Permian Resources Corp (PR) 2024 Q4 法說會逐字稿

Good morning and welcome to Permian Resources conference call to discuss its fourth quarter and full year 2024 earnings. Today's call is being recorded. A replay of the call will be accessible until March 6, 2025, by dialing 888-660-6264 and entering the replay access code 75050 or by visiting the company's website at www.permianres.com. At this time, I will turn the call over to Hays Mabry, Permian Resources' Vice President of Investor Relations for some opening remarks. Please go ahead.

早上好，歡迎參加 Permian Resources 電話會議，討論其 2024 年第四季和全年收益。今天的通話正在錄音。2025 年 3 月 6 日之前，可透過撥打 888-660-6264 並輸入重播存取代碼 75050 或造訪公司網站 www.permianres.com 收聽此電話會議的重播。現在，我將把電話轉給 Permian Resources 投資者關係副總裁 Hays Mabry 致一些開場白。請繼續。

Thanks, Gina. And thank you all for joining us. On the call today are Will Hickey and James Walter, our Chief Executive Officers and Guy Oliphint, our Chief Financial Officer.

謝謝，吉娜。感謝大家的參與。今天參加電話會議的有我們的執行長威爾希基 (Will Hickey) 和詹姆斯沃特 (James Walter)，以及我們的財務長蓋伊奧利芬特 (Guy Oliphint)。

I would like to note that many of the comments during this call are forward-looking statements that involve risk and uncertainties that could affect our actual results or plans. Many of these risks are beyond our control and are discussed in more detail in the risk factors and the forward-looking statement sections of our filings with the SEC.

我想指出的是，本次電話會議中的許多評論都是前瞻性陳述，涉及可能影響我們實際結果或計劃的風險和不確定性。其中許多風險是我們無法控制的，在我們向美國證券交易委員會提交的文件的風險因素和前瞻性聲明部分中有更詳細的討論。

Although we believe the expectations expressed are based on reasonable assumptions, they are not guarantees of future performance, and actual results may differ materially. We may also refer to non-GAAP financial measures. For any non-GAAP measure we use, a reconciliation to the nearest corresponding GAAP measure can be found in our earnings release or presentation.

儘管我們認為所表達的期望是基於合理的假設，但它們並不能保證未來的表現，實際結果可能會有重大差異。我們也可以參考非公認會計準則財務指標。對於我們使用的任何非 GAAP 指標，可以在我們的收益報告或介紹中找到與最接近的相應 GAAP 指標的對帳。

With that, I'll turn the call over to Will Hickey, co-CEO.

說完這些，我將把電話轉給聯合執行長威爾希基 (Will Hickey)。

Thanks, Hays. We're excited to discuss our fourth quarter results as well as lay out our 2025 plan this morning. We reported a record quarter in both production and free cash flow per share in Q4, demonstrating that the business continues to perform extremely well, led by outstanding execution in the field.

謝謝，海斯。我們很高興今天上午討論我們的第四季度業績以及製定我們的 2025 年計劃。我們報告稱，第四季度的產量和每股自由現金流均創下歷史新高，這表明，在現場出色執行的帶動下，業務繼續表現優異。

Additionally, we saw a relentless focus on cost control manifesting to lower DMC cost and controllable cash cost when compared to Q3. Over the full year of 2024, our team delivered outstanding results, resulting in a nearly 50% increase in free cash flow per share compared to 2023.

此外，與第三季相比，我們看到對成本控制的持續關注，體現為降低 DMC 成本和可控現金成本。2024 年全年，我們的團隊取得了出色的業績，與 2023 年相比，每股自由現金流增加了近 50%。

Even more impressive, we achieve this without increasing leverage, reflecting the strength and consistency of our core operations. As a result, we believe 2024 represents a highly repeatable year, positioning us for sustained performance and growth.

更令人印象深刻的是，我們在沒有增加槓桿的情況下實現了這一目標，反映了我們核心業務的實力和一致性。因此，我們相信 2024 年是高度可重複的一年，為我們實現持續的業績和成長奠定了基礎。

As we look to 2025, we expect to continue maximizing shareholder value by executing on our highly capital efficient Delaware Basin drilling program. We're proud to lay out a 2025 plan that's expected to continue to generate significant free cash flow per share growth.

展望 2025 年，我們期望透過執行資本效率極高的特拉華盆地鑽探計畫繼續實現股東價值最大化。我們很自豪地制定了 2025 年計劃，預計該計劃將繼續產生顯著的每股自由現金流成長。

Moving into quarterly results, Q4 production exceeded expectations with oil production of 171,000 barrels of oil per day in total production of 368,000 barrels of oil equivalent per day. Our DNC team also continues to execute at an extremely high level, which led to 275 wells tilled in 2024. Importantly, we executed on this plan with CapEx remaining well within our original guidance range of $1.9 billion to $2.1 billion.

從季度業績來看，第四季產量超出預期，石油產量為每天 171,000 桶，總產量為每天 368,000 桶油當量。我們的 DNC 團隊也繼續以極高的水平執行，使得 2024 年共耕耘了 275 口井。重要的是，我們執行了這項計劃，資本支出仍遠低於我們最初的指導範圍 19 億美元至 21 億美元。

In addition, we delivered leading cash costs supporting strong margins with Q4 LOE of $542 per BOE, cash G&A of $0.93 per BOE, and GP&T of $1.49 per BOE. Strong production results paired with low cash costs in CapEx of $504 million in the quarter resulted in an adjusted operating cash flow of $904 million and adjusted free cash flow of $400 million.

此外，我們實現了領先的現金成本，支持了強勁的利潤率，第四季度的 LOE 為每桶油當量 542 美元，現金 G&A 為每桶油當量 0.93 美元，GP&T 為每桶油當量 1.49 美元。強勁的生產業績加上本季 5.04 億美元的資本支出中的低現金成本，導致調整後的營運現金流為 9.04 億美元，調整後的自由現金流為 4 億美元。

Turning to slide 4, we wanted to provide a quick review of how strong a year 2024 was for PR. We were able to beat and or raise production guidance every quarter on just the base outperformance. Including the bolt on acquisitions we closed throughout the year, we delivered 8% higher oil production when compared to our original 2024 guidance. Our cost controls also performed extremely well, as most recent oil costs were almost 20% lower compared to 2023.

翻到投影片 4，我們想快速回顧一下 2024 年對 PR 來說有多強勁。僅憑基礎的優異表現，我們每季都能超越或提高生產預期。包括我們全年完成的附加收購，與最初的 2024 年指導相比，我們的石油產量提高了 8%。我們的成本控制也表現得非常出色，最近的石油成本與 2023 年相比降低了近 20%。

Most importantly, a little over half of this reduction was a direct result of structural efficiency improvements gained throughout the year, with the balance a result of service cost deflation. We also rolled out an enhanced capital return program during 2024 that prioritizes a leading base dividend for our shareholders. This change was underpinned by the material improvements in free cash flow per share generation of our business, which we'll touch on more in just a little bit.

最重要的是，這減少的一半多一點是全年結構效率提高的直接結果，其餘部分則是服務成本通貨緊縮的結果。我們還在 2024 年推出了增強資本回報計劃，優先為股東提供領先的基本股息。這項變更得益於我們業務每股自由現金流的大幅改善，我們稍後會對此進行更詳細的介紹。

Lastly, during 2024, we were able to increase our liquidity by approximately $1 billion, showcasing our ability to maintain a very strong financial position with no change in leverage while executing on $1.2 billion of accreted M&A. We have and will continue to prioritize maintaining a fortress balance sheet as we believe this allows us to maintain flexibility and be opportunistic to the commodity price cycles.

最後，在 2024 年期間，我們能夠將流動性增加約 10 億美元，這表明我們有能力在執行 12 億美元累積的併購交易的同時，保持非常強勁的財務狀況，且槓桿率不發生改變。我們已經並將繼續優先維持穩健的資產負債表，因為我們相信這使我們能夠保持靈活性並抓住大宗商品價格週期的機會。

Slide 5 illustrates our expertise and cost leadership in the Delaware Basin. Our relentless focus on low-cost leadership allows us to drive both D&C and controllable cash cost to peer leading levels. Our 2025 plan, which James will outline here in a minute, benefits greatly from the reduction in all-in costs we've seen over the past year.

幻燈片 5 展示了我們在特拉華盆地的專業知識和成本領先地位。我們堅持不懈地專注於低成本領導地位，這使我們能夠將 D&C 和可控現金成本推至同業領先水準。我們的 2025 年計劃（詹姆斯稍後會對此進行概述）極大地受益於過去一年來我們看到的總成本的降低。

Given the marginal nature of free cash flow, running a low-cost business is critical in supporting strong free cash flow for share.

鑑於自由現金流的邊際性質，經營低成本業務對於支持強勁的自由現金流至關重要。

Turning to slide 6, we want to highlight the success of our 2024 M&A program. We executed on approximately $1.2 billion of acquisitions for 50,000 net acres and about 20,000 barrels of oil equivalent per day across our acreage position.

翻到第 6 張投影片，我們想強調我們的 2024 年併購計畫的成功。我們執行了價值約 12 億美元的收購，收購了 50,000 淨英畝的土地，在我們的土地上每天可產出約 20,000 桶石油當量。

The mix of acquisitions consisted of a large asset deal and barilla draw, several smaller bolt on acquisitions, and finally a substantial ground game that consisted of over 500 transactions for 4,000 net acres. We believe that expertise in executing each of these types of transactions provides PR the means to continue to replace our drilled locations with high rate of return inventory that immediately competes for capital.

收購組合包括一筆大型資產交易和百味來收購、幾筆較小的附加收購，以及最終的大規模地面收購，其中包括 500 多筆交易，涉及 4,000 淨英畝土地。我們相信，執行每種交易的專業知識為 PR 提供了繼續以高回報率庫存取代我們鑽探地點的手段，這些庫存可以立即爭奪資本。

As you can see, these acquisitions more than replaced the inventory that we drilled throughout 2024 with similar or better rates of return to our 2024 development. We plan on continuing our strong track record of pursuing a creative M&A that adds near term, midterm, and long-term value to shareholders.

