Ring Energy Inc (REI) 2025 Q1 法說會逐字稿

Good day, and welcome to the Ring Energy’s First Quarter 2025 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Ring Energy 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Al Petrie, Investor Relations. Please go ahead.

現在我想將會議交給投資人關係部的 Al Petrie。請繼續。

Thank you, operator, and good morning, everyone. We appreciate your interest in Ring Energy.

謝謝接線員，大家早安。感謝您對 Ring Energy 的關注。

We will begin our call with comments from Paul McKinney, our Chairman of the Board and CEO, who will provide an overview of key matters for the first quarter 2025 as well as our updated outlook. We will then turn the call over to Travis Thomas, Ring's Executive VP and Chief Financial Officer, who will review our financial results. Paul will then return with some closing comments before we open the call up for questions.

我們的電話會議將從董事會主席兼首席執行官保羅·麥金尼 (Paul McKinney) 的評論開始，他將概述 2025 年第一季的關鍵事項以及我們的最新展望。然後，我們將把電話轉給 Ring 的執行副總裁兼財務長 Travis Thomas，他將審查我們的財務結果。在我們開始提問之前，保羅將回來做一些總結演講。

Also joining us on the call today and available for the Q&A session are Alex Dyes, Executive VP and Chief Operations Officer, James Parr, Executive VP and Chief Exploration Officer, and Shawn Young, Senior VP of Operations.

今天參加電話會議並參與問答環節的還有執行副總裁兼營運長 Alex Dyes、執行副總裁兼首席勘探官 James Parr 和營運高級副總裁 Shawn Young。

During the Q&A session, we ask you to limit your questions to one and a follow-up. You are welcome to re-enter the queue later with additional questions. I would also note that we have posted an updated investor corporate presentation on our website.

在問答環節，我們要求您將問題限制為一個，並進行後續提問。歡迎您稍後再次進入隊列並提出其他問題。我還要指出的是，我們已經在我們的網站上發布了更新的投資者公司介紹。

During the course of this conference call, the company will be making forward-looking statements within the meaning of federal securities laws. Investors are cautioned that forward-looking statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements.

在本次電話會議期間，本公司將根據聯邦證券法做出前瞻性陳述。投資人需注意，前瞻性陳述並不能保證未來的業績，實際結果或發展可能與前瞻性陳述中的預測有重大差異。

Finally, the company can give no assurance that such forward-looking statements will prove to be correct. Ring Energy disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Accordingly, you should not place undue reliance on forward-looking statements.

最後，該公司不能保證此類前瞻性聲明的正確性。Ring Energy 不承擔因新資訊、未來事件或其他原因而更新或修改任何前瞻性聲明的意圖或義務。因此，您不應過度依賴前瞻性陳述。

These and other risks are described in yesterday's press release and in our filings with the SEC. These documents can be found in the Investors section of our website located at www.ringenergy.com. Should one or more of these risks materialize or should underlying assumptions proven correct, actual results may vary materially.

這些風險和其他風險已在昨天的新聞稿和我們向美國證券交易委員會提交的文件中進行了描述。這些文件可在我們網站 www.ringenergy.com 的「投資者」版塊找到。如果其中一項或多項風險成為現實，或相關假設被證明正確，實際結果可能會發生重大變化。

This conference call also includes references to certain non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable measure under GAAP are contained in yesterday's earnings release. Finally, as a reminder, this conference call is being recorded.

本次電話會議也提到了某些非公認會計準則財務指標。昨天的收益報告中包含了這些非 GAAP 財務指標與 GAAP 下最直接可比較指標的對帳。最後，提醒一下，本次電話會議正在錄音。

I'd now like to turn the call over to Paul McKinney, our Chairman and CEO.

現在我想將電話轉給我們的董事長兼執行長保羅麥金尼。

Thanks, Al. We appreciate everyone for joining us today and for your interest in Ring Energy. We began 2025 with a strong first quarter, where we met or exceeded all guidance targets. Driving our outperformance was exceptional oil sales volumes from newly drilled wells and our legacy assets through the outstanding efforts of our operations team to maintain our PDP production.

謝謝，艾爾。我們感謝大家今天的參與以及對 Ring Energy 的關注。2025 年第一季我們表現強勁，達到或超越了所有指導目標。我們優異表現的動力來自於新鑽井和原有資產的出色石油銷售量，這得益於我們營運團隊為維持 PDP 生產所做的傑出努力。

During the quarter, we sold 18,392 barrels of oil equivalent per day, which was above the midpoint of our previously announced guidance range. And more importantly, we sold 12,074 barrels of oil per day, exceeding the high end of our guidance range despite the impact of weather-related downtime in January. We drilled, completed and placed on production seven wells in the first quarter, including four horizontal wells in the Northwest shelf and three vertical wells in the Central Basin platform.

本季度，我們每天銷售 18,392 桶石油當量，高於我們先前公佈的指導範圍的中點。更重要的是，儘管 1 月受到天氣相關的停工影響，我們每天仍銷售 12,074 桶石油，超過了我們預期範圍的上限。我們在第一季鑽探、完井並投入生產了七口井，其中包括西北陸架的四口水平井和中央盆地平台的三口垂直井。

Not only have those wells all exceeded initial pre-drill production estimates. Another highlight as we improved our capital efficiency again this quarter with average well costs coming in around 7% less than budget.

這些油井的產量不僅全部超過了鑽探前的初步產量估計。另一個亮點是我們本季再次提高了資本效率，平均油井成本比預算低約 7%。

We also closed the highly accretive acquisition of Lime Rock's CBP assets that continue to exceed the forecast originally used to value similar to what we did to prepare for the Founders acquisition closing. We strategically adjusted the timing of our drilling program and capital spending initiatives during the first quarter to reduce the capital spent to optimize our financial position and better position the balance sheet.

我們也完成了對 Lime Rock 的 CBP 資產的高度增值收購，該收購的價值繼續超過最初的預測，與我們為 Founders 收購結束所做的準備類似。我們在第一季策略性地調整了鑽井計劃和資本支出計劃的時間，以減少資本支出，從而優化我們的財務狀況並更好地調整資產負債表。

Like our Founders CBP asset acquisition that closed in the third quarter of 2023, the accretive Lime Rock transaction checks all the right boxes. As a reminder, we purchased a little over 100 wells with approximately a 75% oil cut with low decline production, enhancing the company's metrics for both measures.

就像我們在 2023 年第三季完成的 Founders CBP 資產收購一樣，增值的 Lime Rock 交易也滿足了所有要求。提醒一下，我們購買了 100 多口油井，這些油井的含油量約為 75%，產量下降幅度較低，從而提高了該公司的兩項指標。

The transaction also modestly increased scale and captures operating synergies through reductions in the number of field personnel required to operate the assets, benefits from integrating saltwater disposal systems and lower costs from a variety of changes being made in the field.

該交易還適度擴大了規模，並透過減少操作資產所需的現場人員數量、整合鹽水處理系統帶來的好處以及降低現場各種變化帶來的成本實現了營運協同效應。

We also gained approximately 17,700 net acres, all held by production, with the majority of that acreage being contiguous with our legacy operations in the Shafter Lake area, the non-contiguous acreage to the South exposes into additional active plays on the platform, providing additional opportunities when oil prices improve.

我們還獲得了約 17,700 淨英畝的土地，全部用於生產，其中大部分土地與我們在沙夫特湖地區的傳統業務相鄰，南部不相鄰的土地在平台上有更多活躍的發揮，當油價上漲時提供更多機會。

With this transaction, over 40 gross drilling locations have been added to our existing high-return drilling inventory that immediately competes for capital. Last but not least, production from these assets during April, our first month of operations, averaged over 2,500 barrels of oil equivalent per day, representing a 9% increase over the estimates used to value the assets.

