Ovintiv Inc (OVV) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to Ovintiv's 2025 second-quarter results conference call. As a reminder, today's call is being recorded. (Operator Instructions).

女士們、先生們，大家好，感謝你們的支持。歡迎參加 Ovintiv 2025 年第二季業績電話會議。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 rebroadcast without the expressed consent of Ovintiv. I would now like to turn the conference call over to Jason Verhaest from Investor Relations.

請注意，未經 Ovintiv 明確同意，不得錄製或重播本次電話會議。現在，我想將電話會議轉給投資者關係部的 Jason Verhaest。

Please go ahead, Mr. Verhaest.

請繼續，Verhaest 先生。

Thanks, Joanna, and welcome, everyone, to our second-quarter '25 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 in our disclosure documents filed on EDGAR and SEDAR+. Following prepared remarks, we will be available to take your questions.

謝謝喬安娜，歡迎大家參加我們的 25 年第二季電話會議。本次電話會議將進行網路直播，幻燈片可在我們的網站 ovintiv.com 上取得。請注意幻燈片開頭以及我們在 EDGAR 和 SEDAR+ 上提交的揭露文件中關於前瞻性陳述的公告。準備好發言後，我們將回答您的問題。

I will now turn the call over to our President and CEO, Brendan McCracken.

現在我將把電話轉給我們的總裁兼執行長 Brendan McCracken。

Thanks, Jason. Good morning, everybody, and thank you for joining us. Our team delivered another quarter of strong results across our portfolio, meeting or beating all our guidance targets. Our well performance continues to be very strong. This is a combination of both our completions innovations and the consistency that comes with cube development.

謝謝，傑森。大家早安，感謝大家的收看。我們的團隊在整個投資組合中又取得了一個季度的強勁業績，達到或超過了我們所有的指導目標。我們的油井表現持續強勁。這是我們的完井創新和立方體開發帶來的一致性的結合。

Our team has also continued to unlock new capital and operating cost wins. Our Montney asset integration went seamlessly as we successfully met our well cost reduction target in the second quarter, and we made significant progress on debt reduction. We are increasing our full year production guidance while cutting CapEx and OpEx while keeping our planned activity unchanged.

我們的團隊也持續取得新的資本和營運成本的勝利。我們的 Montney 資產整合進展順利，我們在第二季度成功實現了油井成本削減目標，並且在債務削減方面取得了重大進展。我們正在提高全年生產指導，同時削減資本支出和營運支出，同時保持計劃活動不變。

The result is a 10% increase in our expected full year free cash flow, which means more buybacks and faster deleveraging. In our industry, there are three requirements to deliver superior durable returns. First, you need inventory depth in the best parts of the best basins. Second, you need the culture and the expertise and increasingly, the private data to convert that inventory to free cash flow. And third, you need capital discipline to make sure you're not leaking away returns by allocating capital to underperforming uses.

結果是，我們預期的全年自由現金流將增加 10%，這意味著更多的回購和更快的去槓桿化。在我們的產業中，要達到卓越持久的回報，就需要滿足三個要求。首先，您需要在最佳盆地的最佳部位擁有庫存深度。其次，你需要文化和專業知識，以及越來越多的私人數據，才能將庫存轉化為自由現金流。第三，你需要資本紀律，以確保你不會因為將資本分配到表現不佳的用途而損失回報。

We have centered our business around continuously improving in each of these three areas and the outcomes of this focus differentiate us versus our peers. We believe we have assembled one of the most valuable premium inventory positions in our industry. We have focused and high-graded our asset base with anchor positions in the Permian and the Montney. And these assets are complemented by our low decline, high free cash flow generating asset in the Anadarko Basin.

我們的業務重點是持續改善這三個領域，這種專注的成果使我們在同業中脫穎而出。我們相信，我們已經擁有了業內最有價值的優質庫存之一。我們重點關注並高估了我們的資產基礎，並在二疊紀和蒙特尼地區佔據了主導地位。這些資產與我們在阿納達科盆地的低遞減率、高自由現金流資產相輔相成。

Our work to build inventory over the past several years means we have nearly 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. Our total company post-dividend breakeven price is under $40 WTI, meaning and continue generating superior returns and free cash flow through the commodity cycle.

我們過去幾年致力於建立庫存，這意味著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。我們公司股息後的損益平衡總價格低於 40 美元 WTI，這意味著我們將在整個商品週期中繼續產生優異的回報和自由現金流。

Our team's culture and expertise has earned us a reputation of being a leading operator in each of the basins we're active in. We've long been first movers in adopting innovation. And on a recent Montney tour, we unveiled how we're using AI technology to leverage our extensive private data set to optimize our execution in real time. While we showcased this in our Montney asset, we're using this new technology across our entire portfolio.

我們團隊的文化和專業知識使我們贏得了在每個活躍盆地中領先營運商的聲譽。我們長期以來一直是採用創新的先行者。在最近的蒙特尼之旅中，我們展示瞭如何利用人工智慧技術來利用我們廣泛的私人資料集來即時優化我們的執行。雖然我們在 Montney 資產中展示了這一點，但我們在整個投資組合中都使用了這項新技術。

This has led to faster cycle times, more production and significant cost savings. We pioneered cube development nearly a decade ago to efficiently develop our inventory and deliver long-term repeatable results, and the benefits of this approach are evidenced by our well results, specifically in the Permian, where we're currently delivering oil type curves that have improved 10% over the last three years, while most of our peers are facing productivity degradation.

這帶來了更快的循環時間、更高的產量和顯著的成本節約。近十年前，我們率先採用了立方體開發技術，以高效開發我們的庫存並提供長期可重複的結果，這種方法的好處已由我們的油井結果得到證實，特別是在二疊紀盆地，我們目前提供的石油類型曲線在過去三年中提高了 10%，而我們的大多數同行都面臨著生產力下降的問題。

We remain disciplined stewards of our shareholder capital. Our focus on capital efficiency has rendered savings of about $50 million this year. We continue to execute a maintenance or stay flat program with any additional savings occurring to free cash flow. And we have complete flexibility to adjust activity should market conditions warrant. Our high-quality inventory and operational excellence are translating into highly competitive rates of return and our capital discipline is ensuring those returns flow through to the bottom line.

我們始終嚴格管好股東資本。我們注重資本效率，今年已節省約 5,000 萬美元。我們將繼續執行維護或保持平穩計劃，並將任何額外的節省轉化為自由現金流。如果市場條件允許，我們可以完全靈活地調整活動。我們的高品質庫存和卓越的營運轉化為極具競爭力的回報率，而我們的資本紀律確保這些回報能夠轉化為利潤。

From 2021 to 2024, we delivered cash flow per share growth of about 25%. This growth was not driven by commodity prices. In fact, our 2024 realized price was 10% lower than in 2021. Rather, it was driven by portfolio high-grading, share buybacks and our continued focus on profitability. And over the same period, we extended our oil inventory life by three years, the largest increase among our peers.

從 2021 年到 2024 年，我們實現了每股現金流成長約 25%。這種成長並非由大宗商品價格推動。事實上，我們 2024 年的實現價格比 2021 年低 10%。相反，它是由投資組合高評級、股票回購和我們對盈利能力的持續關注所推動的。同期，我們將石油庫存壽命延長了三年，是同業中增幅最大的。

In fact, most companies saw their inventory life decline. We believe our ability to continue generating superior returns will be differentiating, and we are set to deliver significant free cash flow this year, and we're confident we can continue to do this durably for many years to come. I'll now turn the call over to Corey.

事實上，大多數公司的庫存壽命都在下降。我們相信，我們繼續產生優異回報的能力將與眾不同，我們今年將實現大量自由現金流，並且我們有信心在未來許多年繼續持久地做到這一點。我現在將電話轉給 Corey。

Thanks, Brendan. We delivered another strong quarter, translating leading operational outperformance to our bottom line financial results. We once again beat on our production, capital and per unit targets and improve the capital efficiency of the business. We generated cash flow per share of $3.51 and free cash flow of $392 million, both beating consensus estimates. We also returned approximately $223 million to our owners through share buybacks in our base dividend.

謝謝，布倫丹。我們又度過了一個強勁的季度，將領先的營運業績轉化為我們的底線財務表現。我們再次超額完成了生產、資本和單位目標，並提高了業務的資本效率。我們產生的每股現金流為 3.51 美元，自由現金流為 3.92 億美元，均超出普遍預期。我們也透過股票回購向我們的股東返還了約 2.23 億美元的基本股利。

Production during the quarter was above our guidance ranges across all products. The beat was driven by the seamless integration of our newly acquired Montney assets, a first quarter weighted turn-in-line cadence in the Permian and our election to shift to ethane recovery in the Anadarko. We came in below the midpoint on capital due to a combination of shifting some activity into the third quarter to better load level our program and due to continued efficiency gains.

本季所有產品的產量均高於我們的預期範圍。這項業績成長得益於我們新收購的 Montney 資產的無縫整合、二疊紀第一季度加權轉向節奏以及我們選擇轉向阿納達科的乙烷回收。我們的資本低於中點，這是由於將一些活動轉移到第三季以更好地平衡我們的計劃以及持續的效率提高。

We also met or beat our guidance on all per unit cost items. Now we started the year expecting to generate about $2.1 billion of free cash flow, assuming commodity prices of $70 WTI for oil and $4 NYMEX for natural gas. At the time of our first quarter call, we revised our outlook to assume $60 WTI and $3.75 NYMEX for the rest of the year. Under this scenario and making no changes to our 2025 development program, we expected the business would still generate robust free cash flow of about $1.5 billion.

