SandRidge Energy Inc (SD) 2023 Q3 法說會逐字稿

Good day. My name is Karen, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Q3 2023 SandRidge Energy Conference Call. (Operator Instructions) I'd now like to turn the call over to Scott Prestridge, Senior VP of Finance and Strategy.

再會。我叫凱倫，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 2023 年第三季 SandRidge Energy 電話會議。 （操作員說明）我現在想將電話轉給財務和策略高級副總裁 Scott Prestridge。

Thank you, and welcome, everyone. With me today are Grayson Pranin, our CEO; Brandon Brown, our CFO; and Dean Parrish, our SVP of Operations. We'd like to remind you that today's call contains forward-looking statements and assumptions, which are subject to risks and uncertainties, and actual results may differ materially from those projected in these forward-looking statements. We may also refer to adjusted EBITDA and adjusted G&A and other non-GAAP financial measures. Reconciliations of these measures can be found on our website. With that, I'll turn the call over to Grayson.

謝謝大家，也歡迎大家。今天與我在一起的是我們的執行長 Grayson Pranin；布蘭登‧布朗，我們的財務長；以及我們的營運資深副總裁 Dean Parrish。我們想提醒您，今天的電話會議包含前瞻性陳述和假設，這些陳述和假設存在風險和不確定性，實際結果可能與這些前瞻性陳述中的預測有重大差異。我們也可能參考調整後的 EBITDA 和調整後的 G&A 以及其他非 GAAP 財務指標。這些措施的調節可以在我們的網站上找到。這樣，我就把電話轉給格雷森。

Thank you, and good morning. I'm pleased to report on another consistent quarter of results and that the company's activity continues to translate to meaningful free cash flow from our producing assets year-to-date. Before expanding on this, Brandon will touch on a few highlights.

謝謝你，早安。我很高興地報告又一個穩定的季度業績，並且公司的活動繼續轉化為我們生產資產今年迄今為止的有意義的自由現金流。在對此進行擴展之前，布蘭登將介紹一些亮點。

Thank you, Grayson. Production for the quarter averaged 17.2 MBoe per day and oil production increased approximately 20% from the first 9 months of 2023 compared to the same period in 2022, driven by the higher oil content from our Northwest Stack wells.

謝謝你，格雷森。由於 Northwest Stack 油井含油量較高，該季度的平均產量為每天 17.2 MBoe，石油產量較 2022 年同期相比 2023 年前 9 個月增加了約 20%。

The company generated adjusted EBITDA of nearly $23 million for the quarter and $74 million for the first 9 months of the year. As we have pointed out in the past, our adjusted EBITDA is a unique metric for SandRidge due to us having no I and very little T, given that we have no debt and a substantial NOL position that shields our cash flows from federal income taxes.

該公司本季調整後 EBITDA 接近 2,300 萬美元，今年前 9 個月為 7,400 萬美元。正如我們過去指出的那樣，我們的調整後EBITDA 是SandRidge 的一個獨特指標，因為我們沒有I 和很少的T，因為我們沒有債務，而且大量的NOL 頭寸可以保護我們的現金流免受聯邦所得稅的影響。

On the I portion, we, in fact, generated approximately $2.5 million of interest income during the quarter and approximately $7.8 million for the first 9 months of the year from cash held in the diversity of high-yield deposit accounts. Net cash, including restricted cash totaled $232 million, which represents over $6 per share of our common stock issued and outstanding as of September 30, 2023. The company has no term debt of revolving debt obligations as of September 30, 2023, and continues to live within cash flow, funding all its capital expenditures with cash flow from operations and cash held on the balance sheet.