如您所見，這些收購不僅取代了我們在 2024 年全年鑽探的庫存，而且回報率與我們 2024 年的開發回報率相似甚至更高。我們計劃繼續保持良好的業績記錄，進行創意的併購，為股東增加短期、中期和長期價值。

Now looking at slide 7, we want to highlight a big reason for why we've been so successful at M&A that creates value for shareholders. One of our sustainable competitive advantages is our ability to buy acreage in areas where we can apply PR's leading cost structure to the acquired assets immediately.

現在看第 7 張投影片，我們想強調我們在併購方面如此成功的一個重要原因，那就是為股東創造價值。我們的永續競爭優勢之一是我們能夠在可以立即將 PR 領先的成本結構應用於所收購資產的地區購買土地。

Specifically, when we compared the last several months of LOE on assets prior to acquisition, we've already driven a $3 per POE reduction on that asset base. This was largely achieved through our lean field organization, technical expertise in artificial lift, optimized chemical programs, and a leading field compression team that maximizes production while reducing downtime.

具體來說，當我們比較收購前幾個月資產的 LOE 時，我們已經在該資產基礎上實現了每 POE 3 美元的減少。這主要得益於我們精益的現場組織、人工舉升方面的技術專長、優化的化學程序以及領先的現場壓縮團隊，這些團隊可以最大限度地提高產量並減少停機時間。

Similarly, on the D&C side, we've reduced costs by over $300 per lateral foot when compared to the prior operator's most recent wells. Our leading cycle times, completion, optimization, and sourcing of key materials of scale support these improvements. We're confident that our ability to execute this level will allow us to continue to find Delaware-based opportunities and attractive rates of return. With that, I will turn it over to James to go over our '25 plans.

同樣，在 D&C 方面，與先前營運商的最新油井相比，我們每側英尺的成本降低了 300 多美元。我們領先的周期時間、完成度、優化和關鍵材料規模採購支持了這些改進。我們相信，我們達到這一水平的能力將使我們能夠繼續尋找特拉華州的機會和有吸引力的回報率。說完這些，我會把話題交給詹姆斯來討論我們的 25 年計畫。

Thanks, Will. Turning to slide 8, we're excited to discuss our 2025 business plan, which is focused on maximizing returns and free cash flow per share through consistent, thoughtful capital allocation and low-cost execution.

謝謝，威爾。翻到第 8 張投影片，我們很高興討論我們的 2025 年業務計劃，該計劃的重點是透過一致、周到的資本配置和低成本執行來實現每股回報和自由現金流最大化。

Our plan as a result of a tremendous amount of effort from every department of Permian Resources, we want to thank our entire team for the hard work that went in to pulling this all together. For the full year 2025, we expect total production to average between 360,000 and 380,000 BOE per day and oil production to average between 170,000 and 175,000 barrels of oil per day. This plan delivers 8% higher annual oil production compared to full year 2024.

我們的計劃是二疊紀資源公司各部門付出巨大努力的結果，我們要感謝整個團隊為實現這一目標所付出的辛勤工作。對於 2025 年全年而言，我們預計總產量平均每天在 360,000 至 380,000 桶油當量之間，石油產量平均每天在 170,000 至 175,000 桶油之間。該計劃將使年石油產量比 2024 年全年提高 8%。

Our capital program consists of approximately $2 billion, which is less than 2024 despite the higher production base, showing materially improved capital efficiency year-over-year. 80% the capital program is allocated to drilling and completion operations, where we expect to turn line approximately 285 wells this year with roughly the same DUC inventory as we carried in 2024.

我們的資本計畫約為 20 億美元，儘管生產基數較高，但比 2024 年的計畫要少，這表明資本效率同比有顯著提高。 80% 的資本計畫分配給鑽井和完井作業，我們預計今年將完成約 285 口井的完井作業，DUC 庫存與 2024 年大致相同。

The remaining 20% is primarily investments in infrastructure that position PR to continue to drive value in 2025 and beyond.

剩餘的 20% 主要用於基礎設施投資，以使 PR 在 2025 年及以後繼續推動價值。

Our development program in wellness will be largely the same as last year, and we'll continue to be focused on our high-returning Delaware Basin asset with New Mexico accounting for about 65% of our activity. The Texas Delaware accounting for about 30% and the Midland Basin getting the balance.

我們的健康發展計畫與去年基本相同，我們將繼續專注於高回報的特拉華盆地資產，新墨西哥州約占我們活動的 65%。德州特拉華州佔約 30%，米德蘭盆地佔剩餘部分。

We expect our average working ingest to be approximately 75%, which is in line with 2024 our average lateral length to increase to approximately 10,000 feet. We expect our controllable cash cost to be approximately $7.75 per BOE, which as we mentioned earlier, we believe to be the lowest cost in the Permian.

我們預計平均工作攝取量約為 75%，這與 2024 年平均水平長度增加至約 10,000 英尺一致。我們預計可控現金成本約為每桶油當量 7.75 美元，正如我們之前提到的，我們認為這是二疊紀盆地的最低成本。

Additionally, we've continued to optimize our tax planning strategies and expect approximately $25 million in current taxes for 2025 at strip prices. The combination of the same or better well productivity with lower costs across the board, drive meaningfully improved capital efficiency and lower breakevens in 2025.

此外，我們繼續優化我們的稅務規劃策略，預計 2025 年的現行稅收將按剝離價格計算約為 2500 萬美元。相同或更高的油井生產力與全面降低的成本相結合，將在 2025 年顯著提高資本效率並降低損益平衡點。

Turning to slide 9, our balance sheet reflects the same philosophy around low leverage and high liquidity we have shown since the founding of our predecessor company. We maintained leverage right at 1x through the course of 2024 while doing $1.2 billion in acquisitions, and we expect to exit 2025 at approximately 0.5x levered assuming current strip prices.

翻到投影片 9，我們的資產負債表反映了我們自前身公司成立以來一直秉持的低槓桿和高流動性理念。在 2024 年期間，我們進行了 12 億美元的收購，同時將槓桿率維持在 1 倍，並且我們預計，按照當前的條帶價格計算，到 2025 年，槓桿率將達到約 0.5 倍。

As mentioned earlier, we exited the year with $3 billion in liquidity, including approximately $500 million of cash. This positions us to be opportunistic in any environment, as we believe market dislocations represent some of the greatest value creation opportunities in this sector.

如前所述，我們今年的流動資金為 30 億美元，其中包括約 5 億美元的現金。這使我們在任何環境中都能抓住機會，因為我們相信市場錯位代表著該產業最大的價值創造機會。

We've also protected our downside due hedging. With approximately 25% of our crude oil heads at $73 and strong oil and gas hedges for the next few years. The next strategic priority for our balance sheet is the achievement of investment-grade status, which we think has come before the end of the year given our consistent conservative financial policies and lower leverage than many of our investment-grade peers.

我們也透過對沖來保護我們的下行風險。我們約有 25% 的原油價格將達到每桶 73 美元，並且未來幾年將擁有強大的石油和天然氣對沖能力。我們的資產負債表的下一個策略重點是實現投資等級地位，我們認為，鑑於我們一貫的保守財務政策和比許多投資等級同業更低的槓桿率，這一目標將在年底前實現。

We paid our first $0.15 per share base dividend in November, and our current base dividend yield is over 4%, highlighting the relative value of the Permian Resources stock represents today. Importantly, the improvement in business fundamentals we have highlighted throughout the deck have driven our post-dividend free cash flow breakeven down to approximately $40, which highlights the sustainability of our plan.

我們在 11 月支付了第一筆每股 0.15 美元的基準股息，目前基準股息殖利率超過 4%，凸顯了二疊紀資源股如今的相對價值。重要的是，我們在整個演講中強調的業務基本面的改善已將我們的股息後自由現金流盈虧平衡點降至約 40 美元，這凸顯了我們計劃的可持續性。

Turning to slide 10. We want to go back to 2023 to highlight some of the performance metrics that have helped drive the outsized investor returns will highlight on the following slide. As those of you know, our sole focus is creating value on a per share basis. Our team has positioned us to deliver substantial peer-leading growth on key per share metrics by production per share and free cash flow per share.

翻到第 10 張投影片。我們希望回顧 2023 年，重點介紹一些有助於推動超額投資者回報的績效指標，這些指標將在下一張投影片中重點介紹。正如你們所知，我們唯一的關注點是每股創造價值。我們的團隊使我們能夠在每股產量和每股自由現金流等關鍵每股指標上實現同業領先的大幅成長。

From 2023 to 2025, we will grow production per debt adjusted share by approximately 50%, or reducing our cost structure in a material way during that same time period. And the end result is our free cash flow per share almost doubled from just over $1 per share in 2023 to over $2 per share in 2025.

從 2023 年到 2025 年，我們將把每債務調整後的產量提高約 50%，或在同一時期大幅降低我們的成本結構。最終結果是，我們的每股自由現金流幾乎翻了一番，從 2023 年的每股 1 美元多一點增加到 2025 年的每股 2 美元多一點。

Slide 11 shows the public results of the improvements to our business we have on slide 10. Our team's tireless focus on value creation and free cash flow per share growth has led to best-in-class total shareholder returns every year since the Colgate-Centennial merger in 2022.

投影片 11 展示了我們在第 10 張投影片中對業務進行改進後的公開結果。自 2022 年高露潔與 Centennial 合併以來，我們的團隊不懈地專注於價值創造和每股自由現金流的成長，每年都帶來一流的股東總回報。

As you can see, turning to slide 12, the majority of the shareholder value has come from improvements in the quality of our business rather than a rerating of our multiple. Even with our industry-leading TSR in the past two years, we believe that Permian Resources is well positioned to continue to create outsized value for investors.

如您所見，翻到第 12 張投影片，大部分股東價值來自於我們業務品質的提高，而不是我們本益比的重新評估。即使過去兩年我們的 TSR 處於行業領先地位，我們仍然相信二疊紀資源公司有能力繼續為投資者創造超額價值。

Our go-forward value creation potential is underpinned by an industry-leading cost structure, low breakevens and long-dated higher turn inventory, which together have driven leading returns for investors. Thank you for tuning in today, and now we will turn it back to the operator for Q&A.

