SilverBow Resources Inc (SBOW) 2024 Q1 法說會逐字稿

Good day and welcome to the SilverBow Resources First Quarter 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, please press star one.

美好的一天，歡迎參加 SilverBow Resources 2024 年第一季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後將進行問答環節。如果您想在此期間提出問題，只需按電話鍵盤上的星號，然後再按數字 1 即可。如果您想撤回您的問題，請按星號一。

Again. We ask that you limit your questions to one and one follow-up. So we are able to take as many questions as possible for Operator assistance throughout the call, please press star zero. And finally, I would like to advise all participants that this call is being recorded. Thank you. I'd now like to welcome Jeff nuggets, Vice President of Finance and Investor Relations, to begin the conference over to you.

再次。我們要求您將問題限制為一項又一項的後續問題。因此，我們能夠在整個通話過程中回答盡可能多的問題，以便接線員提供協助，請按星號零。最後，我想告知所有參與者，本次通話正在錄音。謝謝。現在我歡迎財務和投資者關係副總裁傑夫·納吉斯 (Jeff Nuggets) 開始會議。

Thanks, operator, and good morning, everyone. Welcome to our first quarter 2024 conference call. With me on the call today are Sean Will Oberton, our CEO, Steve Adam, our COO, and Chris abundance, our CFO. Yesterday, we posted a new presentation to our website, and we'll refer to it during this call.

謝謝接線員，大家早安。歡迎參加我們的 2024 年第一季電話會議。今天與我一起參加電話會議的有我們的執行長 Sean Will Oberton、我們的營運長史蒂夫亞當(Steve Adam) 和我們的財務長克里斯豐多(Chris豐盛)。昨天，我們在網站上發布了一份新演示文稿，我們將在本次電話會議中參考它。

Please note that we may make references to certain non-GAAP financial measures, which are reconciled to their closest GAAP measure in the earnings press release. Our discussion today may include forward-looking statements, which are subject to risks and uncertainties, many of which are beyond our control. These risks and uncertainties are described more fully in our documents on file with the SEC, which are also available on our website. As a reminder, please limit your time during Q&A to one question one follow-up. This will allow us to get more of your questions in this one.

請注意，我們可能會參考某些非公認會計原則財務指標，這些指標與收益新聞稿中最接近的公認會計原則指標一致。我們今天的討論可能包括前瞻性陳述，這些陳述受到風險和不確定性的影響，其中許多風險和不確定性超出了我們的控制範圍。這些風險和不確定性在我們向 SEC 歸檔的文件中有更全面的描述，這些文件也可以在我們的網站上找到。提醒一下，請將問答時間限制為一個問題一個後續行動。這將使我們能夠在這一問題中得到更多的問題。

With that, I will now turn the call over to Sean.

現在，我將把電話轉給肖恩。

Good morning, everyone. As you can see from our results, SilverBow is off to a very strong start in 2024. We continue to prove the merits of our long-term business strategy and build on our effective track record of creating value for shareholders. Our call today will cover three primary topics. First, our year-to-date results, which are ahead of plan. Early this year, we optimized our 2024 operating plans, capitalizing on our diversified portfolio to reduce investments in dry gas and focus on our profitable liquids development. Our goal was to maximize free cash flow and rapidly strengthen our balance sheet. Our plan is working today, we are raising our full year free cash flow estimate and lowering our year-end leverage ratio target to 1.25 times. More importantly, we now have line of sight to reach our targets of one times leverage next year.

大家，早安。正如您從我們的結果中看到的，SilverBow 在 2024 年有一個非常強勁的開局。我們繼續證明我們長期業務策略的優點，並鞏固我們為股東創造價值的有效記錄。我們今天的電話會議將涵蓋三個主要主題。首先，我們今年迄今的業績超出了計劃。今年年初，我們優化了 2024 年營運計劃，利用多元化投資組合減少對乾氣的投資，並專注於有利可圖的液體開發。我們的目標是最大化自由現金流並迅速強化我們的資產負債表。我們的計劃今天正在發揮作用，我們正在上調全年自由現金流預測，並將年末槓桿率目標降低至 1.25 倍。更重要的是，我們現在有望實現明年一倍槓桿的目標。

Second, we continue to see capital efficiency gains across our operations, delivering some significant operational achievements over the last few months which we see as sustainable.

其次，我們繼續看到我們整個營運的資本效率不斷提高，在過去幾個月中取得了一些我們認為可持續的重大營運成就。

Finally, we continue to strengthen our portfolio and recently completed the final stage of a multiyear effort to assemble a 25,000 acre position in the liquids window of the Eagleford. And we did this with no new capital. This is one of the less contiguous undeveloped areas of scale in the basin, and we are excited about the high margin liquids exposure, it adds to our portfolio. Listen, we are executing very well and it's apparent that our focus is squarely on running the company and adding value for our owners. I recognize that there are likely questions related to our ongoing proxy contest, but I do not want to it distracts from our good news today.

最後，我們繼續加強我們的投資組合，最近完成了多年努力的最後階段，在 Eagleford 的液體窗口建立了 25,000 英畝的土地。我們在沒有新資本的情況下做到了這一點。這是盆地內規模較小的未開發區域之一，我們對高利潤液體敞口感到興奮，它增加了我們的投資組合。聽著，我們執行得非常好，顯然我們的重點是經營公司並為我們的所有者增加價值。我認識到可能存在與我們正在進行的代理權爭奪有關的問題，但我不希望它分散我們今天好消息的注意力。

Before Q&A, I will make a few points about the governance changes we are proposing and remind you how important your vote is at our upcoming annual meeting.

在問答之前，我將就我們提議的治理變革提出幾點觀點，並提醒您在我們即將舉行的年度會議上投票的重要性。

Let's get started with a look at the first quarter. We beat across the board this quarter. All the results are covered in our materials, but I will briefly hit the highlights. We generated $56 million in free cash flow much higher than expected in our original forecast, primarily due to continued gains in capital efficiencies and strong production and product pricing. We are seeing strong well productivity from our recent pad developments and the success of our refrac program. This has provided us with even more confidence in our forecast today, we increased our expectations for full year 2024 production as well as our outlook for free cash flow. Importantly, capital investments in the quarter were lower than planned, and our team continues to exercise capital discipline while finding creative and safe ways to lower cash operating costs and enhanced margins. Our expectations for full year capital investments are unchanged. Said another way. We are offsetting faster cycle times with continued capital efficiency gains. As I have shared previously, our commitment to strengthening our balance sheet is unwavering and strong production and higher free free cash flow has allowed for rapid debt repayment. Since closing the South Texas acquisition, we have repaid $178 million in absolute debt. This represents a 15% debt paydown in just five months. Overall, our leverage ratio has recovered to the same level it was prior to the South Texas acquisition. This is further proof that we are following through when we say strengthening our balance sheet is a top priority, we expect to exit the year at approximately 1.25 times to reach our goal of less than one times leverage in 2025.

我們先來看看第一季的情況。本季我們全面擊敗對手。我們的材料中涵蓋了所有結果，但我將簡要介紹重點內容。我們產生了 5,600 萬美元的自由現金流，遠高於我們最初預測的預期，這主要是由於資本效率的持續提高以及強勁的生產和產品定價。我們從最近的墊開發和重複壓裂項目的成功中看到了強勁的油井生產力。這讓我們對今天的預測更有信心，提高了對 2024 年全年產量的預期以及自由現金流的前景。重要的是，本季的資本投資低於計劃，我們的團隊繼續遵守資本紀律，同時尋找創意和安全的方法來降低現金營運成本並提高利潤率。我們對全年資本投資的預期保持不變。換個方式說。我們正在透過持續的資本效率提升來抵消更快的周期時間。正如我之前所分享的，我們對加強資產負債表的承諾堅定不移，強勁的生產和更高的自由現金流使我們能夠快速償還債務。自完成南德克薩斯收購以來，我們已償還了 1.78 億美元的絕對債務。這意味著短短五個月內就償還了 15% 的債務。總體而言，我們的槓桿率已恢復至收購南德克薩斯州之前的水平。這進一步證明我們正在貫徹我們所謂的加強資產負債表是首要任務，我們預計今年將以約 1.25 倍的利率退出，以實現 2025 年槓桿率低於 1 倍的目標。

Turning our attention to our operational performance.

將我們的注意力轉向我們的營運績效。

There are three achievements I would like to highlight. First, we have known for some time that re-frac had the potential to provide considerable upside value to us across our asset base as many of our legacy wells were completed with less than optimal completions when compared to today's standards, we initiated our refrac program this quarter and the initial results clearly show that re stimulating existing wells with larger jobs and tighter cluster spacing can materially enhance well productivity in our deck.

我想強調三項成就。首先，我們早就知道，重複壓裂有潛力為我們的整個資產基礎提供相當大的上行價值，因為與當今的標準相比，我們的許多舊井的完井效果並不理想，因此我們啟動了重複壓裂計畫本季的初步結果清楚地表明，透過更大的作業和更緊密的簇間距重新刺激現有油井可以顯著提高我們甲板上的油井生產力。

We have a slide summarizing our results. Key takeaways these wells reach payout in less than 10 months. We have more than 100 refrac opportunities across our portfolio and we are moving additional re-fracs into this year's program. We see our refrac program as a capital-efficient way to maximize volumes while providing flexibility in a time of strong oil prices.