事實上，在 I 部分，我們在本季度從各種高收益存款帳戶中持有的現金中產生了約 250 萬美元的利息收入，在今年前 9 個月產生了約 780 萬美元的利息收入。包括限制性現金在內的淨現金總額為2.32 億美元，相當於截至2023 年9 月30 日已發行和流通的普通股每股超過6 美元。截至2023 年9 月30 日，本公司沒有循環負債義務的定期債務，並將繼續生活在現金流中，透過營運現金流和資產負債表上持有的現金為其所有資本支出提供資金。

Commodity price realizations before considering the impact of hedges were $73.88 per barrel or $1.78 per Mcf of gas and $20.77 per barrel of NGLs. For the first 9 months of the year, while oil and natural gas market benchmark prices for WTI and Henry Hub were lower over the first half of the year, the company has maintained healthy commodity price realizations year-to-date and is positioned to benefit from increases in recent strip prices.

在考慮對沖影響之前，大宗商品價格實現為每桶 73.88 美元，或每立方英尺天然氣 1.78 美元，每桶液化天然氣 20.77 美元。今年前 9 個月，雖然 WTI 和 Henry Hub 的石油和天然氣市場基準價格較上半年較低，但該公司今年迄今保持了健康的大宗商品價格實現，並有望受益由於近期帶鋼價格上漲。

As alluded to earlier, we have maintained our large federal NOL position, which is estimated to be approximately $1.6 billion at the end of the quarter. Our NOL position has and will continue to allow us to shield our cash flows from federal income taxes.

如同先前所提到的，我們維持了龐大的聯邦 NOL 頭寸，預計到本季末約為 16 億美元。我們的 NOL 地位已經並將繼續使我們能夠保護我們的現金流免受聯邦所得稅的影響。

Our commitment to cost discipline has continued to be impactful with adjusted G&A for the quarter of approximately $2.1 million or $1.35 per Boe. We continue to generate net income for our shareholders. During the quarter, we earned net income of $18.7 million or $0.51 per basic share to net cash provided by operating activities of nearly $26 million. This is all culminated in the company producing approximately $64 million in free cash flow during the first 9 months of 2023, which represents a conversion rate of approximately 86% relative to adjusted EBITDA, or just over $1.70 per share of common stock outstanding.

我們對成本控制的承諾持續產生影響，調整後的本季一般管理費用約為 210 萬美元或每桶油當量 1.35 美元。我們繼續為股東創造淨利。本季度，我們的淨利潤為 1,870 萬美元，即每股基本股 0.51 美元，經營活動提供的淨現金接近 2,600 萬美元。這一切最終使該公司在2023 年前9 個月產生了約6,400 萬美元的自由現金流，這意味著相對於調整後的EBITDA 的轉換率約為86%，即每股已發行普通股略高於1.70 美元。

Before shifting to our outlook, we should note that our earnings release and 10-Q provide further detail on our financial and operational performance during the quarter.

在轉向我們的展望之前，我們應該注意到我們的收益發布和 10 季度報告提供了有關我們本季度財務和營運業績的更多詳細資訊。

Thank you, Brandon. We thought it would be helpful to walk through some of the company's highlights, management strategy and other business details. As I mentioned previously, this past quarter had positive results with the Northwest Stack wells adding relatively oilier production while converting over 86% of EBITDA to free cash flow during the first 9 months of the year.

謝謝你，布蘭登。我們認為了解該公司的一些亮點、管理策略和其他業務細節將會有所幫助。正如我之前提到的，上個季度取得了積極成果，Northwest Stack 油井增加了相對較高的石油產量，同時在今年前 9 個月將超過 86% 的 EBITDA 轉化為自由現金流。

Production from our Mid-Con assets averaged 17.2 MBoe per day for the quarter, with oil volumes increasing 20% over the first 9 months of the year compared to the same period in 2022, aided by the oilier production content from our Northwest Stack area. The company's largest natural gas purchaser remained in ethane rejection during the quarter, and we anticipate that a majority of our natural gas stream could remain in ethane rejection for the remainder of the year. While this could impact the total volume of NGLs, the remaining volume will be composed of more profitable C3+ components like propane, butane and gasoline on a percentage basis. Likewise, the ethane remaining in our natural gas stream will improve its BTU quality.

