Permian Resources Corporation (PR) 2026 Q1 法說會逐字稿

Good morning and welcome to the Permian Resources first-quarter 2026 earnings conference call. Today's call is being recorded and a replay of the call will be accessible until May 20, 2026, by dialing 800-770-2030, and entering the replay access code 1442298, or by visiting the company's website at www.permianres.com.

早安，歡迎參加 Permian Resources 2026 年第一季財報電話會議。今天的電話會議將被錄音，並可於 2026 年 5 月 20 日前透過撥打 800-770-2030 並輸入重播存取碼 1442298 收聽重播，或造訪公司網站 www.permianres.com。

It is now my pleasure to turn the call over to Hays Mabry, Permian Resources' Vice President of Investor Relations, for opening remarks. Please go ahead.

現在我很榮幸將電話交給 Permian Resources 投資人關係副總裁 Hays Mabry 進行開場致詞。請開始。

Thank you, Amy, 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 risk and uncertainties that could affect our actual results and are discussed in more detail in our filings with the SEC.

謝謝你，Amy，也謝謝各位加入我們。今天與會者包括我們的共同執行長 Will Hickey 與 James Walter，以及我們的財務長 Guy Oliphint。本次電話會議中的許多評論屬於前瞻性陳述，涉及可能影響我們實際結果的風險與不確定性，相關內容已在我們向 SEC 提交的文件中更詳細說明。

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.

我們也可能提及非 GAAP 財務衡量指標。對於我們使用的任何非 GAAP 指標，與最接近之對應 GAAP 指標的調節表可在我們的財報新聞稿或簡報中找到。

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

接下來，我把電話交給共同執行長 Will Hickey。

Thanks, Hays. Q1 represented another quarter of strong operational execution, delivering free cash flow per share of $0.60, the highest in PR history. In addition, we set records on both drilling and completion cost per foot, continue to deliver peer-leading controllable cash cost, and accelerated oil production volumes in response to higher oil prices in March.

謝謝，Hays。第一季再次展現強勁的營運執行力，每股自由現金流達 0.60 美元，創 PR 歷史新高。此外，我們在每英尺鑽井成本與完井成本兩方面都創下紀錄，持續交出同業領先的可控現金成本，並因應 3 月油價走高而加速原油產量。

I'd note that the current market volatility reinforces what has always been core to the Permian Resources strategy, maintain a peer-leading cost structure, stay singularly focused on the Delaware Basin, the best onshore shale basin in the US, and preserve the flexibility as market conditions change.

我想指出，目前的市場波動再次凸顯 Permian Resources 策略中一向的核心：維持同業領先的成本結構、專注於美國最佳陸上頁岩盆地——Delaware Basin——並在市場條件變化時保有彈性。

Periods like this give us an opportunity to demonstrate our team's ability to react quickly to create long-term shareholder value. We don't know where the market is headed but we are excited about our position and the flexibility we have to continue to capitalize on opportunities as they emerge.

像這樣的時期，讓我們有機會展現團隊快速反應、創造長期股東價值的能力。我們不知道市場將走向何方，但我們對自身的定位與所具備的彈性充滿信心，能在機會出現時持續把握。

Turning to the quarter, Q1 production exceeded expectations with oil production of 192,000 barrels a day and total production of 413,000 barrels of oil equivalent per day. Production outperformance was driven by better-than-expected results from recent wells and significantly reduced downtime in March due to picking up additional workover rigs as a result of higher prices.

回到本季，第一季產量優於預期，原油產量為每日 192,000 桶，總產量為每日 413,000 桶油當量。產量超預期主要來自近期新井表現優於預期，以及因油價走高而增派修井機隊，使 3 月停機時間大幅降低。

In addition to wins on the production side, our D&C team continued to drive down cost. We reduced D&C cost to approximately $685 per lateral foot with both drilling cost per foot and completion cost per foot setting new company records.

除了產量面的成果外，我們的鑽完井（D&C）團隊也持續推動成本下降。我們將 D&C 成本降至每英尺水平段約 685 美元，其中每英尺鑽井成本與每英尺完井成本皆創下公司新紀錄。

On the drilling side, we delivered the fastest well in company history, averaging over 2,500 feet per day and delivered our longest quarterly average lateral length in company history, with roughly one-quarter of our wells coming in over 2.5 miles.

在鑽井方面，我們完成了公司史上最快的一口井，平均每日超過 2,500 英尺，並創下公司史上最長的單季平均水平段長度；約四分之一的井水平段長度超過 2.5 英里。

On the completion side, we achieved record recycled water utilization rates of approximately 70%. This not only lowers completion cost but also saves on LOE and something you'll continue to see us focused on going forward.

在完井方面，我們達成約 70% 的回收水使用率新高紀錄。這不僅降低完井成本，也節省 LOE，而這也將是你們未來持續看到我們聚焦的重點。

On the production side, the team installed 4 microgrids in the quarter, eliminating over 25 generators and reducing electricity cost on the associated well sites by roughly 30%. I also want to recognize the field team's response to January's winter storm Fern. We navigated the storm with minimal impact and recovered to production quickly. That kind of execution is a credit to our team in the field who runs our operations every day.

在生產端，本季團隊安裝了 4 座微電網，淘汰超過 25 台發電機，並使相關井場的用電成本降低約 30%。我也想肯定現場團隊對 1 月冬季風暴 Fern 的應對。我們將風暴影響降到最低，並迅速恢復產量。這樣的執行力要歸功於每天負責營運的現場團隊。

Controllable cash costs came in well within our '26 guidance with LOE of $5.19 per BOE, GP&T of about $0.36 (sic - see press release, "$1.36") per BOE, and cash G&A of $0.77 per BOE. To wrap it all up, strong production performance, combined with further extending our Delaware Basin cost leadership, resulted in record free cash flow of over $500 million for the quarter.

可控現金成本落在我們 2026 年指引範圍內：LOE 為每 BOE 5.19 美元、GP&T 約為每 BOE 0.36 美元（原文如此——請參閱新聞稿，「每 BOE 1.36 美元」），以及現金 G&A 為每 BOE 0.77 美元。總結而言，強勁的產量表現，加上我們在 Delaware Basin 的成本領先地位進一步擴大，使本季自由現金流創下超過 5 億美元的紀錄。

Turning to natural gas, we continue to benefit from our improved natural gas portfolio with the largest impact still ahead of us in '27 and beyond. During Q1, we saw material weakness in Waha gas pricing. Despite this market backdrop, in Q1, our realized natural gas price, including hedges, was $1.33 per Mcf, a $2.44 premium to Waha during the quarter. Notably, roughly half this uplift is from firm transportation agreements that we entered into over the last few years with the balance from existing natural gas hedges.

談到天然氣，我們持續受惠於改善後的天然氣組合，而最大的效益仍將在 2027 年及之後逐步顯現。第一季期間，我們看到 Waha 天然氣價格明顯走弱。儘管市場環境如此，第一季我們的實現天然氣價格（含避險）為每 Mcf 1.33 美元，較本季 Waha 價格高出 2.44 美元。值得注意的是，這項溢價約有一半來自我們過去幾年簽訂的固定運輸協議，其餘則來自既有的天然氣避險。

Today, we have approximately 400 million cubic feet a day of firm transportation to Gulf Coast and DFW markets, growing to over 700 million cubic feet a day in '27 and beyond as the full impact of our long-haul agreements comes online. Longer term, with 1 Bcf a day of gross production and an attractive end market portfolio, PR is well positioned to participate in the growth in US natural gas demand.

目前，我們擁有約每日 4 億立方英尺的固定運輸能力，可運往墨西哥灣沿岸與 DFW 市場；隨著長距離運輸協議的完整效益上線，至 2027 年及之後將提升至每日超過 7 億立方英尺。長期而言，憑藉每日 10 億立方英尺（Bcf/d）的總產量以及具吸引力的終端市場組合，PR 已具備良好條件參與美國天然氣需求成長。

And with that, I'll turn the call over to James.

接下來，我把電話交給 James。

Thanks, Will. Turning to slide 7. We wanted to emphasize a major milestone that our entire company is excited about and proud of. We received our second and third investment-grade ratings, are now officially an investment-grade company from all three major agencies. This is a reflection of the financial philosophy that has been a core tenet of our business since the beginning.

謝謝，Will。請看第 7 張投影片。我們想強調一項全公司都感到興奮且自豪的重要里程碑。我們取得第二與第三個投資等級評等，現在已正式獲三大主要評等機構一致評為投資等級公司。這反映了自公司創立以來即為核心信條的財務理念。

Investment-grade status lowers our cost of debt and ensures access to capital across cycles. We continue to prioritize balance sheet strength and have used our robust free cash flow to reduce absolute debt by approximately $1.2 billion since the beginning of 2025.

投資等級地位可降低我們的債務成本，並確保我們在不同景氣循環中都能取得資本。我們持續優先強化資產負債表，並運用強勁的自由現金流，自 2025 年初以來將絕對債務規模降低約 12 億美元。

It's important to note that our capital allocation framework does not change in this environment but it does allow us to prioritize capital to the uses that we believe will generate the highest risk-adjusted long-term returns.

需要強調的是，我們的資本配置框架在此環境下不會改變，但它讓我們能優先將資本投入我們認為可帶來最高風險調整後長期報酬的用途。

The base dividend is our first priority and we remain committed to consistent long-term growth. Beyond that, our priorities in the current environment are debt repayment, accruing cash to the balance sheet, and continuing to pursue accretive acquisitions. The strength of the business is that we do not have to choose between only one or two capital allocation levers. We can lean into whichever one creates the most long-term value at any given moment.