我們有一張投影片總結了我們的結果。主要收穫 這些油井在不到 10 個月的時間內就獲得了回報。我們的產品組合中有 100 多個重複壓裂機會，我們正在將更多的重複壓裂納入今年的計劃中。我們認為我們的再壓裂計劃是一種資本有效的方式，可以最大限度地提高產量，同時在油價堅挺的時期提供靈活性。

Nick, we recently drilled our first Horseshoe well in the Austin Chalk The well had a lateral length of nearly 9,000 feet. It was drilled in place of two less than optimal shorter laterals. The well reduced total D&C costs by 25% and improved cycle times by 15% when compared to drilling two wells. Now that we have proven our ability to drill Horseshoe wells, we can use this advanced technology across our asset base to enhance returns and capture incremental resource. We have identified more than 30 additional Horseshoe wells to unlock value and what would have been stranded acreage.

尼克，我們最近在 Austin Chalk 鑽了第一口馬蹄形井。它是在兩個不太理想的較短支管的位置鑽孔的。與鑽兩口井相比，該井將總 D&C 成本降低了 25%，週期時間縮短了 15%。現在我們已經證明了我們鑽馬蹄井的能力，我們可以在我們的資產基礎上使用這項先進技術來提高回報並獲得增量資源。我們已經確定了 30 多個額外的馬蹄形井，以釋放價值並解決擱淺的面積。

Third, let's talk about some recent success on our South Texas acquisition. Please take a look at slide 12 where we show just how far we are outperforming the previous operator. We are completing a 10 well pad to develop four stacked horizons and expect to have initial production late this quarter. In just a few short months, our enhancements have decreased gross drilling costs, drilling days and cost per foot across the Upper Eagle Ford, lower Eagle Ford and Austin Chalk. Early results here combined with what we've delivered on previous acquisitions, further demonstrate assets are better and silver both hands and clearly show the operational excellence and capital efficiency our team can bring to an asset.

第三，讓我們談談我們最近在南德州收購方面取得的一些成功。請看一下投影片 12，我們在其中展示了我們比之前的營運商的表現有多大。我們正在完成一個 10 口井平台，以開發四個堆疊層位，預計將在本季末進行初步生產。在短短幾個月內，我們的改進降低了上伊格爾福特、下伊格爾福特和奧斯汀喬克的總鑽井成本、鑽井天數和每英尺成本。這裡的早期結果與我們先前收購中所取得的成果相結合，進一步證明了資產更好、更白皙，並清楚地表明了我們的團隊可以為資產帶來的卓越營運和資本效率。

Let's now shift gears and talk about how our strategy is creating value through acquisitions as we build a scale and durable portfolio. Our latest accomplishment is a three year effort encompassing contributions from our technical business development in land teams through a series of transactions culminating in our recent land trade, we have assembled a contiguous 25,000 acre position across La Salle and McMullen counties in the liquids window of the Eagleford. Our subsurface teams specifically targeted this area because of its high rock quality and a lack of modern-day completions. In addition, many of the legacy wells were drilled out of zone. Importantly, over the last 12 months, we brought online six wells in the area which have delivered rates of return greater than 100% with productivity far exceeding our expected type curve with an estimated 150 long-lateral locations to develop in the area. We see this as a powerful liquids lever support in our diversified portfolio.

現在讓我們換個話題，談談我們的策略如何透過收購創造價值，同時我們建立了規模化且持久的投資組合。我們最新的成就是三年的努力，包括我們在土地團隊中的技術業務開發通過一系列交易做出的貢獻，這些交易最終導致了我們最近的土地交易，我們在拉薩爾縣和麥克馬倫縣的液體窗口中聚集了一塊連續的25,000 英畝土地。我們的地下團隊專門針對該地區，因為該地區岩石品質高且缺乏現代竣工項目。此外，許多遺留井是在區域外鑽探的。重要的是，在過去12 個月裡，我們在該地區上線了6 口井，這些井的回報率超過100%，生產力遠遠超過我們預期的類型曲線，預計該地區有150 個長橫向地點有待開發。我們認為這是我們多元化投資組合中強大的液體槓桿支持。

Before we go to Q&A, let me address our upcoming annual meeting and the importance of your vote, I firmly believe today's results speak for themselves. Our strategy to create value is working. Furthermore, we are proposing governance changes that we feel are in the interest of shareholders. We are asking for your vote to declassify our Board adopt a majority voting standard and eliminate supermajority vote requirements. We continue to strengthen our Board through ongoing refreshment. Recently, we appointed Lee Jordan as a new highly qualified qualified director with a demonstrated track record in international and domestic LNG markets. Natural gas trading business development and most recently as Chief Diversity Officer at Chevron. Lee is an excellent addition to our Board and represents the fourth new director to join our Board since January 2023 through multiple communications with you over the past few weeks, we've clearly laid out our extensive engagement with Cambridge over the last two plus years. There is more than enough material for you to review, but make no mistake, their end game is to force a very dilutive transaction with Cambridge, Texas Gas. I would encourage you to take the time to read through our materials and get educated on the facts. Our vote for your vote for our skilled Board and new governance enhancements is a vote for truth and transparency. We welcome a dialogue with any shareholder, please reach out to vote with the Board for on the white proxy card cards.

在我們進行問答之前，讓我談談我們即將舉行的年度會議以及您投票的重要性，我堅信今天的結果不言而喻。我們創造價值的策略正在發揮作用。此外，我們正在提議我們認為符合股東利益的治理變革。我們請求您投票，以解密我們的董事會採用多數投票標準並消除絕對多數投票要求。我們透過不斷的更新繼續加強我們的董事會。最近，我們任命 Lee Jordan 為新的高素質董事，他在國際和國內液化天然氣市場上擁有良好的業績記錄。天然氣貿易業務發展，最近擔任雪佛龍首席多元化長。Lee 是我們董事會的優秀補充，是自2023 年1 月以來第四位加入我們董事會的新董事，透過過去幾週與您的多次溝通，我們已經明確闡述了過去兩年多來與劍橋的廣泛合作。有足夠的材料供您查看，但請不要誤會，他們的最終目的是迫使與德克薩斯州劍橋天然氣公司進行非常稀釋的交易。我鼓勵您花時間閱讀我們的資料並了解事實。我們對您對我們熟練的董事會和新的治理增強的投票是對真相和透明度的投票。我們歡迎與任何股東對話，請聯絡董事會就白色代理卡進行投票。

In closing, I am proud of our team and their relentless pursuit of safely executing our strategy and establishing SilverBow as the operator of choice in South Texas, we sit in an enviable position today. We have scalable scale and durability built through a history of doing smart transactions and have it have demonstrated our ability to unlock significant value behind acquisitions. Our assets provide us with flexibility and how we allocate capital today to deliver strong results. We are not reliant on near term acquisitions to enhance our inventory. Our capital structure is strong and getting stronger with our increased outlook for free cash flow. We now expect to achieve our leverage target of less than one times in 2025. Most importantly, we are executing a business plan that has proved proven to create value, and we are confident that we will close the significant value gap we see in our equity today, and we look forward to reporting on our progress as we continue to focus on creating value for all SilverBow shareholders.

最後，我為我們的團隊以及他們對安全執行我們的策略並將 SilverBow 打造為南德克薩斯州首選運營商的不懈追求感到自豪，我們今天處於令人羨慕的位置。我們透過智慧交易的歷史建立了可擴展的規模和持久性，並證明了我們有能力釋放收購背後的巨大價值。我們的資產為我們提供了靈活性以及我們今天如何分配資本以實現強勁業績。我們不依賴近期收購來增加我們的庫存。我們的資本結構強勁，並且隨著自由現金流前景的增強而變得更加強大。我們現在預計在 2025 年實現槓桿率低於一倍的目標。最重要的是，我們正在執行一項已被證明能夠創造價值的業務計劃，我們有信心我們將縮小我們今天在股權中看到的巨大價值差距，我們期待著報告我們的進展，因為我們繼續關注為所有SilverBow 股東創造價值。

Operator, we are now ready to address questions.

接線員，我們現在準備好回答問題了。

At this time, I would like to remind everyone in order to ask a question, please press star followed by the number one on your telephone keypad and that we ask you limit your questions to one and one follow-up. So we able to take as many questions as possible and your first question comes from the line of Tim Rezvan from KeyBanc. Your line is open.

此時，我想提醒大家，要提問，請按星號，然後按電話鍵盤上的數字一，我們要求您將問題限制為一且一的後續問題。因此，我們能夠回答盡可能多的問題，您的第一個問題來自 KeyBanc 的 Tim Rezvan。您的線路已開通。

Good morning, folks. Thanks for taking my question. I'll stick with ops here. Some of my first question, the trade you did kind of core up that La Salle and McMullen acreage. You talked about 10 to 12 additional wells planned for this year. Are those wells you're not drilling elsewhere and understand how this trade maybe changed here, your drilling plans for the year. And then it's just a follow up on. Was there any production that came with that trade that impacted the production guide for the year?

早安，夥計們。感謝您提出我的問題。我會堅持在這裡。我的第一個問題是，你所做的交易有點核心了拉薩爾和麥克馬倫的土地。您談到了今年計劃增加 10 到 12 口井。那些井是您沒有在其他地方鑽探的，並了解這種交易可能如何改變，以及您今年的鑽探計劃。然後這只是後續行動。該貿易帶來的生產是否影響了當年的生產指南？

Yes. Hey, Tim, I appreciate the question. And yes, we're really excited about it. In terms of production. I think there was about 500 Mcf a day that was divested of in the trade and then the rest of it was all on acreage. I would tell you that, you know, this is a great example of how you have a larger portfolio and you can take advantage of it to unlock value. This Bock in its entirety, we paid no dollars to acquire 150 locations in terms of activity. What we're really excited about is the two wells we drilled last year, the four wells we brought on this year and those four wells this year are actually responsible for some of the that upward tick that we put into our production guidance. And what we're doing is reallocating capital from other parts of the capital plan to this area. So it's not additive to the capital plan. It just gives us more optionality to shift capital to higher rate of return projects.

