Permian Resources Corp (PR) 2025 Q1 法說會逐字稿

Good morning, and welcome to Permian Resources conference call to discuss its first-quarter 2025 earnings. Today's call is being recorded. A replay of the call will be accessible until May 22, 2025, by dialing 888-660-6264 and entering the replay access code 27785 or by visiting the company's site at www.permianres.com.

早安，歡迎參加 Permian Resources 電話會議，討論其 2025 年第一季的收益。今天的通話正在錄音。您可以在 2025 年 5 月 22 日之前透過撥打 888-660-6264 並輸入重播存取代碼 27785 或造訪公司網站 www.permianres.com 收聽此電話會議的重播。

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, sir.

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。先生，請繼續。

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

謝謝，安吉琳。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 Guy Oliphint。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財務的風險和不確定性。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中進行了更詳細的討論。

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 that 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，均可在我們的收益報告或介紹中找到與其最接近的相應 GAAP 指標進行調整。

With that, I will 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. There is a lot we're excited to talk about today. We delivered another strong quarter, outperforming expectations and achieving the highest free cash flow per share in PR history of $0.54 per share, driven by lower per unit cost and solid production performance. We did all this while strengthening the balance sheet with the highest liquidity, most cash, and lowest leverage in PR history.

謝謝，海斯。今天我們很高興要談論很多事情。我們又度過了一個強勁的季度，業績超出預期，並實現了 PR 歷史上最高的每股自由現金流 0.54 美元，這得益於較低的單位成本和穩健的生產表現。我們在完成所有這些工作的同時，也加強了資產負債表，實現了 PR 歷史上最高的流動性、最多的現金和最低的槓桿率。

All the work we've done to date has put us in an incredibly strong position, not just to navigate the current market but to capitalize on it. We've used this strength to start executing our downturn playbook already with our first opportunistic share buyback and the announcement of a New Mexico bolt-on, both which James will hit in more detail.

到目前為止，我們所做的所有工作都使我們處於非常有利的地位，不僅可以駕馭當前的市場，還可以利用它。我們已經利用這一優勢開始執行我們的經濟低迷策略，包括首次機會性股票回購和新墨西哥州附加計劃的宣布，詹姆斯將對這兩項措施進行更詳細的介紹。

Moving to Q1 performance. Production exceeded expectations with oil production of 175,000 barrels of oil per day and total production of 373,000 barrels of oil equivalent per day. Our strong production performance is mainly attributable to outperformance from our 2024 acquisitions, driven by artificial lift optimization and stronger-than-expected well performance.

轉向第一季的表現。產量超出預期，石油產量為每天 175,000 桶石油，總產量為每天 373,000 桶石油當量。我們強勁的生產業績主要歸功於我們 2024 年收購的優異表現，這得益於人工舉升優化和強於預期的油井表現。

In addition to wins on the production side, our operations team continued to drive down costs. Compared to Q4, we reduced controllable cash cost by 4% and D&C cost by 3%, landing at $750 per foot for the quarter. Strong production performance and further extending our Delaware Basin cost leadership resulted in adjusted operating cash flow of $900 million and adjusted free cash flow of $460 million with $500 million of cash CapEx.

除了生產方面的勝利之外，我們的營運團隊也持續降低成本。與第四季度相比，我們將可控現金成本降低了 4%，D&C 成本降低了 3%，本季成本降至每英尺 750 美元。強勁的生產表現和進一步擴大我們在特拉華盆地的成本領先地位，導致調整後的營運現金流達到 9 億美元，調整後的自由現金流達到 4.6 億美元，現金資本支出為 5 億美元。

Our outstanding operating performance and conservative financial strategy further enhanced our fortress balance sheet. During the quarter, robust free cash flow generation drove an increase in cash on the balance sheet from $479 million at year-end to approximately $700 million on March 31. We also redeemed $175 million in principle of the 9.875% high-interest legacy Earthstone notes which will save us approximately $17 million per year in reduced interest expenses.

我們出色的經營業績和保守的財務策略進一步增強了我們的資產負債表。本季度，強勁的自由現金流產生推動資產負債表上的現金從年底的 4.79 億美元增加到 3 月 31 日的約 7 億美元。我們還贖回了 1.75 億美元的 9.875% 高息遺留 Earthstone 票據，這將使我們每年節省約 1,700 萬美元的利息支出。

These actions reduced leverage from 1 times at year-end to 0.8 times at the end of Q1. We also highlight our updated credit ratings from BA1 from Moody's and BB+ from S&P. With Fitch already at BB+, we are one notch away from our investment-grade goal at all three rating agencies. And you'll see in this presentation, our credit metrics compare favorably to our investment-grade peers.

這些措施將槓桿率從年底的1倍降至第一季末的0.8倍。我們也重點介紹了穆迪的最新信用評等 BA1 和標準普爾的 BB+。惠譽的評級已為 BB+，我們距離三大評級機構的投資等級目標只有一步之遙。您將在本次演示中看到，我們的信用指標與投資級同行相比具有優勢。

Turning to slide 5, we started the predecessor company Colgate back in the 2015, '16 downturn. We built the company on a strategy of being prepared to play offense in any market. That mindset has benefited us tremendously in previous downturns and remains a core part of PR's DNA today. While we've been executing on an accretive consolidation strategy, we've also been pulling every lever to make sure we are ready for the next downturn.

翻到第 5 張投影片，我們在 2015 年和 2016 年的經濟低迷時期創立了前身公司高露潔。我們建立公司的策略是隨時準備在任何市場上發動攻擊。這種思維方式在過去的經濟衰退中使我們受益匪淺，至今仍是 PR DNA 的核心部分。在我們執行增值整合策略的同時，我們也一直在竭盡全力，確保為下一次經濟衰退做好準備。

Since year-end '23, we have decreased leverage to 0.8 times and increased liquidity to $3.2 billion, all while more than doubling the size of the business. Looking at our current hedge book, we have approximately 25% of 2025 oil production hedged at a price just above $73 per barrel. This hedging strategy allows PR to be more opportunistic during a downturn when investments can earn the highest return.

自 23 年底以來，我們已將槓桿率降至 0.8 倍，流動性增加至 32 億美元，同時業務規模擴大了一倍以上。從我們目前的對沖帳簿來看，我們已經以略高於每桶 73 美元的價格對沖了 2025 年石油產量的約 25%。這種對沖策略使得 PR 在經濟低迷時期能夠抓住更多機會，從而獲得最高的投資回報。

In addition, our high-returning asset base and our ability to drive costs out of the business allows us to maximize cash return from every dollar invested. That's not just a talking point, it's material. At our current cost structure and consistent well performance, we can generate the same free cash flow this year if oil remains at $60 that we did last year at $75. Thanks to our strategy, our people and our relentless execution, PR is in the strongest position in company history to operate effectively and create value through a down market.

此外，我們高回報的資產基礎和降低業務成本的能力使我們能夠最大限度地利用每一美元的投資來獲得現金回報。這不僅僅是一個談話要點，而是一個實質內容。按照我們目前的成本結構和一致的油井性能，如果油價保持在 60 美元/桶，我們今年就能產生與去年 75 美元/桶相同的自由現金流。憑藉我們的策略、我們的員工以及我們不懈的執行，PR 處於公司歷史上最強大的地位，能夠在低迷的市場中有效運作並創造價值。

With that, I'll turn it over to James to walk through our downturn strategy in more detail.

接下來，我將讓詹姆斯更詳細地介紹我們的經濟衰退策略。

Thanks, Will. We've discussed our views on balance sheet and cost leadership. The third part of our strategy is opportunistically investing during the downcycle. If we step back for a second, we recognize that the oil and gas industry will always have volatility. And it is our belief that this volatility creates the potential for outsized value creation. We firmly believe that investments made during lower commodity prices drive greater long-term shareholder value.

謝謝，威爾。我們討論了對資產負債表和成本領先的看法。我們的策略的第三部分是在經濟下行週期中進行機會性投資。如果我們退一步思考，我們就會意識到石油和天然氣產業總是存在波動。我們相信，這種波動性能夠創造超額價值。我們堅信，在大宗商品價格較低時進行的投資將帶來更大的長期股東價值。

But to capitalize on that opportunity yet to have both the balance sheet capacity and the willingness to deploy capital, when it's the natural reaction to pull back. During times like this, our goal is to buy the highest-quality assets with long-dated, low breakeven inventory in the bottom half of the commodity cycle, and we've recently done that in two ways.

