山脈資源 (RRC) 2024 Q2 法說會逐字稿

Welcome to the Range Resources Second Quarter 2024 Earnings Conference Call. (Operator Instructions)

歡迎參加 Range Resources 2024 年第二季財報電話會議。（操作員說明）

Statements made during this conference call that are not historical facts are forward-looking statements. Such statements are subject to risks and uncertainties, which could cause actual results to differ materially from those in the forward-looking statements. After the speaker's remarks, there will be a question-and-answer period.

本次電話會議期間發表的非歷史事實的聲明均為前瞻性聲明。此類陳述存在風險和不確定性，可能導致實際結果與前瞻性陳述中的結果有重大差異。演講者發言結束後，將進入問答環節。

At this time, I would like to turn the call over to Mr. Laith Sando, Vice President, Investor Relations at Range Resources. Please go ahead, sir.

現在，我想將電話轉給 Range Resources 投資者關係副總裁 Laith Sando 先生。請繼續，先生。

Thank you, operator. Good morning, everyone, and thank you for joining Range's Second Quarter 2024 Earnings Call. The speakers on today's call are Dennis Degner, Chief Executive Officer; and Mark Scucchi, Chief Financial Officer.

謝謝你，接線生。大家早安，感謝您參加 Range 的 2024 年第二季財報電話會議。今天電話會議的發言人是執行長丹尼斯·德格納 (Dennis Degner)；和財務長馬克‧斯庫奇 (Mark Scucchi)。

Hopefully, you've had a chance to review the press release and updated investor presentation that we've posted on our website. We may reference certain slides on the call this morning. You also find our 10-Q on Range's website under the Investors tab or you can access it using the SEC's EDGAR system. Please note, we'll be referencing certain non-GAAP measures on today's call. Our press release provides reconciliations of these to the most comparable GAAP figures. We've also posted supplemental tables on our website that include realized pricing details by product, along with calculations of EBITDAX, cash margins, and other non-GAAP measures.

希望您有機會閱讀我們在網站上發布的新聞稿和更新的投資者簡報。我們可能會在今天早上的電話會議上引用某些幻燈片。您也可以在 Range 網站的「投資者」標籤下找到我們的 10-Q，或者您可以使用 SEC 的 EDGAR 系統存取它。請注意，我們將在今天的電話會議上參考某些非公認會計原則措施。我們的新聞稿提供了這些數據與最具可比性的公認會計原則數據的調節。我們還在網站上發布了補充表格，其中包括按產品列出的已實現定價詳細信息，以及 EBITDAX、現金利潤率和其他非 GAAP 指標的計算。

With that, let me turn the call over to Dennis.

現在，讓我把電話轉給丹尼斯。

Thanks, Laith, and thanks to all of you for joining the call today. Range's Second Quarter plan was executed successfully and consistent with our strategy for the year, which remains unchanged, operating safely while driving continued operational improvements, generating free cash flow with a peer-leading capital efficiency and prudent allocation of that free cash flow balancing returns of capital to shareholders with further debt reduction and the long-term development of our world-class asset base.

謝謝萊斯，也謝謝大家今天加入電話會議。Range的第二季度計劃得到了成功執行，與我們今年的戰略保持一致，該戰略保持不變，安全運營，同時推動持續的運營改進，以同行領先的資本效率產生自由現金流，並審慎分配自由現金流，平衡回報透過進一步減少債務和長期發展我們世界一流的資產基礎，為股東提供資本。

I believe our second quarter results reflect the ongoing advancement of these objectives and demonstrate the resilience of Range's business through cycles. Our operational and financial updates highlight Range's high quality, low breakeven inventory and liquids optionality, which drove another successful quarter while generating free cash flow.

我相信我們第二季的業績反映了這些目標的持續進展，並展示了 Range 業務在各個週期中的彈性。我們的營運和財務更新突顯了 Range 的高品質、低損益平衡庫存和液體選擇性，這推動了另一個季度的成功，同時產生了自由現金流。

Our low capital intensity continues to be on display in quarters like Q2 and is the result of Range's class-leading drilling and completion costs, shallow base decline, large blocky core inventory and talented team. These key attributes result in a required reinvestment rate that is among the best in the industry, providing Range a solid foundation for consistently generating significant free cash flow and returns to shareholders while positioning Range to help meet future energy demand through our diverse transportation portfolio.

我們的低資本密集度在第二季度等季度繼續表現出來，這是 Range 領先的鑽井和完井成本、淺基礎下降、大量塊狀核心庫存和才華橫溢的團隊的結果。這些關鍵屬性導致所需的再投資率在業界名列前茅，為 Range 持續產生大量自由現金流和股東回報奠定了堅實的基礎，同時使 Range 能夠透過我們多樣化的運輸產品組合來幫助滿足未來的能源需求。

Bolstering Range's profitability and durability is our liquids contribution. As seen in the second quarter results, liquids revenue provided an uplift to natural gas prices. With NGL price realizations providing a substantial premium relative to Henry Hub natural gas. When we roll all of that together, our liquids revenue uplift our low capital intensity.

Bolstering Range 的獲利能力和耐用性是我們對液體的貢獻。從第二季的業績來看，液體收入推高了天然氣價格。NGL 的價格實現相對於亨利港天然氣而言具有可觀的溢價。當我們將所有這些結合在一起時，我們的流動性收入提高了我們的低資本密集度。

Along with a thoughtful rightsized hedging program, you get a unique story, generating the lowest breakeven among natural gas producers and the most resilient organic free cash flow as evidenced by our second quarter results and 2024 projections. Importantly, with our vast inventory of derisked high-quality Marcellus wells, we have the ability to compound our per share growth in free cash flow for decades to come.

加上深思熟慮的調整規模對沖計劃，您將獲得一個獨特的故事，產生天然氣生產商中最低的盈虧平衡點和最具彈性的有機自由現金流，正如我們第二季度業績和2024 年預測所證明的那樣。重要的是，憑藉我們大量的無風險高品質馬塞勒斯油井庫存，我們有能力在未來幾十年內實現每股自由現金流的複合成長。

As we look back on the second quarter, all-in capital came in at $175 million, with a total capital for the first half of the year totaling $345 million. Capital spend for the quarter reflected our base level of activity along with a spot rig and frac crew we had in early 2024.

回顧第二季度，總資本為1.75億美元，上半年總資本為3.45億美元。本季的資本支出反映了我們的基本活動水準以及 2024 年初擁有的現場鑽孔機和壓裂人員。

For the remainder of the year, we will be running two dedicated horizontal rigs and single base frac crew, which will generate our planned $30 million to $45 million of in-process well inventory, very similar to what Range did last year. Also consistent with prior years, we will see capital spending decrease across the second half of the year, while production is set to modestly increase aligning with expected improvements in natural gas prices heading into 2025.

在今年剩下的時間裡，我們將運行兩個專用水平鑽機和單基地壓裂人員，這將產生我們計劃的 3000 萬至 4500 萬美元的在建油井庫存，這與 Range 去年的做法非常相似。與往年一樣，我們將看到下半年資本支出減少，而產量將小幅增加，與 2025 年天然氣價格的預期改善保持一致。

Production for the second quarter came in at 2.15 Bcf equivalent per day, driven by continued strong well performance from long laterals and ongoing optimization of gathering systems that enhance performance.

第二季的產量為每天 2.15 Bcf 當量，這得益於長支管持續強勁的油井性能以及持續優化的集油系統以提高性能。

Range's second quarter liquids were approximately 30% of production, slightly lower versus Q1 as a result of a propane cargo that was delayed into early July. Liquids production is back up to 32% today, near recent highs, reflecting our increased focus on liquids-rich activity in the first half of the year. We turned to sale of 17 wells across our wet and super-rich acreage, but seven of these wells on pads with existing production.

Range第二季度的液體產品約佔產量的30%，略低於第一季度，原因是丙烷貨運被延後到7月初。今天液體產量回升至 32%，接近近期高點，反映出我們在今年上半年更加關注富含液體的活動。我們轉而出售我們濕地和超富礦區的 17 口井，但其中 7 口井位於現有產量的油田上。

As we've discussed for years, returning to existing pads is a durable, repeatable part of our program. Returning to pads allows us to minimize our operating surface footprint, and reutilize existing infrastructure while also supporting efficient, nimble operations. Combined, this results in a normalized well cost per foot for Range that is differentiated versus peers.

正如我們多年來討論的那樣，恢復現有的護墊是我們計劃中持久、可重複的一部分。回歸墊片使我們能夠最大限度地減少操作面積，並重新利用現有基礎設施，同時支援高效、靈活的操作。綜合起來，這導致 Range 的每英尺標準化井成本與同行有所不同。

Year to date, well performance and production has also been strong, aided by gathering system optimization efforts that have included compression expansions in Southwest PA. This type of expansions are a normal course of business as the team continually works to optimize field level performance and support production from our long lateral development. Production for the second half of the year is expected to be approximately 2.2 Bcf equivalent per day, placing us near the high end of our previously communicated production guidance.

今年迄今為止，在包括賓州西南部壓縮擴張在內的系統優化工作的幫助下，油井表現和產量也表現強勁。這種類型的擴展是正常的業務流程，因為團隊不斷努力優化現場水平性能並支援我們長期橫向開發的生產。今年下半年的產量預計約為每天 2.2 Bcf 當量，使我們接近先前傳達的生產指導值的上限。

Turning to operations. Drilling activity during the quarter added 10 laterals with an average horizontal length of just over 14,300 feet per well, but several over 15,000 feet. And we have now drilled nearly 90 wells in the program's history with lateral lengths greater than 15,000 feet. For completions, the team continued to successfully operate with the new build electric frac fleet that was onboarded at the start of the year. We saw continued strong performance from the equipment and personnel across three different pads in the second quarter.

轉向營運。本季的鑽探活動增加了 10 個支管，每口井的平均水平長度略高於 14,300 英尺，但有幾口超過 15,000 英尺。在該計畫的歷史上，我們現在鑽探了近 90 口井，橫向長度超過 15,000 英尺。為了完成工作，團隊繼續成功運作年初投入使用的新建電動壓裂船隊。我們看到第二季三個不同焊盤的設備和人員持續表現強勁。

Frac efficiencies finished at just over nine stages per day while completing approximately 800 stages for the quarter, showcasing the consistent repeatable nature of our program and placing us on track for the activity plans we've communicated for the year. Supporting our frac efficiencies is Range's water sharing program, which contributed approximately $1 million in cost savings above levels a year ago.

