PHX Minerals Inc (PHX) 2024 Q3 法說會逐字稿

Greetings, and welcome to the PHX Minerals, Inc., third-quarter earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 PHX Minerals, Inc. 第三季財報電話會議和網路廣播。（操作員指示）謹此提醒，本次會議正在錄製中。

It's now my pleasure to introduce your host, Stephen Lee, Investor Relations for PHX Minerals. Please go ahead, Stephen.

現在我很高興向大家介紹主持人 PHX Minerals 投資者關係部門的 Stephen Lee。請繼續，史蒂芬。

Thank you, operator, and thank you, everyone, for joining us today to discuss PHX Minerals September 30, 2024, quarterly results.

謝謝營運商，也謝謝大家今天加入我們討論 PHX Minerals 2024 年 9 月 30 日的季度業績。

Joining us on the call today are Chad Stephens, President and Chief Executive Officer; Ralph D'Amico, Executive Vice President and Chief Financial Officer; and Danielle Mezo, Vice President of Engineering. The earnings press release that was issued yesterday after close is also posted on PHX's Investor Relations website.

今天加入我們電話會議的還有總裁兼執行長 Chad Stephens；拉爾夫‧達米科 (Ralph D'Amico)，執行副總裁兼財務長；和工程副總裁 Danielle Mezo。昨天收盤後發布的收益新聞稿也發佈在 PHX 的投資者關係網站上。

Before I turn the call over to Chad, I'd like to remind everyone that during today's call, including the Q&A session, management may make forward-looking statements regarding expected revenue, earnings, future plans, opportunities and other expectations of the company.

在我把電話轉給乍得之前，我想提醒大家，在今天的電話會議中，包括問答環節，管理層可能會就公司的預期收入、收益、未來計劃、機會和其他期望做出前瞻性陳述。

These estimates and other forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to materially different from those expressed or implied on the call. These risks are detailed in PHX Minerals' most recent annual report on Form 10-K as such may be amended or supplemented by subsequent quarterly reports on Form 10-Q or other reports filed with the Securities and Exchange Commission.

這些估計和其他前瞻性陳述涉及已知和未知的風險和不確定性，可能導致實際結果與電話會議中明示或暗示的結果有重大差異。這些風險在 PHX Minerals 最近的 10-K 表年度報告中進行了詳細說明，因此可能會透過隨後的 10-Q 表季度報告或向美國證券交易委員會提交的其他報告進行修改或補充。

The statements made during this call are based upon information known to PHX as of today, November 7, 2024, and the company does not intend to update these forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law.

本次電話會議期間發表的聲明基於 PHX 截至今天（2024 年 11 月 7 日）已知的信息，該公司不打算更新這些前瞻性聲明，無論是由於新信息、未來事件還是其他原因，除非法律要求。

With that, I'll turn the call over to Chad Stephens, PHX's Chief Executive Officer. Chad?

接下來，我會將電話轉給 PHX 執行長 Chad Stephens。查德?

Thanks, Stephen, and thanks to all of you on this call for participating in PHX's September 30, 2024, quarter-end earnings call. We appreciate your interest.

謝謝史蒂芬，感謝參加本次電話會議的所有人參加 PHX 2024 年 9 月 30 日的季度末收益電話會議。我們感謝您的關注。

A continuing theme which we have highlighted over the last several quarters is the challenging macro environment in which we operate. This quarter is no different. We are largely a natural gas-focused company. The weather-adjusted natural gas supply-demand macro during the quarter remained bearish.

過去幾季我們一直強調的一個主題是我們經營所處的充滿挑戰的宏觀環境。本季也不例外。我們主要是一家以天然氣為主的公司。本季經過天氣調整的天然氣供需宏觀仍看跌。

As a result, realized natural gas prices were down. This impacted cash flows and overall industry activity. The natural gas macro over the past 24 months has produced various headwinds with most recent weather a disappointment, second warmest October and November since 1950. This removed about 150 to 200 Bcf of total natural gas demand since the end of September.

結果，天然氣實際價格下降。這影響了現金流和整體行業活動。過去 24 個月的天然氣宏觀形勢產生了各種不利因素，最近的天氣令人失望，是自 1950 年以來第二溫暖的 10 月和 11 月。自 9 月底以來，這減少了約 150 至 200 Bcf 的天然氣總需求。

The silver lining to this is the 78 Bcf of storage injection reported this past week suggests a 2 to 3 Bcf undersupplied domestic natural gas market. Also, total year-to-date storage injection is at the low end of the five-year average and has reduced the large natural gas inventory surplus from a high of almost 700 Bcf seen in March of this year to approximately 325 Bcf surplus currently versus the five-year average.

