

而且 — 我們對如何考慮未來的附加功能和收購非常有紀律。

Thank you.

謝謝。

Yeah, great, thanks you.

是的，太好了，謝謝你。

Kalei Akamine of Bank of America

美國銀行的 Kalei Akamine

Hey, good morning guys. Maybe this question is for Corey. So we appreciate the free cash flow yield sensitivity at 18%. There's, kind of a delta versus the street as you guys were putting that analysis together, where did you find street numbers to be insufficient?

嘿，大家早安。也許這個問題是問 Corey 的。因此，我們估計自由現金流收益率敏感度為 18%。當你們進行分析時，與街道相比存在著某種差異，你們在哪些方面發現街道數量不足？

Yeah, I'll flip that over to Corey Clay. Thanks.

是的，我將把這個問題交給 Corey Clay。謝謝。

Yes. I mean we did take a little bit more time to highlight the leverage to natural gas. And I think if you go back even over the last year or 2, we've talked a lot about our oil portfolio. So just reminding people of the significant natural gas exposure that we have. But what you've heard through the call, and if you look at some of the actual results, we've had good not just capital efficiency, but all of our various elements of cost, I think, have outperformed.

是的。我的意思是我們確實花了更多時間來強調天然氣的槓桿作用。我認為，如果回顧過去的一兩年，我們已經討論了許多有關石油投資組合的問題。所以只是提醒人們我們面臨巨大的天然氣風險。但是正如您在電話中聽到的那樣，如果您看一些實際結果，您會發現我們不僅有良好的資本效率，而且我認為我們各個成本要素的表現都非常好。

So it's a bit of a combination depending on which analyst you look at, whether it's realized price or on the cost side. But I guess the short answer is probably multiple factors contributing to that outperformance on free cash flow.

所以，這有點像是組合，取決於你看的是哪位分析師，無論是實際價格還是成本方面。但我想簡短的回答可能是有多種因素導致了自由現金流的優異表現。

And I did think -- I would add -- I would just add, Kalei, sorry, this is Brendan. Again, I would just add, overnight with the disclosure that we put out, the team did have some good conversations with a few of the analysts where there were some models that just had some bus in them, and we're able to get those cleaned up and match the free cash projections that we've put out there.

我確實想過 — — 我要補充一下 — — 我只想補充一下，Kalei，抱歉，我是 Brendan。我再補充一下，昨晚我們發布了披露信息，團隊確實與幾位分析師進行了一些良好的對話，發現有些模型中確實存在一些公交車，我們能夠清理這些問題，使其與我們發布的自由現金預測相匹配。

Sounds good. Kind of shifting over to the Montney here, looking at your GP&T expense, it's higher than peers in basin. Can you kind of remind us why it's different? Is it related to ownership of GT assets? And if so, would you ever consider bringing that fixed cost in-house.

聽起來不錯。轉移到蒙特尼 (Montney) 吧，看看你的 GP&T 費用，它比盆地中的同行要高。你能提醒我們為什麼它不一樣嗎？跟GT資產所有權有關係嗎？如果是這樣，您是否會考慮將這筆固定成本轉入公司內部？

Yes, Kalei. The -- you've hit on it exactly. There's a -- generally speaking, in the Montney, a mixed bag of ownership of midstream and non ownership of midstream and just the way our midstream has been built out over the decades, it is largely third-party owned. So our realizations on the cost side reflect that. And as far as looking at bringing things in-house, I think we're always looking at every opportunity we can to enhance profitability, but we'd have to weigh that against the cost, of course, of that acquisition.

是的，Kalei。這——你確實說到點上了。一般來說，在蒙特尼，中游所有權和非所有權混雜，而我們幾十年來中游的建設方式主要由第三方所有。因此，我們在成本方面的實現就反映了這一點。至於將業務納入內部，我認為我們總是在尋找每一個機會來提高獲利能力，但當然，我們必須權衡收購的成本。

Got it thanks Breton.

明白了，謝謝布列塔妮。

Yeah, you bet.

是的，確實如此。

Greta Dreevy at Goldman Sachs.