透過此交易，我們現有的高回報鑽井庫存中增加了 40 多個鑽井地點，可以立即爭取資本。最後但同樣重要的一點是，在我們營運的第一個月（4 月），這些資產的產量平均每天超過 2,500 桶石油當量，比用於評估資產價值的估值增加了 9%。

The result is an expected meaningful increase in adjusted free cash flow supported by $120 million of oil-weighted proved developed reserves and ultimately, a stronger and more resilient company. Regarding our guidance for the remainder of 2025, consistent with the revised second quarter outlook we provided last month, we are updating our outlook for the second half of the year to reflect a reduction in capital spending in response to the weakened price environment.

結果是，在 1.2 億美元石油加權探明開發儲量的支持下，調整後的自由現金流預計將大幅增加，最終使公司變得更加強大和更具韌性。關於我們對 2025 年剩餘時間的指導，與我們上個月提供的修訂後的第二季度展望一致，我們正在更新對下半年的展望，以反映為應對價格環境疲軟而減少的資本支出。

As a result, for the final three quarters of 2025, Ring intends to reduce total capital spending by more than 47% or 36% for the full year, with only a modest reduction in production during the last half of the year guiding to approximately 2% annual production growth over 2024.

因此，對於 2025 年最後三個季度，Ring 打算將全年總資本支出減少 47% 以上或 36%，而下半年產量僅略有減少，預計 2024 年年產量將增加約 2%。

This is only made possible by the production outperformance for the new wells drilled in the first and second quarter and higher than expected production from the existing and newly acquired assets. All of this leads to projected higher adjusted free cash flow levels. For more details on the adjusted free cash flow levels, please refer to our investor presentation.

這是因為第一季和第二季新鑽井的產量表現優異，現有和新收購資產的產量高於預期。所有這些都將導致預計調整後的自由現金流水準更高。有關調整後的自由現金流水平的更多詳細信息，請參閱我們的投資者介紹。

With that, I will turn this over to Travis to provide financial details for the quarter, more details associated with our guidance ratings, and then return to share more about our plans to not only survive the potential for extended lower oil prices but thrive and emerge even stronger. Travis?

接下來，我將把這個任務交給特拉維斯，讓他提供本季度的財務細節、與我們的指導評級相關的更多細節，然後再回來分享更多關於我們的計劃，不僅要能夠度過長期低油價的可能性，而且要蓬勃發展，變得更加強大。崔維斯？

Thanks, Paul, and good morning, everyone. As Paul noted, we posted solid first quarter operational and financial performance, driven by outstanding execution by our team across the board. The result was better than expected oil and total sales volumes as well as in-line operating and capital spending levels.

謝謝，保羅，大家早安。正如保羅所指出的，由於我們團隊的出色執行，我們第一季的營運和財務表現表現穩健。結果優於預期的石油和總銷售量以及符合預期的營運和資本支出水準。

The combination allowed us to conserve capital in anticipation of the closing of the highly accretive Lime Rock' CBP asset acquisition, which has outperformed initial expectations and places Ring in a much stronger position to better succeed in the current pricing environment. It also allows us to pay down debt at a faster rate than we could have done on a stand-alone basis.

此次合併使我們能夠節省資本，以期完成具有高度增值的 Lime Rock 的 CBP 資產收購，該收購的表現超出了最初的預期，並使 Ring 處於更有利的地位，能夠在當前的定價環境中取得更好的成功。它還使我們能夠以比單獨行動更快的速度償還債務。

As I say every time, balance sheet improvement has been and will remain a top priority for the company. With that overview, let's take a closer look at the quarter. Starting at the top line, we sold 12,074 barrels of oil per day and 18,392 Boe per day with both exceeding guidance.

正如我每次所說的那樣，改善資產負債表一直是、並將繼續是公司的首要任務。透過這個概述，讓我們仔細看看本季。從營收來看，我們每天銷售 12,074 桶石油和 18,392 桶油當量，都超出預期。

As a reminder, the March 31st closing -- with the March 31st closing, we began to benefit from the recent acquisition of the additional CBP assets beginning on the first day of the second quarter, which is reflected in our guidance for the remainder of 2025.

提醒一下，3 月 31 日收盤 - 隨著 3 月 31 日收盤，我們開始受益於從第二季第一天開始收購的額外 CBP 資產，這反映在我們對 2025 年剩餘時間的指導中。

Turning to the first quarter 2025 pricing, our overall realized price increased 4% to $47.78 per Boe from $46.14 per Boe in the fourth quarter of 2024. Driving the overall increase was a 2% higher first quarter 2025 realized oil price.

談到 2025 年第一季的定價，我們的整體實現價格從 2024 年第四季的每桶油當量 46.14 美元上漲 4% 至每桶油當量 47.78 美元。推動整體成長的因素是 2025 年第一季實際油價上漲 2%。

Our first quarter average crude oil differential from NYMEX WTI futures pricing was a negative $0.89 per barrel versus a negative $1.42 per barrel in the fourth quarter. This was mostly due to the Argus WTI and WTS that increased by $0.59 per barrel, offset by the Argus CMA roll that decreased by $0.08 per barrel on average from the fourth quarter.

我們第一季的原油平均價差與紐約商品交易所 WTI 期貨價格之差為每桶負 0.89 美元，而第四季為每桶負 1.42 美元。這主要是由於阿格斯 WTI 和 WTS 期貨價格每桶上漲 0.59 美元，但阿格斯 CMA 期貨價格較第四季平均每桶下跌 0.08 美元。

Our average natural gas price differential from NYMEX futures pricing for the first quarter was a negative $3.81 per Mcf compared to a negative $3.83 per Mcf for the fourth quarter. Our realized NGL price for the first quarter averaged 15% of WTI compared to 13% for the fourth quarter. The result was revenue for the first quarter of $79.1 million. We continue to target the higher oil mix opportunities as oil accounted for 97% of total revenue, while it was only 66% of total production.

第一季度，我們與 NYMEX 期貨定價的平均天然氣價格差異為每千立方英尺負 3.81 美元，而第四季度為每千立方英尺負 3.83 美元。我們第一季實現的 NGL 價格平均為 WTI 的 15%，而第四季為 13%。結果是第一季的收入為 7910 萬美元。我們繼續瞄準更高比例的石油組合機會，因為石油佔總收入的 97%，而僅佔總產量的 66%。

Although, we continue to see slightly negative realized natural gas pricing there was a material improvement in the first quarter from the fourth quarter of 2024. While the majority of our GTP costs are reflected as the sales price reduction, the larger impact on realized prices is from the continued gas takeaway constraints in the basin. However, we are starting to realize the benefits from additional takeaway capacity that came online with the Matterhorn Express Pipeline in late 2024.

儘管我們仍然看到天然氣實際價格略為負值，但 2024 年第一季與第四季相比有了實質的改善。雖然我們的大部分 GTP 成本都反映為銷售價格的降低，但對實現價格的更大影響來自於盆地持續的天然氣輸送限制。然而，我們開始意識到 2024 年底馬特洪峰快速管線投產後新增輸送能力所帶來的好處。

We are also excited about the prospect of increased large-scale AI infrastructure in West Texas that could potentially use local gas for power generation. This increased usage could further alleviate in-basin takeaway constraints and give a boost to gas pricing going forward.