一線希望是上週報告的 78 Bcf 儲存注入表明國內天然氣市場供應不足 2 至 3 Bcf。此外，今年迄今的儲存注入總量處於五年平均水準的低端，並將大量天然氣庫存盈餘從今年 3 月的近 700 Bcf 的高點減少到目前的約 325 Bcf 盈餘。

Thus, we remain optimistic for the outlook for natural gas prices as new LNG export facilities begin service. It is projected that US LNG export volumes should double to almost 25 Bcf per day by 2028 with the advent of seven new facilities currently in various stages of construction. This is an incremental increase of roughly 13 Bcf a day from current.

因此，隨著新的液化天然氣出口設施投入使用，我們對天然氣價格的前景保持樂觀。預計到 2028 年，隨著目前處於不同建設階段的七個新設施的出現，美國液化天然氣出口量將增加一倍，達到每天近 25 Bcf。這比目前每天增加約 13 Bcf。

Additionally, base case estimates of increased power demand to meet the growing needs of AI and data centers creates a critical call for gas of about 7 Bcf per day by 2030. That is a total increase in natural gas demand from both LNG and power of around 20 Bcf per day over the next five years. This doesn't even include the need to replace the annual average natural gas decline rate of US gas production of around 15% or 15 Bcf per day annually.

此外，為滿足人工智慧和資料中心不斷增長的需求而增加的電力需求的基本情況估計，到 2030 年對天然氣的需求量達到每天約 7 Bcf。未來五年，液化天然氣和電力對天然氣的需求總量將增加約 20 Bcf。這甚至還不包括替換美國天然氣產量年平均下降率約 15% 或每年 15 Bcf 的需要。

When you look at the current natural gas forward strip price, we don't believe it reflects these bullish macro dynamics that will begin to lift forward prices over the next 12 to 24 months. Also, the recent election results should introduce a positive catalyst to US GDP growth, government deregulation, a favorable federal tax regime and reduced market volatility. This should have a positive influence on demand for commodities and the energy sector at large.

當您查看當前的天然氣遠期剝離價格時，我們不認為它反映了這些看漲的宏觀動態，這些動態將在未來 12 至 24 個月內開始推高遠期價格。此外，最近的選舉結果應該會為美國 GDP 成長、政府放鬆管制、有利的聯邦稅收制度和減少市場波動帶來正面的催化劑。這應該會對大宗商品和整個能源產業的需求產生正面影響。

With this backdrop and in spite of reduced pace of development in natural gas basins due to the suppressed prices, we are pleased with our quarterly results and would like to highlight a few notable items.

在此背景下，儘管天然氣盆地的開發步伐因價格受到抑製而放緩，但我們對季度業績感到滿意，並想強調一些值得注意的項目。

One, the current quarter's royalty volumes represents the second highest in the history of the company despite the negative natural gas macro I just mentioned. Sequential quarter volumes were down 20%, and we indicated to you last quarter, this was coming and is due to the positive impact in the last quarter of reporting several new high-interest wells in the Haynesville.

第一，儘管我剛才提到了天然氣宏觀情況不利，但本季的特許權使用費額仍是該公司歷史上第二高的。連續季度的產量下降了 20%，我們在上個季度向您表示，這種情況即將到來，這是由於上個季度報告的海恩斯維爾幾口新的高利息井帶來的積極影響。

Over the past 12 months, we're excited about what we're witnessing as dramatic increase in drilling in the SpringBoard III area of Oklahoma, mainly by Continental. This time last year there in the SpringBoard, there were around 20 gross wells in some phase of permitting, drilling or turning to sales. And today, we see that number double to around 40 gross wells in some stage of progress.

在過去的 12 個月裡，我們對俄克拉荷馬州 SpringBoard III 地區的鑽探活動（主要是大陸集團）的急劇增加感到興奮。去年這個時候，SpringBoard 大約有 20 口總井處於許可、鑽探或轉向銷售的某個階段。今天，我們看到這個數字在進展的某個階段翻了一番，達到約 40 口總井。

Also, since the same period last year, there have been 30 gross wells converted to producing in the SpringBoard III. This increased activity is a bit counter to the industry narrative I just laid out because the production in SpringBoard III is two third liquids and one third gas by volume.

此外，自去年同期以來，SpringBoard III 已有 30 口總井轉產。這種增加的活動與我剛剛闡述的行業敘述有點相反，因為以體積計算，SpringBoard III 的產量是三分之二液體和三分之一氣體。

Additionally, and as Danielle will discuss in a moment, we see an overall steady pace of well development on our minerals. This highlights the quality of our mineral assets. Danielle will detail our steady historical volume growth in a moment.

此外，正如丹妮爾稍後將討論的那樣，我們看到我們的礦物油井開發總體穩定。這突顯了我們礦產資產的品質。丹妮爾稍後將詳細介紹我們穩定的歷史銷售成長。

While reducing debt by $5 million year-to-date or 15%, we have also acquired approximately $6.5 million of minerals as well as focusing on return of capital to our shareholders through the $0.04 per share quarterly dividend. This all speaks to the strong financial position of PHX and our resilient, sustainable business model throughout the commodity cycles. Our conservative focus on leverage and proactive hedging programs help support our financial strength.