本季度，我們的中型資產平均產量為每天 17.2 MBoe，得益於西北堆疊區域的石油產量，今年前 9 個月的石油產量比 2022 年同期增加了 20%。該公司最大的天然氣採購商在本季仍處於乙烷拒絕狀態，我們預計今年剩餘時間內我們的大部分天然氣流量可能仍處於乙烷拒絕狀態。雖然這可能會影響 NGL 的總量，但剩餘量將由利潤更高的 C3+ 成分（如丙烷、丁烷和汽油）組成（按百分比計算）。同樣，天然氣流中殘留的乙烷將提高其 BTU 品質。

Let's pause here for a moment to revisit the key highlights of SandRidge. Our asset base is focused on the Mid-Continent region with a primarily PDP well set, which do not require any routine flaring of produced gas. These well-understood assets are most fully held by production with a long history, shallowing and diversified production profile on double-digit reserve life. These assets include more than 1,000 miles each of owned and operated SWD and electric infrastructure over our footprint. This substantial owned and integrated infrastructure provides the company both cost and strategic advantages, bolstering asset operating margin through reduced lifting as well as water handling and disposal costs, and combined with other advantages help derisk individual well profitability for a majority of our producing wells down to $40 WTI and $2 Henry Hub. In addition, the interconnectivity and ample capacity help buffer against unforeseen curtailment.

讓我們在此暫停片刻，回顧一下 SandRidge 的主要亮點。我們的資產基礎集中在中大陸地區，主要擁有 PDP 井組，不需要對產出的天然氣進行任何常規燃燒。這些眾所周知的資產最完全由歷史悠久、淺層且多樣化的生產狀況和兩位數的儲量壽命的生產所持有。這些資產包括我們擁有和經營的超過 1,000 英里的 SWD 和電力基礎設施。這種擁有大量的綜合基礎設施為公司提供了成本和戰略優勢，透過減少提升以及水處理和處置成本來提高資產營運利潤，並與其他優勢相結合，幫助我們將大多數生產井的單井盈利能力降低至WTI 40 美元，亨利中心 2 美元。此外，互連性和充足的容量有助於緩衝不可預見的停電。

Our assets continue to yield meaningful free cash flow with total net cash now totaling $242 million. This cash generation potential provides several paths to increase shareholder value realization and has benefited by relatively low G&A burden. As we realize value and generate cash, our Board is committed to utilizing our assets, including our cash, to maximize shareholder value.

我們的資產繼續產生有意義的自由現金流，淨現金總額目前總計 2.42 億美元。這種現金產生潛力提供了多種增加股東價值實現的途徑，並受益於相對較低的一般行政費用負擔。當我們實現價值並產生現金時，我們的董事會致力於利用我們的資產（包括現金）來最大化股東價值。

SandRidge's value proposition is materially derisked from a financial perspective by our strengthened balance sheet, robust net cash position, no debt, financial flexibility and approximately $1.6 billion in NOLs. Further, the company is not subject to MVCs or other significant off-balance sheet financial commitments.

從財務角度來看，我們強化的資產負債表、強勁的淨現金狀況、無債務、財務靈活性和約 16 億美元的 NOL 大大降低了 SandRidge 的價值主張的風險。此外，該公司不受 MVC 或其他重大表外財務承諾的約束。

Finally, it's worth highlighting that we take our ESG commitment seriously and have implemented disciplined processes around them. We remain committed to our strategy to focus on growing the cash value and generation capability of our business in a safe, responsible, efficient manner while prudently allocating capital to high-return organic growth opportunities and remaining open to value-accretive opportunities.

