Permian Resources Corp (PR) 2025 Q2 法說會逐字稿

Good morning, and welcome to Permian Resources conference call to discuss its second-quarter 2025 earnings. Today's call is being recorded. A replay of the call will be accessible until August 21, 2025, by dialing 888-660-6264 and entering the replay access code 92721 or by visiting the company's website at www.permianres.com.

早安，歡迎參加 Permian Resources 電話會議，討論其 2025 年第二季的收益。今天的通話正在錄音。您可以在 2025 年 8 月 21 日之前透過撥打 888-660-6264 並輸入重播存取代碼 92721 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，請他致一些開場白。先生，請繼續。

Thanks, John, 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. 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 plans. Many of these risks are beyond our control and are discussed in more detail in the risk factors and the forward-looking statements sections of our filings with the SEC.

謝謝，約翰，也謝謝大家加入我們。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陳述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 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. We are excited to discuss our second-quarter results this morning. The operations team delivered our 11th consecutive quarter of solid operational execution in Q2 that included the fastest well drilled, some most drilled feet per day and the lowest completion cost per foot in company's history. This execution, combined with continued strong well results, support us raising our full-year production guidance while delivering a lower CapEx guidance than originally announced in February. Q2 is also a very volatile quarter that presented an opportunity for us to demonstrate our downturn playbook.

謝謝，海斯。我們很高興今天上午討論我們的第二季業績。營運團隊在第二季度連續 11 個季度實現了穩健的營運執行，其中包括公司歷史上最快的鑽井、每日鑽井英尺數最多以及每英尺完井成本最低。此次執行，加上持續強勁的油井業績，支持我們提高全年產量預期，同時提供比 2 月最初宣布的更低的資本支出預期。第二季度也是一個非常動盪的季度，為我們展示經濟低迷時期的應對策略提供了機會。

In April, we opportunistically executed our buyback program with repurchases of $43 million of shares at an average price of $10.52 per share. And then in May, we signed the approximately $600 million Apache acquisition at lower than mid-cycle commodity prices. This acquisition is the exact type of deal we like to do with meaningful overlap with our existing assets, strong free cash flow and inventory that competes for capital immediately.

4 月份，我們抓住機會實施了回購計劃，以平均每股 10.52 美元的價格回購了價值 4,300 萬美元的股票。然後在五月，我們以低於中期商品價格的價格簽署了約 6 億美元的 Apache 收購協議。這次收購正是我們想要進行的交易類型，它與我們現有的資產具有有意義的重疊，擁有強勁的自由現金流和可立即爭取資本的庫存。

We closed the acquisition approximately six weeks ago and are even more excited about our ability to optimize operations and the acreage position. These type of countercyclical investments are exactly what we want to do to be able to deliver leading shareholder returns throughout the cycles.

我們大約六週前完成了收購，並且對我們優化營運和種植面積的能力感到更加興奮。這些類型的逆週期投資正是我們想要做的，以便能夠在整個週期中為股東帶來領先的回報。

And we've done so while maintaining leverage of approximately 1 times and liquidity of approximately $3 billion. After executing on all aspects of our downturn playbook and taking advantage of recent market volatility, we are still in a prime position to pursue further investment opportunities to create long-term shareholder value.

我們在這樣做的同時，也保持了約 1 倍的槓桿率和約 30 億美元的流動性。在執行了我們應對經濟低迷的各項措施並利用了近期市場波動之後，我們仍然處於有利位置，可以尋求進一步的投資機會來創造長期股東價值。

Moving to Q2 reporting details. Production exceeded expectations with oil production of 176,500 barrels of oil per day, which includes approximately 900 barrels of oil per day from the Apache acquisition, which is in line with our prior messaging. Total production for the quarter was 385,000 barrels of oil equivalent per day. Results were driven by strong well performance from both our base wells and recent POPs, which resulted in adjusted operating cash flow of $817 million and adjusted free cash flow of $312 million with $505 million of cash CapEx.

轉到第二季度報告詳情。產量超出預期，石油產量達到每天 176,500 桶，其中包括從 Apache 收購中獲得的每天約 900 桶石油，這與我們之前的資訊一致。本季總產量為每天 385,000 桶油當量。業績的推動因素包括我們的基礎油井和近期的 POP 的強勁表​​現，調整後的營運現金流為 8.17 億美元，調整後的自由現金流為 3.12 億美元，現金資本支出為 5.05 億美元。

Additionally, our ground game machine continues to fire on all cylinders as we added 1,300 net acres across 130 different grassroots acquisitions in Q2 to build additional interest ahead of near-term development. These opportunities remain some of the highest returning investments in our portfolio and are a core piece of the PR story to maximize the value of our assets.

此外，我們的地面遊戲機器繼續全速運轉，因為我們在第二季度透過 130 個不同的基層收購增加了 1,300 淨英畝的土地，以便在近期發展之前引起更多興趣。這些機會仍然是我們投資組合中回報率最高的投資，也是最大化我們資產價值的公關故事的核心部分。

With that, I'll turn it over to James.

說完這些，我就把麥克風交給詹姆斯。

Thanks, Will. Turning to slide 5. Our strong balance sheet is what gives us the confidence to prudently invest capital across all cycles in our business. This has been a key part of our business model for the last 10 years and remain a core part of our strategy going forward. One of our primary goals has always been to achieve investment-grade status, and we are thrilled to announce that we have received our first investment-grade rating from Fitch.

謝謝，威爾。翻到幻燈片 5。我們強勁的資產負債表使我們有信心在業務的所有周期內審慎地投資資本。這是我們過去十年來商業模式的關鍵部分，並且仍然是我們未來策略的核心部分。我們的主要目標之一一直是獲得投資級地位，我們很高興地宣布，我們已獲得惠譽頒發的第一個投資級評級。

We are proud that Fitch recognized our strong credit metrics and track record of operating with a financial strategy consistent with an investment-grade company and would expect the other rating agencies to reflect investment-grade status in the near term.

我們很榮幸惠譽認可我們強大的信用指標和符合投資等級公司財務策略的營運記錄，並期望其他評級機構在短期內反映投資等級地位。

We are fortunate that the PR business generates tremendous free cash flow, which allowed us to execute a $600 million bolt-on and $45 million share buybacks with cash on hand, all aligned in Q2 with leverage at 1 times and $3 billion of liquidity. And we generate significant free cash flow going forward. The beauty of the PR business today is we don't have to chose between debt repayment, acquisitions, buybacks or building cash. We can execute on all of these as soon as opportunities present themselves. This provides the ultimate flexibility to efficiently allocate capital and drive value for shareholders.

我們很幸運，公關業務產生了巨大的自由現金流，這使我們能夠利用手頭上的現金執行 6 億美元的附加投資和 4500 萬美元的股票回購，所有這些都在第二季度與 1 倍的槓桿率和 30 億美元的流動資金保持一致。我們未來將產生大量的自由現金流。如今公關業務的魅力在於我們不必在償還債務、收購、回購或累積現金之間做出選擇。一旦機會出現，我們就可以執行所有這些。這為有效分配資本和為股東創造價值提供了最大的靈活性。

Turning to slide 6. We want to spend some time discussing our Permian Resources as approaching the marketing of our hydrocarbons. Given our rapid growth, we have historically focused our midstream and marketing efforts on flow assurance and low fees. And we've been extremely effective in ensuring all of our hydrocarbons can get to market with zero interruptions over the past 10 years. But as our business has grown to the scale it is today, it has become apparent that our marketing strategy needs to evolve.