在年初至今減少債務 500 萬美元（即 15%）的同時，我們也收購了約 650 萬美元的礦產資源，並致力於透過每股 0.04 美元的季度股息向股東返還資本。這一切都證明了 PHX 強大的財務狀況以及我們在整個商品週期中具有彈性、可持續的商業模式。我們對槓桿的保守關注和積極的對沖計劃有助於支持我們的財務實力。

Additionally, we reaffirmed the borrowing base under our existing bank credit facility at $50 million, a direct reflection of the quality of our asset base and maintaining modest leverage. And we continue to see steady deal flow in our focus areas, which emphasizes the sustainability of our strategy.

此外，我們重申現有銀行信貸額度下的借款基礎為 5000 萬美元，這直接反映了我們資產基礎的品質和維持適度的槓桿率。我們繼續看到我們重點領域的穩定交易流，這強調了我們策略的可持續性。

At this point, I'd like to turn the call over to Danielle to provide a quick operational overview and then to Ralph to discuss the financials.

此時，我想將電話轉給丹妮爾（Danielle），以提供快速的營運概述，然後轉給拉爾夫（Ralph）討論財務狀況。

Thanks, Chad, and good morning to everyone participating on the call.

謝謝查德，祝所有參與電話會議的人早安。

For our quarter ended September 30, 2024, total corporate production decreased 20% from the quarter ended June 30, 2024, to 2,379 Mmcfe. Royalty production for the quarter decreased 23% to 2,098 Mmcfe compared to the prior sequential quarter, resulting in the second highest quarterly royalty production record for PHX.

截至 2024 年 9 月 30 日的季度，公司總產量較截至 2024 年 6 月 30 日的季度下降 20%，至 2,379 Mmcfe。與上一季相比，本季的特許權使用費產量下降 23%，至 2,098 Mmcfe，創下 PHX 季度特許權使用費產量第二高的記錄。

It's important to note that as a mineral holder, we do not control timing on well development, so there can be some volatility, both up and down on a quarter-to-quarter basis and volumes associated with our business model are better evaluated on a rolling 12-month basis. Our last 12 months royalty production is up 10.3% to 8.6 Bcfe from the prior 12 months. Total corporate production, including working interest, is up 3.8% to 9.7 Bcfe.

值得注意的是，作為礦產持有者，我們無法控製油井開發的時間，因此可能會出現一些波動，每個季度都有波動，並且與我們的業務模式相關的產量可以更好地評估滾動12 個月。我們過去 12 個月的特許權使用費產量比前 12 個月增長了 10.3%，達到 8.6 Bcfe。包括工作利息在內的企業總產量增加 3.8%，達到 9.7 Bcfe。

Royalty volumes represented 88% of total production during our September 30, 2024, quarter. 80% of our quarter's production volumes were natural gas, which aligns with our long-term position that natural gas is the key transition fuel for a sustainable energy future. Oil represented 11% of production volumes and NGL represented 9%.

截至 2024 年 9 月 30 日的季度，特許權使用費產量佔總產量的 88%。我們季度產量的 80% 是天然氣，這符合我們的長期立場，即天然氣是永續能源未來的關鍵過渡燃料。石油占產量的 11%，液化天然氣佔 9%。

During third quarter 2024, third-party operators active on our mineral acreage converted 46 gross or 0.18 net wells in progress or WIP to producing wells compared to 55 gross or 0.4 net in the prior sequential quarter. We are pleased with our well conversion rates, particularly given the challenging natural gas macro environment, which includes some operators deferring bringing completed wells online until there is an improvement in natural gas prices.

2024 年第三季度，活躍在我們礦產區的第三方業者將 46 口在建井或 WIP 井轉換為生產井，而上一季度為 55 口井或 0.4 口淨井。我們對油井轉換率感到滿意，特別是考慮到充滿挑戰的天然氣宏觀環境，其中包括一些業者推遲將已完工的油井上線，直到天然氣價格改善為止。

At the same time, our inventory of wells in progress on our minerals, which includes DUCs wells being drilled and permits filed remains strong with 278 gross or 0.93 net wells compared to 241 gross or 0.93 net at the end of June 30, 2024. The continued track record of well conversions and replenishment of the inventory of wells in progress or WIP reflects the high-quality portfolio of assets we have assembled to provide steady, sustainable future growth.

同時，我們的礦產在建井庫存（包括正在鑽探和已申請許可證的DUC 井）依然強勁，總井數為278 口，淨井數為0.93 口，而截至2024 年6 月30 日，總井數為241 口，淨井數為0.93 口。油井轉換和在建油井或在製品油井庫存補充的持續記錄反映了我們為提供穩定、可持續的未來成長而組建的高品質資產組合。

In addition to our WIP, we regularly monitor third-party operator rig activities in our focus areas and observed 18 rigs present on PHX mineral acreage as of September 30, 2024. Additionally, we had 70 rigs active within 2.5 miles of PHX ownership. In summary, we continue to see steady development in both our legacy and recently acquired mineral assets, which should lead to annually increasing royalty volumes.