但要利用這個機會，必須同時具備資產負債表能力和部署資本的意願，這時自然的反應就是撤退。在這樣的時期，我們的目標是在商品週期的下半段購買具有長期、低盈虧平衡庫存的最優質資產，我們最近透過兩種方式實現了這一目標。

First, with our buyback of PR shares in early April and second with our New Mexico bolt-on we announced yesterday. We'll hit both of those in more detail now. Yesterday, we announced the $608 million bolt-on acquisition in New Mexico, directly offsetting and overlapping our existing acreage and operational footprint. This acquisition was entirely in Eddy and Lea Counties and consists of approximately 12,000 BOE a day, 13,300 net acres, and 8,700 net royalty acres.

首先，我們在 4 月初回購了 PR 股票，其次，我們昨天宣布了在新墨西哥州的附加措施。我們現在將更詳細地討論這兩個問題。昨天，我們宣佈在新墨西哥州進行價值 6.08 億美元的附加收購，直接抵銷和重疊我們現有的土地面積和營運足跡。此次收購全部位於埃迪縣和利亞縣，涉及每天約 12,000 桶油當量、13,300 淨英畝和 8,700 淨特許權使用費英畝。

The proximity of these assets to our legacy position will allow us to quickly and efficiently bring our peer-leading cost structure to bear on the newly acquired assets, further enhancing returns. This acquisition also adds over 100 new gross operated locations in our core operating areas that immediately compete for capital, while also materially increasing working interest in existing legacy PR units.

這些資產與我們原有資產的接近性將使我們能夠快速有效地將我們同業領先的成本結構應用於新收購的資產，從而進一步提高回報。此次收購還在我們的核心營運區域增加了 100 多個新的總營運地點，這些地點會立即爭奪資本，同時也大大增加了現有傳統 PR 部門的工作興趣。

In addition, the acquisition comes with another 4,500 non-op acres, that provide the opportunity to leverage our highly effective ground game to maximize value through trades and further consolidation. The existing production has a lower decline than most acquisitions we have evaluated recently but what really differentiates these assets is the quality and duration of the inventory.

此外，此次收購還帶來了另外 4,500 英畝的非營運土地，這為我們利用高效的地面業務透過交易和進一步整合實現價值最大化提供了機會。現有產量的下降幅度低於我們最近評估的大多數收購，但真正區分這些資產的是庫存的品質和持續時間。

Strong well productivity can with high NRIs and low development costs, allow these acquired locations to break even as low as $30 per barrel. This combination of high return investments and low declines will allow us to maintain production with just a 35% reinvestment rate over the long term. We're excited about the opportunity to invest in our core operating areas at below mid-cycle prices and think the purchase price metrics reflect that value proposition.

強大的油井產能加上較高的淨收入和較低的開發成本，可以使這些被收購的油田達到每桶 30 美元的收支平衡。高回報投資和低下降率的結合將使我們能夠長期以 35% 的再投資率維持生產。我們很高興有機會以低於中期價格投資我們的核心營運領域，並認為購買價格指標反映了這一價值主張。

The $608 million purchase price implies an attractive value of approximately $12,500 per net acre and $6,000 per net royalty acre. This works out to about $2 million per net location, and all in, we expect the deal to generate in excess of 5% free cash flow per share accretion in the near term, midterm and long term. We'd like to reiterate that we've been maintaining a very disciplined and consistent approach to M&A during our seven years as a private company and nearly three years as a public company.

6.08 億美元的收購價格意味著每淨英畝約 12,500 美元和每淨特許權使用費英畝 6,000 美元的誘人價值。這相當於每個淨地點約 200 萬美元，總的來說，我們預計該交易將在短期、中期和長期產生超過 5% 的每股自由現金流增值。我們想重申，在我們作為私人公司的七年時間裡以及作為上市公司的近三年時間裡，我們一直保持著非常嚴謹和一致的併購方式。

And as such, slide 8 should be familiar to all of you. Given the high quality of our business today and specifically the depth of our low breakeven inventory, the bar is very high when it comes to potential acquisitions. But we are confident this acquisition exceeds all of our rigorous investment criteria.

因此，大家應該對第 8 張投影片很熟悉。鑑於我們目前業務的高品質，特別是低盈虧平衡庫存的深度，潛在收購的門檻非常高。但我們確信此次收購超出了我們所有嚴格的投資標準。

First, we acquired these assets at an attractive valuation where we are highly confident we can exceed our return thresholds. Second, this transaction is accretive to all key financial metrics. Third, this allows us to add very high-quality inventory that competes for capital immediately in areas that we know well. Fourth, we're able to execute this opportunity while maintaining our fortress balance sheet and expect it to exit the year with over $3 billion in liquidity and leverage below 1 times.

首先，我們以有吸引力的估值收購了這些資產，我們非常有信心能夠超過我們的回報門檻。其次，此交易對所有關鍵財務指標都有增值作用。第三，這使我們能夠增加非常高品質的庫存，這些庫存可以在我們熟悉的領域中立即爭取資本。第四，我們能夠在維持資產負債表的同時抓住這個機會，並預計今年年底我們的流動性將超過 30 億美元，槓桿率將低於 1 倍。

But finally, and most importantly, we believe this transaction makes our business better and will increase free cash flow per share and returns to investors over the long term. We have a very long and successful track record of M&A that creates value for our shareholders and are highly confident that this transaction builds upon that.

但最後，最重要的是，我們相信這筆交易將使我們的業務更好，並將增加每股自由現金流和長期投資者回報。我們在併購方面有著長期且成功的記錄，為股東創造了價值，我們非常有信心這筆交易將以此為基礎。

Turning to slide 9. We want to continue to emphasize that protecting the balance sheet is a key component of our long-term strategy. So for the New Mexico bolt-on, our balance sheet remains strong at current prices with leverage less than 1times in the dividend breakeven of approximately $40, comparing very favorably to our historical metrics and our peers. We are confident we have the dry powder to continue to execute on acquisitions or share buybacks and scale if additional opportunities were to arise.

翻到第 9 張投影片。我們要繼續強調，保護資產負債表是我們長期策略的關鍵組成部分。因此，對於新墨西哥州的附加項目，我們的資產負債表在當前價格下仍然保持強勁，股息盈虧平衡時的槓桿率不到 1 倍，約為 40 美元，與我們的歷史指標和同行相比非常有利。我們相信，如果出現更多機會，我們有足夠的資金繼續執行收購或股票回購並擴大規模。

The final piece of our downturn strategy is opportunistic share buybacks, and we've been consistent and disciplined in our approach to buybacks since PR's inception. What we want to accomplish with buybacks is to increase ownership in our business in cost effective manner. To put it simply, we can buy back more shares with the same amount of money during a downturn when prices are lower.

我們的經濟低迷策略的最後一部分是機會性股票回購，自 PR 成立以來，我們在回購方面一直保持一致和嚴謹的態度。我們希望透過回購以經濟有效的方式增加我們業務的所有權。簡單來說，在經濟低迷時期，當股價較低時，我們可以用同樣的錢買回更多的股票。

And in a volatile industry like ours, we are confident that the dislocations and opportunities will always present themselves over time. Having prepared accordingly, we executed buybacks immediately during the period of heightened volatility in early April. In a relatively small window, we bought 4.1 million shares at an average price of $10.52.

在我們這樣動盪的行業中，我們相信，隨著時間的推移，錯位和機會總是會隨之出現。經過相應的準備，我們在4月初市場波動加劇的時期立即進行了回購。在相對較短的時間內，我們以平均 10.52 美元的價格購買了 410 萬股。

We want to use buybacks as efficiently as possible and will be ready to lean in during the next clear market dislocation. We are very fortunate that our team's focus on balance sheet strength has left us in a position to not treat buybacks or acquisitions as an either or but where we can execute on both in scale as opportunities present themselves in 2025 and beyond.

我們希望盡可能有效率地利用回購，並準備在下一次明顯的市場混亂中發揮作用。我們非常幸運，我們的團隊專注於資產負債表實力，這讓我們不會將回購或收購視為非此即彼的選擇，而是可以在 2025 年及以後出現機遇時大規模地執行這兩項操作。

Turning to slide 11. We're excited to roll out a revised plan where we project more production and lower CapEx than the original plan we rolled out in February. Our recent production outperformance allows us to reduce our capital budget by $50 million while maintaining production at the high end of our guidance range. This reduction in CapEx will come from a combination of reductions in completion and drilling activity in the second half of the year.