基本股利是我們的第一優先事項，我們仍致力於長期穩定成長。除此之外，在目前環境下，我們的優先事項包括償還債務、在資產負債表上累積現金，以及持續尋求具增值性的併購。本業的強項在於，我們不必在資本配置工具中只選擇一兩項。在任何時點，我們都能加大投入最能創造長期價值的那一項。

As shown on slide 7, we believe that alignment between management and shareholders is critical to creating long-term value in oil and gas. And it is our belief that Permian Resources has a strong investor alignment as any company in this sector. All of our employees receive common equity as part of their annual compensation. Officer compensation is heavily weighted towards equity and performance shares. Finally, co-CEO compensation is entirely performance-based with Will and I receiving no cash salary and no cash bonus.

如第 7 張投影片所示，我們認為管理層與股東之間的利益一致性，對於在油氣產業創造長期價值至關重要。我們相信，Permian Resources 的投資人利益一致性在本產業中屬於最強之一。我們所有員工的年度薪酬中都包含普通股權。高階主管薪酬高度偏重股權與績效股。最後，共同執行長的薪酬完全以績效為基礎；Will 和我不領現金薪資，也沒有現金獎金。

Again, something I'm probably most proud of is our significant employee ownership. In total, PR employees own roughly 7% of the company, representing over $1 billion in equity value, creating the best possible alignment with shareholders.

再者，我可能最引以為傲的一點，是我們顯著的員工持股。整體而言，PR 員工約持有公司 7% 的股份，代表超過 10 億美元的股權價值，與股東形成最佳可能的一致性。

Slide 9 lays out how the business is operating in today's environment and how we are thinking about the rest of the year. Our priorities today are straightforward. In Q1, our focus was on accelerating near-term barrels by increasing high-return workovers and maximizing run time.

第 9 頁投影片說明了公司在當前環境下的營運狀況，以及我們對今年剩餘時間的思考。我們目前的優先事項很明確。在第一季，我們的重點是透過增加高報酬的修井作業並最大化運轉時間，來加速短期產量（barrels）。

You can see on this slide that we roughly doubled our workover rig count from January to March, which drove approximately half of our production beat for the quarter. Looking ahead to Q2, we expect to further accelerate production by continuing to run an elevated workover program and by taking steps to accelerate additional POPs into the quarter.

你可以從這張投影片看到，我們從 1 月到 3 月大致將修井機（workover rig）數量增加了一倍，這帶動了本季約一半的產量超預期。展望第二季，我們預期將透過持續維持較高強度的修井計畫，以及採取措施把更多 POPs 提前到本季，進一步加速產量。

Our team in the field is doing everything they can to accelerate barrels in this higher price environment. As a result of both higher workover counts and more turn lines in the quarter, we expect production and CapEx in Q2 to be modestly higher than Q1.

我們現場團隊在這個較高油價環境下，正竭盡所能加速產量（barrels）。由於本季修井數量增加且 turn line 次數更多，我們預期第二季的產量與資本支出（CapEx）將較第一季小幅提高。

For the second half of the year, we're in the fortunate position of having maximum flexibility to respond to an uncertain macro environment. If crude prices remain strong, we would expect to come out at the high end of both our production and capital ranges. We will do so with the existing rigs and equipment we have today.

至於下半年，我們很幸運地擁有最大彈性，以因應不確定的總體環境。若原油價格維持強勢，我們預期產量與資本支出將落在各自區間的高端。我們將使用目前既有的鑽機與設備來達成。

Conversely, if conditions were to soften materially, we would expect to reduce activity and come at the lower end of both our production and capital ranges. Our activity levels and growth continue to be driven by the same principles that have always informed our investment decisions, which is maximizing free cash flow in the near term, midterm, and long term. Importantly, we expect any range of these outcomes to generate higher free cash flow in 2026 than our original guidance.

相反地，若環境明顯轉弱，我們預期會降低活動量，並使產量與資本支出落在各自區間的低端。我們的活動水準與成長仍由一貫的原則所驅動，這些原則一直指引著我們的投資決策：在短期、中期與長期最大化自由現金流。重要的是，我們預期無論結果落在上述區間的哪一端，2026 年的自由現金流都將高於我們原先的指引。

Turning to slide 10. We want to conclude by reminding our investors that PR's business plan remains the same. Every day, our focus is on driving long-term free cash flow growth, which we believe is the foundation of durable value creation in oil and gas.

接著看第 10 頁投影片。我們想在結尾提醒投資人，PR 的營運計畫仍維持不變。每天，我們的重點都是推動長期自由現金流成長；我們相信這是油氣產業可持續價值創造的基礎。

Since we became a public company in the middle of 2022, Permian Resources has delivered the highest free cash flow per share growth of any E&P company. In 2023, our first year as a public company, we generated $1.13 per share in free cash flow at an oil price of $78.

自 2022 年年中成為上市公司以來，Permian Resources 在所有 E&P 公司中，實現了最高的每股自由現金流成長。2023 年作為我們上市後的第一年，在油價 78 美元的情況下，我們每股產生 1.13 美元的自由現金流。

In 2024, we grew free cash flow per share by nearly 50% to $1.64 at lower prices than the prior year. In 2025, we grew free cash flow per share from $1.64 to $1.94, representing nearly 20% free cash flow per share growth at an oil price that was more than $10 lower than the prior year.

2024 年，在價格低於前一年的情況下，我們將每股自由現金流提高近 50%，達到 1.64 美元。2025 年，我們將每股自由現金流由 1.64 美元提升至 1.94 美元，代表在油價較前一年低逾 10 美元的情況下，仍實現近 20% 的每股自由現金流成長。

And we think it's important to be very clear how we have grown free cash flow per share. We've done so by doing three things consistently over that period: one, by being the lowest cost operator in the Delaware Basin, continuing to drive D&C efficiency and cost reductions. We have averaged a greater than 10% per year reduction in D&C every year since 2022.

我們認為，有必要非常清楚地說明我們是如何提升每股自由現金流的。在這段期間，我們一貫地透過三件事來做到：第一，成為德拉瓦盆地（Delaware Basin）成本最低的營運商，持續推動鑽完井（D&C）效率提升與成本下降。自 2022 年以來，我們每年 D&C 成本平均降幅都超過 10%。

Two, by using our high-quality, long-life inventory to organically grow production and return to macro-environment justified growth. We have averaged greater than 10% annualized growth since inception.

第二，運用我們高品質、長壽命的庫存（inventory），以有機方式提升產量，並回到符合總體環境合理性的成長。自成立以來，我們的年化成長平均超過 10%。

Three, by pursuing high-quality accretive acquisitions that make our business better and enhance our ability to grow free cash flow per share over the long term. We have acquired over $1 billion in high-quality assets each of the past three years.

第三，追求高品質、具增益（accretive）的併購，使我們的業務更好，並強化我們長期提升每股自由現金流的能力。過去三年中，我們每一年都收購了超過 10 億美元的高品質資產。

The combined effect of pulling all three of these levers year in, year out is that we have grown free cash flow per share at a 30% CAGR over the past three years despite a market where the average oil price declined every single year.

年復一年同時拉動這三個槓桿的綜合效果是：在過去三年中，儘管市場的平均油價每一年都下滑，我們仍以 30% 的年複合成長率（CAGR）提升每股自由現金流。

The emphasis on each of the three pillars that drive our free cash flow growth may change from one year to the next based on the macro environment and opportunity set but our business model remains the same, as does our expectation that we can continue to generate outsized free cash flow per share growth, which will result in correspondingly high returns for our investors through the cycles.

推動我們自由現金流成長的三大支柱，其著重程度可能會因總體環境與機會集合而在年度間有所變化，但我們的商業模式不變；我們也仍預期能持續創造超額的每股自由現金流成長，並在景氣循環中為投資人帶來相應的高報酬。

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

感謝各位今天收聽。接下來我把時間交回給主持人進行問答。

(Operator Instructions) Scott Hanold, RBC Capital.

（主持人指示）Scott Hanold，RBC Capital。

Thanks. Good morning, all. Good quarter. I was wondering if you could talk through some of the dynamics of pulling forward some of the production into this environment. Obviously, it sounds like a lot of workovers occurring. Is -- how many -- so the question is, how many workovers do you have? I mean, is that something that's going to persist mostly through 2Q? And then beyond that, is it just organically pulling forward completions? And at the current pace, like how many more completions could you get into this year?

謝謝。各位早安。本季表現不錯。我想請你們談談在這個環境下把部分產量提前釋出的動態。顯然聽起來有很多修井作業在進行。那麼——有多少——所以問題是，你們有多少修井？我的意思是，這會主要在第二季持續嗎？再往後，是不是就只是有機地把完井（completions）往前拉？以目前的節奏來看，今年你們還能多做多少完井？

I'll hit the first part. I mean, yeah, I think you hit it best. Like the plan today with oil, I guess, above $90 on WTI basis is we're doing everything we can with the existing equipment to accelerate TILs and accelerate barrels into what's a very constructive oil price environment. Yeah. I mean, workover rig counts doubled.

我先回答第一部分。我的意思是，對，我想你說得很到位。以目前油價來看，我想以 WTI 計算大概在 90 美元以上，我們正用現有設備盡一切可能加速 TILs，並把產量（barrels）提前到這個非常有利的油價環境中。對。我的意思是，修井機數量翻倍了。

So we probably have gone from, round numbers doing, call it, 30, 40 workovers a month to something that looks closer to like 70, 80, maybe upwards of 90 a month. I do think long term, like you end up chewing through your backlog and at some point that normalizes out where you're just working over any well that makes sense when it goes down. And obviously, at $90, $100 oil a lot more wells make sense to workover quickly than they would at say $50 crude.

所以我們大概從每月做約 30、40 口修井，提升到更接近每月 70、80 口，甚至可能上看 90 口。我確實認為長期來看，你會把待處理的積壓（backlog）逐步消化，到了某個時間點就會回歸常態，也就是只對那些產量下滑後仍值得處理的井進行修井。而且很明顯，在 90、100 美元油價時，相較於例如 50 美元原油，會有更多井值得更快進行修井。

And then I said the other side of it would be, we are getting faster and more efficient every day. We saw a step change in Q1 and are continuing real time today to show efficiency improvement on really both the completion side and the drilling side.