我們也對西德州大規模人工智慧基礎設施建設的前景感到興奮，這些基礎設施可能會利用當地的天然氣發電。使用量的增加可以進一步緩解盆地內輸送的限制，並推動未來的天然氣價格上漲。

Overall, our sequential revenue had a 5% decrease from the fourth quarter, which was driven by a negative $7.3 million volume variance, offset by a positive $3 million price variance.

總體而言，我們的連續收入較第四季度下降了 5％，這是由 730 萬美元的負銷量差異和 300 萬美元的正價格差異所抵消的。

Moving to expenses. LOE was $19.7 million or $11.89 per Boe versus $20.3 million or $11.24 per Boe for the fourth quarter. We are pleased to see LOE lower on an absolute basis quarter-to-quarter and below our guidance midpoint of $12 per Boe. Cash G&A, which excludes share-based compensation, was $6.9 million compared to $6.4 million in the fourth quarter. The increase was partially driven by annual costs associated with the audit, 10-K and proxy.

轉向開支。LOE 為 1,970 萬美元或每桶油當量 11.89 美元，而第四季為 2,030 萬美元或每桶油當量 11.24 美元。我們很高興地看到，LOE 絕對值逐季下降，且低於我們指導中點 12 美元/桶油當量。不包括股權激勵費用的現金一般及行政費用為 690 萬美元，而第四季為 640 萬美元。成本成長的部分原因是與審計、10-K 和代理相關的年度成本。

Our first quarter results included a loss on derivative contracts of $900,000 versus a loss of $6.3 million in the fourth quarter. The first quarter loss included a $400,000 unrealized loss and a $500,000 realized loss. As a reminder, the unrealized gain-loss is just the difference between the mark-to-market values, period to period.

我們第一季的業績包括衍生性合約損失 90 萬美元，而第四季的損失為 630 萬美元。第一季的損失包括 40 萬美元的未實現損失和 50 萬美元的已實現損失。提醒一下，未實現損益只是不同期間的市價差。

Finally, for Q1, we reported net income of $9.1 million, or $0.05 per diluted share, compared to fourth quarter net income of $5.7 million, or $0.03 per diluted share. Excluding the estimated after-tax impact of pre-tax items, including non-cash unrealized gains and losses on hedges and share-based compensation expense.

最後，我們報告第一季淨收入為 910 萬美元，即每股攤薄收益 0.05 美元，而第四季淨收入為 570 萬美元，即每股攤薄收益 0.03 美元。不包括稅前項目的估計稅後影響，包括對沖的非現金未實現損益和股權激勵費用。

Our first quarter 2025 adjusted net income was $10.7 million, or $0.05 per diluted share, while fourth quarter 2024 adjusted net income was $12.3 million, or $0.06 per diluted share. We posted first quarter 2025 adjusted EBITDA of $46.4 million, versus $50.9 million for the fourth quarter, with most of the difference attributed to lower oil revenue.

我們 2025 年第一季的調整後淨收入為 1,070 萬美元，即每股攤薄收益 0.05 美元，而 2024 年第四季的調整後淨收入為 1,230 萬美元，即每股攤薄收益 0.06 美元。我們公佈的 2025 年第一季調整後 EBITDA 為 4,640 萬美元，而第四季為 5,090 萬美元，大部分差異歸因於石油收入下降。

During the first quarter, we invested $32.5 million in capital expenditures, which was 14% lower than the fourth quarter and within our guidance of $26 million to $34 million. As Paul discussed, we have been extremely pleased with the production from the new wells coming in ahead of expectation and lower combined overall cost.

第一季度，我們的資本支出為 3,250 萬美元，比第四季下降 14%，在我們預期的 2,600 萬美元至 3,400 萬美元範圍內。正如保羅所討論的，我們對新井的產量超出預期且整體成本降低感到非常高興。

Adjusted free cash flow was $5.8 million, versus $4.7 million for the fourth quarter of 2024, with the net increase primarily associated with $5.2 million lower capital spending, partially offset by $4.5 million less in EBITDA, compared to the fourth quarter.

調整後的自由現金流為 580 萬美元，而 2024 年第四季為 470 萬美元，淨增加主要與資本支出減少 520 萬美元有關，但與第四季相比，EBITDA 減少 450 萬美元，部分抵消了這一影響。

We ended the period with $460 million drawn on our credit facility, with the increase mostly due to $63.6 million in cash required for closing on the acquisition of the Lime Rock CBP assets, along with the $5 million deposit earlier in the quarter.

本季末，我們的信貸額度已提取 4.6 億美元，增加的主要原因是完成 Lime Rock CBP 資產收購所需的 6,360 萬美元現金，以及本季早些時候的 500 萬美元存款。

With the current borrowing base of $600 million, we began the second quarter with availability of $140 million, with a leverage ratio of 1.9 times, which includes a $10 million deferred payment due in December 2025. Moving to our hedge position, for the last nine months of 2025, we currently have approximately 1.7 million barrels of oil hedged with an average downside protection price of $64.44.

目前的借款基礎為 6 億美元，第二季開始時我們可用的借款金額為 1.4 億美元，槓桿率為 1.9 倍，其中包括 2025 年 12 月到期的 1000 萬美元延期付款。轉到我們的對沖頭寸，在 2025 年的最後九個月，我們目前對沖了大約 170 萬桶石油，平均下行保護價格為 64.44 美元。

This covers approximately 47% of our oil sales guidance midpoint. We also have 2 Bcf of natural gas hedged with an average downside protection price of $3.43, covering approximately 37% of our estimated natural gas sales based on the midpoint.

這約占我們石油銷售指導中位數的 47%。我們也對 20 億立方英尺天然氣進行了對沖，平均下行保護價格為 3.43 美元，根據中間值計算，可覆蓋我們預計天然氣銷售額的約 37%。

For a detailed breakout of our hedge position, please see our earnings release and presentation, which includes the average price for each contract type. Looking at our guidance, we had provided full details in our earnings material. In addition, Paul did a great job explaining, how our business model, including low breakeven economics, places us in a solid position to navigate these pricing headwinds. Our proven value-focused model is battle-tested to drive success through the cycle.

有關我們對沖頭寸的詳細分類，請參閱我們的收益報告和演示文稿，其中包括每種合約類型的平均價格。從我們的指導來看，我們已在收益材料中提供了完整的詳細資訊。此外，保羅也很好地解釋了我們的商業模式（包括低損益平衡經濟）如何讓我們處於穩固的地位來應對這些定價逆風。我們經過實踐檢驗的以價值為中心的模式能夠推動整個週期的成功。

And we will pull all necessary levers to ensure we maintain a healthy financial position and capitalize on opportunities to further reduce debt. Consistent with our revised second quarter outlook we provided last month, we are updating our outlook for the second half of the year to reflect a reduction in capital spending in response to the weakened price environment.

我們將採取一切必要措施，確保維持健康的財務狀況，並利用機會進一步減少債務。與我們上個月提供的第二季展望修訂一致，我們正在更新下半年的展望，以反映為應對價格環境疲軟而減少的資本支出。

As a result, for full-year 2025, Ring now expects, total capital spending of $85 million to $113 million, with a midpoint of $99 million, versus our previously disclosed expectation of $138 million to $170 million. Included in the full-year 2025 CapEx guidance is estimated spending of $14 million to $22 million for the second quarter and $38 million to $58 million in the last half of the year.