壓裂效率每天完成超過 9 個階段，本季完成約 800 個階段，展示了我們計劃的一貫可重複性，並使我們步入了今年已傳達的活動計劃的正軌。Range 的水共享計劃為我們的壓裂效率提供了支持，該計劃比一年前節省了約 100 萬美元的成本。

Looking forward, we believe we will see similar savings from third-party water utilization given our blocky acreage position and existing water infrastructure. Cash lease operating expenses finished the quarter better than anticipated at $0.11 per Mcfe shaped by strong well performance from optimized gathering and efficient water logistics. As we look forward to the second half of the year, we project a similar level of expense performance, and are, therefore, improving our previous guidance for lease operating expenses down to $0.11 to $0.13 per Mcfe.

展望未來，鑑於我們的塊狀面積和現有的水利基礎設施，我們相信我們將看到第三方用水帶來類似的節省。本季現金租賃營運支出優於預期，為每 Mcfe 0.11 美元，這得益於優化的集水和高效的水務物流帶來的強勁油井表現。展望今年下半年，我們預計費用績效將達到類似水平，因此，我們將先前的租賃營運費用指引提高至每 Mcfe 0.11 至 0.13 美元。

Turning to marketing and starting with NGLs. Range's flexible transportation portfolio continued to access premium export markets during Q2. As one of the only US producers with access to international LPG upside, we generated another fantastic quarter in terms of Range NGL price realizations. Looking at the NGL macro, international propane demand continues to grow. Chinese propane imports reached an all-time high in the second quarter as they continue to add PDH capacity to consume more propane.

轉向行銷，從 NGL 開始。Range 靈活的運輸產品組合在第二季度繼續進入優質出口市場。作為唯一能夠利用國際液化石油氣上漲空間的美國生產商之一，我們在 Range NGL 價格實現方面又創造了一個出色的季度。從NGL宏觀來看，國際丙烷需求持續成長。隨著中國持續增加PDH產能以消耗更多丙烷，第二季中國丙烷進口量創歷史新高。

At the same time, limited growth in non-US propane supply has led to tightened international fundamentals and an improved arb for US exporters. Range's flexible marketing and transportation portfolio allowed us to take advantage of this international opportunity, exporting the vast majority of propane produced during the second quarter.

同時，非美國丙烷供應成長有限，導致國際基本面收緊，美國出口商的套利機會也有所改善。Range 靈活的行銷和運輸組合使我們能夠利用這一國際機遇，出口第二季度生產的絕大多數丙烷。

Simultaneously, Range demonstrated its ability to optimize sales by pivoting butane volume into the domestic market to maximize margins. As a result, Range NGLs received $24.35 per barrel in the second quarter, $1.26 per barrel premium to the Mont Belvieu equivalent.

同時，Range 展示了其透過將丁烷產量轉向國內市場來優化銷售以實現利潤最大化的能力。因此，Range NGL 在第二季度每桶收益為 24.35 美元，比 Mont Belvieu 同等價格每桶溢價 1.26 美元。

Looking ahead to the balance of 2024 and into early 2025, we expect domestic stock tightening to combine with export demand to support absolute and relative NGL pricing. And we expect Range's NGL price realizations will remain a positive differentiator.

展望 2024 年末和 2025 年初，我們預計國內庫存收緊將與出口需求相結合，以支持絕對和相對液化天然氣定價。我們預計 Range 的 NGL 價格實現仍將是一個正面的差異化因素。

On the natural gas side, Range's pricing relative to NYMEX was right in line with our expectation as we sold the vast majority of our gas into the Midwest and Gulf Coast regions. On the macro front, we have seen US natural gas production declining year-over-year, driven by maintenance or lower activity levels from industry, alongside durable demand for natural gas that can be observed in areas such as LNG exports and increased gas power burden.

在天然氣方面，Range 相對於 NYMEX 的定價完全符合我們的預期，因為我們將絕大多數天然氣銷售到中西部和墨西哥灣沿岸地區。在宏觀方面，我們看到美國天然氣產量逐年下降，原因是工業維護或活動水準降低，以及液化天然氣出口和天然氣電力負擔增加等領域對天然氣的持久需求。

So we believe the fundamentals continue to be in place for improving natural gas pricing going forward. Before handing it over to Mark, I wanted to quickly touch on our most recent corporate sustainability report that was published last week. This report continues to showcase the company's resilience as a safe low-cost natural gas producer with an enviable emissions profile.

因此，我們相信未來改善天然氣定價的基本面仍然存在。在將其交給馬克之前，我想快速談談我們上週發布的最新企業永續發展報告。該報告繼續展示了該公司作為安全低成本天然氣生產商的韌性，其排放狀況令人羨慕。

Range had a great year for safety with zero employee incidents for the year. Range also continued its strong environmental performance, driving a 67% reduction in methane emissions intensity over the past five years, reaching just under 0.2% and or more than 90% below the EPA's methane fee threshold. We look forward to discussing these and other results during future meetings.

Range 在安全方面取得了豐碩成果，全年員工事故為零。Range 也繼續保持其強勁的環境績效，在過去五年中推動甲烷排放強度降低了 67%，比 EPA 的甲烷費閾值低了近 0.2% 或 90% 以上。我們期待在未來的會議上討論這些結果和其他結果。

So where does that leave us as we're more than halfway through 2024? As stated, we remain constructive on the outlook for natural gas and NGLs, but importantly, even in the presence of relatively high natural gas storage levels and the current commodity backdrop. The resilience of Range's business is on full display. Our ability to generate free cash flow through the cycles is underpinned by our large, contiguous, high-quality acreage position, operational efficiencies, NGL uplift, diverse marketing portfolio and talented team. We believe the future of natural gas and NGLs remain strong, and we believe Range is positioned well to generate substantial value for shareholders in the years ahead.

那麼，2024 年已經過去一半了，我們該怎麼辦？如上所述，我們對天然氣和液化天然氣的前景仍然持建設性態度，但重要的是，即使存在相對較高的天然氣儲存水準和當前的大宗商品背景。Range業務的韌性得到了充分體現。我們在整個週期中產生自由現金流的能力得益於我們龐大、連續、高品質的種植面積、營運效率、NGL 提升、多樣化的行銷組合和才華橫溢的團隊。我們相信天然氣和液化天然氣的未來仍然強勁，我們相信 Range 處於有利位置，可以在未來幾年為股東創造巨大價值。

I'll now turn it over to Mark to discuss the financials.

我現在將把它交給馬克來討論財務問題。

Thanks, Dennis. With the first half of 2024 behind us, Range is making steady progress, executing a disciplined investment program prudent for this year and forward thinking for next year. Range's most fundamental objective is to safely and consistently generate cash flow for its stakeholders. Our program for 2024 was designed to successfully navigate fluctuating commodity prices while continuing to generate free cash flow, pay dividends, buy back shares and repurchase debt.

謝謝，丹尼斯。2024 年上半年過去了，Range 正在穩步前進，執行今年審慎的嚴格投資計劃，並為明年進行前瞻性思考。Range 最基本的目標是為其利害關係人安全、持續地產生現金流。我們的 2024 年計畫旨在成功應對大宗商品價格波動，同時繼續產生自由現金流、支付股利、回購股票和回購債務。

While investing in the long-term development of our high-quality assets. As mentioned during our last call, Range has an efficient plan to maintain steady production this year with the flexibility to adapt to near-term commodity prices and resulting economics while also positioning our long-term business for eventual growth as demand increases from domestic and international customers.

同時投資於我們優質資產的長期發展。正如我們在上次電話會議中提到的，Range 制定了一項有效的計劃，以保持今年的穩定生產，並能夠靈活地適應近期大宗商品價格和由此產生的經濟狀況，同時隨著國內和國際需求的增加，我們的長期業務也將實現最終成長。

As incremental demand materializes in basin, near basin and further downstream, Range has the cost structure, inventory and infrastructure to remain a reliable long-term energy supplier. Results of the second quarter continue to highlight the business strength generated by Range's production mix and transportation portfolio. Realized price per unit of production before NYMEX hedging was $0.51 above NYMEX Henry Hub prices is a byproduct of our diversified mix and production and sales outlooks.

隨著盆地、盆地附近和下游需求的增量實現，Range 擁有成本結構、庫存和基礎設施來保持其作為可靠的長期能源供應商的地位。第二季的業績持續凸顯了 Range 的生產組合和運輸組合所產生的業務實力。在 NYMEX 對沖之前，每單位產量的實現價格比 NYMEX 亨利中心價格高出 0.51 美元，這是我們多元化組合以及生產和銷售前景的副產品。

Including hedges, Range realized $3.10 per Mcfe or $1.22 above NYMEX Henry Hub prices. Resilient pricing yielded second quarter cash margins per unit of production of $1.22, a healthy 37% margin, resulting in cash flow before working capital of approximately $237 million. Cash flow for the quarter was allocated to $175 million in capital investments. The repurchase of $48 million in senior notes, along with roughly $19 million in dividends and $20 million in common shares repurchased.

包括對沖在內，Range 實現的每 Mcfe 價格為 3.10 美元，比 NYMEX Henry Hub 價格高出 1.22 美元。彈性定價使第二季每單位產量現金利潤率為 1.22 美元，利潤率為 37%，營運資本前現金流約為 2.37 億美元。該季度的現金流分配給了 1.75 億美元的資本投資。回購 4,800 萬美元的優先票據，以及約 1,900 萬美元的股息和回購 2,000 萬美元的普通股。

Cash margins were generated by diverse sales and a rightsized hedging program, but also by continued deliberate focus on unit costs. During the second quarter, total cash unit costs were $1.88, down $0.07 from the first quarter, decreases in interest expense and G&A are a byproduct of reduced debt and thoughtful spending.

現金利潤是透過多樣化的銷售和適當規模的對沖計劃產生的，同時也是透過持續刻意關注單位成本而產生的。第二季度，總現金單位成本為 1.88 美元，比第一季下降 0.07 美元，利息支出和一般管理費用的減少是債務減少和深思熟慮支出的副產品。

Gathering, processing and transport for the second quarter declined $0.05 from last quarter and is a function of prevailing commodity prices and timing of NGL cargos. Second quarter NGL market prices declined, reducing processing costs and with lower natural gas prices, we also experienced lower fuel and electricity costs, all right way risk contract elements that maintain margins.

第二季的收集、加工和運輸量比上季下降了 0.05 美元，這取決於現行商品價格和 NGL 貨物的時間。第二季 NGL 市場價格下降，降低了加工成本，隨著天然氣價格的下降，我們也經歷了較低的燃料和電力成本，所有正確的風險合約要素都維持了利潤。

Range's NGL sales benefit from direct access to international markets out of the East Coast. One cargo loading occurred in the first days of July. As such, the volumes to be loaded were inventory at quarter end with the GP&T costs and revenues being recognized in July, which should bring third quarter GP&T back towards the midpoint of guidance.

