Prairie Operating Co (PROP) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Prairie Operating Company third quarter 2025 earnings conference call. Today's call is being recorded. At this time, I would like to turn the call over to Wobbe Ploegsma, Vice President of Investor Relations and Capital Markets. Please go ahead.

早安，歡迎參加 Prairie Operating Company 2025 年第三季財報電話會議。今天的通話將會被錄音。此時，我想把電話交給投資人關係和資本市場副總裁沃貝‧普洛格斯瑪。請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining us for Prairie Operating Company's third quarter 2025 earnings call. Before we provide our prepared remarks, I would like to remind all participants that our comments today will include forward-looking statements, which are subject to certain risks, uncertainties, and assumptions.

謝謝接線生。各位早安，感謝各位參加 Prairie Operating Company 2025 年第三季財報電話會議。在我們發表準備好的演講稿之前，我想提醒各位與會者，我們今天的發言將包含前瞻性陳述，這些陳述受到某些風險、不確定性和假設的影響。

Actual results could differ materially from those in any forward-looking statements. Additionally, we may refer to non-GAAP measures. For more detailed discussion of the risks and uncertainties that could cause actual results to differ materially from any forward-looking statement as well as the reconciliations of any non-GAAP financial measures, please see the company's public filings, including the Form 8-K filed Friday, November 14, 2025.

實際結果可能與任何前瞻性陳述中的結果有重大差異。此外，我們也可能參考非GAAP指標。有關可能導致實際結果與任何前瞻性聲明存在重大差異的風險和不確定性的更詳細討論，以及任何非GAAP財務指標的調整，請參閱公司的公開文件，包括2025年11月14日星期五提交的8-K表格。

Joining me today are Ed Kovalik, Chairman, CEO, and Co-Founder; Gary Hanna, President and Co-Founder; and Greg Patton, Executive Vice President and Chief Financial Officer. With that, I'll turn the call over to our Chairman, CEO, and Co-Founder, Ed Kovalik.

今天與我一同出席的有：董事長、執行長兼共同創辦人 Ed Kovalik；總裁兼共同創辦人 Gary Hanna；以及執行副總裁兼財務長 Greg Patton。接下來，我將把電話交給我們的董事長、執行長兼聯合創始人艾德·科瓦利克。

Thanks, Wobbe, and good morning, everyone. The third quarter marked another major step forward for Prairie as we continue to execute across all facets of our business operationally, financially, and strategically. I'm incredibly proud of the progress our team has made and the strong momentum we've built as we move toward the end of the year.

謝謝沃貝，大家早安。第三季標誌著 Prairie 在營運、財務和策略等各個方面繼續推進業務，並向前邁出了重要一步。我為我們團隊的進步以及在年底前所建立的強勁勢頭感到無比自豪。

One of the most significant milestones of the quarter was the successful completion of the transition service period, following our acquisition of assets from Bayswater exploration and production. With Prairie assuming full operational control of the Bayswater assets, we are driving our development schedule forward as planned.

本季最重要的里程碑之一是成功完成了過渡服務期，此前我們收購了 Bayswater 勘探和生產公司的資產。隨著 Prairie 全面接手 Bayswater 資產的營運控制權，我們正按計劃推進開發進度。

I want to take a moment to thank the Bayswater team for their professionalism and collaboration throughout the transition process, which ensured a seamless handoff and smooth integration. Today, Prairie is operating across our expanded footprint as a unified, efficient organization.

我想藉此機會感謝 Bayswater 團隊在整個過渡過程中展現出的專業和協作精神，確保了無縫交接和順利整合。如今，Prairie 已發展成為一個統一、高效的組織，在不斷擴大的業務範圍內運作。

While our production rate in the third quarter was 23,029 barrels per day, our current production rate has increased to approximately 27,000 net barrels of oil equivalent per day, reflecting the significant production ramp in the fourth quarter that we have been guiding towards.

第三季我們的日產量為 23,029 桶，而目前的日產量已增至約 27,000 桶淨油當量，這反映了我們一直預期的第四季度產量大幅提升。

Our recent bolt-on acquisitions further strengthen our core DJ Basin position, adding approximately 33,400 net acres and 11 net drilling locations at an attractive average cost of roughly $680 per acre. Each of these transactions underscores our disciplined and a creative approach to growth, expanding our high-quality drilling inventory, while maintaining capital efficiency and balance sheet strength.

我們最近的補充收購進一步鞏固了我們在DJ盆地的核心地位，新增了約33400淨英畝土地和11個淨鑽井位置，平均成本約為每英畝680美元，極具吸引力。這些交易都反映了我們嚴謹而富有創意的成長方式，擴大了我們高品質的鑽井儲備，同時保持了資本效率和資產負債表的穩健性。

Operationally, flowback on the seven new wells that our Noble pad is now complete. In addition, completion activities have been finalized on six newly drilled wells at the Simpson pad. The Noble pad is now fully online and the Simpson pad expected to be fully online this quarter, adding to production growth as we head into year end.

