Riley Exploration Permian Inc (REPX) 2025 Q4 法說會逐字稿

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Riley Exploration Permian Inc. fourth quarter and full year 2025 earnings release and conference call. (Operator Instructions)

您好，感謝您的耐心等待。我叫雷吉娜，今天我將擔任你們的會議接線生。在此，我謹代表 Riley Exploration Permian Inc. 歡迎各位參加 2025 年第四季及全年收益發布會暨電話會議。（操作說明）

I would now like to turn the conference over to Philip Riley, Chief Financial Officer. Please go ahead.

現在我將把會議交給財務長菲利普·萊利先生。請繼續。

Good morning. Welcome to our conference call covering our fourth quarter 2025 and full year 2025 results. I'm Philip Riley, CFO. Joining me today are Bobby Riley, Chairman and CEO; and John Suter, COO.

早安.歡迎參加我們的電話會議，本次會議將介紹我們 2025 年第四季和 2025 年全年業績。我是財務長菲利普·萊利。今天與我一同出席的有董事長兼執行長鮑比·萊利和首席營運長約翰·蘇特。

Yesterday, we published a variety of materials, which can be found on our website under the Investors section. These materials in today's conference call contain certain projections and other forward-looking statements within the meaning of the federal securities laws. These statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in these statements. We'll also reference certain non-GAAP measures. The reconciliations to the appropriate GAAP measures can be found in our supplemental disclosure on our website.

昨天，我們發布了一系列資料，可以在我們網站的「投資者」欄位下找到。今天電話會議中的這些資料包含聯邦證券法意義上的某些預測和其他前瞻性陳述。這些聲明存在風險和不確定性，可能導致實際結果與這些聲明中明示或暗示的結果有重大差異。我們也會參考一些非GAAP指標。有關與相應 GAAP 指標的調節表，請參閱我們網站上的補充揭露文件。

I'll now turn the call over to Bobby.

現在我將把電話交給鮑比。

Thank you, Philip. 2025 was a transformation year for Riley Permian, and we look forward to discussing our fourth quarter results and our 2026 plan this morning. Over the course of the year, we made significant progress across several strategic initiatives, positioning us for long-term value creation. Through our Silverback acquisition, which closed in July, we enhanced depth and duration of our undeveloped inventory in our portfolio. Combined with our previous acquisitions in New Mexico and our legacy Champions position, we have 7 to 8 years of high cash-on-cash return undeveloped inventory.

謝謝你，菲利普。 2025年是Riley Permian的轉型之年，我們期待今天上午與大家討論第四季業績和2026年計畫。在過去一年中，我們在多項策略性舉措中取得了重大進展，為創造長期價值奠定了基礎。透過我們在 7 月完成的對 Silverback 的收購，我們增強了投資組合中未開發庫存的深度和持續時間。結合我們先前在新墨西哥州的收購以及我們原有的冠軍地位，我們擁有 7 到 8 年高現金回報率的未開發庫存。

In December, we sold our interest in our New Mexico Midstream project to Targa, a best-in-class Fortune 500 midstream infrastructure company with a premier integrated asset network for $123 million in cash plus $60 million in future potential earnouts. The project will provide flow assurance for our New Mexico gas production and enable us more robust development of our New Mexico assets as originally intended. This transaction eliminates all liabilities and future construction costs associated with the project, allowing us to focus more capital into the drill bit and less into infrastructure. The project is underway, and Targa expects the project to be operational in the second half of 2026.

去年 12 月，我們將我們在新墨西哥州中游項目的權益出售給了 Targa，這是一家世界一流的財富 500 強中游基礎設施公司，擁有頂級的綜合資產網絡，交易金額為 1.23 億美元現金，外加未來潛在的 6000 萬美元收益。該項目將為我們在新墨西哥州的天然氣生產提供生產保障，並使我們能夠按照最初的計劃更穩健地開發我們在新墨西哥州的資產。這項交易消除了與該項目相關的所有負債和未來建設成本，使我們能夠將更多資金投入鑽探，減少基礎設施建設。該項目正在進行中，Targa 預計該項目將於 2026 年下半年投入營運。

We reduced our debt by $120 million during the fourth quarter, reinforcing our financial flexibility and positioning the company to accelerate development in 2026. The disciplined groundwork laid in 2025, portfolio expansion, infrastructure build-out and balance sheet improvement sets the stage for more active and value-enhancing development program in 2026 and the years ahead.

我們在第四季減少了 1.2 億美元的債務，增強了財務靈活性，使公司能夠在 2026 年加速發展。2025 年奠定的嚴謹基礎、投資組合擴張、基礎建設和資產負債表改善，為 2026 年及以後幾年更積極、更有價值的發展計畫奠定了基礎。

We authorized a stock repurchase program of up to $100 million of currently outstanding shares of the company's common stock and began repurchasing outstanding shares in January of this year. We repurchased approximately 152,000 shares at a weighted average price of $26.54. The decision for accelerated growth is not in response to the recent increase in oil price levels, but rather the results of Riley Permian's multiyear positioning and our long-term view on value creation.

我們批准了一項股票回購計劃，回購公司目前流通在外的普通股，金額最高可達 1 億美元，並於今年 1 月開始回購流通在外的股票。我們以每股 26.54 美元的加權平均價格回購了約 152,000 股股票。加速成長的決定並非是對近期油價上漲的回應，而是 Riley Permian 多年來戰略佈局和我們對價值創造的長期願景的結果。

For 2026, we forecast over 20% year-over-year oil volume growth. While we are excited about this growth potential, we will remain flexible and ready to moderate activity and spend appropriately should the oil price environment deteriorate.

我們預測，到 2026 年，石油產量將年增超過 20%。雖然我們對這一成長潛力感到興奮，但如果油價環境惡化，我們將保持靈活，並隨時準備適當調整業務活動和支出。

I would like to thank our entire team for the success and transformation we realized in 2025. We're positioned for an exciting 2026 and beyond, thanks to our strong financial position and asset base.

我要感謝我們整個團隊，感謝他們為我們在 2025 年的成功和轉型所做的貢獻。憑藉我們強大的財務狀況和資產基礎，我們已為令人振奮的 2026 年及以後的發展做好了充分準備。

With that, I'll turn the call over to John Suter, our COO, for operational highlights, followed by Philip Riley, our CFO, who will review financial performance.

接下來，我將把電話轉交給我們的營運長約翰·蘇特，讓他介紹營運亮點；然後由我們的財務長菲利普·萊利，他將回顧財務表現。

Thank you, Bobby, and good morning. I'll briefly cover fourth quarter and full year results, followed by 2026 development plans. Beginning with the fourth quarter, our development activity was focused in Texas. Activity levels matched the ranges we provided in guidance with more drilling and completions than new wells turned to sales.

謝謝你，鮑比，早安。我將簡要介紹第四季和全年業績，然後介紹 2026 年發展計畫。從第四季度開始，我們的開發活動重點放在了德克薩斯州。活動水準與我們提供的指導範圍相符，鑽井和完井數量多於新井銷售數量。

Wells drilled but not turned to sales during the fourth quarter should come online over the first and second quarters of 2026. Oil production increased by more than 1,700 barrels oil per day or 9% quarter-over-quarter. This was primarily from improving volumes from the new wells brought online earlier in 2025 that continued to increase as well as from the 3 new wells turned to sales during the fourth quarter. Comparing the fourth quarter of 2025 to 2024, oil production increased by 26%.

第四季鑽探但尚未投入銷售的油井應於 2026 年第一季及第二季陸續投產。石油日產量較上季增加超過 1700 桶，增幅達 9%。這主要得益於 2025 年初投產的新井產量持續成長，以及第四季 3 口新井投入銷售。與 2024 年第四季相比，2025 年第四季石油產量增加了 26%。

As for the full year 2025, I'd like to begin by highlighting another year of excellence in safety here at Riley Permian. We achieved a total recordable incident rate of 0 in 2025. We also achieved 95% safe days, a metric requiring no recordable incidents, vehicle accidents or spills over 10 barrels. Full year oil production increased by 15% year-over-year, while total equivalent production increased by 29%. The overwhelming majority of our full year production increase was from pre-2025 development with modest contributions from 2025 new wells and smaller contributions from the Silverback acquisition for the second half of the year, including the benefits of workover volumes as discussed last quarter.

展望 2025 年全年，我想先強調 Riley Permian 在安全方面又取得了卓越的成績。我們預計到 2025 年，總可記錄事故率為 0。我們還實現了 95% 的安全日，該指標要求沒有可記錄的事故、車輛事故或超過 10 桶的洩漏。全年石油產量年增 15%，而總當量產量較去年同期成長 29%。全年產量成長的絕大部分來自 2025 年前的開發，2025 年新井的貢獻較小，下半年 Silverback 收購的貢獻也較小，包括上季度討論過的修井量帶來的好處。

Full year development activity counts were relatively modest compared to 2024 levels as we reduced activity midyear last year following the oil price decline and our Silverback acquisition. In total, we drilled 18 net wells in 2025 or 28% fewer than in 2024 and turned to sales 16.3 net wells or 23% fewer than in 2024.

