山脈資源 (RRC) 2024 Q3 法說會逐字稿

Hello. Welcome to the Range Resources third-quarter 2024 earnings conference call. 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. (Operator Instructions)

你好。歡迎參加 Range Resources 2024 年第三季財報電話會議。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。（操作員說明）

(technical difficulty) Vice President, Investor Relations at Range Resources. Please go ahead, sir.

（技術難度）Range Resources 投資者關係副總裁。請繼續，先生。

Thank you, operator. Good morning, everyone, and thank you for joining Range's third-quarter 2024 earnings call. Speakers on today's call are Dennis Degner, Chief Executive Officer; and Mark Scucchi, Chief Financial Officer. 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.

謝謝你，接線生。大家早安，感謝您參加 Range 的 2024 年第三季財報電話會議。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)。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。

You will 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.

您也可以在 Range 網站的「投資者」標籤下找到我們的 10-Q，或者您也可以使用 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 指標的計算結果。

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. Consistent performance has been a key part of the Range story this year, and our third quarter results reflect our repeatable execution in areas such as operating safely, driving continued drilling, completion and production improvements, generating free cash flow and the prudent allocation of that free cash flow, balancing returns of capital to shareholders 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。一致的業績一直是今年Range 故事的關鍵部分，我們第三季的業績反映了我們在安全營運、推動持續鑽探、完井和生產改進、產生自由現金流以及自由現金流的審慎分配等領域的可重複執行。

I believe our third quarter results reflect the ongoing advancement of these objectives and the resilience of Range's business through cycles like we're experiencing today. Range's low capital intensity is a key component of our through-cycle profitability and is the result of Range's class-leading drilling and completion costs. shallow base decline, large blocky core inventory and talented team.

我相信我們第三季的業績反映了這些目標的持續推進以及 Range 業務在我們今天經歷的周期中的彈性。Range 的低資本密集度是我們整個週期獲利能力的關鍵組成部分，也是 Range 領先的鑽井和完井成本的結果。基數下降幅度小，核心庫存大，團隊才華洋溢。

Another key component of Range's resilience is the diversity of our production stream and the value of Range's liquids business was on full display in the third quarter. Our ability to market ethane, propane and butane into the international market drove the highest NGL premium in company history at over $4 per barrel above the Mont Belvieu index. Looking at the entire production makeup, Range saw an aggregate unhedged price realization of $2.61 per Mcfe for the quarter, which is a $0.45 premium over Henry Hub natural gas and a clear differentiator versus purely dry gas producers. When you combine our efficient operations, low capital intensity and liquids revenue uplift, along with a thoughtful rightsized hedge program, the output is another quarter of positive free cash flow despite challenging natural gas prices.

Range 彈性的另一個關鍵組成部分是我們生產流的多樣性，Range 液體業務的價值在第三季度得到了充分展示。我們向國際市場銷售乙烷、丙烷和丁烷的能力推動了公司歷史上最高的 NGL 溢價，比 Mont Belvieu 指數高出每桶 4 美元以上。從整個生產組成來看，Range 發現本季每 Mcfe 的未對沖總價格實現為 2.61 美元，比 Henry Hub 天然氣溢價 0.45 美元，與純乾氣生產商有明顯的區別。當您將我們高效的營運、低資本密集度和流動性收入增長以及深思熟慮的規模調整對沖計劃結合起來時，儘管天然氣價格充滿挑戰，但產出仍將是又四分之一的正自由現金流。

During the third quarter, Range invested $156 million, running two rigs and one completion crew and placing us on track with our full year capital guidance we've communicated. Range's third quarter production came in at 2.2 Bcf equivalent per day, and we expect fourth quarter production will be near a similar level, resulting in an annual 2024 production of approximately 2.17 Bcfe per day. This is roughly 30 million cubic feet per day above the previous midpoint of guidance and is the result of strong well performance and continued optimization of gathering and compression infrastructure that was mentioned during our last call.

第三季度，Range 投資了 1.56 億美元，運行兩台鑽機和一名完井人員，使我們走上了我們已傳達的全年資本指導的軌道。Range 第三季的產量為每天 2.2 Bcf 當量，我們預計第四季度的產量將接近類似水平，從而導致 2024 年的產量約為每天 2.17 Bcfe。這比之前的指導中點高出大約 3000 萬立方英尺/天，這是我們上次電話會議中提到的強勁油井表現以及持續優化收集和壓縮基礎設施的結果。

Range can maintain this higher level of production with just one electric frac crew. I think this message is worth repeating. Range can hold nearly 2.2 Bcfe per day of net production flat with one completion crew. This is a true testament to both the quality of our asset base and the quality of the team, reflecting two decades of innovation and collaboration in the Marcellus between Range and its service providers. While we are still finalizing our capital and production plans for 2025, we expect that running on continuous completions crew is a reasonable baseline from which we will be fine-tuning our plans over the next few months.

Range 只需一名電動壓裂人員即可維持較高的生產水準。我認為這個訊息值得重複。配備一名完井人員後，Range 每天可容納近 2.2 Bcfe 的淨產量。這是對我們資產基礎品質和團隊品質的真實證明，反映了 Marcellus Range 與其服務提供者之間二十年來的創新和協作。雖然我們仍在敲定 2025 年的資本和生產計劃，但我們預計，連續完成人員的運作是一個合理的基準，我們將在接下來的幾個月內微調我們的計劃。

As has been the case for the last two years, running at this one crew activity level is slightly more than required for maintaining production, which we would consider as maintenance plus.

與過去兩年的情況一樣，以這一人員活動水平運行略高於維持生產所需的水平，我們將其視為維護加。

This counter cyclical investment provides range and operational tailwind for future periods as takeaway capacity becomes available in Appalachia and in-basin natural gas demand increases in the years ahead. When there is a fundamental call for additional production in the future, Range will be able to generate a very efficient wedge of modest growth.

隨著阿巴拉契亞地區的外運能力的增強以及未來幾年盆地內天然氣需求的增加，這種反週期投資為未來時期提供了範圍和營運的推動力。當未來有增加產量的根本需求時，Range 將能夠產生非常有效的適度成長楔形。

Turning to marketing and focusing on NGLs. International demand and pricing for NGLs remained robust in the third quarter, leading to near maximum U.S. export capacity utilization. Simultaneously, improving Panama Canal throughput access and a growing global fleet of LPG ships improved waterborne freight rates. These factors combined to drive export price premiums to new levels relative to the Mont Belvieu index.

轉向行銷並關注 NGL。第三季液化天然氣的國際需求和定價依然強勁，導緻美國出口產能利用率接近最高水準。同時，巴拿馬運河吞吐量的改善和全球液化石油氣船隊的不斷增長提高了水運運費。這些因素結合起來，將出口價格溢價推至相對於 Mont Belvieu 指數的新水平。

As in prior quarters, Range's portfolio of transportation and sales contracts provided reliable access to these premium markets. Looking ahead to 2025, many of these dynamics are expected to remain in place as international demand for NGL products continues to grow. While U.S. Gulf Coast export capacity has not increased materially until the second half of 2025 and into 2026. This provides a constructive setup for Range's go-forward price realizations and margins.

與前幾季一樣，Range 的運輸和銷售合約組合為進入這些高端市場提供了可靠的管道。展望 2025 年，隨著國際對液化天然氣產品的需求持續增長，其中許多動態預計將繼續存在。而美國墨西哥灣沿岸的出口能力直到2025年下半年和2026年才出現實質成長。這為 Range 的未來價格實現和利潤率提供了建設性的設定。

I believe the last couple of years are positive proof that Range's business capable of generating free cash flow and returns through cycles.

我相信過去幾年是 Range 業務能夠在周期內產生自由現金流和回報的積極證據。

Like many of the listeners today, we see the demand for natural gas and NGLs increasing substantially in the years ahead. As one of the lowest cost producers in North America, we believe Range is well positioned for thoughtful growth in the years ahead when called upon. Whether that's in the year ahead or beyond. In the long run, we believe Range's competitive full cycle cost structure and through cycle profitability provide a unique investment opportunity for long-term investors given our multi-decade inventory runway.

與今天的許多聽眾一樣，我們看到未來幾年對天然氣和液化天然氣的需求將大幅增加。作為北美成本最低的生產商之一，我們相信 Range 已做好充分準備，在未來幾年內能夠在需要時實現深思熟慮的成長。無論是在未來一年還是以後。從長遠來看，我們相信，鑑於我們數十年的庫存跑道，Range 具有競爭力的全週期成本結構和整個週期的盈利能力為長期投資者提供了獨特的投資機會。

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 three quarters of 2024 behind us, it's a sensible time to take stock of the state of our business to examine what we've accomplished in the absolute and on a relative basis and what this may imply for the future. For the first three quarters of 2024, NYMEX natural gas averaged $2.09. Despite the low commodity price year-to-date, Range has paid $58 million in dividends, invested $44 million in share repurchases at prices well below our view of long-term value and reduced net debt by $136 million, while investing in operations.

謝謝，丹尼斯。2024 年已經過去了四分之三，現在是評估我們業務狀況的明智時機，以檢查我們在絕對和相對基礎上取得的成就以及這對未來可能意味著什麼。2024 年前三季度，NYMEX 天然氣平均價格為 2.09 美元。儘管今年迄今大宗商品價格較低，Range 仍支付了5800 萬美元的股息，以遠低於我們預期的長期價值的價格投資了4400 萬美元的股票回購，並在投資運營的同時減少了1.36億美元的淨債務。

Range generated the free cash flow that made those capital allocation decisions possible while executing an operational plan that stands in stark contrast to much of this industry. Range's program is slightly above maintenance capital in 2024, strategically investing in land and water infrastructure to enhance capital efficiency while also building modest well inventory to provide options for future capital spending and resulting production profile.