翻到第 11 張投影片。我們很高興推出一項修訂計劃，與二月推出的原計劃相比，我們預計產量將增加，資本支出將降低。我們最近的生產表現優異，使我們能夠將資本預算減少 5000 萬美元，同時將產量維持在指導範圍的高端。資本支出的減少將來自下半年完井和鑽井活動的減少。

As such, we still expect Q2 to be the highest CapEx quarter of the year with a step down in CapEx in the second half. As we have outlined in the past several years, our reinvestment in capital allocation decisions are very dynamic, and we adjust our plans to reflect the returns we anticipate in the coming environment.

因此，我們仍預期第二季將是今年資本支出最高的季度，而下半年資本支出將會下降。正如我們在過去幾年中所概述的那樣，我們對資本配置決策的再投資非常動態，我們會調整計劃以反映我們在未來環境中預期的回報。

Our business remains highly flexible to react to the ever-changing macro, and we will continue to monitor all of the moving pieces and adopt a plan that maximizes long-term shareholder value. We believe this strategy will position us to further our track record of outsized value creation for shareholders. Thank you for tuning in today. And now we will turn it back to the operator for Q&A.

我們的業務保持高度靈活性，以應對不斷變化的宏觀經濟，我們將繼續監控所有動態因素，並制定最大化長期股東價值的計劃。我們相信，這項策略將使我們進一步為股東創造超額價值。感謝您今天的收聽。現在我們將把問題交還給接線員進行問答。

(Operator Instructions)

（操作員指示）

Neil Mehta, Goldman Sachs.

高盛的尼爾·梅塔。

Hi. Good morning, James and Guy and Will, and team, just would love to build on your comments on the bolt-on in New Mexico. Just curious, how does this deal stack up against recent deals that you've done as you think about what it brings to the table, and spend a little bit more time kind of flushing out what you think might be underappreciated here.

你好。早安，詹姆斯、蓋伊、威爾和團隊，我很想就你們對新墨西哥州附加項目的評論發表看法。只是好奇，您認為這筆交易與您最近完成的交易相比如何，您認為它能帶來什麼，並花更多的時間來弄清楚您認為可能被低估的地方。

Yeah. Neil, great question. We're really excited about this deal. I think it fits with exactly what we're trying to do with our kind of M&A strategy, which is make our business better. And I think as the market evolves, I think one of the hardest things to continue to find is inventory that competes with what we've already got in our base business, and I think that's the best part about this deal.

是的。尼爾，這個問題問得好。我們對這筆交易感到非常興奮。我認為這完全符合我們試圖透過併購策略來實現的目標，那就是讓我們的業務變得更好。我認為，隨著市場的發展，最困難的事情之一就是繼續尋找與我們基礎業務中已有產品競爭的庫存，我認為這是這筆交易最好的部分。

I think we love the low decline PDP base. I think I made in my prepared remarks that the base declines here are lower than anything we've looked at in quite some time, but what we really like here is the kind of higher weighting of the purchase price to inventory and the quality of that inventory.

我認為我們喜歡低衰退的 PDP 基礎。我認為我在準備好的發言中已經提到過，這裡的基本下降幅度低於我們相當長一段時間以來看到的任何下降幅度，但我們真正喜歡的是購買價格對庫存和庫存質量的更高權重。

I think we haven't seen deals that have breakevens in the low 30s like this in a little bit of time and kind of really excited about what it does. And it really does compete for capital. I think we've got a great inventory base to build upon, and this fits great with our stack.

我認為我們已經很久沒有看到像這樣盈虧平衡點在 30% 以下的交易了，而且我對它的效果感到非常興奮。而且它確實在爭奪資本。我認為我們已經擁有了一個很好的庫存基礎，並且這與我們的堆疊非常契合。

And in terms of what do you think is kind of underappreciated in the asset or from an operational standpoint, what's got you excited about it?

就您認為資產中哪些部分被低估了，或者從營運角度來看，什麼讓您感到興奮？

Yes. I mean this kind of fits with what we've talked about for a while on our Parkway asset in Eddy County. I think what's been underappreciated by the market up this area is the oil productivity is strong, but I think what really differentiates this area from a rate of return perspective is just how low the cost structure is.

是的。我的意思是，這與我們之前談論的埃迪縣 Parkway 資產的情況很吻合。我認為市場低估了該地區的石油生產率很高，但我認為從回報率的角度來看該地區的真正區別在於成本結構有多低。

I think what our team has been able to do in Parkway in Eddy County, we're kind of approaching Midland Basin level cost with what the team is doing out there. And I think that really does help generate some of those outsized returns we referenced.

我認為我們的團隊在埃迪縣帕克韋所做的工作，在某種程度上已經接近米德蘭盆地的水平成本。我認為這確實有助於產生我們提到的一些超額回報。

Awesome. And then the follow-up just on share repurchases. You guys got were aggressive in terms of following the early April sell-off and we're able to pick off the stock at a really good price. But just think about -- maybe talk about your capacity to continue to buy back stock here with shares certainly trading at a discounted valuation.

驚人的。然後是股票回購的後續事宜。你們在 4 月初的拋售潮中表現得很積極，我們能夠以非常好的價格買入股票。但請想想——也許談談你繼續回購股票的能力，因為股票肯定以折扣價交易。

Yeah. I mean I think from our perspective, we have ample capacity to both pursue further acquisitions if the opportunities were to present themselves or to buy back shares in scale or really to do both. Like we said, we don't think it's an eater or proposition. But we've been really patient on the share buybacks. I think people have seen that for the last 2.5 years and expect to continue to be patient.

是的。我的意思是，我認為從我們的角度來看，如果有機會，我們有足夠的能力進行進一步的收購，或者大規模回購股票，或者實際上兩者兼而有之。正如我們所說的，我們不認為這是一個食客或主張。但我們對於股票回購一直非常有耐心。我認為人們在過去的兩年半裡已經看到了這一點，並希望繼續保持耐心。

I'd say we kind of started to dip our toe in the share buyback set first week in April, as we kind of thought we could be at the beginning of a longer-term downturn. And I'd say kind of if the market kind of went back to those levels or below that, we'd be kind of watching it and ready in the right environment. But I'd say it's also -- there's a lot that goes into the decision to purchase reshare. It's what does the balance sheet look like, what's our take on the longer-term macro, and what's our broader opportunity set.

我想說，我們在四月第一週就開始嘗試股票回購，因為我們認為我們可能正處於長期衰退的開始。我想說的是，如果市場回到那個水平或低於那個水平，我們就會密切關注並在適當的環境中做好準備。但我想說的是——購買 reshare 的決定需要考慮很多因素。資產負債表是什麼樣的，我們對長期宏觀的看法是什麼，以及我們更廣泛的機會是什麼。

So it's not going to be a kind of perfect to pin down formula, but I think what you'll hear from us is we're going to continue to watch the market. We'll be patient. And I think when we do see opportunities, you should expect us to hit them pretty aggressively.

因此，這不會是一種完美的公式，但我想你會從我們這裡聽到的是，我們將繼續關注市場。我們會耐心等待。我認為，當我們確實看到機會時，你應該期待我們積極地抓住它們。

Awesome. Thanks, guys.

驚人的。謝謝大家。

Kevin MacCurdy, Pickering Energy Partners.

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

Hey, good morning, guys. Maybe to stick with the acquisition. Can you share anything on how this deal came about? Was this a process or a negotiated deal? And then maybe where these assets fit into the development queue?

嘿，大家早安。也許會堅持收購。能分享一下這筆交易是如何達成的嗎？這是一個過程還是經過談判達成的協議？那麼這些資產可能適合放在開發佇列的哪個位置呢？

Yeah, sure. So these are some assets we've had our eye on for a long time. I think we've been in some discussions with the sellers on a smaller scale going back several years, I'd say, for us, this discussion is probably going on again in earnest in the last six to nine months. We had some conversations around potential trades, other ways to work together. Obviously, we're two large players in Permian that have a lot of respect for what the other ones are doing.

是的，當然。這些是我們長期關注的一些資產。我想我們在幾年前就曾與賣家進行過一些小規模的討論，我想說，對我們來說，這種討論可能在過去六到九個月內再次認真進行。我們就潛在的交易和其他合作方式進行了一些討論。顯然，我們是二疊紀盆地的兩大巨頭，非常尊重其他公司的所作所為。

But ultimately, this did morph into something that I would call a process, and we're able to reach a deal that makes sense for us, think largely on the backs of our peer-leading cost structure. I think these assets were really interesting where a good chunk of the acreage is in existing Permian Resources units that were on the near-term drill schedule for us. So I think we had a nice competitive advantage there.