與 2024 年的水平相比，全年開發活動數量相對較少，因為去年年中由於油價下跌和我們收購了 Silverback，我們減少了活動。2025 年，我們總共鑽探了 18 口淨井，比 2024 年減少了 28%；其中 16.3 口淨井投入銷售，比 2024 年減少了 23%。

I highlight these metrics for a couple of reasons. First, we achieved impressive organic volume growth with relatively limited activity. This is a testament to our high-quality drilling portfolio. Volumes from the acquisition accounted for only 8% of total annual volumes. Second, this reinforces what Bobby discussed on framing our 2026 plans for significant increased activity relative to the lower activity in 2025 and readiness positioning with midstream and water takeaway projects.

我重點介紹這些指標有兩個原因。首先，我們在相對有限的業務活動下實現了令人矚目的有機銷售成長。這充分證明了我們高品質的鑽井專案組合。此次收購帶來的銷售量僅佔全年總銷量的 8%。其次，這強化了鮑比所討論的關於製定我們 2026 年計劃的內容，即相對於 2025 年較低的活動量，大幅增加活動量，並做好中游和取水項目的準備。

In Texas, we essentially held over 11,000 barrels of oil per day of oil production flat year-over-year with only 10 net wells turned to sales, again, demonstrating the productivity and efficiency of our wells. In New Mexico, production has been more consistent and reliable. Since commissioning the expansion of the compressor station in December, we've been able to send more gas to the high-pressure system, increasing uptime and unburdening the low-pressure system by which the remainder of our gas is gathered.

在德州，我們基本上保持了每天 11,000 桶以上的石油產量與去年同期持平，只有 10 口淨井投入銷售，再次證明了我們油井的生產力和效率。新墨西哥州的生產一直更加穩定可靠。自 12 月壓縮站擴建工程投入使用以來，我們能夠向高壓系統輸送更多天然氣，從而提高正常運作時間，並減輕收集剩餘天然氣的低壓系統的負擔。

Overall, New Mexico oil production grew by 74% or over 2,500 barrels oil per day year-over-year, benefiting from just 6.3 net wells turned to sales and from the Silverback volumes. New Mexico represents a growing share of our total company oil production from 23% of the total in 2024 to 34% in 2025. That trend will continue into 2026 and beyond.

總體而言，新墨西哥州的石油產量年增了 74%，即每天超過 2500 桶石油，這得益於僅有 6.3 口淨井投入銷售以及 Silverback 油田的產量。新墨西哥州在我們公司石油總產量中所佔的比例越來越大，從 2024 年的 23% 增加到 2025 年的 34%。這一趨勢將持續到2026年及以後。

The Silverback acquisition continues to surpass by base expectations producing at a 65% higher oil rate at year-end than anticipated. This is primarily due to strategic workovers, including wellbore cleanouts, artificial lift optimization and return to production operations. As for drilling and completion operations, we're down 25% in cost per lateral foot in Red Lake year-over-year. Similar results were achieved in Texas with a 15% cost reduction per lateral foot in 2025. Both achievements were driven primarily by a focus on pad drilling, an increase in time spent drilling and completion optimization.

Silverback 的收購持續超出預期，年底石油產量比預期高出 65%。這主要是由於策略性修井作業，包括井筒清理、人工舉升優化和恢復生產作業。至於鑽井和完井作業，紅湖每英尺水平井段的成本較去年同期下降了 25%。德州也取得了類似的成果，到 2025 年，每英尺橫向移動的成本降低了 15%。這兩項成就主要得益於對井場鑽井的重視、鑽井時間的增加以及完井優化。

It should be noted that while completion optimization helped on the cost reduction side, we're also seeing it result in an increase in productivity in both our Texas and New Mexico wells with both sets of wells generally beating internal forecasts. We're also optimistic about future optimization that could further drive costs down, including increasing completed lateral length and testing new completion methodology in New Mexico.

值得注意的是，雖然完井優化有助於降低成本，但我們也看到它提高了我們在德克薩斯州和新墨西哥州兩處油井的產量，這兩處油井的產量普遍超過了內部預測。我們也對未來可能進一步降低成本的最佳化措施持樂觀態度，包括增加已完成的水平井長度，以及在新墨西哥州測試新的完井方法。

Let's now discuss our plans for 2026. Our current plans call for significant increases in activity and volume with activity and spending being more concentrated during the first half of the year, while volumes may grow each successive quarter. On a full year basis, we're essentially running slightly more than an equivalent continuous 1-rig program. In actuality, we have 2 rigs running for approximately 3 months through May, back down to 1 rig for the summer, down to 0 potentially for the fall before picking 1 up again later in the year.

現在讓我們來討論一下2026年的計畫。我們目前的計劃是大幅增加業務活動和交易量，業務活動和支出將更加集中在上半年，而交易量可能會在接下來的每個季度增長。從全年來看，我們實際上運行的作業量略高於一個同等規模的連續單鑽機作業項目。實際上，我們有 2 台鑽機運行大約 3 個月，一直持續到 5 月，夏季減少到 1 台鑽機，秋季可能減少到 0 台，然後在今年晚些時候再次增加 1 台鑽機。

We picked up a second drilling rig last month that began drilling in New Mexico to complement the rig already running in Texas that was put in service October of last year. This 2-rig program allows us the ability to continue to grow our Texas production base while also setting the stage for more New Mexico asset development when the long-haul high-pressure line to Targa is completed in Q3.

上個月我們購買了第二台鑽孔機，該鑽機已在新墨西哥州開始鑽探作業，以補充去年 10 月在德州投入使用的鑽孔機。這項雙鑽井平台計劃使我們能夠繼續擴大我們在德克薩斯州的生產基地，同時為在第三季度完成通往塔爾加的長途高壓輸油管道建設後，進一步開發新墨西哥州的資產奠定基礎。

We'll begin to build volumes, striving to meet our volume commitment payouts as per the terms of the sale of the midstream asset in Q4 2025. Both rigs have relatively short contract terms, allowing us to be flexible in the event market conditions change rapidly. We currently forecast drilling 46 to 53 gross wells, which may correspond to approximately 37 to 43 on a net basis. Net completions and wells turned to sales may be slightly higher as we have a small inventory of DUCs to draw from, as I referenced during my commentary on fourth quarter activity.

我們將開始擴大產量，並努力在 2025 年第四季按照中游資產出售條款履行我們的產量承諾付款。這兩個鑽井平台的合約期限都相對較短，這使我們能夠在市場條件快速變化時保持靈活性。我們目前預測將鑽探 46 至 53 口總井，以淨井數計算可能約為 37 至 43 口。正如我在第四季度活動的評論中所提到的，由於我們有少量未完工油井 (DUC) 可供利用，淨完井量和轉為銷售的油井數量可能會略高一些。

New wells turned to sales will focus in Texas during the first half of the year and transition to New Mexico for the second half. This is predicated on New Mexico gas infrastructure being completed and ready by that time, as Bobby described. Additionally, we've been working with partners to secure sufficient water disposal for this development plan. This will increase operating expenses, which we see impacted later in the year, while we're also tackling initiatives elsewhere to offset this increase.

今年上半年，新油井的銷售將集中在德州，下半年將轉移到新墨西哥州。正如鮑比所描述的那樣，這前提是新墨西哥州的天然氣基礎設施屆時已經完工並準備就緒。此外，我們一直在與合作夥伴共同努力，確保該開發計劃具有足夠的水處理能力。這將增加營運支出，我們預計這將在今年稍後受到影響，同時我們也正在其他方面採取措施來抵消這一成長。

Philip, I'll now turn the call back to you.

菲利普，現在我把電話轉回給你。

Thank you, John. I'll also cover both fourth quarter and full year 2025 results with a few additional notes on 2026 guidance. The company's financial results for the fourth quarter were favorable to all guidance levels. Fourth quarter prices after hedges were lower quarter-over-quarter across all three commodities, though total hedge revenue decreased by only $3.8 million or 3% quarter-over-quarter, benefiting from $8 million of positive hedge settlements. We experienced negative natural gas and NGL revenues after basis and fees. Like many other Permian operators who have reported this earnings cycle, pipeline maintenance constrained Permian gas egress and pressured Waha pricing during the quarter. We're monitoring the regional infrastructure build-out, which is forecast to improve by next year, absent delays.

謝謝你，約翰。我也會介紹 2025 年第四季和全年業績，並對 2026 年的業績展望做一些補充說明。該公司第四季的財務業績優於所有預期水準。第四季對沖後所有三種商品的價格環比下降，但總對沖收入環比僅下降 380 萬美元或 3%，這得益於 800 萬美元的正面對沖結算。扣除成本和費用後，我們的天然氣和液化天然氣收入為負值。與許多其他公佈本季財報的二疊紀盆地營運商一樣，管道維護限制了二疊紀盆地天然氣的輸送，並在本季對瓦哈天然氣價格造成了壓力。我們正在密切關注區域基礎設施建設情況，預計明年在沒有延誤的情況下情況會有所改善。

We have a material amount of Waha basis hedged next year at minus $1 to Henry Hub, which combined with higher index pricing and higher forecasted volumes has the potential to translate to material positive revenue starting in 2027. Core cash operating costs being LOE, production taxes and G&A before stock compensation decreased in total by 13% quarter-over-quarter. LOE also decreased by 13% quarter-over-quarter or by 21% on a dollar per BOE basis, with cost savings across many categories. Workover expenses were the largest contributor coming off the third quarter with higher workover activity immediately following Silverback closing.