翻到幻燈片 6。我們想花一些時間討論一下我們的二疊紀資源以及碳氫化合物的營銷。鑑於我們的快速成長，我們歷來將中游和行銷工作的重點放在流量保證和低費用上。在過去 10 年裡，我們非常有效地確保了所有碳氫化合物能夠無中斷地進入市場。但隨著我們的業務發展到今天的規模，我們的行銷策略顯然需要改進。

Over the past 12 months, we've built out the full midstream and marketing team in Midland that has made great progress selling more hydrocarbons downstream in the Permian Basin and improving our netbacks. We are fortunate to have had significant flexibility to change the sales point for a large percentage of our crude and gas volumes, and we are pleased to announce we've recently entered into multiple new transportation and marketing agreements to optimize PR's pricing.

在過去的 12 個月中，我們在米德蘭組建了完整的中游和行銷團隊，在二疊紀盆地下游銷售更多碳氫化合物和提高我們的淨回值方面取得了巨大進展。我們很幸運能夠擁有很大的靈活性來改變大部分原油和天然氣的銷售點，並且我們很高興地宣布，我們最近簽訂了多項新的運輸和行銷協議，以優化 PR 的定價。

Slide 7 gets into a little more detail on the impact of the recent downstream contracts we have executed. On the gas side, we have entered into multiple transportation and marketing agreements to sell a significant portion of residue natural gas to non-Waha hubs along the Gulf Coast, Central Texas and East Texas. These agreements should provide an incremental 75 million cubic feet a day of firm transport by year-end 2025, which ramps to 450 million a day by year-end 2028.

幻燈片 7 更詳細地介紹了我們最近執行的下游合約的影響。在天然氣方面，我們已簽訂多項運輸和行銷協議，將大量殘餘天然氣出售給墨西哥灣沿岸、德州中部和德州東部的非瓦哈樞紐。這些協議應能在 2025 年底前提供每天 7,500 萬立方英尺的穩定運輸量，到 2028 年底將增加到每天 4.5 億立方英尺。

On the crude side, we have entered into multiple new crude oil purchase agreements, providing improved netbacks, diversified pricing, and increasing exposure to the Gulf Coast markets. We expect the net impact of these agreements to improve our gas netbacks by over $0.10 per Mcf and our crude netbacks by over $0.50 per barrel.

在原油方面，我們已達成多項新的原油購買協議，以提供更好的淨回值、多樣化的定價並增加墨西哥灣沿岸市場的曝光率。我們預計這些協議的淨影響將使我們的天然氣淨回值每千立方英尺提高 0.10 美元以上，原油淨回值每桶提高 0.50 美元以上。

The cumulative effect of all this effort by our team resulted in a $50 million uplift to 2026 free cash flow versus 2024. We're excited about what we've done in the past 12 months on the marketing side and still retain significant flexibility for further optimization.

我們團隊的所有這些努力的累積效應使得 2026 年的自由現金流比 2024 年增加了 5000 萬美元。我們對過去 12 個月在行銷方面所做的工作感到非常興奮，並且仍然保留了很大的靈活性以進行進一步的優化。

Turning to slide 8. We are excited to roll out a revised plan that incorporates our recent bolt-on that closed in June. This plan reflects an increase to the original full-year 2025 production guidance by 3% while lowering the capital budget by 2%. The only other major update to point out is the impact of the One Big Beautiful Bill Act. Overall, we view the recent bill as a strong step towards further unlocking the potential of US shale.

翻到幻燈片 8。我們很高興推出一項修訂計劃，該計劃納入了我們最近於 6 月份完成的附加計劃。該計畫將原先的2025年全年產量預期提高3%，同時將資本預算降低2%。唯一需要指出的其他重大更新是《一項偉大的美麗法案》的影響。總體而言，我們認為最近的法案是進一步釋放美國頁岩潛力的重要一步。

The tax provision should further incentivize investment in domestic shale production and meaningfully reduce Permian Resources taxes over the coming years. We expect current cash taxes to be less than $5 million in 2025 and less than $50 million cumulatively in 2026 and 2027.

該稅收條款應進一步激勵國內頁岩生產的投資，並在未來幾年大幅降低二疊紀資源稅。我們預計，2025 年現金稅將低於 500 萬美元，2026 年和 2027 年累計將低於 5,000 萬美元。

In addition, our industry will benefit from the reduction in red tape associated with federal drilling permits and federal lease sales, the reduction in complexity of commingling federal and state production, and the further incentives for research and development. It is our belief that these tax and regulatory benefits far away the modest impact we expect tariffs to have on steel and other input costs.

此外，我們的產業將受益於與聯邦鑽井許可證和聯邦租賃銷售相關的繁文縟節的減少、聯邦和州生產混合複雜性的降低以及對研發的進一步激勵。我們認為，這些稅收和監管優惠遠低於我們預期的關稅對鋼鐵和其他投入成本的適度影響。

I'll be concluding today's prepared remarks on slide 9, where we reemphasize our value proposition for investors. We are proud of the hard work our team has put in and the strong returns that work has delivered for investors so far.

我將在第 9 張投影片上結束今天的準備好的發言，我們將在此再次強調我們對投資者的價值主張。我們為團隊付出的辛勤工作以及迄今為止為投資者帶來的豐厚回報感到自豪。

I think it's important to point out that this peer-leading total shareholder return has been driven by the growth in free cash flow per share rather than a rerating of our multiple. We believe our balance sheet, our industry-leading cost structure and low breakevens positioned the company to succeed and create value for investors in any commodity price environment.

我認為有必要指出的是，這一同行領先的股東總回報是由每股自由現金流的增長而不是我們的市盈率的重新評估所推動的。我們相信，我們的資產負債表、業界領先的成本結構和低損益平衡點使公司能夠在任何商品價格環境下取得成功並為投資者創造價值。

Thank you for tuning in today. And now I'll turn it back to the operator for Q&A.

感謝您今天的收聽。現在我將把問題交還給接線員進行問答。

(Operator Instructions) Scott Hanold, RBC Capital Markets.

（操作員指示）RBC 資本市場 Scott Hanold。

I wouldn't mind a little bit of color on your recent production performance. It looks like you've filled what less than half your planned program for 2025 and 2Q's outperformance. And I guess, relative to my model, was pretty strong. I think there might have been some improved [yields] in there. But can you just really talk about -- like maybe was the timing of sales or the type of well you're drawing because performance did feel pretty robust this quarter.

我不會介意對你最近的製作表現做一些評論。看起來，您只完成了不到一半的 2025 年計劃以及第二季的優異表現。我想，相對於我的模型，它是相當強大的。我認為那裡的產量可能會提高。但是您能否真正談談——例如可能是銷售時機或您所繪製的類型，因為本季的業績確實感覺相當強勁。

Yes. I mean, the first half of the year has been -- we drilled some awesome wells. I think that it's been a -- production comes from a combination of a lot of places. The base production is the overwhelming majority of the barrels we produce every quarter. And we've been fortunate to have had a pretty mild summer, good weather, so really, really good downtime statistics.

是的。我的意思是，今年上半年我們鑽了一些很棒的井。我認為它的製作是多種因素的結合。基礎產量占我們每季生產的桶的絕大部分。我們很幸運，今年夏天氣候溫和，天氣良好，因此停機時間統計數據非常非常好。

And then well results continue to impress. The Delaware Basin has kind of been the place to be and good rock outperforms more often than not. So we've been in a fortunate position that we kind of keep hitting our numbers or beating the numbers quarter over quarter. And I think that's just a kind of representation of a good rock that we have.

而良好的結果繼續令人印象深刻。特拉華盆地一直是人們嚮往的地方，優質岩石的表現往往更佳。因此，我們很幸運，我們的業績每季都達到或超過我們的預期。我認為這只是我們所擁有的優質岩石的一種表現。

Okay. And as my follow-up, when you sort of look at the landscape right now, I mean, obviously, it feels a lot better than it did back in the first quarter. But as you look going forward in this relative outperformance, I guess this year, you did step up your production guidance, obviously, related to the outperformance, but on a relative basis, unchanged CapEx. How do you think about maybe letting some of that benefit accrue to predict to the capital side versus the production side? And is it in part due to the commodity price outlook? Or is it more just what's most efficient operationally?