Range 產生的自由現金流使這些資本配置決策成為可能，同時執行與該行業大部分公司形成鮮明對比的營運計劃。Range的計畫略高於2024年的維護資本，對土地和水利基礎設施進行策略性投資，以提高資本效率，同時建立適度的油井庫存，為未來的資本支出和由此產生的生產狀況提供選擇。

Range is both proving the free cash flow resilience of the business and reinforcing that resilience through targeted capital investment. That free cash flow resilience allows us to be successful throughout commodity price cycles and to pursue a comprehensive capital allocation strategy that returns cash to shareholders reinforces our strong balance sheet and invest in the business. There are a number of unique aspects of the Range story that allow us to achieve these results, including our peer leading reinvestment rate.

Range 既證明了企業的自由現金流彈性，也透過有針對性的資本投資增強了這種彈性。這種自由現金流的彈性使我們能夠在整個大宗商品價格週期中取得成功，並採取全面的資本配置策略，將現金返還給股東，從而加強我們強大的資產負債表並投資於業務。Range 故事的許多獨特之處使我們能夠取得這些成果，包括我們同行領先的再投資率。

Our diversification across products, transport and end markets, customers, contract structures and our solid financial position. Range's reinvestment rate through the first three quarters of 2024 was 63%. In other words, while investing at a maintenance plus level, we generated healthy free cash flow margin even with low commodity prices. Our low required reinvestment rate is driven by a peer-leading base decline rate of production. The benefits of our high-quality, contiguous acreage position and the efforts of an experienced and motivated team.

我們在產品、運輸和終端市場、客戶、合約結構和穩健的財務狀況方面實現多元化。截至 2024 年前三季度，Range 的再投資率為 63%。換句話說，在維持+水準投資的同時，即使大宗商品價格較低，我們也產生了健康的自由現金流利潤率。我們要求的低再投資率是由同業領先的產量基礎下降率所推動的。我們的優質、連續的土地位置以及經驗豐富、積極進取的團隊的努力所帶來的好處。

Range's resilient cash flow is forwarded by the diversification of revenue. Roughly 30% of Range's production is liquids, which have accounted for more than 50% of pre-hedge revenue in five of the last six quarters. Further, we have achieved a strong premium to domestic NGL pricing, averaging $2.42 per barrel premium versus Mont Belvieu year-to-date in 2024, driven by our advantage takeaway and Marcus Hook Dock Access, as well as our ability to market cargoes of propane and butane on a vessel-by-vessel basis.

Range 富有彈性的現金流是透過收入多元化來實現的。Range 大約 30% 的產品是液體產品，在過去 6 個季度中的 5 個季度中，液體產品佔對沖前收入的 50% 以上。此外，在我們的優勢外賣和 Marcus Hook 碼頭通道以及我們銷售丙烷貨物的能力的推動下，我們實現了國內 NGL 定價的強勁溢價，2024 年迄今為止，與 Mont Belvieu 相比，每桶平均溢價 2.42 美元和丁烷（以船隻計算）。

That has benefited realizations by allowing Range to largely avoid domestic points of NGL product congestion and instead price at attractive international indices. Gas revenues are supported by a broad portfolio of transportation contracts and customers, reaching a diversified set of advantageous end markets, markets of growing power, industrial and LNG demand.

這使得 Range 能夠在很大程度上避開國內液化天然氣產品擁堵點，並以有吸引力的國際指數定價，從而有利於實現這一目標。天然氣收入得到廣泛的運輸合約和客戶組合的支持，涵蓋了多元化的有利終端市場、電力、工業和液化天然氣需求不斷增長的市場。

In addition, Range has employed a flexible and persistent goal-oriented hedging framework. Where we look to create a portfolio that covers fixed costs and as a byproduct, enables us to capture market opportunities, be it share buybacks, debt reduction, dividends, countercyclical capital investments and other alternatives. That approach has helped support attractive full-cycle margins in markets as varied as seen in 2022 and 2024.

此外，Range還採用了靈活且持久的目標導向的對沖框架。我們希望創建一個涵蓋固定成本和副產品的投資組合，使我們能夠抓住市場機會，無論是股票回購、債務削減、股息、反週期資本投資或其他選擇。這種方法有助於支持 2022 年和 2024 年各市場中具有吸引力的全週期利潤率。

Range ended the third quarter with net debt of $1.44 billion, within our target range of $1 billion to $1.5 billion. The nearly $2.7 billion of net debt reduction Range has achieved over the last several years, not only reduces interest expense. It pairs a world-class asset with a world-class balance sheet, supporting a global business. This financial position and asset paring allows an efficient longer-term strategic approach to investments in the business alongside durable returns to shareholders.

Range第三季末的淨債務為14.4億美元，在我們10億至15億美元的目標範圍內。Range在過去幾年中實現了近27億美元的淨債務削減，這不僅減少了利息支出。它將世界一流的資產與世界一流的資產負債表結合起來，支持全球業務。這種財務狀況和資產配置可以採用有效的長期策略方法進行業務投資，同時為股東帶來持久的回報。

As a whole, we view Range is uniquely positioned to benefit from and take advantage of what we expect will be continued secular demand growth for both natural gas and NGLs. Our durable free cash flow story along with the investments we have made in the business over the last two years, positions Range to sustain and grow its presence as a reliable provider of energy to its customers while consistently delivering value to its shareholders.

總體而言，我們認為 Range 處於獨特的地位，可以從我們預期的天然氣和液化天然氣需求持續的長期增長中受益並利用。我們持久的自由現金流故事以及過去兩年在該業務中進行的投資，使 Range 能夠維持和發展其作為客戶可靠能源提供者的地位，同時持續為股東創造價值。

Dennis, back to you.

丹尼斯，回到你身邊。

Thanks, Mark. Before moving to Q&A, I'd like to acknowledge that today marks the anniversary of an important day, not only for Range Resources and our industry but also for the energy independence of our country. 20 years ago on this day in 2004, Range Resources completed the RINs number one, the first commercial Marcellus well. At that time, in 2004, the United States was a net importer of natural gas, with total imports exceeding 4.3 Tcf or over 11 Bcf per day.

謝謝，馬克。在進行問答之前，我想承認，今天是一個重要的周年紀念日，不僅對 Range Resources 和我們的行業而言，而且對我們國家的能源獨立而言也是如此。 20 年前的 2004 年的今天，Range Resources 完成了 RIN 的第一口井，即第一口商業 Marcellus 井。2004年，美國是天然氣淨進口國，進口總量超過4.3 Tcf，即每天超過11 Bcf。

Today, the Marcellus and Utica produced over 30 Bcf per day and account for approximately 1/3 of gas production in the United States. The U.S. is not only a net exporter of natural gas but has also surpassed Russia as the leading supplier of natural gas around the globe. The total exports last year exceeding 20 Bcf per day, including exports to Mexico.

如今，Marcellus 和 Utica 每天生產超過 30 Bcf，約占美國天然氣產量的 1/3。美國不僅是天然氣淨出口國，也超過俄羅斯成為全球領先的天然氣供應國。去年的出口總量超過每天 20 Bcf，其中包括對墨西哥的出口。

During this same 20-year time period, total U.S. energy emissions declined approximately 20%, driven by a 40% decrease in emissions from power generation due to the increased utilization of natural gas. This has been a tremendous achievement by our industry, and we are proud of the role that Range has played and continues to play in providing safe, clean economic energy to the world.

在同一 20 年期間，由於天然氣利用率的提高，發電排放量減少了 40%，美國能源總排放量下降了約 20%。這是我們行業的巨大成就，我們對 Range 在向世界提供安全、清潔的經濟能源方面已經並將繼續發揮的作用感到自豪。

You've heard us state this before, while 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. And it all started with a successful well test 20 years ago. We look forward to the next decades of developing ranges inventory and the milestones we'll achieve.

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，並將其轉化為能夠通過這些類型的周期產生自由現金流。這一切都始於 20 年前的一次成功試井。我們期待著未來幾十年的庫存開發和我們將實現的里程碑。

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

接下來，讓我們打開提問熱線。

(Operator Instructions) Scott Hanold, RBC.

（操作員說明）Scott Hanold，RBC。

You all had some pretty strong production performance. And I know you did highlight the midstream optimization. Could you give us a sense on what is that really added? Do you have a sense of just in terms of like volumes that has added in, what has that done to your base decline rate on your asset base going forward?

你們都有相當出色的製作表現。我知道您確實強調了中游優化。您能否讓我們了解一下到底增加了什麼？您是否知道，就增加的類似數量而言，這對您未來資產基礎的基本下降率有何影響？

Scott, I appreciate the question around the production. It's something we've been awfully pleased with on the performance this year. I think for us, it really starts with some of the long lateral performance that we saw from the back half of last year. And then really through the front half of this year is that compression and gathering infrastructure expansion started to go into service. One of the projects was at the end of Q3, beginning of Q4 of last year and the other was in the early part of this year.

斯科特，我很欣賞有關製作的問題。我們對今年的表現非常滿意。我認為對我們來說，這實際上是從去年下半年看到的一些長橫向表現開始的。今年上半年，壓縮和收集基礎設施擴展真正開始投入使用。其中一個項目是去年第三季末第四季初，另一個項目是今年年初。

Some in across areas of the well mix, both from dry to our wet and super-rich impacts.

