山脈資源 (RRC) 2025 Q1 法說會逐字稿

Welcome to Range Resources first quarter 2025 financial results conference call. All lines have been placed on mute to prevent any background noise. 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 speakers' remarks, there will be a question-and-answer period.

歡迎參加 Range Resources 2025 年第一季財務業績電話會議。所有線路均已靜音，以防止任何背景噪音。本次電話會議所作的非歷史事實的陳述均為前瞻性陳述。此類聲明受風險和不確定性的影響，可能導致實際結果與前瞻性聲明中的結果有重大差異。發言人發言後，將進行問答環節。

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

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

Thank you, operator. Good morning, everyone, and thank you for joining Range's first quarter 2025 earnings call. The speakers on today's call are Dennis Degner, Chief Executive Officer; and Mark Scucchi, Chief Financial Officer.

謝謝您，接線生。大家早安，感謝您參加 Range 2025 年第一季財報電話會議。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 will also find our 10-Q on Range's website under the Investors tab, or you can access it using the SEC's at your system.

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介紹。我們可能會參考今天早上電話會議上的某些投影片。您也可以在 Range 網站的「投資者」標籤下找到我們的 10-Q，或者您可以使用系統中的 SEC 存取它。

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.

請注意，我們將在今天的電話會議上引用某些非公認會計準則指標。我們的新聞稿提供了這些數據與最具可比性的 GAAP 數據的對帳。我們還在網站上發布了補充表格，其中包括按產品劃分的實際定價細節以及 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.

說完這些，讓我把電話轉給丹尼斯。

Thanks, Laith, and thanks to all of you for joining the call today. In the first quarter, Range executed on our plans safely and efficiently, delivering consistent well results and free cash flow with steady activity levels that support the longer-term outlook we communicated during our prior earnings call. Range's strong free cash flow also provided increased returns to shareholders during the quarter. At the same time, Range further reduced debt while continuing to invest in the long-term development of our world-class asset with a two-rig and one-completion crew program.

謝謝，萊斯，也謝謝大家今天參加電話會議。在第一季度，Range安全且有效率地執行了我們的計劃，提供了穩定的井結果和自由現金流，穩定的活動水平支持了我們在上次收益電話會議上傳達的長期前景。Range 強勁的自由現金流也在本季為股東帶來了更高的回報。同時，Range進一步減少了債務，同時繼續透過雙鑽機和一支完井隊伍計畫投資於我們世界一流資產的長期發展。

A key component of Range's strong first quarter financial results and our through-cycle profitability is Range's low-capital intensity, which is anchored by Range's class-leading drilling and completion costs, shallow base decline, large blocky core inventory, and talented team. We believe this was on display once again in Q1 as it has been for the past several years.

Range 強勁的第一季財務表現和整個週期盈利能力的一個關鍵因素是 Range 的低資本強度，這得益於 Range 領先的鑽井和完井成本、淺的基底衰減、大量的塊狀核心庫存以及優秀的團隊。我們相信，就像過去幾年一樣，這種情況在第一季再次得到體現。

Looking back on the quarter, all-in capital came in at $147 million or production of 2.2 Bcf equivalent per day as we turned to sales 130,000 lateral feet across 10 wells. Production during the quarter was aided once again by strong well performance and resilient field run time despite winter weather conditions. These consistent quarter-over-quarter results demonstrate the repeatable nature of our large contiguous acreage position, the benefit of returning to pad sites for ongoing development, and the team's dedication to enhancing field operating run time.

回顧本季度，我們的總資本達到 1.47 億美元，產量達到每天 22 億立方英尺當量，銷售範圍涵蓋 10 口井，總橫向深度達 130,000 英尺。儘管冬季天氣條件惡劣，但強勁的油井性能和穩定的油田運行時間再次促進了本季的生產。這些季度環比一致的業績證明了我們大片連續油田位置的可重複性、返回油田基地進行持續開發的好處以及團隊致力於提高油田運行時間的決心。

Looking forward, Range expects production to be slightly down in the second quarter as we undergo scheduled processing maintenance. Following Q2, we expect production to increase in the second half of the year, all in line with our previous guidance.

展望未來，由於我們正在進行定期的加工維護，Range 預計第二季的產量將略有下降。繼第二季之後，我們預計下半年產量將會增加，這一切都符合我們先前的預期。

On the capital side, completion spending will step up over the next two quarters, which will drive the increased production in the second half of the year, as mentioned. And this operational cadence places us squarely within our stated capital guidance for the year. Consistent with our plans for the year, Range operated two horizontal rigs during the first quarter, drilling approximately 250,000 lateral feet across 18 laterals.

在資本方面，如上所述，未來兩季的完工支出將會增加，這將推動下半年產量的成長。這種營運節奏使我們完全符合今年既定的資本指導目標。與我們今年的計劃一致，Range 在第一季度運營了兩台水平鑽機，在 18 個水平井上鑽探了約 250,000 英尺的水平井。

The steady activity level, combined with our prior investments in 2023 and 2024, adds to Range's drilled uncompleted inventory that we have discussed on prior calls. This places us right on track to exit 2025 with approximately 400,000 lateral feet of surplus inventory, which supports our three-year outlook.

穩定的活動水平，加上我們之前在 2023 年和 2024 年的投資，增加了我們在之前的電話會議上討論過的 Range 鑽探未完工庫存。這使得我們預計在 2025 年結束時擁有約 400,000 英尺的剩餘庫存，這支持了我們的三年展望。

Diving further into operations. During the quarter, Range set a new program drilling record by averaging 5,961 feet per day. This alone is an impressive achievement, but what is most impressive is the team's ability to deliver this level of efficiency while staying 98% within our very narrow geo-steered landing target window.

進一步深入營運。本季度，Range 創下了新的鑽井計劃紀錄，平均每天鑽探 5,961 英尺。僅此一點就已經是一個令人印象深刻的成就，但最令人印象深刻的是該團隊能夠在非常狹窄的地理導航著陸目標窗口內保持 98% 的效率的同時實現這種水平。

In completions, performance of the electric frac fleet continues to impress as well. And much like the drilling advancements, the completions team has kept pace by increasing the average number of stages per day. For context, if the team averages nine stages per day, similar to our 2024 results, that equates to completing approximately 650,000 lateral feet per year, which is more than what it takes to hold current production flat. This combined level of efficiency in drilling and completions lays the foundation for our three-year outlook and our ability to hold 2.2 Bcf equivalent per day flat in 2025 while also adding to inventory with just two drilling rigs and a single frac crew. So simply put, we're off to a great start this year.

在完井過程中，電動壓裂車隊的表現也持續令人印象深刻。與鑽井進展一樣，完井團隊也透過增加每天的平均階段數來跟上腳步。舉例來說，如果團隊平均每天進行 9 個階段，類似於我們 2024 年的結果，則相當於每年完成約 650,000 英尺的橫向開採，這超過了保持當前產量平穩所需的水平。鑽井和完井的綜合效率水準為我們三年的展望奠定了基礎，也為我們在2025年保持每天22億立方英尺當量的能力奠定了基礎，同時僅用兩台鑽井平台和一支壓裂隊伍就可以增加庫存。簡而言之，今年我們有了一個很好的開始。

Lease operating expense finished at $0.13 per Mcfe for the first quarter while managing through winter conditions. The team continues to improve on winter operations field run time through strong communication with our midstream partners, equipment optimization, and enhanced maintenance. For context, over the past four years, this ongoing effort has driven a 13% improvement per year in winter run time, further enhancing field level performance and contributing to the strong production performance in the first quarter.

在冬季條件下，第一季的租賃營運費用為每千噸標準煤 0.13 美元。該團隊透過與中游合作夥伴密切溝通、設備優化和加強維護，持續提高冬季作業現場運作時間。在過去四年中，這項持續努力使冬季運行時間每年提高 13%，進一步提高了現場水平的性能，並促進了第一季強勁的生產性能。

Before moving on to marketing, I'll briefly touch on service costs and availability. Recently, we entered into a two-year contract extension securing our existing electric hydraulic fracturing fleet, which will provide continuity of a safe, efficient crew to support our stated operational plans.

在討論行銷之前，我將簡要地談談服務成本和可用性。最近，我們簽訂了一份為期兩年的續約合同，以確保我們現有的電動水力壓裂船隊，這將為我們既定的營運計劃提供安全、高效的團隊支援。

Given the vast majority of our spending is tied to domestically sourced goods and services or has been contractually secured for the remainder of the year, we are expecting very consistent well costs throughout 2025 and into 2026. And as mentioned already, Range's low-capital intensity provides an additional level of stability our full cycle cost versus other producers.

鑑於我們的絕大部分支出與國內採購的商品和服務有關，或已透過合約確定了今年剩餘時間的支出，我們預計 2025 年全年和 2026 年的油井成本將非常穩定。如同前面所提到的，與其他生產商相比，Range 的低資本強度為我們的全週期成本提供了額外的穩定性。

Shifting over to marketing. During the first quarter of 2025, persistently strong export demand, combined with cold weather in North America, resulted in improved storage levels for both natural gas and NGLs. The combined demand resulted in a record 41 million barrel draw in propane inventory, driving the propane WTI ratio above 50% for the first three months of 2025.

轉向行銷。2025 年第一季度，持續強勁的出口需求加上北美寒冷的天氣，導致天然氣和天然氣液體的儲存水準提高。綜合需求導致丙烷庫存減少創紀錄的 4,100 萬桶，推動 2025 年頭三個月丙烷 WTI 比率超過 50%。

Similarly, natural gas inventories in the US improved substantially throughout the winter, ending the season 4.3% below the five-year average and nearly 22% below last year, presenting an improved outlook going forward. As in prior quarters, Range leverage our flexible sales and transport portfolio for both gas and liquids to optimize sales mix and generate incremental cash flow during Q1. As an example, Range timed its ethane production in the first quarter to take advantage of strong daily natural gas pricing, adding approximately $1 million in cash flow to quarter.

