山脈資源 (RRC) 2025 Q2 法說會逐字稿

Welcome to the Range Resources Second Quarter 2025 Earnings Conference Call. (Operator Instructions) Statements made during this conference call are not historical facts are forward-looking statements. Such statements are subject to risks and uncertainties, which could cause actual results to differ materially from those in the forward-looking statements. After the speaker's remarks, there will be a question-and-answer period.

歡迎參加 Range Resources 2025 年第二季財報電話會議。（操作員指示）本次電話會議所作的陳述並非歷史事實，而是前瞻性陳述。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。演講者發言後，將進入問答環節。

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

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

Thank you, operator. Good morning, everyone, and thank you for joining Range's Second Quarter 2025 Earnings Call. With me on the call today 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 posted on our website. We may reference certain slides on the call this morning.

謝謝您，接線生。大家早安，感謝您參加 Range 2025 年第二季財報電話會議。今天與我一起參加電話會議的還有執行長丹尼斯‧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介紹。我們可能會參考今天早上電話會議上的某些投影片。

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 EBITDA 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詳情，以及 EBITDA 現金利潤率和其他非 GAAP 指標的計算。

With that, I'll turn the call over to Dennis.

說完這些，我會把電話轉給丹尼斯。

Thanks, Laith, and thanks to all of you for joining the call today. Before Mark and I provide an update on Range's business, I'd like to start today's call by expressing our deepest sympathy to all of those impacted during the recent flooding in Texas. As we continue to gather information from this tragedy, we see just how close to home this has become for many of us at Range and for many of you on this call.

謝謝，萊斯，也謝謝大家今天參加電話會議。在馬克和我介紹 Range 業務的最新情況之前，我想在今天的電話會議上向最近德克薩斯州洪水中受到影響的所有人表示最深切的同情。隨著我們繼續收集有關這場悲劇的信息，我們看到這場悲劇對於 Range 的許多成員以及參加此次電話會議的許多人來說已經變得多麼切身。

Our hearts go out to the families of communities impacted during this time and know that we will keep you in our thoughts. As we shift over to Range's business, this year is off to a great start with another quarter of consistent well performance and efficiency gains driving strong free cash flow, shareholder returns and building operational momentum to support Range's three-year outlook.

我們向在這段時間受到影響的社區的家庭表示慰問，並且我們會一直想念你們。當我們轉向 Range 的業務時，今年開局良好，又一個季度的油井性能和效率持續提升，推動了強勁的自由現金流和股東回報，並建立了營運勢頭，以支持 Range 的三年展望。

Range's previously announced growth plans of approximately 20% through 2027, have near-term line of sight to growing demand for natural gas and NGLs. At the same time, our plans are positioning Range to benefit from additional in-basin demand opportunities that are continuing to materialize. Just last week, in Pennsylvania, we joined the President, Senator McCormick, a bipartisan group of government officials and leaders from the largest tech, construction, financial and energy companies.

Range 先前宣布的成長計畫是到 2027 年實現約 20% 的成長，短期內將滿足對天然氣和 NGL 日益增長的需求。同時，我們的計劃是讓 Range 從不斷出現的額外盆地需求機會中獲益。就在上週，在賓州，我們與總統、參議員麥考密克、由兩黨政府官員以及來自最大的科技、建築、金融和能源公司的領導人一起參加了會議。

In total, over $90 billion in new AI power and infrastructure investments were announced, all in Pennsylvania. These projects represent the future one that will require a substantial increase in regional electric demand, positioning Pennsylvania natural gas to be a cornerstone that will power the AI revolution.

總計有超過 900 億美元的新人工智慧動力和基礎設施投資宣布，全部集中在賓州。這些項目代表著未來需要大幅增加區域電力需求的項目，這使得賓州的天然氣成為推動人工智慧革命的基石。

We believe Range is incredibly well positioned to support these initiatives, being one of the few producers in Appalachia with sufficient high-quality inventory to support the required long-term durable supply of natural gas.

我們相信，Range 完全有能力支持這些舉措，它是阿巴拉契亞地區少數擁有足夠高品質庫存以支持所需的長期持久天然氣供應的生產商之一。

More near term, our consistent well results and countercyclical investments in drilled inventory over the last 18 months are allowing Range to very efficiently deliver a wave of growth into this increasing demand. And importantly, we intend to deliver that growth while maintaining a disciplined reinvestment rate that allows for significant returns to shareholders at the same time.

就短期而言，過去 18 個月，我們持續的油井績效和對鑽井庫存的逆週期投資使 Range 能夠非常有效地應對日益增長的需求，帶來一波增長。重要的是，我們打算在實現這一成長的同時，保持嚴格的再投資率，以便為股東帶來可觀的回報。

A key component of Range's business that allows growth and shareholder returns through cycles is Range's low capital intensity, which is anchored by our class-leading drilling and completion costs, shallow base decline large blocky core inventory and talented team, and we believe this was on display once again during the quarter. Diving into Q2.

Range 業務的關鍵組成部分是其較低的資本密集度，這使得 Range 能夠在整個週期內實現成長和股東回報，而這主要得益於我們一流的鑽井和完井成本、淺的基底遞減、大量的塊狀核心庫存和優秀的團隊，我們相信這一點在本季度再次得到了一點體現。深入第二季。

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've communicated. All-in capital came in at $154 million, while generating production of 2.2 Bcf equivalent per day as we turn to sales approximately 156,000 lateral feet across 12 wells.

Range 安全且有效率地執行了我們的計劃，提供了一致的良好結果和自由現金流，穩定的活動水平支持了我們所傳達的長期前景。總資本達 1.54 億美元，日產量為 22 億立方英尺當量，銷售 12 口井約 156,000 英尺水平井。

Year-to-date capital is tracking better than planned. Our year-to-date savings from efficiencies reflect the benefit of returning to pad sites for ongoing development and the team's dedication to continued improvement. I'll touch on a few of the operational highlights driving this in just a moment.

今年迄今的資本狀況優於計畫。我們今年迄今透過提高效率而節省的成本反映了返回發射台現場進行持續開發的好處以及團隊致力於持續改進的決心。我稍後會談及推動這項進程的一些營運亮點。

We have invested approximately $300 million in development and land capital in the first half of the year versus our full year budget of $650 million to $690 million. As a result, we are lowering the high end of our capital guidance to $680 million without altering our planned operational activity. For production, we expect continued strong performance in the field will drive annual production above our prior guidance with outperformance weighted towards the fourth quarter as we bring in a spot completion crew later this year to complete 2 pad sites.

今年上半年，我們在開發和土地資本上投資了約 3 億美元，而全年預算為 6.5 億至 6.9 億美元。因此，我們將資本指導上限下調至 6.8 億美元，但不會改變我們計劃的營運活動。對於生產，我們預計該油田的持續強勁表現將推動年產量高於我們先前的預期，並且由於我們在今年稍後引入了現場完井隊來完成 2 個平台站點的完井，第四季度的表現將更加出色。

We are expecting production to be roughly flat in the third quarter at 2.2 Bcf equivalent per day and then stepping up to approximately 2.3 Bcf equivalent per day in the fourth quarter demonstrating progress toward the planned growth we have discussed for 2026 and beyond and aligning with an expected steady improvement in natural gas fundamentals. Consistent with prior quarters, Range operated 2 horizontal rigs during the second quarter, drilling approximately 284,000 lateral feet across 20 laterals, averaging over 14,000 200 feet per well.

我們預計第三季產量將基本持平於每天 22 億立方英尺當量，然後在第四季度升至約每天 23 億立方英尺當量，這表明我們朝著我們討論的 2026 年及以後的計劃增長取得了進展，並與預期的天然氣基本面穩步改善相一致。與前幾季一致，Range 在第二季度運營了 2 台水平鑽機，在 20 個水平井中鑽探了約 284,000 英尺的水平井，平均每口井超過 14,000 200 英尺。

This adds to Range's planned, drilled uncompleted inventory and places us on track to exit 2025 with more than 400,000 lateral feet of growth-focused inventory supporting our three-year outlook. Building on the momentum from earlier this year, our operations team set new range quarterly drilling and completions records.

這增加了 Range 計劃中的已鑽未完工庫存，並使我們預計在 2025 年底前擁有超過 400,000 英尺的以增長為重點的庫存，支持我們的三年展望。在今年稍早的良好勢頭的基礎上，我們的營運團隊創下了新的季度鑽井和完井記錄。

To start, our drilling team set another program record by averaging approximately 6,250 lateral feet per day. This achievement occurred while maintaining precision within an exceptionally narrow geo-steered landing target window underscoring Range's capability to drill our longest, fastest and most accurately placed wells to date. On the completion side, the team executed 812 frac stages, setting a new company record for the most stages pumped by a single crew in a quarter, a 7% increase over the previous record.

首先，我們的鑽井團隊創下了另一項專案記錄，平均每天鑽進約 6,250 英尺。這項成就是在極其狹窄的地質導向著陸目標窗口內保持精度的情況下取得的，突顯了 Range 鑽探迄今為止最長、最快和最精確的井的能力。完井方面，團隊共完成壓裂段數812段，創下公司單隊單季完成壓裂段數最多紀錄，較上一紀錄提升7%。

To achieve this level of completion efficiencies clearly takes planning across multiple departments for water operations and logistics, and the team continues to impress. All while keeping lease operating expense is just $0.11 per Mcfe for the quarter. This type of drilling and completions efficiency puts us in great shape for 2025, while also setting up the three-year outlook, we've communicated. I'd like to congratulate our team on the new milestones set during the quarter. Before moving on to marketing, I'll briefly touch on supply chain.

要達到這種完成效率水平，顯然需要跨多個部門規劃水務營運和物流，而該團隊的表現繼續令人印象深刻。同時，本季的租賃營運費用僅為每 Mcfe 0.11 美元。我們已經傳達了這樣的鑽井和完井效率，這將使我們在 2025 年擁有良好的發展勢頭，同時也為三年的展望奠定了基礎。我要祝賀我們的團隊在本季創下的新里程碑。在討論行銷之前，我將先簡單談談供應鏈。

The strength of Range's long-term service partnerships and the contractual agreements that are in place for the remainder of the year support the improved capital numbers I've highlighted. These agreements cover the majority of our 2025 spend, including drilling rigs, hydraulic fracturing services, proppant, tubular goods and diesel fuel.

Range 的長期服務合作夥伴關係的實力以及今年剩餘時間內簽訂的合約協議支持了我所強調的資本數字的改善。這些協議涵蓋了我們 2025 年的大部分支出，包括鑽井機、水力壓裂服務、支撐劑、管材和柴油。

Looking towards 2026, Range is preparing to launch our annual RFP for services in the months ahead, seeking to secure go-forward service pricing. And while it is early to talk specifics on 2026, we expect Range will continue to be in a leading position on well cost and capital efficiency with the low required reinvestment rate that you've come to expect from us.