Range 的液化天然氣銷售受益於直接進入東海岸以外的國際市場。七月初有一批貨物裝載。因此，要裝載的數量是季度末的庫存，GP&T 成本和收入將在 7 月確認，這應該會使第三季 GP&T 回到指導的中點。

Right after safety and sound environmental practices capital allocation is among the most important corporate responsibilities. As you can see during the second quarter, we continue to carefully balance funding of prudent investments in the business with returns of capital, while maintaining financial strength. Prudent investment to us is responsive to both the near-term realities of commodity prices while also investing in the future to be prepared for the approaching growth in natural gas demand.

繼安全和良好的環境實踐之後，資本配置是最重要的企業責任之一。正如您在第二季所看到的，我們繼續謹慎地平衡業務審慎投資的資金與資本回報，同時保持財務實力。對我們來說，審慎的投資既要考慮大宗商品價格的近期現實，也要投資未來，為即將到來的天然氣需求成長做好準備。

With low full cycle costs, Range has been able to generate free cash flow while investing in modest inventory to enable efficient growth when the market calls for it. At the same time, we prioritize financial strength so that we can make opportunistic decisions. That financial strength enables Range to execute what has been a very efficient share repurchase program. And it's a program we have greater flexibility to execute as we remain within our target debt levels.

由於全週期成本較低，Range 能夠產生自由現金流，同時投資適度的庫存，以便在市場需要時實現高效成長。同時，我們優先考慮財務實力，以便我們能夠做出機會主義決策。這種財務實力使 Range 能夠執行非常有效的股票回購計畫。當我們保持在目標債務水平之內時，我們可以更靈活地執行該計劃。

Looking at the balance sheet briefly. The notes due 2025 mature in less than one year. Those notes are easily covered by cash on hand, cash to be generated in coming quarters and an undrawn revolving credit facility. Suffice it to say that we believe there is ample liquidity to efficiently retire this debt as the maturity date approaches.

簡單看一下資產負債表。2025 年到期的票據在不到一年的時間內到期。這些票據很容易被手頭現金、未來幾季產生的現金以及未提取的循環信貸額度所覆蓋。可以說，我們相信隨著到期日的臨近，有充足的流動性可以有效地償還這筆債務。

With the ratings upgrade from S&P this quarter and a positive outlook for Moody's, we believe the strength of Range's business is being recognized. One significant element of our financial strategy that provides a stabilizing effect to better enable efficient funding and investments is our thoughtfully constructed and carefully executed hedging program.

隨著標準普爾本季的評級上調以及穆迪的積極前景，我們相信 Range 的業務實力正在得到認可。我們的財務策略的一個重要組成部分是我們精心建立和認真執行的對沖計劃，它可以提供穩定作用，從而更好地實現高效融資和投資。

We believe added predictability from appropriately sized hedging provides exposure to improve long-term natural gas market dynamics while also increasing confidence in near-term forecasted cash flow. A stable financial foundation enables better planned, more consistent, efficient operations while protecting the balance sheet and can also create opportunities for reinvestment and shareholder returns.

我們認為，適當規模的避險增加了可預測性，可以改善長期天然氣市場動態，同時也增強了對近期預測現金流的信心。穩定的財務基礎可以實現更好的規劃、更一致、更有效率的運營，同時保護資產負債表，還可以創造再投資和股東回報的機會。

Range's hedging philosophy has produced successful results that have served the company well, and we expect will continue to do so in the future. Presently, Range has approximately 55% of second half 2024 natural gas hedged with an average floor price of $3.70. And in 2025, approximately 35% hedged with an average floor price of $3.90, providing Range a stable base to consistently generate free cash flow through market cycles.

Range的對沖理念已經取得了成功的成果，為公司帶來了良好的服務，我們預計未來將繼續這樣做。目前，Range 對 2024 年下半年約 55% 的天然氣進行了對沖，平均底價為 3.70 美元。到 2025 年，約 35% 的公司以 3.90 美元的平均底價進行對沖，為 Range 提供了穩定的基礎，以便在整個市場週期中持續產生自由現金流。

Financial results rely on safe, efficient operations and the Range team executed another successful quarter, delivering planned production on budget. As a reminder, the plan we announced for 2024 differs slightly from most others in the industry.

財務表現依賴安全、高效的運營，Range 團隊又一個成功的季度，按預算交付了計劃生產。提醒一下，我們宣布的 2024 年計劃與業內大多數其他計劃略有不同。

And at our capital efficiency, low full cycle cost, paired with advantaged marketing of our production generates meaningful margin at current commodity prices, meaning Range has options, options on how we redeploy capital into the drill bit, infrastructure like water facilities that can provide durable cost reductions or low-cost lateral extending inventory enhancing land, among other attractive alternatives. When comparing capital efficiency on a per unit of production basis or any similar metric, a year of depleting inventory can enhance optics in the short run for some.

以我們的資本效率、較低的全週期成本，再加上我們產品的優勢行銷，以當前的商品價格產生可觀的利潤，這意味著Range 有選擇，可以選擇如何將資本重新部署到鑽頭、基礎設施（如供水設施）中，從而提供持久的服務。當比較單位產量或任何類似指標的資本效率時，一年的庫存消耗可以在短期內增強某些人的表現。

We believe lasting efficiency, particularly in the face of expected growing demand provides Range shareholders greater leverage to improving markets. Range's business plan continues to be executed on what we believe is the largest per share exposure to core Appalachia inventory, paired with the transport and sales portfolio delivering production across the US and internationally, all underpinned by a strong financial foundation. We have the team, assets and balance sheet to succeed through price cycles, and we believe the Range business can and will continue to deliver significant value to investors.

我們相信，持久的效率，特別是面對預期不斷增長的需求，可以為 Range 股東提供更大的槓桿來改善市場。Range 的業務計劃繼續以我們認為每股最大的阿巴拉契亞核心庫存敞口執行，並與在美國和國際各地提供生產的運輸和銷售組合相結合，所有這些都以強大的財務基礎為基礎。我們擁有在價格週期中取得成功的團隊、資產和資產負債表，我們相信 Range 業務能夠並將繼續為投資者帶來巨大價值。

Dennis, back to you.

丹尼斯，回到你身邊。

Thanks, Mark. The first half of the year results for Range reflect a consistent theme communicated in past quarters. Execution of another maintenance plus operational program as planned. consistent advancement in our overall efficiencies, generating free cash flow and prudent allocation of that cash flow, balancing returns of capital, further balance sheet improvements and the optimal development of our world-class asset base.

謝謝，馬克。Range 上半年的業績反映了過去幾季傳達的一致主題。按計劃執行另一個維護和營運計劃。持續提高整體效率，產生自由現金流並審慎分配現金流，平衡資本回報，進一步改善資產負債表，優化發展我們的世界級資產基礎。

You've heard us state this before, but we continue to believe the results communicated today showcase that Range's business is in the best place in company history, having derisked a high-quality inventory measured in decades and translated that into a business capable of generating free cash flow through these types of cycles.

您之前已經聽過我們說過這一點，但我們仍然相信今天公佈的結果表明，Range 的業務處於公司歷史上最好的位置，消除了幾十年來衡量的高質量庫存的風險，並將其轉化為能夠產生利潤的業務。

With that, let's open up the line for questions.

接下來，讓我們開放提問熱線。

(Operator Instructions) Roger Read, Wells Fargo.

（操作員說明）Roger Read，富國銀行。

Congratulations on the quarter. Mark, I'd like to come back on some stuff you were saying there at the very end. Some of the opportunities you listed to, let's call it, enhanced margins, improved returns, et cetera. If we were to think about those in terms of magnitude of what they can do for you, but also sort of the timeline of achievability. How would that list of opportunities shake out?

恭喜本季。馬克，我想回顧一下你最後所說的一些內容。您列出的一些機會，我們可以稱之為，提高利潤、提高回報等等。如果我們要從它們能為您做的事情的大小以及可實現的時間表來考慮這些問題。這份機會清單將如何改變？

Yes. It's a good question, and it's a broad question just because of the breadth of opportunity Range has ahead of it. I think Dennis and I both have touched on various ways in which we can continue to drive down our cash unit cost structure as well as the capital efficiency.

是的。這是一個很好的問題，也是一個廣泛的問題，因為 Range 面臨著廣泛的機會。我認為丹尼斯和我都談到了我們可以繼續降低現金單位成本結構和資本效率的各種方法。

You've seen the team be very efficient on direct operating costs, LOE continued mindful execution out in the field. Water handling is a topic we consistently discussed, which touches on both improvements in LOE and our capital efficiency. So that's a day-to-day exercise by the team in the field, but it's also some modest capital investments.

您已經看到團隊在直接營運成本方面非常高效，LOE 繼續在現場認真執行。水處理是我們一直在討論的一個主題，涉及 LOE 的改進和我們的資本效率。這是該領域團隊的日常工作，但也是一些適度的資本投資。

As you know, that was part of our capital allocation process for this year, something we hadn't done in any size or consequence for roughly a decade. That blocked-up nature of our acreage position is really a lot of efficient handling and use of that infrastructure and expanding that this year became timely, and with what we expect to be about a one year or better payback on that investment, it should pay back many years into the future.

如您所知，這是我們今年資本分配流程的一部分，大約十年來我們從未做過任何規模或後果的事情。我們土地面積的堵塞性質實際上是對基礎設施的大量有效處理和使用，並且今年的擴張是及時的，並且我們預計該投資將在一年或更好的時間內得到回報，它應該支付回到許多年後的未來。

As you work your way down, the cost structure, I think, GP&T being a larger line item, it's clearly an area of focus. That's a focus for cost, but I think more importantly, it's about margins. It's about maintaining and enhancing that portfolio of sales outlets we have. So today, it's a great outlet moving 80% of our gas out of the basin.

我認為，當你逐步降低成本結構時，GP&T 是一個更大的項目，這顯然是一個重點領域。這是成本的焦點，但我認為更重要的是利潤率。這是關於維護和增強我們擁有的銷售網點組合。所以今天，它是一個很好的出口，將 80% 的天然氣從盆地中排出。

But over time, we think that Range will continue to have the opportunity to sell its molecules into strong end markets, be it today with our existing production profile or when the market calls for it, and there's incremental production. We think that we will have the ability to move those molecules to strong end markets as well, be it natural gas or natural gas liquids.