最後，值得強調的是，我們認真對待 ESG 承諾，並圍繞這些承諾實施了嚴格的流程。我們仍然致力於我們的策略，即以安全、負責、高效的方式專注於提高業務的現金價值和發電能力，同時審慎地將資本分配給高回報的有機增長機會，並對增值機會保持開放態度。

This strategy has 5 points. First is to maximize the cash value and generation capacity of our incumbent Mid-Con PDP assets by extending and flattening our production profile with high rate of return workover and artificial lift conversions, as well as continuously pressing on operating and administrative costs. The second is to ensure we convert as much EBITDA to free cash flow as possible by exercising capital stewardship and investing in projects and opportunities that have a high risk-adjusted fully burdened rate of return to economically add production. The third is to maintain optionality to execute on value-accretive merger and acquisition opportunities that could bring synergies, leverage the company's core competencies, complement its portfolio of assets, further utilize its approximately $1.6 billion of net operating losses or otherwise yield attractive returns for its shareholders.

這個策略有5點。首先是透過高返修率和人工舉升轉換來擴展和扁平化我們的生產概況，以及不斷壓縮營運和管理成本，從而最大限度地提高我們現有中型 PDP 資產的現金價值和發電能力。第二是確保我們透過實施資本管理和投資於經風險調整後的完全負擔經濟增值回報率較高的項目和機會，將盡可能多的 EBITDA 轉化為自由現金流。第三是維持執行增值併購機會的選擇性，這些機會可以帶來綜效，利用公司的核心競爭力，補充其資產組合，進一步利用其約16 億美元的淨營運虧損，或以其他方式為其帶來有吸引力的回報。股東。

I'd like to pause here for a moment to highlight the acquisition that closed over the quarter, which increased our interest in 26 operated wells in the Northwest Stack play. We like these types of small ball bolt-ons where we can efficiently add production for accretive returns. We will continue to look for opportunities similar to these as well as larger ones that meet the characteristics I described earlier.

我想在這裡暫停一下，重點介紹本季度完成的收購，這增加了我們對 Northwest Stack 作業區 26 口營運井的興趣。我們喜歡這些類型的小球螺栓固定裝置，我們可以有效地增加產量以獲得增值回報。我們將繼續尋找類似的機會以及符合我之前描述的特徵的更大機會。

Fourth, as we generate cash, we will continue to work with our Board to assess paths that maximize shareholder value, to include investments in strategic opportunities, return of capital and other uses. To this end, the company expanded its return of capital program earlier this year that consists of a $2 per share onetime dividend paid on June 7, 2023; a $0.10 per share regular way cash dividend, subject to quarterly approval by the Board of Directors; and expanded its share buyback program of up to $75 million.

第四，當我們產生現金時，我們將繼續與董事會合作，評估最大化股東價值的途徑，包括對策略機會、資本回報和其他用途的投資。為此，該公司今年稍早擴大了資本回報計劃，其中包括於 2023 年 6 月 7 日支付每股 2 美元的一次性股息；每股 0.10 美元的常規現金股息，須經董事會每季批准；並將其股票回購計畫擴大至高達 7,500 萬美元。

Please note that the company's cash position is also a strategic advantage that provides competitive leverage in evaluating M&A opportunities, especially given the outlook on interest rates, capital markets and impact to the optionality on a number and type of opportunities that could become available at certain levels. Know that there is a high bar at both the management and Board levels for mergers and acquisitions. Management will continue to assess and promote regular way of return of capital discussions, advanced M&A evaluations, meet with shareholders and investors and work with our Board to further enhance paths to maximize shareholder value.

請注意，公司的現金狀況也是一種策略優勢，可以在評估併購機會時提供競爭優勢，特別是考慮到利率、資本市場的前景以及對某些水平上可能提供的機會數量和類型的選擇性的影響。要知道，管理階層和董事會層級的併購都有很高的門檻。管理層將繼續評估和促進定期資本回報討論、高級併購評估、與股東和投資者會面，並與董事會合作，進一步完善股東價值最大化的途徑。

Besides executing this year's capital plan and operating in a safe and responsible manner, these topics remain paramount in the top priority. In the interim, we have secured favorable banking terms and keep our cash position diversified across interest-bearing accounts at multiple significant well-capitalized financial institutions.