展望 2026 年，Range 準備在未來幾個月發布我們的年度服務 RFP，以確保未來的服務定價。雖然現在談論 2026 年的具體情況還為時過早，但我們預計 Range 將繼續在油井成本和資本效率方面處於領先地位，並且能夠保持您期望的低要求再投資率。

Now turning to marketing and the macro. Natural gas inventory finished the quarter at approximately 3 Tcf, down 6% from the prior year and supported by record high LNG feed gas, which reached over 17 Bcf per day in the second quarter.

現在轉向行銷和宏觀。本季天然氣庫存約為 3 兆立方英尺，較上年下降 6%，這受到創紀錄的液化天然氣原料氣（第二季度達到每天超過 170 億立方英尺）的支撐。

From a combination of added US, LNG exports and pipeline expansions to Mexico, the US natural gas market is expected to add 0.5 Bcf per day of new demand over the next 18 months, which we believe to be supportive of near-term natural gas fundamentals.

結合美國增加的液化天然氣出口和墨西哥的管道擴建，美國天然氣市場預計在未來 18 個月內每天將增加 0.5 億立方英尺的新需求，我們認為這將對近期的天然氣基本面形成支撐。

For liquids, during the second quarter, we directed LPG barrels to the international export market in order to capitalize on continued favorable pricing dynamics.

對於液體，在第二季度，我們將液化石油氣桶推向國際出口市場，以利用持續有利的定價動態。

For context, Range's LPG export volumes are currently under contracts with international pricing upside or a fixed premium to the Mont Belvieu index. This structure enhances our ability to capture consistent premium pricing throughout the year. and reinforces Range's competitive positioning. In addition, our Advantage East Coast export capability continues to differentiate Range as a preferred NGL supplier to European markets. relative to US.

就背景而言，Range 的液化石油氣出口量目前受到國際定價上漲或高於蒙特貝爾維尤指數的固定溢價的合約約束。這種結構增強了我們全年保持穩定溢價的能力，並鞏固了 Range 的競爭地位。此外，相對於美國，我們的優勢東海岸出口能力繼續使 Range 成為歐洲市場首選的 NGL 供應商。

Gulf Coast-based peers. Range's combined flexibility, reliability and responsiveness to market dynamics delivered solid results with the premium to the index of $0.61 per barrel. And accordingly, we have again improved the full year guidance for our expected AGL premium. Stepping back and looking at the broader landscape for liquids, US NGL exports continue to outperform with US

位於墨西哥灣沿岸的同業。Range 的靈活性、可靠性和對市場動態的響應能力相結合，帶來了穩健的業績，其溢價為每桶 0.61 美元。因此，我們再次提高了預期 AGL 溢價的全年指引。回顧液體燃料的更廣闊前景，美國 NGL 出口持續表現優於美國

waterborne ethane exports increasing by 5% to 475,000 barrels per day, while propane exports also increased by 5% and to 1.8 million barrels per day versus the second quarter last year. Looking ahead, US NGL exports are expected to ramp significantly as terminal capacity is expanding some of which is starting up as we speak. US ethane and LPG export capacity are expected to grow by approximately 425,000 barrels per day over the next 18 months helping to support near-term fundamentals.

與去年第二季相比，水運乙烷出口量成長 5%，至 47.5 萬桶/日，丙烷出口量也成長 5%，至 180 萬桶/日。展望未來，隨著終端容量的擴大（其中一些終端容量正在啟動），美國 NGL 出口預計將大幅增加。預計未來 18 個月美國乙烷和液化石油氣出口能力將成長約 42.5 萬桶/天，有助於支撐近期基本面。

Before handing over to Mark, I wanted to share highlights from our recent corporate sustainability report. We believe the natural gas produced in Pennsylvania offers both economic and environmental advantages. This year, we're proud to have achieved net-zero for ranges combined Scope 1 and 2 greenhouse gas emissions accomplished through a combination of direct emissions reductions and the use of verified carbon offsets.

在交給馬克之前，我想分享我們最近的企業永續發展報告中的亮點。我們相信賓州生產的天然氣既具有經濟優勢，也具有環境優勢。今年，我們很自豪地透過直接減排和使用經過驗證的碳補償，實現了範圍 1 和範圍 2 溫室氣體綜合排放的淨零排放。

And this commitment can be seen in our 83% reduction in methane emissions intensity over the last five years. In addition, we expanded our MIQ certification to cover all of our Pennsylvania assets and once again earned an A grade, the highest distinction available.

這項承諾體現在我們過去五年甲烷排放強度降低 83% 。此外，我們擴大了 MIQ 認證範圍，以涵蓋我們在賓州的所有資產，並再次獲得最高等級 A 級。

We are proud of these accomplishments and our team remains focused and motivated to continue our efforts as an industry leader. Now as much as ever. We believe the future of natural gas and NGLs is strong with significant demand coming in the near and medium term both globally and within Appalachia.

我們為這些成就感到自豪，我們的團隊將繼續專注並積極努力成為行業領導者。現在和以前一樣多。我們相信天然氣和天然氣液體的前景光明，全球和阿巴拉契亞地區近期和中期內的需求都將大幅成長。

Range is poised to help meet this future demand while creating outsized value for shareholders with the strongest financial position in company history, a large continuous inventory measured in decades and a proven track record of delivering through cycle returns of capital while investing in the long-term success and optionality of the business.

Range 準備協助滿足未來的需求，同時為股東創造超額價值，擁有公司歷史上最強勁的財務狀況、數十年來持續不斷的大量庫存，以及在投資於業務的長期成功和選擇性的同時，實現週期性資本回報的良好記錄。

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. With the first half of 2025 behind us, the year is unfolding as a success, both operationally and financially. Our 2025 operational plan is focused on disciplined development of our asset while capturing additional future value from growing demand. This plan was designed to deliver both value from future growth, and to deliver returns to shareholders today. So let's dive right into what range has already delivered to stakeholders in 2025.

謝謝，丹尼斯。2025 年上半年已經過去，這一年無論從營運或財務角度來看都將是成功的。我們的 2025 年營運計畫專注於規範開發我們的資產，同時從不斷增長的需求中獲取額外的未來價值。該計劃旨在實現未來成長的價值，並為當前的股東帶來回報。那麼，讓我們深入了解 2025 年已經為利害關係人帶來了哪些成果。

In the second quarter, we repurchased $53 million in shares, bringing the first half of the year total to $120 million. We paid $21 million in dividends in the quarter, bringing year-to-date total to $43 million. We also repaid maturing senior notes totaling $606 million using cash on hand and a modest draw on the revolver. In aggregate, this brings year-to-date enterprise value returned to equity holders to $646 million roughly 7% of Range's market cap in just the first two quarters. These numbers are in the financials.

第二季度，我們回購了價值 5,300 萬美元的股票，使上半年回購總額達到 1.2 億美元。我們在本季支付了 2,100 萬美元的股息，使年初至今的股息總額達到 4,300 萬美元。我們還利用庫存現金和少量循環信貸償還了總額為 6.06 億美元的到期優先票據。總體而言，這使得年初至今回報給股東的企業價值達到 6.46 億美元，僅在前兩季就佔 Range 市值的約 7%。這些數字都包含在財務報表中。

So why am I calling them out now? It's because they warrant attention. These are tangible results delivered to shareholders, and they are results indicative of where range can take the business as natural gas prices respond to rising domestic and international demand.

那我為什麼現在要叫他們出來呢？這是因為它們值得關注。這些都是為股東帶來的實際成果，這些成果表明，隨著天然氣價格對國內外需求不斷增長做出反應，業務範圍將走向何方。

With a strong balance sheet, less than 1 times levered, Range's ability to return capital and pursue investments in the business is not deferred by balance sheet needs but are being carefully evaluated and opportunistically executed. In other words, Range is delivering on the industry's promise of future returns today while still investing for tomorrow.

憑藉強勁的資產負債表和低於 1 倍的槓桿率，Range 的資本回報和業務投資能力不會因資產負債表需求而推遲，而是會仔細評估和機會執行。換句話說，Range 在為未來投資的同時，也兌現了產業對未來報酬的承諾。

Financial results rely on safe, efficient operations and the Range team executed another successful quarter, delivering planned production on budget. In fact, drilling and completions activity and well performance are trending better than planned, such that we have improved our capital budget and production guidance for the year.

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。事實上，鑽井和完井活動以及油井性能的趨勢比計劃的要好，因此我們改善了今年的資本預算和生產指導。

This improved guidance continues to support our multiyear plan of capturing growing demand. Recall that this year's budget includes incremental investments enabling carefully staged growth through 2027 and with capital at less than $700 million per year and achieving production of 2.6 Bcfe per day. Further, we estimated that Range can maintain 2.6 Bcfe per day of production for less than $600 million of annual drilling and completion capital or approximately $0.60 per Mcf.

這項改進的指導方針將繼續支持我們滿足不斷增長的需求的多年計劃。回想一下，今年的預算包括增量投資，可實現到 2027 年的分階段成長，每年資本不到 7 億美元，以實現每天 26 億立方英尺當量的產量。此外，我們估計，Range 每年的鑽井和完井資本不到 6 億美元，或每千立方英尺約 0.60 美元，即可維持每天 26 億立方英尺當量的產量。

Simply put, the goal of efficient production growth, which we expect to be augmented by a declining share count is growth in cash flow per share. Let's put this cash flow in perspective. Forward natural gas prices for the next couple of years are above $4, closer to the marginal cost of supply. So let's use a likely conservative $3.75 natural gas price over the three-year period through 2027. Free cash flow should total in excess of $2 billion, equal to nearly 1/4 of Range's current market cap.

簡而言之，高效生產成長的目標是每股現金流的成長，我們預計這一目標將因股票數量的減少而增強。讓我們正確看待這個現金流。未來幾年的天然氣遠期價格將超過4美元，更接近供應的邊際成本。因此，讓我們採用到 2027 年的三年期間保守的 3.75 美元天然氣價格。自由現金流總額應超過 20 億美元，相當於 Range 目前市值的近 1/4。

Alternatively, Cash flow in this scenario could repay all debt and still acquire a significant percentage of Range's shares outstanding. The objective is simple: drive per share value through the compounding effects of prudently growing the business while reducing share count. This goal is underpinned by a strong balance sheet that allows optionality in capital returns and reinvestment.

或者，在這種情況下，現金流可以償還所有債務，並且仍然可以獲得 Range 相當大比例的流通股。目標很簡單：透過謹慎發展業務並減少股票數量的複合效應來提高每股價值。強勁的資產負債表為這一目標提供了支撐，允許在資本回報和再投資方面做出選擇。

Combine this with the long duration of our inventory, and we believe the Range story represents a unique value. Given the level of Range's expected cash flow generation, and changes to tax rules within recently passed legislation, it's worth a quick update on how the effective tax rate unfolds over the next few years.

結合我們庫存的長期保存時間，我們相信 Range 的故事具有獨特的價值。考慮到 Range 預期的現金流產生水平，以及最近通過的立法中稅收規則的變化，值得快速了解未來幾年有效稅率的變化。

We anticipate Range becoming a full cash taxpayer one year later than before. due to updated depreciation and R&D expense rules. As a result, we expect the effective cash tax rate for 2025 will be in the low single digit. 2026 will likely be mid-single digits. 2027 should be high single digits and in 2028, full cash taxpayer with rate in the mid- to high teens.