好的。作為我的後續提問，當你看看現在的情況時，顯然感覺比第一季好多了。但是，當你展望未來相對優異的表現時，我想今年你確實提高了生產指導，這顯然與優異的表現有關，但相對而言，資本支出沒有變化。您如何看待讓部分收益累積來預測資本方面而非生產方面的收益？這是否部分歸因於大宗商品價格前景？或者它只是最有效的運作方式？

Yes. I mean, I think for us, like we did take down stand-alone CapEx by $50 million kind of this quarter, as you can see in our updated guidance, [partly a] little bit less activity. I think for us, it's really going to be a judgment call depending on what we view the macro environment looking like over time.

是的。我的意思是，我認為對我們來說，就像您在我們的更新指南中所看到的那樣，本季度我們確實將獨立資本支出減少了 5000 萬美元，[部分]活動有所減少。我認為對我們來說，這實際上將是一個判斷，取決於我們對宏觀環境隨時間變化的看法。

Like I definitely agree with you that the market and the downside risk feels a little better today, but I'd say there's still a tremendous amount of uncertainty with regards to commodity prices and what the overall economy does. So I think for us, we're being patient, we're in wait and see mode.

就像我完全同意你的觀點，今天的市場和下行風險感覺好一些，但我想說，大宗商品價格和整體經濟狀況仍然存在很大的不確定性。所以我認為，對我們來說，我們要保持耐心，處於觀望狀態。

Like I said, if you have a little bit of outperformance in Q2, that's going to show itself doing very modestly in our production numbers. But going forward, I think it's going to be really a judgment call, and we're going to react to what we feel like is the best real-time information we have and make a call as we get there.

就像我說的，如果你在第二季有一點點出色的表現，那將在我們的生產數據中表現得非常溫和。但展望未來，我認為這將是一個真正的判斷，我們將對我們認為擁有的最佳即時資訊做出反應，並在獲得資訊後做出判斷。

It will be more commodity price returns driven than efficiencies of operations. I'd say within a region, I have all the comments in the world that our team can add activity, drop activity without missing a beat. They've shown it in the past. So there is value in keeping the same crews and the same rigs out there, but it's not something that we're scared to do if it makes sense.

它將更多地受到商品價格回報而非營運效率的驅動。我想說，在一個地區內，我聽到了世界上所有的評論，我們的團隊可以隨意添加活動、減少活動，而不會錯過任何節拍。他們過去已經展示過這一點。因此，保留相同的船員和相同的鑽孔機是有價值的，但如果有意義的話，我們不會害怕這樣做。

John Freeman, Raymond James.

約翰‧弗里曼、雷蒙‧詹姆斯。

Really like the steps that were taken with these marketing agreements, the outline on slide 7. Any help you all can provide on just sort of how to think about the impact of the GP&T sort of unit costs the next couple of years in light of these agreements?

真的很喜歡這些行銷協議所採取的步驟，如幻燈片 7 上的概述。鑑於這些協議，你們能否提供任何幫助，關於如何看待未來幾年 GP&T 單位成本的影響？

Right now, there won't be a change to GP&T based on those agreements. We have some flexibility to do different things with gas over time that could change that, but we talked about that then. So right now, we don't need to adjust GP&T.

目前，根據這些協議，GP&T 不會發生任何變化。我們可以靈活地隨著時間的推移對天然氣採取不同的措施，這可能會改變這種狀況，但我們當時已經討論過了。所以現在我們不需要調整 GP&T。

And what we've shown on slide 7, the $0.10 per Mcf and the $0.50 per barrel, that's net of all expected implied costs.

正如我們在投影片 7 中所展示的那樣，每千立方英尺 0.10 美元和每桶 0.50 美元是扣除所有預期隱含成本後的淨值。

Okay. That's good to know. And then on the same topic, I mean, you all highlighted that sort of the midstream strategy has sort of evolved over time as you all become one of the largest both oil and gas producers in the Permian. You talked about kind of doubling the size of the midstream and the marketing team.

好的。知道這一點很好。然後在同一主題上，我的意思是，你們都強調了這種中游策略隨著時間的推移而發展，因為你們都成為二疊紀最大的石油和天然氣生產商之一。您談到了將中游和行銷團隊的規模擴大一倍。

And we've recently seen some of the large E&Ps start moving more towards kind of stepping up or expanding their kind of midstream presence, taking ownership of midstream assets. Just as you all think about just given your size, the evolution of the company, is that a direction that you all may have eventually?

我們最近看到一些大型勘探與生產公司開始加強或擴大其中游業務，並取得中游資產的所有權。正如你們所想的，考慮到公司的規模和發展，這是你們最終可能採取的方向嗎？

Yes, I think we definitely evaluated options like that as part of the deals we've announced in this Q2 release and some other ones that we've been working on. I think our view on that, by and large, has been the same with regards to midstream and kind of large-scale infrastructure projects is that those really don't compete with the returns of our upstream business and that's by a wide margin.

是的，我認為我們確實評估了類似的選項，作為我們在第二季發布中宣布的交易的一部分，以及我們一直在努力的其他一些交易的一部分。我認為，我們對此的看法總體上與中游和大型基礎設施項目相同，即這些項目實際上不會與我們的上游業務的回報競爭，而且差距很大。

I think we're seeing such attractive rates of returns at the wellhead that we think it's more prudent as capital allocators to focus our efforts on doing what we do best, which is drilling completing wells and making oil.

我認為，我們在井口看到的回報率如此誘人，因此，作為資本配置者，我們認為更謹慎的做法是集中精力做我們最擅長的事情，即鑽井、完井和生產石油。

I think those projects are good, I think, probably better fit for more infrastructure like capital for us. And we're able to get all of the benefits other than the equity investment kind of from the types of deals that we've done, and I think that's probably the right base case going forward.

我認為這些項目很好，可能更適合為我們提供更多類似資本的基礎設施。除了股權投資之外，我們還可以從我們所做的交易類型中獲得所有收益，我認為這可能是未來正確的基本情況。

Neil Mehta, Goldman Sachs.

高盛的尼爾·梅塔。

I just would love you to unpack a little bit more about your downturn playbook, which you alluded to in your remarks and in the release. Just for those of us online talk about what your downturn strategy is to make sure that if we are going through a period of softer commodity, how do you ensure that you come out if it's stronger?

我只是希望您能更詳細地闡述您在演講和新聞稿中提到的經濟衰退應對策略。只是對於我們這些在線的人，請談論一下您的經濟衰退策略，以確保如果我們正經歷大宗商品較軟的時期，那麼當大宗商品走強時，您如何確保自己能夠走出困境？

Yes. I mean I think the kind of most important part of that is having a high-quality business and a strong balance sheet. I think the quality of our business shows itself on our leading low break-evens in the Permian and a balance sheet that's been in a top position of strength for really as long as we've been running this business. So I think if you're going to go through a downturn, it starts with asset quality and balance sheet. And then I think that's probably the ante.

是的。我的意思是，我認為其中最重要的部分是擁有高品質的業務和強勁的資產負債表。我認為，我們業務的品質體現在我們在二疊紀領先的低盈虧平衡點以及自我們經營這項業務以來一直處於領先地位的資產負債表上。因此我認為，如果你要經歷經濟衰退，首先要考慮的是資產品質和資產負債表。然後我認為這可能是賭注。

And then beyond that, I think we've actually proven over time that we really think the best opportunities for investing in E&P can be periods of kind of market panic and dislocation. And like Will said, that can show itself in a lot of ways. And we did a lot of this, albeit on a somewhat smaller scale in Q2, which is buying high-quality assets at lower than mid-cycle prices. It's buying back shares when you believe the pricing is truly dislocated.