從營運角度來看，我們 Noble 平台的七口新井的回流作業現已完成。此外，辛普森井場六口新鑽井的完井作業已經完成。Noble 生產線現已全面投產，Simpson 生產線預計將於本季全面投產，這將推動生產成長，助力我們邁入年底。

Financially, we remain in a solid position. Earlier this year, we amended and expanded our $1 billion credit facility, reaffirming our borrowing base at $475 million, and adding new banking partners including Bank of America and West Texas National Bank alongside Citibank. This facility provides ample liquidity to support our capital program and flexibility to pursue future opportunities.

財務狀況依然穩健。今年早些時候，我們修改並擴大了 10 億美元的信貸額度，將借款基礎確認為 4.75 億美元，並新增了包括美國銀行、西德克薩斯國民銀行和花旗銀行在內的新銀行合作夥伴。此融資機制為我們的資本計畫提供了充足的流動資金，並為我們尋求未來的發展機會提供了靈活性。

Our comprehensive hedge program continues to secure strong pricing across a significant portion of our approved developed production through 2028. This prudent approach allows us to protect cash flows, reduce volatility, and plan capital deployment with confidence.

我們全面的對沖計劃將繼續確保我們已批准開發的大部分產量在 2028 年之前保持強勁的價格。這種審慎的做法使我們能夠保護現金流、降低波動性並充滿信心地規劃資本部署。

Looking ahead, our strategy remains clear and disciplined. We're focused on building long-term shareholder value through a combination of high return organic development, continued operational optimization, and accretive acquisitions.

展望未來，我們的戰略依然清晰嚴謹。我們致力於透過高回報的內生式發展、持續的營運優化和增值收購相結合的方式，創造長期股東價值。

Every decision we make is guided by our commitment to sustainable growth, capital efficiency, and balance sheet strength. Prairie's foundation has never been stronger. Our growth story is still in its early chapters, and I'm more confident than ever in the road ahead. The progress we've made this year has set the stage for continued momentum into 2026 and beyond.

我們所做的每一個決定都以我們對永續成長、資本效率和資產負債表穩健性的承諾為指導。Prairie 的基礎從未如此牢固。我們的成長故事仍處於起步階段，但我對未來的道路比以往任何時候都更有信心。我們今年的進展為2026年及以後的持續發展奠定了基礎。

With that, I'll now turn the call over to our CFO, Greg Patton, to walk through the financial and liquidity position in more detail.

接下來，我將把電話交給我們的財務長格雷格·帕頓，讓他更詳細地介紹一下財務和流動性狀況。

Thanks, Ed, and good morning, everyone. For the third quarter of 2025, we delivered strong financial results. Net income from continued operations for the quarter totaled $1.3 million, with adjusted EBITDA coming in at $56.3 million, representing over a 45% increase quarter-over-quarter. These improvements were driven by a combination of higher production volumes and commodity pricing supported by our hedge book.

謝謝你，艾德，大家早安。2025年第三季度，我們取得了強勁的財務表現。本季持續經營業務淨收入總計 130 萬美元，調整後 EBITDA 為 5,630 萬美元，季增超過 45%。這些改善得益於產量增加和商品價格上漲，而我們的避險策略也支撐了這些成長。

From a top-line perspective, we reported total revenue of $77.7 million for the quarter, supported by realized prices of $58.70 per barrel of oil, $12.27 per barrel for natural gas liquids, and $2.15 per MCF for natural gas.

從營收角度來看，本季總營收為 7,770 萬美元，這得益於原油實際價格為每桶 58.70 美元，天然氣液體實際價格為每桶 12.27 美元，天然氣實際價格為每千立方英尺 2.15 美元。

Net loss attributable to common stockholders for the quarter was $22.5 million, representing a loss per share of $0.44. As mentioned, adjusted EBITDA totaled $56.3 million, underscoring the operational and financial progress we continue to make. Net cash provided by operating activities was $57.7 million for the quarter.

本季歸屬於普通股股東的淨虧損為2,250萬美元，相當於每股虧損0.44美元。如前所述，調整後EBITDA總計5,630萬美元，凸顯了我們在營運和財務方面持續取得的進展。本季經營活動產生的淨現金流為5770萬美元。

Looking at our results on a per barrel of oil equivalent basis, total operating expenses were $23.92 per BOE. This includes lease operating expenses of $7.25 per BOE, transportation and processing costs of $1.04 per BOE and production and ad valorem taxes of $2.21 per BOE, depreciation, depletion, and amortization expense came in at $7.57 per BOE, and general and administrative expenses were $5.79 per BOE.