除了我們的 WIP 之外，我們還定期監控我們重點區域內的第三方營運商鑽機活動，並觀察到截至 2024 年 9 月 30 日 PHX 礦區有 18 台鑽機。此外，我們在 PHX 所有權方圓 2.5 英里範圍內擁有 70 台活躍的鑽孔機。總而言之，我們繼續看到我們的遺產和最近收購的礦產資產的穩定發展，這將導致特許權使用費逐年增加。

Now I will turn the call to Ralph to discuss financials.

現在我將打電話給拉爾夫討論財務問題。

Thanks, Danielle, and thanks to everyone for being on the call today.

謝謝丹妮爾，也謝謝大家今天參加電話會議。

For the third fiscal quarter ended September 30, 2024, natural gas, oil and NGL sales revenues decreased 20% to $7.9 million compared to the prior sequential quarter due primarily to a decrease in production volumes of about 20%, which, as Daniel mentioned, is a result of fewer new wells being brought online primarily in the Haynesville as natural gas prices remain under pressure and the normal lumpiness we see in volumes on a quarter-over-quarter basis.

截至2024 年9 月30 日的第三財季，天然氣、石油和NGL 銷售收入與上一季相比下降了20%，至790 萬美元，這主要是由於產量下降了約20%，正如Daniel 提到的，這是主要在海恩斯維爾上線的新井減少的結果，因為天然氣價格仍然面臨壓力，而且我們在季度環比的基礎上看到了正常的成交量波動。

Realized natural gas prices for Q3 '24 averaged $2 per Mcf compared to $2.05 in Q2 '24. Realized oil prices averaged $74.83, down 3% from Q2 '24 and NGL prices averaged $19.60 a barrel, down 18% from Q2 2024.

24 年第三季的天然氣實際價格平均為每立方英尺 2 美元，而 24 年第二季的天然氣價格為 2.05 美元。實際油價平均為 74.83 美元，較 2024 年第二季下降 3%，液化天然氣平均價格為每桶 19.60 美元，較 2024 年第二季下降 18%。

Realized hedge gains for the quarter were $932,000. Approximately 48% of our natural gas, 31% of our oil and none of our NGL production volumes were hedged at average prices of $3.28 per Mcf and $63 per barrel. Most of these hedge contracts were added over the course of the last 24 months.

本季實現的對沖收益為 932,000 美元。我們約 48% 的天然氣、31% 的石油和 NGL 產量均未以每立方英尺 3.28 美元和每桶 63 美元的平均價格進行對沖。這些對沖合約大部分是在過去 24 個月內添加的。

We continue to be consistent with our hedge program and are structuring our natural gas hedges using both swaps and costless collars, which means that we also have upside exposure on certain volumes. Our current hedge position is available in our most recently filed 10-Q.

我們繼續與我們的對沖計劃保持一致，並使用掉期和無成本項來建造我們的天然氣對沖，這意味著我們在某些​​交易量上也有上行風險。我們目前的對沖部位可在我們最近提交的 10-Q 中找到。

Total transportation, gathering, and marketing decreased 28% on a sequential quarter basis to $1.1 million, primarily due to the lower volumes during the quarter, mainly on the Louisiana side of the Haynesville.

運輸、收集和行銷總額環比下降 28% 至 110 萬美元，主要是由於本季運輸量下降（主要是海恩斯維爾路易斯安那州一側）。

Production and ad valorem taxes decreased 28% on a sequential quarter-over-quarter basis to approximately $429,000 due to slightly lower prices and lower production volumes, again, primarily in Louisiana, where taxes are based on volumes and not as a percentage of revenue.

由於價格略有下降和產量下降，生產稅和從價稅環比下降了 28%，至約 429,000 美元，這主要是在路易斯安那州，該州的稅收是根據數量而不是收入的百分比計算的。

LOE associated with our legacy non-operated working interest wells was flat on a sequential quarterly basis at about $295,000. Cash G&A increased 6% to $2.17 million compared to the prior quarter.

與我們傳統的非營運作業油井相關的 LOE 環比持平，約為 295,000 美元。現金管理費用較上一季成長 6%，達到 217 萬美元。

Adjusted EBITDA was down to $4.9 million in Q3 '24 compared to $6.4 million in Q2 '24. The decrease again is due primarily to lower volumes, offset by also lower transportation gathering, marketing and production tax expenses. Net income for the quarter was $1.1 million or $0.03 per share compared to $1.3 million or $0.04 per share in the prior sequential quarter.

2024 年第三季調整後 EBITDA 降至 490 萬美元，而 24 年第二季為 640 萬美元。下降的主要原因是銷售量下降，但運輸集散、行銷和生產稅費用的下降抵消了這一影響。本季淨利潤為 110 萬美元，即每股 0.03 美元，而上一季的淨利潤為 130 萬美元，即每股 0.04 美元。

We had total debt of $27,750 as of Q3 '24. As Chad mentioned, that's down $5 million from the $32,750 as of year-end 2023. Our debt to trailing 12-month adjusted EBITDA was 1.36 times as of September 30, '24.