我們未來的價值創造潛力由業界領先的成本結構、低損益平衡點和長期高週轉庫存支撐，這些共同為投資者帶來了領先的回報。感謝您今天的收聽，現在我們將把時間交還給接線員進行問答。

(Operator Instructions)

（操作員指示）

Scott Hanold, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Scott Hanold。

You discussed a little bit about your plan into 2025 in a lot of regional similarities. Can you give a little color around the target formations and co-development to -- that provide you confidence in sustainability of the economics as you move forward? And what's your visibility on that right now in terms of like duration?

您稍微討論了一下 2025 年的計劃，其中有很多地區相似之處。您能否稍微介紹一下目標形成和共同發展—這些目標和發展能讓您在未來的發展中對經濟的可持續性充滿信心？就持續時間而言，您目前對此的了解程度如何？

Yes. I mean it's shockingly similar at both the kind of allocation across states, basins and zones. I mean you'll see average pad size may creep up a little bit just some of the blocks were drilling set up for larger scale development. But really, it's the same zone. It will be a lot of the same zones in New Mexico, Texas and Midland Basin that we've done for previous years.

是的。我的意思是，跨州、跨流域和跨區域的分配類型驚人地相似。我的意思是，你會看到平均鑽台尺寸可能會稍微增加一點，只是一些區塊是為了更大規模的開發而設定的。但實際上，它們是同一個區域。它將與我們前幾年在新墨西哥州、德克薩斯州和米德蘭盆地進行的許多區域相同。

And really, I'd say our inventory position has not changed. We follow kind of the M&A slides in there. We've been able to basically replace everything we've filled for two years in a row now. So we still sit with high confident 15-year inventory was kind of the first half of that showing very little degradation from what we're doing today.

事實上，我想說我們的庫存狀況沒有改變。我們遵循其中的併購幻燈片。我們已經能夠連續兩年更換所有已填充的物品。因此，我們仍然高度相信，15 年庫存的前半部分與我們今天所做的相比幾乎沒有下降。

Yes, and that's great. And that kind of leads to my next kind of question in terms of the M&A strategy going forward? And as you replace this inventory, you're replacing those very similar quality stuff. And what is your view on larger scale M&A? It seems like sort of the trend in the sector is getting bigger deals to enhance your scale, enhance the duration of the inventory and lower cost. Like when you look at larger scale deals in the Delaware, how much do you all see is left that could be targeted?

是的，這太棒了。這是否引出了我關於未來併購策略的下一個問題？當您更換這些庫存時，您也就更換了那些非常相似品質的東西。您對更大規模的併購有何看法？該行業的趨勢似乎是透過更大的交易來擴大規模、延長庫存期限並降低成本。就像當您查看特拉華州的大規模交易時，您認為還剩下多少可以作為目標的交易？

I think the M&A landscape overall, I think we see a pretty interesting and attractive kind of market backdrop as we head into 2025. I think it looks pretty similar to the last couple of years and the years before COVID, which have been kind of fruitful if people can find and do the right deals. I think in terms of scale, we've been more focused on the kind of smaller deals. I think the biggest deal we've done on the cash side was the Barilla Draw deal we announced in Q3.

我認為，就整體併購格局而言，隨著我們邁入 2025 年，我們將看到一個非常有趣且有吸引力的市場背景。我認為這與過去幾年以及新冠疫情之前的幾年非常相似，如果人們能夠找到並達成正確的交易，那將是富有成效的。我認為就規模而言，我們更關注小型交易。我認為我們在現金方面完成的最大交易是我們在第三季宣布的 Barilla Draw 交易。

And I think we find those deals tend to have higher quality inventory and represent better values. I think the bigger deals we've seen, especially on the private side in the Delaware, have to be very production heavy and probably not as long lives on the inventory side of things. And so I think our focus has been more on the smaller deals, kind of the hundreds of millions of dollars and smaller. That's it.

我認為我們發現這些交易往往具有更高品質的庫存並代表更好的價值。我認為，我們所見過的大型交易，尤其是特拉華州的私人交易，必須非常注重生產，而且庫存方面的壽命可能不會那麼長。因此，我認為我們的重點更多地放在小型交易上，例如數億美元或更小的交易。就是這樣。

I mean, we'd be happy to look at bigger deals. We've looked at quite a few of them. And if we found one that was the right fit the right quality, and we believe truly made our business better over the long term. I think we'd be excited to do something bigger, but we see more value on the smaller end and probably the same going forward, but you never know what the market is going to bring, and you can assume we're looking at everything.

我的意思是，我們很樂意考慮更大的交易。我們已經看過其中的不少了。如果我們找到一個適合且品質合適的產品，我們相信從長遠來看這將真正改善我們的業務。我認為我們很高興能做一些更大的事情，但我們在較小的方面看到了更多的價值，未來可能也是如此，但你永遠不知道市場會帶來什麼，你可以假設我們正在關註一切。

Neal Dingmann, Truist Securities.

Truist Securities 的 Neal Dingmann。

Well, maybe my first question for you just around the operational efficiencies. You continue to now do yourself a just sort of quarter in quarter I'm wondering, is part of this driven by the continued integration of new assets and does that help? Or really what continues to be the driver of just and you guys are able to do this in investor quarter?

好吧，也許我要問您的第一個問題是關於營運效率的。現在您繼續自己做一個季度性的業績，我想知道，這是否部分是由於新資產的持續整合所驅動，這有幫助嗎？或者實際上什麼繼續成為推動力並且你們能夠在投資者季度做到這一點？

I'd say, really, that's just the culture that we've built around here. We've got a team of highly motivated, highly skilled people that are really working every day to try to better what they did the quarter before. That's the culture that's ingrained in PR. That's what we've been doing for a long time.

我想說，實際上，這就是我們在這裡建立的文化。我們擁有一支積極進取、技術精湛的團隊，他們每天都在努力工作，力求比上一季做得更好。這就是根深蒂固的公關文化。這正是我們長期以來一直在做的事情。

And M&A, I'd say M&A allows us to showcase that. M&A allows us to leverage our cost structure to buy deals at a higher rate of return and kind of immediately apply that cost structure where you can see kind of the synergies as quick as the first month after acquisition. But I wouldn't say M&A makes us better. I think on the margin, it probably gives us some scale and some purchasing power.

而併購，我想說併購讓我們能夠展示這一點。併購使我們能夠利用我們的成本結構以更高的回報率購買交易，並立即應用該成本結構，您可以在收購後的第一個月就看到協同效應。但我不會說併購讓我們變得更好。我認為從邊際上來說，它可能會為我們帶來一定的規模和購買力。

But really kind of the day-to-day grinding out hours, days, minutes on the drilling side and finding ways to optimize completions to lower cost was really just a cultural thing in granted PR -- and I think we benefit a lot from being in Midland and really being focused on one basin. There's a lot of value in being kind of hyper focused on one basin in Midland, and I think kind of the culmination of the culture with that is what drives the performance.

但實際上，每天在鑽井方面花費數小時、數天、數分鐘的時間，尋找優化完井以降低成本的方法，實際上只是公關文化的一種體現——我認為，我們在米德蘭並真正專注於一個盆地，這對我們受益匪淺。高度關注米德蘭的一個盆地具有很大的價值，我認為這種文化的頂峰正是推動業績成長的動力。

Great point. And then, James, maybe just a second one for you on shareholder return. I'm just wondering for one is, you all haven't gone trade thinking of to pay out 100% or you have to have a 15% yield dividend. Just wondering when you sort of see the free cash flow taken up if it is how do you think -- what do you think is the appropriate shareholder return value this year by going to next year, how do you -- who do you going to see that strategy?

很好的觀點。然後，詹姆斯，也許您還有第二個問題，關於股東回報。我只是想知道，你們都沒有考慮過支付 100% 或必須獲得 15% 的收益股息。只是想知道，當您看到自由現金流被佔用時，您如何看待 - 您認為今年到明年合適的股東回報價值是多少，您如何看待這一策略？

Yes. I mean I think obviously set a lot to base dividend at the core of our shareholder returns program. And we paid our -- we all got our first $0.15 per share base dividend in November. So I think we're all really excited about that. I think we like the strong dividend yield. I think it reflects the kind of value proposition of PR stock today and it feels really sustainable.

是的。我的意思是，我認為顯然將股息作為股東回報計劃的核心。我們在 11 月支付了我們的第一筆每股 0.15 美元的基本股息。所以我認為我們都對此感到非常興奮。我認為我們喜歡強勁的股息殖利率。我認為它反映了當今公關股票的價值主張，而且感覺確實可持續。

Like I said on the call, I think that's sustainable at a cash flow breakeven post dividend down to [40], I think, feels really, really good. I think going forward, look, I think our number 1 goal is to continue to increase the base dividend on an annual basis. We don't think that's kind of a key criteria to have a healthy, high-quality growing business is a sustainably growing base dividend. So I think that's our first priority.

就像我在電話中說的那樣，我認為在股息降至 [40] 後現金流盈虧平衡的情況下，這是可持續的，我認為這感覺真的非常好。我認為展望未來，我們的首要目標是繼續每年增加基本股利。我們認為，擁有健康、高品質成長的業務的關鍵標準並不是可持續成長的基本股利。所以我認為這是我們的首要任務。

And then beyond that, I think that kind of capital allocation post base dividend is going to depend on the opportunity set in front of us. I think that could be what it's been in the last couple of months is putting cash on the balance sheet and and paying down some debt.

除此之外，我認為基本股利後的資本配置將取決於我們面前的機會。我認為這可能是過去幾個月的情況，即將現金放入資產負債表並償還部分債務。

I think over time, there could be interesting opportunities on the share buyback side or on the strategic acquisition side. And we're looking at all that. And I think we're kind of making that soon every day, every week, every month what we think is going to drive the highest return for shareholders, and that's where the kind of rest of the cash is going to go.

我認為隨著時間的推移，股票回購或策略性收購方面可能會出現有趣的機會。我們正在關注這一切。我認為，我們很快就會做到每天、每週、每月都為股東帶來最高回報，而剩餘的現金也會流向那裡。

Gabe Daoud, TD Cowen.