以每桶油當量計算，總營運費用為每桶油當量 23.92 美元。這包括每桶油當量 7.25 美元的租賃營運費用、每桶油當量 1.04 美元的運輸和加工成本、每桶油當量 2.21 美元的生產稅和從價稅、每桶油當量 7.57 美元的折舊、損耗和攤銷費用，以及每桶油當量 5.79 美元的一般和攤銷管理費用。

These metrics reflect integration and system implementation costs associated with the post-closing of the Bayswater transaction, of which a significant portion are related to one-time expenses. As we move forward, we will continue our focus on operational efficiency, cost control, and the benefits of increased scale from current and potential future acquisitions. Our CapEx came in at $69.6 million consistent with our development plan and reflective of the continued execution of our drilling program and targeted AFE costs.

這些指標反映了與 Bayswater 交易完成後相關的整合和系統實施成本，其中很大一部分與一次性支出有關。展望未來，我們將繼續專注於營運效率、成本控制以及從當前和未來潛在收購中擴大規模所帶來的益處。我們的資本支出為 6,960 萬美元，符合我們的開發計劃，反映了我們鑽井計劃的持續執行和目標 AFE 成本。

Turning to our financial position, as of September 30, 2025, our total liquidity was approximately $68.6 million, consisting of $58 million of availability under our revolving credit facility and $10.6 million in unrestricted cash. As a reminder, the borrowing base and aggregated elected commitment is currently $475 million, with an overall facility size of $1 billion and a maturity date of March 26, 2029.

再來看我們的財務狀況，截至 2025 年 9 月 30 日，我們的總流動資金約為 6,860 萬美元，其中包括循環信貸額度下的可用資金 5,800 萬美元和不受限制的現金 1,060 萬美元。提醒一下，目前的借款基數和已承諾總額為 4.75 億美元，總融資規模為 10 億美元，到期日為 2029 年 3 月 26 日。

Our credit facility and associated banking syndicate continue to provide us ample financial flexibility to support our development program and evaluate strategic opportunities as they arise. Our hedging program remains central to our risk management approach as we maintain a comprehensive hedge portfolio to protect our expected production from commodity price fluctuation and volatility.

我們的信貸額度和相關的銀行財團繼續為我們提供充足的財務靈活性，以支持我們的發展計劃並評估出現的策略機會。我們的避險計畫仍然是我們風險管理方法的核心，因為我們維持著一個全面的避險組合，以保護我們的預期產量免受商品價格波動的影響。

These hedges secure pricing of $66.16 per barrel of oil and $4.32 per MMBtu of natural gas through the remainder of 2025, and $62.07 per barrel and $4.06 per MMBtu through the first quarter of 2028. By locking in pricing for the majority of our production, we effectively insulate ourselves from near-term commodity price volatility and position the company to more reliably forecast cash flows and capital expenditures. This proactive approach demonstrates our continued commitment to capital discipline and long-term fiscal responsibility.

這些避險措施確保了到 2025 年剩餘時間裡石油價格為每桶 66.16 美元，天然氣價格為每百萬英熱單位 4.32 美元；到 2028 年第一季度，石油價格為每桶 62.07 美元，天然氣價格為每百萬英熱單位 4.06 美元。透過鎖定大部分產品的價格，我們有效地保護自己免受近期大宗商品價格波動的影響，並使公司能夠更可靠地預測現金流和資本支出。這種積極主動的做法體現了我們對資本紀律和長期財務責任的持續承諾。

Turning to reserves, Prairie ended the quarter with total proved reserves of approximately 106.6 million barrels of oil equivalent. Of this total, 63.6 million BOE is classified as proved developed producing, PDP, with the remaining 43 million BOE in the proved undeveloped, PUD category.

從儲量來看，Prairie 在本季末的總探明儲量約為 1.066 億桶油當量。其中，6,360萬桶油當量被歸類為已探明已開發生產油氣（PDP），其餘4,300萬桶油當量屬於已探明未開發油氣（PUD）類別。

Our current development inventory includes over 600 gross drilling locations. These reserves reflect the quality of our asset base, the depth of our inventory, and the long-term value we are building through discipline, investment and operational execution.

我們目前的開發儲備包括超過 600 個鑽井位置。這些儲備反映了我們資產基礎的品質、庫存深度，以及我們透過自律、投資和營運執行所創造的長期價值。

On integration, the transition of the recently acquired assets has been seamless with our transition service period coming to an end. We've aligned systems, streamlined processes, and attracted and brought on board key personnel from industry leading companies.

在整合過程中，近期收購的資產過渡非常順利，我們的過渡服務期也已結束。我們調整了系統，簡化了流程，並從行業領先公司吸引並引進了關鍵人才。

As mentioned earlier by Ed, we would like to thank the Bayswater team for their professionalism and collaboration throughout the transition period. Prairie is now running at full capacity and is well positioned for continued growth.