因此，Ring 目前預計 2025 年全年總資本支出為 8,500 萬美元至 1.13 億美元，中間值為 9,900 萬美元，而我們先前披露的預期為 1.38 億美元至 1.7 億美元。2025 年全年資本支出指引包括第二季預計支出 1,400 萬至 2,200 萬美元，下半年預計支出 3,800 萬至 5,800 萬美元。

Please refer to our first quarter earnings release and company presentation for full details by period, but I would note that the two to three wells included in our drilling program for the second quarter we have drilled, completed and placed on production, one horizontal and one vertical well to date. As in the past, we will retain the flexibility to react to changing commodity prices and market conditions as well as manage our quarterly cash flow.

請參閱我們的第一季度收益報告和公司介紹，以了解各時期的完整詳情，但我要指出的是，我們第二季度鑽井計劃中的兩到三口井迄今為止已經鑽探、完井並投入生產，其中一口水平井和一口垂直井。與過去一樣，我們將保持靈活性，以應對不斷變化的商品價格和市場條件以及管理我們的季度現金流。

Our updated full year 2025 production guidance is 12,700 to 13,700 barrels of oil per day and 19,200 Boe per day to 20,700 Boe per day. We continue to expect second quarter total sales volumes of 20,500 Boe per day to 22,500 BOE per day and oil production to range between $13,700 and 14,700 barrels of oil per day, resulting in a 66% oil mix.

我們更新後的 2025 年全年產量預期為每天 12,700 至 13,700 桶石油和每天 19,200 至 20,700 桶油當量。我們繼續預期第二季總銷售量為每天 20,500 桶油當量至每天 22,500 桶油當量，石油產量在每天 13,700 至 14,700 桶油之間，石油組合佔比為 66%。

For second half 2025, we are guiding it to total sales volume of 19,000 Boe per day to 21,000 Boe per day and oil production to range between 12,500 and 14,000 barrels of oil per day, also a 66% oil mix.

到 2025 年下半年，我們預計其總銷售量將達到每天 19,000 桶油當量至每天 21,000 桶油當量，石油產量將達到每天 12,500 桶至 14,000 桶油之間，石油佔比也將達到 66%。

On the cost side, I would note that we now anticipate full year 2025 LOE of $11.25 to $12.25 per Boe, and are providing guidance of $11.50 to $12.50 per Boe for both the second quarter and second half of 2025.

在成本方面，我想指出，我們現在預計 2025 年全年的 LOE 為每桶油當量 11.25 美元至 12.25 美元，並為 2025 年第二季度和下半年提供每桶油當量 11.50 美元至 12.50 美元的指導。

So with that, I will turn it back to Paul for his closing comments. Paul?

因此，我將把話題交還給保羅，請他發表最後評論。保羅？

Thank you, Travis. As an industry, we have experienced a high level of oil price volatility over the last five years, where the amplitude and frequency seem to be increasing. Although current oil prices remain above our breakeven requirements, most of our industry, both domestically and abroad, depends on higher oil prices to continue to invest and maintain production levels.

謝謝你，崔維斯。作為一個行業，我們在過去五年中經歷了石油價格的高度波動，其幅度和頻率似乎正在增加。儘管目前的油價仍高於我們的損益兩平要求，但我們國內和國外的大多數產業都依賴更高的油價來繼續投資和維持生產水準。

For many of us, oil and gas price volatility has been with us for our entire careers, which is the reason we designed our strategy to be successful in low price environments and in high ones. Our proven value-focused strategy is one with extreme focus on maximizing cash flow generation that has a proven track record over the last 22 reporting periods.

對我們許多人來說，石油和天然氣價格的波動伴隨了我們整個職業生涯，這就是我們設計策略以在低價和高價環境中取得成功的原因。我們經過驗證的以價值為中心的策略極度注重最大化現金流生成，並且在過去 22 個報告期間內擁有良好的業績記錄。

And let me remind you, oil prices were much lower at times during that period than current prices today. Our strategy seeks to retain and acquire wells with shallow declining production with long lives, low operating costs and high netback interest. The shallow decline rates reduce the capital intensity required to maintain the company's production levels long-live wells provide stability through the price cycles and better full cycle economics.

讓我提醒你一下，那段時期的油價有時比現在的油價低很多。我們的策略是保留和收購產量遞減較淺、壽命較長、營運成本較低、淨回值較高的油井。淺的遞減率降低了維持公司生產水準所需的資本強度，長壽命井在價格週期中提供了穩定性並提供了更好的全週期經濟性。

The low operating costs and high netbacks allow for the highest margins regardless of the oil price. We also like highly oil-weighted assets because Permian Basin gas typically receives significant discounts to Henry Hub prices, forcing us to occasionally pay to have our gas process and deliver to market. We also seek to acquire and invest in undrilled development opportunities that have low breakeven costs and superior economics.

無論油價如何，低營運成本和高淨回值都能帶來最高的利潤。我們也喜歡石油權重較高的資產，因為二疊紀盆地的天然氣價格通常比亨利港的價格有大幅折扣，這迫使我們偶爾支付費用來加工天然氣並將其運送到市場。我們也尋求收購和投資那些損益平衡成本低、經濟效益好的未鑽探開發機會。

Regarding capital spending, our strategy also emphasizes extreme capital discipline, allocating capital to our highest return on opportunities with the execution flexibility necessary to ensure we meet our debt reduction goals and strengthen our balance sheet. This aspect of our strategy plays a big part in the terms negotiated in our drilling contracts and other operational services. They are designed to retain the flexibility to respond quickly to market changes and minimize the cost associated with those changes.

關於資本支出，我們的策略也強調極端的資本紀律，將資本分配給我們最高的回報機會，並具有必要的執行靈活性，以確保我們實現減債目標並加強資產負債表。我們的策略的這一方面在我們的鑽井合約和其他營運服務談判的條款中發揮著重要作用。它們旨在保持靈活性，以便快速響應市場變化並最大限度地降低與這些變化相關的成本。

As we look to the remainder of 2025, we will capitalize on the production overperformance experienced so far this year and the benefits of the Lime Rock acquisition to reduce our capital spending and allocate more of our cash flow to paying down debt. Although our production guidance for the last half of the year is less than previously guided, our forecast suggests that we will deliver modest annual production growth of approximately 2% over the prior year.

展望 2025 年剩餘時間，我們將利用今年迄今的生產超額表現以及收購 Lime Rock 帶來的好處來減少資本支出，並將更多現金流用於償還債務。儘管我們對下半年的產量預期低於先前的預期，但我們的預測表明，我們的年產量將比上年溫和增長約 2%。

If oil prices recover to previous ranges, at this time, we do not intend to increase capital spending this year, keeping our focus on debt reduction. If oil prices recover to higher levels than previous ranges, we will evaluate and respond to those conditions in a way most beneficial for our stockholders.

如果油價回升至先前的區間，目前我們並不打算增加今年的資本支出，而是繼續專注於削減債務。如果油價回升至高於先前水平，我們將以對股東最有利的方式評估並應對這些情況。

In closing, I want to emphasize one more time, our disciplined approach highlights the strength and flexibility of our proven value-focused strategy and ensuring we not only weather this price cycle, but emerge even stronger.

最後，我想再次強調，我們嚴謹的方法凸顯了我們行之有效的以價值為中心的策略的優勢和靈活性，並確保我們不僅能度過這個價格週期，而且會變得更加強大。

So with that, we will turn this call over to the operator for questions. Operator?

因此，我們將把此電話轉給接線員以回答問題。操作員？

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指示）

Jeff Robertson, Water Tower Research.

傑夫·羅伯遜，水塔研究公司。

Thank you. Paul, do you have a leverage target in mind as you allocate more free cash flow to debt reduction in this environment before you'd want to go back to trying to have a capital program that would generate more growth?