同樣，美國天然氣庫存在整個冬季大幅改善，本季末比五年平均低 4.3%，比去年低近 22%，未來前景有所改善。與前幾季一樣，Range 利用我們靈活的天然氣和液體銷售和運輸組合來優化銷售組合併在第一季產生增量現金流。例如，Range 在第一季安排了乙烷生產，以利用強勁的每日天然氣價格，為本季增加了約 100 萬美元的現金流。

Looking at our NGL exports, Range's access to the East Coast makes it a preferred source for European NGL imports and given an advantage versus US Gulf Coast terminals. At the same time, Range's waterboard export contracts contain either an outright price for or a fixed premium versus Mont Belvieu. This is backstop ranges consistent premium pricing relative to Mont Belvieu, which we saw again in the first quarter and expect going forward.

從我們的 NGL 出口來看，Range 通往東海岸的通道使其成為歐洲 NGL 進口的首選來源，並且比美國墨西哥灣沿岸終端更具優勢。同時，Range 的水板出口合約包含直接價格或相對於 Mont Belvieu 的固定溢價。這是相對於 Mont Belvieu 的持續溢價的支撐範圍，我們在第一季再次看到了這種情況，並預計未來將繼續如此。

And on a final note, Range is collaborating with Liberty Energy and Imperial Land Corporation to supply natural gas to a planned state-of-the-art power generation facility in Washington County, PA, directly adjacent to the heart of Range's Marcellus development and not far from where we drilled the Marcellus discovery well over 20 years ago. The proposed power facility is expected to serve as a catalyst for attracting data centers and/or industrial operations seeking long-term, reliable, efficient energy solutions, utilizing Marcellus natural gas, which has an advantaged emissions profile versus other basins in the US.

最後要說的是，Range 正在與 Liberty Energy 和 Imperial Land Corporation 合作，為賓夕法尼亞州華盛頓縣計劃中的最先進的發電設施供應天然氣，該設施緊鄰 Range 的 Marcellus 開發區中心，距離我們 20 多年前鑽探 Marcellus 發現井的地方也不遠。擬建的發電設施預計將成為吸引資料中心和/或尋求長期、可靠、高效能源解決方案的工業營運的催化劑，利用與美國其他盆地相比具有優勢排放特徵的馬塞勒斯天然氣。

We continue to believe that sourcing future power demand near the highest quality, long-duration natural gas assets in the world makes a lot of sense. And while this specific project is still early, we are glad to play a role in alongside Liberty and Imperial to continue advancing future economic growth in Pennsylvania. With announcements like ours and many others, including Homer City, PA, we see this as a win for everyone in Appalachia and somewhat expect that research estimates for an additional 4 Bcf per day of incremental natural gas demand in the PJM market through 2030 could prove conservative.

我們仍然相信，在世界上最優質、持續時間最長的天然氣資產附近尋找未來的電力需求是非常有意義的。雖然這個具體項目還處於早期階段，但我們很高興能夠與 Liberty 和 Imperial 一起繼續推動賓州未來的經濟成長。透過我們以及包括賓州荷馬城在內的許多其他城市發布的公告，我們認為這對阿巴拉契亞地區的每個人來說都是一種勝利，並且我們預計，到 2030 年，PJM 市場每天將額外增加 40 億立方英尺的天然氣需求，這一研究估計可能會被證明是保守的。

We believe the future of natural gas and NGLs is strong. And the Range team remains focused on generating free cash flow, while advancing our overall efficiencies and delivering repeatable well performance across our large contiguous inventory while helping meet future emerging demand, just like we discussed today.

我們相信天然氣和天然氣液體的前景光明。Range 團隊仍然專注於創造自由現金流，同時提高我們的整體效率，並在我們的大型連續庫存中提供可重複的井性能，同時幫助滿足未來的新興需求，就像我們今天討論的那樣。

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

現在我將把話題交給馬克討論財務問題。

Thanks, Dennis. Range has kicked off 2025 executing on a disciplined long-term plan designed to deliver value from Range's portfolio. As we discussed on our last call, our plan is not just focused on today, but given the economic resilience of our projects and the duration of our inventory, we are positioning Range for years to come. By executing thoughtfully today, we're laying the groundwork for efficient, modest production growth to meet increasing gas demand. We're using the power of Range's high-quality and long-duration inventory to access new demand either by acquiring transportation, which enables Range to grow production and take market share in premium markets with materializing demand growth or by supporting the growth of in-basin demand within Appalachia.

謝謝，丹尼斯。Range 已於 2025 年開始執行一項嚴謹的長期計劃，旨在從 Range 的產品組合中創造價值。正如我們在上次電話會議上討論的那樣，我們的計劃不僅僅關註今天，而且考慮到我們項目的經濟彈性和庫存的持續時間，我們正在為未來幾年做好定位。透過今天的深思熟慮，我們為高效、適度的生產成長奠定了基礎，以滿足日益增長的天然氣需求。我們正在利用 Range 的高品質和長期庫存的力量來獲取新的需求，要么通過收購運輸來提高產量並在高端市場中佔據市場份額，實現需求增長，要么通過支持阿巴拉契亞盆地內需求的增長。

Through business cycles, we intend to generate free cash flow, prudently invest in the business, and return capital to shareholders. Consistently accomplishing these goals requires the flexibility to adapt to market conditions. As shown during the first quarter, as in recent years, we did just that. When market dislocations occurred, we accelerated our share repurchases while at the same time, prudently accumulating cash to repay debt.

透過商業週期，我們旨在產生自由現金流，謹慎地投資業務並向股東返還資本。持續實現這些目標需要靈活地適應市場條件。正如第一季所顯示的那樣，與近年來一樣，我們正是這樣做的。當市場出現混亂時，我們加快了股票回購，同時謹慎地累積現金以償還債務。

The results of the first quarter highlight the strength of Range's production mix and transportation portfolio. Range paid $22 million in dividends, invested $68 million in share repurchases at prices well below our view of long-term value, and reduced net debt by $42 million while investing in operations.

第一季的業績凸顯了 Range 的生產組合和運輸組合的實力。Range 支付了 2,200 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 6,800 萬美元的股票回購，並在投資營運的同時減少了 4,200 萬美元的淨債務。

Those capital allocation decisions were made possible by $183 million in free cash flow, which was created while executing a strategic operational plan that stands in contrast to most industry peers with higher full cycle costs. Financial results rely on safe, efficient operations, and the Range team executed another successful quarter, delivering planned production on budget.

這些資本配置決策得益於 1.83 億美元的自由現金流，該現金流是在執行戰略營運計劃時產生的，與大多數全週期成本較高的行業同行形成鮮明對比。財務表現依賴安全、高效的運營，Range 團隊又成功完成了一個季度，按預算實現了計劃產量。

As a reminder, Range's 2025 plan differs from others in the industry and that our capital efficiency and low full cycle costs paired with advanced marketing of our production enables a low reinvestment rate while maintaining the ability to drive future growth from only two horizontal drilling rigs and a single frac crew. Critical in our assessment of growth potential is our ability to sustain a low full cycle cost structure, low reinvestment rate, and durable high margins.

提醒一下，Range 的 2025 年計劃與業內其他計劃不同，我們的資本效率和較低的全週期成本，加上我們產品的先進營銷，實現了較低的再投資率，同時保持了僅靠兩台水平鑽井平台和一支壓裂隊就能推動未來增長的能力。當我們評估成長潛力時，至關重要的是我們維持較低的全週期成本結構、較低的再投資率和持久的高利潤率的能力。

On the year-end earnings call, when we announced a potential pass through 2027, we estimated that Range can maintain 2.6 Bcfe per day of production for under $600 million of annual drilling and completion capital or approximately $0.60 per Mcfe. Simply put, the result of efficient production growth by Range is growth in future cash flow per share, which we expect to be augmented by a declining share count.

在年終收益電話會議上，當我們宣布可能延續到 2027 年時，我們估計 Range 可以維持每天 26 億立方英尺當量的產量，而每年的鑽井和完井資本不到 6 億美元，或每千立方英尺當量約 0.60 美元。簡而言之，Range 高效生產成長的結果是未來每股現金流的成長，我們預計這一成長將因股票數量的減少而增加。

You can think of Range's future potential growth in a modular fashion. Range can very efficiently add wedges of growth as the market calls for it. The additional wedge of production we are planning through 2027 can be held flat and generate substantial incremental free cash flow. As additional demand materializes, either in-basin or out of basin and peer inventory quality degrades. It is expected that Range can add additional wedges of production.

您可以以模組化的方式考慮 Range 未來的潛在成長。根據市場需求，範圍可以非常有效地增加成長空間。我們計劃在 2027 年增加的生產規模可以保持平穩，並產生大量的增量自由現金流。隨著額外需求的出現，盆地內、盆地外和同行的庫存品質都會下降。預計 Range 可以增加額外的產量。

As evidenced by our three-year outlook, this will very quickly generate greater free cash flow. The depth of Range's inventory and low stable base decline make this a unique opportunity to compound per share value over time. Range's business plan continues to be executed on what we believe is the largest, highest quality core Appalachia inventory paired with the transport and sales portfolio delivering production across the US and internationally, all supported by a strong financial foundation.

從我們三年的展望來看，這將很快產生更大的自由現金流。Range 的庫存深度和較低的穩定基數下降使其成為隨著時間的推移每股價值複合增長的獨特機會。Range 的業務計劃將繼續在我們認為規模最大、品質最高的阿巴拉契亞核心庫存以及在美國和國際範圍內進行生產的運輸和銷售組合上執行，所有這些都由強大的財務基礎支持。

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. Dennis, back to you.

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的價值。丹尼斯，回到你身邊。

Thanks, Mark. Our 2025 program is off to a solid start. And I believe the first-quarter 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 cycles.

