山脈資源 (RRC) 2026 Q2 法說會逐字稿

Hello. Welcome to the Range Resources second-quarter 2026 earnings conference call. (Operator Instructions)

您好。歡迎參加 Range Resources 2026 年第二季財報電話會議。(接線員指示)

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

本次電話會議中所作、非屬歷史事實之陳述均為前瞻性陳述。此類陳述受風險與不確定性影響，可能導致實際結果與前瞻性陳述所述結果出現重大差異。在講者發言結束後，將進行問答環節。

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

現在，我想將電話交給 Range Resources 投資人關係資深副總裁 Laith Sando 先生。先生，請開始。

Thank you, operator. Good morning, everyone, and thank you for joining Range's second-quarter 2026 earnings call. The speakers on today's call are Dennis Degner, Chief Executive Officer; and Mark Scucchi, Chief Financial Officer.

謝謝，接線員。各位早安，感謝各位參加 Range 2026 年第二季財報電話會議。今天的講者為執行長 Dennis Degner，以及財務長 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 EDGAR system.

希望各位已經有機會查閱我們在網站上發布的新聞稿與更新後的投資人簡報。今天上午的電話會議中，我們可能會引用其中部分投影片。您也可在 Range 網站「投資人」分頁下找到我們的 10-Q，或透過美國證券交易委員會（SEC）的 EDGAR 系統存取。

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 hedging details by month, realized pricing by product, along with calculations of EBITDAX, cash margins, and other non-GAAP measures.

請注意，我們在今天的電話會議中將引用若干非 GAAP 衡量指標。我們的新聞稿提供了這些指標與最可比 GAAP 指標之間的調節表。我們也在網站上發布了補充表格，包含按月的避險明細、按產品的已實現價格，以及 EBITDAX、現金利潤率與其他非 GAAP 指標的計算。

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

接下來，我把電話交給 Dennis。

Thanks, Laith, and thanks to all of you for joining the call today.

謝謝你，Laith，也感謝各位今天加入電話會議。

Today marks a unique milestone as we reach the midpoint of our multi-year growth plan that was announced early last year. Range's results today continue to showcase the durability of the business as a leading full-cycle cost structure, consistent well performance, and a differentiated marketing portfolio are delivering significant free cash flow while growing the business.

今天是一個獨特的里程碑，因為我們已達到去年年初公布之多年成長計畫的中點。Range 目前的業績持續展現本公司業務的韌性：領先同業的全週期成本結構、穩定的單井表現，以及差異化的行銷組合，在推動業務成長的同時，也帶來可觀的自由現金流。

At the same time, we are seeing operational efficiencies accruing to Range as a result of our large blocky acreage position and talented technical team. This quarter's record operational results support Range's peer-leading drilling and completion costs that will benefit Range shareholders for decades to come. Looking at the results for the second quarter. Efficient operations in the field and strong well performance drove production of 2.3 BCF equivalent per day. Consistent with our previous calls, Range expects production to continue to ratably increase across the remainder of the year, underpinned by gas processing and related infrastructure that is in the early phases of commissioning. This will push production to 2.5 BCF equivalent per day by year-end. And is consistent with our previous guidance and setting this up well for 2027 and strengthening natural gas fundamentals. Capital for the quarter came in at $222 million as we added a second completion crude to begin working through a portion of the drilled uncompleted inventory we have built up over the previous 24 months.

同時，受惠於我們大面積且連片的土地持有部位，以及優秀的技術團隊，Range 正持續累積營運效率。本季創紀錄的營運成果，支撐了 Range 同業領先的鑽井與完井成本，並將在未來數十年為 Range 股東帶來效益。回顧第二季的成果。現場高效率作業與強勁的單井表現，帶動產量達到每日 23 億立方英尺當量（BCF equivalent）。與我們先前的電話會議一致，Range 預期在今年剩餘期間產量將持續按部就班地增加，主要受惠於仍處於試運轉初期的天然氣處理與相關基礎設施。這將推動年末產量提升至每日 25 億立方英尺當量。此亦與我們先前的指引一致，並為 2027 年及天然氣基本面轉強奠定良好基礎。本季資本支出為 2.22 億美元；我們新增第二支完井壓裂隊（frac crew），開始消化過去 24 個月累積的部分已鑽未完井（DUC）庫存。

The second quarter also included a spot horizontal rig that was added for a single pad development that will turn to sales later this year. We expect to return to a single horizontal rig and single frac crew operation for the fourth quarter, putting our capital plans right on track with prior guidance. With the activity mentioned earlier, we drilled approximately 190,000 lateral feet during the second quarter.

第二季也包含新增一部短期水平鑽機，用於單一井場（pad）的開發，該井場將於今年稍晚投產銷售。我們預期在第四季回到單一水平鑽機與單一壓裂隊的作業配置，使資本計畫與先前指引完全一致。在前述作業活動下，我們於第二季鑽進約 190,000 英尺的水平段長度（lateral feet）。

Continuing the operational momentum reported during the prior quarter, the team had 19 days where they drilled over a mile in the horizontal, with one of those 24-hour periods exceeding 10,500 feet. This level of operational efficiency advancement continues to reflect the team's ongoing hard work and drive to deliver on peer-leading drilling and completion cost per foot after over two decades of activity.

延續上一季所報告的營運動能，團隊有 19 天在水平段鑽進超過 1 英里，其中有一個 24 小時期間超過 10,500 英尺。在超過二十年的作業經驗基礎上，這樣的營運效率提升，持續反映團隊不懈努力，致力於交付同業領先的每英尺鑽井與完井成本。

Moving to completions, the team achieved the best quarterly performance in range history, utilizing the two frac crews I mentioned previously. Combined, the two crews completed nearly 1900 frac stages, including downtime for moving between pad sites. This equates to completing over 10 stages per day per crew, or an annualized rate of over 750,000 lateral feet for a single crew.

接著談完井方面，團隊在我先前提到的兩支壓裂隊運作下，創下 Range 歷史最佳單季表現。兩支隊伍合計完成近 1,900 個壓裂段（frac stages），其中包含在不同井場之間移動的停工時間。這相當於每支隊伍每日完成超過 10 個段次；若以單一隊伍年化計算，水平段長度超過 750,000 英尺。

And when looking at our base contracted electric frack fleet, efficiencies were nearly 14 stages per day. Additional completion records by the team for the second quarter included: the most frack stages performed in one day for a single crew at 20 and the highest pumping hours in one day at 22 hours.

而就我們基礎合約的電動壓裂車隊（electric frack fleet）而言，效率接近每日 14 個段次。團隊在第二季創下的其他完井紀錄包括：單一隊伍單日完成最多 20 個壓裂段，以及單日最高泵送時數 22 小時。

To achieve these records, the logistics management team kept pace, ensuring execution remained on track. I'd like to congratulate our team on reaching these levels of operational efficiency while doing so safely. To accommodate this increased completion activity and efficiencies, we have moved a portion of our second half 2026 drilling activity into 2027.

為達成這些紀錄，後勤管理團隊也同步跟上，確保執行進度維持在軌道上。我要祝賀我們的團隊在安全作業的前提下，達到如此高水準的營運效率。為配合完井活動與效率的提升，我們已將 2026 年下半年部分鑽井活動調整至 2027 年。

This sequencing keeps us right on line with the 2026 and 2027 capital spending and development plans we have discussed previously. Now shifting over to marketing, the ongoing disruption of global energy supply has showcased America's and Riggs' ability to respond to ever-changing global supply and demand balances.

此一排程安排使我們與先前討論的 2026 與 2027 年資本支出及開發計畫保持一致。接著談行銷方面，全球能源供應持續受干擾，凸顯了美國以及 Riggs 回應不斷變化之全球供需平衡的能力。

We believe this period has once again highlighted the United States' pivotal role in providing energy supply to the world. The ongoing build-out of LNG and NGL infrastructure to supply export markets has positioned the country to continue to meet this demand going forward, all while providing abundant, affordable energy to American residents, as well as commercial and industrial customers.

我們認為，這段期間再次凸顯美國在向全球提供能源供應方面的關鍵角色。為供應出口市場而持續擴建的 LNG 與 NGL 基礎設施，使美國得以在未來持續滿足此一需求，同時也為美國居民以及商業與工業客戶提供充足且可負擔的能源。

As we expected going into the second quarter, US exports of LNG, ethane and LPG delivered tremendous growth relative to the same time period last year. For natural gas, LNG feed gas in the second quarter averaged over 17 bcf per day, or 17% higher compared to the same time period in 2025.

如同我們在進入第二季前的預期，美國 LNG、乙烷與 LPG 的出口量相較去年同期呈現大幅成長。就天然氣而言，第二季 LNG 進料氣（feed gas）平均超過每日 170 億立方英尺（bcf），較 2025 年同期高出 17%。

We expect this momentum to be carried forward into 2027 and beyond as additional construction is completed. For natural gas liquids, U.S. waterborne ethane exports were estimated at 658,000 barrels per day for the second quarter, which is up 40% year-on-year and set a record high in June of nearly 750,000 barrels per day.

隨著更多建設完工，我們預期此一動能將延續至 2027 年及更長遠的未來。就天然氣液體（NGL）而言，第二季美國海運乙烷出口量估計為每日 658,000 桶，年增 40%，並於 6 月創下接近每日 750,000 桶的歷史新高。

For propane and butane, waterboard exports reached over 2.6 million barrels per day, which is also up 19% versus the first quarter and 30% higher year-on-year. LPG exports are expected to grow further into 2027 as an additional 360,000 barrels per day of LPG capacity becomes available via two new terminals early in the new year.

就丙烷與丁烷而言，海運出口量達到每日超過 260 萬桶，較第一季增加 19%，且年增 30%。隨著明年初兩座新碼頭新增每日 360,000 桶的 LPG 產能可用，預期 LPG 出口將在 2027 年進一步成長。

Looking ahead, we expect growing U.S. exports across natural gas, NGLs, and crude oil to strengthen domestic market fundamentals and support pricing across the products Range produces. Through the first half of this year, our marketing team has successfully navigated this rapidly evolving global market and capitalized on opportunities to generate incremental cash flow.

展望未來，我們預期美國在天然氣、NGL 與原油等領域的出口成長，將強化國內市場基本面，並支撐 Range 所生產各項產品的價格。在今年上半年，我們的行銷團隊已成功因應快速演變的全球市場，並把握機會創造額外的現金流。

As we emphasized during our first quarter call, Ranges' access to international markets for ethane, propane, and butane continues to generate differentiated margins for Ranges' NGLs. Our marketing team capitalized on strong international prices through the flexibility built into our export program, supporting another strong NGL premium of $3.49 per barrel over the Montbelvieu Index for the second quarter.