然後我提到另一面是，我們每天都在變得更快、更有效率。我們在第一季看到了一個效率的躍升（step change），而且目前仍在即時地展現效率改善，無論是在完井端或鑽井端都是如此。

And so if you combine that with also working in between the drilling and completion process to reduce overall cycle time, I'd say we have the flexibility that with the existing equipment we're running today, we can accelerate TILs above and beyond what our original base plan highlighted. And so I'd say just, we're maintaining flexibility. We may have to do lots of things as the market changes.

因此，如果再加上我們也在鑽井與完井流程之間進行作業、以縮短整體週期時間，我會說我們具備彈性：在目前運轉的既有設備下，我們可以把 TILs 加速到超出原先基準計畫所呈現的水準。所以我會說，我們就是維持彈性。隨著市場變化，我們可能需要做很多事情。

I'd say the general plan today is to really hit the gas pedal but do it within the confines of the equipment we're running today, not pick up any additional rigs.

我想目前的整體計畫是確實踩下油門，但會在我們今天正在運轉的設備範圍內進行，不會再增加任何額外鑽機。

Thanks for that. My follow-up question is really talking through -- obviously, the strip has come down, especially the front of month -- the last couple of days but still pretty healthy. And when you look at your free cash flow build you got through the year, look, it's not going to take too long into 2027 before we have the conversation being net debt zero, right? So like just could you give us a sense of like in this macro environment, how do you think about like utilizing that? Or are you willing to build that cash for black swan events or M&A, if needed?

謝謝。我接下來的問題主要是想把這件事講清楚——顯然，strip 已經下來了，尤其是近月——過去幾天，但仍然相當健康。而當你看你們今年一路走來的自由現金流累積，坦白說，到了 2027 年我們再談「淨負債為零」這件事，應該不會太久，對吧？所以想請你們談談，在這樣的總體環境下，你們如何思考運用這些資金？或者你們是否願意把現金累積起來，以備黑天鵝事件或在需要時用於併購（M&A）？

Yeah. I mean, I think we've always been comfortable running this business with leverage. I think that's a good way to enhance equity returns. I'd point you back to slide 7 where we talk about our capital allocation framework. I think we're constantly evaluating the landscape and the current environment to see what of our reinvestment opportunities is going to drive the highest rate of return for shareholders.

是的。我的意思是，我想我們一直都很能接受用槓桿來經營這門生意。我認為這是提升股東權益報酬的好方法。我會請你回到第 7 頁投影片，我們在那裡談到資本配置框架。我想我們一直在評估市場格局與當前環境，看看我們哪些再投資機會能為股東帶來最高的報酬率。

In some areas that could be share buybacks and others, it could be debt repayment and accruing cash. And in others it could be spending that cash on acquisitions or raising our dividend.

在某些情況下，可能是庫藏股回購；在其他情況下，可能是償還債務並累積現金。而在另外一些情況下，可能是把現金用於收購，或提高股利。

So I think for us, we'd be comfortable going to zero debt, I think, in a certain set of scenarios, a certain context. I think it's probably less likely for us because we've seen year in, year out really attractive reinvestment opportunities across the business that outcompeted the cash build scenario.

所以我想對我們而言，在某一組情境、某種脈絡下，我們也會願意把負債降到零。但我認為這對我們來說可能性較低，因為我們年復一年在整個業務中都看到非常有吸引力的再投資機會，其表現優於單純累積現金的情境。

So I think for us, it's all about optimizing around best risk-adjusted return for our cash flow and our dollars. And sure there could be a scenario where debt repayment to zero made sense. I think that's probably less likely for us because the opportunity set in the Delaware has been so robust.

所以對我們而言，重點在於圍繞我們的現金流與資金，去最佳化「風險調整後」的報酬。當然，確實可能存在一種情境：把債務一路償還到零是合理的。但我認為這對我們來說可能性較低，因為德拉瓦（Delaware）的機會集合一直非常強勁。

Appreciate that. Thanks.

了解，謝謝。謝謝。

Neal Dingmann, William Blair.

Neal Dingmann，William Blair。

Good morning, guys. Nice quarter. My first question is just on future activity. Specifically, maybe James, for you or Will, is activity, wondering these days constrained at all by power supply? And maybe how much is that same activity influenced by the negative Waha, though, I did hear about ET talk about potentially pre-flowing Hugh Brinson and so maybe Waha improve soon. So just wondering around power and negative gas prices.

各位早安。這一季表現不錯。我第一個問題是關於未來的活動量。具體來說，可能問 James 或 Will：最近的活動是否在任何程度上受到電力供應限制？另外，這些活動在多大程度上也受到 Waha 負價的影響？不過我確實聽到 ET 提到可能會讓 Hugh Brinson 提前通氣（pre-flow），所以也許 Waha 很快會改善。所以想請教關於電力以及天然氣負價格的影響。

I think the short answer would be no. Activity today is not constrained relative activity across the position, there really is no constraints. We are allocating capital as we see fit. I think the more nuanced answer would be from a -- take a step back perspective, like power is less significant but negative Waha is a real meaningful input into our calculation of return alongside gas prices matter, crude prices matter, service costs matter. And as you know, in our framework, we're willing to grow when returns are great and paybacks are short.

我想簡短答案是否定的。目前的活動量相較於整個區塊（position）的活動並未受限，基本上沒有任何限制。我們會依我們認為合適的方式配置資本。更細緻的答案是，從退一步的角度來看，電力的重要性較低，但 Waha 負價確實是我們計算報酬時一個非常重要的輸入因素；同時天然氣價格重要、原油價格重要、服務成本也重要。而如你所知，在我們的框架下，當報酬很高、回收期很短時，我們願意成長。

And in other times, we're willing to be more of a low growth or even hold flat business. And so generally speaking, Waha, which moves the needle more than electricity costs may dictate a little bit of activity. But no, we feel unconstrained across the position and are allocating capital as we see fit.

而在其他時候，我們也願意採取較低成長，甚至持平的經營方式。所以一般而言，Waha 對結果的影響（moves the needle）比電力成本更大，可能會在一定程度上左右活動量。但不會，我們在整個區塊內並不覺得受限，並會依我們認為合適的方式配置資本。

Yeah. On Waha, like incremental growth in a meaningful way is going to be weighted towards the back half of the year where -- or at least the middle of the year where we expect Waha prices to improve and ultimately be resolved in the late third or fourth quarter. So I don't think Waha is going to meaningfully dictate plans over the next couple of years. We actually think it's a situation that gets resolved in 2026 as we see it.

是的。就 Waha 而言，真正有意義的增量成長，會更偏向發生在今年下半年——或至少是年中——因為我們預期 Waha 價格會改善，並最終在第三季末或第四季得到解決。所以我不認為 Waha 會在未來幾年對計畫造成實質性的左右。我們實際上認為，依我們的看法，這個狀況會在 2026 年得到解決。

Yeah, I agree with you, James. And then James, my second question just on capital allocation, specifically. Given the pristine balance sheet, I'm just wondering, does your capital spent on acquisitions during any quarter influence what you might or not -- might or might not pay out to shareholders that same quarter? I guess, I'm just thinking like should we assume shareholder return is solely an economic decision based on macro and specific variables or what else is influenced there?

是的，我同意你，James。那 James，我第二個問題是更具體地談資本配置。鑑於你們的資產負債表非常乾淨，我想了解：你們在某一季用於收購的資本支出，是否會影響你們在同一季可能（或不可能）回饋給股東的金額？我的意思是，我在想：我們是否應該假設股東回饋完全是基於總體與特定變數的經濟決策？還是還有其他因素會影響？

Yeah. I mean, I think as we look at our capital allocation framework, it's -- we're going to allocate capital to whichever we think is going to generate the best returns over the long term for our investors. And I do think we are weighting those against each other.

是的。我的意思是，當我們看我們的資本配置框架時——我們會把資本配置到我們認為能在長期為投資人創造最佳報酬的地方。而且我確實認為，我們會把這些選項彼此權衡比較。

If we do more acquisitions, that would accrue less cash to the balance sheet and could ultimately impact our dividend trajectory over time. I do think the acquisitions that we're doing are so good for the business that probably only bolsters our longer-term base dividend trajectory.

如果我們做更多收購，資產負債表上累積的現金就會更少，最終可能會影響我們隨時間推進的股利走勢。但我也認為，我們正在做的收購對業務非常有利，可能反而會強化我們更長期的基礎股利走勢。

But yeah, I'd say we're constantly looking at anything we can invest dollars on and allocate capital to and pitting them against each other and saying, what makes the most sense in the environment we see today and where we see the world going.

不過是的，我會說我們一直在看任何可以投入資金、可以配置資本的項目，並把它們彼此對照，問自己：在我們今天看到的環境，以及我們認為世界將走向的方向下，什麼最合理。

Thanks, guys.

謝謝各位。

Neil Mehta, Goldman Sachs.

Neil Mehta，Goldman Sachs。

Yeah. Thanks, team. And again, a good quarter here. I just want to build on the M&A comments here. Clearly, the ground game has been very consistent. It does feel like it could be an active period, especially as the conflict hopefully gets towards resolution in the A&D market. And do you just feel -- do you feel PR is well positioned to be active in that market?

是的。謝謝各位團隊。而且再次，這一季表現不錯。我想延伸一下這裡關於併購（M&A）的評論。很明顯，你們在地面作戰（ground game）一直非常一致。感覺這可能會是一段活躍期，特別是如果衝突能夠朝著解決方向推進，A&D 市場也希望能回到較清晰的狀態。你們是否覺得 PR 在那個市場上很有條件積極出手？

Yeah. I mean, I think that we said in February coming into this year that we thought it was setting up from what we could see in the beginning of the year to be a really active Delaware Basin market. And I'd say two months in -- two months on from February, that really has played out.