正如 Ed 之前提到的，我們要感謝 Bayswater 團隊在整個過渡期間展現的專業和協作精神。Prairie目前已滿載運轉，並已做好持續發展的準備。

We've also taken key steps to ensure continuity and efficiency across our supply chains. We have focused a significant effort on building relationships with midstream providers, ensuring guaranteed takeaway optionality for our development programs for the foreseeable future.

我們也採取了關鍵措施，以確保供應鏈的連續性和效率。我們投入了大量精力與中游供應商建立關係，以確保在可預見的未來，我們的開發案能夠獲得可靠的外輸選擇權。

Additionally, we have secured contracts with both ProFrac and Precision Drilling supporting our development plans for 2026. These contracts collectively help manage costs and mitigate potential service disruptions.

此外，我們還與 ProFrac 和 Precision Drilling 簽訂了合同，以支持我們 2026 年的發展計劃。這些合約共同有助於控製成本並減少潛在的服務中斷。

With that, I'll turn the call over to Gary Hanna, our President and Co-Founder, to provide a detailed operational update.

接下來，我將把電話交給我們的總裁兼聯合創始人加里·漢納，讓他提供詳細的營運更新。

Thank you, Greg, and good morning to everyone. Operationally, the third quarter marked another important step forward for Prairie as we completed the transition service period following the Bayswater acquisition and assumed full operational control of these assets.

謝謝你，格雷格，大家早安。在營運方面，第三季標誌著 Prairie 又向前邁出了重要一步，我們完成了 Bayswater 收購後的過渡服務期，並完全接管了這些資產的營運控制權。

With the transition service period now concluded, we're executing against our development schedule as planned. Our operations and field teams have done an outstanding job managing the integration process, but we continue to deliver meaningful production growth and efficiency gains.

過渡服務期現已結束，我們將按計畫執行開發進度。我們的營運和現場團隊在管理整合過程中表現出色，但我們仍在不斷實現有意義的生產成長和效率提升。

As of today, Prairie's current production rate stands at approximately 27,000 BOE per day, reflecting the combined impact of our legacy operations, the Bayswater assets, and new drills coming online as we executed our growth roadmap through the third quarter.

截至今日，Prairie 目前的日產量約為 27,000 桶油當量，這反映了我們原有業務、Bayswater 資產以及隨著我們在第三季度執行增長路線圖而上線的新鑽井的綜合影響。

As Ed mentioned, flowback operations are now complete on seven new wells on our Noble pad, where early indications are encouraging. We're also finalizing completions on six newly drilled wells on the Simpson pad and anticipate beginning flowback in the next week. The Noble pad is currently online, and we expect the Simpson pads will be fully online in the fourth quarter.

正如 Ed 所提到的，我們在 Noble 井場的七口新井的回流作業現已完成，初步跡象令人鼓舞。我們也在辛普森油田鑽探的六口新井的完井工作即將完成，預計下週開始返排作業。Noble 的平板電腦目前已上線，我們預計 Simpson 的平板電腦將在第四季全面上線。

At the Rusch pad, drilling and completions and drill out operations for all 11 wells were finalized and turned to sales. These wells targeted multiple horizons across the Niobrara A, B, and C zones and the Codell formation, and we expect them to meaningfully contribute to our production growth through the remainder of 2025.

在 Rusch 鑽井平台，所有 11 口井的鑽井、完井和鑽井作業均已完成，並已交付銷售。這些井的目標是尼奧布拉拉 A、B 和 C 區以及科德爾組的多個層位，我們預計它們將在 2025 年剩餘時間內對我們的產量成長做出重大貢獻。

In addition, we successfully completed and turned to sales nine wells on the Opal Coalbank pad that were acquired as ducts in the Bayswater transaction. Initial results have exceeded our expectations with an average IP30 of roughly 525 barrels of oil equivalent per day per well on a two-stream gross basis.

此外，我們在 Opal Coalbank 平台上成功完成了九口井的開採並投入銷售，這些井是在 Bayswater 交易中作為管道收購的。初步結果超出了我們的預期，平均每口井的 IP30 日產量約為 525 桶油當量（以兩股油流總產量計算）。

Our Precision rig is currently drilling a 10 well occupation at our [Blim] pad, which we expect to be turned to line in the first quarter of 2026. Beyond new drilling, Prairie remains focused on optimizing its existing asset base. The company has launched a robust workover program targeting 32 wells across the third and fourth quarters, with 31 workovers completed to date, including 18 in the third quarter.

我們的精密鑽孔機目前正在我們的[Blim]井場鑽探10口井，我們預計將於2026年第一季投入生產。除了新的鑽探項目外，Prairie 仍然專注於優化其現有資產基礎。該公司已啟動一項強有力的修井計劃，目標是在第三季和第四季修建 32 口井，迄今已完成 31 口井的修井作業，其中第三季完成了 18 口。

Additionally, Prairie has installed plungers across 183 wells, resulting in an average oil production increase of 12.6% per well. These optimization initiatives, along with ongoing improvements to the gas lift system and pad efficiencies underscore Prairie's commitment to maximizing per well productivity.