明年我們已對大量 Waha 基差進行對沖，對沖價格為 -1 美元，對沖至 Henry Hub。再加上更高的指數定價和更高的預測交易量，從 2027 年開始，這有可能轉化為實質的正收入。核心現金營運成本（包括營運支出、生產稅及一般及行政費用，不包括股票補償）較上月下降 13%。LOE 也環比下降了 13%，以每桶油當量美元計算下降了 21%，許多類別的成本都得到了節省。第三季度，修井費用是最大的貢獻因素，Silverback 倒閉後，修井活動立即增加。

We hope to continue realizing some aspects of the cost savings, while other aspects were unique to the quarter and may not recur going forward. G&A before stock compensation decreased by 20% and G&A inclusive of stock compensation decreased by 18%, partly on account of coming off of an unusually high third quarter. A few items caused third quarter G&A to be materially higher, including the impact of a transition services agreement with Silverback immediately following the close, which was completed by the fourth quarter. Net income increased by $69 million quarter-over-quarter, benefiting from nonrecurring items such as the $72 million gain from the midstream sale and from $20 million of higher hedging gains, which were mostly noncash and partially offset by $16 million of higher income tax expense due to the midstream sale gain.

我們希望繼續實現某些方面的成本節約，而其他方面則是本季特有的，未來可能不會再出現。扣除股票補償前的 G&A 費用下降了 20%，扣除股票補償後的 G&A 費用下降了 18%，部分原因是第三季異常高。第三季一般及行政費用大幅增加，部分原因是與 Silverback 達成的過渡服務協議的影響，該協議在交易完成後立即生效，並在第四季度完成。淨收入環比增長 6,900 萬美元，受益於非經常性項目，例如中游業務出售帶來的 7,200 萬美元收益和 2,000 萬美元更高的對沖收益，這些收益大多為非現金收益，部分被中游業務出售收益導致的 1,600 萬美元更高的所得稅支出所抵消。

Adjusted EBITDAX increased 3% quarter-over-quarter to $66 million as $5.8 million of lower costs more than offset lower hedge revenue, increasing margin from 59% to 63%. Cash flow from operations increased 2% quarter-over-quarter. Accrual capital expenditures for the quarter were $50 million compared to $18 million in the third quarter. The CapEx increase represented a return to more normalized upstream activity compared to an exceptionally low level in the third quarter and an increase in midstream capital spend, which was ultimately reimbursed with the midstream sale. In aggregate, capital expenditures were at the low end of our fourth quarter guidance range, primarily due to a few new drills and smaller infrastructure projects that were deferred to 2026.

經調整的 EBITDAX 環比增長 3% 至 6,600 萬美元，其中 580 萬美元的成本降低超過了對沖收入的降低，利潤率從 59% 提高到 63%。經營活動產生的現金流量較上季成長2%。本季應計資本支出為 5,000 萬美元，而第三季為 1,800 萬美元。資本支出增加表明上游業務活動已恢復正常，與第三季度異常低的水平相比有所改善；同時，中游業務的資本支出也有所增加，最終透過中游業務的出售得到了補償。總體而言，資本支出處於我們第四季度指導範圍的低端，這主要是由於一些新的鑽井項目和較小的基礎設施項目推遲到 2026 年。

We converted 27% of operating cash flow to $17 million of upstream free cash flow and $1 million of total free cash flow. Note, the proceeds of the midstream sale do not flow through total free cash flow, while the CapEx does reduce free cash flow. I'll point out again that the midstream CapEx was reimbursed as part of the sale, so the free cash flow metric has a bit lower utility this quarter.

我們將 27% 的營運現金流轉化為 1,700 萬美元的上游自由現金流和 100 萬美元的總自由現金流。請注意，中游銷售所得不會計入總自由現金流，而資本支出會減少自由現金流。我再次指出，中游資本支出已作為銷售的一部分得到補償，因此本季自由現金流指標的效用略低。

Debt decreased by $120 million quarter-over-quarter due to proceeds from the midstream sale, resulting in a fourth quarter 2025 balance of $255 million. As of 12/31, our credit facility was 28% utilized based on a $400 million borrowing base. Trailing debt-to-EBITDAX leverage was 1.0 times on an as-reported EBITDAX basis or 0.9x on a pro forma basis, including first half 2025 Silverback EBITDAX.

由於中游資產出售所得，債務環比減少了 1.2 億美元，導致 2025 年第四季餘額為 2.55 億美元。截至 12 月 31 日，我們的信用額度使用率為 28%，借款基數為 4 億美元。以報告的 EBITDAX 計算，債務與 EBITDAX 比率為 1.0 倍；以備考計算，包括 2025 年上半年 Silverback EBITDAX，該比率為 0.9 倍。

On a full year basis, adjusted EBITDAX and upstream free cash flow decreased by only 8% year-over-year despite 15% lower oil prices. Total free cash flow was 31% lower year-over-year, driven by lower prices and higher midstream spend, which, of course, is nonrecurring. We allocated 41% of total free cash flow to dividends, up from 26% in 2024 as dividends increased and free cash flow declined. We had a very active year of acquisitions and divestitures, as you can see on our cash flow statement.

儘管油價下跌了 15%，但全年調整後的 EBITDAX 和上游自由現金流年僅下降了 8%。受價格下降和中游支出增加（當然，中游支出是一次性的）的影響，自由現金流總額比去年同期下降了 31%。我們將總自由現金流的 41% 分配給了股息，高於 2024 年的 26%，因為股息增加而自由現金流下降。正如您從我們的現金流量表中看到的那樣，我們今年進行了非常活躍的收購和剝離活動。

Silverback is represented as the $118 million business combination. The $2.2 million of acquisitions of oil and gas properties represents a small acquisition of minerals underneath our New Mexico properties that we completed earlier in the year. We also had a good amount of success in 2025 with our land ground game reflected in a $1.3 million acquisition and effectively $3 million of new leasehold embedded in CapEx, which is labeled as the additions to oil and natural gas properties on the cash flow statement. In total, we estimate that we replaced about 2/3 of our completed locations from 2025 via new land, corresponding to a very attractive cost of entry of less than $300,000 per net undeveloped location.

Silverback 被列為價值 1.18 億美元的商業合併案。此次斥資 220 萬美元收購石油和天然氣資產，僅占我們今年稍早完成的新墨西哥州資產下方礦產資源的一小部分收購。2025 年，我們在土地開發方面也取得了相當大的成功，這體現在 130 萬美元的收購和 300 萬美元的新租賃權（已計入資本支出），在現金流量表中被列為石油和天然氣資產的增加。總的來說，我們估計從 2025 年起，我們將透過新土地替換約 2/3 的已建成地點，這意味著每個未開發淨地點的准入成本非常有吸引力，不到 30 萬美元。

Moving on to 2026. We currently forecast a capital plan of $200 million corresponding to the activity that Bobby and John described. As of today, we forecast more than two-third of the capital spent in the first half of the year, at least on an accrual basis with a particularly large second quarter, then falling in each of the third and fourth quarters, while oil volumes may rise through the year given the lag effect of investments converting to production. We see this investment benefiting not only this year, but providing a tailwind to 2027 as well. In our investor presentation, we provide a two-year outlook, illustrating 2026 and 2027 spending and production levels.

展望2026年。我們目前預測的資本計劃為 2 億美元，與 Bobby 和 John 所描述的活動相符。截至今日，我們預測今年上半年將投入超過三分之二的資本（至少按權責發生製計算），其中第二季度投入尤其巨大，然後在第三季度和第四季度逐年下降，而考慮到投資轉化為生產的滯後效應，石油產量可能會在全年持續增長。我們認為這項投資不僅今年會受益，而且到 2027 年也會帶來發展動力。在我們的投資者簡報中，我們提供了兩年的展望，展示了 2026 年和 2027 年的支出和生產水準。

Overall, we forecast a materially higher allocation rate of cash flow to CapEx this year. Of course, we'll monitor markets and aim to stay flexible throughout the year, and we'll protect the dividend in lower price environments. We entered 2026 well hedged, partially on account of the midstream capital commitment we were carrying until mid-December and partially on account of universal calls for an oil surplus and weak pricing. And we've done some hedging over the past week. As of March 2, we had approximately 70% of forecasted oil volumes at midpoint guidance hedged at a weighted average downside price of approximately $60 per barrel with 36% of those hedges structured as collars preserving upside participation.

整體而言，我們預測今年現金流向資本支出的分配比例將大幅提高。當然，我們會密切關注市場動態，力求全年保持靈活，並在價格走低的環境下保障股息發放。進入 2026 年，我們已做好充分的對沖準備，部分原因是我們在 12 月中旬之前承擔了中游資本承諾，部分原因是普遍預期石油供應過剩和價格疲軟。過去一周我們進行了一些對沖操作。截至 3 月 2 日，我們已對約 70% 的預測石油產量（按指導中點計算）進行了套期保值，加權平均下行價格約為每桶 60 美元，其中 36% 的避險採用領式選擇權結構，以保留上行收益。

Thank you all for your support and attention. Operator, you may now turn it over for questions.