加布·達烏德（Gabe Daoud），TD Cowen。

I was hoping for us to get started with CapEx, a couple items I wanted to ask about, I guess, first is just the level of facility spend -- I guess it's about $400 million on an absolute basis. Just curious if that's a good number to use annually on a go-forward basis? And then your D&C per foot numbers targeting $750 a foot. Are you there now? Or is that a level that you expect to get to at some point this year.

我希望我們能夠開始討論資本支出，我想問幾個問題，首先是設施支出的水平——我猜絕對金額約為 4 億美元。只是好奇，從未來來看，這個數字是否適合每年使用？然後，您每英尺的 D&C 數字目標是每英尺 750 美元。你現在在嗎？或者這是您預計今年某個時候能夠達到的水平。

Cool. Great questions. Facilities, yes, I think kind of right around $400 million, maybe slightly above that is kind of where we think we'll be this year. That's $100 million off of where we were last year, if you remember, there was a kind of a lot of onetime spend associated with the Earthstone integration. So I think $400 million is probably the right, call it, short to midterm run rate. Obviously, acquisitions can move that around.

涼爽的。很好的問題。是的，設施方面的花費大約在 4 億美元左右，或許略高於這個數字，這就是我們認為今年的花費。如果你還記得的話，這比去年減少了 1 億美元，當時與 Earthstone 整合相關的一次性支出很多。因此我認為 4 億美元可能是正確的短期至中期運行率。顯然，收購可以改變這一現狀。

I do think that if we didn't do any acquisitions and just continue to prosecute developing our own inventory that once you get, call it, three plus, four years out, you could see that drop further to kind of call it maybe as low as $300 million a year, but that's probably the right kind of base case, no acquisition run rate. And I think based on our history, there's likely to be some acquisitions that happen between now and then.

我確實認為，如果我們不進行任何收購，只是繼續致力於開發我們自己的庫存，那麼一旦你得到，也就是三年或四年後，你可能會看到它進一步下降，可能低至每年 3 億美元，但這可能是正確的基本情況，沒有收購的運行率。我認為根據我們的歷史，從現在到那時可能會發生一些收購。

And then the D&C side, $750 a foot is cutting-edge real-time cost today. So we are there, we were -- as we were looking at kind of what to put in the budget and the guide. I say we've got confidence based on what we're seeing real time in the field today that $750 is achievable, and we are there today.

然後是 D&C 方面，每英尺 750 美元是當今最先進的即時成本。所以我們在那裡，我們正在研究在預算和指南中要包含哪些內容。我想說，根據我們今天在現場即時看到的情況，我們有信心實現 750 美元的目標，而且我們今天已經實現了這個目標。

Awesome. Okay. So I think it would be fair to say you could probably move that lower as we move throughout the year.

驚人的。好的。因此我認為可以公平地說，隨著全年的發展，這一數字可能會降低。

Yes. You said that, not me. I think that I trust my team will continue to find ways to get better. But at the same time, I kind of -- it feels like we've squeezed probably a lot if we can out of the deflation side of the equation. People are talking about tariffs. There's kind of a lot of other factors at play. So I think $750 is the right guide based on where I stand today. And hopefully, we can go find ways to cut costs from here. But it's not quite as clear as it maybe was three or four months ago.

是的。這是你說的，不是我說的。我認為我相信我的團隊會繼續尋找進步的方法。但同時，我感覺如果我們能夠擺脫通貨緊縮的局面，我們可能已經取得了很大進展。人們正在談論關稅。還有很多其他因素在起作用。因此，根據我目前的狀況，我認為 750 美元是正確的指導價。希望我們能夠找到削減成本的方法。但情況可能不像三、四個月前那麼清晰。

Okay. Okay. No, that's fair. Understood. And then just a quick follow-up. Is it fair to assume just given a pretty static level of equipment and activity relative to where you just were. So maybe no real lumpiness in the program this year. Is that a fair statement?

好的。好的。不，這很公平。明白了。然後只是快速的跟進。相對於您剛才所在位置而言，是否可以假設設備和活動處於相當靜態的水平。因此今年的計劃可能不會出現什麼真正的問題。這是一個公平的說法嗎？

I think there's a little bit of lumpiness. I would say CapEx is probably slightly front half weighted and production is slightly back half weighted, Something like that, production is probably on the low end of the guide for the first half of the year and then high end of the guidance for the back half of the year. And CapEx probably could move a couple of percent to the first half and drop the back half by a couple of percent, something like that.

我認為有一點點不平整。我想說的是，資本支出可能略微占前半部分的權重，而生產則略微佔後半部分的權重，類似這樣的情況，產量可能處於上半年指導值的低端，而下半年的產量則處於指導值的高端。資本支出可能會向前半部增加幾個百分點，而後半部則減少幾個百分點，諸如此類。

Zach Parham, JPMorgan.

摩根大通的紮克·帕勒姆。

Just a follow-up on some of the other questions on D&C cost. You're at $750 a foot now, that's down over $100 a foot from where you were kind of coming into '24. Can you just detail what the drivers and those reductions in D&C costs have been over the last year? How much of that's efficiency gains versus on the cost side?

這只是對 D&C 費用的一些其他問題的後續回答。現在的價格是每英尺 750 美元，比 24 年初的價格每英尺下降了 100 多美元。您能否詳細說明過去一年中 D&C 成本的驅動因素和降低因素是什麼？與成本方面相比，效率方面的效益有多少？

Yes, happy to do it. I'd say just real high level, I'd say probably slightly over 50%, maybe 55% is going to come from the efficiency side with the balance being more kind of real per unit cost deflation. On the efficiency side, it's drilling weighted. You can see it kind of however you want to pull our drilling times as we've continued to cut days and days and days on the Delaware Basin and Midland Basin side of the equation.

是的，很高興這麼做。我想說的是真正的高水平，我想說可能略高於 50%，也許 55% 來自效率方面，而平衡則更像是實際單位成本的通貨緊縮。從效率方面來看，鑽探是重要的。您可以看到，無論您想如何縮短我們的鑽井時間，我們都在不斷縮短特拉華盆地和米德蘭盆地一側的鑽井時間。

And we've talked about this a lot down the drilling side days, directly affect dollars, spread rate, call it, $90,000, $100,000 a day every time you cut it, you save about that much on a gross basis per well.

我們在鑽井過程中多次討論過這個問題，它直接影響到美元、利差率，每次切割可以節省 90,000 美元、100,000 美元，每口井可以節省大約那麼多。

On the material side, it's really just kind of tangible stuff like sands come down, casings come down and then a little bit of, call it, like deflation on true services. Simul-fracs helped a little bit, you kind of add all that together and used to get to the numbers you're quoting.

從物質方面來說，它其實只是一些有形的東西，像是沙子掉下來、套管掉下來，然後還有一點點，我們可以稱之為真正服務的通貨緊縮。同步壓裂有一點幫助，你把所有這些加在一起就能得到你引用的數字。

Got it. And then maybe just an update on the Midland asset and kind of how that fits into the portfolio. It seems like it's about 5% of turn in line this year. But how are you thinking about that asset fitting into the portfolio over the longer term?

知道了。然後也許只是米德蘭資產的更新以及它如何融入投資組合。看起來今年的排隊率大約是 5%。但是您認為從長遠來看該資產如何融入投資組合？

Kevin, I think we're obviously very focused on the Delaware Basin. That's kind of our backyard. That's where we've spent the majority of our time, the majority of it in -- a majority of our capital. That's turned out to be a good little asset. I think our team has done a really good job bringing kind of costs in line with the leading operators in the Midland Basin. Frankly, when we acquired that asset a couple of years ago was in a fine position.

凱文，我認為我們顯然非常關注特拉華盆地。那就是我們的後院。我們大部分的時間、大部分資金都花在那裡。事實證明這是一筆不錯的小資產。我認為我們的團隊做得非常出色，使成本與米德蘭盆地的領先營運商保持一致。坦白說，幾年前我們收購該資產時處於良好的地位。

But I think our team has really taken that and made it a lot better kind of applied the PR secret sauce, if you will. I think it's not an area of focus for us, but I think it fits well in the portfolio today. It's a little bit of our capital activity. It provides a nice little cash flow stream. And I think over the longer and longer term, if there's something to do to optimize the position that included that. I think we'd obviously be open to it.

但我認為我們的團隊確實已經接受了這一點，並且做得更好，可以說是運用了 PR 秘訣。我認為這不是我們關注的領域，但我認為它非常適合今天的投資組合。這是我們的一些資本活動。它提供了不錯的小額現金流。我認為從長遠來看，如果有事情可以做來優化包括這一點的地位。我認為我們顯然會對此持開放態度。

But I think we like having it in the portfolio. I think it's not really good gas price optionality, obviously, kind of Permian gas prices haven't anything to be that excited about. But that business has a real amount of leverage to kind of in-basin gas pricing that I think plus kind of makes it more attractive to hold and probably requires a different environment to do something worse.

但我認為我們喜歡將其納入投資組合。我認為這並不是很好的天然氣價格選擇，顯然，二疊紀天然氣價格沒有什麼值得興奮的。但我認為，該業務對盆地內天然氣定價具有真正的影響力，這使得持有該業務更具吸引力，並且可能需要不同的環境才能做出更糟糕的事情。

But tell you truth, our team has done such good work. I think we're pretty happy with it sitting where it is. And if there's a way to do something to make it -- make our business better. Obviously, that's what we do every day, we'd be open to it, but happy with it in the portfolio as it stands today.

但說實話，我們的團隊做得非常好。我認為我們對它的現狀非常滿意。如果有辦法可以讓我們的業務變得更好。顯然，這就是我們每天都在做的事情，我們對此持開放態度，但對目前的投資組合感到滿意。

Kevin MacCurdy, Pickering Energy Partners.

麥柯迪（Kevin MacCurdy），皮克林能源合夥公司（Pickering Energy Partners）。

It looks like you're taking your efficiency gains in shorter cycle times from 2024 and using it to increase turning lines year-over-year. This is slightly different than some of your peers who I think are banking those efficiency gains and keeping production flattish.