正如我們在第一季電話會議中所強調的，Range 對乙烷、丙烷與丁烷之國際市場的進入能力，持續為 Range 的 NGL 產品帶來差異化的利潤率。我們的行銷團隊透過出口計畫內建的彈性，把握強勁的國際價格，使第二季 NGL 相較於 Mont Belvieu 指數每桶溢價再度達到 3.49 美元。

While international netbacks have normalized since June, Raine still expects to capture premiums to Mont Belvieu in the coming quarters, given our proximity to Europe and the price structures embedded within our physical sales agreements. As a result, we have improved our full-year NGL guidance to $2.50 per barrel over the Mont Belvieu Index.

儘管自 6 月以來國際淨回收（netbacks）已趨於正常化，Raine 仍預期在未來幾季可持續取得相對 Mont Belvieu 的溢價，原因在於我們鄰近歐洲，以及實體銷售合約中所內含的定價結構。因此，我們將全年 NGL 指引上調至較 Mont Belvieu 指數每桶溢價 2.50 美元。

At the same time, we are improving our full-year natural gas guidance to $0.35 to $0.40 per MCF versus Henry Hub, reflecting a strong start to the year. As we enter the second half of our multi-year growth plan, we are excited about how the company is positioned, with financial and operational flexibility that allows us to efficiently align production growth with known demand.

同時，反映今年以來的強勁開局，我們也將全年天然氣指引上調至較 Henry Hub 每 MCF 溢價 0.35 至 0.40 美元。隨著我們進入多年成長計畫的下半場，我們對公司的定位感到振奮；我們具備財務與營運彈性，能有效率地將產量成長與已知需求對齊。

While generating free cash flow and returning capital to shareholders. We believe our robust inventory and relatively low capital intensity provides range a differentiated foundation for generating through-cycle returns for our investors. I'll now turn it over to Mark to discuss the financials.

同時創造自由現金流並將資本回饋股東。我們相信，我們充沛的庫存與相對較低的資本強度，為 Range 提供了差異化的基礎，使我們能在景氣循環中為投資人創造報酬。接下來我把時間交給 Mark，請他說明財務表現。

Thanks, Dennis. With the first half of 2026 behind us, the year is unfolding as a success both operationally and financially.

謝謝，Dennis。隨著 2026 年上半年告一段落，這一年在營運與財務兩方面都正展現為一項成功。

Our 2026 operational plan is focused on disciplined development of our asset, while capturing additional future value from growing demand. This plan was designed to deliver value from both future growth and to deliver returns to shareholders today. So let's dive right into what range has delivered to shareholders in 2026.

我們 2026 年的營運計畫聚焦於有紀律地開發資產，同時把握需求成長所帶來的額外未來價值。此計畫旨在同時交付未來成長的價值，並在今天就為股東帶來報酬。那麼我們就直接來看 Range 在 2026 年為股東交付了什麼。

In the second quarter, we repurchased $78 million in shares, bringing the first half of the year total to $105 million. We paid $24 million in dividends in the quarter, bringing year-to-date total to $47 million. Year-to-date, we've reduced debt by $337 million.

第二季我們回購了 7,800 萬美元的股票，使上半年合計達到 1.05 億美元。本季我們支付了 2,400 萬美元股利，使年初至今合計達到 4,700 萬美元。年初至今，我們已將債務降低 3.37 億美元。

In aggregate, this brings year-to-date enterprise value returned to equity holders to $489 million, roughly 5.5% of Range's market cap in just six months. Since initiating the share repurchase program, Range has acquired 35.9 million shares, a reduction of nearly 10%. These are tangible results delivered to shareholders through commodity price cycles. And indicative of what Range can continue to do on a growing scale as natural gas prices respond to rising domestic and international demand. With a strong balance sheet, roughly half a turn levered, Range's ability to return capital and pursue investments in the business is not delayed by balance sheet needs, but are being carefully evaluated and opportunistically executed.

合計而言，年初至今返還給股權持有人的企業價值達 4.89 億美元，僅六個月約相當於 Range 市值的 5.5%。自啟動股票回購計畫以來，Range 已回購 3,590 萬股，股數減少近 10%。這些是在商品價格循環中為股東交付的具體成果。也顯示隨著天然氣價格回應國內與國際需求上升，Range 能以更大規模持續做到這些。憑藉強健的資產負債表、槓桿約半圈（half a turn），Range 回饋資本並投資業務的能力不會因資產負債表需求而延宕；相關投資正被審慎評估並把握時機執行。

In early 2025, we announced a three-year plan charting a path of 20% growth in production to approximately 2.6 BCFE per day in 2027. 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 MCFE.

在 2025 年初，我們公布了一項三年計畫，規劃在 2027 年將產量成長 20% 至約每日 2.6 BCFE。此外，我們估計 Range 可在每年低於 6 億美元的鑽井與完井資本支出下維持每日 2.6 BCFE 的產量，約相當於每 MCFE 0.60 美元。

Let's put the resulting cash flow potential in perspective. Exiting this growth plan, averaging 2.6 BCFE per day, using a hypothetical mid-cycle natural gas price of $3.75, free cash flow would exceed $2.5 billion over a three-year period, approaching 30% of Range's current market cap. Alternatively. Cash flow in this scenario could repay all debt and still acquire a significant percentage of Range's shares outstanding. This illustration is a compelling result from any business, especially considering it's a baseline that assumes no further growth. We've successfully reached the halfway point of our current multi-year plan and are on track to deliver. But the Range business doesn't stall there. Range is a growth business, growth in cash flow per share. Driven by demand-pull production growth that improves margins, compounded by a declining share count. With a Marcellus inventory of 30-plus years, this asset can meet higher demand and sustain that production for decades. This is rare in our industry, which can produce more gas over time, but at an increasingly higher cost. From the perspective of a range shareholder. This means Range is a consistent and durable business through commodity price cycles. And from a customer perspective, it means affordable, clean, reliable supply. 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.

讓我們把由此帶來的現金流潛力放在脈絡中看。在完成此成長計畫後、平均每日 2.6 BCFE，假設中期循環天然氣價格為 3.75 美元，自由現金流在三年期間將超過 25 億美元，接近 Range 目前市值的 30%。或者，在此情境下的現金流可償還全部債務，且仍能回購相當比例的 Range 流通在外股份。這個示例對任何企業而言都是極具吸引力的成果，尤其這只是基準情境，並假設不再有進一步成長。我們已成功達到目前多年計畫的半程，並正按計畫交付。但 Range 的業務不會就此停滯。Range 是一家成長型企業——每股現金流的成長。由需求拉動的產量成長提升利潤率，再加上股數下降所帶來的複利效應。憑藉超過 30 年的 Marcellus 庫存，該資產可滿足更高需求並在數十年內維持產量。這在我們產業中相當罕見；許多公司雖能隨時間生產更多天然氣，但成本卻愈來愈高。從 Range 股東的角度來看，這意味著 Range 能在商品價格循環中維持一致且耐久的業務表現。而從客戶角度來看，則意味著可負擔、潔淨且可靠的供應。總結而言，Range 具備強勢地位，可持續在數個關鍵領域發揮策略優勢：透過營運效率維持優異的全週期利潤率，並為股東提供強勁的資本回饋。

And exploring business opportunities that position us for long-term growth in the evolving energy market. 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.

並探索能使我們在不斷演變的能源市場中取得長期成長定位的商機。隨著天然氣市場持續演進，Range 將保持敏捷、對市場訊號快速反應，並專注於為股東創造可持續的價值。我們對前方的機會感到振奮，並持續有信心我們的策略將帶來更優異的財務與營運表現。

Thanks, Mark.

謝謝，Mark。

Today's results continue to demonstrate range of strong operational performance against our stated multi-year 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.

今天的結果持續展現 Range 在我們既定的多年計畫下具備強勁的營運表現、穩定的自由現金流創造能力，以及對該現金流的審慎配置——在資本回饋、資產負債表強度與世界級資產基礎的最佳開發之間取得平衡。

As we review our results, our 2026 and multi-year plan is on track, and years of disciplined planning have placed us in the strongest position in our company history, having derisked a high-quality inventory measured in decades and translated that into a business capable of generating significant free cash flow through cycles. With that, let's open the line for questions.

在我們檢視成果之際，我們的 2026 年與多年計畫均按軌道推進；多年來的紀律性規劃使我們處於公司史上最強的位置，已降低以數十年計的高品質庫存風險，並將其轉化為一項能在景氣循環中產生可觀自由現金流的業務。接下來，我們開放提問。

(Operator Instructions) Jacob Roberts, TPH & Company.

（接線員指示）Jacob Roberts，TPH & Company。

Good morning. Good morning, Jake.

早安。早安，Jake。

Dennis, I wanted to start on the lateral feet, duct lateral feet backlog. I think you had half a million feet entering this year. And given some of the, frankly, pretty impressive efficiency gains you guys have seen in the completion side to start this year, where are those balances today and how you think about slowing that down for lack of a better term over the course of 2026 and 2027? Has that changed at all?

Dennis，我想先從水平段英尺數（lateral feet）、DUC 水平段英尺數的待完工量（backlog）談起。我記得你們在今年初大約有 50 萬英尺。考量到你們今年以來在完井端看到的一些——坦白說相當令人印象深刻的——效率提升，目前這些餘額是多少？以及你們如何看待在 2026 與 2027 年期間（姑且這麼說）放慢這個速度？這方面有任何改變嗎？

Yes, good morning, Jay. Thanks for the question and for joining us. I think when we take a step back and we start to look at the dynamics of the program over the remaining 18 months, you're right, the efficiencies have really allowed us to pull a little bit of that duck inventory forward. But when you think about '26 and '27, the plan was really to utilize the 400,000 lateral feet that essentially we had built up over the prior couple of years over the balance of '26 and '27.

是的，早安，Jay。謝謝你的提問，也謝謝你加入我們。我想當我們退一步、開始看未來 18 個月計畫的動態時，你說得沒錯，這些效率確實讓我們得以把部分 DUC 庫存提前消化。但當你看 2026 與 2027 年時，原本的計畫確實是要在 2026 與 2027 年剩餘期間，運用我們在前幾年累積起來、約 40 萬英尺的水平段英尺數。

We're still on track for that. So we're a few wells ahead. I think just that kind of a high level of estimation has allowed us to pull down a little bit of our drilling needs this year. And then we'll toggle that to a little bit more drilling activity next year, all within the same capital that we've communicated as a part of our materials and guidance. So think about it in some ways, a little bit of a dynamic that's a little bit different than where we were under the Maintenance Plus type program where we had a consistent two-rig program and we had. That maybe completions that was kind of oscillating as we built inventory. Now we're on the other side of that. And so we're able to have our completions activity remain more consistent. The efficiencies are allowing us in a great way to pull some activity forward, but we're going to then oscillate some of that drilling activity all while optimizing that duct inventory that's needed while staying on track with our program as we then start to produce and fill the new infrastructure that's in process of being commissioned. So great place to be in and we're. About the team's accomplishments.