除了執行今年的資本計劃並以安全、負責任的方式運作之外，這些主題仍然是首要任務。在此期間，我們在多個資本充足的重要金融機構獲得了有利的銀行條款，並透過計息帳戶保持現金頭寸多元化。

The final staple is to uphold our ESG responsibility. Circling back to this year's capital program, during the first 9 months of 2023, we completed 12 artificial lift conversions as the company continues to focus on high return and value-adding projects that provide benefits such as lowering forward-looking costs, enhancing or reactivating production on existing wells and further moderating its modest decline profile. The systems we have and will be installing are tailored for the wells' current fluid production that will reduce the electrical demand from the current artificial lift systems and is key to decreasing utility costs.

最後一個要點是維護我們的 ESG 責任。回到今年的資本計劃，在2023 年前9 個月，我們完成了12 項人工舉升改造，因為公司繼續專注於高回報和增值項目，這些項目提供了降低前瞻性成本、增強或重新激活等效益。現有油井的產量並進一步減緩了其小幅下降的趨勢。我們已經和將要安裝的系統是針對油井目前的流體生產量身定制的，這將減少當前人工舉升系統的電力需求，並且是降低公用事業成本的關鍵。

In addition, the company has returned over 180 wells to production since 2021. However, we have reduced this program earlier in the year, electing to defer more meaningful levels of reactivations for periods of increased commodity prices, with specific emphasis on natural gas prices for these types of projects.

此外，自 2021 年以來，該公司已使 180 多口井恢復生產。不過，我們在今年稍早減少了該計劃，選擇在大宗商品價格上漲期間推遲更有意義的恢復水平，特別強調天然氣價格這些類型的項目。

The focused efforts over the past several quarters in optimizing our wells' production profile and cost focus have contributed to flattening the expected base asset level decline of our already producing assets to an average of approximately 8% over the next 10 years before the impact of additional reactivations, development or acquisitions. The company continues to ensure that all projects meet high rate of return thresholds and remains capitally disciplined as the commodity price landscape changes.

過去幾季我們在優化油井生產狀況和成本重點方面所做的重點工作，有助於在未來10 年內將我們已生產資產的預期基礎資產水準下降幅度平均控制在8% 左右（在額外生產影響之前）。重新啟動、開發或收購。該公司繼續確保所有項目滿足高回報率門檻，並隨著大宗商品價格格局的變化保持資本紀律。

In addition to our small ball artificial lift and prior well reactivation programs, we completed 4 operated wells in the Northwest Stack this year, which has helped to offset the natural decline of our base PDP assets while increasing overall oil content on a Boe basis. While oil price has shifted up from the 60s seen earlier this year, it continues to fluctuate between the $80 and $90 per barrel range. Henry Hub, on the other hand, until recently has been in the mid- to-high 2s but within contango now approaching the mid-$3 per MMBtu as we look towards year-end.

除了我們的小球人工舉升和之前的油井重新激活計劃外，我們今年還完成了Northwest Stack 的4 口作業井，這有助於抵消我們基礎PDP 資產的自然下降，同時增加了以BOE 為基礎的整體含油量。儘管油價較今年稍早的 60 美元有所上漲，但仍繼續在每桶 80 美元至 90 美元之間波動。另一方面，直到最近，亨利港 (Henry Hub) 一直處於中高 2 水平，但隨著我們展望年底，期貨溢價現已接近每 MMBtu 3 美元中間。

Given the commodity dynamics earlier in the year and that our Mid-Con assets are 99% held by production, which preserves a tenor in our development option, we concluded our drilling program with the last operator wells that came online during the second quarter. We will continue to monitor commodity price dynamics and maintain flexibility to adjust as maybe warranted and factor in these considerations when planning 2024 activity.