感謝大家的支持與關注。操作員，現在可以接聽電話回答問題了。

(Operator Instructions)

（操作說明）

Derrick Whitfield, Texas Capital.

德里克·惠特菲爾德，德克薩斯資本。

Congrats on a strong year-end and also thanks for providing the multi-period outlook as well. Regarding 2026 and 2027, while I understand there could be off-ramps in a lower price environment, could you help us shape production cadence for the year under the status quo plan as the implied average oil production for Q2 through Q4 is about 10% above the Street at present? And then additionally, as we kind of think about capital efficiency over this period of investment throughout 2027, would you expect it to improve in 2027 as you optimize D&C designs and get more reps in Eddy and as you back out some of the DUC impacts in 2026?

恭喜你們年末業績強勁，也感謝你們提供了多期展望報告。關於 2026 年和 2027 年，雖然我理解在價格較低的環境下可能會有減產措施，但鑑於目前第二季度至第四季度的隱含平均石油產量比市場預期高出約 10%，您能否幫助我們在維持現狀的計劃下制定今年的生產節奏？此外，當我們考慮 2027 年投資期間的資本效率時，您是否預期隨著您優化 D&C 設計並在 Eddy 獲得更多代表，以及隨著您在 2026 年消除一些 DUC 的影響，2027 年的資本效率會提高？

Yeah. Sure, Derrick. This is Philip. So you're going to see the production increase each quarter this year. And just to clarify, you're going to see a dip in quarter 1 is what we're forecasting. John could follow here with a little more color. But we experienced some downtime and some deferred production this quarter. We had some shut-ins from our legacy midstream partner, which caused a little bit of a dip there in the first quarter. But then we hope to achieve a nice ramp in the second quarter and third quarter and fourth quarter. I hope that answered the first question.

是的。當然，德里克。這是菲利普。所以你會看到今年每季的產量都會增加。需要澄清的是，我們預測第一季會出現下滑。約翰可以接著講，但要更生動一些。但本季我們遇到了一些停機時間和一些生產延誤。我們與傳統中游合作夥伴的一些業務暫停，導致第一季業績略有下滑。但我們希望在第二季、第三季和第四季實現良好的成長。希望這解答了第一個問題。

I'll go to the second and then pass to John. On '27, yes, depending on how you define capital efficiency, we've got a few different metrics. But yes, you could find that next year is more efficient, and that's just the function of the delayed aspect of the investment converting to the production then. So we hope to achieve another increase next year. It may not be the 25% increase like we hope to get this year, but maybe it's 10% or so based on, frankly, kind of flattish CapEx is what we're showing for now. 2027 is a long way away, of course, but we did put that in there. I'm glad you appreciate it because it does show that kind of lag effect benefit there. John, do you want to say anything else on kind of the Red Lake shutdown?

我先去第二個，然後傳給約翰。關於 27 年，是的，根據你如何定義資本效率，我們有一些不同的指標。但是，是的，你可能會發現明年效率更高，這只是因為投資轉化為生產需要一些時間。因此，我們希望明年能夠再次成長。今年可能無法達到我們希望的25%的成長，但根據我們目前看到的相對穩定的資本支出數據，或許能達到10%左右。當然，2027年還很遙遠，但我們確實把它考慮在內了。我很高興你欣賞它，因為它確實反映了那種滯後效應帶來的好處。約翰，關於紅湖關閉事件，你還有什麼要補充的嗎？

Yes, sure. Yes, like Philip said, we did have some downtime in the due to some of the heavy weather freezing temperatures and then like you said, some issues with our pipeline. But all the more reason why we're really looking forward to Q3 when we'll have our new pipeline in place. We're excited about that. Like we -- several of us mentioned that there'll be heavy Champions activity in the first half of the year, and then we're kind of reduced in the third quarter. And then in the fourth quarter, we're shifting to New Mexico. Again, we need that trunk line in place from Targa, and that's on schedule to happen. And so really excited about that. We'll start ramping up our completion.

當然可以。是的，就像菲利普說的那樣，由於惡劣天氣導致的冰凍低溫，我們確實經歷了一些停工期，然後就像你說的，我們的管道也出現了一些問題。正因如此，我們才更加期待第三季度，屆時我們的新生產線將投入使用。我們對此感到興奮。就像我們——我們當中好幾個人都提到過，今年上半年冠軍賽的活動會非常活躍，然後到了第三季度活動就會有所減少。然後到了第四季度，我們將轉戰新墨西哥州。再次強調，我們需要從塔加（Targa）鋪設那條幹線，而這項工作正在按計劃進行。我對此感到非常興奮。我們將開始加快完工速度。

Still won't get the full impact of it in Q4 because a lot of things are being completed then and we'll have to dewater a little bit. But all the better for '27 as we should be able to start drilling more efficiently in Denver in New Mexico and completing those wells as we go. So it should be more efficient without having to wait on some water infrastructure and some gas takeaway like we are this year.

到第四季還無法完全反映其影響，因為那時很多事情都要完成，而且我們還需要進行一些調整。但這對 2027 年來說更好，因為我們應該能夠在丹佛和新墨西哥州更有效率地開始鑽井，並逐步完成這些油井。因此，無需像今年這樣等待水利基礎設施和天然氣供應，效率應該會更高。

Great. And John, maybe staying with you. In your prepared remarks, you mentioned completion optimization. Could you elaborate on some of the knobs that you're turning for completion optimization or D&C optimization and what you're seeing in well performance versus past designs?

偉大的。約翰或許會留下來陪你。在您事先準備好的發言稿中，您提到了完成優化。能否詳細說明您在完井優化或鑽井優化方面調整的一些參數，以及您觀察到的油井性能與以往設計相比有哪些變化？

Sure. Well, we again, we've been mostly in champions. We're trying to do zipper fracs on pad drilling, zipper fracs on everything we do. We kind of think we found the optimal recipe there. We've reduced from, say, 700 to 800 pounds per foot down to 250 to 300 pounds per foot of sand. And so that's a big change over time, goes against what we hear in the shale world. So we're getting a big cost savings from that. We also have found that 20/40 works better than 40/70, which is often more readily used. But we've also the other thing is we've reduced our clusters but still are using the same amount of sand, but we've it reduces our water volumes and of course, less pump time, which is a cost benefit.

當然。嗯，我們又一次，我們大部分時間都是冠軍。我們正在嘗試在井下鑽井作業中採用拉鍊式壓裂技術，在我們所做的每一件事中都採用拉鍊式壓裂技術。我們覺得我們找到了最佳配方。我們已經將每英尺的沙子用量從大約 700 到 800 磅減少到每英尺 250 到 300 磅。所以隨著時間的推移，這是一個很大的變化，與我們在頁岩油領域聽到的說法相反。因此，我們能從中節省一大筆成本。我們還發現，20/40 比 40/70 效果更好，而 40/70 通常更容易被使用。但我們還做了另一件事，那就是我們減少了簇的數量，但仍然使用相同數量的沙子，這減少了我們的用水量，當然也減少了泵送時間，這具有成本效益。

In New Mexico, there is upside there that we have tested a little bit. We plan to test more in 2026. The paddock layer of the is very similar to the San Andres over in Texas. And we would like to test more cross-link fracs there. We've done it once in 2025, I believe, and we've seen good outcome. But we have a lot more testing to do, but it could provide a significant financial benefit somewhere between $0.5 million plus per well. So we're excited to do some more testing there. Again, once we have that pipeline, we'll have the freedom to do a little bit larger scale drilling.

新墨西哥州有一些值得探索的地方，我們已經進行了一些測試。我們計劃在 2026 年進行更多測試。牧場的土壤層與德州的聖安德烈斯土壤層非常相似。我們希望在那裡測試更多的交聯分餾物。我相信，我們在 2025 年做過一次，而且我們看到了良好的結果。但我們還有很多測試要做，但每口井可能會帶來顯著的經濟效益，大約在 50 萬美元以上。所以我們很高興能在那裡進行更多測試。再說，一旦我們有了這條管道，我們就可以自由地進行更大規模的鑽探了。

Maybe, John, just to clarify on the optimization, it sounds like it's more cost and you're getting similar performance. Is that the right way to characterize it?

約翰，或許我需要澄清一下優化方面的問題，聽起來好像成本更高，但性能卻差不多。這樣描述是否恰當？

I would say in Champions, that's probably true, albeit our wells are outperforming our general type curves right now. Some of that is due to, again, more child wells are being drilled in Champions because, again, we're later in the development stage there. Those wells tend to reach peak oil faster. So that's another reason that's causing that in Champions.

我認為在 Champions 中，這可能是事實，儘管我們目前的井的性能優於我們的一般類型曲線。部分原因是，在 Champions 鑽探了更多的子井，因為我們在那裡的開發階段已經比較晚了。這些油井往往更快達到產油高峰。所以這也是導致《冠軍》中出現這種情況的另一個原因。

Neal Dingmann, William Blair.