但隨著時間的推移，我們認為 Range 將繼續有機會將其分子銷售到強大的終端市場，無論是今天我們現有的生產狀況，還是當市場需要時，以及增量生產。我們認為我們也有能力將這些分子轉移到強大的終端市場，無論是天然氣還是天然氣液體。

And then on the capital front, again, the common topics that come to mind are extending lateral lengths, which again, you've seen us allocate a little bit of capital to the land to be able to do that as well as just efficiently running crews this year, running two rigs and one frac crew, for example, is all it takes for Range to execute this program this year, the steady efficient maintenance program and potentially running those for a full 12 months to generate very modest growth into next year, given the inventory that we've built up over the last few years. So all those factors together plan to not just one specific area of improvement but whittling down across the cost structure and the capital efficiency.

然後在資本方面，再次出現在腦海中的常見主題是延伸橫向長度，您再次看到我們在土地上分配了一點資本，以便能夠做到這一點以及有效運行例如，Range 今年執行該計劃所需的人員數量，例如運行兩台鑽井平台和一名壓裂人員，穩定高效的維護計劃，並可能運行整整12 個月，以在明年產生非常溫和的增長考慮到我們過去幾年建立的庫存。因此，所有這些因素共同規劃的不僅是某一特定領域的改進，而是削減成本結構和資本效率。

No, I appreciate that clarification. And then the other question I had more sort of what is the tripwire or whatever. But as you think about setting up your hedging for 2025, I mean, obviously, you're 35% there. But if we think about getting kind of equivalent to this year, is that something that's going to be episodic? Or is there a price level you'd feel more comfortable with? Or as you think about the macro potentially 25 and a little better supply-demand balance across the country do you want to be more patient on hedging? How are you thinking about that?

不，我很欣賞這項澄清。然後我還有另一個問題，什麼是絆線之類的。但當你考慮為 2025 年設定對沖時，我的意思是，顯然，你的目標是 35%。但如果我們考慮到與今年相當的情況，這會是偶發事件嗎？或者有一個您覺得更舒服的價格水平嗎？或者當您考慮宏觀經濟可能25以及全國供需平衡好一點時，您是否希望在對沖方面更加耐心？你覺得怎麼樣？

Yes, I'll start with we feel very good about where the 2025 book stands today. Just backing up to the philosophy, we're running an enterprise a going concern, 30-plus years of drilling inventory. So this is about managing risk in the business prudently while not hedging away the upside in the cash flow. So to that end, the philosophy is to try to cover the fixed cost to maintain steady operations, picking up and dropping crews and things is extremely inefficient and costly.

是的，首先我們對 2025 年這本書的現狀感到非常滿意。正是秉承這一理念，我們正在經營一家持續經營的企業，擁有 30 多年的鑽井庫存。因此，這是要謹慎管理業務風險，同時不要對沖現金流的上升空間。因此，為了達到這個目的，我們的理念是盡力支付固定成本來維持穩定的運營，接送人員和事情是極其低效和昂貴的。

So having more stable predictability of that cash flow, we think, adds a lot of value. So with that in mind, how do you shape 2025. Well, we feel like the book was designed to do that at the prices we were able to lock in. It's also shaped based on the fundamentals as we see them unfolding over the next 12 and 18 months. LNG in service is clearly a focus in the headlines. Some facilities are early, and some facilities may be delayed.

因此，我們認為，現金流具有更穩定的可預測性會增加許多價值。考慮到這一點，您將如何規劃 2025 年。嗯，我們覺得這本書的設計初衷是為了以我們能夠鎖定的價格做到這一點。它也是根據我們看到的基本面在未來 12 個月和 18 個月內展開而形成的。正在使用的液化天然氣顯然是頭條新聞的焦點。有些設施較早，有些設施可能會延遲。

So as we see those opportunities becoming reality late this year and early next year, the incremental positions that were added are really front-end loaded the first half of 2025 and they're in the form of collars, so that we can provide some downside protection while retaining positive exposure to improved gas prices in the first half of the year. So that's really how we think about next year.

因此，當我們看到這些機會在今年年底和明年初成為現實時，增加的增量職位實際上是 2025 年上半年的前端負載，並且採用了領子的形式，因此我們可以提供一些下行空間保護，同時保持上半年天然氣價格上漲的積極敞口。這就是我們對明年的看法。

Michael Scialla, Stephens.

麥可夏拉，史蒂芬斯。

Dennis and Mark, you both mentioned you see the improving natural gas fundamentals moving forward and your '24 production guidance is moving to the high end of the Range. If that doesn't play out, just curious what changed to your plans, you're contemplating? Or do you feel like with the natural gas liquids revenues that you're really not the company that would need to adjust your plans, be it curtailing production or delaying any more turn-in lines?

丹尼斯和馬克，你們都提到你們看到天然氣基本面不斷改善，你們的 24 年生產指導正在向範圍的高端移動。如果這沒有實現，只是好奇你的計劃發生了什麼變化，你正在考慮嗎？或者您覺得，對於天然氣液體收入，您確實不是需要調整計畫的公司，無論是削減產量還是推遲更多的交付線？

Michael, I'll start by really maybe reiterating a bit of the approach that we communicated for this year's program. And we're at a very lean what we would call base level type activity level and program for '24, which we think is kind of a base level way of thinking about the business on the go-forward there or what we'll call it somewhat maintenance plus.

邁克爾，我首先可能會重申我們為今年的計劃傳達的一些方法。我們處於非常精簡的水平，我們稱之為 24 年的基本水平類型活動水平和計劃，我們認為這是一種思考未來業務的基本水平方式，或者我們稱之為它有點維護加。

So the two rigs flat plus the one base frac crew. And so it's generating that $35 million to -- $30 million to $45 million of in-process inventory this year, very similar to last year. And so to answer your question, as we start to think about 2025, we wanted to set ourselves up with flexibility and really good options.

因此，兩台鑽井平台加上一名基地壓裂人員。因此，今年它產生了 3500 萬美元到 3000 萬美元到 4500 萬美元的在製品庫存，與去年非常相似。因此，為了回答您的問題，當我們開始考慮 2025 年時，我們希望為自己提供靈活性和真正好的選擇。

And so by setting it up that way, we have the ability to take some of that inventory and reshape our production profile for 2025. And ultimately, we know that will have an impact for '26 in the go forward. But if we also see further delays in LNG facilities or anything else that puts commodities at risk, we could consider how to use that inventory differently.

因此，透過這種方式設置，我們有能力利用部分庫存並重塑 2025 年的生產狀況。最終，我們知道這將對 '26 的未來產生影響。但如果我們也看到液化天然氣設施或其他任何使大宗商品面臨風險的進一步延誤，我們可以考慮如何以不同的方式使用該庫存。

But I think when we look at the capital program for this year, at that $620 million to $670 million level, I mean, clearly, there are going to be some aspects like the water infrastructure that Mark touched on just a few moments ago that are going to be more onetime one-off capital investments in nature once a decade, if you will. But really, that's a decent way of thinking about our program and then the ability to toggle and use that inventory based upon what we see from a commodity standpoint.

但我認為，當我們審視今年的資本計劃時，在 6.2 億至 6.7 億美元的水平上，我的意思是，顯然，會有一些方面，比如馬克剛才提到的水基礎設施，如果你願意的話，十年一次的一次性資本投資將會更多。但實際上，這是思考我們的程序的一種不錯的方式，然後能夠根據我們從商品的角度看到的情況來切換和使用該庫存。

There's a lot of reasons to believe that this is going to look better, I think, in 2025, though. There's too many demand components that you can point to. And I think power is clearly one of them. And even when you just look at the incremental $1.5 billion a day on the power burn side that's played into natural gas's contribution just year-to-date.

不過，我認為，到 2025 年，有很多理由相信情況會更好。您可以指出的需求元件太多了。我認為權力顯然是其中之一。即使你只看今年迄今為止，天然氣在電力消耗方面每天增加的 15 億美元的增量也是如此。

And so we think there's a lot of reasons to be excited about 2025. We've got the right inventory set up and program that's lean to allow us to reshape production in '25 based upon what we see from the market.

因此，我們認為有很多理由對 2025 年感到興奮。我們已經建立了正確的庫存和精益計劃，使我們能夠根據我們從市場上看到的情況在 25 年重塑生產。

Appreciate that. Just want to get your thoughts on kind of political front with the federal judge blocking the pause on LNG facilities and it bring court to return the Chevron doctrine. Does that make you any more optimistic on the regulatory environment? Anything specific you might think could be done within Appalachia that would improve maybe take away capacity or anything along those lines?

很欣賞這一點。只是想了解您對政治方面的看法，聯邦法官阻止了液化天然氣設施的暫停，並要求法院返回雪佛龍原則。這是否讓您對監管環境更加樂觀？您可能認為可以在阿巴拉契亞內完成任何具體的事情，以提高外送能力或類似的事情？

Well, I think when you look at the demand component, I'll maybe start with the way we ended maybe the prior question. But I think when you look at all the variables that are playing into the demand conversation on the go forward, we've said and maybe in smaller group meetings, it's hard to see how you -- when you think about the political avenue, you almost feel like you get to the same place, maybe through a different path with regardless of what happens with the administration here and the go forward, meaning if you're going to further bolster the grid, electrify what we do here in the Lower 48, if you're talking about data centers and AI, you have to see natural gas playing a more prominent role in that conversation for low-cost, reliable power generation.

好吧，我想當你看需求部分時，我可能會從我們結束前一個問題的方式開始。但我認為，當你審視未來需求對話中發揮的所有變數時，我們已經說過，也許在較小的小組會議上，很難看出你如何——當你考慮政治途徑時，你幾乎感覺你到達了同一個地方，也許透過一條不同的路徑，無論這裡的管理和前進發生了什麼，這意味著如果你要進一步加強電網，使我們在下48 州所做的事情電氣化，如果您談論資料中心和人工智能，您必須看到天然氣在低成本、可靠發電的對話中發揮更重要的作用。

So when we look at -- and that then follows with a real serious conversation about permit reform. So I think it was encouraging to see just within the last day or two here, the announcement from Senator Manchin and Barrasso over some permit reform language that's being moved forward. And we think those are the right signals. So we would look at that as there are others, clearly, both in D.C. and also on the home front here like companies like Range that see that there's a real need for us to play an expanded role.

因此，當我們看到之後，接下來就是關於許可證改革的真正嚴肅的對話。因此，我認為在過去一兩天內看到曼欽參議員和巴拉索就正在推進的一些許可證改革措辭發表的聲明是令人鼓舞的。我們認為這些是正確的訊號。因此，我們會考慮這一點，因為顯然，在華盛頓特區和國內還有其他公司，例如像 Range 這樣的公司，他們認為我們確實需要發揮更大的作用。

When you look at our inventory, we have the ability to do that, especially with our asset base, having the ability to feed supply gas into the PJM market, which serves of around 65 million people. So we see a lot of positive outlook, but it's going to really need to be supported by some permit reform for sure.