我們也達到或超過了所有單位成本項目的指導。現在，我們開始預計今年將產生約 21 億美元的自由現金流，假設石油的商品價格為 WTI 70 美元，天然氣的 NYMEX 4 美元。在第一季電話會議上，我們修改了預測，假設今年剩餘時間內 WTI 價格為 60 美元，NYMEX 價格為 3.75 美元。在這種情況下，如果我們的 2025 年發展計畫不做任何改變，我們預計該業務仍將產生約 15 億美元的強勁自由現金流。

Now halfway through the year and assuming the same $60 and $3.75 prices for the second half, we expect to deliver $1.65 billion of free cash flow or about a 10% improvement. This demonstrates the resiliency of our business and our drive to constantly pursue profitability. It also reinforces the value of our oil-focused development program that comes with significant torque to higher commodity prices.

現在已經過了半年，假設下半年的價格仍然為 60 美元和 3.75 美元，我們預計將實現 16.5 億美元的自由現金流，即成長約 10%。這體現了我們業務的彈性以及我們不斷追求獲利的動力。這也增強了我們以石油為重點的發展計畫的價值，該計畫對大宗商品價格的上漲有重大影響。

In the additional savings we realize from further efficiency gains in the second half of the year will flow through to reduce capital, not higher activity and will enhance our free cash flow even more. We are using that free cash flow to serve two important goals: reducing our debt and returning capital to our shareholders.

我們透過下半年進一步提高效率而實現的額外節省將用於減少資本，而不是增加活動，並將進一步增強我們的自由現金流。我們利用自由現金流實現兩個重要目標：減少債務並向股東返還資本。

As a reminder, our framework allocates at least 50% of post base dividend free cash flow to our shareholders via our buyback program and 50% of the balance sheet. Since the inception of the program in the third quarter of 2021 and inclusive of our planned purchases in the third quarter of this year, we will have repurchased a total of $2.2 billion worth of shares and distribute approximately $1.2 billion in base dividend payments for total shareholder returns of more than $3.3 billion.

提醒一下，我們的框架透過回購計畫將至少 50% 的基本股利後自由現金流分配給我們的股東，並將 50% 的資產負債表分配給股東。自 2021 年第三季該計畫啟動以來，包括我們今年第三季的計畫購買，我們將回購總計價值 22 億美元的股票，並派發約 12 億美元的基本股息，股東總回報將超過 33 億美元。

This is roughly 1/3 of our current market cap. While debt reduction is a big area of focus for us in the near term, the significant free cash flow we are generating at today's prices ensures we can continue to balance both priorities.

這大約是我們目前市值的三分之一。雖然削減債務是我們近期關注的重點，但以目前的價格產生的大量自由現金流確保我們能夠繼續平衡這兩個優先事項。

We can repurchase attractively priced shares with a 16% free cash flow yield and improve our capital structure with continued debt reduction. With just over $5.3 billion of total debt at the end of June, we expect to be below $5 billion by the end of the year.

我們可以回購具有 16% 自由現金流收益率的具有吸引力的價格的股票，並透過持續減少債務來改善我們的資本結構。截至 6 月底，總債務剛超過 53 億美元，我們預計到今年底將低於 50 億美元。

We've repaid $555 million of debt since we announced the Montney acquisition in the third quarter of last year. When you consider the acquisition added about 900 well locations, we've significantly reduced our debt, and we issued no equity, the value uplift of the transaction is hard to ignore.

自去年第三季宣布收購 Montney 以來，我們已償還了 5.55 億美元的債務。當您考慮到此次收購增加了約 900 個井位、我們大幅減少了債務並且沒有發行任何股權時，交易的價值提升就很難被忽視。

We continue to work towards our $4 billion net debt target. Maintaining our investment-grade credit rating remains a key priority, and we are currently investment-grade rated with a stable or positive outlook at all four rating agencies. I'll now turn the call over to Meghan Eilers, our EVP of Midstream and Marketing.

我們將繼續努力實現 40 億美元的淨債務目標。維持我們的投資等級信用評等仍然是我們的首要任務，目前，四大評等機構都將我們評為投資等級，前景穩定或積極。現在我將把電話轉給我們的中游和行銷執行副總裁 Meghan Eilers。

Thanks, Corey. We're excited to share several new marketing agreements that support our Montney gas diversification efforts and also complement our existing firm transportation contracts and AECO hedging efforts. As a result of these agreements, we are now less than 20% exposed to market AECO prices for the remainder of 2025 and only about 1/3 exposed in 2026.

謝謝，科里。我們很高興與大家分享幾項新的行銷協議，這些協議支持我們的 Montney 天然氣多元化努力，同時也補充了我們現有的固定運輸合約和 AECO 對沖努力。由於這些協議，我們在 2025 年剩餘時間內受市場 AECO 價格影響的程度不到 20%，而 2026 年受市場 AECO 價格影響的程度僅為約 1/3。

These agreements have added exposure to JKM pricing, increase our Chicago exposure and have enhanced our AECO netback. We have also entered into additional AECO financial hedges that include both fixed price hedges and fixed basis hedges. We have the capacity to complete similar agreements to those we executed in the quarter. And as one of the largest participants in Rockies LNG, the supplier consortium for the Ksi Lisims LNG project, we continue to explore opportunities to diversify our Montney gas exposure and to maximize profitability and returns.

這些協議增加了 JKM 定價的風險敞口，提高了我們的芝加哥風險敞口，並增強了我們的 AECO 淨回值。我們還簽訂了額外的 AECO 金融對沖協議，其中包括固定價格對沖和固定基礎對沖。我們有能力完成與本季執行的類似的協議。作為 Rockies LNG（Ksi Lisims LNG 專案的供應商聯盟）的最大參與者之一，我們將繼續探索機會，以多元化我們的 Montney 天然氣業務，並實現盈利能力和回報的最大化。

We are also optimistic about the potential for data centers to further enhance the margins on our gas sales and are exploring opportunities, both in Western Canada and in the US We are well positioned to participate as a supplier. Thanks to our production scale and proximity to potential data centers, the depth of our natural gas inventory and our investment-grade credit rating.

我們也對資料中心進一步提高天然氣銷售利潤的潛力持樂觀態度，並正在加拿大西部和美國探索機會，我們已準備好作為供應商參與其中。由於我們的生產規模和與潛在資料中心的接近性、我們的天然氣庫存深度以及我們的投資等級信用評級。

We expect this will be part of our portfolio of gas sales over time. I'll now turn the call over to Greg.

我們預計，隨著時間的推移，這將成為我們天然氣銷售組合的一部分。我現在將電話轉給格雷格。

Thanks, Meghan. As Brendan mentioned, we are adding volumes and cutting capital. We are reducing our full year capital spend by $50 million and increasing our oil and condensate guide by 2,000 barrels per day to average 207,000 barrels per day for the year. In addition, we've increased our annual NGL volume expectations by about 5,000 barrels per day, reflecting our expectation to recover ethane in the Anadarko for the remainder of the year. We are also reducing our guide for full year operating expense by about 3%.

謝謝，梅根。正如布倫丹所提到的，我們正在增加產量並削減資本。我們將全年資本支出減少 5,000 萬美元，並將石油和凝析油產量提高 2,000 桶/天，達到全年平均 207,000 桶/天。此外，我們將年度 NGL 產量預期提高了約 5,000 桶/天，這反映了我們預計今年剩餘時間內將在阿納達科回收乙烷。我們也將全年營運費用指導值下調約 3%。

In the third quarter, we expect our total volumes to average approximately 615,000 BOE per day, including about 205,000 barrels per day of oil and condensate. We expect our second half natural gas volumes to be higher than the first half of the year. As the pressure we saw on gas systems in Western Canada is expected to alleviate with LNG Canada now online. Our full year gas guidance remains unchanged at about 1.85 Bcf per day. Our third quarter capital spend will come in around $550 million.

在第三季度，我們預計我們的總產量平均約為每天 615,000 桶油當量，其中包括每天約 205,000 桶石油和凝析油。我們預計下半年的天然氣產量將高於上半年。隨著加拿大液化天然氣公司的上線，加拿大西部天然氣系統的壓力預計將減輕。我們全年的天然氣產量預期保持不變，仍為每天約 18.5 億立方英尺。我們第三季的資本支出將達到約 5.5 億美元。

Ovintiv is in an advantaged position when it comes to inventory quality and depth. We didn't get here by accident. We've deliberately taken a different development approach than most of our industry peers. The result is a 10% improvement in our Permian oil productivity per foot over the last few years, while the broader basin is fighting a 2% annual decline. Extending inventory depth and quality and maximizing resource recovery have been areas of acute focus for our teams over the past decade.

在庫存品質和深度方面，Ovintiv 處於優勢地位。我們來到這裡並非偶然。我們特意採取了與大多數業內同行不同的開發方法。結果是，在過去幾年裡，我們的二疊紀盆地每英尺石油產量提高了 10%，而整個盆地的產量卻每年下降 2%。在過去十年中，擴大庫存深度和品質以及最大限度地提高資源回收率一直是我們團隊關注的重點領域。

Our team has done an excellent job preserving the quality and longevity of our inventory across the portfolio. We achieved this through cube development. We were early adopters of the belief that understanding how wells will interact with each other as a 4D system is critical to creating durable returns. Because of this, we take a systematic approach to resource development, where we codevelop multiple stack zones from a single well pad. This creates value by maximizing both returns and resource recovery.