除此之外，我認為我們已經通過時間證明了，我們確實認為投資 E&P 的最佳機會可能是市場恐慌和混亂時期。正如威爾所說，這可以透過多種方式表現出來。儘管第二季的規模較小，但我們做了很多這樣的事情，以低於中期週期的價格購買高品質資產。當你認為定價確實錯位時，就會回購股票。

And I think it's doing all of that while making sure your balance sheet is strong throughout kind of from peak to trough. So I think for us, that's something we've been talking about for the last couple of years, and we're actually excited about the opportunity to do some of those strategies and execute those pretty well in Q2.

我認為，在做到這一切的同時，也要確保你的資產負債表從高峰到低谷都保持強勁。所以我認為對我們來說，這是我們過去幾年一直在談論的事情，我們實際上很高興有機會在第二季度實施其中一些策略並很好地執行它們。

Although it's probably a shorter period of dislocation than a lot of the ones we've seen, that things could turn again at some point in the future, and we'll always be ready.

儘管與我們所見過的許多混亂時期相比，這段混亂時期可能只持續較短，但未來某個時候情況可能會再次發生轉變，因此我們將時刻做好準備。

And then the follow-up is just there's been a lot of talk about M&A in some of the larger cap conference calls and just your perspective. Certainly, you guys have been a great consolidator of assets opportunistically with really smart bolt-ons and transformative M&A as well. But your perspective on whether you see PR as a consolidator or potentially a seller over time, recognizing it's a tricky question, but it's, I think, an important one.

後續問題是，在一些大型公司的電話會議上有很多關於併購的討論，以及您的觀點。當然，你們善於抓住機會，透過真正聰明的附加措施和變革性的併購，成為了出色的資產整合者。但是，您是否將 PR 視為一個整合者，或者隨著時間的推移，可能是賣家，這是一個棘手的問題，但我認為這是一個重要的問題。

No, that's a fair question and a good one. I mean, I think -- given our leading cost structure, we've always said we view Permian Resources as the logical consolidator of Delaware Basin assets today. And frankly, we're really excited about that opportunity set and what's in front of us. We talked about our ground game efforts remain strong. We continue to find larger scale acquisitions like the Barilla Draw acquisition last year, the Apache bolt-on earlier this year and several hundred million dollar deals kind of in between.

不，這是一個公平的問題，也是一個好問題。我的意思是，我認為——鑑於我們領先的成本結構，我們一直說我們認為二疊紀資源公司是當今特拉華盆地資產的合理整合者。坦白說，我們對這個機會以及擺在我們面前的一切感到非常興奮。我們談到我們的地面比賽努力依然強勁。我們繼續發現更大規模的收購，例如去年對 Barilla Draw 的收購、今年早些時候對 Apache 的額外收購以及介於兩者之間的幾億美元的交易。

But I think we're confident, too, that that pipeline remains robust, and we'll be able to find those types of attractive acquisitions that make our business better. So I think we don't have a perfect crystal ball, but I'd say really excited about what the opportunity set looks like as a consolidator in the Delaware. But to the flip side of your question, I'd say we really do believe that our business has a tremendous amount of go-forward potential on a stand-alone basis.

但我認為，我們也相信，該管道依然強勁，我們將能夠找到那些有吸引力的收購，使我們的業務變得更好。所以我認為我們沒有一個完美的水晶球，但我會說，作為特拉華州的整合者，我對機會集的樣子感到非常興奮。但對於你問題的另一面，我想說我們確實相信我們的業務在獨立的基礎上具有巨大的發展潛力。

I think we believe that if we continue to execute to the levels we're exiting on today that we can continue to grow free cash flow per share like we've done since inception. And as a result of that drive significant outperformance kind of versus the modern market and peers on a total shareholder return basis, like [we did] on the past and frankly like you can see on slide 9.

我認為，我們相信，如果我們繼續執行我們今天的水平，我們就可以繼續增加每股自由現金流，就像我們自成立以來所做的那樣。因此，與現代市場和同行相比，我們在股東總回報率方面取得了顯著的優異表現，就像我們過去所做的那樣，坦白說，就像您在幻燈片 9 上看到的那樣。

But look, ultimately, our goal has always been to do what we believe creates the most long-term value for shareholders, whether that be acquiring assets or divesting them, buying businesses or ultimately selling our business. And we've made every decision we've ever made running this business as shareholders. And together, our team owns over 6% of the outstanding equity of Permian Resources stock. And as such, I think investors can rest assured we're going to continue to be super aligned with the entire investor base and do whatever we think will make the highest long-term returns and create the most value for investors whichever path that may be.

但從根本上講，我們的目標始終是做我們認為能為股東創造最大長期價值的事情，無論是收購資產還是剝離資產、購買企業還是最終出售我們的業務。我們在經營這項業務時所做的每一個決定都是以股東的身份做出的。我們的團隊總共擁有 Permian Resources 股票 6% 以上的流通股本。因此，我認為投資者可以放心，我們將繼續與整個投資者群體保持一致，做任何我們認為能夠帶來最高長期回報並為投資者創造最大價值的事情，無論採用哪種方式。

So I think really fortunate to be in the position of kind of purpose along with investors and got to be focused on doing what makes the most sense over the long term.

因此，我認為自己非常幸運能夠與投資者一起肩負使命，並專注於做長期來看最有意義的事情。

Kevin MacCurdy, Pickering Energy Partners.

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

The market may be a little spoiled as we usually get an update on lower well costs from you guys. I realize maybe there's some moving pieces with the tariffs, but your quarterly CapEx was very good, and you started off the call mentioning record drilling times. Any thoughts on the magnitude of efficiency or drilling improvements you still see down the pipeline?

市場可能有點被破壞了，因為我們通常會從你們那裡得到有關降低油井成本的最新消息。我意識到關稅可能存在一些變動，但您的季度資本支出非常好，而且您在電話會議開始時提到了創紀錄的鑽井時間。您對管道效率或鑽井改善的程度有何看法？

Look, I think we proved to ourselves this quarter that the best wells can be better than we've seen in the past. And I didn't even mention it, but we -- another stat that was [closed] is we drilled 5 of our fastest 10 wells ever in Q2. So we're starting to really push the envelope of the best wells. We need to keep making progress on the average well and on the worst wells.

看，我認為我們本季已經向自己證明了，最好的油井可以比我們過去見過的更好。我什至沒有提到這一點，但我們——另一個已關閉的統計數據是，我們在第二季度鑽探了有史以來最快的 10 口井中的 5 口。因此，我們開始真正挑戰最佳油井的極限。我們需要在普通井和最差井上繼續取得進展。

But on the drilling side, time directly correlates to the bottom line. You save about $100,000 every day you can cut. And so I think we've proven to ourselves there's a lot of stuff we can go get, and we've done it now on a handful of wells. We just got to go do it on the average.

但在鑽井方面，時間與底線直接相關。每天削減開支可以節省約 10 萬美元。所以我認為我們已經向自己證明了我們可以獲得很多東西，而且我們已經在少數幾口油井上做到了這一點。我們只要平均去做就好了。

And yes, you're right. Like Q2, our well cost on a [perf] basis, probably flattish to Q1. I think some of that was we drilled a little bit shorter lateral lengths, you don't get quite the efficiencies just the way the schedule shook out. But if you look at the kind of what we done on the frac side, and the progress we've made on the kind of top quartile of drilling side, I think there's a lot of tailwinds into the back half of the year.