當你查看我們的庫存時，我們有能力做到這一點，特別是我們的資產基礎，有能力向 PJM 市場供應天然氣，該市場為大約 6500 萬人提供服務。因此，我們看到了很多積極的前景，但它確實需要一些許可證改革的支持。

Doug Leggate, Wolfe Research.

道格‧萊蓋特，沃爾夫研究中心。

So I guess, Mark, my first question might be for you or whoever wants to take this, it's relating to takeaway capacity. Our understanding is that both some of the publics and the privates are not renewing term takeaway or fixed takeaway, as things kind of roll around for renewal and I'm wondering how that opportunity sits for a company like yourself, given your inventory depth and why you think that might be the case? In other words, why those folks are not taking the takeaway. Any kind of magnitude you can offer on timing would be really helpful. And I've got a follow-up, please.

所以我想，馬克，我的第一個問題可能是針對你或任何想要接受這個的人，這與外賣能力有關。我們的理解是，一些公眾和私人都不會續訂期限外賣或固定外賣，因為事情會不斷更新，我想知道考慮到您的庫存深度以及為什麼，對於像您這樣的公司來說，這個機會如何你認為情況可能是這樣嗎？換句話說，為什麼那些人不吃外帶。您可以在時間上提供的任何大小都會非常有幫助。我有一個後續行動，請。

Doug, that's a good question because the most common understanding, which is accurate, is that in aggregate, the pipeline is coming out of Appalachia are largely coal. We're focused on what Range can access and over time, what Range can utilize. So today, we have a great portfolio, but we think there's a lot of opportunities for Range to use even existing capacity coming out of the basin even before we think about what eventually will be Brownfield expansions and eventually even perhaps some new pipelines.

道格，這是一個很好的問題，因為最常見且準確的理解是，總的來說，從阿巴拉契亞流出的管道主要是煤炭。我們關注 Range 可以存取的內容，以及隨著時間的推移，Range 可以利用的內容。因此，今天，我們擁有一個很棒的投資組合，但我們認為，即使在我們考慮最終將進行棕地擴建，甚至最終可能建造一些新管道之前，Range仍有很多機會利用該盆地的現有產能。

But just to start out, there's capacity that's either underutilized, was not signed up for firm transport, so it's just used on shorter-term nature. There's capacity that some companies did sign up under firm and through various proceedings to projected those contracts or remarketed them and lay it off.

但剛開始時，有些運力要么沒有充分利用，要么沒有簽約用於公司運輸，所以它只是用於短期性質。一些公司確實有能力透過各種程序簽署合約或重新銷售並解僱這些合約。

So the pipeline exists. So it really comes down to a market share question. And then that leads you down the road of who has the inventory to use it for the next 5, 10, 15-plus years, to be able to stand behind it to underwrite that capacity and fully use it for an extended term. So that's clearly an opportunity for Range at the appropriate time to grow and utilize capacity. It's not only a question of what capacity Range has to take on or chooses to take on itself, but our end customers have their own capacity.

所以管道是存在的。所以這其實歸結為市佔率問題。然後，這將引導您了解誰擁有在未來 5 年、10 年、15 年以上使用它的庫存，能夠支援它來承保該容量並在較長時間內充分使用它。因此，這顯然是 Range 在適當的時候成長和利用產能的機會。這不僅是 Range 必須承擔或選擇承擔什麼能力的問題，而且我們的最終客戶也有自己的能力。

So you can sell two end markets anywhere across Lower 48 essentially, to those customers that have their own, be it utilities or marketers or you name it. So MVP, while we don't have capacity on it, holders of MVP capacity, a number of them are existing customers via other paths, so we can expand those relationships and sell to them. And like I said, eventually, to Dennis' point earlier, the simple needs of the population of industry, of reindustrialization in the Lower 48 increased power demand, electrification across industries, there's going to have to be expansions, both on the electric side, whether you're talking distribution, power generation and pipelines to get there.

因此，您基本上可以在 Lower 48 的任何地方向擁有自己終端市場的客戶銷售兩個終端市場，無論是公用事業公司還是行銷人員，或者您能想到的客戶。因此，MVP，雖然我們沒有能力，但 MVP 能力的持有者，其中許多人是透過其他途徑的現有客戶，因此我們可以擴大這些關係並向他們銷售。就像我所說的，最終，根據丹尼斯之前的觀點，工業人口的簡單需求，下 48 個地區的再工業化增加了電力需求，跨行業的電氣化，必須進行擴張，無論是在電力方面，無論您是在談論配電、發電還是到達目的地的管道。

So Brownfield expansion is potentially a new pipeline at some point. And then bringing it closer to home for Range, the in-basin and near basin as we term it sometimes is significant demand, again, to the power side of the equation or industrial that represents a tremendous opportunity, even leveraging our existing portfolio where 1/3 of our gas goes to the Midwest, for example, to areas where there's significant construction of industrial demand and plans of various types in nearby states. So great opportunity here, really underpinned by inventory and duration of Range's story.

因此，棕地擴建在某個時候可能會成為一條新的管道。然後將其帶入更接近Range 的家鄉，我們有時稱之為盆地內和近盆地，這對方程式或工業的電力方面來說是巨大的需求，這代表著巨大的機會，甚至利用我們現有的投資組合，其中 1例如，我們三分之一的天然氣流向中西部，流向附近各州有大量工業需求建設和各種類型計劃的地區。這裡有如此好的機會，真正以 Range 故事的庫存和持續時間為基礎。

Mark, forgive me for asking for a quick clarification. This is not my second question, but can you offer any kind of magnitude and timing is a very quick, here's the number, here's the timing, how it impacts Range.

馬克，請原諒我要求快速澄清。這不是我的第二個問題，但你能否提供任何類型的幅度，而且時間非常快，這是數字，這是時間，它如何影響範圍。

I think perhaps it's a little bit early as we get a little closer to 2025 and think about and refine what that capital budget may look like. As we've said, growth is an option. It's a question of when, not if. So coordinating infrastructure, be it gathering, processing, compression and longer-term transport layered in with the marketing to the end customers and those relationships is all part of the process.

我認為也許現在還為時過早，因為我們距離 2025 年越來越近了，我們需要思考並完善資本預算。正如我們所說，成長是一種選擇。這是何時的問題，而不是是否的問題。因此，協調基礎設施，無論是收集、處理、壓縮和長期運輸，還是向最終客戶進行行銷以及這些關係，都是該流程的一部分。

Okay. My follow-up is really a balance sheet debt question. You've obviously done a tremendous job rightsizing the balance sheet. But I think the one certainty that we can see with the forward curve and the demand supply situation for gas is significantly higher volatility, which means breakeven and balance sheet capital structure becomes a big part of your equity volatility.

好的。我的後續行動其實是一個資產負債表債務問題。顯然，您在調整資產負債表規模方面做了巨大的工作。但我認為，我們可以從遠期曲線和天然氣需求供應情況中看到的一個確定性是波動性顯著升高，這意味著盈虧平衡和資產負債表資本結構成為股票波動性的重要組成部分。

So my question is, you have a couple of fairly sizable bond maturities over the next three to five years. Will you refinance those? Or will you pay them down? How do you see the right capital structure in an extraordinarily volatile environment for Range?

所以我的問題是，未來三到五年內會有一些相當大的債券到期日。你會為這些再融資嗎？或者你會付錢給他們嗎？您如何看待 Range 在極度動盪的環境中正確的資本結構？

Well, I'll start with the target debt range is net debt of $1 billion to $1.5 billion, which we are within, giving us a lot of options, both in returns of capital and further deleveraging. So we certainly plan to stay within that and optimize the balance sheet to your point, it reduces cost of capital, hopefully brings out some of the risking, if you will and brings out some of the volatility.

好吧，我將從目標債務範圍開始，淨債務範圍為 10 億美元至 15 億美元，我們處於這個範圍內，這給了我們很多選擇，無論是在資本回報還是進一步去槓桿化方面。因此，我們當然計劃保持在這個範圍內，並根據您的觀點優化資產負債表，它降低了資本成本，希望能帶來一些風險，如果您願意的話，並帶來一些波動性。

So to that point, the '25, as I mentioned during the opening comments, we've got ample liquidity to take care of those. We have the revolver, lots of cash on the balance sheet and cash flow to be generated in the coming quarters further deleveraging is likely.

因此，到那時，正如我在開場評論中提到的那樣，25 年我們有充足的流動性來處理這些問題。我們擁有左輪手槍，資產負債表上有大量現金，未來幾季將產生現金流，可能會進一步去槓桿化。

We'll balance that with returns of capital. And capital markets are open as well. So there's clearly options there as we roll forward through the next few quarters. There is a step down in the call price on the 2029, the 8.25% notes early next year. So that presents a possible time to consider after that passes of what a refinancing might look like. So at the highest level, I'll say, fortunately, we have a lot of good options ahead of us to optimize the balance sheet further deleverage while also achieving our return of capital objectives.

我們將用資本回報來平衡這一點。資本市場也是開放的。因此，當我們在接下來的幾個季度中前進時，顯然存在一些選擇。明年初，8.25% 的債券的 2029 年債券的贖回價格下降。因此，這提供了一個可能的時間來考慮再融資可能會是什麼樣子。因此，在最高層面上，我想說，幸運的是，我們面前有很多好的選擇，可以優化資產負債表，進一步去槓桿化，同時實現我們的資本回報目標。

Jake Roberts, TPH & Company.

傑克羅伯茨，TPH & Company。

I was curious on getting some more granularity on the TIL cadence in the second quarter and being aware of that the current mix is at 32%. But just wondering if that liquids weighting is going to push that number higher in Q3? And then ultimately, what it may shake out in Q4 with the dry well line, just to get to that more than 30% for the year.

我很好奇第二季度 TIL 節奏的更多細節，並意識到當前的組合為 32%。但只是想知道液體的比重是否會在第三季推高這個數字？最終，它可能會在第四季度透過乾井生產線進行調整，以達到全年超過 30% 的目標。

If I take a step back, the way we're looking at our turn-in-line cadence for the year, I mean right now, we're approximately 50% of our turn-in-lines having been sent to the sales line. But over the bulk of those, clearly we're in Q2. By nature, that's going to then carry a lot of weight as you start to think about that modest, but ratable production increase that we'll see between Q3 and Q4, very much similar to the profiles that we've seen over the last several years, because the turn-in-lines have all been 100% on the wet side, and a lot of that is going to also be consistent in Q3 as well, we would expect to see a similar liquids contribution in percentage weighting factor in the back half of the year to what we've seen here through the first half as well.