由於折舊和研發費用規則的更新，我們預計 Range 將比以前晚一年成為全額現金納稅人。因此，我們預期 2025 年的有效現金稅率將處於低個位數，2026 年可能處於中等個位數，2027 年應為高個位數，而 2028 年，全額現金納稅人的稅率將處於中高個位數。

These estimates are a significant improvement from prior estimates of after-tax cash flow through 2027. Moving from range specific matters to the broader market backdrop, recently announced large-scale power and AI or other data center supply deals, both in and out of basin speak to the fundamental tailwinds to the gas macro and the potential for incremental value creation through pricing and marketing. These deals should serve to improve pricing dynamics for all producers over time.

這些估計值與先前 2027 年稅後現金流的估計值相比有了顯著改善。從特定範圍的問題轉向更廣泛的市場背景，最近宣布的大規模電力和人工智慧或其他資料中心供應交易（無論是盆地內還是盆地外）都表明了天然氣宏觀的基本順風以及透過定價和行銷創造增量價值的潛力。這些協議應該會逐漸改善所有生產商的定價動態。

However, the companies that will benefit the most are those with the ability to offer counterparties the scale to sign large supply agreements, the inventory quality and duration to deliver gas through cycles and over the long term, the infrastructure to reach numerous outlets, the creativity to structure win-win deals and the execution track record to attract high-quality partners. Long-term surety of supply is once again front of mind in the global gas market with domestic infrastructure investments needing to be paired with dependable supply.

然而，受益最大的公司是那些能夠向交易對手提供簽署大型供應協議的規模、週期性和長期供應天然氣的庫存質量和持續時間、覆蓋眾多銷售點的基礎設施、構建雙贏交易的創造力以及吸引高質量合作夥伴的執行記錄的公司。長期供應保障再次成為全球天然氣市場的首要考慮因素，國內基礎設施投資需要與可靠的供應相符。

Range is among a small group of companies well positioned to provide the markets required surety supply long term. That position should allow us to capitalize on our strategic advantages and ultimately produce positively differentiated margins, greater free cash flow and superior shareholder returns.

Range 是少數能夠長期為市場提供所需保證供應的公司之一。這一地位使我們能夠充分利用我們的策略優勢，並最終產生積極的差異化利潤率、更大的自由現金流和更高的股東回報。

In summary, Range is in a strong position to continue capitalizing on strategic advantages across several key areas, maintaining superior full-cycle margins through operational efficiency, delivering strong capital returns to shareholders, and exploring new business opportunities that position us for long-term growth in the evolving energy market.

總而言之，Range 處於有利地位，可以繼續利用多個關鍵領域的策略優勢，透過營運效率維持卓越的全週期利潤率，為股東提供強勁的資本回報，並探索新的商業機會，從而讓我們在不斷發展的能源市場中實現長期成長。

As the natural gas market continues to evolve, range will remain nimble, responsive to market signals, and focused on creating sustainable value for our shareholders. We're excited about the opportunities ahead and remain confident that our strategy will continue to deliver superior financial and operational performance.

隨著天然氣市場的不斷發展，Range 將保持靈活，響應市場訊號，並專注於為股東創造永續價值。我們對未來的機會感到興奮，並堅信我們的策略將繼續帶來卓越的財務和營運績效。

Dennis, back to you.

丹尼斯，回到你身邊。

Thanks, Mark. The first half of the year results for ranges reflect a consistent theme communicated earlier this year and throughout prior quarters. Strong operational performance against our stated multiyear plan. consistent free cash flow generation and prudent allocation of that cash flow, balancing returns of capital, balance sheet strength and the optimal development of our world-class asset base.

謝謝，馬克。今年上半年的業績範圍反映了今年早些時候以及前幾季所傳達的一致主題。與我們既定的多年計劃相比，營運表現強勁。持續的自由現金流產生和審慎的現金流分配，平衡的資本回報、資產負債表實力以及我們世界一流資產基礎的最佳發展。

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

您可能之前聽過我們這樣說過，但我們仍然相信，今天公佈的結果表明，該公司的業務處於公司歷史上的最佳狀態，降低了數十年來高質量庫存的風險，並將其轉化為能夠在各個週期產生大量自由現金流的業務。

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

現在，讓我們開始回答問題。

Thank you, Mr. Dagner. The question answer session will now begin. (Operator Instructions)

謝謝你，達格納先生。問答環節現在開始。（操作員指示）

Doug Leggate with Wolf Research.

沃爾夫研究公司的道格·萊格特（Doug Leggate）。

Good morning, guys. Thanks for having me on. So Dennis, obviously, a lot of news in your backyard regarding supply agreements. And you've been very vocal about the potential market opportunity. So far, I think you were actually the first to talk about it. But so far, range hasn't participated. So I wonder if you could offer any line of sight on where you stand on supply deals?

大家早安。謝謝你邀請我。丹尼斯，顯然，你家後院有很多關於供應協議的新聞。您一直非常直言不諱地談論潛在的市場機會。到目前為止，我認為你實際上是第一個談論這個問題的人。但到目前為止，range 還沒有參與。所以我想知道您是否可以提供一些關於您對供應交易的看法？

And I guess, address perhaps what we're hearing back at least is the biggest worry of the regional market, which is the market gets oversupplied because everyone adds production and ends up killing the regional basis. How do you think about managing the cadence of supply agreements versus adding production? And I've got a quick follow-up, please.

我想，也許我們聽到的至少是區域市場最大的擔憂，即市場供應過剩，因為每個人都增加了產量，最終扼殺了區域基礎。您如何看待管理供應協議的節奏與增加產量？請跟進一下。

Yeah, good morning, Doug. Thanks for joining us on the call. You're right. We were one of the first to make an announcement during this past spring with our relationship and commitment to supply fuel gas into power generation between Imperial Land Development and also Imperial.

是的，早安，道格。感謝您參加我們的電話會議。你說得對。今年春天，我們是第一批宣布與 Imperial Land Development 和 Imperial 建立合作關係並承諾為發電廠供應燃氣的公司之一。

Understanding from conversations that we've had ongoing with them is that there's been a significant amount of interest for subscribing to that end use that will come out of that facility development. So certainly a very dynamic space right now when you -- as you point out, look at all the announcements made just within the past week or two.

從我們與他們持續進行的對話中了解到，人們對該設施開發所產生的最終用途表現出了濃厚的興趣。因此，正如您所指出的，看看過去一兩週內發布的所有公告，現在肯定是一個非常活躍的領域。

So, we would expect that to continue to mature and for an end user to step into that commitment that we communicated again this past spring. From a supply standpoint, we think there's the ability for that facility to grow even beyond what's been communicated in prior releases. But for at least as it stands today, we feel pretty confident that something is going to come together here in the near term. that we can talk further about.

因此，我們希望它能夠繼續成熟，並讓最終用戶履行我們今年春天再次傳達的承諾。從供應的角度來看，我們認為該設施的成長能力甚至可能超出先前版本中所傳達的範圍。但至少就目前的情況而言，我們非常有信心在短期內會取得一些進展，我們可以進一步討論。

As I take a step back and think about two things: one, the broader picture of last week and the $90 billion in commitments that have been announced and the 1.5 Bcf a day that others will supply at least here from those announcements, it still represents a really large opportunity set.

當我回顧過去並思考兩件事時：第一，從上週的整體情況來看，已經宣布了 900 億美元的承諾，而根據這些公告，其他國家至少將在這裡每天供應 15 億立方英尺，這仍然代表著一個巨大的機會。

And I think by the time you get to the end of the decade, it's starting to narrow in on something that's closer to 4 to 5 Bcf per day opportunity for a lot of the producers in the region. And so when I think about who can supply that gas, it really points pretty heavily toward a producer like range.

我認為，到本世紀末，對於該地區的許多生產商來說，產量機會將開始縮小到每天 40 至 50 億立方英尺左右。因此，當我考慮誰可以提供這種天然氣時，我實際上非常傾向於選擇像範圍這樣的生產商。

And I think it starts with really a couple of components. One, we hear from the end users how important it is to address the Five 9s of reliability. And that comes with not only the inventory quality but the ability to execute on what you say you're going to do.

我認為這實際上是從幾個組件開始的。首先，我們從最終用戶那裡了解到解決「五個 9」可靠性問題的重要性。這不僅與庫存品質有關，還與執行您所承諾的事情的能力有關。

And I hope that both from your lens and from others that are on this call, each quarter rate has just demonstrated a good quality, consistent ability to execute, meet expectations, in many cases, beat from an efficiency standpoint and deliver the supply. Inventory quality has clearly always been a cornerstone of our story as well. And I think that goes without saying when you look at our ability to meet production expectations and guidance again year-over-year.

我希望，從您和參加此電話會議的其他人員的角度來看，每個季度的利率都表現出良好的品質和一致的執行能力，滿足了預期，在許多情況下，從效率的角度超越並交付了供應。顯然，庫存品質也一直是我們故事的基石。我認為，當你看到我們逐年再次達到生產預期和指導的能力時，這一點是不言而喻的。

And then lastly, when you look at the diversification of our marketing portfolio and how we can move gas regionally, let's just say, not necessarily always out of basin, but our ability to tap into outlets regionally we think that, that also supports that 5 nines of reliability. So, in our mind, it makes a lot of sense to connect with an organization like Range to help supply that future demand.

最後，當您看到我們的行銷組合多樣化以及我們如何在區域內運輸天然氣時，我們只能說，不一定總是在盆地外，但我們認為我們在區域內利用出口的能力也支持 5 個 9 的可靠性。因此，我們認為與 Range 這樣的組織建立聯繫來滿足未來的需求是非常有意義的。

And then I think lastly, we think inventory exhaustion is going to play a part. And we've talked about resource exhaustion in prior discussions with many of you. But ultimately, we think that's going to play a part as you start to get to the end of this decade and get closer to it when you see these power forecasts continuing to ramp up and get stronger and stronger.

最後，我認為庫存耗盡將起到一定作用。我們在之前與你們中的許多人的討論中已經討論過資源枯竭的問題。但最終，我們認為，隨著本世紀末的到來，當你看到這些電力預測繼續上升並變得越來越強時，這將發揮作用。

So when you ask the question about oversupply in the basin, I think ultimately, it's going to come down to the inventory quality, the ability for others to produce into that capacity and it starts to get challenged with other names other than probably Range and a couple of others.

因此，當您詢問盆地供應過剩的問題時，我認為最終，這將歸結為庫存品質、其他人生產該產能的能力，除了 Range 和其他幾家公司之外，它還開始受到其他公司的挑戰。

I appreciate the answer. There's a lot of moving parts. And obviously, it's still early days. But yes, we're -- the 30-year inventory you talk about is going to differentiate for sure. And it really gets to my follow-on question, which is when, if at all, does range start thinking about adding capital?

