Permian Resources Corp (PR) 2025 Q3 法說會逐字稿

Good morning, and welcome to Permian Resources conference call to discuss its third quarter 2025 earnings. Today's call is being recorded. A replay of the call will be accessible until November 20, 2025, by dialing (888) 660-6264 and entering the replay access code 91750 or by visiting the company's website at www.permianres.com.

早安，歡迎參加 Permian Resources 公司 2025 年第三季財報電話會議。今天的通話將會被錄音。本次電話會議的錄音回放將保留至 2025 年 11 月 20 日，可透過撥打 (888) 660-6264 並輸入回放存取代碼 91750 或造訪本公司網站 www.permianres.com 收聽。

At this time, I will now turn the call over to Hays Mabry, Permian Resources Vice President of Investor Relations, for some opening remarks. Please go ahead.

現在，我將把電話交給 Permian Resources 投資者關係副總裁 Hays Mabry，請他致開幕詞。請繼續。

Thank you, Jimmy, 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. Many of the comments during this call are forward-looking statements that involve risks and uncertainties that could affect our actual results and are discussed in more detail in our filings with the SEC.

謝謝你，吉米，也謝謝各位的到來。今天參加電話會議的有我們的執行長威爾·希基和詹姆斯·沃爾特，以及我們的財務長蓋伊·奧利芬特。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績效的風險和不確定性，這些內容在我們向美國證券交易委員會提交的文件中進行了更詳細的討論。

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. With that, I will turn the call over to Will Hickey, Co-CEO.

我們也可能提及非GAAP財務指標。對於我們使用的任何非GAAP指標，都可以在我們的獲利報告或簡報中找到與最接近的對應GAAP指標的調節表。接下來，我將把電話交給聯合執行長威爾希基。

Thanks, Hays. We're excited to discuss our third quarter results this morning. This marks the 12th consecutive quarter of strong operational performance by the PR team, culminating in our highest quarterly free cash flow per share since inception despite a suppressed commodity environment.

謝謝你，海斯。今天上午，我們很高興與大家討論第三季業績。這標誌著公關團隊連續第 12 個季度取得了強勁的營運業績，儘管大宗商品市場環境低迷，但我們仍實現了自成立以來最高的季度每股自由現金流。

Our business is firing on all cylinders as we are able to deliver strong execution in the field, progress our accretive acquisition strategy, improve our balance sheet and continue delivering strong returns to our shareholders.

我們的業務正處於全面高速運轉狀態，我們能夠在現場高效執行，推進增值收購策略，改善資產負債表，並繼續為股東帶來豐厚回報。

We think this performance is a testament to both the quality of our people and the quality of our assets and should continue to set PR up for strong and growing free cash flow going forward. In Q3, production exceeded expectations with oil production of 187,000 barrels of oil per day, up 6% from Q2 and total production of 410,000 barrels of oil equivalent per day.

我們認為，這項業績證明了我們員工的素質和資產的質量，並應繼續為PR公司未來強勁且不斷增長的自由現金流奠定基礎。第三季度，石油產量超出預期，日產原油18.7萬桶，較第二季度成長6%，日產石油當量41萬桶。

Our production outperformance was driven by continued strong execution, particularly from a large-scale Texas development that was brought online in the quarter. On the cost side, our operations team continues to set the standard in the Delaware Basin. We reduced controllable cash costs by 6% quarter-over-quarter, primarily driven by reducing LOE approximately $0.30 to $5.07 per Boe and D&C cost by 3%, averaging $7.25 per foot in the quarter.

我們的生產業績優異得益於持續強勁的執行力，特別是本季在德州投產的大型開發案。在成本方面，我們的營運團隊繼續在特拉華盆地樹立標竿。我們本季可控現金成本季減了 6%，主要原因是 LOE 成本每桶油當量減少了約 0.30 美元至 5.07 美元，D&C 成本減少了 3%，本季平均每英尺 7.25 美元。

Both metrics were below full year guidance, and we see additional room for improvement on the D&C side as we head into next year. The combination of strong production and lower costs drove adjusted operating cash flow of $949 million and record adjusted free cash flow of $469 million with $480 million of cash CapEx. Our outstanding operating performance and conservative financial strategy further enhance our fortress balance sheet.

這兩項指標均低於全年預期，我們認為，隨著我們進入明年，D&C 方面還有進一步改進的空間。強勁的生產和較低的成本相結合，推動調整後的營運現金流達到 9.49 億美元，調整後的自由現金流達到創紀錄的 4.69 億美元，現金資本支出為 4.8 億美元。我們卓越的經營績效和穩健的財務策略進一步增強了我們穩健的資產負債表。

During the third quarter, we called our 2026 senior notes and redeemed the legacy Centennial Convert, reducing outstanding debt by over $450 million and further simplifying our capital structure. In July, we received our first investment-grade credit rating from Fitch.

第三季度，我們贖回了 2026 年到期的優先票據，並贖回了原有的百年可轉換債券，減少了超過 4.5 億美元的未償債務，進一步簡化了我們的資本結構。7 月，我們首次獲得了惠譽的投資等級信用評等。

And earlier this week, Moody's upgraded us to a positive outlook, bringing us one step closer to investment grade. Our credit metrics have long matched our investment-grade peers, and we appreciate the recognition.

本週早些時候，穆迪將我們的評級展望上調至正面，使我們離投資級又更近了一步。我們的信用指標長期以來一直與投資級同行保持一致，我們感謝這種認可。

Slide 5 highlights our strong Haley production outperformance that underpinned Q3 production results. We frequently talk about our Delaware Basin leading cost structure, but this development is a great example of how our technical team approaches every project to maximize recoveries and value across our position.

第 5 張投影片重點介紹了我們強勁的 Haley 生產表現，這為第三季的生產業績奠定了基礎。我們經常談到我們在特拉華盆地領先的成本結構，但這個開發項目很好地體現了我們的技術團隊如何對待每個項目，以最大限度地提高我們業務的回收率和價值。

Our proprietary subsurface characterization dictated how we space, stack, sequence and customize completions for each of these 17 wells. The combination of these technical refinements drove a 45% oil outperformance versus offset wells in the first 90 days.

我們專有的地下特徵分析決定了我們如何對這 17 口井的每一口井進行間距、堆疊、排序和定製完井作業。這些技術改進的結合使得前 90 天的石油產量比鄰近油井高出 45%。

The recipe here is the same one we've used to consistently improve results across our portfolio, data-driven spacing and targeting, interval-specific completions and precise wellbore placement, all supported by PR's cutting-edge technology and long history of technical expertise in the Delaware Basin.

我們採用的秘訣與我們一直以來用來持續改善整個投資組合績效的秘訣相同：數據驅動的間距和目標定位、特定層段完井和精確的井眼定位，所有這些都得到了 PR 的尖端技術和在特拉華盆地長期積累的技術專長的支持。

Having our entire team based in Midland close to our assets allows us to seamlessly translate technical insights to the field, driving lower costs and superior execution. On the back of our strong well results and stellar operational execution this quarter, we're raising the midpoint of our full year production guidance to [181,500] barrels of oil per day and 394,000 barrels of oil equivalent per day, while keeping our CapEx guidance unchanged. This plan reflects an increase to the original full year production guide of 5%, while lowering the capital budget by 2%, demonstrating continued improvements in capital efficiency.

我們的整個團隊都位於米德蘭，靠近我們的資產，這使我們能夠無縫地將技術見解轉化為現場實踐，從而降低成本並提高執行效率。憑藉本季強勁的油井產量和出色的營運執行，我們將全年產量預期中位數上調至每日[181,500]桶原油和每日394,000桶油當量，同時保持資本支出預期不變。該計劃將全年生產目標提高了 5%，同時將資本預算降低了 2%，顯示資本效率持續提高。

With that, I will turn it over to James.

接下來，我將把麥克風交給詹姆斯。

Thanks, Will. Turning to slide 7. We wanted to provide a little more context and background about how we built Permian Resources into the business it is today. When we started Colgate Energy and moved to Midland in 2015, we had no assets and no production. We quickly realized that building a business of quality and scale was not going to be easy.

謝謝你，威爾。翻到第7張投影片。我們希望提供更多關於我們如何將 Permian Resources 發展成為今天這樣的企業的背景資訊。2015 年我們創立 Colgate Energy 並搬到米德蘭時，我們沒有任何資產，也沒有任何生產。我們很快就意識到，打造一家高品質、大規模的企業並非易事。

And if we were going to be successful, we would have to focus on doing the hard things that other companies didn't want to do. We built Colgate by working harder and being scrappier than the companies that surrounded us.

如果我們想要成功，就必須專注於做其他公司不想做的那些難事。我們比周遭的公司更努力、更拼搏，最後打造了高露潔。

We were also fortunate that our entire team was in Midland. This allowed us to have great real-time information and to build long-lasting relationships with mineral owners, brokers and legacy operators. It also gave us access to real-time intel on the latest technology, well results and information in a rapidly changing environment. Having our headquarters and entire team in Midland allowed us to truly ingrain ourselves in the Permian Basin ecosystem, which was our first competitive advantage.

我們很幸運，我們整個團隊當時都在米德蘭。這使我們能夠獲得重要的即時訊息，並與礦產所有者、經紀人和傳統營運商建立長期的合作關係。它還使我們能夠在快速變化的環境中即時獲取最新技術、油井結果和資訊。將總部和整個團隊設在米德蘭，使我們能夠真正融入二疊紀盆地的生態系統，這是我們的第一個競爭優勢。

Today, we are fortunate to have another true competitive advantage, which is our peer-leading cost structure in the Delaware Basin. As you can see in the graph at the top of slide 7, we're able to drill, complete and operate wells at a cost structure that is meaningfully lower than the companies around us.

今天，我們很幸運地擁有另一個真正的競爭優勢，那就是我們在特拉華盆地領先的成本結構。正如您在第 7 張投影片頂部的圖表中看到的那樣，我們能夠以明顯低於周圍公司的成本結構進行鑽井、完井和營運。

And the results speak for themselves. We have completed over 2,000 transactions in the past 10 years and have built a track record of driving the highest equity returns in the oil and gas business, both as a private company before and now as a public company. And our momentum and opportunity set is only growing.