截至 24 年第三季度，我們的總債務為 27,750 美元。正如 Chad 所提到的，這比 2023 年底的 32,750 美元減少了 500 萬美元。截至 2024 年 9 月 30 日，我們的過去 12 個月調整後 EBITDA 債務為 1.36 倍。

We also just finished a regularly scheduled for redetermination of our borrowing base, which remained flat at $50 million. I'd like to thank our bank group for their continued support of PHX. We deployed about $3 million on accretive mineral acquisitions during Q3 2024.

我們也剛完成了對借款基礎的定期重新確定，借款基礎保持在 5000 萬美元不變。我要感謝我們的銀行集團對 PHX 的持續支持。2024 年第三季度，我們部署了約 300 萬美元用於加值礦產收購。

However, as I've mentioned over the several prior quarters, our acquisition program remains disciplined. And if the deals in the marketplace don't generate a required return profile, we are not chasing them.

然而，正如我在前幾個季度提到的那樣，我們的收購計劃仍然遵守紀律。如果市場上的交易沒有產生所需的回報，我們就不會追逐它們。

It is also important to note that we have an almost seven-year inventory of high-quality drilling locations, which means that we can continue to perform without chasing acquisitions that do not meet our underwriting criteria. We are happy to build liquidity, pay down debt and return capital to our shareholders through our quarterly dividend.

同樣重要的是要注意，我們擁有近七年的高品質鑽井地點庫存，這意味著我們可以繼續執行，而無需追逐不符合我們承保標準的收購。我們很高興透過季度股息來建立流動性、償還債務並向股東返還資本。

With that, I'd like to turn the call over to Chad for some final remarks.

說到這裡，我想將電話轉給乍得，讓其做最後的發言。

Thanks, Ralph.

謝謝，拉爾夫。

And just to recap, highlight the quarter's results. One, we reported our second highest royalty volumes in PHX history. This is supported by a consistent pace of development activity on our minerals of over 300 well conversions to producing annually, about which Danielle just discussed. I'd like to emphasize that the annual well conversion, which drive our annual volume growth comes from PHX's approximately 2,000 gross undeveloped well location inventory, which we lay out clearly in our IR slide deck and which Ralph just talked about.

回顧一下，重點介紹本季的業績。第一，我們報告了 PHX 史上第二高的特許權使用費金額。我們每年將 300 多口井轉化為生產，這得益於我們礦物開發活動的持續步伐，丹妮爾剛剛對此進行了討論。我想強調的是，推動我們年銷量成長的年度油井轉換來自 PHX 約 2,000 個未開發油井庫存，我們在 IR 幻燈片中清楚地列出了這些庫存，拉爾夫剛才也談到了這一點。

Two, we reduced our debt by $5 million or approximately 15% since year-end '23 and reaffirmed our bank credit facility, emphasizing our financial strength.

第二，自 23 年底以來，我們的債務減少了 500 萬美元，約 15%，並重申了我們的銀行信貸安排，強調了我們的財務實力。

Three, Board approved the quarterly $0.04 per share dividend. I'd like to recall that the Board increased the dividend our last quarter from $0.12 per share annually to $0.16 per share annually, which represented a 33% increase. This reflects confidence in our ability to grow our asset base.

三、董事會批准每股 0.04 美元的季度股利。我想回顧一下，董事會將上一季的股息從每年每股 0.12 美元增加到每年每股 0.16 美元，增幅為 33%。這反映了我們對擴大資產基礎能力的信心。

And again, I'd like to point out, it corresponds with our stated intention over the last several years of increasing the dividend when we feel it's appropriate. And we're excited. We've been talking about it for several quarters and are excited about the activity we're seeing on our SpringBoard III asset with the gross WIPs in play.

我想再次指出，這符合我們過去幾年在我們認為適當時增加股息的既定意圖。我們很興奮。我們已經討論了幾個季度，並對我們在 SpringBoard III 資產上看到的活動以及總 WIP 的活動感到興奮。

And with LNG power demand driving a bullish natural gas macro in the next 12 to 24 months and this abundant well activity on SpringBoard III, we look forward to reporting our financial results to our shareholders over the coming quarters.

隨著液化天然氣電力需求在未來 12 至 24 個月內推動天然氣宏觀經濟看漲，以及 SpringBoard III 上豐富的油井活動，我們期待在未來幾季向股東報告我們的財務表現。

We're extremely optimistic about the broad well activity across our minerals, especially SpringBoard III, which should positively impact our future financial performance. With this and the bullish macro LNG demand and power demand already discussed, we see real upside for PHX. As always, I thank both our employees and Board of Directors for their dedication and hard work.