我們仍然按計畫推進。所以我們目前已經超前鑽了幾口井。我認為，正是這種較高層級的估算，讓我們今年得以把鑽井需求稍微下調一些。接著我們會在明年把它切換為稍多一些的鑽井活動，而這一切都會維持在我們已在簡報資料與指引中對外溝通的同一資本額度之內。所以可以這樣理解：在某些方面，這種動態與我們先前採用 Maintenance Plus 類型方案時有些不同；當時我們維持穩定的雙鑽機計畫，而且我們有。當時完井活動可能會隨著我們建立庫存而有所起伏。現在我們已經走到那個階段的另一側。因此我們能讓完井活動維持更一致。效率提升讓我們能以很好的方式把部分活動提前，但之後我們會在優化所需的 DUC 庫存的同時，讓部分鑽井活動有所擺動；並且在我們開始生產、填充正在投運（commissioning）中的新基礎設施之際，仍能確保計畫按軌道推進。所以目前的位置非常好，而且我們。也為團隊的成果感到自豪。

Perfect, thank you. And when we think about it, it's a long-term, but...

太好了，謝謝。而當我們思考這件事時，這是長期的，但……

Talking about growth. And so when we think about what the company looks like exiting 2027, as you guys have laid out the growth plans, we'd agree that your inventory would include you in a subset of operators that can participate in what the industry broadly stages as a growth in the 2028 plus timeframe you guys laid out on Slide 20 there, the different avenues you might take. So I'm curious, not only from your perspective about the pace of growth that you might contemplate. This demand, but really how you view the industry and being able to respond to this in the Northeast, let's say, over the next five years?

談到成長。因此，當我們思考公司在 2027 年底的樣貌，依照你們所提出的成長規劃，我們同意你們的庫存（inventory）會讓你們成為一小部分能參與產業普遍所預期之 2028 年以後成長時期的營運商；你們在第 20 頁投影片也列出了 2028+ 的時間框架，以及你們可能採取的不同途徑。所以我想請教，不僅是從你們的角度看可能考量的成長速度。在這個需求之下，更重要的是你們如何看待整個產業，以及未來五年在美國東北部要如何回應這樣的需求？

Yes, we start to think about 2028 and beyond.

是的，我們開始思考 2028 年以及更往後。

Transition that we're in, we really have the ability to continue to grow at a similar -- I won't say identical, but a similar growth rate that you're seeing right now with a very similar capital investment, all with the similar resources of drilling and completions activity and with the same team. So if you look at what we've been able to accomplish with efficiencies and also just the ability to move back to pad sites with existing infrastructure for incremental phases of development, it's allowed us to really be nimble. And. React more quickly, I think, to the ability to grow. So when we think about '28 and beyond, I think we will have the ability to grow similarly to what you're seeing now with a very similar capital investment, again, team, resources. But it's going to start with the hope for that production. And as you point out in Slide 20, we're awfully encouraged by what we're seeing with the incremental few BCF that we've added to the in-basin high side case with takeaway and also in-basin demand for.

就我們目前所處的轉型而言，我們確實有能力在非常相近的資本投入下，以與你們現在看到的相似——我不會說完全相同，但相似——的成長率持續成長；而且所需的鑽井與完井活動資源相近，團隊也相同。所以如果你看我們透過效率提升所達成的成果，以及回到既有基礎設施的井場（pad sites）進行增量開發階段的能力，這讓我們能夠非常靈活。並且。我認為能更快速地回應成長的機會。因此當我們思考 2028 年及以後，我認為我們將有能力以非常相近的資本投入、同樣的團隊與資源，達到與你們現在看到的相似成長。但這一切將從對那部分產量的「去處」（home）之期待開始。正如你在第 20 頁投影片指出的，我們對於在高情境（high side case）中，因外運能力（takeaway）以及盆地內需求而新增的幾個 Bcf 增量感到非常振奮，尤其是用於。

And data centers. But as we see that further materialize, we feel like we'll be able to step right into that, just again, given our nimbleness in the program, our large blocky acreage position, and then on top of it, just the depth of inventory we have in the Marcellus. So I think that will be rare compared to maybe some others that will have the ability to do so. But again, it's going to start with having a home for that production.

以及資料中心。但隨著這些需求進一步具體化，我們覺得我們能夠直接承接並切入，原因仍在於我們計畫的靈活性、我們大而連片的租賃面積（acreage）部位，以及更重要的是我們在 Marcellus 擁有的深厚庫存。所以我認為，相較於其他一些公司，能做到這點的會相當少見。但再次強調，這將從為那部分產量找到去處開始。

Appreciate the time as always, guys. Thank you.

一如既往感謝你們撥冗。謝謝。

Doug Leggate, Wolfe Research.

Doug Leggate，Wolfe Research。

Hey, good morning, everyone. Excuse me. Oh, excuse me. I got fog in my throat. Mark and Dennis, I guess one of your peers last night put out a very detailed synopsis of all the potential growth.

各位早安。不好意思。喔，不好意思。我喉嚨有點卡。Mark 和 Dennis，我想你們的一位同業昨晚發布了一份非常詳細的摘要，涵蓋所有潛在的成長。

Data centers and so on, quite material, especially in the Appalachia area. So my question is, where do you see range position to compete on some of those supply agreements? Because obviously we've talked about this before, but your balance sheet is pristine, but yet you still have a sub-investment grade credit rating. I'm wondering if that's an issue and any kind of line of sight you could provide. That's my first question. My follow-up is.

資料中心等等，規模相當可觀，尤其是在阿帕拉契亞地區。所以我的問題是，你們認為 Range 在競爭這些供應協議時的相對位置如何？因為顯然我們之前談過，你們的資產負債表非常乾淨，但你們的信用評等仍低於投資等級。我想知道這是否會成為問題，以及你們能否提供任何可見度。這是我的第一個問題。我的追問是。

2027, Dennis, is right around the corner. You laid out the three-year plan. What's next as it relates to capital and growth aspirations? I'll leave it there. Thanks.

Dennis，2027 年已近在眼前。你們提出了三年計畫。接下來在資本配置與成長企圖方面會是什麼？我先問到這裡。謝謝。

Good morning, Doug. This is Mark. Maybe I'll start with the balance sheet and just some of Range's past accomplishments and deals to help frame what our balance sheet allows us to do as compared to what others do. So our balance sheet metrics are higher than our investment-grade peers, meaning stronger, meaning lower leverage, getting higher liquidity, all proportionate to our business.

早安，Doug。我是 Mark。也許我先從資產負債表談起，並回顧 Range 過去的一些成果與交易，來幫助界定我們的資產負債表相較於其他公司能讓我們做什麼。我們的資產負債表指標優於我們的投資等級同業，也就是更強——代表槓桿更低、流動性更高——且都與我們的業務規模相匹配。

We have had 15-plus year international export deals on the liquid side. We've done five, five-plus year deals with Japanese utilities on the LNG side and have cycled through multiples of those. We've already announced a 10-year deal in the Midwest to a power plant. So I will tell you that in our commercial discussions, the balance sheet and credit rating has never been a topic of discussion. Now.

在液體（liquids）方面，我們曾簽過 15 年以上的國際出口合約。在 LNG 方面，我們也與日本公用事業公司簽過 5 年以上的合約，而且已經多次循環續作。我們也已宣布在中西部與一座發電廠簽訂 10 年合約。所以我可以告訴你，在我們的商務洽談中，資產負債表與信用評等從來不是討論主題。現在。

That rating and achieving that rating will come as a byproduct and at the appropriate time for the business to enable range to continue to execute commercially and maximize the value of its inventory, whereas we're not handcuffed in operating the business by ever-changing guidelines from the rating agencies. It will be important and potentially useful at some point, but I think if you look at even the spread to our bonds today at just over 100 basis points to the index, we're trading at investment grade levels. So the market is. Through that and our customers do as well. That is not to say we're by any means opposed to it. It will come and we'll get there. But for the time being, certainly not a need to have, and the team's already meeting with success on the commercial side.

至於那個評等，以及在適當時點取得該評等，將會是業務發展的副產品；其目的在於讓 Range 能持續在商務面執行並最大化其庫存價值，同時我們不會因信評機構不斷變動的準則而在營運上被綁手綁腳。在某個時間點它會很重要、也可能有用，但我認為如果你看我們目前債券相對指數的利差僅略高於 100 個基點，我們的交易水準其實已接近投資等級。所以市場是。透過這點，我們的客戶也是如此。這並不是說我們在任何程度上反對取得投資等級。它會到來，我們也會達成。但就目前而言，這絕非必需品，而團隊在商務面已經持續取得成功。

Yeah, and I'll take it from here. Doug, I think you asked a good question as to how's Rage going to compete for some of these deals. I think if you look back over the last, we'll just say roughly 12 to 18 months, the.

好的，我接著回答。Doug，我認為你問了一個好問題：Range 要如何競爭其中一些交易。我想如果你回顧過去大約 12 到 18 個月，這個。

Build out of data centers and power demand opportunities in the region have really continued to evolve. And I think it's been a very active and busy space. Our marketing team has been incredibly engaged. With a lot of the counterparties that you've seen even major announcements from that could have other producers providing supply into them. Those entities have now had conversations with Range to look for incremental supply as they think about scalability of their facilities and also how they're looking to diversify, let's just say, operational and commercial risk within their organization. So maybe to dovetail on to what Mark's saying, we're not seeing any flags or questions around Range's ability to participate. I think what it's coming down to do is a host of variables, and a couple of them being proximity, diversity, and also inventory. And when you look at our marketing portfolio, what really brings the phone to ring on our desk a number of times is those 3 variables, and probably most importantly, the last one.

本區域資料中心的建置以及電力需求所帶來的機會，確實持續在演變。我認為這一直是一個非常活躍且忙碌的領域。我們的行銷團隊投入度非常高。我們與許多您所看到、甚至已發布重大公告的交易對手方互動；那些公告可能也會有其他生產商向其供應。這些實體如今也已與 Range 展開對話，尋求增量供應，因為他們在思考其設施的可擴展性，同時也在考量如何在其組織內分散（姑且這麼說）營運與商業風險。所以，或許呼應 Mark 所說的，我們沒有看到任何關於 Range 參與能力的警訊或疑慮。我認為最後取決於多項變數，其中幾項包括距離、分散性，以及庫存。而當你看我們的行銷組合時，真正讓我們桌上的電話多次響起的，就是這三個變數，而可能最重要的是最後一項。

The marketing portfolio that we have and the ability to not only produce in-basin but actually touch infrastructure regionally, we think is really important as well. Thus, the Ohio announcement that we made earlier this year, I think you could see us participate in other announcements similarly in the future. But again, really busy space. We're optimistic about the future of what this could look like for range and also the -- as we talked about earlier under the prior call. And I think your secondary follow-up question is, what does it look like beyond 2027? And again, we feel like we're in a really unique position that we will have grown our production by 20% over the balance of a two-year period. By the time we get to the end of 2027, we feel like we could, if we wanted to continue that momentum with a very similar capital investment. But even thinking on a, let's just say, a higher.