我們的團隊在維護整個產品組合的庫存品質和壽命方面做得非常出色。我們透過立方體開發實現了這一點。我們很早就認識到，了解油井在 4D 系統中如何相互作用對於創造持久回報至關重要。因此，我們採取系統化的方法進行資源開發，即透過單一井場共同開發多個堆疊區。這透過最大化回報和資源回收來創造價值。

The temptation in developing multi-zone acreage is to cherry pick the highest productivity wells first, then come back and drill infill wells on the rest of the acreage later. The benefit is higher initial production rates from the first batch of wells, but it comes at the expense of sterilizing large swaths of acreage because when you come back to drill the infill wells, the reservoir pressure is depleted, and the well performance of the child wells is often 30% to 40% worse than the parents.

開發多區域油田的誘惑在於先挑選產量最高的井，然後再在剩餘的油田上鑽加密井。這樣做的好處是第一批井的初始產量更高，但代價是要浪費大片土地，因為當你回來鑽加密井時，儲層壓力已經耗盡，子井的性能通常比母井差 30% 到 40%。

We developed the entire stack at once. As a result, we are sampling wells from across the IRR creaming curve, not just the highest return wells. We have also learned that the optimal timing to drill an adjacent cube is roughly 18 to 24 months after drilling the first. This minimizes well communication and depletion and is a dominant driver of our development schedule.

我們一次性開發了整個堆疊。因此，我們從 IRR 精煉曲線上對油井進行採樣，而不僅僅是從回報率最高的油井進行採樣。我們也了解到，鑽相鄰立方體的最佳時機大約是鑽第一個立方體後的 18 至 24 個月。這最大限度地減少了井間通訊和損耗，也是我們開發計畫的主要驅動力。

The outcome is consistent and repeatable results year after year because we have not burned through our highest return inventory, and we have maximized the NPV of every acre. Nowhere is this more evident than in the Permian. Across our acreage footprint, our well productivity continues to be strong and consistent. Year-to-date performance is in line with our type curve, which is unchanged from last year.

由於我們沒有耗盡回報最高的庫存，並且最大化了每一英畝土地的淨現值，因此年復一年，我們取得了一致且可重複的結果。這一點在二疊紀最為明顯。在我們的整個油田範圍內，我們的油井生產率持續保持強勁和穩定。今年迄今的表現與我們的類型曲線一致，與去年相比沒有變化。

This supports durable return generation across our 12 to 15 years of premium inventory in the play. In the second quarter, we continued to see average production above our stated run rate of 120,000 barrels per day of oil. This was driven by the higher weighting of turn-in lines in the first quarter of the year. We continue to expect our rolling condensate volumes to stabilize at around 120,000 barrels per day in the back half of the year.

這支持了我們在該劇中 12 至 15 年的優質庫存產生持久的回報。在第二季度，我們繼續看到平均產量高於我們規定的每天 120,000 桶的石油產量。這是由於今年第一季上交線的權重較高所致。我們繼續預計，今年下半年我們的滾動式凝析油產量將穩定在每天 12 萬桶左右。

While our cube development approach has stayed consistent, we are constantly looking for ways to drive down costs. Our team continues to push the boundaries on cycle time improvements. Year-to-date, our drilling speed averaged over 2,100 feet per day, or about 35% faster than our 2022 average.

雖然我們的立方體開發方法保持一致，但我們一直在尋找降低成本的方法。我們的團隊不斷突破週期時間改善的界限。今年迄今為止，我們的鑽井速度平均每天超過 2,100 英尺，比 2022 年的平均速度快約 35%。

Our completion speed averaged more than 3,900 feet per day or about 50% faster than in 2022. The combination of faster cycle times with consistently strong well performance results in industry-leading capital efficiency and highly competitive returns.

我們的完工速度平均每天超過 3,900 英尺，比 2022 年快約 50%。更快的周期時間與持續強勁的油井性能相結合，帶來了行業領先的資本效率和極具競爭力的回報。

Now moving on to the Montney. The top priority since closing our Montney acquisition in January has been the safe, rapid and efficient integration of the assets into our existing business, and I couldn't be more pleased with how the team has performed. Only six months after closing, we are already delivering $1.5 million of per well cost savings on the new acreage. $1 million of the savings has come on the drilling side, primarily from using a more efficient casing design, eliminating intermediate casing, optimizing the directional profile of the wells and using a single bit for our lateral runs.

現在前往蒙特尼。自從一月完成對 Montney 的收購以來，我們的首要任務就是將資產安全、快速、有效率地整合到我們現有的業務中，我對團隊的表現感到非常滿意。在交易結束後僅六個月，我們就已經在新區塊實現了每口井 150 萬美元的成本節省。其中 100 萬美元的節省來自鑽井方面，主要得益於使用更有效率的套管設計、消除中間套管、優化井的方向剖面以及在水平井作業中使用單一鑽頭。

We have taken about 10 days out of the drilling cycle time on the new assets, with a current average of less than 15 days spud to rig release. We've also achieved $300,000 of savings from using 30% less fluid in our completions designs and utilizing self-source sand. Our facilities design is saving $200,000 per well, thanks to faster build times and using 85% less structural steel than the previous operator. We've also fully integrated the acquired wells into our operations control center.

我們在新資產上的鑽井週期縮短了約 10 天，目前從開鑽到鑽機釋放的平均時間不到 15 天。透過在完井設計中減少 30% 的流體使用量並利用自源砂，我們還節省了 30 萬美元。由於建造時間更快，並且使用的結構鋼比以前的運營商減少了 85%，我們的設施設計每口井可節省 200,000 美元。我們也將收購的油井完全整合到我們的營運控制中心。

This allows us to remotely operate the wells and apply the same digital workflows used in our legacy Montney operations to optimize cash flow at the individual well level. Well performance has been in line with our expectations, and we are highly confident in our ability to meet our stated Montney production run rate of about 55,000 barrels per day of oil and condensate in the second half of the year.

這使我們能夠遠端操作油井，並應用我們傳統的 Montney 作業中使用的相同數位工作流程來優化單一油井層面的現金流。油井表現符合我們的預期，我們非常有信心在下半年實現我們預定的蒙特尼生產運行率，即每天約 55,000 桶石油和凝析油。

We are optimistic about the 300 upside locations we highlighted with the announcement of the acquisition and are actively testing those areas and horizons today. Across the portfolio, we typically allocate about 10% of our D&C activity to testing upside locations, and we are taking the same approach here. I'm very proud of the team and all the efforts made to integrate the new assets into our portfolio.

我們對收購公告中強調的 300 個有利位置持樂觀態度，並且正在積極測試這些區域和前景。在整個投資組合中，我們通常將約 10% 的 D&C 活動分配給測試上行位置，在這裡我們也採取了相同的方法。我為我們的團隊以及為將新資產整合到我們的投資組合中所做的一切努力感到非常自豪。

I'll now turn the call back to Brendan.

我現在將電話轉回給布倫丹。

Thanks, Greg. I'd like to take a moment to recognize our team for the outstanding safety, operational and financial results we've delivered year-to-date and acknowledge their focus and drive to make our business more profitable for our shareholders. Value creation in our industry will come from companies that can demonstrate durability in both their return on invested capital and the return of cash to shareholders.

謝謝，格雷格。我想藉此機會表彰我們的團隊，感謝他們今年迄今為止在安全、營運和財務方面取得的出色成績，並感謝他們為股東創造更多利潤而付出的專注和努力。我們產業的價值創造將來自那些能夠證明投資資本回報和股東現金回報均具有持久性的公司。

We are positioned to deliver on this value proposition, thanks to the depths of our premium inventory, our proven execution excellence and our commitment to disciplined capital allocation. This concludes our prepared remarks.

憑藉我們豐富的優質庫存、久經考驗的卓越執行力以及對嚴格資本配置的承諾，我們有能力實現這一價值主張。我們的準備好的演講到此結束。

Joanna, we're now ready to open the line for questions.

喬安娜，我們現在可以開始回答問題了。

(Operator Instructions)

（操作員指示）

Arun Jayaram, JPMorgan.

摩根大通的阿倫‧賈亞拉姆 (Arun Jayaram)。

Yeah, good morning, Brendan and team. Brendan, after participating in your recent Montney tour, we left the tour thinking that OVV would -- could be a natural consolidator of the play just given your lower D&C cost profile, lower operating costs. So I was wondering if you could just talk about the portfolio -- thoughts on the portfolio.

是的，早安，布倫丹和團隊。布倫丹，在參加了您最近的 Montney 之旅後，我們認為 OVV 可能會成為該劇的自然整合者，因為你們的 D&C 成本較低，運營成本也較低。所以我想知道您是否可以談談投資組合——對投資組合的想法。

And if you view OVV as being kind of a natural consolidator long term, because I know you executed your last transaction at I think less than $1 million per premium location, which obviously compares pretty favorably to what you see in the US kind of market?

如果您認為 OVV 是一種長期的天然整合者，因為我知道您上次交易的價格為每個優質地段不到 100 萬美元，這顯然與您在美國市場看到的價格相比非常有利？

Yes, Arun, yes, thanks for the question. But clearly, the strategy and our operating model are working. You can see that in the performance boost that we announced today. With respect to your question around the M&A piece, look, this is -- this feels really hard to beat what we've got, which establishes as we've talked about, a really high bar.