是的。我的意思是，我想我們在今年 2 月進入今年時就說過，從我們在年初所看到的情況來看，我們認為德拉瓦盆地（Delaware Basin）市場正朝著非常活躍的一年在鋪陳。而我會說，從 2 月算起過了兩個月——這確實已經應驗了。

I think we're seeing more deals for sale or planned to be for sale this year than we've seen any year in the last couple. And I'd say it's been interesting for us to more of them in our part of the world in the Delaware and frankly, higher quality than we've seen in the last few years.

我認為我們看到今年待售或計畫今年出售的交易，比過去幾年任何一年都多。而且對我們來說很有意思的是，其中更多交易出現在我們所在的區域——德拉瓦——坦白說，品質也比我們過去幾年看到的更高。

So I think we are certainly well positioned to take advantage of that at the right price. I mean, we talk about it a lot. We do think our lowest cost structure in the Delaware and our in-basin Midland-based knowledge really does give us a differentiated competitive advantage when it comes to Delaware Basin deals but we've got an awesome base business. So I'd say any excitement is going to be tempered with we're only going to do deals at the right prices. And if we're highly convicted they make our existing business better, which is a high bar.

所以我認為，只要價格合適，我們當然很有條件把握這些機會。我的意思是，我們談過很多次。我們確實認為，我們在德拉瓦最低的成本結構，以及在盆地內、以 Midland 為基地的在地知識，讓我們在德拉瓦盆地交易上具備差異化的競爭優勢；但我們也有一個很棒的基本盤業務。所以我會說，任何興奮都會被「我們只會在正確的價格做交易」所節制。而且必須是我們高度確信能讓既有業務變得更好——這個門檻很高。

And then just talk a little bit about the operations here. Again, you guys made some good progress on the drilling side, in particular, with just the speed of wells and it's translated ultimately into your cost metrics. So what are you guys doing on the D&C side, in particular, to keep this momentum going?

接著稍微談一下這裡的營運。再一次，你們在鑽井端確實取得了不錯的進展，特別是在單井鑽速方面，而這最終也反映在你們的成本指標上。所以在 D&C（鑽井與完井）端，特別是，你們正在做些什麼來讓這股動能延續下去？

I mean, this is just ingrained in our culture. This is what the guys do every day. We're tinkering with BHAs in different areas to try to speed up ROP in the lateral. We're trying to reduce bit trips, so we can get down to 1 bit runs like what we'll see in the Midland Basin. If we can get that in the Delaware Basin, I think that means a lot of days on our side.

我的意思是，這已經深植於我們的文化。這就是團隊每天在做的事。我們在不同區塊調整 BHA（井底組合），試著提升水平段的 ROP（機械鑽速）。我們也在努力降低起下鑽頭的次數，這樣就能做到像我們在 Midland Basin（米德蘭盆地）看到的那樣，一口井只用一支鑽頭完成（1 bit run）。如果我們能在 Delaware Basin（德拉瓦盆地）也做到，我認為對我們來說就能省下很多天數。

And then you saw this quarter we had the benefit of pushing lateral length. Drilling 25% of our wells over 2.5 miles definitely helps accrue to the cost side of the equation. But look, I mean, when we set out a lofty target this year, we wanted to get down to $675 per foot over the course of the year. We ended the year at $700 a foot. We chopped that down to $685 in Q1.

另外你也看到本季我們受惠於拉長水平段長度。我們有 25% 的井水平段超過 2.5 英里，這確實有助於在成本方程式上累積效益。不過你看，當我們今年訂下很高的目標時，我們希望全年能降到每英尺 675 美元。我們年底做到每英尺 700 美元。而在第一季我們把它再降到每英尺 685 美元。

And I'd say the efficiencies are well on track to achieve it. I'd say any headwind we have from this point forward will be inflation related. And fortunately, we haven't seen much of that yet.

我會說，效率提升的進度很符合達標的軌跡。我認為從現在往後我們可能面臨的任何逆風都會與通膨相關。而幸運的是，我們目前還沒有看到太多這方面的影響。

Thanks, team.

謝謝，各位。

John Freeman, Raymond James.

John Freeman，Raymond James。

Thanks. Good morning, guys. Just following up on the last question, Neil's question on the M&A side and ground game. It was interesting, obviously, another strong quarter on the ground game with $200 million or so.

謝謝。各位早安。我想延續上一題，跟進 Neil 關於併購（M&A）以及地面作業（ground game）的問題。很有意思的是，地面作業這季顯然又是很強的一季，大概有 2 億美元左右。

But what I thought was interesting is, the last few quarters you've averaged that same amount, about $200 million or so a quarter but it's tended to be somewhere around 150, 200 transactions each quarter to get to that and this one was only 40 deals.

但我覺得有趣的是，過去幾季你們平均也差不多是每季約 2 億美元，但通常需要每季大約 150 到 200 筆交易才能達到，而這一季只有 40 筆。

And so I'm just wondering if that speaks to -- is there some change in whether it's bigger, lumpier transactions that you're looking at? Just anything that may be changing under the surface here on the ground game side?

所以我想問，這是否意味著——你們正在看的交易是否變成更大、金額更集中的交易？在地面作業這一塊，是否有任何表面下正在改變的事情？

That's really observant. That's a good question. I think it's just normal fluctuations. I think time will tell. I do think we're more focused on the absolute dollars and more importantly, probably the actual absolute value creation as we see it in the number of deals.

你觀察得很細。這是個好問題。我認為這只是正常的波動。我想時間會給答案。我確實覺得我們更聚焦在絕對金額上，更重要的是，相較於交易筆數，我們更看重我們所看到的絕對價值創造。

I think 40 deals on an absolute basis is still a lot of deals for the quarter. That's 150, 200 acquisitions a year run rate if you annualize it and that still feels really strong. I think there's a couple of factors on why it was lower for the quarter but this quarter was still actually quite a few small transactions.

我認為就絕對數量而言，一季 40 筆交易仍然很多。如果年化，等於一年 150 到 200 筆收購的速度，這仍然感覺非常強勁。我想本季筆數較少有幾個因素，但這一季其實仍然有相當多的小型交易。

It's -- we didn't have any single transactions north of $100 million and it was really a amalgamation of $500,000 to $15 million to $20 million deals. So I think it does look a little different on its face but I think trajectory-wise, I wouldn't read too much into it. And we do feel really, really good about the pipeline and the ground game throughout the course of this year.

我們——本季沒有任何單筆超過 1 億美元的交易，主要是由 50 萬美元到 1,500 萬、2,000 萬美元的交易拼湊而成。所以表面上看起來確實有點不同，但就趨勢而言，我不會過度解讀。而且我們對今年整體的案源（pipeline）以及地面作業非常、非常有信心。

Got it. And then going back to slide 7 and obviously, the balance sheet is in great shape. So you don't have to do anything here in the near term. But you all did mention that you see some upcoming callable notes that present some -- further opportunities.

了解。接著回到第 7 張投影片，顯然資產負債表狀況非常好。所以短期內你們不必做任何事。但你們確實提到，接下來有一些可提前贖回（callable）的票據，帶來一些——進一步的機會。

And when I look at it, it looks like the next month, the 2029 are callable at par but that's also your lowest cost debt versus the 2031 that's your most expensive remaining paper but those aren't callable at par for a few years.

我看了一下，似乎下個月 2029 年到期的債券可以按面值（par）贖回，但那也是你們成本最低的債務；相較之下，2031 年到期的是你們剩餘債務中成本最高的券，但那幾年內還不能按面值贖回。

And so I'm just wondering maybe a question for Guy, like how do you think about that dynamic about you can take out your really cheap debt at par here soon or you potentially either pay a premium to take out some of the more expensive debt or you just accrue cash?

所以我想這可能是問 Guy 的問題：你怎麼看這種取捨——你很快可以按面值把很便宜的債務買回，或者你可能要付溢價去處理一些更昂貴的債務，或者你就累積現金？

Yeah. Luckily, bond math and return is easier than asset acquisition returns. So my job is simpler and we just put it in the same framework. If we take out those bonds at par versus taking out the old Earthstone bonds at first call and generally, with that high of a coupon, even with the first call, that's a better return.

是的。幸好，債券的數學和報酬率比資產收購的報酬率更容易算。所以我的工作比較簡單，我們只是把它放在同一個框架裡看。如果我們按面值買回那些債券，對比在首次可贖回日（first call）買回舊 Earthstone 的債券——一般來說，票息那麼高，即使要等到首次可贖回日，那樣的報酬仍然更好。

And in this world, given our overall liquidity, I'd say maturity profile of the bonds less relevant just given how long our existing maturity profile is and the amount of liquidity we have.

而在目前這個環境下，考量到我們整體流動性，我會說債券的到期結構（maturity profile）相對沒那麼重要，因為我們現有的到期結構已經很長，而且我們有大量流動性。

So it goes in the same bucket James has talked about, we're looking at dollars that come in the business and how we allocate them. And I think under that framework, most of the time, the old Earthstone bonds will win out.

所以這跟 James 談到的是同一個籃子：我們看進到公司裡的資金，然後看要如何配置。而在那個框架下，多數時候，舊 Earthstone 的債券會是更好的選擇。

Okay. So just to make sure I understood, Guy, it may be more likely that 2031 would be the ones that would be tackled.

好的。所以為了確認我理解正確，Guy，更有可能會優先處理的是 2031 那批？

Yes.

是的。

Okay, got it. Thanks, Guy. Good quarter.

好的，了解。謝謝你，Guy。這季表現不錯。

Thanks.

謝謝。

Kevin MacCurdy, Pickering Energy Partners.

Kevin MacCurdy，Pickering Energy Partners。

Hey. Good morning. You made a comment earlier on the call about growth being back half weighted when gas takeaway was more readily available. But just curious how you see production trajectory throughout the year if you keep this current activity pace? And any thoughts on where you could end up on an exit rate if that would be higher than your full year guidance? Thanks.