我們所擁有的行銷組合，以及不僅能在盆地內生產、還能在區域層面連結並觸及基礎設施的能力，我們認為同樣非常重要。因此，我們今年稍早發布的俄亥俄州公告，我想您也可以預期未來我們會以類似方式參與其他公告。但再次強調，這個領域真的非常忙碌。我們對未來這對 Range 可能呈現的樣貌感到樂觀，也對——如同我們先前在上一通電話中談到的——同樣抱持正面看法。我想您第二個追問是：2027 年之後會是什麼樣子？同樣地，我們覺得自己處在一個非常獨特的位置：在兩年期間的剩餘時間內，我們的產量將成長 20%。到 2027 年底時，我們認為如果我們想要延續這股動能，以非常相近的資本投入就能做到。但即便從一個，姑且說，更高的角度來看。

I won't call it blue sky scenario, but let's just say the high case, we feel like instead of running 1.5 type drilling rigs and 1.5 type frat crew programs, you could run a consistent two-rig program and two frat crew program with a very similar capital program you're seeing now and even have a little more growth. And so in the future, with our inventory and our team's ability to continue to also execute, we could see the ability to double the size of the organization's production just in a matter of a few years, so very exciting for us.

我不會稱之為「藍天情境」，但就高情境而言，我們認為，相較於目前運行 1.5 套鑽機與 1.5 套壓裂隊的方案，你可以在與現在所見非常相近的資本方案下，穩定運行兩套鑽機方案與兩套壓裂隊方案，甚至還能帶來更多成長。因此，展望未來，憑藉我們的庫存以及團隊持續執行的能力，我們看得到在短短幾年內把公司產量規模翻倍的可能性，這對我們而言非常令人振奮。

We're going to continue to engage on the marketing side. But again, I'll just kind of put a pin in it by saying this, these opportunities have to compete with the other options that we have in the portfolio, and we know that they will.

我們會在行銷端持續投入與接洽。但我再補一句作為重點：這些機會必須與我們投資組合中的其他選項競爭，而我們也知道它們會做到。

Great. Thank you, folks.

很好。謝謝各位。

Thanks, Doug. Thank you.

謝謝你，Doug。謝謝。

Michael Scialla, Stephens.

Michael Scialla，Stephens。

Dennis, you talked about the growing U.S. exports of LPGs and ethane, pushing the Mont Bellevue price closer to international prices, but you also increased your.

Dennis，你談到美國液化石油氣（LPG）與乙烷出口增加，推動 Mont Belvieu 價格更接近國際價格，但你也上調了你們的。

For your guidance for the premium, you expect Overmont Bellevue, so I want to see if you could talk about what you're seeing there, if you expect that premium to last in the next year due to some of the deals you've done with European pet cams, or do you expect the macro to kind of push the reversion back into place?

你們對 Mont Belvieu 溢價的指引預期有所提高，所以我想請你談談你看到的情況：你是否預期由於你們與歐洲石化公司的某些交易，這個溢價在未來一年仍會持續？還是你預期總體環境會讓價格回歸、把這種溢價拉回原位？

Yeah, good morning, Mike. HPL Dynamics have been no doubt exciting this year for us, and I think that's probably a consistent theme. You probably hear from us in one-on-ones and also in earnings calls. I think if you look at where propane stocks are now, clearly they've been elevated. Ethane, a little bit of a different story. It's been very similar, a little elevated, but very similar to where stock levels were a year ago. We've seen ethane pricing improve, as you've seen.

是的，早安，Mike。今年對我們而言，HPL 的動態毫無疑問相當令人振奮，我想這大概也是一個一貫的主題。你可能在我們的一對一交流以及財報電話會議中都聽過我們提到。如果你看目前丙烷庫存的位置，顯然是偏高的。乙烷則稍有不同。它也略偏高，但與一年前的庫存水準非常接近。我們已看到乙烷價格改善，如同你所看到的。

Long-haul transports start to go into service out of the Permian and thus change the extraction rejection dynamics clearly out of that basin. If you switch over to LPG, clearly the expansion of some dock capacity earlier this year, or I'll say in the spring timeframe, that flex capacity that went into service to move 360,000 barrels a day has really reshaped.

隨著從二疊紀盆地（Permian）出發的長途運輸開始投入服務，因而明顯改變了該盆地的抽提/回注（extraction/rejection）動態。如果把焦點轉到 LPG，顯然今年稍早——我會說在春季期間——部分碼頭裝載能力的擴充，那些投入服務、可彈性運輸每日 36 萬桶的產能，確實重新塑造了。

The curve as we think about -- as we entered into build season from an inventory perspective. And to put some color around that, that's reduced the build rate by 57% over last year and 40% versus the five-year average, so very meaningful numbers. And when you think about what's going on from a global dynamic standpoint right now and the need in some of the global market demand centers, it's really been helpful that out of the Gulf Coast range, the industry as a whole has been able to step up, if you will. And fill some of that global need. As we kind of look forward and look toward the 2030 timeframe, you're really seeing on both the ethane and the propane side more demand growth. So propane, for example, there's going to be approximately 1 million barrels of incremental demand growth that's going to take shape over the next four years through 2030, and the dock capacity is also under construction that would also -- or is planned that would support that. For 950,000 barrels. So it's all, what I'd say, hand in glove from an LPG perspective. And on the ethane, same story, another 750,000 barrels of incremental demand that should be coming online by the end of the decade, ships, dock capacity, all in line to support that. So we feel like that the vehicle is there. And when you look back again to ranges, inventory and what liquids will represent as we continue to move forward with the Rapono dock capacity.

我們對曲線的看法——尤其是在我們從庫存角度進入累庫季（build season）之際。補充一些背景：這使得累庫速度相較去年降低了 57%，相較五年平均也降低了 40%，是非常顯著的數字。而當你思考目前全球動態以及一些全球市場需求中心的需求時，墨西哥灣沿岸的 Range（以及整個產業）能夠挺身而出、如果你願意這麼說，確實非常有幫助。並填補部分全球需求。當我們往前看、看向 2030 年左右，你會看到乙烷與丙烷兩端都有更多需求成長。以丙烷為例，未來四年到 2030 年，將形成約 100 萬桶/日的新增需求成長，而碼頭產能也正在建設中，或已規劃可支援。約 95 萬桶/日。所以就 LPG 而言，我會說這是一套相互配合、密切契合的配置。乙烷也是同樣的故事：到本十年末，預計還會有另外 75 萬桶/日的新增需求上線，船舶、碼頭產能等都已就位以支援。因此我們認為，這個載體/通路是存在的。而當你再回頭看 Range 的庫存，以及隨著我們推進 Rapono 碼頭產能後，液體產品將扮演的角色。

That we will see go into service in 2027. It really allows us to have a unique dynamic with access to the international market off the East Coast that we continue to expect to see premiums versus the Bellevue Index. But even when we see moments where that may tighten because you see congestion lift out of the Gulf Coast, then absolute price goes on the uptick. And then I think you see range continue to win in a different way and remain competitive and have that leading edge. So.

該產能將於 2027 年投入服務。這確實讓我們具備一個獨特的動態：可從東岸進入國際市場，而我們仍預期相對於 Belvieu 指數會有溢價。但即便在某些時點，當你看到墨西哥灣沿岸的壅塞緩解、使得這個溢價可能收斂時，絕對價格也會走高。接著我認為 Range 會以不同方式持續勝出，保持競爭力並維持領先優勢。所以。

Well, we did answer this morning, but we're excited about the future of NGLs, and it goes far beyond what we're seeing just in the current dynamics globally.

我們今天早上其實已回答過，但我們對 NGL（天然氣液體）的未來感到振奮，而這遠不僅限於我們目前在全球所看到的動態。

Well, I appreciate that. I wanted to ask you, it looks like you drilled a Utica well here recently. A little surprised given the high-quality inventory depth of the remaining Marcellus locations you have. I just want to see if you could talk about what you're seeing in the Utica that encouraged you to drill that well and what your plans are for that play.

好的，我很感謝。我想請教你，看起來你們最近在這裡鑽了一口 Utica 井。考量到你們剩餘 Marcellus 井位仍有高品質庫存深度，這讓我有點意外。我想了解一下，你們在 Utica 看到哪些情況促使你們去鑽那口井，以及你們對那個區塊的計畫是什麼。

Yes, I'm glad you asked about our Utica well. I think if you look back over the course of time, what you're seeing is Range is going to most likely drill and complete a Utica well about every three, four, or five years, and it's to continue to evaluate the subsurface, advance our geological model, just continue. Continue to chip away at the learnings for that particular portion of our asset base. 99%, if not 100%, of our focus will continue to be on the Marcellus. But with all of the conversations we've already had just this morning about growing demand, optionality, and the ability to meet, let's just say, growing needs for power and energy for the lower 48, we see that this just adds another wrinkle and opportunity for RAINS to think about, whether it's years or decades down the road.

是的，很高興你問到我們的 Utica 井。我想如果你回顧一段時間，你會看到 Range 很可能每三、四或五年就會鑽完並完井一口 Utica 井，目的是持續評估地下地層、推進我們的地質模型，就這樣持續下去。持續累積該資產組合中那一部分的學習成果。99%，甚至 100% 的重點仍會放在 Marcellus。但就像我們今天早上已經談到的需求成長、選擇性（optionalities）以及滿足（姑且這麼說）美國本土 48 州電力與能源日益成長需求的能力，我們認為這又為 RAINS 增添了一個值得思考的變數與機會，不論是未來幾年或幾十年。

So wouldn't be having a possibility to see range again in a few years, drilling it and complete another well, but to continue on with that gathering of data and observation and comparing ourselves to what we see as the high watermark and advance that.

所以未來幾年你們很可能還會再看到 Range 回來，再鑽並完井另一口井，但主要是為了持續蒐集資料、觀察，並把我們自己與我們所看到的高水準（high watermark）做比較，進而推進。

In the future from the Utica perspective. I think simply put, the day we decide to make that a part of our development program, we want to have a similar confidence level with our Utica program that we would, that we've conveyed with our Marcellus program. So we'll slowly chip away at it. We're really encouraged by the well results we're seeing right now. It's really early. We're only a couple of months in, but look forward to sharing some of the details in the future.

從 Utica 的角度看未來。我想簡單說，當我們決定把它納入我們的開發計畫時，我們希望對 Utica 計畫有與我們對 Marcellus 計畫同等的信心水準，也就是我們一直對外傳達的那種信心。所以我們會慢慢地一步步推進。我們對目前看到的井結果非常受到鼓舞。現在還很早。我們才進行了幾個月，但期待未來能分享一些細節。

Sounds good. Thanks, Des.