是的。嘿，提姆，我很欣賞這個問題。是的，我們對此感到非常興奮。在生產方面。我認為每天大約有 500 麥克法郎在貿易中被剝離，其餘的都被用於種植面積。我想告訴你，這是一個很好的例子，說明你如何擁有更大的投資組合，並且可以利用它來釋放價值。就整個博克而言，我們沒有支付任何費用就獲得了 150 個活動地點。我們真正感到興奮的是去年鑽探的兩口井，今年我們鑽探的四口井，而今年的這四口井實際上是我們納入生產指導的部分上調因素。我們正在做的是將資本從資本計畫的其他部分重新分配到這個領域。因此，它不是資本計劃的補充。它只是讓我們有更多選擇將資金轉移到回報率更高的項目。

Okay. Okay. So those wells, they're wells you're not drilling elsewhere this year?

好的。好的。那麼，這些井，你們今年不會在其他地方鑽探嗎？

Correct.

正確的。

Okay. Okay. I appreciate that. Yes, we look forward to the updates there. And then as a follow-up, either either for you or for Chris, on hedges, the company's checking, the balance sheet, you're on the cusp of getting kind of leverage to that one times goal. And I know that there's potential options with the high-yield market out there and farther down the line, just thinking about cash returns, I thought we would might see you are layer layering in some more hedges with the strip having kind of moves like like it did. So how do you think about hedging as you kind of get closer to the finish line on the deleveraging initiatives?

好的。好的。我很感激。是的，我們期待那裡的更新。然後作為後續行動，無論是對你還是對克里斯來說，在對沖、公司檢查、資產負債表方面，你正處於獲得某種槓桿作用以實現一次性目標的風口浪尖。我知道高收益市場有潛在的選擇，而且更遠的地方，只要考慮現金回報，我想我們可能會看到你在更多的對沖中分層，地帶有類似的舉動它做了。那麼，隨著去槓桿化措施接近終點線，您如何看待對沖呢？

Yes. No, no appreciated. We during the quarter and since the last time we spoke to everyone, we did layer on some incremental hedges at topping off some oil this year at the second half of the year when it was above 80% and then putting some hedges on in '25, we're essentially 75% hedged for '24, and we're about feel with 75% of that gas, 67% of the oil in the next year.

是的。不，沒有讚賞。我們在本季以及上次與大家交談以來，我們確實進行了一些增量對沖，在今年下半年當石油價格高於 80% 時補充了一些石油，然後在 25 年進行了一些對沖，我們基本上對24 年的75% 進行了對沖，我們預計明年將使用75% 的天然氣、67% 的石油。

We have a pretty strong hedge book as well, consistent with what we've done in the past. As we start to move closer towards '25, we'll be opportunistic to start layering in more hedges as the plan for '25 becomes more clear. And typically by the time, like we know where we're at this year by the time we get into the drilling program for 2025, I'm sure we'll be at two-thirds hedged or higher I think, to your point, and it's one that as we delever the balance sheet, we'll start to have more flexibility in not the hedging as much. But for now, we're committed to a pretty conservative conservative hedge program. Think you raise a good point in terms of the accelerated debt paydown, giving us optionality. One of the things we did with our second lien is we have an amortization structure to it. So we're all able to pay some of that absolute second lien down throughout the year, which will essentially move debt to a cheaper cost of debt in the RBL, but it also allows us to think about starting to explore the high yield market and where we're at as a company who with the transactions that we did last year with the South Texas acquisition that really positioned us from a size and scale standpoint, a commodity mix and a balance sheet that puts us in a good position to access the public market. So obviously, that market's hot and it's something that we're keeping a close eye on as we go forward.

我們也有相當強大的對沖帳簿，與我們過去所做的一致。當我們開始接近「25」時，隨著「25」的計劃變得更加清晰，我們將機會主義地開始分層更多的對沖。通常情況下，就像我們在進入 2025 年鑽探計劃時知道今年的情況一樣，我相信我們將達到三分之二或更高，我認為，就你的觀點而言，隨著我們去槓桿化資產負債表，我們將開始在對沖方面擁有更大的靈活性。但目前，我們致力於採取相當保守的對沖計畫。認為你在加速債務償還方面提出了一個很好的觀點，為我們提供了選擇權。我們對第二留置權所做的一件事是我們有一個攤銷結構。因此，我們都能夠在全年中支付一些絕對第二留置權，這實際上會將債務轉移到 RBL 中債務成本更便宜的位置，但這也讓我們能夠考慮開始探索高收益市場，作為一家公司，我們去年在南德克薩斯州進行的收購交易，從規模和規模的角度來看，我們確實為我們定位，商品組合和資產負債表使我們處於有利地位，可以進入公共市場。顯然，這個市場很熱門，這是我們在前進過程中密切關注的事情。

Okay. Appreciate those comments. If I could just sneak one last one in your guidance, you gave some you gave some comments on the refracs here to be blunt. Refracs have been sort of a mixed bag for the industry over the last sort of 8 to 10 years and down comments generally here from shale is that you get a stout initial rate and then massive declines and you talked about 10 months payback. What gives you confidence on that? And can you talk about just what the cost is for these refracs? And that's all I have. Thank you.

好的。感謝這些評論。如果我能在您的指導中偷偷地講一下最後一個，您就直言不諱地對折射給出了一些評論。在過去的8 到10 年裡，該行業的折射壓裂一直是魚龍混雜，頁岩油行業普遍的負面評論是，你會得到一個穩定的初始利率，然後大幅下降，你還談到了10 個月的投資回收期。是什麼讓您對此充滿信心？您能談談這些折射的成本是多少嗎？這就是我所擁有的一切。謝謝。

Yes. Thanks, Tim. As you know, your comment around re-fracs historically and imaging of 8 to 10 years and my 35 years in the business, I've seen probably two or three generations of reefer re-fracs come and go. And to your point, exactly, oftentimes you'll you'll see production ramp and then come right back down would tell you that we've been probably a little cautious in jumping into re-fracs. We watched a number of the larger operators in the basin to perform them. Conoco's had a very aggressive program. Devon I know has been out talking to the market about the refracs over in the Eagle Ford over the last couple of years.

是的。謝謝，蒂姆。如您所知，您對重複壓裂歷史的評論以及 8 到 10 年的成像以及我 35 年的行業經驗，我可能已經看到了兩到三代冷藏重複壓裂的來來去去。就你的觀點而言，確切地說，你經常會看到產量上升，然後又下降，這會告訴你，我們在進行重新壓裂方面可能有點謹慎。我們觀看了盆地中一些較大的操作員的操作。康菲石油公司有一個非常積極的計劃。我知道德文郡過去幾年一直在與市場討論鷹福特的折射問題。

So we did our first two. I learned a lot from what the those operators have done. Essentially we're going back into the meaning in a brand new liner and starting over in terms of the completion, why we have competences. We've got the long-term production from other operators that have done it over the last couple of years using similar techniques there that they used on ours. And then we've got 60 plus days of 45 to 60 days of production thus far, and production is actually holding fairly steady. One of the things what we are doing is right from the start hitting it with artificial lift to make sure that we don't have that fall off. I think of mistake, many operators make as they implement the capital program and then let the fall the well fall off so we're being very proactive on lift.

所以我們做了前兩個。我從這些操作員所做的事情中學到了很多。本質上，我們要回到全新班輪的意義，並從完成度、為什麼我們有能力的角度重新開始。我們從其他營運商獲得了長期生產，他們在過去幾年中使用了與我們相似的技術。到目前為止，我們已經有 60 多天的生產時間，其中 45 到 60 天，而且生產實際上保持相當穩定。我們正在做的事情之一就是從一開始就用人工舉升來撞擊它，以確保我們不會掉落。我認為許多運營商在實施資本計劃時犯了錯誤，然後讓井口下降，因此我們在電梯方面非常積極主動。

Thank you.

謝謝。

Operator, we'll take our next question.

接線員，我們將回答下一個問題。

Your next question comes from the line of Charles Meade of Johnson Rice. Your line is open.

你的下一個問題來自約翰遜·賴斯 (Johnson Rice) 的查爾斯·米德 (Charles Meade)。您的線路已開通。

Morning, Sean, to you and the whole Sylvo team there. And I wonder if we could go back to the slide 9, and you've talked quite a bit about assembling this position but I would want to talk about the the well designs. So that graph you have on the on the upper right, and I recognize it's early days, but that's a huge uplift in productivity. So the question is, can you talk about what the deltas are of these four wells that you're graphing there? Our with respect to targeting either between different zones or even inside zone and up and different approaches to the the completion design?