謝謝，馬克。我們的 2025 計劃已經有了良好的開端。我相信，今天公佈的第一季業績表明，Range 的業務正處於公司歷史上的最佳狀態，它降低了數十年來高品質庫存的風險，並將其轉化為能夠在各個週期產生自由現金流的業務。

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

現在，讓我們開始提問。

(Operator Instructions) Jacob Roberts, TPH & Co.

（操作員指示）Jacob Roberts，TPH＆Co.

Just wondering if you could expand on some of the drivers to reallocate the handful of wells between the target areas for this year.

只是想知道您是否可以詳細說明一些驅動因素，以便在今年的目標區域之間重新分配少量油井。

You bet. Well, again, I think as we look at our program, I guess, if we were to look back over the last couple of years, there's always a small level of dynamics as you start to look at the operational cadence throughout the year and what wells start to move forward and what wells start to even move back. And I think last year is probably a good example. Some of it driven by efficiencies and some of it also timing of just how we see the sequence of events throughout the balance of the year. So no secret sauce there other than we just see that the execution timing has worked out where it shifted a little bit, and it's pushed the timing of one of our TILs, like deep in the year, that's on the liquid ridge side, something that will be executing over the balance of the year and then turn in line in the beginning of 2026.

當然。好吧，再說一次，我認為當我們回顧我們的計劃時，我想，如果我們回顧過去幾年，當你開始觀察全年的運營節奏以及哪些井開始向前移動以及哪些井開始向後移動時，總會有少量的動態。我認為去年可能就是一個很好的例子。其中一些是由效率驅動的，還有一些也是由我們如何看待全年事件順序的時間所驅動的。因此，除了我們看到執行時間略有變化之外，沒有什麼秘密可言，而且它推遲了我們的一個 TIL 的時間，例如在一年中的深處，那是在液體脊的一側，它將在一年的平衡中執行，然後在 2026 年初開始執行。

But as we've seen over the last few years, efficiencies continue to always show positive movement. And we could even see some of that move into the end of 2025, just depending upon what efficiencies we see captured this year.

但正如我們在過去幾年所看到的，效率始終呈現正面的變化。我們甚至可以看到其中的一些變化持續到 2025 年底，這取決於我們今年看到的效率。

Great. Thanks. My second question, and Dennis, I appreciate some of the color you gave, and I know it's a bit of a moving target, but I was hoping you could expand on how the geopolitical news, the tariffs, the reciprocal tariffs are being baked into some of your macro views. And I think most in focus is that LPG trade. And if I could attack just a little bit more on the follow-on question would be, can you expand on some of the price floors and premiums to Mont Belvieu you mentioned?

偉大的。謝謝。我的第二個問題，丹尼斯，我很欣賞你給出的一些解釋，我知道這是一個不斷變化的目標，但我希望你能詳細說明地緣政治新聞、關稅、互惠關稅是如何融入你的一些宏觀觀點中的。我認為最受關注的是液化石油氣貿易。如果我可以再進一步探討後續問題，您能否詳細說明您提到的 Mont Belvieu 的一些價格底線和溢價？

You bet. Happy to. I think if I were to look back over the past several years, I feel like our industry and our business at Range has certainly been through cycles, and it's something we reference every time we're together in person or in a quarter like today. But the business has still been incredibly resilient here at Range when you think about the quality of the asset base and again, the duration of it. And so through all of the cycles that we've seen, we've still been able to be incredibly successful and accomplish a lot of the financial objectives that we've laid out and now met.

當然。很開心。我想，如果回顧過去幾年，我覺得我們的行業和 Range 的業務肯定經歷了周期，這是我們每次見面或像今天這樣的一個季度時都會提到的事情。但是，如果考慮到資產基礎的品質及其持續時間，Range 的業務仍然具有令人難以置信的彈性。因此，在我們所經歷的所有周期中，我們仍然能夠取得令人難以置信的成功，並實現了許多我們制定並已經實現的財務目標。

As you start to take a deeper dive around the tariff perspective, as an example, maybe more particular on LPG side, we think a lot of this starts with our advantage from a word of diversity, how we've set up our diversity for how we transport our products but also how we -- the different pricing mechanisms that we use across the board, whether it's LPG or whether it's ethane as an example. We think regardless of how the tariff dust settles here in the weeks or months ahead, we see demand remaining relatively strong. But we also see that the market will be incredibly efficient and start to redistribute those barrels to address global demand that still will be needing those LPG barrels or ethane barrels regardless of what portion of the NGL component we're looking at.

當你開始深入研究關稅角度時，例如，也許更具體地在液化石油氣方面，我們認為這在很大程度上始於我們的優勢，即多樣性，我們如何為運輸產品建立多樣性，以及如何 - 我們全面使用的不同定價機制，無論是液化石油氣還是乙烷。我們認為，無論未來幾週或幾個月關稅如何解決，需求仍將保持相對強勁。但我們也看到，市場將非常高效，並開始重新分配這些桶以滿足全球需求，無論我們關注的是 NGL 成分的哪一部分，全球仍然需要那些 LPG 桶或乙烷桶。

When you look at pricing for us and transport, having access to markets, our terminal out of the East Coast is really beneficial. We've talked about that a lot over the past several years and we think moments like this, put it on full display.

當你考慮我們的定價和運輸，進入市場時，我們位於東海岸的終端確實是有利的。在過去幾年裡，我們多次談論過這個問題，我們認為像這樣的時刻可以充分展示這一點。

Our premium this past quarter was certainly strong, very consistent with what we saw in 2024. It's part of the reason why you saw us improve the bottom end of our NGL guidance for the year. We would expect that to continue to look strong through the balance of this year. But there's some transportation advantages clearly for us out of the Northeast. We think that will continue to play a part as the barrels get redistributed, pending what comes out of the tariffs.

我們上個季度的保費確實很強勁，與我們在 2024 年看到的非常一致。這也是為什麼我們提高了今年 NGL 指導底線的原因之一。我們預計今年餘下時間裡這一勢頭將繼續保持強勁。但我們東北地區顯然具有一些交通優勢。我們認為，隨著石油重新分配，關稅將產生何種結果，這將繼續發揮作用。

But as you look at LPG, I'll just say, for range specifically on where our barrels move, really 80% of our LPG gets out on a waterborne export, and all of it is going to Europe right now. So we really don't have a current exposure to the Chinese market at this particular time. But as we see things change, we would fully again to expect the market to be efficient, redistribute those barrels, and we would expect our premium to continue to look strong on a relative basis as we move forward.

但是當你看液化石油氣時，我只想說，具體到我們的桶裝運輸範圍，實際上 80％ 的液化石油氣都是通過水路出口的，現在全部運往歐洲。因此，我們目前確實還沒有接觸過中國市場。但隨著情況發生變化，我們完全可以再次預期市場將會有效，重新分配這些原油，我們預計，隨著我們前進，我們的溢價將繼續保持相對強勁。

So at the end of the day, we're well positioned. I think as you could possibly be set up in moments like this. And given all of the demand component that still is present and emerging PDH infrastructure, ethylene steam crackers that are in phases of commissioning, we just see demand continuing to look encouraging and strong as we move forward.

所以最終，我們處於有利地位。我想在這樣的時刻你可能會陷入困境。考慮到仍然存在的所有需求因素和新興的 PDH 基礎設施、處於調試階段的乙烯蒸汽裂解裝置，我們看到，隨著時間的推移，需求將繼續看起來令人鼓舞且強勁。

Great. Appreciate the time.

偉大的。珍惜時間。

Thanks, Jake.

謝謝，傑克。

Doug Leggate, Wolfe Research.

道格‧萊格特（Doug Leggate），沃爾夫研究公司。

Thanks for taking my questions. Dennis, one for you and one for Mark, if I may. Dennis, my one for you is, I guess, you were recently in the field with [Doug Berg] and just kind of a regional macro question. You've talked a lot about new potential in-basin demand data centers and so on. So I'm just wondering if you can kind of frame what your thoughts are on regional basis, regional pricing and whether you ever think constitution after your discussions with security could actually come to fruition again? And I've got a follow-up for Mark, please.

感謝您回答我的問題。丹尼斯，如果可以的話，一個給你，一個給馬克。丹尼斯，我想問您的是，您最近和 [Doug Berg] 一起在現場，問了一個區域宏觀問題。您已經談了很多關於新的潛在盆地需求資料中心等等。所以我只是想知道您是否可以概括一下您對區域基礎、區域定價的想法，以及您是否認為在與安全部門討論之後的憲法實際上可以再次取得成果？我還想跟進一下馬克的情況。

You bet. I think if I take a step back on basis, I mean, we certainly have seen the benefits of what takeaway has done for in-basin basis. I mean, it's around $0.80. We've seen it fluctuate between $0.30 to $0.80 ever since MVP has been put into service about a year ago. I guess it will be in June now. So I think we see the benefit of what it looks like when you start to add those incremental components. When you think about in-basin demand though that further emerges, I think the announcements like homer CDPA are really encouraging on top of the Liberty and Imperial land development announcement that range as a part of. As you've heard us say this morning, it just makes a lot of sense for those kind of opportunities to emerge and develop.

當然。我想，如果我退一步來看基礎，我的意思是，我們肯定已經看到了外賣為盆地內基礎帶來的好處。我的意思是，大概是0.8美元。自從大約一年前MVP投入使用以來，我們看到它的價格一直在0.3美元到0.8美元之間波動。我估計現在應該是六月了。因此我認為，當您開始添加這些增量組件時，我們就會看到它的好處。當您考慮進一步出現的流域內需求時，我認為除了自由和帝國土地開發公告之外，荷馬 CDPA 等公告確實令人鼓舞。正如你們今天早上聽到我們所說的那樣，這類機會的出現和發展是非常有意義的。

When you think about the alignment between the (inaudible) of reliability that those pieces of infrastructure and entities are looking for and also just long-duration quality assets that can deliver low emission supply to power these facilities on the go forward. The Liberty project, as an example, has the ability to be scalable up to around 450 gigawatts -- I'm sorry, megawatts. And when you think about the supply that could go into that, it's very modular, it's right on top of our producing footprint, and it has the ability to consume somewhere around 90,000 to as much as 100 million a day in gas consumption. And again, with the ability to further expand more once you start to lay that groundwork.