聽起來不錯。謝謝你，Des。

Thank you, Mike.

謝謝你，Mike。

Kevin MacCurdy, Pickering Energy Partners.

Pickering Energy Partners 的 Kevin MacCurdy。

Hey, good morning. To follow-up on the comments about your liquids, would that growth be weighted towards NGLs or gas, or do you expect kind of a similar liquids mix in 2027 and beyond?

嗨，早安。延續你們對液體產量的評論，那個成長會比較偏向 NGL（天然氣液）還是天然氣？或者你們預期 2027 年及之後的液體組合會大致相同？

Yes, Kevin, there was a brief moment where you cut out, but I'm going to -- I think I understand the gist of your question. And if I've missed something, please circle back to us here. When we think about the production growth over the next -- really through our current multiyear plan, it's weighted pretty similarly to what you've seen us execute in the past where the liquid side of our production profile has been -- and activity has been somewhere around, let's just say, plus or minus 65% to 70%, and then the remaining 30% to.

是的，Kevin，你剛剛有一小段斷訊，但我會——我想我理解你問題的重點。如果我漏掉了什麼，請再回來補充。當我們思考未來——其實是貫穿我們目前的多年期計畫——的產量成長時，其權重與你過去看到我們執行的情況相當類似：我們產量結構中的液體端——以及相關活動——大約在 65% 到 70% 上下，然後剩下的 30% 到。

35% would be on the dry gas contribution. That should be and feel very similar going forward as well. It's aligned well with our infrastructure, our inventory. But I will say this, over the course of time, I think you're going to see us evaluate where our activity would be most located to fill future demand growth and what's economically advantaged, focusing on margins.

35% 會來自乾氣的貢獻。往後也應該、也會感覺非常相似。這與我們的基礎設施與庫存配置很一致。但我也要說，隨著時間推進，我想你會看到我們評估把活動最適合放在哪裡，以滿足未來需求成長，以及哪裡在經濟上更具優勢，並聚焦於利潤率。

But the liquids component will continue to play a strong part of our story going forward. No big divergence from what you've seen us execute in the past.

但液體組成仍會在我們未來的故事中扮演重要角色。不會與你們過去看到我們的執行方式有太大分歧。

Great. I appreciate that. And then maybe coming back to your comments on some of the drilling moving from 2026 to 2027, can you kind of bridge the gap on however you like to describe it, whether it's turning lines or.

很好。我很感謝。另外回到你提到有些鑽井從 2026 年移到 2027 年的評論，你能否用你喜歡的方式把差異銜接起來說明一下，不管是以轉線（turning lines）或。

Net lateral footage that you originally planned to drill in 2026 that has moved to 2027. And was that just a capital decision based on drilling wells faster?

原本計畫在 2026 年要鑽的淨水平段長度（net lateral footage）有多少移到 2027 年。而這是否只是因為鑽井速度更快所做的資本配置決策？

So I guess taking a step back to the numbers for 2026, I think just at a very high level, you're talking about a pad side of wells approximately. So we're not talking about a huge number of incremental.

我想先退一步回到 2026 年的數字，從很高層次來看，你談的是大約一個井場（pad）規模的井數。所以我們談的不是很大量的額外。

Activity on the duck inventory versus the tills. And a part of that just comes down to the capital that gets allocated roughly to one side of the operation versus the other. So pulling down drilling activity allows us to no doubt redistribute that sequencing and capital, but it's also not the bigger part of the overall equation. So think about next year it being a minimal of probably an incremental pad site that we would then think about shifting that capital over to 2027. But as we looked at the duck. Inventory by the time we get to the end of '27, I will just say it's only -- it's not in high demand and high need. It's really setting us up for how we're thinking about capital and activity for 2028.

在 DUC 庫存相對於 TILs 上的活動。其中一部分就是取決於資本大致分配到營運的一邊或另一邊。因此，降低鑽井活動無疑讓我們可以重新分配時序與資本，但這也不是整體方程式中最主要的部分。所以想像明年大概只是最少增加一個井場，我們會考慮把那部分資本移到 2027 年。但當我們看 DUC。庫存時，到 2027 年底我只能說，它並不是高需求、迫切需要的狀態。它更像是在為我們如何思考 2028 年的資本與活動做準備。

Thank you, Dennis.

謝謝你，Dennis。

Thanks, Kevin.

謝謝，Kevin。

Leo Mariani, Roth.

Roth 的 Leo Mariani。

Good morning, guys. I was hoping you could provide maybe just a little bit more color on how you see third quarter production in CapEx trending. Obviously, you spent about a third of your CapEx budget in QQ. So can you give us a little flavor of how that may change in the next couple of quarters? And you mentioned kind of ramping production nicely in the second half as you're filling.

各位早安。我希望你們能再多提供一點關於你們如何看待第三季產量與資本支出（CapEx）走勢的細節。顯然你們在 QQ 花了大約三分之一的 CapEx 預算。所以你們能否讓我們稍微了解一下，接下來幾季可能會如何變化？另外你們提到在下半年隨著你們填滿。

Some of the new infrastructure, could you provide a little bit of color in terms of how you see the growth trajectory there in 3Q and 4Q?

一些新的基礎設施，產量會有不錯的爬升；你們能否就第三季與第四季的成長軌跡提供一些說明？

You bet. Thanks for joining us, Leo. I think a way to think about the second half of the year for us is, I'll kind of describe it, what we're going to execute and then maybe relative to the first two quarters and hope that will help provide some color.

當然可以。謝謝你加入我們，Leo。我認為思考我們下半年的方式是：我會先描述我們將要執行的內容，然後再相對於前兩季做個比較，希望能提供一些脈絡。

First quarter, we had essentially a couple of drilling rigs, and we had one completion crew. By the time we got to the second quarter, we started right out of the gate with a second completion crew, and we maintained a second rig for some spot activity. We tried to cover some of that, I know, in the prepared remarks. So there's your, I'll just say, your dynamic of how activity and capital were somewhat tied together through the changes of the first half of the year. We're down to essentially.

第一季，我們基本上有兩座鑽機，並且有一組完井隊。到了第二季，我們一開始就啟用第二組完井隊，同時維持第二座鑽機做一些零星作業。我知道我們在事先準備的講稿中有試著涵蓋一些。所以這就是——我姑且說——上半年活動量與資本之間如何隨著變化而連動的動態。我們目前基本上降到。

One completion crew right now. We've got a second completion spot crew that will execute one pad site for us sometime toward the back half of the quarter. And then in Q4, we'll be down to one drilling, one rig, and one completion crew. So to put it plainly, you're going to see from an activity basis us kind of get slower toward the end of the year because of all of the turn in lines that will then come out of this activity from Q2.

一組完井隊。我們還有第二組完井的臨時隊伍，會在本季後半段某個時間為我們執行一個井場。而到了第四季，我們會降到一個鑽井、一座鑽機，以及一組完井隊。所以直白地說，從活動量角度，你會看到我們在年底前會逐步放慢，因為第二季這些活動所帶來的轉線（turn in lines）將會陸續產出。

Underpin our production growth as we go through the back half of the year. But capital is going to, at least for Q3, should look something similar between what you saw in Q1 and Q2. So you'll see that come down in line. And then again, Q4 is going to be probably more in line with what you saw in Q1. Production-wise, clearly for Q2, we reported 2.3 DCF a day. We're still on track with what we communicated at the prior call.

支撐我們在今年下半年推進產量成長。但資本支出至少在第三季，應該會與你們在第一季和第二季看到的水準相近。所以你們會看到它回落到相近的水平。然後同樣地，第四季大概會更接近你們在第一季看到的情況。就產量而言，顯然在第二季，我們報告的是每日 2.3 DCF。我們仍然符合先前電話會議中所溝通的進度。

To see a production level get to 2.4 BCF equivalent for Q3 and then end the year at 2.5. And of course, next year's plan is we'll get more further refined as we get closer to the end of the year, but that's still on track for 2.6 BCF equivalent per day.

第三季的產量水準可望達到每日 2.4 BCF 當量，並在年底達到 2.5。

I was going to say infrastructure that is needed to deliver on that is all on track. So from a gathering and compression standpoint, that infrastructure has gone into service already. And from a processing standpoint, we're actually seeing commissioning has already initiated for.

我想說的是，為了實現這些目標所需的基礎設施也都按計畫進行。因此，從集輸與壓縮的角度來看，相關基礎設施已經投入服務。而在處理端，我們其實已經看到試車（commissioning）已經開始啟動。

For the processing infrastructure that's going to support this, or it's in process. So by the time we get into August, we should see meaningful volumes start to flow through, let's just say, quote, the incremental additions, so everything is on track.

用以支撐這些目標的處理基礎設施，將會提供支援，或目前正在進行中。所以到我們進入 8 月時，應該會看到有相當可觀的量開始流入，姑且稱之為「增量新增」的部分，因此一切都在軌道上。

Okay, very thorough, really appreciate that. You talked about this already on the call a couple of times in some of your prepared commentary on the release. Clearly, range has tremendous optionality as we head out of '27 into '28.

好的，非常詳盡，真的很感謝。你們在電話會議中已經提到幾次，也在新聞稿的預先準備說明中談到。很明顯，隨著我們走向 2027 年並進入 2028 年，Range 具有非常大的選擇權（optionalities）。

Just to kind of simplify it, is it fair to say if there is that demand pull for Appalachian gas materializes in 2028, as many people expect that investors should expect range to grow that year, recognizing that you've got plenty of time to decide on that? Is that how people should think about it?

為了把它簡化一下，這樣說是否合理：如果 2028 年阿帕拉契天然氣的需求拉動真的如許多人預期般出現，那麼投資人應該預期 Range 在那一年會成長，同時也理解你們還有充足時間再做決定？大家應該這樣理解嗎？

This is Mark. I think at a high level that is a simple summary of the situation. I mean, range sitting on 30 plus years of Marcellus inventory alone. This is a growth company.

我是 Mark。我認為從高層次來看，這確實是對情況的簡單總結。我的意思是，僅就 Marcellus 而言，Range 就擁有 30 年以上的庫存（inventory）。這是一家成長型公司。

But as I framed in my prepared remarks, it's a growth company to meet customer demand. We will feed that as it comes online. So there's nothing to say that range doesn't double production. I mean, even in that case, 30-plus years of more sales inventory, hypothetically, it's still 15-plus, well over 15 years of inventory, still industry-leading.

但如同我在事先準備的發言中所說，這是一家為了滿足客戶需求而成長的公司。我們會在需求上線時提供供給。所以沒有任何理由說 Range 不能把產量翻倍。我的意思是，即便在那種情況下，假設仍有 30 年以上的可銷售庫存，翻倍之後也仍有 15 年以上、遠超過 15 年的庫存，依然是業界領先。

There's nothing in the inventory, there's nothing operationally, and there's nothing on the infrastructure side that would prohibit us from pursuing that opportunity, provided we were comfortable and confident in the margins related to those end sales points that was the demand pull scenario. So it's a little bit early, but we want to keep working through this growth plan we've announced, this current growth plan. But as we get a little bit closer to '28, '29, and '30. You could expect us to begin providing a little bit more guidance on how we see that unfolding as we see the additional takeaway from the base income online, the power plants, the data centers that we've run through come online, as well as declines from some producers that we're able to step in and either take market share or increase in the absolute as the market needs. So I think you summarized it well. Growth is a question of when and how much for range.