結果足以說明一切。在過去的 10 年裡，我們完成了 2000 多筆交易，並在石油和天然氣行業取得了最高的股權回報記錄，無論是以前作為一家私人公司，還是現在作為一家上市公司。我們的發展勢頭和機會仍在不斷增強。

We are on pace this year to do more transactions than any other year and think the acquisitions we are doing today are as good as any deals we have done in the history of the company. We are proud that our team has continued to maintain the same culture of doing the small things and doing the hard things. This culture is clear in our approach to acquisitions and divestitures, but more importantly, it is deeply ingrained in every department and every part of our business.

我們今年的交易量預計將超過往年，而且我們認為，我們今天進行的收購與公司歷史上任何一次收購一樣出色。我們為團隊一直以來秉持著認真做好小事、勇於挑戰難題的文化而感到自豪。這種文化在我們對待收購和剝離的態度上體現得非常明顯，但更重要的是，它深深植根於我們業務的每個部門和每個環節。

Doing the hard things not only supports our M&A effort, but leads to the best-in-basin cost structure that allows it all to happen. And all of this shows itself more specifically in what we were able to accomplish in Q3.

做那些困難的事情不僅支持我們的併購工作，還能帶來盆地內最佳的成本結構，從而使這一切成為可能。所有這些都更具體地體現在我們第三季所取得的成就中。

We closed 250 deals primarily in New Mexico, adding 5,500 net leasehold acres and 2,400 net royalty acres for approximately $180 million. The acreage we bought in Q3 fits like a glove with our existing position and the locations will compete for capital in our high-quality portfolio from day 1. Our acquisition pipeline remains robust, and we feel good about PR's ability to continue to do accretive deals that increase our inventory life and drive long-term value for investors.

我們主要在新墨西哥州完成了 250 筆交易，新增了 5,500 英畝淨租賃土地和 2,400 英畝淨特許權土地，總價值約 1.8 億美元。我們在第三季購買的土地與我們現有的資產組合完美契合，這些地塊從一開始就將在我們的高品質投資組合中爭取資金。我們的收購管道仍然強勁，我們對 PR 繼續進行增值交易的能力充滿信心，這些交易可以延長我們的庫存壽命，並為投資者創造長期價值。

Slide 9 shows the progress we have made increasing the amount of gas we sell of the basin and improving our netbacks. PR now has agreements to sell approximately 330 million cubic feet per day out of the basin in 2026, increasing to 700 million cubic feet per day in 2028.

幻燈片 9 顯示了我們在增加盆地天然氣銷售量和提高淨收益方面取得的進展。PR公司目前已達成協議，2026年從該盆地每天出售約3.3億立方英尺天然氣，到2028年將增加到每天7億立方英尺。

As a result, at current strip, the volumes associated with these agreements are expected to realize approximately $1 per Mcf higher pricing net of fees in 2026, resulting in a greater than $100 million uplift to free cash flow next year.

因此，以目前的市場價格計算，預計到 2026 年，這些協議相關的交易量將實現每千立方英尺淨價上漲約 1 美元（扣除費用後），從而在明年為自由現金流帶來超過 1 億美元的增長。

As a result of these agreements and our existing hedges, the company has reduced its Waha exposure to approximately 25% of total gas volumes in 2026. Longer term, these agreements put PR in a position to benefit from growing natural gas demand and higher realized prices on a larger portion of its natural gas production.

由於這些協議和我們現有的對沖措施，公司已將其在 2026 年的 Waha 天然氣敞口減少到天然氣總量的約 25%。從長遠來看，這些協議使波多黎各能夠從不斷增長的天然氣需求和更大比例天然氣產量的更高實現價格中受益。

Moving to slide 10. We want to point out that PR is in the fortunate position of having the flexibility to allocate capital to whatever part of our business we think is going to drive the most long-term value. Capital allocation is the most important thing we do, and our strong balance sheet allows the company to pursue an all-of-the-above approach to value creation. We can allocate capital to the highest return opportunities rather than having to focus our efforts on a single capital allocation strategy.

切換到第10張投影片。我們想指出，PR 的優勢在於可以靈活地將資金分配到我們認為能夠帶來最大長期價值的任何業務領域。資本配置是我們最重要的工作，我們強大的資產負債表使公司能夠採取全方位價值創造的方式。我們可以將資金分配到回報最高的投資機會，而不必將精力集中在單一的資金配置策略上。

Just this year, I've seen opportunities to deploy $800 million into acquisitions, $75 million into buybacks, all while reducing our total debt by $630 million and maintaining one of the highest base dividends in the sector. Having the flexibility to allocate capital to whatever we believe creates the most long-term value has been a key part of our business model for the last 10 years and remain a core part of our strategy going forward.

光是今年，我就看到了將 8 億美元投入收購、7,500 萬美元投入股票回購的機會，同時也減少了 6.3 億美元的總債務，並維持了業內最高的基本股息之一。在過去的 10 年裡，我們商業模式的關鍵部分在於能夠靈活地將資金分配到我們認為能夠創造最大長期價值的任何領域，而這仍然是我們未來策略的核心部分。

Thank you for tuning in today. And now we will turn it back to the operator for Q&A.

感謝您今天的收看。現在我們將把問題交還給接線員，進行問答環節。

(Operator Instructions)

（操作說明）

Scott Hanold, RBC.

Scott Hanold，RBC。

Hey, thanks. Good morning, guys. I know it's a bit early on 2026, but obviously, it's very topical for investors. So can you just give us a general sense of how you're thinking about the activity pace and what that could just high level mean about oil production and relative CapEx?

嘿，謝謝。各位早安。我知道現在談論 2026 年還為時過早，但很顯然，這對投資者來說是一個非常熱門的話題。那麼，您能否大致談談您對當前生產活動節奏的看法，以及這可能對石油產量和相對資本支出產生哪些高層次的影響？

Yeah. Sure, Scott. I'd say, look, for our long-standing policy, we're not going to put out a soft guide or anything like that at this time. As we've done in the last few years, we think it makes a lot more sense running this business to wait until February to put out 2026 guidance. I'd say, obviously, four months from now, we think we'll know a lot more about the macro, the service cost environment, what we think commodity prices look like heading into the balance of the year.

是的。當然可以，斯科特。我想說，根據我們長期以來的政策，我們目前不會發布任何軟性指南或類似的東西。正如我們過去幾年所做的那樣，我們認為等到 2 月再發布 2026 年業績指引，對這家企業的營運更有意義。顯然，我認為四個月後，我們會對宏觀經濟、服務成本環境以及我們認為今年剩餘時間大宗商品價格的走勢有更深入的了解。

So I think what I'd tell you is, look, we're fortunate that our business continues to have a ton of flexibility next year, and we should be in a position to react to whatever the macro environment looks like. And I think if that's an environment that is supportive of and encouraging to higher reinvestment, quicker paybacks, higher returns and ultimately production growth, we can do that and do that quickly.

所以我想告訴大家的是，我們很幸運，明年我們的業務仍然具有很大的靈活性，我們應該能夠對宏觀環境的任何變化做出反應。我認為，如果環境能夠支持並鼓勵更高的再投資、更快的回報、更高的收益，並最終促進生產成長，我們就能做到這一點，而且能夠迅速做到這一點。

And if it's an environment that has weaker commodity prices, kind of lower returns, then we're in a position to deliver a really capital-efficient kind of lower or no growth program. That's probably not as much detail as you'd like. But what I can tell you is that 2026 is shaping up to be a really strong year, whichever the various paths we do end up choosing.

如果市場環境大宗商品價格疲軟，回報率降低，那麼我們就能夠實施真正資本效率高、成長速度較慢甚至零成長的計畫。這可能沒有你想要的那麼詳細。但我可以告訴你們的是，無論我們最終選擇哪條路，2026 年都將是充滿希望的一年。

I think -- we think it's setting up to be the most capital-efficient year we have ever had. Look, we continue to get more efficient on the ops side, as you see this quarter and make substantial and sustainable improvements to really all parts of our cost structure. Our productivity remains strong. We think next year should be just as good as this year, which was just as good as the years before that.

我認為——我們認為這將是我們有史以來資本效率最高的一年。你看，正如你在本季所看到的，我們在營運方面持續提高效率，並在成本結構的各個方面都取得了實質和永續的改進。我們的生產效率依然強勁。我們認為明年應該會和今年一樣好，而今年又和前幾年一樣好。

And as we talked about a couple of times in this deck and the last deck, our realizations are meaningfully better next year. We talked about on the prior earnings call that we expect to realize $0.50 a barrel higher on the crude side. And we think our gas netback could be $0.20 an Mcf better based on the agreements we've signed in the last couple of months. So all in, I think next year should be a really good strong year for Permian Resources, but we're going to wait and see what the macro brings before we formalize the plan.

正如我們在本簡報和上一份簡報中多次提到的那樣，我們預計明年情況會明顯好轉。我們在之前的財報電話會議上討論過，我們預計原油價格將上漲每桶 0.50 美元。根據我們最近幾個月簽署的協議，我們認為我們的天然氣淨收益可以提高每千立方英尺 0.20 美元。總而言之，我認為明年對於二疊紀資源公司來說應該會是非常強勁的一年，但我們還要觀望宏觀經濟情勢，然後再正式製定計畫。

Okay. Thanks and I appreciate that context. If we could take a look at that Haley kind of that pad you all drilled or at least set of wells. Obviously, fantastic results. But as you step back and look at your acreage holistically, are there any other opportunities like that across your asset base, whether smaller, larger or similar size? And why was that so like uniquely good on a relative basis?

好的。謝謝，我理解你的意思。如果我們能看看你們鑽探的那種 Haley 井場，或者至少是那組井就好了。顯然，結果非常棒。但是，當你退後一步，從整體上審視你的土地時，你的資產基礎中是否還有其他類似的機遇，無論規模大小。為什麼說它相對而言如此獨特而好？

Yeah. Thanks, Scott. Haley was unique to us in that it was kind of more of like a one-off block that we owned and is not contiguous with the greater PR position. And as such, I think it gave our team an ability to demonstrate what they do so well, both from the cost side and the productivity side as compared to offset results. But if you take a step back, I'd say on an absolute basis, the performance from the Haley pad is kind of right in the middle of performance of PR's overall position.