當您考慮這些基礎設施和實體所尋求的可靠性（聽不清楚）與能夠提供低排放供應的長期優質資產之間的一致性，以便為這些設施提供動力。以 Liberty 計畫為例，可擴展至約 450 千兆瓦——抱歉，是兆瓦。當您考慮可以投入使用的供應時，您會發現它非常模組化，正好位於我們的生產足跡之上，並且每天能夠消耗約 90,000 到 1 億的天然氣。而且，一旦你開始打好基礎，你就有能力進一步擴展。

Footprint there is around 870 acres. So you're talking about the ability to really have a larger development opportunity as you start to attract future businesses into that area. So back to your question about what is this due to basis, we would think this would further strengthen it over the course of time, especially as you think about maybe a lack of pipeline infrastructure that could further develop out of the area. Constitution certainly seems like a hot topic these days, and Secretary is very interested, along with others on what infrastructure industry needs to meet further demand that is out there and coming our way, whether it's industrial, residential, further expanding the grid, bolstering it.

那裡的佔地面積約為870英畝。因此，您談論的是當您開始吸引未來企業進入該地區時真正擁有更大發展機會的能力。所以回到你的問題，這是基於什麼原因，我們認為隨著時間的推移，這會進一步加強它，特別是當你考慮到可能缺乏可以進一步發展的管道基礎設施時。憲法無疑是當今的熱門話題，部長和其他人一樣，對基礎設施產業需要什麼來滿足我們現有的和即將到來的進一步需求非常感興趣，無論是工業、住宅，還是進一步擴大電網、加強電網。

So hard to see line of sight on a project like constitution today. But as you start to see the open season that's in place right now for the Boardwalk project, we think those are all positive signs that are pointing to there's a need for more energy. And there's a need for how companies like Range and others could participate in supplying that energy in the future. And it could be that it's a demand pull-type environment that's a part of that conversation.

如今，很難看到憲法這樣的項目的前景。但是，當您開始看到目前木板路專案的開放季節時，我們認為這些都是正面的訊號，表明需要更多的能源。我們需要了解像 Range 這樣的公司如何在未來參與供應這種能源。這可能是一種需求拉動型環境，也是對話的一部分。

I guess New York used to cooperate, but thank you for the color. Mark, my question for you is, obviously, you've given us a three-year look. I'm trying to understand what that [$600 million] 2.6 Bcf a day means for the long term. Obviously, you've got optionality, but I'm thinking specifically about when you get to the 2.6, do you continue to build DUCs at that point? Or is the $600 million kind of adjust in time that you're no longer building inventory at that stage? I know it's three years out, but I'm just trying to understand what the -- how we should think about the longevity of 2.6 and $600 million of sustaining capital?

我想紐約過去是會合作的，但還是謝謝你的顏色。馬克，我想問您的問題是，顯然您已經為我們提供了三年的展望。我試圖理解每天 26 億立方英尺（6 億美元）的產量從長遠來看意味著什麼。顯然，您有選擇權，但我特別考慮的是，當您達到 2.6 時，您是否會繼續建造 DUC？或者說，6 億美元的調整是隨著您在那個階段不再建立庫存而進行的？我知道這已經是三年後的事了，但我只是想了解我們該如何看待 26 億美元和 6 億美元維持資本的壽命？

Sure. I think at a high level, as we mentioned during the scripted portion of our opening remarks, the way we think about growth is still preserving those fundamental aspects of the Range business that make it unique and so powerful and so durable. That is a low full-cycle reinvestment rate and the low call on cash flow, basically. So as we've laid out in the materials, holding that 2.6 Bcfe per day at $570 million in D&C, $570 million to $600 million, that is a maintenance level. What it means is that Range could shift back to a maintenance mode for whatever time period that's appropriate and generate substantial cash flow.

當然。我認為，從高層次上講，正如我們在開場白的腳本部分所提到的那樣，我們對成長的思考方式仍然保留了 Range 業務的那些基本方面，這些方面使其如此獨特、強大和持久。基本上，這是較低的全週期再投資率和較低的現金流需求。因此，正如我們在材料中所述，將每天 26 億立方英尺當量保持在 5.7 億美元的 D&C 水平，即 5.7 億至 6 億美元，這是一個維持水平。這意味著 Range 可以在適當的時間內切換回維護模式並產生大量現金流。

While at the same time, we could be responsive to market demand. So the point being, as I tried to describe it in a modular fashion, we can add growth as it's called for in-basin without changes in the decline rate to the business, the production decline rate. We can do it without changing our full cycle cost structure. Growth can just generate incremental cash flow. That is the objective without altering the risk profile of the business.

同時，我們也能響應市場需求。因此，正如我嘗試以模組化方式描述的那樣，關鍵在於，我們可以根據需要在盆地內增加成長，而無需改變業務的下降率，即生產下降率。我們無需改變整個週期的成本結構就能做到這一點。成長只能產生增量現金流。這就是在不改變業務風險狀況的情況下實現的目標。

So as we think about it, that is just meant to show what we're preserving that annuity-type business is still there. A growth just is a step up. You can think about it as a onetime event, but you can do that as many times as the market dictates. That's a prudent reinvestment for the company and step it up for in-basin demand, be it Liberty, be it Homer City and similar invasion projects or using capacity that goes underutilized by others in the basin. So Range is a value business. It's a growth business. It's an annuity. It can adapt and be all of those things at the same time.

因此，當我們考慮這一點時，這只是為了表明我們所保留的年金型業務仍然存在。成長只是上了一個階梯。您可以將其視為一次性事件，但您可以根據市場需求多次執行此操作。對於該公司來說，這是一次審慎的再投資，旨在滿足流域內的需求，無論是自由項目、荷馬城項目還是類似的入侵項目，還是利用流域內其他項目未充分利用的產能。所以 Range 是一家有價值的企業。這是一項成長型業務。這是年金。它可以適應並同時具備所有這些東西。

Appreciate the answers, guys. Thanks so much.

謝謝大家的回答。非常感謝。

Thank you.

謝謝。

Roger Read, Wells Fargo Securities.

富國證券的羅傑‧里德 (Roger Read)。

Yeah. Thank you. Maybe your last comment there on Homer City, if you could kind of expand on what exactly are we looking at their timing expansion possibilities over time, all of that good stuff.

是的。謝謝。也許這是您對荷馬城的最後一個評論，如果您可以詳細說明我們究竟在考慮他們隨著時間的推移而擴展的時間可能性，所有這些都是好東西。

You bet. I think at this point, there's still -- I'll just say, it's a little early on what that's going to fully materialize to look like. But what we do know is that the project is moving forward. There's a lot of opportunity there just given the brownfield nature of repurposing that particular facility timelines. Your information is probably about as good as ours at this point in time, but it looks like they're targeting a couple of years out, so sometime in 2027. Again, the benefit of being able to utilize the brownfield facility.

當然。我認為就目前而言，我只能說，現在談論這一目標的完全實現還為時過早。但我們確實知道的是，該項目正在向前推進。考慮到棕地性質以及重新利用特定設施的時間表，那裡有很多機會。目前，您的訊息可能與我們的一樣好，但看起來他們的目標是幾年後，也就是 2027 年的某個時候。再次，能夠利用棕地設施的好處。

And then, of course, supply into that facility is still going to have to further materialize. But you're seeing voices from local trade unions talk about the ability to put folks from Appalachia to work in helping construct that facility. That brings us a lot of excitement as well, all pointing in the right direction of that generating power and energy in the area that companies like Range and others could participate in. So very, very encouraging from what we're seeing so far.

當然，該設施的供應仍需進一步實現。但你聽到當地工會的聲音，談論讓阿巴拉契亞山脈的人們參與建造該設施的能力。這也給我們帶來了很多興奮，所有這些都指向了該地區發電和能源的正確方向，Range 等公司可以參與其中。從我們目前看到的情況來看，這非常非常令人鼓舞。

Yeah. It feels like in-basin development is a lot better than trying to depend on another state to allow a pipeline anyway. My follow-up question goes back to some of the intro discussions about using the e-fracs, the 660,000 feet that you would -- assuming the same level of performance in '25 as you achieved and/or we had delivered in '24. But since we've continually seen improvements in productivity and efficiency, I was just curious, is that the budget? Or is that just to be illustrative of what's going on? In other words, I would generally assume you'll do better in '25 than '24.

是的。感覺盆地內開發比依賴另一個州允許鋪設管道要好得多。我的後續問題回到了關於使用電子壓裂技術的一些介紹性討論，假設 25 年的性能水平與您在 24 年實現的性能水平相同，那麼您將達到 660,000 英尺。但由於我們不斷看到生產力和效率的提高，我很好奇，這是預算嗎？或者這只是為了說明正在發生的事情？換句話說，我通常認為你在 25 年的表現會比 24 年更好。

And if that's the case, then what does that imply for either reducing the amount of frac needs or building sort of resiliency within your production, potential upside for '26, '27 as we think about it?

如果情況確實如此，那麼這對於減少壓裂需求或在生產中建立某種彈性意味著什麼？我們認為這在 26 年、27 年有潛在的上升空間嗎？

Yeah. Good question, Roger. I'll use the last couple of years as a proxy. I'll start maybe on the efficiency side and on the capital. But when we think about the efficiencies the team has been able to capture, I think over the last couple of years, the result has generated the possibility of pulling a whole pad of completions out of the beginning of one year into the very end of the one year executing.