有些在混合井的各個區域，包括從乾燥到潮濕和超級豐富的影響。

So when we think about what we've seen so far, it's still a little early on some of the trends and how it's, you can say, benefiting some of the wells across the field. What we have been able to see is that in areas where you might see let's just say some constrained production on a smaller level. We've seen some small upticks. Where we've got longer laterals that are producing at a high level, we've actually seen the ability to move more through that system and keep it at a higher level of utilization. So we'll have more that we can probably share in -- as we think about setting up our plans for 2025.

因此，當我們思考迄今為止所看到的情況時，一些趨勢以及它如何使整個油田的一些油井受益還為時過早。我們已經看到的是，在您可能會看到的領域，我們只是說在較小的水平上有一些有限的生產。我們看到了一些小幅上升。當我們擁有較長的支線並以高水平生產時，我們實際上已經看到了透過該系統進行更多移動並保持較高利用率的能力。因此，當我們考慮制定 2025 年計劃時，我們可能會分享更多內容。

But I think if you look at how the business is performing this year, as an example, it kind of shows what it's capable of. When you look at -- we're on track to grow roughly 2% this year or maybe just right below that. And that's the byproduct of what we're seeing from that compression and again, those long laterals. Our base decline being at 19% is something we're also proud of. I think it reflects the quality of the asset and the team's hard work, but we expect that over the course of time, we could continue to see that decline shallow even further from where it is today.

但我認為，舉例來說，如果你看看今年該業務的表現，你會發現它的能力。當你看時，我們今年的成長率預計約為 2%，或者可能略低於這個數字。這就是我們從壓縮和長側線中看到的副產品。我們的基數下降率為 19%，這也是我們引以為傲的。我認為這反映了資產的品質和團隊的辛勤工作，但我們預計，隨著時間的推移，我們可能會繼續看到下降幅度比今天更小。

It's a lot easier when you have the shallow decline. My follow-up question is on 2025 then. And you talked about running one frac crew and that gets you to that, I guess, modest growth pace to continue. Can you talk regarding the DUC optionality to grow? Like what do you right now need to see to kind of do that?

當你的下降幅度較小時，事情就會變得容易得多。我的後續問題是關於 2025 年的。您談到了經營一支壓裂團隊，我想這會讓您繼續保持適度的成長速度。您能談談 DUC 的成長選擇嗎？例如你現在需要做什麼才能做到這一點？

And -- would that require getting a partial frac crew if you were to decide that at some point? And do you have the firm takeaway to get your volumes to market? .

而且—如果您在某個時候決定這樣做，是否需要配備部分壓裂人員？您是否有確定的結論可以將您的產品推向市場？。

Yes, good question. I think when we start to ask ourselves what signals that we need to see in order to think about utilizing that productive capacity, I think it's some of the basics, what kind of winter weather we're going to see come together as we get from one pattern of weather to the other from Lanita to El Nido and back and forth. I think the other thing we need to see is further commissioning and utilization of the LNG infrastructure.

是的，好問題。我認為，當我們開始問自己需要看到哪些信號才能考慮利用這種生產能力時，我認為這是一些基礎知識，當我們從從拉尼塔到愛妮島，一種天氣模式與另一種天氣模式交替出現。我認為我們需要看到的另一件事是液化天然氣基礎設施的進一步調試和利用。

There's a lot of reasons to be optimistic about plaquamines and reaching that 1.7 Bcf a day of capacity utilization early in 2025. You've got Corpus Christi Train 3. We think that's going to -- all signs are -- it's ahead of schedule and you could see gas start to roll through that infrastructure end of this year and then reach full utilization next year. That's another [1.5 Bcf].

有許多理由對 plaquaamine 持樂觀態度，並在 2025 年初達到每天 1.7 Bcf 的產能利用率。您已經擁有科珀斯克里斯蒂列車 3。我們認為，所有跡像都表明，這將提前完成，你可能會看到天然氣在今年年底開始通過該基礎設施，然後在明年達到充分利用。那是另一個[1.5 Bcf]。

So you're talking about 3 Bcf a day in those two pieces of infrastructure alone before you even get to potentially gold and pass Train 1 at the end of '25. So I think we'd like to see what comes together with whether LNG infrastructure and then what kind of price responses that we're going to see, let's say, more in the short term as a part of that.

因此，在您甚至在 25 年底獲得潛在的黃金並通過 1 號列車之前，僅在這兩個基礎設施中每天就需要 3 Bcf。因此，我認為我們希望看看液化天然氣基礎設施會帶來什麼，然後我們將在短期內看到什麼樣的價格反應，作為其中的一部分。

The good news is with the inventory that we generated between 2024 and '23, we have the ability to pick up a spot crew and add that production when we think the fundamentals are pointing to it and they're calling for that additional incremental gas. When you look at how our transportation is set up, we feel like we do have the right takeaway to handle that incremental production.

好消息是，根據我們在 2024 年至 23 年間產生的庫存，當我們認為基本面表明這一點並且他們需要額外的增量天然氣時，我們有能力聘請現場人員並增加產量。當你看看我們的運輸是如何設置的時，我們覺得我們確實有正確的方法來處理增量生產。

If you think about our production profile under maintenance in the past, it looked like more a sign wave, we've had more of a decline in the early part as you come out of the end of the year, heavy activity focus and then a ratable increase in the back half of the year. This year, we've seen that shallow quite a bit with a flat 2-rig program in this one frac crew approach. So next year, what we think we could see is good utilization of our transport when the right signs materialize, we could add a spot frac crew and utilize some of that inventory, again when the right signs call for it.

如果您考慮我們過去處於維護狀態下的生產狀況，它看起來更像是一個信號波，隨著年底的結束，我們在早期出現了更多的下降，活動集中，然後是下半年可觀增長。今年，我們在壓裂人員進場中看到了相當淺的平坦 2 鑽機專案。因此，明年，當正確的跡像出現時，我們認為我們可以看到我們的運輸得到良好的利用，我們可以增加現場壓裂人員並利用其中的一些庫存，再次當正確的跡象需要時。

But if not, we feel like, just like this year, we could add that incremental inventory we could respond when the market calls for it, whether it's back half of '25 or thinking about being more efficient than into 2026, but it all becomes the byproduct of a good lean-based activity program.

但如果沒有，我們覺得，就像今年一樣，我們可以在市場需要時補充增量庫存，無論是 25 年後半段還是考慮比 2026 年提高效率，但這一切都變成了良好的精益活動計劃的副產品。

Neil Mehta, Goldman Sachs & Company.

尼爾梅塔，高盛公司。

Yes. Really strong results here. And that's where it kind of start off on slide 38, where the price realization for the NGL differential was super strong, and I know you talked about your ability to get to that international market. But maybe you could break it down for us a little bit more and talk about what your marketing teams are doing. And you mentioned you think this is sustainable, but it is a big big step-up from historical levels of price differential strength.

是的。這裡的結果非常強勁。這就是幻燈片 38 上的開始，其中 NGL 差異的價格實現非常強勁，我知道您談到了進入國際市場的能力。但也許您可以為我們詳細解釋一下，並談談您的行銷團隊正在做什麼。您提到您認為這是可持續的，但與價格差異強度的歷史水平相比，這是一個很大的進步。

And so help us understand how you keep that momentum up.

因此請幫助我們了解您如何保持這種勢頭。

Yes, Neil, I think you've heard us probably say this in a lot of our prepared remarks and in other meetings that we've had together. But our ability to -- we're celebrating the 20th anniversary of the RINs well. But with that came our ability to start with a different development approach, and that is setting a purity product processing in Appalachia for our production, and it allowed us to be able to market those products out of different outlets mainly to getting exposure to a waterborne export out of Marcus Hook Philadelphia.

是的，尼爾，我想你可能已經在我們準備好的演講和我們一起舉行的其他會議中聽到過這一點。但我們有能力——我們正在慶祝 RIN 成立 20 週年。但隨之而來的是，我們有能力開始採用不同的開發方法，那就是在阿巴拉契亞為我們的生產設置純度產品加工，這使我們能夠從不同的管道銷售這些產品，主要是為了接觸水性產品。

And as you start to look at this year, we point to the premium opportunity that exists out of the Northeast for us. And we think it all starts back to again 20 years ago and how this setup really began. But when you think about what we're seeing today, clearly, exports have been at an extremely high level out of the Gulf. We're running over 2 million barrels a day in export as an industry, and doc utilization is running right around 90%. And so the congestion that has occurred there has really presented an opportunity for us to capture a premium out of the Northeast where we're seeing a strong utilization rate, but we're below those kind of congestion levels that could present an issue.

當你開始審視今年時，我們會指出東北地區為我們帶來的優質機會。我們認為這一切都要追溯到 20 年前，以及這個設定是如何真正開始的。但當你想想我們今天所看到的情況時，顯然，海灣地區的出口一直處於極高水準。作為一個產業，我們每天的出口量超過 200 萬桶，文件利用率約為 90%。因此，那裡發生的擁堵確實為我們提供了從東北部獲取溢價的機會，我們看到東北部的利用率很高，但我們低於可能出現問題的擁堵水平。

All at the same time, you're seeing demand continue to grow. When you look at the PDH infrastructure that continues to be commissioned, clearly, a bulk of that is in the Asian market. But when you see what's been growing both in '23 and commissions in 2024, utilization rates continue to go on the uptick, and there's more coming when you start to think about, again, that additional infrastructure for 2025.