我很感謝你的回答。有很多活動部件。顯然，現在還為時過早。但是的，我們——您談論的 30 年庫存肯定會有所差異。這實際上引出了我的後續問題：Range 何時才會開始考慮增加資本？

And if I could frame the question a little bit, Mark pointed out of free cash flow over the next three years. Well, if I average that and annuitize it simply put, you get your market cap. So as opposed to thinking about it, $2 billion is x percent of your market cap, annuitizing that run rate is your market cap on a DCF basis. So growth needs to be part of the story. And I guess my question is, when do you think or do you need to add activity to support longer-term growth beyond the 2-rig 1 frac you have currently?

如果我可以稍微概括一下這個問題的話，馬克會指出未來三年的自由現金流。好吧，如果我將其平均化並簡單地年金化，你就得到了你的市值。因此，與此相反，20 億美元是您的市值的 x%，以 DCF 基礎將該運行率年金化就是您的市值。因此，成長必須成為故事的一部分。我想我的問題是，您認為什麼時候或是否需要增加活動來支援目前 2 台鑽機 1 個壓裂井以外的長期成長？

I'll leave it there, please.

請把它留在那裡。

Doug, maybe I'll kick that off just from the financial conceptual aspect of valuation and how we're thinking about that cash flow and then how to translate that into per share value. And I think that's the key. I kind of touched on that during the opening comments.

道格，也許我會從估值的財務概念方面開始討論這個問題，以及我們如何考慮現金流，然後如何將其轉化為每股價值。我認為這就是關鍵。我在開場白中提到了這一點。

You're right, the number over the next couple of years in this illustrative example we gave 375 type prices well over $2 billion, something really closer to $2.5 billion cumulative free cash flow over a three-year period. But I think the key point there is that's talking just in the absolute for the corporation.

你說得對，在這個例子中，未來幾年的數字我們給的 375 種價格遠遠超過 20 億美元，實際上接近三年內 25 億美元的累積自由現金流。但我認為這裡的關鍵點在於這只是對公司絕對而言的談論。

The use of that cash flow and the growth in that cash flow is the point you're making, how we drive and monetize that 30 years of inventory. But I think the other piece of it is what really matters is the per share price and per share value.

您要表達的重點是如何使用現金流以及現金流的成長，我們如何推動和貨幣化這 30 年的庫存。但我認為另一個真正重要的是每股價格和每股價值。

So as we're shrinking the share count and buying back in shares and driving growth, you're getting a twisting effect, a compounding effect of the value. So to your point, absolutely, run an annuity evaluation model just at that $2 billion, $2.5 billion, you get something equal to today, except that both of those variables are moving and improving for shareholders.

因此，當我們減少股票數量並回購股票並推動成長時，你會得到一種扭曲效應，一種價值的複合效應。所以就你的觀點而言，絕對可以，僅以 20 億美元或 25 億美元運行年金評估模型，你就會得到與今天相同的結果，只不過這兩個變數都在變化，並且對股東有利。

So, as we think about what that translates into beyond the three-year plan we've given, and really, it ties into the first question you asked to Dennis as well about oversupply.

因此，當我們思考除了我們給出的三年計劃之外，這意味著什麼時，它實際上與您向丹尼斯提出的有關供應過剩的第一個問題有關。

Growth is being driven based on the call on supply, on the call on gas. Something we've said for a couple of years is growth will come when it's appropriate, at least for Range. And when we have clear line of sight deliverability to that incremental demand.

成長是由供應需求和天然氣需求推動的。幾年來我們一直在說，成長會在適當的時候到來，至少對 Range 來說是這樣。當我們對增量需求有清晰的視線交付能力時。

With Range's inventory, we can and will fully expect to deliver to both in-basin demand growth, be it power, be it data centers, be it industrial, as well as through our long-haul transport that we have today, potentially more we can do it through transport that we can take on that others are having to give up. We can sell to customers through their transport just as we do today.

憑藉 Range 的庫存，我們可以並且完全可以滿足盆地內需求的增長，無論是電力、數據中心、工業，還是通過我們現有的長途運輸，我們可以通過我們可以承擔的其他人不得不放棄的運輸來實現更多目標。我們可以像今天一樣透過運送方式向客戶銷售產品。

So the story about growth, and I want to be careful on how I frame that, in that the industry, I believe -- I can't speak for all of it, but we can read between lines and read commentary of our peers. I think everyone is being appropriate and economically sensitive in terms of how and when to bring on supply in response to demand.

所以，關於成長的故事，我希望謹慎地構思它，因為我相信，在這個行業中——我無法代表所有人發言，但我們可以讀懂字裡行間的意思，也可以讀懂同行的評論。我認為每個人在如何以及何時根據需求提供供應方面都是適當的，並且具有經濟敏感性。

So, let's come back full circle. I think the risk of in-basin oversupply is mitigated by the fact that we're all focused on these discussions with specific projects and trying to match the cadence of our build-outs with that call on supply.

那麼，讓我們回到原點。我認為，由於我們都專注於特定項目的討論，並試圖使我們的建設節奏與供應需求相匹配，因此流域內供應過剩的風險得到了緩解。

And in terms of valuation for range, as we think about how to maximize that and accelerate that value into our shares, it's seizing that growth as these opportunities become available to us, attractive growth opportunities with line of sight deliverability of the gas combined with our deploying that significant free cash flow back into shrinking share count is a twisting effect where the valuation per share and the market cap far exceeds what the annuity valuation would indicate today.

就估值範圍而言，當我們思考如何最大化估值並將價值加速轉化為股票價值時，我們會抓住這些機會，這些增長機會具有可預見的天然氣可交付性，再加上我們將大量自由現金流重新投入到不斷縮減的股票數量中，這是一種扭曲效應，每股估值和市值遠遠超過今天的年金估值。

I appreciate the answer, Mark, and I would add that $375 million is hopefully can serve as the number.

馬克，我很感謝你的回答，我想補充一點，希望 3.75 億美元可以作為這個數字。

Thank you, Doug.

謝謝你，道格。

Scott Hanold, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Scott Hanold。

Thanks and good morning. If I could ask maybe a similar kind of question in a different way. When you think about the potential of 4 to 5 Bcf a day of in-basin demand over the next several years that could come online. And thinking that Range has got a plan to grow to 2.6 Bcf a day by 2027, what -- I guess, what is your logistical capacity, reasonable logistical paths to be, not theoretical, but like how much of that 4 to 5 Bcf a day, do you think you can contribute? Could Range be say, 1 Bcf a day of that? Or could you be as much as 2 Bcf a day.

謝謝，早安。如果我可以用不同的方式問一個類似的問題。想想未來幾年每天盆地內需求量可能達到 40 至 50 億立方英尺。並且考慮到 Range 計劃到 2027 年將日產量提高到 26 億立方英尺，那麼——我想，您的物流能力是多少，合理的物流路徑是什麼，不是理論上的，而是對於每天 40 到 50 億立方英尺的產量，您認為您能貢獻多少？範圍可以是說每天 10 億立方英尺嗎？或每天可以達到 20 億立方英尺。

And this is more so thinking over a longer-range time frame, say, just starting around 5 to 10 years.

這更多的是從更長遠的時間範圍來思考，例如從 5 到 10 年左右開始。

Yeah, good morning, Scott, I'll try and address that question. I think I'll start with what we've communicated on this three-year outlook. And I think it's kind of a starter kit of what the business is capable of to grow 20%. So roughly, we're adding 400 million a day over the next -- really, if you think about it, the balance of the next two to three years. And so I think that's a good snapshot of what we can generate using almost a maintenance level type staff and rig activity in a single frac crew with some spot activity that's sprinkled in throughout the next 24 months.

是的，早上好，斯科特，我會嘗試回答這個問題。我想我先從我們已經傳達的關於三年展望的內容開始。我認為它是企業實現 20% 成長的入門套件。所以粗略地講，我們在未來兩到三年內每天將增加 4 億——實際上，如果你想的話，這將是未來兩到三年的平衡。因此，我認為這是一個很好的快照，我們可以利用幾乎維護級別的人員和單個壓裂隊中的鑽機活動以及在接下來的 24 個月內散佈的一些現場活動來產生什麼。

So when you ask what -- how much could we participate in, I think really the -- it's a little bit endless for us because of the inventory and our ability to absorb additional incremental activity within the current program as it sits. We can be nimble because of our ability to move back to pad sites with existing infrastructure for utilization for those ongoing development phases.

因此，當您問我們能參與多少時，我認為實際上這對我們來說是無窮無盡的，因為庫存和我們有能力在當前計劃中吸收額外的增量活動。我們可以靈活地遷回具有現有基礎設施的發射台場地，用於正在進行的開發階段。

And so for us, it's really a function of having that line of sight to where that demand is going to take shape and how we could then participate in it. So I hate to be -- I hate to give you a vague answer, but I think we can participate in this space at a very, very large volume because of the team inventory and our ability to be efficient with the utilization of our equipment.

因此，對我們來說，這實際上是一種洞察需求將如何形成以及我們如何參與其中的功能。所以我不想——我不想給你一個模糊的答案，但我認為我們可以以非常非常大的數量參與這個領域，因為團隊庫存和我們高效利用設備的能力。

So is it unreasonable thing over the next decade plus, you guys have the ability or capability or maybe even positioned to, say, double your current production base?

那麼，在未來十多年裡，你們是否有能力或能力甚至可能準備好將目前的生產基礎擴大一倍，這是否不合理？

I think that is very much an art of the possible. And again, I think it goes back to what you've seen from the current team and also the infrastructure that we have in inventory. So absolutely, that could be a scenario that could exist.

我認為這在很大程度上是一種可能性的藝術。再次，我認為這可以追溯到您從當前團隊看到的情況以及我們庫存的基礎設施。所以，這種情況絕對有可能存在。

Okay. And as my follow-up question, I think Mark kind of inferred in some of his opening comments that some of these new counterparts with various power projects and data center projects have more of a bent of looking for partners with surety of supply and inventory, which obviously you all as you have noted, a couple of others only have that ability.

好的。作為我的後續問題，我認為馬克在他的一些開場白中暗示，這些擁有各種電力項目和數據中心項目的新對手更傾向於尋找具有供應和庫存保證的合作夥伴，顯然正如你們所注意到的，其他幾個人只有這種能力。

Is there anything else as you think if there are three, maybe four companies in Appalachia that can actually provide some of these longer-term supply contracts outside of just quality of and depth of inventory, what else are they looking for, right? How competitive is the pricing? And what kind of pricing dynamics are they looking for?

您是否認為，如果阿巴拉契亞地區有三家或四家公司實際上可以提供一些長期供應合同，除了庫存質量和深度之外，他們還在尋找什麼，對嗎？定價有多有競爭力？他們尋求的是什麼樣的定價動態？

And how do you look at the pricing dynamics as well?

您如何看待定價動態？

Then Maybe I'll start this one off. It's a good question, and it's frankly just a touch early to give too many details before all of these contracts are nailed down the details of pricing term and so forth. But you've touched on all the key elements. Surety supply is, number one. Dennis mentioned it a minute ago.