看起來，從 2024 年開始，您將在更短的周期時間內提高效率，並利用它來逐年增加生產線。我認為這與您的一些同行略有不同，他們正在鞏固效率提升並保持生產穩定。

And I wonder if you could just share your thought process on activity levels and how you reached the decision you did?

我想知道您是否可以分享您對活動水平的思考過程以及您是如何做出這個決定的？

I'll at the beginning of it, I'd say kind of what -- first of all, we look at as we're making capital allocation decisions, especially with respect to the drilling program, it's just kind of the all-in return of the program and we've talked about this in the past, but also kind of the payback of it. When you add an incremental rig, how fast that rig pays for itself where you're in a net better cash position because of it.

首先，我想說的是——首先，我們在製定資本配置決策時，特別是關於鑽探計劃，它只是該計劃的全部回報，我們過去曾討論過這個問題，但也是它的回報。當您添加增量鑽孔機時，此鑽孔機能多快收回成本，使您的淨現金狀況變得更好。

And I think what you've seen over the last months or 12 months is commodity prices have moved against us. But at the same time, our cost structure has more than offset it. We have we're earning better returns at the pad level today than we had -- than we were a year ago, just given the overall return profile of the business, really with the cost structure being the biggest tailwind.

我認為，過去幾個月或 12 個月，大宗商品價格的走勢對我們不利。但同時，我們的成本結構足以抵銷這項損失。我們今天在墊層層面獲得的回報比一年前要好，考慮到業務的整體回報狀況，成本結構確實是最大的順風。

I think as we look at the plan for '25, I wouldn't -- I'd call this more of a tweener program, like we are from year-over-year, it's 8% growth, but there's a lot of acquisitions in it, kind of from Q4 levels, it's less than that. And we could easily dial it up to show meaningful growth, much more than this to kind of the high end, 10% as we've talked about, or dial it back a little bit, but it feels like kind of the return profile of the business justifies a little bit of growth, and that's where we landed.

我認為，當我們審視 25 年的計劃時，我不會——我會稱其為一個中間計劃，就像我們與去年同期相比，增長了 8%，但其中有很多收購，從第四季度的水平來看，增長幅度要小一些。我們可以輕鬆地將其調高以顯示有意義的成長，遠高於這個高端，即我們所討論的 10%，或者將其調低一點，但感覺業務的回報狀況證明了一點點增長是合理的，這就是我們所達到的。

Really, the way we're thinking about it and the way we focus on other thing is per share growth. And I think we've got the debt adjusted per share growth in the deck of 11% year-over-year, which I think feels really healthy. So I think kind of our folks like we talked about a lot is on the per share metric, if you like that kind of fits with the position of our business today and the macro environment.

實際上，我們思考這個問題的方式以及我們關注其他事情的方式是每股成長。我認為我們的債務調整後每股收益同比增長 11%，我認為這真的很健康。所以我認為，我們經常談論的是每股指標，如果你喜歡的話，這與我們今天的業務狀況和宏觀環境相符。

I appreciate that answer. And yes, I think the growth certainly separates you from your peers. For a follow-up, I wanted to touch on the minimal cash taxes in 2025 because I think that's a meaningful piece of the free cash flow. How are you guys able to mitigate taxes again this year? And do you have any thoughts on how long you can kind of continue to defer the majority of your cash taxes?

我很感謝這個回答。是的，我認為這種成長確實讓你與同儕區分開來。接下來，我想談談 2025 年的最低現金稅，因為我認為這是自由現金流中很重要的一部分。你們今年又如何減稅呢？您是否想過可以將大部分現金稅推遲多久？

Yes. this is Guy. So for '24, we really just kind of continue to optimize our tax planning. And we learned a lot with Earthstone that ultimately resulted in nominal cash taxes paid in '24 and '25 is just a carryover of that what I call, improved planning and probably optimization of Earthstone. As we go forward, cash taxes will be more meaningful in '26 and '27 closer to a full cash taxpayer. So we're going through all that now. So that will change. But '25 was a meaningful improvement relative to what we thought 6 or 9 months ago.

是的。這是蓋伊。因此，對於 24 年，我們實際上只是繼續優化我們的稅收計劃。我們從 Earthstone 專案中學到了很多東西，最終導致我們在 24 年和 25 年繳納了名義現金稅，這只是我所說的 Earthstone 規劃改進和優化的一個延續。隨著我們不斷前進，26 年和 27 年現金稅將更有意義，更接近全額現金納稅人。所以我們現在正在經歷這一切。所以這將會改變。但與我們 6 個月或 9 個月前的想法相比，25 是一個有意義的進步。

Derek Whitfield, Texas Capital.

德瑞克·惠特菲爾德，德州首府。

Over the last two quarters, you guys have added 2,500 net acres via grassroots leasing with the majority of that coming in 4Q. Kind of looking forward across your expanded position, is it reasonable to think that you could continue to add 5,000 to 10,000 acres per year via grassroots leasing, really negating the need for larger bolt-ons?

在過去兩個季度中，你們透過基層租賃增加了 2,500 英畝淨土地，其中大部分發生在第四季。展望您擴大後的職位，您是否認為您可以透過基層租賃繼續每年增加 5,000 至 10,000 英畝土地，從而真正消除對更大規模附加設施的需求？

High end of that sounds pretty high. I think we're confident, like we've been doing this a long time, and it's lumpy. I think we could have replicate what we did in Q4 a couple of quarters in a full year period. But I think probably the kind of 4,000 acre, 5,000 acre, 6,000 in that acre is probably the better base case. I'd say 10,000 an acre would be a really good year -- 2,000 acres would be a really good year.

這個高端聽起來相當高。我認為我們很有信心，就像我們已經做了很長時間一樣，而且進展順利。我認為我們可以在全年的幾個季度內重複我們在第四季度所做的事情。但我認為 4,000 英畝、5,000 英畝、6,000 英畝可能是更好的基準情況。我認為每英畝 10,000 英畝將是一個非常好的年份——每英畝 2,000 英畝將是一個非常好的年份。

I think just kind of the way that these deals come through and the kind of opportunity set being largely tied to the drill bit in our drill schedule like you do have some outsized quarters like we saw in Q4. But I think we're certainly confident we can continue doing it at the scale we've done in the last couple of years, which I think is probably closer to that 5,000 acre plus or minus 5,000 acres, plus or minus run rate.

我認為這些交易達成的方式和機會很大程度上與我們的鑽探計劃中的鑽頭有關，就像我們在第四季度看到的一些超大季度一樣。但我認為，我們完全有信心能夠繼續按照過去幾年的規模進行，我認為這個規模可能更接近 5,000 英畝加減 5,000 英畝，加減運行率。

But you know who knows. I mean our team we've done an incredible team out here in the Midland on the ground every day looking for opportunities. So I think a really good year could look like that, but probably not every year.

但你知道誰知道。我的意思是，我們的團隊在米德蘭這裡組成了一支令人難以置信的團隊，每天都在尋找機會。所以我認為真正好的年份可能會是這樣的，但可能不是每年。

Makes sense. And for my follow-up, I wanted to ask a capital efficiency question. One of your peers recently introduced a new measure where they evaluated the price in 2025 that would allow for a similar free cash flow per share is achieved in 2024. I guess with respect to that capital efficiency measure, if you've seen it, I'd love your take on it.

有道理。作為我的後續問題，我想問一個有關資本效率的問題。您的一位同行最近引入了一項新指標，他們評估了 2025 年的價格，這將允許在 2024 年實現類似的每股自由現金流。我想，關於資本效率衡量標準，如果您已經看過，我很想聽聽您的看法。

And secondly, if you have a view on what crude price would deliver a similar level of free cash flow per share for you in 2025, if you have it?

其次，如果您認為 2025 年的原油價格是多少可以為您帶來類似水準的每股自由現金流，您覺得呢？

Yes. I mean I think for us, we actually like looking at this. I think one thing that's really important as we talk about running our business every day is that our business is getting better year-over-year and kind of the ultimate arbiter of quality as we see it as free cash flow per share. I think that metric that we talked about is generally in the context of absolute free cash flow.

是的。我的意思是，我認為對我們來說，我們實際上喜歡看這個。我認為，當我們每天談論經營業務時，真正重要的一件事是，我們的業務逐年好轉，而品質的最終仲裁者是我們將其視為每股自由現金流。我認為我們討論的指標通常是在絕對自由現金流的背景下。

But I think from our perspective, if we were trying to generate the same, call it, $1.4 billion, we generated free cash flow on an absolute basis last year, which is a, call it, a $75 crude price, we think we could do that this year in the kind of low to mid-60s, call that $63 plus or minus. And feel like that shows the quality of the business, the kind of step change that we've seen in operational efficiencies and capital efficiency across the board.

但我認為，從我們的角度來看，如果我們試圖產生同樣的結果，比如說 14 億美元，那麼去年我們在絕對基礎上產生的自由現金流，也就是原油價格 75 美元，我們認為今年我們可以在 60 美元左右的低位到中位做到這一點，也就是 63 美元左右。感覺這體現了業務的質量，以及我們在營運效率和資本效率方面看到的全面變革。

Neil Mehta, Goldman Sachs.

高盛的尼爾·梅塔。

James and team, thanks for the time here. I guess big picture question. You show in the deck despite multiyear outperformance, the stock does still trade at a two-turn discount.

詹姆斯和他的團隊，感謝你們抽出時間。我想這是一個大問題。儘管多年來表現優異，但股票交易價格仍比預期低兩倍。

So a lot of superior including your big brother in the Midland. And I guess the question is, what do you think the market is -- needs to better understand to start thinking about Permian Resources differently and more in the context of other pure-play Permian stories.

有很多上級，包括你在米德蘭的大哥。我想問題是，您認為市場需要更好地理解什麼，以便開始以不同的方式思考二疊紀資源，並更多地從其他純粹的二疊紀故事的背景來思考。

I think, to be frank, I think we don't spend a ton of time guessing what the market is thinking. You're probably closer to that and better answering that question than we are. I'd say where we spend all of our tenant focus on how we can make our business better. I think if I had to had to speculate, and I'm probably not the best person to do this. I think it's a combination of, one, Permian Resources is still a relatively new story.