是的，阿倫，是的，謝謝你的提問。但顯然，我們的策略和營運模式正在發揮作用。您可以從我們今天宣布的效能提升中看到這一點。關於您關於併購部分的問題，看，這——這感覺真的很難超越我們所擁有的，正如我們所討論的，這設立了一個非常高的標準。

So we've built one of the most valuable premium inventory positions in the industry which means we can deliver superior returns for our shareholders for a long time to come. And that focus on returns and profitability is, like I said, really showing up in the results.

因此，我們建立了業內最有價值的優質庫存地位之一，這意味著我們可以在未來很長一段時間內為股東帶來豐厚的回報。正如我所說，對回報和盈利能力的關注確實在結果中得到了體現。

Appreciate your acknowledgment that we built that portfolio in a very shareholder-friendly way as it pertains to the cost of entry, as you noted, as in the Montney under $1 million, in the Permian, right around $2 million a location for that most recent transaction.

感謝您對我們以非常有利於股東的方式構建該投資組合的認可，因為它涉及進入成本，正如您所說，例如在蒙特尼 (Montney) 的進入成本低於 100 萬美元，在二疊紀 (Permian)，最近的交易中每個地點的進入成本約為 200 萬美元。

So this means for us, if we're going to look at something, it has to be better than what we've already got, which means we're just working from a position of strength here. So really excited about how the integration has performed and excited about the value proposition that we showed to our shareholders with that Montney tour.

所以這對我們來說意味著，如果我們要看某樣東西，它必須比我們已經擁有的更好，這意味著我們只是從實力的角度出發來努力。我對整合的進展感到非常興奮，也對我們透過蒙特尼之旅向股東展示的價值主張感到非常興奮。

Great. My follow-up is, Corey, you reduced your cash tax guide in the US, I assume from tailwinds from the OVV. So wondering if you could provide some longer-term thoughts on what could -- what this could mean to your cash tax rate in the US, call it, over the next three to five years?

偉大的。我的後續問題是，科里，你降低了美國的現金稅指南，我猜受到了 OVV 的推動。所以想知道您是否可以提供一些長期想法，即這對未來三到五年內美國的現金稅率意味著什麼？

Yes. Arun, obviously, you picked up on the change to the guidance there. So we took $20 million out for the year on the US side. That's all from the OVV, primarily this year impact from the change to the depreciation.

是的。阿倫，顯然，你已經注意到了那裡的指導變化。因此，我們今年在美國方面支出了 2,000 萬美元。這就是 OVV 的全部內容，主要是今年折舊變化帶來的影響。

But looking forward, that will carry through for probably the next three years, kind of the rule of thumb that we're giving people is to think about 3% of the pretax book income for the US to be the run rate as we go through.

但展望未來，這種狀況可能將持續三年，我們給人們的經驗法則是，將美國稅前帳面收入的 3% 視為我們的運作率。

Great thanks a lot.

非常好，非常感謝。

Neil Mehta, Goldman Sachs.

高盛的尼爾·梅塔。

Another good quarter here, guys. I just would love your perspective on return of capital. You guys are marching towards your net debt target, and it looks like you gave a guide here for Q3 around buybacks. But just your thoughts around taking advantage of the 16% free cash flow yield to the extent you're able to?

夥計們，這又是一個好季度。我只是想知道您對資本回報的看法。你們正在向淨債務目標邁進，而且看起來你們在這裡給出了有關第三季度回購的指南。但是，您如何考慮盡可能地利用 16% 的自由現金流收益率？

Yes, absolutely, Neil. Look, I think the value proposition is clear here. Part of the reason we've been pointing to the 25% cash flow per share growth over the last several years is to reinforce the rationale for those buybacks. And so while we maintain production at that maintenance level, we're still giving a cash flow per share growth proposition to our shareholders, which we think is very valuable and important.

是的，絕對是，尼爾。看，我認為這裡的價值主張很明確。我們一直指出過去幾年每股現金流成長 25% 的原因之一是為了強化這些回購的理由。因此，在我們將產量維持在維持水準的同時，我們仍然向股東提供每股現金流成長主張，我們認為這非常有價值且重要。

And so -- look, we look at this buyback through a fundamental lens. So we're not trying to be procyclical with it. We're looking at what the intrinsic value of our business is at a, what we believe to be a conservative mid-cycle price of $55 on oil. And when we do that, we see the shares are being priced well below that intrinsic value.

所以——看，我們從根本上看待這次回購。所以我們不想順週期地發展它。我們正在考慮我們業務的內在價值，我們認為保守的中期油價是 55 美元。當我們這樣做時，我們發現股票價格遠低於內在價值。

And so, we think it's the right capital allocation move to both reduce debt, which we're doing at some pace, and then also take advantage of the buyback proposition and create that cash flow per share growth trajectory for the shareholders. And what I'm particularly pleased about is that we're showing we can do that through the cycle.

因此，我們認為這是正確的資本配置舉措，既可以減少債務（我們正在以一定的速度進行），也可以利用回購提議，為股東創造每股現金流成長軌跡。令我特別高興的是，我們證明我們可以在整個週期中做到這一點。

Hi Brendan. And then the follow-up on the Montney, which is just your thoughts around marketing. You have some new disclosures around that today, but how do you go out there and realize closer to NYMEX benchmark relative to AECO. And then just in general, what's your marketing strategy to make sure you're getting the best netbacks on this growing business?

你好，布倫丹。然後是關於 Montney 的後續問題，這只是您對行銷的想法。今天您披露了一些有關該問題的新消息，但是您如何實現相對於 AECO 更接近 NYMEX 基準呢？那麼總的來說，您的行銷策略是什麼，以確保您在這個不斷發展的業務中獲得最佳的淨回報？

Yes. Thanks, Neil, for highlighting that because that was an important feature to the announcement today, but then also to the profitability that we've been generating this year. So if you stand back from it, through the first half of 2025 here, we've been realizing 72% in NYMEX for our Canadian gas. That compares to AECO, which has through the same period through the first half of the year, been around 40% of NYMEX.

是的。謝謝尼爾強調這一點，因為這是今天公告的重要特徵，也是我們今年創造的獲利能力的重要特徵。因此，如果你退一步來看，到 2025 年上半年，我們在紐約商品交易所 (NYMEX) 的加拿大天然氣交易量已達到 72%。相比之下，AECO 在今年上半年同期的市佔率約為 NYMEX 的 40%。

So clearly, our differentiation -- or sorry, our diversification strategy is working. And of course, everybody is looking at the screen, you can see spot prices are even worse in AECO than that 40% today materially worse. So -- but this is working for us, and we've been able to add several new arrangements here.

顯然，我們的差異化——或者抱歉，我們的多元化策略正在發揮作用。當然，每個人都在看螢幕，你可以看到 AECO 的現貨價格比今天的 40% 還要糟糕。所以——但這對我們來說是有效的，我們已經能夠在這裡添加一些新的安排。

The important thing to note about these is we can't give a lot of details out. Contractually, we're obligated to keep those details confidential, but I'm going to hand it over to Meghan here in a second to kind of comment as much as we can on the specifics. I would just say these deals take some time to negotiate.

需要注意的是，我們不能透露太多細節。根據合同，我們有義務對這些細節保密，但我馬上就會把它交給梅根，讓她盡可能對具體細節發表評論。我只想說這些交易需要一些時間來談判。

And so they were negotiated before this latest swoon in spot prices, and they are varying terms but all sort of medium to longer term arrangements. So they really reflect the pricing more in the out years than the spot market. So Meghan, over to you on some of the details.

因此，他們在現貨價格最近一次暴跌之前就進行了談判，雖然條款各異，但都是中期到長期的安排。因此，它們實際上更多地反映了未來幾年的定價，而不是現貨市場的定價。那麼，梅根，請向你介紹一些細節。

Yes. Thanks, Neil. Thanks so much for recognizing this. These transactions are exciting milestones that do reinforce our strategy of gas price diversification. As Brendan noted, we are limited on what we can disclose. But what I can share is that the JKM deal is a physical deal with delivery at AECO.

是的。謝謝，尼爾。非常感謝您認識到這一點。這些交易是令人興奮的里程碑，確實強化了我們的天然氣價格多樣化策略。正如布倫丹所指出的，我們能夠揭露的資訊是有限的。但我可以分享的是，JKM 交易是一筆實體交易，由 AECO 交付。

It will have us receiving a percentage of JKM for 50 MMcf a day, and that begins in 2026 and goes through 2027. Our new Chicago deal is also physical delivery at AECO. It will have us receiving Chicago less deducts on 100 MMcf a day, which is a 10-year term beginning in 2027.

我們將從 2026 年開始一直到 2027 年，每天獲得 5000 萬立方英尺的 JKM。我們在芝加哥的新交易也是在 AECO 進行實體交割。它將使我們每天收到 1 億立方英尺芝加哥減扣款，這是一個從 2027 年開始的 10 年期限。

And our two enhanced AECO deals, our physical sales contracts with delivery in BC. Those agreements are going to enhance our AECO netback on 70 MMcf day. I mean that's an impact now through 2027. And so the other thing I'd just like to point out is our JKM deal is particularly exciting as it gives Ovintiv its first exposure to LNG pricing.

我們的兩項增強型 AECO 交易，即在 BC 交付的實體銷售合約。這些協定將提高我們每天 7000 萬立方英尺的 AECO 淨回值。我的意思是，這種影響會持續到 2027 年。因此，我想指出的另一件事是，我們的 JKM 交易特別令人興奮，因為它讓 Ovintiv 首次接觸到 LNG 定價。

Kalei Akamine, Bank of America.