同時，您會看到需求持續成長。當您查看繼續投入使用的 PDH 基礎設施時，很明顯，其中大部分位於亞洲市場。但是，當您看到 23 年的成長和 2024 年的佣金成長時，利用率將繼續上升，並且當您再次開始考慮 2025 年的額外基礎設施時，還會出現更多的情況。

So we remain really optimistic that if you think about the dock capacity congestion, infrastructure expansion, there really doesn't take shape until the back half of 2025 and pretty deep in the '25 with that and into '26. So we think there's a set of fundamentals that are in play here that could be very much structurally repetitive in '25 for our NGL realization to what we've been able to harvest in 2024.

因此，我們仍然非常樂觀地認為，如果你考慮到碼頭容量擁堵、基礎設施擴張，這些問題實際上要到 2025 年下半年才會形成，並且在 25 年和 26 年相當深入。因此，我們認為，這裡有一系列基本原理在發揮作用，這些基本原理可能會在 25 年實現結構性重複，以實現我們在 2024 年實現 NGL 的收穫。

And look, at the other end of that dock capacity expansion, will that same premium level exists, maybe not. But as you start to see what we believe a premium still continues to be present for us in the Northeast and demand continues to grow. And with that will come price improvements as well.

看看，在碼頭容量擴張的另一端，是否會存在相同的溢價水平，也許不會。但當你開始看到我們認為東北地區仍然存在溢價並且需求持續增長時。隨之而來的是價格的提高。

Okay. And then just to follow up just on the '25 plan as it relates to capital. Again, we're going to get more perspective on this, I'm sure, in the next couple of months. But given that you're running close to a maintenance level, is it fair to use '24 as a good proxy for how you're thinking about '25 as it relates to capital or are there efficiencies that you can capture and the moving pieces that we need to take into account?

好的。然後只是跟進 25 計劃，因為它與資本有關。我確信，在接下來的幾個月裡，我們將再次對此有更多的看法。但考慮到您正在接近維護水平，使用“24”作為您如何看待“25”的良好代理是否公平，因為它與資本相關，或者是否存在您可以捕獲的效率和移動部件我們需要考慮什麼？

Yes. I think that's a good question, Neil. We're still refining what '25 is going to look like. And clearly, I'm sure a lot of other producers are doing the same at this time of year. But '24 is a good way of thinking about how our business could look in 2025.

是的。我認為這是一個很好的問題，尼爾。我們仍在完善“25”的外觀。顯然，我確信每年的這個時候許多其他生產商也在做同樣的事情。但「24」是思考我們的業務在 2025 年會是什麼樣子的一個好方法。

And I think it starts with our dedicated frac crew and then the drilling activity that efficiently feeds that process, if you will. If you look at this year, we have two horizontal rigs that are continuing to feed that frac crew. It does generate a little bit of that in-process inventory next year.

我認為這首先是我們專門的壓裂人員，然後是有效地為該過程提供動力的鑽井活動（如果您願意的話）。如果你看看今年，我們有兩台水平鑽機繼續為壓裂人員提供食物。明年它確實會產生一些在製品庫存。

Again, if you're constructive on '25 and '26, clearly maintaining the operational efficiencies with the two rigs could make a lot of sense for us. But there's a point in time where no doubt we'll have the operational and program flexibility to think about you reduce rig activity in the future if the fundamentals call for it or you maintain that same level of cadence and instead utilize that productive capacity with some kind of spot recrew. So I think thinking about our capital program in '24 in activity is a good way of, I'll just say, starting to think about how our 2025 could look.

再說一遍，如果您對 '25 和 '26 持建設性態度，那麼顯然保持這兩個鑽機的運作效率對我們來說很有意義。但在某個時間點，毫無疑問，如果基本面需要，或者您保持相同的節奏水平，而是利用該生產能力來減少未來的鑽機活動，那麼我們無疑將擁有運營和計劃的靈活性。種現場船員。因此，我認為思考我們 24 年活動中的資本計畫是一個好方法，我只想說，開始思考我們的 2025 年會是什麼樣子。

Doug Leggate, Wolfe Research.

道格‧萊蓋特，沃爾夫研究中心。

Dennis, you kind of walked into the mills from a little bit by talking about takeaway capacity and in-basin demand, very topical on both front, particularly the in-basin demand, I guess, data centers is topical. But I just wondered if I could ask you to elaborate a little bit as to what you're seeing opportunity might be for Range and I have a quick follow-up.

丹尼斯，你透過談論外賣能力和盆地內需求，有點走進了工廠，這兩方面都非常熱門，特別是盆地內需求，我想，數據中心是熱門話題。但我只是想知道我是否可以請您詳細說明您認為 Range 可能存在的機會，我會快速跟進。

You bet. Thanks for joining us. I think when we start to think about demand regionally, I'll just say more in the near term. We added a new slide to the slide deck, this cycle to try and put some color around that. It's slide number 18.

你打賭。感謝您加入我們。我認為當我們開始考慮區域需求時，我會在短期內說更多。我們在幻燈片中添加了一張新幻燈片，這個循環嘗試為其添加一些顏色。這是幻燈片 18。

But really, when you start to think about near-term demand, a couple of things that we see clearly is -- there is the industrialization expansion process that's starting to take shape with some of the legislative acts that have been approved over the last few years. And so when you think about the next few years, clearly, there's going to be the Intel semiconductor fab facility and also the Mont Belvieu facility as well.

但實際上，當你開始考慮近期需求時，我們清楚地看到了一些事情——工業化擴張進程已經開始形成，一些立法法案在過去幾年中得到了批准。因此，當你考慮未來幾年時，很明顯，將會有英特爾半導體工廠和 Mont Belvieu 工廠。

We have the ability to, I'll just say, through our transport, have access to that kind of growing demand and others that clearly that will continue to materialize. You've got clearly, coal retirements that are going to take shape over the next 12 to 24 months, approximately 1 Bcf a day in displacement there that could take shape. And I think if you look over the last 24 months, we're now on back-to-back years of seeing incremental power burn on the nat gas side of around 1.3 to 1.4 Bcf a day.

我只想說，我們有能力透過我們的運輸來滿足這種不斷增長的需求以及其他顯然將繼續實現的需求。很明顯，煤炭退役將在未來 12 至 24 個月內形成，每天大約會產生 1 Bcf 的位移。我認為，如果你回顧過去 24 個月，我們現在連續幾年看到天然氣的增量電力消耗約為每天 1.3 至 1.4 Bcf。

And that -- you've probably heard me say this before in one-on-one conversations, but I feel like that's been underappreciated when we when we enter each year just because of the wildcard factor around that. But now you've got nat gas again playing a role that's really unique, and we're 74% of the thermal share through the first half of 2024. That's all while wind is actually up year-over-year. So that, I think, shows again the durability of what nat gas will play in the role there.

你可能以前在一對一的談話中聽過我說過這一點，但我覺得當我們每年進入時，僅僅因為周圍的通配符因素，這一點就被低估了。但現在天然氣再次發揮了獨特的作用，到 2024 年上半年，我們將佔據熱力份額的 74%。這一切都是在風速實際上逐年上升的情況下進行的。因此，我認為，這再次表明天然氣將在那裡發揮作用的持久性。

So -- and then clearly, from a takeaway standpoint, MVP has been beneficial, that pipe has been running sub [1 Bcf] a day at this point. But clearly, there's the ability in the next few years as we see that Transco activity and expansion take place to reach 2 to 2.2 Bcf capacity. So in the near term, we think those are the line-of-sight type projects. But we also know there are a lot of conversations that are starting to materialize around data centers, future power demand.

因此，很明顯，從外帶的角度來看，MVP 是有益的，此時該管道每天的運行速度低於 [1 Bcf]。但顯然，隨著我們看到 Transco 的活動和擴張的進行，未來幾年有能力達到 2 至 2.2 Bcf 的產能。因此，在短期內，我們認為這些是視線類型的項目。但我們也知道，圍繞著資料中心、未來電力需求的許多對話正在開始具體化。

And I think the PJM auction that was recently conducted probably shed some light on the critical movement that will need to take shape around power in the future when you saw it go from somewhere in the mid-$20 range to $270 per megawatt day. So there's -- there are some early indications that movement has to take shape. So that's how we're seeing the future demand kind of take place regionally, but we also know that LNG is also going to be the big pin in this as well.

我認為最近的 PJM 拍賣可能會揭示未來圍繞電力需要形成的關鍵運動，當你看到它從每兆瓦日 20 美元中間到 270 美元中間的某個位置時。因此，有一些早期跡象表明，運動必須形成。這就是我們所看到的區域未來需求的情況，但我們也知道液化天然氣也將成為其中的重要支柱。

That's very helpful. I guess my follow-up, this might be for Mark, but so you guys are best-in-class capital efficiency. No question, that's been an extraordinary, extraordinary story, frankly, in terms of the longevity you have in your business at the current spending level. But I guess my question is, you benefited from returning to -- I don't want to walk through how you describe this, but you benefited from the back to the plants that you'd previously drilled, but hadn't fully utilized. And I'm trying to -- what the running room is for that, that you can maintain this capital level given that, that's been an an in, how long can that continue?

這非常有幫助。我想我的後續行動可能是針對馬克的，但是你們是一流的資本效率。毫無疑問，坦白說，就您的企業在當前支出水平下的壽命而言，這是一個非凡、非凡的故事。但我想我的問題是，你受益於返回 - 我不想詳細介紹你如何描述這一點，但你受益於返回你之前鑽探過但尚未充分利用的植物。我正在努力 - 運行空間是什麼，你可以維持這個資本水平，因為這是一個，可以持續多久？

Sure. I think as we try to explain the longevity of Range's program and how consistent the performance can be from a capital productivity standpoint. I think it's important, as you point out, that roughly half of wells in a given year are put on existing pads. I mean those are still new locations. And, if we rewind all the way back to the beginning in terms of how Range work with these partners to build at the gathering system.