是的。謝謝你，斯科特。Haley 對我們來說很特別，因為它更像是我們擁有的一個獨立的地塊，與更大的 PR 地塊並不相連。因此，我認為這讓我們的團隊能夠展示他們在成本和生產力方面所取得的卓越成就，並與抵消結果進行比較。但從絕對意義上講，Haley 的表現恰好處於 PR 整體表現的中等水平。

This was a -- it caught us off guard because we built expectations based on offset production and significantly outperformed that over the first 90 days. But if you just look at kind of productivity of that pad, it should fall pretty much in line with our overall portfolio. So it was a nice surprise to the upside, and I think really demonstrate what our team does very well. But it's not a -- the rest of our portfolio will continue to perform as good, if not better, than Haley, which is consistent with previous years.

這讓我們措手不及，因為我們根據抵消生產建立了預期，並且在最初的 90 天裡，實際表現遠遠超出了預期。但如果你只看這款平板電腦的生產力，它應該與我們的整體產品組合基本一致。所以這是一個令人驚訝的正面結果，我認為這真正展現了我們團隊的優秀之處。但這並不意味著——我們投資組合中的其他股票將繼續表現得和 Haley 一樣好，甚至更好，這與往年的情況一致。

Thank you for that.

謝謝。

Thanks, Scott.

謝謝你，斯科特。

John Freeman, Raymond James.

約翰·弗里曼，雷蒙德·詹姆斯。

Thanks. Good morning, guys. Nice to see the continued progress on the gas marketing agreements. Obviously, it looks like in a couple of years out, '27, '28, you'll have 90%-plus of those gas volumes being priced outside the basin. And I'm just trying to get maybe some color on maybe the optionality that you all have in terms of like the gas that's being moved to kind of the DFW market versus the options to move it to the Gulf Coast.

謝謝。各位早安。很高興看到天然氣銷售協議方面持續取得進展。顯然，看起來在未來幾年，例如 2027 年、2028 年，超過 90% 的天然氣產量將在盆地之外定價。我只是想了解一下，你們在將天然氣運往達拉斯-沃斯堡 (DFW) 市場與將天然氣運往墨西哥灣沿岸市場之間有哪些選擇。

I mean just looking at some of the agreements you've got like the Hugh Brinson line, I know that, that stops in April, South of DFW, I believe it has optionality to go to Katy. You've got Matterhorn that goes directly to Katy. Just trying to get a sense of kind of when I look at DFW versus the Gulf Coast markets, just kind of the optionality you all got with these agreements, if you could?

我的意思是，看看你們的一些協議，例如休·布林森線，我知道這條線路在四月份就停駛了，位於達拉斯-沃斯堡以南，我相信它有選擇權延伸到凱蒂。你可以搭乘馬特洪峰列車直達凱蒂。我只是想了解一下，當我比較達拉斯-沃斯堡地區和墨西哥灣沿岸市場時，你們透過這些協議獲得了哪些選擇權？

Yeah. I think we do have quite a bit of flexibility to kind of shift volumes from the Houston Ship Channel to DFW markets. I think what that looks like for us out in '27 or '28 is going to depend on what the market looks like at the time.

是的。我認為我們確實有相當大的彈性，可以將貨運量從休士頓航道轉移到達拉斯-沃斯堡市場。我認為，到 2027 年或 2028 年，我們的前景將取決於屆時的市場狀況。

So I think for us, I do think specifically, most of our gas will go to Houston Ship Channel or DFW and probably somewhere close to 50-50 in a base case with the ability to swing that 10% or 15% either direction depending on what we're seeing in the market. But I do think we've got some flexibility there. But in any case, we'll have gas going to both DFW and the Gulf Coast markets.

所以我認為，對我們來說，具體來說，我認為我們的大部分天然氣將運往休斯頓航道或達拉斯-沃斯堡，基本情況下可能接近 50/50，並且可以根據市場情況將這 10% 或 15% 的比例調整到任意一方。但我認為我們在這方面還有一定的彈性。但無論如何，我們都會向達拉斯-沃斯堡和墨西哥灣沿岸市場供應天然氣。

Got it. And then on the bottom of that slide 5, we all highlight a number of different leading-edge things you all have been doing to improve recoveries, lower costs. I'm just -- some of those, I think you've all been doing for all year.

知道了。然後在第 5 張投影片的底部，我們重點介紹了大家為提高回收率、降低成本所做的一些不同的前沿舉措。我只是——我覺得你們今年一直在做其中一些事情。

I'm just trying to get a sense of kind of what you all would characterize as more maybe more recent developments, things that maybe are just starting to flow through operations results. Just anything you all could highlight on that front?

我只是想了解你們會如何描述一些比較新的發展，一些可能剛開始體現在營運結果中的事情。大家在這方面有什麼特別想強調的嗎？

Yeah. I'd say we are always kind of tinkering and trying new things to both reduce costs and increase recoveries. Not to sound repetitive with kind of other conversations, but I'd say like recent breakthroughs have been on the drill-out side for longer laterals. We've kind of been testing and had a lot of success with a new technique that I'd say has meaningfully reduced drill-out cost.

是的。我認為我們一直在不斷調整和嘗試新方法，以降低成本並提高回收率。我不想重複之前討論過的內容，但我想說，最近的突破主要集中在鑽探更長的水平井方面。我們一直在測試一種新技術，並且取得了巨大的成功，我認為這項新技術顯著降低了鑽孔成本。

We're going to continue to kind of tinker with it and see exactly how well it fits across our whole portfolio, but I'd say especially on extended reach laterals, it has been a kind of a step change in efficiencies and costs on the drill-out side.

我們將繼續進行一些調整，看看它是否能很好地融入我們整個投資組合，但我想說，尤其是在延伸水平井方面，它在鑽井效率和成本方面帶來了巨大的變革。

I'd say on the recovery side, we are kind of continuing to play with optimal landing targets combined with kind of the right completion design those details change on every well we drill. But this is something that I'd say our team prides ourself on as we are, I think, have been deemed the leader on the cost side in the basin, but we put just as much effort on the recovery side as well to make sure that we are maximizing value of every acre that we own. And I think the team has done a really good job.

就回收方面而言，我們一直在嘗試尋找最佳著陸目標，並結合合適的完井設計，這些細節會隨著我們鑽探的每一口井而改變。但我認為，我們團隊在這方面引以為豪，因為我們被認為是盆地成本控制的領導者，但我們在資源回收方面也投入了同樣的努力，以確保我們最大限度地發揮我們擁有的每一英畝土地的價值。我認為團隊做得非常出色。

Thanks, guys. Great results.

謝謝各位。效果顯著。

Neal Dingmann, William Blair.

尼爾丁曼，威廉布萊爾。

Good morning, guys. Nice quarter. James, just jumping right into my first question. I think really notable on that slide 11, all the above slide. My question is, I can't help see the comment where you mentioned that dividend supported around $40.

各位早安。不錯的街區。James，我直接進入我的第一個問題。我覺得第 11 張投影片，以及上面所有的投影片，都非常值得注意。我的問題是，我看到了你提到股息支撐股價在 40 美元左右的評論。

So my question is sort of on when you book in that, if prices do fall, let's say, in the near term around that, could we see mostly just leaning just that quarterly dividend and the other side of that when prices -- once oil does rebound, do you anticipate sort of again, all of the above where you would look at dividends, buybacks, debt repayment and acquisitions?

所以我的問題是，如果油價下跌，比如說在短期內下跌，我們是否會看到主要只關注季度股息？另一方面，一旦油價反彈，您是否預計會再次考慮上述所有因素，例如股息、股票回購、債務償還和收購？

That's a great question. I mean I think that slide 10 is our favorite slide in the deck. I'm glad you pointed it out. But I'd say, look, like the way we're trying to run this business is that we would be able to deploy this all of the above strategy and really in any commodity price environment, including something as low as $40 or below. I think as you see, like we've got leverage and liquidity in a place where we want to be able to deploy capital to whichever of these acquisitions, buybacks is the most attractive return. And we want to be able to do that even in the darkest days of a down cycle.

這是一個很好的問題。我的意思是，我覺得第 10 張投影片是我們這套簡報中最喜歡的一張。很高興你指出了這一點。但我想說的是，我們經營這項業務的方式是，我們能夠部署上述所有策略，並且真正適用於任何商品價格環境，包括低至 40 美元或更低的價格。我認為正如你所看到的，我們擁有槓桿和流動性，我們希望能夠將資金部署到這些收購中回報最有吸引力的那一項——股票回購。我們希望即使在經濟下行週期最黑暗的日子裡也能做到這一點。

So I think for us, like the way we positioned our balance sheet, the liquidity, the leverage, like we want to be doing this all-of-the-above strategy at any environment because I think we've seen it at the bottom of these cycles, the best opportunities arise and don't want to have to be on the sidelines at $35, $40, whatever kind of most bearish prices, we probably don't think will happen, but want to make sure we're ready for it.

所以我認為，對我們來說，就像我們調整資產負債表、流動性、槓桿的方式一樣，我們希望在任何環境下都採取這種全方位的策略，因為我認為我們已經看到，在這些週期的底部，最好的機會會出現，我們不想在 35 美元、40 美元或其他任何最悲觀的價格時袖手旁觀，我們可能認為這些價格不會出現，但我們希望我們希望我們做好準備。

So I'd say this all-of-the above strategy is something we're going to deploy and in any part of the down cycle and as dark as it gets. And just fortunate that the business is in a position that we think we can do that in pretty much any commodity price environment.

所以我認為，無論經濟週期處於下行階段還是情況多麼糟糕，我們都會採取上述所有策略。幸運的是，公司目前的狀況使我們能夠在幾乎任何大宗商品價格環境下做到這一點。

And then just lastly, sort of bolting on to that, my second question, just on M&A specifically. You guys were very active. I know there's always the rumblings that they can't find any more acreage yet. You not only find it, you find it at a lower cost. And so I guess my question is, are there continue to be small deals out there and your thoughts about -- there was obviously some big prices paid on some of the New Mexico lease sales, and there's another one coming up this month. Just your thoughts on sort of ground game versus other M&A.

最後，順便提一下，我的第二個問題是關於併購的。你們非常活躍。我知道總有傳言說他們找不到更多土地了。你不僅能找到它，還能以更低的價格買到它。所以我想問的是，目前是否還有小額交易？您對此有何看法？顯然，新墨西哥州的一些租賃銷售成交價很高，而且本月還有另一場銷售即將舉行。你對地面戰和其他併購方式有什麼看法？

Yeah. I mean I think kind of to the beginning of your question, I'd say our ground game and M&A pipeline is as full as it's ever been. You can see in the graph on slide 7, like we've actually done more transactions through the first nine months of this year than any other year in company history. So I'd say rather than kind of drying -- opportunity set drying out, it seems to be expanding.