考慮到今年稍早的大宗商品動態，以及我們的中型資產 99% 由生產持有，這保留了我們的開發選擇期限，我們透過第二季度上線的最後一批作業井完成了鑽探計劃。我們將繼續監控大宗商品價格動態，並在必要時保持調整的靈活性，並在規劃 2024 年活動時考慮這些因素。

Commodity prices firmly over $80 WTI and $4 Henry Hub over a confident tenor and/or a reduction in well costs are needed before we will return to exercise the option value of further development or reactivations. With that said, our team's efforts to combat inflationary pressures and execute operationally have and will translate to attractive returns in our remaining capital program, which is now primarily focused on artificial lift conversions and other small ball PDP enhancing projects.

在我們返回行使進一步開發或重新啟動的選擇權價值之前，需要商品價格堅定地超過 80 美元的 WTI 和 4 美元的亨利港，並在充滿信心的期限和/或降低油井成本之前實現。話雖如此，我們團隊為應對通膨壓力和執行營運所做的努力已經並將轉化為我們剩餘資本計劃的有吸引力的回報，該計劃現在主要集中在人工升力轉換和其他小球PDP 增強項目上。

While we have reduced activity near term, a tempered commodity price environment could be constructive for M&A. Our producing Mid-Con assets will continue to generate meaningful cash flow near term with the recent strip natural gas prices projected to increase over the next year plus. In the interim, the lower natural gas and NGL price environment, down from the previous year's highs to present more cost-effective opportunities for acquisitions, which could then be positioned to capitalize on future price improvements.

雖然我們近期減少了活動，但溫和的大宗商品價格環境可能對併購有利。我們的生產中型資產將在短期內繼續產生有意義的現金流，最近的露天天然氣價格預計將在未來一年以上上漲。在此期間，天然氣和液化天然氣價格環境較去年的高點有所下降，為收購提供了更具成本效益的機會，從而可以利用未來價格上漲的機會。

Now shifting to expenses. We're able to keep adjusted G&A to $2.1 million or $1.35 per Boe for the quarter, which compares favorably with our peers. The efficiency of our organization stems from our core values to remain cost disciplined as well as prior initiatives, which have tailored our organization to be fit for purpose. We continue to balance the weighting of our field versus corporate personnel to reflect where we actually create value and outsource necessary but more perfunctory and less core functions such as operational accounting, land administration, IT, tax and HR given our efficient structure and ability to flex with expanded activity over the past several quarters through outsourcing. Our total personnel have remained consistent at just over 100 people while retaining key technical skill sets that have both the experience and institutional knowledge of our areas of operations.

現在轉向支出。我們能夠將本季調整後的一般管理費用保持在 210 萬美元或每桶油當量 1.35 美元，這與我們的同行相比是有利的。我們組織的效率源自於我們維持成本紀律的核心價值以及先前的舉措，這些舉措使我們的組織適合目標。我們繼續平衡我們的領域與公司人員的權重，以反映我們實際創造價值的領域，並外包必要但更敷衍且不太核心的職能，例如營運會計、土地管理、IT、稅務和人力資源，因為我們的結構高效且具有靈活的能力過去幾個季度透過外包擴大了活動。我們的人員總數始終保持在 100 多人，同時保留了擁有我們業務領域經驗和機構知識的關鍵技術技能。

We believe that this efficiency and structure are favorable advantages that could be effectively applied over a broader asset base and the benefit as the company evaluates potential for M&A. Despite inflationary pressures and increased well count from our prior well reactivation and development programs, as well as increased interest associated with our recent Northwest Stack acquisition, LOE and expense workovers for the quarter were $11.5 million and $32 million for the first 9 months or $6.83 per Boe.

我們相信，這種效率和結構是有利的優勢，可以有效地應用於更廣泛的資產基礎，並在公司評估併購潛力時帶來好處。儘管通膨壓力和我們先前的油井重新啟動和開發計畫帶來的井數增加，以及我們最近收購Northwest Stack 帶來的利息增加，本季的LOE 和修井費用在前9 個月分別為1,150 萬美元和3,200 萬美元，即每月6.83 美元。鮑伊。

We are projecting a decrease in expense workovers for the remainder of the year as well as a softening in utility costs with future projects and reduced water handling costs from new Northwest Stack wells as they naturally decline from her peak production. We will continue to actively press on operating costs through rigorous bidding processes, leveraging our significant infrastructure, operation center and other company advantages.