高盛的 Greta Dreevy。

Morning and thank you for taking my question.Thinking about risk management through volatility, would you characterize a sufficient proportion of your production is covered with your current hedge book? Are you seeking to further reduce unhedged exposure, either in the oil or gas portfolio from here?

早上好，感謝您回答我的問題。考慮透過波動性進行風險管理，您是否認為您目前的對沖帳簿可以涵蓋足夠比例的生產？您是否希望進一步減少石油或天然氣投資組合中的未對沖風險？

Thank you.

謝謝。

Absolutely, we've been running about a 25% hedge book and using large three ways to put that risk management in place so that we can retain as much you're while creating a floor. And really how we think about it is we want to be able to withstand a long period, call it, 12 months of pretty low commodity prices, call it, sort of the $40 on TI and $2 on NYMEX. And that -- that's been the strategy we've been following while we've been delevering. And what we've signaled all the way along, this continues to be the case, is that as we get that debt down, the need to have that hedge book can shrink even further. So I do think as we look out into 2016, we'll continue to be following that hedge strategy.

當然，我們一直在運行大約 25% 的對沖帳簿，並使用三種主要方式實施風險管理，以便我們可以在創建底線的同時保留盡可能多的資金。我們真正想到的是，我們希望能夠承受一段較長時間，比如說 12 個月的相當低的商品價格，比如說 TI 上的 40 美元和 NYMEX 上的 2 美元。這就是我們在去槓桿過程中一直遵循的策略。我們一直以來都表示，這種情況會持續下去，那就是隨著債務的減少，對沖帳簿的需要會進一步減少。因此我確實認為，展望2016年，我們將繼續遵循這項對沖策略。

But then thereafter, we can continue to look to drag that down as we get the leverage back into the target range.

但此後，隨著槓桿率回到目標範圍，我們可以繼續尋求將其拉低。

Great. And then also for my second question, the results from trimul-frac have been very compelling in 2024. July 25 outlook for about 75% of Permian operations utilizing trimul-frac. Do you see much upside to that estimate in 2025 or 2026 or would you consider 75% closer to the optimal proportion of operations?

偉大的。然後對於我的第二個問題，trimul-frac 的結果在 2024 年非常引人注目。7 月 25 日預計，約 75% 的 Permian 作業將利用三水壓裂技術。您認為 2025 年或 2026 年該估計值會有很大上升空間嗎？或者您認為 75% 更接近最佳營運比例？

Yes, I think we'll continue to see it inch up with time. That's been the sort of track record so far for the team. And I don't know, Greg, if you'd have any other comments there?

是的，我認為隨著時間的推移，我們會繼續看到它的進展。這就是該球隊迄今的成績。格雷格，我不知道您還有其他評論嗎？

Yes. I think over time, that will continue to come up. The only thing keeping us from doing all of our wells with trimul-frac are just physical location physical limitations on the ground. We have situations where you don't have six wells on a pad or you have six wells that are separated by a road or some other physical thing that prevents you from some frac in all six of those at the same time. But we'll continue to inch that up.

是的。我認為隨著時間的推移，這種情況會不斷出現。阻止我們對所有油井進行三重壓裂的唯一原因是地面上的物理位置限制。我們曾經遇到這樣的情況：一個平台上沒有六口井，或是六口井之間有一條道路或其他物理因素隔開，導致無法同時對這六口井進行壓裂。但我們會繼續努力。

We continue to be very happy with the results we're getting from trimul-frac. That's what's allowing us to -- we think, complete more feet per day than anybody in the industry out there. And so we'll continue to work on that.

我們對於 trimul-frac 所獲得的結果一直非常滿意。我們認為，這就是我們能夠做到每天完成的施工量比業內任何人都多的原因。因此我們將繼續致力於此。

Great thank you.

非常感謝。

Thanks Greta.

謝謝格雷塔。

Kevin McCurdy at Pickering Energy Partners.

Pickering Energy Partners 的 Kevin McCurdy。

Hey, good morning and thank you for taking my questions. My two questions are going to focus on a little bit on gas. I appreciate the details on the free cash flow sensitivity to gas prices on slide 8, and we would agree that you have one of the higher sensitivities among oilier companies. But I wanted to ask about the operational sensitivities. Is there a price that would you shift capital to the gassier assets or increase overall company activity?