嗨。早安。你們先前在電話會議中提到，當天然氣外運（takeaway）更容易取得時，成長會偏向下半年。但我想了解，如果你們維持目前的作業節奏，你們怎麼看今年全年的產量走勢？以及你們覺得年底退出產量（exit rate）可能到哪裡？會不會高於你們的全年指引？謝謝。

Yeah, I think parsing that question a little bit. I'd say the question was on further growth from what we'd outlined. And if you are going to go further from Q2, it would, by definition, be back half weighted. I wasn't trying to read -- say anything beyond that. But if you talk about longer-term growth, years, not months and quarters, I do think that should be in a environment where Waha is less of an issue. And frankly, we're pretty well protected already today and only getting stronger.

是的，我稍微拆解一下這個問題。我會說，你問的是相對於我們已經提出的規劃，是否還會有進一步的成長。如果你要在第二季之後再往上走，按定義就會偏向下半年。我並不是想要暗示——或多說任何超出這點的內容。但如果你談的是更長期的成長，是以年為單位，而不是以月或季度為單位，我確實認為那應該是在 Waha 問題比較不那麼嚴重的環境下。坦白說，我們今天其實已經有相當好的保護，而且只會越來越強。

I think as you think about growth over the long term, growth has always been extremely free cash flow-focused for us. And I think we've been pretty clear with the framework that we're going to grow more in environments where the returns are higher and the payouts are shorter and we're going to grow less and go back to more of a maintenance case in worse returns environments with longer payouts and lower returns.

我認為從長期來看，對我們而言，成長一直都是高度聚焦自由現金流（free cash flow）。而且我想我們也很清楚地說過這個框架：在報酬更高、回收期更短的環境中，我們會成長更多；而在報酬較差、回收期更長、報酬率更低的環境中，我們會成長較少，並回到更偏維持產量（maintenance）的情境。

And that's driven by a combination of oil prices, gas prices we realize and the service cost environment. So I think today, I do think we're really excited about the barrels we're producing and the barrels we're accelerating into the environment that we're in Q1 and Q2.

而這是由油價、我們實現的天然氣價格以及服務成本環境等多項因素共同驅動的。因此我認為就目前而言，我們對於在第一季與第二季所處環境中正在生產的桶數，以及我們正在加速投放的桶數，確實感到非常振奮。

I do think longer term, there's just more uncertainty on the macro on when the conflict in Iran ends and what that means for the go-forward trajectory of supply and demand balances. So I think the reason you've seen us be a little bit cautious on specifics today is, it does feel like there's a pretty wide band of outcomes.

我確實認為從較長期來看，宏觀面仍有更多不確定性，包含伊朗衝突何時結束，以及這對未來供需平衡走勢意味著什麼。所以我想你們今天看到我們在具體細節上稍微保守一些的原因是，確實感覺結果的可能區間相當寬。

I do think the macro has certainly improved from where it was when we were sitting in February. We just don't know when or how this ends and are in a really fortunate position that we can be flexible and position the business to react to higher for longer commodities or something that reverts to where we were closer to the year or really anywhere in between.

我確實認為宏觀環境相較於我們2月時所處的情況已經明顯改善。我們只是不知道這會在何時、以何種方式結束；而我們處於非常有利的位置，能夠保持彈性，讓業務能因應「大宗商品高檔維持更久」或回落到更接近年初的水準，或介於兩者之間的任何情境。

So I think flexibility is a really great position to be in for us. And obviously, you've seen it before, we have a business that can pivot, like Will said, with our existing equipment to a meaningful growth program or go back to a maintenance mode pretty short notice.

所以我認為彈性對我們而言是一個非常好的位置。而且顯然你們以前也看過，我們的業務可以像Will所說的那樣，利用現有設備在很短時間內轉向具規模的成長計畫，或回到維持性模式。

Great. Thanks for that clarification. And then my follow-up, I just wanted to -- maybe if you could say again what your comments on inflation. Is there no inflation in the $685 well cost number? And do you have any view that inflation or diesel charges or something could pick up here?

很好。謝謝你的澄清。接著我的追問是，我想——也許你可以再說一次你對通膨的評論。在每口井成本685美元這個數字裡，是否沒有反映通膨？以及你是否認為通膨或柴油費用之類的可能在這裡回升？

Yeah. I mean, we started to see diesel prices pick up at like, call it, the very end of March. So no, maybe not right but very de minimis inflation in the $685. Obviously, yeah, diesel prices, depending on what you want to use as your baseline, they're up 50% to 70% over the last one month or two. Outside of diesel, we have been able -- we have not seen any inflation outside of diesel. It's direct diesel inflation or pass-throughs, fuel surcharges, pass-throughs from people that do a lot of trucking.

是的。我的意思是，我們在3月底左右開始看到柴油價格回升。所以不是完全沒有，但在685美元這個數字裡，通膨影響非常非常小。顯然，柴油價格——取決於你用什麼作為基準——在過去一到兩個月上漲了50%到70%。除了柴油之外，我們一直——我們沒有看到柴油以外的任何通膨。主要就是柴油的直接通膨，或是轉嫁（pass-through），例如燃油附加費的轉嫁，以及那些大量卡車運輸業者的轉嫁。

Great. I appreciate the answers. Thanks, guys.

很好。我很感謝這些回答。謝謝各位。

Phillip Jungwirth, BMO.

Phillip Jungwirth，BMO。

Thanks. Good morning. We spent a lot of time asking you guys about improving gas realizations out of the Permian but there's also a number of new NGL pipelines or expansions, LPG export terminals plus G&P additions. Just wondering if there's anything you can do on the NGL netback side to improve realizations versus [Belvieu], just given that you now produce over 100,000 barrels of NGLs.

謝謝。早安。我們花了很多時間問各位關於二疊紀盆地（Permian）天然氣實現價格改善的問題，但同時也有多條新的NGL管線或擴建、LPG出口碼頭，以及集輸與處理（G&P）新增產能。想請教在NGL淨回收（netback）方面，你們是否有任何方式可以改善相對於[Belvieu]的實現價格？畢竟你們現在NGL產量已超過10萬桶。

Yeah. I mean, I'd say we're constantly chipping away at all our contractual NGL agreements to see where we can optimize that I think pennies per gallon, not transformational things from Waha. But I do think that's something that we've been focused on the last couple of years and don't talk a lot about it. I do say when you think of size of the prize on netbacks, getting away from Waha has been by far the most material, like we -- the basin actually has constraints.

是的。我的意思是，我會說我們一直在持續檢視所有NGL合約安排，看看哪裡可以最佳化；我認為這是以每加侖幾美分的改善為主，不會像Waha那樣帶來翻天覆地的改變。但我確實認為這是我們過去幾年一直在做、但不太常談的事情。我會說，當你思考淨回收的「獎金規模」時，遠離Waha到目前為止是最具實質影響的，因為——盆地本身確實有瓶頸限制。

We have had no flow assurance issues. We've moved every molecule we've ever produced out of this basin but we've done so at times at pretty disadvantageous Waha pricing. So that's been our focus.

我們沒有遇到任何流量保障（flow assurance）問題。我們把在這個盆地生產出的每一個分子都運出去了，但在某些時候我們是以相當不利的Waha定價做到的。所以那一直是我們的重點。

On the NGL side, we've had no constraints. I think we feel good on the NGL takeaway and the gathering and processing side, frankly, that enough capacity is getting built by our midstream partners to service everything coming out of the basin. So it's less of a concern but safe to say something we're always optimizing just like we are every part and every widget of our business.

在NGL方面，我們沒有任何瓶頸。我想我們對NGL外運能力以及集輸與處理端都很有信心；坦白說，我們的中游合作夥伴正在建置足夠的產能來服務盆地所有新增產出。所以這比較不是一個擔憂，但可以肯定地說，這仍是我們持續在最佳化的事情，就像我們對業務中的每個環節、每個零件一樣。

Okay. Great. And then it's gotten more attention in the Midland but how are you guys viewing the Woodford prospectivity over towards the eastern side of your Lea County acreage and any plans to test this?

好的。很好。接著，雖然在Midland那邊受到更多關注，但你們如何看待在Lea County地塊東側的Woodford層系的前景（prospectivity），以及是否有任何測試計畫？

I'd say Woodford, like we talked about this last quarter a little bit about like the Wolfcamp D and some Avalon and how we thought about it and added it to the inventory stack. I'd say Woodford falls generally in that same category where where we own the Woodford and hold those depths at this point, it's held forever. And we will -- we've watched what I'd say Continental, who's probably leading the Woodford charge has done. It's honestly really exciting. They've drilled some monster wells.

我會說Woodford——就像我們上季稍微談到的Wolfcamp D以及一些Avalon，以及我們如何看待並把它加入庫存堆疊（inventory stack）。我會說Woodford大致也落在同一類：我們擁有Woodford，並且目前持有那些層位的權益，而且是永久持有。我們也會——我們一直在觀察我會說Continental（可能是推動Woodford開發的領先者）所做的事情。老實說，真的很令人興奮。他們鑽出了一些超級大井（monster wells）。

I think there's a lot of work to be done on both the gas takeaway and the cost side but it's a very exciting bench that we're probably in the good position that we can be wait and see. So it's not -- we're not aggressively leasing Woodford. We're more holding on to what we own today and watching how it's developed. There may be a few places that we drill a few Woodford wells but it won't be any big part of the program.

我認為在天然氣外運能力以及成本端都還有很多工作要做，但這是一個非常令人興奮的層段（bench）；而我們可能處於一個很好的位置，可以先觀望再說。所以我們並沒有積極去租賃（leasing）Woodford。我們更多是保留我們今天已擁有的權益，並觀察它如何被開發。可能有少數地方我們會鑽幾口Woodford井，但不會成為計畫中的重要部分。

All right. Thanks, guys.

好的。謝謝各位。

John Abbott, Wolfe Research.