是的。問得好，羅傑。我將以過去幾年的情況作為參考。我可能會從效率方面和資本方面開始談。但是，當我們考慮到團隊在過去幾年中能夠實現的效率時，我認為結果已經產生了將一整套完成工作從一年之初拖到一年之末的可能性。

So that meaning there's always that opportunity through those efficiencies to further see the queue of wells continue to come in your direction. And when you're running a lean single-base single frac crude type operation, you want to capture those kind of opportunities, as you said, to kind of think about how you would the shape your production profile.

所以這意味著透過這些效率，總是有機會進一步看到井群繼續朝你的方向湧來。當您運行精益單基單壓裂原油類型的操作時，您希望抓住這些機會，正如您所說，思考如何塑造您的生產概況。

I think that's part of the reason why you've seen a shallowing also of our production as it's flattened over the course of time when we've talked about it being maintenance versus maybe a little bit more of a sideway type character maybe three, four years ago. The budget is the budget. So we think we can execute this program this year and in future years for $650 million to $700 million with that single frac crew.

我認為這就是為什麼我們的生產規模隨著時間的推移而變得扁平的原因之一，就像我們在三四年前談到的維護一樣，我們的生產規模可能更具橫向特徵。預算就是預算。因此，我們認為，我們今年以及未來幾年可以憑藉單一壓裂團隊以 6.5 億至 7 億美元的價格實施這項計畫。

As we start to think about improvements in efficiencies or utilization of that incremental turn-in-line footage, our DUC footage that we're generating through the drilling rig side, you really start to see an allocation of the capital head the other direction, more focused to the completion side. Again, building upon those efficiencies, we'll factor that into our capital guide going forward. But again, we believe we can do this for that $650 million to $700 million.

當我們開始考慮提高效率或利用增量上線鏡頭（我們透過鑽井平台產生的 DUC 鏡頭）時，您實際上開始看到資本分配朝著另一個方向發展，更加專注於完井方面。再次，基於這些效率，我們將把它納入我們未來的資本指南中。但我們再次相信，我們可以用這 6.5 億到 7 億美元做到這一點。

So simply put, we've got good options. The team continues to execute. It really feels like it sets us up for how we think about that ratable production growth in 2026 and 2027.

簡而言之，我們有很好的選擇。團隊繼續執行。這確實讓我們對 2026 年和 2027 年可評估產量成長有了一定的看法。

Appreciate the explanation. I'll turn it back.

感謝您的解釋。我會把它轉回去。

Thanks, Roger.

謝謝，羅傑。

Kevin MacCurdy, Pickering Energy Partners.

麥柯迪（Kevin MacCurdy），皮克林能源合夥公司（Pickering Energy Partners）。

My question is on M&A. There was a little bit of M&A recently in Central PA, not too far from your footprint. I'm just curious if any of the dynamics we've seen in the gas market with higher prices and the data center potential, has any of that changed your view on M&A and consolidation in Appalachia or even outside the basin? And just one question for me. Thanks.

我的問題是關於併購的。最近，賓州中部發生了一些併購事件，距離您的足跡不遠。我只是好奇，我們在天然氣市場看到的上漲價格和資料中心潛力是否改變了您對阿巴拉契亞地區甚至盆地以外地區的併購和整合的看法？我只有一個問題。謝謝。

Sure. I'll kick this one on and Dennis will address it. I think the shortest answer to your question is our view on M&A really hasn't changed. The fundamental dynamics, the framework that we are applying is really rooted in the quality and duration of our inventory. So as we said in the past, given the very high quality, long life of our inventory to hold something in that's of equal quality that can compete for capital day one, the additive make Range bigger but better is there's a very short list of opportunities, certainly at a price that would make sense to fold in and change the company for the better.

當然。我會解決這個問題，丹尼斯會解決它。我認為對你的問題最簡短的答案是我們對併購的看法確實沒有改變。我們所應用的基本動力和框架實際上植根於庫存的品質和持續時間。因此，正如我們過去所說的那樣，鑑於我們的庫存質量非常高、壽命很長，可以容納質量相當的產品，可以在第一天就進行資本競爭，因此，Range 規模更大但更好的附加條件是，機會非常有限，當然，價格要合理，這樣可以讓公司變得更好。

Simplistically, growth for growth's sake, we don't see that as a primary driving factor. Range has the scale to obtain services at the most competitive levels, both in terms of price and quality as well as access to pipelines, infrastructure, as well as our long-term customer contracts and our customer roster, both domestically and internationally. So the hurdle for M&A is it's a pretty high bar for range. Now in the absolute at the highest level for the industry, we think this has certainly been beneficial for the economic capital allocations and investment decisions overall for the industry. So we're happy to see that.

簡單地說，為了成長而成長，我們並不認為這是主要的驅動因素。Range 擁有以最具競爭力的水平獲得服務的規模，無論是在價格和品質方面，還是在管道、基礎設施以及我們的長期客戶合約和國內外客戶名冊方面。因此，併購的障礙在於其範圍門檻相當高。目前，該行業絕對處於最高水平，我們認為這無疑對整個行業的經濟資本配置和投資決策有利。所以我們很高興看到這一點。

We certainly study the dynamics in-basin, which brings me to the second part of your question about looking outside of the basin. Range's expertise and the Appalachian base is in the Marcellus in and around our footprint. And that's where we maintain our focus technically is in and around the basin.

我們當然會研究盆地內的動態，這讓我想到了你問題的第二部分，即觀察盆地外部的情況。Range 的專業知識和阿巴拉契亞基地就在我們覆蓋範圍之內和周圍的馬塞勒斯。從技術上講，我們的重點是盆地及其周圍地區。

Obviously, from a business perspective, we look across the US and internationally since 90% of our revenue is outside the basin. But from an operational standpoint, our focus is in-basin.

顯然，從商業角度來看，我們的眼光放眼美國和國際，因為我們 90% 的收入來自盆地以外。但從營運角度來看，我們的重點是在盆地內。

Great. Thank you, guys.

偉大的。謝謝你們。

Thank you.

謝謝。

Kalei Akamine, Bank of America.

卡雷‧阿卡明 (Kalei Akamine)，美國銀行。

This question is on the near-term gas macro. So we're noticing that pricing has definitely declined over the last several weeks, and that's correlated with a lot of assets in this market. And some guys are trying to figure out how much is financial versus maybe a true fundamental move. And I also note that as we -- or East and Midwest markets have also come down. So I guess the question is, can you kind of characterize the move you're seeing in hub and how you see bases performing over the next, call it, several months?

這個問題是關於近期天然氣宏觀的。因此，我們注意到價格在過去幾週內肯定有所下降，這與該市場上的許多資產有關。有些人正在試圖弄清楚財務方面的舉措與真正的基本面舉措之間的差異。我還注意到，東部和中西部市場也出現下滑。所以我想問題是，您能否描述一下您在中心看到的動向以及您如何看待基地在未來幾個月的表現？

Yeah, I'll start off this morning here. I think when you start to kind of attack the financial versus the fundamentals, if you will, it looks like the fundamentals are still intact from what we see. I think when you look at activity levels that I'll back up to January, I think one of the thoughts was pricing in 2026 and '27, you'd start to see an increase in activity in other basins that just really hasn't happened. You've seen Plaquemines, as an example, the LNG offtake there has ramped up quicker. Clearly, I know that all of you are close to that story.

是的，我今天早上就從這裡開始。我認為，當你開始攻擊金融與基本面時，如果你願意的話，從我們所看到的情況來看，基本面似乎仍然完好無損。我認為，當您查看 1 月份的活動水平時，我認為其中一個想法是 2026 年和 27 年的定價，您會開始看到其他盆地的活動增加，而這實際上還沒有發生過。以普拉克明為例，那裡的液化天然氣需求成長較快。顯然，我知道你們所有人都熟悉這個故事。

But that's ramped up quicker than projections had forecast. And then by the time you start to think about just power demand, storage levels that became renormalized over the winter months here, we're now at a -- within the five-year average or a slight deficit to that level. It really sets up an outlook this fall where you could see some tightness in storage levels because the supply just hasn't really come online, if you will, to help fill that -- backfill that void.

但這一增長速度比預期的快。然後，當您開始考慮電力需求時，儲存水平在冬季幾個月內重新恢復正常，我們現在處於五年平均水平以內或略微低於該水平。這確實為今年秋季的前景奠定了基礎，您可能會看到存儲水平有些緊張，因為供應還沒有真正到位，如果您願意的話，可以幫助填補這一空白。

And then lastly, just given where the outlook is maybe for the Permian producers, there could be some pressure there to change the forecast and outlook of what kind of activity levels are taking place. So it certainly feels like the fundamentals in our mind are still there for some types in storage levels by the time you get to the fall season provides a really constructive setup as you start to get into 2026 and '27. We think it aligns with emerging demand and also what our three-year outlook has been constructed around.

最後，考慮到二疊紀生產商的前景，可能會有一些壓力來改變對正在發生的活動水平的預測和展望。因此，我們確實感覺到，當進入秋季時，某些類型的存儲水平的基本面仍然存在，這將為進入 2026 年和 2027 年提供一個真正有建設性的設置。我們認為符合新興需求，也是我們制定三年展望的基礎。

But in the event that you see some dynamics in the real aspects of this and demand changes a little bit, it's no different than the place range has been for the past four years. And so we feel like the lower reinvestment rate of our asset base coupled with how we see the dynamics of the other markets, our ability to export our NGLs that all is a good complement to how we see still staying on track with the financial objectives you've heard Mark talk and walk through on a quarter-by-quarter basis. So it does feel like the fundamentals are still there in our mind. There's some patience here to see this start to further get clarity.

但如果你看到現實方面的一些動態，並且需求有一點變化，那麼它與過去四年的水平沒有什麼不同。因此，我們認為，我們資產基礎的較低再投資率，加上我們對其他市場動態的看法，以及我們出口 NGL 的能力，都很好地補充了我們如何仍然能夠實現您聽到馬克逐季度談論和介紹的財務目標。因此，我們確實感覺到基本原則仍然存在於我們的腦海中。我們需要耐心等待，才能看到事情開始變得更明朗。

That's great. That's very helpful, Dennis. Thank you. The next one is maybe more housekeeping. There is a bond that's maturing in May, $600 million, while markets have been quite volatile recently. What are your latest thoughts on addressing that maturity?