我們預計今年剩餘時間的修井費用將減少，未來專案的公用事業成本將有所下降，並且新的 Northwest Stack 井的水處理成本將降低，因為它們的產量自然會從峰值產量下降。我們將繼續利用我們重要的基礎設施、營運中心和其他公司優勢，透過嚴格的招標流程積極降低營運成本。

In summary, the company has $232 million net cash and cash equivalent at quarter end, which represents more than $6 per share of our common stock issued and outstanding; average production over the quarter of 17.2 MBoe per day with 20% increase in oil the first 9 months compared to the same period in 2022; Mid-Con position that is 99% held by production, which preserves the option value of future development potential in a cost-effective manner; low overhead, top-tier adjusted G&A of $1.35 per Boe; no debt and in fact, negative leverage; meaningful free cash flow and growing net cash position supported by a diverse production profile, flattening expected annual-based PDP decline to an average of approximately 8% over the next 10 years multi-digit reserve life asset base; $1.6 billion in NOLs, which will shield future free cash flow from federal income taxes; large owned and operated SWD in electrical infrastructure, which provides cost and strategic advantages requiring little to no future capital to maintain.

總之，截至季末，公司擁有 2.32 億美元的淨現金和現金等價物，相當於我們已發行和流通的普通股每股超過 6 美元；本季平均產量為每天 17.2 MBoe，前 9 個月石油產量與 2022 年同期相比增加 20%；中型企業的地位99%由生產佔據，以具成本效益的方式保留了未來發展潛力的選擇權價值；低管理費用，頂級調整後的 G&A 為每桶油當量 1.35 美元；沒有債務，實際上是負槓桿；在多樣化的生產狀況的支持下，有意義的自由現金流和不斷增長的淨現金頭寸，將未來 10 年多位數儲備壽命資產基礎的預期年度 PDP 下降壓平至平均約 8%； 16億美元的NOL，這將使未來的自由現金流免受聯邦所得稅的影響；大型電力基礎設施領域擁有和營運的 SWD，提供了成本和戰略優勢，幾乎不需要未來的資本來維持。

This concludes our prepared remarks. Thank you for your time. We'll now open the call to questions.

我們準備好的演講到此結束。感謝您的時間。我們現在開始提問。

(Operator Instructions) And our first question comes from the line of [David Cardell] with Bluepond Cap.

（操作員說明）我們的第一個問題來自 [David Cardell] 和 Bluepond Cap 的線路。

Yes. Can you talk a little bit about your buyback and whether or not at this level we should expect for you to be active in it?

是的。您能否談談您的回購以及在這個水平上我們是否應該期望您積極參與？

Sure. Yes. Thank you for the question. It's a great one. I should explain that the intent of the buyback program, which has been authorized up to $75 million, is to opportunistically repurchase shares during market dislocations. It's not really intended to buy back to meet certain amounts or time periods under any conditions. It's really just meant to take advantage of dislocations and specifically dislocations between commodity and market price.

當然。是的。感謝你的提問。這是一件很棒的事。我應該解釋一下，回購計畫的目的是在市場混亂期間趁機回購股票，該計畫已獲得高達 7,500 萬美元的授權。它並不是真的打算在任何條件下回購以滿足一定的金額或時間段。它實際上只是為了利用錯位，特別是商品和市場價格之間的錯位。

(Operator Instructions) All right, ladies and gentlemen, this concludes today's call. Thank you very much for joining. You may now all disconnect. Have a great rest of the day.

（操作員指示）好的，女士們先生們，今天的電話會議到此結束。非常感謝您的加入。你們現在可以斷開連結了。祝你這一天好好休息。