是的。我的意思是，我覺得有點像你問題開頭提到的那樣，我們的地面戰略和併購管道比以往任何時候都更加暢通。從第 7 張投影片的圖表中可以看出，今年前九個月的交易量實際上比公司歷史上任何一年都多。所以我覺得，與其說是機會正在減少，不如說是機會正在增加。

And we're having to look harder and turn over more rocks and probably do more deals and more small deals to find the values that you see add up to the really attractive prices you see on slide 8. Like I'd say, as you mentioned, there have been some big prices paid in New Mexico. It's the best rock in the world and fortunately to be operating in what we think is the best basin and -- but also fortunate that we have, I think, a true differentiated and proprietary access to deal flow that other people don't see.

因此，我們必須更加努力地尋找，挖掘更多的資源，可能還要進行更多的交易，尤其是小額交易，才能找到那些最終能達到您在第 8 頁看到的極具吸引力的價格的價值。正如我所說，正如你所提到的，新墨西哥州為此付出了巨大的代價。這是世界上最好的岩石，幸運的是，我們在我們認為最好的盆地中作業——而且，我認為，我們也很幸運地擁有真正差異化和專有的交易管道，這是其他人看不到的。

We're on the ground here in Midland. We're kicking over every rock and still willing to do the small and hard stuff, like I said in my introductory remarks. So I think for us, this rock is incredibly valuable, but we're in a fortunate position of having a lot of different ways to find deals and kind of pursuing an all of the above strategy here, too.

我們現在就在米德蘭地區。正如我在開場白中所說，我們正在竭盡全力，並且仍然願意去做那些瑣碎而困難的事情。所以我覺得對我們來說，這塊石頭非常有價值，但我們很幸運，有很多不同的方法可以找到交易，而且我們也在採取一種綜合性的策略。

Well said. Thank you, all.

說得好。謝謝大家。

Thanks, Neil.

謝謝你，尼爾。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛集團。

Yeah. Great execution, guys, have been multiple quarters of it. And so I guess my first question is beyond just the operational volume improvement, balance sheet is getting better recognized. You went to a positive watch, I believe, at Moody's and you're pretty close to turn an investment grade. So can you talk about what are the next steps there? And what does move into investment grade mean for Permian Resources?

是的。執行得真棒，夥計們，我已經看了好幾個季度了。所以我想我的第一個問題是，除了營運規模的改善之外，資產負債表是否也得到了更好的認可。我相信，穆迪已經將你們的評級提升至正面，你們距離獲得投資級評級已經非常接近了。那麼，您能談談下一步的步驟是什麼嗎？對於二疊紀資源公司而言，獲得投資等級評級意味著什麼？

Neil, it's Guy. Thanks for the question. Yeah, we were happy with both the Fitch and the Moody's outcomes here recently. We think it recognizes what we've communicated to our investors and to the rating agencies, which is we have an investment-grade balance sheet and financial strategy, and we've grown fast and the rating agencies are following that along with us. What do we have to do from here?

尼爾，我是蓋伊。謝謝你的提問。是的，我們對惠譽和穆迪最近的評級結果都很滿意。我們認為這認可了我們向投資者和評級機構傳達的訊息，即我們擁有投資級資產負債表和財務策略，而且我們發展迅速，評級機構也與我們同步發展。接下來我們該怎麼辦？

We're just continuing our dialogue with the agencies who I think really understand our story, and we've got a great shot at getting to investment grade in the near term. I think what it does for us is we continue to think about protecting the balance sheet through the cycle, availability of capital through the cycle and lowering our cost of capital, and this does all of those things. So it's very complementary to all the things that we're doing as a business today and a recognition of how we've grown the business the right way.

我們正在繼續與那些我認為真正了解我們情況的機構進行對話，我們很有可能在短期內獲得投資等級評級。我認為這樣做的好處是，我們可以繼續思考如何在經濟週期中保護資產負債表、如何在經濟週期中保持資本可用性以及降低資本成本，而這樣做可以做到這一切。所以，這與我們目前作為一家企業所做的一切都非常契合，也是對我們以正確方式發展業務的認可。

Yeah. Thanks, Guy. And then just the follow-up is just on the Permian broadly, we've seen strong growth year-over-year, I think, led by the majors. But I think companies like yourself have also outperformed expectations. There's a big debate out there. Are we at peak Permian or not?

是的。謝謝你，蓋伊。然後，就整個二疊紀盆地而言，我們看到了強勁的同比增長，我認為這主要得益於大型石油公司的帶動。但我認為像貴公司這樣的公司也超出了預期。目前對此爭論不休。我們現在是否正處於二疊紀鼎盛時期？

It obviously has macro implications. I know you guys spend more time thinking about your operations than trying to predict the oil price, but you got an on-the-ground perspective in Midland. How far away from peak Permian do you think we are?

這顯然具有宏觀影響。我知道你們花在思考營運的時間比預測油價的時間多得多，但你們在米德蘭擁有實地視角。你認為我們距離二疊紀鼎盛時期還有多遠？

Hi, Neil, that's a good question. I don't think we pretend to know the answer to that. I think what we do know, though, is activity has definitely been slowing down out here. I mean I think you've seen it in the rig count. You see it in completions activity that there's a lot of kind of slowdown.

嗨，尼爾，問得好。我認為我們並不妄稱知道這個問題的答案。不過，我們確實知道的是，這裡的活動肯定已經放緩了。我的意思是，我想你已經從鑽井平台數量上看到了這一點。從專案完成情況來看，確實出現了不少放緩的跡象。

I'd say it will come. I think we've seen the Permian historically be more resilient than maybe people thought. I think it's kind of TBD if that continues, but it definitely feels like you can feel it on the streets in Midland, there's fewer people, there's fewer rigs, there's fewer completion crews. And eventually, we think that manifests itself in production growth slowing and ultimately flattening and then I think eventually declining. But I think it's kind of too early to tell when exactly that turnover happens.

我認為它終會到來。我認為我們已經看到，二疊紀地層在歷史上比人們想像的更具韌性。我覺得這種情況是否會持續還不好說，但你肯定能在米德蘭的街道上感受到這一點，人少了，鑽井平台少了，施工隊也少了。最終，我們認為這將表現為生產成長放緩，最終趨於平穩，然後最終下降。但我認為現在判斷這種轉變究竟何時發生還為時過早。

Good on the ground color. Nice chips.

底色很好。薯片不錯。

Kevin MacCurdy, Pickering Partners.

Kevin MacCurdy，Pickering Partners。

Hey, good morning. I wanted to ask on CapEx cadence this year and how that could translate going forward. The first half of this year, you're around $500 million a quarter. The back half is around -- it's closer to $480 million to $485 million given 3Q results and the 4Q guide. And then is that just a function of lower well costs throughout the year? Are there any activity changes that affected that CapEx? And how can we kind of think about that quarterly cadence heading forward?

嘿，早安。我想了解今年的資本支出節奏，以及這會如何影響未來的發展。今年上半年，你們每季的營收約為 5 億美元。下半年的業績預計在 4.8 億美元至 4.85 億美元之間——根據第三季業績和第四季預期來看。那麼，這只是因為全年油井成本較低嗎？是否有任何活動變化影響了該資本支出？那麼，我們該如何看待未來這個季度的節奏呢？

No, it's been pretty flat activity. So I'd say well costs and kind of normal ebbs and flows in working interest would drive any kind of quarter-to-quarter differentiation. But well costs being the main driver of what you're seeing in the back half of the year.

不，市集活動一直比較平淡。所以我認為，成本以及工作權益的正常波動將導致季度間的差異。但成本是導致下半年出現這種情況的主要驅動因素。

Thank you. That's helpful. And I wanted to ask again about the ground game and transactions. And just wanted to get your perspective. I mean, we've seen the M&A market kind of heat up and there's an assumption that large operators are hunting big deals. Just kind of curious if this reflects what you're seeing on the ground? And is that making it harder or easier to do kind of these smaller deals that you're known for?

謝謝。那很有幫助。我還想再次詢問地面戰和交易方面的情況。只是想聽聽你的看法。我的意思是，我們已經看到併購市場有所升溫，人們普遍認為大型業者正在尋求大型交易。我只是有點好奇，這是否反映了你們在實地看到的情況？那這會讓你更容易還是更難完成那些你擅長的小額交易呢？

Honestly, it's easier to do the smaller deals than it's ever been. I think we've always had a good sourcing pipeline, but I think our cost structure advantage is as wide as we see it today as it's ever been. And I think people with our activity levels, our kind of in-basin in Midland, on-the-ground knowledge of everything going on, like it feels like we've got a more sustainable competitive advantage on the small deal side than we've ever had. And I don't think we've seen the kind of pressure at the top.

說實話，現在做小額交易比以往任何時候都容易。我認為我們一直擁有良好的採購管道，但我認為我們目前的成本結構優勢比以往任何時候都更加顯著。我認為，以我們目前的活躍程度，以及我們在米德蘭盆地內對所有事情的實地了解，我們在小額交易方面擁有比以往任何時候都更可持續的競爭優勢。我認為我們還沒有看到高層面臨如此大的壓力。

Neil had previously referenced some big prices paid in large-scale auctions, like that tends to not trickle down. I'd say the people who are chasing larger deals aren't chasing the deals at the smaller end of the spectrum. It's just kind of not how the ecosystem has been set up or has worked historically. And we don't see that pressure at the bottom of the day and really don't see it kind of coming down over time.

尼爾之前曾提到一些大型拍賣會上支付的高價，好像這種高價不會惠及大眾。我認為，那些追求大額交易的人，往往不會去追求小額交易。這與生態系統的建構方式或歷史運作方式不太相符。我們沒有看到一天結束時出現這種壓力，也沒有看到這種壓力隨著時間的推移而下降。

That's great answer. Thank you.

回答得很好。謝謝。

Thanks, Kevin.

謝謝你，凱文。

Paul Diamond, Citi.