早安，Sean，向你和整個 Sylvo 團隊致意。我想知道我們是否可以回到幻燈片 9，您已經談論了很多關於組裝這個位置的問題，但我想談談井的設計。所以你在右上角看到的圖表，我承認現在還處於早期階段，但這對生產力來說是一個巨大的提升。所以問題是，您能談談您繪製的這四口井的三角洲是多少嗎？我們是否針對不同區域之間甚至區域內部以及完成設計的不同方法？

Yes. Yes, you bet. This is an area that saw deal activity. I think probably in that 2010, 2014 timeframe and part of the position was owned by Pioneer back then the trade that we did was controlled by a large operator that hasn't done much in the area for quite a bit of time. And then the other position was a smaller operator, and you don't just to clarify on it. We put the position together through two acquisitions again paid nothing for the inventory. And then the last piece was a trade historically from a drilling perspective, lateral shorter, as you really saw during that timeframe and most of the time wells were probably drilled in zone anywhere from about 50% to 75%. When we do our look back on the drilling, we're probably in zone 98%-plus so that's a big part of it is keeping the bit in the wellbore in what's the most high quality rock. From a completion standpoint, you almost can look at the re-fracs the numbers that we provide on slide 10 to get a sense of how these wells were originally fracked. Many of them had cluster spacing of 50 feet to 100 feet and pretty big, significant stage spacing. We had proppant intensities probably in the EUR1,200 per foot or less. So that would get us into the area. You know, one thing that we're doing is we've actually started our third and fourth re-frac for the year in those two happened to fall on this block of acreage. So it kind of speaks to how we kind of keyed in here.

是的。是的，你敢打賭。這是交易活動活躍的領域。我認為可能在2010 年、2014 年的時間範圍內，部分頭寸由先鋒公司擁有，我們所做的交易是由一家大型運營商控制的，該運營商在相當長的一段時間內在該領域沒有做太多事情。然後另一個職位是一個較小的運營商，你不只是要澄清這一點。我們透過兩次收購將頭寸放在一起，再次沒有支付任何庫存費用。最後一部分是從鑽井角度來看的歷史交易，橫向較短，正如您在該時間範圍內真正看到的那樣，大多數時候井可能在大約 50% 到 75% 的區域中鑽探。當我們回顧鑽井時，我們可能處於 98% 以上的區域，因此其中很大一部分是將鑽頭保持在井眼中最優質的岩石中。從完井的角度來看，您幾乎可以查看我們在幻燈片 10 上提供的重新壓裂數據，以了解這些井最初是如何壓裂的。其中許多的群集間距為 50 英尺到 100 英尺，舞台間距相當大且顯著。我們的支撐劑強度可能為每英尺 1,200 歐元或更低。這樣我們就可以進入該區域。你知道，我們正在做的一件事是，我們實際上已經開始了今年的第三次和第四次二次壓裂，這兩次壓裂恰好落在這片土地上。所以這有點說明我們是如何在這裡輸入的。

Got it. And then my second, my second, I'm sorry, were you done there, Sean, I am Yes, I'll take that question up, but you have my second question is about the this proxy fight you have with Cambridge near front from the outside. Looking in one of the ways, one of the obvious things that has worked and continues to work in the E&P space right now is increased scale and that your increased scale. As you know, there's lower financing costs. There's more investors that you can look at you know, there's a number of things that are benefits to increase scale, and that's one of the most kind of obvious. We have potential benefits of a combination with Cambridge Texas Gas. But what are the what is what's on the other side of the seesaw that makes this not a an attractive but not an attractive prospect for silver ROE and it its shareholders in your eyes?

知道了。然後我的第二個問題，我的第二個問題，我很抱歉，你問完了嗎，肖恩，我是的，我會提出這個問題，但你有我的第二個問題是關於你與劍橋大學附近的代理權之爭從外部。從其中一種方式來看，目前在勘探與生產領域已經發揮作用並將繼續發揮作用的明顯事情之一就是規模的擴大以及規模的擴大。如您所知，融資成本較低。你可以關注更多的投資者，你知道，擴大規模有很多好處，這是最明顯的好處之一。我們與劍橋德州天然氣公司合併有潛在的好處。但是，在你看來，蹺蹺板另一邊的是什麼使得這對白銀 ROE 及其股東來說不是一個有吸引力但又不具吸引力的前景呢？

Yes. No, appreciate the questions. Yes, maybe I'll start with, hey, listen, after probably two plus years of discussions with Kim Rejean and through analysis with our financial and legal advisers looking at this would have been the third time we've engaged with them. We're confident that the deal they proposed was not a good deal for our shareholders. It was clear. They significantly underestimated the value of SilverBow and simultaneously substantially over evaluated their value on KTG.

是的。不，感謝這些問題。是的，也許我會先說，嘿，聽著，在與 Kim Rejean 進行了兩年多的討論之後，並通過與我們的財務和法律顧問的分析，這將是我們第三次與他們接觸。我們相信他們提出的交易對我們的股東來說並不是一筆好交易。這很乾淨。他們大大低估了 SilverBow 的價值，同時也大大高估了其在 KTG 上的價值。

What I'd say is we've repeatedly demonstrated our willingness to discuss potential combinations with any and all parties. And I think we have a compelling path to accelerate our value recognition for the benefit of all of our shareholders.

我想說的是，我們已經多次表明願意與任何各方討論潛在的合併。我認為我們有一條令人信服的道路來加速我們的價值認可，造福我們所有股東。

You know, I mentioned this in my comments, we have an enviable asset base and a base in the basin in this basin. We'd agree with you.

你知道，我在評論中提到過這一點，我們在這個盆地擁有令人羨慕的資產基礎和盆地基地。我們同意你的看法。

We're big believers in scale and this basin is rapidly consolidating. We regularly entertain discussions with interested parties, and I'm not going to discuss any specific discussions, but I can tell you that our Board understands its fiduciary duties to do what's best in what's in the best interest of all of our shareholders and our Board and management's interests are aligned with shareholders.

我們堅信規模，這個盆地正迅速鞏固。我們定期與有興趣的各方進行討論，我不會討論任何具體的討論，但我可以告訴您，我們的董事會了解其受託責任，要做最符合我們所有股東和董事會最佳利益的事情管理層的利益與股東的利益一致。

So I'll kind of say that maybe I'll maybe I'll continue on a little bit. We are firm believers in the merits of consolidation and the market is rewarding companies, like you said, that of the key ingredients to deliver sustainable value through all cycles. And we've kind of outlined what we have and what we would present in terms of that opportunity, the scale we have, the asset quality, the free cash flow generation in our last two quarters, we've demonstrated that significant free cash flow that this asset base has and we have a balance sheet that I think good would work well in any combination. So we feel like today we checked nearly all the boxes to earn a premium valuation. Listen, we really transformed our asset base and distributors that demonstrated our ability to capture value, adding deals to create the scale I mentioned. And at the same time, we're executing capital discipline to ensure we generate free cash flow. We're committed to having less than 75% reinvestment rate in order to maintain that strong strong balance sheet. So I guess I'll just say Sure. I think we have the right strategy and we'll continue to evaluate, and I'll say this loud and clear any and all paths to deliver value for our shareholders.

所以我會說，也許我會繼續下去。我們堅信整合的優點，正如您所說，市場正在獎勵那些在所有周期中提供永續價值的關鍵要素的公司。我們已經概述了我們所擁有的以及我們將在過去兩個季度的機會、我們擁有的規模、資產質量、自由現金流產生方面提供的內容，我們已經證明了可觀的自由現金流這個資產基礎和我們的資產負債表我認為在任何組合中都可以很好地發揮作用。所以我們覺得今天我們檢查了幾乎所有的方框以獲得溢價估值。聽著，我們確實改變了我們的資產基礎和分銷商，這證明了我們獲取價值的能力，增加了交易以創造我所提到的規模。同時，我們正在執行資本紀律，以確保我們產生自由現金流。我們致力於將再投資率控制在 75% 以下，以維持強勁的資產負債表。所以我想我只會說「當然」。我認為我們有正確的策略，我們將繼續評估，我會大聲而明確地說出為股東創造價值的所有途徑。

That's helpful elaboration. Thank you, Sean.

這是很有幫助的闡述。謝謝你，肖恩。

Thank you.

謝謝。

Your next question comes from the line of Leo Mariani from roof. Mkm. Your line is open.

你的下一個問題來自屋頂的 Leo Mariani。米公里。您的線路已開通。

Yes, I was hoping you could touch on maybe just elaborate a little bit on sort of the plan to close the value gap. Obviously, you just kind of spoke about scale being important and critical in the sector and that you're open to the right types of consolidation. But apart from sort of consolidating with another entity. What do you kind of see as kind of the pivotal things the Company can do trying to close the value gap in its shares Yes.

是的，我希望您能詳細闡述縮小價值差距的計畫。顯然，您剛才談到了規模在該行業中的重要性和關鍵性，並且您對正確​​類型的整合持開放態度。但除了與另一個實體合併之外。您認為公司可以採取哪些關鍵措施來縮小其股票的價值差距 是的。

No, I appreciate that. The question, Leo, you know, scale is definitely a criteria that investors are looking for. We feel like the transactions that we've done over the last two years have put us into a new level of scale and obviously it has attracted interest in the company for that reason. But it's important to also have a demonstrated inventory of high quality drilling locations and for us even adding to that high rate of return re-fracs now, so purchasers that are looking for deep inventory and public investors are as well and they want to see scale that you have run rate over a long period of time. I think we're showing that I think our low margins or low cost platform is another ingredient that investors are looking for. So where do we go now?

不，我很欣賞這一點。問題是，Leo，你知道，規模絕對是投資者尋求的標準。我們覺得過去兩年進行的交易使我們的規模達到了一個新的水平，顯然因此引起了對該公司的興趣。但重要的是，擁有高品質鑽井地點的經證實的庫存，對我們來說，現在甚至增加了高回報率的重複壓裂，因此正在尋找大量庫存的購買者和公共投資者也是如此，他們希望看到規模您在很長一段時間內都有運行率。我認為我們正在表明，我認為我們的低利潤或低成本平台是投資者正在尋找的另一個要素。那我們現在要去哪裡呢？

I think it's we were very disciplined in how we've grown to this scale.