尼爾丁曼，威廉布萊爾。

Great update. Philip, maybe a question for you or Bob or John. Just again sticking with that slide 10. I've always loved the flexibility. Again, it certainly seems like in past years, it hasn't been 1 rig that you've needed to have very material production growth that I'm just wondering, given now today in shoot, we're almost now back to $80 oil. How flexible is this plan? And I know a lot of larger companies out there would say, hey, we're just going to target flat and target free cash flow growth.

更新很棒。菲利普，或許我有個問題想問你、鮑伯或約翰。還是繼續使用第 10 張投影片。我一直很喜歡這種靈活性。再說，過去幾年似乎並不需要一座鑽井平台就能實現實質的產量成長，我只是在想，鑑於現在油價幾乎又回到了每桶 80 美元。這個方案的彈性如何？我知道很多大公司會說，嘿，我們的目標是保持業績平穩，並實現自由現金流成長。

But again, given your returns that you show on other slides, would you think about trying to capture this oil upside and even potentially grow quicker than just maybe talk about the flexibility of the plan, I guess, is the best way to ask it.

但是，鑑於您在其他幻燈片中展示的回報，您是否考慮過抓住石油價格上漲的機會，甚至有可能實現比現在更快的成長？或許，談論一下計畫的彈性才是最好的提問方式。

Yeah. I might diverse some of that to Bobby for a longer-term view of that of increasing. But certainly, we're talking about drilling, 45 to low 50s gross wells. The beauty of our wells being so shallow that compared to the Delaware is that we can knock a well out from spud to TD, in maybe 4 or 5 days, certainly a week by the time you get everything wrapped up and then doing pad drilling, it's really quick sliding to the next one.

是的。我可能會把其中一些內容轉交給鮑比，讓他從長遠角度考慮如何增加收入。但可以肯定的是，我們說的是鑽井，45到50口毛井。我們的井很淺，與特拉華州的井相比，好處在於我們可以在 4 到 5 天內完成一口井的鑽探，從開鑽到鑽井完成，當然，如果把所有事情都處理好，再進行井場鑽探，一周之內就能完成，然後就可以很快地鑽下一口井了。

So 1 rig can effectively drill let's just say, upper 40s to low 50s wells per year if you're able to not do a lot of regional moving. So it would not take much in deployment to be able to really drill quite a few wells. So we have the capability. I may steer that back to Bobby, just to see what he thinks about drilling at a higher oil price.

所以，如果能夠避免頻繁的區域性搬遷，一台鑽機每年可以有效鑽探大約 40 多口到 50 多口井。因此，部署方面不需要投入太多資源就能鑽探相當多的油井。所以我們有能力做到這一點。我可能會把這個問題轉回給鮑比，看看他對在高油價下鑽探石油有什麼看法。

Thank you, Neal, for the comments you made. I'm going to say we're probably not in a position today to be reactive to a $5 increase or $4 increase in the price of oil. I think we have a solid plan laid out for 2026 with a pretty significant D&C capital spend that really we're looking into '27 and beyond and how that is going to affect this company in any price environment, whether it be $55 or $85. We have the ability with the flexibility like John mentioned. We think we could either shut these rigs down if we needed to or keep the rig running for the entire year. We have that option ahead of us. It's just too early, too premature to really say what we would do at this point.

感謝尼爾的評論。我認為，就目前而言，我們可能無法對油價上漲 5 美元或 4 美元做出反應。我認為我們已經為 2026 年制定了一個切實可行的計劃，其中包含相當可觀的研發資本支出。我們正在認真考慮 2027 年及以後的情況，以及這將在任何價格環境下（無論是 55 美元還是 85 美元）對公司產生怎樣的影響。正如約翰所提到的那樣，我們有能力做到靈活變通。我們認為，如果需要的話，我們可以關閉這些鑽井平台，也可以讓鑽井平台全年運作。我們面前還有這個選擇。現在談論我們會怎麼做還為時過早，為時過早。

Yeah, that makes sense, Bobby, and love the flexibility. Second question, Philip, you know I can't help but ask on the powers. Obviously, there's positive on that. I know I was looking at slide 16, you guys talked about, I think, now you are on the second project, it's in the final stage. Could you talk maybe just update on that, where that second project sits? And have you considered even adding more power beyond project number 2 because, again, obviously, I'm a fan of this. And again, I think as the market would love just to hear any more plans beyond Project 2.

是的，這很有道理，鮑比，而且我很喜歡這種靈活性。第二個問題，菲利普，你知道我忍不住要問關於權力的問題。顯然，這方面也有正面的一面。我知道我當時在看第 16 張投影片，你們討論過，我想，現在你們正在進行第二個項目，它已經進入最後階段了。能否簡單介紹一下第二個專案的進度？你有沒有考慮過在第二個專案的基礎上增加更多功能？因為，很顯然，我是這個專案的粉絲。而且，我認為市場肯定很樂意聽到除了「專案 2」之外的更多計劃。

Sure. Thanks. Yes. So the second project is this merchant project we have in ERCOT in which we take our lower-cost gas and convert that to electrons to sell to the ERCOT grid. That project itself has 4 sites, and the first of the 4 sites is in the final stages of commissioning. With ERCOT that has a kind of 4-week process where you're testing with ERCOT demonstrating your ability and competency to reliably deliver that power. We're getting ready for that. And then we should be in a position to enter effectively the day-ahead trading, which is the kind of power that we plan to provide and offer for the grid. It's not a long-term thing, but it's something that we then think is flexible.

當然。謝謝。是的。所以第二個項目是我們與ERCOT合作的這個商業項目，在這個項目中，我們將低成本的天然氣轉化為電力，然後出售給ERCOT電網。該項目本身有 4 個地點，其中第一個地點已進入調試的最後階段。ERCOT 的審核流程大約需要 4 週時間，在此期間，你需要接受 ERCOT 的測試，以證明你有能力和資質可靠地提供電力。我們正在為此做準備。然後，我們應該能夠有效地進入日前交易，這正是我們計劃向電網提供和供應的那種電力。這不是一項長期計劃，但我們認為它是可以靈活調整的。

You can react. We our partner has a very active trading desk there that you can look at the dynamics, both gas and power and make decisions on that kind of basis. Ultimately, this is for it's for a few things, but one of the primary things is, frankly, to try to improve effective netbacks on our gas. Now that may not show up on our revenue, like I mentioned on our negative revenue we experienced in the fourth quarter. But basically, it's taking that same inherent energy that's embedded in that molecule, right, and turning it into something that maybe the market would value more. We'll see.

你可以做出反應。我們的合作夥伴在那裡有一個非常活躍的交易台，您可以查看天然氣和電力市場的動態，並在此基礎上做出決策。歸根結底，這樣做有幾個原因，但坦白說，主要原因之一是努力提高我們天然氣的有效淨收益。這可能不會反映在我們的收入上，就像我之前提到的，我們在第四季度經歷了負收入。但從本質上講，它是將分子中蘊含的那種固有能量轉化為市場可能更重視的東西。我們拭目以待。

We're excited for it. We think it can make some sense. We've seen some other companies sign up to do something like that as they also have challenges with in-basin gas realizations. As for doing more, man, look how much has changed with power in the last two years, right? We announced this. And so what I'd say is, I mean, I think we'd like to see how this goes. These are very, very small sites, 10-megawatt compared to the gigawatt type of sites you're seeing now.

我們對此感到興奮。我們認為這有一定的道理。我們看到其他一些公司也加入了類似的行列，因為它們在盆地內天然氣開發方面也面臨挑戰。至於做得更多，夥計，看看過去兩年權力格局發生了多大的變化，對吧？我們已宣布此事。所以我想說的是，我們想看看事情會如何發展。這些站點規模非常非常小，只有 10 兆瓦，而你現在看到的站點都是千兆瓦等級的。

Gigawatt plants and data centers are massive operations, incredibly capital intense. You got the hyperscalers now, right, committed to what, $600 billion of CapEx combined with them. And then that's all the way up to the president, right? Who said, okay, you guys now need to be in charge of your own power. So we're talking big, big, big scale. And then at the same time, that tends with that arena of infrastructure CapEx and investors tends to push down returns.

千兆瓦級發電廠和資料中心都是規模龐大、資本密集的工程。現在你們有了超大規模資料中心運營商，對吧？他們總共投入了 6000 億美元的資本支出。然後，所有決定都最終會傳到總統那裡，對吧？誰說，好了，你們現在需要自己掌控自己的電力了。所以我們說的是規模非常非常大。同時，基礎設施資本支出領域往往會出現這種情況，投資人往往會壓低報酬率。

And so I think for now, we're being cautious and we're waiting to see. We're opportunistic. I mean that's usually the way we treat things. I encourage you to think about it as like opportunistic projects. We did one with midstream. This is another type of project like that is how we're thinking about it for now.

所以我覺得目前我們應該保持謹慎，靜觀其變。我們善於抓住機會。我的意思是，我們通常就是這樣處理事情的。我鼓勵你們把它看作是機會型項目。我們和中游公司合作過一次。這是另一種類型的項目，我們目前是這樣考慮的。

Philip, again, fantastic deal also on the midstream project.