保羅戴蒙德，花旗銀行。

Thanks. Good morning, all. Just a quick one, sticking on the ground game. You guys mentioned the strongest pipeline you've seen. But has any recent volatility kind of shifted the balance of those deals you're looking at between more of the working interest heavy versus those more blockout your acreage?

謝謝。各位早安。簡單來說，就是地面纏鬥。你們提到了你們所見過的最堅固的管道。但最近的市場波動是否改變了你所關注的那些交易的平衡，使其在勞動權益方面更佔優勢，而在土地所有權方面更佔優勢？

No, I don't think so. I'd say -- I think the macro -- the smaller end, the kind of smaller sized deals tend to be more stable and just kind of come at the pace, frankly, that we find them. A lot of those deals are us turning over rocks themselves and kind of finding the deals and drawing them out. So we -- that kind of tends to go as fast as we can go. And I do think that pace has accelerated a little bit with our larger footprint.

不，我不這麼認為。我認為——從宏觀角度來看——規模較小的交易往往更穩定，坦白說，交易的出現速度取決於我們發現它們的速度。很多交易都是我們自己費盡心思、四處尋找、最終促成的。所以我們——我們往往會盡可能地快速前進。而且我認為，隨著我們業務規模的擴大，這種發展速度確實有所加快。

I'd say, honestly, a renewed focus on the ground game. It's something we talk a lot about in the office today. I think volatility can have a bigger effect on larger deals. I'd say we got an Apache deal done in April, May. But besides that, the large deal pipeline was pretty quiet over that time period.

說實話，我認為應該重新重視地面進攻。這是我們現在在辦公室裡經常討論的話題。我認為波動性對規模較大的交易影響較大。我想說，我們在四、五月就和 Apache 達成了協議。但除此之外，那段時間裡，大型交易的進展相當緩慢。

I think people -- but it seems like the kind of the macro environment has settled down a little bit. I think we would expect buyers and sellers of deals in the hundreds of millions of dollars to kind of be able to get there in this environment.

我認為人們——但宏觀環境似乎已經稍微穩定下來了一些。我認為，在這種環境下，數億美元的交易買賣雙方應該能夠達成交易。

I think if you saw oil sharply go to 40 or 80, that might put things on pause again for a little while. But the beat goes on. I think that the deals that are going to come to market, are going to come to market and the rocks that we're going to turn over, we're going to turn over. So I'd say they can have one or two month slowdowns or accelerations. But by and large, it's pretty steady over here.

我認為，如果油價暴漲到 40 或 80，那可能會讓市場再次停滯一段時間。但節奏仍在繼續。我認為，那些即將進入市場的交易終究會進入市場，而那些我們將要解決的問題，終究會得到解決。所以我認為他們可能會經歷一到兩個月的成長放緩或加速。但總的來說，這裡的情況相當穩定。

Got it. Makes perfect sense. And then just sticking on the nat gas FT and sales agreements, moving to 50, 25, 25. I guess, over time, where do you guys see the right balance of that? Do you want more in that 75% number in FT and sales agreements? Or is the hedging going to remain a pretty substantial part?

知道了。完全合情合理。然後就繼續執行天然氣FT和銷售協議，改為50、25、25。我想，隨著時間的推移，你們認為這兩者之間應該如何達到最佳平衡？您是否希望在FT和銷售協議中將75%的比例提高到更高水平？或者說，對沖策略仍將佔據相當大的比重？

I think a lot of -- I think we likely continue to hedge as we move forward. I think hedging could look different, right? Like today, our hedges are largely hedges that we have placed at Waha because that's where the gas -- corresponding gas sales are.

我認為很多——我認為我們未來可能會繼續採取對沖策略。我認為對沖策略可以有不同的形式，對吧？就像今天一樣，我們的對沖主要集中在瓦哈，因為那裡有天然氣——相應的天然氣銷售也在那裡。

I think over time, we'll be in a fortunate position that we're selling more and more gas in the downstream market at DFW and along the Gulf Coast. So I think we'll have a different question of do we want to hedge the Houston Ship Channel price and lock that in. I think we're fortunate about that as we'd expect less volatility and less dislocations the further downstream you get from the Permian Basin. So I have more flexibility there.

我認為隨著時間的推移，我們將處於有利地位，因為我們在達拉斯-沃斯堡國際機場和墨西哥灣沿岸的下游市場銷售的天然氣越來越多。所以我認為我們會面臨另一個問題，那就是我們是否要對沖休士頓航道的價格並鎖定它。我認為我們在這方面很幸運，因為越往下游遠離二疊紀盆地，波動性和市場錯位就越少。所以我在這方面有更大的彈性。

But yeah, I think we'll continue to hedge actual financial hedging like we've done. But I think more importantly, what we're doing is it's more of a physical hedge. We're actually physically selling more of our volumes at the end markets that we think will be better markets over the long term. So probably reduces the amount of hedging going forward. But I think that's going to be dependent on the market and the pricing as we see it in the future.

是的，我認為我們會繼續像以前一樣進行實際的金融對沖。但我認為更重要的是，我們所做的更像是一種物理屏障。實際上，我們正​​在將更多的產品銷往我們認為從長遠來看會更好的終端市場。所以這可能會減少未來的避險規模。但我認為這將取決於未來的市場和定價情況。

Got it. Appreciate the clarity. I leave it there.

知道了。感謝您的清晰解釋。我把它放在那裡。

David Deckelbaum, TD Bank.

David Deckelbaum，TD銀行。

Hey, guys, thanks for taking the questions today. A follow-up just on some of the gas marketing questions. I just wanted to get some color from your perspective, why sign these agreements now versus other periods in the past? And I guess, how should we be thinking about the impact to your cost structure beyond '27?

嘿，各位，感謝你們今天回答問題。關於汽油行銷方面的一些問題，我再補充一些。我只是想從你的角度了解一下，為什麼現在要簽署這些協議，而不是在過去的其他時期？那麼，我們該如何考慮 2027 年以後對貴公司成本結構的影響呢？

I mean I think we probably should have signed a lot of these agreements three or four years ago. That's probably on. I think a lot of people missed it, too. But I'd say, look, as we've run the business most of the time in the last decade, our number 1 focus has been on flow assurance, and we bought a lot of assets that came with legacy contracts that had lots of restrictions on what amount of gas we could take in kind, how we could sell downstream from there.

我的意思是，我覺得我們或許應該在三、四年前就簽署很多這類協議了。那大概是要開始了。我想很多人也錯過了。但我想說，你看，在過去十年的大部分時間裡，我們經營這項業務時，首要關注點一直是流量保障，我們收購了很多資產，這些資產附帶的遺留合同對我們可以接收的天然氣數量以及我們如何從下游銷售有很多限制。

So I'd say we've been pretty transparent that over the last two years, maximizing our netbacks on not just crude volumes, which we think we've done an awesome job on the last 10 years, but on gas volumes as well, has been one of, if not the top priority at the company. And we've been making as much progress as we can.

因此，我認為我們一直非常坦誠地表示，在過去的兩年裡，最大化我們的淨收益，不僅是原油產量（我們認為過去 10 年我們在原油產量方面做得非常出色），還有天然氣產量，一直是公司的首要任務之一，甚至可以說是最重要的任務。我們一直在盡我們所能取得進展。

And I think it's all kind of coming together this year and the past couple of quarters, but we're convicted it's the right decision. We're convicted that for all your hydrocarbons that selling further downstream, closer to end users is going to get you a higher netback on the average over time.

我認為今年以及過去幾個季度以來，所有事情都在逐漸朝著好的方向發展，我們堅信這是正確的決定。我們堅信，對於您的所有碳氫化合物而言，在下游更靠近終端用戶的地方銷售，從長遠來看，平均而言會為您帶來更高的淨收益。

And you're seeing that play out in a big way in 2026. And we think although the kind of futures market doesn't imply as big of an uplift in years beyond that, we think it will continue to outperform and pay dividends for years to come.

而到了 2026 年，你就會大飽眼福了。我們認為，雖然期貨市場在未來幾年內可能不會出現如此大幅度的成長，但我們認為它將繼續跑贏大盤，並在未來幾年帶來收益。

I appreciate that color. And maybe just to expand a little bit. I know that you said you didn't want to give any self guidance on '26, but I think you did remark you think it's going to be your most capital-efficient year ever. Is that more in reference to the uplift that you see in realizations? Or are there -- it sounds like your expectation is that well productivity is pretty static. I mean what sort of motivates your enthusiasm around capital efficiency next year?

我喜歡這個顏色。或許還可以稍微擴充一下。我知道你說過你不想對 2026 年做出任何自我指導，但我認為你確實說過你認為這將是你資本效率最高的一年。你指的是領悟過程中所感受到的那種提升嗎？或者說——聽起來你似乎認為生產力是相當穩定的。我的意思是，是什麼激發了你對明年資本效率的熱情？

I mean in short answer, we think that well productivity will be consistent with the last two or three years, and our well costs are as low as they've ever been. And I think that we probably have a little bit of room from here to continue to kind of reduce them a little bit from here. And so lowest well cost ever with consistent productivity and better realizations is a recipe for more capital-efficient business.

簡而言之，我們認為油井產量將與過去兩三年保持一致，而且我們的油井成本也處於歷史最低水準。我認為我們可能還有一些空間，可以繼續稍微減少一些。因此，以最低的油井成本、穩定的生產力和更高的收益來實現更高的資本效益，是提高企業資本效率的秘訣。

And so I think that what James alluded to earlier is that '26 is going to be a great year. The decision that we ultimately need to make over the next few months is do we let that incremental capital efficiency accrue to more production or less CapEx. And I think that's what we're going to work through over the next few months.

所以我認為詹姆斯之前提到的意思是，2026年將會是偉大的一年。接下來幾個月，我們最終需要做出的決定是：讓這種逐步提高的資本效率轉化為更多的生產，還是減少資本支出。我認為這就是我們接下來幾個月要努力解決的問題。

Sounds good. Appreciate it.

聽起來不錯。謝謝。

Geoff Jay, Daniel Energy Partners.

Geoff Jay，Daniel Energy Partners。

Hey, guys. There's a lot to geek out on slide 5, but kind of wondering about when I see the 6% decline in controllable costs, you call out chlorine dioxide as a treatment to increase base production. I'm kind of wondering what other sort of initiatives you're taking on that side to sort of manage base production and keep lowering your LOEs in particular?