此外，Prairie 公司在 183 口油井中安裝了柱塞器，使每口油井的平均石油產量提高了 12.6%。這些優化舉措，以及對氣舉系統和井場效率的持續改進，凸顯了 Prairie 致力於最大限度地提高單井產量的承諾。

Overall, I'm incredibly proud of what our operations and field teams have accomplished this quarter. We've managed multiple integrations, brought new wells online, and expanded our acreage footprint, all while maintaining a strong balance sheet and operational discipline.

總的來說，我為我們營運團隊和現場團隊本季所取得的成就感到無比自豪。我們成功完成了多項整合，投產了新油井，並擴大了我們的油田面積，同時保持了穩健的資產負債表和嚴格的營運紀律。

And with that, I'll turn it back to Ed for closing comments. Eddie?

接下來，我將把麥克風交給艾德，請他做總結發言。埃迪？

Thanks, Gary. We are reaffirming our full year production guidance range of 24,000 to 26,000 BOE per day, along with our full year capital expenditure guidance range of $260 million to $280 million.

謝謝你，加里。我們重申全年產量指引範圍為每日 24,000 至 26,000 桶油當量，以及全年資本支出指引範圍為 2.6 億美元至 2.8 億美元。

Lastly, we are reaffirming our full year adjusted EBITDA guidance range of $240 million to $260 million based on a WTI price range of $60 to $70. Our operational execution and performance year-to-date, along with the momentum across our portfolio remains strong, and we continue to benefit from improved capital efficiency and the integration of recent acquisitions.

最後，我們重申全年調整後 EBITDA 預期範圍為 2.4 億美元至 2.6 億美元，基於 WTI 原油價格區間為每桶 60 美元至 70 美元。今年迄今為止，我們的營運執行和業績，以及我們整個投資組合的發展勢頭依然強勁，我們繼續受益於資本效率的提高和近期收購的整合。

We continue to take a disciplined and deliberate approach to growth, and we're encouraged by the opportunities to head for Prairie. The strategy remains focused on driving sustainable double-digit organic growth through the drill bit while selectively pursuing a creative M&A that strengthens our position and enhances long-term value creation.

我們持續採取嚴謹、審慎的發展方式，並因有機會進軍草原地區而備受鼓舞。該策略仍然專注於透過持續的有機成長，實現兩位數的有機成長，同時有選擇地進行創造性的併購，以加強我們的地位並提高長期價值創造。

I want to extend my appreciation to the entire Prairie team for their exceptional effort and dedication throughout this transformative period. The company's foundation has never been stronger, and we're finishing the year with solid momentum, increased scale, and a clear path forward.

我要對整個 Prairie 團隊表示衷心的感謝，感謝他們在這段變革時期所付出的卓越努力和奉獻精神。公司的基礎從未如此穩固，我們以強勁的發展勢頭、不斷擴大的規模和清晰的發展方向結束了這一年。

Prairie's next chapter is shaping up to be our most exciting yet, and we're grateful for the continued trust and support of our shareholders. With that, I'll turn the call back over to the operator to open the line for questions.

Prairie 的下一個篇章即將開啟，這將是我們迄今為止最令人興奮的篇章，我們感謝股東們一直以來的信任和支持。這樣，我就把電話轉回接線生，讓她接聽問題。

(Operator Instructions) Leo Mariani, Roth.

（操作說明）Leo Mariani，Roth。

Morning guys, could you maybe just talk about what you see in the current kind of M&A environment at this point in time? And then additionally, I know you made some comments that your bank group was kind of supportive of looking at deals.

各位早安，能否請你們談談目前併購市場的整體狀況？此外，我知道你曾說過你的銀行集團對考察交易持支持態度。

I don't think you guys have had your fall born based redetermination yet. Maybe that's in process, so just kind of any update in terms of how you kind of see the bank funding market for any M&A deals as well.

我認為你們還沒有進行基於秋季出生人口的重新認定。或許這方面正在進行中，所以想請您更新一下您對併購交易中銀行融資市場的看法。

Good morning, Leo. This is Ed. I can speak to M&A and hand it over to Greg to discuss the redetermination process with the bank group. Look, we've built this company on the back of M&A. It's a core principle of our company.

早上好，Leo。我是艾德。我可以和併購部門溝通，然後把這件事交給格雷格，讓他和銀行集團討論重新評估流程。你看，我們這家公司就是靠併購發展起來的。這是我們公司的核心原則之一。

But at the same time we're really focused on remaining disciplined, whether it's a larger potential deal or a strategic bolt-on. We're always focused on inventory quality, capital efficiency, and cash flow. We're not really chasing evaluations.