當然。我認為，當我們試圖從資本生產力的角度解釋 Range 計劃的壽命以及性能的一致性時。正如您所指出的，我認為這一點很重要，一年中大約一半的油井都建在現有的墊子上。我的意思是這些仍然是新地點。而且，如果我們回到開頭，看看 Range 如何與這些合作夥伴合作建立收集系統。

The gathering system is built across essentially the entire footprint. So while roughly half of our wells in a given year go on existing pads and use some existing infrastructure, half renewals.

收集系統基本上是在整個佔地面積上建造的。因此，雖然一年中大約有一半的油井使用現有的井場並使用一些現有的基礎設施，但一半是更新的。

So you're getting what is in essence an slice, a sample perhaps not a perfectly statistical sampling, but a standpoint nonetheless across the entire acreage position. So an averaging effect. And what that means is we're not focused on one specific area, exhausting it, moving down the road to another area. That is why you get a very consistent -- as one of the reasons why you get a very consistent result on a program level year in and year out. It's also why you see benefits of things like Dennis spoke about earlier, optimization of the existing gathering system.

因此，您得到的實際上是一個切片，一個樣本，也許不是完美的統計抽樣，但仍然是整個面積位置的一個觀點。所以有平均效應。這意味著我們不會專注於一個特定領域，耗盡它，然後沿著道路移動到另一個領域。這就是為什麼你會得到非常一致的結果——這也是你年復一年在計畫層面上得到非常一致的結果的原因之一。這也是為什麼你會看到丹尼斯之前談到的優化現有收集系統的好處。

It's because you didn't exhaust a particular area, use all the locations available in a particular area and then move down the road, meaning you're underutilizing a portion of the gathering system. We use and reuse and continue to attempt to fully utilize the gathering system with the existing ones. So optimization like added compression and returning the paths for part of our locations at a given year against production uplift of the existing base and that new production from existing wells.

這是因為你沒有耗盡特定區域，使用特定區域中的所有可用位置，然後沿著道路移動，這意味著你沒有充分利用收集系統的一部分。我們使用和重複利用並繼續嘗試充分利用現有的收集系統。因此，針對現有基地的產量提升和現有油井的新產量，進行了最佳化，例如增加壓縮和返回給定年份部分地點的路徑。

So to pull back all the way to your question is how long can we keep that up, what does it look like? That pulls you back to one of the very first slides we have the inventory is measured in decades before we would expect at a program level to see even at that side, expect to see any material change in the productivity. The team's efficiencies that they learn year in and year out, whether it's better targeting, landing, completion, stages per day on the drilling side, lateral, footage per day, getting more and more accurate. It's not just drilling and how fast they're drilling, it's how accurately they're drilling and placing that lateral in the targeted interval. So we think that Range's story is truly unique in that perspective in terms of the efficiency combined with how long we can hold it.

所以，回到你的問題是我們可以保持這種情況多久，它是什麼樣的？這讓你回到我們擁有的第一張幻燈片中的一張，庫存是在幾十年後我們預計在計劃層面上看到的，甚至在這一方面，預計會看到生產力的任何實質性變化。他們年復一年地學習團隊的效率，無論是更好的瞄準、著陸、完井、鑽井側每天的階段、側向、每天的進尺，都變得越來越準確。這不僅是鑽井和鑽井速度的問題，還在於他們鑽井並將側向放置在目標層段的準確性。因此，我們認為，從效率和我們可以持有它的時間來看，從這個角度來看，Range 的故事確實是獨一無二的。

Just a quick clarification. Is it fair to say then that the partially utilized pads, if you like, you're kind of replenishing those as you go, because half of your program is still drilling new pads. Is that a fair way to think about it?

只是快速澄清一下。那麼公平地說，如果您願意的話，您可以隨時補充部分使用的焊盤，因為您的程序的一半仍在鑽新焊盤。這是一個公平的思考方式嗎？

I think that's a fair way of thinking about it, yes.

我認為這是一個公平的思考方式，是的。

Jacob Roberts, TPH & Company.

雅各布·羅伯茨​​ (Jacob Roberts)，TPH 公司。

I wanted to touch on the incremental land spend I think the indication there is that you're effectively replacing 75% of the drilled lateral feet for a given year for $25 million or $30 million. I was hoping you could maybe elaborate on what's being acquired there and how you see that as enhancing the near-term opportunity set relative to perhaps just adding another year to, as you've noted, a decades-long inventory?

我想談談增量土地支出，我認為這表明您將在特定年份有效地更換 75% 的鑽孔側腳，費用為 2500 萬或 3000 萬美元。我希望你能詳細說明那裡正在收購什麼，以及你如何看待這相對於可能只是在長達數十年的庫存中再增加一年的近期機會集？

I think when you asked about the opportunity set, if you look at a month. If you look across our acreage position, there is -- they're very unique open space parcels that can exist, it's more the exception than the rule. It represents a really, really small part of our acreage position that's well blocked up. And sometimes it can involve extending laterals at the perimeter of our acreage position as well. And so when we think about the opportunity set, this year, it could represent as much as essentially 500,000 feet of lateral inventory that wasn't factored into our total numbers, but allows us to then an opportunity to capture those open parcels and extend laterals, which we know then will translate into our most capital-efficient wells.

我想當你問及機會集時，如果你看一下一個月。如果你看看我們的面積位置，你會發現——它們是可以存在的非常獨特的開放空間地塊，這更多的是例外而不是規則。它代表了我們被封鎖的面積中非常非常小的一部分。有時它也可能涉及在我們的面積位置週邊延伸支線。因此，當我們考慮今年的機會集時，它可能代表多達 500,000 英尺的橫向庫存，這些庫存並未計入我們的總數中，但使我們有機會捕獲這些開放地塊並擴展橫向庫存，我們知道這將轉化為我們最具資本效率的油井。

So our ability -- like if you look on 2023 as an example, we started off the program at the beginning of the year with an average of around 10,000 foot laterals. By the time we got to the end of the year, we were almost at 13,000 feet, all predicated on the optimization of our development plan throughout the year and the ability to pick up some of those open parcels that you see. So it does add that incremental inventory. It adds our most capital-efficient wells and ties to something that you've heard us talk about this morning, efficient use of the gathering system as well.

所以我們的能力 - 以 2023 年為例，我們在年初開始了該計劃，平均橫向移動約 10,000 英尺。到年底時，我們的高度幾乎達到了 13,000 英尺，這一切都取決於我們全年開發計劃的優化以及拾取您所看到的一些開放地塊的能力。所以它確實增加了增量庫存。它將我們最具資本效率的油井和聯繫添加到您今天早上聽到我們談論的內容中，以及有效利用收集系統。

And when you look at the drilling and completion efficiencies that we've touched on quarter-over-quarter, that also dovetails into it because that becomes we'll just say, pennies on the dollar type investments when you think about the grander scheme of the production ad for the year.

當您查看我們逐季度提到的鑽探和完井效率時，這也與之相吻合，因為當您考慮更宏偉的計劃時，我們會說，美元型投資的幾分錢當年製作的廣告。

Great. And then maybe for Mark, kind of a cleanup question. How should we be thinking about your approach to the remainder of the 2025 notes? Just trying to get a sense of if we see interest come down throughout the year next year or when those might ultimately exit.

偉大的。也許對馬克來說，這是一個清理問題。我們應該如何考慮您對 2025 年筆記其餘部分的處理方法？只是想了解我們明年的興趣是否會下降，或者這些興趣何時可能最終會退出。

Yes, we've worked hard to be in a position where we are today to have a good deal of options in front of us. That's both the reality of the business and where we positioned it as well as just the economic backdrop right now. We're in a declining interest rate environment, capital markets are open. That said, Range has reduced debt. So the need to do a transaction is not there at the auction, if that's the most economically prudent way of managing them.

是的，我們經過努力才取得今天的成績，面前有很多選擇。這既是業務的現實，也是我們的定位，也是當前的經濟背景。我們正處於利率下降的環境中，資本市場是開放的。也就是說，Range 減少了債務。因此，如果拍賣是最經濟審慎的管理方式，那麼拍賣中就不需要進行交易。

So I would say the baseline start with the cash we have on hand today, plus cash will generate before the maturity date early next year. We have a completely undrawn revolving credit facility for any tail amount that maybe we don't have cash on hand for at that point.

因此，我想說，基線從我們今天手頭上的現金開始，加上明年初到期日之前將產生的現金。對於任何尾部金額，我們都有完全未提取的循環信貸額度，但當時我們手頭上可能沒有現金。

That said, if rates continue to come down, you could see optionality in Range looking -- taking care of the '25, certainly but also at the (inaudible) those present some optionality in terms of how we want to approach those pull in part of those refinance it at a better rate. So we're in the great spot of having net debt in our target ZIP code and being able to optimize and drive down interest expense over time?

也就是說，如果利率繼續下降，你可以看到 Range 中的選擇性——當然要考慮到 25 年，但也考慮到（聽不清楚）那些在我們希望如何部分拉動方面提供了一些選擇性那些人以更好的利率再融資。那麼，我們的目標郵遞區號中是否存在淨債務，並且能夠隨著時間的推移優化和降低利息支出？

Our next question comes from the line of Kevin MacCurdy with Pickering Energy Partners.

我們的下一個問題來自 Pickering Energy Partners 的 Kevin MacCurdy。

I wanted to follow up on an earlier question about the wells in progress. Are you able to quantify how many DUCs do you do plan to have at year-end?