卡雷‧阿卡明 (Kalei Akamine)，美國銀行。

Hey, good morning, guys. Thanks for taking my question. My first question is on capital efficiency. So the updated guidance that you provided yesterday looks mainly focused on the Permian from our perspective, but I'm really curious on the Montney. Since you guys have claimed victory on the well savings, but that's an asset that you only just took over.

嘿，大家早安。感謝您回答我的問題。我的第一個問題是關於資本效率的。因此，從我們的角度來看，您昨天提供的最新指南主要集中在二疊紀，但我對蒙特尼非常好奇。既然你們在油井儲蓄方面已經取得了勝利，但那是你們剛剛接管的資產。

So I have to imagine that the impact of those savings isn't fully baked into this year's program. So my question is, how many wells are you doing at the acquisition this year? How many were inherited, how many have you guys designed? And if the wells that you're designing are $1.5 million cheaper end to end, does that imply a more capital-efficient 2026?

因此我不得不想像這些節省的影響還沒有完全體現在今年的計畫中。所以我的問題是，今年你們收購了多少口井？有多少是繼承下來的，有多少是你們設計的？如果您設計的油井從頭到尾便宜 150 萬美元，這是否意味著 2026 年的資本效率更高？

Yes, Kalei, I'm going to turn it over to Greg here to run through the details. But we planned for that $1.5 million reduction in our guidance -- our original guidance. And so really what you're seeing is us hit that target here, which we're pleased about. So those are already baked into the -- both the original guide and the revised guidance that we issued today. But Greg, if you want to cover the details there.

是的，Kalei，我將把它交給 Greg 來詳細介紹一下。但我們計劃在我們的指導方針（即我們最初的指導方針）中減少 150 萬美元。所以您真正看到的是我們達到了這個目標，我們對此感到高興。因此，這些已經融入我們今天發布的原始指南和修訂指南中。但是格雷格，如果你想了解那裡的細節。

Yes. Thanks, Brendan, and thanks, Kalei, for the question. We couldn't be more pleased with how the team is executing on the integration here. And as Brendan noted, the $1.5 million of capital savings was baked into our acquisition model and included in our guide. But what this means is we're now drilling and completing the wells on this new acreage with the same designs and the same cost as our legacy Montney acreage for around $525 a foot.

是的。謝謝 Brendan 和 Kalei 提出的問題。我們對團隊在這裡執行整合的方式感到非常滿意。正如布倫丹所指出的，150 萬美元的資本節省已納入我們的收購模型並包含在我們的指南中。但這意味著我們現在正在這片新土地上鑽井和完井，採用與我們傳統的蒙特尼土地相同的設計和相同的成本，每英尺約 525 美元。

So we've done a great job of getting that program to where we already were on our program. And so going forward, we'll keep working to reduce cost and improve efficiency. But the rate of change should be similar to what we see in our legacy programs, which is in that low single-digit improvement year-over-year.

因此，我們已出色地完成了該計劃，並將其提升至我們原有的水平。因此，展望未來，我們將繼續努力降低成本並提高效率。但變化率應該與我們在傳統項目中看到的類似，即同比下降個位數的改善。

I should also point out that with the speed at which the team has been able to integrate these new capital savings, we've also connected these wells up to our operations control center. So we're getting the benefit of being able to optimize them remotely. And also, we're still on track with deferring a little capital from Q2 to Q3. We're now online to bring our first end-to-end Ovintiv designed and completed well in the Montney.

我還要指出的是，隨著團隊整合這些新資本節省的速度加快，我們也將這些油井連接到了我們的營運控制中心。因此，我們可以從遠端優化它們中獲益。此外，我們仍將把少量資本從第二季延後到第三季。我們現在在線推出我們在蒙特尼設計和完成的第一個端到端 Ovintiv。

That will come online in November, which is really exciting for us because it's not only using the lower cost, but we're also testing several upside zones there, and we're excited to see how those wells perform. So everything is going really well. But essentially, as we've said, the improvements have been baked into our guidance. We'll try to improve a little from here, but the big step change has already occurred.

該項目將於 11 月投入使用，這對我們來說真的非常令人興奮，因為它不僅使用較低的成本，而且我們還在那裡測試了幾個上行區域，我們很高興看到這些油井的表現。所以一切都進展順利。但本質上，正如我們所說，這些改進已經融入我們的指導中。我們會嘗試從現在開始改進一點，但重大的變化已經發生了。

Got it. I appreciate that. My next one is on the Permian. So in that basin, you guys are a leader in completions, and I understand that to be a water system advantage. You've got some peers that are looking at options to monetize those assets. Would you guys ever consider selling it?

知道了。我很感激。我的下一個主題是關於二疊紀。因此，在那個盆地，你們在完井方面處於領先地位，我理解這是一個水系統優勢。一些同行正在尋找將這些資產貨幣化的選項。你們會考慮出售它嗎？

Yes, Kalei, that's a great question. It's something we look at across all the different suite of ways we can create more shareholder value. I would comment the completions cost advantage and speed advantage that we've built up is more than just the water system. So it is a holistic logistics and technology approach, whether it's the real-time frac optimization that we have walked folks through a couple of times now or whether it's our sand, local sand and then the trimal frac design.

是的，Kalei，這是一個很好的問題。我們會透過各種不同的方式去尋找方法來創造更多的股東價值。我想說的是，我們所建立的完工成本優勢和速度優勢不僅僅是供水系統。因此，這是一種整體的物流和技術方法，無論是我們已經向人們介紹過幾次的即時壓裂優化，還是我們的沙子、當地的沙子，然後是三重壓裂設計。

So it is an all of the above that's delivering this result, which is, I think, part of the stacked innovation strategy that we've been pursuing. But as far as your question around monetizing the water infrastructure, it has a lot of value, has value to us, probably has value in the market as well, and it's something we evaluate on an ongoing basis.

因此，正是上述所有因素共同作用才取得了這樣的成果，我認為，這也是我們一直在追求的堆疊創新策略的一部分。但就您關於水利基礎設施貨幣化的問題而言，它具有很大的價值，對我們來說有價值，在市場上可能也有價值，而且我們會持續評估它。

Got it. I appreciate it thanks for the answers, guys.

知道了。我很感激大家的回答。

Yeah, thank you.

是的，謝謝。

Phillip Jungwirth, BMO.

菲利普·榮格沃思（Phillip Jungwirth），BMO。

Thanks, good morning. We've seen a lot of consolidation in the Montney, yourselves included, similar to the two big US gas basins. Just wondering if there's a tipping point on consolidation where you can then say there's much greater supply discipline in the basin? And if so, how close to that do you think we are?

謝謝，早安。我們看到蒙特尼地區（包括你們）出現了許多整合，類似美國的兩個大型天然氣盆地。我只是想知道是否存在一個整合的臨界點，然後您就可以說盆地中的供應紀律會更加嚴格嗎？如果是的話，您認為我們距離這個目標還有多遠？

Yes, it's a great question. It's something we ask ourselves when we're doing our fundamentals modeling. Clearly, the Canadian market has been oversupplied on gas in the run-up to the start-up of LNG Canada. As LNG Canada ramps up, that supply and demand should improve from where we are today, which is admittedly a low bar. And so we do ask ourselves your question around does consolidation create discipline?

是的，這是一個很好的問題。這是我們在進行基礎建模時問自己的問題。顯然，在加拿大液化天然氣計畫啟動前，加拿大市場天然氣供應過剩。隨著加拿大液化天然氣產量的增加，供需狀況應該會比現在有所改善，儘管目前的情況確實比較低。因此，我們確實會問自己一個問題：整合是否能創造紀律？

I think the best analog we have for that is what's happened in the Lower 48, where you can see that, that has occurred on both the oil and the gas side. So I think directionally, you're pointing in the right direction, and it's just sort of a matter of degree over time here.

我認為，我們對此最好的類比就是美國本土 48 個州所發生的情況，你可以看到，這種情況在石油和天然氣方面都發生了。所以我認為從方向上看，你指向了正確的方向，這只是一個隨著時間而發生的程度問題。

Okay. Great. And then just sticking with the topic of Montney gas marketing. Some of your existing FTE goes to Dawn under a long-term fixed price. We still have decent term on this agreement, but just wondering how you look to position yourselves in front of this?

好的。偉大的。那就繼續討論 Montney 天然氣行銷的話題。您現有的部分 FTE 將依照長期固定價格轉給 Dawn。我們對該協議仍有相當長的一段時間，但只是想知道你們如何看待自己在這方面的定位？

Do you think netbacks will still be attractive at this point just because there's also the potential for more LNG start-ups right around this time. And I think you mentioned another -- number of other options that you're looking at on the FTE side beyond what you've announced today?

您是否認為淨回值此時仍具有吸引力，因為此時還有可能出現更多液化天然氣新創企業？我想您還提到了另一個——除了今天宣布的之外，您還在考慮 FTE 方面的其他選擇嗎？

Yes, you bet. So just quickly on those, the kind of, let's call it, legacy downstream firm transportation, which is both West Coast Chicago and Dawn. All of those are long-term arrangements that we have renewal rights on, so we can effectively renew them in perpetuity, which we find quite attractive, depending on how the market evolves. And then I think the second part of your question is really about how is that market going to evolve?

是的，沒錯。因此，我們快速介紹一下這些，我們稱之為傳統下游公司運輸，即西海岸芝加哥和黎明。所有這些都是我們有續約權的長期安排，因此我們可以有效地永久續約，我們認為這非常有吸引力，這取決於市場如何發展。然後我認為你問題的第二部分實際上是關於這個市場將如何發展？

And look, what we're seeing is strong demand pull in -- from global markets for gas, which is causing more gas egress off the Gulf Coast and now off of the West Coast. And then, of course, even more recently, we're seeing the early arrangements for demand pull on the data center side.