Philip，中游計畫又達成了一筆非常棒的交易。

(Operator Instructions)

（操作說明）

Nicholas Pope, ROTH Capital.

Nicholas Pope，ROTH Capital。

There were some comments made about the New Mexico operations that I guess, in the fourth quarter, maybe even earlier in the third quarter, when the compressor system came online kind of helped boost production on top of artificial lift. Just downhole work on the wells that have really kind of yielded some real nice results there and kind of maintaining the production levels without a lot of drilling. I was curious like where I guess where that New Mexico side kind of is with your taking over operations and kind of some of that field production level optimization right now?

有人評論說，新墨西哥州的營運情況，我想，在第四季度，甚至可能更早的第三季度，當壓縮機系統上線時，除了人工舉升之外，還幫助提高了產量。只是對油井進行井下作業，就取得了一些非常好的成果，並且在沒有進行大量鑽井的情況下維持了產量水準。我很好奇，你們接手新墨西哥州那邊的運營，以及目前在現場生產層面進行的一些優化工作，進展如何？

And maybe is there -- do you all think you are fairly kind of through kind of integration of all those assets? Or do you think maybe there's more of that kind of quick hit, low-hanging fruit type production work that you got going in New Mexico?

或許你們都認為你們已經相當徹底地整合了所有這些資產？或者你認為在新墨西哥州還有更多像你現在這樣可以快速見效、唾手可得的生產工作嗎？

Yeah. I would say related to the fourth quarter, some of the there was a couple of early pads that we've drilled that were just outstanding performance, we're really excited about that we've done some testing on. Certainly, we have integrated the Silverback acquisition that's on the west side of our of the Red Lake asset we originally had. We have worked on a lot of integration there. We've combined our workforces, got down to 1 office, kind of benefited for some water handling optimization, reducing some costs. Again, just numerous things.

是的。我想說，就第四季度而言，我們鑽探的一些早期墊層性能非常出色，我們對此感到非常興奮，我們已經對它們進行了一些測試。當然，我們已經整合了位於我們最初擁有的紅湖資產西側的 Silverback 收購項目。我們在那裡做了很多整合工作。我們合併了員工隊伍，只保留了一個辦公室，在水處理方面進行了一些優化，從而降低了一些成本。再說一遍，就是很多事情。

But we do have that, I would say, fully integrated. There has been some strong work overperformance, which is what we've concentrated on in the early stages of this. We found a lot of low-hanging fruit there. Well bore cleanouts, we've been switching from some of their artificial lift methods, even from ESP to large pumping units and doing it earlier in their life, and we're saving up to $20,000 a month per installation as we've been able to find those. So we're kind of working through those that's what's been a big contributor to like I mentioned, just kind of the outperformance in the first 6 months of Silverback was fantastic, keeping it way flatter than we thought we would, and it's from the strong workover performance.

但我認為，我們已經完全實現了這一點。已經有一些非常出色的工作表現，這也是我們在初期階段的重點。我們在那裡發現了很多唾手可得的成果。井筒清理方面，我們已經從他們的一些人工舉升方法中轉而採用大型泵裝置，甚至從電潛泵轉而採用大型泵裝置，並且更早地進行清理，這樣我們每個裝置每月最多可以節省 20,000 美元，因為我們找到了合適的替代方案。所以我們正在努力解決這些問題，正如我之前提到的，Silverback 前 6 個月的出色表現功不可沒，它比我們預想的要平穩得多，這都得益於其強勁的維護表現。

Got it. And do you think there's I mean, are you still finding these opportunities in that area? I mean do you think I mean, it didn't seem like there was a big uptick in LOE in the fourth quarter despite kind of the positive number. So I was just curious, like, is that still ongoing? Is there still pretty fertile ground there to optimize?

知道了。你認為，我的意思是，你還能在那個領域找到這些機會嗎？我的意思是，你覺得嗎？儘管第四季度的數據略有上升，但似乎 LOE 並沒有大幅增加。所以我就好奇問問，這件事還在進行嗎？那裡是否還有很大的優化空間？

Yeah, it is. There's certainly quite a few wells. I can't remember how many horizontals they had maybe 30-ish, if I remember right, I met a lot of verticals. But again, we're just prioritizing seeing what's the most effective way to start and then, yes, just working through, just blocking and tackling with some of these wells, we've been able to restore to near initial production.

是的，確實如此。這裡確實有不少水井。我不記得他們有多少橫向的，大概有 30 左右吧，如果我沒記錯的話，我遇到了很多縱向的。但是，我們目前優先考慮的是如何以最有效的方式開始，然後，是的，透過逐步解決這些問題，我們已經能夠將其中一些油井恢復到接近初始產量。

So again, it's something that there's not hundreds of them. but we're certainly taking care of them, and that's allowing us to keep that steady and holding that while we develop our what we call kind of our Artesia West on our main Red Lake asset that we've had. So we'll kind of do this in phases from an inside-out approach as we are trying to be effective with Targa's infrastructure. They'll be laying to support this. But we're excited about the large number of upside type things there are.

所以再說一遍，雖然數量不多，但我們肯定會好好照顧它們，這讓我們能夠保持穩定，並在我們開發我們稱之為「阿特西亞西部」的主要紅湖資產的同時，也能維持現狀。因此，我們將分階段、由內而外地進行這項工作，以期有效地利用 Targa 的基礎設施。他們會為此作見證。但我們對眾多利好因素感到興奮。

That's great. One housekeeping item. The divestiture they all made that non-Yoakum County assets. Was there any production associated with that small divestiture.

那太棒了。一件家務用品。他們全部剝離了除約克姆縣以外的資產。那次小規模資產剝離是否產生了任何生產效益？

No, it's a very, very small amount. That was a legacy asset that we brought in. I think prior to us going public. I don't know what the number was.

不，數量非常非常少。那是我們引進的一項遺留資產。我認為在我們上市之前。我不知道那個數字是多少。

Few hundred barrels.

幾百桶。

Yes, couple of hundred barrels a day.

是的，每天幾百桶。

Noel Parks with Tuohy Brothers.

諾埃爾·帕克斯與圖伊兄弟。

Just wanted to ask a couple. I think I sort of caught everything from the various moving parts that you were talking about reserves and costs for the reserves for the year. But I just is there anything about the balance of in the costs incurred between what shows up as under the acquisition side versus the development side? Because the development CapEx is sequentially lower well, lower year-over-year by a good bit, of course. And just doing my calculation, it just looked like the 1-year drill bit F&D came out especially low, which is a good thing.

只是想問一對夫婦。我想我大致理解了你剛才提到的各種變動因素，包括年度儲備金和儲備金成本。但我只是想知道，在收購方面和開發方面產生的成本之間，是否存在某種平衡？因為開發資本支出較上月下降，當然，年減的幅度也相當大。我計算了一下，一年的鑽頭 F&D 值似乎特別低，這是件好事。

But I just wondered if there was anything sort of unusual about the bookings this year, bringing new areas onto the books and I'm sure reallocating CapEx with the SEC five-year rule and so forth. So any insight on that would be helpful.

但我只是想知道今年的預訂情況是否有任何不尋常之處，例如新增預訂區域，以及根據美國證券交易委員會五年規則重新分配資本支出等等。所以，任何相關的見解都將不勝感激。

Okay. Noel, I'll take a stab and follow up with you if you need to. The direct answer is that there's nothing nuanced or new going on with regard to how we're booking. I think it's primarily the fact of what John described, we had lower activity in '25. Go back to April, May, Liberation Day, prices fall. At the same time, we captured that acquisition, and we try to preserve capital for that. had a little bit of competition for the allocation given the midstream. So we work through the year like that. We're able to grow organically with modest activity like he described, 16.3 net wells put online.

好的。諾埃爾，我會先嘗試一下，如果需要的話我會再聯絡你。直接的回答是，我們的預訂方式沒有任何細微差別或新變化。我認為這主要是因為約翰所描述的事實，我們在 2025 年的活動較少。回到四月、五月、解放日，物價下跌。同時，我們完成了那次收購，並努力為此保留資金。由於涉及中游業務，我們在資金分配方面遇到了一些競爭。所以我們一年到頭都是這樣工作的。我們能夠像他所描述的那樣，透過適度的活動實現有機成長，淨投產16.3口油井。

So I think a lot of it is that, combined with the cost savings on D&C. And so that probably translates to what you're seeing in the cash flow statement. When I convert that to reserves. I think we had about $13 a barrel cost to add proved developed reserves on a per barrel basis, not per barrel of oil. And so that was a positive, I think, roughly flat with last year. On reserves, just service announcement for everybody, we aim to take a pretty conservative philosophy of booking. I don't know that we booked a single PUD with Silverback, for example, just being the public company with the SEC in the 5-year rule, as you mentioned, we just find it's easier to book as you go at the kind of minimum. So we focus on predeveloped probably more so than total proved.