但同時，我們非常注重保持紀律性，無論是潛在的大交易還是策略性補充。我們始終關注庫存品質、資金效率和現金流。我們其實並不刻意追求評價。

We're looking for opportunities that really strategically strengthen Prairie. There has been more attention on the basin, as a result of the [SM City] transaction. I think that's a good thing, but there are plenty of opportunities ahead of us.

我們正在尋找能夠真正從策略上加強 Prairie 的機會。由於 [SM City] 交易，該盆地受到了更多關注。我認為這是一件好事，但我們面前還有很多機會。

Thanks, Ed, and to just kind of briefly brush on the RBL, yes, we are in the middle of the process to redetermine for the fall redetermination process. We're not seeing any outside the normal items occur there, potentially a slight uplift, but absolutely holding flat on a go forward basis.

謝謝 Ed，簡單提一下 RBL，是的，我們正在進行秋季重新評估流程的中間階段。我們沒有看到任何超出正常範圍的情況發生，可能會略有增長，但未來肯定會保持穩定。

And the borrowing group is -- remains consistent and strong in and around the facts of utilizing paying down the RBL, as well as utilizing it for future proceeds for potential M&A, of course if there's TDP associated with it. So all in process, very strong bank group going into the fall redetermination and looking forward to the quarter to come.

借款集團在償還 RBL 以及將其用於未來潛在併購的收益方面，始終保持著穩定和強大的立場，當然，前提是與 TDP 相關。所以一切都在進行中，這家實力雄厚的銀行集團即將進入秋季重新評估階段，並期待即將到來的季度。

Great. And then just on the operational side, you guys spoke of kind of locking in a Precision rig and a ProFrac crew. Can you buy a little bit more color around that those kind of locked in for the balance of 2026. And maybe just to dovetail around that, where are you seeing leading Edge 2 mile well cost right now and don't know what you li is locked in for next year, but what does that kind of potentially imply for well cost as we get into '26.

偉大的。然後，在操作方面，你們提到要鎖定一台 Precision 鑽孔機和一個 ProFrac 團隊。你能不能再多買一些其他顏色的，因為這些顏色在 2026 年剩餘的時間裡基本上都固定下來了。也許正好可以藉此機會，您目前看到領先的 2 英里井的成本是多少？我不知道您明年鎖定的成本是多少，但這對於我們進入 2026 年的油井成本來說，可能意味著什麼？

Yeah, sure, Leo, happy to touch on those again. Greg Patton here. Ultimately our contractual date for the Precision rig extends through April. In terms of ProFrac, we are contractually, locked in on a month by month basis with them, with no rate escalations at the current time.

當然可以，Leo，我很樂意再次討論這些問題。我是格雷格·帕頓。最終，我們與Precision鑽機的合約期限將持續到四月。就 ProFrac 而言，我們與他們簽訂了按月計費的合同，目前沒有價格上漲的條款。

Ultimately we've been -- they've been a great partner for us as we've kind of developed through the basin. We've cut in half our cycle times with them from the first inception. So we're very pleased with the ProFrac process there.

最終，他們一直是我們在盆地發展過程中的重要夥伴。從一開始使用他們的服務，我們就將生產週期縮短了一半。所以我們對那裡的ProFrac製程非常滿意。

And Precision is equally -- it's a CNG electrified rig, it meets all the criteria of Colorado. We're very happy with that rig, so we would look to extend that come April. But everything is going well between those two companies.

Precision 也是如此——它是一輛 CNG 電動卡車，符合科羅拉多州的所有標準。我們對這套設備非常滿意，所以我們打算在四月續約。但這兩家公司之間一切進展順利。

As we kind of look at a go forward basis in terms of AFE costs, those two -- those the rig and the frac crew provide incremental aspects and large components of that AFE. As we've delivered AFEs throughout the year, we've continued to bring those down as we kind of average them out on a 1800 foot pound frac equivalent basis.

當我們展望未來 AFE 成本時，鑽井平台和壓裂作業團隊這兩個因素構成了 AFE 的增量部分和主要組成部分。隨著我們全年交付 AFE，我們不斷降低這些成本，因為我們以 1800 英尺磅壓裂當量為基礎進行平均。

We're right in that $5.2 million, $5.3 million average. We have incrementally added additional sand loading as the reservoir deems necessary in certain places, and we've seen some $5.4 million, $5.5 million results, but that's not an equivalent basis, that's just because we are trying to put away the best wild bores in the right porosity rock in the right formations in the basin.

我們正好處於520萬美元到530萬美元的平均值。我們根據油藏的需要，在某些地方逐步增加了額外的砂裝量，並取得了 540 萬美元、550 萬美元的成果，但這並不是等效的，這只是因為我們試圖在盆地中合適的地層孔隙度岩石中鑽探最好的野生井。

And so we're very excited about the fact that we've been able to reduce the cost. And ultimately, we will continue to strive towards that $5 million marker we've previously talked about. And if we were putting away 1800 foot pound fracs on a regular basis, we would be very, very close to that number at the time being.