那太棒了。這非常有幫助，丹尼斯。謝謝。下一個可能是更多的家務事。有一筆 6 億美元的債券將於 5 月到期，而最近市場波動很大。您對解決這個成熟問題有何最新想法？

I think it's going to be pretty simple. We'll just use cash on hand, and the small draw on the revolver can take care of that, and we can evaluate any refinancing means later in the year. The trend in our debt spend a good one. You can expect us to continue to balance our allocation of cash flow between returns of capital to shareholders and continuing to optimize the balance sheet just on an opportunistic basis. But cash and revolver draw will take care of it.

我認為這會非常簡單。我們只需使用手頭上的現金，循環信貸中的小額提款就可以解決這個問題，我們可以在今年稍後評估任何再融資方式。我們的債務趨勢是好的。您可以期待我們繼續在股東資本回報和繼續機會主義地優化資產負債表之間平衡現金流分配。但現金和循環信用卡可以解決這個問題。

Thanks, Mark. Appreciate it.

謝謝，馬克。非常感謝。

Thank you.

謝謝。

Michael Scialla, Stephens.

邁克爾·西亞拉，史蒂芬斯。

I wanted to ask a little bit more on the in-basin demand and data centers. Dennis, you mentioned with the Homer City that getting repurposed that there'd be some infrastructure needed to, I guess, get gas there, thinking could you discuss what kind of infrastructure might be needed for any of these data centers if they do get built? And do you see that as a risk?

我想進一步詢問有關盆地內需求和資料中心的問題。丹尼斯，您提到荷馬城的重新利用需要一些基礎設施，我想，那裡需要天然氣，您能否討論一下，如果這些數據中心真的建成，它們可能需要什麼樣的基礎設施？您認為這是一種風險嗎？

I'll kind of start here, and if we need to go further, I may punt over to Alan for some additional color. But I think what we're seeing from projects like Homer City and also conversations around the Liberty and Imperial land development, both of those, it appears that these sites are being built near either on a brownfield location or near or close proximity to existing infrastructure that you can tie into. So what we're seeing is, from a scoping perspective, short, we'll just say, regional gathering jumper lines that would get you from a pipeline network, a diverse pipeline of network at that to provide that source reliability into those facilities for power generation, but the locations of these is what's also making them really ideal.

我將從這裡開始，如果我們需要進一步了解，我可能會向艾倫尋求一些額外的顏色。但我認為，從荷馬城等項目以及圍繞自由和帝國土地開發的討論中看到，這兩個地點似乎都建在棕地附近，或者靠近或緊鄰可以與之連接的現有基礎設施。因此，從範圍界定的角度來看，我們所看到的是，簡而言之，區域收集跨接線可以讓你從一個管道網路、一個多樣化的管道網路中獲得電力，為這些發電設施提供可靠的電源，但這些設施的位置也使它們真正理想。

So if you think about the Imperial facility, as an example, that's going to be right on top of our producing assets, where essentially, we've got the 2 Bs equivalent of production that's flowing through a lot of that gathering system. Not 100% flows in that area, but a large portion has access to that -- would have access to that facility and it would just simply require a short jumper line. We're talking about single-digit miles, not long-distance haul, if you will.

因此，如果您以帝國工廠為例，它就位於我們的生產資產之上，本質上，我們擁有相當於 2B 的生產能力，這些生產能力透過大量的收集系統進行流動。雖然該地區的流量並非 100%，但很大一部分都可以進入——可以進入該設施，而且只需要一條短跨接線。如果你願意的話，我們談論的是一位數英里，而不是長途運輸。

So proximity is going to be key and beneficial in this conversation. So I think infrastructure is going to be more limited on the needs to get gas to those facilities and probably just more general construction on the site themselves.

因此，在這次對話中，接近性將是關鍵且有益的。因此，我認為基礎設施將更加局限於向這些設施輸送天然氣的需求，並且可能只是場地本身的更一般的建設。

So not something that you view as a significant regulatory risk getting approval for some of these kind of things to get built?

所以，您認為獲得此類建設項目的批准不會帶來重大的監管風險嗎？

Well, good question. And I guess I would take a step back and maybe address regulatory risk from a different angle. I think there's a real willingness from the state to support these kind of projects. Clearly, there's been language around the importance of growing the economy from the state level, the importance of adding incremental jobs. We think those are all positive signs.

嗯，好問題。我想我應該退一步，從不同的角度解決監管風險。我認為政府確實願意支持此類計畫。顯然，人們一直在強調從國家層級發展經濟的重要性，以及增加就業機會的重要性。我們認為這些都是正面的訊號。

And again, if you look back to the summer of 2024 when the last state budget was approved, as a portion of that budget, there was $400 million earmarked for what's called the site act to support site identification, readiness, and preparation to, in our mind, truncate at the time frame when an industrial application is going to move into the region to help get it erected and in service. So we think those are all positive signs that there will be regulatory support in order to put these facilities into service. So yeah, we're really optimistic that this is going to be a positive movement in the basin.

再說一次，如果你回顧一下 2024 年夏天，也就是上一屆州預算獲得批准的時候，你會發現，作為預算的一部分，有 4 億美元專門用於所謂的場地法案，以支持場地識別、準備和準備工作，在我們看來，這是為了縮短工業應用進入該地區的時間範圍，以幫助其建立和投入使用。因此，我們認為這些都是正面的訊號，表明將有監管部門支持這些設施投入使用。所以，是的，我們非常樂觀地認為這將是盆地的一個積極運動。

Thanks, guys. Appreciate the details.

謝謝大家。欣賞細節。

Thanks, Mike.

謝謝，麥克。

John Annis, Texas Capital.

約翰‧安尼斯，德州首府。

Thanks for taking my questions. For my couple of calls ago, you noted that it was a little early to see trends from compression and gathering expansions that went into effect last year. Could you provide some updated thoughts on the benefits you're seeing from the optimization of gathering and compression infrastructure?

感謝您回答我的問題。在我幾次通話之前，您曾指出，現在就看出去年生效的壓縮和聚集擴展趨勢還為時過早。您能否就收集和壓縮基礎設施優化所帶來的好處提供一些最新的想法？

Yeah. I'll leave this pretty high level because I think there's a couple of ways to talk about compression and infrastructure optimization. And one is when you're looking at assets that you're truly optimizing that gathering system pressure, which we had some of that last year, that probably was somewhere in the neighborhood of a 20% kind of uplift to the year over the -- compared to the overall production as for the year, depending upon time a little bit less, but we saw that as really good, stable, flat production profile generation in that portion of our asset base.

是的。我會把這個保持在相當高的水平，因為我認為有幾種方法可以談論壓縮和基礎設施優化。一是，當您查看真正優化了收集系統壓力的資產時，我們去年就遇到了一些這樣的問題，與全年的整體產量相比，這可能比去年增長了 20% 左右，雖然時間會稍微少一些，但我們認為，在我們的資產基礎的這一部分，產量概況確實很好、穩定、平穩。

The other bulk of it, as you've heard us talk about, is really tied to system expansion and incremental capacity and flexibility that allows us to utilize the web portions of our field. So that's what you would see in line with infrastructure adds going forward. And we utilize with our long lateral development allows us to utilize that infrastructure at a high, high level in excess of 90%, not only today but really for the go forward for the next several years.

正如您所聽到的，其中的另一大部分實際上與系統擴展和增量容量和靈活性有關，這使我們能夠利用我們領域的網路部分。這就是您將看到的與未來基礎設施增加相一致的情況。我們利用長期橫向發展使我們能夠將基礎設施的利用率提高到 90% 以上，不僅在今天，而且在未來幾年內都將如此。

So the projects you're going to hear us talk about more going forward, will be more in line with more system expansions as part of that optimization and probably less about the lowering of just system line pressures.

因此，您接下來將聽到我們談論的項目將更多地符合作為優化一部分的更多系統擴展，而可能不太涉及降低系統管線壓力。

Great color. For my follow-up, you mentioned you just recontracted your e-fleet, but I wanted to ask how you view a potential slowdown in oil-directed activity potentially occurring to the benefit of you and others in Appalachia just in terms of service costs?

顏色很棒。在我的後續問題中，您提到您剛剛重新簽訂了電子車隊合同，但我想問一下，您如何看待石油導向活動的潛在放緩，僅從服務成本方面來看，這對您和阿巴拉契亞地區的其他人來說可能帶來好處？

Well, I think when you -- we had contracted this e-fleet to start at the beginning of last year. And though it's difficult to say you're at the bottom of the market, but it certainly felt like we were nearing a portion that was at the base of the trough. And so we feel like securing this equipment was helpful for the next few years, and it maintains a good, consistent cost structure for us going forward. It's efficient. We've had some of our strongest efficiencies and safe performance out of this particular fleet.

嗯，我想當你——我們已經簽訂了合同，從去年年初就開始運營這個電子車隊了。雖然很難說我們已經處於市場底部，但確實感覺我們正在接近低谷的底部。因此，我們認為確保這些設備對未來幾年很有幫助，並且它為我們未來的發展保持了良好、一致的成本結構。很有效率。這支特殊的艦隊擁有我們最強的效率和安全性能。

So we think it checks a lot of the boxes. But when you think about it e-fleet, there's really been a high, high level of utilization of those equipment -- or those fleets. So essentially, e-fleets are running around 100% utilization. So fleet availability would most likely come through your more traditional conventional fleets, which we have used from time to time when we look at utilizing a spot crew and what's most available and economic for the program. So wouldn't rule that out as providing some conversation for future service costs.