如果我退一步，我們看待今年的上交節奏的方式，我的意思是現在，我們大約 50% 的上交線已發送到銷售線。但對於其中大部分，顯然我們正處於第二季。從本質上講，當你開始考慮第三季和第四季之間我們將看到的適度但可評估的產量成長時，這將帶來很大的影響，這與我們在過去幾個季度中看到的情況非常相似年，因為交線全部 100% 在濕側，並且其中許多在第三季度也將保持一致，我們預計在百分比權重因子中看到類似的液體貢獻回顧今年上半年我們所看到的情況。

The dry gas TILs, clearly, we're still keeping those, we'll say, under evaluation. When you look at how the gathering system has really performed with some of the optimization efforts that have been ongoing over the last six to nine months, it's still a little early, but we're really seeing that pay dividends in a way where it's allowing us to think in a very flexible way about how deep into the year do we want to push those dry gas TILs.

顯然，我們仍然對乾氣 TIL 進行評估。當你看看過去六到九個月裡一直在進行的一些優化工作中收集系統的實際表現時，你會發現現在還為時過早，但我們確實看到它以一種允許的方式帶來紅利。

So ultimately between the flexibility there, the way the liquids turn-in-line cadence is shaping up and on top of it, just the production profile and the base decline being low, we're really seeing that we should have a consistent liquids contribution through the balance of the year.

因此，最終，在靈活性、液體轉線節奏的形成方式以及最重要的方面，只是生產情況和基數下降較低，我們確實看到我們應該有一致的液體貢獻通過年度餘額。

Okay. And then my second question, I know you spoke earlier about some of the flexibility as we look at 2025, particularly around natural gas pricing, but I'm wondering if the forecasted tightness in the LPG export capacity in 2025 is also factoring into that conversation and how we might think about that side of the program? And then I'm also curious if you could offer any thoughts on the potential for that export capacity utilization to remain closer to 100% following the additional capacity in late 2025 and 2026.

好的。然後是我的第二個問題，我知道您之前談到了我們展望2025 年的一些靈活性，特別是天然氣定價方面的靈活性，但我想知道2025 年液化石油氣出口能力的預測緊張是否也考慮到了這一談話中我們如何考慮該計劃的這一方面？我也很好奇您是否可以對 2025 年末和 2026 年新增產能後出口產能利用率保持接近 100% 的潛力提出任何想法。

Yes. I think the export utilization has been really a great story in a lot of ways for the past probably 12 months plus now. But you're spot on. I mean we consistently see that it's running in the high 80%, almost bumping 90% range on a -- we'll just say a month in and month out basis out of the Gulf.

是的。我認為在過去大概 12 個月多的時間裡，出口利用率在許多方面確實是一個偉大的故事。但你說得對。我的意思是，我們一直看到它在 80% 的高位運行，幾乎在海灣地區每月都在 90% 的範圍內運行。

For us, it really presents a unique advantage, and we've said this a number of times, but our ability to get our products to the water and not only to the water, but also in Philadelphia out of the Northeast has really proven to be a differentiator for us. And so when you start to think about the go forward, we would expect to see some ongoing congestion from time to time in the Gulf and as that continues to persist and raise its head, our relative value that we harvest by getting out versus Mont Belvieu will continue to really shine for us in the go forward.

對我們來說，它確實呈現出獨特的優勢，我們已經說過很多次了，但我們將我們的產品送入水中的能力，不僅限於水中，而且還包括在東北部以外的費城成為我們的差異化因素。因此，當你開始考慮未來的發展時，我們預計海灣地區會時不時地出現一些持續的擁堵，隨著擁堵的持續存在並提高其頭部，我們通過離開貝爾維尤山而獲得的相對價值將繼續在前進的道路上為我們帶來真正的光芒。

So you're right, that export capacity in '25 and beyond is going to continue to grow. But when you start to think about the demand component and the supply that probably follows with that out of other basins in the South, Again, we expect to see our relative value versus Mont Belvieu to continue to shine on the go forward, being able to get our products to the water in the Northeast.

所以你是對的，25 年及以後的出口能力將繼續成長。但是，當你開始考慮南方其他盆地的需求組成和供應時，我們預計我們相對於貝爾維尤山的相對價值將繼續在未來大放異彩，能夠把我們的產品送到東北的水里。

Scott Hanold, RBC.

斯科特·漢諾德，加拿大皇家銀行。

Just out of curiosity, you all talk about obviously delivering your maintenance kind of plus activity level and building a little bit of a optional DUC backlog. Can you give some color around when you look at that, are you doing it more for gas C-type wells? Or is there really an opportunity also, given your constructive liquids outlook to build that more as a liquids-oriented backlog that gives you some better pricing optionality.

出於好奇，你們都在談論顯然要提供維護類型的附加活動等級並建立一些可選的 DUC 積壓工作。當你看到這一點時，你能給出一些顏色嗎？或者考慮到您對液體產品的建設性前景，是否真的有機會將其更多地構建為以液體為導向的積壓訂單，從而為您提供更好的定價選擇。

Yes. Scott, I think the best way to think about our inventory and the way that we'll just say what that looks like, it will mirror a lot of what you see in our activity base on a program year kind of year in and year out. But by nature, it's inherently going to lean more toward the liquids-rich side of our asset base.

是的。斯科特，我認為考慮我們的庫存的最佳方式以及我們只是說出它的樣子的方式，它將反映您在我們年復一年的計劃活動基礎上看到的很多內容。但本質上，它本質上會更傾向於我們資產基礎中流動性豐富的一面。

Program year in and year out, we run around 65% to 70% on the liquid side. So between our wet and super-rich inventory. And then the other, we'll just say 30% is going to be more on the dry side. So I would expect on the go forward when we build some inventory, it's primarily going to be leaning towards the liquid side. Inherently, by the way, we shape our program where our inventory lies, where we see infrastructure capacity as well, but we always leave some flexibility in how we look at our inventory and where we drill and based upon what we're seeing going on in the market.

年復一年，我們的流動資金佔比約為 65% 至 70%。所以在我們的濕貨和超級豐富的庫存之間。然後另一個，我們就說 30% 是乾的。因此，我預計，當我們建立一些庫存時，它主要傾向於流動性方面。順便說一句，我們本質上是在我們的庫存所在、我們看到基礎設施容量的地方制定我們的計劃，但我們總是在如何看待我們的庫存、我們在哪裡鑽探以及根據我們所看到的情況保留一定的彈性在市場上。

And our ability, I know we touch on this a lot, but it's a real differentiator for us. But our ability to move back to pads with existing production allows us to just really be nimble and be able to react to what we're seeing and what we think is going to be most helpful for the go forward. So inventory balance and mix should look really similar to the rest of the program, but it will lean towards the liquid side.

我們的能力，我知道我們經常涉及到這一點，但這對我們來說是一個真正的差異化因素。但我們有能力回到現有生產的墊子，這使我們能夠真正靈活，能夠對我們所看到的東西以及我們認為對前進最有幫助的東西做出反應。因此，庫存平衡和組合看起來應該與該計劃的其餘部分非常相似，但它將傾向於流動性方面。

So when I think about that, should I -- when you think about like executing potential growth when it makes sense, is that more of -- well, as much as improving dry gas prices, but also whether there's NGL -- just export capacity as well? Is it sort of a balance of that?

因此，當我想到這一點時，當你考慮在有意義的時候執行潛在增長時，是否應該更多地考慮——嗯，不僅要提高乾氣價格，還要考慮是否有液化天然氣——只是出口能力還有？這是一種平衡嗎？

I think it's in all of the above. And clearly, when you look at the realization uplift that comes with our NGL contribution, inherently, we're going to lean toward over the course of time, just like you're seeing in the balance of this year, I would expect to see a small improvement in our liquids contribution just over the course of time. So it could be a small number, but it's going to be inherently because of the way our inventory is laid out, I would expect to see that to be a small improving percentage factor over the course of time. And going into that is our ability to get to the water. Again, what we see that's going on with the global markets and our ability to take advantage of that revenue uplift and how it impacts our free cash flow.

我認為這就是以上所有內容。顯然，當你看到我們的 NGL 貢獻所帶來的實現提升時，本質上，我們將隨著時間的推移而傾向於，就像你在今年餘下看到的那樣，我希望看到隨著時間的推移，我們的液體貢獻略有改善。所以這可能是一個很小的數字，但它本質上是因為我們的庫存佈局方式，我預計隨著時間的推移，這將是一個小的改進百分比因素。深入探討的是我們接觸水的能力。再次，我們看到全球市場正在發生什麼，我們利用收入成長的能力以及它如何影響我們的自由現金流。

Okay. That's clear. And then my follow-up is probably for Mark. You obviously hit the buybacks on both the debt as well as the equity, can you give us some sense of like how do you think about the balance in doing that? Like what makes most sense to create incremental shareholder value at this point? Is it the debt or is it the buybacks? Or is it a combination? Just give us a sense of how you think about that.

好的。很清楚。然後我的後續行動可能是針對馬克的。顯然，您同時回購了債務和股權，您能否給我們一些感覺，例如您如何看待這樣做的平衡？例如此時此刻創造增量股東價值最有意義的是什麼？是債務還是回購？還是一個組合？請告訴我們您對此有何看法。

Yes, it's a fair question, and we've shied away from giving a purely formulaic approach to it because commodity prices change, cost of the field may change, demands may change, and that growth is a question again of when. So first and foremost, our job is to have safe, efficient operations and provide energy, natural gas and natural gas liquids to our customers and sell this profitably. So that's the first thing.

是的，這是一個公平的問題，我們避免採用純粹公式化的方法來解決這個問題，因為大宗商品價格會變化，該領域的成本可能會變化，需求可能會變化，而增長又是一個何時的問題。因此，最重要的是，我們的工作是安全、高效的運營，向客戶提供能源、天然氣和天然氣液體，並透過銷售獲利。這是第一件事。

Underpinning that is the strong balance sheet, which we're there within our target range. So from here forward, we like the optionality of leaning in one direction or another. So I'll just leave it as the balance sheet is within the target and continues to get stronger, we can kind of turn that restate up or down on the returns of capital as we see appropriate to provide the greatest returns, the strongest driver of free cash flow and cash flow per share over time. So I can't give you a specific number. We prefer the flexibility in executing the programs. But suffice it to say that our behavior will not be that dissimilar from what you've seen from us over the last few years.