但最終，這確實變成了我所說的一個過程，我們能夠達成對我們有意義的協議，這主要是基於我們同行領先的成本結構。我認為這些資產確實很有趣，其中很大一部分土地位於現有的二疊紀資源單位，這些單位已列入我們的近期鑽探計劃。所以我認為我們在那裡具有很好的競爭優勢。

And the newly acquired inventory competes for capital day one. I think we're probably over allocated to some of these assets in the near term, just given how low the breakevens are and how quick the payouts are.

新收購的庫存第一天就會爭取資金。考慮到損益平衡點很低且支出速度很快，我認為我們短期內可能對其中一些資產的配置過高。

Appreciate that. And then as a follow-up, I mean, it looks like to us that production is trending better than expected to start the year. Any observations on what is driving that better production compared to original expectations?

非常感謝。然後作為後續行動，我的意思是，我們覺得今年年初的生產趨勢比預期的要好。與最初的預期相比，有什麼因素推動了更好的生產？

Yeah, I tried to hit a little on my prepared remarks, but I'd say the majority of the Q1 outperformance is -- outperformance localized to two of the larger 2024 acquisitions we did. Just -- we've now had those kind of under our wing with our operating practices for kind of three months and nine months, respectively. And we've been swap out artificial lift and get our first kind of larger pads drilled on both of them.

是的，我試著稍微闡述一下我準備好的發言，但我想說的是，第一季的優異表現主要歸功於我們在 2024 年進行的兩次較大的收購。只是——我們現在已經分別將這些內容納入我們的營運實踐三個月和九個月了。我們已經更換了人工舉升裝置，並在兩個井架上鑽了第一個更大的平台。

And I think what we've been surprised by is that the performance was better than expected, and some of the artificial lift swaps had a meaningful uplift in production. So I think these are the kind of the -- a little bit of the good assets tend to outperform more often.

我認為令我們感到驚訝的是，業績表現優於預期，一些人工舉升更換使產量得到了顯著提升。所以我認為這些都是——一些優質資產往往會表現得更好。

And we think that the deals we did in '24 were on good assets and we had now had enough time to get our hands around them. You saw the cost cutting immediately, and now you're seeing the production uplift three to six months later.

我們認為，我們在 2024 年進行的交易是針對優質資產的，現在我們已經有足夠的時間來掌握這些資產。您立即就看到了成本的削減，並且三到六個月後又看到了產量的提升。

Thank you, and great quarter.

謝謝，本季表現非常出色。

John Freeman, Raymond James.

約翰‧弗里曼、雷蒙‧詹姆斯。

Congrats on the acquisition. On the roughly one-third of this bolt-on deal that's non op, you speak to the line of sight you got on being able to work some trades to increase your interest in the operated units.

恭喜收購成功。在這項附加交易中大約三分之一的非營運部分，您談到了能夠進行一些交易以增加對營運單位的興趣。

Yeah, sure. I mean I think with our existing footprint, we have meaningful overlap with every operator of scale in the Delaware Basin today, which is great. I'd say we really do have active ongoing trade discussions with, I think, everyone who's relevant and active in the Delaware Basin. So as you take the roughly 4,500 non-op acres we've acquired here. That just fits right into the discussions that we're already having.

是的，當然。我的意思是，我認為憑藉我們現有的業務，我們與特拉華盆地目前規模最大的每家營運商都有有意義的重疊，這非常好。我想說，我們確實與特拉華盆地所有相關且活躍的人士進行了積極的貿易討論。因此，我們在這裡獲得了大約 4,500 英畝的非經營性土地。這正好符合我們正在進行的討論。

And frankly, I think, should allow us to help optimize both the assets were newly acquiring as well as some of the legacy PR assets that we've been working to kind of trade and consolidate. So I think that's a great component of the deal.

坦白說，我認為這應該使我們能夠幫助優化新收購的資產以及我們一直致力於交易和整合的一些遺留公關資產。所以我認為這是該交易的一個重要組成部分。

And I think we also like some of the consolidation and buying opportunities around what may appear to be a non-op asset today, may very well not be a non-op when we unleash our land team and our business development team, which I think are the best in the business on growing some of those positions. I think a lot of what we underwrote is non-op acres could very well end up being operated in not too much time.

我認為，我們也喜歡一些整合和購買機會，這些機會圍繞著今天看似非營運資產的部分，當我們釋放我們的土地團隊和業務開發團隊時，它們很可能不再是非營運資產，我認為他們是業內在發展這些職位方面最優秀的團隊。我認為，我們所承保的許多非營運土地很可能在不久的將來投入運作。

Got it. And then can you speak to kind of how you all think about the trade-offs of depending on what the oil price goes from here. But just how are you all think about the trade-offs of responding to like a weaker oil price environment with reduced activity versus not wanting to slow down the efficiency gains and all the momentum that you all built up or sort of off-laying activity kind of up and down with the macro.

知道了。然後您能否談談你們如何看待油價未來走勢的利弊？但是，你們究竟是如何考慮權衡利弊的呢？是應對較弱的油價環境，減少活動，還是不想減慢效率提升和你們所建立的所有勢頭，或者隨著宏觀經濟的波動而停止活動？

Yeah. I mean I think at the very core, our development program and capital allocation through the drill bit is a very returns-focused equation. And that hasn't changed in the new commodity price. I'd say returns are obviously getting somewhat compressed given oil is down, however much you want to think, $15, $20 a barrel, but the returns of our program are extremely resilient. Like if you to look at wellhead breakevens are in the low $30s, corporate breakeven right around $40s.

是的。我的意思是，我認為從本質上講，我們的開發計劃和透過鑽頭進行的資本配置是一個非常注重回報的等式。而新的商品價格也沒有改變。我想說，由於油價下跌，回報率顯然會受到一定程度的壓縮，無論你想跌到每桶 15 美元、20 美元，但我們專案的回報率卻極具彈性。例如，如果你看一下井口損益平衡點，你會發現它在 30 美元出頭，而企業損益平衡點就在 40 美元左右。

So I mean we are still generating great returns to the drill bit. For us, I think what you see us doing this year is just given the overall macro backdrop, we've let the improvements in capital efficiency of the business accrue to less CapEx. And so that's why you see us as opposed to letting it accrue to production and kind of blowing out the high side of our original production guide. I think where we're headed is we're going to hold the line on production and accrue to less CapEx for the year.

所以我的意思是我們仍然在為鑽頭帶來巨大的回報。對我們來說，我認為您看到我們今年所做的只是考慮到整體宏觀背景，我們將業務資本效率的提高轉化為更少的資本支出。這就是為什麼您看到我們反對讓它累積到生產並超越我們原始生產指南的高端。我認為我們的目標是控制產量並減少今年的資本支出。

Also, I think there's a -- we can thread the needle of doing this in a way where we maintain kind of maximum flexibility with the ability to hit the gas pedal anytime between now and next year, early next year if we see things turn around. And similarly, we run our business with very few long-term contracts.

此外，我認為，我們可以以一種保持最大靈活性的方式來實現這一目標，如果我們發現情況有好轉，我們可以在現在到明年或明年初的任何時候加大力度。同樣，我們在經營業務時也很少簽訂長期合約。

And so, if we see kind of things get worse from here, we're prepared and able to dial it back. So it's not a perfect equation you can plug into, but it's kind of a sort of the overall returns of the program and then kind of after that, trying to maintain flexibility to react to what's been a pretty volatile market.

因此，如果我們發現情況變得更糟，我們已經做好準備並能夠扭轉局面。因此，它並不是一個完美的等式，但它是該計劃的整體回報，然後試圖保持靈活性以應對相當動蕩的市場。

Thanks, guys. Well done.

謝謝大家。做得好。

Thanks, John.

謝謝，約翰。

Scott Hanold, RBC.

斯科特·漢諾德（RBC）。

Yeah, I think, If I can build on John's question there. And just as you see, obviously, you talked about you're going to be tapering some of your activity in the back half of the year with that reduction, does that keep your volumes on a fairly stable rate into 2026. So it's sort of a question on how you're positioned heading into 2026? Is the back half of the year is still a pretty good maintenance mode into the next year?