因此，我們非常高興能夠降低成本。最終，我們將繼續努力實現先前提到的 500 萬美元的目標。如果我們定期進行 1800 英尺磅的壓力壓裂作業，那麼我們當時的壓裂壓力就會非常接近這個數字。

Great, thank you, very thorough.

太好了，謝謝，非常詳細。

John Davenport, Johnson Rice.

約翰·達文波特，約翰遜·賴斯。

Hey, good morning, and thanks for taking my question today. I wanted to focus on the work of a program that you guys highlighted with the third quarter results. You're basically at the end of that being 31 of those 32 wells completed.

嗨，早上好，感謝您今天回答我的問題。我想重點介紹一下你們在第三季業績報告中重點提到的那個專案的工作。基本上，32口井中已有31口完工了。

And I'm curious when we'll see, I guess, the results from that, what the impact is on the production line and what the magnitude of that will be? Along with is there runway for additional workovers with the existing assets and what that might look like in the future.

我很想知道我們什麼時候才能看到結果，對生產線會有什麼影響，影響的程度會有多大？此外，現有資產是否還有進一步改造的空間，以及未來可能會是什麼樣子。

Yeah, this is Gary Hanna. I'll take that. Yeah, the workover program, as I set forth in the early time was 32 wells for the year. We got about half of those done in Q3. The rest of those will be completed in Q4. That is an ongoing process. It's -- it never ends really. I mean, you're always needing to -- as we evaluate wells and look at well bores and do certain work, we identify those opportunities. So we'll continue to do that, going forward.

是的，這位是加里·漢納。我接受。是的，如我早期所製定的，修井計畫是一年修32口井。我們在第三季完成了其中大約一半。其餘部分將在第四季度完成。這是一個持續進行的過程。這——它似乎永遠不會結束。我的意思是，我們總是需要這樣做——當我們評估油井、檢查井眼並進行某些工作時，我們會發現這些機會。所以，我們今後會繼續這樣做。

The other part of your question was the adds about 300 barrels, 400 barrels, addition of those per day. We've seen a pretty significant uplift on those wells, and they're holding for 30, 60 days out, and we're monitoring that as we go, but we're very pleased with the results.

你問題的另一部分是關於每天增加約 300 桶、400 桶的量。我們已經看到這些油井產量有了相當大的提升，而且產量可以維持 30 到 60 天，我們會繼續監測，但我們對結果非常滿意。

The return on that capital expenditure is just -- it's great. So you continue that program. It's going to be something we do continuously ongoing in the future.

這項資本支出的回報簡直——太棒了。所以你繼續執行那個計劃。這將是我們未來持續進行的工作。

All right, perfect. I think that that is it for me. Thank you.

好的，完美。我想我的報告就到此為止了。謝謝。

Thank you.

謝謝。

Tim Moore, Clear Street.

提姆摩爾，克利爾街。

Thanks. I just have two questions. What other improvements maybe have you made since taking full operational control of Bayswater? I mean, I know Gary's mentioned twice now the work over count and get the ProFrac efficiencies. Just like to hear about -- you just hear about elaborating on any optimization plan or tactics or any low hanging fruit you think you'll work on the next couple quarters.

謝謝。我只有兩個問題。自從您全面接管貝斯沃特營運以來，您還做出了哪些其他改進？我的意思是，我知道 Gary 已經兩次提到工作量統計和 ProFrac 效率。只是想聽聽看——你只是想聽聽你詳細闡述任何優化計劃或策略，或者任何你認為在接下來的幾個季度裡可以著手處理的容易實現的目標。

Yeah. In the process of going through the work overs, we're finding other improvements in the wells that are quick and inexpensive, and so that program is sort of the tip of the spear for us in terms of optimizing all of the assets.

是的。在進行油井修井作業的過程中，我們發現了其他一些快速且成本低廉的油井改進方法，因此，該計劃是我們優化所有資產的先鋒。

In terms of other optimization opportunity, we're looking at things like optimizing compression, optimizing some other facets of our facilities design, repairing some facilities and so forth. So we're trying to recognize most of the opportunity in that arena before the end of the year, and are pretty much well on our way to doing so.

至於其他優化機會，我們正在考慮優化壓縮、優化設施設計的其他一些方面、維修一些設施等等。因此，我們正努力在年底前抓住該領域的大部分機遇，而且我們在這方面進展順利。

No, thanks, Ed, that's helpful. The only other question I have for you, Ed, or even Greg, how should we really think about the capital expenditure budget for next year? Let's just assume maybe a tiny bit of your high end of the CapEx range shifts into early next year. I mean, is $300 million CapEx next year feasible from what you're seeing?