我想跟進之前關於正在進行的油井的問題。您能否量化您計劃在年底擁有多少個 DUC？

Kevin, at this point, I don't think we've defined exactly what that number is. And part of it is because the drilling efficiencies that we've captured throughout the year and sometimes we'll just say the dynamics of moving the activity around in our development program as we get to the end of the year. When you think about, though, from a capital investment standpoint, it's really been around $60 million to $75 million between last year and this year.

凱文，目前，我認為我們還沒有準確定義這個數字。部分原因是我們全年獲得的鑽探效率，有時我們只會說到年底時在我們的開發計劃中移動活動的動態。不過，從資本投資的角度來看，去年和今年之間的投資金額實際上約為 6,000 萬至 7,500 萬美元。

And so ultimately, just -- I'd say it's going to be an approximation number I'm going to give you, but it's going to be somewhere in the neighborhood of about two pads worth of wells. So think kind of 8 to 10 in number. But again, we'll have a better refined number as we get closer to the end of the year and see what good work the team has harvested through their efficiencies.

所以最終，我想說這將是我要給你的近似數字，但它將位於大約兩個井附近的某個地方。所以想想 8 到 10 的數量。但同樣，當我們接近年底時，我們將得到一個更精確的數字，看看團隊透過他們的效率收穫了哪些好的工作。

Great. And just to clarify, when you decide to utilize that productive capacity, are you kind of envisioning a permanent step-up on your 2.2 Bcfe a day production level or would you consider completing those wells opportunistically to kind of take advantage of temporary price spikes?

偉大的。需要澄清的是，當您決定利用這種生產能力時，您是否打算永久提高每天 2.2 Bcfe 的產量水平，還是會考慮機會性地完成這些油井以利用暫時的價格上漲？

I'll chime in here. I think we could go either way. That's going to be driven by the fundamentals when the in-basin demand, combined with our exposure to the LNG that's slated to come online next year, that work in process can just represent a steady state of what you're turning in line on a given year, so it's your just in time. . Inventory.

我會在這裡插話。我想我們可以選擇任何一種方式。這將由基本面驅動，當盆地內的需求，加上我們對明年上線的液化天然氣的敞口，在製品可以代表你正在生產線上的穩定狀態。。存貨。

It could be onetime opportunistic depending on how fundamentals shape up the steadiness of that poll and call on range production. So it's an either or that's the beauty of the optionality in it. But I think when you pull back to what Range's story is, what the capital efficiency means, that full cycle costs and that D&C capital per Mcfe stays at the leading edge. This just represents further efficiencies and tailwind, whether you're in a maintenance mode or whether you're stepping into some growth when that fundamental is there.

這可能一度是機會主義的，這取決於基本面如何塑造民意調查的穩定性並呼籲範圍生產。所以這是一個非此即彼的選擇，這就是其中的選擇性之美。但我認為，當你回顧 Range 的故事時，資本效率意味著什麼，整個週期成本以及每 Mcfe 的 D&C 資本保持領先優勢。這只是代表了進一步的效率和順風，無論您處於維護模式還是在基本面存在時是否正在步入增長。

So even if there is a reset to some higher level or said differently, when there is a reset to a higher level based on the fundamentals, the efficiency is going to drive still an extremely strong free cash flow generation level that's sustainable with that low base decline rate and a really, really strong comparative D&C per Mcfe.

因此，即使重置到某個更高的水平，或者換句話說，當根據基本面重置到更高的水平時，效率仍將推動極其強勁的自由現金流生成水平，該水平在較低的基數下是可持續的Mcfe 的下降率和非常非常強的 D&C 比較。

Roger Read, Wells Fargo Securities.

羅傑‧里德，富國銀行證券公司。

I guess one question I'd like to come out. Given the benefits of the NGLs keeping production flat around the two and change production level, as we think about adding new wells decline of existing wells -- kind of one question with two parts. Base decline rates, what are those? Have they been changing at all? And then as we think about the mix of production with NGLs versus dry gas, any changes there?

我想我想提出一個問題。考慮到 NGL 的好處是保持產量在 2 左右持平並改變產量水平，當我們考慮增加新井時，現有井會下降——這是一個包含兩部分的問題。基本下降率是多少？他們有改變嗎？然後，當我們考慮液化天然氣與乾氣的生產組合時，有什麼變化嗎？

I'm just trying to think about if we remain stuck in a position here of flatness for a while. What does that look like in terms of production and in terms of any, let's say, potential changes in type of well or CapEx?

我只是想思考我們是否會在一段時間內陷入平坦的境地。從產量以及油井類型或資本支出的潛在變化來看，情況如何？

Yes. Roger, I'll tackle this one. I think when you look at our base decline, it should look very consistent, if not continuing to shallow over the course of time. And I think today, you've heard us mention it and in prior calls, but typically, our base decline is running around 19%. A year ago, it was around 20%.

是的。羅傑，我來解決這個問題。我認為，當你看到我們的基數下降時，它看起來應該非常一致，即使不是隨著時間的推移繼續下降。我想今天，您已經聽到我們在之前的電話會議中提到過這一點，但通常情況下，我們的基數下降幅度約為 19%。一年前，這一比例約為 20%。

So we would expect over the course of time it to continue just slightly shallow.

因此，我們預計隨著時間的推移，它會繼續稍微淺一些。

So ultimately, still very resilient. We've got 1,500 producing wells. So it represents, we'll just say, a strong data set that comprises that base number that we provide. When you think about the production mix changes, I think this year versus last year is a good way to think about what the future could look like for us, meaning just on a -- when you look back over a few quarters just seeing a slow and steady incremental wetning of the production stream. I think we were right at 30%.

所以最終，仍然非常有彈性。我們有 1,500 口生產井。因此，我們只能說，它代表了一個強大的資料集，其中包含我們提供的基數。當你考慮生產結構的變化時，我認為今年與去年相比是一個很好的方式來思考我們的未來會是什麼樣子，這意味著當你回顧幾個季度時，你會發現增長緩慢以及生產流的穩定增量潤濕。我認為我們的 30% 是正確的。

You've seen us get a little bit above that level.

你已經看到我們比這個水平稍高了一點。

But across the course of time, you'd expect to see our production stream continue to have a little bit more of an NGL contribution. And it's where, clearly, a large portion of our inventory resides and where again, we have our -- some of our most capital-efficient wells. When you look across the inventory, though, they're all very economically competitive with each other. But over the course of time, we'd expect the production mix to look pretty similar. About 2/3 of it in the wet side, 1/3 on the dry side.

但隨著時間的推移，您會期望看到我們的生產流程繼續對 NGL 做出更多貢獻。顯然，這裡是我們大部分庫存所在的​​地方，也是我們擁有一些資本效率最高的油井的地方。然而，當你查看庫存時，你會發現它們在經濟上都非常具有競爭力。但隨著時間的推移，我們希望製作組合看起來非常相似。大約2/3在濕面，1/3在乾面。

Betrand Donnes, Truist.

貝特朗·多尼斯，真理主義者。

Just wanted to follow up on the ability to add some modest growth. I just want to clarify how you see it playing out logistically. Are you waiting for prices to move up then you hedge those prices, then you begin to accelerate? Or is it maybe a supply demand forecast that you see and then you try to increase production in anticipation of that? Or do you kind of need to see the prices in the prop months and in the strip?

只是想跟進增加一些適度成長的能力。我只是想澄清一下您如何看待它在邏輯上的發展。您是否正在等待價格上漲，然後對沖這些價格，然後開始加速？或者，這可能是您看到的供需預測，然後您嘗試根據預期增加產量？或者您需要查看道具月份和地帶的價格？

And the second part of that is just do you need to hedge into that? Or does your NGL pricing kind of create a natural hedge?

第二部分是你是否需要對沖這一點？或者你的 NGL 定價能創造自然對沖？

Well, let me start with this quarter. Even if price is where we are today, we're generating free cash flow today. So the pricing is certainly a factor, clearly. But what we're looking at is the fundamentals, the demand pull, the in-service of new demand, whether it's the power demand, whether it's the LNG, whether it's industrialization, all those things we've mentioned and referred to in the slide deck as well.

好吧，讓我從本季開始。即使價格是我們今天的水平，我們今天也能產生自由現金流。因此，顯然，定價肯定是一個因素。但我們關注的是基本面，需求拉動，新需求的投入使用，無論是電力需求，無論是液化天然氣，還是工業化，所有這些我們在報告中提到和提到的東西。

So as you think about the timing and how that manifests itself, we already have great exposure on existing transport to get into those markets with growing demand. There's also some underutilized capacity on various pipelines that we can step into, either in the form of selling to customers with that capacity, picking it up short term, picking up remarketed capacity by others who do not use it, don't have the inventory to fill it and maximize its utilization, There's a host of ways for us to step into that over time.

因此，當您考慮時機及其表現方式時，我們已經在現有運輸方面擁有很大的優勢，可以進入需求不斷增長的市場。各種管道上還有一些未充分利用的產能，我們可以介入，要么以向具有該產能的客戶銷售的形式，要么短期內購買它，要么從不使用它的其他人那裡購買再銷售的產能，沒有庫存為了填充它並最大限度地利用它，隨著時間的推移，我們可以採取多種方法來解決這個問題。

As far as the hedging goes, that's somewhat of an exercise done in parallel, to grow the company to make capital investment decisions, they're certainly related. But the hedging philosophy is to try to cover our fixed costs. So I guess by extension, if you're stepping up your capital, you might need to think through what that implies for your hedge book. But I think next year's program is a really good example of a go-forward type level. It's again in the mid-30% type hedging rate with a four handle in front of it.