我們對我們礦產的廣泛井活動非常樂觀，尤其是 SpringBoard III，這應該會對我們未來的財務表現產生正面影響。考慮到這一點以及已經討論過的樂觀的宏觀液化天然氣需求和電力需求，我們看到 PHX 的真正上漲空間。一如既往，我感謝我們的員工和董事會的奉獻和辛勤工作。

This concludes the prepared remarks portion of the call. Operator, please open up the queue for questions.

電話會議準備好的評論部分到此結束。接線員，請開放提問隊列。

(Operator Instructions) Jeff Grampp, Alliance Global.

（操作員說明）Jeff Grampp，Alliance Global。

Ralph, I wanted to start on the SCOOP and all that development going on. Looking at the breakout in your WIPs, it looks like it's probably like half or maybe a little over half of your net WIPs now. So just kind of thinking out loud, like how should we expect the commodity mix for the company to develop over the next couple of quarters given that the SCOOP tends to be a little bit more liquids-rich than kind of your corporate mix as it stands today?

拉爾夫，我想從 SCOOP 和所有正在進行的開發開始。看看您的 WIP 的突破，看起來現在可能是淨 WIP 的一半或略多一點。因此，只是大聲思考，就像我們應該如何預期公司的商品組合在接下來的幾個季度中發展，因為 SCOOP 往往比您目前的公司組合更富含液體今天？

Well, so we've got quite a bit of activity in the Haynesville as well. And the Haynesville wells, any single -- the initial production rate from any given Haynesville well is extremely robust, 20 million to 30 million a day versus a single well initial production rate of the SpringBoard III well isn't quite as robust, let's say. So we don't see a dramatic change in the overall production mix over the next year or two.

嗯，我們在海恩斯維爾也有很多活動。海恩斯維爾井，任何單井——任何給定的海恩斯維爾井的初始產量都非常強勁，每天 2000 萬到 3000 萬，而 SpringBoard III 井的單井初始產量則不那麼強勁，比方說。因此，我們認為未來一兩年整體生產組合不會有巨大變化。

Yes. I think the other thing to keep in mind also is that in the Mid-Continent, there are several operators, including some of the larger operators on our minerals in SpringBoard III that pay us -- that pay for the NGLs as part of rich gas. So said differently, you're going to see a positive impact. You're not going to be reporting NGL volumes, you're going to be reporting a higher realized natural gas price to account for the fact that that gas is being sold at 1,400 Btu, right? So that improves pricing, but it keeps part of the volumes down because you're not counting the NGLs, if that makes sense.

是的。我認為另一件需要記住的事情是，在中大陸，有幾家運營商，包括 SpringBoard III 礦產的一些較大運營商，他們向我們支付 NGL 作為富天然氣的一部分。換句話說，你會看到正面的影響。您不會報告 NGL 數量，您將報告更高的實際天然氣價格，以考慮到該天然氣的售價為 1,400 Btu，對吧？因此，這提高了定價，但它降低了部分銷量，因為你沒有計算 NGL（如果這有意義的話）。

Got it. No, that's really helpful. And then another question on just kind of I know you guys don't guide quarter-to-quarter, but just with the results to date and the Q4 guide that you guys maintained, it looks like volumes need to stay, at least on the royalty side, volumes probably need to stay relatively steady just to kind of keep within the guidance range that you guys have.

知道了。不，這真的很有幫助。然後是另一個問題，我知道你們不會按季度進行指導，但根據迄今為止的結果和你們維護的第四季度指導，看起來銷量需要保持不變，至少在版稅方面，成交量可能需要保持相對穩定，才能保持在你們的指導範圍內。

I'm wondering, do you guys have the conviction to kind of call Q3 potentially kind of a trough level for production? I know you ultimately are not the operator and can't control things. But to the extent you guys do we have conviction that we're at a trough level? Or is that still potentially not quite there yet just given the potential timing and work in process you guys have? Thanks.

我想知道，你們是否有信心認為第三季可能是生產的低谷水平？我知道你最終不是操作者，無法控制事情。但你們在多大程度上確信我們正處於低谷水平？或者考慮到你們可能有的時間安排和正在進行的工作，這是否仍然可能還沒有完全實現？謝謝。

I mean I think that's a tough question because I don't know what gas prices are going to do in the future, right? I mean we think that there's more upside than downside given the macro dynamic points that Chad discussed earlier on the call. I think your assumption on Q4, the fact that we didn't change the guidance, right, I think that kind of answers the question.

我的意思是，我認為這是一個棘手的問題，因為我不知道未來汽油價格會如何，對嗎？我的意思是，考慮到查德之前在電話會議中討論的宏觀動態點，我們認為上行空間大於下行空間。我認為你對第四季度的假設，即我們沒有改變指導的事實，對吧，我認為這回答了問題。

But in terms of what any particular quarter is going to look like, I think that's a -- we tend to stay away from quarterly guidance. I think that, as Danielle said, the right way to look at us, in our opinion, is that rolling 12 months. And I think if you look at any rolling 12-month period, you see continued growth, right? And I think that's really what we aim for.