謝謝。保羅，在您想要重新嘗試制定能夠產生更多增長的資本計劃之前，您是否考慮過槓桿目標，因為在這種環境下，您會將更多的自由現金流分配給債務削減，而後再考慮是否要設定槓桿目標？

Hey, good morning. Jeff, good question, actually. And yes, we do. We've stated for a very long time that our long-term goal for our leverage ratio is to be comfortably below one. And in a low price environment, of course, it's a lot more challenging to get that leverage ratio lower because you got to remember, oil prices are part of the denominator in that equation, and it makes it challenging.

嘿，早安。傑夫，事實上，這個問題問得好。是的，我們確實這麼做了。我們很早就表示，我們的槓桿率長期目標是保持在 1 以下。當然，在低價環境下，降低槓桿率要困難得多，因為你必須記住，油價是這個等式的分母的一部分，這使得降低槓桿率變得更加困難。

And so that's part of the reason for the increased emphasis on debt reduction. And so if you go to our investor presentation, we have several things that kind of forecast where our free cash flow levels are in the future with various different prices. Those free cash flow levels are a direct reflection of the amount of debt that we can pay down.

這也是更加重視減債的原因之一。因此，如果你去看我們的投資者演示，你會發現我們有幾種方法可以預測未來在各種不同價格下我們的自由現金流水平。這些自由現金流水準直接反映了我們可以償還的債務金額。

It's your prediction or my prediction. I don't know if either one of us will be accurate in terms of predicting what future oil prices will be. So that leverage ratio is kind of hard to predict. But we're taking all the measures we can during this weakened price environment to ensure that we keep our leverage ratio as low as we can.

這是你的預測或我的預測。我不知道我們兩人是否能夠準確預測未來的油價。因此槓桿率有點難以預測。但在價格疲軟的環境下，我們正在採取一切可能的措施，以確保我們的槓桿率盡可能保持在較低水準。

And so this part of this equation is somewhat out of our control. But the parts that are in our control, we're taking every step we can to keep that leverage ratio as low as possible because we've been criticized in the past for having -- being on the higher end of the leverage ratio when compared to our peers.

因此，這個等式的這一部分有點超出我們的控制範圍。但對於我們能控制的部分，我們正在採取一切措施將槓桿率保持在盡可能低的水平，因為與同行相比，我們過去曾因槓桿率較高而受到批評。

And so we are also very much a debt resistant type group of managers. We just don't like debt. And we know that debt is not -- has not been the friend of a capital-intensive industry like the oil and gas industry. And so we're very focused on that.

因此，我們也是一群非常具有抗債能力的管理者。我們只是不喜歡債務。我們知道，債務對石油和天然氣產業等資本密集產業來說並不是好事。因此我們非常關注這一點。

Paul, as you look at the back half of the year and the guidance that you laid out this morning for capital of $38 million to $58 million, do you assume any cost improvements in there?

保羅，回顧今年下半年的情況，以及您今天上午提出的 3800 萬至 5800 萬美元資本指導，您是否認為其中會存在任何成本改進？

In other words, if you spend the $48 million midpoint and costs go lower, would you think you could complete more absolute projects? Or would the delta and cost savings go toward free cash flow and ultimately debt reduction?

換句話說，如果您花費 4800 萬美元的中間值並且成本降低，您是否認為您可以完成更多的絕對項目？或者增量和成本節省是否會轉化為自由現金流並最終減少債務？

Yes. That's another good question, actually. Right now, our forecast for capital include current prices. We have not. And that kind of leads into -- we've already seen some reductions here very recently in terms of our -- some of the capital costs, and I could ask Shawn to chime in here, but I think they're related to primarily the completion side and the fracs.

是的。事實上，這是另一個好問題。目前，我們對資本的預測包括當前價格。我們沒有。而這會導致——我們最近已經看到一些資本成本的減少，我可以請肖恩加入進來，但我認為它們主要與完井和壓裂有關。

Yes, we are seeing some relaxation on both the frac costs as well as cementing and wireline on the drilling side. So, -- and those are in the range of -- when you're looking at our current cost structure anywhere from 4% to 6% at this point. Obviously, we expect that hopefully to relax some more with prices being where they are.

是的，我們看到壓裂成本以及鑽井方面的固井和電纜成本都有所放鬆。所以，—當你查看我們目前的成本結構時，這些都在 4% 到 6% 的範圍內。顯然，我們希望在價格維持現狀的情況下，情況能夠進一步放鬆。

And so to complete the answer to your question, Jeff, right now, we've laid out a capital program selecting really the highest return opportunities we have in our portfolio, maximizing free cash flow. And so if we're fortunate enough to see continued reductions like we said in the first quarter, all our capital program came in at approximately 7% lower than what we had budgeted.

因此，傑夫，為了完整回答你的問題，現在，我們已經制定了一項資本計劃，選擇我們投資組合中真正具有的最高回報機會，最大化自由現金流。因此，如果我們夠幸運地看到像我們在第一季度所說的那樣持續削減，那麼我們所有的資本計劃將比我們的預算低約 7％。

If that trend continues, all of that will go to repaying debt. We won't take advantage of the lower cost to squeeze in another well or two. Right now -- we've also learned even though we have the ability to respond on a dime based on our drilling contracts, the contract strategies we have with our other operational services, there is a loss of efficiency when you're jacking your program, turn it on, turn it off. And so we try not to do that to the extent we can.

如果這種趨勢持續下去，所有這些都將用於償還債務。我們不會利用較低的成本再去打一兩口井。現在——我們也了解到，儘管我們有能力根據鑽井合約、我們與其他營運服務簽訂的合約策略立即做出反應，但當你啟動、啟動或關閉你的程式時，效率就會受到損失。因此，我們盡量不這樣做。

We did, as you can see, respond very quickly to the price changes that occurs here recently. We deferred the picking up of another rig that we were going to drill horizontal wells with -- as a result of all of this, and that led to the 50% reduction in our capital spending for the second quarter.

如您所見，我們確實對最近發生的價格變化做出了非常迅速的反應。由於上述所有因素，我們推遲了另一台用於鑽水平井的鑽機的採購，這導致我們第二季度的資本支出減少了 50%。

But again, going back to your question, no, in times like this or these, I should say, I think it's important to demonstrate to our shareholders, the true flexibility and strength of our strategy and our commitment to reducing debt.

但是，再次回到你的問題，不，在這樣的時刻，我應該說，我認為向我們的股東展示我們策略的真正靈活性和實力以及我們減少債務的承諾是很重要的。

We don't know whether we're going to be in an extended period of low prices. We could very easily -- I know we see a lot of volatility. And like I said, the amplitude is increasing and so is the frequency. So, we could see higher prices in a short period of time.

我們不知道我們是否會進入長期低價期。我們可以很容易地——我知道我們看到了很多波動。正如我所說的，振幅在增加，頻率也在增加。因此，我們可能會在短時間內看到價格上漲。

But because we don't have a crystal ball on that, we're going to take the conservative approach and emphasize the reduction of debt, strengthen the balance sheet and prepare ourselves to continue our strategy for growth.

但由於我們對此沒有水晶球，我們將採取保守的做法，強調減少債務，加強資產負債表，並為繼續實施成長策略做好準備。

Travis, I know there's a lot that goes into the black box that the banks used to come up with an RBL borrowing base. But can you talk about some of the moving parts with the asset base with the inclusion of the Lime Rock assets as you look to your next redetermination?