John Abbott，Wolfe Research。

Hey. Thank you very much for taking our questions. So you made some comments -- you are increasing workover activity. So my question really is on the trajectory of LOE. I mean, you've also discussed how diesel is seeing -- and also higher diesel prices.

嗨。非常感謝你們回答我們的問題。所以你們提到了一些評論——你們正在增加修井（workover）活動。因此我的問題主要是關於LOE的走勢。我的意思是，你們也討論到柴油——以及柴油價格走高。

So presumably, it seems like your production expenses should move higher. So how do you see your unit costs on the LOE side progressing over the course of the year? And what do you see as a normal go-forward LOE expense?

所以推測看起來你們的生產費用應該會上升。那麼你們如何看待今年LOE單位成本在全年過程中的變化？以及你們認為未來正常化的LOE費用水準會是多少？

Yeah. It's a good question. First thing I think is worth clarifying is like most of the workovers we do are, call them half for capital and half for LOE. Anything on an ESP or things that we think add to incremental reserves fall on the capital side of the workover equation.

是的。這是個好問題。我認為首先值得澄清的是，我們做的大多數修井，大概可以說一半算資本、一半算LOE。任何與ESP（電潛泵）相關，或我們認為能增加增量儲量的項目，會歸在修井的資本支出端。

So it is split, call it, 50-50 from CapEx to LOE. But yeah, I do think that we had a abnormally low Q1 on the LOE side due to a myriad of things, the majority of it being that outside of that short winter storm, we had an amazingly low, good temperatured winter. It was a very, very mild winter.

所以它確實是分攤的，大概可以說從資本支出到LOE是50-50。但我確實認為，我們第一季的LOE異常偏低，原因很多，其中大部分是因為除了那場短暫的冬季風暴之外，我們經歷了一個氣溫非常好、非常低負擔的冬天。那是一個非常、非常溫和的冬季。

I think that the incremental workover activity, likely we're going to be back right wherever we thought we'd be for the year, call it, we're at -- I think our midpoint of our guide was $5.45 per BOE on the LOE side. And I think that's probably where we will end up averaging for the year. If they come with extra barrels, so it's not like you don't get anything in the denominator when you do it. So that would probably be our best guess today.

我認為修井活動的增加，可能會讓我們回到我們原本預期的全年水準；大概來說，我們指引區間的中點在LOE端是每桶油當量（BOE）5.45美元。我認為我們全年平均最後大概就會落在那附近。如果修井帶來額外產量，也不是說你做了之後分母完全沒有增加。所以這大概是我們今天最好的估計。

All right. Appreciate it. Then the other question is really back on maintaining and potentially adding activity. So I mean, obviously, you talked about the focus on free cash flow returns. So my question really is, how do you think about the price points about adding activity or re-lowering activity?

好的。感謝。那另一個問題其實回到維持、以及可能增加作業活動。所以我的意思是，顯然你們談到聚焦於自由現金流回饋。所以我真正的問題是，你們如何看待在增加作業活動或再度降低作業活動時的價格點位？

If you add activity, do you hedge more? And also, do you -- if we do see a pickup in the potential future curve, if there's concerns about service cost inflation, do you want to get ahead of that? So how do you think about those variables as you think about possibly adding or reducing activity?

如果你們增加作業活動，會做更多避險嗎？另外，如果我們確實看到未來期貨曲線可能走強，且對服務成本通膨有所擔憂，你們會想要提前因應嗎？所以當你們思考可能增加或減少作業活動時，會如何看待這些變數？

Yeah. I mean, I think as I mentioned earlier, I'd say our activity or reinvestment framework has always been focused on returns, not just oil price. And so I don't think -- we don't think about a specific oil price. We don't have one to share.

是的。我的意思是，我想如同我先前提到的，我會說我們的作業活動或再投資框架一直以來都聚焦在報酬，而不只是油價。所以我不認為——我們不會以某個特定油價來思考。我們沒有一個可以分享的特定油價。

I'd say for us, we have talked about in the past and it's the same view today that an attractive payout window is in the 12 to 18 months if you're drilling a well and you're going to get all of that capital that you spend back in 12, 13, 14, 15 months.

我會說，對我們而言，我們過去談過、而且今天看法也一樣：如果你在鑽一口井，並且能在12到18個月內把投入的資本在12、13、14、15個月內全部收回，那是一個很有吸引力的回收期。

We do -- that's a really attractive return window. And if you're seeing 18 to 24 months, that probably pushes you more towards the maintenance case. So I'd say we've always thought about it more from a return standpoint than anything else. I will say it's probably worth pointing out, we haven't said on this call, like we do the current midpoint of our latest guide does show 6% year-over-year growth for 2026 versus 2025.

我們確實——那是非常有吸引力的報酬期間。而如果你看到的是18到24個月，那可能就更偏向維持產量的情境。所以我會說，我們一直以來更多是從報酬角度來思考，而不是其他因素。我也想補充一點，這通電話上我們還沒提到：我們最新指引的目前中位數確實顯示，2026年相較2025年年增6%。

So we do think this is -- being a growth year and the growth signals from a return standpoint are there today, we see really attractive returns at today's environment. I would say the reason to kind of, I think, for growth beyond the 6% we've shown today is just like you've seen, there's still a tremendous amount of volatility and a tremendous amount of uncertainty on when the conflict in Iran ends and what the state of the world looks like when it does.

所以我們確實認為這——會是一個成長年，而且從報酬角度來看，成長的訊號今天就已經存在；在目前的環境下我們看到非常有吸引力的報酬。我會說，之所以對於超過我們今天所展示的6%成長仍較為保守，原因就像你所看到的，市場仍有非常大的波動，以及對伊朗衝突何時結束、以及結束後世界局勢會是什麼樣子，存在非常大的不確定性。

Appreciate it. Thank you very much for taking our questions.

感謝。非常謝謝你們回答我們的問題。

Jeff Bellman, Daniel Energy Partners.

Jeff Bellman，Daniel Energy Partners。

Hi, guys. Good morning. I wanted to go back just on Permian gas takeaway. So we're tracking like 10 Bs, close to 11 Bcf a day of new takeaway capacity over the next five years. I'm curious how you guys think about that takeaway just in terms of future utilization of those pipes?

嗨，各位。早安。我想回到二疊紀盆地（Permian）的天然氣外運（takeaway）問題。所以我們追蹤到未來五年將新增大約10 Bcf/日、接近11 Bcf/日的外運能力。我很好奇你們如何看待這些外運能力，特別是就未來這些管線的使用率而言？

And what does that imply for incremental oil production if we think all of that gas is going to be associated volumes, what would be the driver on the oil production side of that? And then the last part, could you envision a world in two, three years from now where the basin is targeting gassier zones or making gas more of a primary objective? Thanks.

以及如果我們認為所有這些天然氣都會是伴生氣量（associated volumes），那對增量原油產量意味著什麼？也就是說，原油端的驅動因素會是什麼？最後一部分，你們能否想像兩、三年後，整個盆地會去鎖定含氣更高的層位，或把天然氣更視為主要目標？謝謝。

Yeah. I mean, I think we're seeing the same thing. I think people finally realize just building pipes out of the Permian is both necessary and profitable and makes everything work better. So we're super excited about the activity. And I'm going to say the pipeline of pipelines, that's probably not the best English. But no, I think we're seeing the same thing. And I do think -- look, the short answer is we do expect to see continued meaningful gas growth out of the Permian over the next 5, 10, maybe plus years.

是的。我的意思是，我想我們看到的也一樣。我想大家終於意識到，從二疊紀把管線建出去既是必要的、也是有利可圖的，而且能讓整個系統運作得更好。所以我們對這些活動非常興奮。我想說「管線的管線」（pipeline of pipelines），這可能不是最好的英文。但不，我想我們看到的確實一樣。而且我確實認為——你看，簡短的答案是，我們預期未來5年、10年、甚至更久，二疊紀的天然氣仍會持續出現顯著成長。

I do think we're going to see significantly less oil growth, although all of the gas is associated, we've seen that both individual well productivity can get gassy over time and/or the zones that people are targeting as you go to full cube development or certainly as you go to deeper zones, we've gotten some questions on the Barnett-Woodford. I do think you could see the mix of the whole basin get gassier over time.

我確實認為原油成長會顯著少很多；雖然所有天然氣都是伴生氣，但我們看到單井生產力可能隨時間變得更偏氣，和／或當你走向完整立方體（full cube）開發、或尤其是往更深層位開發時——我們也收到一些關於Barnett-Woodford的問題——我確實認為整個盆地的組合隨時間可能會變得更偏氣。

Specific to Permian Resources, I don't see us in the next two to three to four to five years targeting gas zones at anything that looks like the current strip environment. I'd say even with the normalization of Waha pricing, our oil-weighted wells, which is the core of our business, are just so much higher rate of return that that capital allocation is naturally going to flow to oil-weighted development.

就Permian Resources而言，我不認為在未來兩到三到四到五年內，在任何看起來像目前期貨價格帶（strip）環境的情況下，我們會去鎖定天然氣層位。我會說，即便Waha價格正常化，我們以油為主的井——這是我們業務的核心——其報酬率仍高出太多，因此資本配置自然會流向以油為主的開發。

Do we have, at Permian Resources, gas zones that make money at a normalized environment? Absolutely. It's just not at the same level as our ultra-high return oil wells that are going to allocate capital in almost any normal scenario that we see.

我們Permian Resources是否有在正常化環境下能賺錢的天然氣層位？當然有。只是它們的水準不如我們那些超高報酬的油井；在幾乎任何我們所看到的正常情境下，資本都會配置到那些油井上。

With regard to the basin, I do think you could see potentially other operators with a different inventory set targeting deeper or more gas-weighted developments but that's not likely to be for us in the environment as we see it.

至於整個盆地，我確實認為你可能會看到其他營運商，因為其庫存（inventory）組合不同，而去鎖定更深層或更偏天然氣的開發；但就我們在目前所見的環境而言，這不太可能是我們會做的事。

Okay. Thanks, guys. Congratulations for doing a great job.