不，謝謝你，艾德，這很有幫助。我還有一個問題想問你，艾德，或是格雷格，我們該如何認真考慮明年的資本支出預算？假設您資本支出計畫中的高端部分有一小部分會推遲到明年年初。我的意思是，根據你目前看到的情況，明年3億美元的資本支出可行嗎？

You know we're not prepared yet to guide on next year. But I think there's a lot of opportunity for us and at the right time, we'll let you know what that number looks like.

你知道我們還沒準備好對明年的情況做出預測。但我認為我們有很多機會，時機成熟時，我們會告訴你們具體數字是多少。

Okay, thanks. That's it for my questions.

好的，謝謝。我的問題就這些了。

Chris Degner, WTR.

克里斯·德格納，WTR。

Sure, good morning, everyone. Just wanted to step back and see if you guys give us another overview on how you've been able to bring up your production from the acquisition and now you've kind of taken over the assets.

當然，大家早安。我只是想回顧一下，看看你們能否再給我們概述一下，自從收購以來，你們是如何提高產量的，以及現在你們是如何接管這些資產的。

Yeah, good morning, Chris. Happy to address that. So we've pretty much been spot on with the guidance that we've provided in terms of our development program. As you know, there's quite a bit of delay in the DJ in terms of recognizing the production ramp from wells, drilled, completed, and TILs.

早上好，克里斯。樂意解答這個問題。所以，我們在發展計畫方面所提供的指導基本上都是非常準確的。如您所知，DJ 在識別油井（包括鑽井、完井和 TIL）的產量爬坡方面存在相當大的延遲。

We're starting to see the benefit of that. So it's, again, it's previously stated. We've optimized the production that we purchased after getting the transition service period completed in August and September. We brought all of our TILs online as planned and we're no longer impacted by offset fracs as we were in Q2, and so that's really driven production to the levels that we previously guided.

我們開始看到這樣做的好處了。所以，正如之前所說。在 8 月和 9 月完成過渡服務期後，我們對所購買的產品進行了最佳化。我們已按計劃將所有TIL上線，並且不再像第二季度那樣受到鄰井壓裂的影響，因此產量確實達到了我們之前預期的水平。

Okay, excellent. And I think you mentioned in your remarks, Eddie, that you've done a couple bolt-ons acreage deals that I think you said $680 per acre, is that right? Or did I hear that correctly? Or -- and could you add any color as to roughly like what part of the basin it was in?

好的，太好了。艾迪，我想你在演講中提到過，你做過幾筆零散的土地交易，我記得你說的是每英畝 680 美元，是這樣嗎？我沒聽錯吧？或者—您能否用顏色大致標明它位於盆地的哪個部分？

I can't tell you exactly where it is. That's our secret sauce. But what I'll say is that -- yeah, what I'll say though is that we love the little deals. It's sort of our version of money ball in the basin. Of course, the big deals grab all the headlines, but all of these bolt-ons of reserves, locations and permits are really core to our strategy, and there's still a lot of sort of orphaned assets like this throughout the basin that we're able to take advantage of.

我無法告訴你它具體在哪裡。這是我們秘製的配方。但我要說的是——是的，我要說的是，我們喜歡小額交易。這有點像我們盆地裡的「點球成金」遊戲。當然，大交易總是佔據所有頭條新聞，但所有這些新增的儲量、地點和許可證才是我們策略的核心，而且整個盆地仍然有很多像這樣的無人認領的資產，我們可以加以利用。

And Chris, I'll just add to that. In terms of these acquisitions, that particular one we referenced is in and amongst available takeaway systems, offsetting it other production from other operators, and so we're very happy to keep targeting, as Ed said, those individual opportunistic bolt-ons.

克里斯，我再補充一點。就這些收購而言，我們提到的那個特定收購項目位於現有的外賣系統之中，可以抵消其他運營商的其他生產，因此我們非常樂意繼續像 Ed 所說的那樣，瞄準這些個別的機會性附加收購。

Okay. Is it close to your, like some of your acreage, which I mean -- or is it -- and can you cut characterize it could be more rural versus of some of the suburban types of acreage.

好的。它離你很近嗎？比如說，你的一些土地？我的意思是——或者它——你能描述一下它更像是鄉村地區，而不是郊區類型的土地嗎？

It's not a step out away from our acreage, Chris. It's contiguous to our positions.

克里斯，這並沒有超出我們的土地範圍。它與我們的位置相鄰。

Okay perfect. That's all I've got, guys. Thank you.

好的，完美。這就是我全部要說的了，各位。謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you. This concludes question-and-answer session, and this will conclude today's conference. You may disconnect your lines at this time, and we thank you for your participation.

謝謝。問答環節到此結束，今天的會議也將結束。現在您可以斷開線路了，感謝您的配合。