嘿，早上好，感謝您回答我的問題。我的兩個問題主要集中在天然氣方面。我很欣賞第 8 張投影片上有關自由現金流對天然氣價格敏感度的詳細說明，我們也同意，在石油公司中，你們公司的敏感度是較高的之一。但我想問一下操作敏感性的問題。是否存在一個價格會讓你將資本轉移到天然氣資產或增加整體公司活動？

Yes, Kevin, great question. It's actually a really interesting one. And we've tried to flag for folks, but I think it's meaningful. When you drill a gas well, you get a whole bunch of -- when you drill an oil well, you get a whole bunch of gas with it. And when you drill a gas well, you get 0 oil with it.

是的，凱文，這個問題問得很好。這實際上是一個非常有趣的問題。我們已盡力向人們發出信號，但我認為這很有意義。當你鑽一口氣井時，你會得到大量的東西——當你鑽一口油井時，你會得到大量的天然氣。當你鑽一口氣井時，你得到的石油為零。

And so it actually is an asymmetrical capital allocation choice from a value perspective. So what we really like, given where prices and the fundamentals are today is we like being in maintenance mode. We continue to believe the right allocation of excess free cash flow is to the buybacks and not to growth. And that's because we're gathering a better cash flow per share outcome from buying those shares back than we could get by investing that for growth in the business. And so that's sort of first off.

因此，從價值角度來看，這實際上是一種不對稱的資本配置選擇。因此，考慮到目前的價格和基本面，我們真正喜歡的是處於維護模式。我們仍然相信，過剩自由現金流的正確分配是回購而不是成長。這是因為我們透過回購這些股票所獲得的每股現金流比將其用於業務成長所獲得的每股現金流要好。這是第一步。

And then when you look at the decision between gas and oil, we really like the allocation to drilling oil wells and then the associated gas upside comes along with it as opposed to saying, "Oh, no, we're going to allocate directly to dry gas." So obviously, there can be a breaking point depending on the fundamentals. But with today's prices, we continue to favor allocating our capital to oil and getting the gas as an associated upside.

然後，當您考慮在天然氣和石油之間做出選擇時，我們非常喜歡分配給鑽井油井，然後伴隨而來的是相關天然氣的上升空間，而不是說「哦，不，我們要直接分配給乾氣」。顯然，根據基本面，可能會有一個臨界點。但在今天的價格水準下，我們仍然傾向於將資本配置給石油，並獲得天然氣作為相關的收益。

I appreciate that response. And for a follow-up, you've done a really good job of diversifying your AECO exposure. But do you have any view on how that market develops, hopefully, as more demand comes online locally?

我很感激你的回覆。接下來，您在分散 AECO 風險方面做得非常好。但是，隨著本地需求的增加，您對該市場將如何發展有什麼看法？

Yes. I think our view has been pretty consistent there, which is we're going to see some benefit from the additional a little over two Bcf a day of offtake off the West Coast. And there's been some color already this quarter from some of the operators and some of the participant companies on time line there, which is coming up this summer for the first loads, which is exciting. But our view has been that it's going to be probably relatively transient as opposed to a structural reset of AECO pricing. And so our strategy has been to continue to diversify gas away from the AECO basin.

是的。我認為我們的觀點是相當一致的，那就是我們將從西海岸每天額外增加20億立方英尺的天然氣供應中看到一些好處。本季度，一些營運商和參與公司已經公佈了一些時間表，第一批貨物將於今年夏天發貨，這是令人興奮的。但我們認為，這可能只是暫時的，而不是 AECO 定價的結構性重置。因此，我們的策略是繼續實現天然氣供應多元化，不再依賴 AECO 盆地。

And I think that will kind of continue. We inherited a couple of hundred million a day of additional AECO exposure with the Montney acquisition. So that's likely to be something you'll see us chip away at between exploring LNG options for that gas, exploring getting more gas into the markets we're already serving the West Coast in Chicago but also some of this data center demand optionality that's showing up where there's -- we've been in a lot of conversations with a lot of interested counterparties there, which is really exciting. And we think we're in a differentiated place in Western Canada to be a gas provider of choice for some of those projects, whether it's data center or petchem because of our investment-grade status and because of our deep gas resource in the basin, which can give a counterparty a lot of confidence, both financially and subsurface in the resource.