是的，你是對的。與第二季一樣，我們的油井成本（以perf計算）可能與第一季持平。我認為部分原因是我們鑽的水平段長度稍短，按照計劃進行的話，效率就無法得到充分的提高。但如果你看看我們在壓裂方面所做的工作，以及我們在鑽井方面上四分之一所取得的進展，我認為今年下半年會有很多順風。

Great. Sounds like there's still some improvement to come. And as a follow-up, any change to how you're seeing the cadence of turnarounds this year? And how much of your program do you have left to execute in the back half of the year?

偉大的。聽起來還有一些進步空間。另外，您認為今年轉虧為盈的節奏有什麼變化嗎？今年下半年您還剩下多少計畫需要執行？

It's the same numbers we've put out there, the $275 million net of the $10 million that we dropped from the original budget. I think we're slightly back half weighted, but it's the same as we -- last time we talked to you all.

與我們公佈的數字相同，即從原始預算中削減 1000 萬美元後的淨額為 2.75 億美元。我認為我們的權重稍微降低了一半，但這與我們上次與你們交談時的情況相同。

Phillip Jungwirth, BMO.

菲利普·榮格沃思（BMO）。

On Permian gas marketing, there's a number of projects in development to take gas to the Gulf Coast, but we're also seeing proposed projects to move volumes to the Rockies and, even based on yesterday's news, the West Coast. So while it's early on on those options, just wondering how much you're considering these other outlets as a way to maximize netbacks? And ultimately, how much Waha exposure would you look to maintain, given there should be some tightening in the differential after 2026?

在二疊紀天然氣行銷方面，有許多項目正在開發中，旨在將天然氣輸送到墨西哥灣沿岸，但我們也看到一些擬議的項目，將天然氣輸送到落基山脈，甚至根據昨天的消息，輸送到西海岸。因此，雖然這些選擇還處於早期階段，但我只是想問，您在多大程度上考慮過這些其他管道來最大化淨回報？最後，考慮到 2026 年後差距會縮小，您希望維持多少 Waha 的曝光？

Yes. I mean, I think the [shortage] is we're excited about all these projects. I think we've been firm believers for a long time that we need more pipes out of the basin sooner. I think we're pretty excited about just the broader backdrop and I'd say the willingness of pipeliners to get out ahead of the kind of growth in gas we've seen and expect to continue to see in the Permian.

是的。我的意思是，我認為[短缺]是我們對所有這些項目感到興奮。我認為我們長期以來一直堅信，我們需要盡快從盆地中引出更多的管道。我認為我們對更廣泛的背景感到非常興奮，我想說管道公司願意領先我們已經看到的並預計將在二疊紀盆地繼續看到的天然氣增長。

We think this is a great thing for Permian Resources, it's a good thing for the Permian Basin, and I think it also would be a great thing for the owners of these pipelines. I think we're not kind of -- as you saw in my notes, like we're not just set on going to the Gulf Coast on the gas side. I think we're open and excited to explore different markets.

我們認為這對二疊紀資源公司來說是一件大事，對二疊紀盆地來說也是一件好事，而且我認為這對這些管道的所有者來說也是一件大事。我認為我們並不是——正如你在我的筆記中看到的那樣，我們並不是只想去墨西哥灣沿岸的天然氣地區。我認為我們對於探索不同的市場持開放態度並且很興奮。

I think for us, we're really just trying to solve for what we think is going to bring the best netback for every molecule of gas that we make. So I think we'll be constantly evaluating kind of each and every one of these. I'd say in terms of how much Waha (technical difficulty) long-term, I think historically, we said we used to sell about 20% to 25% of our gas outside of the basin. And 75% to 80% in basin, and we'd like to reverse that over time. So I think the right kind of long-term answer for PR is probably 20% to 25% of our gas sales at Waha, something like that.

我認為對我們來說，我們實際上只是試圖解決我們認為能夠為我們製造的每個氣體分子帶來最佳淨回報的問題。所以我認為我們會不斷評估其中的每一個。我想說的是，就長期的 Waha（技術難度）而言，我認為從歷史上看，我們曾經將大約 20% 到 25% 的天然氣賣到盆地外。盆地中的比例為 75% 至 80%，我們希望隨著時間的推移扭轉這一局面。因此，我認為對於 PR 來說，正確的長期答案可能是將我們在 Waha 的天然氣銷售額的 20% 到 25% 左右，諸如此類。

I think we like that flexibility and kind of having the options to continue to sell gas in the basin over the long term because there's just a lot of interesting things that could happen and potentially some exciting developments. But I'd say that we kind of go from 20-80 to 80-20 over time.

我認為我們喜歡這種靈活性，並且有選擇長期繼續在盆地銷售天然氣的權利，因為有很多有趣的事情可能會發生，而且可能會出現一些令人興奮的發展。但我想說，隨著時間的推移，我們的比率會從 20-80 變成 80-20。

Okay. And then congrats on the Fitch upgrade. It sounds like the others are going to follow here shortly, but besides the lower cost of capital, sticking with the marketing angle here, just how did the IG rating at all three agencies kind of benefit you in terms of these opportunities? And could it open up any potential deals that would otherwise not be available?

好的。然後祝賀惠譽評級升級。聽起來其他人很快就會效仿，但除了較低的資本成本之外，堅持行銷角度，這三家代理商的 IG 評級在這些機會方面如何為您帶來好處？它是否能帶來一些原本無法實現的潛在交易？

Yes. I think investment grade, I'd call it modestly helpful relativity business like we've entered into really attractive agreements with the ratings that we have. So like all these things, whether it's incrementally better terms on the midstream agreement, whether it's more flexibility to do longer-term debt or whether it's more availability of credit through the cycle, those are all positives for us from a balance sheet perspective. And I'd say we're glad Fitch recognized kind of the fact that our financial metrics and financial strategies are consistent with their superior to a lot of our IG peers, and we're focused on getting the rest of the way there.

是的。我認為投資等級，我會稱之為適度有幫助的相對性業務，就像我們已經就我們擁有的評級達成了非常有吸引力的協議一樣。因此，就像所有這些事情一樣，無論是中游協議條款的逐步改善，還是更靈活地處理長期債務，還是在整個週期中提供更多的信貸，從資產負債表的角度來看，這些對我們來說都是積極的。我想說，我們很高興惠譽認識到我們的財務指標和財務策略優於許多投資級同行，而我們正專注於實現這一目標。

Zach Parham, JPMorgan.

摩根大通的紮克·帕勒姆。

I wanted to follow up on the marketing deals. We've seen a couple of your peers sign some power deals in the basin length of power pricing. Is that something you've had any negotiations on or that you're considering doing?

我想跟進行銷交易。我們看到你們的一些同行在電力定價流域範圍內簽署了一些電力交易。你們是否就此進行過談判或正在考慮做這件事？

Yes. We've looked at all of them. I think that's something we've actually spent a lot of time on over the past kind of 12 or 18 months. I think we haven't seen any in-basin gas sales deals that we think we have confidence in and can improve our netback relative to the other opportunities. And we haven't seen anything interesting on the power side, kind of in the areas where I think we need to power the most.

是的。我們已經看過了所有這些。我認為在過去的 12 到 18 個月裡我們確實花了很多時間在這上面。我認為我們還沒有看到任何我們認為有信心的盆地天然氣銷售交易，並且可以相對於其他機會提高我們的淨回值。在電力方面，我們還沒有看到任何有趣的進展，而我認為在我們最需要電力的領域。

I think most of what we've seen on the power side has been in Texas, where we have really good grid connectivity and, frankly, really good [our comprising] going forward. I think the area where we've needed more power connectivity has continued to be in New Mexico, and we haven't seen a lot of projects there to date, but are certainly open to them in Texas-New Mexico wherever they come, and we'll continue to evaluate them as they come across our desk.