那麼也許我會開始這個。這是個好問題，坦白說，在所有這些合約都確定定價條款等細節之前，現在透露太多細節還為時過早。但您已經觸及了所有關鍵要素。保證供應是第一位的。丹尼斯剛才提到了這一點。

These data centers and whether it's data centers or a power plant or an industrial plant with on-site generation. I mean it's 99.999% reliability is what they want. So you got to have the inventory. And for Range, these types of contracts are nothing. We have 15-plus year term deals with various customers.

這些資料中心無論是資料中心還是發電廠還是具有現場發電的工業工廠。我的意思是他們想要的是 99.999% 的可靠性。所以你必須有庫存。而對於 Range 來說，這些類型的合約不算什麼。我們與各種客戶簽訂了15年以上的定期協議。

What is unique to Range is our experience in structuring deals that may be in basins. But we've also structured deals that can work and capture value for both sides putting collars around pricing, identifying the risk factors. So I think creatively, as we mentioned. If you think about what range wants, if we're going to come into a 15-year deal, we're in essence saying that, look, we're going to hold that portion of our production flat. So we're, in essence, committing to capital to maintain that production over a 15-year period.

Range 的獨特之處在於我們在建造盆地交易方面擁有豐富的經驗。但我們也建構了可行的交易，為雙方帶來價值，設定定價區間，確定風險因素。正如我們所提到的那樣，我具有創造性思維。如果你考慮範圍要求什麼，如果我們要簽訂為期 15 年的協議，我們本質上就是說，看，我們將保持這部分產量穩定。因此，我們實際上是在投入資本來維持 15 年內的產量。

So what are we being paid to give up that option value for redeployment of that capital elsewhere. So you would certainly expect some downside protection. So maybe it's a hub-type protection, natural gas price protection. Now conversely, we're sensitive to what our customers will need. These need to be win-win deals for them to be truly successful as we've experienced in our prior deals.

那麼，我們放棄選擇權價值並將資本重新部署到其他地方，我們能得到什麼回報呢？因此你肯定會期望一些下行保護。所以也許這是一種樞紐型保護，天然氣價格保護。相反，我們對客戶的需求非常敏感。正如我們在之前的交易中所經歷的那樣，這些交易必須是雙贏的，才能真正取得成功。

So what is their risk factor? Well, their respect or as prices blow out and go too high. So they might want a ceiling. But what is their ceiling. It's their alternate feedstock.

那麼他們的風險因素是什麼呢？好吧，他們的尊重或隨著價格的上漲而變得太高。所以他們可能想要一個上限。但他們的上限是多少呢？這是他們的替代原料。

It's that in the petchem industry, is it naphtha? Is it something else? Well, in this case, it's electricity prices. So you get creative and put something like a hub floor and a smart spread ceiling. There's a variety of things under discussion.

在石化產業中，它是石腦油嗎？還有別的嗎？嗯，在這種情況下，就是電價。因此，您可以發揮創造力，放置一些類似中心地板和智慧擴展天花板的東西。有各種各樣的事情正在討論中。

And this is not just the one or two names that have been in the public arena so far. There are a host of potential customers being discussed and different structures in different terms. So what I'd say is these are 20-plus year type investments for those developers and for those data centers and ranges in a variety of these conversations to make sure we get the best deal that works over time for us and for them.

到目前為止，出現在公眾視野中的名字不只一兩個。有大量潛在客戶正在被討論，並且不同術語具有不同的結構。所以我想說的是，對於這些開發人員和資料中心來說，這些都是 20 多年的投資，我們會進行各種各樣的對話，以確保我們獲得對我們和他們來說都最有利的交易。

Thanks, that's a good answer. I appreciate it.

謝謝，這是一個很好的答案。我很感激。

Thanks Scott.

謝謝斯科特。

Jake Roberts, TPH&Co.

傑克·羅伯茨（TPH&Co.）

Good morning. Jake is there any possibility or would there be any benefit to going ahead and completing some of the lateral footage you guys are accumulating and delaying turning to sales. Just trying to think about the possibility that another spot crew could come in and maybe prepare the setup for 2026 in a way that you could respond to pricing a little bit faster?

早安.傑克，繼續完成你們正在累積的一些橫向鏡頭並推遲轉向銷售是否有可能或有什麼好處？只是想想想是否有可能另一個現場工作人員加入並為 2026 年做好準備，以便您能夠更快地對定價做出反應？

Yeah, good question, Jake. And I would tell you, 1 of those spot crews is actually operating as we speak. So maybe in some regards, we're thinking very similarly at this phase of our program. So we're executing 1 of them as we speak.

是的，傑克，問得好。我可以告訴你們，其中一個現場工作人員現在正在工作。因此，也許從某些方面來看，我們在計劃的這個階段的想法非常相似。我們現在正在執行其中的一個。

The other one is going to be a little bit later this year. Some of this activity lines up with our midstream expansions that we have set to commission in the end of Q3, beginning of Q4. And as you heard us say in the prepared remarks today, we think that timing really lines up well good efficient operations and that supply coming into the market when we start to see the fundamentals further improve going into this winter season. So we think we've got the right timing there. And hopefully, everything will come together as expected.

另一次將在今年稍後舉行。其中一些活動與我們計劃在第三季末、第四季初投入使用的中游擴張項目一致。正如您在今天的準備好的演講中聽到我們所說的那樣，我們認為，當我們開始看到進入這個冬季時基本面進一步改善時，時機確實與良好的高效運營和進入市場的供應相吻合。因此我們認為我們已經找到了正確的時機。希望一切都能如預期般順利。

Great, thank you. And as a follow-up, the demand and the assumed growth in your backyard is exciting and certainly capturing the day today, but Wondering how you think about that opportunity set locally versus the potential that you and some of the other Appalachia players maybe needed to back up Gulf Coast demand, given some inventory exaction we may see in other basins. Is there any interest in looking south at new pipeline opportunities or similar?

太好了，謝謝。作為後續問題，您所在地區的需求和假定的增長令人興奮，並且肯定抓住了今天的焦點，但我想知道您如何看待本地的這一機會與您和其他一些阿巴拉契亞參與者可能需要支持墨西哥灣沿岸需求的潛力，因為我們可能會在其他盆地看到一些庫存需求。是否有興趣向南尋找新的管道機會或類似機會？

Yeah, I think there's -- when you start to take a step back, I think really, it comes down to where do we see the strongest margins present themselves. And so when you look at what's supporting a piece of our three-year outlook that we communicated earlier this year, it is with utilization of some additional long-haul transport that we picked up that gets to the Midwest and also to the Gulf Coast. So we feel like even though there's a lot of discussions, as you point out, around in-basin demand, the Gulf Coast market is still going to need supply going forward.

是的，我認為——當你開始退一步時，我認為實際上，這取決於我們在哪裡看到最強的利潤率出現。因此，當您查看我們今年早些時候傳達的三年展望的支撐因素時，您會發現，我們利用了一些額外的長途運輸，這些運輸可以到達中西部和墨西哥灣沿岸。因此，我們覺得，儘管正如您所指出的，圍繞盆地內需求有很多討論，但墨西哥灣沿岸市場未來仍然需要供應。

And given the conversations around resource question marks and inventory exhaustion in the future in places like the Haynesville, we think this plays well as you start to think about Range's ability to not only participate in the current transport that we've been able to acquire, but also other transport that will become available because it's going underutilized.

考慮到未來在海恩斯維爾等地出現的資源問號和庫存枯竭問題，我們認為這是一個很好的機會，因為您開始考慮 Range 不僅能夠參與我們已經能夠獲得的現有運輸，而且還能夠參與由於未充分利用而可用的其他運輸。

As you think about new projects, clearly, I think I saw a list the other day from some internal work where there's 14 roughly projects that we're aware of that are either brownfield expansions or greenfield projects that are under evaluation that could get gas to places like the Northeast and add additional supply to the Southeast and also to the Gulf. We're going to be patient when it comes to those projects and make sure that we understand what that netback looks like for range versus, again, the demand growth that's going to take place in the basin.

當您考慮新項目時，顯然，我認為前幾天我從一些內部工作中看到了一份清單，其中大約有 14 個項目，我們知道這些項目要么是棕地擴建，要么是綠地項目，正在評估中，這些項目可以將天然氣輸送到東北等地，並為東南部和墨西哥灣增加額外的供應。對於這些項目，我們將保持耐心，並確保我們了解該範圍的淨回值與盆地中即將發生的需求成長之間的關係。

But as you've heard us say on today's call and others, the inventory backstop for us is just really allowing us that flexibility to think about how we could participate in the growing demand term. And as you've heard Mark touch on even what kind of pricing structures would exist, not only for the AI type discussions, but also for future Gulf Coast opportunities as well. So I think you can expect to see a diverse portfolio from us like you've seen in the past, where we're trying to get to premium markets and also support our best netbacks.

但正如您在今天的電話會議和其他會議上聽到我們所說的那樣，庫存支援實際上只是讓我們能夠靈活地思考如何參與不斷增長的需求。正如您所聽到的，馬克甚至談到了會存在什麼樣的定價結構，不僅針對人工智慧類型的討論，也針對未來墨西哥灣沿岸的機會。因此，我認為您可以期待看到我們像過去一樣擁有多元化的投資組合，我們正在努力進入高端市場並支持我們的最佳淨回值。

Thank you. I appreciate the time.

謝謝。我很感激你抽出時間。

Thanks, Jake.

謝謝，傑克。

Thank you. Our next question comes from Kevin McCurdy with Pickering Energy Partners. Your line is open.

謝謝。下一個問題來自 Pickering Energy Partners 的 Kevin McCurdy。您的線路已開通。

Hey, good morning. 2Q CapEx came in well below expectations, and it looks like net lateral footage was up pretty materially quarter-over-quarter. Any comments on what the main driver of executing on those lower well costs are? Is there anything particular on the drilling or the completion side? Or maybe any comments on deflation you're seeing in the market?

嘿，早安。第二季的資本支出遠低於預期，而且看起來淨橫向開採量較上季大幅增加。對於降低油井成本的主要驅動力，您有何評論？鑽井或完井有什麼特別之處嗎？或者您對市場上看到的通貨緊縮有何評論？

Yeah, good morning, Kevin, I think our conversation around capital for Q2 really starts with some of the efficiencies you heard us touch on in the prepared remarks. Drilling team just continues to really hit a home run here. by drilling 6,250 feet on average in the lateral during the quarter. Those are just some of our most capital-efficient wells that we're seeing come through the numbers, if you will. That gets us on to the next pad sites more efficiently and quicker.

是的，早上好，凱文，我認為我們關於第二季度資本的討論實際上始於您在準備好的發言中聽到我們提到的一些效率。鑽井隊在這裡繼續取得巨大成功，本季平均水平鑽探深度達 6,250 英尺。如果你願意的話，這些只是我們從數據中看到的一些資本效率最高的油井。這使我們能夠更有效率、更快地到達下一個發射台站點。

And so ultimately, I would tell you that some of our capital savings really comes at the back of that. We were really efficient with Water Logistics also during Q2, supplying those 800 frac stages that the team pumped. And so that means lower LOE, but also lower cost as we then feed that water into the operating side itself. So very much a -- if you look over the past couple of years, you've just seen kind of a quarter-over-quarter and year-over-year incremental improvement. Some of it's on the back of process, some of it's on the back of also infrastructure and changes in the equipment that we use on location.