是的，我想，如果我可以繼續回答約翰的問題的話。正如您所看到的，顯然，您談到了您將在今年下半年減少一些活動，這是否會使您的交易量在 2026 年保持相當穩定的水平。所以，問題是，您如何定位 2026 年？後半年是不是還是一個挺好的保養模式進入明年？

Yeah, I think relatively flat from where we were Q1 is fair. This is not a -- we're not going to exit -- the plan as it stands is not to exit Q4 at some meaningful decline from what we printed in Q1, if that's the question you're asking.

是的，我認為與第一季相比，情況相對平穩，這是公平的。這不是——我們不會退出——目前的計劃是，第四季度的業績不會比第一季大幅下滑，如果這是你要問的問題的話。

Yeah. And I think as you think about 2026, I think our goal is to position ourselves to be able to, like we said, quickly react to what the environment looks like at that time. We've obviously never given 2026 guidance but want to be in position if the market is calling for it and returns are high enough, we could return to growth, which we've done really successfully in the last few years.

是的。我認為，當你想到 2026 年時，我們的目標是讓自己能夠像我們所說的那樣，對當時的環境做出快速反應。我們顯然從未給出 2026 年的指導，但如果市場需要並且回報足夠高，我們就可以恢復成長，我們在過去幾年中確實成功地做到了這一點。

And if it looks like something like today's environment, likely something more flat. And if things had really gotten worse, would consider even further reduction in activity. So I think our position heading in to the year will be one of kind of perfect flexibility where we can quickly react to whatever the market looks like.

如果它看起來像今天的環境，那麼可能會更加平坦。如果情況真的變得更糟，就會考慮進一步減少活動。因此，我認為我們今年的地位將具有完美的靈活性，我們可以對市場的任何變化做出快速反應。

Got it. Thank you for that. And just maybe your perspective on the broad M&A landscape. I mean you all have done a very good job over the last several years of not only doing a lot of ground game activity, but mid- to larger-sized transactions. In this environment, like what is your real-time dealers telling you that's out there? And what do you think the market looks like, say, in the next six months if things are status quo from where they are today?

知道了。謝謝你。這也許只是您對廣泛的併購格局的看法。我的意思是，在過去幾年裡，你們都做得非常好，不僅進行了大量地面遊戲活動，還進行了中型到大型交易。在這種環境下，您的即時經銷商會告訴您什麼情況？如果情況維持現狀，您認為未來六個月市場會是什麼樣子？

Yeah. I mean I think kind of starting probably longer dated. I think we expect to continue to see opportunities like this size deal over the long term in the Delaware Basin. I think we've seen a ton of Permian consolidation in the last three years of a major scale, and I think on the back of consolidation, historically, you've seen non-core asset sales come out of it. I think this probably fits that bill, and you'll see more of it.

是的。我的意思是，我認為這種開始可能已經過時了。我認為，從長遠來看，我們有望在特拉華盆地繼續看到類似規模的交易機會。我認為，過去三年來，我們已經看到了二疊紀盆地大規模的整合，而且我認為，在整合的背後，從歷史上看，你會看到非核心資產的出售。我認為這可能符合這個要求，而且你會看到更多。

But I don't think we see anything like this coming down the pipeline in the next six months. I think the likely opportunity set for PR in that shorter time period is really more of the ground game. We've had a really active ground game in the last several years. I actually think in a downturn like this, there's a potential for that activity to actually pick up as you have potentially more motivated sellers.

但我認為，未來六個月內我們不會看到類似的事情發生。我認為，在較短的時間內，公關可能獲得的機會實際上更多的是實地行動。過去幾年裡，我們的地面比賽非常活躍。我確實認為，在像這樣的經濟低迷時期，由於賣家的積極性可能會更高，因此這種活動實際上有可能回升。

And I also think a big part of the ground game for us is going to be, we've got a lot bigger ground game footprint as we've mentioned on the call today, like a lot more chips to play with, a lot more areas to go focus on. So I don't think it probably shows up next quarter but in the six- to nine-month time period in the back half of the year. I think we will really see a lot of opportunities on the ground game side to kind of grow the business organically, which is something we've done really well. And I think some of the best return opportunities that we tend to see.

而且我還認為，地面比賽對我們來說很重要的一部分是，正如我們今天在電話會議上提到的那樣，我們擁有更大的地面比賽足跡，例如更多的籌碼可以使用，更多的領域可以關注。因此，我認為它可能不會在下個季度出現，而是在今年下半年的六到九個月內出現。我認為，我們確實會在實際遊戲方面看到很多機會，以某種方式有機地發展業務，這是我們做得非常好的事情。我認為這是我們經常看到的一些最佳回報機會。

Appreciate the color. Thank you.

欣賞色彩。謝謝。

Zach Parham, JPMorgan.

摩根大通的紮克·帕勒姆。

Thanks for taking my question. Given the activity drops we've seen across the industry already, and there's probably more to come, can you talk about what you're seeing on the service cost side at this point? Have those started to move lower yet?

感謝您回答我的問題。鑑於我們已經看到整個行業的活動下降，並且可能會有更多下降趨勢，您能否談談目前服務成本方面的情況？這些已經開始下降了嗎？

I'd say that, yes, they're just starting to kind of move lower. Zach, as exactly where it settles out, I think it's too early to say, but very much with the activity drop, I'd say service providers are aware, and there are some that are taking a strategy if they'd like to kind of keep their market share and keep all their crews busy.

我想說，是的，它們剛開始走低。扎克，至於最終結果如何，我認為現在說還為時過早，但隨著活動的減少，我想說服務提供者已經意識到了這一點，有些服務提供者正在採取策略，以保持他們的市場份額並讓他們的所有工作人員保持忙碌。

And with those, we're getting some price concessions, and there are others who are more drawing a hard line of they'd rather drop activity themselves as opposed to give price concessions. And so exactly how it shakes out, I think it's TBD, but there was a little bit left to get it feels like on that side, and we're starting to see it.

透過這些，我們獲得了一些價格優惠，而其他人則更加堅持自己的立場，他們寧願自己放棄活動也不願給予價格優惠。所以，我認為它究竟會如何發展還有待確定，但還有一點可以讓我們感受到這一點，我們已經開始看到它了。

Thanks, Will. Next, I just wanted to ask on OpEx. You were in the lower half of the full year range in 1Q. Can you talk about what drove OpEx lower? And maybe give us some thoughts on how you expect OpEx to trend through the rest of the year?

謝謝，威爾。接下來，我只想問 OpEx。您在第一季的業績處於全年範圍的下半部分。能談談導致營運支出下降的原因嗎？您能否告訴我們您預計今年剩餘時間內營運支出的趨勢？

Yeah. We have, again, just integration of the deals we bought and kind of overall just good operating practices as they led to a good quarter. The biggest driver on the OpEx on a per BOE basis is down is just going to be the outperformance on the oil side, just the fixed cost nature of some of those LOE costs when you add more barrels, we just saw costs come down a little bit.

是的。我們再次整合了我們購買的交易以及整體良好的營運實踐，因為它們帶來了良好的季度業績。以桶油當量計算的營運支出下降的最大驅動因素只是石油方面的優異表現，當你增加更多桶油當量時，部分 LOE 成本的固定成本性質，我們剛剛看到成本略有下降。

Thanks, Will.

謝謝，威爾。

Gabe Daoud, TD Cowen.

加布·達烏德（Gabe Daoud），TD Cowen。

Thanks. Hey, morning, everyone. I appreciate all the prepared remarks so far. I was hoping we could go back to the acquisition. Was curious if you could just refresh us on some of the targets up there near and around the Parkway asset and what you guys are doing from a spacing standpoint up there?

謝謝。大家早安。我感謝迄今為止準備好的所有發言。我希望我們能夠重新進行收購。我很好奇，您是否可以向我們簡單介紹一下 Parkway 資產附近和周圍的一些目標，以及您在那裡從間距角度做了什麼？

Yeah. I think kind of the primary zones we've been the most active in the last couple of years or the second bone Spring Sand to third bone Spring Sand and the XY. That's kind of where the bulk of our activity has been and kind of will be for the foreseeable future. I think those are the best returning targets. But I think I probably should have said this on one of the earlier questions.