所以我覺得很大程度是因為這個原因，再加上刮除術就節省了成本。所以，這大概就能解釋你在現金流量表中看到的情況了。當我把這些換算成儲備金。我認為，以每桶原油計算，增加已探明開發儲量的成本約為每桶 13 美元，而不是以每桶石油計算。所以我覺得這是個好消息，跟去年基本持平。關於預留座位，只是向所有人發布服務公告，我們的目標是採取相當保守的預訂理念。例如，我不知道我們是否與 Silverback 簽訂任何 PUD 協議，因為正如您所提到的，作為一家受美國證券交易委員會 (SEC) 監管的上市公司，我們只是覺得以最低限度按需簽訂協議更容易一些。因此，我們可能更關注預先開發的技術，而不是完全經過驗證的技術。

Yes, I think that's right, Philip, just with our relatively conservative pace, you could book most of champions as a PUD if you wanted to all, but the very Eastern exterior wells, but we've chosen not to do that. New Mexico, until we start drilling more, then we'll be able to expand our PUD base as we start developing more, but we've been limited again with gas takeaway, water takeaway that now has been fixed.

是的，我想你說得對，菲利普，以我們相對保守的進度，如果你願意的話，你可以把大部分冠軍都作為 PUD 預訂，除了最東邊的外井，但我們選擇不這樣做。新墨西哥州，在我們開始進行更多鑽探之前，我們將能夠隨著開發工作的增加而擴大我們的 PUD 基礎，但我們再次受到天然氣和水輸送的限制，現在這個問題已經解決了。

We do pad drilling and so that hurt you from being able to go out and drill 6 different areas instead of 6 wells on the same pad, you can certainly book more PUDs if you do that. But I would agree with Philip where we've taken a pretty conservative stance here, but we have a lot of optionality in the future to improve that.

我們採用井場鑽井，這樣你就無法在同一個井場鑽6口井，而是可以去6個不同的區域鑽井，如果你這樣做，你當然可以預訂更多的PUD（鑽井平台訂單）。但我同意菲利普的觀點，我們在這裡採取了相當保守的立場，但未來我們有很多選擇來改進這一點。

Great. That does fill in a couple of gaps I had in my understanding. So that's great. And I was thinking just on the question before you were talking about the really nice low-hanging fruit that you have from maintenance, maintenance tasks, workovers, making well bore cleanups and so forth. And I do recall just, I think, talking about both of your significant pieces of New Mexico acquisitions, especially with the most recent one, Silverback that the assets being in the hands of folks who really were coming from more of a private equity sort of financing background as opposed to being sort of just your typical operators.

偉大的。這確實填補了我理解上的一些空白。那太好了。我剛才還在想你剛才提到的問題，關於維護、維護任務、修井、清理井眼等等這些唾手可得的好機會。我記得我們當時談到了你們在新墨西哥州的兩項重大收購，特別是最近收購的 Silverback，這些資產掌握在那些真正來自自私募股權融資背景的人手中，而不是典型的運營商手中。

As you look around the other vintages of entries into the basin and in the conventional plays that various parties have done over the last 5-plus years or so. Do you anticipate similarly -- I don't know if I call them neglected, but just similar packages out there that have low-hanging fruit that's similar. I do recall you saying in the past that the issue is that there isn't really enough upside in a lot of what's been available. But I just wondered if a deal, something like Silverback is something that maybe over the next few years, you could replicate easily.

當你環顧四周，你會發現過去五年多來，各方在盆地和傳統油氣開採領域中開展的其他年份的勘探活動。您是否也有類似的預期——我不知道是否應該稱它們為被忽視的產品，但市面上確實存在類似的、唾手可得的產品。我記得你以前說過，問題在於許多現有的投資項目並沒有帶來足夠的利益。但我只是想知道，像 Silverback 這樣的交易，在未來幾年內是否很容易複製。

Yeah. That's there's a lot of different things in there. I think various companies just focus their capital on different things, whether they're trying to drill and flip or if they want to develop it as a legacy asset. I do think our team is particularly good at it. I will say that of recognizing it and then acting on it. But that being said, various companies deal with that in different ways. I think that we can find a lot of fruit in most assets.

是的。也就是說，裡麵包含了很多不同的東西。我認為不同的公司只是把資金集中投入到不同的事情上，有的公司想開採後迅速出售，有的公司則想將其開發成一項傳承資產。我認為我們團隊在這方面做得特別好。我想說的是，要認識到這一點，然後採取行動。但話說回來，不同的公司處理這個問題的方式也各不相同。我認為我們可以在大多數資產中找到很多價值。

But again, we bought Silverback for the most part for all of the drilling opportunity. The it's a ton of acreage, right along trend in the Yeso play. That's why we bought it. All of this other stuff with production optimization is just bonus in my book.

但話說回來，我們收購 Silverback 主要是為了它所有的鑽探機會。這片土地面積非常大，正好符合 Yeso 油氣田的發展趨勢。這就是我們買它的原因。在我看來，所有其他與生產優化相關的內容都只是額外的收穫。

Jeff Robertson with Water Tower Research.

Jeff Robertson，來自 Water Tower Research。

Bobby, you talked about restarting the share repurchase program. Can you just talk about how that plan fits into your overall capital allocation with dividends, debt reduction, potential for acquisitions?

鮑比，你之前說過要重啟股票回購計畫。您能否談談該計劃如何融入您的整體資本配置，包括分紅、減少債務和潛在的收購？

Yes. Thanks for the question, Jeff. It basically is just another tool in our tool chest to where we look for being opportunistic. If we feel like the share price, which we do is undervalued, it may be behoove us to continue more aggressively in a share buyback. Obviously, in these accelerated prices, the returns we get on the drill bit are extremely great for us. So that may not lend to buy back at that particular time. But the fact that we're flexible and can spend our money either to stock buyback or development that's where we want to be.

是的。謝謝你的提問，傑夫。它基本上只是我們尋找機會的工具箱中的另一個工具。如果我們認為股價被低估了（我們確實這麼認為），那麼我們或許應該繼續更積極地進行股票回購。顯然，在這種價格加速上漲的情況下，我們從鑽頭上獲得的收益對我們來說非常可觀。所以，在那個特定時間點，這筆貸款可能無法回購。但我們的優勢在於我們的靈活性，我們可以將資金用於股票回購或開發，而這正是我們所希望的。

You saw from the comments and from the files, I think, we averaged the buyback around $26.50 a share or something like that. When the share price is out, I'm definitely buying. So I don't know if I answered your question, but basically, it's there and it's ready when we need it. And if we feel like the return is better on the share buyback than drilling, then that's what we're going to do.

從評論和文件中可以看出，我們平均回購價格約為每股 26.50 美元左右。股價公佈後，我一定會買。所以我不知道我是否回答了你的問題，但基本上，它就在那裡，隨時準備在我們需要的時候使用。如果我們認為股票回購的報酬比鑽探的報酬更高，那麼我們就會選擇股票回購。

John, in your comments, I think you said or maybe, Philip, you said you replaced two-third of the 2025 drilled locations for I wrote down less than $300,000 per location. Can you provide any color as to where those locations fit in the chart you have on Slide 5, where you talk about locations by return on investment. And then secondly to that, do you have a goal or an objective to how many locations you would like to replace that you'll drill in the '26 program?

約翰，我想你在你的評論中說過，或者菲利普，你說你更換了 2025 年鑽井位置的三分之二，因為我每個位置的賬面價值不到 30 萬美元。能否用顏色標示這些地點在您第 5 張投影片上的圖表中的位置？此圖表討論了按投資回報率劃分的地點。其次，對於在 2026 年的訓練計畫中要替換多少個訓練地點，您是否有一個目標或目的？

I will attempt to answer that. Yes. So the locations, I'd say, they fall in kind of the middle of the 2 times to 3 times DRI. You're looking at just referencing Page 5 of our presentation, right third, we've got a chart in there. The lower tier there just for the benefit is a small section kind of on the perimeters of Red Lake, but most of our stuff is great, and we're excited about it. This that we got was we think nice down the fairway type of locations, just under a dozen there. So we're thrilled to do that. This might be a Bobby answer, but I'll attempt it. Look, our goal is to replace as much as we can.

我會嘗試回答這個問題。是的。所以我覺得，這些地點大概是位於 DRI 的 2 倍到 3 倍之間。現在您看到的只是我們簡報的第 5 頁，右邊第三頁，那裡有一個圖表。較低層的區域只是為了提供便利，它位於紅湖邊緣的一小部分，但我們的大部分東西都很棒，我們對此感到興奮。我們找到的這些地方，我們認為都是位於球道沿線的好地點，差不多有十幾個。所以我們很高興能做到這一點。這或許是鮑比的答案，但我還是想試試看。我們的目標是盡可能多地進行替換。

If we could replace 100%, then that's fantastic, right? And in a depletion business, you've got to have something like that, to some degree, the closer you can get to 1 times or 100%, that's great. So we're thrilled with 60% last year. Now of course, it was easier coming off of putting on 18 wells versus 40, but we're always out there looking for things. You've seen us have an active A&D track record so far. We'll do the best we can.

如果能100%替換掉，那就太棒了，對吧？在消耗型產業中，你必須在某種程度上達到這樣的目標，越接近 1 倍或 100%，那就越好。所以我們對去年60%的成績非常滿意。當然，打18口井比打40口井容易得多，但我們一直在尋找機會。您已經看到，我們迄今為止在航空航太與國防領域擁有活躍的業績記錄。我們會盡力而為。

Yeah. Let me add a little bit to that. We're focusing this year with our land group where we kind of restructured it to one of our key focus is going to be what we call the ground game, which is this is not going out and buy a competitor. This is actually just digging in and adding acreage in and around our existing footprint. And the goal would be to replace 100% of what we drill every year or more. And I think we have that opportunity in New Mexico.