所以我們認為它滿足很多條件。但是當你考慮電子車隊時，這些設備或車隊的使用率確實很高。因此，從本質上講，電子車隊的使用率約為 100%。因此，可用的機隊很可能來自於更傳統的常規機隊，當我們考慮利用現場機組人員以及對於專案來說最可用且最經濟的機隊時，我們會不時地使用這些機隊。因此，不排除為未來的服務成本提供一些討論的可能性。

And I think on the drilling rig side, I mean we throw around the term is an industry super-spec rig, but that also has some optionality and flexibility around it, whether it's super spec for the Permian versus the Haynesville versus us. But the reality is, we've all coalesced to a very similar rig configuration. And I think it's created an environment where you've also seen similar pricing structures, if you will.

我認為在鑽井平台方面，我的意思是我們隨意使用的術語是行業超級規格鑽井平台，但它也具有一定的可選性和靈活性，無論是 Permian 的超級規格，還是 Haynesville 的超級規格，還是我們的超級規格。但事實是，我們都已經融合了非常相似的鑽孔機配置。我認為它創造了一種環境，在這種環境中你也會看到類似的定價結構，如果你願意的話。

So we think service providers have aligned closely with the operators in the respective basins that are efficient to do what they say they're going to do, and that's one of the reasons why you've seen our cost structure be as low as it has been over the past few years. But we'll continue to be sensitive to what changes occur through our purchasing and supply chain efforts. And if there's an opportunity to further secure cost savings, we'll absolutely be on the front of that discussion.

因此，我們認為服務提供者已經與各自盆地中的營運商緊密合作，高效地完成他們所說的任務，這也是為什麼我們在過去幾年中成本結構一直很低的原因之一。但我們將繼續關注採購和供應鏈工作中發生的變化。如果有機會進一步確保成本節約，我們絕對會站在討論的最前線。

Thanks, guys.

謝謝大家。

Thank you, John.

謝謝你，約翰。

Paul Diamond, Citi.

花旗銀行的保羅戴蒙德 (Paul Diamond)。

Thank you. Just a quick one, just digging down a bit more on Liberty Alliance. Do you guys see any further concrete opportunities being discussed out there? I guess kind of just trying to get an idea of the scope of the entire opportunity set beyond this -- that having been announced?

謝謝。只是簡單地深入挖掘一下自由聯盟。你們是否看到正在討論的進一步的具體機會？我猜只是想了解一下除此之外的整個機會的範圍——已經宣布過了？

Yeah. Short answer is yes. Leading up to the Liberty and Imperial land development announcement and now even I'll just say, post that announcement, there's been a number of ongoing conversations, and we're really inbound phone calls to range around how we could participate in other projects just like this. And of course, you've heard us say this, but we think it really ties back to not only the quality of our asset base, but really the duration of our inventory that could support a facility like this. We realized that these are multi-decade financial decisions that these other entities are making.

是的。簡短的回答是肯定的。在自由和帝國土地開發公告發布之前，甚至現在我只想說，發布該公告後，已經進行了許多持續的對話，我們確實接到了電話，討論如何參與類似的其他項目。當然，您已經聽過我們這麼說，但我們認為這不僅與我們的資產基礎的品質有關，而且與能夠支持此類設施的庫存持續時間有關。我們意識到這些其他實體正在做出長達數十年的財務決策。

And so it makes a lot of sense to be able to connect with a company like Range being on the low emissions into the emissions profile as well. So we have had a number of conversations. I think it's still kind of in the early category of what else will further materialize. But we think there's an opportunity for, as you see other coal retirements for the brownfield site utilization in the future, looking for areas of concentration where you've got access to things like water ingress and egress, diversity in the pipeline network. We think all of that lends itself to looking at Southwest PA and Appalachia.

因此，能夠與 Range 這樣的低排放公司建立聯繫並納入排放概況是非常有意義的。因此我們進行了多次對話。我認為它仍然處於進一步實現的早期階段。但我們認為，正如您所看到的那樣，未來其他煤炭退役將在棕地場地利用，因此，我們有機會尋找可以集中處理諸如水的進出、管道網絡的多樣性等問題的集中區域。我們認為所有這些都有助於我們了解賓州西南部和阿巴拉契亞山脈。

So more conversations are being had. We'll see what further materializes. But again, as we think about the long-term outlook, 80% of our gas gets out of basin. And as you've heard Mark touch on, 90% of our revenue comes from outside the basin as well. So we feel like we're set up in a very well diverse takeaway environment, both from product and transport and a further in-basin demand materializes, which we think is very likely we're poised and ready to participate we needed.

因此，人們進行了​​更多的對話。我們將拭目以待。但是，當我們考慮長期前景時，我們會發現 80% 的天然氣都是從盆地中開採出來的。正如馬克所提到的，我們 90% 的收入也來自盆地以外。因此，我們覺得我們已經建立了一個非常多樣化的外帶環境，無論是從產品還是運輸，並且進一步的盆地內需求也已實現，我們認為我們很可能已經做好準備並準備好參與我們所需要的活動。

Makes perfect sense. Appreciate the clarity. Just one quick follow-up. You talked about -- obviously, a moving target, but with inflationary pressures potentially post contract potentially rolling back in '26, I guess, is that purely on like steel and piping or tubing or where would you see the kind of the first entry there if it were to come back and say Q1, Q2 next year?

非常有道理。欣賞清晰度。只需快速跟進一次。您談到了——顯然是一個移動的目標，但隨著合約簽訂後通膨壓力可能在 26 年回落，我想，這是否純粹是像鋼鐵和管道或管材那樣，或者如果它回來並說明年第一季、第二季度，您會看到那裡的第一個條目在哪裡？

Well, if you were to look at tubular goods as an example, we've always worked really closely with our service providers on that side in the mills to secure tubular goods for our program ahead of time when we find really opportunistic moments in the market. And I would expect that to be similar as we look forward. As you think about this year, we've got somewhere in the neighborhood of about 80% of our tubular goods secured for the program, the approximate number, of course, but very much covered our basis for the year, if you will.

好吧，如果你以管材為例，當我們在市場上發現真正的機會時，我們總是與工廠那邊的服務提供者密切合作，以便提前為我們的計劃確保管材的安全。我希望我們未來也能有類似的情況。想想今年，我們已經為該計劃確保了大約 80% 的管材，當然，這是大概的數字，但如果你願意的話，這已經基本覆蓋了我們今年的基礎。

I think on an annual basis, you'll see us work through a service RFP. We do it every fall. We align it with our activity level, how we're thinking about number of rigs, number of frac crews, spot crew availability. And so all of that will roll up into an annual fall process that will then line with 2026 rigs as well. And when there's alignment and opportunity for us to continue to secure a good, safe, efficient services and materials for '26 and sometimes even beyond, we'll certainly look to do so. But we would expect early next -- this fall process to generate a lot of visibility on what changes in service costs could exist store materials.

我認為每年您都會看到我們完成服務 RFP 的工作。我們每年秋天都會這樣做。我們將其與我們的活動水平相結合，考慮鑽機數量、壓裂人員數量、現場人員的可用性。因此，所有這些都將納入每年秋季的過程，並將與 2026 年的鑽機數量保持一致。當我們有機會繼續確保為26年甚至更長遠的未來提供良好、安全、高效的服務和材料時，我們一定會這樣做。但我們預計明年年初——今年秋季的過程將對服務成本可能存在的儲存材料變化產生很大的透明度。

Understood. Appreciate the time.

明白了。珍惜時間。

Thank you.

謝謝。

Neil Mehta, Goldman Sachs.

高盛的尼爾·梅塔。

First question is just really around the hedging strategy and how do you think about the way you're going to approach 2026. And do you want to be opportunistic? Or do you want to take a more ratable strategy? And we've seen a lot of volatility around the '26 price points, your thoughts around hedge and gas there.

第一個問題實際上是關於對沖策略，以及您如何看待 2026 年的發展方向。你想抓住機會嗎？或者您想採取更有利的策略？我們看到 26 個價格點附近出現很大波動，您對對沖和天然氣的看法也是如此。

Sure. This is Mark. I think philosophically, I'll reiterate what our strategy has been and what we're able and desiring to do. And the strategy, given how strong the balance sheet is today is really to cover fixed costs and preserve that optionality of being able to step in, in terms of capital or otherwise to be opportunistic and just and protect balance protect margins. So to do that, what you've seen us be able to do is to scale back on some of the hedging.

當然。這是馬克。我認為從哲學角度上講，我將重申我們的策略以及我們能夠做什麼和想要做什麼。考慮到目前資產負債表的強勁程度，該策略實際上是為了覆蓋固定成本，並保留介入的選擇性，無論是在資本方面還是在機會主義和公正方面，保護平衡，保護利潤率。因此，為了做到這一點，您會看到我們能夠做的就是減少一些對沖。

What you've seen us do for the balance of this year, we're around 35% hedged; the '26 programs, about 15% hedged. There's some swaptions if they're all executed, you're at about 25%, but you've got better than a $4 floor on that. So what we are striving to do is get an attractive price on a low percentage of the production to preserve what we see is still a tight market in the second half of this year and into 2016. We're just not seeing the activity levels that would meet the demand that's under construction and being commissioned right now.

就今年餘下的時間而言，我們已經對沖了約 35%；而對於 26 個項目，對沖了約 15%。如果一些掉期選擇權全部執行，您的收益率約為 25%，但您的收益率會高於 4 美元的底線。因此，我們努力做的是以較低的產量獲得有吸引力的價格，以維持今年下半年和 2016 年仍然緊張的市場。我們只是沒有看到能夠滿足目前正在建造和投入使用的需求的活動水平。

So on a go-forward basis, I would expect that for Range, you can expect similar behavior. We'll try to structure hedges to provide just enough insurance to protect from the downside, preserve optionality, preserve the balance sheet while retaining as much of the upside from the commodity prices as we possibly can.