嘿，夥計們。第 5 張投影片有很多值得深入探討的地方，但我有點疑惑的是，當我看到可控成本下降 6% 時，你提到了二氧化氯作為提高基礎產量的處理方法。我想知道你們在那方面還採取了哪些其他措施來管理基礎生產，特別是降低營運成本？

I mean those guys are always trying to make the business better. We've had a lot of success in New Mexico where power is terrible on kind of combining well site generation to more central larger scale generation. I think we took 26 generators out of the field in Q3 over the three microgrids we put in. I think we've got one or two more between now and year-end. So that's a step change both in cost of power, but also in run time.

我的意思是，他們總是想辦法讓公司變得更好。我們在新墨西哥州取得了巨大的成功，那裡的電力供應非常糟糕，我們將油井現場發電與更集中、更大規模的發電相結合。我認為我們在第三季從現場拆除了 26 台發電機，這些發電機來自我們安裝的三個微電網。我認為從現在到年底，我們還會再遇到一到兩個問題。所以，無論在電力成本還是運行時間方面，這都是一個巨大的飛躍。

I'd say a big part of our production outperformance over the course of this year has been improved run time. And if you can go stack lots of compressor or lots of power generation on one site, you get much better run time than you do when it's spread out over lots of different places.

我認為，今年我們生產效率的提升很大程度歸功於運行時間的改善。如果你能把很多壓縮機或很多發電機集中在一個地方，那麼你的運行時間就會比分散在許多不同的地方要長得​​多。

Yeah, I'd think the chlorine dioxide is an interesting one, just as older wells have more buildup around the perfs when we have a failure and we're running in, a lot of times, we'll pump some kind of chlorine dioxide and acid to clean up perfs and clean up near wellbore. And we've seen in some places where you have a remarkable increase in production, 5x to 10x where you were temporarily. And ultimately, it kind of declines back to something that is still materially better than you were before.

是的，我認為二氧化氯很有意思，就像老井在射孔周圍積聚更多污垢一樣，當發生故障時，我們進行鑽井作業，很多時候我們會注入一些二氧化氯和酸來清理射孔和井筒附近。我們看到，在某些地方，產量出現了顯著增長，暫時增加了 5 倍到 10 倍。最終，情況會有所好轉，但仍然比你以前的情況要好一些。

Look, I think that the Permian Basin is a place where innovation is always happening, and we've built a team and a culture of always trying to kind of have our ear to the ground. So we're the fastest follower in places where we are not innovating the new ideas. And in other cases, we are kind of truly pioneering new things. And I think that, that will show up in hopefully better run time, better well cost and better productivity over time.

我認為二疊紀盆地是一個創新不斷發生的地方，我們建立了一個團隊和一個文化，並且始終努力傾聽產業動態。所以，在那些我們沒有創新理念的領域，我們就是最快的追隨者。而在其他情況下，我們確實是在開創新事物。我認為這最終會體現在更長的運行時間、更低的油井成本和更高的生產效率。

Got you. So I mean -- but it still sounds like it's potentially kind of early days for some of these initiatives. Is that fair?

抓到你了。所以我的意思是——但聽起來這些舉措可能還處於早期階段。這樣公平嗎？

I'd say it's always early days. Like I don't think the pace of innovation has slowed at all. Like it feels like every day, every month, every year, like the opportunity set to make the business better across all facets, production optimization specifically, but it's always good.

我認為現在下結論還為時過早。我覺得創新的步伐根本沒有放緩。感覺每天、每個月、每年都有機會讓業務在各方面變得更好，特別是生產優化，但總是好事。

I don't think we see it slowing down, and it may be early days on one or two of these technologies, but there's another technology coming around next year that we're not even talking about today. So I don't think that pace of innovation is slowing by any means. And we Permian Resources, I think, probably on the front end, but the whole industry is finding ways to continue to get better.

我認為這種趨勢不會放緩，而且其中一兩項技術可能還處於早期階段，但明年還會出現另一種我們今天甚至都沒談到的技術。所以我認為創新步伐絲毫沒有放緩。我認為，我們二疊紀資源公司可能處於領先地位，但整個產業都在尋找不斷進步的方法。

Great. Thanks, I'll turn it back.

偉大的。謝謝，我會把它改回去。

Thanks, Geoff.

謝謝你，傑夫。

John Abbott, Wolfe Research.

約翰‧阿博特，沃爾夫研究公司。

Hey, thank you very much for taking our questions. Guy, maybe just a really quick question. You've had a little bit more time to examine the one big beautiful deal. Anything incremental as far as future cash taxes at this point in time?

您好，非常感謝您回答我們的問題。蓋伊，能問個簡單的問題嗎？您現在有更多的時間來仔細研究這筆絕妙的交易了。目前來看，未來現金稅方面會有任何新增措施嗎？

Nothing different from last quarter.

與上季相比沒有變化。

Alright. That's helpful. And then the other question is, I mean, you have a very low corporate breakeven with the dividend. How do you think about the pace of future dividend growth at this period of time as you sort of look at what you're doing on and your ability to generate free cash flow?

好吧。那很有幫助。另一個問題是，我的意思是，你們的股利損益平衡點非常低。鑑於您目前的經營狀況和創造自由現金流的能力，您如何看待當前時期未來股息成長的速度？

Yeah. I think kind of -- look, for us, I'd say having a sustainable and growing base dividend is a core part of our strategy of Permian Resources. It's what we view as a core quality of any high-quality business in this sector or really in any sector. So I'd say growing the dividend over time is a priority and something you will see consistently from us year in, year out. I think the pace of what we've done in the last couple of years probably slows from here.

是的。我認為——你看，對我們來說，擁有可持續成長的基本股息是我們二疊紀資源策略的核心部分。我們認為這是該行業乃至任何行業中任何高品質企業都應具備的核心素質。所以我認為，隨著時間的推移，提高股利是我們的首要任務，也是我們將年復一年持續努力的目標。我認為我們過去幾年所取得的成就，其發展速度可能會從現在開始放緩。

It's been pretty exceptional from a CAGR perspective. But I'd say, as the end of next year, that's something we'd expect to finalize alongside our February budget. But I'd say the business is firing all cylinders. The ability to continue to grow the dividend, given the capital efficiency we've referenced on this call is as strong as ever. So you should see it continue to grow next year and for years to come.

從複合年增長率的角度來看，它的表現相當出色。但我認為，到明年年底，我們預計會與二月的​​預算一起最終敲定此事。但我認為公司目前營運狀況良好。鑑於我們在本次電話會議中提到的資本效率，持續提高股利的能力依然強勁。因此，預計明年及未來幾年它將繼續增長。

Thank you very much for taking our questions.

非常感謝您抽空回答我們的問題。

Paul Cheng, Scotiabank.

Paul Cheng，加拿大豐業銀行。

Thank you. Good morning, gentlemen. I was just curious that I think the whole industry and including yourselves that is looking at the vessel length and you are saying that you are seeing some success. If I look at from a land position standpoint, where you see the opportunity set, what percent of your program could be in the 3 miles? And also, have you tested on the alternative shape and whether that you think that will be a good fit for you? That's the first question.

謝謝。早安，先生們。我只是好奇，我認為整個產業，包括你們自己，都在關注船舶長度，而你們說你們已經取得了一些成功。如果從土地位置的角度來看，你認為機會在哪裡？你的專案有多少百分比可以在方圓 3 英里內進行？另外，您是否嘗試過其他形狀，並認為它是否適合您？這是第一個問題。

yes. Look, I'd say the Haley Pad was a great example of a really successful 3-mile development. I think we drilled quite a few 3 milers this year. I'd say it's become a larger part of our program. And we're very impressed with how well our team has executed on the longer laterals.

是的。我認為 Haley Pad 是一個非常成功的 3 英里開發項目的絕佳例子。我認為我們今年進行了相當多的3英里跑訓練。我認為它已經成為我們專案中更重要的組成部分。我們對球隊在長距離橫向移動中的出色表現感到非常滿意。

We mentioned some great technology on the drill-out side we've applied. I think our land position sets up really well. We've got a blocky position in Texas and New Mexico that could set up for long laterals. I think for us, the honest answer is we don't see that much of a capital efficiency step-up in the Delaware Basin today in most of the areas that we operate going from 2 miles to 3 miles.

我們提到了一些我們在鑽孔方面應用的優秀技術。我認為我們的陸地位置非常有利。我們在德克薩斯州和新墨西哥州擁有穩固的地塊，這可能為長距離橫向移動創造條件。我認為對我們來說，誠實的答案是，在我們目前運營的特拉華盆地的大部分地區，從 2 英里到 3 英里並沒有帶來多大的資本效率提升。

Obviously, 3 miles are better on a D&C per foot basis. But just given how much oil and gas and fluid we make in the Delaware, we often don't see the corresponding one-for-one uplift in initial production. So you drill and complete cheaper, but you make closer to the same amount of oil in the early time.

顯然，以每英尺的D&C計算，3英里更好。但是，考慮到我們在特拉華州生產的石油、天然氣和流體數量，我們往往看不到初始產量相應一對一的增長。這樣一來，鑽井和完工的成本會降低，但早期獲得的石油量卻接近相同水準。

So on a discounted cost of capital rate of return basis, you're not seeing major uplift from going from 2 miles to 3 miles. I think the short answer is anywhere from 2 to 3 is a pretty good place to be. And the vast majority of our position sets up for long laterals in that window and should be the majority of our program going forward.

因此，以折現資本成本回報率計算，從 2 英里增加到 3 英里並不會帶來顯著的收益提升。我認為簡而言之，2 到 3 之間都是相當不錯的選擇。而我們絕大多數的進攻策略都是在這個時間內進行長距離橫向傳球，這應該也是我們未來戰術體系的主體。

How about on the alternative shape? Have you guys ever looked at that or tested out?

另一種形狀怎麼樣？你們有沒有研究過或測試過這個問題？

U-turn wells.

U型迴轉井。

We -- I think we've drilled 10 U-turns year-to-date. I'd say it's not an important part of our go-forward program. I think there's been some cool examples of us like where you had a legacy 1-mile well on a DSU and the rest of the pads set up for 2-mile laterals perfectly and you had a legacy well that you could do a U-turn or a J-hook around.