是的。我再補充一點。今年我們將重點放在土地業務上，我們對土地業務進行了重組，其中一個重點是所謂的“地面戰”，但這並非指收購競爭對手。實際上，這只是在我們現有佔地面積及其周圍進行擴建和增加面積而已。我們的目標是每年替換掉我們鑽探的所有油氣，甚至更多。我認為我們在新墨西哥州擁有這樣的機會。

We're executing a few of those opportunities in our legacy Yoakum asset this month as we speak. We're a little bit more limited there on where we think the rock creates opportunity than we are in New Mexico. But that's one of our big focuses this year is going to be what we call the ground game and executing that, and replacing our drilling inventory at least 100% with the bolt-ons.

就在我們說話的這個月​​，我們正在我們位於約克姆的傳統資產中把握其中的一些機會。與新墨西哥州相比，我們在岩石方面對機會的把握要局限一些。但今年我們的一大重點是所謂的地面戰，並執行好這項任務，用附加設備至少 100% 取代我們的鑽井設備。

And Philip, you all or Riley signed an agreement with WaterBridge, which I believe takes effect in September of 2026. Will that agreement with respect to saltwater disposal, lower your cost? Will it just improve efficiencies in the Red Lake area? Or how do you how should how do you characterize that, the benefit of that.

菲利普，你們所有人或萊利都與 WaterBridge 簽署了一項協議，我相信該協議將於 2026 年 9 月生效。該關於海水處理的協議能否降低您的成本？它只會提高紅湖地區的效率嗎？或者，你該如何描述它的好處？

Yes. This is John. It's going to increase our cost. But what it does is it allows for full-scale development the rest of the way for this field. So it's we did an agreement, I would say, at industry standard rates, and we're really pleased with it. But more than any kind of minor efficiency, it's just like the target is for gas. It's to allow full field development without having to worry if there's any capacity somewhere.

是的。這是約翰。這將增加我們的成本。但它的作用在於，它為該領域後續的全面發展鋪平了道路。所以，我們達成了一項協議，我認為，價格是符合業界標準的，我們對此感到非常滿意。但比起任何細微的效率提升，它更像是天然氣的目標。這樣就可以進行全面的油田開發，而無需擔心某個地方是否有產能。

And let me just add on in that what we hope to achieve is that we're managing the costs over time and that we achieve, at the same time, as some of those WaterBridge costs are impacting us, we get overall efficiencies just with the scale as a larger percentage of the Red Lake production becomes horizontal. Which is much higher margin, lower cost versus right now, you've got some component of that that's just, frankly, the vertical that was holding the land, it's how we got it from a seller, right?

我還要補充一點，我們希望實現的目標是隨著時間的推移控製成本，同時，儘管 WaterBridge 的一些成本對我們造成了影響，但隨著 Red Lake 生產中更大比例的水平化，我們能夠透過規模效應獲得整體效率。與現在相比，利潤率更高，成本更低。坦白說，其中一部分成本來自於持有土地的垂直行業，我們就是這樣從賣家那裡得到的，對吧？

Right. And we do have a lot of undedicated acreage at this point. So we still have flexibility for future options as well.

正確的。目前我們確實有很多未開發的土地。所以，我們未來仍有多種選擇。

And lastly, Philip, you spoke about hedges for 2026. Given the shape of the curve today where you've got for 2027 prices, I think your oil are in the mid-60s. Can you just provide any color on how you're thinking about hedging in a volatile market.

最後，菲利普，你談到了 2026 年的對沖策略。根據目前曲線的形狀以及 2027 年價格的預測，我認為你們的油價在 60 美元左右。您能否簡要說明一下您在市場波動的情況下是如何進行對沖的？

Yes. So we talk about it approximately 27 times a day and then think about it through the night. We've been through 5 years of volatility, right? We're trying to position ourselves and protect the program ahead. Our philosophy historically is when we've got higher capital obligations and debt loads, then we might benefit from the hedging. We had that as of December. We don't now. But since you hedge in advance, absent liquidating some of those, we have those on the books and I mentioned this in my prepared remarks, we also entered the year with everybody calling for a surplus and $50 or $55 WTI.

是的。所以我們每天大約要談這件事 27 次，然後晚上還會思考這件事。我們經歷了五年的市場波動，對吧？我們正在努力調整策略，保護專案順利進行。從歷史上看，我們的理念是，當我們有較高的資本義務和債務負擔時，我們可能會從對沖中受益。截至12月，我們已經擁有了那部分。我們現在沒有。但由於您提前進行了避險，除非清算其中一些，否則我們帳面上就有這些，我在準備好的發言稿中也提到了這一點，而且年初時每個人都預測會有盈餘，WTI原油價格將達到50或55美元。

So we're happy with where we are. We would be happy to write a check to the hedge counterparties if oil is at $70 for many months. We're not holding our breath, and we don't need that to execute on our plan. Like I said, 2/3 of the hedges this year are in the form of swaps with the balance in callers, the callers kind of have a range of weighted average, call it, $58 to $72. And so we feel good about that. There's plenty of room in there to make some margin.

所以我們對現狀很滿意。如果油價連續數月維持在每桶 70 美元，我們很樂意向對沖交易對手方開支票。我們並不抱太大希望，也不需要抱太大希望來執行我們的計畫。正如我所說，今年 2/3 的對沖是以互換的形式進行的，其餘部分是以選擇權的形式進行的，選擇權的加權平均範圍大約在 58 美元到 72 美元之間。所以，我們對此感到很滿意。這裡還有很多空間可以留出一些利潤空間。

We last thing I'll say is we remember what it was like coming out of COVID in 2020 or coming out in 2021 with the prices rising, and we enjoyed that seeing the daylight and getting that, but we have to be careful to hedge too much as we monitor the cost environment and John's group has to react to potentially changing service costs. Now I think we're in a different environment, and we don't hope to see the same type of inflation across the board like we did then, which I think was also related to the Fed printing money and so forth. But anyway, that's kind of a long answer of saying we're quite hedged. We feel fine about it. We've got a lot of volumes to work with. We can always do more. We could do less, but feeling good on the setup for now.

最後我想說的是，我們還記得 2020 年或 2021 年新冠疫情結束後物價上漲的情景，我們很高興看到曙光，也享受到了這些，但我們必須謹慎行事，避免過度套期保值，同時密切關注成本環境，約翰的團隊也必須對可能變化的服務成本做出反應。現在我認為我們身處不同的環境，我們不希望看到像當時那樣全面出現通貨膨脹，我認為這也與聯準會印鈔等行為有關。總之，說了這麼多，其實就是想表達我們採取了相當謹慎的態度。我們對此感覺很好。我們有很多卷冊需要處理。我們還可以做得更多。我們還可以做得更少，但目前對這樣的安排感覺很好。

Jeff, let me this is Bobby. Let me follow up, just to give you a little bit more color on your question on our kind of our ground game and our inventory. One of the things that we're doing here with our subsurface team is really looking at the way our completions in New Mexico through microseismic, through different tracer surveys to where we optimize what our wine rack looks like, so to speak. I mean, right now, we have a very conservative approach of about 5 wells, 3 in 1 bench and 2 in another bench. But we're kind of going to where we're going to add a whole another bench in the San Andres and some of our acreage and then modifying possibly by adding a well or 2 per section in the wine rack that we have right now. So that's going to organically increase our well count considerably. When we get to finalizing that. I don't -- I do know there will be an increase. I don't know just how impactful it will be, but it will move the needle there.

傑夫，讓我告訴你，這是鮑比。讓我補充一下，以便更詳細地回答您關於我們地面作戰和庫存的問題。我們正在與地下團隊一起做的一件事，就是透過微地震和不同的示踪劑調查，認真研究我們在新墨西哥州的完井情況，以便優化我們的井架佈局，或者說，優化我們的井架佈局。我的意思是，目前我們採取的是非常保守的做法，大約只鑽5口井，其中3口在一個井段，2口在另一個井段。但我們打算在聖安德烈斯山脈和我們的一些土地上再增加一個長凳，然後可能會對我們現在的酒架進行改造，每個區域增加一到兩口井。這樣一來，我們的油井數量就會自然而然地大幅增加。當我們最終敲定這件事的時候。我不知道——但我知道肯定會有成長。我不知道它會產生多大的影響，但它肯定會在這方面有所作為。

Yeah. And that spacing you were mentioning is for 320.

是的。你提到的那種間距是針對 320 的。

Yeah. Okay. Those would be locations added on existing acreage. So there's really no incremental cost.

是的。好的。這些地點將會添加到現有土地面積上。所以實際上並沒有增加任何成本。

No incremental cost in the acreage, that's correct.

沒錯，土地面積沒有額外成本。

This concludes the question-and-answer session and our call today. Thank you all for joining. You may now disconnect.

問答環節到此結束，今天的通話也到此結束。感謝各位的參與。您現在可以斷開連線了。