我認為我們在發展到如此規模的過程中非常自律。

We primarily Neo leveraged Neil debt to do that. And we're now aggressively showing the cash flow capabilities of the Company and paying down that debt rapidly. And when I say we use debt, we've really never been over 1.5 times leverage over the last couple of years. And we've taken the Company from 2.5 times levered at the start of all these acquisitions. So I think what the market wants to see a demonstration on the scale quarter was a record EBITDA quarter. So at $200 million for the quarter, we now have a run rate of $800 million annual and we're paying down debt quickly. We're on track to get to one times that just with no re-rating in the market, just our conversion of debt. It equity should start to attracting investors. And I think we have other levers to pull in front of us our cost of capital. I think the scale of the company, we can start to look at the cheaper forms of cost of capital. And then last but not least, the ingredients that Neil, we're going to look at as we get the balance sheet below one times as a shareholder return program. We think we put all that together and we think that people should investors should really be looking at the Company and looking at some of our peers in see the upside here.

我們主要利用 Neo 槓桿 Neil 債務來做到這一點。我們現在正在積極展示公司的現金流能力並迅速償還債務。當我說我們使用債務時，我們的槓桿率在過去幾年中從未超過 1.5 倍。我們已將公司的槓桿率從所有這些收購開始時的 2.5 倍降低。因此，我認為市場希望看到規模季度的展示是創紀錄的 EBITDA 季度。因此，以本季 2 億美元計算，我們現在的年度運行率為 8 億美元，而且我們正在迅速償還債務。我們有望實現這一目標，而無需市場重新評級，只需轉換債務即可。它的股權應該開始吸引投資者。我認為我們還有其他槓桿來降低資本成本。我認為，隨著公司規模的擴大，我們可以開始考慮更便宜的資本成本形式。最後但並非最不重要的一點是，尼爾，當我們將資產負債表降低一倍作為股東回報計劃時，我們將要考慮的要素。我們認為，我們將所有這些放在一起，我們認為投資者應該真正關注該公司並關注我們的一些同行，以看到這裡的好處。

Okay. No, that's helpful for sure. And I guess I was hoping you could also maybe just discuss in a little bit more detail on the confidence of the company to kind of come out and raise the production guidance after kind of on the, you know, one quarter here with kind of three quarters of last year. Could you maybe just talk about the key things that are allowing you to raise the guidance this year?

好的。不，這肯定有幫助。我想我希望您也可以更詳細地討論公司的信心，在四分之一的季度和三季度之後提出並提高生產指導去年的幾個季度。您能否談談讓您今年提高指導意見的關鍵因素？

Yes. It's something that it's always a great position to be in, right? It's the base is performing well. We have a very active team that's ensuring that we're minimizing the decline of the base. So that's where it starts.

是的。這總是一個很好的位置，對吧？它的基地表現良好。我們有一支非常活躍的團隊，確保我們最大限度地減少基地的衰退。這就是一切的開始。

And then it's looking at the capital program. And I think we put a series of slides in the deck and maybe I'll reference a couple of them, but we continue to drill and complete faster.

然後是資本計劃。我認為我們在幻燈片中放置了一系列幻燈片，也許我會參考其中的一些，但我們會繼續鑽研並更快地完成。

Slide 13, a great demonstration of that. And I'll tell you where we're just really crushing. It is on the completion side, our completion team is now probably getting 80%, 75% to 80% efficiencies, meaning that we're pumping 18 to 19 hours a day or so that accelerated timeframe to bring wells on, brings more production into the year. But like I mentioned in my comments, it's also at a lower cost because of those efficiencies. So it just gives us more capital to work with. So base capital efficiency then well performance. You know, we've got a couple of slides, slide 19 and 17 in the slide deck that show the wells that we've brought on this year that are significantly exceeding our historical well performance or I shouldn't say our historical well performance, but operators that have positions we've acquired from other operators and we point out the production and we've already talked a little bit about it on the block, the 25,000 acre block, and we're way outperforming there. Those wells through April now have just really exceeded the expectations in our central Oriental area that we acquired from Sundance that we've had great performance that's shown on slide 17 and in the eastern extension, that was a great deal. We did where we put the deal a private operator together with the position and from Conoco to consolidate that block, we call it eastern extension. We brought on some great wells there. And you can see how we're outperforming the historical performance. So base capital well performance, we throw in re-fracs and we have capital savings that we're demonstrating from the capital program that are going to allow us to put more refracs into the year. We think we'll probably do eight to 10 of those a year. So we'll do more of them as capital becomes available. If the team continues to save capital quarter quarter over quarter, that will free us up. I'll just say we'll remain committed, though, to only a 75% reinvestment rate so a lot of detail there, but hopefully gives you at how Darden how we view our line of sight and confidence on the forecast.

幻燈片 13 很好地證明了這一點。我會告訴你我們真正崩潰的地方。在完井方面，我們的完井團隊現在可能獲得80%、75% 到80% 的效率，這意味著我們每天抽油18 到19 小時左右，從而加快了油井開工的時間，從而帶來更多產量那一年。但正如我在評論中提到的，由於效率較高，成本也較低。所以它只是給了我們更多的資金來合作。因此，資本效率是基礎，績效才是基礎。你知道，我們有幾張幻燈片，幻燈片 19 和 17，它們顯示了我們今年推出的油井，這些油井明顯超過了我們的歷史油井表現，或者我不應該說我們的歷史油井表現，但擁有我們從其他運營商那裡獲得的職位的運營商，我們指出了產量，我們已經在25,000 英畝的區塊上討論過它，我們在那裡的表現要好得多。截至 4 月的這些油井確實超出了我們從聖丹斯電影節獲得的中東方地區的預期，我們在幻燈片 17 中顯示了出色的表現，並且在東部延伸區，這是一個偉大的交易。我們把交易與私人營運商和康菲石油公司的位置放在一起，以鞏固該區塊，我們稱之為東部延伸。我們在那裡挖了一些大井。您可以看到我們的表現如何超越歷史表現。因此，基於資本井的表現，我們投入了重新壓裂，並且我們從資本計劃中展示了資本節省，這將使我們能夠在今年投入更多的重新壓裂。我們認為我們每年可能會做八到十次這樣的事。因此，當資金到位時，我們將做更多這樣的事情。如果團隊繼續逐季節省資本，那我們就可以解放出來。我只想說，我們將繼續致力於 75% 的再投資率，因此有很多細節，但希望達頓能讓您了解我們如何看待我們的視線和對預測的信心。

Yes, that's very helpful for sure. And then just on governance, you spoke to that in terms of some of the changes that you're making, at least you're planning to make here. What's kind of the team's current thinking on the poison pill that's in place.

是的，這確實非常有幫助。然後就治理而言，您談到了您正在做出的一些改變，至少您計劃在這裡進行。團隊目前對現有毒丸計畫有何想法？

You know, the point of sale is something that hopefully you through all the information that's been put out there. It gives investors some clarity on why it's there. And we've got a shareholder that is trying to really force and I found an asset on to our shareholders that there have significant value destruction around. So we were you know, I've been asked this question quite a bit over the last couple of years. This proxy fight has allowed a lot of the hopefully information around why it's out there. I get to give clarity to shareholders. It continues to be, you know something what I guess I'll say the Board will always evaluate what's in best interest for our shareholders, and that will continue to do that. I'll probably close with saying the poison pill is due to expire the day after our upcoming shareholder meeting.

您知道，銷售點是希望您能夠閱讀那裡發布的所有資訊的東西。它讓投資者清楚地了解它為何存在。我們有一位股東正在試圖真正施加壓力，我發現我們股東的一項資產有重大價值破壞。所以你知道，在過去的幾年裡我常常被問到這個問題。這場代理權之爭讓我們獲得了許多關於它為何存在的希望資訊。我必須向股東澄清。情況仍然如此，我想我會說，董事會將始終評估什麼對我們的股東最有利，並將繼續這樣做。最後我可能會說，毒丸計畫將在我們即將召開的股東大會後的第二天到期。

Okay. I'll throw one more at the hub on that front, you do what we've heard from the activist investor is that the poison pills in place to keep management entrenched in that we wouldn't do a deal around it. It's been the exact opposite with the pill in place. We negotiated a deal. We'll almost to the finish line with that activist investor and they didn't close so I think that's proof that the appeal is restricting management or Board from doing the deal. In fact, that Broughton brought a deal to the table.

好的。我會在這方面再拋出一個問題，我們從激進投資者那裡聽到的做法是，採取毒丸措施，讓管理層根深蒂固，讓我們不會圍繞它達成交易。服用避孕藥後情況剛好相反。我們談妥了協議。我們即將與那位激進投資者達成共識，但他們沒有完成交易，所以我認為這證明上訴正在限制管理層或董事會進行交易。事實上，布勞頓促成了一項協議。

So maybe I'll close with that

所以也許我會以此結束

Thanks for all the color, Jeff.

謝謝你的所有顏色，傑夫。

Appreciate that question.

感謝這個問題。

Your next question comes from the line of Kevin McCarthy from Pickering Energy Partners. Your line is open.