無論在庫存、營運或基礎設施面，都沒有任何因素會阻止我們追求那個機會，前提是我們對與那些終端銷售點相關的利潤率感到安心且有信心——也就是需求拉動的情境。所以現在談還稍早，但我們希望持續推進我們已宣布的成長計畫，也就是目前這個成長計畫。但當我們更接近 2028、2029 與 2030 年時，隨著更多外運能力（takeaway）在基礎情境下上線、我們提到的電廠與資料中心陸續投運，以及部分生產商產量下滑時我們能夠介入、要麼取得市占、要麼在市場需要時提高絕對供給量，你們可以預期我們會開始提供更多指引，說明我們如何看待這一切的展開。所以我認為你總結得很好。對 Range 而言，成長的問題在於何時以及成長多少。

Okay. Thank you so much.

好的。非常感謝。

Thank you.

謝謝。

Paul Diamond, Citi.

Paul Diamond，花旗（Citi）。

Thank you. Good morning. Thanks for taking the call. Just wanted to quickly touch base on slide 10. You guys talked about, $5 million to $15 million spent future inventory.

謝謝。早安。感謝讓我提問。我想快速針對第 10 頁投影片確認一下。你們提到，未來庫存的投入金額為 500 萬到 1,500 萬美元。

Can you talk about the opportunity sets you see around those kind of the small ball acquisitions, given recent volatility, the bid asks widening out, or is there still kind of a decent clickable opportunity there?

在近期波動、買賣價差擴大之下，你能談談你們在這類「小型收購」（small ball acquisitions）周邊看到的機會集合嗎？還是說那裡仍然有不錯、可執行的機會？

Good morning, Paul. I think as we start to think about the opportunities in the basin, I think there's probably a number. From an M&A perspective, I think that that list gets smaller when you look at some of the activity that's occurred over the past number of years and especially those that could have some industrial logic and really connect with an organization like Range.

早安，Paul。我想當我們開始思考盆地內的機會時，可能確實有不少。從併購（M&A）的角度來看，考量過去幾年發生的一些交易活動，尤其是那些在產業邏輯上能夠成立、並且真正能與像 Range 這樣的組織連結的標的，名單會變得更小。

But as you've heard us say a number of times, one of the beauties of our store is we're really not in a position where we have to be, I think, aggressive on an M&A type front. Instead, we can continue to organically grow, we can double the size of the company.

但如同你們多次聽我們說過的，我們這個「資產組合」的一大優勢是，我們其實不必在併購前線採取我認為的激進策略。相反地，我們可以持續透過內生成長，我們可以把公司規模翻倍。

By doing so organically through activity in the years ahead, we've got growing demand that's headed our way, and so the depth of our inventory just to the Marcellus alone continues to, I'll just say, shine in a way that changes the dynamic around the need for M&A versus others.

透過未來幾年的作業活動來實現內生成長，我們正迎來成長中的需求；因此，僅就 Marcellus 而言，我們庫存的深度持續——我就說——以一種改變「是否需要併購」這個動態的方式在發光發熱，相較於其他公司更是如此。

I think there's other opportunities in basin where we see there's still some acreage that could be acquired.

我認為在盆地內還有其他機會，我們看到仍有一些土地（acreage）可以收購。

That could be complementary and probably more smaller type components, but there still is some of that that we could consider investing in and I think lastly, as you've heard us kind of walk through in the past, we think there are other ways that we can invest in the business with cash flow that we generate, one being investing in the midstream infrastructure, the other could be. Other complementary components that allow us to think differently. So anyway, M&A probably going to be on the lower end of the scale for us, and we can continue to chip away at our inventory and grow organically.

這些可能具有互補性，且多半是較小型的組成部分，但仍有一些我們可以考慮投入；最後，如同你們過去聽我們逐步說明的，我們認為還有其他方式可以運用我們所產生的現金流投資於業務，其中之一是投資於中游基礎設施，另一個可能是。其他互補性的組成部分，讓我們能以不同方式思考。總之，對我們而言，併購大概會落在較低的比重，我們可以持續逐步消化我們的庫存並透過內生方式成長。

Got it. And then just one more quick follow-up. You guys talked about the ability to return to pad sites. What is this infrastructure providing kind of a competitive advantage? I think you provide a bit more color on that opportunity set, how much the acreage does. In a similar vein and how much did the, I guess you quantify a bit on what that actually improves on the notional well costs?

了解。再一個很快的追問。你們談到能夠回到既有的井場平台（pad sites）。這些基礎設施如何提供競爭優勢？我想請你們就那個機會集合多補充一些細節：有多少是來自土地（acreage）的因素。同樣地，以及你們能否量化一下，這實際上對名目井成本（notional well costs）改善了多少？

When we start to look at the number of pad sites that we have for operations in the basin, I'm going to approximate some numbers here, but roughly it's approximately 250 pad sites.

當我們開始檢視我們在盆地內用於營運的井場平台數量時，我這裡會用一些約略數字，但大致上約為 250 個井場平台。

When you look at the number of pad sites that we've returned to for incremental phases of development, it's approximately a third. And so when you start to kind of ask the question, I think, around what's the opportunity set, I think one is it's large. And I think when you look at how lateral links have extended over the last few years, and I know we tend to showcase some of those operational results quarter-over-quarter, but with 20,000-foot laterals now being drilled by range.

當你看我們為了增量開發階段而回到既有井場平台的數量時，大約是三分之一。因此，當你開始問到機會集合是什麼時，我認為第一，它很大。而且我認為，當你看過去幾年水平段（lateral）長度如何延伸——我知道我們傾向於逐季展示一些營運成果——但現在 Range 已經在鑽 20,000 英尺的水平段。

Our average is now approaching something that's between 12,000 to 15,000 feet on a daily basis, with some of those longer opportunities touching 18,000 to 20,000, it really, I'll just say, expands how much going back to a pad site can really mean for your ability to drive some of your lowest capital efficiency operations going forward. So we see this as being something that, A, we've now done for. I'm going to say probably a decade, if not a little bit longer, and you should expect to see that to continue to be an important component of our overall operation.

我們目前的平均值正逐步接近每日 12,000 到 15,000 英尺之間，其中一些較長的機會可達 18,000 到 20,000 英尺；我只能說，這確實擴大了回到同一個井場（pad site）對於你未來推動部分資本效率最低的作業之能力所代表的意義。因此我們認為這是一件事情，A，我們現在已經做了。我想大概有十年，甚至更久一點，而你應該預期這將持續成為我們整體營運的重要組成部分。

Efficiencies, when you look back on returning to pads with incremental phases of development, we've seen efficiencies improved as much as 30%.

效率方面，當你回頭看以增量式開發階段回到同一個井場時，我們看到效率提升最高可達 30%。

That's not on every pad site, but we have seen that on some. And as you would expect, with a very talented team that focuses on efficiencies and rooting out non-productive time, it really gives us the ability, when we go back to that pad site, to study what went right and what could be better. And the team does a great job of, I'll just say, further building upon the prior execution and trying to be, I'll just say, execute quicker.

這不是每一個井場都如此，但我們確實在部分井場看到了。而且如你所預期，憑藉一支非常有才華、專注於提升效率並剔除非生產時間的團隊，當我們回到該井場時，這真的讓我們有能力去研究哪些做對了、哪些還可以更好。團隊做得非常好；我只能說，他們在先前執行的基礎上持續精進，並努力做到——我只能說——更快地執行。

I think you've seen that in the results that we reported this past quarter. Difficult to frame exactly what that means on a cost-per-foot basis. I know we talked about that some, but it's impactful. I'll just say overall, it's not uncommon for it to be a double-digit cost-per-foot savings on a program a year, but it depends upon which phase of the operation is harvesting that. That value. But I think at a high level, you can always make the assumption that we're getting a chance to reutilize the pet site, the production infrastructure, and also the roadways, and that's cost that really just comes off the top.

我想你已在我們本季所報告的結果中看到這一點。要精確界定這在每英尺成本（cost-per-foot）上的意義並不容易。我知道我們也談過一些，但它確實有影響。我只能說，整體而言，在一年期的某個計畫上，出現每英尺成本的兩位數節省並不罕見，但取決於是哪一個作業階段在實現那個。價值。但我認為從高層次來看，你可以一向假設我們有機會再利用該井場、既有的生產基礎設施，以及道路系統，而這些成本基本上就是直接從總成本中扣掉。

Got it. Appreciate the clarity. I'll leave it there.

了解。感謝說明得很清楚。我就先到這裡。

Thank you, Paul.

謝謝你，Paul。

Phillip Jungwirth, BMO.

BMO 的 Phillip Jungwirth。

Yeah, thanks. Good morning.

好的，謝謝。早安。

A couple of years ago, you guys had shown some slides showing contractual GP&T costs declining through 2030. I think it's mostly on the gathering side, but you'd also referenced some transportation optionality just on renewal of certain contracts. Just wondering if you could update us on any potential GP&T savings that we could still see between now or 2025 and 2030?

幾年前，你們曾展示過一些投影片，顯示合約性的 GP&T 成本一路下降到 2030 年。我想主要是在集輸（gathering）端，但你們也提到在某些合約續約時有一些運輸選擇權（transportation optionality）。想請問你們能否更新一下，從現在或 2025 年到 2030 年之間，我們仍可能看到哪些潛在的 GP&T 節省？

Yeah, Phil, thanks for the question. GPT is obviously a significant investment to underpin our portfolio of transportation options. It gets us all over the country and internationally. So to your point, an element of our gathering had and does have declining costs over time. If you think about the full stack of your gathering and transportation, you've got your...

好的，Phil，謝謝你的問題。GP&T 顯然是一項重要投資，用以支撐我們的運輸選項組合。它讓我們能覆蓋全美並延伸到國際市場。因此如你所說，我們的集輸（gathering）有一部分過去有、現在也仍有隨時間下降的成本。如果你把集輸與運輸的完整成本堆疊（full stack）想一想，你會有你們的……

Wellhead gathering system. You've got your what I'll call intermediate transport and your interstate pipelines and the pipeline tariffs. Pipeline tariffs have inflation factors built into them based on various inflation factors and are adjusted for all shippers on those annually. So everyone is subject to an inflation re-rate. So what you've seen with us holding GP&T, relatively flat and improvement over time, and again, for the moment, I'm setting aside the percent of proceeds processing costs related to NGL prices. If you're just looking at the fixed costs or throughput costs, you've seen inflation on the interstate transport largely offset by the declines on our gathering system. So we have realized those, and that's why we've been able to keep a very competitive and stable GP&T over a period of years. So that decline is still embedded in there and is helping offset inflation rerates you'll see in interstate pipelines.