崔維斯，我知道銀行在製定 RBL 借款基礎時會使用很多黑盒子。但是，在您考慮下一次重新確定時，您能否談談包括 Lime Rock 資產在內的資產基礎的一些變動部分？

Sure. We're very excited about bringing the Lime Rock assets in for the next 3 year termination. If that is in process right now, it is the season for that and our assets and the low decline nature of them at the low cost really help us out when they're making them more bankable. So we've got good expectations and I think that everything should go just normal.

當然。我們非常高興在未來 3 年內引進 Lime Rock 資產。如果現在正在進行中，那麼現在正是進行這一過程的季節，我們的資產以及它們以低成本實現的低衰減特性確實在提高其銀行融資能力時對我們有所幫助。因此我們有良好的期望，我認為一切都會正常進行。

Yes. We're really early in that process right now, Jeff. So it's kind of hard to predict. But it kind of goes back to the strategy of selecting these shallow decline wells with high net interest and high margins, low operating costs. All these things lead to a much stronger portfolio much -- and like Travis said, a much more bankable portfolio. So we're early in the process. It's way too early to kind of predict how things are going to work out. But we're still very confident that it will turn out to be an average or typical redetermination process.

是的。傑夫，我們現在還處於這個過程的早期階段。所以有點難以預測。但它又回到了選擇這些具有高淨利息和高利潤、低營運成本的淺下降井的策略。所有這些都會使投資組合變得更加強大——就像特拉維斯所說的那樣，投資組合更加可靠。所以我們目前還處於這個過程的早期階段。現在預測事情將如何發展還為時過早。但我們仍然非常有信心，這將是一個平均的或典型的重新確定過程。

Paul, as you laid out your focus is on reducing debt with free cash flow. I'm wondering, is there anything in the credit facility that limits Rings ability to repurchase shares. In other words, do you have any kind of leverage test that you have to meet if you wanted to repurchase shares?

保羅，正如您所說，您的重點是透過自由現金流減少債務。我想知道，信貸安排中是否有任何內容限制了 Rings 回購股票的能力。換句話說，如果您想回購股票，是否需要滿足任何類型的槓桿測試？

Yes. So our leverage ratio has to be less than 2. And we also have to be within a certain percentage of our draw on the total credit pace. I believe that's 80%.

是的。所以我們的槓桿率一定小於2。而且我們還必須將總信用提取速度控制在一定比例以內。我認為這個比例是 80%。

80%. We also have the free cash flow bucket, available free cash flow for a trailing 12 months.

80%。我們也有自由現金流桶，就是過去 12 個月可用的自由現金流。

That's right. So it back. So they're very typical, I think, in terms of what's typically required of a company, nothing out of the usual.

這是正確的。所以它又回來了。所以我認為，就公司通常的要求而言，這些要求非常典型，沒有什麼特別之處。

Okay, thank you.

好的，謝謝。

(Operator Instructions)

（操作員指示）

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯 (Noel Parks)、圖伊兄弟 (Tuohy Brothers)。

Hi, good morning. Just -- I was just wondering if you could talk a little bit about just the state of activity on the platform and on the shelf. I'm just thinking about sort of the state of -- there's always kind of like an influx or an outflow of capital into various plays. And I'm just wondering sort of what the trend is now. We've seen -- it seems like we've seen more exits in consolidation than we've seen sort of money from new parties coming in. So I just wondering if you could sort of characterize what you're seeing.

嗨，早安。只是——我只是想知道您是否可以稍微談談平台和貨架上的活動狀況。我只是在思考這樣的狀態──總有資本流入或流出各種領域。我只是想知道現在的趨勢是什麼。我們已經看到——似乎我們看到的合併退出比新方進入的資金還要多。所以我只是想知道您是否可以描述一下您所看到的情況。

Yes, that’s a really good question. Its actually a complex question because we've seem things on both sides. So if you recall from last summer, Hilcorp made a big entry into the Central Basin platform with two very large acquisitions, both of which we were interested in, at least portions of those dispositions. And so they picked up Apache's position on the Central Basin platform. They also picked up Exxon Mobil's position on the platform. And they paid a very in my opinion, a very premium, a large point for that. And so they paid just as an example, they paid $950 million for the Apache assets.

是的，這是一個非常好的問題。這其實是一個複雜的問題，因為我們從兩方面來看問題。如果你還記得去年夏天，Hilcorp 透過兩次非常大的收購大舉進入中央盆地平台，我們對這兩次收購都很感興趣，至少對其中的一部分感興趣。因此他們佔據了阿帕契在中央盆地平台上的位置。他們也接替了埃克森美孚在該平台上的地位。在我看來，他們為此付出了非常高昂的代價，非常大的代價。舉個例子，他們為阿帕契資產支付了 9.5 億美元。

And so to us, we couldn't get to a value that high. And so that represented what I would like to think is a high watermark. So that demonstrates that -- and we've been predicting this for years, Noel, and you've been with us during this time period. We've been focused on the Center Basin platform because we believe there's a lot of overlooked conventional oil and gas assets there that can be explored with modern drilling and completion technologies like we are and generate really positive returns.

所以對我們來說，我們無法達到那麼高的價值。因此，我認為這代表了我想達到的最高水位。這表明——諾埃爾，我們多年來一直在預測這一點，而且在這段時間裡你也一直和我們在一起。我們一直專注於中心盆地平台，因為我們相信那裡有很多被忽視的常規石油和天然氣資產，可以像我們一樣利用現代鑽井和完井技術進行勘探，並產生真正的積極回報。

And so -- but because the rest of the industry was focused on the Delaware Basin and the Midland Basin, we felt that we had that fairway to ourselves. And we've been trying to take advantage of that. I mean I don't think we've hidden our desire and our quest to become the aggregator of the Central Basin platform and Northwest Shelf assets. We have demonstrated that we know those assets and how to operate those assets. We also demonstrated very successfully in low prices and high prices, but we know how to drill the wells and generate strong returns for our shareholders. So we're very focused there.

但由於其他行業都把注意力集中在特拉華盆地和米德蘭盆地，我們覺得我們擁有了那條航道。我們一直在努力利用這一點。我的意思是，我認為我們並沒有隱藏想要成為中央盆地平台和西北大陸架資產聚合者的願望和追求。我們已經證明我們了解這些資產以及如何運作這些資產。我們也在低價和高價中表現得非常成功，但我們知道如何鑽井並為股東創造豐厚的回報。所以我們非常關注這一點。

But having said that, in a low-price environment like this, I think you'll find a mix, because most people are not going to want to sell their assets in a low-price environment, because they're looking to achieve different goals or whatever. So unless the companies are in trouble or have a strategic need to get out of them, you may not see as many assets hit the market.

但話雖如此，在這樣的低價環境中，我認為你會發現一種混合情況，因為大多數人都不想在低價環境中出售他們的資產，因為他們想要實現不同的目標或其他什麼。因此，除非公司陷入困境或有擺脫困境的策略需求，否則你可能看不到那麼多資產進入市場。

Now that doesn't mean that we're going to give up. We're not going to continue to try. We think that the best time to actually make an acquisition is when prices are low, so it's all a function of finding the right assets. As you know, over the last four and a half, five years, we're very selective on the types of assets we acquired. We, in the past, have sold the assets that don't fit -- that are in our portfolio that don't fit our strategy, because we're constantly looking for ways to reduce our operating costs and maximize our margins.