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

Hey, good morning. Just looking at the 2Q guide, it looks like oil production is kind of flattish after growing significantly in the first quarter. And then the full year guide implies more growth. Just kind of curious how that activity plays into that trajectory? And is there any effect from the activity restrictions on the Chesapeake acreage?

嗨，早安。僅看第二季指南，石油產量在第一季大幅成長後似乎持平。然後全年指南意味著更多的成長。只是有點好奇這項活動如何影響這項軌跡？活動限制對切薩皮克面積有什麼影響嗎？

Hey, Kevin, good morning again. Let me maybe walk you through some of it. You know, we came into the quarter brought on a third rig in the early part of the first quarter brought on I think was it, Jeff, 12 wells in the quarter. But in February, we moved two of the rigs onto a 10 well pad on the Chesapeake asset as of as you might expect, yes, the tail turn for second quarter is lower as we complete that 10 well pad. So for the second quarter, we're anticipating bringing on seven tail tails for the quarter. So 2Q will be the low and we're moving in and starting to frac that 10 well pad as we speak. We think about that these are long laterals. We have well over 500 stages that we're going to frac there. So and with all the frac efficiencies that the team will probably exceed expectations again, right now, we're scheduled to bring that pad on late in 2Q, but maybe we can continue with efficiencies, pull it up a little bit, but 2Q will definitely be kind of the low and tails in 3Q or ramp is in 4Q kind of flattens out, we will drop down to two rigs in the second half of the year. So that's why you start to see the 4Q kind of flat in and lift layer out the only lever we have to pull and I mentioned to Dan on the question from Leo, is we have some refracs that we could we could do more of those if we want to if we have CapEx that becomes available.

嘿，凱文，再次早安。也許讓我引導您完成其中的一些內容。你知道，我們進入本季時在第一季初期引進了第三個鑽機，我認為是這樣，傑夫，本季有 12 口井。但在2 月份，我們將兩個鑽機移至切薩皮克資產的10 口井平台上，正如您所期望的那樣，是的，隨著我們完成該10 口井平台，第二季度的尾部轉彎較低。因此，對於第二季度，我們預計該季度將出現七尾。因此，第二季將是最低點，我們正在進入並開始壓裂 10 口井平台。我們認為這些是長支線。我們有超過 500 個階段要在那裡進行壓裂。因此，考慮到團隊的所有壓裂效率可能會再次超出預期，現在我們計劃在第二季度末啟用該墊，但也許我們可以繼續提高效率，稍微提高一點，但第二季度將肯定是第三季度的低點和尾部，或第四季度的斜坡趨於平緩，我們將在下半年降至兩台鑽孔機。所以這就是為什麼你開始看到 4Q 類型的平進和提升是我們必須拉動的唯一槓桿，我向 Dan 提到 Leo 的問題，我們是否有一些折射，我們可以做更多，如果我們有可用的資本支出，我們希望這樣做。

Great. And on, there's obviously a lot of attention around the shareholder vote, and you've been pretty clear about your views on the valuation, the KTGIKTG. asset.

偉大的。此外，股東投票顯然引起了許多關注，您對 KTGIKTG 估值的看法也非常明確。資產。

I'm just kind of curious, I mean, you've kind of touched on this on your view on M&A and the other transactions you've done, but what kind of scale do you foresee being able to add from M&A just, you know, instead of the KTGS., I feel I'm probably I won't speak to any specific layer or maybe target.

我只是有點好奇，我的意思是，您對併購和您所做的其他交易的看法已經談到了這一點，但是您預計能夠從併購中增加什麼樣的規模，您我覺得我可能不會與任何特定層或目標交談，而不是KTGS。

There would tell you, I think everyone knows who knows this. We've been the most aggressive acquirer in the basin with eight deals done over the last couple of years, and there's still plenty to do so as you look at consolidation in the basin, I think there's plenty of opportunities. We're very diligent around what those are deals must look like. We've been very vocal around our criteria. It needs to have industrial logic. It needs to deepen our inventory, compete for capital immediately. One of the things that we struggled with with the KTG. proposal is we haven't been drilling gas down in Webb County or limited amounts further the past two years, it just doesn't compete for capital in a two 50 world. In fact, I think KTG. may be one of the only companies down there. Drilling, others have all pulled the rigs out. So you'll have to have inventory that competes for capital and it has to be accretive to our shareholders. So those are the type of deals we were looking for and what I'll tell you is, hey, we recognize that scale's important for either the public investor or for companies looking to act to do acquisitions, and we're open to consolidate. We're open to be a buyer and open to be a seller. So I think the Eagle Ford has a great, great future in front of it. Other basins get consolidated this one should be the next basin up in Orlando.

那裡會告訴你，我想每個人都知道誰知道這一點。我們是該盆地最積極的收購方，在過去幾年中完成了八筆交易，當你看到盆地的整合時，仍然有很多事情要做，我認為有很多機會。我們非常努力地關注這些交易必須是什麼樣子。我們對我們的標準一直非常直言不諱。它需要有工業邏輯。需要深化庫存，立即爭取資金。這是我們在 KTG 中遇到的困難之一。建議是，過去兩年我們沒有在韋伯縣開採天然氣，也沒有進一步開採天然氣，它只是不會在兩個 50 世界中爭奪資本。事實上，我認為KTG。可能是那裡唯一的公司之一。鑽井，其他人都把鑽孔機拉了出來。因此，你必須擁有能夠爭取資本的庫存，並且必須能夠為我們的股東帶來增值。這些就是我們正在尋找的交易類型，我要告訴你的是，嘿，我們認識到規模對於公共投資者或尋求採取行動進行收購的公司都很重要，我們對合併持開放態度。我們願意成為買家，也願意成為賣家。所以我認為 Eagle Ford 有著非常非常好的未來。其他盆地得到整合，這應該是奧蘭多的下一個盆地。

Great. Thank you for the answers. Yes.

偉大的。謝謝您的回答。是的。

Your next question comes from the line of Paul Young from Citi.

您的下一個問題來自花旗銀行的 Paul Young。

Your line is open and good morning and thanks for taking my call homes. A quick one I wanted to touch on slide 13 on the operational plan for the rest of the year, how much of I guess, further improvement in some of these metrics? Are you all expecting or is it a kind of run rate from here?

您的電話已接通，早安，感謝您接我的電話回家。我想快速談談第 13 張投影片，內容涉及今年剩餘時間的營運計劃，我猜其中一些指標的進一步改進有多少？你們都在期待還是這是這裡的一種運行率？

It's a good question, Paul, and I keep thinking that, hey, can you get any more efficient yield on the completion side?

這是一個很好的問題，保羅，我一直在想，嘿，你能在完成方面獲得更有效的產量嗎？

We're down to trying to find a five, 10 minute slot. So when you're fracking 40 hours a day, you do have a time where you have the fuel engine back up and running tools in the hole that we're getting down to, where can we get more efficient? And I'll tell you all that the completion efficiency, we haven't changed our our design in terms of going to smaller stage design. With fact, we'll continue to enhance it.

我們正在努力尋找一個五分鐘、十分鐘的時段。因此，當您每天進行 40 小時的水力壓裂時，您確實有一段時間需要重新啟動燃料引擎並在我們正在深入的井中運行工具，我們在哪裡可以提高效率？我會告訴大家，就完成效率而言，我們沒有改變我們的設計，也就是轉向更小的舞台設計。事實上，我們將繼續增強它。

So completions, the team always surprises drilling.

如此完井，鑽探團隊總能帶來驚喜。

I think, you know, with the scale that we have, we continue to get larger. You build the balance sheet. The inventory allows us to do larger pads that generate some efficiency from a drilling standpoint, just being on larger pads. We still think probably optimal for us right now is in that four to six wells range, but there could be efficiencies there. And then having know, just again, the opportunity to go to a different oh new inventory, be it gas or oil that we can always and we've proven to be very effective on allocating capital to the right returns. So there's kind of my thoughts.

我認為，你知道，隨著我們現有的規模，我們會繼續變得更大。您建立資產負債表。庫存使我們能夠生產更大的墊，從鑽孔的角度來看，只需在更大的墊上就可以產生一些效率。我們仍然認為目前對我們來說最佳的可能是四到六口井範圍，但那裡可能會提高效率。然後再次知道，有機會進入不同的新庫存，無論是天然氣還是石油，我們總是可以，而且我們已經證明在將資本分配到正確的回報方面非常有效。所以這就是我的一些想法。

One area that we could add some efficiency gains on is just leveraging the existing infrastructure scale that we have. A lot of the assets that we've acquired had infrastructure already there, and we're going back in over the top of them. We're doing that significantly where we're drilling Austin Chalk wells over the top of the Eagleford. So that had some cycle time efficiencies where you don't have to go back in and build pads, roads and put in new pipe. So maybe a combination of a lot of things. It's getting it harder and harder, but we'll keep on on grinding it.

我們可以提高效率的一個領域是利用我們現有的基礎設施規模。我們收購的許多資產已經有基礎設施，我們將在這些基礎設施之上重新建構。我們正在伊格爾福德頂部鑽奧斯汀白堊井，這方面的工作意義重大。因此，這具有一定的周期時間效率，您無需返回並建造墊塊、道路並安裝新管道。所以也許是很多事情的結合。事情變得越來越難，但我們會繼續努力。

Understood. Thanks for the clarity. And just one quick follow-up on the refrac opportunity, 100 plus potential potential targets on how should we think about the economics of those Mr. a run rate basis? Should we expect or are you expecting similar kind of a decreased cluster spacing, proppant intensity is like how much it is that opportunity versus a well-by-well kind of what works best?