我認為，坦白說，我們不會花大量時間去猜測市場在想什麼。您可能比我們更接近這個問題並且能夠更好地回答這個問題。我想說，我們把所有的注意力都花在如何讓我們的業務變得更好。我想如果我必須進行推測的話，我可能不是最適合做這件事的人。我認為這是多種因素共同作用的結果，首先，二疊紀資源公司仍然是一個相對較新的故事。

Like I think if you want to talk about the guys across the street, they've been doing this for well over a decade, probably closer to two into one and doing it tremendously well year in, year out, quarter year and quarter out. So I think like that multiple is deserved by the -- both the quality of the business they run and the duration they run it for we're still a relatively new story. I think it's a 2.5-year mark or so for Permian Resources, and we're still doing a lot of investors.

就像我想如果你想談論街對面的那些人，他們已經這樣做了十多年，可能接近於二合一，並且年復一年、每季度都做得非常好。所以我認為，這樣的倍數是他們應得的——他們經營的業務品質和經營時間都還算長，這還是一個相對較新的故事。我認為對於 Permian Resources 來說這是一個 2.5 年左右的里程碑，我們仍在進行大量投資。

So hopefully, we've built a lot of trust. We've obviously, we think created a lot of value for shareholders. And I think over time, the kind of multiple uplift will come as people see -- I think people see the quality of our business today, but continue to see quarter in, quarter out and year out execution.

所以希望我們已經建立了很大的信任。顯然，我們認為我們為股東創造了很多價值。我認為隨著時間的推移，人們會看到這種多重提升——我認為人們看到了我們今天的業務質量，但繼續看到季度、季度和年度的執行情況。

So I think the only other thing we get occasionally from investors is the outperformance to date, which is shown on slide 11, has been so strong three years running that I think people have a hard time reconciling that with slide 12, which is still a relatively low multiple compared to the peer set. So I think I think it all works itself out over time. And now, I'd say for us, we're really focused on how we grow free cash flow per share and think everything else will take care of itself.

因此，我認為我們偶爾從投資者那裡得到的唯一其他資訊是迄今為止的優異表現，如幻燈片 11 所示，連續三年表現如此強勁，以至於我認為人們很難將其與幻燈片 12 相協調，因為與同行相比，這仍然是相對較低的倍數。所以我認為隨著時間的推移一切都會好起來。現在，我想說，對我們來說，我們真正關注的是如何增加每股自由現金流，並認為其他一切都會水到渠成。

Great answer. And then just a follow-up on lateral lengths. You're moving from 9,300 feet to 10,000 feet. Just talk about what -- how do you continue to drive this higher. And what's your approach to continue to extend those laterals.

很好的答案。然後只是關於橫向長度的後續內容。你正從 9,300 英尺移動到 10,000 英尺。只討論一下——你如何繼續推動這目標的實現。您採用什麼方法來繼續擴展這些橫向聯繫？

Yes, I'd say this is just the way the acreage position is set up this year. I think we've always Delaware Basin, at least in kind of the deeper Wolfcamp type benches targeted two-mile laterals as just kind of the optimal Delaware Basin lateral length. I think some of the step-up from 9300 to 10000 is just -- we're drilling very, very few sub 10,000-foot laterals as well this year as well as there's a few three-mile laterals that in some of the shallower benches actually does drive incremental economics and when so that's what we'll do.

是的，我想說這就是今年種植面積的設定方式。我認為，我們始終將特拉華盆地，至少是更深的沃爾夫坎普類型的台階作為目標，將兩英里長的水平段作為特拉華盆地最佳的水平段長度。我認為從 9,300 英尺到 10,000 英尺的提升只是——我們今年鑽探的 10,000 英尺以下的水平井非常少，而且在一些較淺的台地中鑽探幾個三英里的水平井確實可以推動增量經濟，所以這就是我們要做的。

I think if the verdict is still a little bit out on the Delaware Basin, if you'll see the big shift change from targeting 10,000 feet to chart targeting closer to 12,500 feet that you've seen in the Midland Basin. I'd say most Midland Basin operational synergies or efficiencies do end up translating to the Delaware a couple of years later. So I probably wouldn't bet against it.

我認為，如果對特拉華盆地的判決結果仍不明朗，您會看到從目標 10,000 英尺到接近米德蘭盆地所見的 12,500 英尺的海圖目標的巨大轉變。我想說，米德蘭盆地的大部分營運協同效應或效率最終會在幾年後轉化為特拉華州的效益。所以我可能不會打賭說它不會成功。

But we -- Delaware basin productivity makes a lot more fluid per foot than Midland. And so at some point, if you really, really start to push lateral lengths, your food deliverability is constrained and it kind of hurts the economics. So I'd say that's the stuff we're looking at every day, but I do have the confidence that our drilling team could easily go drill miles, if needed, it's more of just that makes sense of the acreage position and the economics.

但是我們——特拉華盆地的生產力每英尺產生的流體比米德蘭多得多。因此，在某個時候，如果你真的開始增加橫向長度，你的食物輸送能力就會受到限制，並且會損害經濟。所以我想說這就是我們每天都在關注的東西，但我確實有信心，如果需要的話，我們的鑽井團隊可以輕鬆地鑽探數英里，這更重要的是了解油田面積的位置和經濟狀況。

Oliver Wang, TPH.

奧利佛·王，TPH。

Just wanted to kind of look back at the 2025 budget and the non-D&C portion, that 20%, it sounds like most of that is facilities infrastructure related. But just any sort of color you all can provide with respect to the magnitude of the non-op CapEx within that budget?

只是想回顧一下 2025 年的預算和非 D&C 部分，即 20%，聽起來其中大部分與設施基礎設施有關。但是，您能否就該預算中非營運資本支出的規模提供任何說明？

Yes. non-op is pretty small. We've done an awesome job over the years, I think kind of coring up and focusing on our operated business. I'd say it's -- the non spends less than $50 million a year.

是的。 non-op 相當小。多年來，我們做得非常出色，我認為我們的核心業務是核心，重點是經營業務。我想說的是——非每年的花費不到 5000 萬美元。

Okay. That makes sense. And for a follow-up, maybe just on gas realizations. Last quarter, you all put out a slide speaking towards focusing on optimizing the gas netbacks. Just kind of wondering if there's been any progress updates to kind of offer up on that front that you're able to speak to.

好的。這很有道理。而後續可能只是關於天然氣的實現。上個季度，你們都發布了一張幻燈片，重點討論如何優化天然氣淨回值。我只是想知道您是否能談談這方面的進展更新。

No. I mean, I'd say it's definitely still a priority. I think kind of better marketing of all of our hydrocarbons across the board is a priority. I'd say on the gas side, that just takes time. I think you saw us on the crude side kind of guide up our oil realizations by 1% at the midpoint from our guidance last year. And I think we made some real progress there, $0.10, $0.20, $0.50 a barrel in different places really moves the needle on free cash flow at the end of the day.

不。我的意思是，我認為這絕對仍然是優先事項。我認為，全面、更好地行銷我們所有的碳氫化合物是當務之急。我想說，就天然氣方面而言，這需要時間。我想您會看到，我們在原油方面將石油實現量在去年指導價的基礎上上調了 1%。我認為我們在那裡取得了一些真正的進展，不同地方每桶 0.10 美元、0.20 美元、0.50 美元的價格最終確實對自由現金流產生了影響。

On the gas side, I think, to be frank, I think our -- the way we're going to sell our gas this year probably looks a lot like it did last year. I think the kind of real step change that we think we'll see is probably in 2026 and beyond as we're looking at some longer-term longer-haul deals, ways to access got a couple of different things on the plate that could allow us to access different markets than Waha, but that just takes time.

在天然氣方面，坦白說，我認為我們今年銷售天然氣的方式可能與去年非常相似。我認為，我們認為我們將看到的真正的階梯變化可能是在 2026 年及以後，因為我們正在尋找一些長期的長途交易，進入的方式有幾種不同的方式，可以讓我們進入與 Waha 不同的市場，但這需要時間。

So I think our gas strategy is very in focus for us. I think kind of optimizing our realizations over the next decade is at the very top of the strategic priorities list, but I think you'll see that more in '26 and '27 than you will in 2025.

所以我認為我們的天然氣策略非常重要。我認為，在未來十年內優化我們的實現是戰略重點中的重中之重，但我認為你會在 2026 年和 2027 年比 2025 年更多地看到這一點。

Josh Silverstein, UBS.

瑞銀的喬希·西爾弗斯坦（Josh Silverstein）。

You mentioned potentially getting the balance sheet to half a turn of leverage by the end of this year. Do you see benefit in getting to this level from a rerating in the stock? Or does it make sense to stay closer to 1x and use that cash for buyback and acquisitions?

您提到有可能在今年年底前使資產負債表的槓桿率達到半週。您是否認為重新評估股票評級對於達到這一水平有好處？或者保持接近 1x 並使用現金進行回購和收購是否有意義？

We're definitely not kind of solving for balance sheet issues because I think because of implications for how the stock trades, I'd say as we think about balance sheet, it's positioning our business to optimize value creation in all environments. And I think having a stronger balance sheet, I think everyone would agree, positions you well to be able to be opportunistic and aggressive if there's a downturn.

我們絕對不會解決資產負債表問題，因為我認為這對股票交易方式有影響，我想說，當我們考慮資產負債表時，它會定位我們的業務以在所有環境中優化價值創造。我認為，擁有更強勁的資產負債表，我想每個人都會同意，如果出現經濟低迷，你就能夠抓住機會，積極進取。

And also have dry powder as well if the right opportunity comes along, be at a buyback, be that acquisition in a kind of normal market as well. So I don't think it's a stock positioning. I said we're very comfortable at onetime. We've been at 1x the majority of our business life cycle the last 9 or 10 years.

如果有合適的機會出現，也可以在回購或收購時準備好乾粉，這也是正常市場。所以我不認為這是一種股票定位。我曾經說過我們很舒服。在過去的 9 年或 10 年裡，我們的業務生命週期大部分處於 1x 水準。

And during a fortunate position where the business is generating so much cash, it's going to delever more quickly. this year, absent any extra acquisitions or buybacks, but there's certainly no strong view that we're going to trade better at 0.5x than 1x.