井口集輸系統（wellhead gathering system）。你還有我稱之為中段運輸（intermediate transport）、以及州際管線（interstate pipelines）與管線費率（pipeline tariffs）。管線費率內含依據各種通膨指標的通膨因子，並且每年對所有託運人（shippers）進行調整。因此每個人都會受到通膨重訂費率（inflation re-rate）的影響。所以你看到我們的 GP&T 大致持平並隨時間改善；另外，此刻我先把與 NGL 價格相關的按收益比例（percent of proceeds）的處理成本先放一邊。如果你只看固定成本或按吞吐量計的成本，你會看到州際運輸的通膨上升，在很大程度上被我們集輸系統的成本下降所抵銷。因此我們已經實現了那些效益，這也是為什麼多年來我們能維持非常具競爭力且穩定的 GP&T。所以那個下降趨勢仍然內嵌在其中，並持續幫助抵銷你在州際管線上看到的通膨重訂費率。

As we look ahead at future opportunities, here recently and over the years, the marketing team does a great job of always trying to optimize what we have.

展望未來的機會，近期以及多年來，行銷團隊一直做得很好，總是在努力把我們現有的配置最佳化。

On an annual basis, it tends to be relatively small pieces. It could be 10,000 a day type packages, so we're releasing or picking up capacity that others are not using. As we approach, 15-year marks from, let's call it inception, from the.

以年度來看，通常都是相對小的部分。可能是每天 10,000 這類的套裝量（packages），因此我們會釋出或承接其他人未使用的容量。當我們接近——從我們所稱的起點（inception）算起——15 年的時間點，從那個。

Bigger development phase, moving into development in earnest horizontally of the Marcellus on the liquid side and on the gas side. We have renewal options on transportation, and those are certainly under evaluation. As we look at transportation, like we always say, we like diversity in outlets. We like having access to markets across the U.S. And getting our liquids on the international market. What it comes down to is we are looking for durable, high margins.

較大型的開發階段，進入 Marcellus 在液體端與天然氣端的水平井實質開發。我們在運輸合約上有續約選擇權，而這些當然正在評估中。在運輸方面，如同我們一向所說，我們喜歡出口（outlets）的多元化。我們喜歡能接觸全美各地市場，並讓我們的液體產品進入國際市場。歸根結底，我們在尋求的是可持續的高利潤。

So.

所以。

That does not always mean purely reducing cost. It's about the strength, durability and growth of those end markets. So with each renewal, we evaluate what the strength of that market, with any opportunity to pick up transport, we evaluate the durability, the growth option and the expansion of margin. Or as we sit here today and talk through power, in-basin power demand.

那並不總是意味著單純降低成本。而是關於那些終端市場的強度、韌性與成長性。因此每一次續約，我們都會評估該市場的強度；每一次有機會取得運輸，我們都會評估其韌性、成長選項以及利差擴張。或者就像我們今天坐在這裡談電力一樣，盆地內（in-basin）的電力需求。

Be it just general ResCom industrial or data centers, and we have contracts, for example, in the Midwest that we announced to a power plant. We look at the value of that transport to see what the growth and the margin opportunity is, and we will certainly have the ability to renegotiate and evaluate releasing some of it based on in-basin demand. What I would also say is you're seeing a bit of. Reversion to historical status in the industry as to who owns and who holds the transport. Rewind 20, 30 years ago, utilities and others needed surety of supply. So they reached out to help transport so that they could pull that supply to their needed markets and fulfill their obligations. You've seen that in newer pipelines. Look at MVP. That was largely underwritten by utilities in the Mid-Atlantic region and Southeast. As we look at projects that are being.

不論是一般的住宅/商業（ResCom）與工業，或是資料中心；而且例如我們在中西部宣布了與一座電廠的合約。我們會看那段運輸的價值，評估其成長與利差機會；並且我們當然有能力基於盆地內需求，重新談判並評估釋出其中一部分。我還想說的是，你也看到產業在誰擁有、誰持有運輸容量方面，出現了一點。回歸到歷史狀態。把時間倒回 20、30 年前，公用事業與其他單位需要供應確定性（surety of supply）。因此他們會主動出面協助運輸，好讓他們能把供應拉到所需市場並履行其義務。你在較新的管線也看到了這點。看看 MVP。那在很大程度上是由中大西洋地區與東南部的公用事業承擔（underwritten）。當我們看正在被。

Talked about today, newer expansions or new pipelines, it is likely in our assessment that those are underwritten by liquefaction, capacity holders, or utilities who need that gas, be it down in the Yearcot region, Midwest, or Southeast. So, I think that gives us additional choices to make where we already sell into the air transport, where they pick it up in basin, but you could also see us as an industry in range specifically given the significant valuable. Portfolio we hold, release that and still sell to the same customers, but someone else has that on their balance sheet. So long-winded answer to your question, we're focused on expanding margins and durable margins, reaching growth opportunities over time. And we certainly have a lot of choices to improve those costs as these contracts reach maturity.

今天討論中的專案——較新的擴建或新管線——依我們的評估，很可能是由液化（liquefaction）、容量持有人（capacity holders）或需要那批天然氣的公用事業來承擔，不論是在 Yearcot 地區、中西部或東南部。因此，我認為這讓我們有更多選擇：我們已經在某些情況下把氣賣到所謂的「air transport」（原文如此），由對方在盆地內提貨（pick it up in basin）；但你也可能看到我們——作為產業的一部分——特別是在我們持有相當有價值的。運輸組合（portfolio）的情況下，釋出那些容量，同時仍賣給相同客戶，只是由其他人把那部分放在他們的資產負債表上。所以對你問題的回答比較長：我們專注於擴大利差與可持續的利差，並隨時間掌握成長機會。而且隨著這些合約到期，我們確實有很多選擇可以改善那些成本。

Yeah, that's really helpful.

是的，那真的很有幫助。

And then I was also hoping you could just elaborate by what you mean when you say growth volumes beyond 27 needing a home.

另外我也希望你能再多說明一下，你提到 27 年之後的成長量需要「有去處」時，具體是什麼意思。

Are we specifically talking about supply deals, the range is secured, do you need more long-haul FP in place, optimization on the NGL marketing side?

我們是在特別談供應協議嗎、銷售區間是否已鎖定、是否需要配置更多長途 FP（固定價格）合約、或是在 NGL 行銷端做最佳化？

And how should we think about any additional processing capacity or appetite to sell gas at in-basin pricing?

以及我們該如何看待任何額外的處理產能，或是以盆地內（in-basin）定價出售天然氣的意願？

I guess maybe I'll start this one and Dennis and Allen may jump in, but let's start from the end market. We're talking about demand pull and how we think about this. We want a home for the molecules. So take the Midwest example we had of a power plant. That's a clear. Bilateral agreement that was put in place. But if we can look to a sales point, a sales hub, and see and quantify the growth, and we can meet some of that growth, we will supply into that growth. It doesn't necessarily have to be bilateral contracts, locking it up. But you do want to know that there's incremental demand. Said differently, we're not just going to grow, sell it in basin, and hope that it finds a home. So hopefully that gives you a little bit of clarity.

我想這題我先回答，Dennis 和 Allen 也可能會補充，但我們先從終端市場談起。我們談的是需求拉動，以及我們如何看待這件事。我們希望這些分子（molecules）有去處。以我們提到的中西部電廠為例。那是一個很明確的案例。當時建立了一份雙邊協議。但如果我們能看向某個銷售點、銷售樞紐，並看到且量化其成長，而我們也能滿足其中一部分成長，我們就會供應到那個成長裡。不一定非得是雙邊合約把它鎖死。但你確實希望知道有增量需求存在。換句話說，我們不會只是成長、在盆地內賣掉，然後希望它自己找到去處。希望這能讓你更清楚一些。

As far as then solving backwards from that end market and the customers, of course, there will be some transportation either in our portfolio already, the customers' transportation, or potentially taking market share on existing pipeline to get there, much as we did and announced a year and a half ago with this 20% growth plan.

至於從終端市場與客戶端往回推來解題，當然會需要一些運輸能力，可能已在我們的組合裡、可能是客戶自有的運輸，或是如同我們在一年半前宣布的 20% 成長計畫那樣，透過既有管線去爭取市占以到達目的地。

That said, you keep working your way backwards, you'll need access to some processing and some in-basin gathering and compression. That's just as you increase well count, you'll need those types of things. The good news is there is quite a bit of processing capacity in basin, and inventory is not evenly distributed across upstream companies. So we think there is significant opportunity there for range to, again, step into underutilized facilities.

話雖如此，繼續往回推，你會需要取得一些處理能力，以及盆地內的集輸（gathering）與壓縮能力。這很自然，因為當你增加井數時，就會需要這些配套。好消息是，盆地內其實有相當多的處理產能，而且各上游公司之間的產能/庫存分布並不平均。因此我們認為 Range 有很大的機會再次切入、利用那些未充分使用的設施。

Thank you.

謝謝。

Neil Mehta, Goldman Sachs & Company.

Neil Mehta，高盛（Goldman Sachs & Company）。

Yes, good morning, Dennis and team. I just want to go back to the macro here and specifically around dry gas. If I think about the '27 calendar year, I think it surprised us at least to the downside because the demand has been really robust from both data centers, power, and then obviously LNG, but the curve softened by probably 15% this year. We're trying to make sense of it all. Is it people concerned about permanent. Production coming into the market? Is it lack of discipline among maybe some of your competitors in other regions?

是的，早安，Dennis 與團隊。我想回到總體面，特別是乾氣（dry gas）。如果我看 27 年曆年，我覺得至少在價格端它讓我們意外地偏弱，因為需求一直很強勁，來自資料中心、發電，當然還有 LNG，但今年曲線大概軟了 15%。我們正試著把這些拼湊起來。是大家擔心永久性的產量會進入市場嗎？還是某些其他區域的競爭對手缺乏紀律？

Because we have agreed with that 375 mid-cycle view, but I guess the market is starting to say something different. So I'm curious how you make sense of it.

因為我們同意 3.75（美元）中周期（mid-cycle）的看法，但我猜市場開始在說不同的事。所以我很好奇你們怎麼解讀。

You bet. Thanks for joining us, Neil. I think when we look at the pricing that you see in the front month, I think there's a lot of reason to see that there is a disconnect between what we think long-term.

當然。謝謝加入我們，Neil。我想當我們看你在近月（front month）看到的定價時，有很多理由認為，這和我們對長期的看法之間存在脫節。

The pricing should look like and where we're at today. I mean, you're pointing to probably the same things we're looking at. I mean, LNG was at around 18 BCF a day for Q2.