明白了。感謝您的澄清。只是對折射機會的一個快速跟進，100 多個潛在的潛在目標，我們應該如何考慮這些運行率先生的經濟性？我們是否應該期望或您是否期望類似的團簇間距減小，支撐劑強度就像這種機會與逐井哪種效果最好的機會有多少？

Yes, no, great question.

是的，不，很好的問題。

I mean, obviously, we've done two thus far. We've looked at other operators to see how their wells perform to to kind of put a new risk percentage on consistent performance. We'll see if we can prove that up. But we're seeing a pretty high performance from well to well, you do run into risks around mechanical issues going back into wells, but in talking with other operators, they're seeing a high percentage there. So I think it's probably 75%, 80%-plus in terms of mechanical as well as well.

我的意思是，顯然，到目前為止我們已經做了兩次。我們研究了其他營運商，了解他們的油井表現如何，從而為穩定的表現設定了新的風險百分比。我們將看看能否證明這一點。但我們看到井與井之間的性能相當高，您確實會遇到有關返回井的機械問題的風險，但在與其他運營商交談時，他們看到那裡的比例很高。所以我認為在機械方面也可能是 75%、80% 以上。

Performance would tell you the 100 inventory. The 100 refracs we've identified We've looked thus far mainly on our oil assets. We've yet to look at our gas assets and what's really good didn't know I keep on saying this is all of these re-fracs, our own assets that we've acquired, the one that we really need to tear into is the Chesapeake asset. Those new areas a big chunk of those wells were done in the 12 to 16 range kind of where they were just going in. And we're doing the same design again and again, and again. So we're really excited about pulling the onion back there.

效能會告訴你 100 個庫存。我們已確定的 100 處折射壓裂 到目前為止，我們主要關注我們的石油資產。我們還沒有審視我們的天然氣資產，什麼是真正好的不知道我一直說這是所有這些重新壓裂，我們自己的資產，我們已經收購了，我們真正需要撕毀的是切薩皮克資產。這些新區域的很大一部分井是在 12 到 16 個範圍內完成的，就像它們剛剛進入的地方一樣。我們一次又一次地做同樣的設計。所以我們對把洋蔥拉回那裡感到非常興奮。

Some more and what's always great when you do acquisitions is when you unlock even more value on them, what you paid for.

還有更多，當你進行收購時，最棒的是當你釋放出更多的價值，也就是你所付出的代價。

Understood. Thanks for the clarity.

明白了。感謝您的澄清。

Yes, thanks, Paul. Appreciate you. Have a good day.

是的，謝謝，保羅。感謝你。祝你有美好的一天。

As a reminder, if you wish to ask a question, please press star one and your next question comes from the line of Jonathan shaver of Northland Capital. Your line is open.

提醒一下，如果您想提問，請按星號一，您的下一個問題來自 Northland Capital 的 Jonathan Shaver。您的線路已開通。

So thanks for taking the questions and congratulations on the quarter. I have to admit I feel like on and gone a little crazy here and pulling their hair out. So I know you don't want to dwell on the Cambridge stuff too much, and this is my own view and by Yes, they don't seem to be like particularly good actors with respect to sincerely having interest for the rest of shareholders beyond their own 12% ownership you put out a detailed Chronicle of all of the interactions that you've had with them with dates and kind of like a journal or a log, if you will, and you've shared that I think goes part of a response letter issued at one point, and that was included as like an appendix. And I think all of that was filed with the SEC.

感謝您提出問題並對本季表示祝賀。我必須承認，我覺得自己有點瘋狂，把他們的頭髮拔了出來。所以我知道你不想過多地關注劍橋的事情，這是我自己的觀點，是的，在真誠地對其他股東感興趣方面，他們似乎不像特別好的演員。會列出一份詳細的記錄，記錄你與他們進行的所有互動，並附上日期，有點像日記或日誌（如果你願意的話），並且你已經分享了我認為其中的一部分曾一度發出一封回信，並作為附錄包含在內。我認為所有這些都已向美國證券交易委員會備案。

So you know, by my impression is that is the type of thing that you would not put out there publicly. If you weren't prepared to back it in a court of law and provide the evidence in hours, whatever and so forth. And they haven't come at you as like a defamation lawsuit or something like that. So it doesn't appear to be the case that they can test it and that chronicle on its own seems pretty damning in my view in terms of your at least have you in terms of evidence or at least, you know, just generally indications of these guys are not really people, you know, a lot of us would necessarily want to do business. So my question is, am I right on that, that chronicle that you put out in that appendix, is that something that you guys stand behind?

所以你知道，根據我的印象，這是你不會公開發布的類型。如果你不准備在法庭上支持它並在幾小時內提供證據，等等。他們並沒有像誹謗訴訟或類似的事情那樣向你發起訴訟。因此，他們似乎無法對其進行測試，而且在我看來，編年史本身似乎非常可惡，至少有證據，或者至少，你知道，只是一般性的跡象這些人並不是真正的人，你知道，我們很多人必然想做生意。所以我的問題是，我的說法正確嗎？

You know, hypothetically in a court of law and because in my view that's kind of all you would need to make your point here on. But just could you could you answer that?

你知道，假設在法庭上，因為在我看來，這就是你在這裡表達你的觀點所需要的一切。但你能回答一下嗎？

Yes. Yes. No, I appreciate the your thoughts or thoughts there. You know, a core value for our company is to really work with all stakeholders from our employees, our service providers that we partner with our mineral owners and our shareholders. And I would tell you something that we really pride ourselves on and we've received this feedback is, hey, we're honest and transparent company, and we view that's how you do business, and it's really driven a lot of our success. So our focus is we want to stay really driven around adding value in engaging with all stakeholders and good faith in that we can stand on that and we think we can that's the way to deal with this type of situation and stay focused on what you do and what you believe and the results will speak for themselves soon. We think this quarter should more than demonstrate to investors the strength of the Company. So I appreciate that question and comments.

是的。是的。不，我很欣賞你的想法或想法。您知道，我們公司的核心價值是真正與所有利害關係人合作，包括我們的員工、我們的服務提供者、我們與礦主和股東的合作夥伴。我想告訴你一些我們真正感到自豪的事情，我們收到的回饋是，嘿，我們是誠實和透明的公司，我們認為這就是你做生意的方式，它確實推動了我們的成功。因此，我們的重點是，我們希望真正推動與所有利益相關者的互動，增加價值，並真誠地相信我們可以堅持這一點，我們認為我們可以這是處理此類情況的方式，並專注於您所做的事情你的信念和結果很快就會說明一切。我們認為本季應該不僅僅向投資者展示公司的實力。所以我很欣賞這個問題和評論。

Okay. And then turning to scale. So I do appreciate the point with respect to scale. And so I'm not couponing and discounting that, but it is it's not a it's not a it's not a perfect straight line in a linear relationship, right? Like you hit these sort of and step changes or inflection points where you're so small, you can't even keep a rig running on a continuous basis or any of like the first threshold is hitting that point. And yes, hypothetically, someday, maybe there's like a threshold where companies so big it can validate or justify moving upstream or downstream and having a refinery or sounds like these do these big step changes. But it's not this continuous linear thing. And here we've got, you know, you said your own words, the completion teams really crushing it. So it sounds like you've got, you know, the scale for bargaining to get fantastic crews and teams and to keep them in your base and then to keep them busy all those good things. And so, you know, again, like a 10x scale benefit, like if you were acquired by an ExxonMobil or something?

好的。然後轉向規模。所以我確實很欣賞關於規模的觀點。所以我不是優惠券和折扣，但這不是線性關係中的完美直線，對嗎？就像你遇到這種階躍變化或拐點一樣，你的規模如此之小，你甚至無法讓鑽機持續運行，或任何像第一個閾值達到該點的情況。是的，假設有一天，也許會有一個門檻，大到可以驗證或證明向上游或下游移動並擁有煉油廠或聽起來像這些重大變化的公司是合理的。但這不是這種連續的線性事物。在這裡，你知道，你說了你自己的話，完成團隊真的粉碎了它。所以，聽起來你知道，你有足夠的討價還價的空間來獲得優秀的船員和團隊，並將他們留在你的基地，然後讓他們忙於所有這些美好的事情。所以，你知道，再一次，就像 10 倍的規模效益，就像你被埃克森美孚或其他公司收購一樣？

Yes, they can squeeze other things out of it.

是的，他們可以從中榨取其他東西。

But is there is there anything I'm missing in terms of is there some scale benefit like an uptick that would just be sort of right around the quarter that, you know, if you guys were only 50% bigger, whatever size you'd get with someone like Cambridge like that. There's just some, you know, Zeatin genuinely saying that would be unlocked by that or is it at this size and scale going from one increment to the next? Does it really makes such a difference.

但是，我是否遺漏了什麼，是否有一些規模效益，例如季度的上升，你知道，如果你們只擴大 50％，無論你們的規模如何和像劍橋這樣的人在一起。你知道，只有一些玉米蛋白真誠地表示，這將被解鎖，或者它的大小和規模是否從一個增量到下一個增量？真的有這麼大的差別嗎？

Yes. No, great. Great question. But I think it is the whole argument of did you do just scale for the sake of scale, and I think that's a dangerous approach to pursue as a company has to be very thoughtful and diligent around doing transactions. You don't want to do transactions that are destructive to your balance sheet. We've said all along that, hey, if we do a deal and we use leverage to do it, we'll have a leverage in and around 1.5 times, and we'll only go to that level, if you it show clear line of sight of bringing that leverage down. And that's what we did with the Chesapeake transaction. We got to one six for maybe 30 days and with in a quarter brought it down to click. So you got to think about, hey, the way you do scaling is important. You got to protect the balance sheet. It's got to bring you don't want to pay. What we really loved about our deals is we don't pay for it and for locations, we look at some of the deals that are out there and some that have been proposed and people are wanting to own $2 million to $4 million a location or people are paying two to $4 million a location for wells that you will drill for six, seven, eight years that you're waiting for higher commodity prices. That's just destructive to a balance sheet to do that. So we've never paid for locations, which we think is imperative when you scale and it just has to improve margins and reduce costs.