因此，從未來來看，我預計對於 Range，您可以期待類似的行為。我們將嘗試建立對沖，以提供足夠的保險來防止下行風險、保留選擇性、保留資產負債表，同時盡可能保留大宗商品價格的上行空間。

That's really helpful and consistent. The balance sheet is in good shape, team. So just your perspective on return of capital. We've seen a lot of volatility around the stock in the last month, for example. Does it make sense to be opportunistic and think about shrinking the share count here at some point? Or do you still want to maintain that fortress balance sheet to withstand the volatility?

這確實很有幫助，而且一致。資產負債表狀況良好，團隊。這只是您對資本回報的看法。例如，我們看到上個月股票出現很大波動。抓住機會並考慮在某個時候減少股票數量是否有意義？或者您仍然想維持堡壘資產負債表以抵禦波動？

Yeah, I think we can do both. In the first quarter, we pulled in 1.8 million shares. In total, Range has pulled in 28.6 million shares. What we did in the first quarter was more than we did in all of last year. I think you can see us execute on the high-level description of the program that we've laid out over the last couple of years.

是的，我認為我們可以兩者兼顧。第一季度，我們吸收了180萬股。Range 總計吸收了 2,860 萬股股票。我們第一季所取得的成績比去年全年還要好。我想你可以看到我們執行了過去幾年制定的計劃的高層描述。

We have greater optionality as the balance sheet has gotten stronger. So we can continue to lean in as we see dislocations like we've seen choppiness in the macro financial markets is -- the market has gone into a risk-off mode in selling everything. Range buying back shares. Range buying back production, buying back locations per share. Improved reserves and total resource potential per share at our share price is an incredibly valuable investment in our assessment.

隨著資產負債表變得更加強勁，我們擁有了更大的選擇權。因此，我們可以繼續關注，因為我們看到宏觀金融市場的動盪，市場已經進入了拋售一切的避險模式。範圍回購股票。範圍回購生產，每股回購地點。以我們的股價計算，每股儲量和總資源潛力的提高是我們評估中非常有價值的投資。

So expect us to continue to balance the use of cash flow, but you can see it tilting towards the returns of capital while still accomplishing balance sheet objectives.

因此，預計我們將繼續平衡現金流的使用，但你可以看到它傾向於資本回報，同時仍然實現資產負債表目標。

Okay. That's really helpful. Thanks, guys.

好的。這真的很有幫助。謝謝大家。

Thank you.

謝謝。

David Deckelbaum, TD Cowen.

大衛·德克爾鮑姆（David Deckelbaum），TD Cowen。

Thanks for the time today. I just wanted to revisit some of the strategy, as you all think about the build out of in-basin demand. You highlighted earlier, right, 20% of your gas is in-basin, 80% leaves. So when we think about you looking at projects where you might be signing offtake, how do you think about balancing the exposure that you would have to in-basin demand or in-basin pricing with those current 20% volumes versus being incentivized to redirect volumes that are leaving the basin to stay in as it relates to potential contracts with projects that might be consuming significant amounts of natural gas?

感謝您今天抽出時間。我只是想重新審視一些策略，因為大家都在考慮盆地內需求的建立。您之前強調過，對的，20% 的氣體進入盆地，80% 逸出。因此，當我們考慮您正在考慮可能簽署承購協議的項目時，您如何考慮平衡您對盆地內需求或盆地內定價的風險敞口與當前 20% 的產量，以及您是否有動力將離開盆地的產量重新定向留在盆地內，因為這與可能消耗大量天然氣的項目的潛在合同有關？

Yeah, good question. As we start to think about -- 20 years ago, we referenced the discovery well in the Marcellus. What occurred also in those first several years was Range starting to subscribe to transport, as you would imagine, in smaller modular packages at that time that were in brownfield types that we're getting to the Gulf and other parts of the Lower 48. Those packages, over the course of time, will have the ability to expire.

是的，好問題。當我們開始思考——20 年前，我們在馬塞勒斯井中引用了這項發現。在最初幾年發生的事情是，正如您所想像的那樣，Range 開始採用當時較小的模組化包裝進行運輸，這些包裝是棕地類型，我們將其運送到墨西哥灣和美國本土 48 個其他地區。隨著時間的流逝，這些包裹將會過期。

We've got advantaged rights to basically renew those particular pieces of transport if we still want to keep those longer term. So we feel like it's setting us up for good optionality. When you think about the time frame that it will take in order to identify a location for, let's just say, a data center or a manufacturing facility to go into play, we not only would have the gas to help supply energy for one of those today with that 20% that you're pointing out, but we can start to think strategically about is there another thoughtful of growth in the future, and we want to maintain that transport or do we want to let that transport expire in the future and then take more of that gas and put it into a dedicated long-term price structure that, in some ways, might change the way we think about hedging, which you've heard Mark walk through this morning.

如果我們仍想長期保留這些特定的交通工具，我們就有權利基本上更新這些特定的交通工具。因此，我們覺得它為我們提供了良好的選擇。當您考慮確定數據中心或製造工廠的位置所需的時間範圍時，我們不僅可以用您指出的 20% 為今天其中一個提供能源的天然氣，而且我們可以開始戰略性地思考未來是否還有其他增長空間，我們想要維持這種運輸方式，還是讓這種運輸方式在未來到期，然後獲取更多的天然氣並將其放入專門的長期價格結構中，這在某種程度上的討論改變。

So a lot of options, we think, that could present themselves instead of having to think about letting pipes go underutilized. We think we could tie this out in an appropriate fashion. There's a lot of ways for rigs to win.

因此，我們認為，有很多選擇可以實現，而不必考慮讓管道未充分利用。我們認為我們可以用適當的方式解決這個問題。鑽機獲勝的方法有很多。

I appreciate that. And perhaps just as a follow-up, you all highlight a number of upside cases, I think, on slide 20 for in-basin demand related to gas power, coal plant retirements, et cetera. As you think about these through 2030, what is your view on the likelihood of the timing of these projects? And if it's sort of the '28 to 2030 timeframe, when do you think that we would see, at least from Range, the largest cluster of announcements around potential agreements to address some of that demand? Or is this still a very iterative process that's likely going to be a multiyear approach?

我很感激。也許只是作為後續行動，我認為，在第 20 張投影片上，你們都強調了一些有利情況，例如與天然氣發電、燃煤電廠退役等相關的盆地內需求。當您考慮 2030 年時，您認為這些專案實施的時間可能性如何？如果是 2028 年至 2030 年的時間範圍，您認為我們什麼時候會看到（至少從 Range 來看）有關解決部分需求的潛在協議的最大公告集群？或者這仍然是一個非常反覆的過程，可能會持續多年？

I think, David, somewhere in the middle. I think there's line of sight on some of -- on several of the items here, where there's some, I'll just say, some definition to timelines. Coal retirements is a good example where your -- those retirement timelines, I think, are well understood. We've got the roughly the almost 1 to 1.8 Bs of retirements by 2030. Reality is, there's a significant portion of that that's going to be within the next 12 to 24 months.

我認為，大衛，處於中間位置。我認為這裡的一些項目已經達成了共識，其中有一些，我只想說，對時間表有一些定義。煤炭退休就是一個很好的例子，我認為那些退休時間表是很好理解的。到 2030 年，我們將有大約 10 億至 18 億人退休。事實上，其中很大一部分將在未來 12 到 24 個月內實現。

And again, we think those are pretty well understood. When you start to think about AI, data centers, Homer City, the Liberty project, those are both targeting a 2027-type time frame. Projects that follow, again, if they have an advantaged location, much like we're seeing could be supported through the Sites Act with the state. You could see those have a similar timeline, maybe even a little bit further out. So by the time you get to the end of this time frame, we think this is a lot of ways, it could be conservative, but it's also a very realistic outlook, much like other numbers you've seen us communicate in the past.

而且，我們認為這些問題已經很好理解了。當你開始考慮人工智慧、資料中心、荷馬城、自由計畫時，它們都瞄準了 2027 年的時間框架。同樣，如果後續項目擁有優越的地理位置，就像我們所看到的一樣，可以透過《場地法》獲得州政府的支持。您會發現它們有相似的時間線，甚至可能稍微遠一點。因此，當你到達這個時間框架的末尾時，我們認為這在許多方面可能是保守的，但這也是一個非常現實的前景，就像你看到我們過去傳達的其他數字一樣。

And of course, from a takeaway transport standpoint, I think part of this is what you see is the further expansion of MVP. I think there's a line of sight there as well. And then you're starting to see some brownfield expansion opportunities through, we'll just say, construction of expansions of interconnects to compression where that could actually add somewhere between half B and a B.

當然，從外帶運輸的角度來看，我認為這部分是您所看到的 MVP 的進一步擴展。我認為那裡也有視線。然後你開始看到一些棕地擴張機會，我們只能說，透過建造互連擴展來壓縮，這實際上可以增加半個 B 和一個 B 之間的某個地方。

So there's, I will say, good confidence in what these numbers represent. I think you're seeing what could happen pretty easily within the next two to five years. And so we think there's a really good line of sight here, David.

因此，我可以說，我們對這些數字所代表的意義充滿信心。我想你很容易就能看到未來兩到五年內可能發生的事。所以我們認為這裡有一個非常好的視線，大衛。

Appreciate the time, guys.

感謝你們的時間，夥計們。

Thank you.

謝謝。

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

今天的問答環節到此結束，我想將發言權交還給德格納先生，請他作最後發言。

I'd just like to thank everyone for joining us on the call this morning. We look forward to talking about our Q2 results this summer in July. If you've got any follow-up questions, please follow up with our Investor Relations team. We look forward to connecting with a lot of you on the road here in the months ahead. Thank you.

我只想感謝大家今天早上參加我們的電話會議。我們期待今年夏天 7 月討論我們的第二季業績。如果您有任何後續問題，請聯絡我們的投資者關係團隊。我們期待在未來的幾個月與你們中的許多人建立聯繫。謝謝。

Thank you for participating in today's conference. You may now disconnect. Everyone, have a great day.

感謝大家參加今天的會議。您現在可以斷開連線。祝大家有個愉快的一天。