這並不意味著我們要放棄。我們不會繼續嘗試。我們認為，實際進行收購的最佳時機是價格低的時候，因此這完全取決於找到合適的資產。如您所知，在過去四年半到五年裡，我們對收購的資產類型非常挑剔。過去，我們出售了不合適的資產——那些在我們的投資組合中不符合我們策略的資產，因為我們一直在尋找降低營運成本和最大化利潤率的方法。

We like the shallow declines. They all bring a lot of virtues. But I do believe, though, that although at one point, we thought we were alone out here, we're not alone anymore, because other people have seen the success we've had. And so we anticipate continued interest in assets in the Central Basin Platform. We'll have to get our elbows up to compete in that regard, but we will not overpay.

我們喜歡平緩的下降。他們都具有很多美德。但我確實相信，雖然我們一度認為自己是孤獨的，但我們不再孤單，因為其他人已經看到了我們所取得的成功。因此，我們預計人們對中央盆地平台的資產將繼續感興趣。我們必須竭盡全力才能在這方面競爭，但我們不會付出過高的代價。

But there is kind of a mix right now out there. We've seen larger private operators like Telco come in, in a large way. I'm not sure that they're done. I don't know anything about that company's desire to move forward. But we still like the area, and we'll continue to compete there.

但現在的情況有點混亂。我們已經看到像 Telco 這樣的大型私人營運商大規模進入。我不確定他們是否已經完成了。我對該公司未來的發展意願一無所知。但我們仍然喜歡這個地區，我們將繼續在那裡競爭。

In addition, though to the M&A market because we are predicting that the industry is going to turn more towards areas like the Central Basin Platform because the entry costs are a lot lower than they are in the Midland and the Delaware Basin. We decided to expand and increase the capability of our Geoscience department led by James Parr, where we are focusing on organic growth in the same area.

此外，對於併購市場，我們預測該行業將更多地轉向中央盆地平台等地區，因為進入成本比米德蘭和特拉華盆地低得多。我們決定擴大並提高由詹姆斯·帕爾 (James Parr) 領導的地球科學部門的能力，我們專注於同一領域的有機成長。

So we're mapping all aspects of the Central Basin Platform, the Southern part of the shelf. We’re identifying remain opportunities that compete and can compete with our portfolio. We're seeing whether or not those operators value those assets the same way we do, whether they're investing in those assets the same way we are. And if there are acquisition opportunities, we're knocking on doors. We're trying to negotiate things and try to prevent those assets from actually hitting the street.

因此，我們正在繪製中央盆地平台、大陸架南部的各個方面。我們正在尋找與我們的投資組合競爭以及能夠與之競爭的剩餘機會。我們正在觀察這些業者是否像我們一樣重視這些資產，是否像我們一樣投資這些資產。如果有收購機會，我們就會主動尋找。我們正在努力協商並試圖阻止這些資產流入街頭。

So that's another component of our go-forward strategy. But again, going back to your question, Noel, yes, there's a mixed bag right now of interest in the Central Basin Platform. But I believe as time goes on, you're going to see an increased interest in the Central Basin Platform.

這是我們未來策略的另一個組成部分。但是，諾埃爾，回到你的問題，是的，目前人們對中央盆地平台的興趣褒貶不一。但我相信隨著時間的推移，你會看到人們對中央盆地平台的興趣日益濃厚。

Great. I think what I was really interested in -- I was thinking about, I guess, it's about 10 years back when the first work was quietly being done on horizontals to the San Andres, which sort of seemed impractical for a long time. And I just started thinking about whatever the next wave of new resource potential might be alternative horizons or just step out that hadn't been tried.

偉大的。我認為我真正感興趣的是——我想，大約 10 年前，人們在聖安德烈斯河的水平線上悄悄地開展了第一項工作，這在很長一段時間內似乎是不切實際的。我開始思考下一波新的資源潛力可能是替代視野，或是尚未嘗試的領域。

But the area is so vast that it seems that to get critical mass, it's ideal if you do have a good bit of investment going on. And -- but to your point, it sounds like there is at least awareness coming into the basin? And I guess then the assumption is that capital would follow to help a bunch of companies prove up whatever next might be done?

但該地區面積如此廣闊，似乎要達到臨界規模，最好進行大量的投資。而且──但就你的觀點而言，聽起來至少人們已經意識到了盆地的存在？那我猜想，資本將會隨之而來，幫助一群公司證明下一步該做什麼？

Absolutely. And you've been studying this air to a long time, so your insights are right on. And that also -- your insights really highlight some of the other benefits that we really haven't talked a lot about with respect to Lime Rock acquisition. So we spent a lot of time talking about the synergies associated with combining operations up there in the Shafter Lake area. But the acreage that we have in the South truly does expose us to some of the newer emerging plays like the Barnett and the Woodford and these zones have extreme interest by other operators.

絕對地。而且您已經研究這個空氣很長時間了，所以您的見解是正確的。而且，您的見解確實凸顯了我們在 Lime Rock 收購方面還沒有談論過的一些其他好處。因此，我們花了很多時間討論在沙夫特湖地區合併業務所帶來的綜效。但我們在南部擁有的土地確實讓我們接觸到一些新興油田，如巴奈特和伍德福德，這些區域受到其他業者的極大興趣。

And so our analysis right now suggests that they're not quite as competitive as the investments we have been making, but we know in a slightly higher oil price that they will be competitive and they will generate the types of returns that our shareholders expect from us. And we like the idea and the aspect of being exposed to some of these new plays.

因此，我們目前的分析表明，它們的競爭力不如我們一直以來的投資，但我們知道，在油價略高的情況下，它們將具有競爭力，並將產生股東期望的回報。我們喜歡這個想法以及接觸這些新劇的感受。

The other thing that you can go back and look at is that in the South, where we made the two acquisitions, a strong hold acquisition and also the Founders acquisition. Those areas are predominantly conventional vertical wells where we apply the unconventional completion technology, where you per frac and plug all the various different stack zones, you bring them all on vertical sense and you generate really strong returns. As you also know, our founders assets have really outperformed our original estimates.

您可以回顧的另一件事是，在南方，我們進行了兩次收購，一次是 Strong Hold 收購，另一次是 Founders 收購。這些區域主要是常規垂直井，我們在這些區域應用非常規完井技術，對各種不同的堆疊區域進行壓裂和堵塞，將它們全部置於垂直方向上，從而獲得非常豐厚的回報。如您所知，我們的創辦人資產確實超出了我們最初的估計。

We're currently looking at the application of horizontal drilling technology in those very same areas. So instead of developing them with inexpensive verticals, we can go with fewer wells, but longer laterals and higher capital efficiency and that there's a little bit of risk associated with that, but other operators are already pioneering some of these changes.

我們目前正在研究水平鑽井技術在這些地區的應用。因此，我們不必使用廉價的垂直井來開發它們，而是可以使用更少的井，但更長的水平井和更高的資本效率，並且這樣做會帶來一些風險，但其他運營商已經在率先進行其中一些變革。

We're looking at that. And so the potential on our acreage in the south is also appealing in the very same zones that we're also looking at -- that we're currently looking at from a vertical perspective. And so that also lends right into. We love this area. There are other operators that are not as active. They haven't been allocating capital.

我們正在研究這個。因此，我們在南部的土地的潛力也具有吸引力，我們也從垂直角度關注這些區域。因此這也有助於。我們喜歡這個地區。還有一些不那麼活躍的運營商。他們還沒有分配資本。

They don't understand perhaps these opportunities as well as we do. And so we're very active in terms of trying to take advantage of our footprint down there and expand our growth through organic means and the acquisitions that we made, both the Stronghold and the founders have demonstrated more drilling opportunities and more opportunities to add reserves than what we used originally when we made those investments.