是的。我認為我們在過去幾年中最活躍的主要區域是第二骨春沙區到第三骨春沙區和 XY 區。這就是我們大部分活動所處的地方，在可預見的未來也將如此。我認為這些是最好的回歸目標。但我認為我應該在之前的一個問題上就說過這一點。

I think one of the other things that's underappreciated is there really is a lot, a lot more beyond just those zones as you move further north and they may be a little further down the stack for us, but really good targets like the first bone Spring Sand, the Harkey which is more regional, but we've drilled a handful of good Harkey wells and then some of the deeper targets in the Wolfcamp. So I think it's an area that has a lot to continue to give, and we're excited about what that looks like not just near term but long term.

我認為另一個被低估的事情是，隨著你進一步向北移動，除了這些區域之外，還有很多其他的目標，這些目標對我們來說可能有點靠後，但確實是很好目標，例如第一個骨幹 Spring Sand、Harkey，這些目標更具區域性，但我們已經鑽探了一些優質的 Harkey 井，然後在 Wolfcamp 鑽探了一些更深的目標。所以我認為這是一個有很多可以繼續發展的領域，我們對它的短期和長期前景感到興奮。

Got it. Okay. Yeah. No, that's great to hear. And then a follow-up also just sticking to that region. Could you maybe discuss what the gas processing capacity looks like around there? I know one of your providers is bringing on an additional capacity pretty soon. But just curious if you can maybe speak to that as well.

知道了。好的。是的。不，聽到這個消息真是太好了。後續行動也只是堅持該地區。您能否討論一下那裡的天然氣處理能力如何？我知道你們的一家供應商很快就會增加額外的容量。但我只是好奇你是否也可以談談這件事。

Yeah. And I'd say we've had no issues historically with gas processing capacity in the Delaware Basin. I think we've been really fortunate that we partnered up with kind of some of the biggest and the best gas processors and both Lea and Eddy County. So I think kudos to those guys.

是的。我想說，從歷史上看，特拉華盆地的天然氣處理能力從未出現過問題。我認為我們非常幸運，能夠與 Lea 縣和 Eddy 縣的一些最大、最好的天然氣加工商合作。所以我認為這些人值得稱讚。

They've been growing alongside us spending capital kind of prudently ahead of the drill bit that we've never had any processing or gas egress issues whatsoever and don't participate -- I don't anticipate having any going forward.

他們一直與我們一起成長，在鑽頭之前謹慎地投入資金，我們從未遇到任何加工或氣體洩漏問題，並且不參與 - 我預計未來不會發生任何問題。

Okay, great to hear. Thanks, guys.

好的，很高興聽到這個消息。謝謝大家。

Leo Mariani, ROTH.

裡奧·馬裡亞尼（Leo Mariani），羅斯（ROTH）。

Hi guys. Let me just kind of sticking with the gas marketing side of the business here. I know you guys had brought on some more folks to try to kind of maximize the value of the gas molecules, just kind of curious kind of where you are in that process?

嗨，大家好。讓我先簡單談談這裡的天然氣行銷業務。我知道你們已經招募了更多的人來嘗試最大化氣體分子的價值，只是有點好奇你們在這個過程中處於什麼位置？

Have you seen any progress at this point? And obviously, a lot of players are talking about trying to participate with data center deals and things like that in the Permian. So just trying to get a sense of where you think PR could fit in.

您現在看到任何進展了嗎？顯然，許多參與者都在談論嘗試參與二疊紀的資料中心交易等。所以只是想了解一下您認為 PR 可以適合於什麼。

Yeah, Leo, I think that's a great question. And I think kind of something I'd say more to come there. I'd say it's absolutely been a focus of ours, the last six to nine months. I think we set a lot of times on calls like this that getting better prices for all of our molecules is a key part of our go-forward strategy.

是的，Leo，我認為這是一個很好的問題。我認為我會說更多有關那裡的事情。我想說，在過去的六到九個月裡，這絕對是我們關注的重點。我認為我們在很多次這樣的會議上都表示，為所有分子獲得更好的價格是我們未來策略的關鍵部分。

That's both kind of in-basin gas but also crude, and frankly, NGLs downstream as well. So we did a ton of work in the background, don't have a ton to share with you guys in kind of specific updates this quarter. I think we're having the same call in August, I think we do expect to have some meaningful updates that could that change our longer-term trajectory. But again, this stuff takes time.

這既包括盆地內的天然氣，也包括原油，坦白說，也包括下游的天然氣液體。因此，我們在幕後做了大量工作，但本季沒有太多具體更新可以與大家分享。我認為我們在八月也進行了同樣的通話，我認為我們確實期望有一些有意義的更新，這些更新可能會改變我們的長期軌跡。但同樣，這些事情需要時間。

I think, actually thoughtfully kind of downstream marketing and maximizing value molecules is not something that kind of gets done as quickly as he we'd like, but I think we've got a really good long-term plan, and we should have more to share in the near term.

我認為，實際上經過深思熟慮的下游行銷和最大化價值分子並不是像我們希望的那樣快速完成的事情，但我認為我們有一個非常好的長期計劃，我們應該在短期內分享更多。

Okay. Appreciate that. And I guess just in terms of your comment about returns on the business being fairly similar in the $60 oil world to what they were 12 months ago and a $75 oil world. Can you provide a little bit more detail and kind of what the key sort of bonifiable items are around that statement on the returns?

好的。非常感謝。我想就您關於 60 美元油價下的業務回報率與 12 個月前和 75 美元油價下的業務回報率相當的評論而言。您能否提供更多細節，並說明退貨聲明中的關鍵可證明項目是什麼？

Yeah. I mean, the biggest driver by far is going to be just the amount of cost we put out of the business. Like if you follow from our previous earnings deck, what CapEx is done on a cost per foot basis is -- I mean, we have meaningfully reduced CapEx per foot over the last 18 months. And I'd say that reduction almost by itself offsets the reduction in crude prices. So similar to just longer laterals, same well productivity on a per foot basis with significantly less cost and you kind of add all those together and that will bridge the gap.

是的。我的意思是，迄今為止最大的驅動力就是我們在業務中投入的成本金額。就像如果你關注我們先前的收益報告，資本支出是按每英尺成本計算的——我的意思是，我們在過去 18 個月中大幅降低了每英尺的資本支出。我想說，產量下降本身幾乎就抵銷了原油價格的下降。因此，與更長的水平井類似，每英尺的井產量相同，但成本卻低得多，將所有這些加在一起，就可以彌補差距。

And kind of not the same degree of impact but continue to make really meaningful kind of per unit improvements on controllable cash costs as well. And it's kind of -- this is the kind of business that every penny adds up, and we think our team is really optimizing across the entire value chain.

雖然影響程度不一樣，但仍在可控現金成本方面取得了真正有意義的單位改進。這是一種每一分錢都很重要的業務，我們認為我們的團隊確實正在優化整個價值鏈。

Okay. So I mean, outside of cost, there hasn't been any kind of shift or anything to target certain zones or kind of wider spacing or anything like that. It's really been a cost issue as what I was getting at.

好的。所以我的意思是，除了成本之外，還沒有任何轉變或任何針對特定區域或更寬間距或諸如此類的事情。正如我所想，這確實是一個成本問題。

Oh, yeah. We said a lot of our pricing in it. We're kind of doing the same thing this year we did last year did the year before and going to be doing the same thing next year and the year after that, it's kind of steady as it goes.

哦，是的。我們在其中說了很多我們的定價。我們今年做的事情和去年、前年做的事情差不多，明年、後年也會做同樣的事情，一切都會穩定地進行。

John Annis, Texas Capital.

約翰‧安尼斯，德州首府。

Hey, good morning, guys, and congrats on the strong quarter. For my first one, focusing on the New Mexico bolt-on. I was wondering if you could help frame how the D&C design and well spacing from the legacy operator compares to that of your existing assets in the Northern Delaware, and are there any specific items that you would highlight that could drive cost savings or productivity improvements?

嘿，大家早上好，祝賀本季業績強勁。對於我的第一個，重點是新墨西哥州的附加設施。我想知道您是否可以幫助比較傳統運營商的 D&C 設計和井距與您在北特拉華州的現有資產的 D&C 設計和井距，以及您是否可以強調哪些具體項目可以節省成本或提高生產力？

Yeah. I mean I think -- I actually think the legacy operator did pretty similar from a development spacing, especially in the Parkway area. What we're going to do is it's been pretty well delineated across zones for several years. And I think if you look at the results, the well productivity from the legacy operator on these assets was actually really strong.