我想我們今年已經完成了 10 次掉頭。我認為這並不是我們未來發展計畫的重要組成部分。我認為我們有一些很棒的例子，例如在 DSU 上有一口傳統的 1 英里長的井，其餘的井場都完美地設置好了 2 英里長的水平井，你可以繞著這口傳統井做 U 形轉彎或 J 形彎道。

That's been a really cool tool. It's allowed us to more efficiently drain resource, probably add an extra stick that otherwise wouldn't have been economic. But we're really fortunate our land position sets up for 2 and 3 mile straight wells, so aren't going to have to drill a lot of U-turns going forward.

那真是一個很棒的工具。它使我們能夠更有效地利用資源，或許還能增加一些原本不經濟的額外投入。但我們非常幸運，我們的土地位置適合鑽探 2 到 3 英里長的直井，所以以後不必鑽很多 U 形彎道了。

Okay. And on the opportunistic buyback, can you share that what kind of criteria or matrix that you guys are using in terms of that decide whether that this is the right time to do buyback or not?

好的。關於機會性股票回購，您能否分享一下，你們使用什麼樣的標準或指標來決定現在是進行股票回購的合適時機嗎？

Yeah. I think we've always said we're going to buy back shares when there are material dislocations in the share price. I think most -- more often than not, that's driven by the macro. I think rather than tell everyone our specific criteria, I do think kind of pointing to what we did in April, immediately after "Liberation Day," we saw a material reaction downward in the Permian Resources stock price and had an awesome opportunity to buy shares in the $10 to $11 range and hit that as hard as we could that whole week.

是的。我認為我們一直都說過，當股價出現重大波動時，我們會回購股票。我認為大多數情況下，這都是由宏觀經濟驅動的。我認為與其告訴大家我們的具體標準，不如指出我們在四月「解放日」之後所做的事情。當時我們看到二疊紀資源公司（Permian Resources）的股價出現了實質性的下跌，我們抓住機會以 10 到 11 美元的價格買入股票，並在整個星期內盡可能地加強買入力度。

I'd say the stock recovered pretty quickly and that opportunity window closed. But I'd say for us, it's going to be a material dislocation is going to be kind of what we use as the criteria. And frankly, we're always going to be weighing that against our other opportunities.

我認為該股恢復得相當快，投資機會窗口已經關閉。但我認為，對我們來說，物質上的錯位將是我們用來作為評判標準的依據。坦白說，我們始終會權衡這一點與其他機會之間的關係。

I'd say our acquisition pipeline remains robust. So we'll be constantly weighing do we think we'll generate a higher long-term return buying back shares or doing acquisitions or frankly, putting cash on the balance sheet for future opportunities.

我認為我們的收購計劃依然強勁。因此，我們將不斷權衡，我們認為回購股票、進行收購，還是坦白說，將現金放入資產負債表以備將來之需，哪種方式能帶來更高的長期回報。

So I'd say any one of those is on the table at any given time, and we're constantly evaluating the opportunity set more broadly and going to allocate capital to whatever we think generates the highest rate of return and creates the most long-term value for shareholders.

所以我認為，這些方案中的任何一個都隨時可能被考慮，我們會不斷地更廣泛地評估各種機會，並將資金分配給我們認為能夠產生最高回報率並為股東創造最大長期價值的項目。

Great. Thank you.

偉大的。謝謝。

Noah Hungness, Bank of America.

諾亞·洪尼斯，美國銀行。

Good morning. I'd like to start off on just the maintenance CapEx. Given the D&C efficiencies you've seen, how can we think about maintenance CapEx levels? And then also how your dividend breakeven evolves over time through '26 and beyond?

早安.我想先從維護性資本支出開始談起。鑑於您已經看到的D&C效率，我們應該如何考慮維護資本支出水準？此外，您的股利損益平衡點在 2026 年及以後會如何變化？

Sorry, I get the first part. Can you repeat the second part of that question?

抱歉，我只明白前半部。你能重複問題的第二部分嗎？

Yeah. The dividend breakeven, just how that evolves over time, like through 2026 and after.

是的。股利損益平衡點，以及它如何隨時間演變，例如到 2026 年及以後。

Cool. Maintenance CapEx, I'd say, kind of just generally speaking, we've quoted about $1.8 billion of maintenance CapEx plus or minus. And I think what you've seen transpire this year is we've grown production pretty meaningfully.

涼爽的。維護資本支出方面，總的來說，我們給的報價約為 18 億美元，上下浮動。我認為今年大家看到的是，我們的產量有了顯著成長。

So the base is a lot bigger, but we've reduced cost and kept well productivity the same. So I think that plus or minus those probably offset each other and you get to something that is in that range or slightly higher, something like that on the maintenance CapEx side. Dividend breakeven.

因此，雖然基數大了很多，但我們降低了成本，並保持了油井生產率不變。所以我認為，這些加減可能會相互抵消，最終維護資本支出方面會達到這個範圍或略高一些。股息損益平衡點。

Yeah, dividend breakeven. The goal is for it to get better over time or stay the same, but there's a proportionate increase in our base dividend. So I think for us, the business is getting better. So that should either lower our dividend breakeven over time or give us greater capacity to pay out the base dividend and lower commodity prices. So I think that's a TBD capital allocation decision, but the business is getting better, so you should be able to pay a larger base dividend with the same level of protection or lower the breakeven.

是的，股利收支平衡。我們的目標是讓它隨著時間的推移而好轉或保持不變，但我們的基本股息會按比例增加。所以我覺得對我們來說，生意正在好轉。因此，這要么會隨著時間的推移降低我們的股息盈虧平衡點，要么會讓我們更有能力支付基本股息並降低大宗商品價格。所以我認為這需要進一步的資本配置決定，但公司業務正在好轉，因此應該能夠在保持相同保障水平的前提下支付更高的基本股息，或者降低盈虧平衡點。

Got you. No, that makes a ton of sense. And then for my second question, I know you guys touched on this a little bit, but regarding the additional FT that you guys took on, and you mentioned the strength of Waha kind of in the forward curve and how Waha basis kind of closes in back half of '26 and into '27. What was the advantage of signing up for the FT versus just hedging out the forward curve?

抓到你了。沒錯，這很有道理。我的第二個問題，我知道你們已經稍微談到了這一點，但關於你們額外承擔的FT，你們提到了Waha在前期曲線中的優勢，以及Waha的基礎在2026年下半年和2027年是如何收窄的。與直接對沖遠期曲線相比，註冊FT（金融時報）的優勢是什麼？

Yeah. I mean, obviously, there's a really large near-term benefit to these FT deals we signed up to the tune of over $100 million uplift from gas alone at strip. I do think it's our expectation and clearly the market expectation that as some of these pipelines come online, the Waha differential should close kind of more or less to the cost of shipping.

是的。我的意思是，很顯然，我們簽署的這些FT協議在短期內會帶來巨大的好處，光是拉斯維加斯大道上的汽油收入就增加了超過1億美元。我認為，隨著部分輸油管投入使用，我們的預期以及市場顯然的預期是，瓦哈港的輸油價格差額應該會或多或少接近運輸成本。

So for us, I think -- over the long term, I think we've seen trying to hedge gas ultra long term, there's just not the liquidity to do so. And we think you're ultimately better off selling your gas closer to end users and further downstream. I think although the long-term futures market doesn't reflect it, like I said, we do think your kind of downside skew for any regional hub like Waha is worse and more impactful than your upside.

所以對我們來說，我認為——從長遠來看，我們已經看到，試圖對沖超長期天然氣風險，根本沒有足夠的流動性來做到這一點。我們認為，從長遠來看，將天然氣出售給更接近終端用戶和下游地區的客戶，對您更有利。我認為，雖然長期期貨市場沒有反映出這一點，但正如我所說，我們確實認為像瓦哈這樣的區域樞紐的下行偏差比上行偏差更嚴重、影響更大。

So I think the way we think about it is over the long term, we think we will be better off we realize better pricing from '27 and beyond, selling at Houston Ship Channel and DFW than we will at Waha. And I think that may not be every month, but I think the way we think about it is most months, it will be a push. But when you win, you'll win big, just like you've seen historically.

所以，我認為我們考慮的方式是，從長遠來看，我們認為從 2027 年及以後，在休士頓航道和達拉斯-沃斯堡 (DFW) 銷售比在瓦哈 (Waha) 銷售能獲得更好的定價，這樣我們會更好。我覺得可能不是每個月都會這樣，但我們通常認為大多數月份都會全力以赴。但當你贏的時候，你會贏得巨大，就像歷史上所看到的那樣。

That makes sense. Congrats on the quarters. Thank you.

這很有道理。恭喜你取得季度佳績。謝謝。

(Operator Instructions)

（操作說明）

Leo Mariani, ROTH Capital Partners.

Leo Mariani，ROTH Capital Partners。

Yeah, hi. You guys obviously did a good job lowering D&C costs yet again this quarter. You guys commented in some of your prepared remarks that there could be more downside into 2026. Could you provide a little bit more color around that? Are you starting to see leading edge oilfield service costs make another step down here? And maybe it's a combination of that and some other things you're working on the efficiency front?

嗨，你好。你們顯然在本季再次成功降低了D&C成本。你們在事先準備好的發言稿中提到，到 2026 年可能會有更大的下跌空間。能再詳細說說這方面的狀況嗎？您是否開始看到領先的油田服務成本在這裡進一步下降？或許是這些因素以及你在效率方面正在做的其他一些工作的綜合結果？

Yeah. I think that -- I mean, obviously, with oil price where they are and the amount of activity being shut down and pulled out, we've seen a pretty meaningful reduction in service costs over the last few quarters, and you kind of combine that with the efficiencies we've picked up, and that's what's driven the kind of cost reduction year-to-date down to the $725 a foot level.

是的。我認為——我的意思是，很顯然，鑑於目前的油價以及大量活動的停擺和撤離，我們在過去幾個季度中已經看到服務成本大幅下降，再加上我們提高的效率，這就是今年迄今為止成本下降到每英尺 725 美元水平的原因。

I'd say my comments on where it could go from here is really just we are continuing to get better in the field, and I don't see at this crude price and based on activity levels of kind of the basin cost snapping back anytime soon.

我認為，就未來走向而言，我們在這個領域會不斷進步，而且以目前的原油價格和盆地活動水平來看，我認為價格不會很快回升。

And so if we can maintain kind of this level of service cost and keep picking up efficiencies in the field, which we are, I think there's probably a more upside or lower prices is more likely than higher from here. But I don't know what the tune is a couple of percent, something like that.