所以最終我想告訴你們，我們的資本節省部分其實是源自於此。在第二季度，我們的水物流工作也非常高效，為團隊提供了 800 個壓裂階段。因此，這意味著更低的 LOE，而且成本也更低，因為我們將水輸送到操作側本身。所以，如果你回顧過去幾年，你會發現季度與季度之間、年度與年度之間的進步非常顯著。其中一些與流程有關，一些與基礎設施以及我們在現場使用的設備的變化有關。

But our capital coming in the way it has so far has really been on the back of just good quality efficient operations. And part of the reason why you saw us pull down the upper end of our guidance for the year.

但迄今為止，我們的資本流入實際上是依靠高品質、有效率的營運。這也是為什麼您看到我們下調了今年的指導上限的原因之一。

I appreciate the further detail on that. And as a follow-up, with all this talk about potential gas growth in the future, do you have a view on the local NGLs market's ability to absorb additional production or would you consider growing with lower BTU inventory?

我很感激您對此提供進一步的詳細說明。另外，關於未來天然氣潛在成長的討論，您是否認為當地天然氣液體市場有能力吸收額外的產量，或者您是否考慮在較低的 BTU 庫存下實現成長？

Yeah, I'll start here. I think we see good line of sight on what the NGL market looks like. And really, it's going to start with a balance of both local and international exposure. Part of the reason why you saw us take on some incremental capacity on the East Coast through the Repauno terminal, everything is on track there as expected to support our 2026 and 2027 NGL growth profile.

是的，我就從這裡開始。我認為我們對 NGL 市場的前景有了很好的了解。事實上，這一切都要從平衡本地和國際影響力開始。您看到我們透過雷帕諾終端在東海岸增加一些產能的原因之一是，那裡的一切都按預期進行，以支持我們 2026 年和 2027 年的 NGL 成長前景。

But as you've seen in the past, we also remain pretty focused on the ability to toggle those barrels and sometimes even split the various components apart where we see the greatest demand take place. So you've seen in some quarters, as an example, we may have sold greater than 80% of our propane into a waterborne export market, and we may keep some of the butane here in the Lower 48 or in regional markets. We can do that based upon rail and other pipe exposure optionality that we have.

但正如您過去所看到的，我們仍然非常注重切換這些桶的能力，有時甚至將各種組件分開開來，以適應需求最大的地方。舉例來說，您在某些方面已經看到，我們可能已將 80% 以上的丙烷銷往水運出口市場，我們可能會將部分丁烷保留在美國本土 48 個州或區域市場。我們可以根據我們擁有的鐵路和其他管道暴露選擇來做到這一點。

So we feel like we've got good visibility in what that future demand looks like. And as you start to look globally, there's a lot of infrastructure that's being built out both on the LPG and on the propane and also on the ethane side.

因此，我們覺得我們對未來的需求有很好的了解。放眼全球，你會發現，液化石油氣、丙烷和乙烷方面正在建造大量的基礎設施。

both from a dock capacity export standpoint, some of which is commissioning now, but also just future PDH ethylene steam crackers infrastructure over the next 18 to 24 months. So we feel like we've got good line of sight into what that growing demand looks like, and we feel like there's a constructive view for NGLs going forward as we grow the business.

無論是從碼頭容量出口的角度來看，其中一些目前正在調試，還是從未來 18 至 24 個月的 PDH 乙烯蒸汽裂解裝置基礎設施的角度來看。因此，我們覺得我們對不斷增長的需求有了很好的了解，我們覺得隨著業務的成長，對 NGL 的未來有一個建設性的看法。

Appreciate that. Thank you.

非常感謝。謝謝。

Thank you, Kevin.

謝謝你，凱文。

Neil Mehta, Goldman Sachs.

高盛的尼爾·梅塔。

Yeah, thanks team. Great call. I just wanted to follow up on the US production numbers. I think there's no doubt there's going to be tremendous amount of demand over the long term, but there's been an investor debate around some of the scraps that we've seen here over the last couple of weeks with production kind of queuing up over 107 on some of the third parties. So I'd be just curious have you been surprised relative to your own modeling about US production?

是的，謝謝團隊。非常好的電話。我只是想了解美國的生產數據。我認為毫無疑問長期內會有巨大的需求，但過去幾週，投資者對一些殘餘問題展開了爭論，一些第三方的生產排隊超過了 107 個。所以我只是好奇，您是否對自己對美國生產的模型感到驚訝？

And do you think that there will be price elasticity if near-term gas prices rise to the downturn?

您認為如果近期汽油價格上漲至低迷水平，價格會具有彈性嗎？

Yeah, good morning, Neil, thanks for joining us. I would say there's been very few surprises for us as we think about the supply for the year. We anticipated a fairly -- we'll just say flat and stable production response from the deferred deals from last year. I think we expected that to be flat based upon some of the infrastructure being at a high level of utilization. And then eventually, you'd see a decline off of that.

是的，早上好，尼爾，感謝您加入我們。我想說，當我們考慮今年的供應量時，幾乎沒有什麼意外。我們預計，去年延期交易的生產反應將相當穩定。我認為，基於部分基礎設施的高利用率，我們預計這一數字將保持穩定。然後最終，你會看到其下降。

we've been going through midstream maintenance season across the industry. And so when you look at whether it's LNG infrastructure or other pipes, compression and other downstream short-term impacts, we're starting to come out of that now at this point in time, all at the same time that we're at the doorstep of seeing Phase II of of platumines get commissioned and also start to see ramp up further of Corpus Christi Stage 3 and then later this year, pending further updates, Golden Pass starts to see some feed gas start to go through that facility.

整個產業正處於中期維護季節。因此，當您查看液化天然氣基礎設施或其他管道、壓縮和其他下游短期影響時，我們現在正開始擺脫這些影響，與此同時，我們即將看到鉑礦第二階段的投入使用，也開始看到科珀斯克里斯蒂第三階段的進一步提升，然後在今年晚些時候，等待進一步的更新，Golden Pass 將開始看到一些原料氣通過該設施輸送。

So we think there's a lot of reason to believe that we could end the year that somewhere similar or a little bit north of where we're at from a US production standpoint, let's just say, 10 to 7 Bcf a day. That wouldn't surprise us at all internally on how we view where activity has been.

因此，我們認為，我們有充分的理由相信，到今年年底，我們的天然氣產量將與美國目前的產量水平相似，或者略高於目前的水平，比如說，每天 100 至 70 億立方英尺。從內部來看，我們如何看待活動的進展並不會讓我們感到驚訝。

But again, when you start to look at the dynamics, that's about 4 Bcf a day roughly year-over-year increase in production at that point. We're also going to see about 4 to 5 Bcf a day in incremental demand take shape between LNG and other aspects. And so exports to Mexico, and that doesn't include Shell Canada.

但是，當你開始觀察動態時，你會發現當時的產量大約比去年同期增加 40 億立方英尺/天。我們還將看到液化天然氣和其他方面的需求增量每天約為40至50億立方英尺。出口到墨西哥，但不包括殼牌加拿大。

So, we feel like there's a balance here that's playing out that's different than just focusing maybe on a storage number and level alone. But if we end up at 3.8 to 3.9 Tcf, let's just say this fall, that roughly turns out to be about 39 to 40 days from a days of supply standpoint, and that's a good couple of days below where we were last year at that same time.

因此，我們覺得這裡的平衡點與僅僅關注儲存數量和等級不同。但是，如果我們最終達到 3.8 至 3.9 Tcf，就說今年秋天，從供應天數的角度來看，這大約是 39 至 40 天，這比去年同期的水平低了好幾天。

and it's below the five-year average. So, we feel like this all still sets up really well as we kind of start to, as an industry, shift our eyes away from a storage level alone and think more about the demand and days of supply coverage.

並且低於五年平均值。因此，我們覺得這一切仍然設置得很好，因為作為一個行業，我們開始將目光從存儲水平轉移到更多地考慮需求和供應覆蓋天數。

That's great color. And as a follow-up was just your perspective on hedging, the '26 has stayed pretty well bid even as the front has come off. And so just your thoughts on continuing to layer in hedges to protect to protect downside while still leaving enough open to capture the upside.

顏色真棒。後續只是您對對沖的看法，即使前線已經撤離，'26 仍然保持著相當好的出價。因此，您的想法是繼續分層對沖，以防止下行風險，同時仍留有足夠的空間來抓住上行風險。

Neil, I'll kick that one off. I think what you have seen, the modest changes in our hedge book this past quarter is consistent with the philosophy and the business objective we described over the last number of years is really primarily to cover fixed costs and hang on to as much upside as we can because the fundamentals in our mind, are not fully baked into the forward curve.

尼爾，我來開始。我想，正如您所看到的，我們上個季度對沖帳簿的適度變化與我們過去幾年所描述的理念和業務目標一致，這實際上主要是為了覆蓋固定成本並儘可能地保持上行空間，因為我們心中的基本面還沒有完全融入遠期曲線。

It's just not liquid enough. There's not enough trading activity and in fundamental counterparties active for it to be truly linked up. So what you saw was some modest additions just finishing off the 25 book.

只是液體不夠。交易活動和基本交易對手的活躍度不足以實現真正的聯繫。所以，您看到的只是這 25 本書的一些適度補充。

You just added some collars which raised floor price on our book and raised the ceiling to capture more upside. So modest additions fine-tuning there. So you looked into '26 and '27 same thing, execution around the same guidelines, same philosophy we described over the last several years. And again, increasing the sealing. For example, '26, the ceiling on that percentage of production of the hedge went up by 30-some percents.

您只是增加了一些領子，提高了我們帳簿的底價，並提高了上限以獲取更多的上行空間。因此，只需進行適度的添加和微調即可。因此，您研究了 26 年和 27 年的相同情況，執行了相同的指導方針，遵循了過去幾年我們所描述的相同理念。再次，增加密封性。例如，1926 年，對沖產量百分比的上限提高了 30% 左右。

So we're trying to hedge enough just enough insurance, if you will, while hanging on to as much upside as possible given what we continue to believe is the rerating of the forward curve of gas prices with a marginal cost of supply that from those players in that basin in the Haynesville is between $4 and $5. So we think there's still room for the forward curve to hook up with that as these LNG facilities are brought online. So said differently, the hedge books for '26 and '27 are basically where we want them, and we don't need to do anything else.

因此，如果你願意的話，我們正在嘗試對沖足夠的保險，同時盡可能地保持上行空間，因為我們仍然相信天然氣價格遠期曲線的重新估值，而來自海恩斯維爾盆地的那些參與者的邊際供應成本在 4 美元到 5 美元之間。因此，我們認為，隨著這些液化天然氣設施投入使用，遠期曲線仍有與之掛鉤的空間。換句話說，26 年和 27 年的對沖帳簿基本上就是我們想要的，我們不需要做任何其他事情。

That's perfect.