我認為我們在電力方面看到的大部分都發生在德克薩斯州，那裡的電網連接非常好，坦白說，我們的未來前景非常好。我認為我們需要更多電力連接的地區仍然是新墨西哥州，到目前為止我們還沒有看到那裡有很多項目，但無論它們來自哪裡，德克薩斯州和新墨西哥州都對它們持開放態度，當它們出現在我們的辦公桌上時，我們將繼續對其進行評估。

And then my follow-up is just on your hedge book. You added a little bit during the quarter. Can you just update us on how you're thinking about hedging on a go-forward basis.

然後我的後續問題就是關於你的對沖書。您在本季增加了一點。您能否向我們介紹一下您對未來對沖的看法？

Yes. No change on kind of overall hedge strategy, which is roughly 30%, 20%, 10% hedged one, two, three years out. We're there on '25, have good progress on '26. I think what you've seen from us is like we're flexible on how we get there. We're not going to force ourselves into those equations, but we try to be nimble and lean in when you have what seems like pretty clear dislocations like we saw in June.

是的。整體對沖策略沒有變化，一年、兩年、三年的對沖率大約是 30%、20%、10%。我們在 25 日就達到了目標，26 日也取得了良好的進展。我想您從我們身上看到的是，我們在如何實現目標方面非常靈活。我們不會強迫自己接受這些等式，但當出現像我們在六月看到的相當明顯的錯位時，我們會盡量保持靈活並向前傾斜。

With our balance sheet where it is today, we're fortunate we can, like I said, be really patient. Like I think we're going to try to hedge more if we think prices are higher, and we could be comfortable hedging less if there's a few opportunities to lock in what we view as attractive prices. So I think we're building flexibility as the quality of our business grows. And I think being opportunistic in late June and locking in kind of prices during that period of positive volatility was a great opportunity for us.

就我們今天的資產負債表而言，我們很幸運，就像我說的，我們可以非常有耐心。例如，如果我們認為價格較高，我們就會嘗試進行更多對沖；如果有機會鎖定我們認為有吸引力的價格，我們就會願意減少對沖。因此我認為，隨著業務品質的提高，我們也在增強靈活性。我認為，在 6 月底抓住機會並在積極波動期間鎖定價格對我們來說是一個很好的機會。

John Abbott, Wolfe Research.

約翰‧阿博特，沃爾夫研究公司。

I want to go back to slide 7 in the marketing agreements, and I appreciate the free cash flow guidance on 2026. But to tell you, it looks like the amount of the capacity increases out to 2028. So I guess just to help us sort of triangulate things, as you sort of look out to 2028, you look at sort of strip pricing, how would you describe the potential impact to free cash flow beyond 2026 lease agreements?

我想回到行銷協議的第 7 張投影片，我很欣賞 2026 年的自由現金流指導。但要告訴你，到 2028 年，產能似乎還會增加。因此，我想這只是為了幫助我們對事物進行三角測量，當您展望 2028 年時，您會考慮條帶定價，您會如何描述 2026 年租賃協議之後對自由現金流的潛在影響？

Yes. I mean, I think for us, I'd say there's a lot of movement in kind of different markets and strip pricing all the way out to 2028. So I think our -- the answer we're comfortable giving is the existing contracts we expect to see kind of greater benefit than what's outlined in 2026.

是的。我的意思是，我認為對我們來說，到 2028 年，不同市場和條形定價都會發生很大變化。所以我認為，我們可以放心給出的答案是，我們預計現有合約將比 2026 年概述的合約帶來更大的好處。

And I think we're continuing to find new opportunities to optimize. If you look at those charts in the middle of slide 7, like we're kind of two-thirds contracted on the gas side using current volumes and about half contracted on the crude side. So I think for us, kind of a combination of the existing contracts that are shown on slide 7 and kind of future optimization we expect to do. I think you should expect to see that number go up as we get beyond 2026.

我認為我們正在繼續尋找新的優化機會。如果您看一下第 7 張幻燈片中間的圖表，您會發現按當前交易量計算，我們在天然氣方面簽訂了三分之二的合同，在原油方面簽訂了約一半的合同。因此，我認為對於我們來說，這是一種將幻燈片 7 中顯示的現有合約與我們期望進行的未來優化相結合的方式。我認為，隨著 2026 年的到來，這個數字將會上升。

Appreciate it. And then just following up, you did close on the Delaware acquisition during the quarter. I mean, the assets are in-house. Could you maybe speak to a little bit more about the opportunities in terms of savings and optimization now that you have the assets in hand?

非常感謝。接下來，您確實在本季完成了對特拉華州的收購。我的意思是，資產是在內部的。現在您已經掌握了資產，能否再多談談節約和優化方面的機會？

Yes. So we closed six weeks ago, kind of took over operations shortly thereafter. I'd say this is right in our backyard. So this is -- from an integration perspective, I'd say it was kind of integrated within a week. There's some quick wins on the production side, just kind of obvious [share] of people, like we don't need near as many people because we already have pumpers like in the exact area.

是的。因此我們在六週前關閉了業務，之後不久就接手了業務。我想說這裡就在我們後院。所以這是——從整合的角度來看，我認為它是在一周內完成整合的。在生產方面有一些快速的勝利，只是人員的明顯[份額]，例如我們不需要那麼多人，因為我們已經在確切的區域擁有泵工。

I think, ultimately, there'll be some wins on the water disposal side or water recycling side, just given the kind of connectivity of the assets. I think that what's unique to this deal, in particular, is what our land team will do with the assets. If you think about kind of when we rolled that deal out, it was very unique in that it came with a lot of really good operated units and a lot of non-op under PR, but also had some kind of really good high-quality, more scattered acreage that our team will go to work on right away.

我認為，最終，考慮到資產的連通性，在水處理方面或水回收方面將會有一些好處。我認為這筆交易的獨特之處在於我們的土地團隊將如何處理這些資產。如果您想想我們何時推出這筆交易，它非常獨特，因為它附帶了許多真正運作良好的單位和許多 PR 下的非營運單位，但也有一些非常好的高品質、更分散的土地，我們的團隊將立即開始工作。

And we are in the middle of discussing multiple trades right now that kind of get us into either core up in areas where we'd like to core up or get us into new units that we otherwise wouldn't be in. So not a lot of like super specifics, and I don't have a look back on the numbers yet because we're four weeks in from operating or something like that. But we've had some quick wins on the people and water disposal side, and I'm expecting some big wins to come on the land side.

我們現在正在討論多項交易，這些交易要么讓我們進入我們想要進入的核心領域，要么讓我們進入我們原本不會進入的新單位。因此，沒有太多像超級具體的東西，而且我還沒有回顧這些數字，因為我們距離營運還有四周的時間。但我們在人員和水處理方面已經取得了一些快速的勝利，我期待在土地方面也取得一些重大勝利。

John Annis, Texas Capital.

約翰‧安尼斯，德州首府。

For my first one, I assume the margin for error is extremely narrow to drill top decile wells, let alone 5 of 10 fastest in one quarter. Can you remind us of what has to go right to be able to do this? And what did you do to have to go right five times in one quarter? And then just how far the average is to these high watermarks?

對於我的第一個項目，我認為鑽探前十分位井的誤差幅度極小，更不用說在一個季度內鑽探 10 個最快井中的 5 個了。您能否提醒我們，要做到這一點，需要做哪些正確的事？那麼你做了什麼才能在一個季度內五次取得成功？那麼平均值與這些高水位線的差距到底有多大呢？

Yes. So to drill a top decile well, you've got to have no unplanned trips. You have to basically have no NPT or near zero NPT. And then we need to be rotating when we're drilling most of the time. So basically no sliding, no NPT and no unplanned trips.