他們或許不像我們一樣了解這些機會。因此，我們非常積極地嘗試利用我們在那裡的足跡，並透過有機方式和我們所做的收購來擴大我們的成長，Stronghold 和創辦人都展示了比我們最初進行這些投資時更多的鑽探機會和更多的增加儲備的機會。

Great. And just sort of my last sort just wrap up the line of thinking is, so it's probably difficult to characterize because again, such a vast area. But in general, what's the land situation like there in terms of legacy production held by production? Maybe talking about to the South, in particular, shallow rights versus deep rights? Is -- if you identified something that you -- a trend you thought was going to be successful, is that going to be a steep climb to put together a position or not so difficult, do you think?

偉大的。我最後想總結一下思路，這可能很難描述，因為區域如此廣闊。但整體來說，那裡遺留的生產性生產土地狀況如何？也許特別談論南方的淺層權利與深層權利？如果您發現了某種趨勢，並且您認為這種趨勢將會成功，那麼您認為，確立職位是否將會非常困難，還是說不會那麼困難？

Well, it's always difficult nothing comes easy in this regard. And so I don't know if anybody else has anything you want to chime in on that.

嗯，在這方面總是很困難，沒有什麼是容易的。我不知道是否有其他人想就此發表意見。

I'd like to chime in. This is James. Obviously, the held by production shallow is pretty well established. But with companies focusing, as Paul mentioned, on the Midland and Delaware basins and going after the shale plays, which have been the flavor of the month for the last, say, 10 years, a lot of the deeper horizons, which are being proved up and tested by other companies, they closed out and they are available.

我也想加入一下。這是詹姆斯。顯然，生產淺薄所持有的觀點已經相當成熟。但正如保羅所提到的那樣，隨著各公司將注意力集中在米德蘭和特拉華盆地以及頁岩氣儲量上，而這些頁岩氣儲量在過去的 10 年裡一直是人們關注的焦點，許多更深的油氣儲量地層已被其他公司探明和測試過，這些公司已經關閉了這些油氣儲量地層，這些油氣儲量地層可供開採。

Now the complexity then gets into doing the lease checks and the ownership to see what is available. So as Paul said, nothing comes easy. But knowing the area and being active in it, we're able to chase down and we've got our land department looking at opportunities, which if in our initial test of these plays prove attractive.

現在，複雜的是進行租賃檢查和所有權檢查，以了解可用的內容。正如保羅所說，沒有什麼是容易的。但是，透過了解該地區並在其中積極活動，我們能夠追趕，並且我們的土地部門也在尋找機會，如果在我們對這些遊戲的初步測試中證明這些機會具有吸引力。

How do we grow our position? As Paul said, there are different levers of growing, one of which is buying assets and the rights that come with the acquisition and the leasing. And we're employing all strategies to grow the company cost effectively to change those.

我們如何提升我們的地位？正如保羅所說，成長有不同的槓桿，其中之一就是購買資產以及收購和租賃帶來的權利。我們正在採取一切策略以成本有效的方式促進公司發展，以改變這種狀況。

And along that point, James, in addition, the acquisitions of many of our assets that we've put into our portfolio are older vintage leases. And so these older vintage leases don't include those few causes. They also come with higher netbacks. And so in many cases, in some areas, we actually had really high percentages, over 90% ownership in natural gas and even over 90% ownership or 85% ownership, 88% ownership in the oil rights. And so that's -- and then on those older leases, which the Central Basin Platform is really known for because it's a very old and mature development area, that provides the opportunity, both shallow and deep.

詹姆斯，此外，我們投資組合中收購的許多資產都是較舊的租賃。因此，這些較舊的租賃合約並不包括上述幾個原因。它們的淨回報也更高。因此，在許多情況下，在某些地區，我們實際上擁有非常高的比例，天然氣所有權超過 90%，石油權所有權甚至超過 90% 或 85% 或 88%。這就是——然後在那些較舊的租約上，中央盆地平台之所以出名是因為它是一個非常古老和成熟的開發區，它提供了淺層和深層的機會。

Now I will also say it kind of goes back to what James is saying, there are areas that we believe some of these overlooked opportunities, we know that they fall outside of areas that had been previously developed-- wells were drilled, but because they were not economic at a time, they were drilled because of the technology and all of that, those acreage positions are oftentimes left unleased.

現在我還要說的是，這有點回到詹姆斯所說的，我們認為有些地區存在一些被忽視的機會，我們知道它們不在以前開發過的地區——雖然鑽了井，但因為當時不經濟，因為技術原因才鑽井，所有這些，這些土地常常處於閒置狀態。

And so we -- that goes back to extensively mapping, understanding the Central Basin Platform, this other part of the shelf identifying from logs, rock that looks a lot like the rock that we're very successfully and economically developing. And then when we identify those opportunities, we're out leasing.

因此，我們 — — 這又回到了廣泛的測繪工作，了解中央盆地平台，從日誌中識別出大陸架的另一部分，這些岩石看起來很像我們正在非常成功和經濟地開發的岩石。當我們發現這些機會時，我們就會進行租賃。

And so leasing is at price -- at times where prices are like they are today, most people tend to cut back on their leasing, and we are prioritizing, but we're not going to shut down our leasing program because we've identified opportunities and we've got an active program trying to acquire those opportunities to move from a small to medium term inventory to more of a longer term. It's very clear that the marketplace rewards those companies that had the 10 and 15 and 20-year inventory lives. And here we are with a -- essentially a five-year inventory life and we'd love to have that 10, 15 or 20-year inventory life.

因此，租賃是有價格的——在今天這樣的價格水平下，大多數人傾向於減少租賃，而我們正在優先考慮，但我們不會關閉我們的租賃計劃，因為我們已經發現了機會，而且我們有一個積極的計劃，試圖抓住這些機會，從中短期庫存轉向更長期的庫存。很明顯，市場會獎勵那些庫存壽命 10 年、15 年或 20 年的公司。我們現在的庫存壽命基本上是五年，我們希望庫存壽命能達到 10 年、15 年或 20 年。

And so the way you do that is all means possible through A&D when you have a balance sheet and the capability to do it and you find somebody that's willing to sell the assets or something you're willing to pay. The other one is organically leasing and doing it in the traditional fashion way.

因此，當您擁有資產負債表和執行能力，並且找到願意出售資產或您願意支付的東西的人時，您可以透過 A&D 來實現所有可能。另一種是有機租賃，以傳統方式進行。

Great, thanks a lot. Really interesting.

太好了，非常感謝。真有趣。

There are no further questions at this time. I would like to turn the conference back over to Paul McKinney, Chairman and CEO, for any closing remarks.

目前沒有其他問題。我想將會議交還給董事長兼執行長保羅‧麥金尼 (Paul McKinney)，請他致閉幕詞。

Thank you. On behalf of the entire team and Board of Directors, I want to once again thank everyone for listening and participating in today's call. We are pleased to have posted solid operational and financial results for the first quarter of 2025, and our outlook for the remainder of the year remains solid despite the current price environment. We will continue to keep everyone apprised of our progress. And thank you again for your interest in Ring Energy. Have a great day

謝謝。我謹代表整個團隊和董事會再次感謝大家聆聽和參加今天的電話會議。我們很高興地公佈了 2025 年第一季穩健的營運和財務業績，儘管當前價格環境不佳，但我們對今年剩餘時間的前景仍然穩健。我們將繼續向大家通報我們的進展。再次感謝您對 Ring Energy 的關注。祝你有美好的一天

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。