那很完美。

Thanks, team.

謝謝，團隊。

Big deal.

有什麼大不了的。

Thank you.

謝謝。

Roger Read, Wells Fargo.

富國銀行的羅傑‧里德 (Roger Read)。

Yeah, thank you, good morning.

是的，謝謝，早安。

Oh Roger.

哦，羅傑。

Morning, It seems like a lot of it's been covered. Maybe get a little bit granular here. Just you all talk about lateral feet as an indicator of expectations where we'll be at the end of the year. Just curious, as you look into the, call it, the first half of '26, second half of '26, how we should think about that lateral foot need, call it, the backlog you need in order to hit some of the growth targets you've laid out? And then the industry has been in such a, call it, almost a stasis mode, right, just maintaining production.

早上好，好像已經涵蓋了很多內容。這裡可能有點詳細。你們都談到了側腳作為今年年底預期的一個指標。只是好奇，當您研究 26 年上半年、26 年下半年時，我們應該如何考慮側腳需求，或者說您需要的積壓，以實現您制定的一些增長目標？然後，該產業就處於這樣一種狀態，可以稱之為幾乎停滯的狀態，只是維持生產。

You're going to shift here to growth, how do you think about managing that with your service providers and maintaining your efficiency or even continuing to improve it as we've seen. Maybe what are the challenges in delivering on that? Kind of two questions in one, and I won't ask any follow-up, I promise.

您將轉向成長，您如何考慮與您的服務提供者一起管理這一點並保持您的效率甚至繼續改進它，正如我們所看到的。實現這項目標可能面臨哪些挑戰？這就像兩個問題合而為一，我不會再問任何後續問題，我保證。

That's okay. Again, thanks for joining us, Roger. I think when we start to think about lateral feet requirements for 2026, we've really been quietly building that over the past 24 months and through the balance of this year. Part of that was getting to a place of having some visibility to what the setup could look like. We've been running an efficient 2-rig program with 1 frac crew.

沒關係。再次感謝您加入我們，羅傑。我認為，當我們開始考慮 2026 年的橫向腳要求時，我們實際上已經在過去 24 個月以及今年餘下的時間裡悄悄地建立了這個系統。其中一部分是要能夠清楚看到設定的樣子。我們一直運行一個高效的雙鑽機程序，配備 1 個壓裂團隊。

And really, those two drilling rigs have generated a little more inventory than that 1 frac crew could consume. And so now here we are looking at 2026 with the ability to start utilizing more of that inventory, which should be in excess of 400,000 lateral feet as we think about '26 and '27.

事實上，這兩台鑽井平台產生的庫存比一個壓裂隊所能消耗的庫存要多一點。因此，現在我們展望 2026 年，我們有能力開始利用更多的庫存，當我們考慮 26 年和 27 年時，這些庫存應該超過 400,000 英尺。

So next year, you should see a similar capital requirement that we've communicated up to this point. and you should see the dollars get allocated more heavily on a percentage basis towards the completion side to start working through that inventory, all while a single -- maybe 1 to 1.5 drilling rigs is continuing to kick out some inventory for 2027 as well. So we feel like there's the right kind of setup.

因此，明年，您應該會看到與我們到目前為止所傳達的類似的資本要求。並且您應該會看到，資金將按百分比更多地分配給完井方，以開始處理這些庫存，與此同時，單個——也許 1 到 1.5 個鑽井平台也將繼續為 2027 年推出一些庫存。所以我們覺得這是正確的設定。

We keep it very efficient. And then by the time you get to the end of that profile, we feel like we can hold production flat, as you heard Mark touch on today, roughly 2.6 Bcf a day with a similar type activity set. But depending upon what materializes, we can also consider some incremental growth beyond that if that's what's required and what the market is calling for.

我們保持其高效。然後，當您到達該概況的末尾時，我們感覺我們可以保持產量平穩，正如您今天聽到馬克提到的那樣，每天大約 26 億立方英尺，並設置類似的活動類型。但根據具體情況，如果這是必要的且是市場所要求的，我們也可以考慮在此基礎上實現一些增量成長。

From a service company standpoint, ultimately, we feel like we've got the right service partners in place, really quality service partners. Many of them have been with us for a number of years, dating back to when we drilled some of the early on discovery and delineation wells.

從服務公司的角度來看，最終，我們覺得我們已經找到了合適的服務合作夥伴，真正優質的服務合作夥伴。他們中的許多人已經與我們合作多年，可以追溯到我們早期鑽探一些勘探井和描邊井的時候。

So, we feel like there's good stability there and we have the ability to ramp into this space instead of using, let's say, a partial crew on the frac side, it's something more like six months or maybe instead of having a partial year with a given top-hole rig, maybe it's a full year.

因此，我們覺得那裡有很好的穩定性，我們有能力進入這個領域，而不是使用，比如說，在壓裂方面使用部分工作人員，這更像是六個月的時間，或者可能不是用給定的頂部鑽機進行部分年份的工作，也許是一整年。

So, we have that ability to work with them, communicate. We do what we say we're going to do. We think that pays off really well because there's business certainty on their end to then plan around how we're thinking about executing for the next several years. So all in all, we've seen really good partnerships across the board.

因此，我們有能力與他們合作、溝通。我們說到做到。我們認為這確實會帶來豐厚的回報，因為他們對業務有確定性，因此可以圍繞我們未來幾年的執行情況進行規劃。總而言之，我們看到了各方面都非常好地合作關係。

And I think that's why you see the efficiencies that you do that come out of our program quarter-over-quarter.

我認為這就是為什麼你會看到我們的計劃逐季度提高效率。

David Deckelbaum, TD Cowen.

大衛·德克爾鮑姆（David Deckelbaum），TD Cowen。

Thanks everyone for taking my questions. Dennis and Mark, I wanted to follow up on just the conversation just for context now that you're effectively below your long-term debt targets and you kind of laid out there the 375 sort of case over the next several years. How do you think about like the split of returning capital to shareholders while also thinking about investing in the business?

感謝大家回答我的問題。丹尼斯和馬克，我想跟進一下這次談話，只是為了了解一下背景，因為現在你們的債務實際上低於長期目標，而且你們已經列出了未來幾年的 375 類案例。您如何看待向股東返還資本的同時又考慮對企業進行投資？

And are there portions of the business that we should expect you to look more deeply at particularly as you think about trying to satisfy in-basin demand, whether it's more organic leasehold opportunities and extending lateral feet or if you're looking at perhaps other sorts of infrastructure investments or maybe things that we might not be thinking about?

並且，當您考慮嘗試滿足盆地內需求時，我們應該期望您更深入地研究業務的哪些部分，無論是更有機的租賃機會和延伸橫向腳，還是您正在考慮其他類型的基礎設施投資，或者可能是我們可能沒有考慮到的事情？

Yeah, good morning, David, I think you've touched on a lot of the things we've mentioned over the last number of quarters. And as you've seen us evolve and ebb and flow in how we're returning capital, how we're allocating the cash flow this business is generating.

是的，早上好，大衛，我想你已經談到了我們在過去幾季中提到的很多事情。如您所見，我們在資本回報方式、以及我們分配該業務產生的現金流的方式上不斷演變和變化。

So you're right, we are very comfortably within the target debt zone. First, I guess, let me touch on that debt target guidance, that net debt of $1 billion to $1.5 billion. Let's think about that when it was established a number of years ago, we described it as through a cycle.

所以你說得對，我們非常舒適地處於目標債務區內。首先，我想談談債務目標指導，即 10 億美元至 15 億美元的淨債務。讓我們想想，當它在幾年前成立時，我們將其描述為一個週期。

And I would think about an appropriate balance sheet and the changes in the balance sheet over a cycle. So at you're going to continue to delever the strongest point of the cycle to build your dry powder such that you can be opportunistic at those points in time when you can create on those value.

我會考慮合適的資產負債表以及一個週期內資產負債表的變動。因此，您將繼續利用周期中最強的點來構建您的乾粉，以便您可以在能夠創造這些價值的時間點抓住機會。

So we continue to have a strong balance sheet. But you've seen us in the first two quarters that it is a year more than double what we did in share repurchases from last year and slowly grow the dividend this year. So as we said in prior calls, the stronger the balance sheet was the greater the flexibility we had in returns of capital.

因此我們的資產負債表仍然強勁。但您已經看到，在前兩個季度，我們股票回購的金額比去年增加了一倍多，而且今年的股息也在緩慢增長。因此，正如我們在之前的電話會議中所說的那樣，資產負債表越強勁，我們的資本回報靈活性就越大。

And another piece of that return of capital program that we laid out at the beginning was we're shying away from a purely formulated approach. We think that creates a very pro cyclical type program where you're buying when maybe prices have run on you, and there's better allocations of that capital back into the program. or paying down debt or other uses. So just as an example, the way the program was executed this past quarter, our average share price on repurchase shares was roughly $36, $36.37. So well below the average price during the quarter.

我們一開始就提出的資本回報計畫的另一部分是，我們避免採用純粹公式化的方法。我們認為這會創建一個非常順週期的計劃，您可以在價格上漲時購買，並且可以更好地將資本分配回計劃中，或者償還債務或用於其他用途。舉個例子，根據上個季度的計畫執行情況，我們回購股票的平均價格約為36美元或36.37美元，遠低於本季的平均價格。

If you look program to date, we bought back some 31 million shares at an average price of $21 per share. So as we look ahead, we want to retain that optionality of buying in the shares. But fundamentally, Range is a natural gas, natural gas liquids production company. So maintaining efficient production, focusing on operational efficiency, focusing on these value-added contracts and capturing that disproportionate market share of this demand as it comes in, enabled by our transportation portfolio and depth of inventory is how we think about that going forward. Now what other things might we invest in along the way.

如果你看一下迄今為止的計劃，我們以每股平均 21 美元的價格回購了約 3,100 萬股。因此，展望未來，我們希望保留購買股票的選擇權。但從根本上來說，Range 是一家天然氣、天然氣液體生產公司。因此，我們對未來的看法是，保持高效的生產，注重運營效率，注重這些增值合同，並通過我們的運輸組合和庫存深度來抓住這一需求所帶來的不成比例的市場份額。現在我們還可以投資哪些東西呢？

Don't expect us to stray too far from what our core mission and core objective is. So that's investing, focusing operations in the Appalachian Basin, where our operational geologic expertise live and the marketing team's expertise lies in moving gas and liquids out of the basin and internationally.

不要期望我們偏離我們的核心使命和核心目標太遠。這就是投資，重點關注阿巴拉契亞盆地的業務，我們的營運地質專業知識就在這裡，而行銷團隊的專業知識在於將天然氣和液體從盆地運出並銷往國際。

So might it be carrying some of the costs are investing in some of our compression to improve production, might it be building some lateral lines, modest investments in midstream. You can see those, I think, as one-off service participation going forward. But again, it will be focused on developing and maximizing the value of our inventory and our production going forward.