是的。因此，為了鑽出前十分之一的井，你必須不進行任何計畫外的作業。您基本上必須沒有 NPT 或接近零 NPT。而且我們在鑽孔時大部分時間都需要旋轉。因此基本上沒有滑動、沒有 NPT 和沒有計劃外的旅行。

I think you're right. For all three of those to go well. It's an outlier that's not the average. But we are -- I'd say those best wells are probably -- I mean, the two that we drilled this quarter were [calling in] 5.5 and 6 days, something like that, and our average is probably closer to 10.5% or 11%. So not quite half of the average, but close to it.

我認為你是對的。祝這三件事一切順利。這是一個異常值，不是平均值。但是，我想說最好的井可能是——我的意思是，我們本季鑽探的兩口井的開採時間為 5.5 天和 6 天左右，我們的平均開採率可能接近 10.5% 或 11%。因此，雖然不如平均值的一半，但也很接近了。

And so look, for us, I think this is super exciting. Like our drilling team has not just one well, but a handful or almost two handfuls of wells that have shown this is doable and now they just got to go see if they can make that the norm. And if we do, it's very meaningful, five or six days, call it, 500,000 or 600,000 on a gross basis per well. Like that's coming up on almost 10% of our well costs we could cut out. I don't think that's something else should expect to happen in second half of this year. But I do think that is a long-term goal for us to try to go get.

所以，對我們來說，我認為這是非常令人興奮的。就像我們的鑽井隊不只擁有一口井，而是擁有好幾口或幾乎兩口井，這些井已經證明這是可行的，現在他們只需要看看是否可以將其作為常態。如果我們這樣做，那就非常有意義了，五到六天，每口井的產量總計可達 50 萬或 60 萬。這相當於我們可以削減掉油井成本的近 10%。我認為今年下半年不會再發生這樣的事情了。但我確實認為這是我們努力實現的長期目標。

Terrific. For my follow-up, in the release, you highlight chemical and power optimization projects as drivers of maintaining low LOE during the quarter. Can you provide some more color around those drivers, and more specifically, what you are doing on the power side?

了不起。在我的後續報導中，您強調化學和電力優化專案是本季維持低 LOE 的驅動力。您能否提供有關這些驅動程式的更多細節，更具體地說，您在電源方面做了什麼？

Yes. Look, our [tech] team is always working hard to try to both increase run time and cut costs. And that's a balance because as you increase your run time, it typically comes with more capital to get there. One project -- we've done two of these we call micro grids, which is basically kind of behind the meter power where we'll set kind of larger scale power generation behind the meter and interconnect it to a bunch of different locations. It has a bunch of benefits.

是的。看，我們的[技術]團隊一直在努力嘗試增加運行時間並降低成本。這是一種平衡，因為隨著運行時間的增加，通常需要更多的資本來實現。一個專案——我們已經完成了兩個，我們稱之為微電網，它基本上是一種電錶後電力，我們將在電錶後設置更大規模的發電，並將其互連到許多不同的位置。它有很多好處。

One, field hands who are out servicing that equipment spend less time driving to multiple locations. They just go to one spot. There's also some kind of economies of scale in larger-scale power generation and better run time. So that's been the kind of wins we look for where you get both better run time and lower cost. We've done two of those today. They've both been extremely successful.

一方面，外出維修設備的現場工人不需要花太多時間開車前往多個地點。他們只去一個地方。更大規模的發電和更長的運行時間也具有某種規模經濟效應。所以這就是我們所尋求的勝利，也就是獲得更長的運行時間，同時降低成本。今天我們已經做了兩個了。他們倆都極為成功。

I think power costs are down 30% on both of them. We're kind of working through now how many of these opportunities do we have? As you can imagine, if you have a high concentration of wells in one area, it makes a lot of sense because the capital for the power lines is less.

我認為兩者的電力成本都下降了 30%。我們現在正在研究我們有多少這樣的機會？你可以想像，如果一個地區的水井高度集中，那麼這是有意義的，因為電力線的資本較少。

And if the weather more spread out, it starts to get skinnier on kind of your all-in return on investment. So I think it's just other creative ways that we are always trying to get better. The production team takes a lot of pride in what they do. And this quarter, they really demonstrated with some cool projects.

如果天氣更加分散，您的全部投資報酬率就會開始下降。所以我認為這只是我們一直在嘗試的其他創意的方法來變得更好。製作團隊對他們所做的事情感到非常自豪。本季度，他們確實透過一些很酷的項目展示了這一點。

Leo Mariani, Roth Capital.

羅斯資本的 Leo Mariani。

I just wanted to clarify some of your commentary on well costs. If I heard you guys right, second quarter was kind of flattish dollar per foot. It sounds like shorter laterals sort of drove that. But if I heard you right, it sounds like the expectation is that those well costs will come down in the second half of the year. I just wanted to clarify that. And then additionally, can you talk about how much of that you think can be driven by kind of sticky efficiencies? And is there a cost component as well that you may benefit from?

我只是想澄清一下您對油井成本的一些評論。如果我沒聽錯的話，第二季每英尺的美元價格基本上持平。聽起來，較短的橫向鑽井是造成這種情況的原因。但如果我沒聽錯的話，聽起來預計這些油井成本將在今年下半年下降。我只是想澄清這一點。另外，您能否談談您認為其中有多少可以透過黏性效率來推動？是否存在您可以從中受益的成本組成部分？

Yes. Look, I think the three things that we have in the back half of the year is my expectations are you're going to see an efficiency step up. We've demonstrated the ability to do it, and I have no reason to believe that we can't replicate what we did in Q2 in the back half of the year.

是的。聽著，我認為我們在今年下半年要做的三件事是我的期望，你會看到效率的提升。我們已經證明了我們有能力做到這一點，而且我沒有理由相信我們不能在下半年複製我們在第二季度所取得的成就。

With the volatility we've seen in kind of depressed oil prices, I'd say service costs in general are coming down a little bit. There wasn't a ton of room to give, but where we've had it, we've gotten some, and we've made some [vendor] changes and are always trying to figure out kind of the best way to optimize kind of the balance of efficiencies and cost per unit on our side.

隨著我們看到油價低迷的波動，我認為整體服務成本正在下降。雖然沒有太多的空間可以提供，但是我們已經得到了一些空間，並且我們對一些[供應商]做出了改變，並且一直在努力找出最佳方法來優化我們這邊效率和單位成本的平衡。

And then there's a little offset in casing costs. Obviously, casing costs are up just due to tariffs. And I'd say you gave a little bit back there. But yes, net-net, I'd expect cost per foot to be down in the back half of the year.

然後套管成本就會得到一點補償。顯然，僅由於關稅，套管成本就上漲了。我想說你也做了一點回報。但是的，總體而言，我預計今年下半年每英尺的成本將會下降。

Okay. Appreciate that. And I guess just from a high-level perspective, obviously, you talked about kind of the macro. If I read your tone right, it sounds like maybe there's a little bit of caution, just given the current landscape. Should people generally expect you guys to try to kind of hold oil flattish for the foreseeable future in this kind of uncertain macro landscape and just kind of remain laser-focused on reducing costs?

好的。非常感謝。我想，從高層次的角度來看，顯然您談論的是宏觀層面。如果我沒理解錯的話，您的語氣聽起來像是有點謹慎，考慮到目前的情況。在這種不確定的宏觀形勢下，人們是否應該普遍期望你們在可預見的未來努力保持油價平穩，並繼續專注於降低成本？

Yes. I think that's probably a good generalization. I'd say we've kind of come out of several years of very pronounced growth and have said time and again this year that it does not feel like it's the right kind of market to return to what's been if you combine organic and inorganic several years of double-digit production growth.

是的。我認為這可能是個很好的概括。我想說，我們已經走出了幾年非常明顯的成長階段，今年我多次表示，如果將幾年的有機和無機兩位數的生產成長結合起來，感覺現在的市場不適合回到以前的狀態。

I think just with the amount of uncertainty in the supply side and the demand side we've seen today, we don't think that makes sense. So I think they're kind of forecast for the near term, and that could be months or that could be quarters until we kind of have more confidence in returning to growth. So I think kind of flattish to kind of low single-digit growth is the right expectation, and that's what this years look like.