在企業能夠產生大量現金的幸運情況下，它將更快地去槓桿。今年，沒有任何額外的收購或回購，但肯定沒有強烈的觀點認為我們的交易價格為 0.5 倍會比 1 倍更好。

Got it. And then on the royalty side, you guys have a pretty chunky position now almost at 90,000 net royalty acres. A couple of questions here. Just as we're thinking about M&A, are you thinking about potentially targeting more royalty acreage? And then for the drilling program this year, how much drilling is on that royalty acreage to enhance returns?

知道了。然後在特許權使用費方面，你們現在擁有相當大份額，淨特許權使用費面積接近 90,000 英畝。這裡有幾個問題。就在我們考慮併購的同時，您是否考慮過爭取更多的特許權使用費土地？那麼對於今年的鑽探計劃，在該特許權使用費土地上進行多少鑽探可以提高回報？

Yes. I think -- look, I'd say we look at all acquisitions on the lens of what's the all-in total return we think we can achieve. And I'd say the majority of the acquisition dollars we spend have been on working interest. I think we look at a lot of royalties deals. That's a pretty competitive landscape and competitive market where it's often perceived lower cost of capital. But I think we're definitely active buying royalties under the Permian resources where we can.

是的。我認為——看，我想說我們會從我們認為可以實現的總回報的角度來看待所有收購。我想說，我們花費的大部分收購資金都用於工作權益。我認為我們考慮了很多版稅交易。這是一個競爭相當激烈的市場，人們通常認為這裡的資本成本較低。但我認為，我們肯定會積極購買二疊紀資源的使用權使用費。

I think where we've had the most success is buying working interest packages that come with royalties alongside it. I think that's been -- you saw that in the Barilla Draw deal and we announced last year and kind of I think probably more likely to be the base case. And then when it comes to activity, I'd say the activity goes towards the highest rate of return development that we have. And more often than not, those tend to be on the high entry package that we have with the kind of royalties advantage.

我認為我們最成功的地方是購買附帶特許權使用費的工作權益包。我認為這是——您在 Barilla Draw 交易中看到了這一點，我們去年宣布了這一點，我認為這更有可能是基本情況。然後，當談到活動時，我想說活動是為了實現我們所擁有的最高回報率發展。通常情況下，這些往往是我們擁有的高入門套餐，並具有版稅優勢。

You'll see on 15, our kind of 2025 guidance has at about a 79%, 88% [centralized]. So we're definitely allocating more capital to those higher return, higher NRI packages.

您將在 15 日看到，我們對 2025 年的指導約為 79%、88% [集中化]。因此，我們肯定會為那些回報更高、非居民印度人收入更高的計劃分配更多資金。

John Abbott, Wolfe Research.

約翰‧阿博特，沃爾夫研究公司。

Will, I want to go back to the cost per lateral foot. Ignoring tariffs, you mentioned the risk there at $750 per lateral foot to achieve further efficiencies from here, do we really need to see more of a technological change at this point in time? Or are there other things that you could potentially do just see a major change in costs?

威爾，我想回到每英尺的成本問題。忽略關稅，您提到從現在起，為了實現進一步的效率，每英尺 750 美元的風險，我們真的需要在此時看到更多的技術變革嗎？或者您可以做其他事情來看到成本發生重大變化？

Yes. Look, I mean, if I was to make the bull case for cutting costs from here, I'd say there's small changes in continued to kind of reduce flat time on the drilling side. There's small changes on water sourcing, recycled water is a meaningful savings and water has become a really, really big part of our capital budget. On the completion side, and then yes, there's always the breakthroughs that could be follow drilling costs for PR or the predecessor company that we ran over time, it's kind of a flat to very marginal improvements quarter-over-quarter. And then you have big step changes kind of once every year or two.

是的。聽著，我的意思是，如果我要從現在開始大力削減成本，我會說在鑽井方面會有一些小的變化，繼續減少平穩時間。水源方面有一些小的變化，再生水是一種有意義的節約，水已經成為我們資本預算中非常非常重要的一部分。在完井方面，是的，總是會有突破，可以跟進 PR 或我們運營的前身公司的鑽井成本，這是一種季度環比持平或非常小幅的改善。然後每隔一兩年就會發生一次重大的變化。

We saw one of those going from Q1 to Q2 last year. So actually, those are more of the technological changes or you discover a new BHA or you find a swap out of fluids or something like that, that has like a meaningful change. So -- those are all the ways you can win. Obviously, there's ways you can lose to. And so hence, the $750 being kind of where we landed for the year.

我們看到其中一個從去年第一季進入第二季。因此實際上，這些更多的是技術變化，或者你發現了新的 BHA，或者你發現了流體的交換或類似的東西，這是一個有意義的變化。所以——這些都是你可以贏的方法。顯然，有很多方法可以讓你失敗。因此，750 美元就是我們今年的收入。

Okay. And then I want to go back to CapEx for production. I mean, production is 8% year-over-year. So we got a backward dated oil curve, but there are benefits to maintaining efficiencies of operations. I mean we've seen that in your cost per lateral foot. So when you think about sort of possibly managing production or like when you think about like a production number, does it make more sense to let efficiencies continue versus managing to a production number?

好的。然後我想回到 CapEx 進行生產。我的意思是，產量年增了 8%。因此，我們得到了一條過時的石油曲線，但這對於保持營運效率是有好處的。我的意思是我們已經從每英尺的成本中看到了這一點。因此，當您考慮可能管理生產或考慮生產數量時，讓效率持續下去是否比管理生產數量更有意義？

I think it just really depends on the market and kind of -- I'd say both, it's a combination as we think about kind of capital allocation and reinvestment rate, which ultimately drives kind of the production number that you referenced. It's a function as we think about it, what is -- what are the returns that we're getting and what is the kind of macro backdrop go forward? I think the returns we're getting even at a backwardated strip are phenomenal in this environment.

我認為這實際上取決於市場——我想說兩者都有，當我們考慮資本配置和再投資率時，這是一種組合，最終決定了您提到的生產數字。我們認為這是一個功能，我們得到的回報是什麼，未來的宏觀背景是什麼樣的？我認為，在這種環境下，即使是現貨溢價，我們獲得的回報也是驚人的。

I think we talked about our returns at a corporate level are materially better than they were last year at even a lower oil price. But I do think kind of there is a backdrop of kind of potentially an oversupplied market as you kind of move through the year. I think maybe some of the storm clouds are [positing] a little bit.

我認為，我們談到了公司層面的回報，即使在油價較低的情況下，也比去年有了顯著的提高。但我確實認為，隨著時間的推移，市場可能會出現供應過剩的情況。我認為也許有些烏雲正在一點點形成。

But I think with that backdrop, we kind of got to what we viewed as a middle ground on kind of organic growth, call it, kind of low to mid-single digits on an organic basis and 8% overall. We're really focused on is per share growth. And I think we can't talk about that enough, kind of per debt adjusted share are 11% production growth feels really good for the business in this market. And I think you'll see us talk a lot more about that metric going forward.

但我認為，在這樣的背景下，我們達到了我們所認為的有機增長的中間水平，即有機增長處於低到中等個位數，總體增長處於 8%。我們真正關注的是每股成長。我認為我們對此還不夠談論，以債務調整後的份額計算，11% 的產量成長對於這個市場的業務來說確實非常好。我想你會看到我們在未來更多地討論這個指標。

Leo Mariani, ROTH Capital Partners.

羅仕證券資本合夥公司的 Leo Mariani。

Obviously, you spoke a bit in your prepared comments about clearly the multiple being lower than peers and hopefully, that takes care of itself over time. But at the same time, you guys are generating a lot of free cash flow, which seems to put the balance sheet in a lot better shape at the end of the year and I know M&A is unpredictable.

顯然，您在準備好的評論中提到了該倍數明顯低於同行，希望隨著時間的推移，這種情況能夠得到解決。但同時，你們正在產生大量的自由現金流，這似乎使得年底的資產負債表狀況好得多，而且我知道併購是不可預測的。

But just given the fact that your leverage profiles in great shape and the multiple is low. Why doesn't it make sense and maybe feather in a little bit more buyback instead of kind of waiting for things to totally blow up here.

但考慮到您的槓桿狀況良好且倍數較低。為什麼這不合理呢？也許應該增加一點回購，而不是等到事情徹底爆發。

Yes. And I think for us, we've always talked about our buyback strategy is going to be very, call it, rifle shot, and we think you want to get a better bang for your buck on buyback dollars when you see real dislocations or a real downturn. And although I think we're undervalued relative to peers, it doesn't feel like a truly dislocated market kind of more broadly today.

是的。我認為，對我們來說，我們一直在談論的回購策略將非常，稱之為步槍射擊，我們認為當你看到真正的混亂或真正的衰退時，你會希望從回購資金中獲得更好的回報。儘管我認為我們相對於同行被低估了，但今​​天整體上看起來並不像是一個真正混亂的市場。

So I think we think our dollars are better spent putting them on the balance sheet and rating for a, call it, a right for opportunity than one that's just good enough. We think that kind of prudent approach to share buybacks to ultimately drive more shareholder value over the long term, and we're kind of prepared to be patient and wait for the right opportunity to be that a juicy or buyback in the future that I think we do in mass or an acquisition opportunity or something else?

所以我認為，我們認為我們的錢最好花在把它們放在資產負債表上，並對其進行評級，稱之為機會權利，而不是僅僅足夠好。我們認為，這種謹慎的股票回購方式最終會在長期內推動股東價值的提升，我們準備耐心等待合適的機會，以便在未來進行有利可圖的股票回購，或進行收購或其他什麼？

Okay. And then just turning to your controllable cash costs, as you pointed out, they ticked down a little bit here in the fourth quarter. Looking at 2025 guidance, I guess you guys are expecting them to come down again on your controllable cash costs. Maybe just kind of talk to some of the success you had in 4Q and what the drivers are to kind of reduce the cost more in 2025? Is it just simply a matter of scale? Or are there some kind of tangible cost reduction efforts that you guys are working on?