因此，它可能會承擔部分成本，投資於我們的一些壓縮技術來提高產量，可能會建造一些支線，在中游進行適度的投資。我認為，你可以將這些視為未來的一次性服務參與。但同樣，我們將專注於開發和最大化我們庫存和未來生產的價值。

I think as you think further down the line, might we buy in some royalties, I think, on our properties. I think that's an option as well. But fundamentally, the way we view these types of options is we come back to what are we buying for you, the shareholder in terms of cash flow per share, resource and production per share, future resource potential per share. So whether that's buying and rank shares you're acquiring them that way or through some other means, that's what we're focused on is the per share value.

我認為，當你進一步思考時，我們可能會購買一些我們財產的特許權使用費。我認為這也是一種選擇。但從根本上來說，我們看待這些類型的選擇權的方式是，我們回到我們為您（股東）購買什麼，包括每股現金流、每股資源和產量、每股未來資源潛力。因此，無論您是透過購買和排名股票還是透過其他方式獲得股票，我們關注的是每股價值。

Appreciate it, Mark. And then maybe just as a follow-up, Dennis, you talked about looking to announce perhaps an opportunity near term on a data center project. I guess, as you think about those terms, versus perhaps just remaining exposed to in-basin pricing and potentially capturing some of that upside volatility I guess, do you feel like the incentive is enough at this point for you to look to sign some of those supply agreements? And why do you necessarily feel that you have to be involved on the data center supply side?

非常感謝，馬克。然後也許只是作為後續，丹尼斯，您談到希望宣布近期資料中心專案的機會。我想，當您考慮這些條款時，也許只是繼續暴露在盆地內定價中並可能捕捉到一些上行波動，我想，您是否覺得此時的激勵足以讓您考慮簽署其中一些供應協議？為什麼您覺得必須參與資料中心供應方面？

Yeah, I think there's going to be lots of opportunities. And I think when you look at what we already have from a production that stays regional and in basin, I mean, essentially 20% of our nat gas volumes are going to stay regionally and marketed on a seasonal annual basis anyway. So we feel like we can participate in both, we'll just say, the regional volatility but also take on -- as you've heard us say, this project is going to represent somewhere between 90 million and 100 million a day in production. So again, a small percentage versus the greater opportunity set of our production versus also what's in basin, we feel like we can do both.

是的，我認為會有很多機會。我認為，當你看到我們已經從區域和盆地生產中獲得的成果時，我的意思是，基本上我們的 20% 的天然氣產量將停留在區域內，並按季節年度進行銷售。因此，我們覺得我們可以參與其中，我們只想說，區域波動，但也可以承擔 - 正如你所聽到的，這個項目將代表每天 9000 萬到 1 億之間的產量。因此，再說一次，相對於我們生產的更大機會集和盆地中的機會集而言，我們覺得我們可以同時做到這兩點。

But it's going to come down to the pricing structure that I'll just say, the hypotheticals and thoughts that Mark walked through earlier where we're providing some strength in how we think about our netbacks. Also, it could be that we're providing some thoughts around an upside exposure for them as well. They can also trickle down into how we think differently about hedging in the future as well with some surety around some of these pricing structures. So, we think we can do both, quite honestly

但它最終還是要歸結為定價結構，我只想說，馬克之前提到的假設和想法為我們思考淨回值提供了一些力量。此外，我們也可能為他們提供一些有關上行風險的想法。它們還可以逐漸影響到我們對未來對沖的不同看法，並對一些定價結構提供一些保證。所以，坦白說，我們認為我們可以同時做到這兩點

Appreciate it. Best of luck.

非常感謝。祝你好運。

Guys. Awesome. Thanks, David.

夥計們。驚人的。謝謝，大衛。

Philip Jungwirth, BMO.

菲利普·榮威爾斯（BMO）。

Thanks. Good morning. Coming out of the Pennsylvania Energy Innovation Summit last week, can you speak to the discussion or level of optimism around federal permit reform just as it relates to the third-party pipeline or in-basin projects, in-basin demand projects. And how meaningful some of the changes in the big beautiful bill could be here. You're also welcome to touch on any local and state dynamics and that also.

謝謝。早安.在上週的賓州能源創新高峰會上，您能否談談有關聯邦許可證改革的討論或樂觀程度，因為它與第三方管道或流域內計畫、流域內需求計畫有關。而這項美麗法案中的一些變化在這裡會有多麼有意義呢？我們也歡迎您談論任何地方和州的動態。

Yeah, I think clearly, permit reform, and you've probably heard me say this in prior conversations that we've had, but I think permit reform just really has to play an important role in how we think about the future. And really, it's a bigger discussion than really just natural gas and NGL production. It really goes all the way to how you think about getting support for not only building and expanding the grid as it stands today, but bolstering it as well. How do you basically get right away?

是的，我很清楚許可證改革，你可能在我們之前的談話中聽過我這麼說，但我認為許可證改革確實必須在我們如何思考未來方面發揮重要作用。事實上，這是一個比天然氣和 NGL 生產更大的討論。這實際上涉及到您如何考慮獲得支持，不僅要建造和擴大現有的電網，還要加強電網。您基本上如何立即獲得？

How do you stretch wires, how do you further electrify what we do, which, again, a lot of this AI conversation is, that's what the underpin -- what's underpinning this conversation. And then the feed guests that we, as a company, could then provide into generating that power source for a lot of what the future opportunities look like.

如何拉長電線，如何進一步使我們的工作電氣化，再次強調，許多關於人工智慧的對話都是這樣的，這就是支撐這次對話的基礎。然後，我們作為一家公司，可以提供飼料客人，為未來的機會提供動力來源。

So in our mind, there's a fair amount of optimism around permit reform taking shape. Even a year ago, you actually saw some bipartisan support between Senator mention out of West Virginia and Barossa out of Wyoming to have we'll just say some language that was being constructed even then. And if you think about a year ago, we were all going through a phase of campaign fatigue and trying to understand what the new administration could look like or if there would be a change.

因此，我們對許可證改革的順利實施抱持相當樂觀的態度。甚至在一年前，你就可以看到西維吉尼亞州參議員和懷俄明州參議員巴羅薩之間達成的兩黨支持，我們只能說當時就已經在建構一些語言了。如果你回想一下一年前，我們都經歷了競選疲勞期，並試著了解新政府會是什麼樣子或是否會改變。

So all that to be said, I think there was support a year ago. There's now growing support now. I think it all plays well for Appalachia and the result of quite a volume of optimism last week at the conference. And I think locally, to maybe top off your question, even the governor was present and we were really pleased to see Governor Shapiro's support for the energy, the role of energy is going to play in adding jobs, economic development and also playing a role in this AI build-out going forward.

總而言之，我認為一年前就已經得到了支持。現在支持率正在不斷增長。我認為這一切對阿巴拉契亞來說都是好事，也是上週會議相當樂觀的結果。我認為在當地，也許最重要的是回答你的問題，甚至州長也出席了會議，我們非常高興看到夏皮羅州長對能源的支持，能源將在增加就業機會、經濟發展以及未來的人工智慧建設中發揮作用。

And ultimately, we would expect both from his messaging and what we've seen in conversations with the Governor's office ongoing support for this permit reform to help truncate the time frame to get these projects from, we'll just say, from the dream factor to actually being commissioned.

最終，我們希望從他的信息以及我們在與州長辦公室的對話中所看到的對這項許可改革的持續支持中，幫助縮短這些項目從夢想階段到實際投入使用的時間。

Great. And then I did also want to get your updated thoughts on the propane markets. We have seen inventories build here over the past 2 months. Wondering if you could talk through the moving pieces here? And how do you see the market and exports shaping up into year-end?

偉大的。然後我也想了解您對丙烷市場的最新看法。我們看到過去兩個月這裡的庫存增加。想知道您是否可以談論這裡的活動部分嗎？您認為年底市場和出口情勢會如何？

Yeah, I'll touch on this briefly as we kind of wrap up here today, but we still are really optimistic about the propane market. I think if you look at exports over the over the last quarter. I mean, we've averaged as an industry, 1.8 million barrels per day. That's up 5% versus the same time a year ago.

是的，今天結束時我會簡單談一下這一點，但我們仍然對丙烷市場非常樂觀。我認為如果你看一下上個季度的出口情況。我的意思是，我們整個產業的平均產量是每天 180 萬桶。與去年同期相比成長了 5%。

and you've continued to see barrels flow even at that level despite some of the noise around tariffs and trade wars, as an example. Infrastructure is being commissioned as we speak, to expand dock capacity out of the Gulf. We've all been looking, I guess, as a sector at congestion in the Gulf Coast market. less impactful to range because of our exposure to East Coast terminals out of Marcus Hook Philadelphia, but clearly, congestion has played a role. And I think you're seeing that probably translate into some of the numbers now that we're seeing from a stock level standpoint.

儘管圍繞關稅和貿易戰存在一些爭議，但石油產量仍繼續保持在這一水平。目前，基礎設施正在投入使用，以擴大墨西哥灣的碼頭容量。我想，我們一直在關注墨西哥灣沿岸市場擁擠的情況。由於我們接觸的是費城馬庫斯胡克港以外的東海岸碼頭，因此對航程的影響較小，但顯然擁擠還是造成了一定影響。我認為您可能已經從庫存水平的角度看到了一些數字。

But from the stock's perspective, we're really about where we were last year. So it's very comparable. And I think ultimately, we would expect with further build-out of that dock capacity, but also in 2026 you're seeing infrastructure on the demand side get added to that total 700,000 barrels a day. If you assume a similar 80% utilization rate that the US has participated in roughly in the past, that would be a call on another 500,000 barrels a day.

但從股票的角度來看，我們的股價其實與去年的水準差不多。所以這非常具有可比性。我認為，最終我們預計碼頭容量將進一步擴大，而且到 2026 年，需求面基礎設施將增加到每天 70 萬桶。如果假設利用率與美國過去大致相同，達到 80%，那麼每天就需要再增加 50 萬桶石油。

So as we kind of get into the back half of this year, again, as you heard me say, you get out of midstream infrastructure build-outs, but also maintenance season. I think you start to see improvements in some of the stock levels and especially as you get into 2026 with this further build-out of demand infrastructure.

因此，當我們進入今年下半年時，正如你聽到我說的，我們走出了中游基礎設施建設的季節，同時也進入了維護季節。我認為你會開始看到一些庫存水準的改善，特別是隨著 2026 年需求基礎設施的進一步建設。

Thanks guys. Thank you, Phil.,

謝謝大家。謝謝你，菲爾。

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，請他作最後發言。

I would like to thank everybody, as always, for joining us on the call today and having another great conversation with us. If you have any questions, please don't hesitate to follow up with our Investor Relations team. We look forward to seeing you at upcoming meetings and on the road during the fall and talking again in October at our next call. Thanks, everyone.

一如既往，我要感謝大家今天參加我們的電話會議並與我們進行了又一次愉快的交談。如果您有任何疑問，請隨時聯繫我們的投資者關係團隊。我們期待在即將舉行的會議和秋季的路上見到您，並在十月份的下一次電話會議上再次與您交談。謝謝大家。

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

感謝大家參加今天的會議。您現在可以斷開連線。