我們看到的是全球天然氣市場強勁的需求拉動，這導致墨西哥灣沿岸和西海岸的天然氣外流量增加。當然，最近我們看到了資料中心方面需求拉動的早期安排。

And so we do see a strong fundamental gas market evolving in North America and we think having diversified sales into multiple markets is going to let us maximize our realized price overtime. And Dawn is going to be one of those favored markets as those demand pulls continue to hit.

因此，我們確實看到北美天然氣市場正在強勁發展，我們認為，透過向多個市場進行多元化銷售，我們將能夠實現價格的最大化。隨著這些需求的持續成長，Dawn 將成為受青睞的市場之一。

Thanks.

謝謝。

Yeah, thank you.

是的，謝謝。

Doug Leggate, Wolfe Research.

道格‧萊格特（Doug Leggate），沃爾夫研究公司。

Yeah, thanks. Good morning, everyone. Guys, I wonder if I could ask the capital efficiency question a little differently. You used to talk about [$2.2 billion], I'm talking per-Permian, $2.2 billion, [$2.05 billion] oil and condensate. Now you're at [$2.15 billion] and still at $2.05 billion oil and condensate, but the efficiency is much better in the Montney, and you still haven't gotten all the way, for example, with local sand sourcing and all that, all that kind of stuff.

是的，謝謝。大家早安。夥計們，我想知道我是否可以用稍微不同的方式來問資本效率問題。你以前談論的是[22億美元]，我指的是二疊紀盆地的石油和凝析油，22億美元[20.5億美元]。現在你的價值為 [21.5 億美元]，其中石油和凝析油的價值仍為 20.5 億美元，但蒙特尼的效率要好得多，而且你還沒有完全實現目標，例如，當地的沙子採購等等。

So I'm just curious, what's the end game here in terms of the 205,000 barrels a day, if that stays the same, where does the capital number go once you deliver all the efficiencies that you will clearly benefit from with the change in mix?

所以我只是好奇，就每天 205,000 桶而言，最終結果是什麼？如果保持不變，那麼一旦您實現了所有效率，資本數字將會如何變化？這些效率顯然會因組合變化而受益。

Yes. No, Doug, I love where your head is going here. Look, this is obviously going to evolve over time and not set in '26 guidance here. But look -- and I think if you wind the tape back even in the not-too-distant past, it was more of the $2.2 billion for [$200 million]. So yes, the capital efficiency gains have been real and like Corey pointed out, the gains are flowing all the way through to the bottom line for our shareholders in terms of free cash.

是的。不，道格，我喜歡你的想法。看，這顯然會隨著時間的推移而發展，而不是在 26 年的指導中確定。但看看——我想如果你回溯到不久前，它的價值超過了 22 億美元[2億美元]。所以，是的，資本效率的提高是真實的，正如科里所指出的那樣，這些收益以自由現金的形式一直流向我們股東的底線。

So look, I think the -- Greg kind of characterized it. We've come through another dynamic integration where we've accelerated the cost savings, that's boosted our profitability and our capital efficiency. And now what we're pointing to is things are kind of on track across the whole portfolio for those kind of low single-digit gains. So we'll continue to track it through the rest of the year and look forward to '26 guidance when we get there.

所以，我認為——格雷格對它進行了描述。我們經歷了另一次動態整合，加速了成本節約，提高了獲利能力和資本效率。現在我們要指出的是，整個投資組合的狀況都朝著低個位數成長的軌道發展。因此，我們將在今年剩餘時間內繼續追蹤這一情況，並期待 26 年的指導。

I appreciate that. Okay. I'm going to get your heads up ahead of time. Corey is going to hate this question. So I'm going to give it a go anyway. And it comes back to your capital allocation. I want to just run this past you very quickly. Your net debt is $24 a share. Two months ago, we were all worried that oil was going to $50, and equity volatility was a disaster.

我很感激。好的。我會提前通知你們。科里會討厭這個問題。所以無論如何我都會嘗試看看。這又回到了你的資本配置。我想快速地向你們介紹一下這一點。您的淨債務為每股 24 美元。兩個月前，我們都擔心油價會漲到每桶50美元，而股市波動則是一場災難。

But yet, we still have this fashionable approach to referencing credit metrics as a reason to hold a certain amount of debt and no consideration for the equity volatility that comes with having no net debt. So why would you not just hit the debt when you get windfall oil prices. For example, $70 close to where we were just a couple of days ago. Why is the 50-50 the right answer? Why wouldn't you take $24 off the balance sheet and give it to your equity holders in terms of transferring from debt to equity?

但是，我們仍然採用這種時髦的方法，以信用指標作為持有一定數額債務的理由，而不考慮沒有淨債務帶來的股票波動。那麼，當你獲得暴利的油價時，為什麼不直接償還債務呢？例如，70 美元接近我們幾天前的水平。為什麼 50-50 是正確答案？為什麼你不從資產負債表上拿下 24 美元，以從債務轉為股權的方式將其交給你的股東呢？

Yes. I think, Doug, when we look at the walk and chew gum model here, we just see attractiveness for both uses of capital. So we're in complete agreement with you that we can improve the market price. If we lower that you're just transferring EV over to the equity holder, we get the math there.

是的。道格，我認為，當我們觀察這裡的邊走邊嚼口香糖模型時，我們會發現這兩種資本用途都具有吸引力。因此，我們完全同意您的意見，我們可以提高市場價格。如果我們降低你只是將 EV 轉移給股權持有人，我們就能得到計算結果。

But we also see the cash flow per share growth proposition is being valuable for our shareholders too. And at this free cash flow yield, it's too good a price to turn down. So I invite Corey to add anything to that.

但我們也看到每股現金流成長主張對我們的股東也很有價值。鑑於這自由現金流收益率，這個價格太誘人了，讓人無法拒絕。因此我邀請 Corey 對此進行補充。

Doug, I like your intro into that one that we're not going to like the question. I think you heard maybe Neil ask the opposite approach to it. And I think the important part there is we acknowledge that they'll benefit from both debt reduction and buybacks. And as we go through and show in the quarters, we are doing both.

道格，我喜歡你對這個問題的介紹，我們不會喜歡這個問題。我想你可能聽到尼爾提出了相反的方法。我認為重要的是我們承認他們將從減債和回購中受益。正如我們在各個季度中所展示的那樣，我們正在做這兩件事。

So might be a different scenario where if you're not making progress on one or the other, but we're progressing to the target even with buybacks. So I think the walk and chew gum Brendan highlighted is important here.

因此，可能會出現另一種情況：如果您在其中一個方面沒有取得進展，但即使進行回購，我們也正在朝著目標前進。所以我認為布倫丹強調的散步和嚼口香糖在這裡很重要。

I appreciate you taking the answers, guys. Obviously, the free cash flow yield is very different at a very different oil price. So whereas the debt reduction is permanent as always getting out. I appreciate you taking the questions. I'll take it offline. Thanks so much.

我很感謝你們的回答，夥伴們。顯然，在不同的油價下，自由現金流收益率有很大差異。因此，儘管債務減少是永久性的，但總是會得到解決。感謝您回答這些問題。我會將其下線。非常感謝。

Phillips Johnston, Capital One.

菲利普斯·約翰斯頓，第一資本公司。

Hey, thanks for the time. Just one question for me, and it's about your CapEx guidance. The implied guide for the fourth quarter suggests that the spend rate is going to fall to around $460 million or so, which is down about $75 million from the average in the second and third quarters. Just wanted to get a sense for what's driving that decrease and also get a sense of how confident you are that you can achieve that reduction?

嘿，謝謝你抽出時間。我只有一個問題，是關於您的資本支出指引。第四季的隱含指引表明，支出率將下降至約 4.6 億美元，比第二季和第三季的平均值下降約 7,500 萬美元。只是想了解導致這種減少的原因，並了解您對實現這一減少有多大信心？

Yes. Phillips, yes, I appreciate the question, and that's a good one to highlight as well. This is all performance driven. So we came into the year -- maybe all stretch back a little bit before year-end, we were running six rigs in the Permian. The combined Paramount open to Montney rig count was six.

是的。菲利普斯，是的，我很感謝你的提問，這也是一個值得強調的問題。這一切都是由性能驅動的。所以，我們進入了這一年——也許一切都追溯到年底之前，我們在二疊紀盆地運行著六個鑽井平台。派拉蒙向蒙特尼開放的鑽井平台總數為 6 座。

And so we've dropped -- sorry, I think it was five. So we were six in the Permian, five in the Montney, we've now dropped both of those back to four and three, respectively. And then we've gotten, as Greg has been highlighting a lot faster with drilling and completions through the year, too.

所以我們放棄了——抱歉，我認為是五個。因此，我們在二疊紀有 6 個，在蒙特尼有 5 個，現在我們分別將這兩個數字降到了 4 個和 3 個。然後，正如格雷格所強調的那樣，我們全年的鑽探和完井速度也快得多。

So really what's happening is we're getting a bit of a front-end loaded feature because we're going so much faster with the activity performance. So it's all being driven by performance. So what that means is our activity profile is kind of staying consistent, but we're seeing capital come down in the fourth quarter is the lowest capital quarter in our guidance here.