好的。謝謝各位。恭喜你們做得很棒。

Paul Diamond, Citi.

Paul Diamond，花旗（Citi）。

Thanks. Good morning, all. Thanks for taking the call. Just wanted to touch base on the current natural gas curtailments. I guess how should we think about the return of these? Is this mainly a 2H story as capacity comes online and Waha pricing stabilizes? Or are there, I guess, other factors that could bring that forward?

謝謝。各位早安。謝謝你們接聽電話。我想簡單談一下目前的天然氣限產（curtailments）。我想我們應該如何看待這些限產的回復？這主要會是下半年（2H）的故事，因為運輸能力上線、Waha價格穩定下來嗎？還是說，還有其他因素可能讓回復時間提前？

Yeah. I mean, I think the short answer is, we've shut in wells that are gas wells and have extremely high [GORs] that don't make sense to produce in a negative gas environment, certainly not a negative 5 to negative 10 range like we've seen in the last few weeks. I do think we would plan to return those wells to production when it's economic to produce them again.

是的。我的意思是，簡短的答案是：我們已經關井（shut in）了一些天然氣井，這些井的氣油比（[GORs]）極高，在天然氣價格為負的環境下生產並不合理，當然更不用說像過去幾週我們看到的每Mcf負5到負10的區間。我確實認為，當再次具備經濟性時，我們會計畫讓這些井恢復生產。

And we would expect that to be in the second half. I think if for some reason, the negative Waha environment persisted beyond that, I think we would continue to make the same economically rational decisions that we're making today.

而我們預期那會發生在下半年。我想如果因為某些原因，Waha為負的環境持續到那之後，我想我們會繼續做出與今天相同、在經濟上理性的決策。

And we're not going to make gas wells produce just to do so to make Mcf. We're here to make money and we're going to always be making decisions around how to maximize cash flow. And it seems to us like the biggest no-brainer to shut in and curtail gas wells that we are losing money.

而我們不會為了生產而生產，讓天然氣井開採只是為了多做一些Mcf。我們是來賺錢的，我們永遠會圍繞如何最大化現金流來做決策。而在我們看來，最顯而易見的作法就是關井並限產那些正在虧錢的天然氣井。

Got it. Makes perfect sense. And then just thinking about M&A, given the current volatility, we've been hearing a lot of rumors about increased velocity of larger packages being considered coming to market. I guess can you comment on what you guys have seen as the scale opportunities out there?

了解。完全合理。另外談到併購（M&A），在目前的波動之下，我們聽到很多傳聞說，市場上正在考慮推出的大型資產包（packages）流轉速度正在加快。我想你們能否評論一下，你們看到的外部有哪些具規模的機會？

Yeah. I'd say the velocity of opportunities all trying to come to market at the same time is quite robust. It seems like a lot of deals trying to fit into this summer/fall window. I think for us, look, I think that's good. I think we always thought this would be a year with robust opportunities.

是的。我會說，同一時間有各種機會都想要進入市場的速度相當強勁。看起來有很多交易都想擠進今年夏季／秋季這個窗口期。我想對我們來說，你看，我覺得這是好事。我們一直認為今年會是機會相當充沛的一年。

I'd say, if anything, it's looking better than it did in February in terms of high-quality deals. I do think those for us are still going to be in the same scale of deals that we've done historically, like we did a $600 million deal last year. We did an $800 million single deal the year before. That's really been our sweet spot and our bread and butter. I think of those as scale deals, I couldn't tell from your question if that would qualify as a deal of scale for you or not.

我會說，如果有什麼不同的話，就高品質交易而言，現在看起來比二月時更好。我確實認為，對我們來說，這些交易的規模仍會與我們過去歷來做過的交易相近，例如我們去年做了一筆6億美元的交易。前年我們做了一筆8億美元的單筆交易。那一直是我們的甜蜜點，也是我們的主力業務。我把那些視為具規模的交易；從你的問題我不太確定，對你而言那是否算是具規模的交易。

But I think that we've seen those are the the highest quality inventory deals, the ones that fit easiest and quickest in our portfolio and we can extract value the quickest. And in order to the greatest return for our investors. So I think, yeah, we're definitely seeing more deals of scale in this environment and we think that's a good thing.

但我認為我們看到，那些是最高品質的庫存型交易，是最容易、最快能放進我們投資組合的，也能最快萃取價值。並且為我們的投資人帶來最大的回報。所以我想，是的，在這樣的環境下我們確實看到更多具規模的交易，而我們認為這是好事。

Will we prevail on any or all of them? I think time will tell. I'd say certainly not all of them. We have a pretty robust and rigorous underwriting process and have a great base business. But I'd say seeing a lot this year, probably in excess of what we've seen in the last couple of years.

我們會在其中任何一筆或全部勝出嗎？我想時間會證明一切。我會說肯定不會全部。我們有相當扎實且嚴謹的承銷流程，也有很好的基本盤業務。但我會說，今年看到的案子很多，可能超過我們過去幾年看到的水準。

Okay. Appreciate the time. I'll leave it there.

好的。感謝撥冗。我就先到這裡。

Leo Mariani, ROTH Capital.

Leo Mariani，ROTH Capital。

Hi. You guys made mention of pulling TILs forward. I guess you've got a goal of around 250 TILs this year. I wanted to get a sense if oil prices stay robust and the returns and the paybacks are there, what conceivably could that number move up to? Are we talking like 10 extra TILs? Are we talking 20? Just trying to get a relative order of magnitude here.

嗨。你們提到把TILs提前。我想你們今年的目標大約是250個TILs。我想了解一下，如果油價維持強勁、報酬與回收期也都符合，那這個數字理論上可能提高到多少？我們是在說多10個TILs嗎？還是多20個？只是想抓一下大概的量級。

I think that what we talked about today is, we could probably add 5% maybe, maybe 5% to 10% incremental TILs with doing the easy things. Easy is probably understating it. My team will slap me for that. But I'd say just like with really compressing cycle times and then drilling faster, fracking faster, et cetera, I think that's probably achievable. I think James said it best after that, like that is really -- that's what we're doing in Q2 that we are on pace for that type of activity in Q2 real time today.

我想我們今天談到的是，做一些相對容易的事情，我們大概可以增加5%，也許5%到10%的增量TILs。「容易」這個詞可能有點輕描淡寫。我的團隊會因為我這樣說而打我。但我會說，像是大幅壓縮週期時間，然後鑽得更快、壓裂更快等等，我認為這大概是可達成的。我想James在那之後講得最好：這確實就是我們在做的事情——我們在第二季正在朝那種活動節奏前進，今天即時來看也是如此。

Back half of the year, I think we could -- I mean, there's a return environment that you may contemplate adding incremental activity beyond that to bring in even more TILs or there's a return environment where you may consider dropping activity to get something that was closer to the base plan. But for what we're talking about today, I'd call it 5 -- probably right around 5%, maybe a little over 5% incremental TILs to the year is probably the right number.

至於下半年，我想我們可以——我的意思是，可能會有一種報酬環境，讓你會考慮在此之外再增加一些增量活動，以帶來更多TILs；也可能有一種報酬環境，讓你會考慮降低活動量，使其更接近基本計畫。但就我們今天談的內容，我會說大概是5%——大約5%，也許略高於5%的年度增量TILs，應該是比較合適的數字。

Okay. That's helpful for sure. And then just jumping back to your $685 a foot, obviously, getting very close to your goal of $675 for the year. You guys talked a lot about speed in terms of drilling and completing and less bit trips out of the well to get there. It sounds like a lot of that's in progress.

好的。這確實很有幫助。另外再跳回你們每英尺685美元的數字，顯然已經非常接近你們全年每英尺675美元的目標。你們談了很多關於速度——在鑽井與完井方面，以及為了達成目標而減少鑽頭出井次數。聽起來很多都在進行中。

Is there anything else out there that you may be seeing that maybe as you look forward, maybe another a year or two, you think could be like the frontier of continuing to lower that cost number?

那還有沒有其他你們可能看到的方向，讓你們往前看一到兩年，覺得可能會是持續降低這個成本數字的下一個前沿？

If I saw anything, we'd be doing it, is the short answer. We're always tweaking. If you think about just like wins we've had outside of just small incremental wins on the speed side, a couple of quarters ago, it was a new way of drilling out wells that materially reduced drill out time, saved us, call it, $10 to $15 a foot. We bumped up water recycling this quarter, which was pretty material and I'd like to continue to increase that going forward.

如果我看到任何東西，我們就會去做——簡短的答案就是這樣。我們一直在微調。如果你想想我們除了在速度面做一些小幅增量改善之外的成果，幾個季度前，我們採用了一種新的鑽完井方式，實質縮短了鑽完井時間，為我們節省了大概每英尺10到15美元。這一季我們提高了回收水再利用的比例，效果相當顯著，我也希望未來能持續提高。

You can probably go follow transcripts that water recycling has been something that I've been harping on the guys about for a long time, given just it's the right thing to do and it's extremely efficient from a savings perspective on both the CapEx and LOE side.

你大概可以去看逐字稿，回收水再利用一直是我長期以來對團隊耳提面命的事情，因為這不僅是正確的事，從節省角度來看也非常有效率，無論是在資本支出（CapEx）或營運費用（LOE）方面。

What I think you may see, if you really want me to look out a couple of years is, as we've discussed at length, there's been a ton of capital put into not saving dollar per foot but trying to increase recoveries per section. And I don't know which one of these test is going to be the solution or what combination is going to be the winning formula.

我認為如果你真的要我把時間拉長到未來幾年，你可能會看到的是：正如我們已經詳細討論過的，業界投入了大量資本，不是為了每英尺省下一美元，而是為了提高每個區段（section）的可採收量。而我也不知道這些測試哪一個會是解方，或是哪一種組合會是勝出的公式。

But I think if I had a bet of the next step change in the industry, it's going to be more productivity per acre or productivity per well, which may or may not offset some of the cost savings but would definitely be a large incremental value creation and increase returns pretty meaningfully. So we'll keep cutting costs. We'll keep doing the small things.