好的。然後談到您的可控現金成本，正如您所指出的，它們在第四季度略有下降。看看 2025 年的指導方針，我猜你們希望他們再次降低可控現金成本。也許您只是談談您在第四季度取得的一些成功，以及在 2025 年進一步降低成本的驅動因素是什麼？這僅僅是一個規模問題嗎？或者你們正在進行某種切實的成本削減努力？

Yes. So I'd say one big win at which we highlighted some of is the cost we were able to cut so quickly out of the acquisitions we made, that redraw that we bought was north of a $10 per BOE asset. And just a few months after getting our hands on it. We've got it down into the -- and I think there's room to continue to lower it from there. So you have some of those tailwinds as you compare Q4 to kind of forward-looking 2025.

是的。因此，我想說，我們取得的一大勝利是我們能夠透過收購迅速削減成本，我們購買的重新繪製成本超過每桶 10 美元。我們得到它僅僅幾個月後。我們已經把它降到了——而且我認為還有繼續降低的空間。因此，當您將第四季度與具有前瞻性的 2025 年進行比較時，您會發現一些順風。

We also have just kind of the way our development program sets up relative to some of our midstream contracts, I think you'll expect -- we start to lower GP&T year-over-year. That's more just a function of where we're drilling than any material change to the business. But look, I'd say overall, we think controllable cash cost is important to protecting our margin to protecting our ability to generate free cash flow and free cash flow per share. So we'll keep chipping away at it. Industry-leading G&A kind of keep pushing on the LOE side, et cetera, et cetera, will lead to a better business and ultimately more free cash flow.

我們的開發計劃相對於我們的一些中游合約也有所設立，我想你會預料到——我們開始逐年降低 GP&T。這僅僅是我們鑽探地點的功能，而不是業務的任何重大變化。但總的來說，我們認為可控現金成本對於保護我們的利潤率、保護我們產生自由現金流和每股自由現金流的能力非常重要。因此我們會繼續努力。業界領先的 G&A 不斷推動 LOE 方面等等，將帶來更好的業務並最終帶來更多的自由現金流。

Paul Diamond, Citi.

花旗銀行的保羅戴蒙德 (Paul Diamond)。

Just a quick one. You mentioned on M&A opportunities, kind of thinking couple of hundred million dollar range. Should we think about the go-forward kind of opportunity set similar to Barilla Draw or on the high side or the low side of that?

只是快速的。您提到了併購機會，大概價值幾億美元。我們是否應該考慮類似於 Barilla Draw 的前進型機會集，或考慮其高端或低端的機會集？

I think we're doing acquisitions today that are $50,000 on the small end, and we're doing those by the dozen or by the hundreds. And I think -- we've done a lot of the kind of area draw size high hundred million acquisitions. Last year, we did the kind of $800 million Barilla Draw deal. We did a kind of $200-something million deal in Eddy County and then couple of deals a little smaller than that. So I think that's probably the right range of kind of potential outcomes. I think it's kind of big as $1 billion on the kind of cash transaction side and as small as $10,000.

我認為我們今天進行的小額收購都在 50,000 美元左右，而且我們以十幾筆或幾百筆為單位進行收購。我認為——我們已經完成了許多這種區域性、規模高達數億美元的收購。去年，我們完成了價值 8 億美元的 Barilla Draw 交易。我們在埃迪縣做了一筆價值 2 億多美元的交易，然後又做了幾筆比這小一點的交易。所以我認為這可能是潛在結果的正確範圍。我認為現金交易金額大到 10 億美元，小到 1 萬美元。

Understood. I appreciate the clarity. And then just talking a bit about the ground game. Compared to 2.5 years ago, Colgate merger. How have you seen that evolve? You've seen similar bid-ask spread, similar kind of negotiation times or if any evolution in that net marketer activity.

明白了。我很欣賞這種清晰度。然後簡單談談地面比賽。與兩年半前相比，高露潔合併。您如何看待這項演變？您已經看到了類似的買賣價差、類似的談判時間或網路行銷活動的任何演變。

The ground game has been pretty similar to efforts that we've had underway since we started the predecessor company Colgate back in 2015. And I think it's a big part of that is the relationship and being boots on the ground out here in Midland and the heart of the Permian, that kind of opens up a lot of opportunities for us.

這項實地活動與我們自 2015 年創立前身公司高露潔以來的努力非常相似。我認為其中很大一部分是這種關係，而且我們在米德蘭和二疊紀盆地中心的實地工作，這為我們帶來了許多機會。

But I'd say the only big change we saw was kind of from the Colgate continual merger in 2022. I was just the scale of the business. We go from running 4-, 5-, 6 rigs to running 12 rigs and that kind of doubles the opportunity set and probably doubled our success rate at acquiring deals. So I think to kind of negotiate times rate of return, cost break has been pretty steady for a long time.

但我想說，我們看到的唯一重大變化是來自 2022 年高露潔的持續合併。我只不過是業務規模而已。我們從運行 4、5、6 個鑽機增加到運行 12 個鑽機，這使得機會增加了一倍，並且可能使我們達成交易的成功率也增加了一倍。因此我認為，協商倍數回報率、成本突破長期以來一直相當穩定。

Noah Hungness, Bank of America.

諾亞·洪尼斯，美國銀行。

Congrats on a great quarter. For my first question, I just wanted to ask on the base dividend. You guys have continued to have your capital costs your capital program become more efficient. Your cash costs go lower and your production is higher than what we were expecting. And it seems like your free cash flow capacity is also increasing. So what was your reasoning behind keeping your base dividend flat when you announced results?

恭喜本季取得優異成績。對於我的第一個問題，我只是想問一下基本股利。你們的資本成本不斷增加，你們的資本計畫也變得更有效率。您的現金成本降低，而產量高於我們的預期。而且看起來您的自由現金流能力也在增加。那麼，當您宣布業績時，保持基本股息不變的理由是什麼？

Yes. I mean the reason is we paid -- we all got our first $0.15 based dividend in November. So it just kind of felt like the kind of that was the right status quo. And I think we probably messaged this indirectly when we rolled it out, that kind of -- we do plan to revisit it annually, but we kind of did our annual revisit with the first November dividend that we paid. I think the business could certainly support a larger dividend, and we're excited to kind of revisit it this time next year and should have a nice increase.

是的。我的意思是，原因是我們支付了——我們都在 11 月獲得了第一筆 0.15 美元的股息。所以感覺這就是正確的現狀。我認為我們在推出這項計劃時可能間接地傳達了這種信息——我們確實計劃每年重新審視它，但我們在支付 11 月的第一筆股息時就進行了年度重新審視。我認為該業務肯定能夠支持更大的股息，我們很高興明年這個時候重新審視它，並且應該會有不錯的成長。

But I'd say it just felt like we had just done this. And frankly, the dividend yield is higher than it was when we rolled it out, and it had only been one quarter. So pretty simple thinking that it just kind of didn't seem like it made sense to make a change just one quarter end.

但我想說，感覺就像我們剛剛做過這件事一樣。坦白說，股息殖利率比我們推出時要高，而且才一個季度。所以很簡單的想法是，僅僅在一個季度末做出改變似乎沒有什麼意義。

Yes. That makes sense. And then I just would like to know your thoughts on potentially implementing creative drilling solutions like U-laterals. We've seen some of your peers in the basin do so to tests levels of success. And have you guys had any thoughts on that?

是的。這很有道理。然後我只是想知道您對實施 U 型側向鑽井等創新鑽井解決方案的看法。我們已經看到盆地中的一些同行這樣做，以測試成功的水平。你們對此有什麼想法嗎？

Yes. So I think for the most part, we're very fortunate that our kind of land team and our land position does not require it. Like if you go look at our acreage on a map, just a simple scan, you can see how well it sets up for kind of two or longer than two straight well development.

是的。因此我認為，在大多數情況下，我們非常幸運，我們的陸地團隊和陸地位置不需要它。例如，如果你在地圖上查看我們的土地面積，只需簡單掃描一下，你就能看到它是否適合兩口或兩口以上直井的開發。

Having said that, I think we've drilled three or four U-turn wells or kind of curved candy cane wells, if that's what you want to call it to date. And any time it does make sense, it's part of the program. I'd say our drilling team has proven over the three or four times we've done it that there's very, very little incremental costs like that curve. Some of us you don't even see it on a DVD plot.

話雖如此，我認為到目前為止我們已經鑽了三到四口掉頭井或彎曲的拐杖糖井，如果你想這麼稱呼的話。只要它有意義，它就是程式的一部分。我想說，我們的鑽井團隊已經透過三、四次嘗試證明了，像這條曲線那樣的增量成本非常非常小。有些人甚至在 DVD 情節上都看不到它。

And so we have the confidence that when it makes sense, we'll do it. And I think that it will be something kind of like simul-frac, it's part of the program, but I don't think it will be something that we are necessarily highlighting is a huge step change in capital efficiency, primarily driven that we just don't have that many inefficient places where we need to do it.

因此我們有信心，當事情有意義時，我們就會去做。我認為這有點像同步壓裂，它是計劃的一部分，但我不認為我們會特別強調這是資本效率的巨大變化，主要是因為我們沒有那麼多需要這樣做的低效地方。

There are no further questions at this time. I will now hand the call back to Mr. James Walter for any closing remarks.

目前沒有其他問題。現在我將把電話轉回給詹姆斯沃特先生，請他做最後發言。

Thank you, and thanks, everyone, for dialing in today. Having gotten off to a great start for 2025, our primary goal remains the same, to maximize shareholder value over the long term. Due that we plan to continue to build on our track record of delivering consistent results with the lowest cost structure in the Delaware Basin. Thanks again to everyone for joining the call today and for following the Permian Resources' story.

謝謝大家，也謝謝大家今天的來電。我們已經為 2025 年做好了準備，但我們的主要目標仍然不變，那就是長期實現股東價值最大化。由於我們計劃繼續鞏固我們在特拉華盆地以最低成本結構提供一致成果的記錄。再次感謝大家今天參加電話會議並關註二疊紀資源公司的故事。

This concludes today's call. Thank you for participating. You may all disconnect.

今天的電話會議到此結束。感謝您的參與。你們都可以斷開連線。