我認為，鑑於我們今天看到的供應方和需求方的不確定性，我們認為這是沒有意義的。所以我認為他們只是對短期做出預測，這可能需要幾個月甚至幾季的時間，直到我們對恢復成長更有信心。因此，我認為持平至低個位數的成長是正確的預期，今年的情況也是如此。

Noah Hungness, Bank of America.

諾亞·洪尼斯，美國銀行。

To start off, I was hoping you guys could expand on the comments around the federal lands and the commingling that's kind of been opened up. What does that mean for Permian Resources? Does that kind of allow you to access what was potentially stranded acreage or extended [issues]?

首先，我希望你們能夠就聯邦土地和已經開放的混合問題展開評論。這對二疊紀資源公司來說意味著什麼？這樣是否能讓你進入那些可能擱淺的土地或延伸的土地[問題]？

No. It doesn't do that. It's really -- what it does is it allows us to build kind of central tank batteries in New Mexico like we currently do in Texas. I think if you've got two units that back up to each other and one had state and one had federal acreage. Prior to that, we would have to build basically completely separate batteries, which is for us to waste the capital, and I think generally just not the most efficient way to run our business.

不。它不會這麼做。它的作用是讓我們能夠在新墨西哥州建造一種中央儲能電池，就像我們目前在德克薩斯州所做的那樣。我認為如果你有兩個相互支持的單位，一個擁有州土地，一個擁有聯邦土地。在此之前，我們必須製造基本上完全獨立的電池，這對我們來說是浪費資金，而且我認為通常這不是經營業務最有效的方式。

And with the new ability to commingle in New Mexico, we can build one battery and just meter the wells like we do in Texas. So a little bit of capital savings. Really, I just say the world is a better place, smaller footprint, less places to drive to and a little bit of capital savings. So we're excited about it. I think it's a really common sense thing that needed to happen for a long time, and we're happy to have finally got done.

借助新墨西哥州新的混合能力，我們可以建造一個電池並像在德克薩斯州一樣對油井進行計量。因此節省了一點資本。真的，我只是說世界變得更美好了，足跡更小了，需要開車去的地方更少了，而且還節省了一點資本。所以我們對此感到很興奮。我認為這是一件非常常識性的事情，需要很長時間才能完成，我們很高興終於完成了。

That makes sense. And then on the updated guidance, capital increased by the $20 million that I think you guys had previously flagged. But the till count working interest and lateral footage was unchanged. So is the increase in the CapEx from -- is it from moving capital into higher cost part of the Delaware? Or is there other spending involved there?

這很有道理。然後根據更新後的指引，資本增加了 2000 萬美元，我想這是你們之前提到的。但收銀台計數工作興趣和橫向鏡頭沒有變化。那麼資本支出的增加是否來自於－將資本轉移到德拉瓦州成本較高的地區？還是這其中還涉及其他支出？

No. The increased $20 million was just -- there was eight wells that were work-in-progress wells that we took over from Apache that -- a little bit of capital flowed through to us kind of between effective date and closing or just post closing.

不。增加的 2000 萬美元只是——我們從 Apache 接管了 8 口在建油井——在生效日期和結束日期之間或結束之後，有少量資金流入我們。

(Operator Instructions) Paul Diamond, Citi.

（操作員指示）花旗銀行的 Paul Diamond。

Just wanted to quickly touch on the balance sheet. You're also sitting at about $450 million in cash on our numbers that accretes pretty solidly over the course of the second half of the year. Can you remind us what you think is the right number to carry there? Or is there a plus or minus? Or what's the right number you want to hold on the balance sheet?

只是想快速了解一下資產負債表。根據我們的數據，您還擁有約 4.5 億美元的現金，這些現金在今年下半年將穩定成長。您能否提醒我們您認為攜帶的正確數量是多少？或者說有優點或缺點嗎？或者您希望在資產負債表上保留的正確數字是多少？

Yes, this is Guy. I think right number, $500 million to $1 billion. I think we've seen and kind of demonstrated the benefit of having this liquidity. I think we talked about last quarter, we went into Q2 with the best balance sheet we've ever had as we executed on the downturn playbook as we described, and we sit here at $0.5 billion of cash on the balance sheet and 1 times leverage.

是的，這是蓋伊。我認為正確的數字是 5 億到 10 億美元。我認為我們已經看到並證明了這種流動性的好處。我想我們上個季度討論過，進入第二季度時，我們擁有有史以來最好的資產負債表，因為我們按照我們所描述的方式執行了經濟衰退策略，我們的資產負債表上有 5 億美元現金和 1 倍槓桿率。

So I think kind of our approach to balance sheet and just making sure we have fire power for when we go into these downturns is a huge part of how we think we can deliver shareholder return over time.

因此，我認為，我們對資產負債表的態度以及確保我們在陷入經濟低迷時擁有足夠的火力，是我們認為能夠長期實現股東回報的重要組成部分。

Got it. Makes sense. And then just one quick follow-up on ground game cadence. You guys have done a pretty good job over the first half of the year. Should we accept those or expect those numbers to remain relatively stable. We have 1,000-plus acres per quarter. Or is there any reason to think the opportunity set is growing or shrinking?

知道了。有道理。然後只需快速跟進一次地面比賽節奏。你們上半年的工作做得非常好。我們應該接受這些數字還是期望這些數字保持相對穩定。我們每季有 1,000 多英畝土地。或有什麼理由認為機會集正在增加或減少？

Yes. I mean, I think it's definitely lumpy. I'd say we feel awesome, like I said in my opening remarks, about our ground game pipeline. I think that recent Apache New Mexico acquisition really helps open up some kind of new fairways and new windows to pursue that. So I think probably more -- I'd expect more ground game from here.

是的。我的意思是，我認為它肯定是凹凸不平的。我想說，就像我在開場白中所說的那樣，我們對我們的地面遊戲管道感到非常高興。我認為最近對阿帕奇新墨西哥州的收購確實有助於開闢一些新的管道和新的窗口來實現這一目標。所以我認為可能更多——我期待這裡會有更多的地面比賽。

I think Q2 is probably a little bit lighter than it would have otherwise been with all the volatility. I just think kind of -- with what happened at the beginning of the quarter from an oil price perspective, it just takes a little time for both seller and buyer expectations to reset. So I think all in, I'd say we'd expect to do more ground game on the back half from here.

我認為第二季的業績可能比原本波動較大的季度要輕鬆一些。我只是認為——從本季初發生的油價來看，賣家和買家的預期都需要一點時間來重置。所以我認為總的來說，我們希望從現在開始在後半段進行更多的地面比賽。

And we have no further questions that came through at this time. I will now hand the call over back to Will Hickey for closing remarks. Please go ahead, sir.

目前我們沒有其他問題。現在我將把電話轉回威爾希基 (Will Hickey) 作結束語。先生，請繼續。

Thanks, John. This was an outstanding quarter for the PR team. Not only do we continue our operational track record in the field but also quickly executed on our downturn playbook, which we believe will drive real value for shareholders. Given our high-quality asset base and fortress balance sheet, we believe we can continue this execution and value creation going forward in any commodity price environment.

謝謝，約翰。對於公關團隊來說，這是一個出色的季度。我們不僅延續了該領域的營運記錄，而且還迅速執行了我們的經濟低迷策略，我們相信這將為股東帶來真正的價值。鑑於我們高品質的資產基礎和穩健的資產負債表，我們相信，在任何商品價格環境下，我們都能繼續保持這種執行力和價值創造。

Thanks to everyone for joining the call today and following the Permian Resources story.

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。

Thank you. This concludes our conference call for today. Thank you all for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連線。