是的。不，太好了。很好的問題。但我認為，這就是「你是否只是為了規模而規模化」的整個論點，而且我認為這是一種危險的做法，因為公司必須在進行交易時非常周到和勤奮。您不想進行破壞您的資產負債表的交易。我們一直在說，嘿，如果我們做一筆交易並使用槓桿來完成，我們的槓桿將在 1.5 倍左右，而且我們只會達到這個水平，如果你清楚地表明的話降低槓桿率的視線。這就是我們在切薩皮克交易中所做的。我們花了大約 30 天的時間達到了六分之一，並在四分之一的時間內將其降低到了點擊率。所以你必須考慮一下，嘿，擴展的方式很重要。你必須保護資產負債表。它一定會讓你不想付錢。我們真正喜歡我們的交易的是，我們不為它和地點付費，我們查看了一些現有的交易和一些已經提議的交易，人們希望擁有 200 萬至 400 萬美元的地點或人們為一個井位支付200 到400 萬美元，您將在六、七、八年的時間裡鑽探這些井，而您卻在等待更高的商品價格。這樣做只會破壞資產負債表。因此，我們從未為地點付費，我們認為，當您擴大規模時，這是必要的，它只需要提高利潤並降低成本。

So those are the criteria that we have.

這些就是我們的標準。

I think if you do the right scaling to your point, it starts to see that uplift. And there's a clear trend that investors want scale and or bigger companies to looking to acquire one scale but the criteria I took through on an acquisition, really successful companies employ that same same thought process. So And listen, we're going to continue to stay focused. We continue to be open to scale and big cheerleaders of scaling in the Eagle Ford. And we think SilverBow will play an active role in that as we move forward.

我認為，如果你按照自己的觀點進行正確的擴展，你就會開始看到這種提升。有一個明顯的趨勢，即投資者希望規模更大的公司尋求收購規模，但根據我在收購中採用的標準，真正成功的公司採用了相同的思考過程。所以聽著，我們將繼續保持專注。我們繼續對規模持開放態度，並為鷹福特的規模擴張歡呼雀躍。我們認為 SilverBow 將在我們前進的過程中發揮積極作用。

Okay. And then if I can squeeze. Just one more question in a round. The idea the notion of sort of valuation gap as a point of focus. So and with public markets and the way the stocks are valued. There are sort of the things you can control and the things that you can't control. And yes, I have seen and I think a lot of us on this call, we've all seen cases in the past where focusing on the quote unquote, closing a valuation gap as a point of focus turned out to be the wrong thing. Maybe something could be done for optics on the Whiting acquisition of Kodiak or merger as Kodiak comes to mind, I mean that that was as far as I can tell just so that they could say, hey, we are the largest producer in the Bakken, so they could leapfrog Continental and just get that like almost almost literally just for a headline because they were at a discount to Continental. And so it's like, look, if we get the headline that says we're the biggest Bakken producer, we're going to get that multiple thousands of disaster So my question is, you know, is the depressed valuation that is high. Gas prices are low right now. And you've got the hedging and everything, which is great. But the Eagleford of all basins, the Eagle Ford is somewhere that is just such a beast and to really shine, I mean, just the wrong quantity of energy, they can come out of these wells that only gets economically reflected when gas prices are better.

好的。然後如果我能擠的話。一輪只剩下一個問題。這個想法是將估值差距作為焦點的概念。公開市場和股票估值方式也是如此。有些事情是你可以控制的，有些事情是你無法控制的。是的，我已經看到了，而且我想我們很多人都參加了這次電話會議，我們過去都見過這樣的情況，即專注於報價和報價，縮小估值差距作為焦點，結果證明是錯誤的事情。也許可以在懷廷收購科迪亞克或合併科迪亞克時為光學做些什麼，我的意思是，據我所知，這樣他們就可以說，嘿，我們是巴肯最大的生產商，這樣他們就可以超越大陸航空，幾乎只是為了登上頭條新聞，因為他們比大陸航空有折扣。所以這就像，看，如果我們得到的標題是說我們是最大的巴肯生產商，我們將遭受數千人的災難所以我的問題是，你知道，是低迷的估值很高。目前天然氣價格很低。而且你還擁有對沖和一切，這很棒。但是所有盆地中的伊格爾福特，伊格爾福特就是這樣一個野獸，真正閃耀，我的意思是，只是錯誤的能源數量，它們可以從這些井中出來，只有當天然氣價格更好時才能在經濟上得到體現。

That's like us. There's a sleeping giant component there. And so but you don't have control, right like these valuation things and all that might change or just come around when natural gas prices come back. And so the question is, is it even do you think, honestly, sort of in your heart of hearts of the sea and maybe this is a sensitive question, but is it is it even right or fair? And let's say, is it fair to long term shareholders to shareholders you are looking past just a couple of quarters. Is it fair to then to view thinking about like, quote unquote valuation cap right now at this moment in time?

這就像我們一樣。那裡有一個沉睡的巨型組件。所以，但你沒有控制權，就像這些估值問題一樣，所有這些都可能會發生變化，或者當天然氣價格回升時就會出現。所以問題是，老實說，你是否認為，在你的內心深處，也許這是一個敏感的問題，但這是否是正確或公平的？比方說，對長期股東來說，對過去幾季的股東公平嗎？那麼此時此刻考慮諸如引用未引用的估值上限是否公平？

Yes, here. I think that's what you know. A lot of investors are looking for, right that opportunity to invest in equity, a company that has a clear long-term strategy to add value and we talk through on today's call some of the key metrics of getting there in attracting more investors to the stock. I think SilverBow is on that customer on a totally totally different trajectory. We have a ton of momentum behind us. I think you raise an excellent point, though, you know, short-term investors investors that focus on 30 day type numbers, 60 day type numbers and how things trade over a short period of time, they're probably not seeing the bigger picture. We like to point to, hey, what have we shown in value creation over the long term.

是的，在這裡。我想這就是你所知道的。許多投資者正在尋找股權投資機會，一家擁有明確的長期策略以增加價值的公司，我們在今天的電話會議上討論了吸引更多投資者參與該專案的一些關鍵指標。我認為 SilverBow 為該客戶提供了完全不同的軌跡。我們背後有著巨大的動力。我認為你提出了一個很好的觀點，但你知道，短期投資者專注於 30 天類型數字、60 天類型數字以及事物在短時間內如何交易的投資者，他們可能沒有看到更大的前景。我們喜歡指出，嘿，從長遠來看，我們在價值創造方面表現出了什麼。

On slide 5 of our presentation, we lay out what our one year return is relative to our peers. Our three year return, our five year return and that's what long-term investors recognize is, hey, if you're doing a building the right company, putting the right assets in place, having the right people to execute on those assets in a real strong financial position. Investors will come and recognize that value.

在我們簡報的第 5 張幻燈片中，我們列出了我們相對於同行的一年回報率。我們的三年回報，我們的五年回報，這就是長期投資者所認識到的，嘿，如果你正在建立一家正確的公司，將正確的資產放在適當的位置，讓正確的人以正確的方式執行這些資產真正強大的財務狀況。投資者將會認識到這一價值。

So that's where we're focused on. And maybe I'll close and just say that, hey, any SilverBow is the largest public pure play operator in the Eagleford and so attention on the Eagleford, we really wanted some of what you have. Probably what we're doing right now is a drawing attention to it.

這就是我們關注的地方。也許我會結束並只是說，嘿，任何 SilverBow 都是伊格爾福德最大的公共純遊戲運營商，因此對伊格爾福德的關注，我們真的想要一些你擁有的東西。也許我們現在正在做的就是引起人們的注意。

That's great. Any further combinations that we do will even make a bigger pure pub up pure play Eagle Ford if we chose to go that route. So yes, anyway, I appreciate all your questions, Dan,

那太棒了。如果我們選擇走這條路，我們所做的任何進一步的組合甚至可以將純粹的酒吧變成純粹的鷹福特。所以是的，無論如何，我感謝你提出的所有問題，丹，

there are no further questions at this time, so I'd like to hand the call back over to Sean.

目前沒有其他問題，所以我想將電話轉回給 Sean。

Thank you, Gavin, and I appreciate everyone's interest in the Company. And hopefully you'll take away from this call that the company had a really great quarter and we hope have a ton of momentum, and we look forward to sharing more information with you. And like I said in my comments, we're always available. Please reach out if you have any questions that you'd like for us to address.

謝謝你，加文，我感謝大家對公司的興趣。希望您能從這次電話會議中了解到，該公司度過了一個非常出色的季度，我們希望有巨大的動力，我們期待與您分享更多資訊。正如我在評論中所說，我們隨時為您服務。如果您有任何問題希望我們解決，請與我們聯絡。

Appreciate it.

欣賞它。

Because that does conclude our conference for today. Thank you for participating. You may now disconnect.

因為我們今天的會議到此結束。感謝您的參與。您現在可以斷開連線。