就對沖而言，這在某種程度上是並行的，為了發展公司以做出資本投資決策，它們當然是相關的。但對沖理念是試圖覆蓋我們的固定成本。因此，我想推而廣之，如果您要增加資本，您可能需要考慮這對您的對沖帳本意味著什麼。但我認為明年的計劃是前進型水準的一個很好的例子。它再次處於 30% 中間類型的對沖利率，前面有四個手柄。

That covers your fixed costs and generate free cash flow covers our dividend and keep good exposure to a positive setup on the commodity front.

這涵蓋了您的固定成本，產生的自由現金流涵蓋了我們的股息，並在商品方面保持良好的積極設定。

So I wouldn't say the two are hard-linked necessarily. They certainly influence and shape each other. But really, the first decision as far as capital goes, it's just that fundamental call on supply from range and how we deliver it to those growing markets.

所以我不會說這兩者必然是硬連結的。他們當然會互相影響和塑造彼此。但實際上，就資本而言，第一個決定是對範圍供應的基本要求以及我們如何將其交付給那些不斷成長的市場。

That makes sense. Appreciate it. And then maybe I just want to hit on the data center demand question again real quick. Obviously, nuclear is getting most of the headlines and obviously, gas is a large part kind of play in the generation. Are you the players in the space gearing up to sign fixed agreements in 2025, obviously, not for 2025 gas, but just signing agreements.

這是有道理的。欣賞它。然後也許我只是想快速地再次討論資料中心需求問題。顯然，核能佔據了大部分頭條新聞，顯然，天然氣是這一代人的重要組成部分。你們是該領域的參與者，準備在 2025 年簽署固定協議嗎？

Or is your sense that's way too early for any kind of data center-related agreements? Or are the counterparties they are asking? Or are we still kind of in the just a conversation space?

或者您認為對於任何類型的資料中心相關協議來說還為時過早？還是他們詢問的交易對手？或者我們仍然只是在一個對話空間？

I think the conversations are being had rapidly a lot of conversations, a lot of different counterparties in different ways of servicing that need, whether it's directly with the utilities, whether it's with independent power producers, whether it's behind the meter and directly with data centers or other industrial type demand. So all those conversations are being had.

我認為對話正在迅速進行大量對話，許多不同的交易對手以不同的方式滿足需求，無論是直接與公用事業公司，無論是與獨立電力生產商，無論是在電錶後面還是直接與資料中心或其他工業類型的需求。所以所有這些對話都正在進行中。

Keep in mind that these investments by those companies are multi-decade type investments for themselves. So these are not discussions that are going to be had and arrived at in a series of months. This is probably '25 -- over the course of '25, that market, the nature of those conversations will develop the tenor and pricing structures for those types of agreements, and how they manifest itself.

請記住，這些公司的這些投資對它們自己來說是數十年類型的投資。因此，這些討論不會在幾個月內進行並達成。這可能是 25 年——在 25 年的過程中，市場、這些對話的性質將制定這些類型協議的期限和定價結構，以及它們如何體現。

Now it's going to be a mix of traditional just directly into the utilities, two independent power producers, probably some behind the meter and less conventional like you're seeing in the nuclear. But if you pull back and look at what the potential displacement of incremental demand for natural gases for the nuclear deals so far, it's something on the order of 1 Bcf a day potential. That's assuming it gets regulatory approval and meets all of the required clearances to recommission the nuclear power plant.

現在它將是傳統的直接進入公用事業公司、兩個獨立的電力生產商的混合體，可能會有一些在電錶後面，而不是像你在核電中看到的那樣傳統。但如果你回過頭來看看迄今為止核協議對天然氣增量需求的潛在替代量，你會發現它的潛力約為每天 1 Bcf。這是假設它獲得監管部門的批准並滿足重新調試核電廠所需的所有許可。

So, those are certainly encouraging in terms of the creativity and the recognition by data centers and industrial demand that they need reliable 24/7 clean power. And that's something that we, the natural gas industry can do reliably 24/7.

因此，就創造力以及資料中心和工業需求的認識而言，這些無疑是令人鼓舞的，他們需要可靠的 24/7 清潔電力。這是我們天然氣產業可以 24/7 可靠地完成的事情。

And I will just bolt on two quick things. I think if you -- to further support Mark's comments, if you look at -- again, I've referenced it earlier, but just the increase in price -- power price and the recent PJM auction. I think there's an indication that it it's going to -- costs are going up, and ultimately, conversations will accelerate to quickly figure out how you have an expansion of the -- I would imagine the grid, how do you add power, how do you meet this future growing demand and all balance cost at the same time to, whether it's the residents or end users and consumers of that power.

我將快速完成兩件事。我想，如果你——為了進一步支持馬克的評論，如果你再看看——我之前已經提到過，但只是價格的上漲——電價和最近的 PJM 拍賣。我認為有跡象表明，成本將會上升，最終，對話將加速，以快速弄清楚如何擴展——我會想像電網，如何增加電力，如何您可以滿足未來不斷增長的需求，同時平衡所有成本，無論是該電力的居民還是最終用戶和消費者。

But I think lastly, we're encouraged to see that the state of Pennsylvania through their recent budget approval process, earmarked $400 million through something they're calling a sites program to basically look at site readiness and preparation for future demand. And that's inclusive to many things, whether it's manufacturing or again, data centers, et cetera. But make it showing the willingness for the state of PA to be on the front of their foot, so to speak, to support industry jobs. And they understand, I'm assuming that we actually can supply a very long-term, low-cost energy source that helps be the feedstock for that kind of job generation. So anyway, pretty encouraging from our view.

但我認為最後，我們很高興看到賓州通過最近的預算審批流程，透過他們所謂的站點計畫指定了 4 億美元，主要用於檢查站點準備和未來需求的準備情況。這涵蓋了很多事情，無論是製造業還是資料中心等等。但要讓它表現出賓州願意主動出擊，可以說，支持產業就業。他們明白，我假設我們實際上可以提供一種非常長期、低成本的能源，有助於成為這種創造就業機會的原料。無論如何，從我們看來，這非常令人鼓舞。

Michael Scialla, Stephens.

麥可夏拉，史蒂芬斯。

I wanted to follow up on natural gas liquids markets. Do all of your NGLs go out of Marcus Hook now? And is there any capacity constraints there that you see coming up? And wondering if some of those NGLs could end up going to the Gulf, if you see the congestion there that you talked about being alleviated?

我想跟進天然氣液體市場。你們所有的 NGL 現在都從 Marcus Hook 中取出了嗎？您認為未來會出現容量限制嗎？想知道其中一些液化天然氣最終是否會進入海灣，如果您看到您所說的那裡的擁塞得到緩解？

Michael, this is Alan Engberg. I manage our marketing business. A quick answer to that is the majority of our NGLs that are exported go to the Gulf. In fact, on the LPG side -- or sorry, go through our market. In fact, on the LPG side, we're able to export up to 80% of our production, which is actually the highest level relative to production of any of our competitors.

邁克爾，這是艾倫恩伯格。我管理我們的行銷業務。一個簡單的答案是我們出口的大部分液化天然氣都銷往海灣地區。事實上，在液化石油氣方面——或者抱歉，請瀏覽我們的市場。事實上，在液化石油氣方面，我們能夠出口高達 80% 的產量，這實際上是相對於我們任何競爭對手的產量而言的最高水準。

Marcus Hook is typically running I call it, 5% to 10% lower on capacity utilization than what the U.S. Gulf is. Hence, what Dennis referenced earlier, there's still an opportunity for range to actually ramp up exports as we optimize the sales of our products. We do have some ethane that goes down to the Gulf that indirectly gets exported, through Gulf Coast export facilities. But for the most part, what we do is out of Marcus Hook.

馬庫斯·胡克（Marcus Hook）通常在運行，我稱之為，產能利用率比美國海灣低 5% 到 10%。因此，正如丹尼斯之前提到的，隨著我們優化產品銷售，範圍仍然有機會實際增加出口。我們確實有一些乙烷流向海灣，透過墨西哥灣沿岸出口設施間接出口。但在大多數情況下，我們所做的都是馬庫斯·胡克（Marcus Hook）的作品。

That's helpful. I appreciate that. I wanted to ask on the CapEx guide. I know you moved the low end up for the year. Can you just talk about what was the driver there?

這很有幫助。我很欣賞這一點。我想問資本支出指南。我知道你把今年的低端調高了。你能簡單談談那裡的司機是什麼嗎？

Yes, Mike, I'll touch on that. I mean, quite honestly, I'll say the starter kit is we're still within the guide that we had provided during the beginning of the year. But we did provide some ranges for areas like the land side where it was adding up the white space, open parcels that are ability for us to pick up that allow us to extend laterals. And I think that was up to essentially $30 million.

是的，麥克，我會談到這一點。我的意思是，老實說，我會說入門套件仍然在我們年初提供的指南範圍內。但我們確實為諸如陸地一側的區域提供了一些範圍，其中增加了空白區域，我們能夠拾取開放的地塊，從而使我們能夠延伸橫向區域。我認為這基本上高達 3000 萬美元。

We've now been able to based upon the drilling activity this year, capture some of that that those open parcels, and it's basically driven by that land spend that we've had year-to-date. But that's it. Everything else on the drilling completion side is all well within the guide and on track for what we had communicated for the year.

我們現在已經能夠根據今年的鑽探活動，捕獲其中一些開放地塊，這基本上是由我們今年迄今的土地支出所驅動的。但僅此而已。鑽井完井的其他一切都在指南範圍內，並且符合我們今年所傳達的內容。

Leo Mariani, Roth.