但就任何特定季度的情況而言，我認為我們傾向於遠離季度指導。我認為，正如丹妮爾所說，在我們看來，看待我們的正確方式是滾動 12 個月。我認為，如果你觀察任何滾動的 12 個月期間，你會看到持續增長，對嗎？我認為這正是我們的目標。

Charles Meade, Johnson Rice.

查爾斯·米德，約翰遜·賴斯。

Good morning, Chad, Danielle, and Ralph. I want to go back to a quote in the press release where you said that you're seeing a growing pipeline of attractive M&A opportunities. And I look at what you guys are or where you were buying in 3Q, it looks like it was 80%, 90% in the Haynesville. And so, I'm wondering, is that uptick in the Haynesville an early indication of where that attractive M&A opportunity is? Or is there more going on there?

早上好，查德、丹妮爾和拉爾夫。我想回顧一下新聞稿中的一句話，您說您看到了越來越多有吸引力的併購機會。我會看看你們在第三季的情況或購買地點，看起來 80%、90% 在海恩斯維爾。因此，我想知道，海恩斯維爾的上升是否是有吸引力的併購機會的早期跡象？還是還有更多事情發生？

We continue to use our focus both on the SpringBoard are kind of what I consider the SCOOP/STACK fairway of Oklahoma as well as the Haynesville. We see probably the Haynesville consists of the state of Louisiana as well as across the state line in Texas, and we're actually seeing some more or an increase in deal flow on the Texas side than we were on the Louisiana side.

我們繼續將重點放在 SpringBoard 上，我認為這是俄克拉荷馬州的 SCOOP/STACK 球道以及海恩斯維爾。我們看到海恩斯維爾可能包括路易斯安那州以及德克薩斯州的州界線，而且我們實際上看到德克薩斯州一側的交易流量比路易斯安那州一側更多或有所增加。

So that I wouldn't say it growing, but just kind of a steady, what I consider what was and still is a steady deal flow because of the increase in activity we're seeing on the Texas side.

因此，我不會說它在增長，而只是一種穩定，我認為過去和現在仍然是穩定的交易流，因為我們看到德克薩斯州方面的活動增加。

But also, we've expanded given the activity up in Oklahoma in that fairway, the SCOOP/STACK fairway, we're expanding our focus and looking for more opportunities outside the SpringBoard III and some other areas that are very interesting and just as attractive as the SpringBoard III.

而且，考慮到俄克拉荷馬州SCOOP/STACK 球道的活動，我們也擴大了業務範圍，我們正在擴大我們的重點，並在SpringBoard III 和其他一些非常有趣且同樣有吸引力的領域之外尋找更多機會作為SpringBoard III。

So I wouldn't say that we're going all in on just the Haynesville. We still see a lot of attractive stuff in the SpringBoard, I mean, in the whole SCOOP/SACK.

所以我不會說我們會全心投入海恩斯維爾。我的意思是，在整個 SCOOP/SACK 中，我們仍然在 SpringBoard 中看到很多有吸引力的東西。

Yeah. There's going to be some variability, Charles, quarter-over-quarter between Haynesville and the Anadarko Basin. Again, it's just when we're closing deals and where, how they come in. But I wouldn't read too much into it in terms of a higher component in one quarter being in one area or the other. I think the important thing is that across everywhere that we look, every deal competes against every other deal for capital.

是的。查爾斯，海恩斯維爾和阿納達科盆地之間的季度與季度之間會有一些變化。再說一遍，這只是我們何時完成交易以及交易在哪裡、如何進入。但我不會過度解讀一個地區或另一個地區四分之一的較高成分。我認為重要的是，在我們所看到的所有地方，每筆交易都在與其他交易爭奪資本。

And on any given quarter, we're deploying the capital, our capital where we see the highest potential rate of return, right, whether that be in the Anadarko or the Haynesville.

在任何給定的季度，我們都在部署資本，我們的資本在我們看到最高潛在回報率的地方，無論是在阿納達科還是海恩斯維爾。

I do think that in the Haynesville, I do think that there is enough time has sort of bled off since commodity prices or natural gas pricing came down, where you're seeing a little bit more rationalization, let's put it that way, by folks that are on the sell side, right, in terms of realizing that lower natural gas prices, you're going to have to sell at a lower price, your minerals, right? And so, there's a little bit of that going on as well.

我確實認為，在海恩斯維爾，我確實認為，自從大宗商品價格或天然氣價格下降以來，已經有足夠的時間了，你會看到更多的合理化，讓我們這樣說吧，人們在賣方方面，對吧，就意識到天然氣價格下降而言，你將不得不以更低的價格出售你的礦物，對吧？所以，也有一些這樣的事情發生。

Got it. That's good color on that, Ralph. And then Chad, I really appreciate your natural gas macro comments. It's always -- it's interesting to hear your perspective. And I think broadly, we kind of agree with you. But I want to ask if you could share with us the benefit of something else.