所以實際上發生的事情是，我們獲得了一些前端加載的功能，因為我們的活動效能提升得更快了。所以一切都是由績效驅動的。這意味著我們的活動狀況保持一致，但我們看到第四季的資本下降，這是我們預期中資本最低的季度。

Makes sense. Thanks, Brendan.

有道理。謝謝，布倫丹。

Thanks, Philips.

謝謝，飛利浦。

Greg Pardy, RBC Capital Markets.

格雷格·帕迪（Greg Pardy），加拿大皇家銀行資本市場部。

Yeah, hey, thanks, good morning. Really two very different questions. But coming back to the Montney session, I mean, data analytics, a lot of proprietary data. Just curious, how much has that been deployed either within the assets themselves? And then are there other parts of the business where you can start to deploy that learning? Or is it now pretty much fully baked?

是的，嘿，謝謝，早安。這確實是兩個截然不同的問題。但回到 Montney 會議，我的意思是數據分析，大量的專有數據。只是好奇，資產本身部署了多少？那麼，在業務的其他部分中，您是否可以開始運用這些學習成果呢？還是它現在已經完全成熟了？

Yes, Greg, I love the question. Look, when it comes to this AI technology, it's obviously super nascent. So I would definitely say not fully baked yet. There's a lot of running room left to go. We're just getting started, but we are deploying it across the whole portfolio.

是的，格雷格，我喜歡這個問題。看，說到這項人工智慧技術，它顯然還處於萌芽階段。所以我肯定會說還沒完全成熟。還有很大的發展空間。我們才剛剛起步，但我們正在將其部署到整個產品組合中。

So with the Montney tour, obviously was unveiling what we're doing both in the drilling side when we took folks through our AI drill center, but then also on the completion side, we took people through the AI completion center, and then we took them through our production operations control room. All of those same things are happening for our Permian and our Anadarko assets as well.

因此，透過蒙特尼之旅，顯然揭示了我們在鑽井方面的工作，當時我們帶領人們參觀了我們的 AI 鑽井中心，然後在完井方面，我們帶領人們參觀了 AI 完井中心，然後我們帶領他們參觀了我們的生產營運控制室。同樣的事情也發生在我們的二疊紀和阿納達科資產上。

So across the whole portfolio, early days. We think the technical foundation that we've laid in here, both on acquiring a unique and extensive private data set, but also the culture that we've built around innovation and technology adoption in the company are reasons why our performance is going to be differentiated here.

因此，在整個投資組合中，仍處於早期階段。我們認為，我們在這裡奠定的技術基礎，不僅在於獲取獨特而廣泛的私人數據集，還在於我們圍繞公司創新和技術採用而建立的文化，這些都是我們在這裡表現差異化的原因。

Okay. Okay. That's helpful. And then -- and I'll apologize to Corey in advance because I'm going to come back to the questions that have sort of been asked on shareholder returns. But just remind us what your net debt target is? And then essentially, what happens when you hit that level? Is it conceivable you'd go to like 100% buybacks? Or just curious as to what your thinking is there.

好的。好的。這很有幫助。然後——我提前向科里道歉，因為我將回到有關股東回報的問題上。但請提醒我們您的淨債務目標是多少？那麼本質上，當你達到那個水平時會發生什麼？您是否有可能進行 100% 的回購？或者只是好奇你的想法是什麼。

Yes. So just on the target, we've talked about getting to a debt target of $4 billion, which at a mid-cycle price deck is about 1 times leverage for us. And so we've tried to remind people this year at current prices, we think we'll get to below $5 billion.

是的。因此，就目標而言，我們討論的是實現 40 億美元的債務目標，這在中期物價水準上相當於我們的 1 倍槓桿。因此，我們試圖提醒人們，以目前的價格計算，我們認為今年的出口將低於 50 億美元。

So that's not coming this year, but it's not that far away. As we get there to the -- towards the $4 billion, obviously, there'd be more room for us to make different allocations, but we haven't committed that $4 billion is necessarily a stopping point. So not to get Doug back on the call to argue for lower debt. But again, there's still benefit to going below that. So we haven't committed to what we'll do past that.

所以這不會在今年發生，但也不會太遠。當我們達到 40 億美元時，顯然我們會有更多的空間來進行不同的分配，但我們並沒有承諾 40 億美元一定是停止點。因此，不要讓道格再打電話來爭取降低債務。但再次強調，低於這個水平仍然有好處。所以我們還沒有承諾接下來要做什麼。

Okay, understood. Thanks very much.

好的，明白了。非常感謝。

Yeah, thanks Greg.

是的，謝謝格雷格。

David Deckelbaum, TD Cowen.

大衛·德克爾鮑姆（David Deckelbaum），TD Cowen。

Thanks everyone for welcoming on the call. Brendan, I wanted to follow up just on the Montney on a couple of things. One was just -- you talked about sort of the steady state of activity. You guys left your TIL target this year, the same sort of in that 80 net level, and you did about half this quarter.

感謝大家的來電歡迎。布倫丹，我想跟進一下蒙特尼的一些事情。一是——您談到了某種穩定的活動狀態。你們今年的 TIL 目標與 80 淨水準相同，本季完成了大約一半。

Should we be looking at that as more of a lumpiness around just the integration of the acquisition? Or are there some efficiency savings here that are kind of being -- perhaps restrains that would present the tailwind for '26?

我們是否應該將其視為收購整合過程中出現的一些問題？或者這裡是否存在一些效率節省，這些節省或許會為 26 年帶來順風？

Yes. The higher 2Q TIL in the Montney was really off of the integration. So we took over those Paramount assets in January. And so there was a tail of higher activity. This was the combined five rigs going to three.

是的。蒙特尼地區第二季總營收的增加確實得益於整合。因此我們在一月份接管了派拉蒙的資產。因此，存在著更高層次的活動。也就是說，原先的 5 台鑽孔機數量減為 3 台。

So it was really just kind of absorbing those wells and getting them completed fast and turned in line. So -- that's why that higher run rate in 2Q. And so I think the guidance profile will settle in through the rest of the year here, and we'll finish out with that around 80 TILs in the play.

所以這實際上只是吸收這些井並快速完成它們並排成線。所以——這就是第二季運行率更高的原因。因此，我認為指導概況將在今年剩餘時間內穩定下來，我們將在劇中完成大約 80 個 TIL。

Appreciate that. And perhaps just following up a bit, just you talked about obviously getting to that $1.5 million of savings being baked in. And I know expectations are perhaps that continues to improve as you guys kind of do the full suite of completion on your side.

非常感謝。也許只是稍微跟進一下，您剛才談到顯然要實現 150 萬美元的節省。而且我知道，隨著你們完成全部工作，預期可能會繼續改善。

But I guess as we're thinking about the broader portfolio, you trend CapEx in the Permian and the Anadarko on mostly efficiencies. Where we stand today? Do service costs present sort of a tailwind going into the '26 program at this point? It seems like a lot of the gains we've seen so far are more timing-oriented.

但我想，當我們考慮更廣泛的投資組合時，二疊紀和阿納達科的資本支出趨勢主要取決於效率。我們今天處於什麼位置？目前，服務成本是否會對 26 計劃產生某種推動作用？到目前為止，我們看到的許多收益似乎都與時間有關。

Yes, David, yes, I appreciate that question to surface that on the pricing side. So yes, what we're seeing in '25 here is service cost deflation kind of matching our expectation. When we came into the year, we thought we'd see something in the low- to mid-single-digit service cost deflation, and that's what's materialized. By category, there is some variance there, of course. But net-net, that's what we're seeing.

是的，大衛，是的，我很感謝你提出這個問題，讓我了解到定價方面的情況。所以是的，我們在 25 年看到的是服務成本通貨緊縮，這符合我們的預期。進入今年以來，我們認為我們會看到服務成本出現低至中等個位數的通貨緊縮，而事實也確實如此。當然，以類別來看，存在一些差異。但實際情況就是如此。

So that's kind of matching our expectations. So really inflation, deflation is not a feature to our guidance update today, that's a true efficiency gain. As we look towards '26, as you're asking, that's really kind of still a jump ball. We're seeing, obviously, activity levels drop across North America, which is putting some pressure on the service pricing.

這符合我們的預期。因此，通貨膨脹和通貨緊縮並不是我們今天指導更新的特徵，而是真正的效率提升。當我們展望 26 年時，正如您所問的，這實際上仍然是一個跳球。我們明顯看到北美各地的活動水準下降，這給服務定價帶來了一些壓力。

So that's a place where we're sitting here today, probably optimistic on some deflation in '26, but let's let that play out, and we'll integrate that into our '26 guidance. But directionally, that's where it's headed.

所以，我們今天坐在這裡，可能對 26 年的通貨緊縮持樂觀態度，但讓我們讓它發揮作用，並將其納入我們的 26 年指導中。但從方向來看，這就是它的發展方向。

Thank you. We'll stay tuned.

謝謝。我們將持續關注。

Yeah, thanks, David.

是的，謝謝，大衛。

Geoff Jay, Daniel Energy Partners.

傑夫‧傑伊 (Geoff Jay)，丹尼爾能源合作夥伴。

Hey guys, I was just thinking -- just wondering if you could kind of help me understand over the very long term, the combination of cube development and your reoccupation strategy. How much do you think that lowers your reinvestment rate vis-a-vis sort of, I guess, a more traditional approach or a more common approach to development?

嘿夥計們，我只是在想——只是想知道你是否能幫助我理解從長遠來看立方體開發和重新佔領策略的結合。您認為與更傳統的方法或更常見的開發方法相比，這會在多大程度上降低您的再投資率？

Yes. I think what it's going to do here is mean our reinvestment rate can continue where it's at and get better as we incorporate efficiencies, whereas the traditional approach, if you're not sort of taking the cube development approach, what that tends to lead to is step changes as your inventory degrades in quality.