我認為這種情況將會持續下去。透過收購 Montney，我們每天從 AECO 獲得數億美元的額外風險敞口。因此，您很可能會看到我們在探索該天然氣的液化天然氣選擇、探索將更多天然氣引入我們已經服務的芝加哥西海岸市場以及一些數據中心需求可選性方面不斷努力——我們已經與許多感興趣的交易對手進行了大量對話，這真的令人興奮。我們認為，我們在加拿大西部處於一個差異化的地位，可以成為其中一些項目的首選天然氣供應商，無論是數據中心還是石化產品，這都得益於我們的投資級地位，也因為我們在盆地中的深層天然氣資源，這可以給予交易對手很大的信心，無論是在財務上還是在地下資源上。

Oh very interesting thank you.

哦，非常有趣謝謝。

Yeah, thank you, Kevin.

是的，謝謝你，凱文。

Dennis Fong at CIBC World Markets

加拿大帝國商業銀行全球市場部 Dennis Fong

Maybe the first one is to carry along with the last kind of train of thought there. You kind of mentioned some opportunities to, I guess, I don't want to necessarily lock in a longer term or longer duration contract or pricing, but can you describe -- I know historically, there's been a few characteristics of these types of whether the LNG contract or whatnot that you've wanted to ensure if that was an attractive option for selling the debt. Can you remind us as to what you'd be looking for in that type of a situation?

也許第一個是帶著最後一種思路去的。您提到了一些機會，我想，我不一定想鎖定一個較長期限或較長持續時間的合約或定價，但您能否描述一下——我知道從歷史上看，這些類型的合約或諸如此類的合約都有一些特點，您想確保這是否是一個出售債務的有吸引力的選擇。您能否提醒我們，在那種情況下您會尋找什麼？

Yes, Dennis, I think the first thing to start with is we're interested in having a portfolio of diversification here. We like the idea of not putting all the eggs in 1 basket, so to speak. And you can see that already. that we've made with getting to diversified downstream markets today. And so I think going forward, what you should expect from us is a portfolio and our vision is for that portfolio to have a mix of LNG and a mix of local incremental demand, whether it's, like I said, data centers or pet chem opportunities.

是的，丹尼斯，我認為首先我們要做的就是對這裡的多元化投資組合感興趣。可以這麼說，我們不喜歡把所有的雞蛋都放在一個籃子裡。你已經看到了這一點。這是我們今天進入多樣化下游市場所取得的成果。因此，我認為展望未來，您應該期待我們有一個投資組合，我們的願景是讓該投資組合包含液化天然氣和本地增量需求的組合，無論是資料中心還是寵物化學機會。

And so I think we'll see how those deals come together. But what we really like about that portfolio is it not only provides the upside for our realizations, but helps us manage risk. And one of the things that's really kind of been a focus point for us is to not wind up signing up for a long-term transportation and processing contract that's fixed into an uncertain market. And so that's been the focus of our commercial team is to make sure we find ways to manage that diversification risk and not wind up with a long-term service agreement that is underwater for long periods of time.

所以我認為我們會看到這些交易如何達成。但我們真正喜歡該投資組合的原因是，它不僅為我們的實現提供了上行空間，而且還幫助我們管理風險。我們真正關注的事情之一是不要最終簽署一份固定在不確定的市場的長期運輸和加工合約。因此，我們商業團隊的重點是確保我們找到管理多樣化風險的方法，並且不會達成長期處於虧損狀態的長期服務協議。

Great. I appreciate that color. I wanted to shift gears a little bit more into the cost side. You've obviously made a lot of progress on operations, obviously, with rate of drilling, completion efficiency, the use of trimul-frac. I wanted to go into kind of supply chain management.