知道了。拉爾夫，這個顏色很好。然後乍得，我非常感謝您對天然氣宏觀的評論。聽到你的觀點總是很有趣。我認為總的來說，我們同意你的觀點。但我想問你是否可以與我們分享其他東西的好處。

And when I think about you guys, I know that you guys have exposure to a lot of different operators in the Haynesville and you also make your business to understand even what your operators are doing around you. So what are you seeing in the way of any early indications of any kind of uptick in activity in '25? Or are you seeing any?

當我想到你們時，我知道你們在海恩斯維爾接觸過很多不同的運營商，你們也讓你們的企業了解運營商在你們周圍所做的事情。那麼，您對 25 年活動增加的早期跡像有何看法？或是你看到了什麼嗎？

Well, we watch the public records and the public statements made by our operators, probably just like you do. And we, in our Investor Relations slide deck, lay out who the more active operators in and around our minerals are. So Chesapeake and Aethon, not as much Comstock.

嗯，我們會觀察我們的運營商的公共記錄和公開聲明，可能就像您一樣。我們在投資者關係幻燈片中列出了我們礦產及其周邊地區最活躍的營運商。所以切薩皮克和艾頓，而不是康斯托克。

And Chesapeake obviously has moderated their rig activity and shut in or deferred some production in both the Haynesville and the Appalachian Marcellus because of gas prices and their statements are saying they're waiting to see where gas prices are going in the next few quarters before they start completing their DUCs and ramping up their production.

由於天然氣價格上漲，切薩皮克顯然已經減少了鑽井活動，並關閉或推遲了海恩斯維爾和阿巴拉契亞馬塞勒斯的部分生產，他們的聲明稱，他們正在等待觀察未來幾個季度天然氣價格的走勢，然後再決定是否要調整價格。

So it's hard to really read the impact of their slowing activity on our minerals. We watch the rig count on our minerals, directly on our minerals and around, and that hadn't changed. So to answer your question, we think, and I guess, kind of along Jeff's questions, too, we feel comfortable with decent quarter-to-quarter production.

因此，很難真正了解它們活動放緩對我們礦物質的影響。我們觀察鑽孔機對我們的礦物的計數，直接對我們的礦物和周圍的礦物進行計數，這一點沒有改變。因此，為了回答你的問題，我們認為，我想，也與傑夫的問題一樣，我們對不錯的季度產量感到滿意。

And as Ralph alluded to, it's more like watching it annually year-over-year royalty volume growth. But it's hard to determine what the operators are going to do. But given the rig activity on and around our minerals, we're not concerned about where volumes are headed.

正如拉爾夫所提到的，這更像是看著每年的特許權使用費數量的增長。但很難確定營運商將做什麼。但考慮到我們礦產上及其周圍的鑽機活動，我們並不擔心產量的走向。

Yeah. We're also hearing from some of the smaller guys, right, that at least as of recently, they had plans of turning on wells in the Haynesville in December, right? And that shouldn't come as a shock as everybody sort of plans for higher winter pricing.

是的。我們也從一些較小的公司那裡聽說，至少截至最近，他們計劃在 12 月打開海恩斯維爾的油井，對吧？這不應該讓人感到震驚，因為每個人都計劃提高冬季價格。

Whether that happens or not remains to be seen. But I think all the what you normally see from a seasonality standpoint in terms of people expecting higher gas prices in the winter, I think that's playing out again this year. We just have to wait and see.

這種情況是否會發生還有待觀察。但我認為，從季節性的角度來看，人們通常會看到冬季油價上漲，這種情況今年又會出現。我們只需要拭目以待。

Well, I'd tell you, it's really hot for November down where I am in New Orleans.

好吧，我告訴你，我在新奧爾良的十一月真的很熱。

Thank you. We reached the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

謝謝。我們的問答環節結束了。我想重新發言以徵求進一步的意見或結束意見。

Again, I'd like to thank our employees and shareholders for continued support. I'd also like to note that Ralph and I will continue to expand our investor marketing activities and outreach over the coming weeks and months. If you'd be interested in meeting with us, please don't hesitate to reach out to myself, Ralph or the folks at FNK IR.

我要再次感謝我們的員工和股東的持續支持。我還想指出，拉爾夫和我將在未來幾週和幾個月內繼續擴大我們的投資者行銷活動和外展活動。如果您有興趣與我們會面，請隨時與我本人、Ralph 或 FNK IR 的人員聯繫。

We look forward to hosting our next call in March of 2025 to discuss our fourth quarter and full year '24 results. Thank you. Have a good day.

我們期待在 2025 年 3 月舉辦下一次電話會議，討論我們的 24 年第四季和全年業績。謝謝。祝你有美好的一天。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路廣播到此結束。此時您可以斷開線路並度過美好的一天。我們感謝您今天的參與。