也就是說，價格應該呈現的樣子，與我們今天所處的位置之間有落差。你的觀察大概也是我們在看的那些因素。例如，第二季 LNG 大約在每日 18 Bcf。

You're seeing volumes start to go through Trade 1 at Golden Pass. Clearly, there's opportunity for that run rate to further improve as the months kind of move forward. And power demand has been pretty resilient from our perspective. I think if you look over the past several years, natural gas has continued to play just a real strong role.

你也看到 Golden Pass 的 Trade 1 開始有量通過。很明顯，隨著月份往前推進，那個運轉率還有進一步改善的空間。而從我們的角度看，電力需求一直相當有韌性。我認為如果你回顧過去幾年，天然氣一直扮演非常強的角色。

Notwithstanding some fluctuations from time to time with pricing driving some of that change, but ultimately, we're up roughly seven-tenths of a VE in year-over-year natural gas utilization, and we're seeing the thermal share reach 71%.

即便價格偶爾波動、帶來一些變化，但最終我們的天然氣使用率年增約 0.7 個 VE，且我們看到火力占比達到 71%。

Year-to-date. So I think there's a lot of reasons to be encouraged. I think there's some question marks that probably leave, I would expect the market to wonder what's around the corner and the proverbial what are we missing. And it does feel like there's a small connection still to.

年初至今。所以我認為有很多理由可以感到鼓舞。我想也有一些問號，可能會讓市場去想接下來會發生什麼、那句老話「我們是不是漏看了什麼」。而且確實感覺仍然有一點連結到

2A perceives in-ground injection storage level to where we think pricing should be. And we just think as LNG demand continues to grow and other, again, residential.

大家對地下（in-ground）注入儲氣水位的認知，與我們認為價格應該在的位置之間的關係。而我們認為，隨著 LNG 需求持續成長，以及其他（例如住宅）

Manufacturing use, et cetera, that disconnect needs to take place. So I think put differently internally, we would expect in-ground storage levels to reach 3.9 TCF roughly by the end of the year. That's just an internal view from range and that would put you at a days of supply of 38 days. That's two days less than where we were last year and even again below where we were the year before that. If you kind of start to go back to a timeframe where over the last few years where we saw a significant. Run in price through the summer of 2022, that's kind of right in line. So I do think that presents more volatility.

製造業用氣等等，那個脫節需要被修正。所以換個說法，內部來看，我們預期年底地下儲氣量大約會到 3.9 Tcf。這只是 Range 的內部看法，這會讓供應天數（days of supply）約為 38 天。這比去年少 2 天，甚至也低於前一年。如果你回到過去幾年某個時間點，當時我們看到一個顯著的價格在 2022 年夏季一路上行，那其實大致相符。所以我確實認為這會帶來更高的波動性。

I think that provides some advantages for low-cost producers like Range when those moments happen, much like we saw this past winter, to then I'll just say step into those improving environments.

我認為當那些時刻出現時，這會為像 Range 這樣的低成本生產商帶來一些優勢，就像我們在去年冬天看到的那樣，讓我們可以——我就說——在環境改善時切入。

LNG is going to continue to grow. It reaches 24 BCF by the end of 2027. And even though we would expect lower 48 production to continue to increase, we think by the end of the year, you're probably at 110 to 112 BCF per day. But again, there's still going to be an ongoing call for gas. And so I think the big question mark is, what commodity price will need to be seen to incentivize growth out of the higher-cost basins? And that puts a downward pressure in our mind to some of this future.

LNG 會持續成長。到 2027 年底會達到每日 24 Bcf。即便我們預期美國本土 48 州的產量仍會增加，我們認為年底可能在每日 110 到 112 Bcf。但同樣地，市場仍會持續需要天然氣。因此最大的問號是：要看到什麼樣的商品價格，才足以激勵高成本盆地的增產？而在我們看來，這會對部分未來

Outlook from other bases.

來自其他盆地的展望形成下行壓力。

That's great, Colin. We always appreciate your views on the macro. And then the follow-up is on midstream. I think you alluded to the fact that maybe it's an area that you'll take a look at. I mean, one of the advantages of the range model is you are so capital-light and you've got some great midstream partners. So, like, what is the right size of the. Midstream investment in the context of the portfolio, and what would be the advantages of leaning in versus staying more third-party like you are right now?

很棒，Colin。我們一直很感謝你對總體的看法。接著追問是關於中游（midstream）。我想你提到這可能是你們會去看的一個領域。我的意思是，Range 模式的一個優勢在於你們資本投入很輕，而且有很棒的中游合作夥伴。所以，在投資組合的脈絡下，中游投資的合適規模是什麼？以及，相較於像現在這樣更多依賴第三方，選擇加碼投入的優勢會是什麼？

Well, I think as we -- as you heard Mark kind of talk about what the future of growth looks like, I know I weighed in on that as well. If you start to think -- I'll just play out a scenario here. What it could look like is, let's just say you wind up with a supply deal that involves some volume of incremental gas and production, say it's $200 million a day, plus or minus. It would allow us the ability to think differently about, let's just say, the full cycle economics of those incremental molecules instead. Of looking across the blended GP&T structure alone. So it'll allow us to think about what is the economic benefit if we were to invest in, let's just say, the gathering and compression for that respective incremental set of molecules versus following the traditional fee-based structure alone. So it's a great position to be in because of the durability of the business and the cash flow that it will throw off. We can tie that to the pricing that would be received. And so I think there's a way that we could think differently about go-forward growth instead of. Looking at it as or say in that incremental fashion versus looking at is it a blended component over the overall production profile. So I think that's the way we would start to think about it and even in a fashion of how do we basically look at how we even have competition across our inventory base where. It was dry gas, or is it going to be provided with a liquids-rich component? So, adding that competition component in there, we think both internally and externally to some of our service partners, we think will play a strong role.

嗯，我想就像我們——就像你們聽到 Mark 談到未來成長可能會是什麼樣子一樣，我也對此發表了一些看法。如果你開始思考——我在這裡先推演一個情境。可能的樣貌是，假設你最後達成一份供應協議，包含一定量的增量天然氣與產量，比方說每天 2 億美元，上下浮動。這將讓我們能以不同方式思考——比方說——那些增量分子（molecules）的全週期經濟性。而不是只看整體混合的 GP&T 架構。因此，這會讓我們思考：如果我們投資於——比方說——針對那一組增量分子的集輸與壓縮（gathering and compression），相較於僅遵循傳統的按費率（fee-based）結構，經濟效益會是什麼。所以這是一個很好的位置，因為業務的耐久性以及它將帶來的現金流。我們可以把這與將收到的定價連結起來。因此，我認為我們有一種方式可以用不同角度思考未來的成長，而不是——把它視為那種增量式的成長，而不是把它看成整體產量曲線上的一個混合組成。所以我認為這就是我們會開始思考的方式，甚至在於我們基本上如何看待在我們的庫存基礎上如何競爭——它是乾氣（dry gas），還是會搭配富液（liquids-rich）成分？因此，把競爭這個要素加進來，我們認為無論是在內部，或是在外部與我們的一些服務合作夥伴之間，都將扮演重要角色。

Thanks, Dennis.

謝謝你，Dennis。

Thank you very much.

非常感謝。

Gabe Daoud, Truist.

Gabe Daoud，Truist。

Thanks. Good morning, everyone. Appreciate the time. Dennis, I was hoping maybe just for clarification, I suppose, on this year and next year's CapEx, just given some of the movement on the drills that you highlighted. So I guess if you still turn on 900,000 lateral feet in '27, is it fair to still think about CapEx as being $700 million for next year? Or is CapEx buys higher next year to gear up for '28 growth, like you alluded to?

謝謝。各位早安。感謝撥冗。Dennis，我想就今年與明年的資本支出（CapEx）請你再澄清一下，考量到你提到鑽機（drills）配置的一些變動。所以我想，如果你們在 2027 年仍會投產 90 萬英尺的水平段（lateral feet），那麼明年的 CapEx 仍可合理地視為 7 億美元嗎？還是說，明年的 CapEx 會更高，以便為 2028 年的成長做準備，就像你提到的那樣？

Yeah, Gabe, thanks for joining us. The capital should be the same as what we've communicated.

是的，Gabe，謝謝你加入我們。資本支出應該會與我們先前溝通的一樣。

The only difference that you could see from the program that, in my mind, would be is there something that gets announced that will require some other, let's just say, investment for a larger growth profile than what we've communicated. But as it stands today, there's really no changes. There's just been a small resequencing of some of the activity, but it should have a similar capital program for next year that you've seen at.

我認為你可能會從計畫中看到的唯一差異是：是否有什麼宣布事項會需要額外的——比方說——投資，以支撐比我們已溝通的更大的成長曲線。但就目前而言，確實沒有任何變化。只是部分活動的時序做了小幅重新排序，但明年的資本計畫應該會與你們所看到的相近。

Okay, very clear. Thanks, Dennis. And then, I guess, hypothetical question, but for '28, if things align, you need to get a couple of sales agreements. If you were to run, two rigs, two crews, or turn in line another 900,000 feet, what's the growth magnitude relative to '27? I'd imagine you're over three BCFE a day. Is that fair?

好的，很清楚。謝謝你，Dennis。接著我想問一個假設性問題：對於 2028 年，如果條件配合，你們需要簽到幾份銷售協議。如果你們運行兩座鑽機、兩組施工隊，或再投產 90 萬英尺，那相較於 2027 年的成長幅度會是多少？我猜你們會超過每天 3 BCFE。這樣理解合理嗎？

I think that is a very possible scenario when you look at what the company could deliver within that following 12 to 18-month timeframe.

我認為這是非常可能的情境，當你看公司在接下來 12 到 18 個月的時間範圍內能夠交付的成果時。

For sure. Okay. Okay, awesome. Very helpful. Thanks, guys. Thanks, guys.

當然。好的。好的，太棒了。非常有幫助。謝謝各位。謝謝各位。

Thank you, Gabe.

謝謝你，Gabe。

Thank you.

謝謝。

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

今天的問答環節到此結束。我想把電話會議交回給 Digner 先生作結語。

I'd just like to thank everyone for joining us on the call this morning. Again, it's been an exciting quarter for us, and we look forward to the second-half of the year when our production growth profile really starts to shine. We look forward to the next call and visiting with many of you on the road in the months ahead. If you have any follow-up questions, please don't hesitate to reach out to our Investor Relations group.

我只想感謝各位今天早上加入我們的電話會議。再次強調，這對我們而言是令人振奮的一季，我們也期待今年下半年，屆時我們的產量成長曲線將真正開始發光。我們期待下一次電話會議，也期待在接下來幾個月的行程中與各位中的許多人見面交流。如果你有任何後續問題，請隨時聯繫我們的投資人關係團隊。

Thank you.

謝謝。

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

感謝您參與今天的電話會議。您現在可以掛線。