是的。我的意思是，我認為——我實際上認為傳統營運商在開發空間方面做得非常相似，特別是在 Parkway 地區。我們要做的是，幾年來，各個區域之間的劃分已經非常明確。我認為，如果你看一下結果，你會發現傳統業者在這些資產上的油井生產力其實非常高。

So I think they kind of -- we're not explicitly familiar with their cost structure. I think any changes is probably going to be to just apply the kind of peer-leading Permian Resources D&C cost structure to what was a similar spacing and kind of development program.

所以我認為他們有點——我們不太熟悉他們的成本結構。我認為任何改變可能只是將同業領先的 Permian Resources D&C 成本結構應用於類似的間距和開發計劃。

Got it. For my follow-up, you've certainly had success adding inventory through M&A and your ground game. My question is, how do you see the opportunity for organic inventory expansion through additions in secondary zones like the Second Bone Spring Shale or Wolfcamp D driving inventory expansion from here?

知道了。就我的後續行動而言，您確實透過併購和地面遊戲成功增加了庫存。我的問題是，您如何看待在 Second Bone Spring Shale 或 Wolfcamp D 等次要區域增加庫存來擴大有機庫存的機會？

Yeah, I mean I think that's something -- I think if there's one thing that's surprised everybody to the upside of the Delaware Basin year in, year out is that we continue to add inventory at a pace that, frankly, has astounded me. If you find a new zone that's not a secondary, tertiary zone, that's like a true core compute your capital zone every year. I think for us, what's a little bit different than that is we're kind of accruing those zones. What I would say is more to the back end of our inventory.

是的，我的意思是，我認為這是件好事——如果說特拉華盆地年復一年的增長讓所有人感到驚訝的話，那就是我們繼續以令我震驚的速度增加庫存。如果您發現一個不是二級或三級區域的新區域，那就像是每年計算您的首都區域的真正核心。我認為對我們來說，與此略有不同的是，我們正在累積這些區域。我想說的更多是關於我們庫存的後端。

Like we've got such a high rate of return program today that yeah, we are adding sticks to inventory and zones like you referenced today, but we're not really making them a meaning part of our program because what we have in our base case is so good. But yes, I think we're really excited about kind of the deeper Wolfcamp stuff to see the C, the D in both New Mexico and in Texas and some of the Shales, the second Bone Shale, the third Bone Shale in both Texas and New Mexico.

就像我們今天有一個如此高的回報率計劃，是的，我們正在向庫存和區域中添加棍棒，就像您今天提到的那樣，但我們並沒有真正將它們作為我們計劃的一個有意義的部分，因為我們的基本情況已經很好了。但是的，我認為我們對 Wolfcamp 更深層的東西感到非常興奮，可以看到新墨西哥州和德克薩斯州的 C、D 以及一些頁岩、第二個骨頁岩、德克薩斯州和新墨西哥州的第三個骨頁岩。

And I think a couple of those are still, I'd say, in the early innings of delineation, but I think excited about that pace is continuing. I would have told you five years ago that it's going to be hard to keep adding zones at the pace we've added, but it really hasn't slowed down yet. And I think we're hopeful that organic inventory additions continues.

我認為其中有幾個仍處於劃分的早期階段，但我認為這種步伐仍在繼續。五年前我告訴過你，要以我們現在的速度繼續增加區域將會很困難，但實際上它還沒有放慢速度。我認為我們希望有機庫存增加能夠持續下去。

And frankly, in the Delaware Basin, we haven't touched the really deep stuff at all. I think there's been a lot of trends in the Midland Basin going deeper and deeper, and we're probably not even in the first inning of that. So I think for us, PR is in a fortunate position. We're not developing a lot of those zones today because we've got our consistent plan we've been doing the last couple of years, and that's worked really well. But I think over time, continuing to inexpensively or basically for free, adding digital inventory is a great part of the value creation story for a company like PR.

坦白說，在特拉華盆地，我們根本沒有觸及真正深層的東西。我認為米德蘭盆地的趨勢越來越深，我們可能甚至還沒有進入第一階段。所以我認為對我們來說，PR 處於一個幸運的位置。我們今天沒有開發很多這樣的區域，因為過去幾年我們一直在執行一致的計劃，而且效果非常好。但我認為，隨著時間的推移，繼續以低成本或基本免費的方式增加數位庫存對於 PR 這樣的公司來說是價值創造的重要組成部分。

Great color. Thanks, guys.

顏色很棒。謝謝大家。

Geoff Jay, Daniel Energy Partners.

傑夫·傑伊（Geoff Jay），丹尼爾能源合作夥伴。

A quick question about sort of the acquisitions impact on your CapEx in the back half of the year. Just curious, I know it compete for capital. So I guess I'm curious if you sort of suspect you'll add some activity on that acreage or if you'll likely just shift some things around from existing acres to work up there.

一個簡單的問題，關於收購對今年下半年資本支出的影響。只是好奇，我知道這是在爭奪資本。所以我很好奇您是否會在該土地上增加一些活動，或者您可能只是將現有土地上的一些東西轉移到那裡進行工作。

Yeah. I mean I think the -- the kind of $20 million we outlined is kind of prebaked stuff that was, I'd call it, in the pipeline from the legacy operator. And I think for us before we really to kind of put our market on the assets, it's probably going to be 2026 before you see that. But yeah, I do think this asset is good enough. You may see, like I said, a little overweight activity to this asset and tiny modest pullback somewhere else, but it kind of depends on how the full year 2026 shapes out, but I do think this is the kind of asset that should be neutral to overweight as we think about capital allocation next year, just given how -- it's really how high NRIs are and how below the breakevens are.

是的。我的意思是，我認為——我們所概述的 2000 萬美元是一種預先準備好的東西，我稱之為來自傳統運營商的管道。我認為，在我們真正將市場投放到資產之前，可能要到 2026 年才能看到這一點。但是是的，我確實認為這個資產夠好。正如我所說，您可能會看到，這項資產的活動略有增持，而其他地方則出現小幅回調，但這取決於 2026 年全年的形勢，但我確實認為，當我們考慮明年的資本配置時，這種資產應該保持中性到增持，因為 — — 這實際上取決於非居民印度人 (NRI) 的水平以及盈虧平衡點的水平。

Got you. And then I was curious, too, just given how contiguous the bolt-on is to your existing acreage. I mean do you foresee eventually kind of migrating to longer laterals up there or no?

明白了。然後我也很好奇，只是考慮到附加物與您現有的土地面積有多相鄰。我的意思是，您是否預見到最終會遷移到更長的水平管道？

We've drilled some 3 milers up there, which we may at time-to-time drill. But that area is pretty shallow. And so, you -- I think anything longer than 3 miles in that area is off the table just given the TBD is such that you don't have the same amount of weight down there on the bit to go out longer than 3.

我們已經在那裡鑽了大約 3 英里，我們可能會不時地進行鑽探。但那個區域相當淺。所以，你——我認為在那個區域任何超過 3 英里的距離都是不可能實現的，因為 TBD 是這樣的，你在那裡沒有相同的重量來走超過 3 英里的距離。

So it's a 2- to 3-mile area. There are some areas where maybe we were 1.5 miles. And this allows us to go to 2.5 or 2, which is a lot of the synergies as part of the deal. But I wouldn't expect that we're going to go to kind of anything crazy from a laddering perspective up there.

所以這是一個2到3英里的區域。在某些地區我們可能已經走了 1.5 英里。這使我們能夠達到 2.5 或 2，這是交易的一部分，具有很大的協同效應。但從階梯式發展的角度來看，我並不認為我們會做出任何瘋狂的事情。

Excellent. Thank you.

出色的。謝謝。

(Operator Instructions)

（操作員指示）

Paul Diamond, Citi.

花旗銀行的保羅戴蒙德 (Paul Diamond)。

Thank you. Good morning. Thanks for taking the call. Just a quick one, I want to talk about kind of the progression of your cost per lateral foot. Made some really good progress, 3% in the last quarter. How should we think about that going forward? Is that more linear? Should we be expecting that to kind of flatten out? Just kind of how do you view that?

謝謝。早安.謝謝您接聽電話。我想簡單談談每英尺橫向成本的進展。取得了一些非常好的進展，上個季度成長了 3%。我們今後該如何看待這個問題？這是否更加線性？我們是否應該期待這種情況逐漸趨於平緩？您對此有何看法？

I mean, had you asked me two months ago, I would have said it would have been flattening out and then I'd expect kind of step changes in time with just kind of operational breakthroughs or just kind of how we've seen the efficiency side of the equation go where you find big wins and then you kind of flatten out for a few quarters and find big wins.