是的。我認為這意味著我們的再投資率可以維持現狀，並且隨著效率的提高而變得更好，而傳統方法，如果你不採用立方體開發方法，那麼隨著庫存品質的下降，這往往會導致階躍變化。

And so what we're insulating our investors with is sampling the remaining premium inventory that we have with every annual program, that's going to lead to a very durable return on invested capital and free cash generation at constant prices over a long period of time.

因此，我們為投資者提供的保護是，在每個年度計劃中抽樣我們剩餘的優質庫存，這將在長期內以不變的價格帶來非常持久的投資資本回報和自由現金產生。

And -- so we think that's the right way to be disciplined with our capital allocation, but also going to be a real differentiated advantage for our investors in a maturing play type like shale is today.

因此，我們認為這是嚴格控制資本配置的正確方法，而且對於像頁岩這樣日益成熟的投資類型而言，這也將為我們的投資者帶來真正的差異化優勢。

Excellent. And then maybe just a follow-up on Greg Pardy's question a little bit. I definitely got the sense on the Montney tour that maybe some of the tech innovations, remote monitoring, et cetera, were maybe not as fully, I guess, deployed in the Lower 48. Is that not true? I just wonder if there's more to come sort of if there's more stuff to do in the Lower 48 than there is in the Montney at the moment?

出色的。然後也許只是稍微跟進一下 Greg Pardy 的問題。我在蒙特尼之行中確實感覺到，一些技術創新、遠端監控等可能在美國本土 48 個州尚未充分部署。這不是事實嗎？我只是想知道是否還會有更多事情發生，例如目前在下 48 個州可以做的事情是否比在蒙特尼可以做的事情更多？

Yes, I think, I mean, all of this stuff is like less than a year into deployment, so it's still very much in the ramp-up phase. Greg probably has some specific comments to add on the uniformity across the portfolio.

是的，我認為，我的意思是，所有這些東西部署不到一年，所以它仍然處於上升階段。格雷格可能對整個投資組合的統一性有一些具體的評論。

Yes. I think what I'd add, I mean, on the drilling and completion side, the idea that it's still very much emerging, I would agree with. Probably what you're noticing from the tour is the operations control center that we've been employing up in Canada, we've been doing that for about a decade. So that's a really legacy competency that we've been building on over time. We're building that same competency in the US

是的。我想補充的是，在鑽井和完井方面，我同意這種觀點，即它仍處於新興階段。您可能在參觀中註意到我們在加拿大使用的營運控制中心，我們已經這樣做了大約十年。所以，這確實是我們長期以來一直在建構的一項傳統能力。我們正在美國培養同樣的能力

and maybe that's a little bit behind. So maybe that's what you sensed, but the goal is going to be going forward to employ all of those latest, greatest workflows across all of the portfolio. So we feel like we're kind of at the same place on D&C across all three assets. And on the production optimization side, we might be a little bit ahead there in Canada but working to get them all caught up.

或許這有點落後了。所以也許這就是您所感覺到的，但目標是繼續在整個產品組合中採用所有這些最新、最好的工作流程。因此，我們感覺我們在 D&C 的所有三個資產上處於同一位置。在生產優化方面，我們可能在加拿大稍微領先一點，但我們正在努力讓他們趕上。

Excellent. That's helpful. Thank you, guys.

出色的。這很有幫助。謝謝你們。

Thanks, Geoff.

謝謝，傑夫。

Josh Silverstein, UBS.

瑞銀集團的喬許·西爾弗斯坦。

Thanks. Good morning, guys. Just wanted to walk through the Permian turn-in line cadence for the year. You guys have clearly gotten off to a pretty good start there and still looking at kind of 135 wells for the quarter. Just kind of walk through that because the production numbers for the first half were definitely stronger than expected.

謝謝。大家早安。只是想了解今年二疊紀的轉向線節奏。你們顯然已經有了一個很好的開端，並且本季仍將關注 135 口油井。只要大致了解一下，因為上半年的生產數字肯定比預期強。

Yes, I'll just flip it to Greg there. Thanks, Josh.

是的，我只需將其翻給格雷格即可。謝謝，喬希。

Yes. So just as a reminder, the original plan was to have more activity there in the first half of the year in the Permian. We had some DUCs that we had built up due to the running six rigs and then five rigs last year. We're now down to four rigs. So we had planned on having a little more activity in the first part of the year.

是的。因此，提醒一下，最初的計劃是在上半年在二疊紀地區進行更多活動。由於去年運行了 6 座鑽孔機，然後又運行了 5 座鑽孔機，所以我們建立了一些 DUC。我們現在只剩下四台鑽孔機了。因此，我們計劃在今年上半年開展更多活動。

The team actually even did a little better than we expected, completed our wells a little faster, which brought even a few more wells into the first half. So what that allowed us to do, that execution along with really solid production performance, we shifted some completion spend from Q2 out into Q3, just to spread out the activity, have a little more low-level program in the back half of the year.

事實上，團隊的表現甚至比我們預期的要好一些，更快地完成了我們的油井，這使得上半年的油井數量增加了幾口。因此，這使我們能夠做到的是，執行力以及真正穩健的生產表現，我們將一些完成支出從第二季度轉移到第三季度，只是為了分散活動，在下半年有更多的低級計劃。

We're not changing the turn-in line count for full year. And keep in mind, sometimes these shifts are within quarters. So bring on wells in the first part of the quarter versus the back part of the quarter that may not show up on a turn-in line count, but it will show up in production. But overall, the plan is just to have a load-level program in the back half of the year in the Permian and the Montney. And so we're -- that's our plan.

我們不會改變全年的上交線數量。請記住，有時這些轉變是在幾個季度內發生的。因此，在本季前半段投產的油井與本季後半段投產的油井相比，雖然可能不會在上交線數量上體現出來，但會在產量上體現出來。但總體而言，該計畫只是在今年下半年在二疊紀和蒙特尼實施一項負荷級計畫。所以——這就是我們的計劃。

Got it. And then just coming off the Montney tour as well, obviously, a lot of focus on the D&C cost reduction that you guys are doing up there at the [$1.5 million] level. Can you just talk about what you guys can do just on the OpEx side as well and then maybe some of the impacts of being a little bit more condensate focused versus gas focused up there. But it seems like there's still ways for you guys to kind of chip away at that maybe some goals there.

知道了。然後，在剛結束的蒙特尼巡演中，顯然，你們把很多注意力都集中在降低 D&C 成本上，將成本降低到了 [150 萬美元] 的水平。您能否談談您在營運支出方面可以做些什麼，以及與天然氣相比，更加重視凝析油可能產生的一些影響。但看起來你們仍然有辦法逐漸實現一些目標。

Yes. Josh. No, that's great. I'm glad you highlighted that. I think when you stand back and you look at the collective batch of enhancements we made to our '25 plan here, the sum total is $150 million worth of free cash flow and LOE reduction is one of the pieces that drove that.

是的。喬希。不，那太好了。我很高興你強調了這一點。我認為，當你回顧我們對 25 年計畫所做的一系列改進時，你會發現總計 1.5 億美元的自由現金流，而 LOE 減少是推動這一目標的因素之一。

And so a couple of things in specific to the Montney, one of the other features that's helping us is our operating capability on the new assets has led to higher run times. And then, of course, the work we've been doing with our midstream providers is leading to higher run times at their facilities, which flows through to ours as well. And so all of that is a boost to per unit OpEx because you're just being more effective with the dollars that you're spending. But Greg, I don't know if you want to comment on anything more specifically.

因此，對於 Montney 來說，有幾件事對我們有幫助，另一個對我們有幫助的功能是，我們在新資產上的營運能力帶來了更長的運行時間。當然，我們與中游供應商合作的成果是延長了他們設施的運作時間，這也影響了我們的設施。因此，所有這些都會提高單位營運支出，因為您可以更有效地利用所花費的資金。但是格雷格，我不知道你是否想對任何事情發表更具體的評論。

Yes, I think the other opportunity we have is using our operations control center and some of our machine learning and AI tools that allow us to optimize gas lift. Just further increases our ability to keep those wells online and optimized up in Canada and then across the portfolio. One other thing that's really helping with the downtime is well disruptions are less frequent; we're seeing better run times.

是的，我認為我們的另一個機會是利用我們的營運控制中心和一些機器學習和人工智慧工具來優化氣舉。這進一步增強了我們保持這些油井在線並在加拿大以及整個投資組合中進行最佳化的能力。另一個對停機時間真正有幫助的因素是中斷頻率降低；我們看到了更好的運行時間。

When we do have disruptions now that we have automation fully deployed across the new assets, we can return production much faster when an offset does occur. So all of those things lead to better production for the same or lower cost, which we think will have some downward pressure on LOE going forward.

現在，我們已經在新資產中全面部署了自動化系統，當出現中斷時，我們可以更快地恢復生產。因此，所有這些因素都會以相同或更低的成本實現更好的產量，我們認為這將對未來的 LOE 產生一些下行壓力。

Alright thanks guys.

好的，謝謝大家。

Thanks, Josh.

謝謝，喬希。

Thank you. At this time, we have completed the question-and-answer session, and we'll turn the call back over 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 thank you, everyone, for joining us today. Our call is now complete.

謝謝喬安娜，也謝謝大家今天加入我們。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，請您斷開線路。