利奧·馬裡亞尼，羅斯。

I just wanted to follow up a little bit in terms of the share buyback here. So it certainly looks as though free cash flow is going to start to increase here in the fourth quarter and throughout '25, it's only recognized that you guys have a bond payment, potential redemption coming up as you already elaborated on. But just trying to get a sense, as that free cash flow ramp, should we expect a commensurate increase in the share buyback, you folks obviously described the fact that you feel your stock is still undervalued at this point?

我只是想跟進一下這裡的股票回購。因此，看起來自由現金流肯定會在第四季度和整個 25 年開始增加，只是意識到你們有債券支付，潛在的贖回即將到來，正如你們已經詳細闡述的那樣。但只是想了解一下，隨著自由現金流的增加，我們是否應該預期股票回購也會相應增加，你們顯然描述了這樣一個事實：您認為您的股票目前仍然被低估？

Yes, I think our principles that we've laid out over the last couple of years is to get the balance sheet win in the target ZIP code, and then we have a lot of greater latitude on how and the cadence at which we'll return to capital to shareholders. So I think the answer to your question is, Yes. The balance sheet is in the target zip code. So we have a lot greater latitude now to return capital to shareholders, whether it's share buybacks or slow ratable, durable increase the dividend over time, certainly, given the significant disconnect we see and the value of the shares, even to simply proved reserve value on a per share basis.

是的，我認為我們過去幾年制定的原則是在目標郵遞區號中贏得資產負債表，然後我們在如何以及節奏上有更大的自由度向股東返還資本。所以我認為你的問題的答案是，是的。資產負債表位於目標郵遞區號。因此，我們現在有更大的自由度向股東返還資本，無論是股票回購還是隨著時間的推移緩慢、持久地增加股息，當然，考慮到我們看到的與股票價值的顯著脫節，甚至是簡單證明的儲備價值以每股為基礎。

The share buybacks we see is very, very compelling. So we certainly have plenty of capacity in the existing approval, and that's certainly a possible outcome.

我們看到的股票回購非常非常引人注目。因此，我們在現有的批准中當然有足夠的能力，這當然是一個可能的結果。

Appreciate that. You folks obviously discussed capital efficiencies and continuing to move faster in the program and into longer laterals. I wanted to see if maybe you can quantify any of those efficiencies? Are you seeing like D&C cost per lateral foot come down now for the company? And is that mostly a function of efficiencies if it is coming down?

很欣賞這一點。你們顯然討論了資本效率以及繼續在該計劃中更快地推進並進入更長的支線。我想看看你是否可以量化這些效率？您是否認為公司每側腳的 D&C 成本現在有所下降？如果效率下降，這主要是效率的函數嗎？

And any comments on what you're seeing on leading edge service costs? I know you're not using a a ton of equipment, but you expect there could be any improvement on rig prices as oilfield activity has kind of softened here in '24.

對於您所看到的前沿服務成本有何評論？我知道您沒有使用大量設備，但您預計鑽機價格可能會有所改善，因為 24 年油田活動有所減弱。

Yes. I think from a service cost standpoint, Leo, it's early. We've just launched our RFP process for the fall. So we'll have a lot better answer for you. I think we get -- when we get to the beginning of the year and we see what the results far from that process.

是的。我認為從服務成本的角度來看，Leo，現在還為時過早。我們剛剛啟動了秋季的 RFP 流程。所以我們將為您提供更好的答案。我認為，當我們到了年初，我們就會看到與這個過程相去甚遠的結果。

I mean, we have seen and we touched on it. We have seen some relief in areas like some of the consumables, maybe frac sand, some of the tubular goods sides as well. But there are other areas that remain pretty resilient at current price levels.

我的意思是，我們已經看到並觸及了它。我們看到一些消耗品（可能是壓裂砂）以及一些管狀貨物等領域出現了一些緩解。但在目前的價格水準上，還有其他領域仍具有相當的彈性。

And when you think about rig rates, we've all, as an industry, kind of (inaudible) to a similar super-spec rig configuration. And with drilling long laterals, similar depths, et cetera, it's provided some -- I'll say some support to some of those rig rates that that you see today. So it's going to be a balance.

當你考慮鑽孔機價格時，作為一個行業，我們都有點（聽不清楚）類似的超規格鑽孔機配置。透過鑽探長支管、相似的深度等，它為您今天看到的一些鑽機價格提供了一些支援。所以這將是一個平衡。

And regardless of how this plays out from a service cost perspective, what we do anticipate is the ability to hold 2.2 Bcf equivalent per day with one frac crew. And with the efficiencies the team continues to harvest, we're seeing 9 to 10 frac stages a day on a quarter in, quarter out basis. now, water recycling and efficiencies there continue to look strong. We drilled some record days on the drilling side in the lateral this past quarter.

無論從服務成本的角度來看如何，我們所期望的是一名壓裂人員每天能夠持有 2.2 Bcf 當量。隨著團隊不斷提高效率，我們每天都會看到 9 到 10 個壓裂階段，按季度進行。現在，那裡的水循環利用和效率仍然強勁。上個季度，我們在側向鑽井方面的鑽探天數創下了紀錄。

So we just, I guess, in the spirit of a price once heard success begets success. And so the team continues to build upon that momentum. And I would expect for the next year, again, us to hold 2.2 Bcf flat the one frac crew. And if wherever we land from a service cost standpoint for us to continue to be on the front end of that low capital efficiency standpoint.

所以我想，我們只是本著「一旦聽說成功就會成功」的精神。因此，團隊將繼續鞏固這一勢頭。我預計明年，我們將再次為一名壓裂人員持有 2.2 Bcf。如果我們從服務成本的角度來看，無論我們落在哪裡，我們都會繼續處於低資本效率的前端。

Paul Diamond, Citi.

保羅戴蒙德，花旗銀行。

I just wonder one quick one on the capital plan going forward and the opportunity set around inventory, infrastructure and kind of the incremental land spend. Is that something we should think about as pretty flat run rate in coming quarters and years? Or do you -- are there any, I guess, low-hanging fruit for -- lying in fruit on any of those categories that might see that bump up?

我只是想快速了解未來的資本計劃以及圍繞庫存、基礎設施和增量土地支出的機會。我們是否應該認為未來幾季和幾年的運行率相當平穩？或者你是否——我想，是否有任何容易實現的目標——在這些類別中的任何一個可能會看到成長的目標？

Yes. Paul, I'll start here. I think over the course of time, we would expect that land -- incremental spend that you saw us break out this year for some visibility we'd expect that to be a lower exposure in the years ahead and mainly because it represents just a really small part of our overall program.

是的。保羅，我從這裡開始。我認為，隨著時間的推移，我們預計今年我們為提高知名度而爆發的土地增量支出，我們預計未來幾年的風險敞口會較低，主要是因為它代表了真正的我們整個計劃的一小部分。

But as you'd imagine, the more -- we're in excess of 90% of our acreage is held by production or what we classify going to be captured in the next few years. So we would expect this to be a decrease in exposure in the years to come for sure. There are some land opportunities that exist in and around our producing footprint. And some of them are the two state parts that are in our Southwest PA area, that could present a future land opportunity.

但正如你所想像的那樣，我們超過 90% 的土地用於生產或我們分類的未來幾年將捕獲的土地。因此，我們預計未來幾年的風險敞口肯定會減少。我們的生產基地及其周圍存在一些土地機會。其中一些是位於賓夕法尼亞州西南部地區的兩個州部分，這可能會帶來未來的土地機會。

But for just the raw mechanics of how you're seeing us execute and operate today, I would expect that exposure to look lower and lower over the course of time. As far as capital in general going forward, again, this year, I think, is a really good way to to visualize how our business could look from a capital and activity standpoint going forward.

但就我們今天執行和營運的原始機製而言，我預計隨著時間的推移，這種風險敞口會越來越低。就整體而言，我認為今年是一個很好的方式，可以從資本和活動的角度來想像我們的業務未來的前景。

I think it's also a good way of thinking about the productive capacity and production output that could come from the business. I mean we essentially had a pretty flat activity program versus prior years, but yet here we are with the ability to add some low percentage incremental production throughout the process. And we've got the the DUCs that we've added over the past two years.

我認為這也是思考企業可能產生的生產能力和產量的好方法。我的意思是，與前幾年相比，我們的活動計劃基本上相當平坦，但我們有能力在整個過程中增加一些低百分比的增量生產。我們已經獲得了過去兩年添加的 DUC。

As Mark said earlier, we don't think it's if, it's when. The fundamentals come together and the demand starts to materialize that results in low-cost operators with high-quality inventory like Range to help participate to fill that growing demand. And when that happens, no doubt, I'm sure our program will look a little bit different, but we'll have that inventory to be able to be on the front of our foot, so to speak, and help participate in that growing demand and fundamentals.

正如馬克之前所說，我們認為問題不在於是否，而在於何時。基本面融合在一起，需求開始實現，導致低成本營運商擁有像 Range 這樣的高品質庫存，以幫助參與滿足不斷增長的需求。毫無疑問，當這種情況發生時，我確信我們的計劃看起來會有點不同，但我們將擁有庫存，以便能夠站在我們的前面，可以這麼說，並幫助參與這一不斷增長的過程。需求和基本面。

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

謝謝。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 say thank you for everyone for joining us on the call today. We appreciate all the thoughtful questions. If you have anything to follow-up on, please follow up with our Investor Relations team, and we look forward to the next call and talking about 2025. Thank you.

我只想對大家今天加入我們的電話會議表示感謝。我們感謝所有深思熟慮的問題。如果您有任何需要跟進的事情，請聯繫我們的投資者關係團隊，我們期待下一次電話會議並討論 2025 年。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。