因此，如果我們能夠維持目前的服務成本水平，並不斷提高現場效率（而我們確實正在這樣做），我認為價格上漲的可能性更大，或者說價格下降的可能性更大。但我不知道曲調是多少，大概百分之幾吧。

Okay. Helpful. And I guess just on the share buyback, obviously, a number of questions around it. I guess, trying to be opportunistic. If we get in the lower for longer oil environment, hopefully, we don't in 2026, could you guys be a bit more programmatic if oil is kind of consistently in the 50s for a while? Or will you just kind of say, hey, it's a good time in the cycle to buy stock?

好的。很有幫助。我想，就股票回購而言，顯然有很多問題需要解答。我猜，他是想趁機撈一筆。如果油價長期處於低位（希望2026年不會出現這種情況），如果油價在一段時間內持續徘徊在50美元左右，你們能否制定一些更具針對性的方案？或者你會直接說，嘿，現在是買股票的好時機？

I don't think it'll ever be that programmatic. I think that fails to factor in the other opportunity sets and what are the other things you can do with capital and what's your view on things looking like going forward. I'd say for us, I think if we're in the 50s for a long period of time, you should expect us to buy back more stock than we have historically. I think that's pretty easy from our perspective.

我不認為它會變得如此程序化。我認為這沒有考慮到其他機會，也沒有考慮到你可以用資本做的其他事情，以及你對未來發展前景的看法。我認為，如果我們的股價長期維持在 50 美元左右，那麼我們應該會比以往回購更多的股票。我覺得從我們的角度來看，這很容易。

But I don't think it will ever be programmatic. We think we are able to create more value for us and our investors by being thoughtful and making each decision to buyback shares, do an acquisition or put cash on the balance sheet as a decision made in that time with all the facts and information we have in that moment. So I think for us, we don't think the programmatic strategy creates the maximum value and going to keep on this kind of -- this path that we've been on.

但我認為它永遠不會實現程式化。我們認為，透過深思熟慮，在做出回購股票、進行收購或在資產負債表上增加現金的每一個決定時，我們能夠為我們自己和我們的投資者創造更多價值。這些決定都是在當時根據我們掌握的所有事實和資訊做出的。所以我覺得對我們來說，我們認為程式化策略並不能創造最大價值，我們將繼續走這條路。

Thank you.

謝謝。

John Annis, Texas Capital.

約翰·安尼斯，德克薩斯資本。

Hey, good morning, guys. Thanks for taking my questions. For my first one, on slide 5, you highlight leveraging AI to expand play boundaries. I wanted to ask if you could expand on this. And then more broadly, how do you see the opportunity for organic inventory expansion through additions of secondary zones from here?

嘿，大家早安。謝謝您回答我的問題。我的第一個問題是，在第 5 張投影片中，您重點介紹如何利用人工智慧來擴大遊戲邊界。我想請您詳細解釋一下。更廣泛地說，您如何看待透過增加二級區域來實現有機庫存擴張的機會？

Yeah. Look, if you look at -- I think Eddy County is a good example of we have been both one of the most active buyers of acreage and also one of the most active drillers in Eddy County over the last few years. And so as such, we have a significant informational advantage over really anyone in Eddy County. We get production information, logs, incremental seismic information faster than anyone else does, just given everything that we drill is there's a six month plus lag before it's public.

是的。你看，如果你看看——我認為埃迪縣就是一個很好的例子，在過去的幾年裡，我們既是埃迪縣最活躍的土地買家之一，也是最活躍的鑽井者之一。因此，我們在資訊方面比埃迪縣的任何人都擁有顯著優勢。我們獲取生產資訊、測井資料和增量地震資訊的速度比任何人都快，只是因為我們鑽探的所有資料都需要六個月以上的時間才能公開。

And what our team has been able to do is just kind of the workflows that we had internally, which may have previously taken weeks or months to get incorporated into passing that through to the A&D team or passing that through to the next development package.

而我們團隊所做的，就是將我們內部的工作流程，以前可能需要數週或數月的時間才能整合到 A&D 團隊或下一個開發包中。

I'd say a lot of these large language models allow us to do that in minutes. And so really, it's just speeding up the passing of information across our team to something that's kind of more real time, and that allows all the different groups, the land team, the BD team, the drilling team, the completion engineering team, et cetera, to kind of benefit from what truly is an informational advantage that we have, albeit short term.

我認為許多大型語言模型可以讓我們在幾分鐘內做到這一點。所以實際上，這只是加快了我們團隊內部資訊的傳遞速度，使其更加即時，這使得所有不同的團隊，包括陸地團隊、業務拓展團隊、鑽井團隊、完井工程團隊等等，都能從我們所擁有的資訊優勢中受益，儘管這種優勢是短期的。

And then with new zones, I'd say that's one that is unique, I'd say, to some degree of -- we are seeing tons of shallow and deep, but newer zones drilled across the New Mexico Delaware. And New Mexico and Delaware has a huge benefit of state and federal leases don't have few clauses when you drill one well, you hold all depths basically forever, which is, I'd say, unique to New Mexico.

至於新地層，我認為這在某種程度上是獨一無二的——我們看到在新墨西哥州特拉華州鑽探了大量的淺層和深層新地層。新墨西哥州和德拉瓦州的一大優點是，州和聯邦租約的條款很少，當你鑽一口井時，你基本上可以永遠擁有所有深度，我認為這是新墨西哥州獨有的。

And given Permian Resources deep inventory position of kind of the same benches we've drilled over the last few years, I'd say that is not a huge part of our program, and we have the benefit of getting to kind of wait, watch and see.

鑑於 Permian Resources 在過去幾年鑽探過的類似地層擁有大量的庫存，我認為這並不是我們計劃的重要組成部分，我們可以靜觀其變。

And so we've had a, I'd say, a ton of organic inventory expansion via offset operators' drilling programs that it's obviously the cheapest way to go add inventory is to kind of let others do it for you around us. I think you'll see that we'll drill, call it, 5 or 10 wells a year in kind of the more upside or kind of organic inventory expansion benches. But for the most part, we've had the luxury of getting to kind of sit back and let that get proven up by people around us.

因此，我認為，透過鄰近營運商的鑽井計劃，我們實現了大量的有機庫存擴張，顯然，增加庫存最便宜的方法就是讓周圍的其他人為你做這件事。我認為你會看到，我們每年會鑽探，姑且稱之為 5 到 10 口井，以期實現更有發展潛力或更有利於有機庫存擴張的產能。但大多數情況下，我們有幸能夠袖手旁觀，讓周遭的人來證明這一點。

And I think that's one of the things that's so special about being in the Delaware Basin is that the rate of new inventory additions really hasn't slowed over the last decade. Like every year, it seems like PR and offset operators finding a new zone. And not just a new one, I think the zones that we're discovering, the zones that we're delineating actually compete with capital with the best parts of the basin.

我認為，特拉華盆地的特別之處在於，過去十年來，新增庫存的速度並沒有真正放緩。和往年一樣，PR和補償業者似乎又找到了新的市場。而且不僅僅是新的區域，我認為我們正在發現、我們正在劃定的區域實際上正在與盆地中最好的部分爭奪資本。

So it's not like we're finding secondary and tertiary zones that better margin. We're finding new zones that can compete for capital day 1. And we think that's a really big differentiator in what we think is the best and most exciting basin in North American E&P.

所以，我們不是在尋找利潤更好的次級和三級礦帶。我們正在尋找能夠在第一天就參與資本競爭的新區域。我們認為，這正是北美油氣探勘開發領域中最棒、最令人興奮的盆地的一個真正重要差異。

Great color. I appreciate that. For my follow-up, staying on slide 5, could you expand on the microseismic azimuth analysis? And then maybe more specifically, to what degree are you altering the azimuth to optimize completion efficiency relative to the analysis?

顏色很棒。我很感激。我的後續問題，請繼續討論第 5 張投影片，能否詳細介紹微震方位角分析？更具體地說，相對於分析結果，您在多大程度上改變了方位角以優化完井效率？

Yeah. I'd say -- I mean, a lot of this is things we've been doing a long time. I think we've just gotten better, faster and further along in how to leverage it. But I mean, on not a large percentage, but on some amount of our program, we'll go ahead and run microseismic and microphones to really understand where fracs are going. And really, the goal is just to optimize our design.

是的。我想說——我的意思是，很多事情我們早就在做了。我認為我們在如何利用它方面做得更好、更快、更深入了。但我的意思是，雖然比例不大，但我們會在一部分項目中進行微地震勘探和麥克風探測，以真正了解壓裂的位置。實際上，我們的目標只是優化設計。

We want to pump more or stimulate more where the rock is good, and we don't want to go waste a bunch of capital in places where recoveries will not be as good. And so I think what you're starting to see is just the incorporation of that in the business, both either increasing recoveries in some instances or just lowering costs in others. I'd say that microseismic has been around a long time, but the use of it and kind of the way that people are using it today is slightly better and more efficient.

我們想在油氣資源豐富的地區加大開採力度，不想把大量資金浪費在採收率不高的地方。所以我認為你現在開始看到的是，這種做法正在被融入到業務中，在某些情況下提高了回收率，而在其他情況下降低了成本。我認為微震技術已經存在很長時間了，但是它的應用以及人們今天使用它的方式要好一些、效率更高一些。

I appreciate that. Thaks for the color.

我很感激。謝謝你提供的顏色。

Thank you.

謝謝。

Thank you. There are no further questions at this time. I will now hand the call back to Will Hickey for the closing remarks.

謝謝。目前沒有其他問題了。現在我將把電話交還給威爾·希基，請他作總結發言。

Thank you. As you can tell by today's results, the business is firing on all cylinders. Importantly, we can continue to find ways to improve the business each and every day. 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. Thanks to everyone for joining the call today and following the Permian Resources story.

謝謝。從今天的業績可以看出，公司各項業務都在高速運轉。重要的是，我們可以繼續尋找每天改進業務的方法。鑑於我們高品質的資產基礎和穩健的資產負債表，我們相信無論在任何商品價格環境下，我們都能繼續保持這種執行力並創造價值。感謝大家今天參加電話會議並關注 Permian Resources 的發展動態。

Thank you. Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect your lines.

謝謝。女士們、先生們，會議到此結束。感謝各位的參與。你們可以斷開線路了。