支撐這一點的是強勁的資產負債表，我們的資產負債表處於我們的目標範圍內。因此，從現在開始，我們喜歡向一個或另一個方向傾斜的選擇。因此，當資產負債表處於目標範圍內並繼續變得更強時，我將保留它，我們可以在我們認為適當的情況下向上或向下重述資本回報率，以提供最大的回報，最強大的驅動力隨著時間的推移，自由現金流和每股現金流。所以我無法給你一個具體的數字。我們更喜歡執行程式的靈活性。但我只想說，我們的行為與您過去幾年在我們身上看到的並沒有那麼不同。

One year, we bought back $400 million in shares. Commodity prices came in, and we became a little bit more conservative. So we're just responsive to cash flow, prices and changes in relative value over it. But again, I'll just leave it with the punchline of as we stay within and move further into our target debt range, we've got greater flexibility.

一年，我們回購了 4 億美元的股票。大宗商品價格上漲，我們變得更保守。因此，我們只是對現金流、價格及其相對價值的變化做出反應。但我再次強調，當我們保持在目標債務範圍內並進一步進入目標債務範圍時，我們將獲得更大的靈活性。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛。

I had a couple of questions on NGL macro, but also your price realization. So the first question on slide 35, your price calculation. You guys have done a great job realizing above the equivalent Mont Belvieu barrel, just be your perspective on how do you continue to get towards the top end of the $0.75 to $1.50? What are the headwinds? What are the tailwinds? And what are you doing to get the best netback.

我對 NGL 宏觀有幾個問題，還有你們的價格實現。第 35 張投影片上的第一個問題是您的價格計算。你們已經在同等的 Mont Belvieu 桶上方實現了出色的工作，請談談您對如何繼續達到 0.75 美元至 1.50 美元上限的看法？逆風是什麼？什麼是順風車？你正在做什麼來獲得最好的淨回報。

Neil, this is Alan Engberg. I managed a marketing program at Range. So I'll take a stab at answering your question. It's not all that magical. A lot of what we do is we've got diversity in the portfolio, and we've managed to set up the portfolio such that we're not overly exposed to Mont Belvieu. In fact, we've weighted a lot of it, whether it's ethane, propane or butane towards international markets where we saw significant growth.

尼爾，這是艾倫恩伯格。我在 Range 管理一個行銷專案。所以我會盡力回答你的問題。這並不那麼神奇。我們所做的很多事情是我們的投資組合具有多樣性，並且我們已經成功地建立了投資組合，這樣我們就不會過度接觸 Mont Belvieu。事實上，我們已經對許多產品進行了權衡，無論是乙烷、丙烷還是丁烷，我們都在國際市場上看到了顯著的成長。

So going forward, I think the macro looks really good still internationally. We've got tremendous growth in ethane demand, particularly out of Asia, but also out of Europe. Ethane going into ethylene steam crackers. Most of them are seeing that if they're operating using feed other than ethane, they're disadvantaged. So they're shifting a lot of their feed capacity towards ethane and that is creating just continued ethane demand growth. So we feel that for our contracts that are priced internationally on ethane, given that demand growth, we're just going to continue to see good realization relative to the domestic benchmarks.

因此，展望未來，我認為國際宏觀經濟情勢仍然非常好。我們的乙烷需求大幅成長，尤其是亞洲和歐洲的需求。乙烷進入乙烯蒸汽裂解裝置。他們中的大多數人都意識到，如果他們使用乙烷以外的原料進行操作，他們就會處於不利地位。因此，他們將大量飼料產能轉向乙烷，這導致乙烷需求持續成長。因此，我們認為，對於我們在國際上以乙烷定價的合同，鑑於需求增長，我們將繼續看到相對於國內基準的良好實現。

Similarly, on LPG, you've heard the story, I'm sure quite a bit about just PDH growth, particularly in Asia, and that is still continuing to go on. We're operating at relatively low-capacity utilization internationally, which some people view as a negative, but really, I view that as a positive because as that capacity growth slows down, we're going to start getting a tighter market and the capacity utilization is actually going to be increasing. So we're going to see a runway of continued demand growth for multiple years on the international front for LPG.

同樣，在液化石油氣方面，您已經聽說過這個故事，我確信 PDH 的成長相當多，特別是在亞洲，而且這種情況仍在繼續。我們在國際上的產能利用率相對較低，有些人認為這是負面的，但實際上，我認為這是正面的，因為隨著產能成長放緩，我們將開始面臨更緊張的市場和產能利用率實際上會增加。因此，我們將看到國際上液化石油氣的需求將持續成長多年。

We've got exposure to that currently. And it's worked out really well, again, for Range, relative to the domestic market indices. So going forward, we like our position. We're very happy to have an 80% of our portfolio on the LPG side capable of into the export market, but also being a very flexible portfolio that allows us to pivot when the time is right or when the seasonality is right between domestic and export markets.

目前我們已經接觸到了這一點。相對於國內市場指數，Range 的表現再次非常好。因此，展望未來，我們喜歡我們的立場。我們很高興我們的液化石油氣投資組合中有 80% 能夠進入出口市場，而且也是一個非常靈活的投資組合，使我們能夠在時機成熟或季節性合適時在國內和國外之間進行調整。 。

Yes. That kind of builds into the follow-up, which is slide 24. We share your constructive NGL view, but we get a lot of pushback on the propane side, particularly on China, given the challenge of the economy out there. So I'd love your perspective real time of what you're seeing on the ground in Asia from a demand perspective. And can propane perform in the face of what seems to be a soft Eastern demand picture.

是的。後續投影片 24 中也包含了這種內容。我們同意您的建設性 NGL 觀點，但考慮到那裡的經濟挑戰，我們在丙烷方面遇到了很多阻力，特別是在中國。因此，我希望您從需求角度即時了解亞洲實際情況。面對東部需求疲軟的情況，丙烷能否表現優異？

Well, so I agree with you, everything we're reading as far as the economy in China has been less than stellar. But it's still -- it's massive, right? And the demand growth has still been there. In fact, I think Dennis referenced it in his remarks, his prepared remarks that during the second quarter, we actually hit the US that is hit another record in terms of exports to China.

嗯，所以我同意你的觀點，我們讀到的所有關於中國經濟的內容都不太出色。但它仍然——它很大，對吧？而且需求成長仍然存在。事實上，我認為丹尼斯在他的演講中提到了這一點，他準備好的講話中說，在第二季度，我們實際上擊中了美國，美國在對中國的出口方面創下了另一個紀錄。

I'm trying to see what that number was. I don't have it in front of me, but suffice it to say, here it is, 843,000 barrels per day is what China imported during the second quarter from propane standpoint. So it's been massive. The operating rates that I was talking about for the PDH units despite the economy not really performing as strongly as a lot of people were hoping it would, those operating rates have actually increased.

我想看看那個數字是多少。我面前沒有這個數據，但我只想說，從丙烷的角度來看，中國第二季每天進口 843,000 桶。所以它是巨大的。我所說的 PDH 裝置的開工率儘管經濟表現並不像許多人希望的那樣強勁，但這些開工率實際上有所增加。

During the second quarter, we got into the mid-70% utilization rate. And again, that's against a weak economic backdrop. So the feeling is once -- if the economy starts improving and the government is making efforts to stimulate the economy. Once that happens, those utilization rates are going to continue to grow, and that demand will continue to grow as well. And then I'll add further that international supply of LPG has actually been relatively flat.

第二季度，我們的利用率達到了 70% 左右。再說一次，這是在經濟疲軟的背景下發生的。所以這種感覺是——如果經濟開始好轉並且政府正在努力刺激經濟。一旦發生這種情況，利用率將繼續增長，需求也將繼續增長。然後我會進一步補充一點，液化石油氣的國際供應實際上相對穩定。

OPEC actually during the second quarter was down 8% year-on-year from an export standpoint. So it just emphasizes that the US is the source of supply into that demand. And that demand from our standpoint, continues to look quite strong.

從出口角度來看，歐佩克第二季度實際上年減了8%。所以它只是強調美國是這種需求的供應來源。從我們的角度來看，這種需求看起來仍然相當強勁。

Arun Jayaram, JPMorgan.

阿倫‧賈亞拉姆，摩根大通。

I wanted to ask you around just how you're thinking about kind of 2025. I know you touched on this earlier in the call. So going into 2024, you had about $30 million of capital that you used kind of to build some well inventory. And then this year, I think the number is $45 million. So you have about $75 million of capital, which is call it in well inventory. As you look at the macro picture today, is the plan to maybe move to a maintenance CapEx and to deliver a lower CapEx number for 2025 or with the strip, call it, around [3-40], would you plan to maybe grow a little bit given your attractive returns at those types of gas prices?

我想問你對 2025 年有什麼看法。我知道您在通話早些時候談到了這一點。因此，進入 2024 年，您將擁有約 3000 萬美元的資金，用於建立一些油井庫存。今年，我認為這個數字是 4500 萬美元。所以你有大約 7500 萬美元的資本，這就是油井庫存。當您查看今天的宏觀情況時，計劃是否可能轉向維護資本支出並在 2025 年提供較低的資本支出數字，或者通過剝離，稱之為，大約 [3-40]，您是否計劃增加一個考慮到您在這些類型的汽油價格下的誘人回報，一點點嗎？

Yes. I think when we start to think about the 2025 program, I mean, I think where we see today, we wanted to set up the flexible options so that we have the ability to reshape our production profile for the '25 or we have the ability to stay at a maintenance plus level type activity until you get to the back of '25 or into 2026. If you have a scenario this year, as an example, where you're blowing down your inventory and you're running a program that doesn't set you up for flexibility. That presents a unique challenge then as you start to lean into the market improvements, whether it's early '25, middle of '25 or if it's leading into 2026.

是的。我認為當我們開始考慮 2025 年計劃時，我的意思是，我認為我們今天看到的情況是，我們希望建立靈活的選項，以便我們有能力重塑 25 年的生產概況，或者我們有能力保持維持+等級類型的活動，直到25 年底或進入2026 年。例如，如果您今年遇到這樣的情況，您正在清空庫存，並且正在運行一個不具備靈活性的計劃。當您開始關注市場的改善時，無論是 25 年初、25 中期還是 2026 年，這都會帶來獨特的挑戰。

So we like the in-process inventory that's been generated. It gives us that ability to either utilize it and think differently about our capital maybe on the low end or it allows us to then use that as a, we'll say, again, keeping it at a maintained level?

因此，我們喜歡已生成的在製品庫存。它使我們能夠利用它並以不同的方式思考我們的資本可能在低端，或者它允許我們使用它作為，我們會再說一遍，將其保持在維持水平？

Or do you grow that from there based upon what kind of rig and frac crew program we have. Our [lean one one] frac crew program, these two rigs really kick out just a little bit more inventory than the one frac crew consumes. And we feel like by the time you aggregate that impact, it has the ability to reshape the production for the first half of the year.