偉大的。我很欣賞那個顏色。我想更深入地討論一下成本方面的問題。顯然，你們在作業方面取得了很大進展，鑽井速度、完井效率、三重壓裂的使用都取得了進展。我想要進入供應鏈管理領域。

I know that's something that you guys have also been a leader of obviously, with risk around tariffs and so forth, how are you maybe managing around drill pipe, obviously, completions material well tubulars and so forth? Can you remind us as to how your supply chain management group is optimizing efficiencies and maybe trying to manage the risk around trade and so forth?

我知道你們顯然也是這方面的領導者，面臨關稅等風險，你們如何管理鑽桿、完井材料井管等？您能否提醒我們您的供應鏈管理團隊如何優化效率以及如何嘗試管理貿易等方面的風險？

Yes. Great question, Dennis. And that is piece that we've been a pretty sophisticated player in for quite a while. And I would tell you, a lot of the supply chain work that we've been doing over the last couple of years to be prepared for geopolitical risk upsets in the supply chain. It looks to be paying off as we now encounter these tariff uncertainties.

是的。很好的問題，丹尼斯。這是我們長期以來一直扮演的相當成熟的角色。我想告訴你，過去幾年我們做了很多供應鏈工作，為應對供應鏈中的地緣政治風險做好準備。當我們現在遇到這些關稅不確定性時，它似乎正在產生回報。

And so we've mentioned before and Greg might want to have some comments, too, on we're sort of fairly well covered on OCTG for this year. And we've also thoroughly reviewed our supply chain for for where are the other pinch points, whether it's pipe sales and fittings or chips or any of the pieces and parts that we utilize every day to make sure that we don't wind up into a sole supplier type dynamic and see a disruption or see a big tariff impact. But Greg, if you want to add anything feel free.

正如我們之前提到的，Greg 可能也想發表一些評論，今年我們對油井管的報導相當詳盡。我們還徹底審查了我們的供應鏈，以查找其他的瓶頸，無論是管道銷售和配件還是晶片，還是我們每天使用的任何零件和部件，以確保我們不會陷入單一供應商類型的動態，並看到中斷或看到巨大的關稅影響。但是格雷格，如果你想添加任何內容，請隨意。

Yes. Thanks for the question. And the team has done a really good job over the last several years of digging deep into our supply chains to make sure we had security of supply. That was our initial concern. So we've traced all of our not only initial but secondary supply chains of our providers all the way back to where the products are being manufactured and to guarantee guarantee security of supply, and more recently, that then applies to making sure we can not only get what we need, but also get it at the right price to avoid potential tariffs.

是的。謝謝你的提問。過去幾年來，團隊深入挖掘我們的供應鏈，確保我們的供應安全，做得非常好。這是我們最初的擔憂。因此，我們不僅追蹤了供應商的所有初始供應鏈，而且追蹤了所有二級供應鏈，一直追溯到產品的製造地，以確保供應的安全，最近，這還用於確保我們不僅能得到我們需要的東西，而且還能以合適的價格得到它，以避免潛在的關稅。

And so this year, we've secured predominantly all of our tubulars that we're going to need for the year. most of those are done domestically, but so we've locked in pricing and then locked in supply. A lot of the other smaller items we're working through sure we've got access to those at fair prices as well. So as Brendan mentioned in the previous question, any tariffs or other volatility should be relatively minor as they flow through to our overall capital cost.

所以今年我們基本上已經確保了全年所需的所有管材。大部分都是在國內完成的，但我們已經鎖定了價格，然後鎖定了供應。我們正在處理的許多其他較小的物品，確保我們也能以合理的價格獲得它們。正如布倫丹在上一個問題中提到的那樣，任何關稅或其他波動都應該相對較小，因為它們會影響我們的整體資本成本。

Great, really appreciate that colour. Thank you. I'll turn it back.

太棒了，真的很喜歡這個顏色。謝謝。我會把它轉回去。

At this time, we have completed the question-and-answer session. And I will turn the call back over to Mr. Berheist.

至此，問答環節我們已經結束。我將把電話轉回給貝爾海斯特先生。

Thanks, Joanna, and thank you, everyone, for joining us this morning. Our call is now complete.

謝謝喬安娜，也謝謝大家今天早上加入我們。我們的通話現已完成。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與，並請您斷開線路。