但如果要我押注產業下一個階段性的變化，我認為會是每英畝的生產力或每口井的生產力提升；這可能會、也可能不會抵銷部分成本節省，但肯定會帶來很大的增量價值創造，並相當顯著地提高報酬。所以我們會持續降成本。我們會持續做那些小事情。

My bet is, the next big win comes with increased recoveries, not another step change in cost.

我押注下一個重大勝利會來自可採收量提升，而不是成本再出現另一個階段性的下降。

Okay. Thank you very much. Appreciate it.

好的。非常感謝。感激不盡。

(Operator Instructions) John Annis, Texas Capital.

（接線員指示）John Annis，Texas Capital。

Hey. Good morning, guys. For my first one, you highlighted that the microgrids that lowered electricity cost by 30% at those sites, how scalable is that program across your asset base? And do you think that's something that could move the needle on LOE at a corporate level over time?

嘿。早安，各位。第一個問題，你們強調微電網在那些站點把用電成本降低了30%，這個方案在你們整體資產基礎上有多大的可擴展性？你們認為隨著時間推進，這會不會在公司層面對LOE產生實質影響？

I'd say on a site-by-site basis, it moves the needle pretty materially. The reason it's hard to move the corporate needle is, I'd say, other than New Mexico, we're on grid power everywhere and grid power is a better solution than a microgrid. So we're already at, I'd call it, the low-cost solution.

我會說以單一站點來看，它的影響相當顯著。之所以難以在公司層面產生明顯變化，我會說，除了新墨西哥州之外，我們其他地方都是使用電網供電，而電網供電比微電網是更好的解決方案。所以我們已經處在——我會稱之為——低成本的解決方案上了。

Within New Mexico specifically, I'd say our approach is, if there is microgrids, there's an upfront capital expenditure to reduce variable cost via electricity and other generator maintenance over time. And in areas where we have a high concentration of generators or really the high concentration in a small area of facilities, those are where we start.

就新墨西哥州而言，我會說我們的做法是：如果採用微電網，會有一筆前期資本支出，用以透過電力以及其他發電機維護等項目，隨時間降低變動成本。而在我們發電機高度集中、或是設施在小範圍內高度集中的區域，我們會從那些地方開始。

We've knocked out eight to date. There are plenty more on the horizon but this is going to affect corporate LOE by pennies, not by dollars, or not by quarters.

截至目前我們已經完成了八項。未來還有很多在規劃中，但這對公司 LOE 的影響會是以「分」計，而不是以「元」計，或不是以「角」計。

Got it. For my follow-up, so a lot of questions on M&A so far and I wanted to ask about more organic inventory expansion potential. Do these higher prices allow you more room to take some exploration risk this year by testing either new areas or new benches like the Avalon in Northern New Mexico or maybe moving further west to the western flank and Eddy?

了解。我接著追問一下，迄今大家問了很多關於併購（M&A）的问题，我想問的是更偏向內生成長的庫存擴張潛力。在價格較高的情況下，是否讓你們今年有更大的空間去承擔一些勘探風險，例如測試新區域或新的層位（bench），像是新墨西哥州北部的 Avalon，或是往更西邊推進到西翼與 Eddy？

I would say -- I was going to say no but those two you just brought up would be areas that we are doing. So the short answer would be, generally speaking, I don't think our like exploration budget or dollars we put in exploration really changes that much as prices move around.

我會說——我本來想說不，但你剛提到的那兩個確實是我們正在做的方向。所以簡短回答是，一般而言，我不認為我們的勘探預算或投入勘探的金額會隨著價格波動而有太大改變。

Like we've had the benefit in the Delaware for the most part of being able to watch what others do and then have a little lower risk exploration after we've already seen a few wells put in the ground. I do think that we have been the leader in pushing Eddy County to the north and to the west and have been very, very successful in that.

像在 Delaware，我們多半的優勢是能先觀察別人怎麼做，等看到已有幾口井打下去之後，再以相對較低風險的方式進行勘探。我確實認為，我們一直是把 Eddy County 往北、往西推進的領先者，而且成果非常、非常成功。

The way we've done it has been more if you think about it 1 mile at a time and we just continue to study the geology and make sure that the returns of the incremental step out will be just as good as the pad before. And to date, we've had a ton of success with that.

我們的做法更像是——如果你這樣想——每次推進 1 英里，並持續研究地質，確保每一步外推（step-out）的增量回報都能和前一個井場（pad）一樣好。截至目前，我們在這方面取得了大量成功。

And then you get the other one, Avalon pushing north, like, yeah, we love the Avalon. We saw -- I mentioned this one quarter or two ago, we saw Matador and a few others had put up some Avalon wells further north than others had and we were very impressed with the results. So we started to do that ourselves. So hopefully, that answers the full question.

至於另一個，Avalon 往北推進——是的，我們很喜歡 Avalon。我們看到——我在一兩個季度前提過——Matador 和其他幾家公司在更北邊打了一些 Avalon 井，位置比其他人更靠北，而我們對結果印象非常深刻。所以我們也開始自己做。希望這樣能完整回答你的問題。

The inventory replacement for us is a really -- it's a long-term game and we're trying to focus on that over years, not quarters and months. So I don't think -- I think it helps on the margins today, the rates of return but I don't think it changes our long-term philosophy.

對我們而言，庫存補充（inventory replacement）是一個真正——長期的課題，我們試著以「年」為尺度來聚焦，而不是以季度或月份。所以我不認為——我認為它在當下的邊際上會有幫助、提升報酬率，但我不認為它會改變我們的長期理念。

Makes sense. I appreciate the time.

合理。感謝你撥冗。

Gabe Daoud, Truist Securities.

Gabe Daoud，Truist Securities。

Thanks, operator. Morning, guys. Thanks for the time. Just one for me, going back to the water recycling comment. Just curious, like how much water recycling is currently being done? And then just from a disposal standpoint, is that something that -- I don't want to say you worry about but something that you certainly think about just given some of the comments around maybe pore space getting pretty full in the basin?

謝謝，接線員。早安，各位。謝謝撥冗。我只有一個問題，回到你們提到的回收水（water recycling）。想請教目前大概做了多少比例的回收？另外從處置（disposal）的角度來看，這是否是你們——我不想說你們擔心——但確實會考量的事情，畢竟外界有些評論提到盆地的孔隙空間（pore space）可能快要被填滿？

The number for this quarter was 70%. So that's up quite a bit from previous quarters and we've continued to increase that over time. I'd say that for us, specifically, which I can speak to, we don't worry about the end disposal need or pore space issues. And really, that's just given the partnerships we have with our midstream partners. We're in business with the biggest and the most well capitalized and furthest in front of our water disposal needs.

本季度的數字是 70%。相較前幾個季度提高了不少，而且我們也持續隨時間拉升。就我們自身而言——我能代表我們發言——我們不擔心最終處置需求或孔隙空間的問題。主要是因為我們與中游合作夥伴的合作關係。我們的合作對象是規模最大、資本最充足、且在水處置需求規劃上走在最前面的業者。

And contractually, I'd say we -- those are set up where that is a liability that's a lot of times Delaware and that they're responsible for making sure they can house our water, recycling being the most efficient way for both of us. But if it did come a day where we had to go ahead and dispose of more for one reason or another, we're very confident that our midstream partners are ready for that and have the capacity to take the water.

在合約上，我會說——這些安排通常把那部分責任很多時候放在 Delaware（中游方）那邊，由他們負責確保能承接我們的水；對我們雙方而言，回收是最有效率的方式。但如果有一天因為某些原因我們必須處置更多水，我們也非常有信心，我們的中游合作夥伴已經準備好，並且有能力與容量來接收這些水。

Got it. Got it. Okay. That's helpful. Thanks, guys. And actually, just maybe one quick follow-up. If -- sorry if I missed this but just what was -- what's the commentary then around inflationary pressures, just from service providers attempting to get pricing on some equipment?

了解。了解。好。這很有幫助。謝謝各位。另外再快速追問一下。如果——抱歉我可能漏聽了——那麼對於通膨壓力的看法是什麼？尤其是服務供應商是否試圖對某些設備提高報價？

I mean, to date, we have not -- the only inflation we've seen to date has been fuel related and actual diesel increases for diesel we consume and fuel-related surcharges.

我的意思是，截至目前我們沒有——到目前為止我們看到的唯一通膨是與燃料相關的，也就是我們消耗的柴油成本上升，以及燃料相關的附加費（surcharges）。

Got it. Okay. Thanks, guys.

了解。好。謝謝各位。

Thank you. There are no further questions at this time. Mr. Walter, I would like to turn the call back over to you for closing remarks.

謝謝。目前沒有其他提問。Walter 先生，我想把電話交回給您做結語。

Thank you. As you can tell from this morning's results, the business is in a stronger position today than at any point in PR's history. We have an investment-grade balance sheet, a simplified corporate structure, the lowest cost in the Delaware Basin, and a team that continues to set new records every quarter.

謝謝。從今天早上的業績結果你們可以看出，公司的經營狀況比 PR 歷史上任何時點都更強健。我們擁有投資級的資產負債表、簡化的公司架構、Delaware 盆地最低的成本，以及一支每季持續創新紀錄的團隊。

Combined with a more constructive commodity environment, we believe we're exceptionally well positioned to continue compounding free cash flow per share and delivering outsized returns for our investors. Thank you, everyone for joining the call today and for following the Permian Resources story.

再加上更具建設性的商品環境，我們相信公司具備極佳的有利位置，能持續累積每股自由現金流並為投資人帶來超額回報。感謝各位今天參與電話會議，也感謝各位持續關注 Permian Resources 的故事。

That concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。