或者您是否根據我們擁有的鑽孔機和壓裂人員計劃從那裡開始發展。我們的[精益一一]壓裂人員計劃，這兩台鑽機確實比一個壓裂人員消耗的庫存多一點點。我們覺得，當你總結這種影響時，它有能力重塑今年上半年的生產。

If you think about our maintenance program in the last several years, we've always had -- the production character has had a bit of a sign wave, where the back half of the year sees a modest, but ratable increase. And then when you get to the first half of that following year, you're always going to see a bit of a dip until you then pick your activity and turn in lines back up from the early on half the year activity levels.

如果你想想我們過去幾年的維護計劃，我們一直都有——生產角色有一點標誌性的波動，下半年會出現適度但可觀的增長。然後，當你進入下一年的上半年時，你總是會看到一些下降，直到你選擇你的活動並從年初的活動水平恢復過來。

So we feel like we have the ability to reshape that and change the way we think about feeding into growing demand in the market and what it presents to us. So a little early for us to define exactly what that looks like, but we like the options that we have at our disposal and the ability to utilize that inventory to keep ourselves at also the leading edge of a capital-efficient program.

因此，我們覺得我們有能力重塑這一現狀，並改變我們對滿足市場不斷增長的需求及其向我們呈現的內容的思考方式。因此，對於我們來說，準確定義它是什麼樣子還為時過早，但我們喜歡我們擁有的選擇以及利用該庫存使我們自己保持在資本效率計劃的領先優勢的能力。

Got it. And just my follow-up, Dennis, I was wondering if you could highlight where you think your leading-edge D&C cost per foot are in Appalachia, maybe relative to your initial guide, and you highlighted averaging nine stages per day, which is a very, very efficient kind of frontier there. And maybe comment on some of the efficiency gains you're seeing from the zoos fleet? And how much do you see is there to go on the drilling versus the completion efficiency side of the equation?

知道了。我的後續行動，丹尼斯，我想知道您是否可以強調您認為您在阿巴拉契亞每英尺的領先D&C 成本在哪裡，也許相對於您最初的指南，您強調了平均每天九個階段，這是一個那裡有非常非常有效的前沿。也許可以評論一下您從動物園車隊中看到的一些效率提升？您認為鑽井與完井效率的差距有多大？

Yes, a really good question. When we look at our drilling performance, the drilling team has done a fantastic job. Last year, we saw a little over a 40% improvement in our drilling efficiencies through basically utilization of some upgrades on our super-spec drilling rigs, there were some testing that we did last year. And there's always a, we'll just say, an ongoing testing type nature to the program, very KPI-driven and looking back on performance.

是的，這是一個非常好的問題。當我們審視我們的鑽井表現時，鑽井團隊做得非常出色。去年，透過基本上利用我們的超規格鑽機的一些升級，我們的鑽井效率提高了 40% 以上，我們去年做了一些測試。我們只想說，該計劃始終具有持續的測試類型性質，非常受 KPI 驅動並回顧效能。

And so that's translated into an ongoing efficiency that we're seeing this year as well. So very consistent from year-to-year. The frac side on completions, the team continues to see improvements when we return to pads with existing production. I think we touched on it a few months ago. But ultimately, when we return to a pad with existing production we see that it could be as much as a 30% improvement in efficiencies.

因此，這轉化為我們今年也看到的持續效率。所以每年都非常一致。在壓裂方面，當我們返回現有生產的壓裂片時，團隊繼續看到改進。我想我們幾個月前就談到這個問題。但最終，當我們回到現有生產的拋光墊時，我們發現效率可能提高多達 30%。

You route out nonproductive time, you look for ways to more efficiently manage ingress, egress, et cetera. And it all translates into the numbers that you're seeing. So the zoos fleet has really performed well for us. And I would say, it's as good or better than where we've been in the past few years. So hard to imagine, but in 2010, when I joined the organization, industry standard was around three stages a day for a 24-hour frac crew. And here we are doing three times that amount and it's just unbelievable.

您排除非生產時間，尋找更有效管理入口、出口等的方法。這一切都會轉化為您所看到的數字。所以動物園車隊對我們來說確實表現得很好。我想說，這與我們過去幾年的情況一樣好，甚至更好。很難想像，但在 2010 年，當我加入該組織時，行業標準是 24 小時壓裂人員每天大約三個階段。在這裡，我們的工作量是這個數量的三倍，這簡直令人難以置信。

So hats off to everybody on the service side plus our team there in South Point. I think when you translate that into the cost per foot side, Arun, what you get is something that with current cost, you're probably seeing somewhere in the $800 to $900 per foot range. We have seen some deflation that's helped along with the efficiencies that start to kind of materialize. But on a very limited basis, as you would imagine.

因此，向服務方面的每個人以及我們在南角的團隊致敬。我認為，當你將其轉化為每英尺的成本時，阿倫，你得到的是當前成本，你可能會看到每英尺 800 至 900 美元的範圍。我們已經看到了一些通貨緊縮，這有助於提高效率，並開始實現。但正如你所想像的那樣，其基礎非常有限。

Paul Diamond, Citi.

保羅戴蒙德，花旗銀行。

Just a quick one, kind of piggyback in a bit on the deflationary expectations into kind of the tail end of this year and into 2025. Just wondering if you could put a few numbers around how you're seeing the market really playing out?

只是一個快速的例子，有點像今年年底和 2025 年的通貨緊縮預期。只是想知道您是否可以提供一些數字來說明您對市場實際情況的看法？

Yes. Paul, when I think about where we're seeing deflation play out, it's different than historically where maybe commodities up, service cost up, commodities down, service costs down. And what I mean by that is now you're seeing in some regards, I'll use the electric fleet as an example. E-fleets on the completion side are at 100% type utilization level across the Lower 48 and many of those are structured around multiyear contracts.

是的。保羅，當我想到我們所看到的通貨緊縮的情況時，這與歷史上不同，過去可能是商品上漲，服務成本上漲，商品下跌，服務成本下降。我的意思是，現在你在某些方面看到，我將使用電動車隊作為例子。下 48 個州的電動車隊已完工，其型號利用率達到 100%，其中許多都是圍繞多年合約建造的。

And so on one hand, that may not present a significant deflation exposure. But in our case, what it does, it also has a natural protection against prices going up in '25 and '26 through the term of the contract when you could see activity levels go the other way. Similar type storyline on some of our drilling rig exposures, where we are starting to see some opportunity is when you start to see relief in areas like oil prices, you start to see potential relief in diesel fuel, frac sand and some of your other consumables. It may not be -- by the time you look at an individual line item, maybe they may not have a lot of, I'll just say, a large impact.

因此，一方面，這可能不會帶來嚴重的通貨緊縮風險。但在我們的例子中，它的作用是，它還具有天然的保護作用，可以防止 25 年和 26 年合約期間的價格上漲，此時您可能會看到活動水平走向相反的方向。我們的一些鑽機風險也有類似的故事情節，我們開始看到一些機會，當您開始看到油價等領域的緩解時，您開始看到柴油、壓裂砂和一些其他消耗品的潛在緩解。可能不是——當你查看單一行項目時，也許它們可能不會產生很大的影響，我只想說。

But in aggregate, it starts to become meaningful dollars. So it's a little bit early. And I think part of we'll just say deflationary savings that could transform or be a part of our program. We're going to most likely be a part of our RFP process we roll out in the fall, and then that will translate into our D&C per foot for next year.

但總的來說，它開始變成有意義的美元。所以現在有點早了。我認為我們只會說通貨緊縮儲蓄的一部分可以改變或成為我們計劃的一部分。我們很可能會成為秋季推出的 RFP 流程的一部分，然後這將轉化為明年每英尺的 D&C。

Understood. And just one more quick follow-up. You talked about your water sharing program and kind of it being a bit more of a longer-term opportunity set. Just wondering if you could put some numbers around that. I mean, how big do you see that opportunity set over in the medium and the longer term.

明白了。還有一個快速跟進。您談到了您的水資源共享計劃，它更像是一個長期的機會集。只是想知道你是否可以為此提供一些數字。我的意思是，您認為從中長期來看這個機會有多大。

The water sharing program has been really a great story, and it all started with our team there in South Point and their creativity to reach out to other producers several years ago now and look for the ability to utilize their produced water as a part of our operations space.

水資源共享計劃確實是一個偉大的故事，這一切都始於我們在南角的團隊，他們的創造力幾年前就與其他生產商接觸，並尋求利用他們的產出水作為我們的一部分的能力。

So it's -- we think, across the board, it's a win-win. Looking back, we've routinely now for several years, recycled approximately 140% to 150% of our annual produced water volumes. So it's 100% of ours plus the remainder coming from other producers in the area. When you look at water costs and what that could translate into, and again, we've seen a range of somewhere plus or minus $10 million in potential savings on an annual basis because of the ability to take low-cost water.

所以，我們認為，從整體來看，這是雙贏的。回顧過去，我們多年來一直循環利用年產水量的約 140% 至 150%。所以 100% 是我們的，其餘的則來自該地區的其他生產商。當您考慮水成本及其可能轉化為何時，我們會再次看到由於能夠獲取低成本水，每年可節省正負 1000 萬美元的潛在成本。

And also, it really complements our environmental stewardship efforts that you'll see in our CSR report kind of year after year. When you look at the investments that we're making into our water infrastructure this year, that's to support long-term, low capital efficiency and also that low water cost. So we think this is something that for decades to come, we can continue to repeat, and again, with our development runway with our inventory, it sets us up well to be able to capture those cost savings.

而且，它確實補充了我們的環境管理工作，您將在我們年復一年的企業社會責任報告中看到這一點。當你看看我們今年對水基礎設施的投資時，你會發現這是為了支持長期、低資本效率和低水成本。因此，我們認為，在未來幾十年裡，我們可以繼續重複這一點，而且，憑藉我們的開發跑道和庫存，它使我們能夠很好地實現這些成本節約。

This concludes today's question-and-answer session. I'd like to turn the call back over to Mr. Degner for his concluding remarks.

今天的問答環節到此結束。我想將電話轉回給德格納先生，讓他作總結發言。

I'd just like to thank everyone for joining us on the call, as always, in the healthy Q&A. If you have any follow-up questions, don't hesitate to reach out to our Investor Relations team, and we'll see you on the next call in October. Thank you.

我只想感謝大家一如既往地參加我們的電話會議，進行健康的問答。如果您有任何後續問題，請隨時聯繫我們的投資者關係團隊，我們將在 10 月的下次電話會議上見到您。謝謝。

Thank you for your participation in today's conference. You may disconnect.

感謝您參加今天的會議。您可以斷開連線。