我的意思是，如果你兩個月前問我，我會說它會趨於平穩，然後我預計隨著時間的推移，隨著運營的突破，或者就像我們看到效率方面出現巨大進步一樣，你會發現巨大的勝利，然後你會在幾個季度內趨於平穩，並發現巨大的勝利。

I'd say the one change that is just the body has changed so much, and activity drops are happening so quickly, but I do think we'll get a modest amount of service cost reductions kind of from now to the end of the year, and that obviously would help on the well cost side.

我想說的一個變化是機構發生了很大變化，活動下降得如此之快，但我確實認為從現在到年底我們將獲得適度的服務成本削減，這顯然會對成本方面有所幫助。

So kind of adding this together, maybe there's an expectation of a slight reduction from the $750 a foot that shows up in kind of Q3, Q4 with hopefully an operational kind of win somewhere over the next six to nine months on top of it. Again, I'm kind of putting my crystal ball and speculating here a little bit, but we were hoping to get to $750 a foot for the year. We achieved that -- and I think there's more downward pressure from there just given where the overall macro sits.

因此，綜合考慮這些因素，我們可能預計第三季、第四季的每英尺 750 美元的價格會略有下降，並且希望在未來六到九個月內能夠取得營運方面的勝利。再次，我在這裡稍微放一下水晶球並進行一些推測，但我們希望今年的價格能達到每英尺 750 美元。我們實現了這個目標——而且我認為，考慮到整體宏觀狀況，下行壓力還會更大。

Got it. Makes sense. And just a quick follow-up. And now as with this deal, you guys have added again to your non-op position. I just want to get an understanding of how you think about that longer term. Is that more designed to help the land guys and the ground game with acreage swaps, there could be other -- some type of monetization event down the road in the future?

知道了。有道理。這只是一次快速的跟進。現在，透過這筆交易，你們又增加了非操作職位。我只是想了解您對這個長期問題有何看法。這是不是更多是為了幫助土地所有者和地面遊戲者進行土地交換，未來可能會出現其他某種類型的貨幣化事件？

For us, non-op still a really small part of our portfolio. Our team has done such a good job of turning non-op into op that it's not something that is even a meaningful part of our go-forward CapEx programs, et cetera. I think for us, the goal is to have more pieces that we can feed our land team to go do trace and convert non-op into op in a way that makes sense.

對我們來說，非經營性資產仍只占我們投資組合的一小部分。我們的團隊在將非營運轉變為營運方面做得非常出色，以至於它甚至不是我們未來資本支出計劃等的一個有意義的組成部分。我認為對我們來說，目標是擁有更多的零件，以便我們能夠為陸地團隊提供追蹤能力，並以合理的方式將非操作轉化為操作。

I think Delaware basin is a great place because I think there's a lot of win-wins out there like this transaction on a broader scale, but on trade on the smaller scale. And I think for us, the overarching goal is we want to operate because we think our cost structure and our execution product truly is differentiated.

我認為特拉華盆地是一個很棒的地方，因為我認為那裡有很多雙贏的局面，就像這種規模更大、貿易規模更小的交易一樣。我認為，對我們來說，首要目標是我們想要運營，因為我們認為我們的成本結構和執行產品確實是有差異的。

So the way to maximize value for PR is going to be overwhelming to operate. So I think that's the goal here, and this is a great package of asset to kind of replenish the inventory of trade data and things that we're constantly working. And I think our team will be all over it post close.

因此，實現 PR 價值最大化的方法將會非常難以操作。所以我認為這就是我們的目標，這是一個很好的資產包，可以補充貿易數據和我們一直在努力的東西的庫存。我認為我們的團隊會在交易結束後全力以赴。

Got it. Makes sense. Appreciate the time. I'll leave it there.

知道了。有道理。珍惜時間。我就把它留在那裡。

Oliver Huang, TPH.

奧利弗·黃，TPH。

Good morning, James, Will, Guy and team, and thanks for taking the questions. Just had a couple around the acquired assets. First off, just any sort of color you can provide on what the working interest on the operated locations looks like compared to the existing portfolio and if you could maybe remind us how well costs up in that Parkway area compared to your average $750 per foot just given the shallower depth.

早安，詹姆斯、威爾、蓋伊和團隊，謝謝你們回答問題。剛剛收購了一些資產。首先，您可以提供任何一種顏色來說明與現有投資組合相比，在營運地點的工作權益是什麼樣的，並且您是否可以提醒我們，與您的平均每英尺 750 美元相比，考慮到較淺的深度，Parkway 地區的成本是多少。

Yeah, sure. On the working interest, it's going to end up being at least at close, lower the new operated locations require lower working at just in our average program, kind of, call it, 50%-something working interest. But I think for us, that's again part of the opportunity here.

是的，當然。就工作權益而言，最終至少會接近，降低新營運地點所需的較低工作權益，僅在我們的平均計劃中，可以稱之為 50％ 左右的工作權益。但我認為對我們來說，這又是機會的一部分。

Part of the opportunity to trade into that or to buy out the additional working interest in those operated units to kind of call it 50%-something today. But I think over time, we're confident we can get that to 75%-plus like the rest of our program.

部分機會是利用這一點進行交易或買斷這些營運單位的額外工作權益，今天可以稱之為 50% 左右。但我認為隨著時間的推移，我們有信心可以像我們的其他項目一樣將這一比例提高到 75% 以上。

And then on cost, it depends a little bit kind of what zone you're talking and where you're comparing to but call it $100 a foot cheaper than the broader program in Parkway, which obviously makes a big difference on returns and breakeven.

至於成本，這有點取決於你談論的是哪個區域以及與哪裡進行比較，但比 Parkway 的更廣泛的項目每英尺便宜 100 美元，這顯然對回報和盈虧平衡有很大影響。

Awesome. That's helpful color. And maybe for another follow-up, just looking at the acquired assets. Is there a similar optimization aspect like we saw that drove the Q1 beat on some of the recent deals you did last year on the PDP side?

驚人的。這是很有幫助的顏色。也許還有另一項後續行動，只是看看所收購的資產。是否存在類似的優化因素，就像我們看到的一樣，推動了您去年在 PDP 方面進行的一些近期交易在第一季度取得的成功？

I think like from a straight production win, a lot of the previous operator's practices in the Parkway area are very similar to ours. So I don't expect we'll see like a big uplift from switching out artificial lift. Based on the work we did in the underwriting, I don't think we have any plans to change it out.

我認為從直接的生產勝利來看，Parkway 地區許多以前的運營商的做法與我們的非常相似。因此，我並不認為更換人工舉升裝置會帶來巨大的提升。根據我們在核保中所做的工作，我認為我們沒有任何改變它的計劃。

I think really the wins in this package is taking that 35% of the acres that are non-op and trading them into operated acres, whether that's operated within this package or operated elsewhere in the PR portfolio to kind of extract the max amount of value from every acre we bought. So that win probably shows up in ways that are less easy to quantify on a quarter-to-quarter basis, but just kind of overall adds more high-quality, low breakeven top quartile inventory for the business.

我認為這個方案的真正優勢在於將 35% 的非營運土地轉換為營運土地，無論是在這個方案內運作還是在 PR 投資組合的其他地方運營，以便從我們購買的每一英畝土地中提取最大價值。因此，這種勝利可能以不太容易按季度量化的方式表現出來，但總體而言，它為企業增加了更多高品質、低盈虧平衡的上四分位數庫存。

Awesome. Thanks for the time.

驚人的。謝謝你的時間。

There are no further questions at this time. I would now like to turn the call over to James Waller, Co-CEO for closing remarks. Please go ahead, sir.

目前沒有其他問題。現在，我想將電話轉給聯合執行長詹姆斯沃勒 (James Waller) 做最後發言。先生，請繼續。

Thanks, everyone. As you can tell by today's call, we're really excited with our team's performance during the first four months of the year. Our operational momentum built on the progress we made last year, and we are excited about the opportunities that recent volatility has presented to Permian Resources.

謝謝大家。從今天的電話會議中您可以看到，我們對團隊在今年前四個月的表現感到非常興奮。我們的營運動能建立在去年的進展之上，我們對近期波動為二疊紀資源公司帶來的機會感到興奮。

We truly believe that it's during times like these that the strongest companies can differentiate themselves and create outsized value for shareholders that compounds over the long term. Thanks, everyone, for joining the call today and following the Permian Resources story.

我們堅信，正是在這樣的時期，最強大的公司才能脫穎而出，為股東創造長期複合的超額價值。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。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。